-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SoCIT1GWpY4lejTTSya6A1yOoZyeHQLLYbFccvJ2oiIoK33o4UtYjUwttQemiuMP YiPfmpNwLfF8zX0q0Fme4A== 0000831259-09-000047.txt : 20090511 0000831259-09-000047.hdr.sgml : 20090511 20090511133818 ACCESSION NUMBER: 0000831259-09-000047 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 28 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090511 DATE AS OF CHANGE: 20090511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FREEPORT MCMORAN COPPER & GOLD INC CENTRAL INDEX KEY: 0000831259 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 742480931 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11307-01 FILM NUMBER: 09813907 BUSINESS ADDRESS: STREET 1: ONE NORTH CENTRAL AVENUE CITY: PHOENIX STATE: AZ ZIP: 85004-4414 BUSINESS PHONE: 6023668100 MAIL ADDRESS: STREET 1: 1615 POYDRAS STREET CITY: NEW ORLEANS STATE: LA ZIP: 70112 FORMER COMPANY: FORMER CONFORMED NAME: FREEPORT MCMORAN COPPER COMPANY INC DATE OF NAME CHANGE: 19910114 10-Q 1 fcx1q09_10q.htm FCX 1Q09 FORM 10-Q fcx1q09_10q.htm



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2009
OR
[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
 
To
Commission File Number: 1-9916
 
 
Freeport-McMoRan Copper & Gold Inc.
(Exact name of registrant as specified in its charter)

Delaware
74-2480931
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
 
   
One North Central Avenue
 
Phoenix, AZ
85004-4414
(Address of principal executive offices)
(Zip Code)
 
(602) 366-8100
(Registrant's telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
R Yes   o No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer R          Accelerated filer oÿ         Non-accelerated filer o          Smaller reporting company oÿ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ÿ0 Yes R No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).       ÿo Yes ÿo No

On April 30, 2009, there were issued and outstanding 411,754,522 shares of the registrant’s common stock, par value $0.10 per share.

 
 

 

FREEPORT-McMoRan COPPER & GOLD INC.

TABLE OF CONTENTS

   
 
Page
3
   
 
   
3
   
4
   
5
   
6
   
7
   
19
   
 
20
   
49
   
49
   
50
   
50
   
50
   
50
   
50
   
51
   
E-1
   


FREEPORT-McMoRan COPPER & GOLD INC.
PART I.  FINANCIAL INFORMATION

Item 1. Financial Statements.

FREEPORT-McMoRan COPPER & GOLD INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

   
March 31,
   
December 31,
 
   
2009
   
2008
 
   
(In Millions)
 
                 
ASSETS
               
Current assets:
               
Cash and cash equivalents
 
$
644
   
$
872
 
Trade accounts receivable
   
880
     
374
 
Other accounts receivable
   
830
     
838
 
Product inventories and materials and supplies, net
   
2,195
     
2,192
 
Mill and leach stockpiles
   
571
     
571
 
Other current assets
   
280
     
386
 
Total current assets
   
5,400
     
5,233
 
Property, plant, equipment and development costs, net
   
16,211
     
16,002
 
Long-term mill and leach stockpiles
   
1,147
     
1,145
 
Intangible assets, net
   
359
     
364
 
Trust assets
   
139
     
142
 
Other assets
   
452
     
467
 
Total assets
 
$
23,708
   
$
23,353
 
                 
LIABILITIES AND EQUITY
               
Current liabilities:
               
Accounts payable and accrued liabilities
 
$
1,941
   
$
2,766
 
Accrued income taxes
   
442
     
163
 
Current portion of reclamation and environmental liabilities
   
178
     
162
 
Current portion of long-term debt and short-term borrowings
   
87
     
67
 
Total current liabilities
   
2,648
     
3,158
 
Long-term debt, less current portion:
               
Senior notes
   
6,883
     
6,884
 
Project financing, equipment loans and other
   
257
     
250
 
Revolving credit facility
   
     
150
 
Total long-term debt, less current portion
   
7,140
     
7,284
 
Deferred income taxes
   
2,471
     
2,339
 
Reclamation and environmental liabilities, less current portion
   
1,967
     
1,951
 
Other liabilities
   
1,400
     
1,520
 
Total liabilities
   
15,626
     
16,252
 
Equity:
               
FCX stockholders’ equity:
               
5½% Convertible Perpetual Preferred Stock
   
832
     
832
 
6¾% Mandatory Convertible Preferred Stock
   
2,875
     
2,875
 
Common stock
   
53
     
51
 
Capital in excess of par value
   
14,760
     
13,989
 
Accumulated deficit
   
(8,224
)
   
(8,267
)
Accumulated other comprehensive loss
   
(237
)
   
(305
)
Common stock held in treasury
   
(3,409
)
   
(3,402
)
Total FCX stockholders’ equity
   
6,650
     
5,773
 
Noncontrolling interests in subsidiaries
   
1,432
     
1,328
 
Total equity
   
8,082
     
7,101
 
Total liabilities and equity
 
$
23,708
   
$
23,353
 
                 
 
The accompanying notes are an integral part of these consolidated financial statements.


FREEPORT-McMoRan COPPER & GOLD INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

                         
     
Three Months Ended
 
     
March 31,
 
         
2009
 
2008
 
         
(In Millions, Except Per
 
         
Share Amounts)
 
                         
Revenues
           
$
2,602
 
$
5,672
 
Cost of sales:
                       
Production and delivery
             
1,562
   
2,721
 
Depreciation, depletion and amortization
             
232
   
418
 
Lower of cost or market inventory adjustments
             
19
   
1
 
Total cost of sales
             
1,813
   
3,140
 
Selling, general and administrative expenses
             
62
   
84
 
Exploration and research expenses
             
30
   
52
 
Restructuring and other charges
             
25
   
 
Total costs and expenses
             
1,930
   
3,276
 
Operating income
             
672
   
2,396
 
Interest expense, net
             
(131
)
 
(165
)
Losses on early extinguishment of debt
             
   
(6
)
Other income and expense, net
             
(14
)
 
2
 
Income before income taxes and equity in affiliated companies’
               
net earnings
             
527
   
2,227
 
Provision for income taxes
             
(331
)
 
(729
)
Equity in affiliated companies’ net earnings
             
11
   
7
 
Net income
             
207
   
1,505
 
Net income attributable to noncontrolling interests in subsidiaries
         
(104
)
 
(319
)
Preferred dividends
             
(60
)
 
(64
)
Net income applicable to common stock
           
$
43
 
$
1,122
 
                         
Net income per share of common stock attributable to FCX common
               
stockholders:
                       
Basic
           
$
0.11
 
$
2.93
 
Diluted
           
$
0.11
 
$
2.64
 
                         
Average common shares outstanding:
                       
Basic
             
400
   
383
 
Diluted
             
401
   
449
 
                         
Dividends declared per share of common stock
           
$
 
$
0.4375
 
 
The accompanying notes are an integral part of these consolidated financial statements.


FREEPORT-McMoRan COPPER & GOLD INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

   
Three Months Ended
 
   
March 31,
 
   
2009
   
2008
 
   
(In Millions)
 
                 
Cash flow from operating activities:
               
Net income
 
$
207
   
$
1,505
 
Adjustments to reconcile net income to net cash (used in) provided by
               
operating activities:
               
Depreciation, depletion and amortization
   
232
     
418
 
Lower of cost or market inventory adjustments
   
19
     
1
 
Stock-based compensation
   
33
     
47
 
Charges for reclamation and environmental liabilities, including accretion
   
67
     
41
 
Losses on early extinguishment of debt
   
     
6
 
Deferred income taxes
   
73
     
(48
)
Increase in long-term mill and leach stockpiles
   
(3
)
   
(47
)
Amortization of intangible assets/liabilities and other, net
   
33
     
48
 
(Increases) decreases in working capital:
               
Accounts receivable
   
(455
)
   
(950
)
Inventories
   
(35
)
   
(81
)
Other current assets
   
77
     
1
 
Accounts payable and accrued liabilities
   
(731
)
   
(505
)
Accrued income and other taxes
   
249
     
216
 
Settlement of reclamation and environmental liabilities
   
(24
)
   
(37
)
Net cash (used in) provided by operating activities
   
(258
)
   
615
 
                 
Cash flow from investing activities:
               
Capital expenditures:
               
North America copper mines
   
(72
)
   
(151
)
South America copper mines
   
(74
)
   
(63
)
Indonesia
   
(55
)
   
(115
)
Africa
   
(251
)
   
(143
)
Other
   
(67
)
   
(36
)
Proceeds from the sale of assets and other, net
   
3
     
21
 
Net cash used in investing activities
   
(516
)
   
(487
)
                 
Cash flow from financing activities:
               
Net proceeds from sale of common stock
   
740
     
 
Proceeds from debt
   
101
     
473
 
Repayments of revolving credit facility and other debt
   
(225
)
   
(118
)
Cash dividends paid:
               
Common stock
   
     
(169
)
Preferred stock
   
(60
)
   
(64
)
Noncontrolling interests
   
     
(49
)
Net payments for stock-based awards
   
(7
)
   
(8
)
Excess tax benefit from stock-based awards
   
     
12
 
Bank fees and other
   
(3
)
   
 
Net cash provided by financing activities
   
546
     
77
 
                 
Net (decrease) increase in cash and cash equivalents
   
(228
)
   
205
 
Cash and cash equivalents at beginning of year
   
872
     
1,626
 
Cash and cash equivalents at end of period
 
$
644
   
$
1,831
 
 
The accompanying notes are an integral part of these consolidated financial statements.


FREEPORT-McMoRan COPPER & GOLD INC.
CONSOLIDATED STATEMENT OF EQUITY (Unaudited)

   
Freeport-McMoRan Copper & Gold Inc. Stockholders’ Equity
           
   
Convertible Perpetual
 
Mandatory Convertible
                 
Common Stock
           
   
Preferred Stock
 
Preferred Stock
 
Common Stock
         
Accumulated
 
Held in Treasury
 
Noncontrolling
       
   
Number
     
Number
     
Number
     
Capital in
 
Accumu-
 
Other
 
Number
     
Interests
       
   
of
 
At Par
 
of
 
At Par
 
of
 
At Par
 
Excess of
 
lated
 
Comprehensive
 
of
 
At
 
in
 
Total
 
   
Shares
 
Value
 
Shares
 
Value
 
Shares
 
Value
 
Par Value
 
Deficit
 
Loss
 
Shares
 
Cost
 
Subsidiaries
 
Equity
 
   
(In Millions)
 
                                                                               
Balance at December 31, 2008
 
1
 
$
832
   
29
 
$
2,875
   
505
 
$
51
 
$
13,989
 
$
(8,267
)
$
(305
)
 
121
 
$
(3,402
)
$
1,328
 
$
7,101
 
Sale of common stock
 
   
   
   
   
27
   
2
   
738
   
   
   
   
   
   
740
 
Exercised and issued stock-based awards
 
   
   
   
   
1
   
   
   
   
   
   
   
   
 
Stock-based compensation costs
 
   
   
   
   
   
   
33
   
   
   
   
   
   
33
 
Tender of shares for stock-based awards
 
   
   
   
   
   
   
   
   
   
   
(7
)
 
   
(7
)
Dividends on preferred stock
 
   
   
   
   
   
   
   
(60
)
 
   
   
   
   
(60
)
Comprehensive income:
                                                                             
Net income
 
   
   
   
   
   
   
   
103
   
   
   
   
104
   
207
 
Other comprehensive income,
                                                                             
net of taxes:
                                                                             
Unrealized gains on securities
 
   
   
   
   
   
   
   
   
1
   
   
   
   
1
 
Defined benefit plans:
                                                                             
Net gain during period, net of
                                                                             
taxes of $40 million
 
   
   
   
   
   
   
   
   
62
   
   
   
   
62
 
Amortization of unrecognized amounts
 
   
   
   
   
   
   
   
   
5
   
   
   
   
5
 
Other comprehensive income
 
   
   
   
   
   
   
   
   
68
   
   
   
   
68
 
Total comprehensive income
 
   
   
   
   
   
   
   
   
   
   
   
   
275
 
Balance at March 31, 2009
 
1
 
$
832
   
29
 
$
2,875
   
533
 
$
53
 
$
14,760
 
$
(8,224
)
$
(237
)
 
121
 
$
(3,409
)
$
1,432
 
$
8,082
 
                                                                               
 
The accompanying notes are an integral part of these consolidated financial statements.


FREEPORT-McMoRan COPPER & GOLD INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.  
GENERAL INFORMATION
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Copper & Gold Inc.’s (FCX) consolidated financial statements and notes contained in its 2008 Annual Report on Form 10-K. The information furnished herein reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2009, are not necessarily indicative of the results that may be expected for the year ending December 31, 2009. FCX changed Phelps Dodge Corporation’s (Phelps Dodge) legal name to Freeport-McMoRan Corporation (FMC) in 2008.

2.  
RESTRUCTURING AND OTHER CHARGES
During the fourth quarter of 2008, there was a dramatic decline in copper and molybdenum prices. After averaging $3.05 per pound in 2006, $3.23 per pound in 2007 and $3.61 per pound for the first nine months of 2008, London Metal Exchange (LME) spot copper prices declined to a four-year low of $1.26 per pound in December 2008, averaged $1.78 per pound in the fourth quarter of 2008 and closed at $1.32 per pound on December 31, 2008. Additionally, while molybdenum markets have been strong in recent years with prices averaging approximately $25 per pound in 2006, $30 per pound in 2007 and $33 per pound for the first nine months of 2008, molybdenum prices declined significantly to a four-year low of $8.75 per pound in November 2008, averaged approximately $16 per pound in the fourth quarter of 2008 and closed at $9.50 per pound on December 31, 2008.

While FCX’s long-term strategy of developing its resources to their full potential remains in place, the decline in copper and molybdenum prices in the fourth quarter of 2008 and the deterioration of the economic and credit environment have limited FCX’s ability to invest in growth projects and required FCX to make adjustments to its near-term operating plans. FCX responded to the sudden downturn and uncertain near-term outlook by revising its near-term strategy to protect liquidity while preserving its mineral resources and growth options for the longer term. Accordingly, operating plans were revised in the fourth quarter of 2008 and January 2009 to reflect: (i) curtailment of copper production at higher-cost North America operations and of molybdenum production at the Henderson molybdenum mine; (ii) capital cost reductions; (iii) aggressive cost control, including workforce reductions, reduced equipment purchases that were planned to support expansion projects, a reduction in material and supplies inventory and reductions in exploration, research and administrative costs; and (iv) suspension of FCX’s annual common stock dividend.

Charges recognized in first-quarter 2009 in connection with FCX’s revised operating plans in the fourth quarter of 2008 and January 2009 include restructuring charges of $34 million ($31 million to net income applicable to common stock or $0.07 per diluted share) for contract termination costs, other project cancellation costs, employee severance and benefit costs; partially offset by pension and postretirement gains of $9 million ($9 million to net income applicable to common stock or $0.02 per diluted share) for special retirement benefits and curtailments. The restructuring charge reflects workforce reductions (approximately 3,000 employees related to fourth-quarter 2008 revised operating plans and approximately 1,500 employees related to January 2009 revised operating plans) and other charges that reflect an approximate 50 percent total reduction in mining and crushed-leach rates at the Morenci mine in Arizona, an approximate 50 percent reduction in mining and stacking rates at the Safford mine in Arizona, an approximate 50 percent reduction in the mining rate at the Tyrone mine in New Mexico, suspension of mining and milling activities at the Chino mine in New Mexico (with limited residual copper production from leach operations), and an approximate 40 percent reduction in annual production (an approximate 25 percent reduction began in the fourth quarter of 2008) at the Henderson molybdenum mine in Colorado. In addition, the revised operating plans included decisions to defer certain capital projects, including the (i) incremental expansion projects at the Sierrita and Bagdad mines in Arizona, the Cerro Verde mine in Peru and the sulfide project at the El Abra mine in Chile, (ii) the restart of the Miami mine in Arizona and (iii) the restart of the Climax molybdenum mine in Colorado.
 

The following table reflects first-quarter 2009 activities associated with the liabilities (included in accounts payable and accrued liabilities) incurred in connection with the fourth quarter of 2008 restructuring (in millions):

 
December 31,
 
Additions/
     
March 31,
 
 
2008
 
Adjustments
 
Payments
 
2009
 
North America Copper Mines
                       
Morenci
                       
Employee severance and benefit costs
$
2
 
$
 
$
(1
)
$
1
 
Contract cancellation and other costs
 
   
5
a
 
(5
)
 
 
Other mines
                       
Employee severance and benefit costs
 
12
   
(2
)
 
(7
)
 
3
 
Contract cancellation and other costs
 
1
   
6
   
(2
)
 
5
 
   
15
   
9
a
 
(15
)
 
9
 
                         
South America Copper Mines
                       
Cerro Verde
                       
Contract cancellation and other costs
 
1
   
   
(1
)
 
 
Other mines
                       
Employee severance and benefit costs
 
6
   
   
(3
)
 
3
 
Contract cancellation and other costs
 
   
6
   
(3
)
 
3
 
   
7
   
6
   
(7
)
 
6
 
                         
Africa
                       
Employee severance and benefit costs
 
2
   
   
   
2
 
                         
Molybdenum
                       
Employee severance and benefit costs
 
1
   
1
   
(2
)
 
 
                         
Rod & Refining
                       
Employee severance and benefit costs
 
4
   
   
(3
)
 
1
 
                         
Corporate & Other
                       
Employee severance and benefit costs
 
6
   
   
(5
)
 
1
 
Contract cancellation and other costs
 
3
   
   
(3
)
 
 
   
9
   
   
(8
)
 
1
 
                         
Total
$
38
 
$
16
a
$
(35
)
$
19
 
 
a.  
Excludes $3 million for the write off of other current assets in connection with a lease cancellation.

The following table reflects first-quarter 2009 activities associated with the liabilities (included in accounts payable and accrued liabilities) incurred in connection with the January 2009 restructuring (in millions):

 
2009
     
March 31,
 
 
Additions
 
Payments
 
2009
 
North America Copper Mines
                 
Morenci
                 
Employee severance and benefit costs
$
12
 
$
(2
)
$
10
 
Contract cancellation and other costs
 
3
   
(1
)
 
2
 
Total
$
15
 
$
(3
)
$
12
 
                   

3.  
PENSION AND POSTRETIREMENT BENEFITS
During the first quarter of 2009, FCX remeasured its plan assets and benefit obligations for the FMC Retirement Plan and the FMC Retiree Medical Plan as a result of employee reductions caused by FCX’s revised operating plans.
 

Information as of and for the three months ended March 31, 2009, on the FMC Retirement Plan and the FMC Retiree Medical Plan follows (in millions):

   
FMC
 
FMC
 
   
Retirement
 
Retiree
 
   
Plan
 
Medical Plan
 
Change in benefit obligation:
             
Benefit obligation at beginning of period
 
$
1,289
 
$
222
 
Service cost
   
6
   
 
Interest cost
   
19
   
3
 
Actuarial gains
   
(165
)
 
(9
)
Special retirement benefits and curtailmentsa
   
(9
)
 
(3
)
Benefits paid, net of employee contributions and
             
Medicare Part D subsidy (retiree medical plan)
   
(29
)
 
(6
)
Benefit obligation at end of period
   
1,111
   
207
 
               
Change in plan assets:
             
Fair value of plan assets at beginning of period
   
924
   
 
Actual return on plan assets
   
(57
)
 
 
Employer contributions
   
   
6
 
Benefits paid, net of employee contributions
   
(29
)
 
(6
)
Fair value of plan assets at end of period
   
838
   
 
               
Funded status
 
$
(273
)
$
(207
)
               
Discount rate assumption
   
7.30
%
 
6.90
%
 
a.  
Resulted from reductions in the workforce caused by the revised mine operating plans (see Note 2 for further discussion).

Following is a reconciliation of the benefit obligation, fair value of plan assets and funded status as of December 31, 2008, for FCX’s pension plans (as reported in FCX’s 2008 Annual Report on Form 10-K) to the FMC Retirement Plan beginning balances shown above (in millions):

       
Fair Value
     
   
Benefit
 
of Plan
 
Funded
 
   
Obligation
 
Assets
 
Status
 
FCX’s pension plans as reported
 
$
1,412
 
$
959
 
$
(453
)
Less:   FMC plans other than the FMC Retirement Plan,
                   
and FCX’s SERP, director and excess benefit plans
   
(123
)
 
(35
)
 
88
 
FMC Retirement Plan
 
$
1,289
 
$
924
 
$
(365
)
                     
Following is a reconciliation of the benefit obligation, fair value of plan assets and funded status as of December 31, 2008, for FCX’s postretirement medical and life insurance benefit plans (as reported in FCX’s 2008 Annual Report on Form 10-K) to the FMC Retiree Medical Plan beginning balances shown above (in millions):

       
Fair Value
     
   
Benefit
 
of Plan
 
Funded
 
   
Obligation
 
Assets
 
Status
 
FCX’s postretirement medical and life insurance
                   
benefit plans as reported
 
$
257
 
$
 
$
(257
)
Less:   FCX’s medical and life insurance benefit plans
                   
other than the FMC Retiree Medical Plan
   
(35
)
 
   
35
 
FMC Retiree Medical Plan
 
$
222
 
$
 
$
(222
)
                     
 

The components of net periodic benefit cost for pension and postretirement benefits for the three-month periods ended March 31, 2009 and 2008, follow (in millions):

       
Three Months Ended
 
       
March 31,
 
           
2009
 
2008
 
Service cost
             
$
9
 
$
9
 
Interest cost
               
27
   
27
 
Expected return on plan assets
               
(20
)
 
(32
)
Amortization of prior service cost
               
   
2
 
Amortization of net actuarial loss
               
8
   
 
Curtailments
               
(4
)
 
 
Special retirement benefits
               
(5
)
 
 
Net periodic benefit costs
             
$
15
 
$
6
 
                           
Net periodic benefit costs increased as a result of a decrease in the expected return on plan assets ($12 million) and amortization of actuarial losses ($8 million) primarily in connection with the losses on plan assets, partially offset by gains on special retirement benefits and curtailments ($9 million) resulting from workforce reductions caused by the revised mine operating plans.

4.  
EARNINGS PER SHARE
FCX’s basic net income per share of common stock was calculated by dividing net income applicable to common stock by the weighted-average shares of common stock outstanding during the period. The following is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share for the three months ended March 31, 2009 and 2008 (in millions, except per share amounts):
                           
       
Three Months Ended
 
       
March 31,
 
           
2009
 
2008
 
Net income
             
$
207
 
$
1,505
 
Net income attributable to noncontrolling interests in
                         
subsidiaries
               
(104
)
 
(319
)
Preferred dividends
               
(60
)
 
(64
)
Net income applicable to common stock
               
43
   
1,122
 
Plus income impact of assumed conversion of:
                         
6¾% Mandatory Convertible Preferred Stock
               
   
49
 
5½% Convertible Perpetual Preferred Stock
               
   
15
 
Diluted net income applicable to common stock
             
$
43
 
$
1,186
 
                           
Weighted-average shares of common stock outstanding:
               
400
   
383
 
Add stock issuable upon conversion, exercise or
                         
vesting of:
                         
6¾% Mandatory Convertible Preferred Stocka
               
b
 
39
 
5½% Convertible Perpetual Preferred Stock
               
b
 
23
 
Dilutive stock options
               
   
2
 
Restricted stock
               
1
   
2
 
Weighted-average shares of common stock outstanding
                         
for purposes of calculating diluted net income per share
               
401
   
449
 
                           
Diluted net income per share of common stock
                         
attributable to FCX stockholders
             
$
0.11
 
$
2.64
 
 
a.  
Preferred stock will automatically convert on May 1, 2010, into between approximately 39 million and 47 million shares of FCX common stock at a conversion rate that will be determined based on FCX’s common stock price. Prior to May 1, 2010, holders may convert at a conversion rate of 1.3654 or approximately 39 million shares.
 
 
b.  
Potential additional shares of common stock of approximately 39 million shares for the 6¾% Mandatory Convertible Preferred Stock and 18 million shares for the 5½% Convertible Perpetual Preferred Stock were excluded for the three months ended March 31, 2009, because they were anti-dilutive.

FCX’s convertible instruments are excluded from the computation of diluted net income per share of common stock when including the conversion of these instruments results in an anti-dilutive effect on earnings per share (see footnote b above). The quarterly dilution threshold for the 5½% Convertible Perpetual Preferred Stock is $0.64 per share and for the 6¾% Mandatory Convertible Preferred Stock is $1.24 per share. Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are also excluded from the computation of diluted net income per share of common stock. Excluded amounts were approximately nine million stock options with a weighted-average exercise price of $67.00 for first-quarter 2009. No stock options were excluded for first-quarter 2008.

5.  
INVENTORIES, AND MILL AND LEACH STOCKPILES
The components of inventories follow (in millions):

   
March 31,
 
December 31,
 
   
2009
 
2008
 
Mining Operations:
             
Raw materials
 
$
1
 
$
1
 
Work-in-process
   
145
   
128
 
Finished goodsa
   
700
   
703
 
Atlantic Copper:
             
Raw materials (concentrates)
   
134
   
164
 
Work-in-process
   
132
   
71
 
Finished goods
   
5
   
1
 
Total product inventories
   
1,117
   
1,068
 
Total materials and supplies, netb
   
1,078
   
1,124
 
Total inventories
 
$
2,195
 
$
2,192
 
 
a.  
Primarily includes copper concentrates, anodes, cathodes and rod, and molybdenum.
 
b.  
Materials and supplies inventory is net of obsolescence reserves totaling $21 million at March 31, 2009, and $22 million at December 31, 2008.

The following summarizes mill and leach stockpiles (in millions):

   
March 31,
 
December 31,
 
   
2009
 
2008
 
Current:
             
Mill stockpiles
 
$
22
 
$
10
 
Leach stockpiles
   
549
   
561
 
Total current mill and leach stockpiles
 
$
571
 
$
571
 
               
Long-terma:
             
Mill stockpiles
 
$
333
 
$
340
 
Leach stockpiles
   
814
   
805
 
Total long-term mill and leach stockpiles
 
$
1,147
 
$
1,145
 
 
a.  
Metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded charges for lower of cost or market (LCM) molybdenum inventory adjustments of $19 million ($19 million to net income applicable to common stock or $0.05 per diluted share) in first-quarter 2009 resulting from lower molybdenum prices.
 

6.  
INCOME TAXES
FCX’s first-quarter 2009 income tax provision resulted from taxes on international operations ($330 million) and U.S. operations ($1 million). FCX’s effective tax rate for 2009 is expected to be highly sensitive to changes in commodity prices and the mix of income between U.S. and international operations. Taxes provided on income generated from FCX’s South America and Indonesia operations are recorded at the applicable statutory rates. However, at certain commodity prices, FCX does not record a tax benefit for losses generated in the U.S., and these losses cannot be used to offset income generated from international operations. These factors have caused FCX’s consolidated effective tax rate of 63 percent to be substantially higher than the U.S. federal statutory rate of 35 percent.

FCX’s first-quarter 2008 income tax provision resulted from taxes on international operations ($579 million) and U.S. operations ($150 million). The difference between FCX’s consolidated effective income tax rate of approximately 33 percent for first-quarter 2008 and the U.S. federal statutory rate of 35 percent primarily was attributable to a U.S. benefit for percentage depletion, partially offset by withholding taxes and incremental U.S. income tax accrued on foreign earnings.

7.  
INTEREST COSTS
Capitalized interest totaled $45 million in first-quarter 2009 and $22 million in first-quarter 2008.

8.  
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT
Derivative Financial Instruments.  FCX and its subsidiaries do not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation or if FCX anticipates a future activity that is likely to occur and will result in exposure to market risks. FCX does not enter into any derivative financial instruments for speculative purposes. FCX and its subsidiaries have entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price, foreign currency and interest rate risks. The fair values of FCX’s derivative financial instruments are based on widely published market prices.

Summarized below are unrealized gains/losses on derivative financial instruments that are designated and qualify as fair value hedge transactions under Statement of Financial Accounting Standards (SFAS) No. 133, “Accounting for Derivative Instruments and Hedging Activities,” as amended, for the three months ended March 31, 2009, along with the unrealized gains (losses) on the related hedged item (in millions):

   
Derivative
 
Hedged Item
 
Commodity contracts:
             
Copper futures and swap contractsa
 
$
5
 
$
(5
)
 
a.  
Gains (losses) on derivative financial instruments as well as the offsetting gains (losses) on the hedged items (unrecognized firm commitments) are recorded in revenues. Additionally, FCX realized gains of $3 million during first-quarter 2009 from matured derivative financial instruments that qualify for hedge accounting.

Summarized below are the realized and unrealized gains recognized in income before income taxes and equity in affiliated companies’ net earnings for derivative financial instruments, including embedded derivatives, which do not qualify for hedge accounting under SFAS No. 133, as amended, for the three months ended March 31, 2009 (in millions):

Commodity contracts:
       
Embedded derivatives in provisional sales contractsa
 
$
313
 
Embedded derivatives in provisional purchase contractsb
   
1
 
Copper forward contractsb
   
4
 
Copper futures and swap contractsa
   
32
 
 
a.  
Amounts recorded in revenues.
 
b.  
Amounts recorded in cost of sales as production and delivery costs.
 

Summarized below are the fair values of unsettled derivative financial instruments recorded on the consolidated balance sheet at March 31, 2009 (in millions):

Derivatives designated as hedging instruments under
             
SFAS No. 133, as amended
             
Commodity contracts:
             
Copper futures and swap contracts:
             
Asset positiona
       
$
5
 
               
Derivatives not designated as hedging instruments under
             
SFAS No. 133, as amended
             
Commodity contracts:
             
Embedded derivatives in provisional sales/purchases contracts:b
             
Asset position
       
$
220
 
Liability position
         
(10
)
Copper forward contracts:
             
Liability positionc
         
(1
)
Copper futures and swap contracts:d
             
Asset positiona
         
5
 
Liability positione
         
(25
)
 
a.  
Amounts recorded in other current assets.
 
b.  
Amounts recorded either as a net accounts receivable or a net accounts payable except for Atlantic Copper’s copper purchases, which are recorded to product inventories ($(7) million).
 
c.  
Amounts recorded in accounts payable and accrued liabilities.
 
d.  
At March 31, 2009, FCX had paid $26 million to brokers for margin requirements, which is recorded in other current assets.
 
e.  
Amounts recorded in accounts payable and accrued liabilities ($23 million) and long-term liabilities ($2 million).

Commodity Contracts.  From time to time, FCX has entered into forward, futures and swap contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of March 31, 2009, FCX had no price protection contracts relating to its future mine production. A discussion of FCX’s derivative commodity contracts and programs follows.

Fair Value Hedges
 
Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the New York Mercantile Exchange (COMEX) average price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures and swap contracts and then liquidating the copper futures contracts and settling the copper swap contracts during the month of shipment, which generally results in FCX receiving the COMEX average price in the month of shipment. Hedge gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses during the three months ended March 31, 2009, resulting from ineffectiveness. At March 31, 2009, FCX held copper futures and swap contracts for 34 million pounds at an average price of $1.69 per pound, with maturities through January 2011.

Other Derivative Financial Instruments
 
Derivative financial instruments that do not meet the criteria to qualify under FSAS No. 133, as amended, for hedge accounting are discussed below.

Embedded Derivatives. As described in Note 1 to FCX’s 2008 Annual Report on Form 10-K under “Revenue Recognition,” certain FCX copper concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on LME or COMEX prices at the time of shipment as specified in the contract. Similarly, FCX purchases copper and molybdenum under contracts that provide for provisional pricing. FCX applies the normal purchase and sale exception under SFAS No. 133, as amended, to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Under SFAS No. 133, as amended,
 
 
sales and purchases with a provisional sales price contain an embedded derivative (i.e., the price settlement mechanism that is settled after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale or purchase of the metals contained in the concentrates or cathodes at the then-current LME or COMEX price. Mark-to-market price fluctuations recorded through the settlement date are reflected in revenues for sales contracts and in cost of sales as production and delivery costs for purchase contracts. At March 31, 2009, FCX had embedded derivatives on 407 million pounds of copper sales (net of noncontrolling interests), with maturities through August 2009 and 57 million pounds of copper purchases, with maturities through July 2009.

In order to reduce short-term price volatility in earnings and cash flows, FCX entered into copper forward sales contracts (not included in the table above) in early April 2009 to lock in prices at an average of $1.86 per pound on 355 million pounds of PT Freeport Indonesia’s provisionally priced copper sales at March 31, 2009. These economic hedge transactions are scheduled to final price from April 2009 through July 2009. From time to time, FCX may enter into similar transactions to lock in pricing on provisionally priced sales, but FCX does not intend to change its long-standing policy of not hedging future copper production.

Copper Forward Contracts. Atlantic Copper enters into forward copper contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At March 31, 2009, Atlantic Copper held forward copper purchase contracts for 8 million pounds at an average price of $1.69 per pound, with maturities through May 2009.

Copper Futures and Swap Contracts. In addition to the contracts that qualify for fair value hedge accounting that are discussed above, FCX also has similar contracts with its U.S. copper rod customers that do not qualify for hedge accounting because of certain terms in the sales contracts. Gains and losses for these economic hedge transactions are recorded in revenues. At March 31, 2009, FCX held copper futures and swap contracts for 49 million pounds at an average price of $2.27 per pound, with maturities through December 2010.

From time to time, FCX or its subsidiaries may enter into foreign currency exchange contracts to lock in or minimize the effects of fluctuations in exchange rates or interest rate swaps to manage its exposure to interest rate changes on a portion of its debt. FCX had no outstanding foreign currency exchange contracts or interest rate swaps at March 31, 2009. Refer to Note 17 in FCX’s 2008 Annual Report on Form 10-K for further discussion.

Fair Value Measurement.  In September 2006, the Financial Accounting Standards Board (FASB) issued SFAS No. 157, “Fair Value Measurements,” which provides enhanced guidance for using fair value to measure assets and liabilities. SFAS No. 157 does not require any new fair value measurements under U.S. GAAP; rather this statement establishes a common definition of fair value, provides a framework for measuring fair value under U.S. GAAP and expands disclosure requirements about fair value measurements. In February 2008, FASB issued FASB Staff Position (FSP) No. FAS 157-2, which delayed the effective date of SFAS No. 157 for nonfinancial assets or liabilities that are not required or permitted to be measured at fair value on a recurring basis to fiscal years beginning after November 15, 2008, and interim periods within those years. FCX adopted SFAS No. 157 for financial assets and liabilities recognized at fair value on a recurring basis effective January 1, 2008. This partial adoption of SFAS No. 157 did not have a material impact on FCX’s financial reporting and disclosures as its financial assets are measured using quoted market prices, or Level 1 inputs. FCX adopted SFAS No. 157 for nonfinancial assets or liabilities not valued on a recurring basis (at least annually) effective January 1, 2009, with no material impact on its financial reporting and disclosures.

SFAS No. 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The three levels of the fair value hierarchy under SFAS No. 157 are described below:
 
Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
 
Level 2
Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or other means;
 
Level 3
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
 
 
The following table sets forth FCX’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

   
Fair Value at March 31, 2009
 
   
Total
 
Level 1
 
Level 2
 
Level 3
 
Cash equivalents
 
$
612
 
$
612
 
$
 
$
 
Trust assets (current and long-term)
   
230
   
230
   
   
 
Available-for-sale securities
   
68
   
68
   
   
 
Embedded derivatives in provisional sales/purchases
                         
contracts
   
210
   
210
   
   
 
Other derivative financial instruments, net
   
(16
)
 
(16
)
 
   
 
   
$
1,104
 
$
1,104
 
$
 
$
 
                           

9.  
NEW ACCOUNTING STANDARDS
Noncontrolling Interests in Consolidated Financial Statements. In December 2007, FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51,” which clarifies that noncontrolling interests (minority interests) are to be treated as a separate component of equity and any changes in the ownership interest (in which control is retained) are to be accounted for as capital transactions. However, a change in ownership of a consolidated subsidiary that results in a loss of control is considered a significant event that triggers gain or loss recognition, with the establishment of a new fair value basis in any remaining ownership interests. SFAS No. 160 also provides additional disclosure requirements for each reporting period. SFAS No. 160 applies to fiscal years beginning on or after December 15, 2008, with early adoption prohibited. This statement is required to be adopted prospectively, except for the following provisions, which are to be applied retrospectively: (i) the reclassification of noncontrolling interests to equity in the consolidated balance sheets and (ii) the adjustment to consolidated net income to include net income attributable to both the controlling and noncontrolling interests. FCX adopted SFAS No. 160 effective January 1, 2009.

Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion. In May 2008, FASB issued FSP No. APB 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement),” which changes the accounting treatment for convertible debt securities that the issuer may settle fully or partially in cash. FSP No. APB 14-1 requires bifurcation of convertible debt instruments into a debt component that is initially recorded at fair value and an equity component that represents the difference between the initial proceeds from issuance of the instrument and the fair value allocated to the debt component. The debt component is subsequently accreted (as a component of interest expense) to par value over its expected life. FSP No. APB 14-1 is effective for fiscal years and interim periods beginning after December 15, 2008, and must be retrospectively applied to all prior periods presented, even if an instrument has matured, converted, or otherwise been extinguished as of the FSP’s effective date. FSP No. APB 14-1 did not have an impact on FCX’s financial reporting.

Employers’ Disclosures about Postretirement Benefit Plan Assets. In December 2008, FASB issued FSP No. FAS 132(R)-1, “Employers’ Disclosures about Postretirement Benefit Plan Assets,” which provides enhanced guidance on an employer’s disclosures about plan assets of a defined benefit pension or other postretirement plan. FSP FAS 132(R)-1 revises disclosure requirements on pension and postretirement plan assets from those required in the original SFAS No. 132 after the FASB decided disclosures about fair value measurements for postretirement plan assets were not within the scope of SFAS No. 157. The disclosures about plan assets required by FSP FAS 132(R)-1 are effective for fiscal years ending after December 15, 2009, with early application permitted. Upon initial application, disclosures are not required for earlier periods that are presented for comparative purposes. FCX is currently evaluating the impact that the adoption of FSP No. FAS 132(R)-1 will have on its financial disclosures.
 

10.  
BUSINESS SEGMENTS
FCX has organized its operations into five primary divisions – North America copper mines, South America copper mines, Indonesia mining, Africa mining and Molybdenum operations. Notwithstanding this structure, FCX internally reports information on a mine-by-mine basis. Therefore, in accordance with SFAS No. 131, “Disclosures about Segments of an Enterprise and Related Information,” FCX concluded that its operating segments include individual mines. Operating segments that meet certain SFAS No. 131 thresholds are reportable segments. In accordance with this guidance, beginning in first-quarter 2009, Sierrita is no longer a reportable segment.

In third-quarter 2008, FCX revised its presentation of the operating divisions to better reflect management’s view of the consolidated FCX operations. Accordingly, FCX has revised its segment disclosures for the three months ended March 31, 2008, to conform with the current period presentation.

Further discussion of the reportable segments included in FCX’s primary operating divisions, as well as FCX’s other reportable segments – Rod & Refining and Atlantic Copper Smelting & Refining – follows.

North America Copper Mines.  FCX has five operating copper mines in North America – Morenci, Sierrita, Bagdad and Safford in Arizona and Tyrone in New Mexico. The North America copper mines include open-pit mining, sulfide ore concentrating, leaching, and solution extraction and electrowinning (SX/EW) operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCX’s Rod & Refining operations. The North America mines division includes the Morenci copper mine as a reportable segment.

Morenci. The Morenci open-pit mine, located in southeastern Arizona, primarily produces copper cathodes. FCX owns an 85 percent undivided interest in Morenci through an unincorporated joint venture.

Other Mines. Other mines include FCX’s other operating southwestern U.S. copper mines – Sierrita, Bagdad, Safford and Tyrone. In addition to copper, the Sierrita and Bagdad mines produce molybdenum concentrates as a by-product. Other mines also include FCX’s southwestern U.S. copper mines that are currently on care-and-maintenance status.

South America Copper Mines.  FCX has four operating copper mines in South America – Cerro Verde in Peru, and Candelaria, Ojos del Salado and El Abra in Chile. These operations include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. The South America mines division includes the Cerro Verde copper mine as a reportable segment.

Cerro Verde. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathodes and copper concentrates. In addition to copper, the Cerro Verde mine produces molybdenum concentrates as a by-product. FCX owns a 53.56 percent interest in Cerro Verde.

Other Mines. Other mines include FCX’s Chilean copper mines – Candelaria, Ojos del Salado and El Abra – which include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. In addition to copper, the Candelaria and Ojos del Salado mines produce gold and silver as by-products. FCX owns an 80 percent interest in both the Candelaria and Ojos del Salado mines, and owns a 51 percent interest in the El Abra mine.

Indonesia.  Indonesia mining includes PT Freeport Indonesia’s Grasberg minerals district. PT Freeport Indonesia produces copper concentrates, which contain significant quantities of gold and silver. FCX owns 90.64 percent of PT Freeport Indonesia, including 9.36 percent owned through PT Indocopper Investama. In 1996, FCX established an unincorporated joint venture with Rio Tinto, which covers PT Freeport Indonesia’s mining operations in Block A and gives Rio Tinto, through 2021, a 40 percent interest in certain assets and future production exceeding specified annual amounts of copper, gold and silver. After 2021, Rio Tinto will have a 40 percent interest in all production from Block A.

Africa.  Africa mining includes the Tenke Fungurume copper and cobalt mining concessions in the Katanga province of the Democratic Republic of Congo. Construction progressed during first-quarter 2009, and the first copper cathode was produced in late March 2009 as the project entered the commissioning and start-up phase. FCX owns an effective 57.75 percent interest in Tenke Fungurume.
 
 
Molybdenum.  The Molybdenum segment is an integrated producer of molybdenum, with mining, sulfide ore concentrating, roasting and processing facilities that produce high-purity, molybdenum-based chemicals, molybdenum metal powder and metallurgical products, which are sold to customers around the world, and includes the wholly owned Henderson molybdenum mine in Colorado and related conversion facilities. The Henderson underground mine produces high-purity, chemical-grade molybdenum concentrates, which are typically further processed into value-added molybdenum chemical products. This segment also includes a sales company that purchases and sells molybdenum from the Henderson mine as well as from FCX’s North and South America copper mines that produce molybdenum as a by-product. In addition, at times this segment roasts and/or processes material on a toll basis. Toll arrangements require the tolling customer to deliver appropriate molybdenum-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products. The Molybdenum segment also includes FCX’s wholly owned Climax molybdenum mine in Colorado, which has been on care-and-maintenance status since 1995.

Rod & Refining.  The Rod & Refining segment consists of copper conversion facilities located in North America, and includes a refinery, three rod mills and a specialty copper products facility. These operations process copper produced at the North America mines and purchased copper into copper cathode, rod and custom copper shapes. At times these operations refine copper and produce copper rod and shapes for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.

Atlantic Copper Smelting & Refining.  Atlantic Copper, S.A. (Atlantic Copper), FCX’s wholly owned smelting unit in Spain, smelts and refines copper concentrates and markets refined copper and precious metals in slimes. PT Freeport Indonesia and the South America copper mines generally sell a portion of their concentrate and cathode (South America) production to Atlantic Copper.

Intersegment Sales. Intersegment sales between FCX’s operations are based on similar arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums.

Allocations. FCX allocates certain operating costs, expenses and capital to the operating divisions and individual segments. However, not all costs and expenses applicable to a mine or operation are allocated. All U.S. federal and state income taxes are recorded and managed at the corporate level, whereas foreign income taxes are recorded and managed at the applicable mine or operation. In addition, most exploration and research activities are managed at the corporate level, and those costs along with some selling, general and administrative costs are not allocated to the operating divisions or segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.


Business Segments

(In Millions)
North America Copper Mines
 
South America Copper Mines
 
Indonesia
 
Africa
                     
                                         
Atlantic
 
 
     
                                         
Copper
 
Corporate,
     
     
 
     
 
 
 
             
 
 
 
 
Smelting
 
Other &
 
 
 
 
Morenci
 
Other
Mines
 
Total
 
Cerro
Verde
 
Other
Mines
 
Total
 
Grasberg
 
Tenke
 
Molyb-
denum
 
Rod &
Refining
 
& Refining
 
Elimi-
nations
 
FCX
Total
 
First-Quarter 2009
                                                     
Revenues:
                                                     
Unaffiliated customers
$
21
 
$
23
 
$
44
 
$
246
 
$
338
 
$
584
 
$
920
a
$
 
$
146
 
$
613
 
$
292
 
$
3
 
$
2,602
 
Intersegment
 
212
 
362
 
574
 
77
 
41
 
118
 
202
 
 
 
6
 
 
(900
)
 
Production and delivery
 
190
 
363
 
553
 
149
 
218
 
367
 
350
 
16
 
119
 
614
 
293
 
(750
)
1,562
 
Depreciation, depletion and amortization
 
36
 
39
 
75
 
35
 
30
 
65
 
65
 
3
 
9
 
2
 
8
 
5
 
232
 
LCM inventory adjustments
 
 
 
 
 
 
 
 
 
19
 
 
 
 
19
 
Selling, general and administrative expenses
 
 
 
 
 
 
 
18
 
 
4
 
 
2
 
38
 
62
 
Exploration and research expenses
 
 
 
 
 
 
 
 
 
 
 
 
30
 
30
 
Restructuring and other chargesb
 
24
 
(2
)
22
 
 
6
 
6
 
 
 
(1
)
(2
)
 
 
25
 
Operating income (loss)
 
(17
)
(15
)
(32
)
139
 
125
 
264
 
689
 
(19
)
(4
)
5
 
(11
)
(220
)
672
 
                                                       
Interest expense, net
 
1
 
2
 
3
 
 
1
 
1
 
1
 
(24
)
 
 
1
 
149
 
131
 
Provision for (benefit from) income taxes
 
 
 
 
47
 
37
 
84
 
288
 
(1
)
 
 
 
(40
)
331
 
Total assets at March 31, 2009
 
2,079
 
4,072
 
6,151
 
4,002
 
2,401
 
6,403
 
4,765
 
3,013
 
1,755
 
268
 
875
 
478
 
23,708
 
Capital expenditures
 
29
 
43
 
72
 
37
 
37
 
74
 
55
 
251
 
44
 
3
 
6
 
14
 
519
 
                                                       
                                                       
First-Quarter 2008
                                                     
Revenues:
                                                     
Unaffiliated customers
$
134
 
$
111
 
$
245
 
$
612
 
$
861
 
$
1,473
 
$
887
a
$
 
$
719
 
$
1,680
 
$
665
 
$
3
 
$
5,672
 
Intersegment
 
464
 
787
 
1,251
 
117
 
17
 
134
 
165
 
 
 
8
 
 
(1,558
)
 
Production and delivery
 
279
 
366
 
645
 
162
 
270
 
432
 
399
 
3
 
460
 
1,676
 
651
 
(1,545
)
2,721
 
Depreciation, depletion and amortization
 
81
 
103
 
184
 
43
 
87
 
130
 
45
 
1
 
39
 
2
 
9
 
8
 
418
 
LCM inventory adjustments
 
 
1
 
1
 
 
 
 
 
 
 
 
 
 
1
 
Selling, general and administrative expenses
 
 
 
 
 
 
 
37
 
 
6
 
 
8
 
33
 
84
 
Exploration and research expenses
 
 
 
 
 
 
 
 
 
 
 
 
52
 
52
 
Operating income (loss)
 
238
 
428
 
666
 
524
 
521
 
1,045
 
571
 
(4
)
214
 
10
 
(3
)
(103
)
2,396
 
                                                       
Interest expense, net
 
1
 
3
 
4
 
1
 
 
1
 
1
 
(9
)
 
1
 
4
 
163
 
165
 
Provision for income taxes
 
 
 
 
173
 
160
 
333
 
239
 
 
 
 
 
157
 
729
 
Goodwill at March 31, 2008
 
1,912
 
2,299
 
4,211
 
763
 
366
 
1,129
 
 
2
 
703
 
 
 
3
 
6,048
 
Total assets at March 31, 2008
 
6,960
 
11,922
 
18,882
 
5,464
 
4,833
 
10,297
 
3,932
 
1,666
 
4,179
 
604
 
994
 
1,274
 
41,828
 
Capital expenditures
 
77
 
74
 
151
 
17
 
46
 
63
 
115
 
143
 
12
 
3
 
5
 
16
 
508
 
                                                       
a.
Includes PT Freeport Indonesia’s sales to PT Smelting totaling $263 million in first-quarter 2009 and $464 million in first-quarter 2008.
   
b.
The following table summarizes restructuring and other charges:
   
 
Restructuring charges
$
23
 
$
4
 
$
27
 
$
 
$
6
 
$
6
 
$
 
$
 
$
1
 
$
 
$
 
$
 
$
34
 
 
Special retirement benefits and curtailments
 
1
 
(6
)
(5
)
 
 
 
 
 
(2
)
(2
)
 
 
(9
)
 
Restructuring and other charges
$
24
 
$
(2
)
$
22
 
$
 
$
6
 
$
6
 
$
 
$
 
$
(1
)
$
(2
)
$
 
$
 
$
25
 
                                                       
 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


TO THE BOARD OF DIRECTORS AND STOCKHOLDERS OF
FREEPORT-McMoRan COPPER & GOLD INC.

We have reviewed the condensed consolidated balance sheet of Freeport-McMoRan Copper & Gold Inc. as of March 31, 2009, and the related consolidated statements of income and cash flows for the three-month periods ended March 31, 2009 and 2008, and the consolidated statement of equity for the three-month period ended March 31, 2009. These financial statements are the responsibility of the Company’s management.

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Freeport-McMoRan Copper & Gold Inc. as of December 31, 2008, and the related consolidated statements of income, cash flows, and stockholders’ equity for the year then ended (not presented herein), and in our report dated February 18, 2009, we expressed an unqualified opinion on those consolidated financial statements and which report included an explanatory paragraph for the Company’s adoption of FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109,” effective January 1, 2007; and SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106 and 132R,” effective December 31, 2006. As described in Note 9, on January 1, 2009, Freeport-McMoRan Copper & Gold Inc. adopted SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements,” on a retrospective basis resulting in revisions of the December 31, 2008, consolidated balance sheet. We have not audited and reported on the revised balance sheet reflecting the adoption of SFAS No. 160.


ERNST & YOUNG LLP


Phoenix, Arizona
May 4, 2009


Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations.

OVERVIEW and OUTLOOK

In Management’s Discussion and Analysis of Financial Condition and Results of Operations, “we,” “us” and “our” refer to Freeport-McMoRan Copper & Gold Inc. (FCX) and its consolidated subsidiaries, including, except as otherwise stated, Phelps Dodge Corporation (Phelps Dodge) and its subsidiaries, which we acquired on March 19, 2007. You should read this discussion in conjunction with our financial statements, the related Management’s Discussion and Analysis of Financial Condition and Results of Operations and the discussion of our “Business and Properties” in our Form 10-K for the year ended December 31, 2008, filed with the U.S. Securities and Exchange Commission (SEC). The results of operations reported and summarized below are not necessarily indicative of future operating results. References to “Notes” are Notes included in our “Notes to Consolidated Financial Statements.” Throughout Management's Discussion and Analysis of Financial Condition and Results of Operations all references to earnings or losses per share are on a diluted basis, unless otherwise noted. FCX changed Phelps Dodge’s legal name to Freeport-McMoRan Corporation (FMC) in 2008; therefore, references to FMC and Phelps Dodge represent the same entity.

We are one of the world’s largest copper, gold and molybdenum mining companies in terms of reserves and production. Our portfolio of assets includes the Grasberg minerals district in Indonesia, which contains the largest single recoverable copper reserve and the largest single gold reserve of any mine in the world based on the latest available reserve data provided by third-party industry consultants; significant mining operations in North and South America; and the Tenke Fungurume minerals district in the Democratic Republic of Congo (DRC), which we believe is one of the world’s highest potential copper and cobalt concessions. We also operate Atlantic Copper, our wholly owned copper smelting and refining operation in Spain. Refer to “Operations” for further discussion.

Our mining revenues for first-quarter 2009 include sales of copper (approximately 71 percent), gold (approximately 17 percent) and molybdenum (approximately 5 percent). We currently have five operating copper mines in North America, four in South America, the Grasberg minerals district in Indonesia, and in late March 2009, the first copper cathode was produced at the Tenke Fungurume minerals district in the DRC as the project entered the commissioning and start-up phase. We also have one operating primary molybdenum mine in North America. During first-quarter 2009, approximately 66 percent of our consolidated copper production was from our Grasberg, Cerro Verde and Morenci mines, and approximately 57 percent of our mined copper was sold in concentrate, approximately 23 percent as rod (principally from our North America operations) and approximately 20 percent as cathodes. We produce gold as a by-product at our copper mines, primarily at the Grasberg minerals district in Indonesia, which accounted for approximately 96 percent of our consolidated gold production in first-quarter 2009. During first-quarter 2009, approximately half of our consolidated molybdenum production was from our Henderson molybdenum mine and half was produced as a by-product primarily at our North America copper mines. Refer to “Operations” for further discussion of our mining operations.

Because of the significant reduction in debt following our March 2007 acquisition of Phelps Dodge and historically high prices for copper, molybdenum and gold, our financial policy during most of 2008 was designed to use our cash flow to invest in growth projects with anticipated high rates of return and to return excess cash flows to shareholders in the form of dividends and share purchases. However, the dramatic declines in copper and molybdenum prices and the deterioration of the economic and credit environment have limited our ability to invest in growth projects and required us to make adjustments to our near-term plans. Our near-term strategy has been designed to protect liquidity while preserving our large mineral resources and growth options for the longer term. Revisions made to our operating and financial plans in late 2008 and early 2009 include:

·  
Curtailment of copper production at higher cost North America operations and of molybdenum production at the Henderson molybdenum mine (refer to “Operations” for further discussion);

·  
Capital cost reductions, including deferral of most of our project development activities and also reduced capital spending on the remaining development projects in the Grasberg minerals district and at Tenke Fungurume (refer to “Development Projects” for further discussion);

·  
Aggressive cost control, including workforce reductions, reduced equipment purchases that were planned to support expansion projects, a reduction in material and supplies inventory and reductions in exploration, research and administrative costs; and
 
 
·  
The suspension of our annual common stock dividend.

The completion in February 2009 of a public offering of 26.8 million shares of FCX common stock at an average price of $28.00 per share generated total proceeds of $750 million (net proceeds of $740 million after fees and expenses). Refer to “Capital Resources and Liquidity – Financing Activities” for further discussion.

While we view the long-term outlook for our business positively, supported by limitations on supplies of copper and by the requirements for copper in the world’s economy, we have responded to the sudden downturn and uncertain near-term outlook and will continue to adjust our operating strategy as market conditions change.

At March 31, 2009, we had $644 million in consolidated cash ($445 million of which was available to our parent company). We also had no borrowings and $74 million of letters of credit issued under our $1.5 billion revolving credit facilities, resulting in availability of approximately $1.4 billion. From time to time we may use the facilities for working capital and short-term funding requirements.

The sharp declines in copper and molybdenum prices have significantly impacted our consolidated financial results in first-quarter 2009, compared to first-quarter 2008. Refer to “Consolidated Results” for further discussion of our consolidated financial results for the three month periods ended March 31, 2009 and 2008.

Outlook
Consolidated sales from mines are expected to approximate 3.9 billion pounds of copper, 2.3 million ounces of gold and 50 million pounds of molybdenum for 2009, including 955 million pounds of copper, 650 thousand ounces of gold and 11 million pounds of molybdenum for second-quarter 2009. Achievement of these sales volume estimates is dependent on the achievement of targeted mining rates, the successful operation of production facilities, the impact of weather conditions and other factors.

Consolidated revenues, operating cash flows and net income vary significantly with fluctuations in the market prices of copper, gold and molybdenum, sales volumes and other factors. Based on the above projected consolidated sales volumes for 2009 and assuming average prices of $2.00 per pound of copper, $900 per ounce of gold and $8 per pound of molybdenum for the remainder of 2009, our consolidated operating cash flows would approximate $2.5 billion in 2009, net of an estimated $0.6 billion for working capital requirements principally reflecting settlements with customers in first-quarter 2009 of prior year provisionally priced sales. Operating cash flows for 2009 would be impacted by approximately $240 million for each $0.10 per pound change in copper prices, $75 million for each $50 per ounce change in gold prices and $30 million for each $1 per pound change in molybdenum prices.

Assuming average prices of $2.00 per pound of copper, $900 per ounce of gold and $8.00 per pound of molybdenum for the remainder of 2009, and using recent prices for commodity-based input costs, we estimate our consolidated unit net cash costs related to our copper mining operations (after by-product credits) would average approximately $0.70 per pound of copper in 2009, compared with $1.16 per pound of copper in 2008. Estimated consolidated unit net cash costs for 2009 are lower when compared to 2008 primarily because of the effects of lower operating rates and reduced energy prices and other commodity-based input costs. Refer to “Consolidated Results – Production and Delivery Costs” for further discussion of consolidated unit net cash costs.
 

COPPER, GOLD AND MOLYBDENUM MARKETS

The graphs below illustrate the movements in metals prices from January 1993 through April 2009. World prices for copper, gold and molybdenum have fluctuated significantly during this period. The London Metal Exchange (LME) spot copper price varied from a low of $0.60 per pound in 2001 to a high of $4.08 per pound in July 2008, the London gold price fluctuated from a low of approximately $250 per ounce in 1999 to a high of $1,011 per ounce in March 2008, and the average weekly Metals Week Molybdenum Dealer Oxide price ranged from $1.87 per pound in January 1993 to a high of $39.25 per pound in June 2005. Copper, gold and molybdenum prices are affected by numerous factors beyond our control as described further in our “Risk Factors” contained in Part I, Item 1A of our Form 10-K for the year ended December 31, 2008.

 
*  Excludes Shanghai stocks, producer, consumer and merchant stocks.

The graph above presents LME spot copper prices and reported stocks of copper at the LME and the New York Mercantile Exchange (COMEX) from January 1993 through April 2009. During the period 2003 to 2006, global consumption exceeded production, evidenced by the decline in exchange warehouse inventories. Disruptions associated with strikes and other operational issues, combined with growing demand from China and other emerging economies resulted in low levels of inventory from 2006 through most of 2008. However, slowing consumption has led to increases in inventory levels, with combined LME and COMEX stocks rising to approximately 540 thousand metric tons at March 31, 2009.

During first-quarter 2009, LME spot copper prices ranged from $1.38 per pound to $1.85 per pound and averaged $1.56 per pound. Turmoil in the United States (U.S.) financial markets and concerns about the global economy negatively impacted copper prices in fourth-quarter 2008; however, copper prices have improved in 2009 because of increased Chinese buying activity, less bearish economic sentiment and production and supply issues. While the near-term outlook is uncertain, we believe the underlying fundamentals of the copper business remain positive, supported by supply side constraints and the absence of significant new development projects. Future copper prices may continue to be volatile and are expected to be influenced by demand from China, economic activity in the U.S. and other industrialized countries, the timing of the development of new supplies of copper and production levels of mines and copper smelters. During April 2009, copper prices rose as declines in inventory levels signaled an increase in demand; the LME spot copper price closed at $2.05 per pound on April 30, 2009.
 
 

The graph above presents London gold prices from January 1993 through April 2009. During first-quarter 2009, the environment for gold was positive, but volatile, with gold prices ranging from approximately $810 per ounce to $989 per ounce and averaging approximately $908 per ounce. Growing investment demand, economic uncertainty and a weak U.S. dollar are continuing to support gold prices. London gold prices closed at approximately $883 per ounce on April 30, 2009.


The graph above presents the Metals Week Molybdenum Dealer Oxide price from January 1993 through April 2009. Molybdenum prices have declined significantly as a result of the financial market turmoil and a decline in demand. During first-quarter 2009, the weekly average price of molybdenum ranged from approximately $8.13 per pound to approximately $9.50 per pound and averaged $8.91 per pound. The weekly average Metals Week Molybdenum Dealer Oxide price was $8.00 per pound on April 30, 2009.
 

CONSOLIDATED RESULTS
 
 
First-Quarter
 
 
2009
 
2008
 
Financial Data (in millions, except per share amounts)
           
Revenues
$
2,602
a,b,c
$
5,672
a,b,c
Operating income
$
672
a,b,c,d,e
$
2,396
a,b,c,e
Net income
$
207
b,c,d,e
$
1,505
b,c,e
Net income applicable to common stockf
$
43
b,c,d,e
$
1,122
b,c,e
Diluted net income per share of common stock
$
0.11
b,c,d,e
$
2.64
b,c,e
Diluted average common shares outstanding g
 
401
   
449
 
             
FCX Mining Operating Data
           
Copper (millions of recoverable pounds)
           
Production
 
1,041
   
880
 
Sales, excluding purchases
 
1,020
   
911
 
Average realized price per pound
$
1.72
 
$
3.69
 
Site production and delivery costs per poundh
$
1.07
 
$
1.47
 
Unit net cash costs per poundh
$
0.66
 
$
1.06
 
Gold (thousands of recoverable ounces)
           
Production
 
595
   
275
 
Sales, excluding purchases
 
545
   
280
 
Average realized price per ounce
$
904
 
$
933
 
Molybdenum (millions of recoverable pounds)
           
Production
 
14
   
18
 
Sales, excluding purchases
 
10
   
20
 
Average realized price per pound
$
11.52
 
$
31.67
 

a.  
As discussed in Note 10, during 2008 we revised the presentation of our operating divisions to better reflect management’s view of our consolidated operations, and have also reclassified amounts for first-quarter 2008 to conform to the current period presentation. Following is a summary of revenues and operating income (loss) by operating division (in millions):

 
First-Quarter 2009
 
First-Quarter 2008
 
         
Operating
         
Operating
 
         
Income
         
Income
 
   
Revenues
   
(Loss)
   
Revenues
   
(Loss)
 
North America copper mines
$
618
 
$
(32
)
$
1,496
 
$
666
 
South America copper mines
 
702
   
264
   
1,607
   
1,045
 
Indonesia mining
 
1,122
   
689
   
1,052
   
571
 
Africa mining
 
   
(19
)
 
   
(4
)
Molybdenum
 
146
   
(4
)
 
719
   
214
 
Rod & Refining
 
619
   
5
   
1,688
   
10
 
Atlantic Copper Smelting & Refining
 
292
   
(11
)
 
665
   
(3
)
Corporate, other & eliminations
 
(897
)
 
(220
)
 
(1,555
)
 
(103
)
Total
$
2,602
 
$
672
 
$
5,672
 
$
2,396
 
 
b.  
Includes impacts of adjustments to provisionally priced prior year copper sales. Refer to “Revenues” for further discussion.
 
c.  
Includes unrealized gains on copper derivative contracts entered into in connection with certain of our sales contracts with U.S. copper rod customers totaling $19 million ($19 million to net income applicable to common stock or $0.05 per share) in first-quarter 2009 and $19 million ($12 million to net income applicable to common stock or $0.03 per share) in first-quarter 2008. These contracts allow us to receive market prices in the month of shipment while the customer pays the fixed price they requested. Refer to Note 8 for further discussion.
 
d.  
First-quarter 2009 includes charges totaling $25 million to operating income ($22 million to net income applicable to common stock or $0.05 per share) for restructuring and other charges associated with our revised operating plans. Refer to Note 2 for further discussion.
 
e.  
First-quarter 2009 includes charges of $31 million ($31 million to net income applicable to common stock or $0.08 per share) associated with adjustments to environmental obligations, and $19 million ($19 million to net income applicable to common stock or $0.05 per share) for lower of cost or market (LCM) molybdenum inventory adjustments.
 
Also includes a reduction in compensation expense attributable to the prior years’ financial results totaling $33 million ($29 million to net income applicable to common stock or $0.07 per share) for first-quarter 2009 and $40 million ($23 million to net income applicable to common stock or $0.05 per share) for first-quarter 2008.
 
 
f.  
After net income attributable to noncontrolling interests in subsidiaries and preferred dividends.
 
g.  
Reflects assumed conversion of our 5½% Convertible Perpetual Preferred Stock and 6¾% Mandatory Convertible Preferred Stock in first-quarter 2008. These securities were not dilutive in first-quarter 2009.
 
h.  
Reflects per pound weighted average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines. For reconciliations of the per pound costs by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements, refer to “Operations – Unit Net Cash Costs” and to “Product Revenues and Production Costs.”

Revenues
Consolidated revenues include the sale of copper rod, copper cathodes, copper concentrates, molybdenum, gold and other metals by our North and South America copper mines, the sale of copper concentrates (which also contain significant quantities of gold and silver) by our Indonesia mining operation, the sale of molybdenum in various forms by our Molybdenum operations, and the sale of copper anodes, copper cathodes, and gold in anodes and slimes by Atlantic Copper. Consolidated revenues totaled $2.6 billion in first-quarter 2009, compared with $5.7 billion in first-quarter 2008, primarily because of the sharp declines in the price of copper. Following is a summary of changes in our consolidated revenues between periods (in millions):

First-quarter 2008 consolidated revenues
$
5,672
 
Price realizations:
     
Copper
 
(2,009
)
Gold
 
(16
)
Molybdenum
 
(198
)
Sales volumes:
     
Copper
 
403
 
Gold
 
247
 
Molybdenum
 
(337
)
Purchased copper and molybdenum
 
(590
)
Adjustments, primarily for copper pricing on prior year open sales
 
(137
)
Atlantic Copper revenues
 
(372
)
Other, net
 
(61
)
First-quarter 2009 consolidated revenues
$
2,602
 

Realized copper prices decreased to an average of $1.72 per pound in first-quarter 2009, compared with $3.69 per pound in first-quarter 2008; realized gold prices decreased to an average of $904 per ounce in first-quarter 2009, compared with $933 per ounce in first-quarter 2008; and realized molybdenum prices decreased to an average of $11.52 per pound in first-quarter 2009, compared with $31.67 per pound in first-quarter 2008.

Consolidated sales volumes in first-quarter 2009 totaled 1.0 billion pounds of copper, 545 thousand ounces of gold and 10 million pounds of molybdenum, compared with 911 million pounds of copper, 280 thousand ounces of gold and 20 million pounds of molybdenum in first-quarter 2008. Higher first-quarter 2009 copper and gold sales volumes primarily reflect expected increased production at Grasberg because of higher ore grades. The increase in copper sales volumes was partly offset by lower sales volumes at our North America copper mines as a result of planned curtailed production rates at these operations to reduce production of higher cost volumes. Lower molybdenum sales volumes in first-quarter 2009 reflect the effects of declines in demand, principally in the metallurgical sector. Refer to “Operations” for further discussion.

During first-quarter 2009, approximately 57 percent of our mined copper was sold in concentrate, approximately 23 percent as rod (principally from our North America operations) and approximately 20 percent as cathodes. Substantially all of our concentrate sales contracts and some of our cathode sales contracts provide final copper pricing in a specified future period (generally one to four months from the shipment date) based primarily on quoted LME prices. We receive market prices based on prices in the specified future period, and the accounting rules applied to these sales result in changes recorded to revenues until the specified future period. We record revenues and invoice customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on our provisional priced concentrate and cathode sales that is adjusted to fair value through earnings each period until the date of final pricing. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing.
 
 
At December 31, 2008, we had provisionally priced copper sales of 508 million pounds of copper (net of noncontrolling interests) recorded at an average of $1.39 per pound. Higher prices during first-quarter 2009 resulted in adjustments to these prior year copper sales and increased consolidated revenues by $128 million ($60 million to net income applicable to common stock or $0.15 per share) in first-quarter 2009, compared with an increase of $263 million ($111 million to net income applicable to common stock or $0.25 per share) in first-quarter 2008.

LME spot copper prices averaged $1.56 per pound in first-quarter 2009, compared with our average recorded price of $1.72 per pound. Approximately 70 percent of our first-quarter 2009 consolidated copper sales were provisionally priced at the time of shipment and are subject to final pricing during the remainder of 2009. At March 31, 2009, we had provisionally priced copper sales totaling 407 million pounds of copper (net of noncontrolling interests) recorded at an average of $1.83 per pound, subject to final pricing over the next several months.

In early April 2009, we entered into forward copper sales contracts to lock in prices at an average of $1.86 per pound on 355 million pounds of PT Freeport Indonesia’s provisionally priced copper sales at March 31, 2009, which are scheduled to final price from April 2009 through July 2009. From time to time, we may enter into future transactions to lock in pricing on provisionally priced sales to reduce short-term volatility in earnings and cash flows, but we do not intend to change our long standing policy of not hedging future copper production.

After taking into account the forward sales contracts on PT Freeport Indonesia’s provisionally priced copper sales, we estimate that each $0.05 change in the price realized from the March 31, 2009, provisional price recorded would have a net impact on our 2009 consolidated revenues of approximately $8 million ($4 million to net income applicable to common stock). The LME spot copper price closed at $2.05 per pound on April 30, 2009.

Production and Delivery Costs
Consolidated production and delivery costs totaled $1.6 billion in first-quarter 2009 compared with $2.7 billion in first-quarter 2008. Lower production and delivery costs in first-quarter 2009 primarily reflected the effects of lower operating rates at our North America copper mines and declining commodity-based input costs. Energy costs are expected to approximate 20 percent of our consolidated copper production costs in 2009, compared with approximately 25 percent in 2008, and include purchases of approximately 190 million gallons of diesel fuel, 800 thousand metric tons of coal, 5,700 gigawatt hours of electricity and 1 million MMBTU (million british thermal units) of natural gas.

Consolidated unit net cash costs, net of by-product credits, related to our copper mining operations totaled $0.66 per pound of copper in first-quarter 2009 compared with $1.06 per pound of copper in first-quarter 2008. The decrease in unit net cash costs in first-quarter 2009 reflected the effects of lower operating rates following production curtailments at our North America copper mines, higher copper ore grades at Grasberg and decreases in energy prices and other commodity-based input costs. Refer to “Operations – Unit Net Cash Costs” for further discussion of unit net cash costs associated with our operating divisions, and to “Product Revenues and Production Costs” for reconciliations of per pound costs by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements.

Depreciation, Depletion and Amortization
Consolidated depreciation, depletion and amortization expense totaled $232 million in first-quarter 2009 compared with $418 million in first-quarter 2008. The decrease in depreciation, depletion and amortization expense reflects the impact of the long-lived asset impairment charges recognized in fourth-quarter 2008, partly offset by higher expense under the unit-of-production method primarily resulting from higher production at PT Freeport Indonesia in first-quarter 2009.

LCM Inventory Adjustments
Inventories are required to be recorded at the lower of cost or market. As a result of lower molybdenum prices we recognized charges of $19 million ($19 million to net income applicable to common stock or $0.05 per share) for LCM inventory adjustments in first-quarter 2009.

Selling, General and Administrative Expenses
Consolidated selling, general and administrative expenses totaled $62 million in first-quarter 2009 compared with $84 million in first-quarter 2008. Lower selling, general and administrative expenses primarily reflected lower incentive compensation costs because of weaker financial results in 2009 compared with 2008, lower stock-based compensation costs related to a lower FCX common stock price, and changes to certain benefit plans.
 
 
Exploration and Research Expenses
Consolidated exploration and research expenses totaled $30 million in first-quarter 2009 compared with $52 million in first-quarter 2008. Exploration activities are being conducted near our existing mines with a focus on opportunities to expand reserves that will support additional future production capacity in the large mineral districts where we currently operate. Drilling activities were significantly expanded in 2008 and were successful in providing significant reserve additions and in identifying potential additional ore adjacent to existing ore bodies. Results indicate opportunities for significant future potential reserve additions at Morenci, Sierrita and Bagdad in North America, at Cerro Verde in South America and in the high potential Tenke Fungurume minerals district.

During 2009, we will focus on analyzing exploratory data gained through the core drilling previously undertaken. For 2009, exploration expenditures are expected to approximate $75 million.

Restructuring and Other Charges
Net charges of $25 million ($22 million to net income applicable to common stock or $0.05 per share) were recognized in first-quarter 2009 associated with our revised operating plans, including contract termination costs, other project cancellation costs and charges for employee severance and benefits, partially offset by pension and postretirement gains for special retirement benefits and curtailments. Refer to Note 2 for further discussion.

Interest Expense, Net
Consolidated interest expense (before capitalization) totaled $176 million in first-quarter 2009 and $187 million in first-quarter 2008. Capitalized interest totaled $45 million in first-quarter 2009 compared with $22 million in first-quarter 2008. Capitalized interest is primarily related to our Tenke Fungurume development project (refer to “Development Projects” for further discussion), which entered the commissioning and start-up phase in late March 2009. As a result, we expect to recognize significantly less capitalized interest beginning in second-quarter 2009.

Provision for Income Taxes
Our first-quarter 2009 income tax provision resulted from taxes on international operations ($330 million) and U.S. operations ($1 million). Our effective tax rate for 2009 is expected to be highly sensitive to changes in commodity prices and the mix of income between U.S. and international operations. Taxes provided on income generated from our South America and Indonesia operations are recorded at the applicable statutory rates. However, at certain commodity prices, we do not record a tax benefit for losses generated in the U.S., and those losses cannot be used to offset income generated from international operations. These factors have caused our consolidated effective tax rate of 63 percent to be substantially higher than the U.S. federal statutory rate of 35 percent.

Our first-quarter 2008 income tax provision resulted from taxes on international operations ($579 million) and U.S. operations ($150 million). The difference between our consolidated effective income tax rate of approximately 33 percent for first-quarter 2008 and the U.S. federal statutory rate of 35 percent primarily was attributable to a U.S. benefit for percentage depletion, partly offset by withholding taxes and incremental U.S. income tax accrued on foreign earnings.

A summary of the approximate amounts in the calculation of our consolidated provision for income taxes for first-quarter 2009 and first-quarter 2008 follows (in millions, except percentages):

   
First-Quarter 2009
 
First-Quarter 2008
 
             
Income Tax
           
Income Tax
 
   
Income
   
Effective
 
Provision
 
Income
   
Effective
 
Provision
 
   
(Loss)a
   
Tax Rate
 
(Benefit)
 
(Loss)a
   
Tax Rate
 
(Benefit)
 
U.S.
 
$
(288
)
 
 
$
1
 
$
778
   
19%
 
$
150
 
South America
   
253
   
33%
   
84
   
1,024
   
33%
   
333
 
Indonesia
   
689
   
42%
   
288
   
570
   
42%
   
239
 
Africa
   
(2
)
 
30%
   
(1
)
 
-
   
30%
   
-
 
Eliminations and other
   
(125
)
 
N/A
   
(41
)
 
(145
)
 
N/A
   
(3
)
Annualized rate adjustmentb
   
N/A
   
N/A
   
   
N/A
   
N/A
   
10
 
Consolidated FCX
 
$
527
   
63%c
 
$
331
 
$
2,227
   
33%
 
$
729
 
 
a.  
Represents income (loss) before income taxes and equity in affiliated companies’ net earnings.
 
 
b.  
In accordance with applicable accounting rules, we adjust our interim provision for income taxes to equal our estimated annualized tax rate.
 
c.  
Our estimated consolidated effective tax rate for 2009 will vary with commodity price changes and the mix of income from international and U.S. operations. Following is a summary of our estimated annual consolidated effective tax rate using currently projected sales volumes for 2009 and based on various commodity price assumptions for the remainder of 2009:

                 
Estimated
 
Copper
   
Gold
   
Molybdenum
 
Effective
 
(per pound)
   
(per ounce)
   
(per pound)
 
Tax Rate(1)
$
1.50
 
$
900
 
$
8.00
 
72%
$
2.00
 
$
900
 
$
8.00
 
48%
$
2.50
 
$
900
 
$
8.00
 
42%
 
(1) Quarterly effective tax rates may vary depending on the mix of income for the quarterly period.
 
 
OPERATIONS

North America Copper Mines
We currently have five operating open-pit copper mines in North America – Morenci, Sierrita, Bagdad and Safford in Arizona, and Tyrone in New Mexico. In addition to copper, the Sierrita and Bagdad mines produce molybdenum as a by-product. All of these mining operations are wholly owned, except for Morenci, an unincorporated joint venture, in which we own an 85 percent undivided interest.

The North America copper mines include open-pit mining, sulfide ore concentrating, leaching and solution extraction/electrowinning (SX/EW) operations. A majority of the copper produced at our North America copper mines is cast into copper rod by our Rod & Refining operations. The remainder of our North America copper sales is primarily in the form of copper cathode or copper concentrate.

In response to weak market conditions, we revised operating plans at our North America copper mines at the end of 2008 and in early 2009, which included an approximate 50 percent reduction in mining and crushed-leach rates at Morenci; an approximate 50 percent reduction in mining and stacking rates at the Safford mine; an approximate 50 percent reduction in the mining rate at the Tyrone mine; and the suspension of mining and milling activities at the Chino mine (with limited residual copper production from leach operations). Operating plans for the North America copper mines will continue to be reviewed and additional adjustments may be made as market conditions warrant.



Operating Data. Following is summary operating data for the North America copper mines for the first quarters of 2009 and 2008.

   
First-Quarter
 
   
2009
 
2008
 
Operating Data, Net of Joint Venture Interest
             
Copper (millions of recoverable pounds)
             
Production
   
289
   
327
 
Sales, excluding purchases
   
301
   
339
 
Average realized price per pound
 
$
1.59
 
$
3.50
 
               
Molybdenum (millions of recoverable pounds)
             
Production (by-product)a
   
6
   
8
 
               
100% Operating Data, Including Joint Venture Interest
             
SX/EW operations
             
Leach ore placed in stockpiles (metric tons per day)
   
669,200
   
1,134,900
 
Average copper ore grade (percent)
   
0.30
   
0.19
 
Copper production (millions of recoverable pounds)
   
222
   
217
 
               
Mill operations
             
Ore milled (metric tons per day)
   
180,800
   
244,000
 
Average ore grade (percent):
             
Copper
   
0.35
   
0.39
 
Molybdenum
   
0.02
   
0.02
 
Copper recovery rate (percent)
   
85.2
   
81.2
 
Production (millions of recoverable pounds):
             
Copper
   
88
   
136
 
Molybdenum (by-product)
   
6
   
8
 
 
a.  
Reflects by-product molybdenum production from the North America copper mines. Sales of by-product molybdenum are reflected in the Molybdenum division.

Copper sales from the North America mines totaled 301 million pounds in first-quarter 2009 compared with 339 million pounds in first-quarter 2008. The decrease in copper sales volumes in first-quarter 2009 primarily reflected planned curtailed production rates to reduce production of higher cost volumes, partly offset by higher production at the Safford copper mine. Production commenced at Safford in December 2007 and was ramped up to design capacity during 2008 before we revised operating plans to curtail production in fourth-quarter 2008.

For 2009, copper sales volumes from our North America copper mines are expected to approximate 1.1 billion pounds and by-product molybdenum production is expected to approximate 27 million pounds, compared with 1.4 billion pounds of copper and 30 million pounds of by-product molybdenum production in 2008. Production from the North America copper mines in 2010 is currently expected to decline by approximately an additional 200 million pounds because of impacts of 2009 mining activities on 2010 leaching operations.

Unit Net Cash Costs. Unit net cash costs per pound of copper is a measure intended to provide investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with generally accepted accounting principles (GAAP) in the U.S. and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.
 

Gross Profit per Pound of Copper and Molybdenum

The following tables summarize unit net cash costs and gross profit at the North America copper mines for the first quarters of 2009 and 2008. Refer to “Product Revenues and Production Costs” for an explanation of the “by-product” and “co-product” methods and a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

 
First-Quarter 2009
 
First-Quarter 2008
 
 
By-
 
Co-Product Method
 
By-
 
Co-Product Method
 
 
Product
       
Molyb-
 
Product
       
Molyb-
 
 
Method
 
Copper
 
denuma
 
Method
 
Copper
 
denuma
 
Revenues, excluding adjustments shown below
$
1.59
 
$
1.59
 
$
9.71
 
$
3.50
 
$
3.50
 
$
32.75
 
                                     
Site production and delivery, before net noncash
                                   
and nonrecurring costs shown below
 
1.32
   
1.26
   
4.28
   
1.64
   
1.43
   
9.75
 
By-product creditsa
 
(0.18
)
 
   
   
(0.77
)
 
   
 
Treatment charges
 
0.08
   
0.08
   
   
0.09
   
0.09
   
 
Unit net cash costs
 
1.22
   
1.34
   
4.28
   
0.96
   
1.52
   
9.75
 
Depreciation, depletion and amortization
 
0.24
   
0.23
   
0.21
   
0.53
   
0.47
   
2.47
 
Noncash and nonrecurring costs, net
 
0.15
   
0.15
   
0.15
   
0.09
   
0.09
   
0.11
 
Total unit costs
 
1.61
   
1.72
   
4.64
   
1.58
   
2.08
   
12.33
 
Revenue adjustments, primarily for hedging
 
0.24
   
0.24
   
   
0.13
   
0.13
   
 
Idle facility and other non-inventoriable costs
 
(0.13
)
 
(0.13
)
 
   
(0.04
)
 
(0.04
)
 
(0.02
)
Gross profit (loss)
$
0.09
 
$
(0.02
)
$
5.07
 
$
2.01
 
$
1.51
 
$
20.40
 
                                     
Copper sales (millions of recoverable pounds)
 
301
   
301
         
337
   
337
       
Molybdenum sales (millions of recoverable pounds)b
             
6
               
8
 
 
a.  
Molybdenum by-product credits and revenues reflect volumes produced at market-based pricing and also include tolling revenues at Sierrita.
 
b.  
Reflects molybdenum produced by the North America copper mines.

Unit net cash costs, after by-product credits, for our North America copper mines increased to $1.22 per pound of copper in first-quarter 2009, compared with $0.96 per pound of copper in first-quarter 2008, primarily reflecting lower molybdenum credits ($0.59 per pound decrease) resulting from lower molybdenum prices and volumes, partly offset by a decrease in site production and delivery costs ($0.32 per pound decrease, including $0.48 per pound associated with lower operating rates and $0.17 per pound for reduced energy costs, partly offset by increases of $0.25 per pound related to draw downs of inventory with higher average costs).

Our five operating North America copper mines have varying cost structures because of differences in ore grades and ore characteristics, processing costs, by-products and other factors. During first-quarter 2009, the Morenci mine, which accounts for approximately 40 percent of North America’s production, had unit net cash costs of $1.18 per pound. Based on current operating plans and assuming average prices of $2.00 per pound of copper and $8.00 per pound of molybdenum for the remainder of 2009, we estimate that average unit net cash costs, including molybdenum credits, for our North America copper mines would approximate $1.22 per pound of copper for the year 2009, compared with $1.33 per pound in 2008. Each $1 per pound change in the molybdenum price during the remainder of 2009 would have an approximate $0.015 per pound impact on the North America copper mines’ 2009 unit net cash costs.

The decrease in depreciation, depletion and amortization in first-quarter 2009, compared with first-quarter 2008, reflects the impact of the long-lived asset impairment charges recognized in fourth-quarter 2008.

South America Copper Mines
We have four operating copper mines in South America – Cerro Verde in Peru, and Candelaria, Ojos del Salado and El Abra in Chile. We own a 53.56 percent interest in Cerro Verde, an 80 percent interest in both Candelaria and Ojos del Salado and a 51 percent interest in El Abra.

The South America copper mines include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. In addition to copper, the Cerro Verde mine produces molybdenum concentrates as a by-product, and the Candelaria and Ojos del Salado mines produce gold and silver as by-products. Production from our South America copper mines is sold as copper concentrate or copper cathode under long-term contracts.
 

In response to weak market conditions, we revised operating plans at our South America copper mines at the end of 2008 and in early 2009. The revised operating plans for 2009 principally reflect the incorporation of reduced input costs; a significant reduction in capital spending plans, including deferral of the planned incremental expansion project at the Cerro Verde mine and a delay in the sulfide project at El Abra; and reduced spending for discretionary items. In addition, we have temporarily curtailed the molybdenum circuit at Cerro Verde. Operating plans for the South America copper mines will continue to be reviewed and additional adjustments may be made as market conditions warrant.

Operating Data. Following is summary operating data for the South America copper mines for the first quarters of 2009 and 2008.

   
First-Quarter
 
   
2009
 
2008
 
Copper (millions of recoverable pounds)
             
Production
   
348
   
353
 
Sales
   
350
   
365
 
Average realized price per pound
 
$
1.76
 
$
3.78
 
               
Gold (thousands of recoverable ounces)
             
Production
   
23
   
26
 
Sales
   
23
   
27
 
Average realized price per ounce
 
$
902
 
$
936
 
               
Molybdenum (millions of recoverable pounds)
             
Production (by-product)a
   
1
   
1
 
               
SX/EW operations
             
Leach ore placed in stockpiles (metric tons per day)
   
250,500
   
274,100
 
Average copper ore grade (percent)
   
0.45
   
0.39
 
Copper production (millions of recoverable pounds)
   
137
   
135
 
               
Mill operations
             
Ore milled (metric tons per day)
   
182,400
   
170,700
 
Average copper ore grade (percent):
             
Copper
   
0.68
   
0.74
 
Molybdenum
   
0.02
   
0.02
 
Copper recovery rate (percent)
   
88.9
   
90.6
 
Production (millions of recoverable pounds):
             
Copper
   
211
   
218
 
Molybdenum
   
1
   
1
 
 
a.  
Reflects by-product molybdenum production from our Cerro Verde copper mine. Sales of by-product molybdenum are reflected in the Molybdenum segment.

Copper sales from the South America mines totaled 350 million pounds in first-quarter 2009, compared with 365 million pounds in first-quarter 2008. Lower sales volumes in first-quarter 2009 primarily reflect the mining of lower ore grades at El Abra and Candelaria.

For 2009, consolidated sales volumes from our South America mines are expected to approximate 1.4 billion pounds of copper and 100 thousand ounces of gold, compared with 1.5 billion pounds of copper and 116 thousand ounces of gold in 2008. Lower copper volumes in 2009, compared with 2008, reflect the impact of previously expected mining of lower ore grades at Candelaria. While the revised operating plans for our South America copper mines do not have a significant effect on 2009 production volumes, they are expected to result in lower 2010 production by approximately 100 million pounds of copper.

Unit Net Cash Costs. Unit net cash costs per pound of copper is a measure intended to provide investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.


Gross Profit per Pound of Copper

The following tables summarize unit net cash costs and gross profit at the South America copper mines for the first quarters of 2009 and 2008. The below tables reflect unit net cash costs per pound of copper under the by-product and co-product methods as the South America copper mines also had small amounts of molybdenum, gold and silver sales. Refer to “Product Revenues and Production Costs” for an explanation of the “by-product” and “co-product” methods and a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

 
First-Quarter 2009
 
First-Quarter 2008
 
 
By-Product
 
Co-Product
 
By-Product
 
Co-Product
 
 
Method
 
Method
 
Method
 
Method
 
Revenues, excluding adjustments shown below
$
1.76
 
$
1.76
 
$
3.78
 
$
3.78
 
                         
Site production and delivery, before net noncash
                       
and nonrecurring costs shown below
 
1.00
   
0.92
   
1.08
   
1.05
 
By-product credits
 
(0.11
)
 
   
(0.14
)
 
 
Treatment charges
 
0.14
   
0.14
   
0.21
   
0.21
 
Unit net cash costs
 
1.03
   
1.06
   
1.15
   
1.26
 
Depreciation, depletion and amortization
 
0.18
   
0.17
   
0.35
   
0.34
 
Noncash and nonrecurring costs, net
 
0.02
   
0.02
   
0.07
   
0.07
 
Total unit costs
 
1.23
   
1.25
   
1.57
   
1.67
 
Revenue adjustments, primarily for pricing on
                       
prior period open sales
 
0.25
   
0.25
   
0.63
   
0.63
 
Idle facility and other non-inventoriable costs
 
(0.02
)
 
(0.02
)
 
(0.02
)
 
(0.01
)
Gross profit
$
0.76
 
$
0.74
 
$
2.82
 
$
2.73
 
                         
Copper sales (millions of recoverable pounds)
 
350
   
350
   
365
   
365
 

Unit net cash costs, after by-product credits, for our South America copper mines decreased to $1.03 per pound of copper in first-quarter 2009, compared with $1.15 per pound in first-quarter 2008, primarily reflecting lower site production and delivery costs ($0.08 per pound decrease, including $0.15 per pound for lower operating costs reflecting the impacts of revised operating plans and $0.07 per pound for lower energy costs, partly offset by an increase of $0.12 per pound for draw downs of inventory with higher average costs). In addition, lower treatment charges ($0.07 per pound decrease) associated with lower price participation because of lower copper prices contributed to lower unit net cash costs for our South America copper mines.

Our South America copper mines have varying cost structures because of differences in ore grades and ore characteristics, processing costs, by-products and other factors. During first-quarter 2009, the Cerro Verde mine, which accounts for almost half of South America’s production had unit net cash costs for of $0.97 per pound. Assuming average prices of $2.00 per pound of copper for the remainder of 2009 and achievement of current 2009 sales, we estimate that average unit net cash costs, after by-product credits, for our South America copper mines would approximate $1.05 per pound of copper in 2009, compared with $1.14 per pound in 2008.

The decrease in depreciation, depletion and amortization in first-quarter 2009, compared with first-quarter 2008, reflects the impact of the long-lived asset impairment charges recognized in fourth-quarter 2008.

Indonesia Mining
We own 90.64 percent of PT Freeport Indonesia, including 9.36 percent owned through our wholly owned subsidiary, PT Indocopper Investama. The Government of Indonesia owns the remaining 9.36 percent of PT Freeport Indonesia. PT Freeport Indonesia operates under an agreement, called a Contract of Work, with the Government of Indonesia that allows us to conduct exploration, mining and production activities in a 24,700-acre area called Block A located in Papua, Indonesia. Under the Contract of Work, PT Freeport Indonesia also conducts exploration activities in an approximate 500,000-acre area called Block B in Papua. All of PT Freeport Indonesia’s proven and probable mineral reserves and current mining operations, including the Grasberg minerals district, are located in Block A.

PT Freeport Indonesia produces copper concentrates, which contain significant quantities of gold and silver. Substantially all of PT Freeport Indonesia’s copper concentrates are sold under long-term contracts.

We have established certain unincorporated joint ventures with Rio Tinto plc (Rio Tinto), an international mining company with headquarters in London, England. Pursuant to the joint venture agreement, Rio Tinto has a 40
 
 
percent interest in certain assets and future production exceeding specified annual amounts of copper, gold and silver through 2021 in Block A of PT Freeport Indonesia’s Contract of Work, and, after 2021, a 40 percent interest in all production from Block A.

As reported in January 2006, we received and responded to requests from U.S. governmental authorities related to PT Freeport Indonesia’s support of Indonesian security institutions. In May 2009, we were notified by the SEC that the U.S. government's investigation has been completed and no action has been recommended.

Operating Data. Following is summary operating data for our Indonesia mining operations for the first quarters of 2009 and 2008.

   
First-Quarter
 
   
2009
 
2008
 
Consolidated Operating Data, Net of Joint Venture Interest
             
Copper (millions of recoverable pounds)
             
Production
   
404
   
200
 
Sales
   
369
   
207
 
Average realized price per pound
 
$
1.80
 
$
3.82
 
               
Gold (thousands of recoverable ounces)
             
Production
   
570
   
246
 
Sales
   
521
   
251
 
Average realized price per ounce
 
$
904
 
$
932
 
               
100% Operating Data, Including Joint Venture Interest
             
Ore milled (metric tons per day):
             
Grasberg open pita
   
165,000
   
118,600
 
Deep Ore Zone (DOZ) underground minea
   
72,400
   
61,200
 
Total
   
237,400
   
179,800
 
Average ore grade:
             
Copper (percent)
   
1.12
   
0.70
 
Gold (grams per metric ton)
   
1.13
   
0.61
 
Recovery rates (percent):
             
Copper
   
90.7
   
89.7
 
Gold
   
81.9
   
79.0
 
Production (recoverable):
             
Copper (millions of pounds)
   
456
   
214
 
Gold (thousands of ounces)
   
619
   
246
 
 
a.  
Amounts represent the approximate average daily throughput processed at PT Freeport Indonesia’s mill facilities from each producing mine.

At the Grasberg mine, the sequencing in mining areas with varying ore grades causes fluctuations in the timing of ore production resulting in varying quarterly and annual sales of copper and gold. PT Freeport Indonesia’s share of sales totaled 369 million pounds of copper and 521 thousand ounces of gold in first-quarter 2009, compared with 207 million pounds of copper and 251 thousand ounces of gold in first-quarter 2008. Higher copper and gold sales volumes in first-quarter 2009 resulted from mining in a higher-grade section of the Grasberg open pit, which is expected to continue in 2009 and 2010.

For 2009, PT Freeport Indonesia’s sales are expected to approximate 1.3 billion pounds of copper and 2.2 million ounces of gold, compared with 1.1 billion pounds of copper and 1.2 million ounces of gold in 2008.

Unit Net Cash Costs. Unit net cash costs per pound of copper is a measure intended to provide investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.
 

Gross Profit per Pound of Copper/per Ounce of Gold

The following tables summarize the unit net cash (credits) costs and gross profit at our Indonesia mining operations. Refer to “Production Revenues and Production Costs” for an explanation of “by-product” and “co-product” methods and a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

 
First-Quarter 2009
 
First-Quarter 2008
 
 
By-Product
 
Co-Product Method
 
By-Product
 
Co-Product Method
 
 
Method
 
Copper
 
Gold
 
Method
 
Copper
 
Gold
 
Revenues, after adjustments shown below
$
1.80
 
$
1.80
 
$
904.18
 
$
3.82
 
$
3.82
 
$
931.71
 
                                     
Site production and delivery, before net noncash
                                   
and nonrecurring costs shown below
 
0.92
   
0.53
   
268.28
   
1.86
   
1.41
   
349.08
 
Gold and silver credits
 
(1.34
)
 
   
   
(1.23
)
 
   
 
Treatment charges
 
0.20
   
0.11
   
59.27
   
0.33
   
0.25
   
61.71
 
Royalty on metals
 
0.07
   
0.04
   
19.48
   
0.12
   
0.09
   
22.69
 
Unit net cash (credits) costs
 
(0.15
)
 
0.68
   
347.03
   
1.08
   
1.75
   
433.48
 
Depreciation and amortization
 
0.18
   
0.10
   
51.27
   
0.22
   
0.17
   
40.82
 
Noncash and nonrecurring costs, net
 
0.03
   
0.02
   
8.69
   
0.07
   
0.05
   
12.76
 
Total unit costs
 
0.06
   
0.80
   
406.99
   
1.37
   
1.97
   
487.06
 
Revenue adjustments, primarily for pricing on
                                   
prior period open sales
 
0.17
   
0.17
   
11.85
   
0.48
   
0.48
   
27.32
 
PT Smelting intercompany profit
 
(0.01
)
 
(0.01
)
 
(5.46
)
 
(0.02
)
 
(0.02
)
 
(4.27
)
Gross profit
$
1.90
 
$
1.16
 
$
503.58
 
$
2.91
 
$
2.31
 
$
467.70
 
                                     
Consolidated sales
                                   
Copper (millions of recoverable pounds)
 
369
   
369
         
207
   
207
       
Gold (thousands of recoverable ounces)
             
521
               
251
 

Because of the fixed nature of a large portion of PT Freeport Indonesia’s costs, unit costs vary significantly from period to period depending on volumes of copper and gold sold during the period. Unit net cash costs, after gold and silver credits, decreased to a net credit of $0.15 per pound of copper in first-quarter 2009, compared with $1.08 per pound in first-quarter 2008, primarily reflecting lower site production and delivery costs ($0.94 per pound decrease, including $0.70 per pound associated with higher copper sales volumes and $0.19 per pound related to changes in inventory) and higher gold credits ($0.11 per pound increase) resulting from higher gold sales volumes in first-quarter 2009.

The decrease in unit net cash costs also reflected lower treatment charges ($0.13 per pound decrease), which vary with the volume of metals sold and the price of copper, and lower royalties on metals ($0.05 per pound decrease), which vary with the volume of metals sold and the prices of copper and gold.

Because certain assets are depreciated on a straight-line basis, PT Freeport Indonesia’s unit depreciation rate varies with the level of copper production and sales.

Assuming average copper prices of $2.00 per pound and average gold prices of $900 per ounce for the remainder of 2009 and achievement of current 2009 sales estimates, we estimate that average unit net cash costs for PT Freeport Indonesia, including gold and silver credits, would approximate a net credit of $0.13 per pound of copper in 2009, compared with $0.96 per pound in 2008. Each $50 per ounce change in gold prices during the remainder of 2009 would have an approximate $0.06 per pound impact on PT Freeport Indonesia’s 2009 unit net cash costs.

Africa Mining
We hold an effective 57.75 percent interest in the Tenke Fungurume copper and cobalt mining concessions in the Katanga province of the DRC and are the operator of the project. Significant progress on the construction of the project was achieved during first-quarter 2009, and the first copper cathode was produced in late March 2009 as the project entered the commissioning and start-up phase. Construction activities for the initial development project are nearing completion, and production is expected to ramp up to full annual capacity in the second half of 2009. Annual production in the initial years is expected to approximate 250 million pounds of copper and 18 million pounds of cobalt in the second half of 2009. The initial project at Tenke Fungurume is based on mining and processing ore reserves approximating 119 million metric tons with average ore grades of 2.6 percent copper and 0.35 percent cobalt. Refer to “Development Projects” for further discussion.
 

Molybdenum
Our Molybdenum operation is an integrated producer of molybdenum, with mining, sulfide ore concentrating, roasting and processing facilities that produce high-purity, molybdenum-based chemicals, molybdenum metal powder and metallurgical products, which are sold to customers around the world, and includes the wholly owned Henderson molybdenum mine in Colorado and related conversion facilities. The Henderson underground mine produces high-purity, chemical-grade molybdenum concentrates, which are typically further processed into value-added molybdenum chemical products. The Molybdenum operation also includes the wholly owned Climax molybdenum mine in Colorado, which has been on care-and-maintenance status since 1995; a sales company that purchases and sells molybdenum from our Henderson mine and from our North and South America copper mines that produce molybdenum as a by-product; and related conversion facilities that, at times, roast and/or process material on a toll basis. Toll arrangements require the tolling customer to deliver appropriate molybdenum-bearing material to our facilities for processing into a product that is returned to the customer, who pays us for processing their material into the specified products.

Molybdenum markets have been significantly affected by the downturn in economic conditions, which began in fourth-quarter 2008, and demand for molybdenum, principally in the metallurgical sector, remains very weak. During fourth-quarter 2008, the Henderson molybdenum mine began operating at a curtailed rate, reflecting an approximate 25 percent reduction in annual production. In response to further weakness in market conditions, we have taken additional steps to adjust molybdenum production and further revised Henderson’s operating plans to reflect an approximate 40 percent reduction in Henderson’s annual production, which totaled 40 million pounds in 2008. In addition, we have made adjustments to molybdenum production plans at certain by-product mines, including the suspension of molybdenum processing at our Cerro Verde mine. We are continuing to monitor market conditions and may make further adjustments to our molybdenum production and sales plans.

Operating Data. Following is summary operating data for the Molybdenum operations for the first quarters of 2009 and 2008.

   
First-Quarter
 
   
2009
 
2008
 
Molybdenum (millions of recoverable pounds)
             
Production
   
7
   
9
 
Sales, excluding purchasesa
   
10
   
20
 
Average realized price per pound
 
$
11.52
 
$
31.67
 
               
Henderson molybdenum mine
             
Ore milled (metric tons per day)
   
15,200
   
25,000
 
Average molybdenum ore grade (percent)
   
0.25
   
0.22
 
Molybdenum production (millions of recoverable pounds)
   
7
   
9
 
 
a.  
Includes sales of molybdenum produced as a by-product at our North and South America copper mines.

Molybdenum sales volumes decreased to 10 million pounds in first-quarter 2009, compared with 20 million pounds in first-quarter 2008, primarily reflecting curtailed production in response to lower demand, principally in the metallurgical sector. For 2009, molybdenum sales volumes are expected to approximate 50 million pounds, compared with 71 million pounds in 2008. For 2009, approximately 85 percent of our molybdenum sales are expected to be priced at prevailing market prices.

Unit Net Cash Costs. Unit net cash costs per pound of molybdenum is a measure intended to provide investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.
 

Gross Profit per Pound of Molybdenum

The following tables summarize the unit net cash costs and gross profit at our Henderson molybdenum mine for the first quarters of 2009 and 2008. Refer to “Product Revenues and Production Costs” for a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

 
First-Quarter
 
 
2009
 
2008
 
Revenues
$
10.55
 
$
29.45
 
             
Site production and delivery, before net noncash
           
and nonrecurring costs shown below
 
5.61
   
5.14
 
Unit net cash costs
 
5.61
   
5.14
 
Depreciation, depletion and amortization
 
0.93
   
4.26
 
Noncash and nonrecurring costs, net
 
0.03
   
0.06
 
Total unit costs
 
6.57
   
9.46
 
Gross profita
$
3.98
 
$
19.99
 
             
Molybdenum sales (millions of recoverable pounds)b
 
7
   
9
 
 
a.  
Gross profit reflects sales of Henderson products based on volumes produced at market-based pricing. On a consolidated basis, the Molybdenum segment includes profits on sales as they are made to third parties and realizations based on actual contract terms. As a result, the actual gross profit realized will differ from the amounts reported in this table.
 
b.  
Reflects molybdenum produced by the Henderson molybdenum mine.

Henderson’s unit net cash costs were $5.61 per pound of molybdenum in first-quarter 2009, compared with $5.14 per pound of molybdenum in first-quarter 2008. The increase in Henderson’s unit net cash costs primarily reflects lower molybdenum production. Assuming achievement of current 2009 sales estimates, we estimate that the 2009 average unit net cash costs for Henderson would approximate $6.00 per pound of molybdenum, compared with $5.36 per pound in 2008.

The decrease in Henderson’s depreciation, depletion and amortization reflects the impact of the long-lived asset impairment charges recognized in fourth-quarter 2008.

Rod & Refining
The Rod & Refining operations consist of copper conversion facilities located in North America, including a refinery, three rod mills and a specialty copper products facility. These operations process copper produced at our North America mines and purchased copper into copper cathode, rod and custom copper shapes. At times these operations refine copper and produce copper rod and shapes for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to our facilities for processing into a product that is returned to the customer, who pays us for processing their material into the specified products.

Atlantic Copper Smelting & Refining
Atlantic Copper is our wholly owned subsidiary located in Spain. Atlantic Copper’s operations involve the smelting and refining of copper concentrates and the marketing of refined copper and precious metals in slimes. Our investment in smelters serves an important role in our concentrate marketing strategy. PT Freeport Indonesia generally sells, under long-term contracts, approximately one-half of its concentrate production to its affiliated smelters, Atlantic Copper and PT Smelting, and the remainder to other customers. Additionally, certain of our South America mining operations sell a portion of their copper concentrate and cathode inventories to Atlantic Copper. Treatment charges for smelting and refining copper concentrates represent a cost to PT Freeport Indonesia and our South America mining operations and income to Atlantic Copper and PT Smelting. Through downstream integration, we are assured placement of a significant portion of our concentrate production. Smelting and refining charges consist of a base rate and, in certain contracts, price participation based on copper prices. Higher treatment and refining charges benefit our smelter operations at Atlantic Copper and adversely affect our mining operations in Indonesia and South America. Our North America copper mines are not significantly affected by changes in treatment and refining charges because these operations are fully integrated with our Miami smelter located in Arizona.

Atlantic Copper has a labor contract covering certain employees, which expired in December 2007. During March 2009, we successfully negotiated a new four-year labor contract, retroactive to January 1, 2008.
 
 
We defer recognizing profits on PT Freeport Indonesia’s and our South America copper mines’ sales to Atlantic Copper and on 25 percent of PT Freeport Indonesia’s sales to PT Smelting (PT Freeport Indonesia’s 25-percent owned copper smelter and refinery in Indonesia) until final sales to third parties occur. Changes in these net deferrals resulted in net reductions to net income applicable to common stock totaling $62 million ($0.15 per share) in first-quarter 2009 and net additions of $6 million ($0.01 per share) in first-quarter 2008. At March 31, 2009, our net deferred profits on PT Freeport Indonesia’s and the South America copper mines’ inventories at Atlantic Copper and PT Smelting to be recognized in future periods’ net income after taxes and noncontrolling interests totaled $90 million.

DEVELOPMENT PROJECTS

We have several projects and potential opportunities to expand our production volumes, extend our mine lives and develop large-scale underground ore bodies. In response to the declines in copper and molybdenum prices and the weak economic environment, we have deferred most of our project development activities, including incremental expansion projects at the Sierrita and Bagdad mines in North America and at the Cerro Verde concentrator in South America; the planned restart of the Miami mine; development of the El Abra sulfide project; and the restart of the Climax molybdenum mine. Current major development projects include underground development in the Grasberg minerals district and the Tenke Fungurume project in the DRC, although we have also reduced capital spending on these projects. Capital spending plans continue to be reviewed and may be revised based on market conditions.

Indonesia. We have several projects in progress in the Grasberg minerals district, including developing the large-scale, high-grade underground ore bodies located beneath and adjacent to the Grasberg open pit. Following provides additional discussion of these current projects, including the continued development of the Common Infrastructure project, the Grasberg Block Cave and Big Gossan underground mines and a further expansion of the DOZ underground mine.

·  
Common Infrastructure. In 2004, PT Freeport Indonesia commenced its Common Infrastructure project to provide access to its large undeveloped underground ore bodies located in the Grasberg minerals district through a tunnel system located approximately 400 meters deeper than its existing underground tunnel system. In addition to providing access to our underground ore bodies, the tunnel system will enable PT Freeport Indonesia to conduct future exploration in prospective areas associated with currently identified ore bodies. The tunnel system has reached the Big Gossan terminal and we are proceeding with development of the lower Big Gossan infrastructure. We have also advanced development of the Grasberg spur, and as of December 31, 2008, we completed the tunneling required to reach the Grasberg underground ore body. During first-quarter 2009, we continued development of the Grasberg Block Cave terminal infrastructure and mine access.
 
·  
Grasberg Block Cave. In 2008, we completed the feasibility study for the development of the Grasberg Block Cave, which accounts for over one-third of our reserves in Indonesia. Production at the Grasberg Block Cave is currently scheduled to commence at the end of mining the Grasberg open pit, which is expected to continue until the end of 2015. The timing of the underground Grasberg Block Cave development will continue to be assessed.

Based on the 2008 feasibility study, aggregate mine development capital for the Grasberg Block Cave and associated Common Infrastructure is expected to approximate $3.1 billion to be incurred between 2008 and 2021, with PT Freeport Indonesia’s share totaling approximately $2.8 billion. Aggregate project costs incurred through March 31, 2009, total $222 million.
 
·  
Big Gossan. The Big Gossan underground mine is a high-grade deposit located near PT Freeport Indonesia’s existing milling complex. The Big Gossan mine is being developed as an open-stope mine with backfill consisting of mill tailings and cement, an established mining methodology expected to be higher cost than the block-cave method used at the DOZ mine. Production is designed to ramp up to 7,000 metric tons per day by late 2012 (equal to average annual aggregate incremental production of 125 million pounds of copper and 65,000 ounces of gold, with PT Freeport Indonesia receiving 60 percent of these amounts). The total capital investment for this project is currently estimated at approximately $480 million, of which $345 million has been incurred through March 31, 2009.
 
 
·  
DOZ Expansion. In mid-2007, PT Freeport Indonesia completed the expansion of the capacity of the DOZ underground operation to allow a sustained rate of 50,000 metric tons per day. PT Freeport Indonesia’s further expansion of the DOZ mine to 80,000 metric tons of ore per day is under way with completion targeted by 2010. The capital cost for this expansion is expected to approximate $100 million, with PT Freeport Indonesia’s 60 percent share totaling approximately $60 million. The success of the development of the DOZ mine, one of the world’s largest underground mines, provides confidence in the future development of PT Freeport Indonesia’s large-scale undeveloped underground ore bodies.

Tenke Fungurume. Significant progress on the construction of the project was achieved during first-quarter 2009, and the first copper cathode was produced in late March 2009 as the project entered the commissioning and start-up phase. Construction activities for the initial development project are nearing completion and production is expected to ramp up to full annual capacity in the second half of 2009. Annual production in the initial years is expected to approximate 250 million pounds of copper and 18 million pounds of cobalt. The initial project is based on mining and processing ore reserves approximating 119 million metric tons with average ore grades of 2.6 percent copper and 0.35 percent cobalt. We also continue to engage in drilling activities, exploration analyses and metallurgical testing to evaluate the potential of this highly prospective district. As a result, we expect its ore reserves to increase significantly over time, enabling future expansions of the initial production facilities. The timing of these expansions will depend on a number of factors, including general economic and market conditions.

Approximately $1.6 billion of the budgeted $1.75 billion in aggregate project costs have been incurred through March 31, 2009. We are responsible for funding 70 percent of project development costs and are also responsible for financing our partner’s share of certain project overruns on the initial project. In response to current market conditions, we have deferred spending on certain expenditures not required for the initial project.

The project has been designed and constructed in a world-class fashion, using modern technology and following international standards for environmental management, occupational safety and social responsibility. The facilities include impermeable lined tailing storage and waste-water treatment ponds, and we are making significant investments in infrastructure in the region, including a national road and improvements in power generation and transmission systems. Our social programs continue to expand, including local micro-enterprise businesses, agricultural capacity building initiatives, malaria abatement, potable drinking water wells, new medical facilities and several new schools. The project will continue to provide important benefits to the Congolese through employment and the provision of local services and to the DRC government through substantial tax, royalty and dividend revenues.

In February 2008, the Ministry of Mines, Government of the DRC, sent a letter seeking comment on proposed material modifications to the mining contracts for the Tenke Fungurume concession. FCX responded to this letter indicating that its mining contracts were negotiated transparently and approved by the Government of the DRC following extended negotiations, and that FCX believes they are fair and equitable, comply with Congolese law and are enforceable without modifications. We are continuing to work cooperatively with the Government of the DRC to resolve these matters. This review process has not affected the development schedule or production plans associated with the Tenke Fungurume project.

CAPITAL RESOURCES AND LIQUIDITY

Our operating cash flows vary with prices realized from copper, gold and molybdenum sales, our production levels, production costs, cash payments for income taxes and interest, other working capital changes and other factors. As a result of weak economic conditions, there is significant uncertainty about the near-term price outlook for our principal products. While we view the long-term outlook for our business positively, supported by limitations on supplies of copper and by the requirements for copper in the world’s economy, we have responded to the uncertain near-term outlook and will continue to adjust our operating strategy as market conditions change. Operating plans were revised at the end of 2008 and in early 2009 to curtail production at higher cost operations, defer or eliminate capital projects and target reductions in costs, including reduced exploration, research and administrative costs. We also suspended our annual common stock dividend.

Based on current mine plans and subject to future copper, gold and molybdenum prices, we expect estimated operating cash flows combined with net proceeds from the first-quarter 2009 equity offering (refer to “Financing Activities” for further discussion) to be greater than our budgeted capital expenditures, scheduled debt maturities, preferred dividends, noncontrolling interest distributions and other cash requirements. From time to time we may use our credit facilities for working capital and short-term funding requirements.
 
 
Cash and Cash Equivalents
At March 31, 2009, we had consolidated cash and cash equivalents of $644 million. The following table reflects the U.S. and international components of consolidated cash and cash equivalents at March 31, 2009, and December 31, 2008 (in millions):

 
March 31,
 
December 31,
 
 
2009
 
2008
 
Cash at domestic companiesa
$
261
 
$
95
 
Cash at international operations
 
383
   
777
 
Total consolidated cash and cash equivalents
 
644
   
872
 
Less: Noncontrolling interests’ share
 
(126
)
 
(267
)
Cash, net of noncontrolling interests’ share
 
518
   
605
 
Taxes and other costs if distributed
 
(73
)
 
(151
)
Net cash available to FCX parent
$
445
 
$
454
 
 
a.  
Includes cash at our parent company and North America operations.

Operating Activities
Net cash used for operating activities totaled $258 million in first-quarter 2009, including $919 million used for working capital requirements, which primarily related to settlement of final pricing with customers on 2008 provisionally priced copper sales ($573 million). Operating cash flows provided in first-quarter 2008 totaled $615 million, net of $1.4 billion used for working capital requirements, including $598 million to settle the 2007 copper price protection program contract. Consolidated revenues, operating cash flows and net income vary significantly with fluctuations in the market prices of copper, gold and molybdenum, sales volumes and other factors.

Refer to “Overview and Outlook” for further discussion of projected 2009 operating cash flows.

Investing Activities
Capital expenditures, including capitalized interest, totaled $519 million in first-quarter 2009, compared with $508 million in first-quarter 2008. First-quarter 2009 capital expenditures, compared to first-quarter 2008, include an increase associated with spending on the Tenke Fungurume development project in Africa, partly offset by decreases associated with the effects of the decision to defer capital spending for most of our project development activities and also reduced spending for sustaining capital. Refer to “Development Projects” for further discussion.

Capital expenditures are expected to approximate $1.3 billion for 2009, including $0.6 billion for sustaining capital and $0.7 billion for the Tenke Fungurume development project and development projects in Indonesia, compared with $2.7 billion in 2008. Capital spending plans continue to be reviewed and may be revised based on market conditions.

Financing Activities
Total debt approximated $7.2 billion at March 31, 2009, and $7.4 billion at December 31, 2008. We have no significant debt maturities in the near term; however, we may consider opportunities to prepay debt in advance of scheduled maturities.

We have revolving credit facilities available through March 2012, which are composed of a (i) $1.0 billion revolving credit facility available to FCX and (ii) $0.5 billion revolving credit facility available to both FCX and PT Freeport Indonesia. At March 31, 2009, we had no borrowings and $74 million of letters of credit issued under the facilities, resulting in availability of approximately $1.4 billion. The revolving credit facilities contain restrictions on the amount available for dividend payments, purchases of our common stock and certain debt prepayments. However, these restrictions do not apply as long as availability under the revolvers plus domestic cash exceeds $750 million. As of March 31, 2009, we had availability under the revolvers plus available domestic cash totaling approximately $1.7 billion.

In April 2008, Standard & Poor’s Rating Services and Fitch Ratings raised our corporate credit rating and the ratings on our unsecured debt to BBB- (investment grade). As a result of the upgrade of our unsecured notes to investment grade, the restricted payment covenants contained in our $6.0 billion in senior notes used to finance the acquisition of Phelps Dodge and in our 6⅞% Senior Notes were suspended. To the extent the rating is downgraded below investment grade, the covenants would again become effective.
 
 
In February 2009, we completed a public offering of 26.8 million shares of our common stock at an average price of $28.00 per share, which generated gross proceeds of $750 million (net proceeds of $740 million after fees and expenses). Net proceeds were used for general corporate purposes, including the repayment of amounts outstanding under our revolving credit facilities, working capital and capital expenditures. As of March 31, 2009, we had 412 million common shares outstanding. Assuming conversion of our 5½% Convertible Perpetual Preferred Stock and 6¾% Mandatory Convertible Preferred Stock prior to May 1, 2010, we would have approximately 469 million common shares outstanding; assuming the 6¾% Mandatory Convertible Preferred Stock automatically converts on May 1, 2010, we would have between 469 million and 477 million common shares outstanding (depending on the applicable market price of our common stock).

In February 2008, we purchased, in an open market transaction, $33 million of our 9½% Senior Notes for $46 million.

Because of financial market turmoil and declines in copper and molybdenum prices, in September 2008 we suspended purchases of shares under the open-market share purchase program. There are 23.7 million shares remaining under this program. The timing of future purchases of our common stock is dependent on many factors, including our operating results; cash flows and financial position; copper, gold and molybdenum prices; the price of our common shares; and general economic and market conditions.

The declaration and payment of dividends is at the discretion of our Board of Directors (the Board). The amount of our cash dividend on our common stock is dependent upon our financial results, cash requirements, future prospects and other factors deemed relevant by the Board. Because of the deterioration in copper and molybdenum prices and in general economic conditions, in December 2008 the Board suspended the cash dividend on our common stock; accordingly, there were no common dividends paid in first-quarter 2009, compared to $169 million paid in first-quarter 2008. The Board will continue to review our financial policy on an ongoing basis.

Preferred stock dividends paid totaled $60 million in first-quarter 2009 and $64 million in first-quarter 2008 representing dividends on our 5½% Convertible Perpetual Preferred Stock and 6¾% Mandatory Convertible Preferred Stock. On March 26, 2009, FCX declared a regular quarterly dividend of $1.6875 per share on our 6¾% Mandatory Convertible Preferred Stock and a regular quarterly dividend of $13.75 per share on our 5½% Convertible Perpetual Preferred Stock, which were paid on May 1, 2009, to shareholders of record at the close of business on April 15, 2009.

Cash dividends paid to noncontrolling interests totaled less than $1 million in first-quarter 2009 and $49 million in first-quarter 2008, which reflected dividends paid to the noncontrolling interest owners of PT Freeport Indonesia and of our South America copper mines.

CONTRACTUAL OBLIGATIONS

There have been no material changes in our contractual obligations since year-end 2008. Refer to Item 7 in our report on Form 10-K for the year ended December 31, 2008, for further information regarding our contractual obligations.

ENVIRONMENTAL AND RECLAMATION MATTERS

Our mining, exploration, production and historical operating activities are subject to stringent laws and regulations governing the protection of the environment. There have been no material changes to our environmental and reclamation obligations since year-end 2008. Refer to Note 15 in our report on Form 10-K for the year ended December 31, 2008, for further information regarding our environmental and reclamation obligations.
 
NEW ACCOUNTING STANDARDS

Refer to Note 9 for information on new accounting standards.
 

PRODUCT REVENUES AND PRODUCTION COSTS

Unit net cash costs per pound of copper and molybdenum are measures intended to provide investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for the respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.

We present gross profit per pound of copper using both a “by-product” method and a “co-product” method. We use the by-product method in our presentation of gross profit per pound of copper because (i) the majority of our revenues are copper revenues, (ii) we mine ore, which contains copper, gold, molybdenum and other metals, (iii) it is not possible to specifically assign all of our costs to revenues from the copper, gold, molybdenum and other metals we produce, (iv) it is the method used to compare mining operations in certain industry publications and (v) it is the method used by our management and Board of Directors to monitor operations. In the co-product method presentation below, costs are allocated to the different products based on their relative revenue values, which will vary to the extent our metals sales volumes and realized prices change.

In both the by-product and the co-product method calculations, we show adjustments to copper revenues for prior period open sales as separate line items. Because the copper pricing adjustments do not result from current period sales, we have reflected these separately from revenues on current period sales. Noncash and nonrecurring costs consist of items such as LCM inventory adjustments, stock-based compensation costs and/or unusual charges. They are removed from site production and delivery costs in the calculation of unit net cash costs. As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method. Presentations under both the by-product and co-product methods are shown below together with reconciliations to amounts reported in our consolidated financial statements.
 

North America Copper Mines Product Revenues and Production Costs

Three Months Ended March 31, 2009
       
 
By-Product
 
Co-Product Method
 
(In millions)
Method
 
Copper
 
Molybdenuma
 
Otherb
 
Total
 
Revenues, excluding adjustments shown below
$
480
 
$
480
 
$
59
 
$
6
 
$
545
 
                               
Site production and delivery, before net noncash
                             
and nonrecurring costs shown below
 
396
   
378
   
26
   
2
   
406
 
By-product creditsa
 
(55
)
 
   
   
   
 
Treatment charges
 
25
   
25
   
   
   
25
 
Net cash costs
 
366
   
403
   
26
   
2
   
431
 
Depreciation, depletion and amortization
 
71
   
69
   
1
   
1
   
71
 
Noncash and nonrecurring costs, net
 
46
   
45
   
1
   
   
46
 
Total costs
 
483
   
517
   
28
   
3
   
548
 
Revenue adjustments, primarily for hedging
 
69
   
69
   
   
   
69
 
Idle facility and other non-inventoriable costs
 
(38
)
 
(38
)
 
   
   
(38
)
Gross profit (loss)
$
28
 
$
(6
)
$
31
 
$
3
 
$
28
 
                               
Reconciliation to Amounts Reported
                             
(In millions)
           
Depreciation,
             
       
Production
   
Depletion and
             
 
Revenues
 
and Delivery
   
Amortization
             
Totals presented above
$
545
 
$
406
 
$
71
             
Net noncash and nonrecurring costs per above
 
N/A
   
46
   
N/A
             
Treatment charges per above
 
N/A
   
25
   
N/A
             
Revenue adjustments, primarily for hedging per above
 
69
   
N/A
   
N/A
             
Eliminations and other
 
4
   
76
   
4
             
North America copper mines
 
618
   
553
   
75
             
South America copper mines
 
702
   
367
   
65
             
Indonesia mining
 
1,122
   
350
   
65
             
Africa mining
 
   
16
   
3
             
Molybdenum
 
146
   
138
c
 
9
             
Rod & Refining
 
619
   
614
   
2
             
Atlantic Copper Smelting & Refining
 
292
   
293
   
8
             
Corporate, other & eliminations
 
(897
)
 
(750
)
 
5
             
As reported in FCX’s consolidated financial statements
$
2,602
 
$
1,581
c
$
232
             
 
a.  
Molybdenum by-product credits and revenues reflect volumes produced at market-based pricing and also include tolling revenues at Sierrita.
 
b.  
Includes gold and silver product revenues and production costs.
 
c.  
Includes LCM molybdenum inventory adjustments totaling $19 million.
 

North America Copper Mines Product Revenues and Production Costs (continued)

Three Months Ended March 31, 2008
       
 
By-Product
 
Co-Product Method
 
(In millions)
Method
 
Copper
 
Molybdenuma
 
Otherb
 
Total
 
Revenues, excluding adjustments shown below
$
1,179
 
$
1,179
 
$
256
 
$
16
 
$
1,451
 
                               
Site production and delivery, before net noncash
                             
and nonrecurring costs shown below
 
553
   
481
   
76
   
7
   
564
 
By-product creditsa
 
(261
)
 
   
   
   
 
Treatment charges
 
31
   
31
   
   
   
31
 
Net cash costs
 
323
   
512
   
76
   
7
   
595
 
Depreciation, depletion and amortization
 
180
   
159
   
19
   
2
   
180
 
Noncash and nonrecurring costs, net
 
30
   
29
   
1
   
   
30
 
Total costs
 
533
   
700
   
96
   
9
   
805
 
Revenue adjustments, primarily for hedging
 
42
   
42
   
   
   
42
 
Idle facility and other non-inventoriable costs
 
(13
)
 
(13
)
 
   
   
(13
)
Gross profit
$
675
 
$
508
 
$
160
 
$
7
 
$
675
 
                               
Reconciliation to Amounts Reported
                             
(In millions)
           
Depreciation,
             
       
Production
   
Depletion and
             
 
Revenues
 
and Delivery
   
Amortization
             
Totals presented above
$
1,451
 
$
564
 
$
180
             
Net noncash and nonrecurring costs per above
 
N/A
   
30
   
N/A
             
Treatment charges per above
 
N/A
   
31
   
N/A
             
Revenue adjustments, primarily for hedging per above
 
42
   
N/A
   
N/A
             
Eliminations and other
 
3
   
21
   
4
             
North America copper mines
 
1,496
   
646
   
184
             
South America copper mines
 
1,607
   
432
   
130
             
Indonesia mining
 
1,052
   
399
   
45
             
Africa mining
 
   
3
   
1
             
Molybdenum
 
719
   
460
   
39
             
Rod & Refining
 
1,688
   
1,676
   
2
             
Atlantic Copper Smelting & Refining
 
665
   
651
   
9
             
Corporate, other & eliminations
 
(1,555
)
 
(1,545
)
 
8
             
As reported in FCX’s consolidated financial statements
$
5,672
 
$
2,722
c
$
418
             
 
a.  
Molybdenum by-product credits and revenues reflect volumes produced at market-based pricing and also include tolling revenues at Sierrita.
 
b.  
Includes gold and silver product revenues and production costs.
 
c.  
Includes LCM inventory adjustments of $1 million.
 

 
South America Copper Mines Product Revenues and Production Costs

Three Months Ended March 31, 2009
               
 
By-Product
 
Co-Product Method
 
(In millions)
Method
 
Copper
 
Other a
 
Total
 
Revenues, excluding adjustments shown below
$
617
 
$
617
 
$
44
 
$
661
 
                         
Site production and delivery, before net noncash
                       
nonrecurring costs shown below
 
352
   
323
   
34
   
357
 
By-product credits
 
(39
)
 
   
   
 
Treatment charges
 
48
   
48
   
   
48
 
Net cash costs
 
361
   
371
   
34
   
405
 
Depreciation, depletion and amortization
 
65
   
62
   
3
   
65
 
Noncash and nonrecurring costs, net
 
5
   
5
   
   
5
 
Total costs
 
431
   
438
   
37
   
475
 
Revenue adjustments, primarily for pricing on prior
                       
period open sales
 
88
   
88
   
   
88
 
Other non-inventoriable costs
 
(9
)
 
(8
)
 
(1
)
 
(9
)
Gross profit
$
265
 
$
259
 
$
6
 
$
265
 
                         
Reconciliation to Amounts Reported
                       
(In millions)
         
Depreciation,
       
       
Production
 
Depletion and
       
 
Revenues
 
and Delivery
 
Amortization
       
Totals presented above
$
661
 
$
357
 
$
65
       
Net noncash and nonrecurring costs per above
 
N/A
   
5
   
N/A
       
Less: Treatment charges per above
 
(48
)
 
N/A
   
N/A
       
Revenue adjustments, primarily for pricing on prior
                       
period open sales per above
 
88
   
N/A
   
N/A
       
Eliminations and other
 
1
   
5
   
       
South America copper mines
 
702
   
367
   
65
       
North America copper mines
 
618
   
553
   
75
       
Indonesia mining
 
1,122
   
350
   
65
       
Africa mining
 
   
16
   
3
       
Molybdenum
 
146
   
138
b
 
9
       
Rod & Refining
 
619
   
614
   
2
       
Atlantic Copper Smelting & Refining
 
292
   
293
   
8
       
Corporate, other & eliminations
 
(897
)
 
(750
)
 
5
       
As reported in FCX’s consolidated financial statements
$
2,602
 
$
1,581
b
$
232
       
 
a.  
Includes molybdenum, gold and silver product revenues and production costs.
 
b.  
Includes LCM molybdenum inventory adjustments totaling $19 million.
 

South America Copper Mines Product Revenues and Production Costs (continued)

Three Months Ended March 31, 2008
               
 
By-Product
 
Co-Product Method
 
(In millions)
Method
 
Copper
 
Other a
 
Total
 
Revenues, excluding adjustments shown below
$
1,380
 
$
1,380
 
$
59
 
$
1,439
 
                         
Site production and delivery, before net noncash
                       
nonrecurring costs shown below
 
395
   
381
   
20
   
401
 
By-product credits
 
(53
)
 
   
   
 
Treatment charges
 
76
   
76
   
   
76
 
Net cash costs
 
418
   
457
   
20
   
477
 
Depreciation, depletion and amortization
 
130
   
126
   
4
   
130
 
Noncash and nonrecurring costs, net
 
25
   
25
   
   
25
 
Total costs
 
573
   
608
   
24
   
632
 
Revenue adjustments, primarily for pricing on prior
                       
period open sales
 
230
   
230
   
   
230
 
Other non-inventoriable costs
 
(9
)
 
(8
)
 
(1
)
 
(9
)
Gross profit
$
1,028
 
$
994
 
$
34
 
$
1,028
 
                         
Reconciliation to Amounts Reported
                       
(In millions)
         
Depreciation,
       
       
Production
 
Depletion and
       
 
Revenues
 
and Delivery
 
Amortization
       
Totals presented above
$
1,439
 
$
401
 
$
130
       
Net noncash and nonrecurring costs per above
 
N/A
   
25
   
N/A
       
Less: Treatment charges per above
 
(76
)
 
N/A
   
N/A
       
Revenue adjustments, primarily for pricing on prior
                       
period open sales per above
 
230
   
N/A
   
N/A
       
Eliminations and other
 
14
   
6
   
       
South America copper mines
 
1,607
   
432
   
130
       
North America copper mines
 
1,496
   
646
   
184
       
Indonesia mining
 
1,052
   
399
   
45
       
Africa mining
 
   
3
   
1
       
Molybdenum
 
719
   
460
   
39
       
Rod & Refining
 
1,688
   
1,676
   
2
       
Atlantic Copper Smelting & Refining
 
665
   
651
   
9
       
Corporate, other & eliminations
 
(1,555
)
 
(1,545
)
 
8
       
As reported in FCX’s consolidated financial statements
$
5,672
 
$
2,722
b
$
418
       
 
a.  
Includes molybdenum, gold and silver product revenues and production costs.
 
b.  
Includes LCM inventory adjustments totaling $1 million.
 
 
 
Indonesia Mining Product Revenues and Production Costs

Three Months Ended March 31, 2009
       
 
By-Product
 
Co-Product Method
 
(In millions)
Method
 
Copper
 
Gold
 
Silver
 
Total
 
Revenues, after adjustments shown below
$
665
 
$
665
 
$
477
 
$
17
 
$
1,159
 
                               
Site production and delivery, before net noncash
                             
and nonrecurring costs shown below
 
339
   
195
   
140
   
4
   
339
 
Gold and silver credits
 
(494
)
 
   
   
   
 
Treatment charges
 
75
   
43
   
31
   
1
   
75
 
Royalty on metals
 
25
   
14
   
10
   
1
   
25
 
Net cash (credits) costs
 
(55
)
 
252
   
181
   
6
   
439
 
Depreciation and amortization
 
65
   
37
   
27
   
1
   
65
 
Noncash and nonrecurring costs, net
 
11
   
7
   
4
   
   
11
 
Total costs
 
21
   
296
   
212
   
7
   
515
 
Revenue adjustments, primarily for pricing on prior
                             
period open sales
 
63
   
63
   
   
   
63
 
PT Smelting intercompany loss
 
(7
)
 
(4
)
 
(3
)
 
   
(7
)
Gross profit
$
700
 
$
428
 
$
262
 
$
10
 
$
700
 
                               
Reconciliation to Amounts Reported
                             
(In millions)
       
Depreciation,
             
     
Production
 
Depletion and
             
 
Revenues
 
and Delivery
 
Amortization
             
Totals presented above
$
1,159
 
$
339
 
$
65
             
Net noncash and nonrecurring costs per above
 
N/A
   
11
   
N/A
             
Less: Treatment charges per above
 
(75
)
 
N/A
   
N/A
             
Less: Royalty per above
 
(25
)
 
N/A
   
N/A
             
Revenue adjustments, primarily for pricing on prior
                             
period open sales per above
 
63
   
N/A
   
N/A
             
Indonesia mining
 
1,122
   
350
   
65
             
North America copper mines
 
618
   
553
   
75
             
South America copper mines
 
702
   
367
   
65
             
Africa mining
 
   
16
   
3
             
Molybdenum
 
146
   
138
a
 
9
             
Rod & Refining
 
619
   
614
   
2
             
Atlantic Copper Smelting & Refining
 
292
   
293
   
8
             
Corporate, other & eliminations
 
(897
)
 
(750
)
 
5
             
As reported in FCX’s consolidated financial statements
$
2,602
 
$
1,581
a
$
232
             
 
a.  
Includes total LCM molybdenum inventory adjustments totaling $19 million.
 

 
Indonesia Mining Product Revenues and Production Costs (continued)

Three Months Ended March 31, 2008
       
 
By-Product
 
Co-Product Method
 
(In millions)
Method
 
Copper
 
Gold
 
Silver
 
Total
 
Revenues, after adjustments shown below
$
802
 
$
802
 
$
241
 
$
15
 
$
1,058
 
                               
Site production and delivery, before net noncash
                             
and nonrecurring costs shown below
 
385
   
292
   
88
   
5
   
385
 
Gold and silver credits
 
(256
)
 
   
   
   
 
Treatment charges
 
68
   
52
   
15
   
1
   
68
 
Royalty on metals
 
25
   
19
   
6
   
   
25
 
Net cash costs
 
222
   
363
   
109
   
6
   
478
 
Depreciation and amortization
 
45
   
34
   
10
   
1
   
45
 
Noncash and nonrecurring costs, net
 
14
   
11
   
3
   
   
14
 
Total costs
 
281
   
408
   
122
   
7
   
537
 
Revenue adjustments, primarily for pricing on prior
                             
period open sales
 
87
   
87
   
   
   
87
 
PT Smelting intercompany loss
 
(5
)
 
(3
)
 
(2
)
 
   
(5
)
Gross profit
$
603
 
$
478
 
$
117
 
$
8
 
$
603
 
                               
Reconciliation to Amounts Reported
                             
(In millions)
       
Depreciation,
             
     
Production
 
Depletion and
             
 
Revenues
 
and Delivery
 
Amortization
             
Totals presented above
$
1,058
 
$
385
 
$
45
             
Net noncash and nonrecurring costs per above
 
N/A
   
14
   
N/A
             
Less: Treatment charges per above
 
(68
)
 
N/A
   
N/A
             
Less: Royalty per above
 
(25
)
 
N/A
   
N/A
             
Revenue adjustments, primarily for pricing on prior
                             
period open sales per above
 
87
   
N/A
   
N/A
             
Indonesia mining
 
1,052
   
399
   
45
             
North America copper mines
 
1,496
   
646
   
184
             
South America copper mines
 
1,607
   
432
   
130
             
Africa mining
 
   
3
   
1
             
Molybdenum
 
719
   
460
   
39
             
Rod & Refining
 
1,688
   
1,676
   
2
             
Atlantic Copper Smelting & Refining
 
665
   
651
   
9
             
Corporate, other & eliminations
 
(1,555
)
 
(1,545
)
 
8
             
As reported in FCX’s consolidated financial statements
$
5,672
 
$
2,722
a
$
418
             
 
a.  
Includes LCM inventory adjustments totaling $1 million.


 
Henderson Molybdenum Mine Product Revenues and Production Costs


 
Three Months Ended March 31,
       
(In millions)
2009
 
2008
       
Revenues
$
70
 
$
282
       
                   
Site production and delivery, before net noncash
                 
and nonrecurring costs shown below
 
37
   
49
       
Net cash costs
 
37
   
49
       
Depreciation, depletion and amortization
 
6
   
41
       
Noncash and nonrecurring costs, net
 
   
1
       
Total costs
 
43
   
91
       
Gross profita
$
27
 
$
191
       
                   
 
Reconciliation to Amounts Reported
     
Production
 
Depreciation,
 
(In millions)
     
and
 
Depletion and
 
   
Revenues
 
Delivery
 
Amortization
 
Three Months Ended March 31, 2009
                 
Totals presented above
$
70
 
$
37
 
$
6
 
Net noncash and nonrecurring costs per above
 
N/A
   
   
N/A
 
Henderson mine
 
70
   
37
   
6
 
Other molybdenum operations and eliminationsb
 
76
   
101
c
 
3
 
Molybdenum
 
146
   
138
   
9
 
North America copper mines
 
618
   
553
   
75
 
South America copper mines
 
702
   
367
   
65
 
Indonesia mining
 
1,122
   
350
   
65
 
Africa mining
 
   
16
   
3
 
Rod & Refining
 
619
   
614
   
2
 
Atlantic Copper Smelting & Refining
 
292
   
293
   
8
 
Corporate, other & eliminations
 
(897
)
 
(750
)
 
5
 
As reported in FCX’s consolidated financial statements
$
2,602
 
$
1,581
c
$
232
 
                   
Three Months Ended March 31, 2008
                 
Totals presented above
$
282
 
$
49
 
$
41
 
Net noncash and nonrecurring costs per above
 
N/A
   
1
   
N/A
 
Henderson mine
 
282
   
50
   
41
 
Other molybdenum operations and eliminationsb
 
437
   
410
   
(2
)
Molybdenum
 
719
   
460
   
39
 
North America copper mines
 
1,496
   
646
   
184
 
South America copper mines
 
1,607
   
432
   
130
 
Indonesia mining
 
1,052
   
399
   
45
 
Africa mining
 
   
3
   
1
 
Rod & Refining
 
1,688
   
1,676
   
2
 
Atlantic Copper Smelting & Refining
 
665
   
651
   
9
 
Corporate, other & eliminations
 
(1,555
)
 
(1,545
)
 
8
 
As reported in FCX’s consolidated financial statements
$
5,672
 
$
2,722
d
$
418
 
 
a.  
Gross profit reflects sales of Henderson products based on volumes produced at market-based pricing. On a consolidated basis, the Molybdenum segment includes profits on sales as they are made to third parties and realizations based on actual contract terms. As a result, the actual gross profit realized will differ from the amounts reported in this table.
 
b.  
Primarily includes amounts associated with the molybdenum sales company, which includes sales of molybdenum produced as a by-product at our North and South America copper mines.
 
c.  
First-quarter 2009 includes LCM inventory molybdenum adjustments totaling $19 million.
 
d.  
First-quarter 2008 includes LCM inventory adjustments totaling $1 million.
 
 
CAUTIONARY STATEMENT

Our discussion and analysis contains forward-looking statements in which we discuss our expectations regarding future performance. Forward-looking statements are all statements other than statements of historical facts, such as those statements regarding anticipated production volumes, sales volumes, unit net cash costs, ore grades, milling rates, commodity prices, development and other capital expenditures, mine production and development plans, environmental liabilities, potential future dividend payments, reserve estimates, projected exploration efforts and results, operating cash flows, the impact of copper, gold and molybdenum price changes, the impact of deferred intercompany profits on earnings, liquidity, other financial commitments and tax rates. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to be” and any similar expressions and/or statements that are not historical facts, in each case as they relate to us or our management, are intended to identify those assertions as forward-looking statements.

In making any of those statements, the person making them believes that the expectations are based on reasonable assumptions. We caution readers that those statements are not guarantees of future performance, and our actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking statements include commodity prices, mine sequencing, production rates, industry risks, regulatory changes, political risks, weather-related risks, labor relations, environmental risks, litigation results, currency translation risks and other factors described in more detail under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2008.

Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition. Except for our ongoing obligations under the federal securities laws, we do not intend and undertake no obligation to update or revise any forward-looking statements.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

In early April 2009, we entered into forward copper sales contracts to lock in prices at an average of $1.86 per pound on 355 million pounds of PT Freeport Indonesia’s provisionally priced copper sales at March 31, 2009, which are scheduled to final price from April 2009 through July 2009. From time to time, we may enter into future transactions to lock in pricing on provisionally priced sales to reduce short-term volatility in earnings and cash flows, but we do not intend to change our long standing policy of not hedging future copper production.

For additional information on market risks, refer to “Disclosures About Market Risks” included in Part II, Item 7A of our report on Form 10-K for the year ended December 31, 2008.

Item 4.  Controls and Procedures.

(a)  
Evaluation of disclosure controls and procedures. Our chief executive officer and chief financial officer, with the participation of management, have evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this quarterly report on Form 10-Q. Based on their evaluation, they have concluded that our disclosure controls and procedures are effective as of the end of the period covered by this report.

(b)  
Changes in internal control. There has been no change in our internal control over financial reporting that occurred during the three months ended March 31, 2009, that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.
 

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings.

Environmental Proceedings

Arizona Notice of Violation (NOV) – Sierrita operations.  Information regarding this legal proceeding is incorporated by reference to Item 3. Legal Proceedings of Part I of the FCX Form 10-K for the year ended December 31, 2008.

In January 2009, Phelps Dodge Sierrita, Inc. (Sierrita) and the Arizona Department of Environmental Quality (ADEQ) entered into a consent decree relating to two NOVs associated with dust emissions from Sierrita’s tailing facility. The consent decree, which obligates Sierrita to pay a $45,000 fine and $60,000 for a supplemental environmental project, was entered by the court in April 2009. It will be terminated after the payment of the required sums and filing of a report with ADEQ.

New Mexico Environment Department – Chino Mines.  Information regarding this legal proceeding is incorporated by reference to Item 3. Legal Proceedings of Part I of the FCX Form 10-K for the year ended December 31, 2008.

In 2007, Chino Mines Co. (Chino) notified New Mexico Environmental Department (NMED) that heavy rains led to a release of diluted leach solutions through a storm water outfall to an ephemeral stream on Chino’s property; Chino also identified the interim corrective actions taken as a result of the discharge. In April 2009, Chino and NMED entered a Settlement Agreement and Stipulated Final Order obligating Chino to pay a $276,000 penalty and to implement a corrective action plan.

Item 1A.  Risk Factors.

There have been no material changes to our risk factors during the three months ended March 31, 2009. For additional information on risk factors, refer to “Risk Factors” included in Part I, Item 1A of our report on Form 10-K for the year ended December 31, 2008.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

(c)  
The following table sets forth information with respect to shares of common stock of FCX purchased by FCX during the three months ended March 31, 2009:

             
(c) Total Number of
 
(d) Maximum Number
   
(a) Total Number
 
(b) Average
 
Shares Purchased as Part
 
of Shares That May
   
of Shares
 
Price Paid
 
of Publicly Announced
 
Yet Be Purchased Under
Period
 
Purchaseda
 
Per Share
 
Plans or Programsb
 
the Plans or Programsb
January 1-31, 2009
 
935
 
$
27.42
 
 
23,685,500
February 1-28, 2009
 
273
 
$
29.00
 
 
23,685,500
March 1-31, 2009
 
498
 
$
33.98
 
 
23,685,500
Total
 
1,706
 
$
29.59
 
 
23,685,500
                   
a.  
Consists of shares repurchased under FCX’s applicable stock incentive plans, which were repurchased to satisfy tax obligations on restricted stock awards and to cover the cost of option exercises.
 
b.  
On July 21, 2008, FCX’s Board of Directors approved an increase in FCX’s open-market share purchase program for up to 30 million shares. This program does not have an expiration date.

Item 6.  Exhibits.

The exhibits to this report are listed in the Exhibit Index beginning on Page E-1 hereof.
 

FREEPORT-McMoRan COPPER & GOLD INC.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FREEPORT-McMoRan COPPER & GOLD INC.

By:          /s/ Kathleen L. Quirk                                             
Kathleen L. Quirk
Executive Vice President,
Chief Financial Officer and
Treasurer
(authorized signatory and
Principal Financial Officer)

Date:  May 11, 2009



FREEPORT-McMoRan COPPER & GOLD INC.
EXHIBIT INDEX
   
Filed
 
Exhibit
 
with this
Incorporated by Reference
Number
Exhibit Title
Form 10-Q
Form
File No.
Date Filed
3.1
Composite Certificate of Incorporation of FCX.
 
8-A/A
001-11307-01
01/26/2009
3.2
Amended and Restated By-Laws of FCX, as amended through May 1, 2007.
 
8-K
001-11307-01
05/04/2007
FCX Director Compensation.
X
     
Letter from Ernst & Young LLP regarding unaudited interim financial statements.
X
     
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d – 14(a).
X
     
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d – 14(a).
X
     
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350.
X
     
Certification of Principal Financial Officer pursuant to 18 U.S.C Section 1350.
X
     
101.INS
XBRL Instance Document.
X
     
101.SCH
XBRL Taxonomy Extension Schema.
X
     
101.CAL
XBRL Taxonomy Extension Calculation Linkbase.
X
     
101.DEF
XBRL Taxonomy Extension Definition Linkbase.
X
     
101.LAB
XBRL Taxonomy Extension Label Linkbase.
X
     
101.PRE
XBRL Taxonomy Extension Presentation Linkbase.
X
     
101.REF
XBRL Taxonomy Extension Reference Linkbase.
X
     

*  Indicates management contract or compensatory plan or arrangement.

E-1


EX-10.1 2 ex10-1.htm EXHIBIT 10-1 ex10-1.htm


Exhibit 10.1

FREEPORT-McMoRan COPPER & GOLD INC.
DIRECTOR COMPENSATION
(as of May 2009)

Cash Compensation

Each non-management director of Freeport-McMoRan Copper & Gold Inc. receives an annual fee of $70,000 for serving on the board.  Committee chairs receive an additional annual fee as follows:  Audit Committee, $20,000; Corporate Personnel Committee, $15,000; and all other committees, $10,000.  Each committee member, excluding the chair of each committee, receives an additional annual fee as follows:  Audit Committee members, $10,000; Corporate Personnel Committee members, $7,500; and members of other committees, $5,000.

Each non-management director also receives a fee of $1,500 for attending each board meeting and each committee meeting (for which he or she is a member) and is reimbursed for reasonable out-of-pocket expenses incurred in attending such meetings.

Equity-Based Compensation; Deferrals

The 2004 Director Compensation Plan, which was approved by the stockholders at the 2004 annual meeting, is an equity compensation plan for non-management directors.  Pursuant to the plan, on June 1st of each year, each non-management director receives a grant of options to acquire 10,000 shares of our common stock and 2,000 restricted stock units.  The options are granted at fair market value on the grant date, vest ratably over the first four anniversaries of the grant date and expire on the tenth anniversary of the grant date.  The restricted stock units also vest ratably over the first four anniversaries of the grant date.

In addition, the plan provides that participants may elect to exchange all or a portion of their annual fee for an equivalent number of shares of our common stock on the payment date, based on the fair market value of our common stock on such date.  The plan further provides that participants may elect to defer all or a portion of their annual fee and meeting fees, and that such deferred amounts will accrue interest at a rate equal to the prime commercial lending rate announced from time to time by JP Morgan Chase (compounded quarterly), and shall be paid out at such time or times as directed by the participant.

Matching Gifts Program

Our foundation administers a matching gifts program that is available to our directors, officers, employees, full-time consultants and retirees.  Under the program, the foundation will match a participant’s gifts to eligible institutions, including educational institutions, educational associations, educational funds, cultural institutions, social service community organizations, hospital organizations and environmental organizations.  The foundation provides the gifts directly to the institution.  For directors, the foundation double matches the first $1,000 of donations per year per eligible institution, and single matches donations above $1,000.  The annual amount of our matching gifts for any director may not exceed $40,000.

Retirement Plan for Non-Management Directors

We have a retirement plan for the benefit of our current non-management directors who reach age 65.  In April 2008, the Board amended the plan to freeze the maximum annual benefit at $40,000, except as provided below, and to terminate the plan for future directors.  Thus, under the retirement plan, an eligible director will be entitled to an annual benefit equal to a minimum of $20,000 and a maximum of $40,000, depending on the number of years the retiree served as a non-management director for us or our predecessors.  The benefit is payable from the date of retirement until the retiree’s death.  Each eligible director who was also a director of Freeport-McMoRan Inc., our former parent, and who did not retire from that board of directors, will receive upon retirement from our board an additional annual benefit of $20,000, which is also payable from the date of retirement until the retiree’s death.  This additional benefit is not subject to the $40,000 maximum annual benefit described above.


 
 

 

EX-15.1 3 ex15-1.htm EXHIBIT 15-1 ex15-1.htm


Exhibit 15.1

To the Board of Directors and Stockholders of Freeport-McMoRan Copper & Gold Inc.:

We are aware of the incorporation by reference in the Registration Statements of Freeport-McMoRan Copper & Gold Inc. on Forms S-3 (File Nos. 333-104564, 333-114430 and 333-140997) and Forms S-8 (File Nos. 33-63267, 33-63269, 33-63271, 333-85803, 333-105535, 333-115292, 333-136084, 333-141358 and 333-147413) of our report dated May 4, 2009 relating to the unaudited condensed consolidated interim financial statements of Freeport-McMoRan Copper & Gold Inc. that is included in its Form 10-Q for the quarter ended March 31, 2009.


/s/ Ernst & Young LLP

Phoenix, Arizona
May 4, 2009


 
 

 

EX-31.1 4 ex31-1.htm EXHIBIT 31-1 ex31-1.htm


Exhibit 31.1
Certification


I, Richard C. Adkerson, certify that:

1.  
I have reviewed this quarterly report on Form 10-Q of Freeport-McMoRan Copper & Gold Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated:  May 11, 2009


/s/ Richard C. Adkerson
Richard C. Adkerson
President and Chief Executive Officer

 
 

 

EX-31.2 5 ex31-2.htm EXHIBIT 31-2 ex31-2.htm

 
Exhibit 31.2
Certification

I, Kathleen L. Quirk, certify that:

1.  
I have reviewed this quarterly report on Form 10-Q of Freeport-McMoRan Copper & Gold Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:  May 11, 2009

/s/ Kathleen L. Quirk
Kathleen L. Quirk
Executive Vice President,
Chief Financial Officer and Treasurer


 
 

 

EX-32.1 6 ex32-1.htm EXHIBIT 32-1 ex32-1.htm


Exhibit 32.1


Certification Pursuant to 18 U.S.C. Section 1350
(Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)


In connection with the Quarterly Report on Form 10-Q of Freeport-McMoRan Copper & Gold Inc. (the “Company”) for the quarter ending March 31, 2009, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Richard C. Adkerson, as President and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  May 11, 2009


/s/ Richard C. Adkerson
Richard C. Adkerson
President and Chief Executive Officer


A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

This certification shall not be deemed filed by the Company for purposes of § 18 of the Securities Exchange Act of 1934, as amended.
 
 
 

 

EX-32.2 7 ex32-2.htm EXHIBIT 32-2 ex32-2.htm


Exhibit 32.2


Certification Pursuant to 18 U.S.C. Section 1350
(Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)


In connection with the Quarterly Report on Form 10-Q of Freeport-McMoRan Copper & Gold Inc.(the “Company”) for the quarter ending March 31, 2009, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Kathleen L. Quirk, as Executive Vice President, Chief Financial Officer and Treasurer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of her knowledge:

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  May 11, 2009


/s/ Kathleen L. Quirk
Kathleen L. Quirk
Executive Vice President,
Chief Financial Officer and Treasurer


A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

This certification shall not be deemed filed by the Company for purposes of § 18 of the Securities Exchange Act of 1934, as amended.


 
 

 

EX-101.INS 8 fcx-20090331.xml EXHIBIT 101 XBRL INSTANCE DOCUMENT 0000831259 2008-03-31 Unaudited 0000831259 2008-01-01 2008-03-31 Unaudited 0000831259 2009-03-31 Unaudited 0000831259 fcx:ConvertiblePerpetualPreferredStockMember 2009-03-31 Unaudited 0000831259 fcx:MandatoryConvertiblePreferredStockMember 2009-03-31 Unaudited 0000831259 us-gaap:CommonStockMember 2009-03-31 Unaudited 0000831259 us-gaap:CommonStockAtParValueMember 2009-03-31 Unaudited 0000831259 us-gaap:AdditionalPaidInCapitalMember 2009-03-31 Unaudited 0000831259 us-gaap:RetainedEarningsMember 2009-03-31 Unaudited 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-03-31 Unaudited 0000831259 us-gaap:TreasuryStockMember 2009-03-31 Unaudited 0000831259 fcx:NoncontrollingInterestInSubsidiariesMember 2009-03-31 Unaudited 0000831259 2008-12-31 Unaudited 0000831259 fcx:ConvertiblePerpetualPreferredStockMember 2008-12-31 Unaudited 0000831259 fcx:MandatoryConvertiblePreferredStockMember 2008-12-31 Unaudited 0000831259 us-gaap:CommonStockMember 2008-12-31 Unaudited 0000831259 us-gaap:CommonStockAtParValueMember 2008-12-31 Unaudited 0000831259 us-gaap:AdditionalPaidInCapitalMember 2008-12-31 Unaudited 0000831259 us-gaap:RetainedEarningsMember 2008-12-31 Unaudited 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-12-31 Unaudited 0000831259 us-gaap:TreasuryStockMember 2008-12-31 Unaudited 0000831259 fcx:NoncontrollingInterestInSubsidiariesMember 2008-12-31 Unaudited 0000831259 2009-01-01 2009-03-31 Unaudited 0000831259 us-gaap:CommonStockMember 2009-01-01 2009-03-31 Unaudited 0000831259 us-gaap:CommonStockAtParValueMember 2009-01-01 2009-03-31 Unaudited 0000831259 us-gaap:AdditionalPaidInCapitalMember 2009-01-01 2009-03-31 Unaudited 0000831259 us-gaap:RetainedEarningsMember 2009-01-01 2009-03-31 Unaudited 0000831259 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-01-01 2009-03-31 Unaudited 0000831259 us-gaap:TreasuryStockMember 2009-01-01 2009-03-31 Unaudited 0000831259 fcx:NoncontrollingInterestInSubsidiariesMember 2009-01-01 2009-03-31 Unaudited 0000831259 2009-04-30 Unaudited 0000831259 2009-02-17 Unaudited 0000831259 2008-01-01 Unaudited iso4217:USD xbrli:shares false 33000000 48000000 -331000000 -729000000 232000000 418000000 <html> <body bgcolor="#ffffff" style="DISPLAY: inline; 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After averaging $3.05 per pound in 2006, $3.23 per pound in 2007 and $3.61 per pound for the first nine months of 2008, London Metal Exchange (LME) spot copper prices declined to a four-year low of $1.26 per pound in December 2008, averaged $1.78 per pound in the fourth quarter of 2008 and closed at $1.32 per pound on December 31, 2008. Additionally, while molybdenum markets have been strong in recent years with prices averaging approximately $25 per pound in 2006, $30 per pound in 2007 and $33 per pound for the first nine months of 2008, molybdenum prices declined significantly to a four-year low of $8.75 per pound in November 2008, averaged approximately $16 per pound i n the fourth quarter of 2008 and closed at $9.50 per pound on December 31, 2008.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While FCX&#8217;s long-term strategy of developing its resources to their full potential remains in place,<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> t</font>he decline in copper and molybdenum prices in the fourth quarter of 2008 and the deterioration of the economic and credit environment have limited FCX&#8217;s ability to invest in growth projects and required FCX to make adjustments to its near-term operating plans. FCX responded to the sudden downturn and uncertain near-term outlook by revising its near-term strategy to protect liquidity while preserving its mineral resources and growth options for the longer term. 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The restructuring charge reflects workforce reductions (approximately 3,000 employees related to fourth-quarter 2008 revised operating plans and approximately 1,500 employees related to January 2009 revised operating plans) and other charges that re flect an approximate 50 percent total reduction in mining and crushed-leach rates at the Morenci mine in Arizona, an approximate 50 percent reduction in mining and stacking rates at the Safford mine in Arizona, an approximate 50 percent reduction in the mining rate at the Tyrone mine in New Mexico, suspension of mining and milling activities at the Chino mine in New Mexico (with limited residual copper production from leach operations), and an approximate 40 percent reduction in annual production (an approximate 25 percent reduction began in the fourth quarter of 2008) at the Henderson molybdenum mine in Colorado. In addition, the revised operating plans included decisions to defer certain capital projects, including the (i)&#160;incremental expansion projects at the Sierrita and Bagdad mines in Arizona, the Cerro Verde mine in Peru and the sulfide project at the El Abra mine in Chile, (ii)&#160;the restart of the Miami mine in Arizona and (iii)&#160;the restart of the Climax molybdenum mine in C olorado.</font></div><br> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following table reflects first-quarter 2009 activities associated with the liabilities (included in accounts payable and accrued liabilities) incurred in connection with the fourth quarter of 2008 restructuring (in millions):</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <table cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" width="34%"><font style="DISPLAY: inline; 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FCX&#8217;s effective tax rate for 2009 is expected to be highly sensitive to changes in commodity prices and the mix of income between U.S. and international operations. Taxes provided on income generated from FCX&#8217;s South America and Indonesia operations are recorded at the applicable statutory rates. However, at certain commodity prices, FCX does not record a tax benefit for losses generated in the U.S., and these losses cannot be used to offset income generated from international operations. 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Therefore, this information should be read in conjunction with Freeport-McMoRan Copper &amp; Gold Inc.&#8217;s (FCX) consolidated financial statements and notes contained in its 2008 Annual Report on Form 10-K. The information furnished herein reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for th e three-month period ended March 31, 2009, are not necessarily indicative of the results that may be expected for the year ending December 31, 2009. 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However, a change in ownership of a consolidated subsidiary that results in a loss of control is considered a significant event that triggers gain or loss recognition, with the establishment of a new fair value basis in any remaining ow nership interests. SFAS No. 160 also provides additional disclosure requirements for each reporting period. SFAS No. 160 applies to fiscal years beginning on or after December 15, 2008, with early adoption prohibited. This statement is required to be adopted prospectively, except for the following provisions, which are to be applied retrospectively: (i) the reclassification of noncontrolling interests to equity in the consolidated balance sheets and (ii) the adjustment to consolidated net income to include net income attributable to both the controlling and noncontrolling interests. 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Notwithstanding this structure, FCX internally reports information on a mine-by-mine basis. Therefore, in accordance with SFAS No. 131, &#8220;Disclosures about Segments of an Enterprise and Related Information,&#8221; FCX concluded that its operating segments include individual mines. Operating segments that meet certain SFAS No. 131 thresholds are reportable segments. In accordance with this guidance, beginning in first-quarter 2009, Sierrita is no longer a reportable segment.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In third-quarter 2008, FCX revised its presentation of the operating divisions to better reflect management&#8217;s view of the consolidated FCX operations. 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The North America copper mines include open-pit mining, sulfide ore concentrating, leaching, and solution extraction and electrowinning (SX/EW) operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCX&#8217;s Rod &amp; Refining operations. The North America mines division includes the Morenci copper mine as a reportable segment.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Morenci.</font> The Morenci open-pit mine, located in southeastern Arizona, primarily produces copper cathodes. FCX owns an 85 percent undivided interest in Morenci through an unincorporated joint venture.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Other Mines.</font> Other mines include FCX&#8217;s other operating southwestern U.S. copper mines &#8211; Sierrita, Bagdad, Safford and Tyrone. In addition to copper, the Sierrita and Bagdad mines produce molybdenum concentrates as a by-product. Other mines also include FCX&#8217;s southwestern U.S. copper mines that are currently on care-and-maintenance status.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">South America Copper Mines.</font>&#160;&#160;FCX has four operating copper mines in South America &#8211; Cerro Verde in Peru, and Candelaria, Ojos del Salado and El Abra in Chile. These operations include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. The South America mines division includes the Cerro Verde copper mine as a reportable segment.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Cerro Verde.</font> The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathodes and copper concentrates. In addition to copper, the Cerro Verde mine produces molybdenum concentrates as a by-product. FCX owns a 53.56 percent interest in Cerro Verde.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Other Mines.</font> Other mines include FCX&#8217;s Chilean copper mines &#8211; Candelaria, Ojos del Salado and El Abra &#8211; which include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. In addition to copper, the Candelaria and Ojos del Salado mines produce gold and silver as by-products. FCX owns an 80 percent interest in both the Candelaria and Ojos del Salado mines, and owns a 51 percent interest in the El Abra mine.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Indonesia.</font>&#160;&#160;Indonesia mining includes PT Freeport Indonesia&#8217;s Grasberg minerals district. PT Freeport Indonesia produces copper concentrates, which contain significant quantities of gold and silver. FCX owns 90.64 percent of PT Freeport Indonesia, including 9.36 percent owned through PT Indocopper Investama. In 1996, FCX established an unincorporated joint venture with Rio Tinto, which covers PT Freeport Indonesia&#8217;s mining operations in Block A and gives Rio Tinto, through 2021, a 40 percent interest in certain assets and future production exceeding specified annual amounts of copper, gold and silver. After 2021, Rio Tinto will have a 40 percent interest in all production from Block A.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.5pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Africa.</font>&#160;&#160;Africa mining includes the <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Tenke Fungurume</font> copper and cobalt mining concessions in the Katanga province of the Democratic Republic of Congo. Construction progressed during first-quarter 2009, and the first copper cathode was produced in late March 2009 as the project entered the commissioning and start-up phase. FCX owns an effective 57.75 percent interest in Tenke Fungurume.</font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Molybdenum.</font>&#160;&#160;The Molybdenum segment is an integrated producer of molybdenum, with mining, sulfide ore concentrating, roasting and processing facilities that produce high-purity, molybdenum-based chemicals, molybdenum metal powder and metallurgical products, which are sold to customers around the world, and includes the wholly owned Henderson molybdenum mine in Colorado and related conversion facilities. The Henderson underground mine produces high-purity, chemical-grade molybdenum concentrates, which are typically further processed into value-added molybdenum chemical products. This segment also includes a sales company that purchases and sells molybdenum from the Henderson mine as well as from FCX&#8217;s North and South America copper mines that produce molybdenum as a by-product. In addition, at times this segment roasts and/or processes material on a toll basis. Toll arrangements require the tolling customer to deliver appropriate molybdenum-bearing material to FCX&#8217;s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products. The Molybdenum segment also includes FCX&#8217;s wholly owned Climax molybdenum mine in Colorado, which has been on care-and-maintenance status since 1995.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rod &amp; Refining.</font>&#160;&#160;The Rod &amp; Refining segment consists of copper conversion facilities located in North America, and includes a refinery, three rod mills and a specialty copper products facility. These operations process copper produced at the North America mines and purchased copper into copper cathode, rod and custom copper shapes. At times these operations refine copper and produce copper rod and shapes for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX&#8217;s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Atlantic Copper Smelting &amp; Refining.</font>&#160;&#160;Atlantic Copper, S.A. (Atlantic Copper), FCX&#8217;s wholly owned smelting unit in Spain, smelts and refines copper concentrates and markets refined copper and precious metals in slimes. 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In addition, most exploration and research activities are managed at the corporate level, and those costs along with some selling, general and administrative costs are not allocated to the operating divisions or segments. 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FCX does not enter into any derivative financial instruments for speculative purposes. FCX and its subsidiaries have entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price, foreign currency and interest rate risks. 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Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of March&#160;31, 2009, FCX had no price protection contracts relating to its future mine production. A discussion of FCX&#8217;s derivative commodity contracts and programs follows.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fair Value Hedges</font></font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Copper Futures and Swap Contracts.</font> Some of FCX&#8217;s U.S. copper rod customers request a fixed market price instead of the New York Mercantile Exchange (COMEX) average price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment wh ile the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures and swap contracts and then liquidating the copper futures contracts and settling the copper swap contracts during the month of shipment, which generally results in FCX receiving the COMEX average price in the month of shipment. Hedge gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses during the three months ended March 31, 2009, resulting from ineffectiveness. At March 31, 2009, FCX held copper futures and swap contracts for 34 million pounds at an average price of $1.69 per pound, with maturities through January 2011.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Derivative Financial Instruments</font></font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Derivative financial instruments that do not meet the criteria to qualify under FSAS No. 133, as amended, for hedge accounting are discussed below.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Embedded Derivatives.</font> As described in Note 1 to FCX&#8217;s 2008 Annual Report on Form 10-K under &#8220;Revenue Recognition,&#8221; certain FCX copper concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on LME or COMEX prices at the time of shipment as specified in the contract. Similarly, FCX purchases copper and molybdenum under contracts that provide for provisional pricing. FCX applies the normal purchase and sale exception under SFAS No. 133, as amended, to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Under SFAS No. 133, as amended, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">sales and purchases with a provisional sales price contain an embedded derivative (<font style="DISPLAY: inline; FONT-STYLE: italic">i.e.</font>, the price settlement mechanism that is settled after the time of delivery) that is required to be bifurcated from t he host contract. The host contract is the sale or purchase of the metals contained in the concentrates or cathodes at the then-current LME or COMEX price. Mark-to-market price fluctuations recorded through the settlement date are reflected in revenues for sales contracts and in cost of sales as production and delivery costs for purchase contracts. At March 31, 2009, FCX had embedded derivatives on 407 million pounds of copper sales (net of noncontrolling interests), with maturities through August 2009 and 57 million pounds of copper purchases, with maturities through July 2009.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In order to reduce short-term price volatility in earnings and cash flows, FCX entered into copper forward sales contracts (not included in the table above) in early April 2009 to lock in prices at an average of $1.86 per pound on 355 million pounds of PT Freeport Indonesia&#8217;s provisionally priced copper sales at March 31, 2009. These economic hedge transactions are scheduled to final price from April 2009 through July 2009. From time to time, FCX may enter into similar transactions to lock in pricing on provisionally priced sales, but FCX does not intend to change its long-standing policy of not hedging future copper production.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Copper Forward Contracts.</font> Atlantic Copper enters into forward copper contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At March 31, 2009, Atlantic Copper held forward copper purchase contracts for 8 million pounds at an average price of $1.69 per pound, with maturities through May 2009.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Copper Futures and Swap Contracts.</font> In addition to the contracts that qualify for fair value hedge accounting that are discussed above, FCX also has similar contracts with its U.S. copper rod customers that do not qualify for hedge accounting because of certain terms in the sales contracts. Gains and losses for these economic hedge transactions are recorded in revenues. At March 31, 2009, FCX held copper futures and swap contracts for 49 million pounds at an average price of $2.27 per pound, with maturities through December 2010.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From time to time, FCX or its subsidiaries may enter into foreign currency exchange contracts to lock in or minimize the effects of fluctuations in exchange rates or interest rate swaps to manage its exposure to interest rate changes on a portion of its debt. FCX had no outstanding foreign currency exchange contracts or interest rate swaps at March&#160;31,&#160;2009. Refer to Note 17 in FCX&#8217;s 2008 Annual Report on Form 10-K for further discussion.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Fair Value Measurement.</font>&#160;&#160;In September 2006, the Financial Accounting Standards Board (FASB) issued SFAS No. 157, &#8220;Fair Value Measurements,&#8221; which provides enhanced guidance for using fair value to measure assets and liabilities. SFAS No. 157 does not require any new fair value measurements under U.S. GAAP; rather this statement establishes a common definition of fair value, provides a framework for measuring fair value under U.S. GAAP and expands disclosure requirements about fair value measurements. In February 2008, FASB issued FASB Staff Position (FSP) No. FAS 157-2, which delayed the effective date of SFAS No. 157 for nonfinancial assets or liabilities that are not required or permitted to be measured at fair value on a recurring basis to fiscal years beginning after November&#160;15,&#160;2008, and interim periods within those years. FCX adopted SFAS No. 157 for financial assets and liabilities recognized at fair value on a recurring basis effective January 1, 2008. This partial adoption of SFAS No. 157 did not have a material impact on FCX&#8217;s financial reporting and disclosures as its financial assets are measured using quoted market prices, or Level 1 inputs. FCX adopted SFAS No. 157 for nonfinancial assets or liabilities not valued on a recurring basis (at least annually) effective January 1, 2009, with no material impact on its financial reporting and disclosures.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SFAS No. 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The three levels of the fair value hierarchy under SFAS No. 157 are described below:</font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%"> <tr valign="top"> <td style="WIDTH: 63pt"> <div style="MARGIN-LEFT: 0pt; TEXT-INDE NT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Level 1</font></div> </td> <td> <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%"> <tr valign="top"> <td style="WIDTH: 63pt"> <div style="MARGIN-LEFT: 0pt; 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</font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td colspan="2" valign="bottom" width="11%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" a lign="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">March 31,</font></div> </td> <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td colspan="2" valign="bottom" width="10%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">December 31,</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> </tr> <tr> <td valign="bottom" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; 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MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,147</font></div> </td> <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,145</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> </tr> </table> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Metals in stockpiles not expected to be recovered within the next 12 months.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FCX recorded charges for lower of cost or market (LCM) molybdenum inventory adjustments of $19 million ($19 million to net income applicable to common stock or $0.05 per diluted share) in first-quarter 2009 resulting from lower molybdenum prices.</font></div> </body> </html> Freeport-McMoRan Copper & Gold Inc. 11400000000 546000000 77000000 0 6000000 401000000 449000000 2471000000 2339000000 EX-101.SCH 9 fcx-20090331.xsd EXHIBIT 101 XBRL TAXONOMY EXTENSION SCHEMA Notes to Financial Statement link:presentationLink 1486000 - Statement - Statement of Shareholders' Equity and Other Comprehensive Income link:presentationLink link:calculationLink link:definitionLink link:labelLink link:referenceLink EX-101.CAL 10 fcx-20090331_cal.xml EXHIBIT 101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 11 fcx-20090331_def.xml EXHIBIT 101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 12 fcx-20090331_lab.xml EXHIBIT 101 XBRL TAXONOMY EXTENSION LABEL LINKBASE Payments to Acquire Businesses, Net of Cash Acquired Reclassification to Earnings Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal Materials and Supplies, Net Minority Interest in Net (Income) Loss of Consolidated Entities Stockholders' Equity Attributable to Noncontrolling Interest Stockholders' Equity Attributable to Noncontrolling Interest Payments of Dividends, Noncontrolling Interest Net Proceeds from Sale of 6.75% Mandatory Convertible Preferred Stock Repayments of Lines of Credit Payments for Repurchase of Common Stock Income before Income Taxes and Equity in Affiliated Companies' Net Earnings Income before Income Taxes and Equity in Affiliated Companies' Net Earnings Income Tax (Expense) Benefit Income Tax (Expense) Benefit 5.5% Convertible Perpetual Preferred Stock Stock-based Compensation Costs 6.75% Mandatory Convertible Preferred Stock Product Inventories Carrying amount as of the balance sheet date, including unprocessed items to be consumed in the production process; goods which are partially completed, and which require further materials, labor and overhead to be converted into finished goods; and goods held by the company that are readily available for sale. Mill and Leach Stockpiles Carrying amount (lower of cost or market) as of the balance sheet date of stockpile inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Property, Plant, Equipment and Development Costs, Net Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, production equipment and development costs. Long Term Mill and Leach Stockpiles Stockpile inventories not expected to be converted to cash, sold or exchanged within the normal operating cycle. Copper Price Protection Program Fair value as of the balance sheet date of the copper price protection derivative. Accrued Incomes Taxes Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. In theory, the sum represents amounts due to tax jurisdictions based on tax returns as if they were ready and available for filing on and as of the balance sheet date, including tax uncertainties. Current Portion of Reclamation and Environmental Obligations Current portion of reclamation reserve and environmental reserve to restore a mining or drilling site to the condition agreed upon within the mining or drilling contract. Reclamation and Environmental Obligations, Less Current Portion. Noncurrent portion of reclamation reserve and environmental reserve to restore a mining or drilling site to the condition agreed upon within the mining or drilling contract. Revenues Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, net of refining, hedging, prior period adjustments and royalties. Production and Delivery Costs incurred related to mineral extraction, processing and marketing and cost incurred during the reporting period in transporting goods and services to customers. Includes freight-out costs. Depreciation, Depletion and Amortization Depreciation of property, plant and equipment directly related to goods produced and sold during the reporting period and the expense recognized in the current period that recognizes the reduction in the quantity of resources (for example, coal, oil, minerals, gas) that are held as assets on the statement of financial position. This element applies only to assets used in the production of goods sold. Depreciation, Depletion and Amortization Exploration and Research Expenses Exploration expenses (including prospecting) related to the mining industry would be included in operating expenses. Exploration costs include costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of mineral reserves. Research and development costs are the aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Interest Expense, Net The aggregate interest expense incurred on trading liabilities, commercial paper, long-term debt, capital leases, deposits, and all other borrowings, net of capitalized intrerest. Losses on Early Extinguishment and Conversion of Debt, Net Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment and/or its conversion. Includes writeoff of amounts previously capitalized as debt issuance cost. Income from Continuing Operations Revenue less expenses and taxes from the entity's ongoing operations and before income (loss) from discontinued operations, extraordinary items and impact of changes in accounting principles. Unrealized Losses on Copper Price Protection Program The increase (decrease) in the fair value as of the balance sheet date of the copper price protection derivative. Losses on Early Extinguishment and Conversion of Debt, Net Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment and/or its conversion. Includes writeoff of amounts previously capitalized as debt issuance cost. Losses on Early Extinguishment and Conversion of Debt, Net Gain on Sales of Assets The gain (loss) resulting from the sale of a disposal group that is not a discontinued operation. It is included in income from continuing operations before income taxes in the income statement. North America Capital Expenditures The cash outflow for North American purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets and capitalized interest. The cash outflow for South American purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets and capitalized interest. South America Capital Expenditures Africa Capital Expenditures The cash outflow for (African) purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets and capitalized interest. The cash outflow for Indonesian purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets and capitalized interest. Indonesia Capital Expenditures Net (Payments) Proceeds from Exercised Stock Options The net cash inflow or outflow associated with the exercising their stock options. Supplemental Disclosure 5.5% Convertible Perpetual Preferred Stock [Member] Preferred shares may provide a preferential dividend to the dividend on common stock and may take precedence over common stock in the event of a liquidation. Preferred shares typically represent an ownership interest in the company. The shares are perpetual and convey common stock conversion rights. 6.75% Mandatory Convertiblel Preferred Stock [Member] Preferred shares may provide a preferential dividend to the dividend on common stock and may take precedence over common stock in the event of a liquidation. Preferred shares typically represent an ownership interest in the company. The shares are mandatorily convertible into common stock on May 1, 2010. Exercised Stock Options, Issued Restricted Stock and Other, Value Value stock issued during the period as a result of the exercise of stock options and value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Exercised Stock Options, Issued Restricted Stock and Other, Shares Number of shares issued during the period as a result of the exercise of stock options, and shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Number of shares issued during the period as a result of the exercise of stock options and issuance of restricted stock Stock Issued During Period, Shares, Stock Options Exercised and Restricted Stock Issued Stock Issued During Period, Value, Stock Options Exercised and Restricted Stock Issued Par value of shares issued during the period as a result of the exercise of stock options and issuance of restricted stock Treasury Stock, Shares Acquired, Cost Method, Tendered for Taxes Upon Excercise of Options and Restricted Stock Number of shares of common stock tendered for taxes upon exercise of stock options and issuance of restricted stock. Recorded using the cost method. Treasury Stock, Value, Acquired, Cost Method, Tendered for Taxes Upon Exercise of Options and Restricted Stock Cost of common stock tendered for taxes upon exercise of stock options and issuance of restricted stock. Recorded using the cost method. Sale of 6.75% Mandatory Convertible Preferred Stock Sale of 6.75% Mandatory Convertible Preferred Stock Sale of 5.5% Convertible Perpetual Preferred Stock. Sale of 5.5% Convertible Perpetual Preferred Stock. Product Inventories and Materials and Supplies, Net Carrying amount as of the balance sheet date, including unprocessed items to be consumed in the production process; goods which are partially completed, and which require further materials, labor and overhead to be converted into finished goods; and goods held by the company that are readily available for sale. Carrying amount as of the balance sheet date of products used directly or indirectly in the manufacturing or production process, which may or may not become part of the final product. May also include items used in the storage, presentation or transportation of physical goods. Charges for Reclamation and Environmental Liabilities, Including Accretion Charges for asset retirement obligations and environmental liabilities during the reporting period. Increase in Long-term mill and Leach Stockpiles The net change during the reporting period in the aggregate value of long-term mill and leach stockpile inventories held by the reporting entity, associated with underlying transactions that are classified as operating activities. Increase in Other Long-term Liabilities The net change during the reporting period in the aggregate value of other long-term liabilities of the reporting entity, associated with underlying transactions that are classified as operating activities. Settlement of Reclamation and Environmental Liabilities Payments for asset retirement obligations and environmental liabilities during the reporting period.. Cash Included with Assets Held for Sale Cash at discontinued operations being held for sale. Amotization of Unrecognized Accounts The adjustment out of other comprehensive income for costs recognized as a component of net period benefit cost during the period, after tax. Depreciation, Depletion and Amortization - as reported in stmt of cash flows Depreciation of property, plant and equipment directly related to goods produced and sold during the reporting period and the expense recognized in the current period that recognizes the reduction in the quantity of resources (for example, coal, oil, minerals, gas) that are held as assets on the statement of financial position. This element applies only to assets used in the production of goods sold.It includes results from discontinued operations, if applicable. Amount of net income (loss) for the period allocated to noncontrolling shareholders, partners, or other equity holders in one or more of the entities included in the reporting entity's consolidated financial statements. Minority Interests In Net Income (Loss) of Consolidated Entities - as reported in stmt of cash flows Notes to Financial Statement [Abstract] Inventory Disclosure [Text Block] Disclose the basis of stating inventory, the method of determining inventory cost, if inventories are stated above cost, the accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market, the major classes of inventories (such as finished goods, inventoried costs relating to long-term contracts or programs, work in process, raw materials and supplies, LIFO valuation allowance). For LIFO inventory, disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value (for LIFO inventory), and the effect of a LIFO quantities liquidation that impacts net income. For companies that have not fully adopted LIFO, include the e xtent to which LIFO is used. If a LIFO company discloses FIFO-based supplemental income in a footnote, disclose: (a) that LIFO results in a better matching of cost and revenues, (b) why supplemental income disclosures are provided, and (c) important assumptions in its calculation (for example, assumed tax rates). If cost is used to determine any portion of the inventory amounts, the description of this method shall include the nature of the cost elements included in inventory. Includes current and long-term balances of mill and leach stockpiles. Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance Net Income (Loss) Attributable to Noncontrolling Interest in Subsidiaries The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Net Income (Loss) Attributable to Noncontrolling Interest in Subsidiaries Noncontrolling Interest in Subsidiaries [Member] This element represents that portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the parent. A noncontrolling interest is sometimes called a minority interest. Revolving Credit Facility Carrying value as of the balance sheet date of a short-term or long-term contractual arrangement with a lender, including letter of credit, standby letter of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line of credit. Derivative Financial Instruments and Fair Value Measurements [Text Block] Description of risk management strategies, derivatives in hedging activities and nonhedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. & This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for asset s and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (ne t); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of t he inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. 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Recorded using the... false false false false false false false false false 1 false false 0 0 true true 2 false false 0 0 true true 3 false false 0 0 true true 4 false false 0 0 true true 5 false false 0 0 true true 6 false false 0 0 true true 7 false true -7000000 -7 true true 8 false false 0 0 true true 9 false false 0 0 true true 10 false true -7000000 -7 false true Cost of common stock tendered for taxes upon exercise of stock options and issuance of restricted stock. Recorded using the cost method. No authoritative reference available. false 11 4 us-gaap_DividendsPreferredStock us-gaap true debit duration monetary Aggregate cash and stock dividends declared for preferred stock during the period. Includes dividends from the redeemable... false false false false false false false false false 1 false false 0 0 true true 2 false false 0 0 true true 3 false false 0 0 true true 4 false false 0 0 true true 5 false true -60000000 -60 true true 6 false false 0 0 true true 7 false false 0 0 true true 8 false false 0 0 true true 9 false false 0 0 true true 10 false true -60000000 -60 false true Aggregate cash and stock dividends declared for preferred stock during the period. Includes dividends from the redeemable stock of the parent company that is treated as capital but displayed in the balance sheet as mezzanine capital. 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Reclassification adjustments include: (1) the unrealized holding gain or loss, net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain or loss at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains or losses realized upon the sale of securities, after tax; and (3) the unrealized gains or losses realized upon the write-down of securities, after tax. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 22, 23, 24, 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 false 19 4 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary The change in equity [net assets] of a business enterprise during a period from transactions and other events and... false false false false false false false false false 1 false false 0 0 true true 2 false false 0 0 true true 3 false false 0 0 true true 4 false false 0 0 true true 5 false false 0 0 true true 6 false false 0 0 true true 7 false false 0 0 true true 8 false false 0 0 true true 9 false false 0 0 true true 10 false true 275000000 275 false true The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 8, 9, 10, 11, 12, 13, 14 false 20 4 us-gaap_StockIssuedDuringPeriodValueNewIssues us-gaap true credit duration monetary Value of new stock issued during the period. false false false false false false false false false 1 false false 0 0 true true 2 false false 0 0 true true 3 false false 0 0 true true 4 false true 738000000 738 true true 5 false false 0 0 true true 6 false false 0 0 true true 7 false false 0 0 true true 8 false true 2000000 2 true true 9 false false 0 0 true true 10 false true 740000000 740 false true Value of new stock issued during the period. 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No authoritative reference available. false 23 4 fcx_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest fcx false credit instant monetary Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the... false false false true false false false true false 1 true true 832000000 832 true true 2 true true 2875000000 2875 true true 3 false false 0 0 true true 4 true true 14760000000 14760 true true 5 true true -8224000000 -8224 true true 6 true true -237000000 -237 true true 7 true true -3409000000 -3409 true true 8 true true 53000000 53 true true 9 true true 1432000000 1432 true true 10 true true 8082000000 8082 false true Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. No authoritative reference available. false false 10 18 true Millions Millions UnKnown false true XML 20 R4.xml IDEA: Statement of Cash Flows 1.0.0.3 false Statement of Cash Flows (Unaudited, USD $) In Millions false 1 $ false true false Unaudited false Unaudited scenarioName asi http://www.fcx.com/20090511 u000 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 u001 Standard http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false true false Unaudited false Unaudited scenarioName asi http://www.fcx.com/20090511 u000 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 u001 Standard http://www.xbrl.org/2003/instance shares xbrli 0 8 6 us-gaap_IncomeLossFromContinuingOperationsAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 9 7 us-gaap_NetIncomeLoss us-gaap true credit duration monetary The profit or loss of the entity net of income taxes for the reporting period, calculated and presented in the income... false false false false false false false false false 1 true true 207000000 207 false true 2 true true 1505000000 1505 false true The profit or loss of the entity net of income taxes for the reporting period, calculated and presented in the income statement in accordance with GAAP. 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This element applies only to assets used in the production of goods sold.It includes results from discontinued operations, if applicable. No authoritative reference available. false 14 9 us-gaap_ShareBasedCompensationAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 15 10 us-gaap_ShareBasedCompensation us-gaap true debit duration monetary The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options,... false false false false false false false false false 1 false true 33000000 33 false true 2 false true 47000000 47 false true The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. 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Value of each class of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that may be calculated differently depending on whether the stock is issued at par value, no par or stated value. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. 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No authoritative reference available. The cash outflow for the return on capital for noncontrolled interest in the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a The net change during the reporting period in the aggregate value of long-term mill and leach stockpile inventories held by the reporting entity, associated with underlying transactions that are classified as operating activities. No authoritative reference available. The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 Payments for asset retirement obligations and environmental liabilities during the reporting period.. No authoritative reference available. Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 2-6 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4, 14, 15 The cash inflow from other borrowing not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph b This element represents Other Comprehensive Income (Loss), Net of Tax, for the period. Includes deferred gains (losses) on qualifying hedges, unrealized holding gains (losses) on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 22, 23, 24, 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, net of refining, hedging, prior period adjustments and royalties. No authoritative reference available. Number of shares issued during the period as a result of the exercise of stock options, and shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 4, 5 -Publisher FASB Reference 2: http://www.xbrl.org/2003/role/presentationRef -Article 5 -Name Regulation S-X (SX) -Number 210 -Paragraph 29, 30 -Publisher SEC -Section 02 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 -Publisher AICPA Reference 4: http://www.xbrl.org/2003/role/presentationRef -Article 3 -Name Regulation S-X (SX) -Number 210 -Publisher SEC -Section 04 The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph c Charge to cost of goods sold that represents the reduction of the value of inventory items based on a determination that future worth is less than the acquisition cost due to obsolescence or market changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 4 -Section 7 -Paragraph 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 86 Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 Description containing the entire pension and other postretirement benefits disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 74, 77, 78, 518 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 54, 56, 264 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-02 -Paragraph 8 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 88 -Paragraph 17, 48 The amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which assets are available to be used by beneficiaries to that agreement only within the specific terms thereof and which agreement is expected to terminate more than one year from the balance sheet date (or operating cycle, if longer) at which time the assets held-in-trust will be released or forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 17 -Subparagraph c The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 9 -Article 5 Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet due to materiality considerations. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5 The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 2 -Article 5 Discloses the methodology and assumptions used to compute basic and diluted earnings (loss) per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 6, 8-16, 60 Cost of common stock tendered for taxes upon exercise of stock options and issuance of restricted stock. Recorded using the cost method. No authoritative reference available. Depreciation of property, plant and equipment directly related to goods produced and sold during the reporting period and the expense recognized in the current period that recognizes the reduction in the quantity of resources (for example, coal, oil, minerals, gas) that are held as assets on the statement of financial position. This element applies only to assets used in the production of goods sold. No authoritative reference available. The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Indicate whether registrants are (1) Large accelerated filers, (2) Accelerated filers, (3) Non-accelerated filers, or (4) Smaller reporting companies. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. The cash outflow for the payment of other borrowing not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b Accumulated change in equity from transactions and other events and circumstances from nonowner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph b The Central Index Key (CIK) is a unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is a required entry in forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 Sum of operating profit and nonoperating income (expense) before income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Subparagraph (1)(i) -Article 4 The profit or loss of the entity net of income taxes for the reporting period, calculated and presented in the income statement in accordance with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 10, 15 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28, 29, 30 Carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer. For unclassified balance sheets, represents the entire amount receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5 Exploration expenses (including prospecting) related to the mining industry would be included in operating expenses. Exploration costs include costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of mineral reserves. Research and development costs are the aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. No authoritative reference available. Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. In theory, the sum represents amounts due to tax jurisdictions based on tax returns as if they were ready and available for filing on and as of the balance sheet date, including tax uncertainties. No authoritative reference available. This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 Depreciation of property, plant and equipment directly related to goods produced and sold during the reporting period and the expense recognized in the current period that recognizes the reduction in the quantity of resources (for example, coal, oil, minerals, gas) that are held as assets on the statement of financial position. This element applies only to assets used in the production of goods sold.It includes results from discontinued operations, if applicable. No authoritative reference available. Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. Noncurrent portion of reclamation reserve and environmental reserve to restore a mining or drilling site to the condition agreed upon within the mining or drilling contract. No authoritative reference available. Net changes to accumulated comprehensive income during the period related to benefit plans, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7 -Subparagraph c Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 22, 26 Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 44, 45 If the value is true, then the document as an amendment to previously-filed/accepted document. No authoritative reference available. Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Subparagraph fn1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 The aggregate interest expense incurred on trading liabilities, commercial paper, long-term debt, capital leases, deposits, and all other borrowings, net of capitalized intrerest. No authoritative reference available. Number of basic shares determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 36, 37, 38 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 20 -Article 5 The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. No authoritative reference available. Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No authoritative reference available. Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense. No authoritative reference available. The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Number of shares of stock issued, as of the end of the period. No authoritative reference available. Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 98-5 -Paragraph 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 62, 63 Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 The cash outflow for Indonesian purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets and capitalized interest. No authoritative reference available. Description of restructuring activities including exit and disposal activities, which should include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This description does not include restructuring costs in connection with a business combination or discontinued operations and long-lived assets (disposal groups) sold or classified as held for sale. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Paragraph 3, 4 The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 8, 9, 10, 11, 12, 13, 14 The amount of interest that was capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 21 -Subparagraph b Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 Disclose the basis of stating inventory, the method of determining inventory cost, if inventories are stated above cost, the accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market, the major classes of inventories (such as finished goods, inventoried costs relating to long-term contracts or programs, work in process, raw materials and supplies, LIFO valuation allowance). For LIFO inventory, disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value (for LIFO inventory), and the effect of a LIFO quantities liquidation that impacts net income. For companies that have not fully adopted LIFO, include the extent to which LIFO is used. If a LIFO company discloses FIFO-based supplemental income in a footnote, disclose: (a) that LIFO results in a better matching of cost and revenues, (b) why supplemental income disclosures are provided, and (c) important assumptions in its calculation (for example, assumed tax rates). If cost is used to determine any portion of the inventory amounts, the description of this method shall include the nature of the cost elements included in inventory. Includes current and long-term balances of mill and leach stockpiles. No authoritative reference available. Charges for asset retirement obligations and environmental liabilities during the reporting period. No authoritative reference available. Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 This item represents the entity's proportionate share for the period of the undistributed net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 19 -Subparagraph c Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 9 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 6 -Subparagraph b The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 11, 12, 36 The cash outflow for (African) purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets and capitalized interest. No authoritative reference available. Aggregate cash and stock dividends declared for preferred stock during the period. Includes dividends from the redeemable stock of the parent company that is treated as capital but displayed in the balance sheet as mezzanine capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 14 -Subparagraph l Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain or loss, net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain or loss at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains or losses realized upon the sale of securities, after tax; and (3) the unrealized gains or losses realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 13 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 24 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 17, 22 Value of each additional class of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that may be calculated differently depending on whether the stock is issued at par value, no par or stated value. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 1, 2, 3, 4, 5, 6, 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 Current portion of reclamation reserve and environmental reserve to restore a mining or drilling site to the condition agreed upon within the mining or drilling contract. No authoritative reference available. The net change between the beginning and ending balance of cash and cash equivalents Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in one or more of the entities included in the reporting entity's consolidated financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 27 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (a) -Subparagraph 20 -Article 7 The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 2, 17, 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 01 -Paragraph b -Subparagraph 6 -Article 10 Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3 -Subparagraph a(1) -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5 Carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 The cash outflow for acquisition of or capital improvements on other tangible or intangible assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c The net cash inflow or outflow associated with the exercising their stock options. No authoritative reference available. Carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 End date of current fiscal year No authoritative reference available. Value of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment and/or its conversion. Includes writeoff of amounts previously capitalized as debt issuance cost. No authoritative reference available. Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment and/or its conversion. Includes writeoff of amounts previously capitalized as debt issuance cost. No authoritative reference available. The cash outflow for South American purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets and capitalized interest. No authoritative reference available. Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. No authoritative reference available. The amount of dividends declared or paid in the period to preferred shareholders, or the amount for which the obligation to pay them dividends arose in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section B Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph b The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18, 19, 20 Value of issued common stock that may be calculated differently depending on whether the stock is issued at par value, no par or stated value. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Article 5 Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 00-15 -Paragraph 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 2 Transactions that result in no cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect method. This element is used when there is not a more specific and appropriate element. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Carrying value as of the balance sheet date of obligations incurred and payable. pertaining to goods and services received from vendors; and for costs that are statutory in nature, are incurred in connection with contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent, salaries and benefits, and utilities. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20 -Article 5 Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations. Such costs could include costs associated with business exit activities, recapitalizations, severance, and other restructuring charges, and may be allocated to income (loss) from continuing operations or discontinued operations, as appropriate. Includes such charges attributable to a disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Paragraph 3, 4 Net income (loss) apportioned to common stockholders after extraordinary items Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 9 The end date of the period covered in the document, in CCYY-MM-YY format. No authoritative reference available. The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should have the same value as the supporting SEC submission type No authoritative reference available. Costs incurred related to mineral extraction, processing and marketing and cost incurred during the reporting period in transporting goods and services to customers. Includes freight-out costs. No authoritative reference available. Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, production equipment and development costs. No authoritative reference available. Carrying amount (lower of cost or market) as of the balance sheet date of stockpile inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No authoritative reference available. The cash outflow for the return on capital for preferred shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph a, b Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a Value of stock issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64 The cash outflow for North American purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets and capitalized interest. No authoritative reference available. The net result for the period of deducting operating expenses from operating revenues. No authoritative reference available. Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of nonsales personnel, rent, utilities, communication, etc. No authoritative reference available. The charge against earnings that represents the reduction of the currently-stated financial value of inventory items based on a determination that future worth is less than the acquisition cost due to obsolescence or market changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Description of risk management strategies, derivatives in hedging activities and nonhedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. & This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilitie s (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses rela ting to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. No authoritative reference available. The net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 The adjustment out of other comprehensive income for costs recognized as a component of net period benefit cost during the period, after tax. No authoritative reference available. Value of common and preferred stock of an entity that have been repurchased by an entity. Treasury stock is issued but not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 85-6 -Paragraph 3 The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 Stockpile inventories not expected to be converted to cash, sold or exchanged within the normal operating cycle. No authoritative reference available. 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For unclassified balance sheets, represents the entire amount receivable. 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Carrying amount as of the balance sheet date of products used directly or indirectly in the manufacturing or production process, which may or may not become part of the final product. May also include items used in the storage, presentation or transportation of physical goods. No authoritative reference available. false 17 6 fcx_MillAndLeachStockpiles fcx false debit instant monetary Carrying amount (lower of cost or market) as of the balance sheet date of stockpile inventories less all valuation and other... false false false false false false false false false 1 false true 571000000 571 false true 2 false true 571000000 571 false true Carrying amount (lower of cost or market) as of the balance sheet date of stockpile inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No authoritative reference available. false 18 5 us-gaap_OtherAssetsCurrent us-gaap true debit instant monetary Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet due... false false false false false false false false false 1 false true 280000000 280 false true 2 false true 386000000 386 false true Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet due to materiality considerations. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5 false 19 5 us-gaap_AssetsCurrent us-gaap true debit instant monetary Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or... false false false false false false false false false 1 false true 5400000000 5400 false true 2 false true 5233000000 5233 false true Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 9 -Article 5 true 21 5 us-gaap_PropertyPlantAndEquipmentNetAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 22 6 fcx_PropertyPlantEquipmentAndDevelopmentCostsNet fcx false debit instant monetary Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others,... false false false false false false false false false 1 false true 16211000000 16211 false true 2 false true 16002000000 16002 false true Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, production equipment and development costs. No authoritative reference available. false 23 5 fcx_LongTermMillAndLeachStockpiles fcx false debit instant monetary Stockpile inventories not expected to be converted to cash, sold or exchanged within the normal operating cycle. false false false false false false false false false 1 false true 1147000000 1147 false true 2 false true 1145000000 1145 false true Stockpile inventories not expected to be converted to cash, sold or exchanged within the normal operating cycle. No authoritative reference available. false 24 5 us-gaap_AssetsHeldInTrustNoncurrent us-gaap true debit instant monetary The amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which... false false false false false false false false false 1 false true 139000000 139 false true 2 false true 142000000 142 false true The amount of cash, securities, or other assets held by a third-party trustee pursuant to the terms of an agreement which assets are available to be used by beneficiaries to that agreement only within the specific terms thereof and which agreement is expected to terminate more than one year from the balance sheet date (or operating cycle, if longer) at which time the assets held-in-trust will be released or forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 17 -Subparagraph c false 25 5 us-gaap_IntangibleAssetsNetExcludingGoodwillAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 26 6 us-gaap_IntangibleAssetsNetExcludingGoodwill us-gaap true debit instant monetary Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated... false false false false false false false false false 1 false true 359000000 359 false true 2 false true 364000000 364 false true Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 44, 45 true 27 5 us-gaap_OtherAssetsNoncurrent us-gaap true debit instant monetary Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet... false false false false false false false false false 1 false true 452000000 452 false true 2 false true 467000000 467 false true Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 false 28 4 us-gaap_Assets us-gaap true debit instant monetary Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future... false false false false false false false false false 1 false true 23708000000 23708 false true 2 false true 23353000000 23353 false true Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 true 32 6 us-gaap_AccountsPayableAndAccruedLiabilitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 33 7 us-gaap_AccountsPayableAndAccruedLiabilities us-gaap true credit instant monetary Carrying value as of the balance sheet date of obligations incurred and payable. pertaining to goods and services received... false false false false false false false false false 1 false true 1941000000 1941 false true 2 false true 2766000000 2766 false true Carrying value as of the balance sheet date of obligations incurred and payable. pertaining to goods and services received from vendors; and for costs that are statutory in nature, are incurred in connection with contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent, salaries and benefits, and utilities. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20 -Article 5 true 34 6 fcx_CurrenPortionOfReclamationAndEnvironmentalObligations fcx false na instant monetary Current portion of reclamation reserve and environmental reserve to restore a mining or drilling site to the condition agreed... false false false false false false false false false 1 false true 178000000 178 false true 2 false true 162000000 162 false true Current portion of reclamation reserve and environmental reserve to restore a mining or drilling site to the condition agreed upon within the mining or drilling contract. No authoritative reference available. false 35 6 fcx_AccruedIncomesTaxes fcx false credit instant monetary Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all... false false false false false false false false false 1 false true 442000000 442 false true 2 false true 163000000 163 false true Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. In theory, the sum represents amounts due to tax jurisdictions based on tax returns as if they were ready and available for filing on and as of the balance sheet date, including tax uncertainties. No authoritative reference available. false 36 6 us-gaap_DebtCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 37 7 us-gaap_DebtCurrent us-gaap true credit instant monetary Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and... false false false false false false false false false 1 false true 87000000 87 false true 2 false true 67000000 67 false true Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 true 38 6 us-gaap_LiabilitiesCurrent us-gaap true credit instant monetary Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or... false false false false false false false false false 1 false true 2648000000 2648 false true 2 false true 3158000000 3158 false true Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 true 41 7 us-gaap_LongTermDebtNoncurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 42 8 fcx_RevolvingCreditFacility fcx false credit instant monetary Carrying value as of the balance sheet date of a short-term or long-term contractual arrangement with a lender, including... false false false false false false false false false 1 false true 0 0 false true 2 false true 150000000 150 false true Carrying value as of the balance sheet date of a short-term or long-term contractual arrangement with a lender, including letter of credit, standby letter of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line of credit. No authoritative reference available. false 44 9 us-gaap_LongTermNotesPayableAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 45 10 us-gaap_SeniorLongTermNotes us-gaap true credit instant monetary Carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy... false false false false false false false false false 1 false true 6883000000 6883 false true 2 false true 6884000000 6884 false true Carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 false 46 9 us-gaap_LongTermLoansPayableAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 47 10 us-gaap_LongTermLoansPayable us-gaap true credit instant monetary Carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the... false false false false false false false false false 1 false true 257000000 257 false true 2 false true 250000000 250 false true Carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 true 48 8 us-gaap_LongTermDebtNoncurrent us-gaap true credit instant monetary Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due... false false false false false false false false false 1 false true 7140000000 7140 false true 2 false true 7284000000 7284 false true Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 true 49 6 us-gaap_DeferredTaxLiabilitiesNoncurrent us-gaap true credit instant monetary Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net... false false false false false false false false false 1 false true 2471000000 2471 false true 2 false true 2339000000 2339 false true Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 false 50 6 fcx_ReclamationAndEnvironmentalObligationsLlessCurrentPortion. fcx false credit instant monetary Noncurrent portion of reclamation reserve and environmental reserve to restore a mining or drilling site to the condition... false false false false false false false false false 1 false true 1967000000 1967 false true 2 false true 1951000000 1951 false true Noncurrent portion of reclamation reserve and environmental reserve to restore a mining or drilling site to the condition agreed upon within the mining or drilling contract. No authoritative reference available. false 51 6 us-gaap_OtherLiabilitiesNoncurrent us-gaap true credit instant monetary Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance... false false false false false false false false false 1 false true 1400000000 1400 false true 2 false true 1520000000 1520 false true Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 false 52 5 us-gaap_Liabilities us-gaap true credit instant monetary Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable... false false false false false false false false false 1 false true 15626000000 15626 false true 2 false true 16252000000 16252 false true Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No authoritative reference available. true 53 4 us-gaap_StockholdersEquityAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 54 5 us-gaap_PreferredStockValue us-gaap true credit instant monetary Value of each class of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the... false false false false false false false false false 1 false true 832000000 832 false true 2 false true 832000000 832 false true Value of each class of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that may be calculated differently depending on whether the stock is issued at par value, no par or stated value. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 1, 2, 3, 4, 5, 6, 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 false 55 5 us-gaap_PreferredStockAdditionalSeriesValue us-gaap true credit instant monetary Value of each additional class of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of... false false false false false false false false false 1 false true 2875000000 2875 false true 2 false true 2875000000 2875 false true Value of each additional class of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that may be calculated differently depending on whether the stock is issued at par value, no par or stated value. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 1, 2, 3, 4, 5, 6, 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 false 56 5 us-gaap_CommonStockValue us-gaap true credit instant monetary Value of issued common stock that may be calculated differently depending on whether the stock is issued at par value, no par... false false false false false false false false false 1 false true 53000000 53 false true 2 false true 51000000 51 false true Value of issued common stock that may be calculated differently depending on whether the stock is issued at par value, no par or stated value. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Article 5 false 57 5 us-gaap_AdditionalPaidInCapitalAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 58 6 us-gaap_AdditionalPaidInCapital us-gaap true credit instant monetary Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions... false false false false false false false false false 1 false true 14760000000 14760 false true 2 false true 13989000000 13989 false true Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 98-5 -Paragraph 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 62, 63 true 59 5 us-gaap_RetainedEarningsAccumulatedDeficitAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 60 6 us-gaap_RetainedEarningsAccumulatedDeficit us-gaap true credit instant monetary The cumulative amount of the reporting entity's undistributed earnings or deficit. false false false false false false false false false 1 false true -8224000000 -8224 false true 2 false true -8267000000 -8267 false true The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 true 61 5 us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 62 6 us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax us-gaap true credit instant monetary Accumulated change in equity from transactions and other events and circumstances from nonowner sources, net of tax effect,... false false false false false false false false false 1 false true -237000000 -237 false true 2 false true -305000000 -305 false true Accumulated change in equity from transactions and other events and circumstances from nonowner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 true 63 5 us-gaap_TreasuryStockValue us-gaap true debit instant monetary Value of common and preferred stock of an entity that have been repurchased by an entity. Treasury stock is issued but not... false false false false false false false false false 1 false true -3409000000 -3409 false true 2 false true -3402000000 -3402 false true Value of common and preferred stock of an entity that have been repurchased by an entity. Treasury stock is issued but not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 85-6 -Paragraph 3 false 64 5 us-gaap_StockholdersEquity us-gaap true credit instant monetary Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the... false false false false false false false false false 1 false true 6650000000 6650 false true 2 false true 5773000000 5773 false true Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 true 65 4 us-gaap_MinorityInterest us-gaap true credit instant monetary Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in one or... false false false false false false false false false 1 false true 1432000000 1432 false true 2 false true 1328000000 1328 false true Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in one or more of the entities included in the reporting entity's consolidated financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 27 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (a) -Subparagraph 20 -Article 7 true 66 4 fcx_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest fcx false credit instant monetary Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the... false false false false false false false false false 1 false true 8082000000 8082 false true 2 false true 7101000000 7101 false true Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. No authoritative reference available. false 67 4 us-gaap_LiabilitiesAndStockholdersEquity us-gaap true credit instant monetary Total of all Liabilities and Stockholders' Equity items. false false false false false false false false false 1 true true 23708000000 23708 false true 2 true true 23353000000 23353 false true Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 true false 2 51 true Millions UnKnown UnKnown false true XML 25 R2.xml IDEA: Statement of Income (Excluding Gross Margin Alternative) 1.0.0.3 false Statement of Income (Excluding Gross Margin Alternative) (Unaudited, USD $) In Millions false 1 $ false true false Unaudited false Unaudited scenarioName asi http://www.fcx.com/20090511 u000 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 u001 Standard http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false true false Unaudited false Unaudited scenarioName asi http://www.fcx.com/20090511 u000 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 u001 Standard http://www.xbrl.org/2003/instance shares xbrli 0 12 10 us-gaap_RevenuesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 13 11 fcx_RevenuesFCX fcx false credit duration monetary Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, net of... false false false false false false false false false 1 true true 2602000000 2602 false true 2 true true 5672000000 5672 false true Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, net of refining, hedging, prior period adjustments and royalties. No authoritative reference available. false 15 11 us-gaap_CostOfRevenueAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false true No definition available. false 16 12 fcx_ProductionAndDelivery fcx false na duration monetary Costs incurred related to mineral extraction, processing and marketing and cost incurred during the reporting period in... false false false false false false false false false 1 false true 1562000000 1562 false true 2 false true 2721000000 2721 false true Costs incurred related to mineral extraction, processing and marketing and cost incurred during the reporting period in transporting goods and services to customers. Includes freight-out costs. 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Therefore, this information should be read in conjunction with Freeport-McMoRan Copper &amp; Gold Inc.&#8217;s (FCX) consolidated financial statements and notes contained in its 2008 Annual Report on Form 10-K. The information furnished herein reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for th e three-month period ended March 31, 2009, are not necessarily indicative of the results that may be expected for the year ending December 31, 2009. FCX changed Phelps Dodge Corporation&#8217;s (Phelps Dodge) legal name to Freeport-McMoRan Corporation (FMC) in 2008.</font></div> </body> </html> &#160; 1.&#160;&#160; GENERAL INFORMATION false true 2 false false 0 0 false true Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 2-6 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4, 14, 15 false 4 1 us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock us-gaap true na duration string Description of restructuring activities including exit and disposal activities, which should include facts and circumstances... false false false false false false false false false 1 false false 0 0 <html> <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <div> <hr style="COLOR: black" align="left" noshade size="3" width="100%"> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RESTRUCTURING AND OTHER CHARGES</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the fourth quarter of 2008, there was a dramatic decline in copper and molybdenum prices. After averaging $3.05 per pound in 2006, $3.23 per pound in 2007 and $3.61 per pound for the first nine months of 2008, London Metal Exchange (LME) spot copper prices declined to a four-year low of $1.26 per pound in December 2008, averaged $1.78 per pound in the fourth quarter of 2008 and closed at $1.32 per pound on December 31, 2008. Additionally, while molybdenum markets have been strong in recent years with prices averaging approximately $25 per pound in 2006, $30 per pound in 2007 and $33 per pound for the first nine months of 2008, molybdenum prices declined significantly to a four-year low of $8.75 per pound in November 2008, averaged approximately $16 per pound i n the fourth quarter of 2008 and closed at $9.50 per pound on December 31, 2008.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While FCX&#8217;s long-term strategy of developing its resources to their full potential remains in place,<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> t</font>he decline in copper and molybdenum prices in the fourth quarter of 2008 and the deterioration of the economic and credit environment have limited FCX&#8217;s ability to invest in growth projects and required FCX to make adjustments to its near-term operating plans. FCX responded to the sudden downturn and uncertain near-term outlook by revising its near-term strategy to protect liquidity while preserving its mineral resources and growth options for the longer term. Accordingly, operating plans were revised in the fourth quarter of 2008 and January 2009 to reflect: (i)&#160;curtailment of copper production at higher-cost North America operations and of molybdenum production at the Henderson molybdenum mine; (ii)&#160;capital cost reductions; (iii)&#160;aggressive cost control, including workforce reductions, reduced equipment purchases that were planned to support expansion projects, a reduction in material and supplies inventory and reductions in exploration, research and administrative costs; and (iv)&#160;suspension of FCX&#8217;s annual common stock dividend.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Charges recognized in first-quarter 2009 in connection with FCX&#8217;s revised operating plans in the fourth quarter of 2008 and January 2009 include restructuring charges of $34 million ($31 million to net income applicable to common stock or $0.07 per diluted share) for contract termination costs, other project cancellation costs, employee severance and benefit costs; partially offset by pension and postretirement gains of $9 million ($9 million to net income&#160;applicable to common stock or $0.02 per diluted share) for special retirement benefits and curtailments. The restructuring charge reflects workforce reductions (approximately 3,000 employees related to fourth-quarter 2008 revised operating plans and approximately 1,500 employees related to January 2009 revised operating plans) and other charges that re flect an approximate 50 percent total reduction in mining and crushed-leach rates at the Morenci mine in Arizona, an approximate 50 percent reduction in mining and stacking rates at the Safford mine in Arizona, an approximate 50 percent reduction in the mining rate at the Tyrone mine in New Mexico, suspension of mining and milling activities at the Chino mine in New Mexico (with limited residual copper production from leach operations), and an approximate 40 percent reduction in annual production (an approximate 25 percent reduction began in the fourth quarter of 2008) at the Henderson molybdenum mine in Colorado. 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</font></td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="51%"> <div style="DISPLAY: block; 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MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Less: FMC plans other than the FMC Retirement Plan,</font></div> </td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="7%">&l t;font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; 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</font></td> <td valign="bottom" width="7%">&l t;font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" valign="bottom" width="44%" style= "PADDING-LEFT: 0pt"> <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">benefit plans as reported</font></div> </td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; 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TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new ro man">&#8211;</font></div> </td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td align="left" valign="bottom" width="1%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></div> </td> <td align="right" valign="bottom" width="7%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(257</font></div> </td> <td align="left" valign ="bottom" width="1%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></div> </td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="44%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Less: FCX&#8217;s medical and life insurance benefit plans</font></div> </td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="7%">&l t;font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; 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FONT-FAMILY: times new roman">&#160; </font></td> <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10p t; FONT-FAMILY: times new roman">(35</font></div> </td> <td align="left" valign="top" width="3%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8211;</fon t></div> </td> <td valign="bottom" width="3%"><font style="DISPLAY: inline; 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MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table cellpadding="0 " cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Primarily includes copper concentrates, anodes, cathodes and rod, and molybdenum.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">b.</font>&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; 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MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Metals in stockpiles not expected to be recovered within the next 12 months.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FCX recorded charges for lower of cost or market (LCM) molybdenum inventory adjustments of $19 million ($19 million to net income applicable to common stock or $0.05 per diluted share) in first-quarter 2009 resulting from lower molybdenum prices.</font></div> </body> </html> &#160; 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For LIFO inventory, disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value (for LIFO inventory), and the effect of a LIFO quantities liquidation that impacts net income. For companies that have not fully adopted LIFO, include the extent to which LIFO is used. If a LIFO company discloses FIFO-based supplemental income in a footnote, disclose: (a) that LIFO results in a better matching of cost and revenues, (b) why supplemental income disclosures are provided, and (c) important as sumptions in its calculation (for example, assumed tax rates). If cost is used to determine any portion of the inventory amounts, the description of this method shall include the nature of the cost elements included in inventory. Includes current and long-term balances of mill and leach stockpiles. 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This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 false 9 1 us-gaap_InterestCostsCapitalized us-gaap true credit duration monetary The amount of interest that was capitalized during the period. false false false false false false false false false 1 true true 45000000 45 false true 2 true true 22000000 22 false true The amount of interest that was capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 21 -Subparagraph b false 10 1 fcx_DerivativeFinancialInstrumentsAndFairValueMeasurementsTextBlock fcx false na duration string Description of risk management strategies, derivatives in hedging activities and nonhedging derivative instruments, the... false false false false false false false false false 1 false false 0 0 <html> <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <div> <hr style="COLOR: black" align="left" noshade size="3" width="100%"> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Derivative Financial Instruments.</font>&#160;&#160;FCX and its subsidiaries do not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation or if FCX anticipates a future activity that is likely to occur and will result in exposure to market risks. 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MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amounts recorded in accounts payable and accrued liabilities.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At March 31, 2009, FCX had paid $26 million to brokers for margin requirements, which is recorded in other current assets.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amounts recorded in accounts payable and accrued liabilities ($23 million) and long-term liabilities ($2 million).</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Commodity Contracts.</font>&#160;&#160;From time to time, FCX has entered into forward, futures and swap contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of March&#160;31, 2009, FCX had no price protection contracts relating to its future mine production. A discussion of FCX&#8217;s derivative commodity contracts and programs follows.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fair Value Hedges</font></font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Copper Futures and Swap Contracts.</font> Some of FCX&#8217;s U.S. copper rod customers request a fixed market price instead of the New York Mercantile Exchange (COMEX) average price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment wh ile the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures and swap contracts and then liquidating the copper futures contracts and settling the copper swap contracts during the month of shipment, which generally results in FCX receiving the COMEX average price in the month of shipment. Hedge gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses during the three months ended March 31, 2009, resulting from ineffectiveness. At March 31, 2009, FCX held copper futures and swap contracts for 34 million pounds at an average price of $1.69 per pound, with maturities through January 2011.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Derivative Financial Instruments</font></font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Derivative financial instruments that do not meet the criteria to qualify under FSAS No. 133, as amended, for hedge accounting are discussed below.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Embedded Derivatives.</font> As described in Note 1 to FCX&#8217;s 2008 Annual Report on Form 10-K under &#8220;Revenue Recognition,&#8221; certain FCX copper concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on LME or COMEX prices at the time of shipment as specified in the contract. Similarly, FCX purchases copper and molybdenum under contracts that provide for provisional pricing. FCX applies the normal purchase and sale exception under SFAS No. 133, as amended, to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Under SFAS No. 133, as amended, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">sales and purchases with a provisional sales price contain an embedded derivative (<font style="DISPLAY: inline; FONT-STYLE: italic">i.e.</font>, the price settlement mechanism that is settled after the time of delivery) that is required to be bifurcated from t he host contract. The host contract is the sale or purchase of the metals contained in the concentrates or cathodes at the then-current LME or COMEX price. Mark-to-market price fluctuations recorded through the settlement date are reflected in revenues for sales contracts and in cost of sales as production and delivery costs for purchase contracts. At March 31, 2009, FCX had embedded derivatives on 407 million pounds of copper sales (net of noncontrolling interests), with maturities through August 2009 and 57 million pounds of copper purchases, with maturities through July 2009.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In order to reduce short-term price volatility in earnings and cash flows, FCX entered into copper forward sales contracts (not included in the table above) in early April 2009 to lock in prices at an average of $1.86 per pound on 355 million pounds of PT Freeport Indonesia&#8217;s provisionally priced copper sales at March 31, 2009. These economic hedge transactions are scheduled to final price from April 2009 through July 2009. From time to time, FCX may enter into similar transactions to lock in pricing on provisionally priced sales, but FCX does not intend to change its long-standing policy of not hedging future copper production.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Copper Forward Contracts.</font> Atlantic Copper enters into forward copper contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At March 31, 2009, Atlantic Copper held forward copper purchase contracts for 8 million pounds at an average price of $1.69 per pound, with maturities through May 2009.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Copper Futures and Swap Contracts.</font> In addition to the contracts that qualify for fair value hedge accounting that are discussed above, FCX also has similar contracts with its U.S. copper rod customers that do not qualify for hedge accounting because of certain terms in the sales contracts. Gains and losses for these economic hedge transactions are recorded in revenues. At March 31, 2009, FCX held copper futures and swap contracts for 49 million pounds at an average price of $2.27 per pound, with maturities through December 2010.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From time to time, FCX or its subsidiaries may enter into foreign currency exchange contracts to lock in or minimize the effects of fluctuations in exchange rates or interest rate swaps to manage its exposure to interest rate changes on a portion of its debt. FCX had no outstanding foreign currency exchange contracts or interest rate swaps at March&#160;31,&#160;2009. Refer to Note 17 in FCX&#8217;s 2008 Annual Report on Form 10-K for further discussion.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Fair Value Measurement.</font>&#160;&#160;In September 2006, the Financial Accounting Standards Board (FASB) issued SFAS No. 157, &#8220;Fair Value Measurements,&#8221; which provides enhanced guidance for using fair value to measure assets and liabilities. SFAS No. 157 does not require any new fair value measurements under U.S. GAAP; rather this statement establishes a common definition of fair value, provides a framework for measuring fair value under U.S. GAAP and expands disclosure requirements about fair value measurements. In February 2008, FASB issued FASB Staff Position (FSP) No. FAS 157-2, which delayed the effective date of SFAS No. 157 for nonfinancial assets or liabilities that are not required or permitted to be measured at fair value on a recurring basis to fiscal years beginning after November&#160;15,&#160;2008, and interim periods within those years. FCX adopted SFAS No. 157 for financial assets and liabilities recognized at fair value on a recurring basis effective January 1, 2008. This partial adoption of SFAS No. 157 did not have a material impact on FCX&#8217;s financial reporting and disclosures as its financial assets are measured using quoted market prices, or Level 1 inputs. FCX adopted SFAS No. 157 for nonfinancial assets or liabilities not valued on a recurring basis (at least annually) effective January 1, 2009, with no material impact on its financial reporting and disclosures.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SFAS No. 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). 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Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or l iabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or lo sses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. No authoritative reference available. false 11 1 us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock us-gaap true na duration string Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting... false false false false false false false false false 1 false false 0 0 <html> <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <div> <hr style="COLOR: black" align="left" noshade size="3" width="100%"> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NEW ACCOUNTING STANDARDS</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Noncontrolling Interests in Consolidated Financial Statements. </font>In December 2007, FASB issued SFAS No. 160, &#8220;Noncontrolling Interests in Consolidated Financial Statements &#8211; an amendment of ARB No. 51,&#8221; which clarifies that noncontrolling interests (minority interests) are to be treated as a separate component of equity and any changes in the ownership interest (in which control is retained) are to be accounted for as capital transactions. However, a change in ownership of a consolidated subsidiary that results in a loss of control is considered a significant event that triggers gain or loss recognition, with the establishment of a new fair value basis in any remaining ow nership interests. SFAS No. 160 also provides additional disclosure requirements for each reporting period. SFAS No. 160 applies to fiscal years beginning on or after December 15, 2008, with early adoption prohibited. This statement is required to be adopted prospectively, except for the following provisions, which are to be applied retrospectively: (i) the reclassification of noncontrolling interests to equity in the consolidated balance sheets and (ii) the adjustment to consolidated net income to include net income attributable to both the controlling and noncontrolling interests. FCX adopted SFAS No. 160 effective January 1, 2009.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion.</font> In May 2008, FASB issued FSP No. APB 14-1, &#8220;Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement),&#8221; which changes the accounting treatment for convertible debt securities that the issuer may settle fully or partially in cash. FSP No. APB 14-1 requires bifurcation of convertible debt instruments into a debt component that is initially recorded at fair value and an equity component that represents the difference between the initial proceeds from issuance of the instrument and the fair value allocated to the debt component. The debt component is subsequently accreted (as a component of interest expense) to par value over its expected life. FSP No. APB 14-1 is effective for fiscal years and interim periods beginning after December 15, 2008, and must be retrospectively applied to all prior periods presented, even if an instrument has matured, converted, or otherwise been extinguished as of the FSP&#8217;s effective date. FSP No. APB 14-1 did not have an impact on FCX&#8217;s financial reporting.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Employers&#8217; Disclosures about Postretirement Benefit Plan Assets.</font> In December 2008, FASB issued FSP No. FAS 132(R)-1, &#8220;Employers&#8217; Disclosures about Postretirement Benefit Plan Assets,&#8221; which provides enhanced guidance on an employer&#8217;s disclosures about plan assets of a defined benefit pension or other postretirement plan. FSP FAS 132(R)-1 revises disclosure requirements on pension and postretirement plan assets from those required in the original SFAS No. 132 after the FASB decided disclosures about fair value measurements for postretirement plan assets were not within the scope of SFAS No. 157. The disclosures about plan assets required by FSP FAS 132(R)-1 are effective for fiscal years ending after December 15, 2009, with early application permitted. Upon initial application, disclosures are not required for earlier periods that are presented for comparative purposes. FCX is currently evaluating the impact that the adoption of FSP No.&#160;FAS 132(R)-1 will have on its financial disclosures.</font></div> </body> </html> 9.&#160;&#160; NEW ACCOUNTING STANDARDS Noncontrolling Interests in false true 2 false false 0 0 false true Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 2, 17, 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 01 -Paragraph b -Subparagraph 6 -Article 10 false 12 1 us-gaap_SegmentReportingDisclosureTextBlock us-gaap true na duration string This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable... false false false false false false false false false 1 false false 0 0 <html> <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <div> <hr style="COLOR: black" align="left" noshade size="3" width="100%"> </div><br> <div> <table cellpadding="0" cellspacing="0" id="list" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.&#160;&#160;</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BUSINESS SEGMENTS</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FCX has organized its operations into five primary divisions &#8211; North America copper mines, South America copper mines, Indonesia mining, Africa mining and Molybdenum operations. Notwithstanding this structure, FCX internally reports information on a mine-by-mine basis. Therefore, in accordance with SFAS No. 131, &#8220;Disclosures about Segments of an Enterprise and Related Information,&#8221; FCX concluded that its operating segments include individual mines. Operating segments that meet certain SFAS No. 131 thresholds are reportable segments. In accordance with this guidance, beginning in first-quarter 2009, Sierrita is no longer a reportable segment.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In third-quarter 2008, FCX revised its presentation of the operating divisions to better reflect management&#8217;s view of the consolidated FCX operations. Accordingly, FCX has revised its segment disclosures for the three months ended March 31, 2008, to conform with the current period presentation.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Further discussion of the reportable segments included in FCX&#8217;s primary operating divisions, as well as FCX&#8217;s other reportable segments &#8211; Rod &amp; Refining and Atlantic Copper Smelting &amp; Refining &#8211; follows.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">North America Copper Mines.</font>&#160;&#160;FCX has five operating copper mines in North America &#8211; Morenci, Sierrita, Bagdad and Safford in Arizona and Tyrone in New Mexico. The North America copper mines include open-pit mining, sulfide ore concentrating, leaching, and solution extraction and electrowinning (SX/EW) operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCX&#8217;s Rod &amp; Refining operations. The North America mines division includes the Morenci copper mine as a reportable segment.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Morenci.</font> The Morenci open-pit mine, located in southeastern Arizona, primarily produces copper cathodes. FCX owns an 85 percent undivided interest in Morenci through an unincorporated joint venture.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Other Mines.</font> Other mines include FCX&#8217;s other operating southwestern U.S. copper mines &#8211; Sierrita, Bagdad, Safford and Tyrone. In addition to copper, the Sierrita and Bagdad mines produce molybdenum concentrates as a by-product. Other mines also include FCX&#8217;s southwestern U.S. copper mines that are currently on care-and-maintenance status.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">South America Copper Mines.</font>&#160;&#160;FCX has four operating copper mines in South America &#8211; Cerro Verde in Peru, and Candelaria, Ojos del Salado and El Abra in Chile. These operations include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. The South America mines division includes the Cerro Verde copper mine as a reportable segment.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Cerro Verde.</font> The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathodes and copper concentrates. In addition to copper, the Cerro Verde mine produces molybdenum concentrates as a by-product. FCX owns a 53.56 percent interest in Cerro Verde.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Other Mines.</font> Other mines include FCX&#8217;s Chilean copper mines &#8211; Candelaria, Ojos del Salado and El Abra &#8211; which include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. In addition to copper, the Candelaria and Ojos del Salado mines produce gold and silver as by-products. FCX owns an 80 percent interest in both the Candelaria and Ojos del Salado mines, and owns a 51 percent interest in the El Abra mine.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Indonesia.</font>&#160;&#160;Indonesia mining includes PT Freeport Indonesia&#8217;s Grasberg minerals district. PT Freeport Indonesia produces copper concentrates, which contain significant quantities of gold and silver. FCX owns 90.64 percent of PT Freeport Indonesia, including 9.36 percent owned through PT Indocopper Investama. In 1996, FCX established an unincorporated joint venture with Rio Tinto, which covers PT Freeport Indonesia&#8217;s mining operations in Block A and gives Rio Tinto, through 2021, a 40 percent interest in certain assets and future production exceeding specified annual amounts of copper, gold and silver. After 2021, Rio Tinto will have a 40 percent interest in all production from Block A.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.5pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Africa.</font>&#160;&#160;Africa mining includes the <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Tenke Fungurume</font> copper and cobalt mining concessions in the Katanga province of the Democratic Republic of Congo. Construction progressed during first-quarter 2009, and the first copper cathode was produced in late March 2009 as the project entered the commissioning and start-up phase. FCX owns an effective 57.75 percent interest in Tenke Fungurume.</font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Molybdenum.</font>&#160;&#160;The Molybdenum segment is an integrated producer of molybdenum, with mining, sulfide ore concentrating, roasting and processing facilities that produce high-purity, molybdenum-based chemicals, molybdenum metal powder and metallurgical products, which are sold to customers around the world, and includes the wholly owned Henderson molybdenum mine in Colorado and related conversion facilities. The Henderson underground mine produces high-purity, chemical-grade molybdenum concentrates, which are typically further processed into value-added molybdenum chemical products. This segment also includes a sales company that purchases and sells molybdenum from the Henderson mine as well as from FCX&#8217;s North and South America copper mines that produce molybdenum as a by-product. In addition, at times this segment roasts and/or processes material on a toll basis. Toll arrangements require the tolling customer to deliver appropriate molybdenum-bearing material to FCX&#8217;s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products. The Molybdenum segment also includes FCX&#8217;s wholly owned Climax molybdenum mine in Colorado, which has been on care-and-maintenance status since 1995.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rod &amp; Refining.</font>&#160;&#160;The Rod &amp; Refining segment consists of copper conversion facilities located in North America, and includes a refinery, three rod mills and a specialty copper products facility. These operations process copper produced at the North America mines and purchased copper into copper cathode, rod and custom copper shapes. At times these operations refine copper and produce copper rod and shapes for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX&#8217;s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Atlantic Copper Smelting &amp; Refining.</font>&#160;&#160;Atlantic Copper, S.A. (Atlantic Copper), FCX&#8217;s wholly owned smelting unit in Spain, smelts and refines copper concentrates and markets refined copper and precious metals in slimes. PT Freeport Indonesia and the South America copper mines generally sell a portion of their concentrate and cathode (South America) production to Atlantic Copper.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Intersegment Sales.</font> Intersegment sales between FCX&#8217;s operations are based on similar arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Allocations.</font> FCX allocates certain operating costs, expenses and capital to the operating divisions and individual segments. However, not all costs and expenses applicable to a mine or operation are allocated. All U.S. federal and state income taxes are recorded and managed at the corporate level, whereas foreign income taxes are recorded and managed at the applicable mine or operation. In addition, most exploration and research activities are managed at the corporate level, and those costs along with some selling, general and administrative costs are not allocated to the operating divisions or segments. 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FONT-FAMILY: times new roman">&#160; </font></td> <td align="right" colspan="3" valign="bottom" width="6%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td align="right" colspan="3" valign="bottom" width="6%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td> <td align="right" colspan="3" valign="bottom" width="6%"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; 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