• Strong execution of operating plans
• Solid cost & capital management
• Ramp-up of Grasberg underground advancing on schedule
• Fourth-quarter 2020 copper and gold sales 3% and 9% above October 2020 estimates
• Strong cash flow generation
? Net income attributable to common stock totaled $708 million, $0.48 per share, in fourth-quarter 2020.
After adjusting for net credits totaling $142 million, $0.10 per share, fourth-quarter 2020 adjusted net
income attributable to common stock totaled $566 million, or $0.39 per share.
? Consolidated sales totaled 866 million pounds of copper, 293 thousand ounces of gold and 21 million
pounds of molybdenum in fourth-quarter 2020, and 3.2 billion pounds of copper, 855 thousand ounces
of gold and 80 million pounds of molybdenum for the year 2020. Consolidated sales for the year 2021
are expected to approximate 3.8 billion pounds of copper, 1.3 million ounces of gold and 85 million
pounds of molybdenum, including 825 million pounds of copper, 275 thousand ounces of gold and 20
million pounds of molybdenum in first-quarter 2021.
? Average realized prices in fourth-quarter 2020 were $3.40 per pound for copper, $1,870 per ounce for
gold and $9.96 per pound for molybdenum.
? Average unit net cash costs in fourth-quarter 2020 were $1.28 per pound of copper and $1.48 per
pound of copper for the year 2020. Unit net cash costs are expected to average $1.25 per pound of
copper for the year 2021.
? Operating cash flows totaled $1.3 billion (including $0.3 billion from working capital and other sources)
in fourth-quarter 2020 and $3.0 billion (including $0.7 billion from working capital and other sources) for
the year 2020. Based on current sales volume and cost estimates, and assuming average prices of
$3.50 per pound for copper, $1,850 per ounce for gold and $9.00 per pound for molybdenum, operating
cash flows are expected to approximate $5.5 billion (including $0.4 billion from working capital and
other sources) for the year 2021.
? Capital expenditures totaled $0.4 billion (including approximately $0.3 billion for major projects) in
fourth-quarter 2020 and $2.0 billion (including approximately $1.2 billion for major projects) for the year
2020. Capital expenditures for the year 2021 are expected to approximate $2.3 billion, including $1.4
billion for major projects primarily associated with underground development activities in the Grasberg
minerals district in Indonesia.
? During fourth-quarter 2020, FCX sold an undeveloped exploration project in the Democratic
Republic of Congo (DRC) for $550 million and recognized an after-tax gain of $350 million. After-tax net
cash proceeds to FCX totaled $415 million.
? At December 31, 2020, consolidated debt totaled $9.7 billion and consolidated cash totaled $3.7
billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at December 31, 2020.
PHOENIX, AZ, January 26, 2021 - Freeport-McMoRan Inc. (NYSE: FCX) reported net income attributable to
common stock of $708 million, $0.48 per share, in fourth-quarter 2020 and $599 million, $0.41 per share, for the
year 2020. After adjusting for net credits totaling $142 million, $0.10 per share, mostly associated with a gain on
sale of assets, partly offset by charges for a litigation settlement and international tax matters, and other net
charges, adjusted net income attributable to common stock totaled $566 million, $0.39 per share, in fourth-quarter
2020. For additional information, refer to the supplemental schedule, "Adjusted Net Income," on page VII.
Richard C. Adkerson, President and Chief Executive Officer, said, "During 2020, our global team
responded to the challenges of the pandemic in an exceptional fashion, safeguarding our people,
communities and assets as we executed and delivered on our clearly defined strategy. Together we
achieved strong operating performance and project execution, establishing a solid foundation for future
growth in sales volumes and cash flows. We are enthusiastic about the future prospects for our business
based on the positive outlook for the markets we serve, our long-lived and high-quality copper assets, our
seasoned and highly motivated global organization and the critical role of copper to the technologies
necessary to deliver clean energy and support the global transition to a low-carbon economy."
SUMMARY FINANCIAL DATA

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