1st Quarter 2008 Earnings Conference Call April 23, 2008 www.fcx.com
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1Q08 Unit Production Costs (per pound of copper) North South America America Indonesia Consolidated Cash Unit Costs Site Production & Delivery 1.64 1.08 1.86 1.47 Royalties(1) 0.00 0.00 0.12 0.03 Treatment Charges 0.09 0.21…
1Q08 Copper Price Impact Spot Price Increased From 3.01/lb at Start of Year to 3.86/lb at Quarter End Approximately Half of Sales in Any Quarter are Provisionally Priced and Subject to Final Pricing Quarter-end Price is a Major…
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Development Project Update North America Copper Safford Mine Development Miami Mine Restart Major new mine in Arizona Restart of the Miami mine completed 100MM lbs Cu/year by 2010 SX/EW facility continues to 100MM project, primarily…
Development Project Update North America Molybdenum Climax Primary Moly Mine Restart 500MM brownfield project Primary crusher Open-pit operation Construction of new mill with Covered ore stockpile Pebble crusher restart by…
Development Project Update South America El Abra Sulfide Large sulfide mineral deposit El Abra underlying current oxide pit E-W Section Original Topography Environmental impact study Current Pit approved by Chilean Government…
Development Project Update Indonesia Underground Mine Development DOZ Expansion - Operated at record 61K mt*/d in 1Q08 - Further expansion to 80K under way with targeted completion by 2010 Initiating mine development activities…
Development Project Update Democratic Republic of Congo Tenke Fungurume Mine Development Engineering, procurement & construction activities continue; concrete work, steel tank erection, structural steel & infrastructure…
Development Project Update Democratic Republic of Congo Leach Tanks & CCD Stockpile & Heavy Duty Shop Dump Pocket Reagent Storage SAG Mill Leach & CCD Cobalt Precipitation Electrowinning Electrical Substation…
Copper Reserves & Mineralized Material Estimates as of 12/31/07 16
A World of Opportunities Exploration Targets in Major Mineral Districts 80 drill rigs operating around the world Safford/Lone Star/Morenci Cerro Verde Tenke Fungurume Grasberg District SW US Indonesia Africa South America 17
Exploration Drives the Mine Plan Aggregate 2008e Exploration: 180 million North America Lone Star, South America Morenci & Others 38% 14% Africa Indonesia Tenke 22% Deep Grasberg, 21% Fungurume Kucing Liar, & & Kisanfu other…
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EBITDA and Cash Flow at Various Copper Prices Average Annual EBITDA 2008e-2009e (900 Gold & 30 Molybdenum) 15 (US billions) 13 11 9 7 5 Cu 3.00/lb Cu 3.50/lb Cu 4.00/lb Average Annual Operating Cash Flow 2008e-2009e (900…
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Average Annual Excess Cash Flow (1) 2008e 2009e ( in billions, except copper, gold and molybdenum prices) 5 Copper Sensitivities with 900 Gold/30 Molybdenum Op. Cash Flow After CAPEX & MI Distributions 4 Available for…
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Reference Slides 27
Grasberg District Ore Bodies At year-end 2007, we arrived at the start of the Grasberg BC terminal Grasberg In 2008, we will begin development of Grasberg UG Grasberg BC infrastructure Pit December 2007 5.5 km* from the Portal…
Grasberg Open Pit 9N 8N 8E 7S 8S N 1Q0829
PT-FI Mine Plan PT-FIs Share of Metal Sales, 2008e-2012e Copper, billion lbs Gold, million ozs 2008e 2012e PT-FI Share 2008e 2012e PT-FI Share Total: 6.0 billion lbs Total: 7.8 million ozs Annual Average: 1.2 billion lbs Annual…
Mining Sequence in 2008 Copper Equivalent Cross Section A B 7S is the Primary Ore Pushback in 2008 8E 7S Grasberg Plan View B End 2007 1Q08 A Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00 1.99% CuEq %…
Mining Sequence in 2008 Copper Equivalent Cross Section A B 7S is the Primary Ore Pushback in 2008 8E 7S Grasberg Plan View B End 2007 2Q08 A Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00 1.99% CuEq %…
Mining Sequence in 2008 Copper Equivalent Cross Section A B 7S is the Primary Ore Pushback in 2008 8E 7S Grasberg Plan View B End 2007 3Q08 A Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00 1.99% CuEq…
Mining Sequence in 2008 Copper Equivalent Cross Section A B 7S is the Primary Ore Pushback in 2008 8E Grasberg Plan View 7S B End 2007 A 4Q08 Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00 1.99% CuEq…
Mining Sequence in 2009 Copper Equivalent Cross Section A B 7S and 8E/8S are the Primary Ore Pushbacks in 2009 8E Grasberg Plan View B End 7S 2008 A 2009 Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00…
Mining Sequence in 2010 Copper Equivalent Cross Section A B 8E/8S is the Primary Ore Pushback in 2010 9N Grasberg Plan View B 8E End 8E/8S 2009 A Legend: 2010 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00…
Mining Sequence in 2011 Copper Equivalent Cross Section A B 8E/8S and 9N are the Primary Ore Pushbacks in 2011 9N* Grasberg Plan View End B 2010 8E/8S A Legend: 0.25 - 0.99 0.99% CuEq 2011 0.50 % Eq Cu 1.00 - 1.99…
Mining Sequence in 2012 Copper Equivalent Cross Section A B 9N is the Primary Ore Pushback in 2012 9N* Grasberg Plan View B End 2011 2012 A Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00 1.99% CuEq %…
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