FCX Conference Call 1st Quarter 2022 Results
1Q22 Highlights
Continued strong execution of operating plans.
Copper & gold sales 24-59% above 1Q21 actuals
o Copper & gold sales 6-8% above January 2022 est.
1Q unit net cash costs in line with January 2022 est.
o Indonesia achieved unit net cash credit of $0.06 per lb
Operating cash flow more than double capital spending
Repurchased -$1.1 bn in common stock since Board
authorization
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ELECTRIFYING THE FUTURE
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Advancing organic growth initiatives.
Achieved the Copper Mark at Chino and Tyrone
o Total of 9 sites validated to date
• Favorable operational and market outlook
(1) Includes working capital and other uses of $0.8 bn.
(2) Includes $0.4 bn for major projects and $0.1 bn for the Indonesia smelter projects.
(3) Net debt equals consolidated debt less consolidated cash. 1Q22 includes $0.6 bn in debt associated with the Indonesia smelter projects.
See Cautionary Statement.
Key Stats
Copper Sales (mm lbs)
Gold Sales (k ozs)
Unit Net Cash Costs ($/lb)
Copper Realization
$4.66/lb
Cash Flows
$1.7 (1)
Operating
Cash
Flow
1Q22
$0.7 (2)
CAPEX
($ bns)
FREEPORT
FOREMOST IN COPPER
Actual
1,024
409
$1.33
Gold Realization
$1,920/oz
January
Estimate
970
380
$1.35
Net Debt (3)
$5.2
1Q21
$1.3
1Q22
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