Freeport-McMoRan Completes Sale of Onshore California Properties

Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has completed
the previously announced sale of its onshore California properties to
Sentinel Peak Resources California LLC for $592 million in cash, before
closing adjustments.

Under the terms of the agreement, FCX has the right to receive
additional proceeds of $50 million per annum in each of 2018, 2019 and
2020 if the price of Brent crude oil averages $70 per barrel or higher
in that calendar year.

During 2016, FCX completed $6.6 billion in asset sale transactions and
retains an industry leading portfolio of high quality, long-lived copper
assets.

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 the world's largest publicly traded copper producer.

FCX’s portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world's largest copper and gold deposits;
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde operation
in South America.

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