費利浦·麥克莫蘭銅金 (FCX) 2022 Q4 法說會逐字稿

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

女士們，先生們，謝謝你們的支持。歡迎參加 Freeport-McMoRan 第四季度電話會議。 （操作員說明）

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主席 Kathleen Quirk 女士。請繼續，女士。

Thank you, and good morning. Welcome to the Freeport-McMoRan conference call, and happy 2023 to everyone. Earlier this morning, we reported fourth quarter 2022 operating and financial results, and a copy of our press release and slides are available on our website at fcx.com.

謝謝，早上好。歡迎參加 Freeport-McMoRan 電話會議，祝大家 2023 年快樂。今天早上早些時候，我們報告了 2022 年第四季度的運營和財務業績，我們的新聞稿和幻燈片的副本可在我們的網站 fcx.com 上找到。

Our conference call today is being broadcast live on the Internet, and anyone may listen to the call by accessing our website homepage 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點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之外，金融媒體也受邀收聽了今天的電話會議，今天晚些時候我們的網站將提供網絡直播的重播。

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. Like to refer everyone to the cautionary language included in our press release and presentation materials and to the risk factors described in our SEC filings.

在我們開始發表評論之前，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含前瞻性陳述，實際結果可能存在重大差異。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，以及我們向美國證券交易委員會提交的文件中描述的風險因素。

On the call today with me are Richard Adkerson, our Chairman of the Board and Chief Executive Officer; Maree Robertson, our CFO; and Mark Johnson, our Chief Operating Officer of Indonesia; Josh Olmsted, who is our Chief Operating Officer for the Americas; Mike Kendrick, who leads our molybdenum business; Cory Stevens, who heads our engineering and construction and overall Global Technical Services group; Rick Coleman, who is actively involved in all of our construction projects as well as Steve Higgins, our Chief Administrative Officer. So we have a full complement of management team here today. And we'll start -- Richard will make some opening remarks, and then he'll turn it back to me and we'll cover the slide materials, and then we'll open up the call for your questions. Turn it to you, Richard.

今天和我一起打電話的是我們的董事會主席兼首席執行官理查德·阿德克森 (Richard Adkerson)；我們的首席財務官 Maree Robertson；和 Mark Johnson，我們的印度尼西亞首席運營官； Josh Olmsted，我們的美洲首席運營官； Mike Kendrick，領導我們的鉬業務； Cory Stevens，負責我們的工程和施工以及整個全球技術服務團隊；積極參與我們所有建設項目的 Rick Coleman 以及我們的首席行政官 Steve Higgins。所以我們今天在這裡有一個完整的管理團隊。我們將開始——理查德將做一些開場白，然後他會把它轉回給我，我們將討論幻燈片材料，然後我們將開始徵集大家的問題。交給你吧，理查德。

Yes. Thanks, Kathleen. Thank you all for joining us today. As Kathleen said, after my overview remarks, which will be brief, she will review our results for the quarter. It was a strong fourth quarter. The numbers speak for themselves. It reflects the performance of our global team, and I much appreciate everybody's hard work.

是的。謝謝，凱瑟琳。感謝大家今天加入我們。正如凱瑟琳所說，在我簡短的概述之後，她將回顧我們本季度的業績。這是一個強勁的第四季度。數字不言自明。它反映了我們全球團隊的表現，我非常感謝大家的辛勤工作。

I read one of you said this morning in a report, mining is a tough business, and it certainly is, nobody knows that, I think, better than me. But what we've done and is reflected in our results for 2022 and particularly the fourth quarter, is remarkable. Most of you who know our business and maybe all of you do, recognize the need to look at Freeport into 2 major segments.

我讀到你們中的一個人今天早上在一份報告中說，採礦是一項艱鉅的業務，而且我認為，沒有人比我更了解這一點。但我們所做的並反映在我們 2022 年，尤其是第四季度的業績中，是非常了不起的。大多數了解我們業務的人，也許你們所有人都知道，有必要將自由港分為兩個主要部分。

Our operations in Indonesia by PT Freeport Indonesia is characterized by very large volumes, very low cost because of the grades and the gold content, largest gold mine in the world is a byproduct. As you'll see in the fourth quarter, it operated as the world's second largest copper mine with a net unit cost of $0.06 a pound. Our business in America is quite different. We have among the largest mines in the world, the mines have low grades, there's much more material to be processed, to be mined and processed to recover the copper and -- and it's an operation that gets challenged by low copper prices and factors like inflation.

我們在印度尼西亞的 PT Freeport Indonesia 業務的特點是產量非常大，由於品位和含金量非常低，世界上最大的金礦是副產品。正如您將在第四季度看到的那樣，它作為世界第二大銅礦運營，淨單位成本為每磅 0.06 美元。我們在美國的業務完全不同。我們擁有世界上最大的礦山之一，這些礦山品位低，有更多的材料需要加工，需要開采和加工以回收銅，而且 - 這是一項受到低銅價和諸如此類因素挑戰的業務通貨膨脹。

But when you look at the results and what our team has done this year, it's been very positive. It's also characterized by having some large future brownfield expansion opportunities which is particularly meaningful given the situation of the copper in the world. Indonesia, it was just rock solid performance. We've been operating underground there for 40-plus years now. We've been investing in the current underground operations that we have been ramping up over the past 3 years to become the largest underground mining operations in the world for the past 25 years. It just reflects the long-term nature of our business.

但是，當您查看結果以及我們團隊今年所做的工作時，它是非常積極的。它的另一個特點是未來有一些大型的棕地擴張機會，考慮到世界銅的情況，這特別有意義。印度尼西亞，這只是堅如磐石的表現。我們已經在那裡進行地下作業 40 多年了。我們一直在投資當前的地下作業，我們在過去 3 年中一直在增加，以成為過去 25 年來世界上最大的地下採礦作業。它只是反映了我們業務的長期性質。

The last 3 years have really been notable. We completed mining the Grasberg open pit, which had been the bulk of our operations since the discovery of the ore body in the late 1980s. We completed mining that pit at the end of 2019. Then early in 2020, we faced COVID. And for years, this transition was viewed as a risk overlying Freeport's business. And it's just a major accomplishment that we've reached our targeted mining in metal production targets, that is what's arguably the most complicated mine in the world. And it's all results of the hard work and accomplishments of our team there, very proud of them.

過去的 3 年確實值得注意。我們完成了 Grasberg 露天礦的開採，自 20 世紀 80 年代後期發現礦體以來，這一直是我們的主要業務。我們在 2019 年底完成了那個坑的開採。然後在 2020 年初，我們面臨 COVID。多年來，這種轉變被視為籠罩在自由港業務之上的風險。我們已經達到了金屬生產目標，這只是一項重大成就，這可以說是世界上最複雜的礦山。這都是我們在那裡的團隊努力工作和取得成就的結果，我們為他們感到驕傲。

The Americas business has done very well in meeting the challenges that we've had there, dealing with inflation, dealing with a period of low copper prices, we have issues that are challenged in terms of getting workers for our operations in the Americas. Our operation in Peru was facing a severe challenge with COVID that they manage very well. The political situation in Peru right now is very complicated. There are protests throughout the country. Our team is doing very well. We are continuing to manage housing, feeding our people and continuing our operations. We are slowing down a bit to make sure we have supplies for the long run, but we have support by our workforce and fundamental support for our business by the local community there because we've established such a great relationship with them.

美洲業務在應對我們在那裡遇到的挑戰方面做得非常好，應對通貨膨脹，應對一段時期的銅價低，我們在為我們在美洲的業務招募工人方面遇到了挑戰。我們在秘魯的業務面臨著 COVID 的嚴峻挑戰，他們管理得很好。當前秘魯政局非常複雜。全國各地都有抗議活動。我們的團隊做得很好。我們將繼續管理住房，為我們的人民提供食物並繼續我們的運營。我們正在放慢速度，以確保我們有長期的供應，但我們得到了員工的支持和當地社區對我們業務的基本支持，因為我們與他們建立瞭如此良好的關係。

So we are -- as we look out now trying to predict short-term copper prices is very difficult. We actually don't even try to do it ourselves. We deal with short-term negative movements when they occur by having a strong balance sheet and a conservative financial policy. It's actually good to see right now that market sentiment going into 2024 is much improved over the end of -- going into the fourth quarter. But we are on the outlook for the well-known risks that the world faces today, and we're prepared to deal with it.

所以我們 - 正如我們現在所看到的那樣，試圖預測短期銅價非常困難。我們實際上什至不嘗試自己做。我們通過擁有強大的資產負債表和保守的財務政策來應對短期的負面波動。現在很高興看到進入 2024 年的市場情緒在進入第四季度末時有了很大改善。但我們正在展望當今世界面臨的眾所周知的風險，我們已準備好應對這些風險。

We are a long-term business. And we -- everything we do is focused not on the short run other than to protect ourselves by having a strong balance sheet, managing our business in the right way. But our success is going to be measured over the long run. And copper's long-run outlook is increasingly positive based on fundamentals of demand and supply. We committed to copper 20 years ago when we were a single asset company, the rationale for acquiring Phelps Dodge more than 15 years ago is being reinforced today by the combination of this really special mine we have in Indonesia and the global operations and growing operations that we have in the Americas. It was the right decision 20 years ago to focus on copper and is the right decision now. Kathleen?

我們是一家長期企業。我們——我們所做的一切都不是著眼於短期，而是通過擁有強大的資產負債表來保護自己，以正確的方式管理我們的業務。但我們的成功要從長遠來看來衡量。基於需求和供應的基本面，銅的長期前景越來越樂觀。 20 年前，當我們還是一家單一資產公司時，我們就致力於銅業，如今，我們在印度尼西亞擁有的這個非常特殊的礦山與全球業務和不斷增長的業務相結合，加強了 15 多年前收購 Phelps Dodge 的理由我們在美洲。 20 年前專注於銅是正確的決定，現在也是正確的決定。凱瑟琳？

Thanks, Richard. We'll start on Slide 3, which summarizes our performance for the full year 2022. And just a couple of notes on the fourth quarter from our press release, we finished the year with a strong fourth quarter. Copper and gold sales exceeded our October guidance and our consolidated unit net cash costs of $1.53 per pound in the quarter were better than our estimates going into the quarter.

謝謝，理查德。我們將從幻燈片 3 開始，它總結了我們 2022 年全年的業績。我們的新聞稿中只是關於第四季度的一些說明，我們以強勁的第四季度結束了這一年。銅和黃金的銷售額超過了我們 10 月份的指導，我們本季度的綜合單位淨現金成本為每磅 1.53 美元，好於我們對本季度的估計。

With average copper realizations in the fourth quarter of $3.77 per pound, we generated strong margins with fourth quarter adjusted EBITDA at approximately $2.25 billion.

第四季度平均銅價為每磅 3.77 美元，我們創造了強勁的利潤率，第四季度調整後的 EBITDA 約為 22.5 億美元。

Looking at the year, we are proud of the performance of our team, stayed focused on effective execution, and on driving results in a volatile macroeconomic environment. After successfully growing our volumes in 2021 by 19% for copper and 59% for gold compared with 2020, we achieved another year of growth in 2022, with 11% higher copper sales volumes and a 34% increase in gold volumes.

回顧這一年，我們為團隊的表現感到自豪，始終專注於有效執行，並在動蕩的宏觀經濟環境中推動業績。與 2020 年相比，我們在 2021 年成功地將銅銷量增長了 19%，黃金銷量增長了 59%，之後我們在 2022 年實現了又一年的增長，銅銷量增長了 11%，黃金銷量增長了 34%。

Our team in Indonesia has successfully and materially grown production levels in a sustaining large-scale, low-cost production at the world's largest underground mining complex. In the Americas, our teams in Peru and Chile proved resilient in restoring production during 2022 that had been impacted by the pandemic. And our teams in the U.S. maintain production at 2021 levels despite ongoing labor shortages and we also made significant advances on new technologies to enhance value.

我們在印度尼西亞的團隊在世界上最大的地下採礦綜合體的持續大規模、低成本生產中成功地大幅提高了生產水平。在美洲，我們在秘魯和智利的團隊證明了在 2022 年恢復受到大流行影響的生產方面的彈性。儘管勞動力持續短缺，我們在美國的團隊仍將生產維持在 2021 年的水平，我們還在新技術方面取得了重大進展以提高價值。

For the year, we generated $9.5 billion in adjusted EBITDA, and that was a year of dramatic swings in commodity prices and cost drivers. Our operating cash flows for the year, which were net of $1.5 billion in working capital requirements was in excess of our capital investments in our operations, and we nearly tripled our cash return to shareholders, pursuant to our performance-based payout policy. We ended the year with net debt, excluding the debt associated with our smelter of $1.3 billion and that's substantially below the level of mid-2021 when we initiated our performance-based payout policy.

這一年，我們產生了 95 億美元的調整後 EBITDA，這是商品價格和成本驅動因素劇烈波動的一年。扣除 15 億美元的營運資金需求後，我們當年的經營現金流超出了我們對運營的資本投資，而且根據我們基於績效的支付政策，我們向股東的現金回報幾乎增加了兩倍。我們以淨債務結束了這一年，不包括與我們的冶煉廠相關的 13 億美元債務，這大大低於 2021 年年中我們啟動基於績效的支付政策時的水平。

On Slide 4, you'll see we've listed notable accomplishments during the year. In addition to driving value in our operating and financial areas of achievement, we're very proud of our work with third parties to validate all of our operations under the Copper Mark Standards, the measurable progress we're making on our climate initiatives and the expanded disclosures we've developed to enhance transparency and accountability. We'll talk about markets next, and we've got a slide on Page 5.

在幻燈片 4 上，您會看到我們列出了這一年的顯著成就。除了在我們的運營和財務成就領域推動價值外，我們還為我們與第三方合作以驗證我們在銅標標準下的所有運營、我們在氣候倡議方面取得的可衡量進展以及我們為提高透明度和問責製而制定的擴大披露範圍。接下來我們將討論市場，我們在第 5 頁有一張幻燈片。

We experienced significant volatility as many of you have seen during 2022, with copper prices trading from a high of $4.87 per pound earlier in the year, falling to $3.18 per pound midyear and partially recovering to $3.80 per pound by year-end. Prices continued to move higher in early 2023 to a level currently approximating $4.25 per pound as several of the macroeconomic clouds began to lift. We discussed on prior calls that the dramatic moves in 2022 have been largely been based on sentiment rather than fundamentals.

正如你們許多人在 2022 年看到的那樣，我們經歷了劇烈波動，銅價從今年早些時候每磅 4.87 美元的高位交易，年中跌至每磅 3.18 美元，到年底部分回升至每磅 3.80 美元。隨著一些宏觀經濟陰雲開始散去，價格在 2023 年初繼續走高至目前約每磅 4.25 美元的水平。我們在之前的電話會議上討論過，2022 年的戲劇性走勢主要是基於市場情緒而非基本面。

The facts are that the physical markets for copper have remained tight even during a period of weaker economic data coming out of China, and that's evidenced by the low levels of available copper inventories throughout the year. At the same time, copper's importance in the economy continues to grow as a result of the intensity of use in clean energy applications and the global acceleration of electrification. We believe we're still in the early innings of a broad-based secular driver of long-term demand.

事實是，即使在中國經濟數據疲軟的時期，銅的實物市場仍然吃緊，全年可用銅庫存水平較低就是證明。與此同時，由於清潔能源應用的密集使用和全球電氣化的加速，銅在經濟中的重要性持續增長。我們認為，我們仍處於長期需求的廣泛長期驅動因素的早期階段。

The ability of the industry to meet this multiyear period of growing demand continues to be challenged, leading to large market deficits in the future. You read about these challenges every day, and it's getting harder, not easier, higher long-term prices are needed to incentivize new supplies. We've lived through the ups and downs in the copper market. We've effectively managed our operations and balance sheet during periods of volatility and we're prepared for this, but we believe the long-term fundamentals point to a real step change in how copper is valued in the economy.

該行業滿足這一多年增長需求的能力繼續受到挑戰，導致未來出現巨大的市場赤字。你每天都會讀到這些挑戰，而且它變得越來越難，而不是更容易，需要更高的長期價格來激勵新的供應。我們經歷了銅市場的起伏。我們在波動期間有效地管理了我們的運營和資產負債表，我們為此做好了準備，但我們相信長期基本面表明銅在經濟中的估值方式將發生真正的變化。

Turning to our reserve position on Slide 6. We benefit from a geographically diverse high-quality portfolio of copper mines with significant exposure to gold and molybdenum. Our strategy, as Richard discussed, is centered around being foremost in copper. And we benefit from a portfolio of assets with characteristics that are very difficult to replicate. We show our reserve position at the end of 2022 with over 100 billion pounds of proved and probable reserves, we have an average reserve life of over 25 years. We added twice the amount of reserves we produced in 2022, principally at our U.S. mines in the Morenci and Safford Lone Star districts where we're focused on future growth.

轉向我們在幻燈片 6 上的儲備頭寸。我們受益於地理位置多樣化的優質銅礦組合，這些銅礦在黃金和鉬方面有重要的敞口。正如理查德所討論的那樣，我們的戰略以銅為主。我們受益於具有難以復制特徵的資產組合。我們在 2022 年底展示了我們的儲量，擁有超過 1000 億磅的已探明和可能儲量，我們的平均儲量壽命超過 25 年。我們增加了 2022 年生產的儲量的兩倍，主要是在我們專注於未來增長的莫倫奇和薩福德孤星地區的美國礦山。

In addition to proved and probable reserves, we have enormous mineral resources of 235 billion pounds of copper. Over half of this is located in the U.S. where we have established operations, a great track record and a valuable franchise. We'll continue to work as we go forward to convert these resources into viable mine plans and future production. It's an extraordinarily valuable resource position in a world that's going to need more copper in the future. We wanted to focus a little bit on molybdenum on this call. And on Slide 7, we've got some information about our molybdenum business. We're a leader in that industry. We're the world's largest producer by a significant margin. And with the price move over the last couple of months of over 50% in molybdenum, we thought you'd be interested in learning more about our business. We produced 85 million pounds of molybdenum in 2022, and that's comprised about 60% from copper mines as a byproduct and the balance from 2 primary molybdenum mines that we operate in Colorado. And these are the only primary molybdenum mines that are currently operated in the United States.

除了已探明和可能的儲量外，我們還擁有 2350 億磅銅的巨大礦產資源。其中一半以上位於美國，我們在那裡建立了業務、良好的業績記錄和寶貴的特許經營權。我們將繼續努力，將這些資源轉化為可行的礦山計劃和未來的生產。在未來需要更多銅的世界中，這是一個非常寶貴的資源位置。我們想在這次電話會議上稍微關註一下鉬。在幻燈片 7 上，我們獲得了有關鉬業務的一些信息。我們是該行業的領導者。我們是世界上最大的生產商，遙遙領先。由於過去幾個月鉬的價格變動超過 50%，我們認為您有興趣了解更多關於我們業務的信息。我們在 2022 年生產了 8500 萬磅鉬，其中約 60% 來自作為副產品的銅礦，其餘來自我們在科羅拉多州運營的 2 個主要鉬礦。這些是目前在美國運營的唯一主要鉬礦。

We also operate downstream processing facilities to produce products that are used in a broad range of metallurgical specialty steel and chemical applications. The price moved from $18 per pound at the start of the fourth quarter to over $30 per pound currently, has been driven by some of the same supply issues that have impacted copper. And in addition, demand drivers continue to be supported from the oil and gas, aerospace and power generation sectors.

我們還經營下游加工設施，以生產廣泛用於冶金特種鋼和化學應用的產品。價格從第四季度初的每磅 18 美元上漲到目前的每磅 30 美元以上，受到影響銅的一些相同供應問題的推動。此外，需求驅動因素繼續受到石油和天然氣、航空航天和發電行業的支持。

So we note on this slide, the impact of a $5 change in molybdenum prices, it's material at $400 million in annual EBITDA and $375 million in cash flow and the recent move of over $10 per pound, if sustained at a higher price adds additional leverage to our results.

因此，我們在這張幻燈片上註意到，鉬價變動 5 美元的影響，它對年度 EBITDA 為 4 億美元，現金流為 3.75 億美元，最近每磅超過 10 美元的走勢，如果價格持續上漲，會增加額外的槓桿作用我們的結果。

Looking at our operating stats for 2022 on Slide 8, you'll see our sales for the year were about 35% from the U.S., 28% from South America and 37% from Indonesia. In the U.S., our sales were similar to 2021 levels, and we grew sales volumes by 10% in South America and by 20% in Indonesia. In the U.S., we're continuing our focus on productivity, given the current limitations on adding to our workforce, we're taking advantage of technology advancements and opportunities to expand production from leaching at low incremental cost, and we're planning our next phase of growth, as we'll talk about in a few minutes.

在幻燈片 8 上查看我們 2022 年的運營統計數據，您會看到我們今年的銷售額約有 35% 來自美國，28% 來自南美，37% 來自印度尼西亞。在美國，我們的銷售額與 2021 年的水平相似，我們在南美的銷售額增長了 10%，在印度尼西亞增長了 20%。在美國，我們繼續關註生產力，鑑於目前在增加勞動力方面的限制，我們正在利用技術進步和機會以較低的增量成本擴大浸出生產，我們正在計劃我們的下一個成長階段，我們將在幾分鐘後討論。

As discussed, the biggest resource position and source of long-term growth we have is a real opportunity in the United States. In South America, both Cerro Verde and El Abra grew production in 2022 in a complex social and political environment. After successfully recovering from the pandemic-related interruptions in 2022, our team in Peru is now dealing with challenges associated with civil unrest that you've all read about. We're prioritizing the safety and security of our workforce, we're navigating disruptions to transportation routes and supply chains. To date, the impacts have not been significant but the situation is dynamic day by day, and we're watching it very carefully.

如前所述，我們擁有的最大資源地位和長期增長來源是美國的真正機會。在南美洲，Cerro Verde 和 El Abra 在復雜的社會和政治環境下於 2022 年實現了增產。在 2022 年從大流行相關的中斷中成功恢復後，我們在秘魯的團隊現在正在應對與你們都讀過的內亂相關的挑戰。我們將員工的安全和保障放在首位，我們正在應對運輸路線和供應鏈的中斷。迄今為止，影響並不大，但情況每天都在變化，我們正在非常仔細地觀察。

The bottom of the chart shows the 2022 cost performance. As we've talked about on prior calls, we experienced significant inflation pressures across the business during 2022, particularly for energy and other commodity-related consumables. And in the second half of the year, started to see inflation from a rising cost of materials, supplies and services. The situation started to improve in 2022 with a number of the commodity-related consumables, but we're still dealing with costs in excess of historical levels.

圖表底部顯示了 2022 年的性價比。正如我們在之前的電話會議上談到的那樣，我們在 2022 年期間經歷了整個企業的巨大通脹壓力，尤其是在能源和其他與大宗商品相關的消耗品方面。而在今年下半年，由於材料、供應和服務成本的上升，開始出現通貨膨脹。 2022 年，許多與大宗商品相關的消耗品的情況開始好轉，但我們仍在應對超過歷史水平的成本。

If you look at the average cost for the year at Grasberg of $0.09 per pound its remarkable, particularly in the context of this cost environment. Richard talked about the significant success story of the Grasberg transition, and we've got some details on Slide 9, significant success for not only Freeport but also something for the global mining industry to be proud of in the country of Indonesia. We started planning for this transition over 25 years ago, and the team has just done an outstanding job.

如果您查看 Grasberg 每年 0.09 美元/磅的平均成本，這是非常了不起的，尤其是在這種成本環境下。理查德談到了 Grasberg 過渡的重大成功故事，我們在幻燈片 9 上獲得了一些細節，這不僅是自由港的重大成功，也是全球採礦業在印度尼西亞國家引以為豪的事情。我們在 25 多年前就開始規劃這一轉變，而團隊剛剛完成了出色的工作。

We benefit from the fact that several from the team who were involved in the planning of this project, including Mark Johnson, who's on this call, stayed with it over this period. And over the years, we've added great talent to our team with experts from around the world. The success of this project, the mutual respect built over the years between Freeport, the government of Indonesia and local communities has established a really strong foundation for the future. We've got the opportunity with this resource to plan a new phase of development longer term and are continuing to discuss with the government the opportunity to extend our long-term partnership beyond 2041.

我們受益於參與該項目規劃的團隊中的幾位成員，包括參與此電話會議的 Mark Johnson，在此期間一直參與該項目。多年來，我們的團隊中加入了來自世界各地的專家的優秀人才。這個項目的成功，自由港、印度尼西亞政府和當地社區多年來建立的相互尊重，為未來奠定了堅實的基礎。我們有機會利用這一資源規劃新的長期發展階段，並繼續與政府討論將我們的長期合作夥伴關係延長至 2041 年之後的機會。

If you go to Slide 10, we've got an update on our smelter project, and this is our key feature of our commitment to the Indonesian government, was to expand domestic copper smelting and refining capacity in Indonesia. We're making really good progress on constructing the new smelter in Eastern Java, it's near our existing smelter, PT smelting at Gresik. You can see from the pictures that construction is advancing. We've got thousands of workers now on site. We're working very closely with our EPC contractor to try as much as possible to make up delays that were caused by the pandemic. We reached a milestone of over 50% completion recently and we are expecting to begin commissioning the smelter during 2024.

如果你去幻燈片 10，我們有我們的冶煉廠項目的最新情況，這是我們對印度尼西亞政府承諾的主要特點，是擴大印度尼西亞的國內銅冶煉和精煉能力。我們在東爪哇建設新冶煉廠方面取得了很好的進展，它靠近我們現有的冶煉廠，即格雷西克的 PT 冶煉廠。從圖片中可以看出施工正在推進。我們現在有數千名工人在現場。我們正與我們的 EPC 承包商密切合作，盡可能地彌補因疫情造成的延誤。我們最近達到了完成 50% 以上的里程碑，我們預計將在 2024 年開始調試冶煉廠。

As you recall, the capital investments for this project are being funded from a successful bond offering that PT-FI completed during 2022. And so we have the funding between the bond offering and a revolver at PT-FI to fund this project.

您還記得，該項目的資本投資由 PT-FI 在 2022 年完成的成功債券發行提供資金。因此，我們在債券發行和 PT-FI 的左輪手槍之間獲得資金來資助該項目。

Moving to our growth outlook. This is exciting opportunities for the company, and we continue to plan our next phase of growth. We've got benefit from having multiple organic projects to develop within the portfolio over time. We operate all the mines we have interest in. We were able to share experiences, new technologies, operating synergies and best practices across the portfolio as we develop projects, and we can direct capital across the portfolio to the highest value opportunities.

轉向我們的增長前景。這對公司來說是令人興奮的機會，我們將繼續計劃下一階段的增長。隨著時間的推移，我們已經受益於在投資組合中開發多個有機項目。我們經營我們感興趣的所有礦山。我們能夠在開發項目時在整個投資組合中分享經驗、新技術、運營協同效應和最佳實踐，並且我們可以將投資組合中的資本引導到最高價值的機會。

Our proven technical capacity capabilities and management is a notable strength. And importantly, we've earned a track record and a reputation for operating sustainably and responsibly. The world, we believe, is going to need all of our projects and more. The project with the shortest lead time is our Americas leach initiative. We've talked a lot about it in recent calls. The economics are compelling, low capital intensity, low incremental operating costs and a low carbon footprint.

我們久經考驗的技術能力和管理是一項顯著的優勢。重要的是，我們在可持續和負責任的運營方面贏得了良好的記錄和聲譽。我們相信，世界將需要我們所有的項目，甚至更多。交貨時間最短的項目是我們的美洲浸出計劃。我們在最近的電話中談了很多。經濟效益令人信服，資本密集度低，增量運營成本低，碳足跡低。

The new data analytics capabilities, we are continuing to be applied to prioritize our work streams on the highest value. We're continuing our work to apply covers to the leach stockpiles because of the benefits that you get from heat retention in enhancing recoveries and we've identified new areas that were not pursued historically.

我們將繼續應用新的數據分析功能來優先考慮我們的工作流的最高價值。我們正在繼續我們的工作，將覆蓋物應用於浸出堆，因為您可以從保溫中獲得提高回收率的好處，並且我們已經確定了歷史上沒有追求的新領域。

We're also continuing to test various additives that can further enhance recoveries. This is a really significant opportunity for us. We're continuing to target a run rate of 200 million pounds per annum by the end of this year and success of this level -- at this level would provide opportunities to scale larger.

我們還在繼續測試可以進一步提高回收率的各種添加劑。這對我們來說是一個非常重要的機會。到今年年底，我們將繼續以每年 2 億磅的運行速度為目標，而這一水平的成功——在這一水平上將提供擴大規模的機會。

We're in a great position to lead this innovation with our long history in leaching and large inventory to work with.

憑藉我們在浸出和大量庫存方面的悠久歷史，我們處於引領這項創新的有利位置。

At our Bagdad mine in Northwest Arizona, we're progressing a feasibility study to double production at that site. We expect to complete the feasibility this year, and we'll be in a position to assess options on how we time the future development. We started advanced planning to commence construction of a new tailings site that would support the existing operation, but would also provide flexibility for the expanded production. And as a brownfield expansion, this project could be developed more quickly than a greenfield development.

在我們位於亞利桑那州西北部的 Bagdad 礦山，我們正在進行一項可行性研究，以將該地點的產量提高一倍。我們希望在今年完成可行性研究，我們將能夠評估我們如何為未來的發展安排時間的選擇。我們開始提前規劃，開始建設新的尾礦場，以支持現有運營，同時也為擴大生產提供靈活性。作為棕地擴張，該項目可以比綠地開發更快地開發。

Our Lone Star opportunity is really something special. We've been successful in increasing production levels substantially above the original project. And we're really in the early stages in the development of this mine as we mine the oxide ores more quickly, we're opening up the opportunity for a major sulfide development long term. The resource is massive. You've seen the numbers, 50 billion pounds of potential resource here. We're doing a lot of drilling and importantly, it's located in an established mining district in the U.S.

我們的孤星機會真的很特別。我們已經成功地將生產水平提高到遠高於原始項目的水平。隨著我們更快地開採氧化物礦石，我們確實處於該礦開發的早期階段，我們正在為長期的主要硫化物開發提供機會。資源是海量的。你已經看到了數字，這裡有 500 億磅的潛在資源。我們正在進行大量鑽探，重要的是，它位於美國一個成熟的礦區。

In Chile, we've defined the opportunity for a major expansion at our El Abra mine. As we continue to monitor regulatory and fiscal matters in Chile, we're planning a project to invest in infrastructure, water infrastructure to provide flexibility to extend existing operations and optionality to support a new concentrator. We are also planning at El Abra to test new leaching technologies in the near term to evaluate the potential for expanded leach production and possibly competing technologies to a concentrator.

在智利，我們確定了在我們的 El Abra 礦進行大規模擴建的機會。隨著我們繼續監控智利的監管和財政事務，我們正在計劃投資基礎設施、水利基礎設施的項目，以提供擴展現有運營的靈活性和支持新選礦廠的可選性。我們還計劃在 El Abra 近期測試新的浸出技術，以評估擴大浸出生產的潛力以及可能與選礦廠競爭的技術。

We're continuing our development of the Kucing Liar deposit in Indonesia. We're really gaining a lot of efficiencies from the work we did at Grasberg Block Cave and similar to that development, this is a long-term project, we expect to have initial production from Kucing Liar deposit towards the end of this decade.

我們正在繼續開發印度尼西亞的 Kucing Liar 礦床。我們確實從我們在 Grasberg Block Cave 所做的工作中獲得了很多效率，並且與該開發類似，這是一個長期項目，我們預計將在本十年末從 Kucing Liar 礦床開始生產。

Moving to Slide 12. We provide a 3-year outlook for our sales volumes. And as we talked about, we achieved 2 years of growth in copper sales. And currently, our forecast reflects sales in the '23 to '25 period that are similar to 2022 levels. Our mine production is actually going to be higher than our sales by about 100 million pounds in 2023 and 2024. And that is a result of our domestic processing arrangements in Indonesia where the point of sale has changed from selling concentrate to selling cathodes. And so a portion of our production will be inventoried until it's processed and sold through our smelters.

轉到幻燈片 12。我們提供了 3 年的銷量展望。正如我們所說，我們實現了 2 年的銅銷量增長。目前，我們的預測反映了 23 到 25 年期間與 2022 年水平相似的銷售額。在 2023 年和 2024 年，我們的礦山產量實際上將比我們的銷售額高出約 1 億磅。這是我們在印度尼西亞的國內加工安排的結果，那裡的銷售點已從銷售精礦轉變為銷售陰極。因此，我們的一部分產品將被存入庫存，直到通過我們的冶煉廠進行加工和銷售。

Previously, this inventory would have been held by third-party smelters. We've got small revisions otherwise to 2023 guidance that reflects assumption of a continuation of tight labor markets in the U.S. that's impacted our ability to increase mining rates and success also in our leach recovery initiative could provide some upside in the U.S. as we look over the next 3-year period.

此前，該庫存由第三方冶煉廠持有。我們對 2023 年的指導方針進行了小幅修訂，反映了美國勞動力市場持續緊張的假設，這影響了我們提高采礦率的能力，而且我們的浸出回收計劃的成功也可能在我們回顧時為美國帶來一些好處下一個 3 年期間。

In the reference materials on Slide 30, we provide information on our 2023 sales by quarter. The reason for the drop in the first quarter reflects the impact of the tolling arrangement in Indonesia. But you can see the balance of the year is fairly stable at over 1 billion pounds of copper sales per quarter.

在幻燈片 30 的參考資料中，我們按季度提供了 2023 年銷售額的信息。第一季度下降的原因反映了印度尼西亞收費安排的影響。但你可以看到，今年的餘額相當穩定，每季度的銅銷量超過 10 億磅。

Moving to the cost outlook for 2023, we're providing guidance of average cost of $1.60 per pound for the year. That compares with $1.50 per pound in 2022. We show a comparison to the 2 years, and you'll see the site production cost line item is about 4.5% higher than the 2022 average. And that's a result of assumptions that we've made in our forecast for higher average electricity and coal costs compared with the 2022 average and also higher power requirements, principally in Indonesia, and the impact of higher cost of equipment components, supply costs and labor cost increases.

轉向 2023 年的成本前景，我們提供的全年平均成本為每磅 1.60 美元的指導。相比之下，2022 年每磅 1.50 美元。我們展示了與 2 年的比較，您會看到現場生產成本項目比 2022 年的平均水平高出約 4.5%。這是由於我們在預測中做出的假設，即與 2022 年平均水平相比，平均電力和煤炭成本更高，電力需求更高，主要是在印度尼西亞，以及設備組件成本、供應成本和勞動力成本更高的影響成本增加。

The other line items are offsetting, you'll note a decline in royalties and duties. That really is reflective of a recent reduction in our export duty in Indonesia as a result of the smelter progress. I'll also note that this assumes a molybdenum price of $20 per pound in 2023. The current price is $30 a pound and each $2 per pound change in molybdenum is $0.02 a pound. So if current prices hold, would have roughly $0.10 a pound less cash -- unit net cash costs and this reflects.

其他項目正在抵消，您會注意到特許權使用費和關稅的下降。這確實反映了最近由於冶煉廠的進展，我們在印度尼西亞的出口關稅有所降低。我還要注意，這是假設 2023 年鉬價為每磅 20 美元。當前價格為每磅 30 美元，每磅鉬價格變化 2 美元即為每磅 0.02 美元。因此，如果當前價格保持不變，每磅現金將減少大約 0.10 美元——單位淨現金成本，這反映了這一點。

In recent months, inflationary pressures have been less severe than we experienced during 2022. We're encouraged by that. And we're going to continue to focus on managing costs that we can control. We're continuing to pursue technology-driven enhancements to mitigate the impacts, particularly in the U.S.

最近幾個月，通脹壓力沒有我們在 2022 年經歷的那麼嚴重。我們對此感到鼓舞。我們將繼續專注於管理我們可以控制的成本。我們將繼續尋求技術驅動的改進以減輕影響，尤其是在美國。

Getting to our cash flows, significant leverage to copper prices. We've got on Slide 14, we show modeled results for EBITDA and cash flow at various copper prices ranging from $3.50 per pound to $5 per pound copper, these are modeled results, and we use the average of 24 and 25 with current volume and cost estimates and holding gold flat at $1,900 per ounce and molybdenum flat at $20 per pound. And you'll see here that annual EBITDA would range from nearly $9 billion per annum at $3.50 copper, to $15 billion per annum at $5 copper and our operating cash flow would range over these prices from $6 billion at $3.50 copper to $11 billion at $5 copper.

了解我們的現金流，對銅價產生重大影響。我們在幻燈片 14 上展示了 EBITDA 和現金流量的模擬結果，銅價從每磅 3.50 美元到每磅 5 美元不等，這些是模擬結果，我們使用當前交易量和 24 和 25 的平均值成本估計，黃金持平於每盎司 1,900 美元，鉬持平於每磅 20 美元。你會在這裡看到，每年 EBITDA 的範圍從每年近 90 億美元（銅價為 3.50 美元）到每年 150 億美元（銅價為 5 美元），我們的運營現金流將在這些價格範圍內從 60 億美元（銅價為 3.50 美元）到 110 億美元（銅價為 5 美元）銅。

And we show sensitivities to various commodities on the right and input costs with our long-life reserves and large-scale production, we're well positioned from future -- to benefit from future metals intensive growth trends with prospects for increasing cash returns under our performance-based payout framework.

我們通過我們的長期儲備和大規模生產對右側的各種商品和投入成本表現出敏感性，我們在未來處於有利地位——受益於未來金屬密集型增長趨勢，並有望在我們的政策下增加現金回報基於績效的支付框架。

Our capital expenditure plans are summarized on Slide 15, the capital expenditures totaled $2.7 billion, excluding the smelter in 2022, will note that this was lower than the $3.3 billion estimate we provided going into 2022, and that reflects lead times, and our focus during the year to prioritize critical projects.

我們的資本支出計劃總結在幻燈片 15 中，資本支出總計 27 億美元，不包括 2022 年的冶煉廠，請注意，這低於我們提供的 2022 年 33 億美元的估計，這反映了交貨時間，以及我們在此期間的重點優先考慮關鍵項目的一年。

The current forecast for 2023 totals $3.4 billion and that's a slight change from our previous estimate of $3.3 billion for 2023. And capital expenditures for 2024 are currently forecast to approximate $3 billion as spending on the Grasberg projects reach completion. We always are very careful in managing our capital cost to maintain flexibility in response to market condition, while ensuring that our investments are sufficient to support a reliable long-term production profile.

目前對 2023 年的預測總額為 34 億美元，與我們之前對 2023 年的 33 億美元的預測略有不同。隨著 Grasberg 項目的支出完成，目前預計 2024 年的資本支出約為 30 億美元。我們始終非常謹慎地管理我們的資本成本，以保持響應市場狀況的靈活性，同時確保我們的投資足以支持可靠的長期生產狀況。

Returning to the financial policy that we began to implement in the second half of 2021, it's really centered on 3 priorities. The cornerstone of the financial policy is maintaining a strong balance sheet and liquidity. And that provides significant flexibility for the future. We've been executing on this performance-based payout. It provides for 50% of our free cash flow to be allocated to shareholder returns in the form of dividends and share purchases and the balance available to invest in our projects.

回到我們在 2021 年下半年開始實施的金融政策，它實際上圍繞 3 個優先事項。財政政策的基石是保持強勁的資產負債表和流動性。這為未來提供了極大的靈活性。我們一直在執行這種基於績效的支出。它規定我們 50% 的自由現金流以股息和股票購買的形式分配給股東回報，其餘部分可用於投資我們的項目。

Since commencing the performance-based payout policy in the second half of 2021, we've returned about 60% of our free cash flow to shareholders through dividends and share purchases. And at the same time, we also further strengthened our balance sheet, providing capacity for funding new projects over time. We did not purchase shares in the second half of 2022 because of the significant change in market conditions and the resulting impact on cash flows in the second half of the year. The improved market conditions will drive increased free cash flow, which will boost shareholder returns and our future discretionary share purchases will be dependent on our cash flow and overall market conditions.

自 2021 年下半年開始實施基於績效的支付政策以來，我們已通過股息和股票購買向股東返還了約 60% 的自由現金流。與此同時，我們還進一步加強了資產負債表，為新項目提供資金支持。我們沒有在 2022 年下半年購買股票，因為市場狀況發生重大變化以及由此對下半年現金流量產生影響。市場狀況的改善將推動自由現金流的增加，這將提高股東回報，我們未來的酌情股票購買將取決於我們的現金流和整體市場狀況。

We believe the 3 priorities of balance sheet strength, allocating cash flows to a mix of shareholder returns and organic growth will enhance long-term value of our business.

我們相信，資產負債表實力、將現金流分配給股東回報和有機增長這三個優先事項將提高我們業務的長期價值。

In closing, I just want to reiterate our view about the positioning for the company, a bright long-term future supported by our attractive portfolio of assets, supported by the fundamentals of the copper business and the positive outlook for the markets we serve. Our team is energized. We're motivated to continue building long-term value in our business and on executing our plans responsibly, safely and efficiently.

最後，我只想重申我們對公司定位的看法，我們有吸引力的資產組合支持光明的長期未來，銅業務的基本面和我們所服務市場的積極前景支持。我們的團隊充滿活力。我們有動力繼續在我們的業務中創造長期價值，並以負責任、安全和高效的方式執行我們的計劃。

And I want to thank you for your attention, and operator, we'll now open the call for questions.

我要感謝您的關注，接線員，我們現在開始提問。

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

（操作員說明）我們的第一個問題將來自高盛的 Emily Chieng。

I would like to sort of ask around Freeport's growth appetite. And as you think about the copper price environment and how the market is trending, has anything in your mind changed around how you view Freeport's need to pursue or accelerate growth plans. There's clearly been a lot that has changed in the broader macro environment as well. And I wouldn't mind hearing about how maybe some of the leaching opportunity can play into that and what the potential annual run rate basis could look like when fully developed?

我想問問自由港的增長胃口。當您考慮銅價環境和市場趨勢時，您對自由港尋求或加速增長計劃的看法是否發生了變化。顯然，更廣泛的宏觀環境也發生了很多變化。而且我不介意聽到一些浸出機會如何發揮作用，以及當完全開發時潛在的年運行率基礎會是什麼樣子？

So thanks, Emily. With leaching, we're not constraining ourselves to conserve capital or anything else. We're -- we believe this is such a great opportunity for us that we are pursuing it as aggressively as we can, and we are pursuing it on a number of different fronts, some using outside vendors, some doing things on our own, some in joint ventures with companies. It's just such a great opportunity to add production at low capital cost and with low carbon. So it's not something we're constraining.

所以謝謝，艾米麗。通過浸出，我們不會限制自己節省資金或其他任何東西。我們 - 我們相信這對我們來說是一個很好的機會，我們正在盡可能積極地追求它，並且我們正在許多不同的方面追求它，一些使用外部供應商，一些自己做事，一些與公司合資。這是一個以低資本成本和低碳增加產量的絕佳機會。所以這不是我們要限制的東西。

The other projects that we have, and Kathleen reviewed them, we have a series of major capital projects that are multiyear, large capital requirements. And for those, we are working hard to prepare ourselves for them, and doing work so that we can go forward. But we are going to wait until the uncertainties that we've been facing recently are become clearer.

我們擁有的其他項目，Kathleen 審查了它們，我們有一系列重大資本項目，這些項目需要多年，需要大量資金。對於那些，我們正在努力為他們做好準備，並努力讓我們能夠前進。但我們要等到我們最近面臨的不確定性變得更加清晰。

As I said, the current sentiment is much stronger than it was 3 months ago, but there's still a lot of overhang in the market, as you can see in the market today. So we are waiting to see that our project in Chile is dependent on the direction the country goes in with this current consideration of its laws and its constitution. So that is really going to be on hold until that becomes clear. So we were not preparing any major change in the first part of 2023 versus what we did in 2022.

正如我所說，當前的情緒比 3 個月前強得多，但市場仍有很多懸而未決的問題，正如您今天在市場上看到的那樣。因此，我們正在等待看到我們在智利的項目取決於該國當前對其法律和憲法的考慮方向。因此，在事情變得明朗之前，這真的會被擱置。因此，與我們在 2022 年所做的相比，我們沒有準備在 2023 年上半年進行任何重大更改。

Emily, on the leaching run rate, the 200 million-pound target that we've laid out -- those -- we believe that, that can be attained just from these operational changes that we're making. The heat retention leaching in places that we weren't leaching previously, directing the solutions to places where we can enhance recoveries really from data analytics that we're getting that are helping us -- helping guide our operations every day. Those things we think we can get just operationally.

艾米麗，關於浸出率，我們已經制定的 2 億磅目標——我們相信，這可以通過我們正在進行的這些運營變化來實現。在我們以前沒有浸出的地方進行保溫浸出，將解決方案引導到我們可以真正從我們得到的數據分析中提高恢復的地方，這些數據正在幫助我們——幫助指導我們每天的運營。那些我們認為我們可以在操作上獲得的東西。

The -- on top of that, this research and development that's going on with respect to additives that could scale it larger. So this 200 million pounds that we're talking about, we think that is really just bringing more of a light on our leach stockpiles and moving aggressively to -- over the last several years, the focus on the industry has been more on concentrating. And now we're putting focus back on these leach initiatives, and we've identified some things. I wouldn't say low-hanging fruit, but it's achievable things that we're doing, and we're already starting to see results.

最重要的是，這項關於可以擴大規模的添加劑的研究和開發正在進行。因此，我們正在談論的這 2 億磅，我們認為這實際上只是讓更多的人了解我們的浸出庫存，並積極地轉向——在過去的幾年裡，對該行業的關注更多地集中在集中。現在我們將重點重新放在這些浸出計劃上，並且我們已經確定了一些事情。我不會說唾手可得的成果，但這是我們正在做的可以實現的事情，而且我們已經開始看到結果。

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

您的下一個問題將來自豐業銀行的 Orest Wowkodaw。

Just given the uncertainty out there with respect to both Chinese and ex China markets, can you give us an updated outlook on what you're seeing from your customers? Like are you seeing any indications of slowing demand?

鑑於中國和中國以外市場的不確定性，您能否向我們介紹一下您從客戶那裡看到的最新情況？比如您是否看到任何需求放緩的跡象？

Richard, do you want me to take that? Orest, we're not -- I mean there's pockets, of course, in the residential markets as pockets of weakness, but there are -- we're just continuing to see strong physical demand, we're selling everything that we can produce. And there's no ability for us to, at this point, produce more that customers are looking for. So on balance, I'd say the physical market continues to be healthy, and we have -- most of our insights come from within the U.S. because we're a very significant part of the U.S. marketplace. And -- so generally, the market is continuing to be strong, and we're selling everything that we can produce. And if we could produce more, our customers would want it.

理查德，你要我拿那個嗎？ Orest，我們不是——我的意思是住宅市場當然有一些弱點，但有——我們只是繼續看到強勁的實物需求，我們正在出售我們能生產的一切.在這一點上，我們沒有能力生產更多客戶正在尋找的產品。所以總的來說，我想說實體市場繼續保持健康，而且我們有 - 我們的大部分見解來自美國，因為我們是美國市場的重要組成部分。而且——總的來說，市場繼續保持強勁，我們正在出售我們能生產的所有產品。如果我們能生產更多，我們的客戶就會想要它。

Even looking back to 2022, you'll recall, I mentioned, I think, on more than 1 conference call that there was a disconnect between even then the physical world we were dealing with our customers and what the market was doing. So it has been striking as to the strength of demand that we've had, we had no problem selling our production. We've actually -- there was a shortage of wire rod in the United States that was -- where we couldn't need everything that was being produced. And then with our copper concentrate customers, including China, people were buying all that we produced and actually wanting more. So market sentiment is better now. And -- but our customers continue to be very positive.

即使回顧 2022 年，你也會記得，我在不止一次電話會議上提到過，即使在那時，我們與客戶打交道的物理世界與市場正在做的事情之間也存在脫節。因此，我們的需求強度一直很驚人，我們的產品銷售沒有問題。我們實際上 - 美國的線材短缺 - 我們不需要正在生產的所有東西。然後，對於我們的銅精礦客戶，包括中國，人們購買了我們生產的所有產品，而且實際上想要更多。所以現在市場情緒比較好。而且 - 但我們的客戶仍然非常積極。

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

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

You have $1.3 billion of net debt as of the end of 2022. Your net debt target range is $3 billion to $4 billion. So I guess the first question is, is that the range that we should think about? Or are you comfortable maintaining net debt below that range? In other words, if you really want to get to $3 billion to $4 billion, how do you get that from here? You're generating positive cash flow? You can step up the buybacks, maybe accelerate returns. But do we get to a $3 billion to $4 billion range this year? Or is that not going to happen?

截至 2022 年底，您的淨債務為 13 億美元。您的淨債務目標範圍為 30 億美元至 40 億美元。所以我想第一個問題是，這是我們應該考慮的範圍嗎？或者您願意將淨債務維持在該範圍以下嗎？換句話說，如果你真的想達到 30 億到 40 億美元，你如何從這裡獲得？您正在產生正現金流嗎？你可以加強回購，也許可以加速回報。但我們今年會達到 30 億到 40 億美元的範圍嗎？還是那不會發生？

Well...

出色地...

The $1.3 billion -- go ahead.

13 億美元——去吧。

No, I was just going to say, Chris, and Kathleen can talk about the details. When we announced the financial policy, I looked out and I said, the likelihood is, cash is going to come in faster than we can spend it just because of the nature of our capital projects are long term. It takes a lot of time. This has happened before at Freeport in 2 previous occasions in our history, we got down to 0 net debt. This is setting aside the smelter because that's financed on its own.

不，我只是想說，克里斯和凱瑟琳可以談談細節。當我們宣布財務政策時，我向外看了看，我說，由於我們的資本項目的性質是長期的，現金流入的速度可能會比我們花掉的速度快。這需要很多時間。在我們的歷史上，這曾在自由港發生過 2 次，我們的淨債務降至 0。這是在擱置冶煉廠，因為它是靠自己融資的。

But what this does is by having that cushion between where our debt is and our debt target is, it will allow us to readily be able to finance future construction projects. But it's just the way the cash flows in versus -- we don't feel any compulsion to spend money to get the debt up to that target.

但這所做的是通過在我們的債務和我們的債務目標之間建立緩衝，這將使我們能夠輕鬆地為未來的建設項目提供資金。但這只是現金流入的方式——我們不覺得有必要花錢讓債務達到這個目標。

Okay. So should we think of it more as a net debt target of below $4 billion rather than $3 billion to $4 billion?

好的。那麼我們是否應該將其更多地視為低於 40 億美元的淨債務目標，而不是 30 億至 40 億美元？

Well I think...

我覺得...

$3 billion to $4 billion is the limit. Yes $3 billion to $4 billion is what we -- yes.

30億到40億美元是極限。是的，我們是 30 億到 40 億美元——是的。

Got it. Okay. Good. And then sorry, second question on Grasberg. You -- it looks like you've increased your gold production guidance for 2024, '25 and '26, but copper volumes are pretty much the same. So is there something -- what's happening there to result in an increase in what you expect to get out of that mine in terms of gold over those 3 years?

知道了。好的。好的。然後抱歉，關於 Grasberg 的第二個問題。你 - 看起來你已經增加了 2024 年、25 年和 26 年的黃金產量指導，但銅產量幾乎相同。那麼有沒有什麼 - 那裡發生了什麼導致你期望在這 3 年中從該礦中獲得的黃金增加？

Well, while the numbers look simple, the mine planning is complicated. And we report the results of our mine planning quarterly. And what you're seeing there is some revisions in mine planning to optimize resource recovery. It wasn't any target. It's just the way that -- the way that the mineralization of these ore bodies fall out as we change future mine plans. And...

好吧，雖然數字看起來很簡單，但礦山規劃卻很複雜。我們每季度報告一次礦山規劃的結果。你所看到的是，礦山規劃進行了一些修改，以優化資源回收。這不是任何目標。就是這樣——當我們改變未來的礦山計劃時，這些礦體的礦化就會消失。和...

Yes, there were some sequencing changes between Grasberg Block Cave and Deep MLZ. And additionally, we've been getting higher gold recoveries than we had previously forecasted. And that's helping us as well. So those are the main differences.

是的，Grasberg Block Cave 和 Deep MLZ 之間有一些順序變化。此外，我們獲得的黃金回收率高於我們之前的預測。這也在幫助我們。所以這些是主要的區別。

And it's not targeting it -- it's not a targeting exercise, Chris. I mean we didn't do something to try to get more gold. It was just -- if we look at the ore body, we maximize the value. It's a dynamic process, and we report to you the results of that process and that's what it is.

它不是針對它——這不是瞄準練習，克里斯。我的意思是我們沒有做任何事情來嘗試獲得更多的黃金。只是 - 如果我們看礦體，我們會最大化價值。這是一個動態過程，我們會向您報告該過程的結果，就是這樣。

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。

Very nice to hear from you both, and thank you for your time and the update today. I wanted to hopefully ask you 2 questions. Just one on the C1 cash cost guidance for 2023. To what extent might some of these higher costs year-over-year continue into 2024. Like what is the percentage of those that are more structural as opposed to potentially more cyclical?

很高興收到你們的來信，感謝你們今天的時間和更新。我想問你 2 個問題。只有一個關於 2023 年的 C1 現金成本指導。這些較高的成本中的一些可能會在多大程度上持續到 2024 年。比如那些更具結構性而非潛在更具週期性的成本的百分比是多少？

I think you can look at the makeup of our costs on that slide, we provide a makeup and labor costs is something that's kind of stays with you, materials and supplies. A component of that is commodity driven and a component of its services driven. The energy, I think, is more variable and things like sulfuric acid is more variable. So you can look at that pie chart and get a feel for which ones have the ability to change, and we provide some sensitivities on things like currencies and our diesel costs.

我想你可以看看我們在那張幻燈片上的成本構成，我們提供構成和人工成本，這是一種與你相關的東西，材料和用品。其中一個組件是商品驅動的，一個組件是服務驅動的。我認為，能量變化更大，像硫酸這樣的東西變化更大。因此，您可以查看該餅圖並了解哪些有能力改變，我們提供了一些對貨幣和柴油成本等因素的敏感性。

Okay. And one thing that's a real benefit of Freeport that we say a lot. I'm not sure if this is recognized as much as it ought to be, but we operate every mine that we have an interest in. We have joint venture partners. But unlike other operations where those joint ventures are run as a stand-alone business, we operate globally through our operatorship rights. And that makes us really important customers of our suppliers. We're generally one of the very largest customers of people who provide our major supplies. And so as those suppliers globally have been working to pass along their input cost, our global supply team working with our operations have been affected in mitigating certain of those costs. We've had some impact. But again, it's a real dynamic situation and -- you saw we came in below our quarter ago estimate. Some costs are moderating. Some are carrying over, but it's just an ongoing thing and we give you the best outlook we have and then we work hard to try to operate with as low a cost as we can.

好的。還有一件事是我們經常說的自由港的真正好處。我不確定這是否得到了應有的認可，但我們經營著我們感興趣的每一個礦山。我們有合資夥伴。但與這些合資企業作為獨立企業運營的其他業務不同，我們通過我們的經營權在全球開展業務。這使我們成為供應商的重要客戶。我們通常是提供我們主要用品的人的最大客戶之一。因此，由於這些全球供應商一直在努力轉嫁他們的投入成本，我們與我們的運營部門合作的全球供應團隊在減輕其中某些成本方面受到了影響。我們產生了一些影響。但同樣，這是一個真正的動態情況 - 你看到我們低於我們季度前的估計。一些成本正在緩和。有些正在結轉，但這只是一個持續的事情，我們給你我們最好的前景，然後我們努力工作，盡量以盡可能低的成本運營。

Okay. And then I wanted to follow up on your comments around El Abra and the plans to advance water infrastructure. Are you considering desalination capacity? Is that what you're referring to there? And then...

好的。然後我想跟進您對 El Abra 的評論以及推進水利基礎設施的計劃。你在考慮海水淡化能力嗎？那是你指的那個嗎？然後...

Yes.

是的。

Yes. That's really the only alternative.

是的。那真的是唯一的選擇。

Okay. And then what will be the time line be on that?

好的。然後時間線是什麼時候？

Well, we're working on it right now, and we're structuring so that we have the alternative of going forward with our current operations and maximizing those or undertaking a large-scale investment in new concentrator there. So we're approaching it to give ourselves the alternatives of going in either of those directions. But we wanted to get started with that because it was going to be required one way or the other.

好吧，我們現在正在努力，我們正在構建結構，以便我們可以選擇繼續我們目前的業務並最大化這些業務，或者在那裡對新的選礦廠進行大規模投資。因此，我們正在接近它，以便為自己提供朝這兩個方向中的任何一個方向發展的替代方案。但我們想從那開始，因為它將以一種或另一種方式被要求。

Yes. And so we've got to go through a permitting process on that as well. So it's unlikely we'll have any material spending on it until a few years out.

是的。所以我們也必須通過一個許可程序。因此，在幾年之後，我們不太可能在它上面有任何物質支出。

It takes time to do it. But as I said, we -- in the past, we've been delaying that to -- we made the decision on the concentrator expansion. And in recent months, we've decided we need to go ahead with the permitting for the water desal plant, so -- because we're going to need it one way or the other.

做這件事需要時間。但正如我所說，我們 - 過去，我們一直在推遲 - 我們做出了集中器擴張的決定。最近幾個月，我們決定我們需要繼續為海水淡化廠申請許可，所以——因為我們將以一種或另一種方式需要它。

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

您的下一個問題將來自 John Tumazos 與 John Tumazos Very Independent Research 的合作。

Congratulations on all the progress in the tough business. Thinking of the Slide 11 with the 5 projects, I realize it takes a lot of engineering resources for each of these projects. Is 5 sort of the maximum number or do you have time for a little more? You're engineering El Abra but the constitution and taxes and all that stuff is up in the year. So that's a big investment in time.

祝賀您在艱鉅的業務中取得的所有進展。想到帶有 5 個項目的 Slide 11，我意識到每個項目都需要大量的工程資源。 5 是最大數量還是您有時間多一點？你在設計 El Abra，但憲法和稅收以及所有這些東西都在這一年發生了。所以這是一個很大的時間投資。

You don't have the Sierrita mill, Chino mill or an additional Morenci mill projects there. I know you can't do anything, everything. But at $30-plus moly's Sierrita new mill must be very attractive, you're budgeting 20 and maybe lower for the long term at 15 for your reserves. Is there too much Indonesia in your CapEx and not enough America since you're the biggest U.S. copper producer and with politics, the U.S. looks better every day. I know that's a lot of thoughts, but how you fix the projects?

您那裡沒有 Sierrita 工廠、Chino 工廠或其他 Morenci 工廠項目。我知道你什麼都做不了，什麼都做不了。但是 moly 的 Sierrita 新磨機價格超過 30 美元，這一定非常有吸引力，您的預算為 20 美元，從長遠來看，您的儲備金可能會更低，為 15 美元。你的資本支出中有太多的印度尼西亞而沒有足夠的美國，因為你是美國最大的銅生產商和政治，美國看起來每天都在好轉。我知道有很多想法，但是您如何解決這些項目？

Well, no. And it's a good new story to have this large pipeline of future projects, and I personally believe the world is going to need that copper. Going to your last question first, there is no relationship between Kucing Liar and projects in the U.S. It doesn't bump out projects. It doesn't prioritize anything. It's something that fits right in. It will be financed by PT-FI out of cash flows from PT-FI. And it will support our volumes there through our current operating rights to 2041. We're talking with the government about extending those. There's opportunities for Kucing Liar beyond that. And we believe, although we haven't been engaged in drilling exercises in the Grasberg Block Cave and Deep MLZ and who knows what else is down there because we really haven't fully drilled to explore future opportunities.

好吧，不。擁有大量未來項目管道是一個很好的新故事，我個人認為世界將需要這些銅。先問你最後一個問題，Kucing Liar和美國的項目沒有關係，不撞項目。它不優先考慮任何事情。它非常適合。它將由 PT-FI 從 PT-FI 的現金流中資助。它將通過我們目前到 2041 年的經營權來支持我們在那裡的數量。我們正在與政府討論擴大這些權利。 Kucing Liar 的機會不止於此。我們相信，儘管我們還沒有在 Grasberg Block Cave 和 Deep MLZ 進行鑽探演習，誰知道那裡還有什麼，因為我們真的沒有完全鑽探以探索未來的機會。

Now John, you know the thing about Grasberg ever since we discovered it keeps getting bigger and bigger and bigger. But that's on its own, there is no effect on what we're doing at Kucing Liar with what we're doing in the United States. So we have the financial resources to do in the Americas, in the United States and in South America. So the ones we've listed are the ones we believe are the largest, most significant executable projects initially. You know the -- the Bagdad expansion is a straightforward doubling of mill capacity and we've dealt with water issues and so forth and saline...

約翰，自從我們發現 Grasberg 變得越來越大後，你就知道它了。但這就其本身而言，對我們在 Kucing Liar 所做的事情與我們在美國所做的事情沒有影響。所以我們有財力在美洲、美國和南美洲做。因此，我們列出的是我們認為最初是最大、最重要的可執行項目。你知道 - 巴格達擴建是工廠產能的直接翻倍，我們已經處理了水問題等等以及鹽水......

That and moly as well John at Bagdad.

那和莫利以及巴格達的約翰。

It has moly at Bagdad. The biggest problem, quite frankly at Bagdad is getting workers. It's just a challenge getting mine workers in today's world of living these remote communities where our mines are. But that's a very executable project, is not that complicated. But -- and as we deal with the workers' situation in housing, as markets clear up, that's one that would be ready to go.

它在巴格達有鉬。坦率地說，巴格達最大的問題是招不到工人。在當今世界，我們的礦山所在的這些偏遠社區要讓礦工生活，這只是一個挑戰。但這是一個非常可執行的項目，並沒有那麼複雜。但是——當我們處理工人在住房方面的情況時，隨著市場的清理，那就是準備好了。

As I said, El Abra is depending on the direction of the government there. Lone Star, which really looks like it can be another base level high-profile operation for Freeport in the future. We're going to maximize it through the oxide, ore and continue to understand how we attack the big sulfide resource that we've identified in.

正如我所說，El Abra 取決於當地政府的指示。 Lone Star，看起來真的可以成為自由港未來又一個基礎級別的高調操作。我們將通過氧化物和礦石將其最大化，並繼續了解我們如何攻擊我們在其中發現的大型硫化物資源。

Then beyond that, you mentioned Morenci, Sierrita, and there's other older mines that we have. Chino has a growth opportunity. All those are in stages of evaluation and understanding what we have. Obviously, when you sit down on top and look at this organization, you want to be focused. You don't want to just have a scattergun approach, but all of those things provide us growth opportunities from inside our company, which makes it very unlikely that we'll be acquiring smaller operations to pursue externally.

除此之外，你提到了 Morenci、Sierrita，還有我們擁有的其他老礦。奇諾有成長的機會。所有這些都處於評估和了解我們所擁有的階段。顯然，當你坐在最高層看這個組織時，你會想要集中註意力。你不想只採用散彈槍方法，但所有這些都為我們提供了公司內部的增長機會，這使得我們不太可能收購較小的業務以在外部追求。

You can just see what's going in the world when you have to pay a big price, you get a resource and then you put the capital on top of it. And that ends up with a very large investment to try to recover. It's much better because we get no value today from these future resources that we have within our own portfolio. And with success in developing those, all of the incremental value goes to our shareholders and not somebody else's shareholders.

當你必須付出高昂的代價，你才能看到世界上正在發生什麼，你得到了一種資源，然後你把資本放在上面。最終需要進行大量投資才能恢復。這要好得多，因為我們今天從我們自己的投資組合中擁有的這些未來資源中沒有任何價值。在開發這些方面取得成功後，所有增量價值都將流向我們的股東，而不是其他人的股東。

John, on your question about -- sorry, Richard?

約翰，關於你的問題——抱歉，理查德？

Go ahead. No, go ahead.

前進。沒有，繼續。

I was just going to say your question about the molybdenum situation. We do have excess milling capacity at our Climax mine. And we've been operating at below capacity in recent years because of market conditions, but we have started to do a stripping campaign there that will allow us to expand production from Climax over time. It doesn't require a new concentrator or anything like that. So that's our first one and the incremental costs are attractive. So we are doing that.

我正要說你關於鉬情況的問題。我們的 Climax 礦山確實有過剩的碾磨能力。近年來，由於市場狀況，我們的產能一直低於產能，但我們已經開始在那裡進行剝離活動，這將使我們能夠隨著時間的推移擴大 Climax 的產量。它不需要新的集中器或類似的東西。所以這是我們的第一個，增量成本很有吸引力。所以我們正在這樣做。

And as Richard said, we've got -- we got a lot of projects in the background. But these are the ones that are strategic and that we're focused on, the leach technology is a near-term project, and Bagdad long term -- I mean, medium term and the Lone Star major expansion longer term. El Abra, we believe, will get done. It's a project that it's attractive, and it will get done. It's a question of when. So we don't have a good view yet on when that will go forward. But this investment in some infrastructure and water is going to give us some optionality to support an expansion.

正如理查德所說，我們已經 - 我們在後台有很多項目。但這些是戰略性的，也是我們關注的重點，浸出技術是一個近期項目，巴格達是長期項目——我的意思是，中期和孤星的主要擴張是長期的。我們相信，El Abra 將會完成。這是一個很有吸引力的項目，它會完成的。這是什麼時候的問題。因此，我們對何時會繼續前進還沒有很好的看法。但是這種對一些基礎設施和水的投資會給我們一些選擇來支持擴張。

So we've got all our people focused on these things and we have an enormous resource base in like we were saying in the U.S. where we already have established operations and community support. So we're in a really good position as we look forward as to what this world is going to need in terms of new copper supply. None of this can go quickly as you well know.

因此，我們讓所有員工都專注於這些事情，並且我們擁有巨大的資源基礎，就像我們在美國所說的那樣，我們已經在美國建立了運營和社區支持。因此，當我們期待這個世界在新的銅供應方面需要什麼時，我們處於非常有利的位置。眾所周知，這一切都不會很快過去。

If I could follow with one more. A few years ago, Freeport bought a drinking water system and a sewage system for Arequipa, the third largest city as you were tripling the El Abra mill and mine -- excuse me, the Cerro Verde mill and mine. And I think you might have some real short-line rails that you don't have as many trucks on the road. Could you just confirm that your tons per day are 350,000 to 400,000 tons a day and no mishaps at Cerro Verde. I think there's a lot of confusion in the press about conditions through...

如果我可以再跟一個。幾年前，自由港為第三大城市阿雷基帕購買了一個飲用水系統和一個污水處理系統，當時你正在將 El Abra 工廠和我的工廠翻三倍——對不起，Cerro Verde 工廠和我的工廠。而且我認為你可能有一些真正的短線鐵路，而你在路上沒有那麼多卡車。你能否確認你每天的噸數是 350,000 到 400,000 噸，並且在 Cerro Verde 沒有發生任何事故。我認為媒體對通過...的條件有很多困惑

Yes. So in the last several days, we've been operating that around that 350,000 level. Prior to that, we were closer to 400,000. We've really been operating at 10%, 15% lower just to deal with supplies. And so we're watching that every day, and I'll let Richard comment on the community situation. But in terms of operations, we're continuing to operate, but we have limited our mill throughput just to deal with the limitations and the concerns about key supplies.

是的。所以在過去的幾天裡，我們一直在 350,000 左右的水平上運行。在此之前，我們接近 400,000。我們真的一直在以 10% 的速度運營，低 15% 只是為了處理供應。所以我們每天都在看，我會讓理查德評論社區情況。但就運營而言，我們將繼續運營，但我們限制了我們的工廠產量，只是為了應對關鍵供應的限制和擔憂。

Yes. And I'm glad you asked the question because I wanted to elaborate on what I said about Peru in my opening comments. I think all of you know that the Cerro Verde milling complex is the largest in the industry, 400,000-plus per day capacity. The tailings dam will be one of the largest earthen dams ever constructed in the history of the mankind, if not the largest. And what John is referring to is a number of years ago, we did as a community project invested in a freshwater system where Arequipa is the second largest city in Peru.

是的。很高興你提出這個問題，因為我想詳細說明我在開場白中所說的關於秘魯的內容。我想你們都知道 Cerro Verde 銑削廠是業內最大的，每天產能超過 400,000 件。尾礦壩即使不是最大的，也將是人類歷史上建造的最大的土壩之一。約翰指的是幾年前，我們作為一個社區項目投資了一個淡水系統，阿雷基帕是秘魯第二大城市。

And then as we were developing the expansion of the concentrator and tailings dam, we shifted away from building a new dam on the river that runs just outside of city of Arequipa to come in and we built a wastewater collection and treatment system. And with doing that, we got water for our concentrator and we markedly improved the ecology of the river, and that has been very positively received by downstream farmers and community itself. And that's really helped foster our positive relationship there, and our team there does overall good.

然後，當我們開發選礦廠和尾礦壩的擴建工程時，我們不再在阿雷基帕市外的河流上建造一座新大壩，而是建造了一個廢水收集和處理系統。通過這樣做，我們為濃縮器取水，顯著改善了河流的生態，下游農民和社區本身都非常積極地接受了這一點。這確實有助於培養我們在那裡的積極關係，我們在那裡的團隊總體上做得很好。

Now having said that, the situation in Peru is very complicated and nobody at this point can predict how it's going to unfold. The motions are very high. The government is reluctant to use extreme steps to deal with roadblocks and disruptions and this thing in the day-to-day evolution. And so we are faced with the problems that caused us to cut back on our production rates to conserve line and other inputs so that we could continue to operate. We have the ability to house workers on a temporary basis on site. Most of our workers live in the region of the city of Arequipa, and sometimes those roads have been blocked.

話雖如此，秘魯的局勢非常複雜，目前沒有人能預測它將如何發展。議案很高。政府不願採取極端措施來應對日常演變中的障礙和乾擾以及這件事。因此，我們面臨著導致我們降低生產率以節省生產線和其他投入的問題，以便我們可以繼續運營。我們有能力在現場臨時安置工人。我們的大多數工人都住在阿雷基帕市地區，有時這些道路會被封鎖。

So we're prepared for it and our team does a great job in managing things like this over time like COVID and -- but I just wanted to make the point that these concerns that people are raising are directed towards the issues with the government and not directed against us at Cerro Verde in our operations. And so far, we've been able to continue to operate.

所以我們已經做好了準備，我們的團隊在管理像 COVID 這樣的事情方面做得很好，但我只是想指出，人們提出的這些擔憂是針對政府和不是針對我們在 Cerro Verde 的行動。到目前為止，我們已經能夠繼續運營。

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

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

I was intrigued by your comment about labor and availability and such. I guess you're talking a bit more like in the U.S., but -- how much is that situation limited your volume plans for 2023, if it is probably a small percentage. But is it more secular pressure of getting the qualified productive miners and operators for all your mines. Is that also going to be a limiting factor on how the industry reacts to try to move forward with the market signaling in the future, they're going to need more supply?

我對你關於勞動力和可用性等的評論很感興趣。我猜你說的更像是在美國，但是——這種情況對你 2023 年的銷量計劃有多大限制，如果它可能是一個很小的百分比的話。但是，為您的所有礦山聘請合格的生產性礦工和操作員是否會帶來更大的長期壓力？這是否也將成為行業如何反應以嘗試在未來推動市場信號的限制因素，他們將需要更多供應？

Yes. Well, during COVID, we did have some impacts on our mining rates. And also suspending some milling operations at Morenci. And I'm speaking about the U.S. right now. And we started ramping back up in the U.S. during 2021, and that continued into 2022. And we have a situation where we currently have about something on the order of 1,300 job openings. And we've got typically 10,000 to 12,000 employees in the U.S.

是的。好吧，在 COVID 期間，我們確實對我們的挖礦率產生了一些影響。並且還暫停了 Morenci 的一些銑削作業。我現在說的是美國。我們從 2021 年開始在美國增加業務，並一直持續到 2022 年。我們目前的情況是大約有 1,300 個職位空缺。我們在美國通常有 10,000 到 12,000 名員工

And so -- and we've seen a lot of turnover as well. And it's just been a very competitive marketplace for labor, as you've read about in the U.S. And we don't have that situation in Indonesia or in South America, but we do have competition in the U.S. with other sectors and that's continued into 2023 and what's caused us to change our outlook somewhat.

所以——我們也看到了很多營業額。正如你在美國讀到的那樣，它一直是一個競爭非常激烈的勞動力市場。我們在印度尼西亞或南美洲沒有這種情況，但我們在美國與其他行業確實存在競爭，而且這種競爭一直持續到2023 年以及是什麼導致我們在某種程度上改變了我們的看法。

We could have in 2022 produced more if we were fully staffed. And I believe that is the case again this year. And that's why we're making some progress on hires and we're conducting training and some of these workers that we're hiring now are new to the industry, and so we do have to go through training and the experience level is not what it was 5 years ago. So we're going through that process. I think it does have some implications to the ability to develop a mine in the U.S. is just the labor force. But we'll see what happens. You're starting to see some changes in payrolls and that sort of thing, and we'll see how this unfolds. But it is a factor in our U.S. mining output.

如果我們的人員配備齊全，我們本可以在 2022 年生產更多。我相信今年會再次出現這種情況。這就是為什麼我們在招聘方面取得了一些進展，我們正在進行培訓，我們現在招聘的這些工人中有一些是這個行業的新手，所以我們必須接受培訓，而經驗水平並不是什麼那是 5 年前的事了。所以我們正在經歷這個過程。我認為這確實對在美國開發礦山的能力有一些影響。只是勞動力。但我們會看到會發生什麼。你開始看到工資單等方面的一些變化，我們將看到這將如何展開。但這是我們美國礦業產出的一個因素。

Yes. So it's broader than mining. I mean, when I talk with people at the Business Council, Business Roundtable, it's a common theme you hear across many industries. And when all the COVID relief funds went out, that was a factor. I mean, face it, our work is hard work. And it's harder to drive a big haul truck than it is to drive an Amazon or UPS or FedEx truck. So we compete with those. We pay our people strong living wages. We're giving people substantial increases this year. We invest in recreational facilities, try to deal with housing. It's an issue in Colorado with our molybdenum mines. You can imagine what it's like there.

是的。所以它比採礦更廣泛。我的意思是，當我在商業委員會和商業圓桌會議上與人們交談時，這是你在許多行業聽到的共同主題。當所有 COVID 救濟資金都用完時，這是一個因素。我的意思是，面對現實吧，我們的工作很辛苦。駕駛大型運輸卡車比駕駛 Amazon、UPS 或 FedEx 卡車更難。所以我們與那些競爭。我們向我們的人民支付豐厚的生活工資。今年我們給員工大幅加薪。我們投資娛樂設施，努力解決住房問題。這是科羅拉多州鉬礦的一個問題。你可以想像那裡是什麼樣子。

So it's a big issue for us. And as a result, our mine rates start meeting what we would like for them to meet, and that affects not only current but future production, and it's a strategic challenge for us. But it's not just us and it's not just the mining industry, but the mining industry because the nature of the work presents special problems.

所以這對我們來說是個大問題。結果，我們的礦產率開始達到我們希望他們達到的水平，這不僅會影響當前的生產，還會影響未來的生產，這對我們來說是一個戰略挑戰。但這不僅僅是我們，不僅僅是採礦業，而是採礦業，因為工作的性質會帶來特殊的問題。

This leaching initiative that we're pursuing is not labor-intensive, because it's already -- the material has already been mined. So that's a real opportunity for us to execute on.

我們正在進行的這種浸出計劃不是勞動密集型的，因為它已經——材料已經被開采了。所以這是我們執行的真正機會。

And if we -- what it opens up to us is unbelievable. I mean, we have -- Morenci the largest leaching operation in the world. It has been for years. And by enhancing the existing leaching operations using all these tools, data analytics, and heat covers, and supplements, it's really amazing. But then it opens up historical leach stacks, and potentially places like Lone Star using leaching to replace or minimize concentrator investments.

如果我們——它向我們敞開的是令人難以置信的。我的意思是，我們有 - Morenci 是世界上最大的浸出作業。已經很多年了。通過使用所有這些工具、數據分析、熱蓋和補充劑來增強現有的浸出操作，這真是太棒了。但隨後它打開了歷史浸出堆，並可能像 Lone Star 這樣的地方使用浸出來取代或最小化選礦廠投資。

So it's -- it's really exciting. It's beyond just this 200 pounds that we're targeting now. But with success, it's a great opportunity for us. And is not a fracking deal like it was in oil and gas industry. It's not going to turn the dynamics of the supply situation upside down. But for a company like Freeport with the leasing operations that we have and the application with success to historical leach sites and future mine development, it's something that's really exciting. And the great thing about it is to see the excitement of our own guys and own team that's working on it. It's really gratifying.

所以它 - 這真的很令人興奮。我們現在的目標不僅僅是這 200 磅。但隨著成功，這對我們來說是一個很好的機會。而且不像石油和天然氣行業那樣是水力壓裂交易。它不會扭轉供應形勢的動態。但是對於像 Freeport 這樣的公司來說，我們擁有租賃業務，並且成功應用於歷史浸出場地和未來的礦山開發，這確實令人興奮。最棒的是看到我們自己的人和自己的團隊正在為此而興奮。真是令人欣慰。

Our final question will come from the line of Bendik Folden Nyttingnes with Clarksons Securities.

我們的最後一個問題將來自 Clarksons Securities 的 Bendik Folden Nyttingnes。

With the revision in the mining ore with the billing in Chile at least sort of moving in the right direction, it would be interesting to get some color on what you'd realistically like to see to be comfortable with moving forward with El Abra expansion?

隨著採礦礦石的修訂和智利的計費至少在某種程度上朝著正確的方向發展，對你真正希望看到的東西有一些顏色，以適應 El Abra 擴張的進展，這將是很有趣的？

Yes. I had the chance for the first time to meet the President of Chile when I was at APAC in Bangkok, and we had a very long conversation in advance with his presentation and it was really positive, and he explained to me what he is facing, which I can appreciate, Kathleen had met with him earlier. And so it's like what's going in a lot of different countries around the world, particularly when commodity prices go up, people see the opportunity to take financial benefits through royalties and taxes and use them to meet social needs. And it's just always a balancing situation. At one point, Chile built its whole economy on copper and was very successful, when I was talking with people in Indonesia, the Congo and other places, I would always point to Chile as an example of a country that to be successful by encouraging mining.

是的。我第一次有機會見到智利總統是在曼谷的亞太地區會議上，我們在他的演講之前進行了很長時間的交談，這非常積極，他向我解釋了他所面臨的情況，我可以理解，凱瑟琳早些時候見過他。因此，這就像世界上許多不同國家正在發生的事情，特別是當商品價格上漲時，人們看到了通過特許權使用費和稅收穫得經濟利益並利用它們來滿足社會需求的機會。這總是一個平衡的情況。有一段時間，智利的整個經濟都建立在銅的基礎上並且非常成功，當我與印度尼西亞、剛果和其他地方的人們交談時，我總是會以智利為例，通過鼓勵採礦來取得成功.

Chile for a number of reasons, labor and now government situation is losing, have lost, and is losing competitive advantage that it once had. So these government officials run on a platform of enhancing social programs, and then they end up facing the reality of if they go too far with that, what that does to their country in terms of its currency, in terms of its economic vulnerability, and investment and so forth.

出於多種原因，智利的勞動力和現在的政府形勢正在失去、已經失去並且正在失去曾經擁有的競爭優勢。因此，這些政府官員在加強社會計劃的平台上運作，然後他們最終會面臨這樣一個現實：如果他們在這個方面走得太遠，這會對他們的國家造成什麼影響，包括貨幣、經濟脆弱性，以及投資等等。

President truly understands that, and you can see that there has been a more positive tone of dealing with these issues. We're not a real leader in Chile, although we are in the global copper business. So we participate with the government and with other companies there and the conversations that are going on and share our experiences that we've had in working globally on these kinds of issues.

總統真正理解這一點，你可以看到處理這些問題的語氣更加積極。儘管我們從事全球銅業務，但我們在智利並不是真正的領導者。因此，我們與政府和那裡的其他公司一起參與正在進行的對話，並分享我們在全球範圍內處理此類問題的經驗。

So the current direction is clearly more positive than it was a year ago. The President is facing a low level of popularity now. And so it's a question of facing reality for political leaders. And we certainly lived our -- faced our share of those things. And as a mining company, you work hard to gain the trust of the politicians that you do things the right way, you're sensitive to their issues. You don't try to take advantage every time you have a chance to take advantage. We've actually walked away from projects because governments -- we didn't believe the deal the government was offering to us was sustainable long-term deals, and that's proved out to be the case.

因此，目前的方向顯然比一年前更加積極。總統現在面臨著低水平的人氣。因此，這是政治領導人面對現實的問題。我們當然生活在我們的 - 面對我們的那些事情中。作為一家礦業公司，您努力工作以獲得政客的信任，讓他們相信您以正確的方式做事，您對他們的問題很敏感。每次有機會利用時，您都不會嘗試利用。我們實際上已經放棄了項目，因為政府 - 我們不相信政府提供給我們的交易是可持續的長期交易，事實證明確實如此。

So it's a complicated deal, a big part of the business for a leader of a company, and you've got to, as I said, listen, be responsible, and work to find middle ground so that it's a win-win deal and you're not taking advantage of anyone and you're representing your stakeholders and not letting somebody take advantage of you. And that's what Chile is going through. I believe that a reasonable compromise will be reached because it's in everybody's interest for that to happen.

所以這是一項複雜的交易，是公司領導者業務的重要組成部分，正如我所說，你必須傾聽、負責並努力找到中間立場，這樣才能達成雙贏的交易，你沒有佔任何人的便宜，你是在代表你的利益相關者，而不是讓別人佔你的便宜。這就是智利正在經歷的事情。我相信會達成合理的妥協，因為這符合每個人的利益。

We'll also be looking at how the constitutional process advances this year. And it appears the financial package is moving forward and they're reaching some determination, looks as if that's progressing, but we also want to look at how this constitutional process unfolds as well. And in the meantime, we're maintaining our options by planning to move forward with the water infrastructure investments.

我們還將關註今年制憲進程的進展情況。看起來財政方案正在向前推進，他們正在達成某種決心，看起來好像正在取得進展，但我們也想看看這個憲法程序是如何展開的。與此同時，我們通過計劃推進水利基礎設施投資來維持我們的選擇。

And you know I can't let this call go by without telling you how personally pleased I am with our much improved relationship with the government in Indonesia, where we had multiyear discussions, negotiations over our mining rights in our contract and so forth. It's just been remarkable, what's happened in the last 6 months, I made 3 trips there. We had -- the President had an incredibly positive visit to our job site at the end of August, early September. He asked me to accompany his investment minister and Kathleen was there, too.

你知道我不能不告訴你我個人對我們與印度尼西亞政府改善關係感到多麼高興，我們在那裡進行了多年的討論，就我們合同中的採礦權等進行了談判。這真是太棒了，過去 6 個月裡發生的事情，我去了那裡 3 次。我們——總統在 8 月底、9 月初對我們的工作現場進行了非常積極的訪問。他讓我陪他的投資部長，凱瑟琳也在場。

We did a university road trip and then -- but the 2 of us went back for the B-20 part of G20 and got to see the President and others and it's just the -- and then APAC in Bangkok. It's just a great feeling to feel that we're altogether now working to -- for the benefit of all the stakeholders and having the success we're having on the ground at PT-FI. All right.

我們進行了一次大學公路旅行，然後 - 但我們兩個人回去參加了 G20 的 B-20 部分，並見到了總統和其他人，這只是 - 然後是曼谷的亞太地區。感覺我們現在正在共同努力——為了所有利益相關者的利益，並取得我們在 PT-FI 取得的成功，這真是一種很棒的感覺。好的。

With this, I will turn the call over to management for any closing remarks.

有了這個，我將把電話轉給管理層，聽取任何結束語。

All right. I was starting that. Thank you, everybody, for participating today. And you know we're always available for follow-up calls. You can call David initially and he can make arrangements to talk with Kathleen or me or whoever we need to bring into the conversation. Thank you for your participation. It's great to have a quarter like this, and we're really excited about our future.

好的。我正在開始那個。謝謝大家今天的參與。你知道我們隨時可以接聽後續電話。你可以先打電話給大衛，他可以安排與凱瑟琳或我或任何我們需要加入對話的人交談。感謝您的參與。擁有這樣一個季度真是太好了，我們對我們的未來感到非常興奮。

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

女士們，先生們，我們今天的呼籲到此結束。感謝您的加入。您現在可以斷開連接。