費利浦·麥克莫蘭銅金 (FCX) 2023 Q2 法說會逐字稿

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

女士們先生們，感謝你們的支持。歡迎參加自由港麥克莫蘭第二季度電話會議。

(Operator Instructions)

（操作員說明）

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

現在我想將會議交給主席凱瑟琳·奎克女士。請繼續，女士。

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

謝謝大家，大家早上好。歡迎參加我們的電話會議。今天早上早些時候，我們報告了 2023 年第二季度的運營和財務業績，新聞稿和幻燈片的副本可在我們的網站 fcx.com 上獲取。

Our call today is being broadcast live on the Internet, and anyone may listen to the call by accessing our website homepage and clicking on the webcast link for the conference call. 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廣播鏈接來收聽電話會議。除了分析師和投資者之外，財經媒體也被邀請收聽今天的電話會議，今天晚些時候我們的網站上將提供網絡廣播的重播。

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

在我們開始發表評論之前，我想提醒大家，在今天的新聞稿中，我們在電話會議上的某些評論包括前瞻性陳述，實際結果可能存在重大差異。我想請大家注意我們的新聞稿和演示材料中包含的警告性語言以及我們向 SEC 提交的文件中描述的風險因素。

On the call with me today are Richard Adkerson, our Chairman of the Board and CEO; Maree Robertson, our Chief Financial Officer; Josh Olmsted, who leads our Americas operations; Mark Johnson, who leads our Indonesian operations; Cory Stevens, who heads up our Engineering & Construction and Technical Services Group; Mike Kendrick, who leads our Molybdenum business; and Steve Higgins, our Chief Administrative Officer.

今天與我通話的是我們的董事會主席兼首席執行官理查德·阿德克森 (Richard Adkerson)； Maree Robertson，我們的首席財務官；喬什·奧姆斯特德 (Josh Olmsted)，負責我們的美洲業務；馬克·約翰遜 (Mark Johnson)，負責領導我們的印度尼西亞業務； Cory Stevens，我們的工程建設和技術服務團隊的負責人； Mike Kendrick，負責我們的鉬業務；以及我們的首席行政官 Steve Higgins。

We'll start the call. Richard will make some opening remarks, and then I'll go through the prepared materials, our slide materials and then we'll open the call to take your questions. So I'd like to turn the call over to Richard.

我們將開始通話。理查德將做一些開場白，然後我將瀏覽準備好的材料，我們的幻燈片材料，然後我們將開始電話會議以回答您的問題。所以我想把電話轉給理查德。

Thanks, Kathleen. Good morning, everybody. Thanks for joining us. The positive second quarter results and outlook we're reporting today reflect that our operational performance has been in line with our plans and our prior guidance. Our teams and Freeport's global operations are executing with focus, drive and enthusiasm, all hallmarks of the Freeport culture.

謝謝，凱瑟琳。大家早上好。感謝您加入我們。我們今天報告的積極的第二季度業績和前景反映出我們的運營業績符合我們的計劃和之前的指導。我們的團隊和自由港的全球運營正在以專注、幹勁和熱情執行，這些都是自由港文化的標誌。

Fundamentals in the global copper market remained positive, despite the frequently expressed concerns about a global economic slowdown and issues in China. Electrification is expanding with ongoing advances in alternative energy, electric vehicles, connectivity and supporting infrastructure.

儘管人們經常表達對全球經濟放緩和中國問題的擔憂，但全球銅市場的基本面仍然樂觀。隨著替代能源、電動汽車、互聯互通和配套基礎設施的不斷進步，電氣化正在不斷擴展。

Global copper inventories remain remarkably low, and this is notable in the context of the concerns about the global economy in China. The current demand for copper is much stronger than headline economic data. While market experts have significantly varying views about the short-term outlook for the economy and for the price of copper, there is a growing positive consensus on the medium- and longer-term outlook based on projected demand growing faster than supply development.

全球銅庫存仍然非常低，在中國對全球經濟感到擔憂的背景下這一點值得注意。目前對銅的需求遠強於整體經濟數據。儘管市場專家對短期經濟前景和銅價的看法存在很大差異，但基於預計需求增長快於供應發展的情況，人們對中長期前景越來越積極地達成共識。

Freeport is extraordinarily well situated in these circumstances. With our large-scale currently producing assets, which we're focused on executing the ongoing positive performance, an attractive pipeline for future growth from the large-scale undeveloped reserves and resources already in our current asset base.

自由港在這些情況下處於非常有利的位置。憑藉我們目前的大規模生產資產，我們專注於執行持續的積極業績，為我們當前資產基礎中已有的大規模未開發儲量和資源的未來增長提供有吸引力的管道。

Kathleen will now summarize the quarter and our outlook, and then I'll be back along with our team to answer any questions you may have.

凱瑟琳現在將總結本季度和我們的前景，然後我將與我們的團隊一起回答您可能提出的任何問題。

Thank you, Richard. And I'll start on Slide 3, where we summarize our key operating and financial highlights for the second quarter. Production results across the portfolio were strong in the second quarter approaching 1.1 billion pounds of copper and nearly 500,000 ounces of gold.

謝謝你，理查德。我將從幻燈片 3 開始，其中我們總結了第二季度的主要運營和財務亮點。第二季度整個投資組合的產量表現強勁，銅產量接近 11 億磅，黃金產量近 500,000 盎司。

Our copper sales were about 3% below our guidance as a result of administrative delays in obtaining PT-FI's export license approval. We expect that PT-FI will receive approval to resume concentrate exports over the next several days.

由於獲得 PT-FI 出口許可證批准的行政延誤，我們的銅銷售額比指導值低了約 3%。我們預計 PT-FI 將在未來幾天內獲得恢復精礦出口的批准。

Our unit net cash cost during the quarter averaged $1.47 per pound, and that was a little better than our guidance of $1.51 per pound. With average copper prices realized of $3.84 per pound in the quarter, we generated strong margins and EBITDA of $2.14 billion.

本季度我們的單位淨現金成本平均為每磅 1.47 美元，略高於我們每磅 1.51 美元的指導值。本季度銅平均價格達到每磅 3.84 美元，我們創造了強勁的利潤率和 21.4 億美元的 EBITDA。

Our operating cash flows totaled $1.7 billion, and that was substantially above our mining capital expenditures, which totaled $700 million roughly, and that excludes the smelter capital of approximately $500 million in the quarter, which is being funded from proceeds that we raised last year.

我們的運營現金流總計 17 億美元，遠高於我們的採礦資本支出（總計約 7 億美元），這不包括本季度約 5 億美元的冶煉廠資本，該資本由我們去年籌集的收益提供資金。

The balance sheet, liquidity, financial flexibility remain in great shape. Excluding net debt associated with the smelter, we ended the quarter with under $1 billion of net debt. You'll see that we completed and we conducted some additional open market purchases of our public debt in the quarter at prices below par.

資產負債表、流動性、財務靈活性仍然保持良好狀態。不包括與冶煉廠相關的淨債務，本季度末我們的淨債務不足 10 億美元。您會看到我們在本季度以低於面值的價格完成並進行了一些額外的公開市場購買。

As we look forward, we're well positioned for strong results in the second half of the year as second half copper volumes are projected to be over 15% higher than the first half and second half gold sales are projected to be over 25% than what we sold in the first half of the year.

展望未來，我們已做好準備，在今年下半年取得強勁業績，因為下半年銅銷量預計將比上半年高出 15% 以上，下半年黃金銷量預計將比上半年高出 25% 以上。

I'm going to move to Slide 4, where we showcase a few of the operational highlights that we're particularly proud of in the second quarter. At Cerro Verde, where we operate one of the largest concentrate sites in the world, the mill averaged 425,000 tonnes of ore throughput per day during the quarter. This was a site that was designed several years ago at 360,000 tonnes per day. And over time, our team has found ways to improve efficiencies, and we'll continue to do that in the future.

我將轉到幻燈片 4，我們將在其中展示第二季度我們特別引以為傲的一些運營亮點。在 Cerro Verde，我們運營著世界上最大的精礦場之一，該工廠本季度平均每天礦石吞吐量為 425,000 噸。該場地是幾年前設計的，設計產能為每天 36 萬噸。隨著時間的推移，我們的團隊找到了提高效率的方法，並且我們將在未來繼續這樣做。

At Grasberg, mill rates averaged over 200,000 tonnes per day, was 207,000 tonnes per day in the quarter, and that was processing very high grades of both copper and gold ore that was significantly above the first quarter level and actually the highest average quarterly throughput in over a decade. All this ore is coming from our large-scale, modern and efficient underground mines now.

在 Grasberg，工廠平均日產量超過 200,000 噸，本季度為每天 207,000 噸，加工的銅礦石和金礦石品位非常高，遠高於第一季度的水平，實際上是十多年來最高的平均季度吞吐量。現在所有這些礦石都來自我們大規模、現代化、高效的地下礦山。

Notably, the large-scale operation at Grasberg produced copper during the quarter at a net cash credit of $0.09 per pound, and it was just extraordinary performance. We're making steady progress on the smelter in Indonesia. This is an important initiative, and we're now at 75% compared with 60% progress 3 months ago.

值得注意的是，格拉斯伯格的大規模運營在本季度以每磅 0.09 美元的淨現金信貸生產銅，這是非凡的業績。我們在印度尼西亞的冶煉廠正在穩步取得進展。這是一項重要舉措，與 3 個月前的 60% 相比，我們現在已經完成了 75%。

Our project execution is going well, and our team is very focused on completing the project efficiently over the next several months. We expect to complete construction by the second quarter of 2024 and begin commissioning and ramp up over the balance of 2024.

我們的項目執行進展順利，我們的團隊非常專注於在接下來的幾個月內高效地完成項目。我們預計將於 2024 年第二季度完成施工，並在 2024 年餘下時間開始調試和產能提升。

We're also happy to report ongoing progress with our Leach initiative, and that's particularly helping our sites in the U.S. During the second quarter, this effort yielded incremental copper of 29 million pounds, and that was over 2x the level in last year's second quarter.

我們還很高興地報告 Leach 計劃的持續進展，這對我們在美國的工廠特別有幫助。第二季度，這項工作增加了 2900 萬磅銅產量，是去年第二季度水平的 2 倍多。

We're about 60% of our targeted annual run rate at this level, and we're well on our way to getting to our target of roughly 200 million pounds of copper per year incremental from this initiative. We're going to talk later more -- about it later in the presentation. But our confidence is increasing in meeting the initial target and on a significant upside for this highly valuable initiative.

目前，我們已完成目標年產量的 60% 左右，而且我們正在順利實現通過這一舉措每年增加約 2 億磅銅的目標。我們稍後將在演示中詳細討論。但我們對實現最初目標以及這一極具價值的舉措的顯著優勢的信心正在增強。

Turning to Slide 5, and you've seen a lot of press reports over the last several weeks about the regulatory situation in Indonesia, and we're providing an update on recent regulatory changes in the country. As many of you know, Indonesia is highly focused on downstream resource development that's been evolving over many years, and that reflects the country's national strategic priorities.

轉向幻燈片 5，過去幾週您已經看到了大量有關印度尼西亞監管情況的新聞報導，我們將提供該國最近監管變化的最新信息。眾所周知，印度尼西亞高度重視多年來不斷發展的下游資源開發，這反映了該國的國家戰略重點。

The evolution of this ultimately led to our agreement in 2018 to expand our domestic smelting and refining capacity in the country. In 2020, Indonesia passed the law restricting exports of certain minerals, weren't all defined, but that was beginning in June 2023. Given our IUPK license and rights and progress on the smelter, we continue to work with the government to allow time for us to complete our projects, which were delayed by the pandemic.

這種演變最終導致我們於 2018 年達成協議，擴大國內冶煉和精煉產能。 2020 年，印度尼西亞通過了限制某些礦物出口的法律，雖然尚未全部明確，但這已於 2023 年 6 月開始。鑑於我們的 IUPK 許可證以及冶煉廠的權利和進展，我們將繼續與政府合作，以便有時間完成因疫情而推遲的項目。

As we mentioned, the projects are well advanced and nearing completion, and we were really honored to host Indonesia's President, Joko Widodo, at our smelter site in June.

正如我們提到的，這些項目進展順利，即將完成，我們非常榮幸於 6 月份在我們的冶煉廠接待了印度尼西亞總統佐科·維多多 (Joko Widodo)。

Beginning in June and July of this year, various ministries completed regulatory process to enable ongoing exports of copper concentrates through May 2024 for exporters with more than 50% smelter progress, and we're over 70%.

從今年 6 月和 7 月開始，各部委完成了監管程序，使冶煉進度超過 50% 的出口商能夠在 2024 年 5 月之前持續出口銅精礦，我們超過 70%。

Last week, the Trade Ministry enacted legislation to allow the exports. And now just the administrative process, we expect to receive formal approval to resume exports over the next several days. We're going to continue to work with the government to enable exports to continue in 2024 until the new smelter is fully ramped up and operational.

上週，貿易部頒布了允許出口的立法。現在只是行政程序，我們預計將在未來幾天內獲得恢復出口的正式批准。我們將繼續與政府合作，確保 2024 年出口能夠繼續，直到新冶煉廠全面投產並投入運營。

The Ministry of Finance also passed regulations last week to increase the duties on exports for various products, including copper concentrates. For companies with progress of more than 70%, the duty -- the new duty rate is 7.5% for the second half of this year.

財政部上週還通過了規定，提高包括銅精礦在內的各種產品的出口關稅。對於進度超過70%的企業，​​今年下半年的新稅率為7.5%。

Under our IUPK, which provides stabilized terms for taxes, royalties and duties, duties are phased out after 50% progress. And so we're currently reviewing the IUPK provisions with the ministry and are engaged in discussions on this matter.

根據我們的 IUPK，它為稅收、特許權使用費和關稅提供了穩定的條款，關稅將在取得 50% 的進展後逐步取消。因此，我們目前正在與該部門一起審查 IUPK 條款，並就此事進行討論。

To date, the production impacts on our operations from the shipping delays have been limited, and this has been more of a timing consideration between production and sales. We currently have a sizable volume of copper concentrate at our port site, ready for shipment, and we expect to work down inventories over the next several months.

迄今為止，運輸延誤對我們運營的生產影響有限，這更多的是生產和銷售之間的時間考慮。目前，我們的港口有大量銅精礦可供裝運，我們預計將在未來幾個月內減少庫存。

Moving to the copper markets on Slide 6, and Richard touched on this in his comments. Copper is the metal when it comes to electrification. And Freeport is really well positioned as a leader in the global copper industry. The short-term market situation is characterized by, on the 1 hand, favorable demand drivers from growing intensity in autos, renewables and data centers, and that's partly offset by slowing manufacturing growth.

轉到幻燈片 6 上的銅市場，理查德在評論中談到了這一點。銅是電氣化方面的金屬。自由港確實處於全球銅行業領導者的地位。短期市場形勢的特點是，一方面，汽車、可再生能源和數據中心不斷增長的需求推動了有利的需求，但製造業增長放緩在一定程度上抵消了這一影響。

China remains the world's largest consumer of copper and even with the country's current economic challenges and the weakness in the property sector, copper consumption continues to grow and that's been bolstered by large investments in copper-intensive electrical grid and strong growth in electric vehicle production. Richard referenced the inventories, which are very low levels by historical standards, they're now lower than they were at the start of this year, and we see this as evidence of a tightly balanced market.

中國仍然是世界上最大的銅消費國，儘管該國當前面臨經濟挑戰和房地產行業疲軟，但銅消費量仍在持續增長，這得益於對銅密集型電網的大量投資和電動汽車產量的強勁增長。理查德提到了庫存，按照歷史標準來看，庫存水平非常低，現在低於今年年初的水平，我們認為這是市場緊密平衡的證據。

As we look forward over the next several years, demand is expected to accelerate with third-party projections for demand to double by 2035. Investments in low carbon renewable power, electrification will lead to massive growth in demand. And in addition to that, the initiatives by many countries for major infrastructure programs and the uses of copper for connectivity, data, AI, those are also growing demand drivers.

展望未來幾年，預計需求將加速增長，第三方預測到 2035 年需求將翻一番。對低碳可再生能源和電氣化的投資將導致需求大幅增長。除此之外，許多國家針對重大基礎設施項目的舉措以及銅在連接、數據、人工智能方面的使用，這些也是不斷增長的需求驅動因素。

At the same time, the ability of the copper industry to meet this rising demand is a major challenge, and we are working very hard to increase our supplies as we look forward. We believe prices will need to rise to incentivize new supplies of copper. At Freeport, we benefit from a large reserve position and even greater resource position to be able to grow our business in the future.

與此同時，銅行業滿足這種不斷增長的需求的能力是一個重大挑戰，我們正在非常努力地增加我們的供應。我們認為價格需要上漲才能刺激新的銅供應。在自由港，我們受益於大量的儲備地位和更大的資源地位，以便能夠在未來發展我們的業務。

As I mentioned, we're really focused on continuing to support the growing demand, producing responsibly and we're pursuing several initiatives to enhance our production going forward.

正如我所提到的，我們真正專注於繼續支持不斷增長的需求，負責任地生產，並且我們正在採取多項舉措來提高我們未來的生產。

Moving to Slide 7. We provide an update of our 3-year outlook for sales volumes. This is largely unchanged from our prior forecast. We've reduced our 2023 copper sales volumes by about 40 million pounds, that's about 1%, to take into account the shipping schedules in the balance of the year.

轉向幻燈片 7。我們提供了 3 年銷量展望的更新。這與我們之前的預測基本沒有變化。考慮到今年剩餘時間的運輸計劃，我們將 2023 年的銅銷量減少了約 4000 萬磅，即約 1%。

The guidance for 2024 and 2025 is unchanged. And we do -- we are focused on continued success in our leach efforts, which we believe have the potential to provide some upside to these estimates.

2024 年和 2025 年的指引保持不變。我們確實這樣做了——我們專注於浸出工作的持續成功，我們相信這有可能為這些估計帶來一些上行空間。

Moving to the regional information on Slide 8. We show our projected 2023 volumes and unit net cash costs by region. Our business in the Americas, including the U.S. and in South America, comprise about 2/3 of our 2023 copper sales and all of our molybdenum sales, and Indonesia represents about 1/3 of the copper sales and all of our gold sales.

轉到幻燈片 8 上的區域信息。我們按區域顯示了 2023 年預計銷量和單位淨現金成本。我們在美洲（包括美國和南美）的業務約占我們 2023 年銅銷售額和所有鉬銷售額的 2/3，印度尼西亞約佔銅銷售額和所有黃金銷售額的 1/3。

On a consolidated basis from a cost standpoint, our unit net cash cost forecast of $1.55 per pound for the year 2023 is consistent with our prior estimate. We've had some small offsetting changes between the regions. But in total, we're continuing to project cash cost of $1.55 for the year.

從成本角度來看，我們對 2023 年單位淨現金成本的預測為每磅 1.55 美元，這與我們之前的估計一致。我們在各地區之間進行了一些小的抵消性變化。但總的來說，我們繼續預計今年的現金成本為 1.55 美元。

As we move through the year, we're continuing to experience improving cost trends for several of our commodity-based input costs, and we're seeing more stability in labor, services and equipment component costs. We remain focused on cost management and all of our ongoing initiatives to improve productivity to offset the cost increases that we've experienced in recent years. The estimates that were provided on Slide 8 assume that the export duties in Indonesia are unchanged from our existing duties.

隨著這一年的推移，我們的一些基於商品的投入成本繼續經歷改善的成本趨勢，並且我們看到勞動力、服務和設備組件成本更加穩定。我們仍然專注於成本管理和所有旨在提高生產力的持續舉措，以抵消近年來我們經歷的成本增加。幻燈片 8 中提供的估計假設印度尼西亞的出口關稅與我們現有的關稅保持不變。

As I mentioned previously, the new regulations imposed higher duties than our stabilized rates under the IUPK and we're engaged in the discussions with the government to review this. We provided some sensitivities on potential impacts of the higher duty rates on this page, which you can see at the bottom would have a $0.07 per pound impact on consolidated unit net cash cost for the year take into account the impact in Indonesia of $0.19 per pound for the year with the duty starting in the second half.

正如我之前提到的，新法規徵收的關稅高於 IUPK 規定的穩定稅率，我們正在與政府進行討論以對此進行審查。我們在此頁面上提供了有關較高關稅稅率潛在影響的一些敏感性，您可以在底部看到，考慮到下半年開始徵收關稅對印度尼西亞的影響，本年度綜合單位淨現金成本為每磅 0.07 美元，影響為 0.19 美元。

On Slide 9, we updated our outlook for our margins and cash flows. And if we put together our projected volumes and cost projections, we show the modeled results for our EBITDA and cash flow at various copper prices ranging from $4 to $5 copper. These results on the slide are modeled using the average of our 2024 and 2025 volume and cost estimates, and we hold gold flat in these scenarios at $1,950 per ounce and molybdenum flat at $20 per pound; both of those commodities are slightly above that today.

在幻燈片 9 中，我們更新了利潤率和現金流的預期。如果我們將預計產量和成本預測放在一起，我們就會顯示以 4 美元至 5 美元的各種銅價計算的 EBITDA 和現金流的建模結果。幻燈片上的這些結果是使用我們對 2024 年和 2025 年產量和成本估計的平均值進行建模的，在這些情況下，我們將黃金維持在每盎司 1,950 美元，將鉬維持在每磅 20 美元；這兩種商品的價格均略高於今天。

Annual EBITDA under these assumptions would range from about $11 billion per annum to $15 billion per annum at $5. The $11 billion was at $4. And our operating cash flows before working capital would range from nearly $8 billion per year at $4 copper and $11 billion per year at $5 copper.

這些假設下的年度 EBITDA 範圍為每年約 110 億美元至 150 億美元（按 5 美元計算）。 110 億美元為 4 美元。我們不計營運資本的運營現金流範圍為每年近 80 億美元（銅價 4 美元）和每年 110 億美元（銅價 5 美元）。

We've got some sensitivities to the various commodities both the sales commodities as well as our input costs on the right of the chart. We're well positioned with our long life reserves, large-scale production to benefit from future metals intensive growth trends, and we've got prospects as we look forward for increasing cash returns under our performance-based financial policy payout framework.

我們對各種商品有一些敏感性，包括圖表右側的銷售商品以及我們的投入成本。我們憑藉長壽命儲量和大規模生產處於有利位置，可以從未來金屬密集型增長趨勢中受益，並且我們有前景，因為我們期待在基於績效的財務政策支付框架下增加現金回報。

Return to capital expenditures next on Slide 10, where we show our current forecast for capital expenditures in 2023 and 2024. These include the capital that we're investing in the Indonesian smelter project and those amounts are being funded from a debt offering we did last year, and we've got cash on the balance sheet and availability to support those investments and the detail of those expenditures are on Page 25 of the slide deck.

接下來回到幻燈片 10 的資本支出，我們在其中顯示了對 2023 年和 2024 年資本支出的當前預測。其中包括我們投資於印度尼西亞冶煉廠項目的資本，這些金額是通過我們去年進行的債務發行提供的資金，我們的資產負債表上有現金，可以支持這些投資，這些支出的詳細信息在幻燈片的第 25 頁上。

But all in all, on the nonsmelter related investments, the -- we've had some timing adjustments moving some spending from '23 to '24. But the current forecast for the 2 years is pretty similar to what we had before. It's about 3% higher for the 2-year period, and that reflects some updated estimates principally for projects at Grasberg.

但總而言之，在非冶煉廠相關投資方面，我們進行了一些時間調整，將一些支出從 23 年調整到 24 年。但目前對兩年的預測與我們之前的預測非常相似。兩年期間上漲了約 3%，這反映了主要針對 Grasberg 項目的一些最新估計。

We've highlighted, here on the slide, discretionary projects, and these are the projects that are being funded with 50% of available cash that's not distributed. Those total $2 billion over '23 and '24, and these are value-enhancing initiatives, we've got some details on Slide 24 in our reference material, but value-enhancing initiatives to improve our position as we look forward.

我們在幻燈片上強調了可自由支配的項目，這些項目的資金中有 50% 是未分配的可用現金。 '23 和 '24 期間總計 20 億美元，這些都是增值舉措，我們在參考材料中的幻燈片 24 上獲得了一些詳細信息，但我們期待這些增值舉措能夠改善我們的地位。

We'll talk on development options and our growth on Slide 11. We're really focused, as we said, on looking at the outlook for growing copper demand and looking at our brownfield strategy given the risk and actionability of greenfield projects, our strategy of developing our resources within our portfolio. We're focused on extensions of our existing operations and our broad portfolio of brownfield opportunities.

我們將在幻燈片 11 上討論開發選項和我們的增長。正如我們所說，我們真正關注的是銅需求增長的前景，並考慮到綠地項目的風險和可操作性，考慮我們的棕地戰略，以及我們在投資組合中開發資源的戰略。我們專注於擴展現有業務和廣泛的棕地機會組合。

We've categorized the growth on Slide 11. And in near-term, medium-term and longer-term development operation -- options and you can see in the near term, the best options for us for growth are achieving our initial leach targets and the actions that we have, particularly in our U.S. operations to enhance productivity and reliability by increasing our mining rates in the U.S., through workforce additions, automation and achieving higher targets for asset efficiency and reliability in our equipment and processing facilities, we believe we have the opportunity to add 200 million pounds of copper a year with very limited capital investment.

我們在幻燈片 11 上對增長進行了分類。在短期、中期和長期開發運營選項中，您可以看到，在短期內，我們增長的最佳選擇是實現我們最初的浸出目標和我們採取的行動，特別是在我們的美國業務中，通過增加我們在美國的採礦率，通過增加勞動力、自動化以及在我們的設備和加工設施中實現更高的資產效率和可靠性目標來提高生產力和可靠性，我們相信我們有機會增加 2 億磅銅資本投資非常有限的一年。

We're very focused on the details of the reliability and asset efficiency that we're pursuing and see that potential as we look forward.

我們非常關注我們所追求的可靠性和資產效率的細節，並在展望未來時看到了這種潛力。

We also outlined the potential of our leach opportunity beyond the initial target of 200 million pounds for annum. We talked extensively about this on our last call. We've got very large areas under leach. We've got new approaches and operating practices that we are deploying on this effort. And the more we work on it, the more optimistic we are about this opportunity is much larger than the initial 200 million pounds.

我們還概述了超出每年 2 億英鎊的初始目標的浸出機會的潛力。我們在上次通話中廣泛討論了這一點。我們有非常大的區域處於浸濾狀態。我們正在為此努力部署新的方法和操作實踐。我們越努力，我們就越樂觀，這個機會比最初的 2 億英鎊要大得多。

We continue to see the clear opportunity of expanding the initial 200 million pounds of copper per annum to 800 million pounds per annum over the next 3 to 5 years. We're continuing initiatives to increase heat to our stockpiles. We're continuing to enhance our ability to identify and deploy solution to areas of the stockpiles which aren't getting adequate solution, and we're continuing our work on additives through internal testing as well as looking at technology that others have with respect to additives.

我們繼續看到在未來 3 到 5 年內將最初的每年 2 億磅銅產量擴大到每年 8 億磅的明顯機會。我們正在繼續採取措施增加庫存熱量。我們正在繼續提高識別解決方案並將其部署到未獲得足夠解決方案的庫存區域的能力，並且我們將通過內部測試繼續開展添加劑工作，並研究其他人在添加劑方面擁有的技術。

This is a major value opportunity, a major catalyst for us, and Freeport is one of the best-placed companies in the industry to capture value from it. And that's because of our large existing stockpiles with billions of pounds of copper still in them, our technical know-how and the ability of our team to deploy learnings quickly across the portfolio through our operational control of all the mines we have interest in.

這是一個重大的價值機會，對我們來說是一個主要的催化劑，自由港是業內最能從中獲取價值的公司之一。這是因為我們現有大量銅庫存，其中仍有數十億磅的銅，我們的技術知識以及我們的團隊通過對我們感興趣的所有礦山的運營控制，在整個投資組合中快速部署知識的能力。

In addition to the leach opportunity, we've got more traditional sources of growth that we're pursuing. We're continuing to evaluate the expansion of our Bagdad mine in Arizona. We're completing the feasibility studies on that expansion. We've got the major El Abra opportunity in Chile, where we have an existing operation and very large reserves, resources that support future expansion.

除了浸出機會外，我們還追求更傳統的增長來源。我們正在繼續評估亞利桑那州巴格達礦的擴建。我們正在完成擴建的可行性研究。我們在智利擁有 El Abra 的主要機會，我們在那裡擁有現有的業務和大量的儲備和資源，可以支持未來的擴張。

And of course, we're developing, making progress with the 90,000 tonne per day Kucing Liar Block Cave in Indonesia, and that's expected to commence production by the end of the decade.

當然，我們正在開發印度尼西亞的 Kucing Liar Block Cave，日產量 9 萬噸，並取得進展，預計將在本十年末開始生產。

At Bagdad, we're making some investments to advance tailings and other infrastructure to enhance our optionality for the project. And we're doing the same at El Abra looking at some investments in water infrastructure, not only that would support the current operation but provide optionality for the large mill project in the future.

在巴格達，我們正在進行一些投資來推進尾礦和其他基礎設施的建設，以增強我們對該項目的選擇性。我們在 El Abra 也在做同樣的事情，著眼於對水利基礎設施的一些投資，這不僅可以支持當前的運營，而且可以為未來的大型工廠項目提供選擇。

After those 2 projects, we've got big opportunity in our Safford Lone Star District in Eastern Arizona. We've got current production there and have identified a significant resource that would allow us to make that district another cornerstone asset for Freeport as we look into the 2030 timeframe. We've got a series of U.S. brownfield projects that we're also looking at. A big opportunity for us is in Indonesia where an extension of our operating rights beyond 2041, which we're continuing to advance, would open the door for long-term, large-scale mining beyond 2041 and potential reserve expansion and additional development options in one of the world's largest and highest grade copper and gold mining districts.

在這兩個項目之後，我們在亞利桑那州東部的薩福德孤星區獲得了巨大的機會。我們目前已經在那裡進行生產，並確定了重要的資源，在我們展望 2030 年的時間表時，這將使我們能夠使該地區成為自由港的另一個基石資產。我們也在關註一系列美國棕地項目。對我們來說，印度尼西亞是一個巨大的機遇，我們正在繼續推進將經營權延長至 2041 年之後，這將為 2041 年之後的長期大規模採礦、潛在儲量擴張以及在世界上最大、品位最高的銅金礦區之一的額外開發選擇打開大門。

With these projects, we're in a position to continue our leadership role, supplying copper to a world with growing requirements. We're going to continue to be disciplined in our approach but focused on executing the projects where we can create value for shareholders.

通過這些項目，我們能夠繼續發揮領導作用，向需求不斷增長的世界供應銅。我們將繼續遵守我們的方法，但專注於執行可以為股東創造價值的項目。

On the last slide, we -- on Slide 12, we reiterate the financial policy priorities. Those are really centered on our strong balance sheet, which we have, our cash returns to shareholders and investments in our value-enhancing growth projects. The balance sheet is solid. We've got very strong credit metrics and flexibility within our debt targets to execute on projects.

在最後一張幻燈片中，我們在幻燈片 12 上重申了金融政策的優先事項。這些實際上以我們強大的資產負債表、股東的現金回報以及對增值增長項目的投資為中心。資產負債表穩健。我們在項目執行的債務目標中擁有非常強大的信用指標和靈活性。

At the same time, we've distributed over $3 billion to shareholders through dividends and share purchases since commencing this performance-based policy and have an attractive future long-term portfolio that will allow us to use a portion of our cash flow to build long-term value for shareholders.

與此同時，自實施這項基於績效的政策以來，我們已通過股息和股票購買向股東分配了超過 30 億美元，並擁有有吸引力的未來長期投資組合，這將使我們能夠利用部分現金流為股東創造長期價值。

Richard mentioned the team is energized, motivated and we're focused on continuing to drive value in our business in executing these plans responsibly, safely and efficiently.

理查德提到，團隊充滿活力、積極主動，我們致力於通過負責任、安全和高效地執行這些計劃來繼續推動我們的業務價值。

Thanks for your attention, your participation and operator, we'll now open the call for questions.

感謝您的關注、參與和運營商，我們現在開始提問。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自花旗銀行的 Alex Hacking。

So I guess, I only have 1 question. I saw a press release this morning about a strike at Cerro Verde 72 hours. Could you maybe give us some context on that?

所以我想，我只有 1 個問題。我今天早上看到一篇關於 Cerro Verde 72 小時罷工的新聞稿。您能給我們提供一些相關背景嗎？

Sure. Josh, you're on the line, why don't you respond to that? I was just at Cerro Verde and I got to tell you I was so proud of what the team has done down there.

當然。喬希，你打來電話了，為什麼不回复呢？我剛剛在 Cerro Verde，我必須告訴你，我為球隊在那裡所做的一切感到非常自豪。

One of the thing we really pride ourselves on our open and ongoing conversations with all of our employees and the union, there's -- we have 2 unions at Cerro Verde and this is one of the original unions, which accounts for roughly 28% of our total workforce.

我們真正引以為傲的一件事是，我們與所有員工和工會進行了公開且持續的對話，我們在 Cerro Verde 有 2 個工會，這是最初的工會之一，約占我們員工總數的 28%。

And there's just been some ongoing conversation that we've generated dialogue for. We have some -- a meeting with the Labor Department tomorrow to try and continue to foster the conversation and avoid potential strike there. But we're in -- we'll continue to have those dialogues, and we're working through and being as open and transparent as we can at the union to work through and addressing any of the issues.

我們剛剛為一些正在進行的對話生成了對話。我們明天將與勞工部舉行會議，試圖繼續促進對話並避免潛在的罷工。但我們將繼續進行這些對話，我們正在努力解決任何問題，並在工會中盡可能保持開放和透明。

Well, we have a long history in Peru at Cerro Verde of being able to deal. Sometimes we get affected by -- strikes not related to our operations and so forth, but our team is prepared for it. And we're hopeful that this thing gets resolved. It's not really a major subset issue in my observation on it. And our team will be able to manage our way through it, if, in fact, we have to deal with it.

嗯，我們在秘魯的 Cerro Verde 有著悠久的交易歷史。有時我們會受到影響——罷工與我們的運營無關等等，但我們的團隊已經做好了準備。我們希望這件事能夠得到解決。根據我的觀察，這並不是一個主要的子問題。如果事實上我們必須處理它，我們的團隊將能夠設法解決它。

Yes.

是的。

Okay. Thanks, Josh.

好的。謝謝，喬什。

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

您的下一個問題將來自 Christopher LaFemina 和 Jefferies 的線路。

I actually have quite a few questions about the situation in Indonesia, but I'll limit it to just 2 for now. So the first question is, our understanding at the beginning of July is that the concentrate storage areas were nearly filled and you would likely have to shut down the operations if you did not have an export license imminently.

事實上，我對印度尼西亞的情況有很多疑問，但我現在只限制兩個。所以第一個問題是，我們在 7 月初的理解是，精礦儲存區幾乎已滿，如果你沒有立即獲得出口許可證，你可能不得不關閉運營。

And I'm wondering first of all, whether you've been able to continue to operate at Grasberg or if the mines are shut down for now? And the second question is just related to the export -- sorry you want to answer that one first?

我首先想知道，你們是否能夠繼續在格拉斯伯格運營，或者礦山是否暫時關閉？第二個問題與出口有關——抱歉，您想先回答這個問題嗎？

Let's answer your first question. Yes, let's go ahead to answer that. One of the complications we had with this is that the domestic smelter [Grasberg] that PT smelting owns which is not affected by any sort of export issues was undergoing a maintenance -- a planned maintenance turnaround.

讓我們回答你的第一個問題。是的，讓我們繼續回答這個問題。我們遇到的複雜問題之一是，PT smelting 擁有的國內冶煉廠 [Grasberg] 並未受到任何出口問題的影響，該冶煉廠正在進行維護——計劃中的維護周轉。

So there was limited concentrates we could ship domestically. That has been completed, and now we've begun returning to shipping to Gresik. We haven't shut down at all. We've -- our team has adjusted to the situation by advancing some planned maintenance activities that we had for the second half of the year. And while the storage facilities were approaching their limits, meeting their limits. We have not had a significant -- we've had some impact but not a significant impact on operations. We anticipate resuming exports very shortly. And we have a lot of concentrate that's been produced, its own site, it's ready to sell, and we'll be moving that to market.

因此，我們可以在國內運輸的精礦有限。該工作已經完成，現在我們已經開始返回格拉斯伯格。我們根本就沒有倒閉。我們的團隊已經根據情況進行了調整，推進了下半年計劃的一些維護活動。雖然存儲設施已接近其極限，但也已達到極限。我們沒有產生重大影響——我們產生了一些影響，但對運營沒有產生重大影響。我們預計很快就會恢復出口。我們已經生產了很多濃縮物，有自己的場地，可以出售，我們將把它們推向市場。

Okay. That's helpful. The second question is regarding -- I think Kathleen said the export license is days away. And obviously, as per the IUPK, smelter construction passed 50% means no more export duties for you. But under this new regulation, there will be an export duty. And I'm wondering if the export license will be granted to you even if you are disputing having to pay the new higher export duty because you potentially are protected via the IUPK?

好的。這很有幫助。第二個問題是——我想凱瑟琳說出口許可證幾天后就會發放。顯然，根據 IUPK，冶煉廠建設超過 50% 意味著您不再需要繳納出口關稅。但根據這項新規定，將徵收出口稅。我想知道，即使您因為可能受到 IUPK 的保護而對必須支付新的更高出口稅存在爭議，是否會向您授予出口許可證？

Well, in order to...

嗯，為了...

All indications are and expectations are is that we will be able to export. We're continuing discussions right now to present our case. And if we can resolve it, that would be the best outcome. If we can't, we begin exports and then pursue our legal rights separately. Kathleen, you have something to add?

所有跡象和期望都是我們將能夠出口。我們現在正在繼續討論以展示我們的案例。如果我們能夠解決這個問題，那將是最好的結果。如果我們做不到，我們就開始出口，然後單獨追求我們的合法權利。凱瑟琳，你有什麼要補充的嗎？

No. That's great. Thank you, Richard.

不，那太好了。謝謝你，理查德。

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

你的下一個問題來自摩根士丹利的卡洛斯·德阿爾巴。

So my first question is on Cerro Verde. You are operating quite well there. And the company, if I understand correctly, it doesn't really have a significant debt anymore. So with the cash flow generation there, what are your plans? Do you expect to continue to pay dividends? You already announced, I think, twice payments in the second quarter, you pay more in the third quarter. You typically in the past did pay in the second and fourth quarters, should we expect another payment in the fourth quarter, so 3 in 2023? Just overall, what can you tell on Cerro Verde? And I'll come back with the second question.

我的第一個問題是關於 Cerro Verde。你們在那裡運作得很好。如果我理解正確的話，公司實際上不再有重大債務了。那麼，隨著現金流的產生，您的計劃是什麼？您預計會繼續派發股息嗎？我認為，您已經宣佈在第二季度支付兩次費用，在第三季度支付更多費用。您過去通常會在第二季度和第四季度付款，我們是否應該期望在第四季度再次付款，即 2023 年 3 季度？總的來說，您對 Cerro Verde 有何看法？我會帶著第二個問題回來。

We're -- I think, Carlos, you characterized it correctly. We're essentially distributing cash flow out of Cerro Verde. We've done very well on the debt side. And from time to time, we reserve cash for items that we know about, obligations that we need to pay or items that we know about. But we expect to continue to generate cash flow at Cerro Verde and to the extent we don't have obligations to pay that out to shareholders. I don't have -- we don't have a decision at this point exactly what the cash flow and dividends will be quarter-by-quarter at this point. We're going to -- but we do expect to continue to distribute cash out of Cerro Verde.

我們——我認為，卡洛斯，你的描述是正確的。我們實質上是從 Cerro Verde 分配現金流。我們在債務方面做得很好。我們有時會為我們了解的項目、我們需要支付的義務或我們了解的項目保留現金。但我們預計 Cerro Verde 將繼續產生現金流，並且我們沒有義務向股東支付現金流。我目前還沒有決定每個季度的現金流和股息具體是多少。我們將會——但我們確實希望繼續從 Cerro Verde 分發現金。

And then the second question is regarding CapEx. Overall CapEx is not changing much, as you already mentioned. But when I looked at the individual projects, I did notice that the PMR in Indonesia as well as the Grasberg mill recovery project increased CapEx 10% to 20% higher than in the last update. So I wonder if you can provide some comments as to what is driving that?

第二個問題是關於資本支出的。正如您已經提到的，總體資本支出變化不大。但當我查看各個項目時，我確實注意到印度尼西亞的 PMR 以及 Grasberg 工廠恢復項目的資本支出比上次更新增加了 10% 至 20%。所以我想知道您是否可以就是什麼推動了這一點提供一些評論？

Yes. We did have an increase in our precious metals refinery, an updated estimate for this precious metals refinery. It is an operation that is relatively small compared to the overall capital. But as we've gone through more engineering, the cost estimates have increased. A little different than the big project, the Manyar project, where a lot of things were ordered, a lot of things were put in place prior to the big rise in inflation.

是的。我們的貴金屬精煉廠確實有所增加，這是對該貴金屬精煉廠的最新估計。與總資本相比，這是一項相對較小的業務。但隨著我們進行了更多的工程設計，成本估算也有所增加。與曼雅爾項目的大項目略有不同，在曼雅爾項目中，很多東西都是訂購的，很多東西都是在通貨膨脹大幅上升之前就位的。

And so to date, we've been on that project. We've been pretty good at maintaining the cost estimates. So the bigger project we had we had better terms on components, et cetera, but we are getting hit with some increases related to the precious metals refinery. The copper cleaner, with all the projects going on at Grasberg, the mill project, the project we're doing for power, the filter plant we're doing at port site, the availability of experts and contractors has been slower than what was originally projected and the project has taken a little longer which is impacting the cost.

到目前為止，我們一直在進行這個項目。我們非常善於維持成本估算。因此，我們的更大項目在組件等方面有更好的條款，但我們受到與貴金屬精煉廠相關的一些增長的打擊。銅淨化器，以及格拉斯伯格正在進行的所有項目、工廠項目、我們正在做的電力項目、我們在港口現場做的過濾廠、專家和承包商的可用性比最初預計的要慢，而且項目花費的時間更長，這影響了成本。

But there's nothing materially different about what we're doing there. Just in this environment, things are taking a bit longer and adding to the cost. But I do want to have a shout out to our team managing the bigger smelter, the bigger spend is -- they're doing a great job in managing that project.

但我們在那裡所做的事情並沒有什麼本質上的不同。就在這種環境下，事情會花費更長的時間並增加成本。但我確實想對我們管理更大冶煉廠的團隊大聲喊叫，更大的支出是——他們在管理該項目方面做得很好。

And Carlos, you know this industry well enough to see what's been going on with project costs around the globe. And I join Kathleen in complementing our smelter team, but our overall operations team, our supply chain management, you see what our cost performance is in a world that still affected by inflation. I mean commodity-related costs are down. But overall, we're taking that and running it through with all of our suppliers and when you look at our operating costs and our project cost, I'm really proud of our operating and supply management teams for the good work they're doing.

卡洛斯，您非常了解這個行業，知道全球項目成本的變化情況。我和凱瑟琳一起補充了我們的冶煉廠團隊，但我們的整體運營團隊，我們的供應鏈管理，你會看到我們的成本績效在仍然受到通貨膨脹影響的世界中是怎樣的。我的意思是與大宗商品相關的成本下降了。但總的來說，我們正在與所有供應商一起實施這一點，當你看到我們的運營成本和項目成本時，我真的為我們的運營和供應管理團隊所做的出色工作感到自豪。

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

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

I want to again too, but just one is really high level. And I know we've talked a lot about Indonesia in the short term, but there's also the broader issue of the additional 10% stake they're asking for and the renegotiation of IUPK further out. But I just sense that compared to 5, 6 years ago when you seemed a bit more concerned about the relationship with Indonesia, it seems like you're not as concerned this time. So I just wanted to see if you could add some more color to that? Is that indeed the case? And maybe why? And how much time do we have, I guess, before we really need to think about and settlement or a decision on this in the near -- is it near term or is it medium term?

我也想再來一次，但只有一次是非常高水平的。我知道我們在短期內談論了很多關於印度尼西亞的問題，但還有更廣泛的問題，即他們要求額外持有 10% 的股份，以及進一步就 IUPK 進行重新談判。但我只是感覺到，與五、六年前你似乎更關心與印尼的關係相比，這次你似乎沒有那麼關心了。所以我只是想看看你是否可以添加一些更多的顏色？確實是這樣嗎？也許為什麼？我想，在我們真正需要考慮和解決或在近期做出決定之前，我們還有多少時間——是近期還是中期？

So Timna, let me correct one thing you said. There's no renegotiation of the IUPK. Our current IUPK runs to 2041 and we have no rights beyond that and that was negotiated after a lengthy period and settled in 2018. And the settlement in 2018 has proved to be extraordinary positive for all stakeholders, the government of Indonesia, which acquired Rio Tinto's interest during that process, achieved its goal of getting a 51% equity ownership interest.

所以蒂姆納，讓我糾正你說的一件事。 IUPK 無需重新談判。我們目前的IUPK期限到2041年，除此之外我們沒有任何權利，這是經過長時間談判並於2018年解決的。事實證明，2018年的和解對所有利益相關者來說都是非常積極的，在此過程中收購了力拓股權的印度尼西亞政府實現了獲得51%股權的目標。

And together with taxes, royalties and other fees has essentially a 70% interest in the economics of the project. Through that, FCX retained its interest because it was already burdened by the Rio Tinto joint venture interest. And then since that date, we've successfully completed the conversion from the open pit to this underground mine, and you can just see the track record that our team is achieving with that.

加上稅收、特許權使用費和其他費用，該項目的經濟效益基本上佔 70%。由此，FCX 保留了其權益，因為它已經承受了力拓合資企業權益的負擔。從那天起，我們成功完成了從露天礦到地下礦的轉換，您可以看到我們團隊在此方面取得的業績記錄。

And over that period of time, copper prices have been good. All stakeholders have benefited. Now we -- when the President, and you talk about the relationships, a key factor in that was when President, Joko Widodo, visited our job site in Papua at the end of August, early September, the first Indonesian President to do that since Suharto did in the early '70s, he was very positive about what he saw there about the progress we're making, about the extent of progress we made in increasing Indonesian management, Indonesian employees, the Papuans that are working in our operations.

那段時間，銅價一直不錯。所有利益相關者均受益。現在我們——當總統和你談論關係時，其中一個關鍵因素是佐科·維多多總統於8月底9月初訪問了我們在巴布亞的工作地點，他是自70年代初蘇哈託以來第一位這樣做的印度尼西亞總統，他對他所看到的我們正在取得的進展非常積極，對我們在增加印度尼西亞管理人員、印度尼西亞員工和在我們業務中工作的巴布亞人方面所取得的進展程度非常積極。

It's -- that was a key point in helping to build on the 2018 deal and making relationship so much more positive. Now we all -- we have a mutual understanding that this operation needs to be run in a way that maximizes the resources that are available there and having a drop dead date for an operation like this of 2041 is not beneficial to anyone because the exploration, delineation long-term capital planning needs to be factored taking into account the resources that are available there.

這是幫助鞏固 2018 年協議並使關係更加積極的關鍵點。現在我們大家都達成了共識，即該作業需要以最大限度地利用那裡可用資源的方式進行，而像 2041 年這樣的作業截止日期對任何人都沒有好處，因為勘探、劃定長期資本規劃需要考慮那裡的可用資源。

So we had no rights to provide a basis for going forward beyond 2041, we've had items for discussion, including an additional ownership interest for our Indonesian government to deal with, and we've agreed to support Papuan businesses to do things of that nature. So it's much different than the nature of the discussions we had going into 2018, where there was really contentious views and opposing views on various subjects that were all settled.

因此，我們無權為 2041 年之後的發展提供基礎，我們有討論項目，包括印度尼西亞政府需要處理的額外所有權權益，並且我們同意支持巴布亞企業做此類性質的事情。因此，這與我們在 2018 年進行的討論的性質有很大不同，當時對各種主題存在真正有爭議的觀點和相反的觀點，但最終都得到了解決。

Now we're in a mode of where there's a mutual recognition of the benefit for all stakeholders for us to plan this operation beyond 2041, and I have a lot of confidence we'll be able to achieve it. Is that -- do you have any follow-up on that, Timna?

現在，我們處於一種模式，所有利益相關者都認可我們在 2041 年之後規劃這一行動的好處，我非常有信心我們能夠實現這一目標。那是——蒂姆納，你對此有什麼後續行動嗎？

Timna, I was just going to add that a big change from maybe historically when you were thinking about it is the alignment we have, better alignment we have with the government of the state-owned enterprise, they own 51% of the shares. And of course, we pay taxes and royalties so the economic interest of the government in this operation is much greater than it was. And so the alignment is very positive as we look forward to create this value that Richard is talking about beyond 2041.

Timna，我只是想補充一點，也許歷史上的一個重大變化是我們與國有企業政府的聯盟，他們擁有 51% 的股份。當然，我們繳納稅款和特許權使用費，因此政府在這項行動中的經濟利益比以前大得多。因此，這種一致性是非常積極的，因為我們期待在 2041 年之後創造 Richard 所談論的價值。

And when we talk about beyond 2041 and the opportunity, this allows us really to think about the asset and opens the door for development much greater than what we were planning before because as Richard said, the reserves don't end in 2041. We see a lot of opportunity in using the infrastructure that we already have to further development. And the 10% -- the share thing that you read about what we are engaged in is looking at preserving what we have through 2041, but compensating the government in some way for that extension beyond 2041. So again, like we did in 2018, this would be only done if we could find the right win-win for both Freeport and the government, which we think we can.

當我們談論 2041 年之後的機會時，這使我們能夠真正思考資產，並為比我們之前計劃的更大的發展打開大門，因為正如理查德所說，儲備不會在 2041 年結束。我們看到利用我們已有的基礎設施進一步開發有很多機會。你讀到的關於我們正在從事的工作的 10% 份額是考慮在 2041 年之前保留我們所擁有的，但以某種方式補償政府將這一期限延長到 2041 年之後。因此，就像我們在 2018 年所做的那樣，只有當我們能夠為自由港和政府找到正確的雙贏時，我們才能做到這一點，我們認為我們可以做到。

The 10% would only come into play after 2041. And a key factor is under the 2018 agreement, Freeport-McMoran manages -- controls the management of the operations. And everybody is happy with that. There's widespread recognition in the government of just how complicated this business is and they're very complementary and pleased with our -- the way we're running the business. So it's really a good partnership.

這 10% 只會在 2041 年之後發揮作用。一個關鍵因素是根據 2018 年協議，自由港麥克莫蘭管理——控制運營管理。每個人都對此感到高興。政府廣泛認識到這項業務有多麼複雜，他們對我們運營業務的方式非常滿意。所以這確實是一個很好的合作夥伴關係。

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

您的下一個問題來自 Michael Dudas 和 Vertical Research Partners 的電話。

Kathleen, you mentioned you bought some debt back at a discount, I guess, during the quarter, and certainly, the dividend plan is in place. But as you look into the second half of the year and the CapEx and with anticipated cash flows might be, how do you -- how is the Board thinking about share repurchases since appears you refrained from that in the first half? Is it valuation, opportunistic, balance, maybe you could shed a little bit more light on that as we move into the second half of the year, especially if copper prices begin to sharply recover?

凱瑟琳，你提到你在本季度以折扣價買回了一些債務，當然，股息計劃已經到位。但是，當您展望下半年、資本支出以及預期現金流時，董事會如何考慮股票回購，因為您在上半年似乎沒有這樣做？是估值、機會主義還是平衡？當我們進入今年下半年時，也許你可以進一步闡明這一點，特別是如果銅價開始大幅復甦的話？

Yes. Well, if copper prices sharply to recover, we're going to be generating a lot of free cash flow. Under the policy, we're distributing 50%. And if you go back cumulatively to where -- when we started it in the second half of 2021, we've distributed over 50% between the dividends and the share buybacks. With improved market conditions, that's going to give us a lot of leverage to free cash flow and give us the ability to consider how we deploy that, whether it be share buybacks dividends, et cetera.

是的。好吧，如果銅價大幅回升，我們將產生大量自由現金流。根據該政策，我們分配 50%。如果你累計回顧一下，當我們在 2021 年下半年開始時，我們已經在股息和股票回購之間分配了超過 50% 的份額。隨著市場狀況的改善，這將為我們提供很大的自由現金流槓桿，並使我們能夠考慮如何部署現金流，無論是股票回購、股息等。

And so we're following the policy. We're keeping our debt very, very low. The cash flow that we've generated since the policy started, over 50% has gone to shareholders, but the other 50% is -- some of it is still on our balance sheet because we've got projects earmarked to fund. So we're following the policy. We think it's a great balance between balance sheet, capital returns to shareholders and investing in our long-term growth, and we're going to continue to follow that.

所以我們遵守這個政策。我們將債務保持在非常非常低的水平。自政策實施以來我們產生的現金流，超過 50% 已經流向股東，但另外 50% 仍然在我們的資產負債表上，因為我們有指定用於資助的項目。所以我們遵守政策。我們認為，這是資產負債表、股東資本回報和長期增長投資之間的良好平衡，我們將繼續遵循這一點。

I just want to say, Mike, we believe the shares are a good value at today's levels.

我只想說，邁克，我們相信這些股票在今天的水平上很有價值。

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

你的下一個問題將來自布萊恩·麥克阿瑟和雷蒙德·詹姆斯的對話。

I just want to follow up on Timna's question. But when you convert it from underground or from an open pit to underground, I mean we started building that, I think, in 2005, and it took 15 years. So under this long-term planning for 2041, when do you actually to efficiently develop the ore body post KL? Are we talking you need to have this all figured out 15 years in advance like before, so you have to start in 2026? So what sort of time horizon are you looking at to be efficient going forward?

我只想跟進 Timna 的問題。但當你把它從地下或從露天礦坑改成地下時，我想我們是在 2005 年開始建造它的，花了 15 年的時間。那麼在這個2041年的長期規劃下，什麼時候才能真正有效地開發KL後的礦體呢？我們是說你需要像以前一樣提前 15 年把這一切弄清楚，所以你必須從 2026 年開始嗎？那麼，您認為在什麼樣的時間範圍內才能高效推進？

Brian, that's exactly the point that we're making. And I think as we talked about earlier, with the government now owning a big piece of PT-FI and participating in our business and our operating committee they understand that this has to be planned with long-term horizons. And so there's not a drop dead date, but the sooner the better, because the closer we get to 2041, the more difficult it would be to change the outcome. So that's a point, a really important point, and the government has recognized this more so now than they ever have, and that gives us the opportunity to have this discussion about moving forward with the extension.

布萊恩，這正是我們要表達的觀點。我認為正如我們之前談到的，政府現在擁有 PT-FI 的大部分股份並參與我們的業務和運營委員會，他們明白這必須以長期的眼光來規劃。因此，沒有明確的截止日期，但越早越好，因為距離 2041 年越近，改變結果就越困難。所以這是一點，非常重要的一點，政府現在比以往任何時候都更加認識到這一點，這讓我們有機會就推進延期進行討論。

The smelter is a big part of that. We -- with the smelter completion, the regulations in Indonesia now allow for companies with refined processing facilities to be able to apply for longer-term horizons. And so the regulatory environment is recognizing that, and that's all part of what we're trying to achieve. It's not a specific date, but the sooner the better in terms of long-term planning.

冶煉廠是其中的重要組成部分。隨著冶煉廠的竣工，印度尼西亞的法規現在允許擁有精煉加工設施的公司能夠申請長期投資。因此，監管環境正在認識到這一點，這也是我們努力實現的目標的一部分。這不是一個具體的日期，但從長期規劃來看越早越好。

And Brian, just let me say because of the IUPK term, we only report reserves through 2041, but with our work to develop our mine plans to 2041, we've already identified production that would extend -- production of significance that would extend beyond that.

Brian，讓我說一下，由於 IUPK 術語，我們只報告到 2041 年的儲量，但通過我們制定到 2041 年的採礦計劃的工作，我們已經確定了將延長的產量——意義重大的產量將超出這一範圍。

And Mark Johnson and our PT-FI team are already started the process of looking at delineating these orebodies to see what opportunities are there. And so we would -- as we did, as you said, in the early 2000s for this underground conversion, we will begin immediately in developing the plans long term for extending production to Kucing Liar. We know goes far beyond that, and we haven't defined the limits of the Grasberg Block Cave or the other orebody, Kathleen...

Mark Johnson 和我們的 PT-FI 團隊已經開始研究這些礦體的輪廓，以了解其中存在哪些機會。因此，正如您所說，我們在 2000 年代初進行的地下改造中，我們將立即開始製定將生產擴展到 Kucing Liar 的長期計劃。我們知道遠遠超出了這個範圍，而且我們還沒有定義格拉斯伯格塊洞穴或其他礦體凱瑟琳的界限......

Deep MLZ.

深MLZ。

Deep MLZ, that's the same ore system that Freeport began mining in the early 1980s and it just continued to go further and further at depth. So we're really excited about it and I've been involved in this orebody for so many years and one continual thing has been it's always gotten bigger than anybody anticipated that it would and so it's really an exciting opportunity for us and for the government.

Deep MLZ，這與 Freeport 在 20 世紀 80 年代初開始開采的礦石系統相同，並且它的深度不斷深入。所以我們對此感到非常興奮，我已經參與這個礦體這麼多年了，一個持續的事情是它總是比任何人預期的都要大，所以這對我們和政府來說確實是一個令人興奮的機會。

So can I just ask a follow-up on that? Because that's what I was trying to figure out. Is the additional ore 2041 is it depth that you said DMLZ, KL bigger? Or is it the another whole area where you have to put in another whole, say, common infrastructure project or something else out there? Because originally, the original drilling in the area was all cut off and whatever. Is this depth or is it just more development underground? Or is there another whole like, if I call it the whole like original common infrastructure that would have to be put in?

那麼我可以詢問後續情況嗎？因為這就是我想弄清楚的。追加礦石2041是不是你說的DMLZ、KL的深度更大？或者它是另一個整個領域，您必須在其中投入另一個整體，例如公共基礎設施項目或其他東西？因為原本該地區原來的鑽探都被切斷了什麼的。是這個深度還是只是地下更多的開發？或者是否還有另一個整體，如果我將其稱為必須放入的原始公共基礎設施的整體？

Well, initially...

嗯，一開始...

No, you wouldn't have to do a whole common infrastructure. I mean it would be something that would utilize what we have there and extend beyond that. But the truth is, we have a lot of indications of things, but we're really to do more active delineation drilling to see what's there and develop our plans around that.

不，您不必構建整個通用基礎設施。我的意思是，這將是利用我們現有的東西並超越它。但事實是，我們有很多跡象，但我們確實需要進行更積極的劃定鑽探，看看那裡有什麼，並圍繞它制定我們的計劃。

And Brian, if you look at our resource statement in the 10-K, you'll see there's a lot of resource there that's not in reserves. And some of that material that comes after 2041, some of it would require some additional processing-type handling because some of it has high pyrite content and that could be a challenge and an opportunity for us.

Brian，如果您查看 10-K 中的資源聲明，您會發現那裡有很多資源沒有儲備。其中一些材料是 2041 年之後出現的，其中一些材料需要進行一些額外的加工處理，因為其中一些材料的黃鐵礦含量很高，這對我們來說既是挑戰也是機遇。

But initially, the opportunity really is at the Deep MLZ. We're already starting to conduct some exploration below Deep MLZ. So really from what we know about, we think there's a lot of opportunity. And then with a life-of-mine extension, we'll have incentive to go do more exploration because we haven't done exploration for, I don't know, 20-plus years given we already had enough reserves to get us through 2041. So it's a great opportunity for, as Richard said, both the government and for Freeport. And this is an asset that's really needed in the global copper industry, really, really important.

但最初，機會確實在 Deep MLZ。我們已經開始在 Deep MLZ 下面進行一些探索。因此，據我們所知，我們確實認為存在很多機會。然後，隨著礦山壽命的延長，我們將有動力進行更多勘探，因為我不知道，考慮到我們已經擁有足夠的儲量來度過 2041 年，我們已經有 20 多年沒有進行勘探了。因此，正如理查德所說，這對政府和自由港來說都是一個很好的機會。這是全球銅行業真正需要的資產，非常非常重要。

You'll remember this, Brian, because you were around in the -- when we first started developing these underground operations that 20 years ago, we were shooting for 120,000 tonnes a day through our mill. Look what we did in this quarter. 240,000 tonnes a day. So that's just the nature of this great orebody.

Brian，你會記得這一點，因為 20 年前，當我們第一次開始開發這些地下作業時，你就在場，我們工廠每天的產量為 120,000 噸。看看我們本季度做了什麼。每天 24 萬噸。這就是這個巨大礦體的本質。

Totally agree, as you said, it takes a lot of long-term planning, too.

完全同意，正如你所說，這也需要大量的長期規劃。

That's the nature of our business.

這就是我們業務的本質。

Your next question comes from the line of Cleve Rueckert with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的克利夫·魯克特 (Cleve Rueckert)。

Just one quick follow-up for me, and it's a little bit more near-term focused on the discussion we've been having. But in Indonesia, can you just help frame the next 18 months the approval that you expect to get in the next several days, how much of an extension does that get you on your ability to export concentrate? And then based on sort of the smelter construction time line and the ramp, when would you expect to see shipping concentrate from Indonesia, such that this concentrate export license isn't really an issue anymore?

這只是我的一個快速跟進，它更側重於我們一直在進行的討論。但在印度尼西亞，您能否幫助制定未來 18 個月的計劃，以及您預計在未來幾天內獲得的批准，這會讓您的精礦出口能力得到多大程度的延長？然後，根據冶煉廠建設時間表和坡道，您預計什麼時候會看到從印度尼西亞運輸精礦，這樣精礦出口許可證就不再是一個問題了？

The regulation that's just been adjusted goes through May 2024. And we have export quotas that the government approves in connection with their review of our annual work plans, so our current quota that we'll be shipping under goes through the year-end this year of 2023. We'll have to update that work plan, which we -- it's just an ordinary course thing, which we do in the fall, and that will allow us to increase the -- what we -- the quota to get us through May.

剛剛調整的法規將持續到 2024 年 5 月。我們有政府在審查我們的年度工作計劃時批准的出口配額，因此我們目前運輸的配額將持續到 2023 年年底。我們必須更新該工作計劃，這只是我們在秋季進行的正常過程，這將使我們能夠增加配額，以度過 5 月。

And then in connection with that, and we've already been discussing this with the government, while the smelter, we expect will be mechanically complete in the second quarter of next year, you still have a multi-month period throughout 2024, and it will be reducing over time, but a period of time where the smelter needs to be ramped up. And so that part, we will continue to review with the government.

與此相關的是，我們已經與政府討論過這個問題，而我們預計冶煉廠將在明年第二季度機械完工，整個 2024 年仍有幾個月的時間，並且會隨著時間的推移而減少，但在這段時間內冶煉廠需要增加產能。因此，我們將繼續與政府一起審查這部分內容。

The big thing is to get mechanical completion done, and we believe the government will continue to work with us to allow for some exports beyond that, but we'll have to work that through with the government. But really, by the end of next year, we're expecting that the -- essentially, we'll have enough capacity to deal with our production out of PT-FI and that's what we're focused on doing.

最重要的是完成機械完工，我們相信政府將繼續與我們合作，以允許除此之外的一些出口，但我們必須與政府一起解決這個問題。但實際上，到明年年底，我們預計，從本質上講，我們將有足夠的能力來處理 PT-FI 的生產，這就是我們重點要做的事情。

We talked about this earlier. The project team is doing a really good job. We're very pleased with our EPC contractor there. We've got thousands of people on the ground. And if you see the pictures, it's really, really developing. We know and recognize that smelter operations can be complex, and we're doing a lot of work and planning around operational readiness. But our target is to get the full ramp-up done as we -- by the end of next year.

我們之前談過這個。項目團隊做得非常好。我們對那裡的 EPC 承包商非常滿意。我們有數千人在現場。如果你看到這些照片，你會發現它確實在發展。我們知道並認識到冶煉廠運營可能很複雜，我們正在圍繞運營準備工作做大量工作和規劃。但我們的目標是在明年年底之前完成全面的升級。

And I'll now hand the conference back over to management for any closing remarks.

現在，我將把會議交還給管理層，讓他們發表閉幕詞。

Well, thanks, everyone, for your participation. If you have any follow-ups, feel free to contact David, and we look forward to continuing to report to you on our progress.

好的，謝謝大家的參與。如果您有任何後續行動，請隨時聯繫 David，我們期待繼續向您報告我們的進展。

Ladies and gentlemen, thank you on our call for today. Thank you for your participation, and you may now disconnect.

女士們、先生們，謝謝你們今天的電話。感謝您的參與，您現在可以斷開連接。