Freeport-McMoRan, Inc (FCX) 10-K Annual Report February 2020


▪	Net income attributable to common stock totaled $9 million, less than $0.01 per share, in fourth-quarter 2019. After adjusting for net charges of $22 million, $0.02 per share, fourth-quarter 2019 adjusted net income attributable to common stock totaled $31 million, or $0.02 per share.


▪	Consolidated sales totaled 906 million pounds of copper, 317 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2019, and 3.3 billion pounds of copper, 991 thousand ounces of gold and 90 million pounds of molybdenum for the year 2019.


▪	Consolidated sales for the year 2020 are expected to approximate 3.5 billion pounds of copper, 0.8 million ounces of gold and 88 million pounds of molybdenum, including 725 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2020. Sales are expected to increase to 4.3 billion pounds of copper and 1.4 million ounces of gold in 2021.


▪	Average realized prices in fourth-quarter 2019 were $2.74 per pound for copper, $1,491 per ounce for gold and $11.65 per pound for molybdenum.


▪	Average unit net cash costs in fourth-quarter 2019 were $1.67 per pound of copper and $1.74 per pound of copper for the year 2019. Unit net cash costs are expected to average $1.75 per pound of copper for the year 2020.

▪

Operating cash flows totaled $170 million in fourth-quarter 2019 and $1.5 billion (including $349 million of working capital and other sources) for the year 2019. Based on current sales volume and cost estimates, and assuming average prices of $2.85 per pound for copper, $1,500 per ounce for gold and $10.00 per pound for molybdenum, operating cash flows are expected to approximate $2.4 billion (including $0.2 billion of working capital and other sources) for the year 2020.

▪

Capital expenditures totaled $0.7 billion (including approximately $0.4 billion for major projects) in fourth-quarter 2019 and $2.65 billion (including approximately $1.5 billion for major projects) for the year 2019. Capital expenditures for the year 2020 are expected to approximate $2.8 billion, including $1.8 billion for major projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia and completion of the Lone Star copper leach project in Arizona, and exclude estimates associated with the new smelter in Indonesia. FCX expects capital expenditures for the development of the new smelter in Indonesia to approximate $0.5 billion in 2020, of which approximately 49 percent will be attributable to FCX's equity interest.


▪	During fourth-quarter 2019, FCX generated $452 million in proceeds from asset sales associated with the previously announced sales of a portion of its Freeport Cobalt business and its interest in the lower zone of the Timok exploration project.


▪	At December 31, 2019, consolidated debt totaled $9.8 billion and consolidated cash totaled $2.0 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at December 31, 2019.


▪	On December 18, 2019, FCX declared a quarterly cash dividend of $0.05 per share on its common stock, which will be paid on February 3, 2020.



Freeport-McMoRan		1

The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, January 23, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

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Freeport-McMoRan, Inc provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.14: Material Contract

Exhibit 14.1: Code Of Ethics

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 24.1: Power Of Attorney

Exhibit 24.2: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 95.1: Exhibit 95.1

Ticker: FCX
CIK: 831259
Form Type: 10-K Annual Report
Accession Number: 0000831259-20-000004
Submitted to the SEC: Fri Feb 14 2020 3:59:58 PM EST
Accepted by the SEC: Fri Feb 14 2020
Period: Tuesday, December 31, 2019
Industry: Metal Mining

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Freeportmcmoran Inc (FCX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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