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v3.23.2

Business Segments | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS FCX has organized its mining operations into four primary divisions - North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), the Rod & Refining operations and Atlantic Copper Smelting & Refining. Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mining operations to Atlantic Copper (and on 39.5% of PT-FI’s sales to PT Smelting for the 2022 periods) until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings. Beginning January 1, 2023, PT-FI's commercial arrangement with PT Smelting converted from a copper concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to third parties (i.e., there are no further sales from PT-FI to PT Smelting). While the new tolling agreement with PT Smelting does not significantly change PT-FI’s economics, it impacts the timing of PT-FI’s sales and working capital requirements. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. Product Revenues. FCX’s revenues attributable to the products it sold for the second quarter and first six months of 2023 and 2022 follow (in millions):
| Three Months Ended |  | Six Months Ended |
| June 30, |  | June 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Copper: |  |  |  |  |  |  |  |
Concentrate | $ | 2,185 |  |  | $ | 2,694 |  |  | $ | 3,772 |  |  | $ | 5,385 |  |
Cathode | 1,358 |  |  | 1,183 |  |  | 2,685 |  |  | 2,618 |  |
Rod and other refined copper products | 884 |  |  | 1,071 |  |  | 1,805 |  |  | 2,187 |  |
Purchased copper a | 72 |  |  | 104 |  |  | 276 |  |  | 174 |  |
Gold | 999 |  |  | 909 |  |  | 1,530 |  |  | 1,720 |  |
Molybdenum | 491 |  |  | 377 |  |  | 1,083 |  |  | 755 |  |
Other b | 170 |  |  | 165 |  |  | 303 |  |  | 353 |  |
Adjustments to revenues: |  |  |  |  |  |  |  |
Treatment charges c | (142) |  |  | (139) |  |  | (243) |  |  | (272) |  |
Royalty expense d | (94) |  |  | (111) |  |  | (154) |  |  | (206) |  |
PT-FI export duties e | 4 |  |  | (84) |  |  | (14) |  |  | (182) |  | f
Revenues from contracts with customers | 5,927 |  |  | 6,169 |  |  | 11,043 |  |  | 12,532 |  |
Embedded derivatives g | (190) |  |  | (753) |  |  | 83 |  |  | (513) |  |
Total consolidated revenues | $ | 5,737 |  |  | $ | 5,416 |  |  | $ | 11,126 |  |  | $ | 12,019 |  |
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b.Primarily includes revenues associated with silver. c.Treatment charges for the second quarter and first six months of 2023 exclude tolling costs paid to PT Smelting, which are recorded as production costs in the consolidated statements of income. d.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. e.Refer to Note 8 for further discussion of PT-FI export duties. f.Includes a charge of $18 million associated with an adjustment to prior-period export duties. g.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts. Financial Information by Business Segment
(In Millions) |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  |  |  |  |  |  |  | Corporate, |  |
| North America Copper Mines |  | South America Mining |  |  |  |  |  |  |  |  |  | Copper |  |  |  |  |  |  |  | Other |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  | Indonesia |  |  |  | Molybdenum |  | Rod & |  | Smelting |  |  |  |  |  |  |  | & Elimi- |  | FCX
| Morenci |  |  |  | Other |  | Total |  | Verde |  | Other |  | Total |  | Mining |  |  |  | Mines |  | Refining |  | & Refining |  |  |  |  |  |  |  | nations |  | Total
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 26 |  |  |  |  | $ | 14 |  |  | $ | 40 |  |  | $ | 783 |  |  | $ | 190 |  |  | $ | 973 |  |  | $ | 2,039 |  |  |  |  | $ | — |  |  | $ | 1,463 |  |  | $ | 744 |  |  |  |  |  |  |  |  | $ | 478 |  | a | $ | 5,737 |
Intersegment | 570 |  |  |  |  | 980 |  |  | 1,550 |  |  | 175 |  |  | — |  |  | 175 |  |  | 198 |  |  |  |  | 150 |  |  | 10 |  |  | 4 |  |  |  |  |  |  |  |  | (2,087) |  |  | — |
Production and delivery | 422 |  |  |  |  | 744 |  |  | 1,166 |  |  | 609 |  |  | 174 |  |  | 783 |  |  | 858 |  | b |  |  | 105 |  |  | 1,465 |  |  | 725 |  |  |  |  |  |  |  |  | (1,554) |  |  | 3,548 |
DD&A | 42 |  |  |  |  | 57 |  |  | 99 |  |  | 117 |  |  | 15 |  |  | 132 |  |  | 275 |  |  |  |  | 14 |  |  | 1 |  |  | 7 |  |  |  |  |  |  |  |  | 19 |  |  | 547 |
Metals inventory adjustments | 1 |  |  |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 1 |
Selling, general and administrative expenses | 1 |  |  |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 30 |  |  |  |  | — |  |  | — |  |  | 7 |  |  |  |  |  |  |  |  | 75 |  |  | 115 |
Mining exploration and research expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 41 |  |  | 42 |
Environmental obligations and shutdown costs | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 73 |  |  | 74 |
Operating income (loss) | 130 |  |  |  |  | 191 |  |  | 321 |  |  | 230 |  |  | 1 |  |  | 231 |  |  | 1,074 |  |  |  |  | 31 |  |  | 7 |  |  | 9 |  |  |  |  |  |  |  |  | (263) |  |  | 1,410 |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 55 |  | c | — |  |  | 55 |  |  | 13 |  |  |  |  | — |  |  | — |  |  | 8 |  |  |  |  |  |  |  |  | 95 |  |  | 171 |
Provision for income taxes | — |  |  |  |  | — |  |  | — |  |  | 113 |  |  | — |  |  | 113 |  |  | 410 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 16 |  |  | 539 |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 18 |  |  | 2 |  |  | 20 |  |  | 368 |  | d |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 388 |
Total assets at June 30, 2023 | 3,167 |  |  |  |  | 5,754 |  |  | 8,921 |  |  | 8,444 |  |  | 1,890 |  |  | 10,334 |  |  | 20,460 |  |  |  |  | 1,717 |  |  | 280 |  |  | 1,127 |  |  |  |  |  |  |  |  | 8,068 |  |  | 50,907 |
Capital expenditures | 67 |  |  |  |  | 115 |  |  | 182 |  |  | 57 |  |  | 26 |  |  | 83 |  |  | 384 |  |  |  |  | 13 |  |  | 2 |  |  | 11 |  |  |  |  |  |  |  |  | 488 |  | e | 1,163 |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 17 |  |  |  |  | $ | 30 |  |  | $ | 47 |  |  | $ | 702 |  |  | $ | 180 |  |  | $ | 882 |  |  | $ | 1,920 |  | f |  |  | $ | — |  |  | $ | 1,753 |  |  | $ | 433 |  |  |  |  |  |  |  |  | $ | 381 |  | a | $ | 5,416 |
Intersegment | 730 |  |  |  |  | 1,078 |  |  | 1,808 |  |  | 134 |  |  | — |  |  | 134 |  |  | 58 |  |  |  |  | 144 |  |  | 8 |  |  | — |  |  |  |  |  |  |  |  | (2,152) |  |  | — |
Production and delivery | 397 |  |  |  |  | 720 |  |  | 1,117 |  |  | 565 |  |  | 177 |  |  | 742 |  |  | 564 |  |  |  |  | 80 |  |  | 1,765 |  |  | 463 |  |  |  |  |  |  |  | g | (1,728) |  |  | 3,003 |
DD&A | 44 |  |  |  |  | 58 |  |  | 102 |  |  | 91 |  |  | 11 |  |  | 102 |  |  | 262 |  |  |  |  | 18 |  |  | 1 |  |  | 6 |  |  |  |  |  |  |  |  | 16 |  |  | 507 |
Metals inventory adjustments | — |  |  |  |  | 7 |  |  | 7 |  |  | 9 |  |  | 2 |  |  | 11 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | — |  |  | 18 |
Selling, general and administrative expenses | 1 |  |  |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 2 |  |  | 30 |  |  |  |  | — |  |  | — |  |  | 5 |  |  |  |  |  |  |  |  | 62 |  |  | 100 |
Mining exploration and research expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 24 |  |  | 25 |
Environmental obligations and shutdown costs | (13) |  |  |  |  | — |  |  | (13) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 42 |  |  | 29 |
Net gain on sales of assets | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (2) |  |  | (2) |
Operating income (loss) | 318 |  |  |  |  | 322 |  |  | 640 |  |  | 169 |  |  | (10) |  |  | 159 |  |  | 1,122 |  |  |  |  | 46 |  |  | (5) |  |  | (41) |  |  |  |  |  |  |  |  | (185) |  |  | 1,736 |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  | 13 |  |  |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  | 137 |  |  | 156 |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 68 |  |  | (7) |  |  | 61 |  |  | 434 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | 76 |  |  | 571 |
Net income (loss) attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 50 |  |  | 8 |  |  | 58 |  |  | 141 |  | d |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  | (1) |  |  | 198 |
Total assets at June 30, 2022 | 2,839 |  |  |  |  | 5,338 |  |  | 8,177 |  |  | 8,379 |  |  | 1,843 |  |  | 10,222 |  |  | 20,679 |  |  |  |  | 1,702 |  |  | 300 |  |  | 1,078 |  |  |  |  |  |  |  |  | 7,955 |  |  | 50,113 |
Capital expenditures | 63 |  |  |  |  | 83 |  |  | 146 |  |  | 35 |  |  | 33 |  |  | 68 |  |  | 388 |  |  |  |  | 8 |  |  | 2 |  |  | 32 |  |  |  |  |  |  |  |  | 219 |  | e | 863 |
(In Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Atlantic |  | Corporate, |  |  |  |  |  |
| North America Copper Mines |  | South America Mining |  |  |  |  |  |  |  |  |  | Copper |  | Other |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Cerro |  |  |  |  |  |  |  | Indonesia |  |  |  | Molybdenum |  | Rod & |  | Smelting |  | & Elimi- |  | FCX |  |  |  |
| Morenci |  |  |  | Other |  | Total |  | Verde |  |  |  | Other |  | Total |  | Mining |  |  |  | Mines |  | Refining |  | & Refining |  | nations |  | Total |  |  |  |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 58 |  |  |  |  | $ | 111 |  |  | $ | 169 |  |  | $ | 1,741 |  |  |  |  | $ | 424 |  |  | $ | 2,165 |  |  | $ | 3,238 |  | f |  |  | $ | — |  |  | $ | 2,986 |  |  | $ | 1,493 |  |  | $ | 1,075 |  | a | $ | 11,126 |  |  |  |  |
Intersegment | 1,163 |  |  |  |  | 1,928 |  |  | 3,091 |  |  | 419 |  |  |  |  | — |  |  | 419 |  |  | 367 |  |  |  |  | 373 |  |  | 16 |  |  | 11 |  |  | (4,277) |  |  | — |  |  |  |  |
Production and delivery | 803 |  |  |  |  | 1,525 |  |  | 2,328 |  |  | 1,229 |  |  |  |  | 361 |  |  | 1,590 |  |  | 1,193 |  | b |  |  | 201 |  |  | 2,992 |  |  | 1,459 |  |  | (3,051) |  |  | 6,712 |  |  |  |  |
DD&A | 85 |  |  |  |  | 117 |  |  | 202 |  |  | 208 |  |  |  |  | 31 |  |  | 239 |  |  | 423 |  |  |  |  | 34 |  |  | 2 |  |  | 14 |  |  | 32 |  |  | 946 |  |  |  |  |
Metals inventory adjustments | 1 |  |  |  |  | — |  |  | 1 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 2 |  |  |  |  |
Selling, general and administrative expenses | 1 |  |  |  |  | 1 |  |  | 2 |  |  | 4 |  |  |  |  | — |  |  | 4 |  |  | 58 |  |  |  |  | — |  |  | — |  |  | 15 |  |  | 162 |  |  | 241 |  |  |  |  |
Mining exploration and research expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | 73 |  |  |  |  |
Environmental obligations and shutdown costs | — |  |  |  |  | 22 |  |  | 22 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 119 |  |  | 141 |  |  |  |  |
Operating income (loss) | 331 |  |  |  |  | 373 |  |  | 704 |  |  | 719 |  |  |  |  | 32 |  |  | 751 |  |  | 1,931 |  |  |  |  | 138 |  |  | 8 |  |  | 16 |  |  | (537) |  |  | 3,011 |  |  |  |  |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 84 |  | c |  |  | — |  |  | 84 |  |  | 22 |  |  |  |  | — |  |  | — |  |  | 14 |  |  | 202 |  |  | 322 |  |  |  |  |
Provision for (benefit from) income taxes | — |  |  |  |  | — |  |  | — |  |  | 300 |  |  |  |  | 7 |  |  | 307 |  |  | 740 |  |  |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | 1,038 |  |  |  |  |
Net income (loss) attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 158 |  |  |  |  | 20 |  |  | 178 |  |  | 639 |  | d |  |  | — |  |  | — |  |  | — |  |  | (43) |  |  | 774 |  |  |  |  |
Capital expenditures | 123 |  |  |  |  | 255 |  |  | 378 |  |  | 118 |  |  |  |  | 65 |  |  | 183 |  |  | 833 |  |  |  |  | 22 |  |  | 7 |  |  | 23 |  |  | 838 |  | e | 2,284 |  |  |  |  |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated customers | $ | 107 |  |  |  |  | $ | 85 |  |  | $ | 192 |  |  | $ | 1,808 |  |  |  |  | $ | 340 |  |  | $ | 2,148 |  |  | $ | 4,246 |  | f |  |  | $ | — |  |  | $ | 3,496 |  |  | $ | 1,151 |  |  | $ | 786 |  | a | $ | 12,019 |  |  |  |  |
Intersegment | 1,441 |  |  |  |  | 2,173 |  |  | 3,614 |  |  | 242 |  |  |  |  | — |  |  | 242 |  |  | 136 |  |  |  |  | 272 |  |  | 17 |  |  | — |  |  | (4,281) |  |  | — |  |  |  |  |
Production and delivery | 760 |  |  |  |  | 1,375 |  |  | 2,135 |  |  | 1,123 |  |  |  |  | 289 |  |  | 1,412 |  |  | 1,190 |  | b |  |  | 155 |  |  | 3,519 |  |  | 1,185 |  | g | (3,443) |  |  | 6,153 |  |  |  |  |
DD&A | 88 |  |  |  |  | 119 |  |  | 207 |  |  | 178 |  |  |  |  | 21 |  |  | 199 |  |  | 510 |  |  |  |  | 34 |  |  | 2 |  |  | 12 |  |  | 32 |  |  | 996 |  |  |  |  |
Metals inventory adjustments | — |  |  |  |  | 7 |  |  | 7 |  |  | 9 |  |  |  |  | 2 |  |  | 11 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  |  |  |
Selling, general and administrative expenses | 1 |  |  |  |  | 1 |  |  | 2 |  |  | 4 |  |  |  |  | — |  |  | 4 |  |  | 57 |  |  |  |  | — |  |  | — |  |  | 13 |  |  | 139 |  |  | 215 |  |  |  |  |
Mining exploration and research expenses | — |  |  |  |  | 1 |  |  | 1 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 48 |  |  | 49 |  |  |  |  |
Environmental obligations and shutdown costs | (13) |  |  |  |  | — |  |  | (13) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | 45 |  |  |  |  |
Net gain on sales of assets | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |  |  |  |  |
Operating income (loss) | 712 |  |  |  |  | 755 |  |  | 1,467 |  |  | 736 |  |  |  |  | 28 |  |  | 764 |  |  | 2,625 |  |  |  |  | 83 |  |  | (8) |  |  | (59) |  |  | (327) |  |  | 4,545 |  |  |  |  |
Interest expense, net | — |  |  |  |  | — |  |  | — |  |  | 7 |  |  |  |  | — |  |  | 7 |  |  | 15 |  |  |  |  | — |  |  | — |  |  | 4 |  |  | 257 |  |  | 283 |  |  |  |  |
Provision for income taxes | — |  |  |  |  | — |  |  | — |  |  | 295 |  |  |  |  | 7 |  |  | 302 |  |  | 1,020 |  |  |  |  | — |  |  | — |  |  | — |  |  | 73 |  |  | 1,395 |  |  |  |  |
Net income attributable to noncontrolling interests | — |  |  |  |  | — |  |  | — |  |  | 218 |  |  |  |  | 14 |  |  | 232 |  |  | 331 |  | d |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | 575 |  |  |  |  |
Capital expenditures | 136 |  |  |  |  | 140 |  |  | 276 |  |  | 68 |  |  |  |  | 56 |  |  | 124 |  |  | 759 |  |  |  |  | 9 |  |  | 4 |  |  | 43 |  |  | 371 |  | e | 1,586 |  |  |  |  |
Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. b.Includes a $55 million charge for administrative fines in the second quarter and first six months of 2023 and $41 million for the first six months of 2022. Refer to Note 8 for further discussion. c.Includes interest expense associated with contested tax rulings by the Peruvian Supreme Court totaling $50 million in the second quarter and $74 million for the first six months of 2023. d.Beginning January 1, 2023, FCX’s economic and equity ownership interest in PT-FI is 48.76%. Prior to January 1, 2023, FCX's economic interest in PT-FI approximated 81%. In addition, as discussed in Note 3 of FCX’s 2022 Form 10-K, in accordance with provisions pertaining to PT-FI’s shareholders agreement, FCX’s first-quarter 2023 net income included a $35 million net benefit associated with PT-FI sales volumes that were attributed to FCX at its previous approximate 81% economic ownership interest. e.Primarily includes capital expenditures for the Indonesia smelter projects. f.Includes PT-FI sales to PT Smelting totaling $827 million in second-quarter 2022, $27 million for the first six months 2023 (reflecting adjustments to prior period provisionally priced copper concentrate sales) and $1.7 billion for the first six months 2022. Beginning January 1, 2023, there are no sales from PT-FI to PT Smelting (refer to above discussion of the tolling arrangement between PT-FI and PT Smelting). g.Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $40 million at Atlantic Copper in the second quarter and first six months of 2022.

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