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3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc.

Freeport-Mcmoran Inc. · Oct 21, 2009 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 1
    3rd Quarter 2009 Earnings Conference Call October 21, 2009 www.fcx.com
  2. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 2
    3Q09 Highlights Sales Data 3Q09 3Q08 Copper Consolidated Volumes (mm lbs) 1,000 1,016 Average Realization (per lb) 2.75 3.14 Site Production & Delivery Unit Costs (1) (per lb) 1.15 1.66 Unit Net Cash Costs (1) (per lb) 0.50 1.29…
  3. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 3
    Strong Operating & Cost Performance in 3Q09 Strong Volumes Consolidated sales volumes Access to high-grade higher than July estimates* section of the Grasberg Open Pit Cu +10% (90 mm lbs) Solid Results in the Au +28% (156 k ozs)…
  4. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 4
    Quarterly Operating Highlights 3Q09 Unit Production Costs (per pound of copper) North South America America Indonesia Consolidated(1) Cash Unit Costs Site Production & Delivery(2) 1.22 1.14 1.10 1.15 Royalties(2) - - 0.12 0.04…
  5. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 5
    Markets 2,000 400 1,750 350 1,500 300 000s Metric Tons Cents Per Pound LME Copper Price 250 1,250 1,000 200 750 150 500 100 250 50 LME & COMEX Exchange Stocks* 0 0 Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02…
  6. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 6
    Sales Profile 2007 - 2010e Gold Sales (million ozs) Copper Sales (billion lbs) 3 2.5 2.3 5 1.9 2 1.3 4.1 1 3.9 4.0 4 3.8 0 2007 2008 2009e 2010e Pro Forma* 3 ____________________ Note: Consolidated gold sales include…
  7. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 7
    2009e Quarterly Payable Metal Sales Gold Sales (thousand ozs) Copper Sales (million lbs) 837 1,250 800 706 545 1,102 600 425 1,020 1,000 400 1,000 915 200 0 1Q09 2Q09 3Q09 4Q09e 750 ____________________ Note: Consolidated…
  8. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 8
    2009e Sales and Unit Production Costs by Region 2009e Sales by Region (1) North America South America Indonesia 2.4 1,385 1,370 1,165 56 Au Cu Mo Cu mm ozs Cu Au mm lbs mm lbs mm lbs 0.1 mm lbs mm ozs North South (per…
  9. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 9
    A World of Opportunities Exploration Targets in Major Mineral Districts Safford/Lone Star/Morenci District South Cerro Verde America 16% Exploration North Tenke Fungurume/Africa in 2009e America Africa 24% 35% 75 million…
  10. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 10
    EBITDA and Cash Flow at Various Copper Prices 2010e Annual EBITDA (900 Gold & 8 Molybdenum) 10 (US billions) 8 6 4 2 0 Cu 2.25/lb Cu 2.75/lb Cu 3.25/lb 2010e Annual Operating Cash Flow (excluding Working Capital changes)…
  11. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 11
    Sensitivities 2010e Operating Change EBITDA Cash Flow (US millions) Copper: -/+ 0.10/lb 375 260 Molybdenum: -/+ 1.00/lb 55 45 Gold: -/+ 50/ounce 90 50 Diesel (1): -/+ 10% 35 25 Purchased Power (2): -/+ 10% 40 25 Currencies (3):…
  12. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 12
    Capital Expenditures (1) Major Projects All Other (US billions) 3.0 2.7 2.5 1.1 2.0 1.5 1.4 1.4 1.0 0.6 0.7 1.6 0.5 0.8 (2) 0.7 (3) 0.0 2008 2009e 2010e (1) Capital expenditure estimates will continue to be reviewed and…
  13. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 13
    Development Project Update North and South America Miami Mine Restart Restart of the Miami mine Ramp up to 100MM lbs Cu/year by second half 2011 40MM project, primarily mining equipment 12/31/08 reserves of 600MM lbs Cu Cerro…
  14. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 14
    El Abra Sulfolix Project Resume construction activities for the project, deferred as a result of market conditions at the end of 2008 Large sulfide mineral deposit underlying current oxide pit New leach pad & modifications to…
  15. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 15
    Long-Term Underground Mine Development in Indonesia Several large-scale underground projects to develop significant underground reserves DOZ approaching expanded 80,000 t/d rates Grasberg open pit Big Gossan mine small,…
  16. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 16
    Tenke Fungurume During 3Q09, 54MM lbs Cu produced & 40MM lbs Cu sold; 1MM lbs Co produced Construction activities substantially complete; cobalt plant operating & acid plant started up in 3Q09 Ramping up to full capacity;…
  17. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 17
    Tenke Fungurume Project Highlights Largest Investment in DRC - 2.0 billion World-Class Design & Construction Significant Infrastructure Upgrades Expanding Social & Community Programs Workers install a liner for the Tailings…
  18. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 18
    Balance Sheet Debt at 9/30/09: 6.6 Billion; Cash at 9/30/09: 2.3 Billion Significant Liquidity Strong Credit Metrics No Near-term Maturities 638 MM in Senior Note Repayments Through October 20* - 340 MM in 6% Senior Notes -…
  19. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 19
    FCX Debt Maturities 9/30/09 6,000 (US millions) Total Debt & Cash at 9/30/09 5,000 (US billions) Public Debt 6.3 Other Debt 0.3 4,000 3,990 Total Debt 6.6 8.375% Consolidated Cash 2.3 Senior Notes 3,000 and PD 2,402…
  20. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 20
    Financial Policy Maintain Strong Balance Sheet & Liquidity Position Aggressive Cost Management Invest in Attractive Growth Projects as Economic Conditions Warrant Opportunistic Debt Repayment Board Action to Reinstate Common…
  21. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 21
    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…
  22. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 22
    Reference Slides 23
  23. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 23
    Grasberg Open Pit 9N 8E 7S 9S 8S N 24
  24. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 24
    PT-FI Mine Plan PT-FIs Share of Metal Sales, 2009e-2013e 2009e 2013e PT-FI Share Copper, billion lbs Total: 6.1 billion lbs copper Gold, million ozs Annual Average: 1.2 billion lbs 2009e 2013e PT-FI Share Total: 9.1 million ozs…
  25. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 25
    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…
  26. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 26
    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…
  27. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 27
    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…
  28. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 28
    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…
  29. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 29
    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%…
  30. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 30
    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…
  31. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 31
    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% CuEq…
  32. 3rd Quarter 2009 Earnings Conference Call – Freeport-Mcmoran Inc. – slide 32
    Mining Sequence in 2013 Copper Equivalent Cross Section A B 9N and 9S are the Primary Ore Pushbacks in 2013 9S Grasberg Plan View End B 2012 9N A Legend: 2013 0.25 - 0.99 0.50 0.99% CuEq % Eq Cu 1.00 - 1.99 1.00…

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