Freeport-McMoRan (FCX) 10-Q 7 May 10 2010 Q1 Quarterly report Financial data

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Millions	Mar. 31, 2010		Dec. 31, 2009
Current assets:
Cash and cash equivalents	$3,752	[1]	$2,656	[1]
Trade accounts receivable	1,498	[1]	1,517	[1]
Other accounts receivable	235	[1]	286	[1]
Inventories:
Product	1,171	[1]	1,110	[1]
Materials and supplies, net	1,068	[1]	1,093	[1]
Mill and leach stockpiles	732	[1]	667	[1]
Other current assets	110	[1]	104	[1]
Total current assets	8,566	[1]	7,433	[1]
Property, plant, equipment and development costs, net	16,175	[1]	16,195	[1]
Long-term mill and leach stockpiles	1,320	[1]	1,321	[1]
Intangible assets, net	336	[1]	347	[1]
Other assets	716	[1]	700	[1]
Total assets	27,113	[1]	25,996	[1]
Current liabilities:
Accounts payable and accrued liabilities	2,133	[1]	2,038	[1]
Current portion of long-term debt and short-term borrowings	1,017	[1]	16	[1]
Accrued income taxes	815	[1]	474	[1]
Current portion of reclamation and environmental obligations	169	[1]	214	[1]
Dividends payable	98	[1]	99	[1]
Rio Tinto share of joint venture cash flows	75	[1]	161	[1]
Total current liabilities	4,307	[1]	3,002	[1]
Long-term debt, less current portion	5,048	[1]	6,330	[1]
Deferred income taxes	2,513	[1]	2,503	[1]
Reclamation and environmental obligations, less current portion	2,015	[1]	1,981	[1]
Other liabilities	1,397	[1]	1,423	[1]
Total liabilities	15,280	[1]	15,239	[1]
FCX stockholders' equity:
6.75% Mandatory Convertible Preferred Stock	2,829	[1]	2,875	[1]
Common stock	55	[1]	55	[1]
Capital in excess of par value	15,783	[1]	15,680	[1]
Accumulated deficit	(4,973)	[1]	(5,805)	[1]
Accumulated other comprehensive loss	(270)	[1]	(273)	[1]
Common stock held in treasury	(3,432)	[1]	(3,413)	[1]
Total FCX stockholders' equity	9,992	[1]	9,119	[1]
Noncontrolling interests	1,841	[1]	1,638	[1]
Total equity	11,833	[1]	10,757	[1]
Total liabilities and equity	$27,113	[1]	$25,996	[1]
[1]Unaudited

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Millions, except Per Share data	3 Months Ended Mar. 31, 2010		3 Months Ended Mar. 31, 2009
Income Statement [Abstract]
Revenues	$4,363	[1]	$2,602	[1]
Cost of sales:
Production and delivery	1,918	[1]	1,562	[1]
Depreciation, depletion and amortization	271	[1]	232	[1]
Lower of cost or market inventory adjustments	0	[1]	19	[1]
Total cost of sales	2,189	[1]	1,813	[1]
Selling, general and administrative expenses	95	[1]	62	[1]
Exploration and research expenses	31	[1]	30	[1]
Restructuring and other charges	0	[1]	25	[1]
Total costs and expenses	2,315	[1]	1,930	[1]
Operating income	2,048	[1]	672	[1]
Interest expense, net	(145)	[1]	(131)	[1]
Losses on early extinguishment of debt	(27)	[1]	0	[1]
Other income (expense), net	12	[1]	(14)	[1]
Income before income taxes and equity in affiliated companies' net earnings	1,888	[1]	527	[1]
Provision for income taxes	(678)	[1]	(331)	[1]
Equity in affiliated companies' net earnings	5	[1]	11	[1]
Net income	1,215	[1]	207	[1]
Net income attributable to noncontrolling interests	(270)	[1]	(104)	[1]
Preferred dividends	(48)	[1]	(60)	[1]
Net income attributable to FCX common stockholders	$897	[1]	$43	[1]
Net income per share attributable to FCX common stockholders:
Basic (in dollars per share)	2.08	[1]	0.11	[1]
Diluted (in dollars per share)	$2	[1]	0.11	[1]
Weighted-average common shares outstanding:
Basic (in shares)	431	[1]	400	[1]
Diluted (in shares)	473	[1]	401	[1]
Dividends declared per share of common stock (in dollars per share)	0.15	[1]	$0	[1]
[1]Unaudited

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Millions	3 Months Ended Mar. 31, 2010		3 Months Ended Mar. 31, 2009
Cash flow from operating activities:
Net income	$1,215	[1]	$207	[1]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	271	[1]	232	[1]
Lower of cost or market inventory adjustments	0	[1]	19	[1]
Stock-based compensation	47	[1]	33	[1]
Charges for reclamation and environmental obligations, including accretion	39	[1]	67	[1]
Payments of reclamation and environmental obligations	(68)	[1]	(24)	[1]
Losses on early extinguishment of debt	27	[1]	0	[1]
Deferred income taxes	7	[1]	73	[1]
Amortization of intangible assets/liabilities and other, net	0	[1]	30	[1]
(Increases) decreases in working capital:
Accounts receivable	33	[1]	(455)	[1]
Inventories, and mill and leach stockpiles	(113)	[1]	(35)	[1]
Other current assets	(2)	[1]	77	[1]
Accounts payable and accrued liabilities	(17)	[1]	(731)	[1]
Accrued income and other taxes	379	[1]	249	[1]
Net cash provided by (used in) operating activities	1,818	[1]	(258)	[1]
Capital expenditures:
North America copper mines	(19)	[1]	(72)	[1]
South America	(48)	[1]	(74)	[1]
Indonesia	(98)	[1]	(55)	[1]
Africa	(39)	[1]	(251)	[1]
Other	(27)	[1]	(67)	[1]
Proceeds from the sale of assets and other, net	2	[1]	3	[1]
Net cash used in investing activities	(229)	[1]	(516)	[1]
Cash flow from financing activities:
Net proceeds from sale of common stock	0	[1]	740	[1]
Proceeds from debt	21	[1]	101	[1]
Repayments of revolving credit facility and other debt	(326)	[1]	(225)	[1]
Cash dividends and distributions paid:
Common stock	(66)	[1]	0	[1]
Preferred stock	(49)	[1]	(60)	[1]
Noncontrolling interests	(75)	[1]	0	[1]
Contributions from noncontrolling interests	8	[1]	0	[1]
Net payments for stock-based awards	(10)	[1]	(7)	[1]
Excess tax benefit from stock-based awards	4	[1]	0	[1]
Other	0	[1]	(3)	[1]
Net cash (used in) provided by financing activities	(493)	[1]	546	[1]
Net increase (decrease) in cash and cash equivalents	1,096	[1]	(228)	[1]
Cash and cash equivalents at beginning of year	2,656	[1]	872	[1]
Cash and cash equivalents at end of period	$3,752	[1]	$644	[1]
[1]Unaudited

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD $)

In Millions

Mandatory Convertible Preferred Stock [Member]

Common Stock [Member]

Capital in Excess of Par Value [Member]

Accumulated Deficit [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Common Stock Held in Treasury [Member]

Total FCX stockholders' equity [Member]

Noncontrolling Interests [Member]

Total

Beginning Balance (in shares) at Dec. 31, 2009

29

[1]

552

[1]

122

[1]

Beginning Balance at Dec. 31, 2009

$2,875

[1]

$55

[1]

$15,680

[1]

($5,805)

[1]

($273)

[1]

($3,413)

[1]

$9,119

[1]

$1,638

[1]

$10,757

[1]

Conversions of 6.75% Mandatory Convertible Preferred Stock

(46)

[1]

46

[1]

Conversions of 6.75% Mandatory Convertible Preferred Stock (in shares)

(1)

[1]

Exercised and issued stock-based awards

9

[1]

9

[1]

9

[1]

Excercised and issued stock-based awards (in shares)

1

[1]

Stock-based compensation

47

[1]

47

[1]

47

[1]

Tax benefit for stock-based awards

1

[1]

1

[1]

1

[1]

Tender of shares for stock-based awards

(19)

[1]

(19)

[1]

(19)

[1]

Dividends on common stock

(65)

[1]

(65)

[1]

(65)

[1]

Dividends on preferred stock

(48)

[1]

(48)

[1]

(48)

[1]

Distributions to noncontrolling interests

(75)

[1]

(75)

[1]

Contributions from noncontrolling interests

8

[1]

8

[1]

Comprehensive income:

Net income

945

[1]

945

[1]

270

[1]

1,215

[1]

Amortization of unrecognized amounts

3

[1]

3

[1]

3

[1]

Other comprehensive income

3

[1]

3

[1]

3

[1]

Total comprehensive income

948

[1]

270

[1]

1,218

[1]

Ending Balance at Mar. 31, 2010

$2,829

[1]

$55

[1]

$15,783

[1]

($4,973)

[1]

($270)

[1]

($3,432)

[1]

$9,992

[1]

$1,841

[1]

$11,833

[1]

Ending Balance (in shares) at Mar. 31, 2010

28

[1]

553

[1]

122

[1]

[1]Unaudited

GENERAL INFORMATION

GENERAL INFORMATION
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
General Information [Text Block]	1. GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Copper Gold Inc.s (FCX) consolidated financial statements and notes contained in its 2009 Annual Report on Form 10-K. The information furnished herein reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2010, are not necessarily indicative of the results that may be expected for the year ending December 31, 2010.	[1]
[1]Unaudited

EARNINGS PER SHARE

EARNINGS PER SHARE
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
EARNINGS PER SHARE	2. EARNINGS PER SHARE FCXs basic net income per share of common stock was calculated by dividing net income attributable to common stock by the weighted-average shares of common stock outstanding during the period. Following is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in millions, except per share amounts): Three Months Ended March 31, 2010 2009 Net income $ 1,215 $ 207 Net income attributable to noncontrolling interests (270 ) (104 ) Preferred dividends (48 ) (60 ) Net income attributable to FCX common stockholders 897 43 Plus income impact of assumed conversion of: 6% Mandatory Convertible Preferred Stock 48 a 5% Convertible Perpetual Preferred Stockb c Diluted net income attributable to FCX common stockholders $ 945 $ 43 Weighted-average shares of common stock outstanding 431 400 Add stock issuable upon conversion, exercise or vesting of: 6% Mandatory Convertible Preferred Stockd 39 a 5% Convertible Perpetual Preferred Stockb c Dilutive stock options 2 e Restricted stock 1 1 Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share 473 401 Diluted net income per share attributable to FCX common stockholders $ 2.00 $ 0.11 a. Preferred dividends of $48 million and additional shares of common stock of approximately 39 million shares for the 6% Mandatory Convertible Preferred Stock were excluded for the three months ended March31,2009, because they were anti-dilutive. b. In September 2009, FCX called for the redemption of the remaining outstanding shares of its 5% Convertible Perpetual Preferred Stock. c. Preferred dividends of $12 million and additional shares of common stock of approximately 18 million shares for the 5% Convertible Perpetual Preferred Stock were excluded for the three months ended March31,2009, because they were anti-dilutive. d. Preferred stock will automatically convert on May 1, 2010, into between approximately 39 million and 47million shares of FCX common stock at a conversion rate that will be determined based on FCXs common stock price. Prior to May 1, 2010, holders may convert at a conversion rate of 1.3716 into approximately 39 million shares of common stock. e. Potential additional shares of common stock of approximately three million were anti-dilutive. FCXs convertible instruments are excluded from the computation of diluted net income per share of common stock when including the assumed conversion of these instruments results in an anti-dilutive effect on earnings per share (see footnotes a and c above).	[1]
[1]Unaudited

PENSION AND POSTRETIREMENT BENE

PENSION AND POSTRETIREMENT BENEFITS
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
PENSION AND POSTRETIREMENT BENEFITS	3. PENSION AND POSTRETIREMENT BENEFITS The components of net periodic benefit cost for pension and postretirement benefits follow (in millions): Three Months Ended March 31, 2010 2009 Service cost $ 10 $ 9 Interest cost 27 27 Expected return on plan assets (23 ) (20 ) Amortization of net actuarial loss 5 8 Curtailments (4 ) Special retirement benefits (5 ) Net periodic benefit costs $ 19 $ 15 Net periodic benefit costs increased by $4 million in first-quarter 2010 mainly as a result of the absence of the first-quarter 2009 gains on special retirement benefits and curtailments ($9 million) caused by the workforce reductions in connection with the fourth-quarter 2008 and first-quarter 2009 revised mine operating plans.	[1]
[1]Unaudited

INVENTORIES AND MILL AND LEACH

INVENTORIES AND MILL AND LEACH STOCKPILES
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
INVENTORIES, AND MILL AND LEACH STOCKPILES	4. INVENTORIES, AND MILL AND LEACH STOCKPILES The components of inventories follow (in millions): March 31, December 31, 2010 2009 Mining Operations: Raw materials $ 1 $ 1 Work-in-process 102 108 Finished goodsa 564 588 Atlantic Copper, S.A. (Atlantic Copper): Raw materials (concentrates) 257 171 Work-in-process 234 227 Finished goods 13 15 Total product inventories 1,171 1,110 Total materials and supplies, netb 1,068 1,093 Total inventories $ 2,239 $ 2,203 a. Primarily includes copper concentrates, anodes, cathodes and rod, and molybdenum. b. Materials and supplies inventory is net of obsolescence reserves totaling $21 million at March 31, 2010, and December 31, 2009. A summary of mill and leach stockpiles follows (in millions): March 31, December 31, 2010 2009 Current: Mill stockpiles $ 62 $ 46 Leach stockpiles 670 621 Total current mill and leach stockpiles $ 732 $ 667 Long-terma: Mill stockpiles $ 442 $ 442 Leach stockpiles 878 879 Total long-term mill and leach stockpiles $ 1,320 $ 1,321 a. Metals in stockpiles not expected to be recovered within the next 12 months. FCX recorded charges for lower of cost or market (LCM) molybdenum inventory adjustments of $19 million ($19million to net income attributable to FCX common stockholders or $0.05 per diluted share) during first-quarter 2009 resulting from lower molybdenum prices.	[1]
[1]Unaudited

INCOME TAXES

INCOME TAXES
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
INCOME TAXES	5. INCOME TAXES FCXs first-quarter 2010 income tax provision resulted from taxes on international operations ($597 million) and U.S. operations ($81 million). The difference between FCXs consolidated effective income tax rate of 36 percent and the U.S. federal statutory rate of 35 percent was primarily attributable to the proportion of income earned in Indonesia, which was taxed at an effective tax rate of 43 percent. FCXs first-quarter 2009 income tax provision resulted from taxes on international operations ($330 million) and U.S. operations ($1 million). During first-quarter 2009, FCX did not record a tax benefit for losses generated in the U.S., and those losses could not be used to offset income generated from international operations. These factors, combined with the high proportion of income earned in Indonesia taxed at an effective tax rate of 42percent, caused FCXs consolidated effective income tax rate of 63 percent to be substantially higher than the U.S. federal statutory rate of 35 percent.	[1]
[1]Unaudited

DEBT AND EQUITY TRANSACTIONS

DEBT AND EQUITY TRANSACTIONS
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
DEBT AND EQUITY TRANSACTIONS	6. DEBT AND EQUITY TRANSACTIONS During the first quarter of 2010, FCX purchased in the open market $133 million of its 8.25% Senior Notes for $145 million and $136 million of its 8.375% Senior Notes for $148million. These open-market purchases resulted in losses on early extinguishment of debt totaling $27million ($23 million to net income attributable to FCX common stockholders or $0.05 per diluted share). Consolidated interest expense (before capitalization) totaled $151 million in first-quarter 2010 and $176 million in first-quarter 2009. Capitalized interest totaled $6 million in first-quarter 2010 and $45 million in first-quarter 2009. Lower capitalized interest in the 2010 period primarily reflects the completion of development activities for the initial project at FCXs Tenke Fungurume mine. During the first quarter of 2010, holders of FCXs 6% Mandatory Convertible Preferred Stock elected to convert 457,890 preferred shares into 628,039 shares of FCX common stock (conversion rate equal to 1.3716 shares of FCX common stock). In May 2000, FCXs Board of Directors (Board) adopted a shareholder rights plan. Under the rights plan, each share of outstanding common stock includes a purchase right that would become exercisable if a third party acquires (or announces it will acquire) 20 percent or more of FCXs outstanding common stock without the approval of FCXs Board. If such acquisition occurs, each purchase right (other than rights held by the third party) would entitle its holder to purchase FCXs securities at a substantial discount. In February 2010, FCXs Board adopted a resolution to allow the shareholder rights plan to expire in accordance with its terms on May 16, 2010. Refer to Note 10 for further discussion of debt and equity transactions.	[1]
[1]Unaudited

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
FINANCIAL INSTRUMENTS	7. FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation or if it anticipates a future activity that is likely to occur and will result in exposure to market risks and FCX intends to offset or mitigate such risks. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price, foreign currency and interest rate risks. The fair values of FCXs derivative financial instruments are based on widely published market prices. A summary of unrealized gains recognized in income before income taxes and equity in affiliated companies net earnings for derivative financial instruments that are designated and qualify as fair value hedge transactions, along with the unrealized losses on the related hedged item (firm sales commitments) follows (in millions): Three Months Ended March 31, 2010 2009 Hedged Hedged Derivative Item Derivative Item Commodity contracts: Freeport-McMoRan Corporations (FMC) copper futures and swap contractsa $ 2 $ (2 ) $ 5 $ (5 ) a. Amounts are recorded in revenues. FCX realized gains, which are recorded in revenues, of $10 million during first-quarter 2010 and $3 million during first-quarter 2009 from matured derivative financial instruments that qualified for hedge accounting. A summary of the realized and unrealized gains (losses) recognized in income before income taxes and equity in affiliated companies net earnings for derivative financial instruments, including embedded derivatives, which do not qualify as hedge transactions follows (in millions): Three Months Ended March 31, 2010 2009 Commodity contracts: Embedded derivatives in provisional sales contractsa $ 131 $ 313 Embedded derivatives in provisional purchase contractsb (2 ) 1 Atlantic Coppers copper forward contractsb 1 4 FMCs copper futures and swap contractsa 32 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. A summary of the fair values of unsettled derivative financial instruments recorded on the consolidated balance sheet follows (in millions): March 31, December 31, 2010 2009 Derivatives designated as hedging instruments Commodity contracts: FMCs copper futures and swap contracts: Asset positiona $ 13 $ 11 Derivatives not designated as hedging instruments Commodity contracts: Embedded derivatives in provisional sales/purchases contracts:b Asset position $ 175 $ 235 Liability position (89 ) (70 ) Atlantic Coppers copper forward contracts: Asset positiona 1 1 Liability positionc (1 ) FMCs copper futures and swap contracts:	[1]
[1]Unaudited

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
FAIR VALUE MEASUREMENT	8. FAIR VALUE MEASUREMENT Fair value accounting guidance includes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). A summary of FCXs financial assets and liabilities measured at fair value on a recurring basis (in millions): Fair Value at March 31, 2010 Total Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 2,151 $ 2,151 $ $ Time deposits 1,521 1,521 Certificates of deposit 13 13 Total cash equivalents 3,685 3,685 Trust assets (current and long-term):a U.S. core fixed income fund 40 40 Government mortgage-backed securities 31 31 Asset-backed securities 22 22 Corporate bonds 22 22 Money market funds 20 20 Government bonds and notes 12 12 Total trust assets 147 20 127 Available-for-sale securities:b Time deposits 49 49 Money market funds 10 10 Equity securities 5 5 Corporate bonds 4 4 Total available-for-sale securities 68 64 4 Derivatives: Embedded derivatives in provisional sales 175 175 Copper futures and swap contracts 14 14 Copper forward contracts 1 1 Total derivatives 190 190 Total assets $ 4,090 $ 3,959 $ 131 $ Liabilities Derivatives: Embedded derivatives in provisional purchases $ (89 ) $ (89 ) $ $ Copper forward contracts (1 ) (1 ) Total derivative liabilities $ (90 ) $ (90 ) $ $ a. At the end of first-quarter 2010, FCX reevaluated its level determinations and transferred $127 million from Level1 to Level 2. b. At the end of first-quarter 2010, FCX reevalu	[1]
[1]Unaudited

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
NEW ACCOUNTING STANDARDS	9. NEW ACCOUNTING STANDARDS Fair Value Measurements and Disclosures (Topic 820), Improving Disclosures about Fair Value Measurements. In January 2010, the Financial Accounting Standards Board (FASB) issued accounting guidance intended to improve disclosures related to fair value measurements. This guidance requires significant transfers in and out of Level 1 and Level 2 fair value measurements to be disclosed separately along with the reasons for the transfers. Additionally, in the reconciliation for the fair value measurements using significant unobservable inputs (Level 3), separate information about purchases, sales, issuances and settlements must be presented (cannot net as one number). This guidance also provides clarification for existing disclosures on (i) level of disaggregation and (ii)inputs and valuation techniques. In addition, this guidance includes conforming amendments for employers disclosure of postretirement benefit plan assets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements. Those disclosures are required for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years.	[1]
[1]Unaudited

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS On March 2, 2010, FCX announced its intent to redeem all of its $1 billion of outstanding Senior Floating Rates Notes due 2015 on April 1, 2010, which was reflected as current liabilities as of March 31, 2010. Holders received 101 percent of the principal amount together with accrued and unpaid interest. FCX expects to record an approximate $22 million loss on early extinguishment of debt in the second quarter of 2010 in connection with this redemption. From April 1, 2010, through May 6, 2010, FCX made open-market purchases of $51 million of its 8.25% Senior Notes for $55 million, which are in addition to the purchases discussed in Note 6. FCX expects to record an approximate $5 million loss on early extinguishment of debt in second-quarter 2010 in connection with these open-market purchases. During April 2010, holders of FCXs 6% Mandatory Convertible Preferred Stock elected to convert 787,158 preferred shares into 1,079,615 shares of FCX common stock (conversion rate equal to 1.3716 shares of FCX common stock). On May 1, 2010, the remaining 28 million shares of FCXs 6% Mandatory Convertible Preferred Stock were automatically converted into 38 million shares of FCX common stock (conversion rate equal to 1.3716 shares of FCX common stock). In April 2010, the Board authorized an increase in the cash dividend on common stock from an annual rate of $0.60 per share to $1.20 per share ($0.30 per share quarterly), with the first quarterly dividend expected to be paid on August 1, 2010. FCX evaluated events after March 31, 2010, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.	[1]
[1]Unaudited

BUSINESS SEGMENTS

BUSINESS SEGMENTS
	3 Months Ended Mar. 31, 2010
Notes To Financial Statements [Abstract]
BUSINESS SEGMENTS	11. BUSINESS SEGMENTS FCX has organized its operations into five primary divisions North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum operations. Notwithstanding this structure, FCX internally reports information on a mine-by-mine basis. Therefore, FCX concluded that its operating segments include individual mines. Operating segments that meet certain thresholds are reportable segments. Further discussion of the reportable segments included in FCXs primary operating divisions, as well as FCXs other reportable segments Rod Refining and Atlantic Copper Smelting Refining follows. North America Copper Mines.FCX has six operating copper mines in North America Morenci, Sierrita, Bagdad, Safford and Miami in Arizona, and Tyrone in New Mexico. The North America copper mines include open-pit mining, sulfide ore concentrating, leaching, and solution extraction and electrowinning (SX/EW) operations. A majority of the copper produced at the North America copper mines is cast into copper rod by FCXs Rod Refining operations. The North America copper mines include the Morenci copper mine as a reportable segment. Morenci. The Morenci open-pit mine, located in southeastern Arizona, primarily produces copper cathodes. FCX owns an 85 percent undivided interest in Morenci through an unincorporated joint venture. The Morenci mine produces approximately 40 percent of FCXs North America copper. Other Mines. Other mines include FCXs other operating southwestern U.S. copper mines Sierrita, Bagdad, Safford, Miami and Tyrone and its southwestern U.S. copper mines that are currently on care-and-maintenance status. In addition to copper, the Sierrita and Bagdad mines produce molybdenum concentrates as a by-product. South America.South America mining includes four operating copper mines Cerro Verde in Peru, and Candelaria, Ojos del Salado and El Abra in Chile. These operations include open-pit and underground mining, sulfide ore concentrating, leaching and SX/EW operations. South America mining includes the Cerro Verde copper mine as a reportable segment. Cerro Verde. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathodes and copper concentrates. In addition to copper, the Cerro Verde mine produces molybdenum concentrates as a by-product. FCX owns a 53.56 percent interest in Cerro Verde. The Cerro Verde mine produces approximately 50 percent of FCXs South America copper. Other Mines. Other mines include FCXs Chilean copper mines Candelaria, Ojos del Salado and El Abra. In addition to copper, the Candelaria and Ojos del Salado mines produce gold and silver as by-products. FCX owns an 80 percent interest in both the Candelaria and Ojos del Salado mines, and owns a 51 percent interest in the ElAbra mine. Indonesia.Indonesia mining includes PT Freeport Indonesias Grasberg minerals district. PT Freeport Indonesia produces copper concentrates, which contain significant quantities of gold and silver. FCX owns 90.64 percent of PT Freeport Indonesia, including 9.36 percent owned through PT Indocopper Investama. In 1996, FCX established an unincorporated joint venture	[1]
[1]Unaudited

Document Information

Document Information
	3 Months Ended Mar. 31, 2010
Document Information [Text Block]
Document Type	10-Q
Document Period End Date	2010-03-31
Amendment Flag	false

Entity Information

Entity Information (USD $)
	3 Months Ended Mar. 31, 2010	Apr. 30, 2010	Feb. 12, 2010
Entity [Text Block]
Entity Registrant Name	FREEPORT MCMORAN COPPER & GOLD INC
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$31,400,000,000
Entity Common Stock, Shares Outstanding		432,647,792
Document Fiscal Year Focus	2,010
Document Fiscal Period Focus	Q1