Climax Mine - Leadville Today

Reserves and ResourcesAs of 12/31/11, FCX’s consolidated molybdenum reserves approximate 3.4 billion lbs withHenderson and Climax comprising about 30% of the consolidated reserves and the balance as byproductat certain of FCX’s copper mining operations. Reserves, net to FCX, total 3.1 billion lbs.RecoverableOre tons Grade Recovery MolyReserves * million mt % Mo % billion lbsClimax 187 0.16 89% 0.58Henderson 121 0.17 85% 0.40Subtotal 308 0.16 87% 0.98By-product 2.44FCX consolidated 3.42FCX net interest 3.09ConsolidatedMolybdenum Reserves3.4 billion lbsCerroVerde21%Sierrita36%Bagdad12%Henderson12%Climax17%Other2%* based on a $10 long-term molybdenum price.By-productPrimaryAt $12 molybdenum, consolidated resources (mineralized material) approximate 3.5 billionpounds of contained molybdenum with 45% at Henderson and Climax.ContainedOre tons Grade MolyResources ** million mt % Mo billion lbsClimax 332 0.15 1.08Henderson 158 0.15 0.52Subtotal 490 0.15 1.60By-product 1.93FCX consolidated 3.53FCX net interest 3.40ConsolidatedMolybdenum Resources3.5 billion lbsBy-product55%Henderson15%Climax30%** based on a $12 long-term molybdenum price. Geologic resources (e.g. mineralized material, including measuredand indicated) are not included in reserves. The geologic resources will not qualify as reserves until comprehensivestudies establish their legal and economic feasibility. Accordingly, no assurance can be given that the estimatedresources and mineralization will become proven and probable reserves.8