Freeport-McMoRan 2011 Annual Report Download - page 4

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To Our Shareholders
As we write this letter, we are approaching the ve-year mark since
our 2007 acquisition of Phelps Dodge. e strategy of creating
a geographically diverse global mining leader with long-lived
and high-quality mineral assets has provided our shareholders
with many benets. In the ve years since the acquisition, we
have generated large amounts of operating cash ows, repaid the
acquisition debt, commissioned new mines, expanded our long-
lived reserve and resource base, and positioned the company for
future growth to provide shareholders with continuing benets in
the years to come. We have also built a strong global organization
with unwavering commitments to safety performance, support for
communities where we live and work, excellence in environmental
management and a sharp focus on building long-term values for
our many stakeholders. As we reect on our past successes, we
remain diligent in addressing the challenges we face each day and
condent in our team’s ability to achieve our goals.
Estimated Incremental
Copper from Advanced
Stage Projects
approximately
975 million lbs
600 Cerro Verde
225 Morenci
150 Tenke Fungurume
LETTER TO OUR SHAREHOLDERS
2 | FREEPORT-MMR COPPER & GOLD INC.