Freeport-McMoRan 2013 Annual Report Download - page 70
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MANAGEMENT’S DISCUSSION AND ANALYSIS
68 | FREEPORT-McMoRan
Indonesia Mining Product Revenues and Production Costs
By-Product
Co-Product Method
Year Ended December 31, 2013 Method Copper Gold Silver Total
(In millions)
Revenues, excluding adjustments
$ 2,903 $ 2,903 $ 1,438 $ 61
a
$ 4,402
Site production and delivery, before net noncash
and other costs shown below
2,174 1,434 710 30 2,174
Gold and silver credits
(1,497) — — — —
Treatment charges
205 135 67 3 205
Royalty on metals
109 72 36 1 109
Net cash costs
991 1,641 813 34 2,488
Depreciation and amortization
247 163 80 4 247
Noncash and other costs, net
116 77 38 1 116
Total costs
1,354 1,881 931 39 2,851
Revenue adjustments, primarily for pricing on prior period open sales
1 1 (2) — (1)
PT Smelting intercompany loss
(19) (12) (6) (1) (19)
Gross profit
$ 1,531 $ 1,011 $ 499 $ 21 $ 1,531
Copper sales (millions of recoverable pounds)
885 885
Gold sales (thousands of recoverable ounces)
1,096
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments
$ 3.28 $ 3.28 $ 1,312
Site production and delivery, before net noncash
and other costs shown below
2.46 1.62 648
Gold and silver credits
(1.69) — —
Treatment charges
0.23 0.15 61
Royalty on metals
0.12 0.08 33
Unit net cash costs
1.12 1.85 742
Depreciation and amortization
0.28 0.19 73
Noncash and other costs, net
0.13 0.09 35
Total unit costs
1.53 2.13 850
Revenue adjustments, primarily for pricing on prior period open sales
— — (1)
PT Smelting intercompany loss
(0.02) (0.01) (6)
Gross profit per pound/ounce
$ 1.73 $ 1.14 $ 455
Reconciliation to Amounts Reported
Depreciation,
Production Depletion and
Revenues and Delivery Amortization
(In millions)
Totals presented above
$ 4,402 $ 2,174 $ 247
Treatment charges
(205) — —
Royalty on metals
(109) — —
Net noncash and other costs
— 116 —
Revenue adjustments, primarily for pricing on prior period open sales
(1) — —
PT Smelting intercompany loss
— 19 —
Indonesia mining
4,087 2,309 247
Other mining & eliminations
b
14,214 8,842 1,175
Total mining
18,301 11,151 1,422
U.S. oil & gas operations
2,616 682 1,364
Corporate, other & eliminations
4 7 11
As reported in FCX’s consolidated financial statements
$ 20,921 $ 11,840 $ 2,797
a. Includes silver sales of 2.9 million ounces ($21.32 per ounce average realized price).
b. Represents the combined total for all other mining operations and the related eliminations, as presented in Note 16.