01/23/2025 | Press release | Distributed by Public on 01/23/2025 07:09
1
|
Three Months Ended December 31, |
Years Ended December 31, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
(in millions, except per share amounts) | ||||||||
Revenuesa,b
|
$ | 5,720 | $ | 5,905 | $ | 25,455 | $ | 22,855 |
Operating incomea,c
|
$ | 1,243 | $ | 1,722 | $ | 6,864 | $ | 6,225 |
Net income attributable to common stockb,c,d
|
$ | 274 | $ | 388 | $ | 1,889 | $ | 1,848 |
Diluted net income per share of common stockb,c,d
|
$ | 0.19 | $ | 0.27 | $ | 1.30 | $ | 1.28 |
Diluted weighted-average common shares outstanding
|
1,445 | 1,444 | 1,445 | 1,443 | ||||
Operating cash flowse
|
$ | 1,436 | $ | 1,320 | $ | 7,160 | $ | 5,279 |
Capital expenditures | $ | 1,239 | $ | 1,362 | $ | 4,808 | $ | 4,824 |
At December 31: | ||||||||
Cash and cash equivalents
|
$ | 3,923 | $ | 4,758 | $ | 3,923 | $ | 4,758 |
Restricted cash and cash equivalents, currentf
|
$ | 888 | $ | 1,208 | $ | 888 | $ | 1,208 |
Total debt, including current portion | $ | 8,948 | $ | 9,422 | $ | 8,948 | $ | 9,422 |
2
|
Three Months Ended December 31, | Years Ended December 31, | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Copper (millions of recoverable pounds)
|
||||||||||
Production | 1,041 | 1,095 | 4,214 | 4,212 | ||||||
Sales, excluding purchases | 992 | 1,116 | 4,066 | 4,086 | ||||||
Average realized price per pound | $ | 4.15 | $ | 3.81 |
|
$ | 4.21 | $ | 3.85 |
|
Site production and delivery costs per pounda
|
$ | 2.49 | $ | 2.25 | $ | 2.49 | $ | 2.36 | ||
Unit net cash costs per pounda
|
$ | 1.66 | $ | 1.52 | $ | 1.56 | $ | 1.61 | ||
Gold (thousands of recoverable ounces)
|
||||||||||
Production | 432 | 573 | 1,880 | 1,993 | ||||||
Sales | 350 | 549 | 1,837 | 1,713 | ||||||
Average realized price per ounce | $ | 2,628 | $ | 2,034 | $ | 2,418 | $ | 1,972 | ||
Molybdenum (millions of recoverable pounds)
|
||||||||||
Production | 22 | 20 | 80 | 82 | ||||||
Sales, excluding purchases | 18 | 22 | 78 | 81 | ||||||
Average realized price per pound | $ | 22.23 | $ | 20.66 | $ | 21.77 | $ | 24.64 |
3
|
4
|
Three Months Ended December 31, |
Years Ended December 31, |
|||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Copper (millions of recoverable pounds)
|
||||||||||
Production
|
321 | 320 | 1,246 | 1,350 | ||||||
Sales, excluding purchases
|
318 | 318 | 1,257 | 1,361 | ||||||
Average realized price per pound
|
$ | 4.29 |
|
$ | 3.79 |
|
$ | 4.29 | $ | 3.93 |
Molybdenum (millions of recoverable pounds)
|
||||||||||
Productiona
|
8 | 7 | 30 | 30 | ||||||
Unit net cash costs per pound of copperb
|
||||||||||
Site production and delivery, excluding adjustments
|
$ | 3.48 | $ | 3.13 |
|
$ | 3.46 |
|
$ | 3.00 |
By-product credits
|
(0.58) | (0.40) | (0.48) | (0.49) | ||||||
Treatment charges
|
0.14 | 0.13 | 0.13 | 0.12 | ||||||
Unit net cash costs
|
$ | 3.04 | $ | 2.86 | $ | 3.11 | $ | 2.63 |
5
|
Three Months Ended December 31, |
Years Ended December 31, |
||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Copper (millions of recoverable pounds)
|
|||||||||
Production
|
291 | 286 | 1,168 | 1,202 | |||||
Sales
|
298 | 287 | 1,177 | 1,200 | |||||
Average realized price per pound
|
$ | 4.04 | $ | 3.83 | $ | 4.16 | $ | 3.82 | |
Molybdenum (millions of recoverable pounds)
|
|||||||||
Productiona
|
5 | 5 | 20 | 22 | |||||
Unit net cash costs per pound of copperb
|
|||||||||
Site production and delivery, excluding adjustments
|
$ | 2.50 | $ | 2.74 | $ | 2.63 |
c
|
$ | 2.57 |
By-product credits
|
(0.31) | (0.22) | (0.34) | (0.39) | |||||
Treatment charges
|
0.16 | 0.19 | 0.16 | 0.19 | |||||
Royalty on metals
|
0.01 | 0.01 | 0.01 | 0.01 | |||||
Unit net cash costs
|
$ | 2.36 | $ | 2.72 | $ | 2.46 | $ | 2.38 |
6
|
7
|
Three Months Ended December 31, |
Years Ended December 31, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
Copper (millions of recoverable pounds)
|
||||||||
Production
|
429 | 489 | 1,800 | 1,660 | ||||
Sales
|
376 | 511 | 1,632 | 1,525 | ||||
Average realized price per pound
|
$ | 4.11 | $ | 3.81 | $ | 4.19 | $ | 3.81 |
Gold (thousands of recoverable ounces)
|
||||||||
Production
|
428 | 569 | 1,861 | 1,978 | ||||
Sales
|
343 | 544 | 1,817 | 1,697 | ||||
Average realized price per ounce
|
$ | 2,628 | $ | 2,034 | $ | 2,418 | $ | 1,972 |
Unit net cash (credits) costs per pound of coppera
|
||||||||
Site production and delivery, excluding adjustments | $ | 1.65 | $ | 1.42 | $ | 1.64 | $ | 1.62 |
Gold, silver and other by-product credits | (2.56) | (2.29) | (2.82) | (2.30) | ||||
Treatment charges
|
0.32 | 0.34 | 0.35 | 0.35 | ||||
Export duties | 0.26 | 0.31 | 0.28 | 0.21 | ||||
Royalty on metals
|
0.25 | 0.22 | 0.27 | 0.22 | ||||
Unit net cash (credits) costs | $ | (0.08) | $ | - | $ | (0.28) | $ | 0.10 |
8
|
Preliminary Estimated Recoverable Proven and Probable Mineral Reserves | |||
at December 31, 2024 | |||
Copper | Gold | Molybdenum | |
(billion pounds) | (million ounces) | (billion pounds) | |
North America | 41.6 | 0.6 | 2.51 |
South Americaa
|
28.4 | - | 0.66 |
Indonesiab
|
27.0 | 22.4 | - |
Consolidated basisc,d
|
97.0 | 23.0 | 3.16 |
Net equity intereste
|
70.2 | 11.5 | 2.87 |
9
|
Copper | Gold | Molybdenum | ||
(billion pounds) | (million ounces) | (billion pounds) | ||
Reserves at December 31, 2023 | 104.1 | 24.5 | 3.34 | |
Net revisions | (3.0) |
a
|
0.4 | (0.10) |
Production | (4.2) | (1.9) | (0.08) | |
Reserves at December 31, 2024b
|
97.0 | 23.0 | 3.16 |
10
|
Cash at domestic companies | $ | 1.5 |
Cash at international operations | 2.4 |
a
|
Total consolidated cash and cash equivalents | 3.9 | |
Noncontrolling interests' share | (1.1) | |
Cash, net of noncontrolling interests' share | 2.8 | |
Withholding taxes | (0.1) | |
Net cash available | $ | 2.7 |
Weighted- Average Interest Rate |
||||
Senior notes: | ||||
Issued by FCX | $ | 5.3 | 5.0% | |
Issued by PT-FI | 3.0 | 5.4% | ||
Issued by Freeport Minerals Corporation | 0.3 | 7.5% | ||
PT-FI revolving credit facility | 0.3 | 6.0% | ||
Other | - |
a
|
3.5% | |
Total debt | $ | 8.9 |
|
5.2% |
11
|
12
|
13
|
FREEPORT | ||||||
SELECTED OPERATING DATA | ||||||
Three Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | |||
Production | Sales | |||||
COPPER (millions of recoverable pounds)
|
||||||
(FCX's net interest in %) | ||||||
North America | ||||||
Morenci (72%)a
|
124 | 140 | 125 | 137 | ||
Safford (100%) | 67 | 56 | 66 | 57 | ||
Sierrita (100%) | 45 | 43 | 45 | 44 | ||
Bagdad (100%) | 37 | 35 | 37 | 35 | ||
Chino (100%) | 36 | 32 | 34 | 32 | ||
Tyrone (100%) | 10 | 11 | 11 | 11 | ||
Miami (100%) | 2 | 3 | 2 | 3 | ||
Other (100%) | - | - | (2) | (1) | ||
Total North America | 321 | 320 | 318 | 318 | ||
South America | ||||||
Cerro Verde (55.08%)b
|
233 | 229 | 246 | 234 | ||
El Abra (51%) | 58 | 57 | 52 | 53 | ||
Total South America | 291 | 286 | 298 | 287 | ||
Indonesia | ||||||
Grasberg minerals district (48.76%) | 429 | 489 | 376 | 511 | ||
Total | 1,041 | 1,095 | 992 |
c
|
1,116 |
c
|
Less noncontrolling interests | 352 | 384 | 329 | 397 | ||
Net | 689 | 711 | 663 | 719 | ||
Average realized price per pound | $ | 4.15 |
|
$ | 3.81 | |
GOLD (thousands of recoverable ounces)
|
||||||
(FCX's net interest in %) | ||||||
North America (100%) | 4 | 4 | 7 | 5 | ||
Indonesia (48.76%) | 428 | 569 | 343 | 544 |
|
|
Consolidated | 432 | 573 | 350 | 549 | ||
Less noncontrolling interests | 219 | 292 | 176 | 279 | ||
Net | 213 | 281 | 174 | 270 | ||
Average realized price per ounce | $ | 2,628 | $ | 2,034 | ||
MOLYBDENUM (millions of recoverable pounds)
|
||||||
(FCX's net interest in %) | ||||||
Climax (100%) | 6 | 5 | N/A | N/A | ||
Henderson (100%) | 3 | 3 | N/A | N/A | ||
North America copper mines (100%)a
|
8 | 7 | N/A | N/A | ||
Cerro Verde (55.08%)b
|
5 | 5 | N/A | N/A | ||
Consolidated | 22 | 20 | 18 | 22 | ||
Less noncontrolling interests | 2 | 2 | 2 | 3 | ||
Net | 20 | 18 | 16 | 19 | ||
Average realized price per pound | $ | 22.23 | $ | 20.66 | ||
a. Amounts are net of Morenci's joint venture partners' undivided interests. | ||||||
b. FCX's interest in Cerro Verde is 55.08%, and prior to September 2024 it was 53.56%. | ||||||
c. Consolidated sales volumes exclude purchased copper of 16 million pounds in fourth-quarter 2024 and 18 million pounds in fourth-quarter 2023.
|
||||||
FREEPORT | ||||||
SELECTED OPERATING DATA (continued) | ||||||
Years Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | |||
Production | Sales | |||||
COPPER (millions of recoverable pounds)
|
||||||
(FCX's net interest in %) | ||||||
North America | ||||||
Morenci (72%)a
|
505 | 575 | 517 | 578 | ||
Safford (100%) | 249 | 245 | 246 | 250 | ||
Sierrita (100%) | 165 | 185 | 167 | 183 | ||
Bagdad (100%) | 146 | 146 | 146 | 148 | ||
Chino (100%) | 133 | 141 | 133 | 143 | ||
Tyrone (100%) | 43 | 51 | 44 | 53 | ||
Miami (100%) | 9 | 12 | 10 | 12 | ||
Other (100%) | (4) | (5) | (6) | (6) | ||
Total North America | 1,246 | 1,350 | 1,257 | 1,361 | ||
South America | ||||||
Cerro Verde (55.08%)b
|
949 | 985 | 958 | 988 | ||
El Abra (51%) | 219 | 217 | 219 | 212 | ||
Total South America | 1,168 | 1,202 | 1,177 | 1,200 | ||
Indonesia | ||||||
Grasberg minerals district (48.76%) | 1,800 | 1,660 | 1,632 | 1,525 | ||
Total | 4,214 | 4,212 | 4,066 |
c
|
4,086 |
c
|
Less noncontrolling interests | 1,465 | 1,414 | 1,384 | 1,344 | ||
Net | 2,749 | 2,798 | 2,682 | 2,742 | ||
Average realized price per pound | $ | 4.21 |
|
$ | 3.85 | |
GOLD (thousands of recoverable ounces)
|
||||||
(FCX's net interest in %) | ||||||
North America (100%) | 19 | 15 | 20 | 16 | ||
Indonesia (48.76%) | 1,861 | 1,978 |
d
|
1,817 | 1,697 |
d
|
Consolidated | 1,880 | 1,993 | 1,837 | 1,713 | ||
Less noncontrolling interests | 953 | 952 | 931 | 808 | ||
Net | 927 | 1,041 | 906 | 905 | ||
Average realized price per ounce | $ | 2,418 | $ | 1,972 | ||
MOLYBDENUM (millions of recoverable pounds)
|
||||||
(FCX's net interest in %) | ||||||
Climax (100%) | 18 | 17 | N/A | N/A | ||
Henderson (100%) | 12 | 13 | N/A | N/A | ||
North America copper mines (100%)a
|
30 | 30 | N/A | N/A | ||
Cerro Verde (55.08%)b
|
20 | 22 | N/A | N/A | ||
Consolidated | 80 | 82 | 78 | 81 | ||
Less noncontrolling interests | 9 | 10 | 9 | 10 | ||
Net | 71 | 72 | 69 | 71 | ||
Average realized price per pound | $ | 21.77 | $ | 24.64 | ||
a. Amounts are net of Morenci's joint venture partners' undivided interests. | ||||||
b. FCX's interest in Cerro Verde is 55.08%, and prior to September 2024 it was 53.56%. | ||||||
c. Consolidated sales volumes exclude purchased copper of 158 million pounds for the year 2024 and 103 million pounds for the year 2023.
|
||||||
d. Includes approximately 190 thousand ounces of gold production and sales volumes attributed to PT Mineral Industri Indonesia's (MIND ID) approximate 19% economic interest in accordance with the PT Freeport Indonesia (PT-FI) shareholder agreement. |
FREEPORT | ||||
SELECTED OPERATING DATA (continued) | ||||
Three Months Ended December 31, | Years Ended December 31, | |||
2024 | 2023 | 2024 | 2023 | |
North Americaa
|
||||
Leach Operations | ||||
Leach ore placed in stockpiles (metric tons per day)
|
619,300 | 740,500 | 609,400 | 692,000 |
Average copper ore grade (%) | 0.20 | 0.19 | 0.20 | 0.23 |
Copper production (millions of recoverable pounds)
|
209 | 223 | 842 | 941 |
Mill Operations | ||||
Ore milled (metric tons per day)
|
334,200 | 305,100 | 311,700 | 308,500 |
Average ore grades (%): | ||||
Copper
|
0.29 | 0.31 | 0.30 | 0.32 |
Molybdenum
|
0.02 | 0.02 | 0.02 | 0.02 |
Copper recovery rate (%) | 84.9 | 81.0 | 83.2 | 81.8 |
Production (millions of recoverable pounds):
|
||||
Copper
|
161 | 152 | 601 | 633 |
Molybdenum
|
8 | 7 | 31 | 31 |
South America | ||||
Leach Operations | ||||
Leach ore placed in stockpiles (metric tons per day)
|
153,700 | 193,500 | 164,300 | 191,200 |
Average copper ore grade (%) | 0.46 | 0.38 | 0.42 | 0.35 |
Copper production (millions of recoverable pounds)
|
77 | 80 | 295 | 317 |
Mill Operations | ||||
Ore milled (metric tons per day)
|
414,700 | 407,600 | 415,500 | 417,400 |
Average ore grades (%): | ||||
Copper
|
0.32 | 0.33 | 0.33 | 0.34 |
Molybdenum
|
0.01 | 0.02 | 0.01 | 0.01 |
Copper recovery rate (%) | 82.9 | 78.9 | 83.6 | 81.3 |
Production (millions of recoverable pounds):
|
||||
Copper
|
214 | 206 | 873 | 885 |
Molybdenum
|
5 | 5 | 20 | 22 |
Indonesia | ||||
Ore extracted and milled (metric tons per day):
|
||||
Grasberg Block Cave underground mine | 138,900 | 133,200 | 133,800 | 117,300 |
Deep Mill Level Zone underground mine | 64,900 | 76,500 | 64,900 | 75,900 |
Big Gossan underground mine | 7,100 | 8,300 | 8,000 | 7,900 |
Other adjustments | 300 | (3,700) | 1,700 | (2,800) |
Total
|
211,200 | 214,300 | 208,400 | 198,300 |
Average ore grades:
|
||||
Copper (%) | 1.21 | 1.32 | 1.27 | 1.22 |
Gold (grams per metric ton)
|
0.92 | 1.18 | 1.00 | 1.12 |
Recovery rates (%): | ||||
Copper
|
87.3 | 90.2 | 88.4 | 89.7 |
Gold
|
75.5 | 78.8 | 76.9 | 77.9 |
Production (recoverable):
|
||||
Copper (millions of pounds)
|
429 | 489 | 1,800 | 1,660 |
Gold (thousands of ounces)
|
428 | 569 | 1,861 | 1,978 |
Molybdenumb
|
||||
Ore milled (metric tons per day)
|
28,300 | 28,200 | 28,000 | 27,900 |
Average molybdenum ore grade (%) | 0.18 | 0.17 | 0.16 | 0.15 |
Molybdenum production (millions of recoverable pounds)
|
9 | 8 | 30 | 30 |
a.Amounts represent 100% operating data, including Morenci's joint venture partners' share.
|
||||
b. Represents FCX's primary molybdenum operations in Colorado. |
FREEPORT | ||||||||
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||
Three Months Ended | Years Ended | |||||||
December 31, | December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenuesa
|
$ | 5,720 | $ | 5,905 | $ | 25,455 | $ | 22,855 |
Cost of sales: | ||||||||
Production and deliveryb
|
3,758 | 3,360 | 15,554 | 13,627 | ||||
Depreciation, depletion and amortization | 537 |
|
589 | 2,241 | 2,068 | |||
Total cost of sales | 4,295 | 3,949 | 17,795 | 15,695 | ||||
Selling, general and administrative expenses | 129 | 120 | 513 | 479 | ||||
Exploration and research expenses | 41 | 34 | 156 | 137 | ||||
Environmental obligations and shutdown costs | 12 | 80 | 127 | 319 | ||||
Total costs and expenses | 4,477 | 4,183 | 18,591 | 16,630 | ||||
Operating income | 1,243 | 1,722 | 6,864 | 6,225 | ||||
Interest expense, netc
|
(70) | (97) | (319) | (515) | ||||
Net gain on early extinguishment of debt | - | - | - | 10 | ||||
Other income, net | 67 | 103 | 362 | 286 | ||||
Income before income taxes and equity in affiliated companies' net earnings | 1,240 | 1,728 | 6,907 | 6,006 | ||||
Provision for income taxesd
|
(520) | (724) | (2,523) | (2,270) | ||||
Equity in affiliated companies' net earnings | 1 | 3 | 15 | 15 | ||||
Net income | 721 | 1,007 | 4,399 | 3,751 | ||||
Net income attributable to noncontrolling interestse
|
(447) | (619) | (2,510) | (1,903) | ||||
Net income attributable to common stockholdersf,g
|
$ | 274 | $ | 388 | $ | 1,889 | $ | 1,848 |
Diluted net income per share attributable to common stock | $ | 0.19 | $ | 0.27 | $ | 1.30 | $ | 1.28 |
Diluted weighted-average common shares outstanding | 1,445 | 1,444 | 1,445 | 1,443 | ||||
Dividends declared per share of common stock | $ | 0.15 | $ | 0.15 | $ | 0.60 | $ | 0.60 |
FREEPORT | ||||
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||
December 31, | ||||
2024 | 2023 | |||
(In Millions) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents
|
$ | 3,923 | $ | 4,758 |
Restricted cash and cash equivalentsa
|
888 | 1,208 | ||
Trade accounts receivable
|
578 | 1,209 | ||
Value added and other tax receivables | 564 | 455 | ||
Inventories:
|
||||
Product
|
3,038 | 2,472 | ||
Materials and supplies, net
|
2,382 | 2,169 | ||
Mill and leach stockpiles
|
1,388 | 1,419 | ||
Other current assets
|
535 | 375 | ||
Total current assets
|
13,296 | 14,065 | ||
Property, plant, equipment and mine development costs, net | 38,514 | 35,295 | ||
Long-term mill and leach stockpiles | 1,225 | 1,336 | ||
Other assets | 1,813 | 1,810 | ||
Total assets | $ | 54,848 | $ | 52,506 |
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities
|
$ | 4,057 | $ | 3,729 |
Accrued income taxes
|
859 | 786 | ||
Current portion of environmental and asset retirement obligations (AROs) | 320 | 316 | ||
Dividends payable
|
219 | 218 | ||
Current portion of debt
|
41 | 766 | ||
Total current liabilities
|
5,496 | 5,815 | ||
Long-term debt, less current portion | 8,907 | 8,656 | ||
Environmental and AROs, less current portion | 5,404 | 4,624 | ||
Deferred income taxes | 4,376 | 4,453 | ||
Other liabilities | 1,887 | 1,648 | ||
Total liabilities
|
26,070 | 25,196 | ||
Equity: | ||||
Stockholders' equity: | ||||
Common stock
|
162 | 162 | ||
Capital in excess of par value
|
23,797 | 24,637 | ||
Accumulated deficit
|
(170) | (2,059) | ||
Accumulated other comprehensive loss
|
(314) | (274) | ||
Common stock held in treasury
|
(5,894) | (5,773) | ||
Total stockholders' equity | 17,581 | 16,693 | ||
Noncontrolling interests | 11,197 | 10,617 | ||
Total equity
|
28,778 | 27,310 | ||
Total liabilities and equity | $ | 54,848 | $ | 52,506 |
FREEPORT | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||
Years Ended | ||||
December 31, | ||||
2024 | 2023 | |||
(In Millions) | ||||
Cash flow from operating activities: | ||||
Net income | $ | 4,399 | $ | 3,751 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization
|
2,241 | 2,068 | ||
Net charges for environmental and AROs, including accretion | 622 | 295 |
|
|
Payments for environmental and AROs | (234) | (250) | ||
Stock-based compensation
|
109 | 109 | ||
Charge for talc-related litigation | - | 65 | ||
Net charges for defined pension and postretirement plans
|
35 | 62 | ||
Pension plan contributions
|
(78) | (75) | ||
Net gain on early extinguishment of debt | - | (10) | ||
Deferred income taxes
|
(76) | 182 | ||
Change in deferred profit on PT-FI's sales to PT Smeltinga
|
- | (112) | ||
Charges for social investment programs at PT-FI | 103 | 84 | ||
Payments for social investment programs at PT-FI | (54) | (44) | ||
Impairment of oil and gas properties | 69 | 67 | ||
Other, net
|
53 | (33) | ||
Changes in working capital and other:
|
||||
Accounts receivable
|
460 | 166 | ||
Inventories
|
(638) | (873) | ||
Other current assets
|
(41) | (29) | ||
Accounts payable and accrued liabilities
|
143 | (161) | ||
Accrued income taxes and timing of other tax payments
|
47 | 17 | ||
Net cash provided by operating activities | 7,160 | 5,279 | ||
Cash flow from investing activities: | ||||
Capital expenditures:
|
||||
North America copper mines
|
(1,033) | (761) | ||
South America operations | (375) | (368) | ||
Indonesia operations | (2,908) | (3,411) | ||
Molybdenum mines
|
(117) | (84) | ||
Other
|
(375) | (200) | ||
Proceeds from sales of assets | 19 | 27 | ||
Acquisition of additional ownership interest in Cerro Verde | (210) | - | ||
Loans to PT Smelting for expansion | (28) | (129) | ||
Other, net | (1) | (30) | ||
Net cash used in investing activities
|
(5,028) | (4,956) | ||
Cash flow from financing activities: | ||||
Proceeds from debt
|
2,251 | 1,781 | ||
Repayments of debt
|
(2,731) | (2,980) | ||
Finance lease payments | (41) | (3) | ||
Cash dividends and distributions paid:
|
||||
Common stock | (865) | (863) | ||
Noncontrolling interests
|
(1,833) | (625) | ||
Treasury stock purchases | (59) | - | ||
Contributions from noncontrolling interests
|
- | 50 | ||
Proceeds from exercised stock options | 29 | 47 | ||
Payments for withholding of employee taxes related to stock-based awards | (35) | (50) | ||
Debt financing costs | - | (7) | ||
Net cash used in financing activities | (3,284) | (2,650) | ||
Net decrease in cash, cash equivalents and restricted cash and cash equivalents | (1,152) | (2,327) | ||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year | 6,063 | 8,390 | ||
Cash, cash equivalents and restricted cash and cash equivalents at end of yearb
|
$ | 4,911 | $ | 6,063 |
Three Months Ended December 31,
|
||||||||||||||
2024 | 2023 | |||||||||||||
Pre-tax |
After-taxa
|
Per Share | Pre-tax |
After-taxa
|
Per Share | |||||||||
Net income attributable to common stock | N/A | $ | 274 | $ | 0.19 | N/A | $ | 388 | $ | 0.27 | ||||
PT-FI net (charges) credits | $ | (148) |
b
|
$ | (44) | $ | (0.03) | $ | 112 |
c
|
$ | 33 | $ | 0.02 |
Oil and gas net chargesd
|
(71) | (71) | (0.05) | (10) | (10) | (0.01) | ||||||||
Inventory adjustments | (48) | (48) | (0.03) | (6) | (6) | - | ||||||||
PT-FI smelter fire costs, net of insurancee
|
(3) | (1) | - | - | - | - | ||||||||
Cerro Verde new collective labor agreements (CLAs) | 2 | 1 | - | - | - | - | ||||||||
Net adjustments to environmental obligations and related litigation reserves | 1 | 1 | - | (61) | (61) | (0.04) | ||||||||
PT-FI historical tax matters | - | - | - | 7 | 5 | - | ||||||||
Other net (charges) credits | (13) |
f
|
(13) | (0.01) | 21 |
g
|
19 | 0.01 | ||||||
Net tax credits | N/A | - | - | N/A | 14 | 0.01 | ||||||||
Total net (charges) creditsk
|
$ | (280) | $ | (176) | $ | (0.12) | $ | 63 | $ | (5) | $ | - | ||
Adjusted net income attributable to common stock | N/A | $ | 450 | $ | 0.31 | N/A | $ | 393 | $ | 0.27 |
Years Ended December 31,
|
||||||||||||||
2024 | 2023 | |||||||||||||
Pre-tax |
After-taxa
|
Per Share | Pre-tax |
After-taxa
|
Per Share | |||||||||
Net income attributable to common stock | N/A | $ | 1,889 | $ | 1.30 | N/A | $ | 1,848 | $ | 1.28 | ||||
PT-FI net (charges) credits | $ | (182) |
b
|
$ | (54) | $ | (0.04) | $ | 74 |
c
|
$ | 16 | $ | 0.01 |
Oil and gas net chargesd
|
(222) | (222) | (0.15) | (74) | (74) | (0.05) | ||||||||
Inventory adjustments | (91) | (91) | (0.06) | (14) | (13) | (0.01) | ||||||||
PT-FI smelter fire costs, net of insurancee
|
(3) | (1) | - | - | - | - | ||||||||
Cerro Verde new CLAs | (97) | (32) | (0.02) | - | - | - | ||||||||
Net adjustments to environmental obligations and related litigation reserves | (75) | (75) | (0.05) | (260) | (260) | (0.18) | ||||||||
PT-FI historical tax mattersh
|
42 | 181 | 0.13 | 2 | 1 | - | ||||||||
U.S. income tax examsi
|
11 | 47 | 0.03 | - | - | - | ||||||||
Cerro Verde historical tax mattersj
|
- | - | - | (142) | (73) | (0.05) | ||||||||
Net gain on early extinguishment of debt | - | - | - | 10 | 10 | 0.01 | ||||||||
Other net (charges) credits | (27) |
f
|
(9) | (0.01) | 7 |
g
|
5 | - | ||||||
Net tax credits | N/A | - | - | N/A | 14 | 0.01 | ||||||||
Total net chargesk
|
$ | (643) | $ | (257) | $ | (0.18) | $ | (396) | $ | (373) | $ | (0.26) | ||
Adjusted net income attributable to common stock | N/A | $ | 2,146 | $ | 1.48 | N/A | $ | 2,221 | $ | 1.54 |
Three Months Ended December 31, | |||||||||||
2024 | 2023 | ||||||||||
Income Tax | Income Tax | ||||||||||
Income | Effective | (Provision) | Income | Effective | (Provision) | ||||||
(Loss)a
|
Tax Rate | Benefit |
(Loss)a
|
Tax Rate | Benefit | ||||||
U.S.b
|
$ | (140) | 4% | $ | 6 | $ | (125) | -% |
c
|
$ | (2) |
South America | 323 | 40% | (129) | 200 | 37% | (74) | |||||
Indonesia | 1,045 | 37% | (383) | 1,695 | 36% | (615) | |||||
Eliminations and other | 12 | N/A | (2) | (42) | N/A | 15 | |||||
Rate adjustmentd
|
- | N/A | (12) | - | N/A | (48) | |||||
Continuing operations | $ | 1,240 | 42% |
|
$ | (520) | $ | 1,728 | 42% | $ | (724) |
Years Ended December 31, | |||||||||||||
2024 | 2023 | ||||||||||||
Income Tax | Income Tax | ||||||||||||
Income | Effective | (Provision) | Income | Effective | (Provision) | ||||||||
(Loss)a
|
Tax Rate | Benefit |
(Loss)a
|
Tax Rate | Benefit | ||||||||
U.S.b
|
$ | (533) |
e
|
7% | $ | 36 |
e
|
$ | 55 | -% |
c
|
$ | 1 |
South America | 1,519 | 40% | (604) | 1,303 | 40% | (515) | |||||||
Indonesia | 5,754 | 36% | (2,089) | 4,830 | 37% | (1,771) | |||||||
Cerro Verde historical tax matters | - | N/A | - | (142) |
f
|
N/A | 3 | ||||||
PT-FI historical tax matters | 16 |
g
|
N/A | 182 |
g
|
(5) | N/A | (3) | |||||
Eliminations and other | 151 | N/A | (48) | (35) | N/A | 15 | |||||||
Continuing operations | $ | 6,907 | 37% | $ | (2,523) | $ | 6,006 | 38% | $ | (2,270) | |||
As of December 31, 2024
|
|||
Current portion of debt | $ | 41 | |
Long-term debt, less current portion | 8,907 | ||
Consolidated debt | 8,948 | ||
Less: consolidated cash and cash equivalents | 3,923 | ||
Less: current restricted cash associated with PT-FI's export proceeds | 736 |
a
|
|
FCX net debt | 4,289 | ||
Less: debt for PT-FI's new downstream processing facilities | 3,233 |
b
|
|
FCX net debt, excluding debt for PT-FI's new downstream processing facilities | $ | 1,056 |
|
Three Months Ended December 31, | |||||||||||||
2024 | 2023 | ||||||||||||
Prior
Perioda
|
Current
Periodb
|
Total |
Prior
Perioda
|
Current
Periodb
|
Total | ||||||||
Revenues
|
$ | (77) | $ | (81) | $ | (158) | $ | (13) | $ | 79 | $ | 66 | |
Net income attributable to common stock | $ | (28) | $ | (25) | $ | (53) | $ | (5) | $ | 24 | $ | 19 | |
Diluted net income per share of common stockc
|
$ | (0.02) | $ | (0.02) | $ | (0.04) |
|
$ | - | $ | 0.02 | $ | 0.01 |
Years Ended December 31, | ||||||||||||
2024 | 2023 | |||||||||||
Prior
Perioda
|
Current
Periodb
|
Total |
Prior
Perioda
|
Current
Periodb
|
Total | |||||||
Revenues
|
$ | 28 | $ | 89 | $ | 117 | $ | 183 | $ | (86) | $ | 97 |
Net income attributable to common stock | $ | 9 | $ | 31 | $ | 40 | $ | 62 | $ | (35) | $ | 27 |
Diluted net income per share of common stock
|
$ | 0.01 | $ | 0.02 | $ | 0.03 | $ | 0.04 | $ | (0.02) | $ | 0.02 |
(in millions) | Atlantic | Corporate, | |||||||||||||||||||||||
North America Copper Mines | South America Operations | Copper | Other | ||||||||||||||||||||||
Cerro | Indonesia | Molybdenum | Rod & | Smelting | & Elimi- | FCX | |||||||||||||||||||
Morenci | Other | Total | Verde | Other | Total | Operations | Mines | Refining | & Refining | nations | Total | ||||||||||||||
Three Months Ended December 31, 2024 | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Unaffiliated customers | $ | 11 | $ | 17 | $ | 28 | $ | 831 | $ | 216 | $ | 1,047 | $ | 2,085 | $ | - | $ | 1,454 | $ | 679 | $ | 427 |
a
|
$ | 5,720 |
Intersegment | 566 | 1,017 | 1,583 | 161 | - | 161 | 158 | 177 | 11 | - | (2,090) | - | |||||||||||||
Production and delivery | 437 | 881 | 1,318 | 617 | 163 | 780 | 917 |
b,c
|
137 | 1,465 | 649 | (1,508) |
d
|
3,758 |
e
|
||||||||||
Depreciation, depletion and amortization | 47 | 65 | 112 | 99 | 15 | 114 | 270 | 22 | - | 8 | 11 | 537 | |||||||||||||
Selling, general and administrative expenses | 1 | - | 1 | 2 | - | 2 | 34 | - | - | 7 | 85 | 129 | |||||||||||||
Exploration and research expenses | 4 | 6 | 10 | 3 | 2 | 5 | - | - | - | - | 26 | 41 | |||||||||||||
Environmental obligations and shutdown costs | - | - | - | - | - | - | - | - | - | - | 12 | 12 | |||||||||||||
Operating income (loss) | 88 | 82 | 170 | 271 | 36 | 307 | 1,022 | 18 | - | 15 | (289) | 1,243 | |||||||||||||
Interest expense, net | - | - | - | 5 | - | 5 | 11 | - | - | 8 | 46 | 70 | |||||||||||||
Other (expense) income, net | - | (7) | (7) | 4 | 13 | 17 | 26 | - | - | 12 | 19 | 67 | |||||||||||||
Provision for income taxes | - | - | - | 112 | 17 | 129 | 383 | - | - | - | 8 | 520 | |||||||||||||
Equity in affiliated companies' net earnings | - | - | - | - | - | - | - | - | - | - | 1 | 1 | |||||||||||||
Net income (loss) attributable to noncontrolling interests | - | - | - | 80 |
f
|
19 | 99 | 358 |
g
|
- | - | - | (10) | 447 | |||||||||||
Total assets at December 31, 2024 | 3,228 | 6,766 | 9,994 | 8,096 | 2,060 | 10,156 | 27,309 | 2,018 | 202 | 1,705 | 3,464 | 54,848 | |||||||||||||
Capital expenditures | 45 | 245 | 290 | 84 | 19 | 103 | 705 |
|
29 | 12 | 54 | 46 | 1,239 | ||||||||||||
Three Months Ended December 31, 2023 | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Unaffiliated customers | $ | 16 | $ | 19 | $ | 35 | $ | 767 | $ | 197 | $ | 964 | $ | 2,548 | $ | - | $ | 1,334 | $ | 606 | $ | 418 |
a
|
$ | 5,905 |
Intersegment | 541 | 823 | 1,364 | 149 | - | 149 | 189 | 157 | 12 | - | (1,871) | - | |||||||||||||
Production and delivery | 446 | 724 | 1,170 | 651 |
|
171 | 822 | 699 |
b
|
118 | 1,343 | 579 |
|
(1,371) |
d
|
3,360 |
e
|
||||||||
Depreciation, depletion and amortization | 43 | 63 | 106 | 93 | 16 | 109 | 334 | 18 | 1 | 7 | 14 | 589 | |||||||||||||
Selling, general and administrative expenses | 1 | - | 1 | 2 | - | 2 | 39 | - | - | 7 | 71 | 120 | |||||||||||||
Exploration and research expenses | 3 | 4 | 7 | 4 | 2 | 6 | 2 | - | - | - | 19 | 34 | |||||||||||||
Environmental obligations and shutdown costs | (1) | 2 | 1 | - | - | - | - | - | - | - | 79 |
h
|
80 | ||||||||||||
Operating income (loss) | 65 | 49 | 114 | 166 | 8 | 174 | 1,663 | 21 | 2 | 13 | (265) | 1,722 | |||||||||||||
Interest expense, net | - | - | - | 3 |
|
- | 3 | 7 | - | - | 9 | 78 | 97 | ||||||||||||
Other (expense) income, net | (1) | 11 | 10 | 23 | - | 23 | 32 | - | (1) | (8) | 47 | 103 | |||||||||||||
Provision for (benefit from) income taxes | - | - | - | 76 | (2) | 74 | 615 | - | - | - | 35 | 724 | |||||||||||||
Equity in affiliated companies' net earnings | - | - | - | - | - | - | 1 | - | - | - | 2 | 3 | |||||||||||||
Net income attributable to noncontrolling interests | - | - | - | 58 |
f
|
2 | 60 | 583 |
g
|
- | - | - | (24) | 619 | |||||||||||
Total assets at December 31, 2023 | 3,195 | 5,996 | 9,191 | 8,120 | 1,930 | 10,050 | 25,548 | 1,782 | 172 | 1,326 | 4,437 | 52,506 | |||||||||||||
Capital expenditures | 56 | 160 | 216 | 92 | 17 | 109 | 857 |
|
41 | 4 | 21 | 114 | 1,362 |
(in millions) | Atlantic | Corporate, | |||||||||||||||||||||||
North America Copper Mines | South America Operations | Copper | Other | ||||||||||||||||||||||
Cerro | Indonesia | Molybdenum | Rod & | Smelting | & Elimi- | FCX | |||||||||||||||||||
Morenci | Other | Total | Verde | Other | Total | Operations | Mines | Refining | & Refining | nations | Total | ||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Unaffiliated customers | $ | 101 | $ | 79 | $ | 180 | $ | 3,618 | $ | 915 | $ | 4,533 | $ | 9,774 | $ | - | $ | 6,196 | $ | 3,009 | $ | 1,763 |
a
|
$ | 25,455 |
Intersegment | 2,246 | 3,814 | 6,060 | 638 | - | 638 | 544 | 592 | 43 | 8 | (7,885) | - | |||||||||||||
Production and delivery | 1,826 | 3,170 | 4,996 | 2,529 |
i
|
701 | 3,230 | 3,368 |
b,c
|
530 | 6,206 | 2,912 | (5,688) |
d
|
15,554 |
e
|
|||||||||
Depreciation, depletion and amortization | 187 | 252 | 439 | 380 | 66 | 446 | 1,193 | 73 | 4 | 28 | 58 | 2,241 | |||||||||||||
Selling, general and administrative expenses | 2 | 2 | 4 | 8 | - | 8 | 127 | - | - | 28 | 346 | 513 | |||||||||||||
Exploration and research expenses | 17 | 27 | 44 | 12 | 4 | 16 | 8 | - | - | - | 88 | 156 | |||||||||||||
Environmental obligations and shutdown costs | - | - | - | - | - | - | - | - | - | - | 127 | 127 | |||||||||||||
Operating income (loss) | 315 | 442 | 757 | 1,327 | 144 | 1,471 | 5,622 | (11) | 29 | 49 | (1,053) | 6,864 | |||||||||||||
Interest expense, net | - | 1 | 1 | 21 | - | 21 | 28 | - | - | 36 | 233 |
j
|
319 | ||||||||||||
Other (expense) income, net | (1) | 2 | 1 | 42 | 24 | 66 | 136 | - | (1) | 13 | 147 | 362 | |||||||||||||
Provision for (benefit from) income taxes | - | - | - | 542 | 62 | 604 | 1,907 |
k
|
- | - | (11) | 23 | 2,523 | ||||||||||||
Equity in affiliated companies' net earnings | - | - | - | - | - | - | 7 | - | - | - | 8 | 15 | |||||||||||||
Net income attributable to noncontrolling interests | - | - | - | 412 |
f
|
67 | 479 | 2,022 |
g
|
- | - | - | 9 | 2,510 | |||||||||||
Capital expenditures | 184 | 849 | 1,033 | 293 | 82 | 375 | 2,908 | 117 | 35 | 142 | 198 | 4,808 | |||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Unaffiliated customers | $ | 91 | $ | 152 | $ | 243 | $ | 3,330 | $ | 824 | $ | 4,154 | $ | 7,816 | $ | - | $ | 5,886 | $ | 2,791 | $ | 1,965 |
a
|
$ | 22,855 |
Intersegment | 2,328 | 3,745 | 6,073 |
|
787 | - | 787 | 621 | 677 | 40 | 19 | (8,217) | - | ||||||||||||
Production and delivery | 1,730 | 3,048 | 4,778 | 2,529 | 710 | 3,239 | 2,570 |
b,c
|
439 | 5,901 | 2,718 | (6,018) |
d
|
13,627 |
e
|
||||||||||
Depreciation, depletion and amortization | 175 | 243 | 418 | 395 | 64 | 459 | 1,028 | 66 | 5 | 28 | 64 | 2,068 | |||||||||||||
Selling, general and administrative expenses | 2 | 2 | 4 | 9 | - | 9 | 129 | - | - | 28 | 309 | 479 | |||||||||||||
Exploration and research expenses | 11 | 39 | 50 | 10 | 4 | 14 | 2 | - | - | - | 71 | 137 | |||||||||||||
Environmental obligations and shutdown costs | (1) | 28 | 27 | - | - | - | - | - | - | - | 292 |
h
|
319 | ||||||||||||
Operating income (loss) | 502 | 537 | 1,039 | 1,174 | 46 | 1,220 | 4,708 | 172 | 20 | 36 | (970) | 6,225 | |||||||||||||
Interest expense, net | - | 1 | 1 | 77 |
l
|
- | 77 | 35 | - | - | 31 | 371 | 515 | ||||||||||||
Net gain on early extinguishment of debt | - | - | - | - | - | - | - | - | - | - | 10 | 10 | |||||||||||||
Other (expense) income, net | (5) | 3 | (2) | (13) |
l
|
11 | (2) | 122 | (1) | (2) | (8) | 179 | 286 | ||||||||||||
Provision for (benefit from) income taxes | - | - | - | 495 | 17 | 512 | 1,774 |
|
- | - | - | (16) | 2,270 | ||||||||||||
Equity in affiliated companies' net earnings | - | - | - | - | - | - | 10 | - | - | - | 5 | 15 | |||||||||||||
Net income (loss) attributable to noncontrolling interests | - | - | - | 300 |
f
|
36 | 336 | 1,614 |
g
|
- | - | - | (47) | 1,903 | |||||||||||
Capital expenditures | 232 | 529 | 761 | 271 | 97 | 368 | 3,324 | 84 | 13 | 64 | 210 | 4,824 |
FREEPORT | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended December 31, 2024 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
|
Total | ||||||
Revenues, excluding adjustments | $ | 1,373 | $ | 1,373 | $ | 175 | $ | 58 | $ | 1,606 |
Site production and delivery, before net noncash and other costs shown below |
1,112 | 983 | 131 | 48 | 1,162 | |||||
By-product credits | (183) | - | - | - | - | |||||
Treatment charges | 44 | 41 | - | 3 | 44 | |||||
Net cash costs | 973 | 1,024 | 131 | 51 | 1,206 | |||||
Depreciation, depletion and amortization (DD&A) | 111 | 99 | 9 | 3 | 111 | |||||
Noncash and other costs, net | 102 |
c
|
99 | 3 | - | 102 | ||||
Total costs | 1,186 | 1,222 | 143 | 54 | 1,419 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(4) | (4) | - | - | (4) | |||||
Gross profit | $ | 183 | $ | 147 | $ | 32 | $ | 4 | $ | 183 |
Copper sales (millions of recoverable pounds) | 320 | 320 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
|
8 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 4.29 | $ | 4.29 | $ | 20.56 | ||||
Site production and delivery, before net noncash and other costs shown below |
3.48 | 3.07 | 15.40 | |||||||
By-product credits | (0.58) | - | - | |||||||
Treatment charges | 0.14 | 0.13 | - | |||||||
Unit net cash costs | 3.04 | 3.20 | 15.40 | |||||||
DD&A | 0.35 | 0.31 | 1.11 | |||||||
Noncash and other costs, net | 0.32 |
c
|
0.31 | 0.26 | ||||||
Total unit costs | 3.71 | 3.82 | 16.77 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(0.01) | (0.01) | - | |||||||
Gross profit per pound | $ | 0.57 | $ | 0.46 | $ | 3.79 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,606 | $ | 1,162 | $ | 111 | ||||
Treatment charges | (3) | 41 | - | |||||||
Noncash and other costs, net | - | 102 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(4) | - | - | |||||||
Eliminations and other | 12 | 13 | 1 | |||||||
North America copper mines | 1,611 | 1,318 | 112 | |||||||
Other miningd
|
5,772 | 3,948 | 414 | |||||||
Corporate, other & eliminations | (1,663) | (1,508) | 11 | |||||||
As reported in FCX's consolidated financial statements | $ | 5,720 | $ | 3,758 | $ | 537 | ||||
FREEPORT | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended December 31, 2023 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
|
Total | ||||||
Revenues, excluding adjustments | $ | 1,209 | $ | 1,209 | $ | 134 | $ | 42 | $ | 1,385 |
Site production and delivery, before net noncash and other costs shown below |
996 | 892 | 119 | 35 | 1,046 | |||||
By-product credits | (126) | - | - | - | - | |||||
Treatment charges | 43 | 41 | - | 2 | 43 | |||||
Net cash costs | 913 | 933 | 119 | 37 | 1,089 | |||||
DD&A | 106 | 95 | 9 | 2 | 106 | |||||
Noncash and other costs, net | 62 |
c
|
58 | 3 | 1 | 62 | ||||
Total costs | 1,081 | 1,086 | 131 | 40 | 1,257 | |||||
Gross profit | $ | 128 | $ | 123 | $ | 3 | $ | 2 | $ | 128 |
Copper sales (millions of recoverable pounds) | 319 | 319 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
|
7 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 3.79 | $ | 3.79 | $ | 19.80 | ||||
Site production and delivery, before net noncash and other costs shown below |
3.13 | 2.80 | 17.50 | |||||||
By-product credits | (0.40) | - | - | |||||||
Treatment charges | 0.13 | 0.13 | - | |||||||
Unit net cash costs
|
2.86 | 2.93 | 17.50 | |||||||
DD&A | 0.33 | 0.30 | 1.40 | |||||||
Noncash and other costs, net | 0.20 |
c
|
0.18 | 0.44 | ||||||
Total unit costs
|
3.39 | 3.41 | 19.34 | |||||||
Gross profit per pound | $ | 0.40 | $ | 0.38 | $ | 0.46 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 1,385 | $ | 1,046 | $ | 106 | ||||
Treatment charges | - | 43 | - | |||||||
Noncash and other costs, net | - | 62 | - | |||||||
Eliminations and other | 14 | 19 | - | |||||||
North America copper mines | 1,399 | 1,170 | 106 | |||||||
Other miningd
|
5,959 | 3,561 | 469 | |||||||
Corporate, other & eliminations | (1,453) | (1,371) | 14 | |||||||
As reported in FCX's consolidated financial statements | $ | 5,905 | $ | 3,360 | $ | 589 | ||||
FREEPORT | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Year Ended December 31, 2024 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
|
Total | ||||||
Revenues, excluding adjustments | $ | 5,417 | $ | 5,417 | $ | 608 | $ | 186 | $ | 6,211 |
Site production and delivery, before net noncash and other costs shown below |
4,362 | 3,911 | 489 | 152 | 4,552 | |||||
By-product credits | (604) | - | - | - | - | |||||
Treatment charges | 169 | 161 | - | 8 | 169 | |||||
Net cash costs | 3,927 | 4,072 | 489 | 160 | 4,721 | |||||
DD&A | 439 | 394 | 36 | 9 | 439 | |||||
Noncash and other costs, net | 235 |
c
|
222 | 11 | 2 | 235 | ||||
Total costs | 4,601 | 4,688 | 536 | 171 | 5,395 | |||||
Gross profit | $ | 816 | $ | 729 | $ | 72 | $ | 15 | $ | 816 |
Copper sales (millions of recoverable pounds) | 1,263 | 1,263 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
|
30 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 4.29 | $ | 4.29 | $ | 20.13 | ||||
Site production and delivery, before net noncash and other costs shown below |
3.46 | 3.10 | 16.20 | |||||||
By-product credits | (0.48) | - | - | |||||||
Treatment charges | 0.13 | 0.12 | - | |||||||
Unit net cash costs | 3.11 | 3.22 | 16.20 | |||||||
DD&A | 0.34 | 0.31 | 1.19 | |||||||
Noncash and other costs, net | 0.19 |
c
|
0.18 | 0.36 | ||||||
Total unit costs | 3.64 | 3.71 | 17.75 | |||||||
Gross profit per pound | $ | 0.65 | $ | 0.58 | $ | 2.38 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 6,211 | $ | 4,552 | $ | 439 | ||||
Treatment charges | (4) | 165 | - | |||||||
Noncash and other costs, net | - | 235 | - | |||||||
Eliminations and other | 33 | 44 | - | |||||||
North America copper mines | 6,240 | 4,996 | 439 | |||||||
Other miningd
|
25,337 | 16,246 | 1,744 | |||||||
Corporate, other & eliminations | (6,122) | (5,688) | 58 | |||||||
As reported in FCX's consolidated financial statements | $ | 25,455 | $ | 15,554 | $ | 2,241 | ||||
FREEPORT | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Year Ended December 31, 2023 | ||||||||||
(In millions) | By-Product | Co-Product Method | ||||||||
Method | Copper |
Molybdenuma
|
Otherb
|
Total | ||||||
Revenues, excluding adjustments | $ | 5,368 | $ | 5,368 | $ | 710 | $ | 171 | $ | 6,249 |
Site production and delivery, before net noncash and other costs shown below |
4,093 | 3,621 | 535 | 149 | 4,305 | |||||
By-product credits | (669) | - | - | - | - | |||||
Treatment charges | 169 | 161 | - | 8 | 169 | |||||
Net cash costs | 3,593 | 3,782 | 535 | 157 | 4,474 | |||||
DD&A | 418 | 371 | 39 | 8 | 418 | |||||
Noncash and other costs, net | 242 |
c
|
215 | 24 | 3 | 242 | ||||
Total costs | 4,253 | 4,368 | 598 | 168 | 5,134 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
13 | 13 | - | - | 13 | |||||
Gross profit | $ | 1,128 | $ | 1,013 | $ | 112 | $ | 3 | $ | 1,128 |
Copper sales (millions of recoverable pounds) | 1,367 | 1,367 | ||||||||
Molybdenum sales (millions of recoverable pounds)a
|
30 | |||||||||
Gross profit per pound of copper/molybdenum: | ||||||||||
Revenues, excluding adjustments | $ | 3.93 | $ | 3.93 | $ | 23.38 | ||||
Site production and delivery, before net noncash and other costs shown below |
3.00 | 2.65 | 17.63 | |||||||
By-product credits | (0.49) | - | - | |||||||
Treatment charges | 0.12 | 0.12 | - | |||||||
Unit net cash costs | 2.63 | 2.77 | 17.63 | |||||||
DD&A | 0.30 | 0.27 | 1.30 | |||||||
Noncash and other costs, net | 0.18 |
c
|
0.16 | 0.77 | ||||||
Total unit costs | 3.11 | 3.20 | 19.70 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
0.01 | 0.01 | - | |||||||
Gross profit per pound | $ | 0.83 | $ | 0.74 | $ | 3.68 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 6,249 | $ | 4,305 | $ | 418 | ||||
Treatment charges | (9) | 160 | - | |||||||
Noncash and other costs, net | - | 242 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
13 | - | - | |||||||
Eliminations and other | 63 | 71 | - | |||||||
North America copper mines | 6,316 | 4,778 | 418 | |||||||
Other miningd
|
22,791 | 14,867 | 1,586 | |||||||
Corporate, other & eliminations | (6,252) | (6,018) | 64 | |||||||
As reported in FCX's consolidated financial statements | $ | 22,855 | $ | 13,627 | $ | 2,068 | ||||
FREEPORT | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended December 31, 2024 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
|
Total | |||||
Revenues, excluding adjustments | $ | 1,208 | $ | 1,208 | $ | 104 | $ | 1,312 |
Site production and delivery, before net noncash and other costs shown below |
746 | 695 | 63 | 758 | ||||
By-product credits | (92) | - | - | - | ||||
Treatment charges | 50 | 50 | - | 50 | ||||
Royalty on metals | 2 | 2 | - | 2 | ||||
Net cash costs | 706 | 747 | 63 | 810 | ||||
DD&A | 115 | 106 | 9 | 115 | ||||
Noncash and other costs, net | 22 |
b
|
21 | 1 | 22 | |||
Total costs | 843 | 874 | 73 | 947 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(51) | (51) | - | (51) | ||||
Gross profit | $ | 314 | $ | 283 | $ | 31 | $ | 314 |
Copper sales (millions of recoverable pounds) | 298 | 298 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 4.04 | $ | 4.04 | ||||
Site production and delivery, before net noncash and other costs shown below |
2.50 | 2.33 | ||||||
By-product credits | (0.31) | - | ||||||
Treatment charges | 0.16 | 0.16 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.36 | 2.50 | ||||||
DD&A | 0.39 | 0.35 | ||||||
Noncash and other costs, net | 0.07 |
b
|
0.07 | |||||
Total unit costs | 2.82 | 2.92 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(0.17) | (0.17) | ||||||
Gross profit per pound | $ | 1.05 | $ | 0.95 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 1,312 | $ | 758 | $ | 115 | ||
Treatment charges | (50) | - | - | |||||
Royalty on metals | (2) | - | - | |||||
Noncash and other costs, net | - | 22 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(51) | - | - | |||||
Eliminations and other | (1) | - | (1) | |||||
South America operations | 1,208 | 780 | 114 | |||||
Other miningc
|
6,175 | 4,486 | 412 | |||||
Corporate, other & eliminations | (1,663) | (1,508) | 11 | |||||
As reported in FCX's consolidated financial statements | $ | 5,720 | $ | 3,758 | $ | 537 | ||
FREEPORT | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Three Months Ended December 31, 2023 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
|
Total | |||||
Revenues, excluding adjustments | $ | 1,096 | $ | 1,096 | $ | 79 | $ | 1,175 |
Site production and delivery, before net noncash and other costs shown below |
786 | 736 | 66 | 802 | ||||
By-product credits | (63) | - | - | - | ||||
Treatment charges | 55 | 55 | - | 55 | ||||
Royalty on metals | 2 | 2 | - | 2 | ||||
Net cash costs | 780 | 793 | 66 | 859 | ||||
DD&A | 109 | 101 | 8 | 109 | ||||
Noncash and other costs, net | 20 |
b
|
20 | - | 20 | |||
Total costs | 909 | 914 | 74 | 988 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(6) | (6) | - | (6) | ||||
Gross profit | $ | 181 | $ | 176 | $ | 5 | $ | 181 |
Copper sales (millions of recoverable pounds) | 287 | 287 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 3.83 | $ | 3.83 | ||||
Site production and delivery, before net noncash and other costs shown below |
2.74 | 2.57 | ||||||
By-product credits | (0.22) | - | ||||||
Treatment charges | 0.19 | 0.19 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.72 | 2.77 | ||||||
DD&A | 0.39 | 0.35 | ||||||
Noncash and other costs, net | 0.07 |
b
|
0.07 | |||||
Total unit costs | 3.18 | 3.19 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(0.02) | (0.02) | ||||||
Gross profit per pound | $ | 0.63 | $ | 0.62 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 1,175 | $ | 802 | $ | 109 | ||
Treatment charges | (55) | - | - | |||||
Royalty on metals | (2) | - | - | |||||
Noncash and other costs, net | - | 20 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(6) | - | - | |||||
Eliminations and other | 1 | - | - | |||||
South America operations | 1,113 | 822 | 109 | |||||
Other miningc
|
6,245 | 3,909 | 466 | |||||
Corporate, other & eliminations | (1,453) | (1,371) | 14 | |||||
As reported in FCX's consolidated financial statements | $ | 5,905 | $ | 3,360 | $ | 589 | ||
FREEPORT | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Year Ended December 31, 2024 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
|
Total | |||||
Revenues, excluding adjustments | $ | 4,894 | $ | 4,894 | $ | 446 | $ | 5,340 |
Site production and delivery, before net noncash and other costs shown below |
3,094 |
b
|
2,865 | 281 | 3,146 | |||
By-product credits | (394) | - | - | - | ||||
Treatment charges | 193 | 193 | - | 193 | ||||
Royalty on metals | 8 | 7 | 1 | 8 | ||||
Net cash costs | 2,901 | 3,065 | 282 | 3,347 | ||||
DD&A | 446 | 409 | 37 | 446 | ||||
Noncash and other costs, net | 87 |
c
|
85 | 2 | 87 | |||
Total costs | 3,434 | 3,559 | 321 | 3,880 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales |
32 | 33 | (1) | 32 | ||||
Gross profit | $ | 1,492 | $ | 1,368 | $ | 124 | $ | 1,492 |
Copper sales (millions of recoverable pounds) | 1,177 | 1,177 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 4.16 | $ | 4.16 | ||||
Site production and delivery, before net noncash and other costs shown below |
2.63 |
b
|
2.43 | |||||
By-product credits | (0.34) | - | ||||||
Treatment charges | 0.16 | 0.16 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.46 | 2.60 | ||||||
DD&A | 0.38 | 0.35 | ||||||
Noncash and other costs, net | 0.08 |
c
|
0.07 | |||||
Total unit costs | 2.92 | 3.02 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
0.03 | 0.03 | ||||||
Gross profit per pound | $ | 1.27 | $ | 1.17 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 5,340 | $ | 3,146 | $ | 446 | ||
Treatment charges | (193) | - | - | |||||
Royalty on metals | (8) | - | - | |||||
Noncash and other costs, net | - | 87 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
32 | - | - | |||||
Eliminations and other | - | (3) | - | |||||
South America operations | 5,171 | 3,230 | 446 | |||||
Other miningd
|
26,406 | 18,012 | 1,737 | |||||
Corporate, other & eliminations | (6,122) | (5,688) | 58 | |||||
As reported in FCX's consolidated financial statements | $ | 25,455 | $ | 15,554 | $ | 2,241 | ||
FREEPORT | ||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||
Year Ended December 31, 2023 | ||||||||
(In millions) | By-Product | Co-Product Method | ||||||
Method | Copper |
Othera
|
Total | |||||
Revenues, excluding adjustments | $ | 4,583 | $ | 4,583 | $ | 526 | $ | 5,109 |
Site production and delivery, before net noncash and other costs shown below |
3,083 | 2,810 | 339 | 3,149 | ||||
By-product credits | (463) | - | - | - | ||||
Treatment charges | 234 | 234 | - | 234 | ||||
Royalty on metals | 8 | 7 | 1 | 8 | ||||
Net cash costs | 2,862 | 3,051 | 340 | 3,391 | ||||
DD&A | 459 | 412 | 47 | 459 | ||||
Noncash and other costs, net | 92 |
b
|
87 | 5 | 92 | |||
Total costs | 3,413 | 3,550 | 392 | 3,942 | ||||
Other revenue adjustments, primarily for pricing on prior period open sales |
71 | 71 | 3 | 74 | ||||
Gross profit | $ | 1,241 | $ | 1,104 | $ | 137 | $ | 1,241 |
Copper sales (millions of recoverable pounds) | 1,200 | 1,200 | ||||||
Gross profit per pound of copper: | ||||||||
Revenues, excluding adjustments | $ | 3.82 | $ | 3.82 | ||||
Site production and delivery, before net noncash and other costs shown below |
2.57 | 2.34 | ||||||
By-product credits | (0.39) | - | ||||||
Treatment charges | 0.19 | 0.19 | ||||||
Royalty on metals | 0.01 | 0.01 | ||||||
Unit net cash costs | 2.38 | 2.54 | ||||||
DD&A | 0.38 | 0.35 | ||||||
Noncash and other costs, net | 0.08 |
b
|
0.07 | |||||
Total unit costs | 2.84 | 2.96 | ||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
0.06 | 0.06 | ||||||
Gross profit per pound | $ | 1.04 | $ | 0.92 | ||||
Reconciliation to Amounts Reported | ||||||||
Production | ||||||||
Revenues | and Delivery | DD&A | ||||||
Totals presented above | $ | 5,109 | $ | 3,149 | $ | 459 | ||
Treatment charges | (234) | - | - | |||||
Royalty on metals | (8) | - | - | |||||
Noncash and other costs, net | - | 92 | - | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
74 | - | - | |||||
Eliminations and other | - | (2) | - | |||||
South America operations | 4,941 | 3,239 | 459 | |||||
Other miningc
|
24,166 | 16,406 | 1,545 | |||||
Corporate, other & eliminations | (6,252) | (6,018) | 64 | |||||
As reported in FCX's consolidated financial statements | $ | 22,855 | $ | 13,627 | $ | 2,068 | ||
FREEPORT | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs | ||||||||||
Three Months Ended December 31, 2024 | ||||||||||
(In millions) | Co-Product Method | |||||||||
By-Product Method | Copper | Gold |
Silver & Othera
|
Total | ||||||
Revenues, excluding adjustments | $ | 1,543 | $ | 1,543 | $ | 901 | $ | 48 | $ | 2,492 |
Site production and delivery, before net noncash and other costs shown below |
618 |
|
383 | 223 | 12 | 618 | ||||
Gold, silver and other by-product credits | (961) | - | - | - | - | |||||
Treatment charges | 118 | 73 | 43 | 2 | 118 | |||||
Export duties | 97 | 60 | 35 | 2 | 97 | |||||
Royalty on metals | 96 | 58 | 37 | 1 | 96 | |||||
Net cash (credits) costs | (32) | 574 | 338 | 17 | 929 | |||||
DD&A | 270 | 167 | 98 | 5 | 270 | |||||
Noncash and other costs, net | 223 |
b
|
138 | 80 | 5 | 223 | ||||
Total costs | 461 | 879 | 516 | 27 | 1,422 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(26) | (26) | 11 | 1 | (14) | |||||
Gross profit | $ | 1,056 | $ | 638 | $ | 396 | $ | 22 | $ | 1,056 |
Copper sales (millions of recoverable pounds) | 376 | 376 | ||||||||
Gold sales (thousands of recoverable ounces) | 343 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 4.11 | $ | 4.11 | $ | 2,628 | ||||
Site production and delivery, before net noncash and other costs shown below |
1.65 |
|
1.02 | 651 | ||||||
Gold, silver and other by-product credits | (2.56) | - | - | |||||||
Treatment charges | 0.32 | 0.20 | 124 | |||||||
Export duties | 0.26 | 0.16 | 102 | |||||||
Royalty on metals | 0.25 | 0.15 | 107 | |||||||
Unit net cash (credits) costs | (0.08) | 1.53 | 984 | |||||||
DD&A | 0.72 | 0.44 | 285 | |||||||
Noncash and other costs, net | 0.59 |
b
|
0.37 | 235 | ||||||
Total unit costs | 1.23 | 2.34 | 1,504 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(0.07) | (0.07) | 29 | |||||||
Gross profit per pound/ounce | $ | 2.81 | $ | 1.70 | $ | 1,153 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 2,492 | $ | 618 | $ | 270 | ||||
Treatment charges | (42) | 76 |
c
|
- | ||||||
Export duties | (97) | - | - | |||||||
Royalty on metals | (96) | - | - | |||||||
Noncash and other costs, net | - | 223 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(14) | - | - | |||||||
Indonesia operations | 2,243 | 917 | 270 | |||||||
Other miningd
|
5,140 | 4,349 | 256 | |||||||
Corporate, other & eliminations | (1,663) | (1,508) | 11 | |||||||
As reported in FCX's consolidated financial statements | $ | 5,720 | $ | 3,758 | $ | 537 | ||||
FREEPORT | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Three Months Ended December 31, 2023 | ||||||||||
(In millions) | Co-Product Method | |||||||||
By-Product Method | Copper | Gold |
Silver & Othera
|
Total | ||||||
Revenues, excluding adjustments | $ | 1,947 | $ | 1,947 | $ | 1,108 | $ | 51 | $ | 3,106 |
Site production and delivery, before net noncash and other costs shown below |
725 | 454 | 259 | 12 | 725 | |||||
Gold, silver and other by-product credits | (1,170) | - | - | - | - | |||||
Treatment charges | 174 | 110 | 62 | 2 | 174 | |||||
Export duties | 160 | 100 | 57 | 3 | 160 | |||||
Royalty on metals | 110 | 68 | 40 | 2 | 110 | |||||
Net cash (credits) costs | (1) | 732 | 418 | 19 | 1,169 | |||||
DD&A | 334 | 209 | 119 | 6 | 334 | |||||
Noncash credits and other costs, net | (87) |
b
|
(54) | (31) | (2) | (87) | ||||
Total costs | 246 | 887 | 506 | 23 | 1,416 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(6) | (6) | 12 | (1) | 5 | |||||
Gross profit | $ | 1,695 | $ | 1,054 | $ | 614 | $ | 27 | $ | 1,695 |
Copper sales (millions of recoverable pounds) | 511 | 511 | ||||||||
Gold sales (thousands of recoverable ounces) | 544 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 3.81 | $ | 3.81 | $ | 2,034 | ||||
Site production and delivery, before net noncash and other costs shown below |
1.42 | 0.89 | 474 | |||||||
Gold, silver and other by-product credits | (2.29) | - | - | |||||||
Treatment charges | 0.34 | 0.21 | 114 | |||||||
Export duties | 0.31 | 0.20 | 105 | |||||||
Royalty on metals | 0.22 | 0.13 | 75 | |||||||
Unit net cash costs | - | 1.43 | 768 | |||||||
DD&A | 0.65 | 0.41 | 219 | |||||||
Noncash credits and other costs, net | (0.17) |
b
|
(0.10) | (57) | ||||||
Total unit costs | 0.48 | 1.74 | 930 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
(0.01) | (0.01) | 22 | |||||||
Gross profit per pound/ounce | $ | 3.32 | $ | 2.06 | $ | 1,126 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 3,106 | $ | 725 | $ | 334 | ||||
Treatment charges | (104) | 70 |
c
|
- | ||||||
Export duties | (160) | - | - | |||||||
Royalty on metals | (110) | - | - | |||||||
Noncash credits and other costs, net | - | (87) | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
5 | - | - | |||||||
Eliminations and other | - | (9) | - | |||||||
Indonesia operations | 2,737 | 699 | 334 | |||||||
Other miningd
|
4,621 | 4,032 | 241 | |||||||
Corporate, other & eliminations | (1,453) | (1,371) | 14 | |||||||
As reported in FCX's consolidated financial statements | $ | 5,905 | $ | 3,360 | $ | 589 | ||||
FREEPORT | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs | ||||||||||
Year Ended December 31, 2024 | ||||||||||
(In millions) | Co-Product Method | |||||||||
By-Product Method | Copper | Gold |
Silver & Othera
|
Total | ||||||
Revenues, excluding adjustments | $ | 6,842 | $ | 6,842 | $ | 4,389 | $ | 218 | $ | 11,449 |
Site production and delivery, before net noncash and other costs shown below |
2,681 | 1,602 | 1,028 | 51 | 2,681 | |||||
Gold, silver and other by-product credits | (4,605) | - | - | - | - | |||||
Treatment charges | 571 | 341 | 219 | 11 | 571 | |||||
Export duties | 457 | 273 | 175 | 9 | 457 | |||||
Royalty on metals | 433 | 260 | 167 | 6 | 433 | |||||
Net cash (credits) costs | (463) | 2,476 | 1,589 | 77 | 4,142 | |||||
DD&A | 1,193 | 713 | 457 | 23 | 1,193 | |||||
Noncash and other costs, net | 362 |
b
|
217 | 139 | 6 | 362 | ||||
Total costs | 1,092 | 3,406 | 2,185 | 106 | 5,697 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
7 | 7 | (1) | (1) | 5 | |||||
Gross profit | $ | 5,757 | $ | 3,443 | $ | 2,203 | $ | 111 | $ | 5,757 |
Copper sales (millions of recoverable pounds) | 1,632 | 1,632 | ||||||||
Gold sales (thousands of recoverable ounces) | 1,817 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 4.19 | $ | 4.19 | $ | 2,418 | ||||
Site production and delivery, before net noncash and other costs shown below |
1.64 | 0.98 | 566 | |||||||
Gold, silver and other by-product credits | (2.82) | - | - | |||||||
Treatment charges | 0.35 | 0.21 | 120 | |||||||
Export duties | 0.28 | 0.17 | 96 | |||||||
Royalty on metals | 0.27 | 0.16 | 92 | |||||||
Unit net cash (credits) costs | (0.28) | 1.52 | 874 | |||||||
DD&A | 0.73 | 0.44 | 252 | |||||||
Noncash and other costs, net | 0.22 |
b
|
0.13 | 77 | ||||||
Total unit costs | 0.67 | 2.09 | 1,203 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
0.01 | 0.01 | (2) | |||||||
Gross profit per pound/ounce | $ | 3.53 | $ | 2.11 | $ | 1,213 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 11,449 | $ | 2,681 | $ | 1,193 | ||||
Treatment charges | (245) | 326 |
c
|
- | ||||||
Export duties | (457) | - | - | |||||||
Royalty on metals | (433) | - | - | |||||||
Noncash and other costs, net | - | 362 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
5 | - | - | |||||||
Eliminations and other | (1) | (1) | - | |||||||
Indonesia operations | 10,318 | 3,368 | 1,193 | |||||||
Other miningd
|
21,259 | 17,874 | 990 | |||||||
Corporate, other & eliminations | (6,122) | (5,688) | 58 | |||||||
As reported in FCX's consolidated financial statements | $ | 25,455 | $ | 15,554 | $ | 2,241 | ||||
FREEPORT | ||||||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||||||
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash Costs | ||||||||||
Year Ended December 31, 2023 | ||||||||||
(In millions) | Co-Product Method | |||||||||
By-Product Method | Copper | Gold |
Silver & Othera
|
Total | ||||||
Revenues, excluding adjustments | $ | 5,801 | $ | 5,801 | $ | 3,346 | $ | 157 | $ | 9,304 |
Site production and delivery, before net noncash and other costs shown below |
2,467 | 1,538 | 887 | 42 | 2,467 | |||||
Gold, silver and other by-product credits | (3,520) | - | - | - | - | |||||
Treatment charges | 537 | 335 | 193 | 9 | 537 | |||||
Export duties | 324 | 202 | 117 | 5 | 324 | |||||
Royalty on metals | 338 | 212 | 121 | 5 | 338 | |||||
Net cash costs | 146 | 2,287 | 1,318 | 61 | 3,666 | |||||
DD&A | 1,028 | 641 | 370 | 17 | 1,028 | |||||
Noncash and other costs, net | 22 |
b
|
14 | 8 | - | 22 | ||||
Total costs | 1,196 | 2,942 | 1,696 | 78 | 4,716 | |||||
Other revenue adjustments, primarily for pricing on prior period open sales |
114 | 114 | 18 | (1) | 131 | |||||
PT Smelting intercompany profit | 112 | 70 | 40 | 2 | 112 | |||||
Gross profit | $ | 4,831 | $ | 3,043 | $ | 1,708 | $ | 80 | $ | 4,831 |
Copper sales (millions of recoverable pounds) | 1,525 | 1,525 | ||||||||
Gold sales (thousands of recoverable ounces) | 1,697 | |||||||||
Gross profit per pound of copper/per ounce of gold: | ||||||||||
Revenues, excluding adjustments | $ | 3.81 | $ | 3.81 | $ | 1,972 | ||||
Site production and delivery, before net noncash and other costs shown below |
1.62 | 1.01 | 522 | |||||||
Gold, silver and other by-product credits | (2.30) | - | - | |||||||
Treatment charges | 0.35 | 0.22 | 114 | |||||||
Export duties | 0.21 | 0.13 | 69 | |||||||
Royalty on metals | 0.22 | 0.14 | 71 | |||||||
Unit net cash costs | 0.10 | 1.50 | 776 | |||||||
DD&A | 0.68 | 0.42 | 218 | |||||||
Noncash and other costs, net | 0.01 |
b
|
0.01 | 5 | ||||||
Total unit costs | 0.79 | 1.93 | 999 | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
0.08 | 0.07 | 9 | |||||||
PT Smelting intercompany profit | 0.07 | 0.05 | 24 | |||||||
Gross profit per pound/ounce | $ | 3.17 | $ | 2.00 | $ | 1,006 | ||||
Reconciliation to Amounts Reported | ||||||||||
Production | ||||||||||
Revenues | and Delivery | DD&A | ||||||||
Totals presented above | $ | 9,304 | $ | 2,467 | $ | 1,028 | ||||
Treatment charges | (336) | 201 |
c
|
- | ||||||
Export duties | (324) | - | - | |||||||
Royalty on metals | (338) | - | - | |||||||
Noncash and other costs, net | - | 22 | - | |||||||
Other revenue adjustments, primarily for pricing on prior period open sales |
131 | - | - | |||||||
PT Smelting intercompany profit | - | (112) | - | |||||||
Eliminations and other | - | (8) | - | |||||||
Indonesia operations | 8,437 | 2,570 | 1,028 | |||||||
Other miningd
|
20,670 | 17,075 | 976 | |||||||
Corporate, other & eliminations | (6,252) | (6,018) | 64 | |||||||
As reported in FCX's consolidated financial statements | $ | 22,855 | $ | 13,627 | $ | 2,068 | ||||
FREEPORT | ||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||
Three Months Ended December 31, | ||||||
(In millions) | 2024 | 2023 | ||||
Revenues, excluding adjustmentsa
|
$ | 185 | $ | 164 | ||
Site production and delivery, before net noncash and other costs shown below |
132 | 115 | ||||
Treatment charges and other | 8 | 7 | ||||
Net cash costs | 140 | 122 | ||||
DD&A | 22 | 18 | ||||
Noncash and other costs, net | 5 | 3 | ||||
Total costs | 167 | 143 | ||||
Gross profit | $ | 18 | $ | 21 | ||
Molybdenum sales (millions of recoverable pounds)a
|
9 | 8 | ||||
Gross profit per pound of molybdenum: | ||||||
Revenues, excluding adjustmentsa
|
$ | 21.28 | $ | 19.90 | ||
Site production and delivery, before net noncash and other costs shown below |
15.24 | 13.97 | ||||
Treatment charges and other | 0.94 | 0.86 | ||||
Unit net cash costs | 16.18 | 14.83 | ||||
DD&A | 2.52 | 2.19 | ||||
Noncash and other costs, net | 0.54 | 0.40 |
|
|||
Total unit costs | 19.24 | 17.42 | ||||
Gross profit per pound | $ | 2.04 | $ | 2.48 | ||
Reconciliation to Amounts Reported | ||||||
Production | ||||||
Three Months Ended December 31, 2024 | Revenues | and Delivery | DD&A | |||
Totals presented above | $ | 185 | $ | 132 | $ | 22 |
Treatment charges and other | (8) | - | - | |||
Noncash and other costs, net | - | 5 | - | |||
Molybdenum mines | 177 | 137 | 22 | |||
Other miningb
|
7,206 | 5,129 | 504 | |||
Corporate, other & eliminations | (1,663) | (1,508) | 11 | |||
As reported in FCX's consolidated financial statements | $ | 5,720 | $ | 3,758 | $ | 537 |
Three Months Ended December 31, 2023 | ||||||
Totals presented above | $ | 164 | $ | 115 | $ | 18 |
Treatment charges and other | (7) | - | - | |||
Noncash and other costs, net | - | 3 | - | |||
Molybdenum mines | 157 | 118 | 18 | |||
Other miningb
|
7,201 | 4,613 | 557 | |||
Corporate, other & eliminations | (1,453) | (1,371) | 14 | |||
As reported in FCX's consolidated financial statements | $ | 5,905 | $ | 3,360 | $ | 589 |
FREEPORT | ||||||
PRODUCT REVENUES AND PRODUCTION COSTS (continued) | ||||||
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs | ||||||
Years Ended December 31, | ||||||
(In millions) | 2024 | 2023 | ||||
Revenues, excluding adjustmentsa
|
$ | 619 | $ | 702 | ||
Site production and delivery, before net noncash and other costs shown below |
508 | 423 | ||||
Treatment charges and other | 27 | 25 | ||||
Net cash costs | 535 | 448 | ||||
DD&A | 73 | 66 | ||||
Noncash and other costs, net | 22 | 16 | ||||
Total costs | 630 | 530 | ||||
Gross (loss) profit | $ | (11) | $ | 172 | ||
Molybdenum sales (millions of recoverable pounds)a
|
30 | 30 | ||||
Gross (loss) profit per pound of molybdenum: | ||||||
Revenues, excluding adjustmentsa
|
$ | 20.66 | $ | 23.71 | ||
Site production and delivery, before net noncash and other costs shown below |
16.99 | 14.28 | ||||
Treatment charges and other | 0.90 | 0.85 | ||||
Unit net cash costs | 17.89 | 15.13 | ||||
DD&A | 2.43 | 2.24 | ||||
Noncash and other costs, net | 0.73 | 0.55 | ||||
Total unit costs | 21.05 | 17.92 | ||||
Gross (loss) profit per pound | $ | (0.39) | $ | 5.79 | ||
Reconciliation to Amounts Reported | ||||||
Production | ||||||
Year Ended December 31, 2024 | Revenues | and Delivery | DD&A | |||
Totals presented above | $ | 619 | $ | 508 | $ | 73 |
Treatment charges and other | (27) | - | - | |||
Noncash and other costs, net | - | 22 | - | |||
Molybdenum mines | 592 | 530 | 73 | |||
Other miningb
|
30,985 | 20,712 | 2,110 | |||
Corporate, other & eliminations | (6,122) | (5,688) | 58 | |||
As reported in FCX's consolidated financial statements | $ | 25,455 | $ | 15,554 | $ | 2,241 |
Year Ended December 31, 2023 | ||||||
Totals presented above | $ | 702 | $ | 423 | $ | 66 |
Treatment charges and other | (25) | - | - | |||
Noncash and other costs, net | - | 16 | - | |||
Molybdenum mines | 677 | 439 | 66 | |||
Other miningb
|
28,430 | 19,206 | 1,938 | |||
Corporate, other & eliminations | (6,252) | (6,018) | 64 | |||
As reported in FCX's consolidated financial statements | $ | 22,855 | $ | 13,627 | $ | 2,068 |