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，謝謝你們的支持。

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

歡迎參加 Freeport-McMoRan 第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給執行副總裁兼首席財務官 Kathleen Quirk 女士。

Please go ahead ma'am.

請繼續女士。

Thank you, and good morning, everyone.

謝謝大家，早上好。

Welcome to the Freeport-McMoRan First Quarter 2018 Earnings Conference Call.

歡迎參加 Freeport-McMoRan 2018 年第一季度收益電話會議。

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.

我們的結果於今天上午早些時候發布，我們的網站 fcx.com 上提供了今天電話會議的新聞稿副本和幻燈片。

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現場直播——在互聯網上進行現場直播，任何人都可以通過訪問我們的網站主頁並單擊電話會議的網絡直播鏈接來收聽電話會議。

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外，金融媒體也受邀參加今天的電話會議，今天晚些時候我們的網站將提供網絡直播的重播。

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.

在我們開始發表評論之前，我們想提醒大家，今天的新聞稿和我們對電話會議的某些評論包含前瞻性陳述，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.

我們希望大家參考我們的新聞稿和演示材料中包含的警示性語言，以及我們的 10-K 表格和隨後提交給美國證券交易委員會的文件中描述的風險因素。

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

今天接聽電話的是理查德·阿德克森 (Richard Adkerson)；紅海鰻來了；馬克·約翰遜在線；邁克·肯德里克 (Mike Kendrick) 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，他將審查我們最近的業績和前景。

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

像往常一樣，在我們的評論之後，我們將打開這個問題電話。

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 報告稱，2018 年第一季度歸屬於普通股的淨收入為 6.92 億美元，每股收益為 0.47 美元。

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

其中包括第一季度 1300 萬美元或每股 0.01 美元的淨收益。

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

我們 2018 年第一季度的調整後利息稅和折舊前收益總計 19.3 億美元。

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

在幻燈片 27 的幻燈片後面有 EBITDA 的對賬。

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.

正如新聞稿第 VII 頁所總結的那樣，我們第一季度的 EBITDA 減少了 1.35 億美元，這與銅價從年初的每磅 3.28 美元下降到年底的每磅 3.04 美元有關。第一季度。

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.

調整涉及年末臨時定價並在第一季度標記為實際價格的銷售以及在第一季度末開始的銷售，這些銷售標記為 3.04 美元，這是當時的遠期價格我們的季末。

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

在最終結算發生之前，我們的臨時定價銷售按市價計價。

Our copper sales during the quarter were 993 million pounds.

本季度我們的銅銷售額為 9.93 億磅。

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

黃金銷量為 610,000 盎司，鉬銷量為 2400 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.

黃金銷量大幅高於去年同期，但由於印度尼西亞的礦石流系統維護，比我們的指導值 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.

我們 2018 年第一季度的平均實現銅價為 3.11 美元，高於去年同期的平均水平 2.67 美元，2018 年第一季度的平均金價為每盎司 1,312 美元，也高於 2018 年第一季度的每盎司 1,229 美元的水平2017.

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，我們的單位現金成本（扣除合併運營的副產品信貸）平均為每磅 0.98 美元。

We generated strong cash flows above our capital expenditures.

我們產生了高於資本支出的強勁現金流。

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

我們第一季度的運營現金流總計 14 億美元，超過了我們 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.

在 4 月 - 在第二季度，即 2018 年 4 月，我們償還了 4.54 億美元的債務，這些債務與提前贖回更高票息票據相關。

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

本季度末，我們的合併現金為 37 億美元，合併債務總額為 116 億美元。

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

因此，我們的債務在季度末扣除現金後低於 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.

在本季度末，我們的循環信貸額度下沒有借款和 35 億美元的可用資金。

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.

我們本週早些時候報導說，我們已經簽訂了一項新的 35 億美元的 5 年期循環信貸安排，以取代原定於 2019 年 5 月到期的現有安排。

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，它在結構和條款上與之前的設施大體相似。

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.

同樣在本季度，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，但將支付每股 0.05 美元的第一季度股息——已經宣布並將支付5月1日。

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.

我現在想把電話轉給理查德，他將對我們網站上的幻燈片演示發表評論。

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。今天，我們實際上是在郵寄 2017 年的年度報告。

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

您會看到封面上的圖片和一些評論，這些評論是年度報告的摘要評論。

It reflects our leadership position in the copper industry.

它反映了我們在銅行業的領導地位。

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

我們運營——我們是世界上最大的銅礦運營商。

We operate all the mines that we have interest in.

我們經營我們感興趣的所有礦山。

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難以復制的優質資產，以及經驗豐富的礦山開發商和運營商團隊，他們在開發和運營礦山方面備受尊重並取得了巨大成功。

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

在我們前進的過程中，我們公司有一個重點戰略。

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

關於金融政策，在下一張幻燈片中，我們有一個平衡的方法。

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 2 年裡，我們已經非常成功地將我們的債務從不可持續的水平降低到實際低於我們的目標水平。

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.

我們將使用這些現金流來進一步減少債務。

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，我們有許多我們正在尋求的替代方案，我們將以一種有紀律的方式向前推進。

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.

我們將繼續去槓桿化。

We will invest in a disciplined way.

我們將以一種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.

我們將尋求增加股息，無論是定期股息還是未來的特別股息。

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

第一季度，我們繼續關註生產力、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，我們的經營現金流超過我們的資本支出約 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，大大低於去年同期。

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.

我們正在努力推進開發活動的規劃。

Copper markets.

銅市場。

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

每個季度，我都會從我們的營銷團隊那裡收到一份關於銅市場的單頁報告。

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

我將閱讀昨天收到的報告中的標題。

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.

在美國現貨市場平靜之後，銅需求保持穩定；中國的積極情緒；隨著廢料價格上漲，歐洲陰極消費量有所改善；日本銅行業利好。

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.

這講述了我們今天所處的位置，史蒂夫希金斯給了我一張紙條，說我們在第二季度有了一個良好的開端。

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.

我們在美國的礦山供應美國下游使用的銅約 40% 左右。現在，我們實際上不得不在市場上購買陰極以滿足客戶的需求。

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.

銅的長期基本面越來越強勁，它在 CESCO 下跌，這是你會從每個人那裡聽到的共同主題。

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.

赤字似乎不可避免，中國沒有動盪和低迷，全球經濟形勢和低碳環境，這對電動汽車和替代能源發電的銅非常有利。

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

我們對銅價有很大的影響力，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，你知道，在 2017 年，我們達成了提供穩定的長期解決方案框架，這是我們保持穩定到 2041 年的關鍵，我們現有合同的期限與財政條款和法律條款將穩定且不受未來進一步變化的影響。

We made continued progress.

我們取得了持續的進步。

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

在我們這邊，在政府方面，我們有積極的各方。

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.

下週我在華盛頓會見了財政部長，她在那裡 - 上週在華盛頓，她在那裡參加世界銀行會議並做了介紹，她重申了政府，總統解決這個問題的目標並對它。

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和所需的文件。

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

我們現在所處的位置，政府正在與我們的合資夥伴就可能收購該合資企業權益進行談判。

That would be very positive for us.

這對我們來說是非常積極的。

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

我們正在就處理業務管理問題的股東協議進行談判。

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，繼續控制業務的管理方式及其財務政策很重要。

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

我們正在製定穩定協議的形式。

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聲明。

These were really shocking and disappointing to us.

這些真的讓我們感到震驚和失望。

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.

他們並沒有真正處理環境管理的技術細節，但新職位確實表達了關於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，在一個透明和全面的過程中，我們、我們的合資夥伴和政府得出了一個結論，以應對管理 Grasberg 高海拔、高降雨量和超大容量尾礦的真正複雜挑戰。

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.

當時我們都同意，我們將使用指定的河流系統將高地的尾礦輸送到低地的封鎖區域。

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

那裡的尾礦將是積極的 - 那裡的積極部分將進入 Ajkwa 進入 Arafura 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.

我們現在已經運營了 20 年。

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

好消息是它的運行和設計沒有人預料到——沒有意外影響。

Our tailings fortunately have chemistry that makes them benign.

幸運的是，我們的尾礦含有使它們無害的化學物質。

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

沒有未預料到的人類健康問題或對環境的影響。

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.

這也有爭議，但基本上是一個決定，“你是否要在這個位置開發這個礦山？”我們同意，我們遵循它，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個問題。

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.

但你不能簡單地說，20 年後，“我們將改變我們正在做的事情的整個結構。”你不能把精靈放回瓶子裡，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，這只是我們必須與之合作的事情。

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

我會告訴你這一點，它不會影響我們對資產價值的看法。

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

現在，我們確實與政府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與我們的合同工作相悖的問題一直存在爭議。

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

我想說，一開始，我們要支持這個省。

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 年以來，也就是大約 20 年前，我們已經自願向一個基金捐款 7 億多美元來支持當地社區，並且我們繼續將收入的 1% 用於支持該基金。

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.

根據我們在稅收和特許權使用費方面與政府合作的新協議，向中央政府支付的款項中有更大比例將流向該省。

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該省的問題，這是該省任意做出的一項大評估，與我們（聽不清）相反，我們的總風險約為 5 億美元，我們很失望，因為稅務法庭沒有沒有做出對我們有利的裁決，但最高法院做出了裁決。

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，在最高法院的裁決中，他們指出我們的合同是在1991年獲得政府批准的，對政府和地區政府都有約束力；合同在特別法的性質上是特定的，這意味著它是一項凌駕於一般法律之上的法律，它管轄當事人的運作。

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

合同規定，應該誠信履行，這是最高法院非常積極的決定。

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了這一步，這將鼓勵對印度尼西亞的進一步投資。

So we are encouraged.

所以我們很受鼓舞。

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.

下一步是完成剝離過程。

Grasberg Block Cave had significant progress in the first quarter.

Grasberg Block Cave 在第一季度取得了重大進展。

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

我們實際上委託了火車和軌道，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.

我們還委託了一個大型卸載站，為開發這個高品位、大型礦山做了大量工作。

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

這是我們從礦坑中開采的同一個礦體。

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

我們只是簡單地使用 Block Cave 採礦而不是地表採礦。

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.

它是主要資源，將近 10 億噸礦石，其中銅含量超過 1%，整個生命週期中含金量超過 0.72 克。

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

隨著未來成本非常低的系統的發展，它會非常有利可圖。

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.

當我們看這是什麼時，它確實是——當我們完成從礦坑中開採時，我們預計將在今年年底完成，將會有一個像新項目一樣的加速期，因為我們不能由於地表下沉，我們一直在地下開採，直到我們離開礦坑。

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

所以這真的就像開始一個新礦山，並且會有一段時間的增長。

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，在 3 年左右的時間內，我們將全面投入生產。

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

好消息是我們已經準備好接受它。

I mean, the basic system is in place.

我的意思是，基本系統已經到位。

The big step like completing the mine at Cerro Verde.

完成 Cerro Verde 礦山的一大步。

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，當你多年來審視這個項目時，它存在相關風險，我們說我們需要這些風險。

I want to address the Deep DMLZ mine.

我想談談 Deep DMLZ 地雷。

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，Freeport 於 1980 年代初開始在地下開採，並成功地將該礦體與 Grasberg 礦體分開，延伸至更深的層次。

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.

Deep MLZ 是最近的擴展，它從一個近地表礦開始，到一個中間礦區礦，即 DOZ 礦，現在我們到了。

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

現在，它是與 Grasberg Block Cave 截然不同的主岩環境。

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.

這裡的岩石更有能力，更堅硬，它有更多——它離地表要低得多，所以它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.

我們一直在擴建這個礦井，我們開始遇到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，而是當我們創建 Block Cave 時，它造成了地震事件，導致我們放慢開發速度以安全地管理它。

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

我們的首要任務是確保我們人民的安全，我們正在這樣做。

We had some new events in the first quarter.

我們在第一季度舉辦了一些新活動。

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

因此，我們無法滿足我們計劃進入本季度的時間表。

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，我們有一個世界級的外部輸出團隊——專家們不斷地與我們會面，我收到了上週的一份報告，我們已經制定了一個計劃來幫助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.

我們預計不會出現這種情況，並且相信它不會影響我們的長期礦山計劃或我們的最終儲量回收。

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，我們從地下對我們的 5 年計劃進行了新的調整，未來 5 年的交易量比進入本季度的交易量還要多。

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

但在短期內，我們正在修改我們的礦山計劃，我們將繼續審查它。

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

這只是您必須處理的有關採礦的事情之一。

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，我們保持謹慎是因為我們希望我們的人民安全，但我們有信心我們可以處理好這個問題。

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

那麼說說另一個項目，我們之前報導過的孤星氧化物開發項目。

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.

我們將能夠使用我們在鄰近的 Safford 礦山擁有的生產基礎設施和設施，該礦山在 11 年、12 年前開始生產，現在有能力開採這種新的氧化物礦石。

We began pre-stripping in the first quarter.

我們在第一季度開始預剝離。

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，每年開採 2 億磅銅，礦山壽命為 20 年，現金成本為 1.75 美元，超過 10 億美元的淨現值，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.

為了展示幻燈片 11 上的內容，我們展示了最近的勘探鑽探截獲，我們過去做過一些，我們正在啟動一個新計劃，在這個地區有一些非常有吸引力的截獲，在這個環境。

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

你可以看到最後 2 次攔截是今年完成的鑽探。

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.

這指向一個很可能與附近的 Morenci 礦一致的礦物系統。

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.

因此，這很好地表明了我們公司的未來，就在我們現有業務所在的地方，在一個支持我們的社區中。

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，就其範圍而言，這對我們來說是新信息。

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，我不會接受這個，因為我們每個季度都會對其進行審查，它只顯示了我們必須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，然後是 2 美元的銅。

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之相關的潛力。

This is low risk development extension of our existing operations.

這是我們現有業務的低風險開發擴展。

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，看看我們開發這些資源的第一步是什麼。

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 年的展望載於幻燈片 11（原文如此）[幻燈片 13]。

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.

這與我們之前的指導一致，我們將以今天的銅價產生遠高於我們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.

我們的銷售資料編號顯示在第 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 年反映了 Grasberg 露天礦開采的完成以及那里地下礦山開始擴產。

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.

你在那裡看到的大約 1.5 億英鎊的調整反映了我們在 Deep MLZ 中遇到的這個問題，這也反映了你可以看到 2019 年的黃金。

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

我想再次強調，這不是丟失的資源。

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

這是我們何時訪問它的時間問題。

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，以維護我們人員和運營的安全。

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 美元至 3.50 美元；銅約為 60 億至 75 億美元。

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

這是 2019 年、2020 年和 2021 年的 3 年平均值。

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

平均運營現金流從 3 美元到 3.50 美元不等，為 40 億美元到 55 億美元。

Capital expenditures, roughly in line with our previous guidance.

資本支出，大致符合我們之前的指引。

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

主要項目包括繼續 Grasberg 地下開發和 Lone Star。

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，我們一直非常積極地限制我們的業務和維持資本，現在我們不得不花一些錢來處理前幾年的延期，但我們會非常自律花費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 頁上有一張我們都為自由港感到自豪的幻燈片。

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

進入 2016 年，200 億美元的債務，還有很多不確定性。

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.

那一次，幾年前，在這次電話會議上，我說我們將努力在 2 年內將我們的債務減少 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.

我們現在報告說我們的債務不到 80 億美元，而且我們期待到今年年底，我們將根據訂單中的銅價將這筆債務減少到大約 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.

那裡包含一張參考幻燈片，所以我想快速轉到這些幻燈片，給我們時間提問和操作員，我們現在將開始提問。

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

（操作員說明）我們的第一個問題將來自 Matthew Korn 與 Goldman Sachs 的對話

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.

所以你已經放下了，看看你的幻燈片，你已經大大降低了 2019 年的預期，使它更像是 DMLZ 的過渡年，也許是它出現的主要因素。

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

該 2019 年數字中包含的跨區域是否有任何其他變化或減少？

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

那麼在其他資產中是否有任何可用的反映可以構成任何向上的生產？

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.

你的第一個問題的答案是否定的，我的意思是，每個季度，我想，你們都知道，我們沒有年度規劃活動。

We update our plans every quarter.

我們每個季度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.

上周剛有 Red 的團隊來到這裡，這是我們其餘業務的正常起伏。

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

在 Grasberg 之外，在 PT-FI 之外，我們在短期內真的沒有什麼靈丹妙藥。

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

我們有推動安全生產的口號，我們一直在這樣做，我們會繼續這樣做。

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 Grasberg Block Cave 礦山的開發，並且在了解如何在前進的過程中最大限度地發揮這一作用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，我們在礦坑里度過了一段有趣的時光——2018 年我們在礦坑里完成了開採，並儘可能多地從中獲取收益。

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.

因此，這確實是發生地震的一個因素——採礦引發的地震事件是我們最初沒有預料到的，而不是在我們最初的計劃中，所以這是你剛剛在採礦中處理的事情之一，這就是造成這種事件的原因這種影響。

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，你能告訴我們更多關於什麼提示的信息嗎？格拉斯伯格那裡的一些預期維護活動看起來像什麼？

What's the status there?

那裡是什麼狀態？

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?

當您回想今天，回顧今年剩餘時間，您認為該礦產量達到預期的主要風險是什麼？

Okay.

好的。

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

所以你知道 Grasberg 開發項目現在已有 20 年曆史了。

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，那時我們建造了我們的大型半自磨機和球磨機系統，我們完成了使用這些礦石通道的礦石浮選系統，並開發了一個將礦石從通道輸送到磨東西的器具。

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

所以事實是，這些東西已經有些年頭了，我們有一個維護系統。

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，在某些方面，這些問題實際上是我們近年來經歷的時代的函數，我們的準備生產因出口樂隊、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.

所以現在我們以正常的方式運營，我們的工廠——我們的礦山率，我們的勞動力狀況一直非常好，隨著我們的增加，我們恢復了更正常的功能，我們發現我們有這些礦石交付系統維護問題。

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

我們重新調整了印度尼西亞的資源，但我們也從我們的全球團隊調集了資源，並派他們去那裡糾正這種情況。

And so we are dealing with it.

所以我們正在處理它。

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

這對我們來說很重要，因為我們在 2018 年剩餘時間裡從維修站獲得了高等級。

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

然後，當我們在地下建造時，重要的是我們要讓礦石輸送系統有效運行。

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

除此之外，我們還遇到了一些與我們送入工廠的礦石有關的問題。

And that is a point-in-time issue.

這是一個時間點問題。

We're not mining waste.

我們不是在開採廢物。

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.

一些礦石，正如我們開采的那樣，被放置在礦坑底部，那裡的條件非常潮濕，這導致一些礦石具有粘土狀的粘性，這通過我們的礦石通道輸送礦石和向磨機中進料都很複雜。

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，存在一些與我們在坑中的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，不僅讓我們能夠在今年餘下的時間裡有效運營，而且還讓系統準備好從 Grasberg Block Cave 開始開採地下礦石。 2019年初。

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 系列。

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

我想跟進一下印度尼西亞的情況。

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

理查德，上個季度，就解決方案的可能性而言，你非常直言不諱。

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

你如何看待事物 - 你如何看待今天的事物？

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

您認為此時可以多快尋求解決方案？

Okay, thanks.

好的謝謝。

I retained my optimism.

我保持樂觀。

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

現實情況是，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、國際律師和一家澳大利亞境外的礦業盡職調查公司來協助他們。

That process took longer than I expected.

這個過程花費的時間比我預期的要長。

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，涉及很多在做這樣的事情方面沒有經驗的參與者。

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

所以這並不奇怪，但需要更長的時間。

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.

看起來，這些方面會為自己說話，因為我們正在促進談判，但不參與談判，我們現在的伙伴和我們未來的伙伴之間的談判，所以這對我們來說是一個敏感的問題。

And those negotiations have started.

這些談判已經開始。

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

你有一個明顯願意的賣家，肯定是一個積極的買家。

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

有跡象表明，總統仍然 - 印度尼西亞總統仍然專注於完成這項交易。

That's been expressed to me by government officials.

政府官員已經向我表達了這一點。

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

雖然由於盡職調查需要更長的時間，這個過程仍在進行中。

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

這個環境法令，我擔心它背後是政治動機，而不是 - 它肯定不是技術動機。

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.

他們正在製定的法令標準不適用於我們現在所說的，但是 - 設定 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，在礦山的整個生命週期內，我們將在陸地上保留 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%，這是做不到的。

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，這是 200 人，而我們 20 年來達成的協議是 18,000 人。

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，但它太過分了，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.

只是需要做一些工作。

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

但這不是“我讓你遇到技術問題”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.

這是對整個系統的重新審視，你不能重新審視一個 20 年前達成一致並且有效運行了 20 多年而沒有出現意外環境後果的系統。

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

非尾礦被存放在可以回收的區域，我們在那裡種植農業項目。

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.

該地區有蓬勃發展的青蟹產業。

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.

所以這是一種分心，但你們都知道隨著時間的推移我們必須處理政治問題，這就是其中之一。

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?

你認為談判是否有繼續拖延的風險，並有可能達到在新總統當選後結束談判更有意義的地步？

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

那麼，總統選舉將在 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.

大約今年下半年，它會如火如荼地進行競選，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，他的好評率大約為 2/3，而且他在管理印度尼西亞方面做得很好，這個人口眾多、經濟多元化的複雜世界。

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

但實際上你不得不說，這是一種風險。

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

我們看不到任何東西會干擾我們的操作。

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的運營，並且他們收取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，在我們擁有如此有利的礦石進行加工並從中獲利的情況下，繼續運營今年剩餘時間對我們來說很重要。

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

我的意思是，不僅僅是我們，還有政府。

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

這是一個現實，也是一個必鬚髮揮作用的潛在因素。

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

我們希望盡快採取行動，我知道他們的政府也能做到。

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

也許最後一個擠進來改變話題。

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.

你顯然非常關注印度尼西亞的情況，但最近，更多地考慮增長，然後重新開始派息。

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

從現在開始，除了印度尼西亞之外，您認為您會把注意力花在什麼地方？

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?

併購在多大程度上也會考慮這些因素？

So you're correct about focus.

所以你對焦點的看法是正確的。

I mean, 2016 was a focus on deleveraging.

我的意思是，2016 年的重點是去槓桿化。

2017 was a focus on Indonesia.

2017 年是關注印度尼西亞的一年。

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.

到秋天，我花了很多時間與 Red 和他的團隊在一起，他們在這段時間裡一直在工作，負責我們的運營並展望未來。

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.

所以我花了很多時間——當我在聖地亞哥時，與其他公司討論他們的計劃，人們如何評估這個計劃，他們有什麼項目，他們什麼時候進行。

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，我們現在基本上正在對 2 個大型項目進行權衡，隨後我們還會有一系列其他項目。

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.

但它正在尋找智利的 El Abra 機會，這將是一個主要的 Cerro Verde 類型的項目，增加了對海水淡化廠和管道的需求，以將水輸送到高處。

And we are 51% owner with CODELCO.

我們擁有 CODELCO 51% 的股份。

We met with the CODELCO people there.

我們在那裡會見了 CODELCO 的人。

They're positive about the project.

他們對這個項目持積極態度。

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

隨著政府的更迭，他們現在正在經歷變化。

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.

然後我們在亞利桑那州西北部的 Bagdad 礦——Red 可能會畏縮——是一個更直接的項目，因為它基本上是工廠擴建，但我們處理了尾礦區和水，我們已經處理了多年。

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

因此，這些是我們正在準備的 2 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.

所以我期待的是宣布新項目，宣布——上次，我說我期待增加股息，董事會在我們打電話後就這樣做了，並開始了股息。

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.

我們是——很高興看到未來我們可以從這些我們今天沒有獲得價值的資源中創造股東價值。

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.

我對銅業的未來充滿信心。

That confidence is shared by my peers in the industry.

我的業內同行也有這種信心。

And so we feel really great about it.

所以我們對此感覺非常好。

We don't have to do anything right now.

我們現在不需要做任何事情。

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

我的意思是，所有這些貿易問題仍然存在。

We need to see how those sort out.

我們需要看看這些是如何解決的。

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

作為一家公司，我們並未直接受到影響，但銅與經濟活動相關。

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

如果這些貿易事項影響經濟活動，那就是一個因素。

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

因此，對我們所處的位置、對我們的公司、我們的資產、我們的員工和我們前進的方向感覺非常好。

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

我們總是有問題要處理，比如 Deep MLZ 之類的，但這只是採礦。

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，你回頭看看世界上所有的大礦山，都曾有過處理這個問題的時候。

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，這種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 Chris Mancini 與 Gabelli and Company 的合作。

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你的 - 特別是北美和南美的成本，看起來它們 - 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——但似乎有一些，就較低的等級或較高的維護和維修成本而言，這應該是暫時的。

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

大局的問題是，你在多大程度上看到了一般的礦業通脹？

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?

然後這在多大程度上就像你說的那樣，理查德，從過去不花費維護資本中趕上來？

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

如果是這樣的話，您預計需要多長時間才能繼續趕上？

Okay.

好的。

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

所以你從我們投入成本的很大一部分與銅價相關的事實開始。

Does it make sense?

是否有意義？

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

您會考慮推動能源成本、鋼鐵成本和承包商成本的因素以及所有這些因素。

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

因此，我們的工作是找到通過提高效率來減輕這些固有增長的方法。

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

Red 在聖地亞哥的 Cesco 會議上就此做了介紹。

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

去那個網站，你可以看到我們在做什麼。

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

我們還沒有購買——我的意思是，卡特彼勒今天取得了很好的成績，這對我們來說一直是一個關鍵指標。

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一種指數。

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

所以 - 但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過新卡車。

We're rebuilding trunks.

我們正在重建樹幹。

We're taking cranes and component parts.

我們正在拿起重機和零部件。

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傳感器，這些傳感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.

所以你有這種輸入成本增加的動態，效率對減輕這種影響有影響。

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.

然後你指出的關於評分等的問題，隨著時間的推移，這些問題會在相對狹窄的範圍內上下波動。

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

在短期內，我們還將提高 Sierrita 和 El Abra 的採礦率和生產率。

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.

在我們真正開始看到英鎊在今年晚些時候出現之前，這些都是前端加載的成本。

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.

El Abra 受到限制。

Right.

正確的。

So was Sierrita.

Sierrita也是。

But prices were down.

但是價格下降了。

Sierrita.

謝里塔。

And those mines are making money now.

那些礦山現在正在賺錢。

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

所以我們不得不花一些錢來利用它。

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

所以就像 - 所以你正在做更多的剝離 - 抱歉。

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，我們在未來的現金成本軌跡上沒有顯示出重大變化。

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

2015 年和 2016 年，我們採取了很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.

我們確實有一些我們正在做的追趕，但我們現在在更正常的情況下運作。

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.

所以我們沒有——我們在短期內沒有看到太多的成本增加或減少，除了理查德談到的那些與能源價格或其他貨幣或其他走勢相關的事情與銅價相關。

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一個很好的長期前景。

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.

它不會在那裡增加，但我們不能將它保持在 5 億美元用於這樣的操作。

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

每年將達到 10 億美元左右。

Okay.

好的。

Okay, got it.

好，知道了。

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

然後第二個問題是 - 對於 Grasberg，在演示文稿的幻燈片 23 上，你有 - 你的生產前景。

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

為了實現該指導，您需要從地下開採多少？

And how much are you mining now from the underground?

你現在從地下開采了多少？

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，你對地下的預期爬坡率是多少？

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

到達那裡並實現這一指導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.

好吧，我們——正如理查德所說，在 2018 年底，我們預計會在露天礦中看到一些採礦活動。

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

我們會有一些庫存可以開採，但從長遠來看，這些都沒有什麼重要意義。

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

所以說真的，我們所有的產品都將開始來自地下礦山。

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

我們目前正在運營 DOZ 礦山，我們的預測包括來自 DOZ 的每天約 40,000 噸。

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

我們的 Deep MLZ 產能提升，我們預計最終將從該礦山達到每天 80,000 噸。

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

現在，我們的預測是我們將在 2021 年、2022 年的時間框架內實現這一目標。

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 Grasberg Block Cave，我們將提高產量，我們預計到 2022 年該礦的產量將達到每天約 100,000 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在每天 130,000 至 160,000 噸之間。

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 合併而言，到 2020 年，這兩個礦山的平均產量預計在 2020 年平均約為每天 70,000 至 75,000 噸，而產能為 80,000 加 130,000，因此大約 200,000 的數量級。

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·約翰遜在線上，他可以對此發表評論，所以我們在格拉斯伯格區塊洞穴中確實可以在早些年獲得更高等級的材料。

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，即使我們處於增長期，我們仍然可以從該礦體中獲取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.

正如理查德所說，它和我們格拉斯伯格露天礦是同一個礦體，只是採法不同而已。

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

但是馬克，我不知道你是否想在關於升級的評論中添加任何內容？

Yes.

是的。

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

可惜，這些礦體中品位最高的礦石，也是能力最強的。

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入手是有道理的。

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

正如凱瑟琳所說，在格拉斯伯格的早期，它遠高於礦體平均水平。

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

我們遠高於 1.1% 的銅和 1 克 - 在大部分時間裡是 1.2 克。

And same for the Deep MLZ.

Deep MLZ 也一樣。

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.

我們從 1.6% 的銅和每噸黃金約 1.6 克開始。

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

所以這兩個都是——抵消了我們增加時較低的噸數。

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 Grasberg 大約 5 或 6 年的時間內達到穩定狀態時，我們預計在我們獲得地震事件或地震事件 - 或地震事件後，Deep MLZ 也會出現同樣的情況情況得到解決。

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 10 年前我們在 DOZ 中提升時能夠做到的。

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

所以很多的提升是基於你能以多快的速度推進底切。

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

您同時開發開採水平，這是礦山的長期下降帶和排序。

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

所以這些是我們過去與 DOZ 一起完成的事情，我們正在申請。

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.

至於礦石流系統，理查德提到，我們現在擁有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.

當我們關閉礦坑時，大部分舊系統都被封存了，我們將依賴——大部分礦石流系統將是我們為 Deep MLZ 和 GBC 構建的全新系統。

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

因此，我們將重新開始新的基礎設施，這些基礎設施都是以非常高的標準完成的。

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

因此，我們對這兩個礦山（Deep MLZ 和 GBC）的發展非常樂觀。

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

大鐵硨磲，礦山較小，但品位很高。

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

這大約是 2.5% 的銅當量，我們也在提高它。

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

它每年有大約 1 億磅和大約 60,000 盎司的潛力。

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 來說不是一個大礦山，但仍然是我們未來在地下所做工作的重要貢獻者。

Okay, got it.

好，知道了。

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，由於品位更高，您每天只需從 DMLZ 和 Grasberg Block Cave 合併處理 70,000 噸。

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.

然後你會 - 當你從地下增加吞吐量到 2021 年，2022 年，等級會下降，這讓你能夠實現 - 然後最終，甚至 2023 年，你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 年及以後是否應該增加產量？

Or will grades, like, continue to decline?

還是成績會繼續下降？

I guess, it's far out.

估計，差遠了

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 - 200,000 多噸的範圍。

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

然後是 Grasberg 的成績，穩定了很長一段時間。

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

我們最終再次獲得更高的成績。

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.

所以它有點變數，但我們有一個長期前景，顯示我們每年有超過 10 億噸黃金，非常 - 我們有幻燈片，我知道我們過去已經展示過，那展示地下時代。

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

從長遠來看，它處於 150 萬盎司的範圍內。

Yes.

是的。

And that's 100%.

這是 100%。

So we would have 50% of that.

所以我們將擁有其中的 50%。

So our reference slides have that.

所以我們的參考幻燈片有。

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，我們只是隨便提到每天向磨坊輸送 200,000 至 240,000 噸礦石的地下作業。

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，我和業內其他人談過，人們只是——他們只是對此感到驚訝。

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

而且它——那裡的基礎設施真的很棒。

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

所以這是有史以來的第一次，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.

我們的下一個問題將來自 Oscar Cabrera 與 CIBC 的對話。

Just going to start with your development projects.

剛開始你的開發項目。

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，才意識到資源品位是 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?

因此，當你與 El Abra 和 Lone Star 一起展望公司的未來時，你能否評論一下你的想法——你看看這些項目，什麼對你更有利？

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

這是您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是否排在第二位？

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

好吧，這就是我們要決定的。

I mean, it's in some ways comparable.

我的意思是，它在某些方面具有可比性。

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，我們只能看到氧化物項目和 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，發現了這個巨大的資源，現在我們正在努力利用它。

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

人們知道 Lone Star 可以追溯到 1960 年代。

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

現在我們正在對它進行鑽探，並且我們正在目睹真正的明星，了解這東西到底有多大。

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

我的意思是，多年來，我們談論的很可能是另一種莫倫奇型礦床。

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，我們在 Bagdad 有一個更直接的擴展項目可供我們使用，這就是您所說的權衡真正到位的地方。

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.

美國的能源成本較低；沒有工會；靈活調整勞動力的能力；為人們提供教育、醫療保健和住房的社區，而不是我們必須做的一切；工人們駕駛他們的 Forward 卡車帶著午餐桶去工作。

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

它是 - 所有這些因素加起來使在美國的投資比以往任何時候都更具吸引力。

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

這就是我們進行這些權衡的目的。

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.

Lone Star 交易是一個——更像是一個更大的圖景、更長的時間框架類型的資產，但它將為自由港股東創造很多價值。

Now that's for sure.

現在這是肯定的。

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.

然後在我問你下一個問題之前，可能值得添加孤星硫化物的橫截面，只是為了了解背景。

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

最後，澄清一下您對印度尼西亞環境部披露信息的評論。

Are they expecting changes in 6 months?

他們是否期待 6 個月內發生變化？

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，因為——我不——這是不現實的，正如你所說，這可能是出於政治動機。

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

但是你能提供更多關於這些討論的背景信息嗎？

Well, I'm as perplexed as you are.

好吧，我和你一樣困惑。

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.

我們不僅會繼續與環境和林業部進行對話，還會與直接就我們的合同情況與我們合作的部長進行對話。

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

所以這是——我們沒想到會出台這些法令。

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

我不得不告訴你關於他們的事，因為他們來了。

They cannot be put in place.

他們不能到位。

It's not just Freeport.

不僅僅是自由港。

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

沒有人可以按照這些法令開採這個礦體。

You just physically can't do it.

你只是身體上做不到。

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.

所以這是不時發生的一些噪音，我們將通過建設性對話來解決這個問題，以解釋——我們已經在這樣做了，解釋情況並討論什麼是現實可行的，哪些是不可行的.

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.

正在管理的非尾礦，正如我們所說的那樣，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.

幾乎又回到了一個問題，你要不要開發這個礦山，因為那些山上沒有辦法儲存尾礦。

And we looked at every conceivable alternative.

我們研究了所有可能的替代方案。

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

我的意思是，我們有來自印度尼西亞和世界各地的專家。

It's a public process.

這是一個公共過程。

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

當時的印尼環境部長說，這是印尼有史以來最全面的環境研究。

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，這就是我們要做的方式。”這就是我們的做法。

So anyway, I had to tell you about it.

所以無論如何，我不得不告訴你這件事。

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

我相信這會得到處理。

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

您的下一個問題將來自 Alex Hacking with Citi。

Sorry to keep popping on Indonesia.

很抱歉繼續談論印度尼西亞。

But a couple of questions, if I may.

但是有幾個問題，如果可以的話。

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

你談到了環保部，他們正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.

但當地媒體也有報導稱他們提出了非常大的損失索賠。

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

我認為據報導大約有 130 億美元，大概是這樣。

Is -- are those press reports accurate?

那些新聞報導準確嗎？

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

這是該部門的官方聲明，合法聲明嗎？

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並不完全像我們的 GAO。

It was a centralized audit group that came in.

這是一個集中的審計小組進來了。

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

這種說法是基於尾礦沉積區域的退化。

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

他們是 - 這是一大片土地，他們說那片土地因環境影響而退化。

Of course, it was.

當然，它是。

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 億噸礦石需要加工，將精礦取出並將這些尾礦存放在某個地方。

And that's where we did it.

這就是我們所做的。

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.

不要回來說，“好吧，你必須為做政府批准的事情支付一些經濟罰款。”太離譜了。

But they haven't presented any kind of claim.

但他們沒有提出任何索賠。

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

它說，在他們給政府部門的報告中，有一些潛在的環境破壞可能是什麼。

So it's just a number.

所以它只是一個數字。

It's not like...

這不像...

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

一個學術小組進行了一項理論研究，以說明這種尾礦沉積發生了什麼。

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

他們使用了一些方法來衡量世界各地使用的環境破壞。

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

但這不是批准的範圍之外的東西。

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.

嚴格來說是在這個指定的尾礦沉積區，我們在那裡建造了堤壩來封鎖它，並同意我們將把這數十億噸尾礦放在那裡。

And that's what we're doing.

這就是我們正在做的。

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?

然後只是跟進 Deep MLZ，您是否正在考慮 2019 年以後經濟放緩的任何影響？

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

我注意到，當你查看指南時，你預計 2019 年以後的經濟放緩會有所彌補。

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

但我想，在實際層面上，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.

部分妝容來自 Mark 與您談論的 Grasberg Block Cave。

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，您正在查看總產量，其中包括 Deep MLZ 和 Grasberg Block Cave，以及較小程度上的 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，關於這種意外事件的不幸事件是 Deep MLZ，因為 Mark 說過，我們可以使用這些 1.6% 的銅品位，當我們幾年前回顧並看到這種情況發生時，我們說，嗯，這以前預計 2019 年的下降，那是早些年，將被來自 Deep MLZ 的這種礦石所抵消。

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

現在我們已經發生了這些地震事件，而且已經被推遲了。

So we have to be candid.

所以我們必須坦誠相待。

We are dealing with this.

我們正在處理這個問題。

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.

關於讓這個 Block Cave 以一種方式運作需要多長時間存在一些不確定性，這些地震事件不屬於它們對我們的人民造成風險的性質。

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隨著時間的推移如何進行，但這完全取決於時間安排。

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

你可以理解，我們對此非常保守。

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

你的下一個問題來自 Novid Rassouli 與 Cowen and Company 的合作。

So touching on kind of what you were just saying.

如此觸及你剛才說的話。

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，你們把你們的挖礦概況記錄到 2022 年。

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

那隻是採礦，地震活動也使所有年份都停產了嗎？

Or what's the driver of that?

或者它的驅動因素是什麼？

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，如果你看幻燈片 23 上 5 年的幻燈片，那段時間的實際總產量，扣除 PT-FI 的利息，是 54 億磅銅，這與我們所擁有的相似 - 我認為我們在那段時間裡，我們上一個計劃中有 53 億美元。

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

黃金與我們在上一季度更新中的情況相似。

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 年的轉移，外面的年份比我們的計劃要高，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 Mark 所說，今年年初——Deep MLZ 開始量產，檔次更高。

So that shift will just continue to shift it out.

因此，這種轉變只會繼續將其轉移出去。

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 Grasberg Block Cave 上取得的進展以及我們所處的位置，就 2019 年初洞穴的開工而言，這兩個因素結合在一起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，它與我們以前的情況基本相同。

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 年確實有這種影響，在這一點上，我們的礦山計劃沒有顯示能夠彌補，我們將繼續努力。

Got it, that makes sense.

明白了，這是有道理的。

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，您似乎將長期 PT-FI 投資計劃的支出從 9 億美元減少到 8 億美元；然而，對 PT-FI 的淨收入仍為 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?

您是否介意只是解釋一下為什麼儘管資本支出數量減少，但 PT-FI 的淨數量卻沒有改變？

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，我們給出四捨五入的數字。

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，它將在很大程度上進行四捨五入。

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.

但有些項目，我們分享的方式與其他項目不同，所以它是 - 如果你想更深入地了解它，我們可以離線與你交談。

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

我的意思是，我們有一個持續的過程，我們的整個團隊都在關注這些資本支出。

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

工程師質疑他們，說他們有辦法做得更便宜、更好，我們必須現在就做，我們能不能推遲。

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

這都是最大化運營經濟性的一部分，並且正在進行中。

Fundamentally, nothing has really changed.

從根本上說，什麼都沒有真正改變。

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

我們的下一個問題將來自瑞銀集團的 Andreas Bokkenheuser。

Maybe one last one on Indonesia, hopefully.

也許是關於印度尼西亞的最後一個，希望如此。

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

但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，很明顯，你提到它很可能是政治性的。

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

你說從技術上講，它可能不可行。

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.

在那裡面，我們基本上是說，是的，即使 - 我的意思是，聲明說它必須是一個 6 個月的過渡期，即使政府出來說，你知道嗎，我們會給你 24 個月或 30 個月或其他時間。

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

你基本上還在說它可以完成。

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，即生產線將停止？

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?

在最壞的情況下，運營結果會是什麼？

I want to clarify something you just said.

我想澄清一下你剛才說的話。

You said may not be achievable.

你說的可能實現不了。

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.

沒有可能。

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

它不能在 6 個月、24 個月、5 年內完成。

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

這只是 - 這太過分了。

It cannot be done.

這是不可能的。

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

正如我所說，它正在解決一個不存在的問題。

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?

我在政治上說的原因是，這是對 1990 年代做出的決定的重新審視，你要開發這個礦山嗎？

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.

我們希望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里。

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

停止運營的問題不會發生。

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

印度尼西亞希望依靠從該礦中獲得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.

他們收到的稅收和特許權使用費約為 400 億美元，我認為在礦山的整個生命週期內，該省需要這種經濟影響。

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

這是一個沒有很多工作的省份。

It wants to have economic development.

它想要經濟發展。

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

我們佔 Mimika 攝政區經濟的 95%。

And so this is not going to stop our operations.

因此，這不會停止我們的運營。

It's a matter of education.

這是一個教育問題。

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.

我為我們處理這個環境問題的方式感到自豪，我上週在華盛頓向部長們表達了這一點，我們不需要為此辯護。

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標準。

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

所以我們——我們的土地經過適當的肥料最終可以變成農田。

And so there's nothing to be defensive about.

因此，沒有什麼可防禦的。

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

這不可能會擾亂我們的運營。

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 Capital Markets 的 David Gagliano。

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

我的很多問題已經得到解答，但我有一個不同的問題。

You're in 2018.

你在2018年。

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

我想這是一個挑剔的問題。

Net debt target for year-end 2018 increased.

2018 年底的淨債務目標有所提高。

It was $4.8 billion previously.

之前是 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的變化約佔增長的 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波動約 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?

所以我只是想調和導致 2018 年目標淨債務數字增加約 6 億美元的原因？

Which case are you looking at, Dave?

你在看哪個案例，戴夫？

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

我正在比較 2018 年底淨債務目標的第四季度下滑情況。

For which price case?

對於哪種價格情況？

The Page 17 on the slide deck.

幻燈片上的第 17 頁。

You're in 23.

你在 23 歲。

Which one you've got?

你有哪一個？

No, I know.

不，我知道。

Which slide?

哪個幻燈片？

$3.25.

3.25 美元。

$3.25, okay.

3.25 美元，好吧。

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都沒有得到 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，我們已經度過了一年中的一部分，而且我們還不到這一年。

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

此外，上一張幻燈片是在我們分紅之前。

So this is net of the dividend.

所以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幻燈片中顯示的運營現金流量變化的差異。

So we can walk you through it.

所以我們可以引導你完成它。

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

但最主要的是 - 與您正在查看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.

這包括第一季度的實際情況和基於這些價格的年度餘額估計。

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

然後我們在最後一個案例中沒有分紅。

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

Dave，David Joint 會打電話給您，並引導您完成對此的分析。

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

除了我們剛剛為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將來自 Michael Dudas with Vertical Research。

I'll try to make it brief.

我會盡量讓它簡短。

Just 2 quick questions.

只需 2 個快速問題。

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，現在您在電話會議期間討論的環境問題是公開的，我們可以尋找什麼作為里程碑或時間來弄清楚事情是如何在這個問題上具體解決的，以及它如何與整體討論聯繫起來關於潛在的交易？

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，我表達了對這些環境問題的擔憂，認為這些環境問題會分散我們推進我們正在製定的計劃的注意力。

And so we have to deal with that.

所以我們必須處理這個問題。

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.

在這一點上，里程碑，我們將確保我們在更廣泛的問題上與之打交道的部長們明白這是什麼，這不是什麼。

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

所以我們現在就參與了這個教育過程。

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

我的意思是，我們介紹過、寫過、開過會。

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

我正在與環境部長會面以解決這個問題。

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

我只想告訴你，這剛剛出現。

I mean, when was it?

我是說，那是什麼時候？

It was last week?

是上週嗎？

Mid-April, yes.

4月中旬，是的。

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.

所以你得到了這個，就像我們得到的一樣，我們必須對此做出回應。

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

所以我只想繼續回來，它正在解決一個不存在的問題。

That's very helpful.

這很有幫助。

And just my final follow-up, Richard.

理查德，這只是我最後的跟進。

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?

當你考慮這個計劃時，自由港 2.0，一旦這個 - 一旦印度尼西亞得到解決，從資本增長的角度來看，你在拉丁美洲和北美談論的計劃是否會加速？

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

或者你——你需要等到解決印度尼西亞問題才能真正讓自己準備好跟踪這些計劃嗎？

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

還是在你弄清楚另一端之前先收穫一些東西更好？

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.

我會一直這樣說，我不認為考慮到我們資產負債表的改善以及我們與印度尼西亞的關係——這是一個因素，但它不是我們決定前進的主要限制因素。

We certainly have the financial capability of doing it.

我們當然有這樣做的經濟能力。

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

坦率地說，我們並沒有在這件事上尋找合作夥伴。

We already have a partner at CODELCO and El Abra.

我們已經在 CODELCO 和 El Abra 有了合作夥伴。

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

我們是——沒有什麼能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.

但正如我們所了解的那樣——我認為我們需要明確全球經濟形勢。

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曲線球，而且顯然每天都在爭論——報紙上每天都在爭論這是否會成為一種談判策略來處理中國的一些明顯的競爭問題，或者它是否會導致針鋒相對的交易將產生重大的全球影響。

But for me, that's the big issue.

但對我來說，這是個大問題。

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

你把它刮掉，看看基本數字，中國增長了 6.8%。

Business in U.S. is really good.

美國的生意真的很好。

Our customers feel good.

我們的客戶感覺很好。

Europe and even Japan is growing.

歐洲甚至日本都在增長。

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，在這個行業工作了很長時間，我擔任 CEO 已有 15 年，我從未見過如此積極的前景進入一年我們將在 2018 年開始。

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

然後我們達成了讓人們摸不著頭腦的貿易協議。

It clearly had an impact on investor flows.

它顯然對投資者流動產生了影響。

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

這可以 - 在任何時間點影響價格。

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

但基礎經濟中沒有任何東西可以改變任何東西。

Nothing has changed the supply situation.

沒有任何改變供應情況。

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.

有——甚至人們正在考慮的這些項目都是如此長期，而且它們將被需要，因為布魯克亨特談到在未來 10 年需要 450 萬噸銅產能。

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

當你 - 這大約是世界前 10 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.

越來越多的人每天都在讀到人們希望更多地轉向電動汽車和替代能源，電動汽車，3、4 倍的銅，替代能源。

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

銅比傳統發電多 4 倍。

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

你得到了隨之而來的所有支持。

I mean, this is a good outlook for demand.

我的意思是，這是一個良好的需求前景。

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

銅最好的一點是它的供應受到限制。

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

您必須讓 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.

很長一段時間以來，你們都聽過我這麼說，但我深信不疑，而且我認為現在已經達成共識。

Thanks all of you.

感謝大家。

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

我們對此表示讚賞，並期待就此進行報告——我們前進過程中的進展和里程碑。

Appreciate your interest in our company.

感謝您對我們公司的興趣。

Ladies and gentlemen, that concludes our call for today.

女士們，先生們，我們今天的呼籲到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。