Freeport-McMoRan Reports First-Quarter 2023 Results.

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Overig advies 24/04/2023 10:39
• Production and sales impacted by February weather event; achieved full recovery in March
• Consolidated unit net cash costs in line with January 2023 estimate
• Advancing leach recovery initiatives
• Strong balance sheet and positive outlook for cash flow generation to support continued organic growth and cash returns to shareholders
? Net income attributable to common stock in first-quarter 2023 totaled $663 million, $0.46 per share, and adjusted net income attributable to common stock totaled $757 million, $0.52 per share, after excluding net charges totaling $94 million, $0.06 per share.
? Consolidated production totaled 965 million pounds of copper, 405 thousand ounces of gold and 21 million pounds of molybdenum in first-quarter 2023.
? Consolidated sales totaled 832 million pounds of copper, 270 thousand ounces of gold and 19 million pounds of molybdenum in first-quarter 2023. Consolidated sales for the year 2023 are expected to approximate 4.1 billion pounds of copper, 1.8 million ounces of gold and 79 million pounds of molybdenum, including 1.1 billion pounds of copper, 500 thousand ounces of gold and 20 million pounds of molybdenum in second-quarter 2023.
? Average realized prices in first-quarter 2023 were $4.11 per pound for copper, $1,949 per ounce for gold and $30.32 per pound for molybdenum.
? Average unit net cash costs in first-quarter 2023 were $1.76 per pound of copper. Unit net cash costs for the year 2023 are expected to average $1.55 per pound of copper.
? Operating cash flows totaled $1.1 billion (net of $0.5 billion of working capital and other uses) in firstquarter 2023. Based on current sales volume and cost estimates, and assuming average prices of $4.00 per pound for copper, $2,000 per ounce for gold and $18.00 per pound for molybdenum for the
remainder of 2023, operating cash flows are expected to approximate $7.0 billion (including $0.3 billion of working capital and other sources) for the year 2023.
? Capital expenditures totaled $1.1 billion (including $0.4 billion for major mining projects and $0.3 billion for the Indonesia smelter projects) in first-quarter 2023. Capital expenditures for the year 2023
are expected to approximate $5.1 billion (including $2.4 billion for major mining projects and $1.6 billion
for the Indonesia smelter projects).
? At March 31, 2023, consolidated debt totaled $9.6 billion and consolidated cash and cash
equivalents totaled $6.9 billion, resulting in net debt of $2.8 billion ($1.3 billion excluding net debt for
the Indonesia smelter projects). In March 2023, FCX used approximately $1 billion in cash to fund the
maturity of its 3.875% Senior Notes. Refer to the supplemental schedule, "Net Debt," on page VII.
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PHOENIX, AZ, April 21, 2023 - Freeport-McMoRan Inc. (NYSE: FCX) reported first-quarter 2023 net income
attributable to common stock of $663 million, $0.46 per share, and adjusted net income attributable to common
stock of $757 million, $0.52 per share, after excluding net charges totaling $94 million, $0.06 per share, primarily associated with adjustments to environmental obligations, contested tax matters and asset impairments. For
additional information, refer to the supplemental schedule, "Adjusted Net Income," on page VI. Richard C. Adkerson, Chairman and Chief Executive Officer, said, "Our company is a premier global leader in the copper industry, with large-scale, long-lived reserves and an attractive portfolio of organic
growth opportunities. We are focused on executing our strategy to supply copper efficiently and responsibly to a world with growing requirements for this critically important metal. Our results in the first
quarter reflect the commitment and resolve of our team to overcome challenges and enhance our foundation for long-term success. We are strongly positioned with a favorable long-term market outlook,
strong balance sheet and financial strength, a high-quality asset base and an experienced and motivated team to deliver long-term value to all stakeholders."

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https://s22.q4cdn.com/529358580/files/doc_news/2023/FCX_230421_1Q_2023_Earnings_Release.pdf



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