Freeport-McMoRan 2008 Annual Report Download - page 2

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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. The
company’s portfolio of assets includes the Grasberg minerals district,
which is the world’s largest copper and gold mine in terms of
recoverable reserves; significant mining operations in the Americas,
including the large-scale Morenci minerals district and the Sieritta
and Bagdad mines in North America and the Cerro Verde, El Abra and
Candelaria operations in South America; and the potentially world-class
Tenke Fungurume development project in the Democratic Republic
of Congo. Our common stock trades on the New York Stock Exchange
under the symbol “FCX.”
Summary Financial Highlights
Years Ended December 31, 2008 2007 2006 2005 2004
(In Millions, Except Per Share Amounts)
Revenues $ 17,796 $ 16,939 $ 5,791 $ 4,179 $ 2,372
Operating (loss) income (12,710)* 6,555 2,869 2,177 704
Operating cash flows 3,370 6,225 1,866 1,552 341
Capital expenditures 2,708 1,755 251 143 141
Net (loss) income applicable to common stock (11,341)* 2,769 1,396 935 157
Diluted net (loss) income per common share (29.72)* 7.50 6.63 4.67 0.85
Dividends paid per common share 1.81 1.25 4.75 2.50 1.10
At December 31:
Cash and cash equivalents 872 1,626 907 764 552
Total assets 23,353 40,661 5,390 5,550 5,087
Total debt, including current portion
and short-term borrowings 7,351 7,211 680 1,256 1,952
Total stockholders’ equity 5,773 18,234 2,445 1,843 1,164
Freeport-McMoRan Copper & Gold Inc.
*Includes charges totaling $17.7 billion ($13.2 billion to net loss 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.