7 unchanged sentences
The duration and scope of, and uncertainties associated with, the ongoing COVID-19 pandemic and the related impact on commodity prices, our business and the global economy are evolving and beyond our control.
−Removed: The extent and duration of adverse impacts that the pandemic may have on supply, demand and prices of the commodities we produce, on our suppliers, vendors, customers and employees and on global financial markets is unknown at this time, but could be both material and prolonged.
+Added: The extent and duration of adverse impacts that the COVID-19 pandemic may have on supply, demand and prices of the commodities we produce, on our suppliers, vendors, customers and employees and on global financial markets is unknown at this time, but could be both material and prolonged.
Prolonged unfavorable economic conditions, and any resulting slowed global economic growth, including the current U.S.
6 unchanged sentences
We have proactively implemented operating protocols at each of our operating sites to contain and mitigate the risk of spread of COVID-19, including but not limited to, physical distancing, travel restrictions, sanitizing, and frequent health screening and monitoring.
−Removed: A limited number of COVID-19 cases have been confirmed through testing at PT-FI’s remote operating site in Papua, Indonesia.
+Added: A limited number of COVID-19 cases have been confirmed through testing at our operating sites, including PT-FI’s remote operating site in Papua, Indonesia.
Despite our efforts to manage these impacts, there can be no assurance that our actions will be effective in containing and mitigating the risk of spread or a major outbreak of COVID-19 at our operating sites.
5 unchanged sentences
Strict health protocols have been implemented and a plan for Cerro Verde to restore operations was approved by the Peruvian government in second-quarter 2020.
−Removed: Cerro Verde's operating rates averaged 251,800 metric tons of ore per day in second-quarter 2020, including an average of 316,800 metric tons of ore per day in June 2020.
−Removed: We currently expect operations during the second half of 2020 to average approximately 350,000 metric tons of ore per day.
+Added: Cerro Verde continued to make progress toward restoring operations during third-quarter 2020, with operating rates averaging 351,000 metric tons of ore per day (approximately 90 percent of the 2019 annual average).
These and other impacts of COVID-19 or other global or regional health pandemics, epidemics or similar public health threats could also have the effect of heightening many of the other risks described in Part I, Item 1A.
5 unchanged sentences
Fluctuations in the market prices of the commodities we produce, primarily copper, gold and molybdenum, have caused and may continue to cause significant volatility in our financial performance and in the trading prices of our common stock and debt.
−Removed: Recent declines in the market prices of copper, and to a lesser extent, molybdenum, have had and extended declines in the market prices of the commodities we produce could have, an adverse effect on our earnings, cash flows and asset values and, if sustained, may adversely affect our ability to repay debt.
+Added: Extended declines in the market prices of copper, gold and, to a lesser extent, molybdenum could have, an adverse effect on our earnings, cash flows and asset values and, if sustained, may adversely affect our ability to repay debt.
Our financial results vary with fluctuations in the market prices of the commodities we produce, primarily copper and gold, and to a lesser extent molybdenum.
The COVID-19 pandemic and resulting negative impact on the global economy has created significant volatility in the financial markets, including the copper market.
−Removed: In second-quarter 2020, copper prices recovered from the sharp decline that occurred during first-quarter 2020, reflecting the combination of supply curtailments related to the COVID-19 pandemic and an improving economic outlook in second-quarter 2020.
−Removed: An extended decline in market prices of these commodities could have a material adverse effect on our financial results and the value of our assets and may depress the price of our common stock and may have a material adverse effect on our ability to comply with financial and other covenants in our debt agreements, repay our debt and meet our other obligations.
+Added: In third-quarter 2020, copper prices continued to recover from the sharp decline that occurred during first-quarter 2020.
+Added: However, with the ongoing COVID-19 pandemic, any extended decline in market prices of these commodities could have a material adverse effect on our financial results and the value of our assets and may depress the price of our common stock and may have a material adverse effect on our ability to comply with financial and other covenants in our debt agreements, repay our debt and meet our other obligations.
On April 24, 2020, we announced revised operating plans in response to the global COVID-19 pandemic and resulting negative impact on the global economy.
15 unchanged sentences
China had a major economic shutdown during the first quarter of 2020 in connection with its efforts to contain and mitigate the spread of COVID-19, which resulted in the country’s first reported economic contraction in over 40 years.
−Removed: Although China has reported that its COVID-19 infection rate is under control and its industrial sector is ramping up to normal activity levels, weaker demand for Chinese exports could continue to affect China’s economic growth, which could adversely affect China’s demand for copper.
−Removed: Although our sales to date have not been significantly affected, a continued slowing in China’s economic growth, another widespread COVID-19 outbreak in China, the adoption and expansion of trade restrictions, changes in China-U.S.
+Added: However, during third-quarter 2020, China continued to recover from the major economic shutdown and reported economic growth.
+Added: Although our sales to date have not been significantly affected, a slowing in China’s economic growth, another widespread COVID-19 outbreak in China, the adoption and expansion of trade restrictions, changes in China-U.S.
relations, or other governmental action related to tariffs or trade agreements or policies are difficult to predict and could adversely affect copper prices, demand for our products, our costs, our customers, our suppliers, and the U.S.
1 unchanged sentence
Copper prices have fluctuated historically, with London Metal Exchange (LME) copper settlement prices ranging from $2.48 per pound to $3.29 per pound during the three years ended December 31, 2019.
−Removed: During the first six months of 2020 , LME copper settlement prices ranged from a low of $2.09 per pound to a high of $2.86 per pound.
−Removed: The LME copper settlement price was $2.74 per pound on June 30, 2020, and $2.92 per pound on July 31, 2020.
+Added: During the first nine months of 2020, LME copper settlement prices ranged from a low of $2.09 per pound to a high of $3.10 per pound.
+Added: The LME copper settlement price was $3.00 per pound on September 30, 2020, and $3.04 per pound on October 30, 2020.
Factors affecting gold prices may include the relative strength of the U.S.
dollar to other currencies, inflation and interest rate expectations, purchases and sales of gold by governments and central banks, demand from China and India, two of the world’s largest consumers of gold, and global demand for jewelry containing gold.
−Removed: The London PM gold price was $1,515 per ounce on December 30, 2019 (there was no London PM gold price quote on December 31, 2019), and $1,768 per ounce on June 30, 2020.
−Removed: During the first six months of 2020 , London PM gold prices ranged from a low of $1,474 per ounce to a high of $1,772 per ounce.
−Removed: The London PM gold price was $1,965 per ounce on July 31, 2020.
−Removed: During the first six months of 2020 , the weekly average price of molybdenum ranged from a low of $7.65 per pound to a high of $10.79 per pound.
−Removed: The Metals Week Molybdenum Dealer Oxide weekly average price of $8.40 per pound on June 30, 2020, was 9 percent lower than the December 31, 2019, weekly average price of $9.23 per pound.
−Removed: The Metals Week Molybdenum Dealer Oxide weekly average price was $7.18 per pound on July 31, 2020 .
+Added: The London PM
+Added: gold price was $1,515 per ounce on December 30, 2019 (there was no London PM gold price quote on December 31, 2019), and $1,887 per ounce on September 30, 2020.
+Added: During the first nine months of 2020, London PM gold prices ranged from a low of $1,474 per ounce to a high of $2,067 per ounce.
+Added: The London PM gold price was $1,882 per ounce on October 30, 2020.
+Added: During the first nine months of 2020, the weekly average price of molybdenum ranged from a low of $7.01 per pound to a high of $10.79 per pound.
+Added: The Metals Week Molybdenum Dealer Oxide weekly average price of $7.68 per pound on September 30, 2020, was 17 percent lower than the December 31, 2019, weekly average price of $9.23 per pound.
+Added: The Metals Week Molybdenum Dealer Oxide weekly average price was $8.73 per pound on October 30, 2020.
Declines in prices of commodities we sell could result in metals inventory adjustments and impairment charges for our long-lived assets.
−Removed: During the first six months of 2020, we recorded unfavorable metals inventory adjustments totaling $83 million associated with lower market prices for copper and molybdenum.
+Added: During the first nine months of 2020, we recorded unfavorable metals inventory adjustments totaling $92 million associated with lower market prices for copper and molybdenum.
Refer to Note 3 for additional information regarding metals inventory adjustments.
11 unchanged sentences
In addition, in December 2018, a mass shooting incident targeting a highway construction crew occurred in a remote mountain area approximately 100 miles east of the PT-FI project area, resulting in at least 19 fatalities and several reported as missing.
−Removed: Separatist security incidents, including shootings, continue to be sporadically reported, and PT-FI continues to monitor the occurrence of incidents in the region.
During first-quarter 2020 and April 2020, there was an escalation in shooting incidents in PT-FI’s area of operations.
In late March 2020, a shooting incident occurred near PT-FI’s administrative offices in the lowlands in Papua, Indonesia, resulting in the death of one PT-FI employee and injuries to two other workers.
+Added: Separatist security incidents, including shootings, continue to be sporadically reported, and PT-FI continues to monitor the occurrence of incidents in the region.
The safety of our workforce is a critical concern, and PT-FI continues to work with the Indonesia government to enhance security and address security issues within the PT-FI project area and in nearby areas.
4 unchanged sentences
During 2019, both Peru and Chile experienced significant and prolonged civil unrest unrelated to our operations.
−Removed: Production and sales for the third
−Removed: quarter and first nine months of 2019 were impacted by protests associated with an unaffiliated copper development project in Peru that blocked access to the shipping ports and main transportation routes.
−Removed: While the civil unrest did not significantly impact our results for 2019, if it continues, our South America operations could be materially impacted, and as a result, we may not be able to meet our production and sales targets.
+Added: Production and sales for the third quarter and first nine months of 2019 were impacted by protests associated with an unaffiliated copper development project in Peru that blocked access to the shipping ports and main transportation routes.
+Added: While the civil unrest did not significantly impact our results for 2019, if it continues, our South America operations could be materially
+Added: impacted, and as a result, we may not be able to meet our production and sales targets.
We cannot predict whether similar or more significant incidents of civil unrest will occur in the future in Peru or Chile.
10 unchanged sentences
A significant number of employees and contractors elected to participate in an illegal strike action beginning in May 2017, and were subsequently deemed to have voluntarily resigned under existing Indonesia laws and regulations resulting in increased costs associated with employee severance.
+Added: In late August 2020 and early September 2020, a group of PT-FI workers staged protests and a blockade restricting access to the main road to the mining operations area related to COVID-19 travel restrictions.
+Added: Material operations at PT-FI were suspended for several days prior to resuming operations after a five-day outage.
We cannot predict whether additional labor disruptions will occur.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.