費利浦·麥克莫蘭銅金 (FCX) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoRan Fourth Quarter Conference Call. (Operator Instructions) I would now like to turn the conference over to Ms. Kathleen Quirk, President and Chief Financial Officer. Please go ahead, ma'am.

女士們，先生們，謝謝你們的支持。歡迎參加 Freeport-McMoRan 第四季度電話會議。 （操作員說明）我現在想將會議轉交給總裁兼首席財務官 Kathleen Quirk 女士。請繼續，女士。

Thank you, and good morning. Welcome to the Freeport-McMoRan conference call. Earlier this morning, we reported our fourth quarter and year-end 2021 operating and financial results, and a copy of today's press release and slides are available on our website at fcx.com. 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 conference call. 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.

謝謝你，早上好。歡迎參加 Freeport-McMoRan 電話會議。今天早上早些時候，我們報告了我們的第四季度和 2021 年年底的運營和財務業績，今天的新聞稿和幻燈片的副本可在我們的網站 fcx.com 上找到。我們今天的電話會議正在互聯網上進行現場直播，任何人都可以通過訪問我們的網站主頁並單擊電話會議的網絡直播鏈接來收聽電話會議。除了分析師和投資者外，財經媒體也受邀收聽今天的電話會議，今天晚些時候將在我們的網站上重播網絡直播。

Before we begin today's comments, we'd like to remind everyone that our press release and certain of our comments on today's call include forward-looking statements and actual results may differ materially. 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 SEC filings.

在我們開始今天的評論之前，我們想提醒大家，我們的新聞稿和我們對今天電話會議的某些評論包括前瞻性陳述，實際結果可能存在重大差異。我們希望每個人都參考我們的新聞稿和演示材料中包含的警示性語言，以及我們提交給美國證券交易委員會的文件中描述的風險因素。

On the call with me today are Richard Adkerson, our Chairman of the Board and Chief Executive Officer; Mark Johnson, who heads up our Indonesian operations; Josh Olmsted, who heads up our Americas business; Mike Kendrick, who leads our Molybdenum business. We also have Rick Coleman and Cory Stevens, who support our team with engineering and construction, technical services and support for our growth projects; and Steve Higgins, our Chief Administrative Officer.

今天與我通話的是我們的董事會主席兼首席執行官 Richard Adkerson； Mark Johnson，負責我們的印尼業務； Josh Olmsted，負責我們的美洲業務； Mike Kendrick，領導我們的鉬業務。我們還有 Rick Coleman 和 Cory Stevens，他們為我們的團隊提供工程和施工、技術服務以及對我們增長項目的支持；和我們的首席行政官史蒂夫·希金斯。

I'll start by briefly summarizing our financial results, and then I'll turn over the call to Richard, who will review the slide materials on our -- in our presentation, and I'll make some comments and then we'll open up the call for questions.

我將首先簡要總結我們的財務業績，然後將電話轉給 Richard，他將在我們的演示文稿中審查我們的幻燈片材料，我將發表一些評論，然後我們將打開提出問題。

Today, FCX reported fourth quarter 2021 net income attributable to common stock of $1.1 billion or $0.74 per share and adjusted net income after excluding net charges totaling $0.3 billion or $0.21 per share was $1.4 billion or $0.96 per share for the quarter. For the year ended 2021, our net income attributable to common stock totaled $4.3 billion, $2.90 per share and adjusted net income totaled $4.6 billion or $3.13 per share. We have a reconciliation of our adjusted net income on VII as part of today's release.

今天，FCX 報告稱，2021 年第四季度歸屬於普通股的淨收入為 11 億美元或每股 0.74 美元，扣除淨費用後的調整後淨收入總計 3 億美元或每股 0.21 美元，為 14 億美元或每股 0.96 美元。截至 2021 年的年度，我們歸屬於普通股的淨收入總計 43 億美元，每股 2.90 美元，調整後的淨收入總計 46 億美元或每股 3.13 美元。作為今天發布的一部分，我們對 VII 調整後的淨收入進行了對賬。

Our adjusted earnings before interest, taxes and depreciation for the fourth quarter totaled $3.2 billion and for the year totaled $10.9 billion. We've got a reconciliation of our EBITDA calculations on Page 43 of our presentation materials. Our team delivered great volume growth during the year. Our copper sales of over 1 billion pounds during the fourth quarter approximated our guidance going into the period. And for the year, we sold 3.8 billion pounds of copper. That was a 19% increase from 2020.

我們調整後的第四季度息稅折舊前利潤總計 32 億美元，全年總計 109 億美元。我們在演示材料的第 43 頁上對 EBITDA 計算進行了核對。我們的團隊在這一年實現了巨大的銷量增長。我們在第四季度超過 10 億磅的銅銷售額接近了我們在此期間的指導。這一年，我們賣出了 38 億磅銅。這比 2020 年增加了 19%。

Our fourth quarter 2021 gold sales of 395,000 ounces were about 5% above our guidance going into the quarter, and that reflected higher throughput rates in Indonesia. Our annual gold sales totaled 1.4 million ounces for the year and were 59% above the 2020 total. We benefited during the quarter from positive pricing for copper. Our average realized price of $4.42 per pound in the fourth quarter was more than $1 per pound higher than the fourth quarter of 2020. Our realized gold price of $1,808 per ounce was slightly below the year-ago quarter, and our results also benefited from improved molybdenum prices. Our realization in the fourth quarter of 2021 of over $19 per pound was almost double the year-ago period's realization.

我們 2021 年第四季度的黃金銷量為 395,000 盎司，比我們進入該季度的預期高出約 5%，這反映了印度尼西亞更高的吞吐量。我們全年的黃金銷售總量為 140 萬盎司，比 2020 年的總量高出 59%。我們在本季度受益於銅的積極定價。我們第四季度每磅 4.42 美元的平均實現價格比 2020 年第四季度每磅高出 1 美元以上。我們每盎司 1,808 美元的實現黃金價格略低於去年同期，我們的業績也受益於改善鉬價。我們在 2021 年第四季度實現的每磅超過 19 美元，幾乎是去年同期實現的兩倍。

Unit net cash costs during the fourth quarter averaged $1.29 per pound a quarter -- per pound of copper. That was slightly above our estimate of $1.26 going into the quarter, but that reflected a charge, a nonrecurring charge associated with the successful completion of our multiyear collective labor agreements at Cerro Verde in Peru. Strong cash flow generation, again during the quarter. We generated $2.3 billion of operating cash flows. And for the year, we generated $7.7 billion of operating cash flow, and that exceeded our capital spending of $2.1 billion for the year.

第四季度的單位淨現金成本平均為每磅銅每磅 1.29 美元。這略高於我們對本季度 1.26 美元的估計，但這反映了一項費用，這是一項與我們在秘魯 Cerro Verde 成功完成多年集體勞動協議相關的非經常性費用。本季度再次產生強勁的現金流。我們產生了 23 億美元的經營現金流。這一年，我們產生了 77 億美元的運營現金流，超過了我們當年 21 億美元的資本支出。

As you saw in November of 2021, our Board approved a new share purchase program authorizing purchases of up to $3 billion of FCX common stock. Through January 25, we acquired 15.4 million shares at a total cost of $600 million and that was an average price of $39 per share. The Board also approved in November an increase in common stock dividends for 2022, effectively doubling our common stock dividend. And on December 22, we declared dividends totaling $0.15 per share that will be paid on February 1 of this year to shareholders of record as of January 14.

正如您在 2021 年 11 月看到的那樣，我們的董事會批准了一項新的股票購買計劃，授權購買高達 30 億美元的 FCX 普通股。截至 1 月 25 日，我們以 6 億美元的總成本收購了 1540 萬股股票，平均價格為每股 39 美元。董事會還於 11 月批准增加 2022 年的普通股股息，有效地將我們的普通股股息翻倍。 12 月 22 日，我們宣布將在今年 2 月 1 日向截至 1 月 14 日登記在冊的股東支付每股 0.15 美元的股息。

Our balance sheet is strong. You'll see that in the results, the net debt at the end of the year totaled $1.4 billion, and we had no borrowings under our $3.5 billion revolver so we've got strong liquidity with $8 billion of cash at the end of 2021. I'd now like to turn the call over to Richard, who will be referring to our presentation materials on our website.

我們的資產負債表很強勁。您會在結果中看到，年底的淨債務總額為 14 億美元，而且我們在 35 億美元的左輪手槍下沒有借款，因此到 2021 年底我們擁有 80 億美元現金的強大流動性。我現在想把電話轉給 Richard，他將參考我們網站上的演示材料。

Thanks, Kathleen, and hello, everyone. The end of 2021 is a special time for our Freeport team. We've met a series of multiyear complex challenges with great success. You start by looking at the debt picture, which Kathleen mentioned. Just 6 years ago, our debt was at $20 billion and the way to manage it was really unclear. We have now reached a point where our debt is de minimis. We have started a program of shareholder returns with higher dividends and share buybacks. We have assets and an outlook that will allow us to increase those over time. Our credit rating has been raised to investment grade by 2 of the agencies.

謝謝，凱瑟琳，大家好。 2021 年底對我們的自由港團隊來說是一個特殊的時刻。我們已經成功應對了一系列多年的複雜挑戰。您首先查看凱瑟琳提到的債務圖片。就在 6 年前，我們的債務還為 200 億美元，而管理它的方式還不清楚。我們現在已經達到了我們的債務微乎其微的地步。我們已經啟動了一項股東回報計劃，提供更高的股息和股票回購。我們擁有資產和前景，這將使我們能夠隨著時間的推移增加這些資產。我們的信用評級已被 2 家機構提升至投資級。

Then you look at the Grasberg underground project, which goes back much further. We began our initial plans for this underground operation in the mid-1990s. We began spending capital 20 years ago. By the end of the year, we met our target by reaching our metal long-term run rate. We are taking steps successfully and have the way forward to increase our mining rate to well over 200,000 tonnes per day from the underground. That's just remarkable.

然後你看看 Grasberg 地下項目，它可以追溯到更遠的地方。我們在 1990 年代中期開始了這項地下作業的初步計劃。我們在 20 年前開始花錢。到年底，我們達到了金屬長期運行率，從而實現了我們的目標。我們正在成功地採取措施，並且有辦法將我們的地下開採率提高到每天超過 200,000 噸。這太了不起了。

During this period of ramping up Grasberg, we had challenges in our dealings with the Indonesian government about our contract of work. We resolved those 3 years ago, and I'm pleased to report that our relationships with the government of Indonesia is one now of cooperation, working together mutually for common goals. Relationships have never been better.

在此期間，Grasberg 正在加速發展，我們在與印度尼西亞政府就我們的工作合同打交道時遇到了挑戰。我們在 3 年前解決了這些問題，我很高興地報告說，我們與印度尼西亞政府的關係現在是一種合作關係，為了共同的目標而共同努力。關係從未如此美好。

Then 2 years ago, we started facing COVID. That was a huge uncertainty for us. At the time, we took aggressive steps to be prepared to manage the risks that were emerging. We've successfully managed our way through that and achieved our debt reduction in Grasberg underground from that standpoint.

然後 2 年前，我們開始面對 COVID。這對我們來說是一個巨大的不確定性。當時，我們採取了積極的措施來準備管理正在出現的風險。從這個角度來看，我們已經成功地解決了這個問題，並實現了我們在 Grasberg 地下的債務減免。

ESG is on everybody's mind these days. It's always been part of our psyche at Freeport because of the nature of our operations, but we've begun aggressive efforts to deal with climate change impacts of our operations. We're working with the copper industry with this Copper Mark designation, which we have been a leader in working with ICMM with communities.

如今，每個人都在考慮 ESG。由於我們運營的性質，這一直是我們在自由港的精神的一部分，但我們已經開始積極努力應對我們運營對氣候變化的影響。我們正在與具有此銅標誌名稱的銅行業合作，我們一直是與 ICMM 與社區合作的領導者。

I became Chairman about a year ago. I made commitments to myself to strengthen Freeport's Board. This year, we've added 6 new directors. Four are well-known, highly regarded CEOs with extensive international business experience who add a lot to our Board. We have 2 women we added that both are financial experts, experienced in Audit Committee dealings. One is proudly an Hispanic. It's just been a great work by our team. We have a real sense of accomplishment, and we're really looking forward now to the future with optimism, commitment and excitement.

大約一年前，我成為主席。我向自己承諾要加強自由港的董事會。今年，我們增加了 6 位新董事。其中四位是知名且備受推崇的首席執行官，他們擁有豐富的國際商業經驗，他們為我們的董事會增添了很多東西。我們添加了 2 名女性，她們都是財務專家，在審計委員會事務方面經驗豐富。一個自豪地是西班牙裔。這只是我們團隊的一項偉大工作。我們有一種真正的成就感，我們現在真的懷著樂觀、承諾和興奮的心情展望未來。

Turning to our results. Our copper volumes grew by 19% compared with the prior year, reflecting this ramp-up in Indonesia. Our unit costs declined despite rising energy costs in other units and other input costs. Our team has done a great job of managing the challenges of supply chain and cost inflation. We generate strong margins. Our EBITDA and cash flow rose by 2.5x over 2020. And we ended the year with just over $1 billion in net debt. And we're well prepared with our long-life reserve and resource base to advance organic growth over time. Now with the ramp-up at Grasberg reaching the point where it is, we're now looking to our operations in the Americas for future growth.

轉向我們的結果。我們的銅產量與去年相比增長了 19%，這反映了印度尼西亞的增長。儘管其他單位的能源成本和其他投入成本上升，但我們的單位成本有所下降。我們的團隊在應對供應鏈挑戰和成本膨脹方面做得非常出色。我們產生了強勁的利潤。與 2020 年相比，我們的 EBITDA 和現金流量增長了 2.5 倍。到年底，我們的淨債務略高於 10 億美元。我們已經為我們的長期儲備和資源基礎做好了充分的準備，以隨著時間的推移推動有機增長。現在隨著 Grasberg 的增長達到現在的水平，我們現在正在尋找我們在美洲的業務以實現未來的增長。

It's nice to talk about accomplishments, but we're all focused on what we -- where we go from here, how we build more value for our company, and we have a great opportunity to do that.

談論成就很好，但我們都專注於我們 - 我們從這裡開始的地方，我們如何為公司創造更多價值，我們有一個很好的機會來做到這一點。

Copper. Over 20 years ago, our company made a commitment to copper, and it was driven by supply side constraints that we saw in the global marketplace, at that time, growth in China. And we have fundamentally stuck with that. Our Board made a diversion with this oil and gas deal but that's behind us now. But the fundamental outlook for copper, as positive as it was 20 years ago, is now even more positive and becoming increasingly positive. It's driven by copper's role in the global economy, just fundamentally, the need for copper and as the world develops. We saw it in China. China continues to be an important part of the market.

銅。 20 多年前，我們公司對銅做出了承諾，這是由我們在全球市場上看到的供應方面的限制驅動的，當時是在中國的增長。我們從根本上堅持這一點。我們的董事會對這項石油和天然氣交易進行了轉移，但現在已經過去了。但銅的基本面前景與 20 年前一樣積極，現在更加積極，而且越來越積極。它是由銅在全球經濟中的作用驅動的，從根本上講，是對銅的需求以及隨著世界的發展。我們在中國看到了。中國仍然是市場的重要組成部分。

Global growth will occur outside China but the new elements of demand are really significant. Any investments in carbon reduction, and everyone's talking about carbon reduction, requires significantly more copper than the world has required in the past. Electrification is a key to climate change, and 2/3 to 3/4 of coppers used is dealt with electrification. Whether it's electric vehicles, alternative energy generations, all of these require much more copper than traditional power.

全球增長將發生在中國以外，但新的需求要素確實很重要。任何減少碳排放的投資，以及每個人都在談論的碳減排，都需要比過去世界所需的多得多的銅。電氣化是氣候變化的關鍵，使用的銅中有 2/3 到 3/4 用於電氣化。無論是電動汽車、替代能源發電，所有這些都需要比傳統電力更多的銅。

Then you look beyond that to technology advances in communications, artificial intelligence, expanding connectivity as infrastructure is developed around the world, public health initiatives. All of these are creating what I'm calling a new era of copper demand. And these are broad-based, they're inevitable. Copper will be affected by risks to the global economy from time to time, but underlying that is a long-term very positive outlook for copper, and our company is solidly positioned to benefit from that.

然後，您會看到通信技術的進步、人工智能、隨著全球基礎設施的發展而擴大連接性、公共衛生計劃。所有這些都在創造我所說的銅需求新時代。這些都是基礎廣泛的，它們是不可避免的。銅將不時受到全球經濟風險的影響，但從長遠來看，銅的前景非常樂觀，我們公司已做好充分準備從中受益。

You add that together with supply scarcity and the demand factors and you have a real compelling case for investing in our company. We're seeing increasing scarcity in supply at a time when demand is growing so significantly. There are a limited number of projects, which have been under development for some time now that are scheduled to come on stream in the near term. But when you look beyond that, it's hard to find actionable projects that are -- can be developed within a very short period of time. It just takes a long time. And then there's increasing political risk around the world that will have its impact on copper supply development.

再加上供應稀缺和需求因素，您就有了投資我們公司的真正令人信服的理由。在需求增長如此顯著的時候，我們看到供應越來越稀缺。有限數量的項目已經開發了一段時間，併計劃在短期內投入使用。但是，當您超越此範圍時，很難找到可以在很短的時間內開發的可行項目。只是需要很長時間。然後，世界各地的政治風險越來越大，這將對銅供應發展產生影響。

Notably, in Chile and Peru where 40% of the world's copper comes from, there's new presidents who run on agendas that are oriented towards social programs that require more revenues to implement it. And how the industry and the governments deal with that will be very important. But beyond that, you see this in countries like the United States. You see other countries restricting new supply development for community social issues. Countries around the world are demanding more of miners in terms of revenues, and that goes beyond Chile and Peru, ranging all the way from Asia to Central America to Africa.

值得注意的是，在智利和秘魯，全球 40% 的銅產自智利和秘魯，新總統的議程面向需要更多收入來實施的社會計劃。行業和政府如何處理這個問題將非常重要。但除此之外，你會在美國等國家看到這一點。您會看到其他國家限制社區社會問題的新供應開發。世界各國在收入方面對礦工的要求越來越高，這超出了智利和秘魯，從亞洲到中美洲再到非洲。

All of these things add into supply constraints at a time when the world needs more copper. We're focused on the long-term outlook for our markets. We always prepare ourselves and recognize that near-term risks may emerge to the global economy. Now we're strong financially to deal with those risks. We structured our business in a way that we have flexibilities of managing it. So we're much more comfortable today about whether our company is positioned to take advantage for what we believe will be a very positive view for copper as a commodity.

在世界需要更多銅的時候，所有這些都增加了供應限制。我們專注於市場的長期前景。我們始終做好準備，並認識到全球經濟可能會出現短期風險。現在我們有足夠的財務能力來應對這些風險。我們以靈活管理業務的方式構建業務。因此，我們今天對我們公司是否能夠利用我們認為對銅作為一種商品非常積極的看法感到更加自在。

If you look at our reserve base, we report reserves this year based on mine plans of $2.50 copper. We don't limit ourselves to looking at projects on that basis because we have an optimistic view about copper. But we have more than -- at $2.50 copper, we have more than a 25-year reserve life, approved and probable reserves. And beyond that, in our incremental mineral resources, we have enormous amounts of copper that, over time, will be brought into reserves as we do delineation drilling and engineering work to bring those into reserves and ultimately into new projects.

如果您查看我們的儲量基礎，我們會根據 2.50 美元的銅礦計劃報告今年的儲量。我們並不局限於在此基礎上看待項目，因為我們對銅持樂觀態度。但是我們有超過 2.50 美元的銅，我們有超過 25 年的儲量壽命，批准的和可能的儲量。除此之外，在我們增加的礦產資源中，我們擁有大量的銅，隨著時間的推移，這些銅將在我們進行劃界鑽探和工程工作以將其納入儲備並最終納入新項目時被納入儲備。

This is really a key asset for Freeport. It provides us a lot of options for the future when you look at the scarcity in the industry for development opportunities. Freeport does not need to rely on acquisitions to support our long-term future. We always monitor opportunities, but we have the assets within our company in how to sustain our business and growing it significantly over time.

這確實是自由港的一項關鍵資產。當您看到行業稀缺的發展機會時，它為我們提供了許多未來的選擇。自由港不需要依靠收購來支持我們的長期未來。我們始終關注機會，但我們在公司內部擁有如何維持我們的業務並隨著時間的推移顯著增長的資產。

With these favorable markets, our margins and cash flows are growing. We have well-established plans. Our whole team globally is focused on executing plans to produce more copper, produce it at a lower cost. We've built a strong foundation for the future. We had significant sales increase in 2021. We've got growth factored in for the near term, additional 13% in 2022 and improving in 2023. We have derisked our plans, expect growing margins and are really prepared to execute to generate the cash to support returns to shareholders as we invest in future growth.

有了這些有利的市場，我們的利潤和現金流正在增長。我們有完善的計劃。我們在全球的整個團隊都專注於執行生產更多銅、以更低成本生產銅的計劃。我們為未來奠定了堅實的基礎。我們在 2021 年實現了顯著的銷售額增長。我們已經考慮到短期內的增長，2022 年將增加 13%，並在 2023 年有所改善。我們已經取消了我們的計劃，預計利潤率會增長，並且真的準備好執行以產生現金在我們投資於未來增長時支持股東回報。

Looking at the slide now that shows the successful ramp-up of the Grasberg underground, I just wish you all could see me because I got a big smile on my face when I look at this. It's really significant with what we've done there. Our team there is just really to be complimented in meeting all these challenges. It was nothing short of a monumental task. As I mentioned earlier, it was years to achieve this.

現在看看顯示 Grasberg 地下成功擴建的幻燈片，我只希望你們都能看到我，因為當我看到這個時，我臉上露出燦爛的笑容。這對我們在那裡所做的事情非常重要。我們的團隊在迎接所有這些挑戰方面真的值得稱讚。這簡直是一項艱鉅的任務。正如我之前提到的，實現這一目標需要數年時間。

The underground development, turning to the next slide, over 350 miles of tunnels, 7 miles of an underground railroad with 10 electric trains running, 4 huge crushers, 5 miles of conveyor belts, these shafts to take large numbers of people down underground, it's all underground. Over 500 drawbells have been opened, almost 350,000 meters of undercut. And we're really on track to achieve long-term sustainable rates of in excess of 200,000 tonnes a day from our mines through our mills. This gives us a very strong base of long terms. We've done this now to create -- return Grasberg to be the second largest copper mine in the world. The largest single gold mine, even though it's a byproduct.

地下開發，轉向下一張幻燈片，超過 350 英里的隧道，7 英里的地下鐵路，有 10 輛電動火車運行，4 台巨大的破碎機，5 英里的傳送帶，這些豎井將大量人員帶到地下，都在地下。超過 500 個拉鈴已打開，底切近 350,000 米。我們真的有望實現從我們的礦山到我們的工廠每天超過 200,000 噸的長期可持續產量。這為我們提供了一個非常強大的長期基礎。我們現在這樣做是為了創造——讓格拉斯伯格成為世界第二大銅礦。最大的單一金礦，儘管它是副產品。

You look at the fourth quarter when we had our net cash cost in the face of all this inflation of only $0.08 per pound for the second largest copper mine in the world. We are on track to achieve our long-term run rate of 1.6 billion pounds of copper a year, over 750,000 tonnes. All this looks simple on paper, but man, it was a challenge to get it done, and our team deserves a tremendous amount of credit for doing that.

你看看第四季度，面對全球第二大銅礦每磅僅 0.08 美元的通貨膨脹，我們的淨現金成本是多少。我們有望實現每年 16 億磅銅的長期運行率，超過 750,000 噸。所有這一切在紙面上看起來都很簡單，但是伙計，要完成它是一個挑戰，我們的團隊應該為此獲得巨大的讚譽。

Now we look at where are we going to grow for the future. How are we going to sustain our business for the future? These new leach technologies that we're working in the Americas is a huge opportunity for Freeport. Our company historically was a leader in developing leaching. Our Morenci mine in Arizona is the world's largest leaching operation in today's global copper market. And this technology that we will have to improve recoveries and achieve recoveries from historical waste stacks and just creating copper that no one thought we had the opportunity to recover is really significant for us.

現在我們看看我們未來的發展方向。我們將如何在未來維持我們的業務？我們在美洲開發的這些新的浸出技術對自由港來說是一個巨大的機會。我們公司歷來是開發浸出技術的領導者。我們位於亞利桑那州的 Morenci 礦是當今全球銅市場上最大的浸出作業。我們將不得不提高回收率並實現從歷史廢物堆中回收的這項技術，並創造出沒有人認為我們有機會回收的銅，這對我們來說非常重要。

Then we have our mine in Northwestern Arizona, the Bagdad mine, which has a long reserve life, set up perfectly for a mill expansion and to achieve greater volumes out of it in a relatively straightforward way. In Eastern Arizona, we have the Lone Star mine, which I truly believe someday will be the all-star mine for Freeport. We are working and expanding recoveries from the oxide ore that's there, taking advantage of facilities that are nearby Safford mine, which is -- core production is declining as planned. But underneath that, the Lone Star mine has a sulfide resource that I really believe will make it be the all-star mine for us.

然後，我們在亞利桑那州西北部的 Bagdad 礦擁有我們的礦山，該礦擁有較長的儲備壽命，非常適合工廠擴建，並以相對直接的方式實現更大的產量。在亞利桑那州東部，我們有孤星礦，我堅信有一天它會成為自由港的全明星礦。我們正在利用 Safford 礦附近的設施進行工作並擴大從那裡的氧化礦石的回收率，即核心產量正在按計劃下降。但在此之下，孤星礦擁有一種硫化物資源，我真的相信它會成為我們的全明星礦。

Good project in Chile that the world will need. We're waiting to see how things unfold there. And then this Kucing Liar mine that we have undeveloped at Grasberg is going to be an important part of our future there. This will be one of the world's largest block cave mines in its own right, 80,000 tonnes a day. We've got a resource of 6 billion pounds of copper, 5 million ounces of gold through 2041. We're talking with the government now preliminarily about extending our rights beyond that. And that mine will be producing well beyond 2041. When that's on stream, we are targeting getting up to 240,000 tonnes a day of mine rate mill rate out of the operations at Grasberg.

世界需要的智利好項目。我們正在等著看那裡的事情如何發展。然後，我們在 Grasberg 尚未開發的這個 Kucing Liar 礦將成為我們未來的重要組成部分。這將是世界上最大的塊狀洞穴礦山之一，每天生產 80,000 噸。到 2041 年，我們擁有 60 億磅銅和 500 萬盎司黃金的資源。我們現在正在與政府初步討論擴大我們的權利。並且該礦的生產將遠遠超過 2041 年。當它投產時，我們的目標是讓 Grasberg 的運營中的礦井率達到每天 240,000 噸。

There's a slide on Lone Star that I referred to earlier. You can see the data of how we're increasing it. But the real prize there, the oxide development will be profitable, add the volumes, attractive cost. But the real long-term product there is this sulfide resource that underlies the oxide. It's very large. Take time to do it, but it will have a complex, we believe, ultimately similar to the Morenci mine, which is the largest mine in North America now. This leach technology is something you'll hear a lot about from us throughout the energy industry. We will be a leader here. We are looking at several different types of technologies. All of them are exciting. We are -- Cory is leading our team here, and it's really a new element of demand.

我之前提到過關於 Lone Star 的一張幻燈片。你可以看到我們如何增加它的數據。但真正的收穫是，氧化物開發將是有利可圖的，增加產量，有吸引力的成本。但真正的長期產品是氧化物下面的這種硫化物資源。它非常大。花時間去做，但我們相信，它的複雜性最終類似於現在北美最大的礦山莫倫奇礦。在整個能源行業，您會從我們這裡聽到很多關於這種浸出技術的信息。我們將成為這裡的領導者。我們正在研究幾種不同類型的技術。他們都令人興奮。我們是——Cory 在這裡領導我們的團隊，這確實是一個新的需求元素。

Just in our existing waste stacks, we have -- we believe we have almost 40 billion pounds of copper in those stacks, and even small recoveries out of that could result in copper that would be equivalent to developing a whole new mine. So it's early-stage technology, a lot of work to do, a lot of excitement by our team about doing this. So it's really good.

就在我們現有的廢物堆中，我們有——我們相信這些堆裡有近 400 億磅的銅，即使是少量回收也可能產生相當於開發一個全新礦山的銅。所以這是早期的技術，有很多工作要做，我們的團隊對此感到非常興奮。所以真的很好。

I want to close by recognizing our team around the world. I'm so proud to be part of this team. We've got a group of people that are technically confident, that are highly motivated, that work together cooperatively, that are buying in to making Freeport the foremost copper company in the world and keeping it there. And we have the capabilities on hand to meet and exceed our expectations, exceptional opportunities for our business.

我想通過認識我們在世界各地的團隊來結束。我很自豪能成為這個團隊的一員。我們有一群人，他們在技術上充滿信心，積極性高，通力合作，致力於使 Freeport 成為世界上最重要的銅業公司並保持下去。我們有能力滿足並超越我們的期望，為我們的業務帶來非凡的機會。

And I want you to know that regardless of what you read out of London, I'm planning with staying part of this team for as long as God's willing to allow me to do that. I'm having more fun now than I've had in years, and I'm really excited to be a part of this team as we go forward. So Kathleen?

而且我想讓你知道，無論你從倫敦讀到什麼，只要上帝願意讓我這樣做，我都計劃留在這個團隊中。我現在比以往任何時候都更開心，我很高興能在我們前進的過程中成為這個團隊的一員。所以凱瑟琳？

All right. Thank you, Richard, and I'll just start on Slide 17 and make some comments on our operating and financial matters, and then we can turn it over to your questions. We're providing some additional details on our fourth quarter operating activities on Slide 17. And as Richard said, the Lone Star mine, he's now renamed it the all-star mine but it continues to perform above design capacity.

好的。謝謝你，Richard，我將從幻燈片 17 開始，對我們的運營和財務問題發表一些評論，然後我們可以將其轉交給你的問題。我們在幻燈片 17 上提供了有關我們第四季度運營活動的一些額外細節。正如理查德所說，孤星礦，他現在將其重新命名為全明星礦，但它的性能仍高於設計能力。

You'll recall we commissioned the mine in the second half of 2020. And last year, we produced 265 million pounds of copper. That was a 30% increase from the original design of 200 million pounds per year. We have incorporated now a further incremental expansion into our plans which will take us up to 300 million pounds per year by 2023, with an investment of approximately $250 million. And as Richard mentioned, as we accelerate the mining of the oxide ores, this will expose us to the larger sulfide opportunity.

您會記得我們在 2020 年下半年投產了該礦。去年，我們生產了 2.65 億磅銅。這比最初設計的每年 2 億磅增加了 30%。現在，我們已將進一步的增量擴張納入我們的計劃，到 2023 年，我們每年的投資將達到 3 億英鎊，投資約為 2.5 億美元。正如理查德所說，隨著我們加速氧化礦石的開採，這將使我們面臨更大的硫化物機會。

At Morenci, we're gaining momentum on our leach initiatives. We have substantial material that has already been placed on leach stockpiles, which provide an opportunity to increase our copper production at a low incremental cost and notably a low carbon footprint. We're applying new technologies and using data analytics and sensoring to measure our success, and we're very encouraged by some early wins and are optimistic that there's much more to come. We started the effort at Morenci because of its significance, but the early wins at Morenci have allowed the team at Morenci to share its findings across the portfolio. And this gives us a significant value opportunity for Freeport, and we hope to report progress -- ongoing progress to you as we go through the year.

在 Morenci，我們的浸出計劃正在獲得動力。我們已經將大量材料置於浸出庫存中，這為我們以較低的增量成本增加銅產量提供了機會，尤其是低碳足跡。我們正在應用新技術並使用數據分析和傳感來衡量我們的成功，我們對一些早期的勝利感到非常鼓舞，並對未來會有更多的勝利感到樂觀。我們開始在 Morenci 的努力是因為它的重要性，但在 Morenci 的早期勝利使 Morenci 的團隊能夠在整個投資組合中分享其發現。這為自由港提供了一個重要的價值機會，我們希望報告進展——我們在這一年中的持續進展。

We also continue to ramp up mining and milling rates at Morenci. And we estimate that production from Morenci will be about 10% more copper in 2022 compared with 2021. In South America, our teams there are doing great work to restore production to pre-pandemic levels. The 2021 sales from South America were about 8% higher than 2020, and we're projecting an additional increase in 2022.

我們還繼續提高 Morenci 的採礦和銑削率。我們估計，與 2021 年相比，2022 年莫倫奇的銅產量將增加約 10%。在南美，我們的團隊正在努力將產量恢復到大流行前的水平。 2021 年南美的銷售額比 2020 年高出約 8%，我們預計 2022 年將進一步增長。

We continue to target a full restoration at Cerro Verde of its mill operations during this year, and we'll be on our way to getting back to 1 billion pounds per annum from this large-scale operation. Our team at Cerro Verde continues to do outstanding work in managing the pandemic and had really a terrific fourth quarter. We were also successful in finalizing our multiyear labor agreement at Cerro Verde during 2021.

今年，我們將繼續以全面恢復 Cerro Verde 的工廠運營為目標，並且我們將從這項大規模運營中恢復到每年 10 億英鎊的水平。我們在 Cerro Verde 的團隊繼續在應對大流行方面做得非常出色，第四季度的表現非常出色。我們還成功地在 2021 年完成了在 Cerro Verde 的多年勞動協議。

At El Abra in Chile, we're making good progress and increasing our stacking rates of material on our leach pads there, and we're also advancing construction of a new leach pad to accommodate the higher rates. We're expecting a 30% increase in 2022 production at El Abra off of a relatively low base, but we plan to sustain a level of 200 million to 250 million pounds per year for the next several years as we assess opportunities there for future growth.

在智利的 El Abra，我們正在取得良好的進展並提高了我們在那裡的浸出墊上的材料堆疊率，並且我們還在推進新浸出墊的建設以適應更高的速率。我們預計 2022 年 El Abra 的產量將在相對較低的基礎上增加 30%，但我們計劃在未來幾年保持每年 2 億至 2.5 億磅的水平，因為我們評估那裡的未來增長機會.

At Grasberg, as Richard mentioned, the highlight of the year was really reaching our targeted metal run rate in the fourth quarter. This was an enormous milestone of success for us. We're all proud of it. We're focused on sustaining this during 2022. And we'll have opportunities to increase our mill throughput rates in the second half of next year with the completion of our new SAG circuit, which is under construction. Our team at Grasberg is as energetic as ever, working to advance Kucing Liar and several other projects in the portfolio.

正如理查德所說，在格拉斯伯格，今年的亮點確實是在第四季度達到了我們的目標金屬運行率。這對我們來說是一個巨大的成功里程碑。我們都為此感到自豪。我們專注於在 2022 年維持這一點。隨著我們正在建設中的新 SAG 電路的完工，我們將有機會在明年下半年提高我們的工廠產能。我們在 Grasberg 的團隊一如既往地充滿活力，致力於推進 Kucing Liar 和投資組合中的其他幾個項目。

Our next slide, Slide 18 is just an update on our progress to develop new smelting capacity in Indonesia to meet our commitments to the government. The site for the new smelter is starting to take shape, as you can see from the photo on the slide. In the fourth quarter, we completed the pile support for the flash furnace and are starting to pour concrete. We also completed agreements in the fourth quarter with our Japanese partner to expand the existing smelter at PT Smelting.

我們的下一張幻燈片，幻燈片 18 只是我們在印度尼西亞開發新冶煉能力以履行我們對政府的承諾的最新進展。從幻燈片上的照片可以看出，新冶煉廠的場地已初具規模。第四季度，我們完成了閃速爐的樁支撐，並開始澆築混凝土。我們還在第四季度與我們的日本合作夥伴完成了擴大 PT Smelting 現有冶煉廠的協議。

We're focused on completing these projects as efficiently and timely as possible. We've been funding the cost of the smelter through a $1 billion bank credit facility that PT-FI secured, and we're planning additional debt financing at PT-FI, which can be obtained at attractive rates to complete the project. As indicated on the slide, the long-term cost of the financing for the smelter would be essentially offset by a phaseout of the 5% export duty so the economic impact is not material.

我們專注於盡可能高效和及時地完成這些項目。我們一直在通過 PT-FI 獲得的 10 億美元銀行信貸融資為冶煉廠的成本提供資金，並且我們計劃在 PT-FI 進行額外的債務融資，可以以有吸引力的利率獲得以完成該項目。如幻燈片所示，冶煉廠的長期融資成本將基本被逐步取消 5% 的出口關稅所抵消，因此經濟影響不大。

We provide on Slide 19 a 3-year outlook for volumes, and just we're pleased to report our execution is on track. We have some minor offsetting changes to our prior guidance for copper sales for 2022 and 2023 and have now included our current outlook for 2024. After delivering a 19% increase in copper in 2021, we're projecting a 13% increase in 2022, and this includes higher production across the portfolio. We've got further growth planned for 2023 in our existing plans. In our sales for copper in 2022, we estimate about 36% will come from the U.S., 27% from South America and about 37% from Grasberg.

我們在幻燈片 19 上提供了 3 年的交易量展望，我們很高興地報告我們的執行工作正在走上正軌。我們對之前的 2022 年和 2023 年銅銷售指導進行了一些小的抵消性變化，現在已經包括了我們對 2024 年的當前展望。在 2021 年銅銷量增長 19% 之後，我們預計 2022 年將增長 13%，並且這包括整個產品組合的更高產量。在我們現有的計劃中，我們計劃在 2023 年進一步增長。在我們 2022 年的銅銷售中，我們估計約 36% 將來自美國，27% 來自南美，約 37% 來自格拉斯伯格。

We're showing on Slide 20, our -- how the quarterly volumes work out. We're expecting grades will be lower in the first half at several of our sites in the Americas, and that will be increasing throughout the year. You can see our gold sales are fairly steady at roughly 400,000 ounces per quarter during 2022.

我們在幻燈片 20 上展示了我們的季度交易量如何計算。我們預計上半年我們在美洲的幾個工廠的成績會降低，並且全年都會增加。您可以看到，我們的黃金銷售在 2022 年期間相當穩定，每季度約為 400,000 盎司。

On Slide 21, we show a comparison of our net unit cash costs for 2021 and we roll that forward to 2022. And you can see that the costs are pretty similar between the years. For some time, our global team has been focused on cost management and efficiency projects to extend equipment lives, improve energy efficiencies, maintenance practices and using technology to help us in all of this. This is serving us very well in the current environment. And we're also supported by just a great global supply chain team who is doing terrific work with our site operations management and through our partnerships with long-term suppliers to address our business needs.

在幻燈片 21 上，我們比較了 2021 年的淨單位現金成本，並將其向前推至 2022 年。您可以看到這些年之間的成本非常相似。一段時間以來，我們的全球團隊一直專注於成本管理和效率項目，以延長設備壽命、提高能源效率、維護實踐並使用技術來幫助我們完成這一切。這在當前環境中為我們提供了很好的服務。我們還得到了一支出色的全球供應鏈團隊的支持，他們在我們的現場運營管理方面做得非常出色，並通過我們與長期供應商的合作來滿足我們的業務需求。

As you'll see on the slide, our estimated consolidated unit net cash costs for 2022 are expected to be very similar to 2021. We've got increases that we're experiencing in -- for input costs, including energy, sulfuric acid. We've got some higher labor and outside services costs for 2022 compared to 2021 and higher costs for materials and supplies. But that essentially is being offset by our higher volumes. We're going to continue to focus on cost management and provide our operators with technology-driven solutions to assist with the current cost pressures and inflationary environment.

正如您將在幻燈片上看到的那樣，我們估計的 2022 年合併單位淨現金成本預計將與 2021 年非常相似。我們正在經歷的投入成本增加，包括能源、硫酸。與 2021 年相比，我們 2022 年的勞動力和外部服務成本更高，材料和供應成本也更高。但這基本上被我們更高的銷量所抵消。我們將繼續專注於成本管理，並為我們的運營商提供技術驅動的解決方案，以幫助應對當前的成本壓力和通脹環境。

Richard mentioned the strong cash flows that we're generating and we see that continuing in the future. On Slide 22, we show the significance of our cash flow using our volume and cost estimates and prices ranging from $4 to $5 copper and holding gold flat at $1,800 per ounce and molybdenum at $19 per pound. We show modeled results using the average of '23 and '24, and you'd see here that annual EBITDA over this period would range from $12 billion per annum at $4 copper to over $16 billion per annum at $5 copper. And our operating cash flows would range from nearly $9 billion a year to $12 billion per year at this scenario -- using these scenarios. As demonstrated in the last several quarters, we're generating significant free cash flow, and this trend is expected to continue with cash flow significantly above our capital spending.

理查德提到了我們正在產生的強勁現金流，我們認為這種情況在未來還會繼續。在幻燈片 22 上，我們使用我們的數量和成本估計以及從 4 美元到 5 美元的銅價以及將黃金持平在每盎司 1,800 美元和鉬在每磅 19 美元的價格來展示我們現金流的重要性。我們使用 '23 和 '24 的平均值顯示模擬結果，您會在這裡看到，在此期間的年度 EBITDA 範圍從每年 120 億美元（銅價 4 美元）到超過 160 億美元（銅價 5 美元）。在這種情況下——使用這些情景，我們的經營現金流量將從每年近 90 億美元到每年 120 億美元不等。正如過去幾個季度所證明的那樣，我們正在產生大量的自由現金流，預計這一趨勢將繼續，現金流將大大高於我們的資本支出。

Moving to capital spending, we show on Slide 23 our outlook for capital. For 2021, our capital expenditures, excluding the smelter costs, totaled $1.9 billion, and that was slightly below our guidance, excluding the smelter of $2 billion. We're projecting capital of $3.3 billion in 2022 and $2.7 billion in 2023. The primary change from our guidance -- prior guidance for 2022 reflects the addition of the incremental Lone Star expansion and our plans to advance the CirCular Project at Atlantic Copper. You'll also note the large decrease in spend on the Grasberg Block Cave and Deep MLZ beginning in 2023. And you've also seen here the discretionary projects that we're advancing to improve profitability and value as we go forward. And about 20% of the capital for the next 2 years reflects recent value-enhancing additions.

轉向資本支出，我們在幻燈片 23 上展示了我們的資本前景。 2021 年，我們的資本支出（不包括冶煉廠成本）總計 19 億美元，略低於我們的指導，不包括 20 億美元的冶煉廠。我們預計 2022 年和 2023 年的資本金分別為 33 億美元和 27 億美元。我們指導的主要變化——2022 年之前的指導反映了增加 Lone Star 的增量擴張以及我們推進大西洋銅業循環項目的計劃。您還將注意到從 2023 年開始在 Grasberg Block Cave 和 Deep MLZ 上的支出大幅減少。您還在這裡看到了我們正在推進的全權委託項目，以在我們前進的過程中提高盈利能力和價值。未來 2 年大約 20% 的資本反映了近期的增值。

And those are detailed more on Slide 24, where we have a summary of the discretionary capital. We've added to our plan since achieving our net debt targets last year and commenced our shareholder return policy. These projects all have solid financial returns, great operational benefits and again represent value-enhancing investments using a portion of the 50% of free cash flow we are earmarking for organic investments and balance sheet improvement. Our free cash flow generation is significant, and that's supported by growing volumes, positive markets and low capital requirements.

這些在幻燈片 24 上有更多詳細信息，我們在其中有可自由支配資本的摘要。自去年實現淨債務目標並開始實施股東回報政策以來，我們已經增加了我們的計劃。這些項目都具有可觀的財務回報、巨大的運營效益，並再次代表使用我們指定用於有機投資和資產負債表改善的 50% 自由現金流的一部分來提升價值的投資。我們的自由現金流產生量很大，這得益於不斷增長的交易量、積極的市場和低資本要求。

You'll see on Slide 25, and Richard highlighted this, not only the last -- what we've done over the last several years but just in 2021 alone, we reduced our net debt by nearly $5 billion, and our EBITDA continues to grow. We're really in a fantastic position to execute our strategy, maintain a solid balance sheet and return substantial cash to shareholders.

你會在幻燈片 25 上看到，Richard 強調了這一點，不僅是最後一次——我們在過去幾年所做的事情，而且僅在 2021 年，我們就將淨債務減少了近 50 億美元，我們的 EBITDA 繼續生長。我們確實處於執行我們的戰略、保持穩健的資產負債表並向股東返還大量現金的絕佳位置。

Our financial policy is summarized on Slide 26. It's centered around a strong balance sheet and combined with a performance-based payout policy that provides for up to 50% of free cash flow to be used for shareholder returns, with the balance for growth and further balance sheet improvements.

我們的財務政策在幻燈片 26 中進行了總結。它以強大的資產負債表為中心，並結合基於績效的支付政策，該政策提供高達 50% 的自由現金流用於股東回報，餘額用於增長和進一步資產負債表的改進。

As you'll see on Slide 27, we commenced implementation of the policy, following our Board's actions in November of last year. We purchased nearly $500 million in stock in the fourth quarter, and through January to date, our purchases -- cumulative purchases totaled $600 million, so we're well on our way to using our $3 billion authorization. Our Board also approved a variable dividend for 2022, which essentially doubles our common stock dividend. The combination of the share purchase program and our dividends are designed to distribute 50% of our cash flow while maintaining the balance sheet in a super strong position and providing flexibility for our long-term investments.

正如您將在幻燈片 27 中看到的那樣，我們在去年 11 月董事會採取行動之後開始實施該政策。我們在第四季度購買了近 5 億美元的股票，到今年 1 月為止，我們的購買——累計購買總額為 6 億美元，因此我們正在使用我們 30 億美元的授權。我們的董事會還批准了 2022 年的可變股息，這基本上使我們的普通股股息翻了一番。股票購買計劃和我們的股息相結合，旨在分配我們 50% 的現金流，同時保持資產負債表處於超強狀態，並為我們的長期投資提供靈活性。

So in summary, I just want to echo what Richard said. We're well positioned for success in 2022 and beyond. Our team is passionate about execution. We've got momentum and we look forward to building on this success. And operator, we'll now like to turn the call back to you to start the Q&A session.

總而言之，我只想附和理查德所說的話。我們已做好準備在 2022 年及以後取得成功。我們的團隊對執行充滿熱情。我們有動力，我們期待在這一成功的基礎上再接再厲。接線員，我們現在想將電話轉回給您以開始問答環節。

(Operator Instructions) The first question comes from the line of Emily Chieng from Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Emily Chieng。

My question is just around the Bagdad expansion. I believe in your slide, there is a comment around potential for construction to commence in 2023 with a potential 2026 start-up. Perhaps could you talk about the progress you've made to date there in advancing sort of technical studies as well as any final hurdles to be met before project sanction? And any early indication of what CapEx is potentially required for this CapEx -- for this project?

我的問題是關於巴格達的擴張。我相信在您的幻燈片中，有人評論說可能在 2023 年開始建設，並可能在 2026 年啟動。或許您能談談您迄今為止在推進技術研究方面取得的進展，以及在項目批准之前要解決的任何最終障礙嗎？以及任何早期跡象表明這個資本支出可能需要什麼資本支出 - 對於這個項目？

Emily, we are starting feasibility of that project now and we've been working on various scoping level studies over the past several years as we've been discussing. But we are starting the feasibility study, and that will really define the final cost estimates. But we think it will be efficient because we've got a lot of infrastructure already there. We're adding a new concentrator that will really take into account the efficiencies that we've gained at the Bagdad existing concentrator in recent years. And once we go forward and get the feasibility studies done, we have a limited permitting process, we believe, and that's what gives us hope that, that project could be in operation in 2026.

艾米麗，我們現在正在開始該項目的可行性，並且在過去幾年中，我們一直在討論各種範圍級別的研究。但我們正在開始可行性研究，這將真正確定最終成本估算。但我們認為這將是有效的，因為我們已經有很多基礎設施。我們正在添加一個新的集中器，它將真正考慮到我們近年來在巴格達現有的集中器中獲得的效率。一旦我們繼續進行並完成可行性研究，我們相信，我們的許可程序是有限的，這讓我們希望，該項目可以在 2026 年投入運營。

The economics of it will be, we believe, will be positive in really advancing an efficient manner the production that -- double the production there because it is a very long reserve life approximating roughly 80 years. And so we're bringing that -- looking to bring that value forward.

我們相信，它的經濟性將是積極的，它會真正推進一種有效的生產方式——使那裡的產量增加一倍，因為它的儲備壽命非常長，大約 80 年。因此，我們帶來了這一點——希望將這種價值向前推進。

Your next question comes from the line of Lawson Winder from Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Lawson Winder。

Maybe I could ask about the all-star mine. Can you also -- can you update us on your thoughts in terms of what's driving the current outperformance? Is that just better recoveries or is there other aspects at play? And then when we think about the current Lone Star mine, your expansion to 300 million pounds, I mean, it's outperforming by 5% or 6%. So how should we think about that 300 million pounds? Should we think about it in terms of being more like 318 million to 320 million pounds?

也許我可以問一下全明星礦。您能否也 - 您能否就推動當前表現出色的因素向我們更新您的想法？這只是更好的恢復還是有其他方面在起作用？然後，當我們考慮目前的孤星礦時，你的擴張到 3 億磅，我的意思是，它的表現優於 5% 或 6%。那麼我們應該如何看待這 3 億英鎊呢？我們是否應該從 3.18 億到 3.2 億英鎊的角度來考慮它？

Josh, you want to take that?

喬希，你想拿那個嗎？

Yes. Josh, why don't you respond to it? Josh is our Chief Operating Officer for the Americas.

是的。喬希，你為什麼不回應呢？ Josh 是我們的美洲首席運營官。

Yes. Realistically, if we look at Lone Star and what we've been able to achieve since we started it up, we really leveraged a lot of the learnings that we had seen from our exercises and experience at Bagdad with respect to identifying bottlenecks in the process and leveraging the workforce through kind of an agile way of working. And as we've done that, the team at Lone Star has been able to identify opportunities that really eliminated bottlenecks and that allowed for us to work on incremental gains over time.

是的。實際上，如果我們看看 Lone Star 以及我們自啟動以來所取得的成就，我們確實利用了我們從巴格達的練習和經驗中學到的很多知識，以確定流程中的瓶頸並通過一種靈活的工作方式來利用勞動力。當我們這樣做時，Lone Star 的團隊已經能夠發現真正消除瓶頸的機會，並使我們能夠隨著時間的推移獲得增量收益。

As we think about the next step in that, it was just a continuation of that same process in the sense of identifying what's limiting our ability to maximize the production at the site. And so the team has done a great job of going through that entire system, identifying what those bottlenecks are. And we put projects in place to really attack those bottlenecks and maximize where we're at. The 300 million pounds is probably at the limit of our current existing Hydromet facilities and the tank house capacity. So anything above and beyond that would be a bit of a challenge, but I'm not going to say that the team there isn't going to continue to look for opportunities to add additional incremental pounds. But I think that 300 million pound target that we're headed for is pretty close to that limit based on what we have today.

當我們考慮下一步時，這只是同一過程的延續，即確定是什麼限制了我們最大化現場生產的能力。因此，團隊在檢查整個系統方面做得很好，確定了這些瓶頸是什麼。我們將項目落實到位，以真正解決這些瓶頸並最大限度地發揮我們的作用。 3 億磅可能是我們目前現有 Hydromet 設施和油罐房容量的極限。因此，超出此範圍的任何事情都將是一個挑戰，但我不會說那裡的團隊不會繼續尋找增加額外增量磅的機會。但我認為，根據我們今天的情況，我們要達到的 3 億英鎊目標非常接近這個限制。

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

您的下一個問題來自 Jefferies 的 Christopher LaFemina。

So if we look at the progress of Freeport in the last 5 or 6 years, you've obviously overcome some really substantial challenges, and the company has -- you find yourself in a position of clear strength today and you're kind of unleashing what is ultimately a massive organic growth pipeline with probably more growth than we even are aware of today just because the resources are so substantial.

因此，如果我們看看 Freeport 在過去 5 或 6 年的進展，您顯然已經克服了一些非常重大的挑戰，而公司已經 - 您發現自己今天處於明顯的優勢地位並且您正在釋放最終是一個巨大的有機增長管道，其增長可能比我們今天甚至意識到的還要多，僅僅是因為資源如此豐富。

And you talked today, Richard, about leaching technologies, which you mentioned last quarter as well, but you talked about this as a huge opportunity. And my question around that is, first of all, how much production potential could we see from these new leaching technologies? What's the time frame? Is it in any of your guidance yet? What sort of operating costs? Just like the economic benefit that you will realize from this leaching.

理查德，你今天談到了浸出技術，你在上個季度也提到過，但你談到這是一個巨大的機會。我的問題是，首先，我們可以從這些新的浸出技術中看到多少生產潛力？時間框架是什麼？它在你的任何指導中嗎？什麼樣的運營成本？就像您將從這種浸出中實現的經濟效益一樣。

I guess the reason why I asked that question is because a lot of other major copper miners are talking about various new leaching technologies being substantial. And it really comes down to -- there's going to be an economic benefit to having more volumes, but the question then is what does it mean for overall copper supply and demand. So how much? When is it coming online? Is it in your guidance and what sort of operating costs?

我想我問這個問題的原因是因為許多其他主要的銅礦商都在談論各種新的浸出技術很重要。這真的歸結為 - 擁有更多的產量會帶來經濟利益，但接下來的問題是這對整體銅供需意味著什麼。那麼多少錢？什麼時候上線？它在您的指導下以及什麼樣的運營成本？

We do have a small amount of benefit factored into our guidance from the early successes at Morenci. But that's just a very small fraction of what we expect to get. We do have some, and this is unfolding, Chris, so it's going to be evolving as we go. But we've kind of internally said, let's go after trying to get 100 million to 200 million pounds from this in the near term.

從莫倫奇早期的成功中，我們確實有少量的好處被納入我們的指導中。但這只是我們期望得到的一小部分。我們確實有一些，這正在展開，克里斯，所以它會隨著我們的發展而發展。但我們在內部表示，讓我們在短期內嘗試從中獲得 1 億到 2 億英鎊。

And so we're looking to gradually improve where we are in 2022 and you'll be hearing more about it. But from a cost standpoint, if you think about where the incremental cost of this is, we've got much of this material already in our leach stockpiles. So we've already expanded the funds to mine it and it's in stockpiles. And so it's a very low incremental cost to be able to recover it. So that's the opportunity for us as we look at it, having low incremental capital to go after it, low incremental operating costs.

因此，我們希望在 2022 年逐步改善我們的狀況，您會聽到更多關於它的消息。但從成本的角度來看，如果你考慮一下增量成本在哪裡，我們的浸出庫存中已經有很多這種材料。所以我們已經擴大了開採它的資金，而且它在庫存中。因此，能夠恢復它的增量成本非常低。所以這對我們來說是一個機會，因為我們有低增量資本去追求它，低增量運營成本。

We have latent tank house capacity. Josh mentioned, we're filling the tank house at Safford. But at all of our mines, we've got some tank house capacity that we can fill if we're able to get more recoveries. So economically, this is a real opportunity for us. But when you're talking about 100 million to 200 million pounds and we've got 38 billion pounds of material in stockpiles, that's a small amount. But it does have value to us and we hope to go capture it.

我們有潛在的罐房容量。喬希提到，我們正在薩福德的油罐房加滿油。但是在我們所有的礦山中，如果我們能夠獲得更多的採收率，我們可以填補一些儲罐容量。所以在經濟上，這對我們來說是一個真正的機會。但是當你談論 1 億到 2 億磅並且我們有 380 億磅的材料庫存時，這只是一個小數目。但它確實對我們有價值，我們希望去捕捉它。

But in terms of this being a sea change for supply for the industry, we just don't -- we don't see it. It will take time and it will come out over time. But it is -- it's a meaningful value opportunity for us as a company, given our set of circumstances with the large stockpiles and the latent tank house capacity. And Cory, I don't know if you want to add anything to that, but that's where we are with it.

但就該行業供應的巨大變化而言，我們只是沒有 - 我們沒有看到它。這需要時間，它會隨著時間的推移而出現。但這對我們公司來說是一個有意義的價值機會，因為我們有大量的庫存和潛在的儲罐容量。還有科里，我不知道您是否想對此添加任何內容，但這就是我們要處理的地方。

No, Kathleen, you covered it well.

不，凱瑟琳，你講得很好。

Cory Stevens, by the way, is stepping up to lead our project development, engineering, and he's the key guy leading us on this deal. And Chris, in an earlier life back in the '80s, I was working in the oil and gas business when the shale business really got initially kicked off. And so his team here will tell you, I'm always looking around corners to say, is there some kind of shale oil and gas development that could change the industry like that did for the petroleum industry? And this is a huge opportunity for us, huge in the sense of being able to add value of significance. But in terms of being the shale oil kind of sea change for the industry, as Kathleen called it, we think that's not in the cards.

順便說一句，Cory Stevens 正在加緊領導我們的項目開發和工程，他是領導我們完成這筆交易的關鍵人物。還有 Chris，早在 80 年代，我在石油和天然氣行業工作，當時頁岩油業務才真正開始起步。所以他的團隊會告訴你，我總是四處尋找，是否有某種頁岩油氣開發可以像石油行業那樣改變行業？這對我們來說是一個巨大的機會，在能夠增加意義價值的意義上是巨大的。但就如 Kathleen 所說的那樣，作為頁岩油行業的翻天覆地的變化而言，我們認為這是不可能的。

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

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

My question is around, given the -- you highlighted the difficulty in supply growth that you see in the pipeline being somewhat thin. Can you maybe characterize from where you thought a year ago to where you are today, given the political dynamics, especially in the 2 largest copper-producing countries and given your kind of positioning in much better jurisdictions, so it seems, is that going to really be a delay even further just in the next 6 to 12 months as the industry kind of figures out how to best negotiate a deal with those 2 governments? And certainly, there could be some other opportunities over the next several quarters on those issues in limiting -- even getting some of these much needed projects to get out in the marketplace by the end of this decade.

我的問題是圍繞 - 你強調了你在管道中看到的供應增長的困難有點薄。考慮到政治動態，特別是在兩個最大的銅生產國，並且考慮到您在更好的司法管轄區的定位，您能否描述從一年前的想法到今天的情況真的會在接下來的 6 到 12 個月內進一步推遲，因為業界正在弄清楚如何最好地與這兩個政府談判達成協議？當然，在接下來的幾個季度中，在限制這些問題上可能還有其他一些機會——甚至在本十年末讓其中一些急需的項目進入市場。

There's no question. I mean, just look at our situation at El Abra. We would be in a different situation with El Abra if the political issues about royalties and the fiscal regime for copper production in Chile were different. We would be moving more aggressively right now with El Abra. What we're doing is we're preparing ourselves to move forward, but we're not -- we're deferring any decision to move forward until we get some clarity from the government in Chile.

沒有問題。我的意思是，看看我們在 El Abra 的情況。如果關於特許權使用費的政治問題和智利銅生產的財政制度不同，我們在 El Abra 將處於不同的境地。我們現在會更積極地與 El Abra 合作。我們正在做的是我們正在為向前邁進做準備，但我們沒有——我們正在推遲任何向前邁進的決定，直到我們從智利政府那裡得到一些明確的信息。

And so that's just one example. There's no question, it's affecting people. Some have stability agreements. And the question is, the government is going to honor stability agreements. You've seen recently in other countries where miners have had to go back and change deals where they thought they had firm contractual agreements. We had to make some concessions in Indonesia to get our issue with the government resolved there, which we did on a favorable basis. But that's just reality around the world today.

這只是一個例子。毫無疑問，它正在影響人們。有些有穩定協議。問題是，政府將遵守穩定協議。你最近在其他國家看到，礦工不得不返回並改變他們認為有牢固合同協議的交易。我們不得不在印度尼西亞做出一些讓步，以解決我們與政府的問題，我們在有利的基礎上這樣做了。但這只是當今世界各地的現實。

Does the U.S. look like it's a much better place to be relative to some of these other countries? Certainly, your investment, what you're talking about today, it seems like you want to enhance and accelerate that in your asset profile.

相對於其他一些國家，美國看起來是不是一個更好的地方？當然，你的投資，你今天所說的，似乎你想在你的資產配置中增強和加速它。

Yes. Well, in the U.S., I would make a distinction between greenfield developments and brownfield developments. And all of our developments are brownfield. It's places where we have established operations and a solid track record of doing things in the right way. And we have developed positive relationships with local communities and with governments, state, local governments and with indigenous people.

是的。好吧，在美國，我會區分綠地開發和棕地開發。我們所有的開發項目都是棕地。這是我們建立運營並以正確方式做事的良好記錄的地方。我們與當地社區、政府、州、地方政府和土著人民建立了積極的關係。

That's a different deal than trying to go in and developing a new mine where there's not an existing mine because mines inevitably -- significant mines have impacts on the physical environment where they operate on the local communities. There's competition for water resources. There's issues related to historical factors with indigenous people and all that make it much more complicated. You can tick off a list of projects in the U.S. that way, but there are also international projects that face the same deal.

這與嘗試進入並開發一個沒有現有礦山的新礦山不同，因為礦山不可避免地——重要的礦山會對當地社區的物理環境產生影響。水資源存在競爭。有與土著人民的歷史因素有關的問題，所有這一切都使它變得更加複雜。您可以通過這種方式勾選美國的項目清單，但也有國際項目面臨同樣的交易。

So for us, the U.S. is particularly attractive, favorable tax situation, support for our mines by communities. It's not true in other places in terms of having community educational systems, health care systems. We're -- in other countries, we actually provide all that. So it's very attractive for us. We own all of our -- virtually all of our lands in the U.S. in fees so there's no royalties. And you think -- you look at the royalty rates that are being jacked up around the world, that's a big difference.

所以對我們來說，美國特別有吸引力，稅收優惠的情況，社區對我們礦山的支持。在其他地方，就社區教育系統、醫療保健系統而言，情況並非如此。我們——在其他國家，我們實際上提供了所有這些。所以它對我們非常有吸引力。我們擁有我們所有的——幾乎我們在美國的所有土地的費用，所以沒有特許權使用費。你認為 - 你看看世界各地正在抬高的特許權使用費率，這是一個很大的差異。

And then we have the company-specific situation of having a significant net operating loss carryforward, maybe the only -- I'm trying to think of another -- maybe the only good thing that came out of the oil and gas deal. We got a big NOL that protects us from taxes for years to come, even though in the U.S., we have lower tax rates fundamentally than we do internationally. So for all those reasons, our established presence in the U.S. is really the big one that makes it so attractive to us.

然後我們遇到了公司特有的情況，即有重大的淨經營虧損結轉，這可能是唯一的——我正在想另一個——也許是石油和天然氣交易帶來的唯一好處。我們有一個很大的 NOL 可以保護我們在未來幾年免於稅收，即使在美國，我們的稅率從根本上低於我們在國際上的稅率。因此，出於所有這些原因，我們在美國建立的業務確實是讓它對我們如此有吸引力的重要因素。

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

您的下一個問題來自 Alex Hacking with Citi。

So I just want to follow up on a couple of the earlier questions. The CapEx for Bagdad, if that moves ahead, would that be planned CapEx or discretionary? I assume it will be discretionary. And then just quickly on Lone Star, the increase in the production rate that you've achieved that has been announced, does that meaningfully pull forward the potential for the sulfide project by years or does it not really matter?

所以我只想跟進前面的幾個問題。如果巴格達的資本支出繼續推進，那將是計劃中的資本支出還是可自由支配的？我認為這將是酌情決定的。然後很快在 Lone Star 上，你已經宣布提高生產率，這是否有意義地將硫化物項目的潛力向前推進了數年，還是真的無關緊要？

No. Well, Bagdad is totally discretionary. I mean, we could continue to operate the existing scale of business that we have there, if that were to make sense. I think with the markets we're facing and the opportunities that, that poses, it's highly likely we'll do it. But it is discretionary and we will update the market on plans as we make commitments to go forward, which I expect us to do.

不。好吧，巴格達是完全自由裁量的。我的意思是，如果有意義的話，我們可以繼續運營我們在那裡擁有的現有業務規模。我認為，鑑於我們面臨的市場和所帶來的機遇，我們很有可能會這樣做。但這是自行決定的，我們將在承諾前進時更新市場計劃，我希望我們會這樣做。

And the point about Lone Star is you can just look back at the other major projects around the world where to get to the mineral resource, you have to sometimes takes years of investment in stripping to remove the overburden to get down to the ore. Here, we have the benefit of mining the overburden, which is oxide ore, profitably. And by doing that, we are stripping that material that is -- overlays the sulfide resource. So it is tremendously beneficial to the long-term development of this opportunity.

Lone Star 的重點是，你可以回顧一下世界各地的其他主要項目，從哪裡獲取礦產資源，有時你必須花費數年的時間進行剝採投資，以去除覆蓋層才能到達礦石。在這裡，我們可以有利可圖地開採覆蓋層，即氧化礦石。通過這樣做，我們剝離了覆蓋硫化物資源的材料。所以這對這個機會的長遠發展是非常有利的。

As I said, we're going to make money out of this oxide. At the end of the day, we're continuing drilling, continuing economic studies, but I see a future of building a major mill complex at Lone Star to process. It has very large sulfide resources, we're talking about -- it's 50 billion tons of ore.

正如我所說，我們將從這種氧化物中賺錢。歸根結底，我們正在繼續鑽探，繼續進行經濟研究，但我看到了在 Lone Star 建造大型工廠進行加工的未來。它有非常大的硫化物資源，我們說的是——它是 500 億噸礦石。

And Alex, I think if you were asking about specifically bad debt with respect to the financial policy, the answer is yes in terms of how we will treat that. 50% that we're retaining of cash -- free cash flow, we're earmarking for future investments and growth as well as to maintain our balance sheet. So that's how we're thinking about it.

亞歷克斯，我認為如果您詢問與金融政策有關的具體壞賬，就我們將如何處理而言，答案是肯定的。我們保留了 50% 的現金——自由現金流，我們指定用於未來的投資和增長以及維持我們的資產負債表。所以我們就是這麼想的。

Your next question comes from the line of Carlos De Alba from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Carlos De Alba。

Just a question around cash costs for the year, and I guess, for the first quarter. How should we -- could you provide a little bit more color? I would have expected higher -- guidance for higher cost in the first quarter, above the $1.35 per pound, given the comment of lower grades expected in the first half of the year. I don't know if there are other factors that would mitigate the negative implications on cost from the lower grades expected in the first semester?

只是關於今年第一季度現金成本的問題，我猜是第一季度。我們應該如何——你能提供更多的顏色嗎？考慮到上半年預期的較低等級的評論，我本來預計第一季度成本會更高，高於每磅 1.35 美元。我不知道是否還有其他因素可以減輕第一學期預期的較低成績對成本的負面影響？

Yes. Well, and part of it too is weighting the low cost in Indonesia to the higher costs in the U.S. and South America. So that's why you're not seeing much fluctuation between the first quarter and the full year.

是的。好吧，其中一部分也是將印度尼西亞的低成本與美國和南美的高成本相權衡。這就是為什麼第一季度和全年之間沒有太大波動的原因。

You just think about it, as the Indonesia ramps up, fourth quarter was $0.08 a pound. For the year, it was on the order of less than $0.20, I don't know, $0.18, $0.19 a pound. And we see costs going forward with higher volumes in that same range in Indonesia. So it was a big factor in our business. And our team has done a good job of controlling costs, but we're like everybody else. We have higher energy costs and other input costs are going up. So it's just what we have to deal with, but that was the whole basis for putting these companies together back in 2007 was to match up the Indonesian assets, which is special because of its copper grades and its gold content with these lower-grade mines in America, which are profitable but which have higher costs. And so that's just a carryover benefit from what we did so many years ago.

你想想看，隨著印度尼西亞的崛起，第四季度是每磅 0.08 美元。這一年，它的價格低於 0.20 美元，我不知道，0.18 美元，每磅 0.19 美元。我們認為，在印度尼西亞，在同一範圍內，成本會隨著更高的銷量而增長。所以這是我們業務的一個重要因素。我們的團隊在控製成本方面做得很好，但我們和其他人一樣。我們的能源成本更高，其他投入成本也在上升。所以這正是我們必須處理的問題，但在 2007 年將這些公司整合在一起的全部基礎是匹配印尼資產，這是因為其銅品位和黃金含量與這些低品位礦山的特殊性在美國，這是有利可圖的，但成本更高。所以這只是我們多年前所做的一個結轉好處。

Your next question comes from the line of Michael Glick from JPMorgan.

您的下一個問題來自摩根大通的 Michael Glick。

Let me correct myself. I said 50 billion tonnes of ore at Lone Star. It's 50 billion pounds of copper resource.

讓我糾正一下自己。我說孤星有 500 億噸礦石。這是500億磅的銅資源。

Just relative to your financial policy, could you remind us how often you'll revisit the variable portion of the policy on a practical basis?

就您的財務政策而言，您能否提醒我們您多久會在實際基礎上重新審視政策的可變部分？

Our Board reviews it on a regular basis. Formally, it's at least annually, but it's something that we review with the Board on an ongoing basis.

我們的董事會會定期對其進行審查。正式地說，它至少每年一次，但我們會與董事會持續審查。

You can see an example for that with what we did in the third quarter when we started the policy of paying the variable dividend, buying stock back. A year ago, when we started looking at this, we had planned to do that at our first meeting in 2022. But we have made such progress, markets were so good, we advanced it.

你可以看到一個例子，我們在第三季度開始支付可變股息、回購股票的政策時所做的事情。一年前，當我們開始研究這個問題時，我們曾計劃在 2022 年的第一次會議上這樣做。但我們已經取得了這樣的進展，市場非常好，我們推進了它。

And so just as a -- just a little color on the way we run Freeport. We don't have an annual planning process. We update our long-term plans every quarter, and we go through a really disciplined process to do that. So everything is real time. So while we talked about looking at this financial policy on an annual basis, as Kathleen said, we talk to our Board about it continually. And if things change, we don't limit ourselves to acting on any kind of straight-jacket time frame.

所以就像我們運行自由港的方式一樣 - 只是一點點顏色。我們沒有年度計劃流程。我們每個季度都會更新我們的長期計劃，並且我們會通過一個非常嚴格的流程來做到這一點。所以一切都是實時的。因此，正如凱瑟琳所說，當我們談論每年查看這項財務政策時，我們會不斷與董事會討論它。如果事情發生變化，我們不會限制自己在任何類型的直接夾克時間框架內採取行動。

Your next question comes from the line of Abhi Agarwal from Deutsche Bank.

您的下一個問題來自德意志銀行的 Abhi Agarwal。

Richard, you mentioned that you are in preliminary talks with the Indonesian government to extend the contract to beyond 2041. Can you share a bit more detail around what the critical path is for that agreement to be signed?

理查德，你提到你正在與印度尼西亞政府進行初步談判，以將合同延長至 2041 年以後。你能否分享更多關於簽署該協議的關鍵路徑的細節？

Yes. It's rare preliminary talks. We really tried to address that years earlier, and it was just so complicated to get everything else done. It's in everybody's interest, all stakeholders' interest, for us to have a continuation of operations beyond 2041. It makes no sense for anybody -- for us to run this business with any kind of drop-dead date. And so there's a broad acknowledgment that we need to do it. It's very preliminary so I don't have answers to your questions about how we structure it or what we would need. But I can say that these preliminary talks are being very well received, and there is a recognition that it's in everybody's interest for us to go beyond 2041.

是的。這是罕見的初步會談。幾年前我們真的試圖解決這個問題，而完成其他所有事情是如此復雜。讓我們在 2041 年之後繼續運營，這符合每個人的利益，所有利益相關者的利益。對任何人來說 - 對我們來說，以任何一種截止日期來經營這項業務都是沒有意義的。所以有一個廣泛的認識，我們需要這樣做。這是非常初步的，所以我無法回答您關於我們如何構建它或我們需要什麼的問題。但我可以說，這些初步會談非常受歡迎，人們認識到我們超越 2041 年符合每個人的利益。

Your next question comes from the line of John C. Tumazos from John Tumazos Very Independent Research, LLC.

您的下一個問題來自 John Tumazos Very Independent Research, LLC 的 John C. Tumazos。

If I could ask 2. First, on moly. As recently as 2017, '18, the output was 95 million pounds. And the industry statistics are at 5.4% decline in world mine output last year through November, so I guess a lot of the copper mines are having lower moly grades. World steel and stainless steel outputs are rising. Do you have any opportunities to expand moly throughput further to offset the lower grades at Cerro Verde or some of the other copper mines?

如果我能問 2。首先，關於鉬。就在 2017 年，18 年，產量為 9500 萬磅。行業統計數據顯示，去年截至 11 月，世界礦產量下降了 5.4%，所以我猜很多銅礦的鉬品位較低。世界鋼鐵和不銹鋼產量正在上升。您是否有機會進一步擴大鉬產量以抵消 Cerro Verde 或其他一些銅礦的較低品位？

Well, John, you know we have 2 primary molybdenum mines in Colorado, the Climax mine and the Henderson mine. And we did cut back production from those mines when the market was in a different situation than it is today. But we do have the opportunity to expand production from our primary mines, particularly at Climax. And we're doing some work now to advance some stripping activities so that we do have more flexibility in the future to raise our primary molybdenum mine production to respond to this increased demand and limited supplies of molybdenum. So we do have a lot of optionality in our primary mines for molybdenum.

好吧，約翰，您知道我們在科羅拉多州有 2 個初級鉬礦，即 Climax 礦和 Henderson 礦。當市場處於與今天不同的情況時，我們確實削減了這些礦山的產量。但我們確實有機會擴大我們主要礦山的產量，尤其是在 Climax。我們現在正在做一些工作來推進一些剝離活動，以便我們在未來有更大的靈活性來提高我們的初級鉬礦產量，以應對這種增加的需求和有限的鉬供應。因此，我們在鉬的初級礦山中確實有很多選擇權。

Concerning the costs in Indonesia for smelting, you're reporting $0.24 for treatment charges and $0.20 for export duties. But I guess those are averages where some of the output is in country at Gresik and some of it is exported concentrates. If it were, say, half and half domestic versus export, would it be right to think of the cost as something like $0.18 when you export concentrates to Asia and $0.30 for the treatment costs at your own smelter? And then the export duties would be nothing if you treated them at your own smelter, but more than $0.20 for that portion you're exporting? Maybe $0.40?

關於印度尼西亞的冶煉成本，您報告的處理費為 0.24 美元，出口關稅為 0.20 美元。但我猜這些是 Gresik 的一些產出在國內，而其中一些是出口精礦的平均值。例如，如果是國內與出口的一半，那麼當您將精礦出口到亞洲時將成本視為 0.18 美元，將您自己的冶煉廠的處理成本視為 0.30 美元，是否正確？如果您在自己的冶煉廠處理它們，那麼出口關稅就不算什麼，但您出口的那部分關稅超過 0.20 美元？也許 0.40 美元？

Yes. It's -- you're directionally right, John. And maybe we'll get back to you with some details because I think some -- the export numbers that you talk about are in the range of what we're doing here with $0.16 to $0.18. And we do pay this export duty. While the cost for domestic processing at the smelter will be much higher, particularly when you provide for any kind of cost factor for the capital that will go into it, it will eliminate the export duty.

是的。這是——你的方向是對的，約翰。也許我們會回复你一些細節，因為我認為你所說的出口數字在我們在這裡所做的範圍內，從 0.16 美元到 0.18 美元。我們確實支付了這筆出口稅。雖然在冶煉廠進行國內加工的成本會高得多，特別是當您為將要進入的資本提供任何成本因素時，它將消除出口關稅。

And so the net economic effect on PT-FI, together with the fact that the cost of the smelter will be included in PT-FI's consolidated tax return, so any kind of cost to go through there will serve to reduce taxes. So the reduction in taxes, not having to pay the export duty, in a broad sense, offsets the economics to PT-FI building a smelter.

因此，對 PT-FI 的淨經濟影響，加上冶煉廠的成本將包含在 PT-FI 的綜合納稅申報表中，因此任何形式的成本都將有助於減少稅收。因此，從廣義上講，減稅，無需支付出口稅，抵消了 PT-FI 建設冶煉廠的經濟性。

Yes. So the -- as we're thinking about it, John, the capital cost amortization over the long period of the smelter will essentially offset the duty. And then really, when you look at the operating cost, the cash operating cost of the smelter, it shouldn't be that much different than exporting than TCRCs. So that's kind of how we're thinking about the 2 elements.

是的。所以 - 正如我們正在考慮的那樣，約翰，冶煉廠長期的資本成本攤銷將基本上抵消關稅。然後真的，當你查看運營成本，冶煉廠的現金運營成本時，它與出口 TCRC 應該沒有太大區別。這就是我們考慮這兩個元素的方式。

And that was a point that I think -- and I just don't have the numbers in front of me, John, but I don't think the cost of processing at PT Smelting is the size you indicated, the current deal. And we're expanding that smelter by 30% too as part of this effort to achieve the goal of in-country processing. But it's a very, very efficient smelter. We built it back in the mid-90s, and it's kind of -- it's world-class in terms of its cost management.

這就是我認為的一點——我只是沒有擺在我面前的數字，約翰，但我不認為 PT Smelting 的加工成本是你指出的規模，目前的交易。作為實現國內加工目標的努力的一部分，我們也將該冶煉廠擴大了 30%。但它是一個非常非常高效的冶煉廠。我們在 90 年代中期建造了它，它在成本管理方面是世界一流的。

That's a lot of complicated details.

這是很多複雜的細節。

Yes.

是的。

Your next question comes from the line of Jatinder Goel from BNP Paribas Exane.

您的下一個問題來自 BNP Paribas Exane 的 Jatinder Goel。

A question on your 2024 copper guidance. Can you please indicate where -- which operations will drop volumes because there's a 300 million pounds drop year-on-year in 2024 and Grasberg is now flat. So which operations will see that drop? And is that just a 1-year blip or is that a continued trend just to understand because Grasberg will lose 150 million pounds in 2025 as well? But just trying to put that discretionary and growth CapEx in perspective with the guidance and what we can't see beyond 2024.

關於 2024 年銅指南的問題。您能否指出哪些業務量將下降，因為 2024 年同比下降 3 億磅，而格拉斯伯格現在持平。那麼哪些操作會看到下降呢？這只是一年的曇花一現，還是一個持續的趨勢只是為了理解，因為格拉斯伯格在 2025 年也將減掉 1.5 億磅？但只是試圖將可自由支配和增長的資本支出與指導和我們在 2024 年以後看不到的東西相結合。

I'll let Kathleen, maybe Josh, talk to that. But I'd just make a point that these mine plan projections are subject to constant adjustments for various reasons that -- and some of them result in some volumes going from 1 year to another, but they all reflect steps taken to maximize the long-term values of the mines. We don't run these mines to achieve any kind of targeted -- predetermined targets for volumes.

我會讓凱瑟琳，也許是喬希，來談談。但我只想指出，這些礦山計劃預測會因各種原因不斷調整——其中一些導致一些產量從一年到另一年，但它們都反映了為最大限度地延長長期——礦山的長期價值。我們經營這些地雷並不是為了達到任何目標——預定的數量目標。

But as I said, we have a dynamic, real-time planning process, and our goals throughout all those planning process is how do we maximize the long-term NPV and the resources that we have. And so you will -- when you look back at our history, there's continuous shifting of volumes from 1 year to the next and then other factors come into play.

但正如我所說，我們有一個動態的、實時的規劃過程，我們在所有這些規劃過程中的目標是如何最大化長期 NPV 和我們擁有的資源。所以你會 - 當你回顧我們的歷史時，從一年到下一年的數量不斷變化，然後其他因素開始發揮作用。

Specific to '23 versus '24, we do have some lower grades in some of the U.S. operations, notably at Morenci and some slightly lower grades at Cerro Verde from '23 to '24. But as we talked about earlier, we don't have anything in here for -- of any consequence for this leaching opportunity. And so we are all motivated to get additional volumes with low capital intensity in from that leaching opportunity. And then we've got Bagdad coming in beyond that. And we've got a series of other opportunities as well. But that's -- it's really some grade, as Richard was talking about, we do have grade shifting from year to year, and we do have some lower grades in 2024 versus '23.

具體到 '23 和 '24，我們在美國的一些業務中確實有一些較低的等級，特別是在 Morenci 和 Cerro Verde 從 '23 到 '24 的一些略低的等級。但正如我們之前談到的，我們在這裡沒有任何東西 - 對這個浸出機會有任何影響。因此，我們都有動力從該浸出機會中獲得資本密集度較低的額外交易量。然後我們讓巴格達進來了。我們還有一系列其他機會。但那是 - 正如理查德所說，這確實是一些成績，我們確實每年都有成績變化，而且我們在 2024 年的成績確實比 23 年的成績要低一些。

Your next question comes from the line of Alex Terentiew from Stifel.

您的下一個問題來自 Stifel 的 Alex Terentiew。

Just a couple of follow-ups to some questions already asked. First, at the Kucing Liar and the Indonesian license discussions beyond 2041. Is the pace of investment at that project dependent on those talks? And the second follow-up question, if I may, is on the moly business. The price has obviously been quite strong in the past year, going from about $12 to $19. Can you give us any insight as to the demand outlook? I understand you guys have an opportunity and understanding opportunities to expand. But anything you can say about demand outlook for the next 1 or 2 years?

只是對一些已經提出的問題的後續跟進。首先，在 Kucing Liar 和 2041 年後的印度尼西亞許可證討論中。該項目的投資步伐是否取決於這些談判？如果可以的話，第二個後續問題是關於鉬的業務。在過去的一年裡，價格顯然相當強勁，從大約 12 美元到 19 美元不等。您能給我們提供有關需求前景的任何見解嗎？我知道你們有機會和理解擴大的機會。但是，您對未來 1 年或 2 年的需求前景有何看法？

On the KL, all of our economics were run on the basis of the 2041. So if we are successful in extending it, there's going to be a lot more reserves from KL and other ore bodies that come in. But we've run the economics in our plans based on the 2041 date, and it's a very attractive project and Mark can talk to you more about this. But we're really leveraging all the learnings that we gained from Deep MLZ and Grasberg Block Cave to continue our momentum in extending development. And it leverages off of all the infrastructure we have there, so it's really a good project on its own, and it will just be even better if we're able to extend beyond the 2041.

在吉隆坡，我們所有的經濟都是在 2041 年的基礎上運行的。因此，如果我們成功地擴展它，將會有更多來自吉隆坡和其他礦體的儲量。但我們已經運行了我們計劃中的經濟學是基於 2041 年的日期，這是一個非常有吸引力的項目，馬克可以和你更多地討論這個問題。但我們確實在利用從 Deep MLZ 和 Grasberg Block Cave 中獲得的所有知識來繼續我們在擴展開發方面的勢頭。它利用了我們在那裡擁有的所有基礎設施，所以它本身就是一個很好的項目，如果我們能夠擴展到 2041 年之後，它會更好。

And just one quick comment on that. With all these years of uncertainty related to our deal with the Indonesian government, now for 2041, we've done -- and the fact that we've had such resources already discovered to fill up our mill and so forth, we haven't done much exploratory-type drilling in Grasberg district for some time now. And so that's one of the main factors that makes it desirable for all stakeholders would be for us to have a deal that goes beyond 2041, which would then allow us to undertake more delineation core drilling or exploratory core drilling.

對此只有一個簡短的評論。由於這些年來與我們與印度尼西亞政府的交易相關的不確定性，現在是 2041 年，我們已經做到了——事實上，我們已經發現了這樣的資源來填滿我們的工廠等等，我們還沒有一段時間以來，在 Grasberg 地區進行了大量的勘探式鑽井。因此，讓所有利益相關者都希望我們達成一項超越 2041 年的協議的主要因素之一是，這將使我們能夠進行更多的劃界岩心鑽探或探索性岩芯鑽探。

Just look at that schematic that we had on the ore bodies that are there and where they're located and where they've come from and historically. And it's just clear that while we don't know yet because we haven't drilled it, but the high likelihood is there's a lot more resources there that haven't yet been identified.

看看我們對那裡的礦體的示意圖，它們的位置，它們的來源和歷史。很明顯，雖然我們還不知道，因為我們還沒有鑽探它，但很有可能那裡還有更多的資源尚未被發現。

Okay, that's great.

好的，那太好了。

Mike Kendrick is on the line, and he can share with you some of our feelings about the outlook for demand for moly.

Mike Kendrick 已上線，他可以與您分享我們對鉬需求前景的一些感受。

Yes. Thanks, Kathleen. Well, a few thoughts on that is we're positive on the outlook for moly over the next few years. Things like energy, whether it's traditional energy sources that require moly-bearing steels or if it's renewables, are all very positive right now. Infrastructure development all around the world uses moly. And as we've seen, whether it's here, Europe, China, Asia, all very positive indicators. And pollution control, in general, uses a lot of stainless steel, and there again, we're seeing very positive indicators.

是的。謝謝，凱瑟琳。好吧，對此的一些想法是，我們對未來幾年鉬的前景持樂觀態度。像能源這樣的東西，無論是需要含鉬鋼的傳統能源還是可再生能源，現在都非常積極。世界各地的基礎設施開發都使用鉬。正如我們所看到的，無論是在這裡，歐洲、中國、亞洲，都是非常積極的指標。總的來說，污染控制使用了大量的不銹鋼，而且我們再次看到了非常積極的指標。

Our customer base, both in Europe and United States, are -- have positive outlooks over the next few years. And then if you look at the Chinese 5-year plan, there's definitely an upscaling of materials that they're using throughout their economy and what they're emphasizing. So we're relatively optimistic on demand.

我們在歐洲和美國的客戶群在未來幾年都具有積極的前景。然後，如果您查看中國的 5 年計劃，肯定會升級他們在整個經濟中使用的材料以及他們所強調的內容。所以我們對需求比較樂觀。

Our last question comes from the line of Carlos De Alba with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Carlos De Alba。

Thank for squeezing me in for a second time. Just on working capital, if I may, maybe Kathleen, the sensitivity on the number you provided guidance on cash from operations is around $8 billion this year, and that is net of $1.3 billion of working capital and other uses. So I don't know exactly how much is working capital, but assuming that is the majority of the $1.3 billion, could you give us some color on that? I mean, that's a bigger number for working capital than I was expecting.

謝謝你第二次擠我。就營運資金而言，如果我可以的話，也許是凱瑟琳，你提供的關於運營現金的指導數字的敏感度今年約為 80 億美元，這還包括 13 億美元的營運資金和其他用途。所以我不知道營運資金到底有多少，但假設這是 13 億美元的大部分，你能給我們一些顏色嗎？我的意思是，營運資金的數字比我預期的要大。

Yes. And you saw we had a benefit, a large benefit during 2021. A big portion of that is the timing of our tax payments internationally. You're generally paying on a prior year, the schedule, and so there's some timing variances when you have rising volumes or rising profitability. And so that's just the timing of tax payments.

是的。你看到我們有一個好處，在 2021 年有很大的好處。其中很大一部分是我們在國際上納稅的時間。您通常按前一年的時間表付款，因此當您的銷量增加或盈利能力增加時會出現一些時間差異。所以這只是納稅的時間。

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

現在，我將把電話轉給管理層，以獲得任何結束語。

Yes. Thank you all for participating in the call today. Real pleasure to be able to report great progress our team is making, and we look forward to continuing that progress and are really excited about what lies ahead for us. So thank you for your interest. And if you have any further questions or need for follow-up, please contact David Joint, and we will respond to you. Have a good day, everyone.

是的。感謝大家參加今天的電話會議。能夠報告我們的團隊正在取得的巨大進展，我們感到非常高興，我們期待繼續取得這一進展，並對我們未來的發展感到非常興奮。所以感謝您的關注。如果您有任何進一步的問題或需要跟進，請聯繫大衛聯合，我們將回复您。祝大家有美好的一天。

Ladies and gentlemen, that concludes our call for today. Thank you for your participation. You may now disconnect.

女士們，先生們，我們今天的呼籲到此結束。感謝您的參與。您現在可以斷開連接。