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TheStreet Open House

Freeport-McMoRan Copper & Gold Inc. Reports Fourth-Quarter And Year Ended December 31, 2012 Results

The high-grade Big Gossan underground mine, which began producing in fourth-quarter 2010, averaged 2,100 metric tons of ore per day in fourth-quarter 2012. Full rates of 7,000 metric tons of ore per day are expected in 2014.

Operating Data. Following is summary consolidated operating data for the Indonesia mining operations for the fourth quarters and years ended 2012 and 2011:

       
Three Months Ended Years Ended
December 31, December 31,
  2012     2011 2012       2011
Copper (millions of recoverable pounds)
Production 200 68 695 846
Sales 204 50 716 846
Average realized price per pound $ 3.59 $ 3.31 $ 3.58 $ 3.85
 
Gold (thousands of recoverable ounces)
Production 221 149 862 1,272
Sales 224 102 915 1,270
Average realized price per ounce $ 1,680 $ 1,664 $ 1,664 $ 1,583
 
Unit net cash costs per pound of copper:
Site production and delivery, excluding adjustments $ 2.91 $ 6.92 a $ 3.12 $ 2.21 a
Gold and silver credits (1.93 ) (3.72 ) (2.22 ) (2.47 )
Treatment charges 0.22 0.22 0.21 0.19
Royalty on metals 0.13   0.15   0.13   0.16  
Unit net cash costs b $ 1.33   $ 3.57   $ 1.24   $ 0.09  

a. The 2011 periods include $66 million ($1.30 per pound of copper for fourth-quarter 2011 and $0.08 per pound for the year 2011) associated with bonuses and other strike-related costs.

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 also available on FCX's website, “ www.fcx.com .”

Indonesia's fourth-quarter 2012 sales of 204 million pounds of copper and 224 thousand ounces of gold were higher than fourth-quarter 2011 sales of 50 million pounds of copper and 102 thousand ounces of gold, primarily reflecting the impact in fourth-quarter 2011 of labor related disruptions and temporary suspension of milling operations.

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