Grasberg Project and Financial Update
3Q21 Copper Realization & 4Q21e Guidance
FREEPORT
FOREMOST IN COPPER
3Q21 LME Average
Copper Price
3-Mo. Fwd Price for Copper
at the End of September
$4.25/lb
$4.05/lb
FCX 3Q21 Consolidated
Copper Price Realization
FCX 3Q21 Prior Period
Open Lb Adj.
(aka Provisional Price Adj.)
4Q21e
Open Pound
Guidance
$4.20lb (1)
(Generally, 50/50 weight of qtrly avg and
3-mo forward price at end of period)
Revenue/EBITDA: ($9) mm
Net income: ($3) mm
Earnings/share: Less than $0.00
>>> Open lbs priced at $4.05/lb on 9/30/21
>>> Each $0.05 change in avg copper price in
=
4Q21 $10 mm impact to 2021e net income
LME copper settled at $4.61/lb on 10/20/21
(1) Note that when quarter end forward pricing is below the average quarterly settlement price, FCX's consolidated quarterly average copper realization can be expected to be below
the quarterly average spot pricing. Conversely, the quarterly copper realization can be expected to be above the quarterly average settlement price if quarter end forward curve
pricing is above the quarterly average settlement price. Quarterly copper realizations by region may vary from the consolidated average.
e = estimate. See Cautionary Statement.
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