2004 ANNUAL REPORT  | 43 Reconciliation to Amounts Reported  Management’s Discussion and Analysis By-Product Co-Product Method  Year Ended December 31, 2003  Method  Copper  Gold  Silver  Total (In Thousands)  Revenues, after adjustments shown below  $1,062,042  $1,062,042  $ 884,666  $  19,613  $1,966,321 Site production and delivery, before reclamation, noncash and  nonrecurring costs shown below  617,219  333,370  277,693  6,156  617,219 Gold and silver credits  (904,279)  —  —  —  — Treatment charges  231,856  125,229  104,314  2,313  231,856 Royalty on metals  26,472  14,298  11,910  264  26,472 Net cash production costs (credits)  (28,732)  472,897  393,917  8,733  875,547 Depreciation and amortization  190,450  102,865  85,685  1,900  190,450 Reclamation, noncash and nonrecurring costs  15,954  8,617  7,178  159  15,954 Total production costs  177,672  584,379  486,780  10,792   1,081,951 Adjustments, primarily for copper pricing on prior period open sales  and gold/silver hedging  36,587  12,755  22,110  1,722  36,587 Gross profit, before intercompany profit eliminations  $ 920,957  $ 490,418  $ 419,996  $  10,543  $ 920,957 Pounds of copper sold (000s)   1,295,600   1,295,600 Ounces of gold sold   2,469,800 Ounces of silver sold   4,126,700  Gross profit per pound of copper (cents)/per ounce of gold and  silver ($), before intercompany profit eliminations: Revenues, after adjustments shown below  81.9  81.9  366.60  5.15 Site production and delivery, before reclamation, noncash and  nonrecurring costs shown below  47.6  25.7  112.44  1.49 Gold and silver credits  (69.8)  —  —  — Treatment charges  17.9  9.7  42.24  0.56 Royalty on metals  2.0  1.1  4.82  0.06 Net cash production costs (credits)  (2.3)  36.5  159.50  2.11 Depreciation and amortization  14.7  7.9  34.69  0.46 Reclamation, noncash and nonrecurring costs  1.2  0.7  2.91  0.04 Total production costs  13.6  45.1  197.10  2.61 Adjustments, primarily for copper pricing on prior period open sales  and gold/silver hedging  2.8  1.1  0.55  0.01 Gross profit per pound/ounce, before intercompany profit eliminations  71.1  37.9  170.05  2.55 Production  Depreciation and  Revenues  and Delivery  Amortization (In Thousands)  Totals presented above  $1,966,321  $ 617,219  $ 190,450 Reclamation, noncash and nonrecurring costs per above  N/A  15,954  N/A Less: Treatment charges per above  (231,856)  N/A  N/A Royalty per above  (26,472)  N/A  N/A Reclamation costs incurred  N/A  (1,222)  N/A Adjustments, primarily for copper pricing on prior period open  sales and hedging per above  36,587  N/A  N/A Mining and exploration segment   1,744,580  631,951  190,450 Smelting and refining segment  910,417  892,681  28,464 Eliminations and other  (442,832)  (453,306)  11,889 As reported in FCX’s consolidated financial statements  $2,212,165  $1,071,326  $ 230,803