SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED)

Recoverable proven and probable reserves have been calculated as of December 31, 2011, in accordance with Industry Guide 7 as required by the Securities Exchange Act of 1934. FCX’s proven and probable reserves may not be comparable to similar information regarding mineral reserves disclosed in accordance with the guidance in other countries. Proven and probable reserves were determined by the use of mapping, drilling, sampling, assaying and evaluation methods generally applied in the mining industry, as more fully discussed below. The term “reserve,” as used in the reserve data presented here, means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term “proven reserves” means reserves for which (i) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; (ii) grade and/or quality are computed from the results of detailed sampling; and (iii) the sites for inspection, sampling and measurements are spaced so closely and the geologic character is sufficiently defined that size, shape, depth and mineral content of reserves are well established. The term “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves but the sites for sampling are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.

FCX’s reserve estimates are based on the latest available geological and geotechnical studies. FCX conducts ongoing studies of its ore bodies to optimize economic values and to manage risk. FCX revises its mine plans and estimates of proven and probable mineral reserves as required in accordance with the latest available studies.

Estimated recoverable proven and probable reserves at December 31, 2011, were determined using long-term average prices of $2.00 per pound for copper, $750 per ounce for gold, $10 per pound for molybdenum, $15 per ounce for silver and $10 per pound for cobalt, consistent with year-end 2010. For the three year period ended December 31, 2011, LME spot copper prices averaged $3.25 per pound, London PM gold prices averaged $1,245 per ounce and the weekly average price for molybdenum quoted by Metals Week averaged $14.06 per pound. The recoverable proven and probable reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recovery rates and smelter recovery rates, where applicable. Recoverable reserves are that part of a mineral deposit that FCX estimates can be economically and legally extracted or produced at the time of the reserve determination.



	Recoverable Proven and Probable Reserves
	December 31, 2011
	Copper^a (billion pounds)	Gold (million ounces)	Molybdenum (billion pounds)
North America	40.6	0.4	2.71
South America	39.1	1.3	0.71
Indonesia	31.6	32.2	—
Africa	8.4	—	—
Consolidated basis^b	119.7	33.9	3.42
Net equity interest^c	96.1	30.6	3.09


a.	Consolidated recoverable copper reserves include 3.1 billion pounds in leach stockpiles and 1.3 billion pounds in mill stockpiles.

Consolidated basis reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America and the Grasberg minerals district in Indonesia. Excluded from the table above are FCX’s estimated recoverable proven and probable reserves of 0.86 billion pounds of cobalt at Tenke Fungurume and 330.3 million ounces of silver in Indonesia, South America and North America.


c.	Net equity interest reserves represent estimated consolidated basis metal quantities further reduced for noncontrolling interest ownership. Excluded from the table above are FCX’s estimated recoverable proven and probable reserves of 0.49 billion pounds of cobalt at Tenke Fungurume and 272.1 million ounces of silver in Indonesia, South America and North America.



	100% Basis
		Average Ore Grade Per Metric Ton					Recoverable Proven and Probable Reserves^a
	Ore (million	Copper	Gold		Molybdenum		Copper (billion	Gold (million	Molybdenum (billion
Year-End	metric tons)	(%)	(grams)		(%)		pounds)	ounces)	pounds)
2007	12,224	0.51	0.20		0.01		110.4	54.1	2.04
2008	14,067	0.48	0.17		0.01		118.8	53.4	2.49
2009	13,807	0.49	0.17		0.01		120.9	49.8	2.60
2010	18,516	0.42	0.12		0.01		137.9	47.9	3.41
2011	17,739	0.43	0.12		0.01		136.7	46.1	3.43
By Area at December 31, 2011:
North America
Developed and producing:
Morenci	4,250	0.27	—		—	^b	15.6	—	0.09
Bagdad	1,629	0.30	—	^b	0.02		8.7	0.1	0.40
Safford	206	0.43	—		—		1.6	—	—
Sierrita	2,777	0.23	—	^b	0.03		12.1	0.1	1.24
Tyrone	148	0.29	—		—		0.7	—	—
Chino	421	0.42	0.02		—	^b	3.5	0.2	0.01
Miami	60	0.47	—		—		0.5	—	—
Henderson	121	—	—		0.17		—	—	0.40
Undeveloped:
Climax	187	—	—		0.16		—	—	0.58
Cobre	73	0.39	—		—		0.3	—	—
South America
Developed and producing:
Cerro Verde	3,977	0.39	—		0.01		30.2	—	0.71
El Abra	881	0.42	—		—		4.3	—	—
Candelaria	339	0.58	0.13		—		4.5	1.2	—
Ojos del Salado	6	1.00	0.25		—		0.1	0.1	—
Indonesia
Developed and producing:
Grasberg open pit	312	0.85	0.91		—		4.9	7.3	—
Deep Ore Zone	206	0.57	0.69		—		2.2	3.5	—
Big Gossan	56	2.18	0.97		—		2.4	1.2	—
Undeveloped:
Grasberg block cave	1,019	0.98	0.77		—		18.7	16.3	—
Kucing Liar	420	1.23	1.09		—		9.7	6.8	—
Deep Mill Level Zone	510	0.85	0.72		—		8.3	9.3	—
Africa
Developed and producing:
Tenke Fungurume	141	3.00	—		—		8.4	—	—
Total 100% basis	17,739						136.7	46.1	3.43
Consolidated basis^c							119.7	33.9	3.42
FCX’s equity share^d							96.1	30.6	3.09


a.	Includes estimated recoverable metals contained in stockpiles.


b.	Amounts not shown because of rounding.


c.	Consolidated basis reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America and the Grasberg minerals district in Indonesia.


d.	Net equity interest reserves represent estimated consolidated basis metal quantities further reduced for noncontrolling interest ownership.