Solid operating performance; copper sales volumes above July 2023 guidance
• Strong balance sheet and financial flexibility
• Favorable long-term fundamentals
? Net income attributable to common stock in third-quarter 2023 totaled $454 million, $0.31 per
share, and adjusted net income attributable to common stock totaled $571 million, $0.39 per share,
after excluding net charges totaling $117 million, $0.08 per share.
? Consolidated production totaled 1.1 billion pounds of copper, 532 thousand ounces of gold and
20 million pounds of molybdenum in third-quarter 2023.
? Consolidated sales totaled 1.1 billion pounds of copper, 399 thousand ounces of gold and 20
million pounds of molybdenum in third-quarter 2023.
? Consolidated sales for the year 2023 are expected to approximate 4.06 billion pounds of copper,
1.74 million ounces of gold and 80 million pounds of molybdenum, including 1.1 billion pounds of
copper, 580 thousand ounces of gold and 20 million pounds of molybdenum in fourth-quarter 2023.
? Average realized prices in third-quarter 2023 were $3.80 per pound for copper, $1,898 per ounce
for gold and $23.71 per pound for molybdenum.
? Average unit net cash costs in third-quarter 2023 were $1.73 per pound of copper, including
$0.13 per pound of copper for disputed export duties at PT Freeport Indonesia (PT-FI). Unit net
cash costs for the year 2023 are expected to average $1.63 per pound of copper.
? Operating cash flows totaled $1.2 billion (net of $0.5 billion of working capital and other uses) in
third-quarter 2023. Based on current sales volume and cost estimates, and assuming average
fourth-quarter 2023 prices of $3.60 per pound for copper, $1,900 per ounce for gold and $20.00 per
pound for molybdenum, operating cash flows are expected to approximate $5.4 billion (net of $0.5
billion of working capital and other uses) for the year 2023.
? Capital expenditures totaled $1.2 billion (including $0.4 billion for major mining projects and $0.4
billion for the Indonesia smelter projects) in third-quarter 2023. Capital expenditures for the year
2023 are expected to approximate $4.8 billion (including $1.9 billion for major mining projects and
$1.6 billion for the Indonesia smelter projects).
? At September 30, 2023, consolidated debt totaled $9.4 billion and consolidated cash and cash
equivalents totaled $5.7 billion ($6.25 billion including $0.5 billion of current restricted cash and
cash equivalents associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks). Net debt totaled $3.2 billion ($0.8 billion excluding net debt for the Indonesia smelter projects). Refer to the supplemental schedule, "Net Debt," on page IX. see & read more on
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