Through its subsidiary, PT-FI, FCX mines one of the world’s largest copper and gold deposits in the Grasberg minerals district in Papua, Indonesia. In addition to copper and gold, PT-FI produces silver. FCX has a 48.76 percent interest in PT-FI and manages its mining operations. PT-FI’s results are consolidated in FCX’s financial statements.
During fourth-quarter 2019, PT-FI completed mining the final phase of the Grasberg open pit and continues to achieve important milestones in ramping-up production of large-scale quantities of copper and gold from its significant underground ore bodies. Results to date from its underground mines are positive and in line with long-term plans to reach full production rates. In aggregate from 1990 through 2019, the Grasberg minerals district produced 33 billion pounds of copper and 53 million ounces of gold, including over 27 billion pounds of copper and 46 million ounces of gold from the Grasberg open pit.