Freeport-McMoran
Copper and Gold Inc. (FCX) is the world's lowest-cost copper producer and one of the world's largest producers of copper and gold. FCX's operations are conducted through its subsidiaries, PT Freeport Indonesia (PTFI), PT Irja Eastern Minerals and Atlantic Copper, S.A.
PTFI's operations in Papua, Indonesia, involve mineral exploration and development, mining and milling of ore containing copper, gold and silver and the worldwide marketing of concentrates containing these metals. Its activities in Papua include the world's largest gold mine and the third-largest copper mine. The massive Grasberg mine is located at an altitude of 14 000 feet (over 4000 meters) and receives on average 300 inches of rain a year. The mine opened in 1967 when there were no roads and fewer than 1000 people living in the area. Over time the mine drew in 120 000 people from all over Indonesia. The mine operates 24 hours a day, seven days a week. In 2004 the mine recorded sales of 1.44 million ounces of gold and 1 billion pounds of copper and a net income of US$156.8 million. Because of the harsh environment, topography and soil conditions, the mine and its partners and subcontractors provide the only substantial employment in the area.
FCX Human Rights
FCX is a signatory to the Voluntary Principles on Security and Human Rights, which was drawn up in 2000 by the governments of the United States and the United Kingdom. The principles are designed to provide practical guidance that will strengthen human rights safeguards in company security arrangements in the extractive sector and form the basis of a global standard for the extractive sector.