費利浦·麥克莫蘭銅金 (FCX) 2018 Q3 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 Third Quarter Earnings Conference Call.

歡迎參加自由港麥克莫蘭公司第三季財報電話會議。

(Operator Instructions)

（操作員指令）

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

現在，我想將會議交給執行副總裁兼財務長凱瑟琳·奎克女士。

Please go ahead, ma'am.

請繼續，女士。

Thank you, and good morning.

謝謝，早安。

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

歡迎參加自由港麥克莫蘭公司 2018 年第三季財報電話會議。

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

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

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

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

In addition to analysts and investors, the financial press has been invited to 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 want 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 want 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.

我們希望每個人都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 文件中描述的風險因素。

Richard Adkerson is on the call today as well as Red Conger, Mark Johnson, and Mike Kendrick.

理查德·阿德克森 (Richard Adkerson) 以及雷德·康格 (Red Conger)、馬克·約翰遜 (Mark Johnson) 和邁克·肯德里克 (Mike Kendrick) 都參加了今天的電話會議。

I'll start by briefly summarizing our financial results and then turn the call over to Richard who will be referring to our prepared slides for today's call.

我將首先簡要總結我們的財務結果，然後將電話轉給理查德，他將參考我們為今天的電話會議準備的幻燈片。

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

像往常一樣，在我們發言之後，我們將開始提問。

Today, FCX reported net income attributable to common stock of $556 million or $0.38 per share for the third quarter of 2018.

今天，FCX 公佈 2018 年第三季歸屬於普通股的淨利潤為 5.56 億美元，即每股 0.38 美元。

The results included net gains of $42 million or $0.03 per share, which primarily reflected adjustments to assets held-for-sale and the fair value potential contingent consideration, partly offset by nonrecurring charges associated with the new 3-year collective labor agreement at Cerro Verde.

該業績包括淨收益 4,200 萬美元或每股 0.03 美元，主要反映了對持有待售資產和公允價值潛在或有對價的調整，部分被與 Cerro Verde 新的 3 年期集體勞動協議相關的非經常性費用所抵消。

After adjusting for these net gains, our adjusted net income totaled $514 million or $0.35 per share.

調整這些淨收益後，我們的調整後淨收入總計 5.14 億美元，即每股 0.35 美元。

Our adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA for the third quarter totaled $1.8 billion, and there's a reconciliation of the EBITDA calculation on Page 27 of our slide deck.

我們第三季的調整後息稅折舊攤銷前利潤（EBITDA）總計 18 億美元，我們的幻燈片第 27 頁對 EBITDA 的計算進行了對帳。

We reported strong sales during the quarter.

我們報告本季銷售強勁。

Our copper sales exceeded 1 billion pounds of copper.

我們的銅銷售額超過了10億磅銅。

Gold sales totaled 837,000 ounces and molybdenum sales were 22 million pounds in the third quarter.

第三季黃金銷售總量為 837,000 盎司，鉬銷售總量為 2,200 萬磅。

These sales, the copper sales were 8% higher than our previous guidance, and gold sales were 20% higher, and this principally reflects higher ore grades and operating rates in Indonesia as we mine the final phases of the Grasberg open pit.

這些銷售額，銅銷售額比我們先前的預期高出 8%，黃金銷售額高出 20%，這主要反映了隨著我們開採格拉斯伯格露天礦的最後階段，印尼的礦石品位和營運率更高。

In addition, we are confirming in all material respects our operational outlook guidance in the coming years.

此外，我們正在所有重大方面確認未來幾年的營運前景指引。

Our third quarter average copper price realized was $2.80 per pound, that was below last year's third quarter average of $2.94 per pound.

我們第三季的平均銅價為每磅 2.80 美元，低於去年第三季的平均每磅 2.94 美元。

And our gold average realization was $1,191 per quarter, and that was also below last year's third quarter of $1,290 per ounce.

我們的黃金平均實現價格為每季 1,191 美元，也低於去年第三季的每盎司 1,290 美元。

For the third quarter, our average unit net cash cost for our mines averaged $0.93 per pound, that reflects a strong performance from our global operations and the continued focus on productivity and cost management.

第三季度，我們礦山的平均單位淨現金成本為每磅 0.93 美元，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。

The $0.93 also includes $0.07 per pound of copper associated with nonrecurring charges for the Cerro Verde 3-year labor agreement that I mentioned previously.

0.93 美元還包括每磅銅 0.07 美元，與我之前提到的 Cerro Verde 3 年期勞工協議的非經常性費用有關。

We generated strong operating cash flows in the third quarter, which totaled $1.25 billion.

我們在第三季產生了強勁的經營現金流，總計 12.5 億美元。

And those exceeded capital expenditures of $500 million during the quarter.

本季的資本支出超過了 5 億美元。

We ended the quarter with consolidated cash of $4.6 billion, and consolidated debt of $11.1 billion.

截至本季末，我們的綜合現金為 46 億美元，綜合債務為 111 億美元。

Our net debt at the end of September was $6.6 billion, and that continues with our deleveraging that we've had over the last several quarters.

我們的淨債務在九月底為 66 億美元，而這一狀況隨著我們過去幾季的去槓桿化而持續下去。

We ended the period with a strong liquidity position.

我們以強勁的流動性狀況結束了這段時期。

In addition to our cash position, we also have a $3.5 billion revolving credit facility and have no borrowings under that facility.

除了現金狀況外，我們還有 35 億美元的循環信貸額度，並且在該信貸額度下沒有任何借款。

Our board also declared a quarterly dividend of $0.05 per share under the new policy that was established earlier this year.

根據今年稍早制定的新政策，我們的董事會還宣布每股 0.05 美元的季度股息。

And that dividend will be paid -- that quarterly dividend will be paid on November 1.

該股息將於 11 月 1 日支付——季度股息將於 11 月 1 日支付。

I'll now turn the call over to Richard who'll be providing additional details and referring to our slide presentation materials.

現在我將把電話轉給理查德，他將提供更多詳細資訊並參考我們的幻燈片簡報資料。

Good morning, everyone.

大家早安。

As we'll be talking about, as I do review these highlights, it's been a very active quarter for us here at FCX.

正如我們將要討論的，當我回顧這些亮點時，這對 FCX 來說是一個非常活躍的季度。

Results from our global mining operations have been solid.

我們的全球採礦業務業績穩健。

Our teams continue to execute our plan in a very -- plans in a very effective way.

我們的團隊繼續以非常有效的方式執行我們的計劃。

In Indonesia, we had an important milestone in our -- in progressing our efforts to reach stabilization of our business there in terms of our negotiation for the government, with the signing of definitive divestment agreements on September 27.

在印度尼西亞，我們在與政府的談判中取得了重要的里程碑——9 月 27 日簽署了最終的撤資協議，以努力穩定當地的業務。

Operations -- current operations in Papua have been strong, and we've made important progress in transitioning the Grasberg orebody mining from open pit to underground, so we'll talk about that.

營運 - 目前在巴布亞的運作狀況良好，我們在將格拉斯伯格礦體開採從露天轉為地下方面取得了重要進展，所以我們將討論這一點。

We are continuing our sharp focus on the important things about our business to build shareholder value.

我們將繼續高度關注業務的重要事項，以創造股東價值。

Our unit net costs are $0.93 a pound, significantly below last year and in line with our plans.

我們的單位淨成本為每磅 0.93 美元，遠低於去年，且符合我們的計劃。

It does reflect for the 9 months $0.02 as a result of the successful settlement of our labor situation at Cerro Verde in Peru, so that was very good.

由於我們成功解決了秘魯塞羅韋爾德的勞工問題，這 9 個月的收益確實為 0.02 美元，所以這非常好。

Operating cash flows exceeded CapEx in the third quarter by $740 million over -- about $2.5 million.

第三季營運現金流超過資本支出 7.4 億美元，約 250 萬美元。

To date, net debt as Kathleen mentioned, is down $2 billion from the start of the year.

正如凱瑟琳所說，到目前為止，淨債務較年初減少了 20 億美元。

And this agreement with INALUM is really important.

與INALUM達成的這份協議確實非常重要。

It establishes the path to reaching long-term stability and derisk our operations over the long term in Indonesia.

它為我們在印尼實現長期穩定和降低長期營運風險奠定了基礎。

We're going to talk about Lone Star.

我們將要討論的是孤星。

I mean, we're very excited about it in terms of the future of our company.

我的意思是，就公司的未來而言，我們對此感到非常興奮。

And this is an orebody that's been identified for decades but we're doing a lot of core drilling and the more we drill, the more optimistic we get about this orebody becoming a world-class mining operation in the future.

這個礦體已經被確認了幾十年，但我們做了大量的核心鑽探，鑽探越多，我們就越樂觀地認為這個礦體將來會成為世界級的採礦作業。

It's growing now and has the potential to grow in the future.

它現在正在成長，未來還有成長的潛力。

Slide 2, copper markets.

幻燈片 2，銅市場。

It's a paradox.

這是一個悖論。

I'd be frank with you, it's a paradox right now.

我可以坦白告訴你，現在這是一個悖論。

Physical markets are tight.

實體市場緊張。

Fundamental drivers remain very positive.

基本面驅動因素仍然非常正面。

And yet, sentiment about the commodity and about companies like ours and the investor marketplace is what it is.

然而，對於商品、對於我們這樣的公司、投資者市場的看法就是如此。

And you know their concerns about global growth in China and so forth.

你知道他們對中國等全球經濟成長的擔憂。

But when you look at the fundamentals and look at this drop in global copper exchange stocks and to see the copper price in that slide parallel each other is very unusual in our industry.

但當你觀察基本面並觀察全球銅交易所庫存的下降時，你會發現銅價同時下滑，這在我們的行業中是非常不尋常的。

Typically, when inventory stocks drop and they're also dropping at our customers, that indicates higher copper prices but that's not what we experienced since June.

通常，當庫存下降並且客戶的庫存也在下降時，這表示銅價上漲，但這並不是我們自六月以來所經歷的情況。

But when you look at the fundamentals, U.S. construction and manufacturing remain positive.

但從基本面來看，美國建築業和製造業仍保持積極動能。

Europe is steady and positive.

歐洲穩定、積極。

A large Chinese fabricator is running at high rates.

中國一家大型製造商正在高速開工。

Our customers have strong order books for us in the United States and business in China is good.

我們的客戶在美國有大量的訂單，而且在中國的業務也很好。

Cathode availability is tight globally.

全球範圍內陰極供應緊張。

There's issues with smelters disruptions in Chile and elsewhere in India.

智利和印度其他地區的冶煉廠出現中斷問題。

China's constraining scrap.

中國限制廢料。

Global stocks are down 40% since the copper price was well over $3, $3 -- almost $3.30 in early June and this is the multiyear low stocks.

自銅價超過 3 美元以來，全球庫存已下跌 40%，6 月初為 3 美元至近 3.30 美元，這是多年來最低的庫存。

But speculators are bearish on sentiment and micro drivers and this is having a significant impact on price.

但投機者對情緒和微觀驅動因素持悲觀看法，這對價格產生了重大影響。

Long-term fundamentals are becoming increasingly strong.

長期基本面日益強勁。

Deficits are inevitable, absent a significant downturn in China and the global economy.

如果中國和全球經濟不出現嚴重衰退，赤字是不可避免的。

And a lot of positives are happening in terms of alternative energy generations, electric vehicles and so forth for our projects.

我們的計畫在替代能源、電動車等方面都取得了許多積極的進展。

Now what's this doing to us?

這對我們有什麼影響？

This uncertainty is causing us certainly to slow down our long-term plans to develop our resources.

這種不確定性肯定會導致我們放慢開發資源的長期計畫。

I mean, we're going to defer those investment decisions until there's clarity in the marketplace.

我的意思是，我們將推遲這些投資決策，直到市場明朗起來。

We're continuing to work on them, do preparation for them.

我們正在繼續努力，為它們做好準備。

We're optimistic about them, but the situation is causing us to defer and I believe it will cause other companies to defer.

我們對他們持樂觀態度，但這種情況導致我們推遲，我相信這會導致其他公司推遲。

And that will add to this impending supply gap situation for the industry.

這將加劇該產業即將出現的供應缺口。

So as I said, it's a paradox.

正如我所說，這是一個悖論。

I was in London for LME Week.

我去倫敦參加了倫敦金屬交易所週活動。

Most industry executives I talked to there and on the business roundtable believe that this trade situation will get resolved in a way that doesn't disrupt the global economy, but investors are skeptical and that's what we have to deal with in terms of the current situation.

我在那裡和商業圓桌會議上交談過的大多數行業高管都認為，這種貿易局勢將以不會擾亂全球經濟的方式得到解決，但投資者持懷疑態度，而這正是我們在當前形勢下必須處理的問題。

A slide that we commonly show or have shown for many years is on Page 5 and it makes an important information here.

我們通常展示或已經展示多年的幻燈片在第 5 頁，它在這裡提供了重要的資訊。

It's very difficult to replicate a world-class resource.

世界級的資源很難複製。

The industry is supply-constrained.

該行業供應受限。

Discoveries are rare.

發現非常罕見。

There's 7- to 10-year lead times to develop new projects.

開發新專案的準備週期為7至10年。

And when you go down this list of the day's major copper mines in terms of reserves and production, you see Escondida and Grasberg in the '80s, Las Bambas in 2000s and then other mines are 100 years old or more.

如果你按照儲量和產量來查看當今主要銅礦的名單，你會看到 Escondida 和 Grasberg 銅礦建於 80 年代，Las Bambas 銅礦建於 21 世紀，而其他銅礦則都有 100 年甚至更久的歷史。

And with all the activity that's gone on since the super cycle started in 2003, there haven't been new additions to these charts.

自 2003 年超級週期開始以來，儘管活動不斷，但這些排行榜上並沒有增加新內容。

We think Lone Star's going to be on this chart at some point, but it's important for our industry to note this issue of supply challenges.

我們認為 Lone Star 最終會出現在這個圖表上，但對於我們的產業來說，專注於供應挑戰問題非常重要。

And that points to the strength of our company with our strong current production levels and our future resources.

這顯示我們公司擁有雄厚的實力，擁有強大的當前生產水準和未來資源。

So operations update on Page 6. As I talked about, we're focused on productivity and cost management.

因此，第 6 頁是營運更新。

We've had some success with that.

我們在這方面取得了一些成功。

There's some cost inflation, but we've largely been able to offset that through efficiency moves and you can see that in our numbers.

存在一些成本膨脹，但我們基本上能夠透過提高效率來抵消這一影響，您可以從我們的數據中看到這一點。

Our production and cost outlook is stabilizing as we see going forward.

我們預計未來生產和成本前景將趨於穩定。

In 2016, 2017, because of low copper prices and to some degree, because of the situation of our company, we cut back cost.

2016年、2017年因為銅價低，一定程度上也考慮到我們公司的狀況，我們削減了成本。

We constrained maintenance capital.

我們限制了維護資本。

We were focused on cost principally.

我們主要關注的是成本。

Now we're looking to -- and you see this in our numbers in 2018, in the Americas, we're looking to maintain our production volumes going forward.

現在我們希望——您可以從我們 2018 年的數據中看到這一點，在美洲，我們希望未來能夠保持產量。

We had cut mining rates, and now we're increasing mining rates and that's involved some cost inherently.

我們已經降低了採礦率，現在我們又在提高採礦率，這本身就涉及一些成本。

But now as we look forward to our plans, we think our costs are stabilized.

但現在，當我們展望我們的計劃時，我們認為我們的成本已經穩定了。

And we do think we're going to be able to manage cost inflation in an effective way.

我們確實認為我們能夠有效地管理成本通膨。

So that's an important part of what we're doing in operation.

這是我們營運工作的一個重要部分。

We'll talk more about Lone Star, but beyond that, we're evaluating our project pipeline to consider alternatives, rank them, make decisions about what we might do in the future.

我們將更多地談論孤星，但除此之外，我們正在評估我們的專案管道，以考慮替代方案、對它們進行排序，並決定我們未來可能會做什麼。

We're going to remain disciplined, and we have the chance, the opportunities to do low risk capital expansions when the market is right for doing that.

我們將保持紀律，並且當市場適合時，我們就有機會進行低風險的資本擴張。

So in Indonesia, you can see we had really strong performance in the third quarter and year-to-date in 2018.

因此，在印度尼西亞，您可以看到我們在 2018 年第三季和年初至今的表現非常強勁。

After an extended period of time of issues associated with our workforce, some of our operating systems and with security issues, we are now operating in a very effective way.

在經歷了一段較長時間的與員工、部分作業系統和安全問題相關的問題之後，我們現在可以非常有效地運作。

Safe operations, strong production, making progress on the things that we need to address.

安全運行，強勁生產，各項工作正在紮實推進。

That we're mining the final phase of the Grasberg open pit in the fourth quarter of this year.

我們將在今年第四季進行格拉斯伯格露天礦場的最後階段開採。

I was there when we were drilling the core holes in 1988.

1988 年我們鑽探岩心孔的時候我在場。

It's amazing to think about here we are, finishing the pit.

想想看，我們現在已經挖完了這個坑，真是太神奇了。

We're going to extend operations in the pit into '19 by mining.

我們將透過採礦將礦井作業延長至2019年。

Our guys came up with a great idea.

我們的傢伙想出了一個好主意。

We had some haul truck ramps that have some high-grade ore in it, and so we were originally just going to abandon those and mine that ore from the underground.

我們有一些運輸卡車坡道，裡面有一些高品位礦石，所以我們最初打算放棄它們並從地下開採礦石。

Now, we're going to go back in, in the first half of the year and access some of those high-grade sections of the haul roads and mine that.

現在，我們將在上半年重返那裡，進入一些運輸道路的高等級路段並進行開採。

By mid-2019, we'll be complete in the pit.

到 2019 年年中，我們將完成該坑的挖掘。

And it will be -- it's significantly winding down now and going forward.

而且它將會——現在和將來都會顯著減少。

At the Deep MLZ mine, which is an important mine for our future, it's separate from the Grasberg Block Cave mine, which really has the bulk of our reserves over the remaining life -- remaining terms of our operating life, to 2041.

Deep MLZ 礦場對我們的未來非常重要，它與 Grasberg Block Cave 礦場是分開的，而後者實際上擁有我們剩餘壽命（到 2041 年）內大部分的儲量。

This Deep MLZ is a great mine.

這個 Deep MLZ 是一座很棒的礦場。

It's a separate mineralization area that started with the Ertsberg pit years ago, and we began block caving that mineralization area in the early 1980s actually.

這是一個獨立的礦化區，幾年前由 Ertsberg 礦坑開始開採，實際上我們在 20 世紀 80 年代初就開始對該礦化區進行分塊崩落開採。

And as we commenced this in 2016, 2017, we started experiencing, for the first time in our operation, these mining-induced seismic events.

當我們在 2016 年、2017 年開始這項計畫時，我們在營運過程中第一次經歷了由採礦引起的地震事件。

To address that, we're using a procedure of using hydraulic fracturing of the rock to manage seismicity and precondition the cave.

為了解決這個問題，我們採用了水力壓裂岩石的方法來控制地震並對洞穴進行預處理。

This is done in South America and Chile.

南美和智利已經完成了這項工作。

It's not complicated technology.

這並不是什麼複雜的技術。

It's established.

已經成立了。

And we've begun that process and to date, it's being effective in doing what we want it to do.

我們已經啟動了這一進程，到目前為止，它正在有效地做我們想要它做的事情。

So it's given us increased confidence, derisk our plans for the mid-2019 startup of caving in the Deep MLZ.

因此，它給了我們更大的信心，降低了我們 2019 年中期在 Deep MLZ 啟動洞穴探險計劃的風險。

With the Grasberg Block Cave, after years of investment plans, our infrastructure is now in place.

經過多年的投資規劃，格拉斯伯格礦洞的基礎設施現已到位。

We're successfully testing a new underground rail system an ore flow system.

我們正在成功測試新的地下鐵路系統和礦石流動系統。

We've conducted initial blast for undercutting during the third quarter.

我們在第三季已經進行了初步的削價打擊。

Rock testing confirms that this rock is suitable.

岩石測試證實該岩石是適用的。

It's the same ore that we've been mining since 1990 in the Grasberg open pit and is suitable for really effective block cave mining.

它與我們自 1990 年以來在格拉斯伯格露天礦場開採的礦石相同，適合真正有效的塊狀洞穴採礦。

And our company is the world's leader in underground mining, because of all the experience we have.

由於我們擁有豐富的經驗，我們公司是世界地下採礦領域的領導者。

In terms of scale, this is going to be the largest underground operation ever done.

從規模上看，這將是有史以來規模最大的地下作業。

But in terms of the technical challenges, is things we've worked with for years, we're very comfortable in doing it.

但就技術挑戰而言，這是我們多年來一直致力於解決的事情，我們對此感到非常滿意。

So Lone Star.

所以是孤星。

Those of you who followed us know that this Lone Star resource is located in Eastern Arizona, adjacent to our Safford mine, which began operations -- was beginning operations 11 years ago when we acquired Phelps Dodge and now the Safford oxide ore is declining production.

關注我們的人都知道，孤星資源位於亞利桑那州東部，毗鄰我們的薩福德礦，該礦 11 年前在我們收購菲爾普斯道奇時就開始運營，現在薩福德氧化礦的產量正在下降。

And so we have excess processing facilities that we are going to use in mining oxide ore from Lone Star.

因此，我們擁有多餘的加工設施，我們將用它們來開採孤星礦的氧化礦。

We're stripping this.

我們正在剝離這個。

You can see the pictures of the progress we made.

您可以看到我們取得的進展的圖片。

By stripping it year-end 2017, reserves were 4.4 billion pounds of copper.

截至 2017 年底剝離後，銅儲量為 44 億磅。

Only oxides, it's a $850 million project.

僅氧化物，這就是一個價值8.5億美元的項目。

We're well into it, and it's got 200 million pounds annually of production for 20 years.

我們已經深入其中，20 年來每年的產量為 2 億磅。

Now as we drill this orebody, the oxide resources are expanding.

現在，隨著我們對該礦體的鑽探，氧化物資源正在擴大。

And this has given us some opportunities.

這也給了我們一些機會。

And then we had previously drilled an underlying, what appears to be very large sulfide resource and our current drilling is confirming this and extending the sulfide resource.

然後，我們之前鑽探了一個潛在的、看似非常大的硫化物資源，我們目前的鑽探正在證實這一點，並擴大硫化物資源。

So what we're doing now with the oxide project is, in essence, stripping this material to expose what could be a world-class sulfide resource.

因此，我們現在進行的氧化物專案本質上就是剝離這種材料，以暴露出可能是世界級的硫化物資源。

Morenci is just over the mountains, very nearby.

莫倫西 (Morenci) 就在山那邊，非常近。

This has the potential to be in a Morenci-type orebody in the future, and it's going to be a key part of FCX's future going forward.

這有可能在未來成為莫倫西型礦體，並將成為 FCX 未來發展的關鍵部分。

So returning back to PT-FI in Indonesia.

所以回到印尼的 PT-FI。

Here's where we stand.

這就是我們的現狀。

As Kathleen said, there are no significant changes today to our previous outlook.

正如凱瑟琳所說，今天我們之前的展望沒有重大變化。

Activities during this quarter have, in our view, derisked to a significant degree our ability to achieve this.

我們認為，本季的活動已在很大程度上降低了我們實現這一目標的能力。

But we will have, as we complete any mining activities from the pit in mid-2019, we'll have 2 transition years in terms of achieving production rates for the Deep MLZ and ramping up the Grasberg Block Cave.

但是，隨著我們在 2019 年中期完成礦坑的所有採礦活動，我們將有兩年的過渡期來實現 Deep MLZ 的生產率並提高 Grasberg Block Cave 的生產率。

And when I say ramping up, you see the rust red part of these slides showing the block cave ramping up.

當我說到逐漸上升時，您會看到這些幻燈片中銹紅色的部分顯示了塊狀洞穴逐漸上升。

The purple slides above that showing the Deep MLZ mine ramping up, and that's supplemented by the existing DOZ mine, which is above the Deep MLZ mine, which is in its decline phase.

上面的紫色幻燈片顯示深層 MLZ 礦井正在上升，並由現有的 DOZ 礦井補充，該礦井位於深層 MLZ 礦井上方，處於衰退階段。

So we will have very significant copper and gold this year.

因此，今年我們的銅和金將會非常重要。

We'll have a couple of years, you can see all the numbers here shown for you below this chart.

我們將會用幾年的時間，你可以在此圖表下方看到顯示的所有數字。

And then we'll be reaching the levels that we will have for our long-term mine operations when all of this is fully developed and operating as planned.

當所有這些都完全開發並按計劃運行時，我們將達到長期礦山運營的水平。

And that extends through 2041.

且該期限將延續至 2041 年。

This will be one of the world's largest copper mines, big gold mine, very attractive economics because of mixture of both long-term, low-cost operations.

這將是世界上最大的銅礦之一，也是大型金礦，由於結合了長期、低成本的運營，經濟效益非常誘人。

So the agreement with INALUM.

因此與INALUM達成了協議。

The agreement with INALUM that we signed on September 27, in my view, is very important, and it's very positive outcome for all parties.

我認為，我們在 9 月 27 日與 INALUM 簽署的協議非常重要，對各方來說都是非常積極的結果。

And when I say all parties, that includes the government.

當我說所有政黨時，包括政府。

Its state-owned company, INALUM, achieving objectives that they had clearly communicated to us over the years.

其國有企業 INALUM 實現了多年來向我們明確傳達的目標。

Our joint venture partner, Rio Tinto, is achieving -- will be achieving its objective of exiting this asset.

我們的合資夥伴力拓集團正在實現—將會實現退出該資產的目標。

They were facing divestment in any event.

無論如何，他們都面臨撤資。

They have negotiated a valuation that's acceptable both to them and to the government.

他們已經協商達成一個他們和政府均能接受的估價。

And then to our shareholders.

然後是我們的股東。

I will tell you this, I'm much more pleased about where we are today than what I expected to be last year when we signed the framework agreement.

我可以告訴你，我對我們現在的狀況比去年我們簽署框架協議時我所預期的要滿意得多。

And the reason for that was the key to this being so positive for all the partners actually was Rio Tinto's decision to sell.

而造成這一結果的關鍵因素實際上是力拓的出售決定，這對所有合作夥伴來說都是如此積極。

The government acquiring Rio Tinto's interest will ultimately be a 40% interest.

政府收購力拓的權益最終將達40%。

We're only having to divest and effect it just over 5% interest in the property a year ago.

一年前，我們僅剝離了該房產中超過 5% 的權益。

We thought we might have to invest 27%.

我們認為我們可能必須投資 27%。

So that avoided a very difficult valuation negotiation and so forth.

這樣就避免了非常困難的估值談判等等。

At the end of the day, PT-FI, the Indonesian subsidiary, will get bigger.

最終，PT-FI 的印尼子公司將會變得更大。

Previously, it was a joint venture partner with Rio Tinto.

此前，它是力拓的合資夥伴。

Now Rio Tinto's interest will come into PT-FI.

如今力拓的權益將進入PT-FI。

PT-FI will then have the total operations.

PT-FI 將擁有全部營運業務。

The shareholder own -- and it will continue as an entity.

股東擁有—並且它將作為一個實體繼續存在。

The shareholder ownership interest will be 51% INALUM, 49% FCX.

股東所有權權益為 INALUM 51%、FCX 49%。

We have agreed on a shareholder arrangement that protects the economics that FCX had under the Rio Tinto joint venture agreement.

我們已就股東安排達成一致，以保護FCX在力拓合資協議下的經濟利益。

So we will be getting substantially all of the production through 2022.

因此，到 2022 年，我們將完成基本全部產量。

We've agreed on a corporate governance operating structure where we will be partners with INALUM in terms of the corporate structure, but there will be a shareholders' agreement that will grant FCX control over an operating committee to ensure that operations are run in a consistent way with what we've done now and consistent with the long-term mine plan that we've agreed to.

我們已就公司治理營運結構達成一致，在公司結構方面，我們將與INALUM合作，但將有一份股東協議，授予FCX對營運委員會的控制權，以確保營運方式與我們現在所做的一致，並符合我們同意的長期礦山計劃。

We will have extension of rights through 2041 with assured fiscal and legal terms, and legal enforceability.

我們將把權利延長至 2041 年，並確保財政和法律條款以及法律的可執行性。

And there are no significant changes in those terms from our contract of work.

我們的工作合約中的這些條款沒有重大變化。

So all of this comes together that gives us a very positive deal.

所有這些結合起來為我們帶來了一項非常積極的協議。

Now one thing that I believe is very important is by having INALUM as a 51% partner, and they are -- they seem to be on the verge of commencing the activities of raising the bond financing to finance this acquisition from Rio Tinto, is that we'll now have an alignment of interest between the government in Indonesia and Freeport.

現在，我認為非常重要的一件事是讓 INALUM 作為 51% 的合作夥伴，他們——他們似乎即將開始籌集債券融資以資助從力拓收購的這筆交易，我們現在將實現印尼政府和自由港之間的利益一致。

They will want to see the operations run with stability because they'll need cash flows to fund this significant debt they're taking on.

他們希望看到業務穩定運行，因為他們需要現金流來為他們承擔的巨額債務提供資金。

And the market's being very positive -- appears to be very positive in terms of being receptive to this bond offering.

市場對此次債券發行的接受度似乎非常正面。

And so they'll want to see the operation run smoothly, to generate cash flows, to service their debt and generate dividends.

因此，他們希望看到營運順利進行，產生現金流，償還債務並產生股息。

So I believe firmly that this will create a better overall environment for operations than what we've experienced in recent years because of the divergence of opinions and views about what we should be doing now.

因此，我堅信，這將為我們創造一個比我們近年來所經歷的更好的整體營運環境，因為對於我們現在應該做什麼，存在著意見和觀點的分歧。

I think we're all going to be, together, aligned and that will be helpful.

我認為我們大家將團結一致，這將會很有幫助。

So we have a very diversified global set of assets.

因此，我們擁有非常多元化的全球資產。

We're in a leadership position.

我們處於領導地位。

An important feature of our company is we operate all the assets that we own interest in, that gives us significant operational synergies, shared resources.

我們公司的一個重要特點是，我們經營自己擁有權益的所有資產，這為我們帶來了顯著的營運協同效應和資源共享。

We can allocate capital in a way that's prudent and effective.

我們可以以審慎、有效的方式分配資本。

Large, long-term production capacity with long-term expansion.

擁有龐大、長期的生產能力並具備長期擴張的能力。

3/4 of our reserves and resources are located in North America and South America.

我們的3/4儲量和資源位於北美和南美。

In today's world, that's a positive.

在當今世界，這是一件正面的事情。

We've got a great team experienced in operations, project development, execution, innovation leadership in the industry.

我們擁有一支在產業營運、專案開發、執行和創新領導方面經驗豐富的優秀團隊。

And in the United States, we benefit from the improved regulatory environment, but it's also because of the tax situation.

在美國，我們受益於改善的監管環境，但這也歸功於稅務狀況。

One consequence of the long gas deal was a very large tax loss carryforward, which means we're not going to pay taxes in the United States for many years.

長期天然氣協議的一個後果是巨額稅收虧損結轉，這意味著我們多年內都不用在美國納稅。

And the recent tax reform act actually drops the effective tax rate for our companies -- for our company, absent the NOL, to around 10%.

最近的稅收改革法案實際上將我們公司的實際稅率（對於我們公司而言，不包括 NOL）降低到了 10% 左右。

That's a big difference from what you face internationally.

這與國際上面臨的情況有很大不同。

So that's going to be very positive for us in terms of looking at Indonesia.

因此，就我們觀察印尼而言，這將非常積極。

Now market valuations.

現在市場估值。

Market valuation, I've been around long enough to know that's just what it is.

市場估值，我已經在這個領域待了很長時間，知道它就是這個樣子。

But the one thing the way we've looked at this recently, to think about, some thoughts about the valuation of our assets, is recognizing, going back to that chart of the major mines where we have 3 of today's major mines, that the portfolio that FCX have is very difficult to replicate.

但是，我們最近看待這個問題的方式是，思考一下我們資產估值的一些想法，回顧主要礦山的圖表，其中我們有 3 個當今的主要礦山，FCX 擁有的投資組合很難複製。

Our copper equivalent capacity through our equity shares is about 4.5 billion pounds of copper a year.

我們透過股權獲得的銅當量產能約為每年 45 億磅銅。

When we look through projects around the world that we're looking at and others are looking at, we say it's $8 to $10 a pound to develop capacity.

當我們查看我們正在研究的和其他人正在研究的全球項目時，我們說開發產能的成本為每磅 8 到 10 美元。

And that means on that simple [hall] of a metric that the implied replacement cost for our current capacity is on the order of plus or minus $40 billion.

這意味著，按照這個簡單的指標，我們目前產能的隱含替換成本大約是正負 400 億美元。

Just a thought for you guys to look at, but that's where we are.

這只是一個供大家看看的一個想法，但這就是我們所處的狀態。

Okay, so 2018 outlook is unchanged from previous guidance.

好的，2018 年的展望與先前的指引相同。

Copper at 3.8 billion pounds.

銅價為38億磅。

Gold's a bit higher at 2.45 million pounds (sic) [2.45 million ounces].

黃金價格略高，為 245 萬磅 [245 萬盎司]。

Molybdenum, 95 million pounds.

鉬，9500萬磅。

Site production cost reflecting this $0.02 special item at Cerro Verde for the labor settlement's in line with where we are before.

現場生產成本反映了 Cerro Verde 的勞工結算這一 0.02 美元的特殊項目，與我們之前的情況一致。

After by-product credit's just over $1.

副產品信用額度剛好 1 美元。

Operating cash flow's at $2.85 for copper for the fourth quarter, that would be 4.2 billion pounds -- $4.2 billion.

第四季銅的經營現金流為 2.85 美元，即 42 億磅——42 億美元。

We are going to have some tax -- essentially, tax-related working capital uses totaling about $500 million in the fourth quarter.

我們將會產生一些稅收——基本上，第四季與稅收相關的營運資金使用總額約為 5 億美元。

And we, of course, have very highly leveraged copper prices for the fourth quarter, $0.10, means just over $100 million to us.

當然，我們第四季的銅價槓桿率非常高，0.10 美元對我們來說意味著 1 億美元多一點。

No real changes in our capital expenditures from previous guidance.

我們的資本支出與先前的指引相比沒有實際變化。

And so we're basically confirming the guidance we've given you previously.

因此，我們基本上確認了我們先前給您的指導。

Sales profiles are presented on Slide 12.

銷售概況展示在投影片 12 上。

We've essentially brought forward some copper from the fourth quarter into the third quarter this year.

我們基本上將部分銅的供應從今年第四季提前到了第三季。

We always try to do that.

我們始終嘗試這麼做。

We'll try to do it in the fourth quarter.

我們將努力在第四季實現這一目標。

But for the year, our -- we were up in the third quarter, keeping our year guidance consistent with where we are.

但就今年而言，我們的第三季業績有所成長，保持了全年預期與當前水準一致。

And you can see how the outlook goes for copper, gold and molybdenum.

您可以看到銅、金和鉬的前景如何。

When we look at the cash flow generating capacity of our company on Slide 13.

當我們在第 13 張投影片上查看我們公司的現金流量產生能力時。

We are showing this to show the transition years, '19 and '20, and then the average for the years after transition, '20 and '21 -- '21, '22.

我們展示這個是為了展示過渡年份，即 19 年和 20 年，以及過渡後年份的平均值，即 20 年和 21 年——21 年、22 年。

And EBITDA would be $4.3 billion at $3 copper, $7.1 billion for '21, '22 at $3 copper.

如果銅價為 3 美元，EBITDA 將達到 43 億美元；如果銅價為 3 美元，則 21、22 年的 EBITDA 將達到 71 億美元。

Operating cash flow's just over $3 billion to $4.7 billion.

營運現金流略高於 30 億美元至 47 億美元。

And the $3.50, that grows significantly to EBITDA of $5.9 billion for the transition years, and over $9 billion for the subsequent years with cash flows, $4.3 billion to $6.4 billion.

這 3.50 美元將大幅成長，過渡期內 EBITDA 將達到 59 億美元，隨後幾年將超過 90 億美元，現金流將達到 43 億美元至 64 億美元。

So our company's characterized by the ability to generate very strong cash flows from our existing production facilities.

因此，我們公司的特點是能夠利用現有的生產設施產生非常強勁的現金流。

Capital expenditures, really no changes from what we've talked about.

資本支出，實際上與我們談論的沒有什麼變化。

We had a plan, we're sticking with it.

我們有一個計劃，我們會堅持它。

Financial policy, Kathleen talked about net debt being at $6.6 billion at the end of September.

在財務政策方面，凱瑟琳談到 9 月底的淨債務為 66 億美元。

In early 2016, we had set a plan to reduce our $20 billion of debt at that time by $5 billion to $10 billion over 2 years.

2016年初，我們制定了一項計劃，在兩年內將當時200億美元的債務減少50億美元至100億美元。

We've already done $13.6 billion.

我們已經投入了 136 億美元。

And so we've really come a long way in addressing Freeport's balance sheet issue and we have a strong financial situation now after this strong deleveraging over the past 2 years.

因此，我們在解決自由港的資產負債表問題上確實取得了很大進展，經過過去兩年的強力去槓桿，我們現在的財務狀況良好。

And so we are, as I said, looking forward, continue to strengthen our balance sheet.

因此，正如我所說，我們期待繼續加強我們的資產負債表。

We have reinstated the dividend, we're looking forward to the time of paying higher dividends.

我們已經恢復派發股息，我們期待派發更高股息的那一刻。

We've got growth opportunities.

我們有成長機會。

We're going to be very disciplined about when we undertake those.

我們將非常嚴格地執行這些任務。

We're going to need to see clarity in the marketplace.

我們需要看到市場的清晰明朗。

Some of these uncertainties resolved.

其中一些不確定性已經解決。

And we'll continue to review this financial policy as we go forward.

我們將在未來繼續審查這項財務政策。

But I'm really pleased with the way our company is really set up for future success with our global portfolio of copper assets.

但我對我們公司利用全球銅資產組合未來成功的方式感到非常滿意。

Copper is very attractive.

銅非常有吸引力。

When you look at long-term fundamental market outlook, that's something you hear from a lot of others in the industry.

當你審視長期的基本市場前景時，你會從業內許多人那裡聽到這樣的言論。

With our company, we have strong margins and cash flows, long lived reserves, good development opportunities, geographically diverse with 75% of our future appearing to come from the Americas, and we've got a great organization that's experienced and had success.

我們公司擁有強勁的利潤和現金流、長期儲備、良好的發展機會，地理分佈廣泛（75% 的未來客戶似乎來自美洲），我們擁有經驗豐富、取得成功的優秀組織。

Now we've addressed our balance sheet, I believe the Indonesian overhang issue has been addressed.

現在我們已經解決了資產負債表問題，我相信印尼的懸而未決的問題已經解決。

We'll say we're no longer debating issues in Indonesia.

我們會說我們不再討論印尼的問題。

We do have to complete some documentations of our agreements prior to closing.

我們確實必須在結束之前完成一些協議文件。

We expect closing to occur if not at the end of 2018, in very early 2019.

我們預計，如果不在 2018 年底完成交易，也將在 2019 年初完成。

And today, I would suggest that our value attraction is -- our valuation is attractive in light of all these other factors.

今天，我想說的是，我們的價值吸引力是——考慮到所有這些其他因素，我們的估值具有吸引力。

And we are looking forward to outperforming and committed to that.

我們期待並致力於超越這一點。

So I will open the line for questions.

因此我將開放熱線來回答您的提問。

I look forward to responding to any questions you may have.

我期待回答您的任何問題。

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

（操作員指示）我們的第一個問題來自德意志銀行的克里斯·特里。

Richard and Kathleen, first one I had is just on the capital allocation decision going forward.

理查和凱瑟琳，我首先要問的是關於未來的資本配置決策。

I think you'd mentioned previously that you wanted to get net debt below $5 billion, $5 billion is your target?

我記得您之前提到過，您希望將淨債務降至 50 億美元以下，50 億美元是您的目標嗎？

So can you just talk through where you want the balance sheet to be at?

那麼您能談談您希望資產負債表位於何處嗎？

And then leading on from that, if you believe in copper, you've talked about the fundamentals and how you see it playing going forward, will you invest in new projects and potentially look at M&A, et cetera, if the settlement remains bearish, i.e., will you continue down the path that you see as the right way to add value even if investment sentiment isn't in the market for the next year or so?

然後從這個角度出發，如果您相信銅，您已經談論了基本面以及您如何看待它未來的發展，如果和解協議仍然看跌，您會投資新項目並可能考慮併購等嗎？ 也就是說，即使未來一年左右市場投資情緒不高，您是否會繼續沿著您認為正確的增值方式前進？

That's the first question.

這是第一個問題。

Chris, I'll take the first part of that and let Richard address the second part.

克里斯，我將負責第一部分，讓理查德負責第二部分。

Our net debt target has been reached.

我們的淨債務目標已經達到。

We had set out to get net debt to $10 billion and we reached that last year.

我們的目標是將淨債務降至 100 億美元，去年我們實現了這個目標。

And so now we're just continuing to strengthen the balance sheet.

所以現在我們只是繼續加強資產負債表。

We've initiated the dividend to shareholders.

我們已經開始向股東派發紅利。

We'll continue to look at capital allocation and return to shareholders, but we feel good about the net debt that we currently have, and that is below our target.

我們將繼續關注資本配置和股東回報，但我們對目前的淨債務感到滿意，這低於我們的目標。

So Chris, with respect to your second question, we're going to prepare ourselves for future investments, we got a number of alternatives and we're going through a ranking process to decide sort of which one to focus in on first.

克里斯，關於你的第二個問題，我們將為未來的投資做好準備，我們有很多選擇，我們正在透過排名過程來決定首先關注哪一個。

And we'll do that.

我們會這麼做。

I would say, thinking about what you said, to me, this is not a question of investor sentiment.

我想說，考慮到你所說的話，對我來說，這不是投資者情緒的問題。

But it's really a question of where is this world heading?

但這其實是一個問題：這個世界將走向何方？

On one hand if, and this is a consensus view of business people I talk to, that all of these issues between the U.S. and China today is posturing, creating a lever to try to address some fundamental industrial policy issues in China, and many people believe that there will be a resolution of that similar to what we just went through with NAFTA and so forth, that it's a question of style and strategy to reach a settlement, then that's one thing.

一方面，如果——這也是我採訪過的商業人士的共識——認為今天美國和中國之間的所有這些問題都是一種姿態，為解決中國的一些基本產業政策問題創造了一種槓桿，而且許多人相信，這些問題的解決方案與我們剛剛經歷的北美自由貿易協定等類似，達成和解只是一個方式和策略的問題，那麼這就是一回事了。

Because if that's reached, then the underlying economies are still really strong in China and globally, particularly in United States.

因為如果達到這個目標，那麼中國和全球，特別是美國的基礎經濟仍然非常強勁。

On the other hand, if this goes in a different direction and results in a significant impact in China, there are those who say that China has the ability to address a weakening of its export manufacturing economy by investing in infrastructure and this Belt and Road Initiative and so forth.

另一方面，如果情況發生變化，對中國產生重大影響，有人說，中國有能力透過投資基礎設施和「一帶一路」倡議等來解決出口製造業經濟疲軟的問題。

But all of that, it's a question of what really is the result of all this.

但這一切，關鍵在於其結果究竟是什麼。

If that has an impact on copper demand and China's so important, then we're going to wait to see how that sorts out.

如果這對銅需求產生影響，而中國如此重要，那麼我們將拭目以待，看看結果如何。

So we're not going to be bullheaded about this.

所以我們不會在這個問題上固執己見。

We're not going to be overly confident about our ability to predict it.

我們不會對自己的預測能力過度自信。

We're going to prepare.

我們正在做好準備。

We're not going to start investments until we have clarity about the ultimate outcome of all these current uncertainties that are weighing so heavily on investors' minds today.

在我們弄清楚目前困擾投資者的所有這些不確定因素的最終結果之前，我們不會開始投資。

We're going to focus on internal opportunities and increasing shareholder returns.

我們將專注於內部機會和增加股東回報。

If we get a favorable outcome of all this and copper price recovers, we'll be making a lot of money.

如果這一切取得了有利的結果並且銅價回升，我們將賺很多錢。

We'll have the chance to invest internally and increase our dividends.

我們將有機會進行內部投資並增加股息。

We're going to be out there observing everything that goes on in the marketplace.

我們將密切關注市場上發生的一切。

I can assure you we get contacted by companies and bankers about opportunities all the time and we're going to be open to those, but it's a high hurdle for an outside opportunity to compete with our internal opportunities because we have no value for those right now.

我可以向你保證，公司和銀行家一直都在就投資機會與我們聯繫，我們也將對這些機會持開放態度，但外部機會與我們的內部機會競爭的門檻很高，因為我們現在不看重這些機會。

And we also have no taxes to pay on future operations in Indonesia -- I mean, in the U.S. Indonesia, we pay strong taxes.

而且我們未來在印度尼西亞的業務也不需要繳稅——我的意思是，在美國、印度尼西亞，我們繳納了高額的稅金。

But here in the U.S. -- and that's a huge advantage when you're looking at comparing after-tax rates of returns because resources are taxed heavily wherever they are in the world.

但在美國——當你比較稅後回報率時，這是一個巨大的優勢，因為無論在世界何處，資源都會被徵收重稅。

You have investment certainty in the U.S. that's stronger than anywhere else.

美國的投資確定性比其他地方都要強。

So anyway, that's where we are, Chris, and it's not -- I see it more as a fundamental question as opposed to an investor sentiment question.

所以無論如何，克里斯，這就是我們所處的境地，而且它不是——我認為這更多的是一個基本問題，而不是投資者情緒問題。

Okay.

好的。

My second question is just around Grasberg specifically.

我的第二個問題具體地與格拉斯伯格有關。

I assume you'll give guidance or you'll zoom in on the full year results in February.

我認為您會給予指導意見，或會在二月重點介紹全年業績。

But can you talk just a little bit more about 1Q and 2Q?

但是您能否再多談一下 1Q 和 2Q 呢？

I guess, you've given guidance that the open pit will be complete by the end of -- or the middle of 2019, which is, I guess, the highest risk period in 1Q or 2Q.

我想，您已經給出了指導，露天礦場將在 2019 年底或中期完工，我想這是第一季或第二季風險最高的時期。

Or how do you see those 2 quarters playing out specifically?

或者您如何看待這兩個季度的具體表現？

Well, the open pit will continue through the first half, and we're not expecting at this point for Deep MLZ to start caving.

好吧，露天開採將持續整個前半部分，目前我們預計 Deep MLZ 不會開始塌陷。

So most of the productions that we're expecting in the first half is coming from established production, either the open pit or DOZ in the first half.

因此，我們預計上半年的大部分產量都來自現有產量，無論是露天礦場或 DOZ。

We have, in our estimates for Deep MLZ, incorporated some contingency plans.

我們在 Deep MLZ 的估計中納入了一些應急計劃。

And at this point in time, we still believe that the mid-2019 start-up is appropriate.

而目前這個時間點我們仍然認為2019年中啟動是適當的。

We do have a chance to potentially accelerate that.

我們確實有機會潛在地加速這一進程。

And as we always do, we always look for ways to accelerate metal.

正如我們一直以來所做的那樣，我們一直在尋找加速金屬發展的方法。

But we will begin -- as Richard said, we've got the Grasberg Block Cave infrastructure prepared, and we will begin activities in the Grasberg Block Cave in the first half, in parallel with completing the open pit.

但我們會開始——正如理查德所說，我們已經準備好了格拉斯伯格礦洞的基礎設施，我們將在上半年開始在格拉斯伯格礦洞開展活動，同時完成露天開採。

So the Deep MLZ, as Richard said, is a very small portion of our 2019 production.

因此，正如理查德所說，Deep MLZ 只是我們 2019 年產量的一小部分。

It's less than 10% of our ore through the mill.

我們選礦的礦石中只有不到10%是透過選礦廠加工的。

And Chris, just refer back to Page 8, and you can see that Deep MLZ and the Grasberg Block Cave are both small parts of the annual production in 2019, growing in 2020.

克里斯，請回顧第 8 頁，您會發現 Deep MLZ 和 Grasberg Block Cave 都是 2019 年年產量的一小部分，並將在 2020 年增長。

And the pit is completed in the first half of 2019, DOZ is there.

而且這個坑是2019年上半年完工的，DOZ就在那裡。

So you can see from that really where we're doing.

您可以從中真正看到我們所做的一切。

And that's starts emerging in the second half of the year when we're out of the pit altogether.

當我們完全走出困境時，這種情況在下半年開始顯現。

Our next question comes from the line of Matthew Korn with Goldman Sachs.

我們的下一個問題來自高盛的馬修·科恩。

Congratulations on a good solid operational quarter there.

恭喜您本季的營運表現良好且穩健。

Question on Indonesia.

關於印尼的問題。

In the context of the agreement, if you could help us understand a little bit more where we are regarding environmental issues.

在協議的背景下，如果您能幫助我們更多地了解我們在環境問題方面的狀況。

I think it's an element I find investors are still somewhat unclear.

我認為這是投資者仍然不太清楚的因素。

So first, have there been any changes so far as to what's actually been requested of Freeport?

那麼首先，到目前為止，對自由港的實際要求有任何變化嗎？

Second, what part of the government are you interacting with?

第二，您與政府的哪個部門有互動？

And what's your read on what they want?

您認為他們想要什麼？

And then I think at the end of the day, do you expect that this is going to result in any kind of real material change to the operations there?

然後我認為到最後你是否認為這將會導致那裡的運作發生任何真正的實質變化？

Okay.

好的。

Thanks, Matthew.

謝謝，馬修。

Good to hear from you.

很高興收到你的來信。

The -- so the government is working in a coordinated fashion across the ministries: our Energy and Mines Ministry, which administers our basic operations, the Finance Ministry; the state-owned enterprise industry, which manages our new partner, INALUM; and the Ministry of Environment and Forestry, which deals with the environmental issues.

因此，政府正在以協調的方式在各個部會之間開展工作：我們的能源和礦產部負責管理我們的基本運營，還有財政部；國營企業產業，管理我們的新合作夥伴INALUM；以及負責處理環境問題的環境和林業部。

We are -- we have been given assurances that environmental issues will be resolved in a way that will not disrupt our operations or add significant additional cost to our operations.

我們得到保證，環境問題的解決不會擾亂我們的運營，也不會為我們的營運增加過多的額外成本。

And in fact, there's, today and recently, articles in the Indonesian press to that effect.

事實上，今天和最近，印尼媒體都刊登了有關該主題的文章。

We are working with the Environmental Ministry to document how to deal with these new decrees that came out, I announced in our second quarter -- first quarter earnings call.

我在第二季和第一季的財報電話會議上宣布，我們正在與環境部合作，制定文件來應對這些新法令。

And so the objective is to come up with ways to amend those decrees, to achieve that objective of not disrupting our operations or adding additional cost.

因此，我們的目標是想出修改這些法令的方法，以實現不擾亂我們的營運或增加額外成本的目標。

All of us are working together with that.

我們所有人都在共同努力。

As you can imagine, this is a significant matter for INALUM and its financing activities.

你可以想像，這對 INALUM 及其融資活動來說是一件大事。

And we've been working with their banks and lawyers in terms of understanding that and working with the Environmental Ministry to achieve that goal.

我們一直在與他們的銀行和律師合作以了解這一點，並與環境部合作以實現這一目標。

So everybody's working with the same goal.

因此每個人都在為同一個目標而努力。

We just -- we have to get documentation for it.

我們只是－我們必須取得它的文件。

It's necessary to have that done before we close the deal.

在我們完成交易之前必須完成這件事。

We also have some wording in the new license agreement to complete.

我們還需要完成新許可協議中的一些措辭。

We're working on some agreements to give us international arbitration rights to enforce our rights going forward.

我們正在協商一些協議，以賦予我們國際仲裁權，以便我們今後行使我們的權利。

All of those things, as I said earlier, issues are not being debated.

正如我之前所說，所有這些問題都不存在爭議。

Work is coming together to get documentation of what we've agreed to.

我們正在齊心協力獲取已達成協議的文件。

Got it.

知道了。

I appreciate all that color.

我很欣賞所有這些顏色。

It's very helpful.

這非常有幫助。

Second one is simpler.

第二個比較簡單。

We saw the onetime charge for Cerro Verde that had been a big pending labor agreement for you all.

我們看到了對塞羅韋爾德 (Cerro Verde) 的一次性收費，這對你們所有人來說都是一項重大的未決勞動協議。

Cost-wise, what should we think -- how should the effect be in terms of P&D cost going forward for that region as a result?

從成本角度來看，我們應該怎麼想——這對該地區未來的 P&D 成本會產生怎樣的影響？

Matthew, this is Kathleen.

馬修，這是凱瑟琳。

We're not expecting any significant changes in our net cash cost in South America or North America as we look forward.

展望未來，我們預計南美或北美的淨現金成本不會有任何重大變化。

As Richard talked about earlier, we have been taking steps during 2018 to reinitiate mining rates and reestablish the production capacity following the curtailments in 2015 and '16.

正如理查德之前所說，在2015年和2016年減產後，我們在2018年已經採取措施恢復採礦率並重建生產能力。

But we're not, from here, we're not expecting the unit cost to change significantly as we look forward from 2018.

但是，從現在開始，我們預計2018年的單位成本不會有重大變化。

Yes, great.

是的，太棒了。

And I'll compliment Red here.

我要在這裡讚美一下 Red。

That milling facility, I believe, is the largest in the world in the mining industry with our recent expansion and the sizable mill that we had there before and man, it's going great.

我相信，透過我們最近的擴建和之前在那裡的大型磨坊，該磨坊是世界上採礦業中最大的磨坊，而且進展順利。

I mean, it is above nameplate.

我的意思是，它在銘牌上方。

And so all of that, it's a big low-grade deposit, mining is relatively easy, just a lot of work, a lot of material to move.

所以，這是一個巨大的低品位礦床，開採相對容易，只是需要做大量的工作，運輸大量的材料。

But that's a great operation with years of a lot of cash flows ahead of it.

但這是一次偉大的行動，未來幾年將帶來大量現金流。

And we were very pleased with the labor settlement.

我們對勞工協議感到非常滿意。

We had this one-time charge, but it allowed us to meet the aspirations of the workforce and do it in a way that controlled our cost.

我們收取了一次性費用，但它使我們能夠滿足員工的期望，並以控製成本的方式進行。

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。

Richard, Kathleen, I wanted to follow up a little bit on the shareholder agreement that has been put in place to maintain the split of economics through 2022 and then beyond.

理查、凱瑟琳，我想稍微跟進股東協議，該協議旨在維持 2022 年及以後的經濟分割。

In the hypothetical case where maybe things take a little bit longer to ramp in Indonesia, would you still preserve the same split?

假設印尼的產能提升需要更長的時間，您還會維持相同的比例嗎？

So in other words, if maybe production goes from 2022 to 2023, would that have any impact on your economics?

換句話說，如果生產從 2022 年推遲到 2023 年，這會對您的經濟產生影響嗎？

Yes.

是的。

The answer is yes, we preserve the economics.

答案是肯定的，我們維護經濟。

We'll be in the same position we would have been in with Rio Tinto.

我們的處境與力拓集團當時的處境相同。

There's a specified amount of metal that...

有一定數量的金屬...

It's not a timing deal.

這不是一個時機交易。

It's a specified amount of metal.

這是指定數量的金屬。

And one thing I should have mentioned when I was talking about this overall deal, when we were on the MPV of this operation under our COW and our joint venture arrangements with Rio Tinto, it's very much equivalent to what we'll have under this new structure.

當我談論這筆整體交易時，我應該提到的一件事是，當我們根據 COW 和與力拓的合資安排對該業務進行 MPV 時，它與我們在新架構下所擁有的非常相似。

And if you think about how far we've come to end up with an answer of where we've achieved our goal for our extension stability and preserved the FCX's economic interest in this great asset, that's a great accomplishment.

如果您想一想，我們最終取得了多大的成就，即我們實現了擴展穩定性的目標並保留了 FCX 對這一巨大資產的經濟利益，那麼這是一個偉大的成就。

And we're not popping the champagne bottles until closing, but we're very optimistic about getting this done in the timeframe that I talked about.

在專案結束之前我們不會開香檳慶祝，但我們對在我所說的時間內完成專案非常有信心。

Excellent.

出色的。

Great job on it and yes, I look forward to the agreement coming over the finish line here in short order.

做得很好，是的，我期待這項協議能很快達成。

I wanted to follow up on the operations in Indonesia.

我想跟進印尼的行動。

So Richard, I think you mentioned in your prepared remarks that you've derisked it.

所以理查德，我想你在準備好的發言中提到你已經降低了風險。

Now when I look at your guidance, it hasn't changed materially.

現在，當我查看您的指導時，它並沒有實質的改變。

So should we be thinking about you having narrowed the confidence integral around the mean, so if you could elaborate on that, that would be helpful.

因此，我們是否應該考慮您是否已經縮小了平均值附近的置信積分，如果您可以詳細說明這一點，那將會很有幫助。

And specifically to the DMLZ and Grasberg Block Cave, what are some of the milestones that we should be looking forward to over the next 6 months or so?

具體來說，對於 DMLZ 和 Grasberg Block Cave，在接下來的 6 個月左右我們應該期待哪些里程碑？

So this is what we've done.

這就是我們所做的。

With respect to our current operations, and it's the open pit mine, the DOZ essentially, but also running the mill with the ore flow delivery systems, with the concentrate delivery systems using the slurry pipelines to get to the port, with our relationship with our workforce and local community and security, all of those things are much, much improved and they're important.

就我們目前的運作而言，它是露天礦，基本上是 DOZ，但也包括運行磨機的礦石流輸送系統，精礦輸送系統使用泥漿管道輸送到港口，以及我們與員工和當地社區的關係以及安全，所有這些都得到了很大改善，而且它們非常重要。

Then, with -- in terms of the Grasberg Block Cave development, which, over the years, with all the disruptions that we had from export bans and security issues and so forth, that's just gone really good.

然後，就格拉斯伯格礦洞開發而言，多年來，儘管我們遇到了出口禁令、安全問題等諸多幹擾，但一切進展順利。

I mean, Mark Johnson and his team have done an acceptable job.

我的意思是，馬克·約翰遜和他的團隊做得很好。

And now Mark, pipe up, but I say we are -- we have completed and met all the risks of infrastructure development for the Block Cave mine.

現在馬克，請大聲說出來，但我說的是，我們已經完成並承擔了 Block Cave 礦基礎設施開發的所有風險。

So that's important.

所以這很重要。

We're not -- that's not risk facing us.

我們沒有——這不是我們面臨的風險。

We are addressing this seismicity issue at the Deep MLZ.

我們正在解決深層 MLZ 的地震問題。

Early indications are that this fracking approach, which we've never used but is common technology in the industry, is going to be very effective in dealing with that issue for us going forward.

早期跡象表明，這種我們從未使用過但在業界很常見的水力壓裂方法將非常有效地幫助我們解決未來的這個問題。

So that's a major positive.

所以這是一個重大的正面因素。

So milestones to watch.

因此，這是值得關注的里程碑。

Beginning in the second half of 2019, we will begin block caving mining in the Grasberg Block Cave.

從 2019 年下半年開始，我們將開始在格拉斯伯格礦洞進行礦場開採。

That's very similar to -- it's big, but it's very similar to what we've been doing now since early '80s.

這非常相似——規模很大，但與我們自 80 年代初以來一直在做的事情非常相似。

We know the rock, fully drilled, same rock that we've mined from the pit.

我們對岩石非常了解，已經鑽透，和我們從礦坑開採出來的岩石是一樣的。

So you'll be able to see the results of that in the second half of the year, the beginning results of it.

因此，您將能夠在下半年看到其結果，即其初步成果。

And then we will see, as we continue with this fracking operation in the Deep MLZ, we'll see the consequence of that.

然後我們將看到，隨著我們在 Deep MLZ 繼續進行水力壓裂作業，我們將看到其後果。

But we're real encouraged about it right now.

但我們現在對此感到非常鼓舞。

So how do I answer your question?

那我該如何回答你的問題呢？

There's always risk in mining, there's always risk in underground mining.

採礦總是有風險，地下採礦總是有風險。

But Mark, why don't you...

但是馬克，你為什麼不...

Yes, just to elaborate a little bit on the GBC.

是的，只是稍微詳細說明一下 GBC。

We announced last quarter that we commissioned the ore flow system, which was the big crushing conveying system.

我們在上個季度宣布我們已投入使用礦石流動系統，這是一個大型破碎輸送系統。

We continue to ramp up the rail system, which what delivers ore from the mine to the mill or to the ore flow system, and that's ramping up as expected.

我們繼續加強鐵路系統，將礦石從礦山運送到磨坊或礦石流動系統，並且該系統正在按預期加強。

We took our first undercut blast in September, a little ahead of schedule.

我們在九月進行了第一次底切爆破，比計劃稍微提前了一點。

And in January, we do our first draw bill in the Grasberg Block Cave, and that continues to ramp up the GBC.

今年 1 月，我們在格拉斯伯格礦洞 (Grasberg Block Cave) 進行了首次開採，這繼續增加了 GBC。

The Grasberg Block Cave is a little different than some of our other block caves in that we have multiple working areas.

格拉斯伯格塊狀洞穴與我們的其他一些塊狀洞穴略有不同，因為我們有多個工作區域。

And so we're paging the -- ramp this same process throughout 3 different areas over 2019.

因此，我們將在 2019 年在 3 個不同領域推行同樣的流程。

The Deep MLZ, as Richard mentioned, the hydro-fracking is working very well.

正如理查德所提到的，Deep MLZ 的水力壓裂技術效果很好。

We're seeing the seismic response that we would like.

我們看到了我們想要的地震反應。

We're getting the seismic stresses away from our working areas and above the cave.

我們正在將地震壓力從我們的工作區域轉移到洞穴上方。

And we're seeing good signs that the cave is propagating vertically, which is what we hope for, and it's a very optimistic start.

我們看到了洞穴垂直擴展的好跡象，這正是我們所希望的，這是一個非常樂觀的開始。

Big Gossan, we don't talk about that a lot, but we're ramping it up to full production of 7,000 tonnes a day by the fourth quarter of 2019, and that's about a year ahead of schedule that we had a year ago.

大鐵帽，我們很少談論它，但我們將到 2019 年第四季度將其產量提高到每天 7,000 噸，這比我們一年前的計劃提前了大約一年。

And then the DOZ, we don't look past it.

然後是 DOZ，我們不會忽視它。

It's still a significant producer.

它依然是重要的生產國。

We're continuing to advance the remote mining associated with the wet material that we're dealing with, and we're very encouraged by that.

我們正在繼續推進與我們處理的濕材料相關的遠端採礦，我們對此感到非常鼓舞。

We've had -- this last week, we're well over 40,000 tonnes a day, and that's where we need to be next year.

截至上週，我們每天的產量已遠遠超過 4 萬噸，而這正是我們明年需要達到的目標。

So those are the milestones that I see.

這些就是我所看到的里程碑。

The mill next year won't be a constraint.

明年的工廠將不會成為限制因素。

Power systems, we're going to be doing a lot of maintenance as needed and being prepared for the ramp-up 2020 and 2021.

電力系統，我們將根據需要進行大量維護，為 2020 年和 2021 年的產能提升做好準備。

And 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。

Richard, in your prepared remarks, you talked about that you were slowing down some investments.

理查德，在你的準備好的發言中，你談到你正在放慢一些投資的步伐。

I guess, could you be more specific there, if possible, in terms of investments or projects that you're slowing down and also kind of the cadence of the slowdown.

我想，如果可能的話，您能否更具體地說明您正在放緩的投資或項目，以及放緩的節奏。

Alex, maybe I wasn't clear, but it's not really slowing down things.

亞歷克斯，也許我說得不清楚，但這並沒有真正減慢速度。

It's when do we initiate investments.

這是我們什麼時候開始投資。

I mean, we're continuing with our Grasberg underground development, the Lone Star project and so forth.

我的意思是，我們正在繼續格拉斯伯格地下開發項目、孤星項目等等。

So we haven't really slowed those things down.

所以我們其實並沒有放慢這些事情的速度。

We're obviously looking at costs and constraining them in this uncertain market environment.

在這種不確定的市場環境下，我們顯然正在考慮成本並限製成本。

But the issue is when do we start major new projects on our resources, and we deferred the decision to start those until we get market clarity.

但問題是我們何時利用我們的資源啟動重大新項目，我們推遲了啟動這些項目的決定，直到市場明朗化為止。

And that would include our potential large-scale project in -- at El Abra in Chile where our -- with our partner, CODELCO.

這包括我們與合作夥伴 CODELCO 在智利 El Abra 開展的潛在大型專案。

We've completed pre-feasibility.

我們已經完成了預可行性研究。

It's an attractive project, lots of capital.

這是一個很有吸引力的項目，資金充足。

We've got projects in the United States at various of our mines, including a mill expansion at our Bagdad mine in Northwest Arizona.

我們在美國多個礦場都有項目，包括位於亞利桑那州西北部巴格達礦場的工廠擴建。

So we are -- what we slowed down is pulling the trigger to start, but that's where we are.

所以我們 — — 我們放慢了速度，開始扣動板機，但這就是我們所處的位置。

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。

Richard, just wanted to ask to get a bit of color.

理查德，只是想問一下，得到一點顏色。

Just from some of the recent media articles where you've been interviewed, it seems to suggest that the company is open to a sale.

從最近您接受採訪的一些媒體文章來看，似乎該公司願意出售。

And I'm just curious how to think about that given your earlier comments about just all the resources you have on the ground and all the future projects and sort of how undervalued you are.

我只是好奇，鑑於您之前關於您在實地擁有的所有資源和所有未來項目的評論，以及您是如何被低估的，您該如何看待這個問題。

Can you maybe offer a bit of context on those comments?

您能否對這些評論提供一些背景資訊？

Thank you.

謝謝。

I'm glad to.

我很樂意。

Thank you for your question.

感謝您的提問。

So I -- as most of you probably have noted, as we've been in negotiation over this extended period in Indonesia, other than our earnings call and investor conferences, I have really not been giving interviews to the media like I used to.

因此，大多數人可能已經注意到，由於我們在印尼進行了長時間的談判，除了財報電話會議和投資者會議之外，我實際上並沒有像以前那樣接受媒體採訪。

Trying to encourage our partners in Indonesia also to not do that.

試圖鼓勵我們在印尼的合作夥伴也不要這樣做。

So in LME -- around LME, we -- with the signing of this agreement, I've given a number of interviews, including one interview where at the very end of a large interview, I was asked the question, I didn't bring it up, that there had been some comments in the marketplace that Freeport could potentially be acquired.

因此，在 LME 內部，我們 — — 隨著這項協議的簽署，我接受了多次採訪，其中一次採訪是在一次大型採訪的最後，我被問到一個問題，雖然我沒有提起過，即市場上有一些評論稱 Freeport 可能會被收購。

I have a stock answers to that.

我對這個問題有標準的答案。

I'm saying, we have no plans to sell the company.

我的意思是，我們沒有出售公司的計劃。

We're focused on our internal business.

我們專注於內部業務。

Two, as a public company, we're going to be open to opportunities for our shareholders as they evolve in the future, and that would be a wide range of opportunities that we might have.

二，作為一家上市公司，我們將為股東在未來的發展中提供開放的機會，我們將擁有廣泛的機會。

And so it was a stock answer.

所以這是一個標準答案。

One I've given for years, one I'll continue to give.

這是我多年來一直給予的，也是我會繼續給予的。

And in my view, it was mischaracterized in headlines in the way this thing was talked about.

在我看來，新聞標題對此事的討論方式有錯誤。

I personally do not believe that in today's world, with these uncertainties, there are opportunities for big M&A transactions in the industry.

我個人並不認為在當今世界存在這些不確定性的情況下，該行業存在進行大型併購交易的機會。

I certainly don't consider it to be something that we would look at in the near term given our share price.

考慮到我們的股價，我當然不認為這是我們短期內會考慮的事情。

Okay, perfect.

好的，完美。

So it's not something you're actively pursuing?

那麼這不是你積極追求的事情？

No.

不。

And I -- like I said, I don't think -- in today's world, with all these uncertainties, I think it's unlikely that anybody's going to be pursuing big-scale deals.

而且我 — — 正如我所說，我認為 — — 在當今世界，由於存在所有這些不確定性，不太可能有人會去進行大規模交易。

Okay.

好的。

And just one clarification.

我只需澄清一點。

In Slide 23, the Grasberg mine plan, can you maybe explain how come the gold at 1.9 million ounces in 2022 is the same when you show it on 100% basis versus including Rio's share and then PT-FI share, whereas obviously, the copper is different, I assume, because of the metal sharing agreement?

在幻燈片 23 中，格拉斯伯格礦山計劃，您能否解釋一下，為什麼 2022 年的黃金產量為 190 萬盎司，與包括力拓的份額和 PT-FI 的份額相同，而顯然銅的產量有所不同，我想，這是由於金屬共享協議的原因？

But does that not apply to the gold in that year?

但這不適用於那一年的黃金嗎？

It also applies to gold.

這也適用於黃金。

It's just that when you look at the years '19 through '21, there's no -- the production is less than the metal strip.

只是，當你回顧 19 年到 21 年時，你會發現產量並不低於金屬帶。

And when you get to 2022, there is some sharing in copper.

到 2022 年，銅的份額將有所擴大。

But the way the metal strip works for gold, all the gold in 2022 is -- substantially all the gold in 2022 is for PT-FI's interest.

但是，按照金屬條對黃金的作用方式，2022 年的所有黃金——基本上 2022 年的所有黃金都是為了 PT-FI 的利益。

So there's different metal strip for copper and gold.

因此，銅和金有不同的金屬帶。

These metal strips were decided in 1996, 1997, and they were just fixed.

這些金屬條是在1996年、1997年決定的，當時只是固定的。

And so that's just the way it works.

這就是它的工作原理。

It was based on the old mine plan with old [government] capacity, and it was just a complicated part of that original agreement with Rio Tinto.

它基於具有舊（政府）產能的舊礦山計劃，並且只是與力拓最初達成的協議的一個複雜部分。

Okay.

好的。

And just finally, will you be continuing to consolidate Grasberg when this definitive agreement is completed?

最後，當最終協議完成後，您會繼續合併格拉斯伯格嗎？

Or are you going to change sort of the way you start reporting this?

或者你會改變報道此事的方式嗎？

So that's an issue we're currently studying as we complete this deal.

所以這是我們在完成這筆交易時正在研究的問題。

Normally, in consolidation, 51% is a criteria for share ownership.

通常，在合併中，51% 是股權的標準。

This is different because we have basic control over operations through the structure in the shareholders' agreement.

這是不同的，因為我們透過股東協議中的結構對營運進行基本控制。

So it's something that we are considering now.

所以這是我們現在正在考慮的事情。

I will tell you this.

我會告訴你這個。

In terms of it meeting our objectives -- Freeport's objectives of having authority to control the operations of the business, we're very satisfied with the way this thing ended up.

從實現我們的目標（自由港擁有控制業務營運權力的目標）的角度來看，我們對事情的最終結果非常滿意。

And when we have time with investor meetings and so forth, we can go through that in some detail.

當我們有時間與投資者會面等時，我們可以詳細討論這個問題。

But we have an operating committee that FCX controls, and its authority is broad and effective in terms of running the business.

但我們有FCX控制的營運委員會，其權力在業務運作方面廣泛而有效。

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

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

Well, my 3 questions became 2 and now 1, but that's fair enough.

好吧，我的 3 個問題變成了 2 個，現在變成了 1 個，但這已經足夠公平了。

So getting back to capital allocation, disciplined approach is great.

因此，回到資本配置，採取規範的方法非常重要。

Balance sheet appears to be where you want it to be, but you're still generating strong cash flows from operations.

資產負債表似乎符合您的預期，但您仍在從營運中產生強勁的現金流。

So can you talk a little bit more about returning cash to shareholders with share buyback that some of your mining peers are doing, being considered in that?

那麼，您能否再多談一下透過股票回購向股東返還現金的情況，您的一些礦業同行正在考慮這樣做嗎？

So well, Oscar, we -- while we've met our targets in the uncertainties with today's world, excess cash flows will continue to be used to reduce debt.

所以，奧斯卡，雖然我們在當今世界的不確定性中實現了我們的目標，但多餘的現金流將繼續用於減少債務。

Our cash flow will fall off in these transition years, so we face that circumstance.

在這些過渡時期，我們的現金流將會下降，所以我們面臨這種情況。

And then with these uncertainties in the overall marketplace that I talked about with Chris' question initially, that's going to make us conservative and cautious about the financial policies.

正如我最初在回答克里斯的問題時談到的，由於整個市場存在不確定性，所以我們在製定財務政策時會採取保守和謹慎的態度。

So we're going to be solid with what we're doing, and it's driven by both the circumstances in the marketplace and our company situation of having these transition years.

因此，我們會堅定不移地做我們現在做的事情，這是由市場狀況和我們公司在過渡時期的情況共同決定的。

But when we look beyond that, then we'll have lots of opportunities to do different things.

但當我們把眼光放得更遠時，我們就會有很多機會去做不同的事情。

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

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

In terms of El Abra and Bagdad, potential projects that might move ahead in better times, roughly how many metric tonnes per day might the mills be at El Abra or Bagdad, roughly?

就埃爾阿布拉和巴格達而言，在經濟情勢好轉時可能會推進的潛在項目，埃爾阿布拉和巴格達的工廠每天的產量大概是多少公噸？

At El Abra, we're looking at roughly the size of Cerro Verde, 240 -- Cerro Verde 2, 240,000 tonnes a day, and at Bagdad...

在埃爾阿布拉 (El Abra)，我們看到的開採規模與塞羅韋爾德 (Cerro Verde) 大致相同，為 240 — — 塞羅韋爾德 (Cerro Verde) 2，每天 240,000 噸，而在巴格達......

120,000.

120,000。

Did you hear Red, 120,000?

你聽到了嗎，紅色，120,000？

120,000, John.

120,000，約翰。

Now these aren't equivalent projects.

現在這些並不是等價的項目。

First of all, El Abra and Chile have the 49% partner.

首先，El Abra與智利擁有49%的合作夥伴。

We have 51%.

我們有51%。

It will involve a major desalinization plant, and the infrastructure to pump that water to elevation with the attendant energy cost associated with it.

它將涉及一個大型海水淡化廠和將水泵送到高處的基礎設施以及與之相關的能源成本。

It's a great resource, but it's a bigger project.

這是一項寶貴的資源，但也是一個更大的專案。

At Bagdad, benefits from no taxes as we go forward.

在巴格達，我們前進的過程中享受無稅優惠。

We've, for years, made plans for developing water resources for it, tailings areas, and so it's a smaller project in the aggregate.

多年來，我們一直在製定開發其水資源和尾礦區的計劃，因此從總體上講，這是一個較小的項目。

We own 100% of it.

我們擁有它的 100%。

We own the land and sea there.

那裡的土地和海洋都是我們擁有的。

It's a remote area, great relationships with the local community, straightforward type project.

這是一個偏遠地區，與當地社區關係良好，項目類型簡單。

So those are the trade-offs.

這些都是權衡。

And then in the U.S., we have the benefit of attractive energy cost today, good regulatory environment, a workforce that is supported by the community in terms of housing and education and health care and so forth.

而在美國，我們擁有當今具有吸引力的能源成本、良好的監管環境、以及在住房、教育和醫療保健等方面得到社區支持的勞動力等優勢。

People drive their trucks to work, bring their lunch.

人們開著卡車去上班，帶著午餐。

It's -- so there's a lot of trade-offs, John, that go into those decisions.

是的 — — 所以，約翰，在做出這些決定時需要考慮很多權衡。

And over the years, you remember, like I, too well, when the Southwest copper district was considered totally dead, with all those changes today, it is very attractive.

多年來，您和我一樣，都清楚地記得，當西南銅礦區被認為完全死亡時，隨著今天所有這些變化，它變得非常有吸引力。

Your next question comes from the line of Brian MacArthur with Raymond James.

您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的布萊恩麥克阿瑟 (Brian MacArthur)。

You brought up the tax advantage a few times.

您多次提到稅務優惠。

So just very quickly, can you remind me where we are on tax pools in each of the regions?

那麼，您能否快速提醒我每個地區的稅池狀況？

So if I'm looking for after-tax cash flow or cash cost per unit of copper, I mean, you're sort of saying it's 10% or less in the U.S. Okay, is it 35% in Peru and Chile, and 50% in Indonesia?

因此，如果我要查找每單位銅的稅後現金流或現金成本，我的意思是，您說的是美國是 10％ 或更少。

I'm just trying to see the next couple of years if you have lower Indonesia earnings, whether -- how that's all going to blend in and you're going to generate after-tax cash flow.

我只是想知道，如果未來幾年印尼的收入較低，這一切將如何融合，您將如何產生稅後現金流。

So we're unlike many other global companies in that we pay higher taxes outside the U.S. whereas many companies before tax reform paid higher taxes in the U.S. We're taxed individually in those countries, in those tax rates.

因此，我們與許多其他全球性公司不同，我們在美國以外繳納更高的稅，而稅改之前的許多公司在美國繳納的稅更高。

In Indonesia, there's a 35% corporate income tax, there's a 10% withholding tax that's additional to that for funds that come out of Indonesia and then you have the royalties that you have there.

在印度尼西亞，企業所得稅為 35%，此外還有 10% 的預扣稅，這是針對從印度尼西亞流出的資金和您在那裡獲得的特許權使用費的額外稅。

So all of that is there.

所有這些都在那裡。

And in the U.S., we have a very large tax loss carryforwards so that our tax rate for a long time will be 0. And when that expires, many years in the future, under the current tax laws, the effective tax rate on our operations in the U.S. would be about 11%, and that's because percentage depletion was retained under tax reform.

在美國，我們擁有非常大的稅收虧損結轉，因此我們的稅率在很長一段時間內都為 0。

And so that's where we are in South America that you're...

這就是我們在南美洲的情況…

It's around 35%, yes.

是的，大約是 35%。

You're right.

你說得對。

And those are cash taxes, right, as opposed to effective accounting taxes?

這些是現金稅，對嗎，而不是有效會計稅？

Correct.

正確的。

Yes, we write checks internationally like everybody else.

是的，我們和其他人一樣在國際上簽發支票。

Perfect.

完美的。

Great.

偉大的。

It's just -- you brought it up, but you said it.

只是──你提起了這件事，但你卻這麼說了。

Your, obviously, cash flow is going down, but your after tax is being somewhat more efficient across the U.S. versus Indonesia as we go forward, right?

顯然，您的現金流正在下降，但從長遠來看，美國的稅後效率會比印尼更高一些，對嗎？

So it's not going down as first if you looked...

所以如果你看的話，它不會像第一次那樣下降...

Well, U.S. production is not going -- U.S. production and South America production is not going down, it's only Indonesia, and that will be shielded to a degree by taxes there.

嗯，美國的產量和南美的產量都沒有下降，只有印尼的產量會在一定程度上受到那裡稅收的保護。

That's an important thing in looking at the smelter obligation too.

在審視冶煉廠義務時，這也是一件重要的事。

The smelter cost will be -- will have a tax effect associated with it.

冶煉廠成本將會產生相關的稅收效應。

Great.

偉大的。

And that's all embedded, which, I assume, is, well, when you look at that chart in Page 13, you see the EBITDA over the transition years compressing down on the average operating cash flow.

這些都是嵌入的，我想，當您查看第 13 頁的圖表時，您會看到過渡年份的 EBITDA 壓縮了平均營運現金流。

It doesn't go down as much you think because you're getting all those tax benefits.

由於您獲得了所有稅收優惠，因此它不會像您想像的那樣下降。

Well, yes, tax consequence.

嗯，是的，會有稅務後果。

Tax consequence.

稅務後果。

Exactly, it's not a benefit, I get it.

確實，這不是什麼好處，我明白。

Okay, great.

好的，太好了。

That's very helpful.

這非常有幫助。

Your next question comes from the line of Michael Dudas with Vertical Research.

您的下一個問題來自 Vertical Research 的 Michael Dudas。

Looking at your capital spending plan over the next few years in the chart, I notice the increase in the maintenance or non-growth spending.

透過查看圖表中未來幾年的資本支出計劃，我注意到維護或非成長支出增加。

Is that all catch up?

這一切都趕上了嗎？

Is there some equipment fees or any unusual opportunities that you're going to see there for the next few years or are you anticipating higher vendor prices over what you're going to be investing?

未來幾年您是否會看到一些設備費用或任何不尋常的機會，或者您是否預計供應商價格會高於您將要投資的價格？

Well, some of it is -- we had deferred maintenance during 2015, '16 and into '17.

嗯，部分是這樣的——我們在 2015 年、2016 年和 2017 年推遲了維護。

So some of it is catch up, but this is -- I mean, these are very reasonable levels of maintenance capital for an operation our size.

因此，其中一些是追趕性的，但這是—我的意思是，對於我們規模的營運而言，這些都是非常合理的維護資本水準。

There's nothing unusual there, and we've done some great things like -- Red, when's the last time we bought a truck?

那裡沒有什麼不尋常的，而且我們還做了一些很棒的事情，例如——雷德，我們上次買卡車是什麼時候？

2008, a new one.

2008，新的一年。

A new truck in 2008.

2008 年的一輛新卡車。

We rebuild all of our trucks.

我們重建了所有的卡車。

We've got great deals with our tire -- we're constantly working with our suppliers to mitigate cost increases.

我們的輪胎交易非常順利——我們不斷與供應商合作，以降低成本上漲。

And when you step back from this, this is a very reasonable level of maintenance cost for an operation of this size and this nature.

如果你退一步考慮的話，你會發現對於這種規模和性質的運作來說，這是一個非常合理的維護成本水準。

Yes.

是的。

And to answer the latter part of your question, we're not seeing, of course, on the edges, we've always got cost inflation to manage and work with our vendors.

回答你問題的後半部分，當然，我們沒有看到邊緣問題，我們總是面臨成本通膨的問題，我們需要管理和與供應商合作。

But that's not the reason why we've got capital where it is.

但這並不是我們在那裡擁有資本的原因。

It's more this effort to stay in our operations, rebuild the equipment, add equipment to increase mining rates and -- which we believe will drive long-term value.

我們更努力地維持運營，重建設備，增加設備以提高採礦率，我們相信這將推動長期價值。

Our next question comes from the line of Chris Mancini with Gabelli & Company.

我們的下一個問題來自 Gabelli & Company 的 Chris Mancini。

Just a quick question in the North America operations.

這只是關於北美業務的一個簡單問題。

You're saying that the cost there were a little bit higher in the quarter because of higher mining rates and Richard, you kind of referenced this in your opening comments that you're mining more now relative to what you were doing when you were trying to cut cost.

您說的是，由於採礦率較高，本季度的成本略高，理查德，您在開場白中提到了這一點，與您試圖削減成本時相比，您現在的採礦量更大。

Is this laybacks at some of the mines?

這是否是某些礦坑的停工現象？

And is it -- when these are completed, will the cost -- will the unit cost come back down in North America?

當這些工程完工後，北美的單位成本會下降嗎？

And then also, is there an opportunity to reopen the Miami mine?

另外，是否還有機會重新開放邁阿密礦井？

So Chris, this is Red.

克里斯，這是紅色。

The mining rates are at levels that we can sustain long term, gives us the flexibility to be able to blend ores, and all those kind of things that are important to us, higher copper prices and longer-term outlook for those mines.

採礦率處於我們可以長期維持的水平，使我們能夠靈活地混合礦石，以及所有對我們來說重要的事情，包括更高的銅價和這些礦山的長期前景。

And the cost will come down a bit as we get all of that dialed in.

當我們完成所有這些工作後，成本就會下降一些。

We are planning to catch up right now.

我們計劃現在就趕上來。

We constantly look at the resources that we have.

我們不斷關注我們擁有的資源。

We don't see anything out in the future for Miami, but it's not off the list either.

我們看不到邁阿密未來的任何動向，但它也沒有從名單上消失。

Yes, we have an ongoing program of environmental management there.

是的，我們在那裡有一個正在進行的環境管理計劃。

And when -- we discussed with other operators in the area, things that might be possibilities.

當我們與該地區的其他運營商討論時，我們了解到了一些可能的事情。

We are very encouraged about our Chino mine in New Mexico, which we thought would be -- it would be completed by now, but we're finding resources at depth.

我們對新墨西哥州奇諾礦的開採感到非常高興，我們以為它現在應該已經完工，但我們在深處發現了資源。

So we started this Cobre project there to help current operations, and our guys are doing a great job managing that currently and it has some potential for the future as well.

因此，我們在那裡啟動了這個 Cobre 計畫來幫助當前的運營，我們的員工目前在管理方面做得很好，而且它在未來也具有一定的潛力。

Our next question will come from the line of Matt Murphy with Barclays.

我們的下一個問題來自巴克萊銀行的馬特墨菲。

Richard, just another question on the pipeline in the Americas.

理查德，我還有關於美洲管道的問題。

I'm interested in what you think your response time could be?

我感興趣的是，您認為您的回應時間是多久？

If at some point, you feel more comfortable on the copper price outlook, how quickly you could put some of these options into production?

如果在某個時候，你對銅價前景感到更加樂觀，你會多快將其中一些選擇投入生產？

So the -- I think the most shovel-ready type project we have is at Bagdad, and it's 5, 6, 7, 8 years from pulling the trigger to go to getting production out of it.

所以，我認為我們最適合立即開工的專案是在巴格達，從啟動到投入生產需要 5、6、7、8 年的時間。

Now you've seen the Lone Star production that we're expecting to come online at the end of 2020.

現在您已經看到了我們預計將於 2020 年底上線的《孤星》作品。

And as Richard was talking about earlier, as we strip, we're really going to expose additional oxides.

正如理查德之前所說的，當我們剝離時，我們實際上會暴露出更多的氧化物。

And there could be a project at Lone Star to increase from 200 to higher rates.

孤星港 (Lone Star) 可能有一個項目，將費率從 200 提高到更高的水平。

We'd have to put in some additional tankhouse capacity.

我們必須增加一些額外的儲水室容量。

But that one could be quicker in terms of adding volumes because we think the resource is there, adding some capacities that would be quicker than putting in a new mill, for instance.

但從增加產量的角度來看，這可能會更快，因為我​​們認為資源就在那裡，增加一些產能可能會比投入新工廠更快。

But -- so Lone Star, keep on the radar for potential increases to the 200 that we've got at the end of the 2020 period.

但 — — 因此 Lone Star，請繼續關注我們在 2020 年底可能增加到 200 的可能性。

Our final question will come from the line of Timna Tanners with Bank of America Merrill Lynch.

我們的最後一個問題來自美銀美林的蒂姆娜·坦納斯（Timna Tanners）。

Just one question.

只有一個問題。

Wanted to ask if you could please give us an update on any details regarding the Grasberg smelter.

想問一下您是否可以向我們提供有關格拉斯伯格冶煉廠的最新詳細資訊。

I noticed the small change in language between the 2 releases.

我注意到兩個版本之間的語言有細微的變化。

And also, as you were talking about cash flow expectation for the next several years, I didn't hear a mention of the smelter.

而且，當您談到未來幾年的現金流預期時，我沒有聽到提到冶煉廠。

So if you could just provide us your latest thinking on timing cost and split with INALUM, that would be great.

因此，如果您能向我們提供您對時間成本以及與 INALUM 分攤的最新想法，那就太好了。

So it is one -- it's the commitment of our companies that with the completion of the extension, the documentations, resolution of environmental issues, all of this comes together as a package at one time, the share transfers, the shareholders' agreement, all of that, it's a onetime closing of a number of these different things.

所以這是一個——這是我們公司的承諾，隨著擴建、文件、環境問題的解決的完成，所有這些都將一次性整合在一起，股份轉讓、股東協議，所有這些，都是這些不同事物的一次性完成。

And with that completed, we will undertake to fulfill our commitment of PT-FI to build the smelter.

隨著該專案的完成，我們將履行我們對 PT-FI 建設冶煉廠的承諾。

It would be, on a standalone basis, a $2.5 billion to $3 billion project.

從獨立角度而言，這將是一個價值 25 億至 30 億美元的項目。

We've said we would do this, and we're committed to do this within 5 years of signing this document.

我們已經說過我們會這樣做，並且我們承諾在簽署這份文件後的五年內完成此事。

It would be a commitment of PT-FI, so INALUM would be a 50% owner of that commitment, and they've agreed to participate in any equity capital costs that might be required for that.

這將是 PT-FI 的承諾，因此 INALUM 將擁有該承諾的 50% 的股份，並且他們同意參與可能需要的任何股本資本成本。

We have plans to develop a project-type financing with that to -- as we did with the existing smelter back in the 1990s.

我們計劃利用該專案開展專案式融資，就像我們在 1990 年代對現有冶煉廠所做的那樣。

And so we would proceed to maximize project-type debt financing probably or financing through PT-FI to minimize upfront capital for it.

因此，我們可能會繼續最大化專案型債務融資或透過 PT-FI 融資，以盡量減少前期資本。

Then, we have the potential of bringing other partners into this.

然後，我們就有可能讓其他合作夥伴參與其中。

We're having discussions with PT Amman, which acquired the Batu Hijau mine from Newmont.

我們正在與 PT Amman 進行商談，該公司從 Newmont 手中收購了 Batu Hijau 礦場。

They faced a smelter commitment, and we're having ongoing discussions with them about participating with us.

他們面臨著冶煉廠的承諾，我們正在與他們就參與我們的事宜進行持續討論。

And that has a potential of reducing -- increase the size of the smelter but decrease the capital requirements of our company.

這有可能減少——增加冶煉廠的規模，但減少我們公司的資本要求。

Going back to the earlier conversation about tax effects, big picture, currently, the government gets about 50% of the economics of the projects through taxes and royalties.

回到先前關於稅收效應的討論，從總體上看，目前，政府透過稅收和特許權使用費獲得了該項目約 50% 的經濟效益。

They now have 50% of the equity.

他們現在擁有50%的股權。

So 75% of all this is the government now.

所以現在這一切的 75% 都是政府的。

I mean, our 25% interest is potentially what we had under the Rio Tinto deal and so forth.

我的意思是，我們可能在力拓交易等中所擁有的 25% 的權益。

So all these numbers you need to take into account that the effect of the smelter will be reduced by tax consequences and by the government's participation in it.

因此，你需要考慮到所有這些數字，冶煉廠的影響將因稅務後果和政府的參與而降低。

So we will -- we've spent a couple hundred million dollars today in planning, we're working with contractors.

所以我們會——我們今天已經在規劃上花費了數億美元，我們正在與承包商合作。

And with completion of the deal, we'll move forward with construction contract plans and so forth.

隨著交易的完成，我們將繼續推進建設合約計劃等。

And we'll be able then to lay out a cash flow profile for what would be required, how it will be financed and what capital commitments will be for us.

然後我們將能夠列出現金流狀況，說明需要什麼、如何融資以及我們需要做出哪些資本承諾。

Okay.

好的。

And completed within 5 years or begun within 5 years?

並且在 5 年內完成或開始？

That's my -- well, just one clarification.

這是我的——嗯，只是想澄清一點。

Completed within 5 years.

5年內完成。

We will commence -- I mean, we're doing planning now, but we'll commence the project immediately on issuance of the new license and completion of all these other transactions as part of the package.

我們將開始——我的意思是，我們現在正在做規劃，但我們將在頒發新許可證並完成作為一攬子計劃一部分的所有其他交易後立即開始該專案。

I will now turn the call back over to management for any closing remarks.

我現在將電話轉回給管理階層，請他們做最後發言。

All right.

好的。

Thanks, everyone.

謝謝大家。

Appreciate your interest.

感謝您的關注。

If you have follow-up questions, get in touch with David Joint, and we'll be moving onward and upward.

如果您有後續問題，請聯絡 David Joint，我們會繼續前進。

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 joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。