Freeport-McMoRan Reports Second-Quarter and Six-Month 2019 Results
PHOENIX–(BUSINESS WIRE)–Freeport-McMoRan Inc. (NYSE: FCX):
- Net loss attributable to common stock totaled $72 million, $0.05 per share, in second-quarter 2019. After adjusting for net charges of $14 million, $0.01 per share, second-quarter 2019 adjusted net loss attributable to common stock totaled $58 million, $0.04 per share.
- Consolidated sales totaled 807 million pounds of copper, 189 thousand ounces of gold and 24 million pounds of molybdenum in second-quarter 2019.
- Consolidated sales for the year 2019 are expected to approximate 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 830 million pounds of copper, 230 thousand ounces of gold and 25 million pounds of molybdenum in third-quarter 2019.
- Several positive milestones were achieved during second-quarter 2019 related to the underground production ramp-up in the Grasberg minerals district, which is expected to produce large-scale quantities of copper and gold in future years.
- Average realized prices in second-quarter 2019 were $2.75 per pound for copper, $1,351 per ounce for gold and $13.15 per pound for molybdenum.
- Average unit net cash costs in second-quarter 2019 were $1.92 per pound of copper and are expected to approximate $1.75 per pound of copper for the year 2019.
- Operating cash flows totaled $554 million (including $308 million of working capital sources and timing of other tax payments) in second-quarter 2019 and $1.1 billion (including $281 million of working capital sources and timing of other tax payments) for the first six months of 2019. Based on current sales volume and cost estimates, and assuming average prices of $2.75 per pound for copper, $1,400 per ounce for gold and $12.00 per pound for molybdenum for the second half of 2019, operating cash flows are expected to approximate $1.9 billion (including $0.3 billion of working capital sources and timing of other tax payments) for the year 2019.
- Capital expenditures totaled $0.6 billion (including approximately $0.4 billion for major mining projects) in second-quarter 2019 and $1.25 billion (including approximately $0.7 billion for major mining projects) for the first six months of 2019. Capital expenditures for the year 2019 are expected to approximate $2.6 billion, including $1.6 billion for major mining projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia and development of the Lone Star copper leach project in Arizona.
- At June 30, 2019, consolidated debt totaled $9.9 billion and consolidated cash totaled $2.6 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at June 30, 2019.
- On June 26, 2019, FCX declared a quarterly cash dividend of $0.05 per share on its common stock, which will be paid on August 1, 2019.
Freeport-McMoRan Inc. (NYSE: FCX) reported net losses attributable to common stock of $72 million ($0.05 per share) in second-quarter 2019 and $41 million ($0.03 per share) for the first six months of 2019. After adjusting for net charges of $14 million ($0.01 per share), adjusted net loss attributable to common stock totaled $58 million ($0.04 per share) in second-quarter 2019. For additional information, refer to the supplemental schedule, “Adjusted Net (Loss) Income,” on page VII, which is available on FCX’s website, “fcx.com.”
Richard C. Adkerson, President and Chief Executive Officer, said, “We are pleased to report that execution of the underground ramp-up at Grasberg is advancing according to plan and recent milestones are encouraging as we target increasing volumes and cash flows from the Grasberg minerals district. We are also progressing our Lone Star copper leach project in Arizona and remain optimistic about the long-term opportunities for this large resource. We are focused on enhancing value for shareholders through our well-defined strategy of maximizing the value of our existing resource base through rigorous cost management, productivity and technology, successful execution of the underground ramp-up at Grasberg, generating cash flows to increase shareholder returns and creating value organically from our large undeveloped resource position in a disciplined manner.”
SUMMARY FINANCIAL DATA
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
||||||||
|
(in millions, except per share amounts) |
|
||||||||||||||
Revenuesa,b |
$ |
3,546 |
|
|
$ |
5,168 |
|
|
$ |
7,338 |
|
|
$ |
10,036 |
|
|
Operating incomea |
$ |
33 |
|
|
$ |
1,664 |
|
|
$ |
354 |
|
|
$ |
3,123 |
|
|
Net (loss) income from continuing operations |
$ |
(74 |
) |
|
$ |
1,039 |
|
|
$ |
1 |
|
|
$ |
1,867 |
|
|
Net (loss) income attributable to common stockc,d |
$ |
(72 |
) |
|
$ |
869 |
|
|
$ |
(41 |
) |
|
$ |
1,561 |
|
|
Diluted net (loss) income per share of common stock: |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
(0.05 |
) |
|
$ |
0.59 |
|
|
$ |
(0.03 |
) |
|
$ |
1.08 |
|
|
Discontinued operations |
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
||||
|
$ |
(0.05 |
) |
|
$ |
0.59 |
|
|
$ |
(0.03 |
) |
|
$ |
1.07 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted-average common shares outstanding |
1,451 |
|
|
1,458 |
|
|
1,451 |
|
|
1,458 |
|
|
||||
Operating cash flowse |
$ |
554 |
|
|
$ |
1,309 |
|
|
$ |
1,088 |
|
|
$ |
2,678 |
|
|
Capital expenditures |
$ |
629 |
|
|
$ |
482 |
|
|
$ |
1,251 |
|
|
$ |
884 |
|
|
At June 30: |
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
2,623 |
|
|
$ |
3,894 |
|
|
$ |
2,623 |
|
|
$ |
3,894 |
|
|
Total debt, including current portion |
$ |
9,916 |
|
|
$ |
11,277 |
|
|
$ |
9,916 |
|
|
$ |
11,277 |
|
|
|
|
|
|
|
|
|
|
|
a. For segment financial results, refer to the supplemental schedules, “Business Segments,” beginning on page X, which are available on FCX’s website, “fcx.com.”
b. Includes (unfavorable) favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $(83) million ($(35) million to net loss attributable to common stock or $(0.02) per share) in second-quarter 2019, $23 million ($9 million to net income attributable to common stock or $0.01 per share) in second-quarter 2018, $58 million ($23 million to net loss attributable to common stock or $0.02 per share) for the first six months of 2019 and $(70) million ($(31) million to net income attributable to common stock or $(0.02) per share) for the first six months of 2018. For further discussion, refer to the supplemental schedule, “Derivative Instruments,” on page IX, which is available on FCX’s website, “fcx.com.”
c. Includes net (charges) gains of $(14) million ($(0.01) per share) in second-quarter 2019, $16 million ($0.01 per share) in second-quarter 2018, $(50) million ($(0.03) per share) for the first six months of 2019 and $27 million ($0.02 per share) for the first six months of 2018 that are described in the supplemental schedule, “Adjusted Net (Loss) Income,” on page VII, which is available on FCX’s website, “fcx.com.”
d. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to the supplemental schedule, “Deferred Profits,” on page IX, which is available on FCX’s website, “fcx.com.”
e. Net of working capital sources (uses) and timing of other tax payments of $308 million in second-quarter 2019, $(192) million in second-quarter 2018, $281 million for the first six months of 2019 and $(213) million for the first six months of 2018.
SUMMARY OPERATING DATA
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
||||||||
Copper (millions of recoverable pounds) |
|
|
|
|
|
|
|
|
|
||||||||
Production |
|
776 |
|
|
1,014 |
|
|
1,556 |
|
|
1,966 |
|
|
||||
Sales, excluding purchases |
|
807 |
|
|
989 |
|
|
1,591 |
|
|
1,982 |
|
|
||||
Average realized price per pound |
|
$ |
2.75 |
|
|
$ |
3.08 |
|
|
$ |
2.78 |
|
|
$ |
3.10 |
|
|
Site production and delivery costs per pounda |
|
$ |
2.26 |
|
|
$ |
1.69 |
|
|
$ |
2.21 |
|
|
$ |
1.68 |
|
|
Unit net cash costs per pounda |
|
$ |
1.92 |
|
|
$ |
0.96 |
|
|
$ |
1.85 |
|
|
$ |
0.97 |
|
|
Gold (thousands of recoverable ounces) |
|
|
|
|
|
|
|
|
|
||||||||
Production |
|
160 |
|
|
746 |
|
|
326 |
|
|
1,345 |
|
|
||||
Sales, excluding purchases |
|
189 |
|
|
676 |
|
|
431 |
|
|
1,286 |
|
|
||||
Average realized price per ounce |
|
$ |
1,351 |
|
|
$ |
1,274 |
|
|
$ |
1,315 |
|
|
$ |
1,291 |
|
|
Molybdenum (millions of recoverable pounds) |
|
|
|
|
|
|
|
|
|
||||||||
Production |
|
25 |
|
|
24 |
|
|
48 |
|
|
46 |
|
|
||||
Sales, excluding purchases |
|
24 |
|
|
24 |
|
|
46 |
|
|
48 |
|
|
||||
Average realized price per pound |
|
$ |
13.15 |
|
|
$ |
12.89 |
|
|
$ |
12.93 |
|
|
$ |
12.42 |
|
|
a. Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit costs by operating division to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII, which are available on FCX’s website, “fcx.com.”
Consolidated Sales Volumes
Second-quarter 2019 copper sales of 807 million pounds were in line with the April 2019 estimate of 800 million pounds, with higher copper volumes from North America and South America offsetting lower copper volumes from PT Freeport Indonesia (PT-FI). Mine sequencing changes in the Grasberg open pit resulted in lower second-quarter 2019 gold sales of 189 thousand ounces, compared with the April 2019 estimate of 265 thousand ounces of gold. During second-quarter 2019, PT-FI opened an additional area to extend mining in the Grasberg open pit into third-quarter 2019 and potentially longer. The mine sequencing changes in the open pit delayed access to the high-grade material previously expected to be produced during second-quarter 2019.
Second-quarter 2019 copper and gold sales were lower than second-quarter 2018 sales primarily reflecting anticipated lower mill rates and ore grades as PT-FI transitions mining from the open pit to underground.
Second-quarter 2019 molybdenum sales of 24 million pounds approximated the April 2019 estimate of 25 million pounds and second-quarter 2018 sales of 24 million pounds.
Consolidated sales volumes for the year 2019 are expected to approximate 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 830 million pounds of copper, 230 thousand ounces of gold and 25 million pounds of molybdenum in third-quarter 2019. As PT-FI transitions mining from the open pit to underground, metal production is expected to improve by 2021.
Consolidated Unit Costs
Consolidated average unit net cash costs (net of by-product credits) for FCX’s copper mines were $1.92 per pound of copper in second-quarter 2019. As anticipated, average unit net cash costs were higher than the second-quarter 2018 average of $0.96 per pound, primarily reflecting lower sales volumes as PT-FI transitions mining from the open pit to underground. Unit net cash costs were 15 percent higher than the April 2019 estimate because of production deferrals in the Grasberg open pit.
Assuming average prices of $1,400 per ounce of gold and $12.00 per pound of molybdenum for the second half of 2019 and achievement of current sales volume and cost estimates, consolidated unit net cash costs (net of by-product credits) for copper mines are expected to average $1.75 per pound of copper for the year 2019, (including $1.67 per pound of copper for the second half of 2019). The impact of price changes on consolidated unit net cash costs for the year 2019 would approximate $0.01 per pound for each $50 per ounce change in the average price of gold and $0.015 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2019. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. FCX expects consolidated unit net cash costs to decline by 2021 following a ramp-up period at PT-FI.
MINING OPERATIONS
North America Copper Mines. FCX operates seven open-pit copper mines in North America – Morenci, Bagdad, Safford, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. In addition to copper, certain of FCX’s North America copper mines produce molybdenum concentrate, gold and silver. All of the North America mining operations are wholly owned, except for Morenci. FCX records its 72 percent undivided joint venture interest in Morenci using the proportionate consolidation method.
Operating and Development Activities. FCX has significant undeveloped reserves and resources in North America and a portfolio of potential long-term development projects. Future investments will be undertaken based on the results of economic and technical feasibility studies, and are dependent on market conditions. FCX continues to pursue projects to enhance productivity through innovative technologies and to study opportunities to reduce the capital intensity of its potential long-term development projects.
Through exploration drilling, FCX has identified a significant resource at its wholly owned Lone Star project located near the Safford operation in eastern Arizona. An initial project to develop the Lone Star leachable ores commenced in 2018, with first production expected by the end of 2020. Initial production from the Lone Star leachable ores is expected to average approximately 200 million pounds of copper per year, with the potential for future expansion options. Total capital costs for the initial project, including mine equipment and pre-production stripping, are expected to approximate $850 million and will benefit from the utilization of existing infrastructure at the adjacent Safford operation. As of June 30, 2019, approximately $480 million has been incurred for this project. The project also advances exposure to a significant sulfide resource. FCX expects to incorporate recent positive drilling and ongoing results in its future development plans.
Operating Data. Following is summary consolidated operating data for the North America copper mines:
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
||||||||
Copper (millions of recoverable pounds) |
|
|
|
|
|
|
|
|
|
||||||||
Production |
|
370 |
|
|
354 |
|
|
706 |
|
|
702 |
|
|
||||
Sales, excluding purchases |
|
369 |
|
|
361 |
|
|
689 |
|
|
745 |
|
|
||||
Average realized price per pound |
|
$ |
2.78 |
|
|
$ |
3.12 |
|
|
$ |
2.80 |
|
|
$ |
3.14 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Molybdenum (millions of recoverable pounds) |
|
|
|
|
|
|
|
|
|
||||||||
Productiona |
|
9 |
|
|
8 |
|
|
16 |
|
|
15 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Unit net cash costs per pound of copperb |
|
|
|
|
|
|
|
|
|
||||||||
Site production and delivery, excluding adjustments |
|
$ |
2.05 |
|
|
$ |
1.94 |
|
|
$ |
2.05 |
|
|
$ |
1.89 |
|
|
By-product credits |
|
(0.26 |
) |
|
(0.25 |
) |
|
(0.26 |
) |
|
(0.22 |
) |
|
||||
Treatment charges |
|
0.11 |
|
|
0.10 |
|
|
0.11 |
|
|
0.10 |
|
|
||||
Unit net cash costs |
|
$ |
1.90 |
|
|
$ |
1.79 |
|
|
$ |
1.90 |
|
|
$ |
1.77 |
|
|
|
|
|
|
|
|
|
|
|
|
a. Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which includes sales of molybdenum produced at the North America copper mines.
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 schedules, “Product Revenues and Production Costs,” beginning on page XIII, which are available on FCX’s website, “fcx.com.”
North America’s consolidated copper sales volumes totaled 369 million pounds in second-quarter 2019 and 361 million pounds in second-quarter 2018. North America copper sales are estimated to approximate 1.4 billion pounds for the year 2019.
Average unit net cash costs (net of by-product credits) for the North America copper mines of $1.90 per pound of copper in second-quarter 2019 were slightly lower than forecast, but higher than second-quarter 2018 unit net cash costs of $1.79 per pound, primarily reflecting higher mining rates, maintenance activities and higher cost of consumables, primarily sulphuric acid.
Average unit net cash costs (net of by-product credits) for the North America copper mines are expected to approximate $1.91 per pound of copper for the year 2019, based on achievement of current sales volume and cost estimates and assuming an average molybdenum price of $12.00 per pound for the second half of 2019. North America’s average unit net cash costs for the year 2019 would change by approximately $0.02 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2019.
South America Mining. FCX operates two copper mines in South America – Cerro Verde in Peru (in which FCX owns a 53.56 percent interest) and El Abra in Chile (in which FCX owns a 51 percent interest). These operations are consolidated in FCX’s financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.
Operating and Development Activities. Cerro Verde’s expanded operations benefit from its large-scale, long-lived reserves and cost efficiencies. Cerro Verde’s concentrator facilities have continued to perform well, with average mill throughput rates of 407,700 metric tons of ore per day in second-quarter 2019. Debottlenecking projects and additional initiatives to enhance operating rates continue to be advanced.
FCX continues to evaluate a large-scale expansion at El Abra to process additional sulfide material and to achieve higher recoveries. El Abra’s large sulfide resource could potentially support a major mill project similar to facilities constructed at Cerro Verde. Technical and economic studies continue to be advanced to determine the optimal scope and timing for the project.
Operating Data. Following is summary consolidated operating data for South America mining:
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
||||||||
Copper (millions of recoverable pounds) |
|
|
|
|
|
|
|
|
|
||||||||
Production |
|
281 |
|
|
313 |
|
|
580 |
|
|
606 |
|
|
||||
Sales |
|
287 |
|
|
312 |
|
|
577 |
|
|
602 |
|
|
||||
Average realized price per pound |
|
$ |
2.72 |
|
|
$ |
3.07 |
|
|
$ |
2.75 |
|
|
$ |
3.09 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Molybdenum (millions of recoverable pounds) |
|
|
|
|
|
|
|
|
|
||||||||
Productiona |
|
7 |
|
|
7 |
|
|
15 |
|
|
13 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Unit net cash costs per pound of copperb |
|
|
|
|
|
|
|
|
|
||||||||
Site production and delivery, excluding adjustments |
|
$ |
1.92 |
|
|
$ |
1.77 |
|
|
$ |
1.82 |
|
|
$ |
1.78 |
|
|
By-product credits |
|
(0.28 |
) |
|
(0.22 |
) |
|
(0.31 |
) |
|
(0.24 |
) |
|
||||
Treatment charges |
|
0.18 |
|
|
0.18 |
|
|
0.19 |
|
|
0.19 |
|
|
||||
Royalty on metals |
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
||||
Unit net cash costs |
|
$ |
1.83 |
|
|
$ |
1.74 |
|
|
$ |
1.71 |
|
|
$ |
1.74 |
|
|
|
|
|
|
|
|
|
|
|
|
a. Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which includes sales of molybdenum produced at Cerro Verde.
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 schedules, “Product Revenues and Production Costs,” beginning on page XIII, which are available on FCX’s website, “fcx.com.”
South America’s consolidated copper sales volumes of 287 million pounds in second-quarter 2019 were lower than second-quarter 2018 copper sales volumes of 312 million pounds, primarily reflecting lower ore grades and recovery rates at Cerro Verde. Sales from South America mining are expected to approximate 1.2 billion pounds of copper for the year 2019.
Average unit net cash costs (net of by-product credits) for South America mining of $1.83 per pound of copper in second-quarter 2019 were higher than unit net cash costs of $1.74 per pound in second-quarter 2018, primarily reflecting lower copper volumes.
Average unit net cash costs (net of by-product credits) for South America mining are expected to approximate $1.68 per pound of copper for the year 2019, based on current sales volume and cost estimates and assuming an average price of $12.00 per pound of molybdenum for the second half of 2019.
Indonesia Mining. PT-FI’s assets include one of the world’s largest copper and gold deposits at the Grasberg minerals district in Papua, Indonesia. PT-FI produces copper concentrate that contains significant quantities of gold and silver. FCX has a 48.76 percent ownership interest in PT-FI and manages its mining operations. PT-FI is consolidated in FCX’s financial statements. As a result of the December 2018 transaction regarding PT-FI’s long-term mining rights and share ownership, FCX’s economic interest in PT-FI is expected to approximate 81 percent through 2022.
Operating and Development Activities. PT-FI continues to mine the final stages of the Grasberg open pit. During second-quarter 2019, PT-FI opened an additional area to extend mining in the Grasberg open pit into third-quarter 2019 and potentially longer. The mine sequencing changes in the open pit delayed access to the high-grade material previously expected to be produced during second-quarter 2019, but are expected to meet previous estimates for copper and gold production for the year 2019. PT-FI will continue to monitor geotechnical conditions to determine the extent of mining in the open pit. Material not mined from the open pit is expected to be available to be mined from the Grasberg Block Cave underground mine.
During second-quarter 2019, PT-FI achieved important milestones related to the development of its large-scale, long-lived, high-grade underground ore bodies. In aggregate, these underground ore bodies are expected to produce large-scale quantities of copper and gold following the transition from the Grasberg open pit. PT-FI’s estimated annual capital spending on underground mine development projects is expected to average $0.7 billion per year for the four-year period 2019 through 2022, net of scheduled contributions from PT Indonesia Asahan Aluminium (Persero) (PT Inalum). In accordance with applicable accounting guidance, aggregate costs (before scheduled contributions from PT Inalum), which are expected to average $0.9 billion per year for the four-year period 2019 through 2022, will be reflected as an investing activity in FCX’s cash flow statement, and contributions from PT Inalum will be reflected as a financing activity. Considering the long-term nature and size of these projects, actual costs could vary from these estimates.
Grasberg Block Cave. PT-FI has commenced extraction of ore from the Grasberg Block Cave underground mine, which is the same ore body historically mined from the surface in the Grasberg open pit. During second-quarter 2019, undercutting, drawbell construction and ore extraction activities in the Grasberg Block Cave underground mine exceeded expectations. Ore extraction from the Grasberg Block Cave underground mine averaged 7,400 metric tons of ore per day in second-quarter 2019 and is expected to ramp up to 15,000 metric tons of ore per day by the end of 2019. Monitoring data on cave propagation in the Grasberg Block Cave underground mine is providing increased confidence in growing production rates over time. As existing drawpoints mature and additional drawpoints are added, cave expansion is expected to accelerate production rates from an average of 30,000 metric tons of ore per day in 2020 to 130,000 metric tons of ore per day in 2023 from five production blocks spanning 335,000 square meters.
Deep Mill Level Zone (DMLZ). The DMLZ underground mine, located east of the Grasberg ore body and below the Deep Ore Zone (DOZ) underground mine, has commenced production. Hydraulic fracturing operations have been effective in managing rock stresses and pre-conditioning the cave following mining-induced seismic activity experienced in 2017 and 2018. In second-quarter 2019, undercutting and drawbell construction were in line with expectations, and ore extraction exceeded expectations. Ore extraction from the DMLZ underground mine averaged 7,700 metric tons of ore per day in second-quarter 2019 and is expected to ramp up to 11,000 metric tons of ore per day by the end of 2019. Ongoing hydraulic fracturing operations combined with continued undercutting and drawbell openings in the two production blocks are expected to expand the cave, supporting higher production rates that are expected to average 28,000 metric tons of ore per day in 2020 and 80,000 metric tons of ore per day in 2022 from three production blocks.
Contacts
Freeport-McMoRan Inc.
Financial Contacts:
Kathleen L. Quirk, 602-366-8016
David P. Joint, 504-582-4203
Media Contact:
Linda S. Hayes, 602-366-7824