Freeport McMoRan said it is actively conducting exploration activities near its existing mines with a focus on opportunities to expand reserves that will support the development of additional future production capacity in the large minerals districts where it currently operates. Exploration spending is expected to approximate $235M for the year 2013, compared to $251M in 2012. Exploration activities will continue to focus primarily on the potential for future reserve additions in FCX's existing minerals districts. Approximately one-third of the 2013 budget is associated with global greenfield exploration projects.
- Freeport McMoRan