Freeport-McMoRan Copper & Gold Inc. Reports Third-Quarter And Nine-Month 2011 Results

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX):

▪ Net income attributable to common stock for third-quarter 2011 was $1.1 billion, $1.10 per share, compared with net income of $1.2 billion, $1.24 per share, for third-quarter 2010. Net income attributable to common stock for the first nine months of 2011 was $3.9 billion, $4.10 per share, compared with $2.7 billion, $2.94 per share, for the first nine months of 2010.

▪ Consolidated sales from mines for third-quarter 2011 totaled 947 million pounds of copper, 409 thousand ounces of gold and 19 million pounds of molybdenum, compared with 1.1 billion pounds of copper, 497 thousand ounces of gold and 17 million pounds of molybdenum for third-quarter 2010.

▪ Consolidated sales from mines for the year 2011 are expected to approximate 3.8 billion pounds of copper, 1.6 million ounces of gold and 78 million pounds of molybdenum, including 915 million pounds of copper, 305 thousand ounces of gold and 18 million pounds of molybdenum for fourth-quarter 2011.

▪ Consolidated unit net cash costs (net of by-product credits) averaged $0.80 per pound of copper for third-quarter 2011, compared with $0.82 per pound for third-quarter 2010. Based on current 2011 sales volume and cost estimates and assuming average prices of $1,600 per ounce for gold and $14 per pound for molybdenum for fourth-quarter 2011, consolidated unit net cash costs (net of by-product credits) are estimated to average $0.95 per pound of copper for the year 2011.

▪ Operating cash flows totaled $1.8 billion for third-quarter 2011 and $5.9 billion for the first nine months of 2011, compared with $1.3 billion for third-quarter 2010 and $4.2 billion for the first nine months of 2010. Based on current 2011 sales volume and cost estimates and assuming average prices of $3.25 per pound for copper, $1,600 per ounce for gold and $14 per pound for molybdenum for fourth-quarter 2011, operating cash flows are estimated to approximate $7 billion for the year 2011.

▪ Capital expenditures totaled $717 million for third-quarter 2011 and $1.7 billion for the first nine months of 2011, compared with $350 million for third-quarter 2010 and $877 million for the first nine months of 2010. Capital expenditures are expected to approximate $2.6 billion for the year 2011, including $1.4 billion for major projects and $1.2 billion for sustaining capital.

▪ At September 30, 2011, total debt approximated $3.5 billion and consolidated cash approximated $5.1 billion. During the first nine months of 2011, FCX repaid $1.2 billion in debt and paid common stock dividends totaling $1.2 billion.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported third-quarter 2011 net income attributable to common stock of $1.1 billion, $1.10 per share, compared with $1.2 billion, $1.24 per share, for third-quarter 2010. For the first nine months of 2011, FCX reported net income attributable to common stock of $3.9 billion, $4.10 per share, compared with $2.7 billion, $2.94 per share, for the first nine months of 2010.