費利浦·麥克莫蘭銅金 (FCX) 2018 Q1 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 First Quarter Earnings Conference Call.

歡迎參加自由港麥克莫蘭公司第一季財報電話會議。

(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 First Quarter 2018 Earnings Conference Call.

歡迎參加自由港麥克莫蘭公司 2018 年第一季財報電話會議。

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 live -- 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 conference 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電話會議的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 today's -- 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參加今天的電話會議，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 the call 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在電話會議上的某些評論包括前瞻性陳述，實際結果可能存在重大差異。

We would 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.

我們希望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。

Now on this call today is Richard Adkerson; Red Conger is here; Mark Johnson is on the line; Mike Kendrick's here as well.

今天參加電話會議的是理查德‧阿德克森 (Richard Adkerson)；紅康吉鰻來了；馬克·約翰遜接通了電話；麥克·肯德里克也在這裡。

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

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，他將回顧我們最近的表現和前景。

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

和往常一樣，在我們的演講結束後，我們將開始提問。

Today, FCX reported net income attributable to common stock of $692 million for the first quarter of 2018, $0.47 per share.

今天，FCX 公佈 2018 年第一季歸屬於普通股的淨利潤為 6.92 億美元，每股 0.47 美元。

That included net credits of $13 million or $0.01 per share in the first quarter.

其中包括第一季的淨信貸額 1,300 萬美元或每股 0.01 美元。

Our adjusted earnings before interest taxes and depreciation for the first quarter of 2018 totaled $1.93 billion.

我們 2018 年第一季的調整後息稅折舊攤提前利潤總計 19.3 億美元。

There's a reconciliation of EBITDA in the back of our slide deck on Slide 27.

我們的投影片背面的第 27 頁上有 EBITDA 的對帳表。

As summarized on Page VII of the press release, our EBITDA was reduced by $135 million in the first quarter associated with the impact of the decline in copper prices during the period from $3.28 at the start of the year to $3.04 per pound at the end of the first quarter.

如新聞稿第 VII 頁所述，我們的 EBITDA 在第一季減少了 1.35 億美元，這是由於期內銅價從年初的 3.28 美元/磅下跌至第一季末的 3.04 美元/磅的影響。

The adjustment relates to sales that were provisionally priced at year-end that were marked to actuals during the first quarter and sales that were opened at the end of the first quarter, and those were marked at $3.04 which was the forward price at the time of our quarter-end.

該調整涉及年底臨時定價、按第一季實際價格標記的銷售額以及第一季末開啟的銷售額，這些銷售額標記為 3.04 美元，這是我們季度末的遠期價格。

Our provisionally priced sales are mark-to-market until final settlements occur.

我們的臨時定價銷售均以市價計價，直到最終結算為止。

Our copper sales during the quarter were 993 million pounds.

本季我們的銅銷售額為 9.93 億磅。

Gold sales were 610,000 ounces, and we sold 24 million pounds of molybdenum.

黃金銷售量為 61 萬盎司，鉬銷售量為 2,400 萬磅。

Gold sales were above the year-ago quarter by significant margin but were about 10% below our guidance of 675,000 ounces because of maintenance on the ore flow systems in Indonesia.

黃金銷量較去年同期大幅成長，但由於印尼礦石流動系統的維護，比我們的預期 675,000 盎司低約 10％。

Our first quarter 2018 average realized copper price was $3.11, that was above the year-ago quarter average of $2.67 and gold prices averaged $1,312 per ounce in the first quarter of 2018, that was also higher than $1,229 per ounce level in the first quarter of 2017.

2018 年第一季的平均實現銅價為 3.11 美元，高於去年同期的平均 2.67 美元，2018 年第一季的平均金價為每盎司 1,312 美元，也高於 2017 年第一季的每盎司 1,229 美元。

Our unit cash cost, net of by-product credits for our consolidated operations averaged $0.98 per pound in the first quarter of 2018.

2018 年第一季度，我們合併業務的單位現金成本（扣除副產品抵免）平均為每磅 0.98 美元。

We generated strong cash flows above our capital expenditures.

我們產生的現金流強勁，高於資本支出。

Our cash flows from operations in the first quarter totaled $1.4 billion, and that exceeded our capital expenditures of $400 million.

我們第一季的經營現金流總計 14 億美元，超過了 4 億美元的資本支出。

We continue to strengthen our balance sheet.

我們繼續加強我們的資產負債表。

During the first quarter, we repaid borrowings totaling $1.5 billion.

第一季度，我們償還了總計 15 億美元的借款。

And in April -- in the second quarter, in April 2018, we repaid $454 million in debt associated with the early redemption of a higher coupon notes.

而在四月——也就是2018年4月第二季度，我們償還了與提前贖回高息票據相關的4.54億美元債務。

We ended the quarter with consolidated cash of $3.7 billion and our consolidated debt totaled $11.6 billion.

截至本季末，我們的綜合現金為 37 億美元，綜合債務總額為 116 億美元。

So our debt, net of cash was below $8 billion at quarter end.

因此，截至季末，我們的債務（扣除現金）低於 80 億美元。

We have a no borrowings and $3.5 billion available under our revolving credit facility at the end of the quarter.

截至本季末，我們的循環信貸額度下沒有借款，且有 35 億美元可用。

We reported earlier this week that we have entered into a new $3.5 billion 5-year revolving credit facility to replace the existing facility, which was scheduled to mature in May of 2019.

我們本週稍早報道過，我們已經達成一項新的 35 億美元 5 年期循環信貸協議，以取代原定於 2019 年 5 月到期的現有信貸協議。

We're pleased with the outcome of the new arrangement, which is substantially similar in structure and terms to the prior facility.

我們對新安排的結果感到滿意，其結構和條款與先前的設施基本相似。

Also during the quarter, our Board of Directors reinstated the cash dividend on the common stock, which we'll talk more about our financial policy, but the first quarterly dividend of $0.05 per share will be paid -- has been declared and will be paid on May 1.

此外，在本季度，我們的董事會恢復了普通股的現金股息，我們將更多地討論我們的財務政策，但第一季股息為每股 0.05 美元 - 已宣布並將於 5 月 1 日支付。

I'd now like to turn the call over to Richard, who'll be commenting on our slide presentation, which is located on our website.

現在，我想將電話轉給理查德，他將對我們網站上的幻燈片演示進行評論。

Good morning, everyone.

大家早安。

Refer to Slide 3. Today, we're actually mailing out our Annual Report for 2017.

請參閱幻燈片 3。

You see a picture on the cover and some comments that are summary comments from the Annual Report.

您會在封面上看到一張圖片和一些評論，這些評論是年度報告中的總結性評論。

It reflects our leadership position in the copper industry.

這反映了我們在銅業的領導地位。

We operate -- we're the largest operator of copper mines in the world.

我們是世界上最大的銅礦營運商。

We operate all the mines that we have interest in.

我們經營所有我們感興趣的礦山。

We have a set of high-quality assets that would be very difficult to replicate in today's world and very experienced team of mine developers and operators that are well-respected and have great success in developing and operating mines.

我們擁有一套當今世界很難複製的優質資產，以及一支經驗豐富的礦山開發和營運團隊，他們在礦山開發和營運方面享有盛譽並取得了巨大的成功。

And our company has a focused strategy as we go forward.

我們公司在前進的道路上有一個重點策略。

With respect to financial policy, on the next slide, we have a balanced approach.

關於財政政策，下一張投影片中我們將討論一種平衡的做法。

Over the past 2 years, we've been very successful in taking our debt down from unsustainable levels to below our targeted levels actually.

在過去的兩年裡，我們非常成功地將債務從不可持續的水平降低到了目標水平以下。

And as we look forward, we will be generating substantial cash flows in excess of our capital spending.

展望未來，我們將產生超過資本支出的大量現金流。

And we will use those cash flows to further reduce debt.

我們將利用這些現金流進一步減少債務。

We're assessing future investments and we have a number of alternatives that we are pursuing and we'll move forward with -- in a disciplined way.

我們正在評估未來的投資，我們正在尋求多種替代方案，我們將以有紀律的方式向前邁進。

And we started paying a dividend now, and so we're focused on returning cash to shareholders over time.

我們現在開始支付股息，因此我們專注於隨著時間的推移向股東返還現金。

We'll continue to delever.

我們將繼續去槓桿。

We will invest in a disciplined way.

我們將以有紀律的方式進行投資。

We will look to increase the dividend either as regular dividends or as special dividends we go forward in the future.

我們將考慮在未來增加股息，無論是常規股息還是特別股息。

In the first quarter, we maintained our focus on productivity, cost management, cash discipline.

第一季度，我們持續專注於生產力、成本管理和現金紀律。

And as Kathleen said, our operating cash flows exceeded our CapEx by about $1 billion.

正如凱瑟琳所說，我們的營運現金流超出資本支出約 10 億美元。

Our unit net cash cost were below $1, significantly lower than the year-ago quarter.

我們的單位淨現金成本低於 1 美元，明顯低於去年同期。

We repaid $2 billion of debt and our net debt is below $8 billion.

我們償還了 20 億美元的債務，我們的淨債務低於 80 億美元。

And we're working hard to advance planning for our development activities.

我們正在努力推進我們的開發活動規劃。

Copper markets.

銅市場。

Every quarter, I get a one-page report from our marketing team about copper markets.

每個季度，我都會從我們的行銷團隊收到一份有關銅市場的一頁報告。

And I'm just going to read the headlines from the report I received yesterday.

我只是想讀我昨天收到的報告的標題。

Copper demand, steady after a quiet spot market in the U.S.; Positive sentiment in China; European cathode consumption improving as scrap is driving up; Japanese copper sectors are positive.

銅需求，在美國現貨市場平靜後保持穩定；中國市場情緒積極；由於廢料價格上漲，歐洲陰極消費量改善；日本銅業表現積極。

That tells the story about where we are and today, Steve Higgins gave me a note saying that we are getting a great start off into the second quarter.

這說明了我們目前的情況，今天，史蒂夫希金斯給我寫了一封信，說我們在第二季有了一個很好的開局。

We supply about 40% or so of the copper used downstream in the U.S. market from our mines in the U.S. And right now, we are actually having to purchase cathode on the marketplace to meet the demands of our customers.

我們從美國的礦場供應美國市場下游使用的約 40% 的銅。

The long-term fundamentals for copper are increasingly strong, it was down at CESCO, and that was a common theme you'll hear from everyone.

銅的長期基本面日益強勁，而 CESCO 的價格則有所下跌，這是每個人都會聽到的一個共同話題。

Deficits appear inevitable, absent turmoil and downturn in China, the global economic situation and with a low carbon environment, it's very positive for copper with electric vehicles and alternative energy generation.

赤字似乎是不可避免的，但如果中國和全球經濟狀況沒有動盪和衰退，再加上低碳環境，電動車和替代能源發電對銅來說非常有利。

We have significant leverage to copper prices and we're positioned to take strong advantage of this.

我們對銅價具有很大的影響力，而且我們有能力充分利用這一點。

In Indonesia, you're aware that in 2017, we reached a framework of our long-term resolution to provide stability, and that's our key, to have stability through 2041, the term of our existing contract with fiscal terms and legal terms that would be stabilized and not subject to further future changes.

在印度尼西亞，您知道，2017 年，我們達成了提供穩定的長期解決方案框架，這是我們的關鍵，要保持穩定到 2041 年，我們現有合約的期限，包括財政條款和法律條款都將保持穩定，不會在未來發生進一步變化。

We made continued progress.

我們不斷取得進步。

We have a motivated parties to this, on our side, on the government side.

我們這邊和政府這邊都有積極參與的各方。

I met with the Finance Minister in Washington next week where she was there -- in Washington last week where she was there for the World Bank meetings and did a presentation and she reaffirmed the government, the President's objective of getting this resolved and was optimistic about it.

我下週在華盛頓會見了財政部長，她上週在華盛頓參加世界銀行會議並做了介紹，她重申了政府和總統解決這個問題的目標，並對此表示樂觀。

We are working to complete negotiations and the required documentation as quickly as possible.

我們正在努力盡快完成談判並完成所需文件。

Where we stand now, the government is in negotiations with our joint venture partner about the potential acquisition of that joint venture interest.

目前的情況是，政府正在與我們的合資夥伴就收購合資權益的可能性進行談判。

That would be very positive for us.

這對我們來說是非常正面的事情。

We're in negotiations of shareholders agreement to deal with the issue of management of the business.

我們正在就股東協議進行談判，以解決業務管理問題。

It's important for us that we continue to have control of the way the business is managed and its financial policy.

對我們來說，持續掌控業務的管理方式和財務政策非常重要。

We're working on the form of the stability agreement.

我們正在研究穩定協議的形式。

Both parties recognized the objective of stability, and we need to have this in a form that is satisfactory.

雙方都認識到穩定的目標，我們需要以令人滿意的形式實現這一目標。

And we're dealing with some new environmental claims that have come out of the Ministry of Environment and Forestry.

我們正在處理環境和林業部提出的一些新的環境索賠。

These were really shocking and disappointing to us.

這些真的讓我們很震驚和失望。

And they don't really deal with the technicalities of environmental management, but the new position really expresses the fundamental view about the ways the tailing systems is managed.

他們實際上並不處理環境管理的技術細節，但新的立場確實表達了對尾礦系統管理方式的基本觀點。

Back in the 1990s, in a transparent and comprehensive process, we, our joint venture partner and the government reached a conclusion to deal with the real complicated challenges of managing tailings at the Grasberg with its high elevation, high rainfall and extraordinary large volumes.

早在 1990 年代，我們、我們的合資夥伴和政府就透過一個透明而全面的程序達成了一項結論，以應對格拉斯伯格尾礦庫管理面臨的真正複雜挑戰，該礦庫海拔高、降雨量大、礦量極大。

We all agreed at that time that we would use a river system that was designated to transport the tailings from the Highlands into a cordoned off area in the lowlands.

我們當時都同意，我們將使用指定的河流系統將高地的尾礦運送到低地的封閉區域。

And the tailings would be a positive out there -- positive there with a portion going to Ajkwa into the Arafura Sea.

而尾礦庫在那裡將會產生正收益——其中一部分將流向阿傑誇並流入阿拉弗拉海。

That was concluded to be the best systems in.

這被認為是最好的系統。

We've now operated it for 20 years.

現在我們已經經營它20年了。

The good news is it has operated and was designed with no one anticipated -- with no unanticipated impact.

好消息是，它的運作和設計都是在沒有人預料到的情況下進行的——沒有產生任何意外的影響。

Our tailings fortunately have chemistry that makes them benign.

幸運的是，我們的尾礦具有無害的化學性質。

There have been no human health issues or impacts on environment that wasn't anticipated.

並未出現未預料到的人類健康問題或環境影響。

It was also controversial, but it was a decision that was basically said, "Are you going to develop this mine in this location or not?" And it was agreed to, we followed it, we're going to work with the government.

這也引起了爭議，但這個決定基本上是在說“你到底要不要在這個位置開發這個礦？”我們達成了一致，並遵循了該協議，我們將與政府合作。

In a complicated system like this, there are always technical and environmental issues to deal with.

在這樣一個複雜的系統中，總是有技術和環境問題需要處理。

We have and we'll continue to work cooperative deal with that.

我們已經並將繼續合作解決這一問題。

But you simply can't say, 20 years later, "We're going to change the whole structure of what we're doing." You can't put the genie back in the bottle, and so we're surprised.

但二十年後，你根本不能說「我們要改變我們正在做的事情的整個結構」。你無法把精靈放回瓶子裡，所以我們很驚訝。

Others and the government are surprised, and it's just something that we'll have to work with.

其他人和政府都感到驚訝，但我們必須應對這種情況。

I will tell you this, it has no impact on our view of the value of our asset.

我會告訴你，這對我們對資產價值的看法沒有影響。

Now, we did have a very positive development with the government.

現在，我們與政府的關係確實取得了非常積極的進展。

Just last week, we have had an ongoing dispute with the province over the provinces in position of a surface water tax that was contrary to our contracted work.

就在上週，我們與省政府就地表水稅的徵收問題發生了持續的爭執，因為這違反了我們的合約工作。

I want to say, at the very outset, is that we want to support the province.

首先我想說的是，我們想支持省。

Since 1996, roughly 20 years ago, we've contributed over $700 million voluntarily to a fund to support the local community, and we continue to devote 1% of our revenues to support that fund.

自 1996 年起，大約 20 年前，我們已自願向支持當地社區的基金捐贈了超過 7 億美元，我們將繼續拿出 1% 的收入來支持該基金。

Under the new agreement we are working with the government in terms of the taxes and royalties, a greater percentage of those payments to the central government will go to the province.

根據新協議，我們正在與政府就稅收和特許權使用費進行合作，支付給中央政府的更大比例將流向省政府。

We're very supportive of that.

我們對此非常支持。

So it's not a question of Freeport not supporting the province, it was a large assessment that the province made arbitrarily, contrary to our (inaudible), our total exposure was on the order of $500 million, we were disappointed because the tax court didn't rule in our favor, but the Supreme Court did.

所以，這不是自由港不支持省政府的問題，而是省政府武斷​​地做出的巨額評估，與我們的（聽不清楚）相反，我們的總風險敞口約為 5 億美元，我們感到失望，因為稅務法庭沒有作出對我們有利的裁決，但最高法院卻做出了對我們有利的裁決。

And the good news about it, in the Supreme Court's finding, they pointed out that our contract was approved by the government in 1991, that is binding on the government and on the regional government; that the contract is specific in nature of lex specialis, which means that is it a law that overrides general law and it governs the operations to the parties.

好消息是，最高法院的裁定指出，我們的合約是 1991 年政府批准的，對政府和地區政府均具有約束力；該合約具有特別法的性質，這意味著它是一種凌駕於一般法律之上的法律，並且它規範著雙方當事人的操作。

The contract provides, it should be carried out in good faith, it was a very positive decision by the Supreme Court.

合約規定，應誠信履行，這是最高法院的一項非常積極的裁決。

And we congratulate the government in this step in establishing the rule of law, which will encourage further investment in Indonesia.

我們祝賀政府在建立法治方面邁出的這一步，這將鼓勵對印尼的進一步投資。

So we are encouraged.

因此我們感到鼓舞。

We're continuing to work with the government.

我們將繼續與政府合作。

The next step is completing the divestiture process.

下一步是完成資產剝離程序。

Grasberg Block Cave had significant progress in the first quarter.

Grasberg Block Cave 礦場在第一季取得了重大進展。

We actually commissioned the train and track that's a key part of the system for delivering ore to our mill from there.

實際上，我們委託了火車和軌道，這是將礦石從那裡運送到我們工廠的系統的關鍵部分。

We also commissioned a major offloading station, significant work has been done to develop this high-grade, large-scale mine.

我們也委託了一個大型卸貨站，為開發這個高品位、大型礦場做了大量工作。

This is the same ore body that we're mining from the pit.

這和我們從礦坑開採的礦體是同一個。

We're just simply using Block Cave mining rather than surface mining.

我們只是簡單地使用 Block Cave 採礦法，而不是露天採礦法。

It is the major resource, almost 1 billion tons of ore, that's over 1% copper and over 0.72 grams of gold over the life.

它是主要的資源，礦石儲量接近 10 億噸，其中銅含量超過 1%，黃金含量超過 0.72 克。

It makes it very profitable with a very low-cost system going forward.

這使得該公司能夠透過未來非常低成本的系統獲得豐厚的利潤。

As we look at what this is, it really -- as we complete mining from the pit, which we expect to do by the end of this year, there'll be a ramp-up period like a new project because we can't mine underground until we're out of the pit because of the subsidence of the surface underground.

當我們看到這是真的時，它實際上是——當我們完成礦坑的開採時，我們預計將在今年年底完成，會有一個像新項目一樣的加速期，因為由於地下地表下沉，我們無法在礦坑出來之前進行地下開採。

And so this is really like starting up a new mine and there'll be a period of time of ramp-up.

所以這實際上就像啟動一個新礦，並且會有一個成長期。

Beginning in 2019, and within a 3-year period or so, we'll be up to full production from that.

從 2019 年開始，大約 3 年內，我們將實現全面生產。

The good news is we're ready to go with it.

好消息是我們已經做好準備了。

I mean, the basic system is in place.

我的意思是，基本製度已經到位。

The big step like completing the mine at Cerro Verde.

這就像完成 Cerro Verde 礦井的開採一樣重大。

I mean, as you looked at this project over a number of years, there were risks associated with it, and we said we needed those risks.

我的意思是，當你多年來關注這個專案時，你會發現它有相關風險，而我們說我們需要承擔這些風險。

I want to address the Deep DMLZ mine.

我想解決深層 DMLZ 礦井的問題。

This is a separate ore system, which Freeport began mining underground in the early 1980s and has successfully extended that ore body separate from the Grasberg ore body at deeper levels.

這是一個獨立的礦石系統，自由港於 20 世紀 80 年代初開始在地下開採，並成功地將礦體與格拉斯伯格礦體分離，延伸到更深的層面。

And the Deep MLZ is the most recent extension that started with a near surface mine and went to an intermediate ore zone mine, the DOZ mine and here we are now.

深層 MLZ 是最新的延伸，從近地表礦開始，然後到中間礦區礦，即 DOZ 礦，這就是我們現在所處的礦區。

Now, it is a distinct host rock situation from the Grasberg Block Cave.

現在，它與格拉斯伯格塊狀洞穴的圍岩環境截然不同。

The rock here is much more competent, hard, it has substantially more -- it's substantially lower from the surface, and so it has a different rock characteristics and pressure environment.

這裡的岩石更加堅硬，而且距離地表更低，因此具有不同的岩石特性和壓力環境。

We have a been ramping this mine up, and we began to encounter mining-induced seismic activities.

我們一直在加強這座礦的開採力度，並且開始遇到由採礦引起的地震活動。

This is not earthquakes or natural systems but as we create the Block Cave, it has created seismic events that has caused us to slow down the development to manage this safely.

這不是地震或自然系統造成的，而是當我們建造塊狀洞穴時，它引發了地震事件，迫使我們放慢開發速度以確保安全。

Our first priority is to keep our people safe, and we are doing that.

我們的首要任務是確保人民的安全，我們正在這樣做。

We had some new events in the first quarter.

我們在第一季遇到了一些新事件。

And so we're not able to meet the schedule that we had planned going into the quarter.

因此，我們無法實現本季所製定的計劃。

But our team, and we got a world-class team of outside exports -- experts that's meeting with us continually on this, I had a report from this past week, and we have got a plan to help deal with this safely over time.

但是我們的團隊，我們擁有一支世界一流的外部出口團隊——專家們不斷與我們會面討論這個問題，我上週收到了一份報告，我們有一個計劃來幫助隨著時間的推移安全地處理這個問題。

We do not expect this, and are confident that it will not affect our longer-term mine plans, or our ultimate reserve recovery.

我們不希望發生這種情況，並且相信這不會影響我們的長期礦山計劃或最終的儲量回收率。

In fact, our new adjustment for our 5-year plan from the underground, we have higher volumes coming over the next 5 years than we did going into the quarter.

事實上，我們對地下五年計畫進行了新的調整，未來五年我們的地下開採量將比本季的開採量更高。

But near term, we are modifying our mine plans and we're continuing to review it.

但近期，我們正在修改我們的礦山計劃，並正在繼續審查它。

And it's just one of those things about mining that you have to deal with.

這只是採礦過程中必須處理的事情之一。

And as I said, we're being cautious because we want our people to be safe, but we're confident we can deal with this.

正如我所說，我們非常謹慎，因為我們希望我們的人民安全，但我們有信心能夠應對這個問題。

So talk about another project, the Lone Star oxide development project that we reported on previously.

那麼談談另一個項目，即我們之前報導的 Lone Star 氧化物開發項目。

Reserve of 4.4 billion pounds of copper.

銅儲量44億磅。

We have a project in place to invest $850 million.

我們有一個投資8.5億美元的項目。

And we will be able to use the production infrastructure and facilities that we have at the adjacent Safford mine, which is a mine that began production 11, 12 years ago and now has available capacity to take this new oxide ore.

我們將能夠使用相鄰的薩福德礦的生產基礎設施和設施，該礦於 11、12 年前開始生產，現在有能力開採這種新的氧化礦。

We began pre-stripping in the first quarter.

我們在第一季就開始了預剝離。

It will be very profitable high-return project, 200 million pounds of copper a year with a 20-year mine life, a cash cost of $1.75, over $1 billion NPV, plus $3 copper.

這將是一個非常有利可圖的高回報項目，每年可生產 2 億磅銅，礦山壽命為 20 年，現金成本為 17.5 美元，淨現值超過 10 億美元，外加 3 美元的銅。

But importantly, it will strip this oxide in waste layer from this area exposing and increasingly attractive sulfide deposit.

但重要的是，它將剝離該區域廢物層中的氧化物，從而暴露出越來越有吸引力的硫化物沉積物。

And to show what that is on the Slide 11, we show a recent intercepts of our exploration drilling, which we have done some in the past, and we are initiating a new program, and it's some very attractive intercepts in this area, in this environment.

為了展示投影片 11 上的內容，我們展示了我們勘探鑽探的最新截距，我們過去曾做過一些，我們正在啟動一個新計劃，在這個區域、在這個環境下有一些非常有吸引力的截距。

You can see the last 2 intercepts are drilling that's been done this year.

您可以看到最後兩次攔截是今年的演習。

We're continuing to drill.

我們正在繼續鑽探。

This is pointing towards a mineral system that could well be consistent with the nearby Morenci mine.

這表明礦物系統可能與附近的莫倫西礦一致。

It could be that large.

它可能有那麼大。

And so it's a great indication of the future of our company, right here where we have existing operations, in a community that's supporting of us.

這對我們的公司的未來是一個很好的預兆，就在我們目前營運的地方，就在支持我們的社區裡。

And it could be very, very large and, this is new information for us in terms of the extent of this.

它可能非常非常大，就其程度而言，這對我們來說是新資訊。

Page 12, I won't go with this because we review it every quarter, shows just the number of opportunities we have to develop our reserves.

第 12 頁，我不會同意這一點，因為我們每個季度都會審查它，它只顯示了我們開發儲備的機會數量。

Our 2P reserves are over 60 billion pounds of copper, and then at $2 copper.

我們的2P儲量超過600億磅銅，銅價2美元。

This is in the Americas, in the U.S. and in South America, and we have huge volumes of mineralized material and potential associated with this.

這是在美洲、美國和南美洲，我們擁有大量的礦化材料和與此相關的潛力。

This is low risk development extension of our existing operations.

這是我們現有業務的低風險開發延伸。

We're doing trade-off studies now to see where our first step will be in developing these resources.

我們現在正在進行權衡研究，以確定開發這些資源的第一步應該在哪裡。

My personal view, this is the key asset of our company.

我個人認為，這是我們公司的關鍵資產。

Our outlook for 2018 is presented on Slide 11 (sic) [Slide 13].

我們對 2018 年的展望呈現在第 11 張幻燈片 [幻燈片 13] 中。

It's consistent with our previous guidance, and we'll be generating at today's copper prices, substantial cash flows well above our capital expenditures, which will allow us to progress our financial policy.

這與我們先前的指導一致，按照今天的銅價，我們將產生遠高於資本支出的大量現金流，這將使我們能夠推進我們的財務政策。

Our sales profile numbers is shown on Page 14.

我們的銷售概況資料顯示在第 14 頁。

2019 reflects the completion of the mining of the open pit at Grasberg and the beginning of the ramp up of the underground mine there.

2019 年標誌著格拉斯伯格露天礦開採的完成和地下礦開採的開始。

The adjustments that you see there of about 150 million pounds reflects this issue that we have with the Deep MLZ and that reflects also, you can see the 2019 gold.

您在那裡看到的約 1.5 億英鎊的調整反映了我們在 Deep MLZ 方面遇到的問題，也反映了 2019 年的黃金情況。

I want again to emphasize, this is not lost resource.

我想再次強調，這不是失去的資源。

This is a question of the timing of when we access to it.

這是一個我們何時訪問它的問題。

We're going to access it as quickly as we can, consistent with maintaining the safety of our people and our operations.

我們將盡快訪問它，同時確保我們的人員和業務的安全。

Our standard slide on EBITDA and cash flows is presented on Page 15.

我們關於 EBITDA 和現金流量的標準幻燈片顯示在第 15 頁。

Average EBITDA at $3 to $3.50; copper is roughly $6 billion to $7.5 billion.

平均 EBITDA 為 3 至 3.50 美元；銅的價格約為60億至75億美元。

This is a 3-year average from 2019, 2020, 2021.

這是 2019 年、2020 年、2021 年的 3 年平均值。

Average operating cash flows from $3 to $3.50 is $4 billion to $5.5 billion.

平均營運現金流從 3 美元到 3.5 美元為 40 億美元到 55 億美元。

Capital expenditures, roughly in line with our previous guidance.

資本支出與我們先前的預期大致一致。

The major projects include the continuing of Grasberg underground development and Lone Star.

主要項目包括繼續進行格拉斯伯格地下開發項目和孤星項目。

We have been very aggressively, for years, constraining our stay in business, our sustaining capital and now we're having to spend some money to deal with the deferrals that we had in previous years, but we will be very disciplined in the way we spend capital and generate lots of cash flows.

多年來，我們一直在積極限制我們的業務維持和維持資本，現在我們不得不花一些錢來處理前幾年的延期付款，但我們將非常自律地使用資本並產生大量現金流。

A slide we're all proud of here at Freeport is on Page 17.

第 17 頁是自由港引以為傲的幻燈片。

Going into 2016, $20 billion of debt, lots of uncertainties.

進入2016年，債務將達到200億美元，不確定性因素很多。

That time, some years ago, on this call, I said we would try to reduce our debt by $5 billion to $10 billion over a 2-year period.

幾年前的那個時候，在這次電話會議上，我說我們將努力在兩年內將債務減少 50 億至 100 億美元。

We're now reporting we are less than $8 billion and as we look forward to the end of the year, we will have this debt down depending on copper prices on the order to roughly $5 billion to $6 billion.

我們現在報告的債務金額不到 80 億美元，展望今年年底，我們將根據銅價的走勢將債務金額降至約 50 億至 60 億美元。

So great success story.

如此偉大的成功故事。

A reference slide included there, so I wanted to quickly go to those slides to give us time for questions and operator, we'll open the call for questions now.

其中包含一個參考幻燈片，所以我想快速轉到那些幻燈片，以便我們有時間提問，操作員，我們現在開始提問。

(Operator Instructions) Our first question will come from the line of Matthew Korn with Goldman Sachs

（操作員指示）我們的第一個問題來自高盛的馬修·科恩

So you've taken down, looking at your slide deck, you've taken down 2019 expectations pretty substantially, making it even more of a transition year with the DMLZ, maybe, the main factor it appears.

因此，從您的幻燈片來看，您已經大幅降低了 2019 年的預期，這使得它更像 DMLZ 的過渡年，這也許是主要因素。

Are there any other changes or reductions across the regions embedded in that 2019 number?

2019 年的數據中，各地區還有其他變化或減少嗎？

And then is there any reflects available across the other assets that could make up any of that production to the upside?

那麼，其他資產中是否有任何反映可以使產量上升呢？

The answer to your first question is no, there's -- I mean, every quarter is, I think, you all know, we don't have an annual planning exercise.

對你的第一個問題的答案是否定的，有——我的意思是，每個季度都是，我想，你們都知道，我們沒有年度計劃活動。

We update our plans every quarter.

我們每季都會更新我們的計劃。

Just had Red's team in here last week and this is the normal ups and downs for the rest of our operations.

上週 Red 的團隊剛剛來過這裡，這對於我們其餘的業務來說是正常的起伏。

Outside of Grasberg, outside of PT-FI, there's really no magic bullet we can do in the short run.

在格拉斯伯格 (Grasberg) 和 PT-FI 之外，我們短期內確實沒有什麼靈丹妙藥可以解決。

We have a mantra of pushing safe production, and we do that continually and we'll continue to do that.

我們有推進安全生產的口號，我們一直在做這件事，而且我們將繼續這樣做。

We are working to progress the Grasberg Block Cave mine and we're making some progress in seeing how to maximize that as we go forward.

我們正在努力推進格拉斯伯格塊洞礦的開採，並在如何最大限度地發揮其潛力方面取得了一些進展。

Interesting time for the remainder of 2019, in the pit as we -- 2018 in the pit as we finish mining in the pit and try to get as much out of that as we can.

2019 年剩餘時間的有趣時刻，我們在坑裡——2018 年在坑里，我們完成了坑內的開採，並嘗試從中獲得盡可能多的收益。

So this is -- this really a factor of having the seismic -- mining-induced seismic events that were not anticipated, not in our original plans, and so this is one of the things you just deal with in mining, and that's what's causing this impact.

所以，這確實是發生地震的因素，採礦引發的地震事件是我們原先計畫中沒有預料到的，所以這是採礦過程中需要處理的事情之一，這也是造成這種影響的原因。

Got it and let me ask more immediate then, could you tell us a bit more about what prompted -- what looked like the some expected maintenance activities there at Grasberg?

明白了，那麼讓我更直接地問一下，您能否告訴我們更多關於格拉斯伯格預期維護活動的資訊？

What's the status there?

那邊的情況怎麼樣？

And when you're thinking about today, looking through the rest of the year, what are the main risks you think the output reaching your expectations there at that mine?

當您思考今天並展望今年剩餘時間時，您認為該礦井的產量達到預期面臨的主要風險是什麼？

Okay.

好的。

So you know the Grasberg development is now 20 years old.

你知道格拉斯伯格開發案已經有 20 年歷史了。

I mean, we began production of the expanded facilities in January 1998, that was when we built our big SAG mill and the ball mill systems, we completed the ore float system using these ore passageways and developed a system of ore delivery from the passageways to the mill.

我的意思是，我們在 1998 年 1 月開始生產擴建設施，當時我們建造了大型 SAG 磨機和球磨機系統，我們利用這些礦石通道完成了礦石浮選系統，並開發了從通道到磨機的礦石輸送系統。

So the truth is, these things have some age on them, and we had a system of maintenance.

事實是，這些東西已經有些年了，我們有維護系統。

In doing a current review of that, these problems were really, in some ways, a function of the times we've gone through in recent years of where our prep production has been interrupted by export bands, labor issues, and so forth.

在對此進行當前審查時，我們發現這些問題實際上在某種程度上是我們近年來所經歷的時期的結果，我們的準備生產因出口帶、勞工問題等而中斷。

And so now that we are operating in a normal fashion and our mill -- our mine rates, our labor situation has been very good, and we returned to a more normal function as we ramped up, and we found that we had these ore delivery system maintenance issues.

現在我們已經恢復正常運營，我們的工廠——我們的礦山率、我們的勞動力狀況都非常好，隨著產量的提高，我們恢復了更正常的功能，我們發現存在這些礦石輸送系統維護問題。

We realigned resources in Indonesia, but we also marshaled resources from our global team and have sent them out there to rectify the situation.

我們重新調整了印尼的資源，同時我們也調動了我們全球團隊的資源，派他們去那裡來糾正這種情況。

And so we are dealing with it.

所以我們正在處理這個問題。

This will be something that's important to us as we have the high grades from the pit in the remainder of 2018.

這對我們來說非常重要，因為我們將在 2018 年剩餘時間內獲得高分。

And then as we ramp up the underground, it's important that we have the ore delivery systems operating effectively.

當我們擴大地下開採時，重要的是確保礦石輸送系統有效運作。

We've also had, along with that, some issues related to the ore that we're feeding into the mill.

除此之外，我們也遇到了一些與送入磨機的礦石有關的問題。

And that is a point-in-time issue.

這是一個時間點的問題。

We're not mining waste.

我們不會開採廢料。

We're mining ore.

我們正在開採礦石。

And some of that ore, as we've mined it, has been placed in the bottom of the pit, which conditions out there are very wet and that's created some of this ore having a stickiness to a clay-like situation to it, which is complicated both ore delivery through our ore passes and the feed into the mill.

我們開採出來的部分礦石被放置在礦坑的底部，那裡的條件非常潮濕，這導致部分礦石具有粘性，類似於粘土，這對礦石通過我們的礦石通道的輸送以及進入磨機的進料產生了複雜的影響。

So there are some special point-in-time operating issues related to where we are in the pit, and we're addressing those.

因此，存在一些與我們處於維修區位置相關的特殊時間點操作問題，我們正在解決這些問題。

And the we're addressing these maintenance issues to not only allow us to operate effectively for the rest of the year, but also to then have the systems ready for the ramp up of the underground ore from the Grasberg Block Cave that's going to start very early in 2019.

我們正在解決這些維護問題，不僅是為了讓我們在今年剩餘時間內有效運營，也是為了讓系統為 2019 年初開始的格拉斯伯格礦洞地下礦石開採做好準備。

Your next question comes from the line of Lucas Pipes with B. Riley FBR.

您的下一個問題來自 B. Riley FBR 的 Lucas Pipes。

I wanted to follow up a little bit on the situation in Indonesia.

我想稍微了解一下印尼的情況。

Richard, last quarter, you were pretty outspoken in terms of the likelihood of a resolution.

理查德，上個季度，您在談到解決問題的可能性時非常直言不諱。

How do you see things -- where do you see things standing today?

您如何看待事物－您認為目前事物的狀況如何？

How quickly do you think you can look towards a resolution at this time?

您認為目前多久可以找到解決方案？

Okay, thanks.

好的，謝謝。

I retained my optimism.

我保持著樂觀的態度。

The reality is the government, late in 2017, concluded that they needed to do a due diligence process.

事實是，政府在 2017 年底得出結論，他們需要進行盡職調查。

I mentioned this last time, they hired an internationally known investment bank, a major accounting firm, international lawyers and a mining due diligence firm out of Australia, to assist them with that.

我上次提到過，他們聘請了一家國際知名的投資銀行、一家大型會計師事務所、國際律師和一家來自澳洲的礦業盡職調查公司來協助他們。

That process took longer than I expected.

這個過程比我預期的要長。

This is a government entity with a lot of players involved that aren't experienced in doing things like this.

這是一個政府實體，其中的許多參與者都沒有做此類事情的經驗。

So it's not surprising, but it took longer.

因此這並不奇怪，但它花費的時間更長。

It appears, and these parties will speak for themselves because we're facilitating negotiations, but not participating in the negotiations, negotiations between our current partner and our future partner, so it's a sensitive matter for us.

看來，這些當事方會為自己說話，因為我們正在促進談判，但不參與談判，我們現有合作夥伴和未來合作夥伴之間的談判，所以這對我們來說是一個敏感問題。

And those negotiations have started.

這些談判已經開始。

You have an apparent willing seller, certainly a motivated buyer.

你有一個明顯願意出售的賣家，當然也有一個積極的買家。

Indications are that the President remains -- President of Indonesia remains focused on seeing this deal through.

有跡象表明，印尼總統仍然致力於完成這項協議。

That's been expressed to me by government officials.

政府官員已經向我表達了這個觀點。

And while the process, because of the due diligence thing is taking longer, is still on track.

儘管由於盡職調查的原因，整個過程耗時更長，但仍在按計劃進行。

This environmental decree, and I'm concerned that behind it was political motivations rather -- it's certainly not technical motivations.

我擔心這項環境法令背後是政治動機，絕對不是技術動機。

They're setting in the decree standards that don't apply to us as we speak but -- set a time frame of 6 months, it just can't be achieved.

他們在法令中製定的標準現在並不適用於我們，但是——設定了 6 個月的時間框架，這是無法實現的。

We had an agreement with the government that over the life of the mine, we would retain 50% of the tailings on land.

我們與政府達成協議，在礦場的整個使用壽命期間，我們將保留陸地上 50% 的尾礦。

They are now saying it should be 95%, which just cannot be done.

他們現在說應該是 95%，但這根本做不到。

They set suspended solid standards that are actually lower than natural sediment standards that would go through the river system.

他們設定的懸浮固體標準實際上低於流經河流系統的天然沉積物標準。

I mean, it's 200 versus an agreement that we've had for 20 years of 18,000.

我的意思是，這次的人數是 200，而我們之前 20 年達成的協議是 18,000。

So this is not good news, but it's so out of bounds that I'm very confident we'll get this done.

所以這不是好消息，但這超出了範圍，所以我非常有信心我們會完成這件事。

It's just it's taking some work to do it.

只是做起來需要一些工作。

But it's not something that "I've got you on a technical issue".

但這並不是「我跟你講一個技術問題」之類的事情。

It is a revisit of the whole system, and you can't revisit a system that was agreed to 20 years ago and has been operating effectively over 20 years with no unexpected environmental consequences.

這是對整個體系的重新審視，你無法重新審視20年前達成的、20多年來一直有效運作、沒有產生意想不到的環境後果的體系。

The nontailings are being deposited in an area of where they can be reclaimed, we grow agriculture projects there.

非尾礦被堆放在可以回收的區域，我們在那裡進行農業計畫。

The system meets drinking water standards.

該系統符合飲用水標準。

There's no impact on marine life.

對海洋生物沒有影響。

There's a thriving mud crab industry in the area.

該地區的泥蟹產業十分繁榮。

People fish, offshore, where we are.

人們在我們所在的近海捕魚。

And so this is a distraction, but you all know over time we have to deal with political issues, and this is one of them.

所以這是一種幹擾，但你們都知道，隨著時間的推移，我們必須處理政治問題，這是其中之一。

I noticed there is a presidential election about 12 months from now.

我注意到大約 12 個月後將舉行總統選舉。

Do you think there is a risk that negotiations will continue to drag on and potentially, reach a point where it just makes more sense to conclude them after a new President is elected?

您是否認為，談判有可能繼續拖延，並有可能達到這樣的程度，即在新總統選出後再結束談判才更為合理？

Well, the presidential elections are -- will occur in 2019.

嗯，總統選舉將於 2019 年舉行。

There's regional elections that'll occur this year.

今年將舉行地區選舉。

About the second half of this year, it will be in full swing campaigning, and you have to say that, that's a potential risk.

大約在今年下半年，競選活動將會全面展開，你不得不說，這是一個潛在的風險。

It appears that the President would like to get this resolved before that.

看來總統希望在此之前解決這個問題。

He's very popular.

他很受歡迎。

I mean, his favorable ratings are on the order of 2/3, and he's done a good job in managing Indonesia, such a large, diverse population and economy in a complicated world.

我的意思是，他的支持率大約是 2/3，他在管理印尼這個複雜世界中如此龐大、多樣化的人口和經濟方面做得很好。

But realistically you'd have to say that, that is a risk.

但現實地說，你必須說，這是一種風險。

We don't see a thing to interfere with our operations.

我們沒有看到任何干擾我們行動的事情。

The government needs and desires now to make sure that we operate, and they collect their taxes and royalties.

政府現在需要並希望確保我們正常運營，並且他們能夠徵收稅款和特許權使用費。

And our positions about the long-term are very clear with where we are, it's important for us to continue to operate the rest of this year when we have such favorable ore to process and to profit from all together.

我們對長期的立場非常明確，對於我們來說，在擁有如此有利的礦石可供加工和共同獲利的情況下，繼續運營今年剩餘時間非常重要。

I mean, it's not just us, but the government also.

我的意思是，這不只是我們的問題，政府的問題也是。

It's a reality and a potential factor that will have to bring into play.

這是一個現實因素，也是一個必須發揮作用的潛在因素。

We want to move this as quickly as possible and I know their government can do as well.

我們希望盡快推進這項進程，我知道他們的政府也能做到這一點。

And maybe one last one to squeeze in and to change the topic.

也許最後一個可以擠進來並改變話題。

You've obviously been very focused on the Indonesia situation, but more recently, thinking a little bit more about growth and then restarting the dividend.

您顯然一直非常關注印尼的情況，但最近，您更多地考慮的是成長，然後重新開始紅利。

From here on out, where do you think would you, outside of Indonesia, kind of spend your focus?

從現在開始，您認為除了印尼之外，您會把注意力放在哪裡？

What is most important to you?

對你來說最重要的是什麼？

And to what extent does M&A also factor into those considerations?

並且，併購在多大程度上也影響這些考量？

So you're correct about focus.

因此你對於焦點的看法是正確的。

I mean, 2016 was a focus on deleveraging.

我的意思是，2016年的重點是去槓桿。

2017 was a focus on Indonesia.

2017 年的重點是印尼。

By the fall, I've been spending a lot of time with Red and his team, who've been working all through this period and running our operations and looking at the future.

到了秋天，我花了很多時間與 Red 和他的團隊在一起，他們一直在這段時間工作，管理我們的業務並展望未來。

And so I spent a lot of time in -- when I was in Santiago, talking with other companies about their plans, how people are sizing this up, what projects they have, when are they proceeding with them.

因此，當我在聖地亞哥時，我花了很多時間與其他公司討論他們的計劃、人們如何評估這一點、他們有哪些項目以及何時進行這些項目。

And so we are doing trade-offs about basically 2 large projects right now, and we have a series of others that will follow.

因此，我們目前正在對兩個大型專案進行權衡，接下來我們還將進行一系列其他專案。

But it's looking at the El Abra opportunity in Chile, which would be a major Cerro Verde type project with the added requirement for a saltwater desalination plant and pipeline to take the water up to heights.

但該公司正在關注智利的 El Abra 機會，這將是一個大型的 Cerro Verde 類項目，另外還需要一個海水淡化廠和管道將水輸送到高空。

And we are 51% owner with CODELCO.

我們擁有 CODELCO 51% 的股份。

We met with the CODELCO people there.

我們在那裡與 CODELCO 的人員會面。

They're positive about the project.

他們對該項目持積極態度。

They're going through changes right now with the change in government.

隨著政府的更迭，他們現在正在經歷著改變。

And then our Bagdad mine in Northwest Arizona is -- Red might wince -- is a more straightforward project, because it's a basically mill expansion, but we have deal with tailings area and water, which we worked on for years.

然後，我們位於亞利桑那州西北部的巴格達礦 — — 雷德可能會畏縮 — — 是一個更簡單的項目，因為它基本上是一個工廠擴建，但我們必須處理尾礦區和水，我們已經為此工作了多年。

And so those are the 2 that we're teeing up.

這就是我們要準備的兩個。

And so what am I looking forward to is announcing the new projects, announcing -- last time, I said I was looking forward to increasing the dividend, the board did that right after our call, and initiating the dividend.

因此，我期待宣布新項目，宣布——上次，我說過我期待增加股息，董事會在我們電話會議之後就這樣做了，並開始派發股息。

And we are -- it's great to see a future of where we can build shareholder value out of these resources where we're not getting value today.

我們很高興地看到，未來我們可以利用這些目前尚未獲得價值的資源來創造股東價值。

We know we need to convert those resources into cash flows.

我們知道我們需要將這些資源轉化為現金流。

We will get value.

我們將獲得價值。

I'm very confident about the future of the copper business.

我對銅業務的未來非常有信心。

That confidence is shared by my peers in the industry.

我的業內同行也同樣對我抱持這種信心。

And so we feel really great about it.

因此我們對此感到非常高興。

We don't have to do anything right now.

我們現在不需要做任何事。

I mean, it's still a question with all these trade issues floating around.

我的意思是，由於存在許多貿易問題，這仍然是一個問題。

We need to see how those sort out.

我們需要看看這些問題如何解決。

We're not, as a company, directly affected by, but copper is correlated to economic activity.

作為一家公司，我們不會受到直接影響，但銅與經濟活動有關。

And if these trade things affect economic activity, that's a factor.

如果這些貿易影響到經濟活動，這就是一個因素。

So feel really great about where we are, great about our company, our assets, our people and the direction we're going in.

所以，我對我們目前的狀況、我們的公司、我們的資產、我們的員工以及我們的前進方向感到非常滿意。

And we'll always have issues to deal with like the Deep MLZ stuff and so forth, but that's just mining.

我們總是會遇到一些問題需要處理，像是 Deep MLZ 之類的問題，但這只是挖礦。

I mean, you go back and look at all the big mines around the world, have had times to deal with this.

我的意思是，回顧世界各地的所有大型礦山，它們都曾經面臨過類似的問題。

The great news is the resource is there.

好消息是，資源就在那裡。

We're a long-term business, and that resource is going to create value for our shareholders.

我們是一家長期企業，我們的資源將為我們的股東創造價值。

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

您的下一個問題來自 Gabelli and Company 的 Chris Mancini。

First question is just relative to your -- to the costs in North America and South America specifically, it looks like they're -- they crept up a little bit from last year.

第一個問題只是相對於您的——特別是北美和南美的成本，看起來它們——比去年略有上升。

And -- but it seems like there's some of it, which should be somewhat temporary in terms of either lower grades or higher maintenance and repair costs.

而且——但看起來其中一些應該是暫時的，無論是從較低的等級還是較高的維護和維修成本來看。

The big picture question is, to what extent are you seeing kind of general mining inflation?

總體問題是，你在多大程度上看到了普遍的採礦業通膨？

To what extent is this temporary?

這在多大程度上是暫時的？

And then also to what extent is this like you were saying, Richard, catching up from not spending on maintenance capital in the past?

那麼理查德，這在多大程度上像您所說的那樣，彌補了過去沒有花費維護資金的不足？

And if that is the case, how long would you expect to have to continue to kind of catch up?

如果確實如此，您預計需要持續多長時間才能趕上？

Okay.

好的。

So you start with the fact that a significant portion of our input cost are correlated with copper prices.

首先要說的是，我們的投入成本很大一部分與銅價有關。

Does it make sense?

這有意義嗎？

You think about things that drive energy cost and steel cost and contractor cost and all those sorts of things.

你會考慮那些影響能源成本、鋼鐵成本、承包商成本以及所有那些因素。

So our job is to find ways of mitigating these inherent increases by being more efficient.

因此，我們的工作是找到提高效率的方法來減輕這些固有的成長。

Red made a presentation about that at the Cesco conference in Santiago.

Red 在聖地牙哥的 Cesco 會議上就此發表了演講。

Go to that website, and you can see what we're doing.

造訪該網站，你會看到我們正在做的事情。

We haven't bought -- I mean, Caterpillar had great results today, and it's always a key indicator for us.

我們還沒有買——我的意思是，卡特彼勒今天的成績非常好，這對我們來說始終是關鍵指標。

They're kind of an index on the infrastructure spending around the world.

它們是全球基礎設施支出的指數。

So -- but we haven't built a new truck.

所以——但是我們還沒有製造新卡車。

We haven't bought a new truck at Freeport since the financial crisis.

自金融危機以來，我們還沒有在自由港購買新卡車。

We're rebuilding trunks.

我們正在重建樹幹。

We're taking cranes and component parts.

我們正在運送起重機及其零件。

We're extending the life of our tires.

我們正在延長輪胎的使用壽命。

We're using all these sensors on all of our equipment that's feeding all this data in to systems that make us better able to control what operators are doing and how we do that.

我們在所有設備上使用所有這些感測器，將所有這些數據輸入系統，使我們能夠更好地控制操作員正在做什麼以及我們如何做。

So you have this dynamic of input costs increasing, efficiencies have an impact on mitigating that.

因此，投入成本不斷增加，而效率對於緩解此問題有一定影響。

And then the issues you pointed out about gradings and so forth, and that's going to go up and down within a relatively narrow range over time.

然後您指出的有關分級等的問題，這些問題會隨著時間的推移在相對較窄的範圍內上升和下降。

In the short term, we're also increasing the mining and the production rate at Sierrita and El Abra both.

短期內，我們還將提高 Sierrita 和 El Abra 的採礦量和生產力。

Those are kind of front-end-loaded cost-wise before we really start to see the pounds coming out later in the year or so.

從成本角度來看，這些都是前期投入，直到今年稍後我們才能真正看到英鎊的出台。

That's right.

這是正確的。

That's a part of it.

這是其中的一部分。

El Abra was constrained.

埃爾阿布拉受到限制。

Right.

正確的。

So was Sierrita.

Sierrita 也是如此。

But prices were down.

但價格下降了。

Sierrita.

西里塔。

And those mines are making money now.

現在這些礦山正在賺錢。

And so we're having to spend some money to take advantage of that.

因此我們必須花一些錢來利用這一點。

So like -- so you're doing more stripping at the -- sorry.

所以就像——所以你在做更多的脫衣舞——對不起。

Yes, I was just going to say, we're not showing significant changes in our cash cost trajectory going forward.

是的，我只是想說，我們未來的現金成本軌跡不會有重大變化。

During 2015 and 2016, we took a lot of steps to maximize cash flows.

在2015年和2016年期間，我們採取了許多措施來最大化現金流。

And we do have some catch-up that we're doing, but we're operating now in more of a normal situation.

我們確實正在做一些追趕工作，但現在我們的運作情況更加正常。

And so we don't -- we're not seeing a lot of cost increases or decreases in the near term, except for the kinds of things Richard talked about, the things that will be correlated with energy prices or other currencies or other movements that are correlated to the copper price.

因此，我們不會看到短期內成本大幅上漲或下跌，除了理查德談到的那些因素，即與能源價格或其他貨幣或與銅價相關的其他變動相關的因素。

And our current outlook for sustained capital, I think, is a good longer-term outlook.

我認為，我們目前對持續資本的展望是良好的長期前景。

It's not something that's going to be increasing there, but we can't keep it to $500 million for an operation like this.

這個數字不會增加，但對於這樣的行動，我們不能把金額控制在 5 億美元。

It's going to be more in the order of $1 billion a year.

每年的金額將會超過 10 億美元。

Okay.

好的。

Okay, got it.

好的，明白了。

And then the second question is, on -- for Grasberg, on Slide 23 of the presentation, you have the -- your production outlook.

第二個問題是，對於格拉斯伯格，在簡報的第 23 張投影片上，您有您的生產前景。

How much will you need to be mining from the underground in order to achieve that guidance?

為了實現該指導，需要從地下開採多少資源？

And how much are you mining now from the underground?

現在你們從地下開採了多少資源？

And so I guess, my question is, what's your expected ramp rate from the underground?

所以我想我的問題是，您預期的地下坡度率是多少？

And what are the real inherent risks to getting there and achieving this guidance?

那麼，實現這項指導方針的真正固有風險是什麼？

Well, we -- as Richard said, at the end of 2018, we expect to see some mining in the open pit.

嗯，正如理查德所說，我們預計在 2018 年底會看到一些露天採礦。

We will have some stockpiles that we'll mine, but those aren't anything of great significance for the long term.

我們將會開採一些庫存，但從長遠來看，這些庫存並沒有什麼重大意義。

So really, all of our production will start to come from the underground mines.

所以實際上，我們所有的生產都將來自地下礦場。

We're operating the DOZ mine currently, and our forecast includes roughly 40,000 tons a day from DOZ.

我們目前正在營運 DOZ 礦，預計 DOZ 每天的產量約為 40,000 噸。

Our Deep MLZ ramp-up, we expect to ultimately get to 80,000 tons a day from that mine.

隨著深層 MLZ 產量的不斷提升，我們預計該礦最終日產量將達到 80,000 噸。

And right now, our projection is we'll get there in the 2021, 2022 time frame.

目前，我們預計在 2021 年或 2022 年實現這一目標。

And in the Grasberg Block Cave, we'll be ramping that up, and we expect to get to roughly 100,000 tons a day from that mine in 2022.

在格拉斯伯格礦洞，我們將加大產量，預計到 2022 年，該礦的日產量將達到約 10 萬噸。

And the ultimate production from that mine we expect to be in the 130,000 to 160,000 tons per day range.

我們預計該礦的最終產量將達到每天 13 萬至 16 萬噸。

But in terms of the Deep MLZ and the Grasberg Block Cave combined, by 2020, from those 2 mines, we would expect to average about 70,000 to 75,000 tons a day combined in 2020 on average versus capacity, which will be 80,000 plus 130,000, so something on the order of 200,000.

但就 Deep MLZ 和 Grasberg Block Cave 的總產量而言，到 2020 年，我們預計這兩個礦場的平均日產量將達到 70,000 至 75,000 噸，而產能將是 80,000 噸加上 130,000 噸，而產能將是 80,000 噸加上 130,000 噸，所以大約是 200,000 噸。

We do have -- and Mark Johnson is on the line and he can comment about this, so we do have, in the Grasberg Block Cave, access to higher-grade material in the earlier years.

我們確實有——馬克·約翰遜正在通話中，他可以對此發表評論，因此，在早年，我們確實可以在格拉斯伯格塊洞中接觸到更高品位的材料。

So even though we're in a ramp-up period, we still will have the benefit of accessing some higher-grade material from that ore body.

因此，即使我們正處於增長期，我們仍然可以從該礦體中獲得一些更高品位的材料。

As Richard said, it's the same ore body as our Grasberg open pit, just a different mining method.

正如理查所說，它與我們的格拉斯伯格露天礦場是相同的礦體，只是採礦方法不同。

But Mark, I don't know if you want to add anything to the comments about the ramp-up?

但是馬克，我不知道您是否想對有關提升的評論進行補充？

Yes.

是的。

Unfortunately, the highest grade ore in these ore bodies is also the most capable.

不幸的是，這些礦體中品位最高的礦石也是最有能力的。

So it makes sense that we start there from both an economic and a mining method approach.

因此，我們從經濟和採礦方法兩個角度出發是有意義的。

As Kathleen said, in the early years of Grasberg, it's well above the ore body average.

正如凱瑟琳所說，在格拉斯伯格早期，它的礦體儲量遠高於平均值。

We're well above 1.1% copper and 1 gram -- 1.2 grams for much of that ramp-up period.

在大部分的成長期內，我們的銅含量遠高於 1.1%，且含量為 1 克至 1.2 克。

And same for the Deep MLZ.

Deep MLZ 也是如此。

We have exceptional grade.

我們有優異的成績。

We start off in 1.6% copper and about 1.6 gram per ton gold.

我們的起始含銅量為 1.6%，黃金含量約為每噸 1.6 克。

So both of those are -- offset the lower tons as we ramp up.

因此，隨著我們增加產量，這兩者都可以抵消較低的噸位。

And then as we get up to a steady state on the production rate over about a 5- or 6-year period at the Grasberg, and we expect the same with the Deep MLZ after we get the seismic event or seismic event -- or seismic situation resolved.

然後，當我們在格拉斯伯格 (Grasberg) 的約 5 到 6 年內達到生產率的穩定狀態時，我們預計在發生地震事件或地震情況得到解決後，深層 MLZ 的生產率也會達到同樣的水平。

These ramp-up rates are what we were able to do in the DOZ 10 years ago as we ramped up.

這些提升率是我們 10 年前在 DOZ 提升時能夠實現的。

So a lot of the ramp-up is based on how quickly you can advance the undercut.

因此，很大程度的提升取決於您推進底切的速度。

You concurrently develop extraction level, which is the drop belt and sequencing of the mine over the long term.

您可以同時開發開採水平，即長期的落礦帶和礦井排序。

So these are things that we've done in the past with the DOZ, and we're applying.

這些都是我們過去與 DOZ 合作所做的事情，我們正在加以應用。

We've got better construction techniques now.

我們現在有了更好的施工技術。

As far as the ore flow systems, going forward, Richard mentioned that a lot of the infrastructure that we have now is dated.

就礦石流動系統而言，展望未來，理查德提到，我們現在的許多基礎設施都已經過時了。

As we shut down the pit, much of that older system is mothballed, and we'll be relying on the -- majority of the ore flow system will be brand new systems that we built for both Deep MLZ and GBC.

隨著我們關閉礦坑，大部分舊系統都被封存了，我們將依靠——大多數礦石流動系統將是我們為 Deep MLZ 和 GBC 建造的全新系統。

So we'll be starting fresh with new infrastructure that's all been done at a very high standard.

所以，我們將從頭開始，建造一個按照非常高的標準建造的全新基礎設施。

So we're very optimistic on the ramp-up of both of those mines, both the Deep MLZ and GBC.

因此，我們對 Deep MLZ 和 GBC 這兩個礦場的產量提升非常樂觀。

Big Gossan also, smaller mine but, very high grade.

還有大鐵帽，礦場規模較小，但品位很高。

It's about 2.5% copper equivalent, and we're ramping it up also.

它的銅當量含量約為 2.5%，而且我們也不斷提高它的品質。

It has a potential of about 100 million pounds a year and about 60,000 ounces.

其年產量潛力約1億磅，約6萬盎司。

Not a large mine for PT-FI, but still a very significant contributor to what we're doing in the future in the underground.

對於 PT-FI 來說，這不是一個大型礦井，但對我們未來在地下進行的工作仍然做出了非常重要的貢獻。

Okay, got it.

好的，明白了。

Okay.

好的。

So in 2020, because of the higher grades, you only have to do 70,000 tons per day from the DMLZ and the Grasberg Block Cave combined.

因此到 2020 年，由於礦石品位更高，每天只需從 DMLZ 和 Grasberg Block Cave 開採 70,000 噸礦石。

And then you'll -- as you ramp up the throughput from the underground to 2021, 2022, the grades will decline and that allows you to achieve the -- and then eventually, even 2023, you should even see a bigger increase in -- or as you progress in 2023 and beyond, a bigger increase in throughput.

然後，隨著到 2021 年、2022 年地下吞吐量的提升，等級將會下降，這使您能夠實現 — — 然後最終，甚至到 2023 年，您甚至應該看到更大的增長 — — 或者隨著您在 2023 年及以後的進步，吞吐量會有更大的增長。

And should production increase in 2023 and beyond?

2023 年及以後產量是否應增加？

Or will grades, like, continue to decline?

或是成績會繼續下降嗎？

I guess, it's far out.

我想，這還很遙遠。

It's fairly steady.

它相當穩定。

It's fairly steady.

它相當穩定。

We get up to the 200-plus -- 200,000 ton-plus range that Kathleen mentioned.

我們達到了凱瑟琳提到的 200 多至 20 萬噸以上的範圍。

And then the grades in the Grasberg, steady for quite a while.

格拉斯伯格的成績隨後穩定了相當長一段時間。

We end up with a little bit higher grade towards the end again.

最後我們的成績又稍微高了一點。

So it's somewhat variable, but we've got a long-term outlook that shows us very much over 1 billion tons a year and gold, very -- we've got slides, I know that we've shown in the past, that show the underground era.

所以它有一定的可變性，但我們有一個長期的展望，每年的產量將超過 10 億噸，而且黃金——我們有幻燈片，我知道我們過去展示過，展示了地下時代。

And it's in that 1.5 million ounce range longer term.

從長期來看，這一數量將維持在 150 萬盎司的範圍內。

Yes.

是的。

And that's 100%.

這就是 100%。

So we would have 50% of that.

所以我們將獲得其中的 50%。

So our reference slides have that.

我們的參考投影片中有這個。

I mean, we're just casually mentioning an underground operation feeding 200,000 to 240,000 tons per day of ore to a mill.

我的意思是，我們只是隨口提到一個地下作業，每天向磨坊輸送 20 萬至 24 萬噸礦石。

I mean, I've talked to others in the industry, and people are just -- they're just amazed by it.

我的意思是，我已經與業內其他人交談過了，他們對此感到驚訝。

And it's -- the infrastructure there is truly amazing.

那裡的基礎設施確實令人驚嘆。

So first time ever and we're very confident with it.

這是有史以​​來第一次，我們對此非常有信心。

Okay.

好的。

Let's go on the next question.

我們繼續下一個問題。

Our next question will come from the line of Oscar Cabrera with CIBC.

我們的下一個問題來自加拿大帝國商業銀行 (CIBC) 的奧斯卡·卡布雷拉 (Oscar Cabrera)。

Just going to start with your development projects.

我們將開始您的開發專案。

I must admit that until you started focusing on Lone Star, didn't realize that the resource grade was 0.61%.

我必須承認，直到你開始關注孤星時，才意識到資源品味是 0.61%。

So as you're looking at the future of the company with El Abra and Lone Star, could you comment on what you think is -- you look at the projects and what's more favorable to you?

那麼，當您展望 El Abra 和 Lone Star 公司的未來時，您能否評論一下您的想法——您看待這些項目以及哪些對您更有利？

Is it all of the advantages that you have in the U.S.?

這就是你們在美國擁有的所有優勢嗎？

Or is it -- is Chile now with requirements for desalination on that sort of like second on the list?

或者是——智利現在對海水淡化的要求在名單上排名第二嗎？

Well, that's what we're trying to decide.

嗯，這就是我們正在努力決定的。

I mean, it's in some ways comparable.

我的意思是，從某種程度上來說，它們是可以比較的。

When we -- 11 years ago, when we bought Phelps Dodge and we looked at El Abra, we -- all we could see was the oxide project and the Sulfolix project, and that was it.

11 年前，當我們收購 Phelps Dodge 並考察 El Abra 時，我們所看到的只是氧化物項目和 Sulfolix 項目，僅此而已。

We drilled these core holes, found this enormous resource, and now we're working to take advantage of it.

我們鑽了這些岩心孔，發現了這龐大的資源，現在我們正在努力利用它。

People have known about Lone Star going back to the 1960s.

人們早在 20 世紀 60 年代就知道孤星。

And now we're drilling it, and we're getting real stars in our eyes about how really big this thing could be.

現在我們正在進行鑽探，我們開始驚嘆這東西到底有多大。

I mean, we're talking about something that might could well be, over the years, another Morenci type deposit.

我的意思是，我們談論的東西多年來很可能成為另一種莫倫西類型的礦床。

But that's going to take some time.

但這需要一些時間。

We're going to evaluate that.

我們將對此進行評估。

We have, as I said, a much more straightforward expansion project available to us at Bagdad, and that's where the trade-off that you're talking about really come into place.

正如我所說的，我們在巴格達有一個更直接的擴建項目，這就是您所說的權衡利弊真正發揮作用的地方。

Lower energy cost in the U.S,; no labor unions; much flexible ability to adjust the workforce; communities that provide education, health care, housing for people as opposed to our having to do all that; the workers driving their Forward trucks to work with the lunch pail.

美國能源成本較低；沒有工會；具有較強的靈活調整勞動力的能力；社區為人們提供教育、醫療保健和住房，而不是我們必須做所有這些；工人們開著前進卡車，帶著午餐桶去上班。

It's -- all of those things add up to making investment in the U.S. relatively more attractive than it's ever been.

所有這些因素加在一起使得在美國投資比以前任何時候都更有吸引力。

And so that's what we're doing those trade-offs for.

這就是我們做出這些權衡的原因。

And the Lone Star deal is a -- is more of a bigger picture, longer time frame type asset, but it's going to create a lot of value for Freeport shareholders.

而 Lone Star 交易則是更宏大、更長期的資產，它將為 Freeport 股東創造巨大的價值。

Now that's for sure.

現在可以肯定了。

And then before I ask you the next question, it might be worthwhile just adding like a cross-section of the Lone Star sulfide, just to get context.

在我問您下一個問題之前，可能值得添加孤星硫化物的橫截面，以便了解背景資訊。

And then lastly, just a clarification on your comments on your disclosures with Indonesia Ministry of Environment.

最後，我只是想澄清一下您對印尼環境部披露的評論。

Are they expecting changes in 6 months?

他們預計六個月內會發生改變嗎？

Is that the -- part of the discussion, because with -- I don't -- this is not realistic, and as you said, might be politically motivated.

這是討論的一部分嗎？

But can you provide a little bit more context on those discussions?

但您能否提供更多關於這些討論的背景資訊？

Well, I'm as perplexed as you are.

嗯，我跟你一樣困惑。

And we're having dialogue.

我們正在進行對話。

We'll continue to have dialogue not only with the environmental and forestry ministry, but with the ministers that are working directly with us on our contract situation.

我們將繼續與環境和林業部以及直接與我們合作處理合約情況的部長進行對話。

So this is -- we were not expecting these decrees.

所以這是──我們沒有想到這些法令。

I had to tell you about them, because they came.

我必須告訴你關於他們的事情，因為他們來了。

They cannot be put in place.

它們無法被實施。

It's not just Freeport.

不僅僅是自由港。

Nobody could mine this ore body in consistency with these decrees.

沒有人能夠依照這些法令開採這個礦體。

You just physically can't do it.

你從身體上來說根本做不到這一點。

So it's some of the noise that happens from time to time, and we're going to deal with this in a constructive dialogue to explain -- we're already doing that, to explain the situation and talk about what realistically is doable or not.

所以這是時不時會發生的一些噪音，我們將透過建設性的對話來處理這個問題，以解釋——我們已經在這樣做了，來解釋情況並討論什麼是切實可行的，什麼是不可行的。

It's addressing a problem that isn't there.

它正在解決一個不存在的問題。

There's no problem here.

這裡沒有問題。

No, that's what it sounds like.

不，聽起來就是這樣。

The non-tailings that are being managed, as we said we would, and nobody can identify impacts of significance that weren't anticipated.

正如我們所說的那樣，非尾礦正在管理，沒有人能夠確定未預料到的重大影響。

It almost goes back to the issue, are you going to develop the mine or not, because there's no way to store tailings up in those mountains.

這幾乎又回到原來的問題，你是否要開發礦山，因為在那些山上沒有辦法儲存尾礦。

And we looked at every conceivable alternative.

我們考慮了所有可以想到的替代方案。

I mean, we had experts from Indonesia and around the world.

我的意思是，我們有來自印尼和世界各地的專家。

It's a public process.

這是一個公開的過程。

The Indonesian environmental minister at the time said, it was the most comprehensive environmental study ever done in Indonesia.

印尼環境部長當時表示，這是印尼迄今最全面的環境研究。

And we all said, "Okay, this is way we were going to do it." And this is the way we've done it.

我們都說：“好吧，我們就這麼做。”這就是我們所做的方式。

So anyway, I had to tell you about it.

所以無論如何我都必須告訴你這件事。

I'm confident that this is going to be dealt with.

我相信這個問題一定能夠解決。

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

您的下一個問題將來自花旗銀行的 Alex Hacking。

Sorry to keep popping on Indonesia.

抱歉，我還是繼續談論印尼。

But a couple of questions, if I may.

但如果可以的話，我有幾個問題。

You talked about the ministry, they're trying to impose new environmental standards.

您談到了該部，他們正在試圖實施新的環境標準。

But there's also been reports in the local press about them making a very substantial claim for damages.

但當地媒體也報道稱，他們提出了巨額的損害賠償要求。

I think it's been reported around $13 billion, something like that.

我認為據報導數字約為 130 億美元，類似這樣的數字。

Is -- are those press reports accurate?

這些新聞報導準確嗎？

And is that an official claim from that ministry, a legal claim?

這是該部會的官方主張嗎？

Or is this just noise...

或者這只是噪音…

No, this came about because of governmental audit group that in some ways, not totally like our GAO.

不，這是因為政府審計小組在某些方面與我們的 GAO 並不完全相似。

It was a centralized audit group that came in.

這是一個集中審計小組來做的。

And that claim is based on degradation to the tailings deposition area.

這說法是基於尾礦沉積區的退化。

They're -- it's a large area of land, and they say that, that area was degraded by environmental impact.

他們說，這是一大片土地，該地區因環境影響而退化。

Of course, it was.

當然是了。

I mean, we had over 2.5 billion tons of ore to process, take the concentrate out and deposit those tailings somewhere.

我的意思是，我們有超過 25 億噸的礦石需要加工，然後取出精礦並將尾礦存放在某處。

And that's where we did it.

我們就在那裡做了這件事。

Not to come back and say, "Okay, you've got to pay some financial fine for doing something that the government approved." It's outrageous.

不要回頭說，“好吧，你必須為做政府批准的事情支付一些經濟罰款。”太過分了。

But they haven't presented any kind of claim.

但他們尚未提出任何索賠。

It says, it's in their report to this government ministries of what a number of what in potential environmental damage could be.

據稱，他們向政府各部提交的報告列明了潛在的​​環境損害的具體數字。

So it's just a number.

所以它只是一個數字。

It's not like...

這不像是...

An academic group did a theoretical study to say, what happened with this tailings deposition.

一個學術小組做了理論研究，說說這個尾礦沉積到底是怎麼回事。

And they used some approaches to measure environmental damage that's used around the world.

他們採用一些世界各地使用的方法來衡量環境破壞。

But it's not something that is outside of what was approved.

但這並不是超出批准範圍的事情。

It's strictly in this designated tailing deposition area where we built dikes to cordon it off and agree that's where we were going to put this billions of tons of tailings.

我們嚴格地在指定的尾礦沉積區內建造了堤壩來封鎖它，並同意將數十億噸的尾礦存放在那裡。

And that's what we're doing.

這正是我們正在做的事情。

That's very clear and very helpful.

這非常清楚並且非常有幫助。

And then just to follow up on the Deep MLZ, are you considering any impact there of the slowdown beyond 2019?

然後，為了跟進 Deep MLZ，您是否考慮過 2019 年以後經濟放緩的影響？

And I noticed, when you look at the guidance, you expect some makeup for the slowdown beyond 2019.

我注意到，當你查看指引時，你預期2019年後經濟放緩的現象會得到一定程度的彌補。

But I guess, at a practical level, how is that going to happen, because if...

但我想，從實際層面來說，這將如何發生，因為如果…

Some of the makeup is from what Mark was talking to you about with the Grasberg Block Cave.

部分化妝品來自馬克之前跟您談論的格拉斯伯格塊狀洞穴。

So you're looking at the total production, which includes Deep MLZ and the Grasberg Block Cave, and to a smaller degree, the Big Gossan.

因此，您要看的是總產量，其中包括 Deep MLZ 和 Grasberg Block Cave，以及較小程度的 Big Gossan。

Now the unfortunate thing about this unexpected occurrence was the Deep MLZ, because of what Mark said, having these 1.6% copper grades available to us, when we looked back a couple of years ago and saw this coming, we said, well, this previously expected falloff in 2019, it was earlier years then, was going to be offset by this ore from Deep MLZ.

現在，這個意外事件的不幸之處在於 Deep MLZ，正如馬克所說，我們有 1.6% 的銅品位，當我們回顧幾年前並預見到這種情況時，我們說，好吧，之前預計的 2019 年的下降，那時還早，將被 Deep MLZ 的礦石所抵消。

Now we've had these seismic events, and that's been pushed back.

現在我們經歷了這些地震事件，而這已經被推遲了。

So we have to be candid.

因此我們必須坦誠。

We are dealing with this.

我們正在處理此事。

There's some uncertainty as to how long it's going to take to get this Block Cave operating in a way of where these seismic events are not of the nature that they create risk to our people.

目前還不確定需要多長時間才能讓這座 Block Cave 正常運轉，使地震事件不會對我們的人民造成危險。

We have a plan.

我們有一個計劃。

We're going to report to you how that plan goes over time, but it's all dependent on the timing for that.

我們將向您報告該計劃的進展情況，但這一切都取決於時間安排。

And you can appreciate, we're being very conservative with it.

你也可以理解，我們對此非常保守。

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 touching on kind of what you were just saying.

所以有點觸及您剛才說的內容。

The Deep MLZ, you guys took down your mining profile out to like 2022 if we look at kind of what you guys had last quarter.

Deep MLZ，如果我們看看你們上個季度的情況，你們將採礦資料撤下到 2022 年左右。

Is that just the mining, the seismic activity bringing down all the out years as well?

那隻是採礦，地震活動也會導致所有外部活動下降嗎？

Or what's the driver of that?

或者說其驅動因素是什麼？

Well, if you look at the slide for the 5 years on Slide 23, the actual total production over that period, net to PT-FI's interest, is 5.4 billion pounds of copper, which is similar to what we had -- I think we had 5.3 billion in our last plan over that period of time.

好吧，如果您看一下第 23 頁的 5 年幻燈片，您會發現，該期間的實際總產量（扣除 PT-FI 的權益）為 54 億磅銅，這與我們的產量相似 - 我認為，我們上一個計劃中該期間的產量為 53 億磅。

And gold is similar to what we had in the last quarterly update.

黃金的價格與我們上一季更新時的價格類似。

But what we're seeing is a shift out of 2019, and the outer years are higher than what our plan was, because Deep MLZ is shifted out.

但我們看到的是 2019 年的轉變，而外部年份高於我們的計劃，因為 Deep MLZ 被轉移了。

As Mark said, the beginning of the year -- beginning production ramp-up of Deep MLZ has higher grade.

正如馬克所說，今年年初 - Deep MLZ 的產量開始提升，並且品質更高。

So that shift will just continue to shift it out.

因此，這種轉變將會持續下去。

And then also with the progress that we've made on the Grasberg Block Cave and the position we're in, in terms of the commencement of the cave in early 2019, those 2 factors combined bring us to where we've got better.

然後，隨著我們在格拉斯伯格塊洞穴方面取得的進展以及我們所處的位置，就 2019 年初洞穴的開始而言，這兩個因素結合起來使我們取得了更好的成績。

Over the long term, it's essentially the same as where we were before.

從長遠來看，它本質上與我們以前的狀況相同。

But we do have this impact in 2019 that at this point, our mine plans don't show being able to make up, and we're going to continue to work on that.

但我們在 2019 年確實受到了這種影響，目前來看，我們的礦場計畫尚未顯示出能夠彌補的跡象，我們將繼續努力。

Got it, that makes sense.

明白了，很有道理。

And then looking at your CapEx, it looks like you reduced your spend for the long-term PT-FI investment plans to $0.8 billion from $0.9 billion; however, net to PT-FI remained at $0.7 billion.

然後看看您的資本支出，看起來您將長期 PT-FI 投資計劃的支出從 9 億美元減少到了 8 億美元；但 PT-FI 的淨利潤仍為 7 億美元。

Would you mind just running through why the net to PT-FI number doesn't change despite the CapEx number decreasing?

您能否簡單解釋一下，為什麼儘管資本支出數字減少了，但 PT-FI 淨數字卻沒有變化？

Yes.

是的。

Listen, this is -- some of this is rounding.

聽著，這是——其中一些是四捨五入的。

In other words, we give numbers that are rounded.

換句話說，我們給的是四捨五入的數字。

So...

所以...

Yes, we did reduce -- over the 5 years, we did reduce 100% Grasberg CapEx by about $300 million associated with the timing of power requirements.

是的，我們確實減少了——在過去的5年裡，我們確實將與電力需求時間相關的100% Grasberg 資本支出減少了約 3 億美元。

And as Richard said, in terms of the sharing mechanisms, it's going to be in a large part rounding.

正如理查德所說，就共享機製而言，它將在很大程度上實現四捨五入。

But some of the projects, we share differently than others, so it's -- and we can talk to you offline if you want more of a deep dive into it.

但是對於某些項目，我們分享的方式與其他項目不同，所以——如果您想更深入地了解它，我們可以與您線下交談。

I mean, we have this ongoing process of where our whole team is looking at these CapEx.

我的意思是，我們整個團隊都在持續關注這些資本支出。

Engineers questioning them, saying that they have ways to do it cheaper, better, that we have to do it now, can we defer it.

工程師質問他們，說他們有更便宜、更好的方法，我們必須現在就做，能不能延後一下。

It's all part of maximizing the economics of the operation, and that's ongoing.

這一切都是為了最大限度地提高營運的經濟效益，而且這是持續進行的。

Fundamentally, nothing has really changed.

從根本上來說，什麼都沒有改變。

Our next question will come from the line of Andreas Bokkenheuser with UBS.

我們的下一個問題來自瑞銀的 Andreas Bokkenheuser。

Maybe one last one on Indonesia, hopefully.

希望這是關於印尼的最後一個問題。

But just going back to that Ministry of Environment and Forestry issue.

但我們還是回到環境和林業部的問題。

Just to clarify, so obviously, you mentioned it could very well be political.

只是為了澄清一下，很明顯，你提到這很可能是政治性的。

You're saying that technologically, it may not be feasible.

您說的是，從技術上來說，這可能不可行。

Within that, are we basically saying, yes, that even if -- I mean, the statement was saying that it has to be a 6-month transition period, even if the government came out and said, you know what, we'll give you 24 months or 30 months or whatever.

在這範圍內，我們基本上是在說，是的，即使——我的意思是，聲明中說必須有一個 6 個月的過渡期，即使政府出來表示，你知道嗎，我們會給你 24 個月或 30 個月或其他什麼的時間。

You're basically still saying that it could be done.

你基本上仍在說這是可以做到的。

Does that mean that theoretically worst-case scenario, that production lines will halt?

這是否意味著理論上最壞的情況是生產線將停止？

Or does it mean that production potentially could come down 50%?

或者這是否意味著產量可能會下降 50%？

What would be the operational outcome in the worst case scenario here?

在最糟糕的情況下，營運結果會是什麼？

I want to clarify something you just said.

我想澄清一下你剛才說的一些話。

You said may not be achievable.

你說的未必能夠實現。

I want to be clear.

我想說清楚。

It is not achievable.

這是無法實現的。

There's no may about it.

沒有任何可能。

It cannot be done within 6 months, 24 months, 5 years.

這不可能在6個月、24個月、5年內完成。

This just -- this is so far out of bounds.

這實在是──這已經超越界限了。

It cannot be done.

這是不可能做到的。

And as I said, it's addressing a problem that doesn't exist.

正如我所說，它解決的是一個不存在的問題。

The reason I say politically, it's a revisit of the decision that was made back in the 1990s, are you going to develop this mine?

我之所以從政治角度說，這是對 1990 年代所做決定的重新審視，你要開發這個礦場嗎？

I mean, we looked at pipelines, we looked at sea disposal.

我的意思是，我們研究了管道，我們研究了海上處置。

We looked to build a pipeline on the other side of the mountain.

我們打算在山的另一邊建造一條管道。

We cannot store these tailings in the mountains.

我們不能把這些尾礦儲存在山裡。

And the question of this stopping operations, it's not going to happen.

至於停止行動的問題，這是不會發生的。

Indonesia is looking to relying on the financial benefits that's coming out of this mine to deal with its budgetary issues.

印尼希望依靠該礦產生的經濟利益來解決其預算問題。

The taxes, royalties that they are receiving is on the order of $40 billion, I think over the life of the mine, and the province needs this economic impact.

我認為，在礦山的整個壽命期內，他們收到的稅款和特許權使用費約為 400 億美元，該省需要這種經濟影響。

This is a province that doesn't have a lot of jobs.

這是一個就業機會不多的省份。

It wants to have economic development.

它希望實現經濟發展。

We are 95% of the economy of the Regency of Mimika.

我們佔米米卡攝政區經濟的 95%。

And so this is not going to stop our operations.

所以這不會阻止我們的行動。

It's a matter of education.

這是教育的問題。

I'm proud of the way we've run this environmental thing, I expressed that to the ministers in Washington last week, we don't need to be defensive about this.

我對我們處理環境事務的方式感到自豪，上週我向華盛頓的部長們表達了這一點，我們不需要對此採取防禦態度。

We are managing these environmental issues in an admirable way.

我們正在以令人欽佩的方式處理這些環境問題。

So we can show that it can be reclaimed.

所以我們可以證明它是可以回收的。

We can show that we're meeting drinking and water standards.

我們可以證明我們符合飲用水和水質標準。

So we're -- we have land that with appropriate fertilizer can ultimately become crop land.

所以，我們的土地只要施以適當的肥料，最後就可以變成農田。

And so there's nothing to be defensive about.

所以沒有什麼好防禦的。

There's no possibility that this is something that's going to disrupt our operations.

這不可能擾亂我們的營運。

Our next question comes from the line of David Gagliano with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 David Gagliano。

A lot of mine have already been answered, but one different question I had.

我的許多問題已經得到解答，但我還有一個不同的問題。

You're in 2018.

你已經進入 2018 年了。

It's kind of a, I guess, a nitpicky question.

我想，這是一個有點吹毛求疵的問題。

Net debt target for year-end 2018 increased.

2018年年末淨債務目標增加。

It was $4.8 billion previously.

此前該數字為 48 億美元。

Now it's $5.5 billion.

現在是 55 億美元。

If I look at the differences, I think dividend and working capital changes account for about $200 million of that increase.

如果我看一下差異，我認為股息和營運資本變化約佔該增幅的 2 億美元。

Lower CapEx is about $100 million swing in the other direction.

較低的資本支出在另一個方向上大約需要 1 億美元。

So I'm just trying to reconcile what caused the other increase of about $600 million to the targeted net debt figure for 2018?

所以，我只是想弄清楚，是什麼導致了 2018 年目標淨債務數字增加約 6 億美元？

Which case are you looking at, Dave?

戴夫，你在審理哪個案件？

I'm comparing the 4Q slide on net debt target by year-end 2018.

我正在比較 2018 年底前第四季淨債務目標的下滑情況。

For which price case?

適合哪種價格的情況？

The Page 17 on the slide deck.

投影片的第 17 頁。

You're in 23.

你在 23 號。

Which one you've got?

您有哪一個？

No, I know.

不，我知道。

Which slide?

哪張幻燈片？

$3.25.

3.25 美元。

$3.25, okay.

3.25 美元，好的。

So part of it is we didn't get $3.25 all year, right?

所以部分原因是我們全年沒有得到 3.25 美元，對嗎？

I mean, we're already through part of the year, and we're less than that.

我的意思是，我們已經度過了今年的一部分時間，但剩下的時間還不夠。

Also, the previous slide was before we did our dividend.

另外，上一張投影片是在我們分紅之前製作的。

So this is net of the dividend.

這是扣除股息後的淨額。

The other differences are the differences in the operating cash flow changes that we -- that are on the previous slide.

其他差異是我們在上一張投影片中提到的經營現金流變動的差異。

So we can walk you through it.

因此我們可以引導您完成整個過程。

But the main thing -- the main difference from what case you're looking at is we didn't get $3.25.

但主要的是——與你所看到的案例的主要區別是我們沒有得到 3.25 美元。

This includes actuals for the first quarter and estimates for the balance of the year based on these prices.

這包括第一季的實際數據和基於這些價格的全年餘額的估計值。

And then we didn't have the dividend in the last case.

在最後一種情況下，我們沒有分紅。

So Dave, David Joint will call you and walk you through the analysis on that.

所以戴夫，大衛喬因特 (David Joint) 會打電話給你並帶你對此進行分析。

There's nothing there other than what we just talked about for the rest of the group.

除了我們剛剛與小組其他成員討論的內容之外，沒有其他內容。

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 try to make it brief.

我將盡量簡短地講。

Just 2 quick questions.

只要問兩個問題。

First, now with the environmental issues that you discussed during the call are out in the open, what can we look for as a milestone or timing to figure out how things are working out just on that issue specifically and how it ties into the overall discussion regarding the potential transaction?

首先，既然您在電話會議中討論的環境問題已經公開，我們可以尋找什麼作為里程碑或時機來弄清楚該問題的具體進展情況以及它與潛在交易的整體討論有何關聯？

So I've expressed the concern that these environmental issues represent a distraction from going forward with the plan we're working on.

因此，我表達了我們的擔憂，這些環境問題會幹擾我們正在實施的計劃。

And so we have to deal with that.

所以我們必須解決這個問題。

And at this point, the milestone, we'll be making sure that the ministers we're dealing with on the broader issue understand what this is and what this isn't.

在這個里程碑時刻，我們將確保就更廣泛問題與我們打交道的部長們明白這是什麼，不是什麼。

And so we're engaged in that education process right now.

所以我們現在正致力於這個教育過程。

I mean, we've presented, written, had meetings.

我的意思是，我們已經做過演講、寫過文章、開過會議。

I'm reaching out to meet with the environmental minister to deal with this.

我正在聯繫環境部長來處理此事。

I just have to tell you, this just came up.

我只是想告訴你，這件事才剛發生。

I mean, when was it?

我是說，那是什麼時候的事？

It was last week?

是上週嗎？

Mid-April, yes.

是的，四月中旬。

Yes, mid-April.

是的，四月中旬。

So you're getting this, as we've gotten it, and we've got to respond to it.

因此，您收到了這個訊息，我們也收到了這個訊息，我們必須回應。

So I just want to keep coming back, it's addressing a problem that doesn't exist.

所以我只是想繼續回來，它正在解決一個不存在的問題。

That's very helpful.

這非常有幫助。

And just my final follow-up, Richard.

這是我最後的後續問題，理查。

When you think about the plan, Freeport 2.0, once this -- once Indonesia gets resolved, is there going to be acceleration on the plans you're talking about in Latin America and North America from a capital growth standpoint?

當您考慮自由港 2.0 計劃時，一旦印尼的問題得到解決，從資本增長的角度來看，您所談論的拉丁美洲和北美的計劃是否會加速？

Or you -- do you need to wait to resolve Indonesia to really get yourself set to track those plans?

或者您—您是否需要等待解決印尼問題才能真正開始實施這些計劃？

Or is it better just to harvest things before you get some clarity on the other end?

或者最好是在獲得另一端的明確訊息之前就收穫成果？

I'll always say this, I don't think given the improvement we have in our balance sheet and given where we are with Indonesia that -- it's a factor, but it's not a major constraint in what we decide to do going forward.

我總是這麼說，考慮到我們的資產負債表的改善以及我們在印尼的現狀，我認為這是一個因素，但並不是我們決定未來行動的主要限制因素。

We certainly have the financial capability of doing it.

我們當然有財力來實現這一點。

Quite frankly, we're not out looking for partners on this thing.

坦白說，我們並不是在尋找此事的合作夥伴。

We already have a partner at CODELCO and El Abra.

我們已經與CODELCO 和El Abra 有了合作夥伴。

We are -- there's nothing compelling us to act quickly.

我們——沒有什麼迫使我們迅速採取行動。

But as we get -- the clarity that I think we need to have is on the global economic situation.

但正如我們所看到的——我認為我們需要清楚地了解全球經濟狀況。

And this trade issue was a curveball for everybody, and that's obviously every day -- debated every day in the paper about whether that's going to be a negotiating strategy to deal with some obvious issues in China for competition or is it going to lead to a tit-for-tit deal that's going to have a significant global impact.

這個貿易問題對每個人來說都是一個難題，顯然每天都在報紙上爭論，這是否會成為一種談判策略，以解決中國明顯的競爭問題，還是會導致一項針鋒相對的協議，對全球產生重大影響。

But for me, that's the big issue.

但對我來說，這是一個大問題。

You scrape that away and look at the underlying numbers, China grew at 6.8%.

如果你把它去掉，看看底層數字，中國的成長率為 6.8%。

Business in U.S. is really good.

美國的生意確實很好。

Our customers feel good.

我們的客戶感覺很好。

Europe and even Japan is growing.

歐洲甚至日本都在成長。

I mean, it's the first time we've had this.

我的意思是，這是我們第一次遇到這種情況。

And I told people in the industry that I've never seen, have been around in this industry now for a very long time, I've been CEO for 15 years, I've never seen a more positive outlook going into a year as we head in 2018.

我告訴業內人士，我從未見過如此積極的前景，我在這個行業已經工作了很長時間，擔任首席執行官已經 15 年了，在即將迎來 2018 年之際，我從未見過如此積極的前景。

And then we get this trade deal that's got people scratching their heads.

然後我們達成了這項讓人們困惑不已的貿易協定。

It clearly had an impact on investor flows.

這顯然對投資者流動產生了影響。

And that can -- that affects prices at any point in time.

這可能隨時影響價格。

But there's nothing in the underlying economies that change anything.

但底層經濟並沒有什麼能改變任何事。

Nothing has changed the supply situation.

供應狀況沒有任何改變。

There's -- and even these projects that people are considering are so long-term, and they're just going to be needed, because Brook Hunt talks about having a need for 4.5 million tons of copper capacity over the next 10 years.

人們正在考慮的這些項目都是長期的，而且是必要的，因為布魯克亨特談到未來 10 年需要 450 萬噸的銅產能。

And when you -- and that's about the size of the top 10 copper mines in the world.

當你 — — 這大約相當於世界十大銅礦的規模。

And so the world is going to need this copper.

因此世界將需要這種銅。

And increasingly, every day, you read about people wanting to move more towards electric vehicles and alternative energy sources, electric vehicles, 3, 4x more copper, alternative energy sources.

而且，每天，你都會越來越多地看到人們希望更多地使用電動車和替代能源，電動車、3 到 4 倍的銅、替代能源。

There's 4x more copper than conventional power generation.

銅的用量比傳統發電多4倍。

And you've got all the support that goes on with that.

並且您將獲得所有相關支援。

I mean, this is a good outlook for demand.

我的意思是，這對需求來說是一個良好的前景。

And the best thing about copper is that it's supply constrained.

銅的最大優點是其供應有限。

You've got to CODELCO facing challenges of maintaining production.

CODELCO 面臨維持生產的挑戰。

And you've all heard me say this for a long time, but I'm believer and I think there's consensus now.

你們很久以前就聽我說過這件事了，但我堅信這一點，而且我認為現在已經達成了共識。

Thanks all of you.

謝謝大家。

We appreciate it, and we look forward to reporting on this -- on our progress and milestones as we go forward.

我們對此表示感謝，並期待報告我們未來的進展和里程碑。

Appreciate your interest in our company.

感謝您對我們公司的關注。

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。