Freeport-McMoRan 2009 Annual Report Download - page 103
Download and view the complete annual report
Please find page 103 of the 2009 Freeport-McMoRan annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-9,,769;4J4V9HU*677,9.63+05* 101
(UU\HS9LWVY[
1RUWK$PHULFD&RSSHU0LQHV 6RXWK$PHULFD&RSSHU0LQHV ,QGRQHVLD $IULFD $WODQWLF
&RSSHU&RUSRUDWH
2WKHU &HUUR 2WKHU 5RG 6PHOWLQJ 2WKHU
0RUHQFL0LQHV 7RWDO 9HUGH0LQHV 7RWDO *UDVEHUJ 7HQNH0RO\EGHQXP5HILQLQJ 5HILQLQJ (OLPLQDWLRQV )&;7RWDO
<HDU(QGHG'HFHPEHU
5HYHQXHV
8QDIILOLDWHGFXVWRPHUV
E
D
³
,QWHUVHJPHQW ³ ³ ³ ³
3URGXFWLRQDQGGHOLYHU\
E
'HSUHFLDWLRQGHSOHWLRQDQGDPRUWL]DWLRQ
E
6HOOLQJJHQHUDODQGDGPLQLVWUDWLYHH[SHQVHV ³ ³ ³ ³ ³ ³ ³ ³
([SORUDWLRQDQGUHVHDUFKH[SHQVHV ³ ³ ³ ³ ³ ³ ³ ³ ³ ³
2SHUDWLQJLQFRPHORVV
E
,QWHUHVWH[SHQVHQHW ³ ³ ³ ³ ³
3URYLVLRQIRULQFRPHWD[HV ³ ³ ³ ³ ³ ³
7RWDODVVHWVDW'HFHPEHU
F
&DSLWDOH[SHQGLWXUHV
H 0UJS\KLZ7;-YLLWVY[0UKVULZPH»ZZHSLZ[V7;:TLS[PUN[V[HSPUNIPSSPVU
I ;OLMVSSV^PUN[HISLZ\TTHYPaLZ[OLPTWHJ[VMW\YJOHZLHJJV\U[PUNMHPY]HS\LHKQ\Z[TLU[ZVUVWLYH[PUNPUJVTLSVZZWYPTHYPS`HZZVJPH[LK^P[O[OLPTWHJ[ZVM[OLPUJYLHZLZPU[OLJHYY`PUN
]HS\LZVMHJX\PYLKTL[HSZPU]LU[VYPLZPUJS\KPUNTPSSHUKSLHJOZ[VJRWPSLZHUKWYVWLY[`WSHU[HUKLX\PWTLU[!
5HYHQXHV ³ ³ ³ 1$ ³ ³ 1$ ³
3URGXFWLRQDQGGHOLYHU\ 1$ ³ ³ 1$
'HSUHFLDWLRQGHSOHWLRQDQGDPRUWL]DWLRQ 1$ ³ ³ 1$ ³
,PSDFWRQRSHUDWLQJLQFRPHORVV 1$ ³ ³ 1$
J 0UJS\KLZWYLSPTPUHY`NVVK^PSSVMIPSSPVU^OPJOOHKUV[ILLUHSSVJH[LK[VYLWVY[PUN\UP[Z
NOTE 21. Supplementary Mineral Reserve Information
(unaudited)
5HFRYHUDEOHSURYHQDQGSUREDEOHUHVHUYHVKDYHEHHQFDOFXODWHGDV
RI'HFHPEHULQDFFRUGDQFHZLWK,QGXVWU\*XLGHDV
UHTXLUHGE\WKH6HFXULWLHV([FKDQJH$FWRI)&;ҋVSURYHQDQG
SUREDEOHUHVHUYHVPD\QRWEHFRPSDUDEOHWRVLPLODULQIRUPDWLRQ
UHJDUGLQJPLQHUDOUHVHUYHVGLVFORVHGLQDFFRUGDQFHZLWKWKHJXLGDQFH
LQRWKHUFRXQWULHV3URYHQDQGSUREDEOHUHVHUYHVZHUHGHWHUPLQHGE\
WKHXVHRIPDSSLQJGULOOLQJVDPSOLQJDVVD\LQJDQGHYDOXDWLRQ
PHWKRGVJHQHUDOO\DSSOLHGLQWKHPLQLQJLQGXVWU\DVPRUHIXOO\
GLVFXVVHGEHORZ7KHWHUP´UHVHUYHµDVXVHGLQWKHUHVHUYHGDWD
SUHVHQWHGKHUHPHDQVWKDWSDUWRIDPLQHUDOGHSRVLWWKDWFDQEH
HFRQRPLFDOO\DQGOHJDOO\H[WUDFWHGRUSURGXFHGDWWKHWLPHRIWKH
UHVHUYHGHWHUPLQDWLRQ7KHWHUP´SURYHQUHVHUYHVµPHDQVUHVHUYHVIRU
ZKLFKLTXDQWLW\LVFRPSXWHGIURPGLPHQVLRQVUHYHDOHGLQRXWFURSV
WUHQFKHVZRUNLQJVRUGULOOKROHVLLJUDGHDQGRUTXDOLW\DUHFRPSXWHG
IURPWKHUHVXOWVRIGHWDLOHGVDPSOLQJDQGLLLWKHVLWHVIRULQVSHFWLRQ
VDPSOLQJDQGPHDVXUHPHQWVDUHVSDFHGVRFORVHO\DQGWKHJHRORJLF
FKDUDFWHULVVXIÀFLHQWO\GHÀQHGWKDWVL]HVKDSHGHSWKDQGPLQHUDO
FRQWHQWRIUHVHUYHVDUHZHOOHVWDEOLVKHG7KHWHUP´SUREDEOHUHVHUYHVµ
PHDQVUHVHUYHVIRUZKLFKTXDQWLW\DQGJUDGHDUHFRPSXWHGIURP
LQIRUPDWLRQVLPLODUWRWKDWXVHGIRUSURYHQUHVHUYHVEXWWKHVLWHVIRU
VDPSOLQJDUHIDUWKHUDSDUWRUDUHRWKHUZLVHOHVVDGHTXDWHO\VSDFHG
7KHGHJUHHRIDVVXUDQFHDOWKRXJKORZHUWKDQWKDWIRUSURYHQUHVHUYHV
LVKLJKHQRXJKWRDVVXPHFRQWLQXLW\EHWZHHQSRLQWVRIREVHUYDWLRQ
)&;ҋVUHVHUYHHVWLPDWHVDUHEDVHGRQWKHODWHVWDYDLODEOH
JHRORJLFDODQGJHRWHFKQLFDOVWXGLHV)&;FRQGXFWVRQJRLQJVWXGLHV
RILWVRUHERGLHVWRRSWLPL]HHFRQRPLFYDOXHVDQGWRPDQDJHULVN
)&;UHYLVHVLWVPLQHSODQVDQGHVWLPDWHVRISURYHQDQGSUREDEOH
PLQHUDOUHVHUYHVDVUHTXLUHGLQDFFRUGDQFHZLWKWKHODWHVWDYDLODEOH
VWXGLHV$W'HFHPEHU)&;ҋVHVWLPDWHGFRQVROLGDWHG
UHFRYHUDEOHUHVHUYHVLQFOXGHELOOLRQSRXQGVRIFRSSHU
PLOOLRQRXQFHVRI JROGELOOLRQSRXQGVRIPRO\EGHQXP
PLOOLRQRXQFHVRIVLOYHUDQGELOOLRQSRXQGVRIFREDOW$W
'HFHPEHUUHFRYHUDEOHUHVHUYHVLQFOXGHHVWLPDWHG
UHFRYHUDEOHFRSSHUWRWDOLQJELOOLRQSRXQGVLQOHDFKVWRFNSLOHVDQG
ELOOLRQSRXQGVLQPLOOVWRFNSLOHVLQFOXGLQJ)&;ҋVMRLQWYHQWXUH
SDUWQHUҋVLQWHUHVWLQWKH0RUHQFLPLQH
9LJV]LYHISL7YV]LUHUK7YVIHISL 9LZLY]LZH
December 31, 2009
Copper GoldMolybdenum
IPSSPVUWV\UKZ TPSSPVUV\UJLZ TPSSPVUWV\UKZ
1RUWK$PHULFD 27.7 0.2 2,072
6RXWK$PHULFD 34.0 1.5 519
,QGRQHVLD 34.1 35.5 —
$IULFD 8.4 — —
&RQVROLGDWHGEDVLVE104.2 37.2 2,591
1HWHTXLW\LQWHUHVWF83.0 33.6 2,350
H 9LJV]LYHISLWYV]LUHUKWYVIHISL YLZLY]LZHYLLZ[PTH[LKTL[HSX\HU[P[PLZMYVT^OPJO
-*?L_WLJ[Z[VILWHPKHM[LYHWWSPJH[PVUVMLZ[PTH[LKTL[HSS\YNPJHSYLJV]LY`YH[LZHUK
ZTLS[LYYLJV]LY`YH[LZ^OLYLHWWSPJHISL9LJV]LYHISLYLZLY]LZHYL[OH[WHY[VMHTPULYHS
KLWVZP[[OH[-*?LZ[PTH[LZJHUILLJVUVTPJHSS`HUKSLNHSS`L_[YHJ[LKVYWYVK\JLKH[
[OL[PTLVM[OLYLZLY]LKL[LYTPUH[PVU
I *VUZVSPKH[LKIHZPZYLZLY]LZYLWYLZLU[LZ[PTH[LKTL[HSX\HU[P[PLZHM[LYYLK\J[PVUMVY
QVPU[]LU[\YLWHY[ULYPU[LYLZ[ZH[[OL4VYLUJPTPULPU5VY[O(TLYPJHHUK[OL.YHZILYN
TPULYHSZKPZ[YPJ[PU0UKVULZPH,_JS\KLKMYVT[OL[HISLHIV]LHYL-*?»ZLZ[PTH[LK
YLJV]LYHISLWYV]LUHUKWYVIHISL YLZLY]LZMVYJVIHS[HUKZPS]LY[V[HSPUNIPSSPVU
WV\UKZVMJVIHS[H[;LURL-\UN\Y\TLHUKTPSSPVUV\UJLZVMZPS]LYH[
+LJLTILY
J 5L[LX\P[`PU[LYLZ[YLZLY]LZYLWYLZLU[LZ[PTH[LKJVUZVSPKH[LKIHZPZTL[HSX\HU[P[PLZ
M\Y[OLYYLK\JLKMVYUVUJVU[YVSSPUNPU[LYLZ[V^ULYZOPW,_JS\KLKMYVT[OL[HISLHIV]LHYL
-*?»ZLZ[PTH[LKYLJV]LYHISLWYV]LUHUKWYVIHISL YLZLY]LZMVYJVIHS[HUKZPS]LY[V[HSPUN
IPSSPVUWV\UKZVMJVIHS[H[;LURL-\UN\Y\TLHUKTPSSPVUV\UJLZVMZPS]LYH[
+LJLTILY