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NEWS RELEASE FREEPORT FOREMOST IN COPPER fcx.com | NYSE : FCX ■ ADDRESS : 333 North Central Avenue Phoenix , AZ 85004 ■ FINANCIAL CONTACTS : Kathleen L. Quirk ( 602 ) 366-8016 David P. Joint ( 504 ) 582-4203 MEDIA CONTACT : Linda S. Hayes ( 602 ) 366-7824 Freeport - McMoRan Reports First - Quarter 2021 Results ▪ Net income attributable to common stock in first - quarter 2021 totaled $ 718 million , $ 0.48 per share , and adjusted net income attributable to common stock totaled $ 756 million , or $ 0.51 per share , after adjusting for net charges totaling $ 38 million , $ 0.03 per share . Solid execution of operating plans Production volumes and costs in line with targets Ramp - up of Grasberg underground mines advancing on schedule Strong financial results and cash flow generation Favorable operational and market outlook ▪ Consolidated sales totaled 825 million pounds of copper , 258 thousand ounces of gold and 21 million pounds of molybdenum in first - quarter 2021. Consolidated sales for the year 2021 are expected to approximate 3.85 billion pounds of copper , 1.3 million ounces of gold and 85 million pounds of molybdenum , including 975 million pounds of copper , 330 thousand ounces of gold and 21 million pounds of molybdenum in second - quarter 2021 . Average realized prices in first - quarter 2021 were $ 3.94 per pound for copper , $ 1,713 per ounce for gold and $ 11.62 per pound for molybdenum . Average unit net cash costs in first - quarter 2021 were $ 1.39 per pound of copper and are expected to average $ 1.33 per pound of copper for the year 2021 . Operating cash flows totaled $ 1.1 billion ( net of $ 0.3 billion of working capital and other uses ) in first quarter 2021. Based on current sales volume and cost estimates , and assuming average prices of $ 4.00 per pound for copper , $ 1,750 per ounce for gold and $ 11.00 per pound for molybdenum for the remainder of 2021 , operating cash flows are expected to approximate $ 6.5 billion ( net of $ 0.1 billion of working capital and other uses ) for the year 2021 . Capital expenditures totaled $ 0.4 billion ( including approximately $ 0.3 billion for major projects ) in first - quarter 2021. Capital expenditures for the year 2021 , excluding Indonesia smelter expenditures , are expected to approximate $ 2.3 billion , including $ 1.4 billion for major projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia . At March 31 , 2021 , consolidated debt totaled $ 9.8 billion and consolidated cash totaled $ 4.6 billion . FCX had no borrowings and $ 3.5 billion available under its revolving credit facility at March 31 , 2021 . In February 2021 , FCX's Board of Directors ( Board ) adopted a financial policy aligned with strategic objectives of maintaining a strong balance sheet , increasing cash returns to shareholders and advancing opportunities for future growth . F - V FREEPORT - MCMORAN FCX added two new independent directors in April 2021 , David P. Abney , retired Chairman and Chief Executive Officer of United Parcel Service , Inc. , and Robert W. " Bob " Dudley , retired Group Chief Executive of BP , p.l.c. 1