Freeport-McMoRan Copper & Gold Inc. reported financial and production results for the first quarter of 2009. Net income was $43 million, down significantly from $1.1 billion in the first quarter of 2008. Copper production increased to 1.041 billion pounds compared to 880 million pounds last year, while gold production increased to 595 thousand ounces from 275 thousand ounces. Unit costs decreased to $1.07 per pound of copper from $1.47 per pound. For 2009, the company expects copper sales of 3.9 billion pounds, gold sales of 2.3 million ounces, and unit costs of approximately $0.70 per pound.
Commercial Metals Company reported record financial results for fiscal year 2006 with net sales of $7.6 billion, net earnings of $356 million, and diluted earnings per share of $2.89. All five of CMC's business segments performed well, with domestic steel mills, CMCZ (the Polish steel operation), and recycling being especially strong. Market conditions were favorable, especially for non-residential construction, and CMC executed well. The company also invested in new facilities, acquisitions, and branding initiatives. CMC has high confidence in its future due to the continued expected strength of its end markets and its vertically integrated business model.
This document is the 2005 annual report for Commercial Metals Company. It summarizes the company's financial performance for fiscal year 2005, which saw record net earnings of $286 million on net sales of $6.6 billion, up from $132 million on $4.8 billion the previous year. The company's domestic mills and fabrication segments significantly outperformed the prior year due to higher steel prices and strong end-user demand. While operations in Poland saw a decline from the prior year, performance improved in the fourth quarter. Overall, the company benefited from favorable market conditions across most of its businesses.
This document provides a corporate update from Agnico-Eagle Mines Limited for February 2009. It summarizes the company's operating and financial results for Q4 and full year 2008, highlights its strong gold reserves which are larger than its peers, and outlines its global growth strategy with three operating mines and three new mines under construction. It also previews upcoming news in 2009 regarding expansion studies at several of its projects which could further increase production.
- Agnico-Eagle Mines reported fourth quarter 2009 results on February 17, 2010
- Gold production in Q4 2009 was 163,276 ounces, up 83% from Q4 2008, with total cash costs of $297/ounce
- Issues that lowered production and increased costs in Q3 2009 at some mines were largely resolved by Q4
- The company is now a multi-mine international gold producer with 6 operating mines and production expected to grow to over 1 million ounces annually through expansions
Agnico-Eagle Mines Limited has emerged as a top gold stock due to its emphasis on quality, exceptional record of shareholder value creation, and robust growth profile. The document discusses Agnico-Eagle's corporate strategy of increasing gold production and reserves while maintaining a solid financial profile and low costs. It provides an overview of the company's operating results, strong financial position, industry-leading growth estimates, and high gold reserves per share.
Agnico-Eagle Mines reported record annual gold production of 1,043,811 ounces in 2012 at a total cash cost of $640 per ounce. Cash flows from operations reached a record $696 million. Production is expected to increase to approximately 990,000 ounces in 2013 and reach over 1.2 million ounces by 2015 through contributions from new projects. Capital expenditures will be focused on expanding the Kittila mine and advancing new projects.
This document provides information from Agnico-Eagle Mines Limited's shareholder meeting on April 30, 2009. It summarizes the company's operating results for the first quarter of 2009, highlighting record quarterly gold production of 91,812 ounces and total cash costs per ounce of $312. The document also emphasizes Agnico-Eagle's consistent strategy of growing gold reserves and production while maintaining low production costs to create shareholder value.
Cabo Drilling Corp is a drilling services company that provides drilling rigs and services to mining companies. It acquired five drilling companies between 2004-2005. The presentation provides an overview of Cabo's business including its revenues from 2008-2012, fleet size, international operations, financial position, and goals to improve profitability through cost controls and expanding capacity. Cabo aims to take advantage of strong demand in the mining industry and growing metals prices.
Commercial Metals Company reported record financial results for fiscal year 2006 with net sales of $7.6 billion, net earnings of $356 million, and diluted earnings per share of $2.89. All five of CMC's business segments performed well, with domestic steel mills, CMCZ (the Polish steel operation), and recycling being especially strong. Market conditions were favorable, especially for non-residential construction, and CMC executed well. The company also invested in new facilities, acquisitions, and branding initiatives. CMC has high confidence in its future due to the continued expected strength of its end markets and its vertically integrated business model.
This document is the 2005 annual report for Commercial Metals Company. It summarizes the company's financial performance for fiscal year 2005, which saw record net earnings of $286 million on net sales of $6.6 billion, up from $132 million on $4.8 billion the previous year. The company's domestic mills and fabrication segments significantly outperformed the prior year due to higher steel prices and strong end-user demand. While operations in Poland saw a decline from the prior year, performance improved in the fourth quarter. Overall, the company benefited from favorable market conditions across most of its businesses.
This document provides a corporate update from Agnico-Eagle Mines Limited for February 2009. It summarizes the company's operating and financial results for Q4 and full year 2008, highlights its strong gold reserves which are larger than its peers, and outlines its global growth strategy with three operating mines and three new mines under construction. It also previews upcoming news in 2009 regarding expansion studies at several of its projects which could further increase production.
- Agnico-Eagle Mines reported fourth quarter 2009 results on February 17, 2010
- Gold production in Q4 2009 was 163,276 ounces, up 83% from Q4 2008, with total cash costs of $297/ounce
- Issues that lowered production and increased costs in Q3 2009 at some mines were largely resolved by Q4
- The company is now a multi-mine international gold producer with 6 operating mines and production expected to grow to over 1 million ounces annually through expansions
Agnico-Eagle Mines Limited has emerged as a top gold stock due to its emphasis on quality, exceptional record of shareholder value creation, and robust growth profile. The document discusses Agnico-Eagle's corporate strategy of increasing gold production and reserves while maintaining a solid financial profile and low costs. It provides an overview of the company's operating results, strong financial position, industry-leading growth estimates, and high gold reserves per share.
Agnico-Eagle Mines reported record annual gold production of 1,043,811 ounces in 2012 at a total cash cost of $640 per ounce. Cash flows from operations reached a record $696 million. Production is expected to increase to approximately 990,000 ounces in 2013 and reach over 1.2 million ounces by 2015 through contributions from new projects. Capital expenditures will be focused on expanding the Kittila mine and advancing new projects.
This document provides information from Agnico-Eagle Mines Limited's shareholder meeting on April 30, 2009. It summarizes the company's operating results for the first quarter of 2009, highlighting record quarterly gold production of 91,812 ounces and total cash costs per ounce of $312. The document also emphasizes Agnico-Eagle's consistent strategy of growing gold reserves and production while maintaining low production costs to create shareholder value.
Cabo Drilling Corp is a drilling services company that provides drilling rigs and services to mining companies. It acquired five drilling companies between 2004-2005. The presentation provides an overview of Cabo's business including its revenues from 2008-2012, fleet size, international operations, financial position, and goals to improve profitability through cost controls and expanding capacity. Cabo aims to take advantage of strong demand in the mining industry and growing metals prices.
July 2010 - Michigan Energy Forum - Robert H. GermanAnnArborSPARK
Bob German from DTE Energy presents: An overview of carbon markets including policy and the value chain - Types of carbon projects being developed - Typical carbon transaction structures - How can I get involved in the carbon space?
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2007. Net income for Q4 2007 was $668 million compared to $1.079 billion for the same period in 2006. For the full year, net income was $3.956 billion compared to $5.234 billion in 2006. Key events in 2007 included acquiring Western Oil Sands, completing an LNG facility in Equatorial Guinea, and beginning major refinery expansion projects. Production is expected to increase in 2008 from new oil projects coming online.
Agnico-Eagle Mines Limited reported strong second quarter 2012 results, with record quarterly gold production from currently operating mines of 265,350 ounces at total cash costs of $660 per ounce. Cash provided by operating activities was a record $194 million for the quarter. Production guidance for 2012 was increased to approximately 975,000 ounces of gold. The company has a portfolio of quality, long-life mines that continue to perform well and provide low-risk production growth from existing assets. Significant exploration upside and reserve growth have been demonstrated at the company's 100%-owned assets.
StealthGas Inc. reported its financial results for the third quarter of 2012 on November 27th, 2012. The summary includes:
- Net income of $6.6 million for Q3 2012, with revenues of $30.4 million. Year-to-date net income was $21.2 million.
- The fleet size was 37 vessels with an average age of 10.7 years as of Q3 2012.
- Time charter equivalent rates were $9,800 per day for Q3 2012.
- Global seaborne LPG trade increased 10% in 2012 driven by demand from emerging markets in Asia. The Middle East remained the largest supplier, with exports expected to rise 12%
ARC Resources - November 2012 Investor PresentationARC Resources
This document provides an overview of ARC Resources, an energy company, including:
1) ARC produced over 92,000 barrels of oil equivalent per day in 2012, consisting of 36,000 barrels per day of liquids and 341 million cubic feet per day of natural gas.
2) ARC has over 572 million barrels of oil equivalent of reserves with an estimated reserve life of 17 years based on 2012 production levels.
3) ARC has focused on growing its oil and liquids production, which comprised 40% of third quarter 2012 production and contributed 78% of revenue over that period.
Hindustan Zinc reported a 20.9% year-over-year increase in net sales to Rs. 2,163 crore for 2QFY2011, driven by higher sales volumes and prices for zinc, lead, and silver. However, EBITDA margins declined significantly by 807 basis points to 52.0% due to higher mining, power, and materials costs. As a result, net profit growth was muted at 1.5% despite a 19.7% rise in other income. While expansion projects are delayed, the company is expected to benefit from capacity additions and higher silver production in the future.
Agnico-Eagle Mines Limited reported its third quarter 2012 results in October 2012. The company achieved record quarterly gold production of 286,971 ounces at total cash costs of $556 per ounce. Cash flow from operations was also a record at $199 million for the quarter. Agnico increased its 2012 gold production guidance to approximately 1,025,000 ounces and lowered its total cash cost guidance to approximately $660 per ounce. The company's portfolio of long-life mines continued to perform well, and it expects low political risk and meaningful production growth from existing assets.
ARC Resources - February 2013 Investor PresentationARC Resources
ARC Resources provides an investor presentation detailing its oil and gas reserves, production growth, and financial performance. Some key points include:
- ARC's proved plus probable reserves totaled 607 million barrels of oil equivalent as of December 31, 2012.
- Between 2012 and 1997, ARC grew its proved plus probable reserves at a compound annual growth rate of 18%.
- ARC replaced over 200% of its 2012 production at a finding and development cost of $9.34 per barrel of oil equivalent.
Agnico-Eagle Mines reported record quarterly gold production from its currently operating mines of 254,955 ounces in Q1 2012, a 19% increase over Q1 2011. Total cash costs were $594 per ounce. Net income was $79 million, up 74% year-over-year. Cash provided by operating activities was $196 million. Production is expected to grow further from existing long-life assets through exploration and mine plan optimization. The company aims to continue generating strong cash flows to fund growth and maintain its dividend.
Duratex reported strong financial results for the first half of 2007. Net revenues increased 15% to R$781.7 million driven by a 16% increase in wood sales volume and a 13% rise in ceramic tile shipments. Gross margin improved to 46% from 42% a year ago. EBITDA grew 33% to R$268.2 million and net income jumped 68% to R$152.3 million. Duratex invested R$112.9 million in capital expenditures during the period, including a down payment for a new MDF plant, land acquisitions, and equipment to expand production capacity across various business segments going forward. Occupancy rates remained high across Duratex's facilities.
- Duratex reported record financial results for 2006, with shipments and net revenues increasing 17% and 9% respectively in its wood and deca divisions. Net income increased 65% to a record R$226 million.
- The company operates in wood panels, metal fittings, and vitreous china, with its wood panels consumed mainly by the furniture industry. It plans to increase capacity for hardboard, particle board, MDF, and metal fittings.
- Housing and construction are key markets, expected to grow with increased access to credit and a growing youth population. Duratex captures a large share of these markets through home centers, retailers, and direct sales.
- Petrobras achieved its 2012 production target of 1,980 kbpd despite operational challenges.
- Pre-salt production increased to 136.4 kbpd in 2012, up from 100.3 kbpd in 2011.
- Proven reserves totaled 16.44 billion boe and the reserve replacement ratio was 103.3%.
- The PROEF program in the UO-BC increased average production by 25 kbpd and operational efficiency by 11 percentage points.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
Marathon Oil Corporation reported first quarter 2008 net income of $731 million, slightly lower than the first quarter of 2007. Adjusted net income excluding special items was $767 million, up 9% from the prior year. Upstream and integrated gas segments performed strongly due to higher hydrocarbon prices and production volumes. Downstream results were negatively impacted by lower refining margins and planned maintenance. The company continued share repurchases and major project work during the quarter.
- OGX reached an important milestone in 2012 by beginning oil production in the Tubarão Azul Field, only 4 years after its creation. Production reached 3.2 million barrels in 2012.
- OGX posted its first revenues of R$325 million in 2012 from oil sales.
- Important advances were made in exploration, including new commercial discoveries. However, initial production estimates for some wells were lower than expected.
- As of December 2012, OGX had a cash position of R$3.4 billion to develop its portfolio and pursue new opportunities. Average daily production was around 9.8 kboepd for the year.
Agnico Eagle Mines Limited provided a corporate update in January 2013. The update discussed Agnico Eagle's strong financial and operating performance in 2012, including record gold production and improved costs. Plans for growth in 2013 include commercial production at the La India and Goldex projects by mid-2014. Exploration success was noted at La India, Tarachi and Kittila, with drilling continuing to expand mineralized zones at these properties.
Webcast about the 1st Quarter Results 2011 - IFRSPetrobras
Petrobras reported strong financial results for the 1st quarter of 2011, with record net income. Key highlights included the start-up of pre-salt production in the Campos and Santos Basins, new oil discoveries in the Santos Basin pre-salt area, and the start-up of new gas pipelines and refining units. Oil and gas production increased slightly compared to the prior year due to ramp-ups in existing fields and assets. In the Santos Basin pre-salt area, Petrobras continued development and exploration activities through EWTs, new discoveries, and optimization of drilling times and costs.
This document is Commercial Metals Company's 2005 Annual Report which summarizes the company's financial performance for fiscal year 2005. Some key points:
- The company achieved record net earnings of $286 million on record net sales of $6.6 billion in fiscal year 2005, up from $132 million in net earnings on $4.8 billion in net sales in fiscal year 2004.
- All of the company's business segments - Domestic Mills, Domestic Fabrication, Recycling, and Marketing & Distribution - experienced strong financial performance and profitability in 2005.
- The company continued its strategy of vertical integration and diversification which has helped it perform well in changing market conditions.
- For
This document is Commercial Metals Company's 2005 Annual Report. It summarizes the company's financial performance for fiscal year 2005, including record net earnings of $286 million on net sales of $6.6 billion, up from $132 million on $4.8 billion the previous year. It discusses positive results across the company's business segments, including Domestic Mills, Domestic Fabrication, Recycling, and Marketing & Distribution. The annual report also provides an overview of the company's operations, strategic focus on vertical integration, and capital expenditure plans.
Barrick reported Q1 net income of $514 million, a 29% increase over the prior year's adjusted net income. Gold production was 1.74 million ounces at total cash costs of $393 per ounce, while copper production was 87 million ounces at $0.94 per pound. The company maintained its full-year production guidance. Significant progress continued on projects such as Buzwagi and Cortez Hills. Exploration spending was $179 million in 2007 and is budgeted at $200 million for 2008, focused on reserve growth and conversion near existing mines.
This annual report summarizes Commercial Metals Company's financial performance in fiscal year 2006. Some key points:
- Record net earnings of $356 million on $7.6 billion in net sales, up from $286 million on $6.6 billion the prior year.
- All five business segments (domestic mills, CMCZ, domestic fabrication, recycling, and marketing/distribution) performed well due to favorable market conditions and the company's vertical integration strategy.
- Domestic mills set new records for sales, production, and shipments as metal spreads increased. The copper tube mill's operating profit increased significantly year-over-year.
This annual report summarizes Commercial Metals Company's financial performance in fiscal year 2006. Some key points:
- Record net earnings of $356 million on $7.6 billion in net sales, up from $286 million on $6.6 billion the prior year.
- All five business segments (domestic mills, CMCZ, domestic fabrication, recycling, and marketing/distribution) performed well due to favorable market conditions and the company's vertical integration strategy.
- Domestic mills set production and shipment records while benefiting from high metal spreads. CMCZ also improved significantly through organizational changes and new investments.
July 2010 - Michigan Energy Forum - Robert H. GermanAnnArborSPARK
Bob German from DTE Energy presents: An overview of carbon markets including policy and the value chain - Types of carbon projects being developed - Typical carbon transaction structures - How can I get involved in the carbon space?
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2007. Net income for Q4 2007 was $668 million compared to $1.079 billion for the same period in 2006. For the full year, net income was $3.956 billion compared to $5.234 billion in 2006. Key events in 2007 included acquiring Western Oil Sands, completing an LNG facility in Equatorial Guinea, and beginning major refinery expansion projects. Production is expected to increase in 2008 from new oil projects coming online.
Agnico-Eagle Mines Limited reported strong second quarter 2012 results, with record quarterly gold production from currently operating mines of 265,350 ounces at total cash costs of $660 per ounce. Cash provided by operating activities was a record $194 million for the quarter. Production guidance for 2012 was increased to approximately 975,000 ounces of gold. The company has a portfolio of quality, long-life mines that continue to perform well and provide low-risk production growth from existing assets. Significant exploration upside and reserve growth have been demonstrated at the company's 100%-owned assets.
StealthGas Inc. reported its financial results for the third quarter of 2012 on November 27th, 2012. The summary includes:
- Net income of $6.6 million for Q3 2012, with revenues of $30.4 million. Year-to-date net income was $21.2 million.
- The fleet size was 37 vessels with an average age of 10.7 years as of Q3 2012.
- Time charter equivalent rates were $9,800 per day for Q3 2012.
- Global seaborne LPG trade increased 10% in 2012 driven by demand from emerging markets in Asia. The Middle East remained the largest supplier, with exports expected to rise 12%
ARC Resources - November 2012 Investor PresentationARC Resources
This document provides an overview of ARC Resources, an energy company, including:
1) ARC produced over 92,000 barrels of oil equivalent per day in 2012, consisting of 36,000 barrels per day of liquids and 341 million cubic feet per day of natural gas.
2) ARC has over 572 million barrels of oil equivalent of reserves with an estimated reserve life of 17 years based on 2012 production levels.
3) ARC has focused on growing its oil and liquids production, which comprised 40% of third quarter 2012 production and contributed 78% of revenue over that period.
Hindustan Zinc reported a 20.9% year-over-year increase in net sales to Rs. 2,163 crore for 2QFY2011, driven by higher sales volumes and prices for zinc, lead, and silver. However, EBITDA margins declined significantly by 807 basis points to 52.0% due to higher mining, power, and materials costs. As a result, net profit growth was muted at 1.5% despite a 19.7% rise in other income. While expansion projects are delayed, the company is expected to benefit from capacity additions and higher silver production in the future.
Agnico-Eagle Mines Limited reported its third quarter 2012 results in October 2012. The company achieved record quarterly gold production of 286,971 ounces at total cash costs of $556 per ounce. Cash flow from operations was also a record at $199 million for the quarter. Agnico increased its 2012 gold production guidance to approximately 1,025,000 ounces and lowered its total cash cost guidance to approximately $660 per ounce. The company's portfolio of long-life mines continued to perform well, and it expects low political risk and meaningful production growth from existing assets.
ARC Resources - February 2013 Investor PresentationARC Resources
ARC Resources provides an investor presentation detailing its oil and gas reserves, production growth, and financial performance. Some key points include:
- ARC's proved plus probable reserves totaled 607 million barrels of oil equivalent as of December 31, 2012.
- Between 2012 and 1997, ARC grew its proved plus probable reserves at a compound annual growth rate of 18%.
- ARC replaced over 200% of its 2012 production at a finding and development cost of $9.34 per barrel of oil equivalent.
Agnico-Eagle Mines reported record quarterly gold production from its currently operating mines of 254,955 ounces in Q1 2012, a 19% increase over Q1 2011. Total cash costs were $594 per ounce. Net income was $79 million, up 74% year-over-year. Cash provided by operating activities was $196 million. Production is expected to grow further from existing long-life assets through exploration and mine plan optimization. The company aims to continue generating strong cash flows to fund growth and maintain its dividend.
Duratex reported strong financial results for the first half of 2007. Net revenues increased 15% to R$781.7 million driven by a 16% increase in wood sales volume and a 13% rise in ceramic tile shipments. Gross margin improved to 46% from 42% a year ago. EBITDA grew 33% to R$268.2 million and net income jumped 68% to R$152.3 million. Duratex invested R$112.9 million in capital expenditures during the period, including a down payment for a new MDF plant, land acquisitions, and equipment to expand production capacity across various business segments going forward. Occupancy rates remained high across Duratex's facilities.
- Duratex reported record financial results for 2006, with shipments and net revenues increasing 17% and 9% respectively in its wood and deca divisions. Net income increased 65% to a record R$226 million.
- The company operates in wood panels, metal fittings, and vitreous china, with its wood panels consumed mainly by the furniture industry. It plans to increase capacity for hardboard, particle board, MDF, and metal fittings.
- Housing and construction are key markets, expected to grow with increased access to credit and a growing youth population. Duratex captures a large share of these markets through home centers, retailers, and direct sales.
- Petrobras achieved its 2012 production target of 1,980 kbpd despite operational challenges.
- Pre-salt production increased to 136.4 kbpd in 2012, up from 100.3 kbpd in 2011.
- Proven reserves totaled 16.44 billion boe and the reserve replacement ratio was 103.3%.
- The PROEF program in the UO-BC increased average production by 25 kbpd and operational efficiency by 11 percentage points.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
Marathon Oil Corporation reported first quarter 2008 net income of $731 million, slightly lower than the first quarter of 2007. Adjusted net income excluding special items was $767 million, up 9% from the prior year. Upstream and integrated gas segments performed strongly due to higher hydrocarbon prices and production volumes. Downstream results were negatively impacted by lower refining margins and planned maintenance. The company continued share repurchases and major project work during the quarter.
- OGX reached an important milestone in 2012 by beginning oil production in the Tubarão Azul Field, only 4 years after its creation. Production reached 3.2 million barrels in 2012.
- OGX posted its first revenues of R$325 million in 2012 from oil sales.
- Important advances were made in exploration, including new commercial discoveries. However, initial production estimates for some wells were lower than expected.
- As of December 2012, OGX had a cash position of R$3.4 billion to develop its portfolio and pursue new opportunities. Average daily production was around 9.8 kboepd for the year.
Agnico Eagle Mines Limited provided a corporate update in January 2013. The update discussed Agnico Eagle's strong financial and operating performance in 2012, including record gold production and improved costs. Plans for growth in 2013 include commercial production at the La India and Goldex projects by mid-2014. Exploration success was noted at La India, Tarachi and Kittila, with drilling continuing to expand mineralized zones at these properties.
Webcast about the 1st Quarter Results 2011 - IFRSPetrobras
Petrobras reported strong financial results for the 1st quarter of 2011, with record net income. Key highlights included the start-up of pre-salt production in the Campos and Santos Basins, new oil discoveries in the Santos Basin pre-salt area, and the start-up of new gas pipelines and refining units. Oil and gas production increased slightly compared to the prior year due to ramp-ups in existing fields and assets. In the Santos Basin pre-salt area, Petrobras continued development and exploration activities through EWTs, new discoveries, and optimization of drilling times and costs.
This document is Commercial Metals Company's 2005 Annual Report which summarizes the company's financial performance for fiscal year 2005. Some key points:
- The company achieved record net earnings of $286 million on record net sales of $6.6 billion in fiscal year 2005, up from $132 million in net earnings on $4.8 billion in net sales in fiscal year 2004.
- All of the company's business segments - Domestic Mills, Domestic Fabrication, Recycling, and Marketing & Distribution - experienced strong financial performance and profitability in 2005.
- The company continued its strategy of vertical integration and diversification which has helped it perform well in changing market conditions.
- For
This document is Commercial Metals Company's 2005 Annual Report. It summarizes the company's financial performance for fiscal year 2005, including record net earnings of $286 million on net sales of $6.6 billion, up from $132 million on $4.8 billion the previous year. It discusses positive results across the company's business segments, including Domestic Mills, Domestic Fabrication, Recycling, and Marketing & Distribution. The annual report also provides an overview of the company's operations, strategic focus on vertical integration, and capital expenditure plans.
Barrick reported Q1 net income of $514 million, a 29% increase over the prior year's adjusted net income. Gold production was 1.74 million ounces at total cash costs of $393 per ounce, while copper production was 87 million ounces at $0.94 per pound. The company maintained its full-year production guidance. Significant progress continued on projects such as Buzwagi and Cortez Hills. Exploration spending was $179 million in 2007 and is budgeted at $200 million for 2008, focused on reserve growth and conversion near existing mines.
This annual report summarizes Commercial Metals Company's financial performance in fiscal year 2006. Some key points:
- Record net earnings of $356 million on $7.6 billion in net sales, up from $286 million on $6.6 billion the prior year.
- All five business segments (domestic mills, CMCZ, domestic fabrication, recycling, and marketing/distribution) performed well due to favorable market conditions and the company's vertical integration strategy.
- Domestic mills set new records for sales, production, and shipments as metal spreads increased. The copper tube mill's operating profit increased significantly year-over-year.
This annual report summarizes Commercial Metals Company's financial performance in fiscal year 2006. Some key points:
- Record net earnings of $356 million on $7.6 billion in net sales, up from $286 million on $6.6 billion the prior year.
- All five business segments (domestic mills, CMCZ, domestic fabrication, recycling, and marketing/distribution) performed well due to favorable market conditions and the company's vertical integration strategy.
- Domestic mills set production and shipment records while benefiting from high metal spreads. CMCZ also improved significantly through organizational changes and new investments.
Nexen delivered solid first quarter results in 2009 despite low oil prices. Highlights include $557 million in cash flow, production of 252,000 boe/d which was 9% higher than the previous quarter, and exploration success in the UK North Sea. The Long Lake upgrader started production of Premium Synthetic Crude and reservoir performance is improving. Nexen's financial position remains strong with $3.3 billion in liquidity. Development continues on projects such as Long Lake, Ettrick, Longhorn and Usan, which are economic in the current price environment.
Eni announces its financial results for the first quarter of 2010. Adjusted operating profit was up 15.4% to €4.33 billion due to increased oil production and prices. Adjusted net profit increased 3.6% to €1.82 billion despite a higher tax rate. Capital expenditures for the quarter were €2.78 billion to develop oil and gas reserves. Production of oil and natural gas for the quarter increased 2.1% to 1.816 million barrels per day.
In the first quarter of 2009, the company reported core earnings of $407 million compared to $1.8 billion in the first quarter of 2008. Net income was $368 million compared to $1.8 billion in the prior year quarter. Oil and gas sales volumes increased 7.7% year-over-year to 654,000 barrels of oil equivalent per day. Cash production costs excluding taxes declined 13.6% from 2008 levels. The company expects oil and gas production volumes in the second quarter of 2009 to be between 640,000 and 660,000 barrels of oil equivalent per day.
Commercial Metals Company had a profitable year in 2007, with earnings approaching record levels from 2006. The company made several strategic acquisitions, announced plans to build a new micro mill, and reorganized internally into two geographic business units. Net sales increased 16% to $8.3 billion while net earnings remained steady at $355 million. The company continued pursuing its strategies of product diversification, vertical integration, and global expansion.
Commercial Metals Company had a profitable year in 2007, approaching the record profits of 2006. The company made several strategic acquisitions, announced plans to build a new micro mill, and reorganized internally to take advantage of growth opportunities. All five of the company's business segments performed well. Safety remains a major focus.
Commercial Metals Company had a profitable year in 2007, approaching the record profits of 2006. The company made several strategic acquisitions, announced plans to build a new micro mill, and reorganized internally to take advantage of growth opportunities. All five of the company's business segments performed well. Safety remains a major focus.
Agnico-Eagle Mines Limited provided a corporate update presentation in March 2010. The presentation discussed Agnico-Eagle's strategy of increasing gold production through internal expansions, growing gold reserves, acquiring early stage projects, maintaining low costs, and solid financial positioning. It also provided an operations update on improved performance in Q4 2009 at all mines, rising production and earnings, a strong financial position, and industry leading gold production growth estimates through potential internal expansions.
Marathon Oil Corporation reported financial results for the third quarter of 2005, with net income of $770 million compared to $222 million in the third quarter of 2004. Revenues increased to $17.2 billion from $12.3 billion. Exploration and production income increased due to higher oil and gas prices, though production was slightly below guidance due to Gulf of Mexico hurricanes. Refining and marketing income also increased due to strong performance despite hurricane impacts. The company continued major investments across all segments and production is recovering from the hurricanes.
This document provides an annual review and financial results for Anglo American for 2008. Key points include:
- Anglo American achieved record operating profits from core operations despite a significant reduction in commodity prices in the second half of 2008.
- Safety performance showed continued improvement over 2007.
- Actions were taken to position the company for the downturn, including a over 50% reduction in capital expenditures for 2009 and cost reduction programs.
- Underlying earnings were $5.8 billion for 2008, down 9% from 2007, with an effective tax rate of 31.8% and return on capital employed of 36.8%.
Rio Tinto half year results presentation slides 2009Rio Tinto plc
- Rio Tinto reported lower earnings and EBITDA for the first half of 2009 compared to the same period in 2008, due to a sharp decline in commodity prices from their peak in early 2008.
- The company took decisive actions to improve its financial position, including successful rights issues raising $15.2 billion, divestments of $3.7 billion, and achieving $0.8 billion of its $2.5 billion operating cost savings target for 2009.
- While the global economic outlook remains uncertain, Rio Tinto expects demand from China to continue supporting commodity prices, having driven domestic activity and inventory rebuilding through policy responses to the downturn.
ExxonMobil announced its estimated earnings results for the first quarter of 2009. Earnings were $4.55 billion, down 58% from the first quarter of 2008. Earnings per share were $0.92, down 54% from the previous year. Capital and exploration expenditures increased 5% to $5.77 billion from the first quarter of 2008. ExxonMobil's Chairman commented that despite a slowdown in the global economy and lower commodity prices, the company maintained its long-term focus on capital investment in energy projects.
The document provides an earnings review and business update for Duke Energy Corporation for the second quarter of 2004. It summarizes key financial results including EPS of $0.46 for the quarter. It highlights positive contributions from various business segments as well as progress on debt reduction goals. Special items for the quarter including settlement gains and charges are also outlined.
Duke Energy 04-29-04_PMA_DLH_1Q04_Earnings_Reviewfinance21
The document provides an earnings review for Duke Energy Corporation for the first quarter of 2004. It summarizes key financial highlights including reported EPS of $0.36 and EPS excluding special items of $0.32. It reviews performance across Duke Energy's business segments, noting solid earnings from regulated businesses and improved results from field services. It also discusses special items including a $325 million pre-tax loss from the anticipated sale of Southeast generation assets. The document indicates progress on financial plans including $200 million in debt reductions and $1.5 billion in asset sale proceeds to date.
Lake Shore Gold Corp reported strong second quarter 2012 results, including gold production of 24,426 ounces at cash costs of $849 per ounce. They have funded their development plans through the end of 2012 with $140.8 million in sources of cash, including operating cash flow of an estimated $37.5 million in the second half of 2012. Lake Shore Gold executed effectively in the first half of 2012, meeting or exceeding production targets and advancing their development program on schedule.
The document discusses Newmont Mining Corporation's growth strategy and financial performance. It highlights production growth potential to around 7 million ounces of gold by 2017 through its project pipeline. It also notes exploration upside with potential to add reserves equivalent to 90 million ounces of gold over the next decade. Finally, it provides updates on various projects in its portfolio such as Akyem, Conga, and Long Canyon.
Similar to Q1 2009 Earning Report of Freeport McMoRan Copper & Gold, Inc. (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Alexander Belyaev
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
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Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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KYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
Q1 2009 Earning Report of Freeport McMoRan Copper & Gold, Inc.
1. Financial Contacts: Media Contact:
One North Central Avenue Phoenix, AZ 85004
Kathleen L. Quirk David P. Joint William L. Collier
(602) 366-8016 (504) 582-4203 (504) 582-1750
Freeport-McMoRan Copper & Gold Inc. Reports
First-Quarter 2009 Results
Net income applicable to common stock for first-quarter 2009 was $43 million, $0.11 per share, compared
with net income applicable to common stock of $1.1 billion, $2.64 per share, for first-quarter 2008.
Consolidated sales from mines for first-quarter 2009 totaled 1.0 billion pounds of copper, 545 thousand
ounces of gold and 10 million pounds of molybdenum, compared with 911 million pounds of copper, 280
thousand ounces of gold and 20 million pounds of molybdenum for first-quarter 2008.
Consolidated sales from mines are expected to approximate 3.9 billion pounds of copper, 2.3 million ounces
of gold and 50 million pounds of molybdenum for the year 2009, including 955 million pounds of copper, 650
thousand ounces of gold and 11 million pounds of molybdenum for second-quarter 2009.
Consolidated unit net cash costs (net of by-product credits) averaged $0.66 per pound for first-quarter
2009 compared with $1.06 per pound in the first quarter of 2008. Assuming average prices of $900 per ounce
for gold and $8 per pound for molybdenum for the remainder of 2009, consolidated unit net cash costs are
estimated to average approximately $0.70 per pound for the year 2009.
Operating cash flows totaled a use of $258 million for first-quarter 2009, including $919 million in working
capital uses primarily associated with the timing of settlements with customers on prior year provisionally
priced sales. Using estimated sales volumes and assuming average prices of $2.00 per pound for copper, $900
per ounce for gold and $8 per pound for molybdenum for the remainder of 2009, operating cash flows in 2009
would approximate $2.5 billion, net of $0.6 billion in working capital requirements.
Capital expenditures totaled $519 million for first-quarter 2009, with nearly 50 percent related to the initial
development of the Tenke Fungurume project, which is nearing completion. FCX currently expects capital
expenditures to approximate $1.3 billion for 2009, including sustaining capital of $0.6 billion and $0.7 billion for
major projects. Capital spending plans continue to be reviewed and may be revised based on market
conditions.
Tenke Fungurume produced its first copper cathode in late March 2009. Construction activities for the
initial development project are nearing completion and commissioning activities are under way. FCX expects to
ramp up to full annual capacity approximating 250 million pounds of copper and 18 million pounds of cobalt in
the second half of 2009.
Total debt approximated $7.2 billion and consolidated cash was $644 million at March 31, 2009. There
were no amounts borrowed under FCX’s $1.5 billion revolving credit facility at March 31, 2009.
In February 2009, FCX sold 26.8 million shares of its common stock at an average price of $28 per
share, generating net proceeds of $740 million after fees and expenses.
1
Freeport-McMoRan Copper & Gold
2. PHOENIX, AZ, April 22, 2009 – Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported first-quarter
2009 net income applicable to common stock of $43 million, $0.11 per share, compared with net income
applicable to common stock of $1.1 billion, $2.64 per share, for the first quarter of 2008.
James R. Moffett, Chairman of the Board, and Richard C. Adkerson, President
and Chief Executive Officer, said, “Our first quarter results reflect successful
execution of our revised operating plans to reduce costs and capital spending. The
cost performance across our operating sites and particularly in our North America
operations reflects the prompt actions by our team to respond to the dramatic
change in market conditions which occurred in the fourth quarter of 2008. Our
results also demonstrate the financial strength of our Grasberg operation in
Indonesia where our gold revenues completely offset our production costs. We also
achieved important milestones for the initial start up of our Tenke Fungurume
project. We are very pleased with our team’s response to challenging and volatile
market conditions.”
SUMMARY FINANCIAL AND OPERATING DATA
First Quarter
2009 2008
Financial Data (in millions, except per share amounts)
$2,602a,b $5,672a,b
Revenues
$672b,c $2,396b
Operating income
Net Income $207 $1,505
Net income applicable to common stockd $43b,c $1,122b
$0.11b,c $2.64b
Diluted net income per share of common stock
Diluted average common shares outstandinge 401 449
$(258)f $615f
Operating cash flows
Capital expenditures $519 $508
FCX Operating Data
Copper (millions of recoverable pounds)
Production 1,041 880
Sales, excluding purchased metal 1,020 911
Average realized price per pound $1.72 $3.69
Site production and delivery unit costsg $1.07 $1.47
Unit net cash costsg $0.66 $1.06
Gold (thousands of recoverable ounces)
Production 595 275
Sales, excluding purchased metal 545 280
Average realized price per ounce $904 $933
Molybdenum (millions of recoverable pounds)
Production 14 18
Sales, excluding purchased metal 10 20
Average realized price per pound $11.52 $31.67
a. Includes impacts of adjustments to provisionally priced concentrate and cathode sales recognized in prior
periods (see discussion on page 9).
b. Includes unrealized gains totaling $19 million ($19 million to net income applicable to common stock or $0.05
per share) in first-quarter 2009 and $19 million ($12 million to net income applicable to common stock or $0.03
per share) in first-quarter 2008 on copper derivative contracts entered into in connection with certain of FCX’s
sales contracts with its U.S. copper rod customers. These contracts allow FCX to receive market prices in the
month of shipment while the customer pays the fixed price they requested.
c. Includes charges totaling $31 million ($31 million to net income applicable to common stock or $0.08 per share)
associated with adjustments to environmental obligations, $25 million ($22 million to net income applicable to
2
Freeport-McMoRan Copper & Gold
3. common stock or $0.05 per share) for restructuring and other costs associated with FCX’s revised operating
plans and $19 million ($19 million to net income applicable to common stock or $0.05 per share) for lower of
cost or market molybdenum inventory adjustments, partly offset by reductions to 2008 incentive compensation
costs totaling $33 million ($29 million to net income applicable to common stock or $0.07 per share).
d. After noncontrolling interests in net income of consolidated subsidiaries and preferred dividends.
e. For the 2008 quarter, diluted shares reflect the assumed conversion of FCX’s 5½% Convertible Perpetual
Preferred Stock and 6¾% Mandatory Convertible Preferred Stock. See footnote e on page III.
f. Includes working capital uses of $919 million in first-quarter 2009 and $1.4 billion in first-quarter 2008.
g. Reflects per pound weighted average site production and delivery unit costs and unit net cash costs, net of by-
product credits, for all mines. For reconciliations of unit costs per pound by operating division to production and
delivery costs reported in FCX’s consolidated financial statements, refer to the supplemental schedule, “Product
Revenues and Production Costs,” beginning on page VI, which is available on FCX’s web site, “www.fcx.com.”
OPERATIONS
Consolidated. First-quarter 2009 consolidated copper sales of 1.0 billion pounds were 12 percent
higher than first-quarter 2008 sales of 911 million pounds and were slightly higher than the prior estimate
of 990 million pounds reported on January 26, 2009. First-quarter 2009 consolidated sales of copper
reflect anticipated increased production at Grasberg because of higher ore grades, partially offset by
lower sales volumes at North America mines reflecting planned curtailed production rates to reduce
production of higher cost volumes.
First-quarter 2009 consolidated gold sales of 545 thousand ounces were nearly two times higher
than first-quarter 2008 gold sales of 280 thousand ounces because of higher ore grades at Grasberg.
First-quarter 2009 consolidated sales of gold exceeded previous estimates of 500 thousand ounces.
Consolidated molybdenum sales of 10 million pounds in the first quarter of 2009 were lower than
first-quarter 2008 sales of 20 million pounds and our January 2009 estimate of 13 million pounds. First-
quarter 2009 consolidated sales of molybdenum reflected the significant recent decline in molybdenum
demand, primarily in the metallurgical sector.
Unit site production and delivery costs averaged $1.07 per pound of copper in first-quarter 2009,
27 percent lower than first-quarter 2008 of $1.47 per pound and 29 percent lower than the 2008 average
of $1.51 per pound. First-quarter 2009 unit net cash costs, after by-product credits, of $0.66 per pound
were lower than the year-ago period primarily as a result of reduced operating rates following production
curtailments at North America mining operations; higher copper ore grades at Grasberg; and decreases in
energy and other commodity-based input costs. Assuming average prices of $2.00 per pound for copper,
$900 per ounce for gold and $8 per pound for molybdenum for the remainder of 2009, and using recent
prices for commodity-based input costs, unit net cash costs would average approximately $0.70 per
pound for the year.
North America Copper Mines. FCX operates five open-pit copper mines in North America (Morenci,
Sierrita, Bagdad and Safford in Arizona and Tyrone in New Mexico). By-product molybdenum is produced
primarily at Sierrita and Bagdad. All of the North America mining operations are wholly owned, except
for Morenci. FCX records its 85 percent joint venture interest in Morenci using the proportionate
consolidation method.
First Quarter
North America Copper Mining Operations 2009 2008
Copper (millions of recoverable pounds)
Production 289 327
Sales, excluding purchased metal 301 339
Average realized price per pound $1.59 $3.50
Molybdenum (millions of recoverable pounds)a
Production 6 8
a. Represents by-product production. Sales of by-product molybdenum are reflected in the molybdenum division
discussion that begins on page 7.
3
Freeport-McMoRan Copper & Gold
4. Consolidated copper sales in North America totaled 301 million pounds in the first quarter of
2009, 11 percent lower than first-quarter 2008 sales primarily reflecting curtailed production rates, partly
offset by higher production at the Safford copper mine. Production commenced at Safford in December
2007 and was ramped up to design capacity during 2008 before FCX revised its operating plans to curtail
production in fourth-quarter 2008.
In response to weak market conditions, during the fourth quarter of 2008 and in January 2009, FCX
revised its operating plans at its North America copper mines, which included an approximate 50 percent
reduction in the mining and crushed-leach rates at Morenci, an approximate 50 percent reduction in the
mining and stacking rates at the newly commissioned Safford mine, an approximate 50 percent reduction in
the mining rate at the Tyrone mine and a suspension of mining and milling activities at the Chino mine
(with limited residual copper production from leach operations).
For the year 2009, FCX expects sales from North America copper mines to approximate 1.1 billion
pounds of copper, compared with 1.4 billion pounds of copper for 2008. By-product molybdenum
production is expected to total 27 million pounds in 2009, compared with 30 million pounds in 2008.
Curtailed production in North America is estimated to result in approximately 400 million pounds less
copper in 2009 than planned prior to the revisions. Production in 2010 is currently expected to decline by
approximately an additional 200 million pounds because of impacts of 2009 mining activities on 2010
leaching operations. These plans continue to be reviewed and additional adjustments may be made in
response to market conditions.
Unit Net Cash Costs. The following table summarizes unit net cash costs at the North America
copper mines:
First Quarter
2009 2008
Per pound of copper:
Site production and delivery, after adjustments $ 1.32 $ 1.64
By-product credits, primarily molybdenum (0.18 ) (0.77 )
Treatment charges 0.08 0.09
Unit net cash costsa $ 1.22 $ 0.96
a. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported
in FCX’s consolidated financial statements, refer to the supplemental schedule, “Product Revenues and
Production Costs,” beginning on page VI, which is available on FCX’s web site, “www.fcx.com.”
North America unit site production and delivery costs were lower in first-quarter 2009 as
compared with first-quarter 2008 primarily because of lower operating rates and reduced input costs,
primarily for energy. These decreases were partly offset by draw downs of inventory with higher costs.
Molybdenum by-product credits were lower in first-quarter 2009 compared with first-quarter 2008
primarily because of lower molybdenum prices.
FCX’s five operating North America copper mines have varying cost structures because of
differences in ore grades and ore characteristics, processing costs, by-products and other factors. The
Morenci mine, which comprises approximately 40 percent of North America production, had unit net cash
costs of $1.18 per pound in the first quarter of 2009. This compares with $1.46 per pound in first-
quarter 2008 and $1.95 per pound in the second half of 2008.
Based on current operating plans and assuming achievement of current sales estimates, an
average molybdenum price of $8 per pound for the remainder of 2009 and estimates for commodity-
based input costs, FCX estimates that its average unit net cash costs, including molybdenum credits, for
its North America copper mines would approximate $1.22 per pound of copper for 2009. Unit net cash
costs for 2009 would change by approximately $0.015 per pound for each $1 per pound change in the
average price of molybdenum for the remainder of 2009.
4
Freeport-McMoRan Copper & Gold
5. South America Copper Mines. FCX operates four copper mines in South America – Cerro Verde in
Peru and Candelaria, Ojos del Salado and El Abra in Chile. FCX owns a 53.56 percent interest in Cerro
Verde, an open-pit mine producing both electrowon copper cathodes and copper and molybdenum
concentrates. FCX owns 80 percent of the Candelaria and Ojos del Salado mining complexes, which
include the Candelaria open-pit and underground mines and the Ojos del Salado underground mines.
These mines use common processing facilities to produce copper concentrates. FCX owns a 51 percent
interest in El Abra, an open-pit mine producing electrowon copper cathodes. All operations in South
America are consolidated in FCX’s financial statements.
First Quarter
South America Copper Mining Operations 2009 2008
Copper (millions of recoverable pounds)
Production 348 353
Sales 350 365
Average realized price per pound $1.76 $3.78
Gold (thousands of recoverable ounces)
Production 23 26
Sales 23 27
Average realized price per ounce $902 $936
Molybdenum (millions of recoverable pounds)a
Production 1 1
a. Represents by-product production. Sales of by-product molybdenum are reflected in the molybdenum division
discussion that begins on page 7.
South America copper sales of 350 million pounds of copper in the first quarter of 2009 were
slightly lower than first-quarter 2008 sales of 365 million pounds, primarily reflecting the mining of lower
ore grades at El Abra and Candelaria.
During the fourth quarter of 2008 and January 2009, FCX revised its operating plans at its South
America copper mines in response to weak market conditions. The revised operating plans for 2009
principally reflect the incorporation of reduced input costs; a significant reduction in capital spending plans,
including a deferral of the planned incremental expansion at Cerro Verde and a delay in the sulfide project
at El Abra; and reduced spending for discretionary items. These items do not have a significant effect on
estimated 2009 production volumes but impact planned 2010 production by approximately 100 million
pounds. In addition, FCX has temporarily curtailed the molybdenum circuit at Cerro Verde, which produced
3 million pounds of molybdenum in 2008. These plans will continue to be reviewed and adjusted as market
conditions warrant.
For 2009, FCX expects South America sales of 1.4 billion pounds of copper and 100 thousand
ounces of gold, compared with 1.5 billion pounds of copper and 116 thousand ounces of gold for 2008.
Volumes in 2009 are lower than 2008 because of the impact of previously anticipated mining of lower ore
grades at Candelaria.
5
Freeport-McMoRan Copper & Gold
6. Unit Net Cash Costs. The following table summarizes unit net cash costs at the South America
copper mines.
First Quarter
2009 2008
Per pound of copper:
Site production and delivery, after adjustments $ 1.00 $ 1.08
By-product credits, primarily gold and molybdenum (0.11 ) (0.14 )
Treatment charges 0.14 0.21
Unit net cash costsa $ 1.03 $ 1.15
a. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported
in FCX’s consolidated financial statements, refer to the supplemental schedule, “Product Revenues and
Production Costs,” beginning on page VI, which is available on FCX’s web site, “www.fcx.com.”
South America unit net cash costs for the first quarter of 2009 totaled $1.03 per pound, which
were lower than first-quarter 2008 unit net cash costs of $1.15 per pound primarily because of lower site
production and delivery costs resulting from lower operating costs reflecting impacts of revised operating
plans and lower input costs, primarily for energy, partly offset by draw downs of inventory with higher
costs. Treatment charges were lower in the first quarter of 2009 compared with the first quarter of 2008
because of lower price participation resulting from lower copper prices. These decreases in unit net cash
costs were partially offset by lower by-product credits as a result of lower molybdenum prices.
FCX’s four South America copper mines have varying cost structures because of differences in ore
grades and ore characteristics, processing costs, by-products and other factors. During the first quarter
of 2009, unit net cash costs were $0.97 per pound at Cerro Verde, which comprised approximately 50
percent of South America production.
Assuming achievement of current sales estimates and estimates for commodity-based input
costs, FCX estimates that its average unit net cash costs, including gold and molybdenum credits, for its
South America copper mines would approximate $1.05 per pound of copper for 2009. Estimated South
America unit site production and delivery costs for 2009 reflect reduced input costs partly offset by the
mining of lower ore grades in 2009 compared with 2008.
Indonesia Mining. Through its 90.64 percent owned and wholly consolidated subsidiary PT Freeport
Indonesia (PT-FI), FCX operates the world’s largest copper and gold mine in terms of reserves at its
Grasberg operations in Papua, Indonesia.
First Quarter
Indonesia Mining Operations 2009 2008
Copper (millions of recoverable pounds)
Production 404 200
Sales 369 207
Average realized price per pound $1.80 $3.82
Gold (thousands of recoverable ounces)
Production 570 246
Sales 521 251
Average realized price per ounce $904 $932
Indonesia copper and gold sales in the first quarter of 2009 were higher than in the first quarter of
2008 as a result of mining in a higher ore-grade section of the Grasberg open pit, as planned. At the
Grasberg mine, the sequencing in mining areas with varying ore grades causes fluctuations in the timing of
ore production, resulting in varying quarterly and annual sales of copper and gold. After mining in a
relatively low-grade section of the open pit in the first half of 2008, FCX is currently mining in a high-grade
section which is expected to continue in 2009 and 2010.
6
Freeport-McMoRan Copper & Gold
7. FCX expects Indonesia sales of 1.3 billion pounds of copper and 2.2 million ounces of gold for the
year 2009, compared with 1.1 billion pounds of copper and 1.2 million ounces of gold for 2008.
Unit Net Cash Costs. The following table summarizes PT-FI’s unit net cash (credits) costs.
First Quarter
2009 2008
Per pound of copper:
Site production and delivery, after adjustments $ 0.92 $ 1.86
Gold and silver credits (1.34 ) (1.23 )
Treatment charges 0.20 0.33
Royalties 0.07 0.12
Unit net cash (credits) costsa $ (0.15 ) $ 1.08
a. For a reconciliation of unit net cash (credits) costs per pound to production and delivery costs applicable to sales
reported in FCX’s consolidated financial statements, refer to the supplemental schedule, “Product Revenues and
Production Costs,” beginning on page VI, which is available on FCX’s web site, “www.fcx.com.”
PT-FI’s unit net cash (credits) costs, including gold and silver credits, averaged a net credit of
$0.15 per pound for the first quarter of 2009, compared with a net cost of $1.08 per pound for the first
quarter of 2008. The lower unit net cash costs in 2009 primarily reflected higher copper and gold
volumes. PT-FI’s costs also benefited from lower input costs. Unit site production and delivery costs will
vary with fluctuations in production volumes because of the primarily fixed nature of PT-FI’s cost
structure.
Assuming achievement of current 2009 sales estimates, average gold prices of $900 per ounce
for the remainder of 2009 and revised estimates for energy, currency exchange rates and other cost
factors, FCX expects PT-FI’s average unit net cash costs per pound to approximate a net credit of $0.13
per pound for 2009. Unit net cash costs for 2009 would change by approximately $0.06 per pound for
each $50 per ounce change in the average price of gold for the remainder of 2009.
Molybdenum. FCX is the world’s largest producer of molybdenum. FCX conducts molybdenum mining
operations at the wholly owned Henderson underground mine in Colorado in addition to sales of by-
product molybdenum from FCX’s North and South America copper mines.
First Quarter
Molybdenum Mining Operations 2009 2008
Molybdenum (millions of recoverable pounds)
Productiona 7 9
Sales, excluding purchased metalb 10 20
Average realized price per pound $11.52 $31.67
a. Amounts reflect production at Henderson.
b. Includes sales of molybdenum produced as a by-product at the North and South America copper mines.
In the first quarter of 2009, consolidated molybdenum sales from the Henderson mine and by-
product mines totaled 10 million pounds, 50 percent lower than the first quarter of 2008 primarily
resulting from curtailed production in response to lower demand. Molybdenum markets have been
significantly affected by the downturn in economic conditions which began in the fourth quarter of 2008.
Demand for molybdenum outside China, principally for metallurgical uses, remains very weak.
In response to further weakness in market conditions, FCX is taking additional steps to adjust its
molybdenum production. Production at the Henderson primary molybdenum mine, which began
operating at a reduced rate (reflecting an approximate 25 percent reduction in annual production) in the
fourth quarter of 2008, is being reduced further. The combined impact of these changes reflects an
7
Freeport-McMoRan Copper & Gold
8. approximate 40 percent reduction in Henderson’s annual production, which totaled 40 million pounds in
2008. In addition, FCX has made adjustments to its molybdenum production plans at certain by-product
mines, including suspending molybdenum processing at the Cerro Verde mine in Peru which produced 3
million pounds of molybdenum in 2008.
For the year 2009, FCX expects molybdenum sales from its mines to approximate 50 million
pounds, compared with its January 2009 estimate of 60 million pounds and 71 million pounds in 2008.
FCX continues to monitor market conditions and may make further adjustments to its molybdenum
production and sales plans. For 2009, approximately 85 percent of FCX’s molybdenum sales are
expected to be priced at prevailing market prices. The Metals Week Dealer Oxide closing price for
molybdenum as of April 20, 2009, was $7.83 per pound.
Unit Net Cash Costs. Unit net cash costs at the Henderson molybdenum mine averaged $5.61
per pound of molybdenum for the first quarter of 2009 and $5.14 per pound for the first quarter of 2008.
First-quarter 2009 unit net cash costs were higher compared with the first quarter of 2008, primarily
because of lower volumes. Assuming achievement of current 2009 sales estimates, FCX estimates 2009
average unit net cash costs for its Henderson mine will approximate $6.00 per pound of molybdenum.
DEVELOPMENT AND EXPLORATION ACTIVITIES
Development Activities. FCX has opportunities to expand its production volumes, extend its
mine lives and develop large-scale underground ore bodies. In response to weak market conditions, FCX
deferred most of its project development activities, including incremental expansions in North and South
America, the Climax molybdenum mine and the El Abra sulfide project. Current major development
projects include the Tenke Fungurume project in the Democratic Republic of Congo (DRC) and
underground development in the Grasberg minerals district, although FCX has reduced capital spending
on these projects.
Africa. FCX holds an effective 57.75 percent interest in the Tenke Fungurume copper and cobalt
mining concession in the Katanga province of the DRC. FCX is the operator of the project. FCX continues
to engage in drilling activities, exploration analyses and metallurgical testing to evaluate the potential of this
highly prospective district and expects its ore reserves to increase significantly over time.
Approximately $1.6 billion of the budgeted $1.75 billion in aggregate project costs have been
incurred through March 31, 2009. FCX is responsible for funding 70 percent of the project development
costs and is also responsible for financing its partner’s share of certain project overruns on the initial
project.
Significant progress on the construction of the project was achieved during the quarter, and the
first copper cathode was produced in late March. Construction activities are nearing completion and
production is expected to ramp up over the balance of the year. Annual production in the initial years is
expected to approximate 250 million pounds of copper and 18 million pounds of cobalt. The initial project is
based on mining and processing ore reserves approximating 119 million metric tons with average ore
grades of 2.6 percent copper and 0.35 percent cobalt.
The project has been designed and constructed in a world-class fashion, using modern
technology and following international standards for environmental management, occupational safety and
social responsibility. The facilities include impermeable lined tailing storage and waste-water treatment
ponds, the first of their kind in the region. FCX is also making significant investments in infrastructure in
the region that will have lasting benefits to the country, including upgrading the national road and the
regional power generation and transmission systems. FCX’s social and community development
programs continue to expand, including development of local micro-enterprise businesses, agricultural
capacity-building initiatives, malaria abatement programs, additional potable water wells, new medical
facilities and several new schools. The project will continue to provide important benefits to the
Congolese through employment and the provision of local services and to the DRC government through
substantial tax, royalty and dividend payments.
FCX continues to engage in discussion with representatives of the DRC government regarding the
ongoing contract review. FCX believes its contracts are fair and equitable, comply with Congolese law
8
Freeport-McMoRan Copper & Gold
9. and are enforceable without modifications. FCX is continuing to work cooperatively with the DRC
government to resolve these matters. The review process has not affected the development schedule or
production plans.
Indonesia. PT-FI is developing its large-scale underground ore bodies located beneath and
adjacent to the Grasberg open pit.
Exploration Activities. FCX is conducting exploration activities near its existing mines with a
focus on opportunities to expand reserves that will support additional future production capacity in the large
mineral districts where it currently operates. Drilling activities were significantly expanded in 2008 and were
successful in providing significant reserve additions in 2008 and in identifying potential additional ore
adjacent to existing ore bodies. Results indicate opportunities for significant future potential reserve
additions at Morenci, Sierrita and Bagdad in North America; Cerro Verde in South America and in the high
potential Tenke Fungurume district.
Exploration spending will be lower in 2009, estimated to approximate $75 million, compared with
$248 million in 2008. FCX will focus on analyzing exploratory data gained through the active core drilling
previously undertaken.
PROVISIONAL PRICING AND OTHER
For first-quarter 2009, approximately 57 percent of FCX’s mined copper was sold in concentrate,
23 percent as rod (principally from North America operations) and 20 percent as cathodes. Under the
long-established structure of sales agreements prevalent in the industry, substantially all of FCX’s
concentrate sales and some of its cathode sales are provisionally priced at the time of shipment. The
provisional prices are finalized in a contractually specified future period (generally one to four months
from the shipment date) primarily based on quoted London Metal Exchange (LME) prices. The sales
subject to final pricing are generally settled in a subsequent month or quarter. Because a significant
portion of FCX’s concentrate and cathode sales in any quarterly period usually remain subject to final
pricing, the quarter-end forward price is a major determinant of recorded revenues and the average
recorded copper price for the period.
At December 31, 2008, 508 million pounds of copper (net of noncontrolling interests) were
provisionally priced at $1.39 per pound. Adjustments to these prior period copper sales increased
consolidated revenues by $128 million ($60 million to net income applicable to common stock or $0.15
per share) in the first quarter of 2009, compared with $263 million ($111 million to net income applicable
to common stock or $0.25 per share) in the first quarter of 2008.
LME copper prices averaged $1.56 per pound during the first quarter of 2009, compared with
FCX’s recorded average price of $1.72 per pound. The applicable forward copper prices at the end of the
first quarter of 2009 averaged $1.83 per pound.
Approximately 70 percent of FCX’s consolidated copper sales during the first quarter were
provisionally priced at the time of shipment and are subject to final pricing over the remainder of 2009.
At March 31, 2009, FCX had copper sales of 407 million pounds of copper (net of noncontrolling interests)
priced at an average of $1.83 per pound, subject to final pricing over the next several months.
In early April 2009, FCX entered into forward copper sales contracts to lock in prices of $1.86 per
pound on PT Freeport Indonesia’s provisionally priced copper sales totaling 355 million pounds as of
March 31, 2009, which are scheduled to final price from April 2009 through July 2009. FCX may enter
into future transactions to lock in pricing on provisionally priced sales from time to time to reduce short-
term volatility in earnings and cash flows, but does not intend to change its long-standing policy of not
hedging future copper production.
After taking into account the forward sales contracts on PT-FI’s provisionally priced copper sales,
each $0.05 change in the price from the March 31, 2009, price for provisionally priced sales would have
an approximate $4 million net effect on FCX’s 2009 net income applicable to common stock. The LME
closing settlement price for copper on April 21, 2009, was $2.00 per pound.
9
Freeport-McMoRan Copper & Gold
10. FCX defers recognizing profits on PT-FI’s and its South America sales to Atlantic Copper and on
25 percent of PT-FI’s sales to PT Smelting, PT-FI’s 25 percent-owned Indonesian smelting unit, until final
sales to third parties occur. Changes in these net deferrals resulted in reductions in FCX’s net income
applicable to common stock totaling $62 million, $0.15 per share, in the first quarter of 2009, compared
with an increase in net income applicable to common stock of $6 million, $0.01 per share, in the first
quarter of 2008. At March 31, 2009, FCX’s net deferred profits on PT-FI and South America concentrate
inventories at Atlantic Copper and PT Smelting to be recognized in future periods’ net income after taxes
and noncontrolling interest sharing totaled $90 million.
CASH, DEBT AND EQUITY TRANSACTION
At March 31, 2009, FCX had consolidated cash of $644 million. Net of noncontrolling interests’
share, taxes and other costs, cash available to parent company is $445 million as shown below (in
millions):
March 31,
2009
261a
Cash at domestic companies $
Cash from international operations 383
Total consolidated cash 644
Less: Noncontrolling interests’ share (126)
Cash, net of noncontrolling interests’ share 518
Taxes and other costs if distributed (73)
Net cash available to parent company $ 445
Includes cash at FCX’s parent and North America mining operations.
a.
At March 31, 2009, FCX had $7.2 billion in debt. FCX had no borrowings and $74 million of
letters of credit issued under its revolving credit facilities, resulting in total availability of approximately
$1.4 billion at March 31, 2009. FCX may use its credit facility from time to time for working capital and
short-term funding requirements.
FCX has no significant debt maturities in the near-term as indicated in the table below (in
millions). FCX may consider opportunities to prepay debt in advance of scheduled maturities.
2009 $ 83
2010 24
2011 133
Total 2009 - 2011 $ 240
In February 2009, FCX completed a public offering of 26.8 million shares of its common stock at
an average price of $28.00 per share, which generated gross proceeds of $750 million (net proceeds of
$740 million after fees and expenses). As of March 31, 2009, FCX had 412 million common shares
outstanding. Assuming conversion of FCX’s 5½% Convertible Perpetual Preferred Stock and 6¾%
Mandatory Convertible Preferred Stock prior to May 1, 2010, FCX would have approximately 469 million
common shares outstanding; assuming the 6¾% Mandatory Convertible Preferred Stock automatically
converts on May 1, 2010, FCX would have between 469 million and 477 million common shares
outstanding (depending on the applicable market price of FCX’s common stock).
OUTLOOK
Projected sales volumes for 2009 approximate 3.9 billion pounds of copper, 2.3 million ounces of
gold and 50 million pounds of molybdenum, including 955 million pounds of copper, 650 thousand ounces
of gold and 11 million pounds of molybdenum in the second quarter of 2009. The achievement of FCX’s
sales estimates will be dependent on the achievement of targeted mining rates, the successful operation of
production facilities, the impact of weather conditions and other factors.
10
Freeport-McMoRan Copper & Gold
11. Using estimated sales volumes for 2009 and assuming average prices of $2.00 per pound of
copper, $900 per ounce of gold and $8.00 per pound of molybdenum for the remainder of 2009, FCX’s
consolidated operating cash flows, net of an estimated $0.6 billion of working capital requirements, would
approximate $2.5 billion in 2009. Working capital requirements principally reflect the settlements with
customers in first-quarter 2009 of prior period provisionally priced sales. The impact on FCX’s operating
cash flows over the balance of 2009 would approximate $240 million for each $0.10 per pound change
for copper, $75 million for each $50 per ounce change for gold and $30 million for each $1 per pound
change for molybdenum. FCX’s capital expenditures are currently estimated to approximate $1.3 billion
for 2009 and $1.0 billion for 2010.
FINANCIAL POLICY
FCX has a long-standing tradition of seeking to build shareholder values through pursuing
development projects with high rates of return and returning cash to shareholders through common stock
dividends and share purchases. FCX is committed to maintaining a strong balance sheet.
In late 2008, FCX suspended its share purchase program and common stock dividend in response
to market conditions. The Board will continue to review FCX’s financial policy on an ongoing basis.
-----------------------------------------------------------------------
FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX
operates large, long-lived, geographically diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX has a dynamic portfolio of operating, expansion and growth projects
in the copper industry and is the world’s largest producer of molybdenum.
The company’s portfolio of assets includes the Grasberg mining complex, the world’s largest
copper and gold mine in terms of recoverable reserves, significant mining operations in the Americas,
including the large scale Morenci and Safford minerals districts in North America and the Cerro Verde and
El Abra operations in South America, and the potential world-class Tenke Fungurume development
project in the DRC. Additional information about FCX is available on FCX’s web site at “www.fcx.com.”
Cautionary Statement and Regulation G Disclosure: This press release contains forward-looking statements in which we
discuss factors we believe may affect our performance in the future. Forward-looking statements are all statements other than
historical facts, such as statements regarding projected sales volumes, projected unit net cash costs, projected operating cash
flows, projected capital expenditures, the impact of copper, gold and molybdenum price changes, and potential future dividend
payments and open market purchases of FCX common stock. Accuracy of the forward-looking statements depends on assumptions
about events that change over time and is thus susceptible to periodic change based on actual experience and new developments.
FCX cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in
this press release and, except to the extent required by applicable law, does not intend to update or otherwise revise the forward-
looking statements more frequently than quarterly. Additionally, important factors that might cause future results to differ from
these projections include mine sequencing, production rates, industry risks, commodity prices, political risks, weather-related risks,
labor relations, currency translation risks and other factors described in FCX's Annual Report on Form 10-K for the year ended
December 31, 2008, filed with the Securities and Exchange Commission (SEC).
This press release also contains certain financial measures such as unit net cash costs per pound of copper and per pound
of molybdenum. As required by SEC Regulation G, reconciliations of these measures to amounts reported in FCX’s consolidated
financial statements are in the supplemental schedule, “Product Revenues and Production Costs,” beginning on page VI, which is
available on FCX’s web site, “www.fcx.com.”
A copy of this press release is available on FCX’s web site, “www.fcx.com.” A conference call with securities analysts
about first-quarter 2009 results is scheduled for today at 10:00 a.m. EDT. The conference call will be broadcast on the Internet
along with slides. Interested parties may listen to the webcast live and view the slides by accessing “www.fcx.com.” A replay of the
webcast will be available through Friday, May 15, 2009.
###
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Freeport-McMoRan Copper & Gold
12. FREEPORT-McMoRan COPPER & GOLD INC.
SELECTED OPERATING DATA
Three Months Ended March 31,
COPPER Production Sales
(millions of recoverable pounds) 2009 2008 2009 2008
MINED COPPER (FCX’s net interest in %)
North America
113 a 146 a 124 a 160 a
Morenci (85%)
Bagdad (100%) 55 52 53 53
Sierrita (100%) 41 41 42 41
Safford (100%) 47 22 41 13
Tyrone (100%) 21 15 20 15
Chino (100%) 8 44 17 49
Miami (100%) 4 5 4 5
Other (100%) - 2 - 3
Total North America 289 327 301 339
South America
Cerro Verde (53.56%) 167 166 167 168
Candelaria/Ojos del Salado (80%) 96 100 96 103
El Abra (51%) 85 87 87 94
Total South America 348 353 350 365
Indonesia
404 b 200 b 369 b 207 b
Grasberg (90.64%)
Consolidated 1,041 880 1,020 911
Less noncontrolling participants’ share 176 158 174 164
Net 865 722 846 747
Consolidated sales from mines 1,020 911
Purchased copper 40 171
Total consolidated sales 1,060 1,082
Average realized price per pound $1.72 $3.69
GOLD
(thousands of recoverable ounces)
MINED GOLD (FCX’s net interest in %)
North America (100%) 2 3 1 2
South America (80%) 23 26 23 27
b
246 b 521 b 251 b
Indonesia (90.64%) 570
Consolidated 595 275 545 280
Less noncontrolling participants’ share 58 28 53 29
Net 537 247 492 251
Consolidated sales from mines 545 280
c
-c
Purchased gold -
Total consolidated sales 545 280
Average realized price per ounce $904 $933
MOLYBDENUM
(millions of recoverable pounds)
MINED MOLYBDENUM (FCX’s net interest in %)
Henderson (100%) 7 9 N/A N/A
a
8a
By-product – North America (100%) 6 N/A N/A
By-product – Cerro Verde (53.56%) 1 1 N/A N/A
Consolidated 14 18 10 20
-c -c
Less noncontrolling participants’ share 1 1
Net 13 18 9 20
Consolidated sales from mines 10 20
Purchased molybdenum 1 2
Total consolidated sales 11 22
Average realized price per pound $11.52 $31.67
a. Amounts are net of Morenci’s joint venture partner’s 15 percent interest.
b. Amounts are net of Grasberg’s joint venture partner’s interest, which varies in accordance with the terms of
the joint venture agreement.
c. Amount rounds to less than 1 million.
I
13. FREEPORT-McMoRan COPPER & GOLD INC.
SELECTED OPERATING DATA (continued)
Three Months Ended
March 31,
2009 2008
100% North America Copper Mines Operating Data, Including Joint Venture Interest
Solution Extraction/Electrowinning (SX/EW) Operations
Leach ore placed in stockpiles (metric tons per day) 669,200 1,134,900
Average copper ore grade (percent) 0.30 0.19
Copper production (millions of recoverable pounds) 222 217
Mill Operations
Ore milled (metric tons per day) 180,800 244,000
Average ore grades (percent):
Copper 0.35 0.39
Molybdenum 0.02 0.02
Copper recovery rate (percent) 85.2 81.2
Production (millions of recoverable pounds):
Copper 88 136
Molybdenum (by-product) 6 8
100% South America Copper Mines Operating Data
SX/EW Operations
Leach ore placed in stockpiles (metric tons per day) 250,500 274,100
Average copper ore grade (percent) 0.45 0.39
Copper production (millions of recoverable pounds) 137 135
Mill Operations
Ore milled (metric tons per day) 182,400 170,700
Average ore grades (percent):
Copper 0.68 0.74
Molybdenum 0.02 0.02
Copper recovery rate (percent) 88.9 90.6
Production (millions of recoverable pounds):
Copper 211 218
Molybdenum 1 1
100% Indonesia Mining Operating Data, Including Joint Venture Interest
Ore milled (metric tons per day) 237,400 179,800
Average ore grades:
Copper (percent) 1.12 0.70
Gold (grams per metric ton) 1.13 0.61
Recovery rates (percent):
Copper 90.7 89.7
Gold 81.9 79.0
Production (recoverable):
Copper (millions of pounds) 456 214
Gold (thousands of ounces) 619 246
100% Molybdenum Operating Data
Henderson Molybdenum Mine Operations
Ore milled (metric tons per day) 15,200 25,000
Average molybdenum ore grade (percent) 0.25 0.22
Molybdenum production (millions of recoverable pounds) 7 9
II
14. FREEPORT-McMoRan COPPER & GOLD INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
March 31,
2009 2008
(In Millions, Except Per
Share Amounts)
a a
$ $
Revenues 2,602 5,672
Cost of sales:
Production and delivery 1,562 2,721
Depreciation, depletion and amortization 232 418
b
Lower of cost or market inventory adjustments 19 1
Total cost of sales 1,813 3,140
c c
Selling, general and administrative expenses 62 84
Exploration and research expenses 30 52
d
Restructuring and other charges 25 -
Total costs and expenses 1,930 3,276
Operating income 672 2,396
Interest expense, net (131) (165)
Losses on early extinguishment of debt - (6)
Other income and expense, net (14) 2
Income before income taxes and equity in affiliated companies’
net earnings 527 2,227
Provision for income taxes (331) (729)
Equity in affiliated companies’ net earnings 11 7
Net income 207 1,505
(319)
Net income attributable to noncontrolling interests in subsidiaries (104)
(64)
Preferred dividends (60)
$ $
Net income applicable to common stock 43 1,122
Net income per share of common stock attributable to FCX common stockholders:
Basic $ 0.11 $ 2.93
0.11e 2.64e
Diluted $ $
Average common shares outstanding:
Basic 400 383
401e 449e
Diluted
Dividends declared per share of common stock $ $ 0.4375
-
a. Includes positive adjustments to prior period copper sales totaling $128 million in first-quarter 2009 and $263
million in first-quarter 2008.
b. Relates to molybdenum inventories.
c. Includes a reduction of compensation expense attributable to prior year financial results totaling $33 million in
first-quarter 2009 and $40 million in first-quarter 2008.
d. Relates to contract cancellation costs and staff reductions primarily at the Morenci mine, partially offset by gains
related to pension and postretirement special benefits and curtailments.
e. To calculate diluted net income per share of common stock, first-quarter 2008 includes dividends totaling $15
million from assumed conversion of FCX’s 5½% Convertible Perpetual Preferred Stock and $49 million from
assumed conversion of FCX’s 6¾% Mandatory Convertible Preferred Stock. The assumed conversions result in
the inclusion of 62 million common shares in first-quarter 2008. The quarterly dilution threshold for the 5½%
Convertible Perpetual Preferred Stock is $0.64 per share and for the 6¾% Mandatory Convertible Preferred
Stock is $1.24 per share. These securities were not dilutive in first-quarter 2009.
III
15. FREEPORT-McMoRan COPPER & GOLD INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31, December 31,
2009 2008
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $ 644 $ 872
Trade accounts receivable 880 374
Other accounts receivable 830 838
Product inventories and materials and supplies, net 2,195 2,192
Mill and leach stockpiles 571 571
Prepaid expenses and other current assets 280 386
Total current assets 5,400 5,233
Property, plant, equipment and development costs, net 16,211 16,002
Long-term mill and leach stockpiles 1,147 1,145
Intangible assets, net 359 364
Trust assets 139 142
Other assets 452 467
Total assets $ 23,708 $ 23,353
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 1,941 $ 2,766
Accrued income taxes 442 163
Current portion of reclamation and environmental liabilities 178 162
Current portion of long-term debt and short-term borrowings 87 67
Total current liabilities 2,648 3,158
Long-term debt, less current portion:
Senior notes 6,883 6,884
Project financing, equipment loans and other 257 250
Revolving credit facility - 150
Total long-term debt, less current portion 7,140 7,284
Deferred income taxes 2,471 2,339
Reclamation and environmental liabilities, less current portion 1,967 1,951
Other liabilities 1,400 1,520
Total liabilities 15,626 16,252
Equity:
FCX stockholders’ equity:
5½% Convertible Perpetual Preferred Stock 832 832
6¾% Mandatory Convertible Preferred Stock 2,875 2,875
Common stock 53 51
Capital in excess of par value 14,760 13,989
Accumulated deficit (8,224 ) (8,267 )
Accumulated other comprehensive loss (237 ) (305 )
Common stock held in treasury (3,409 ) (3,402 )
Total FCX stockholders’ equity 6,650 5,773
Noncontrolling interests in subsidiaries 1,432 1,328
Total equity 8,082 7,101
Total liabilities and equity $ 23,708 $ 23,353
IV
16. FREEPORT-McMoRan COPPER & GOLD INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
March 31,
2009 2008
(In Millions)
Cash flow from operating activities:
Net income $ 207 $ 1,505
Adjustments to reconcile net income to net cash (used in) provided by
operating activities:
Depreciation, depletion and amortization 232 418
Lower of cost or market inventory adjustments 19 1
Stock-based compensation 33 47
Charges for reclamation and environmental liabilities, including accretion 67 41
Losses on early extinguishment of debt - 6
Deferred income taxes 73 (48 )
Increase in long-term mill and leach stockpiles (3 ) (47 )
Amortization of intangible assets/liabilities and other, net 33 48
(Increases) decreases in working capital:
Accounts receivable (455 ) (950 )
Inventories (35 ) (81 )
Prepaid expenses and other current assets 77 1
Accounts payable and accrued liabilities (731 ) (505 )
Accrued income and other taxes 249 216
Settlement of reclamation and environmental liabilities (24 ) (37 )
Net cash (used in) provided by operating activities (258 ) 615
Cash flow from investing activities:
Capital expenditures:
North America copper mines (72 ) (151 )
South America copper mines (74 ) (63 )
Indonesia (55 ) (115 )
Africa (251 ) (143 )
Other (67 ) (36 )
Proceeds from the sale of assets and other, net 3 21
Net cash used in investing activities (516 ) (487 )
Cash flow from financing activities:
Net proceeds from sale of common stock 740 -
Proceeds from debt 101 473
Repayments of revolving credit facility and other debt (225 ) (118 )
Cash dividends paid:
Common stock - (169 )
Preferred stock (60 ) (64 )
Noncontrolling interests - (49 )
Net payments for stock-based awards (7 ) (8 )
Excess tax benefit from stock-based awards - 12
Bank fees and other (3 ) -
Net cash provided by financing activities 546 77
Net (decrease) increase in cash and cash equivalents (228 ) 205
Cash and cash equivalents at beginning of year 872 1,626
Cash and cash equivalents at end of period $ 644 $ 1,831
V
17. FREEPORT-McMoRan COPPER & GOLD INC.
PRODUCT REVENUES AND PRODUCTION COSTS
PRODUCT REVENUES AND UNIT NET CASH COSTS
Unit net cash costs per pound of copper and per pound of molybdenum are measures intended to provide
investors with information about the cash-generating capacity of FCX’s mining operations expressed on a basis
relating to the primary metal product for the respective operations. FCX uses this measure for the same purpose
and for monitoring operating performance by its mining operations. This information differs from measures of
performance determined in accordance with U.S. generally accepted accounting principles (GAAP) and should
not be considered in isolation or as a substitute for measures of performance determined in accordance with
U.S. GAAP. This measure is presented by other metals mining companies, although FCX’s measures may not
be comparable to similarly titled measures reported by other companies.
FCX presents gross profit per pound of copper using both a “by-product” method and a “co-product” method.
FCX uses the by-product method in its presentation of gross profit per pound of copper because (i) the majority
of its revenues are copper revenues, (ii) it mines ore, which contains copper, gold, molybdenum and other
metals, (iii) it is not possible to specifically assign all of FCX’s costs to revenues from the copper, gold,
molybdenum and other metals it produces, (iv) it is the method used to compare mining operations in certain
industry publications and (v) it is the method used by FCX’s management and Board of Directors to monitor
operations. In the co-product method presentations, costs are allocated to the different products based on their
relative revenue values, which will vary to the extent FCX’s metals sales volumes and realized prices change.
In both the by-product and the co-product method calculations, FCX shows adjustments to copper revenues for
prior period open sales as separate line items. Because the copper pricing adjustments do not result from
current period sales, FCX has reflected these separately from revenues on current period sales. Noncash and
nonrecurring costs consist of items such as stock-based compensation costs, lower of cost or market
adjustments, write-offs of equipment or unusual charges. They are removed from site production and delivery
costs in the calculation of unit net cash costs. As discussed above, gold, molybdenum and other metal revenues
at copper mines are reflected as credits against site production and delivery costs in the by-product method.
VI
18. FREEPORT-McMoRan COPPER & GOLD INC.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
North America Copper Mines Product Revenues and Production Costs and Unit Net Cash Costs
Three Months Ended March 31, 2009
By-Product Co-Product Method
Molybdenum a b
(In Millions) Method Copper Other Total
Revenues, excluding adjustments shown below $ 480 $ 480 $ 59 $ 6 $ 545
Site production and delivery, before net noncash
and nonrecurring costs shown below 396 378 26 2 406
a
By-product credits (55 ) - - - -
Treatment charges 25 25 - - 25
366 403 26 2 431
Net cash costs
Depreciation, depletion and amortization 71 69 1 1 71
Noncash and nonrecurring costs, net 46 45 1 - 46
Total costs 483 517 28 3 548
Revenue adjustments, primarily for hedging 69 69 - - 69
Idle facility and other non-inventoriable costs (38 ) (38 ) - - (38 )
Gross profit (loss) $ 28 $ (6 ) $ 31 $ 3 $ 28
Copper sales (in million pounds) 301 301
Molybdenum sales (in million pounds) c 6
Gross profit per pound of copper and molybdenum:
Revenues, excluding adjustments shown below $ 1.59 $ 1.59 $ 9.71
Site production and delivery, before net noncash
and nonrecurring costs shown below 1.32 1.26 4.28
By-product credits (0.18 ) - -
Treatment charges 0.08 0.08 -
Unit net cash costs 1.22 1.34 4.28
Depreciation, depletion and amortization 0.24 0.23 0.21
Noncash and nonrecurring costs, net 0.15 0.15 0.15
Total unit costs 1.61 1.72 4.64
Revenue adjustments, primarily for hedging 0.24 0.24 -
Idle facility and other non-inventoriable costs (0.13 ) (0.13 ) -
Gross profit (loss) per pound $ 0.09 $ (0.02 ) $ 5.07
Depreciation,
Reconciliation to Amounts Reported
Production Depletion and
(In Millions) Revenues and Delivery Amortization
Totals presented above $ 545 $ 406 $ 71
Net noncash and nonrecurring costs per above N/A 46 N/A
Treatment charges per above N/A 25 N/A
Revenue adjustments, primarily for
hedging per above 69 N/A N/A
Eliminations and other 4 76 4
North America copper mines 618 553 75
South America copper mines 702 367 65
Indonesia mining 1,122 350 65
Africa mining - 16 3
d
Molybdenum 146 138 9
Rod & Refining 619 614 2
Atlantic Copper Smelting & Refining 292 293 8
Corporate, other & eliminations (897 ) (750 ) 5
As reported in FCX’s consolidated financial
1,581 d $
statements $ 2,602 $ 232
a. Molybdenum by-product credits and revenues reflect volumes produced at market-based pricing and also include tolling revenues
at Sierrita.
b. Includes gold and silver product revenues and production costs.
c. Reflects molybdenum produced by the North America copper mines.
d. Includes lower of cost or market molybdenum inventory adjustments of $19 million.
VII
19. FREEPORT-McMoRan COPPER & GOLD INC.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
North America Copper Mines Product Revenues and Production Costs and Unit Net Cash Costs
Three Months Ended March 31, 2008
By-Product Co-Product Method
Molybdenum a b
(In Millions) Method Copper Other Total
Revenues, excluding adjustments shown below $ 1,179 $ 1,179 $ 256 $ 16 $ 1,451
Site production and delivery, before net noncash
and nonrecurring costs shown below 553 481 76 7 564
a
By-product credits (261 ) - - - -
Treatment charges 31 31 - - 31
Net cash costs 323 512 76 7 595
Depreciation, depletion and amortization 180 159 19 2 180
Noncash and nonrecurring costs, net 30 29 1 - 30
Total costs 533 700 96 9 805
Revenue adjustments, primarily for hedging 42 42 - - 42
Idle facility and other non-inventoriable costs (13 ) (13 ) - - (13 )
Gross profit $ 675 $ 508 $ 160 $ 7$ 675
Copper sales (in million pounds) 337 337
Molybdenum sales (in million pounds)c 8
Gross profit per pound of copper and molybdenum:
Revenues, excluding adjustments shown below $ 3.50 $ 3.50 $ 32.75
Site production and delivery, before net noncash
and nonrecurring costs shown below 1.64 1.43 9.75
By-product credits (0.77 ) - -
Treatment charges 0.09 0.09 -
Unit net cash costs 0.96 1.52 9.75
Depreciation, depletion and amortization 0.53 0.47 2.47
Noncash and nonrecurring costs, net 0.09 0.09 0.11
Total unit costs 1.58 2.08 12.33
Revenue adjustments, primarily for hedging 0.13 0.13 -
Idle facility and other non-inventoriable costs (0.04 ) (0.04 ) (0.02 )
Gross profit per pound $ 2.01 $ 1.51 $ 20.40
Depreciation,
Reconciliation to Amounts Reported
Production Depletion and
(In Millions) Revenues and Delivery Amortization
Totals presented above $ 1,451 $ 564 $ 180
Net noncash and nonrecurring costs per above N/A 30 N/A
Treatment charges per above N/A 31 N/A
Revenue adjustments, primarily for
hedging per above 42 N/A N/A
Eliminations and other 3 21 4
North America copper mines 1,496 646 184
South America copper mines 1,607 432 130
Indonesia mining 1,052 399 45
Africa mining - 3 1
Molybdenum 719 460 39
Rod & Refining 1,688 1,676 2
Atlantic Copper Smelting & Refining 665 651 9
Corporate, other & eliminations (1,555 ) (1,545 ) 8
2,722 d $
As reported in FCX’s consolidated financial statements $ 5,672 $ 418
a. Molybdenum by-product credits and revenues reflect volumes produced at market-based pricing and also include tolling revenues at
Sierrita.
b. Includes gold and silver product revenues and production costs.
c. Reflects molybdenum produced by the North America copper mines.
d. Includes lower of cost or market inventory adjustments of $1 million.
VIII
20. FREEPORT-McMoRan COPPER & GOLD INC.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
South America Copper Mines Product Revenues and Production Costs and Unit Net Cash Costs
Three Months Ended March 31, 2009
By-Product Co-Product Method
a
(In Millions) Method Copper Other Total
Revenues, excluding adjustments shown below $ 617 $ 617 $ 44 $ 661
Site production and delivery, before net noncash
and nonrecurring costs shown below 352 323 34 357
By-product credits (39 ) - - -
Treatment charges 48 48 - 48
Net cash costs 361 371 34 405
Depreciation, depletion and amortization 65 62 3 65
Noncash and nonrecurring costs, net 5 5 - 5
Total costs 431 438 37 475
Revenue adjustments, primarily for pricing
on prior period open sales 88 88 - 88
Other non-inventoriable costs (9 ) (8 ) (1 ) (9 )
Gross profit $ 265 $ 259 $ 6$ 265
Copper sales (in million pounds) 350 350
Gross profit per pound of copper:
Revenues, excluding adjustments shown below $ 1.76 $ 1.76
Site production and delivery, before net noncash
and nonrecurring costs shown below 1.00 0.92
By-product credits (0.11 ) -
Treatment charges 0.14 0.14
Unit net cash costs 1.03 1.06
Depreciation, depletion and amortization 0.18 0.17
Noncash and nonrecurring costs, net 0.02 0.02
Total unit costs 1.23 1.25
Revenue adjustments, primarily for pricing
on prior period open sales 0.25 0.25
Other non-inventoriable costs (0.02 ) (0.02 )
Gross profit per pound $ 0.76 $ 0.74
Depreciation,
Reconciliation to Amounts Reported
Production Depletion and
(In Millions) Revenues and Delivery Amortization
Totals presented above $ 661 $ 357 $ 65
Net noncash and nonrecurring costs per above N/A 5 N/A
Less: Treatment charges per above (48 ) N/A N/A
Revenue adjustments, primarily for pricing on prior
period open sales per above 88 N/A N/A
Eliminations and other 1 5 -
South America copper mines 702 367 65
North America copper mines 618 553 75
Indonesia mining 1,122 350 65
Africa mining - 16 3
138 b
Molybdenum 146 9
Rod & Refining 619 614 2
Atlantic Copper Smelting & Refining 292 293 8
Corporate, other & eliminations (897 ) (750 ) 5
b
As reported in FCX’s consolidated financial statements $ 2,602 $ 1,581 $ 232
a. Includes gold, silver and molybdenum product revenues and production costs.
b. Includes lower of cost or market molybdenum inventory adjustments of $19 million.
IX
21. FREEPORT-McMoRan COPPER & GOLD INC.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
South America Copper Mines Product Revenues and Production Costs and Unit Net Cash Costs
Three Months Ended March 31, 2008
By-Product Co-Product Method
a
(In Millions) Method Copper Other Total
Revenues, excluding adjustments shown below $ 1,380 $ 1,380 $ 59 $ 1,439
Site production and delivery, before net noncash
and nonrecurring costs shown below 395 381 20 401
By-product credits (53 ) - - -
Treatment charges 76 76 - 76
Net cash costs 418 457 20 477
Depreciation, depletion and amortization 130 126 4 130
Noncash and nonrecurring costs, net 25 25 - 25
Total costs 573 608 24 632
Revenue adjustments, primarily for pricing
on prior period open sales 230 230 - 230
Other non-inventoriable costs (9 ) (8 ) (1 ) (9 )
Gross profit $ 1,028 $ 994 $ 34 $ 1,028
Copper sales (in million pounds) 365 365
Gross profit per pound of copper:
Revenues, excluding adjustments shown below $ 3.78 $ 3.78
Site production and delivery, before net noncash
and nonrecurring costs shown below 1.08 1.05
By-product credits (0.14 ) -
Treatment charges 0.21 0.21
Unit net cash costs 1.15 1.26
Depreciation, depletion and amortization 0.35 0.34
Noncash and nonrecurring costs, net 0.07 0.07
Total unit costs 1.57 1.67
Revenue adjustments, primarily for pricing
on prior period open sales 0.63 0.63
Other non-inventoriable costs (0.02 ) (0.01 )
Gross profit per pound $ 2.82 $ 2.73
Depreciation,
Reconciliation to Amounts Reported
Production Depletion and
(In Millions) Revenues and Delivery Amortization
Totals presented above $ 1,439 $ 401 $ 130
Net noncash and nonrecurring costs per above N/A 25 N/A
Less: Treatment charges per above (76 ) N/A N/A
Revenue adjustments, primarily for pricing on prior
period open sales per above 230 N/A N/A
Eliminations and other 14 6 -
South America copper mines 1,607 432 130
North America copper mines 1,496 646 184
Indonesia mining 1,052 399 45
Africa mining - 3 1
Molybdenum 719 460 39
Rod & Refining 1,688 1,676 2
Atlantic Copper Smelting & Refining 665 651 9
Corporate, other & eliminations (1,555 ) (1,545 ) 8
2,722 b $
As reported in FCX’s consolidated financial statements $ 5,672 $ 418
a. Includes gold, silver and molybdenum product revenues and production costs.
b. Includes lower of cost or market inventory adjustments of $1 million.
X