SMCV-VAC-119-2022

Arequipa, 08 de agosto de 2022

Señores

Superintendencia del Mercado de Valores

Presente.-

Referencia: HECHO DE IMPORTANCIA

De nuestra mayor consideración:

Sociedad Minera Cerro Verde S.A.A., de conformidad con lo dispuesto por el artículo 28° de la Ley del Mercado de Valores y el artículo 9° del Reglamento de Hechos de Importancia e Información Reservada, aprobado por Resolución SMV No. 005-2014-SMV/01, informamos en calidad de Hecho de Importancia, la versión en inglés del reporte titulado "FORM 10-Q /

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934, For the quarterly period ended June 30, 2022", difundido por Freeport-McMoRanInc.,

casa matriz del Grupo Económico al que pertenece la Sociedad.

Atentamente,

Patricia Quiroz Pacheco

Representante Bursátil

SOCIEDAD MINERA CERRO VERDE S.A.A.

Firmado Digitalmente por:

PATRICIA BEATRIZ QUIROZ PACHECO

Fecha: 08/08/2022 07:26:53 p.m.

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

  • QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

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: 001-11307-01

Freeport-McMoRan Inc.

(Exact name of registrant as specified in its charter)

Delaware

74-2480931

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

333 North Central Avenue

Phoenix AZ

85004-2189

(Address of principal executive offices)

(Zip Code)

(602) 366-8100

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.10 per share

FCX

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

On July 29, 2022, there were issued and outstanding 1,429,270,314 shares of the registrant's common stock, par value $0.10 per share.

Freeport-McMoRan Inc.

TABLE OF CONTENTS

Page

Part I. Financial Information

3

Item 1. Financial Statements:

3

Consolidated Balance Sheets (Unaudited)

3

Consolidated Statements of Income (Unaudited)

4

Consolidated Statements of Comprehensive Income (Unaudited)

5

Consolidated Statements of Cash Flows (Unaudited)

6

Consolidated Statements of Equity (Unaudited)

7

Notes to Consolidated Financial Statements (Unaudited)

9

Report of Independent Registered Public Accounting Firm

23

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

65

Item 4. Controls and Procedures

65

Part II. Other Information

65

Item 1. Legal Proceedings

65

Item 1A. Risk Factors

65

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 4. Mine Safety Disclosures

66

Item 6. Exhibits

67

Signature

S-1

2

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Freeport-McMoRan Inc.

CONSOLIDATED BALANCE SHEETS (Unaudited)

June 30,

December 31,

2022

2021

(In

millions)

ASSETS

Current assets:

Cash and cash equivalents

$

9,492

$

8,068

Trade accounts receivable

977

1,168

Income and other tax receivables

435

574

Inventories:

Materials and supplies, net

1,776

1,669

Mill and leach stockpiles

1,387

1,170

Product

1,507

1,658

Other current assets

608

523

Total current assets

16,182

14,830

Property, plant, equipment and mine development costs, net

31,200

30,345

Long-term mill and leach stockpiles

1,230

1,387

Other assets

1,501

1,460

Total assets

$

50,113

$

48,022

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

3,853

$

3,495

Current portion of debt

1,038

372

Accrued income taxes

507

1,541

Current portion of environmental and asset retirement obligations

317

264

Dividends payable

217

220

Total current liabilities

5,932

5,892

Long-term debt, less current portion

10,054

9,078

Deferred income taxes

4,297

4,234

Environmental and asset retirement obligations, less current portion

4,170

4,116

Other liabilities

1,613

1,683

Total liabilities

26,066

25,003

Equity:

Stockholders' equity:

Common stock

161

160

Capital in excess of par value

25,661

25,875

Accumulated deficit

(5,008)

(7,375)

Accumulated other comprehensive loss

(386)

(388)

Common stock held in treasury

(5,539)

(4,292)

Total stockholders' equity

14,889

13,980

Noncontrolling interests

9,158

9,039

Total equity

24,047

23,019

Total liabilities and equity

$

50,113

$

48,022

The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents

Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2021

2022

2021

(In millions, except per share amounts)

Revenues

$

5,416

$

5,748

$

12,019

$

10,598

Cost of sales:

Production and delivery

3,003

3,067

6,153

5,853

Depreciation, depletion and amortization

507

483

996

902

Metals inventory adjustments

18

-

18

1

Total cost of sales

3,528

3,550

7,167

6,756

Selling, general and administrative expenses

100

87

215

187

Mining exploration and research expenses

25

14

49

21

Environmental obligations and shutdown costs

29

33

45

38

Net gain on sales of assets

(2)

(3)

(2)

(3)

Total costs and expenses

3,680

3,681

7,474

6,999

Operating income

1,736

2,067

4,545

3,599

Interest expense, net

(156)

(148)

(283)

(293)

Net gain on early extinguishment of debt

8

-

8

-

Other income, net

11

9

42

20

Income before income taxes and equity in affiliated

1,599

1,928

4,312

3,326

companies' net earnings

Provision for income taxes

(571)

(603)

(1,395)

(1,046)

Equity in affiliated companies' net earnings

10

6

25

4

Net income

1,038

1,331

2,942

2,284

Net income attributable to noncontrolling interests

(198)

(248)

(575)

(483)

Net income attributable to common stockholders

$

840

$

1,083

$

2,367

$

1,801

Net income per share attributable to common

stockholders:

Basic

$

0.58

$

0.74

$

1.63

$

1.23

Diluted

$

0.57

$

0.73

$

1.61

$

1.21

Weighted-average shares of common stock

outstanding:

Basic

1,447

1,467

1,451

1,465

Diluted

1,457

1,483

1,463

1,480

Dividends declared per share of common stock

$

0.15

$

0.075

$

0.30

$

0.15

The accompanying notes are an integral part of these consolidated financial statements.

4

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Sociedad Minera Cerro Verde SAA published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 03:35:06 UTC.