Freeport-McMoRan 2011 Annual Report Download - page 64

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62 | FREEPORT-McMoRan COPPER & GOLD INC.
Africa Mining Product Revenues and Production Costs (continued)
By-Product
Co-Product Method
Year Ended December 31, 2010 Method Copper Cobalt Total
(In millions)
Revenues, excluding adjustments
a
$ 904 $ 9 04 $ 21 8 $ 1,122
Site production and delivery, before net noncash
and other costs shown below 366 323 115 438
Cobalt credits
b
(150) — — —
Royalty on metals 20 16 4 20
Net cash costs 236 339 119 458
Depreciation, depletion and amortization 128 107 21 128
Noncash and other costs, net 30 26 4 30
Total costs 394 472 144 616
Revenue adjustments, primarily for pricing on
prior period open sales — — 4 4
Other non-inventoriable costs (20) (17) (3) (20)
Gross profit $ 490 $ 415 $ 75 $ 490
Reconciliation to Amounts Reported
Depreciation,
Production Depletion and
Revenues and Delivery Amortization
Totals presented above $ 1,122 $ 438 $ 128
Royalty on metals (20) N/A N/A
Net noncash and other costs N/A 30 N/A
Revenue adjustments, primarily for pricing on
prior period open sales 4 N/A N/A
Other non-inventoriable costs N/A 20 N/A
Africa mining 1,106 488 128
North America copper mines 4,173 2,052 273
South America mining 4,991 1,678 250
Indonesia mining 6,377 1,904 257
Molybdenum 1,205 784 51
Rod & Refining 4,470 4,442 8
Atlantic Copper Smelting & Refining 2,491 2,470 38
Corporate, other & eliminations (5,831) (5,483) 31
As reported in FCX’s consolidated financial statements $ 18,982 $ 8,335 $ 1,036
a. Includes adjustments for point-of-sale transportation costs as negotiated in customer contracts.
b. Net of cobalt downstream processing and freight costs.
MANAGEMENT’S DISCUSSION AND ANALYSIS