UNITED
STATES
|
||
SECURITIES
AND EXCHANGE COMMISSION
|
||
Washington,
D.C. 20549
|
||
FORM
10-K
|
||
(Mark
One)
|
||
[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
||
For
the fiscal year ended December 31, 2006
|
||
OR
|
||
[
] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
||
For
the transition period from
|
to
|
|
Commission
File Number: 1-9916
|
||
|
||
Freeport-McMoRan
Copper & Gold Inc.
|
||
(Exact
name of registrant as specified in its
charter)
|
Delaware
|
74-2480931
|
(State
or other jurisdiction of
incorporation
or organization)
|
(IRS
Employer Identification No.)
|
1615
Poydras Street
|
|
New
Orleans, Louisiana
|
70112
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(504)
582-4000
|
|
(Registrant's
telephone number, including area
code)
|
Title
of each class
|
Name
of each exchange on which registered
|
|
Class
B Common Stock, par value $0.10 per share
|
New
York Stock Exchange
|
|
10⅛%
Senior Notes due 2010 of the registrant
|
New
York Stock Exchange
|
|
7%
Convertible Senior Notes due 2011 of the registrant
|
New
York Stock Exchange
|
Portions
of our Proxy Statement for our 2007 Annual Meeting are incorporated
by
reference into Part III (Items 10, 11, 12, 13 and 14) of this
|
report.
|
Page
|
|
1
|
|
1
|
|
30
|
|
40
|
|
40
|
|
40
|
|
40
|
|
41
|
|
41
|
|
42
|
|
43
|
|
43
|
|
43
|
|
43
|
|
43
|
|
43
|
|
43
|
|
43
|
|
44
|
|
44
|
|
44
|
|
44
|
|
44
|
|
S-1
|
|
F-1
|
|
E-1
|
Proven
|
Probable
|
Total
|
|||||||
Metric
Tons of Ore (000s)a
|
Average
Ore Grade
|
Metric
Tons of Ore (000s)a
|
Average
Ore Grade
|
Metric
Tons
|
|||||
Copper
|
Gold
|
Silver
|
Copper
|
Gold
|
Silver
|
of
Ore (000s)a
|
|||
(%)
|
(g/t)
|
(g/t)
|
(%)
|
(g/t)
|
(g/t)
|
||||
Developed
and producing:
|
|||||||||
Grasberg
open pit
|
158,828
|
0.93
|
1.20
|
2.22
|
313,696
|
0.85
|
0.90
|
2.13
|
472,524
|
Deep
Ore Zone
|
68,803
|
0.86
|
0.59
|
4.66
|
79,588
|
0.82
|
0.54
|
4.67
|
148,391
|
Undeveloped:
|
|||||||||
Grasberg
block cave
|
289,455
|
1.14
|
1.10
|
3.58
|
695,837
|
1.01
|
0.77
|
3.12
|
985,292
|
Kucing
Liar
|
161,755
|
1.24
|
1.11
|
6.45
|
415,956
|
1.18
|
1.04
|
5.57
|
577,711
|
Deep
Mill Level Zone
|
26,866
|
1.18
|
0.91
|
6.09
|
252,046
|
1.07
|
0.85
|
5.35
|
278,912
|
Ertsberg
Stockwork Zone
|
44,811
|
0.51
|
0.84
|
1.76
|
98,815
|
0.49
|
0.82
|
1.66
|
143,626
|
Mill
Level Zone
|
36,699
|
1.05
|
0.79
|
4.52
|
71,527
|
0.76
|
0.69
|
3.35
|
108,226
|
Big
Gossan
|
9,040
|
2.48
|
1.14
|
13.40
|
43,696
|
2.28
|
1.09
|
15.03
|
52,736
|
Dom
open pit
|
5,753
|
2.07
|
0.43
|
12.78
|
17,897
|
2.01
|
0.43
|
11.93
|
23,650
|
Dom
block cave
|
7,201
|
1.43
|
0.36
|
9.31
|
14,820
|
1.34
|
0.36
|
8.58
|
22,021
|
Total
|
809,211
|
1.08
|
1.03
|
4.23
|
2,003,878
|
1.02
|
0.85
|
4.13
|
2,813,089
|
Mill
Recoveries (%)
|
Proven
and Probable
Recoverable
Reservesb
|
|||||||
Copper
|
Gold
|
Silver
|
Copper
|
Gold
|
Silver
|
|||
(Billions
of Lbs.)
|
(Millions
of Ozs.)
|
(Millions
of Ozs.)
|
||||||
Developed
and producing:
|
||||||||
Grasberg
open pit
|
88.2
|
85.7
|
57.1
|
|
7.8
|
12.6
|
14.4
|
|
Deep
Ore Zone
|
86.1
|
76.8
|
65.5
|
|
2.3
|
2.0
|
11.2
|
|
Undeveloped:
|
||||||||
Grasberg
block cave
|
88.4
|
69.4
|
68.2
|
|
19.4
|
18.4
|
54.0
|
|
Kucing
Liar
|
89.1
|
48.7
|
49.0
|
|
13.1
|
9.3
|
40.7
|
|
Deep
Mill Level Zone
|
85.2
|
76.1
|
78.7
|
|
5.5
|
5.6
|
29.4
|
|
Ertsberg
Stockwork Zone
|
88.5
|
78.8
|
85.3
|
|
1.4
|
2.9
|
5.1
|
|
Mill
Level Zone
|
89.2
|
78.1
|
83.7
|
|
1.8
|
1.9
|
8.4
|
|
Big
Gossan
|
93.1
|
68.7
|
81.6
|
|
2.4
|
1.2
|
15.7
|
|
Dom
open pit
|
62.5
|
64.0
|
47.0
|
|
0.6
|
0.2
|
3.4
|
|
Dom
block cave
|
82.9
|
61.6
|
44.6
|
|
0.5
|
0.2
|
2.2
|
|
Total
|
87.8
|
68.9
|
63.8
|
|
54.8
|
54.3
|
184.5
|
|
PT
Freeport Indonesia’s
share
|
38.8
|
41.1
|
128.0
|
|||||
FCX’s
equity share
|
35.2
|
37.2
|
116.0
|
|||||
a. |
Ore
reserve tonnage estimates are after application of applicable mining
recovery factors.
|
b. |
Proven
and probable recoverable reserves represent estimated metal quantities
from which we expect to be paid after application of estimated mill
recovery rates and smelter recovery rates of 96.5 percent for copper,
97.0
percent for gold and 76.9 percent for silver. The term “recoverable
reserve” means that part of a mineral deposit which we estimate can be
economically and legally extracted or produced at the time of the
reserve
determination.
|
Ore
Body
|
Copper
Equivalent
Cutoff
Grade
|
Grasberg
open pit
|
0.65%
|
Deep
Ore Zone
|
0.71%
|
Grasberg
block cave
|
0.71%
|
Kucing
Liar
|
0.90%
|
Mill
Level Zone
|
0.76%
|
Deep
Mill Level Zone
|
0.79%
|
Ertsberg
Stockwork Zone
|
0.77%
|
Dom
block cave
|
0.80%
|
Big
Gossan
|
1.49%
|
Dom
open pit
|
1.01%
|
Average
|
0.77%
|
Spacing
(in
meters)
|
Average
Distance
(in
meters)
|
|||||
Deposit
|
Mining
Unit
|
Surface
Drilling
Grids
|
Underground
(&
Surface)
Drill
Fans
|
Drilling
Method
|
To
Nearest
Sample
|
Between
Drill
Holes
(less
than)
|
Grasberg
|
Open
Pit
|
83
|
73
|
Core
|
38
|
76
|
Deep
Ore Zone
|
Block
Cave
|
-
|
50
|
Core
|
18
|
35
|
Grasberg
|
Block
Cave
|
-
|
94
|
Core
|
39
|
79
|
Kucing
Liar
|
Block
Cave
|
-
|
81
|
Core
|
39
|
78
|
Mill
Level Zone
|
Block
Cave
|
-
|
50
|
Core
|
24
|
47
|
Deep
Mill Level Zone
|
Block
Cave
|
-
|
91
|
Core
|
45
|
89
|
Ertsberg
Stockwork Zone
|
Block
Cave
|
100
|
55
|
Core
|
21
|
41
|
Dom
|
Block
Cave
|
-
|
50
|
Core
|
35
|
71
|
Big
Gossan
|
Open
Stope
|
100
|
62
|
Core
|
20
|
39
|
Dom
|
Open
Pit
|
-
|
50
|
Core
|
43
|
86
|
Grasberg
block cave
|
$
|
1,170
|
Kucing
Liar
|
740
|
|
Deep
Mill Level Zone
|
320
|
|
Mill
Level Zone
|
260
|
|
Big
Gossan
|
185
|
|
Ertsberg
Stockwork Zone
|
170
|
|
Dom
block cave
|
130
|
|
Dom
open pit
|
80
|
|
Total
|
$
|
3,055
|
Years
Ended December 31,
|
Percentage
Change
|
||||
2006
|
2005
|
2004
|
2005
to 2006
|
2004
to 2005
|
|
Mill
throughput (metric tons of ore
|
|||||
per
day)
|
229,400
|
216,200
|
185,100
|
6%
|
17%
|
Copper
production, net to PT
|
|||||
Freeport
Indonesia (000 pounds)
|
1,201,200
|
1,455,900
|
996,500
|
(17)%
|
46%
|
Gold
production, net to PT Freeport
|
|||||
Indonesia
(ounces)
|
1,731,800
|
2,789,400
|
1,456,200
|
(38)%
|
92%
|
Average
unit net cash costs
|
|||||
per
pound of coppera
|
$0.60
|
$0.07
|
$0.40
|
757%
|
(83)%
|
a.
|
Includes
site production and delivery costs, smelting and refining costs,
and
royalties, less credits for gold and silver sales. See our 2006 Annual
Report incorporated herein by reference for a reconciliation of average
unit net cash costs per pound to production and delivery costs applicable
to sales reported in our consolidated financial
statements.
|
2006
|
2005
|
2004
|
||||
PT
Smelting
|
27%
|
29%
|
40%
|
|||
Atlantic
Copper
|
23%
|
25%
|
19%
|
|||
Other
parties
|
50%
|
46%
|
41%
|
|||
100%
|
100%
|
100%
|
||||
· |
comprehensive
job training programs;
|
· |
basic
education programs;
|
· |
several
public health programs, including extensive malaria
control;
|
· |
agricultural
assistance programs;
|
· |
a
business incubator program to encourage the local people to establish
their own small scale businesses;
|
· |
cultural
preservation programs; and
|
· |
charitable
donations.
|
· |
the
strength of the U.S. economy and the economies of other industrialized
and
developing nations, including China, which has become the largest
consumer
of refined copper in the world;
|
· |
available
supplies of copper from mine production and
inventories;
|
· |
sales
by holders and producers of copper;
|
· |
demand
for industrial products containing
copper;
|
· |
investment
activity, including speculation, in copper as a
commodity;
|
· |
the
availability and cost of substitute materials;
and
|
· |
currency
exchange fluctuations, including the relative strength of the U.S.
dollar.
|
· |
the
strength of the U.S. economy and the economies of other industrialized
and
developing nations, including
China;
|
· |
global
or regional political or economic
crises;
|
· |
the
relative strength of the U.S. dollar and other
currencies;
|
· |
expectations
with respect to the rate of
inflation;
|
· |
interest
rates;
|
· |
purchases
and sales of gold by central banks and other
holders;
|
· |
demand
for jewelry containing gold; and
|
· |
investment
activity, including speculation, in gold as a
commodity.
|
· |
unanticipated
ground and water conditions and adverse claims to water
rights;
|
· |
geological
problems, including earthquakes and other natural
disasters;
|
· |
metallurgical
and other processing problems;
|
· |
the
occurrence of unusual weather or operating conditions and other force
majeure events;
|
· |
lower
than expected ore grades or recovery
rates;
|
· |
accidents;
|
· |
delays
in the receipt of or failure to receive necessary government
permits;
|
· |
the
results of litigation, including appeals of agency
decisions;
|
· |
uncertainty
of exploration and development;
|
· |
delays
in transportation;
|
· |
labor
disputes;
|
· |
inability
to obtain satisfactory insurance
coverage;
|
· |
unavailability
of materials and equipment; and
|
· |
the
failure of equipment or processes to operate in accordance with
specifications or expectations.
|
· |
incur
additional debt or liens or enter into sale/leaseback
transactions;
|
· |
make
payments in respect of, or redeem or acquire, debt or equity issued
by us,
including the payment of dividends on common
stock;
|
· |
sell
assets or enter into mergers or
acquisitions;
|
· |
make
loans or investments; or
|
· |
enter
into certain hedging transactions.
|
· |
the
necessity of coordinating geographically separated organizations
and
addressing possible differences in corporate cultures and management
philosophies, and the integration of certain operations following
the
transaction will require the dedication of significant management
resources, which may temporarily distract management’s attention from the
day-to-day business of the combined
company;
|
· |
any
inability of our management to integrate successfully the operations
of
our two companies or to adapt to the addition of lines of business
in
which we have not historically engaged;
and
|
· |
any
inability of our management to cause best practices to be applied
to the
combined company’s businesses.
|
Name
|
Age
|
Position
or Office
|
||
James
R. Moffett
|
68
|
Chairman
of the Board of FCX. President Commissioner of
|
||
PT
Freeport Indonesia.
|
||||
Richard
C. Adkerson
|
60
|
Director,
President and Chief Executive Officer of FCX.
|
||
Director
and Executive Vice President of PT Freeport
|
||||
Indonesia.
Chairman of the Board of Directors of
|
||||
Atlantic
Copper.
|
Name
|
Age
|
Position
or Office
|
||
Michael
J. Arnold
|
54
|
Chief
Administrative Officer of FCX. Director,
|
||
Executive
Vice President and Chief Financial Officer of
|
||||
PT
Freeport Indonesia.
|
||||
Mark
J. Johnson
|
47
|
Senior
Vice President and Chief Operating Officer of FCX.
|
||
Armando
Mahler
|
51
|
President
Director and General Manager of
|
||
PT
Freeport Indonesia.
|
||||
Kathleen
L. Quirk
|
43
|
Senior
Vice President, Chief Financial Officer and
|
||
Treasurer
of FCX. Commissioner of PT Freeport Indonesia.
|
||||
Director
of Atlantic Copper.
|
2006
|
2005
|
|||||||||||
High
|
Low
|
High
|
Low
|
|||||||||
First
Quarter
|
$
|
65.00
|
$
|
47.11
|
$
|
43.90
|
$
|
35.12
|
||||
Second
Quarter
|
72.20
|
43.10
|
40.31
|
31.52
|
||||||||
Third
Quarter
|
62.29
|
47.58
|
49.48
|
37.12
|
||||||||
Fourth
Quarter
|
63.70
|
47.60
|
56.35
|
43.41
|
2006
|
2005
|
||||||||||
Amount
Per
Share
|
Record
Date
|
Payment
Date
|
Amount
Per
Share
|
Record
Date
|
Payment
Date
|
||||||
First
Quarter
|
$0.3125
|
Jan.
17, 2006
|
Feb.
1, 2006
|
$0.25
|
Jan.
14, 2005
|
Feb.
1, 2005
|
|||||
Supplemental
dividend
|
0.50
|
Mar.
15, 2006
|
Mar.
31, 2006
|
0.50
|
Mar.
15, 2005
|
Mar.
31, 2005
|
|||||
Second
Quarter
|
0.3125
|
Apr.
17, 2006
|
May
1, 2006
|
0.25
|
Apr.
15, 2005
|
May
1, 2005
|
|||||
Supplemental
dividend
|
0.75
|
June
15, 2006
|
June
30, 2006
|
N/A
|
N/A
|
N/A
|
|||||
Third
Quarter
|
0.3125
|
July
17, 2006
|
Aug.
1, 2006
|
0.25
|
July
15, 2005
|
Aug.
1, 2005
|
|||||
Supplemental
dividend
|
0.75
|
Sept.
14, 2006
|
Sept.
29, 2006
|
0.50
|
Sept.
15, 2005
|
Sept.
30, 2005
|
|||||
Fourth
Quarter
|
0.3125
|
Oct.
16, 2006
|
Nov.
1, 2006
|
0.25
|
Oct.
14, 2005
|
Nov.
1, 2005
|
|||||
Supplemental
dividend
|
1.50
|
Dec.
14, 2006
|
Dec.
29, 2006
|
0.50
|
Dec.
15, 2005
|
Dec.
30, 2005
|
Years
Ended December 31,
|
|||||
2006
|
2005
|
2004
|
2003
|
2002
|
|
Ratio
of earnings to fixed charges
|
32.8x
|
15.7x
|
4.7x
|
3.9x
|
3.4x
|
Ratio
of earnings to fixed charges
|
|||||
and
preferred stock dividends
|
14.2x
|
8.1x
|
2.8x
|
3.0x
|
2.5x
|
*
|
Chairman
of the Board
|
James
R. Moffett
|
|
*
|
Vice
Chairman of the Board
|
B.
M. Rankin, Jr.
|
|
/s/
Richard C. Adkerson
|
President,
Chief Executive Officer and Director
|
Richard
C. Adkerson
|
(Principal
Executive Officer)
|
/s/
Kathleen L. Quirk
|
Senior
Vice President, Chief Financial Officer and
|
Kathleen
L. Quirk
|
Treasurer
|
(Principal
Financial Officer)
|
|
*
|
Vice
President and Controller - Financial Reporting
|
C.
Donald Whitmire, Jr.
|
(Principal
Accounting Officer)
|
*
|
Director
|
Robert
J. Allison, Jr.
|
|
*
|
Director
|
Robert
A. Day
|
|
*
|
Director
|
Gerald
J. Ford
|
|
*
|
Director
|
H.
Devon Graham, Jr.
|
|
*
|
Director
|
J.
Bennett Johnston
|
|
*
|
Director
|
Bobby
Lee Lackey
|
|
*
|
Director
|
Gabrielle
K. McDonald
|
|
*
|
Director
|
J.
Stapleton Roy
|
|
*
|
Director
|
Stephen
H. Siegele
|
|
*
|
Director
|
J.
Taylor Wharton
|
|
By:
/s/ Richard C. Adkerson
|
|
Richard
C. Adkerson
|
|
Attorney-in-Fact
|
Page
|
|
Report
of Independent Registered Public Accounting Firm
|
F-1
|
Schedule
I-Condensed Financial Information of Registrant
|
F-2
|
Schedule
II-Valuation and Qualifying Accounts
|
F-5
|
December
31,
|
||||||
2006
|
2005
|
|||||
Assets:
|
(In
Thousands)
|
|||||
Cash
|
$
|
390,271
|
$
|
145,215
|
||
Interest
receivable
|
39
|
1,344
|
||||
Due
from affiliates
|
76,861
|
37,099
|
||||
Notes
receivable from PT Freeport Indonesia
|
-
|
179,880
|
||||
Note
receivable from Atlantic Copper
|
189,500
|
189,500
|
||||
Note
receivable from PT Puncakjaya Power
|
105,242
|
135,426
|
||||
Investments
in PT Freeport Indonesia and PT Indocopper Investama
|
2,219,084
|
2,355,273
|
||||
Investment
in Atlantic Copper
|
185,538
|
122,908
|
||||
Investment
in PT Puncakjaya Power
|
85,725
|
82,537
|
||||
Other
assets
|
119,141
|
94,622
|
||||
Total
assets
|
$
|
3,371,401
|
$
|
3,343,804
|
||
Liabilities
and Stockholders’ Equity:
|
||||||
Accounts
payable and accrued liabilities
|
$
|
40,954
|
$
|
40,693
|
||
Accrued
interest payable
|
21,239
|
31,112
|
||||
Long-term
debt, including current portion
|
625,156
|
1,188,391
|
||||
Other
long-term liabilities
|
56,629
|
51,595
|
||||
Deferred
income taxes
|
182,322
|
189,019
|
||||
Stockholders'
equity
|
2,445,101
|
1,842,994
|
||||
Total
liabilities and stockholders’ equity
|
$
|
3,371,401
|
$
|
3,343,804
|
||
Years
Ended December 31,
|
|||||||||
2006
|
2005
|
2004
|
|||||||
(In
Thousands)
|
|||||||||
Income
from investments in PT Freeport Indonesia and
|
|||||||||
PT
Indocopper Investama, net of tax provisions
|
$
|
1,560,760
|
$
|
1,270,269
|
$
|
380,418
|
|||
Net
income (loss) from investment in Atlantic Copper
|
71,899
|
17,842
|
(103,388
|
)
|
|||||
Income
from investment in PT Puncakjaya Power
|
14,092
|
15,642
|
15,712
|
||||||
Intercompany
charges and eliminationsa
|
113,521
|
8,368
|
88,678
|
||||||
General
and administrative expenses
|
(25,908
|
)
|
(19,431
|
)
|
(18,059
|
)
|
|||
Depreciation
and amortization
|
(12,706
|
)
|
(14,693
|
)
|
(11,324
|
)
|
|||
Interest
expense, net
|
(52,086
|
)
|
(115,641
|
)
|
(125,674
|
)
|
|||
Interest
income on notes receivable:
|
|||||||||
Promissory
notes
|
23,180
|
17,570
|
5,246
|
||||||
Gold
and silver production payment loans
|
1,316
|
b
|
9,054
|
9,037
|
|||||
Other
income, net
|
9,285
|
5,392
|
2,897
|
||||||
Gains
on sales of assets
|
945
|
6,631
|
21,281
|
||||||
Losses
on early extinguishment and conversion of debt
|
(31,138
|
)
|
(30,778
|
)
|
(10,176
|
)
|
|||
Provision
for income taxes
|
(216,651
|
)
|
(175,098
|
)
|
(52,381
|
)
|
|||
Net
income
|
1,456,509
|
995,127
|
202,267
|
||||||
Preferred
dividends
|
(60,500
|
)
|
(60,500
|
)
|
(45,491
|
)
|
|||
Net
income applicable to common stock
|
$
|
1,396,009
|
$
|
934,627
|
$
|
156,776
|
|||
a.
|
Includes
reimbursements from PT Freeport Indonesia and Rio Tinto, FCX’s
joint venture partner, totaling $94.8 million in 2006, $73.7 million
in
2005 and $94.3 million in 2004 for certain FCX stock option
exercises.
|
b.
|
Amount
reflects the repayment of the gold production payment loan on February
1,
2006, and the final repayment on the silver production payment loan
on
August 1, 2006.
|
Years
Ended December 31,
|
|||||||||
2006
|
2005
|
2004
|
|||||||
(In
Thousands)
|
|||||||||
Cash
flow from operating activities:
|
|||||||||
Net
income
|
$
|
1,456,509
|
$
|
995,127
|
$
|
202,267
|
|||
Adjustments
to reconcile net income to net cash provided by operating
|
|||||||||
activities:
|
|||||||||
Income
from investments in PT Freeport Indonesia and
|
|||||||||
PT
Indocopper Investama
|
(1,560,760
|
)
|
(1,270,269
|
)
|
(380,418
|
)
|
|||
Deferred
income taxes
|
17,448
|
20,852
|
37,277
|
||||||
Net
(income) loss from investment in Atlantic Copper
|
(71,899
|
)
|
(17,842
|
)
|
103,388
|
||||
Income
from investment in PT Puncakjaya Power
|
(14,092
|
)
|
(15,642
|
)
|
(15,712
|
)
|
|||
(Recognition)
elimination of intercompany profit
|
(18,709
|
)
|
65,335
|
5,594
|
|||||
Dividends
received from PT Freeport Indonesia and
|
|||||||||
PT
Indocopper Investama
|
1,542,301
|
1,179,201
|
96,981
|
||||||
Dividends received from PT Puncakjaya Power
|
10,971
|
16,928
|
8,571
|
||||||
Depreciation
and amortization
|
12,706
|
14,693
|
11,324
|
||||||
Noncash
stock-based compensation
|
4,780
|
5,364
|
4,156
|
||||||
Amortization
of deferred financing costs
|
2,624
|
4,528
|
4,818
|
||||||
Gains
on sales of assets
|
(945
|
)
|
(6,631
|
)
|
(21,281
|
)
|
|||
Losses
on early extinguishment and conversion of debt
|
31,138
|
30,778
|
10,176
|
||||||
(Increase)
decrease in interest receivable and due from affiliates
|
(4,158
|
)
|
(1,374
|
)
|
9,435
|
||||
Decrease
in accounts payable and accrued liabilities
|
(6,822
|
)
|
(10,109
|
)
|
(1,571
|
)
|
|||
(Decrease)
increase in accrued income taxes
|
(10,854
|
)
|
16,973
|
2,467
|
|||||
Increase
in long-term compensation benefits
|
10,336
|
9,212
|
9,015
|
||||||
Other
|
(555
|
)
|
(2,263
|
)
|
2,007
|
||||
Net cash provided by operating activities
|
1,400,019
|
1,034,861
|
88,494
|
||||||
Cash
flow from investing activities:
|
|||||||||
Sale
of assets
|
3,035
|
6,631
|
21,634
|
||||||
Capital
expenditures and other
|
(21,582
|
)
|
(9,090
|
)
|
(3,446
|
)
|
|||
Collections
on notes receivable
|
210,064
|
12,501
|
42,501
|
||||||
Phelps
Dodge acquisition costs
|
(4,576
|
)
|
-
|
-
|
|||||
Sale
of restricted investments
|
-
|
-
|
21,804
|
||||||
Investment
in Atlantic Copper
|
-
|
-
|
(202,000
|
)
|
|||||
Net
cash provided by (used in) investing activities
|
186,941
|
10,042
|
(119,507
|
)
|
|||||
Cash
flow from financing activities:
|
|||||||||
Cash
dividends paid:
|
|||||||||
Common
stock
|
(915,775
|
)
|
(452,510
|
)
|
(198,782
|
)
|
|||
Convertible
perpetual preferred stock
|
(60,500
|
)
|
(60,500
|
)
|
(35,460
|
)
|
|||
Step-up
convertible preferred stock
|
-
|
(1
|
)
|
(10
|
)
|
||||
Net
proceeds from sale of senior notes
|
-
|
-
|
344,354
|
||||||
Net
proceeds from sale of convertible perpetual preferred
stock
|
-
|
-
|
1,067,000
|
||||||
Proceeds
from other debt
|
39,887
|
-
|
-
|
||||||
Repayment
of debt
|
(317,629
|
)
|
(409,419
|
)
|
(272,800
|
)
|
|||
Redemption
of step-up convertible preferred stock
|
-
|
(215
|
)
|
(1,172
|
)
|
||||
Purchase
of FCX common shares from Rio Tinto
|
-
|
-
|
(881,868
|
)
|
|||||
Purchases
of other FCX common shares
|
(99,783
|
)
|
(80,227
|
)
|
(99,477
|
)
|
|||
Net
proceeds from exercised stock options
|
15,280
|
5,081
|
3,196
|
||||||
Other
|
(3,384
|
)
|
(22
|
)
|
(1,547
|
)
|
|||
Net
cash used in financing activities
|
(1,341,904
|
)
|
(997,813
|
)
|
(76,566
|
)
|
|||
Net
increase (decrease) in cash and cash equivalents
|
245,056
|
47,090
|
(107,579
|
)
|
|||||
Cash
at beginning of year
|
145,215
|
98,125
|
205,704
|
||||||
Cash
at end of year
|
$
|
390,271
|
$
|
145,215
|
$
|
98,125
|
|||
Interest
paid
|
$
|
59,336
|
$
|
126,945
|
$
|
124,903
|
|||
Taxes
paid
|
$
|
181,321
|
$
|
117,044
|
$
|
12,681
|
|||
Col.
A
|
Col
B
|
Col.
C
|
Col.
D
|
Col.
E
|
||||||||||||
Additions
|
||||||||||||||||
Balance
at
Beginning
of
Period
|
Charged
to
Costs
and Expense
|
Charged
to Other Accounts
|
Other
Add
(Deduct)
|
Balance
at
End
of
Period
|
||||||||||||
Reserves
and allowances deducted
|
||||||||||||||||
from
asset accounts:
|
||||||||||||||||
2006
|
||||||||||||||||
Materials
and supplies allowances:
|
||||||||||||||||
PT
Freeport Indonesia
|
$
|
16,578
|
$
|
6,000
|
$
|
-
|
$
|
(6,212
|
)a
|
$
|
16,366
|
|||||
2005
|
||||||||||||||||
Materials
and supplies allowances:
|
||||||||||||||||
PT
Freeport Indonesia
|
16,994
|
6,000
|
-
|
(6,416
|
)a
|
16,578
|
||||||||||
Atlantic
Copper
|
139
|
-
|
-
|
(139
|
)a
|
-
|
||||||||||
2004
|
||||||||||||||||
Materials
and supplies allowances:
|
||||||||||||||||
PT
Freeport Indonesia
|
16,110
|
3,525
|
-
|
(2,641
|
)a
|
16,994
|
||||||||||
Atlantic
Copper
|
1,498
|
1,391
|
-
|
(2,750
|
)a
|
139
|
||||||||||
Reclamation
and mine
|
||||||||||||||||
shutdown
reserves:
|
||||||||||||||||
2006
|
||||||||||||||||
PT
Freeport Indonesia
|
26,463
|
3,135
|
428
|
b
|
-
|
30,026
|
||||||||||
Atlantic
Copper
|
153
|
44
|
-
|
20
|
217
|
|||||||||||
2005
|
||||||||||||||||
PT
Freeport Indonesia
|
22,010
|
2,709
|
1,744
|
b
|
-
|
26,463
|
||||||||||
Atlantic
Copper
|
838
|
113
|
-
|
(798
|
)c
|
153
|
||||||||||
2004
|
||||||||||||||||
PT
Freeport Indonesia
|
25,696
|
2,848
|
-
|
(6,534
|
)c
|
22,010
|
||||||||||
Atlantic
Copper
|
790
|
212
|
-
|
(164
|
)
|
838
|
||||||||||
Reserves
for non-income taxes:
|
||||||||||||||||
2006
|
||||||||||||||||
PT
Freeport Indonesia
|
18,154
|
6,668
|
-
|
(3,533
|
)d
|
21,289
|
||||||||||
Atlantic
Copper
|
949
|
-
|
-
|
110
|
1,059
|
|||||||||||
2005
|
||||||||||||||||
PT
Freeport Indonesia
|
17,815
|
4,500
|
-
|
(4,161
|
)d
|
18,154
|
||||||||||
Atlantic
Copper
|
1,095
|
-
|
-
|
(146
|
)
|
949
|
||||||||||
2004
|
||||||||||||||||
PT
Freeport Indonesia
|
17,978
|
3,856
|
-
|
(4,019
|
)d
|
17,815
|
||||||||||
Atlantic
Copper
|
1,022
|
-
|
-
|
73
|
1,095
|
|||||||||||
a. |
Primarily
represents write-offs of obsolete materials and supplies
inventories.
|
b. |
Represents
additional liabilities incurred.
|
c. |
Represents
impact of changes in reclamation and closure
estimates.
|
d. |
Represents
amounts paid or adjustments to reserves based on revised
estimates.
|
3.1
|
Amended
and Restated Certificate of Incorporation of Freeport-McMoRan Copper
&
Gold Inc. (FCX). Incorporated by reference to Exhibit 3.1 to the
Quarterly
Report on Form 10-Q of FCX for the quarter ended March 31, 2002 (the
FCX
2002 First Quarter Form 10-Q).
|
|
3.2
|
Certificate
of Amendment to Amended and Restated Certificate of Incorporation
of FCX.
Incorporated by reference to Exhibit 3.1 to the Quarterly Report
on Form
10-Q of FCX for the quarter ended March 31, 2003 (the FCX 2003 First
Quarter Form 10-Q).
|
|
3.3
|
Amended
and Restated By-Laws of FCX as amended, effective January 31, 2006.
Incorporated by reference to Exhibit 3.3 to the Current Report on
Form 8-K
of FCX dated January 31, 2006.
|
|
4.1
|
Certificate
of Designations of 5½% Convertible Perpetual Preferred Stock of FCX.
Incorporated by reference to Exhibit 4.1 to the Current Report on
Form 8-K
of FCX dated March 30, 2004 and filed March 31, 2004.
|
|
4.2
|
Amended
and Restated Credit Agreement dated as of July 25, 2006, by and among
FCX,
PT Freeport Indonesia, JPMorgan Chase Bank, N.A. as Administrative
Agent,
Issuing Bank, Security Agent, JAA Security Agent and Syndication
Agent,
Citibank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and
The Bank of Nova Scotia, as Co-Documentation Agents, U.S. Bank National
Association, as FI Trustee, J.P. Morgan Securities Inc., as Sole
Lead
Arranger and Sole Bookrunner, and the several financial institutions
that
are parties thereto. Incorporated by reference to Exhibit 10.1 to
the
Current Report on Form 8-K of FCX dated July 25, 2006 and filed July
26,
2006.
|
|
4.3
|
Senior
Indenture dated as of November 15, 1996, from FCX to The Chase Manhattan
Bank, as Trustee. Incorporated by reference to Exhibit 4.4 to the
Registration Statement on Form S-3 of FCX filed November 5, 2001
(the FCX
November 5, 2001 Form S-3).
|
|
4.4
|
First
Supplemental Indenture dated as of November 18, 1996, from FCX to
The
Chase Manhattan Bank, as Trustee, providing for the issuance of the
Senior
Notes and supplementing the Senior Indenture dated November 15, 1996,
from
FCX to such Trustee, providing for the issuance of the 7.50% Senior
Notes
due 2006 and the 7.20% Senior Notes due 2026. Incorporated by reference
to
Exhibit 4.5 to the FCX November 5, 2001 Form S-3.
|
|
4.5
|
Indenture
dated as of January 29, 2003, from FCX to The Bank of New York, as
Trustee, with respect to the 10⅛% Senior Notes due 2010. Incorporated by
reference to Exhibit 4.1 to the Current Report on Form 8-K of FCX
dated
February 6, 2003.
|
4.6
|
Indenture
dated as of February 11, 2003, from FCX to The Bank of New York,
as
Trustee, with respect to the 7% Convertible Senior Notes due 2011.
Incorporated by reference to Exhibit 4.1 to the Current Report on
Form 8-K
of FCX dated February 11, 2003 and filed February 25,
2003.
|
|
4.7
|
Indenture
dated as of February 3, 2004, from FCX to The Bank of New York, as
Trustee, with respect to the 6⅞% Senior Notes due 2014. Incorporated by
reference to Exhibit 4.12 to the Annual Report on Form 10-K of FCX
for the
fiscal year ended December 31, 2003 (the FCX 2003 Form
10-K).
|
|
4.8
|
Rights
Agreement dated as of May 3, 2000, between FCX and ChaseMellon Shareholder
Services, L.L.C., as Rights Agent. Incorporated by reference to Exhibit
4.26 to the Quarterly Report on Form 10-Q of FCX for the quarter
ended
March 31, 2000.
|
|
4.9
|
Amendment
No. 1 to Rights Agreement dated as of February 26, 2002, between
FCX and
Mellon Investor Services. Incorporated by reference to Exhibit 4.16
to the
FCX 2002 First Quarter Form 10-Q.
|
|
10.1
|
Contract
of Work dated December 30, 1991, between the Government of the Republic
of
Indonesia and PT Freeport Indonesia. Incorporated by reference to
Exhibit
10.1 to the FCX November 5, 2001 Form S-3.
|
|
10.2
|
Contract
of Work dated August 15, 1994, between the Government of the Republic
of
Indonesia and PT Irja Eastern Minerals Corporation. Incorporated
by
reference to Exhibit 10.2 to the FCX November 5, 2001 Form
S-3.
|
|
10.3
|
Participation
Agreement dated as of October 11, 1996, between PT Freeport Indonesia
and
P.T. RTZ-CRA Indonesia with respect to a certain contract of work.
Incorporated by reference to Exhibit 10.4 to the FCX November 5,
2001 Form
S-3.
|
|
10.4
|
Agreement
dated as of October 11, 1996, to Amend and Restate Trust Agreement
among
PT Freeport Indonesia, FCX, the RTZ Corporation PLC, P.T. RTZ-CRA
Indonesia, RTZ Indonesian Finance Limited and First Trust of New
York,
National Association, and The Chase Manhattan Bank, as Administrative
Agent, JAA Security Agent and Security Agent. Incorporated by reference
to
Exhibit 10.3 to the Current Report on Form 8-K of FCX dated November
13,
1996 and filed November 15, 1996.
|
|
10.5
|
Concentrate
Purchase and Sales Agreement dated effective December 11, 1996, between
PT
Freeport Indonesia and PT Smelting. Incorporated by reference to
Exhibit
10.3 to the FCX November 5, 2001 Form S-3.
|
|
10.6
|
Second
Amended and Restated Joint Venture and Shareholders’ Agreement dated as of
December 11, 1996, among Mitsubishi Materials Corporation, Nippon
Mining
and Metals Company, Limited and PT Freeport Indonesia. Incorporated
by
reference to Exhibit 10.5 to the FCX November 5, 2001 Form
S-3.
|
|
10.7
|
Settlement
Agreement dated December 17, 2004, between Underwriters Subscribing
to
Certain Policies Reinsuring the Original Policy, Freeport-McMoRan
Insurance Company Limited, FM Services Company (FMS) and FCX. Incorporated
by reference to Exhibit 10.7 to the Annual Report on Form 10-K of
FCX for
the fiscal year ended December 31, 2004 (the FCX 2004 Form
10-K).
|
|
Executive
Compensation Plans and Arrangements (Exhibits 10.8 through
10.58)
|
||
10.8
|
Annual
Incentive Plan of FCX as amended effective February 2, 1999. Incorporated
by reference to Exhibit 10.11 to the Annual Report on Form 10-K of
FCX for
the fiscal year ended December 31, 1998 (the FCX 1998 Form
10-K).
|
|
10.9
|
FCX
Performance Incentive Awards Program as amended effective February
2,
1999. Incorporated by reference to Exhibit 10.13 to the FCX 1998
Form
10-K.
|
|
10.10
|
FCX
President’s
Award Program. Incorporated by reference to Exhibit 10.7 to the FCX
November 5, 2001 Form S-3.
|
|
10.11
|
FCX
1995 Stock Option Plan, as amended and restated. Incorporated by
reference
to Exhibit 10.3 to the Current Report on Form 8-K of FCX dated May
2, 2006
(the FCX May 2, 2006 Form 8-K).
|
|
10.12
|
FCX
Amended and Restated 1999 Stock Incentive Plan, as amended and restated.
Incorporated by reference to Exhibit 10.2 to the FCX May 2, 2006
Form
8-K.
|
|
10.13
|
Form
of Notice of Grant of Nonqualified Stock Options under the 1999 Stock
Incentive Plan. Incorporated by reference to Exhibit 10.14 to the
FCX 2005
Second Quarter Form 10-Q.
|
10.14
|
Form
of Restricted Stock Unit Agreement under the 1999 Stock Incentive
Plan.
Incorporated by reference to Exhibit 10.15 to the FCX 2005 Second
Quarter
Form 10-Q.
|
|
10.15
|
Form
of Performance-Based Restricted Stock Unit Agreement under the 1999
Stock
Incentive Plan. Incorporated by reference to Exhibit 10.16 to the
FCX 2005
Second Quarter Form 10-Q.
|
|
10.16
|
FCX
1999 Long-Term Performance Incentive Plan. Incorporated by reference
to
Exhibit 10.19 to the Annual Report of FCX on Form 10-K for the year
ended
December 31, 1999 (the FCX 1999 Form 10-K).
|
|
10.17
|
FCX
Stock Appreciation Rights Plan dated May 2, 2000. Incorporated by
reference to Exhibit 10.20 to the Quarterly Report on Form 10-Q of
FCX for
the quarter ended June 30, 2001 (the FCX 2001 Second Quarter Form
10-Q).
|
|
10.18
|
FCX
2003 Stock Incentive Plan, as amended and restated. Incorporated
by
reference to Exhibit 10.1 to the FCX May 2, 2006 Form
8-K.
|
|
10.19
|
Form
of Notice of Grant of Nonqualified Stock Options under the 2003 Stock
Incentive Plan. Incorporated by reference to Exhibit 10.20 to the
FCX 2005
Second Quarter Form 10-Q.
|
|
10.20
|
Form
of Restricted Stock Unit Agreement under the 2003 Stock Incentive
Plan.
Incorporated by reference to Exhibit 10.21 to the FCX 2005 Second
Quarter
Form 10-Q.
|
|
10.21
|
Form
of Performance-Based Restricted Stock Unit Agreement under the 2003
Stock
Incentive Plan. Incorporated by reference to Exhibit 10.22 to the
FCX 2005
Second Quarter Form 10-Q.
|
|
10.22
|
FCX
1995 Stock Option Plan for Non-Employee Directors. Incorporated by
reference to Exhibit 10.23 to the FCX 2005 Second Quarter Form
10-Q.
|
|
10.23
|
FCX
2004 Director Compensation Plan. Incorporated by reference to Exhibit
10.24 to the FCX 2005 Second Quarter Form 10-Q.
|
|
10.24
|
Form
of Amendment No. 1 to Notice of Grant of Nonqualified Stock Options
and
Stock Appreciation Rights under the 2004 Director Compensation Plan.
Incorporated by reference to Exhibit 10.4 to the FCX May 2, 2006
Form
8-K.
|
|
10.25
|
FCX
2006 Stock Incentive Plan. Incorporated by reference to Exhibit 10.6
to
the FCX May 2, 2006 Form 8-K.
|
|
10.26
|
Form
of Notice of Grant of Nonqualified Stock Options under the 2006 Stock
Incentive Plan. Incorporated by reference to Exhibit 10.7 to the
FCX May
2, 2006 Form 8-K.
|
|
10.27
|
Form
of Restricted Stock Unit Agreement under the 2006 Stock Incentive
Plan.
Incorporated by reference to Exhibit 10.8 to the FCX May 2, 2006
Form
8-K.
|
|
10.28
|
Form
of Performance-Based Restricted Stock Unit Agreement under the 2006
Stock
Incentive Plan. Incorporated by reference to Exhibit 10.9 to the
FCX May
2, 2006 Form 8-K.
|
|
10.29
|
FCX
Director Compensation. Incorporated by reference to Exhibit 10.25
to the
FCX 2004 Form 10-K.
|
|
10.30
|
FCX
Supplemental Executive Retirement Plan dated February 26, 2004.
Incorporated by reference to Exhibit 10.26 to the FCX 2004 Form
10-K.
|
10.31
|
Amendment
No. 1 to FCX Supplemental Executive Retirement Plan. Incorporated
by
reference to Exhibit 10.1 to the Current Report on Form 8-K of FCX
dated
May 3, 2005.
|
|
10.32
|
FCX
2005 Annual Incentive Plan. Incorporated by reference to Exhibit
10.1 to
the Current Report on Form 8-K of FCX dated May 5,
2005.
|
|
10.33
|
FCX
Executive Services Program. Incorporated by reference to Exhibit
10.5 to
the FCX May 2, 2006 Form 8-K.
|
|
10.34
|
FM
Services Company Performance Incentive Awards Program as amended
effective
February 2, 1999. Incorporated by reference to Exhibit 10.19 to the
FCX
1998 Form 10-K.
|
|
10.35
|
Consulting
Agreement dated as of December 22, 1988, with Kissinger Associates,
Inc.
(Kissinger Associates). Incorporated by reference to Exhibit 10.21
to the
Annual Report on Form 10-K of FCX for the fiscal year ended December
31,
1997 (the FCX 1997 Form 10-K).
|
|
10.36
|
Letter
Agreement dated May 1, 1989, with Kent Associates, Inc. (Kent Associates,
predecessor in interest to Kissinger Associates). Incorporated by
reference to Exhibit 10.22 to the FCX 1997 Form 10-K.
|
|
10.37
|
Letter
Agreement dated January 27, 1997, among Kissinger Associates, Kent
Associates, FCX, Freeport-McMoRan Inc., and FMS. Incorporated by
reference
to Exhibit 10.26 to the Annual Report on Form 10-K of FCX for the
fiscal
year ended December 31, 2001 (the FCX 2001 Form 10-K).
|
|
10.38
|
Supplemental
Consulting Agreement with Kissinger Associates and Kent Associates,
effective as of January 1, 2007. Incorporated by reference to Exhibit
10.38 to the Quarterly Report on Form 10-Q of FCX for the quarter
ended
September 30, 2006 (the FCX 2006 Third Quarter Form
10-Q).
|
|
10.39
|
Agreement
for Consulting Services between FTX and B. M. Rankin, Jr. effective
as of
January 1, 1990 (assigned to FMS as of January 1, 1996). Incorporated
by
reference to Exhibit 10.24 to the FCX 1997 Form 10-K.
|
|
10.40
|
Supplemental
Agreement between FMS and B. M. Rankin, Jr. dated December 15, 1997.
Incorporated by reference to Exhibit 10.25 to the FCX 1997 Form
10-K.
|
|
Supplemental
Letter Agreement between FMS and B. M. Rankin, Jr., effective as
of
January 1, 2007.
|
||
10.42
|
Letter
Agreement effective as of January 7, 1997, between Senator J. Bennett
Johnston, Jr. and FMS. Incorporated by reference to Exhibit 10.31
to the
FCX 2001 Form 10-K.
|
|
10.43
|
Supplemental
Letter Agreement dated July 14, 2003, between J. Bennett Johnston,
Jr. and
FMS. Incorporated by reference to Exhibit 10.28 to the Quarterly
Report on
Form 10-Q of FCX for the quarter ended June 30, 2003.
|
|
10.44
|
Supplemental
Letter Agreement between FMS and J. Bennett Johnston, Jr., dated
January
18, 2005. Incorporated by reference to Exhibit 10.40 to the FCX 2004
Form
10-K.
|
|
10.45
|
Supplemental
Consulting Agreement between FMS and J. Bennett Johnston, Jr., effective
as of January 1, 2007. Incorporated by reference to Exhibit 10.45
to the
FCX 2006 Third Quarter Form 10-Q.
|
|
10.46
|
Letter
Agreement dated November 1, 1999, between FMS and Gabrielle K. McDonald.
Incorporated by reference to Exhibit 10.33 to the FCX 1999 Form
10-K.
|
10.47
|
Supplemental
Letter Agreement, between FMS and Gabrielle K. McDonald, effective
as of
January 1, 2007. Incorporated by reference to Exhibit 10.47 to the
FCX
2006 Third Quarter Form 10-Q.
|
|
10.48
|
Executive
Employment Agreement dated April 30, 2001, between FCX and James
R.
Moffett. Incorporated by reference to Exhibit 10.35 to the FCX 2001
Second
Quarter Form 10-Q.
|
|
10.49
|
Executive
Employment Agreement dated April 30, 2001, between FCX and Richard
C.
Adkerson. Incorporated by reference to Exhibit 10.36 to the FCX 2001
Second Quarter Form 10-Q.
|
|
10.50
|
Change
of Control Agreement dated April 30, 2001, between FCX and James
R.
Moffett. Incorporated by reference to Exhibit 10.37 to the FCX 2001
Second
Quarter Form 10-Q.
|
|
10.51
|
Change
of Control Agreement dated April 30, 2001, between FCX and Richard
C.
Adkerson. Incorporated by reference to Exhibit 10.38 to the FCX 2001
Second Quarter Form 10-Q.
|
|
10.52
|
First
Amendment to Executive Employment Agreement dated December 10, 2003,
between FCX and James R. Moffett. Incorporated by reference to Exhibit
10.36 to the FCX 2003 Form 10-K.
|
|
10.53
|
First
Amendment to Executive Employment Agreement dated December 10, 2003,
between FCX and Richard C. Adkerson. Incorporated by reference to
Exhibit
10.37 to the FCX 2003 Form 10-K.
|
|
10.54
|
First
Amendment to Change of Control Agreement dated December 10, 2003,
between
FCX and James R. Moffett. Incorporated by reference to Exhibit 10.38
to
the FCX 2003 Form 10-K.
|
|
10.55
|
First
Amendment to Change of Control Agreement dated December 10, 2003,
between
FCX and Richard C. Adkerson. Incorporated by reference to Exhibit
10.39 to
the FCX 2003 Form 10-K.
|
|
10.56
|
Change
of Control Agreement dated February 3, 2004, between FCX and Michael
J.
Arnold. Incorporated by reference to Exhibit 10.40 to the FCX 2003
Form
10-K.
|
|
10.57
|
Change
of Control Agreement dated February 3, 2004, between FCX and Mark
J.
Johnson. Incorporated by reference to Exhibit 10.41 to the FCX 2003
Form
10-K.
|
|
10.58
|
Change
of Control Agreement dated February 3, 2004, between FCX and Kathleen
L.
Quirk. Incorporated by reference to Exhibit 10.42 to the FCX 2003
Form
10-K.
|
|
FCX
Computation of Ratio of Earnings to Fixed Charges.
|
||
Those
portions of the 2006 Annual Report to stockholders of FCX that are
incorporated herein by reference.
|
||
14.1
|
Ethics
and Business Conduct Policy. Incorporated by reference to Exhibit
14.1 to
the FCX 2003 Form 10-K.
|
|
Subsidiaries
of FCX.
|
||
Consent
of Ernst & Young LLP.
|
||
Consent
of Independent Mining Consultants, Inc.
|
||
Certified
resolution of the Board of Directors of FCX authorizing this report
to be
signe |