Electrifying the Future
ELECTRIFYING THE FUTURE
2022e Outlook
Sales
Outlook
Copper: 4.25 billion lbs
• Gold: 1.6 million ozs
Molybdenum: 80 million
lbs
Unit Net Cash
Cost of Copper
• Site prod. & delivery
o 2022e: $2.10/lb
o 2Q22e: $2.07/lb
After by-product credits (1)
2022e: $1.44/lb
o 2Q22e: $1.41/lb
Operating
Cash Flows (2)
~$8.6 billion
(3)
@
$4.75/lb copper for
2Q22e 4Q22e
-
Each 10c/lb change in
copper in 2Q22e -
4Q22e $300 million
impact
=
FREEPORT
FOREMOST IN COPPER
Capital
Expenditures
(4)
$3.2 billion (excluding
smelter(5))
o $1.9 billion for major projects
$1.3 billion for other mining
(1) Assumes average prices of $1,950/oz gold and $19/lb molybdenum in 2Q22e-4Q22e.
(2) Assumes average prices of $1,950/oz gold and $19/lb molybdenum in 2Q22e - 4Q22e; each $100/oz change in gold would have an approximate $80 mm impact and
each $2/lb change in molybdenum would have an approximate $75 mm impact.
(3) Net of $0.9 billion of working capital and other uses.
(4) PT Inalum scheduled contributions in 2022e approximate $0.2 bn. Major projects CAPEX includes $1.3 bn for planned projects and $0.6 bn of discretionary projects.
(5) Indonesia smelter projects to be funded with proceeds from PT-FI's April 2022 notes offering and PT-FI bank facilities.
e = estimate. See Cautionary Statement.
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