Freeport-McMoRan 2013 Annual Report Download - page 71
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MANAGEMENT’S DISCUSSION AND ANALYSIS
2013 ANNUAL REPORT | 69
Indonesia Mining Product Revenues and Production Costs (continued)
By-Product
Co-Product Method
Year Ended December 31, 2012 Method Copper Gold Silver Total
(In millions)
Revenues, excluding adjustments $ 2,564 $ 2,564 $ 1,522 $ 64
a
$ 4,150
Site production and delivery, before net noncash
and other costs shown below 2,230 1,378 818 34 2,230
Gold and silver credits (1,589) — — — —
Treatment charges 152 94 56 2 152
Royalty on metals 93 58 34 1 93
Net cash costs 886 1,530 908 37 2,475
Depreciation and amortization 212 131 78 3 212
Noncash and other costs, net 82 50 30 2 82
Total costs 1,180 1,711 1,016 42 2,769
Revenue adjustments, primarily for pricing on prior period open sales 13 13 3 — 16
PT Smelting intercompany loss (37) (23) (13) (1) (37)
Gross profit $ 1,360 $ 843 $ 496 $ 21 $ 1,360
Copper sales (millions of recoverable pounds) 716 716
Gold sales (thousands of recoverable ounces) 915
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments $ 3.58 $ 3.58 $ 1,664
Site production and delivery, before net noncash
and other costs shown below 3.12 1.93 894
Gold and silver credits (2.22) — —
Treatment charges 0.21 0.13 61
Royalty on metals 0.13 0.08 38
Unit net cash costs 1.24 2.14 993
Depreciation and amortization 0.30 0.18 85
Noncash and other costs, net 0.11 0.07 33
Total unit costs 1.65 2.39 1,111
Revenue adjustments, primarily for pricing on prior period open sales 0.02 0.02 3
PT Smelting intercompany loss (0.05) (0.03) (15)
Gross profit per pound/ounce $ 1.90 $ 1.18 $ 541
Reconciliation to Amounts Reported
Depreciation,
Production Depletion and
Revenues and Delivery Amortization
(In millions)
Totals presented above $ 4,150 $ 2,230 $ 212
Treatment charges (152) — —
Royalty on metals (93) — —
Net noncash and other costs — 82 —
Revenue adjustments, primarily for pricing on prior period open sales 16 — —
PT Smelting intercompany loss — 37 —
Indonesia mining 3,921 2,349 212
Other mining & eliminations
b
14,082 8,030 960
Total mining 18,003 10,379 1,172
U.S. oil & gas operations — — —
Corporate, other & eliminations 7 3 7
As reported in FCX’s consolidated financial statements $ 18,010 $ 10,382 $ 1,179
a. Includes silver sales of 2.1 million ounces ($30.70 per ounce average realized price).
b. Represents the combined total for all other mining operations and the related eliminations, as presented in Note 16.