費利浦·麥克莫蘭銅金 (FCX) 2018 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

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

歡迎參加自由港麥克莫蘭公司第二季財報電話會議。

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

（操作員指示）現在，我想將會議交給執行副總裁兼財務長 Kathleen Quirk 女士。

Please go ahead, ma'am.

請繼續，女士。

Thank you, and good morning.

謝謝，早安。

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

歡迎參加自由港麥克莫蘭公司 2018 年第二季財報電話會議。

Our results were released earlier this morning, and a copy of the press release and slide material 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資料的副本可在我們的網站 fcx.com 上找到。

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

我們今天的電話會議正在網路上現場直播，任何人都可以透過造訪我們的網站主頁並點擊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 listen to today's call, and a replay of the webcast will be available on our website later today.

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

Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments on 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'd like to refer everyone to the cautionary language included in our press release and presentation materials and to the risk factors described in our 2017 Form 10-K and subsequent SEC filings.

我們想請大家參閱我們新聞稿和簡報資料中的警示語言以及我們2017年10-K表和隨後的SEC文件中所述的風險因素。

On the call today, Richard Adkerson, our Chief Executive Officer; Red Conger, who heads up our Americas business; Mark Johnson who oversees our Indonesian operations; and Mike Kendrick, who heads up our molybdenum business.

在今天的電話會議上，我們的執行長理查德·阿德克森 (Richard Adkerson)；負責我們美洲業務的 Red Conger；負責監督我們印尼業務的馬克約翰遜 (Mark Johnson)；以及負責我們鉬業務的麥克·肯德里克（Mike Kendrick）。

I'll start by briefly summarizing our financial results and then turn the call over to Richard, who will be reviewing our recent performance and outlook using the slide materials on our website.

我將首先簡要總結我們的財務業績，然後將電話轉給理查德，他將使用我們網站上的幻燈片資料回顧我們最近的表現和前景。

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

像往常一樣，在我們發言結束後，我們將開始提問。

Today, FCX reported net income attributable to common stock of $869 million or $0.59 per share for the second quarter of 2018.

今天，FCX 公佈 2018 年第二季歸屬於普通股的淨利潤為 8.69 億美元，即每股 0.59 美元。

Excluding net credits of $16 million recorded in the quarter or $0.01 per share, our adjusted net income totaled $853 million or $0.58 per share.

不包括本季記錄的 1,600 萬美元淨貸方或每股 0.01 美元，我們的調整後淨收入總計 8.53 億美元或每股 0.58 美元。

Our adjusted earnings before interest, taxes, depreciation and amortization for the second quarter was just above $2.1 billion.

我們第二季的調整後息稅折舊攤提前利潤略高於 21 億美元。

And we've got a reconciliation of the EBITDA calculations on Page 29 of our slide materials.

我們在幻燈片資料第 29 頁對 EBITDA 計算進行了對帳。

We sold copper in the quarter of 989 million pounds.

本季我們銷售了 9.89 億磅銅。

Our gold volumes were 676,000 ounces, and molybdenum sales totaled 24 million pounds.

我們的黃金銷售量為 676,000 盎司，鉬銷售總量為 2,400 萬磅。

They were higher than our estimates in terms of copper, that primarily reflected higher mining and milling rates and higher ore grades in Indonesia.

就銅而言，它們高於我們的估計，這主要反映了印尼的採礦和磨礦率更高以及礦石品位更高。

Gold sales were slightly lower than our estimate, primarily because of quarter-end timing of shipments in Indonesia, but they were substantially higher than the 2017 sales of 432,000 ounces, reflecting the high grades of ore that we're mining at Grasberg.

黃金銷量略低於我們的預期，主要原因是印尼的出貨時間處於季度末，但遠高於 2017 年的 432,000 盎司銷量，反映了我們在格拉斯伯格開採的高品位礦石。

At the second quarter 2018, average realized price for copper was $3.08 per pound, that was 16% above the year-ago quarter average price.

2018 年第二季度，銅的平均實現價格為每磅 3.08 美元，比去年同期平均價格高出 16%。

And gold prices averaged $12.74 per ounce, those were also above the year-ago period average price of $12.43 per ounce.

黃金價格平均為每盎司 12.74 美元，也高於去年同期的每盎司 12.43 美元的平均價格。

Our average net unit cash cost for the quarter, and this is net of by-product basis -- I mean, by-product credits on a consolidated basis was $0.96 per pound of copper for the quarter.

我們本季的平均淨單位現金成本，這是扣除副產品基礎後的淨額 - 我的意思是，本季度合併基礎上的副產品信用額為每磅銅 0.96 美元。

That reflected strong performance from our global operations and a continued focus on productivity and cost management.

這反映了我們全球營運的強勁表現以及對生產力和成本管理的持續關注。

During the quarter, we generated $1.3 billion of operating cash flows, those are cash flows net of taxes, net of interest cost.

本季度，我們產生了 13 億美元的營運現金流，這些現金流為扣除稅金和利息成本後的現金流。

And those exceeded our capital expenditures, which were just below $500 million.

這些都超過了我們的資本支出，略低於 5 億美元。

We continue to strengthen our balance sheet during the quarter.

我們在本季繼續加強我們的資產負債表。

Our consolidated cash totaled $3.9 billion at June 30, and our consolidated debt totaled $11.1 billion.

截至 6 月 30 日，我們的合併現金總額為 39 億美元，合併債務總額為 111 億美元。

That total debt number is down $2 billion since the start of the year.

自今年年初以來，總債務已下降了 20 億美元。

Net debt at June 30 approximated $7.3 billion, and that was over $1 billion less than at the beginning of the year.

截至 6 月 30 日的淨債務約為 73 億美元，比年初減少了 10 多億美元。

As you saw on the first quarter, our board reinstated a cash dividend on common stock and we declared a dividend of $0.05 per share under this new policy that will be paid on August 1.

正如您在第一季看到的，我們的董事會恢復了普通股現金股利，並且我們根據這項新政策宣布每股 0.05 美元的股息，將於 8 月 1 日支付。

I'd now like to turn the call over to Richard, who will be reviewing our results and outlook, and referring to the slide presentation materials on our website.

現在，我想將電話轉給理查德，他將回顧我們的結果和展望，並參考我們網站上的幻燈片簡報資料。

Good morning, everyone.

大家早安。

I'm briefly going to go through this overview material and then address your questions.

我將簡要地介紹這個概述資料，然後回答您的問題。

The positive second quarter results that Kathleen referred to reflected our team's focus on productivity, cost management and capital discipline, well ahead of last year's quarter, when we were affected by regulatory issues from the government on exports and labor issues, but we basically met our targets.

凱瑟琳提到的第二季度的積極業績反映了我們團隊對生產力、成本管理和資本紀律的關注，這遠遠超過去年同期，當時我們受到政府在出口和勞工問題上的監管問題的影響，但我們基本上實現了目標。

We would have exceeded them but for some weather delays in shipping concentrate out of PT-FI, which happens to us from time to time.

要不是因為天氣原因導致 PT-FI 濃縮液運輸出現延誤，我們本來可以超過這個目標的，這種情況時有發生。

Kathleen noted our positive debt-reduction activities.

凱瑟琳注意到我們積極的減債活動。

You may recall that 18 months ago, we set a target to reduce our $20 billion plus debt at that time by $5 billion to $10 billion by the end of 2018, and now we're at $7.3 billion.

大家可能還記得，18 個月前，我們設定了一個目標，到 2018 年底將當時 200 多億美元的債務減少 50 億美元至 100 億美元，而現在我們的債務為 73 億美元。

We previously announced the Heads of Agreement that we've entered into with the state-owned company in Indonesian and Inalum and Rio Tinto on July 12, which establishes a way forward to resolve our issues related to the long-term stability of operations in Indonesia.

我們先前宣布，已於 7 月 12 日與印尼國有企業 Inalum 和力拓達成《框架協議》，該協議為我們解決在印尼長期穩定營運的問題確定了前進的方向。

And we're going to talk about the advances we're making with our Lone Star project here in Arizona.

我們將討論亞利桑那州孤星計畫所取得的進展。

First, a couple of comments about copper markets.

首先，我對銅市場發表幾點評論。

Sentiment in mid-June turned significantly negative for commodities, including copper, all tied into this trade issues that we're doing with internationally now.

6 月中旬，包括銅在內的大宗商品的市場情緒明顯轉為負面，這一切都與我們目前正在處理的國際貿易問題有關。

Copper is down 14% since June 15 after rising.

銅價自 6 月 15 日上漲後已下跌 14%。

Many other commodities are also down.

許多其他商品也下跌。

There's -- as we sit here today, there is an anomaly between market sentiment and fundamentals in the marketplace.

今天，我們發現市場情緒和市場基本面之間存在異常。

We're continuing to see real demand being very positive for our global business, including our business in China.

我們繼續看到實際需求對我們的全球業務（包括我們在中國的業務）非常積極。

The fiscal markets are broadly balanced globally.

全球財政市場整體平衡。

Exchange stocks are actually down since mid-June and supply growth continues to be muted.

自 6 月中旬以來，交易所庫存實際上一直在下降，供應成長持續低迷。

When Mackenzie said today's copper price is 15% below the real price that's needed for an incentive basis to develop new production, so we're likely continue to see under investment continuing, which this continues to build this long-midterm positive outlook for copper.

麥肯齊表示，今天的銅價比激勵開發新產品所需的實際價格低 15%，因此我們可能會繼續看到投資不足的局面持續下去，這將繼續為銅的長期中期前景建立積極前景。

And increasingly, it's being -- it's clear that future copper demand is going to benefit significantly from the development of renewable energy projects being undertaken all around the world and the development of electric vehicles.

並且越來越明顯的是，未來的銅需求將大大受益於世界各地再生能源項目的發展以及電動車的發展。

Now all this is in a context of declining ore grades from producing mines and a real lack of actionable projects expected to be contained in the -- for future supply.

現在所有這一切都是在生產礦山的礦石品位下降和缺乏可操作的項目的背景下發生的——未來的供應。

So absent having some sort of global recession or major setback in China, market deficits in the copper appear to be inevitable.

因此，如果沒有出現某種全球經濟衰退或中國經濟出現重大挫折，銅市場短缺似乎是不可避免的。

And I'll just make a quick note on China's actions in the last few days to loosen its fiscal situation in this country to continue to support continued investment.

我只想簡要介紹中國最近幾天採取的放鬆財政政策的舉措，以繼續支持持續投資。

We don't do this very often, but I'm going to give a call out to Wood Mackenzie on their June 2018 report.

我們並不經常這樣做，但我將就伍德麥肯茲 2018 年 6 月的報告提出建議。

It is excellent.

非常棒。

I mean, it sounds like I'm talking to an echo chamber when I read this thing, so I referred that to you and just answer any questions that I might be able to offer to any questions you might have.

我的意思是，當我讀到這個東西時，聽起來就像我在和回音室說話，所以我把它推薦給你，並回答我可能提出的任何問題。

We previously announced the Heads of Agreement on July 12.

我們先前於 7 月 12 日宣布了《綱要協議》。

It points to a new long-term positive partnership between our company and the government of Indonesia, and that's a long time coming.

這顯示我們公司與印尼政府之間建立了新的長期積極合作關係，這項合作已經醞釀很久了。

It does not represent a final resolution in that we have to have a consummation of a series of agreements.

這並不代表最終的解決方案，因為我們必須達成一系列協議。

But all of this is envisioned by the agreements, understandings that we've reached in the Heads of Agreement.

但所有這些都是在《綱要協議》中達成的協議和諒解中所設想的。

From our standpoint, it would achieve our long-term -- our goal for long-term stability for our Grasberg operations with stabilized fiscal and legal terms that would be legally enforceable.

從我們的角度來看，它將實現我們的長期目標——即透過穩定的財政和可合法執行的法律條款，實現格拉斯伯格業務的長期穩定。

And importantly, with the way this thing is developed over the past year, this structure allows us as FCX to retain our current existing economics.

重要的是，隨著過去一年的發展，這種結構使我們 FCX 能夠保留現有的經濟。

It preserves our share of cash flows and our net asset values.

它保留了我們的現金流量份額和淨資產價值。

It's not dilutive to FCX shareholders.

這對 FCX 股東來說並不會造成稀釋。

You may recall last August, we were looking at a situation where we're going to have to divest a significant part of our interest with Rio Tinto's decision to exit.

您可能還記得，去年八月，由於力拓決定退出，我們面臨不得不剝離很大一部分股權的情況。

This allows us to avoid that and will allow us to continue to manage the operation.

這使我們能夠避免這種情況並使我們能夠繼續管理營運。

This is something that I'm really looking forward to.

這是我非常期待的事。

It would create a strong alignment of interest between the Indonesian government through this state-owned enterprise, Inalum, the local government in Papua and our company.

這將使印尼政府（透過這家國有企業 Inalum）、巴布亞當地政府和我們公司之間的利益緊密一致。

So going forward, we'd all be working together, what does that mean?

那麼展望未來，我們將共同努力，這又意味著什麼？

Regulatory issues are likely to be much less of a barrier, issues dealing with local communities are likely to improve, issues related to security, to regulatory changes, to all the things that had been distractions, sometimes barriers to us, and it would be positive for all the parties.

監管問題可能會不再成為障礙，與當地社區打交道的問題可能會得到改善，與安全、監管變化有關的問題，以及所有曾經分散我們注意力、有時成為障礙的事情，都可能會得到改善，這對各方都有利。

We're working on definitive agreements.

我們正在達成最終協議。

We'll say expected to close in the second half of 2018.

我們預計將於 2018 年下半年完成。

Indonesian government's officials are talking about a quicker closing.

印尼政府官員正在討論加快關閉邊境。

Our operations were really exceptional.

我們的行動確實非常出色。

Our team in Papua has just done a great job in dealing with all the issues there.

我們在巴布亞的團隊在處理那裡的所有問題上做得非常出色。

Our mill rate was 188,000 ton per day with plus 1% copper and 1.77% gold, which shows you the quality of this ore body.

我們的選礦率為每天 188,000 噸，其中銅含量為 1%，金含量為 1.77%，這表明了該礦體的品質。

We are -- while we're continuing construction of this underground infrastructure to allow us to move forward beyond the Grasberg open pit, we've had really strong reduction, the second quarter unit net cash cost was a negative $0.77.

我們正在繼續建造地下基礎設施，以便我們能夠在格拉斯伯格露天礦場以外繼續前進，我們已經實現了大幅削減，第二季度單位淨現金成本為負 0.77 美元。

That means the gold component of our concentrate more than funded our total operating cost and we paid 1.6 -- PT-FI paid $1.6 billion of dividend.

這意味著我們精礦中的黃金成分超過了我們的總營運成本，而且我們支付了 16 億美元——PT-FI 支付了 16 億美元的股息。

Now we had some mine plan adjustments that are reflected in the numbers we'll be talking about.

現在我們對礦山計劃進行了一些調整，這些調整反映在我們將要討論的數字中。

Part of this has to do with our efforts to deal with the seismic events in our deep MLZ mine, which we commenced last year.

這部分與我們去年開始應對 MLZ 深層礦井地震事件的努力有關。

We've run into some harder, more confident rock there that's led to this mining-induced seismic events.

我們在那裡遇到了一些更堅硬、更難處理的岩石，這導致了採礦引發的地震事件。

We are being very cautious with these about safety, and so we're undertaking a remedial program to be able to mine this resource in a safe way.

我們對安全問題非常謹慎，因此我們正在實施補救計劃，以便能夠以安全的方式開採這種資源。

And our current plan calls for us, and we're under way with this right now, to drill poles to allow us to use water to frac this confident material, which our plan indicates would lead to the initiation of caving in a normal way.

我們目前的計劃是，我們現在正在進行鑽井，以便我們利用水來壓裂這種可靠的材料，我們的計劃表明這將以正常方式引發塌陷。

It's going to take some time, and so we have reflected that in our plans.

這將需要一些時間，因此我們已經在計劃中反映了這一點。

But we got a global team working with us.

但我們有一個全球團隊與我們合作。

We're confident this will be done.

我們堅信這一定能夠實現。

It's been done in South America successfully.

這項做法已在南美洲成功實施。

And so it's not affecting the resource itself.

所以它不會影響資源本身。

It's just a question of starting it up and ramping it up.

這只是一個啟動和加速的問題。

In light of that, we undertook a study of our open pit operations and we're announcing today that we're going to extend operations from the open pit through the first half of next year, 2019, at attractive economics and allows us to accelerate production that otherwise would have gone through in the Grasberg Block Cave.

有鑑於此，我們對露天礦開採作業進行了研究，並於今天宣布，我們將以具有吸引力的經濟學方式將露天礦開採作業延長至明年上半年（2019 年），並使我們能夠加快格拉斯伯格礦洞原本需要進行的生產。

I want to make sure that everyone understands that this deep MLZ mine is a separate mine from the Grasberg Block Cave.

我想確保每個人都明白，這個深層 MLZ 礦井與 Grasberg Block Cave 礦井是分開的。

The Grasberg Block Cave is an extension of the same ore body we've been mining from the surface that we now we'll be mining underground in Block Cave.

格拉斯伯格礦洞開採是我們從地面開採的同一礦體的延伸，現在我們將在礦洞開採中進行地下開採。

We know that ore body very well.

我們非常了解那個礦體。

And its rock characteristics are similar to what we've dealt with in the open pit and will not be the same as this confident rock we're operating with the Deep MLZ mine.

它的岩石特性與我們在露天礦場處理的岩石相似，並且與我們在 Deep MLZ 礦場處理的這種可靠的岩石不同。

The Deep MLZ mine is an extension of underground mineralization that we started mining into and there's a schematic on Page 23, that we began mining in the early 1980s actually, but now it's at significant depth.

深層 MLZ 礦區是我們開始開採的地下礦化的延伸，第 23 頁有一個示意圖，我們實際上是在 20 世紀 80 年代初開始開採的，但現在已經開採到相當深的深度。

The deep MLZ mine is at 1,500 to 1,800 meters underground.

深層MLZ礦位於地下1,500至1,800公尺。

The Grasberg Block Cave is 300 to 400 meters underground because of the pit being taken out of it.

由於坑洞被挖出，格拉斯伯格塊狀洞穴位於地下 300 至 400 公尺處。

And we just ran into some harder rock.

我們剛剛撞上了一些更堅硬的岩石。

It's going to us longer to ramp it up.

我們還需要更長的時間來實現這一目標。

Think of it this way, we're basically completing a mine, Grasberg open pit, and now we're starting like a new development with the underground ore bodies that we have at the Deep MLZ and the Grasberg Block Cave.

這樣想想，我們基本上完成了一個礦場，格拉斯伯格露天礦場，現在我們開始對深層 MLZ 和格拉斯伯格礦洞中的地下礦體進行新的開發。

Over a 5-year period, the amount of copper and gold that we'll recover is virtually the same, but it will delay the startup of the Deep MLZ.

在五年的時間裡，我們回收的銅和金的數量實際上是相同的，但這將延遲 Deep MLZ 的啟動。

The bulk of the capital will be an extent in developing the infrastructure here in this time period, and so this is where we are on Page 7. You see that we will have a transition years in 2019 and 2020, and ramp up beginning at the end of 2020, so that by 2022, we would be in full production from our underground mining system with over 200,000 tons a day through the mill.

這段時期，大部分資本將在一定程度上用於開發這裡的基礎設施，這就是我們目前所處的第 7 頁。您可以看到，我們將在一定程度上用於開發這裡的基礎設施，這就是我們目前所處的第 7 頁。

Volumes are high this year, as we complete mining in the open pit going into next year.

由於我們明年將完成露天採礦，因此今年的產量很高。

And after transition years, by 2022, we will be up to sustainable rates that would last through 2041 with little capital to be spent on infrastructure development and the only capital then will be on the ongoing development of the underground caves.

經過過渡年，到 2022 年，我們將達到可持續的速度，並持續到 2041 年，幾乎沒有資金用於基礎設施建設，唯一的資金將用於地下洞穴的持續開發。

Now we're going to be talking more in the future about the resources that our company has available to it outside Indonesia.

現在我們將來會更多地談論我們公司在印尼以外擁有的資源。

Understandably, investor focus has been on the issues in Indonesia because of the size of that asset and the situation we've had with the government.

可以理解的是，由於資產規模龐大，且我們與政府之間的關係緊張，投資者的注意力一直集中在印尼的問題上。

But we want to make sure everyone understands just how great this company has in resources in the Americas and the level of profitable production we're having now and also the future that we have for development in North American and South America.

但我們想確保每個人都了解該公司在美洲的資源有多豐富，我們現在的生產盈利水平，以及我們在北美和南美的發展前景。

We are currently engaged, as we've previously talked about, in developing an oxide resource at the Lone Star deposit adjacent to our Safford mining infrastructure and very near our big Morenci mine in Eastern Arizona.

正如我們之前談到的，我們目前正在開發位於孤星礦床的氧化物資源，該礦床毗鄰我們的薩福德採礦基礎設施，並且非常靠近我們位於亞利桑那州東部的大型莫倫西礦。

We have 4.4 billion pounds of copper reserves, only oxide.

我們有44億磅銅儲量，僅是氧化物。

We're spending capital over time that will aggregate $850 million.

我們將逐步投入資本，總計 8.5 億美元。

We commenced pre-stripping earlier this year.

我們今年早些時候就開始了預剝離工作。

And this stripping is going to provide us exposure to a very large sulfide deposit that lies underneath this oxide deposit.

這種剝離會使我們暴露在位於氧化物沉積物下面的非常大的硫化物沉積物中。

Very low execution risk.

執行風險極低。

It's basically almost like strip mining, stripping of a resource, but it's going to be profitable in that oxide ore can be taken to our facilities that are in existence and underutilized at Safford, and we'll make money out of it as you can see on Page 8.

這基本上就像露天採礦，剝離資源，但它是有利可圖的，因為氧化礦石可以被運送到我們在薩福德現有的、未充分利用的設施，我們將從中賺錢，正如您在第 8 頁看到的那樣。

Now we have continued to drill the sulfide resource underneath this oxide deposit that we're developing.

現在我們繼續鑽探我們正在開發的氧化物礦床下方的硫化物資源。

We have 6 rigs going there now.

目前我們有 6 台鑽機正在那裡運作。

You can see the results of core holes that we had during the second quarter and this is very attractive mineralization for this area and for our North America in general.

您可以看到我們在第二季進行的鑽孔結果，這對該地區乃至整個北美來說都是非常有吸引力的礦化。

This resource continues to get larger.

該資源不斷變得更大。

It has the potential over time of becoming another Morenci.

隨著時間的推移，它有可能成為另一個莫倫西。

I don't say that with anything other than seriousness.

我這樣說只是出於嚴肅。

And we are very excited about this.

我們對此感到非常興奮。

It will take time to get it.

獲得它需要一些時間。

But in terms of looking at what's ahead for our company to have this opportunity right in the midst of our existing operations in Arizona with a favorable regulatory environment that we have here and our established positive relationships with the local communities and the Native American communities, this is a real positive for our company.

但從我們公司的未來發展來看，我們在亞利桑那州現有的業務中擁有良好的監管環境，並且與當地社區和美洲原住民社區建立了積極的關係，因此有機會獲得這一機會，這對我們公司來說是一個真正的利好。

Outside of Lone Star, in North America, at Bagdad, our Chino/Cobre operations in New Mexico, the Morenci mine itself and at Sierrita, we have significant undeveloped resources and we're in evaluating those for future development.

除了孤星金礦之外，在北美，在巴格達、新墨西哥州的奇諾/科布雷金礦、莫倫西金礦本身以及西里塔金礦，我們都擁有大量未開發資源，我們正在評估這些資源以供未來開發。

In South America, we're focused on a tremendous opportunities we have with our partner, CODELCO at our El Abra mine where we have again, a very large sulfide resource to look at.

在南美，我們專注於與合作夥伴 CODELCO 在 El Abra 礦山創造的巨大機遇，我們在那裡也擁有非常豐富的硫化物資源可供關注。

We have this large footprint at Cerro Verde and at our meeting last week, the guys gave me an exciting piece of core from Cerro Verde as we're drilling there.

我們在塞羅韋爾德 (Cerro Verde) 擁有巨大的足跡，在我們上週的會議上，那些人給了我一塊來自塞羅韋爾德 (Cerro Verde) 的令人興奮的岩心，因為我們在那裡進行鑽探。

We're studying this now.

我們正在研究這個問題。

We have no plans to commence a major project in the current environment, but we're preparing for that.

在當前環境下，我們沒有計劃啟動重大項目，但我們正在為此做準備。

And we have a very large portfolio within the company with many options to consider what's going to be our future steps for expanding the company's resources.

我們公司擁有非常龐大的投資組合，其中有許多選擇，可以考慮未來採取哪些步驟來擴大公司資源。

Turning to Slide 11.

翻到第 11 張投影片。

Our sales outlook for copper, gold, molybdenum are unchanged.

我們對銅、金、鉬的銷售前景保持不變。

Our unit costs are essentially in order to -- in line with what we've predicted earlier, what we forecast earlier.

我們的單位成本基本上與我們先前的預測一致。

And our operating cash flows at $2.75 copper would be $4.3 billion, if we meet our plan.

如果我們實現計劃，那麼以銅價 2.75 美元計算，我們的營運現金流將達到 43 億美元。

Obviously, this is affected by what we supported last quarter at $3.15 copper.

顯然，這受到了上個季度我們支撐的銅價 3.15 美元的影響。

We're very levered and you know that leverage goes both ways.

我們的槓桿率很高，而且你知道槓桿是雙向的。

For each $0.10 change in copper price, for the remainder of this year, it's $185 million of operating cash flow to us.

銅價每變動0.10美元，今年剩餘時間我們就會獲得1.85億美元的營運現金流。

Capital expenditures are unchanged.

資本支出維持不變。

Page 12 shows our profile for our copper and gold sales for the year.

第 12 頁顯示了我們今年的銅和黃金銷售概況。

You can see '19 will be a transition year as well as will '20.

你可以看到，2019 年將會是個過渡年，2020 年也是如此。

And at the end of that, we'll be -- our plans call us for to be in full productive mode as we go forward.

最後，我們的計劃要求我們在未來的工作中全面投入生產。

Page 13 shows the EBITDA and cash flow slides that we show each year.

第 13 頁展示了我們每年展示的 EBITDA 和現金流量幻燈片。

We've done something a little different each quarter.

我們每季都會做一些不同的事。

We've done something a little different this quarter.

本季我們做了一些不同的事情。

In the first block, we show what those numbers, EBITDA and cash flow numbers, would be at different copper prices, ranging from $3 to $3.50.

在第一個區塊中，我們展示了這些數字，即 EBITDA 和現金流數字，在不同銅價（從 3 美元到 3.50 美元）下的情況。

That's in line with the current forward sales prices and showing what the average would be for 2019 and 2020.

這與目前的遠期銷售價格一致，並顯示了 2019 年和 2020 年的平均價格。

And then showing what the average would be as we transition to the ramp-up of our underground mines in '21 and '22.

然後展示當我們在'21年和'22年過渡到地下礦井的提升時平均水平會是多少。

And you can see the significant difference that, that makes.

您可以看到這所帶來的顯著差異。

But we want to make sure you saw the full range of this at varying copper prices and $12.50 in gold and $11 molybdenum.

但我們希望確保您能看到不同銅價、12.50 美元黃金和 11 美元鉬的全部價格。

Capital expenditures are shown on Slide 14.

資本支出顯示在投影片 14 上。

They are not changed from previous quarter.

與上一季相比沒有變化。

Our financial policy is still focused on strengthening our balance sheet.

我們的財務政策仍然致力於加強我們的資產負債表。

As I mentioned, we've made significant -- more than significant progress over the past 18 months.

正如我所提到的，我們在過去 18 個月中取得了重大——非常重大的進展。

And we believe we'll be in positive markets going forward and we continue to improve our balance sheet.

我們相信，未來我們將處於積極的市場中，我們將繼續改善我們的資產負債表。

We have a disciplined approach to invest in attractive growth projects.

我們採取嚴謹的方法來投資有吸引力的成長項目。

We're going to be driven by value.

我們將以價值為驅動。

We're not growing just for the sake of growing, that makes no sense.

我們不能僅僅為了成長而成長，這沒有任何意義。

But we have the chance to invest over time in a way that will add value to our company.

但我們有機會隨著時間的推移以一種能為公司增值的方式進行投資。

These resources receive very little value in today's stock prices.

這些資源在今天的股票價格下價值很小。

As we are successful in finding ways to invest in a disciplined way, in low-cost expansion projects, that's going to create cash flows and values for our company.

由於我們成功地找到了以規範的方式投資低成本擴張項目的方法，這將為我們公司創造現金流和價值。

We really have a strong team to execute this strategy.

我們確實有一支強大的團隊來執行這項策略。

We're focused on all aspects of the copper business, and our team has proven itself throughout the world in being able to develop and operate resources in challenging circumstances across the breadth of investments in operations in the copper business.

我們專注於銅業務的各個方面，我們的團隊已在全球範圍內證明自己能夠在充滿挑戰的環境下在銅業務的廣泛投資運營中開發和運營資源。

We're going to be driven by returns to shareholders.

我們將以股東回報為動力。

Our board and management our team is totally focused on creating value for shareholders, and I want to emphasize this, in a disciplined way.

我們的董事會和管理團隊全心全意致力於為股東創造價值，我想以嚴謹的方式強調這一點。

The Industry has learned a lot of lessons in recent years and that discipline extends across the industry and all that does is add for more support for future supplies.

近年來，該行業已經吸取了很多教訓，並且這種紀律遍及整個行業，其作用是為未來的供應提供更多支持。

So we reinstated a dividend.

因此我們恢復了分紅。

We expect to be in a position over time to increase that dividend.

我們期望隨著時間的推移能夠增加股息。

We have to see what these trade issues mean for the world's economy.

我們必須看看這些貿易問題對世界經濟意味著什麼。

My hope and the hope, I think, of a lot of people throughout the American industry is that it's a strategy to deal with specific issues and it doesn't result in an all-out trade wars that results in a serious implications for the economy.

我的希望，以及我認為美國業界許多人的希望是，這是一個解決具體問題的策略，不會導致全面的貿易戰，對經濟造成嚴重影響。

But we have to see what happens with that, it's uncertain.

但我們必須看看會發生什麼，這是不確定的。

We review this financial policy at every board meeting.

我們在每次董事會會議上審查這項財務政策。

There's a number of reference slides here that are available for your future review.

這裡有許多參考幻燈片可供您將來查看。

We may use some of them in answering questions.

我們可能會用其中的一些來回答問題。

But with that, Regina, I'd like to turn the call over to questions.

不過，里賈娜，我想將電話轉給提問者。

(Operator Instructions) The first question will, from the line of Matthew Korn with Goldman Sachs.

（操作員指示）第一個問題來自高盛的馬修·科恩。

So we noticed in the guidance changes here on Grasberg, we noticed a little bit of a pushback tilting away from '21 or '19 and '20, a little bit towards '22.

因此，我們注意到，在格拉斯伯格 (Grasberg) 的指導方針變化中，我們注意到有一種阻力稍微偏離了‘21’或‘19’和‘20’，而稍微傾向於‘22’。

Is that largely DMLZ?

那主要是 DMLZ 嗎？

Are there other challenges?

還有其他挑戰嗎？

Is this essentially tied to the Slide 7 where you look through and you're showing us to changes in the ore mill per day?

這是否與幻燈片 7 有關，您在其中展示了每天礦石磨機的變化？

How does that all fit together?

這一切是如何結合在一起的？

It's Deep MLZ.

這是 Deep MLZ。

I mean, if you go back -- for several years now, we've been developing this Deep MLZ with the expectation that it would be ramping up actually in 2016, 2017 and it has very high grades available to us.

我的意思是，如果你回顧過去——這幾年來，我們一直在開發這個 Deep MLZ，期望它能在 2016 年、2017 年真正實現加速，而且它為我們提供了非常高的等級。

And as we got into mining that ore body, we encountered unexpectedly harder rock than we had experienced as we mined the same ore mineralization area for years.

當我們開始開採該礦體時，我們遇到了意想不到的堅硬岩石，比我們多年來在同一礦化區開採時遇到的岩石還要堅硬。

And the original mine mark was the GBT and the intermediate ore zone, the deep ore zone and now the Deep MLZ.

而原來的礦山標記是GBT和中部礦帶、深層礦帶以及現在的深層MLZ。

We got the deep MLZ.

我們得到了深度 MLZ。

It's much farther underground and the rock is harder and we started running into these seismic events, which happen other places in the industry.

它位於地下更深處，岩石更堅硬，我們開始遇到這些地震事件，這些地震事件在該行業的其他地方也發生過。

It causes us to be cautious.

這促使我們必須謹慎。

We got a plan now to use water to frac this ore body to prepare it for caving.

我們現在有一個計劃，用水來壓裂這個礦體，為崩落做準備。

And so that whole thing is driven by that one factor.

所以整件事情都是由這因素驅動的。

Everything else is going fine, everything else.

其餘一切都進展順利，其餘一切都順利。

But as we saw this being pushed out now to 2021, as always, we start looking at ways to mitigate that.

但正如我們所見，這個期限被推遲到 2021 年，因此，我們一如既往地開始尋找緩解這種情況的方法。

And we found a step to mitigate that by extending the life of the Grasberg open pit, mining some very high-grade ore into the first half of next year and what you see is the net effects of that, of a deferral of the Deep MLZ and a continuation of mining from the open pit.

我們找到了緩解這一問題的措施，即延長格拉斯伯格露天礦的開採壽命，在明年上半年開採一些高品位的礦石，而您所看到的是這一措施的淨效應，即推遲深層 MLZ 開採並繼續露天開採。

And the numbers you see are the net of those 2. And I want to just keep coming back and emphasizing this because I read articles in the press, as we all do, and we want to make sure that people understand that this is a different rock environment, different rock characteristics than the rock, it will be mining in the Grasberg Block Cave.

您所看到的數字是這兩個數字的淨值。

As I said, that's just an extension of the same ore body that we've been mining since the early 1990s, and we drilled, Mark, thousands of holes into it?

正如我所說的，這只是我們自 1990 年代初以來一直在開採的同一礦體的延伸，馬克，我們在上面鑽了數千個孔？

And so we really understand that and don't expect this problem that we have in the Deep MLZ to be experienced in the Grasberg Block Cave.

因此，我們確實理解這一點，我們不希望在深層 MLZ 遇到的這個問題在格拉斯伯格塊洞穴中再次出現。

Got it, I appreciate the clarity because we saw when you listed your near-term objective there in block cave over the next year, all that seem like that it had held in place.

明白了，我很欣賞您的清晰度，因為我們看到，當您在明年的區塊洞穴中列出您的近期目標時，所有這些似乎都已經實現。

Let me just mention one thing.

我僅提一件事。

We've had a series of milestones in the development of Grasberg Block Cave, including this week, this week, for the first time, we delivered ore from that Block Cave through our ore delivery system that is using a train system, first time we've done that.

我們在格拉斯伯格礦洞開發過程中取得了一系列里程碑，包括本週，本週我們首次透過使用火車系統的礦石運輸系統從礦洞運送礦石，這是我們第一次這樣做。

And we've actually, this week, delivered the ore from the Block Cave to the mill.

事實上，本週我們已經將礦石從 Block Cave 運送到了工廠。

So through all of this stuff with export bans and negotiations with the government and all these other things, this team has just been relentless in developing this infrastructure, and it's achieved milestone after milestones, so we're ready to go.

因此，透過所有這些出口禁令、與政府的談判以及其他所有事情，這個團隊一直堅持不懈地開發這個基礎設施，並且取得了一個又一個的里程碑，所以我們已經準備好出發了。

And like I said, it's like finishing up -- it happens to be mines in the same mineral district, but this is like totally finishing up one mine and starting up a new one and that ramp up is just like people will face in starting up new mines in Mongolia or in Arizona or anywhere else.

正如我所說的，這就像是完成了——它恰好是位於同一礦區的礦山，但這就像完全完成一個礦山並啟動一個新礦山一樣，而且這種加速就像人們在蒙古、亞利桑那州或其他任何地方啟動新礦山時所面臨的一樣。

So you need to think of it in that context.

所以你需要從這個角度來思考這個問題。

All right.

好的。

Got it.

知道了。

It's a very clear.

這是非常清楚的。

Let me ask in context of all that's been negotiated with the Indonesian government, still needs to finalize.

我想問一下與印尼政府談判的所有事項以及仍需最終確定的內容。

How does this work with the aim to maintain the cash flows through and over the next 5-year period as they were under the existing JV.

如何在未來 5 年內維持現有合資企業的現金流？

For example, if there's more issue with the Deep MLZ, you're still working through, you're still developing the mine plan, if there's more slippage and some of these mined areas that are part of the plan you don't get to until 2023, is there a risk that you would lose some of that attributable copper?

例如，如果 Deep MLZ 有更多問題，您仍在努力解決，仍在製定採礦計劃，如果出現更多失誤，並且其中一些屬於計劃一部分的採礦區您要到 2023 年才能到達，是否存在失去部分可歸屬銅的風險？

Or would it still be based on no, we're not in the mining sections yet, in which the additional stream out of the JV would activate, if that makes sense.

或者它是否仍然基於不，我們尚未進入採礦部分，其中合資企業的額外流出將會激活，如果這有意義的話。

Matthew, this is Kathleen.

馬修，這是凱瑟琳。

The economics of the Rio Tinto deal joint venture will carry forward under the new structure.

力拓交易合資企業的經濟效益將在新的架構下持續延續。

So there's a certain quantity of metal, as you know, that is 100% for PT-FI's interest.

因此，如您所知，一定數量的金屬 100% 屬於 PT-FI 的利益。

And then the increment produced above what that is shared 60-40 between PT-FI and Rio Tinto.

然後，超過這筆金額的增量由 PT-FI 和力拓以 60-40 的比例分享。

And so that would continue.

這種情況將會持續下去。

The existing shareholders, PT-FI, would continue to have the 100% of specific volumes whenever they're produced.

現有股東 PT-FI 將繼續擁有所生產產品的 100% 特定產量。

And currently, that's expected to be produced by the end of 2022.

目前，預計將於 2022 年底生產。

So we're not expecting a change in this new structure, and we're working with our new partner to make sure that those cash flows go to the existing PT-FI shareholders and then the new shares that they'll get, they'll have 40% after a certain period of time.

因此，我們預計這種新結構不會發生變化，我們正在與我們的新合作夥伴合作，以確保這些現金流流向現有的 PT-FI 股東，然後他們將獲得的新股，在一定時間後他們將擁有 40％。

So let me -- thanks, Kathleen, but let me tell you how we're doing that.

所以讓我 — — 謝謝，凱瑟琳，但讓我告訴你我們是如何做到的。

With Rio Tinto, there was a joint venture that was going to continue to 2041.

與力拓 (Rio Tinto) 的合資企業將持續到 2041 年。

Rio Tinto never owned shares in PT-FI, never talked about owning shares in PT-FI.

力拓從未擁有過 PT-FI 的股份，也從未談論擁有 PT-FI 的股份。

The government wants to own shares in PT-FI.

政府希望擁有 PT-FI 的股份。

And so in a step to cooperating with the government achieving its interest, we agreed to convert that to 2041 -- I mean, to shares, but there would be a dividend agreement that we will receive dividends with respect to those shares until this Rio Tinto cut-off date would have been reached.

因此，為了配合政府實現其利益，我們同意將其轉換為 2041 年的股份，但將有一個股息協議，即我們將在力拓截止日期之前獲得與這些股份相關的股息。

Our next question will come from the line of Lucas Pipes with B. Riley FBR.

我們的下一個問題來自 B. Riley FBR 的 Lucas Pipes。

I wanted to follow up a little bit more and I know you spoke about this both in your prepared remarks and just in the previous question.

我想進一步了解一下，我知道您在準備好的發言中和上一個問題中都談到了這一點。

But can you maybe elaborate a little bit on what's driving the increase in 2022 from that 1.6 to 1.9 on the gold side?

但您能否詳細說明一下是什麼原因導致黃金價格在 2022 年從 1.6 上漲至 1.9 呢？

It's just the ramp up.

這只不過是上升而已。

It's the ramp up.

這是上升的過程。

And where that ramp up was going to start earlier, it's going to start now.

而這種成長原本應該在早些時候開始，現在就要開始了。

It's very high grades of copper and gold in this Deep MLZ, and so we just shifted the ramp up time.

這個深層 MLZ 中的銅和金的品質非常高，因此我們只是改變了上升時間。

It's nothing more than that.

僅此而已。

Can you explain to me what's driving the specific -- the increase from 2022, out, should it continue to operate at this higher level?

您能否向我解釋一下具體推動因素——從 2022 年開始的成長，是否應該繼續以這個更高的水平運行？

Or is it really kind of a 1-year bounce in 2022?

或者它真的是 2022 年的一年反彈嗎？

Well, we show a 5-year estimate on that ramp up slide.

好吧，我們在這個上升幻燈片上展示了一個 5 年的預估。

So you can see what the next 5 years looks like on an aggregate basis, and you can see it's pretty similar.

因此，您可以從總體上看到未來 5 年的情況，並且您會發現它非常相似。

In 2022, we reached 103,000 tons a day average for the Grasberg Block Cave, and that will increase to the 130,000 to 160,000 ton range.

2022 年，格拉斯伯格礦洞的日均開採量將達到 10.3 萬噸，並將增加至 1,300 至 16 萬噸。

So the Grasberg Block Cave will become the largest part of our production profile after that.

因此，格拉斯伯格礦洞以後將成為我們生產規模最大的一部分。

But really what you're seeing in terms of this shift to 2022 has to do with what Richard just said, that we have higher grade the Deep MLZ earlier on, and those have been shifted from 2020 to 2021 and 2022.

但實際上，您看到的這種向 2022 年轉變的情況與理查德剛才所說的有關，我們之前對 Deep MLZ 的評級更高，而這些已經從 2020 年轉移到 2021 年和 2022 年。

And then the Grasberg Block Cave kicks in and will start increasing.

然後格拉斯伯格塊狀洞穴開始發揮作用並開始增大。

That's why you see on a 5-year average, after 2022, it remains very similar.

這就是為什麼你會看到，從 5 年平均值來看，2022 年之後的情況仍然非常相似。

But in the aggregate, there's not any spike here.

但從整體來看，這裡並沒有任何高峰。

There's not a spike here like you suggested.

這裡並沒有像您所說的那樣出現峰值。

We build up to full production level, 200,000 plus through the mill that essentially extends through 2041 and with very high grades of copper and gold, and all of this will now be within PT-FI and we'll have 50% of the shares of PT-FI.

我們的生產規模已達到滿載水平，200,000 多噸的產能基本上可以持續到 2041 年，而且銅和金的品位都非常高，現在所有這些都將在 PT-FI 內部，我們將擁有 PT-FI 50％ 的股份。

So half of it is ours and half of it is the government.

所以一半是我們的，一半是政府的。

That's very helpful.

這非常有幫助。

And maybe one more follow up.

也許還有一次後續行動。

When I look at the transition year 2019, 3.3 billion pounds and then that kind of ramping up on an average 2020 through to 2022 to 4 billion pounds.

當我回顧 2019 年的過渡期時，其金額為 33 億英鎊，然後從 2020 年到 2022 年，這筆金額將平均增加至 40 億英鎊。

Could you maybe disaggregate a little bit, I know you break down the Grasberg production in greater detail in the latest slides of the presentation.

您能否稍微分解一下，我知道您在簡報的最新幻燈片中更詳細地分解了格拉斯伯格 (Grasberg) 的生產。

But from an aggregate production level, would it be possible to break down 2020, 2021 and 2022 in a little bit more detail?

但從整體產量水準來看，是否可以更詳細地細分 2020 年、2021 年和 2022 年？

2021 and 2022 is similar, and this is PT-FI.

2021年和2022年相似，這就是PT-FI。

This is FCX consolidated under the current scheme at about 4.2 billion pounds.

根據現行計劃，FCX 的合併資產負債表總額約為 42 億英鎊。

And 2021, at this stage -- I mean, 2020 at this stage is 3.5 billion pounds.

而 2021 年，目前──我的意思是，2020 年目前是 35 億英鎊。

Got it.

知道了。

I very much appreciate it.

我非常感激。

Just to give you a quick flavor on that.

只是為了讓您快速體驗一下。

The Deep MLZ in 2020 should be around 300 million pounds of copper, and more than doubling that the next 2 years.

2020 年，深層 MLZ 的銅儲量應約為 3 億磅，未來兩年將增加一倍以上。

The Grasberg Block Cave would be 200 million pounds in 2020 and by 2022, it'd be over 800 million pounds.

到 2020 年，格拉斯伯格塊狀洞穴的規模將達到 2 億磅，而到 2022 年，規模將超過 8 億磅。

So that's the -- we got 2 ramp ups going here with the Deep MLZ and the Grasberg Block Cave, which is going to be the cornerstone of our future.

所以這就是——我們在這裡有 2 個提升點，即 Deep MLZ 和 Grasberg Block Cave，這將成為我們未來的基石。

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

我們的下一個問題來自花旗銀行的 Alex Hacking。

My question is also around the Deep MLZ.

我的問題也與 Deep MLZ 有關。

The hydraulic frac-ing technique.

水力壓裂技術。

Is this something that Freeport is currently familiar with?

這是自由港目前熟悉的事嗎？

I know a couple of other mines, Block Caves that are doing the hydraulic frac-ing, but I wasn't sure if it's something that you're already doing at Grasberg.

我知道其他幾個礦場和 Block Caves 也在進行水力壓裂，但我不確定你們是否已經在 Grasberg 進行這項技術。

And then the second part to the question if I may, how confident are you that this is going to resolve the seismic issues?

那麼，如果可以的話，我想問第二部分問題，您對這能解決地震問題有多大信心？

And, I guess, how concerned are you overall about the Deep MLZ and the risk that there is a significant problem there rather than a minor problem?

而且，我想，您對 Deep MLZ 以及那裡存在嚴重問題而非小問題的風險總體上有多擔心？

This is Mark Johnson.

這是馬克·約翰遜。

As far as the hydro frac-ing, it's not something that we've ever applied to an ore body before.

就水力壓裂而言，我們以前從未將其應用到礦體上。

We've had the equipment since the end of 2017.

我們從 2017 年底就開始擁有這台設備了。

In the first half of the year, we've been doing testing that was required to calibrate how the density of drilling that we would need.

今年上半年，我們一直在進行必要的測試，以校準我們所需的鑽井密度。

So we've had a period of time where we've gotten familiar with the equipment, the geologic setting, our drill teams have been trained.

因此，我們花了一段時間熟悉設備、地質環境，我們的鑽井隊也接受了訓練。

We've had vendors in and we've met with various consultants.

我們已經有供應商了，並且已經會見了各種顧問。

We've also collaborated with others in the industry that have been using it for some time.

我們也與業內其他已經使用該技術一段時間的公司進行了合作。

So we feel very confident that we have the crews, the equipment and understanding the geologic setting and the density in which we need to drill it.

因此，我們非常有信心，我們有足夠的人員、設備，並且了解鑽探所需的地質環境和密度。

So it's new to us.

所以這對我們來說是新鮮事。

It's not new to the industry.

這對業界來說並非新鮮事。

CODELCO's used it.

CODELCO 使用了它。

Newcrest has used it, and it's been very effective in their setting.

Newcrest 已經使用過它，而且它在他們的環境中非常有效。

The consultants that have worked with Newcrest and CODELCO are the same consultants that are working with us.

曾與 Newcrest 和 CODELCO 合作的顧問和現在與我們合作的顧問是相同的。

So we have a high level of confidence in their judgment and their guidance, the modeling that they're doing on how it's going to affect and allow us to advance the cave in the Deep MLZ.

因此，我們對他們的判斷和指導以及他們所做的建模（關於它將如何影響並幫助我們推進深層 MLZ 洞穴）充滿信心。

To us, it's not a matter of if the Deep MLZ is going to cave.

對我們來說，這不是深層 MLZ 是否會崩塌的問題。

It's how do we cave it safely, how do we cave it in a controlled manner and that's essentially what we're doing.

問題在於我們如何安全地進行塌陷，如何以可控的方式進行塌陷，這基本上就是我們正在做的事情。

We still have some unknowns.

我們仍有一些未知數。

As we drill these holes, we'll be starting, as Richard mentioned, we've already started drilling the holes.

當我們鑽這些孔時，我們將開始，正如理查德所提到的，我們已經開始鑽孔了。

We'll begin frac-ing within the next couple of weeks.

我們將在接下來的幾週內開始壓裂。

And it's not really a very complicated technology.

這其實並不是一項非常複雜的技術。

It's fairly simple equipment.

這是相當簡單的設備。

It's high-pressure pumps.

它是高壓泵。

It's packing, it's been used -- it's a much different type of application than the oil industry, but from a pumping standpoint, it's not that different.

它是一種填料，已被使用過——它的應用類型與石油工業截然不同，但從泵送的角度來看，它並沒有太大的不同。

So we feel very confident that we're taking the right next step.

因此，我們非常有信心，我們正在邁出正確的下一步。

And as Kathleen mentioned, we've given ourselves some time.

正如凱瑟琳所提到的，我們給自己留了一些時間。

We've built in some contingency in our schedule for some of the unknowns.

我們在日程安排中為一些未知情況預留了一些應急時間。

And I'd say that 3 months from now, we'll be able to give you much more accurate estimates as to how that cave is going to start up.

我想說，從現在起 3 個月後，我們將能夠為您提供有關該洞穴如何啟動的更準確估計。

Our company has had experience with fracking in the oil and gas business.

我們公司在石油和天然氣業務方面有水力壓裂經驗。

So we spent a lot of time talking about the differences, this is frac-ing over a much narrower area and so forth, and it's much simpler.

因此，我們花了很多時間討論差異，這是在更窄的區域進行的分壓等等，而且它要簡單得多。

But a lot of that frac-ing technology has been developed extensively in the oil business.

但許多水力壓裂技術已在石油業廣泛開發。

So I think Mark's point was it's not a question of if.

所以我認為馬克的觀點是，這不是一個是否的問題。

It's a question of when, safely.

安全只是時間問題。

Our next question will come from the line of Orest Wowkodaw with Scotiabank.

我們的下一個問題來自豐業銀行的 Orest Wowkodaw。

Two questions.

兩個問題。

First of all, I was wondering, your revised mine plan here for Grasberg.

首先，我想知道您對格拉斯伯格礦山的修改計劃。

I mean, how aggressive do you think this ramp-up schedule is now when I look at the ore mill in terms of throughput.

我的意思是，當我從產量的角度來看礦石磨機時，您認為現在這個提升計劃有多積極。

And just curious if you see potential more downside risk to that in terms of the level of the ramp up, where your comfort level is?

我只是好奇，您是否認為從成長水準來看，潛在的下行風險更大，您的承受程度在哪裡？

And then the second question just had to do with Richard's comment in the press release about the company willing to adjust "your plans" if necessary to respond to market conditions.

第二個問題與理查德在新聞稿中所說的公司願意在必要時調整“你的計劃”以應對市場情況的評論有關。

I was hoping you could maybe elaborate about what you mean by that and whether that implies potential production cuts or what in terms of if copper prices weaken?

我希望您能詳細說明您這樣說的意思，以及這是否意味著潛在的減產，或者如果銅價走弱會怎麼樣？

This is a Mark again.

這又是一個馬克。

As far as the ramp-up of the GBC, we feel very confident.

就 GBC 的成長而言，我們非常有信心。

The geologic setting, what we call the hydraulic radius that's required for us to cave the Grasberg Block Cave, is very similar to what it was in the DLZ, it's around the number of 30.

地質環境，也就是我們所說的挖掘格拉斯伯格塊狀洞穴所需的水力半徑，與 DLZ 中的非常相似，大約為 30。

We feel that we took a central estimate on our ramping up of the GBC.

我們認為，我們對 GBC 的提升進行了集中估計。

We've got much better access to the ore body.

我們已經獲得了更便捷的進入礦體的方法。

We have a lot more flexibility than we had in the DOZ.

與 DOZ 相比，我們擁有更大的靈活性。

We feel very confident in the ramp up and that there's, like I said, a central estimate.

我們對成長非常有信心，正如我所說，有一個中心估計。

There's obviously some downside, and we also see some balancing upside.

顯然，這其中存在一些不利因素，但同時我們也看到了一些平衡的優勢。

So that is a much different, it's much similar to what we've seen in the previous caves, in the Deep MLZ IOZ area.

所以這有很大不同，它與我們在 Deep MLZ IOZ 區域的先前洞穴中看到的非常相似。

The one thing that we have to manage there, we've got a very good start on, is the managing of the water from going from the pit to the underground.

我們要做的一件事就是管理從礦坑到地下的水，我們已經有了一個很好的開始。

And we've got extensive efforts there to ensure we don't build up any inventory of water before we start the Block Cave.

我們在那裡付出了巨大的努力，以確保在開始 Block Cave 施工之前不會累積任何水庫存。

Having access in the pit, we've got extensive monitoring, much more than we've ever had in the past.

透過進入礦坑，我們可以進行廣泛的監控，比過去任何時候都要多得多。

And I just believe our caving knowledge, as a result of some of the issues that we've had in that Deep MLZ, that we've learned a lot globally on how to cave.

我相信，透過我們在 Deep MLZ 遇到的一些問題，我們在全球學到了很多關於如何進行洞穴探險的知識。

It's also lent itself to more confidence and a more robust GBC plan.

這也增強了信心並制定了更穩健的 GBC 計劃。

Sorry, does that imply that you expect to reach full kind of nameplate throughput in 2023, based on the 2022 level?

抱歉，這是否意味著您預計在 2022 年的水平基礎上，在 2023 年達到全部額定吞吐量？

Yes, we will ramp up -- we'll be ramping up obviously from 0 starting at the beginning of 2019.

是的，我們會加大力度——從 2019 年初開始，我們顯然會從 0 開始加大力度。

We have essentially 2 DOZ-sized mines that we're establishing in the Grasberg and we're going to be ramping those up to a 130, 140 level in that time frame up to 2022, 2023.

我們在格拉斯伯格建立了 2 個 DOZ 規模的礦山，到 2022 年和 2023 年，我們計劃將這些礦山的產量提升到 130 到 140 個。

The Grasberg by itself will be in the 130-plus range.

格拉斯伯格本身的規模就將在 130 以上。

Okay.

好的。

And then in terms of...

然後就...而言

So Orest, that comment was kind of stating the obvious.

所以，Orest，那則評論有點陳述顯而易見的事實。

I mean, here we've -- since mid-June, for the past month, we've seen the price of copper go from $3.20, $3.25 to $2.75.

我的意思是，自 6 月中旬以來，在過去的一個月裡，我們看到銅價從 3.20 美元、3.25 美元上漲到 2.75 美元。

And we've got all these uncertainties overhang the world's economy because of the trade talk and the trade actions.

由於貿易談判和貿易行動，所有這些不確定性都籠罩著世界經濟。

And we're showing operating cost numbers that are based on this current situation, and we really haven't taken the steps that we would take if the global economy gets disrupted or China turns down.

我們顯示的營運成本數字是基於當前情況的，而且我們實際上還沒有採取在全球經濟受到干擾或中國經濟衰退時會採取的措施。

We've got a great track record.

我們擁有出色的業績記錄。

All you have to do is look back at what we did in 2008, 2009 and then what we did again, in 2014.

你要做的就是回顧我們在 2008 年、2009 年所做的事情，以及我們在 2014 年所做的事情。

We have the flexibility to adjust to a lower price environment if we have to.

如果有必要，我們可以靈活地適應較低的價格環境。

A lot of our input costs are correlated to the price of copper.

我們的許多投入成本與銅價相關。

So we just want to make sure the obvious was there.

所以我們只是想確保這一點顯而易見。

We're not locked into this cost structure.

我們並沒有被束縛在這種成本結構中。

If prices deteriorate, we have, and would again, adjust our operations to make sure that all of our mines are cash flow positive.

如果價格下跌，我們已經並且將再次調整我們的運營，以確保我們所有的礦山都有正現金流。

We would defer expenditures, we would adjust operating cost as well as deferring capital expenditures, and we'd hunker down again, for a period of time and our company would continue to be cash flow positive.

我們會推遲支出，調整營運成本並推遲資本支出，我們將在一段時間內再次堅守，而我們公司的現金流將繼續為正。

And that's strictly a contingency plan.

這完全是一個應急計劃。

Our next question comes 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 getting notification on Mark's last statement in terms of reaching the Grasberg block caving capacity of 140.

剛剛收到馬克關於格拉斯伯格崩落採礦場容量達到 140 的最後聲明的通知。

Was that 2022 or '23?

那是 2022 年還是 2023 年？

In 2023, in our current plans, we're at 130 and we have a potential of going up to 160.

按照我們目前的計劃，到 2023 年，我們的員工人數將達到 130 人，並且有可能達到 160 人。

Okay.

好的。

So the nominal capacity of the mill is 240,000 tons per day.

因此該廠的額定產能為每天24萬噸。

So is that still the case or you're running at that a little bit higher?

那麼情況仍然如此嗎，或者您的目標會更高一些？

Or could ...

或者可以...

Well, as it's shown there in that one slide that Kathleen referred to, we're 215 in 2022.

嗯，正如凱瑟琳提到的那張幻燈片所示，到 2022 年，我們的人數將達到 215 人。

Between now and then, we put about $300 million into -- of capital into the mill.

從現在到那時，我們已向工廠投入了約 3 億美元的資金。

One of the things that we have to do is add additional horsepower into the mill to get up to that capacity.

我們必須做的事情之一就是為工廠增加額外的馬力以達到這個產能。

One of the benefits that we lose when we move away from the Grasberg pit is that we currently drop the rock down these 600-meter high ore passes.

當我們離​​開格拉斯伯格礦坑時，我們失去的一個好處是，我們目前要將岩石從這些 600 公尺高的礦石通道上扔下來。

That has an impact on breaking the rock.

這對破碎岩石有影響。

We essentially build that capacity up by adding more horsepower in the mill.

我們基本上是透過增加工廠的馬力來提高生產能力。

But we do have a plans in place of what we would be required to get the mill back up to a 240 based on the rock types that we'll be mining in the future, the grinding capacity that we would need to get the recoveries, and that's all part of our long-term mill expansion plan.

但是，我們確實有一個計劃，根據未來我們要開採的岩石類型，以及回收所需的研磨能力，將磨礦機恢復到 240 的水平，這些都是我們長期磨礦機擴建計劃的一部分。

Okay, that's helpful.

好的，這很有幫助。

And then if you could, like I mean it seems like there's still a lot of really good grade on the Grasberg open pit.

如果可以的話，我的意思是看起來格拉斯伯格露天礦場仍然有很多非常好的品味。

If I remember correctly, you said that once the block caving starts, then you cannot have access to that.

如果我沒記錯的話，您說過，一旦開始崩落開採，您就無法再訪問它了。

So would it be possible to just mine some of that 2% copper equivalent grade at a later date?

那麼，以後是否有可能只開採一些2%銅當量的礦石呢？

Or is this something that's just going to be left there for eternity?

或者這只是將永遠留在那裡的東西？

No, what we leave behind in the pit gets picked up very quickly in the Block Cave.

不，我們在坑裡留下的東西很快就會被洞穴裡的石頭撿起來。

I wish it was as easy.

我希望事情真的這麼簡單。

And what we're doing with this pit extension is about 2/3 our way down the pit, along the ramp, we have the opportunity to re-mine the lower portion of that ramp.

我們對這個礦坑進行延伸，大約延伸到礦坑底部的三分之二，沿著斜坡，我們有機會重新開採斜坡的下部。

It's a relatively minor volume, it's about 5 million tons but of very good grade, and it makes an impact, as Richard mentioned, this pit extension.

它的開採量相對較小，約為 500 萬噸，但品位非常好，而且正如理查德所提到的，它對礦坑的擴建產生了影響。

We've had further modeling from our geotechnical experts that indicate that we can have 6 months of concurrent block cave development, along with this remining of the ramp.

我們的岩土專家為我們提供了進一步的建模，結果表明我們可以在 6 個月內同時進行塊狀洞穴開採以及斜坡的重新開採。

We have some additional opportunity, if for whatever reason that the interaction didn't happen as quickly, we have some capability of continuing on for several months, but it's not a long-term pit extension.

我們還有一些額外的機會，如果由於某種原因，互動沒有那麼快發生，我們有能力繼續幾個月，但這不是一個長期的坑延伸。

We would have to really go up to the top, mine through extensive waste stripping.

我們必須真正到達頂峰，透過廣泛的廢物剝離來開採。

That's a much bigger multiyear commitment, that that's not what we're embarking on right here.

這是一個更大的多年承諾，這不是我們現在要做的。

It's relatively simple, relatively straightforward, a remining of the ramp.

它相對簡單，相對直接，是對坡道的重新挖掘。

That wouldn't just economic.

這不僅僅是經濟問題。

I mean we've known that since the '90s, to continue to widen and deal with it.

我的意思是，自 90 年代以來我們就已經知道這一點，並將繼續擴大和處理這個問題。

Mark, correct me, but Oscar, it's not you leave that there forever.

馬克，糾正我，但是奧斯卡，你不應該把它永遠留在那裡。

That ore is going to cave into the Block Cave.

那顆礦石將會塌陷進塊狀洞穴中。

It's just going to be diluted with lower grade material.

它只不過會被低品位的材料所稀釋。

So from the pit, we can get directly to the access.

這樣，我們就可以從坑洞直接到達入口。

All that ore is going to come down, get mined, but it's going to be mixed with the lower grade material and ultimately processed.

所有的礦石都會被運下來，開採出來，但會與低品位的材料混合，最後再進行加工。

Got it, I think regardless, it's pretty impressive, guys.

明白了，我認為無論如何，這都非常令人印象深刻，夥計們。

Right, and Oscar, also we want to just keep in mind, even though we're talking about these transition years at Grasberg, we're still going to have very low cost.

是的，奧斯卡，我們也想記住，儘管我們談論的是格拉斯伯格的過渡年，但我們的成本仍然會非常低。

Grasberg will continue to be a low-cost mine in the portfolio, even during the transition years and then getting to 2021, 2022.

即使在過渡期以及到 2021 年、2022 年，格拉斯伯格礦仍將繼續成為投資組合中的低成本礦。

By 2022, we're back into a net credit position from a unit cost standpoint.

到 2022 年，從單位成本的角度來看，我們將回到淨信用狀態。

So even during the transition years, given the high grade of copper and gold in the ore that we're mining, our net cost will still be our lowest cost.

因此，即使在過渡時期，鑑於我們開採的礦石中銅和金的品位較高，我們的淨成本仍將是最低的。

And then we'll have significant improvements as we get to 2021 and 2022 with the volume increase.

隨著 2021 年和 2022 年銷售量的增加，我們將取得顯著的進步。

And while I've made a comparison to completing one mine and starting another, Mark just said something, we're going to be able to develop these new mines by investing $300 million in the mill.

儘管我將其比作完成一個礦井和開始開採另一個礦井，但馬克剛才說了一句話，我們將能夠透過向工廠投資 3 億美元來開發這些新礦井。

And you all know how much new mills cost of these days.

大家都知道現在新建一座磨坊要花多少錢。

So are going to benefit from all this infrastructure that's been developed since going way back, but especially, during the 1990s to be able to achieve these levels of volumes.

因此，我們將受益於自很久以前，特別是在 20 世紀 90 年代以來開發的所有基礎設施，以便能夠達到這些數量水準。

Your next question comes from the line of Chris LaFemina with Jefferies.

您的下一個問題來自 Jefferies 的 Chris LaFemina。

If we look at your unit production cost in North America, South America and Indonesia, the production delivery costs in North America have been steadily and somewhat materially increasing.

如果我們看看北美、南美和印尼的單位生產成本，北美的生產運輸成本一直在穩定、大幅增加。

I think over the last year, unit costs were up around 30%, whereas in South America, they've been more flat and Indonesia has been pretty good as well.

我認為在過去的一年裡，單位成本上漲了約 30%，而在南美洲，單位成本則比較平穩，印尼的情況也相當不錯。

So the first question is why have you experienced this pretty significant steady cost inflation in the U.S.?

所以第一個問題是，為什麼美國會經歷如此顯著的持續成本通膨？

And then the second question is how should we expect that to trend over time?

第二個問題是，我們應該預期隨著時間的推移，其趨勢會如何？

Where do these assets sit in the cost curve in 5 years' time?

五年後這些資產的成本曲線處於什麼位置？

Obviously, if the Grasberg Indonesia deals gets done, you will be relatively less exposed to the Indonesian asset and more exposed to the North American and South American asset.

顯然，如果格拉斯伯格印尼交易完成，您對印尼資產的投資就會相對減少，而對北美和南美資產的投資則會增加。

I think they'll become more of a focus.

我認為他們會成為更多關注的焦點。

Just trying to understand the competitive positioning in those assets longer term, that will be my first question.

只是想了解這些資產的長期競爭定位，這是我的第一個問題。

Red can answer, but the big change we had in North America has been more driven by ore grade changes during that period that you referenced and also, an increase in our mining rates.

Red 可以回答，但我們在北美所經歷的重大變化更多是由您提到的那段時期的礦石品位變化以及採礦率的提高所驅動。

During the downturn, we did take steps to park trucks and do what we could to reduce cost as much as possible and mine different shapes.

在經濟低迷期間，我們確實採取了措施停放卡車，並盡我們所能盡可能降低成本並開採不同形狀的礦石。

Now, we're mining more in a sustainable sequence.

現在，我們正在按照可持續的順序進行更多開採。

We're not showing in our numbers any step change in North American cost from where we are now.

我們的數字並未顯示出北美成本與現在相比有任何顯著變化。

We have been experienced here in recent months some inflation dealing with energy prices, freight cost, sulfuric acid cost.

近幾個月來，我們經歷了與能源價格、運費、硫酸成本有關的通貨膨脹。

But in terms of the big change, that was more volume ore grade related and an increase in our mining cost to give us a sustainable level of future production and ensure capacity going forward.

但就大的變化而言，這更多地與礦石量、品位有關，並增加了我們的採礦成本，以使我們在未來的生產中保持可持續的水平，並確保未來的產能。

But if you project out our cash cost, leaving commodity inputs flat today, we're not showing any significant changes in our North American cash cost from where we are now.

但如果你預測我們的現金成本，讓今天的商品投入保持不變，那麼我們的北美現金成本與現在相比不會發生任何重大變化。

One other thing I would add, North America's very sensitive to volume prices.

我想補充一點，北美對批量價格非常敏感。

So movements in volume prices change North America quite a bit as well.

因此，批量價格的變動也會對北美產生很大的影響。

Right, I guess, I was looking more at the production and delivery cost, before netting out the byproducts.

是的，我想，在扣除副產品之前，我更關注的是生產和運輸成本。

And I know that part of the reason for that cost inflation, obviously lower grades, also higher input cost, higher capping price as well.

我知道成本上漲的部分原因，顯然是品質較低，投入成本較高，封頂價格也較高。

But I was a little bit concerned about the second quarter cost being somewhat materially higher than first quarter, even though the copper price fell a little bit from first to second quarter.

但我有點擔心第二季的成本會比第一季大幅上升，儘管銅價從第一季到第二季略有下跌。

So it just sounds like it's a function of grades and maybe just some inherent industry-wide inflation, is that right?

所以聽起來這只是成績的函數，也許只是一些固有的全行業通貨膨脹，對嗎？

That's correct.

沒錯。

And I'll just comment, it's still a very profitable, profitable business for us, high volumes with cost -- with good margins.

我只想說，對我們來說，這仍然是一項非常有利可圖的業務，產量高，成本低，利潤率高。

And the industry, I mentioned earlier, a lot of input costs are correlated to copper prices.

我之前提到過，該行業的許多投入成本都與銅價相關。

Now we've had this unusual situation over the last month where we were at $3.20 and now $2.75.

上個月我們遇到了這種不尋常的情況，原來的價格是 3.20 美元，現在是 2.75 美元。

So it's really kind of a distorted situation currently.

因此，當前的情況確實有點扭曲。

But at the end of the day, whatever economics globally results from what's going on right now, it's going to affect all commodities.

但最終，無論當前的情況對全球經濟產生什麼影響，它都會影響所有商品。

And so our costs will track what happens with copper prices.

因此我們的成本將跟隨銅價的變化而變化。

We think copper price is going to go back up.

我們認為銅價將會回升。

We have to fight this increased cost of energy and transportation and things like sulfur.

我們必須應對能源、運輸和硫磺等成本的上升。

I mean, we just had a meeting last week as we do the week before every earnings call, where we had 65 of our mine managers in and all we were doing is harping on this issue of fight this, fight to maintain our margins, fight to -- how we can be more efficient, how can we use -- we're using all this data analysis now.

我的意思是，我們上週剛開了一次會，就像每次財報電話會議前一周一樣，我們有 65 位礦山經理參加，我們所做的就是反复討論這個問題，爭取保持我們的利潤率，爭取——我們如何才能更有效率，我們如何使用——我們現在正在使用所有這些數據分析。

We're putting sensors on all of our trucks and trying to get more and more efficient, and we're making progress there.

我們在所有卡車上安裝感測器，試圖提高效率，我們在這方面取得了進展。

But that's an everyday fight in our business.

但這是我們業務中每天要面對的鬥爭。

Every day.

每天。

Your next question will come from the line of Christopher Mancini with Gabelli & Company.

您的下一個問題來自 Gabelli & Company 的 Christopher Mancini。

Quick question -- on a couple of questions on Grasberg.

快速提問——關於格拉斯伯格的幾個問題。

In terms of the CapEx, is it around $1 billion per year until the end of 2022, when the underground is mostly developed, and then should the sustaining capital at that point drop down below that $1 billion level?

就資本支出而言，到 2022 年底，當地下資源基本開發完畢時，每年的資本支出是否都在 10 億美元左右，而那時的維持資本是否應該降至 10 億美元以下？

Just trying to get some sense for CapEx going forward.

只是想了解未來的資本支出。

Yes.

是的。

We're spending on the order of $800 million a year over the 5-year period, and that's $700 million, net to PT-FI.

我們在 5 年期間每年的支出約為 8 億美元，其中 PT-FI 的淨收入為 7 億美元。

Okay.

好的。

All right, great.

好的，太好了。

And then I assume right, then it should drop down to a sustaining level, which should be materially below that, once it's all fully developed?

然後我假設正確，那麼它應該會下降到一個維持水平，一旦它完全發展起來，這個水平應該會大大低於這個水平？

Yes.

是的。

We'll have another mine called the Kucing Liar mine that is currently contemplated to be developed.

我們將有另一個礦場，稱為 Kucing Liar 礦場，目前正在考慮開發。

We'll have to look at the economics on that one as we get closer to it.

當我們接近這個目標時，我們必須考慮其經濟因素。

But as Richard said earlier, the infrastructure, all the money that we've invested to date, is largely in place.

但正如理查德之前所說，基礎設施以及我們迄今為止投資的所有資金基本上都已到位。

We've got some mill enhancements to make.

我們需要對工廠進行一些改進。

But going forward, it's more the development that you do over time in the block caves.

但展望未來，這更多的是您在塊狀洞穴中隨著時間的推移而進行的開發。

So in terms of infrastructure cost, those are largely behind us.

因此，就基礎設施成本而言，這些成本基本上已經過去了。

Okay, great.

好的，太好了。

And then also, Kathleen, you're talking about the mine continuing to be a low unit cost mine during this kind of ramp-up period in 2019 and 2020.

另外，凱瑟琳，您說的是，在 2019 年和 2020 年這種增長期內，該礦將繼續保持低單位成本。

Is that -- so I mean -- can we assume then that the total operating cost at Grasberg will decline as you're mining less -- or mining and processing less ore there, so meaning that it seems like the production cost at Grasberg are somewhere around $1.8 billion a year now, and should we assume that in 2019 and 2020, those production costs will decline as, I guess, as the open pit labor in the open pit declines, and you're spending more on capital than on operating cost?

那麼，我們是否可以假設，隨著格拉斯伯格金礦開採量的減少，或者開採和加工礦石量的減少，格拉斯伯格金礦的總運營成本將會下降？

Yes, and the mill rate will also go down in '19 and '20 from where we are today.

是的，19年和20年的稅率也將比現在下降。

So we will have lower absolute cost than we have currently.

因此我們的絕對成本將比現在更低。

And then what I was referring to is really looking at our net unit cash cost after the gold credits will still be our lowest-cost operation in the portfolio and then get to this net credit position that we're enjoying in 2018.

然後我指的是真正關注我們的淨單位現金成本，黃金信用之後這仍將是我們投資組合中成本最低的業務，然後達到我們在 2018 年享受的淨信用狀況。

Right, okay.

好的，好的。

I mean, could you give us a sense as to what we expect the cost to be once you're fully ramped at Grasberg in that, say, in that 2023 to 2027 time period?

我的意思是，您能否告訴我們，一旦格拉斯伯格工廠全面投入生產，比如說在 2023 年至 2027 年期間，預計成本是多少？

Yes.

是的。

Well, we've given a number before being less than $0.60 a pound.

好吧，我們之前已經給出了一個數字，即每磅低於 0.60 美元。

In these earlier years, it will likely be less than that.

在早年，這個數字可能會低於這個數字。

Like I was saying in 2022 currently, we're projecting it to be a net credit.

就像我目前所說的那樣，我們預計 2022 年它將成為淨信貸。

So that was -- the less than $0.60 a pound was more of a life of mine.

所以，每磅不到 0.60 美元對我來說更是一種生活。

But in this period, you're talking about it's likely to be lower than that.

但在這個時期，你說的數字可能會低於這個數字。

Your next question comes from the line of Timna Tanners with Bank of America.

您的下一個問題來自美國銀行的 Timna Tanners。

I hope you don't mind if I change the subject real quick, but wanted to know if you could provide us any new color on the Cerro Verde labor negotiations.

我希望您不介意我快速轉移話題，但我想知道您是否可以為我們提供有關 Cerro Verde 勞資談判的新資訊。

You noted in the release did that's coming up for a decision by the end of August.

您在新聞稿中提到，將於 8 月底做出決定。

Yes, Timna, we're working closely with the union leadership there, discussions are ongoing, all under early negotiation parameters.

是的，蒂姆納，我們正在與那裡的工會領導層密切合作，討論正在進行中，所有討論都在早期談判參數下進行。

So we're cautiously optimistic that all of that is going to come together.

因此，我們謹慎樂觀地認為所有這些都將會實現。

But right now, discussions are ongoing and going well.

但目前，討論正在進行中，並且進展順利。

But it has not been settled.

但問題尚未解決。

There's a lot of labor contracts in South America, and so far we haven't had a sort of disruptions that potentially were there.

南美有很多勞動合同，到目前為止我們還沒有遇到潛在的中斷。

But we've got some big contracts, including ours that's still up in the air.

但是我們有一些大合同，包括我們自己的，但這些合約仍然懸而未決。

Got you.

明白了。

Is it fair to say that if Escondida is delayed or it hits a snag that, that could have a knock-on effect on the Cerro Verde negotiations?

如果埃斯孔迪達計畫延後或遇到障礙，是否會對塞羅韋爾德計畫的談判產生連鎖反應？

Or do you think those are separate?

或者您認為它們是分開的？

Well, I'm always said strikes are contagious diseases.

嗯，我總是說罷工是傳染病。

So it's clearly, union people communicate, watch what's going on.

因此很明顯，工會人員會進行溝通，並關注正在發生的事情。

So we don't have an answer to that question.

所以我們對此問題沒有答案。

But, clearly, there's a relationship.

但顯然，二者之間存在著某種關係。

Okay.

好的。

And then my other question is just if you wouldn't mind helping us understand maybe the parameters around the next move in the dividend.

我的另一個問題是，您是否介意幫助我們了解股利下一步走勢的相關參數。

I know you mentioned that that's something that could be revisited certainly, with strong cash flows.

我知道您提到過，如果現金流強勁，肯定可以重新考慮這一點。

But any sense of how the board's thinking about priorities or what the parameters might be for a further increase?

但您是否了解董事會對優先事項的看法或進一步增加的參數是什麼？

Well, we have expectations, and we're looking forward to further increases.

嗯，我們有期望，並且期待進一步增加。

But we're going to have to get past this current uncertainty with the global economy from all these trade talks to see how that goes.

但我們必須克服當前貿易談判對全球經濟帶來的不確定性，才能知道事情進展如何。

So right now, that's deferred depending on that situation.

因此現在，這取決於具體情況。

And at copper price mean at the higher level.

而銅價則處於較高水準。

Is what you mean by that?

你的意思就是這樣嗎？

That's correct.

沒錯。

Yes, you cut right through the bottom of it.

是的，你直接把它的底部切開了。

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。

Richard, just quick on Lone Star.

理查德，關於孤星，我講得很快。

Where do you stand relative to equipment orders?

您的設備訂單狀況如何？

How much is first copper produced in 2020, first half, second half?

2020年上半年、下半年原銅產量分別是多少？

And have you hired EPCM to look at the sulfide and potential there or any help on prefeasibility on that type of an investment?

您是否已聘請 EPCM 來研究那裡的硫化物和潛力，或對此類投資的預可行性提供任何幫助？

So let's divide it between the 2. The oxide project is now underway.

因此，我們將其分為兩部分。

We're actually -- I mean, it actually looks like a mine now.

我們實際上——我的意思是，它現在看起來確實像一座礦井。

Beginning earlier this year, we began transporting materials.

從今年年初開始，我們就開始運送物資。

So that's under way.

一切正在進行中。

There's not really, right Red, any real significant equipment to go.

是的，紅色，實際上沒有任何真正重要的設備可以使用。

We still have...

我們還有...

It's mainly trucks and shovels and we've got that.

主要有卡車和鏟子，我們有。

Which we own.

這是我們擁有的。

We didn't have to go buy a new one.

我們不需要去買新的。

And so we expect first copper there by 2020.

因此我們預計到 2020 年那裡將產出第一批銅。

Year-end 2020.

2020年年底。

By year-end 2020.

到2020年底。

And so then you turn to the sulfide and right now, it's understanding what it is.

然後你轉向硫化物，現在，了解它是什麼。

I mean, we're -- like I said, we've got 6 exploration oil rigs working out there now.

我的意思是，就像我說的，我們現在在那裡有 6 個勘探石油鑽井平台在運作。

We're analyzing these recent results of our drilling we've done to date.

我們正在分析迄今為止進行的鑽探的最新結果。

We're defining -- the ore body keeps being extended East and West and at depth.

我們正在定義──礦體不斷向東、向西和向深處延伸。

And right now, we're in that stage of understanding what it is.

現在，我們正處於了解它是什麼的階段。

And our development team is beginning to think about what this would be, how large would the initial development be and how you stage that in terms of making sure you have access to the total resource.

我們的開發團隊開始思考這會是什麼，初始開發的規模有多大，以及如何分階段進行以確保能夠存取全部資源。

So it's in the early stage of definition.

因此，它處於定義的早期階段。

And Kathleen, how much of the growth capital that's budgeted for '19 is allocated here at Lone Star, approximately?

凱瑟琳，19 年預算的成長資本中大約有多少分配給了 Lone Star 公司？

I don't have the number right in front of me, but it's probably in the order of $300-plus million.

我手頭上沒有確切的數字，但可能在 3 億多美元左右。

We'll now turn the call back to management for any closing remarks.

現在我們將電話轉回給管理階層，請他們做最後發言。

All right, thanks, everybody, for participating and for your interest and look forward to speaking with you as we go forward.

好的，感謝大家的參與和關注，我們期待與大家交談。

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, you may now disconnect.

感謝您的參與，您現在可以斷開連接。