Freeport-McMoRan reports its Q3 2020 output of all metals was down, financials up

Highlights

• Strong execution of operating plans
• Third-quarter copper and gold sales 6-7% above July 2020 estimates
• Ramp-up of Grasberg underground advancing on schedule
• Lone Star copper leach project complete and ramp-up on track
• Solid cost and capital management
• Strong cash flow generation

▪ Net income attributable to common stock totaled $329 million, $0.22 per share, in third-quarter 2020.
After adjusting for debt extinguishment costs and other net charges totaling $101 million, $0.07 per share, third-quarter 2020 adjusted net income attributable to common stock totaled $430 million, or $0.29 per share.
▪ Consolidated sales totaled 848 million pounds of copper, 234 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2020.
▪ Consolidated sales for the year 2020 are expected to approximate 3.18 billion pounds of copper, 0.8 million ounces of gold and 80 million pounds of molybdenum, including 840 million pounds of copper, 270 thousand ounces of gold and 21 million pounds of molybdenum in fourth-quarter 2020. Consolidated sales for the year 2021 are expected to increase to 3.85 billion pounds of copper and 1.4 million ounces of gold.
▪ Average realized prices in third-quarter 2020 were $3.01 per pound for copper, $1,902 per ounce for gold and $9.23 per pound for molybdenum.
▪ Average unit net cash costs in third-quarter 2020 were $1.32 per pound of copper and are expected to average $1.49 per pound of copper for the year 2020 and less than $1.20 per pound of copper for the year 2021.
▪ Operating cash flows totaled $1.2 billion (including $0.2 billion from working capital and other sources) in third-quarter 2020 and $1.7 billion (including $0.3 billion from working capital and other sources) for the first nine months of 2020.

Freeport-McMoRan Inc. (NYSE: FCX) reported net income (loss) attributable to common stock of $329 million, $0.22 per share, in third-quarter 2020 and $(109) million, $(0.08) per share, for the
first nine months of 2020. After adjusting for debt extinguishment costs and other net charges totaling $101 million, $0.07 per share, adjusted net income attributable to common stock totaled $430 million, $0.29 per share, in thirdquarter 2020.


Richard C. Adkerson, President and Chief Executive Officer, said, “Our seasoned, motivated and value-focused global organization delivered strong results during the third quarter and continues to
demonstrate the ‘Freeport Edge’. Our team is protecting the health of our workforce and communities where we operate as a first priority, as we serve customers, operate efficiently and advance significant growth in production. Our strong cash flows in the third quarter, growing volumes, effective cost management and positive market outlook for our products provide momentum to continue to strengthen our balance sheet, increase returns to shareholders and generate long-term values for all stakeholders.”

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