Freeport-McMoRan 2013 Annual Report Download - page 20

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MINING RESERVES & MINERALIZED MATERIAL
FCX has significant reserves, resources and future development opportunities within its
portfolio of mining assets. Estimated consolidated recoverable proven and probable mineral
reserves at December 31, 2013, included 111.2 billion pounds of copper, 31.3 million ounces
of gold, 3.26 billion pounds of molybdenum, 308.5 million ounces of silver and 0.87 billion
pounds of cobalt. These estimates were determined using long-term average prices of $2.00 per
pound for copper, $1,000 per ounce for gold, $10 per pound for molybdenum, $15 per ounce
for silver and $10 per pound for cobalt.
FCX’s operating mines and other properties also contain mineralized material that it believes
could be brought into production should market conditions warrant. At December 31, 2013,
FCX identified estimated mineralized material totaling 115 billion pounds of incremental
contained copper (assessed using a long-term average copper price of $2.20 per pound)*. FCX
continues to pursue opportunities to convert this mineralized material into reserves, future
production and cash flow.
Our strength in
resources is rooted
in a long history of
exploration success,
and our future grows
brighter as we focus
on high-potential
targets near our
existing operations.
CONSOLIDATED COPPER
RESERVES BREAKDOWN* 3 3% North America
3 3% South America
27% Indonesia
7% Africa
* Mineralized material is not included in proven and probable mineral reserves. Mineralized material will not qualify as
reserves until comprehensive engineering studies establish their economic feasibility. Accordingly, no assurance can
be given that the estimated mineralized material not included in reserves will become proven and probable reserves.
18 | FREEPORT-McMoRan