1
|
Three Months Ended December 31, |
Years Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(in millions, except per share amounts) | ||||||||
Revenuesa,b
| $ | 6,164 | $ | 4,495 | $ | 22,845 | $ | 14,198 |
Operating incomea
| $ | 2,305 | $ | 1,709 | $ | 8,366 | $ | 2,437 |
Net income attributable to common stockc,d
| $ | 1,106 | $ | 708 | $ | 4,306 | $ | 599 |
Diluted net income per share of common stock | $ | 0.74 | $ | 0.48 | $ | 2.90 | $ | 0.41 |
Diluted weighted-average common shares outstanding
| 1,482 | 1,469 | 1,482 | 1,461 | ||||
Operating cash flowse
| $ | 2,280 | $ | 1,327 | $ | 7,715 | $ | 3,017 |
Capital expenditures | $ | 771 | $ | 388 | $ | 2,115 | $ | 1,961 |
At December 31: | ||||||||
Cash and cash equivalents
| $ | 8,068 | $ | 3,657 | $ | 8,068 | $ | 3,657 |
Total debt, including current portion | $ | 9,450 | $ | 9,711 | $ | 9,450 | $ | 9,711 |
2
|
Three Months Ended December 31, |
Years Ended December 31, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Copper (millions of recoverable pounds)
| ||||||||||||
Production | 1,033 | 864 | 3,843 | 3,206 | ||||||||
Sales, excluding purchases | 1,020 | 866 | 3,807 | 3,202 | ||||||||
Average realized price per pound | $ | 4.42 | $ | 3.40 | $ | 4.33 | $ | 2.95 | ||||
Site production and delivery costs per pounda
| $ | 1.96 |
b
| $ | 1.78 | $ | 1.93 |
b
| $ | 1.88 |
c
| |
Unit net cash costs per pounda
| $ | 1.29 | $ | 1.28 | $ | 1.34 | $ | 1.48 | ||||
Gold (thousands of recoverable ounces)
| ||||||||||||
Production | 405 | 273 | 1,381 | 857 | ||||||||
Sales | 395 | 293 | 1,360 | 855 | ||||||||
Average realized price per ounce | $ | 1,808 | $ | 1,870 | $ | 1,796 | $ | 1,832 | ||||
Molybdenum (millions of recoverable pounds)
| ||||||||||||
Production | 22 | 19 | 85 | 76 | ||||||||
Sales, excluding purchases | 19 | 21 | 82 | 80 | ||||||||
Average realized price per pound | $ | 19.42 | $ | 9.96 | $ | 15.56 | $ | 10.20 |
3
|
4
|
Three Months Ended December 31, |
Years Ended December 31, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Copper (millions of recoverable pounds)
| ||||||||||||
Production
| 370 | 335 | 1,460 | 1,418 | ||||||||
Sales, excluding purchases
| 364 | 320 | 1,436 | 1,422 | ||||||||
Average realized price per pound
| $ | 4.43 | $ | 3.29 | $ | 4.30 | $ | 2.82 | ||||
Molybdenum (millions of recoverable pounds)
| ||||||||||||
Productiona
| 8 | 9 | 34 | 33 | ||||||||
Unit net cash costs per pound of copperb
| ||||||||||||
Site production and delivery, excluding adjustments
| $ | 2.19 | $ | 1.85 | $ | 2.13 | $ | 1.90 |
c
| |||
By-product credits
| (0.39) | (0.18) | (0.33) | (0.19) | ||||||||
Treatment charges
| 0.10 | 0.09 | 0.09 | 0.10 | ||||||||
Unit net cash costs
| $ | 1.90 | $ | 1.76 | $ | 1.89 | $ | 1.81 | ||||
5
|
Three Months Ended December 31, |
Years Ended December 31, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Copper (millions of recoverable pounds)
| ||||||||||||
Production
| 283 | 263 | 1,047 | 979 | ||||||||
Sales
| 286 | 260 | 1,055 | 976 | ||||||||
Average realized price per pound
| $ | 4.41 | $ | 3.48 | $ | 4.34 | $ | 3.05 | ||||
Molybdenum (millions of recoverable pounds)
| ||||||||||||
Productiona
| 7 | 5 | 21 | 19 | ||||||||
Unit net cash costs per pound of copperb
| ||||||||||||
Site production and delivery, excluding adjustments
| $ | 2.30 |
c
| $ | 1.93 | $ | 2.23 |
c
| $ | 1.86 |
d
| |
By-product credits
| (0.36) | (0.22) | (0.32) | (0.17) | ||||||||
Treatment charges
| 0.13 | 0.16 | 0.13 | 0.15 | ||||||||
Royalty on metals
| 0.01 | 0.01 | 0.01 | 0.01 | ||||||||
Unit net cash costs
| $ | 2.08 | $ | 1.88 | $ | 2.05 | $ | 1.85 | ||||
6
|
7
|
Three Months Ended December 31, |
Years Ended December 31, | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
Copper (millions of recoverable pounds)
| ||||||||||
Production
| 380 | 266 | 1,336 | 809 | ||||||
Sales
| 370 | 286 | 1,316 | 804 | ||||||
Average realized price per pound
| $ | 4.41 | $ | 3.47 | $ | 4.34 | $ | 3.08 | ||
Gold (thousands of recoverable ounces)
| ||||||||||
Production
| 402 | 271 | 1,370 | 848 | ||||||
Sales
| 392 | 293 | 1,349 | 842 | ||||||
Average realized price per ounce
| $ | 1,808 | $ | 1,870 | $ | 1,796 | $ | 1,832 | ||
Unit net cash costs per pound of coppera
| ||||||||||
Site production and delivery, excluding adjustments
| $ | 1.47 | $ | 1.57 | $ | 1.49 | $ | 1.88 |
b
| |
Gold and silver credits
| (2.06) | (2.05) | (1.95) | (2.03) | ||||||
Treatment charges
| 0.24 | 0.27 | 0.24 | 0.27 | ||||||
Export duties
| 0.20 | 0.17 | 0.17 | 0.12 | ||||||
Royalty on metals
| 0.23 | 0.22 | 0.24 | 0.19 | ||||||
Unit net cash costs
| $ | 0.08 | $ | 0.18 | $ | 0.19 | $ | 0.43 | ||
8
|
Preliminary Estimated Recoverable Proven and Probable Mineral Reserves | |||||
at December 31, 2021 | |||||
Copper | Gold | Molybdenum | |||
(billion pounds) | (million ounces) | (billion pounds) | |||
North America | 43.0 | 0.5 | 2.69 | ||
South America | 31.9 | - | 0.69 | ||
Indonesia | 32.2 | 26.6 | - | ||
Consolidated basisa
| 107.2 |
b
| 27.1 | 3.39 |
b
|
Net equity interestc
| 76.2 | 14.2 | 3.06 | ||
9
|
Copper | Gold | Molybdenum | |
(billion pounds) | (million ounces) | (billion pounds) | |
Reserves at December 31, 2020 | 113.2 | 28.9 | 3.71 |
Net revisions | (2.2) | (0.4) | (0.24) |
Production | (3.8) | (1.4) | (0.08) |
Reserves at December 31, 2021 | 107.2 | 27.1 | 3.39 |
Cash at domestic companies | $ | 5.2 |
Cash at international operations | 2.9 | |
Total consolidated cash and cash equivalents | 8.1 | |
Noncontrolling interests' share | (0.9) | |
Cash, net of noncontrolling interests' share
| $ | 7.2 |
Withholding taxes | (0.2) | |
Net cash available | $ | 7.0 |
10
|
Weighted- Average Interest Rate | |||
Senior Notes | $ | 8,623 | 4.9% |
Cerro Verde Term Loana
| 325 | 2.0% | |
PT-FI Term Loanb
| 432 | 2.2% | |
Other | 70 | 0.4% | |
Total debt | $ | 9,450 | 4.6% |
11
|
12
|
Freeport-McMoRan Inc. | ||||||
SELECTED OPERATING DATA | ||||||
Three Months Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||
MINING OPERATIONS: | Production | Sales | ||||
COPPER(millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
North America | ||||||
Morenci (72%)a
| 161 | 162 | 158 | 158 | ||
Safford (100%) | 63 | 48 | 64 | 43 | ||
Bagdad (100%) | 50 | 53 | 48 | 50 | ||
Sierrita (100%) | 45 | 40 | 44 | 40 | ||
Miami (100%) | 3 | 4 | 3 | 3 | ||
Chino (100%) | 33 | 16 | 32 | 15 | ||
Tyrone (100%) | 15 | 12 | 15 | 11 | ||
Other (100%) | - | - | - | - | ||
Total North America | 370 | 335 | 364 | 320 | ||
South America | ||||||
Cerro Verde (53.56%) | 238 | 221 | 240 | 226 | ||
El Abra (51%) | 45 | 42 | 46 | 34 | ||
Total South America | 283 | 263 | 286 | 260 | ||
Indonesia | ||||||
Grasberg (48.76%)b
| 380 | 266 | 370 | 286 | ||
Total | 1,033 | 864 | 1,020 |
c
| 866 |
c
|
Less noncontrolling interests | 204 | 173 | 203 | 175 | ||
Net | 829 | 691 | 817 | 691 | ||
Average realized price per pound | $ | 4.42 | $ | 3.40 | ||
GOLD (thousands of recoverable ounces)
| ||||||
(FCX's net interest in %) | ||||||
North America (100%) | 3 | 2 | 3 | - | ||
Indonesia (48.76%)b
| 402 | 271 | 392 | 293 | ||
Consolidated | 405 | 273 | 395 | 293 | ||
Less noncontrolling interests | 76 | 51 | 73 | 55 | ||
Net | 329 | 222 | 322 | 238 | ||
Average realized price per ounce | $ | 1,808 | $ | 1,870 | ||
MOLYBDENUM (millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
Henderson (100%) | 3 | 2 | N/A | N/A | ||
Climax (100%) | 4 | 3 | N/A | N/A | ||
North America copper mines (100%)a
| 8 | 9 | N/A | N/A | ||
Cerro Verde (53.56%) | 7 | 5 | N/A | N/A | ||
Consolidated | 22 | 19 | 19 | 21 | ||
Less noncontrolling interests | 3 | 3 | 2 | 2 | ||
Net | 19 | 16 | 17 | 19 | ||
Average realized price per pound | $ | 19.42 | $ | 9.96 | ||
a. Amounts are net of Morenci's joint venture partners' undivided interests.
| ||||||
b. FCX's economic interest in PT Freeport Indonesia (PT-FI) approximates 81 percent through 2022 and 48.76 percent thereafter. | ||||||
c. Consolidated sales volumes exclude purchased copper of 24 million pounds in fourth-quarter 2021 and 75 million pounds in fourth-quarter 2020.
| ||||||
Freeport-McMoRan Inc. | ||||||
SELECTED OPERATING DATA | ||||||
Years Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||
MINING OPERATIONS: | Production | Sales | ||||
COPPER(millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
North America | ||||||
Morenci (72%)a
| 631 | 707 | 632 | 711 | ||
Safford (100%) | 265 | 161 | 252 | 150 | ||
Bagdad (100%) | 184 | 216 | 185 | 213 | ||
Sierrita (100%) | 189 | 178 | 187 | 177 | ||
Miami (100%) | 12 | 17 | 13 | 16 | ||
Chino (100%) | 124 | 92 | 114 | 108 | ||
Tyrone (100%) | 55 | 45 | 53 | 45 | ||
Other (100%) | - | 2 | - | 2 | ||
Total North America | 1,460 | 1,418 | 1,436 | 1,422 | ||
South America | ||||||
Cerro Verde (53.56%) | 887 | 820 | 888 | 825 | ||
El Abra (51%) | 160 | 159 | 167 | 151 | ||
Total South America | 1,047 | 979 | 1,055 | 976 | ||
Indonesia | ||||||
Grasberg (48.76%)b
| 1,336 | 809 | 1,316 | 804 | ||
Total | 3,843 | 3,206 | 3,807 |
c
| 3,202 |
c
|
Less noncontrolling interests | 741 | 610 | 741 | 608 | ||
Net | 3,102 | 2,596 | 3,066 | 2,594 | ||
Average realized price per pound | $ | 4.33 | $ | 2.95 | ||
GOLD (thousands of recoverable ounces)
| ||||||
(FCX's net interest in %) | ||||||
North America (100%) | 11 | 9 | 11 | 13 | ||
Indonesia (48.76%)b
| 1,370 | 848 | 1,349 | 842 | ||
Consolidated | 1,381 | 857 | 1,360 | 855 | ||
Less noncontrolling interests | 257 | 159 | 252 | 158 | ||
Net | 1,124 | 698 | 1,108 | 697 | ||
Average realized price per ounce | $ | 1,796 | $ | 1,832 | ||
MOLYBDENUM (millions of recoverable pounds)
| ||||||
(FCX's net interest in %) | ||||||
Henderson (100%) | 12 | 10 | N/A | N/A | ||
Climax (100%) | 18 | 14 | N/A | N/A | ||
North America copper mines (100%)a
| 34 | 33 | N/A | N/A | ||
Cerro Verde (53.56%) | 21 | 19 | N/A | N/A | ||
Consolidated | 85 | 76 | 82 | 80 | ||
Less noncontrolling interests | 10 | 9 | 9 | 10 | ||
Net | 75 | 67 | 73 | 70 | ||
Average realized price per pound | $ | 15.56 | $ | 10.20 | ||
a. Amounts are net of Morenci's joint venture partners' undivided interests.
| ||||||
b. FCX's economic interest in PT-FI approximates 81 percent through 2022 and 48.76 percent thereafter. | ||||||
c. Consolidated sales volumes exclude purchased copper of 173 million pounds for the year 2021 and 290 million pounds for the year 2020.
| ||||||
Freeport-McMoRan Inc. | |||||
SELECTED OPERATING DATA (continued) | |||||
Three Months Ended December 31, |
Years Ended December 31, | ||||
2021 | 2020 | 2021 | 2020 | ||
100% North America Copper Mines | |||||
Leach Operations | |||||
Leach ore placed in stockpiles (metric tons per day)
| 692,400 | 732,700 | 665,900 | 714,300 | |
Average copper ore grade (percent)
| 0.27 | 0.26 | 0.29 | 0.27 | |
Copper production (millions of recoverable pounds)
| 259 | 261 | 1,056 | 1,047 | |
Mill Operations | |||||
Ore milled (metric tons per day)
| 271,000 | 244,700 | 269,500 | 279,700 | |
Average ore grades (percent):
| |||||
Copper
| 0.39 | 0.37 | 0.38 | 0.35 | |
Molybdenum
| 0.03 | 0.03 | 0.03 | 0.02 | |
Copper recovery rate (percent)
| 82.0 | 79.8 | 81.2 | 84.1 | |
Production (millions of recoverable pounds):
| |||||
Copper
| 173 | 138 | 649 | 647 | |
Molybdenum
| 9 | 8 | 36 | 34 | |
100% South America Mining | |||||
Leach Operations | |||||
Leach ore placed in stockpiles (metric tons per day)
| 140,000 | 144,400 | 163,900 | 160,300 | |
Average copper ore grade (percent)
| 0.31 | 0.35 | 0.32 | 0.35 | |
Copper production (millions of recoverable pounds)
| 69 | 61 | 257 | 241 | |
Mill Operations | |||||
Ore milled (metric tons per day)
| 376,700 | 373,200 | 380,300 | 331,600 |
a
|
Average ore grades (percent):
| |||||
Copper
| 0.33 | 0.32 | 0.31 | 0.34 | |
Molybdenum
| 0.01 | 0.01 | 0.01 | 0.01 | |
Copper recovery rate (percent)
| 89.9 | 86.6 | 87.3 | 84.3 | |
Production (millions of recoverable pounds):
| |||||
Copper
| 215 | 202 | 791 | 738 | |
Molybdenum
| 7 | 5 | 21 | 19 | |
100% Indonesia Mining | |||||
Ore extracted and milled (metric tons per day):
| |||||
Grasberg Block Cave underground mine | 89,200 | 46,100 | 70,600 | 30,800 | |
Deep Mill Level Zone underground mine | 71,600 | 38,800 | 58,000 | 28,600 | |
Deep Ore Zone underground mine | 3,000 | 20,900 | 8,700 | 20,900 | |
Big Gossan underground mine | 7,500 | 8,000 | 7,500 | 7,000 | |
Other | 9,700 | (4,500) | 6,800 | 400 | |
Total
| 181,000 | 109,300 | 151,600 | 87,700 | |
Average ore grades:
| |||||
Copper (percent)
| 1.24 | 1.38 | 1.30 | 1.32 | |
Gold (grams per metric ton)
| 1.03 | 1.12 | 1.04 | 1.10 | |
Recovery rates (percent):
| |||||
Copper
| 89.2 | 91.6 | 89.8 | 91.9 | |
Gold
| 75.2 | 77.7 | 77.0 | 78.1 | |
Production (recoverable):
| |||||
Copper (millions of pounds)
| 380 | 266 | 1,336 | 809 | |
Gold (thousands of ounces)
| 402 | 271 | 1,370 | 848 | |
100% Molybdenum Mines | |||||
Ore milled (metric tons per day)
| 21,200 | 16,100 | 21,800 | 20,700 | |
Average molybdenum ore grade (percent)
| 0.20 | 0.19 | 0.19 | 0.17 | |
Molybdenum production (millions of recoverable pounds)
| 7 | 5 | 30 | 24 | |
a. Cerro Verde mill operations were impacted by COVID-19 restrictions. | |||||
Freeport-McMoRan Inc. | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||
Three Months Ended | Years Ended | |||||||||
December 31, | December 31, | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||||
Revenuesa
| $ | 6,164 | $ | 4,495 | $ | 22,845 | $ | 14,198 |
b
| |
Cost of sales: | ||||||||||
Production and delivery | 3,154 |
c,d,e
| 2,627 |
b
| 12,016 |
c,d,e
| 10,031 |
b,f
| ||
Depreciation, depletion and amortization | 568 | 435 | 1,998 | 1,528 |
f
| |||||
Metals inventory adjustments | 1 | 4 | 16 | 96 | ||||||
Total cost of sales | 3,723 | 3,066 | 14,030 | 11,655 | ||||||
Selling, general and administrative expenses | 94 |
e
| 97 | 383 |
e
| 370 |
f
| |||
Mining exploration and research expenses | 19 | 8 | 55 | 50 |
f
| |||||
Environmental obligations and shutdown costs | 40 | 101 |
g
| 91 | 159 |
g
| ||||
Net gain on sales of assets | (17) | (486) |
h
| (80) | (473) |
h
| ||||
Total costs and expenses | 3,859 | 2,786 | 14,479 | 11,761 | ||||||
Operating income | 2,305 | 1,709 | 8,366 | 2,437 | ||||||
Interest expense, netc,i
| (171) |
e
| (236) |
b
| (602) |
e
| (598) |
b
| ||
Net loss on early extinguishment of debt | - | (1) | - | (101) | ||||||
Other (expenses) income, netc
| (161) |
e
| (3) |
b
| (105) |
e
| 59 |
b
| ||
Income before income taxes and equity in affiliated companies' net earnings | 1,973 | 1,469 | 7,659 | 1,797 | ||||||
Provision for income taxesj
| (625) | (611) | (2,299) | (944) | ||||||
Equity in affiliated companies' net earnings | 10 | - | 5 | 12 | ||||||
Net income | 1,358 | 858 | 5,365 | 865 | ||||||
Net income attributable to noncontrolling interests | (252) | (150) | (1,059) | (266) | ||||||
Net income attributable to common stockholdersk
| $ | 1,106 | $ | 708 | $ | 4,306 | $ | 599 | ||
Diluted net income per share attributable to common stock | $ | 0.74 | $ | 0.48 | $ | 2.90 | $ | 0.41 | ||
Diluted weighted-average common shares outstanding | 1,482 | 1,469 | 1,482 | 1,461 | ||||||
Dividends declared per share of common stock | $ | 0.15 | $ | - | $ | 0.375 | $ | - | ||
Freeport-McMoRan Inc. | ||||
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||
December 31, | ||||
2021 | 2020 | |||
(In Millions) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents
| $ | 8,068 | $ | 3,657 |
Trade accounts receivable
| 1,168 | 892 | ||
Income and other tax receivables
| 574 | 520 | ||
Inventories:
| ||||
Materials and supplies, net
| 1,669 | 1,594 | ||
Mill and leach stockpiles
| 1,170 | 1,014 | ||
Product
| 1,658 | 1,285 | ||
Other current assets
| 523 | 341 | ||
Total current assets
| 14,830 | 9,303 | ||
Property, plant, equipment and mine development costs, net | 30,345 | 29,818 | ||
Long-term mill and leach stockpiles | 1,387 | 1,463 | ||
Other assets | 1,460 | 1,560 | ||
Total assets | $ | 48,022 | $ | 42,144 |
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities
| $ | 3,495 | $ | 2,708 |
Accrued income taxes
| 1,541 | 324 | ||
Current portion of debt
| 372 | 34 | ||
Current portion of environmental and asset retirement obligations
| 264 | 351 | ||
Dividends payable
| 220 | - | ||
Total current liabilities
| 5,892 | 3,417 | ||
Long-term debt, less current portion | 9,078 | 9,677 | ||
Deferred income taxes | 4,234 | 4,408 | ||
Environmental and asset retirement obligations, less current portion | 4,116 | 3,705 | ||
Other liabilities | 1,683 | 2,269 | ||
Total liabilities
| 25,003 | 23,476 | ||
Equity: | ||||
Stockholders' equity:
| ||||
Common stock
| 160 | 159 | ||
Capital in excess of par value
| 25,875 | 26,037 | ||
Accumulated deficit
| (7,375) | (11,681) | ||
Accumulated other comprehensive loss
| (388) | (583) | ||
Common stock held in treasury
| (4,292) | (3,758) | ||
Total stockholders' equity
| 13,980 | 10,174 | ||
Noncontrolling interestsa
| 9,039 | 8,494 | ||
Total equity
| 23,019 | 18,668 | ||
Total liabilities and equity | $ | 48,022 | $ | 42,144 |
Freeport-McMoRan Inc. | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||
Years Ended | ||||
December 31, | ||||
2021 | 2020 | |||
(In Millions) | ||||
Cash flow from operating activities: | ||||
Net income | $ | 5,365 | $ | 865 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization
| 1,998 | 1,528 | ||
Metals inventory adjustments
| 16 | 96 | ||
Net gain on sales of assets | (80) | (473) | ||
Stock-based compensation
| 98 | 99 | ||
Net charges for environmental and AROs, including accretion | 540 |
a
| 181 | |
Payments for environmental and AROs | (273) | (216) | ||
Charge for talc-related litigation | - | 130 | ||
Net charges for defined pension and postretirement plans
| 4 | 65 | ||
Pension plan contributions
| (109) | (121) | ||
Net loss on early extinguishment of debt
| - | 101 | ||
Deferred income taxes
| (171) | 181 | ||
Charges for Cerro Verde royalty dispute
| 11 | 32 | ||
Payments for Cerro Verde royalty dispute
| (421) |
b
| (139) | |
Other, net
| (18) | 23 | ||
Changes in working capital and other:
| ||||
Accounts receivable
| (472) | 132 | ||
Inventories
| (618) | 42 | ||
Other current assets
| (101) | (27) | ||
Accounts payable and accrued liabilities
| 495 | 115 | ||
Accrued income taxes and timing of other tax payments
| 1,451 | 403 | ||
Net cash provided by operating activities | 7,715 | 3,017 | ||
Cash flow from investing activities: | ||||
Capital expenditures:
| ||||
North America copper mines
| (342) | (428) | ||
South America
| (162) | (183) | ||
Indonesia mining
| (1,296) | (1,161) | ||
Indonesia smelter projects | (222) | (105) | ||
Molybdenum mines
| (6) | (19) | ||
Other
| (87) | (65) | ||
Proceeds from sales of: | ||||
Freeport Cobalt, and Timok and Kisanfu exploration projects | 200 | 595 | ||
Other assets | 47 | 109 | ||
Acquisition of minority interest in PT Smelting | (33) | - | ||
Other, net
| (63) | (7) | ||
Net cash used in investing activities
| (1,964) | (1,264) | ||
Cash flow from financing activities: | ||||
Proceeds from debt
| 1,201 | 3,531 | ||
Repayments of debt
| (1,461) | (3,724) | ||
Cash dividends and distributions paid:
| ||||
Common stock | (331) | (73) | ||
Noncontrolling interests
| (583) | - | ||
Treasury stock purchases | (488) | - | ||
Contributions from noncontrolling interests
| 182 | 156 | ||
Proceeds from exercised stock options | 210 | 51 | ||
Payments for withholding of employee taxes related to stock-based awards | (29) | (17) | ||
Debt financing costs and other, net
| (41) | (52) | ||
Net cash used in financing activities | (1,340) | (128) | ||
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 4,411 | 1,625 | ||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year
| 3,903 | 2,278 | ||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of yearc
| $ | 8,314 | $ | 3,903 |
Three Months Ended December 31,
| ||||||||||||
2021 | 2020 | |||||||||||
Pre-tax |
After-taxa
| Per Share | Pre-tax |
After-taxa
| Per Share | |||||||
Net income attributable to common stock | N/A | $ | 1,106 | $ | 0.74 | N/A | $ | 708 | $ | 0.48 | ||
PT-FI ARO adjustment | $ | (340) | $ | (168) | $ | (0.11) | $ | - | $ | - | $ | - |
PT-FI net charges | (231) |
b
| (201) | (0.14) | (58) |
c
| (57) | (0.04) | ||||
Cerro Verde labor agreement | (18) | (5) | - | - | - | - | ||||||
Metals inventory adjustments
| (1) | (1) | - | (4) | (4) | - | ||||||
Other net credits (charges) | 80 |
d
| 57 | 0.04 | (90) |
e
| (48) | (0.03) | ||||
Net adjustments to environmental obligations and related litigation reserves
| (23) | (23) | (0.02) | (91) |
f
| (91) | (0.06) | |||||
Net gain on sales of assets | 17 | 17 | 0.01 | 486 | 350 | 0.24 | ||||||
Net loss on early extinguishment of debt
| - | - | - | (1) | - | - | ||||||
Net income tax credits (charges)g
| N/A | 9 | 0.01 | N/A | (8) | (0.01) | ||||||
$ | (515) |
h
| $ | (315) | $ | (0.21) | $ | 242 | $ | 142 | $ | 0.10 |
Adjusted net income attributable to common stock | N/A | $ | 1,421 | $ | 0.96 |
h
| N/A | $ | 566 | $ | 0.39 |
h
|
Years Ended December 31,
| ||||||||||||||
2021 | 2020 | |||||||||||||
Pre-tax |
After-taxa
| Per Share | Pre-tax |
After-taxa
| Per Share | |||||||||
Net income attributable to common stock | N/A | $ | 4,306 | $ | 2.90 | N/A | $ | 599 | $ | 0.41 | ||||
PT-FI ARO adjustment | $ | (340) | $ | (168) | $ | (0.11) | $ | - | $ | - | $ | - | ||
PT-FI net charges | (284) |
b
| (182) | (0.12) | (65) |
c
| (47) | (0.03) | ||||||
Cerro Verde labor agreement | (92) | (29) | (0.02) | - | - | - | ||||||||
Metals inventory adjustments
| (16) | (16) | (0.01) | (96) | (94) | (0.06) | ||||||||
COVID-19 related costs | - | - | - | (129) |
i
| (60) | (0.04) | |||||||
Revised operating plans | - | - | - | (129) |
i
| (118) | (0.08) | |||||||
Other net credits (charges) | 68 |
d
| 39 | 0.02 | (62) |
e
| (24) | (0.02) | ||||||
Net adjustments to environmental obligations and related litigation reserves
| (38) | (38) | (0.03) | (113) |
f
| (113) | (0.08) | |||||||
Net gain on sales of assets | 80 | 54 | 0.04 | 473 | 337 | 0.23 | ||||||||
Net loss on early extinguishment of debt
| - | - | - | (101) | (100) | (0.07) | ||||||||
Net income tax creditsg
| N/A | 9 | 0.01 | N/A | 27 | 0.02 | ||||||||
$ | (621) |
h
| $ | (331) | $ | (0.22) | $ | (223) |
h
| $ | (191) |
h
| $ | (0.13) |
Adjusted net income attributable to common stock | N/A | $ | 4,637 | $ | 3.13 |
h
| N/A | $ | 790 | $ | 0.54 |
Three Months Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Income Tax | Income Tax | ||||||||||
Income | Effective | (Provision) | Income | Effective | (Provision) | ||||||
(Loss)a
| Tax Rate | Benefit |
(Loss)a
| Tax Rate | Benefit | ||||||
U.S.b
| $ | 559 | 1% | $ | (3) |
c
| $ | 3 | (133)% | $ | 4 |
South America | 647 | 38% | (244) |
d
| 317 | 51% | (163) |
e
| |||
Indonesia | 1,025 | 28% | (290) |
f
| 723 | 40% | (290) | ||||
PT-FI historical contested tax disputes | (198) | N/A | (133) | (44) | (32)% | (14) | |||||
Gain on sale of Kisanfu | - | N/A | - | 486 | N/A | (135) | |||||
Eliminations and other | (60) | N/A | 36 | (16) | N/A | 4 | |||||
Rate adjustmentg
| - | N/A | 9 | - | N/A | (17) | |||||
Continuing operations | $ | 1,973 | 32% | $ | (625) | $ | 1,469 | 42% | $ | (611) |
Years Ended December 31, | ||||||||||||
2021 | 2020 | |||||||||||
Income Tax | Income Tax | |||||||||||
Income | Effective | (Provision) | Income | Effective | (Provision) | |||||||
(Loss)a
| Tax Rate | Benefit |
(Loss)a
| Tax Rate | Benefit | |||||||
U.S.b
| $ | 1,883 | 1% | $ | (10) |
c
| $ | (532) | 11% | $ | 60 |
h
|
South America | 2,072 | 40% | (820) |
d
| 466 | 51% | (239) |
e
| ||||
Indonesia | 3,986 | 35% | (1,377) |
f
| 1,342 | 45% | (608) |
i
| ||||
PT-FI historical contested tax disputes | (219) | N/A | (147) | (44) | 5% | 2 | ||||||
Gain on sale of Kisanfu | - | N/A | - | 486 | N/A | (135) | ||||||
Eliminations and other | (63) | N/A | 55 | 79 | N/A | (24) | ||||||
Continuing operations | $ | 7,659 | 30% | $ | (2,299) | $ | 1,797 | 53% |
j
| $ | (944) |
As of December 31, 2021 | As of December 31, 2020 | |||
Current portion of debt | $ | 372 | $ | 34 |
Long-term debt, less current portion | 9,078 | 9,677 | ||
Consolidated debt | 9,450 |
a
| 9,711 | |
Less: consolidated cash and cash equivalents | 8,068 | 3,657 | ||
Net debt | $ | 1,382 | $ | 6,054 |
Three Months Ended December 31, | ||||||||||||
2021 | 2020 | |||||||||||
Prior
Perioda
|
Current
Periodb
| Total |
Prior
Perioda
|
Current
Periodb
| Total | |||||||
Revenues
| $ | 187 | $ | 15 | $ | 202 | $ | 113 | $ | 129 | $ | 242 |
Net income attributable to common stock | $ | 75 | $ | 5 | $ | 80 | $ | 41 | $ | 50 | $ | 91 |
Net income per share of common stock | $ | 0.05 | $ | - | $ | 0.05 | $ | 0.03 | $ | 0.03 | $ | 0.06 |
Years Ended December 31, | ||||||||||||
2021 | 2020 | |||||||||||
Prior
Perioda
|
Current
Periodb
| Total |
Prior
Perioda
|
Current
Periodb
| Total | |||||||
Revenues
| $ | 169 | $ | 256 | $ | 425 | $ | (102) | $ | 361 | $ | 259 |
Net income attributable to common stock | $ | 65 | $ | 97 | $ | 162 | $ | (42) | $ | 134 | $ | 92 |
Net income per share of common stock | $ | 0.04 | $ | 0.07 | $ | 0.11 | $ | (0.03) | $ | 0.09 | $ | 0.06 |
(In millions) | ||||||||||||||||||||||||||
Atlantic | Corporate, | |||||||||||||||||||||||||
North America Copper Mines | South America Mining | Copper | Other | |||||||||||||||||||||||
Cerro | Indonesia | Molybdenum | Rod & | Smelting | & Elimi- | FCX | ||||||||||||||||||||
Morenci | Other | Total | Verde | Other | Total | Mining | Mines | Refining | & Refining | nations | Total | |||||||||||||||
Three Months Ended December 31, 2021 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 5 | $ | 33 | $ | 38 | $ | 1,015 | $ | 208 | $ | 1,223 | $ | 2,144 |
a
| $ | - | $ | 1,661 | $ | 697 | $ | 401 |
b
| $ | 6,164 |
Intersegment | 732 | 1,052 | 1,784 | 200 | - | 200 | 93 | 134 | 9 | - | (2,220) | - | ||||||||||||||
Production and delivery | 294 | 589 | 883 | 537 |
c
| 123 | 660 | 873 |
d
| 70 | 1,673 | 694 | (1,699) | 3,154 | ||||||||||||
Depreciation, depletion and amortization | 38 | 56 | 94 | 94 | 13 | 107 | 323 | 16 | 2 | 6 | 20 | 568 | ||||||||||||||
Metals inventory adjustments | - | - | - | - | - | - | - | - | - | - | 1 | 1 | ||||||||||||||
Selling, general and administrative expenses | 1 | - | 1 | 2 | - | 2 | 30 | - | - | 7 | 54 | 94 | ||||||||||||||
Mining exploration and research expenses | - | - | - | - | - | - | - | - | - | - | 19 | 19 | ||||||||||||||
Environmental obligations and shutdown costs | - | - | - | - | - | - | - | - | - | - | 40 | 40 | ||||||||||||||
Net (gain) loss on sales of assets | - | - | - | - | - | - | - | - | - | (19) | 2 | (17) | ||||||||||||||
Operating income (loss) | 404 | 440 | 844 | 582 | 72 | 654 | 1,011 | 48 | (5) | 9 | (256) | 2,305 | ||||||||||||||
Interest expense, net | - | - | - | (3) | - | (3) | 40 | - | - | 2 | 132 | 171 | ||||||||||||||
Provision for (benefit from) income taxes | - | - | - | 215 | 28 | 243 | 423 | - | - | 1 | (42) | 625 | ||||||||||||||
Total assets at December 31, 2021 | 2,708 | 5,208 | 7,916 | 8,694 | 1,921 | 10,615 | 18,971 | 1,713 | 228 | 1,318 | 7,261 | 48,022 | ||||||||||||||
Capital expenditures | 61 | 70 | 131 | 48 | 20 | 68 | 392 | 2 | - | 16 | 162 |
e
| 771 | |||||||||||||
Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 3 | $ | 13 | $ | 16 | $ | 803 | $ | 119 | $ | 922 | $ | 1,383 |
a
| $ | - | $ | 1,290 | $ | 591 | $ | 293 |
b
| $ | 4,495 |
Intersegment | 542 | 596 | 1,138 | 86 | - | 86 | 42 | 51 | 9 | 1 | (1,327) | - | ||||||||||||||
Production and delivery | 264 | 421 | 685 | 447 | 82 | 529 | 476 | 52 | 1,290 | 583 | (988) | 2,627 | ||||||||||||||
Depreciation, depletion and amortization | 37 | 46 | 83 | 94 | 12 | 106 | 205 | 13 | 2 | 7 | 19 | 435 | ||||||||||||||
Metals inventory adjustments | - | - | - | - | - | - | - | 2 | - | - | 2 | 4 | ||||||||||||||
Selling, general and administrative expenses | - | 1 | 1 | 1 | - | 1 | 27 | - | - | 6 | 62 | 97 | ||||||||||||||
Mining exploration and research expenses | - | - | - | - | - | - | - | - | - | - | 8 | 8 | ||||||||||||||
Environmental obligations and shutdown costs | - | 2 | 2 | - | - | - | - | - | - | - | 99 | 101 | ||||||||||||||
Net gain on sales of assets | - | - | - | - | - | - | - | - | - | - | (486) | (486) | ||||||||||||||
Operating income (loss) | 244 | 139 | 383 | 347 | 25 | 372 | 717 | (16) | 7 | (4) | 250 | 1,709 | ||||||||||||||
Interest expense, net | - | - | - | 70 | - | 70 | 37 | - | - | 2 | 127 | 236 | ||||||||||||||
Provision for income taxes | - | - | - | 156 | 7 | 163 | 304 | - | - | 1 | 143 | 611 | ||||||||||||||
Total assets at December 31, 2020 | 2,574 | 5,163 | 7,737 | 8,474 | 1,678 | 10,152 | 16,918 | 1,760 | 211 | 877 | 4,489 | 42,144 | ||||||||||||||
Capital expenditures | 10 | 20 | 30 | 25 | 2 | 27 | 296 | 5 | 1 | 12 | 17 |
e
| 388 |
(In millions) | ||||||||||||||||||||||||||
Atlantic | Corporate, | |||||||||||||||||||||||||
North America Copper Mines | South America Mining | Copper | Other | |||||||||||||||||||||||
Cerro | Indonesia | Molybdenum | Rod & | Smelting | & Elimi- | FCX | ||||||||||||||||||||
Morenci | Other | Total | Verde | Other | Total | Mining | Mines | Refining | & Refining | nations | Total | |||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 82 | $ | 180 | $ | 262 | $ | 3,736 | $ | 720 | $ | 4,456 | $ | 7,241 |
a
| $ | - | $ | 6,356 | $ | 2,961 | $ | 1,569 |
b
| $ | 22,845 |
Intersegment | 2,728 | 3,835 | 6,563 | 460 | - | 460 | 282 | 444 | 29 | - | (7,778) | - | ||||||||||||||
Production and delivery | 1,226 | 2,235 | 3,461 | 2,000 |
c
| 429 | 2,429 | 2,425 |
d
| 253 | 6,381 | 2,907 | (5,840) |
e
| 12,016 | |||||||||||
Depreciation, depletion and amortization | 152 | 217 | 369 | 366 | 47 | 413 | 1,049 | 67 | 5 | 28 | 67 | 1,998 | ||||||||||||||
Metals inventory adjustments | 13 | - | 13 | - | - | - | - | 1 | - | - | 2 | 16 | ||||||||||||||
Selling, general and administrative expenses | 2 | 2 | 4 | 8 | - | 8 | 111 | - | - | 24 | 236 | 383 | ||||||||||||||
Mining exploration and research expenses | - | 1 | 1 | - | - | - | - | - | - | - | 54 | 55 | ||||||||||||||
Environmental obligations and shutdown costs | - | (1) | (1) | - | - | - | - | - | - | - | 92 | 91 | ||||||||||||||
Net gain on sales of assets | - | - | - | - | - | - | - | - | - | (19) | (61) | (80) | ||||||||||||||
Operating income (loss) | 1,417 | 1,561 | 2,978 | 1,822 | 244 | 2,066 | 3,938 | 123 | (1) | 21 | (759) | 8,366 | ||||||||||||||
Interest expense, net | - | 1 | 1 | 28 | - | 28 | 48 | - | - | 6 | 519 | 602 | ||||||||||||||
Provision for (benefit from) income taxes | - | - | - | 730 | 90 | 820 | 1,524 | - | - | - | (45) | 2,299 | ||||||||||||||
Capital expenditures | 135 | 207 | 342 | 132 | 30 | 162 | 1,296 | 6 | 2 | 34 | 273 |
f
| 2,115 | |||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Unaffiliated customers | $ | 29 | $ | 48 | $ | 77 | $ | 2,282 | $ | 431 | $ | 2,713 | $ | 3,534 |
a
| $ | - | $ | 4,781 | $ | 2,020 | $ | 1,073 |
b
| $ | 14,198 |
Intersegment | 2,015 | 2,272 | 4,287 | 242 | - | 242 | 80 | 222 | 33 | 17 | (4,881) | - | ||||||||||||||
Production and delivery | 1,269 | 1,831 | 3,100 | 1,599 | 379 | 1,978 | 1,606 | 230 | 4,819 | 1,962 | (3,664) | 10,031 | ||||||||||||||
Depreciation, depletion and amortization | 166 | 189 | 355 | 367 | 54 | 421 | 580 | 57 | 16 | 29 | 70 | 1,528 | ||||||||||||||
Metals inventory adjustments | 4 | 48 | 52 | - | 3 | 3 | - | 10 | 3 | - | 28 | 96 | ||||||||||||||
Selling, general and administrative expenses | 2 | 2 | 4 | 6 | - | 6 | 108 | - | - | 21 | 231 | 370 | ||||||||||||||
Mining exploration and research expenses | - | 2 | 2 | - | - | - | - | - | - | - | 48 | 50 | ||||||||||||||
Environmental obligations and shutdown costs | - | (1) | (1) | - | - | - | - | - | 1 | - | 159 | 159 | ||||||||||||||
Net gain on sales of assets | - | - | - | - | - | - | - | - | - | - | (473) | (473) | ||||||||||||||
Operating income (loss) | 603 | 249 | 852 | 552 | (5) | 547 | 1,320 | (75) | (25) | 25 | (207) | 2,437 | ||||||||||||||
Interest expense, net | 2 | - | 2 | 139 | - | 139 | 39 | - | - | 6 | 412 | 598 | ||||||||||||||
Provision for income taxes | - | - | - | 238 | 1 | 239 | 606 | - | - | 2 | 97 | 944 | ||||||||||||||
Capital expenditures | 102 | 326 | 428 | 141 | 42 | 183 | 1,161 | 19 | 6 | 29 | 135 |
f
| 1,961 |
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended December 31, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 1,614 | $ | 1,614 | $ | 144 | $ | 27 | $ | 1,785 |
Site production and delivery, before net noncash and other costs shown below | 796 | 728 | 84 | 14 | 826 | |||||
By-product credits | (141) | - | - | - | - | |||||
Treatment charges | 37 | 36 | - | 1 | 37 | |||||
Net cash costs | 692 | 764 | 84 | 15 | 863 | |||||
Depreciation, depletion and amortization (DD&A) | 93 | 86 | 6 | 1 | 93 | |||||
Noncash and other costs (credits), net | 2 |
c
| 4 | (2) | - | 2 | ||||
Total costs | 787 | 854 | 88 | 16 | 958 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 22 | 22 | - | - | 22 | |||||
Gross profit | $ | 849 | $ | 782 | $ | 56 | $ | 11 | $ | 849 |
Copper sales (millions of recoverable pounds) | 364 | 364 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 8 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 4.43 | $ | 4.43 | $ | 17.44 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.19 | 2.00 | 10.13 | |||||||
By-product credits | (0.39) | - | - | |||||||
Treatment charges | 0.10 | 0.10 | - | |||||||
Unit net cash costs | 1.90 | 2.10 | 10.13 | |||||||
DD&A | 0.26 | 0.23 | 0.74 | |||||||
Noncash and other costs (credits), net | - |
c
| 0.01 | (0.26) | ||||||
Total unit costs | 2.16 | 2.34 | 10.61 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.06 | 0.06 | - | |||||||
Gross profit per pound | $ | 2.33 | $ | 2.15 | $ | 6.83 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,785 | $ | 826 | $ | 93 | ||||
Treatment charges | (3) | 34 | - | |||||||
Noncash and other costs, net | - | 2 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 22 | - | - | |||||||
Eliminations and other | 18 | 21 | 1 | |||||||
North America copper mines | 1,822 | 883 | 94 | |||||||
Other miningd
| 6,161 | 3,970 | 454 | |||||||
Corporate, other & eliminations | (1,819) | (1,699) | 20 | |||||||
As reported in FCX's consolidated financial statements | $ | 6,164 | $ | 3,154 | $ | 568 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended December 31, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 1,056 | $ | 1,056 | $ | 70 | $ | 10 | $ | 1,136 |
Site production and delivery, before net noncash and other costs shown below | 594 | 566 | 50 | - | 616 | |||||
By-product credits | (58) | - | - | - | - | |||||
Treatment charges (credits) | 30 | 31 | - | (1) | 30 | |||||
Net cash costs (credits) | 566 | 597 | 50 | (1) | 646 | |||||
DD&A | 83 | 79 | 4 | - | 83 | |||||
Noncash and other costs (credits), net | 32 | 33 | - | (1) | 32 | |||||
Total costs (credits) | 681 | 709 | 54 | (2) | 761 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 12 | 12 | - | - | 12 | |||||
Gross profit | $ | 387 | $ | 359 | $ | 16 | $ | 12 | $ | 387 |
Copper sales (millions of recoverable pounds) | 320 | 320 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 9 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 3.29 | $ | 3.29 | $ | 8.77 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.85 | 1.76 | 6.20 | |||||||
By-product credits | (0.18) | - | - | |||||||
Treatment charges | 0.09 | 0.10 | - | |||||||
Unit net cash costs
| 1.76 | 1.86 | 6.20 | |||||||
DD&A | 0.26 | 0.25 | 0.52 | |||||||
Noncash and other costs, net | 0.10 | 0.10 | 0.01 | |||||||
Total unit costs
| 2.12 | 2.21 | 6.73 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.04 | 0.04 | - | |||||||
Gross profit per pound | $ | 1.21 | $ | 1.12 | $ | 2.04 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,136 | $ | 616 | $ | 83 | ||||
Treatment charges | (2) | 28 | - | |||||||
Noncash and other costs, net | - | 32 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 12 | - | - | |||||||
Eliminations and other | 8 | 9 | - | |||||||
North America copper mines | 1,154 | 685 | 83 | |||||||
Other miningc
| 4,375 | 2,930 | 333 | |||||||
Corporate, other & eliminations | (1,034) | (988) | 19 | |||||||
As reported in FCX's consolidated financial statements | $ | 4,495 | $ | 2,627 | $ | 435 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Year Ended December 31, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 6,174 | $ | 6,174 | $ | 481 | $ | 120 | $ | 6,775 |
Site production and delivery, before net noncash and other costs shown below | 3,051 | 2,820 | 278 | 75 | 3,173 | |||||
By-product credits | (479) | - | - | - | - | |||||
Treatment charges | 135 | 130 | - | 5 | 135 | |||||
Net cash costs | 2,707 | 2,950 | 278 | 80 | 3,308 | |||||
DD&A | 368 | 340 | 21 | 7 | 368 | |||||
Metals inventory adjustments | 13 | 13 | - | - | 13 | |||||
Noncash and other costs, net | 105 |
c
| 102 | 1 | 2 | 105 | ||||
Total costs | 3,193 | 3,405 | 300 | 89 | 3,794 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 7 | 7 | - | - | 7 | |||||
Gross profit | $ | 2,988 | $ | 2,776 | $ | 181 | $ | 31 | $ | 2,988 |
Copper sales (millions of recoverable pounds) | 1,436 | 1,436 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 34 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 4.30 | $ | 4.30 | $ | 14.14 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.13 | 1.96 | 8.17 | |||||||
By-product credits | (0.33) | - | - | |||||||
Treatment charges | 0.09 | 0.09 | - | |||||||
Unit net cash costs | 1.89 | 2.05 | 8.17 | |||||||
DD&A | 0.25 | 0.24 | 0.62 | |||||||
Metals inventory adjustments | 0.01 | 0.01 | - | |||||||
Noncash and other costs, net | 0.07 |
c
| 0.07 | 0.03 | ||||||
Total unit costs | 2.22 | 2.37 | 8.82 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | - | - | - | |||||||
Gross profit per pound | $ | 2.08 | $ | 1.93 | $ | 5.32 | ||||
Reconciliation to Amounts Reported | ||||||||||
Metals | ||||||||||
Production | Inventory | |||||||||
Revenues | and Delivery | DD&A | Adjustments | |||||||
Totals presented above | $ | 6,775 | $ | 3,173 | $ | 368 | $ | 13 | ||
Treatment charges | (24) | 111 | - | - | ||||||
Noncash and other costs, net | - | 105 | - | - | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 7 | - | - | - | ||||||
Eliminations and other | 67 | 72 | 1 | - | ||||||
North America copper mines | 6,825 | 3,461 | 369 | 13 | ||||||
Other miningd
| 22,229 | 14,395 | 1,562 | 1 | ||||||
Corporate, other & eliminations | (6,209) | (5,840) | 67 | 2 | ||||||
As reported in FCX's consolidated financial statements | $ | 22,845 | $ | 12,016 | $ | 1,998 | $ | 16 | ||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Year Ended December 31, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
| Total | ||||||
Revenues, excluding adjustments | $ | 4,005 |
c
| $ | 4,005 | 281 | 83 | 4,369 | ||
Site production and delivery, before net noncash and other costs shown below | 2,700 | 2,529 | 223 | 44 | 2,796 | |||||
By-product credits | (268) | - | - | - | - | |||||
Treatment charges | 139 | 136 | - | 3 | 139 | |||||
Net cash costs | 2,571 | 2,665 | 223 | 47 | 2,935 | |||||
DD&A | 355 | 330 | 18 | 7 | 355 | |||||
Metals inventory adjustments | 52 | 49 | - | 3 | 52 | |||||
Noncash and other costs, net | 138 |
d
| 133 | 3 | 2 | 138 | ||||
Total costs | 3,116 | 3,177 | 244 | 59 | 3,480 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (22) | (22) | - | - | (22) | |||||
Gross profit | $ | 867 | $ | 806 | $ | 37 | $ | 24 | $ | 867 |
Copper sales (millions of recoverable pounds) | 1,420 | 1,420 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
| 33 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 2.82 |
c
| $ | 2.82 | $ | 8.62 | |||
Site production and delivery, before net noncash and other costs shown below | 1.90 | 1.78 | 6.84 | |||||||
By-product credits | (0.19) | - | - | |||||||
Treatment charges | 0.10 | 0.10 | - | |||||||
Unit net cash costs | 1.81 | 1.88 | 6.84 | |||||||
DD&A | 0.25 | 0.23 | 0.56 | |||||||
Metals inventory adjustments | 0.03 | 0.03 | - | |||||||
Noncash and other costs, net | 0.10 |
d
| 0.10 | 0.09 | ||||||
Total unit costs | 2.19 | 2.24 | 7.49 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.02) | (0.02) | - | |||||||
Gross profit per pound | $ | 0.61 | $ | 0.56 | $ | 1.13 | ||||
Reconciliation to Amounts Reported | ||||||||||
Metals | ||||||||||
Production | Inventory | |||||||||
Revenues | and Delivery | DD&A | Adjustments | |||||||
Totals presented above | $ | 4,369 | $ | 2,796 | $ | 355 | $ | 52 | ||
Treatment charges | (15) | 124 | - | - | ||||||
Noncash and other costs, net | - | 138 | - | - | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (22) | - | - | - | ||||||
Eliminations and other | 32 | 42 | - | - | ||||||
North America copper mines | 4,364 | 3,100 | 355 | 52 | ||||||
Other mininge
| 13,642 | 10,595 | 1,103 | 16 | ||||||
Corporate, other & eliminations | (3,808) | (3,664) | 70 | 28 | ||||||
As reported in FCX's consolidated financial statements | $ | 14,198 | $ | 10,031 | $ | 1,528 | $ | 96 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended December 31, 2021 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 1,263 | $ | 1,263 | $ | 117 | $ | 1,380 |
Site production and delivery, before net noncash and other costs shown below | 659 |
b
| 608 | 64 | 672 | |||
By-product credits | (104) | - | - | - | ||||
Treatment charges | 38 | 38 | - | 38 | ||||
Royalty on metals | 3 | 2 | 1 | 3 | ||||
Net cash costs | 596 | 648 | 65 | 713 | ||||
DD&A | 107 | 97 | 10 | 107 | ||||
Noncash and other credits, net | (11) |
c
| (9) | (2) | (11) | |||
Total costs | 692 | 736 | 73 | 809 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 84 | 84 | - | 84 | ||||
Gross profit | $ | 655 | $ | 611 | $ | 44 | $ | 655 |
Copper sales (millions of recoverable pounds) | 286 | 286 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 4.41 | $ | 4.41 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.30 |
b
| 2.12 | |||||
By-product credits | (0.36) | - | ||||||
Treatment charges | 0.13 | 0.13 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.08 | 2.26 | ||||||
DD&A | 0.38 | 0.34 | ||||||
Noncash and other credits, net | (0.04) |
c
| (0.03) | |||||
Total unit costs | 2.42 | 2.57 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.30 | 0.30 | ||||||
Gross profit per pound | $ | 2.29 | $ | 2.14 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 1,380 | $ | 672 | $ | 107 | ||
Treatment charges | (38) | - | - | |||||
Royalty on metals | (3) | - | - | |||||
Noncash and other credits, net | - | (11) | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 84 | - | - | |||||
Eliminations and other | - | (1) | - | |||||
South America mining | 1,423 | 660 | 107 | |||||
Other miningd
| 6,560 | 4,193 | 441 | |||||
Corporate, other & eliminations | (1,819) | (1,699) | 20 | |||||
As reported in FCX's consolidated financial statements | $ | 6,164 | $ | 3,154 | $ | 568 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended December 31, 2020 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 905 | $ | 905 | $ | 69 | $ | 974 |
Site production and delivery, before net noncash and other costs shown below | 503 | 470 | 46 | 516 | ||||
By-product credits | (56) | - | - | - | ||||
Treatment charges | 41 | 41 | - | 41 | ||||
Royalty on metals | 2 | 2 | - | 2 | ||||
Net cash costs | 490 | 513 | 46 | 559 | ||||
DD&A | 106 | 98 | 8 | 106 | ||||
Noncash and other costs, net | 13 | 12 | 1 | 13 | ||||
Total costs | 609 | 623 | 55 | 678 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 78 | 78 | - | 78 | ||||
Gross profit | $ | 374 | $ | 360 | $ | 14 | $ | 374 |
Copper sales (millions of recoverable pounds) | 260 | 260 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 3.48 | $ | 3.48 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.93 | 1.80 | ||||||
By-product credits | (0.22) | - | ||||||
Treatment charges | 0.16 | 0.16 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 1.88 | 1.97 | ||||||
DD&A | 0.41 | 0.37 | ||||||
Noncash and other costs, net | 0.05 | 0.05 | ||||||
Total unit costs | 2.34 | 2.39 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.30 | 0.30 | ||||||
Gross profit per pound | $ | 1.44 | $ | 1.39 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 974 | $ | 516 | $ | 106 | ||
Treatment charges | (41) | - | - | |||||
Royalty on metals | (2) | - | - | |||||
Noncash and other costs, net | - | 13 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 78 | - | - | |||||
Eliminations and other | (1) | - | - | |||||
South America mining | 1,008 | 529 | 106 | |||||
Other miningb
| 4,521 | 3,086 | 310 | |||||
Corporate, other & eliminations | (1,034) | (988) | 19 | |||||
As reported in FCX's consolidated financial statements | $ | 4,495 | $ | 2,627 | $ | 435 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Year Ended December 31, 2021 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 4,585 | $ | 4,585 | $ | 383 | $ | 4,968 |
Site production and delivery, before net noncash and other costs shown below | 2,349 |
b
| 2,175 | 219 | 2,394 | |||
By-product credits | (338) | - | - | - | ||||
Treatment charges | 140 | 140 | - | 140 | ||||
Royalty on metals | 10 | 9 | 1 | 10 | ||||
Net cash costs | 2,161 | 2,324 | 220 | 2,544 | ||||
DD&A | 413 | 379 | 34 | 413 | ||||
Noncash and other costs, net | 38 |
c
| 36 | 2 | 38 | |||
Total costs | 2,612 | 2,739 | 256 | 2,995 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | 99 | 99 | - | 99 | ||||
Gross profit | $ | 2,072 | $ | 1,945 | $ | 127 | $ | 2,072 |
Copper sales (millions of recoverable pounds) | 1,055 | 1,055 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 4.34 | $ | 4.34 | ||||
Site production and delivery, before net noncash and other costs shown below | 2.23 |
b
| 2.06 | |||||
By-product credits | (0.32) | - | ||||||
Treatment charges | 0.13 | 0.13 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.05 | 2.20 | ||||||
DD&A | 0.39 | 0.37 | ||||||
Noncash and other costs, net | 0.03 |
c
| 0.03 | |||||
Total unit costs | 2.47 | 2.60 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.09 | 0.09 | ||||||
Gross profit per pound | $ | 1.96 | $ | 1.83 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 4,968 | $ | 2,394 | $ | 413 | ||
Treatment charges | (140) | - | - | |||||
Royalty on metals | (10) | - | - | |||||
Noncash and other costs, net | - | 38 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 99 | - | - | |||||
Eliminations and other | (1) | (3) | - | |||||
South America mining | 4,916 | 2,429 | 413 | |||||
Other miningd
| 24,138 | 15,427 | 1,518 | |||||
Corporate, other & eliminations | (6,209) | (5,840) | 67 | |||||
As reported in FCX's consolidated financial statements | $ | 22,845 | $ | 12,016 | $ | 1,998 | ||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Year Ended December 31, 2020 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
| Total | |||||
Revenues, excluding adjustments | $ | 2,976 | $ | 2,976 | $ | 209 | $ | 3,185 |
Site production and delivery, before net noncash and other costs shown below | 1,816 | 1,701 | 158 | 1,859 | ||||
By-product credits | (166) | - | - | - | ||||
Treatment charges | 152 | 152 | - | 152 | ||||
Royalty on metals | 6 | 6 | - | 6 | ||||
Net cash costs | 1,808 | 1,859 | 158 | 2,017 | ||||
DD&A | 421 | 391 | 30 | 421 | ||||
Metals inventory adjustments | 3 | 3 | - | 3 | ||||
Noncash and other costs, net | 122 |
b
| 115 | 7 | 122 | |||
Total costs | 2,354 | 2,368 | 195 | 2,563 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | (70) | (70) | - | (70) | ||||
Gross profit | $ | 552 | $ | 538 | $ | 14 | $ | 552 |
Copper sales (millions of recoverable pounds) | 976 | 976 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 3.05 | $ | 3.05 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.86 | 1.74 | ||||||
By-product credits | (0.17) | - | ||||||
Treatment charges | 0.15 | 0.15 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 1.85 | 1.90 | ||||||
DD&A | 0.43 | 0.41 | ||||||
Metals inventory adjustments | - | - | ||||||
Noncash and other costs, net | 0.13 |
b
| 0.12 | |||||
Total unit costs | 2.41 | 2.43 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.07) | (0.07) | ||||||
Gross profit per pound | $ | 0.57 | $ | 0.55 | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Revenues | and Delivery | DD&A | Adjustments | |||||
Totals presented above | $ | 3,185 | $ | 1,859 | $ | 421 | $ | 3 |
Treatment charges | (152) | - | - | - | ||||
Royalty on metals | (6) | - | - | - | ||||
Noncash and other costs, net | - | 122 | - | - | ||||
Other revenue adjustments, primarily for pricing on prior period open sales | (70) | - | - | - | ||||
Eliminations and other | (2) | (3) | - | - | ||||
South America mining | 2,955 | 1,978 | 421 | 3 | ||||
Other miningc
| 15,051 | 11,717 | 1,037 | 65 | ||||
Corporate, other & eliminations | (3,808) | (3,664) | 70 | 28 | ||||
As reported in FCX's consolidated financial statements | $ | 14,198 | $ | 10,031 | $ | 1,528 | $ | 96 |
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended December 31, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 1,627 | $ | 1,627 | $ | 710 | $ | 37 | $ | 2,374 |
Site production and delivery, before net noncash and other costs shown below | 541 | 371 | 162 | 8 | 541 | |||||
Gold and silver credits | (759) | - | - | - | - | |||||
Treatment charges | 90 | 62 | 27 | 1 | 90 | |||||
Export duties | 73 | 50 | 22 | 1 | 73 | |||||
Royalty on metals | 85 | 57 | 27 | 1 | 85 | |||||
Net cash costs | 30 | 540 | 238 | 11 | 789 | |||||
DD&A | 323 | 221 | 97 | 5 | 323 | |||||
Noncash and other costs, net | 352 |
b
| 241 | 105 | 6 | 352 | ||||
Total costs | 705 | 1,002 | 440 | 22 | 1,464 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 99 | 99 | 10 | 2 | 111 | |||||
PT Smelting intercompany profit | 20 | 14 | 6 | - | 20 | |||||
Gross profit | $ | 1,041 | $ | 738 | $ | 286 | $ | 17 | $ | 1,041 |
Copper sales (millions of recoverable pounds) | 370 | 370 | ||||||||
Gold sales (thousands of recoverable ounces) | 392 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 4.41 | $ | 4.41 | $ | 1,808 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.47 | 1.00 | 411 | |||||||
Gold and silver credits | (2.06) | - | - | |||||||
Treatment charges | 0.24 | 0.17 | 69 | |||||||
Export duties | 0.20 | 0.14 | 56 | |||||||
Royalty on metals | 0.23 | 0.15 | 69 | |||||||
Unit net cash costs | 0.08 | 1.46 | 605 | |||||||
DD&A | 0.88 | 0.60 | 247 | |||||||
Noncash and other costs, net | 0.95 |
b
| 0.66 | 268 | ||||||
Total unit costs | 1.91 | 2.72 | 1,120 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.27 | 0.27 | 27 | |||||||
PT Smelting intercompany profit | 0.05 | 0.04 | 15 | |||||||
Gross profit per pound/ounce | $ | 2.82 | $ | 2.00 | $ | 730 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 2,374 | $ | 541 | $ | 323 | ||||
Treatment charges | (90) | - | - | |||||||
Export duties | (73) | - | - | |||||||
Royalty on metals | (85) | - | - | |||||||
Noncash and other costs, net | - | 352 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 111 | - | - | |||||||
PT Smelting intercompany profit | - | (20) | - | |||||||
Indonesia mining | 2,237 | 873 | 323 | |||||||
Other miningc
| 5,746 | 3,980 | 225 | |||||||
Corporate, other & eliminations | (1,819) | (1,699) | 20 | |||||||
As reported in FCX's consolidated financial statements | $ | 6,164 | $ | 3,154 | $ | 568 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended December 31, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 990 | $ | 990 | $ | 550 | $ | 33 | $ | 1,573 |
Site production and delivery, before net noncash and other costs shown below | 446 | 281 | 156 | 9 | 446 | |||||
Gold and silver credits | (584) | - | - | - | - | |||||
Treatment charges | 76 | 48 | 26 | 2 | 76 | |||||
Export duties | 49 | 31 | 17 | 1 | 49 | |||||
Royalty on metals | 64 | 39 | 24 | 1 | 64 | |||||
Net cash costs | 51 | 399 | 223 | 13 | 635 | |||||
DD&A | 205 | 129 | 72 | 4 | 205 | |||||
Noncash and other costs, net | 35 | 22 | 12 | 1 | 35 | |||||
Total costs | 291 | 550 | 307 | 18 | 875 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 38 | 38 | 1 | - | 39 | |||||
PT Smelting intercompany profit | 7 | 5 | 2 | - | 7 | |||||
Gross profit | $ | 744 | $ | 483 | $ | 246 | $ | 15 | $ | 744 |
Copper sales (millions of recoverable pounds) | 286 | 286 | ||||||||
Gold sales (thousands of recoverable ounces) | 293 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 3.47 | $ | 3.47 | $ | 1,870 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.57 | 0.99 | 531 | |||||||
Gold and silver credits | (2.05) | - | - | |||||||
Treatment charges | 0.27 | 0.16 | 90 | |||||||
Export duties | 0.17 | 0.11 | 59 | |||||||
Royalty on metals | 0.22 | 0.14 | 79 | |||||||
Unit net cash costs | 0.18 | 1.40 | 759 | |||||||
DD&A | 0.72 | 0.45 | 243 | |||||||
Noncash and other costs, net | 0.12 | 0.08 | 41 | |||||||
Total unit costs | 1.02 | 1.93 | 1,043 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.13 | 0.13 | 2 | |||||||
PT Smelting intercompany profit | 0.03 | 0.02 | 8 | |||||||
Gross profit per pound/ounce | $ | 2.61 | $ | 1.69 | $ | 837 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,573 | $ | 446 | $ | 205 | ||||
Treatment charges | (76) | - | - | |||||||
Export duties | (49) | - | - | |||||||
Royalty on metals | (64) | - | - | |||||||
Noncash and other costs, net | 2 | 37 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 39 | - | - | |||||||
PT Smelting intercompany profit | - | (7) | - | |||||||
Indonesia mining | 1,425 | 476 | 205 | |||||||
Other miningb
| 4,104 | 3,139 | 211 | |||||||
Corporate, other & eliminations | (1,034) | (988) | 19 | |||||||
As reported in FCX's consolidated financial statements | $ | 4,495 | $ | 2,627 | $ | 435 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Year Ended December 31, 2021 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 5,715 | $ | 5,715 | $ | 2,423 | $ | 143 | $ | 8,281 |
Site production and delivery, before net noncash and other costs shown below | 1,953 | 1,348 | 572 | 33 | 1,953 | |||||
Gold and silver credits | (2,562) | - | - | - | - | |||||
Treatment charges | 320 | 221 | 93 | 6 | 320 | |||||
Export duties | 218 | 150 | 64 | 4 | 218 | |||||
Royalty on metals | 319 | 223 | 90 | 6 | 319 | |||||
Net cash costs | 248 | 1,942 | 819 | 49 | 2,810 | |||||
DD&A | 1,049 | 724 | 307 | 18 | 1,049 | |||||
Noncash and other costs, net | 355 |
b
| 245 | 104 | 6 | 355 | ||||
Total costs | 1,652 | 2,911 | 1,230 | 73 | 4,214 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | 72 | 72 | (4) | - | 68 | |||||
PT Smelting intercompany loss | (86) | (60) | (25) | (1) | (86) | |||||
Gross profit | $ | 4,049 | $ | 2,816 | $ | 1,164 | $ | 69 | $ | 4,049 |
Copper sales (millions of recoverable pounds) | 1,316 | 1,316 | ||||||||
Gold sales (thousands of recoverable ounces) | 1,349 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 4.34 | $ | 4.34 | $ | 1,796 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.49 | 1.03 | 424 | |||||||
Gold and silver credits | (1.95) | - | - | |||||||
Treatment charges | 0.24 | 0.17 | 69 | |||||||
Export duties | 0.17 | 0.11 | 47 | |||||||
Royalty on metals | 0.24 | 0.17 | 67 | |||||||
Unit net cash costs | 0.19 | 1.48 | 607 | |||||||
DD&A | 0.80 | 0.55 | 228 | |||||||
Noncash and other costs, net | 0.27 |
b
| 0.18 | 77 | ||||||
Total unit costs | 1.26 | 2.21 | 912 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 0.05 | 0.05 | (3) | |||||||
PT Smelting intercompany loss | (0.07) | (0.05) | (19) | |||||||
Gross profit per pound/ounce | $ | 3.06 | $ | 2.13 | $ | 862 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 8,281 | $ | 1,953 | $ | 1,049 | ||||
Treatment charges | (320) | - | - | |||||||
Export duties | (218) | - | - | |||||||
Royalty on metals | (319) | - | - | |||||||
Noncash and other costs, net | 31 | 386 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | 68 | - | - | |||||||
PT Smelting intercompany loss | - | 86 | - | |||||||
Indonesia mining | 7,523 | 2,425 | 1,049 | |||||||
Other miningc
| 21,531 | 15,431 | 882 | |||||||
Corporate, other & eliminations | (6,209) | (5,840) | 67 | |||||||
As reported in FCX's consolidated financial statements | $ | 22,845 | $ | 12,016 | $ | 1,998 | ||||
Freeport-McMoRan Inc. | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Year Ended December 31, 2020 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper | Gold |
Silvera
| Total | ||||||
Revenues, excluding adjustments | $ | 2,475 | $ | 2,475 | $ | 1,545 | $ | 81 | $ | 4,101 |
Site production and delivery, before net noncash and other costs shown below | 1,508 | 910 | 568 | 30 | 1,508 | |||||
Gold and silver credits | (1,630) | - | - | - | - | |||||
Treatment charges | 219 | 132 | 83 | 4 | 219 | |||||
Export duties | 93 | 56 | 35 | 2 | 93 | |||||
Royalty on metals | 153 | 90 | 60 | 3 | 153 | |||||
Net cash costs | 343 | 1,188 | 746 | 39 | 1,973 | |||||
DD&A | 580 | 350 | 219 | 11 | 580 | |||||
Noncash and other costs, net | 93 |
b
| 56 | 35 | 2 | 93 | ||||
Total costs | 1,016 | 1,594 | 1,000 | 52 | 2,646 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales | (20) | (20) | 4 | - | (16) | |||||
PT Smelting intercompany loss | (11) | (7) | (4) | - | (11) | |||||
Gross profit | $ | 1,428 | $ | 854 | $ | 545 | $ | 29 | $ | 1,428 |
Copper sales (millions of recoverable pounds) | 804 | 804 | ||||||||
Gold sales (thousands of recoverable ounces) | 842 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 3.08 | $ | 3.08 | $ | 1,832 | ||||
Site production and delivery, before net noncash and other costs shown below | 1.88 | 1.13 | 674 | |||||||
Gold and silver credits | (2.03) | - | - | |||||||
Treatment charges | 0.27 | 0.17 | 98 | |||||||
Export duties | 0.12 | 0.07 | 41 | |||||||
Royalty on metals | 0.19 | 0.11 | 72 | |||||||
Unit net cash costs | 0.43 | 1.48 | 885 | |||||||
DD&A | 0.72 | 0.43 | 259 | |||||||
Noncash and other costs, net | 0.11 |
b
| 0.07 | 41 | ||||||
Total unit costs | 1.26 | 1.98 | 1,185 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (0.03) | (0.03) | 5 | |||||||
PT Smelting intercompany loss | (0.01) | (0.01) | (5) | |||||||
Gross profit per pound/ounce | $ | 1.78 | $ | 1.06 | $ | 647 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 4,101 | $ | 1,508 | $ | 580 | ||||
Treatment charges | (219) | - | - | |||||||
Export duties | (93) | - | - | |||||||
Royalty on metals | (153) | - | - | |||||||
Noncash and other costs, net | (6) | 87 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales | (16) | - | - | |||||||
PT Smelting intercompany loss | - | 11 | - | |||||||
Indonesia mining | 3,614 | 1,606 | 580 | |||||||
Other miningc
| 14,392 | 12,089 | 878 | |||||||
Corporate, other & eliminations | (3,808) | (3,664) | 70 | |||||||
As reported in FCX's consolidated financial statements | $ | 14,198 | $ | 10,031 | $ | 1,528 | ||||
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended December 31, | ||||||||
(In millions) | 2021 | 2020 | ||||||
Revenues, excluding adjustmentsa
| $ | 140 | $ | 56 | ||||
Site production and delivery, before net noncash and other costs shown below | 68 | 47 | ||||||
Treatment charges and other | 6 | 5 | ||||||
Net cash costs | 74 | 52 | ||||||
DD&A | 16 | 13 | ||||||
Metals inventory adjustments | - | 2 | ||||||
Noncash and other costs, net | 2 | 5 | ||||||
Total costs | 92 | 72 | ||||||
Gross profit (loss) | $ | 48 | $ | (16) | ||||
Molybdenum sales (millions of recoverable pounds)a
| 7 | 5 | ||||||
Gross profit (loss) per pound of molybdenum: | ||||||||
Revenues, excluding adjustmentsa
| $ | 18.91 | $ | 10.01 | ||||
Site production and delivery, before net noncash and other costs shown below | 9.06 | 8.38 | ||||||
Treatment charges and other | 0.84 | 0.85 | ||||||
Unit net cash costs | 9.90 | 9.23 | ||||||
DD&A | 2.22 | 2.43 | ||||||
Metals inventory adjustments | - | 0.35 | ||||||
Noncash and other costs, net | 0.32 | 0.84 | ||||||
Total unit costs | 12.44 | 12.85 | ||||||
Gross profit (loss) per pound | $ | 6.47 | $ | (2.84) | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Three Months Ended December 31, 2021 | Revenues | and Delivery | DD&A | Adjustments | ||||
Totals presented above | $ | 140 | $ | 68 | $ | 16 | $ | - |
Treatment charges and other | (6) | - | - | - | ||||
Noncash and other costs, net | - | 2 | - | - | ||||
Molybdenum mines | 134 | 70 | 16 | - | ||||
Other miningb
| 7,849 | 4,783 | 532 | - | ||||
Corporate, other & eliminations | (1,819) | (1,699) | 20 | 1 | ||||
As reported in FCX's consolidated financial statements | $ | 6,164 | $ | 3,154 | $ | 568 | $ | 1 |
Three Months Ended December 31, 2020 | ||||||||
Totals presented above | $ | 56 | $ | 47 | $ | 13 | $ | 2 |
Treatment charges and other | (5) | - | - | - | ||||
Noncash and other costs, net | - | 5 | - | - | ||||
Molybdenum mines | 51 | 52 | 13 | 2 | ||||
Other miningb
| 5,478 | 3,563 | 403 | - | ||||
Corporate, other & eliminations | (1,034) | (988) | 19 | 2 | ||||
As reported in FCX's consolidated financial statements | $ | 4,495 | $ | 2,627 | $ | 435 | $ | 4 |
Freeport-McMoRan Inc. | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Years Ended December 31, | ||||||||
(In millions) | 2021 | 2020 | ||||||
Revenues, excluding adjustmentsa
| $ | 470 | $ | 243 | ||||
Site production and delivery, before net noncash and other costs shown below | 243 | 211 | ||||||
Treatment charges and other | 26 | 21 | ||||||
Net cash costs | 269 | 232 | ||||||
DD&A | 67 | 57 | ||||||
Metals inventory adjustments | 1 | 10 | ||||||
Noncash and other costs, net | 10 | 19 |
b
| |||||
Total costs | 347 | 318 | ||||||
Gross profit (loss) | $ | 123 | $ | (75) | ||||
Molybdenum sales (millions of recoverable pounds)a
| 30 | 24 | ||||||
Gross profit (loss) per pound of molybdenum: | ||||||||
Revenues, excluding adjustmentsa
| $ | 15.52 | $ | 9.94 | ||||
Site production and delivery, before net noncash and other costs shown below | 8.02 | 8.65 | ||||||
Treatment charges and other | 0.85 | 0.85 | ||||||
Unit net cash costs | 8.87 | 9.50 | ||||||
DD&A | 2.22 | 2.34 | ||||||
Metals inventory adjustments | 0.03 | 0.42 | ||||||
Noncash and other costs, net | 0.33 | 0.75 |
b
| |||||
Total unit costs | 11.45 | 13.01 | ||||||
Gross profit (loss) per pound | $ | 4.07 | $ | (3.07) | ||||
Reconciliation to Amounts Reported | ||||||||
Metals | ||||||||
Production | Inventory | |||||||
Year Ended December 31, 2021 | Revenues | and Delivery | DD&A | Adjustments | ||||
Totals presented above | $ | 470 | $ | 243 | $ | 67 | $ | 1 |
Treatment charges and other | (26) | - | - | - | ||||
Noncash and other costs, net | - | 10 | - | - | ||||
Molybdenum mines | 444 | 253 | 67 | 1 | ||||
Other miningc
| 28,610 | 17,603 | 1,864 | 13 | ||||
Corporate, other & eliminations | (6,209) | (5,840) | 67 | 2 | ||||
As reported in FCX's consolidated financial statements | $ | 22,845 | $ | 12,016 | $ | 1,998 | $ | 16 |
Year Ended December 31, 2020 | ||||||||
Totals presented above | $ | 243 | $ | 211 | $ | 57 | $ | 10 |
Treatment charges and other | (21) | - | - | - | ||||
Noncash and other costs, net | - | 19 | - | - | ||||
Molybdenum mines | 222 | 230 | 57 | 10 | ||||
Other miningc
| 17,784 | 13,465 | 1,401 | 58 | ||||
Corporate, other & eliminations | (3,808) | (3,664) | 70 | 28 | ||||
As reported in FCX's consolidated financial statements | $ | 14,198 | $ | 10,031 | $ | 1,528 | $ | 96 |
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Freeport-McMoRan Inc. published this content on 26 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2022 13:25:05 UTC.