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OFFON

FREEPORT-MCMORAN INC.

(FCX)
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FREEPORT MCMORAN : Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)

08/05/2021 | 02:25pm EDT
In Management's Discussion and Analysis of Financial Condition and Results of
Operations (MD&A), "we," "us" and "our" refer to Freeport-McMoRan Inc. (FCX) and
its consolidated subsidiaries. You should read this discussion in conjunction
with our consolidated financial statements, the related MD&A and the discussion
of our Business and Properties in our annual report on Form 10-K for the year
ended December 31, 2020 (2020 Form 10-K), filed with the United States (U.S.)
Securities and Exchange Commission (SEC). The results of operations reported and
summarized below are not necessarily indicative of future operating results
(refer to "Cautionary Statement" for further discussion). References to "Notes"
are Notes included in our Notes to Consolidated Financial Statements
(Unaudited). Throughout MD&A, all references to income or losses per share are
on a diluted basis.

OVERVIEW

We are a leading international mining company with headquarters in Phoenix,
Arizona. We operate large, long-lived, geographically diverse assets with
significant proven and probable reserves of copper, gold and molybdenum. We are
one of the world's largest publicly traded copper producers. Our portfolio of
assets includes the Grasberg minerals district in Indonesia, one of the world's
largest copper and gold deposits; and significant mining operations in North
America and South America, including the large-scale Morenci minerals district
in Arizona and the Cerro Verde operation in Peru.

Our results for the first six months of 2021 reflect strong operating and
financial performance, and cash flow generation. We achieved the balance sheet
targets outlined in our financial policy adopted earlier this year, and believe
that we are well positioned to increase cash returns to shareholders and for
investments in long-term future growth. We continue to execute our operating
plans in a safe, efficient and responsible manner and remain focused on building
long-term value through solid management of our portfolio of long-lived and
high-quality copper assets.

The ramp-up of underground mining at PT Freeport Indonesia (PT-FI) is advancing
on schedule and Cerro Verde's concentrator facilities have performed well with
milling rates averaging 382,100 metric tons of ore per day for the first six
months of 2021. Our Lone Star copper leach project, which was successfully
completed in the second half of 2020, has achieved design capacity approximating
200 million pounds of copper annually with potential for further increases.
Refer to "Operations" for further discussion.

Net income (loss) attributable to common stock totaled $1.1 billion in
second-quarter 2021, $53 million in second-quarter 2020, $1.8 billion for the
first six months of 2021 and $(438) million for the first six months of 2020.
Results for the 2021 periods, compared with the 2020 periods, reflect higher
copper prices and volumes, partly offset by a higher provision for income taxes.
The results for the 2020 periods also reflect charges directly associated with
the COVID-19 pandemic and revised operating plans, including employee separation
costs, totaling $144 million in second-quarter 2020 and $153 million for the
first six months of 2020. Refer to "Consolidated Results" for further
discussion.

We continue to monitor the impact of the COVID-19 pandemic on our business and
maintain our vigilant operating protocols to contain and mitigate the risk of
spread of COVID-19 at each of our operating sites. To date, our protocols have
been effective in mitigating and preventing a major outbreak of COVID-19 at our
operating sites. We will continue to monitor, assess and update our COVID-19
response and to provide assistance to employees in obtaining vaccinations.

At June 30, 2021, we had consolidated debt of $9.7 billion and consolidated cash
and cash equivalents of $6.3 billion, resulting in net debt of $3.4 billion.
This represents a reduction in net debt of $2.7 billion from year-end 2020.
Refer to "Net Debt" for reconciliations of debt and cash and cash equivalents to
net debt.

At June 30, 2021, we had no borrowings and $3.5 billion available under our
revolving credit facility. We have $1.1 billion in debt maturities through 2022,
including our 3.55% Senior Notes ($0.5 billion) and the Cerro Verde Term Loan
($0.5 billion). Refer to Note 5 and "Capital Resources and Liquidity" for
further discussion.

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OUTLOOK

We continue to view the long-term outlook for our business positively, supported
by limitations on supplies of copper and by the requirements for copper in the
world's economy. Our financial results vary as a result of fluctuations in
market prices primarily for copper, gold and, to a lesser extent, molybdenum, as
well as other factors. World market prices for these commodities have fluctuated
historically and are affected by numerous factors beyond our control. Refer to
"Markets" below and "Risk Factors" in Part I, Item 1A. of our 2020 Form 10-K for
further discussion. Because we cannot control the prices of our products, the
key measures that management focuses on in operating our business are sales
volumes, unit net cash costs, operating cash flows and capital expenditures.

Consolidated Sales Volumes
Following are our projected consolidated sales volumes for the year 2021:
Copper (millions of recoverable pounds):
North America copper mines                     1,465
South America mining                           1,050
Indonesia mining                               1,335
Total                                          3,850

Gold (millions of recoverable ounces)            1.3

Molybdenum (millions of recoverable pounds) 86 a

a.Projected molybdenum sales include 28 million pounds produced by our Molybdenum mines and 58 million pounds produced by our North America and South America copper mines.


Consolidated sales volumes in third-quarter 2021 are expected to approximate
1.035 billion pounds of copper, 360 thousand ounces of gold and 21 million
pounds of molybdenum. Projected sales volumes are dependent on operational
performance, continued progress of the ramp-up of underground mining at PT-FI,
impacts and duration of the COVID-19 pandemic, weather-related conditions,
timing of shipments, and other factors.

For other important factors that could cause results to differ materially from
projections, refer to "Cautionary Statement" and "Risk Factors" contained in
Part I, Item 1A. of our 2020 Form 10-K.

Consolidated Unit Net Cash Costs
Assuming average prices of $1,800 per ounce of gold and $16.00 per pound of
molybdenum for the second half of 2021 and achievement of current sales volume
and cost estimates, consolidated unit net cash costs (net of by-product credits)
for our copper mines are expected to average $1.35 per pound of copper for the
year 2021 (including $1.33 per pound of copper in third-quarter 2021). The
impact of price changes for the second half of 2021 on consolidated unit net
cash costs for the year 2021 would approximate $0.02 per pound of copper for
each $100 per ounce change in the average price of gold and $0.01 per pound of
copper for each $2 per pound change in the average price of molybdenum.
Quarterly unit net cash costs vary with fluctuations in sales volumes and
realized prices, primarily for gold and molybdenum.
Consolidated Operating Cash Flows
Our consolidated operating cash flows vary with sales volumes; prices realized
from copper, gold and molybdenum sales; production costs; income taxes; other
working capital changes; and other factors. Based on current sales volume and
cost estimates, and assuming average prices of $4.25 per pound for copper,
$1,800 per ounce for gold, and $16.00 per pound for molybdenum for the second
half of 2021, our consolidated operating cash flows are estimated to approximate
$7.5 billion (including $0.4 billion of working capital and other sources) for
the year 2021. Estimated consolidated operating cash flows for the year 2021
also reflect an estimated income tax provision of $2.5 billion (refer to
"Consolidated Results - Income Taxes" for further discussion of our projected
income tax rate for the year 2021). The impact of price changes for the second
half of 2021 on operating cash flows would approximate $200 million for each
$0.10 per pound change in the average price of copper, $50 million for each $100
per ounce change in the average price of gold and $55 million for each $2 per
pound change in the average price of molybdenum.


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Consolidated Capital Expenditures
Consolidated capital expenditures, excluding estimated expenditures associated
with Indonesia smelter development, are expected to approximate $2.2 billion for
the year 2021, including $1.4 billion for major projects, primarily associated
with underground development activities in the Grasberg minerals district.

Indonesia smelter development expenditures are currently expected to approximate
$0.4 billion for the year 2021 (including $0.3 billion during the second half of
2021). All costs of smelter development in Indonesia will be shared 49 percent
by FCX and 51 percent by PT Indonesia Asahan Aluminium (Persero) (PT Inalum,
also known as MIND ID), and will be largely offset by a phase-out of the 5
percent export duty currently paid to the Indonesia government as well as the
tax deductibility of smelter costs by PT-FI. PT-FI plans to use its $1 billion,
five-year, unsecured credit facility (refer to Note 5) and additional debt
financing to fund these projects.

MARKETS


World prices for copper, gold and molybdenum can fluctuate significantly. During
the period from January 2011 through June 2021, the London Metal Exchange (LME)
copper settlement price varied from a low of $1.96 per pound in 2016 to a record
high of $4.86 per pound in 2021; the London Bullion Market Association (London)
PM gold price fluctuated from a low of $1,049 per ounce in 2015 to a record high
of $2,067 per ounce in 2020; and the Metals Week Molybdenum Dealer Oxide weekly
average price ranged from a low of $4.46 per pound in 2015 to a high of $19.90
per pound in 2021. Copper, gold and molybdenum prices are affected by numerous
factors beyond our control as described further in "Risk Factors" contained in
Part I, Item 1A. of our 2020 Form 10-K.
[[Image Removed: fcx-20210630_g2.jpg]]
This graph presents LME copper settlement prices and the combined reported
stocks of copper at the LME, Commodity Exchange Inc., and the Shanghai Futures
Exchange from January 2011 through June 2021. During second-quarter 2021, LME
copper settlement prices ranged from a low of $3.98 per pound to a high of $4.86
per pound, averaged $4.40 per pound and settled at $4.26 per pound on June 30,
2021. As China's economy began to recover from the COVID-19 pandemic, copper
prices increased throughout 2020 and reached a record high during second-quarter
2021 before moderating in June 2021 as a result of a strengthening U.S. dollar
and China's announcement that it would begin selling stockpiled metal
commodities, including copper, to curb rising commodity costs. The LME copper
settlement price was $4.42 per pound on July 30, 2021.

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Expectations for longer-term copper demand growth remain in place. We expect
future demand to be supported by the global transition to renewable energy and
other carbon-reduction initiatives, and continued urbanization in developing
countries. The limited number of approved, large-scale projects scheduled, the
long lead times required to permit and build new mines and declining ore grades
at existing operations highlight the supply challenges for copper.
[[Image Removed: fcx-20210630_g3.jpg]]
This graph presents London PM gold prices from January 2011 through June 2021.
During second-quarter 2021, London PM gold prices ranged from a low of $1,726
per ounce to a high of $1,903 per ounce, averaged $1,816 per ounce, and closed
at $1,763 per ounce on June 30, 2021. While the continued global economic
recovery has put downward pressure on gold prices, many analysts expect gold
prices to remain supported by the effects of elevated debt levels associated
with large pandemic-related stimulus efforts, historically low U.S. interest
rates and a weaker U.S. dollar. The London PM gold price was $1,826 per ounce on
July 30, 2021.



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[[Image Removed: fcx-20210630_g4.jpg]]
This graph presents the Metals Week Molybdenum Dealer Oxide weekly average price
from January 2011 through June 2021. During second-quarter 2021, the weekly
average price of molybdenum ranged from a low of $10.99 per pound to a high of
$19.90 per pound, averaged $13.81 per pound, and was $18.95 per pound on June
30, 2021. Molybdenum prices have reacted to supply concerns as mines in both
Chile and Peru reported lower production and logistics challenges continued
globally. The Metals Week Molybdenum Dealer Oxide weekly average price was
$18.13 per pound on July 30, 2021.

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CONSOLIDATED RESULTS
                                                        Three Months Ended June 30,                          Six Months Ended June 30,
                                                         2021                    2020                      2021                       2020
SUMMARY FINANCIAL DATA                                                       (in millions, except per share amounts)
Revenuesa,b                                        $        5,748             $  3,054               $       10,598                $  5,852
Operating income (loss)a,c                         $        2,067    d,e,f    $    321    g          $        3,599    d,e,f,g     $   (152)   e,g

Net income (loss) attributable to common stockh $ 1,083 i

   $     53    j,k,l      $        1,801    i           $   (438)   j,k,l
Diluted net income (loss) per share of common
stock                                              $         0.73             $   0.03               $         1.21                $  (0.30)

Diluted weighted-average common shares outstanding 1,483

     1,458                        1,480                   1,453

Operating cash flowsm                              $        2,395             $    491               $        3,470                $    453
Capital expenditures                               $          433             $    527               $          803                $  1,137
At June 30:
Cash and cash equivalents                          $        6,313             $  1,465               $        6,313                $  1,465
Total debt, including current portion              $        9,695             $  9,914               $        9,695                $  9,914


a.Refer to Note 9 for a summary of revenues and operating income (loss) by
operating division.
b.Includes favorable (unfavorable) adjustments to prior period provisionally
priced concentrate and cathode copper sales totaling $173 million ($66 million
to net income attributable to common stock or $0.05 per share) in second-quarter
2021, $55 million ($19 million to net income attributable to common stock or
$0.01 per share) in second-quarter 2020, $169 million ($65 million to net income
attributable to common stock or $0.04 per share) for the first six months of
2021 and $(102) million ($(43) million to net loss attributable to common stock
or $(0.03) per share) for the first six months of 2020 (refer to Note 6 for
further discussion).
c.Includes net charges associated with environmental obligations and related
litigation reserves totaling $20 million ($20 million to net income attributable
to common stock or $0.01 per share) in second-quarter 2021, $1 million ($1
million to net income attributable to common stock or less than $0.01 per share)
in second-quarter 2020, $17 million ($17 million to net income attributable to
common stock or $0.01 per share) for the first six months of 2021 and $15
million ($15 million to net loss attributable to common stock or $0.01 per
share) for the first six months of 2020.
d.The second quarter and first six months of 2021 include nonrecurring
labor-related charges totaling $69 million ($22 million to net income
attributable to common stock or $0.01 per share) at Cerro Verde for agreements
reached with 57 percent of its hourly employees. Refer to "Operations - South
America Mining" for further discussion.
e.Includes net gains (losses) on sales of assets totaling $3 million ($3 million
to net income attributable to common stock or less than $0.01 per share) for the
second quarter and first six months of 2021 and $(11) million ($(11) million to
net loss attributable to common stock or $0.01 per share) for the first six
months of 2020.
f.Second-quarter 2021 includes net credits totaling $10 million ($10 million to
net income attributable to common stock or $0.01 per share) associated with
asset retirement obligation adjustments. The first six months of 2021 also
include other net charges totaling $23 million ($20 million to net income
attributable to common stock or $0.01 per share) primarily associated with
employee separation charges, international tax matters and asset retirement
obligation adjustments.
g.Includes metals inventory adjustments totaling $139 million ($101 million to
net income attributable to common stock or $0.07 per share) in second-quarter
2020, $(1) million ($(1) million to net income attributable to common stock or
less than $(0.01) per share) for the first six months of 2021 and $(83) million
($(81) million to net loss attributable to common stock or $(0.06) per share)
for the first six months of 2020.
h.We defer recognizing profits on intercompany sales until final sales to third
parties occur. Refer to "Operations - Smelting and Refining" for a summary of
net impacts from changes in these deferrals.
i.Includes net charges associated with contested matters at PT-FI totaling $32
million ($28 million to net income attributable to common stock or 0.02 per
share) in second-quarter 2021 and $54 million ($48 million to net income
attributable to common stock or 0.03 per share) for the first six months of
2021. These charges were recorded to production and delivery ($17 million in
second-quarter 2021 and $30 million for the first six months of 2021), interest
expense, net ($4 million in second-quarter 2021 and $8 million for the first six
months of 2021) and other income, net ($11 million in second-quarter 2021 and
$16 million for the first six months of 2021).
j.Includes after-tax net losses on early extinguishment of debt totaling $9
million ($0.01 per share) in second-quarter 2020 and $41 million ($0.03 per
share) for the first six months of 2020.
k.Includes charges totaling $196 million ($144 million to net income
attributable to common stock or $0.10 per share) in second-quarter 2020 and $224
million ($153 million to net loss attributable to common stock or $0.11 per
share) for the first six months of 2020 associated with the COVID-19 pandemic
and revised operating plans, including employee separation costs. These charges
were recorded to production and delivery ($153 million in second-quarter 2020
and $173 million for the first six months of 2020); depreciation, depletion and
amortization ($21 million in second-quarter 2020 and $29 million for
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the first six months of 2020); selling, general and administrative ($15 million
for each of the second quarter and first six months of 2020) and mining
exploration and research expense ($7 million for each of the second quarter and
first six months of 2020).
l.Includes net tax credits of $53 million ($0.04 per share) in second-quarter
2020 and $52 million ($0.04 per share) for the first six months of 2020. Refer
to "Income Taxes" for further discussion of these net tax credits.
m.Working capital and other sources totaled $523 million in second-quarter 2021,
$22 million in second-quarter 2020, $187 million for the first six months of
2021 and $141 million for the first six months of 2020.

                                               Three Months Ended June 30,               Six Months Ended June 30,
                                                 2021                 2020                 2021                2020
SUMMARY OPERATING DATA
Copper (millions of recoverable pounds)
Production                                            913               767                  1,823             1,498
Sales, excluding purchases                            929               759                  1,754             1,488
Average realized price per pound           $         4.34          $   2.55        a $        4.25          $   2.53      a
Site production and delivery costs per     $         2.02      c   $   1.82      d   $        1.94      c   $   2.00      d
poundb
Unit net cash costs per poundb             $         1.48          $   1.47          $        1.44          $   1.68
Gold (thousands of recoverable ounces)
Production                                            305               191                    602               347
Sales, excluding purchases                            305               184                    563               328
Average realized price per ounce           $        1,794          $  1,749          $       1,785          $  1,709
Molybdenum (millions of recoverable
pounds)
Production                                             20                19                     40                38
Sales, excluding purchases                             22                18                     43                39
Average realized price per pound           $        13.11          $  10.53 

$ 12.38 $ 10.84



a.Includes reductions to average realized prices of $0.03 per pound of copper in
second-quarter 2020 and $0.02 per pound of copper for the first six months of
2020 related to forward sales contracts covering 150 million pounds of copper
sales for May and June 2020 at a fixed price of $2.34 per pound. There are no
remaining forward sales contracts.
b.Reflects per pound weighted-average production and delivery costs and unit net
cash costs (net of by-product credits) for all copper mines, before 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 our
consolidated financial statements, refer to "Product Revenues and Production
Costs."
c.Includes $0.07 per pound of copper in second-quarter 2021 and $0.04 per pound
of copper for the first six months of 2021 associated with nonrecurring
labor-related charges at Cerro Verde for agreements reached with 57 percent of
its hourly employees. Refer to "Operations - South America Mining" for further
discussion.
d.Excludes charges totaling $0.20 per pound of copper in second-quarter 2020 and
$0.12 per pound of copper for the first six months of 2020, primarily associated
with idle facility and contract cancellations costs related to the COVID-19
pandemic and employee separation costs associated with the April 2020 revised
operating plans.


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Revenues
Consolidated revenues totaled $5.7 billion in second-quarter 2021, $3.1 billion
in second-quarter 2020, $10.6 billion for the first six months of 2021 and $5.9
billion for the first six months of 2020. Revenues from our mining operations
primarily include the sale of copper concentrate, copper cathode, copper rod,
gold in concentrate and molybdenum. Refer to Note 9 for a summary of product
revenues.

Following is a summary of changes in our consolidated revenues between periods
(in millions):
                                                        Three Months Ended         Six Months Ended
                                                             June 30                    June 30

Consolidated revenues - 2020 period                    $           3,054          $          5,852
Higher sales volumes:
Copper                                                               435                       674
Gold                                                                 215                       402
Molybdenum                                                            43                        38

Higher average realized prices:
Copper                                                             1,664                     3,017
Gold                                                                  14                        43
Molybdenum                                                            56                        66
Adjustments for prior period provisionally priced
copper sales                                                         118                       271
Higher Atlantic Copper revenues                                      328                       575
Higher revenues from purchased copper                                144                       127

Higher treatment charges                                             (26)                      (43)
Higher royalties and export duties                                   (84)                     (152)
Other, including intercompany eliminations                          (213)                     (272)
Consolidated revenues - 2021 period                    $           5,748    

$ 10,598




Sales Volumes. Consolidated copper and gold sales volumes increased in the 2021
periods, compared to the 2020 periods, primarily reflecting continued progress
of the ramp-up of underground mining at PT-FI. Refer to "Operations" for further
discussion of sales volumes at our mining operations.

Realized Prices. Our consolidated revenues can vary significantly as a result of
fluctuations in the market prices of copper, gold and molybdenum. Average
realized prices for second-quarter 2021, compared with second-quarter 2020, were
70 percent higher for copper, 3 percent higher for gold and 25 percent higher
for molybdenum and average realized prices for the first six months of 2021,
compared with the first six months of 2020, were 68 percent higher for copper, 4
percent higher for gold and 14 percent higher for molybdenum.
Average realized copper prices include net (unfavorable) favorable adjustments
to current period provisionally priced copper sales totaling $(55) million in
second-quarter 2021, $107 million in second-quarter 2020, $156 million for the
first six months of 2021 and $26 million for the first six months of 2020. As
discussed in Note 6, substantially all of our copper concentrate and cathode
sales contracts provide final copper pricing in a specified future month
(generally one to four months from the shipment date) based primarily on quoted
LME monthly average copper prices. We record revenues and invoice customers at
the time of shipment based on then-current LME prices, which results in an
embedded derivative on provisionally priced concentrate and cathode sales that
is adjusted to fair value through earnings each period, using the period-end
forward prices, until final pricing on the date of settlement. To the extent
final prices are higher or lower than what was recorded on a provisional basis,
an increase or decrease to revenues is recorded each reporting period until the
date of final pricing. Accordingly, in times of rising copper prices, our
revenues benefit from adjustments to the final pricing of provisionally priced
sales pursuant to contracts entered into in prior periods; in times of falling
copper prices, the opposite occurs.

Prior Period Provisionally Priced Copper Sales. Net favorable (unfavorable)
adjustments to prior periods' provisionally priced copper sales (i.e.,
provisionally priced sales at March 31, 2021 and 2020, and December 31,
2020 and 2019) recorded in consolidated revenues totaled $173 million in
second-quarter 2021, $55 million in second-quarter 2020, $169 million for the
first six months of 2021 and $(102) million for the first six months of 2020.
Refer to Notes 6 and 9 for a summary of total adjustments to prior period and
current period provisionally priced sales.

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At June 30, 2021, we had provisionally priced copper sales totaling 368 million
pounds of copper (net of intercompany sales and noncontrolling interests)
recorded at an average of $4.25 per pound, subject to final pricing over the
next several months. We estimate that each $0.05 change in the price realized
from the June 30, 2021, provisional price recorded would have an approximate $12
million effect on our 2021 net income attributable to common stock. The LME
copper price settled at $4.42 per pound on July 30, 2021.

Atlantic Copper Revenues. Atlantic Copper revenues totaled $794 million in second-quarter 2021 and $1.5 billion for the first six months of 2021, compared with $466 million in second-quarter 2020 and $906 million for the first six months of 2020. Higher revenues in the 2021 periods, compared with the 2020 periods, primarily reflect higher copper prices.


Purchased Copper. We purchase copper cathode primarily for processing by our Rod
& Refining operations. The volumes of copper purchases vary depending on cathode
production from our operations and totaled 68 million pounds in second-quarter
2021, 71 million pounds in second-quarter 2020, 121 million pounds for the first
six months of 2021 and 159 million pounds for the first six months of 2020. The
increase in revenues associated with purchased copper in the 2021 periods,
compared to the 2020 periods, reflects higher copper prices.

Treatment Charges. Revenues from our concentrate sales are recorded net of treatment charges (i.e., fees paid to smelters that are generally negotiated annually), which will vary with the sales volumes and the price of copper.


Royalties and Export Duties. Royalties are primarily on PT-FI sales and vary
with the volume of metal sold and the prices of copper and gold. PT-FI will
continue to pay export duties until development progress for new domestic
smelting with an annual capacity of 2 million metric tons of concentrate exceeds
50 percent. Refer to "Operations - Indonesia Mining" for further discussion of
the current progress on a greenfield smelter in Indonesia and to Note 9 for a
summary of royalty expense and export duties.

Production and Delivery Costs
Consolidated production and delivery costs totaled $3.1 billion in
second-quarter 2021, $2.4 billion in second-quarter 2020, $5.9 billion for the
first six months of 2021 and $4.9 billion for the first six months of 2020.
Higher consolidated production and delivery costs in the 2021 periods primarily
reflect higher sales volumes, higher milling and mining costs and nonrecurring
labor-related charges at Cerro Verde for agreements reached with 57 percent of
its hourly employees. The 2020 periods also include charges associated with the
COVID-19 pandemic and revised operating plans.

Site Production and Delivery Costs Per Pound. Site production and delivery costs
for our copper mining operations primarily include labor, energy and
commodity-based inputs, such as sulphuric acid, reagents, liners, tires and
explosives. Consolidated site production and delivery costs (before net noncash
and other costs) for our copper mines averaged $2.02 per pound of copper in
second-quarter 2021, $1.82 per pound of copper in second-quarter 2020, $1.94 per
pound of copper for the first six months of 2021 and $2.00 per pound of copper
for the first six months of 2020.

Consolidated site production and delivery costs per pound in the second quarter
and first six months of 2021, compared with the second quarter and first six
months of 2020, primarily reflected higher mining and milling costs and
nonrecurring labor-related charges at Cerro Verde, partly offset by higher sales
volumes. Consolidated site production and delivery costs for the 2020 periods
excluded charges primarily associated with the COVID-19 pandemic and the April
2020 revised operating plans. Refer to "Operations - Unit Net Cash Costs" for
further discussion of unit net cash costs associated with our operating
divisions and to "Product Revenues and Production Costs" for reconciliations of
per pound costs by operating division to production and delivery costs
applicable to sales reported in our consolidated financial statements.


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Depreciation, Depletion and Amortization
Depreciation will vary under the unit-of-production (UOP) method as a result of
changes in sales volumes and the related UOP rates at our mining operations.
Consolidated depreciation, depletion and amortization (DD&A) totaled $483
million in second-quarter 2021, $358 million in second-quarter 2020, $902
million for the first six months of 2021 and $699 million for the first six
months of 2020. Higher DD&A in the 2021 periods is primarily related to assets
placed in service and higher sales volumes associated with the ramp-up of
underground mining at PT-FI.

Metals Inventory Adjustments
Net realizable value metals inventory adjustments totaled a net credit of $139
million in second-quarter 2020 and net charges of $1 million for the first six
months of 2021 and $83 million for the first six months of 2020. Metals
inventory adjustments in 2020 were related to volatility in copper and
molybdenum prices associated with the COVID-19 pandemic.

Interest Expense, Net
Consolidated interest costs (before capitalization) totaled $165 million in
second-quarter 2021, $159 million in second-quarter 2020, $325 million for the
first six months of 2021 and $330 million for the first six months of 2020.

Capitalized interest varies with the level of qualifying assets associated with
our development projects and average interest rates on our borrowings, and
totaled $17 million in second-quarter 2021, $44 million in second-quarter 2020,
$32 million for the first six months of 2021 and $88 million for the first six
months of 2020. The decrease in capitalized interest in the 2021 periods,
compared with the 2020 periods, is primarily related to significant assets at
PT-FI's underground mines being placed in service. Refer to "Capital Resources
and Liquidity - Investing Activities" for discussion of capital expenditures
associated with our major development projects.

Income Taxes
Following is a summary of the approximate amounts used in the calculation of our
consolidated income tax (provision) benefit (in millions, except percentages):
                                                                                 Six Months Ended June 30,
                                                          2021                                                               2020
                                                                            Income Tax                                                         Income Tax
                                 Income              Effective              (Provision)             Income             Effective              (Provision)
                                 (Loss)a             Tax Rate                 Benefit              (Loss)a             Tax Rate                 Benefit
U.S.b                          $    743                       -  %       $           (3)     c   $    (581)                   10  %        $            58      d
South America                       923                      39  %                 (356)               (57)                   58  %                     33
Indonesia                         1,759                      41  %                 (719)               169                    54  %                    (91)     e

Eliminations and other              (99)                       N/A                    5                 74                      N/A                    (16)
Rate adjustmentf                      -                        N/A                   27                  -                      N/A                    (20)

Consolidated FCX               $  3,326                      31  % g     $       (1,046)         $    (395)                   (9) % g,h    $           (36)


a.Represents income (loss) before income taxes and equity in affiliated
companies' net earnings.
b.In addition to our North America mining operations, the U.S. jurisdiction
reflects corporate-level expenses, which include interest expense associated
with senior notes, general and administrative expenses, and environmental
obligations and shutdown costs.
c.Includes valuation allowance release on prior year unbenefited net operating
losses.
d.Includes a tax credit of $53 million associated with the reversal of a
year-end 2019 tax charge related to the sale of our interest in the lower zone
of the Timok exploration project in Serbia. Also includes a tax credit of $6
million associated with the removal of a valuation allowance on deferred tax
assets.
e.Includes a tax charge of $8 million ($7 million net of noncontrolling
interest) associated with an unfavorable 2012 Indonesia Supreme Court ruling.
f.In accordance with applicable accounting rules, we adjust our interim
provision for income taxes equal to our consolidated tax rate.
g.Our consolidated effective income tax rate is a function of the combined
effective tax rates for the jurisdictions in which we operate.
h.Our U.S. jurisdiction generated net losses in the first six months of 2020
that did not result in a realized tax benefit; applicable accounting rules
required us to adjust our estimated annual effective tax rate to exclude the
impact of U.S. net losses.

Assuming achievement of current sales volume and cost estimates and average prices of $4.25 per pound for copper, $1,800 per ounce for gold and $16.00 per pound for molybdenum for the second half of 2021, we estimate

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our consolidated effective tax rate for the year 2021 would approximate 31
percent. Changes in projected sales volumes and average prices during 2021 would
incur tax impacts at estimated effective rates of 40 percent for Peru, 38
percent for Indonesia and 0 percent for the U.S.

The net 0 percent U.S. estimated effective tax rate for the year 2021 includes approximately $175 million of valuation allowance reversal related to an expected $850 million use of U.S. federal net operating losses during 2021.

OPERATIONS


Responsible Production
2020 Annual Report on Sustainability. In April 2021, we published our 2020
Annual Report on Sustainability, which is available on our website at fcx.com.
We have a long history of environmental, social and governance (ESG) programs
and are continuously striving to improve and respond to evolving stakeholder
expectations. This report marked our 20th year of reporting on our
sustainability progress and our first year reporting in alignment with the
Sustainability Accounting Standards Board Metals & Mining framework. We are
committed to building upon our achievements in sustainability and seek to
contribute positively to society by supplying the world with responsibly
produced copper.

The Copper Mark. The Copper Mark is a robust assurance framework that
demonstrates the copper industry's responsible production practices and
contribution to the United Nations Sustainable Development Goals. To date, we
have six sites that have achieved the Copper Mark (the Morenci operations, Miami
smelter and mine, and El Paso refinery in North America; Cerro Verde and El Abra
mines in South America; and Atlantic Copper smelter and refinery in Spain). In
June 2021, we commenced the Copper Mark assessment process at five additional
operating sites, including Bagdad, Chino, Tyrone, Safford and Sierrita. Each of
these sites will complete an external assurance process to assess conformance
with the Copper Mark's 32 ESG requirements, with a goal of being awarded the
Copper Mark. We have future plans to validate all of our copper producing sites
with the Copper Mark requirements.

North America Copper Mines We operate seven open-pit copper mines in North America - Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. In addition to copper, certain of these mines produce molybdenum concentrate, gold and silver. All of the North America mining operations are wholly owned, except for Morenci. We record our 72 percent undivided joint venture interest in Morenci using the proportionate consolidation method.


The North America copper mines include open-pit mining, sulfide ore
concentrating, leaching and solution extraction/electrowinning (SX/EW)
operations. A majority of the copper produced at our North America copper mines
is cast into copper rod by our Rod & Refining segment. The remainder of our
North America copper production is sold as copper cathode or copper concentrate,
a portion of which is shipped to Atlantic Copper (our wholly owned smelter).
Molybdenum concentrate, gold and silver are also produced by certain of our
North America copper mines.

Operating and Development Activities. Our North America operating sites continue
to achieve strong execution of operating plans. We successfully completed the
initial development of the Lone Star copper leach project in the second half of
2020, and current operations are exceeding initial design capacity approximating
200 million pounds annually. We continue to advance opportunities to increase
operating rates and for development of the large-scale sulfide resource at Lone
Star, including evaluating a potential additional incremental oxide expansion to
increase volumes to over 300 million pounds of copper per year.

We have substantial resources in the U.S., primarily associated with existing
mining operations. Evaluation of project options for future growth are under
way. In addition to Lone Star, we are actively advancing studies to add new
capacity at our long-lived Bagdad operation in northwest Arizona.


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Operating Data. Following is summary consolidated operating data for the North
America copper mines:
                                                  Three Months Ended June 30,                   Six months ended June 30,

                                                    2021                  2020                  2021                  2020
Operating Data, Net of Joint Venture
Interests
Copper (millions of recoverable pounds)
Production                                               360                 368                     713                 714
Sales, excluding purchases                               389                 368                     697                 723
Average realized price per pound             $          4.42          $     

2.42 a $ 4.19 $ 2.50 a


Molybdenum (millions of recoverable pounds)
Productionb                                                9                   9                      17                  17

100% Operating Data
Leach operations
Leach ore placed in stockpiles (metric tons          688,000             744,000                 696,500             736,100
per day)
Average copper ore grade (percent)                      0.30                0.28                    0.29                0.28
Copper production (millions of recoverable               265                 265                     527                 500

pounds)


Mill operations
Ore milled (metric tons per day)                     264,700             286,200                 266,300             309,800
Average ore grade (percent):
Copper                                                  0.36                0.37                    0.37                0.34
Molybdenum                                              0.03                0.02                    0.03                0.02
Copper recovery rate (percent)                          82.4                84.6                    80.5                85.8
Copper production (millions of recoverable               155                 176                     306                 354

pounds)



a.Includes reductions to average realized prices of $0.06 per pound of copper in
second-quarter 2020 and $0.03 per pound of copper for the first six months of
2020 related to forward sales contracts covering 150 million pounds of copper
sales for May and June 2020 at a fixed price of $2.34 per pound. There are no
remaining forward sales contracts.
b.Refer to "Consolidated Results" for our consolidated molybdenum sales volumes,
which include sales of molybdenum produced at the North America copper mines.

Our consolidated copper sales volumes from North America totaled 389 million
pounds in second-quarter 2021, 368 million pounds in second-quarter 2020, 697
million pounds for the first six months of 2021 and 723 million pounds for the
first six months of 2020. The changes in sales volumes for the 2021 periods,
compared with the 2020 periods, primarily reflect timing of shipments.

North America copper sales are estimated to approximate 1.47 billion pounds for the year 2021, compared with 1.4 billion pounds for the year 2020.


Unit Net Cash Costs. Unit net cash costs per pound of copper is a measure
intended to provide investors with information about the cash-generating
capacity of our mining operations expressed on a basis relating to the primary
metal product for our respective operations. We use this measure for the same
purpose and for monitoring operating performance by our mining operations. This
information differs from measures of performance determined in accordance with
U.S. generally accepted accounting principles (GAAP) and should not be
considered in isolation or as a substitute for measures of performance
determined in accordance with U.S. GAAP. This measure is presented by other
metals mining companies, although our measure may not be comparable to similarly
titled measures reported by other companies.

Gross Profit per Pound of Copper and Molybdenum
The following table summarizes unit net cash costs and gross profit per pound at
our North America copper mines. Refer to "Product Revenues and Production Costs"
for an explanation of the "by-product" and "co-product" methods and a
reconciliation of unit net cash costs per pound to production and delivery costs
applicable to sales reported in our consolidated financial statements.
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                                                                                    Three Months Ended June 30,
                                                                   2021                                                     2020
                                                                     Co-Product Method                                         Co-Product Method
                                            By- Product                               Molyb-         By- Product                                Molyb-
                                              Method              Copper              denuma           Method               Copper              denuma
Revenues, excluding adjustments             $   4.42          $    4.42             $ 11.75          $   2.42      b   $     2.42              $ 8.33

Site production and delivery, before net
noncash
and other costs shown below                     2.14               2.03                6.86              1.85                1.73                6.76
By-product credits                             (0.25)                 -                   -             (0.17)                  -                   -
Treatment charges                               0.08               0.07                   -              0.10                0.10                   -
Unit net cash costs                             1.97               2.10                6.86              1.78                1.83                6.76
DD&A                                            0.26               0.25                0.55              0.24                0.22                0.55
Metals inventory adjustments                       -                  -                   -             (0.24)              (0.24)                  -
Noncash and other costs, net                    0.08               0.08                0.06              0.09      c         0.09                0.08
Total unit costs                                2.31               2.43                7.47              1.87                1.90                7.39
Revenue adjustments, primarily for pricing
on prior period open sales                      0.02               0.02                   -              0.02                0.02                   -
Gross profit per pound                      $   2.13          $    2.01             $  4.28          $   0.57          $     0.54              $ 0.94

Copper sales (millions of recoverable
pounds)                                          389                389                                   368                 368
Molybdenum sales (millions of recoverable
pounds)a                                                                                  9                                                         9


                                                                                     Six months ended June 30,
                                                                   2021                                                     2020
                                                                     Co-Product Method                                         Co-Product Method
                                            By- Product                               Molyb-         By- Product                                Molyb-
                                              Method              Copper              denuma           Method               Copper              denuma
Revenues, excluding adjustments             $   4.19          $    4.19             $ 11.12          $   2.50      b   $     2.50              $ 8.99

Site production and delivery, before net
noncash
and other costs shown below                     2.09               1.96                6.76              2.00                1.85                7.81
By-product credits                             (0.27)                 -                   -             (0.19)                  -                   -
Treatment charges                               0.09               0.09                   -              0.10                0.10                   -
Unit net cash costs                             1.91               2.05                6.76              1.91                1.95                7.81
DD&A                                            0.26               0.24                0.51              0.25                0.23                0.64
Metals inventory adjustments                       -                  -                   -              0.08                0.07                   -
Noncash and other costs, net                    0.11               0.11                0.06              0.09      c         0.09                0.15
Total unit costs                                2.28               2.40                7.33              2.33                2.34                8.60
Revenue adjustments, primarily for pricing
on prior period open sales                      0.01               0.01                   -             (0.03)              (0.03)                  -
Gross profit per pound                      $   1.92          $    1.80             $  3.79          $   0.14          $     0.13              $ 0.39

Copper sales (millions of recoverable
pounds)                                          697                697                                   722                 722
Molybdenum sales (millions of recoverable
pounds)a                                                                                 17                                                        17


a.Reflects sales of molybdenum produced by certain of the North America copper
mines to our molybdenum sales company at market-based pricing.
b.Includes reductions to average realized prices of $0.06 per pound of copper in
second-quarter 2020 and $0.03 per pound of copper for the first six months of
2020 related to forward sales contracts covering 150 million pounds of copper
sales for May and June 2020 at a fixed price of $2.34 per pound. There are no
remaining forward sales contracts.
c.Includes charges totaling $0.06 per pound of copper in second-quarter 2020 and
$0.03 per pound of copper for the first six months of 2020, primarily associated
with the April 2020 revised operating plans (including employee separation
costs) and the COVID-19 pandemic.

Our North America copper mines have varying cost structures because of
differences in ore grades and characteristics, processing costs, by-product
credits and other factors. Average unit net cash costs (net of by-product
credits) for the North America copper mines of $1.97 per pound of copper in
second-quarter 2021 were higher than unit net cash costs of $1.78 per pound in
second-quarter 2020, primarily reflecting costs associated with higher mining
and milling rates and higher maintenance and input costs, partly offset by
higher by-product credits. Average unit net cash costs (net of by-product
credits) of $1.91 per pound of copper for first six months of 2021 approximated
average unit net cash costs for the first six months of 2020.

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Because certain assets are depreciated on a straight-line basis, North America's
average unit depreciation rate may vary with asset additions and the level of
copper production and sales.

Average unit net cash costs (net of by-product credits) for our North America
copper mines are expected to approximate $1.91 per pound of copper for the year
2021, based on achievement of current sales volume and cost estimates and
assuming an average molybdenum price of $16.00 per pound for the second half of
2021. North America's average unit net cash costs for the year 2021 would change
by approximately $0.02 per pound for each $2 per pound change in the average
price of molybdenum for the second half of 2021.

South America Mining
We operate two copper mines in South America - Cerro Verde in Peru (in which we
own a 53.56 percent interest) and El Abra in Chile (in which we own a 51 percent
interest), which are consolidated in our financial statements.

South America mining includes open-pit mining, sulfide ore concentrating,
leaching and SX/EW operations. Production from our South America mines is sold
as copper concentrate or cathode under long-term contracts. Our South America
mines also sell a portion of their copper concentrate production to Atlantic
Copper. In addition to copper, the Cerro Verde mine produces molybdenum
concentrate and silver.

Cerro Verde Labor Agreement.
During second-quarter 2021, Cerro Verde reached agreements with 57 percent of
its hourly employees (including early agreement of a new four-year collective
labor agreement (CLA) with one of its three unions) and incurred nonrecurring
charges totaling $69 million associated with these agreements. Negotiations for
new CLAs for Cerro Verde's remaining hourly employees are ongoing. The current
CLA is scheduled to expire on August 31, 2021.

Operating and Development Activities. Cerro Verde's concentrator facilities have
continued to perform well with milling rates averaging 382,100 metric tons of
ore per day for the first six months of 2021. Cerro Verde expects milling rates
to return to pre-COVID-19 pandemic levels of approximately 400,000 metric tons
of ore per day in 2022.
El Abra continues to implement plans to increase operating rates to pre-COVID-19
pandemic levels, subject to ongoing monitoring of public health conditions in
Chile. Stacking rates at El Abra averaged 94,200 metric tons per day in
second-quarter 2021, approximately 25 percent higher than second-quarter 2020.
Increased stacking rates are expected to result in incremental annual production
of approximately 70 million pounds of copper beginning in mid-2022, compared
with 2020 levels. A new leach pad is under construction to accommodate planned
stacking rates for the next several years.

We continue to evaluate a large-scale expansion at El Abra to process additional
sulfide material and to achieve higher copper recoveries. El Abra's large
sulfide resource could potentially support a major mill project similar to
facilities constructed at Cerro Verde in 2015. Technical and economic studies
continue to be evaluated to determine the optimal scope and timing for the
sulfide project. We are monitoring potential changes in government fiscal
matters in Chile and will defer major investment decisions pending clarity on
these matters.

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Operating Data. Following is summary consolidated operating data for South
America mining:
                                                  Three Months Ended June 30,                  Six months ended June 30,

                                                   2021                   2020                  2021                  2020
Copper (millions of recoverable pounds)
Production                                              245                  218                     504                463
Sales                                                   230                  219                     489                466
Average realized price per pound            $          4.31          $      

2.67 $ 4.28 $ 2.57


Molybdenum (millions of recoverable pounds)
Productiona                                               4                    4                       9                  8

Leach operations
Leach ore placed in stockpiles (metric tons
per day)                                            190,200              141,900                 172,100            162,200
Average copper ore grade (percent)                     0.33                 0.33                    0.34               0.35
Copper production (millions of recoverable               65                   62                                        125
pounds)                                                                                              126

Mill operations
Ore milled (metric tons per day)                    374,100              251,800      b          382,100            300,700      b
Average ore grade (percent):
Copper                                                 0.29                 0.39                    0.30               0.36
Molybdenum                                             0.01                 0.01                    0.01               0.01

Copper recovery rate (percent)                         85.2                 83.9                    86.4               80.8
Copper production (millions of recoverable              179                  156                     377                338

pounds)

a.Refer to "Consolidated Results" for our consolidated molybdenum sales volumes, which include sales of molybdenum produced at Cerro Verde. b.Cerro Verde mill operations were negatively impacted by COVID-19 restrictions.


Our consolidated copper sales volumes from South America totaled 230 million
pounds in second-quarter 2021, 219 million pounds in second-quarter 2020, 489
million pounds for the first six months of 2021 and 466 million pounds for the
first six months of 2020. Higher copper sales volumes in the 2021 periods,
compared with the 2020 periods, primarily reflect higher milling rates at Cerro
Verde, partly offset by timing of shipments.

Copper sales from South America mining are expected to approximate 1.05 billion pounds for the year 2021, slightly higher than the year 2020.


Unit Net Cash Costs. Unit net cash costs per pound of copper is a measure
intended to provide investors with information about the cash-generating
capacity of our mining operations expressed on a basis relating to the primary
metal product for our respective operations. We use this measure for the same
purpose and for monitoring operating performance by our mining operations. This
information differs from measures of performance determined in accordance with
U.S. GAAP and should not be considered in isolation or as a substitute for
measures of performance determined in accordance with U.S. GAAP. This measure is
presented by other metals mining companies, although our measure may not be
comparable to similarly titled measures reported by other companies.

Gross Profit (Loss) per Pound of Copper
The following table summarizes unit net cash costs and gross profit (loss) per
pound of copper at our South America mining operations. Unit net cash costs per
pound of copper are reflected under the by-product and co-product methods as the
South America mining operations also had sales of molybdenum and silver. Refer
to "Product Revenues and Production Costs" for an explanation of the
"by-product" and "co-product" methods and a reconciliation of unit net cash
costs per pound to production and delivery costs applicable to sales reported in
our consolidated financial statements.

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                                                                        Three Months Ended June 30,
                                                              2021                                       2020
                                                 By-Product            Co-Product           By-Product           Co-Product
                                                   Method                Method               Method               Method
Revenues, excluding adjustments               $      4.31            $      

4.31 $ 2.67 $ 2.67


Site production and delivery, before net
noncash and other costs shown below                  2.48        a          2.30                 1.64                 1.57
By-product credits                                  (0.31)                     -                (0.11)                   -
Treatment charges                                    0.13                   0.13                 0.15                 0.15
Royalty on metals                                    0.01                   0.01                    -                    -
Unit net cash costs                                  2.31                   2.44                 1.68                 1.72
DD&A                                                 0.40                   0.37                 0.47                 0.44
Metals inventory adjustments                            -                      -                (0.26)               (0.26)
Noncash and other costs, net                         0.08                   0.07                 0.32      b          0.30
Total unit costs                                     2.79                   2.88                 2.21                 2.20
Revenue adjustments, primarily for pricing on
prior period open sales                              0.38                   0.38                 0.20                 0.20
Gross profit per pound                        $      1.90            $      1.81          $      0.66          $      0.67

Copper sales (millions of recoverable pounds)         230                    230                  219                  219


                                                                        Six months ended June 30,
                                                             2021                                      2020
                                                By-Product           Co-Product           By-Product           Co-Product
                                                  Method               Method               Method               Method
Revenues, excluding adjustments               $      4.28          $      

4.28 $ 2.57 $ 2.57


Site production and delivery, before net
noncash and other costs shown below                  2.23      a          2.09                 1.84                 1.72
By-product credits                                  (0.26)                   -                (0.14)                   -
Treatment charges                                    0.13                 0.13                 0.15                 0.15
Royalty on metals                                    0.01                 0.01                    -                    -
Unit net cash costs                                  2.11                 2.23                 1.85                 1.87
DD&A                                                 0.40                 0.37                 0.45                 0.42
Metals inventory adjustments                            -                    -                 0.01                 0.01
Noncash and other costs, net                         0.06                 0.05                 0.21      b          0.20
Total unit costs                                     2.57                 2.65                 2.52                 2.50
Revenue adjustments, primarily for pricing on
prior period open sales                              0.20                 0.20                (0.15)               (0.15)
Gross profit (loss) per pound                 $      1.91          $      

1.83 $ (0.10) $ (0.08)


Copper sales (millions of recoverable pounds)         489                  489                  466                  466


a.Includes $0.30 per pound of copper in second-quarter 2021 and $0.14 per pound
of copper for the first six months of 2021 associated with nonrecurring
labor-related charges at Cerro Verde Verde for agreements reached with 57
percent of its hourly employees.
b.Includes charges totaling $0.30 per pound of copper in second-quarter 2020 and
$0.18 per pound of copper for the first six months of 2020, primarily associated
with idle facility (Cerro Verde) and contract cancellation costs related to the
COVID-19 pandemic and employee separation costs associated with the April 2020
revised operating plans.

Our South America mines have varying cost structures because of differences in
ore grades and characteristics, processing costs, by-product credits and other
factors. Average unit net cash costs (net of by-product credits) for the South
America copper mines were $2.31 per pound of copper in second-quarter 2021,
$1.68 per pound of copper in second-quarter 2020, $2.11 per pound of copper for
the first six months of 2021 and $1.85 per pound of copper for the first six
months of 2020. Higher unit net cash costs in the 2021 periods, compared with
the 2020 periods, primarily reflect increased mining and milling activities and
non-recurring labor-related costs at Cerro Verde ($0.30 per pound in
second-quarter 2021 and $0.14 per pound for the first six months of 2021),
partly offset by higher volumes.

Revenues from Cerro Verde's concentrate sales are recorded net of treatment charges, which will vary with Cerro Verde's sales volumes and the price of copper.

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Because certain assets are depreciated on a straight-line basis, South America's
unit depreciation rate may vary with asset additions and the level of copper
production and sales.

Revenue adjustments primarily result from changes in prices on provisionally
priced copper sales recognized in prior periods. Refer to "Consolidated Results
- Revenues" for further discussion of adjustments to prior period provisionally
priced copper sales.

Average unit net cash costs (net of by-product credits) for South America mining
are expected to approximate $2.02 per pound of copper for the year 2021, based
on current sales volume and cost estimates and assuming an average price of
$16.00 per pound of molybdenum for the second half of 2021.

Indonesia Mining
PT-FI operates one of the world's largest copper and gold mines at the Grasberg
minerals district in Papua, Indonesia. PT-FI produces copper concentrate that
contains significant quantities of gold and silver. We have a 48.76 percent
interest in PT-FI and manage its mining operations. As further discussed in Note
2 of our 2020 Form 10-K, under the terms of the shareholders agreement, our
economic interest in PT-FI approximates 81 percent through 2022. PT-FI's results
are consolidated in our financial statements.

PT-FI continues to operate with protocols designed to protect the health and
safety of its workforce during the COVID-19 pandemic. During second-quarter
2021, PT-FI began to administer vaccines to its workforce and expects this
program to accelerate through the second half of 2021. Following an increase in
COVID-19 cases in Indonesia, PT-FI has recently reinstituted heightened
protocols and travel restrictions to protect the health of its workforce and the
surrounding community.

Substantially all of PT-FI's copper concentrate is sold under long-term
contracts. During first six months of 2021, 46 percent of PT-FI's concentrate
production was sold to PT Smelting (PT-FI's 39.5-percent owned copper smelter
and refinery in Gresik, Indonesia).

Operating and Development Activities. The ramp-up of underground production at
the Grasberg minerals district in Indonesia continues to advance on schedule.
Second-quarter 2021 highlights include:
•Production approximated 78 percent of the projected ultimate annualized level
and is expected to reach 100 percent by year-end 2021.
•A total of 41 new drawbells were constructed at the Grasberg Block Cave and
Deep Mill Level Zone (DMLZ) underground mines, bringing cumulative open
drawbells to over 460.
•Combined average production from the Grasberg Block Cave and DMLZ underground
mines approximated 118,300 metric tons of ore per day. During second-quarter
2021, Grasberg Block Cave achieved a daily record of 107,000 metric tons of ore
per day.

The successful completion of this ramp up is expected to enable PT-FI to
generate average annual production of 1.55 billion pounds of copper and
1.6 million ounces of gold for the next several years at an attractive unit net
cash cost, providing significant margins and cash flows. PT-FI expects
production for the year 2021 to approximate 1.3 billion pounds of copper and
1.3 million ounces of gold, nearly double 2020 levels.

PT-FI's estimated annual capital spending on underground mine development
projects is expected to average approximately $0.9 billion per year for 2021 and
2022, net of scheduled contributions from PT Inalum. In accordance with
applicable accounting guidance, aggregate costs (before scheduled contributions
from PT Inalum), which are expected to average $1.1 billion per year for 2021
and 2022, will be reflected as an investing activity in our cash flow statement,
and contributions from PT Inalum will be reflected as a financing activity.


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Indonesia Smelter. As discussed in Note 13 of our 2020 Form 10-K, PT-FI
committed to construct new domestic smelting capacity totaling 2 million metric
tons of concentrate per year by December 2023.

To fulfill its obligation for new domestic smelter capacity in Indonesia, PT-FI
is planning the following:
•Expansion of annual capacity at PT Smelting by 300,000 metric tons of
concentrate, a 30 percent increase. PT-FI is advancing agreements with the
majority owner of PT Smelting to implement the expansion plans with a target
completion date of year-end 2023. PT-FI would fund the cost of the expansion,
estimated to approximate $250 million, and increase its ownership in PT Smelting
to a majority ownership interest.
•Construction of a new greenfield smelter in Gresik, Indonesia with a capacity
to process approximately 1.7 million metric tons of concentrate per year. In
July 2021, PT-FI awarded a construction contract to Chiyoda with an estimated
contract cost of $2.8 billion. The smelter construction is expected to be
completed as soon as feasible in 2024, which is dependent on no further
pandemic-related disruptions.
•Construction of a precious metals refinery to process gold and silver from PT
Smelting and the new greenfield smelter in Gresik, at an estimated cost of $250
million.

All costs of smelter development in Indonesia will be shared 49 percent by FCX
and 51 percent by PT Inalum, and will be largely offset by a phase-out of the 5
percent export duty currently paid to the Indonesia government as well as the
tax deductibility of smelter costs by PT-FI. In July 2021, PT-FI entered into a
$1 billion, five-year, unsecured credit facility to advance these project and
additional debt financing is being evaluated. Refer to Note 5 and "Capital
Resources and Liquidity" for further discussion of the credit facility.

Operating Data. Following is summary consolidated operating data for Indonesia
mining:
                                                  Three Months Ended June 30,               Six months ended June 30,

                                                    2021                 2020                 2021                2020
Copper (millions of recoverable pounds)
Production                                               308               181                    606               321
Sales                                                    310               172                    568               299
Average realized price per pound              $         4.27          $   

2.67 $ 4.29 $ 2.54


Gold (thousands of recoverable ounces)
Production                                               303               189                    597               341
Sales                                                    302               180                    558               319
Average realized price per ounce              $        1,795          $  

1,748 $ 1,785 $ 1,709


Ore extracted and milled (metric tons per
day):
Grasberg Block Cave underground minea                 64,400            27,200                 58,100            23,100
DMLZ underground minea                                53,900            27,600                 50,300            23,100
DOZ underground mine                                  10,800            21,600                 14,700            20,900
Big Gossan underground mine                            8,200             5,900                  7,500             6,300
Grasberg open pit                                          -                 -                      -             3,600    b
Other                                                  5,700              (400)                 3,000                 -
Total                                                143,000            81,900                133,600            77,000
Average ore grades:
Copper (percent)                                        1.28              1.27                   1.34              1.21
Gold (grams per metric ton)                             1.00              1.04                   1.03              1.02
Recovery rates (percent):
Copper                                                  88.8              91.7                   90.0              91.7
Gold                                                    75.9              78.3                   77.4              77.6

a.Includes ore from development activities that result in metal production. b.Represents ore from the Grasberg open-pit stockpiles.


Our consolidated copper and gold sales from PT-FI totaled 310 million pounds and
302 thousand ounces in second quarter 2021 and 568 million pounds and 558
thousand ounces for the first six months of 2021, compared with copper and gold
sales of 172 million pounds and 180 thousand ounces in second-quarter 2020 and
299 million pounds and 319 thousand ounces for the first six months of 2020. The
increase in sales volumes for the 2021 periods primarily reflects the ramp-up of
underground mining at PT-FI.

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Consolidated sales volumes from PT-FI are expected to approximate 1.33 billion
pounds of copper and 1.3 million ounces of gold for the year 2021, compared with
0.8 billion pounds of copper and 0.8 million ounces of gold for the year 2020.

Unit Net Cash Costs. Unit net cash costs per pound of copper is a measure
intended to provide investors with information about the cash-generating
capacity of our mining operations expressed on a basis relating to the primary
metal product for our respective operations. We use this measure for the same
purpose and for monitoring operating performance by our mining operations. This
information differs from measures of performance determined in accordance with
U.S. GAAP and should not be considered in isolation or as a substitute for
measures of performance determined in accordance with U.S. GAAP. This measure is
presented by other metals mining companies, although our measure may not be
comparable to similarly titled measures reported by other companies.

Gross Profit per Pound of Copper and per Ounce of Gold
The following table summarizes the unit net cash costs and gross profit per
pound of copper and per ounce of gold at our Indonesia mining operations. Refer
to "Product Revenues and Production Costs" for an explanation of "by-product"
and "co-product" methods and a reconciliation of unit net cash costs per pound
to production and delivery costs applicable to sales reported in our
consolidated financial statements.
                                                                                          Three Months Ended June 30,
                                                                       2021                                                         2020
                                                By-Product                 Co-Product Method                 By-Product                 Co-Product Method
                                                  Method                Copper               Gold              Method                Copper               Gold
Revenues, excluding adjustments               $       4.27          $    4.27             $ 1,795          $       2.67          $    2.67           

$ 1,748


Site production and delivery, before net
noncash and other costs shown below                   1.54               1.07                 449                  2.00               1.17                 766
Gold and silver credits                              (1.93)                 -                   -                 (1.95)                 -                   -
Treatment charges                                     0.24               0.16                  70                  0.27               0.16                 105
Export duties                                         0.14               0.10                  42                  0.09               0.05                  35
Royalty on metals                                     0.26               0.19                  66                  0.15               0.08                  65
Unit net cash costs                                   0.25               1.52                 627                  0.56               1.46                 971
DD&A                                                  0.79               0.55                 232                  0.72               0.42                 276
Noncash and other costs, net                          0.04               0.03                  11                  0.05    a          0.03                  17
Total unit costs                                      1.08               2.10                 870                  1.33               1.91               1,264
Revenue adjustments, primarily for pricing on
prior period open sales                               0.28               0.28                  53                  0.07               0.07           

41

PT Smelting intercompany loss                        (0.13)             (0.09)                (39)                (0.15)             (0.09)         

(57)

Gross profit per pound/ounce                  $       3.34          $    2.36             $   939          $       1.26          $    0.74           

$ 468


Copper sales (millions of recoverable pounds)          310                310                                       172                172
Gold sales (thousands of recoverable ounces)                                                  302                                                          180


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                                                                                           Six Months Ended June 30,
                                                                       2021                                                         2020
                                                By-Product                 Co-Product Method                 By-Product                 Co-Product Method
                                                  Method                Copper               Gold              Method                Copper               Gold
Revenues, excluding adjustments               $       4.29          $    4.29             $ 1,785          $       2.54          $    2.54           

$ 1,709


Site production and delivery, before net
noncash and other costs shown below                   1.51               1.05                 439                  2.29               1.31                 884
Gold and silver credits                              (1.86)                 -                   -                 (1.91)                 -                   -
Treatment charges                                     0.24               0.17                  71                  0.28               0.17                 110
Export duties                                         0.13               0.09                  37                  0.07               0.04                  25
Royalty on metals                                     0.25               0.18                  68                  0.15               0.08                  58
Unit net cash costs                                   0.27               1.49                 615                  0.88               1.60               1,077
DD&A                                                  0.78               0.55                 228                  0.75               0.43                 289
Noncash and other costs, net                          0.01    b             -                   1                  0.12    a          0.06                  45
Total unit costs                                      1.06               2.04                 844                  1.75               2.09               1,411
Revenue adjustments, primarily for pricing on
prior period open sales                               0.12               0.12                  (8)                (0.07)             (0.07)          

14

PT Smelting intercompany loss                        (0.16)             (0.11)                (46)                    -                  -          

-

Gross profit per pound/ounce                  $       3.19          $    2.26             $   887          $       0.72          $    0.38           

$ 312


Copper sales (millions of recoverable pounds)          568                568                                       299                299
Gold sales (thousands of recoverable ounces)                                                  558                                                       

319



a.Includes COVID-19 related costs of $0.03 per pound of copper in second-quarter
2020 and $0.01 per pound of copper for the first six months of 2020.
b.Includes credits of $0.05 per pound of copper associated with adjustments to
prior year treatment and refining charges and charges of $0.03 per pound of
copper associated with a potential settlement of an administrative fine levied
by the Indonesia government.

Because of the fixed nature of a large portion of PT-FI's costs, unit net cash
costs can vary significantly from quarter to quarter depending on copper and
gold volumes. PT-FI's unit net cash costs (including gold and silver credits) of
$0.25 per pound of copper in second-quarter 2021 and $0.27 per pound for the
first six months of 2021, were lower than $0.56 per pound in second-quarter 2020
and $0.88 per pound for the first six months of 2020, primarily reflecting
higher sales volumes.

Treatment charges vary with the volume of metals sold and the price of copper,
and royalties vary with the volume of metals sold and the prices of copper and
gold.

PT-FI's export duties totaled $44 million in second-quarter 2021, $16 million in
second-quarter 2020, $73 million for the first six months of 2021 and $20
million for the first six months of 2020. PT-FI will continue to pay export
duties until development progress for new domestic smelting with an annual
capacity of 2 million metric tons of concentrate exceeds 50 percent. PT-FI's
royalties totaled $80 million in second-quarter 2021, $25 million in
second-quarter 2020, $140 million for the first six months of 2021 and $44
million for the first six months of 2020. The increase in export duties and
royalties for the 2021 periods, compared with the 2020 periods, primarily
reflect higher sales volumes and copper prices.

Because certain assets are depreciated on a straight-line basis, PT-FI's unit
depreciation rate may vary with asset additions and the level of copper
production and sales. DD&A per pound of copper under the by-product method was
$0.79 per pound in second-quarter 2021 and $0.78 per pound for the first six
months of 2021, compared with $0.72 per pound in second-quarter 2020 and $0.75
per pound for the first six months of 2020. The increase in the rate per pound
of copper for the 2021 periods, compared with the 2020 periods, primarily
reflects the impact of an ongoing ramp up of underground mining, which resulted
in significantly higher copper production and sales volumes and a related unit
of production depreciation rate increase resulting from significant underground
development assets placed into service.

Revenue adjustments primarily result from changes in prices on provisionally priced copper sales recognized in prior periods.

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PT Smelting intercompany loss represents the change in the deferral of PT-FI's
profit on sales to PT Smelting (25 percent prior to April 30, 2021, and 39.5
percent thereafter). Refer to "Smelting and Refining" below for further
discussion.

Assuming an average gold price of $1,800 per ounce for the second half of 2021
and achievement of current sales volume and cost estimates, unit net cash costs
(including gold and silver credits) for PT-FI are expected to approximate $0.19
per pound of copper for the year 2021. PT-FI's unit net cash costs for the year
2021 would change by approximately $0.06 per pound for each $100 per ounce
change in the average price of gold for the second half of 2021.

PT-FI's projected sales volumes and unit net cash costs for the year 2021 are
dependent on a number of factors, including continued progress of the ramp-up of
underground mining, operational performance, impacts and duration of the
COVID-19 pandemic and timing of shipments.

Molybdenum Mines
We operate two wholly owned molybdenum mines in Colorado - the Henderson
underground mine and the Climax open-pit mine. The Henderson and Climax mines
produce high-purity, chemical-grade molybdenum concentrate, which is typically
further processed into value-added molybdenum chemical products. The majority of
the molybdenum concentrate produced at the Henderson and Climax mines, as well
as from our North America and South America copper mines, is processed at our
own conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines of 7
million pounds of molybdenum in second-quarter 2021 and 14 million pounds for
the first six months of 2021, was slightly higher than production of 6 million
pounds of molybdenum in second-quarter 2020 and 13 million pounds for the first
six months of 2020. Refer to "Consolidated Results" for our consolidated
molybdenum operating data, which includes sales of molybdenum produced at our
Molybdenum mines and from our North America and South America copper mines.
Refer to "Outlook" for projected consolidated molybdenum sales volumes.

Unit Net Cash Costs Per Pound of Molybdenum. Unit net cash costs per pound of
molybdenum is a measure intended to provide investors with information about the
cash-generating capacity of our mining operations expressed on a basis relating
to the primary metal product for our respective operations. We use this measure
for the same purpose and for monitoring operating performance by our mining
operations. This information differs from measures of performance determined in
accordance with U.S. GAAP and should not be considered in isolation or as a
substitute for measures of performance determined in accordance with U.S. GAAP.
This measure is presented by other metals mining companies, although our measure
may not be comparable to similarly titled measures reported by other companies.

Average unit net cash costs for our Molybdenum mines of $8.14 per pound of
molybdenum in second-quarter 2021 and $8.53 per pound for the first six months
of 2021 were lower than average unit net cash costs of $8.97 per pound in
second-quarter 2020 and $9.52 per pound for the first six months of 2020,
primarily reflecting higher volumes. Based on current sales volume and cost
estimates, average unit net cash costs for the Molybdenum mines are expected to
approximate $9.65 per pound of molybdenum for the year 2021.

Refer to "Product Revenues and Production Costs" for a reconciliation of unit
net cash costs per pound to production and delivery costs applicable to sales
reported in our consolidated financial statements.

Smelting and Refining
We wholly own and operate a smelter in Arizona (Miami smelter), a refinery in
Texas (El Paso refinery) and a smelter and refinery in Spain (Atlantic Copper).
PT-FI also has a 39.5 percent ownership interest in a smelter and refinery in
Gresik, Indonesia (PT Smelting). Treatment charges for smelting and refining
copper concentrate consist of a base rate per pound of copper and per ounce of
gold and are generally fixed. Treatment charges represent a cost to our mining
operations and income to Atlantic Copper and PT Smelting. Thus, higher treatment
charges benefit our smelter operations and adversely affect our mining
operations. Our North America copper mines are less significantly affected by
changes in treatment charges because these operations are largely integrated
with our Miami smelter and El Paso refinery. Through this form of downstream
integration, we are assured placement of a significant portion of our
concentrate production.

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Our Miami smelter processes concentrate produced by our U.S. mines and also
provides acid for copper leaching operations. During the first six months of
2021, we incurred charges totaling $87 million associated with a major
maintenance turnaround at our Miami smelter, which were higher than original
estimates as a result of extended downtime to address additional required
maintenance work, the COVID-19 pandemic and weather events. The next major
maintenance turnaround is scheduled for the first half of 2024.

Atlantic Copper smelts and refines copper concentrate and markets refined copper
and precious metals in slimes. During the first six months of 2021, Atlantic
Copper's concentrate purchases included 38 percent from our copper mining
operations and 62 percent from third parties.

PT-FI's contract with PT Smelting provides for PT-FI to supply 100 percent of
the copper concentrate requirements (subject to a minimum or maximum treatment
charge rate) necessary for PT Smelting to produce 205,000 metric tons of copper
annually on a priority basis. PT-FI may also sell copper concentrate to PT
Smelting at market rates for quantities in excess of 205,000 metric tons of
copper annually. During the first six months of 2021, PT-FI supplied the
substantial majority of PT Smelting's concentrate requirements. In July 2021, PT
Smelting received a six-month extension of its anodes slimes export license,
which currently expires December 30, 2021.

We defer recognizing profits on sales from our mining operations to Atlantic
Copper and on PT-FI's sales to PT Smelting (on 25 percent through April 30,
2021, and on 39.5 percent thereafter) until final sales to third parties occur.
Changes in these deferrals attributable to variability in intercompany volumes
resulted in net (reductions) additions to operating income (loss) totaling $(99)
million ($(81) million to net income attributable to common stock) in
second-quarter 2021 and $(17) million ($(6) million to net income attributable
to common stock) in second-quarter 2020, $(185) million ($(145) million to net
income attributable to common stock) for the first six months of 2021 and $(6)
million ($1 million to net loss attributable to common stock) for the first six
months of 2020. Our net deferred profits on our inventories at Atlantic Copper
and PT Smelting to be recognized in future periods' net income attributable to
common stock totaled $207 million at June 30, 2021. Quarterly variations in ore
grades, the timing of intercompany shipments and changes in product prices will
result in variability in our net deferred profits and quarterly earnings. We
currently estimate that approximately 40 percent of the net deferred profit
balance will be recognized as income in the second half of 2021.

CAPITAL RESOURCES AND LIQUIDITY


Our consolidated operating cash flows vary with sales volumes; prices realized
from copper, gold and molybdenum sales; production costs; income taxes; other
working capital changes; and other factors.

We generated significant cash flows during the first six months of 2021, reflecting strong operating and financial performance and favorable market conditions. This strong performance allowed us to achieve the balance sheet targets outlined in our financial policy discussed below earlier than originally projected. Accordingly, we are well positioned to increase cash returns to shareholders and for investments in long-term growth.


We believe that we have a high-quality portfolio of long-lived copper assets
positioned to generate long-term value. PT-FI has several projects in the
Grasberg minerals district related to the development of its large-scale,
long-lived, high-grade underground ore bodies that are progressing on schedule.
We are also evaluating opportunities in North America and South America to
enhance net present values, and we continue to consider future development of
our copper resources, the timing of which will be dependent on market
conditions. We believe that our cash generating capability and financial
condition, together with availability under our revolving credit facility, will
be adequate to meet our operating, investing and financing needs.

Subject to future commodity prices for copper, gold, and molybdenum, our
projected consolidated operating cash flows of $7.5 billion for the year 2021
significantly exceed our expected consolidated capital expenditures of $2.2
billion (which excludes capital expenditures for smelter development in
Indonesia) and other cash requirements for the year, including common stock
dividends and noncontrolling interest distributions. We plan to fund our smelter
development projects in Indonesia with PT-FI's new $1 billion, unsecured bank
credit facility (see "Debt" below and Note 5) and additional debt financing.
Refer to "Outlook" for further discussion of projected operating cash flows and
capital expenditures for 2021.

At June 30, 2021, we had $9.8 billion in liquidity, comprised of $6.3 billion in
consolidated cash and $3.5 billion of availability under our revolving credit
facility.

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Financial Policy. In February 2021, our Board adopted a new financial policy for
the allocation of cash flows aligned with our strategic objectives of
maintaining a strong balance sheet, increasing cash returns to shareholders and
advancing opportunities for future growth. The policy includes a base dividend
of $0.30 per share per year and a performance-based payout framework to be
implemented following achievement of a net debt target in the range of $3
billion to $4 billion, excluding project debt for additional smelting capacity
in Indonesia. Under the performance-based payout framework, up to 50 percent of
available cash flows generated after planned capital spending and distributions
to noncontrolling interests would be allocated to shareholder returns and the
balance to debt reduction and investments in value enhancing growth projects,
subject to the Board's discretion.

Available cash flows for performance-based payout distributions in excess of the
base dividend will be assessed by the Board at least annually. With the recent
achievement of our net debt target, we expect the Board to consider the amount
of additional cash returns to shareholders following its 2021 annual results. As
of June 30, 2021, our consolidated net debt totaled $3.4 billion, a $2.7 billion
reduction from December 31, 2020 (refer to "Net Debt" for further discussion).

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