1st Quarter 2009 Earnings Conference Call April 22, 2009 www.fcx.com
Core Assets 2008 Annual Report Highlights Long-Lived Reserves with Growth Potential Geographically Diverse Operations Flexible Operating Structure Experienced Team Focused Strategy 3
1Q09 Highlights Sales Data 1Q09 1Q08 Copper Consolidated Volumes (mm lbs) 1,020 911 Average Realization (per lb) 1.72 3.69 Site Production & Delivery Unit Costs (per lb) 1.07 1.47 Unit Net Cash Costs (per lb) 0.66 1.06 Gold…
Quarterly Operating Highlights 1Q09 Unit Production Costs (per pound of copper) North South America America Indonesia Consolidated Cash Unit Costs Site Production & Delivery(1) 1.32 1.00 0.92 1.07 Royalties(1) - - 0.07 0.02…
Achieving Cost Reductions Site Production & Delivery Costs - Consolidated Consolidated Site Production & Delivery per pound Revised Operating 36% Plans Reduction 1.66 Grasberg Ore Grades 1.07 Aggressive Cost…
Achieving Cost Reductions Site Production & Delivery Costs North America North America Site Production & Delivery per pound Aggressive Cost 2.07 Management 36% Reduction Lower Input Costs 1.32 Diesel prices down 50% Power…
Provisional Pricing Under Established Commercial Arrangements, Copper Concentrates are Provisionally Priced when Shipped and are Subject to Final Pricing 1 to 4 Months Later Accounting Treatment for Provisional Sales Earnings…
Operating Plan Overview North & South America Reduced rates at Morenci, Safford and Tyrone Suspended operations at Chino; produce from leach pads Reduced mining rates in Candelaria/Ojos district Molybdenum Reduced further with an…
2009e Sales and Unit Production Costs by Region 2009e Sales by Region (1) North America South America Indonesia 2.2 1,370 1,300 1,130 50 (2) 0.1 Cu Mo Cu Au Cu Au mm lbs mm lbs mm lbs mm ozs mm lbs mm ozs 2009e 2009e 2009e…
Exploration 2008 2009e 248 million 75 million 22% 17% North America 7% 44% 34% South 20% America 4% 10% Indonesia Africa 13% 29% Activities focused on incorporating significant data Australasia obtained in 2008 into our…
EBITDA and Cash Flow at Various Copper Prices 2009e & 2010e Average Annual EBITDA (900 Gold & 8 Molybdenum) 8 (US billions) 6 4 2 0 Cu 1.50/lb Cu 2.00/lb Cu 2.50/lb 2009e & 2010e Average Annual Operating Cash Flow…
Capital Expenditures (1) Major Projects All Other (US billions) 3.0 2.7 2.5 1.1 2.0 1.5 1.3 1.0 1.0 0.6 1.6 0.5 0.5 (2) 0.7 0.5 (3) 0.0 2008 2009e 2010e (1) Capital expenditure estimates will continue to be reviewed and…
Tenke Fungurume Development Project Update Construction and commissioning activities advanced; first copper produced in March as project entered start-up phase Construction activities focused on completing the cobalt and acid…
Tenke Fungurume Development Project Update Cathodes Ready for Shipment Loaded Blanks Ready for Stripping SAG Mill Construction Site First Ore to Mill in March 1Q09 Stockpile Stockpile PLS PLS Leach SAG SAG Acid Leach…
Tenke Fungurume World-class design & construction, using modern technology and international standards for environmental management, occupational safety and social responsibility Significant infrastructure investments, including…
Underground Mine Development in Indonesia Grasberg District Ore Bodies Continuing underground development Grasberg Big Gossan mine open pit Grasberg Block Cave Expansion of the DOZ mine to 80,000 t/d with completion by 2010…
FCX Debt Maturities 3/31/09 6,000 (US millions) Total Debt & Cash at 3/31/09 5,000 (US billions) Public Debt 6.9 Other Debt 0.3 4,002 4,000 Total Debt 7.2 8.375% Senior Consolidated Cash 0.6 Notes and 3,000 PD 2,514 Senior…
Financial Policy Maintain Strong Balance Sheet & Liquidity Position Aggressive Cost Management Capital Investments Will be Limited in Current Market Environment Near-Term Focus Will be on Protecting Liquidity While Preserving…
FCX Investment Summary Worlds Premier Publicly Traded Copper Company Worlds Largest Molybdenum Producer & Significant Gold Producer Long-lived Reserves, Geographically Diverse Operations Flexible Operating Structure Can…
Reference Slides 25
Grasberg Open Pit 9N 8E 7S 9S 8S N 26
PT-FI Mine Plan PT-FIs Share of Metal Sales, 2009e-2013e Copper, billion lbs Gold, million ozs 2009e 2013e PT-FI Share 2009e 2013e PT-FI Share Total: 6.1 billion lbs Total: 8.8 million ozs Annual Average: 1.2 billion lbs Annual…
Mining Sequence in 2009 Copper Equivalent Cross Section A B 7S and 8E are the Primary Ore Pushbacks in 2009 8E 7S Grasberg Plan View End B 2008 1Q09 A Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00…
Mining Sequence in 2009 Copper Equivalent Cross Section A B 7S and 8E are the Primary Ore Pushbacks in 2009 8E Grasberg Plan View 7S End B 2008 2Q09 A Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00…
Mining Sequence in 2009 Copper Equivalent Cross Section A B 7S and 8E are the Primary Ore Pushbacks in 2009 8E Grasberg Plan View 7S End B 2008 A 3Q09 Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00…
Mining Sequence in 2009 Copper Equivalent Cross Section A B 7S and 8E are the Primary Ore Pushbacks in 2009 8E Grasberg Plan View 7S End B 2008 A 4Q09 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 is the Primary Ore Pushback in 2010 9S Grasberg Plan View End 8E B 2009 A 2010 Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00 1.99%…
Mining Sequence in 2011 Copper Equivalent Cross Section A B 8E and 9N are the Primary Ore Pushbacks in 2011 9S 9N* Grasberg Plan View End 2010 B 8E A 2011 Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00…
Mining Sequence in 2012 Copper Equivalent Cross Section A B 9N is the Primary Ore Pushback in 2012 9S 9N* Grasberg Plan View End 2011 B A 2012 Legend: 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00 1.99%…
Mining Sequence in 2013 Copper Equivalent Cross Section A B 9N and 9S are the Primary Ore Pushbacks in 2013 9S Grasberg Plan View B End 9N 2012 A Legend: 2013 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00…
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