費利浦·麥克莫蘭銅金 (FCX) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoRan Second Quarter Conference Call. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎參加 Freeport-McMoRan 第二季度電話會議。 （操作員說明）

I would now like to turn the conference over to Ms. Kathleen Quirk, President. Please go ahead, ma'am.

我現在想將會議轉交給總裁 Kathleen Quirk 女士。請繼續，女士。

Thank you, and good morning. Welcome to the Freeport-McMoRan Second Quarter Conference Call. Earlier this morning, FCX reported second quarter 2022 operating and financial results, and a copy of today's press release and slides are available on our website at fcx.com.

謝謝你，早上好。歡迎參加 Freeport-McMoRan 第二季度電話會議。今天早上早些時候，FCX 報告了 2022 年第二季度的運營和財務業績，今天的新聞稿和幻燈片的副本可在我們的網站 fcx.com 上找到。

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

我們今天的電話會議正在互聯網上進行現場直播，任何人都可以通過訪問我們的網站主頁並單擊電話會議的網絡直播鏈接來收聽電話會議。除了分析師和投資者外，財經媒體也受邀收聽今天的電話會議，今天晚些時候將在我們的網站上重播網絡直播。

Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments on this call include forward-looking statements, and actual results may differ materially. I'd like to refer everyone to the cautionary language included in our press release and presentation materials and to the risk factors described in our SEC filings.

在開始發表評論之前，我們想提醒大家，今天的新聞稿和我們對此次電話會議的某些評論包括前瞻性陳述，實際結果可能存在重大差異。我想向大家推薦我們的新聞稿和演示材料中包含的警示性語言，以及我們提交給美國證券交易委員會的文件中描述的風險因素。

On the call today with me, Richard Adkerson, our Chairman of the Board and Chief Executive Officer; Maree Robertson, our Chief Financial Officer; Mark Johnson, Chief Operating Officer of Indonesia; Josh Olmsted, Chief Operating Officer for the Americas; Mike Kendrick, who runs our molybdenum business; Cory Stevens, who leads our centralized technical services, engineering and construction; Rick Coleman, who's leading a number of our projects, including the smelter project in Indonesia; and Steve Higgins, our Chief Administrative Officer.

在今天與我的電話會議上，我們的董事會主席兼首席執行官 Richard Adkerson； Maree Robertson，我們的首席財務官； Mark Johnson，印度尼西亞首席運營官；美洲區首席運營官 Josh Olmsted； Mike Kendrick，經營我們的鉬業務； Cory Stevens，負責領導我們的集中技術服務、工程和施工； Rick Coleman，他領導了我們的多個項目，包括印度尼西亞的冶煉廠項目；和我們的首席行政官史蒂夫·希金斯。

Richard is going to make some opening comments to start us off, and then I'll come back and cover the materials in the slide presentation. So now I'll turn the call over to Richard for his comments.

Richard 將發表一些開場白讓我們開始，然後我會回來介紹幻燈片演示中的材料。所以現在我將把電話轉給 Richard 徵求他的意見。

Thank you, Kathleen. Good morning to everyone. Thank you for joining us. I'm going to open up with some brief remarks about where Freeport is as a company. The second quarter was truly a tale of 2 cities for Freeport. We had very strong operations, and then we've had to deal with this sudden and unexpected significant decline in copper prices.

謝謝你，凱瑟琳。各位早上好。感謝您加入我們。我將簡要介紹一下 Freeport 作為一家公司在哪裡。對於自由港來說，第二季度確實是兩個城市的故事。我們的業務非常強勁，然後我們不得不應對銅價突然和意外的大幅下跌。

For our operations, we executed our plans. We met our production targets. We met our unit production cost target as well of $1.41. And that was really supported by the ongoing success we've had at Grasberg in the 20-year effort to convert the open pit mine to the industry's largest underground operations. Grasberg has now returned as the second largest copper mine in the world, the largest single gold mine in the world, is 38% of our consolidated copper sales at Freeport.

對於我們的運營，我們執行了我們的計劃。我們達到了生產目標。我們也達到了 1.41 美元的單位生產成本目標。我們在 Grasberg 的 20 年努力將露天礦轉變為業內最大的地下作業，不斷取得成功，這確實支持了這一點。 Grasberg 現在已經回歸，成為世界上第二大銅礦、世界上最大的單一金礦，占我們在自由港綜合銅銷售額的 38%。

Our second quarter unit cost at PT-FI were below 0. Our gold revenue is fully funded, our total operating cost and the success in this operation is a highlight in the careers of all of us associated with PT-FI. Our operations in America performed well. We maintained our positive outlook. As Kathleen will illustrate, I just cannot be more pleased with our global team and the way we operated in the second quarter.

我們在 PT-FI 的第二季度單位成本低於 0。我們的黃金收入資金充足，我們的總運營成本和該業務的成功是我們所有人與 PT-FI 相關的職業生涯中的一個亮點。我們在美國的業務表現良好。我們維持樂觀的展望。正如凱瑟琳將說明的那樣，我對我們的全球團隊以及我們在第二季度的運營方式感到非常滿意。

We executed the financial policy we established early last year. At that time, we set a net debt target of $3 billion to $4 billion and an allocation of available cash flows between dividends, share buybacks and investments. We ended the quarter with a comparative debt amount of $1 billion. There was $600 million of Indonesian debt to separately finance there. Our debt reduced to that level simply because we weren't able, for timing reasons, market reasons to spend money on expansions in accordance with the allocation.

我們執行了去年初制定的財務政策。當時，我們設定了 30 億至 40 億美元的淨債務目標，並在股息、股票回購和投資之間分配可用現金流。我們以 10 億美元的相對債務額結束了本季度。印尼有 6 億美元的債務需要在那裡單獨融資。我們的債務減少到那個水平僅僅是因為出於時間原因、市場原因，我們無法根據分配情況花錢進行擴張。

We've paid our base dividend and our supplemental dividend. We purchased FCX shares in the open market since we began that program. We purchased 48 million shares. We retired $750 million of debt in the open market at a discount. Our Board has now approved an increase in our buyback program authorization to [$5 billion] (corrected by the company after the call). We have roughly [$3 billion] (corrected by the company after the call)remaining. Our financial policy is solid, and our execution is strong.

我們已經支付了基本股息和補充股息。自從我們開始該計劃以來，我們在公開市場上購買了 FCX 股票。我們購買了4800萬股。我們以折扣價在公開市場上償還了 7.5 億美元的債務。我們的董事會現已批准將我們的回購計劃授權增加到 [50 億美元]（在電話會議後由公司更正）。我們還有大約 [30 億美元]（在電話會議後由公司更正）剩餘。我們的財務政策穩健，執行力強。

But that's only one city, but it's an important one. The other side of the coin is markets. It's just striking how quickly and dramatically markets changed in the second quarter. Prior to this call, I went back and read analyst comments going into the quarter, and the optimism was widespread. Copper prices approached $5, many were expecting it to go higher. We used $4.50 in our outlook. And now we have prices just above $3.25.

但這只是一個城市，但它是一個重要的城市。硬幣的另一面是市場。令人驚訝的是，第二季度市場發生瞭如此迅速和劇烈的變化。在這次電話會議之前，我回去閱讀了分析師對該季度的評論，樂觀情緒普遍存在。銅價接近 5 美元，許多人預計它會走高。我們在展望中使用了 4.50 美元。現在我們的價格略高於 3.25 美元。

Market sentiment reversed so dramatically. I read with interest the recent Bank of America investor survey of institutional investors where they described it as a full panic mode, the lowest expectation in the history of the survey, going back to 1995 by investors. The economic analysts are debating on how significant and the duration of the downturn.

市場情緒如此劇烈地逆轉。我感興趣地閱讀了美國銀行最近對機構投資者的投資者調查，他們將其描述為一種全面的恐慌模式，這是調查歷史上最低的預期，可追溯到 1995 年。經濟分析師正在就經濟衰退的嚴重程度和持續時間進行辯論。

At Freeport, we hope for the best, we prepare for the worst. Our management team has experienced and successfully managed past downturns, all of which have been followed by significant recoveries. This is not our first rodeo. We have our playbook. We've dealt with this before. But this time, importantly, we have a strong balance sheet, and that will enable us to manage whatever we face in this marketplace. Our strong financial -- we will work to protect our strong financial condition, protect our assets, our growth opportunities for the bright future that lies ahead for copper.

在自由港，我們抱最好的希望，我們為最壞的情況做準備。我們的管理團隊經歷並成功管理了過去的低迷時期，所有這些都伴隨著顯著的複蘇。這不是我們的第一個牛仔競技表演。我們有我們的劇本。我們以前處理過這個問題。但這一次，重要的是，我們擁有強大的資產負債表，這將使我們能夠管理我們在這個市場上面臨的一切。我們強勁的財務狀況——我們將努力保護我們強勁的財務狀況，保護我們的資產，為銅的光明未來提供增長機會。

There is a disconnect in today's physical market and the current copper price. Our world in producing and selling copper, for us, feels about the same it did when copper was at $4.50. Customers report strong business. Copper inventories are at historical lows. There has been, to date, no significant impact in physical demand. Today's market is tight. Our strategy of being the world's foremost copper company is intact, and that's based on the long-term fundamentals of the demand and supply for copper.

今天的實物市場與當前的銅價存在脫節。對我們來說，我們在生產和銷售銅方面的世界感覺與銅價為 4.50 美元時的情況大致相同。客戶報告業務強勁。銅庫存處於歷史低位。迄今為止，實物需求沒有受到重大影響。今天的市場很緊張。我們成為世界上最重要的銅公司的戰略是完整的，這是基於銅需求和供應的長期基本面。

But the reality of today's copper price stares us squarely in the face. It's a major impact on our revenues and our cash flows. The outlook is uncertain. Analysts are calling in a range from a near-term major recession to a longer-term stagflation. Some see a less significant downturn with a near-term recovery. If that happens, we'll watch out. We at Freeport do not know what's going to happen near term. As I said, we hope for the best, prepare for the worst.

但今天銅價的現實直面我們。這對我們的收入和現金流產生了重大影響。前景不確定。分析師們的預測範圍從近期的嚴重衰退到長期的滯脹。一些人認為近期復甦的情況不會那麼嚴重。如果發生這種情況，我們會小心的。我們自由港不知道近期會發生什麼。正如我所說，我們抱最好的希望，做最壞的準備。

Whatever happens, the long-term outlook for copper is bright. FCX is well positioned to be a major beneficiary. This -- the world is becoming increasingly electrified with the demand for copper growing as the world acts to reduce carbon emissions with electric vehicles and alternative power generations.

無論發生什麼，銅的長期前景都是光明的。 FCX 有能力成為主要受益者。隨著世界採取行動通過電動汽車和替代發電減少碳排放，隨著對銅的需求不斷增長，世界正變得越來越電氣化。

S&P Global's Dan Yergin, a highly respected authority for many years in the energy business, recently published a report according to a doubling of copper demand because of the energy transition by 2035, accompanied by huge deficits. I encourage you to read this report. With the established need for the copper to support the world's economy, the future global growth, we're in a new era of copper demand with the energy transitions.

S&P Global 的 Dan Yergin 是多年來在能源行業備受尊敬的權威，他最近發布了一份報告，稱由於到 2035 年的能源轉型，銅需求將翻一番，同時伴隨著巨額赤字。我鼓勵你閱讀這份報告。隨著對銅的既定需求來支持世界經濟和未來的全球增長，我們正處於能源轉型的銅需求新時代。

Supplies for new copper are challenged. There is no clear line of sight for mine development to meet future demand. The result is there has to be more scrap recovery, has to be conservation and substitution, more mines and expansions, more mines to redevelop expansions. But all of this takes years to execute, as you can see from our company. The results will be higher copper prices. The current price for copper is unsustainable. Absent a global long-term economic collapse, that is simply inevitable.

新銅的供應受到挑戰。礦山開發沒有明確的路線來滿足未來的需求。結果是必須有更多的廢料回收，必須進行保護和替代，更多的礦山和擴建，更多的礦山來重新開發擴建。但正如您從我們公司看到的那樣，所有這一切都需要數年時間才能執行。結果將是銅價走高。目前的銅價是不可持續的。如果沒有全球長期經濟崩潰，那簡直是不可避免的。

And now Kathleen, I'll let you review the quarter and present the information we have in our slides.

現在凱瑟琳，我會讓你回顧這個季度並在我們的幻燈片中展示我們擁有的信息。

Okay. Great. Thank you, Richard. And I'll cover the presentation that's on our website, and then we'll come back and take your questions.

好的。偉大的。謝謝你，理查德。我將介紹我們網站上的演示文稿，然後我們會回來回答您的問題。

Starting on Slide 3, we summarized the highlights of the second quarter. We achieved solid operating performance in the quarter and continued our momentum in executing our operating plans, growing our production year-over-year and managing costs in a challenging environment. Our sales volumes for copper were 17% higher than last year's second quarter and 5% above our recent guidance. We benefited from strong operating performance across the portfolio.

從幻燈片 3 開始，我們總結了第二季度的亮點。我們在本季度取得了穩健的經營業績，並在執行我們的經營計劃、同比增長我們的產量和在充滿挑戰的環境中管理成本方面繼續保持勢頭。我們的銅銷量比去年第二季度高出 17%，比我們最近的指導高出 5%。我們受益於整個投資組合的強勁運營表現。

Gold sales were 56% above the year ago quarter and 18% above our April guidance, reflecting the exceptional performance at Grasberg. Our consolidated average unit net cash cost for the quarter of $1.41 per pound were in line with our guidance. And notably, Grasberg's costs were a net credit of $0.02 per pound in the quarter, meaning that the gold revenues more than offset all of our cash production cost at the site. We're actively engaged in cost management and efficiencies across the portfolio to mitigate cost increases.

黃金銷售額比去年同期高出 56%，比我們 4 月份的指導高出 18%，反映出 Grasberg 的出色表現。我們本季度的綜合平均單位淨現金成本為每磅 1.41 美元，符合我們的指導。值得注意的是，Grasberg 本季度的成本為每磅 0.02 美元的淨貸項，這意味著黃金收入足以抵消我們在現場的所有現金生產成本。我們積極參與整個投資組合的成本管理和效率，以減輕成本增加。

We generated adjusted EBITDA of $2.3 billion in the quarter. This was net of a $355 million reduction associated with copper sales recorded in the first quarter, provisionally priced at the end of March at $4.71 per pound, which remains subject to final settlement. The decline in copper prices during the second quarter resulted in a negative adjustment for these provisionally priced sales. Our adjusted net income totaled $854 million in the second quarter, $0.58 per share. That excluded net charges detailed on Roman numeral Page 7 of our earnings release, totaling $0.01 per share.

我們在本季度產生了 23 億美元的調整後 EBITDA。這是扣除與第一季度記錄的銅銷售相關的 3.55 億美元的淨額，3 月底的臨時定價為每磅 4.71 美元，仍有待最終結算。第二季度銅價下跌導致這些臨時定價銷售出現負調整。我們第二季度調整後的淨收入總計 8.54 億美元，每股 0.58 美元。這不包括我們收益報告第 7 頁羅馬數字詳述的淨費用，總計每股 0.01 美元。

Operating cash flows of $1.6 billion in the quarter exceeded our capital expenditures of roughly $900 million. Capital spending in the quarter included $400 million of major projects, principally associated with the Grasberg underground and roughly $200 million to advance the construction of the Indonesian smelter.

本季度 16 億美元的經營現金流量超過了我們大約 9 億美元的資本支出。本季度的資本支出包括 4 億美元的主要項目，主要與 Grasberg 地下有關，以及大約 2 億美元用於推進印尼冶煉廠的建設。

We took advantage of weakness in credit markets during the quarter and opportunistically repurchased debt in the open market. To date, we have purchased $754 million of FCX's notes in open market transactions at a cost of $718 million, including $582 million in principal amount in the second quarter. The current market situation provides a great opportunity for us to reduce absolute debt levels at attractive prices.

我們在本季度利用信貸市場疲軟的機會，在公開市場上機會性地回購了債務。迄今為止，我們以 7.18 億美元的成本在公開市場交易中購買了 7.54 億美元的 FCX 票據，其中包括第二季度的 5.82 億美元本金。當前的市場形勢為我們提供了以有吸引力的價格降低絕對債務水平的絕佳機會。

We also continue to execute our share repurchase program. Since starting the program last November, we have purchased 48 million shares at a total cost of $1.8 billion, an average approximating $38 per share. Since the end of the first quarter, we purchased nearly $800 million in stock, including $110 million in July, which were executed at an average share price of $28 per share.

我們還繼續執行我們的股票回購計劃。自去年 11 月啟動該計劃以來，我們已購買 4800 萬股股票，總成本為 18 億美元，平均約為每股 38 美元。自第一季度末以來，我們購買了近 8 億美元的股票，其中包括 7 月份的 1.1 億美元，以每股 28 美元的平均股價執行。

Since reaching our net debt target in the middle of last year in the range of $3 billion to $4 billion, we have used approximately 50% of our free cash flow for shareholder returns. Today, we announced that our Board increased our share purchase authorization by $2 billion to refresh availability on the program to the $3 billion range. The timing of our future purchases will be dependent on our cash flows and general market conditions. We'll continue our priority of maintaining a strong balance sheet and use excess cash to return to shareholders.

自去年年中達到 30 億至 40 億美元的淨債務目標以來，我們已將大約 50% 的自由現金流用於股東回報。今天，我們宣布我們的董事會將我們的股票購買授權增加了 20 億美元，以將該計劃的可用性更新到 30 億美元的範圍。我們未來購買的時間將取決於我們的現金流和一般市場狀況。我們將繼續保持強勁的資產負債表並使用多餘的現金回報股東。

As Richard discussed, the magnitude of the decline in copper in recent weeks was sudden and unexpected. We have the balance sheet, asset quality and experience to successfully manage a volatile and uncertain market environment. Our net debt at the end of June was $1.6 billion. That included $600 million in net debt associated with the Indonesian smelter. Consolidated debt was $11.1 billion, and consolidated cash was $9.5 billion.

正如理查德所討論的，最近幾週銅價下跌的幅度是突然的和出乎意料的。我們擁有成功管理動盪和不確定的市場環境的資產負債表、資產質量和經驗。我們在 6 月底的淨債務為 16 億美元。其中包括與印尼冶煉廠相關的 6 億美元淨債務。合併債務為 111 億美元，合併現金為 95 億美元。

We don't have requirements to raise capital in the current environment. We've been opportunistic in taking advantage of recent market weakness to repurchase our debt and equity securities. As we look forward, we will manage through the near term effectively and are positive about our strategy centered on being foremost in copper, the strength of our assets and our team focused on increasing value for all stakeholders.

在當前環境下，我們沒有籌集資金的要求。我們一直在利用近期市場疲軟的機會回購我們的債務和股票證券。展望未來，我們將在短期內有效地進行管理，並對我們以銅為核心的戰略、我們的資產實力和我們的團隊專注於為所有利益相關者增加價值持積極態度。

Moving to markets on Slide 4, we show a graph of year-to-date copper prices. The price 4 months ago hit a high of $4.87 per pound, with market analysts predicting multiyear periods of price increases based on fundamentals of rising demand required to support the energy transition, limited supplies and sizable deficits on the horizon. You've all read about the macro factors which have manifested over the last several weeks, triggering recessionary concerns. In addition, concerns about the impact of COVID shutdowns in China and a strong U.S. dollar have weighed on copper, which is viewed as a close proxy for sentiment on the health of the global economy.

轉到幻燈片 4 上的市場，我們展示了年初至今的銅價圖表。 4 個月前價格達到每磅 4.87 美元的高位，市場分析師預測，基於支持能源轉型所需的不斷增長的需求、有限的供應和即將出現的大量赤字的基本面，價格將持續多年上漲。你們都已經閱讀了過去幾週出現的引發經濟衰退擔憂的宏觀因素。此外，對中國 COVID 關閉影響的擔憂和美元走強令銅承壓，銅被視為衡量全球經濟健康狀況情緒的密切代表。

The reality is that this has been a financially-driven anticipatory move in copper prices. Physical markets remain healthy, as evidenced by the global exchange inventories illustrated on this chart, which remain at historically low levels. Our customers report solid orders, and the industry continues to struggle to meet production targets. The current decline in price is below Wood Mackenzie's estimate of $4.25 per pound necessary to incentivize new supply under an accelerated energy transition. It will also provide less cash flow to the industry to develop new supplies, making the projected deficits in copper more significant in the future.

現實情況是，這是由財務驅動的銅價預期走勢。實物市場保持健康，正如該圖表所示的全球交易所庫存所證明的那樣，該庫存仍處於歷史低位。我們的客戶報告訂單穩定，該行業繼續努力實現生產目標。目前的價格下跌低於 Wood Mackenzie 估計的每磅 4.25 美元，這是在加速能源轉型的情況下激勵新供應所必需的。它還將為該行業提供較少的現金流來開發新的供應，從而使預計的銅赤字在未來更加顯著。

The long-term secular demand trends for copper demand associated with electrification, decarbonization will be important demand drivers for copper. We see these trends being less economically sensitive than traditional uses of copper in the economy. We fully recognize the short-term uncertainties but have conviction about long-term fundamentals for the copper markets.

與電氣化、脫碳相關的銅需求的長期長期需求趨勢將是銅的重要需求驅動因素。我們認為這些趨勢對經濟的敏感性低於銅在經濟中的傳統用途。我們充分認識到短期的不確定性，但對銅市場的長期基本面充滿信心。

Richard mentioned the S&P Global report. Many of you have seen it, it was published last week, prepared by analysts at S&P Global and led by Dan Yergin, a well-known energy industry expert, author and historian. The independent study, which is available on S&P Global's website, forecast above-trend copper demand through 2035 associated with electrification and the energy transition. The report projects long-term structural deficits in copper and highlights copper's prominent role in the global aspirations of a net-zero economy. It confirms the work of other reputable analysts on the future of copper and will serve as an educational tool for governments and other policymakers on the importance of future new copper supply development.

理查德提到了標準普爾全球報告。你們中的許多人都看過它，它於上週發布，由 S&P Global 的分析師編寫，由著名的能源行業專家、作家和歷史學家 Dan Yergin 領導。 S&P Global 網站上提供的獨立研究預測到 2035 年與電氣化和能源轉型相關的銅需求將高於趨勢。該報告預測了銅的長期結構性赤字，並強調了銅在實現淨零經濟的全球願望中的突出作用。它證實了其他知名分析師關於銅未來的工作，並將作為政府和其他政策制定者關於未來新銅供應發展重要性的教育工具。

We recognize the short-term macro was a different picture. And as we move to Slide 6, Richard highlighted this, it summarizes our experience in managing challenging environments. For those of you who have followed our company and industry for a long time, you know that our team is proficient in successfully navigating challenging circumstances. This slide on Slide 6 summarizes our actions in prior periods when we took decisive steps to adjust our operating plans, reduce costs, defer spending, protect liquidity and preserve our asset values for improved market conditions.

我們認識到短期宏觀情況是不同的。當我們轉到幻燈片 6 時，Richard 強調了這一點，它總結了我們在管理具有挑戰性的環境方面的經驗。對於那些長期關注我們公司和行業的人來說，您知道我們的團隊精通成功地駕馭具有挑戰性的環境。幻燈片 6 上的這張幻燈片總結了我們在前幾個時期採取的行動，當時我們採取了決定性的措施來調整我們的運營計劃、降低成本、推遲支出、保護流動性並保持我們的資產價值以改善市場狀況。

Notably, we operate all of our mines and manage major capital and operating decisions centrally. Each one of these periods had its own unique challenges, and our team proved its agility each time. We're prepared to respond to a weakening market environment, if necessary. We're in a much stronger position than in past downturns with a significantly improved balance sheet and our successful expansion of a low-cost production at Grasberg. Our team is resilient, experienced, professional and value-driven in our approach. We can't predict the extent or time frame of the current situation. But as a responsible producer of scale and a strategy focused on copper with long life reserves, the prospects are bright for our portfolio to become more scarce and highly valued in the future.

值得注意的是，我們經營著我們所有的礦山，並集中管理主要資本和運營決策。每個時期都有自己獨特的挑戰，我們的團隊每次都證明了自己的敏捷性。如有必要，我們已準備好應對疲軟的市場環境。與過去的經濟衰退相比，我們的資產負債表顯著改善，並且我們成功擴展了格拉斯伯格的低成本生產，我們的處境要好得多。我們的團隊在我們的方法中具有彈性、經驗豐富、專業和價值驅動。我們無法預測當前局勢的程度或時間範圍。但作為負責任的規模生產商和專注於具有長壽命儲量的銅的戰略，我們的投資組合未來變得更加稀缺和高價值的前景是光明的。

On Slide 7, we provide some additional details on our operating activities in the quarter. In the U.S., the Lone Star mine continues to perform above design capacity. We're expanding further to take us to 300 million pounds per annum by 2023, with an investment of approximately $250 million. As we accelerate the mining of oxide ores, this will expose a much larger sulfide opportunity at this site.

在幻燈片 7 中，我們提供了有關本季度運營活動的一些額外細節。在美國，Lone Star 礦的產能繼續超過設計產能。我們正在進一步擴大規模，到 2023 年達到每年 3 億英鎊，投資約為 2.5 億美元。隨著我們加速氧化礦石的開採，這將在該地點暴露出更大的硫化物機會。

We're also advancing and we're very excited about our leach recovery initiatives at Morenci. And across the Americas portfolio, using data analytics and new technologies to enhance our leach production. This is a significant value-enhancing opportunity for us, and we continue to gain momentum and expect to have success on this priority initiative.

我們也在不斷進步，我們對 Morenci 的浸出回收計劃感到非常興奮。在整個美洲產品組合中，使用數據分析和新技術來提高我們的浸出產量。這對我們來說是一個重要的增值機會，我們將繼續獲得動力，並希望在這一優先計劃上取得成功。

At our Bagdad mine in Northwest Arizona, we are advancing plans for the Bagdad 2x project to double production. Studies are advancing, and we're planning to advance early initiatives in parallel with the studies. We're focusing on developing this opportunity. It's a future growth option, but we'll be flexible on timing subject to market conditions.

在我們位於亞利桑那州西北部的 Bagdad 礦山，我們正在推進 Bagdad 2x 項目的計劃，以使產量翻番。研究正在推進，我們計劃在研究的同時推進早期舉措。我們正專注於開發這個機會。這是一個未來的增長選擇，但我們會根據市場情況靈活安排時間。

In South America, the teams have done exceptional work navigating the pandemic. We've had a great highlight, a significant milestone for the Cerro Verde team during the quarter, setting a quarterly record for concentrating of averaging 427,000 tons of concentrating per day. At Cerro Verde, we also had some recent positive results on exploration, which has the potential to expand reserves and increase grades at this large-scale operation.

在南美洲，這些團隊在應對這一流行病方面做得非常出色。本季度我們有一個重要的亮點，對 Cerro Verde 團隊來說是一個重要的里程碑，創造了平均每天 427,000 噸濃縮的季度記錄。在 Cerro Verde，我們最近在勘探方面也取得了一些積極成果，這有可能在這次大規模作業中擴大儲量和提高品位。

At El Abra, we have increased stacking rates and commencing leaching on a new leach pad. We continue to evaluate alternatives for the long term at El Abra, including options for a new concentrator or an extension of existing operations, subject to ongoing monitoring of the investment climate in Chile.

在 El Abra，我們提高了堆疊率並開始在新的浸出墊上進行浸出。我們將繼續評估 El Abra 的長期替代方案，包括新選礦廠的選擇或現有業務的擴展，這取決於對智利投資環境的持續監測。

At Grasberg, we sustained our large-scale metal production after reaching our target metal run rate in the fourth quarter of last year. The cost position at Grasberg is exceptional. And the team there is doing outstanding work in managing and sustaining the largest and most profitable underground operation in the world. During the quarter, we again achieved higher gold recoveries compared with forecasts, which contributed to a favorable variance for the quarter. And we've now increased our outlook for full year gold production.

在 Grasberg，我們在去年第四季度達到我們的目標金屬運行率後，繼續進行大規模的金屬生產。 Grasberg 的成本狀況非常出色。那裡的團隊在管理和維持世界上最大、最賺錢的地下作業方面做得非常出色。在本季度，我們再次實現了高於預期的黃金回收率，這促成了本季度的有利差異。我們現在提高了對全年黃金產量的展望。

At PT-FI, we are advancing mill projects to provide additional capacity in the second half of 2023. We're diversifying our power sources and advancing the long-term development for Kucing Liar. The construction of the new smelter in Indonesia is advancing. We reached an important construction milestone during the quarter, which will enable us to begin to reduce export duties later this year.

在 PT-FI，我們正在推進工廠項目，以便在 2023 年下半年提供額外的產能。我們正在使我們的能源多樣化並推進 Kucing Liar 的長期發展。印尼新冶煉廠的建設正在推進。我們在本季度達到了一個重要的建設里程碑，這將使我們能夠在今年晚些時候開始降低出口關稅。

Turning to Slide 8. We provide a 3-year outlook for our volumes, which are largely in line with our prior forecast. We've made small changes to our 2022 copper volumes totaling about 40 million pounds or about 1% and have increased our forecast for gold volumes in 2022 by about 5%. The execution of our long-term plans is on track after delivering 19% increase in copper sales in 2021, we are projecting growth in volumes in 2022 and further growth in 2023. For 2022, we estimate 36% of our sales volumes will come from the U.S., 27% from South America and 37% from Grasberg.

轉到幻燈片 8。我們對我們的銷量提供了 3 年的展望，這與我們之前的預測基本一致。我們對 2022 年總計約 4000 萬磅或約 1% 的銅交易量進行了小幅調整，並將我們對 2022 年黃金交易量的預測上調了約 5%。在 2021 年銅銷量增長 19% 之後，我們的長期計劃的執行步入正軌，我們預計 2022 年的銷量將增長並在 2023 年進一步增長。到 2022 年，我們估計 36% 的銷量將來自美國，27% 來自南美，37% 來自格拉斯伯格。

Moving to our cost outlook on Slide 9. As I mentioned, we're actively engaged in cost management and efficiency initiatives to mitigate the impacts of the challenging cost environment. We've updated our plans to incorporate recent commodity pricing, exchange rates and our latest operating plans. We're now estimating unit net cash costs for the year approximating $1.50 per pound for 2022. That compares with our prior estimate of $1.44 per pound.

轉到幻燈片 9 上的成本展望。正如我所提到的，我們正在積極參與成本管理和效率舉措，以減輕具有挑戰性的成本環境的影響。我們更新了我們的計劃，以納入最近的商品定價、匯率和我們最新的運營計劃。我們現在估計 2022 年全年的單位淨現金成本約為每磅 1.50 美元。這與我們之前估計的每磅 1.44 美元相比。

As you'll see from the reconciliation on Slide 9, the majority of this increase reflects the decline in by-product credits associated with a reduction in assumed gold and molybdenum prices for the balance of the year. Our projected $0.03 per pound increase in site production and delivery costs reflects the assumption of higher energy prices in our second half -- in the second half compared with our prior forecast, higher consumable costs, together with the impact of a change in estimate for copper in the maturing leach pad at El Abra.

正如您從幻燈片 9 的對賬中看到的那樣，這一增長的大部分反映了副產品信用的下降，這與今年餘下時間假設的黃金和鉬價格的下降有關。我們預計現場生產和交付成本每磅增加 0.03 美元，這反映了我們下半年能源價格上漲的假設——與我們之前的預測相比，下半年的消耗品成本增加，以及銅估計值變化的影響在 El Abra 成熟的浸出墊中。

And this was partly offset by the favorable impact we have on labor costs internationally associated with weakening exchange rates compared to the U.S. dollar. Historically, copper prices have been correlated with a number of our input costs. Should recessionary pressures continue, historical correlations would indicate that we may begin to see a reversal of some of the cost experiences we've seen over the last 2 years.

這部分被我們對國際勞動力成本的有利影響所抵消，與美元相比匯率走弱。從歷史上看，銅價與我們的一些投入成本相關。如果衰退壓力繼續存在，歷史相關性將表明我們可能會開始看到我們在過去兩年中看到的一些成本經歷發生逆轉。

Moving to Slide 10. As one of the world's leading copper producers, our earnings and cash flows have significant leverage to the price of copper, up and down. On Slide 10, we show modeled results for our EBITDA and cash flow at various prices and have shown a broad range of prices this quarter, given the volatility ranging from $3 per pound of copper to $5 per pound of copper, which is close to where the prices were earlier in the year. We've updated our gold and molybdenum prices to reflect current prices.

轉到幻燈片 10。作為世界領先的銅生產商之一，我們的收益和現金流對銅價的上下波動具有重大影響。在幻燈片 10 上，我們以各種價格展示了 EBITDA 和現金流的模擬結果，並展示了本季度廣泛的價格範圍，因為波動性從每磅銅 3 美元到每磅銅 5 美元不等，這接近於價格在今年早些時候。我們更新了黃金和鉬價以反映當前價格。

As Richard talked about, the current price is not sustainable long term given the cost structure of the industry and the need for new supply development in the future. We show modeled results on this slide using the average of 2023 and 2024 with current volume and cost estimates and holding gold flat at $1,700 per ounce and molybdenum at $16 per pound. Our annual EBITDA under these scenarios would range from over $6 billion per annum at $3 copper to $15 billion per year at $5 copper, with operating cash flows ranging from $4.5 billion per year at $3 copper to over $11 billion per year at $5 of copper.

正如理查德所說，鑑於行業的成本結構和未來新供應開發的需要，目前的價格長期不可持續。我們在這張幻燈片上展示了使用 2023 年和 2024 年的平均值以及當前的交易量和成本估算的模型結果，並將黃金持平於每盎司 1,700 美元，鉬持平於每磅 16 美元。在這些情景下，我們的年度 EBITDA 將從每年超過 60 億美元（銅價 3 美元）到每年 150 億美元（銅價 5 美元）不等，經營現金流量從每年 45 億美元（銅價 3 美元）到每年超過 110 億美元（銅價 5 美元）不等。

We show sensitivities on the right to various commodities and input costs. We can't predict prices and are prepared to manage in a low-price environment. The long-term fundamentals of our business indicate that low copper prices are not sustainable longer term, providing increased cash flow as market conditions improve.

我們對各種商品和投入成本的權利表現出敏感性。我們無法預測價格，並準備在低價環境中進行管理。我們業務的長期基本面表明，低銅價在長期內是不可持續的，隨著市場條件的改善提供更多的現金流。

We show the consolidated capital expenditures on Slide 11. These are largely unchanged from our prior guidance. We've reduced the 2022 capital forecast by $100 million, which is a timing variance for 2023. And as you probably noted, we've been spending capital during 2022 at a slower pace than our original plans. And in the current weak environment, we'll review opportunities to defer spending as we've done in the past. We have flexibility with our plans and benefit from the fact that the major investments required for the Grasberg transition are largely behind us and will begin to decline as we go into 2023.

我們在幻燈片 11 中顯示了合併的資本支出。這些與我們之前的指導基本沒有變化。我們將 2022 年的資本預測降低了 1 億美元，這是 2023 年的時間差異。正如您可能注意到的，我們在 2022 年的資本支出速度一直低於我們最初的計劃。在當前疲軟的環境下，我們將像過去一樣審查推遲支出的機會。我們的計劃具有靈活性，並受益於 Grasberg 過渡所需的主要投資在很大程度上已經落後，並且隨著我們進入 2023 年將開始下降。

On Slide 12, we show our future growth options embedded in our asset base. We have multiple options for brownfield low-risk growth across our portfolio. Recall, we have 191 billion pounds of copper mineral resources in our portfolio in addition to our proved and probable reserves of 107 billion pounds of copper. The leaching opportunity is a major value driver opportunity for us, and it's not included in our reserves and resources. Success in this area will enable us to create the equivalent of a new mine with extremely low capital intensity, low incremental operating costs and, importantly, a low carbon footprint.

在幻燈片 12 中，我們展示了嵌入我們資產基礎的未來增長選擇。在我們的投資組合中，我們為棕地低風險增長提供了多種選擇。回想一下，除了已探明和可能的 1070 億磅銅儲量外，我們的投資組合中還有 1910 億磅銅礦產資源。浸出機會對我們來說是一個主要的價值驅動機會，它不包括在我們的儲量和資源中。在這一領域的成功將使我們能夠以極低的資本密集度、低的增量運營成本以及更重要的低碳足跡創建相當於一座新礦山。

We're continuing to apply covers to our leach stockpiles as the retention of heat is proven to enhance recoveries. We're using data analytics and evaluating various additives that can further enhance recoveries. We're initially targeting the addition of 100 million to 200 million pounds of new copper per annum within a relatively short time frame and believe we can build on this target with initial success. We currently estimate 38 billion pounds of copper in our stockpiles, which has already been mined but not in our reserves or production plans.

我們將繼續對我們的浸出庫存進行覆蓋，因為事實證明，保溫可以提高回收率。我們正在使用數據分析並評估可以進一步提高回收率的各種添加劑。我們最初的目標是在相對較短的時間內每年增加 1 億至 2 億磅新銅，並相信我們可以在此目標的基礎上取得初步成功。我們目前估計庫存中有 380 億磅銅，這些銅已經開採，但不在我們的儲量或生產計劃中。

A significant portion of this opportunity is at our flagship Morenci mine, the largest mine in North America. A cross-functional team of technical experts, metallurgists, mine planners, data scientists, geologists and business analysts are working together to make -- take full advantage of this exciting opportunity.

這一機會的很大一部分是在我們的旗艦Morenci 礦山，這是北美最大的礦山。一個由技術專家、冶金學家、礦山規劃師、數據科學家、地質學家和業務分析師組成的跨職能團隊正在共同努力，以充分利用這一激動人心的機會。

We review the ongoing oxide expansion at Lone Star, which is progressing on schedule. Longer term, we have the massive Lone Star sulfide opportunity, a 50 billion-pound copper resource in our established mining area in Eastern Arizona. This project is right in our wheelhouse and is a valuable development option for the future.

我們回顧了 Lone Star 正在進行的氧化物擴張，該擴張正在按計劃進行。從長遠來看，我們擁有巨大的孤星硫化物機會，這是我們在亞利桑那州東部已建立的礦區的 500 億磅銅資源。這個項目就在我們的駕駛室裡，是未來有價值的發展選擇。

In the medium term, we're planning to double the size of Bagdad. We have a very large reserve position at the site. We expect to complete the feasibility study for this project in the first half of next year and would be positioned to start construction activities as market conditions warrant.

從中期來看，我們計劃將巴格達的規模擴大一倍。我們在現場有一個非常大的儲備位置。我們預計在明年上半年完成該項目的可行性研究，並將在市場條件允許的情況下開始建設活動。

The El Abra project has a resource approaching 30 billion pounds of copper, and we've done a lot of work in identifying an operation that could produce over 700 million pounds of copper per year. In parallel with our evaluation of a major expansion, we're also considering investments in water, which would extend the life of the existing operation while maintaining the longer-term growth option. We continue to closely monitor developments in Chile and are deferring decisions for the time being.

El Abra 項目擁有接近 300 億磅銅的資源，我們在確定每年可生產超過 7 億磅銅的作業方面做了大量工作。在評估重大擴張的同時，我們也在考慮對水的投資，這將延長現有運營的壽命，同時保持長期增長的選擇。我們將繼續密切關注智利的事態發展，並暫時推遲做出決定。

In Indonesia, the Kucing Liar project is a natural extension of our operations there and will allow us to continue large-scale, low-cost mining there for decades to come. The learnings and shared infrastructure from our successful development of Grasberg underground and the Deep MLZ really enhanced the value of this project at Kucing Liar.

在印度尼西亞，Kucing Liar 項目是我們在那裡業務的自然延伸，將使我們能夠在未來幾十年繼續在那裡進行大規模、低成本的採礦。我們從 Grasberg 地下和 Deep MLZ 的成功開發中學到的知識和共享基礎設施確實提高了 Kucing Liar 項目的價值。

We benefit from having a large pipeline of options and have flexibility on the timing of development of our projects, particularly the extensive options we have for development of new supply in the U.S., where we own most of our land in fee. We believe the world is going to need our projects in the future. We have a long track record of success in qualifying and developing projects in an efficient and responsible manner, enhanced by our industry-leading technical capabilities, established licenses to operate in our strong franchises in the areas of focus.

我們受益於擁有大量選項，並且在項目開發時間方面具有靈活性，特別是我們在美國開發新供應的廣泛選擇，我們擁有大部分土地。我們相信，未來世界將需要我們的項目。我們在以高效和負責任的方式對項目進行資格審查和開發方面有著長期的成功記錄，這得益於我們行業領先的技術能力、在重點領域的強大特許經營權中建立的經營許可。

I want to turn to our balance sheet on Slide 13, which our financial policy is centered around a strong balance sheet. The actions we've taken in the past have placed us in an exceptionally strong position, particularly in the context of current market weakness. We don't have a need to raise new capital for the foreseeable future.

我想轉向幻燈片 13 上的資產負債表，我們的財務政策以強勁的資產負債表為中心。我們過去採取的行動使我們處於非常有利的地位，尤其是在當前市場疲軟的情況下。在可預見的未來，我們不需要籌集新資金。

During the quarter, we took a number of steps which further derisked our balance sheet. We raised long-term financing for the smelter. We repaid our term loans at PT-FI and Cerro Verde, and expanded our bank credit facilities for these subsidiaries, and we opportunistically purchased over 750 in senior notes at attractive prices.

在本季度，我們採取了一些措施，進一步降低了我們的資產負債表的風險。我們為冶煉廠籌集了長期融資。我們償還了 PT-FI 和 Cerro Verde 的定期貸款，並擴大了對這些子公司的銀行信貸額度，我們以具有吸引力的價格購買了 750 多張優先票據。

As we talked about, our net debt, including $11 billion in total debt and $9.5 billion of cash. Net debt, excluding the smelter net debt was $1 billion and below our targeted net debt of $3 billion to $4 billion, providing cushion in a weak market environment. We have an attractive debt maturity profile, as you'll see, with easily manageable maturities. We can continue to be opportunistic on value opportunities to repurchase debt in the open market.

正如我們所說，我們的淨債務包括 110 億美元的總債務和 95 億美元的現金。淨債務（不包括冶煉廠的淨債務）為 10 億美元，低於我們 30 億至 40 億美元的目標淨債務，為疲軟的市場環境提供緩衝。正如您將看到的，我們的債務到期情況很有吸引力，到期時間易於管理。我們可以繼續在公開市場回購債務的價值機會上投機取巧。

Slide 14, in closing, we show a scorecard of our shareholder returns, which have increased with our strong financial performance in recent quarters. We were active in the market in the second quarter and into July and have allocated approximately 50% of excess cash flows to shareholder returns since the third quarter of last year. And that consisted of $1.8 billion in share repurchases and common stocks of over -- common stock dividends totaling over $650 million during this period.

幻燈片 14，最後，我們展示了我們股東回報的記分卡，隨著我們最近幾個季度強勁的財務表現而增加。自去年第三季度以來，我們在第二季度和 7 月一直活躍於市場，並已將約 50% 的超額現金流分配給股東回報。其中包括 18 億美元的股票回購和超過 6.5 億美元的普通股股息。

Our Board authorized a $2 billion increase in our share repurchase program to restore $3 billion in availability under the program. We'll continue to prioritize our balance sheet as the cornerstone of our financial policy, and that will allow us to operate well in varying market conditions and drive long-term returns for shareholders. The discretionary purchases of our shares will be dependent on market conditions and cash flow generation in the future, and our Board will continue to review our financial policy on a regular basis.

我們的董事會授權在我們的股票回購計劃中增加 20 億美元，以恢復該計劃下 30 億美元的可用性。我們將繼續優先考慮我們的資產負債表作為我們財務政策的基石，這將使我們能夠在不同的市場條件下運作良好，並為股東帶來長期回報。酌情購買我們的股票將取決於未來的市場狀況和現金流量，我們的董事會將繼續定期審查我們的財務政策。

In summary, we're all focused on long-term value and executing our plans responsibly, safely and efficiently. Despite the recent market conditions, we're optimistic about the value of our assets, the strength of our global team, the fundamentals of the copper business and the future prospects for the markets we serve. We appreciate your attention, and we look forward to your questions.

總之，我們都專注於長期價值，並以負責任、安全和高效的方式執行我們的計劃。儘管近期市場狀況不佳，但我們對我們的資產價值、我們全球團隊的實力、銅業務的基本面以及我們所服務市場的未來前景持樂觀態度。感謝您的關注，我們期待您的提問。

Operator, we'll now open the call for Q&A.

接線員，我們現在打開問答電話。

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

（操作員說明）第一個問題來自高盛的 Emily Chieng。

Good morning, Richard and Kathleen, and thank you for the update this morning. My first question is just around the 3Q copper shipment guidance. It looks like that's a little bit lower on a sequential basis than 2Q before it moves back up again. But could you perhaps point to what region may be driving that? And is that timing of shipments or perhaps something to do with the mine plan for the third quarter?

早上好，理查德和凱瑟琳，感謝您今天早上的更新。我的第一個問題是關於 3Q 銅出貨指導。在再次回升之前，它看起來比第二季度要低一些。但您能否指出可能是哪個地區推動了這一趨勢？是出貨時間還是與第三季度的礦山計劃有關？

Emily, it's primarily timing. We did sell more in the second quarter. We produced more, but we also had some timing variances in second quarter where we sold more in the U.S. than we expected. In Indonesia, we also brought down our concentrate inventory, so it's mainly a timing. We're at -- we're pretty much at run rates currently.

艾米麗，主要是時機。我們確實在第二季度賣得更多。我們生產了更多，但我們在第二季度也有一些時間差異，我們在美國的銷售量超過了我們的預期。在印度尼西亞，我們也降低了我們的精礦庫存，所以這主要是一個時機。我們處於 - 我們目前幾乎處於運行速度。

And anyway, we do have challenges with timing in Indonesia from time to time with the shallow-water port that we have there. Rough seas can just delay loading and we, of course, record sales at the time of loading. And so that's just something we've had to deal with over the years.

無論如何，我們確實在印度尼西亞的時間安排上不時面臨挑戰，因為我們在那裡擁有淺水港。波濤洶湧的海面只會延遲裝貨，我們當然會在裝貨時記錄銷售額。所以這只是我們多年來不得不處理的事情。

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

您的下一個問題將來自 Chris LaFemina 和 Jefferies。

Richard and Kathleen, you mentioned historically, you mentioned your ability to kind of manage through the downturn, deferring spending as one option. Historically, Freeport in declining price environment has taken high-cost capacity offline. And like we had a lot of cost inflation in mining, the cost curve appears to be steepening pretty dramatically. I'm wondering how much further the price would have to fall before you would consider taking some capacity off-line? That's my first question.

理查德和凱瑟琳，你在歷史上提到過，你提到過你在經濟低迷時期進行管理的能力，推遲支出作為一種選擇。從歷史上看，自由港在價格下跌的環境中已經將高成本產能下線。就像我們在採礦業有很多成本膨脹一樣，成本曲線似乎在急劇變陡。我想知道在您考慮讓一些容量離線之前，價格還必須下降多少？這是我的第一個問題。

I think, Chris, what we're really looking at is the physical markets. And right now, the physical markets are tight. As Richard talked about earlier, inventories are low. We certainly do not want to produce at a loss at any of our operations, and we prefer to keep our reserves in the ground for better markets in the future. But right now, the situation is so dynamic. It appears that physical markets continue to be robust. We're going to be watching it, and it will be a combination of factors, including what input costs do as well.

我認為，克里斯，我們真正關注的是實體市場。而現在，實物市場很緊張。正如理查德之前所說，庫存很低。我們當然不希望在我們的任何業務中虧本生產，我們更願意將我們的儲備留在地下，以便在未來更好的市場。但是現在，情況是如此動態。實物市場似乎繼續強勁。我們將密切關注它，這將是多種因素的結合，包括投入成本的作用。

But we go through mine by mine and look at overall production costs, capital costs, the overall cash flows, and we'll make adjustments as needed and maybe first adjustments (inaudible) defer some capital projects which do have an impact on copper prices -- on copper volumes longer term, but we're going to be looking at all these things and closely monitoring the conditions. As I mentioned, we're -- we operate everything. So we control all these decisions, and we can look very quickly across the portfolio and where things stand. And so we're prepared to make adjustments. I don't want to give a projection as to what number, but we have reduced copper production in the past, particularly when demand has fallen.

但我們逐個礦地檢查並查看總體生產成本、資本成本、總體現金流量，我們將根據需要進行調整，也許首先調整（聽不清）推遲一些確實對銅價有影響的資本項目—— - 長期來看銅量，但我們將關注所有這些情況並密切監測情況。正如我所提到的，我們是 - 我們操作一切。因此，我們控制所有這些決策，並且我們可以非常快速地查看整個投資組合以及情況。因此，我們準備進行調整。我不想預測具體數字，但我們過去曾減少銅產量，尤其是在需求下降的情況下。

And you talked about the market being physically tight. You can see that in the inventory data. It's a little bit perplexing though, because the Chinese macro got so bad in the second quarter due to the lockdowns. And presumably, Chinese demand materially weakened, the underlying demand must have materially weakened there. There's been year-over-year in the second quarter fairly substantial supply growth on the 2 biggest mines in the world, including your own, had pretty big production growth year-over-year. A lot of companies are lowering their production guidance. But second quarter looks like a quarter where you had an increase in supply and potentially a collapse in Chinese demand, yet inventories didn't really change. So I'm just trying to reconcile what might have happened? Do you think the Chinese may be buying copper for strategic reserves? Or is there something else going on in the market that would explain why it's staying relatively tight despite the biggest end market potentially seemingly imploding in the last quarter?

你談到了市場實際上是緊張的。您可以在庫存數據中看到這一點。但這有點令人困惑，因為由於封鎖，中國的宏觀經濟在第二季度變得如此糟糕。據推測，中國的需求大幅減弱，那裡的潛在需求必然大幅減弱。第二季度全球兩大礦山（包括您自己的礦山）的供應量同比增長相當可觀，產量同比增長相當大。許多公司正在降低生產指導。但第二季度看起來供應增加，中國需求可能崩潰，但庫存並沒有真正改變。所以我只是想調和可能發生的事情？您認為中國人可能會購買銅作為戰略儲備嗎？還是市場上發生的其他事情可以解釋為什麼儘管最大的終端市場可能在上個季度出現內爆，但它仍然保持相對緊張？

Well, Chris, preparing for this call, I have made a concerted effort with my contacts in the industry, who were very knowledgeable of the business on the ground in China to answer your direct question there because that was perplexing out. I inquired broadly about were there inventories in China that were not visible, what was going on with Chinese commodity trading companies, and the word came back that inventories were not building, it wasn't unusual trading. You're right, a couple of our mine and the other big mines increased, but there was also supply disruptions in Latin America during the quarter. And it appears that, that, in effect, balanced some of the Chinese demand issues. But we don't see our customers in China -- and we have a diverse customer base in Asia. We, by design, don't sell all of our copper into China, but into Japan and South Korea and Taiwan, and we don't see any impact on demand. So I understand your question, and I just want to share with you what I've been able to find from it, but we're just not seeing it in our business.

好吧，克里斯，為這次電話會議做準備，我已經與我的業內聯繫人一起努力，他們對中國的實地業務非常了解，回答你在那裡的直接問題，因為這很令人困惑。我廣泛詢問了中國是否存在不可見的庫存，中國商品貿易公司的情況，然後得到消息說庫存沒有增加，這不是異常交易。沒錯，我們的幾個礦山和其他大型礦山有所增加，但本季度拉丁美洲也出現了供應中斷。看來，這實際上平衡了中國的一些需求問題。但我們在中國看不到我們的客戶——我們在亞洲擁有多元化的客戶群。按照設計，我們不會將所有的銅都賣到中國，而是賣到日本、韓國和台灣，我們認為對需求沒有任何影響。所以我理解你的問題，我只想與你分享我從中找到的東西，但我們只是在我們的業務中沒有看到它。

Western World has been strong as well, Chris. So that's been different than in past years.

克里斯，西方世界也很強大。所以這與過去幾年不同。

Right. Even in Europe, our business there is strong. And I know the uncertainty space in Europe over this energy situation, so I'm not diminishing any of that. It's just our business is strong, as many customers out there are avoiding Russian copper. And so it is unusual, as I talked about. It is a disconnect. It's a serious disconnect right now between the physical marketplace that we're seeing and what's going on with copper prices.

正確的。即使在歐洲，我們的業務也很強勁。而且我知道歐洲在這種能源形勢下的不確定性，所以我不會貶低任何一個。只是我們的業務很強勁，因為那裡的許多客戶都在避免使用俄羅斯銅。正如我所說，這很不尋常。這是一個斷開連接。目前，我們看到的實物市場與銅價走勢之間存在嚴重脫節。

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

您的下一個問題將來自 BMO Capital Markets 的 David Gagliano。

Chris just hit the one I was really trying to -- I wanted to ask about, which is the cadence. I know if you look back historically, '08, '09, I believe if memory serves me correctly, copper prices went to like $1.50 when Freeport acted. And then 2015, 2016, again, off the top of my head, I think copper prices were kind of in the -- so over $2 to $2.50 range. So given the cost pressures that we've seen everywhere, is it reasonable, is sort of a $2.50 to $3 per pound range a reasonable zone to start thinking about when we'll see more action at existing assets?

克里斯剛剛擊中了我真正想問的那個——我想問一下，這就是節奏。我知道如果你回顧歷史，08 年，09 年，我相信如果我沒記錯的話，當自由港採取行動時，銅價漲到了 1.50 美元左右。然後是 2015 年、2016 年，再次讓我想不通，我認為銅價有點在 - 超過 2 美元到 2.50 美元的範圍內。因此，鑑於我們隨處可見的成本壓力，是否合理，每磅 2.50 美元到 3 美元的範圍是一個合理的區間，可以開始考慮我們何時會看到對現有資產採取更多行動？

Well, in response to your question earlier and we had about that, I think everyone understands that we at Freeport have a broad range of operations with different cost structures. I mean that was really the whole basis for putting together Grasberg with the Phelps Dodge assets. It allows us to manage those assets more efficiently when you've got an asset like Grasberg to support it. When times get tough, historically, what we've done has been able to use Grasberg support all of our corporate G&A and our debt financing cost. And then we challenged each one of our mines to operate as a minimum cash flow breakeven, and we reviewed this mine by mine, and every mine makes that decision, our decisions to support achieving that objective.

好吧，在回答您之前提出的問題時，我們對此有所了解，我想每個人都明白，我們在自由港擁有廣泛的業務，具有不同的成本結構。我的意思是，這確實是將 Grasberg 與 Phelps Dodge 資產組合在一起的全部基礎。當您有像 Grasberg 這樣的資產來支持它時，它使我們能夠更有效地管理這些資產。從歷史上看，當時代變得艱難時，我們所做的已經能夠使用 Grasberg 支持我們所有的公司 G&A 和我們的債務融資成本。然後，我們挑戰我們的每個礦山，以最低現金流盈虧平衡點運營，我們逐個審查這個礦山，每個礦山都做出決定，我們決定支持實現這一目標。

But then within the larger mines, and I'll just use Morenci as an example, the largest mine in North America. There are layers of operations within Morenci that have different cost levels, so it's not just a question of focusing on individual mines, but what goes on in layers within the existing mines and we're able to take steps when necessary to adjust operations to reflect the current economics. It's a balancing act because decisions you make to do that have consequences of going for years in the future. But we managed, as Kathleen said a couple of times now. We managed all these operations ourselves and we run our business in the Americas essentially as a single business unit. So we all get together, we find out what's working, what's not, what can be done, what -- and we balance the longer-term consequences with the need to meet current realities. And it is -- and as I said, we have the same basic team we've had that we've done this before, so we have a game plan for us doing it. And now our operators are ahead of us in occasions. Everybody knows what to do. Everybody is pitching in and acting as a team to deal with our corporate objectives. So it's not an easy question to say, is there a price where this happens with this mine, because it's an interactive process that cuts across all of our mines in the Americas. Of course, in Indonesia, we're going to produce as aggressively as we can safely and consistent with our long-term plans. And it's so great now to be ramped up to the extent we obviously got a couple of steps to do. But just 2 years ago, it was really scary when we were having volumes down there and the world was facing COVID. And we're so much better positioned now.

但是在更大的礦山中，我將僅以莫倫奇為例，它是北美最大的礦山。 Morenci 內部的運營層級具有不同的成本水平，因此這不僅僅是關注單個礦山的問題，而是現有礦山的各個層級的問題，我們能夠在必要時採取措施調整運營以反映現在的經濟。這是一個平衡的行為，因為你做出的決定會在未來幾年內產生後果。但我們做到了，正如凱瑟琳現在所說的那樣。我們自己管理所有這些業務，我們在美洲的業務基本上是作為一個單一的業務部門運營的。所以我們都聚在一起，我們找出什麼有效，什麼無效，什麼可以做，什麼——我們平衡長期後果與滿足當前現實的需要。它是——正如我所說，我們擁有與我們以前做過的相同的基本團隊，所以我們有一個遊戲計劃來做這件事。現在，我們的運營商在某些情況下領先於我們。每個人都知道該怎麼做。每個人都在參與並作為一個團隊來處理我們的企業目標。所以這不是一個容易說的問題，這個礦山發生這種情況是否有代價，因為它是一個互動過程，貫穿我們在美洲的所有礦山。當然，在印度尼西亞，我們將按照我們的長期計劃，盡可能安全地積極生產。現在能夠提升到我們顯然需要採取幾個步驟的程度真是太好了。但就在 2 年前，當我們有大量的產量並且世界正面臨 COVID 時，這真的很可怕。而且我們現在的定位要好得多。

And David, you raised this in your comments, and we look at a lot of the publications that show where cost support is for copper. Those estimates are dated. There've been a lot of changes in input costs that the historical cost support for copper has been increased significantly. So $3.25 copper is not the same as it was 2 years ago. And so that's a factor as well. (inaudible) about how long this will last, we can move quickly. This has happened suddenly, and we're starting a process to look at what we can do, particularly on the capital spend. That's the quickest way to increase cash flow.

大衛，您在評論中提出了這一點，我們查看了許多顯示銅成本支持的出版物。這些估計是過時的。投入成本發生很大變化，對銅的歷史成本支撐明顯增加。所以 3.25 美元的銅與 2 年前不同。所以這也是一個因素。 （聽不清）關於這將持續多久，我們可以迅速採取行動。這突然發生了，我們正在開始一個過程來看看我們能做些什麼，特別是在資本支出方面。這是增加現金流的最快方法。

Okay. That's helpful. And then just a quick follow-up. Obviously, the authorization increased the buyback from $3 billion to $5 billion at a time when copper is dropping. If copper kind of holds where it is, we don't see a lot of free cash flow, which, by the way, is no different from a company that reported last night that also raised their buyback. My question is just really, can you just speak to the thought process and the approach to the buyback moving forward, considering everything else that's going on in the market right now? Is there any -- and also is there any kind of duration to the $5 billion buyback time line-wise?

好的。這很有幫助。然後只是快速跟進。顯然，在銅價下跌之際，授權將回購從 30 億美元增加到 50 億美元。如果銅保持現狀，我們看不到很多自由現金流，順便說一句，這與昨晚報告的一家公司也提高了回購率沒有什麼不同。我的問題是真的，考慮到目前市場上正在發生的一切，你能談談思考過程和回購的方法嗎？ 50億美元的回購時間線是否有任何持續時間？

So what we try to do at urging of a number of our shareholders, last year was establish a financial policy, so that people knew what direction we were going in. And so we worked on it for months and finally came up with a policy that was announced about how we were allocating available cash flows, what was our debt targets, how are we allocating cash flows between shareholder returns and investments. There's always a challenge in the investment side of it because it takes so long to do it. So anyway, that's just part of the function.

因此，去年我們在一些股東的敦促下試圖做的是製定一項財務政策，以便人們知道我們的發展方向。所以我們研究了幾個月，最終制定了一項政策，宣布了我們如何分配可用現金流，我們的債務目標是什麼，我們如何在股東回報和投資之間分配現金流。它的投資方面總是存在挑戰，因為它需要很長時間才能做到。所以無論如何，這只是功能的一部分。

But we felt that -- and we discussed this with our Board, we felt that it was best to give the marketplace a direction, since we've executed so much of our existing authorization, that we would have the availability to act for share buybacks when it was warranted by the marketplace. And I would be careful to say this because I'm not predicting anything. I mean clearly, my long career has taught me not to be confident in myself or others in predicting these short-term movements. But David, there is a scenario here with the market being so tight. And if things turn out not to be as dire as most expect now, there could be a dramatic recovery in copper prices, and that would translate to a recovery in Freeport's share price.

但我們認為——我們與董事會討論過這個問題，我們認為最好給市場一個方向，因為我們已經執行了很多現有的授權，我們將有機會進行股票回購當它得到市場的保證時。我會很小心地說出這個，因為我沒有預測任何事情。我的意思很清楚，我漫長的職業生涯教會我不要對自己或他人預測這些短期走勢充滿信心。但是大衛，這裡有一種情況，市場如此緊張。如果情況不像現在大多數人預期的那麼可怕，銅價可能會大幅回升，這將轉化為自由港股價的回升。

And we want people to understand what we'd be prepared to do if the circumstances changed dramatically from where they are now or for most to predict. We're still going to run the business with the primary goal of protecting our assets and protecting our future because we believe the future -- we believe we're confident the future of this company is so bright. Past actions by the company that (inaudible) at times. We're not going to do that this time. We're going to have discipline about it, but we wanted the market to know that we have this authorization available to us for us to execute when it makes sense.

我們希望人們了解，如果情況與現在或大多數人預測的情況相比發生巨大變化，我們會準備做什麼。我們仍將以保護我們的資產和保護我們的未來為主要目標來經營業務，因為我們相信未來——我們相信我們相信這家公司的未來是如此光明。公司過去的行為（聽不清）有時。這次我們不會那樣做。我們將對此進行紀律處分，但我們希望市場知道我們擁有此授權，以便我們在有意義時執行。

Yes. I think another factor out there is, as you look at the copper price needed to support new mine development and compare that to where our share is trading and what's implied in our shares, it's attractive versus new supply development. And on the flip side, we are looking at this, staring the situation in the face where new supply development is required. So there's some bunch of disconnects in the market right now. And we wanted to signal positive, we're going to use excess cash flows to buy stock back. We've -- the lower copper prices gives us less cash flows to use, but we're going to continue to look at our plans and see how we might modify that with this disconnect in where our share price is trading and what's needed long term to develop new supplies.

是的。我認為另一個因素是，當您查看支持新礦開發所需的銅價並將其與我們的股票交易地點以及我們股票中的隱含內容進行比較時，與新的供應開發相比，它具有吸引力。另一方面，我們正在關注這一點，直面需要開發新供應的情況。所以現在市場上有一些脫節。我們想發出積極的信號，我們將使用多餘的現金流回購股票。我們已經 - 較低的銅價讓我們使用的現金流量減少，但我們將繼續審視我們的計劃，看看我們如何修改它，因為我們的股價交易地點和需要做多的東西脫節開發新耗材的期限。

I mean maybe it's trite because most management say this, but our management and our Board truly believe that the fundamental value of Freeport is substantially higher than the stocks trading now.

我的意思是這可能是陳詞濫調，因為大多數管理層都這麼說，但我們的管理層和董事會真的相信自由港的基本價值大大高於現在交易的股票。

Your next question will come from the line of Lawson Winder with Bank of America Securities.

您的下一個問題將來自美國銀行證券公司的 Lawson Winder。

Hello, Richard and Kathleen. It is very nice to hear from you. As always, I hope you both are well. I just wanted to kind of dig down on your comments regarding the increase in the cash cost guidance. Kathleen, you mentioned it was -- a majority of the forces driving that were actually just a reduction in the by-product price assumptions. I was getting to that too, though, I was getting to a very small majority, almost close to 50-50. Do you happen to have a specific number in terms of how that broke down between inflation and the change in the price assumption? And then maybe if you could just speak to some of the key, I guess, unexpected inflationary items that you saw in the quarter?

你好，理查德和凱瑟琳。很高興收到您的來信。一如既往，我希望你們倆都好。我只是想深入了解您對現金成本指導增加的評論。凱瑟琳，你提到它是 - 大多數驅動力實際上只是副產品價格假設的降低。不過，我也達到了這一點，我得到了非常小的多數，幾乎接近 50-50。就通貨膨脹和價格假設變化之間的關係而言，您是否碰巧有一個具體的數字？然後也許你可以談談你在本季度看到的一些關鍵的，我猜，意想不到的通脹項目？

Yes. Sure. On Slide 9, we show a roll forward. And you can see there where we've gone from 144 to 150 in the by-product credit because we're using lower gold prices and molybdenum from what we used in our prior forecast is down by $0.05. So we had a $0.06 increase and $0.05 of that is from reduced by-product credits. The site production, the top line number, the site production delivery being up $0.03. The major factors there that are impacting our cost guidance is energy we used, just for reference in our last forecast, we used $3.50 per gallon for diesel prices just for one reference in our outlook, which was the price -- around the price at the time. The price in the fourth quarter -- in the second quarter ended up being above $4 per gallon, and that's declined somewhat to $3.70. So we're using current or at least prices as of last week for oil prices or diesel prices roughly $3.70 a pound or a gallon in our outlook.

是的。當然。在幻燈片 9 上，我們展示了前滾。你可以看到我們在副產品信用中從 144 增加到 150，因為我們使用的是較低的黃金價格，而我們在之前的預測中使用的鉬價格下降了 0.05 美元。所以我們增加了 0.06 美元，其中 0.05 美元來自減少的副產品信用。現場生產，頂行數，現場生產交付增加 0.03 美元。影響我們成本指導的主要因素是我們使用的能源，僅供我們上次預測中的參考，我們使用每加侖 3.50 美元的柴油價格作為我們展望中的一個參考，這就是價格——大約是時間。第四季度的價格——第二季度最終超過了每加侖 4 美元，並且略微下降至 3.70 美元。因此，在我們的展望中，我們使用當前或至少上週的油價或柴油價格大約為每磅或每加侖 3.70 美元。

Coal prices are also up from our prior forecast. Purchase power costs are up slightly. We had some offsets in currencies. The stronger dollar results in lower operating costs in our international locations. And so we've reflected that. We've had some contractual consumable price increases, which are rolling in, which we've brought into the forecast. We had also -- and this is more of an accounting deal, but we also had, as we are transitioning in El Abra from a former leach pad to a new leach pad, we had some changes in estimates -- in our estimates of what copper is remaining in that leach pad. And so what that does is basically, if we reduce the amount of copper available in leach pad, it increases our costs for the remaining pound. So that is not a cash item. It's essentially, we've already spent the cash. But it will roll through our unit net cash costs and that was a factor as well.

煤炭價格也高於我們之前的預測。購電成本略有上升。我們有一些貨幣抵消。美元走強導致我們國際地區的運營成本降低。所以我們已經反映了這一點。我們已經進行了一些合同消耗品價格上漲，這些價格正在滾滾而來，我們已將其納入預測。我們也 - 這更像是一項會計交易，但我們也有，因為我們正在 El Abra 從以前的浸出墊過渡到新的浸出墊，我們的估計發生了一些變化 - 在我們對什麼的估計中銅殘留在該浸出墊中。所以這基本上是，如果我們減少浸出墊中可用的銅量，它會增加我們剩餘磅數的成本。所以這不是現金項目。本質上，我們已經花掉了現金。但這將影響我們的單位淨現金成本，這也是一個因素。

So -- but the headlines, energy materials and supplies, this deal at El Abra, which is (inaudible) offset by a stronger dollar and profit sharing and other costs that are driven by copper prices. So net of all that, we were $0.03 on site production and delivery, and our export duties and royalties went down by $0.02. So the biggest factor you can look at this and say it's by-product credits, which we were using $1,950 for gold in the prior forecast and now we're using $1,700. $19 for molybdenum in the prior forecast, which is what it was. And that price has declined to $16.

所以——但是頭條新聞，能源材料和供應，El Abra 的這筆交易，（聽不清）被美元走強和利潤分享以及銅價驅動的其他成本所抵消。因此，除此之外，我們的現場生產和交付成本為 0.03 美元，我們的出口關稅和特許權使用費下降了 0.02 美元。所以你可以看到這個並說它是副產品信用的最大因素，我們在之前的預測中使用 1,950 美元作為黃金，現在我們使用的是 1,700 美元。在之前的預測中，鉬價為 19 美元，事實就是如此。而這個價格已經下降到 16 美元。

And growing volumes in Indonesia. I mean, with that cost structure, when it gets to be a greater proportion of consolidated numbers, that's a huge benefit.

印度尼西亞的銷量也在不斷增長。我的意思是，在這種成本結構下，當它在合併數字中佔更大比例時，這是一個巨大的好處。

Maybe as a follow-up, I find it remarkable that you did not mention labor among all of that. Are you just not seeing signs of any meaningful labor inflation? And I guess, you're obviously confident that you don't expect to see any going forward?

也許作為後續行動，我發現你沒有在所有這些中提到勞動，這很了不起。你只是沒有看到任何有意義的勞動力通脹的跡象嗎？而且我猜，你顯然有信心你不希望看到任何進展？

We had already updated in our second quarter -- in the second quarter and our first quarter results in April, we had already updated our labor costs for inflation. We've also -- in contract labor that we're using. Our labor costs actually in this forecast are a little lower because of this currency factor that I mentioned. And that doesn't affect our U.S. operations. But when you look at South America and where the Peruvian and Chilean currencies have moved relative to the dollar, that helps because our costs are in those countries for labor are principally denominated in the local currency.

我們已經在第二季度進行了更新——在第二季度和 4 月份的第一季度業績中，我們已經根據通貨膨脹更新了勞動力成本。我們還 - 在我們正在使用的合同工中。由於我提到的貨幣因素，我們在這個預測中的勞動力成本實際上要低一些。這不會影響我們在美國的業務。但是，當您查看南美洲以及秘魯和智利貨幣相對於美元的變動時，這會有所幫助，因為我們在這些國家的勞動力成本主要以當地貨幣計價。

Well, thank you. I want to get a shout out to our supply chain team that's just done a remarkable job in working with our suppliers in a difficult environment, not only from a cost standpoint, but from a delivery standpoint. And they've just done a great job in working directly hand-in-hand with our operations to do what we can to offset these challenges that are broadly across all businesses.

嗯，謝謝。我想向我們的供應鏈團隊大聲疾呼，他們在艱難的環境中與我們的供應商合作做得非常出色，不僅從成本的角度來看，而且從交付的角度來看。他們剛剛在與我們的運營部門直接攜手合作方面做得非常出色，盡我們所能來抵消這些廣泛存在於所有業務中的挑戰。

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

您的下一個問題將來自摩根士丹利的 Carlos De Alba。

Richard and Kathleen, a couple of questions, if I may. First one, it seems that the leaching technology could be a very attractive return on investment for you. So I wonder if you can give us maybe a little bit more color as to what is the current status there? What are some of the work that is still pending to do? And if you have any sense of potential timing for that investment to materialize? And then the other is clearly a lot of volatility, as you mentioned, and copper prices have suffered. But since you are quite constructive on the market, this might be an opportunity. So this is maybe a sensitive topic, but what is the rationale of keeping Cerro Verde as a publicly traded company? I mean wouldn't it potentially be that also a good investment for Freeport shareholders?

理查德和凱瑟琳，有幾個問題，如果可以的話。第一個，似乎浸出技術對您來說可能是一個非常有吸引力的投資回報。所以我想知道你是否可以給我們更多的顏色，了解那裡的當前狀態？還有哪些工作尚待完成？如果您對該投資實現的潛在時機有任何感覺？然後另一個顯然是很大的波動，正如你提到的，銅價已經受到影響。但由於你在市場上很有建設性，這可能是一個機會。因此，這可能是一個敏感話題，但將 Cerro Verde 保留為上市公司的理由是什麼？我的意思是，對於自由港的股東來說，這難道不是一項很好的投資嗎？

Carlos, regarding the first question related to your comments on leaching, it is our best project in the portfolio and is something that's a catalyst for us to really add value to our business. As you mentioned, low capital intensity, very low operating costs. And particularly in this current environment, we are highly motivated. We've got teams, we're running it like a project. We've got teams highly focused on this. It's our #1 priority. It's got an element of research and development associated with it. So it's not just execution. It's got some science associated with it.

Carlos，關於您對浸出的評論的第一個問題，這是我們投資組合中最好的項目，是我們真正為我們的業務增加價值的催化劑。正如您所提到的，資本密集度低，運營成本非常低。尤其是在當前的環境下，我們的積極性很高。我們有團隊，我們像項目一樣運行它。我們的團隊高度關注這一點。這是我們的第一要務。它有一個與之相關的研究和開發元素。所以這不僅僅是執行。它有一些與之相關的科學。

But we are advancing our understanding of the science. We -- our company and its predecessors have been really leaders in this area, and we've got a team of people who have a lot of experience and the science of this as well as some new approaches that are going to allow us to be successful here. Cory Stevens is on the line, who is leading this effort and with Josh and the whole Americas team. And Cory, I don't know if you want to make any comments in addition to what we said earlier. But Cory's phone rings quite a bit because this is -- we do see this as being a real value opportunity for us to create value for our business and shareholders. But Cory, is there anything you want to add that wasn't covered?

但我們正在推進我們對科學的理解。我們——我們的公司和它的前輩一直是這個領域的真正領導者，我們擁有一支擁有豐富經驗和科學知識的團隊，以及一些能讓我們成為在這裡成功。科里·史蒂文斯 (Cory Stevens) 與喬希 (Josh) 和整個美洲團隊一起領導這項工作。 Cory，我不知道您是否想在我們之前所說的之外發表任何評論。但是科里的電話響了很多，因為這是 - 我們確實認為這是我們為我們的業務和股東創造價值的真正價值機會。但是科里，你有什麼沒有提到的要補充的嗎？

Thanks, Kathleen. Yes. So leaching really does offer a number of compelling advantages on a number of fronts. The analytics capabilities is really unlocking a more granular look at all the different aspects that we see in terms of recovery, and it's enabling us to decouple static recipes that we had in the past to more dynamic recipes that maximize value as we go forward. But that's just one bucket and it's very organic. We're -- at Morenci, there's a lot of -- a center of our attention right now. We're executing to the moderate volumes that we've put in to this year's forecast, building confidence into a sustainable -- what that looks like going forward and then have a number of activities going to add even more with a whole -- with a very large backlog of a number of alternatives that we're pursuing.

謝謝，凱瑟琳。是的。因此，浸出確實在許多方面提供了許多引人注目的優勢。分析功能真正開啟了對我們在恢復方面看到的所有不同方面的更細緻的觀察，它使我們能夠將過去擁有的靜態配方與更動態的配方分離，從而在我們前進的過程中實現價值最大化。但這只是一個桶，而且非常有機。我們 - 在Morenci，現在有很多 - 我們關注的中心。我們正在執行我們對今年預測的適度數量，建立對可持續發展的信心——這看起來像向前發展，然後有一些活動將增加更多的整體——與我們正在尋求的許多替代方案的大量積壓。

Thanks, Cory. And so it's data analytics, additives, which we're exploring as well as heat, which we're applying, covers across all of our stockpiles. And we're well on our way to doing that. And as we retain heat in the stockpile, the data shows that recoveries are greater. So it's a multifaceted approach to it. We're focused initially at Morenci. Chino is the second largest one in the U.S., and we're moving with data analytics there. We're trying out some additives at Sierrita. We've got some third-party -- some third-party activity going on at our Bagdad mine in Arizona. So we're trying a bunch of alternatives to enhance our understanding and we're gaining confidence that we'll be able to have some. We set this target of 100 million to 200 million pounds over a 12- to 18-month time frame. And we're increasing our ability to -- our confidence in our ability to get to that. And once we get to that, that will open up some iterations that will allow us to expand it from there. But we've got to get the first success. And we've had some early successes. It's just we've got to get to scale on it. So stay tuned. For second question on Cerro Verde...

謝謝，科里。因此，我們正在探索的數據分析、添加劑以及我們正在應用的熱量，涵蓋了我們所有的庫存。我們正在努力做到這一點。隨著我們在庫存中保留熱量，數據顯示回收率更高。所以這是一種多方面的方法。我們最初專注於莫倫奇。 Chino 是美國第二大公司，我們正在那裡進行數據分析。我們正在 Sierrita 試用一些添加劑。我們在亞利桑那州的巴格達礦山開展了一些第三方活動。因此，我們正在嘗試一系列替代方案來增強我們的理解，並且我們越來越相信我們將能夠擁有一些替代方案。我們在 12 到 18 個月的時間範圍內設定了 1 億到 2 億磅的目標。我們正在提高我們的能力——我們對實現這一目標的能力的信心。一旦我們做到了這一點，就會開啟一些迭代，讓我們能夠從那裡擴展它。但我們必須取得第一次成功。我們已經取得了一些早期的成功。只是我們必須擴大規模。所以請繼續關注。關於 Cerro Verde 的第二個問題...

Let me just add. The real focus is what Kathleen and Cory talked about is taking advantage of our existing leach operations. But with success, the future beyond that is really exciting about what we might do in terms of mining sulfide ores and processing them with this technology or looking at historical leach stacks. It is really exciting. Our whole team is really pumped up about it, very good to see. Our project is called leach to the last drop.

讓我補充一下。真正的重點是 Kathleen 和 Cory 談論的是利用我們現有的浸出操作。但隨著成功，未來我們在硫化礦石開采和使用這種技術處理它們或查看歷史浸出堆方面可能會做的事情真的令人興奮。這真的很令人興奮。我們整個團隊都對此非常興奮，很高興看到。我們的項目叫做 leach to the last drop。

And just to circle back on Cerro Verde, we monitor the share price there, the public share price there. The public float is a historical carryforward that has been in place for a very long time, but we do monitor the trading conditions, opportunities if they arise and being able to repurchase. It's a different scenario than in the U.S. where we can have active share purchase programs. But we are in tune with the market there and with certain of the investors. And we'll look at that on an opportunistic basis as we compare uses of cash flow with other priorities at the corporate level.

回到 Cerro Verde，我們監控那裡的股價，那裡的公開股價。公眾持股量是一種歷史性的結轉，已經存在了很長時間，但我們確實會監控交易條件、機會是否出現以及是否能夠回購。這是與美國不同的情況，我們可以有積極的股票購買計劃。但我們與那裡的市場和某些投資者保持一致。當我們將現金流的使用與公司層面的其他優先事項進行比較時，我們將在機會主義的基礎上看待這一點。

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

您的下一個問題將來自 Michael Dudas 的 VRP。

So Richard, we've had this dislocation over the last 6, 7 weeks, which has perplexed a lot of folks. And on top of the S&P report, the year-end report that came that you cited that was published a couple of weeks ago. Historically, these types of like corrections or uncertainty in the market, will it lead to exponential delays in decision-making and getting some of the supply to the marketplace? Is there going to be just -- or is this like, well, we know longer term coppers can be great, so we're going to go through with these discussions. Obviously, you're looking at it in one very measured way. But historically, as the industry, we're going to see further pressure on inventories and deficits because this type of nervousness could lead to further delays in the needed investment for the product?

所以理查德，在過去的 6 到 7 周里，我們經歷了這種錯位，這讓很多人感到困惑。除了標準普爾報告之外，您引用的年終報告是幾週前發布的。從歷史上看，這些類型的市場修正或不確定性，是否會導致決策制定和向市場提供一些供應的指數級延遲？是否會有 - 或者這就像，我們知道長期銅可能會很棒，所以我們將進行這些討論。顯然，您正在以一種非常謹慎的方式看待它。但從歷史上看，作為行業，我們將看到庫存和赤字的進一步壓力，因為這種緊張情緒可能導致產品所需投資的進一步延遲？

Unquestionably, I mean you just think about the impact on corporate strategy, the amount of financing that's available for smaller projects. All -- this is just another element of the series of barriers to supply development that the industry had already faced. And unquestionably, I mean it was pointed out earlier in the discussion that for a company like ours is -- we've got this really great project in Chile that's being delayed by the politic -- political situation there and the uncertainties about taxation. When you balance that out with a company like ours and potentially being able to buy your stock back so cheaply, that's going to happen. That's going to have an impact.

毫無疑問，我的意思是您只需考慮對公司戰略的影響，即可用於較小項目的融資金額。所有——這只是該行業已經面臨的一系列供應發展障礙中的另一個因素。毫無疑問，我的意思是在前面的討論中已經指出，對於像我們這樣的公司來說——我們在智利有一個非常棒的項目，但由於那裡的政治——政治局勢和稅收的不確定性而被推遲。當您與像我們這樣的公司平衡這一點並有可能以如此便宜的價格回購您的股票時，這就會發生。這會產生影響。

The investment in this industry is just so long term, so long term, even for a project as straightforward as doubling our concentrator at Bagdad. That's a multiyear effort to go through the permitting, the planning process, the procurement process. So it's the long-term nature of this business and a head spinning move in prices like this is going to have an impact on those investment decisions. I don't know of any company that's just going to close their eyes and say that the market is so good in the future, we're just going to ignore this. You can't ignore it. I mean it's been such a dramatic decline, and there's still such uncertainties as to what's going to happen, that all of that is going to delay production investments and there was such a limited number of investments available out there anyway, it's just building towards this coming huge deficit in the copper markets.

對這個行業的投資是如此長期，如此長期，即使對於像將我們在巴格達的集中器加倍這樣簡單的項目也是如此。這是經過許可、規劃過程和採購過程的多年努力。因此，這是這項業務的長期性質，而像這樣的價格波動將對這些投資決策產生影響。我不知道有哪家公司會閉上眼睛說未來市場這麼好，我們會忽略這一點。你不能忽視它。我的意思是這是一個如此巨大的下降，而且對於會發生什麼仍然存在不確定性，所有這些都會延遲生產投資，而且無論如何可用的投資數量有限，它只是朝著這個方向發展銅市場即將出現巨額赤字。

Your next question will come from the line of Timna Tanners with Wolfe Research.

您的下一個問題將來自 Timna Tanners 與 Wolfe Research 的合作。

I guess I'm just trying to kind of square that what we've been discussing in terms of Freeport Slide 12 in terms of all those projects. What does it take that you need to see to -- from the Chilean politics to get more confident in El Abra? And what does it take in terms of copper prices just generally to proceed? Or are many of these still very attractive at recent prices?

我想我只是想把我們一直在討論的關於 Freeport Slide 12 的所有這些項目放在一起。您需要從智利政治中看到什麼才能對 El Abra 更有信心？就銅價而言，一般情況下需要什麼？還是其中許多以最近的價格仍然非常有吸引力？

So Timna, thanks for the question. It's -- in looking at our situation, there's a lot of balancing of competing economics for these projects that come into play. The uncertainty at El Abra where we have a 50% -- 51% interest, and we operate it with CODELCO as our partner, just means that, that is a burden on that project, whereas investments in the U.S., where Kathleen mentioned we own substantially all of our land in fee. So there's no royalties where we have a favorable income tax situation that's partially due to the tax legislation that's in place now and partially due to net operating loss carryforward we have from the oil and gas investment. And all the issues around community support and what you have to provide in international operations affects that balance that we have.

所以蒂姆納，謝謝你的問題。這是 - 在我們的情況下，對於這些開始發揮作用的項目，有很多競爭經濟學的平衡。 El Abra 的不確定性，我們擁有 50% - 51% 的權益，並且我們與 CODELCO 作為我們的合作夥伴來運營它，這只是意味著，這是該項目的負擔，而在凱瑟琳提到我們擁有的美國投資基本上我們所有的土地都在收費。因此，在我們的所得稅情況有利的情況下，沒有特許權使用費，這部分是由於現在實施的稅收立法，部分是由於我們從石油和天然氣投資中結轉的淨經營虧損。圍繞社區支持的所有問題以及您在國際運營中必須提供的內容都會影響我們所擁有的平衡。

And Kucing Liar is different because it's just a clear-cut fit into our long-term plan for managing the available ore. Grasberg -- and by the way, I might mention, Emily, you had your report today a question about extending the 2041 deadline there. We're in early discussions. I think we have a pathway forward, but we have to proceed with that. And that is something that would benefit all stakeholders and also open that whole area for further exploration, which has been limited because of the 2041 deadline under our existing operating rights. So it's not an easy question to say, but it's a balancing off on all these things. And right now, the leach focus is not -- it's going to be affected by economics, timing of Bagdad, maybe the Lone Star project, the near-term expansions are going well and they have some more opportunities there. The sulfide is longer term and then El Abra is the one that's really challenged.

而 Kucing Liar 則不同，因為它完全符合我們管理可用礦石的長期計劃。格拉斯伯格——順便提一下，艾米麗，你今天的報告中有一個關於延長 2041 年最後期限的問題。我們正在進行早期討論。我認為我們有一條前進的道路，但我們必須繼續前進。這將使所有利益相關者受益，並打開整個區域以供進一步探索，由於我們現有運營權下的 2041 年最後期限，該區域受到限制。所以這不是一個容易說的問題，但它是對所有這些事情的平衡。而現在，浸出的重點不是——它會受到經濟、巴格達的時間安排，也許是孤星項目的影響，近期的擴張進展順利，他們在那裡有更多的機會。硫化物是長期的，然後 El Abra 是真正受到挑戰的。

Beyond that, we have further opportunities in the U.S. at Morenci and at our other mines. But what I really like about our company is we have this huge pipeline of projects. The nearest term will take time rather than leaching, which will come quicker. But beyond that, we have such great resources that are available to us beyond reserves. And over time, those will come into reserves. And so this company is sustainable for a very long period of time without having to do anything else. But the decisions about the timing and when to commit and so forth -- a lot of moving parts, and that got -- it's just gotten more complicated by seeing this 30% drop of copper prices and not knowing what's going to happen in the next 2 to 3 years globally. So it has an impact on us, and it will have an impact on other companies.

除此之外，我們在美國的 Morenci 和我們的其他礦山還有更多機會。但我真正喜歡我們公司的是我們擁有龐大的項目管道。最接近的術語將需要時間而不是浸出，這會更快。但除此之外，我們還有大量資源可供我們使用，超出了儲備。隨著時間的推移，這些將成為儲備。因此，這家公司可以在很長一段時間內可持續發展，而無需做任何其他事情。但是關於時間和何時承諾等等的決定 - 很多活動部件，這得到了 - 看到銅價下跌 30% 並且不知道接下來會發生什麼，情況變得更加複雜全球2至3年。所以它對我們有影響，也會對其他公司產生影響。

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

您的下一個問題來自德意志銀行的 Abhi Agarwal。

I just had a question on inflation. So in terms of inflation, where do you see the biggest upside risk into the year-end 2023? And you did talk about using spot gasoline prices and including deliver in your forecast. But does the Q3 and the 2022 guide reflect the spot consumable prices you are seeing? That's my first question.

我剛問了一個關於通貨膨脹的問題。那麼就通脹而言，您認為到 2023 年底最大的上行風險在哪裡？您確實談到了使用現貨汽油價格並將交付包括在您的預測中。但是，第三季度和 2022 年的指南是否反映了您所看到的現貨消耗品價格？這是我的第一個問題。

The first answer is yes to that. We're using spot prices for our energy inputs.

第一個答案是肯定的。我們使用現貨價格作為能源投入。

Yes, and that's just our philosophy and planning overall. We don't like -- we develop an outlook and a plan based on current prices, and then we look at a number of different scenarios for what might happen if that varies. But we don't go into any kind of economic analysis. Our selves or coming up with predictions on the future (inaudible) and so we just use current prices and then look at scenarios of -- I want to say this, for those of you who have followed the company a long time, you've heard me say about the correlation between our input costs and copper prices that's been there. And that's one of the rationales we've always used for (inaudible).

是的，這只是我們的理念和總體規劃。我們不喜歡 - 我們根據當前價格製定前景和計劃，然後我們會研究許多不同的情景，以了解如果情況發生變化可能會發生什麼。但我們不進行任何類型的經濟分析。我們自己或對未來做出預測（聽不清），所以我們只使用當前價格，然後看情景——我想說的是，對於那些長期關注公司的人，你們已經聽到我談到我們的投入成本和銅價之間的相關性。這是我們一直使用的理由之一（聽不清）。

This current market has disrupted some of those long-standing traditional relationships. Energy is the most significant one, and that's changing. And every day, you see that changing. So we're just having to (inaudible) approach this with prudence with an overall goal of protecting this great set of assets we have and protecting the future that I think is going to be so great for our company. So we're going into that mode that we've followed before but really aggressively managing our business as the world around us changes.

當前的市場已經破壞了其中一些長期存在的傳統關係。能源是最重要的一項，而且這種情況正在發生變化。每天，你都會看到這種變化。因此，我們只需要（聽不清）審慎地處理這個問題，其總體目標是保護我們擁有的大量資產並保護我認為對我們公司來說非常棒的未來。因此，我們將進入我們之前遵循的那種模式，但隨著我們周圍世界的變化，我們會真正積極地管理我們的業務。

And to your question about where we see the most risk or opportunity either way, I'd say energy is the one that's the most uncertain. As Richard talked about the correlation, what we're spending on energy, if we did historical correlations going back over a long period of time, our energy costs correlated to a $3.25 copper price would be 40% lower or greater. And so -- but yet people are talking about potentially energy prices spiking again because of what's going on in the world. But if we really do get this recession really comes through, maybe it's a scenario where historical correlations start to fold in more than they are today. But our current plans are not based on historical correlations. They're based on the current market conditions.

對於你關於我們在哪裡看到最大風險或機會的問題，我想說能源是最不確定的。正如理查德談到的相關性，即我們在能源上的支出，如果我們在很長一段時間內進行歷史相關性，我們的能源成本與 3.25 美元的銅價相關，將會降低或更高 40%。如此——但人們正在談論由於世界上正在發生的事情而可能再次飆升的能源價格。但是，如果我們真的讓這場衰退真的過去了，也許這是一種歷史相關性開始比現在更多的情況。但我們目前的計劃並非基於歷史相關性。它們基於當前的市場狀況。

(inaudible) this is obviously the biggest risk to our business right now is, is the future demand going to drop off a cliff because of a global recession. And that's what -- the market is pricing that in, in large part right now because that's what the expectation was. I mean, look at that Bank of America survey that they did, 80% of the people were projecting bad times. But we haven't had that yet. But that's the risk to our business. If the dire expectations about recession occur, demand will fall off. We can adjust to it. We're not going to put our company at risk. And that's why we're going to be very prudent about the way we manage capital, manage operations and manage our financial policy. I'm such a big believer in copper. I have this urge to be a lot more entrepreneurial about it, but history has taught me, we need to be really prudent to protect ourselves in case things happen that might put us at risk, and we're not going to do that. I'm just not going to do it.

（聽不清）這顯然是我們目前業務面臨的最大風險，未來的需求是否會因為全球經濟衰退而跌落懸崖。這就是 - 市場正在定價，這在很大程度上是因為這就是預期的。我的意思是，看看他們所做的美國銀行調查，80% 的人都在預測糟糕的時期。但我們還沒有。但這是我們業務的風險。如果對衰退的可怕預期發生，需求就會下降。我們可以適應它。我們不會讓我們的公司處於危險之中。這就是為什麼我們要非常謹慎地管理資本、管理運營和管理我們的財務政策。我非常相信銅。我有一種想要更多地創業的衝動，但歷史告訴我，我們需要非常謹慎地保護自己，以防萬一發生可能使我們處於危險之中的事情，我們不會那樣做。我只是不打算這樣做。

Your next question will come from the line of John Tumazos with John Tumazos Very Independent Research, LLC.

您的下一個問題將來自 John Tumazos 和 John Tumazos 非常獨立的研究有限責任公司。

Reading such a strong position at Freeport. And given the 2 big capital projects, the smelter and Kucing Liar basically nondiscretionary, but we really don't need to make too many changes lay off geologist playing CapEx around a lot. And that there's less risk of a double mistake of making all these cuts and then the market recovering, panics start and stop so fast, it's so hard for you to manage. Do you think it's very likely we're steady state at Freeport?

在自由港讀到如此強勢的地位。鑑於這兩個大型資本項目，冶煉廠和 Kucing Liar 基本上是非自由裁量的，但我們真的不需要做太多的改變，讓地質學家在很多資本支出方面下崗。做出所有這些削減然後市場復甦的雙重錯誤的風險較小，恐慌開始和停止的速度如此之快，你很難管理。你認為我們很可能在自由港處於穩定狀態嗎？

Well, let's see, you mentioned people, we made substantial cuts and personnel just over 2 years ago with a COVID issue. We did that. We always treat people fairly. It was mostly between incentivized retirements or incentivize terminations and so forth, and we were very effective with doing that. By the way, we have carried over some really efficient benefits in our G&A cost. And what we learned during that period of time about not needing to travel as much and working efficiently with our people. I encourage all of you to go back and look at the history of Freeport's G&A and just see what targets we made with it.

好吧，讓我們看看，你提到的人，我們在 2 年前就因 COVID 問題進行了大幅裁員和人員。我們做到了。我們始終公平對待他人。主要是在激勵退休或激勵終止等之間，我們在這方面非常有效。順便說一句，我們在 G&A 成本中帶來了一些非常有效的好處。在那段時間裡，我們學到了關於不需要經常出差並與我們的員工有效合作的知識。我鼓勵大家回過頭來看看 Freeport 的 G&A 的歷史，看看我們用它制定了哪些目標。

John, we're actively looking for technical people. I mean we're not talking about cutting back technical people at all because this opportunity with leaching with data analytics, which is used in leaching, but in the rest of our business. And my experience has shown you find good technical people, you can -- they'll create value for us. So steady state. Maybe that's one way of saying it now that it was Grasberg being where it is with its ramp-up. We're still working on a mill enhancement there and power issues, we're dealing with our power plant there. And we have some other investments made, but we're at our run rate. And clearly, the expansions are being affected by today's copper price. So yes, we're just focused on staying in a strong financial position, keeping all of our options open and being prepared to act when time makes sense.

約翰，我們正在積極尋找技術人員。我的意思是，我們根本不是在談論削減技術人員，因為這是通過數據分析進行浸出的機會，它用於浸出，而是用於我們的其他業務。我的經驗表明，你可以找到優秀的技術人員——他們會為我們創造價值。如此穩定的狀態。也許這是一種說法，因為 Grasberg 正在加速發展。我們仍在努力改善那裡的工廠和電力問題，我們正在處理那裡的發電廠。我們還進行了一些其他投資，但我們正處於我們的運行速度。顯然，擴張受到今天銅價的影響。所以，是的，我們只是專注於保持強勁的財務狀況，保持我們所有的選擇開放，並準備在時間合理時採取行動。

We raised the capital we need for the smelter. That's an important part of our agreement with the Indonesian government. And we raised the capital we need, both in the bond and the bank markets earlier this year before things got deteriorated. And so we're in good shape. That's an execution project. The Kucing Liar, it's complicated execution project, but it's an execution project. The Kucing Liar project is investments over a long period of time. We can have some pluses and minuses as we look out in the plan to tweak it, but it's a long-term investment. The places where we do have opportunities to look at is, in the short term, some of the funding that we were planning in the Americas for various projects to build capacity, to build capacity assurance, to sustain higher mining rates so that we could keep our production levels high. Those kinds of things, as we've done in the past, we can look at if we need -- we will look at if we need to essentially cut spending. And the reductions in mining rates help current cash flow. It makes it harder in the future to get the flywheel going again as we're just now doing with the cutbacks we did in 2020.

我們籌集了冶煉廠所需的資金。這是我們與印度尼西亞政府達成協議的重要組成部分。今年早些時候，在情況惡化之前，我們在債券市場和銀行市場籌集了所需的資金。所以我們的狀態很好。那是一個執行項目。 Kucing Liar，這是一個複雜的執行項目，但它是一個執行項目。 Kucing Liar 項目是長期投資。當我們在調整它的計劃中尋找時，我們可以有一些優點和缺點，但這是一項長期投資。我們確實有機會考慮的地方是，在短期內，我們計劃在美洲為各種項目提供一些資金，以建設能力、建設能力保證、維持更高的採礦率，以便我們能夠保持我們的生產水平很高。這些事情，就像我們過去所做的那樣，我們可以看看我們是否需要——我們將看看我們是否需要從根本上削減開支。採礦率的降低有助於當前的現金流。就像我們剛剛在 2020 年所做的削減一樣，未來讓飛輪再次運轉變得更加困難。

But as Richard said, it's something that our team has experience with. We do it in a disciplined way. I think the important thing for the market to understand is that as we do these kinds of things, they don't -- the switch doesn't get turned on quickly. So they have lasting effects. Not -- you don't lose value, it's not lost, but it's deferred for potentially an extended period of time. So we take all that into account when we make these decisions on modifying operating plans.

但正如理查德所說，這是我們團隊有經驗的事情。我們以有紀律的方式進行。我認為市場要了解的重要一點是，當我們做這些事情時，它們不會——開關不會很快打開。所以它們具有持久的影響。不——你不會失去價值，它不會失去，但它可能會延遲很長一段時間。因此，當我們做出有關修改運營計劃的決定時，我們會考慮所有這些因素。

And the timing of that PT-FI $3 billion financing was very fortuitous. Now I was just looking at this morning and what we issued it with and what today's interest rates are for those bonds that are trading. It was great that Kathleen and our team have done when they got it done.

PT-FI 30 億美元融資的時機非常偶然。現在我只是在看今天早上，我們用什麼發行它，以及那些正在交易的債券今天的利率是多少。 Kathleen 和我們的團隊在完成任務後所做的一切都很棒。

Our final question will come from the line of Jatinder Goel with Exane BNP Paribas.

我們的最後一個問題將來自 Exane BNP Paribas 的 Jatinder Goel。

Just a question on inflation, but from a different perspective. A number of other companies in the sector are highlighting CapEx inflation being higher than OpEx inflation. Interestingly, encouragingly, your CapEx guidance is almost unchanged for this year and next year, barring some $100 million shift. What's driving that? Are you seeing any CapEx inflation? Or is there any deferral of activity keeping that absolute $3.1 billion average CapEx slide unchanged, but it's at the cost of some lower activity level?

只是一個關於通貨膨脹的問題，但從不同的角度來看。該行業的許多其他公司都在強調資本支出通脹高於運營支出通脹。有趣的是，令人鼓舞的是，您今年和明年的資本支出指導幾乎沒有變化，除非轉移約 1 億美元。是什麼驅動了它？您是否看到任何資本支出通脹？或者是否有任何活動推遲保持絕對 31 億美元的平均資本支出下滑不變，但這是以一些較低的活動水平為代價的？

Yes. I think it's a function of where we are in these projects. In Indonesia, a large portion of our capital budget was related to the underground, the underground development. And so we were well advanced in this project. The last part of it really is this increase in our SAG milling circuit, which is coming on in '23. So -- but if we're starting projects today or in the last 6 months, I think that's a fair assumption.

是的。我認為這是我們在這些項目中所處位置的一個功能。在印度尼西亞，我們的大部分資本預算與地下、地下開發有關。所以我們在這個項目中取得了很大進展。最後一部分確實是我們的 SAG 銑削電路的增加，這將在 23 年推出。所以 - 但如果我們今天或過去 6 個月開始項目，我認為這是一個公平的假設。

And that also goes into the calculus of is this the environment that you want to undertake major new projects in, because not only do you have the costs up, but the availability of labor, to someone's question earlier, is that the risks are higher. And so the current copper price doesn't appropriately reflect what is required to get new projects developed. And that's the thing Richard was talking about earlier, where we've got a big disconnect.

這也涉及到你想在這種環境中進行重大新項目的計算，因為你不僅成本上升，而且勞動力的可用性，對於之前有人提出的問題，風險更高。因此，目前的銅價並不能恰當地反映開發新項目所需的條件。這就是理查德之前所說的，我們有很大的脫節。

But our capital projects that we're doing today have been in progress for a long time. So -- and we've got a core amount of sustaining projects, and we do have some higher equipment and parts and those kinds of things. Some of the parts have affected OpEx. But we're not -- given where we are in our capital cycle, we don't have the inflation that someone brand new starting a new project would have today.

但是我們今天所做的資本項目已經進行了很長時間。所以 - 我們有核心數量的維持項目，我們確實有一些更高的設備和零件以及類似的東西。一些部件影響了運營支出。但我們不是——考慮到我們在資本週期中的位置，我們沒有像今天開始一個新項目的新人那樣的通貨膨脹。

It's the nature of what we're spending money on and like Kathleen said, where we are, where we are in the cycle. And supply chain issues are still real too, and that would be a very daunting thing to think about as you were undertaking a $6 billion, $7 billion new project in this industry. (inaudible) coming back, it just keeps coming back that the supply chain -- I mean, the supply barriers to develop copper to meet this demand are really significant. You just -- you think about we've had high copper prices now for 20 years. And just look at what the industry has tried to spend and develop and what's been developed. And now you've got these new things that are coming in, you can't wipe away community environmental concerns just because the world needs copper.

這是我們花錢的本質，就像凱瑟琳所說的那樣，我們在哪裡，我們在周期中的哪裡。供應鏈問題也仍然存在，當你在這個行業進行一個 60 億、70 億美元的新項目時，這將是一件非常令人生畏的事情。 （聽不清）回來了，供應鏈不斷回來——我的意思是，開發銅以滿足這一需求的供應障礙確實很大。你只是 - 你認為我們現在已經有 20 年的高銅價了。看看這個行業試圖花費和開發什麼以及已經開發了什麼。現在你已經有了這些新事物，你不能僅僅因為世界需要銅就消除社區環境問題。

You have all the social issues that are competing for the populations in Latin America and problems -- we in the U.S. benefit because we have greenfield expansions, but you see the problems of trying to build -- I mean, brownfield expansions. You see the problems in trying to build greenfield expansions here in the U.S., they're just daunting. I've just never seen anything like it and it's just so clear to me, after looking at our commodities businesses and actual resource business is now for all these decades about where the copper business is and what the future lies ahead for us. And just why I'm so excited about what our company will benefit from the assets, people experience, how we do things. So it's going to be a great future.

你有所有爭奪拉丁美洲人口的社會問題和問題——我們在美國受益，因為我們有綠地擴張，但你看到了試圖建設的問題——我的意思是，棕地擴張。您會看到在美國嘗試建立綠地擴張的問題，它們只是令人生畏。我從來沒有見過這樣的事情，而且我很清楚，在查看了我們的大宗商品業務和實際資源業務這幾十年以來，銅業務在哪里以及我們的未來在哪裡。這就是為什麼我對我們的公司將從資產、人員經驗以及我們做事的方式中受益如此興奮的原因。所以這將是一個美好的未來。

Excellent. Just a quick follow-up. On the smelting CapEx, the only change has been in the precious metals refinery side. Is all of the remaining CapEx on existing smelter expansion plus the new greenfield smelter all locked in, and there is no risk of escalation there, just to be sure?

出色的。只是快速跟進。在冶煉資本支出方面，唯一的變化發生在貴金屬精煉廠方面。現有冶煉廠擴建的所有剩餘資本支出以及新的新建冶煉廠是否全部鎖定，並且那裡沒有升級的風險，只是為了確定嗎？

No, it's not.

不，這不對。

No.

不。

Yes. We agreed with the EPC contractor to a target price, and we both share some risk in that. And we've got some contingencies, a good portion also when you think about the labor cost, local labor costs and where the dollar is, so that will help us if things stay the way they are. But if not, it's not a fixed price contract. It's got some risk sharing between the parties.

是的。我們與 EPC 承包商就目標價格達成了一致，我們都在這方面分擔了一些風險。我們有一些意外情況，當你考慮勞動力成本、當地勞動力成本和美元在哪裡時，這也是很大一部分，所以如果事情保持現狀，這將對我們有所幫助。但如果不是，它就不是固定價格合同。各方之間有一些風險分擔。

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

我現在將把電話轉回給管理層，以獲得任何結束語。

Let me just say, you all know how I feel on what's the basis for our company's strategy. So what -- if any of you -- and I'm asking this question broadly within the industry with all my contacts, but any of you on this call, who follow our company so closely, if you have a different view about the fundamental outlook for the business, just call me directly. I'd be very interested in hearing it. One thing the reality is that I certainly recognize is that even with institutional investors, their views of the -- of their investments are much more short run than what Freeport's view is of how we have to invest for the future of this copper business. But I'm really interested in hearing contrary views, if any of you would like to share them with me. And with that (inaudible) and we look forward to reporting in the next quarter and seeing how this world unfolds. It's going to be very interesting. Thank you all.

我只想說，你們都知道我對我們公司戰略的基礎的感受。那麼——如果你們中的任何人——我在行業內廣泛地問這個問題，我所有的聯繫人，但是你們中的任何人，密切關注我們公司，如果你對基本面有不同的看法業務前景，直接給我打電話。我很想听聽。現實是我當然承認的一件事是，即使是機構投資者，他們對他們投資的看法也比自由港對我們必須如何為銅業的未來進行投資的看法要短得多。但我真的很想听到相反的觀點，如果你們中的任何人願意與我分享的話。有了這個（聽不清），我們期待在下一季度進行報告，看看這個世界是如何展開的。這將是非常有趣的。謝謝你們。

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

女士們，先生們，我們今天的呼籲到此結束。感謝您的參與。您現在可以斷開連接。