In February 2013, Group Inc.  and GS Bank USA entered into a settlement with the Federal Reserve Board relating to the servicing of residential mortgage loans and foreclosure processing.
This settlement amends the Order which is described above, provides for the termination of the independent foreclosure review under the Order and calls for Group Inc.  and GS Bank USA collectively to: (i) make cash payments into a settlement fund for distribution to eligible borrowers; and (ii) provide other assistance for foreclosure prevention and loss mitigation through January 2015.
The other provisions of the Order will remain in effect.
Guarantees The firm enters into various derivatives that meet the definition of a guarantee under U. S.  GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions.
Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at inception of the contract.
The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties, central clearing counterparties and certain other counterparties.
Accordingly, the firm has not included such contracts in the table below.
The firm, in its capacity as an agency lender, indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed.
In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e. g. , standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees).
These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary.
The table below presents certain information about derivatives that meet the definition of a guarantee and certain other guarantees.
The maximum payout in the table below is based on the notional amount of the contract and therefore does not represent anticipated losses.
See Note 7 for further information about credit derivatives that meet the definition of a guarantee which are not included below.
Because derivatives are accounted for at fair value, the carrying value is considered the best indication of payment/ performance risk for individual contracts.
However, the carrying values below exclude the effect of a legal right of setoff that may exist under an enforceable netting agreement and the effect of netting of collateral posted under enforceable credit support agreements.
## Table 0 ##
1.
These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore these amounts do not reflect the firm’s overall risk related to its derivative activities.
As of December 2012, the carrying value of the net liability and the notional amount related to derivative guarantees were $8.58 billion and $663.15 billion, respectively.2.
Collateral held by the lenders in connection with securities lending indemnifications was $27.14 billion as of December 2013.
Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these guarantees.
As of December 2012, the maximum payout and collateral held related to securities lending indemnifications were $27.12 billion and $27.89 billion, respectively.3.
Other financial guarantees excludes certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.
” See table in “Commitments” above for a summary of the firm’s commitments.
As of December 2012, the carrying value of the net liability and the maximum payout related to other financial guarantees were $152 million and $3.48 billion, respectively.
Supplemental Financial Information Statistical Disclosures Distribution of Assets, Liabilities and Shareholders’ Equity The table below presents a summary of consolidated average balances and interest rates.
## Table 1 ##
Management’s Discussion and Analysis Balance Sheet Analysis and Metrics As of December 2013, total assets on our consolidated statements of financial condition were $911.51 billion, a decrease of $27.05 billion from December 2012.
This decrease was primarily due to a decrease in financial instruments owned, at fair value of $67.89 billion, primarily due to decreases in U. S.  government and federal agency obligations, non-U.
S.  government and agency obligations, derivatives and commodities, and a decrease in other assets of $17.11 billion, primarily due to the sale of a majority stake in our Americas reinsurance business in April 2013.
These decreases were partially offset by an increase in collateralized agreements of $48.07 billion, due to firm and client activity.
As of December 2013, total liabilities on our consolidated statements of financial condition were $833.04 billion, a decrease of $29.80 billion from December 2012.
This decrease was primarily due to a decrease in other liabilities and accrued expenses of $26.35 billion, primarily due to the sale of a majority stake in both our Americas reinsurance business in April 2013 and our European insurance business in December 2013, and a decrease in collateralized financings of $9.24 billion, primarily due to firm financing activities.
This decrease was partially offset by an increase in payables to customers and counterparties of $10.21 billion.
As of December 2013, our total securities sold under agreements to repurchase, accounted for as collateralized financings, were $164.78 billion, which was 5% higher and 4% higher than the daily average amount of repurchase agreements during the quarter ended and year ended December 2013, respectively.
The increase in our repurchase agreements relative to the daily average during 2013 was primarily due to an increase in client activity at the end of the period.
As of December 2012, our total securities sold under agreements to repurchase, accounted for as collateralized financings, were $171.81 billion, which was essentially unchanged and 3% higher than the daily average amount of repurchase agreements during the quarter ended and year ended December 2012, respectively.
The increase in our repurchase agreements relative to the daily average during 2012 was primarily due to an increase in firm financing activities at the end of the period.
The level of our repurchase agreements fluctuates between and within periods, primarily due to providing clients with access to highly liquid collateral, such as U. S.  government and federal agency, and investment-grade sovereign obligations through collateralized financing activities.
The table below presents information on our assets, unsecured long-term borrowings, shareholders’ equity and leverage ratios.
## Table 2 ##
Leverage ratio.
The leverage ratio equals total assets divided by total shareholders’ equity and measures the proportion of equity and debt the firm is using to finance assets.
This ratio is different from the Tier 1 leverage ratio included in “Equity Capital — Consolidated Regulatory Capital Ratios” below, and further described in Note 20 to the consolidated financial statements.
Debt to equity ratio.
The debt to equity ratio equals unsecured long-term borrowings divided by total shareholders’ equity.
Our South America mines have varying cost structures because of differences in ore grades and characteristics, processing costs, by-products and other factors.
During 2012, unit net cash costs (net of by-product credits) for the South America mines ranged from $1.30 per pound to $1.72 per pound at the individual mines and averaged $1.50 per pound.
Average unit net cash costs (net of by-product credits) for our South America mining operations increased to $1.50 per pound of copper in 2012, compared with $1.20 per pound in 2011, primarily reflecting higher mining and input costs, lower by-product credits and lower sales volumes.
Because certain assets are depreciated on a straight-line basis, South America's unit depreciation rate varies with asset additions and the level of copper production and sales.
Revenue adjustments primarily result from changes in prices on provisionally priced copper sales recognized in prior years.
Refer to “Consolidated Results — Revenues” for further discussion of adjustments to prior year provisionally priced copper sales.
Assuming achievement of current sales volume and cost estimates and average prices of $1,700 per ounce of gold and $11 per pound of molybdenum in 2013, we estimate that average unit net cash costs (net of by-product credits) for our South America mining operations would approximate $1.50 per pound of copper in 2013.
## Table 3 ##
a.
Includes $50 million ($0.04 per pound) for bonuses paid at Cerro Verde and El Abra pursuant to new labor agreements.
Unit net cash costs (net of by-product credits) for our South America mining operations increased to $1.20 per pound of copper in 2011, compared with $1.15 per pound in 2010, primarily reflecting higher input costs and the impact of bonuses paid pursuant to new labor agreements, partially offset by higher by-product credits.
Indonesia Mining Indonesia mining includes PT Freeport Indonesia’s Grasberg minerals district.
We own 90.64 percent of PT Freeport Indonesia, including 9.36 percent owned through our wholly owned subsidiary, PT Indocopper Investama.
As discussed in Note 14, we have agreed to consider a potential sale of our interest in PT Indocopper Investama at fair market value.
PT Freeport Indonesia is currently engaged in discussions with the Indonesian government related to its Contract of Work and intends to conclude that process before proceeding with any further discussions about the potential sale of an interest in PT Indocopper Investama.
PT Freeport Indonesia produces copper concentrates, which contain significant quantities of gold and silver.
Substantially all of PT Freeport Indonesia’s copper concentrates are sold under long-term contracts, of which approximately one-half is sold to affiliated smelters, Atlantic Copper and PT Smelting (PT Freeport Indonesia’s 25-percent owned copper smelter and refinery in Indonesia — refer to Note 2 for further discussion), and the remainder to other third-party customers.
We have established certain unincorporated joint ventures with Rio Tinto plc (Rio Tinto), under which Rio Tinto has a 40 percent interest in certain assets and future production exceeding specified annual amounts of copper, gold and silver.
Refer to Note 2 for further discussion of our joint ventures with Rio Tinto and to Note 14 for further discussion of PT Freeport Indonesia’s Contract of Work with the Government of Indonesia.
Refer to “Risk Factors” contained in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2012, for discussion of risks associated with operations in Indonesia.
Operating and Development Activities.
We have several projects in progress in the Grasberg minerals district, primarily related to the development of large-scale, high-grade underground ore bodies.
In aggregate, these underground ore bodies are expected to ramp up over several years to approximately 240,000 metric tons of ore per day following the currently anticipated transition from the Grasberg open pit in 2017.
Over the next five years, aggregate capital spending on these projects is currently expected to average $715 million per year ($565 million per year net to PT Freeport Indonesia).
Considering the long-term nature and large size of these projects, actual costs could vary from these estimates.
2012 compared with 2011.
Consolidated molybdenum sales volumes increased to 83 million pounds in 2012, compared with 79 million pounds for 2011 primarily reflecting the incremental production from the Climax molybdenum mine that began commercial operations in May 2012.
For the year 2013, we expect molybdenum sales volumes to approximate 90 million pounds, of which approximately 40 million pounds represent production from our North and South America copper mines.2011 compared with 2010.
Consolidated molybdenum sales volumes increased to 79 million pounds in 2011, compared with 67 million pounds in 2010, primarily reflecting improved demand.
Unit Net Cash Costs.
Unit net cash costs per pound of molybdenum is a measure intended to provide investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations.
We use this measure for the same purpose and for monitoring operating performance by our mining operations.
This information differs from measures of performance determined in accordance with U. S.  GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U. S.  GAAP.
This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.
Gross Profit per Pound of Molybdenum.
The following table summarizes the unit net cash costs and gross profit per pound of molybdenum at our Henderson molybdenum mine for the years ended December 31.

<table><tr><td></td><td colspan="6"> As of December 2013</td></tr><tr><td></td><td></td><td colspan="5"> Maximum Payout/Notional Amount by Period of Expiration</td></tr><tr><td><i>in millions</i></td><td> Carrying  Value of Net Liability</td><td> 2014</td><td> 2015-  2016</td><td> 2017-  2018</td><td> 2019-  Thereafter</td><td> Total</td></tr><tr><td>Derivatives<sup>1</sup></td><td> $7,634</td><td> $517,634</td><td> $180,543</td><td> $39,367</td><td> $57,736</td><td> $795,280</td></tr><tr><td>Securities lending indemnifications<sup>2</sup></td><td> —</td><td> 26,384</td><td> —</td><td> —</td><td> —</td><td> 26,384</td></tr><tr><td>Other financialguarantees<sup>3</sup></td><td> 213</td><td> 1,361</td><td> 620</td><td> 1,140</td><td> 1,046</td><td> 4,167</td></tr></table>
<table><tr><td></td><td colspan="9">For the Year Ended December</td></tr><tr><td></td><td colspan="3">2013</td><td colspan="3">2012</td><td colspan="3">2011</td></tr><tr><td><i>in millions, except rates</i></td><td> Average balance</td><td>Interest</td><td>Average rate</td><td>Average balance</td><td>Interest</td><td>Average rate</td><td>Average balance</td><td>Interest</td><td>Average rate</td></tr><tr><td> Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits with banks</td><td> $ 61,921</td><td>$ 186</td><td>0.30%</td><td>$ 52,500</td><td>$ 156</td><td>0.30%</td><td>$ 38,039</td><td>$ 125</td><td>0.33%</td></tr><tr><td>U.S.</td><td> 56,848</td><td>167</td><td>0.29</td><td>49,123</td><td>132</td><td>0.27</td><td>32,770</td><td>95</td><td>0.29</td></tr><tr><td>Non-U.S.</td><td> 5,073</td><td>19</td><td>0.37</td><td>3,377</td><td>24</td><td>0.71</td><td>5,269</td><td>30</td><td>0.57</td></tr><tr><td>Securities borrowed, securities purchased under agreements to resell and federal funds sold</td><td> 327,748</td><td>43</td><td>0.01</td><td>331,828</td><td>-77</td><td>-0.02</td><td>351,896</td><td>666</td><td>0.19</td></tr><tr><td>U.S.</td><td> 198,677</td><td>-289</td><td>-0.15</td><td>191,166</td><td>-431</td><td>-0.23</td><td>219,240</td><td>-249</td><td>-0.11</td></tr><tr><td>Non-U.S.</td><td> 129,071</td><td>332</td><td>0.26</td><td>140,662</td><td>354</td><td>0.25</td><td>132,656</td><td>915</td><td>0.69</td></tr><tr><td>Financial instruments owned, at fair value<sup>1,2</sup></td><td> 292,965</td><td>8,159</td><td>2.78</td><td>310,982</td><td>9,817</td><td>3.16</td><td>287,322</td><td>10,718</td><td>3.73</td></tr><tr><td>U.S.</td><td> 182,158</td><td>5,353</td><td>2.94</td><td>190,490</td><td>6,548</td><td>3.44</td><td>183,920</td><td>7,477</td><td>4.07</td></tr><tr><td>Non-U.S.</td><td> 110,807</td><td>2,806</td><td>2.53</td><td>120,492</td><td>3,269</td><td>2.71</td><td>103,402</td><td>3,241</td><td>3.13</td></tr><tr><td>Other interest-earning assets<sup>3</sup></td><td> 149,071</td><td>1,672</td><td>1.12</td><td>136,427</td><td>1,485</td><td>1.09</td><td>143,270</td><td>1,665</td><td>1.16</td></tr><tr><td>U.S.</td><td> 91,495</td><td>1,064</td><td>1.16</td><td>90,071</td><td>974</td><td>1.08</td><td>99,042</td><td>915</td><td>0.92</td></tr><tr><td>Non-U.S.</td><td> 57,576</td><td>608</td><td>1.06</td><td>46,356</td><td>511</td><td>1.10</td><td>44,228</td><td>750</td><td>1.70</td></tr><tr><td> Total interest-earning assets</td><td> 831,705</td><td>10,060</td><td>1.21</td><td>831,737</td><td>11,381</td><td>1.37</td><td>820,527</td><td>13,174</td><td>1.61</td></tr><tr><td>Cash and due from banks</td><td> 6,212</td><td></td><td></td><td>7,357</td><td></td><td></td><td>4,987</td><td></td><td></td></tr><tr><td>Other non-interest-earning assets<sup>2</sup></td><td> 106,095</td><td></td><td></td><td>107,702</td><td></td><td></td><td>118,901</td><td></td><td></td></tr><tr><td> Total assets</td><td> $944,012</td><td></td><td></td><td>$946,796</td><td></td><td></td><td>$944,415</td><td></td><td></td></tr><tr><td> Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing deposits</td><td> $ 69,707</td><td>$ 387</td><td>0.56%</td><td>$ 56,399</td><td>$ 399</td><td>0.71%</td><td>$ 40,266</td><td>$ 280</td><td>0.70%</td></tr><tr><td>U.S.</td><td> 60,824</td><td>352</td><td>0.58</td><td>48,668</td><td>362</td><td>0.74</td><td>33,234</td><td>243</td><td>0.73</td></tr><tr><td>Non-U.S.</td><td> 8,883</td><td>35</td><td>0.39</td><td>7,731</td><td>37</td><td>0.48</td><td>7,032</td><td>37</td><td>0.53</td></tr><tr><td>Securities loaned and securities sold under agreements to repurchase</td><td> 178,686</td><td>576</td><td>0.32</td><td>177,550</td><td>822</td><td>0.46</td><td>171,753</td><td>905</td><td>0.53</td></tr><tr><td>U.S.</td><td> 114,884</td><td>242</td><td>0.21</td><td>121,145</td><td>380</td><td>0.31</td><td>110,235</td><td>280</td><td>0.25</td></tr><tr><td>Non-U.S.</td><td> 63,802</td><td>334</td><td>0.52</td><td>56,405</td><td>442</td><td>0.78</td><td>61,518</td><td>625</td><td>1.02</td></tr><tr><td>Financial instruments sold, but not yet purchased, at fairvalue<sup>1, 2</sup></td><td> 92,913</td><td>2,054</td><td>2.21</td><td>94,740</td><td>2,438</td><td>2.57</td><td>102,282</td><td>2,464</td><td>2.41</td></tr><tr><td>U.S.</td><td> 37,923</td><td>671</td><td>1.77</td><td>41,436</td><td>852</td><td>2.06</td><td>52,065</td><td>984</td><td>1.89</td></tr><tr><td>Non-U.S.</td><td> 54,990</td><td>1,383</td><td>2.52</td><td>53,304</td><td>1,586</td><td>2.98</td><td>50,217</td><td>1,480</td><td>2.95</td></tr><tr><td>Short-term borrowings<sup>4</sup></td><td> 60,926</td><td>394</td><td>0.65</td><td>70,359</td><td>581</td><td>0.83</td><td>78,497</td><td>526</td><td>0.67</td></tr><tr><td>U.S.</td><td> 40,511</td><td>365</td><td>0.90</td><td>47,614</td><td>479</td><td>1.01</td><td>50,659</td><td>431</td><td>0.85</td></tr><tr><td>Non-U.S.</td><td> 20,415</td><td>29</td><td>0.14</td><td>22,745</td><td>102</td><td>0.45</td><td>27,838</td><td>95</td><td>0.34</td></tr><tr><td>Long-term borrowings<sup>4</sup></td><td> 174,195</td><td>3,752</td><td>2.15</td><td>176,698</td><td>3,736</td><td>2.11</td><td>186,148</td><td>3,439</td><td>1.85</td></tr><tr><td>U.S.</td><td> 168,106</td><td>3,635</td><td>2.16</td><td>170,163</td><td>3,582</td><td>2.11</td><td>179,004</td><td>3,235</td><td>1.81</td></tr><tr><td>Non-U.S.</td><td> 6,089</td><td>117</td><td>1.92</td><td>6,535</td><td>154</td><td>2.36</td><td>7,144</td><td>204</td><td>2.86</td></tr><tr><td>Other interest-bearing liabilities<sup>5</sup></td><td> 203,482</td><td>-495</td><td>-0.24</td><td>206,790</td><td>-475</td><td>-0.23</td><td>203,940</td><td>368</td><td>0.18</td></tr><tr><td>U.S.</td><td> 144,888</td><td>-904</td><td>-0.62</td><td>150,986</td><td>-988</td><td>-0.65</td><td>149,958</td><td>-535</td><td>-0.36</td></tr><tr><td>Non-U.S.</td><td> 58,594</td><td>409</td><td>0.70</td><td>55,804</td><td>513</td><td>0.92</td><td>53,982</td><td>903</td><td>1.67</td></tr><tr><td> Total interest-bearing liabilities</td><td> 779,909</td><td>6,668</td><td>0.85</td><td>782,536</td><td>7,501</td><td>0.96</td><td>782,886</td><td>7,982</td><td>1.02</td></tr><tr><td>Non-interest-bearing deposits</td><td> 655</td><td></td><td></td><td>324</td><td></td><td></td><td>140</td><td></td><td></td></tr><tr><td>Other non-interest-bearing liabilities<sup>2</sup></td><td> 86,095</td><td></td><td></td><td>91,406</td><td></td><td></td><td>88,681</td><td></td><td></td></tr><tr><td> Total liabilities</td><td> 866,659</td><td></td><td></td><td>874,266</td><td></td><td></td><td>871,707</td><td></td><td></td></tr><tr><td> Shareholders’ equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preferred stock</td><td> 6,892</td><td></td><td></td><td>4,392</td><td></td><td></td><td>3,990</td><td></td><td></td></tr><tr><td>Common stock</td><td> 70,461</td><td></td><td></td><td>68,138</td><td></td><td></td><td>68,718</td><td></td><td></td></tr><tr><td> Total shareholders’ equity</td><td> 77,353</td><td></td><td></td><td>72,530</td><td></td><td></td><td>72,708</td><td></td><td></td></tr><tr><td> Total liabilities and shareholders’ equity</td><td> $944,012</td><td></td><td></td><td>$946,796</td><td></td><td></td><td>$944,415</td><td></td><td></td></tr><tr><td>Interest rate spread</td><td></td><td></td><td>0.36%</td><td></td><td></td><td>0.41%</td><td></td><td></td><td>0.59%</td></tr><tr><td>Net interest income and net yield on interest-earning assets</td><td></td><td>$ 3,392</td><td>0.41</td><td></td><td>$ 3,880</td><td>0.47</td><td></td><td>$ 5,192</td><td>0.63</td></tr><tr><td>U.S.</td><td></td><td>1,934</td><td>0.37</td><td></td><td>2,556</td><td>0.49</td><td></td><td>3,600</td><td>0.67</td></tr><tr><td>Non-U.S.</td><td></td><td>1,458</td><td>0.48</td><td></td><td>1,324</td><td>0.43</td><td></td><td>1,592</td><td>0.56</td></tr><tr><td> Percentage of interest-earning assets and interest-bearing liabilities attributable tonon-U.S. operations<sup>6</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets</td><td></td><td></td><td>36.37%</td><td></td><td></td><td>37.38%</td><td></td><td></td><td>34.80%</td></tr><tr><td>Liabilities</td><td></td><td></td><td>27.28</td><td></td><td></td><td>25.88</td><td></td><td></td><td>26.53</td></tr></table>
<table><tr><td></td><td>As of December</td></tr><tr><td><i>$ in millions</i></td><td>2013</td><td>2012</td></tr><tr><td>Total assets</td><td>$911,507</td><td>$938,555</td></tr><tr><td>Unsecured long-term borrowings</td><td>$160,965</td><td>$167,305</td></tr><tr><td>Total shareholders’ equity</td><td>$ 78,467</td><td>$ 75,716</td></tr><tr><td>Leverage ratio</td><td>11.6x</td><td>12.4x</td></tr><tr><td>Debt to equity ratio</td><td>2.1x</td><td>2.2x</td></tr></table>
<table><tr><td></td><td colspan="3">2011</td><td colspan="2">2010</td></tr><tr><td></td><td>By-ProductMethod</td><td></td><td>Co-ProductMethod</td><td>By-ProductMethod</td><td>Co-ProductMethod</td></tr><tr><td>Revenues, excluding adjustments</td><td>$3.77</td><td></td><td>$3.77</td><td>$3.68</td><td>$3.68</td></tr><tr><td>Site production and delivery, before net noncash</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>and other costs shown below</td><td>1.38</td><td><sup>a</sup></td><td>1.27</td><td>1.21</td><td>1.14</td></tr><tr><td>By-product credits</td><td>-0.35</td><td></td><td>—</td><td>-0.21</td><td>—</td></tr><tr><td>Treatment charges</td><td>0.17</td><td></td><td>0.17</td><td>0.15</td><td>0.15</td></tr><tr><td>Unit net cash costs</td><td>1.20</td><td></td><td>1.44</td><td>1.15</td><td>1.29</td></tr><tr><td>Depreciation, depletion and amortization</td><td>0.20</td><td></td><td>0.18</td><td>0.19</td><td>0.18</td></tr><tr><td>Noncash and other costs, net</td><td>0.06</td><td></td><td>0.05</td><td>0.05</td><td>0.05</td></tr><tr><td>Total unit costs</td><td>1.46</td><td></td><td>1.67</td><td>1.39</td><td>1.52</td></tr><tr><td>Revenue adjustments, primarily for pricing on</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>prior period open sales</td><td>0.01</td><td></td><td>—</td><td>-0.01</td><td>-0.01</td></tr><tr><td>Gross profit per pound</td><td>$2.32</td><td></td><td>$2.10</td><td>$2.28</td><td>$2.15</td></tr><tr><td>Copper sales (millions of recoverable pounds)</td><td>1,322</td><td></td><td>1,322</td><td>1,335</td><td>1,335</td></tr></table>

Question: In the year / section with lowest amount of Revenues, excluding adjustments, what's the increasing rate of Treatment charges?