US-based Freeport-McMoRan Inc. (FCX) is a natural resources company, focused on gold, copper and molybdenum. The company operates long-lived assets worldwide —seven mines in North America, two in South America and one in Indonesia—, with significant proven and probable reserves. In South America, the company operates the open-pit copper and molybdenum mine Cerro Verde, located in Arequipa, Peru; and El Abra, an open-pit copper mining complex, in Chile's El Loa province. Both deposits have an implied life of 38 years and copper and molybdenum reserves totalling 31.000Mlb and 700Mlb, respectively. Freeport-McMoran is headquartered in Phoenix, Arizona. The company was created in 1981 after the merger of the former Freeport Minerals Company with US-based McMoRan Oil & Gas.