Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
- During second-quarter 2013, FCX
completed its $19 billion acquisitions of Plains Exploration
& Production Company (PXP) and McMoRan Exploration Co.
(MMR), creating a premier U.S.-based natural resource company.
FCX's second-quarter 2013 financial results include PXP's
operations beginning June 1, 2013, and MMR's operations beginning
June 4, 2013.
- Net income attributable to
common stock totaled $482 million, $0.49 per share for
second-quarter 2013, compared with net income of $710 million,
$0.74 per share, for second-quarter 2012. Net income attributable
to common stock for the first six months of 2013 totaled $1.1
billion, $1.17 per share, compared with $1.5 billion, $1.55 per
share, for the first six months of 2012.
- Consolidated sales for
second-quarter 2013 totaled 951 million pounds of copper, 173
thousand ounces of gold, 23 million pounds of molybdenum and 5.0
million barrels of oil equivalents (MMBOE), reflecting results from
Freeport-McMoRan Oil & Gas (FM O&G) beginning June 1, 2013.
For the year 2013, sales are expected to approximate 4.1 billion
pounds of copper, 1.1 million ounces of gold, 92 million pounds of
molybdenum and 35 MMBOE (reflecting results for FM O&G
beginning June 1, 2013).
- Operating cash flows totaled
$1.0 billion (including $235 million in working capital sources and
changes in other tax payments) for second-quarter 2013 and $1.9
billion (net of $195 million in working capital uses and changes in
other tax payments) for the first six months of 2013. Based on
current sales volume and cost estimates and assuming average prices
of $3.15 per pound for copper, $1,300 per ounce for gold, $10 per
pound of molybdenum and $105 per barrel for Brent crude oil for the
second half of 2013, operating cash flows for the year 2013 are
expected to approximate $5.8 billion (net of $30 million of net
working capital uses and other tax payments).
- Capital expenditures totaled
$1.2 billion for second-quarter 2013 and $2.0 billion for the first
six months of 2013. Capital expenditures are expected to
approximate $5.5 billion for the year 2013, including $2.3 billion
for major projects at mining operations and $1.5 billion for oil
and gas operations for the period beginning June 1, 2013.
- During second-quarter 2013, FCX took
actions to reduce or defer capital expenditures and other
costs, and initiated efforts to identify potential asset sales to
reduce debt and maintain financial strength and flexibility in
response to recent declines in metals prices. As a first step, FCX
has reduced budgeted future capital expenditures, exploration and
other costs by a total of $1.9 billion in 2013 and 2014. FCX has
also initiated a process to divest certain oil and gas properties
from its conventional Gulf of Mexico (GOM) Shelf
properties. FCX has a broad set of natural resource assets
which provide many alternatives for future actions to enhance FCX's
financial flexibility and value for shareholders. Additional
capital cost reductions and divestitures will be pursued as
required to maintain a strong balance sheet while preserving a
strong resource position and portfolio of assets with attractive
long-term growth prospects.
- At June 30, 2013, consolidated
cash totaled $3.3 billion and consolidated debt totaled
$21.2 billion, including $0.7 billion of fair value adjustments to
the stated value of assumed debt.
- On May 31, 2013, FCX's Board of
Directors declared a supplemental common stock dividend of $1.00
per share, which was paid on July 1, 2013. This supplemental
dividend, which totaled $1.0 billion, is in addition to FCX's
regular quarterly dividend of $0.3125 per share and is the eleventh
supplemental dividend paid by FCX since 2004, which have totaled
$3.0 billion.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported net
income attributable to common stock of $482 million, $0.49 per
share, for second-quarter 2013 and $1.1 billion, $1.17 per share,
for the first six months of 2013, compared with $710 million, $0.74
per share, for second-quarter 2012 and $1.5 billion, $1.55 per
share, for the first six months of 2012. FCX's results for the
second quarter and first six months of 2013 include the results of
its wholly owned subsidiary Freeport-McMoRan Oil & Gas (FM
O&G), following the acquisitions of PXP on May 31, 2013, and of
MMR on June 3, 2013. Results for second-quarter 2013 also included
net gains of $265 million to net income attributable to common
stock, $0.27 per share, related to the acquisitions, as more fully
described below.
James R. Moffett, Chairman of the Board; Richard C. Adkerson,
Vice Chairman, President and Chief Executive Officer; and James C.
Flores, Vice Chairman and President and Chief Executive Officer of
FM O&G, said, "We are pleased to report our initial quarterly
results following the second-quarter 2013 oil and gas
acquisitions. As an organization, we are focused on strong
execution of our business plans, which provide exposure to a
significant, geographically diverse natural resource base, with an
established and successful operating history and with multi-faceted
and financially attractive growth opportunities. We are committed
to our business plan of reducing debt and maintaining a strong
balance sheet, while investing in financially attractive projects
and providing cash returns to shareholders. We are taking measures
to execute prudent capital management in an uncertain global
economic environment and are committed to pursuing additional
divestitures and capital cost reductions as required to maintain a
strong balance sheet while preserving a strong resource position
and a portfolio of assets with attractive long-term growth
prospects."
SUMMARY FINANCIAL DATA
Three Months Ended Six Months Ended June 30,
June 30, 2013
a
2012 2013 a
2012 (in millions, except per share amounts)
Revenuesb $ 4,288 $ 4,475 $ 8,871
$ 9,080 Operating income $ 639 c $ 1,311 $ 1,994 c $
3,045 Net income attributable to common stockd $ 482 c,e $ 710 $
1,130 c,e,f $ 1,474 f Diluted net income per share of common stock
$ 0.49 c,e $ 0.74 $ 1.17 c,e,f $ 1.55 f Diluted weighted-average
common shares outstanding 984 953 968 954 Operating cash flowsg $
1,034 $ 1,182 $ 1,865 $ 1,983 Capital expenditures $ 1,173 $ 840 $
1,978 $ 1,547 At June 30: Cash and cash equivalents $ 3,294 $ 4,508
$ 3,294 $ 4,508 Total debt, including current portion $ 21,215 $
3,523 $ 21,215 $ 3,523
a.
Includes the results of FM O&G beginning June 1, 2013.
Results of the oil and gas operations for June 2013 included
revenues of $336 million and operating income of $64 million.
b.
Includes (unfavorable) favorable
adjustments to provisionally priced concentrate and cathode copper
sales recognized in prior periods totaling $(117) million ($(55)
million to net income attributable to common stock or $(0.06) per
share) in second-quarter 2013, $(75) million ($(31) million to net
income attributable to common stock or $(0.03) per share) in
second-quarter 2012, $(26) million ($(12) million to net income
attributable to common stock or $(0.01) per share) for the first
six months of 2013 and $101 million ($43 million to net income
attributable to common stock or $0.05 per share) for the first six
months of 2012. The 2013 periods also reflect (unfavorable)
adjustments of $(35) million ($(27) million to net income
attributable to common stock or (0.03) per share) related to oil
and gas derivative instruments that were assumed in connection with
FCX's acquisition of PXP. For further discussion, refer to the
supplemental schedule "Derivative Instruments" on page IX, which is
available on FCX's website, "www.fcx.com."
c.
Includes charges of $61 million ($46 million to net income
attributable to common stock or $0.05 per share) for second-quarter
2013 and $75 million ($57 million to net income attributable to
common stock or $0.06 per share) for the first six months of 2013
for transaction and related costs principally associated with the
acquisitions of PXP and MMR.
d.
FCX defers recognizing profits on intercompany sales until final
sales to third parties occur. Refer to the "Consolidated Statements
of Income" on page V for a summary of net impacts from changes in
these deferrals.
e.
The second quarter and first six months of 2013 include gains
associated with the acquisitions of PXP and MMR, including (i) $128
million to net income attributable to common stock, $0.13 per
share, primarily related to FCX's preferred stock investment in and
the subsequent acquisition of MMR, and (ii) $183 million to net
income attributable to common stock, $0.19 per share, associated
with net reductions in FCX's deferred tax liabilities and deferred
tax asset valuation allowances.
f.
Includes losses on early extinguishment of debt totaling $39
million to net income attributable to common stock, $0.04 per
share, for the first six months of 2013 related to the termination
of the acquisition bridge loan facilities and $149 million to net
income attributable to common stock, $0.16 per share, for the first
six months of 2012 associated with the redemption of FCX's
remaining 8.375% senior notes.
g.
Includes net working capital sources (uses) and changes in other
tax payments of $235 million for second-quarter 2013, $(54) million
for second-quarter 2012, $(195) million for the first six months of
2013 and $(774) million for the first six months of 2012.
ACQUISITIONS OF PXP AND MMR
FCX completed the acquisition of PXP on May 31, 2013, and the
acquisition of MMR on June 3, 2013. PXP per-share consideration was
equivalent to 0.6531 shares of FCX common stock and $25.00 in cash,
resulting in FCX issuing 91 million shares of its common stock and
paying $3.8 billion in cash (including $0.4 billion for the special
dividend paid to PXP stockholders on May 31, 2013). MMR per-share
consideration consisted of $14.75 in cash ($1.7 billion in cash,
net of FCX's and PXP's interests in MMR) and 1.15 units of a
royalty trust, which holds a five percent overriding royalty
interest in future production from MMR's ultra-deep exploration
prospects that existed at the acquisition date.
In accordance with the acquisition method of accounting, the
purchase price from FCX's oil and gas acquisitions has been
allocated on a preliminary basis to the assets acquired and
liabilities assumed based on initial estimates of their fair values
on the respective acquisition dates, with the excess of purchase
price over the estimated fair value of the net assets acquired
recorded as goodwill.
Following is a summary of FM O&G's
preliminary acquisition-date balance sheet (in billions):
Preliminary Acquisition-Date Fair Valuea
Current assets $ 1.1
Oil and natural gas propertiesb:
Subject to depletion 12.2 Not subject to depletion 11.4 Property,
plant and equipment 0.3 Other assets 0.4 Goodwill 1.8 Total assets
$ 27.2 Current liabilities $ 1.1 Assumed debt (current and
long-term) 11.2 c Other liabilities (primarily asset retirement
obligations) 1.0 Deferred income taxesd 3.9 Redeemable
noncontrolling interest 1.1 Equity (FCX's investment in FM O&G)
8.9 Total liabilities and equity $ 27.2
a.
The final valuation of assets acquired and liabilities
assumed is not complete and carrying amounts initially assigned to
the assets and liabilities may change as the fair value analysis is
completed.
b.
FCX's oil and gas operations will follow the full cost method of
accounting whereby all costs associated with oil and gas
acquisition, exploration and development activities are
capitalized. Capitalized costs, along with estimated future costs
to develop proved reserves, are amortized to expense under the
unit-of-production method using estimates of proved oil and natural
gas reserves. The costs of unproved oil and gas properties are
excluded from amortization until the properties are evaluated, at
which time the related costs are subject to amortization. Under the
full cost accounting rules, FCX will conduct a "ceiling test" each
quarter to review the carrying value of its oil and gas properties
for impairment.
c.
Includes $0.8 billion of fair value adjustments to the stated value
of the assumed debt. Following the acquisitions, FCX repaid $4.1
billion of the assumed debt primarily related to PXP's amended
credit facility with proceeds from a $4.0 billion bank term loan.
d.
Deferred income taxes have been recognized based on the estimated
fair value adjustments to net assets using a 38 percent tax rate,
which reflected the 35 percent federal statutory rate and a 3
percent weighted-average of the applicable statutory state tax
rates, net of federal benefit.
SUMMARY OPERATING DATA
Three Months Ended Six Months
Ended June 30, June 30, 2013
2012 2013 2012 Copper
(millions of recoverable pounds) Production 909 887 1,889 1,720
Sales, excluding purchases 951 927 1,905 1,754 Average realized
price per pound $ 3.17 $ 3.53 $ 3.29 $ 3.61 Site production and
delivery costs per pounda $ 2.11 $ 2.01 $ 2.02 $ 1.98 Unit net cash
costs per pounda $ 1.85 $ 1.49 $ 1.71 $ 1.38
Gold (thousands
of recoverable ounces) Production 151 251 386 503 Sales, excluding
purchases 173 266 387 554 Average realized price per ounce $ 1,322
$ 1,588 $ 1,434 $ 1,639
Molybdenum (millions of recoverable
pounds) Production 24 20 46 41 Sales, excluding purchases 23 20 48
41 Average realized price per pound $ 12.35 $ 15.44 $ 12.56 $ 15.39
Oil Equivalentsb Sales volumes: MMBOE 5.0 5.0 MBOE
per day 169 169 Cash operating margin per BOE: Realized revenues
per BOE $ 74.37 c $ 74.37 c Cash production costs per BOE 16.58 c
16.58 c Cash operating margin per BOE $ 57.79 $ 57.79
a.
Reflects per pound weighted-average site
production and delivery costs and unit net cash costs (net of
by-product credits) for all copper mines, excluding net noncash and
other costs. For reconciliations of per pound unit costs by
operating division to production and delivery costs applicable to
sales reported in FCX's consolidated financial statements, refer to
the supplemental schedule, "Product Revenues and Production Costs,"
beginning on page XIII, which is available on FCX's website,
"www.fcx.com."
b.
Reflects the operating results of FM O&G for the period
beginning June 1, 2013.
c.
Cash operating margin for FCX's oil and
gas operations reflects realized revenues less cash production
costs. Realized revenues exclude unrealized gains (losses) on
derivative instruments (average realized price excluding both
realized and unrealized gains (losses) on derivative instruments
was $74.03 per BOE) and cash production costs exclude accretion and
other costs. For reconciliations of realized revenues and cash
production costs per BOE to revenues and production and delivery
costs reported in FCX's consolidated financial statements, refer to
the supplemental schedule “Product Revenues and Production Costs”
beginning on page XIII, which is available on FCX's website,
“www.fcx.com.”
Consolidated Sales Volumes
Second-quarter 2013 consolidated copper sales of 951
million pounds were lower than the April 2013 estimate of 1.0
billion pounds, but higher than second-quarter 2012 sales of 927
million pounds, reflecting increased sales from the Americas and
Africa, partly offset by reduced volumes from Indonesia.
Second-quarter 2013 consolidated gold sales of 173 thousand
ounces were lower than the April 2013 estimate of 295 thousand
ounces and second-quarter 2012 sales of 266 thousand ounces.
Compared with the April 2013 estimates, lower copper and gold sales
volumes primarily reflected lower production from Indonesia as a
result of the temporary suspension of operations in mid-May
following a tragic accident. Second-quarter 2013 consolidated
molybdenum sales of 23 million pounds approximated the April
2013 estimate and were higher than second-quarter 2012 sales of 20
million pounds primarily because of stronger sales in the
metallurgical and chemical sectors.
Second-quarter 2013 sales from FCX's recently acquired oil and
gas operations totaled 5.0 MMBOE for the period from June 1, 2013
through June 30, 2013, including 3.4 million barrels of (MMBbls) of
crude oil, 7.7 billion cubic feet (Bcf) of natural
gas and 0.3 MMBbls of natural gas liquids (NGLs).
On May 14, 2013, a tragic accident, which resulted in 28
fatalities and 10 injuries, occurred at PT Freeport Indonesia when
the rock structure above an underground ceiling for a training
facility collapsed in an unprecedented and unexpected event. While
the accident occurred outside the area of mining operations, PT
Freeport Indonesia temporarily suspended mining and processing
activities at the Grasberg complex in respect for the deceased and
injured workers and their families, and to conduct inspections of
its facilities in coordination with Indonesian government
authorities. The temporary suspension of mining and processing
activities at PT Freeport Indonesia, which have subsequently
resumed, resulted in an estimated production impact of
approximately 125 million pounds of copper and 125 thousand ounces
of gold for second-quarter 2013.
Consolidated sales for the year 2013 are expected to approximate
4.1 billion pounds of copper, 1.1 million ounces of gold, 92
million pounds of molybdenum and 35 MMBOE, including 1.1 billion
pounds of copper, 330 thousand ounces of gold, 22 million pounds of
molybdenum and 15 MMBOE for third-quarter 2013. Projected 2013
sales volumes of copper and gold are approximately 210 million
pounds and 260 thousand ounces lower than April 2013 estimates
primarily reflecting the impact of the temporary production
suspension at PT Freeport Indonesia in second-quarter 2013, impacts
of achieving a full ramp-up in underground production and the
timing of accessing higher grade material in the Grasberg open pit.
The shortfalls are expected to be recovered in future periods.
Consolidated Unit Costs
Mining Unit Net Cash Costs. Consolidated average unit net cash
costs (net of by-product credits) for FCX's mining operations of
$1.85 per pound of copper in second-quarter 2013 were higher than
unit net cash costs of $1.49 per pound in second-quarter 2012
primarily reflecting lower copper and gold volumes in Indonesia,
anticipated higher mining rates in North America and the impact of
lower gold prices in net by-product credits.
Assuming average prices of $1,300 per ounce of gold and $10 per
pound of molybdenum for the second half of 2013 and achievement of
current sales volume and cost estimates, consolidated unit net cash
costs (net of by-product credits) for FCX's copper mining
operations are expected to average approximately $1.58 per pound of
copper for the year 2013. Projected unit net cash costs for 2013
are higher than previous estimates primarily because of the impact
of lower copper and gold volumes from Indonesia. The impact of
price changes for the second half of 2013 on consolidated unit net
cash costs would approximate $0.01 per pound for each $50 per ounce
change in the average price of gold and $0.01 per pound for each $2
per pound change in the average price of molybdenum. Quarterly unit
net cash costs vary with fluctuations in sales volumes and average
realized prices (primarily gold and molybdenum prices). Unit net
cash costs are expected to decline during the second half of 2013
and in 2014 as FCX gains access to higher grade ore in
Indonesia.
Oil and Gas Cash Production Costs per BOE. Cash production costs
for oil and gas operations were $16.58 per BOE in June 2013. Based
on current sales volume and cost estimates for the second half of
2013, cash production costs per BOE are expected to approximate $19
per BOE in the second half of 2013.
MINING OPERATIONS
North America Copper Mines. FCX operates seven open-pit
copper mines in North America - Morenci, Bagdad, Safford, Sierrita
and Miami in Arizona, and Chino and Tyrone in New Mexico. All of
the North America mining operations are wholly owned, except for
Morenci. FCX records its 85 percent joint venture interest in
Morenci using the proportionate consolidation method. In addition
to copper, the Sierrita, Bagdad, Morenci and Chino mines also
produce molybdenum concentrates, which are sold to FCX's molybdenum
sales company at market-based pricing.
Operating and Development Activities. FCX has increased
production from its North America copper mines in recent years and
continues to evaluate a number of opportunities to invest in
additional production capacity at its North America copper mines in
response to positive exploration results in recent years. Future
investments will be undertaken based on the results of economic and
technical feasibility studies and taking into consideration market
conditions.
At Morenci, FCX is expanding mining and milling capacity to
process additional sulfide ores identified through exploratory
drilling. The project is targeting incremental annual production of
approximately 225 million pounds of copper in 2014 (an approximate
40 percent increase from 2012) through an increase in milling rates
from 50,000 metric tons of ore per day to approximately 115,000
metric tons of ore per day and mining rates from 700,000 short tons
per day to 900,000 short tons per day. The targeted increase in
mining rates has been achieved and construction activities for the
new mill and related facilities are in progress. At June 30, 2013,
approximately $0.6 billion has been incurred for this project, with
approximately $1.0 billion remaining to be incurred. Cost estimates
for the project are approximately 15 percent higher than previous
estimates resulting from increased equipment and material costs and
higher labor costs.
During second-quarter 2013, FCX took actions to reduce near-term
capital expenditures and other costs (refer to "Capital
Expenditures" on page 14 for further discussion).
Operating Data. Following is summary consolidated operating data
for the North America copper mines for the second quarters and
first six months of 2013 and 2012:
Three Months Ended Six Months
Ended June 30, June 30, 2013
2012 2013 2012
Copper (millions of recoverable pounds) Production 349 331
692 668 Sales 372 361 725 699 Average realized price per pound $
3.25 $ 3.57 $ 3.41 $ 3.68
Molybdenum (millions of
recoverable pounds) Productiona 9 9 17 19
Unit net cash
costs per pound of copperb: Site production and
delivery, excluding adjustments $ 2.09 $ 1.88 $ 2.04 $ 1.84
By-product credits (0.25 ) (0.36 ) (0.26 ) (0.39 ) Treatment
charges 0.08 0.10 0.11 0.12 Unit net
cash costs $ 1.92 $ 1.62 $ 1.89 $ 1.57
a.
Refer to summary operating data on page 4 for FCX's consolidated
molybdenum sales, which includes sales of molybdenum produced at
the North America copper mines.
b.
For a reconciliation of unit net cash
costs per pound to production and delivery costs applicable to
sales reported in FCX's consolidated financial statements, refer to
the supplemental schedule, "Product Revenues and Production Costs,"
beginning on page XIII, which is available on FCX's website,
"www.fcx.com."
North America's consolidated copper sales volumes of 372 million
pounds in second-quarter 2013 were higher than second-quarter 2012
sales of 361 million pounds, primarily reflecting increased
production at the Chino mine. Sales from the North America copper
mines are expected to approximate 1.5 billion pounds of copper for
the year 2013, compared with 1.35 billion pounds in 2012, primarily
reflecting higher production at Morenci and Chino.
As anticipated, average unit net cash costs (net of by-product
credits) for the North America copper mines of $1.92 per pound of
copper in second-quarter 2013 were higher than unit net cash costs
of $1.62 per pound in second-quarter 2012, primarily reflecting
higher mining rates and lower molybdenum credits. Average unit net
cash costs (net of by-product credits) for the North America copper
mines are expected to approximate $1.87 per pound of copper for the
year 2013, based on current sales volume and cost estimates and
assuming an average molybdenum price of $10 per pound for the
second half of 2013. North America's average projected unit net
cash costs would change by approximately $0.015 per pound for each
$2 per pound change in the average price of molybdenum for the
second half of 2013.
South America Mining. FCX operates four copper mines in
South America - Cerro Verde in Peru and El Abra, Candelaria and
Ojos del Salado in Chile. FCX owns a 53.56 percent interest in
Cerro Verde, a 51 percent interest in El Abra, and an 80 percent
interest in both the Candelaria and Ojos del Salado mining
complexes. All operations in South America are consolidated in
FCX's financial statements. South America mining includes open-pit
and underground mining. In addition to copper, the Candelaria and
Ojos del Salado mines produce gold and silver, and the Cerro Verde
mine produces molybdenum concentrates which are sold to FCX's
molybdenum sales company at market-based pricing.
Development Activities. FCX has commenced initial construction
activities associated with a large-scale expansion at Cerro Verde.
The project will expand the concentrator facilities from 120,000
metric tons of ore per day to 360,000 metric tons of ore per day
and provide incremental annual production of approximately 600
million pounds of copper and 15 million pounds of molybdenum
beginning in 2016. At June 30, 2013, approximately $0.8 billion has
been incurred for this project, with approximately $3.6 billion
remaining to be incurred.
FCX continues to evaluate a potential large-scale milling
operation at El Abra to process additional sulfide material and to
achieve higher recoveries. Exploration results at El Abra indicate
the potential for a significant sulfide resource. Future long-term
investments will require evaluation and the completion of
feasibility studies and will be dependent on overall market
conditions.
During second-quarter 2013, FCX took actions to reduce near-term
capital expenditures and other costs (refer to "Capital
Expenditures" on page 14 for further discussion).
Operating Data. Following is summary consolidated operating data
for the South America mining operations for the second quarters and
first six months of 2013 and 2012:
Three Months Ended Six Months
Ended June 30, June 30, 2013
2012 2013 2012
Copper (millions of recoverable pounds) Production 299 304
597 597 Sales 315 301 600 587 Average realized price per pound $
3.13 $ 3.51 $ 3.22 $ 3.56
Gold (thousands of
recoverable ounces) Production 19 18 40 37 Sales 21 16 42 35
Average realized price per ounce $ 1,317 $ 1,596 $ 1,449 $ 1,630
Molybdenum (millions of recoverable pounds)
Productiona 2 2 4 4
Unit net cash costs per pound of
copperb: Site production and delivery, excluding
adjustments $ 1.62 $ 1.56 $ 1.62 $ 1.55 By-product credits (0.24 )
(0.23 ) (0.26 ) (0.26 ) Treatment charges 0.16 0.16
0.17 0.16 Unit net cash costs $ 1.54 $ 1.49
$ 1.53 $ 1.45
a.
Refer to summary operating data on page 4 for FCX's consolidated
molybdenum sales, which includes sales of molybdenum produced at
Cerro Verde.
b.
For a reconciliation of unit net cash
costs per pound to production and delivery costs applicable to
sales reported in FCX's consolidated financial statements, refer to
the supplemental schedule, "Product Revenues and Production Costs,"
beginning on page XIII, which is available on FCX's website,
"www.fcx.com."
South America's consolidated copper sales volumes of 315 million
pounds in second-quarter 2013 were higher than second-quarter 2012
sales of 301 million pounds primarily related to timing of
shipments. Sales from South America mining are expected to
approximate 1.3 billion pounds of copper for the year 2013,
compared with sales of 1.25 billion pounds of copper in 2012,
primarily reflecting higher grade ore at Candelaria.
Average unit net cash costs (net of by-product credits) for
South America mining of $1.54 per pound of copper in second-quarter
2013 were higher than unit net cash costs of $1.49 per pound in
second-quarter 2012 primarily reflecting higher mining costs.
Average unit net cash costs (net of by-product credits) for South
America mining are expected to approximate $1.42 per pound of
copper for the year 2013, based on current sales volume and cost
estimates and assuming average prices of $1,300 per ounce of gold
and $10 per pound of molybdenum for the second half of 2013.
Indonesia Mining. Through its 90.64 percent owned and
consolidated subsidiary PT Freeport Indonesia, FCX's assets include
one of the world's largest copper and gold deposits at the Grasberg
minerals district in Papua, Indonesia. PT Freeport Indonesia
produces copper concentrates, which contain significant quantities
of gold and silver.
Development Activities. FCX has several projects in progress in
the Grasberg minerals district, primarily related to the
development of large-scale, high-grade underground ore bodies. In
aggregate, these underground ore bodies are expected to ramp up
over several years to produce approximately 240,000 metric tons of
ore per day following the currently anticipated transition from the
Grasberg open pit in 2017. Development of the Grasberg Block Cave
and Deep Mill Level Zone (DMLZ) is advancing according to schedule,
which would enable the DMLZ to commence production in 2015 and the
Grasberg Block Cave mine to commence production in 2017. Over the
next five years, estimated aggregate capital spending on these
projects is currently expected to average $760 million per year
($600 million per year net to PT Freeport Indonesia).
During second-quarter 2013, FCX took actions to reduce near-term
capital expenditures and other costs (refer to "Capital
Expenditures" on page 14 for further discussion).
Operating Data. Following is summary consolidated operating data
for the Indonesia mining operations for the second quarters and
first six months of 2013 and 2012:
Three Months Ended Six Months
Ended June 30, June 30, 2013
2012 2013 2012
Copper (millions of recoverable pounds) Production 139 173
358 296 Sales 158 183 356 317 Average realized price per pound $
3.08 $ 3.49 $ 3.20 $ 3.56
Gold (thousands of
recoverable ounces) Production 131 230 343 459 Sales 151 247 342
513 Average realized price per ounce $ 1,321 $ 1,587 $ 1,431 $
1,639
Unit net cash costs per pound of
coppera: Site production and delivery, excluding
adjustments $ 3.55 $ 3.23 $ 3.03 $ 3.35 Gold and silver credits
(1.20 ) (2.20 ) (1.44 ) (2.75 ) Treatment charges 0.23 0.21 0.23
0.20 Royalty on metals 0.13 0.13 0.13 0.13
Unit net cash costs $ 2.71 $ 1.37 $ 1.95
$ 0.93
a.
For a reconciliation of unit net cash
costs per pound to production and delivery costs applicable to
sales reported in FCX's consolidated financial statements, refer to
the supplemental schedule, "Product Revenues and Production Costs,"
beginning on page XIII, which is available on FCX's website,
"www.fcx.com."
Indonesia's second-quarter 2013 copper sales of 158 million
pounds and gold sales of 151 thousand ounces were lower than
second-quarter 2012 copper sales of 183 million pounds and gold
sales of 247 thousand ounces resulting primarily from a suspension
of activities following the accident described below.
On May 14, 2013, a tragic accident, which resulted in 28
fatalities and 10 injuries, occurred at PT Freeport Indonesia when
the rock structure above an underground ceiling for a training
facility collapsed in an unprecedented and unexpected event. While
the accident occurred outside the area of mining operations, PT
Freeport Indonesia temporarily suspended mining and processing
activities at the Grasberg complex in respect for the deceased and
injured workers and their families, and to conduct inspections of
its facilities in coordination with Indonesian government
authorities. The temporary suspension of mining and processing
activities at PT Freeport Indonesia, which has subsequently
resumed, resulted in an estimated production impact of
approximately 125 million pounds of copper and 125 thousand ounces
of gold for second-quarter 2013.
Following approval from Indonesia's Department of Energy and
Mineral Resources, PT Freeport Indonesia resumed open pit mining
and concentrating activities at its Grasberg operations on June 24,
2013, and resumed underground operations on July 9, 2013. PT
Freeport Indonesia has conducted safety inspections throughout its
operations, which focused on ground control installation and
monitoring. For the period from July 10 to July 19, 2013, mill
rates averaged approximately 200,000 metric tons of ore per day.
Productivity in the open-pit operations continues to improve and
the Deep Ore Zone (DOZ) mine is being ramped up. Current DOZ rates
approximate 40,000 metric tons of ore per day and are expected to
reach 80,000 metric tons of ore per day by mid-2014.
At the Grasberg mine, the sequencing of mining areas with
varying ore grades causes fluctuations in the timing of ore
production resulting in varying quarterly and annual sales of
copper and gold. Sales from Indonesia mining are expected to
approximate 0.9 billion pounds of copper and 1.0 million ounces of
gold for the year 2013, compared with 0.7 billion pounds of copper
and 0.9 million ounces of gold for the year 2012. Projected 2013
sales volumes of copper and gold are approximately 230 million
pounds and 250 thousand ounces lower than April 2013 estimates
primarily reflecting the impact of the temporary production
suspension in second-quarter 2013, impacts of achieving a full
ramp-up in underground production and the timing of accessing
higher grade material in the open pit. Sales from Indonesia mining
are expected to increase in 2014 through 2016 as PT Freeport
Indonesia gains access to higher ore grades.
A significant portion of PT Freeport Indonesia's costs are fixed
and unit costs vary depending on production volumes. Indonesia's
unit net cash costs (including gold and silver credits) of $2.71
per pound of copper in second-quarter 2013 were significantly
higher than unit net cash costs of $1.37 per pound in
second-quarter 2012 primarily reflecting the impact of the
temporary production suspension in second-quarter 2013.
Unit net cash costs (net of gold and silver credits) for
Indonesia mining are expected to approximate $1.51 per pound of
copper for the year 2013, based on current sales volume and cost
estimates and assuming an average gold price of $1,300 per ounce
for the second half of 2013. Indonesia mining's projected unit net
cash costs would change by approximately $0.04 per pound for each
$50 per ounce change in the average price of gold for the second
half of 2013. Because of the fixed nature of a large portion of
Indonesia's costs, unit costs vary from quarter to quarter
depending on copper and gold sales volumes. Indonesia mining's unit
net cash costs are expected to decline during the second half of
2013 as it gains access to higher grade ore.
PT Freeport Indonesia has commenced discussions with union
officials regarding its bi-annual labor agreement which is
scheduled for renewal in September 2013.
Africa Mining. Through its 56 percent owned and
consolidated subsidiary Tenke Fungurume Mining S.A.R.L. (TFM), FCX
operates the Tenke Fungurume (Tenke) minerals district in the
Katanga province of the Democratic Republic of Congo (DRC). In
addition to copper, the Tenke mine produces cobalt hydroxide.
Operating and Development Activities. TFM has completed its
second phase expansion project, which included optimizing the
current plant and increasing mine, mill and processing capacity.
The expanded mill has a design capacity of 14,000 metric tons of
ore per day, enabling an increase in Tenke's copper production by
150 million pounds to over 430 million pounds per year. The
expanded mill facility is performing well, with second-quarter 2013
average throughput rates of 15,000 metric tons per day. The
addition of a second sulphuric acid plant is expected to be
completed in 2015.
Refer to "Capital Expenditures" on page 14 for further
discussion of FCX's initiatives to reduce near-term capital
expenditures and other costs.
FCX continues to engage in drilling activities, exploration
analyses and metallurgical testing to evaluate the potential of the
highly prospective minerals district at Tenke. These analyses are
being incorporated in future plans to evaluate opportunities for
expansion. Future expansions are subject to a number of factors,
including economic and market conditions, and the business and
investment climate in the DRC.
Operating Data. Following is summary consolidated operating data
for the Africa mining operations for the second quarters and first
six months of 2013 and 2012:
Three Months Ended Six Months
Ended June 30, June 30, 2013
2012 2013 2012
Copper (millions of recoverable pounds) Production 122 79
242 159 Sales 106 82 224 151 Average realized price per pounda $
3.10 $ 3.45 $ 3.22 $ 3.54
Cobalt (millions of
contained pounds) Production 5 6 11 12 Sales 5 6 11 11 Average
realized price per pound $ 8.48 $ 8.24 $ 7.99 $ 8.40
Unit
net cash costs per pound of copperb: Site
production and delivery, excluding adjustments $ 1.47 $ 1.48 $ 1.43
$ 1.49 Cobalt creditsc (0.30 ) (0.33 ) (0.26 ) (0.34 ) Royalty on
metals 0.06 0.07 0.06 0.08 Unit net
cash costs $ 1.23 $ 1.22 $ 1.23 $ 1.23
a.
Includes point-of-sale transportation costs as negotiated in
customer contracts.
b.
For a reconciliation of unit net cash
costs per pound to production and delivery costs applicable to
sales reported in FCX's consolidated financial statements, refer to
the supplemental schedule, "Product Revenues and Production Costs,"
beginning on page XIII, which is available on FCX's website,
"www.fcx.com."
c.
Net of cobalt downstream processing and freight costs.
Africa's copper sales of 106 million pounds in second-quarter
2013 were higher than second-quarter 2012 copper sales of 82
million pounds, primarily reflecting higher mining and milling
rates principally related to the ramp up of the expansion project
and higher ore grades. Africa mining's sales are expected to
approximate 450 million pounds of copper and 24 million pounds of
cobalt for the year 2013, compared with 336 million pounds of
copper and 25 million pounds of cobalt for the year 2012.
Africa mining's unit net cash costs (net of cobalt credits) of
$1.23 per pound of copper in second-quarter 2013 were slightly
higher than unit net cash costs of $1.22 per pound in
second-quarter 2012. Unit net cash costs (net of cobalt credits)
for Africa mining are expected to approximate $1.24 per pound of
copper for the year 2013, based on current sales volume and cost
estimates and assuming an average cobalt price of $12 per pound for
the second half of 2013. Africa mining's projected unit net cash
costs would change by approximately $0.035 per pound for each $2
per pound change in the average price of cobalt for the second half
of 2013.
Molybdenum Mines. FCX has two wholly owned molybdenum
mines in North America - the Henderson underground mine and the
Climax open-pit mine, both in Colorado. The Henderson and Climax
mines produce high-purity, chemical-grade molybdenum concentrates,
which are typically further processed into value-added molybdenum
chemical products.
Operating Data. Following is summary consolidated operating data
for the molybdenum mines for the second quarters and first six
months of 2013 and 2012:
Three Months Ended Six Months
Ended June 30, June 30, 2013
2012 2013 2012 Molybdenum
production (millions of recoverable pounds)a 13 9 25 18 Unit
net cash cost per pound of molybdenumb $ 6.79 $ 6.83 $ 7.05 $ 6.85
a. Refer to summary operating data on page 4 for
FCX's consolidated molybdenum sales, which includes sales of
molybdenum produced at the molybdenum mines, and from the North and
South America copper mines. b.
Unit net cash costs per pound of
molybdenum for the 2013 periods reflect the results of the
Henderson and Climax mines, and the 2012 periods reflect the
results of only the Henderson mine as startup activities were still
underway for the Climax mine. For a reconciliation of unit net cash
costs per pound to production and delivery costs applicable to
sales reported in FCX's consolidated financial statements, refer to
the supplemental schedule, "Product Revenues and Production Costs,"
beginning on page XIII, which is available on FCX's website,
"www.fcx.com."
Average unit net cash costs for the molybdenum mines of $6.79
per pound of molybdenum in second-quarter 2013 were lower than
Henderson's unit net cash costs of $6.83 per pound in
second-quarter 2012. Based on current sales volume and cost
estimates, unit net cash costs for the molybdenum mines are
expected to average approximately $7.10 per pound of molybdenum for
the year 2013.
Mining Exploration Activities. FCX is actively conducting
exploration activities near its existing mines with a focus on
opportunities to expand reserves that will support the development
of additional future production capacity in the large minerals
districts where it currently operates. Exploration results indicate
opportunities for significant future potential reserve additions in
North and South America and in the Tenke Fungurume minerals
district. The drilling data in North America continue to indicate
the potential for expanded sulfide production.
Exploration spending associated with mining operations is
expected to approximate $185 million for the year 2013, compared to
$251 million in 2012. Exploration activities will continue to focus
primarily on the potential for future reserve additions in FCX's
existing minerals districts. Projected exploration spending for
2013 is approximately 20 percent lower than previous estimates as a
result of ongoing efforts to reduce capital spending and other
operating costs.
OIL & GAS OPERATIONS
FCX's recently acquired oil and gas business (FM O&G)
provides exposure to energy markets with positive fundamentals,
strong margins and cash flows and a large resource base with
financially attractive exploration and development investment
opportunities. The portfolio of assets includes significant oil
production facilities and growth potential in the Deepwater Gulf of
Mexico (GOM), strong oil production from the onshore Eagle Ford
trend in Texas, established oil production facilities onshore and
offshore California, large onshore resources in the Haynesville
natural gas trend in Louisiana, and an industry leading position in
the emerging shallow water, ultra-deep gas trend on the Shelf of
the GOM and onshore in South Louisiana. Excluding the impact of
derivative instruments, approximately 90 percent of FM O&G's
revenues are from oil and NGLs.
Financial and Operating Data. The following table reflects the
summary financial and operating results of FCX's oil and gas
operations for June 2013:
Financial Summary (in millions): Realized
revenues $ 372 a Cash production costs 83 a Cash operating
margin $ 289 Capital expenditures $ 190
Sales Volumes: Oil
(MMBbls) 3.4 Natural gas (Bcf) 7.7 NGLs (MMBbls) 0.3 MMBOE 5.0
Average Realizations: Oil (per barrel) $ 97.42 a Natural gas
(per MMbtu) $ 3.86 a NGLs (per barrel) $ 35.18 a
Cash Operating
Margin per BOE: Realized revenues per BOE $ 74.37 a Cash
production costs per BOE 16.58 a Cash operating margin per
BOE $ 57.79
a.
Cash operating margin for FCX's oil and
gas operations reflects realized revenues less cash production
costs. Average realized revenues exclude unrealized gains (losses)
on derivative instruments (average realized prices excluding both
realized and unrealized gains (losses) on derivative instruments
were $97.05 per barrel for oil, $3.81 per MMbtu for natural gas,
$35.18 per barrel for NGLs and $74.03 per BOE) and cash production
costs exclude accretion and other costs. For reconciliations of
average realized prices and cash production costs per BOE to
revenues and production and delivery costs reported in FCX's
consolidated financial statements, refer to the supplemental
schedule “Product Revenues and Production Costs” beginning on page
XIII, which is available on FCX's website, “www.fcx.com.”
Realized revenues for FCX's oil and gas operations totaled $372
million ($74.37 per BOE) and cash production costs totaled $83
million ($16.58 per BOE) in June 2013.
During June 2013, Brent crude oil prices averaged $103.38 per
barrel. FM O&G's average realized price for crude oil in June
2013 was $97.42 per barrel, or 94 percent of Brent. Excluding the
impact of derivative instruments, the June 2013 average realized
price for crude oil was $97.05 per barrel.
The New York Mercantile Exchange (NYMEX) gas price for the June
2013 contract was $4.15 per million British thermal units (MMBtu).
FM O&G's average realized price for natural gas in June 2013
was $3.86 per MMBtu, or 93 percent of NYMEX. Excluding the impact
of derivative instruments, the June 2013 average realized price for
natural gas was $3.81 per MMBtu.
The following table presents sales volumes per day by region for
FCX's oil and gas operations:
Sales Volumes (MBOE per day): GOMa 64 Eagle Ford 43
California 37 Haynesville/Madden/Other 25 Total oil and gas
operations 169
a.
Includes sales from properties on the
Shelf and in the Deepwater GOM. Production from the GOM Shelf
totaled 15 MBOE per day in June 2013, approximating 22 percent of
the GOM total.
Daily sales volumes averaged 169 MBOE in June 2013, including
114 MBbls of crude oil per day, 263 MMcf of natural gas per day and
11 MBbls of NGLs per day. For the second half of 2013, sales
volumes from FCX's oil and gas operations are expected to average
163 MBOE per day, comprised of 67 percent oil, 27 percent natural
gas and 6 percent NGLs.
Based on current sales volume and cost estimates for the second
half of 2013, cash production costs are expected to approximate $19
per BOE for the year 2013 (reflecting results beginning June 1,
2013).
Exploration, Operating and Development Activities. FCX's
oil and gas business has significant proved, probable and possible
reserves, and a large resource position with financially attractive
organic growth opportunities. The portfolio includes a broad range
of relatively low-risk development opportunities and high-potential
exploration prospects. The business will be managed to reinvest its
cash flows in projects with attractive rates of returns and risk
profiles.
Capital expenditures for FM O&G totaled $190 million during
June 2013, including $77 million in Eagle Ford, $52 million in GOM
(including GOM Shelf), $30 million in California and $18 million in
the Ultra-deep Trend. Oil and gas capital expenditures are expected
to approximate $1.3 billion for the second half of 2013, including
approximately $0.4 billion in the Deepwater GOM, $0.4 billion in
Eagle Ford and $0.2 billion in the Ultra-deep Trend. Capital
expenditures for FM O&G are expected to be funded by its
operating cash flows. In addition, FM O&G is undertaking a plan
to divest of certain of its Shelf oil and gas properties and may
consider potential additional sales or partnering arrangements,
depending on market conditions.
Gulf of Mexico. Multiple development and exploration
opportunities have been identified in the Deepwater GOM that are
expected to benefit from tieback opportunities to available
production capacity at the FM O&G operated large-scale
Holstein, Marlin and Horn Mountain deepwater production platforms.
FM O&G has contracted three drill ships to drill and evaluate
deepwater prospects, two of which are currently under construction.
Delivery of the drill ships are expected mid-2014 and early
2015.
At the Lucius development in Keathley Canyon (in which FM
O&G has a 23.33 percent working interest) five of the six
planned wells have been drilled with the sixth well currently in
progress. In December 2011, the operator and its working interest
partners sanctioned development of Lucius, a subsea development
consisting of a truss spar hull located in 7,200 feet of water with
a topside capacity of 80 MBbls of oil per day and 450 MMcf of gas
per day. First production is anticipated in the second half of
2014.
In April 2013, the operator of the Phobos prospect (in which FM
O&G has a 50 percent working interest) announced that the
Phobos-1 well encountered approximately 250 net feet of high
quality oil pay in Lower Tertiary reservoirs. The Phobos discovery
is located in approximately 8,500 feet of water, approximately 11
miles south of the Lucius development. Phobos' close proximity to
Lucius could enhance the economics of this project. The operator
and partners are incorporating the data from the Phobos-1 well to
determine future plans.
Eagle Ford. FCX has an attractive position in an oil and NGLs
rich section of the Eagle Ford shale play, located in South Texas.
Production from the field has grown significantly in recent years
and totaled 43 MBOE per day in June 2013. At June 30, 2013, FM
O&G had six drilling rigs operating. As part of its capital
reduction initiatives, FCX expects to reduce drilling activity at
Eagle Ford over the next several quarters. FCX's Eagle Ford acreage
position provides flexibility to manage its drilling program to
meet capital spending and cash flow objectives.
California. FCX's development plans are principally focused on
maintaining stable production levels in its long established
producing fields principally onshore California.
Haynesville. FCX has rights to a substantial natural gas
resource, estimated to exceed five trillion cubic feet (Tcf),
located in the Haynesville shale play in North Louisiana. Drilling
activities in recent years have been significantly reduced as a
result of low natural gas prices. The field is currently being
operated to maximize cash flows in a low natural gas price
environment. FM O&G has flexibility to manage its drilling
program and large resource to benefit from potentially higher
future natural gas prices.
Ultra-deep Trend. FCX has a leading industry position in the
emerging ultra-deep trend with a significant onshore and offshore
lease acreage position with high quality prospects and the
potential to develop a significant long-term, low-cost source of
natural gas. Data from seven wells drilled to date indicate
the presence of geologic formations that are analogous to
productive formations in the Deepwater GOM and onshore in the Gulf
Coast region. The near-term focus is on further defining the
trend onshore. FM O&G currently has two onshore ultra-deep
exploration prospects in-progress, including Lineham Creek (in
which FM O&G has a 36 percent working interest) and Lomond
North in the Highlander area (in which FM O&G has a 72 percent
working interest).
CASH FLOWS, CASH, DEBT and FINANCIAL OUTLOOK
Operating Cash Flows. FCX generated operating cash flows of $1.0
billion (including $235 million in working capital sources and
changes in other tax payments) for second-quarter 2013 and $1.9
billion (net of $195 million in working capital uses and changes in
other tax payments) for the first six months of 2013.
Based on current sales volume and cost estimates and assuming
average prices of $3.15 per pound of copper, $1,300 per ounce of
gold, $10 per pound of molybdenum, and $105 per barrel of Brent
crude oil for the second half of 2013, FCX's consolidated operating
cash flows are estimated to approximate $5.8 billion (net of $30
million in net working capital uses and changes in other tax
payments) for the year 2013. The impact of price changes during the
second half of 2013 on operating cash flows would approximate $200
million for each $0.10 per pound change in the average price of
copper, $30 million for each $50 per ounce change in the average
price of gold, $55 million for each $2 per pound change in the
average price of molybdenum and $55 million for each $5 per barrel
increase in the price of Brent crude oil.
Capital Expenditures. Capital expenditures totaled $1.2 billion
for second-quarter 2013 and $2.0 billion for the first six months
of 2013. Capital expenditures for the second quarter and first six
months of 2013 included $190 million for oil and gas operations for
the period beginning June 1, 2013.
Capital expenditures are currently expected to approximate $5.5
billion for the year 2013, including $2.3 billion for major
projects at mining operations and $1.5 billion for oil and gas
operations (for the period beginning June 1, 2013). Major projects
at FCX's mines for the year 2013 primarily include the expansions
at Cerro Verde and Morenci and underground development activities
at Grasberg. Capital expenditures for FCX's oil & gas
operations are expected to be funded by its operating cash
flows.
During second-quarter 2013, FCX took actions to reduce or defer
capital expenditures and other costs, and initiated efforts to
identify potential asset sales to reduce debt and maintain
financial strength and flexibility in response to recent declines
in metals prices. As a first step, FCX has reduced its
budgeted future capital expenditures, exploration and other costs
by a total of $1.9 billion in 2013 and 2014, including $1.0 billion
in reductions and deferrals of mining capital projects, $0.4
billion in reduced oil and gas investments and $0.5 billion in
reduced minerals exploration, research and other
costs. Capital spending plans remain under review and will be
revised as market conditions warrant.
FCX has also initiated a process to divest certain oil and gas
properties from its conventional GOM Shelf properties. FCX has
a broad set of natural resource assets which provide many
alternatives for future actions to enhance FCX's financial
flexibility and value for shareholders. Additional capital cost
reductions and divestitures will be pursued as required to maintain
a strong balance sheet while preserving a strong resource position
and portfolio of assets with attractive long-term growth
prospects.
Cash. Following is a summary of cash available to the parent
company, net of noncontrolling interests' share, taxes and other
costs at June 30, 2013 (in billions):
Cash at domestic companies $ 1.3 Cash at
international operations 2.0 Total consolidated cash and
cash equivalents 3.3 Less: Noncontrolling interests' share (0.8 )
Cash, net of noncontrolling interests' share 2.5 Less: Withholding
taxes and other (0.1 )
Net cash available $
2.4
Debt. Following is a summary of total debt and
related weighted-average interest rates at June 30, 2013:
Weighted-
June 30, 2013 Average (in billions) Interest Rate
Acquisition-related debt $ 10.5 a 3.1% Assumed debt of PXP and MMR
7.1 b 7.0% FCX's previously existing debt 3.6 3.5% $ 21.2
4.4%
a.
FCX used the proceeds from the issuance of $6.5 billion of
senior notes and a $4.0 billion bank term loan to finance the
acquisitions of PXP and MMR and repay certain PXP debt.
b.
Following the acquisitions of PXP and MMR, FCX repaid $4.1 billion
of the $11.2 billion of debt assumed in the transactions.
FCX has established a plan to reduce debt and is targeting
reductions that will reduce total debt to $12 billion over the next
three years.
Upon closing of the PXP acquisition, FCX replaced its revolving
credit facility that was scheduled to expire in March 2016 with a
new $3.0 billion senior unsecured revolving credit facility, which
is available through May 2018. At June 30, 2013, FCX had no
borrowings outstanding and $46 million of letters of credit issued
under its revolving credit facility, resulting in availability of
approximately $3.0 billion.
FINANCIAL POLICY
FCX has a long-standing tradition of seeking to build
shareholder value through investing in projects with attractive
rates of return and returning cash to shareholders through common
stock dividends and share purchases. FCX paid common stock
dividends of $595 million in the first six months of 2013.
On May 31, 2013, FCX's Board of Directors (the Board) declared a
supplemental common stock dividend of $1.00 per share, which was
paid on July 1, 2013. Based on 1.04 billion common shares
outstanding, the supplemental dividend payment totaled $1.0
billion. This supplemental dividend, which is in addition to FCX's
regular quarterly dividend, is the eleventh supplemental dividend
paid by FCX since 2004. FCX's current annual dividend rate for its
common stock is $1.25 per share. On June 27, 2013, the Board
declared a regular quarterly dividend of $0.3125 per share, which
will be paid on August 1, 2013.
FCX intends to continue to maintain a strong financial position,
with a focus on debt reduction while continuing to invest in
attractive growth projects and providing cash returns to
shareholders. The Board will continue to review FCX's financial
policy on an ongoing basis.
WEBCAST INFORMATION
A conference call with securities analysts to discuss FCX's
second-quarter 2013 results is scheduled for today at 10:00 a.m.
Eastern Time. The conference call will be broadcast on the Internet
along with slides. Interested parties may listen to the conference
call live and view the slides by accessing "www.fcx.com." A replay
of the webcast will be available through Friday, August 23,
2013.
FCX is a premier U.S.-based natural resource company with an
industry leading global portfolio of mineral assets, significant
oil and gas resources and a growing production profile. FCX is the
world's largest publicly traded copper producer.
FCX's portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world's largest copper and gold
deposits; significant mining operations in the Americas, including
the large-scale Morenci minerals district in North America and the
Cerro Verde and El Abra operations in South America; the Tenke
Fungurume minerals district in the DRC; and significant oil and
natural gas assets in North America, including reserves in the
Deepwater GOM, onshore and offshore California and in the Eagle
Ford and Haynesville shale plays, and an industry leading position
in the emerging shallow water, ultra-deep gas trend on the Shelf of
the GOM and onshore in South Louisiana. Additional information
about FCX is available on FCX's website at "www.fcx.com."
Cautionary Statement and Regulation G Disclosure: This
press release contains forward-looking statements in which FCX
discusses its potential future performance. Forward-looking
statements are all statements other than statements of historical
facts, such as projections or expectations relating to ore grades
and milling rates, production and sales volumes, unit net cash
costs, operating cash flows, capital expenditures, exploration
efforts and results, development and production activities and
costs, liquidity, tax rates, the impact of copper, gold,
molybdenum, cobalt, oil and gas price changes, the impact of
derivative positions, the impact of deferred intercompany profits
on earnings, reserve estimates, future dividend payments and
potential share purchases. The words “anticipates,” “may,” “can,”
“plans,” “believes,” “estimates,” “expects,” “projects,” “intends,”
“likely,” “will,” “should,” “to be,” and any similar expressions
are intended to identify those assertions as forward-looking
statements. The declaration of dividends is at the discretion of
FCX's Board and will depend on FCX's financial results, cash
requirements, future prospects, and other factors deemed relevant
by the Board.
FCX cautions readers that forward-looking statements are not
guarantees of future performance and its actual results may differ
materially from those anticipated, projected or assumed in the
forward-looking statements. Important factors that can cause FCX's
actual results to differ materially from those anticipated in the
forward-looking statements include demand for, and prices of,
copper, gold, molybdenum, cobalt, oil and gas, mine sequencing,
production rates, drilling results, the outcome of ongoing
discussions with the Indonesian government, the potential effects
of violence in Indonesia, the resolution of administrative disputes
in the Democratic Republic of Congo, labor relations, the ability
to retain current or future lease acreage rights, unanticipated
hazards for which we have limited or no insurance coverage, failure
of third party partners to fulfill their capital and other
commitments, adverse conditions that could lead to structural or
mechanical failures or increased costs, changes in reserve
estimates, currency translation risks, risks associated with the
integration of recently acquired oil and gas operations, industry
risks, regulatory changes, political risks, weather- and
climate-related risks, environmental risks, litigation results, and
other factors described in more detail under the heading “Risk
Factors” in FCX's Annual Report on Form 10-K for the year ended
December 31, 2012, filed with the U.S. Securities and Exchange
Commission (SEC) as updated by FCX's subsequent filings with the
SEC.
Investors are cautioned that many of the assumptions on which
FCX's forward-looking statements are based are likely to change
after its forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may or may not be able
to control. Further, FCX may make changes to its business plans
that could or will affect its results. FCX cautions investors that
it does not intend to update forward-looking statements more
frequently than quarterly notwithstanding any changes in FCX's
assumptions, changes in business plans, actual experience or other
changes, and FCX undertakes no obligation to update any
forward-looking statements.
This press release also contains certain financial measures such
as unit net cash costs per pound of copper and per pound of
molybdenum, oil and gas product revenues, cash production costs and
realizations, which are not recognized under generally accepted
accounting principles in the U.S. As required by SEC Regulation G,
reconciliations of these measures to amounts reported in FCX's
consolidated financial statements are in the supplemental schedules
of this press release, which are also available on FCX's website,
"www.fcx.com."
FREEPORT-McMoRan COPPER & GOLD INC. SELECTED
MINING OPERATING DATA Three
Months Ended June 30, Production Sales
COPPER
(millions of recoverable pounds)
2013 2012 2013 2012 (FCX's net interest in %)
North
America
Morenci (85%)a 136 129 147 141 Bagdad (100%) 52 48 54 52 Safford
(100%) 42 46 43 50 Sierrita (100%) 39 39 42 45 Miami (100%) 14 17
15 19 Chino (100%) 40 31 44 32 Tyrone (100%) 24 20 25 21 Other
(100%) 2 1 2 1 Total North America 349
331 372 361
South
America
Cerro Verde (53.56%) 136 151 139 149 El Abra (51%) 84 82 93 87
Candelaria/Ojos del Salado (80%) 79 71 83 65
Total South America 299 304 315 301
Indonesia
Grasberg (90.64%)b 139 173 158 183
Africa
Tenke Fungurume (56%) 122 79 106 82
Consolidated 909 887 951
927 Less noncontrolling interests 187 175
188 178
Net 722 712
763 749 Consolidated sales from
mines 951 927 Purchased copper 54 25
Total copper sales,
including purchases 1,005 952
Average realized price per pound $ 3.17 $ 3.53
GOLD
(thousands of recoverable ounces)
(FCX's net interest in %) North America (100%) 1 3 1 3 South
America (80%) 19 18 21 16 Indonesia (90.64%)b 131 230
151 247
Consolidated 151 251
173 266 Less noncontrolling interests
16 25 18 27
Net 135
226 155 239 Average
realized price per ounce $ 1,322 $ 1,588
MOLYBDENUM (millions of recoverable
pounds)
(FCX's net interest in %) Henderson (100%) 8 8 N/A N/A Climax
(100%) 5 1 N/A N/A North America copper mines (100%)a 9 9 N/A N/A
Cerro Verde (53.56%) 2 2 N/A N/A
Consolidated
24 20 23 20 Less
noncontrolling interests 1 1 1 1
Net
23 19 22 19
Average realized price per pound $ 12.35 $ 15.44
COBALT
(millions of contained pounds)
(FCX's net interest in %)
Consolidated - Tenke Fungurume
(56%)
5 6 5 6 Less
noncontrolling interests 2 2 2 3
Net
3 4 3 3
Average realized price per pound $ 8.48 $ 8.24
a. Amounts are net of Morenci's 15 percent
joint venture partner's interest.
b. Amounts are net of Grasberg's joint
venture partner's interest, which varies in accordance with the
terms of the joint venture agreement.
FREEPORT-McMoRan COPPER & GOLD INC. SELECTED
MINING OPERATING DATA (continued)
Six Months Ended June 30, Production Sales
COPPER
(millions of recoverable pounds)
2013 2012 2013 2012 (FCX's net interest in %)
North
America
Morenci (85%)a 274 259 288 273 Bagdad (100%) 101 96 105 101 Safford
(100%) 73 92 80 95 Sierrita (100%) 83 82 85 89 Miami (100%) 28 37
29 39 Chino (100%) 83 60 87 59 Tyrone (100%) 47 40 48 41 Other
(100%) 3 2 3 2 Total North America 692
668 725 699
South
America
Cerro Verde (53.56%) 258 290 258 285 El Abra (51%) 174 164 172 166
Candelaria/Ojos del Salado (80%) 165 143 170
136 Total South America 597 597 600 587
Indonesia
Grasberg (90.64%)b 358 296 356 317
Africa
Tenke Fungurume (56%) 242 159 224 151
Consolidated 1,889 1,720
1,905 1,754 Less noncontrolling interests 378
340 370 336
Net 1,511
1,380 1,535 1,418
Consolidated sales from mines 1,905 1,754 Purchased copper 103
52
Total copper sales, including purchases
2,008 1,806 Average realized price per
pound $ 3.29 $ 3.61
GOLD
(thousands of recoverable ounces)
(FCX's net interest in %) North America (100%) 3 7 3 6 South
America (80%) 40 37 42 35 Indonesia (90.64%)b 343 459
342 513
Consolidated 386 503
387 554 Less noncontrolling interests
40 50 40 55
Net 346
453 347 499 Average
realized price per ounce $ 1,434 $ 1,639
MOLYBDENUM (millions of recoverable
pounds)
(FCX's net interest in %) Henderson (100%) 15 17 N/A N/A Climax
(100%) 10 1 N/A N/A North America copper mines (100%)a 17 19 N/A
N/A Cerro Verde (53.56%) 4 4 N/A N/A
Consolidated 46 41 48
41 Less noncontrolling interests 2 2 2
2
Net 44 39 46
39 Average realized price per pound $ 12.56 $
15.39
COBALT
(millions of contained pounds)
(FCX's net interest in %)
Consolidated - Tenke Fungurume
(56%)
11 12 11 11
Less noncontrolling interests 5 5 5 5
Net 6 7 6 6
Average realized price per pound $ 7.99 $ 8.40
a. Amounts are net of Morenci's 15 percent
joint venture partner's interest.
b. Amounts are net of Grasberg's joint
venture partner's interest, which varies in accordance with the
terms of the joint venture agreement.
FREEPORT-McMoRan COPPER & GOLD INC. SELECTED
MINING OPERATING DATA (continued)
Three Months Ended Six Months Ended June 30, June 30,
2013 2012 2013 2012
100% North America Copper Mines
Solution
Extraction/Electrowinning (SX/EW) Operations
Leach ore placed in stockpiles (metric tons per day) 1,053,000
948,600 1,026,700 990,800 Average copper ore grade (percent) 0.22
0.21 0.22 0.22 Copper production (millions of recoverable pounds)
226 210 435 428
Mill
Operations
Ore milled (metric tons per day) 240,900 228,300 245,700 232,200
Average ore grades (percent): Copper 0.38 0.37 0.39 0.37 Molybdenum
0.03 0.03 0.03 0.03 Copper recovery rate (percent) 82.4 85.3 83.4
82.6 Production (millions of recoverable pounds): Copper 148 144
306 286 Molybdenum 9 9 17 19
100% South America
Mining
SX/EW
Operations
Leach ore placed in stockpiles (metric tons per day) 279,100
242,700 271,000 219,500 Average copper ore grade (percent) 0.50
0.54 0.50 0.55 Copper production (millions of recoverable pounds)
110 113 219 231
Mill
Operations
Ore milled (metric tons per day) 194,600 192,600 191,600 189,300
Average ore grades: Copper (percent) 0.56 0.58 0.57 0.57 Gold
(grams per metric ton) 0.09 0.08 0.10 0.09 Molybdenum (percent)
0.02 0.02 0.02 0.02 Copper recovery rate (percent) 89.8 88.6 90.3
88.9 Production (recoverable): Copper (millions of pounds) 189 191
378 366 Gold (thousands of ounces) 19 18 40 37 Molybdenum (millions
of pounds) 2 2 4 4
100% Indonesia Mining Ore milled
(metric tons per day)a Grasberg open pit 81,800 132,800 109,500
106,600 DOZ underground mine 31,100 45,400 44,900 39,300 Big Gossan
underground mine 1,400 1,300 2,200 1,200 Total
114,300 179,500 156,600 147,100 Average ore
grades: Copper (percent) 0.73 0.57 0.69 0.59 Gold (grams per metric
ton) 0.53 0.58 0.53 0.68 Recovery rates (percent): Copper 89.0 88.9
88.7 89.2 Gold 75.4 76.2 73.1 79.0 Production (recoverable): Copper
(millions of pounds) 139 173 358 296 Gold (thousands of ounces) 131
230 343 459
100% Africa Mining Ore milled (metric
tons per day) 15,000 12,900 14,800 12,500 Average ore grades
(percent): Copper 4.59 3.45 4.52 3.53 Cobalt 0.31 0.36 0.32 0.37
Copper recovery rate (percent) 89.9 90.6 91.7 90.9 Production
(millions of pounds): Copper (recoverable) 122 79 242 159 Cobalt
(contained) 5 6 11 12
100% Molybdenum Minesb
Ore milled (metric tons per day) 39,000 22,000 37,400 20,900
Average molybdenum ore grade (percent) 0.19 0.22 0.19 0.24
Molybdenum production (millions of recoverable pounds) 13 8 25 17
a. Amounts represent the approximate
average daily throughput processed at PT Freeport Indonesia's mill
facilities from each producing mine.
b. The 2013 periods reflect the results of
the Henderson and Climax mines; the 2012 periods reflect the
results of only the Henderson mine, as startup activities were
still underway for the Climax mine.
FREEPORT-McMoRan COPPER & GOLD INC. SELECTED OIL AND
GAS OPERATING DATA June 1, 2013 to
June 30, 2013 Sales Volumes
(in MMBbls, Bcf and MMBOE)a
Sales per Day
(in MBbls, MMcf and MBOE)a
FCX CONSOLIDATED OIL AND GAS OPERATIONS Oil (barrels) 3.4
114 Natural gas (cubic feet) 7.7 263 Natural gas liquids (NGLs, in
barrels) 0.3 11 Barrels of oil equivalents (BOE) 5.0 169 Cash
operating margin per BOE: Realized revenue per BOE $ 74.37 b Cash
production costs per BOE $ 16.58 b Cash operating margin per BOE $
57.79 Depreciation, depletion and amortization per BOE $ 33.82
Capital expenditures (in millions) $ 190
GULF OF MEXICO (GOM)c
Oil (barrels) 1.4 46 Natural gas (cubic feet) 2.4 86 NGLs (barrels)
0.1 4 BOE 1.9 64 Average realized price per BOE $ 78.07 b Cash
production costs per BOE $ 14.07 b Capital expenditures (in
millions) $ 70
EAGLE FORD Oil (barrels) 0.9 31
Natural gas (cubic feet) 1.1 37 NGLs (barrels) 0.2 6 BOE 1.3 43
Average realized price per BOE $ 76.94 b Cash production costs per
BOE $ 12.79 b Capital expenditures (in millions) $ 77
CALIFORNIA Oil (barrels) 1.1 36 Natural gas (cubic feet) 0.2
6 BOE 1.1 37 Average realized price per BOE $ 94.48 b Cash
production costs per BOE $ 30.98 b Capital expenditures (in
millions) $ 30
HAYNESVILLE/MADDEN/OTHER Oil (barrels)
— 1 Natural gas (cubic feet) 4.0 134 NGLs (barrels) — 1 BOE 0.7 25
Average realized price per BOE $ 23.77 b Cash production costs per
BOE $ 6.91 b Capital expenditures (in millions) $ 13
a. MMBbls = million barrels; MBbls =
thousand barrels; Bcf = billion cubic feet; MMcf = million cubic
feet; MMBOE = million BOE; MBOE = thousand BOE
b. Cash operating margin for FCX's oil and
gas operations reflects realized revenues less cash production
costs. Average realized revenues exclude unrealized gains (losses)
on derivative instruments and cash production costs exclude
accretion and other costs. In addition, derivative instruments for
FCX's oil and gas operations are managed on a consolidated basis;
accordingly, average realized price per BOE by region does not
reflect adjustments for derivative instruments. For reconciliations
of average realized prices and cash production costs per BOE to
revenues and production and delivery costs reported in FCX's
consolidated financial statements, refer to the supplemental
schedule “Product Revenues and Production Costs” beginning on page
XIII, which is available on FCX's website, “www.fcx.com.”
c. Includes properties on the Shelf and in
the Deepwater GOM.
FREEPORT-McMoRan COPPER & GOLD INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three
Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012
(In Millions, Except Per Share Amounts) Revenues $ 4,288 a $ 4,475
a $ 8,871 a $ 9,080 a Cost of sales: Production and delivery 2,853
2,622 5,572 5,050 Depreciation, depletion and amortization 530
291 859 558 Total cost of sales 3,383
2,913 6,431 5,608 Selling, general and administrative expenses 186
b 97 299 b 201 Mining exploration and research expenses 64 73 116
135 Environmental obligations and shutdown costs 16 81
31 91 Total costs and expenses 3,649
3,164 6,877 6,035 Operating income 639 1,311
1,994 3,045 Interest expense, net (132 ) c (43 ) c (189 ) c (106 )
c Losses on early extinguishment of debt — — (45 ) (168 ) Gain on
investment in McMoRan Exploration Co. (MMR) 128 d — 128 d — Other
income, net 13 51 10 38
Income before income taxes and equity in
affiliated companies' net earnings (losses)
648 1,319 1,898 2,809 Provision for income taxes (40 ) d (422 )
(468 ) d (913 ) Equity in affiliated companies' net earnings
(losses) 2 (3 ) 4 (1 ) Net income 610 894 1,434 1,895
Net income attributable to noncontrolling interests (128 ) (184 )
(304 ) (421 ) Net income attributable to FCX common stock $ 482
e $ 710 e $ 1,130 e $ 1,474 e
Net income per share attributable to FCX common stock: Basic $ 0.49
$ 0.75 $ 1.17 $ 1.55 Diluted $ 0.49
$ 0.74 $ 1.17 $ 1.55
Weighted-average common shares outstanding: Basic 980 949
965 949 Diluted 984 953 968
954 Dividends declared per share of common
stock $ 1.3125 $ 0.3125 $ 1.625 $ 0.625
a. Includes (unfavorable) favorable
adjustments to provisionally priced copper sales recognized in the
prior periods totaling $(117) million ($(55) million to net income
attributable to common stock) in second-quarter 2013, $(75) million
($(31) million to net income attributable to common stock) in
second-quarter 2012, $(26) million ($(12) million to net income
attributable to common stock) for the first six months of 2013 and
$101 million ($43 million to net income attributable to common
stock) for the first six months of 2012. The 2013 periods also
reflect (unfavorable) adjustments of $(35) million ($(27) million
to net income attributable to common stock) related to oil and gas
derivative instruments that were acquired in connection with FCX's
acquisition of Plains Exploration & Company (PXP). For further
discussion refer to the supplemental schedule, "Derivative
Instruments" on page IX.
b. Includes charges of $61 million ($46
million to net income attributable to common stock) for second-
quarter 2013 and $75 million ($57 million to net income
attributable to common stock) for the first six months of 2013 for
transaction and related costs principally associated with the
acquisitions of PXP and MMR.
c. Consolidated interest expense,
excluding capitalized interest, totaled $167 million in
second-quarter 2013 and $55 million in second-quarter 2012, $242
million for the first six months of 2013 and $154 million for the
first six months of 2012. Higher interest expense in the 2013
periods primarily reflected additional expense associated with
acquisition-related debt.
d. Includes gains associated with the
acquisitions of PXP and MMR, including (i) $128 million to net
income attributable to common stock primarily related to FCX's
preferred stock investment in and the subsequent acquisition of
MMR, and (ii) $183 million to net income attributable to common
stock associated with net reductions in FCX's deferred tax
liabilities and deferred tax asset valuation allowances resulting
from the acquisitions.
e. FCX defers recognizing profits on
intercompany sales until final sales to third parties occur.
Changes in these deferrals attributable to variability in
intercompany volumes resulted in net additions (reductions) to net
income attributable to common stock of $2 million in second-quarter
2013, $17 million in second-quarter 2012, $27 million for the first
six months of 2013 and $(35) million for the first six months of
2012. For further discussion refer to the supplemental schedule,
"Deferred Profits" on page X.
FREEPORT-McMoRan COPPER & GOLD INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, December 31, 2013 2012 (In Millions) ASSETS Current
assets: Cash and cash equivalents $ 3,294 $ 3,705 Trade accounts
receivable 1,244 927 Other accounts receivable 635 702 Inventories:
Mill and leach stockpiles 1,713 1,672 Materials and supplies, net
1,725 1,504 Product 1,508 1,400 Other current assets 458 387
Total current assets 10,577 10,297 Property, plant, equipment and
development costs, net 46,254 20,999 Long-term mill and leach
stockpiles 2,192 1,955 Goodwill 1,811 — Other assets 2,269 2,189
Total assets $ 63,103 $ 35,440 LIABILITIES AND
EQUITY Current liabilities: Accounts payable and accrued
liabilities $ 3,771 $ 2,708 Dividends payable 1,368 a 299 Current
portion of reclamation and environmental obligations 284 241
Accrued income taxes 114 93 Current portion of debt 73 2
Total current liabilities 5,610 3,343 Long-term debt, less current
portion 21,142 3,525 Deferred income taxes 6,786 3,490 Reclamation
and environmental obligations, less current portion 3,106 2,127
Other liabilities 1,731 1,644 Total liabilities 38,375
14,129 Redeemable noncontrolling interest 861 —
Equity: FCX stockholders' equity: Common stock 117 107 Capital in
excess of par value 22,072 19,119 Retained earnings 1,865 2,399
Accumulated other comprehensive loss (495) (506 ) Common stock held
in treasury (3,681) (3,576 ) Total FCX stockholders' equity 19,878
17,543 Noncontrolling interests 3,989 3,768 Total equity
23,867 21,311 Total liabilities and equity $ 63,103 $ 35,440
a. Includes $1.0 billion for the $1.00 per
share supplemental dividend paid on July 1, 2013.
FREEPORT-McMoRan COPPER & GOLD INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30, 2013 2012 (In
Millions) Cash flow from operating activities: Net income $ 1,434 $
1,895 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation, depletion and amortization 859
558 Gain on investment in MMR (128 ) — Stock-based compensation 65
54 Pension plan contributions (42 ) (75 ) Net charges for
reclamation and environmental obligations, including accretion
73
112 Payments of reclamation and environmental obligations (91 ) (98
) Losses on early extinguishment of debt 45 168 Deferred income
taxes 43 288 Increase in long-term mill and leach stockpiles (236 )
(162 ) Other, net
38
17 (Increases) decreases in working capital and other tax payments,
excluding amounts acquired from PXP and MMR: Accounts receivable
350 (182 ) Inventories (160 ) (160 ) Other current assets 58 (11 )
Accounts payable and accrued liabilities (371 ) (117 ) Accrued
income taxes and other tax payments (72 ) (304 ) Net cash provided
by operating activities 1,865 1,983 Cash flow
from investing activities: Capital expenditures: North America
copper mines (543 ) (296 ) South America (470 ) (392 ) Indonesia
(511 ) (387 ) Africa (103 ) (297 ) Molybdenum mines (82 ) (148 )
Oil & gas operations (190 ) — Other (79 ) (27 ) Acquisition of
PXP, net of cash acquired (3,465 ) — Acquisition of MMR, net of
cash acquired (1,628 ) — Acquisition of cobalt chemical business,
net of cash acquired (321 ) — Other, net (264 ) (4 ) Net cash used
in investing activities (7,656 ) (1,551 ) Cash flow from
financing activities: Proceeds from debt 11,021 3,016 Repayments of
debt (4,541 ) (3,171 ) Redemption of MMR preferred stock (202 ) —
Cash dividends and distributions paid: Common stock (595 ) (535 )
Noncontrolling interests (90 ) (38 ) Debt financing costs (111 )
(22 ) Other, net (102 ) 4 Net cash provided by (used in)
financing activities 5,380 (746 ) Net decrease in
cash and cash equivalents (411 ) (314 ) Cash and cash equivalents
at beginning of year 3,705 4,822 Cash and cash
equivalents at end of period $ 3,294 $ 4,508
Freeport-McMoRan Copper & Gold Inc.Financial
Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint,
504-582-4203orMedia Contact:Eric E. Kinneberg,
602-366-7994
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