1
|
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(in millions, except per share amounts) | ||||||||
Revenuesa,b
| $ | 6,083 | $ | 3,851 | $ | 16,681 | $ | 9,703 |
Operating incomea
| $ | 2,462 | $ | 880 | $ | 6,061 | $ | 728 |
Net income (loss) attributable to common stockc,d
| $ | 1,399 | $ | 329 | $ | 3,200 | $ | (109) |
Diluted net income (loss) per share of common stock
| $ | 0.94 | $ | 0.22 | $ | 2.16 | $ | (0.08) |
Diluted weighted-average common shares outstanding
| 1,484 | 1,461 | 1,481 | 1,453 | ||||
Operating cash flowse
| $ | 1,965 | $ | 1,237 | $ | 5,435 | $ | 1,690 |
Capital expenditures | $ | 541 | $ | 436 | $ | 1,344 | $ | 1,573 |
At September 30: | ||||||||
Cash and cash equivalents
| $ | 7,672 | $ | 2,403 | $ | 7,672 | $ | 2,403 |
Total debt, including current portion | $ | 9,665 | $ | 10,030 | $ | 9,665 | $ | 10,030 |
2
|
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Copper (millions of recoverable pounds)
| ||||||||||||
Production | 987 | 844 | 2,810 | 2,342 | ||||||||
Sales, excluding purchases | 1,033 | 848 | 2,787 | 2,336 | ||||||||
Average realized price per pound | $ | 4.20 | $ | 3.01 | $ | 4.22 | $ | 2.73 | ||||
Site production and delivery costs per pounda
| $ | 1.88 | $ | 1.77 |
b
| $ | 1.92 |
c
| $ | 1.92 |
b
| |
Unit net cash costs per pounda
| $ | 1.24 | $ | 1.32 | $ | 1.36 | $ | 1.55 | ||||
Gold (thousands of recoverable ounces)
| ||||||||||||
Production | 374 | 237 | 976 | 584 | ||||||||
Sales | 402 | 234 | 965 | 562 | ||||||||
Average realized price per ounce | $ | 1,757 | $ | 1,902 | $ | 1,780 | $ | 1,810 | ||||
Molybdenum (millions of recoverable pounds)
| ||||||||||||
Production | 23 | 19 | 63 | 57 | ||||||||
Sales, excluding purchases | 20 | 20 | 63 | 59 | ||||||||
Average realized price per pound | $ | 18.61 | $ | 9.23 | $ | 14.36 | $ | 10.30 |
3
|
4
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Copper (millions of recoverable pounds)
| |||||||||||
Production
| 377 | 369 | 1,090 | 1,083 | |||||||
Sales, excluding purchases
| 375 | 379 | 1,072 | 1,102 | |||||||
Average realized price per pound
| $ | 4.34 | $ | 3.01 | $ | 4.24 | $ | 2.67 | |||
Molybdenum (millions of recoverable pounds)
| |||||||||||
Productiona
| 9 | 7 | 26 | 24 | |||||||
Unit net cash costs per pound of copperb
| |||||||||||
Site production and delivery, excluding adjustments
| $ | 2.12 | $ | 1.76 |
c
| $ | 2.11 | $ | 1.91 |
c
| |
By-product credits
| (0.39) | (0.18) | (0.32) | (0.19) | |||||||
Treatment charges
| 0.09 | 0.09 | 0.09 | 0.10 | |||||||
Unit net cash costs
| $ | 1.82 | $ | 1.67 | $ | 1.88 | $ | 1.82 | |||
5
|
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Copper (millions of recoverable pounds)
| ||||||||||||
Production
| 260 | 253 | 764 | 716 | ||||||||
Sales
| 280 | 250 | 769 | 716 | ||||||||
Average realized price per pound
| $ | 4.12 | $ | 3.02 | $ | 4.21 | $ | 2.79 | ||||
Molybdenum (millions of recoverable pounds)
| ||||||||||||
Productiona
| 5 | 6 | 14 | 14 | ||||||||
Unit net cash costs per pound of copperb
| ||||||||||||
Site production and delivery, excluding adjustments
| $ | 2.14 |
c
| $ | 1.84 |
d
| $ | 2.20 |
c
| $ | 1.83 |
d
|
By-product credits
| (0.38) | (0.17) | (0.31) | (0.15) | ||||||||
Treatment charges
| 0.13 | 0.15 | 0.13 | 0.15 | ||||||||
Royalty on metals
| 0.01 | 0.01 | 0.01 | 0.01 | ||||||||
Unit net cash costs
| $ | 1.90 | $ | 1.83 | $ | 2.03 | $ | 1.84 | ||||
6
|
7
|
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
Copper (millions of recoverable pounds)
| ||||||||||
Production
| 350 | 222 | 956 | 543 | ||||||
Sales
| 378 | 219 | 946 | 518 | ||||||
Average realized price per pound
| $ | 4.11 | $ | 3.00 | $ | 4.21 | $ | 2.79 | ||
Gold (thousands of recoverable ounces)
| ||||||||||
Production
| 371 | 236 | 968 | 577 | ||||||
Sales
| 399 | 230 | 957 | 549 | ||||||
Average realized price per ounce
| $ | 1,757 | $ | 1,902 | $ | 1,780 | $ | 1,810 | ||
Unit net cash costs per pound of coppera
| ||||||||||
Site production and delivery, excluding adjustments
| $ | 1.46 | $ | 1.71 |
b
| $ | 1.49 | $ | 2.05 |
b
|
Gold and silver credits
| (1.97) | (2.16) | (1.91) | (2.02) | ||||||
Treatment charges
| 0.24 | 0.26 | 0.24 | 0.28 | ||||||
Export duties
| 0.19 | 0.11 | 0.15 | 0.08 | ||||||
Royalty on metals
| 0.25 | 0.21 | 0.26 | 0.18 | ||||||
Unit net cash costs
| $ | 0.17 | $ | 0.13 | $ | 0.23 | $ | 0.57 | ||
8
|
9
|
Cash at domestic companies | $ | 5.0 |
Cash at international operations | 2.7 | |
Total consolidated cash and cash equivalents | 7.7 | |
Noncontrolling interests' share | (0.9) | |
Cash, net of noncontrolling interests' share
| $ | 6.8 |
Withholding taxes | (0.1) | |
Net cash available | $ | 6.7 |
Weighted- Average Interest Rate | |||
Senior Notes | $ | 9,145 | 4.8% |
Cerro Verde Term Loan | 325 | 2.0% | |
PT-FI Term Loan | 146 | 2.1% | |
Other | 49 | 0.6% | |
Total debt | $ | 9,665 | 4.6% |
10
|
11
|
12
|
Freeport-McMoRan Inc. | ||||||
SELECTED OPERATING DATA | ||||||
Three Months Ended September 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||
MINING OPERATIONS: | Production | Sales | ||||
COPPER(millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
North America | ||||||
Morenci (72%)a
| 160 | 187 | 162 | 190 | ||
Safford (100%) | 74 | 42 | 70 | 41 | ||
Bagdad (100%) | 51 | 58 | 48 | 59 | ||
Sierrita (100%) | 42 | 49 | 46 | 50 | ||
Miami (100%) | 2 | 5 | 3 | 5 | ||
Chino (100%) | 33 | 16 | 32 | 22 | ||
Tyrone (100%) | 15 | 11 | 14 | 11 | ||
Other (100%) | - | 1 | - | 1 | ||
Total North America | 377 | 369 | 375 | 379 | ||
South America | ||||||
Cerro Verde (53.56%) | 226 | 218 | 244 | 214 | ||
El Abra (51%) | 34 | 35 | 36 | 36 | ||
Total South America | 260 | 253 | 280 | 250 | ||
Indonesia | ||||||
Grasberg (48.76%)b
| 350 | 222 | 378 | 219 | ||
Total | 987 | 844 | 1,033 |
c
| 848 |
c
|
Less noncontrolling interests | 187 | 160 | 202 | 158 | ||
Net | 800 | 684 | 831 | 690 | ||
Average realized price per pound | $ | 4.20 | $ | 3.01 | ||
GOLD (thousands of recoverable ounces)
| ||||||
(FCX's net interest in %) | ||||||
North America (100%) | 3 | 1 | 3 | 4 | ||
Indonesia (48.76%)b
| 371 | 236 | 399 | 230 | ||
Consolidated | 374 | 237 | 402 | 234 | ||
Less noncontrolling interests | 70 | 44 | 75 | 43 | ||
Net | 304 | 193 | 327 | 191 | ||
Average realized price per ounce | $ | 1,757 | $ | 1,902 | ||
MOLYBDENUM (millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
Henderson (100%) | 4 | 3 | N/A | N/A | ||
Climax (100%) | 5 | 3 | N/A | N/A | ||
North America copper mines (100%)a
| 9 | 7 | N/A | N/A | ||
Cerro Verde (53.56%) | 5 | 6 | N/A | N/A | ||
Consolidated | 23 | 19 | 20 | 20 | ||
Less noncontrolling interests | 3 | 2 | 2 | 3 | ||
Net | 20 | 17 | 18 | 17 | ||
Average realized price per pound | $ | 18.61 | $ | 9.23 | ||
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 28 million pounds in third-quarter 2021 and 56 million pounds in third-quarter 2020.
| ||||||
Freeport-McMoRan Inc. | ||||||
SELECTED OPERATING DATA | ||||||
Nine Months Ended September 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||
MINING OPERATIONS: | Production | Sales | ||||
COPPER(millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
North America | ||||||
Morenci (72%)a
| 470 | 545 | 474 | 553 | ||
Safford (100%) | 202 | 113 | 188 | 107 | ||
Bagdad (100%) | 134 | 163 | 137 | 163 | ||
Sierrita (100%) | 144 | 138 | 143 | 137 | ||
Miami (100%) | 9 | 13 | 10 | 13 | ||
Chino (100%) | 91 | 76 | 82 | 93 | ||
Tyrone (100%) | 40 | 33 | 38 | 34 | ||
Other (100%) | - | 2 | - | 2 | ||
Total North America | 1,090 | 1,083 | 1,072 | 1,102 | ||
South America | ||||||
Cerro Verde (53.56%) | 649 | 599 | 648 | 599 | ||
El Abra (51%) | 115 | 117 | 121 | 117 | ||
Total South America | 764 | 716 | 769 | 716 | ||
Indonesia | ||||||
Grasberg (48.76%)b
| 956 | 543 | 946 | 518 | ||
Total | 2,810 | 2,342 | 2,787 |
c
| 2,336 |
c
|
Less noncontrolling interests | 537 | 437 | 538 | 433 | ||
Net | 2,273 | 1,905 | 2,249 | 1,903 | ||
Average realized price per pound | $ | 4.22 | $ | 2.73 | ||
GOLD (thousands of recoverable ounces)
| ||||||
(FCX's net interest in %) | ||||||
North America (100%) | 8 | 7 | 8 | 13 | ||
Indonesia (48.76%)b
| 968 | 577 | 957 | 549 | ||
Consolidated | 976 | 584 | 965 | 562 | ||
Less noncontrolling interests | 181 | 108 | 179 | 103 | ||
Net | 795 | 476 | 786 | 459 | ||
Average realized price per ounce | $ | 1,780 | $ | 1,810 | ||
MOLYBDENUM (millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
Henderson (100%) | 9 | 8 | N/A | N/A | ||
Climax (100%) | 14 | 11 | N/A | N/A | ||
North America copper mines (100%)a
| 26 | 24 | N/A | N/A | ||
Cerro Verde (53.56%) | 14 | 14 | N/A | N/A | ||
Consolidated | 63 | 57 | 63 | 59 | ||
Less noncontrolling interests | 7 | 6 | 7 | 8 | ||
Net | 56 | 51 | 56 | 51 | ||
Average realized price per pound | $ | 14.36 | $ | 10.30 | ||
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 149 million pounds for the first nine months of 2021 and 215 million pounds for the first nine months of 2020.
| ||||||
Freeport-McMoRan Inc. | |||||
SELECTED OPERATING DATA (continued) | |||||
Three Months Ended September 30, | Nine months ended September 30, | ||||
2021 | 2020 | 2021 | 2020 | ||
100% North America Copper Mines | |||||
Leach Operations | |||||
Leach ore placed in stockpiles (metric tons per day)
| 579,100 | 692,000 | 656,900 | 708,100 | |
Average copper ore grade (percent)
| 0.30 | 0.26 | 0.29 | 0.27 | |
Copper production (millions of recoverable pounds)
| 270 | 286 | 797 | 786 | |
Mill Operations | |||||
Ore milled (metric tons per day)
| 274,300 | 255,200 | 269,000 | 291,500 | |
Average ore grades (percent):
| |||||
Copper
| 0.39 | 0.36 | 0.38 | 0.35 | |
Molybdenum
| 0.03 | 0.03 | 0.03 | 0.02 | |
Copper recovery rate (percent)
| 81.6 | 84.4 | 80.9 | 85.4 | |
Production (millions of recoverable pounds):
| |||||
Copper
| 170 | 155 | 476 | 509 | |
Molybdenum
| 10 | 9 | 27 | 26 | |
100% South America Mining | |||||
Leach Operations | |||||
Leach ore placed in stockpiles (metric tons per day)
| 171,600 | 172,400 | 171,900 | 165,600 | |
Average copper ore grade (percent)
| 0.30 | 0.35 | 0.33 | 0.35 | |
Copper production (millions of recoverable pounds)
| 62 | 55 | 188 | 180 | |
Mill Operations | |||||
Ore milled (metric tons per day)
| 380,300 | 351,000 | 381,500 | 317,600 |
a
|
Average ore grades (percent):
| |||||
Copper
| 0.31 | 0.33 | 0.30 | 0.35 | |
Molybdenum
| 0.01 | 0.01 | 0.01 | 0.01 | |
Copper recovery rate (percent)
| 86.1 | 88.4 | 86.3 | 83.5 | |
Production (millions of recoverable pounds):
| |||||
Copper
| 199 | 198 | 576 | 536 | |
Molybdenum
| 5 | 6 | 14 | 14 | |
100% Indonesia Mining | |||||
Ore extracted and milled (metric tons per day):
| |||||
Grasberg Block Cave underground mineb
| 76,500 | 30,800 | 64,300 | 25,700 | |
Deep Mill Level Zone underground mineb
| 59,700 | 29,100 | 53,500 | 25,100 | |
Deep Ore Zone underground mine | 2,700 | 20,700 | 10,600 | 20,900 | |
Big Gossan underground mine | 7,400 | 7,100 | 7,500 | 6,600 | |
Other | 11,100 | (400) | 5,700 | 2,200 | |
Total
| 157,400 | 87,300 | 141,600 | 80,500 | |
Average ore grades:
| |||||
Copper (percent)
| 1.30 | 1.45 | 1.32 | 1.30 | |
Gold (grams per metric ton)
| 1.05 | 1.20 | 1.04 | 1.08 | |
Recovery rates (percent):
| |||||
Copper
| 90.1 | 92.3 | 90.0 | 92.0 | |
Gold
| 78.6 | 79.3 | 77.8 | 78.2 | |
Production (recoverable):
| |||||
Copper (millions of pounds)
| 350 | 222 | 956 | 543 | |
Gold (thousands of ounces)
| 371 | 236 | 968 | 577 | |
100% Molybdenum Mines | |||||
Ore milled (metric tons per day)
| 24,800 | 16,300 | 22,000 | 22,200 | |
Average molybdenum ore grade (percent)
| 0.19 | 0.18 | 0.19 | 0.16 | |
Molybdenum production (millions of recoverable pounds)
| 9 | 6 | 23 | 19 | |
a. Cerro Verde mill operations were negatively impacted by COVID-19 restrictions. | |||||
b. Includes ore from development activities that result in metal production. | |||||
Freeport-McMoRan Inc. | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
(In Millions, Except Per Share Amounts) | |||||||||||
Revenuesa
| $ | 6,083 | $ | 3,851 |
b
| $ | 16,681 | $ | 9,703 |
b
| |
Cost of sales: | |||||||||||
Production and deliveryb
| 3,009 |
c
| 2,465 |
d,e
| 8,862 |
c
| 7,404 |
d,e
| |||
Depreciation, depletion and amortization | 528 | 394 |
e
| 1,430 | 1,093 |
d,e
| |||||
Metals inventory adjustments | 14 | 9 | 15 | 92 | |||||||
Total cost of sales | 3,551 | 2,868 | 10,307 | 8,589 | |||||||
Selling, general and administrative expenses | 102 | 72 | 289 | 273 |
e
| ||||||
Mining exploration and research expenses | 15 | 8 | 36 | 42 |
e
| ||||||
Environmental obligations and shutdown costs | 13 | 21 | 51 | 58 | |||||||
Net (gain) loss on sales of assets | (60) | 2 | (63) | 13 | |||||||
Total costs and expenses | 3,621 | 2,971 | 10,620 | 8,975 | |||||||
Operating income | 2,462 | 880 | 6,061 | 728 | |||||||
Interest expense, netf
| (138) | (120) | (431) |
b
| (362) |
b
| |||||
Net loss on early extinguishment of debt | - | (59) | - | (100) | |||||||
Other income, net | 36 | 22 |
b
| 56 |
b
| 62 |
b
| ||||
Income before income taxes and equity in affiliated companies' net (losses) earnings | 2,360 | 723 | 5,686 | 328 | |||||||
Provision for income taxesg
| (628) | (297) | (1,674) | (333) | |||||||
Equity in affiliated companies' net (losses) earnings | (9) | 6 | (5) | 12 | |||||||
Net income | 1,723 | 432 | 4,007 | 7 | |||||||
Net income attributable to noncontrolling interests | (324) | (103) | (807) | (116) | |||||||
Net income (loss) attributable to common stockholdersh
| $ | 1,399 | $ | 329 | $ | 3,200 | $ | (109) | |||
Diluted net income (loss) per share attributable to common stock | $ | 0.94 | $ | 0.22 | $ | 2.16 | $ | (0.08) | |||
Diluted weighted-average common shares outstanding | 1,484 | 1,461 | 1,481 | 1,453 | |||||||
Dividends declared per share of common stock | $ | 0.075 | $ | - | $ | 0.225 | $ | - | |||
Freeport-McMoRan Inc. | ||||
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||
September 30, | December 31, | |||
2021 | 2020 | |||
(In Millions) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents
| $ | 7,672 | $ | 3,657 |
Trade accounts receivable
| 931 | 892 | ||
Income and other tax receivables
| 591 | 520 | ||
Inventories:
| ||||
Materials and supplies, net
| 1,617 | 1,594 | ||
Mill and leach stockpiles
| 1,086 | 1,014 | ||
Product
| 1,417 | 1,285 | ||
Other current assets
| 477 | 341 | ||
Total current assets
| 13,791 | 9,303 | ||
Property, plant, equipment and mine development costs, net | 30,102 | 29,818 | ||
Long-term mill and leach stockpiles | 1,450 | 1,463 | ||
Other assets | 1,574 | 1,560 | ||
Total assets | $ | 46,917 | $ | 42,144 |
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities
| $ | 2,949 | $ | 2,708 |
Accrued income taxes
| 1,237 | 324 | ||
Current portion of debt
| 897 | 34 | ||
Current portion of environmental and asset retirement obligations
| 329 | 351 | ||
Dividends payable
| 111 | - | ||
Total current liabilities
| 5,523 | 3,417 | ||
Long-term debt, less current portion | 8,768 | 9,677 | ||
Deferred income taxes | 4,500 | 4,408 | ||
Environmental and asset retirement obligations, less current portion | 3,688 | 3,705 | ||
Other liabilities | 1,907 | 2,269 | ||
Total liabilities
| 24,386 | 23,476 | ||
Equity: | ||||
Stockholders' equity:
| ||||
Common stock
| 160 | 159 | ||
Capital in excess of par value
| 26,023 | 26,037 | ||
Accumulated deficit
| (8,481) | (11,681) | ||
Accumulated other comprehensive loss
| (572) | (583) | ||
Common stock held in treasury
| (3,777) | (3,758) | ||
Total stockholders' equity
| 13,353 | 10,174 | ||
Noncontrolling interestsa
| 9,178 | 8,494 | ||
Total equity
| 22,531 | 18,668 | ||
Total liabilities and equity | $ | 46,917 | $ | 42,144 |
Freeport-McMoRan Inc. | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||
Nine Months Ended | ||||
September 30, | ||||
2021 | 2020 | |||
(In Millions) | ||||
Cash flow from operating activities: | ||||
Net income | $ | 4,007 | $ | 7 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization
| 1,430 | 1,093 | ||
Metals inventory adjustments
| 15 | 92 | ||
Net (gain) loss on sales of assets | (63) | 13 | ||
Stock-based compensation
| 79 | 60 | ||
Net charges for environmental and asset retirement obligations, including accretion
| 131 | 166 | ||
Payments for environmental and asset retirement obligations
| (184) | (162) | ||
Net charges for defined pension and postretirement plans
| 3 | 59 | ||
Pension plan contributions
| (75) | (30) | ||
Net loss on early extinguishment of debt
| - | 100 | ||
Deferred income taxes
| 96 | 119 | ||
Charges for Cerro Verde royalty dispute
| 11 | 26 | ||
Payments for Cerro Verde royalty dispute
| (421) |
a
| (119) | |
Other, net
| 39 | (53) | ||
Changes in working capital and other:
| ||||
Accounts receivable
| (218) | 132 | ||
Inventories
| (310) | 59 | ||
Other current assets
| (77) | (17) | ||
Accounts payable and accrued liabilities
| 123 | 40 | ||
Accrued income taxes and timing of other tax payments
| 849 | 105 | ||
Net cash provided by operating activities | 5,435 | 1,690 | ||
Cash flow from investing activities: | ||||
Capital expenditures:
| ||||
North America copper mines
| (211) | (398) | ||
South America
| (94) | (156) | ||
Indonesia mining
| (904) | (865) | ||
Indonesia smelter development | (79) | (94) | ||
Molybdenum mines
| (4) | (14) | ||
Other
| (52) | (46) | ||
Proceeds from sale of Freeport Cobalt | 150 | - | ||
Proceeds from sales of other assets | 21 | 146 |
b
| |
Acquisition of minority interest in PT Smelting | (33) | - | ||
Other, net
| (25) | (6) | ||
Net cash used in investing activities
| (1,231) | (1,433) | ||
Cash flow from financing activities: | ||||
Proceeds from debt
| 633 | 3,236 | ||
Repayments of debt
| (672) | (3,105) | ||
Cash dividends and distributions paid:
| ||||
Common stock | (220) | (73) | ||
Noncontrolling interests
| (187) | - | ||
Contributions from noncontrolling interests
| 135 | 115 | ||
Proceeds from exercised stock options | 189 | 3 | ||
Payments for withholding of employee taxes related to stock-based awards | (19) | (5) | ||
Debt financing costs and other, net
| (47) | (51) | ||
Net cash (used in) provided by financing activities | (188) | 120 | ||
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 4,016 | 377 | ||
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 periodc
| $ | 7,919 | $ | 2,655 |
Three Months Ended September 30,
| ||||||||||||
2021 | 2020 | |||||||||||
Pre-tax |
After-taxa
| Per Share | Pre-tax |
After-taxa
| Per Share | |||||||
Net income attributable to common stock | N/A | $ | 1,399 | $ | 0.94 | N/A | $ | 329 | $ | 0.22 | ||
Cerro Verde labor agreement | $ | (5) | $ | (2) | $ | - | $ | - | $ | - | $ | - |
PT-FI net credits | 1 |
b
| 12 | 0.01 | - | - | - | |||||
Metals inventory adjustments
| (14) | (14) | (0.01) | (9) | (9) | (0.01) | ||||||
COVID-19 related costs | - | - | - | (17) |
c
| (8) | (0.01) | |||||
Revised operating plans | - | - | - | (17) |
d
| (17) | (0.01) | |||||
Other net credits (charges) | 1 |
e
| (8) | (0.01) | 18 |
f
| 19 | 0.01 | ||||
Net adjustments to environmental obligations and related litigation reserves
| 2 | 2 | - | (7) | (7) | - | ||||||
Net gain (loss) on sales of assets | 60 |
g
| 34 | 0.02 | (2) | (2) | - | |||||
Net loss on early extinguishment of debt
| - | - | - | (59) | (59) | (0.04) | ||||||
Net tax credits (charges)h
| N/A | 55 | 0.04 | N/A | (18) | (0.01) | ||||||
$ | 45 | $ | 79 | $ | 0.05 | $ | (92) |
i
| $ | (101) | $ | (0.07) |
Adjusted net income attributable to common stock | N/A | $ | 1,320 | $ | 0.89 | N/A | $ | 430 | $ | 0.29 |
Nine Months Ended September 30,
| ||||||||||||
2021 | 2020 | |||||||||||
Pre-tax |
After-taxa
| Per Share | Pre-tax |
After-taxa
| Per Share | |||||||
Net income (loss) attributable to common stock | N/A | $ | 3,200 | $ | 2.16 | N/A | $ | (109) | $ | (0.08) | ||
Cerro Verde labor agreement | $ | (74) | $ | (24) | $ | (0.02) | $ | - | $ | - | $ | - |
PT-FI net charges | (53) |
b
| (36) | (0.02) | - | - | - | |||||
Metals inventory adjustments
| (15) | (15) | (0.01) | (92) | (90) | (0.06) | ||||||
COVID-19 related costs | - | - | - | (129) |
c
| (60) | (0.04) | |||||
Revised operating plans | - | - | - | (129) |
d
| (118) | (0.08) | |||||
Other net (charges) credits | (12) |
e
| (18) | (0.01) | 20 |
f
| 22 | 0.02 | ||||
Net adjustments to environmental obligations and related litigation reserves
| (15) | (15) | (0.01) | (22) | (22) | (0.02) | ||||||
Net gain (loss) on sales of assets | 63 |
g
| 37 | 0.02 | (13) | (13) | (0.01) | |||||
Net loss on early extinguishment of debt
| - | - | - | (100) | (100) | (0.07) | ||||||
Net tax creditsh
| N/A | 55 | 0.04 | N/A | 34 | 0.02 | ||||||
$ | (106) | $ | (16) | $ | (0.01) | $ | (465) | $ | (347) | $ | (0.24) | |
Adjusted net income attributable to common stock | N/A | $ | 3,216 | $ | 2.17 | N/A | $ | 238 | $ | 0.16 |
Three Months Ended September 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
| $ | 581 | 1% | $ | (4) |
c
| $ | 46 | 4% | $ | (2) | |
South America | 502 | 44% | (220) | 206 | 53% | (109) | ||||||
Indonesia | 1,181 | 32% | (382) |
d
| 450 | 47% | (211) |
e
| ||||
Eliminations and other | 96 | N/A | 14 | 21 | N/A | (12) | ||||||
Rate adjustmentf
| - | N/A | (36) | - | N/A | 37 | ||||||
Continuing operations | $ | 2,360 | 27% |
g
| $ | (628) | $ | 723 | 41% |
g
| $ | (297) |
Nine Months Ended September 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
| $ | 1,324 | 1% | $ | (7) |
c
| $ | (535) | 10% | $ | 56 |
h
|
South America | 1,425 | 40% | (576) | 149 | 51% | (76) | ||||||
Indonesia | 2,940 | 37% | (1,101) |
d
| 619 | 49% | (302) |
e
| ||||
Eliminations and other | (3) | N/A | 19 | 95 | N/A | (28) | ||||||
Rate adjustmentf
| - | N/A | (9) | - | N/A | 17 | ||||||
Continuing operations | $ | 5,686 | 29% |
g
| $ | (1,674) | $ | 328 | 102% |
g,i
| $ | (333) |
As of September 30, 2021 | As of December 31, 2020 | |||
Current portion of debt | $ | 897 | $ | 34 |
Long-term debt, less current portion | 8,768 | 9,677 | ||
Consolidated debt | 9,665 |
a
| 9,711 | |
Less: consolidated cash and cash equivalents | 7,672 | 3,657 | ||
Net debt | $ | 1,993 | $ | 6,054 |
Three Months Ended September 30, | ||||||||||||
2021 | 2020 | |||||||||||
Prior
Perioda
|
Current
Periodb
| Total |
Prior
Perioda
|
Current
Periodb
| Total | |||||||
Revenues
| $ | (9) | $ | (93) | $ | (102) | $ | 71 | $ | 23 | $ | 94 |
Net income attributable to common stock | $ | (3) | $ | (36) | $ | (39) | $ | 28 | $ | 10 | $ | 38 |
Net income per share of common stock | $ | - | $ | (0.03) | $ | (0.03) | $ | 0.02 | $ | 0.01 | $ | 0.03 |
Nine Months Ended September 30, | ||||||||||||
2021 | 2020 | |||||||||||
Prior
Perioda
|
Current
Periodb
| Total |
Prior
Perioda
|
Current
Periodb
| Total | |||||||
Revenues
| $ | 169 | $ | 54 | $ | 223 | $ | (102) | $ | 120 | $ | 18 |
Net income attributable to common stock | $ | 65 | $ | 17 | $ | 82 | $ | (42) | $ | 43 | $ | 1 |
Net income per share of common stock | $ | 0.05 | $ | 0.01 | $ | 0.06 | $ | (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 September 30, 2021 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 16 | $ | 64 | $ | 80 | $ | 979 | $ | 149 | $ | 1,128 | $ | 1,961 |
a
| $ | - | $ | 1,697 | $ | 783 | $ | 434 |
b
| $ | 6,083 |
Intersegment | 711 | 1,020 | 1,731 | 95 | - | 95 | 81 | 151 | 7 | - | (2,065) | - | ||||||||||||||
Production and delivery | 312 | 592 | 904 | 533 | 97 | 630 | 569 | 70 | 1,701 | 765 | (1,630) | 3,009 | ||||||||||||||
Depreciation, depletion and amortization | 40 | 54 | 94 | 101 | 10 | 111 | 280 | 19 | 1 | 7 | 16 | 528 | ||||||||||||||
Metals inventory adjustments | 13 | - | 13 | - | - | - | - | - | - | - | 1 | 14 | ||||||||||||||
Selling, general and administrative expenses | - | 1 | 1 | 2 | - | 2 | 28 | - | - | 5 | 66 | 102 | ||||||||||||||
Mining exploration and research expenses | - | 1 | 1 | - | - | - | - | - | - | - | 14 | 15 | ||||||||||||||
Environmental obligations and shutdown costs | (1) | (1) | (2) | - | - | - | - | - | - | - | 15 | 13 | ||||||||||||||
Net gain on sales of assets | - | - | - | - | - | - | - | - | - | - | (60) |
c
| (60) | |||||||||||||
Operating income (loss) | 363 | 437 | 800 | 438 | 42 | 480 | 1,165 | 62 | 2 | 6 | (53) | 2,462 | ||||||||||||||
Interest expense, net | - | 1 | 1 | 6 | - | 6 | 1 | - | - | 1 | 129 | 138 | ||||||||||||||
Provision for (benefit from) income taxes | - | - | - | 197 | 24 | 221 | 382 |
d
| - | - | (1) | 26 | 628 | |||||||||||||
Total assets at September 30, 2021 | 2,586 | 5,244 | 7,830 | 8,554 | 1,843 | 10,397 | 18,592 | 1,726 | 278 | 1,067 | 7,027 | 46,917 | ||||||||||||||
Capital expenditures | 42 | 74 | 116 | 41 | 6 | 47 | 328 | 1 | 1 | 5 | 43 |
e
| 541 | |||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 4 | $ | 12 | $ | 16 | $ | 632 | $ | 108 | $ | 740 | $ | 1,023 |
a
| $ | - | $ | 1,270 | $ | 536 | $ | 266 |
b
| $ | 3,851 |
Intersegment | 584 | 637 | 1,221 | 66 | - | 66 | 3 | 42 | 8 | 3 | (1,343) | - | ||||||||||||||
Production and delivery | 308 | 460 | 768 | 394 | 83 | 477 | 409 | 51 | 1,272 | 522 | (1,034) | 2,465 | ||||||||||||||
Depreciation, depletion and amortization | 42 | 49 | 91 | 92 | 13 | 105 | 150 | 13 | 6 | 8 | 21 | 394 | ||||||||||||||
Metals inventory adjustments | - | (4) | (4) | - | - | - | - | 3 | 2 | - | 8 | 9 | ||||||||||||||
Selling, general and administrative expenses | 1 | - | 1 | 2 | - | 2 | 25 | - | - | 5 | 39 | 72 | ||||||||||||||
Mining exploration and research expenses | - | - | - | - | - | - | - | - | - | - | 8 | 8 | ||||||||||||||
Environmental obligations and shutdown costs | - | (3) | (3) | - | - | - | - | - | - | - | 24 | 21 | ||||||||||||||
Net loss on sales of assets | - | - | - | - | - | - | - | - | - | - | 2 | 2 | ||||||||||||||
Operating income (loss) | 237 | 147 | 384 | 210 | 12 | 222 | 442 | (25) | (2) | 4 | (145) | 880 | ||||||||||||||
Interest expense, net | - | - | - | 21 | - | 21 | - | - | - | - | 99 | 120 | ||||||||||||||
Provision for (benefit from) income taxes | - | - | - | 105 | 4 | 109 | 211 | - | - | - | (23) | 297 | ||||||||||||||
Total assets at September 30, 2020 | 2,654 | 5,137 | 7,791 | 8,569 | 1,640 | 10,209 | 16,858 | 1,770 | 251 | 877 | 3,343 | 41,099 | ||||||||||||||
Capital expenditures | 21 | 45 | 66 | 26 | 5 | 31 | 297 | 3 | 1 | 6 | 32 |
e
| 436 |
(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 | |||||||||||||||
Nine months ended September 30, 2021 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 77 | $ | 147 | $ | 224 | $ | 2,721 | $ | 512 | $ | 3,233 | $ | 5,097 |
a
| $ | - | $ | 4,695 | $ | 2,264 | $ | 1,168 |
b
| $ | 16,681 |
Intersegment | 1,996 | 2,783 | 4,779 | 260 | - | 260 | 189 | 310 | 20 | - | (5,558) | - | ||||||||||||||
Production and delivery | 932 | 1,646 | 2,578 | 1,463 |
c
| 306 | 1,769 | 1,552 | 183 | 4,708 | 2,213 | (4,141) |
d
| 8,862 | ||||||||||||
Depreciation, depletion and amortization | 114 | 161 | 275 | 272 | 34 | 306 | 726 | 51 | 3 | 22 | 47 | 1,430 | ||||||||||||||
Metals inventory adjustments | 13 | - | 13 | - | - | - | - | 1 | - | - | 1 | 15 | ||||||||||||||
Selling, general and administrative expenses | 1 | 2 | 3 | 6 | - | 6 | 81 | - | - | 17 | 182 | 289 | ||||||||||||||
Mining exploration and research expenses | - | 1 | 1 | - | - | - | - | - | - | - | 35 | 36 | ||||||||||||||
Environmental obligations and shutdown costs | - | (1) | (1) | - | - | - | - | - | - | - | 52 | 51 | ||||||||||||||
Net gain on sales of assets | - | - | - | - | - | - | - | - | - | - | (63) |
e
| (63) | |||||||||||||
Operating income (loss) | 1,013 | 1,121 | 2,134 | 1,240 | 172 | 1,412 | 2,927 | 75 | 4 | 12 | (503) | 6,061 | ||||||||||||||
Interest expense, net | - | 1 | 1 | 31 | - | 31 | 8 | - | - | 4 | 387 | 431 | ||||||||||||||
Provision for (benefit from) income taxes | - | - | - | 515 | 62 | 577 | 1,101 |
f
| - | - | (1) | (3) | 1,674 | |||||||||||||
Capital expenditures | 74 | 137 | 211 | 84 | 10 | 94 | 904 | 4 | 2 | 18 | 111 |
g
| 1,344 | |||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 26 | $ | 35 | $ | 61 | $ | 1,479 | $ | 312 | $ | 1,791 | $ | 2,151 |
a
| $ | - | $ | 3,491 | $ | 1,429 | $ | 780 |
b
| $ | 9,703 |
Intersegment | 1,473 | 1,676 | 3,149 | 156 | - | 156 | 38 | 171 | 24 | 16 | (3,554) | - | ||||||||||||||
Production and delivery | 1,005 | 1,410 | 2,415 | 1,152 | 297 | 1,449 | 1,130 | 178 | 3,529 | 1,379 | (2,676) | 7,404 | ||||||||||||||
Depreciation, depletion and amortization | 129 | 143 | 272 | 273 | 42 | 315 | 375 | 44 | 14 | 22 | 51 | 1,093 | ||||||||||||||
Metals inventory adjustments | 4 | 48 | 52 | - | 3 | 3 | - | 8 | 3 | - | 26 | 92 | ||||||||||||||
Selling, general and administrative expenses | 2 | 1 | 3 | 5 | - | 5 | 81 | - | - | 15 | 169 | 273 | ||||||||||||||
Mining exploration and research expenses | - | 2 | 2 | - | - | - | - | - | - | - | 40 | 42 | ||||||||||||||
Environmental obligations and shutdown costs | - | (3) | (3) | - | - | - | - | - | 1 | - | 60 | 58 | ||||||||||||||
Net loss on sales of assets | - | - | - | - | - | - | - | - | - | - | 13 | 13 | ||||||||||||||
Operating income (loss) | 359 | 110 | 469 | 205 | (30) | 175 | 603 | (59) | (32) | 29 | (457) | 728 | ||||||||||||||
Interest expense, net | 2 | - | 2 | 69 | - | 69 | 2 | - | - | 4 | 285 | 362 | ||||||||||||||
Provision for (benefit from) income taxes | - | - | - | 82 | (6) | 76 | 302 | - | - | 1 | (46) | 333 | ||||||||||||||
Capital expenditures | 92 | 306 | 398 | 116 | 40 | 156 | 865 | 14 | 5 | 17 | 118 |
g
| 1,573 |
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 September 30, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 1,627 | $ | 1,627 | $ | 152 | $ | 27 | $ | 1,806 |
Site production and delivery, before net noncash and other costs shown below | 795 | 724 | 82 | 20 | 826 | |||||
By-product credits | (148) | - | - | - | - | |||||
Treatment charges | 35 | 33 | - | 2 | 35 | |||||
Net cash costs | 682 | 757 | 82 | 22 | 861 | |||||
Depreciation, depletion and amortization (DD&A) | 94 | 85 | 7 | 2 | 94 | |||||
Metals inventory adjustments | 13 | 13 | - | - | 13 | |||||
Noncash and other costs, net | 30 | 28 | 2 | - | 30 | |||||
Total costs | 819 | 883 | 91 | 24 | 998 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (7) | (7) | - | - | (7) | |||||
Gross profit | $ | 801 | $ | 737 | $ | 61 | $ | 3 | $ | 801 |
Copper sales (millions of recoverable pounds) | 375 | 375 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 9 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 4.34 | $ | 4.34 | $ | 16.69 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.12 | 1.93 | 8.97 | |||||||
By-product credits | (0.39) | - | - | |||||||
Treatment charges | 0.09 | 0.09 | - | |||||||
Unit net cash costs | 1.82 | 2.02 | 8.97 | |||||||
DD&A | 0.25 | 0.23 | 0.73 | |||||||
Metals inventory adjustments | 0.03 | 0.03 | - | |||||||
Noncash and other costs, net | 0.08 | 0.08 | 0.23 | |||||||
Total unit costs | 2.18 | 2.36 | 9.93 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.02) | (0.02) | - | |||||||
Gross profit per pound | $ | 2.14 | $ | 1.96 | $ | 6.76 | ||||
Reconciliation to Amounts Reported | ||||||||||
Metals | ||||||||||
Production | Inventory | |||||||||
Revenues | and Delivery | DD&A | Adjustments | |||||||
Totals presented above | $ | 1,806 | $ | 826 | $ | 94 | $ | 13 | ||
Treatment charges | (4) | 31 | - | - | ||||||
Noncash and other costs, net | - | 30 | - | - | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (7) | - | - | - | ||||||
Eliminations and other | 16 | 17 | - | - | ||||||
North America copper mines | 1,811 | 904 | 94 | 13 | ||||||
Other miningc
| 5,903 | 3,735 | 418 | - | ||||||
Corporate, other & eliminations | (1,631) | (1,630) | 16 | 1 | ||||||
As reported in FCX's consolidated financial statements | $ | 6,083 | $ | 3,009 | $ | 528 | $ | 14 | ||
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 September 30, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 1,138 | $ | 1,138 | $ | 63 | $ | 30 | $ | 1,231 |
Site production and delivery, before net noncash and other costs shown below | 667 | 630 | 45 | 16 | 691 | |||||
By-product credits | (69) | - | - | - | - | |||||
Treatment charges | 33 | 32 | - | 1 | 33 | |||||
Net cash costs
| 631 | 662 | 45 | 17 | 724 | |||||
DD&A | 92 | 85 | 4 | 3 | 92 | |||||
Metals inventory adjustments | (4) | (4) | - | - | (4) | |||||
Noncash and other costs, net | 37 |
c
| 35 | - | 2 | 37 | ||||
Total costs
| 756 | 778 | 49 | 22 | 849 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 1 | 1 | - | - | 1 | |||||
Gross profit | $ | 383 | $ | 361 | $ | 14 | $ | 8 | $ | 383 |
Copper sales (millions of recoverable pounds) | 378 | 378 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 7 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 3.01 | $ | 3.01 | $ | 7.72 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.76 | 1.67 | 5.52 | |||||||
By-product credits | (0.18) | - | - | |||||||
Treatment charges | 0.09 | 0.08 | - | |||||||
Unit net cash costs
| 1.67 | 1.75 | 5.52 | |||||||
DD&A | 0.24 | 0.23 | 0.43 | |||||||
Metals inventory adjustments | (0.01) | (0.01) | - | |||||||
Noncash and other costs, net | 0.10 |
c
| 0.09 | 0.06 | ||||||
Total unit costs
| 2.00 | 2.06 | 6.01 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | - | - | - | |||||||
Gross profit per pound | $ | 1.01 | $ | 0.95 | $ | 1.71 | ||||
Reconciliation to Amounts Reported | ||||||||||
Metals | ||||||||||
Production | Inventory | |||||||||
Revenues | and Delivery | DD&A | Adjustments | |||||||
Totals presented above | $ | 1,231 | $ | 691 | $ | 92 | $ | (4) | ||
Treatment charges | (4) | 29 | - | - | ||||||
Noncash and other costs, net | - | 37 | - | - | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 1 | - | - | - | ||||||
Eliminations and other | 9 | 11 | (1) | - | ||||||
North America copper mines | 1,237 | 768 | 91 | (4) | ||||||
Other miningd
| 3,691 | 2,731 | 282 | 5 | ||||||
Corporate, other & eliminations | (1,077) | (1,034) | 21 | 8 | ||||||
As reported in FCX's consolidated financial statements | $ | 3,851 | $ | 2,465 | $ | 394 | $ | 9 | ||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Nine months ended September 30, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 4,538 | $ | 4,538 | 337 | 93 | 4,968 | |||
Site production and delivery, before net noncash and other costs shown below | 2,254 | 2,093 | 194 | 60 | 2,347 | |||||
By-product credits | (337) | - | - | - | - | |||||
Treatment charges | 98 | 93 | - | 5 | 98 | |||||
Net cash costs | 2,015 | 2,186 | 194 | 65 | 2,445 | |||||
DD&A | 275 | 254 | 15 | 6 | 275 | |||||
Metals inventory adjustments | 13 | 13 | - | - | 13 | |||||
Noncash and other costs, net | 103 | 99 | 3 | 1 | 103 | |||||
Total costs | 2,406 | 2,552 | 212 | 72 | 2,836 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 7 | 7 | - | - | 7 | |||||
Gross profit | $ | 2,139 | $ | 1,993 | $ | 125 | $ | 21 | $ | 2,139 |
Copper sales (millions of recoverable pounds) | 1,072 | 1,072 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 26 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 4.24 | $ | 4.24 | $ | 13.09 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.11 | 1.95 | 7.54 | |||||||
By-product credits | (0.32) | - | - | |||||||
Treatment charges | 0.09 | 0.09 | - | |||||||
Unit net cash costs | 1.88 | 2.04 | 7.54 | |||||||
DD&A | 0.26 | 0.24 | 0.59 | |||||||
Metals inventory adjustments | 0.01 | 0.01 | - | |||||||
Noncash and other costs, net | 0.10 | 0.09 | 0.12 | |||||||
Total unit costs | 2.25 | 2.38 | 8.25 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.01 | 0.01 | - | |||||||
Gross profit per pound | $ | 2.00 | $ | 1.87 | $ | 4.84 | ||||
Reconciliation to Amounts Reported | ||||||||||
Metals | ||||||||||
Production | Inventory | |||||||||
Revenues | and Delivery | DD&A | Adjustments | |||||||
Totals presented above | $ | 4,968 | $ | 2,347 | $ | 275 | $ | 13 | ||
Treatment charges | (21) | 77 | - | - | ||||||
Noncash and other costs, net | - | 103 | - | - | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 7 | - | - | - | ||||||
Eliminations and other | 49 | 51 | - | - | ||||||
North America copper mines | 5,003 | 2,578 | 275 | 13 | ||||||
Other miningc
| 16,068 | 10,425 | 1,108 | 1 | ||||||
Corporate, other & eliminations | (4,390) | (4,141) | 47 | 1 | ||||||
As reported in FCX's consolidated financial statements | $ | 16,681 | $ | 8,862 | $ | 1,430 | $ | 15 | ||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Nine months ended September 30, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 2,939 | $ | 2,939 | 210 | 73 | 3,222 | |||
Site production and delivery, before net noncash and other costs shown below | 2,106 | 1,963 | 173 | 44 | 2,180 | |||||
By-product credits | (209) | - | - | - | - | |||||
Treatment charges | 109 | 105 | - | 4 | 109 | |||||
Net cash costs | 2,006 | 2,068 | 173 | 48 | 2,289 | |||||
DD&A | 272 | 251 | 14 | 7 | 272 | |||||
Metals inventory adjustments | 52 | 49 | - | 3 | 52 | |||||
Noncash and other costs, net | 107 |
c
| 101 | 3 | 3 | 107 | ||||
Total costs | 2,437 | 2,469 | 190 | 61 | 2,720 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (22) | (22) | - | - | (22) | |||||
Gross profit | $ | 480 | $ | 448 | $ | 20 | $ | 12 | $ | 480 |
Copper sales (millions of recoverable pounds) | 1,100 | 1,100 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 24 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 2.67 | $ | 2.67 | $ | 8.57 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.91 | 1.78 | 7.05 | |||||||
By-product credits | (0.19) | - | - | |||||||
Treatment charges | 0.10 | 0.10 | - | |||||||
Unit net cash costs | 1.82 | 1.88 | 7.05 | |||||||
DD&A | 0.25 | 0.23 | 0.57 | |||||||
Metals inventory adjustments | 0.05 | 0.04 | - | |||||||
Noncash and other costs, net | 0.10 |
c
| 0.10 | 0.12 | ||||||
Total unit costs | 2.22 | 2.25 | 7.74 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.01) | (0.01) | - | |||||||
Gross profit per pound | $ | 0.44 | $ | 0.41 | $ | 0.83 | ||||
Reconciliation to Amounts Reported | ||||||||||
Metals | ||||||||||
Production | Inventory | |||||||||
Revenues | and Delivery | DD&A | Adjustments | |||||||
Totals presented above | $ | 3,222 | $ | 2,180 | $ | 272 | $ | 52 | ||
Treatment charges | (14) | 95 | - | - | ||||||
Noncash and other costs, net | - | 107 | - | - | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (22) | - | - | - | ||||||
Eliminations and other | 24 | 33 | - | - | ||||||
North America copper mines | 3,210 | 2,415 | 272 | 52 | ||||||
Other miningd
| 9,267 | 7,665 | 770 | 14 | ||||||
Corporate, other & eliminations | (2,774) | (2,676) | 51 | 26 | ||||||
As reported in FCX's consolidated financial statements | $ | 9,703 | $ | 7,404 | $ | 1,093 | $ | 92 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended September 30, 2021 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 1,153 | $ | 1,153 | $ | 120 | $ | 1,273 |
Site production and delivery, before net noncash and other costs shown below | 597 |
b
| 546 | 64 | 610 | |||
By-product credits | (107) | - | - | - | ||||
Treatment charges | 38 | 38 | - | 38 | ||||
Royalty on metals | 3 | 2 | 1 | 3 | ||||
Net cash costs | 531 | 586 | 65 | 651 | ||||
DD&A | 112 | 101 | 11 | 112 | ||||
Noncash and other costs, net | 20 | 19 | 1 | 20 | ||||
Total costs | 663 | 706 | 77 | 783 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | (8) | (8) | - | (8) | ||||
Gross profit | $ | 482 | $ | 439 | $ | 43 | $ | 482 |
Copper sales (millions of recoverable pounds) | 280 | 280 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 4.12 | $ | 4.12 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.14 |
b
| 1.96 | |||||
By-product credits | (0.38) | - | ||||||
Treatment charges | 0.13 | 0.13 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 1.90 | 2.10 | ||||||
DD&A | 0.40 | 0.36 | ||||||
Noncash and other costs, net | 0.07 | 0.06 | ||||||
Total unit costs | 2.37 | 2.52 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.03) | (0.03) | ||||||
Gross profit per pound | $ | 1.72 | $ | 1.57 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 1,273 | $ | 610 | $ | 112 | ||
Treatment charges | (38) | - | - | |||||
Royalty on metals | (3) | - | - | |||||
Noncash and other costs, net | - | 20 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (8) | - | - | |||||
Eliminations and other | (1) | - | (1) | |||||
South America mining | 1,223 | 630 | 111 | |||||
Other miningc
| 6,491 | 4,009 | 401 | |||||
Corporate, other & eliminations | (1,631) | (1,630) | 16 | |||||
As reported in FCX's consolidated financial statements | $ | 6,083 | $ | 3,009 | $ | 528 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended September 30, 2020 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 754 | $ | 754 | $ | 53 | $ | 807 |
Site production and delivery, before net noncash and other costs shown below | 459 | 432 | 38 | 470 | ||||
By-product credits | (42) | - | - | - | ||||
Treatment charges | 40 | 40 | - | 40 | ||||
Royalty on metals | 1 | 1 | - | 1 | ||||
Net cash costs | 458 | 473 | 38 | 511 | ||||
DD&A | 105 | 98 | 7 | 105 | ||||
Noncash and other costs, net | 9 |
b
| 8 | 1 | 9 | |||
Total costs | 572 | 579 | 46 | 625 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 41 | 41 | - | 41 | ||||
Gross profit | $ | 223 | $ | 216 | $ | 7 | $ | 223 |
Copper sales (millions of recoverable pounds) | 250 | 250 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 3.02 | $ | 3.02 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.84 | 1.73 | ||||||
By-product credits | (0.17) | - | ||||||
Treatment charges | 0.15 | 0.15 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 1.83 | 1.89 | ||||||
DD&A | 0.42 | 0.39 | ||||||
Noncash and other costs, net | 0.04 |
b
| 0.04 | |||||
Total unit costs | 2.29 | 2.32 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.16 | 0.16 | ||||||
Gross profit per pound | $ | 0.89 | $ | 0.86 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 807 | $ | 470 | $ | 105 | ||
Treatment charges | (40) | - | - | |||||
Royalty on metals | (1) | - | - | |||||
Noncash and other costs, net | - | 9 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 41 | - | - | |||||
Eliminations and other | (1) | (2) | - | |||||
South America mining | 806 | 477 | 105 | |||||
Other miningc
| 4,122 | 3,022 | 268 | |||||
Corporate, other & eliminations | (1,077) | (1,034) | 21 | |||||
As reported in FCX's consolidated financial statements | $ | 3,851 | $ | 2,465 | $ | 394 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Nine months ended September 30, 2021 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 3,238 | $ | 3,238 | $ | 267 | $ | 3,505 |
Site production and delivery, before net noncash and other costs shown below | 1,690 |
b
| 1,568 | 155 | 1,723 | |||
By-product credits | (234) | - | - | - | ||||
Treatment charges | 101 | 101 | - | 101 | ||||
Royalty on metals | 8 | 7 | 1 | 8 | ||||
Net cash costs | 1,565 | 1,676 | 156 | 1,832 | ||||
DD&A | 306 | 282 | 24 | 306 | ||||
Noncash and other costs, net | 49 | 45 | 4 | 49 | ||||
Total costs | 1,920 | 2,003 | 184 | 2,187 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 98 | 98 | - | 98 | ||||
Gross profit | $ | 1,416 | $ | 1,333 | $ | 83 | $ | 1,416 |
Copper sales (millions of recoverable pounds) | 769 | 769 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 4.21 | $ | 4.21 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.20 |
b
| 2.04 | |||||
By-product credits | (0.31) | - | ||||||
Treatment charges | 0.13 | 0.13 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.03 | 2.18 | ||||||
DD&A | 0.40 | 0.36 | ||||||
Noncash and other costs, net | 0.07 | 0.06 | ||||||
Total unit costs | 2.50 | 2.60 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.13 | 0.13 | ||||||
Gross profit per pound | $ | 1.84 | $ | 1.74 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 3,505 | $ | 1,723 | $ | 306 | ||
Treatment charges | (101) | - | - | |||||
Royalty on metals | (8) | - | - | |||||
Noncash and other costs, net | - | 49 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 98 | - | - | |||||
Eliminations and other | (1) | (3) | - | |||||
South America mining | 3,493 | 1,769 | 306 | |||||
Other miningc
| 17,578 | 11,234 | 1,077 | |||||
Corporate, other & eliminations | (4,390) | (4,141) | 47 | |||||
As reported in FCX's consolidated financial statements | $ | 16,681 | $ | 8,862 | $ | 1,430 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Nine months ended September 30, 2020 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 1,994 | $ | 1,994 | $ | 139 | $ | 2,133 |
Site production and delivery, before net noncash and other costs shown below | 1,313 | 1,231 | 111 | 1,342 | ||||
By-product credits | (110) | - | - | - | ||||
Treatment charges | 111 | 111 | - | 111 | ||||
Royalty on metals | 4 | 4 | - | 4 | ||||
Net cash costs | 1,318 | 1,346 | 111 | 1,457 | ||||
DD&A | 316 | 294 | 22 | 316 | ||||
Metals inventory adjustments | 3 | 3 | - | 3 | ||||
Noncash and other costs, net | 109 |
b
| 103 | 6 | 109 | |||
Total costs | 1,746 | 1,746 | 139 | 1,885 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | (70) | (70) | - | (70) | ||||
Gross profit | $ | 178 | $ | 178 | $ | - | $ | 178 |
Copper sales (millions of recoverable pounds) | 716 | 716 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 2.79 | $ | 2.79 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.83 | 1.72 | ||||||
By-product credits | (0.15) | - | ||||||
Treatment charges | 0.15 | 0.15 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 1.84 | 1.88 | ||||||
DD&A | 0.44 | 0.41 | ||||||
Metals inventory adjustments | - | - | ||||||
Noncash and other costs, net | 0.16 |
b
| 0.15 | |||||
Total unit costs | 2.44 | 2.44 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.10) | (0.10) | ||||||
Gross profit per pound | $ | 0.25 | $ | 0.25 | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Revenues | and Delivery | DD&A | Adjustments | |||||
Totals presented above | $ | 2,133 | $ | 1,342 | $ | 316 | $ | 3 |
Treatment charges | (111) | - | - | - | ||||
Royalty on metals | (4) | - | - | - | ||||
Noncash and other costs, net | - | 109 | - | - | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | (70) | - | - | - | ||||
Eliminations and other | (1) | (2) | (1) | - | ||||
South America mining | 1,947 | 1,449 | 315 | 3 | ||||
Other miningc
| 10,530 | 8,631 | 727 | 63 | ||||
Corporate, other & eliminations | (2,774) | (2,676) | 51 | 26 | ||||
As reported in FCX's consolidated financial statements | $ | 9,703 | $ | 7,404 | $ | 1,093 | $ | 92 |
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended September 30, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 1,555 | $ | 1,555 | $ | 701 | $ | 37 | $ | 2,293 |
Site production and delivery, before net noncash and other costs shown below | 553 | 375 | 169 | 9 | 553 | |||||
Gold and silver credits | (744) | - | - | - | - | |||||
Treatment charges | 90 | 61 | 27 | 2 | 90 | |||||
Export duties | 71 | 48 | 22 | 1 | 71 | |||||
Royalty on metals | 94 | 67 | 25 | 2 | 94 | |||||
Net cash costs | 64 | 551 | 243 | 14 | 808 | |||||
DD&A | 280 | 190 | 86 | 4 | 280 | |||||
Total costs | 344 | 741 | 329 | 18 | 1,088 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (2) | (2) | 6 | - | 4 | |||||
PT Smelting intercompany loss | (16) | (11) | (5) | - | (16) | |||||
Gross profit | $ | 1,193 | $ | 801 | $ | 373 | $ | 19 | $ | 1,193 |
Copper sales (millions of recoverable pounds) | 378 | 378 | ||||||||
Gold sales (thousands of recoverable ounces) | 399 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 4.11 | $ | 4.11 | $ | 1,757 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.46 | 0.99 | 424 | |||||||
Gold and silver credits | (1.97) | - | - | |||||||
Treatment charges | 0.24 | 0.16 | 69 | |||||||
Export duties | 0.19 | 0.13 | 54 | |||||||
Royalty on metals | 0.25 | 0.18 | 63 | |||||||
Unit net cash costs | 0.17 | 1.46 | 610 | |||||||
DD&A | 0.74 | 0.50 | 215 | |||||||
Total unit costs | 0.91 | 1.96 | 825 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | - | - | 16 | |||||||
PT Smelting intercompany loss | (0.04) | (0.03) | (12) | |||||||
Gross profit per pound/ounce | $ | 3.16 | $ | 2.12 | $ | 936 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 2,293 | $ | 553 | $ | 280 | ||||
Treatment charges | (90) | - | - | |||||||
Export duties | (71) | - | - | |||||||
Royalty on metals | (94) | - | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 4 | - | - | |||||||
PT Smelting intercompany loss | - | 16 | - | |||||||
Indonesia mining | 2,042 | 569 | 280 | |||||||
Other miningb
| 5,672 | 4,070 | 232 | |||||||
Corporate, other & eliminations | (1,631) | (1,630) | 16 | |||||||
As reported in FCX's consolidated financial statements | $ | 6,083 | $ | 3,009 | $ | 528 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended September 30, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 659 | $ | 659 | $ | 437 | $ | 24 | $ | 1,120 |
Site production and delivery, before net noncash and other costs shown below | 376 | 221 | 147 | 8 | 376 | |||||
Gold and silver credits | (474) | - | - | - | - | |||||
Treatment charges | 58 | 34 | 23 | 1 | 58 | |||||
Export duties | 24 | 14 | 9 | 1 | 24 | |||||
Royalty on metals | 45 | 26 | 18 | 1 | 45 | |||||
Net cash costs | 29 | 295 | 197 | 11 | 503 | |||||
DD&A | 150 | 88 | 59 | 3 | 150 | |||||
Noncash and other costs, net | 24 |
b
| 14 | 9 | 1 | 24 | ||||
Total costs | 203 | 397 | 265 | 15 | 677 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 28 | 28 | 11 | 2 | 41 | |||||
PT Smelting intercompany loss | (17) | (10) | (7) | - | (17) | |||||
Gross profit | $ | 467 | $ | 280 | $ | 176 | $ | 11 | $ | 467 |
Copper sales (millions of recoverable pounds) | 219 | 219 | ||||||||
Gold sales (thousands of recoverable ounces) | 230 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 3.00 | $ | 3.00 | $ | 1,902 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.71 | 1.01 | 639 | |||||||
Gold and silver credits | (2.16) | - | - | |||||||
Treatment charges | 0.26 | 0.16 | 98 | |||||||
Export duties | 0.11 | 0.06 | 40 | |||||||
Royalty on metals | 0.21 | 0.12 | 79 | |||||||
Unit net cash costs | 0.13 | 1.35 | 856 | |||||||
DD&A | 0.68 | 0.40 | 256 | |||||||
Noncash and other costs, net | 0.11 |
b
| 0.06 | 40 | ||||||
Total unit costs | 0.92 | 1.81 | 1,152 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.13 | 0.13 | 49 | |||||||
PT Smelting intercompany loss | (0.08) | (0.05) | (31) | |||||||
Gross profit per pound/ounce | $ | 2.13 | $ | 1.27 | $ | 768 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,120 | $ | 376 | $ | 150 | ||||
Treatment charges | (58) | - | - | |||||||
Export duties | (24) | - | - | |||||||
Royalty on metals | (53) | (8) | - | |||||||
Noncash and other costs, net | - | 24 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 41 | - | - | |||||||
PT Smelting intercompany loss | - | 17 | - | |||||||
Indonesia mining | 1,026 | 409 | 150 | |||||||
Other miningc
| 3,902 | 3,090 | 223 | |||||||
Corporate, other & eliminations | (1,077) | (1,034) | 21 | |||||||
As reported in FCX's consolidated financial statements | $ | 3,851 | $ | 2,465 | $ | 394 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Nine months ended September 30, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 3,989 | $ | 3,989 | $ | 1,703 | $ | 104 | $ | 5,796 |
Site production and delivery, before net noncash and other costs shown below | 1,412 | 972 | 415 | 25 | 1,412 | |||||
Gold and silver credits | (1,803) | - | - | - | - | |||||
Treatment charges | 229 | 158 | 67 | 4 | 229 | |||||
Export duties | 145 | 99 | 43 | 3 | 145 | |||||
Royalty on metals | 234 | 167 | 63 | 4 | 234 | |||||
Net cash costs | 217 | 1,396 | 588 | 36 | 2,020 | |||||
DD&A | 726 | 499 | 213 | 14 | 726 | |||||
Noncash and other costs, net | 3 |
b
| 2 | 1 | - | 3 | ||||
Total costs | 946 | 1,897 | 802 | 50 | 2,749 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 71 | 71 | (4) | - | 67 | |||||
PT Smelting intercompany loss | (106) | (73) | (31) | (2) | (106) | |||||
Gross profit | $ | 3,008 | $ | 2,090 | $ | 866 | $ | 52 | $ | 3,008 |
Copper sales (millions of recoverable pounds) | 946 | 946 | ||||||||
Gold sales (thousands of recoverable ounces) | 957 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 4.21 | $ | 4.21 | $ | 1,780 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.49 | 1.03 | 434 | |||||||
Gold and silver credits | (1.91) | - | - | |||||||
Treatment charges | 0.24 | 0.17 | 70 | |||||||
Export duties | 0.15 | 0.10 | 45 | |||||||
Royalty on metals | 0.26 | 0.18 | 66 | |||||||
Unit net cash costs | 0.23 | 1.48 | 615 | |||||||
DD&A | 0.76 | 0.52 | 222 | |||||||
Noncash and other costs, net | 0.01 |
b
| 0.01 | 1 | ||||||
Total unit costs | 1.00 | 2.01 | 838 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.08 | 0.08 | (5) | |||||||
PT Smelting intercompany loss | (0.11) | (0.08) | (33) | |||||||
Gross profit per pound/ounce | $ | 3.18 | $ | 2.20 | $ | 904 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 5,796 | $ | 1,412 | $ | 726 | ||||
Treatment charges | (229) | - | - | |||||||
Export duties | (145) | - | - | |||||||
Royalty on metals | (234) | - | - | |||||||
Noncash and other costs, net | 31 | 34 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 67 | - | - | |||||||
PT Smelting intercompany loss | - | 106 | - | |||||||
Indonesia mining | 5,286 | 1,552 | 726 | |||||||
Other miningc
| 15,785 | 11,451 | 657 | |||||||
Corporate, other & eliminations | (4,390) | (4,141) | 47 | |||||||
As reported in FCX's consolidated financial statements | $ | 16,681 | $ | 8,862 | $ | 1,430 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Nine months ended September 30, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 1,447 | $ | 1,447 | $ | 994 | $ | 48 | $ | 2,489 |
Site production and delivery, before net noncash and other costs shown below | 1,062 | 617 | 424 | 21 | 1,062 | |||||
Gold and silver credits | (1,046) | - | - | - | - | |||||
Treatment charges | 143 | 83 | 57 | 3 | 143 | |||||
Export duties | 43 | 25 | 17 | 1 | 43 | |||||
Royalty on metals | 92 | 53 | 38 | 1 | 92 | |||||
Net cash costs | 294 | 778 | 536 | 26 | 1,340 | |||||
DD&A | 375 | 218 | 150 | 7 | 375 | |||||
Noncash and other costs, net | 56 |
b
| 33 | 22 | 1 | 56 | ||||
Total costs | 725 | 1,029 | 708 | 34 | 1,771 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (20) | (20) | 4 | - | (16) | |||||
PT Smelting intercompany loss | (18) | (11) | (7) | - | (18) | |||||
Gross profit | $ | 684 | $ | 387 | $ | 283 | $ | 14 | $ | 684 |
Copper sales (millions of recoverable pounds) | 518 | 518 | ||||||||
Gold sales (thousands of recoverable ounces) | 549 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 2.79 | $ | 2.79 | $ | 1,810 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.05 | 1.19 | 773 | |||||||
Gold and silver credits | (2.02) | - | - | |||||||
Treatment charges | 0.28 | 0.16 | 104 | |||||||
Export duties | 0.08 | 0.05 | 31 | |||||||
Royalty on metals | 0.18 | 0.10 | 68 | |||||||
Unit net cash costs | 0.57 | 1.50 | 976 | |||||||
DD&A | 0.72 | 0.42 | 273 | |||||||
Noncash and other costs, net | 0.11 |
b
| 0.07 | 41 | ||||||
Total unit costs | 1.40 | 1.99 | 1,290 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.03) | (0.03) | 8 | |||||||
PT Smelting intercompany loss | (0.04) | (0.02) | (13) | |||||||
Gross profit per pound/ounce | $ | 1.32 | $ | 0.75 | $ | 515 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 2,489 | $ | 1,062 | $ | 375 | ||||
Treatment charges | (143) | - | - | |||||||
Export duties | (43) | - | - | |||||||
Royalty on metals | (98) | (6) | - | |||||||
Noncash and other costs, net | - | 56 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (16) | - | - | |||||||
PT Smelting intercompany loss | - | 18 | - | |||||||
Indonesia mining | 2,189 | 1,130 | 375 | |||||||
Other miningc
| 10,288 | 8,950 | 667 | |||||||
Corporate, other & eliminations | (2,774) | (2,676) | 51 | |||||||
As reported in FCX's consolidated financial statements | $ | 9,703 | $ | 7,404 | $ | 1,093 | ||||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended September 30, | ||||||||
(In millions) | 2021 | 2020 | ||||||
Revenues, excluding adjustmentsa
| $ | 158 | $ | 47 | ||||
Site production and delivery, before net noncash and other costs shown below | 67 | 47 | ||||||
Treatment charges and other | 7 | 5 | ||||||
Net cash costs | 74 | 52 | ||||||
DD&A | 19 | 13 | ||||||
Metals inventory adjustments | - | 3 | ||||||
Noncash and other costs, net | 3 | 4 | ||||||
Total costs | 96 | 72 | ||||||
Gross profit (loss) | $ | 62 | $ | (25) | ||||
Molybdenum sales (millions of recoverable pounds)a
| 9 | 6 | ||||||
Gross profit (loss) per pound of molybdenum: | ||||||||
Revenues, excluding adjustmentsa
| $ | 18.13 | $ | 8.83 | ||||
Site production and delivery, before net noncash and other costs shown below | 7.70 | 8.88 | ||||||
Treatment charges and other | 0.84 | 0.84 | ||||||
Unit net cash costs | 8.54 | 9.72 | ||||||
DD&A | 2.14 | 2.38 | ||||||
Metals inventory adjustments | - | 0.67 | ||||||
Noncash and other costs, net | 0.30 | 0.54 | ||||||
Total unit costs | 10.98 | 13.31 | ||||||
Gross profit (loss) per pound | $ | 7.15 | $ | (4.48) | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Three Months Ended September 30, 2021 | Revenues | and Delivery | DD&A | Adjustments | ||||
Totals presented above | $ | 158 | $ | 67 | $ | 19 | $ | - |
Treatment charges and other | (7) | - | - | - | ||||
Noncash and other costs, net | - | 3 | - | - | ||||
Molybdenum mines | 151 | 70 | 19 | - | ||||
Other miningb
| 7,563 | 4,569 | 493 | 13 | ||||
Corporate, other & eliminations | (1,631) | (1,630) | 16 | 1 | ||||
As reported in FCX's consolidated financial statements | $ | 6,083 | $ | 3,009 | $ | 528 | $ | 14 |
Three Months Ended September 30, 2020 | ||||||||
Totals presented above | $ | 47 | $ | 47 | $ | 13 | $ | 3 |
Treatment charges and other | (5) | - | - | - | ||||
Noncash and other costs, net | - | 4 | - | - | ||||
Molybdenum mines | 42 | 51 | 13 | 3 | ||||
Other miningb
| 4,886 | 3,448 | 360 | (2) | ||||
Corporate, other & eliminations | (1,077) | (1,034) | 21 | 8 | ||||
As reported in FCX's consolidated financial statements | $ | 3,851 | $ | 2,465 | $ | 394 | $ | 9 |
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Nine months ended September 30, | ||||||||
(In millions) | 2021 | 2020 | ||||||
Revenues, excluding adjustmentsa
| $ | 329 | $ | 187 | ||||
Site production and delivery, before net noncash and other costs shown below | 175 | 164 | ||||||
Treatment charges and other | 19 | 16 | ||||||
Net cash costs | 194 | 180 | ||||||
DD&A | 51 | 44 | ||||||
Metals inventory adjustments | 1 | 8 | ||||||
Noncash and other costs, net | 8 | 14 |
b
| |||||
Total costs | 254 | 246 | ||||||
Gross profit (loss) | $ | 75 | $ | (59) | ||||
Molybdenum sales (millions of recoverable pounds)a
| 23 | 19 | ||||||
Gross profit (loss) per pound of molybdenum: | ||||||||
Revenues, excluding adjustmentsa
| $ | 14.41 | $ | 9.92 | ||||
Site production and delivery, before net noncash and other costs shown below | 7.69 | 8.73 | ||||||
Treatment charges and other | 0.85 | 0.85 | ||||||
Unit net cash costs | 8.54 | 9.58 | ||||||
DD&A | 2.21 | 2.31 | ||||||
Metals inventory adjustments | 0.04 | 0.44 | ||||||
Noncash and other costs, net | 0.34 | 0.72 |
b
| |||||
Total unit costs | 11.13 | 13.05 | ||||||
Gross profit (loss) per pound | $ | 3.28 | $ | (3.13) | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Nine months ended September 30, 2021 | Revenues | and Delivery | DD&A | Adjustments | ||||
Totals presented above | $ | 329 | $ | 175 | $ | 51 | $ | 1 |
Treatment charges and other | (19) | - | - | - | ||||
Noncash and other costs, net | - | 8 | - | - | ||||
Molybdenum mines | 310 | 183 | 51 | 1 | ||||
Other miningc
| 20,761 | 12,820 | 1,332 | 13 | ||||
Corporate, other & eliminations | (4,390) | (4,141) | 47 | 1 | ||||
As reported in FCX's consolidated financial statements | $ | 16,681 | $ | 8,862 | $ | 1,430 | $ | 15 |
Nine months ended September 30, 2020 | ||||||||
Totals presented above | $ | 187 | $ | 164 | $ | 44 | $ | 8 |
Treatment charges and other | (16) | - | - | - | ||||
Noncash and other costs, net | - | 14 | - | - | ||||
Molybdenum mines | 171 | 178 | 44 | 8 | ||||
Other miningc
| 12,306 | 9,902 | 998 | 58 | ||||
Corporate, other & eliminations | (2,774) | (2,676) | 51 | 26 | ||||
As reported in FCX's consolidated financial statements | $ | 9,703 | $ | 7,404 | $ | 1,093 | $ | 92 |
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Freeport-McMoRan Inc. published this content on 21 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 12:33:10 UTC.