Deutsche bank final jun15-jpg

18.739 visualizações

Publicada em

conference presentation

0 comentários
0 gostaram
Estatísticas
Notas
  • Seja o primeiro a comentar

  • Seja a primeira pessoa a gostar disto

Sem downloads
Visualizações
Visualizações totais
18.739
No SlideShare
0
A partir de incorporações
0
Número de incorporações
18.260
Ações
Compartilhamentos
0
Downloads
2
Comentários
0
Gostaram
0
Incorporações 0
Nenhuma incorporação

Nenhuma nota no slide

Deutsche bank final jun15-jpg

  1. 1. ~ : o , __. - FnEEmnr-lllclllollnu Deutsche Bank 6th Annual Global Industriais and Basic Materials Conference Kathleen L. Quirl( Executive Vice President & CFO VALUE AT OUR CORE June 3, 2015 FCX M* “fc-: ncom
  2. 2. :¡'. °Í11~"CLÍ" n: HU: [Ú ¡MÍ A Jíulíiaifil/ jfà* ; Wit-cigzaicciaaic? _. g -t~»'. '-'5(; §ãl. y'. '_í[7.t1_. §yi e3ar. a_m~: f+; ..eating 373?_ caca/ aan: : a *lng-I: W -1II: - mm: This presentation contains forward-looking Hatements in which Fã discusses its potential future performance. Forward-looking Hatements are all Hatements other than Hatements of historical facts such as projechons or expectations relating to ore grades and millirig rates production and sales volumes unit net cash mas cash production mas per barrel of oil equivalent (E05), operating cash tiows capital emenditures eaploration elform and results, development and production activities and costs liquid/ ty, tax rates the impact of copper, gold, molybdenum, cobalt, oil and natural gas price changes the impact of derivative positions, the impaat of deferred intercompany pro/ is on eamings reserve estimates ñiture oividend payments debt reduction and share purchases. The words "anocipates " "may, ' "can, " " / ans ' "be/ leves ' "potential, ' 'eaimates " "eapects ' 'projects ' “targets ' "intends ' “likely, " “will, " "should, ' 'to be'and any similar eiqiressions are intended to identity those assertioris as forward-looking aatements The declaration of : fim/ ends is at the discretion of Fãs Board and will depend on Fã's financial results, cash requirements, future prospects and other factors deemed relevant by the Board. Fã cautions readers that forward-looking aatements are not guarantees of ñiture perfomance and its actual resuls may difer matenally #om those anticipated, projected or assimed in the forward-looking statements. Important factors that can cause Fã's actual results to differ matenally from those anticipated in the forward-looking aatements include commodity prices, mine sequencing, production rates induary risks regulatory changes political risks drilling results die outcome of ongoing discussions with the Indonesian govemment regarding an amendment to P7' Freeport Indonesias (PT-ETs) Contrad' of Work, PT -F1°'s abiiity to obtain renewa/ of its export license añer July 25, 2015 the potential effects of Wolence in Indonesia, the resolution of adminisrrative disputes in the Democratic Republic of Congo, our ability to raisie additional capital for our oil and gas business weather- and climate related risks labor relations enwronmental risks, litigation results and other factors described in more detail under the head/ ng "Risk Fadors' in Fãs Annual Report on Form 10-K for the year ended December 31, 2014, filed with the United States (MS. ) Securities and Exchange Commission (SEC) as updated by Fãs subsequent fi/ ings with the SEC Nothing herein shall be deemed to constitute an offer to sell securities. Inveaors are cautioned that many of the assumptions on which Fã's forwarddookirig statemens are based are likely to change alter its forward-looking datemenzs are made, including for example commodity prices which Fã cannot control, and production volumes and costs some aspects of which Fã may or may not be able to control. Further, Fã may make changes to its business plans that could or will affect its results. Fã cautions investors Mat it does not intend to update forward-looking statements more frequently than quarteriy notwithstanoing any changes iri Fã's assumptions, changes in business plans actual experience or other changes and Fã onde/ takes no obligation to update any forward-looking statements. This presentation also includes forward-looking Hatements regarding minera/ i'zed material not included in proven and probable mineral reserves The mineralized material descnbed in this presentation will not quality as reserves until comprehensive engineering studies establish their economic feasibility. According/ y, no assurance can be given that the estimated mineralüed material not included in reserves will become proven and probable reserves The SEC requires companies with significant oil and gas producirig activities to disc/ qse, in their ti/ ings with the SEC, proved oil and gas reserves that have been demonarated by actual production or conclusive formation tests to be economically and legal/ y producible under ensing economic and operating conditions The SEC also permits the ciisc/ osure of probable and possible oil and gas reserves as such terms are defined by the SEC. Fã uses certain phraxs and terms in this presentation, such as "net unrisked resource potentia, ' 'net rewurce potential” and "gross unrisked resource potential, ' which the SEC's rules prohibit Fã from including in its ñlings with the SEC. "Net unrisked resource potential, ' 'net resource potential' and "gross unnsked rewurce potential' do not take into account the ceitainty of resource recovery, which is cvntingent on exploraoon success technical improvemens in drilling access commerciality and other factors and is therefore not indicative of expected future rewurce recovery and should not be relied upon. This presentation also contains certain financial measures such as unit net cash costs per pound of copper and per pound of molybdenum, oil and gas rea/ Hed revenues cash production mas cash operating margin and Aojuaed EBIT DA, which are not recognized under generally accepted accounting principles in the US As required by SEC Regu/ ation G, rewnciliations of these measures to amounts reported in Fã s consolidated linanaal HatemenL-t are in the supplemental schedu/ es of Fãs 10 2015 press release, which are available on Fãs website, "fax com. " 1
  3. 3. l'JHÍÉÃULLIV'. '¡l"l»| il'lli: l.' l& lili¡ Ky . _vg _ UL. , n¡ A an e . g 7 Z . Á-J/ JJ: ;i5 Our 30/: 'Íl-'lã l| VlÍlÍ JUN¡ _í 20.7.' , sí-nn 1,15/ f: ep Ori' i'-. '¡glili_çíi'ii': Substantial Values in Long-Lived, Geographically Diverse Natural Resources - Premier Portfolio of Global Mining Assets - High-Quality, U. S.-Based Oil & Gas Assets with Attractive Growth Pipeline o Growing Production and Cash Flow Profile a Exposure to Markets with Favorable Fundamentals ' Financially Strong o Environmentally Responsible ' Experienced Team
  4. 4. l 'x ? ElmatwLtr~. '.[›ê›'›(I_ sm; Mx_ j! c 44 J "'55 'J 979021/ Footprint 5 e ” '/ *^, -.II: *h HII: um: u a . L'L: ..| _>'. ' O_: ia: :.I. ík-i. ~.: : D; ã; '/ L'. '.'. &v; Fax-J w: : 2.42 bn lbs 635 MMBOE¡ E' copper Cl CopperlGoldl Silver 1.9 bn lbs 95 mm lbs3 143 MBOE/ d Cl Molybdenum É] Cobalt Cl Oil/ Natural Gas Grasberg (90.64°/ o) 'Ianlse- EÊÉVFJ' 455 mm lbs 34 mm lbs Note: FCY cormídatedreservesartdervnial sales; reservesesofDecevriber 31, 2014. Sala figures arebasedon 2015e. e = sorvete. See CãUDiMó/ VSÉIE/ nãil. 1 Cu amooo/ is: Morena (85%), Sie/ rita (100 96), Bagdad ( 100 7a), Tyrone ( 100 96), &añbrd (100 36), Main¡ ( 100 96) and dim ( 100 96); Primary No: Henobrson ( 100 36) and 05716¡ ( 100 7o): GV 8: Gas operaoorzs: onslxre/ oñíshore O1, Aladdm, Ha mes/ it's, Gwlsôelfã Deepivate'. ? 2° RESHVESIJGÍ/ dify Pro vedof390 : W505 and Prabeble of 245 #739017 as of12/31/14. -' ¡notides rno/ y sales íon¡ South America. 'Cu opaaoom: Cerro Verde (53. 6 993/1415 Abra (51%), 4
  5. 5. :g'gü~g. '“l van-w. LIFn'. tam'. m ; mp . l Li” q* / fey priori. ? ' Maintain Strong Balance Sheet & Liquidity ' Manage Operations and CAPEX to Maximize Cash Flow in Weak Market Environment ' Mitigate Funding Gap in Oil & Gas - Evaluating IPO Alternative ' Complete Near-term Mining Projects - Expand Free Cash Flow Generation a Generate Values from Large Resource Base ' g-"tn= ~ l t7' v "a l i7 __ z¡ TF . d'u- - -v. ^ 1125:( : k ÍQCÕI C' i5¡ . *'-¡Í3C~'. .". ÍÕÍ'I Íli 7 71' E J. 'É '71' 'q' Tr' V* . TH '54' 'É' f' R. ? IGG¡ : :I . 73s'. .ali ¡Í! ;ill/ Il 'SIT t. ..
  6. 6. 'fl 3541-7114,¡_li-. 'ul'is'il'lili. l›' pa¡ a Successful Ramp-up of Morenci Expansion iülliiligj_ Record Quarterly Tenke Sales Following Successful Phase 2 Expansion in 2013 Cerro Verde Construction on Track to Become World's Largest Concentrator Facility Entering Phase of Higher Ore Grades at Grasberg Set Stage for Growth in Production/ Declining Capital Expenditures 191./ f/ Jgfi/ Jgfix íc 'i Positive Drilling Results at Holstein 'Ma-Hz W HII: MUN: Aí oii ; é 522;; f] Deep, Power Nap and King - significant Expansion of Resource Base " Established New Production at Lucius, Dorado, Highlander - Producing 25,000 BOE/ d at End of March Enhanced Inventory of Financially Attractive Development Projects I Advancing Plans for External Funding, Including Consideration of a Sale of Public Equity for a Minority Interest in FM O&G
  7. 7. P137_ _ _ l ' §3l7uHuuur4JmHnHn; K K l ' l a ' ~ 'Í J ' a í a n _ &apps/ re; 0x/ ixiamecs 4 ° c 9 I -, ' f Q¡ V* ' . C-: JJI . L4 . lJ/ f// JJ/ s t» Copper Price History (d/ lb) Brent Crude Price History* ($/ bbl) 350 $120 . '*uLp 30o 'raw “o $100 25o V' l $130 d 20o $60 . Vga ¡ J' 150 u: o e e 'o e $110 «o a e e «e o' e' o' o' o', ,~', ,~“, ,~ s» , e o o o o' e' e' o' 92,* $429* o , o e s» to? ? «Voaçàç a? ? 900,9?) ~-~ q** »VO *à* @V0 ¡Vodàx «No 600400 mes» 9°0~Ó0 @à @à »V0 '›~O'›" 950400” Suppar aianzciuúe _ _Í e ñ 9.1.51” 12-Month Price Rane $2.42 - $3.27 $47 - $116 Current Spot $2.73 $66 Change from 12-mo. High -17% -43% Change from 12-mo. Low +13% +39% Five-year Futures $2.73 $71.78 All-Time High $4.65 (Feb '11) $146 (July '08) ! V0 TE: Bloomberg as of Alay 29, 2015 * Fã reaiized 81 % of Brent before heoging in 1 Q 2015 7
  8. 8. ~ l u . . 7ílÁ11-"«. i|V'uildnhiilàl- War/ cl 572/39' copper , _I/ bgoyaries' ; ira _interna/ y ; care › Reco verable Copper Reserves Million metríc tons Collalnas' - L» : w Grasbelgconmleac- 1~~ nuelavista-í~ Amfma- 1,2' KGHM Polish Copper - 14 'r Toqumáa- l* 1› Cermvade- : :i-Tu Source: WoodMackenz/ e 1015 e= estrnate 5 10 15 20253035 *Lui-I: W 0m: - mui: í 2014e Copper Production Thousandmetrícmrts 0 200 400 600 800 1000 1200 1400 Esauidida- r a1 'E diuquimmala- 'Lib A, Collaluaã- ; F f. , EITaúmte- íí-í* il LosBmnos-lríi ã LOSPCÊIIÍDIE- Hcrmd- a m ~l tm AnàIilB-YÍÊ li_ Noñlsk- f** Grasbeigconlplex- 1» ; l
  9. 9. :¡Í"gü~g. '“l 1*; u;auu¡_cr-. Hlühtniihiç eu” , ug/ af idade-i: Corri/ iiaric/ Éir/ Market Expectations for Surpluses Have Not Materialized o China - Slowing Growth Rate on Larger Base; Economic Stimulus U. S. Growing at Moderate Rate ' Economic Stimulus in Europe and Japan “ Continuing Supply Side Challenges * Near-term Price Uncertainty with Bullish Long-term Fundamentals - FCX in Strong Position to Benefit
  10. 10. 'fl 3541-7114,¡JI-luldfiblilil? Assuming 2.5°/ o Global Growth Over Next 10 Years, Copper Market Expected to Grow by +7.6 mm tonnes (28°/ o) *' Over Same Period, Production from Existing Mines Expected to Decline by 3.1 mm tonnes (17°/ o) °' 10.7 mm tonnes Shortfall Will Need to be Made Up by Expansions and New Projects “ In 2014, Top 10 Mines in the World Estimated to Produce Less than 5 mm tonnes per Annum o. : in mm tonnes n a . Copper iblziriírais - LU/ .y-'Éãflll V é; Fuiiclíiiiisiiirzib' &upper; Po) tive Outlook W Total Copper Consumption l à +7.6 mm _, , +5.2 mm _ 28% 23°ln r l É H É 2004 20 14 e 20 24 e Base Mine Production Excluding Expansions 20 a +3.7 mm ' (3-1 mm) 25% (17%) b¡ U1 | Cu in mm tonnes H 2004 20141! 2024!! Source: Woodllackemie 1o
  11. 11. Ei«um»; _u-. '.t›+. '.iu›¡i; w: Ki. u, e. x; Pos' : foi/ acl for ii/ zirgiii : :é _ e aaa . CÊlrãÍfÍlcf/ QV/ 97997177 _jirywlitg copper ; pg #roll/ i J l ! ias/ Jung . UJIÍÍIÍÍHÍCÊIJJLCU- : Fran/ el (millíonsoflbs) $2.00 moer/ b) 1,500 e- . g _ _, ,, 5 1"', 5714?: L O I, _§"'h 11250 v wnrii ! Í $1.00 ~ ' 1,000 _ ¡ , . . A v _ $0.50 750 l q J so 00 1Q15 2Q15e 2H15e 2016e 500 _llàicilii/ Jig if/ Iiiliig) fait/ JJ. ? . f/riiü/ s 250 l S5 . $557 ($inbns) O 4 $4 ' x” 7 7$ 2_ 7 1Q15 2Q15e 3Q15e 4Q15e 2016e 53 ! AQUI " Qu_ $2 * __: i_ig35g3; M9- 51 i l Susaü. v.ü. -.u $0 e = estimate. See Cautronerystaterrient 2015e 20168 11
  12. 12. _ ' t '~ ? E7331uma»; _ci-. '.t›+. '.tu›¡i, w; K x __ l l l 4 . -1 . i A ' ' a ' a ' ' o ol V. 5 erro / arrle izlil/ cupons/ oii s_ 'i Detailed engineering & major procurement activities complete v_ 'j - To become world's largest concentrating facility V _j _ - Construction advancing on schedule& Í . ímã_ ' A 'X Í' approximately 70°/0 complete v Completion expected in Iate 2015 v Expected to add 600 mm lbs of Cu per annum v $4.6 billion project; $3.5 billion incurred to-date* . C1_- . -=. à à PrimaryCrushers fu. " ¡ s' ' , Ã 'r 4 'e «u í u r â , _. e; . s. _acha_ , s J_. Concentrator Site Works ; ':›: .I' . :SQL ' ' É A A ' TailingThickener . l ' / Q-. R-ií"? -. .r r «,144
  13. 13. :: V*flÍ*&l1;1bI, ¡_| i'. Íldfilllilúf K ~__ . . Indonesia W r Engaged in Active Discussions with Government to Amend COW - Positive Long-term Partnership - Economic Engine for Development of Papua - Operations Provide significant Benefits to Indonesian Economy - All Rights Under COW to Continue Until Agreed Amendment - Negotiations to Take Into Consideration PT-FI's Requirement for Assurance of Legal and Fiscal Terms to Support Major Investments '=77”””E/3g"5'7E 3'55"w””" a MOU Extended to July 2015 Far . " Advancing Plans for New Smelter in dk 1,9% / Parallel with COW Amendment (2007-2014) ~$18 Billion 13
  14. 14. FÚHÍÉULLÍÍ'. ZÍÉCNÚÍÍQYÇ K x y~__ 1 . i . p 1 o - ' ' ~. .x r @maya/ y _dos ; z _Up/ Lg g / Jxxdargfyc/ ;Jd 19/1/13 _Ueya/ opxx/ auj «s Completed development of access to underground ore bodies e Expect DMLZ start-up in late 2015 & Grasberg BC in 2018 «e Key development activities include work on ore flow systems & Grasberg BC shaft e Development capital* of $3.1 bn spent to date ($2.5 bn net to PT-FI) à PT-FI's share of UG development expected to Homqnsta/ ¡atmn average $0.6* bn / year over next five years Grasberg Bcservice shaft z = n. E s : r e; : _ . * : LEGEND s . .E -ilaãg-'ÊWEL áíâàu z _- ¡ ¡ Ê . L s, _L -- A - e __ 7 . _ ¡ Initial Development ' ' ' l " ' 7 ' ' j V f First Production Ore Ê : : : i . , T Ramo-up + 'f' *o* n 4' a 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 F"" Rates * In/ txa/ de ve/ oprmntmprra/ spend through ach/ e element af ñ/ I rates' apita¡ does not ; hcl/ de costs for processmg and pau/ e' facxilfres hcluded ; h development pbns to opt/ mze the handling af underground ore types " Ore grades in first 1 0 years expected to be big/ ve' than úfepf-nme average; P T-Hís share ofproduct/ on expected to average 1.2 bmíítian bs C u â 1. 4 murilo/ z os Au per annum between 2018-2021 14
  15. 15. É: vauquuiin-. '.tai'. t~_mnu Lx_ V__/ JáyÍ/ ÍLÍÕJJÓVJQÃ/ :Íjfjí/ ¡ i4¡ 933,: '/J'Ví/13” QÉJ-ÀIFJKÍ/ 'JJ3LÕ7JQ g_ _ , n _ 'Alívio/ fi J: ¡›¡/ p¡t= ›¡7›1¡¡ ahi¡ 1;¡ i* _t/ ei. '.I§l, .fÇ'g! I1iI§1i1_›' eeg_-'›¡J. -1f2I, ZêalÍ7e-. II“ ' *e w significant Current Oil - Financially Attractive - Strategic Acreage Production with Strong Development Activities Near Existing Facilities Cash Margins to Drive Growth with Excess Capacity ' Mar"" ' Hdstei" Deep I Near-term Subsea : :glrgtgxuntam ' "Êmdber 9 Tieback Opportunities: -Vito/ Power Nap _Kmg - Lucius - KOQV ' Substantial _ gerado Infrastructure with _ . . Excess capacity to Other Opportunities Support Growth 15
  16. 16. ElÍWNÉVWLU-i'. [Hfiltliiilf Mx_ j! . › _ . _¡ 1;¡ . z ¡ _ a r. ; _ ' Kg _f/ eegppyzisar _QL/ fr o¡ mp9,. . . '79 rogue: ,ii/ ar J 'IJg-Il¡ w 'lilc- um: _um , ._ . .i I _. fla: 'Ju/ Eiírsid Lili/ bbw , Zerou/ se ; luisa/ JM ' *e +2; m» ~ 447 : yj/ /ÍUIJ " f Dorada . . .. , ,r K " ; rm V " , Ji *; .. r . i 4V: à"" * ' i* i . íÍÚRaWP9WeINAQMQL, j Àñ : :l : Í / jr A! A¡ 4 j( ; ÍÀFQUIINÍLQIH l rap? ar- e il: .É n( f. - r . L , L . ..JME ' J t' . › 'H . .r . ig- AV r 7 7 Jr, V: :y KVM” 7' _ á 77%: I 17.5# xr" ' A E Holstein Deep ] ¡ “ À 7,459133? W353.? n . « . r l ' l _"'.7f1l¡r ' A' ' 'l y. . j": I l V; › . rrkfufig_ 7:1? › J ' _^ Juh-NJ : Hi4 . . ' '“'_ " . . 4› A' . .u _ z* r_ vt; N. J: __. __. ILLI. LL' l* : um Heidelberg e , -”:3Li 2_ , - | f' " e 'frílíjlzlVílj-'JPFÍI v', , 'Í' _u i, fipriaãrmíWâsífxgfr-i ! J 4 1 e. . : of , u Ãaaüi¡ay”. qu'¡iyw› / i '“ Lucius u ! JeWal: ›_-J_-_-, i3_n, ú - _¡ _ . ' ' L , T. l l J r í _e ÊÃxÚfJÇÍ/ C' il j: u . ' 7+5 333 : LUÂLQ ' . u g_ i; _ J v. _ - p _ ' : z A ' : Li-_Éãg/ ;Vfpiigak ! JJ-: eullç-Lij/ l ÍL' . A" 'í/ f- Âülâtâ' 'R' ri: : agp-; . 'l , .réjzei-éfvâvvã. P33; aâlbíà* - 'v ' ~ . '.¡ú', _¡ 3, . . t-, ___. _~-. , »JJ : f 1], 16
  17. 17. É; «um»; _.. -.'. i›e. '.r«_›¡i; ,w. i VX_ J¡- oi -r - ' kw . /01 ye Outlook 'ÍLlQ-'Ii "Í 'Ult- "Wlflí : :sua Qui/ auf: l í 31112.59?! J - Copper: 4.2 Billion lbs. . $1_53¡| b(2)°f copper I Gold: 1.3 Million ozs. . $19/BoE - Molybdenum: 95 Million lbs. - oii Equivalentsa): 52.3 MMBOE (~67°/ o Oil) li A àpyrzlzirgslwijialgaw í TÉEJpJÍEI/ «Árgang/ EJ/ Iw - ~$4.4 Billion (@$2.75/ lb Copper for . $5_5 B¡| |¡°n Remainder °f 2015) - $3.7 Billion for Mining I Each 104:/ lb Change in Copper for _ 523 mma" fo¡- m¡ & Gas Remainder of 2015 = $250 Million (1) Includes 352 ill/ Hubs of crude DIZ 89. 6 Bcf of natural gas and 2. 1 All/ BM' of / VGLs (2) Asumes average prices of $1,200/oz gold and 58/1) mohrbdenum for remainder of201.'›'; 20 20159 net cash costs expected to approxvnate 51. 62/33. (3) Assumes average prices of$1,200/az gold, sai/ b molybdenum and sâ5/bbl for Brent crude oii for remaiider M2015; each 51 04/02 change in gold would ha ve an approximate 560 nim mpact, each 52/1: change in mob/ bdenum would have an approximate 595 nim mpact, and each sí/ bb/ change ri oi' would have an approxmate 580 nm impact. AtErent crude oi' prices approxirnatiig $65/bbl FO' would receive a benefit of . QQ/ bd on remawiig 2015e vol/ mes of23. 1 All/ Sms before (along into accountpremiurrzs of $6. . SIS/ Ml. e = estimate. See Cautonarystatement 17
  18. 18. _ ' i i Parati?7H=1§11~. ¡_II-. '.[Hlilllilglf K x __ : ,731 ' _É . Í/. VDLlÚ/ â - K 'IJg-UI: N 'lllt- mui: Copper Sales (billion lbs) G0” 53/95 ¡”"'""”” 015) 6 ~ 3 , 2 2.4 i e 1.9 1 : 1.25 1.3 i 10 14 20 l5e 20 168 20 178 Note: ConsoMatedgoldsa/ esmdlde 12k 05m 2014, 12m ozsn 2015e, 175( 02s m 2016eand 220k 02s ii 2017e fixrnoncontroall-'ig nte/ st. Molybdenum Sales (million lbs) 12o e A fila' UL' 80 v ' a: : V , w 2014 2015e 2016e 2017e - Oil & Gas Sales (MMBOE) 2014 20 15e 2016e 2017e 75 , Note: c onsoldated copper sales #ic/ ode 715 mm bs i7 2014, 720 mm bs h 2015e , - , x, 1, 080 rrimbs n 201 Ge, and 1,1730 nrnbs i7 2017e for noncorltrollng lite/ est; 50 ' _ah- _-. .s, . l ,7,° ' i excbdes purchased copper. ' ' 7 ' 4 ' " 25 ^ 0 i e = est/ mate. see cautlonarystatanm: 2014 2015e 20166 2017e 13
  19. 19. 113v'. ¡_U'. '.IH»'›ÍIJH: !.' 20153 Uparzjfíug _rã-*fi/ ¡Jz/ fa; 'WM-HC 'HL' *UNC . .e í. 311133 11/11:* F/ yi/ !JSÍÍUJJ a» ] nd f' NOTUI South (Parma o copper) America America Indonesia Africa Consolidated (1) Site Production & Delivery (21 $1.74 $1.58 $2.28 $1.67 $1.81 By-product Credits (0.15) (0.07) (1.78) (0.47) (0.51) Treatment Charges 0.12 0.20 0.29 - 0.16 Ro alties s. Ex ort Duties - 0.01 0.30 0.06 0.07 unit Net Cash costs $1.71 $1.72 $1.09” $1.26 $1.53(3¡ Í ; migra/ asi 51119517211 1 North America South America Indonesia Africa 1,935 | 1 95'” 935 885 1 3 Í Í I i 455 3í. “ Su M; ¡ Au › ç; ¡' : rm-Ju: -r ¡* 'VJNÚUS ^' ¡ "y ¡ r' ¡' mmozs ' f , ¡ «nmlis '¡ Estivnates assxme averaae ; xr/ ces of 5275/! ? ¡b! CzyverASIJDO/ oz for goi/ q, QM? ) ñJr m0/ and 51.3515 ñzr cabe/ t Ear me rev/ nanda' of 2015. @after/ y m: (ass isca-F' va. fica/750' : M177 @after/ y / neta/ sai-es vommes. um cansam/ rated net Cass for 2015 »vou/ d #Exige by ~$0.01üb fiz' eadi 550/71 manga n gold and S). 01.52% r eadi $327 change m mo/ ybdenwn. Pfodl/ CDD/ J cossnabde pro/ fl durmg n Soc/ ü¡ America and sei/ santa üxesn North Amar/ LB. ¡ndonesxa and cansmidated 2015e um( (as: nabde 14:94h and ãc/ b, resoedrvdy, forexpart cat/ bes and hoc-aged roya/ :y rats atPT-FI. ¡noüdes Molybdenum mod/ ted n South America. Note: e = esbmate. See Caumnary Sete/ Irmã 19
  20. 20. Ki: : :*. ~'; ;f”/ '_0;J 21x15/ 539w rios/ y “ : j: Jal/ Jau: : Copper ? ricas Vini; “y wlli: w017i: .. a significant Increase From 2015 $15 (uss billions) $10 i' $5 ' 2016e/2017e Average Cu $2.50/lb A 4 Cu $3.00/ lb . w Cu $3.50/| b A Verage Operating Cash Flow (excluding Working Capital changes) (51, 200 Gold, 58 Molybdenum & 570 Oil) $ 12 ~ (uss billions) 7 $8 $4 4 ' o 'a 49193/ Mel; - mangu- $0 » » i cu $2.50/Ib cu $3.00/| b cu $3.50/ lb Note: For 20156/201765 Verage, each 550/02 dia/ agem gold approximates $100 / rzu-F-: íon to EEHDA and S50 mui-íon to operalmg cas# How; eadv S1. (JO/ ü dae/ agem mo/ ybdenwn aawoxmates $100 m-: lífan to &WDA and 580 to operamg cash lion; eadi 55. üô/ boüdiangem 0.4:" amrarimates $170 m. 955m ro 5177.24 and 5140mv1ifon to operamgaas/ i Hoi-v. SEDA covas qoeramgnccvne obs deoreaabon, deorâebon and amoruzaoon. e = estimate. See fauna/ underwear. 20
  21. 21. É! ?Hawk¡Jr-. HIHCNIJ¡MJ _Capital &zuera/ filme; (1 ' (USS billions) *8 $7.2 v** $6.5 $6 E Lt# . Õhllilt % yozugsis: TOTAL Q , . 3,. ; MINING 4.0 ! meu LUNA. : . L-l 2014 2015e 4.32 A e 2.2 . ou 7 2017e (J) Cap/ tal expend/ ture esbmates not/ de project n progress. Projectsoending nas# contnue to be re viewed and re vised subject tv Inarlret com/ tram. (2) Prmarró/ noi/ des Cerro Verde exoans/ on and Grasberg underground devdopmmt Note: includes mo/ taázed interest. e= est/ mate. 5 ee Cautronary Statanevt 21
  22. 22. 7H4Él'~'_¡. "'lililihlilú. " lxy VN. ; Da/ auge . af/ eat f/ lEJJjEJgãJJ/ HIJÍ -: nl¡ ". gnçyàrv" 313142015 Balances (S in bns) . .u- l , f~ f! " : I ~. ,. f. , #ao . .Jwsié In - Large Resource Base with Strong Cash Flows and Capital Discipline - Have Taken Steps to Reduce Cost & CAPEX, Complete Asset Sales and Reduce Common _-í", "§1l¡. z' ' i 4 . '›; .,'H, " Stock Dividend - Increasing Volumes & Declining CAPEX Profile Will Enhance Credit Metrics - Advancing Plans for External Funding, Including Consideration of a Sale of Public ; k Equity for a Minority Interest in FM O&G “ ' Available Liquidity Under FCX Revolver T°tal Debt Net Debt and Cerro Verde Facility of Approximately Debt/ EBITDA* $4 Bn as of March 31, 2015 (L m pr) 3.0x* 2.9x* A Verage Interest Cost: 3. 7% "Pro forma for the sale of Eagle Ford and Candeeriêi/ Qfos axets Note: 3/31/15 babnces nclude 521 9mm ri fair vai/ e adjustrnents 21
  23. 23. ElMiau'. ¡_cv-. '.[›-§»'›lIl¡l; iÇ . FCX - . A . Pray/ Br 0:3; . ue/ guer* . iwcwírcfe ôarrxpzjrd/ World's Largest Publicly Traded Copper Producer Long-lived Reserves with Large Incremental Resources High-Quality U. S. Based Oil & Gas Assets Growing Cash Flow & Production Profile Through Brownfield Expansion Experienced Technical Team Environmentally Responsible Track Record of Capital Discipline and Return Driven Investments ; Firm/ y »Forcarced or¡ : hareiiolaier Value

×