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Freeport-McMoRan Copper & Gold Inc. Reports Third-Quarter And Nine-Month 2012 Results

Stocks in this article: FCX

FCX is also engaged in pre-feasibility studies for a potential large-scale milling operation at El Abra to process additional sulfide material and to achieve higher recoveries. Exploration results at El Abra indicate the potential for a significant sulfide resource.

Operating Data. Following is summary consolidated operating data for the South America mining operations for the third quarters and first nine months of 2012 and 2011:

  Three Months Ended     Nine Months Ended
September 30, September 30,
  2012     2011 2012     2011
Copper (millions of recoverable pounds)
Production 311 325 908 969
Sales 308 322 895 965
Average realized price per pound $ 3.68 $ 3.45 $ 3.63 $ 3.82
 
Gold (thousands of recoverable ounces)
Production 20 25 57 73
Sales 21 23 56 72
Average realized price per ounce $ 1,736 $ 1,664 $ 1,678 $ 1,556
 
Molybdenum (millions of recoverable pounds)
Production a 2 2 6 8
 
Unit net cash costs per pound of copper:
Site production and delivery, excluding adjustments $ 1.63 $ 1.38 $ 1.58 $ 1.31
By-product credits (0.25 ) (0.36 ) (0.26 ) (0.36 )
Treatment charges   0.17     0.13     0.16     0.17  
Unit net cash costs b $ 1.55   $ 1.15   $ 1.48   $ 1.12  
 

a. Reflects molybdenum production from Cerro Verde. Sales of molybdenum are reflected in the Molybdenum division (refer to page 9).

b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedule, "Product Revenues and Production Costs," beginning on page VII, which is available on FCX's website, " www.fcx.com ."

Copper sales from South America mining of 308 million pounds in third-quarter 2012 were lower than third-quarter 2011 sales of 322 million pounds, primarily reflecting lower ore grades at Candelaria and timing of shipments.

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