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Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter And Six-Month 2012 Results

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

  • Net income attributable to common stock for second-quarter 2012 was $710 million, $0.74 per share, compared with net income of $1.4 billion, $1.43 per share, for second-quarter 2011. Net income attributable to common stock for the first six months of 2012 was $1.5 billion, $1.55 per share, compared with $2.9 billion, $3.00 per share, for the first six months of 2011.
  • Consolidated sales from mines for second-quarter 2012 totaled 927 million pounds of copper, 266 thousand ounces of gold and 20 million pounds of molybdenum, compared with 1.0 billion pounds of copper, 356 thousand ounces of gold and 21 million pounds of molybdenum for second-quarter 2011.
  • Consolidated sales from mines for the year 2012 are expected to approximate 3.6 billion pounds of copper, 1.1 million ounces of gold and 81 million pounds of molybdenum, including 885 million pounds of copper, 225 thousand ounces of gold and 20 million pounds of molybdenum for third-quarter 2012.
  • Consolidated unit net cash costs (net of by-product credits) averaged $1.49 per pound of copper for second-quarter 2012, compared with $0.93 per pound for second-quarter 2011. Based on current 2012 sales volume and cost estimates and assuming average prices of $1,600 per ounce for gold and $13 per pound for molybdenum for the second half of 2012, consolidated unit net cash costs (net of by-product credits) are estimated to average $1.47 per pound of copper for the year 2012.
  • Operating cash flows totaled $1.2 billion for second-quarter 2012 and $2.0 billion (net of $774 million in working capital uses and other tax payments) for the first six months of 2012, compared with $1.7 billion for second-quarter 2011 and $4.0 billion (net of $382 million in working capital uses and other tax payments) for the first six months of 2011. Based on current 2012 sales volume and cost estimates and assuming average prices of $3.50 per pound for copper, $1,600 per ounce for gold and $13 per pound for molybdenum for the second half of 2012, operating cash flows are estimated to approximate $4.0 billion for the year 2012 (net of an estimated $1.2 billion in working capital uses and other tax payments).
  • Capital expenditures totaled $840 million for second-quarter 2012 and $1.5 billion for the first six months of 2012, compared with $527 million for second-quarter 2011 and $1.0 billion for the first six months of 2011. Capital expenditures are expected to approximate $4.0 billion for the year 2012, including $2.5 billion for major projects and $1.5 billion for sustaining capital.
  • During second-quarter 2012, the Climax molybdenum mine began commercial production. Production from the Climax mine is expected to ramp up to a rate of 20 million pounds of molybdenum per year during 2013.
  • At June 30, 2012, consolidated cash approximated $4.5 billion and total debt approximated $3.5 billion.
  • In May 2012, FCX paid a quarterly common stock dividend of $0.3125 per share, following the February 2012 authorization by the Board of Directors to increase the annual dividend rate to $1.25 per share.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported second-quarter 2012 net income attributable to common stock of $710 million, $0.74 per share, compared with $1.4 billion, $1.43 per share, for second-quarter 2011. Second-quarter 2012 net income included charges for environmental obligations and related litigation reserves totaling $53 million ($0.06 per share), compared with $40 million ($0.04 per share) in second-quarter 2011. For the first six months of 2012, FCX reported net income attributable to common stock of $1.5 billion, $1.55 per share, compared with $2.9 billion, $3.00 per share, for the first six months of 2011.

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