費利浦·麥克莫蘭銅金 (FCX) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Freeport-McMoran First Quarter Conference Call.

歡迎參加 Freeport-McMoran 第一季度電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給總裁兼首席財務官 Kathleen Quirk 女士。

Please go ahead, ma'am.

請繼續，女士。

Thank you, and good morning, everyone, and welcome to the Freeport-McMoran conference call.

謝謝大家，大家早上好，歡迎參加 Freeport-McMoran 電話會議。

We released our results this morning, and a copy of today's press release and slides are available on our website at fcx.com.

我們今天早上發布了我們的結果，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。

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

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。

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 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.

在開始發表評論之前，我們想提醒大家，今天的新聞稿和我們對電話會議的某些評論包括前瞻性陳述，實際結果可能存在重大差異。

Like to refer every one to the cautionary language included in our press release and presentation materials and to the risk factors described in our annual report on Form 10-K.

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，以及我們的 10-K 表格年度報告中描述的風險因素。

On the call with me today is Richard Adkerson, our Chairman and CEO.

今天與我通話的是我們的董事長兼首席執行官 Richard Adkerson。

We've got Mark Johnson, who leads our Indonesian operations; Josh Olmsted, who leads our Americas operations; Mike Kendrick, who leads our molybdenum business; Steve Higgins, who leads our commercial activities and is our Chief Administrative Officer as well; and Rick Coleman, who leads our project development activities.

我們有領導我們印度尼西亞業務的 Mark Johnson； Josh Olmsted，領導我們的美洲業務； Mike Kendrick，領導我們的鉬業務； Steve Higgins，他領導我們的商業活動，也是我們的首席行政官；和領導我們項目開發活動的 Rick Coleman。

And I'll just start with briefly summarizing our financial results.

我將首先簡要總結我們的財務業績。

We'll work through our slides and some prepared remarks, and then we will take your questions.

我們將完成我們的幻燈片和一些準備好的評論，然後我們將回答您的問題。

Today, we reported first quarter 2021 net income attributable to common stock of $718 million, that was $0.48 per share.

今天，我們報告了 2021 年第一季度歸屬於普通股的淨收入為 7.18 億美元，即每股 0.48 美元。

And adjusted net income of $756 million or $0.51 per share after adjusting for net charges totaling $38 million or $0.03 per share, and a detail of those net nonrecurring charges are in the press release on Roman numeral VI.

在調整淨費用總計 3800 萬美元或每股 0.03 美元後，調整後的淨收入為 7.56 億美元或每股 0.51 美元，這些淨非經常性費用的詳細信息在羅馬數字 VI 的新聞稿中。

We reported adjusted earnings before interest taxes, depreciation and amortization or adjusted EBITDA during the quarter of $2.04 billion, and we've got a reconciliation of our EBITDA calculations on Page 36 of our slide deck.

我們報告了本季度調整後的利息稅、折舊和攤銷前收益或調整後的 EBITDA 為 20.4 億美元，我們在幻燈片第 36 頁上對 EBITDA 計算進行了對賬。

In the first quarter of 2021, we had copper sales of 825 million pounds, which approximated our estimate.

2021 年第一季度，我們的銅銷量為 8.25 億磅，接近我們的估計。

Our gold production in the first quarter of 2021 was in line with our estimate in January.

我們 2021 年第一季度的黃金產量符合我們 1 月份的估計。

However, we had a deferral of certain shipments in Indonesia to the second quarter, and that resulted in a timing variance for our gold sales.

但是，我們將印度尼西亞的某些發貨推遲到第二季度，這導致我們的黃金銷售時間出現差異。

In the first quarter, we benefited from improved pricing.

在第一季度，我們受益於定價的提高。

Our first quarter average realized copper price was $3.94 per pound, substantially above the year ago quarter.

我們第一季度平均實現的銅價為每磅 3.94 美元，大大高於去年同期。

And our gold price of $1,713 per ounce was also above the year ago realized price.

我們每盎司 1,713 美元的黃金價格也高於一年前的實際價格。

We continue to focus on maintaining a low-cost position.

我們將繼續專注於維持低成本地位。

Our consolidated average unit net costs for our copper mines average $1.39 per pound of copper in the first quarter.

第一季度，我們銅礦的綜合平均單位淨成本平均為每磅銅 1.39 美元。

We generated strong operating cash flows totaling $1.1 billion, and that was net of $300 million of working capital uses.

我們產生了總計 11 億美元的強勁運營現金流，其中扣除了 3 億美元的營運資金使用。

And the cash flow has exceeded capital spending, which totaled $370 million during the quarter.

現金流已超過資本支出，本季度總計 3.7 億美元。

As you've seen, our Board, in February, adopted a new financial policy aligned with our strategic objectives of maintaining the strong balance sheet, increasing cash returns to shareholders and advancing opportunities for future growth.

如您所見，我們的董事會在 2 月份通過了一項新的財務政策，該政策符合我們維持強勁資產負債表、增加股東現金回報和為未來增長提供機會的戰略目標。

We ended the quarter in a strong financial position with $4.6 billion of consolidated cash, $9.8 billion of debt and our net debt -- our debt, net of cash, was $5.2 billion at the end of March.

我們在本季度末的財務狀況強勁，合併現金為 46 億美元，債務為 98 億美元，淨債務為 3 月底的 52 億美元。

Richard, I'd like to turn the call over to you, and we'll start reviewing the slide materials that are on our website.

理查德，我想把電話轉給你，我們將開始審查我們網站上的幻燈片材料。

Thanks, Kathleen.

謝謝，凱瑟琳。

I couldn't be more pleased to be able to review with you our first quarter performance and particularly the exciting progress we've achieved over the past year where we all faced such uncertainties.

我非常高興能夠與您一起回顧我們第一季度的業績，特別是我們在過去一年中所取得的令人振奮的進展，當時我們都面臨著這樣的不確定性。

It's a special, active invigorating time here at Freeport.

在自由港，這是一個特殊的、積極的、振奮人心的時刻。

Our teams are working safely.

我們的團隊正在安全地工作。

We remain vigilant with COVID as we have successfully executed our operations' plans, and we're now working on projects for future growth.

由於我們已成功執行我們的運營計劃，因此我們對 COVID 保持警惕，我們現在正在致力於未來增長的項目。

Our Grasberg underground ramp up is proceeding on schedule, that's key for our strategy.

我們的 Grasberg 地下擴建工程正在按計劃進行，這是我們戰略的關鍵。

Production in the United States is increasing with our newly commissioned Lone Star mine, the first quarter start -- restart of our Chino mine in New Mexico, and from increased mine rates where we -- at Morenci, our flagship mine in the U.S., the largest in North America, where we could curtail production a year ago to conserve cash.

隨著我們新投產的 Lone Star 礦在第一季度的開工——我們在新墨西哥州的 Chino 礦的重啟，以及我們在美國的旗艦礦山 Morenci 的開採率提高，美國的產量正在增加。北美最大，一年前我們可以在那裡減產以節省現金。

In South America, we're working to restore production levels to prepandemic levels, and we'll achieve that over the next 12 months.

在南美洲，我們正在努力將生產水平恢復到大流行前的水平，我們將在未來 12 個月內實現這一目標。

The Cerro Verde team in Peru and our El Abra team in Chile are doing an outstanding work in navigating these issues.

秘魯的 Cerro Verde 團隊和智利的 El Abra 團隊在解決這些問題方面做得非常出色。

We are focusing on sustainability initiatives as all businesses are.

與所有企業一樣，我們都專注於可持續發展計劃。

This has always been key to Freeport in managing our operations.

這一直是自由港管理我們業務的關鍵。

We are moving to certify each of our operations with the new Copper Mark.

我們正在使用新的銅標誌來認證我們的每項業務。

This Copper Mark is an industry framework that was recently developed by the International Copper Association to ensure responsible production consistent with UN Sustainable Development Goals.

該銅標誌是國際銅業協會最近開發的一個行業框架，旨在確保負責任的生產符合聯合國可持續發展目標。

To date, we lead the industry with 6 of our operations now certified, and we're working to get all certified.

迄今為止，我們的 6 項業務現已通過認證，引領行業，我們正在努力讓所有業務都獲得認證。

Going to the slides, I have just a few slides to review with you.

轉到幻燈片，我只有幾張幻燈片要和你一起回顧。

On Slide 3, our annual sustainability report has been published and is now available on our website.

在幻燈片 3 上，我們的年度可持續發展報告已經發布，現在可以在我們的網站上查閱。

This is the 20th year we've reported on sustainability.

這是我們報告可持續性的第 20 年。

We're working to make it better.

我們正在努力讓它變得更好。

I encourage all of you -- each of you to read it.

我鼓勵你們所有人——你們每個人都閱讀它。

We are proud of our good work on sustainability and remain committed to continuous improvement.

我們為我們在可持續發展方面的出色工作感到自豪，並繼續致力於持續改進。

Past years, we released this report with our annual shareholders at our Annual Shareholders' meeting.

過去幾年，我們在年度股東大會上與年度股東一起發布了這份報告。

We moved it up.

我們把它移了上去。

We've added new resources to our Freeport team working on sustainability issues.

我們為致力於可持續發展問題的自由港團隊增加了新資源。

And I congratulate this team for their efforts to make this report available now earlier so that we can facilitate our expanding engagements with a broad set of constituencies that are now focused on our sustainability performance and initiatives.

我祝賀這個團隊為更早地提供這份報告所做的努力，以便我們能夠促進我們與現在專注於我們的可持續發展績效和倡議的廣泛支持者的擴大接觸。

Last year, we published our initial report on climate.

去年，我們發布了關於氣候的初步報告。

Our 2021 report is forthcoming.

我們的 2021 年報告即將發布。

We recently published our annual report to shareholders with what I think is a great theme, charging ahead, responsibly, reliably and relentlessly.

我們最近向股東發布了年度報告，我認為這是一個偉大的主題，以負責任、可靠和無情的方式前進。

This theme portrays where we are currently positioned at Freeport.

這個主題描繪了我們目前在自由港的定位。

As a leading and growing global copper producer, we are determined to succeed and operate responsibly, and the Freeport tradition will be relentless in the execution of our strategy.

作為一家領先且不斷發展的全球銅生產商，我們決心取得成功並以負責任的方式運營，而自由港的傳統將在我們戰略的執行中堅持不懈。

Slide 4. Our first quarter production was in line with our targets.

幻燈片 4. 我們第一季度的產量符合我們的目標。

We increased our 2021 sales guidance 3.85 billion pounds of copper and our 2022 volumes to 4.4 billion pounds.

我們將 2021 年的銅銷量指導提高到 38.5 億磅，將 2022 年的銷量提高到 44 億磅。

The Grasberg ramp up that I referenced earlier continues to progress in a simply outstanding fashion.

我之前提到的 Grasberg 斜坡上升繼續以一種非常出色的方式取得進展。

We've now achieved 75% of our annualized targeted long-run metal production run rate.

我們現在已經實現了年化目標長期金屬生產運行率的 75%。

We are on track to be at 90% by the third quarter and full rates by year-end.

我們有望在第三季度達到 90% 並在年底前達到全利率。

After all these years of hard work, reporting this progress is simply a highlight of my career.

經過這些年的努力，報告這一進展簡直是我職業生涯的一大亮點。

The credit, though, goes to our team on the ground in Indonesia, supported by our global team of technical experts.

不過，這要歸功於我們在印度尼西亞的實地團隊，並得到我們全球技術專家團隊的支持。

This is a historical major accomplishment as we've converted -- as we are finalizing the conversion of the Grasberg open pit to this massive underground operations.

這是我們改造後的一項歷史性重大成就——我們正在完成將 Grasberg 露天礦改造為大規模地下作業的工作。

Americas businesses are going well.

美洲企業進展順利。

We are achieving production and cost targets.

我們正在實現生產和成本目標。

And now we're actively focusing and working on future growth opportunities, generating strong cash flows, improving our balance sheet.

現在我們正在積極關注並致力於未來的增長機會，產生強勁的現金流，改善我們的資產負債表。

Over the past 12 months, net debt was reduced by over $3 billion to $5.2 billion by the end of this first quarter.

在過去的 12 個月中，截至第一季度末，淨債務減少了 30 億美元以上，達到 52 億美元。

But during this period, copper price averaged $3.13.

但在此期間，銅價平均為 3.13 美元。

It's now over $4.25.

現在超過 4.25 美元。

Many are predicting higher prices near term.

許多人預測近期價格會上漲。

Our near-term outlook of copper and gold sales volumes is substantially higher.

我們對銅和黃金銷量的近期展望要高得多。

Our recent performance, this large reduction in debt with lower commodity prices, lower production volumes, demonstrates the current strength of our company in generating cash flows.

我們最近的表現，即大宗商品價格下降和產量下降的債務大幅減少，表明了我們公司目前在產生現金流方面的實力。

Our strong performance and the positive outlook for our business and the commodities has enabled our Board to adopt a new financial policy, which will provide increasing cash returns to shareholders while providing flexibility for growth and building a very strong balance sheet.

我們的強勁表現以及我們業務和商品的積極前景使我們的董事會能夠採用新的財務政策，這將為股東提供越來越多的現金回報，同時為增長提供靈活性並建立一個非常強大的資產負債表。

We've also added 2 new directors: David Abney, the retired Chairman and CEO of UPS, with its massive global supply chain operations; and Bob Dudley, the retired CEO of BP, a long-time leader in the global extractive industry, have joined our Board.

我們還增加了 2 位新董事：已退休的 UPS 董事長兼首席執行官大衛·阿布尼 (David Abney)，他擁有龐大的全球供應鏈業務； BP 的退休首席執行官鮑勃·杜德利（Bob Dudley）是全球採掘業的長期領導者，他已加入我們的董事會。

Each of these men have strong knowledge and experience in global markets and with issues we face in managing our business.

這些人中的每一個人都在全球市場以及我們在管理業務中面臨的問題方面擁有豐富的知識和經驗。

Bob and David had many opportunities to join other Board.

Bob 和 David 有很多機會加入其他董事會。

Their decisions to join our Board is personally gratifying and appreciated.

他們加入我們董事會的決定令他們個人感到欣慰和讚賞。

They are really enthusiastic about working with their fellow directors at Freeport and our management team and creating value responsibly for our stakeholders.

他們非常熱衷於與自由港的其他董事和我們的管理團隊合作，並以負責任的方式為我們的利益相關者創造價值。

Moving to Slide 5. Countries around the world are responding to COVID with aggressive fiscal and monetary policies.

轉到幻燈片 5。世界各國正在通過積極的財政和貨幣政策來應對 COVID。

This is an important element of near-term demand for copper, extending beyond China.

這是銅近期需求的一個重要因素，延伸到中國以外。

China has been the driver of copper demand growth over the past 2 decades.

在過去的 20 年裡，中國一直是銅需求增長的驅動力。

Now the source of new demand is expanding.

現在新需求的來源正在擴大。

In addition to continuing strong copper consumption in China, higher copper consumption in developed countries with COVID recovery initiatives and the increasingly important demand in emerging markets driven by global growth, copper now has major new sources of demand from global investments in carbon reduction, infrastructure and expanded technology, 5G, artificial intelligence and data analytics broadly all require more copper.

除了中國持續強勁的銅消費、在 COVID 復甦舉措下發達國家的銅消費增加以及全球增長推動新興市場日益重要的需求外，銅現在還有來自全球在碳減排、基礎設施和擴展技術、5G、人工智能和數據分析都需要更多的銅。

Importantly, copper is essential to the transition to a global cleaner energy future.

重要的是，銅對於向全球清潔能源未來的過渡至關重要。

Roughly 70% of copper is used to deliver electricity.

大約 70% 的銅用於供電。

As clean energy initiatives are implemented, copper intensity in the economy expands in a major way.

隨著清潔能源計劃的實施，經濟中的銅強度大幅增加。

The outlook for copper has never been better.

銅的前景從未像現在這樣好。

Slide 6. Significant demand growth is inevitable.

幻燈片 6. 顯著的需求增長是不可避免的。

Supply to meet this growth is severely challenged.

滿足這一增長的供應面臨嚴峻挑戰。

It's going to require meaningfully higher prices to support mine investment.

這將需要有意義的更高價格來支持礦山投資。

The combination of rising demand, scarcity of new supplies point to large impending structural deficits, supporting much higher copper prices than previously anticipated.

需求上升、新供應稀缺表明即將出現巨大的結構性赤字，支撐銅價遠高於此前預期。

I'm sure you've noted this in recent forecast by mining group of industry analysts.

我敢肯定，您已經在行業分析師礦業集團最近的預測中註意到了這一點。

Freeport is notably well positioned to benefit from these fundamentals, a leading responsible large-scale producer of copper with near-term and longer-term growth embedded in our portfolio.

自由港是一家領先的負責任的大型銅生產商，在我們的投資組合中嵌入了近期和長期增長，因此在從這些基本面中受益的情況下，自由港處於有利地位。

The scarcity value of a portfolio, like ours, is unique.

像我們這樣的投資組合的稀缺價值是獨一無二的。

It's extremely valuable now and it's going to be even more valuable as large market deficits emerge.

它現在非常有價值，隨著大量市場赤字的出現，它會變得更加有價值。

Slide 7 highlights our near-term growth.

幻燈片 7 突出了我們的近期增長。

For 2021, copper volumes are anticipated to be 20% higher and gold volumes 50% higher than in 2020 -- 55% higher than in 2020.

到 2021 年，預計銅產量將比 2020 年高出 20%，黃金產量將比 2020 年高出 50%——比 2020 年高出 55%。

Volumes are expected to grow further in 2020 in the 15% to 20% range for both copper and gold.

預計 2020 年銅和黃金的交易量將進一步增長 15% 至 20%。

The capital to achieve these near-term higher volumes and the execution risks are largely behind us.

實現這些近期更高交易量的資本和執行風險在很大程度上已經過去了。

Higher volumes with low incremental costs will yield expanded margins.

以低增量成本增加產量將產生更大的利潤。

At prices ranging from $4 to $5 for copper, we would generate annual EBITDA for 2022 and 2023 of over $12 billion to the range of $17 billion per annum.

如果銅的價格從 4 美元到 5 美元不等，我們將在 2022 年和 2023 年產生超過 120 億美元到每年 170 億美元的年度 EBITDA。

That's big numbers.

這是很大的數字。

Page 8 describes this new financial policy adopted -- our Board adopted earlier this year.

第 8 頁描述了這項新的財務政策——我們的董事會在今年早些時候通過了這項政策。

It's designed first to support a strong balance sheet, increased returns to shareholders and provide funds for our investments for the future.

它首先旨在支持強大的資產負債表，增加股東回報並為我們未來的投資提供資金。

The current market for copper and its favorable outlook are providing substantial cash flows to meet these objectives as I just outlined.

正如我剛剛概述的那樣，當前的銅市場及其有利的前景正在提供大量現金流來實現這些目標。

Our Board approved a base dividend of $0.30 per annum per share.

我們的董事會批准了每股每年 0.30 美元的基本股息。

Our first quarterly dividend will be paid in May after -- as we resume dividends, after reaching a target net debt in the $3 billion to $4 billion range, which at today's prices will do by the end of this year.

我們的第一個季度股息將在 5 月之後支付——當我們恢復股息時，在達到 30 億至 40 億美元範圍內的目標淨債務後，按照今天的價格，到今年年底將達到這一目標。

Our Board's policy establishes as a performance-based payout framework for additional cash return to shareholders through dividends and potentially stock buybacks.

我們董事會的政策確立了一個基於績效的支付框架，通過股息和潛在的股票回購向股東提供額外的現金回報。

Returns to shareholders will be determined by allocating available cash flow of up to 50% to shareholder returns and the balance available for future growth and potentially further debt reduction below our targeted $3 billion to $4 billion.

股東回報將通過將高達 50% 的可用現金流分配給股東回報以及可用於未來增長和可能進一步減少債務低於我們的目標 30 億至 40 億美元的餘額來確定。

Our Board will assess the additional payout, at least, annually.

我們的董事會將至少每年評估一次額外支出。

With the current level of copper prices and the outlook for copper and gold prices, the numbers noted above point to a large cash returns to shareholders with substantial financial resources available for future growth investments.

鑑於目前的銅價水平以及銅價和金價的前景，上述數字表明股東可以獲得大量現金回報，並擁有大量可用於未來增長投資的財務資源。

Slide 9 describes some of these growth investments.

幻燈片 9 描述了其中一些增長投資。

We have multiple options across our portfolio.

我們的產品組合有多種選擇。

We resumed our work that we suspended a year ago because of COVID to evaluate in the timing and the initiation of these opportunities.

我們恢復了一年前因 COVID 而暫停的工作，以評估這些機會的時機和開始。

In the U.S., we're looking at expansions at Lone Star and Bagdad and also evaluating opportunities to increase production from leach recovery technologies.

在美國，我們正在研究 Lone Star 和 Bagdad 的擴張，並評估利用浸出回收技術增加產量的機會。

That's really exciting.

這真的很令人興奮。

The Lone Star mine is our newest mine.

Lone Star 礦是我們最新的礦。

It's adjacent to our existing operations in Southeast Arizona where the company's operations go back to the 1800s.

它毗鄰我們在亞利桑那州東南部的現有業務，該公司的業務可以追溯到 1800 年代。

There, we have strong community support.

在那裡，我們有強大的社區支持。

We have great relationships with the Native American groups.

我們與美洲原住民團體有著良好的關係。

We're evaluating expansions of Lone Star's oxides ore, which we're now producing and which are growing in terms of the availability of ores.

我們正在評估 Lone Star 氧化物礦石的擴張，我們現在正在生產這種礦石，並且在礦石供應方面正在增長。

But importantly, we're also conducting these longer-range planning for the development in what looks to be a potentially world-class sulfide resource right in the midst of this historical mining area.

但重要的是，我們還在這個歷史悠久的礦區中進行這些看起來可能是世界級硫化物資源的開發的長期規劃。

At Bagdad, in Northwest Arizona, we have an opportunity to construct a new concentrator to double production.

在亞利桑那州西北部的巴格達，我們有機會建造一個新的選礦廠，使產量翻番。

We have a very long reserve life there.

我們在那裡有很長的儲備壽命。

Also, there, we have strong community support.

此外，在那裡，我們有強大的社區支持。

I keep emphasizing this because that's a challenge for new supply development around the world.

我一直強調這一點，因為這是對全球新供應開發的挑戰。

We are focused on technology to reduce capital intensity in these projects.

我們專注於技術以降低這些項目的資本密集度。

Leach technology initiatives provide substantial opportunities in this regard to add value all across the portfolio.

浸出技術計劃在這方面為整個產品組合增值提供了大量機會。

We're continuing to evaluate an attractive, potentially significant expansion of our El Abra mine in Chile where we're partnered with CODELCO.

我們正在繼續評估我們與 CODELCO 合作的智利 El Abra 礦的一項有吸引力的、潛在的重大擴張。

This project would require larger investment and longer lead times than our U.S. project.

與我們的美國項目相比，該項目需要更大的投資和更長的交貨時間。

Resource is attractive and very large.

資源很有吸引力，而且非常大。

This signifies that a major future expansion of El Abra is likely.

這意味著 El Abra 未來可能會進行重大擴張。

We're evaluating the development of a new deposit, an undeveloped deposit, at PT-FI in Papua, Indonesia.

我們正在評估在印度尼西亞巴布亞的 PT-FI 開發一個新礦床，一個未開發的礦床。

It's called Kucing Liar.

它被稱為庫辛騙子。

This copper-gold project involves a large block cave mine using the substantial infrastructure already in place for Grasberg.

這個銅金項目涉及一個大型洞穴礦山，使用 Grasberg 已經到位的大量基礎設施。

It would benefit from our expertise and long track record of success in block caving.

它將受益於我們的專業知識和在塊狀崩落方面的長期成功記錄。

We're also -- and this is a lot of fun in evaluating a series of interesting investments in projects that support our carbon reduction and other sustainability goals.

我們也是 - 在評估支持我們的碳減排和其他可持續發展目標的項目的一系列有趣投資時，這很有趣。

This involves ideas of developing new energy generation.

這涉及到發展新能源發電的想法。

It's clean, renewable for our operations and nearby communities.

對於我們的運營和附近社區來說，它是清潔的、可再生的。

And we're advancing plans for an exciting projects at Atlantic Copper and Spain to recover valuable metals through recycling electronic devices, which, again, is good from a sustainability standpoint.

我們正在為大西洋銅業和西班牙的一個激動人心的項目推進計劃，通過回收電子設備來回收有價值的金屬，從可持續性的角度來看，這也是好的。

Now we have these opportunities.

現在我們有了這些機會。

We're going to be disciplined by making new investments, by being selective and measured in deploying capital, focused on value-added investments and do this because we have such long live reserves, established license to operate and we're going to work with communities effective by new investments.

我們將通過進行新投資、在部署資本時有選擇性和衡量、專注於增值投資並這樣做，因為我們擁有如此長期的儲備，已建立運營許可，我們將與之合作。社區通過新投資有效。

Slide 10 points to this reserve position.

滑動 10 個點到這個備用位置。

Our reserve life is over 30 years.

我們的儲備壽命超過30年。

Now that's proved and probable economically recoverable reserves.

現在這是已探明的和可能的經濟可採儲量。

In addition, we have identified over 100 billion pounds of copper from metal resources beyond reserves, all part of our existing operations.

此外，我們已經從儲量以外的金屬資源中發現了超過 1000 億磅的銅，這些都是我們現有業務的一部分。

We're going to be working to incorporate these into future reserve additions and mine plants.

我們將努力將這些納入未來的儲備增加和礦山工廠。

It is becoming increasingly more challenging and costly for our industry to develop supplies to meet the dramatically increasing demand for copper.

對於我們的行業來說，開發供應以滿足急劇增長的銅需求變得越來越具有挑戰性和成本。

And our team literally loves where our Freeport is situated in this environment.

我們的團隊真的很喜歡我們的自由港在這種環境中所處的位置。

Slide 11.

幻燈片 11。

We have strong operating franchises in the U.S., South America and Indonesia.

我們在美國、南美和印度尼西亞擁有強大的特許經營權。

In all of these localities, we've earned the trust and respect of our partners, our customers, suppliers, financial markets, and most importantly, our workers' communities in the countries where we operate.

在所有這些地方，我們贏得了我們的合作夥伴、我們的客戶、供應商、金融市場，最重要的是，我們在我們經營所在國家的工人社區的信任和尊重。

We have significant development in large-scale operating expertise -- development and large-scale operating expertise.

我們在大規模運營專業知識方面有重大發展——開發和大規模運營專業知識。

We have all the capabilities now to undertake new projects anywhere in the world, regardless of the ore or the situation in a responsible and efficient manner.

我們現在擁有在世界任何地方開展新項目的所有能力，無論礦石或情況如何，都以負責任和高效的方式進行。

I want to close by recognizing the people of Freeport around the globe.

我想通過認識全球自由港的人們來結束。

Their commitment, dedication are remarkable achievements over the past year of COVID is really special.

他們的承諾和奉獻精神在過去一年的 COVID 中取得了非凡的成就，這真的很特別。

In the context of all the challenges our team has faced over the years and we have overcome, I'm just immensely proud of this team.

在我們團隊多年來面臨的所有挑戰以及我們已經克服的背景下，我為這支團隊感到非常自豪。

Building on these accomplishments with an increasingly bright future, Freeport is charging ahead responsibly, reliably and relentlessly.

在這些成就的基礎上，未來越來越光明，自由港正在以負責任、可靠和不懈的方式前進。

Kathleen is going to review the financial results with you.

Kathleen 將與您一起審查財務結果。

Thank you, Richard, and I'll just make some brief comments on our financial and operating matters, and then we can take your questions.

謝謝你，Richard，我將就我們的財務和運營問題做一些簡短的評論，然後我們可以回答你的問題。

Starting on Slide 14, we provide some additional details on our operating activities.

從幻燈片 14 開始，我們提供了一些關於我們的運營活動的額外細節。

You can see, in the U.S., the Lone Star mine is operating well.

你可以看到，在美國，孤星礦運行良好。

We see opportunities to continue to increase our stacking rates there and fill up the tank house, which has a capacity in the 285 million pound per annum range.

我們看到了繼續提高堆垛率並填滿儲罐庫的機會，儲罐庫的年產能為 2.85 億磅。

With continued success in increasing the mining and stacking rates, we'll have an opportunity for relatively low incremental investments, increased production from the Lone Star oxides well above the original design.

隨著在提高采礦和堆放率方面的持續成功，我們將有機會進行相對較低的增量投資，將 Lone Star 氧化物的產量提高到遠高於原始設計的水平。

We restarted Chino in the first quarter at a 50% rate.

我們在第一季度以 50% 的速度重啟了奇諾。

And as we gain the efficiencies we are targeting there, we'll likely have opportunities to ramp up further.

隨著我們在那裡獲得目標效率，我們可能有機會進一步提高。

At Morenci, we're increasing mining rates by about 10%.

在 Morenci，我們將採礦率提高了約 10%。

This was previously planned for 2022, but we are accelerating this, which will give us additional production in 2022 compared with the earlier plan and set us up for growing production over time.

這是之前計劃在 2022 年進行的，但我們正在加快這一進程，與之前的計劃相比，這將使我們在 2022 年獲得額外的產量，並為隨著時間的推移增加產量做好準備。

In South America, the team was able to achieve stronger rates compared with our plan.

在南美，與我們的計劃相比，該團隊能夠實現更高的費率。

Because of the operating restrictions in Peru, we felt it was prudent to maintain our plan this year at a milling rate of 360,000 tonnes per day, and we expect to ramp that up over the next 12 months to the 400,000 tonne per day level as COVID restrictions are lifted.

由於秘魯的運營限制，我們認為今年將我們的計劃維持在每天 36 萬噸的製粉率是謹慎的，我們預計在未來 12 個月內將其提高到每天 40 萬噸的水平，因為 COVID限制解除。

At El Abra, we're making great progress increasing our operating rates to provide additional copper in 2022.

在 El Abra，我們在提高開工率方面取得了巨大進展，以便在 2022 年提供額外的銅。

As Richard mentioned, at Grasberg, we made excellent progress in the first quarter, continuing to execute the ramp-up plan to achieve our targeted metal run rates by the end of the year.

正如理查德所說，在 Grasberg，我們在第一季度取得了出色的進展，繼續執行產能提升計劃，以在年底前實現我們的目標金屬運行率。

We ended the first quarter with more inventory than originally expected, and these sales will be recorded in the second quarter.

我們在第一季度結束時的庫存比最初預期的要多，這些銷售額將在第二季度記錄。

You will note from our detailed schedules in the reference material that we made some small changes in the Grasberg Block Cave and Deep MLZ mine sequencing.

您會從參考材料中的詳細時間表中註意到，我們對 Grasberg Block Cave 和 Deep MLZ 礦山排序進行了一些小改動。

The net effect of these were not material to our metal production, and the outlook is similar to the prior plans.

這些的淨影響對我們的金屬生產並不重要，前景與之前的計劃相似。

We're very encouraged with the scale of the ramp up going on both at Grasberg Block Cave and Deep MLZ.

我們對 Grasberg Block Cave 和 Deep MLZ 的規模擴大感到非常鼓舞。

We'll be adding a second crusher at Grasberg Block Cave this quarter, which will set us up to continue to increase rates there.

本季度我們將在 Grasberg Block Cave 增加第二台破碎機，這將使我們能夠繼續提高那裡的費率。

On the next slide, we provide an update on our plans to develop new smelter capacity in Indonesia to meet our commitments to the government.

在下一張幻燈片中，我們提供了我們在印度尼西亞開發新冶煉廠產能以履行我們對政府的承諾的最新計劃。

We're proceeding with our Japanese partners at PT Smelting to expand the existing smelter.

我們正在與 PT Smelting 的日本合作夥伴一起擴建現有的冶煉廠。

This can be done on a relatively low-cost basis and would reduce the required capacity for the new smelter to 1.7 million tonnes of concentrate per annum.

這可以在相對低成本的基礎上完成，並將新冶煉廠所需的產能減少到每年 170 萬噸精礦。

The cost for PT Smelting is roughly $250 million.

PT Smelting 的成本約為 2.5 億美元。

And PT-FI would fund these costs through a bank financing, which is currently in progress.

PT-FI 將通過銀行融資為這些成本提供資金，目前正在進行中。

As you've read, we have been engaging in discussions with third-party for the balance of the requirement, whereby this party would build the new smelter under a structure similar to what we developed for the PT smelting existing smelter in the 1990s.

正如您所讀到的，我們一直在與第三方討論平衡要求，該方將在類似於我們在 1990 年代為 PT 冶煉現有冶煉廠開發的結構下建造新冶煉廠。

To date, the parties have had extensive negotiations, but we have not yet reached acceptable commercial terms.

迄今為止，雙方已經進行了廣泛的談判，但我們尚未達成可接受的商業條款。

In the interim, we're continuing our planning on the greenfield project in East Java.

在此期間，我們將繼續規劃東爪哇的新建項目。

As we show on this chart on the right, you'll see that the long-term cost, the economics for the financing of the smelter, which we would plan to finance with debt, would be offset by a phaseout of the 5% export duty we're currently paying.

正如我們在右側的圖表中所示，您會看到長期成本，冶煉廠融資的經濟性，我們計劃用債務融資，將被逐步取消 5% 的出口所抵消我們目前正在支付的關稅。

So the economic impact for PT-FI is not material.

因此，PT-FI 的經濟影響並不重大。

On slide -- on the next slide, Slide 16, we provide our 3-year outlook for copper volumes, gold volumes and molybdenum volumes.

在幻燈片上——在下一張幻燈片，幻燈片 16，我們提供了我們對銅量、黃金量和鉬量的 3 年展望。

We're increasing our copper sales volumes in 2021 to 3.85 billion pounds from the prior estimate of just over 3.8 billion pounds.

我們將 2021 年的銅銷量從先前估計的略高於 38 億磅增加到 38.5 億磅。

And we've increased our 2022 guidance by 100 million pounds to 4.4 billion pounds of copper, and that's reflective of incremental increases in the U.S. The rest of the sales estimates are largely unchanged.

我們將 2022 年的銅產量預期提高了 1 億磅，達到 44 億磅，這反映了美國的增量增長。其餘的銷售預期基本保持不變。

As Richard mentioned, we're continuing to assess additional incremental near-term growth opportunities while we conduct our longer-range development planning.

正如理查德所說，在我們進行長期發展規劃的同時，我們將繼續評估額外的增量近期增長機會。

We provided on Slide 17 an overview of our estimated unit net cash cost for the year.

我們在幻燈片 17 上概述了我們估計的本年度單位淨現金成本。

You will note that we have updated our estimate to average $1.33 per pound of copper in net unit cash costs compared with the prior estimate of $1.25 per pound.

您會注意到，我們已將我們的估計值更新為平均每磅銅的淨單位現金成本 1.33 美元，而之前的估計值為每磅 1.25 美元。

A large portion of this increase is associated with higher royalties, duties and profit sharing related to the change in price assumptions from $3.50 per pound of copper to $4 per pound.

這一增長的很大一部分與較高的特許權使用費、關稅和利潤分享有關，這與價格假設從每磅銅 3.50 美元變為每磅 4 美元有關。

We've also increased our cost estimates to reflect higher energy costs, principally oil related, which our forecast is now higher by about 25%.

我們還提高了成本估算以反映更高的能源成本，主要是與石油相關的成本，我們的預測現在高出約 25%。

Our team continues to do a great job in managing costs efficiently.

我們的團隊繼續在有效管理成本方面做得很好。

We have seen some increases, but they have not been significant.

我們看到了一些增長，但它們並不顯著。

Our team continues to look for creative ways to maintain a low-cost position.

我們的團隊繼續尋找創造性的方法來保持低成本的地位。

On Slide 18, we show the significance of cash flow generation using our volume and cost estimates.

在幻燈片 18 中，我們使用我們的數量和成本估算來展示現金流產生的重要性。

And we provided sensitivities ranging from $4 per pound copper to $5, and we hold gold flat at $1,750 per ounce and molybdenum an $11 per pound.

我們提供的敏感度從每磅銅 4 美元到 5 美元不等，我們將黃金持平於每盎司 1,750 美元，鉬持平於每磅 11 美元。

The growth in volumes at low incremental costs results in very significant EBITDA generation.

以較低的增量成本增長的銷量導致非常顯著的 EBITDA 產生。

You can see here, ranging from over $12.5 billion per annum on average for 2022 and 2023 at $4 copper to $17 billion per annum at $5 copper.

你可以在這裡看到，從 2022 年和 2023 年平均每年超過 125 億美元（4 美元銅價）到 170 億美元（5 美元銅價）不等。

Operating cash flows under these price scenarios would range from nearly $9 billion to $12 billion.

在這些價格情景下的經營現金流量將在近 90 億美元到 120 億美元之間。

And these cash flows are significantly above our planned capital spending, providing substantial free cash flows as we go forward.

這些現金流大大高於我們計劃的資本支出，在我們前進的過程中提供了大量的自由現金流。

On Slide 19, we show our capital project forecast and we show projected capital of $2.3 billion in 2021, that includes potential spending on the Indonesian smelter, which again would be debt financed.

在幻燈片 19 上，我們展示了我們的資本項目預測，我們展示了 2021 年的預計資本為 23 億美元，其中包括對印尼冶煉廠的潛在支出，這將再次通過債務融資。

But these -- the 2021 guidance numbers are very similar to what we had in our previous reports.

但是這些——2021 年的指導數字與我們之前報告中的數字非常相似。

Our 2022 capital of $2.2 billion on a consolidated basis is about $200 million higher than our previous forecast and that incorporates an acceleration of mining investments to bring volumes forward and provide capacity assurance for our plans.

我們 2022 年的綜合資本為 22 億美元，比我們之前的預測高出約 2 億美元，其中包括加速採礦投資以提高產量並為我們的計劃提供容量保證。

We've entered -- we are in a strong financial position and have entered a period of exceptional free cash flow generation.

我們已經進入——我們處於強勁的財務狀況，並且已經進入了一個異常自由現金流產生的時期。

Slide 20 kind of shows you that the exceptional cash flow generation that we have in the business.

幻燈片 20 向您展示了我們在業務中產生的非凡現金流。

You can see on the slide, where in a 6-month period of time, our cash balance has increased by over $2 billion.

你可以在幻燈片上看到，在 6 個月的時間裡，我們的現金餘額增加了超過 20 億美元。

Our long-lived asset base, our growing production profile, strong markets provide the ability to continue to strengthen our balance sheet, provide cash returns to shareholders and build additional values in our asset base.

我們長期存在的資產基礎、不斷增長的生產概況、強勁的市場提供了繼續加強我們的資產負債表、為股東提供現金回報並在我們的資產基礎上創造額外價值的能力。

Our financial policy that Richard talked about earlier is designed to tick all of these boxes, and we look forward to executing on these plans.

理查德之前談到的我們的財務政策旨在滿足所有這些條件，我們期待著執行這些計劃。

And in closing, I'd just say, to echo what Richard said, it's an exciting time at Freeport.

最後，我只想說，為了呼應理查德的話，這是在自由港的激動人心的時刻。

We've got the right assets at the right time, and we're staying focused on continuing our momentum.

我們在正確的時間擁有正確的資產，我們將繼續專注於保持我們的勢頭。

And now operator, I would like to open the call for questions.

現在接線員，我想打開電話提問。

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

（操作員說明）我們的第一個問題來自高盛的 Emily Chieng。

Richard and Kathleen, just a question around the capital allocation policy, and I appreciate that you updated this a couple of months ago.

理查德和凱瑟琳，只是關於資本分配政策的一個問題，我很感激你在幾個月前更新了這個。

But it suddenly sounds like there's a significant amount of cash return potential upcoming of the assumed current copper prices.

但突然間，假設的當前銅價似乎有很大的現金回報潛力。

But maybe on the other side of that, could you discuss how you're thinking about when the right time to sanction growth would be?

但也許另一方面，您能否討論一下您是如何考慮批准增長的正確時間的？

And any color you can provide on sort of long-term or sustainable copper prices that you would need to see or need the base case in your assumptions for this?

您可以提供任何關於長期或可持續銅價的顏色，您需要查看或需要在您的假設中提供基本情況？

And then you mentioned being disciplined and selective, but as you look over the next couple of years, at what point would you start considering up pulling the trigger on growth?

然後你提到了紀律和選擇性，但是當你展望未來幾年時，你會在什麼時候開始考慮扣動增長的扳機？

So Emily, we are -- we have suspended all of our studies on growth projects a year ago.

所以艾米麗，我們 - 一年前我們已經暫停了所有關於增長項目的研究。

And now we've resumed those analysis with the purpose of understanding the pros and cons of each of the projects and developing an evaluation of them.

現在我們已經恢復了這些分析，目的是了解每個項目的優缺點並對其進行評估。

That basic work of valuation we expect to continue at least through the end of this year.

我們預計這項基本估值工作將至少持續到今年年底。

And by the end of the year, we hope to be able to have a clear path path forward.

而到今年年底，我們希望能夠有一條清晰的前進道路。

So it will be some time before there is any commitment to actually initiate significant capital spending.

因此，實際啟動大量資本支出的承諾還需要一段時間。

And then in the meantime, we pointed to all the volume growth that's coming about from Grasberg, the resumption of operations from COVID, et cetera.

然後與此同時，我們指出了 Grasberg 帶來的所有銷量增長，COVID 恢復運營等等。

So we're going to have increasing volumes with strong prices and high cash flows, with limited amount of capital being spent because we just won't be ready, as you say, to sanction projects.

因此，隨著價格強勁和現金流量的增加，我們將擁有越來越多的交易量，而花費的資本數量有限，因為正如你所說，我們還沒有準備好制裁項目。

We don't have any particular targeted copper price.

我們沒有任何特定的目標銅價。

We've always looked at a scenario of different prices that -- of how a new project would fit into our portfolio.

我們一直在研究不同價格的場景——一個新項目如何融入我們的投資組合。

We want to take advantage of these resources that we have and yet have risk management by how they fit into all of our existing portfolio.

我們希望利用我們擁有的這些資源，但通過它們如何融入我們現有的所有投資組合來進行風險管理。

So we don't look at it so much on an individual project-by-project basis but how does it fit in with our projects.

因此，我們不會在逐個項目的基礎上看太多，而是它如何與我們的項目相適應。

Freeport really benefits from the fact that we operate all of the projects we have interest in.

自由港真正受益於我們運營我們感興趣的所有項目這一事實。

So that allows us to approach these on a -- from a consistent corporate strategic basis as opposed to an individual project-by-project basis.

因此，這使我們能夠以一致的公司戰略基礎而不是單個項目的基礎來處理這些問題。

Certainly, at these price levels, our projects are economic.

當然，在這些價格水平上，我們的項目是經濟的。

And now you know the prospects are for prices to go much higher.

現在你知道價格上漲的前景。

So I anticipate that over time, we will be spending money on capital, that's just not going to happen in the near term.

所以我預計隨著時間的推移，我們將把錢花在資本上，這在短期內不會發生。

And that's going to be a feature of the entire industry because even when we decide to spend, the time frame for developing a project is multiple years, minimum 6 to 8 years.

這將成為整個行業的一個特點，因為即使我們決定花費，開發項目的時間框架也是多年，至少 6 到 8 年。

So all of that's going to be, as you well know, Emily, because you write about it all the time, that's going to be very supportive of copper prices.

所以所有這些都將是，正如你所知道的，艾米麗，因為你一直在寫它，這將非常支持銅價。

You can't turn on the valve quickly to add new mine supply.

您無法快速打開閥門來添加新的礦山供應。

And when you can't do that and volume and demand rises, that translates into higher prices.

而當你不能做到這一點並且數量和需求增加時，就會轉化為更高的價格。

Got it.

知道了。

That's very helpful color.

這是非常有用的顏色。

And one quick one, if I could squeeze it in.

一個快速的，如果我能擠進去的話。

Just an operational update at the Grasberg Block Cave and Deep MLZ.

只是 Grasberg Block Cave 和 Deep MLZ 的操作更新。

Looks like sales volumes maybe moved out a quarter a little bit.

看起來銷量可能會移動四分之一。

But anything you can provide on sort of the sustainability of the copper grades we're seeing, any ramp profile comments that can pace the drilling, belling there, please?

但是，您可以提供關於我們所看到的銅品位的可持續性的任何信息，任何可以加快鑽孔速度的坡道剖面評論，請在那裡敲響？

We got Mark Johnson on -- Mark, you want to just give an update on...

我們讓馬克·約翰遜上場——馬克，你只想提供一個關於...的最新消息

Yes.

是的。

We're generally on plan.

我們一般都在計劃中。

Grades are tracking well from the model to what we see at the mill.

從模型到我們在工廠看到的成績都很好地跟踪。

In fact, we're fortunate that the mill is actually seen a little bit more grade and the mine has recorded as pending.

事實上，我們很幸運，該工廠的品位實際上更高一些，並且該礦已被記錄為待定。

Drawbell opening, it's probably shown in the slides that we did make some adjustments in Deep MLZ.

拉鈴打開，幻燈片中可能顯示我們確實在 Deep MLZ 中進行了一些調整。

We slowed down the cave advance in some of our diorite rock types, which are the more challenging rock and accelerate the cave advance and some of the scarring is going off to the west in PB2.

我們減緩了一些閃長岩類型的洞穴推進，這些岩石是更具挑戰性的岩石，加速了洞穴推進，一些疤痕在 PB2 中向西移動。

In GBC, we've added -- accelerated our drawbell opening.

在 GBC 中，我們添加了 -- 加速了我們的拉鈴打開。

And over the 5 years, it's relatively the same.

而在這5年裡，它是相對相同的。

And the fact we referenced delay in shipments, that had nothing to do with operations.

我們提到了發貨延遲的事實，這與運營無關。

Inventory was there on site.

庫存在現場。

There were loading, shipping, some administrative issues with the government.

與政府有裝載、運輸和一些行政問題。

And so all that inventory that was produced on-site now will be sold.

因此，現在現場生產的所有庫存都將被出售。

And as inventory built, we were able to advance some maintenance activities from the second quarter to the first quarter, all of which is to be supportive of meeting our plans going forward.

隨著庫存的增加，我們能夠將一些維護活動從第二季度推進到第一季度，所有這些都是為了支持我們未來的計劃。

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

我們的下一個問題來自 Chris LaFemina 和 Jefferies。

Just questions about this -- Richard, the question is about the performance in South America.

只是關於這個的問題——理查德，問題是關於南美的表現。

It was good to see that you appear to be operating well there despite the escalation of COVID.

很高興看到儘管 COVID 升級，您似乎在那裡運作良好。

But we have some political risk that is potentially escalating there as well, especially in Peru with the upcoming presidential runoff.

但我們也有一些政治風險在那裡可能升級，尤其是在秘魯即將舉行的總統決選。

So the first question is related to the contracts and licenses that you have in Peru.

所以第一個問題與您在秘魯擁有的合同和許可證有關。

Is it similar to what you have in Indonesia where you have a stability agreement with international arbitration provisions should something go wrong in terms of government trying to significantly increase taxes or try to nationalize the mine?

如果政府試圖大幅增加稅收或試圖將礦山國有化時出現問題，它是否類似於您在印度尼西亞的情況，在那裡您與國際仲裁條款簽訂了穩定協議？

Is that -- do you have that same sort of protection there?

那是——你那裡有同樣的保護嗎？

Yes, we -- yes, the answer to that is an absolute yes.

是的，我們——是的，答案是肯定的。

And we -- stability agreements has been a feature of the operations in Cerro Verde since way before Freeport, but we we're able to get a new stability agreement as we expanded the business.

而且我們 - 自從自由港之前，穩定協議一直是 Cerro Verde 業務的一個特點，但隨著我們擴大業務，我們能夠獲得新的穩定協議。

And there's always a correlation between the aspirations of government workers for more funds as copper prices rise and -- but the copper is so critical to Peru in terms of a country that still faces challenges of poverty and so forth.

隨著銅價上漲，政府工作人員對更多資金的渴望之間總是存在相關性 - 但就秘魯仍面臨貧困等挑戰的國家而言，銅對秘魯至關重要。

So we just step back and watch political environments.

所以我們只是退後一步，觀察政治環境。

We know we have to work with whatever government, wherever in the world that a country selects, but we do have strong rights to do that.

我們知道我們必須與任何政府合作，無論在世界上哪個國家選擇，但我們確實有權這樣做。

And unlike some operations in Peru, we have positive relationships with the local community because of social investments we've made in water and wastewater projects.

與秘魯的一些業務不同，我們與當地社區建立了積極的關係，因為我們在水和廢水項目中進行了社會投資。

So our team there is just -- I mean, I can't tell you what a great job they go.

所以我們的團隊只是——我的意思是，我不能告訴你他們的工作有多棒。

A year ago, we were really worried about Peru.

一年前，我們真的很擔心秘魯。

Our workers lived in the city of Arequipa.

我們的工人住在阿雷基帕市。

There was a real issue with community spread, but we've been put to work with the community, developed temporary living and got our rates up to near our original run rate targets, and we can expand further as we go forward.

社區傳播確實存在問題，但我們已經與社區合作，開發了臨時住所，並將我們的費率提高到接近我們最初的運行率目標，並且隨著我們的前進，我們可以進一步擴大。

The team there has just done a remarkably good job.

那裡的團隊剛剛做得非常好。

And just under the stability agreement, we do -- our taxes are fixed in that agreement, and they are actually higher than the current statutory rate in Peru.

就在穩定協議下，我們確實這樣做了——我們的稅收在該協議中是固定的，它們實際上高於秘魯目前的法定稅率。

So we've paid higher to get the stability.

所以我們付出了更高的代價來獲得穩定性。

And we also pay a lot with the communities and big employer.

我們還為社區和大雇主付出了很多。

We have a profit-sharing mechanism there.

我們在那裡有一個利潤分享機制。

And that's partly why you saw the cost increases.

這就是您看到成本增加的部分原因。

So we do -- as the mine becomes more profitable with higher prices, there's a large profit sharing that goes to employees, partially to employees and partially to the country.

所以我們這樣做了——隨著礦山以更高的價格變得更有利可圖，有很大的利潤分享給員工，部分給員工，部分給國家。

So it's a good model to share economics both to the local communities and country and workers into the investors.

因此，將經濟與當地社區和國家以及工人分享給投資者是一個很好的模式。

Great.

偉大的。

And with respect to potential expansion at El Abra, we're hearing from other Chilean miners about challenges getting permits.

關於 El Abra 的潛在擴張，我們從其他智利礦工那裡聽到關於獲得許可的挑戰。

It seems like, in some cases, permitting is nearly impossible, which I suppose for the copper market is pretty bullish if companies can't bring capacity online in Chile.

似乎，在某些情況下，許可幾乎是不可能的，我認為如果公司不能將產能在智利上線，那麼銅市場非常看好。

But I'm just wondering in terms of El Abra what sort of permitting hurdles you might have to actually spend that asset?

但我只是想知道，就 El Abra 而言，您在實際花費該資產時可能遇到什麼樣的許可障礙？

We'll have an environmental impact statement that we will file in connection with the project.

我們將提交與項目相關的環境影響聲明。

So that is a very comprehensive permitting process.

所以這是一個非常全面的許可程序。

We've gone through it before, and we have to do a lot of baseline work, et cetera.

我們以前經歷過，我們必須做很多基線工作，等等。

So there's a lot of work you have to do before you actually submit it.

因此，在您實際提交之前，您需要做很多工作。

But that project partially is -- the permitting is partially why Richard saying is 6 to 8 years out.

但該項目部分是 - 許可部分是為什麼理查德說是 6 到 8 年。

In the best environment, Chris, it's going to take a long time to get that permit.

克里斯，在最好的環境中，獲得許可需要很長時間。

Now we don't have some of the -- because of where this mine is located and the fact that it's been a long-running existing operation, it's nearby CODELCO mine.

現在我們沒有一些 - 因為這個礦山位於哪裡，而且它是一個長期運行的現有運營，它就在附近的 CODELCO 礦山。

It doesn't have some of the permitting issues that others have.

它沒有其他一些許可問題。

A major mill expansion would require a desalinization plant and the cost of transmitting that water up to the high altitudes where we operate.

大型工廠擴建將需要一個海水淡化廠以及將水輸送到我們經營所在的高海拔地區的成本。

But it's in a setting where we don't face some of the challenges of the space, but that's case, it takes a long time and it's a big project.

但它是在一個我們沒有面臨太空挑戰的環境中，但就是這樣，這需要很長時間，而且是一個大項目。

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

我們的下一個問題來自花旗銀行的 Alex Hacking。

Richard, just following up on Chris' question on Peru.

理查德，剛剛跟進克里斯關於秘魯的問題。

I'm not sure how much you could answer here, but has there been any engagement yet between the mining industry and the candidates, particularly the candidate that's leading in the polls?

我不確定你能在這裡回答多少，但採礦業和候選人之間是否有任何接觸，尤其是在民意調查中領先的候選人？

And then secondly, regarding your production footprint, with Chino back in and Cerro Verde heading back to full rates, does that put Freeport's production footprint back at normalized pre-COVID levels?

其次，關於您的生產足跡，隨著 Chino 的回歸和 Cerro Verde 的全速運轉，這是否使 Freeport 的生產足跡回到了 COVID 之前的正常水平？

Or is there a potential future upside at these prices?

或者這些價格是否有潛在的未來上漲空間？

I'll take the second one first.

我先拿第二個。

Just in terms of the ramp back up, we've made the decision to start ramping El Abra back up, that's in progress.

就回升而言，我們已經決定開始回升 El Abra，這正在進行中。

We expect to get back to pre-COVID levels there in 2022, that's reflected in our guidance.

我們預計將在 2022 年恢復到 COVID 之前的水平，這反映在我們的指導中。

Same with Cerro Verde.

與 Cerro Verde 相同。

In the U.S., we had cut back the mining rates significantly.

在美國，我們大幅降低了採礦率。

We're starting to ramp those back up.

我們開始增加這些備份。

We have some opportunities, still have some opportunities at Morenci that aren't baked into our forecast yet.

我們有一些機會，在 Morenci 仍有一些機會尚未納入我們的預測。

And then we have opportunities at Chino because our plan right now is running Chino at 50%.

然後我們在奇諾有機會，因為我們現在的計劃是以 50% 的速度運行奇諾。

In addition to that, as we mentioned, we have some incremental opportunities potentially at Lone Star.

除此之外，正如我們所提到的，我們在 Lone Star 有一些潛在的增量機會。

So I would say, in the U.S., we do have some opportunities that aren't in our near-term plans that we'll be assessing as well as some of the leach technology applications that Richard referred to earlier.

所以我想說，在美國，我們確實有一些機會不在我們將要評估的近期計劃中，還有理查德之前提到的一些浸出技術應用。

So we do have some near-term opportunities not in our plans, but...

所以我們確實有一些短期機會不在我們的計劃中，但是......

Kathleen, let's let Josh make a brief comment about that.

凱瑟琳，讓我們讓喬希對此做一個簡短的評論。

Josh Olmsted was named this past year to be our Chief Operating Officer in the Americas.

Josh Olmsted 在去年被任命為我們在美洲的首席運營官。

He's been the #2 guy for many years.

多年來，他一直是排名第二的人。

He's a young guy, but he's got a long career in Freeport and is just doing an outstanding job in bringing energy and leadership to our group.

他是一個年輕人，但他在自由港的職業生涯很長，並且在為我們的團隊帶來活力和領導力方面做得非常出色。

So Josh, make a couple of comments.

所以喬希，發表一些評論。

Thanks, Richard.

謝謝，理查德。

As Kathleen was stating, we have some near-term opportunities with Morenci, Lone Star, incremental things.

正如凱瑟琳所說，我們在莫倫奇、孤星、增量事物方面有一些近期機會。

The most exciting piece, I think, is the work that we're doing on the leach technology that both Richard and Kathleen touched on.

我認為，最令人興奮的部分是我們在 Richard 和 Kathleen 談到的浸出技術方面所做的工作。

If we can prove out some of the concepts that we've identified and began working on, it could have a significant impact on our ability to take advantage of long-term stockpiles that we have out there that contain copper today that we haven't been able to extract.

如果我們能夠證明我們已經確定並開始研究的一些概念，它可能會對我們利用我們今天擁有的含有銅的長期庫存的能力產生重大影響，而我們目前還沒有能夠提取。

And so this leaching technology really could be meaningful as we look for opportunities to get some incremental low-cost incremental copper as we move forward.

因此，這種浸出技術真的很有意義，因為我們在前進的過程中尋找機會獲得一些增量的低成本增量銅。

And so our plans are working on that this year with the goal of having, very similar to Richard's comments about the bigger scale projects, having much more clarity by the end of the year on what that looks like and what the potential value is for us.

因此，我們的計劃今年正在努力實現這一目標，與理查德關於更大規模項目的評論非常相似，到年底更清楚地了解它的外觀以及對我們的潛在價值是什麼.

But we're super excited about what we're seeing so far.

但我們對迄今為止所看到的感到非常興奮。

So restarts, technology, leaching all those point to growing volumes from our traditional operations, Chris -- Alex, right, we are now with Alex now.

所以重啟，技術，所有這些都指向我們傳統業務的增長，克里斯 - 亞歷克斯，對，我們現在和亞歷克斯在一起。

So Alex on Peru, man, how complicated politics is everywhere in the world.

所以亞歷克斯談秘魯，伙計，世界各地的政治多麼複雜。

And in Peru, as they were approaching this runoff, you had 1/2 dozen more candidates each having 10% plus or minus support in the polls, so it was very complicated.

在秘魯，當他們接近這個決選時，你有 1/2 多的候選人，每個候選人在民意調查中都有 10% 的支持率，所以這非常複雜。

Freeport stays out of politics.

弗里波特遠離政治。

As I said, we don't -- we just run our business, support communities, be prepared to work with whoever emerges in the political process.

正如我所說，我們沒有——我們只是經營我們的業務，支持社區，準備與政治進程中出現的任何人合作。

The mining industry in Peru is -- there's active mining association that's led by Peruvians, and they engage with candidates to understand and interact and communicate with them on policies affecting mining.

秘魯的採礦業是——有一個由秘魯人領導的活躍的採礦協會，他們與候選人接觸，以了解影響採礦的政策並與他們互動和溝通。

And I'm sure they will be working with both of these candidates as we go forward.

我敢肯定，在我們前進的過程中，他們將與這兩位候選人合作。

And you will notice the candidate, who earlier was being very aggressive in talking about mining, is now making comments about the importance of mining to Peru.

你會注意到之前在談論採礦方面非常積極的候選人現在正在評論採礦對秘魯的重要性。

So all of that will come to play, and we'll just have to see what happens.

所以所有這些都會發揮作用，我們只需要看看會發生什麼。

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

您的下一個問題來自美國銀行的 Timna Tanners。

I wanted to ask a little bit more about cost.

我想問更多關於成本的問題。

Obviously, you went through in the detail about what caused the incremental cost in the quarter and in the guidance.

顯然，您詳細了解了導致本季度和指南中增加成本的原因。

But how -- obviously, costs are rising and inflation is a big topic.

但是，顯然，成本如何上升和通貨膨脹是一個大話題。

I mean, do you think that this encapsulates the future costs that you could bear fully?

我的意思是，您認為這包含了您可以完全承擔的未來成本嗎？

Or are you seeing further pressure?

還是您看到了更大的壓力？

And can you detail where that could come from and a little bit of what you've been seeing in more detail?

您能否詳細說明這可能來自哪里以及您所看到的更詳細的內容？

So the first point I want to make is a point Kathleen referenced earlier.

所以我想說的第一點是凱瑟琳之前提到的一點。

Some important elements of our costs are correlated to copper prices.

我們成本的一些重要因素與銅價相關。

They're correlated.

它們是相關的。

I mean things like royalties, this profit-sharing plans, labor cost in general, there's correlation.

我的意思是特許權使用費、利潤分享計劃、一般的勞動力成本，它們之間存在相關性。

Then there's other input costs that are correlated.

然後還有其他相關的投入成本。

Energy cost, which is an important element of cost and energy costs have risen in recent months.

能源成本是成本的重要組成部分，近幾個月來能源成本有所上升。

Copper prices have risen even more, thankfully, but energy costs are built into that.

值得慶幸的是，銅價上漲得更多，但其中包含能源成本。

And then certain other costs are seeing some inflation.

然後某些其他成本出現了一些通貨膨脹。

So far, energy costs are the ones that are outside of the profit-sharing.

到目前為止，能源成本是利潤分享之外的成本。

Royalty costs are the ones that have the biggest impact.

版稅成本是影響最大的。

And as time goes by and copper prices rise, we'll have to deal with inflation.

隨著時間的推移和銅價的上漲，我們將不得不應對通貨膨脹。

But we have such strong margins, we have a great supply group team that works with our suppliers to offset costs wherever we can.

但是我們有如此豐厚的利潤，我們有一個優秀的供應團隊，可以與我們的供應商合作，盡可能地抵消成本。

We're working really aggressively to do that.

我們正在非常積極地做到這一點。

So Timna, I think -- I mean, I know you realize this because you're right about it, but inflation is good for copper.

所以蒂姆納，我認為——我的意思是，我知道你意識到這一點，因為你是對的，但通脹對銅有利。

I mean inflation is good for copper.

我的意思是通脹對銅有利。

What the world is doing today with all this spending on COVID recovery, with spending around the world that's being driven to deal with economic inequalities, that's pushing money to people who consume to create economic velocity, which creates demand for copper.

今天世界正在做什麼，所有這些支出都用於 COVID 復甦，世界各地的支出被驅動以應對經濟不平等，這將資金推給消費以創造經濟速度的人，從而創造對銅的需求。

So in the broader sense, all these forces will work to the benefit of our company.

因此，從更廣泛的意義上說，所有這些力量都會為我們公司帶來好處。

Yes.

是的。

And what's been interesting is you look at today, $4.25 copper.

有趣的是你今天看到的是 4.25 美元的銅價。

Last time copper was $4.25, oil wasn't at $60.

上次銅價為 4.25 美元，而油價還不到 60 美元。

It might have been $110 a barrel.

可能是每桶 110 美元。

So we are benefiting from the lower energy prices.

因此，我們正從較低的能源價格中受益。

Even though they have come up some, the historical correlations just aren't as correlated as they once were.

儘管它們已經出現了一些，但歷史相關性並不像以前那樣相關。

And we go through a review each quarter on where we are with our supply chain and revise our forecast every quarter to reflect current pricing and that sort of thing.

我們每個季度都會審查我們在供應鏈中所處的位置，並每季度修改我們的預測以反映當前的定價和類似的事情。

So that's baked into these plans.

所以這被納入了這些計劃。

And as Richard said whether we'll have additional cost pressures from tightening freight markets or other supplies, we'll have to see where that goes, but right now the forecast that we developed is based on what our pricing contracts are currently.

正如理查德所說，我們是否會因貨運市場或其他供應收緊而面臨額外的成本壓力，我們必須看看情況如何，但目前我們制定的預測是基於我們目前的定價合同。

It's a high-quality problem, but if we're assuming a bit higher copper price, for example, we should also incorporate, it sounds like, some assumption of inflation as well?

這是一個高質量的問題，但如果我們假設銅價更高一點，我們是否也應該加入一些通貨膨脹假設？

Well, as I said, yes.

好吧，正如我所說，是的。

The answer is yes.

答案是肯定的。

There's correlations.

有相關性。

I mean, royalties rise, profit sharing rise and then you make your judgment about energy, steel costs and so forth, but -- and I know I'm a broken record, Timna.

我的意思是，版稅上升，利潤分享上升，然後你就能源、鋼鐵成本等做出判斷，但是——我知道我是一個破紀錄的人，蒂姆納。

I know you understand, but bottom line is margins rise.

我知道你明白，但底線是利潤率上升。

For many businesses, these inflationary movements deteriorate margins.

對於許多企業來說，這些通貨膨脹運動會降低利潤率。

Historically, our margins have stayed very strong as copper prices rise and other cost rise.

從歷史上看，隨著銅價上漲和其他成本上漲，我們的利潤率一直保持強勁。

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 Matthew Murphy。

I have a question on the Indonesia smelter, and wondering if you can help me understand the risks around the pace of the project.

我有一個關於印度尼西亞冶煉廠的問題，想知道您是否可以幫助我了解項目進度的風險。

So there was the disclosure in your 10-K about the fine, and there's been some comments in the press.

因此，您的 10-K 中披露了有關罰款的信息，並且新聞界也有一些評論。

I'm just wondering what you're expecting.

我只是想知道你在期待什麼。

Is it possible through this discussion and looking at the options that you could see more fines or you could see more frustration from Indonesian government?

是否有可能通過這次討論並查看您可以看到更多罰款的選項，或者您可以看到印度尼西亞政府的更多挫敗感？

Or do you think it's going the other way and it will get resolved?

或者你認為它會朝著相反的方向發展，它會得到解決？

I'm going to let Kathleen talk about this.

我要讓凱瑟琳談談這件事。

She's acting -- working more actively with the parties there and negotiating the terms.

她正在行動——更積極地與那裡的各方合作並就條款進行談判。

We are going to cooperate with the government.

我們將與政府合作。

We made a commitment in December '18 to build a smelter.

我們在 18 年 12 月做出了建造冶煉廠的承諾。

And I won't -- I'm very clear that we recognize that commitment, and we are prepared to honor it.

我不會——我很清楚我們承認這一承諾，我們準備兌現它。

There are different views within the government of Indonesia.

印度尼西亞政府內部有不同的看法。

When you referenced the government, it could be interpreted as being a one group.

當你提到政府時，它可以被解釋為一個群體。

There are different views within the government itself about whether to support this development at Weda Bay or go forward with the project at Gresik that we initially started.

政府內部對於是支持 Weda Bay 的這一發展還是推進我們最初開始的 Gresik 項目存在不同的看法。

And so we are working closely with our partner and shareholder, MIND ID, and with the Ministry of state-owned enterprises, with the Ministry of Energy and Mines, to find what is best -- what decision the government has made, and we're prepared to go forward, provided we have -- if we go in the direction.

因此，我們正在與我們的合作夥伴和股東 MIND ID、國有企業部、能源和礦業部密切合作，以找出最好的辦法——政府做出了什麼決定，我們重新準備前進，前提是我們有——如果我們朝著這個方向前進。

We debate we have reasonable terms and reasonable regulatory environment.

我們辯論我們有合理的條款和合理的監管環境。

So Kathleen, why don't you talk about this and then the mine ministry wants to push us.

所以凱瑟琳，你為什麼不談談這個，然後礦業部想要推動我們。

I believe we'll resolve this situation and that everything is going to be okay.

我相信我們會解決這種情況，一切都會好起來的。

But Kathleen, why don't you give some...

但是凱瑟琳，你為什麼不給一些...

Okay.

好的。

Under the regulations, the government grants annual export licenses.

根據規定，政府每年頒發出口許可證。

And then there is a 6-month check to evaluate your progress against the smelter development schedule that they have and they have approved.

然後進行為期 6 個月的檢查，以根據他們已經批准的冶煉廠開發計劃評估您的進度。

As a result of COVID, as we said during 2020, we notified the government that our schedule was impacted by the pandemic, and there were force majeure conditions that prevented us from achieving the schedule.

正如我們在 2020 年所說的那樣，由於 COVID，我們通知政府我們的日程安排受到了大流行的影響，並且有不可抗力的條件使我們無法完成日程安排。

And under regulations, there's potential for fines if you don't achieve the schedule, and that's what the government did, they levied this fine.

根據規定，如果你沒有達到時間表，就有可能被罰款，這就是政府所做的，他們徵收了這筆罰款。

And we have gone in and explained to them the reasons why the project was delayed and that this was a force majeure, which is allowed under the regulations to waive any penalty.

我們已經進去向他們解釋了項目延遲的原因，這是不可抗力，根據規定可以免除任何處罰。

So we're in those discussions with the government.

因此，我們正在與政府進行討論。

They're asking for some additional support for our position and details.

他們要求對我們的立場和細節提供一些額外的支持。

I mean, it's obvious that this COVID affected schedules for projects all around the world, but they are asking for some more details.

我的意思是，很明顯，這種 COVID 影響了世界各地項目的時間表，但他們要求提供更多細節。

We think it will get resolved in a mutually satisfactory way.

我們認為它將以雙方都滿意的方式得到解決。

But as Richard said, we're also very focused on meeting our commitment to the government ultimately.

但正如理查德所說，我們也非常專注於最終履行對政府的承諾。

We notified them that we had a 12-month delay in reaching the -- because of COVID, reaching the deadline of December 23 to construct the new smelter, and now we expect that, that wouldn't be completed until 2024.

我們通知他們，我們延遲了 12 個月——因為 COVID 的原因，在 12 月 23 日的最後期限之前建造了新的冶煉廠，而現在我們預計這要到 2024 年才能完成。

This option that Richard is referring to, at Weda Bay potentially could get us back on schedule.

理查德所指的這個選項，在韋達灣可能會讓我們回到原定計劃。

And we just need to make sure that it fits with -- from a commercial standpoint and overall business risk standpoint.

我們只需要確保它符合 - 從商業角度和整體業務風險的角度來看。

But we're working closely with the government.

但我們正在與政府密切合作。

I can say that our interest, having our partner, MIND ID, our interests are very much aligned.

我可以說我們的利益，擁有我們的合作夥伴 MIND ID，我們的利益非常一致。

And we're all on the same page in terms of what we need to do, and we're just working our way through the government's regulations to resolve this issue and I'm confident we will.

在我們需要做的事情上，我們都在同一個頁面上，我們正在努力通過政府的規定來解決這個問題，我相信我們會做到的。

Kathleen, so the outcome of the discussion with the government, would that be the completion of sort of a new smelter progress schedule that gave you that contract?

凱瑟琳，那麼與政府討論的結果，是完成給你那份合同的新冶煉廠進度計劃嗎？

Right.

對。

That's part of what we're discussing as a new schedule for the project.

這是我們正在討論的項目新時間表的一部分。

And that's tied in with our discussions with them on this administrative fine.

這與我們與他們就行政罰款的討論有關。

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

您的下一個問題來自摩根士丹利的 Carlos De Alba。

Richard and Kathleen, just following up on the smelter.

理查德和凱瑟琳，只是跟進冶煉廠。

Would you please expand a little bit more on the status of the negotiations between commercial parties maybe for a third party to do the investment in the major smelter?

能否請您多介紹一下商業方之間的談判情況，也許是由第三方來投資主要冶煉廠？

Are those still ongoing or have they stopped, and we should now come back and think more about PTI doing -- PT-FI dealing the matter on its own?

那些仍在進行還是已經停止，我們現在應該回過頭來更多地考慮 PTI 所做的事情 - PT-FI 自己處理此事？

And then on CapEx, and it's not a big increase, but CapEx outlook for 2022 increase about $200 million related to other projects.

然後是資本支出，這並不是一個很大的增長，但與其他項目相關的 2022 年資本支出前景將增加約 2 億美元。

Is there anything in concrete that you would highlight?

有什麼具體的東西要強調嗎？

Or it's just based on the series of projects that you were -- that you elaborated on earlier in the call?

或者它只是基於你之前在電話會議中詳細闡述的一系列項目？

Yes.

是的。

Well, on the last question...

嗯，關於最後一個問題...

Let me just say on last question, it's good news, Carlos.

讓我就最後一個問題說一下，這是個好消息，卡洛斯。

Higher copper prices gives you an incentive to spend money to increase values.

較高的銅價會激勵您花錢增值。

And so these are items that were largely in our long-term plans that we're advancing to create value.

因此，這些項目主要在我們的長期計劃中，我們正在推進以創造價值。

Right, Kathleen?

對吧，凱瑟琳？

Yes.

是的。

Yes.

是的。

That's exactly right.

這是完全正確的。

We brought forward some capital.

我們帶來了一些資金。

We've also increased production.

我們還增加了產量。

So that's what that was.

所以就是這樣。

It's basically mining equipment investments.

它基本上是採礦設備投資。

The first part of it in terms of the negotiations and we don't publicly comment on details of the negotiations while they are still in progress, but we had all set a target of trying to get the commercial agreement with the third-party done by the end of March.

談判的第一部分，我們不會公開評論談判的細節，但談判仍在進行中，但我們都設定了一個目標，試圖與第三方達成商業協議三月底。

And so there were extensive negotiations that went back and forth during the first quarter.

因此，在第一季度進行了廣泛的談判。

By the end of March, we had not reached an acceptable agreement.

到三月底，我們還沒有達成可接受的協議。

And we have been moving in parallel this other project.

我們一直在平行推進另一個項目。

At some point, we've got to make a decision.

在某個時候，我們必須做出決定。

We haven't finalized that decision yet.

我們尚未最終確定該決定。

But we are moving the greenfield, our own project, forward so that we can meet our obligations to the governments and not rely solely on a third party.

但我們正在推進我們自己的項目綠地，以便我們能夠履行對政府的義務，而不是僅僅依賴第三方。

So at this point, we are still having some discussions with the third party, but we're moving the other one in parallel as well.

所以在這一點上，我們仍在與第三方進行一些討論，但我們也在同時移動另一個。

So as soon as we get a final decision, and believe me, we all want that as soon as possible, we'll convey that to you.

因此，一旦我們做出最終決定，相信我，我們都希望盡快做出決定，我們會將其傳達給您。

Carlos, it's -- and when we talk there, we say -- I was listening to Kathleen, some of the weirdest decisions by the government.

卡洛斯，這是 - 當我們在那裡交談時，我們說 - 我正在聽凱瑟琳，政府的一些最奇怪的決定。

The we in Indonesia is the PT-FI, which is a partnership between MIND ID and FCX.

我們在印度尼西亞是 PT-FI，它是 MIND ID 和 FCX 之間的合作夥伴。

FCX operates, but we, in Indonesia, is that partnership along with the Ministry of state-owned enterprises.

FCX 運作，但我們在印度尼西亞與國有企業部合作。

This a different world from those of you who followed us for all of the years we were dealing with the government when FCX has to take the lead, and really, me personally was there on the ground on these negotiations.

這與那些在 FCX 必須帶頭的情況下與政府打交道的那些年來一直跟隨我們的人不同，實際上，我個人在這些談判中親臨現場。

Now we're there very much as a team.

現在我們作為一個團隊在那裡。

And as Kathleen says, it's aligned and it's in much better environment than we had historically.

正如凱瑟琳所說，它是一致的，它的環境比我們歷史上的要好得多。

Your next question comes from the line of Orest Wowkodaw with Scotiabank.

您的下一個問題來自豐業銀行的 Orest Wowkodaw。

Just again a follow-up on the smelter.

又是對冶煉廠的跟進。

At some point, I assume you're going to have to make a decision in terms of whether to build your own or whether to go with a third party.

在某些時候，我假設您將不得不就是否構建自己的或是否與第三方合作做出決定。

Is there -- at this point, is there a drop to that date in terms of which direction that goes?

有沒有 - 在這一點上，那個日期是否有下降的方向？

I mean, certainly, you can't drag this on forever.

我的意思是，當然，你不能永遠拖下去。

No, it's the government.

不，是政府。

I mean, it's really -- it is the government who's going to make that decision.

我的意思是，這真的是政府將做出決定。

We are prepared -- if we could get -- if the government supports it and we could get a reasonable deal with concentrate sale terms in a regulatory environment dealing with our IUPK obligations, PT-FI is prepared to deal with Weda Bay.

我們準備好了——如果我們能得到——如果政府支持它，並且我們可以在處理我們的 IUPK 義務的監管環境中就集中銷售條款達成合理的協議，PT-FI 準備與 Weda Bay 打交道。

If that doesn't happen, we're prepared to go forward with the other project, and we're working on that.

如果這沒有發生，我們準備繼續進行另一個項目，我們正在努力。

We're not sitting here not doing anything.

我們不是坐在這裡什麼都不做。

We're prepared to go forward.

我們準備繼續前進。

And I just think it's important to keep in mind that while this is a big project and it's a management issue, it's not a huge financial issue to FCX.

我只是認為重要的是要記住，雖然這是一個大項目並且是一個管理問題，但對 FCX 來說並不是一個巨大的財務問題。

I mean, we were paying a 5% export duty, that would be relieved with the smelter.

我的意思是，我們支付了 5% 的出口關稅，冶煉廠會減輕這一點。

The financial implications are not that significant.

財務影響並不那麼顯著。

And more than 70% of the financial implications go to the government through taxes and equity share ownership.

超過 70% 的財務影響通過稅收和股權歸屬於政府。

So...

所以...

But Orest, we do want to make a decision sooner.

但是奧雷斯特，我們確實想盡快做出決定。

There's not some kind of drop-dead date, but we want to make this decision very soon.

沒有某種截止日期，但我們希望盡快做出這個決定。

Yes.

是的。

Okay.

好的。

And just -- I was going to say as a follow-up.

只是 - 我要說的是後續行動。

Go ahead, Richard.

來吧，理查德。

No, I'm just saying it's not like we can say, we're going to do this, we're going to -- it's got to be a joint decision between the government and PT-FI.

不，我只是說我們不能說，我們會這樣做，我們會——這必須是政府和 PT-FI 之間的共同決定。

I see.

我懂了。

Okay.

好的。

Is it fair to assume -- I mean, given that benchmark or spot TCs for copper are so depressed right now that in order for a third party to agree to build the smelter that -- is it fair to assume that they'd be looking for some kind of stability in the TCs perhaps that are at higher levels?

假設是否公平——我的意思是，鑑於銅的基准或現貨 TC 現在如此低迷，以至於為了讓第三方同意建造冶煉廠——假設他們正在尋找是否公平？對於 TC 的某種穩定性，也許是在更高的水平？

Yes.

是的。

Yes.

是的。

Okay.

好的。

And just a point of clarification, did I hear earlier you state that you hope to be in a position to provide the market with some guidance on some of the brownfield growth opportunities in the U.S. by the end of the year?

澄清一下，我之前有沒有聽到你說過你希望能夠在今年年底前為市場提供一些關於美國一些棕地增長機會的指導？

Was that correct?

那是正確的嗎？

That's our hope.

這就是我們的希望。

That's our aspiration.

這就是我們的願望。

I mean, as you know, we're a very transparent company.

我的意思是，如你所知，我們是一家非常透明的公司。

And our hope is that we get some clarity by the end of the year.

我們希望我們能在今年年底前獲得一些明確的信息。

Josh mentioned it.

喬什提到了它。

Kathleen mentioned it.

凱瑟琳提到了它。

And as we do, we're going to keep all of you informed.

正如我們所做的那樣，我們將隨時通知你們所有人。

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 與 John Tumazos 非常獨立的研究。

Congrats on all the -- money is raining on you.

恭喜你——錢在你身上下雨。

Just following up on Emily's first question.

只是跟進艾米麗的第一個問題。

For the Bagdad mill project and the El Abra mill project and Kucing Liar underground project, which we know you're going to meticulously engineer and study as you plan and permit and build and finance, is it safe to say each of those are likely to come on 2025 or later?

對於 Bagdad 工廠項目、El Abra 工廠項目和 Kucing Liar 地下項目，我們知道您將在計劃、許可、建造和融資時精心設計和研究，可以肯定地說，這些項目中的每一個都可能2025 年或更晚？

Yes.

是的。

Is it, say, 2026?

比如說，是 2026 年嗎？

Yes.

是的。

Bagdad could come on quicker than the other 2. You know the long lead times for investments for KL -- and Kucing Liar, that's in our long-term plan.

Bagdad 可能會比其他 2 個更快。你知道 KL 的投資準備時間很長——還有 Kucing Liar，這是我們的長期計劃。

We're just optimizing it now.

我們現在只是在優化它。

So that -- and that capital will be spent over a long period of time.

所以 - 這筆資金將在很長一段時間內花費。

And then El Abra, just from a sequencing standpoint, would come behind Bagdad from a time period that it could come online.

然後，從排序的角度來看，El Abra 將落後於巴格達，因為它可能會上線一段時間。

So you're talking about -- if you started everything, right now, you're talking about 7 years out with all the permitting process, 7, 8 years maybe, with all the permitting process.

所以你說的是——如果你開始一切，現在，你說的是7年的所有許可程序，可能是7年、8年，所有的許可程序。

But Bagdad could be done probably on your 2025-type time line if we -- depending on when we start.

但如果我們——取決於我們什麼時候開始，巴格達可能會在你們 2025 年的時間線上完成。

If I can ask one more.

如果我可以再問一個。

I recall Kucing Liar drill results that were very good in the '90s.

我記得 90 年代 Kucing Liar 演習的結果非常好。

How recently has that been drilled and updated?

最近多久鑽取和更新？

So you have access and you've updated those studies and have more information.

因此，您可以訪問並且您已經更新了這些研究並獲得了更多信息。

Yes.

是的。

Mark, why don't we talk about...

馬克，我們為什麼不談談...

Yes.

是的。

We've also -- John, you will probably remember that Kucing Liar has pyrite content.

我們還有-- 約翰，您可能還記得Kucing Liar 含有黃鐵礦成分。

And so Mark, talk about how we've been working on -- and this has been a continual work project.

所以馬克，談談我們是如何工作的——這是一個持續的工作項目。

It is independent of Grasberg Block Cave, Deep MLC and our other operations.

它獨立於 Grasberg Block Cave、Deep MLC 和我們的其他業務。

But Mark, maybe comment on how we've updated our analysis of KL?

但是馬克，也許評論一下我們如何更新我們對 KL 的分析？

Yes.

是的。

I mean, in the last 3 years or so, there was a significant change, wasn't so much new drilling.

我的意思是，在過去 3 年左右的時間裡，發生了重大變化，並沒有那麼多新鑽探。

We did do some drilling over the last couple of years.

在過去的幾年裡，我們確實做了一些鑽探。

And we revisited some of the metallurgical work.

我們重新審視了一些冶金工作。

The big change there was, and as Richard alluded to, the original KL mine plan was more focused on higher copper equivalent grade, but it also had much higher pyrite and required a significant change to our processing.

正如理查德所暗示的那樣，最大的變化是，最初的 KL 礦山計劃更側重於更高的銅當量品位，但它也有更高的黃鐵礦，需要對我們的加工進行重大改變。

The new mine plan focuses on some slightly lower copper equivalent portion of the resource that has now become the reserve.

新的礦山計劃側重於現在已成為儲量的資源中銅當量稍低的部分。

And we've -- and it's part of the ore body.

我們已經 - 它是礦體的一部分。

Essentially, we leave the mill as it is.

本質上，我們讓工廠保持原樣。

The pyrite problem is largely diminished and almost eliminated.

黃鐵礦問題大大減少並幾乎消除。

So the overall capital as far as processing, power requirements, environmental management have dropped significantly.

因此，就加工、電力需求、環境管理而言，整體資本大幅下降。

In addition, this new portion of the new mine plan, the areas that we mine, the gold recoveries go up substantially.

此外，新礦山計劃的這一新部分，我們開采的區域，黃金回收率大幅上升。

We -- in our initial reserves, several years ago, gold recoveries were below 50%.

我們——在我們最初的儲備中，幾年前，黃金回收率低於 50%。

The new plan has gold recoveries over 60%, and we think there's upside there.

新計劃的黃金回收率超過 60%，我們認為那裡有上漲空間。

So it's a much less capital-intensive, much more robust plan, a lot less environmental management costs to go with this new KL plan.

因此，與這個新的吉隆坡計劃相比，這是一個資本密集度更低、更穩健的計劃，環境管理成本也更低。

The one thing, Richard mentioned it, it's independent, but in some ways, it does tie in.

理查德提到的一件事，它是獨立的，但在某些方面，它確實是相關的。

We share parts of the GBC ore flow system.

我們共享部分 GBC 礦石流動系統。

KL ramps up.

KL 加速。

And in coordination with the GBC plan, we used some of the same conveyor.

為了配合 GBC 計劃，我們使用了一些相同的輸送機。

And then the big part was that the mill is relatively unchanged with this new plan.

然後最重要的是，工廠在這個新計劃中相對沒有變化。

And so John -- yes, Mark.

所以約翰——是的，馬克。

So John, this is not a competing project to our Americas growth plan.

所以約翰，這不是我們美洲增長計劃的競爭項目。

I mean, it's in our long-term plan, as Kathleen said.

我的意思是，正如凱瑟琳所說，這是我們的長期計劃。

It fits in with everything we're doing out there.

它適合我們在那裡所做的一切。

And then the trade-offs of where we invest in the Americas is one where we will be looking at the pros and cons of each project.

然後我們在美洲投資地點的權衡是我們將考慮每個項目的利弊的地方。

In the U.S., we have no royalties because we own the land and sea.

在美國，我們沒有特許權使用費，因為我們擁有陸地和海洋。

We have no taxes because of our tax laws carryforward for a very long period of time and tax rates in the U.S. are very low.

我們沒有稅收，因為我們的稅法在很長一段時間內結轉，而且美國的稅率非常低。

So I mean all of this, this is an after-tax, after-royalty economic analysis.

所以我的意思是所有這些，這是一個稅後、版稅後的經濟分析。

And we're going to decide where can we add value most economically for our shareholders.

我們將決定我們在哪裡可以最經濟地為我們的股東增加價值。

We're just so happy to see it raining money and good opportunities on you.

我們很高興看到它給你帶來了金錢和好機會。

Thanks, John.

謝謝，約翰。

Yes, it's been a long winding road, but it's great.

是的，這是一條漫長而曲折的道路，但它很棒。

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

您的下一個問題來自 Michael Dudas 的 VRP。

Richard and Kathy, maybe to follow up on your thoughts on investment for Freeport.

理查德和凱西，也許是為了跟進你對自由港投資的想法。

Certainly, looking at after-tax returns, copper price, et cetera, taxes, how much more will ESG be involved in some of the analysis that not only you, but the industry is going to have to work on to?

當然，看看稅後回報、銅價等，還有稅收，ESG 會涉及到多少不僅是您，而且是整個行業都必須進行的分析？

Is that going to add significant hurdles, generally?

一般來說，這會增加重大障礙嗎？

Some -- obviously, you have to have a social license to operate in, we understand that.

有些——很明顯，你必須有社會許可證才能經營，我們理解這一點。

But is it because of the more importance, is that going to be helpful?

但是否因為更重要，這會有幫助嗎？

And is that going to add hurdles to some of this long-term investment that the industry is going to require to meet the demand needs going forward?

這是否會為該行業滿足未來需求所需的一些長期投資增加障礙？

It's not only -- it is today.

不僅是——今天也是。

I mean, it is today.

我的意思是，就是今天。

And I mean ESG matters are not something that's common across all projects.

我的意思是 ESG 問題並非在所有項目中都普遍存在。

They're all site-specific related.

它們都是特定於站點的。

I made a point, and I think you probably picked up on it, in talking about our growth projects in Arizona, being supported by communities and by Native American groups.

在談到我們在亞利桑那州的增長項目時，我提出了一個觀點，我想你可能已經明白了這一點，得到了社區和美洲原住民團體的支持。

That's because we've been there for so long, and we have devoted attention and resources to those communities and to providing opportunities beyond just our separate operations.

那是因為我們已經在那里呆了很長時間，並且我們已經將注意力和資源投入到這些社區中，並在我們單獨的運營之外提供機會。

Elsewhere, in Arizona even which has a favorable state view for mining development, there are huge barriers from an ESG standpoint to developments.

在其他地方，即使在州政府對礦業開發持有利看法的亞利桑那州，從 ESG 的角度來看，開發也存在巨大障礙。

And you just look at Rosemont and Resolution and other projects.

你只需看看 Rosemont 和 Resolution 以及其他項目。

So you have to go and look at each particular project, each -- the way companies provide it, but it's enormous barrier, and it's going to grow.

所以你必須去看看每一個特定的項目，每一個——公司提供它的方式，但它是巨大的障礙，而且它會增長。

I mean, the number of groups that are involved in ESG attention, you see it with institutional investors which you are aware with.

我的意思是，涉及 ESG 關注的群體的數量，你可以從你所了解的機構投資者那裡看到。

But consumer groups are very focused.

但消費群體非常專注。

Automobile manufacturers are focused about where their minerals are coming from, where is their copper coming from.

汽車製造商關注他們的礦物來自哪裡，他們的銅來自哪裡。

That's why this copper mark thing that I referenced is so important.

這就是為什麼我提到的這個銅標記物如此重要的原因。

So it's going to be -- it's an enormous issue right now.

所以這將是 - 現在這是一個巨大的問題。

And it's going to be a major impact on -- it's going to be on supply development.

這將對供應發展產生重大影響。

So...

所以...

Yes.

是的。

And it's always been part of our project evaluation.

它一直是我們項目評估的一部分。

It's even more so today, but it's always been part of our evaluation is using less energy, diversifying our energy sources to looking at renewables.

今天更是如此，但我們評估的一部分一直是使用更少的能源，使我們的能源多樣化，以尋找可再生能源。

Water is a big issue that we manage.

水是我們管理的一個大問題。

We found a great solution in Cerro Verde in Peru when we did that project, where we built a wastewater treatment plant to get water.

當我們做那個項目時，我們在秘魯的 Cerro Verde 找到了一個很好的解決方案，我們在那裡建造了一個污水處理廠來取水。

So we didn't compete with other uses of water in the country and actually helped the community.

因此，我們沒有與該國的其他用水方式競爭，而是真正幫助了社區。

So we're always looking as part of our projects how does this project help the community, and ESG has always been part of it.

因此，我們一直將這個項目如何幫助社區作為我們項目的一部分，而 ESG 一直是其中的一部分。

And as Richard said, it's just growing -- going much, much larger.

正如理查德所說，它只是在增長——變得越來越大。

I guess you know this, but copper is really a great story.

我想你知道這一點，但銅真的是一個很棒的故事。

We don't have the Scope 3 emissions that other companies have to deal with.

我們沒有其他公司必須處理的範圍 3 排放。

Copper is actually -- what copper is used for is actually used for decarbonization.

銅實際上是 - 銅的用途實際上是用於脫碳。

But the Scope 1 and 2 areas is something that we work hard on every day, and it's all part of our project development plans, the capital investment plans.

但是范圍 1 和 2 領域是我們每天都在努力工作的領域，這都是我們項目開發計劃、資本投資計劃的一部分。

Your next question comes from the line of Andreas Bokkenheuser with UBS.

您的下一個問題來自瑞銀集團的 Andreas Bokkenheuser。

Just a quick operational question, a 2 part one actually.

只是一個快速的操作問題，實際上是第 2 部分。

Obviously, we saw production a bit higher in Q1 versus sales.

顯然，我們看到第一季度的產量比銷售額略高。

Can you just comment a little bit further about the restocking?

你能對補貨再多評論一點嗎？

I think you were saying also that there might be some gold sales at Grasberg that are going to get delayed into sales in Q2.

我認為您還說 Grasberg 的一些黃金銷售可能會推遲到第二季度的銷售。

So what kind of drove that?

那到底開什麼車呢？

Okay.

好的。

So let me address that.

所以讓我來解決這個問題。

We don't sell copper and gold in Grasberg.

我們不在格拉斯伯格出售銅和黃金。

We sell copper concentrate.

我們出售銅精礦。

It's got copper and gold in it.

裡面有銅和金。

We get paid for the individual components at LME prices.

我們以 LME 的價格獲得單個組件的報酬。

But as I mentioned earlier, what happened at Grasberg is we met our production targets, we transported this copper concentrate to the port site to be ready to ship, some shipments got delayed for various reasons.

但正如我之前提到的，Grasberg 發生的事情是我們達到了生產目標，我們將這種銅精礦運到港口準備裝運，但由於各種原因，一些發貨延遲了。

And so the production is done.

這樣生產就完成了。

And we recognize sales when the concentrates loaded on ships.

我們在精礦裝船時確認銷售額。

So literally, all we have is some of those sales are going to be in the second quarter more than first quarter.

因此，從字面上看，我們所擁有的只是其中一些銷售額將在第二季度超過第一季度。

And it's just that simple.

就這麼簡單。

And throughout our operations, we have timing issues like that.

在我們的整個運營過程中，我們都會遇到這樣的時間問題。

For those of you who follow the Grasberg, we have weather conditions at ports.

對於那些跟隨格拉斯伯格的人，我們在港口有天氣狀況。

It's a shallow water sea, and so weather conditions can delay shipments.

這是一個淺水海，因此天氣條件可能會延遲發貨。

But all this ends up being strictly a timing.

但這一切最終都是嚴格意義上的時機。

Whether it's at the last of the first quarter or the early part of the second quarter is irrelevant.

無論是在第一季度末還是第二季度初都無關緊要。

Yes.

是的。

Generally, our production equals our sales.

一般來說，我們的產量等於我們的銷售額。

And we did have some both in the U.S. and in Indonesia.

我們確實在美國和印度尼西亞都有一些。

We did have some changes between production and sales, but that's, like Richard said, just timing.

我們確實在生產和銷售之間發生了一些變化，但正如理查德所說，這只是時機。

As you can imagine, we can sell everything we produce.

您可以想像，我們可以出售我們生產的所有產品。

That's not an issue.

那不是問題。

Absolutely.

絕對地。

That's very clear.

這很清楚。

And then a follow-up question.

然後是一個後續問題。

You've obviously been mentioning that you expect the output of the Peru and Cerro Verde to kind of return to normal next year.

您顯然已經提到，您預計秘魯和 Cerro Verde 的產量將在明年恢復正常。

Are there any other mines in your global portfolios that are right now kind of feeling the pressure of any COVID restrictions or anything of that nature where you expect there could be a bit of a volume ramp-up going into next year?

您的全球投資組合中是否還有其他礦山現在感受到任何 COVID 限製或任何類似性質的壓力，您預計明年的產量可能會有所增加？

Well, we mentioned we restarted -- we had actually suspended operations at the Chino mine in New Mexico, a relatively small mine, but we're resuming operations there.

好吧，我們提到我們重新啟動了——我們實際上已經暫停了新墨西哥州奇諾礦的運營，這是一個相對較小的礦場，但我們正在那裡恢復運營。

We reduced mine rate stripping rates at Morenci to conserve costs, and that will take some time to restore and production will build up from there.

我們降低了 Morenci 的採礦率剝離率以節省成本，這將需要一些時間來恢復，生產將從那裡開始。

But it's nothing of real significance.

但這並沒有什麼真正意義。

The amazing thing is the guys, Mark and his team at Grasberg have just been remarkable with meeting our targets there in the face of a very challenging COVID location.

令人驚奇的是，面對極具挑戰性的 COVID 地點，Grasberg 的 Mark 和他的團隊在實現我們的目標方面表現出色。

And we've done a remarkable job in managing all that and continue to.

我們在管理所有這些方面做得非常出色，並將繼續這樣做。

Yes.

是的。

I'd say logistically, in South America is where we have the biggest constraints currently.

從邏輯上講，南美是我們目前面臨最大限制的地方。

But we're still dealing with it all over in terms of protocols, et cetera.

但是我們仍然在協議等方面全面處理它。

So we're not letting up the guard.

所以我們不會放鬆警惕。

And we're continuing to be very, very careful about how we operate and make sure people are safe.

我們將繼續非常非常謹慎地對待我們的運營方式並確保人們的安全。

But in terms of the logistical side of things, it's mainly impacted South America.

但就物流方面而言，它主要影響的是南美。

Okay.

好的。

We have an internal medical director.

我們有一名內部醫療主任。

We work with international SOS for years.

我們與國際 SOS 合作多年。

And they've been fabulous in helping us build testing facilities and facilities for dealing with infected people.

他們在幫助我們建立檢測設施和應對感染者的設施方面表現出色。

We're able to treat them, get them back to work, and that's an ongoing process.

我們能夠治療他們，讓他們恢復工作，這是一個持續的過程。

Okay.

好的。

That's clear.

這很清楚。

So for South America, the expected plan is the ramp up happens in the second half and then you're kind of back at full run rate early 2022.

所以對於南美來說，預期的計劃是在下半年開始加速，然後你會在 2022 年初恢復全速運行。

Is that the right way of thinking about it?

這是正確的思考方式嗎？

Well, in Peru, specifically, our plan is to run at this reduced freight all year long, and we'll assess that as we go.

嗯，具體來說，在秘魯，我們的計劃是全年以這種減少的運費運行，我們將在進行時進行評估。

But right now, the going-in assumption is that we will be in the situation for the balance of 2021 and then go back to the plan in 2022.

但是現在，進入的假設是我們將處於 2021 年餘額的情況，然後在 2022 年回到計劃。

That's the assumption.

這就是假設。

In Chile, it's a smaller operation, but we are beginning to increase our mining and stacking rates there.

在智利，這是一個較小的業務，但我們開始提高我們在那裡的採礦和堆垛率。

And the metal impact will happen in 2022, but we're starting that now.

金屬影響將在 2022 年發生，但我們現在就開始了。

So -- but our plan at Cerro Verde, which is our largest operation in South America, is to be at the slightly lower rate in the balance of the year.

所以 - 但我們在 Cerro Verde 的計劃是我們在南美最大的業務，在今年的餘額中以略低的速度運行。

The team did a great job and was able to surpass expectations in the first quarter.

該團隊做得很好，並且能夠在第一季度超出預期。

But it's not something that we feel is prudent to assume because the restrictions are still very, very significant.

但這不是我們認為謹慎的假設，因為限制仍然非常非常重要。

Your next question comes from the line of Lucas Pipes with B. Riley Securities.

您的下一個問題來自 B. Riley Securities 的 Lucas Pipes。

Richard, Kathleen, most of my questions have been asked and answered.

理查德，凱瑟琳，我的大部分問題都已被問及並得到解答。

But I wanted to circle back, Richard, to some of the earlier comments you made regarding this being one of the best copper markets outlooks you've seen.

但我想回顧一下，Richard，你之前關於這是你所見過的最好的銅市場前景之一的一些評論。

And in the -- in light of that, when we think about the framework for retaining capital versus returning capital, to what extent could this be subject to review?

鑑於此，當我們考慮保留資本與返還資本的框架時，這在多大程度上需要審查？

We spend a lot of time on this call talking about organic growth, for example.

例如，我們在這個電話會議上花了很多時間談論有機增長。

So could there be an incentive to toggle this ratio more towards the growth side?

那麼，是否有動力將這一比率更多地轉向增長方面？

And then along the same vein, M&A, have your views on that evolved?

然後沿著同樣的脈絡，併購，您對此的看法是否發生了變化？

And if so, what geography could make sense?

如果是這樣，什麼地理是有意義的？

Would you be -- could you be looking at producing miners or would you book preproduction?

你會 - 你會考慮生產礦機還是預訂預生產？

Would appreciate any updated thoughts on that as well.

也將不勝感激任何更新的想法。

That's a very good multilayered question.

這是一個非常好的多層次問題。

Let me see if I can answer it precisely.

讓我看看能不能準確回答。

Yes, I've been around a long time.

是的，我已經有很長時間了。

And I say there's 3 kind of eras of copper demand, pre-early 2000s, it was all driven by developed countries' GDP.

我說有3種銅需求時代，2000年代初之前，都是由發達國家的GDP驅動的。

Copper is most correlated commodity to GDP, and it would rise and fall based on business cycles.

銅是與 GDP 最相關的商品，它會根據商業周期而漲跌。

China emerged and now for almost 2 decades has dominated new demand growth.

中國崛起，近 2 年來一直主導著新的需求增長。

It's all come from China when you look at it.

當你看到它時，它們都來自中國。

The rest of the world has kind of been flat.

世界其他地方有點平。

The new era today, which is so exciting, is China's rate of growth, which people have been pointing to for some time, inevitably is falling, has to fall.

今天的新時代，令人振奮的是，中國的增長速度，人們已經指出了一段時間，不可避免地在下降，必須下降。

COVID's kind of complicated all that up.

COVID有點複雜。

But its absolute demand for copper volumes is so strong because this economy has grown and that's going to continue with the -- even as it pivots its economy to consumers and exports, its -- the absolute amount of copper that it grows, even though the rate of growth will drop, absolutely will not be strong.

但其對銅量的絕對需求如此強勁，因為該經濟體已經增長，而且這種情況將繼續下去——即使它的經濟重心轉向消費者和出口，它——其增長的銅的絕對數量，儘管增長率會下降，絕對不會強勁。

Now -- the reason I'm so excited about now is, now you've got -- it's COVID recovered in the developed world, but also all this movement around the world, you see it clearly here in the United States, to push money to a broader set of people to enhance consumption.

現在——我現在如此興奮的原因是，現在你已經得到了——它是在發達國家恢復的 COVID，還有世界各地的所有這些運動，你在美國清楚地看到它，推動錢給更廣泛的人群以提升消費。

All this move towards incoming in equality, which everybody recognize we got to do.

所有這些都朝著平等的方向發展，每個人都承認我們必須這樣做。

And that's going to create new copper demand.

這將創造新的銅需求。

And then my long-term story has always been in the undeveloped world, global growth, all the vast numbers of people around the world that are living in substandard conditions have aspirations of having better conditions, that requires more energy, more transportation, communication, more copper.

然後我的長期故事一直是在不發達的世界，全球增長，世界上所有生活在不合標準條件下的人都渴望擁有更好的條件，這需要更多的能源，更多的交通，通訊，更多的銅。

So that's why I say the demand side, to me, is in a new era, and it's really positive.

所以這就是為什麼我說需求方面，對我來說，是在一個新時代，這真的是積極的。

And the supply side, I don't know how it's going to keep up with it.

而供應方面，我不知道它將如何跟上它。

I literally don't.

我真的沒有。

Here, we have all of these projects at Freeport.

在這裡，我們在自由港擁有所有這些項目。

The price of copper could double overnight.

銅價可能在一夜之間翻倍。

Some people are talking about it doubling anyway, but overnight.

無論如何，有些人正在談論它翻倍，但一夜之間。

And we could not do new production of significance for a number of years, for a number of years.

而且我們不能在很多年裡，很多年裡做有意義的新產品。

So it's going to be really interesting to see prices -- I just -- unless there's some global calamity, prices, it just seems to me, clearly have to rise substantially.

所以看到價格真的很有趣——我只是——除非有一些全球性的災難，在我看來，價格顯然必須大幅上漲。

Substitution has to occur.

替代必鬚髮生。

Scrap has to grow.

廢料必須增長。

But how to meet that demand?

但是如何滿足這種需求呢？

And that's why I'm so thrilled about where we are after all this time working to put this company together.

這就是為什麼我對我們經過這麼長時間努力將這家公司整合在一起後所處的位置如此激動。

John Tumazos referenced it.

John Tumazos 引用了它。

I mean, we've been through so much.

我的意思是，我們經歷了這麼多。

But I recall, Kathleen and I developed a strategy in 2003, 2004 when I became CEO of focusing on copper.

但我記得，凱瑟琳和我在 2003 年制定了一項戰略，2004 年我成為專注於銅的首席執行官。

And now it's so great here, all these years later to see it coming to fruition.

現在這裡太棒了，這麼多年後才能看到它開花結果。

Very helpful.

很有幫助。

So...

所以...

And in terms of the M&A question, we're really focused on our existing assets.

就併購問題而言，我們真正關注的是我們現有的資產。

We've got development options within the portfolio.

我們在產品組合中有開發選項。

We always monitor what's available externally and compare that against what we have.

我們始終監控外部可用的內容，並將其與我們擁有的內容進行比較。

So...

所以...

Let me add just a personal observation on that.

讓我補充一點個人的看法。

Our company made a misstep, other mining companies made missteps when they forced M&A for strategic reasons.

我們公司犯了一個錯誤，其他礦業公司出於戰略原因強制併購時也犯了錯誤。

You just look over and over again.

你只是一遍又一遍地看。

Phelps Dodge came to us as an opportunity.

菲爾普斯道奇作為一個機會來到我們這裡。

It wasn't a strategic plan to do it.

這不是一個戰略計劃。

We had talked with them about buying us.

我們和他們談過要買我們。

So where we are now is we have no strategy of engaging in M&A markets.

所以我們現在所處的位置是我們沒有參與併購市場的戰略。

But we'll be positioned now, for the first time in a long, long time, to -- if an opportunity comes to us to take advantage of.

但我們現在將在很長很長一段時間內第一次定位到 - 如果有機會我們可以利用。

Our strategy is straightforward: execute, invest in a disciplined way in our resources that provide growth that create value.

我們的策略很簡單：執行，以有紀律的方式投資於我們的資源，提供創造價值的增長。

If something comes to us, we're going to be in a position to consider it, but that's not our strategic objective.

如果有什麼事情來找我們，我們將能夠考慮它，但這不是我們的戰略目標。

You mentioned start-up operations, and that's come to us all the time.

您提到了啟動操作，這一直是我們的話題。

But we have trouble -- it's been a big barrier to make the economics of those work because to get into it, you've got to pay the value that's been made already.

但是我們遇到了麻煩——讓這些經濟運作起來是一個很大的障礙，因為要進入它，你必須付出已經創造的價值。

When we have all of these other resources in our portfolio where there's no value being given to them in our share price.

當我們在我們的投資組合中擁有所有這些其他資源時，我們的股價沒有賦予它們任何價值。

So we see -- that's been a real barrier of making even what might be, at some level, interesting projects work economically for our company.

所以我們看到 - 這是一個真正的障礙，即使是在某種程度上，有趣的項目對我們公司來說也能經濟地運作。

And we've had a long saying at Freeport, "Big mines get bigger and small mines get smaller." So that's also a tough issue.

在自由港，我們有一句很長的話，“大礦越來越大，小礦越來越小。”所以這也是一個棘手的問題。

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

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

Just one on smelter.

只有一個在冶煉廠。

To get a bit more clarity, is it only one party that you are engaging with on out, potentially outsourcing the smelter?

為了更清楚一點，您是否只與一方合作，可能將冶煉廠外包？

Or are they multiparties?

還是他們是多方的？

The reason for asking, you might have seen a news release or a media article last week that Indonesia has signed MOU with ENSI, and that's in West Papua where Freeport has said to have committed to 800,000 tonnes of raw material as well, which doesn't seem to align with the full scale of smelters or not sure if you're looking at just one smelter one part or are there multiple elements to it?

問的原因，你可能已經看到上週的新聞發布或媒體文章，印度尼西亞已經與 ENSI 簽署了諒解備忘錄，而那是在西巴布亞，據說 Freeport 也承諾提供 80 萬噸原材料，但事實並非如此。 t 似乎與冶煉廠的全部規模一致，或者不確定您是只看一個冶煉廠的一個零件還是有多個元素？

Yes.

是的。

The discussions to date has been most extensive with the project at Weda Bay.

迄今為止，對 Weda Bay 項目的討論最為廣泛。

The project that you're referring to is in Papua, a potential project.

你所指的項目是在巴布亞，一個潛在的項目。

And we are familiar with the developer there and have indicated that if there's excess capacity, we may be able to supply.

我們熟悉那裡的開發商，並表示如果產能過剩，我們可能能夠供應。

But our options, right now, we are focused on the base supply.

但是我們的選擇，現在，我們專注於基礎供應。

We are focused on either this Weda Bay option or our project at Gresig.

我們專注於 Weda Bay 選項或我們在 Gresig 的項目。

Yes.

是的。

We -- in response to your comment, we've made no commitment for supply on the Papua project.

我們——作為對您的評論的回應，我們沒有對巴布亞項目的供應做出任何承諾。

For years, we would have liked to have seen a smelter developed in Papua because it would be desirable to help the local community there.

多年來，我們一直希望看到在巴布亞開發冶煉廠，因為希望幫助那裡的當地社區。

But the infrastructure cost, the absence of infrastructure, the timing, investment that will be acquired for infrastructure have made it impractical in the past.

但在過去，基礎設施成本、基礎設施缺乏、時間安排、基礎設施投資使得它變得不切實際。

Our final question will come from the line of Brian MacArthur with Raymond James.

我們的最後一個問題將來自 Brian MacArthur 和 Raymond James 的台詞。

I'd like to go back and talk a little bit about KL because finally, after years of getting closer, but it does sound like the project, as for John's comment, has changed.

我想回過頭來談談 KL，因為終於，經過多年的接近，但對於 John 的評論，這聽起來確實像這個項目已經改變了。

So I just want to try and understand a little bit because when you look at the grade of this, at the point, the reserve grade is, whatever, 0.9 copper and 0.9 gram per tonne gold.

所以我只是想試著理解一點，因為當你看這個品位時，儲備品位是，無論如何，每噸 0.9 銅和 0.9 克黃金。

So it's a little more gold than some of the others.

所以它比其他一些黃金多一點。

So in this new plan, I guess my first question is, you talked about certain areas of the ore body.

所以在這個新計劃中，我想我的第一個問題是，你談到了礦體的某些區域。

Is there an area that's higher grade which you start, which helps the economics?

是否有一個你開始的更高等級的領域，這有助於經濟學？

And my second question, it sounds like the new plan obviously saves CapEx, which is good.

我的第二個問題，聽起來新計劃顯然節省了資本支出，這很好。

Technically, probably is easier, which is good.

從技術上講，可能更容易，這很好。

But then you talk about lower copper equivalencies, so I'm trying to figure out just how much lower that copper equivalency is?

但是你談到較低的銅當量，所以我想弄清楚銅當量到底低了多少？

And secondary, that obviously, that depends on price assumptions, too.

其次，顯然，這也取決於價格假設。

So this sounds pretty good.

所以這聽起來很不錯。

Yes.

是的。

We'll let Mark talk about it.

我們讓馬克談談。

But the -- there's a section of the mine that -- and we did the same thing with the Grasberg Block Cave development.

但是 - 礦山的一部分 - 我們對 Grasberg Block Cave 開發做了同樣的事情。

We modified it over time to focus on the lowest pyrite sections.

我們隨著時間的推移對其進行了修改，以專注於最低的黃鐵礦部分。

And what Mark will tell you is that with KL, we redesigned the mine plan to reduce the capital intensity because in order to get the pyrite, there's more capital in the mill, more environmental management required and the recovery starts going down.

Mark 會告訴你的是，在 KL，我們重新設計了礦山計劃以降低資本密集度，因為為了獲得黃鐵礦，工廠需要更多的資本，需要更多的環境管理，並且恢復開始下降。

You mentioned the 0.9, but it has a very low recovery, some of the ore.

你提到了0.9，但是它的回收率很低，一些礦石。

So what we have developed here is a more optimal plan that reduces upfront CapEx and modestly changes the total ore.

因此，我們在這裡開發的是一個更優化的計劃，可以減少前期資本支出並適度改變總礦石。

But from a metal standpoint, you're actually ending up with similar metal because you've got higher recoveries.

但從金屬的角度來看，你實際上得到了類似的金屬，因為你有更高的回收率。

So Mark, do you want to add to...

所以馬克，你想添加...

Just -- and then we'll turn to Mark.

只是——然後我們將轉向馬克。

But it's not that complicated.

但這並不復雜。

It's -- we have designed a new mine plan to avoid and minimize the pyrite section.

這是——我們設計了一個新的礦山計劃來避免和盡量減少黃鐵礦區。

So -- and by doing that, we reduced mill investments plus there was going to have to be a pipeline -- you've been out there, a pipeline from the mill, down the lowlands of storage for pyrite and lowland.

所以——通過這樣做，我們減少了工廠投資，而且必須有一條管道——你一直在外面，一條管道從工廠出來，沿著低地儲存黃鐵礦和低地。

So Mark, it's more of an engineering design determination, which gets all of these economic benefits than anything else.

所以馬克，這更像是一種工程設計決定，它比其他任何東西都能獲得所有這些經濟利益。

Mark?

標記？

Yes.

是的。

And I think the major advance was understanding where the -- not necessarily the highest grade but we're the highest value after-capital investment was in the ore body.

而且我認為主要的進步是了解 - 不一定是最高品位但我們是最高價值的資本後投資在礦體中的位置。

And if not for having a debt -- our contract with the government goes up to 2041.

如果不是因為欠債——我們與政府的合同將持續到 2041 年。

If not for that, the material that we've deferred would also be in reserves.

如果不是這樣，我們推遲的材料也將在儲備中。

So what we've done in this new plan is brought forward -- there's about half of the old reserve that overlaps with the old reserve.

所以我們在這個新計劃中所做的事情被提前了——大約有一半的舊儲備與舊儲備重疊。

And then there's another half where we've deferred a part of the lower-value ore and being able to substitute it with higher-value ore.

然後還有另一半我們推遲了一部分價值較低的礦石，並能夠用價值較高的礦石替代它。

This order that we're now mining would be sediment hosted, very similar to what we've milled for years in the DOZ, Deep MLZ.

我們現在正在挖掘的這個訂單將是沉積物託管的，非常類似於我們多年來在 DOZ、Deep MLZ 中碾磨的訂單。

The old reserve was very much centered on this fault that had the highest grades, but had, as Richard and Kathleen mentioned, some of the bigger challenges where a new mill we had to grind it much finer.

舊的儲備主要集中在這個品位最高的斷層上，但正如理查德和凱瑟琳所提到的，有一些更大的挑戰，我們必須將新磨機磨得更細。

That came with additional power requirements.

這帶來了額外的電源要求。

And then we had to manage the pyrite, which for us is to segregate it from the [Mod-88] and store it separately.

然後我們必須管理黃鐵礦，這對我們來說是將其與 [Mod-88] 隔離並單獨存儲。

So by recognizing all the costs that are associated with some of the higher copper equivalent grade, that's a combination of the copper and gold value, and substitute it with looking more on a value rather than purely on copper equivalency.

因此，通過認識到與某些較高銅當量品位相關的所有成本，這是銅和金價值的組合，並用更多地關注價值而不是純粹關注銅當量來代替它。

We came up with a much more optimal sequencing of the mine with the opportunity to go after this other material at a later date if we had the opportunity to mine beyond 2041.

如果我們有機會在 2041 年以後開採，我們想出了一個更優化的礦山排序，並有機會在以後追查其他材料。

And as Mark said, reduce risk, more robust plan.

而且正如馬克所說，降低風險，更穩健的計劃。

And we're doing some things right now to continue to try to enhance those gold recoveries.

我們現在正在做一些事情，以繼續嘗試提高這些黃金回收率。

And can you with this new plan -- I mean, I forgot what the original rate you figured KL was going to go through it.

你能接受這個新計劃嗎？我的意思是，我忘記了你認為 KL 將通過它的原始費率。

Can you actually offset at a higher mining rate because, I think you'd still have mill capacity at 240,000 tonnes, too, right?

你真的可以用更高的採礦率來抵消，因為我認為你的工廠產能仍然是 240,000 噸，對吧？

Does that offset it in there?

那會抵消那裡的嗎？

Or is it still sort of the same rate there?

還是那裡的匯率還是一樣的？

It's very similar mining rates that we had before.

這與我們之前的採礦率非常相似。

The tonnage is similar.

噸位相似。

It's a little bit less because we started a little bit later.

它有點少，因為我們開始得晚了一點。

But this does fill the 240,000 tonnes of mill capacity that we'll have with the Seg 3. And so there's obviously a district-wide plan that we sequence all of the ore bodies to best fill that mill in an optimal fashion.

但這確實填補了我們將通過 Seg 3 擁有的 240,000 噸磨機產能。因此，顯然有一個地區範圍的計劃，我們對所有礦體進行排序，以最佳方式以最佳方式填充該磨機。

This would peak at 90,000 tonnes a day, just marginally above what we're planning to do with Deep MLZ.

這將達到每天 90,000 噸的峰值，略高於我們計劃對 Deep MLZ 進行的處理。

And it ramps up as GDC would start to drop off.

隨著 GDC 開始下降，它會上升。

And so it's a balancing of the highest value material getting the first opportunity for mill space.

因此，最高價值材料的平衡是獲得工廠空間的第一個機會。

Great.

偉大的。

That's very helpful.

這很有幫助。

And it certainly sounds like it's a much more profit risk-adjusted, capital-intense project that maybe it was thought of 15 years ago when we first looked at this, I guess.

這聽起來確實像是一個經過利潤風險調整的、資本密集型的項目，我猜這可能是 15 年前我們第一次看到這個時所想到的。

Yes.

是的。

Yes, correct.

是，對的。

Exactly right.

非常正確。

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。

240,000 tonnes a day from the underground operation.

每天從地下作業產生 240,000 噸。

I'll just leave it with that.

我就這樣吧。

Thank you so much for being on our call, and we look forward to continuing to report our progress as we go forward in this year and following years.

非常感謝您接聽我們的電話，我們期待在今年和未來幾年繼續報告我們的進展。

Thank you.

謝謝你。

Ladies and gentlemen, that concludes our call for today.

女士們，先生們，我們今天的呼籲到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。