WS Investor
23 Jan 2025, 13:52
Freeport Reports
Fourth-Quarter and Year Ended 2024 Results
•Solid operating performance
◦Fourth-quarter 2024 copper and gold sales volumes above October 2024 guidance
◦Fourth-quarter 2024 unit net cash costs below October 2024 guidance
•Commenced start-up at the Indonesia Precious Metals Refinery; Smelter start-up expected by mid-year 2025
•Advancing options for long-term organic growth
•Strong financial position
•Favorable market fundamentals and long-term outlook
▪Net income attributable to common stock in fourth-quarter 2024 totaled $274 million, $0.19 per share, and adjusted net income attributable to common stock totaled $450 million, $0.31 per share, after excluding net charges totaling $176 million, $0.12 per share.
▪Consolidated production totaled 1.04 billion pounds of copper, 432 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2024, and 4.2 billion pounds of copper, 1.9 million ounces of gold and 80 million pounds of molybdenum for the year 2024.
▪Consolidated sales totaled 1.0 billion pounds of copper, 350 thousand ounces of gold and 18 million pounds of molybdenum in fourth-quarter 2024, and 4.1 billion pounds of copper, 1.84 million ounces of gold and 78 million pounds of molybdenum for the year 2024.
▪Consolidated sales are expected to approximate 4.0 billion pounds of copper, 1.6 million ounces of gold and 88 million pounds of molybdenum for the year 2025, including 850 million pounds of copper, 225 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2025.
▪Average realized prices were $4.15 per pound for copper, $2,628 per ounce for gold and $22.23 per pound for molybdenum in fourth-quarter 2024, and $4.21 per pound for copper, $2,418 per ounce for gold and $21.77 per pound for molybdenum for the year 2024.
▪Average unit net cash costs were $1.66 per pound of copper in fourth-quarter 2024 and $1.56 per pound of copper for the year 2024. Unit net cash costs are expected to average $1.60 per pound of copper for the year 2025.
▪Operating cash flows totaled $1.4 billion in fourth-quarter 2024 and $7.2 billion for the year 2024. Operating cash flows are expected to approximate $6.2 billion for the year 2025, based on achievement of current sales volume and cost estimates, and assuming average prices of $4.00 per pound for copper, $2,700 per ounce for gold and $20.00 per pound for molybdenum for the year 2025.
▪Capital expenditures in fourth-quarter 2024 totaled $1.2 billion, including $0.6 billion for major mining projects and $0.2 billion for PT Freeport Indonesia’s (PT-FI) new smelter and precious metals refinery (PMR) (collectively, PT-FI’s new downstream processing facilities). For the year 2024, capital expenditures were $4.8 billion, including $2.1 billion for major mining projects and $1.17 billion for PT-FI’s new downstream processing facilities. Capital expenditures are expected to approximate $5.0 billion, including $2.8 billion for major mining projects and $0.6 billion for PT-FI’s new downstream processing facilities (excluding capitalized interest, owner’s costs and commissioning) for the year 2025.
▪During fourth-quarter 2024, FCX repaid $0.7 billion in maturing senior notes.
▪At December 31, 2024, consolidated debt totaled $8.9 billion and consolidated cash and cash equivalents totaled $3.9 billion, $4.7 billion including $0.7 billion of current restricted cash associated with a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks. Net debt totaled $1.06 billion, excluding $3.2 billion of debt for PT-FI’s new downstream processing facilities.
Fourth-Quarter and Year Ended 2024 Results
•Solid operating performance
◦Fourth-quarter 2024 copper and gold sales volumes above October 2024 guidance
◦Fourth-quarter 2024 unit net cash costs below October 2024 guidance
•Commenced start-up at the Indonesia Precious Metals Refinery; Smelter start-up expected by mid-year 2025
•Advancing options for long-term organic growth
•Strong financial position
•Favorable market fundamentals and long-term outlook
▪Net income attributable to common stock in fourth-quarter 2024 totaled $274 million, $0.19 per share, and adjusted net income attributable to common stock totaled $450 million, $0.31 per share, after excluding net charges totaling $176 million, $0.12 per share.
▪Consolidated production totaled 1.04 billion pounds of copper, 432 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2024, and 4.2 billion pounds of copper, 1.9 million ounces of gold and 80 million pounds of molybdenum for the year 2024.
▪Consolidated sales totaled 1.0 billion pounds of copper, 350 thousand ounces of gold and 18 million pounds of molybdenum in fourth-quarter 2024, and 4.1 billion pounds of copper, 1.84 million ounces of gold and 78 million pounds of molybdenum for the year 2024.
▪Consolidated sales are expected to approximate 4.0 billion pounds of copper, 1.6 million ounces of gold and 88 million pounds of molybdenum for the year 2025, including 850 million pounds of copper, 225 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2025.
▪Average realized prices were $4.15 per pound for copper, $2,628 per ounce for gold and $22.23 per pound for molybdenum in fourth-quarter 2024, and $4.21 per pound for copper, $2,418 per ounce for gold and $21.77 per pound for molybdenum for the year 2024.
▪Average unit net cash costs were $1.66 per pound of copper in fourth-quarter 2024 and $1.56 per pound of copper for the year 2024. Unit net cash costs are expected to average $1.60 per pound of copper for the year 2025.
▪Operating cash flows totaled $1.4 billion in fourth-quarter 2024 and $7.2 billion for the year 2024. Operating cash flows are expected to approximate $6.2 billion for the year 2025, based on achievement of current sales volume and cost estimates, and assuming average prices of $4.00 per pound for copper, $2,700 per ounce for gold and $20.00 per pound for molybdenum for the year 2025.
▪Capital expenditures in fourth-quarter 2024 totaled $1.2 billion, including $0.6 billion for major mining projects and $0.2 billion for PT Freeport Indonesia’s (PT-FI) new smelter and precious metals refinery (PMR) (collectively, PT-FI’s new downstream processing facilities). For the year 2024, capital expenditures were $4.8 billion, including $2.1 billion for major mining projects and $1.17 billion for PT-FI’s new downstream processing facilities. Capital expenditures are expected to approximate $5.0 billion, including $2.8 billion for major mining projects and $0.6 billion for PT-FI’s new downstream processing facilities (excluding capitalized interest, owner’s costs and commissioning) for the year 2025.
▪During fourth-quarter 2024, FCX repaid $0.7 billion in maturing senior notes.
▪At December 31, 2024, consolidated debt totaled $8.9 billion and consolidated cash and cash equivalents totaled $3.9 billion, $4.7 billion including $0.7 billion of current restricted cash associated with a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks. Net debt totaled $1.06 billion, excluding $3.2 billion of debt for PT-FI’s new downstream processing facilities.
