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Freeportmcmoran Inc (FCX) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Freeport-McMoRan, Inc

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CIK: 831259 Ticker: FCX

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Freeport-McMoRan
Reports Second-Quarter and Six-Month 2021 Results
•Strong financial results and cash flow generation
•Ramp-up of Grasberg underground mines advancing on schedule
•Favorable operational and market outlook
•Achieved balance sheet targets - positioned for increasing cash returns to shareholders and advancement of long-term organic growth in accordance with previously announced financial policy
▪Net income attributable to common stock in second-quarter 2021 totaled $1.08 billion, $0.73 per share, and adjusted net income attributable to common stock totaled $1.14 billion, or $0.77 per share, after adjusting for net charges totaling $56 million, $0.04 per share.
▪Consolidated sales totaled 929 million pounds of copper, 305 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2021. Consolidated sales for the year 2021 are expected to approximate 3.85 billion pounds of copper, 1.3 million ounces of gold and 86 million pounds of molybdenum, including 1.035 billion pounds of copper, 360 thousand ounces of gold and 21 million pounds of molybdenum in third-quarter 2021.
▪Average realized prices in second-quarter 2021 were $4.34 per pound for copper, $1,794 per ounce for gold and $13.11 per pound for molybdenum.
▪Average unit net cash costs in second-quarter 2021 were $1.48 per pound of copper (including nonrecurring labor-related charges at Cerro Verde of $0.07 per pound of copper) and are expected to average $1.35 per pound of copper for the year 2021.
▪Operating cash flows totaled $2.4 billion (including $0.5 billion of working capital and other sources) in second-quarter 2021 and $3.5 billion (including $0.2 billion of working capital and other sources) for the first six months of 2021. Based on current sales volume and cost estimates, and assuming average prices of $4.25 per pound for copper, $1,800 per ounce for gold and $16.00 per pound for molybdenum for the second half of 2021, operating cash flows are expected to approximate $7.5 billion (including $0.4 billion of working capital and other sources) for the year 2021.
▪Capital expenditures totaled $0.4 billion (including approximately $0.3 billion for major projects) in second-quarter 2021 and $0.8 billion (including approximately $0.6 billion for major projects) for the first six months of 2021. Capital expenditures for the year 2021, excluding Indonesia smelter expenditures, are expected to approximate $2.2 billion, including $1.4 billion for major projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia.
▪At June 30, 2021, consolidated debt totaled $9.7 billion and consolidated cash and cash equivalents totaled $6.3 billion, resulting in net debt of $3.4 billion (refer to the supplemental schedule, "Net Debt," on page IX). FCX had no borrowings and $3.5 billion available under its revolving credit facility at June 30, 2021.









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The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, July 22, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Freeport-McMoRan, Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Consolidated Statement Of Equity (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations (Unaudited)
Business Segments
Business Segments (Product Revenue) (Details)
Business Segments (Segment Reporting) (Details)
Business Segments (Tables)
Contingencies And Commitments (Unaudited)
Contingencies And Commitments (Unaudited) - Other Matters (Details)
Debt And Equity
Debt And Equity (Details)
Debt And Equity (Tables)
Earnings Per Share (Unaudited) Earnings Per Share (Details)
Earnings Per Share (Unaudited) Earnings Per Share (Notes)
Earnings Per Share (Unaudited) Earnings Per Share (Tables)
Fair Value Measurement
Fair Value Measurement (Fair Value Measurement Inputs) (Details)
Fair Value Measurement (Tables)
Fair Value Measurement (Unobservable Inputs) (Details)
Financial Instruments (Derivative) (Details)
Financial Instruments (Tables)
Financial Instruments (Unaudited)
Financial Instruments (Unrealized Gains Losses) (Details)
Financial Instruments (Unsettled Derivatives) (Details)
General Information (Unaudited)
General Information (Unaudited) (Details)
Income Taxes (Unaudited)
Income Taxes (Unaudited) (Details)
Income Taxes (Unaudited) (Tables)
Inventories, Including Long-Term Mill And Leach Stockpiles (Unaudited)
Inventories, Including Long-Term Mill And Leach Stockpiles (Unaudited) (Details)
Inventories, Including Long-Term Mill And Leach Stockpiles (Unaudited) (Tables)
Ticker: FCX
CIK: 831259
Form Type: 10-Q Quarterly Report
Accession Number: 0000831259-21-000029
Submitted to the SEC: Thu Aug 05 2021 2:22:32 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Metal Mining

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