費利浦·麥克莫蘭銅金 (FCX) 2017 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to the Freeport-McMoRan Second Quarter Earnings Conference Call.

歡迎參加自由港麥克莫蘭公司第二季財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Ms. Kathleen Quirk, Executive Vice President and Chief Financial Officer.

現在，我想將會議交給執行副總裁兼財務長凱瑟琳·奎克女士。

Please go ahead, ma'am.

請繼續，女士。

Thank you, and good morning, everyone.

謝謝大家，早安。

Welcome to the Freeport-McMoRan Second Quarter 2017 Earnings Conference Call.

歡迎參加自由港麥克莫蘭公司 2017 年第二季財報電話會議。

Our results were released earlier this morning, and a copy of the press release and slides for today's call are available on our website at fcx.com.

我們的結果已於今天早上公佈，今天電話會議的新聞稿和幻燈片副本可在我們的網站 fcx.com 上找到。

Our conference call today is being broadcast live on the Internet, and anyone may listen to the call by accessing our website home page and clicking on the webcast link for the call.

我們今天的電話會議正在網路上現場直播，任何人都可以透過造訪我們的網站主頁並點擊網路直播連結來收聽電話會議。

In addition to analysts and investors, the financial press has been invited to listen to today's call, and a replay of the webcast will be available on our website later today.

除了分析師和投資者之外，我們還邀請了財經媒體來收聽今天的電話會議，網路直播的重播將於今天晚些時候在我們的網站上提供。

Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments on this call will include forward-looking statements, and actual results may differ materially.

在我們開始評論之前，我們想提醒大家，今天的新聞稿和我們對本次電話會議的某些評論將包括前瞻性陳述，實際結果可能存在重大差異。

We'd like to refer everyone to the cautionary language included in our press release and presentation materials and to the risk factors described in our Form 10-K and subsequent SEC filings.

我們想請大家參閱我們新聞稿和簡報資料中的警示語言以及我們的 10-K 表格和隨後的 SEC 文件中所述的風險因素。

On the call today, Richard Adkerson, Chief Executive Officer of FCX; Red Conger, President of Our Americas business; Mark Johnson, President of our Indonesian operations; and Mike Kendrick, President of Climax Molybdenum.

在今天的電話會議上，FCX 執行長 Richard Adkerson；我們的美洲業務總裁 Red Conger；馬克‧約翰遜（Mark Johnson），我們印尼業務總裁；以及 Climax Molybdenum 總裁 Mike Kendrick。

I'll start by briefly summarizing our financial results, and then turn the call over to Richard who will review our performance and outlook using the prepared slide presentation.

我將首先簡要總結我們的財務業績，然後將電話轉給理查德，他將使用準備好的幻燈片演示來回顧我們的業績和前景。

As usual, after our formal remarks, we'll open up the call for questions.

像往常一樣，在正式發言之後，我們將開始提問。

Today, FCX reported net income attributable to common stock of $268 million or $0.18 per share for the second quarter of 2017.

今天，FCX 公佈 2017 年第二季歸屬於普通股的淨利潤為 2.68 億美元，即每股 0.18 美元。

The results in the second quarter include net gains of $27 million or $0.01 a share associated with a number of special items, which are detailed on VIII of our press release.

第二季的業績包括與一些特殊項目相關的 2,700 萬美元或每股 0.01 美元的淨收益，這些收益在我們的​​新聞稿 VIII 中有詳細說明。

After adjusting for these net gains, second quarter adjusted net income attributable to common stock totaled $241 million or $0.17 a share.

調整這些淨收益後，第二季調整後歸屬於普通股的淨收入總計 2.41 億美元，即每股 0.17 美元。

Our EBITDA or adjusted earnings before interest, taxes and depreciation for second quarter totaled $1.2 billion.

我們第二季的 EBITDA（即調整後的息稅折舊攤提前利潤）總計 12 億美元。

We've got a reconciliation of our EBITDA calculation on the last page of our slide deck.

我們在幻燈片的最後一頁對 EBITDA 計算進行了對帳。

Our sales for the second quarter totaled 942 million pounds of copper, 432,000 ounces of gold and 25 million pounds of molybdenum.

我們第二季的銷售總額為 9.42 億磅銅、432,000 盎司黃金和 2,500 萬磅鉬。

Our sales volume for copper were about 3% below our April 2017 estimates that primarily reflected the impact of the worker absenteeism on our mining and milling rates in Indonesia.

我們的銅銷售量比 2017 年 4 月的估計值低約 3％，這主要反映了工人缺勤對我們在印尼的採礦和銑削率的影響。

The second quarter average realized copper price was $2.65 a pound.

第二季平均實現銅價為每磅2.65美元。

That was over 20% above the year ago quarter average of $2.19 per pound.

這比去年同期的平均價格每磅 2.19 美元高出 20% 以上。

And gold prices averaged $1,243 for the quarter.

本季金價平均為 1,243 美元。

Our average unit net cash cost on a consolidated basis averaged $1.20 per pound of copper in the second quarter.

我們第二季的合併後平均單位淨現金成本為每磅銅 1.20 美元。

That was lower than the unit net cash cost of $1.33 per pound in the second quarter of 2016, and it was also in line with our guidance.

這低於 2016 年第二季每磅 1.33 美元的單位淨現金成本，也符合我們的預期。

Operating cash flows during the quarter totaled $1 billion.

本季經營現金流總計 10 億美元。

Those exceeded our capital expenditures of $362 million in the quarter.

這些超過了我們本季 3.62 億美元的資本支出。

Year-to-date, we've generated operating cash flows of $1.8 billion, which have exceeded our year-to-date capital spending of $700 million.

年初至今，我們已產生 18 億美元的營運現金流，超過年初至今 7 億美元的資本支出。

At June 30, our consolidated debt totaled $15.4 billion and we ended the quarter with $4.7 billion in consolidated cash.

截至 6 月 30 日，我們的合併債務總額為 154 億美元，本季末我們的合併現金總額為 47 億美元。

Net debt is $1.1 billion lower than the start of the year and notably, $9.5 billion less than the start of 2016.

淨債務比年初減少了 11 億美元，尤其比 2016 年初減少了 95 億美元。

We had no borrowings under our revolving credit facility and approximately $3.5 billion available at the end of June.

我們的循環信貸安排下沒有借款，六月底可用資金約 35 億美元。

At June 30, FCX had $1.45 billion common shares outstanding.

截至 6 月 30 日，FCX 已發行 14.5 億美元普通股。

I'd now like to turn the call over to Richard, who will be using the slide presentation materials on our website.

現在我想將電話轉給理查德，他將使用我們網站上的幻燈片簡報資料。

Good morning, everyone.

大家早安。

Want to give you an update of where our company stands right now.

想向您介紹我們公司目前的情況。

I've got to tell you, we've had a -- we have high degree of optimism about our businesses.

我必須告訴你們，我們對我們的業務非常樂觀。

We're here in the midst of 2017.

我們現在正處於 2017 年中。

As we do before every earnings call, we had our global operating team together.

就像每次財報電話會議之前一樣，我們召集了全球營運團隊。

Last week, Red Conger is here, Mike Kendrick is here and Mark Johnson is on the call.

上週，Red Conger 在這裡，Mike Kendrick 在這裡，Mark Johnson 也在通話中。

And our team is really focused, continue to execute our plans.

我們的團隊非常專注，繼續執行我們的計劃。

We're looking forward to the future and now analyzing where our company is going to ultimately grow from these great sets of assets that we have.

我們展望未來，並正在分析我們公司最終將如何利用我們擁有的這些優秀資產來實現成長。

But we've all focused on cost management, and you can see the results of that, good achievement with that.

但我們都專注於成本管理，您可以看到這樣做的結果，並且取得了良好的成就。

We've got ongoing capital discipline.

我們有持續的資本紀律。

We've got a portfolio of growth projects that we're doing work to prepare ourselves for future investments.

我們擁有一系列成長項目，我們正在為未來的投資做好準備。

But we're not committing to projects now, which is common across the copper industry worldwide.

但我們現在還沒有承諾項目，這在全球銅業都很常見。

There's still enough of uncertainty in the global economy that's keeping people from going in and investing heavily on growth projects.

全球經濟中仍存在大量不確定性，阻礙人們進入並大力投資成長項目。

But we got a good set of them that we're going to be prepared to invest in the future, and we're convinced that the world's going to need that copper.

但我們已經做好了未來投資的準備，我們堅信世界將需要這些銅。

We have some issues to continue to talk about in Indonesia, but we've made a lot of progress there.

我們在印尼還有一些問題需要繼續討論，但我們在那裡已經取得了很大進展。

And we've -- we do have a degree of optimism about our work with the government, about, operationally, how we're dealing with our labor issues that's been issues far as during the first half of the year and making progress.

我們對我們與政府的合作確實抱持一定樂觀態度，在營運上，我們如何處理勞工問題，這些問題在上半年就已出現，並且正在取得進展。

Kathleen pointed out that we have reduced our debt since we set our targets in early -- going into 2016.

凱瑟琳指出，自從我們在 2016 年初設定目標以來，我們已經減少了債務。

At that time, we said we were going to try to reduce debt by $5 billion to $10 billion over the 2-year period ending year-end 2017.

當時我們表示，我們將努力在截至 2017 年底的兩年內減少 50 億至 100 億美元的債務。

Today, there's been $9.5 billion.

如今，這一數字已達 95 億美元。

As Kathleen said, to date, we've generated significantly higher cash flow than our capital spending.

正如凱瑟琳所說，到目前為止，我們產生的現金流遠高於我們的資本支出。

We're over $1 billion.

我們已經超過10億美元了。

So we've already achieved our target.

因此我們已經實現了我們的目標。

We're going to continue to generate cash to reduce debt.

我們將繼續產生現金來減少債務。

And now that our balance sheet issues, which dominated our activities last year, are resolved, we are focusing on operations and looking at safety issues, which has always been at the top of our list of things, being more efficient.

現在，我們去年主要關注的資產負債表問題已經解決，我們將重點放在營運和安全問題，這一直是我們提高效率的首要任務。

The primary strategic issue we faced is resolving the long-term rights in Indonesia, and I'll be talking about that.

我們面臨的首要策略問題是解決印尼的長期權利，我將談論這個問題。

But we're also focused on building long-term values in our portfolio of copper assets, and we are optimistic about the future of copper as a commodity and its future price.

但我們也致力於在我們的銅資產組合中建立長期價值，我們對銅作為一種商品的未來及其未來價格持樂觀態度。

I'm very well pleased that after going through the efforts to reduce debt, we retained a set of assets that are really attractive in terms of building our company around.

我很高興，在經歷了削減債務的努力之後，我們保留了一批對於公司建設非常有吸引力的資產。

We do have now $8.2 billion in liquidity, looking at our cash and our availability on our revolver.

從我們的現金和循環信貸的可用性來看，我們現在確實有 82 億美元的流動資金。

So we continue to generate cash, allows us to improve our balance sheet.

因此，我們繼續產生現金，從而改善我們的資產負債表。

Today's a good day in the copper market.

今天是銅市場的好日子。

I can't tell you how many days we've had earnings call when we wake up in the morning and say, we wish we had higher copper price, but today is a good day.

我記不清有多少天我們早上醒來時召開財報電話會議並說，我們希望銅價更高，但今天是個好日子。

We're not surprised by this at all.

我們對此一點也不感到驚訝。

The market fundamentals remain solid.

市場基本面依然穩固。

What we're seeing is in the face of a stronger U.S. dollar.

我們看到的是美元走強的現象。

Chinese demand is better than most expected during the first half of 2017 and now.

2017年上半年以及現在，中國的需求比多數人的預期好。

As I was coming up in the copper business, we always talk about the summer doldrums.

當我進入銅業時，我們總是談論夏季的低迷期。

I mean, just historically, as you went into the August in the copper industry, you typically saw demand fall off, inventory rise.

我的意思是，從歷史上看，進入八月份，銅業通常會看到需求下降，庫存上升。

Well, we're in the summer doldrums.

嗯，我們正處於夏季低迷期。

It's typically not a great time for demand in China.

通常來說，現在不是中國需求旺盛的時期。

And so it's encouraging to see this, to see European demand improving, North America growing at a low rate.

看到歐洲需求不斷改善、北美需求以較低速度成長，是令人鼓舞的。

But the fundamental support forward is the supply side issues, and that's coming clearly in the focus.

但根本的支撐是供應方的問題，這顯然是關注的焦點。

We're seeing a return to more typical disruptions.

我們看到了更典型的中斷的回歸。

We had a period of time of where disruptions were lower than historical amounts.

我們曾經有一段時期的中斷次數低於歷史水準。

We're seeing now issues related to labor, technical issues, issues with government and also forward that's been supportive from a supply standpoint.

我們現在看到與勞動力、技術問題、政府問題以及從供應角度提供支援的問題相關的問題。

There remains a scarcity of major new projects available to the industry.

業界可用的大型新項目仍然稀缺。

The projects that are available longer term are lower quality than historically were available.

長期可用的項目品質低於歷史上可用的項目。

And so copper is very well placed among commodities because of the role of copper in the global economy, the supply side, the supported things and also the uses of copper that are emerging in terms of the development of alternative energy sources and ultimately, with mechanization of the economy, including electric vehicles.

因此，銅在大宗商品中佔據非常有利的地位，因為銅在全球經濟、供應方、支持方面發揮著重要作用，而且銅在替代能源開發方面以及最終在經濟機械化（包括電動車）方面出現的用途也日益增多。

So copper has a solid fundamental outlook.

因此，銅的基本面前景穩健。

Our company is well positioned with the assets that we have.

憑藉現有的資產，我們公司處於有利地位。

When Mackenzie shows, even with the modest demand growth of 1% globally per year, they estimate 5 million tons of new copper projects will be required to meet demand from the supply situation that we face.

麥肯齊表示，即使全球每年的需求成長率僅 1%，從我們面臨的供應狀況來看，也需要 500 萬噸新的銅項目才能滿足需求。

Now we know because we're studying this every day, that new copper projects and ours that we have, our greenfield -- I mean, brownfield projects using existing infrastructure, low-risk execution projects, and we showed what we can do with the Cerro Verde project, but we know that they require $3-plus copper to make them justified.

現在我們知道，因為我們每天都在研究這個問題，新的銅項目和我們已有的項目，我們的綠地——我的意思是，使用現有基礎設施的棕地項目，低風險執行項目，我們展示了我們可以用 Cerro Verde 項目做什麼，但我們知道它們需要 3 美元以上的銅價才能證明其合理性。

There's a 7- to 10-year lead time, and greenfield projects are really scarce.

準備週期為 7 至 10 年，綠地專案非常稀缺。

So there's a deficit looming, absent any big disruption in the world's economy or in China.

因此，即使世界經濟或中國經濟沒有重大混亂，赤字也必然會出現。

There's an inevitable deficit that will allow our company to really profit from it.

不可避免的是，存在赤字將讓我們公司真正從中獲利。

I've read some recent reports of people who have been bearish on copper outlook for some time now that are talking about prices being required for new projects as being substantially lower than we see in our portfolio, and we believe we have the best portfolio in the industry to go forward.

我讀過最近的一些報道，有些人一段時間以來一直看跌銅的前景，他們認為新項目所需的價格遠低於我們的投資組合中的價格，而我們相信，我們擁有業內最好的投資組合，可以繼續前進。

So anyway, we're encouraged by that.

無論如何，我們對此感到鼓舞。

Talking about the Americas operations, strong operating performance.

談到美洲業務，營運表現強勁。

The Cerro Verde expanded operations continue to perform well.

Cerro Verde 擴建業務持續表現良好。

We're looking at a project near our Safford mine in Eastern Arizona, where we have an ore body that some of you recall us talking about in the past call, Lone Star.

我們正在亞利桑那州東部薩福德礦附近的一個項目，那裡有一個礦體，有些人還記得我們在過去的電話會議中討論過它，孤星。

As the Safford mine is depleting from the oxide minerals that we have there, we're pointing towards a plan of producing oxide from the Lone Star deposit, which would make use of these facilities that we have available, and also serve -- to expose a very large sulfide resource at Lone Star that underlies the oxide ore bodies.

由於薩福德礦的氧化礦物資源正在枯竭，我們正計劃從孤星礦床中開採氧化物，這將利用我們現有的設施，同時也可以開採孤星礦床中位於氧化礦體下方的大量硫化物資源。

Using existing infrastructure, this project would be easy, relatively easy with -- reminisce a little bit when I say that, but relatively easy to undertake and give us the opportunity for some significant investments in the large sulfide resource, both at Lone Star and at Safford in the future.

利用現有的基礎設施，這個項目會很容易，相對容易——說這話的時候有點回憶，但相對容易進行，並使我們有機會在未來對 Lone Star 和 Safford 的大型硫化物資源進行一些重大投資。

In Chile, at our El Abra project, we're partners with CODELCO.

在智利的 El Abra 計畫中，我們與 CODELCO 是合作夥伴。

Our exploration that we've done over the past 10 years, we just celebrated our 10th-year anniversary with the Phelps Dodge deal, have identified a very significant sulfide resource that we didn't know existed at the time of the transaction.

我們在過去 10 年中開展的勘探工作，剛剛慶祝了菲爾普斯道奇交易 10 週年，發現了一個非常重要的硫化物資源，在交易時我們並不知道它的存在。

This would be a Cerro Verde type project, although it would require a desalination plant and pipelines to get the water to heights.

這將是一個塞羅韋爾德類型的項目，儘管它需要海水淡化廠和管道才能將水輸送到高處。

It's a big project, but it's a very attractive project in the long run, and we're working with our partner, CODELCO, and other resource landowners in the area to hit up for future investments.

這是一個大項目，但從長遠來看，這是一個非常有吸引力的項目，我們正在與我們的合作夥伴 CODELCO 以及該地區的其他資源土地所有者合作，尋求未來的投資。

And then in the U.S., we have a whole series of sulfide opportunities that we're continuing to study.

在美國，我們有一系列的硫化物機會正在繼續研究。

I want to -- we're serious about this.

我想——我們對此事是認真的。

I mean, we believe we'll make these investments in the future.

我的意思是，我們相信我們將來會進行這些投資。

We're just not making them right now because as we assess the market.

由於我們正在評估市場，所以現在不生產它們。

On Slide 6, we have, in alphabetical order, these projects that we have available in our -- in the Americas, they -- outside of Lone Star.

在第 6 張投影片中，我們按字母順序列出了我們在美洲（除孤星鎮以外）開展的項目。

They are in the United States.

他們在美國。

United States has strategic benefits today that it didn't have in the past, part of this -- other than El Abra.

美國今天擁有過去所沒有的戰略優勢，其中一部分——除了埃爾阿布拉。

Because of the energy situation here, which is an advantage for the U.S. with shallow oil and gas development, the labor situation here is we don't have unions in United States.

因為這裡的能源狀況，對美國來說，淺層油氣開發是個優勢，但這裡的勞工狀況是，在美國，我們沒有工會。

We have communities that support our business.

我們有支持我們業務的社區。

And so it's an attractive place to invest.

因此，它是一個具有吸引力的投資地點。

And the resources, as you can see in these charts where we've got significant, currently identified proved and probable reserves.

正如您在這些圖表中所看到的，我們擁有大量目前已探明和可能的資源儲量。

The mineralized material and the resources beyond that are enormous.

礦化物質及其以外的資源是巨大的。

So this will be where we'll be focusing the future of our company on.

因此，這將是我們公司未來關注的重點。

So in Indonesia, our exports resumed in April.

因此在印度尼西亞，我們的出口在四月恢復了。

We experienced a high level of worker absenteeism during the second quarter that actually began in mid-April, and that had an impact on our mining and milling rates.

實際上，從四月中旬開始，第二季我們的工人缺勤率就很高，這對我們的採礦和銑削率產生了影響。

Despite the lower rates, we have been mining higher ore grades and we had the ability to sell from inventory that built up during the time that we were restricted from exports.

儘管價格較低，但我們一直在開採品位較高的礦石，而且我們有能力出售在出口受限期間累積的庫存。

We had a significant reduction in our workforce there.

我們在那裡大幅裁減了員工。

Workers that were absent were given notice as required under our labor contract and under Indonesian law.

缺勤的工人都會按照我們的勞動合約和印尼法律的要求得到通知。

Many of those did not return to work, and they were deemed to have retired -- to have resigned.

其中許多人沒有返回工作崗位，他們被視為退休——辭職。

And we are now in the process of using contractors to supplement our workforce by this significant number of people that are no longer employees.

現在，我們正在利用承包商來補充我們的勞動力，這些承包商不再是員工。

You read about calls for strikes.

您讀到了有關罷工呼籲的文章。

We want to say that there is no general strike.

我們要說的是，沒有總罷工。

We went into the year with over 30,000 workers, over 25,000 of those were not involved in this absenteeism.

我們今年有 3 萬多名工人，其中 25,000 多人沒有涉及這次曠工。

They continue to work.

他們繼續工作。

And so we are using this as an opportunity to really deal with some workforce issues that have been with us for some time now, and we're encouraged that we'll be able to do that.

因此，我們利用這個機會來真正解決一段時間以來一直存在的一些勞動力問題，我們很高興能夠做到這一點。

We've got support from the authorities.

我們得到了當局的支持。

It's been peaceful.

一切很平靜。

And we are working our way back towards normal operations.

我們正在努力恢復正常運作。

We're looking at ways of improving our operations through slope optimization efforts, and we are looking at accessing what was designed to be produced from the underground Grasberg Block Cave through open pit mining.

我們正在尋找透過邊坡優化工作來改善營運的方法，我們正在研究透過露天開採來獲取地下格拉斯伯格礦塊洞穴所生產的資源。

So we're actually feeling good about where we are right now.

所以我們對於現在的狀況感到很滿意。

The team's done a great job in managing this adjustment in our workforce.

團隊在管理我們員工隊伍的這次調整方面做得非常出色。

We had, for example, about 4,000 of these workers that were deemed to have resigned.

例如，我們有大約 4,000 名工人被視為已辭職。

Now in terms of the contract issues with the discussions with the government of Indonesia, those are very active right now.

現在就與印尼政府的談判合約問題而言，目前談判非常活躍。

And we're now approaching a stage where both parties have expressed an objective of a near-term resolution, and I believe we are seeing that objective being more clearly identified by the senior levels in the Indonesian government than we have seen in the past.

現在我們正接近這樣一個階段，雙方都表達了近期解決問題的目標，我相信，我們看到印尼政府高層比過去更明確地確定了這一目標。

Our team in Jakarta has been working in a process that we established back in May to have discussions with the ministries that are involved in this and our team.

我們在雅加達的團隊一直在按照我們五月制定的流程開展工作，與涉及此事的各部會和我們的團隊進行討論。

We are now at the point of moving those discussions to direct discussions with the lead ministers and with the government.

我們現在正準備將這些討論轉向與主要部長和政府的直接討論。

I'm personally involved in those as I have been all along with the process.

我親自參與了這些工作，因為我一直在關注這個過程。

We're going to be talking about mutual objectives of extending our operating rights, providing Freeport the required assurances about fiscal and legal terms that would give us the confidence to invest in these big underground projects that we have in our plans.

我們將討論擴大經營權的共同目標，為自由港提供必要的財政和法律條款保證，使我們有信心投資我們計劃中的這些大型地下項目。

We are being responsive to the goals of the Indonesian government about divestment and about smelter investments.

我們正在響應印尼政府關於撤資和冶煉廠投資的目標。

We have an understanding that any divestments that we have would have to be a fair market value for -- from our perspective and that Freeport would continue to have operational and governance control over the operations.

我們的理解是，從我們的角度來看，任何資產剝離都必須具有公平的市場價值，而自由港將繼續對營運擁有營運和治理控制權。

So we're moving to the next stage.

因此，我們將進入下一階段。

We have a mutual sense of optimism that we can find an agreement.

我們一致樂觀地認為我們能夠達成協議。

At the end of the day, it's in all of our interest.

歸根結底，這符合我們所有人的利益。

It's the interest of the country, our shareholders, the workers, the province of Papua, and so we will -- we are working on that everyday.

這是國家、股東、工人和巴布亞省的利益，所以我們每天都在為此而努力。

We did -- we do have an issue that we need to -- that affected our outlook near term.

我們確實存在一個需要解決的問題，這影響了我們近期的前景。

So we are developing -- we were starting up a -- our most recent extension of our underground mine where Freeport had been conducted block caving operations since the early 1980s, and we keep going deeper.

因此，我們正在開發——我們正在啟動——我們地下礦井的最新擴建，自由港自 20 世紀 80 年代初就在這裡進行分塊崩落作業，並且我們將繼續深入。

The recent ore from this section of our operations has come from a mine called the Deep Ore Zone mine called DOZ and we've extended that through our exploration activities to a lower horizon, and we call this new mine the Deep MLZ.

我們最近在這部分作業中開採的礦石來自深礦區礦（DOZ），我們透過勘探活動將其延伸至較低的地層，並將這個新礦稱為深礦 MLZ。

And as we've gone deeper, we've encountered a different rock environment than we had at shallower elevations.

隨著我們深入，我們遇到了與淺海拔地區不同的岩石環境。

The rock is more dense, harder.

岩石更緻密，更堅硬。

We're going deeper.

我們正在深入探索。

And in June, we experienced what we are calling a mining-induced seismic activity, which is not uncommon in block caving mines.

6 月份，我們經歷了所謂的採礦誘發地震活動，這在崩落礦中並不罕見。

We've had it in the past, but this is -- was a more significant event for us.

我們過去也經歷過這樣的事情，但這次對我們來說是一個更重要的事件。

It has caused us to slow down the initial ramp-up to make sure that we're managing this rock stress in a safe way and in a prudent way to protect the people and the resources in our underground development until the cave is sustained in a normal fashion.

這迫使我們放慢最初的施工速度，以確保以安全、審慎的方式管理岩石壓力，保護地下開發中的人員和資源，直到洞穴恢復正常。

So we had a plan going into the second quarter for ramp-up that now we are slowing down as we deal with the situation.

因此，我們制定了進入第二季度的加速計劃，但現在我們正在放慢速度以應對當前情況。

We still -- there has been nothing that has affected the resource that we're developing, and nothing for us to change our plans to ramp this mine up to 80,000 tons a day, which is very large for our block-caving operations by 2021.

我們仍然——沒有任何事情影響我們正在開發的資源，也沒有任何事情改變我們將這個礦的日產量提高到 80,000 噸的計劃，這對於我們在 2021 年的塊體崩落開採業務來說是一個非常大的規模。

But it is resulting because of this slowdown and based on what we know today and deferrals that we've incorporated in our plans, which is reducing our metal by 100 million pounds of copper this year, 200 million next year and also deferring gold as part of the component of this.

但這是由於經濟放緩造成的，並且根據我們目前所了解的情況以及我們計劃中納入的延期，即今年減少 1 億磅銅，明年減少 2 億磅，同時也推遲黃金的生產。

A couple of points about this.

關於這一點，有幾點要說。

This is -- as I said, this is an extension of an ore body that's not part of the Grasberg ore body, but this is an ore body that we begin mining in the early 1980s and have kept extending it.

正如我所說，這是格拉斯伯格礦體的延伸，但我們從 20 世紀 80 年代初就開始開採這個礦體，並且一直在延伸它。

At depth, the ore body underlying the Grasberg is the same ore body we've been mining from the open pit.

從深處看，格拉斯伯格礦坑下面的礦體與我們從露天開採的礦體相同。

And its rock characteristics are much different.

其岩石特性也有很大差異。

We're real comfortable that this situation we have here will not automatically transfer over to the Grasberg because of the nature of rock differences.

我們非常放心，由於岩石的性質差異，我們這裡的情況不會自動轉移到格拉斯伯格。

Any event, we are working with a world-class team of geologists and engineers, and we're putting safety first.

無論如何，我們都與世界一流的地質學家和工程師團隊合作，並將安全放在第一位。

And -- but we're looking for ways of advancing this.

而且——但我們正在尋找推進這一目標的方法。

And once we get to the point of having the caving operating in a normal fashion, then we'll be back on track to our original plans and nothing's changed that.

一旦我們的洞穴探險恢復正常，我們就會回到原來的計劃，一切都不會改變。

So we'll be talking a lot as we go forward about the block caving designs as Grasberg Block Cave is just amazing in terms of its size.

因此，我們將會大量討論塊狀崩落法設計，因為格拉斯伯格塊狀崩落法規模之大令人驚嘆。

When this is completed, this will be the world's largest underground mining operations, and we're very comfortable that we can manage this.

一旦完工，這將成為世界上最大的地下採礦作業，我們非常有信心完成這項任務。

You can see it has almost -- the Grasberg Block Cave has almost 1 billion tons of reserves with over 1% copper and 0.78 grams per ton of gold.

你可以看到它幾乎——格拉斯伯格塊狀洞穴的儲量幾乎達到 10 億噸，其中銅含量超過 1%，黃金含量為每噸 0.78 克。

It's extraordinarily high rate of returned investments.

其投資報酬率極高。

The Grasberg Block Cave, for example, is bigger than the Morenci mine, which is our flagship mine here in North America.

例如，格拉斯伯格礦洞 (Grasberg Block Cave) 比莫倫西礦 (Morenci 礦) 更大，後者是我​​們在北美的旗艦礦。

It's state-of-the-art systems.

這是最先進的系統。

Block caving is complicated operations, but we are very experienced with this, and it's going to be a real source of pride for not only for our company, but for the country of Indonesia in having this kind of development.

塊體崩落法操作複雜，但我們對此經驗豐富，這不僅對我們公司來說是值得驕傲的，對印尼整個國家來說也是值得驕傲的。

This Slide 10 shows you the history of block caving.

第 10 張投影片展示了塊體崩落法的演變歷史。

This is a separate mineralization from the Grasberg Block Cave, separate from the original Ertsberg deposit, which Freeport gained mining in the early 1970s.

這是 Grasberg Block Cave 中的一個獨立礦化區，與原來的 Ertsberg 礦床是分開的，自由港在 20 世紀 70 年代初獲得了對 Ertsberg 礦床的開採權。

But it began with a mine that's called the GBT, which is depleted by the late 1970s.

但它始於一個名為 GBT 的礦井，該礦井在 20 世紀 70 年代末已枯竭。

The late 1990s, we're developing the IOZ mine, which has depleted.

20 世紀 90 年代末，我們正在開發 IOZ 礦，該礦已枯竭。

We moved to the DOZ.

我們轉移到了 DOZ。

And now this is, as you can see -- proportionally, this is a larger high-grade ore body called the Deep MLZ mine, and that's where we're dealing with the start-up issue.

現在，正如您所看到的，從比例上看，這是一個更大的高品位礦體，稱為 Deep MLZ 礦，這就是我們正在處理啟動問題的地方。

With our negotiations advancing in a positive way with the government, we are dealing with a number of ministries.

隨著我們與政府的談判不斷取得積極進展，我們正在與多個部會打交道。

We're all focused on the financial benefits to Indonesia that our operations provide.

我們專注於我們的業務為印尼帶來的經濟利益。

We've been there a long time.

我們已經在那裡很久了。

We've contributed $60 billion to the national gross domestic product since our current contract was signed in 1992, a very significant part of the region.

自 1992 年簽署現行合約以來，我們已為國家國內生產毛額貢獻了 600 億美元，佔該地區非常重要的一部分。

And the regions where we're located, we're over 90% of the economy.

我們所在地區的經濟佔比超過 90%。

By far, the largest employer in Papua, one of the largest taxpayers.

迄今為止，它是巴布亞最大的雇主，最大的納稅人之一。

We contribute through our community programs, a very significant amount, almost $700 million since we started this 1% fund in 1996.

我們透過社區計畫捐贈了相當可觀的金額，自 1996 年設立這個 1% 基金以來，已經捐贈了近 7 億美元。

So both sides are working now constructively towards a solution.

因此，雙方現在正在建設性地努力尋求解決方案。

The challenge we're going to face is to take this mutual objective of finding a solution and converting it into an agreement and supporting regulations that's acceptable to both parties.

我們將要面臨的挑戰是將尋找解決方案這一共同目標轉化為雙方均能接受的協議和支援法規。

That's not underestimating that, but we are approaching this with a degree of optimism.

這並不是低估這一點，而是我們以一定程度的樂觀態度對待這一點。

And it's clear that the senior government we were working with to have that objective as well.

顯然，我們與高層政府的合作也是為了實現這一目標。

2017 outlook is presented on Page 12 with the adjustments because the Deep MLZ start-up issues, we're now projecting copper at 3.7 billion pounds, gold at 1.6 million ounces and 93 million pounds of molybdenum.

2017 年的展望列在第 12 頁，由於 Deep MLZ 啟動問題，我們做出了一些調整，目前我們預計銅礦產量為 37 億磅，黃金產量為 160 萬盎司，鉬產量為 9,300 萬磅。

Site production delivery costs are in line with our previous estimates.

現場生產交付成本與我們先前的估計一致。

And after by-product credits, we're now suggesting $1.19.

扣除副產品信用額後，我們目前建議價格為 1.19 美元。

Operating cash flows will continue to be strong and capital expenditures will continue to be significantly lower than our cash flows.

經營現金流將繼續保持強勁，資本支出將繼續明顯低於我們的現金流。

Sales profile is shown for '16, '17 and '18 on Slide 12 -- Slide 13, I'm sorry.

投影片 12 至投影片 13 上顯示的是 2016、2017 和 2018 年的銷售概況，抱歉。

And you can see this is now net of the sale of our Tenke mine that we sold in the Congo to China Molybdenum and the incremental interest in Morenci that we sold to our partners, Sumitomo.

您可以看到，這是扣除我們在剛果向中國鉬業公司出售的 Tenke 礦的淨收入，以及我們向合作夥伴住友集團出售的 Morenci 增量權益後的淨收入。

So that's what our sales look like.

這就是我們的銷售情況。

EBITDA and cash flows for our 2018 now at $1,250 gold, $7.50 molybdenum and copper prices varying from $2.50 to $3 are shown on Slide 14.

幻燈片 14 顯示了我們 2018 年的 EBITDA 和現金流，目前黃金價格為 1,250 美元，鉬價格為 7.50 美元，銅價格從 2.50 美元到 3 美元不等。

You can see that goes from just over $5.5 billion of EBITDA to about $7.5 billion over that range and with cash flows going from $3.4 billion to $4.8 billion.

您可以看到，EBITDA 從略高於 55 億美元增長至約 75 億美元，而現金流則從 34 億美元增長至 48 億美元。

We're highly leveraged to copper, each $0.10 is $280 million.

我們對銅的槓桿率很高，每 0.10 美元就是 2.8 億美元。

And for this call, we're close to $0.10 up today.

對於這個電話，我們今天上漲了近 0.10 美元。

Capital expenditures show the termination of capital spending in the oil and gas business, and we currently are continuing to invest in the Grasberg Block Cave, which has, for '17, $700 million of investment and $750 million for 2018.

資本支出顯示石油和天然氣業務的資本支出終止，我們目前正在繼續投資格拉斯伯格區塊洞穴，2017 年的投資額為 7 億美元，2018 年的投資額為 7.5 億美元。

With agreement with government of Indonesia, we'll proceed with that.

在與印尼政府達成協議後，我們將繼續進行這項工作。

If we are unexpectedly unable to reach an agreement with the government, then we would take the steps of stopping that spending.

如果我們意外地無法與政府達成協議，那麼我們將採取措施停止這筆支出。

It'd be a major adjustment to our activities at PT-FI and would have a deferral in the ramp-up, which, in block cave mining, it takes a period of time to ramp up once you start the mining operations, which we can't do at the Grasberg Block Cave until we finish mining the open pit.

這將是我們在 PT-FI 活動的重大調整，並且會推遲產能提升，在塊狀洞穴採礦中，一旦開始採礦作業就需要一段時間才能達到產能提升，而在 Grasberg Block Cave 採礦中，我們必須等到完成露天採礦後才能進行產能提升。

So our current plan is to do this.

所以我們目前的計劃就是這樣做。

If we were not to be successful in our discussions with the government, those CapEx would be suspended, major adjustments in our operations and we would be moving on to a resolution through arbitration, which we don't want, the government doesn't want.

如果我們與政府的談判不能成功，這些資本支出將被暫停，我們的營運將進行重大調整，我們將透過仲裁來解決問題，但我們不想要這樣的結果，政府也不想要這樣的結果。

That's why the momentum is to find the solution, and that's what our plan is based on.

這就是為什麼我們要努力尋找解決方案，這也是我們的計劃所基於的。

Kathleen and her team did a great job in amending and extending the Cerro Verde credit facility, the details of that on Page 16 as we go forward.

凱瑟琳和她的團隊在修改和延長 Cerro Verde 信貸安排方面做得非常出色，我們將在第 16 頁上詳細介紹。

We will continue to look for steps of managing our balance sheet and our maturities over long periods of time.

我們將繼續尋找長期管理資產負債表和到期債務的措施。

It was a very highly successful syndication and it reflects the strength of this great asset.

這是一次非常成功的聯合經營，體現了這巨大資產的實力。

And one of the -- maybe the best thing that came out of this asset restructuring and capital-raising activity that we did in last year was that we kept Cerro Verde and we're building our company around it as we go forward in the future.

去年我們進行的資產重組和融資活動可能產生的最佳結果之一是我們保留了 Cerro Verde，並且在未來的發展中將圍繞它建立我們的公司。

You can see our debt reduction is going from over $20 billion to net debt, now being $10.7 billion and then where that would move to with just using cash flows.

您可以看到我們的債務削減額從 200 多億美元減少到淨債務，現在為 107 億美元，然後僅使用現金流就可以達到這個數字。

We're no longer looking at any kind of capital raising through sales of stock or sales of assets.

我們不再考慮透過出售股票或出售資產來籌集任何資金。

We'll do some small sales of assets in an ordinary course of business.

我們會在正常業務過程中進行一些小額資產出售。

But as I said, we've basically reached our goals with our balance sheet.

但正如我所說，我們基本上已經透過資產負債表實現了我們的目標。

And now we're focused on safe production from our current sets of assets with this great team of operators and development, and we've got the financial strength to go forward.

現在，我們專注於利用現有資產和優秀的營運及開發團隊進行安全生產，並且我們擁有繼續前進的財務實力。

And we're focused on resolving the situation in Indonesia, and we currently believe we're seeing good progress with that and then looking for the day of when the market will be such that we'll be investing in growth in our assets and looking for opportunities outside of our company.

我們專注於解決印尼的局勢，目前我們相信我們在這方面取得了良好進展，然後期待有一天市場能夠讓我們投資於資產成長並尋找公司以外的機會。

We're all focused on building shareholder value.

我們都致力於創造股東價值。

That's all we're about, and we'll look for alternative ways of doing that because that's our job at the end of day.

這就是我們所要做的全部，我們會尋找其他方法來實現這一目標，因為這最終是我們的工作。

So with that, we will open the line for questions.

因此，我們將開放問答熱線。

(Operator Instructions) Our first question will come from the line of Chris Terry with Deutsche Bank.

（操作員指示）我們的第一個問題來自德意志銀行的克里斯·特里。

Couple of questions from me mainly relating to Grasberg as you'd expect.

正如您所預料的，我有幾個問題主要與格拉斯伯格有關。

First one, just on the underground development.

第一個，關於地下開發。

You'd hinted that, that was your plan balancing act there during the year of keeping enough up labor in place so that you don't stop completely.

您曾暗示過，這就是您在這一年中的平衡計劃，即保持足夠的勞動力，這樣您就不會完全停止生產。

When you say it's been slowed now, is there a different development compared to last quarter?

您說現在速度已經放緩，那麼與上一季相比，有什麼不同嗎？

Or is it more the same?

或者說情況大致相同？

And then also, can you just speak a little bit more about the opportunity to mine from the open pit part of what would have previously been in the underground?

另外，您能否再多談談開採露天部分而不是地下部分的機會？

Okay.

好的。

So with your first question, I want to make sure that we're clear on this.

因此，對於您的第一個問題，我想確保我們清楚這一點。

There is the block cave underground development activities and then there is the start-up of the Deep MLZ mine, which is beginning its -- moving to its operating phase.

目前有塊狀洞穴地下開發活動，然後是 Deep MLZ 礦的啟動，該礦正在開始進入運作階段。

The development activities now are focused in the underground block cave at the Grasberg mine underneath the pit, okay, and that's a major development project that we've been literally been working on for 8 years or so in developing access to it and getting that mine prepared to start up when we complete mining in the pit.

目前的開發活動集中在格拉斯伯格礦井下方的地下採礦洞，好的，這是一個重大的開發項目，我們實際上已經為此工作了 8 年左右，開發進入該項目的通道，並準備在礦井開採完成後啟動該礦。

We did reduce some of our capital spending when we were facing the issues with the government that emerged in January of 2017, but we've made a decision so far to keep spending on that development activities and nothing has changed during the quarter on that.

當我們面對 2017 年 1 月出現的政府問題時，我們確實減少了部分資本支出，但到目前為止，我們已決定繼續在開發活動上支出，而且本季度這方面沒有任何變化。

We cut it by about 25% earlier this year, Chris, but there's nothing changed in recent months on it.

克里斯，今年早些時候我們將其削減了約 25％，但最近幾個月沒有任何變化。

We're evaluating on a month-by-month basis.

我們正在按月進行評估。

And moving to your second question.

接下來是您的第二個問題。

As we continue to develop this and as we're completing mining at the pit, as you would expect, there's ongoing efforts to try to optimize the mining at the final stages of operations at the pit.

隨著我們繼續開發這一領域並完成礦坑的開採，正如您所期望的那樣，我們不斷努力嘗試優化礦坑作業最後階段的開採。

And Mark Johnson and his team are looking at ways of adjusting pit slopes, deepening pit slopes, looking at ways that we can take advantage of our existing fleet of open pit mining equipment, the shovels and truck and so forth.

馬克·約翰遜和他的團隊正在尋找調整礦坑邊坡、加深礦坑邊坡的方法，以及尋找能夠利用現有露天採礦設備（鏟車、卡車等）的方法。

Some of that's been delayed by this issue of the export ban.

由於出口禁令問題，部分工作已被推遲。

There was a period of time of where the smelter in Indonesia was down earlier this year.

今年早些時候，印尼的冶煉廠曾一度停產。

So that's given us opportunities in time to see how can you optimize the final stages of mining from the pit, and that's what we're talking about there.

所以這給了我們機會隨時了解如何優化礦坑採礦的最後階段，這就是我們正在討論的內容。

Then you move over to the Deep MLZ mine of where we've completed the initial stages of development.

然後您轉到 Deep MLZ 礦井，我們已經在那裡完成了開發的初始階段。

In block cave mining, there is ongoing development activities that occur once you start the caving operations.

在塊狀洞穴採礦中，一旦開始洞穴開採作業，就會發生持續的開發活動。

But we were in the start-up of actually developing the draw points for the operations through a combination of undercut development and mining material from the draw points as they started out when we ran into this issue related to this mining and do seismic activity.

但我們實際上正處於開發開採點的起步階段，透過結合底切開發和從開採點開採材料，當我們遇到與採礦相關的問題並進行地震活動時，開採點就開始了。

And so we stepped back from that for a period of time, and we're sequentially approaching undercut development and mocking mining, which we were doing together before until we get to the point of where the caves are operating in a normal fashion.

因此，我們在一段時間內暫時放棄了這項計劃，並逐步進行底切開發和模擬採礦，這些都是我們之前一起做的，直到我們到達洞穴正常運作的地步。

So that's a separate issue from the underground development at the Grasberg Block Cave.

所以這是與格拉斯伯格礦洞地下開發不同的問題。

Okay.

好的。

Just in terms with the discussions with the government that you're still having, are you able to rank, I guess, from maybe the government side what they say is the most important, including the smelter, the final ownership status, time lines, taxes, royalties, et cetera?

就您仍在與政府進行的討論而言，我猜您能否從政府角度對他們認為最重要的內容進行排序，包括冶煉廠、最終所有權狀況、時間表、稅收、特許權使用費等？

What's the key sticking point there?

這裡的關鍵癥結是什麼？

Well, what we have is an effort that's designing a solution in one agreement to address all of these issues.

嗯，我們正在努力透過一項協議設計解決方案來解決所有這些問題。

We both have agreed that we're going to have a global solution to the issues as a package.

我們雙方同意將以一攬子方式尋求這些問題的全球解決方案。

And the keys from the government standpoint are the ones that you mentioned.

從政府角度來看，關鍵就是您提到的這些。

They want to see divestment, their objective is to have over time, a point where we reach a 51% ownership by Indonesian interest because currently 9.36% is owned by the government.

他們希望看到撤資，他們的目標是隨著時間的推移，印尼的所有權達到 51%，因為目前政府持有 9.36% 的股份。

They've set a strong objective of seeing new smelter capacity developed in Indonesia.

他們制定了一個強而有力的目標，那就是提高印尼新的冶煉廠產能。

And then preserving the fiscal revenues from taxes and royalties that the government has because that's important to us.

然後保留政府從稅收和特許權使用費中獲得的財政收入，因為這對我們很重要。

From our standpoint, our objective is having the government approve our rights to an extension that we have under our existing contract, and that goes to 2041.

從我們的角度來看，我們的目標是讓政府批准我們根據現有合約延長合約的權利，即到 2041 年。

And that -- and to have that approval have fiscal and legal terms that have assurances and a commitment by the government to those over time so that they can't be changed by subsequent laws and regulations, and that any divestment that occurs, and we're talking at this final stages about we had originally agreed to 30%, the government wanted 51%.

而且 — — 獲得批准時要有財政和法律條款，政府要對這些條款作出保證和承諾，以便這些條款不會被後續的法律法規所改變，並且任何發生的撤資，我們正在討論的最後階段，我們最初同意的是 30%，但政府想要 51%。

So that's a matter to be dealt with in the final negotiations.

所以這是最終談判要處理的問題。

But whatever that comes up to, that any divestment be done so that we are paid a fair value for the divested shares.

但無論結果如何，任何撤資都必須確保我們獲得所撤資股份的公平價值。

And that Freeport, there's an agreement that Freeport will continue as operator and we have to do that.

而且，我們與自由港達成了一項協議，即自由港將繼續作為運營商，我們必須這樣做。

We have to have the rights to operate the business as we determined it should be operated and that we also have control over the governance of the operations.

我們必須擁有按照我們決定的方式經營業務的權利，並且我們也對業務運營的治理擁有控制權。

And so those are the issues, and we've agreed to deal with them as a package.

這就是問題所在，我們同意一攬子解決。

And that's what we are doing as we speak.

這正是我們說話時正在做的事。

Okay.

好的。

One final one, is there any update on Kokkola in Finland.

最後一個問題，有關於芬蘭科科拉的最新消息嗎？

What value you could extract there versus the original thoughts?

與最初的想法相比，你能從中提取什麼價值？

No, we have a lot of interest, as you can imagine, both with that and with the concern to exploration property that's near Tenke, which we had an agreement with China Moly that they would have a right to negotiate with us on it.

不，你可以想像，我們對此很感興趣，也對 Tenke 附近的勘探財產感興趣，我們與中國鉬業達成協議，他們有權就此事與我們進行談判。

We weren't able to reach an agreement with them.

我們無法與他們達成協議。

On the valuations, there's been such a change in the cobalt market, of course, since we closed our transaction on Tenke and we've had a lot of incoming interest.

就估值而言，自從我們完成對 Tenke 的交易以來，鈷市場發生了很大的變化，並且我們收到了許多新的興趣。

We're having discussions with people, but we haven't established a formal process for how to go forward.

我們正在與人們進行討論，但尚未建立正式的推進流程。

Your next question comes from the line of Novid Rassouli with Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Novid Rassouli。

So Richard, when you were discussing this to the Indonesia situation down at Cesco, you'd mentioned that you guys and Indonesian government are not really starting from scratch and that the discussions are far along several years you guys has been discussing this and that you're hopeful that the 6-month extension is all that's necessary, I mean, given the background and history of the negotiations.

理查德，當你在 Cesco 討論印尼局勢時，你提到你們和印尼政府並不是從零開始，而且談判已經進行了好幾年，你們已經討論過這個問題，而且你希望 6 個月的延期就是必要的，我的意思是，考慮到談判的背景和歷史。

I was just wondering, that was quite a laundry list of topics that you just listed out on what needs to be decided on.

我只是想知道，您剛才列出的需要決定的主題清單太長了。

So I just wanted to see if you can give us an update on how your thinking about the situation now?

所以我只是想知道您是否可以告訴我們您對現在的情況有何看法？

Do you see an ability to have something done by October?

您認為十月之前能夠完成某件事嗎？

And if anything's changed in your thinking since you kind of presented that view to us down at Cesco?

自從您在 Cesco 向我們提出這個觀點以來，您的想法有什麼改變嗎？

Yes, well, I guess, the -- from our perspective, this is not a big laundry list of items.

是的，嗯，我想，從我們的角度來看，這並不是一個很長的清單。

I mean, it is divestment, smelter, fiscal terms extension, and those -- it's really 4 items.

我的意思是，撤資、冶煉廠、財政條款延長，這些實際上是 4 項。

There has been a significant movement within the Indonesian government of where I think coming from the senior level of the government.

我認為，印尼政府內部已經發生了重大變動，這些變動來自政府高層。

There's a real objective of wanting to get this resolved now that we just haven't seen in the past.

現在我們真正想要解決的是這個問題，這是我們過去從未見過的。

And so we remain focused on getting an agreement done this year.

因此，我們仍然致力於在今年達成協議。

And that is consistent with what the government's objective is as well.

這也與政府的目標是一致的。

So there's a lot of things going on within Indonesia and its economy.

印尼及其經濟內部發生了很多事情。

There's geopolitical issues that are -- we read about everyday in the paper in Southeast Asia.

我們每天在東南亞的報紙上都會讀到有關地緣政治議題的報道。

There's political developments, as always, within the Indonesian government and all those things are coming to bare.

一如既往，印尼政府內部的政治發展正在顯現，所有這些事情都正在浮現。

We are having -- we're seeing a much greater interest by officials in the U.S. government and this administration to be supportive of businesses generally.

我們看到，美國政府和本屆政府的官員對支持企業表現出了更大的興趣。

But particularly, our situation in Indonesia, we are working -- it's our responsibility to negotiate with the government and that's what we're doing.

但具體到我們在印尼的情況，我們正在努力——與政府談判是我們的責任，而這就是我們正在做的事情。

But there's a lot of circumstances that are leading us to a point of where we're at -- the point where now of working to get an agreement.

但有很多情況導致我們現在需要努力達成協議。

And if it can't done, now is the time we're going to do it.

如果做不到，那現在我們就應該去做。

I mean, we're not -- we're clear this is the effort that we're going to pursue.

我的意思是，我們不是——我們清楚這是我們要進行的努力。

It's not going to be any memorandums of understanding or assurance letters or any of the things we've had in the past, but we're running this to ground right now.

這不會是任何諒解備忘錄或保證書或我們過去所擁有的任何東西，但我們現在正在將其付諸實施。

And the next step from that would be, I guess, arbitration?

我猜，下一步就是仲裁？

If we're unsuccessful, then that's the recourse that each party has to resolve a dispute.

如果我們失敗了，那麼這就是雙方解決爭端的手段。

We gave notice about -- of the dispute earlier this year.

我們在今年稍早就已通知過這項爭議。

There was 120-day notice period that has now run its course.

120 天的通知期現已結束。

So at this point, either party is free to initiate arbitration proceedings.

因此此時，任何一方都可以自由啟動仲裁程序。

And as you can imagine, we're doing a lot of behind-the-scenes work to prepare for that if it's something we have to do.

你可以想像，如果我們必須這麼做的話，我們會做大量的幕後工作來做好準備。

We feel very strong about our legal position in this, but we also recognize that it's not desirable for either party to go that route.

我們對自己在這件事上的法律地位堅信不疑，但我們也意​​識到，任何一方都不想走這條路。

And so we are, in fact, reserving our rights.

因此，我們實際上保留了我們的權利。

The government has rights as well.

政府也有權利。

But we're working together to get this resolved, and that's -- and we're approaching it, we're both approaching it, I think, from maybe the first realtime of where there's a consistent point of view about wanting to get it resolved.

但我們正在共同努力解決這個問題，而且我們正在努力解決這個問題，我想，也許從第一次實時開始，我們都在努力解決這個問題，我們都希望以一致的觀點來解決這個問題。

Got it.

知道了。

And then just one follow-up, Richard.

接下來只剩下一個後續問題，理查德。

So you guys had mentioned you're taking steps to increase the workforce or PT-FI is taking steps to increase the workforce.

所以你們提到你們正在採取措施增加勞動力或 PT-FI 正在採取措施增加勞動力。

Curious if there's any significant lead time, just kind of train additional workers to restore normal operating rates?

好奇是否有任何重要的準備時間，只是培訓額外的工人來恢復正常的運作率？

And if future strikes -- if potential future strikes would have an immediate impact or if the new workforce would kind of have some sort of a buffer built in?

如果未來發生罷工——潛在的未來罷工是否會產生直接影響，或者新勞動力是否會內建某種緩衝？

Well, what's going on as we're doing this is the activity in the pit is ramping down.

嗯，當我們這樣做的時候，礦場內的活動正在逐漸減少。

Whereas, once, we were mining 800,000 tons a day.

而我們曾經每天開採80萬噸。

There were some days we've even had 1 million tons a day -- metric tons of mining in the pit.

有的時候，我們每天的採礦量甚至達到 100 萬噸——礦坑裡的採礦量達公噸。

Today, our plans calls for about 100,000 tons.

今天，我們的計劃要求大約10萬噸。

So there's less work being done in the pit, and that's where this absenteeism was focused.

因此，礦井裡的工作減少了，這也是曠工現象集中出現的原因。

And what we're doing is rather than hiring new employees is working through contractors to hire people, often people who are experienced in coal mining and other activities for truck operations and so forth.

我們的做法不是僱用新員工，而是透過承包商來僱用人員，通常是那些在煤礦開採和其他卡車操作等方面有經驗的人。

So it is taking some time, but we're close back to meeting our plans with the activity as we speak now.

所以這需要一些時間，但正如我們所說，我們已經接近實現我們的活動計劃了。

And this -- all these activities really has not had a significant impact in our underground development activities.

而這些活動其實並沒有對我們的地下開發活動產生重大影響。

That's a separate set of workers.

那是一組獨立的工人。

They have it in the -- in large part, they weren't involved in this absenteeism.

他們在很大程度上沒有參與這次曠職事件。

While you read about a strike, there has not been a formal strike declared.

雖然您讀到有關罷工的報道，但尚未正式宣布罷工。

There's -- the union talks has called for a strike.

工會談判已要求罷工。

But in any event, it's not like the workforce went on strike.

但無論如何，這並不意味著工人進行了罷工。

There were some workers that didn't come to work.

有些工人沒有來上班。

And unfortunately after notification, some of them have lost their jobs.

不幸的是，在收到通知後，其中一些已經失業。

And that's not good for anybody, but we had to manage it that way to keep control of our operations.

這對任何人都沒有好處，但我們必須以這種方式進行管理，以保持對營運的控制。

Your next question comes from the line of Michael Gambardella with JPMorgan.

您的下一個問題來自摩根大通的 Michael Gambardella。

You got controllable and uncontrollable issues always and you guys done a pretty good job on the controllable issues.

你們總是會遇到可控和不可控的問題，而你們在可控問題上做得相當不錯。

You get a little help from the uncontrollable with copper going up, but you still got to deal with this Indonesia issue, which is, in my mind, a big uncontrollable.

銅價上漲等不可控因素會為你帶來一些幫助，但你仍然需要處理印尼問題，在我看來，這是一個巨大的不可控因素。

And I think the main -- one of the main things I hear Freeport say that they need is assurances, that the contract of work terms, which have gone out to 2041 are upheld.

我認為，我聽到自由港表示他們需要的主要事情之一是保證，即遵守已到期至 2041 年的工作合約條款。

But how do you really get assurances of that since my understanding of the original Contract of Work was that it superseded and it changes in Indonesian government law when it was signed and that included the extensions, which were basically up to you guys in 2021 and 2031 to bring you up to 2041.

但你如何真正得到保證，因為我對原始工作合約的理解是，它取代了簽署時的印尼政府法律，並且發生了變化，其中包括延期，這基本上取決於你們在 2021 年和 2031 年將合約延長至 2041 年。

So basically, what's really to stop the government from changing their mind a year or 2 from now even if they say, okay, we're going to uphold the 2041 term of the contract.

所以基本上，如何才能阻止政府在一兩年後改變主意，即使他們說，好吧，我們將堅持 2041 年的合約期限。

How do you get assurances that they don't break the contract again?

你如何保證他們不會再違約？

So repeating some of the things you said.

所以重複你說過的一些話。

The contract was signed in 1991.

該合約於1991年簽署。

It had a 30-year primary term and it contained provisions giving us the right to two 10-year extensions of that contract.

該合約的主要期限為 30 年，其中的條款賦予我們將該合約延長兩次，每次 10 年的權利。

It wasn't like a renegotiating contract.

這不像是重新談判合約。

And that came about because that's what Indonesian law allowed at that time.

這是因為當時印尼法律允許這樣做。

Under Indonesian law at 1991, they only had the right to issue a 30-year contract.

根據1991年的印尼法律，他們只有權簽發一份為期30年的合約。

So what you have in Indonesia and any other country is a sovereign government, which has the right to adopt whatever laws and regulations they want -- they decide they should adopt.

因此，印尼以及其他國家都有一個主權政府，他們有權制定他們想要的任何法律和法規——他們決定是否應該制定。

And Indonesia passed this new mining law in 2009, which triggered the current controversy between us.

而印尼在2009年通過了這項新的採礦法，引發了我們之間的當前爭議。

The protection that we have under our contract and the protection that we are insisting be preserved going forward is that if, in fact, the government does change its mind, as you say, and takes actions through laws, regulations or whatever to take value away from what we're entitled to under our agreement, then we have the right to go to international arbitration, a legal proceeding that is structured to be fair, not something that goes through the Indonesian court system, and we would have the right to financial compensation for actions that the government has taken.

我們在合約下享有的保護以及我們堅持在未來保留的保護是，如果事實上政府真的像你說的那樣改變主意並通過法律、法規或其他方式採取行動，剝奪我們根據協議應享有的價值，那麼我們就有權訴諸國際仲裁，這是一種公平的法律程序，而不是通過印度尼西亞的司法系統進行的程序，而且我們有權獲得對政府採取的行動的經濟補償。

We have that right, right now because the contract says very clearly.

我們現在就有這個權利，因為合約上說得很清楚。

The government can't restrict exports.

政府不能限制出口。

Well, the government has restricted exports in the past.

嗯，政府過去曾限制出口。

The government is obligated to give us this extension.

政府有義務給我們這個延期。

They haven't approved the extension yet.

他們尚未批准延期。

And what we've tried to do, Mike -- and some of these things aren't incontrollable, some of them are under our control.

麥克，我們已經嘗試去做了，其中一些事情並不是無法控制的，有些是在我們的控制範圍內的。

And what we've tried to do is find a way to preserve the values for our shareholders and be responsive to the aspirations and desires of the government and find a compromise.

我們試圖做的是找到一種方法來維護股東的價值，並且回應政府的願望和需求，並找到妥協方案。

But as part of that compromise, we are insisting that we retain going forward the rights to international arbitration and the rights to financial claims if the government subsequently doesn't honor the contract.

但作為妥協的一部分，我們堅持認為，如果政府隨後不履行合同，我們將保留今後的國際仲裁權和財務索賠權。

Okay, understand.

好的，明白了。

And is there any way for you to estimate what your results for the quarter would have looked like if none of this would have happened in terms of the contract would have never been questioned from 2009 on and you are operating under the Contract of Work?

您是否可以估算一下，如果沒有發生這些事情，您本季的業績會是什麼樣子，因為從 2009 年開始合約就再也沒有受到過質疑，而且您是按照工作合約開展業務的？

How different will your results be today?

今天的結果會有何不同？

Well, let's see.

好吧，讓我們看看。

We would have completed mining the open pit last year in 2016.

我們原本應該在去年，也就是 2016 年完成露天採礦。

If you go back and review what our plans were, then we would have had an extraordinary year in 2015 and 2016, over 3 million ounces of gold and large copper things.

如果回顧我們的計劃，那麼 2015 年和 2016 年將是非凡的一年，開採了超過 300 萬盎司的黃金和大量銅礦。

But for 2017, we would have completed mining the pit and we would be ramping up the DOZ.

但對於 2017 年來說，我們將完成礦坑的開採，並且將增加 DOZ。

So remember, we -- the Deep MLZ.

所以請記住，我們——Deep MLZ。

So remember we used to talk about that falloff, the wedge, and we were talking about how to offset that through stockpiles and things.

所以記得我們曾經談論過這種下降，這種楔形，並且我們談論過如何透過庫存和其他方式來抵消它。

So we would have had extraordinary years in 2015 and 2016.

因此，2015 年和 2016 年對我們來說是不平凡的兩年。

You can -- [you'd] like to assume we didn't do the oil and gas deal, that would have made a difference.

你可以—[你]假設我們沒有達成石油和天然氣交易，那將會有所不同。

We wouldn't have been selling assets and doing all the -- and selling stock and doing all the things had to do to pay that debt off.

我們不會出售資產並做所有事情——出售股票以及做所有必須做的事情來償還債務。

So I'll answer your question, but I don't allow myself to go back and say, we've got a shit of deal.

所以我會回答你的問題，但我不允許自己回頭說，我們已經達成了一項協議。

We're in the here and now.

我們就在這裡，就在當下。

We have control over a lot of things, including some issues with the government, and we're working hard to deal with those issues.

我們可以控制很多事情，包括一些政府問題，我們正在努力處理這些問題。

The would, could, should have, if you don't get a deal with the government and you do go to arbitration, I would assume some of the would, could, should have would go into your estimate of what you've lost in terms of value.

如果您沒有與政府達成協議並且您確實訴諸仲裁，那麼我認為其中一些因素將影響您估計的損失價值。

No question.

毫無疑問。

No question.

毫無疑問。

I mean, we would -- and so this arbitration claim -- again, I want to emphasize because I know my friends in Indonesia are listening to this and I'm speaking clearly.

我的意思是，我們會——因此，對於這個仲裁請求——我想再次強調，因為我知道我在印尼的朋友正在聽這些，而且我說得很清楚。

You know that we don't want to do that.

你知道我們不想這麼做。

We want to find a mutually agreeable solution.

我們希望找到一個雙方都同意的解決方案。

But if we don't, the claims are going to be very large.

但如果我們不這樣做，索賠金額將會非常高。

Sure, yes, I would imagine.

當然，是的，我想像如此。

That was a big asset.

那是一筆巨大的財富。

Yes, huge asset, huge difference in performance under the Contract of Work and what's happened.

是的，巨大的資產，工作合約下的表現與發生的事情有巨大差異。

And how would that transpire assuming you don't get an agreement, you go to arbitration, you win the arbitration?

假設您沒有達成協議，而是訴諸仲裁並贏得仲裁，那麼情況會如何？

What happens next in terms of -- how do you receive proceeds or value consideration?

接下來會發生什麼事—您如何獲得收益或價值對價？

Well, it gets to be an obligation of the government of Indonesia.

嗯，這應該是印尼政府的義務。

I mean, that's an obligation under their law and then there's steps you can take internationally to enforce that as well.

我的意思是，這是他們法律規定的義務，然後你也可以採取國際措施來執行這項規定。

There's been some precedent for that, if we're other countries.

如果我們是其他國家，那麼已經有過這樣的先例。

Indonesia had a case several years ago as well, and so there's processes to follow.

印尼幾年前也發生過一起案件，因此需要遵循相關程序。

Indonesia, as a member of the G20 as a company, country's that's done big picture well economically, they're going to have pressures of wanting to get this resolved in a way that helps them with their bigger picture, economic goals, international goals and so forth.

印尼作為 G20 成員國，作為一個在經濟上表現良好的國家，他們將面臨著希望以有助於他們實現更大目標、經濟目標、國際目標等的方式解決這個問題的壓力。

So it's not only Freeport in representing our shareholders that has objectives of resolving this, there are also going to be pressures facing Indonesia and getting it resolved.

因此，不僅自由港代表我們的股東致力於解決這個問題，印尼也面臨解決這個問題的壓力。

And I think that's becoming more apparent to them.

我想這對他們來說已經變得越來越明顯了。

Your next question comes from the line of Chris Mancini with Gabelli.

您的下一個問題來自加貝利的克里斯·曼奇尼。

I just so -- I was just wondering, in terms of your projects, and the potential project that the expansion projects that you showed in your presentation.

我只是——我只是想知道，就您的專案而言，以及您在演示中展示的擴展項目的潛在項目。

If copper were at say $3 a pound, say it would go to $3 to $3.10 or something-like-that a pound, and it was there for a couple of months, do you feel like you currently have the balance sheet to start any of those projects?

假設銅價為每磅 3 美元，或者說會漲到每磅 3 至 3.10 美元左右，並且這個價格會持續幾個月，您是否覺得您目前的資產負債表足以啟動這些項目中的任何一個？

Or would you like your balance sheet to be in a better position in terms of your net debt position to start a -- I don't -- I guess you guys haven't mentioned how big these projects would be, but say, $1 billion expansion project?

或者您希望您的資產負債表在淨債務狀況方面處於更好的位置，以啟動 - 我不 - 我想你們還沒有提到這些項目有多大，但是比如說 10 億美元的擴建項目？

All right.

好的。

So Chris, the short answer to your question is yes, the balance sheet's okay.

所以克里斯，對你的問題的簡短答案是肯定的，資產負債表沒問題。

We could do those.

我們可以做到。

But these projects aren't $1 billion projects.

但這些項目並不是價值 10 億美元的項目。

I mean, you know the Cerro Verde project, which was a major expansion, was $4.5 billion, $5 billion project, and it was as well situated a project to do this on that you're ever going to find anywhere in the world.

我的意思是，你知道 Cerro Verde 項目是一個重大擴建項目，耗資 45 億美元到 50 億美元，而且它是世界上條件最優越的項目。

But the El Abra project is a project that would be bigger than that, okay?

但是 El Abra 專案比這個要大得多，好嗎？

The -- we could get to start going on the Lone Star, Safford project in that range, okay.

我們可以開始進行該範圍內的 Lone Star、Safford 項目，好的。

Yes.

是的。

That's less than a $1 billion, but it's been over multiple years.

雖然這筆錢還不到 10 億美元，但已經是好幾年的事了。

And yet, to develop the sulfide deposit there is another multiple.

然而，開發硫化物礦床還有另外多種方法。

So these are major-type projects.

這些都是重大項目。

And while I think we are on a path towards starting the Lone Star deal, it's not in our numbers now, but I think it'll be fairly shortly.

雖然我認為我們正朝著啟動孤星交易的方向前進，但這還不在我們的考慮範圍內，但我認為很快就會實現。

But to do one of these multibillion-dollar projects like we would be looking at, at Bagdad and the expansion at Sierrita and the sulfide at -- in Safford and so forth, you're going to need to get copper not just for a month or two, you're going to have a clear view that the world economy is developing, that there's the uncertainties that currently overhang, the economy in significant ways are clearer to go forward.

但是，要實施我們正在考慮的巴格達項目、西耶里塔項目的擴建以及薩福德的硫化物項目等價值數十億美元的項目，你需要獲得的銅不只是一兩個月的時間，你要清楚地看到世界經濟正在發展，目前存在的不確定性，經濟在很大程度上更清楚地向前發展。

And that's not just for us, but that's for the rest of the industry.

這不僅適用於我們，也適用於整個產業。

So I think, before that happens, you're going to see a period of time where there's going to be a shortage of copper, and you're not going to see the price just go to $3.

所以我認為，在那之前，你會看到一段時間的銅短缺，而且你不會看到價格跌到 3 美元。

We just need to look over our shoulders and we can see at times we had copper at $4, and we're heading for a world of where that is -- that's I believe is in the cards, and it could even be more than that, because the great thing about copper is that when you look at its uses, it's not the component that drives demand.

我們只要回頭看看，就會發現有時銅價曾經達到每桶 4 美元，而我們正走向這樣的世界——我相信這是有可能的，甚至可能更高，因為銅的優點在於，當你看它的用途時，你會發現它並不是推動需求的成分。

Copper is an important, a necessary component of those.

銅是其中的重要組成部分，是必需的組成部分。

But -- so you know, anyway, you've all heard me get on my copper sulfides.

但是——所以你們知道，無論如何，你們都聽過我談論硫化銅了。

That's so boxy, at one point, I was kind of a lone prop in the wilderness.

它太四四方方的了，有一次，我就像荒野中一個孤獨的道具。

Now, there's a choir singing this song, and so -- and yet you don't see people jumping up to invest in new projects, and new projects are very scarce.

現在，有一個合唱團在唱這首歌，但你看不到人們跳出來投資新項目，而且新項目非常稀缺。

There is some projects that are being completed and so forth, but the wall of copper that was supposed to come about in 2016 didn't show up.

有一些項目正在完工等等，但是原定於 2016 年出現的銅牆卻沒有出現。

And now to justify the coming wall of copper that some people are talking about, you can develop these new mines at $2.50 or less and this can't be done.

現在，為了證明一些人所說的即將到來的銅牆的合理性，你可以以 2.50 美元或更低的價格開發這些新礦，這是不可能的。

It just can't be done.

這根本就不可能實現。

And when that -- Kathleen is telling me to stop, so I'll get off.

當凱瑟琳叫我停下來時，我就下車。

That sounded good though.

聽起來不錯。

The choir singing, sounded good.

合唱團的歌聲，很好聽。

But the -- so right.

但 — — 非常正確。

So what you're saying in that, Richard, is that you can essentially, at the current -- your current balance sheet, current copper price, you'll probably be able to approve the Lone Star oxides, which will essentially replace some of the assets that have being depleted in Safford, from what I understand.

所以理查德，你所說的意思是，根據你目前的資產負債表和目前的銅價，你可能能夠批准 Lone Star 氧化物，據我所知，這基本上將取代薩福德一些已經枯竭的資產。

But these bigger projects like El Abra, you think that you do have the balance sheet to complete those, but that you wouldn't embark on those unless you saw runway for copper being above $3 a pound and going higher.

但是對於像 El Abra 這樣的大型項目，您認為您確實有足夠的資產負債表來完成它們，但是除非您看到銅價超過每磅 3 美元並且還在繼續上漲，否則您不會著手進行這些項目。

Is that kind of pretty accurate?

這樣是不是相當準？

That is exactly accurate.

這確實準確。

And I'll just mention one other factor.

我只想提一下另一個因素。

With everything that we've had going on over the years, we've developed some incredible, strong relationships in Asia.

透過這些年來的努力，我們在亞洲建立了一些令人難以置信的牢固的關係。

I mean, in China, Japan, Korea, I mean -- and we have -- I can't tell you the number of people who want to be our partners going forward.

我的意思是，在中國、日本、韓國——我們有——我無法告訴你有多少人希望成為我們的合作夥伴。

I mean, Freeport's earned a lot of respect.

我的意思是，自由港贏得了許多尊重。

By the way, we're the operators of all of our projects and we've done, kind of, every kind of project that can be done, and the people in Asia are hungry for copper and they want to be our partners.

順便說一句，我們是所有項目的運營商，我們已經完成了幾乎每種可以完成的項目，亞洲人民渴望銅，他們希望成為我們的合作夥伴。

So financing is going to be one of -- evaluating the alternatives as opposed to scrambling to find it.

因此，融資將成為一種評估替代方案的方式，而不是手忙腳亂地尋找融資。

Okay, great.

好的，太好了。

And do you have a sense as to

你是否意識到

(technical difficulty)

（技術難度）

(technical difficulty)

（技術難度）

And while the government says, we have certain requirements to get a deal done, and that in relation to smelter and divestment, the financial issues, we said we have requirements to get a deal done.

而政府則表示，我們有一定的要求才能達成協議，而且在涉及冶煉廠和撤資等財務問題方面，我們表示，我們有一定的要求才能達成協議。

You know, I'm real clear with the government that our shareholders will not accept us not getting fair value for any divestment.

你知道，我向政府明確表示，我們的股東不會接受我們在任何撤資中沒有獲得公平的價值。

I mean, I hear that over and over again because they see our rights under arbitration, we know our legal case is strong.

我的意思是，我一次又一次地聽到這一點，因為他們看到了我們在仲裁下的權利，我們知道我們的法律依據是強而有力的。

So it's a recognition.

所以這是一種認可。

That we recognize what their requirements are, they're recognizing what our requirements are.

我們認識到他們的要求是什麼，他們也認識到我們的要求是什麼。

And are you seeing -- your comments suggest that you're actually seeing movement then, in terms of sort of the bid ask right here in terms of negotiations.

您是否看到了——您的評論表明您實際上看到了談判中的出價要求方面的動向。

Is that fair?

這樣公平嗎？

Yes, that's fair.

是的，很公平。

Okay.

好的。

And -- I mean, your comments about working towards a resolution by the end of the year.

而且——我的意思是，您關於在年底前努力達成解決方案的評論。

That's passed the -- I think the October temporary export permit.

我認為那是十月份的臨時出口許可證通過了。

Would your expectation be that, that would just be renewed to kind of keep negotiations going in October?

您是否期望十月份的談判能夠持續進行？

My expectation is that we'll get it done within the 6-month period.

我的預期是我們能在六個月內完成它。

I see, but it might go beyond the current expiry of the -- or are you saying you think you might it get it done by October?

我明白，但它可能會超出目前的期限——或者您是說您認為它可能在 10 月之前完成？

Yes.

是的。

That's what I expect.

這正是我所期望的。

Now look, you know, there are enough people in this call that have heard my expectations be unfulfilled in the past, so yes, realistically.

現在看看，你知道，參加這次電話會議的人中有足夠多的人已經聽說我的期望在過去未能實現，所以是的，現實情況是這樣的。

But there are a lot of things -- Indonesia's got a 2019 election coming up, et cetera, et cetera, and also all those things point to getting a resolution this year.

但還有很多事情——印尼即將舉行 2019 年大選等等，所有這些事情都表明今年將得到解決方案。

Okay.

好的。

And then just finally, you mentioned with respect to Grasberg production that you're looking at accessing a portion of the Grasberg Block Cave through the open pit.

最後，您提到，關於格拉斯伯格金礦的生產，您正在考慮通過露天礦場進入格拉斯伯格礦塊開採的一部分。

Can you give us a sense of how much additional products -- copper production that could give you in '18, '19?

您能否告訴我們 2018 年和 2019 年銅產量可以為您帶來多少額外產品？

We'll know more as we mine through some sections, and Mark Johnson is on the line, he can add to this, but we'll know more as we conduct mining to see if we can, in fact access or that would have been mined underground over time.

隨著我們開採部分地段，我們會了解更多信息，馬克·約翰遜也在線，他可以補充這些信息，但隨著我們進行開採，我們會了解更多信息，看看我們是否能夠真正進入地下，或者隨著時間的推移，這些地下會被開採出來。

And the benefit of taking it from the open pit is you can get it now as opposed to getting it over several years in the future.

從露天開採的好處是，你現在就可以得到它，而不是在未來幾年才得到它。

But it's only order, and we'll know more as we get into it.

但這只是秩序，當我們深入了解之後，就會了解更多。

But it's on the order of couple of hundred million pounds of copper and 500,000 ounces of gold.

但它的含量約為幾億磅銅和五十萬盎司黃金。

Mark, I don't know if you want to add anything further to that?

馬克，我不知道您是否想進一步補充什麼？

No, I just -- the one thing I would add is that we've had a very successful campaign on our perimeter blasting.

不，我只是——我想補充的一點是，我們的周邊爆破行動非常成功。

We do a lot of pre-splitting for our final walls.

我們為最終的牆壁做了很多預分割工作。

And over time, our geotechs, our engineers are gaining confidence that we can continue to leverage on that experience and we're putting additional resources out there to ensure that the quality of those blasts are such that would -- we maximize this opportunity.

隨著時間的推移，我們的岩土技術人員和工程師越來越有信心，我們可以繼續利用這些經驗，而且我們正在投入額外的資源來確保爆破的質量，從而最大限度地利用這個機會。

All that we're looking at there to is, we don't have any expectation that it would cause any other concerns on the high wall.

我們所關注的是，我們並不認為它會對高牆造成任何其他問題。

This is upside that would be purely generated on actual results in the field.

這是純粹依靠現場實際成果所產生的優勢。

We're not going to compromise the overall pit's stability or any of the operating safety features or standards that we have.

我們不會損害整個礦坑的穩定性或任何現有的操作安全功能或標準。

So this will be something.

因此這將會是一件大事。

As Kathleen mentioned, we'll know more month by month.

正如凱瑟琳所說，我們將會逐月了解更多。

We've changed some of our blasting practices now.

我們現在已經改變了一些爆破做法。

Now we're mining into the area that we blasted.

現在我們正在開採我們爆破過的區域。

As we have opportunity to observe the results, we'll be able to add more clarity as to what the upside might be.

由於我們有機會觀察結果，我們將能夠更清楚地了解可能的優勢。

Okay.

好的。

And what would be the expected timeline then to update, say the mine plan moving forward?

那麼，預計更新的時間表是怎麼樣的呢，比如說未來的礦場計畫？

We'll do it every quarter.

我們每季都會這樣做。

We don't have an annual waiting process here.

我們這裡沒有年度等待的過程。

We update our plans every quarter, and so we'll talk to you in 3 months about where we stand with.

我們每季都會更新我們的計劃，所以我們會在 3 個月後與您討論我們的現狀。

Your next question comes from the line of Alex Hacking with Citi.

您的下一個問題來自花旗銀行的 Alex Hacking。

I have two questions.

我有兩個問題。

The first question, at the Deep MLZ, the geotechnical issues there.

第一個問題，在 Deep MLZ，那裡有岩土問題。

You mentioned the impact on production profile.

您提到了對生產概況的影響。

Would you expect any impact on future OpEx and CapEx there?

您預計這會對未來的營運支出 (OpEx) 和資本支出 (CapEx) 產生任何影響嗎？

And then second question is also at Grasberg.

第二個問題也是關於格拉斯伯格的。

I think you've been very clear that Freeport needs to keep both operating and governance control.

我想你已經非常清楚，自由港需要維持運作和治理控制。

Do you believe -- is there a structure that you could put in place where you could divest 51% but still be comfortable that you have that governance and operating control?

您是否相信——是否存在一種結構，讓您可以剝離 51% 的股份，但仍然可以放心地擁有治理和營運控制權？

Or are those 2 things mutually incompatible i.e.

或者這兩件事互相不相容，即

your maximum divestment could -- should be less than 50%?

你的最大撤資額應該低於 50% 嗎？

Okay, so...

好的，那麼...

Take the last one, and then we'll come back to the first one.

先選最後一個，然後我們再回到第一個。

All right.

好的。

So with respect to the last one.

關於最後一個問題。

We are suggesting to the government that the optimal way for us to proceed with divestment would be to start with a listing on the Indonesian Stock Exchange.

我們向政府建議，撤資的最佳方式是從在印尼證券交易所上市開始。

And that listing would probably be on the order of a 10% interest.

而該上市的權益可能約 10%。

The Indonesian Stock Exchange has gotten to be a fair market, international investors participating in it and so forth.

印尼證券交易所已經成為一個公平的市場，國際投資者參與其中等等。

There's lots of discussion within the government about how to proceed with this divestiture deal.

政府內部對如何推動這項資產剝離協議進行了大量討論。

But there are ways legally that we advised and they're working with the government on -- as to how to achieve this objective of maintaining control over governance.

但我們建議的合法方法確實存在，而且他們正在與政府合作，研究如何實現維持治理控制的目標。

And it basically comes down to being able to elect the majority of the Board of Commissioners.

這基本上歸結為能否選出董事會的多數成員。

That happens internationally with a number of companies in different environments.

國際上，不同環境下的許多公司都存在這樣的情況。

So it's not something unique to Indonesia.

所以這並不是印尼獨有的現象。

Now the second question has to do with the OpEx and CapEx.

現在第二個問題與營運支出 (OpEx) 和資本支出 (CapEx) 有關。

It is more of a question of timing.

這更多的是一個時間問題。

We're going to do some things sequentially that we were doing concurrently initially in terms of developing undercuts and mucking ore.

我們將按順序做一些我們最初同時做的事情，包括開發底部掏槽和清理礦石。

So it doesn't fundamentally change the cost structure at all, but there is the timing impact, and so that has some consequence to it.

因此，它根本不會從根本上改變成本結構，但會有時間影響，所以會產生一定的影響。

What we believe will happen is that, as we get the mine in position and caving starts in a normal fashion, then we'll go back to the same plan we've had all along.

我們相信，隨著礦井就位、崩落作業開始正常進行，我們就會回到一直以來的計畫。

And we've been following protocol with respect to ground support, et cetera, and this mine is requiring investment in significant ground support, more than what we've had in the DOZ, for instance.

我們一直在遵循地面支援等方面的協議，例如，這個礦井需要對地面支援進行大量投資，比我們在 DOZ 的投入還要多。

But the good news is that all of that is -- with this significant event we had in June, all of that held up very well.

但好消息是，隨著我們 6 月這一重大事件的發生，所有這一切都進展順利。

Yes.

是的。

And there were no injuries, and I want to be clear there, no people were hurt.

並且沒有造成人員傷亡，我想明確地說，沒有人受傷。

There was some damage to the mine infrastructure, but no major loss of equipment or things like that.

礦井基礎設施遭受了一些損壞，但沒有造成重大設備損失或類似損失。

And so there's no real change in the fundamental plan that we were on.

因此，我們執行的基本計劃並沒有發生任何實質的改變。

It's more of a delay.

這更像是一種延遲。

Your next question comes from the line of Lucas Pipes with FBR & Company.

您的下一個問題來自 FBR & Company 的 Lucas Pipes。

Richard, you just mentioned how you would approach the question of obtaining fair value for 10% stake of PT-FI.

理查德，您剛才提到如何解決取得 PT-FI 10% 股份公平價值的問題。

What do you think is the bid-ask spread on that specific point?

您認為該特定點的買賣價差是多少？

So how would the Government of Indonesia address that question?

那麼印尼政府將如何解決這個問題？

So we have really not engaged in any negotiations on fair value.

因此我們實際上沒有參與任何關於公允價值的談判。

In early 2016, we voluntarily submitted a valuation of PT-FI at that time to the government.

2016年初，我們自願向政府提交了PT-FI當時的估值。

But there has been no formal response to that.

但對此尚未有正式回應。

You see some comments in the press that we see, but we really haven't gotten to the point of having a bid-ask.

您可以在媒體上看到一些評論，但我們實際上還沒有達到買賣的程度。

When do you think this will come up in the negotiations?

您認為這個問題什麼時候會在談判中提出？

It's -- as we complete the negotiations, that's -- the process for divestment, the standards of divestment will be part of the ultimate agreement on the package that we have.

隨著我們完成談判，撤資流程和撤資標準將成為我們最終達成的一攬子計畫協議的一部分。

We won't -- it won't be an issue of agreeing on evaluation, but the process of how do you get to a fair value -- valuation.

我們不會——這不是一個就評估達成一致的問題，而是一個如何獲得公平價值——估值的過程。

And recently, I noted that the government put out a positive comment about having natural resource companies operating in Indonesia be listed on the Indonesian Exchange, and again, that's -- that in our view is the fairest way of seeing what the value of this business is.

最近，我注意到政府對在印尼營運的自然資源公司在印尼交易所上市做出了積極的評價，而且，我們認為這是了解這項業務價值最公平的方式。

Let us get an agreement that settles things down, take an appropriate time, go out, have a fully-marketed interest.

讓我們達成協議，解決問題，花適當的時間，走出去，擁有充分的市場利益。

I know from talking with investors, there would be investor interest in investing in this asset, and that way you have a market-based determination of fair market value.

透過與投資者的交談，我了解到投資者會對投資這種資產感興趣，這樣你就可以根據市場來確定公平市場價值。

That's helpful.

這很有幫助。

Then a quick question on the CapEx side, and you mentioned that you expect to spend about $700 million on the underground development and that it depends on the resolution of the PT-FI long-term rights.

然後是關於資本支出的一個快速問題，您提到預計將在地下開發上花費約 7 億美元，這取決於 PT-FI 長期權利的解決方案。

So if the status quo persists, hypothetically, through the end of the year, would you still expect to spend $700 million?

那麼，如果現狀持續下去，假設到今年年底，您還打算花費 7 億美元嗎？

Or does it depend on a -- does the $700 million depend on the resolution at a given time before the end of the year?

或者這取決於——7 億美元是否取決於年底之前某個特定時間的決議？

So the $700 million is our current spend rate.

所以 7 億美元是我們目前的支出率。

So I think you can anticipate that as we go through this year and engage in our discussions, unless they just were to fall apart, which I don't expect, that you can anticipate that we'd be spending that $700 million -- now we got $750 million booked for next year, and that's dependent on getting the agreement.

因此我認為你可以預料到，隨著我們今年的討論，除非談判破裂（我不認為會破裂），你可以預料到我們會花費 7 億美元——現在我們已經為明年預訂了 7.5 億美元，這取決於是否達成協議。

Your next question comes from the line of John Tumazos with John Tumazos Very Independent Research.

您的下一個問題來自 John Tumazos 非常獨立研究機構的 John Tumazos。

Weather.com says the next 15-day temps in Safford vicinity averaged 96 highs and 74 lows, which, I guess, is a big cool wave.

Weather.com 表示，薩福德附近未來 15 天的平均最高氣溫為 96 度，最低氣溫為 74 度，我猜，這將是一股巨大的涼潮。

How did you manage to produce copper when it was 123 highs and 95 lows?

當銅價最高達到 123 美元、最低達到 95 美元時，您是如何生產銅的？

Did the power grid fail on any days?

電網有哪天故障嗎？

How do you manage equipment utilization and human safety?

您如何管理設備利用率和人員安全？

And second, a separate question.

第二，還有一個單獨的問題。

When will you define a mineral resource for the Lone Star sulfides where there's only oxide found so far?

何時才能為孤星硫化物定義迄今僅發現氧化物的礦產資源？

And, I guess, engineering the project requires having a resource.

而且，我猜想，設計這個專案需要有資源。

Yes.

是的。

So John, operating in the heat in Arizona is kind of like operating in the rain in Indonesia.

所以約翰，在亞利桑那州的炎熱天氣下作業有點像在印尼的雨中作業。

I mean, that's been part of the business all along.

我的意思是，這始終是業務的一部分。

And actually, I'm right in saying, it's hotter in Phoenix than it is typically in Safford and Morenci because of the altitude.

事實上，我說得對，由於海拔原因，鳳凰城的氣候比薩福德和莫倫西更熱。

And actually, when we have operational issues, it's generally when we have unexpected rainfall, because a little bit of rain can cause that.

實際上，當我們遇到營運問題時，通常是因為遇到了意外降雨，因為一點點雨就會導致這種情況。

Red, do you got any?

紅色，你有嗎？

Just one thing to add, John, we do work with our people diligently on hydration and avoiding heat strokes, knowing the signs of overexposure, providing lots of Gatorade and water and those kinds of things -- air conditioning and equipment.

約翰，還有一件事要補充，我們確實在努力幫助我們的員工補充水分，避免中暑，了解過度暴露的跡象，提供大量的佳得樂和水以及諸如此類的東西——空調和設備。

So the regional utility didn't have any failures when it was 123 in Phoenix?

那麼，當鳳凰城氣溫達到123度時，區域公用事業單位沒有任何故障嗎？

No.

不。

No we did not.

不，我們沒有。

You don't lose power?

你沒失去力量吧？

They don't call you up and ask you to turn off the electricity at your mines so that they can air-conditioned people's houses?

他們沒有打電話給你們，讓你們關閉礦井的電源，以便他們可以為人們的房子安裝空調嗎？

No, didn't happen there.

不，那裡沒有發生這種事。

And to Richard's point, when we have the monsoon rainstorms, that's -- we have exposure to losing power then.

正如理查所說，當我們遭遇季風暴雨時，我們就有可能斷電。

And then just one quick comment on the sulfides there.

然後我再對那裡的硫化物做一點簡短的評論。

We've got an active drilling campaign underway now to further define sulfides in that district.

目前，我們正在進行積極的鑽探活動，以進一步確定該地區的硫化物。

When we have a resource at the Safford -- at the Lone Star sulfides?

當我們在薩福德－在孤星硫化物有資源？

We have a resource defined.

我們已經定義了資源。

We did -- it's an interesting to debate to watch Red and his team debate with Kathleen about when are we going to give them enough money to drill that resource to the point of having reserves.

我們確實這樣做了——觀看雷德和他的團隊與凱瑟琳辯論什麼時候我們才能給他們足夠的資金來鑽探該資源直至擁有儲備，這是一場有趣的辯論。

But we feel confident.

但我們充滿信心。

I mean the resource is so large that there's an opportunity for a development there.

我的意思是，那裡的資源非常豐富，有開發的機會。

It is not resource-dependent.

它不依賴資源。

John, it's on Page 6 of the slides.

約翰，它在幻燈片的第 6 頁。

You can see it's the biggest -- next to Cerro Verde, the biggest resource, in the 266 billion pounds of copper.

你可以看到它是最大的——僅次於最大的資源Cerro Verde，銅儲量達2660億磅。

Right.

正確的。

It's the possible -- it's like...

這是有可能的──就像…

it's the not yet...

還沒有…

Yes, potential.

是的，有潛力。

Right, right, right.

對，對，對。

So the Dos Pobres and San Juan are the sulfide resources that are in your Annual Report and not the Lone Star?

那麼，您年度報告中提到的硫化物資源是 Dos Pobres 和 San Juan，而不是 Lone Star？

Yes, that's correct.

是的，正確。

So you got to give Red the money to do what he's got to do.

所以你必須給 Red 錢，讓他做他該做的事。

Yes, we haven't had any reserves yet for Lone Star.

是的，我們還沒有為 Lone Star 準備任何儲備。

All right, so you're on that side of debate.

好吧，所以你站在辯論的那一邊。

We just want you to talk with facts, not geologic interferences a little bit like our -- we all have dreams.

我們只是希望你用事實說話，而不是地質幹擾，就像我們的一樣——我們都有夢想。

Right, right.

對，對。

No fake facts here.

這裡沒有虛假的事實。

Our next question comes from the line of Fawzi Hanano with Berenberg.

我們的下一個問題來自貝倫貝格 (Berenberg) 的 Fawzi Hanano。

Just a quick question, and not about the regulatory on Indonesia but more on the operation side.

這只是一個簡單的問題，不是關於印尼的監管，而是關於營運方面。

In terms of milling grades, I've read some articles quoting, whether it be correctly or wrongly, that you got to targeting 200,000 tons per day run rate?

關於磨礦等級，我讀過一些文章，其中提到，無論正確與否，你們的目標是每天 20 萬噸的運行率，對嗎？

So we had about 140,000 from the open pit, 60,000 from the DOZ.

因此，我們從露天礦中獲得了約 14 萬美元，從 DOZ 中獲得了 6 萬美元。

I would like to know what you guys are really are targeting, particularly at the open pit before it starts the ramp down process?

我想知道你們真正的目標是什麼，特別是在露天礦場開始降礦過程之前？

That's roughly what our plan calls for, what you just mentioned.

這就是我們計劃的大致內容，也是您剛才提到的。

And would it be towards end of Q3, later this year?

那會是在今年稍後第三季末嗎？

In terms of planning, what are you guys planning?

在規劃方面，你們有什麼計畫？

Well, we've had some recent days of where we've been at 200,000 tons a day, and the reasons that we weren't earlier had to do with this worker absenteeism, because that was focused on the Grasberg open pit operations and we weren't meeting our targets for extracting ore from the open pit.

最近幾天，我們的日產量達到了 20 萬噸，之前沒有達到這一水平的原因與工人曠工有關，因為當時工人主要負責格拉斯伯格 (Grasberg) 露天礦場的作業，而我們沒有達到從露天礦場開採礦石的目標。

But the mill is all aligned and the mill's capacity is on the order of right mark, 250,000, 260,000 tons per day.

但是工廠一切正常，工廠的產能也達到了正確的水平，每天25萬噸到26萬噸。

There are 3 separate mill lines, and then we are preparing that mill to operate at those higher levels as we achieve our Grasberg Block Cave underground or in the deep MLZ in the future.

我們有 3 條獨立的磨礦線，並且正在準備讓磨礦線在更高的水平上運行，以便將來能夠實現 Grasberg Block Cave 地下開採或深層 MLZ 開採。

Okay, Richard.

好的，理查德。

And a quick question on CapEx.

關於資本支出 (CapEx) 有一個快速問題。

Looking at the other mining CapEx to increase about $300 million to $1 billion in 2018.

預計2018年其他採礦業資本支出將增加約3億美元至10億美元。

Could you give a little bit more color around where that's being allocated?

能否詳細說明一下這些內容的分配情況？

And is this a result of under spending and sustaining CapEx in the last couple of years?

這是過去幾年支出不足和維持資本支出的結果嗎？

Yes, that's the point I was going to make.

是的，這就是我要說的觀點。

We have been, particularly as we went into the 2016, but even before that as the -- when the copper price dropped, and as we were facing the financial situation that we faced with the oil and gas investments and the big capital commitments that have been made there, that we've now got them behind us, we were real tough on spending on maintenance capital and projects.

我們一直都是這樣的，特別是進入 2016 年之後，但即使在那之前，當銅價下跌時，當我們面臨石油和天然氣投資的財務狀況以及在那裡做出的巨額資本承諾時，我們現在已經擺脫了這些困境，我們在維護資本和項目支出方面確實非常嚴格。

Our guys did a great job of sharing equipment, cannibalizing equipment, and so forth, and now we're at a point of having to go back and do some things that had been deferred in the past.

我們的人員在共享設備、拆卸設備等方面做得非常出色，現在我們必須回頭去做一些過去被推遲的事情。

So that is -- that's all that is.

就是這樣——就是這樣。

It's just -- we meet every quarter, the guys.

只是——我們每個季度都會開會，夥計們。

And Red is doing it every day with his team, looking at what needs to be done to maintain safe production.

雷德每天都和他的團隊一起做這件事，研究需要做些什麼來維持安全生產。

And so there's some catch-up type things that we need to spend money on.

因此，我們需要花錢做一些追趕的事情。

Right.

正確的。

As per their data...

根據他們的數據...

And to the extent that we can defer and maintain efficiencies, we continue to look at opportunities to do that.

只要我們能夠推遲並保持效率，我們就會繼續尋找機會來做到這一點。

But as you see here in 2017, we're spending very little on sustaining capital in the Americas.

但正如您在 2017 年所看到的，我們在美洲維持資本方面的投入非常少。

And we've got some things, as Richard said, that were planning to do for '18 but the teams all focused on, if there's things that we can do to push things out, we'll do it.

正如理查德所說，我們計劃在2018年做一些事情，但所有團隊都集中精力，如果我們能做一些事情來推動事情的發展，我們就會去做。

But we want to maintain the integrity of our equipment.

但我們希望保持設備的完整性。

Now Richard -- this is Mark.

現在理查 — — 這是馬克。

I just wanted to add, with the ore qualities that we have right now, you're right, that we have ran at least -- we've ran over 300,000 through our mill.

我只是想補充一點，就我們目前的礦石品質而言，您說得對，我們至少已經透過我們的工廠加工了超過 300,000 種礦石。

And with the type of rock that we'll be running for the reminder of the year, we'll be averaging nearly 200,000.

而考慮到我們今年剩餘時間要處理的岩石類型，平均數量將達到近 200,000。

There'll be days obviously, it'll be 220,000, 230,000.

顯然，有一天，這個數字將會達到 220,000、230,000。

Other days, with maintenance, it'll be less than that, but fourth quarter will be in the 195,000 range.

其他日子，由於維護，這個數字會低於這個數字，但第四季將在 195,000 左右。

Our final question will come from the line of Michael Dudas with Vertical Research.

我們的最後一個問題來自 Vertical Research 的 Michael Dudas。

I'll make it quick.

我會盡快完成。

You guys have been very patient.

你們太有耐心了。

Just compared to March, which you'd talked about, you're seeing more typical disruptions in copper supply and mining versus less-than-typical in the past few years.

與您所談到的三月相比，您會發現銅供應和採礦的中斷更加典型，而過去幾年則不那麼典型。

Is there a chance we see more than just typical as we move forward, given all the lack of investment and given the depletion issues that we're seeing in the industry?

考慮到投資的缺乏以及行業中存在的枯竭問題，隨著我們不斷前進，我們是否有可能看到更多不尋常的情況？

Yes, Michael, that's a good point.

是的，邁克爾，你的觀點很好。

There is a correlation between labor issues and copper price.

勞動力問題和銅價之間存在關聯。

I mean, as the copper price rises, workers are, globally, will be expected to ask for more, and you can see what the labor situation can do to the global copper supply with what Escondida went through recently.

我的意思是，隨著銅價上漲，全球工人都會要求更高的工資，從埃斯孔迪達 (Escondida) 最近的經歷就可以看出勞動力狀況對全球銅供應的影響。

Contractors will be an issue.

承包商將是一個問題。

Labor issues are particularly sensitive.

勞工問題尤其敏感。

And Latin America, and Chile and Peru, which are the 2 largest copper producing countries, I guess China is in that mix somewhere, but you know I always say, labor strikes are a contagious disease.

拉丁美洲以及智利和秘魯是兩個最大的銅生產國，我想中國也在其中，但你知道我總是說，勞工罷工是一種傳染病。

So that's -- that can be -- that can happen.

所以這是 — — 這是有可能 — — 是有可能發生的事。

Then, as equipment ages and as copper prices rise, people press to get more out of it and that puts pressure on mechanical issues, which many of these mines were developed years ago.

然後，隨著設備老化和銅價上漲，人們迫切希望從設備中獲得更多利益，這給機械問題帶來了壓力，而許多礦場多年前就已經開發了這些問題。

You know at Grasberg, our biggest SAG mill was put in the mid-1990s.

您知道，在格拉斯伯格，我們最大的 SAG 磨機建於 20 世紀 90 年代中期。

So as equipment ages, you get stresses mechanically on issues.

因此，隨著設備老化，您會在機械上遇到壓力。

Then governments start seeing companies making more money and around the world start seeing other ways of getting more out of it.

然後，政府開始看到公司賺更多的錢，世界各地也開始尋找其他方法來獲得更多的利潤。

We went through an issue in the Congo, as some of you may remember, where we had to deal with that.

有些人可能還記得，我們​​在剛果經歷過一個問題，我們必須處理這個問題。

But all those things add up.

但所有這些事情加起來就是這麼多。

That as copper prices rise, the -- it's sort of a self-fulfilling prophecy that the opportunities for disruptions grow and that, coupled with whatever other dynamics there are, the rising copper prices tend to supercharge that kind of movement.

隨著銅價上漲，這是一種自我實現的預言，即發生中斷的機會會增加，再加上其他動態因素，銅價上漲往往會增強這種走勢。

Well everyone, thanks for participating.

好吧，感謝大家的參與。

We will be transparent as we go forward, and if you have any follow-up questions, check in with David Joint, and we will be responsive to it, and look forward to talking about our progress next quarter.

我們將在前進的道路上保持透明，如果您有任何後續問題，請聯繫 David Joint，我們會做出回應，並期待下個季度討論我們的進展。

Thank you.

謝謝。

Ladies and gentlemen, that concludes our call for today.

女士們、先生們，今天的通話到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。