SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED)

Recoverable proven and probable reserves have been calculated as of December 31, 2013, 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, 2013, were determined using long-term average prices of $2.00 per pound for copper (consistent with the long-term average copper price used since December 31, 2010), $1,000 per ounce for gold and $10 per pound for molybdenum. For the three-year period ended December 31, 2013, LME spot copper prices averaged $3.64 per pound, London PM gold prices averaged $1,550 per ounce and the weekly average price for molybdenum quoted by Metals Week averaged $12.85 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 Mineral Reserves
	Estimated at December 31, 2013
	Copper^a (billion pounds)	Gold (million ounces)	Molybdenum (billion pounds)
North America	36.2	0.4	2.55
South America	37.0	1.1	0.71
Indonesia	30.0	29.8	—
Africa	8.0	—	—
Consolidated^b	111.2	31.3	3.26
Net equity interest^c	88.6	28.3	2.93


a.	Consolidated recoverable copper reserves included 3.3 billion pounds in leach stockpiles and 1.4 billion pounds in mill stockpiles.

Consolidated reserves represented 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 were FCX’s estimated recoverable proven and probable reserves of 0.87 billion pounds of cobalt at Tenke and 308.5 million ounces of silver in Indonesia, South America and North America, which were determined using long-term average prices of $10 per pound for cobalt and $15 per ounce for silver.


c.	Net equity interest reserves represented estimated consolidated metal quantities further reduced for noncontrolling interest ownership. Excluded from the table above were FCX’s estimated recoverable proven and probable reserves of 0.48 billion pounds of cobalt at Tenke and 252.9 million ounces of silver in Indonesia, South America and North America.



	Recoverable Proven and Probable Mineral Reserves
	Estimated at December 31, 2013
		Average Ore Grade Per Metric Ton^a					Recoverable Proven and Probable Reserves^b
	Ore^a (million	Copper	Gold		Molybdenum		Copper (billion	Gold (million		Molybdenum (billion
	metric tons)	(%)	(grams)		(%)		pounds)	ounces)		pounds)
North America
Developed and producing:
Morenci	3,779	0.27	—		—	^c	14.6	—		0.15
Bagdad	1,449	0.31	—	^c	0.02		7.9	0.1		0.39
Safford	149	0.45	—		—		1.2	—		—
Sierrita	2,534	0.23	—	^c	0.03		11.0	0.1		1.08
Miami	15	0.43	—		—		0.2	—		—
Chino	376	0.42	0.02		—	^c	2.6	0.2		0.01
Tyrone	69	0.34	—		—		0.5	—		—
Henderson	105	—	—		0.17		—	—		0.33
Climax	189	—	—		0.16		—	—		0.61
Undeveloped:
Cobre	73	0.39	—		—		0.3	—		—
South America
Developed and producing:
Cerro Verde	4,047	0.37	—		0.01		29.4	—		0.71
El Abra	576	0.45	—		—		3.6	—		—
Candelaria	281	0.58	0.14		—		3.9	1.1		—
Ojos del Salado	8	1.00	0.23		—		0.1	—	^c	—
Indonesia
Developed and producing:
Grasberg open pit	206	0.95	1.08		—		3.6	5.8		—
Deep Ore Zone	152	0.56	0.73		—		1.6	2.8		—
Big Gossan	54	2.22	0.97		—		2.5	1.1		—
Undeveloped:
Grasberg Block Cave	1,000	1.02	0.78		—		18.9	16.1		—
Kucing Liar	420	1.24	1.07		—		9.8	6.5		—
Deep Mill Level Zone	526	0.83	0.70		—		8.3	9.3		—
Africa
Developed and producing:
Tenke Fungurume	113	3.34	—		—		8.0	—		—
Total 100% basis	16,121						128.0	43.1		3.28
Consolidated^d							111.2	31.3		3.26
FCX’s equity share^e							88.6	28.3		2.93


a.	Excludes material contained in stockpiles.


b.	Included estimated recoverable metals contained in stockpiles.


c.	Amounts not shown because of rounding.


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


e.	Net equity interest reserves represented estimated consolidated metal quantities further reduced for noncontrolling interest ownership.