Freeport-McMoRan Announces Agreement to Sell Portion of Cobalt Business

Freeport-McMoRan Inc. (NYSE: FCX) announced today an agreement to sell
its cobalt refinery in Kokkola, Finland and related cobalt cathode
precursor business to Umicore for total consideration of approximately
$150 million, plus working capital at the time of close.

Under the terms of the agreement, FCX will separate its cobalt business
prior to completing the transaction. Umicore will acquire the refinery
and cathode precursor business, which represents approximately 60
percent of the refinery’s historical revenues. FCX and its partners will
retain Freeport Cobalt’s remaining cobalt business with operations in
Kokkola, Finland and with sales offices in the U.S., Europe and Asia.
The retained cobalt business is a leading global producer of cobalt fine
powders, chemicals, catalyst, ceramics and pigments.

The transaction is subject to regulatory approvals and other customary
closing conditions and is expected to close by year-end 2019. Lundin
Mining Corporation (TSX: LUN) is entitled to receive 30 percent of the
proceeds of the transaction.

The first-quarter 2019 earnings and cash flow contribution from the
assets being sold was insignificant to FCX. FCX expects to record a gain
on the transaction.

FCX is a leading international mining company with headquarters in
Phoenix, Arizona. FCX operates large, long-lived, geographically diverse
assets with significant proven and probable reserves of copper, gold and
molybdenum. FCX is one of the world's largest publicly traded copper
producers.

FCX’s portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world's largest copper and gold deposits; and
significant mining operations in the North America and South America,
including the large-scale Morenci minerals district in Arizona and the
Cerro Verde operation in Peru. Additional information about FCX is
available on FCX's website at "fcx.com."

Cautionary Statement Regarding Forward-Looking Statements: This
press release contains forward-looking statements, which are all
statements other than statements of historical facts, such as
expectations related to the completion of the pending transaction. The
words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,”
“expects,” “projects,” "targets," “intends,” “likely,” “will,” “should,”
“to be,” ”potential" and any similar expressions are intended to
identify those assertions as forward-looking statements. FCX cautions
readers that forward-looking statements are not guarantees of future
performance and actual results may differ materially from those
anticipated, expected, projected or assumed in the forward-looking
statements. Important factors that can cause FCX's actual results to
differ materially from those anticipated in the forward-looking
statements include, but are not limited to, the ability of the parties
to satisfy closing conditions and consummate the pending transaction and
other factors described in more detail under the heading “Risk Factors”
in FCX's Annual Report on Form 10-K for the year ended December 31,
2018, filed with the SEC.

Investors are cautioned that many of the assumptions upon which FCX's
forward-looking statements are based are likely to change after the
forward-looking statements are made, including for example commodity
prices, which FCX cannot control, and production volumes and costs, some
aspects of which FCX may not be able to control. Further, FCX may make
changes to its business plans that could affect its results. FCX
cautions investors that it does not intend to update forward-looking
statements more frequently than quarterly notwithstanding any changes in
its assumptions, changes in business plans, actual experience or other
changes, and FCX undertakes no obligation to update any forward-looking
statements.

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