In a recent securities filing, U.S.-based Freeport-McMoRan (“Freeport”), an international mining company, reported that it was in the process of investigating possible violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) and similar anti-corruption and anti-bribery laws of other jurisdictions. According to the Form 10-K that Freeport filed in February 2026, its investigation is focused on the activities of PT Smelting, an Indonesian joint venture between Freeport subsidiary PT Freeport Indonesia (“PTFI”), which owns 66% of the joint venture, and the Mitsubishi Materials Corporation (“MMC”), which owns 34%. An MMC affiliate serves as the “operator” of PT Smelting. Freeport owns 48.76% of PTFI and PTFI’s books are consolidated into Freeport’s financial statements.
Outside counsel for Freeport is examining whether PT Smelting engaged in conduct that violated the FCPA. The 10-K does not provide more details as to the conduct being investigated. Freeport also stated that it voluntarily notified the U.S. Securities and Exchange Commission and the U.S. Department of Justice of the investigation into PT Smelting.