The backbone of a community is its economic development, which includes developing strategies and initiatives to stimulate the economic health and activity of the area, while providing local citizens with opportunities to enhance their standard of living.
At Freeport-McMoRan, our Colorado operations deliver large economic benefits to the state in the form of direct wages and taxes we pay as well as the goods and services we buy. Thanks to the multiplier effect, this indirectly benefits many other stores, restaurants and businesses.
We have supported a myriad of programs and projects in this area, including efforts to develop human capital, enhance critical infrastructure, spark job creation, assist small business development and support business retention and expansion.
Climax Molybdenum, a Freeport-McMoRan Company, contributes in many ways to the sustainability of the various communities, counties and states in which we operate. In 2016, Freeport-McMoRan generated an estimated $371.8 million in economic benefits for Colorado.
Our Colorado operations include the company’s underground Henderson Mine near Empire, the Henderson Concentrator near Kremmling, and the Climax Mine near Leadville. These and other nearby communities rely heavily on the economic benefits directly and indirectly provided by our various operations in the form of wages and taxes we pay as well as the goods and services we purchase.
This direct spending ripples through the economy, inducing additional economic benefits and contributing to more jobs and greater tax revenues.
The chart on the right helps explain how Freeport-McMoRan provides such a boost to the state.
The total direct and indirect impact of Freeport-McMoRan operations on the Colorado economy was nearly 3,620 jobs in 2016.
Economic impact numbers were produced by the L. William Seidman Research Institute, Arizona State University.