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Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter and Six-Month 2005 Results

Posted on: Tuesday, 19 July 2005, 09:01 CDT

HIGHLIGHTS

-- Second-quarter 2005 net income of $175.2 million, $0.91 per

fully diluted share, compared with a net loss of $53.3

million, $0.30 per share, for the second quarter of 2004.

-- Second-quarter 2005 sales totaled 313.7 million pounds of

copper and 616.4 thousand ounces of gold compared with 205.1

million pounds of copper and 351.1 thousand ounces of gold in

the second quarter of 2004.

-- Projected annual sales for 2005 total approximately 1.47

billion pounds of copper and 2.8 million ounces of gold,

including 380 million pounds of copper and 575 thousand ounces

of gold for the third quarter and 450 million pounds of copper

and 1,025 thousand ounces of gold for the fourth quarter.

-- FCX's operating cash flows totaled $458.3 million for the

second quarter of 2005 and $620.5 million for the first half

of 2005. If prices of $1.40 per pound of copper and $420 per

ounce of gold were realized for the remainder of 2005, FCX

estimates its 2005 operating cash flows would exceed $1.2

billion.

-- Total debt at June 30, 2005, approximated $1.78 billion, $1.20

billion net of $585.4 million of cash, a net reduction of

approximately $200 million year-to-date.

-- Second-quarter 2005 purchases of 2.4 million FCX common shares

for $80.2 million, average price of $33.83 per share.

Approximately 14.2 million shares remain available under the

Board authorized program.

-- Common stock dividends during the first half of 2005 totaled

$179.7 million, $1.00 per share, including $90.0 million for a

supplemental dividend of $0.50 per share paid on March 31,

2005.

-- FCX's Board of Directors authorized an additional supplemental

dividend of $0.50 per share to be paid on September 30, 2005

to shareholders of record on September 15, 2005.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported second-quarter 2005 net income applicable to common stock of $175.2 million, $0.91 per fully-diluted share, compared with a net loss of $53.3 million, $0.30 per share, for the second quarter of 2004. For the six months ended June 30, 2005, FCX reported net income of $305.6 million, $1.62 per fully-diluted share, compared with a net loss of $72.9 million, $0.39 per share, in the 2004 period. Results for the 2005 periods primarily reflect substantially higher copper and gold sales volumes and prices than the 2004 periods, which were adversely affected by lower ore grades and reduced mill throughput as PT Freeport Indonesia (PT-FI), FCX's Indonesian mining unit, completed its efforts to restore safe access to the higher-grade ore areas in its Grasberg open-pit mine following the fourth-quarter 2003 slippage and debris flow events. First-half 2004 earnings were reduced by approximately $40 million, $0.21 per share, associated with Atlantic Copper's, FCX's wholly owned Spanish smelting unit, scheduled major maintenance turnaround. SUMMARY FINANCIAL TABLE Second Quarter Six Months -------------------------------------------- 2005 2004 2005 2004 -------------------------------------------- (In Thousands, Except Per Share Amounts) ---------------------------------------------------------------------- Revenues $902,909 $486,334 $1,705,974 $846,519 Operating income 430,443 46,702 788,042 88,078 Net income (loss) applicable to common stock(a) 175,247 (53,311) 305,642 (72,862) Diluted net income (loss) per share of common stock(b) $0.91 $(0.30) $1.62 $(0.39) Diluted average common shares outstanding(b) 219,990 175,202 220,516 186,570(c) ---------------------------------------------------------------------- a) After preferred dividends. See note (e) to the Consolidated Statements of Operations. b) Diluted net income per share for the 2005 periods reflects assumed conversion of FCX's 7% Convertible Senior Notes and 5 1/2% Convertible Perpetual Preferred Stock, resulting in the exclusion of interest expense totaling $10.3 million and dividends totaling $15.1 million for the second quarter and interest of $20.6 million and dividends of $30.3 million for the first six months of 2005, and the inclusion of 39.8 million shares for the second quarter and 39.7 million shares for the first six months of 2005. These instruments were not dilutive for the 2004 periods. c) On March 30, 2004, FCX purchased 23.9 million of its common shares from Rio Tinto.

James R. Moffett, Chairman of the Board of FCX, and Richard C. Adkerson, President and Chief Executive Officer of FCX, said, "Our second quarter and first half 2005 financial results reflect favorable market conditions for copper and gold as we mine high ore grades at our Grasberg operations. We look forward to continued strong results as we gain access to higher grade material in the balance of the year. We anticipate strong cash flows, allowing us to continue to strengthen our financial condition and provide returns to shareholders as we seek to maximize the values of our long-lived reserves."

PT-FI PRODUCTION AND SALES

PT-FI achieved significantly higher production and sales in the second quarter of 2005, reflecting higher ore grades and milling rates than in the 2004 second quarter. Realized copper and gold prices also were significantly higher than in the 2004 second quarter. Second-quarter copper and gold sales were below previous estimates (approximately 8 percent for copper and 5 percent for gold) as a result of lower ore grades and unplanned mill downtime associated with maintenance and power issues. Second Quarter Six Months ------------------------------------- 2005 2004 2005 2004 ---------------------------------------------------------------------- Copper (000s of recoverable pounds): Production 302,300 209,300 637,900 316,400 Sales 313,700 205,100 641,800 310,500 Average realized price per pound $1.53 $1.22 $1.54 $1.24 Gold (recoverable ounces): Production 591,300 364,900 1,200,700 490,200 Sales 616,400 351,100 1,211,700 474,900 Average realized price per ounce $428.23 $389.97 $427.54 $393.80 ----------------------------------------------------------------------

Second-quarter 2005 copper ore grades averaged 0.98 percent, compared with 0.82 percent for the second quarter of 2004. Second-quarter 2005 copper recovery rates were 87.4 percent, compared with 88.2 percent for the second quarter of 2004. Gold ore grades averaged 1.43 grams per metric ton (g/t) in the second quarter of 2005, compared with 0.95 g/t for the second quarter of 2004. Gold recovery rates averaged 83.8 percent for the second quarter of 2005, compared with 84.6 percent for the second quarter of 2004.

Mill throughput, which varies depending on ore types being processed, averaged 211,800 metric tons of ore per day in the second quarter of 2005 compared with 164,200 metric tons of ore in the second quarter of 2004. The lower than anticipated mill rates in the second quarter of 2005 were impacted by unplanned downtime for mill maintenance during late June and the processing of hard ore. Mill rates are projected to average in excess of 220,000 metric tons of ore per day during the remainder of 2005. PT-FI will continue to optimize mill rates to maximize metal production.

Production from PT-FI's Deep Ore Zone (DOZ) underground mine averaged 42,300 metric tons of ore per day in the second quarter of 2005, representing 20 percent of mill throughput. DOZ continued to perform above design capacity of 35,000 metric tons of ore per day. PT-FI is expanding the capacity of the DOZ underground operation to a sustained rate of 50,000 metric tons per day with the installation of a second crusher and additional ventilation, expected to be completed by 2007. The DOZ mine, a block cave operation, is one of the world's largest underground mines.

Realized copper prices improved by 25 percent to an average of $1.53 per pound in the second quarter of 2005 from $1.22 in the second quarter of 2004. London Metal Exchange (LME) copper prices approximated $1.63 per pound on July 18, 2005. Realized gold prices improved by 10 percent to an average of $428.23 per ounce in the second quarter of 2005 from $389.97 in the second quarter of 2004. London gold prices approximated $420 per ounce on July 18, 2005.

PT-FI has revised its mine plans to incorporate second-quarter results and to reflect updated sequencing plans in the Grasberg open pit. PT-FI's share of sales for 2005 is expected to approximate 1.47 billion pounds of copper and 2.8 million ounces of gold. At the Grasberg mine, the sequencing in mining areas with varying ore grades causes fluctuations in the timing of ore production, which impacts sales volumes, particularly for gold. Second-half 2005 sales volumes are expected to be 29 percent higher for copper and 32 percent higher for gold than during the first half of the year. PT-FI expects its sales to approximate 380 million pounds of copper and 575 thousand ounces of gold for the third quarter of 2005 and 450 million pounds of copper and 1,025 thousand ounces of gold for the fourth quarter of 2005. PT-FI estimates its share of sales for 2006 to approximate 1.4 billion pounds of copper and 1.9 million ounces of gold, and average annual sales for the period 2005 - 2009 to approximate 1.35 billion pounds of copper and 2.2 million ounces of gold.

At June 30, 2005, FCX's concentrate sales included 272.5 million pounds of copper, priced at an average of $1.54 per pound, subject to final pricing over the next several months. Each $0.02 change in the price realized from the June 30 price would result in an approximate $3 million effect on FCX's 2005 net income. Second-quarter 2005 adjustments to concentrate sales recognized in prior quarters increased revenues by $12.6 million ($6.7 million to net income, $0.03 per share) compared with a decrease of $5.6 million ($2.9 million to net income, $0.02 per share) in the second quarter of 2004. UNIT NET CASH COSTS Second Quarter Six Months ----------------------------- 2005 2004 2005 2004 ---------------------------------------------------------------------- Per pound of copper: Site production and delivery, after adjustments $0.71 $0.84 $0.65 $1.04 Gold and silver credits (0.87) (0.69) (0.83) (0.63) Treatment charges and royalties 0.27 0.25 0.27 0.26 ------ ------ ------ ------ Unit net cash costs(a) $0.11 $0.40 $0.09 $0.67 ---------------------------------------------------------------------- a) 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 attached presentation, "Product Revenues and Production Costs."

PT-FI's unit net cash costs, including gold and silver credits, averaged $0.11 per pound of copper during the second quarter of 2005. The significant reduction in unit net cash costs from the second quarter of 2004 reflects the expected increase in 2005 sales of copper and gold following PT-FI's accelerated waste removal efforts in 2004. Unit site production and delivery costs will vary with fluctuations in production volumes because of the primarily fixed nature of PT-FI's cost structure. Unit site production and delivery costs are net of deferred mining costs of $0.07 per pound ($20.6 million) in the second quarter of 2005 compared with $0.15 per pound ($31.5 million) in the second quarter of 2004. PT-FI's second-quarter 2005 waste-to-ore ratio averaged 3.3 to 1, compared with a life-of-mine average ratio of 2.4 to 1. PT-FI's waste-to-ore ratio is expected to average approximately 2.9 to 1 in the balance of the year. Pursuant to new accounting guidance in EITF Issue No. 04-6, stripping costs are to be included in costs of sales as incurred beginning in 2006.

Assuming second-half 2005 average copper prices of $1.40 per pound and average gold prices of $420 per ounce and current annual sales estimates, PT-FI estimates that its annual 2005 unit net cash costs, including gold and silver credits, would approximate $0.05 per pound, net of deferred mining costs of $0.05 per pound. PT-FI's site production and delivery costs have been negatively affected by continued increases in energy costs, currency exchange rates, higher maintenance costs and other factors. Unit net cash costs for 2005 would change by approximately $0.03 per pound for each $25 per ounce change in the average price of gold for the balance of the year. Forecasted unit net cash costs are calculated on the same basis as the historical unit net costs discussed above and reconciled in the attached presentation, "Product Revenues and Production Costs."

SMELTER OPERATIONS

FCX's investment in smelters serves an important role in its concentrate marketing strategy. Through downstream integration, FCX assures placement of a significant portion of its concentrate production. While low smelter treatment and refining charges in recent years adversely affected the results of FCX's smelter operations, they benefited the operating results of PT-FI's mining operations. Market rates for treatment and refining charges increased significantly beginning in late 2004. Higher treatment and refining charges will benefit FCX's smelter operations and adversely affect its mining operations. Taking into account taxes and minority ownership interests, an equivalent change in smelting and refining charges essentially offset in FCX's consolidated operating results.

Atlantic Copper treated 246,900 metric tons of concentrate and scrap in the second quarter of 2005, compared with 129,500 metric tons in the year-ago period, reflecting the major maintenance turnaround occurring during the prior year period. Atlantic Copper reported production of 137.8 million pounds of cathodes and sales of 140.8 million pounds of cathodes for the second quarter of 2005 compared with 67.5 million pounds of cathode production and cathode sales of 102.4 million pounds during the second quarter of 2004. Treatment charges received by Atlantic Copper averaged $0.21 per pound during the second quarter of 2005 and $0.15 per pound during the second quarter of 2004. As discussed above, treatment charge rates began to increase in late 2004 and Atlantic Copper expects these higher rates to benefit its 2005 operations, with Atlantic Copper's average rates projected to approximate $0.23 per pound in the balance of the year at current copper prices. Cathode cash unit costs averaged $0.18 per pound in the second quarter of 2005 and $0.57 per pound for the year-ago period. Unit costs in 2004 were adversely affected by lower production primarily because of the scheduled major maintenance turnaround, which began in March 2004 and ended in May 2004 and added $0.35 per pound to 2004's second-quarter cash unit costs.

Atlantic Copper reported breakeven operating results for the second quarter of 2005, compared with $39.9 million of operating losses in the 2004 period. During the second quarter of 2004, Atlantic Copper's maintenance turnaround adversely affected costs and volumes resulting in an approximate $35.0 million higher operating loss, including an approximate $11.5 million impact from lower volumes. Each $0.01 change in treatment and refining charge rates equates to approximately $6 million in Atlantic Copper's annual operating income.

PT Smelting, PT-FI's 25 percent-owned Indonesian smelting unit, treated 230,700 metric tons of concentrates in the second quarter of 2005, compared with 135,400 metric tons in the year-ago period, reflecting the major maintenance turnaround that was completed during the prior year period. PT Smelting reported quarterly production of 146.1 million pounds of cathodes for the 2005 period compared with 86.9 million pounds during the second quarter of 2004. PT Smelting's cathode cash unit costs per pound totaled $0.10 per pound in the second quarter of 2005 and $0.22 per pound in the year-ago period, reflecting the benefit of higher volumes in 2005. PT-FI's equity interest in PT Smelting's earnings (losses) totaled $2.6 million, $0.01 per share, in the second quarter of 2005 compared to $(2.5) million, $0.01 per share, in the 2004 quarter.

FCX defers recognition of profits on PT-FI's sales to Atlantic Copper and on 25 percent of PT-FI's sales to PT Smelting until the final sales to third parties occur. These net deferrals will be recognized in future periods and resulted in an addition to FCX's net income totaling $25.7 million, $0.12 per share, in the second quarter of 2005, compared with a reduction of $4.9 million, $0.03 per share, in the second quarter of 2004. FCX's net income for the first half of 2005 was reduced by $8.5 million, $0.04 per share, for changes in intercompany profits, compared with an addition of $19.8 million, $0.11 per share in the first half of 2004. At June 30, 2005, FCX's net deferred profits to be recognized in net income in future periods totaled $50.5 million. Based on copper prices of $1.40 per pound and gold prices of $420 per ounce for the remainder of 2005 and current shipping schedules, FCX estimates that the net change in deferred profits on intercompany sales will result in an increase to net income of approximately $5 million in the third quarter of 2005 and a decrease to net income of approximately $35 million in the fourth quarter. The periodic change in deferred intercompany profits may differ substantially because of changes in the timing of shipments to affiliated smelters and metal prices.

EXPLORATION and MINE DEVELOPMENT ACTIVITIES

PT-FI's exploration efforts in 2005 are focused on potential extensions of the Mill Level Zone (MLZ) and Deep MLZ deposits to the northwest, expansion of the Deep Grasberg resource and testing downward extensions of the Dom deposit. FCX continues to assess the timing of resumption of exploration activities in areas outside the existing producing area of the Grasberg mining district.

In 2004, PT-FI commenced its Common Infrastructure project, which will provide access to its large undeveloped underground ore bodies located in the Grasberg mining district through a tunnel system located approximately 400 meters deeper than its existing underground tunnel system. The Common Infrastructure project is progressing according to plan.

PT-FI is also proceeding with plans to develop Big Gossan, a high-grade deposit located near the existing milling complex. The engineering design for Big Gossan includes 44 million metric tons of ore, grading 2.5 percent copper and 1.2 g/t of gold, expected to yield aggregate (i.e. including our joint venture partner's share) payable copper of 2.3 billion pounds and aggregate payable gold of 1.1 million ounces. Aggregate capital expenditures for Big Gossan to be incurred over a four-year period beginning in 2006 total approximately $225 million, $195 million net to PT-FI, with a ramp-up to full production of 7,000 metric tons per day by 2010 (average annual aggregate incremental production of 135 million pounds of copper and 65,000 ounces of gold, with PT-FI receiving 60 percent of these amounts).

CASH FLOWS and DEBT

FCX generated operating cash flows totaling $458.3 million during the second quarter of 2005 and $620.5 million for the first half of 2005. Using estimated sales volumes for the remainder of 2005 and assuming prices of $1.40 per pound of copper and $420 per ounce of gold for the remainder of 2005, FCX would generate operating cash flows in excess of $1.2 billion in 2005, with over $600 million in the second half of the year. Each $0.10 per pound change in copper prices in the balance of the year would affect 2005 cash flows by approximately $40 million and each $25 per ounce change in gold prices would affect 2005 cash flows by approximately $20 million. Capital expenditures totaled $33.0 million for the second quarter of 2005 and $59.3 million for the first half of 2005. FCX's capital expenditures for 2005 are estimated to approximate $180 million.

Total debt at June 30, 2005 approximated $1.78 billion, $1.20 billion net of $585.4 million of unrestricted cash. Total debt was reduced by $169.8 million in the first half of 2005, including prepayment of $187.0 million of bank debt in the first quarter. Scheduled debt maturities for the second half of 2005 total $25.0 million, including $17.5 million for the partial redemption of FCX's mandatorily redeemable silver preferred stock. FCX is continuing to assess opportunities to repay debt in advance of scheduled maturities.

FINANCIAL POLICY

Based on current mine plans and subject to future copper and gold prices, FCX expects its cash flows to exceed budgeted capital expenditures and scheduled debt maturities, providing opportunities to reduce debt further and return cash to shareholders through dividends and share purchases.

During the second quarter, FCX purchased 2.4 million shares of its common stock for $80.2 million, an average of $33.83 per share. FCX has purchased a total of 5.8 million shares under the Board authorized 20-million share open market purchase program for $179.7 million, an average of $31.22 per share. As of July 18, 2005, 14.2 million shares remain available under the program. The timing of future purchases of FCX's common stock is dependent upon a number of factors including the price of its common shares, its cash flows and financial position, copper and gold prices and general economic and market conditions.

Common stock dividends totaled $44.9 million in the second quarter of 2005 and $179.7 million ($1.00 per share) in the first half of 2005, including $90 million ($0.50 per share) for the supplemental dividend paid on March 31, 2005.

FCX announced today that its Board of Directors authorized an additional supplemental dividend of $0.50 per share to be paid on September 30, 2005 to shareholders of record on September 15, 2005. Based on approximately 177 million common shares outstanding on June 30, 2005, the supplemental dividend payment will approximate $88.5 million. The potential payment of any future supplemental dividends will be determined by FCX's Board of Directors and will be dependent upon many factors, including FCX's cash flows and financial position, copper and gold prices and general economic and market conditions. FCX's Board of Directors will continue to review FCX's dividend policy.

FCX explores for, develops, mines and processes ore containing copper, gold and silver in Indonesia, and smelts and refines copper concentrates in Spain and Indonesia. Additional information on FCX is available on our web site, www.fcx.com.

Cautionary Statement and Regulation G Disclosure. This press release contains forward-looking statements in which we discuss factors we believe may affect our performance in the future. Forward-looking statements are all statements other than historical facts, such as statements regarding projected ore grades and milling rates, projected sales volumes, projected unit net cash costs, projected treatment charge rates, projected exploration costs, projected operating cash flows, the impact of copper and gold price changes, and the impact of changes in deferred intercompany profits on earnings. Accuracy of the projections depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The declaration and payment of dividends is at the discretion of the Company's Board of Directors and will depend on the Company's cash flows and financial position, copper and gold prices and general economic and market conditions. FCX cautions readers that it assumes no obligation to update or publicly release any revisions to the projections in this press release and, except to the extent required by applicable law, does not intend to update or otherwise revise the projections more frequently than quarterly. This press release includes forward looking statements regarding geologic resources not included in reserves. The geologic resources described in this press release will not qualify as reserves until comprehensive engineering studies establish their economic feasibility. Accordingly, no assurance can be given that the estimated geologic resources not included in reserves will become proven and probable reserves. Additionally, important factors that might cause future results to differ from these projections include mine sequencing, production rates, industry risks, commodity prices, Indonesian political risks, weather-related risks, currency translation risks and other factors described in FCX's Annual Report on Form 10-K for the year ended December 31, 2004, filed with the Securities and Exchange Commission.

This press release also contains certain financial measures such as unit net cash costs per pound of copper and cathode cash unit costs per pound of copper. As required by Securities and Exchange Commission Regulation G, reconciliations of these measures to amounts reported in FCX's consolidated financial statements are provided in the attachments to this press release.

A copy of this press release is available on our web site, "www.fcx.com." A conference call with securities analysts about second-quarter 2005 results is scheduled for today at 10:00 a.m. EDT. The conference call will be broadcast on the Internet along with slides. Interested parties may listen to the webcast live and view the slides by accessing "www.fcx.com." A replay of the webcast will be available through Friday, August 12, 2005. FREEPORT-McMoRan COPPER & GOLD INC. SELECTED OPERATING DATA Second Quarter Six Months ------------------- --------------------- 2005 2004 2005 2004 ---------- -------- ---------- ---------- PT Freeport Indonesia, Net of Rio Tinto's Interest Copper (recoverable) Production (000s of pounds) 302,300 209,300 637,900 316,400 Production (metric tons) 137,100 94,900 289,300 143,500 Sales (000s of pounds) 313,700 205,100 641,800 310,500 Sales (metric tons) 142,300 93,000 291,100 140,800 Average realized price per pound $1.53 $1.22 $1.54 $1.24 Gold (recoverable ounces) Production 591,300 364,900 1,200,700 490,200 Sales 616,400 351,100 1,211,700 474,900 Average realized price per ounce $428.23 $389.97 $427.54 $393.80 Silver (recoverable ounces) Production 1,020,400 838,000 2,318,000 1,396,800 Sales 1,057,700 824,900 2,328,000 1,378,200 Average realized price per ounce $7.04 $6.15 $7.02 $6.14 PT Freeport Indonesia, 100% Aggregate Ore milled (metric tons per day) 211,800 164,200 205,600 158,000 Average ore grade Copper (percent) .98 .82 1.06 .67 Gold (grams per metric ton) 1.43 .95 1.52 .69 Gold (ounce per metric ton) .046 .031 .049 .022 Silver (grams per metric ton) 4.54 4.01 4.89 3.57 Silver (ounce per metric ton) .146 .129 .157 .115 Recovery rates (percent) Copper 87.4 88.2 88.5 86.6 Gold 83.8 84.6 83.3 81.5 Silver 53.2 56.0 55.6 53.0 Copper (recoverable) Production (000s of pounds) 349,200 229,000 739,500 347,900 Production (metric tons) 158,400 103,900 335,400 157,800 Sales (000s of pounds) 362,500 224,100 743,900 340,900 Sales (metric tons) 164,400 101,600 337,400 154,600 Gold (recoverable ounces) Production 727,400 383,600 1,491,300 514,900 Sales 758,600 369,600 1,501,800 499,700 Silver (recoverable ounces) Production 1,211,500 878,700 2,599,500 1,447,600 Sales 1,256,700 862,000 2,614,200 1,424,600 Second Quarter Six Months ----------------- ----------------- 2005 2004 2005 2004 -------- -------- -------- -------- Atlantic Copper Concentrate and scrap treated (metric tons) 246,900 129,500 462,700 316,600 Anodes Production (000s of pounds) 159,400 80,200 306,800 206,900 Production (metric tons) 72,300 36,300 139,200 93,800 Sales (000s of pounds) 15,300 2,600 36,200 5,500 Sales (metric tons) 6,900 1,200 16,400 2,500 Cathodes Production (000s of pounds) 137,800 67,500 269,500 196,300 Production (metric tons) 62,500 30,600 122,200 89,000 Sales (including wire rod and wire) (000s of pounds) 140,800 102,400 273,400 214,400 (metric tons) 63,900 46,500 124,000 97,300 Gold sales in anodes and slimes (ounces) 178,900 49,000 246,200 176,800 Cathode cash unit cost per pound(a) $0.18 $0.57 $0.18 $0.36 PT Smelting, 25%-owned by PT Freeport Indonesia Concentrate treated (metric tons) 230,700 135,400 457,100 302,700 Anodes Production (000s of pounds) 153,100 74,900 304,400 173,800 Production (metric tons) 69,500 33,900 138,100 78,800 Sales (000s of pounds) - - 100 100 Sales (metric tons) - - - - Cathodes Production (000s of pounds) 146,100 86,900 289,600 183,900 Production (metric tons) 66,300 39,400 131,400 83,400 Sales (000s of pounds) 145,500 89,700 289,200 181,700 Sales (metric tons) 66,000 40,700 131,200 82,400 Cathode cash unit cost per pound(b) $0.10 $0.22 $0.10 $0.17 (a) For a reconciliation of cathode cash unit costs per pound to production costs applicable to sales reported in FCX's consolidated financial statements refer to the attached presentation, "Cathode Cash Unit Costs." (b) For a reconciliation of cathode cash unit costs per pound to equity in PT Smelting's earnings (losses) reported in FCX's consolidated financial statements refer to the attached presentation, "Cathode Cash Unit Costs." FREEPORT-McMoRan COPPER & GOLD INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended June 30, June 30, --------------------- ---------------------- 2005 2004 2005 2004 --------- -------- ---------- -------- (In Thousands, Except Per Share Amounts) Revenues $ 902,909(a) $486,334(a) $1,705,974(a) $846,519(a) Cost of sales: Production and delivery 390,586(b) 371,679(b) 755,592(b) 647,291(b) Depreciation and amortization 54,159 42,590 111,085 68,000 ---------- --------- ----------- --------- Total cost of sales 444,745 414,269 866,677 715,291 Exploration expenses 2,342 2,787 4,262 5,014 General and administrative expenses 25,379(c) 22,576(c) 46,993(c) 38,136(c) ---------- --------- ----------- --------- Total costs and expenses 472,466 439,632 917,932 758,441 ---------- --------- ----------- --------- Operating income 430,443 46,702 788,042 88,078 Equity in PT Smelting earnings (losses) 2,562 (2,548) 5,158 (2,906) Interest expense, net (35,292) (39,339) (72,840) (72,729) Gains (losses) on early extinguishment and conversion of debt - 643 37 (14,000) Other income (expense), net 8,143(d) (368)(d) 16,095(d) 3,174(d) ---------- --------- ----------- --------- Income before income taxes and minority interests 405,856 5,090 736,492 1,617 Provision for income taxes (188,684) (38,210) (352,712) (56,551) Minority interests in net income of consolidated subsidiaries (26,800) (5,118) (47,888) (2,687) ---------- --------- ----------- --------- Net income (loss) 190,372 (38,238) 335,892 (57,621) Preferred dividends(e) (15,125) (15,073) (30,250) (15,241) ---------- --------- ----------- --------- Net income (loss) applicable to common stock $ 175,247 $(53,311) 305,642 (72,862) ========== ========= =========== ========= Net income (loss) per share of common stock: Basic $0.98 $(0.30) $1.71 $(0.39) ========= ========= =========== ========== Diluted $0.91 $(0.30) $1.62 $(0.39) ========= ========= =========== ========== Average common shares outstanding: Basic 178,324 175,202 178,822 186,570(f) ========= ======== =========== ========== Diluted 219,990(g) 175,202(g) 220,516(g) 186,570(f,g) ========= ======== =========== ========== Dividends paid per share of common stock $0.25 $0.20 $1.00 $0.40 ========= ======== =========== ========= (a) Includes adjustments to prior period concentrate sales totaling $12.6 million for the 2005 quarter, $(5.6) million for the 2004 quarter, $8.7 million for the 2005 six-month period and $7.2 million for the 2004 six-month period. (b) Amounts are net of deferred mining costs of $20.6 million for the second quarter of 2005, $31.5 million for the second quarter of 2004, $52.8 million for the 2005 six-month period and $57.7 million for the 2004 six-month period. The pro forma impact of applying the new accounting rules described in Note a on page IV would be to reduce net income by $12.1 million or $0.06 per share for the second quarter of 2005, $12.8 million or $0.07 per share for the second quarter of 2004, $28.1 million or $0.13 per share for the 2005 six-month period and $28.0 million or $0.15 per share for the 2004 six-month period. (c) Includes Rio Tinto's share of joint venture reimbursements for employee stock option exercises which increased (decreased) general and administrative expenses by $(0.1) million for the 2005 quarter, $0.8 million for the 2004 quarter, $(3.0) million for the 2005 six-month period and $(4.9) million for the 2004 six-month period. (d) Includes net benefits (charges) totaling $3.4 million for the 2005 quarter, $(0.2) million for the 2004 quarter, $6.3 million for the 2005 six-month period and $1.8 million for the 2004 six-month period associated with the impact of movements in the US$/euro exchange rate on Atlantic Copper's non-operating euro-denominated liabilities. Interest income totaled $3.3 million for the 2005 quarter, $1.8 million for the 2004 quarter, $7.0 million for the 2005 six-month period and $3.2 million for the 2004 six-month period. (e) Preferred dividends relate to FCX's 5 1/2% Convertible Perpetual Preferred Stock sold on March 30, 2004. (f) On March 30, 2004, FCX purchased 23.9 million of its common shares from Rio Tinto. (g) Diluted net income per share for the 2005 periods reflect assumed conversion of FCX's 7% Convertible Senior Notes and 5 1/2% Convertible Perpetual Preferred Stock, resulting in the exclusion of interest charged to expense totaling $10.3 million and dividends totaling $15.1 million for the second quarter and interest of $20.6 million and dividends of $30.3 million for the six-month period, and the inclusion of 39.8 million shares for the second quarter and 39.7 million shares for the six-month period. These instruments were not dilutive for the 2004 periods. FREEPORT-McMoRan COPPER & GOLD INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, 2005 2004 ------------ ------------ (In Thousands) ASSETS Current assets: Cash and cash equivalents $ 585,434 $ 551,450 Restricted cash 500 500 Accounts receivable 302,184 435,062 Inventories 435,248 466,712 Prepaid expenses and other 9,975 6,223 ------------ ------------ Total current assets 1,333,341 1,459,947 Property, plant, equipment and development costs, net 3,146,065 3,199,292 Deferred mining costs 273,225(a) 220,415(a) Other assets 152,697 159,539 Investment in PT Smelting 52,936 47,802 ------------ ------------ Total assets $ 4,958,264 $ 5,086,995 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 346,862 $ 386,590 Current portion of long-term debt and short-term borrowings 193,706 78,214 Accrued income taxes 110,165 92,346 Rio Tinto share of joint venture cash flows 59,890 60,224 Unearned customer receipts 52,981 33,021 Accrued interest payable 46,981 47,167 ------------ ------------ Total current liabilities 810,585 697,562 Long-term debt, less current portion: Senior notes 900,386 911,336 Convertible senior notes 575,000 575,000 Equipment and other loans 61,303 67,624 Atlantic Copper debt 39,210 4,426 Redeemable preferred stock 12,501 179,880 PT Puncakjaya Power bank debt - 135,426 ------------ ------------ Total long-term debt, less current portion 1,588,400 1,873,692 Accrued postretirement benefits and other liabilities 203,949 200,228 Deferred income taxes 938,210 932,416 Minority interests 196,134 219,448 Stockholders' equity: Convertible perpetual preferred stock 1,100,000 1,100,000 Class B common stock 28,621 28,496 Capital in excess of par value of common stock 1,886,486 1,852,816 Retained earnings 730,528 604,680 Accumulated other comprehensive income 9,588 11,342 Common stock held in treasury (2,534,237) (2,433,685) ------------ ------------ Total stockholders' equity 1,220,986 1,163,649 ------------ ------------ Total liabilities and stockholders' equity $ 4,958,264 $ 5,086,995 ============ ============ (a) In March 2005, the Financial Accounting Standards Board ratified Emerging Issues Task Force (EITF) Issue No. 04-6, "Accounting for Stripping Costs Incurred during Production in the Mining Industry," which requires that stripping costs be considered costs of the extracted minerals and recognized as a component of inventory to be recognized in cost of sales in the same period as the revenue from the sale of inventory. As a result, capitalization of stripping costs is appropriate only to the extent product inventory exists at the end of a reporting period. The guidance in EITF Issue No. 04-6 is effective for financial statements issued for fiscal years beginning after December 15, 2005, with early adoption permitted. FCX expects to adopt the guidance on January 1, 2006, with the most significant impacts of adoption being the deferred mining costs asset on FCX's balance sheet, net of taxes and minority interest share, will be charged to retained earnings and future stripping costs will be charged to cost of sales as incurred. Adoption of the new guidance will have no impact on FCX's cash flows. FREEPORT-McMoRan COPPER & GOLD INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30, -------------------------- 2005 2004 ---------- ----------- (In Thousands) Cash flow from operating activities: Net income (loss) $ 335,892 $ (57,621) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 111,085 68,000 (Gains) losses on early extinguishment and conversion of debt (37) 14,000 Deferred income taxes 5,327 69,564 Equity in PT Smelting (earnings) losses (5,158) 2,906 Minority interests' share of net income 47,888 2,687 Increase in deferred mining costs (52,810)(a) (57,707)(a) Amortization of deferred financing costs 4,010 4,460 Currency translation gains (6,252) (1,847) Elimination of profit on PT Freeport Indonesia sales to PT Smelting 25 1,956 Provision for inventory obsolescence 3,000 4,025 Other 14,937 5,986 (Increases) decreases in working capital: Accounts receivable 123,278 (47,949) Inventories 25,155 (33,007) Prepaid expenses and other (2,406) (63,766) Accounts payable and accrued liabilities (8,100) (28,286) Rio Tinto share of joint venture cash flows (334) (30,484) Accrued income taxes 25,011 (41,868) ---------- ----------- (Increase) decrease in working capital 162,604 (245,360) ---------- ----------- Net cash provided by (used in) operating activities 620,511 (188,951) ---------- ----------- Cash flow from investing activities: PT Freeport Indonesia capital expenditures (53,428) (59,583) Atlantic Copper capital expenditures (5,863) (15,257) Proceeds from insurance settlement 2,016 - Investment in PT Smelting and other 131 (1,219) Sale of restricted investments - 19,346 Decrease in Atlantic Copper restricted cash - 11,000 ---------- ----------- Net cash used in investing activities (57,144) (45,713) ---------- ----------- Cash flow from financing activities: Net proceeds from sale of senior notes - 344,354 Proceeds from other debt 65,647 57,708 Repayments of debt (235,249) (337,184) Redemption of preferred stock (215) (1,110) Net proceeds from sale of convertible perpetual preferred stock - 1,067,000 Purchase of FCX common shares from Rio Tinto - (881,868) Purchases of FCX common shares (80,227) (99,477) Cash dividends paid: Common stock (179,658) (74,655) Preferred stock (30,251) (5,219) Minority interests (71,425)(b) (929) Net proceeds from exercised stock options 2,016 4,030 Bank credit facilities fees and other (21) (1,886) ---------- ----------- Net cash (used in) provided by financing activities (529,383) 70,764 ---------- ----------- Net increase (decrease) in cash and cash equivalents 33,984 (163,900) Cash and cash equivalents at beginning of year 551,450 463,652 ---------- ----------- Cash and cash equivalents at end of period $ 585,434 $ 299,752 ========== =========== (a) See Note a on page IV. (b) Represents minority ownership interests' share of PT Freeport Indonesia and PT Puncakjaya Power dividends. FREEPORT-McMoRan COPPER & GOLD INC. PRODUCT REVENUES AND PRODUCTION COSTS PT FREEPORT INDONESIA PRODUCT REVENUES AND UNIT NET CASH COSTS Unit net cash costs per pound of copper is a measure intended to provide investors with information about the cash generating capacity of PT Freeport Indonesia's mining operations expressed on a basis relating to its primary metal product, copper. PT Freeport Indonesia uses this measure for the same purpose and for monitoring operating performance by its mining operations. This information differs from measures of performance determined in accordance with generally accepted accounting principles and should not be considered in isolation or as a substitute for measures of performance determined in accordance with generally accepted accounting principles. This measure is presented by other copper and gold mining companies, although PT Freeport Indonesia's measures may not be comparable to similarly titled measures reported by other companies. PT Freeport Indonesia presents gross profit per pound of copper using both a "by-product" method and a "co-product" method. PT Freeport Indonesia uses the by-product method in its presentation of gross profit per pound of copper because (1) the majority of its revenues are copper revenues, (2) it produces and sells one product, concentrates, which contains all three metals, (3) it is not possible to specifically assign PT Freeport Indonesia's costs to revenues from the copper, gold and silver it produces in concentrates, (4) it is the method used to compare mining operations in certain industry publications and (5) it is the method used by PT Freeport Indonesia's management and Board of Directors to monitor its operations. In the co-product method presentation below, costs are allocated to the different products based on their relative revenue values, which will vary to the extent our metals sales volumes and realized prices change. In both the by-product and the co-product method calculations below, PT Freeport Indonesia shows adjustments to revenues for prior period open sales as separate line items. Because the copper pricing adjustments do not result from current period sales, PT Freeport Indonesia has reflected these separately from revenues on current period sales. Noncash and nonrecurring costs, which consist of items such as write-offs of equipment or unusual charges, have not been material. They are removed from site production and delivery costs in the calculation of unit net cash costs. As discussed above, gold and silver revenues are reflected as credits against site production and delivery costs in the by-product method. Presentations under both methods are shown below together with a reconciliation to amounts reported in FCX's consolidated financial statements. FREEPORT-McMoRan COPPER & GOLD INC. PRODUCT REVENUES AND PRODUCTION COSTS Three Months Ended June 30, 2005 -------------- Co-Product Method By-Product -------------------------------------------- (In Thousands) Method Copper Gold Silver Total ---------- ---------- ----------- --------- -------- Revenues, after adjustments shown below $ 480,076 $ 480,076 $ 264,040 $ 7,406 $751,522 Site production and delivery, before net noncash and nonrecurring costs shown below 221,071(a) 141,221(b) 77,671(b) 2,179(b) 221,071 Gold and silver credits (271,446) - - - - Treatment charges 67,867 43,354 23,844 669 67,867 Royalty on metals 17,741 11,333 6,233 175 17,741 ---------- ---------- ----------- --------- -------- Unit net cash costs 35,233 195,908 107,748 3,023 306,679 Depreciation and amortization 44,217 28,246 15,535 436 44,217 Noncash and nonrecurring costs, net 2,284 1,459 802 23 2,284 ---------- ---------- ----------- --------- -------- Total unit costs 81,734 225,613 124,085 3,482 353,180 Revenue adjustments, primarily for pricing on prior period open sales 12,472 12,472 - - 12,472 PT Smelting intercompany profit elimination 2,552 1,630 897 25 2,552 ---------- ---------- ----------- --------- -------- Gross profit $ 413,366 $ 268,565 $ 140,852 $ 3,949 $413,366 ========== ========== =========== ========= ======== Pounds of copper sold (000s) 313,700 313,700 Ounces of gold sold 616,400 Ounces of silver sold 1,057,700 Gross profit per pound of copper (cents)/per ounce of gold and silver ($): Revenues, after adjustments shown below 153.4(cents) 153.4(cents) $428.23 $7.04 ---------- ---------- ------------- ----------- Site production and delivery, before net noncash and nonrecurring costs shown below 70.5(a) 45.0(b) 126.01(b) 2.06(b) Gold and silver credits (86.5) - - - Treatment charges 21.6 13.8 38.68 0.63 Royalty on metals 5.7 3.6 10.11 0.17 ---------- ---------- ------------- ----------- Unit net cash costs 11.3 62.4 174.80 2.86 Depreciation and amortization 14.1 9.0 25.20 0.41 Noncash and nonrecurring costs, net 0.7 0.5 1.30 0.02 ---------- ---------- ------------- ----------- Total unit costs 26.1 71.9 201.30 3.29 Revenue adjustments, primarily for pricing on prior period open sales 3.7 3.6 0.12 (0.03) PT Smelting intercompany profit elimination 0.8 0.5 1.45 0.02 ---------- ---------- ------------- ----------- Gross profit per pound/ounce 131.8(cents) 85.6(cents) $228.50 $3.74 ========== ========== ============= =========== Reconciliation to Amounts Reported (In Thousands) Production Depreciation and and Revenues Delivery Amortization ---------- ---------- ------------- Totals presented above $ 751,522 $ 221,071 $ 44,217 Net noncash and nonrecurring costs per above N/A 2,284 N/A Less: Treatment charges per above (67,867) N/A N/A Royalty per above (17,741) N/A N/A Revenue adjustments, primarily for pricing on prior period open sales per above 12,472 N/A N/A ---------- ---------- ------------- Mining and exploration segment 678,386 223,355 44,217 Smelting and refining segment 331,897 321,909 7,141 Eliminations and other (107,374) (154,678) 2,801 ---------- ---------- ------------- As reported in FCX's consolidated financial statements $ 902,909 $ 390,586 $ 54,159 ========== ========== ============= (a) Net of deferred mining costs totaling $20.6 million or 6.6(cents) per pound. Upon adoption of EITF Issue No. 04-6, mining costs will no longer be deferred. See Note a on page IV. (b) Net of deferred mining costs totaling $13.2 million or 4.2(cents) per pound for copper, $7.2 million or $11.74 per ounce for gold and $0.2 million or $0.19 per ounce for silver. See Note a above and Note a on page IV. FREEPORT-McMoRan COPPER & GOLD INC. PRODUCT REVENUES AND PRODUCTION COSTS (continued) Three Months Ended June 30, 2004 -------------- Co-Product Method By-Product ------------------------------------------- (In Thousands) Method Copper Gold Silver Total ---------- ---------- ----------- -------- -------- Revenues, after adjustments shown below $ 251,178 $ 251,178 $ 136,115 $ 4,951 $392,244 Site production and delivery, before net noncash and nonrecurring costs shown below 172,371(a) 110,380(b) 59,815(b) 2,176(b) 172,371 Gold and silver credits (141,066) - - - - Treatment charges 43,407 27,796 15,063 548 43,407 Royalty on metals 7,875 5,043 2,733 99 7,875 ---------- ---------- ----------- -------- -------- Unit net cash costs 82,587 143,219 77,611 2,823 223,653 Depreciation and amortization 33,417 21,399 11,596 422 33,417 Noncash and nonrecurring costs, net 2,872 1,839 997 36 2,872 ---------- ---------- ----------- -------- -------- Total unit costs 118,876 166,457 90,204 3,281 259,942 Revenue adjustments, primarily for pricing on prior period open sales (10,121) (10,121) - - (10,121) PT Smelting intercompany profit elimination (10,273) (6,578) (3,565) (130) (10,273) ---------- ---------- ----------- -------- -------- Gross profit $ 111,908 $ 68,022 $ 42,346 $ 1,540 $111,908 ========== ========== =========== ======== ======== Pounds of copper sold (000s) 205,100 205,100 Ounces of gold sold 351,100 Ounces of silver sold 824,900 Gross profit per pound of copper (cents)/per ounce of gold and silver ($): Revenues, after adjustments shown below 122.0(cents) 122.0(cents) $389.97 $6.15 ---------- ---------- ------------- --------- Site production and delivery, before net noncash and nonrecurring costs shown below 84.0(a) 53.8(b) 170.37(b) 2.64(b) Gold and silver credits (68.8) - - - Treatment charges 21.2 13.6 42.90 0.66 Royalty on metals 3.8 2.5 7.78 0.12 ---------- ---------- ------------- --------- Unit net cash costs 40.2 69.9 221.05 3.42 Depreciation and amortization 16.3 10.4 33.03 0.51 Noncash and nonrecurring costs, net 1.4 0.9 2.84 0.04 ---------- ---------- ------------- --------- Total unit costs 57.9 81.2 256.92 3.97 Revenue adjustments, primarily for pricing on prior period open sales (4.5) (4.4) (2.29) (0.15) PT Smelting intercompany profit elimination (5.0) (3.2) (10.15) (0.16) ---------- ---------- ------------- --------- Gross profit per pound/ounce 54.6(cents) 33.2(cents) $120.61 $1.87 ========== ========== ============= ========= Reconciliation to Amounts Reported (In Thousands) Production Depreciation and and Revenues Delivery Amortization ---------- ---------- ------------- Totals presented above $ 392,244 $ 172,371 $ 33,417 Net noncash and nonrecurring costs per above N/A 2,872 N/A Less: Treatment charges per above (43,407) N/A N/A Royalty per above (7,875) N/A N/A Revenue adjustments, primarily for pricing on prior period open sales per above (10,121) N/A N/A ---------- ---------- ------------- Mining and exploration segment 330,841 175,243 33,417 Smelting and refining segment 171,736 201,542 7,028 Eliminations and other (16,243) (5,106) 2,145 ---------- ---------- ------------- As reported in FCX's consolidated financial statements $ 486,334 $ 371,679 $ 42,590 ========== ========== ============= (a) Net of deferred mining costs totaling $31.5 million or 15.4(cents) per pound. Upon adoption of EITF Issue No. 04-6, mining costs will no longer be deferred. See Note a on page IV. (b) Net of deferred mining costs totaling $20.2 million or 9.8(cents) per pound for copper, $10.9 million or $31.14 per ounce for gold and $0.4 million or $0.48 per ounce for silver. See Note a above and Note a on page IV. FREEPORT-McMoRan COPPER & GOLD INC. PRODUCT REVENUES AND PRODUCTION COSTS (continued) Six Months Ended June 30, 2005 ------------- Co-Product Method By-Product ------------------------------------------- (In Thousands) Method Copper Gold Silver Total ---------- ---------- ---------- --------- ---------- Revenues, after adjustments shown below $ 995,096 $ 995,096 $ 515,038 $ 16,506 $1,526,640 Site production and delivery, before net noncash and nonrecurring costs shown below 414,425(a) 270,131(b) 139,813(b) 4,481(b) 414,425 Gold and silver credits (531,544) - - - - Treatment charges 139,353 90,833 47,013 1,507 139,353 Royalty on metals 36,519 23,804 12,320 395 36,519 ----------- ---------- ---------- --------- ---------- Unit net cash costs 58,753 384,768 199,146 6,383 590,297 Depreciation and amortization 91,142 59,408 30,749 985 91,142 Noncash and nonrecurring costs, net 2,808 1,831 947 30 2,808 ----------- ---------- ---------- --------- ---------- Total unit costs 152,703 446,007 230,842 7,398 684,247 Revenue adjustments, primarily for pricing on prior period open sales 15,016 15,016 - - 15,016 PT Smelting intercompany profit elimination (25) (16) (9) - (25) ----------- ---------- ---------- --------- ---------- Gross profit $ 857,384 $ 564,089 $ 284,187 $ 9,108 $ 857,384 =========== ========== ========== ========= ========== Pounds of copper sold (000s) 641,800 641,800 Ounces of gold sold 1,211,700 Ounces of silver sold 2,328,000 Gross profit per pound of copper (cents)/per ounce of gold and silver ($): Revenues, after adjustments shown below 154.2(cents) 154.2(cents) $427.54 $7.02 ----------- ---------- ------------- ----------- Site production and delivery, before net noncash and nonrecurring costs shown below 64.6(a) 42.1(b) 115.39(b) 1.92(b) Gold and silver credits (82.8) - - - Treatment charges 21.7 14.2 38.80 0.65 Royalty on metals 5.7 3.7 10.17 0.17 ----------- ---------- ------------- ----------- Unit net cash costs 9.2 60.0 164.36 2.74 Depreciation and amortization 14.2 9.3 25.38 0.42 Noncash and nonrecurring costs, net 0.4 0.3 0.78 0.01 ----------- ---------- ------------- ----------- Total unit costs 23.8 69.6 190.52 3.17 Revenue adjustments, primarily for pricing on prior period open sales 3.2 3.3 (2.47) 0.06 PT Smelting intercompany profit elimination - - (0.01) - ----------- ---------- ------------- ----------- Gross profit per pound/ounce 133.6(cents) 87.9(cents) $234.54 $3.91 =========== ========== ============= =========== Reconciliation to Amounts Reported (In Thousands) Production Depreciation and and Revenues Delivery Amortization ----------- ---------- ------------- Totals presented above $1,526,640 $ 414,425 $ 91,142 Net noncash and nonrecurring costs per above N/A 2,808 N/A Less: Treatment charges per above (139,353) N/A N/A Royalty per above (36,519) N/A N/A Revenue adjustments, primarily for pricing on prior period open sales per above 15,016 N/A N/A ----------- ---------- ------------- Mining and exploratio

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