費利浦·麥克莫蘭銅金 (FCX) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoRan First Quarter Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎參加 Freeport-McMoRan 第一季度電話會議。此時，所有參與者都處於只聽模式。 （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, Regina, and good morning. Welcome to the Freeport-McMoRan conference call. Earlier this morning, we reported our first quarter 2023 operating and financial results. And a copy of today's press release and slides are available on our website at fcx.com. Our conference call today is being broadcast live on the Internet, and anyone may listen to the call by accessing our website homepage and clicking on the webcast link for the conference call.

謝謝你，里賈納，早上好。歡迎參加 Freeport-McMoRan 電話會議。今天早上早些時候，我們報告了 2023 年第一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 上獲取。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。

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. 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.

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。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。

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. Also on the call today is Richard Adkerson, the Chairman of the Board and Chief Executive Officer; Maree Robertson, our CFO; Mark Johnson, our Chief Operating Officer for Indonesia; Josh Olmsted, our Chief Operating Officer for the Americas; Mike Kendrick, who leads our molybdenum business; Cory Stevens, who leads our engineering and our project development activities.

我想提醒大家注意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。今天出席電話會議的還有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； 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，負責領導我們的工程和項目開發活動。

I'll turn the call over to Richard, who will make some opening comments, and then we'll come back and review the prepared slide materials and then take your questions. Richard?

我會把電話轉給理查德，他會發表一些開場白，然後我們會回來審查準備好的幻燈片材料，然後回答你的問題。理查德？

Thank you, Kathleen, and thank you all for joining us. Kathleen will review the results of the quarter and our outlook, and I'll join our team in responding to your questions. I'm pleased with our global team's responses to challenges we faced in the first quarter. You all know mining is a tough business that's evidenced by the recent reports throughout the industry. Who you are in our industry is defined by your responses to challenges. I'm very proud of who we are at Freeport. Our team in Indonesia once again proved resilient and overcoming a major flood event. Now we're accustomed to dealing with rainfall at Grasberg. It's located high in the mountains of New Guinea, one of the wettest places on the globe. We just celebrated our 56th anniversary of operating there.

謝謝你，凱瑟琳，感謝大家加入我們。凱瑟琳將回顧本季度的結果和我們的展望，我將與我們的團隊一起回答您的問題。我對我們的全球團隊對第一季度面臨的挑戰做出的反應感到滿意。眾所周知，採礦業是一項艱鉅的業務，最近整個行業的報告都證明了這一點。您在我們行業中的身份取決於您對挑戰的反應。我為我們在自由港的身份感到非常自豪。我們在印度尼西亞的團隊再次證明了自己的韌性並克服了重大洪水事件。現在我們已經習慣了在 Grasberg 處理降雨。它位於新幾內亞山區的高處，是全球最潮濕的地方之一。我們剛剛慶祝了在那裡運營 56 週年。

Our systems are designed to handle significant rainfall. The intensity of the event we experienced in January was unusually severe. Our established systems prevented major damages. Our team bounced back quickly by taking immediate actions to restore production and mitigate future risk, and we have a great start in the second quarter with operations there.

我們的系統旨在處理大量降雨。我們在 1 月份經歷的事件強度異常嚴重。我們建立的系統防止了重大損失。我們的團隊立即採取行動恢復生產並降低未來風險，從而迅速反彈，我們在第二季度在那裡的運營開局良好。

Kathleen and I have made a series of trips to Indonesia in recent months. For me, it's personally gratifying to experience the markedly more positive attitudes there about Freeport thanin years past. All this resulted from the partnership we established with the government in 2018. The success we have achieved in the multiyear large-scale development of our underground operations and the positive outlook for copper in the future.

最近幾個月，凱瑟琳和我多次前往印度尼西亞。對我來說，體驗到那裡對自由港的積極態度比過去幾年明顯更積極，這讓我個人感到很欣慰。這一切都源於我們在 2018 年與政府建立的合作夥伴關係。我們在地下業務多年大規模發展中取得的成功以及未來銅的積極前景。

Grasberg has now returned to rank as the world's second largest copper mine. Our net cash cost of production at Grasberg in the first quarter was a negative $0.08 per pound. We are now working positively with the government to extend PT-FI's operating rights beyond 2041 in a way that benefits all stakeholders.

Grasberg 現在已經重新成為世界第二大銅礦。第一季度，我們在 Grasberg 的淨現金生產成本為每磅負 0.08 美元。我們現在正與政府積極合作，以有利於所有利益相關者的方式將 PT-FI 的經營權延長至 2041 年以後。

At Cerro Verde, our team negotiated through a volatile period of political turmoil in Peru. Our team rallied around the community and our workforce to handle the situation in a remarkable fashion. Our U.S. team is stepping up to overcome the challenges associated with labor availability in the United States. We appreciate the commitment and drive of the global Freeport team to reach our goal in challenging circumstances. Copper markets continue to be supported by low levels of inventories, China is accelerating economic recovery and the ongoing positive global demand drivers for copper. Our customers continue to buy all the copper we can produce and seek more.

在 Cerro Verde，我們的團隊在秘魯政治動蕩的動盪時期進行了談判。我們的團隊團結在社區和我們的員工周圍，以出色的方式處理了這一情況。我們的美國團隊正在努力克服與美國勞動力可用性相關的挑戰。我們感謝全球自由港團隊在充滿挑戰的情況下為實現我們的目標所做出的承諾和推動。銅市繼續受到低庫存、中國正在加速經濟復甦以及持續積極的全球銅需求驅動因素的支撐。我們的客戶繼續購買我們可以生產的所有銅並尋求更多。

As we move forward, copper miners will be required to expand production to meet demand. At Freeport, we're in a strong position to develop new sources of copper supply to grow our business from our vast brownfield resources and also to grow our business from the rapidly developing leach technology and supporting data analytics.

隨著我們的前進，銅礦商將需要擴大生產以滿足需求。在自由港，我們在開發新的銅供應來源方面處於有利地位，可以利用我們龐大的棕地資源來發展我們的業務，還可以利用快速發展的浸出技術和支持數據分析來發展我們的業務。

At Freeport, we benefit from strong franchises and support from communities where we operate. We are committed to maintaining a strong balance sheet. We have an exemplary track record for success in project and operations execution. Focused execution is the backbone of our culture at Freeport. We have a clearly defined strategy and a relentless drive for achieving long-term success.

在自由港，我們受益於強大的特許經營權和我們運營所在社區的支持。我們致力於維持強勁的資產負債表。我們在項目和運營執行方面的成功記錄堪稱典範。專注執行是我們自由港文化的支柱。我們有明確定義的戰略和實現長期成功的不懈動力。

And Kathleen will now review our slides.

凱瑟琳現在將審閱我們的幻燈片。

Thank you, Richard. And I'll start on Slide 3. You've probably seen, we published our annual report and our sustainability report today and the reports are available on our website. The theme of this year's annual report is The Power of Copper. It highlights the critical role that Freeport and our principal product copper play in powering the global economy and the growing uses of copper as the world decarbonizes and reimagines modern infrastructure to support a highly connected world.

謝謝你，理查德。我將從幻燈片 3 開始。您可能已經看到，我們今天發布了年度報告和可持續發展報告，這些報告可以在我們的網站上找到。今年年報的主題是銅的力量。它強調了自由港和我們的主要產品銅在推動全球經濟以及隨著世界脫碳和重新構想現代基礎設施以支持高度互聯的世界而不斷增長的銅用途方面發揮的關鍵作用。

We're also proud to publish our annual sustainability report. We've been reporting on our comprehensive sustainability initiatives for 22 years now, and transparency continues to be enhanced. The report summarizes our initiatives, our achievements and the challenges that we face in managing the safety, social and environmental aspects of our business, which are critical to our long-term success.

我們也很自豪地發布我們的年度可持續發展報告。 22 年來，我們一直在報告我們全面的可持續發展計劃，透明度也在不斷提高。該報告總結了我們在管理我們業務的安全、社會和環境方面所面臨的舉措、成就和挑戰，這些對我們的長期成功至關重要。

We use international standards, best practices and third parties such as the Copper Mark to measure our performance and responsibility to our stakeholders. We hope you'll have the chance to review this information and engage with us on these topics.

我們使用國際標準、最佳實踐和 Copper Mark 等第三方來衡量我們的績效和對利益相關者的責任。我們希望您有機會查看這些信息並就這些主題與我們互動。

We'll turn to Slide 4, which summarizes our key operating and financial highlights in the first quarter. As previously disclosed, our Grasberg operations were temporarily disrupted in February following a significant weather impact in our mill area. As Richard said, the team did a great job to safely restore production to normal levels in March. Despite the lower volumes compared with our estimates going into the quarter, our consolidated unit net cash costs were essentially in line with our guidance.

我們將轉到幻燈片 4，它總結了我們第一季度的主要運營和財務亮點。正如之前披露的那樣，由於我們的工廠區域受到嚴重的天氣影響，我們的 Grasberg 業務在 2 月份暫時中斷。正如理查德所說，該團隊在 3 月份安全地將生產恢復到正常水平方面做得很好。儘管與我們進入本季度的估計相比銷量較低，但我們的綜合單位淨現金成本基本符合我們的指導。

Consolidated cost per unit averaged $1.76 per pound in the quarter as higher byproduct credits more than offset the volume impact. As Richard mentioned, notably, even with the disruption Grasberg unit net cash costs averaged a net credit of $0.08 per pound, meaning the gold revenues more than offset the cash cost of production. With the return to normal operations in March and a great start in April, we expect our volumes to be strong in the balance of the year. Our margins in the quarter were strong. Our EBITDA totaled $2.2 billion in the quarter. Operating cash flows, which were net of $500 million use of cash for working capital totaled $1.1 billion. We funded investments during the quarter of $1.1 billion, that included about $400 million for major mining projects and $300 million for the Indonesian smelter, which is being funded from proceeds from financing we raised last year.

本季度每單位綜合成本平均為每磅 1.76 美元，因為較高的副產品信貸抵消了數量影響。正如 Richard 提到的，值得注意的是，即使有中斷，Grasberg 的單位淨現金成本平均為每磅 0.08 美元的淨信貸，這意味著黃金收入足以抵消生產的現金成本。隨著 3 月恢復正常運營和 4 月的良好開端，我們預計我們的銷量將在今年餘下時間保持強勁。我們在本季度的利潤率很高。本季度我們的 EBITDA 總計 22 億美元。運營現金流扣除 5 億美元現金作為營運資金後的淨額總計 11 億美元。我們在本季度資助了 11 億美元的投資，其中包括用於主要採礦項目的約 4 億美元和用於印度尼西亞冶煉廠的 3 億美元，其資金來自我們去年籌集的融資收益。

Excluding net debt associated with the smelter, we ended the quarter with $1.3 billion in net debt. Our balance sheet, liquidity, financial flexibility are in terrific shape. The outlook is positive for free cash flow generation in the balance of the year.

不包括與冶煉廠相關的淨債務，我們在本季度末的淨債務為 13 億美元。我們的資產負債表、流動性和財務靈活性都處於極好的狀態。在今年餘下的時間裡，自由現金流產生的前景是積極的。

The next slide, Richard talked about the challenges we faced in the first quarter, and we faced these across our global operations. Our teams executed well in the circumstances, and you can see on the left, the production impact of the weather event at Grasberg in February and the strong recovery in March.

在下一張幻燈片中，理查德談到了我們在第一季度面臨的挑戰，我們在全球運營中都面臨著這些挑戰。我們的團隊在這種情況下表現出色，您可以在左側看到 2 月份格拉斯伯格天氣事件對生產的影響以及 3 月份的強勁復甦。

In Peru, we and other mining companies experienced a challenging environment earlier in the year associated with widespread protests, which impacted supply chains and transportation routes. Our team at Cerro Verde did a great job managing the situation efficiently and safely. Situation in Peru has improved in recent weeks, and we're now operating at normal rates.

在秘魯，我們和其他礦業公司在今年早些時候經歷了與廣泛抗議相關的充滿挑戰的環境，這影響了供應鍊和運輸路線。我們在 Cerro Verde 的團隊在有效和安全地處理情況方面做得很好。秘魯的情況最近幾周有所改善，我們現在以正常速度運營。

In the U.S., we were challenged with ongoing labor shortages, extreme weather events earlier in the quarter and unplanned maintenance issues. We're working to improve productivity and reliability, working on skills development and pursuing technology and automation initiatives as we aggressively seek to recruit workers with ongoing tight labor market conditions in the U.S.

在美國，我們面臨著持續的勞動力短缺、本季度早些時候的極端天氣事件和計劃外維護問題的挑戰。我們正在努力提高生產力和可靠性，致力於技能開發，並追求技術和自動化計劃，因為我們在美國勞動力市場持續緊張的情況下積極尋求招聘工人。

The leach recovery efforts, which we'll talk more about, really helped to offset some of the shortfalls in mining rates, and we're going to continue to build on this.

我們將詳細討論的浸出回收工作確實有助於抵消採礦率的一些不足，我們將繼續以此為基礎。

Turning to the markets on Slide 6. Freeport is well positioned as a leader in the global copper industry. Demand for copper is expected to accelerate going forward with projections for demand to double by 2035. Copper is essential in electrification. Low-carbon investments in renewable power and electrification are driving massive growth in demand. In addition, the initiatives by many countries from major infrastructure programs and the uses of copper for connectivity, data and artificial intelligence are also growing demand drivers.

轉向幻燈片 6 上的市場。Freeport 處於全球銅行業的領先地位。預計到 2035 年需求將翻一番，銅的需求預計將加速向前發展。銅在電氣化中必不可少。對可再生能源和電氣化的低碳投資正在推動需求的大幅增長。此外，許多國家在重大基礎設施項目中採取的舉措以及銅在連接、數據和人工智能方面的使用也是不斷增長的需求驅動因素。

At the same time, the ability of the industry to meet this rising demand is a real challenge. All of us can look back at this time last year when many were projecting the market to move to a surplus in 2023, pointing to the new projects that were coming online. As we look at the situation today, most analysts now project the market to be balanced this year, even with the new projects.

與此同時，該行業滿足這種不斷增長的需求的能力是一個真正的挑戰。我們所有人都可以回顧去年的這個時候，當時許多人預測市場將在 2023 年出現過剩，並指出即將上線的新項目。從今天的情況來看，大多數分析師現在預計今年市場將保持平衡，即使有新項目也是如此。

And longer term, the projections are for very large deficits. Under this backdrop, we believe prices will need to rise to incentivize new supplies. And at Freeport, we benefit from a large reserve position, as you see on the slide, and an even larger resource position to grow our business in the future. We're strongly positioned to continue to support growing demand and are pursuing several of these initiatives to enhance production going forward.

從長遠來看，預測是針對非常大的赤字。在此背景下，我們認為價格需要上漲以刺激新供應。正如您在幻燈片中看到的那樣，在自由港，我們受益於巨大的儲備頭寸，以及更大的資源頭寸來發展我們未來的業務。我們有能力繼續支持不斷增長的需求，並正在採取其中幾項舉措來提高未來的產量。

On Slide 7, we talk about the molybdenum markets. And as we've discussed, in addition to being a leading copper producer, Freeport is the world's largest molybdenum producer. Last quarter, we spoke about the significant rise in molybdenum from $18 per pound in late 2022 to a high of over $38 per pound in the first quarter of this year.

在幻燈片 7 中，我們討論了鉬市場。正如我們所討論的，除了是領先的銅生產商之外，自由港還是世界上最大的鉬生產商。上個季度，我們談到鉬價從 2022 年底的每磅 18 美元大幅上漲到今年第一季度的每磅 38 美元以上的高位。

We realized $30 per pound for our molybdenum sales in the first quarter. The price rose sharply beginning in late 2022 in response to supply issues and favorable demand drivers in energy and aerospace sectors. The prices began to drive from the highs in recent weeks, partly related to improved supply. As we look forward, the demand drivers for moly are positive. And since moly is principally produced as a byproduct from copper mines, it's also subject to some of the same supply issues as we have in copper.

我們在第一季度的鉬銷售額實現了每磅 30 美元。由於能源和航空航天領域的供應問題和有利的需求驅動因素，價格從 2022 年底開始大幅上漲。價格開始從最近幾週的高位回升，部分原因是供應增加。展望未來，鉬的需求驅動因素是積極的。由於鉬主要是作為銅礦的副產品生產的，因此它也受到一些與銅相同的供應問題的影響。

Current price of moly approximates just over $21 per pound. We're really excited -- moving to Slide 8, really excited to talk today to give you an update on our leach initiatives, which Richard referred to earlier. Our efforts to increase copper production through enhanced recoveries from our massive leach stockpiles is continuing to gain momentum. Based on our results today, we're gaining increasing confidence in achieving our initial target of 200 million pounds per annum and have begun to model what the next phase could look like.

目前鉬的價格約為每磅 21 美元多一點。我們真的很興奮——轉到幻燈片 8，今天很高興能向您介紹理查德之前提到的我們浸出計劃的最新情況。我們通過提高大量浸出庫存的回收率來增加銅產量的努力正在繼續獲得動力。根據我們今天的結果，我們對實現每年 2 億磅的初始目標越來越有信心，並已開始模擬下一階段的情況。

On the left side of the chart, we summarized the various categories that make up the initial 200 million-pound target, basically in 3 buckets. The first is -- relates to heat, increasing temperatures within the stockpiles. The second is an initiative we call Leach Everywhere, which is focused on making sure the entire stockpile has the benefit of the liquid solution we use to leach copper.

在圖表的左側，我們總結了構成最初 2 億英鎊目標的各種類別，基本上分為 3 個桶。第一個是 - 與熱量有關，即增加庫存內的溫度。第二個是我們稱之為 Leach Everywhere 的計劃，其重點是確保整個庫存都能受益於我們用來浸出銅的液體溶液。

And the third category, which is really important, it involves data analytics using new data available through sensors used in a variety of ways, including optimizing the amount of solution used and the rate of application we use to achieve the best results. It's been proven that increasing heat in the stockpiles enhances recoveries.

第三類非常重要，它涉及使用通過各種方式使用的傳感器提供的新數據進行數據分析，包括優化所用溶液的數量和我們使用的應用率以獲得最佳結果。事實證明，增加庫存中的熱量可以提高回收率。

We've advanced the installation of covers on our stockpiles for heat retention, and we've mechanized the process, and that's allowed us to execute more efficiently. We now have over 30% of our massive stockpiles covered. These initiatives provide 30% of the targeted increase.

我們已經推進了在我們的儲存堆上安裝蓋子以保持熱量，並且我們已經機械化了這個過程，這使我們能夠更有效地執行。我們現在覆蓋了超過 30% 的大量庫存。這些舉措提供了 30% 的目標增長。

The Leach Everywhere initiative makes up 50% of the uplift and uses targeted drilling to improve flow of the solution that may not be getting through the stockpile. We're also drilling injection wells to add the liquid solution to lower stockpile sections. The sensors we've installed and access to other technology used in oil and gas formations are providing new information on our additional leach solution would stimulate the process and support higher production.

Leach Everywhere 計劃佔提升量的 50%，並使用有針對性的鑽探來改善可能無法通過庫存的解決方案的流動。我們還在鑽注入井，將液體溶液添加到較低的儲料堆部分。我們安裝的傳感器以及對石油和天然氣地層中使用的其他技術的訪問正在提供有關我們額外浸出溶液的新信息，這些溶液將刺激該過程並支持更高的產量。

The data analytics works is providing new insights. We really haven't had the benefit of this in the past, and we're now able to get the benefit to determine the optimal operating protocols under various conditions of the stockpiles. The initial success of these initiatives adds production at low incremental costs and a low carbon footprint.

數據分析工作正在提供新的見解。過去我們確實沒有從中受益，現在我們能夠從中獲益，以確定在各種庫存條件下的最佳操作協議。這些舉措的初步成功以低增量成本和低碳足跡增加了產量。

In parallel with our initial activities, we've been doing substantial work on the drivers to stimulate leach production and have modeled results on what the next phase of initiatives could yield. We see an opportunity to add an additional 600 million pounds per annum from these initiatives, which would provide a total of 800 million pounds per year.

在開展初始活動的同時，我們一直在推動因素方面做大量工作，以刺激浸出生產，並對下一階段舉措可能產生的結果進行建模。我們看到了從這些舉措中每年額外增加 6 億英鎊的機會，這將提供每年總計 8 億英鎊的收入。

That's the size of a major new mine without the capital intensity and a very low incremental operating cost. The 3 areas of focus are highlighted in the center of the slide, and we're in various stages of development on each of these initiatives. We've got a lot of work to do to advance these initiatives, and some of this requires further innovation, but we have a clear path to success in this program.

這是沒有資本密集度和非常低的增量運營成本的大型新礦的規模。幻燈片中央突出顯示了 3 個重點領域，我們在這些計劃中的每一個方面都處於不同的發展階段。為了推進這些舉措，我們還有很多工作要做，其中一些需要進一步創新，但我們有一條通往該計劃成功的明確道路。

We're evaluating opportunities to increase the temperature further by heating the liquid solution before application on the stockpile. We're evaluating options to do this using solar-generated power, geothermal or other renewable sources at our mine sites to accomplish the additional heat requirement. We're also testing various additives that we're developing both internally as well as from third-party initiatives.

我們正在評估通過在應用到儲存堆之前加熱液體溶液來進一步提高溫度的機會。我們正在評估在我們的礦區使用太陽能發電、地熱或其他可再生能源來滿足額外熱量需求的選項。我們還在測試我們在內部以及第三方計劃中開發的各種添加劑。

And we're using artificial intelligence in our journey and in our valuations to help expedite the process. We're also evaluating options to inject air into the stockpiles in areas that are not getting enough oxygen. Again, we have much more knowledge of what is going on within the stockpiles and are working to design solutions to restimulate copper production.

我們正在我們的旅程和估值中使用人工智能來幫助加快這一過程。我們還在評估將空氣注入氧氣不足區域的庫存的選項。同樣，我們對庫存中發生的事情有了更多的了解，並正在努力設計解決方案以重新刺激銅生產。

Freeport is in an exceptionally strong position to lead the industry in this area with massive stockpiles currently under leach, ongoing mine leach for -- mine for leach activities and the latent tank house capacity that we have. This will be part of our growth plans as we go forward in addition to the organic growth that we have to develop new copper in traditional ways.

Freeport 在該領域處於領先地位，目前有大量庫存正在浸出，正在進行的礦山浸出 - 用於浸出活動的礦山以及我們擁有的潛在儲罐容量。除了我們必須以傳統方式開發新銅的有機增長之外，這將成為我們前進的增長計劃的一部分。

And Slide 9 highlights the growth and development outlook. And as we look at growing copper demand and the limitations and risks and actionable greenfield project development, our strategy and development priorities are focused on extensions of our existing operations in our portfolio of brownfield opportunities.

幻燈片 9 突出了增長和發展前景。當我們著眼於不斷增長的銅需求以及局限性和風險以及可操作的綠地項目開發時，我們的戰略和發展優先重點是在我們的棕地機會組合中擴展我們現有的業務。

On Slide 9, we show our near-term, medium-term and longer-term development options. Following a significant growth in recent years achieved through the successful Grasberg development, we're focused on advancing the next phases. In the near term, we see the best options for growth in achieving our initial leach targets and actions to enhance productivity and reliability in our U.S. operations.

在幻燈片 9 上，我們展示了我們的近期、中期和長期發展選擇。繼近年來通過成功的 Grasberg 開發實現顯著增長之後，我們專注於推進下一階段。在短期內，我們看到了實現我們最初的浸出目標和行動以提高我們美國業務的生產力和可靠性的最佳增長選擇。

If we can get our mining rates up in the U.S., which we're working on, and hit our targets for asset efficiency and reliability, we have the opportunity to add an additional 200 million pounds per year with limited capital investment.

如果我們能夠提高我們正在努力的美國的採礦率，並達到我們的資產效率和可靠性目標，我們就有機會以有限的資本投資每年增加 2 億英鎊。

In the medium term, we've outlined a series of initiatives. The first includes the second phase of our leach project. We're also looking to expand our Bagdad mine in Arizona and expect to complete feasibility studies this year. We have a major opportunity in Chile at our El Abra project and where we already have an existing operation and looking to expand it significantly.

在中期，我們概述了一系列舉措。第一個包括我們浸出項目的第二階段。我們還希望擴大我們在亞利桑那州的 Bagdad 礦山，並預計在今年完成可行性研究。我們在智利的 El Abra 項目中有一個重要的機會，我們已經在那裡開展業務，並希望大幅擴展它。

And we're in the process of developing a new 90,000-ton-per-day block cave mine in Indonesia called Kucing Liar, which is currently in progress and expected to commence initial production by the end of the decade. At Bagdad, we're making some investments, which are included in our new capital expenditure guidance to conduct early works in the tailings area to enhance optionality and to move more quickly with the mill expansion project following completion of the feasibility study.

我們正在印度尼西亞開發一個新的日產 90,000 噸塊狀洞穴礦，稱為 Kucing Liar，目前正在進行中，預計將在本世紀末開始初始生產。在巴格達，我們正在進行一些投資，這些投資包含在我們新的資本支出指南中，以在尾礦區進行早期工程，以提高選擇性，並在可行性研究完成後更快地推進工廠擴建項目。

Longer term, and we're already working on these projects as they require long lead times, we expect we'll have the opportunity for further major expansion in the Safford/Lone Star District, where we have an identified significant resource, and we have a series of U.S. brownfield projects that can be pursued.

從長遠來看，我們已經在開展這些項目，因為它們需要很長的交貨時間，我們預計我們將有機會在 Safford/Lone Star 區進行進一步的大規模擴張，我們在那裡擁有已確定的重要資源，並且我們有一系列可以進行的美國棕地項目。

In Indonesia, Richard talked about the extension discussions we're having and the extension of our operating rights beyond 2041, would open the door for continuation of large-scale mining and potential additional development options in one of the world's largest and highest-grade copper and gold mining districts.

在印度尼西亞，Richard 談到了我們正在進行的擴展討論以及將我們的經營權擴展到 2041 年以後，這將為繼續在世界上最大和品位最高的銅礦之一進行大規模採礦和潛在的額外開發選擇打開大門和金礦區。

We're in an outstanding position to continue our leadership role in supplying copper to a world of growing requirements. We're going to continue to be disciplined in our approach and focused on executing projects where we can create value for shareholders.

在為需求不斷增長的世界供應銅方面，我們處於領先地位，可以繼續發揮領導作用。我們將繼續嚴格遵守我們的方法，並專注於執行可以為股東創造價值的項目。

On Slide 10, we provide an update of our 3-year outlook for sales volumes. We've updated the 2023 sales guidance to take into account the first quarter disruption and the impact of lower mining rates in the U.S. Despite the disruption at Grasberg in February, our gold volumes for 2023 are about 3% higher than prior estimates. We've incorporated the estimates for stronger gold recoveries than in our January forecast, and we're doing really well in that regard.

在幻燈片 10 上，我們更新了 3 年的銷量展望。我們更新了 2023 年的銷售指引，以考慮到第一季度的中斷和美國較低採礦率的影響。儘管 Grasberg 在 2 月份出現中斷，但我們 2023 年的黃金銷量比之前的估計高出約 3%。我們已經納入了比我們 1 月份的預測更強勁的黃金復甦的估計，我們在這方面做得非常好。

The guidance for 2024 and 2025 is unchanged. But with continued success in our leach efforts, we have some upside to these estimates.

2024 年和 2025 年的指導方針保持不變。但隨著我們在浸出工作中的持續成功，我們對這些估計有一些上行空間。

On Slide 11, we show -- moving to cost, we show a comparison of our prior unit net cash cost guidance for 2023 compared to our current estimate. We currently estimate unit cash cost to average $1.55 per pound for 2023, that's slightly lower than our January estimate of $1.60 per pound.

在幻燈片 11 上，我們展示了——轉向成本，我們展示了我們之前的 2023 年單位淨現金成本指導與我們當前估計的比較。我們目前估計 2023 年單位現金成本平均為每磅 1.55 美元，略低於我們 1 月份估計的每磅 1.60 美元。

The impact of the lower copper volumes is offset by higher byproduct credits and a reduction in export duties in Indonesia associated with our smelter construction progress. Our assumptions for the key commodity-based input costs are similar to the January estimates.

較低的銅產量的影響被較高的副產品信貸和與我們的冶煉廠建設進度相關的印度尼西亞出口關稅的減少所抵消。我們對基於大宗商品的關鍵投入成本的假設與 1 月份的估計相似。

We're starting to experience less inflationary pressures in certain areas than in 2022, particularly for energy, while labor cost, services and equipment components have increased. In the reference slides on Page 23, you'll note an approximate 7% increase in site production and delivery costs for our U.S. mines compared with prior estimates.

與 2022 年相比，我們在某些領域開始經歷的通脹壓力有所減輕，尤其是在能源領域，而勞動力成本、服務和設備組件卻有所增加。在第 23 頁的參考幻燈片中，您會注意到與之前的估計相比，我們美國礦山的現場生產和交付成本增加了大約 7%。

This largely reflects a reduction in volumes in the U.S. associated with the challenges we discussed earlier. And we've got ongoing initiatives to improve productivity there.

這在很大程度上反映了與我們之前討論的挑戰相關的美國銷量的減少。我們已經採取了持續的舉措來提高那裡的生產力。

Moving to our cash flows. On Slide 12, we show modeled results for EBITDA and cash flow at various copper prices ranging from $4 to $5 per pound of copper. These are modeled results for 2024 and 2025 with our current volume estimates and our cost estimates, and we hold gold flat at $2,000 and molybdenum flat at $18 per pound in these models. Our annual EBITDA under these scenarios would range from over $10.5 billion per annum at $4 copper to $15 billion per annum at $5 copper. And operating cash flows would range from $7.5 billion per year at $4 copper to $11 billion per year at $5 copper.

轉向我們的現金流。在幻燈片 12 上，我們展示了 EBITDA 和現金流量在各種銅價範圍內從每磅銅 4 美元到 5 美元的模擬結果。這些是 2024 年和 2025 年的模型結果以及我們當前的產量估計和我們的成本估計，在這些模型中，我們將黃金持平於每磅 2,000 美元，將鉬持平於每磅 18 美元。在這些情況下，我們的年度 EBITDA 範圍從每年超過 105 億美元（銅價為 4 美元）到每年 150 億美元（銅價為 5 美元）。經營現金流量範圍從每年 75 億美元（銅價為 4 美元）到每年 110 億美元（銅價為 5 美元）。

We show some sensitivities to the various commodities on the right. And with our long-term long-life reserves and large-scale production we're really in a position to benefit from future metals-intensive growth trends and the prospects for increasing cash flows and cash returns under our performance-based payout framework.

我們對右側的各種商品表現出一些敏感性。憑藉我們長期的長期儲備和大規模生產，我們確實能夠受益於未來金屬密集型增長趨勢以及在我們基於績效的支付框架下增加現金流和現金回報的前景。

On Slide 13, we provide an update to our capital expenditures. Current forecast and these exclude the Indonesian smelter project, which is being funded with cash that we released last year in a bond offering. But our current forecast for 2023 totals $3.5 billion. That's up from the prior estimate of $3.4 billion, and capital expenditures for 2024 are currently forecast to approximately $3.3 billion.

在幻燈片 13 上，我們更新了資本支出。目前的預測和這些不包括印度尼西亞冶煉廠項目，該項目由我們去年通過債券發行發行的現金提供資金。但我們目前對 2023 年的預測總額為 35 億美元。這高於先前估計的 34 億美元，目前預計 2024 年的資本支出約為 33 億美元。

The change from our prior guidance principally reflects investments we're planning at Bagdad, to jump-start early works to support optionality for future expansion. The Bagdad investments are projects that we categorize as discretionary and do not reduce the cash available for distribution under our payout policy as they will be funded with the remaining 50% of free cash flow retained for growth projects.

我們先前指導的變化主要反映了我們計劃在巴格達進行的投資，以啟動早期工作以支持未來擴展的可選性。 Bagdad 投資是我們歸類為可自由支配的項目，不會減少根據我們的支付政策可分配的現金，因為它們將由為增長項目保留的剩餘 50% 的自由現金流提供資金。

On Slide 14, we got some great pictures showing the construction of our new smelter in Indonesia. This is a major undertaking for us. It's impressive and it will be on a world-class scale. The project will become the world's largest single-line/copper smelting facility and it's advancing rapidly.

在幻燈片 14 上，我們得到了一些很棒的照片，展示了我們在印度尼西亞的新冶煉廠的建設情況。這對我們來說是一項重大的事業。它令人印象深刻，它將達到世界級的規模。該項目將成為世界上最大的單線/銅冶煉設施，並且正在迅速推進。

We expect to commission the project in 2024. The project will include a precious metals processing facility and an expansion of the existing nearby smelter, and it will align with Indonesia's downstream policy and enable PT-FI to process all of its concentrates domestically.

我們預計該項目將於 2024 年投產。該項目將包括貴金屬加工設施和附近現有冶煉廠的擴建，並將與印度尼西亞的下游政策保持一致，並使 PT-FI 能夠在國內加工其所有精礦。

In closing, on Slide 15, we summarize our financial policy, which is centered around 3 priorities with the cornerstone being a strong balance sheet, and we've achieved that. Our balance sheet and liquidity are strong and provide significant financial flexibility for the future. We're executing the performance-based payout policy, which 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.

最後，在幻燈片 15 上，我們總結了我們的財務政策，該政策以 3 個優先事項為中心，基石是強大的資產負債表，我們已經實現了這一目標。我們的資產負債表和流動性強勁，為未來提供了顯著的財務靈活性。我們正在執行基於績效的支付政策，該政策規定我們 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。

We'll continue to pay a base dividend and a variable dividend at a combined annual rate of $0.60 per share. And since commencing the performance-based payout policy in 2021, we've returned about 60% of our free cash flow to shareholders and it further strengthened our balance sheet along the way, providing capacity for funding new projects over time.

我們將繼續以每股 0.60 美元的合併年利率支付基本股息和可變股息。自 2021 年開始實施基於績效的支付政策以來，我們已將大約 60% 的自由現金流返還給股東，並在此過程中進一步加強了我們的資產負債表，隨著時間的推移為新項目提供資金。

We did not purchase shares in the first quarter but have availability under our share purchase authorization to conduct purchases, pursuant to the policy, and we have a positive outlook for substantial free cash flow generation in the future depending on prices and other factors.

我們在第一季度沒有購買股票，但根據我們的股票購買授權可以根據政策進行購買，並且我們對未來產生大量自由現金流的前景持樂觀態度，具體取決於價格和其他因素。

The 3 priorities of balance sheet strength, allocating cash flow to a mix of shareholder returns and organic growth, we believe will enhance long-term value for the benefit of our shareholders.

資產負債表實力的 3 個優先事項，將現金流分配給股東回報和有機增長的組合，我們相信將為股東的利益提升長期價值。

Our global team is energized. We're motivated to continue building value in our business, and we're executing our plans responsibly, safely and efficiently.

我們的全球團隊充滿活力。我們有動力繼續在我們的業務中創造價值，我們正在負責任、安全和高效地執行我們的計劃。

Thanks for your attention, and we'll now take your questions.

感謝您的關注，我們現在將回答您的問題。

(Operator Instructions) Our first question comes from the line of Chris LaFemina with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Chris LaFemina。

I actually have a bunch of questions, but I'll just ask one, and then I'll get back in the queue. There's a lot of M&A activity happening in mining, obviously, at the moment, and copper seems to be a major focus. And I know -- I think Richard has talked a little bit about looking at M&A opportunities in the past, but you obviously haven't done much in recent years. And I'm just wondering with your overall philosophy is around M&A?

實際上我有很多問題，但我只問一個，然後我會回到隊列中。顯然，目前採礦業發生了很多併購活動，而銅似乎是一個主要焦點。而且我知道 - 我認為理查德過去曾談過一些關於尋找併購機會的問題，但你最近幾年顯然做得不多。我只是想知道您的總體理念是圍繞併購進行的嗎？

Are there jurisdictions that you'd be focused on? Is it important to have operational synergies? Are there any kind of key criteria that you would consider or is it just really about being opportunistic?

有沒有你會關注的司法管轄區？具有運營協同效應重要嗎？您是否會考慮任何類型的關鍵標準，或者它真的只是關於機會主義？

And then secondly, is M&A something that is increasingly on your radar screen just as a result of consolidation in the industry in general?

其次，由於整個行業的整合，併購是否越來越多地出現在您的雷達屏幕上？

Thanks, Chris. As you know well for a long time now, I've been saying that consolidation would come to our industry. It's inevitable because of the challenges in developing projects. And it's not just a price issue, it's really just the availability of actionable projects for companies to pursue and companies in our industry that are diversified companies have had copper at the top of their strategic list for a long time.

謝謝，克里斯。眾所周知，很長一段時間以來，我一直在說我們的行業會出現整合。由於開發項目的挑戰，這是不可避免的。這不僅僅是一個價格問題，它實際上只是公司追求的可行項目的可用性，我們行業中的多元化公司長期以來一直將銅放在其戰略清單的首位。

It's notable of the overall lack of success in developing new projects. There have been a few, of course. So all those things come together and lead to what we're seeing going on right now with M&A activity. Now for us, we don't have a strategy of growing through M&A. We are focused on our large-scale inventory of reserves and resources that Kathleen described. And -- but that does not mean that we would not take advantage of opportunities that may arise.

值得注意的是，在開發新項目方面總體上缺乏成功。當然有一些。所以所有這些事情結合在一起，導致我們現在看到的併購活動。現在對我們來說，我們沒有通過併購實現增長的戰略。我們專注於 Kathleen 描述的大規模儲量和資源庫存。並且 - 但這並不意味著我們不會利用可能出現的機會。

So we're not defining regions or any other criteria. We would only do something if it was clearly something that was value-enhancing for our shareholders. So we're not in a position of looking for things to do. But now with our company having made such great progress in strengthening our balance sheet, completing the major underground conversion at Grasberg and advancing on all fronts, we would be in a position if an opportunity arises, but it would only be in that case.

所以我們沒有定義區域或任何其他標準。我們只會做一些明顯能為我們的股東增值的事情。所以我們不是在找事情做。但現在我們公司在加強資產負債表、完成 Grasberg 的主要地下改造並在所有方面取得進展方面取得瞭如此大的進展，如果機會出現，我們將處於有利地位，但也只是在這種情況下。

Next question will come from the line of Emily Chieng with Goldman Sachs.

下一個問題將來自高盛的Emily Chieng。

My question is just around the leaching technology that you've talked a little bit more about today. And I wanted to dig through the 600 million pounds of step change in leaching volumes there. I think as we talk about this third-party [analytical] leaching technology, I think that's been deployed at El Abra and Bagdad currently. What percentage of that 600 million pounds does that account for? And perhaps could you talk to the timeline to getting there? And whether or not this could mean the El Abra expansion -- mill expansion could be delayed further if there's a strong success there?

我的問題是關於您今天談得更多的浸出技術。我想深入了解那里浸出量的 6 億磅階躍變化。我認為當我們談論這種第三方 [分析] 浸出技術時，我認為目前已經在 El Abra 和 Bagdad 部署了這種技術。這佔 6 億英鎊的多少百分比？也許你能談談到達那裡的時間表嗎？這是否意味著 El Abra 的擴張——如果在那裡取得巨大成功，工廠擴張可能會進一步推遲？

Emily, it's Kathleen, and I'll let Cory Stevens fill in on this because he's leading the efforts. But in terms of the additional 600 million pounds, a portion of it could be through these additives, but it's important to note that the additives that we're pursuing are both internal and through third parties. And we've got a trial going on with a relatively small stockpile at Bagdad, with [Jetty.] And we've got some new initiatives going on with Jetty at El Abra.

Emily，我是 Kathleen，我會讓 Cory Stevens 來填補這個空缺，因為他正在領導這些工作。但就額外的 6 億磅而言，其中一部分可能來自這些添加劑，但重要的是要注意，我們正在尋求的添加劑既有內部的，也有通過第三方的。我們已經在巴格達對一個相對較小的庫存進行了試驗，使用 [Jetty]。我們在 El Abra 的 Jetty 正在進行一些新的舉措。

But the bulk of what we're outlining here is initiatives that we can pursue on our own there. It's really not -- there's a lot of innovation involved and technology involved, but it's not rocket science. And the sensors and data that we have now is pointing us to where the issues are, where is the solution not getting through the stockpile, where is the stockpile not getting oxygen to it. So these things can add -- once we identify the problem, we, as an industry, can fix -- can find a solution.

但我們在這裡概述的大部分內容是我們可以在那裡自行開展的舉措。真的不是——涉及很多創新和技術，但這不是火箭科學。我們現在擁有的傳感器和數據將我們指向問題所在，解決方案在哪裡沒有通過庫存，庫存在哪裡沒有得到氧氣。因此，這些事情可以增加——一旦我們確定了問題，我們作為一個行業就可以解決——可以找到解決方案。

And at Freeport, we have such big stockpiles. That's why we have such a big opportunity here. So the bulk of what we're talking about, the opportunity we're talking about is largely at Morenci. Morenci is -- you see -- you look at our 38 billion pounds and look at the percentage of Morenci, and that's where the bulk of the opportunity is. But if we are successful with this, potentially at El Abra, it might -- it might, we don't know yet, but it might compete with traditional mill technology.

在自由港，我們有大量庫存。這就是為什麼我們在這裡有如此大的機會。所以我們談論的大部分內容，我們談論的機會主要是在莫倫奇。 Morenci 是——你看——你看看我們的 380 億英鎊，看看 Morenci 的百分比，這就是大部分機會所在。但如果我們在這方面取得成功，可能在 El Abra，它可能——它可能，我們還不知道，但它可能會與傳統的工廠技術競爭。

But we're really looking at what's available now through third parties, but our initiative and our objective is to find a way to solve this on our own because that's the best way to maximize the yields for Freeport. But Cory, do you want to add anything to those comments?

但我們確實在尋找現在可以通過第三方獲得的東西，但我們的倡議和目標是找到一種方法自行解決這個問題，因為這是最大限度地提高自由港收益的最佳方法。但是 Cory，你想對這些評論添加任何內容嗎？

Yes, Kathleen, no, you said it well. So -- our R&D efforts, we've been chasing some internal leads that look very promising. And then in the first quarter, what we've been able to do is couple our work with artificial intelligence and machine learning much like how big pharma uses to develop their new products in a way that's driving us to increase the breadth and scope of the candidates that we're looking for, for implementation.

是的，凱瑟琳，不，你說得很好。所以——我們的研發工作，我們一直在尋找一些看起來很有前途的內部線索。然後在第一季度，我們能夠做的是將我們的工作與人工智能和機器學習相結合，就像大型製藥公司使用的方式來開發他們的新產品一樣，這促使我們增加了廣度和範圍我們正在尋找的候選人，以便實施。

And then in parallel, we're actually bringing in more capabilities to do quick tests and medium-scale tests and in the field at scale tests, but that's where we're most excited and then coupling that with some of the temperature activities we see that our confidence is growing on that front.

然後同時，我們實際上引入了更多功能來進行快速測試和中等規模測試，並在現場進行大規模測試，但這是我們最興奮的地方，然後將其與我們看到的一些溫度活動結合起來我們在這方面的信心正在增強。

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

你的下一個問題將來自摩根士丹利的卡洛斯德阿爾巴。

Just on Indonesia. I wonder if you can give us perhaps an update on how the conversations are for obtaining the export license, the extension of the export license in June? And also, any conversations that you may have had with the government and your local partner on extending the contract beyond 2041 ahead of time?

就在印度尼西亞。我想知道你是否可以向我們提供有關獲得出口許可證的對話的最新情況，即 6 月份出口許可證的延期？此外，您可能與政府和當地合作夥伴就提前將合同延長至 2041 年之後進行過任何對話嗎？

Yes. Thanks, Carlos. It's all of these things are happening in parallel with each other. The -- to get the contract extension approved, and there's widespread support for it within the government, requires some procedural actions to deal with existing government regulations and then also to amend the IUPK that we were grant it in December of 2018, that would be a fairly simple process.

是的。謝謝，卡洛斯。所有這些事情都是同時發生的。 --要獲得合同延期的批准，並在政府內部得到廣泛支持，需要採取一些程序措施來處理現有的政府法規，然後還要修改我們在 2018 年 12 月授予它的 IUPK，這將是一個相當簡單的過程。

So we are really encouraged by it. The June date, it has to do with this broader issue the country is pursuing with downstreaming for minerals broadly. And so that's why that was there. We don't anticipate that will be something that would limit our ability to continue operations beyond June.

所以我們真的很受鼓舞。 6 月的日期與該國正在尋求的更廣泛的礦物下游廣泛問題有關。這就是為什麼它在那裡。我們預計這不會限制我們在 6 月之後繼續運營的能力。

Anything more, Carlos, to be specific on it that...

還有什麼，卡洛斯，具體來說……

I'll just point out that our IUPK that we entered into that Richard referred to in 2018 allows us to continue exports through -- at point, contemplated December 2023. And that has some force majeure provisions, which clearly the delays that we've experienced related to COVID and supply chains are force majeure. So our IUPK allows us to do it, but we need to get the approval from the government to put in this regulation after the IUPK was signed to restrict exports in a broad range, and it's not defined which minerals they're trying to achieve.

我要指出的是，理查德在 2018 年提到的我們的 IUPK 允許我們繼續出口——在這一點上，預計到 2023 年 12 月。這有一些不可抗力條款，這顯然是我們已經延遲與 COVID 和供應鏈相關的經歷是不可抗力。所以我們的IUPK允許我們這樣做，但是我們需要得到政府的批准才能在IUPK簽署之後製定這個規定來限制廣泛的出口，並且沒有定義他們試圖實現哪些礦物。

But we're working with the government. We are keeping them informed and they're visiting our copper smelter site. They're very impressed with the progress that we've made. Unfortunately, it's not going to be finished. It will be -- the construction will be substantially complete by the end of this year, but it won't be completely finished. And so we'll need the ability to continue to export.

但我們正在與政府合作。我們隨時通知他們，他們正在參觀我們的銅冶煉廠。他們對我們取得的進展印象深刻。不幸的是，它不會完成。到今年年底，建設將基本完成，但不會完全完成。因此，我們需要繼續出口的能力。

And importantly, with the alignment we now have with the government ownership, it's very important for the government revenues as well for exports to continue. So we're going to continue to work on it. We don't have the extension beyond June yet, but we do expect to get it.

重要的是，隨著我們現在與政府所有權的結盟，政府收入和出口的持續增長非常重要。所以我們將繼續努力。我們還沒有 6 月以後的延期，但我們確實希望得到它。

And Kathleen is right that we have these legal rights that are documented, but I want to emphasize, we're working cooperatively with the government and not just pushing our legal rights, and we're getting a good response from it.

凱瑟琳是對的，我們擁有這些記錄在案的合法權利，但我想強調，我們正在與政府合作，而不僅僅是推動我們的合法權利，我們從中得到了很好的回應。

Right. Okay. And just one clarification. For the extension beyond 2041 or the contract beyond 2041, is this something that requires legislative approval or is it just an executive decision, obviously, together with the ministries and all that?

正確的。好的。只有一個澄清。對於 2041 年以後的延期或 2041 年以後的合同，這是需要立法批准的事情，還是僅僅是一個行政決定，很明顯，還有各部委等等？

The government will decide really how to document it. There is a path forward for it to be done without formally going through new legislation. We do benefit now by having strong support within the parliament of Indonesia, who visited our operations, the parliamentary group overseeing mining came to the U.S. and visited us here.

政府將真正決定如何記錄它。在沒有正式通過新立法的情況下，有一條前進的道路可以完成。我們現在確實受益於印度尼西亞議會的大力支持，他們參觀了我們的業務，監督採礦的議會小組來到美國並在這裡訪問了我們。

So I just want to emphasize the whole tone has changed. You know the President visited our operations in late August, early September and it was a very positive -- one of the highlights of my career there in Indonesia was his visits, and we're building off of this to find the right way forward and do it in a way that everybody wins from it.

所以我只想強調整個基調已經改變了。你知道總統在 8 月下旬、9 月初參觀了我們的業務，這是非常積極的——我在印度尼西亞職業生涯的亮點之一就是他的訪問，我們正在以此為基礎尋找正確的前進方向，以每個人都從中獲益的方式去做。

The government would win, the local community, the workforce, suppliers to our business. So that's how we're working together to see how can we go forward and makes nobody benefits from us having any kind of drop dead date on operations there.

政府、當地社區、勞動力、我們業務的供應商將獲勝。因此，這就是我們共同努力的方式，看看我們如何才能向前邁進，並使任何人都無法從我們那裡的運營有任何形式的終止日期中受益。

It would really be hard to envision. And this 2041 date was in our original 1991 contract of work, was carried forward in the 2018 IUPK and we actually have not done significant delineation drilling to see the extent of the resource beyond what's been necessary to fill up the production profile through 2041. And yet, in doing that, we have a very substantial resource beyond that already identified.

真的很難想像。而這個 2041 日期是在我們最初的 1991 年工作合同中，在 2018 年 IUPK 中得到延續，我們實際上還沒有進行重大的劃定鑽探，以了解資源的範圍超出了到 2041 年填充生產剖面所需的範圍。而且然而，在這樣做的過程中，我們擁有超出已經確定的資源的非常大量的資源。

But I'm really excited about the opportunity to go in and drill to see -- in the 30-plus year history of Grasberg, it always has gotten bigger over time. And I'm confident as we do more drilling, it will continue to be -- to grow and be bigger just because of the nature of the ore system there and the grades that are available to us, it's really exciting. And so that's what we want to achieve with the government is to get the extension granted then undertake an active program of delineation.

但我真的很高興有機會進去鑽探看看——在 Grasberg 30 多年的歷史中，它總是隨著時間的推移變得更大。而且我有信心，隨著我們進行更多的鑽探，它將繼續增長並變得更大，僅僅因為那裡的礦石系統的性質和我們可以獲得的等級，這真的很令人興奮。因此，我們希望與政府一起實現的是獲得延期批准，然後進行積極的劃定計劃。

We only report reserves through 2041, and this would give us a chance to develop reserves beyond that date and to develop -- and to come up with plans for developing those reserves for future growth. It's just a great long-term asset as a base for our company for its future.

我們只報告到 2041 年的儲量，這將使我們有機會在該日期之後開發儲量並開發 - 並製定開發這些儲量以實現未來增長的計劃。作為我們公司未來發展的基礎，這只是一筆巨大的長期資產。

Your next question comes from the line of Brian MacArthur with Raymond James.

你的下一個問題來自 Brian MacArthur 和 Raymond James 的對話。

I just want to follow up a little bit on the leaching situation, and I appreciate all the detail. I just want to clarify, I think you said most of this was internal, so it's not Jetty. But then you made a comment about the bulk of its Morenci. Morenci is sort of 50% of the stockpiles, but there's a whole bunch of other North American stuff. Is there a tank house issue? Or is that 800 million constrained going forward by anything else? Or could it just be bigger if you can do stuff at Bagdad and Sierrita and everywhere else?

我只想稍微跟進一下浸出情況，我很感激所有的細節。我只是想澄清一下，我想你說這大部分是內部的，所以它不是 Jetty。但後來你對它的大部分 Morenci 發表了評論。 Morenci 大約佔庫存的 50%，但還有一大堆其他北美產品。有沒有坦克房的問題？或者這 8 億人是否受到其他因素的限制？或者如果你能在巴格達和謝里塔以及其他任何地方做事，它會不會更大？

Brian, we have latent tank house capacity across the business of about 1 billion pounds a year. And it's in different places. But that is what makes this so compelling is that there really isn't a lot of incremental capital involved in these initiatives. So historical leach production, if you go back decades, has declined over time.

布賴恩，我們整個業務的潛在儲罐容量約為每年 10 億磅。而且它在不同的地方。但這之所以如此引人注目，是因為這些舉措實際上並沒有涉及很多增量資本。所以歷史浸出生產，如果你回到幾十年前，隨著時間的推移已經下降。

And we're just having a resurgence of what it once was. And this new data available to us that's telling us what's going on within the stockpiles is providing us with a road map to kind of have a renaissance of the prior leach production. So if need be, we could invest in new tank house capacity, but the low-hanging fruit is, we've got latent tank house capacity at many of these sites.

我們只是在復興它曾經的樣子。我們可用的這些新數據告訴我們庫存中發生了什麼，為我們提供了一個路線圖，可以復興之前的浸出生產。因此，如果需要，我們可以投資於新的儲罐容量，但唾手可得的成果是，我們在許多這些地點都有潛在的儲罐容量。

So we're really approaching this across the footprint. But the highest impact is to date has been at Morenci. And that will likely be the lion's share of where we get additional pounds. But we have opportunities across the footprint.

所以我們真的在整個足跡上接近這個。但迄今為止影響最大的是莫倫奇。這可能是我們獲得額外體重的最大份額。但我們有機會跨越足跡。

We also have inactive operations and active leach stockpiles that we can look to in the future. But the first, the lowest hanging fruit and the highest-value is in places where we're already leaching.

我們也有不活躍的業務和活躍的浸出庫存，我們可以在未來尋找。但首先，最低的懸而未決的果實和最高的價值是在我們已經浸出的地方。

Yes. Morenci is the world's largest leaching operation today, and it was where much of the modern leaching technology was originally developed decades ago. So I just wish I could have a good way of conveying the excitement of our team working on this. It's really fun to see.

是的。莫倫奇 (Morenci) 是當今世界上最大的浸出作業場，也是幾十年前現代浸出技術最初開發的地方。所以我只希望我能有一個很好的方式來表達我們團隊為此工作的興奮。看到真的很有趣。

We're leaching everywhere, and we're going to leach to the last drop. So it's -- and the benefits are just -- no permitting to do this kind of stuff. There's very little capital -- tank house capital, if it's necessary, is not significant in the bigger picture of things. And the climate, the carbon emissions are -- so it's a winner on every respect, and that's why we're working cooperatively with other companies and with jetty and focusing on what we can do on our own because we do it on our own, we capture all the economics for our shareholders.

我們到處都在過濾，我們要過濾到最後一滴。所以它——好處就是——不允許做這種事情。資金很少——坦克房資金，如果有必要的話，從大局來看並不重要。氣候，碳排放量 - 所以它在各個方面都是贏家，這就是為什麼我們與其他公司和碼頭合作並專注於我們自己可以做的事情，因為我們自己做，我們為股東獲取所有經濟利益。

So it's a multifaceted deal and like I said, it's really a lot of fun. It's injected a level of enthusiasm into our whole organization that's really fun to see.

所以這是一個多方面的交易，就像我說的，真的很有趣。它為我們整個組織注入了一定程度的熱情，這真的很有趣。

I might be pushing it here. But just as a related thing, you also talked about North American staffing, asset efficiency of 200 million pounds. So that has nothing to do with any of this. That's independent. What actually is that part of the equation?

我可能會把它推到這裡。但作為相關的事情，你也談到了北美的人員配置，資產效率為 2 億英鎊。所以這與這一切無關。那是獨立的。等式的那部分實際上是什麼？

Well, it's not limited to the mining industry. Certainly, it's not restraining us with our efforts to advance leaching. But it's an issue that -- as I talk with other CEOs in the business roundtable, everywhere people are experiencing it. Some of it grew out of COVID in the way people are approaching life/work styles as they go forward, but it's a real issue for us, and we're attacking it by aggressively recruiting for people, but also it's spurring our efforts to see what can we do with technology to make our business less labor intensive. But it is a real issue in the U.S., not in Peru, Chile, Indonesia, but it's just a significant matter in the U.S.

好吧，它不僅限於採礦業。當然，這並沒有限制我們推進浸出的努力。但這是一個問題——當我在商業圓桌會議上與其他 CEO 交談時，到處都有人在經歷它。其中一些源於 COVID，人們在前進的過程中對待生活/工作方式的方式，但這對我們來說是一個真正的問題，我們正在通過積極招聘來解決它，但它也促使我們努力看到我們可以用技術做些什麼來降低我們的業務的勞動密集度。但這在美國是一個真正的問題，而不是在秘魯、智利、印度尼西亞，但這只是美國的一個重大問題。

But Brian, it's basically getting our mining rates up and also getting our plant and processing to reliability standards consistent with what we've experienced in the past. So some of the experience levels have impacted us for the reasons Richard just talked about. But this is -- these are things -- these are self-help items, and we've already got efforts underway to work on it and a game plan for how we're working on, but it's an opportunity that we don't need to go do a major project to go get.

但是布賴恩，它基本上提高了我們的採礦率，也讓我們的工廠和加工達到與我們過去經歷的一致的可靠性標準。因此，由於理查德剛才談到的原因，一些經驗水平對我們產生了影響。但這是——這些是事情——這些是自助項目，我們已經在努力解決這個問題，並製定了一個關於我們如何工作的遊戲計劃，但這是一個我們沒有的機會需要去做一個重大項目才能得到。

And so again, the leach initiative, the initial leach initiative and this self-help work that we're doing is some of the highest value opportunities we have in the near term.

因此，浸出計劃、最初的浸出計劃和我們正在做的這項自助工作是我們近期擁有的一些最高價值的機會。

Right. And while 1 billion pounds, I guess, it's equivalent to being one of the biggest -- one of the top 5 copper mines in the world?

正確的。雖然 10 億英鎊，但我猜，這相當於是世界上最大的銅礦之一 - 世界前 5 大銅礦之一？

Yes.

是的。

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

您的下一個問題來自 Wolfe Research 的 Timna Tanners。

I want to look at -- I wanted to look at Slide 5 and kind of the cadence as you described and kind of understand what the trajectory is going forward? So is the -- it sounds like the Peruvian situation has really improved from what we hear. So is that fully behind and we can expect this run rate going forward?

我想看看 - 我想看看幻燈片 5 和你描述的那種節奏，有點了解未來的軌跡是什麼？也是——從我們所聽到的情況來看，秘魯的情況確實有所改善。那麼這是否完全落後，我們可以期待這個運行率向前發展？

I know you talked about labor issues continuing, but I assume the weather, we are not going to forecast interruptions there. So I just wanted to get a little bit more about the cadence you'd expect in the regions and any impact on costs that might be lingering?

我知道你談到了持續的勞工問題，但我假設天氣，我們不會預測那裡的中斷。所以我只是想更多地了解您在這些地區所期望的節奏以及對可能揮之不去的成本的任何影響？

Kathleen, I'll start by just making a comment about Peru. There are different issues in different parts of the country of Peru. And the -- and our operations is located just off the outskirts of the city of Arequipa, in the Arequipa region. And while there were protests there, they weren't as large as a protest in other areas.

凱瑟琳，首先我要對秘魯發表評論。秘魯全國不同地區存在不同的問題。而且 - 我們的業務位於阿雷基帕地區阿雷基帕市的郊區。雖然那裡有抗議活動，但規模沒有其他地區的抗議活動大。

And we did have some disruptions of personnel movement and supplies for a period of time. And in our region, it has improved. The issues have not been resolved in the country. And so that remains there as an ongoing risk. But as you look at this trajectory issue, I think it's important to look at individual regions and see what's going on there and not assume that because we made such improvement that, that's carried forward to the same extent in other regions. So it's complicated. This whole business is complicated, but that Peru, it's very complicated.

我們確實在一段時間內對人員流動和補給造成了一些干擾。在我們地區，情況有所改善。這些問題在國內沒有得到解決。因此，這仍然是一個持續存在的風險。但是當你看這個軌跡問題時，我認為重要的是要看看各個地區，看看那裡發生了什麼，而不是假設因為我們做出了這樣的改進，其他地區也會以同樣的程度推進。所以很複雜。整個事情很複雜，但是秘魯非常複雜。

And Timna, you can look at Slide 26, and that has our quarterly sales volumes for the balance of the year. The first quarter was impacted by these disruptions, but also we had the conversion to tolling in Indonesia, which we had projected going into the quarter.

Timna，你可以看看幻燈片 26，它有我們今年剩餘時間的季度銷量。第一季度受到這些中斷的影響，但我們也將印度尼西亞的收費轉換為收費，我們預計這將進入本季度。

But you can see where we expected to be -- where we expect to be on a run rate for the balance of this year. And you can see very, very strong recovery from first quarter in the balance of 2023.

但是你可以看到我們預期的位置——我們預計今年剩餘時間的運行率。你可以看到從 2023 年第一季度開始非常非常強勁的複蘇。

Anything on the cost side as a second part of the question, I had asked? Is that also kind of out of the woods for most of the group besides the labor issues?

作為問題的第二部分，成本方面有什麼問題嗎？除了勞工問題之外，對於大多數人來說，這也是一種走出困境的方式嗎？

Well, the first quarter, we had $1.76, and we're projecting for the year to average $1.55. So our cost -- unit cost in the balance of the year will be less than they were in the first quarter. We talked about some of the inflationary items easing from last year and that's principally energy. We saw the big spike in energy starting around this time last year.

那麼，第一季度，我們有 1.76 美元，我們預計全年平均為 1.55 美元。因此，我們的成本——今年餘額中的單位成本將低於第一季度。我們談到了去年開始緩和的一些通脹項目，主要是能源。去年這個時候左右開始，我們看到了能源的大幅上漲。

And some of the other input costs that were exacerbated by the Russia-Ukraine situation. Some of those things have declined and eased and so that's helpful. But we still have labor or services costs that were contracted for some of our components -- equipment components, all those things are still with us in 2023. So we've got some elements of relief and some elements of costs that are higher. They're no higher than what we estimated at the beginning of this year, but still higher than they were last year.

俄烏局勢加劇了其他一些投入成本。其中一些事情已經減少和緩解，所以這很有幫助。但是我們仍然有一些組件的合同勞動力或服務成本——設備組件，所有這些東西在 2023 年仍然存在。所以我們有一些減輕的因素和一些更高的成本因素。不高於我們今年年初的估計，但仍高於去年。

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

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

Could you give us some color on the February escalation $38 spot moly whether there was some specific shortage, probably there were some high purity customers that had to get the good moly? I noticed that the spence concentrator began reporting moly output to (inaudible) for January and presumably, (inaudible) will start in April and May.

你能給我們一些關於 2 月份 38 美元現貨鉬的顏色嗎，是否存在一些特定的短缺，可能有一些高純度的客戶必須得到好的鉬？我注意到 spence 選礦廠開始向（聽不清）報告 1 月份的鉬產量，據推測，（聽不清）將在 4 月和 5 月開始。

You were not the source of the supply increase, but maybe you have some insight as to where this -- where else the supply might have rebounded when the price doubled?

你不是供應增加的源頭，但也許你對這個 - 當價格翻倍時供應可能反彈的地方有一些見解？

John, I'll comment and Mike Kendrick can add to it. But partially, what happened in the first quarter was some of the same supply issues for moly that impacted copper. And the situation in South America, particularly in Peru, did have an impact on supplies.

John，我會發表評論，Mike Kendrick 可以補充。但在一定程度上，第一季度發生的一些供應問題與影響銅的鉬供應問題相同。南美洲，尤其是秘魯的局勢確實對供應產生了影響。

And at the same time, we were seeing some strong growth in demand. So there's extreme tightness in the first quarter and some of that got relieved in Peru when things started to return to more normal operations. We continue to see, as we look forward, demand drivers for moly being positive in the supply side, which will fall a lot like copper is, it's just a challenge to bring on new supplies. And many times, as you know, in a copper mine that has byproduct moly when people get into trouble with operating constraints, copper is the one that people try to maximize and sometimes moly isn't maximized in those scenarios. But that was, I think, the main thing that occurred from a moly perspective on supply.

與此同時，我們看到了需求的強勁增長。因此，第一季度出現了極度緊張，當事情開始恢復到更正常的運營時，其中一些在秘魯得到緩解。展望未來，我們繼續看到鉬的需求驅動因素在供應方面是積極的，這將像銅一樣下降很多，這只是帶來新供應的挑戰。很多時候，如您所知，當人們因操作限製而遇到麻煩時，在一個副產品為鉬的銅礦中，銅是人們試圖最大化的銅礦，有時在這些情況下並沒有最大化鉬。但我認為，從鉬供應的角度來看，這是發生的主要事情。

And Mike, I don't know if you want to add. There's other things that we should add to that.

還有邁克，我不知道你是否想補充。我們還應該添加其他內容。

No, I think you captured it very well, Kathleen. I mean when you -- I think it really highlights what a tight physical market moly is. And as a result, there's no attenuation when there's a demand need in any given week, and there's not supply available, you can see both rapid increases and rapid decreases through the system.

不，我認為你捕捉得很好，凱瑟琳。我的意思是，當你——我認為這確實凸顯了現貨鉬市場的緊俏。因此，在任何給定的一周內有需求且沒有可用供應時，不會出現衰減，您可以在整個系統中看到快速增加和快速減少。

And as to your question on quality, we're a large player in that area and we conduct that business under contract. So most of our high-quality material has designated 100% all the time to those products.

至於你關於質量的問題，我們是該領域的大公司，我們根據合同開展業務。因此，我們的大部分優質材料始終 100% 指定給這些產品。

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。

As you indicated in your prepared remarks, you talked about observation at (technical difficulty) the fact that this validation takes attention away from growth capital into (inaudible) capital. What do you think the risk is a year from now that is -- is there upside or downside risk towards supply given those dynamics as you work through it over the next 12, 18 months?

正如您在準備好的發言中指出的那樣，您談到了觀察（技術困難）這一事實，即這種驗證將注意力從增長資本轉移到（聽不清）資本。您認為從現在起一年後的風險是什麼 - 考慮到您在未來 12、18 個月內工作時的這些動態，供應是否存在上行或下行風險？

You were breaking up a bit, but you were asking about the supply-side risk assessment, right?

你有點扯了，但是你問的是供給側的風險評估，對吧？

Yes, yes.

是的是的。

So if you go back several years when the projects that are now coming on stream were first announced, there were to be massive. There was projected massive surpluses in this calendar year, calendar year '24-'25 and those projects got delayed for different reasons, COVID hit, and they're not having the major surplus situation this year as markets basically balance and looking '24, there's potential surpluses.

因此，如果你回到幾年前首次宣布現在正在投產的項目時，那將會是巨大的。預計本日曆年會出現大量盈餘，日曆年 '24-'25，這些項目由於不同原因而被推遲，COVID 受到打擊，並且由於市場基本平衡並看起來 '24，他們今年沒有出現重大盈餘情況，有潛在的盈餘。

But there's not new projects of significance coming on stream after that. So I would say that the supply side risk is more -- much more on the downside. We've seen issues related to meeting production, projections being higher for various reasons. The Peru situation and operational issues like we had in Indonesia occurred in other places.

但此後沒有新的重要項目上線。所以我想說供應方面的風險更大——更多的是下行風險。我們已經看到與會議製作相關的問題，由於各種原因，預測更高。像我們在印度尼西亞遇到的秘魯情況和運營問題也發生在其他地方。

So I think for -- if you look back for a long-term history, supplies projections tend to be -- the projections tend to be higher than reality when experience actually happens. And I think that's where we are now. It's -- we have this leaching project, which gives us some upside. But overall, the risk, I think, are more on the downside.

所以我認為 - 如果你回顧長期歷史，供應預測往往是 - 當經驗實際發生時，預測往往高於現實。我認為這就是我們現在所處的位置。這是 - 我們有這個浸出項目，這給了我們一些好處。但總的來說，我認為風險更大。

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

你的下一個問題來自巴克萊銀行的馬修墨菲。

Just a question on the cash flow statement. Noncontrolling interest distributions were 0 this quarter, which I guess it's happened a few times in the past, but what drives that? And in this case, is it -- should we assume that there's going to be a bit of catch up later in the year?

只是現金流量表的問題。本季度的非控制性利益分配為 0，我想這在過去發生過幾次，但是什麼推動了這一點？在這種情況下，我們是否應該假設今年晚些時候會有一些追趕？

The first quarter, we had some significant taxes that was expected. We had some significant taxes that we paid in the first quarter related to the prior year period. And so we did not have distributions in the first quarter as that was used to fund those expenses. But we do expect that you'll see that line item increase throughout the year. We're generating a lot of free cash flow at PT-FI and at Cerro Verde and that those funds will be distributed.

第一季度，我們收到了一些預期的重大稅收。我們在第一季度支付了一些與去年同期相關的重要稅款。因此，我們在第一季度沒有分配，因為那是用來支付這些費用的。但我們確實希望您會看到該訂單項全年都會增加。我們在 PT-FI 和 Cerro Verde 產生了大量的自由現金流，這些資金將被分配。

So in terms of thinking about it, we do provide some guidance on the impact of noncontrolling interest on our net income and the estimates for cash flow are similar to that, maybe a bit lower than the earnings impact, but somewhere in that neighborhood.

因此，就考慮而言，我們確實就非控制性權益對我們淨收入的影響提供了一些指導，並且現金流量的估計與此類似，可能略低於收益影響，但在附近的某個地方。

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

你的下一個問題來自豐業銀行的 Orest Wowkodaw。

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

我們的下一個問題將來自美國銀行證券公司的 Lawson Winder。

I just wanted to touch on Chile where there's been some positive developments. Is the environment there now improving in the correct direction such that El Abra might look more promising for an expansion? And then could you just also please share your views on the outlook for the regulatory environment there for mining?

我只想談一談智利，那裡已經取得了一些積極的進展。那裡的環境現在是否朝著正確的方向改善，以至於 El Abra 看起來更有希望進行擴張？然後您能否也請分享您對採礦監管環境前景的看法？

Well, Lawson, it's still uncertain. And while there were some -- from our perspective, some positive developments that have occurred since this process started, we're still waiting to see where it ends up. There's fiscal issues relating to royalties and taxes. There are also regulatory issues related to water use and other impacts on the environment. And bigger picture is better than it has been, but there's still significant uncertainties that we and other miners will wait to see how they play out.

好吧，勞森，它仍然不確定。雖然有一些——從我們的角度來看，自這個過程開始以來已經發生了一些積極的發展，但我們仍在等待它的最終結果。存在與特許權使用費和稅收相關的財政問題。還有與用水和對環境的其他影響有關的監管問題。更大的圖景比以往更好，但我們和其他礦工仍將觀望他們如何發揮作用，但仍存在重大不確定性。

We're doing some things now to maintain optionality. We're planning some investments in desalinization which will not only benefit the opportunity for us to extend existing operations, but also give us some ability for the potential mill project. As we talked about earlier, we're doing some work on leaching, and that could continue to evolve our expectations about the design of the new expansion project. So we're keeping options open. We're making some advances to enhance that optionality.

我們現在正在做一些事情來保持可選性。我們正計劃對海水淡化進行一些投資，這不僅有利於我們擴展現有業務的機會，而且還為我們潛在的工廠項目提供了一些能力。正如我們之前談到的，我們正在做一些關於浸出的工作，這可能會繼續改變我們對新擴建項目設計的期望。所以我們保持開放的選擇。我們正在取得一些進展以增強這種可選性。

But we're -- the project at El Abra is very strong. We are in the process of updating our capital cost numbers to reflect what the current environment is. But El Abra has a huge resource. We're talking about potentially increasing production there, and you saw the numbers in the press release -- I mean in our slide presentation.

但我們 - El Abra 的項目非常強大。我們正在更新我們的資本成本數字以反映當前環境。但 El Abra 擁有巨大的資源。我們正在談論那裡可能增加的產量，你在新聞稿中看到了這些數字——我的意思是在我們的幻燈片演示中。

And that project is likely a project that will get done. It's a question of -- it's not if, it's when. And we're working to keep the analysis updated so that -- and move forward with some of these initiatives to put us in a position to move more quickly when we make the decision.

該項目很可能會完成。這是一個問題——不是是否，而是何時。我們正在努力更新分析，以便 - 並推進其中一些舉措，使我們能夠在做出決定時更快地採取行動。

Your next question comes from the line of Bendik Folden Nyttingnes with Clarksons Securities AS.

你的下一個問題來自 Clarksons Securities AS 的 Bendik Folden Nyttingnes。

Looking at that potential doubling in demand within a 12- to 15-year timeframe, what's your thoughts on taking on one of those large-scale resources in some of the more underexplored jurisdictions of the world and bring it forward as a greenfield project? Is that something you're looking at, at all? Or will you rather focus your strengthened balance sheet on the organic growth pipeline and potential industry consolidation?

考慮到需求在 12 到 15 年內可能翻一番，您如何看待在世界上一些未充分開發的司法管轄區採用這些大規模資源之一併將其作為綠地項目推進？那是你正在看的東西嗎？還是您寧願將強化的資產負債表集中在有機增長渠道和潛在的行業整合上？

Richard, I'll take that one. We're really focused on our organic opportunity then you see the portfolio we have -- we're really fortunate to have organic growth that some others not everyone has within our industry. And as we've looked at greenfield opportunities over many years, you haven't seen huge greenfield success, it's rare.

理查德，我要那個。我們真的專注於我們的有機機會，然後你會看到我們擁有的投資組合——我們真的很幸運能夠實現有機增長，而其他一些人並不是我們行業中的每個人都擁有的。多年來我們一直在研究綠地機會，你還沒有看到巨大的綠地成功，這是罕見的。

It's not -- we're not saying it can't be done, we keep our finger on the pulse of what the availability of greenfield is. But our focus is on our brownfield opportunities, the leach opportunities we had, someone noted earlier that it's a major top mine if we can get the leach opportunity to reality.

這不是——我們並不是說它不能完成，我們密切關注綠地可用性的脈搏。但我們的重點是我們的棕地機會，我們擁有的浸出機會，有人早些時候指出，如果我們能夠將浸出機會變為現實，那將是一個主要的頂級礦山。

And so our focus is more on the lower risk more certainty around our brownfield opportunities while continuing to monitor what's available in greenfield. We spent a little bit of money on greenfield exploration. But our focus, because of our pipeline and asset profile, is focused more on brownfield.

因此，我們的重點更多地放在降低風險上，更確定我們的棕地機會，同時繼續監控綠地的可用資源。我們在綠地勘探上花了一點錢。但由於我們的管道和資產概況，我們的重點更多地集中在棕地上。

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

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

So Kathleen, you mentioned the increases in CapEx guidance really primarily to early investments in Bagdad for future expansions, I think back in October, Richard had said that investment in growth was on hold because, obviously, the macro environment was not very good.

所以凱瑟琳，你提到資本支出指導的增加實際上主要是為了未來擴張對巴格達的早期投資，我記得在 10 月份，理查德曾說過對增長的投資被擱置，因為很明顯，宏觀環境不是很好。

So I'm just wondering, has anything changed in Freeport's view of the world over the last 6 months? Is it just that China has reopened? Is it because supply issues are getting worse? Or is there just no change, and this was kind of the natural progression for these projects?

所以我只是想知道，在過去 6 個月裡，自由港的世界觀有什麼變化嗎？只是中國重新開放了嗎？是因為供應問題越來越嚴重嗎？或者只是沒有變化，這是這些項目的自然進展？

Not really any significant change. This really gets to optionality. The work that we're doing on -- the early works, a lot of it relates to tailings infrastructure that we would have to do anyway several years out, but we'd have to do any way to support Bagdad's life of mine plans. And so this is bringing some of that forward so that if we do decide to move forward with Bagdad, we'll be in a better position to bring it on more quickly.

沒有任何重大變化。這真的是可選的。我們正在做的工作——早期的工作，很多都與尾礦基礎設施有關，無論如何我們都必須在幾年後完成這些工作，但我們必須採取任何方式來支持 Bagdad 的礦山生命週期計劃。所以這會帶來一些進展，這樣如果我們決定繼續推進 Bagdad，我們將能夠更好地更快地實現它。

But it doesn't change. We still have the challenges of Bagdad of just -- not only just economic uncertainties, but the challenges of just housing and people for the project. But this project, the acceleration of the tailings infrastructure will give us options as we go forward.

但它沒有改變。我們仍然面臨巴格達的挑戰——不僅是經濟不確定性，還有住房和項目人員的挑戰。但是這個項目，尾礦基礎設施的加速將為我們提供前進的選擇。

And that's what this is really all about for us is maintaining optionality within our portfolio to be able to -- none of this happens overnight, but to potentially move more quickly. And...

這就是我們真正關心的是在我們的投資組合中保持可選性，以便能夠——這一切都不會在一夜之間發生，但可能會更快地移動。和...

But having said that, and without underappreciating the uncertainties in today's world, I would say, for our industry, the economic situation has improved from where it was midyear last year.

但話雖如此，在不低估當今世界不確定性的情況下，我要說的是，對於我們的行業來說，經濟形勢比去年年中有所改善。

Throughout this, China's demand for copper in the second half of the year was strong. I believe it was the strongest second half that they've ever experienced. And we're encouraged by the GDP growth in 2023. We recognize the comments about it being driven by consumers and that there's continuing issues.

縱觀此，下半年中國對銅的需求旺盛。我相信這是他們經歷過的最強勁的下半場。我們對 2023 年的 GDP 增長感到鼓舞。我們認識到有關它是由消費者驅動的評論，並且存在持續存在的問題。

Inflation has improved. And so I think the overall environment has improved in recent months. But as Kathleen said, that's not really what's driving our decisions. The Bagdad project faces worker issue, housing issues. Chile is restrained by continuing political uncertainties. But we're -- we believe all these projects will be needed by the world, they'll be very profitable for our shareholders. And so we're investing in them, planning for them and anticipating that the time will come when we execute on them.

通貨膨脹有所改善。所以我認為最近幾個月整體環境有所改善。但正如凱瑟琳所說，這並不是推動我們做出決定的真正原因。巴格達項目面臨工人問題、住房問題。智利受到持續政治不確定性的限制。但我們——我們相信世界將需要所有這些項目，它們將為我們的股東帶來豐厚的利潤。因此，我們正在對它們進行投資，為它們做計劃，並預計我們執行它們的時間會到來。

Our final question will come from the line of John Tumazos with John Tumazos Very Independent Research LLC.

我們的最後一個問題將來自 John Tumazos 與 John Tumazos Very Independent Research LLC 的合作。

Looking at Slide 14, that includes the desalination plant, could you give us a little bit of background on that? It rains a lot, obviously, in Indonesia. Why were freshwater supplies not adequate? Could you have used saltwater for cooling, I'm assuming that most of the water is for cooling and the big smelter? Or is this sort of a community relations thing to not draw upon local water supplies?

看看幻燈片 14，其中包括海水淡化廠，您能給我們介紹一下這方面的背景嗎？很明顯，印度尼西亞經常下雨。為什麼淡水供應不足？你能用鹽水冷卻嗎，我假設大部分水用於冷卻和大型冶煉廠？還是這種不使用當地供水的社區關係？

We looked at a number of options, John. This is not of water, and this isn't a big part of the project in terms of capital requirements. We thought this was the best option for reliable water for the project. But Cory, I don't know if you want to add anything to that, but that was the thought process, but we did look into a number of options for water and designing the overall configuration.

約翰，我們研究了多種選擇。這不是水，就資本要求而言，這不是項目的重要組成部分。我們認為這是為該項目提供可靠用水的最佳選擇。但是 Cory，我不知道你是否想對此添加任何內容，但那是思考過程，但我們確實研究了一些水和設計整體配置的選項。

Yes. We looked hard at freshwater options. And when we make a decision around water, we're looking decades out in the future and what the social -- potential social impacts are going to be and what future demands are going to be and the renewability of those sources and came to the conclusion that desalinization was the best route and then you look at the capital cost differences to use saltwater versus desal and this became the most prudent route for us.

是的。我們仔細研究了淡水選項。當我們圍繞水資源做出決定時，我們會著眼於未來幾十年以及社會 - 潛在社會影響將是什麼，未來需求將是什麼以及這些資源的可再生性並得出結論海水淡化是最好的途徑，然後你看看使用鹽水與海水淡化的資本成本差異，這成為我們最謹慎的途徑。

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

我們現在將把電話轉回給管理層，聽取任何結束語。

We appreciate your participation and your interest. If you have further questions, contact David Joint, and we'll be happy to respond to them. We look forward to reporting in the future on our progress.

感謝您的參與和興趣。如果您還有其他問題，請聯繫 David Joint，我們很樂意回复他們。我們期待著在未來報告我們的進展。

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。