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Freeport-mcmoran Inc  (FCX)
Other Ticker:  
 
    Sector  Basic Materials    Industry Metal Mining
   Industry Metal Mining
   Sector  Basic Materials
 


Freeport-mcmoran Inc Segments

 
Mining & Exploration
   58.06 % of total Revenue
Smelting & Refining
   30.92 % of total Revenue
Molybdenum
   1.97 % of total Revenue
U.S. oil & gas operations
   11.02 % of total Revenue
 

Business Segments (June 30, 2015)
Revenues
(in millions $)
II. Quarter
%
(of total Revenues)
(June 30, 2015)
Income
(in millions $)
II. Quarter
%
(Profit Margin)
Mining & Exploration
2,999.00 58.06 % 698.00 23.27 %
Smelting & Refining
1,597.00 30.92 % 25.00 1.57 %
Molybdenum
102.00 1.97 % -7.00 -
U.S. oil & gas operations
569.00 11.02 % -2,932.00 -
Total
5,165.00 100 % -2,216.00 -

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment (June 30, 2015)
Y/Y Revenue
%
II. Quarter
Q/Q Revenue
%
(June 30, 2015)
Y/Y Income
%
II. Quarter
Q/Q Income
%
Mining & Exploration
-12.85 % 5.67 % -27.22 % 31.45 %
Smelting & Refining
-14.64 % -1.11 % 1150 % 56.25 %
Molybdenum
-40 % -17.74 % - -
U.S. oil & gas operations
-53.96 % 13.8 % - -
Total
-21.12 % 4.28 % - -

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Freeport-mcmoran Inc's Mining & Exploration, Smelting & Refining, Molybdenum, U.S. oil & gas operations, Total segment. Select each division with the arrow.

  Freeport-mcmoran Inc's

Business Segments Description



Mining Operations


We and our predecessors have conducted exploration and mining operations in Block A since 1967 and have been the only operator of those operations. Following are descriptions of ore mines in production, significant ore mines in development and our ore bodies.


Mines in Production. We currently have two mines in operation: the Grasberg open pit and the Deep Ore Zone. We began open-pit mining of the Grasberg ore body in January 1990. The underground Grasberg reserves will be mined using the block-cave method near the end of open-pit mining, which is expected to continue until approximately 2015.


The Deep Ore Zone ore body lies vertically below the Intermediate Ore Zone. We began production from the Deep Ore Zone ore body in 1989, but we suspended production in 1991 in favor of production from the Grasberg deposit. Production using the block-cave method at the Deep Ore Zone restarted in September 2000. Production is at the 3,150-meter elevation level and totaled 14.8 million metric tons of ore in 2003 and 7.9 million metric tons of ore in 2002. The Deep Ore Zone performed above design capacity of 35,000 metric tons of ore per day and studies are ongoing to evaluate additional low-cost expansion options to increase production. Production from the Deep Ore Zone averaged 40,500 metric tons of ore per day in 2003.


The Intermediate Ore Zone was an underground block-cave operation that began production in the first half of 1994. Production totaled 2.5 million metric tons of ore in 2003 and 7.1 million metric tons of ore in 2002. The Intermediate Ore Zone was depleted during the third quarter of 2003. During its 10-year life, the Intermediate Ore Zone operation produced almost 30 percent more copper and gold than the initial reserve estimates.


Exploration

As a result of our joint venture arrangements, Rio Tinto generally pays for 40 percent of our joint venture exploration and exploratory drilling costs in Papua.

In June 1998, we entered into a joint venture agreement to conduct exploration activities in PT Nabire Bakti Mining's Contract of Work area, which currently covers approximately 500,000 acres in several blocks contiguous to PT Freeport Indonesia's Block B and one of Eastern Minerals' blocks in Papua. Rio Tinto shares in 40 percent of our interest and costs in this exploration joint venture.

With the subsequent approval of the Indonesian government, in 2000 we temporarily suspended our field exploration activities in Block B, which includes the Wabu Ridge gold prospect, as well as in the other Contract of Work areas of Eastern Minerals and PT Nabire Bakti Mining. The suspensions are due to safety and security issues and uncertainty relating to a possible conflict between our mining and exploration rights in certain forest areas covered by the Contracts of Work and an Indonesian law enacted in 1999 prohibiting open-pit mining in forest preservation areas. We cannot predict when we will be able to resume our exploration activities in these areas. We expect to continue to seek renewals of these suspensions for each of the suspended areas if required. All of the suspended areas are outside of our current mining operations area.


Investment in Smelters

Our investment in smelters (Atlantic Copper and PT Smelting) serves an important role in our concentrate marketing strategy. PT Freeport Indonesia generally sells approximately one-half of its concentrate production to its affiliated smelters, Atlantic Copper and PT Smelting, and the remainder to other customers. Treatment charges for smelting and refining copper concentrates represent a cost to PT Freeport Indonesia and income to Atlantic Copper and PT Smelting. Through downstream integration, we are assured placement of a significant portion of our concentrate production and operating hedges for treatment and refining charges. While currently low smelting and refining charges have adversely affected the operating results of Atlantic Copper, these low charges have benefited the operating results to PT Freeport Indonesia's mining operations.

   

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