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

Freeport-McMoRan, Inc

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CIK: 831259 Ticker: FCX

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Freeport-McMoRan
Reports Third-Quarter and Nine-Month 2021 Results
•Strong financial results and cash flow generation
•Ongoing success with ramp-up of Grasberg underground mines
•Favorable operational and market outlook
•Evaluating future organic growth opportunities
•Positioned for increasing cash returns to shareholders
•Advancing climate initiatives
▪Net income attributable to common stock in third-quarter 2021 totaled $1.4 billion, $0.94 per share, and adjusted net income attributable to common stock totaled $1.3 billion, or $0.89 per share, after excluding net credits totaling $79 million, $0.05 per share.
▪Consolidated sales totaled 1.033 billion pounds of copper, 402 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2021. Consolidated sales for the year 2021 are expected to approximate 3.8 billion pounds of copper, 1.3 million ounces of gold and 85 million pounds of molybdenum, including 1.025 billion pounds of copper, 375 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2021.
▪Average realized prices in third-quarter 2021 were $4.20 per pound for copper, $1,757 per ounce for gold and $18.61 per pound for molybdenum.
▪Average unit net cash costs in third-quarter 2021 were $1.24 per pound of copper and are expected to average $1.33 per pound of copper for the year 2021 and $1.26 per pound of copper in fourth-quarter 2021.
▪Operating cash flows totaled $2.0 billion (including $0.2 billion of working capital and other sources) in third-quarter 2021 and $5.4 billion (including $0.4 billion of working capital and other sources) for the first nine months of 2021. Based on current sales volume and cost estimates, and assuming average fourth-quarter 2021 prices of $4.50 per pound for copper, $1,800 per ounce for gold and $19.00 per pound for molybdenum, operating cash flows are expected to approximate $7.5 billion for the year 2021.
▪Capital expenditures totaled $0.5 billion (including approximately $0.3 billion for major mining projects) in third-quarter 2021 and $1.3 billion (including approximately $0.9 billion for major mining projects and $0.1 billion for the Indonesia smelter project) for the first nine months of 2021. Capital expenditures for the year 2021 are expected to approximate $2.3 billion ($2.0 billion excluding capital expenditures for the Indonesia smelter project), including $1.3 billion for major mining projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia.
▪At September 30, 2021,
consolidated debt totaled $9.7 billion and consolidated cash and cash equivalents totaled $7.7 billion, resulting in net debt of $2.0 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 September 30, 2021.
▪FCX added two new independent directors in August 2021; Marcela E. Donadio, retired partner of Ernst & Young LLP, and Sara Grootwassink Lewis, founder of Lewis Corporate Advisors, bringing FCX’s Board of Directors (Board) to nine directors with a wide breadth of business experiences.









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The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, October 21, 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) - Litigation (Details)
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
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Income Before Income Taxes And Equity In An Affiliated Companies' Net Earnings (Details)
Inventories, Including Long-Term Mill And Leach Stockpiles
Inventories, Including Long-Term Mill And Leach Stockpiles (Tables)
Inventories, Including Long-Term Mill And Leach Stockpiles - Additional Information (Details)
Inventories, Including Long-Term Mill And Leach Stockpiles - Schedule Of Inventory (Details)
Ticker: FCX
CIK: 831259
Form Type: 10-Q Quarterly Report
Accession Number: 0000831259-21-000038
Submitted to the SEC: Thu Nov 04 2021 8:46:30 PM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Metal Mining

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