Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia. It was founded 1912 by the son of a Swedish banker to develop sulfur mining along the US Gulf Coast concurrently with Freeport, Texas. In 1913, it incorporated as a vertically integrated holding company including numerous subsidiaries like gas and light, railroad, oil from Tampico, Mexico, and a refinery. After 1930, the company diversified by buying into manganese mines, nickel during World War II, potash and the Cuban American Manganese Corporationin the 1950s. Since 1967, the company has mined the Ertsberg deposit of gold and copper in the Grasberg mine, where since 2017 it has been holding a 49% interest. In the 1990s the Rio Tinto Group invested in Freeport and IMC Group acquired its fertilizer business.