Freeport-McMoRan 2013 Annual Report Download - page 10

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NORTH AMERICA MINING
FCX leads the North America metals industry in the production of copper and molybdenum.
In North America, FCX currently operates seven open-pit copper mines — Morenci, Bagdad,
Sierrita, Safford and Miami in Arizona, and Chino and Tyrone in New Mexico, and two
molybdenum mines — Henderson and Climax in Colorado. Certain of FCX’s North America
copper mines also produce molybdenum concentrates.
FCX has increased production from its North America copper mines in recent years and
continues to evaluate opportunities to invest in additional production capacity following
positive exploration results. At the Morenci mine, FCX is expanding mining and milling
capacity to process additional sulfide ores identified through exploratory drilling. The
project is targeting incremental annual production of approximately 225 million pounds of
copper beginning in 2014. At full rates, Morenci’s copper production is expected to approach
one billion pounds in 2015.
North America’s consolidated copper sales of 1.42 billion pounds (at an average realized
price of $3.36 per pound) in 2013 were higher than sales of 1.35 billion pounds (at an average
realized price of $3.64 per pound) in 2012, primarily reflecting higher mining and milling
rates, ore grades and recovery rates.
Consolidated molybdenum sales of 93 million pounds in 2013 were higher than
sales of 83 million pounds in 2012, primarily reflecting a full year of production from
the Climax mine.
NORTH AMERICA COPPER
RESERVES BY MINE
36.2 billion consolidated lbs
* Includes copper reserves from Chino, Safford, Tyrone, Miami and Cobre.
OPERATIONAL OVERVIEW
34% Morenci
30% Sierrita
22% Bagdad
14% Other*
Photos: (Left) Copper cathodes, (Right) Open-pit production at Morenci, Arizona
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