費利浦·麥克莫蘭銅金 (FCX) 2018 Q4 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 Fourth Quarter Earnings Conference Call.

歡迎參加自由港麥克莫蘭公司第四季財報電話會議。

(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 Fourth Quarter 2018 Earnings Conference Call.

歡迎參加自由港麥克莫蘭公司 2018 年第四季財報電話會議。

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

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

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

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

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

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

Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments on 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 are Richard Adkerson, Red Conger, Mike Kendrick.

今天參加電話會議的有 Richard Adkerson、Red Conger 和 Mike Kendrick。

We also have Mark Johnson that has dialed in to the call from our site in Papua, Indonesia.

馬克·約翰遜也從我們位於印度尼西亞巴布亞的站點撥打了電話。

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

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，他將使用我們網站上準備好的幻燈片材料來回顧我們的業績和前景。

Today, FCX reported net income attributable to common stock of $140 million, $0.09 per share in the fourth quarter of 2018, and $2.3 billion, or $1.55 per share for the full year 2018.

今天，FCX 公佈 2018 年第四季歸屬於普通股的淨利為 1.4 億美元，合每股 0.09 美元，2018 年全年歸屬於普通股的淨利為 23 億美元，合每股 1.55 美元。

We had a number of special nonrecurring items in the quarter.

本季我們有許多特殊的非經常性項目。

These are detailed on page -- on VII of our press release, but the charges netted to a net charge of $21 million or $0.02 a share.

這些費用在我們新聞稿第 VII 頁有詳細說明，但淨費用為 2,100 萬美元或每股 0.02 美元。

They included $331 million in charges related to disputed Cerro Verde royalty claims and some charges at PT-FI.

其中包括與有爭議的 Cerro Verde 特許權使用費索賠相關的 3.31 億美元費用以及 PT-FI 的一些費用。

These were largely offset by $310 million in tax credits and gains on asset sales.

這些大部分被 3.1 億美元的稅收抵免和資產出售收益所抵消。

Excluding these net charges, our adjusted fourth quarter net income totaled $161 million or $0.11 per share.

除這些淨費用外，我們調整後的第四季淨收入總計 1.61 億美元，即每股 0.11 美元。

Our adjusted earnings before interest taxes, depreciation and amortization, or EBITDA, for fourth quarter 2018 totaled $885 million, and we've got a reconciliation on Page 33 of our slide deck providing the EBITDA calculation.

我們 2018 年第四季的調整後息稅折舊攤提前利潤 (EBITDA) 總計 8.85 億美元，我們在投影片第 33 頁提供了 EBITDA 計算結果。

Our fourth quarter production totaled 841 million pounds of copper, and 334,000 ounces of gold.

我們第四季的銅產量總計 8.41 億磅，黃金產量總計 334,000 盎司。

Our production was higher than our sales, which totaled 785 million pounds of copper, and that was similar to our October guidance -- our October 2018 guidance, but our gold sales of 266,000 ounces were about 64,000 ounces below our 2018 guidance; and this is purely a timing issue relates to a delay in shipments at PT-FI late in the quarter, associated with some unscheduled maintenance at the third-party-operated Gresik smelter in Indonesia.

我們的產量高於銷量，銷量總計 7.85 億磅銅，與我們 2018 年 10 月的預期相似，但我們的黃金銷量為 266,000 盎司，比 2018 年的預期低約 64,000 盎司；這純粹是時間問題，與本季末 PT-FI 出貨延遲有關，與印尼第三方營運的 Gresik 冶煉廠的一些計畫外維護有關。

So these sales were deferred from the fourth quarter.

因此這些銷售從第四季度開始被推遲。

They will be shipped in the first quarter, but they had an approximate $80 million impact on our fourth quarter adjusted EBITDA.

它們將在第一季發貨，但對我們第四季度的調整後 EBITDA 產生了約 8000 萬美元的影響。

This was just for the gold deferral.

這只是為了黃金延期。

For the year, our sales of copper totaled 3.8 billion pounds.

全年我們的銅銷售額達到 38 億磅。

Sales of gold totaled 2.4 million ounces, and we sold 94 million pounds of molybdenum.

黃金銷售總量為 240 萬盎司，鉬銷售量為 9,400 萬磅。

Our fourth quarter realized price for copper was $2.75 per pound, and that was 14% below the year ago quarterly average of $3.21 per pound.

我們第四季的銅實現價格為每磅 2.75 美元，比去年同期的平均每磅 3.21 美元低 14%。

Gold realized prices in the quarter was $1,255 per ounce, and that compared to $1,285 per ounce in the fourth quarter of the prior year.

本季黃金實現價格為每盎司 1,255 美元，而去年同期為每盎司 1,285 美元。

Our unit costs net of by-product credits, on a consolidated basis, averaged $1.54 per pound of copper and $1.07 for the full year.

以合併基礎計算，我們的單位成本扣除副產品成本後平均為每磅銅 1.54 美元，全年平均為 1.07 美元。

Operating cash flows for the year totaled $3.9 billion, and those exceeded our capital expenditures of approximately $2 billion.

全年經營現金流總計 39 億美元，超過約 20 億美元的資本支出。

We ended the year in a strong position from a cash liquidity position.

我們以強勁的現金流動性狀況結束了這一財年。

We ended the year with $4.2 billion of cash, and consolidated debt totaled $11.1 billion.

截至年底，我們的現金餘額為 42 億美元，合併債務總額為 111 億美元。

We have no borrowings under our $3.5 billion revolving credit facility.

我們的 35 億美元循環信貸額度下沒有任何借款。

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

現在我想將電話轉給理查德，他將參考我們網站上的資料、幻燈片簡報資料。

Good morning, everyone.

大家早安。

In a very complicated world today, politically and economically, we have a lot of excitement here at Freeport, in both our management team and globally across our organization.

在當今這個政治和經濟都非常複雜的世界裡，我們自由港的管理團隊和全球組織都感到非常興奮。

We had a very active year in 2018, and it was culminated by the completion of our transactions with the government of Indonesia on December 21.

2018 年是我們非常活躍的一年，並於 12 月 21 日與印尼政府完成交易。

And this was a, frankly, heavy load lifted off of us.

坦白說，這讓我們如釋重負。

We've been dealing with this for a number of years, and in this process, particularly over the past 3 years, in such a positive way, is very gratifying.

我們已經處理這個問題很多年了，在這個過程中，特別是過去3年，我們取得瞭如此積極的方式，這是非常令人欣慰的。

Now we're focused on 2019 and the years beyond that.

現在我們關注的是2019年及以後的幾年。

Some of our accomplishments in 2018 start with the fact that globally, we had a very safe and productive year in our operations.

我們在 2018 年取得的一些成就首先是：在全球範圍內，我們的營運度過了非常安全且富有成效的一年。

You look back 3 years ago, 2015, 2016, when commodity prices were very low, the outlook was very weak.

回顧三年前，2015年、2016年，當時大宗商品價格非常低，前景非常疲軟。

As a company, we had a heavy debt burden that wasn't clear how we're going to deal with that.

作為一家公司，我們背負著沉重的債務負擔，我們不清楚該如何應對。

But in the Americas, at that time, to conserve cash, we ramped down our mining operations, and this past year, we restored mining operations to establish ourselves for a long-term future of productivity in those mines.

但在美洲，為了節省現金，我們當時減少了採礦作業，去年我們恢復了採礦作業，為這些礦場的長期生產力奠定基礎。

We ramped up our mining activities by nearly 20%, and this is going to support our long-term mine plans and preserve our optionalities as we go forward.

我們的採礦活動增加了近 20%，這將支持我們的長期礦山計劃，並在未來的發展中保留我們的選擇權。

That's like building a new mine, when you think about the 20% of an operation this size.

如果你考慮到這個規模的礦場的 20%，那麼這就像是建造一個新礦。

We advanced the construction of a new mine at Lone Star.

我們推進了孤星新礦的建設。

This is the ore resource that adjoins our Safford mine.

這是與我們薩福德礦相鄰的礦石資源。

That mine was just getting started when Freeport acquired Phelps Dodge in 2007.

當自由港於 2007 年收購菲爾普斯道奇時，礦場才剛起步。

It has processing capacity that we're able to utilize productively with developing this new resource, and we continued to drill the Lone Star ore body and resources and really, are identifying a massive new resource, which will be good for the future of our company, it will be great for the future of our company.

它具有加工能力，我們能夠有效地利用它來開發這種新資源，我們繼續鑽探孤星礦體和資源，並且真正發現了大量新資源，這對我們公司的未來有利，對我們公司的未來大有裨益。

This mine is located just across the Mountain Ridge from Morenci in Eastern Arizona.

該礦位於亞利桑那州東部莫倫西山脊對面。

Our mill in Cerro Verde continues to hit new records.

我們位於塞羅韋爾德的工廠不斷創下新紀錄。

This is, if not the largest milling complex in the world, one of the very largest, and since we began its operations, it has just performed magnificently and continues to do so.

這個工廠即使不是世界上最大的銑削綜合體，也是最大的銑削綜合體之一，自從我們開始運作以來，它就一直表現優異，並且將繼續保持這種狀態。

At our Bagdad mine in Northwest Arizona, we had a very interesting process this year where we completed an efficiency project using big data and artificial intelligence models.

在我們位於亞利桑那州西北部的巴格達礦，我們今年有一個非常有趣的過程，我們利用大數據和人工智慧模型完成了一個效率專案。

It's lifted productivity with this mine in a low capital-intensive way, and now we're going to take that experience and carry it forward to our other mines.

它以低資本密集的方式提高了該礦的生產率，現在我們要利用這種經驗，將其推廣到我們的其他礦山。

We increased our reserves in the Americas by over 35%.

我們將美洲的儲備增加了35%以上。

For too long, we've held onto using a $2 copper price.

長期以來，我們一直堅持使用 2 美元的銅價。

To determine reserves, we increased that to $2.50, and while this increases the proved and probable reserves that we'll report to the SEC, it's also going to be very beneficial as we look to the future when we develop these assets to create additional value for our shareholders out of these operations.

為了確定儲量，我們將其增加到 2.50 美元，雖然這增加了我們向美國證券交易委員會報告的已探明和可能儲量，但當我們展望未來開發這些資產以透過這些業務為我們的股東創造額外價值時，這也將非常有益。

In Indonesia, we made really important progress in preparing our underground mines for the future.

在印度尼西亞，我們在為未來地下礦井做準備方面取得了真正重要的進展。

This is the future, because we will complete mining from the Grasberg pit this year in 2019, the first half of this year.

這是未來，因為我們將在今年，也就是 2019 年上半年完成格拉斯伯格礦坑的開採。

For over a 15-year period now, we've been developing this infrastructure, including the installation of the state-of-the-art underground rail and ore flow systems, and we developed the infrastructure necessary for large-scale underground mining.

十五年多來，我們一直在開發這些基礎設施，包括安裝最先進的地下鐵路和礦石流動系統，我們開發了大規模地下採礦所需的基礎設施。

This is -- we are addressing the seismicity issues for mining that we've encountered at the separate Deep MLZ mine and the results with that for today are encouraging, and we're gaining increasing confidence about our ramp-up plans for the Deep MLZ.

這是——我們正在解決在單獨的 Deep MLZ 礦場遇到的採礦地震問題，今天的結果令人鼓舞，我們對 Deep MLZ 的提升計劃越來越有信心。

Over the next 2 years now, we've been foreshadowing these 2 years for -- ever since we developed our long-term mine plans at Grasberg in the mid-1990s, we've been foreshadowing the fact that there would be a transition period as we complete mining in the pit and ramp up production from 2 large-scale high-grade underground mines, and we expect production in the Grasberg district will double between 2019 and 2021, and this has always been our plan, but now we got -- we've derisked the infrastructure development.

在接下來的兩年裡，我們一直在預測——自從我們在 20 世紀 90 年代中期制定了格拉斯伯格的長期礦山計劃以來，我們一直在預測——自從我們在 20 世紀 90 年代中期制定了格拉斯伯格的長期礦山計劃以來，我們一直在預測這樣一個事實：隨著我們完成礦坑開採並提高 2 個大型高品位地下礦的產量，將有一個過渡期，我們預計格拉斯伯格地區的產量將在 2019 年間開發一番

The transition years are here, this is equivalent to a new start-up operation for our mine.

過渡期已經到來，這相當於我們礦山的新的啟動運作。

We've completed the open pit area and now we went to the underground area.

我們已經完成了露天開採區域的考察，現在我們前往地下區域。

It's a major undertaking that our team has carefully planned over the years and is now executing and it's all going on schedule.

這是我們的團隊多年來精心策劃的重大工程，目前正在執行，一切都在按計劃進行。

I personally cannot be more pleased with the outcome of our negotiations with the Indonesian government.

我個人對於我們與印尼政府的談判結果感到非常滿意。

All 3 parties, the government of Indonesia; our former joint venture partner, Rio Tinto; and Freeport, accomplished each of our fundamental objectives.

所有三個政黨、印尼政府；我們以前的合資夥伴力拓；和自由港，實現了我們的每一個基本目標。

And for those of you who follows us, you recognize this was no easy feat in the complicated circumstances we faced.

而那些關注我們的人來說，你們會意識到，在我們面臨的複雜情況下，這絕非易事。

But at the end of the day, all of us are happy.

但最終，我們所有人都很高興。

We were successful in maintaining for Freeport the basic economics of this ore body, and the deal that we have going forward is roughly equivalent -- approximately equivalent to the economics we had under our contract to work, and it maintains, sustains our exposure to this world-class asset, world's second largest copper mine, world's largest gold mine, it's a remarkable asset, and really worth all the effort that we've poured into it over the years.

我們成功地為自由港維持了這一礦體的根本經濟效益，我們未來的交易大致相當於我們根據合約所獲得的經濟效益，它維持了我們對這個世界級資產的投資，它是世界第二大銅礦，也是世界最大的金礦，這是一項非凡的資產，值得我們多年來為它付出的所有努力。

Really important in this process is we ended the tough, tough negotiations on a positive note.

在這個過程中真正重要的是我們以積極的態度結束了艱難的談判。

We now have a new partnership structure that strongly aligns Freeport's interest with the government, where, for all these years, we've been on the opposite side of the table in really an unproductive way.

我們現在有了新的合作夥伴結構，將自由港的利益與政府的利益緊密結合起來，而這些年來，我們一直處於對立面，而且沒有任何成效。

I'm convinced that this will mitigate political risk as we go forward in other major risks related to everything from security to labor relations, community relations.

我相信，隨著我們繼續應對從安全到勞資關係、社區關係等各方面相關的其他重大風險，這將減輕政治風險。

We now have aligned interest.

現在我們的利益已經一致。

We're partners with a state-owned company.

我們與一家國營企業是合作夥伴。

That state-owned company has incurred significant debt to finance this transaction.

該國有企業為融資此次交易已背負巨額債務。

Just like we, they will be looking to have positive cash flows coming out of this business over time to service that debt, and to provide dividends of substance to the government for years to come.

就像我們一樣，他們也希望隨著時間的推移從這項業務中獲得正現金流來償還債務，並在未來幾年向政府提供實質的紅利。

As a company, I look back 3 years ago, and think of just about how dire our situation was then, with markets and with our debt position.

作為一家公司，我回顧三年前的情況，想想當時我們的市場和債務狀況有多糟糕。

Over that time, we've reduced our debt.

在此期間，我們減少了債務。

We're in a strong financial and liquidity position, and the steps to take and to reduce our debt by nearly 2/3, way beyond the targets we set at this call 3 years ago, position us now to manage this transition in Indonesia and deal with the market uncertainties that may -- we may face.

我們的財務和流動性狀況良好，我們採取措施將債務減少了近三分之二，遠遠超出了我們三年前在這次電話會議上設定的目標，這使我們能夠管理印尼的這一轉型，並應對我們可能面臨的市場不確定性。

We'll talk more about this, but -- on the call and in answering your questions.

我們會在通話中和回答您的問題時進一步討論這個問題。

The fundamentals even today, with all the confusion, economically, in the world, with all the risk that we hear about every day, the fundamentals of copper market point to a very positive future.

基本面即便在今天，儘管世界經濟情勢混亂，儘管我們每天都聽到各種風險，但銅市場的基本面仍然指向非常積極的未來。

And our company and our management team are managing our company's assets to enable our shareholders to benefit significantly from what I'm confident will be strong copper markets ultimately in the future.

我們公司和管理團隊正在管理公司的資產，以使我們的股東能夠從未來強勁的銅市場中獲得巨大利益。

With today's uncertainties in the global marketplace, neither we nor anyone else can predict short-term movements in copper prices, but our management team is confident we have the right portfolio of assets, the right structure.

鑑於當今全球市場的不確定性，無論是我們還是其他任何人都無法預測銅價的短期趨勢，但我們的管理團隊相信我們擁有正確的資產組合和正確的結構。

We've derisked so much of our business over the past 3 years, particularly in 2018, that we can deliver significant values over the long term to our shareholders.

過去 3 年，特別是 2018 年，我們已經降低了大量業務風險，因此我們可以為股東帶來長期巨大的價值。

So we're going to now answer your questions about the past, if you have any.

所以我們現在就來回答您關於過去的任何問題。

I'm sure you will.

我確信你會的。

But we are going to focus on what's ahead of us in the future.

但我們將專注於未來的事情。

It's all about execution now.

現在一切都關乎執行。

Our team recognizes that, we're focused on it, we have a great track record of executing in project development and operations, and now we're going to use those capabilities to build success.

我們的團隊認識到，我們專注於此，我們在專案開發和營運方面擁有出色的執行記錄，現在我們將利用這些能力來取得成功。

When I step back and look at it, today's world is confused in many respects and dysfunctional.

當我退一步審視時，當今的世界在許多方面都是混亂和失調的。

We're not confused at Freeport, and we're going to be functional.

我們不會在自由港感到困惑，我們會正常運作。

We know what we need to do, and we're going to set out to do it.

我們知道我們需要做什麼，我們將著手去做。

So turning to the slides now, Kathleen has reviewed the 2018 highlights.

現在翻看幻燈片，凱瑟琳回顧了 2018 年的亮點。

Just a couple of comments.

僅幾點評論。

We had this problem with the smelter in Gresik being down.

由於 Gresik 的冶煉廠停產，我們遇到了這個問題。

We had 130,000 tons of concentrate that we had produced at Grasberg that was in inventory in our concentrate barns at Grasberg.

我們在格拉斯伯格生產的 13 萬噸精礦都存放在格拉斯伯格的精礦倉庫中。

Normally, it's 20,000.

通常是2萬。

So 100,000 tons of concentrate that was produced, otherwise would have been sold if Gresik had been up, that 60 million pounds of copper and 100,000 ounces of gold, that's not in our numbers this year.

因此，生產的 10 萬噸精礦（如果 Gresik 的價格上漲，這些精礦就會被出售），6,000 萬磅銅和 10 萬盎司黃金，都不在我們今年的數據之內。

Copper prices dropped $0.12 in December.

12月銅價下跌0.12美元。

Much of our production for the year is priced at December prices.

我們今年生產的大部分產品都是以 12 月的價格定價的。

We put out a guidance note for analysts who published earnings guidance in December.

我們為 12 月發布獲利預測的分析師發布了一份指導說明。

I would encourage you to read that note and apply it.

我鼓勵您閱讀該說明並加以運用。

Several analysts didn't do it this year and that resulted in the expectations about earnings being higher than they otherwise would have been.

今年有幾位分析師沒有這麼做，導致獲利預期高於原本的水準。

So anyway, past is past.

所以無論如何，過去的已經過去了。

We're focusing on the future.

我們著眼於未來。

Slide 4 summarizes the transaction with the government of Indonesia.

投影片 4 總結了與印尼政府的交易。

Importantly, for our financial reporting purposes, because of the structure of our shareholders agreement with INALUM the state-owned company, Freeport will continue to consolidate PT-FI.

重要的是，就我們的財務報告目的而言，由於我們與國有公司 INALUM 的股東協議結構，自由港將繼續合併 PT-FI。

And PT-FI is now larger, because previously, we separated the interest in the joint venture between Freeport and Rio Tinto.

而 PT-FI 現在規模更大了，因為先前我們將自由港和力拓合資企業的權益分開了。

Now all of that is part of PT-FI.

現在所有這些都是 PT-FI 的一部分。

All of that will be in our consolidated results, and our consolidated reserves will be higher as a result of that.

所有這些都將計入我們的合併業績，因此我們的合併儲備金將會更高。

Freeport FCX's equity interest in the reserves will be equivalent -- will be the same.

Freeport FCX 在這些儲備中的股權將是等價的——將是相同的。

But those are the details and if you have questions, we'll answer about it.

但這些是細節，如果您有任何疑問，我們會回答。

Now turning to priorities.

現在來談談優先事項。

Here's what we're going to do.

以下是我們要做的事情。

We're going to ramp up production from our large-scale underground mines at Grasberg.

我們將提高格拉斯伯格大型地下礦的產量。

2 basic mines, although the Grasberg Block Cave has 2 headings, and in some ways could be viewed as 2 mines within the Grasberg ore body.

2 個基本礦井，儘管 Grasberg Block Cave 有 2 個礦井，並且在某些方面可以被視為 Grasberg 礦體內的 2 個礦井。

And the Deep MLZ mine.

還有深層 MLZ 礦坑。

We're going to focus on productivity and cost management globally in the Americas as well as in Indonesia.

我們將重點放在美洲和印尼的全球生產力和成本管理。

We're going to advance this Lone Star development and continue to look at the very exciting long-term expansion opportunities for that ore body.

我們將推進 Lone Star 的開發，並繼續尋找該礦體的令人興奮的長期擴張機會。

And then we're going to look at other future growth opportunities from a large portfolio of reserves and resources.

然後，我們將從大量的儲備和資源中尋找其他未來的成長機會。

We have a great opportunity in Chile with our El Abra mine, and then we have a number of opportunities in the U.S. mines.

我們在智利的 El Abra 礦場擁有龐大的發展機會，在美國礦場我們也有很多發展機會。

We're going to be evaluating them and ranking them and be prepared to go forward when markets give us the comfort to go forward.

我們將對它們進行評估和排名，並在市場給予我們前進的信心時做好繼續前進的準備。

We're not going to be spending capital on those in near term.

我們短期內不會在這些方面投入資金。

So copper markets.

銅市場也是如此。

The -- in the face of all the investor uncertainties that come about for obvious reasons that still pertain there, the concerns about the ultimate risk to the economy in China and the global economy from a number of items, including the unfortunate trade policy issues that are being considered now.

面對投資者因顯而易見的原因而產生的各種不確定性，人們擔心一系列因素可能對中國經濟和全球經濟構成最終風險，其中包括目前正在考慮的不幸的貿易政策問題。

The fundamentals in the marketplace remain very strong.

市場基本面依然強勁。

China set records for copper imports.

中國創下了銅進口量的最高紀錄。

They're continuing to invest in smelting capacities.

他們正在繼續投資冶煉能力。

They're reducing scrap going into China.

他們正在減少流入中國的廢棄物。

There's just a lot of things about China.

關於中國的事情有很多。

China, as a country, has enormous financial resources.

中國作為一個國家，擁有龐大的金融資源。

They're looking at stimulating their economy, investing in One Road initiatives.

他們正在考慮刺激經濟，投資「一帶一路」計畫。

China had lots of alternatives with dealing with issues it faces in the current marketplace.

中國有許多選擇來應對當前市場面臨的問題。

Time will tell whether this will develop into a serious problem, and we'll be prepared for that.

時間將證明這是否會發展成一個嚴重的問題，我們將為此做好準備。

But today, the outlook going forward is good.

但今天，未來的前景是好的。

In the U.S., it's really amazing.

在美國，這真是太神奇了。

We supply maybe 1/3 of the copper to downstream market.

我們向下游市場供應約三分之一的銅。

We're stretched.

我們已捉襟見肘。

We're not being able to commit -- to meet all the commitments of our U.S. customers.

我們無法承諾履行美國客戶的所有承諾。

We're actually having to go out and buy some copper.

我們實際上必須出去買一些銅。

Can you imagine that?

你能想像嗎？

It's Freeport.

這是自由港。

The world's largest operator of copper mines is having to buy some copper to fulfill customer demands in the U.S.

全球最大的銅礦業者必須購買一些銅來滿足美國客戶的需求。

All of this is really contrary to investor sentiment.

這一切確實與投資者的情緒相違背。

Investor sentiment is what it is.

投資者情緒就是這樣。

We live with it.

我們與它共存。

But the market is fundamentally, it continues to be strong, and then when we look forward, when we look at the declines in base production, experts are analyzing that to be over 5% over the next 10 years.

但從根本上來說，市場仍然保持強勁，當我們展望未來時，我們看到基礎產量下降，專家分析稱未來 10 年產量下降幅度將超過 5%。

If you look at modest demand growth, and we've used 1.5% over the next 10 years, you end up needing almost 5 billion pounds of new copper per year -- 5 billion tons of new copper per year.

如果你看一下適度的需求成長，並且我們在未來 10 年內使用了 1.5%，那麼最終每年將需要近 50 億磅的新銅 - 每年 50 億噸的新銅。

And today, it takes prices well over $3 a pound to justify new investments.

如今，油價需要遠超過每磅 3 美元才能證明新的投資是合理的。

So there's coming times when copper prices will simply have to rise.

因此，未來銅價必然會上漲。

And then you look at where is today's copper coming from.

然後你看看今天的銅來自哪裡。

And on Slide 7, a slide you've seen from us before, you see the reserves and production from the top 10 copper mines in the world today.

在投影片 7 上，也就是您之前看到的這張投影片上，您可以看到當今世界十大銅礦的儲量和產量。

We have 3 of the 5 largest producing mines in the world.

全球五大產礦區中，我國佔有三處。

In aggregate, those mines only produce 5.4 million tons a year in 2018, so you're talking about having to replace all of these mines 10 years out.

總體而言，這些礦山在 2018 年的年產量僅為 540 萬噸，所以你說的是 10 年後必須更換所有這些礦山。

It's a good outlook.

這是一個很好的前景。

So here's what our reserves are.

我們的儲備量如下。

We have -- I've been talking with our team for some time now about why do we continue to use $2 copper.

我們已經——我已經和我們的團隊討論了一段時間，為什麼我們繼續使用 2 美元的銅。

So we've changed to $2.50 copper in the Americas, and that resulted in about 1/4 increase in our reserves just by using that price.

因此，我們將美洲的銅價改為2.50美元，僅採用這一價格，我們的儲備量就增加了約1/4。

And it's not just an accounting exercise.

這不僅僅是一項會計工作。

That's helping us as we look to see where we rank these investment opportunities going forward.

這對我們了解未來這些投資機會的排名有幫助。

That's proved and probable reserves under SEC industry standards.

根據美國證券交易委員會 (SEC) 行業標準，這是已探明和可能的儲量。

Beyond that, we have an equivalent mine of mineralized material associated with our existing mines that, with additional drilling, analysis, engineering, planning and so forth, could well come into reserves.

除此之外，我們還有一個與現有礦山相關的礦化材料等效的礦山，透過額外的鑽探、分析、工程、規劃等，很可能會形成儲量。

Half of these resources, roughly, are in the U.S. So we're positioned as a company to benefit from these coming positive copper markets, and have the ability to deal with it if, in fact, we have to deal with economic weakness.

這些資源中大約有一半位於美國。

More information on our reserves are shown on Page 9.

有關我們的儲備的更多資訊請參閱第 9 頁。

Most of the additions that came about are in the Americas.

大部分新增部分都位於美洲。

We doubled our reserves at Bagdad, which is a really attractive future investment opportunity mine for us.

我們的巴格達儲量增加了一倍，這對我們來說是一個非常有吸引力的未未來投資機會礦場。

We've added significant reserves to Morenci.

我們為莫倫西增加了大量儲備。

We've added reserves at Cerro Verde.

我們在塞羅韋爾德 (Cerro Verde) 增加了儲備。

Our reserves will also grow because of the consolidation, the inclusion of the former Rio Tinto interest in the PT-FI and the continued consolidation of PT-FI.

由於合併、將前力拓的權益納入 PT-Fi無線集團以及 PT-Fi無線集團的持續合併，我們的儲備金也將成長。

Big reserves, big resources.

儲量大，資源量大。

Cerro Verde, the operations are really going well.

塞羅韋爾德 (Cerro Verde)，營運進展非常順利。

This is really a great mine.

這真是一座偉大的礦場。

So glad we buckled up and made the decision to do the major expansion that we completed and started ramping up 3 years ago.

很高興我們勇敢地做出了決定，進行了三年前完成並開始加速的大規模擴張。

And the concentrator facilities, leading -- industry leading in size, they're performing well, exceeding nameplate capacity.

而且，選礦設施規模領先——行業領先，性能良好，超過了額定產能。

And so this is a great mine, really pleased it's part of our portfolio.

這是一個很棒的礦山，很高興它成為我們投資組合的一部分。

Lone Star, I mentioned, there's a picture here.

孤星，我有提到過，這裡有一張照片。

We -- we're mining leachable oxide ore now, doing stripping.

我們 — — 我們現在正在開採可浸出氧化礦，進行剝離。

That's going to be a very profitable project for us.

對我們來說這將是一個非常有利可圖的項目。

5.6 billion pounds of copper, it's strictly leeching, using the facilities that are already in place at the adjoining Safford mine.

56 億磅銅，嚴格來說是利用毗鄰的薩福德礦場現有的設施進行開採。

So that's going to be a good project, but what's really exciting is beyond those 5.6 billion pounds of reserves now, we have 50 billion to 70 billion pounds of resources, enormous opportunity, driven by the sulfide resources, underneath these oxide resources that we're producing.

所以這將是一個很好的項目，但真正令人興奮的是，除了現在的 56 億磅儲量之外，我們還擁有 500 億到 700 億磅的資源，巨大的機遇，由我們正在生產的這些氧化物資源下的硫化物資源所驅動。

We also have a sizable sulfide opportunity at Safford, which has been, to date, strictly a leaching operation.

我們在薩福德也擁有大量的硫化物開採機會，到目前為止，礦場僅進行的是浸出作業。

And so this has the opportunity of being a Morenci class mine as we go forward, right in the heart of our operations in a community where they are welcoming of mine activities.

因此，隨著我們不斷前進，這個礦井有機會成為一座莫倫西級礦井，它位於我們業務的中心地帶，社區裡的人都歡迎我們進行礦井活動。

Part of a brownfield expansion, really exciting.

作為棕地擴建的一部分，確實令人興奮。

Grasberg underground.

格拉斯伯格地下。

This is just really going to be amazing.

這真是太令人驚奇了。

In the future, as we look out beyond ramp up, the primary asset's going to be the Grasberg Block Cave.

在未來，當我們展望未來時，主要資產將是格拉斯伯格礦洞 (Grasberg Block Cave)。

Now this is the same ore body that we've been mining from the surface since early 1990s.

這與我們自 20 世紀 90 年代初以來一直從地面開採的礦體相同。

Not a different ore body.

並不是不同的礦體。

It's just physically, it's more economically to access it underground now from the surface.

從物理上來說，現在從地面進入地下會比較經濟。

We'll be ramping this single underground mine.

我們將對這座單一的地下礦場進行開採。

It will have 2 headings, and Mark Johnson is on the call with us.

它將有兩個標題，馬克約翰遜正在和我們通話。

So late at night, he's in -- he's in -- been back and forth.

所以深夜，他就在──他在──來回走動。

But it's really, in effect, like 2 mines, because there's 2 headings, ramping up to 130,000 tons a day from this ore body by 2023.

但實際上，這就像是兩個礦井，因為有 2 個礦井，到 2023 年，該礦體的日產量將增加到 13 萬噸。

We had our first drawbell blast December 15.

我們於 12 月 15 日迎來了第一次停火。

I was in Jakarta, and it was exciting to be late at night at the Fairmont Hotel and watch that first blast go off on the screen.

我當時在雅加達，深夜在費爾蒙酒店看到螢幕上第一聲爆炸聲，很興奮。

And that's just one evidence of the progress we've made in developing the infrastructure.

這只是我們在基礎建設方面取得進步的證據之一。

Now it's important to note that this is an ore body we know.

現在值得注意的是，這是我們所知道的礦體。

The Deep MLZ, where we've had mining and do seismic activities in a separate mineralization area, an area where we began block cave mining in the early 1980s and have extended at a depth.

在深層 MLZ，我們在一個單獨的礦化區進行採礦和地震活動，我們在 20 世紀 80 年代初開始在該地區進行塊狀洞穴採礦，並已延伸到一定深度。

It's 1,500 meters below the surface.

它位於地表以下 1,500 公尺處。

We're 300 meters below the surface with the Grasberg Block Cave mine.

我們位於格拉斯伯格塊洞礦井地下 300 公尺處。

Different rock environment.

不同的岩石環境。

We know the rock.

我們了解這塊岩石。

We're comfortable that we won't have to deal with these conditioning exercises we're having to do with the Deep MLZ with the fracking operations.

我們感到很欣慰，我們不需要再進行與深層 MLZ 水力壓裂作業相關的調節練習。

The Deep MLZ, we're ramping up, we feel confident to 80,000 tons a day by 2022.

我們正在加大深水 MLZ 的產量，有信心到 2022 年達到每天 80,000 噸。

We began the fracking operations in 2018 to manage the seismic events, precondition the cave.

我們於 2018 年開始水力壓裂作業，以應對地震事件並對洞穴進行預處理。

This is not the first time that's has been done in the industry.

這並不是該行業第一次發生這樣的事情。

The first time we've done it, and results to date are very encouraging, and have given us increasing confidence about our ramp-up schedule.

這是我們第一次這樣做，迄今為止的結果非常令人鼓舞，並讓我們對我們的提升計劃越來越有信心。

We have an inventory of a 70 drawbells, so we are prepared to have this ramp-up going, and we're giving you our estimate as to how we'll achieve, which is shown here on Page 13.

我們擁有 70 個拉線鈴的庫存，因此我們已準備好進行此提升，並且我們將為您提供有關如何實現目標的估算，如第 13 頁所示。

First half of 2019, we're basically finished at the bottom of the pit.

2019年上半年，我們基本上已經走出了坑底。

We're looking out for opportunities in the pit to get some incremental high-grade ore as we finish mining in the pit.

隨著礦坑開採的結束，我們正在尋找機會獲得一些額外的高品位礦石。

One way we're doing that, the primary way, is we're mining out the truck ramp roads that have led down there.

我們這樣做的一個方法，也是最主要的方法，就是挖掘通往那裡的卡車坡道。

It's very high-grade, and that will be the bulk of the source of our ore production during the first half of 2019.

它的品位非常高，這將成為我們 2019 年上半年礦石產量的主要來源。

And then you can see in these schedules how the other mines will ramp up.

然後您可以從這些計劃中看到其他礦山的產量如何增加。

So we're into this transition period, 2019, 2020, where we have an increasing confidence about our ability to meet our targets, and we'll end up with the Grasberg mine operating with totally underground feed, with a mill of over 200,000 tons per day of very high-grade copper and gold ore.

因此，我們進入了過渡期，即 2019 年和 2020 年，我們對實現目標的能力越來越有信心，最終格拉斯伯格礦將完全採用地下供料方式運營，每天將生產出超過 20 萬噸的高品位銅礦石和金礦石。

And now the decks are clear with all these issues that we've had with the government for us to proceed to do that in a business-like fashion.

現在，我們與政府之間出現的所有問題都已解決，我們可以以商業化的方式繼續處理這些問題。

And it will be our primary focus.

這將是我們關注的重點。

So we've got a global footprint, of course.

因此，我們當然擁有全球影響力。

Key positive about our company is that we operate all of the assets that we have ownership interest in.

我們公司的主要優勢在於我們經營我們擁有所有權的所有資產。

We're not minority owners.

我們不是少數股東。

We're not joint venture participants, but we have the ability to benefit from having a common operating group managing all these operations, and that gives us a lot of synergies to deal with, both in supply chains and people and mine planning and so forth.

我們不是合資企業參與者，但我們有能力從一個管理所有這些業務的共同營運團隊中受益，這為我們帶來了許多協同效應，包括供應鏈、人員和礦場規劃等方面。

The large parts of our resource and reserves are in the Americas, 70%.

我們的資源和儲量大部分在美洲，佔70%。

We've got a great team.

我們擁有一支出色的團隊。

Really high morale here.

這裡的士氣確實高漲。

Everybody is excited.

每個人都很興奮。

We are ramping up the operations today.

今天我們正在加強營運。

We're planning for future development, and all of us are happy about it.

我們正在規劃未來的發展，我們所有人都對此感到高興。

Leading position in the United States.

在美國處於領先地位。

Looking back a number of years ago, the mining in the Southwest copper district was dead.

回顧幾年前，西南銅礦區的採礦業一片蕭條。

Now it's really exciting.

現在真是令人興奮。

We've got favorable tax situation.

我們的稅務狀況很有利。

We have a huge operating loss carryforward from our oil and gas investments, so taxes will be minimal in the U.S. going forward.

我們在石油和天然氣投資方面有龐大的營運虧損結轉，因此未來在美國繳納的稅款將會很少。

And improved regulatory environment, we have really good relationships with the states where we operate, and so we -- and the energy situation in the U.S. with shale oil, shale gas, the flexibility of labor, we don't have labor unions here.

而且監管環境得到改善，我們與經營所在的州保持了良好的關係，因此，我們——以及美國的能源狀況，包括頁岩油、頁岩氣、勞動力的靈活性，我們這裡沒有工會。

We have communities that support the families that work at our business.

我們有社區為在我們公司工作的家庭提供支持。

So anyway, it's -- we're really excited about our business in the U.S. Great opportunity in Chile, with El Abra, world-class mine in Peru and, of course, Indonesia being a historically tremendous asset.

無論如何，我們對我們在美國的業務感到非常興奮。

We showed this, I think, last quarter, but I want to come back to it about just how difficult it would be to replicate what we have here at Freeport.

我想，我們在上個季度就展示過這一點，但我想回過頭來談談複製我們在自由港所做的事情有多麼困難。

If we look at the copper equivalent capacity of our company, 4.5 billion pounds of annual production extending for as far as you can see.

如果我們看看我們公司的銅當量產能，一眼望去，年產量高達 45 億磅。

The cost to develop greenfield capacity is $8 to $10 a pound.

開發綠地產能的成本為每磅8至10美元。

That indicates that to replace what we already have now would be on the order of $35 billion to $45 billion.

這意味著要取代我們現在擁有的資源大約需要 350 億到 450 億美元。

Time will justify this and we're focused on giving the market the basis to do it.

時間將證明這一點，我們致力於為市場提供實現這一目標的基礎。

So we got our 2019 outlook.

因此我們得到了2019年的展望。

It's very consistent with what we had before.

這與我們之前所擁有的非常一致。

Unit cost will be higher the next 2 years than they have been or will be because of the ore volumes with the transition at Grasberg, and that will affect our cash flows for a 2-year period, but this is just like someone starting up a new mine, whether that mine's in Mongolia or Africa or Panama or whatever.

由於格拉斯伯格過渡期的礦石量，未來兩年的單位成本將比過去或將來更高，這將影響我們兩年的現金流，但這就像有人開辦一個新礦，不管這個礦是在蒙古、非洲、巴拿馬還是其他地方。

It's a ramp-up period and that's what we have.

這是一個上升期，這就是我們所擁有的。

Capital expenditures are consistent with what we've guided to before.

資本支出與我們先前指導的一致。

A large portion of these will relate to projects that will be adding significant future production.

其中很大一部分將與未來大幅增加產量的項目有關。

You can see our sales profile, which will be increasing as we go through the ramp-up years, and then gold sales is particularly evident because that's Grasberg, and that's where we're having the transition.

您可以看到我們的銷售情況，隨著我們進入增長期，銷售情況將不斷增加，而黃金銷售尤其明顯，因為那是格拉斯伯格，也是我們正在轉型的地方。

18 -- Slide 17, shows the volumes and costs by region.

18－投影片 17 顯示各地區的數量和成本。

Our cost in the Americas are -- has been fairly consistent.

我們在美洲的成本一直相當穩定。

Each mine will be affected by some volume differences, but the fundamental cost situation is under control and remaining the same.

各個礦山都會受到一些產量差異的影響，但基本的成本情況是可控的，保持不變的。

Consolidated cost we're showing at current commodity prices for 2019 being $1.73, but that's with Grasberg being at $1.55 a pound.

我們顯示的 2019 年當前商品價格的綜合成本為 1.73 美元，但格拉斯伯格的價格為每磅 1.55 美元。

We think Grasberg, after the transition will be no more than $0.30, maybe lower, depending on commodity prices.

我們認為，轉型後格拉斯伯格的價格不會超過 0.30 美元，甚至可能更低，具體取決於商品價格。

And if we pro forma to that, our costs will be $1.30 versus $1.73.

如果我們對此進行預測，我們的成本將是 1.30 美元而不是 1.73 美元。

We just keep wanting to drive home the fact that we're in transition years.

我們只是想不斷強調我們正處於轉型時期這一事實。

This is Page 18, and it shows what our average EBITDA and operating cash flows will be on average for '19 and '20.

這是第 18 頁，它顯示了我們 2019 年和 2020 年的平均 EBITDA 和營運現金流。

And then after the ramp up, how much it'll grow, so I'll let you look at those numbers, and then I think they're evidence of what we're dealing with.

然後在增加之後，它會增長多少，所以我會讓你看看這些數字，然後我認為它們是我們正在處理的問題的證據。

No significant changes to our capital expenditures.

我們的資本支出沒有重大變動。

Bulk of our major mining projects are Grasberg underground development.

我們的主要採礦項目大部分是格拉斯伯格地下開發。

And our financial policy, we're going to be studying and ranking future investment opportunities.

我們的財務政策是，我們將研究和排名未來的投資機會。

We're not planning to commit major amounts of new capital to those projects.

我們不打算向這些項目投入大量新資本。

We're going to continue with Grasberg and with Lone Star, but we're going to be looking at attractive projects for the future.

我們將繼續與 Grasberg 和 Lone Star 合作，但未來我們也將尋找有吸引力的項目。

We're going to continue to be focused on improving our balance sheet to the extent we get to a period where we're generating excess cash, maintaining our current dividend, and what we're really looking forward to is having production ramp-up, a more positive copper pricing environment, and that will allow us the ability to pay cash dividends as has been our tradition at Freeport.

我們將繼續專注於改善我們的資產負債表，直到我們進入產生過剩現金的時期，維持我們目前的股息，我們真正期待的是產量的提高，更積極的銅定價環境，這將使我們能夠像自由港的傳統一樣支付現金股息。

So that is where we are.

這就是我們現在的狀況。

As I said, in a complicated, dysfunctional world in many respects, we're very excited about where we are, and we are focused on moving forward to make our company really successful for our shareholders.

正如我所說，在這個多方面都複雜且運轉失調的世界裡，我們對自己所處的境況感到非常興奮，我們專注於向前邁進，讓我們的公司真正為股東帶來成功。

So Regina, we will open up for questions.

那麼，里賈納，我們將開始回答問題。

(Operator Instructions) The first question comes from the line of Chris Terry with Deutsche Bank.

（操作員指示）第一個問題來自德意志銀行的克里斯·特里。

Two questions for me.

我有兩個問題。

The first one, in your slide deck, Slide 27, where you've got the quarterly sales forecast to 2019, just looking for a little bit more color on the ramp-up of the 2 headers at the Grasberg underground.

第一個，在您的投影片第 27 頁，其中有到 2019 年的季度銷售預測，只是想了解更多關於格拉斯伯格地鐵 2 個集管的增產情況。

Presumably the first quarter of '19 guidance, the 825 million pounds includes a little bit of the sales that didn't come through from 4Q '18.

據推測這是 2019 年第一季的指引，8.25 億英鎊包括了 2018 年第四季未實現的少量銷售額。

I think 2Q '19, from what you've said, includes some of the open pit material at the slightly higher grade.

我認為，從您所說的情況來看，2019 年第二季包括一些品位略高的露天礦材料。

Is it really the second half of the year where we then more rely completely on the underground?

難道到了下半年我們就會更依賴地鐵嗎？

Just trying to step through the profile there.

只是想瀏覽一下那裡的個人資料。

That's the first question.

這是第一個問題。

And just on your projects beyond Lone Star, can you rank at this stage what the order of preference would be for any new projects, including El Abra or North American options?

除了 Lone Star 之外，您目前還能對新專案的優先順序進行排序嗎，包括 El Abra 或北美專案？

Okay.

好的。

So Chris, you're exactly right in your reading the slides.

克里斯，你讀幻燈片的時候完全正確。

First half of the year, the bulk of production at Grasberg's going to come from the open pit ramp mining.

今年上半年，格拉斯伯格金礦的大部分產量將來自露天採礦。

And then by the end of the year, the Grasberg Block Cave will be commencing production.

到今年年底，格拉斯伯格礦洞將開始生產。

We also, over time, have developed stockpiles of material that we will use to maintain as much throughput to our mill as we can, but that's been a long-term plan to stockpile some lower-than-average grade material, and that will be available for us as well.

隨著時間的推移，我們還建立了材料庫存，以盡可能保持我們工廠的產量，但這是一項長期計劃，旨在儲存一些低於平均水平的材料，這些材料也可供我們使用。

And for the year, Deep MLZ represents about 12% of our production, so relatively small percentage in 2019.

就今年而言，Deep MLZ 約占我們產量的 12%，因此 2019 年的比例相對較小。

And Grasberg Block Cave is under 10% for 2019.

而格拉斯伯格塊洞穴 (Grasberg Block Cave) 在 2019 年的開採率低於 10%。

The rest of it will come from the open pit.

其餘將來自露天礦場。

The DOZ mine, which has been operated for several years now, is the other piece of this in addition to stockpiles and a small amount from Big Gossan as well.

DOZ 礦場已經運作了好幾年，除了庫存外，還有少量來自 Big Gossan 的礦石。

Mark, do you have anything to add to that?

馬克，你還有什麼要補充嗎？

Or were you okay with what we said?

或說您同意我們說的話嗎？

No, that's perfect.

不，那太完美了。

We've also ramped up the Big Gossan and it will be at full production of 7,000 tons per day by the third quarter.

我們也增加了 Big Gossan 的產量，到第三季其日產量將達到 7,000 噸。

And it will consistently supply about just over 10% of the copper and about 4% to 5% of the gold.

它將持續供應約10%多一點的銅和約4%到5%的黃金。

So Chris, with regard to ranking, I have to be careful.

所以克里斯，對於排名，我必須小心。

Because we can get to some fairly heated discussions internally about that.

因為我們內部可以就此展開一些相當激烈的討論。

We start out with the base, I think, with El Abra.

我認為，我們從 El Abra 基地開始。

It's -- for a mine that we thought by this time would be depleted, when we acquired Phelps Dodge almost 12 years ago now, our subsequent core drilling and exploration analysis, it gives us a really exciting opportunity.

當我們在大約 12 年前收購 Phelps Dodge 時，我們認為這個礦場的資源已經枯竭，但隨後進行的核心鑽探和勘探分析為我們提供了一個真正令人興奮的機會。

We own 51% of that mine.

我們擁有該礦 51% 的股份。

CODELCO is our partner, and CODELCO is very positive about expansion.

CODELCO 是我們的合作夥伴，CODELCO 對擴張持非常積極的態度。

On the other hand, the U.S. has the benefits of the -- that I mentioned, energy cost, labor flexibility, which Chile is recognizing as an impediment to that country's future and the mining industry now.

另一方面，美國具有我提到的能源成本、勞動力彈性等優勢，而智利目前認為這些優勢對該國的未來和採礦業來說是一個障礙。

And we own 100% of the mines.

我們擁有 100％ 的礦山。

We own the land and fee here.

這裡的土地和費用都是我們擁有的。

We don't -- and our workers drive their pickup trucks to work and carry lunch pails and send their kids to community and state schools and have hospitals.

我們沒有──我們的工人開著小卡車去上班，帶著午餐桶，送他們的孩子去社區和公立學校，還去醫院。

So there's a lot of advantages in the U.S. Leading the pack right now in terms of timing would be Bagdad.

因此，美國有很多優勢。

We've invested in water resources, which is a constraint there.

我們對水資源進行了投資，但這是那裡的一個限制。

We've done some work on land lights for tailings disposal, and it's less capital-intensive, smaller, easy, executional project.

我們已經對尾礦處置的陸地照明進行了一些工作，這是一個資本密集程度較低、規模較小、容易執行的專案。

And in long range, we've got some very large projects to consider, the Lone Star and at Morenci.

從長遠來看，我們需要考慮一些非常大的項目，例如孤星項目和莫倫西項目。

And even in New Mexico, where our mines are very old, but as we continue to keep drilling these old ore bodies, we get excited about what we're seeing there.

即使在新墨西哥州，我們的礦場已經非常古老，但隨著我們繼續鑽探這些古老的礦體，我們對在那裡看到的東西感到興奮。

So it will be a horse race to decide what to do.

因此，這將是一場決定要做什麼的賽馬比賽。

Not a decision we'll reach -- we'll continue our work throughout the year and report to you how that analysis is going.

我們不會做出任何決定—我們會全年繼續我們的工作，並向您報告分析進度。

Your next question will come from the line of David Gagliano with BMO Capital Markets.

您的下一個問題來自 BMO 資本市場的 David Gagliano。

I just -- I had a quick question, first of all, in the capital spending for the Indonesia smelter.

我只是——首先，我有一個簡單的問題，關於印尼冶煉廠的資本支出。

The slides, obviously, are before CapEx for the smelter, and I know it's early days.

顯然，這些幻燈片是在冶煉廠資本支出之前製作的，我知道現在還為時過早。

When do you expect to start spending?

您預計什麼時候開始消費？

All right.

好的。

So we have been spending some planning money to date.

所以到目前為止我們已經花了一些規劃資金。

We'll continue with that.

我們將繼續這樣做。

Significant capital spending won't come into play until 2020.

直到 2020 年才會出現大規模資本支出。

And we are now engaged in conversations about potential partners, about financing structure and how that will be dealt with.

我們目前正在討論潛在合作夥伴、融資結構以及如何處理這些問題。

So we've deferred that until we got our deal done.

因此我們將其延後至我們達成協議後再進行。

The deal's done.

交易完成了。

We're now actively pursuing that project, and you can expect updates through 2019 as we go forward, but not much in the way of capital during 2019.

我們目前正在積極推進該項目，隨著項目的推進，您可以期待 2019 年的更新，但 2019 年的資金投入不會太多。

And Dave, just to point out on Slide 19, where we show capital expenditures, those are consolidated.

戴夫，我想指出的是，在幻燈片 19 中，我們顯示了資本支出，這些都是合併的。

And now we're bringing in all the aggregate capital from Indonesia, whereas the previous structure with Rio Tinto, their contribution was not included in our capital.

現在我們引入了來自印尼的所有總資本，而先前與力拓的合作結構中，他們的出資並不包括在我們的資本中。

So our capital spending, really, from our previous guidance has not changed.

因此，我們的資本支出實際上與先前的指導相比沒有改變。

We'll get -- under the economic arrangement we have with our new shareholder, we'll have -- they'll make a contribution, similar to what Rio Tinto would have otherwise done, but that won't be netted in our capital like it had been before.

根據我們與新股東達成的經濟安排，我們將獲得──他們將做出貢獻，類似於力拓原本會做的事情，但這不會像以前那樣計入我們的資本。

And when -- with respect to the smelter, as Richard said, we are focused on -- we're doing the front-end engineering right now, and while we're in those planning stages, we are going to work to try to find partners that may be interested in offtake or other participation in the smelter.

至於冶煉廠，正如理查德所說，我們專注於——我們現在正在進行前端工程，而在規劃階段，我們將努力尋找可能有興趣承購或參與冶煉廠的其他合作夥伴。

Ideally, we'd like to structure the smelter similar to what we did with the original smelter we built in Indonesia, where PT-FI provided a contract to a smelter project company that used that contract to finance the smelter.

理想情況下，我們希望建造與我們在印尼建造的原始冶煉廠類似的結構，其中 PT-FI 向冶煉廠項目公司提供合同，該公司使用該合同為冶煉廠提供融資。

But we don't know yet.

但我們還不知道。

This is all new in terms of getting the deal done in Indonesia.

這對於在印尼達成協議而言都是新鮮事。

So as we go forward, we're going to look to minimize equity contributions from FCX, and look to try to find financing for the smelter as long term as possible to reflect the long-term nature of the assets and the amortization of the smelter we'll have over time.

因此，在未來的發展中，我們將盡量減少 FCX 的股權貢獻，並儘可能為冶煉廠尋找長期融資，以反映資產的長期性質以及我們將隨著時間的推移對冶煉廠進行攤銷。

And Dave, let me make a couple of side comments on all this.

戴夫，請允許我針對這一切發表幾點評論。

All of the issues related to capital allocations in the smelter were settled with INALUM during our negotiations.

我們與INALUM在談判中解決了冶煉廠資本配置的所有問題。

Rio Tinto was a great partner of ours since the mid-1990s, but there were some issues related to the smelter and cost allocations in the final years before they went up to 40% that were unresolved.

自 1990 年代中期以來，力拓一直是我們重要的合作夥伴，但在成本分攤比例上升到 40% 之前的最後幾年，出現了一些與冶煉廠和成本分攤有關的問題，這些問題從未得到解決。

We resolved those now and those are settled with INALUM in a fair way.

我們現在已經解決了這些問題，並以公平的方式與 INALUM 達成和解。

And in a way that was consistent with the Rio Tinto deal.

某種程度上這與力拓的交易是一致的。

And when you think about the smelter, Indonesia, really, is exposed to roughly 50% of the economics of the smelter through taxes and royalties.

當您想到冶煉廠時，您會發現，印尼實際上透過稅收和特許權使用費承受著冶煉廠約 50% 的經濟影響。

Now they have a 50% equity interest, so 70% to 75% of the economics of the smelter will be borne by the government of Indonesia.

現在他們擁有50%的股權，因此該冶煉廠的70%至75%的經濟效益將由印尼政府承擔。

And Freeport's exposure to the smelter, which in today's world and foreseeable world, will have an economic hit back is limited to 25% to 30%.

而自由港對該冶煉廠的曝險（在當今和可預見的世界中，該冶煉廠受到的經濟打擊將限制在 25% 至 30% 之間）。

I think it's obvious, but I think it's something I just wanted to point out.

我認為這是顯而易見的，但我認為這只是想指出這一點。

No, I appreciate the extra details and color.

不，我很欣賞額外的細節和色彩。

That's always helpful.

這總是有幫助的。

Just one other quick question.

還有一個簡短的問題。

If you could just take a step back, obviously commodity price is down, all the big producers are out saying, there's really not any good projects out there.

如果你退一步思考，你會發現顯然大宗商品價格已經下跌，所有大型生產商都在說，真的沒有什麼好的項目。

And so I just wanted to ask if you can give us an update on your thoughts regarding M&A activity in the sector in general, and where Freeport shakes out?

因此，我只是想問一下，您是否可以向我們介紹一下您對該行業整體併購活動的看法，以及自由港的表現如何？

So Dave, you and others read what other companies say, and there's a consensus across the industry among the diversified companies that puts copper as a top priority of every company, I mean, every company talks about that.

所以戴夫，你和其他人讀過其他公司所說的話，整個行業的多元化公司都一致認為銅是每家公司的首要任務，我的意思是，每家公司都在談論這一點。

And yet, as you point out, the opportunities for investments are very limited, just because of geology and politics and the nature of the ore bodies that are available to the industry right now.

然而，正如您所指出的，由於地質和政治條件以及目前該行業可用的礦體的性質，投資機會非常有限。

So over time, I think there will be a strong desire for companies to try to expand their copper business, and they're going to be limited by their ability to do that through exploration and development activities.

因此，隨著時間的推移，我認為企業將強烈渴望擴大其銅業務，而透過勘探和開發活動實現這一目標的能力將受到限制。

And I think that will add to the value of Freeport's assets.

我認為這將增加自由港的資產價值。

We don't have any strategy about M&A that's been formally adopted.

我們尚未正式採用任何有關併購的策略。

We're going to be in the marketplace looking for ways to increase shareholder value, and that is the total focus of our company as we go forward.

我們將在市場上尋找增加股東價值的方法，這也是我們公司未來發展的全部重點。

During my long career in this industry, my observation is, M&A opportunities emerge, people get in trouble when they try to force M&A ideas into a company strategy, but they tend to be more -- the good ones tend to be more opportunistic, like our acquisition of Phelps Dodge wasn't a strategy that we planned.

在我在這個行業的漫長職業生涯中，我的觀察是，併購機會不斷出現，當人們試圖將併購想法強加到公司戰略中時，他們就會陷入困境，但這些併購機會往往更具機會性，例如我們對菲爾普斯道奇的收購並不是我們計劃的戰略。

It was an opportunity that emerged because of the circumstances of Phelps Dodge, the circumstances of Freeport, the circumstances in the financial marketplace at the time.

這個機會的出現是因為菲爾普斯道奇的狀況、自由港的狀況以及當時金融市場的狀況。

And I think that will drive what we do in the future, opportunities.

我認為這將推動我們未來的工作，機會。

Okay.

好的。

Just to clarify, is Freeport, would you say more of a buyer or a seller?

只是想澄清一下，您認為自由港更多的是買家還是賣家？

Last question.

最後一個問題。

The acquisition strategy work could be either way.

收購策略可以以任意一種方式實施。

Well, having said that, to be buyer would be -- faces an uphill challenge with us, because we have all these resources where we're not getting any credit for in our current valuation.

好吧，話雖如此，身為買家對我們來說還是面臨著艱鉅的挑戰，因為我們擁有所有這些資源，但在目前的估值中我們並沒有獲得任何讚譽。

And if we create values in those undeveloped resources, all of that goes to benefit of our shareholders.

如果我們在這些未開發的資源中創造價值，那麼所有這些都將使我們的股東受益。

If you buy anything, you have to pay the other company shareholders something.

如果你購買任何東西，你必須向其他公司股東支付一些費用。

So it would be a real uphill battle for us to find an acquisition opportunity that makes sense for us.

因此，對我們來說，尋找一個合理的收購機會確實是一場艱苦的戰鬥。

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

您的下一個問題來自 Jefferies 的 Chris LaFemina。

Just first a couple of quick questions on the transition to Grasberg, and then one on cost for the entire company.

首先我只想問幾個關於向 Grasberg 過渡的快速問題，然後問一個關於整個公司的成本的問題。

So it looks like you actually slightly increased your production guidance from the Deep MLZ for 2020 and 2021.

因此看起來您實際上略微提高了 Deep MLZ 對 2020 年和 2021 年的生產指導。

Is that just a function of being more confident in the results of the hydraulic fracturing?

這只是因為對水力壓裂的結果更有信心嗎？

Or was there something else going on there?

或者那裡還發生了其他什麼事？

And I guess, kind of along those lines, what milestones should we be looking for?

我想，沿著這樣的思路，我們該尋找什麼樣的里程碑呢？

Are you looking for at the block cave and that of Deep MLZ through 2019 and 2020 that would give you even further confidence in the kind of successful transition to the ramp-up in production from those assets?

您是否期待 2019 年和 2020 年的區塊洞穴和 Deep MLZ 能夠讓您更有信心成功過渡到從這些資產到產量提升的轉變？

Okay.

好的。

So the changes at Deep MLZ are just part of the natural updates of outlooks.

所以Deep MLZ的變化只是觀念自然更新的一部分。

And here at Freeport, we don't have an annual planning process.

而在自由港，我們沒有年度規劃流程。

We update our mine plans every quarter.

我們每季都會更新我們的礦山計劃。

At the end of every quarter, we have a meeting, where all our mine managers globally come in, analyze what's happened in the past quarter, how their plans are changed, and so it's a dynamic, real-time updating.

每個季度末，我們都會召開會議，全球所有礦山經理都會參加，分析上個季度發生的情況，他們的計劃是如何變化的，所以這是一個動態的、實時的更新。

And when you see adjustments like that, that just reflects the information that came in, in the quarter.

當您看到這樣的調整時，這只是反映了本季出現的訊息。

You won't see us having these big adjustments based on the annual planning processes.

您不會看到我們根據年度計劃流程做出這些重大調整。

Anyway, my experience has shown me it's best to stay on top of these things real-time, and that's what we do.

無論如何，我的經驗告訴我，最好即時掌握這些事情，這就是我們所做的。

Mark, do want to comment on, it's roughly 2,000 tons a day more in 2020 and 2021.

馬克，確實想評論一下，2020 年和 2021 年每天大約會增加 2,000 噸。

Do you want to comment on some of the progress we're making at Deep MLZ?

您想評論一下我們在 Deep MLZ 的一些進展嗎？

Yes, really the only difference on that is that with the hydrofracking success that we've had, we've began to pull the ore body now.

是的，實際上唯一的區別在於，隨著水力壓裂的成功，我們現在已經開始開採採礦體。

We have been for the last 3 months.

我們已經這樣三個月了。

And what's happening is as we frac the ore body, we watch very closely the air gap between the mud pile in the cave back, where that's very small, in a lot of cases, it's less than 5 meters.

當我們壓裂礦體時，我們會非常仔細地觀察洞穴後方泥堆之間的空隙，空隙非常小，在許多情況下，空隙小於 5 公尺。

We pull the material to continue to open up the space for the ore body to continue to propagate.

我們拉動材料繼續開拓礦體繼續擴展的空間。

And so that came on quicker than what we had previously forecasted, so we're continuing to do that today.

這比我們之前預測的要快，所以我們今天會繼續這樣做。

We have days now in the Deep MLZ with the development material that is an ore grade also and the pulling of the cave, we're up over 10,000 tons, which is marginally above what we forecast last quarter.

現在，我們已經在深層 MLZ 中開採了幾天的礦石，並且已經開採了洞穴，我們已經開採了 10,000 多噸，略高於我們上個季度的預測。

So we're very optimistic on that.

因此我們對此非常樂觀。

We continue to frac in that area.

我們繼續在該地區進行水力壓裂。

That's going to be one of our key milestones.

這將是我們的一個重要里程碑。

We just recently commissioned our second hydrofracking pump.

我們最近剛投入使用第二台水力壓裂泵。

We've got 6 drill rigs supplying the holes for the 2 hydrofracking pumps.

我們有 6 台鑽孔機為 2 台水力壓裂幫浦提供鑽孔。

So for me, the Deep MLZ, it will be continue to -- the milestones will be continued success on the hydrofracking, and we will begin undercutting -- we're forecasting to begin undercutting again in the Deep MLZ in April, so that will be driven by this continued success on the drill holes and the fracking that goes along with them.

所以對我來說，深層 MLZ 將繼續 — — 里程碑將是水力壓裂的持續成功，我們將開始底切 — — 我們預計將於 4 月在深層 MLZ 再次開始底切，所以這將由鑽孔和隨之而來的水力壓裂的持續成功所驅動。

In the Grasberg, it's -- there's really -- it's just a matter now of undercutting and blasting drawbells, and we've gotten off to a good start there.

在格拉斯伯格，這 - 事實上 - 現在只需要削弱和炸毀拉鈴，而且我們在那裡已經有了一個好的開始。

We're slightly ahead, and we don't see any issues there.

我們略微領先，並且沒有發現任何問題。

We've got a lot of development already in place in the undercut that we'll be developing over the next 3 years, really.

實際上，我們在底切領域已經取得很大進展，我們將在未來 3 年內繼續開發這些領域。

So it's just a continued ramp-up of that.

所以這只是一個持續上升的過程。

The [trains] in a ongoing state of commissioning, but we see good progress on that.

[火車]目前處於調試狀態，但我們看到了良好的進展。

The ore flow was commissioned back in 2018, and really nothing that we need to do at the ore flow system in the next couple of years to meet the increasing production.

礦石流程於 2018 年投入使用，未來幾年我們實際上不需要對礦石流程系統進行任何處理以滿足不斷增長的產量。

So aside from the seismic -- the mining and the seismic activity in the DMLZ, you haven't really had any significant operational surprises at the block cave or at DMLZ?

那麼，除了地震之外，DMLZ 中的採礦和地震活動之外，您在洞穴開採或 DMLZ 中真的沒有遇到任何重大的營運意外嗎？

It seems like things are going pretty well recently.

最近事情似乎進展得還不錯。

Is that fair to say?

這樣說公平嗎？

Yes, that is.

是的，就是這樣。

The fracking, we've seen a much better response than we first had anticipated.

對於水力壓裂，我們看到的反應比我們最初預期的要好得多。

The cave is propagating better than we anticipated vertically, and we're establishing this fracking along the perimeter of the cave to where we'll be able to successfully and safely advance the undercut.

洞穴的垂直擴展比我們預期的要好，我們正在沿著洞穴的周邊建立水力壓裂，以便能夠成功且安全地推進底部切割。

So it has gone slightly better than what we anticipated in the last forecast.

因此，結果比我們上次預測的結果要好一些。

And sorry, Richard, there's one last question for me on the pro forma cost guidance of $1.30 per pound.

抱歉，理查德，我還有最後一個問題，關於每磅 1.30 美元的預計成本指導價。

Obviously, the reduction for 2019 to that is due to Grasberg, but what should we -- how should we think about unit cost in North America and at Cerro Verde?

顯然，2019 年的減產是由於格拉斯伯格，但我們應該如何看待北美和塞羅韋爾德的單位成本？

I mean, you had, I guess, over the last 5 years, there's been some pretty significant cost inflation in both of those regions, and is any of that reversible?

我的意思是，我想，在過去的 5 年裡，這兩個地區的成本都出現了相當明顯的上漲，這種上漲可以逆轉嗎？

Or are we kind of looking at new -- the current kind of cost rates are going to be the normalized run rates of those assets?

或者我們正在考慮新的——當前的成本率將成為這些資產的標準化運作率？

How is that going to change over time?

隨著時間的推移，這種情況將會如何改變？

So part of what you've seen in recent years was this ramp-up of mining activity that we were restoring these curtailments that we put in place back in 2015 and 2016 for financial reasons.

因此，近年來您所看到的部分情況是採礦活動的增加，我們正在恢復 2015 年和 2016 年出於財務原因實施的限制。

Had we not done that, Chris, we would have seen volumes fall off, because we weren't mining at optimal rates to maintain production.

克里斯，如果我們不這樣做，我們就會看到產量下降，因為我們沒有以最佳速度開採以維持產量。

So we've incurred some additional cost.

因此我們產生了一些額外費用。

I mean, 20% ramp up involves a lot of people and equipment.

我的意思是，20% 的成長需要大量的人員和設備。

And so now we believe we got it at rough -- Red's here, Red, right?

所以現在我們相信我們已經搞定了——Red 就在這裡，Red，對吧？

We've got it at really stable operating rates, and then we'll just be subject to the normal factors that affect cost structures.

我們的營運率非常穩定，之後我們只會受到影響成本結構的正常因素的影響。

And to-date, we're not seeing anything like that, that's a major concern for us.

到目前為止，我們還沒有看到任何類似的事情，這是我們最關心的問題。

We've done this great job with truck rebuilds.

我們在卡車重建方面做得非常出色。

Red, when was the last time we bought a haul truck?

雷德，我們上次買自卸卡車是什麼時候？

2008.

2008 年。

A brand new.

全新。

A brand new one.

一個全新的。

We bought 150 of them.

我們買了150個。

We've added 150 of them and so we're doing things like that.

我們已經增加了 150 個，所以我們正在做這樣的事情。

Our tire age is going of age.

我們的輪胎時代已經來了。

So when you look past all the issues at Freeport that have been related to the Indonesian contract and the transition underground, we've had a big part of our business.

因此，當你回顧自由港與印尼合約和地下過渡相關的所有問題時，你會發現我們已經解決了很大一部分業務。

It's just been focused on nuts and bolts and doing a great job of that.

它只是專注於螺母和螺栓，並且做得很好。

So in that $1.30, we've got relatively stable cost in the Americas forecast.

因此，在 1.30 美元的水平上，我們得到了美洲相對穩定的成本預測。

Your next question will come from the line of Matthew Korn with Goldman Sachs.

您的下一個問題來自高盛的馬修·科恩。

So a question, when you think about your potential growth portfolio beyond that of Lone Star and the prospects you outlined for Cerro Verde, Bagdad, Safford, et cetera.

所以問題是，當您考慮除了 Lone Star 之外的潛在成長投資組合以及您為 Cerro Verde、Bagdad、Safford 等所概述的前景時。

You laid out this at the center price at $3.30.

您以 3.30 美元的中心價格定價此產品。

I know it's probably the most challenging question for a mining company when you have a long lead time between cash investments and incremental revenues.

我知道，當現金投資和增量收入之間的時間間隔很長時，對於礦業公司來說，這可能是最具挑戰性的問題。

But what does the market look like when you make that decision, saying, yes, it's time to put in this capital.

但是當你做出這個決定，說「是的，是時候投入這筆資金了」時，市場會是什麼樣子呢？

Price is $3.30, it stays there a quarter, 2 quarters, practically, is that enough?

價格是 3.30 美元，它在那裡停留了一個季度、兩個季度，實際上，夠了嗎？

And if not, what is?

如果不是，那是什麼？

So I don't think you can simplify.

因此我認為你無法簡化。

It's not just like the price -- the current price or whether it lasts a couple of quarters or not.

這不僅僅關乎價格——當前價格或是否會持續幾個季度。

We don't allow ourselves to focus on a price.

我們不允許自己只專注於價格。

That's what history has taught me.

這就是歷史教我的。

We look at scenario prices.

我們來看看情境價格。

We don't think that you're going to get to a price.

我們認為你不會得到一個價格。

Analysts used to get upset with me, because that's -- when they say, what's your long-term price, and I'll just say we don't have one.

分析師過去常常對我很不滿，因為當他們問你的長期價格是多少時，我會說我們沒有。

What we do, as we look at these projects, is look at the market, see what the opportunity would create for us if we did the project and got those volumes and had the benefit of the prices that were available.

當我們審視這些項目時，我們所做的就是觀察市場，看看如果我們開展該項目、獲得這些產量並且享受到現有價格的優惠，會為我們創造什麼機會。

And then we would risk it.

然後我們就會冒險。

We would say, okay, if you make that investment, prices drop.

我們會說，好吧，如果你進行那項投資，價格就會下降。

Not on that project alone, but how would that fit in to your total portfolio of assets?

不僅僅是那個項目，而且它如何融入你的總資產組合？

What would that do to the company?

這會對公司造成什麼影響？

Is the company financially strong enough, and we're so much better now than we have been.

公司的財務狀況是否夠強大？

And how we'd fit in?

我們該如何融入？

We've benefited back -- we undertook 3 projects at once coming out of the 2008, '09 downturn.

我們獲得了回報──在走出2008年和2009年經濟衰退時期後，我們同時進行了3個計畫。

We did expansion at Tenke, expansion at Morenci, the major expansion at Cerro Verde.

我們在 Tenke 進行了擴建，在 Morenci 進行了擴建，在 Cerro Verde 進行了大規模擴建。

And we look at all of those, and strategically, we come back to the fact that you've got Grasberg there, with its high volumes and significant gold component, you need this long life, low-cost reserve.

我們考慮了所有這些因素，並從戰略角度考慮，我們回到了這樣一個事實：格拉斯伯格金礦擁有高儲量和顯著的黃金成分，因此需要這種長壽命、低成本的儲備。

That was the whole basis for the Phelps Dodge deal.

這就是菲爾普斯道奇交易的全部基礎。

So if we look at future opportunities, we've got this base for the company of Grasberg there, which is now derisked in a major, major way to support our company, and that allows to be more aggressive in terms of looking at those investments.

因此，如果我們著眼於未來的機會，我們會發現 Grasberg 公司已經在那裡建立了基礎，現在該公司已在很大程度上降低了風險，以支持我們的公司，這使得我們在考慮這些投資時可以更積極。

It's not looking at them on a standalone basis.

這並不是以獨立的基礎來看待它們。

So I can't give you a formula, but we hopefully get past these trade issues and Brexit and the government shutdown and get some clarity on what the Fed's interest rate policies are going to be and what the global economy is going to be, how China deals, all of these things will come together and that will give us a view as to what's the time to start these.

所以我無法給你一個公式，但我們希望能夠解決這些貿易問題、英國脫歐和政府關門問題，並明確美聯儲的利率政策將會是什麼、全球經濟將會是什麼、中國將如何應對，所有這些事情都會結合在一起，這將讓我們知道什麼時候是開始這些措施的時機。

You correctly pointed out they're very long-term investments.

您正確地指出，它們是長期投資。

The price of copper jumped to $5 today, we wouldn't have significant incremental production for 6, 7 years.

如今銅價已漲至 5 美元，6、7 年內我們的產量不會大幅增加。

And so there's going to be a coming time, unless there's some really disaster economically in China and the world, you're likely to see really, really high copper prices.

因此，除非中國和世界真的出現經濟災難，否則未來銅價可能會出現非常非常高的水平。

I mean, just read the tea leaves.

我的意思是，只要看茶葉就可以了。

Look at these basic numbers and say, how are you going to replace the top 10 mines in the world in 10 years?

看看這些基本數字，然後說，10 年後你將如何取代世界前 10 大礦場？

That's not going to come from what's on the schedule right now.

這不會按照目前的計劃進行。

So prices got to go way up.

因此價格必須大幅上漲。

People going to be scrambling to produce copper, we got the resources to do it in a productive way and that's what our future is going to be.

人們將爭相生產銅，我們擁有以高效方式進行生產的資源，這就是我們的未來。

The other thing we're doing in or for North American projects is we're going through some work right now, some technical work to try to bring down the capital intensity of investments.

我們在北美專案中或為北美專案做的另一件事是，我們正在進行一些工作，一些技術工作，試圖降低投資的資本密集度。

And we're working on some concentrator designs that may allow us to bring in projects from a lower capital intensity standpoint than what just the conventional technology would bring.

我們正在研究一些濃縮器的設計，這些設計可能會讓我們從比傳統技術更低的資本強度的角度引入專案。

So we want to get the results of that -- those studies done, and in the meantime, we're doing some value engineering on the El Abra prefeasibility study so that we can be in a position to make decisions and rank these projects and sequence them in a way that drives the most value for our company.

因此，我們希望獲得這些研究的結果，同時，我們正在對 El Abra 預可行性研究進行一些價值工程，以便我們能夠做出決策並對這些項目進行排序，並以能為公司帶來最大價值的方式對它們進行排序。

So we've got the inventory, but we want to do them in the most economic way that we can.

所以我們有庫存，但我們希望以最經濟的方式來處理它們。

That's why we're going through some time during this market uncertainty to study ways to bring down the capital intensity of the projects.

這就是為什麼我們要在市場不確定的情況下花一些時間來研究降低專案資本密集度的方法。

And this is a team that was world leader in SXEW and SAG mill development, high-pressure grinding roll development.

這個團隊在SXEW和SAG磨機開發以及高壓磨輥開發方面處於世界領先地位。

The development of Tenke was technically industry-leading, and now with this new mill design that we did at Morenci, all of that's coming together to allow us to look at the next stage of how do you do these things with less capital, less energy, less carbon emissions, all the things that...

Tenke 的開發在技術上處於行業領先地位，現在，透過我們在 Morenci 進行的這種新型工廠設計，所有這些結合在一起，使我們能夠展望下一階段，即如何以更少的資本、更少的能源、更少的碳排放來完成這些事情，所有這些事情......

Better recoveries.

恢復得更好。

Better recoveries, and now using this big data analysis project that we've done at Bagdad.

恢復得更好，現在使用我們在巴格達完成的大數據分析專案。

That's what the guts of this company is going to be about and I really look forward to having earnings calls talking about these things rather than negotiations with governments.

這就是這家公司的核心理念，我非常期待在財報電話會議上討論這些事情，而不是與政府進行談判。

That brings to my next question, I wanted to ask a little bit on the CapEx side.

這引出了我的下一個問題，我想問一些關於資本支出的問題。

Slide 19, we see the other mining creep up a bit, $800 million to $1 billion by 2020.

投影片 19，我們看到其他採礦業的規模略有上升，到 2020 年將達到 8 億美元至 10 億美元。

The major project holding at $1.5 billion over '19 and '20, although Grasberg holds at $900 million, Lone Star declines by $200 million.

該主要項目在 19 年和 20 年的持股量為 15 億美元，儘管格拉斯伯格項目持股量為 9 億美元，但孤星項目卻下降了 2 億美元。

So given what you just said, could you break down what regions, which mines are driving a little bit of the pop in the other mining, whether we should be thinking about $1 billion consolidated, is this sustainable capital going forward?

所以根據您剛才所說的，您能否分析一下哪些地區、哪些礦山對其他礦山的成長有一定的推動作用，我們是否應該考慮 10 億美元的合併資金，這筆資金是否是可持續的？

And then as you get into 2020, what else is popping into that major projects bucket?

那麼，進入 2020 年，還有什麼項目會進入重大項目清單呢？

Well, so with the sustaining capital, some of that affects this ramp-up effect that we talked about, not only will constraining operations, which we choked by necessity, maintenance capital.

好吧，所以對於維持資本，其中一些會影響我們談到的這種上升效應，不僅會限制我們因必要性和維護資本而受到限制的營運。

And I mean, these quarterly meetings we had, it was back and forth between the teams and our -- Kathleen with the management staff, and so now we're having to go back and do some things that we had deferred, and that's all that, that is.

我的意思是，我們召開的這些季度會議是在團隊和我們的凱瑟琳與管理人員之間來回進行的，所以現在我們必須回去做一些我們推遲的事情，就是這樣。

And so I think the sustaining capital that you see in those years should be...

所以我認為你在那些年裡看到的維持資本應該是...

More normal.

比較正常。

More normal, and we'll find ways to try to reduce it.

這更加正常，我們會想辦法減少這種情況。

There won't be any unexpected increases, right, Red?

不會有什麼意外的成長吧，雷德？

Correct.

正確的。

Write that down.

寫下來。

They won't be coming, won't be coming in then.

他們不會來，不會進來。

And then by 2020, we may well have clarity on where we're going next with El Abra, Bagdad and other things that we'll be dealing with.

到 2020 年，我們可能會清楚下一步該如何處理埃爾阿布拉、巴格達以及我們要處理的其他問題。

So we'll just update -- the milestones will be apparent to all of you, we have to have those every quarter when we're talking about it.

因此我們只會更新——里程碑對大家來說都是顯而易見的，我們每季在談論它時都必須有這些。

Yes.

是的。

And that's the way this will unfold.

事情將會如此發展。

There's not anything major besides the underground and Safford or Lone Star.

除了地下音樂、薩福德 (Safford) 和孤星 (Lone Star) 之外，沒有什麼主要音樂。

We do have some capital at El Abra that we're doing in the next phase of the new leach pad at -- to extend the life of our Sulfolix project there.

我們在 El Abra 確實有一些資金，我們正在為新浸出墊的下一階段投入資金——以延長我們在那裡的 Sulfolix 項目的壽命。

So the bulk of it's coming from Safford -- I mean, Lone Star and Grasberg underground.

所以大部分音樂都來自薩福德——我是說，孤星樂團和格拉斯伯格樂團的地下音樂。

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

您的下一個問題來自花旗銀行的 Alex Hacking。

I guess, just following up on Indonesia.

我想，只是跟進印尼的情況。

My first question, I noticed that the mining rates have been extended through 2031 at 10-year period, not 2041.

我的第一個問題是，我注意到採礦稅率已延長至 2031 年（10 年期），而不是 2041 年。

Was that always expected to be the case?

您一直都期望這種情況發生嗎？

And then secondly, the extension there is contingent on building the smelter, and I guess paying taxes and royalties.

其次，擴建取決於冶煉廠的建設，我想還需繳稅和特許權使用費。

Any other contingencies on that extension?

此次延期還有其他意外狀況嗎？

Okay.

好的。

No, we always knew that because of Indonesian mining law and regulations, that we have to do 10 by 10, 2 10-year.

不，我們一直都知道，由於印尼的採礦法律和法規，我們必須逐年、每十年進行一次開採。

And part of the negotiations were -- and that was the case with old contract.

部分談判是——這就是舊合約的情況。

There was a primary term to 2021, and we have the rights to 2041 in 2 10-year increments, past 2021.

主要期限為 2021 年，我們有權在 2021 年後以 2 個 10 年為增量延長至 2041 年。

So we always knew we had to deal with that.

所以我們一直都知道我們必須解決這個問題。

A focus area of the negotiations were, what was going to be the contingencies for that 2031 through 2041, and we ended up agreeing that there will be very specific criteria, and we said that with those criteria met, it would be automatic.

談判的重點領域是 2031 年至 2041 年期間的應急措施是什麼，我們最終同意將製定非常具體的標準，並且我們表示，只要滿足這些標準，它就會自動實現。

And those criteria are simply this: we pay our taxes and royalties, tell you what to do, we build a smelter.

這些標準很簡單：我們繳稅和特許權使用費，告訴你該做什麼，我們建造一座冶煉廠。

Other than that, there's no environmental review or other administrative -- no, we thought -- we felt comfortable with our rights under the COW, but the COW said, the Indonesian government had to grant those extensions...

除此之外，沒有環境審查或其他行政——不，我們認為——我們對 COW 賦予我們的權利感到滿意，但 COW 表示，印尼政府必須批准這些延期…

Without unreasonable results.

沒有不合理的結果。

Without unreasonable -- without any unreasonable delay.

沒有任何不合理的拖延。

There's no unreasonableness on this.

這並沒有什麼不合理的地方。

It's measurable, specific criteria.

它是可衡量的、具體的標準。

It's totally expected by the government and by us that we will extend, and now our partner, INALUM, will set to be extended.

政府和我們都完全期待我們的合約能夠延長，現在我們的合作夥伴 INALUM 也將延長合約。

So we are in a much better position than we were under our COW in many respects, and this is one of them.

因此，從許多方面來看，我們現在的狀況都比在 COW 制度下好得多，這是其中之一。

That's very clear.

這非常清楚。

And then once Grasberg is through the transition, it's going to be a big cash cow.

一旦格拉斯伯格完成轉型，它就會變成一棵巨大的搖錢樹。

Do you have any kind of guarantees on your ability to get that cash out of Indonesia?

你們能保證把這些現金轉移出印尼嗎？

We do, and one of the things that was again a focus point of negotiations was that, within the shareholders agreement, is an agreement on the financial policy.

我們確實這麼做了，而且再次成為談判焦點的一件事是，在股東協議中，有一項關於財務政策的協議。

Dividends will not be set by the Board of Commissioners or Board of Directors.

股利不會由董事會或董事會設定。

There's an agreement, that to the extent that cash is generated from the operation beyond in excess of its capital expenditures and other cash requirements, that's going to be distributed as dividends, and there's no restrictions on that.

有一項協議規定，如果營運產生的現金超過其資本支出和其他現金需求，那麼將以股利的形式分配，對此沒有任何限制。

So we have a set financial policy that goes to 2041.

因此，我們制定了直至 2041 年的財務政策。

And the entity can't incur debt without mutual agreement, so...

且實體未經雙方同意不得產生債務，所以......

And then just one final one, if I may.

如果可以的話，我還有最後一個問題。

On the Cerro Verde royalty dispute, do you anticipate any cash inflow impacts from that?

關於塞羅韋爾德 (Cerro Verde) 特許權使用費糾紛，您預計會對現金流入產生影響嗎？

And does it affect your 2019 cost guidance in any way?

這是否會對您的 2019 年成本指引產生影響？

We've got some payments worked into our plan, where we are paying some amounts and installments under protest.

我們的計劃中已經包含一些付款，我們會以抗議的方式支付部分金額和分期付款。

We're going to continue to pursue a legal strategy to get those payments back, but we do have some amounts going through our cash flows, over time with -- to pay on those obligations or those claims.

我們將繼續採取法律策略來收回這些款項，但隨著時間的推移，我們確實會有一些金額透過我們的現金流來支付這些義務或索賠。

Your next question comes from the line of Matthew Murphy with Barclays.

您的下一個問題來自巴克萊銀行的馬修·墨菲。

I had a question and another one on Grasberg Block Cave ramp up.

我有一個問題，還有另一個關於格拉斯伯格岩洞斜坡的問題。

And I'm just wondering how major this first draw point blast is?

我只是想知道這個第一個繪製點的爆炸有多大？

Is this being followed up with like mucking and this cave is propagating?

這是否會像淤泥一樣繼續下去並且這個洞穴會不斷擴大？

Or is it still very early days?

或者說現在還太早？

I'm just wondering how you look at the derisking of the project over the course of the year?

我只是想知道您如何看待這一年中專案的風險降低？

At what stage do you think you feel more comfortable kind of with the proof of concept here?

您認為在哪個階段您對這裡的概念驗證感到更舒服？

Okay.

好的。

Mark?

標記？

Yes.

是的。

It's the first step, so it's significant in that.

這是第一步，因此意義重大。

The blast went well, a good fragmentation.

爆炸很順利，碎片形成得很好。

We are not -- right now, what we do until we hit a hydraulic radius in this area of the Grasberg Block Cave is we continue to do the same thing.

我們不會——現在，我們會繼續做同樣的事情，直到我們達到格拉斯伯格塊洞這個區域的水力半徑。

We continue to undercut blast and follow it up with a drawbell blast.

我們繼續進行底切爆破，然後進行拉鐘爆破。

We are about 50% of the hydraulic radius, and that's the span with which the cave we'd expected to start caving on its own.

我們大約位於水力半徑的 50% 處，這是我們預計洞穴會自行開始塌陷的跨度。

We expect to be at hydraulic radius late second quarter, early third quarter this year.

我們預計今年第二季末至第三季初將達到水力半徑。

And at that point, you can start to mark the draw points that you've already blasted, while you continue to add new draw points.

此時，您可以開始標記已經爆破的繪製點，同時繼續新增新的繪製點。

As Richard stated, the Grasberg Block Cave is -- we've got multiple work areas there.

正如理查德所說，格拉斯伯格塊狀洞穴——我們在那裡有多個工作區域。

It's essentially -- it's one mineralization, but the geometry is essentially, we have 2 mines that we're developing concurrently that share the same infrastructure.

本質上 - 它是一種礦化，但幾何形狀本質上是，我們有 2 個礦山同時開發，共享相同的基礎設施。

We have 2 fronts right now that we already established with the undercut sequencing on the very southern portion of the ore body.

我們現在有 2 個前沿，我們已經在礦體最南端建立了底切序列。

And within this quarter we started to develop the northern limb of the ore body, and that will continue on in a similar fashion.

在本季度，我們開始開發礦體的北部，並將以類似的方式繼續進行。

We don't see any surprises.

我們沒有看到任何意外。

Like Richard said, we know this ore body very well.

正如理查所說，我們非常了解這個礦體。

We're not deep, there's the geology and mapping has indicated the same fracture frequency and consistency of the rock that we had initially modeled.

挖掘並不深，地質和測繪顯示岩石的斷裂頻率和一致性與我們最初建模的相同。

So I really don't see any issues there.

所以我確實沒有發現任何問題。

In fact, we think that there is a potential for upside.

事實上，我們認為還有上漲的潛力。

We've got a lot of -- the construction ahead in the Grasberg Block Cave, a lot of the drawbells have been constructed and are ready to be blasted.

我們在格拉斯伯格礦洞中有大量建設項目，許多放礦井已經建成並準備進行爆破。

So we've got a good inventory of development ahead of us.

因此，我們面前有一份良好的發展清單。

The infrastructure is in place.

基礎設施已經到位。

We continue to add ventilation and pumping systems as we need to do, but we're in very good shape in the Grasberg Block Cave.

我們繼續根據需要添加通風和泵送系統，但格拉斯伯格塊洞穴的狀況非常好。

And I mean, not to get too bogged down on details, but I'm just trying to picture, I mean, you've got a big open pit and a lot of rainfall above this area.

我的意思是，不要太糾結於細節，我只是想想像一下，這個區域上方有一個很大的露天礦坑，降雨量很大。

Just wondering at what point do you start seeing some of that water flow?

只是想知道什麼時候你開始看到一些水流？

And how do you deal with it?

您是如何處理這個問題的？

Yes.

是的。

We've got extensive drainage within the Grasberg Block Cave development.

我們在格拉斯伯格塊洞穴開發區內擁有廣泛的排水系統。

We end up -- fortunately, for an underground mine, our failsafe is that the gravity drains out to the rich camp area.

我們最終——幸運的是，對於地下礦井來說，我們的安全措施是重力流向富礦區域。

We've got the outlets that are at a lower elevation, if the pumping systems were to go off, the failsafe would be is that the access drifts are built to handle the peak flows that we modeled.

我們的出口位於較低的海拔，如果泵送系統發生故障，安全措施是建造通道來處理我們模擬的峰值流量。

We put a lot of effort into dewatering along the periphery of the Grasberg Block Cave to keep the groundwater away from the cave, and that's going well.

我們付出了很多努力來對格拉斯伯格塊洞週邊進行排水，以防止地下水進入洞穴，而且進展順利。

We've got surface drainage systems at the Grasberg around the pit that we'll continue to maintain to minimize the amount of surface water that gets into the cave.

我們在格拉斯伯格坑周圍的地面建造了排水系統，我們將繼續維護該系統，以盡量減少進入洞穴的地表水量。

We've done a lot of work on this.

我們在這方面做了很多工作。

We've looked at a lot of contingencies, and we feel very good about the system that we have.

我們已經考慮了很多意外情況，我們對現有的系統感到非常滿意。

And essentially, the pumping system that we put in is purely to more economically provide the mill with water.

本質上，我們安裝的泵送系統純粹是為了更經濟地向工廠供水。

If it wasn't for the mill needing water, we could essentially let gravity do its thing at the GBC with all the drainage systems that we're putting and as part of the block cave development.

如果不是因為磨坊需要水，我們就可以利用重力在 GBC 中發揮作用，並使用我們正在安裝的所有排水系統，並將其作為塊狀洞穴開發的一部分。

So Mark, when do we put in the Amole at it?

那麼馬克，我們什麼時候把 Amole 放進去呢？

That was 1990s.

那是 1990 年代。

Yes.

是的。

It was in the -- yes, it was 1990, actually, it was probably around '95 because we found the -- Kucing Liar with that.

那是在 — — 是的，那是 1990 年，實際上，大概是 1995 年左右，因為我們發現了 — — Kucing Liar。

So the only point of that is this water management issue is not a new issue associated with the current development.

因此，唯一的一點是，水管理問題並不是與當前發展相關的新問題。

It's been something that's been part of this operation from the very start, and what we've done in the past will allow us to deal with these issues that you raised.

從一開始它就是這次行動的一部分，我們過去所做的工作將使我們能夠處理您提出的這些問題。

Okay.

好的。

One thing, as big as the pit is right now, and if you look at what we're doing, we've been very good at being able to manage the pit bottom.

有一件事，儘管現在坑很大，但如果你看看我們正在做的事情，你會發現我們已經非常善於管理坑底了。

We're only pumping about 2,000 gallons a minute from the pit bottom, and we have access to this Amole drift that Richard mentioned.

我們每分鐘只從坑底抽取約 2,000 加侖液體，而且我們可以使用理查德提到的 Amole 漂移物。

We still use that for our pit dewatering.

我們仍然用它來進行礦坑脫水。

So we've been able to keep the pit dewatered with a very minor amount of pumping infrastructure, because we can use the access that we have underground.

因此，我們能夠使用極少量的抽水基礎設施來保持礦坑的乾燥，因為我們可以利用地下的通道。

And we'll continue to look at those sorts of approaches with the GBC.

我們將繼續與 GBC 一起研究此類方法。

All right.

好的。

Thanks, Mark.

謝謝，馬克。

Let's move along.

我們繼續前進吧。

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。

I was wondering if we could get a bit more color on the cost outlook.

我想知道我們是否可以對成本前景有更多的了解。

And I appreciate the long-term pro forma cost guidance you've given us here of $1.30 a pound.

我非常感謝您給我們提供的每磅 1.30 美元的長期預計成本指導。

Does that imply that we should anticipate costs in North America and South America close to the $2 a pound range before thinking about Grasberg?

這是否意味著，在考慮格拉斯伯格之前，我們應該預期北美和南美的成本接近每磅 2 美元？

I think it's $1.70 range, not $2.

我認為是 1.70 美元的範圍，而不是 2 美元。

It's $1.70?

是 1.70 美元嗎？

It's $1.70, $1.75, that's sort of where we are now and that's what our current outlook is, unless there's some major changes in input cost.

大概是 1.70 美元或 1.75 美元，這就是我們現在的價格水平，也是我們目前的預期，除非投入成本發生重大變化。

But what drives that down from -- I think, you're guiding this year North America cost of $1.86.

但是，是什麼導致了這一下降？

So what -- in the future, I would think grades decline.

那又怎樣——我認為將來成績會下降。

What would be driving the long-term cost per pound down?

什麼因素會造成每磅長期成本下降？

Richard was talking about a blend within North America and South America.

理查談論的是北美洲和南美洲的融合。

I was talking about the Americas combination.

我講的是美洲組合。

So if you look at South America, North America combined, which we look at is kind of one business unit, that's where the combined rate was.

因此，如果您看一下南美和北美洲的綜合情況，我們認為這是一個業務單位，這就是綜合利率的位置。

But in general, the maintenance cost that Richard referred to that we've been incurring, catching up, those all level out, get back in the sequence and we get back to those historical rates roughly.

但總體來說，理查德提到的我們一直在承擔的維護成本，正在趕上，這些成本都趨於平穩，回到正常的序列中，我們大致回到了歷史費率。

And Red, this is not a -- the nature of these ore bodies, they're low grade, but they don't have significant declines in grade over time.

而且 Red，這不是——這些礦體的性質，它們品位較低，但隨著時間的推移，它們的品位不會明顯下降。

We -- they will change year-to-year, but as you know, it's not a question like a big open pit bore-free, where you mine the highest grades first.

我們 — — 它們會逐年發生變化，但如你所知，這不像大型露天礦場那樣需要先開採出最高品位的礦石。

I mean the highest grades were mined 100 years ago.

我的意思是最高品位的礦石是在100年前開採的。

So it's more consistent grade than you might see at other mines, and you would see at other mines.

因此，它的品位比您在其他礦井看到的更一致，而且您在其他礦井看到的也比您在其他礦井看到的更一致。

Okay.

好的。

And in terms of the reserve increase, how much -- can you give us a rough idea of what percent of that increase has to do with the copper price change versus additional drilling?

就儲量增加而言，您能粗略地告訴我們，儲量增加的百分比與銅價變化和額外鑽探有何關係嗎？

A big portion of it is related to the copper price change.

其中很大一部分與銅價變化有關。

We did do some drilling at Lone Star, and actually have done more drilling that isn't reflected yet in 2018 reserves.

我們確實在 Lone Star 進行了一些鑽探，實際上還進行了更多的鑽探，但這些鑽探尚未反映在 2018 年的儲量中。

That will be incorporated into the models in 2019.

這將在 2019 年納入模型中。

But most of that is really dealing with the price assumptions, and what we'll do is look at how to develop those reserves over time at the lowest possible cost, and really just expanded the footprint, brought in pounds that would meet the reserve criteria at $2.50 or less.

但其中大部分實際上都與價格假設有關，我們要做的是研究如何以盡可能低的成本隨著時間的推移開發這些儲備，並真正擴大足跡，以 2.50 美元或更低的價格引進符合儲備標準的英鎊。

Yes.

是的。

So what we do is we look at our current operations that we've got planned and we're just removing this artificial constraint on the footprint of the cone -- of the reserves that we previously limited to $2.

因此，我們所做的就是審視我們目前已計劃好的運營，並消除對錐體足跡的人為限制——我們之前將儲備限制在 2 美元。

And now it's extended to show what would be economic at $2.50.

現在它已經擴大到顯示 2.50 美元時的經濟效益。

And we'll be likely mining in our $2 reserve plan for a long time.

我們可能會長期按照 2 美元的儲備計劃進行挖礦。

So we try to keep mining in a plan that keeps the cash cost as low as possible, but this gives us more optionality to look at expansions or bringing metal forward over time.

因此，我們嘗試制定採礦計劃，以盡可能降低現金成本，但這為我們提供了更多的選擇權，可以考慮擴張或隨著時間的推移提前生產金屬。

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

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

Your reserve in mineralized materials is very interesting, with the Americas reserve going up 23.7% and the mineralized material going up 42 billion pounds in addition to that, the 66 billion pounds is like 2 times Grasberg, but smaller than Escondida.

你們的礦化材料儲量非常有趣，美洲儲量增加了 23.7%，礦化材料增加了 420 億磅，此外，660 億磅相當於格拉斯伯格金礦的 2 倍，但比埃斯孔迪達金礦要小。

Could you give us a little more explanation with how much of the mineralized material was new drilling at El Abra and new drilling at Lone Star versus the $3 resource price?

您能否進一步解釋一下，相對於 3 美元的資源價格，El Abra 新鑽探和 Lone Star 新鑽探的礦化材料含量是多少？

Was that the same $3 price as a year ago?

與一年前一樣，價格還是 3 美元嗎？

Maybe it would be good if you just post it, the reserve and resource pages of your 10-K on your website today, it might be more interesting than the rest of it.

也許如果你今天就將你的 10-K 的儲備和資源頁面發佈到你的網站上會更好，它可能比其餘部分更有趣。

Well, let me just say, I was reading that last comment.

好吧，我只想說，我正在讀最後一條評論。

It deserves more -- it's an antiseptic legal summary that your SEC attorneys write.

它值得更多——這是一份由美國證券交易委員會律師撰寫的嚴謹的法律摘要。

Right.

正確的。

But John, with the exception of Lone Star, it's mostly price change.

但是約翰，除了孤星之外，大部分都是價格變動。

There's not a lot of new drilling that drives that change.

推動這項變革的新鑽探並不多。

But having said that, John, over the past 12 years, we've done an enormous amount of drilling.

不過話雖如此，約翰，在過去的 12 年裡，我們已經做了大量的鑽探工作。

I mean, previously, when we walked in here on Phelps Dodge, you're not -- I mean, it had really by management decision had limited drilling.

我的意思是，以前，當我們走進菲爾普斯道奇這裡時，你不是——我的意思是，它確實是根據管理層的決定限制鑽探的。

They just hadn't done it.

他們只是還沒這麼做。

So we came in, we drilled out El Abra and added significant.

所以我們進來了，我們鑽出了 El Abra 並增加了重要內容。

We drilled Lone Star.

我們鑽探了孤星。

We drilled more at Morenci, Bagdad.

我們在巴格達的莫倫西進行了更多鑽探。

So it's not just what happened this past year, but the cumulative effect.

因此，這不僅僅是過去一年發生的事情，而是累積效應。

And then by releasing this artificial constraint at $2, we were able to take into account previous drilling results and expand the cones of these reserves to some that was more realistic at $2.50.

然後，透過以 2 美元的價格釋放這個人為限制，我們能夠考慮到先前的鑽探結果，並將這些儲量的錐體擴大到更現實的 2.50 美元。

But we're going to continue to drill and understand what the resources are, and that will go into our ranking of future investment opportunities.

但我們將繼續鑽探並了解資源狀況，這將有助於我們對未來投資機會進行排名。

Did the higher copper price permit moly resources to come into reserves from the properties that are copper with a moly credit.

銅價上漲是否允許鉬資源從具有鉬信用的銅礦中轉入儲量。

Is that how the moly went up 1 billion pounds?

鉬價就這樣漲了10億英鎊嗎？

Yes.

是的。

Yes, exactly, because of our expanding the cones for Bagdad, Sierrita, Cerro Verde, all of those by-product moly operations.

是的，確實如此，因為我們擴大了巴格達、錫耶里塔、塞羅韋爾德等鉬副產品的開採。

It took into material that once outside the reserves, and now it's in reserves.

它吸收了曾經在儲備之外、現在在儲備內的材料。

I just hope you explain this 66 new billion pounds are wonderful.

我只是希望你能解釋一下這 660 億新英鎊是多麼美妙。

Yes.

是的。

That's what we're going to be focused now, John.

這就是我們現在要關注的重點，約翰。

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

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

Just a quick question on the North American operations.

我只想問一下關於北美業務的問題。

Are you experiencing any labor inflation due to the low unemployment rates just generally in the U.S.?

由於美國失業率普遍較低，您是否經歷了勞動力通膨？

Are you having any trouble, say, finding skilled workers to drive the trucks and things like that?

你們是否遇到了什麼困難，比如說，尋找熟練的工人來駕駛卡車等等？

And did that kind of play into your analysis relative to building these new big projects?

那麼，這是否影響了您對建造這些新大型專案的分析？

We've been hearing, just broadly speaking, even truck -- difficulty finding line haul truck drivers in the U.S. and things like that.

就廣義而言，我們聽說甚至卡車——在美國也很難找到乾線卡車司機之類的事情。

Just wondering what you guys are experiencing from that perspective.

只是想知道從這個角度來看你們經歷了什麼。

Yes, Chris, in North America, we brought on 2,500 new employees last year in a very tight market, truck drivers, equipment operators, we've been very successful with.

是的，克里斯，在北美，我們去年在非常緊張的市場中招募了 2,500 名新員工，包括卡車司機、設備操作員，我們在招募方面非常成功。

We're still a bit short on skilled craft people, mechanics, electricians, those kinds of things are in tight demand, but we're very pleased with how our team has approached that and attracted great new employees to come work with us for the future.

我們仍然缺乏熟練的工匠、機械師、電工，這些職位的需求很緊俏，但我們對團隊的處理方式感到非常滿意，並且吸引了優秀的新員工來與我們共事。

And we don't see that as a deterrent to expanding going forward.

我們並不認為這會成為未來擴張的障礙。

Having said that, we're working with states and local communities on craft training and trying to encourage people.

話雖如此，我們正在與各州和當地社區合作進行手工藝培訓並努力鼓勵人們。

We've invested a lot in facilities for our employees particularly at Morenci.

我們為員工設施投入了大量資金，特別是在莫倫西。

It's a challenge to get people who live in these remote rural communities.

吸引居住在這些偏遠農村社區的人們是一項挑戰。

And we're working with universities, we're looking beyond just truck drivers, but we're working with universities now to find future leaders in engineering, metallurgy, geology and technical skills.

我們正在與大學合作，我們的尋找對像不僅限於卡車司機，我們還在與大學合作尋找工程、冶金、地質和技術技能領域的未來領導者。

So it's a real problem.

所以這是一個真正的問題。

It's a coming problem, and we're giving it a lot of thought, investment and community activity work to try to deal with it.

這是一個即將出現的問題，我們正在進行大量的思考、投資和社區活動來嘗試解決它。

Yes, that's great.

是的，太棒了。

You've been in Arizona for such a long time, and you're in an advantageous position, I guess, relative to others.

您在亞利桑那州已經待了很長時間了，我想，與其他人相比，您的地位比較有利。

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

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

I would characterize, since the 2006 through 2009 -- '18 time frame, you've had to play a lot of defense, especially with the balance sheet and such with prices being low and maybe in negotiations with the Indonesians to resolve the issues.

我想說，自 2006 年到 2009 年 - 2018 年期間，你必須採取很多防禦措施，特別是在資產負債表等方面，因為價格處於低位，而且可能需要與印尼進行談判以解決問題。

Are you set up to play more offense here?

你準備好在這裡打更多的進攻嗎？

Is your balance sheet structured you think to do that given what you've done?

根據您所做的事情，您認為您的資產負債表結構是否已經正確？

And in that context, if we were to see much more lower copper prices, are plans in '19 and '20 pretty much set on stone, and conversely, if prices were to spike and get more generation of cash flow, is that poised towards balance sheet?

在這種背景下，如果我們看到銅價進一步下跌，那麼 2019 年和 20 年的計劃是否基本確定？

Is that towards CapEx or other issues?

這是針對資本支出還是其他問題？

Okay.

好的。

So you're exactly right, I mean, I really like the analysis of switching from defense to offense.

所以你說得完全正確，我的意思是，我真的很喜歡從防守轉為進攻的分析。

And I mean, 3 years ago, defense for survival.

我的意思是，三年前，為了生存而防禦。

I mean, $20 billion of debt and not a clear-cut path as to how we're going to get out of it.

我的意思是，我們有 200 億美元的債務，而我們還沒有明確的擺脫債務的途徑。

So we took some bitter pills.

因此，我們採取了一些苦果。

We sold some asset, raised some capital, we got that dealt with.

我們出售了一些資產，籌集了一些資金，並處理了這個問題。

Then we had the struggle with Indonesia, and 3 years ago, we were at the point of filing an arbitration claim, and I stood in the press release in Jakarta and basically drew a line in the sand.

然後我們與印尼發生了爭執，三年前，我們正準備提起仲裁，而我站在雅加達的新聞發布會上，基本上劃了一條線。

And now we work cooperatively to where -- the last press conference I had in Indonesia, we were shaking hands and smiling and everybody was pleased with where we ended up with.

現在我們合作無間——上次我在印尼舉行的新聞發布會上，我們握手言和，面帶微笑，每個人都對最終的成果感到滿意。

So you're exactly right.

所以你說得完全正確。

Now if you look at our debt repayment schedule, we don't have any near-term debt requirements.

現在，如果你看看我們的債務償還計劃，你會發現我們沒有任何近期債務需求。

And so as we look at the next 2 years, if we do have to face a severe downturn in commodity prices, we can weather that.

因此，展望未來兩年，如果我們確實面臨大宗商品價格的嚴重下滑，我們能夠挺過去。

We can weather that without having to alter our long-term mine plans.

我們可以安然度過這一困境，而不必改變我們的長期礦山計劃。

We'll tighten again where we have to tighten and we'll respond to it, but it's not the critical situation we were in 3 years ago.

我們將再次收緊該收緊的政策，並對此作出反應，但這與三年前的情況不同。

And so we can manage through that.

這樣我們就能解決這個問題。

If prices get higher during that period of time, in that time frame, we're not likely to change our capital spending.

如果在那段時間內價格上漲，在那個時間範圍內，我們不太可能改變我們的資本支出。

And to the extent we generate -- if they do allow us to generate excess cash, we'll use that to further reduce debt for the time being, and that will accelerate our plans for future spending.

如果他們確實允許我們產生多餘的現金，我們將利用這些現金暫時進一步減少債務，這將加速我們未來的支出計畫。

Now I'll turn the call over to management for any closing remarks.

現在，我將把電話轉給管理階層，請他們做最後發言。

All I'm saying is I'm not watching the Super Bowl.

我只是說我不看超級盃。

Thanks, everyone.

謝謝大家。

We're available for any follow-ups.

我們隨時可以進行任何後續工作。

Ladies and gentlemen, that concludes our call for today.

女士們、先生們，今天的通話到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。