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Freeport-McMoRan Copper & Gold Inc. Reports Fourth-Quarter and Year Ended December 31, 2009 Results

By Martin | February 8, 2010

The principal metals Freeport McMoran mine across four continents are copper, gold and molybdenum. The North American operations comprise five operating copper mines and one operating molybdenum mine located in Arizona, New Mexico, and Colorado. In South America, they operate four copper mines in Peru and Chile, which include open-pit and underground mining. In the Republic of Indonesia, through PT Freeport Indonesia, they mine, process and explore for ore containing copper, gold and silver. In Africa, they are developing the Tenke Fungurume deposit in the Democratic Republic of Congo, which is believed to be the largest undeveloped copper/cobalt deposit in the world.

Freeport-McMoRan Copper & Gold’s estimated consolidated reserves include 102.0 billion pounds of copper, 40.0 million ounces of gold, 2.48 billion pounds of molybdenum, 266.6 million ounces of silver and 0.7 billion pounds of cobalt.
The company’s portfolio of assets include the Grasberg mining complex, the world’s largest recoverable copper reserve and the largest gold reserve, significant mining operations in the Americas, including the large scale Morenci/Safford minerals district in North America and the Cerro Verde and El Abra operations in South America, and the potential world-class Tenke Fungurume development project in the Democratic Republic of Congo.
They expect to produce more than 4 billion pounds of copper per year for the next several years. For a look at global copper reserves and current copper production from our existing mines by region,
Company Asset based

OUTLOOK

Projected sales volumes for 2010 approximate 3.8 billion pounds of copper, 1.8 million ounces of gold and 60 million pounds of molybdenum, including 890 million pounds of copper, 490 thousand ounces of gold and 15 million pounds of molybdenum in the first quarter of 2010. The sequencing in mining areas with varying ore grades, primarily at Grasberg, causes fluctuations in the timing of ore production, and is expected to result in fluctuations in quarterly sales of copper and gold in 2010. The achievement of FCX’s sales estimates will be dependent on the achievement of targeted mining rates, the successful operation of production facilities, the impact of weather conditions and other factors. Using estimated sales volumes for 2010 and assuming average prices of $3.25 per pound of copper, $1,100 per ounce of gold and $12 per pound of molybdenum for the year 2010, FCX’s consolidated operating cash flows, net of an estimated $0.4 billion of working capital requirements, are estimated to approximate $5.3 billion in 2010. The impact of price changes on FCX’s operating cash flows in 2010 would approximate $260 million for each $0.10 per pound change for copper, $50 million for each $50 per ounce change for gold and $45 million for each $1 per pound change for molybdenum.
FCX’s capital expenditures are currently estimated to approximate $1.7 billion for 2010. Capital expenditures for major projects in 2010 are expected to approximate $0.8 billion, which primarily includes underground development activities at Grasberg and the sulfide ore project at El Abra. Capital spending plans will continue to be reviewed and adjusted in response to changes in market conditions and other factors.

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