1. High debt levels - Freeport-McMoRan Inc. has a significant amount of debt, which can limit its financial flexibility and increase its vulnerability to economic downturns or changes in commodity prices.

2. Exposure to commodity price volatility - The company's business is heavily dependent on the prices of copper, gold, and other commodities. Fluctuations in these prices can significantly impact Freeport-McMoRan's profitability and cash flow.

3. Environmental concerns - Freeport-McMoRan has faced criticism and legal challenges related to its environmental practices, particularly in relation to its mining operations. This can lead to reputational damage and increased regulatory scrutiny.

4. Geopolitical risks - The company operates in various countries with different political and regulatory environments. This exposes it to geopolitical risks, such as changes in government policies, nationalization of assets, or social unrest, which can disrupt operations and affect profitability.

5. Limited diversification - Freeport-McMoRan's business is primarily focused on mining and exploration activities. This lack of diversification can make the company more susceptible to industry-specific risks and economic downturns.

6. Reliance on capital-intensive projects - The company's growth strategy often involves investing in large-scale, capital