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

Stocks in this article: FCX

Operating Data. Following is summary consolidated operating data for the Indonesia 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 199 233 495 778
Sales 195 253 512 796
Average realized price per pound $ 3.72 $ 3.29 $ 3.64 $ 3.82
Gold (thousands of recoverable ounces)
Production 182 357 641 1,123
Sales 178 384 691 1,168
Average realized price per ounce $ 1,728 $ 1,695 $ 1,665 $ 1,565
Unit net cash costs per pound of copper:
Site production and delivery, excluding adjustments $ 2.96 $ 1.98 $ 3.20 $ 1.91
Gold and silver credits (1.66 ) (2.80 ) (2.34 ) (2.39 )
Treatment charges 0.22 0.18 0.21 0.18
Royalty on metals   0.13     0.16     0.13     0.16  
Unit net cash costs (credits) a $ 1.65   $ (0.48 ) $ 1.20   $ (0.14 )

a. 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, " ."

Indonesia's third-quarter 2012 copper sales of 195 million pounds and gold sales of 178 thousand ounces were lower than third-quarter 2011 copper sales of 253 million pounds and gold sales of 384 thousand ounces, primarily reflecting anticipated lower ore grades. Third-quarter 2012 sales volumes for copper were similar to the July estimates, but gold volumes were approximately 10 percent below the July estimates because of changes to mine plans that delayed access to higher grade material, and a slower than expected ramp-up at the DOZ underground mine. The DOZ mine averaged 48,300 metric tons of ore per day in third-quarter 2012 and is expected to ramp up to 80,000 metric tons of ore per day in 2013. The slower than anticipated ramp-up reflects more extensive repairs required following the 2011 suspension of operations.

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