Sociedad Minera Cerro Verde A : OTROS HECHOS DE IMPORTANCIA

PHOENIX, AZ, October 19, 2023 - Freeport-McMoRan Inc. (NYSE: FCX) reported third-quarter 2023 net income attributable to common stock of $454 million, $0.31 per share, and adjusted net income attributable to common stock of $571 million, $0.39 per share, after excluding net charges totaling $117 million, $0.08 per share, primarily associated with revisions to environmental obligation estimates and asset impairment charges. For additional information, refer to the supplemental schedule, "Adjusted Net Income," on page VII.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, "Our performance during the third quarter reflects the commitment and resolve of our global team to execute our plans efficiently, achieve our targets and advance important initiatives for the future. We remain focused on improving productivity and cost performance, enhancing resilience in a complex global operating environment and building on our leaching innovation initiatives to deliver products essential to the global economy in a reliable, cost efficient and responsible manner. Despite near-term global economic and market uncertainties, our conviction on the favorable long-term fundamentals for copper underpins our strategy that is centered on being 'Foremost in Copper.' As a leading responsible supplier of copper with long-lived reserves, organic growth opportunities, a solid balance sheet and a proven track record for successful project development, we are positioned to build long-term value for the benefit of all stakeholders."

SUMMARY FINANCIAL DATA

1. For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page XI.
2. Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $4 million ($2 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2023, $(228) million ($(95) million to net income attributable to common stock or $(0.07) per share) in third-quarter 2022, $183 million ($62 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2023 and $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2022. For further discussion, refer to the supplemental schedule, "Derivative Instruments," beginning on page IX.
3. Includes net (charges) credits totaling $(117) million ($(0.08) per share) in third-quarter 2023, $29 million ($0.02 per share) in third-quarter 2022, $(368) million ($(0.25) per share) for the first nine months of 2023 and $(23) million ($(0.02) per share) for the first nine months of 2022 that are described in the supplemental schedule, "Adjusted Net Income," on page VII.
4. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to the supplemental schedule, "Deferred Profits," on page X.
5. FCX's economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%.
6. Working capital and other uses totaled $483 million in third-quarter 2023, $269 million in third-quarter 2022, $713 million for the first nine months of 2023 and $980 million for the first nine months of 2022.
7. Includes $0.5 billion associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with an August 2023 regulation issued by the Indonesia government.

2

SUMMARY OPERATING DATA

1. Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs by operating division to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XIV.

Responsible Production

Updated Climate Report. In September 2023, FCX published its annual climate report, available on FCX's website at fcx.com/sustainability. The climate report details FCX's ongoing progress to advance its climate strategy focused on reducing its greenhouse gas (GHG) emissions, enhancing its resilience to climate risks and contributing responsibly produced copper to the global economy. FCX has four 2030 GHG emissions reduction targets that collectively cover nearly 100% of its Scope 1 and 2 GHG emissions.

Consolidated Sales Volumes

• Third-quarter2023 copper sales of 1.1 billion pounds were 8% higher than the July 2023 estimate of 1.03 billion pounds and 5% higher than third-quarter 2022 sales of 1.06 billion pounds. The favorable variance to the prior estimate primarily reflects the timing of shipments and higher mining rates.
• Third-quarter2023 gold sales of 399 thousand ounces were 5% lower than the July 2023 estimate of 420 thousand ounces and 17% lower than the third-quarter 2022 sales of 480 thousand ounces. The variances primarily reflect the timing of shipments of anode slimes associated with a change in Indonesia administrative requirements for products that were previously being exported by PT Smelting. At September 30, 2023, approximately 75 thousand ounces of gold were included in inventory and available for sale pending approval of PT-FI's export license for anode slimes.
• Third-quarter2023 molybdenum sales of 20 million pounds approximated the July 2023 estimate and were higher than third-quarter 2022 sales of 17 million pounds, primarily reflecting the timing of shipments in third-quarter 2022.
  Consolidated sales volumes for the year 2023 are expected to approximate 4.06 billion pounds of copper,

1.74 million ounces of gold and 80 million pounds of molybdenum, including 1.1 billion pounds of copper, 580 thousand ounces of gold and 20 million pounds of molybdenum in fourth-quarter 2023. Projected sales volumes are dependent on operational performance, the resumption of anode slime exports at PT-FI,weather-related conditions, timing of shipments and other factors detailed in the Cautionary Statement below.

3

Consolidated Unit Net Cash Costs

Third-quarter 2023 consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines of $1.73 per pound of copper were higher than the July 2023 estimate of $1.61 per pound, primarily reflecting disputed export duties of $0.13 per pound of copper at PT-FI, which were not reflected in the July 2023 estimate.

Third-quarter 2023 consolidated average unit net cash costs (net of by-product credits) of $1.73 per pound were slightly lower than third-quarter 2022 average unit net cash costs of $1.75 per pound, primarily reflecting higher copper sales volumes. Refer to "Mining Operations" below for further discussion.

Assuming average prices of $1,900 per ounce of gold and $20.00 per pound of molybdenum in fourth- quarter 2023 and achievement of current sales volume and cost estimates, consolidated unit net cash costs (net of by-product credits) for FCX's copper mines are expected to average $1.63 per pound of copper for the year 2023 (including $1.58 per pound of copper in fourth-quarter 2023). Estimated consolidated unit net cash costs for the year 2023 include assessment of a 7.5% export duty at PT-FI during the second half of 2023, which continues to be discussed with the Indonesia government. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. The impact of price changes during fourth-quarter 2023 on consolidated unit net cash costs for the year 2023 would approximate $0.02 per pound of copper for each $100 per ounce change in the average price of gold and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum.

MINING OPERATIONS

Leaching Innovation Initiatives. FCX is advancing a series of initiatives across its North America and South America operations to incorporate new applications, technologies and data analytics to its leaching processes. FCX believes these leach innovation initiatives provide opportunities to produce incremental copper from its large existing leach stockpiles. Initial results support the potential for incremental low-cost additions to FCX's production and reserve profile and FCX is targeting an annual run rate of approximately 200 million pounds of copper per year through these initiatives by the end of 2023. In third-quarter 2023, incremental copper production from these initiatives totaled 46 million pounds (approximately 90% of the targeted annual run rate). FCX is pursuing new technology applications that have the potential for significant increases in recoverable metal beyond the initial target.

North America Copper Mines. FCX operates seven open-pit copper mines in North America - Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. In addition to copper, certain of these mines produce molybdenum concentrate, gold and silver. All of the North America mining operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

Operating and Development Activities. FCX has substantial reserves and future opportunities in the U.S., primarily associated with existing mining operations.

FCX is planning an expansion to double the concentrator capacity of the Bagdad operation in northwest Arizona and expects to complete a feasibility study in fourth-quarter 2023. In parallel, FCX is advancing activities for expanded tailings infrastructure projects and is procuring an autonomous haul truck fleet to support Bagdad's long- range plans. The timing of Bagdad's future expansion will be dependent on market conditions, labor, supply chain and capital cost considerations and other economic factors.

At Safford/Lone Star, production from oxide ores is approaching 300 million pounds of copper per year, which reflects expansion of the initial design capacity of 200 million pounds of copper per year. FCX has conducted significant exploration drilling in the area in recent years. The positive drilling results indicate opportunities to expand production to include sulfide ores in the future. FCX is advancing metallurgical testing and mine development planning for a potential significant long-term investment for development of identified large sulfide resources.

4

Operating Data. Following is summary consolidated operating data for the North America copper mines:

1. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which include sales of molybdenum produced at the North America copper mines.
2. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XIV.

FCX's consolidated copper sales volumes from North America of 372 million pounds in third-quarter 2023 were higher than third-quarter 2022 copper sales volumes of 361 million, primarily reflecting the timing of shipments. North America copper sales are estimated to approximate 1.4 billion pounds for the year 2023.

Average unit net cash costs (net of by-product credits) for the North America copper mines of $2.70 per pound of copper in third-quarter 2023 were higher than third-quarter 2022 unit net cash costs of $2.56 per pound, primarily reflecting increased costs of labor (including contract labor), maintenance and supplies, partly offset by higher molybdenum by-product credits and lower energy costs.

Assuming an average price of $20.00 per pound of molybdenum in fourth-quarter 2023 and achievement of current sales volume and cost estimates, average unit net cash costs (net of by-product credits) for the North America copper mines are expected to approximate $2.62 per pound of copper for the year 2023. North America's average unit net cash costs for the year 2023 would change by approximately $0.01 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2023.

South America Mining. FCX operates two copper mines in South America - Cerro Verde in Peru (in which FCX owns a 53.56% interest) and El Abra in Chile (in which FCX owns a 51% interest). These operations are consolidated in FCX's financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Operating and Development Activities. During third-quarter 2023, Cerro Verde processed an average of 431,300 metric tons of ore per day through its concentrators, a new quarterly record.

During third-quarter 2023, Cerro Verde entered into a new power purchase agreement that is expected to transition its electric power to fully renewable energy sources in 2026.

At the El Abra operations in Chile, FCX has identified a large sulfide resource that would support a potential major mill project similar to the large-scale concentrator at Cerro Verde. Technical and economic studies continue to be evaluated to determine the optimal scope and timing for the sulfide project. Capital cost requirements are being updated to reflect current market conditions. FCX is advancing plans to invest in water infrastructure to provide options to extend existing operations, while continuing to monitor Chile's regulatory and fiscal matters, as well as trends in capital costs for similar projects.

5

Operating Data. Following is summary consolidated operating data for South America mining:

1. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which include sales of molybdenum produced at Cerro Verde.
2. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XIV.

FCX's consolidated copper sales volumes from South America of 307 million pounds in third-quarter 2023 were higher than third-quarter 2022 copper sales volumes of 293 million pounds, primarily reflecting increased milling rates and ore grades at Cerro Verde. Copper sales from South America mining are expected to approximate 1.2 billion pounds for the year 2023.

Average unit net cash costs (net of by-product credits) for South America mining of $2.35 per pound of copper in third-quarter 2023 were lower than third-quarter 2022 unit net cash costs of $2.58 per pound, primarily reflecting higher molybdenum by-product credits, partly offset by higher treatment charges.

Assuming an average price of $20.00 per pound of molybdenum in fourth-quarter 2023 and achievement of current sales volume and cost estimates, average unit net cash costs (net of by-product credits) for South America mining are expected to approximate $2.34 per pound of copper for the year 2023.

Indonesia Mining. PT-FI operates one of the world's largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. PT-FI produces copper concentrate that contains significant quantities of gold and silver. FCX has a 48.76% ownership interest in PT-FI and manages its mining operations. PT-FI's results are consolidated in FCX's financial statements. Under the terms of agreements entered into in 2018, FCX's economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%.

Regulatory Matters. Over the past several years, the Indonesia government has enacted various laws and regulations to promote downstream processing of various products, including copper concentrates. In 2018, PT-FI agreed to expand its domestic smelting and refining capacity to process all of its copper concentrates in Indonesia and is advancing the construction of the Manyar smelter and precious metals refinery (PMR) (collectively, the Indonesia smelter projects) and expanding capacity at PT Smelting (refer to "Indonesia Smelter" below).

On July 24, 2023, PT-FI was granted an export license for copper concentrates through May 2024 for 1.7 million metric tons of copper concentrate. PT-FI is currently working with the Indonesia government to update its export license for anode slimes tolled through PT Smelting, which were previously being exported by PT Smelting. PT-FI is working with the Indonesia government to obtain approvals to continue exports of copper concentrates and anode slimes until the Manyar smelter and PMR are fully commissioned and reach designed operating conditions.

In July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. Under the revised regulation PT-FI is being assessed export duties for copper concentrates at 7.5%. PT-FI continues to discuss with the Indonesia government the applicability of the revised

6

regulation because of inconsistencies with PT-FI's special mining license (IUPK), which provides that no export duties would be assessed after smelter development progress exceeded 50%. During third-quarter 2023, PT-FI incurred $147 million in export duties, which continue to be discussed with the Indonesia government.

Mining Rights. PT-FI and the Indonesia government continue to engage in discussions regarding the extension of PT-FI's mining rights under its IUPK beyond 2041. An extension beyond 2041 would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

Operating and Development Activities. Over a multi-year investment period, PT-FI has successfully commissioned three large-scale block cave mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone and Big Gossan), providing annual production volumes of approximately 1.6 billion pounds of copper and 1.6 million ounces of gold. Milling rates from these underground mines averaged 206,600 metric tons of ore per day in third-quarter 2023, an approximate 10% increase from 188,700 metric tons of ore per day in third-quarter 2022. During third-quarter 2023, PT-FI successfully commissioned a new crusher to support increased mining rates in the Grasberg Block Cave ore body.

PT-FI's ongoing project to install additional milling facilities is expected to be complete in early 2024. The project will increase milling capacity to approximately 240,000 metric tons of ore per day to provide sustained large scale production volumes. PT-FI is also advancing a mill recovery project with the installation of a new copper cleaner circuit that is expected to be completed in the second half of 2024 and to provide incremental metal production of approximately 60 million pounds of copper and 40 thousand ounces of gold per year.

PT-FI is advancing plans to transition its existing energy source from coal to liquified natural gas, which is expected to meaningfully reduce PT-FI's Scope 1 GHG emissions at the Grasberg minerals district. PT-FI is planning investments in a new gas-fired combined cycle facility at Grasberg with a targeted start date in 2027. Capital expenditures for the new facilities, to be incurred over the next three to four years, approximate $1 billion representing an incremental cost of $0.4 billion compared to previously planned investments to refurbish the existing coal units.

Kucing Liar. Long-term mine development activities are ongoing for PT-FI's Kucing Liar deposit in the Grasberg minerals district, which is expected to produce over 6 billion pounds of copper and 6 million ounces of gold between 2028 and the end of 2041. Pre-production development activities commenced in 2022 and are expected to continue over an approximate 10-year timeframe. Capital investments are estimated to average approximately $400 million per year over this period. At full operating rates of approximately 90,000 metric tons of ore per day, annual production from Kucing Liar is expected to approximate 550 million pounds of copper and 560 thousand ounces of gold, providing PT-FI with sustained long-term,large-scale and low-cost production. Kucing Liar will benefit from substantial shared infrastructure and PT-FI's experience and long-term success in block-cave mining.

Indonesia Smelter. In connection with PT-FI's 2018 agreement with the Indonesia government to secure the extension of its long-term mining rights, PT-FI agreed to expand its domestic smelting and refining capacity to process all of its copper concentrates in Indonesia. PT-FI is actively engaged in the following projects for additional domestic smelting capacity:

• Construction of the Manyar smelter in Gresik, Indonesia with a capacity to process approximately 1.7 million metric tons of copper concentrate per year. Construction progress currently approximates 84% complete. Construction of the smelter has an estimated cost of $3.0 billion, including $2.8 billion for a construction contract (excluding capitalized interest, owner's costs and commissioning) and $0.2 billion for investment in a desalinization plant. Construction is expected to be complete by mid-2024 followed by commissioning of the facilities and a ramp-up schedule through year-end 2024.
• Expansion of PT Smelting's capacity by 30% to 1.3 million metric tons of copper concentrate per year, which is expected to be completed by the end of 2023. PT-FI is funding the cost of the expansion, estimated to approximate $250 million, with a loan that will convert to equity and increase PT-FI's ownership in PT Smelting to a majority ownership interest, which is expected to occur in 2024.
• The PMR is being constructed to process gold and silver from the Manyar smelter and PT Smelting. Construction is in progress with commissioning expected during 2024 at an estimated cost of $575 million, which incorporates recent revisions to scope.

Capital expenditures for the Indonesia smelter projects totaled $1.2 billion for the first nine months of 2023, and are expected to approximate $1.6 billion for the year 2023. Capital expenditures for the Indonesia smelter

7

projects are being funded with proceeds received from PT-FI's senior notes and availability under its revolving credit facility.

Operating Data. Following is summary consolidated operating data for Indonesia mining:

1. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XIV.
2. Export duties were eliminated effective March 29, 2023, upon verification that construction progress of the Manyar smelter exceeded 50%. However, as noted in "Regulatory Matters" above, beginning in July 2023, PT-FI is being assessed export duties under a revised regulation, which it is continuing to discuss with the Indonesia government.

PT-FI's consolidated copper sales volumes of 430 million pounds in third-quarter 2023 were higher than third-quarter 2022 copper sales volumes of 406 million pounds, primarily reflecting higher mining rates and ore grades.

PT-FI's consolidated gold sales volumes of 395 thousand ounces in third-quarter 2023 were lower than third-quarter 2022 gold sales volumes of 476 thousand ounces, primarily reflecting timing of shipments of anode slimes associated with a change in administrative requirements for products that were previously being exported by PT Smelting. At September 30, 2023, approximately 75 thousand ounces of gold in anode slimes were included in inventory and available for sale pending approval of PT-FI's export license for anode slimes.

Consolidated sales volumes from PT-FI are expected to approximate 1.5 billion pounds of copper and 1.7 million ounces of gold for the year 2023, net of a deferral of approximately 100 million pounds of copper and

180 thousand ounces of gold from mine production under tolling arrangements to be processed and sold as refined metal in future periods. Projected sales volumes are dependent on operational performance, the resumption of anode slime exports, weather-related conditions and other factors detailed in the "Cautionary Statement" below.

PT-FI's unit net cash costs (net of gold, silver and other by-product credits) of $0.44 per pound of copper in third-quarter 2023 approximated unit net cash costs in third-quarter 2022, primarily reflecting higher copper sales volumes, offset by lower gold, silver and other by-product credits and higher export duties.

Assuming an average gold price of $1,900 per ounce in fourth-quarter 2023 and achievement of current sales volumes and cost estimates, unit net cash costs (including gold, silver and other by-product credits) for PT-FI are expected to approximate $0.15 per pound of copper for the year 2023. PT-FI's estimated unit net cash costs for the year 2023 include assessment of a 7.5% export duty during the second half of 2023, which continues to be discussed with the Indonesia government. PT-FI's average unit net cash costs for the year 2023 would change by approximately $0.05 per pound of copper for each $100 per ounce change in the average price of gold in fourth- quarter 2023.

8

Molybdenum Mines. FCX operates two wholly owned molybdenum mines in Colorado - the Climax open- pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical- grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines and at FCX's North America and South America copper mines is processed at FCX's conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines totaled 7 million pounds of molybdenum in third-quarter 2023, slightly below third-quarter 2022 production of 8 million pounds of molybdenum. FCX's consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the Molybdenum mines and at FCX's North America and South America copper mines, which are presented on page 3.

Average unit net cash costs for the Molybdenum mines of $18.07 per pound of molybdenum in third-quarter 2023 were higher than average unit net cash costs of $12.10 per pound in third-quarter 2022, primarily reflecting lower production volumes associated with ore types mined during the quarter and higher contract labor costs. Based on current sales volume and cost estimates, average unit net cash costs for the Molybdenum mines are expected to approximate $14.47 per pound of molybdenum for the year 2023.

For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XIV.

LIQUIDITY, CASH FLOWS, CASH AND DEBT

Liquidity. At September 30, 2023, FCX had $5.7 billion in consolidated cash and cash equivalents ($6.25 billion including current restricted cash and cash equivalents associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks) and $3.0 billion of availability under its revolving credit facility. In addition, PT-FI and Cerro Verde have $1.3 billion and $350 million, respectively, of availability under their respective revolving credit facilities.

At September 30, 2023, FCX had $0.7 billion in current restricted cash and cash equivalents, which includes (i) $0.5 billion in PT-FI's export proceeds temporarily deposited in Indonesia banks in accordance with a regulation issued by the Indonesia government that became effective August 1, 2023, requiring 30% of export proceeds to be temporarily deposited into Indonesia banks for a period of 90 days before withdrawal, and (ii) $145 million in assurance bonds to support PT-FI's commitment for smelter development in Indonesia.

Operating Cash Flows. FCX generated operating cash flows of $1.2 billion (net of $0.5 billion of working capital and other uses) in third-quarter 2023 and $4.0 billion (net of $0.7 billion of working capital and other uses) for the first nine months of 2023. Third-quarter 2023 working capital uses included increases in (i) accounts receivable primarily related to the timing of collections and higher PT-FI sales volumes and (ii) inventories primarily related to the timing of shipments of anode slimes at PT-FI.

Assuming average prices of $3.60 per pound of copper, $1,900 per ounce of gold and $20.00 per pound of molybdenum in fourth-quarter 2023 and achievement of current sales volume and cost estimates, FCX's consolidated operating cash flows are estimated to approximate $5.4 billion (net of $0.5 billion of working capital and other uses) for the year 2023. The impact of price changes during fourth-quarter 2023 on operating cash flows for the year 2023 would approximate $115 million for each $0.10 per pound change in the average price of copper, $55 million for each $100 per ounce change in the average price of gold and $15 million for each $2 per pound change in the average price of molybdenum.

Capital Expenditures. Capital expenditures totaled $1.2 billion in third-quarter 2023 (including $0.4 billion for major mining projects and $0.4 billion for the Indonesia smelter projects) and $3.5 billion for the first nine months of 2023 (including $1.2 billion for major mining projects and $1.2 billion for the Indonesia smelter projects).

Capital expenditures are expected to approximate $4.8 billion for the year 2023 (including $1.9 billion for major mining projects and $1.6 billion for the Indonesia smelter projects). Projected capital expenditures for major mining projects include $1.3 billion for planned projects primarily associated with underground mine development in the Grasberg minerals district and supporting mill and power capital costs and $0.6 billion for discretionary growth projects. Capital expenditures for the Indonesia smelter projects are being funded with the proceeds received from PT-FI's senior notes and availability under PT-FI's revolving credit facility.

9