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2009 Annual Report 2009 Copper & Gold INC

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2009 Annual Report 2009 Copper & Gold INC PRO V E N PER F OR MANC E SHINING FU T U RE One North Central Ave. Phoenix, AZ 85004 PROPROVVEENN PERPERFFORORMANCMANCEE 602.366.8100 FREEPORT www.fcx.com SHININGSHINING FUFUTTUURERE -McMo R an COPPER & GOLD INC. Annual R eport 2009 FREEPORTFREEPORT-McMo-McMoRRanan COPPER COPPER & & GOLD GOLD INC. INC. Annual Annual R Reporteport 2009 2009 FREEPORT-McMoRan COPPER & GOLD INC. Freeport-McMoRan Copper & Gold Inc. (FCX) is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX has a dynamic portfolio of operating, expansion and growth projects in the copper industry and is the world’s largest producer of molybdenum. FCX’s portfolio of assets includes the Grasberg minerals district, the world’s largest copper and gold mine in terms of recoverable reserves; significant mining operations in the Americas, including the large-scale Morenci and Safford minerals districts in North America and the Cerro Verde and El Abra operations in South America; and the Tenke Fungurume minerals district in the Democratic Republic of Congo. Additional information about FCX is available on FCX’s web site at www.fcx.com. SUMMARY FINANCIAL HIGHLIGHTS Years Ended December 31, 2009 2008 2007 2006 2005 (In Millions, Except Per Share Amounts) Revenues $ 15,040 $ 17,796 $ 16,939 $ 5,791 $ 4,179 Operating income (loss) 6,503 (12,710)+ 6,555 2,869 2,177 Operating cash flows 4,397 3,370 6,225 1,866 1,552 Capital expenditures 1,587 2,708 1,755 251 143 Net income (loss) attributable to FCX common stockholders 2,527 (11,341)+ 2,769 1,396 935 Diluted net income (loss) per common share 5.86 (29.72)+ 7.50 6.63 4.67 Dividends paid per common share — 1.81 1.25 4.75 2.50 At December 31: Cash and cash equivalents 2,656 872 1,626 907 764 Total assets 25,996 23,353 40,661 5,390 5,550 Total debt, including current portion and short-term borrowings 6,346 7,351 7,211 680 1,256 Total FCX stockholders’ equity 9,119 5,773 18,234 2,445 1,843 +* Includes charges totaling $17.7 billion ($13.2 billion to net loss attributable to FCX common stockholders or $34.47 per share) associated with asset impairment, lower of cost or market inventory adjustments, restructuring and other charges. See page 14 for further discussion. Operating Cash Flows Capital Expenditures Cash Balance Total Debt $ in billions $ in billions $ in billions $ in billions 4.5 3.0 3.0 8.0 2.5 2.5 3.5 6.0 2.0 2.0 2.5 1.5 1.5 4.0 1.5 1.0 1.0 2.0 0.5 0.5 0.5 2008 2009 2008 2009 2008 2009 2008 2009 The theme of this year’s annual report, “Proven Performance – Shining Future,” captures the demonstrated performance of our team and the optimism we have for the long-term future of our business and the values of our assets. Table of Contents 2 Major Mine Operations & Development Projects 3 Letter to Shareholders 6 Operational Overview 12 Board of Directors and Management 13 Financial & Operating Information 104 Performance Graph 105 Stockholder Information MAJOR MINE OPERATIONS & DEVELOPMENT PROJECTS 3 Locations Copper (Cu) Gold (Au) Molybdenum (Mo) Cobalt (Co) 1 Morenci, Arizona 3 Tyrone, New Mexico 7 Tenke Fungurume, Sierrita, Arizona Democratic Republic of Congo 4 Cerro Verde, Peru Bagdad, Arizona 8 Grasberg, Indonesia Safford, Arizona 5 El Abra, Chile Miami, Arizona 6 Candelaria / 2 Henderson, Colorado Ojos del Salado, Chile North America Indonesia Consolidated Totals Reserves 2009 Sales Reserves 2009 Sales Reserves at 12/31/09 at 12/31/09 at 12/31/09 Cu 27.7 billion lbs Cu 1.2 billion lbs Cu 34.1 billion lbs Cu 1.4 billion lbs Cu 104.2 billion lbs Mo 2.1 billion lbs Mo 58.1 million lbs+ Au 35.5 million ozs Au 2.5 million ozs Au 37.2 million ozs Mo 2.6 billion lbs Co 0.8 billion lbs South America Africa Reserves 2009 Sales Reserves 2009 Sales 2009 Sales at 12/31/09 at 12/31/09 Cu 4.1 billion lbs Cu 34.0 billion lbs Cu 1.4 billion lbs Cu 8.4 billion lbs Cu 0.1 billion lbs Au 2.6 million ozs Au 1.5 million ozs Au 0.1 million ozs Co 0.8 billion lbs Mo 58.1 million lbs+ Mo 0.5 billion lbs 2 FREEPORT-McMoRan COPPER & GOLD INC. + Includes sales of molybdenum produced as a by-product at FCX’s North and South America copper mines. 2009 Annual Report TO OUR SHAREHOLDERS The year 2009 was one of extraordinary accomplishments for our Company. In the face of the worst economic crisis since the 1930s, our global team responded in an aggressive fashion to offset the impact of low copper and molybdenum prices, to strengthen our financial position and to preserve our future growth options. Weak market conditions, which began in late 2008, required us to make difficult but necessary decisions to enable us to manage volatile conditions We have always recognized that the Grasberg and position us for a bright future for our Company. The theme of this mine (pictured above) would be our cornerstone asset during times of low commodity prices. year’s annual report, “Proven Performance — Shining Future,” captures the demonstrated performance of our team and the optimism we have for the We are pleased to report the long-term future of our business and the values of our assets. successful execution of our operating plans during 2009. We are pleased to report the successful execution of our operating plans We exceeded our production during 2009. We exceeded our production targets for both copper and gold targets for both copper and gold, and achieved significant reductions in our cost structure. Our Grasberg achieved significant reductions in operations in Indonesia, one of the world’s largest and best performing our cost structure and enhanced copper and gold mines, once again demonstrated its strength — achieving our financial flexibility. multiple operating and financial records. Our North America operations Consolidated Site successfully executed major initiatives to reduce costs to maintain profitability Production & Delivery Costs $ per lb. of copper under weak market conditions. Our teams in South America were successful in implementing a number of cost reduction initiatives and efficiency 1.75 improvements. In Africa, we completed construction of one of the world’s 1.25 most modern copper and cobalt mining facilities, which is expected to be a source of high-grade ore and low-cost production for decades to come. 0.75 We were also successful in adding to our reserves, continuing an 0.25 important accomplishment of our team over an extended period of time. At December 31, 2009, our estimated total proven and probable reserves 2008 2009 approximated 104 billion pounds of copper, 37 million ounces of gold and Consolidated 2.6 billion pounds of molybdenum. At current production levels, we have Unit Net Cash Costs+ more than a 25-year reserve life and are optimistic that we will continue to $ per lb. of copper be successful in adding to our reserves in the future. Exploration will continue 1.25 to be a key feature of our Company and a driver of our future plans. 1.00 Mining revenues from copper sales approximated 75 percent of our total 0.75 2009 revenues. During 2009, copper was one of the best performing metals, 0.50 with its price rising over 150 percent, as strong demand from China and 0.25 limited supply offset weak conditions in the developed economies of the United States, Europe and Japan. The future of copper is bright, 2008 2009 + Net of by-product credits and excluding Africa mining FREEPORT-McMoRan COPPER & GOLD INC. 3 2009 Annual Report During 2009, copper was LME Copper Price $ per lb. one of the best performing metals, with its price rising 3.503.5 over 150 percent, as strong 3.003.0 2.502.5 demand from China and 2.002.0 limited supply offset weak 1.501.5 conditions in the developed Copper Price 1.001.0 economies of the United 0.500.5 0.0 DEC APR SEP DEC FEB States, Europe and Japan. 2008 2009 2009 2009 2010 -- 2009 Average Price of Copper Total Debt underpinned by limited new supply, the depletion of currently producing $ in billions mines, the important role of copper in the development of emerging 20 economies’ infrastructure and the fundamental requirements in the world’s developed economies. We are in a strong position as one of 15 the world’s largest copper producers to benefit from the very favorable 10 fundamentals of the copper marketplace. 5 We generated strong financial results in 2009, which enabled us to strengthen our financial position and enhance our liquidity. We repaid 2007+ Year End $1 billion in debt during the year, reducing our $17.6 billion of debt at 2009 our 2007 acquisition of Phelps Dodge by a cumulative $11 billion. + At time of the Phelps Dodge acquisition (March 2007) As we progress, we are preparing for eventual improvement in conditions in the world’s developed economies, which will be highly favorable to the demand for our products. We have an attractive portfolio of potential investment opportunities within our existing asset base and are prepared to move forward as market conditions warrant. With current copper prices above $3 per pound, gold prices above $1,000 per ounce and molybdenum prices over $15 per pound, we would generate significant cash flows.
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