1
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(in millions, except per share amounts) | ||||||||
Revenuesa,b
| $ | 5,748 | $ | 3,054 | $ | 10,598 | $ | 5,852 |
Operating income (loss)a
| $ | 2,067 | $ | 321 | $ | 3,599 | $ | (152) |
Net income (loss) attributable to common stockc,d
| $ | 1,083 | $ | 53 | $ | 1,801 | $ | (438) |
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 flowse
| $ | 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 |
2
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
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 poundb
| $ | 2.02 |
c
| $ | 1.82 |
d
| $ | 1.94 |
c
| $ | 2.00 |
d
|
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 | 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 |
3
|
4
|
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
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 | |||||||
Unit net cash costs per pound of copperc
| |||||||||||
Site production and delivery, excluding adjustments
| $ | 2.14 | $ | 1.85 |
d
| $ | 2.09 | $ | 2.00 |
d
| |
By-product credits
| (0.25) | (0.17) | (0.27) | (0.19) | |||||||
Treatment charges
| 0.08 | 0.10 | 0.09 | 0.10 | |||||||
Unit net cash costs
| $ | 1.97 | $ | 1.78 | $ | 1.91 | $ | 1.91 | |||
5
|
Three Months Ended | Six Months Ended | |||||||||||
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 | ||||||||
Unit net cash costs per pound of copperb
| ||||||||||||
Site production and delivery, excluding adjustments
| $ | 2.48 |
c
| $ | 1.64 |
d
| $ | 2.23 |
c
| $ | 1.84 |
d
|
By-product credits
| (0.31) | (0.11) | (0.26) | (0.14) | ||||||||
Treatment charges
| 0.13 | 0.15 | 0.13 | 0.15 | ||||||||
Royalty on metals
| 0.01 | - | 0.01 | - | ||||||||
Unit net cash costs
| $ | 2.31 | $ | 1.68 | $ | 2.11 | $ | 1.85 | ||||
6
|
7
|
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 | ||
Unit net cash costs per pound of coppera
| ||||||||||
Site production and delivery, excluding adjustments
| $ | 1.54 | $ | 2.00 |
b
| $ | 1.51 | $ | 2.29 |
b
|
Gold and silver credits
| (1.93) | (1.95) | (1.86) | (1.91) | ||||||
Treatment charges
| 0.24 | 0.27 | 0.24 | 0.28 | ||||||
Export duties
| 0.14 | 0.09 | 0.13 | 0.07 | ||||||
Royalty on metals
| 0.26 | 0.15 | 0.25 | 0.15 | ||||||
Unit net cash costs
| $ | 0.25 | $ | 0.56 | $ | 0.27 | $ | 0.88 | ||
8
|
Cash at domestic companies | $ | 4.1 |
Cash at international operations | 2.2 | |
Total consolidated cash and cash equivalents | 6.3 | |
Noncontrolling interests' share | (0.8) | |
Cash, net of noncontrolling interests' share
| $ | 5.5 |
Withholding taxes | (0.1) | |
Net cash available | $ | 5.4 |
9
|
Weighted- Average Interest Rate | |||
Senior Notes | $ | 9,143 | 4.8% |
Cerro Verde Term Loan | 524 | 2.0% | |
Other | 28 | 2.4% | |
Total debt | $ | 9,695 | 4.6% |
10
|
11
|
Freeport-McMoRan Inc. | ||||||
SELECTED OPERATING DATA | ||||||
Three Months Ended June 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||
MINING OPERATIONS: | Production | Sales | ||||
COPPER(millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
North America | ||||||
Morenci (72%)a
| 156 | 185 | 172 | 185 | ||
Bagdad (100%) | 39 | 59 | 47 | 56 | ||
Safford (100%) | 64 | 42 | 67 | 38 | ||
Sierrita (100%) | 53 | 48 | 55 | 46 | ||
Miami (100%) | 3 | 4 | 4 | 4 | ||
Chino (100%) | 33 | 18 | 31 | 27 | ||
Tyrone (100%) | 12 | 11 | 13 | 12 | ||
Other (100%) | - | 1 | - | - | ||
Total North America | 360 | 368 | 389 | 368 | ||
South America | ||||||
Cerro Verde (53.56%) | 206 | 178 | 189 | 179 | ||
El Abra (51%) | 39 | 40 | 41 | 40 | ||
Total South America | 245 | 218 | 230 | 219 | ||
Indonesia | ||||||
Grasberg (48.76%)b
| 308 | 181 | 310 | 172 | ||
Total | 913 | 767 | 929 |
c
| 759 |
c
|
Less noncontrolling interests | 173 | 136 | 166 | 135 | ||
Net | 740 | 631 | 763 | 624 | ||
Average realized price per pound | $ | 4.34 | $ | 2.55 |
d
| |
GOLD (thousands of recoverable ounces)
| ||||||
(FCX's net interest in %) | ||||||
North America (100%) | 2 | 2 | 3 | 4 | ||
Indonesia (48.76%)b
| 303 | 189 | 302 | 180 | ||
Consolidated | 305 | 191 | 305 | 184 | ||
Less noncontrolling interests | 56 | 35 | 56 | 34 | ||
Net | 249 | 156 | 249 | 150 | ||
Average realized price per ounce | $ | 1,794 | $ | 1,749 | ||
MOLYBDENUM (millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
Henderson (100%) | 2 | 3 | N/A | N/A | ||
Climax (100%) | 5 | 3 | N/A | N/A | ||
North America copper mines (100%)a
| 9 | 9 | N/A | N/A | ||
Cerro Verde (53.56%) | 4 | 4 | N/A | N/A | ||
Consolidated | 20 | 19 | 22 | 18 | ||
Less noncontrolling interests | 2 | 2 | 2 | 2 | ||
Net | 18 | 17 | 20 | 16 | ||
Average realized price per pound | $ | 13.11 | $ | 10.53 | ||
a. Amounts are net of Morenci's joint venture partners' undivided interests.
| ||||||
b. FCX's economic interest in PT Freeport Indonesia (PT-FI) approximates 81 percent through 2022 and 48.76 percent thereafter. | ||||||
c. Consolidated sales volumes exclude purchased copper of 68 million pounds in second-quarter 2021 and 71 million pounds in second-quarter 2020.
| ||||||
d. Includes a reduction to the average realize price of $0.03 per pound of copper 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. | ||||||
Freeport-McMoRan Inc. | ||||||
SELECTED OPERATING DATA | ||||||
Six Months Ended June 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||
MINING OPERATIONS: | Production | Sales | ||||
COPPER(millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
North America | ||||||
Morenci (72%)a
| 310 | 358 | 312 | 363 | ||
Bagdad (100%) | 83 | 105 | 89 | 104 | ||
Safford (100%) | 128 | 71 | 118 | 66 | ||
Sierrita (100%) | 102 | 89 | 97 | 87 | ||
Miami (100%) | 7 | 8 | 7 | 8 | ||
Chino (100%) | 58 | 60 | 50 | 71 | ||
Tyrone (100%) | 25 | 22 | 24 | 23 | ||
Other (100%) | - | 1 | - | 1 | ||
Total North America | 713 | 714 | 697 | 723 | ||
South America | ||||||
Cerro Verde (53.56%) | 423 | 381 | 404 | 385 | ||
El Abra (51%) | 81 | 82 | 85 | 81 | ||
Total South America | 504 | 463 | 489 | 466 | ||
Indonesia | ||||||
Grasberg (48.76%)b
| 606 | 321 | 568 | 299 | ||
Total | 1,823 | 1,498 | 1,754 |
c
| 1,488 |
c
|
Less noncontrolling interests | 350 | 277 | 336 | 275 | ||
Net | 1,473 | 1,221 | 1,418 | 1,213 | ||
Average realized price per pound | $ | 4.25 | $ | 2.53 |
d
| |
GOLD (thousands of recoverable ounces)
| ||||||
(FCX's net interest in %) | ||||||
North America (100%) | 5 | 6 | 5 | 9 | ||
Indonesia (48.76%)b
| 597 | 341 | 558 | 319 | ||
Consolidated | 602 | 347 | 563 | 328 | ||
Less noncontrolling interests | 111 | 64 | 104 | 60 | ||
Net | 491 | 283 | 459 | 268 | ||
Average realized price per ounce | $ | 1,785 | $ | 1,709 | ||
MOLYBDENUM (millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
Henderson (100%) | 5 | 5 | N/A | N/A | ||
Climax (100%) | 9 | 8 | N/A | N/A | ||
North America copper mines (100%)a
| 17 | 17 | N/A | N/A | ||
Cerro Verde (53.56%) | 9 | 8 | N/A | N/A | ||
Consolidated | 40 | 38 | 43 | 39 | ||
Less noncontrolling interests | 4 | 4 | 5 | 5 | ||
Net | 36 | 34 | 38 | 34 | ||
Average realized price per pound | $ | 12.38 | $ | 10.84 | ||
a. Amounts are net of Morenci's joint venture partners' undivided interests.
| ||||||
b. FCX's economic interest in PT-FI approximates 81 percent through 2022 and 48.76 percent thereafter. | ||||||
c. Consolidated sales volumes exclude purchased copper of 121 million pounds for the first six months of 2021 and 159 million pounds for the first six months of 2020.
| ||||||
d. Includes a reduction to the average realize price of $0.02 per pound of copper 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. | ||||||
Freeport-McMoRan Inc. | ||||||
SELECTED OPERATING DATA (continued) | ||||||
Three Months Ended June 30, | Six months ended June 30, | |||||
2021 | 2020 | 2021 | 2020 | |||
100% North America Copper Mines | ||||||
Leach Operations | ||||||
Leach ore placed in stockpiles (metric tons per day)
| 688,000 | 744,000 | 696,500 | 736,100 | ||
Average copper ore grade (percent)
| 0.30 | 0.28 | 0.29 | 0.28 | ||
Copper production (millions of recoverable pounds)
| 265 | 265 | 527 | 500 | ||
Mill Operations | ||||||
Ore milled (metric tons per day)
| 264,700 | 286,200 | 266,300 | 309,800 | ||
Average ore grades (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 | ||
Production (millions of recoverable pounds):
| ||||||
Copper
| 155 | 176 | 306 | 354 | ||
Molybdenum
| 9 | 9 | 17 | 17 | ||
100% South America Mining | ||||||
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 pounds)
| 65 | 62 | 126 | 125 | ||
Mill Operations | ||||||
Ore milled (metric tons per day)
| 374,100 | 251,800 |
a
| 382,100 | 300,700 |
a
|
Average ore grades (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 | ||
Production (millions of recoverable pounds):
| ||||||
Copper
| 179 | 156 | 377 | 338 | ||
Molybdenum
| 4 | 4 | 9 | 8 | ||
100% Indonesia Mining | ||||||
Ore extracted and milled (metric tons per day):
| ||||||
Grasberg Block Cave underground mineb
| 64,400 | 27,200 | 58,100 | 23,100 | ||
Deep Mill Level Zone underground mineb
| 53,900 | 27,600 | 50,300 | 23,100 | ||
Deep Ore Zone 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 |
c
| |
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 | ||
Production (recoverable):
| ||||||
Copper (millions of pounds)
| 308 | 181 | 606 | 321 | ||
Gold (thousands of ounces)
| 303 | 189 | 597 | 341 | ||
100% Molybdenum Mines | ||||||
Ore milled (metric tons per day)
| 22,200 | 23,500 | 20,500 | 25,200 | ||
Average molybdenum ore grade (percent)
| 0.19 | 0.16 | 0.19 | 0.16 | ||
Molybdenum production (millions of recoverable pounds)
| 7 | 6 | 14 | 13 | ||
a. Cerro Verde mill operations were negatively impacted by COVID-19 restrictions. | ||||||
b. Includes ore from development activities that result in metal production. | ||||||
c. Represents ore from the Grasberg open-pit stockpiles. | ||||||
Freeport-McMoRan Inc. | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||||
Revenuesa
| $ | 5,748 | $ | 3,054 | $ | 10,598 | $ | 5,852 | ||
Cost of sales: | ||||||||||
Production and deliveryb
| 3,067 |
c
| 2,394 |
d,e
| 5,853 |
c
| 4,939 |
d,e
| ||
Depreciation, depletion and amortization | 483 | 358 |
d
| 902 | 699 |
d
| ||||
Metals inventory adjustments | - | (139) | 1 | 83 | ||||||
Total cost of sales | 3,550 | 2,613 | 6,756 | 5,721 | ||||||
Selling, general and administrative expenses | 87 | 91 |
e
| 187 | 201 |
e
| ||||
Mining exploration and research expenses | 14 | 18 |
e
| 21 | 34 |
e
| ||||
Environmental obligations and shutdown costs | 33 | 11 | 38 | 37 | ||||||
Net (gain) loss on sales of assets | (3) | - | (3) | 11 | ||||||
Total costs and expenses | 3,681 | 2,733 | 6,999 | 6,004 | ||||||
Operating income (loss) | 2,067 | 321 | 3,599 | (152) | ||||||
Interest expense, netb,f
| (148) | (115) | (293) | (242) | ||||||
Net loss on early extinguishment of debt | - | (9) | - | (41) | ||||||
Other income, netb
| 9 | 20 | 20 | 40 | ||||||
Income (loss) before income taxes and equity in affiliated companies' net earnings | 1,928 | 217 | 3,326 | (395) | ||||||
Provision for income taxesg
| (603) | (96) | (1,046) | (36) | ||||||
Equity in affiliated companies' net earnings | 6 | 3 | 4 | 6 | ||||||
Net income (loss) | 1,331 | 124 | 2,284 | (425) | ||||||
Net income attributable to noncontrolling interests | (248) | (71) | (483) | (13) | ||||||
Net income (loss) attributable to common stockholdersh
| $ | 1,083 | $ | 53 | $ | 1,801 | $ | (438) | ||
Diluted net income (loss) per share attributable to common stock | $ | 0.73 | $ | 0.03 | $ | 1.21 | $ | (0.30) | ||
Diluted weighted-average common shares outstanding | 1,483 | 1,458 | 1,480 | 1,453 | ||||||
Dividends declared per share of common stock | $ | 0.075 | $ | - | $ | 0.15 | $ | - | ||
Freeport-McMoRan Inc. | ||||
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||
June 30, | December 31, | |||
2021 | 2020 | |||
(In Millions) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents
| $ | 6,313 | $ | 3,657 |
Trade accounts receivable
| 1,100 | 892 | ||
Income and other tax receivables
| 578 | 520 | ||
Inventories:
| ||||
Materials and supplies, net
| 1,616 | 1,594 | ||
Mill and leach stockpiles
| 1,006 | 1,014 | ||
Product
| 1,596 | 1,285 | ||
Other current assets
| 390 | 341 | ||
Total current assets
| 12,599 | 9,303 | ||
Property, plant, equipment and mine development costs, net | 29,836 | 29,818 | ||
Long-term mill and leach stockpiles | 1,473 | 1,463 | ||
Other assets | 1,528 | 1,560 | ||
Total assets | $ | 45,436 | $ | 42,144 |
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities
| $ | 3,106 | $ | 2,708 |
Current portion of debt
| 1,057 | 34 | ||
Accrued income taxes
| 919 | 324 | ||
Current portion of environmental and asset retirement obligations
| 334 | 351 | ||
Dividends payable
| 111 | - | ||
Total current liabilities
| 5,527 | 3,417 | ||
Long-term debt, less current portion | 8,638 | 9,677 | ||
Deferred income taxes | 4,486 | 4,408 | ||
Environmental and asset retirement obligations, less current portion | 3,721 | 3,705 | ||
Other liabilities | 2,129 | 2,269 | ||
Total liabilities
| 24,501 | 23,476 | ||
Equity: | ||||
Stockholders' equity:
| ||||
Common stock
| 160 | 159 | ||
Capital in excess of par value
| 26,084 | 26,037 | ||
Accumulated deficit
| (9,880) | (11,681) | ||
Accumulated other comprehensive loss
| (576) | (583) | ||
Common stock held in treasury
| (3,777) | (3,758) | ||
Total stockholders' equity
| 12,011 | 10,174 | ||
Noncontrolling interestsa
| 8,924 | 8,494 | ||
Total equity
| 20,935 | 18,668 | ||
Total liabilities and equity | $ | 45,436 | $ | 42,144 |
Freeport-McMoRan Inc. | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||
Six Months Ended | ||||
June 30, | ||||
2021 | 2020 | |||
(In Millions) | ||||
Cash flow from operating activities: | ||||
Net income (loss) | $ | 2,284 | $ | (425) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization
| 902 | 699 | ||
Metals inventory adjustments
| 1 | 83 | ||
Net (gain) loss on sales of assets | (3) | 11 | ||
Stock-based compensation
| 56 | 43 | ||
Net charges for environmental and asset retirement obligations, including accretion
| 94 | 112 | ||
Payments for environmental and asset retirement obligations
| (110) | (119) | ||
Net charges for defined pension and postretirement plans
| 1 | 45 | ||
Pension plan contributions
| (42) | (29) | ||
Net loss on early extinguishment of debt
| - | 41 | ||
Deferred income taxes
| 79 | (28) | ||
Charges for Cerro Verde royalty dispute
| 9 | 15 | ||
Payments for Cerro Verde royalty dispute
| (65) | (90) | ||
Other, net
| 77 | (46) | ||
Changes in working capital and other:
| ||||
Accounts receivable
| (279) | 83 | ||
Inventories
| (299) | 168 | ||
Other current assets
| (12) | (4) | ||
Accounts payable and accrued liabilities
| 272 | (73) | ||
Accrued income taxes and timing of other tax payments
| 505 | (33) | ||
Net cash provided by operating activities | 3,470 | 453 | ||
Cash flow from investing activities: | ||||
Capital expenditures:
| ||||
North America copper mines
| (95) | (332) | ||
South America
| (47) | (125) | ||
Indonesia
| (624) | (634) | ||
Molybdenum mines
| (3) | (11) | ||
Other
| (34) | (35) | ||
Proceeds from sales of assets | 16 | 116 |
a
| |
Acquisition of minority interest in PT Smelting | (33) | - | ||
Other, net
| (13) | (5) | ||
Net cash used in investing activities
| (833) | (1,026) | ||
Cash flow from financing activities: | ||||
Proceeds from debt
| 160 | 1,585 | ||
Repayments of debt
| (179) | (1,527) | ||
Cash dividends and distributions paid:
| ||||
Common stock | (111) | (73) | ||
Noncontrolling interests
| (93) | - | ||
Contributions from noncontrolling interests
| 88 | 74 | ||
Proceeds from exercised stock options | 184 | 1 | ||
Payments for withholding of employee taxes related to stock-based awards | (19) | (5) | ||
Debt financing costs and other, net
| (1) | (31) | ||
Net cash provided by financing activities | 29 | 24 | ||
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 2,666 | (549) | ||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
| 3,903 | 2,278 | ||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of periodb
| $ | 6,569 | $ | 1,729 |
Three Months Ended June 30,
| ||||||||||||||||
2021 | 2020 | |||||||||||||||
Pre-tax |
After-taxa
| Per Share | Pre-tax |
After-taxa
| Per Share | |||||||||||
Net income attributable to common stock | N/A | $ | 1,083 | $ | 0.73 | N/A | $ | 53 | $ | 0.03 | ||||||
Cerro Verde labor agreement | $ | (69) | $ | (22) | $ | (0.01) | $ | - | $ | - | $ | - | ||||
PT-FI charges | (32) |
b
| (28) | (0.02) | - | - | - | |||||||||
Metals inventory adjustments
| - | - | - | 139 | 101 | 0.07 | ||||||||||
COVID-19 related costs | - | - | - | (114) |
c
| (71) | (0.05) | |||||||||
Employee separation program | - | - | - | (82) |
d
| (73) | (0.05) | |||||||||
Other net credits | 10 |
e
| 10 | 0.01 | 16 |
f
| 10 | 0.01 | ||||||||
Net adjustments to environmental obligations and related litigation reserves
| (20) | (20) | (0.01) | (1) | (1) | - | ||||||||||
Net gain on sales of assets | 3 | 3 | - | - | - | - | ||||||||||
Net loss on early extinguishment of debt
| - | - | - | (9) | (9) | (0.01) | ||||||||||
Net tax creditsg
| N/A | - | - | N/A | 53 | 0.04 | ||||||||||
$ | (107) |
h
| $ | (56) |
h
| $ | (0.04) |
h
| $ | (52) |
h
| $ | 9 |
h
| $ | 0.01 |
Adjusted net income attributable to common stock | N/A | $ | 1,139 | $ | 0.77 | N/A | $ | 44 | $ | 0.03 |
h
|
Six Months Ended June 30,
| ||||||||||||||
2021 | 2020 | |||||||||||||
Pre-tax |
After-taxa
| Per Share | Pre-tax |
After-taxa
| Per Share | |||||||||
Net income (loss) attributable to common stock | N/A | $ | 1,801 | $ | 1.21 | N/A | $ | (438) | $ | (0.30) | ||||
Cerro Verde labor agreement | $ | (69) | $ | (22) | $ | (0.01) | $ | - | $ | - | $ | - | ||
PT-FI charges | (54) |
b
| (48) | (0.03) | - | - | - | |||||||
Metals inventory adjustments
| (1) | (1) | - | (83) | (81) | (0.06) | ||||||||
COVID-19 related costs | - | - | - | (142) |
c
| (80) | (0.06) | |||||||
Employee separation program | - | - | - | (82) |
d
| (73) | (0.05) | |||||||
Other net (charges) credits | (13) |
e
| (10) | (0.01) | - | 2 | - | |||||||
Net adjustments to environmental obligations and related litigation reserves
| (17) | (17) | (0.01) | (15) | (15) | (0.01) | ||||||||
Net gain (loss) on sales of assets | 3 | 3 | - | (11) | (11) | (0.01) | ||||||||
Net loss on early extinguishment of debt
| - | - | - | (41) | (41) | (0.03) | ||||||||
Net tax creditsg
| N/A | - | - | N/A | 52 | 0.04 | ||||||||
$ | (151) | $ | (94) |
h
| $ | (0.06) | $ | (375) |
h
| $ | (247) | $ | (0.17) |
h
|
Adjusted net income (loss) attributable to common stock | N/A | $ | 1,895 | $ | 1.28 |
h
| N/A | $ | (191) | $ | (0.13) |
Three 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
| $ | 558 | 1% | $ | (3) |
c
| $ | (130) | 42% | $ | 54 |
d
|
South America | 430 | 38% | (162) | 145 | 31% | (45) | ||||||
Indonesia | 1,002 | 40% | (404) | 188 | 42% | (79) | ||||||
Eliminations and other | (62) | N/A | 1 | 14 | N/A | (5) | ||||||
Rate adjustmente
| - | N/A | (35) | - | N/A | (21) | ||||||
Continuing operations | $ | 1,928 | 31% |
f
| $ | (603) | $ | 217 | 44% |
f,h
| $ | (96) |
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) |
g
| |||||
Eliminations and other | (99) | N/A | 5 | 74 | N/A | (16) | ||||||
Rate adjustmente
| - | N/A | 27 | - | N/A | (20) | ||||||
Continuing operations | $ | 3,326 | 31% |
f
| $ | (1,046) | $ | (395) | (9)% |
f,h
| $ | (36) |
As of June 30, 2021 | As of December 31, 2020 | |||
Current portion of debt | $ | 1,057 | $ | 34 |
Long-term debt, less current portion | 8,638 | 9,677 | ||
Consolidated debt | 9,695 | 9,711 | ||
Less: consolidated cash and cash equivalents | 6,313 | 3,657 | ||
Net debt | $ | 3,382 | $ | 6,054 |
Three Months Ended June 30, | ||||||||||||
2021 | 2020 | |||||||||||
Prior
Perioda
|
Current
Periodb
| Total |
Prior
Perioda
|
Current
Periodb
| Total | |||||||
Revenues
| $ | 173 | $ | (55) | $ | 118 | $ | 55 | $ | 107 | $ | 162 |
Net income attributable to common stock | $ | 66 | $ | (25) | $ | 41 | $ | 19 | $ | 43 | $ | 62 |
Net income per share of common stock | $ | 0.05 | $ | (0.02) | $ | 0.03 | $ | 0.01 | $ | 0.03 | $ | 0.04 |
Six Months Ended June 30, | ||||||||||||
2021 | 2020 | |||||||||||
Prior
Perioda
|
Current
Periodb
| Total |
Prior
Perioda
|
Current
Periodb
| Total | |||||||
Revenues
| $ | 169 | $ | 156 | $ | 325 | $ | (102) | $ | 26 | $ | (76) |
Net income attributable to common stock | $ | 65 | $ | 55 | $ | 120 | $ | (43) | $ | 6 | $ | (37) |
Net income per share of common stock | $ | 0.04 | $ | 0.04 | $ | 0.08 | $ | (0.03) | $ | - | $ | (0.03) |
(In millions) | ||||||||||||||||||||||||||
Atlantic | Corporate, | |||||||||||||||||||||||||
North America Copper Mines | South America Mining | Copper | Other | |||||||||||||||||||||||
Cerro | Indonesia | Molybdenum | Rod & | Smelting | & Elimi- | FCX | ||||||||||||||||||||
Morenci | Other | Total | Verde | Other | Total | Mining | Mines | Refining | & Refining | nations | Total | |||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 57 | $ | 55 | $ | 112 | $ | 825 | $ | 188 | $ | 1,013 | $ | 1,753 |
a
| $ | - | $ | 1,689 | $ | 794 | $ | 387 |
b
| $ | 5,748 |
Intersegment | 721 | 1,021 | 1,742 | 120 | - | 120 | 56 | 89 | 6 | - | (2,013) | - | ||||||||||||||
Production and delivery | 351 | 574 | 925 | 494 |
c
| 106 | 600 | 528 | 56 | 1,691 | 775 | (1,508) |
d
| 3,067 | ||||||||||||
Depreciation, depletion and amortization | 40 | 61 | 101 | 82 | 12 | 94 | 247 | 17 | 1 | 8 | 15 | 483 | ||||||||||||||
Selling, general and administrative expenses | 1 | - | 1 | 2 | - | 2 | 27 | - | - | 5 | 52 | 87 | ||||||||||||||
Mining exploration and research expenses | - | - | - | - | - | - | - | - | - | - | 14 | 14 | ||||||||||||||
Environmental obligations and shutdown costs | 1 | - | 1 | - | - | - | - | - | - | - | 32 | 33 | ||||||||||||||
Net gain on sales of assets | - | - | - | - | - | - | - | - | - | - | (3) | (3) | ||||||||||||||
Operating income (loss) | 385 | 441 | 826 | 367 | 70 | 437 | 1,007 | 16 | 3 | 6 | (228) | 2,067 | ||||||||||||||
Interest expense, net | - | - | - | 12 | - | 12 | 6 | - | - | 2 | 128 | 148 | ||||||||||||||
Provision for income taxes | - | - | - | 145 | 17 | 162 | 404 | - | - | - | 37 | 603 | ||||||||||||||
Total assets at June 30, 2021 | 2,635 | 5,288 | 7,923 | 8,795 | 1,795 | 10,590 | 18,461 | 1,740 | 271 | 1,117 | 5,334 | 45,436 | ||||||||||||||
Capital expenditures | 22 | 47 | 69 | 23 | 3 | 26 | 314 | 2 | - | 7 | 15 | 433 | ||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 20 | $ | 16 | $ | 36 | $ | 471 | $ | 106 | $ | 577 | $ | 683 |
a
| $ | - | $ | 1,106 | $ | 464 | $ | 188 |
b
| $ | 3,054 |
Intersegment | 447 | 505 | 952 |
e
| 52 | - | 52 | 35 | 58 | 8 | 2 | (1,107) | - | |||||||||||||
Production and delivery | 348 | 439 | 787 | 334 | 104 | 438 | 378 | 61 | 1,138 | 446 | (854) | 2,394 | ||||||||||||||
Depreciation, depletion and amortization | 43 | 46 | 89 | 88 | 14 | 102 | 124 | 15 | 6 | 7 | 15 | 358 | ||||||||||||||
Metals inventory adjustments | - | (89) | (89) | - | (57) | (57) | - | 1 | 1 | - | 5 | (139) | ||||||||||||||
Selling, general and administrative expenses | - | 1 | 1 | 1 | - | 1 | 28 | - | - | 5 | 56 | 91 | ||||||||||||||
Mining exploration and research expenses | - | 1 | 1 | - | - | - | - | - | - | - | 17 | 18 | ||||||||||||||
Environmental obligations and shutdown costs | - | - | - | - | - | - | - | - | - | - | 11 | 11 | ||||||||||||||
Operating income (loss) | 76 | 123 | 199 | 100 | 45 | 145 | 188 | (19) | (31) | 8 | (169) | 321 | ||||||||||||||
Interest expense, net | 1 | - | 1 | 20 | - | 20 | 1 | - | - | 1 | 92 | 115 | ||||||||||||||
Provision for (benefit from) income taxes | - | - | - | 29 | 16 | 45 | 78 | - | - | 1 | (28) | 96 | ||||||||||||||
Total assets at June 30, 2020 | 2,697 | 5,198 | 7,895 | 8,515 | 1,631 | 10,146 | 16,848 | 1,777 | 259 | 726 | 2,579 | 40,230 | ||||||||||||||
Capital expenditures | 27 | 121 | 148 | 31 | 20 | 51 | 308 | 4 | 2 | 5 | 9 | 527 |
(In millions) | ||||||||||||||||||||||||||
Atlantic | Corporate, | |||||||||||||||||||||||||
North America Copper Mines | South America Mining | Copper | Other | |||||||||||||||||||||||
Cerro | Indonesia | Molybdenum | Rod & | Smelting | & Elimi- | FCX | ||||||||||||||||||||
Morenci | Other | Total | Verde | Other | Total | Mining | Mines | Refining | & Refining | nations | Total | |||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 61 | $ | 83 | $ | 144 | $ | 1,742 | $ | 363 | $ | 2,105 | $ | 3,136 |
a
| $ | - | $ | 2,998 | $ | 1,481 | $ | 734 |
b
| $ | 10,598 |
Intersegment | 1,285 | 1,763 | 3,048 | 165 | - | 165 | 108 | 159 | 13 | - | (3,493) | - | ||||||||||||||
Production and delivery | 620 | 1,054 | 1,674 | 930 |
c
| 209 | 1,139 | 983 | 113 | 3,007 | 1,448 | (2,511) |
d
| 5,853 | ||||||||||||
Depreciation, depletion and amortization | 74 | 107 | 181 | 171 | 24 | 195 | 446 | 32 | 2 | 15 | 31 | 902 | ||||||||||||||
Metals inventory adjustments | - | - | - | - | - | - | - | 1 | - | - | - | 1 | ||||||||||||||
Selling, general and administrative expenses | 1 | 1 | 2 | 4 | - | 4 | 53 | - | - | 12 | 116 | 187 | ||||||||||||||
Mining exploration and research expenses | - | - | - | - | - | - | - | - | - | - | 21 | 21 | ||||||||||||||
Environmental obligations and shutdown costs | 1 | - | 1 | - | - | - | - | - | - | - | 37 | 38 | ||||||||||||||
Net gain on sales of assets | - | - | - | - | - | - | - | - | - | - | (3) | (3) | ||||||||||||||
Operating income (loss) | 650 | 684 | 1,334 | 802 | 130 | 932 | 1,762 | 13 | 2 | 6 | (450) | 3,599 | ||||||||||||||
Interest expense, net | - | - | - | 25 | - | 25 | 7 | - | - | 3 | 258 | 293 | ||||||||||||||
Provision for (benefit from) income taxes | - | - | - | 318 | 38 | 356 | 719 | - | - | - | (29) | 1,046 | ||||||||||||||
Capital expenditures | 32 | 63 | 95 | 43 | 4 | 47 | 624 | 3 | 1 | 13 | 20 | 803 | ||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 22 | $ | 23 | $ | 45 | $ | 847 | $ | 204 | $ | 1,051 | $ | 1,128 |
a
| $ | - | $ | 2,221 | $ | 893 | $ | 514 |
b
| $ | 5,852 |
Intersegment | 889 | 1,039 | 1,928 |
e
| 90 | - | 90 | 35 | 129 | 16 | 13 | (2,211) | - | |||||||||||||
Production and delivery | 697 | 950 | 1,647 | 758 | 214 | 972 | 721 | 127 | 2,257 | 857 | (1,642) | 4,939 | ||||||||||||||
Depreciation, depletion and amortization | 87 | 94 | 181 | 181 | 29 | 210 | 225 | 31 | 8 | 14 | 30 | 699 | ||||||||||||||
Metals inventory adjustments | 4 | 52 | 56 | - | 3 | 3 | - | 5 | 1 | - | 18 | 83 | ||||||||||||||
Selling, general and administrative expenses | 1 | 1 | 2 | 3 | - | 3 | 56 | - | - | 10 | 130 | 201 | ||||||||||||||
Mining exploration and research expenses | - | 2 | 2 | - | - | - | - | - | - | - | 32 | 34 | ||||||||||||||
Environmental obligations and shutdown costs | - | - | - | - | - | - | - | - | 1 | - | 36 | 37 | ||||||||||||||
Net loss on sales of assets | - | - | - | - | - | - | - | - | - | - | 11 | 11 | ||||||||||||||
Operating income (loss) | 122 | (37) | 85 | (5) | (42) | (47) | 161 | (34) | (30) | 25 | (312) | (152) | ||||||||||||||
Interest expense, net | 2 | - | 2 | 48 | - | 48 | 2 | - | - | 4 | 186 | 242 | ||||||||||||||
(Benefit from) provision for income taxes | - | - | - | (23) | (10) | (33) | 90 | - | - | 1 | (22) | 36 | ||||||||||||||
Capital expenditures | 71 | 261 | 332 | 90 | 35 | 125 | 634 | 11 | 4 | 11 | 20 | 1,137 |
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended June 30, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 1,717 | $ | 1,717 | $ | 97 | $ | 32 | $ | 1,846 |
Site production and delivery, before net noncash and other costs shown below | 833 | 789 | 56 | 18 | 863 | |||||
By-product credits | (99) | - | - | - | - | |||||
Treatment charges | 31 | 29 | - | 2 | 31 | |||||
Net cash costs | 765 | 818 | 56 | 20 | 894 | |||||
Depreciation, depletion and amortization (DD&A) | 102 | 95 | 5 | 2 | 102 | |||||
Noncash and other costs, net | 31 | 30 | 1 | - | 31 | |||||
Total costs | 898 | 943 | 62 | 22 | 1,027 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 8 | 8 | - | - | 8 | |||||
Gross profit | $ | 827 | $ | 782 | $ | 35 | $ | 10 | $ | 827 |
Copper sales (millions of recoverable pounds) | 389 | 389 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 9 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 4.42 | $ | 4.42 | $ | 11.75 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.14 | 2.03 | 6.86 | |||||||
By-product credits | (0.25) | - | - | |||||||
Treatment charges | 0.08 | 0.07 | - | |||||||
Unit net cash costs | 1.97 | 2.10 | 6.86 | |||||||
DD&A | 0.26 | 0.25 | 0.55 | |||||||
Noncash and other costs, net | 0.08 | 0.08 | 0.06 | |||||||
Total unit costs | 2.31 | 2.43 | 7.47 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.02 | 0.02 | - | |||||||
Gross profit per pound | $ | 2.13 | $ | 2.01 | $ | 4.28 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,846 | $ | 863 | $ | 102 | ||||
Treatment charges | (12) | 19 | - | |||||||
Noncash and other costs, net | - | 31 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 8 | - | - | |||||||
Eliminations and other | 12 | 12 | (1) | |||||||
North America copper mines | 1,854 | 925 | 101 | |||||||
Other miningc
| 5,520 | 3,650 | 367 | |||||||
Corporate, other & eliminations | (1,626) | (1,508) | 15 | |||||||
As reported in FCX's consolidated financial statements | $ | 5,748 | $ | 3,067 | $ | 483 | ||||
Freeport-McMoRan Inc. | |||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | |||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | |||||||||||
Three Months Ended June 30, 2020 | |||||||||||
(In millions) | By-Product | Co-Product Method | |||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | |||||||
Revenues, excluding adjustments | $ | 888 |
c
| $ | 888 | $ | 71 | $ | 18 | $ | 977 |
Site production and delivery, before net noncash and other costs shown below | 678 | 636 | 57 | 10 | 703 | ||||||
By-product credits | (64) | - | - | - | - | ||||||
Treatment charges | 37 | 36 | - | 1 | 37 | ||||||
Net cash costs
| 651 | 672 | 57 | 11 | 740 | ||||||
DD&A | 88 | 82 | 5 | 1 | 88 | ||||||
Metals inventory adjustments | (89) | (89) | - | - | (89) | ||||||
Noncash and other costs, net | 36 |
d
| 34 | 1 | 1 | 36 | |||||
Total costs
| 686 | 699 | 63 | 13 | 775 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 6 | 6 | - | - | 6 | ||||||
Gross profit | $ | 208 | $ | 195 | $ | 8 | $ | 5 | $ | 208 | |
Copper sales (millions of recoverable pounds) | 368 | 368 | |||||||||
Molybdenum sales (millions of recoverable pounds)a
| 9 | ||||||||||
Gross profit per pound of copper/molybdenum: | |||||||||||
Revenues, excluding adjustments | $ | 2.42 |
c
| $ | 2.42 | $ | 8.33 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.85 | 1.73 | 6.76 | ||||||||
By-product credits | (0.17) | - | - | ||||||||
Treatment charges | 0.10 | 0.10 | - | ||||||||
Unit net cash costs
| 1.78 | 1.83 | 6.76 | ||||||||
DD&A | 0.24 | 0.22 | 0.55 | ||||||||
Metals inventory adjustments | (0.24) | (0.24) | - | ||||||||
Noncash and other costs, net | 0.09 |
d
| 0.09 | 0.08 | |||||||
Total unit costs
| 1.87 | 1.90 | 7.39 | ||||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.02 | 0.02 | - | ||||||||
Gross profit per pound | $ | 0.57 | $ | 0.54 | $ | 0.94 | |||||
Reconciliation to Amounts Reported | |||||||||||
Metals | |||||||||||
Production | Inventory | ||||||||||
Revenues | and Delivery | DD&A | Adjustments | ||||||||
Totals presented above | $ | 977 | $ | 703 | $ | 88 | $ | (89) | |||
Treatment charges | (2) | 35 | - | - | |||||||
Noncash and other costs, net | - | 36 | - | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 6 | - | - | - | |||||||
Eliminations and other | 7 | 13 | 1 | - | |||||||
North America copper mines | 988 | 787 | 89 | (89) | |||||||
Other mininge
| 2,985 | 2,461 | 254 | (55) | |||||||
Corporate, other & eliminations | (919) | (854) | 15 | 5 | |||||||
As reported in FCX's consolidated financial statements | $ | 3,054 | $ | 2,394 | $ | 358 | $ | (139) | |||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Six months ended June 30, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 2,919 | $ | 2,919 | 185 | 67 | 3,171 | |||
Site production and delivery, before net noncash and other costs shown below | 1,459 | 1,369 | 113 | 40 | 1,522 | |||||
By-product credits | (189) | - | - | - | - | |||||
Treatment charges | 63 | 60 | - | 3 | 63 | |||||
Net cash costs | 1,333 | 1,429 | 113 | 43 | 1,585 | |||||
DD&A | 181 | 169 | 8 | 4 | 181 | |||||
Noncash and other costs, net | 73 | 71 | 1 | 1 | 73 | |||||
Total costs | 1,587 | 1,669 | 122 | 48 | 1,839 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 7 | 7 | - | - | 7 | |||||
Gross profit | $ | 1,339 | $ | 1,257 | $ | 63 | $ | 19 | $ | 1,339 |
Copper sales (millions of recoverable pounds) | 697 | 697 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 17 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 4.19 | $ | 4.19 | $ | 11.12 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.09 | 1.96 | 6.76 | |||||||
By-product credits | (0.27) | - | - | |||||||
Treatment charges | 0.09 | 0.09 | - | |||||||
Unit net cash costs | 1.91 | 2.05 | 6.76 | |||||||
DD&A | 0.26 | 0.24 | 0.51 | |||||||
Noncash and other costs, net | 0.11 | 0.11 | 0.06 | |||||||
Total unit costs | 2.28 | 2.40 | 7.33 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.01 | 0.01 | - | |||||||
Gross profit per pound | $ | 1.92 | $ | 1.80 | $ | 3.79 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 3,171 | $ | 1,522 | $ | 181 | ||||
Treatment charges | (17) | 46 | - | |||||||
Noncash and other costs, net | - | 73 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 7 | - | - | |||||||
Eliminations and other | 31 | 33 | - | |||||||
North America copper mines | 3,192 | 1,674 | 181 | |||||||
Other miningc
| 10,165 | 6,690 | 690 | |||||||
Corporate, other & eliminations | (2,759) | (2,511) | 31 | |||||||
As reported in FCX's consolidated financial statements | $ | 10,598 | $ | 5,853 | $ | 902 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Six months ended June 30, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 1,799 |
c
| $ | 1,799 | 147 | 44 | 1,990 | ||
Site production and delivery, before net noncash and other costs shown below | 1,439 | 1,333 | 128 | 28 | 1,489 | |||||
By-product credits | (141) | - | - | - | - | |||||
Treatment charges | 76 | 73 | - | 3 | 76 | |||||
Net cash costs | 1,374 | 1,406 | 128 | 31 | 1,565 | |||||
DD&A | 180 | 166 | 10 | 4 | 180 | |||||
Metals inventory adjustments | 56 | 54 | - | 2 | 56 | |||||
Noncash and other costs, net | 69 |
d
| 65 | 2 | 2 | 69 | ||||
Total costs | 1,679 | 1,691 | 140 | 39 | 1,870 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (22) | (22) | - | - | (22) | |||||
Gross profit | $ | 98 | $ | 86 | $ | 7 | $ | 5 | $ | 98 |
Copper sales (millions of recoverable pounds) | 722 | 722 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 17 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 2.50 |
c
| $ | 2.50 | $ | 8.99 | |||
Site production and delivery, before net noncash and other costs shown below | 2.00 | 1.85 | 7.81 | |||||||
By-product credits | (0.19) | - | - | |||||||
Treatment charges | 0.10 | 0.10 | - | |||||||
Unit net cash costs | 1.91 | 1.95 | 7.81 | |||||||
DD&A | 0.25 | 0.23 | 0.64 | |||||||
Metals inventory adjustments | 0.08 | 0.07 | - | |||||||
Noncash and other costs, net | 0.09 |
d
| 0.09 | 0.15 | ||||||
Total unit costs | 2.33 | 2.34 | 8.60 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.03) | (0.03) | - | |||||||
Gross profit per pound | $ | 0.14 | $ | 0.13 | $ | 0.39 | ||||
Reconciliation to Amounts Reported | ||||||||||
Metals | ||||||||||
Production | Inventory | |||||||||
Revenues | and Delivery | DD&A | Adjustments | |||||||
Totals presented above | $ | 1,990 | $ | 1,489 | $ | 180 | $ | 56 | ||
Treatment charges | (10) | 66 | - | - | ||||||
Noncash and other costs, net | - | 69 | - | - | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (22) | - | - | - | ||||||
Eliminations and other | 15 | 23 | 1 | - | ||||||
North America copper mines | 1,973 | 1,647 | 181 | 56 | ||||||
Other mininge
| 5,576 | 4,934 | 488 | 9 | ||||||
Corporate, other & eliminations | (1,697) | (1,642) | 30 | 18 | ||||||
As reported in FCX's consolidated financial statements | $ | 5,852 | $ | 4,939 | $ | 699 | $ | 83 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended June 30, 2021 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 995 | $ | 995 | $ | 82 | $ | 1,077 |
Site production and delivery, before net noncash and other costs shown below | 573 |
b
| 531 | 52 | 583 | |||
By-product credits | (72) | - | - | - | ||||
Treatment charges | 29 | 29 | - | 29 | ||||
Royalty on metals | 2 | 2 | - | 2 | ||||
Net cash costs | 532 | 562 | 52 | 614 | ||||
DD&A | 94 | 86 | 8 | 94 | ||||
Noncash and other costs, net | 18 | 17 | 1 | 18 | ||||
Total costs | 644 | 665 | 61 | 726 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 88 | 88 | - | 88 | ||||
Gross profit | $ | 439 | $ | 418 | $ | 21 | $ | 439 |
Copper sales (millions of recoverable pounds) | 230 | 230 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 4.31 | $ | 4.31 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.48 |
b
| 2.30 | |||||
By-product credits | (0.31) | - | ||||||
Treatment charges | 0.13 | 0.13 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.31 | 2.44 | ||||||
DD&A | 0.40 | 0.37 | ||||||
Noncash and other costs, net | 0.08 | 0.07 | ||||||
Total unit costs | 2.79 | 2.88 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.38 | 0.38 | ||||||
Gross profit per pound | $ | 1.90 | $ | 1.81 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 1,077 | $ | 583 | $ | 94 | ||
Treatment charges | (29) | - | - | |||||
Royalty on metals | (2) | - | - | |||||
Noncash and other costs, net | - | 18 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 88 | - | - | |||||
Eliminations and other | (1) | (1) | - | |||||
South America mining | 1,133 | 600 | 94 | |||||
Other miningc
| 6,241 | 3,975 | 374 | |||||
Corporate, other & eliminations | (1,626) | (1,508) | 15 | |||||
As reported in FCX's consolidated financial statements | $ | 5,748 | $ | 3,067 | $ | 483 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended June 30, 2020 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 586 | $ | 586 | $ | 32 | $ | 618 |
Site production and delivery, before net noncash and other costs shown below | 360 | 343 | 24 | 367 | ||||
By-product credits | (25) | - | - | - | ||||
Treatment charges | 32 | 32 | - | 32 | ||||
Royalty on metals | 1 | 1 | - | 1 | ||||
Net cash costs | 368 | 376 | 24 | 400 | ||||
DD&A | 103 | 98 | 5 | 103 | ||||
Metals inventory adjustments | (57) | (57) | - | (57) | ||||
Noncash and other costs, net | 71 |
b
| 67 | 4 | 71 | |||
Total costs | 485 | 484 | 33 | 517 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 44 | 44 | - | 44 | ||||
Gross profit (loss) | $ | 145 | $ | 146 | $ | (1) | $ | 145 |
Copper sales (millions of recoverable pounds) | 219 | 219 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 2.67 | $ | 2.67 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.64 | 1.57 | ||||||
By-product credits | (0.11) | - | ||||||
Treatment charges | 0.15 | 0.15 | ||||||
Royalty on metals | - | - | ||||||
Unit net cash costs | 1.68 | 1.72 | ||||||
DD&A | 0.47 | 0.44 | ||||||
Metals inventory adjustments | (0.26) | (0.26) | ||||||
Noncash and other costs, net | 0.32 |
b
| 0.30 | |||||
Total unit costs | 2.21 | 2.20 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.20 | 0.20 | ||||||
Gross profit per pound | $ | 0.66 | $ | 0.67 | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Revenues | and Delivery | DD&A | Adjustments | |||||
Totals presented above | $ | 618 | $ | 367 | $ | 103 | $ | (57) |
Treatment charges | (32) | - | - | - | ||||
Royalty on metals | (1) | - | - | - | ||||
Noncash and other costs, net | - | 71 | - | - | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 44 | - | - | - | ||||
Eliminations and other | - | - | (1) | - | ||||
South America mining | 629 | 438 | 102 | (57) | ||||
Other miningc
| 3,344 | 2,810 | 241 | (87) | ||||
Corporate, other & eliminations | (919) | (854) | 15 | 5 | ||||
As reported in FCX's consolidated financial statements | $ | 3,054 | $ | 2,394 | $ | 358 | $ | (139) |
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Six months ended June 30, 2021 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 2,093 | $ | 2,093 | $ | 147 | $ | 2,240 |
Site production and delivery, before net noncash and other costs shown below | 1,092 |
b
| 1,022 | 91 | 1,113 | |||
By-product credits | (126) | - | - | - | ||||
Treatment charges | 64 | 64 | - | 64 | ||||
Royalty on metals | 4 | 4 | - | 4 | ||||
Net cash costs | 1,034 | 1,090 | 91 | 1,181 | ||||
DD&A | 195 | 181 | 14 | 195 | ||||
Noncash and other costs, net | 28 | 26 | 2 | 28 | ||||
Total costs | 1,257 | 1,297 | 107 | 1,404 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 99 | 99 | - | 99 | ||||
Gross profit | $ | 935 | $ | 895 | $ | 40 | $ | 935 |
Copper sales (millions of recoverable pounds) | 489 | 489 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 4.28 | $ | 4.28 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.23 |
b
| 2.09 | |||||
By-product credits | (0.26) | - | ||||||
Treatment charges | 0.13 | 0.13 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.11 | 2.23 | ||||||
DD&A | 0.40 | 0.37 | ||||||
Noncash and other costs, net | 0.06 | 0.05 | ||||||
Total unit costs | 2.57 | 2.65 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.20 | 0.20 | ||||||
Gross profit per pound | $ | 1.91 | $ | 1.83 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 2,240 | $ | 1,113 | $ | 195 | ||
Treatment charges | (64) | - | - | |||||
Royalty on metals | (4) | - | - | |||||
Noncash and other costs, net | - | 28 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 99 | - | - | |||||
Eliminations and other | (1) | (2) | - | |||||
South America mining | 2,270 | 1,139 | 195 | |||||
Other miningc
| 11,087 | 7,225 | 676 | |||||
Corporate, other & eliminations | (2,759) | (2,511) | 31 | |||||
As reported in FCX's consolidated financial statements | $ | 10,598 | $ | 5,853 | $ | 902 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Six months ended June 30, 2020 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 1,199 | $ | 1,199 | $ | 86 | $ | 1,285 |
Site production and delivery, before net noncash and other costs shown below | 853 | 800 | 73 | 873 | ||||
By-product credits | (66) | - | - | - | ||||
Treatment charges | 72 | 72 | - | 72 | ||||
Royalty on metals | 2 | 2 | - | 2 | ||||
Net cash costs | 861 | 874 | 73 | 947 | ||||
DD&A | 210 | 195 | 15 | 210 | ||||
Metals inventory adjustments | 3 | 3 | - | 3 | ||||
Noncash and other costs, net | 100 |
b
| 95 | 5 | 100 | |||
Total costs | 1,174 | 1,167 | 93 | 1,260 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | (70) | (70) | - | (70) | ||||
Gross loss | $ | (45) | $ | (38) | $ | (7) | $ | (45) |
Copper sales (millions of recoverable pounds) | 466 | 466 | ||||||
Gross loss per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 2.57 | $ | 2.57 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.84 | 1.72 | ||||||
By-product credits | (0.14) | - | ||||||
Treatment charges | 0.15 | 0.15 | ||||||
Royalty on metals | - | - | ||||||
Unit net cash costs | 1.85 | 1.87 | ||||||
DD&A | 0.45 | 0.42 | ||||||
Metals inventory adjustments | 0.01 | 0.01 | ||||||
Noncash and other costs, net | 0.21 |
b
| 0.20 | |||||
Total unit costs | 2.52 | 2.50 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.15) | (0.15) | ||||||
Gross loss per pound | $ | (0.10) | $ | (0.08) | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Revenues | and Delivery | DD&A | Adjustments | |||||
Totals presented above | $ | 1,285 | $ | 873 | $ | 210 | $ | 3 |
Treatment charges | (72) | - | - | - | ||||
Royalty on metals | (2) | - | - | - | ||||
Noncash and other costs, net | - | 100 | - | - | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | (70) | - | - | - | ||||
Eliminations and other | - | (1) | - | - | ||||
South America mining | 1,141 | 972 | 210 | 3 | ||||
Other miningc
| 6,408 | 5,609 | 459 | 62 | ||||
Corporate, other & eliminations | (1,697) | (1,642) | 30 | 18 | ||||
As reported in FCX's consolidated financial statements | $ | 5,852 | $ | 4,939 | $ | 699 | $ | 83 |
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended June 30, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 1,323 | $ | 1,323 | $ | 543 | $ | 37 | $ | 1,903 |
Site production and delivery, before net noncash and other credits shown below | 476 | 331 | 136 | 9 | 476 | |||||
Gold and silver credits | (597) | - | - | - | - | |||||
Treatment charges | 74 | 52 | 21 | 2 | 75 | |||||
Export duties | 44 | 30 | 13 | 1 | 44 | |||||
Royalty on metals | 80 | 59 | 20 | 1 | 80 | |||||
Net cash costs | 77 | 472 | 190 | 13 | 675 | |||||
DD&A | 247 | 172 | 70 | 5 | 247 | |||||
Noncash and other costs, net | 11 | 8 | 3 | - | 11 | |||||
Total costs | 335 | 652 | 263 | 18 | 933 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 87 | 87 | 16 | 2 | 105 | |||||
PT Smelting intercompany loss | (41) | (28) | (12) | (1) | (41) | |||||
Gross profit | $ | 1,034 | $ | 730 | $ | 284 | $ | 20 | $ | 1,034 |
Copper sales (millions of recoverable pounds) | 310 | 310 | ||||||||
Gold sales (thousands of recoverable ounces) | 302 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 4.27 | $ | 4.27 | $ | 1,795 | ||||
Site production and delivery, before net noncash and other credits shown below | 1.54 | 1.07 | 449 | |||||||
Gold and silver credits | (1.93) | - | - | |||||||
Treatment charges | 0.24 | 0.16 | 70 | |||||||
Export duties | 0.14 | 0.10 | 42 | |||||||
Royalty on metals | 0.26 | 0.19 | 66 | |||||||
Unit net cash costs | 0.25 | 1.52 | 627 | |||||||
DD&A | 0.79 | 0.55 | 232 | |||||||
Noncash and other costs, net | 0.04 | 0.03 | 11 | |||||||
Total unit costs | 1.08 | 2.10 | 870 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.28 | 0.28 | 53 | |||||||
PT Smelting intercompany loss | (0.13) | (0.09) | (39) | |||||||
Gross profit per pound/ounce | $ | 3.34 | $ | 2.36 | $ | 939 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,903 | $ | 476 | $ | 247 | ||||
Treatment charges | (75) | - | - | |||||||
Export duties | (44) | - | - | |||||||
Royalty on metals | (80) | - | - | |||||||
Noncash and other costs, net | - | 11 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 105 | - | - | |||||||
PT Smelting intercompany loss | - | 41 | - | |||||||
Indonesia mining | 1,809 | 528 | 247 | |||||||
Other miningb
| 5,565 | 4,047 | 221 | |||||||
Corporate, other & eliminations | (1,626) | (1,508) | 15 | |||||||
As reported in FCX's consolidated financial statements | $ | 5,748 | $ | 3,067 | $ | 483 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended June 30, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 458 | $ | 458 | $ | 315 | $ | 13 | $ | 786 |
Site production and delivery, before net noncash and other costs shown below | 345 | 201 | 138 | 6 | 345 | |||||
Gold and silver credits | (336) | - | - | - | - | |||||
Treatment charges | 47 | 27 | 19 | 1 | 47 | |||||
Export duties | 16 | 10 | 6 | - | 16 | |||||
Royalty on metals | 25 | 13 | 12 | - | 25 | |||||
Net cash costs | 97 | 251 | 175 | 7 | 433 | |||||
DD&A | 124 | 72 | 50 | 2 | 124 | |||||
Noncash and other costs, net | 8 |
b
| 5 | 3 | - | 8 | ||||
Total costs | 229 | 328 | 228 | 9 | 565 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 12 | 12 | 7 | 1 | 20 | |||||
PT Smelting intercompany loss | (25) | (15) | (10) | - | (25) | |||||
Gross profit | $ | 216 | $ | 127 | $ | 84 | $ | 5 | $ | 216 |
Copper sales (millions of recoverable pounds) | 172 | 172 | ||||||||
Gold sales (thousands of recoverable ounces) | 180 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 2.67 | $ | 2.67 | $ | 1,748 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.00 | 1.17 | 766 | |||||||
Gold and silver credits | (1.95) | - | - | |||||||
Treatment charges | 0.27 | 0.16 | 105 | |||||||
Export duties | 0.09 | 0.05 | 35 | |||||||
Royalty on metals | 0.15 | 0.08 | 65 | |||||||
Unit net cash costs | 0.56 | 1.46 | 971 | |||||||
DD&A | 0.72 | 0.42 | 276 | |||||||
Noncash and other costs, net | 0.05 |
b
| 0.03 | 17 | ||||||
Total unit costs | 1.33 | 1.91 | 1,264 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.07 | 0.07 | 41 | |||||||
PT Smelting intercompany loss | (0.15) | (0.09) | (57) | |||||||
Gross profit per pound/ounce | $ | 1.26 | $ | 0.74 | $ | 468 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 786 | $ | 345 | $ | 124 | ||||
Treatment charges | (47) | - | - | |||||||
Export duties | (16) | - | - | |||||||
Royalty on metals | (25) | - | - | |||||||
Noncash and other costs, net | - | 8 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 20 | - | - | |||||||
PT Smelting intercompany loss | - | 25 | - | |||||||
Indonesia mining | 718 | 378 | 124 | |||||||
Other miningc
| 3,255 | 2,870 | 219 | |||||||
Corporate, other & eliminations | (919) | (854) | 15 | |||||||
As reported in FCX's consolidated financial statements | $ | 3,054 | $ | 2,394 | $ | 358 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Six months ended June 30, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 2,435 | $ | 2,435 | $ | 995 | $ | 68 | $ | 3,498 |
Site production and delivery, before net noncash and other credits shown below | 859 | 598 | 244 | 17 | 859 | |||||
Gold and silver credits | (1,059) | - | - | - | - | |||||
Treatment charges | 140 | 97 | 40 | 3 | 140 | |||||
Export duties | 73 | 51 | 21 | 1 | 73 | |||||
Royalty on metals | 140 | 100 | 38 | 2 | 140 | |||||
Net cash costs | 153 | 846 | 343 | 23 | 1,212 | |||||
DD&A | 446 | 310 | 127 | 9 | 446 | |||||
Noncash and other costs, net | 3 |
b
| 2 | 1 | - | 3 | ||||
Total costs | 602 | 1,158 | 471 | 32 | 1,661 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 72 | 72 | (4) | - | 68 | |||||
PT Smelting intercompany loss | (90) | (63) | (25) | (2) | (90) | |||||
Gross profit | $ | 1,815 | $ | 1,286 | $ | 495 | $ | 34 | $ | 1,815 |
Copper sales (millions of recoverable pounds) | 568 | 568 | ||||||||
Gold sales (thousands of recoverable ounces) | 558 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 4.29 | $ | 4.29 | $ | 1,785 | ||||
Site production and delivery, before net noncash and other credits shown below | 1.51 | 1.05 | 439 | |||||||
Gold and silver credits | (1.86) | - | - | |||||||
Treatment charges | 0.24 | 0.17 | 71 | |||||||
Export duties | 0.13 | 0.09 | 37 | |||||||
Royalty on metals | 0.25 | 0.18 | 68 | |||||||
Unit net cash costs | 0.27 | 1.49 | 615 | |||||||
DD&A | 0.78 | 0.55 | 228 | |||||||
Noncash and other costs, net | 0.01 |
b
| - | 1 | ||||||
Total unit costs | 1.06 | 2.04 | 844 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.12 | 0.12 | (8) | |||||||
PT Smelting intercompany loss | (0.16) | (0.11) | (46) | |||||||
Gross profit per pound/ounce | $ | 3.19 | $ | 2.26 | $ | 887 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 3,498 | $ | 859 | $ | 446 | ||||
Treatment charges | (140) | - | - | |||||||
Export duties | (73) | - | - | |||||||
Royalty on metals | (140) | - | - | |||||||
Noncash and other costs, net | 31 | 34 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 68 | - | - | |||||||
PT Smelting intercompany loss | - | 90 | - | |||||||
Indonesia mining | 3,244 | 983 | 446 | |||||||
Other miningc
| 10,113 | 7,381 | 425 | |||||||
Corporate, other & eliminations | (2,759) | (2,511) | 31 | |||||||
As reported in FCX's consolidated financial statements | $ | 10,598 | $ | 5,853 | $ | 902 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Six months ended June 30, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 760 | $ | 760 | $ | 545 | $ | 22 | $ | 1,327 |
Site production and delivery, before net noncash and other costs shown below | 686 | 393 | 282 | 11 | 686 | |||||
Gold and silver credits | (572) | - | - | - | - | |||||
Treatment charges | 85 | 49 | 35 | 1 | 85 | |||||
Export duties | 20 | 11 | 8 | 1 | 20 | |||||
Royalty on metals | 44 | 25 | 19 | - | 44 | |||||
Net cash costs | 263 | 478 | 344 | 13 | 835 | |||||
DD&A | 225 | 129 | 92 | 4 | 225 | |||||
Noncash and other costs, net | 35 |
b
| 20 | 14 | 1 | 35 | ||||
Total costs | 523 | 627 | 450 | 18 | 1,095 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (20) | (20) | 5 | - | (15) | |||||
Gross profit | $ | 217 | $ | 113 | $ | 100 | $ | 4 | $ | 217 |
Copper sales (millions of recoverable pounds) | 299 | 299 | ||||||||
Gold sales (thousands of recoverable ounces) | 319 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 2.54 | $ | 2.54 | $ | 1,709 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.29 | 1.31 | 884 | |||||||
Gold and silver credits | (1.91) | - | - | |||||||
Treatment charges | 0.28 | 0.17 | 110 | |||||||
Export duties | 0.07 | 0.04 | 25 | |||||||
Royalty on metals | 0.15 | 0.08 | 58 | |||||||
Unit net cash costs | 0.88 | 1.60 | 1,077 | |||||||
DD&A | 0.75 | 0.43 | 289 | |||||||
Noncash and other costs, net | 0.12 |
b
| 0.06 | 45 | ||||||
Total unit costs | 1.75 | 2.09 | 1,411 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.07) | (0.07) | 14 | |||||||
Gross profit per pound/ounce | $ | 0.72 | $ | 0.38 | $ | 312 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,327 | $ | 686 | $ | 225 | ||||
Treatment charges | (85) | - | - | |||||||
Export duties | (20) | - | - | |||||||
Royalty on metals | (44) | - | - | |||||||
Noncash and other costs, net | - | 35 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (15) | - | - | |||||||
Indonesia mining | 1,163 | 721 | 225 | |||||||
Other miningc
| 6,386 | 5,860 | 444 | |||||||
Corporate, other & eliminations | (1,697) | (1,642) | 30 | |||||||
As reported in FCX's consolidated financial statements | $ | 5,852 | $ | 4,939 | $ | 699 | ||||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended June 30, | ||||||||
(In millions) | 2021 | 2020 | ||||||
Revenues, excluding adjustmentsa
| $ | 95 | $ | 63 | ||||
Site production and delivery, before net noncash and other costs shown below | 54 | 53 | ||||||
Treatment charges and other | 6 | 5 | ||||||
Net cash costs | 60 | 58 | ||||||
DD&A | 17 | 15 | ||||||
Metals inventory adjustments | - | 1 | ||||||
Noncash and other costs, net | 2 | 8 |
b
| |||||
Total costs | 79 | 82 | ||||||
Gross profit (loss) | $ | 16 | $ | (19) | ||||
Molybdenum sales (millions of recoverable pounds)a
| 7 | 6 | ||||||
Gross profit (loss) per pound of molybdenum: | ||||||||
Revenues, excluding adjustmentsa
| $ | 12.77 | $ | 9.69 | ||||
Site production and delivery, before net noncash and other costs shown below | 7.29 | 8.12 | ||||||
Treatment charges and other | 0.85 | 0.85 | ||||||
Unit net cash costs | 8.14 | 8.97 | ||||||
DD&A | 2.29 | 2.29 | ||||||
Metals inventory adjustments | - | 0.16 | ||||||
Noncash and other costs, net | 0.30 | 1.34 |
b
| |||||
Total unit costs | 10.73 | 12.76 | ||||||
Gross profit (loss) per pound | $ | 2.04 | $ | (3.07) | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Three Months Ended June 30, 2021 | Revenues | and Delivery | DD&A | Adjustments | ||||
Totals presented above | $ | 95 | $ | 54 | $ | 17 | $ | - |
Treatment charges and other | (6) | - | - | - | ||||
Noncash and other costs, net | - | 2 | - | - | ||||
Molybdenum mines | 89 | 56 | 17 | - | ||||
Other miningc
| 7,285 | 4,519 | 451 | - | ||||
Corporate, other & eliminations | (1,626) | (1,508) | 15 | - | ||||
As reported in FCX's consolidated financial statements | $ | 5,748 | $ | 3,067 | $ | 483 | $ | - |
Three Months Ended June 30, 2020 | ||||||||
Totals presented above | $ | 63 | $ | 53 | $ | 15 | $ | 1 |
Treatment charges and other | (5) | - | - | - | ||||
Noncash and other costs, net | - | 8 | - | - | ||||
Molybdenum mines | 58 | 61 | 15 | 1 | ||||
Other miningc
| 3,915 | 3,187 | 328 | (145) | ||||
Corporate, other & eliminations | (919) | (854) | 15 | 5 | ||||
As reported in FCX's consolidated financial statements | $ | 3,054 | $ | 2,394 | $ | 358 | $ | (139) |
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Six months ended June 30, | ||||||||
(In millions) | 2021 | 2020 | ||||||
Revenues, excluding adjustmentsa
| $ | 171 | $ | 140 | ||||
Site production and delivery, before net noncash and other costs shown below | 108 | 117 | ||||||
Treatment charges and other | 12 | 11 | ||||||
Net cash costs | 120 | 128 | ||||||
DD&A | 32 | 31 | ||||||
Metals inventory adjustments | 1 | 5 | ||||||
Noncash and other costs, net | 5 | 10 |
b
| |||||
Total costs | 158 | 174 | ||||||
Gross profit (loss) | $ | 13 | $ | (34) | ||||
Molybdenum sales (millions of recoverable pounds)a
| 14 | 13 | ||||||
Gross profit (loss) per pound of molybdenum: | ||||||||
Revenues, excluding adjustmentsa
| $ | 12.12 | $ | 10.36 | ||||
Site production and delivery, before net noncash and other costs shown below | 7.68 | 8.67 | ||||||
Treatment charges and other | 0.85 | 0.85 | ||||||
Unit net cash costs | 8.53 | 9.52 | ||||||
DD&A | 2.27 | 2.29 | ||||||
Metals inventory adjustments | 0.06 | 0.35 | ||||||
Noncash and other costs, net | 0.36 | 0.79 |
b
| |||||
Total unit costs | 11.22 | 12.95 | ||||||
Gross profit (loss) per pound | $ | 0.90 | $ | (2.59) | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Six months ended June 30, 2021 | Revenues | and Delivery | DD&A | Adjustments | ||||
Totals presented above | $ | 171 | $ | 108 | $ | 32 | $ | 1 |
Treatment charges and other | (12) | - | - | - | ||||
Noncash and other costs, net | - | 5 | - | - | ||||
Molybdenum mines | 159 | 113 | 32 | 1 | ||||
Other miningc
| 13,198 | 8,251 | 839 | - | ||||
Corporate, other & eliminations | (2,759) | (2,511) | 31 | - | ||||
As reported in FCX's consolidated financial statements | $ | 10,598 | $ | 5,853 | $ | 902 | $ | 1 |
Six months ended June 30, 2020 | ||||||||
Totals presented above | $ | 140 | $ | 117 | $ | 31 | $ | 5 |
Treatment charges and other | (11) | - | - | - | ||||
Noncash and other costs, net | - | 10 | - | - | ||||
Molybdenum mines | 129 | 127 | 31 | 5 | ||||
Other miningc
| 7,420 | 6,454 | 638 | 60 | ||||
Corporate, other & eliminations | (1,697) | (1,642) | 30 | 18 | ||||
As reported in FCX's consolidated financial statements | $ | 5,852 | $ | 4,939 | $ | 699 | $ | 83 |
Attachments
- Original document
- Permalink
Disclaimer
Freeport-McMoRan Inc. published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 12:17:13 UTC.