費利浦·麥克莫蘭銅金 (FCX) 2024 Q1 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待，並歡迎參加自由港麥克莫蘭第一季電話會議。 （操作員說明）

I would now like to turn the conference over to Mr. David Joint, Vice President, Investor Relations. Please go ahead, sir.

我現在將會議交給投資者關係副總裁 David Joint 先生主持。請繼續，先生。

Thank you, Regina and good morning everyone. Welcome to the Freeport-McMoRan conference call. Earlier this morning Freeport reported its first quarter 2024 operating and financial results. A copy of our press release with supplemental schedules and slides are available on our website, fcx.com. Today's conference call is being broadcast live on the Internet. Anyone may listen to the conference call by accessing our website home page and clicking on the webcast link.

謝謝你，雷吉娜，大家早安。歡迎參加自由港麥克金公司電話會議。今天早些時候，自由港公佈了 2024 年第一季的營運和財務業績。我們的新聞稿以及補充時間表和幻燈片的副本可在我們的網站 fcx.com 上取得。今天的電話會議正在網路上直播。任何人都可以透過造訪我們的網站主頁並點擊網路廣播連結來收聽電話會議。

In addition to analysts and investors, the financial press has been invited to listen to today's call, A replay of the webcast will be available on our website later today. Before we begin today's -- our comments, we'd like to remind everyone that our press release and certain of our comments on the call include non-GAAP measures and forward-looking statements, and actual results may differ materially.

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，網路廣播的重播將於今天晚些時候在我們的網站上提供。在我們開始今天的評論之前，我們想提醒大家，我們的新聞稿和電話會議中的某些評論包括非公認會計原則措施和前瞻性陳述，實際結果可能存在重大差異。

Please refer to our cautionary language included in our press release and slides and to the risk factors described in our SEC filings, all of which are available on our website. Also on the call with me today are Richard Adkerson, Chairman of the Board and Chief Executive Officer; Kathleen Quirk, President; Maree Robertson, Senior Vice President and CFO; and other senior members of our management team.

請參閱我們的新聞稿和幻燈片中包含的警告語言以及我們的 SEC 文件中描述的風險因素，所有這些都可以在我們的網站上找到。今天與我通話的還有董事會主席兼執行長理查‧阿德克森 (Richard Adkerson)；凱瑟琳·夸克，總裁； Maree Robertson，資深副總裁兼財務長；以及我們管理團隊的其他高階成員。

Richard will make some opening comments, Kathleen will review our slide materials and then we'll open up the call for questions.

理查德將發表一些開場評論，凱瑟琳將審查我們的幻燈片資料，然後我們將開始提問。

I would now like to call -- turn the call over to Richard.

我現在想打電話——把電話轉給理查德。

Thank you, David, and thank you all for joining us. We're really pleased today to report our first quarter results. They reflect a continuation of Freeport's long-running success in executing our business plans. Kathleen will present our results, as David said, and then we'll answer your questions.

謝謝你，大衛，也謝謝大家加入我們。我們今天非常高興地報告我們第一季的業績。它們反映了自由港麥克莫蘭公司在執行我們的業務計劃方面長期成功的延續。正如大衛所說，凱瑟琳將介紹我們的結果，然後我們將回答您的問題。

Kathleen will become Freeport's CEO, effective with our Annual Shareholders Meeting on June 11. I will continue as Chairman and support Kathleen and our management team on important strategic issues and external relations. This will be the most seamless management transition in history.

Kathleen 將成為 Freeport 的首席執行官，自 6 月 11 日舉行的年度股東大會起生效。這將是史上最無縫的管理過渡。

There's been a 20-year transition, in fact. Coincidentally, Kathleen joined Freeport shortly after I did 35 years ago. And I've been an adviser to the company for the previous 2 decades. She advanced through our finance group to become CFO when I became CEO 20 years ago. And since then, she's been integral to the management of the company.

事實上，已經有20年的轉變了。巧合的是，凱瑟琳在我 35 年前加入自由港後不久就加入了。過去 20 年來我一直擔任該公司的顧問。 20 年前我擔任執行長時，她透過我們的財務團隊晉升為財務長。從那時起，她就成為公司管理階層不可或缺的一部分。

When I became Chairman 3 years ago, I made a personal commitment to build a sustainable Board and a sustainable management team. And since that time, we've added 6 high-quality independent directors, new directors, which together with our continuing directors comprise a very strong independent Board to represent our shareholders. We bolstered our staff with internal promotions and external hires.

三年前，當我成為董事長時，我個人承諾要建立一個可持續發展的董事會和一個可持續發展的管理團隊。從那時起，我們增加了 6 名高素質的獨立董事和新董事，他們與我們的現任董事一起組成了一個非常強大的獨立董事會來代表我們的股東。我們透過內部晉升和外部招聘來加強我們的員工隊伍。

Freeport is strongly positioned for the future, and I'm personally proud to be able to say that at this point. 20 years ago, we made a strategic commitment to copper based on the fundamentals of supply and demand for the commodity. The validity of that commitment has never been more evident, and the best is yet to come.

自由港對未來有著強而有力的定位，我個人很自豪能夠在這一點上這麼說。 20年前，我們根據銅的供需基本面做出了對銅的戰略承諾。這項承諾的有效性從未如此明顯，而且最好的尚未到來。

My personal enthusiasm for Freeport's future has never been stronger. I cannot be more pleased with our Board and with our management team under Kathleen's leadership.

我個人對自由港未來的熱情從未如此強烈。我對我們的董事會和凱瑟琳領導下的管理團隊感到非常滿意。

Kathleen, I'll turn the call over to you for your slides.

凱瑟琳，我會將電話轉給您播放幻燈片。

Great. Thank you, Richard. And a special thank you to you for your outstanding and visionary leadership during your long tender as our -- tenure as our CEO. As I prepare to become CEO in June, I'm focused on our copper-leading strategy centered on reliable execution of our plans, disciplined cost and capital management and continuing our drive for profitable growth.

偉大的。謝謝你，理查。特別感謝您在擔任我們的執行長的長期任期內表現出的傑出和富有遠見的領導。當我準備在六月成為執行長時，我將專注於我們的銅領先策略，該策略的重點是可靠地執行我們的計劃、嚴格的成本和資本管理以及繼續推動獲利成長。

Our seasoned team knows this business, has a proven ability to navigate challenges and a passion for finding value in our assets. I look forward to building on our past success and to leading our company to new highs in the future.

我們經驗豐富的團隊了解這項業務，擁有應對挑戰的能力和對尋找資產價值的熱情。我期待著在我們過去的成功基礎上再接再厲，帶領我們的公司在未來邁向新的高度。

Starting on Page 3, Slide 3, we have a new annual report out with this year's theme being, The Value of Copper. The report is available on our website. It highlights our performance, our copper-focused strategy and our strength as a premier copper producer. We'll also be publishing our annual sustainability report, which will be available on our website later this week.

從第 3 頁第 3 投影片開始，我們發布了一份新的年度報告，今年的主題是「銅的價值」。該報告可在我們的網站上取得。它凸顯了我們的業績、以銅為中心的策略以及我們作為主要銅生產商的實力。我們還將發布年度永續發展報告，將於本週稍後在我們的網站上發布。

This report, which we've been doing for some time now, details our environmental and social performance, which we take very seriously as part of our commitment to responsible production.

我們已經做了一段時間的這份報告，詳細介紹了我們的環境和社會績效，我們非常重視這些績效，並將其作為我們負責任生產承諾的一部分。

On Slide 4, we present our key focus areas of -- for 2024. These are the same items we discussed in our January call and we thought it would be good to show these again for reference so you can track our progress against these areas as we go through the year.

在投影片4 上，我們介紹了2024 年的關鍵重點領域。領域的進展，如下所示：我們度過了這一年。

On Slide 5, turning to the first quarter highlights. We're off to a really good start so far in 2024. As summarized, we exceeded our guidance for first quarter copper sales. Gold sales were in line with our estimates and consolidated unit net cash costs were better than forecast. We generated strong margins and cash flows during the quarter with $2.5 billion in adjusted EBITDA and $1.9 billion in operating cash flows, and that was at an average copper price of $3.94 per pound.

在幻燈片 5 上，轉向第一季的亮點。到目前為止，我們在 2024 年有了一個非常好的開端。黃金銷售符合我們的預期，綜合單位淨現金成本優於預期。本季我們創造了強勁的利潤和現金流，調整後 EBITDA 為 25 億美元，營運現金流為 19 億美元，而平均銅價為每磅 3.94 美元。

Capital expenditures, excluding $0.5 billion for the Indonesian smelter project totaled $800 million in the quarter, and we reduced our net debt. We made great progress on several important initiatives, including on the Indonesian smelter, which is scheduled to start up in June, building momentum in our innovative copper leach initiative and continuing to build optionality in our organic growth pipeline.

本季的資本支出（不包括印尼冶煉廠項目的 5 億美元）總計為 8 億美元，我們減少了淨債務。我們在幾項重要舉措上取得了巨大進展，包括計劃於 6 月啟動的印尼冶煉廠，為我們創新的銅浸出計劃創造動力，並繼續在我們的有機增長管道中建立選擇性。

Market conditions are increasingly positive. They're growing recognition of factors driving favorable fundamentals in copper and we've also seen a rise in gold prices year-to-date. Recall that Grasberg is one of the world's largest mines in terms of both copper and gold production.

市場狀況日益樂觀。他們越來越意識到推動銅價有利基本面的因素，而且我們也看到今年迄今金價上漲。回想一下，格拉斯伯格是世界上銅和金產量最大的礦場之一。

Moving to copper markets, starting on Slide 6. The growing intensity of use of copper in the global economy is supported by secular trends, particularly in electrification. Copper is a foundational essential metal when it comes to electrification, and the world is becoming more and more focused on copper-intensive energy applications.

轉向銅市場，從幻燈片 6 開始。銅是電氣化的基本必需金屬，世界越來越關注銅密集型能源應用。

New massive investment in the power grid, renewable generation, technology infrastructure and transportation are driving increased demand for copper and forecasts call for above-trend growth and demand for the foreseeable future. This is occurring at a time when there are constraints on existing supplies, an absence of major new copper development projects and extended multiyear lead times for supply development pointing to tight market conditions for an extended period of time.

對電網、再生能源發電、技術基礎設施和交通運輸的新的大規模投資正在推動銅需求的增加，並且預測在可預見的未來銅的增長和需求將高於趨勢。這種情況發生之際，現有供應受到限制，缺乏重大的新銅開發項目，供應開發的多年交付時間延長，表明市場狀況將長期緊張。

Copper producers, including us, at Freeport have been citing physical market tightness for some time. And in the last several weeks, the copper price has risen to reflect the reality of the market situation. Based on historical periods of above trend growth in demand, we may be in the early stages of a repricing for long-term copper prices.

一段時間以來，包括我們在內的自由港銅生產商一直以現貨市場緊張為由。過去幾週，銅價的上漲反映了市場的現實情況。根據需求成長高於趨勢的歷史時期，我們可能正處於長期銅價重新定價的早期階段。

And we illustrate this on Slide 7, where we show how copper prices responded 20 years ago when China emerged as a major consumer of copper. You can see on this chart that within 12 months, the copper price increased by 40% and was up nearly 4x within a 3-year period. During 2023, the secular drivers for copper demand provide a growth in demand despite weakness in some of the more cyclical drivers of copper demand.

我們在投影片 7 中對此進行了說明，其中展示了 20 年前中國成為銅主要消費國時銅價的反應。從這張圖表可以看到，12 個月內，銅價上漲了 40%，3 年內上漲了近 4 倍。 2023年，儘管銅需求的一些週期性驅動因素疲軟，但銅需求的長期驅動因素將帶來需求成長。

In the fourth quarter of last year, industry announcements of sizable supply disruptions tightened the market significantly. This is clearly evident when you look at the physical concentrate markets where smelters drop TC, treatment charges, sharply as a result of the shortage of concentrate supply. Notably, recent manufacturing data points also indicate that the global economy is recovering.

去年第四季度，產業宣佈出現大規模供應中斷，導致市場明顯收緊。當你觀察現貨精礦市場時，這一點就顯而易見了，由於精礦供應短缺，冶煉廠大幅降低了 TC（加工費）。值得注意的是，最近的製造業數據也顯示全球經濟正在復甦。

Recently improved macroeconomic sentiment, combined with physical market conditions have driven prices higher -- copper prices higher year-to-date, and many analysts are now projecting significantly higher copper prices in the future. At Freeport, our financial performance is highly levered to copper prices, as you'll see from our sensitivities, we'll review later in the presentation. We're not predicting where prices will go from here, and recognize there will be volatility. But clearly, the fundamentals point to an extended period of deficits and significantly higher copper prices over the long term. That's very positive for a company like ours with large-scale, long-life producing assets and organic development opportunities.

最近宏觀經濟情緒的改善，加上實體市場狀況，推動了銅價走高——今年迄今銅價走高，許多分析師現在預計未來銅價將大幅上漲。在自由港，我們的財務表現對銅價的影響很大，正如您從我們的敏感度中看到的那樣，我們將在稍後的演示中進行回顧。我們不會預測價格將走向何方，並認識到將會出現波動。但顯然，基本面顯示長期赤字和銅價將大幅上漲。這對於像我們這樣擁有大規模、長壽命生產資產和有機發展機會的公司來說是非常積極的。

Now I'll cover the operating highlights from the quarter. This is presented on Slide 8. We're summarizing the key operating highlights by geographic region. In the U.S., we continue to work to mitigate the impact of lower ore grades by focusing on initiatives to improve efficiency and reliability of our equipment, the productivity of our workforce and sharpening our focus on cost reduction. We're making progress in these areas, but we still have work to do to regain our goal of being at the top of the industry in terms of efficiency and productivity.

現在我將介紹本季的營運亮點。這在投影片 8 中進行了介紹。在美國，我們持續努力減輕礦石品位較低的影響，並專注於提高設備效率和可靠性、員工生產力的舉措，並加強對降低成本的關注。我們在這些領域正在取得進展，但要重新實現在效率和生產力方面處於行業領先地位的目標，我們仍然有很多工作要做。

Our innovative leach initiative is providing incremental volumes and has helped us mitigate the impact of lower ore grades. As we previously reported, we reached over our 200 million per annum run rate, we've got several initiatives in progress to scale this to the 300 million to 400 million-pound per annum range over the next 2 years. We're also continuing to take advantage of new technologies and automation across the portfolio, which we believe have a lot of potential to move the needle as we go forward.

我們的創新浸出計畫正在增加產量，並幫助我們減輕礦石品位較低的影響。正如我們之前報導的，我們的年運行率已超過 2 億英鎊，我們正在採取多項舉措，以在未來 2 年內將這一規模擴大到每年 3 億至 4 億英鎊的範圍。我們也繼續在整個產品組合中利用新技術和自動化，我們相信隨著我們的前進，它們有很大的潛力來推動發展。

In South America, we -- our ore milled was slightly below 400,000 metric tons of ore per day at Cerro Verde. Team worked through several challenges during the quarter associated with material types, which required optimizing mill throughput to address recoveries. And the team was successful in achieving copper volume targets by increasing mine rates and accessing higher than planned grades.

在南美洲，我們的 Cerro Verde 每天研磨的礦石略低於 40 萬噸。團隊在本季度解決了與材料類型相關的多項挑戰，這需要優化工廠產量以解決回收問題。該團隊透過提高開採率和獲得高於計畫的品位，成功實現了銅產量目標。

Our moly byproduct volumes were impacted, however, by low recoveries associated with the material types and progress is being made to address this. At our El Abra mine in Chile, we had a good quarter, and we met expectations. We're also pleased to report that Cerro Verde recently finalized an agreement for a new 4-year labor agreement with its workforce.

然而，我們的鉬副產品產量受到與材料類型相關的低迴收率的影響，我們正在努力解決這個問題。在智利的 El Abra 礦，我們度過了一個不錯的季度，並且達到了預期。我們也很高興地報告，Cerro Verde 最近與其員工敲定了一份新的 4 年期勞動協議。

In Indonesia, we had another exceptional quarter of performance. Both copper and gold production exceeded our forecast with higher mill rates, higher ore grades and recoveries. Our net unit cash costs for the quarter in Indonesia was a net credit of $0.12 per pound. That means our gold byproduct credits more than offset all of the cash production costs. Our underground ore mine, which is the largest block cave mine district in the world averaged 220,000 tons per day that was above the fourth quarter of 2023 and significantly above last year's first quarter.

在印度尼西亞，我們又取得了出色的季度業績。銅和金的產量都超出了我們的預測，磨礦率較高，礦石品位和回收率較高。我們本季在印尼的淨單位現金成本為每磅 0.12 美元的淨信貸。這意味著我們的黃金副產品信用額足以抵銷所有現金生產成本。我們的地下礦井是全球最大的塊洞礦區，平均日產量為 22 萬噸，高於 2023 年第四季，也大幅高於去年第一季。

The Grasberg Block Cave mine is our largest in the district, and it continues to achieve strong performance. We've also increased our rates at the extra high-grade smaller mine at Big Gossan by nearly 30%. Our new SAG mill, which we installed at the end of last year is performing very well. We're nearing completion of a mill recovery project, and that will enable higher mill recoveries in the future. And our team there is just doing outstanding work and sustaining and optimizing value from this large resource position. Topping it off the PT-FI team recently finalized a new 2-year labor agreement with our workforce.

Grasberg Block Cave 礦是我們在該地區最大的礦，並且繼續取得強勁的業績。我們還將 Big Gossan 的超高級小型礦場的費率提高了近 30%。我們去年年底安裝的新半自磨機運作良好。我們即將完成工廠恢復項目，這將使未來更高的工廠恢復率成為可能。我們的團隊正在做出色的工作，並從這個龐大的資源位置中維持和優化價值。最重要的是，PT-FI 團隊最近與我們的員工敲定了一份新的 2 年的勞動協議。

Give a report on Slide 9 of where we stand with our smelter project and the completion of this new smelter in Indonesia is a very important catalyst for us, as we work to secure an extension of our long-term operating rights in Indonesia. We made substantial progress in the first quarter and now we're focused on the remaining critical path in transitioning to commissioning and start-up activities.

請在幻燈片 9 上報告我們的冶煉廠項目的進展情況，印尼這座新冶煉廠的竣工對我們來說是一個非常重要的催化劑，因為我們正在努力確保延長我們在印尼的長期經營權。我們在第一季取得了實質進展，現在我們專注於過渡到調試和啟動活動的剩餘關鍵路徑。

We're on track to begin heating the furnaces during June, followed by concentrate process in August and first cathode in October. We're working closely with the Indonesian government to continue to export concentrates and anode lines until the smelter and precious metals refinery are fully operational, and we expect that by year-end when we will become at PT-FI, a fully integrated metals producer.

我們預計將在 6 月開始加熱熔爐，然後在 8 月進行精礦加工，並在 10 月進行第一個陰極處理。我們正在與印尼政府密切合作，繼續出口精礦和陽極生產線，直到冶煉廠和貴金屬最終全面投入運營，我們預計到年底，我們將成為一家完全一體化的 PT-FI金屬生產商。

Discussions with the government to date are positive and that's supported by the project status and the start-up plans. In terms of our startup, we have a very talented local team who will be supported by a large team of Freeporters from around the globe, including from our Spanish operations and our U.S. smelting operations to support an efficient startup.

迄今為止與政府的討論是積極的，並且得到了專案狀態和啟動計劃的支持。就我們的新創公司而言，我們擁有一支非常有才華的本地團隊，他們將得到來自全球各地的大量免費搬運工的支持，包括來自我們的西班牙業務和美國冶煉業務的支持，以支持高效的新創公司。

We're very focused on our growth and optionality in our growth pipeline, and we've got a summary on Slide 10, where we go through where we stand on the various projects. We have dedicated teams working on advancing opportunities to grow production in the future. And here, you'll see the update for each of the major initiatives underway, starting with the innovative leach initiative where our team has several work streams in progress to take our initial success and build substantial scale.

我們非常關注我們的成長和成長管道中的可選性，我們在投影片 10 上進行了總結，其中我們介紹了我們在各個項目上的立場。我們擁有專門的團隊致力於推動未來增加產量的機會。在這裡，您將看到正在進行的每項主要計劃的更新，從創新的浸出計劃開始，我們的團隊正在進行多個工作流程，以取得初步成功並擴大規模。

This project has the highest net present value potential of any project we have seen historically because of low capital intensity, low incremental operating costs. And at Freeport, we're uniquely positioned to capture this value with our sizable existing footprint, technical know-how and new technologies available to us.

由於資本密集度低、增量營運成本低，該項目具有我們歷史上見過的所有項目中最高的淨現值潛力。在自由港，我們擁有獨特的優勢，可以利用我們現有的規模、技術知識和新技術來獲得這一價值。

At our Bagdad operation in Northwest Arizona, we talked about it on our last call. And now we're continuing to take steps to derisk the brownfield expansion project by converting the existing haul truck fleet to fully autonomous, expanding housing infrastructure at the site and expanding our tailings facilities. We're also continuing to monitor labor market conditions in Arizona and hope to be in a position to make an investment decision by the end of next year. From there, the project would take about 3 to 4 years to construct.

在我們位於亞利桑那州西北部的巴格達工廠，我們在上次通話中談到了這個問題。現在，我們正在繼續採取措施，將現有的運輸卡車車隊改造為全自動駕駛，擴大現場的住房基礎設施，並擴大我們的尾礦設施，以降低棕地擴建專案的風險。我們也將繼續監測亞利桑那州的勞動力市場狀況，並希望能夠在明年底之前做出投資決定。此後，該項目的建設將需要大約 3 至 4 年的時間。

At our Lone Star, Safford brownfield project in Eastern Arizona, we're commencing a pre-feasibility study this year to define and frame a major expansion. As we've been talking about over many quarters, we have a sizable resource here and expect this district will become a major cornerstone asset for us in Arizona during the next decade.

在我們位於亞利桑那州東部的 Lone Star、Safford 棕地計畫中，我們今年將開始一項預可行性研究，以定義和製定重大擴建計劃。正如我們多年來一直在談論的那樣，我們在這裡擁有大量資源，預計該地區將在未來十年內成為我們在亞利桑那州的主要基石資產。

At El Abra, in Chile, we have a large resource that can support a new concentrator of scale and we're looking at a concentrator similar to the size of the Cerro Verde concentrator expansion we installed nearly 10 years ago.

在智利的 El Abra，我們擁有大量資源可以支援新規模的濃縮器，我們正在尋找與我們近 10 年前安裝的 Cerro Verde 濃縮器擴建規模相似的濃縮器。

We've done substantial work to define the project, and we're currently in the process of retesting the economics and taking a hard look at capital costs in light of the recent industry experience in Chile. We're working to be in a position to file an environmental impact statement by the end of next year, and this project would require 7 to 8 years of lead time because of permitting requirements.

我們已經做了大量工作來定義該項目，目前正在重新測試經濟性，並根據智利最近的行業經驗認真審視資本成本。我們正在努力爭取在明年年底之前提交環境影響報告，由於許可要求，該專案需要 7 到 8 年的準備時間。

In Indonesia, we're continuing to advance our large-scale Kucing Liar development to commence production by 2030. We also have several additional exploration targets in the district and expect to have additional long-term development options that would become available with an extension of our operating rights beyond 2041.

在印度尼西亞，我們正在繼續推進大規模的 Kucing Liar 開發，以便在 2030 年開始生產。 2041 年之後我們的經營權。

We're going to continue to be disciplined in our approach, targeting opportunities that can be executed efficiently and profitably and where we think we can create value for our shareholders. We wanted to take you through a little bit of our leach history on Slide 11 that provides history of what we've achieved to date on this innovative project.

我們將繼續嚴格執行我們的方法，瞄準那些可以有效執行、有利可圖的機會，以及我們認為可以為股東創造價值的機會。我們希望在投影片 11 上向您介紹我們的一些浸出歷史，其中提供了我們迄今為止在這個創新項目上所取得的成就的歷史。

We started on this journey 2 years ago with data analytics and new operating practices to tap into our large stockpiles to recover copper from material that was previously mined through a combination of actions to achieve greater heat retention in the stockpiles, gaining access to areas of the stockpiles that had not been optimal leached historically, and through the use of better identification of trap potential, we've been successful in adding incremental copper previously thought to be unrecoverable.

兩年前，我們開始了這一旅程，利用數據分析和新的營運實踐，利用我們的大量庫存，透過採取一系列行動，從以前開采的材料中回收銅，以實現庫存中更大的熱量保留，從而獲得進入這些區域的機會。

This initiative has grown now to be a major value driver for our Americas business, particularly for our largest U.S. mine in Morenci. As we mentioned, we achieved our initial target for an annual run rate of 200 million pounds per annum, now focused on doubling this or scaling what we've learned to date.

這項舉措現已成為我們美洲業務的主要價值驅動力，尤其是我們位於莫倫西的美國最大礦場。正如我們所提到的，我們實現了年運行率 2 億英鎊的初始目標，現在的重點是將該目標翻倍或擴大我們迄今為止所學到的知識。

To date, the success has largely been operationally driven, complemented by new data and technology. At the same time, in parallel, we're advancing studies on new additives that could boost recoveries and we're exploring options for adding heat to existing stockpiles to generate incremental copper.

迄今為止，成功很大程度上是由營運驅動的，並輔以新數據和技術。同時，我們正在推進對可以提高回收率的新添加劑的研究，並且我們正在探索為現有庫存增加熱量以產生增量銅的選擇。

In the aggregate, these initiatives have the potential to reach 800 million pounds per annum and that's the equivalent of a large-scale copper mine with low capital intensity, low cost and a low carbon footprint. About half of this can be achieved through further scaling, as we mentioned, and the other half relates to technology under development.

總的來說，這些措施每年有可能達到 8 億英鎊，相當於一個資本密集度低、成本低、碳足跡低的大型銅礦。正如我們所提到的，其中大約一半可以透過進一步擴展來實現，另一半與正在開發的技術有關。

The value potential is very attractive, particularly for Freeport given our large quantities of suitable materially -- material that we previously mined. In terms of our timing of all this on Slide 12, we summarized potential growth and that we frame it in near-term, medium-term and longer-term horizons. We've outlined identified projects in the Americas, totaling 1.7 billion pounds and the Kucing Liar project currently in development in Indonesia, and that's expected to continue to support long-term production profiles in the Grasberg District.

價值潛力非常有吸引力，特別是對於自由港來說，因為我們擁有大量合適的材料——我們之前開採過的材料。就我們在投影片 12 上對這一切的時間安排而言，我們總結了潛在的成長，並在近期、中期和長期的範圍內對其進行了界定。我們概述了美洲已確定的項目，總投資 17 億英鎊，以及印尼目前正在開發的 Kucing Liar 項目，預計將繼續支持 Grasberg 地區的長期生產。

In the 2- to 3-year category, we set our focus on incremental production, on scaling our leach initiatives and operational improvement projects. Together, the potential from these opportunities total 400 million pounds and do not require significant investment or long lead times.

在 2 至 3 年類別中，我們將重點放在增量生產、擴大浸出計畫和營運改善項目。這些機會的潛力總計達 4 億英鎊，並且不需要大量投資或較長的交付時間。

In 3- to 5-year category, we've got the Bagdad expansion opportunity and the additional potential from our leach initiatives. El Abra is reflected in the 7- to 8-year category and Lone Star is not on here, but it's also a major opportunity, which we're currently defining. It's likely a bit further out, but we feel it will be a major new opportunity for us as we go forward.

在 3 至 5 年類別中，我們獲得了巴格達擴張機會以及我們的浸出計劃的額外潛力。 El Abra 反映在 7 至 8 年類別中，而 Lone Star 不在此列，但這也是我們目前正在定義的一個重大機會。這可能有點遙遠，但我們認為這對我們前進來說將是一個重大的新機會。

The KL development in Indonesia is proceeding on schedule. We expect to commence production before 2030 and ramp up to over 500 million pounds of copper and 500,000 ounces of gold, which is meaningful operation. In Indonesia, an extension of our rights beyond 2041 would open substantial opportunity for reserve and resource expansion and continuation of large-scale mining in one of the world's largest and highest grade copper and gold mining districts.

印尼的KL開發項目正在按計劃進行。我們預計在2030年之前開始生產，銅產量將達到5億磅以上，黃金產量將達到50萬盎司以上，這是一項有意義的營運。在印度尼西亞，將我們的權利延長至 2041 年後，將為世界上最大、品位最高的銅金礦區之一的儲量和資源擴張以及繼續大規模採礦帶來大量機會。

We're in a strong position, as you see here, to continue our leadership role in supplying copper to a world with growing requirements.

正如您在這裡所看到的，我們處於有利地位，可以繼續發揮領導作用，向需求不斷增長的世界供應銅。

On Slide 13, as we usually do, we show our 3-year outlook for sales volume of copper, gold and molybdenum. We've increased our 2024 copper sales by about 1.5%, reflecting the first quarter outperformance. The rest of the guidance is similar to our outlook at the start of the year. We're also estimating consolidated net unit cash costs to approximate $1.57 per pound on a consolidated basis that's slightly below our previous guidance of $1.60 per pound. We've got some details of the makeup of this average presented on Slide 25 in the reference materials.

在幻燈片 13 上，正如我們通常所做的那樣，我們展示了銅、金和鉬的 3 年銷售展望。我們將 2024 年銅銷量增加了約 1.5%，反映了第一季的優異表現。該指引的其餘部分與我們年初的展望類似。我們還估計綜合淨單位現金成本約為每磅 1.57 美元，略低於我們之前每磅 1.60 美元的指導。我們在參考材料的幻燈片 25 中提供了有關此平均值組成的一些詳細資訊。

We're a strong cash flow generator, as you can see on Slide 14, where we show modeled results for our EBITDA and cash flows at various copper prices ranging from $4 per pound to $5 per pound for the average of '25 and '26. We're using our current volume estimates for '25 and '26, our cost estimates and we're holding gold flat here at $2,300 per ounce and molybdenum at $20 an ounce for illustration.

正如您在幻燈片14 中看到的那樣，我們擁有強大的現金流生成器，其中我們展示了25 年和26 年平均價格從每磅4 美元到每磅5 美元不等的各種銅價下的EBITDA 和現金流的建模結果。我們使用目前 25 年和 26 年的交易量預估以及成本預估，並將黃金價格維持在每盎司 2,300 美元，鉬價格維持在每盎司 20 美元，以進行說明。

Under this scenario, annual EBITDA would range from almost $11 billion per annum at $4 copper to in excess of $15 billion per annum at $5 copper and our operating cash flows would range from over $7.5 billion per year at $4 copper and over $11 billion per year at $5 per pound copper. We've got sensitivities to the various commodities on the right with long life reserves, large-scale production, we're extremely well positioned to benefit from improved pricing, providing substantial cash flow for investments in our organic growth and cash returns to shareholders on our performance-based payout framework.

在這種情況下，年度EBITDA 範圍從每年4 美元銅的近110 億美元到每年5 美元銅的超過150 億美元，我們的經營現金流將從每年4 美元銅的超過75 億美元到每年超過110億美元不等。我們對右側的各種商品很敏感，擁有長期儲備和大規模生產，我們處於非常有利的地位，可以從改進的定價中受益，為我們的有機增長投資和股東現金回報提供大量現金流。基於績效的支付框架。

On Slide 15, we show our current estimates for capital expenditures for '24 and '25. Not much has changed since our last update. $3.6 billion is projected for 2024, which is consistent with our prior guidance. And in 2025, we estimate CapEx will total about $3.9 billion. That's about $100 million higher than the January estimate and reflects timing changes for our Kucing Liar project spend for 2025.

在投影片 15 上，我們展示了目前對 24 年和 25 年資本支出的估計。自上次更新以來沒有太大變化。預計 2024 年為 36 億美元，這與我們先前的指引一致。到 2025 年，我們估計資本支出總額約為 39 億美元。這比 1 月的估計高出約 1 億美元，反映了我們的 Kucing Liar 項目 2025 年支出的時間變化。

During this period -- during this 2-year period, discretionary projects totaled $2.5 billion. This is -- this category reflects the capital investments we're making in new projects that under our financial policy, are funded with the half of available cash that is not distributed. And these projects are all value-enhancing initiatives, and we've got some details in the back -- in the reference materials.

在此期間——在這兩年期間，可自由支配的項目總計 25 億美元。這個類別反映了我們在新項目中進行的資本投資，根據我們的財務政策，這些資本投資由未分配的可用現金的一半提供資金。這些項目都是增值計劃，我們在後面的參考材料中提供了一些詳細資訊。

Finally, getting to financial policy on Slide 16. We reiterate the policy priorities centered on a strong balance sheet, cash returns to shareholders and investments and value-enhancing growth projects. Balance sheet continues to be very strong. We've got great metrics -- credit metrics and significant flexibility within our debt targets to execute on our projects.

最後，討論投影片 16 上的財務政策。資產負債表仍然非常強勁。我們有很好的指標——信用指標以及在我們的專案上執行的債務目標的顯著靈活性。

As indicated here, we've distributed about $4 billion to shareholders through dividends and share purchases since starting this new financial policy and we've got a very attractive future long-term portfolio that will enable us to continue to build long-term value for shareholders. A sustained higher price for copper will drive higher cash returns to shareholders while allowing us to invest in future value-oriented growth.

如這裡所示，自實施這項新的財務政策以來，我們已透過股息和股票購買向股東分配了約40 億美元，並且我們擁有非常有吸引力的未來長期投資組合，這將使我們能夠繼續為公司創造長期價值。銅價持續走高將為股東帶來更高的現金回報，同時使我們能夠投資於未來以價值為導向的成長。

We're going to continue to actively monitor the market conditions. We'll carefully manage the timing of our projects and make sure that our financial flexibility remains strong.

我們將繼續積極監控市場狀況。我們將仔細管理專案的時間安排，並確保我們的財務靈活性保持強勁。

In closing, our global team is driven by value, and we continue to focus on what matters in our business by executing our plans responsibly, safely and efficiently and maximizing the value of our vast resources. We thank you all for your attention, and we'll now open up the call for questions.

最後，我們的全球團隊以價值為驅動力，我們透過負責任、安全、有效率地執行我們的計劃，並最大限度地發揮我們龐大資源的價值，繼續專注於我們業務中最重要的事情。感謝大家的關注，現在我們將開始提問。

(Operator Instructions) The first question comes from the line of Liam Fitzpatrick of Deutsche Bank.

（操作員指令） 第一個問題來自德意志銀行的利亞姆·菲茨帕特里克（Liam Fitzpatrick）。

Liam Fitzpatrick from Deutsche Bank. The first question is just on your U.S. assets. You've been talking about for some time, the productivity improvements that you're targeting. Could you give us a bit more color on when we should expect some of this to be visible in the numbers? And what sort of change are you hoping for? Is this just to do better than inflation? Or could there be more of a step change at some stage?

德意志銀行的利亞姆·菲茨帕特里克。第一個問題是關於您在美國的資產。一段時間以來，您一直在談論您的目標是提高生產力。您能否給我們更多的信息，告訴我們什麼時候應該在數字中看到其中的一些內容？您希望發生什麼樣的改變？這只是為了比通貨膨脹更好嗎？或者在某個階段是否會出現更多的階躍變化？

And then the second question, 2 parts to it really is just on your projects. Firstly, on Bagdad, I think the timing you give in the presentation suggests you could make an investment decision next year. I just wanted to check that's the right timing to think about. And then at El Abra, if you do nothing at that mine, when will it be facing a more material drop off in grades?

然後第二個問題，其中有兩個部分實際上只是關於你的專案。首先，關於巴格達，我認為您在演示中給出的時機表明您可以在明年做出投資決定。我只是想檢查一下考慮的時機是否正確。然後在 El Abra，如果你在那個礦場什麼都不做，它什麼時候會面臨更多的材料品位下降？

Thanks, Liam. In terms of the U.S. operations, what we're faced with right now is very low ore grades. The lowest ore grades we've had in -- since 2010. So that is structurally a challenge for us. Over the last couple of years, we've also been dealing with labor shortages in the U.S. and needing to make sure that our people are trained and can gain the efficiencies that we've had in 2019 before COVID.

謝謝，利亞姆。就美國業務而言，我們目前面臨的礦石品位非常低。自 2010 年以來，我們的礦石品位是最低的。在過去的幾年裡，我們也一直在應對美國的勞動力短缺問題，需要確保我們的員工接受培訓，並能夠獲得 2019 年新冠疫情之前的效率。

We're making really good progress with the work that we're doing. It's not easy work. It's hard work every single day, but we know what the work is. And we've got to make sure that our equipment is operating that we're getting the asset efficiencies in our equipment that we should be getting. If we look back over the last couple of years, we haven't gotten the asset efficiencies that we've had historically. And so we've been working on that. We've been working on maintenance to make sure that our equipment health is strong, we're working on training a workforce that's less experienced.

我們正在進行的工作取得了非常好的進展。這不是一件容易的事。每天的工作都很辛苦，但我們知道工作是什麼。我們必須確保我們的設備正在運行，我們的設備能夠獲得我們應該獲得的資產效率。如果我們回顧過去幾年，我們並沒有達到歷史上的資產效率。所以我們一直在努力。我們一直致力於維護工作，以確保我們的設備健康狀況良好，我們正在努力培訓經驗不足的員工。

And it's just basic blocking and tackling, but the headwind is the ore grades. And we're really happy with the results of the leach initiative, and that's provided us with some benefits as we've gone through these lower ore grades. But we still think we have a lot of potential. And we're making the progress. We've got detailed scorecards of what we're doing every day in all the drivers of what makes us efficient. Everybody is focused on it. We're also focused on technology advancements.

這只是基本的攔截和攔截，但逆風是礦石品位。我們對浸出計畫的結果非常滿意，這為我們經歷了這些較低的礦石品位提供了一些好處。但我們仍然認為我們有很大的潛力。我們正在取得進展。我們有詳細的記分卡，記錄了我們每天所做的事情，以及所有使我們高效的驅動因素。每個人都專注於它。我們也關注技術進步。

You read about the advancements we have at Bagdad, where we're looking to convert the haul truck fleet there to fully autonomous. We've got all kinds of technology initiatives available to us that we haven't had historically. And I think that is a key driver for us also as we look at improving our North American operations.

您了解了我們在巴格達的進步，我們希望將那裡的運輸卡車車隊轉變為完全自動化。我們擁有歷史上從未有過的各種技術舉措。我認為這也是我們尋求改善北美業務的關鍵驅動力。

But we think we do have opportunities within the portfolio, within the North American portfolio to increase production as we gain productivity, and that's the 200 million pound a year range. And that's a focus of ours. And I think we're on the path. It doesn't happen overnight, but it takes working every day and discipline around it, but we know what to focus on.

但我們認為，隨著生產力的提高，我們在北美的投資組合中確實有機會增加產量，也就是每年 2 億英鎊的範圍。這是我們關注的焦點。我認為我們正在路上。這不是一朝一夕就能實現的，而是需要每天的工作和紀律，但我們知道要專注在什麼。

Regarding your question at Bagdad, we've got the study done. What we're focused on there is really this workforce situation where we want to make sure that when we go forward with the project, that we can do it efficiently and that we can deliver the project within the capital cost estimates and within the time frames. And so we want to take our time in doing additional work, derisking the plan as we go forward over the next 18 months.

關於你在巴格達提出的問題，我們已經完成了研究。我們真正關注的是這種勞動力狀況，我們希望確保當我們推進專案時，我們可以有效地完成項目，並且我們可以在資本成本估算和時間範圍內交付專案。因此，我們希望花時間做更多的工作，在未來 18 個月的推進過程中消除該計劃的風險。

And then once we get this autonomous fleet converted, we'll be in a position to reassess the situation and be in a position to move forward. It's not a -- in an ordinary environment. It's not a complex project. It's a brownfield project where we have a substantial history in the district. The issue really gets to the labor market conditions. And also, we want to continue to monitor the copper markets, et cetera, as we always do. But this is a very executable plan if we can deal with the workforce challenges that we have in Arizona, which is a very competitive place right now given all the activity in the state.

一旦我們對這支自主車隊進行了改造，我們就能夠重新評估情況並繼續前進。這不是在普通環境。這不是一個複雜的項目。這是一個棕地項目，我們在該地區擁有悠久的歷史。這個問題實際上涉及勞動力​​市場狀況。此外，我們希望像往常一樣繼續監控銅市場等。但如果我們能夠應對亞利桑那州面臨的勞動力挑戰，這是一個非常可執行的計劃，考慮到該州的所有活動，亞利桑那州目前是一個非常有競爭力的地方。

With respect to El Abra, we're looking at the current operation, which is very small relative to the size of Freeport, has got life to it over the next several years and will start to decline, probably give us another 10 years, but we have some water. We've got to get some water extensions and things that we're working on there. But the El Abra project is very exciting from the standpoint of the resource. It's very large. It's not in our current reserves. And so we have the ability to add reserves of scale.

就 El Abra 而言，我們正在關注當前的業務，相對於自由港的規模而言，它非常小，在未來幾年內將充滿活力，並將開始下降，可能還給我們另外 10 年的時間，但是我們有一些水。我們必須擴大一些水源以及我們正在那裡做的事情。但從資源的角度來看，El Abra 專案非常令人興奮。它非常大。它不在我們目前的儲備中。所以我們有能力增加規模儲備。

In terms of the overall project, like I mentioned, we've done a lot of work on it. We feel very good about being able to execute it. But the things that we're working on there are really going back and looking at our capital cost estimates really stress testing those, understanding what happened at other projects in Chile and figuring out, make sure we're comfortable that the economics of the project are as good as they look initially. And that's what we're testing now.

就整個專案而言，就像我提到的，我們做了很多工作。我們對能夠執行它感到非常高興。但我們正在做的事情確實是回過頭來看看我們的資本成本估算，真正對這些進行壓力測試，了解智利其他項目發生的情況並弄清楚，確保我們對該項目的經濟性感到滿意和最初看起來一樣好。這就是我們現在正在測試的。

The long lead time in Chile is because of the permitting requirements. It takes an extended period of time to get the data necessary to file the application. And then as you know, there's a review period that can span 2 to 3 years. And I know Chile is working to streamline its permitting that would be helpful for us as well. But really, what we're focused on there is getting to a point where we can file the environmental impact statement and then that will us additional optionality. But there's good value in that project for us.

智利的交貨時間較長是因為許可證要求。需要很長時間才能取得提交申請所需的數據。如您所知，審查期可能長達 2 到 3 年。我知道智利正在努力簡化其授權程序，這對我們也有幫助。但實際上，我們重點關注的是我們可以提交環境影響報告，然後這將為我們提供額外的選擇。但該項目對我們來說很有價值。

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

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

First, I just wanted to say congratulations on the operating performance in Indonesia. That has been very impressive. And once again, this past quarter, pretty incredible what you've done there. So congrats on that. And then secondly, I just wanted to ask a follow-up on the trends in cost in the U.S. So if you did, what, 51 million pounds of leach -- production from that new leaching initiatives in the U.S. in the first quarter. And if we assume that's around $1 a pound, that would imply that the rest of your production in the U.S. is around $3.35, $3.40 a pound for net cash cost. And then if we add to that sustaining CapEx, it's probably something close to $4 a pound free cash flow breakeven. So my first question is, is that right? Are you at around $4 a pound free cash flow breakeven in the U.S. if you exclude the benefit of the new leaching initiatives?

首先，我只想對印尼的經營業績表示祝賀。這令人印象深刻。上個季度，你們所做的事情再次令人難以置信。所以恭喜你。其次，我只是想詢問美國成本趨勢的後續情況。 所以，如果你這樣做了，那麼，5100 萬磅的浸出量——美國第一季新浸出計劃的產量。如果我們假設每磅約為 1 美元，則表示您在美國生產的其餘產品的淨現金成本約為每磅 3.35 美元，即 3.40 美元。然後，如果我們加上持續的資本支出，自由現金流損益平衡點可能接近每磅 4 美元。所以我的第一個問題是，這樣嗎？如果排除新浸出計畫的好處，美國的自由現金流損益平衡點是否約為每磅 4 美元？

In terms of the leaching initiatives, when you look at our reported cash costs, you have to consider that until we add additional pounds to the stockpiles. What we're recording as our average cost is reflective of our average cost of per unit and stockpiles. So as we gain more confidence, the denominator will drop, so we're pulling those pounds out now out of the stockpiles are reflecting like a $3 average cost. When in reality, the incremental cost is closer to $1.

就浸出計劃而言，當您查看我們報告的現金成本時，您必須考慮到這一點，直到我們增加庫存。我們記錄的平均成本反映了我們每單位和庫存的平均成本。因此，當我們獲得更多信心時，分母就會下降，因此我們現在從庫存中取出這些英鎊，這反映出平均成本為 3 美元。實際上，增量成本接近 1 美元。

So as we get more confidence and we're able to add more pounds, multiyear amounts of this leach reserve, what you'll see that unit costs come down. But in terms of your analysis, it may be shy of the $4 you're talking about, but we are in a lower grade area of North America right now. And so our unit costs are relatively high compared to historical levels.

因此，當我們更有信心並且能夠增加更多磅、多年的浸出儲備時，您會看到單位成本下降。但根據你的分析，它可能低於你所說的 4 美元，但我們現在處於北美的較低等級地區。因此，與歷史水準相比，我們的單位成本相對較高。

We've had cost inflation as everybody has seen, but the other area where we're focused on is more on the things that we can control. And we've seen some of the inflationary pressures moderate, but the things that we want to continue to work on is to avoid unplanned maintenance, to avoid -- to reduce our maintenance costs. And also as we get more workers within our own team, and we get those workers trained up, it will reduce our reliance on contractors, which has been a big cost for us. And that's what we've had to do during this period of the labor challenges is rely more on contractors, and so right now, we're really rationalizing contractors and training up our people to be able to do this work.

正如每個人都看到的那樣，我們已經經歷了成本通膨，但我們關注的另一個領域更多的是我們可以控制的事情。我們已經看到一些通膨壓力有所緩和，但我們想要繼續努力的事情是避免計劃外維護，避免——降低我們的維護成本。而且，隨著我們在自己的團隊中吸收更多的工人，並對這些工人進行培訓，這將減少我們對承包商的依賴，這對我們來說是一筆巨大的成本。這就是我們在勞動力挑戰時期必須做的，那就是更多地依賴承包商，所以現在，我們正在真正合理化承包商並培訓我們的員工，以便能夠完成這項工作。

So the leach opportunity, big picture, is really going to be a step change, though, as we go forward in the U.S. And if we're able to be successful in adding another 200 million pounds from the leach initiative at a very low incremental cost and improving our technology -- I mean, our productivity gains, you'll see our costs start to trend a lot lower in the U.S., and that's what we're focused on. That's what Josh and his team are focused on. Maree is very focused on it as well and her team. So we're all over this, Chris.

因此，隨著我們在美國前進，浸出機會，總體而言，確實將是一個階躍變化，如果我們能夠成功地以非常低的增量從浸出計劃中再增加 2 億英鎊成本和改進我們的技術——我的意思是，我們的生產力提高，你會看到我們在美國的成本開始大幅降低，這就是我們關注的重點。這就是喬許和他的團隊所關注的重點。 Maree 和她的團隊也非常關注這一點。所以我們已經結束了，克里斯。

Right. So that $1 per pound cash cost for leaching is not what's reflected in the production cost in the first quarter and that was reflected in the 2024 full year guidance, right? You're using something like $3 a pound in the guidance as well?

正確的。因此，每磅 1 美元的浸出現金成本並未反映在第一季的生產成本中，而是反映在 2024 年全年指引中，對吧？您在指南中也使用了每磅 3 美元的價格嗎？

Yes. It's just coming out at the average when we report it. And the way it will come down on our financial books is with an increase in estimates and future estimates because the costs are spread over what's remaining in the stockpiles. And as we add more volumes to the stockpiles, that will reduce the incremental cost and be reflective really truly of what's really occurring.

是的。當我們報告時，這只是平均值。它將在我們的財務帳簿上體現出來，那就是預估和未來預估的增加，因為成本分攤到剩餘庫存上。隨著我們增加庫存量，這將減少增量成本並真正反映實際情況。

From a cash flow standpoint, that -- it doesn't affect cash flow. So the cash flow, we really are getting the benefit of the incremental cost below $1.

從現金流的角度來看，這不會影響現金流。因此，就現金流而言，我們確實從低於 1 美元的增量成本中獲益。

So if we think about the cash flow, you have -- the smelter construction is nearly complete. You're going to one way or another, not be paying royalties at the smelters ramped up. Copper price is obviously higher -- duty, sorry. The copper price is obviously higher, gold price is higher, balance sheet is clean. You have your performance-based capital return policy, which you haven't really executed on in the last year. You've had a lot going on, but I'm just wondering in terms of timing of when we could see those supplemental capital returns. Is that something the Board will consider imminently? Or is it kind of -- do we have to get through certain events before you consider delivering those capital returns?

因此，如果我們考慮現金流，就會發現冶煉廠建設已接近完成。不管怎樣，你不必為增加的冶煉廠支付特許權使用費。銅價明顯更高——關稅，抱歉。銅價明顯走高，金價走高，資產負債表乾淨。你有基於績效的資本回報政策，但去年你並沒有真正執行該政策。你已經發生了很多事情，但我只是想知道我們何時可以看到這些補充資本回報。董事會會立即考慮這個問題嗎？或者說，在您考慮提供這些資本回報之前，我們是否必須先經歷某些事件？

Yes. Well, we have been executing under the policy. We've distributed since we started the policy, 50% of our available cash flow. And so all the items that you cite and that excludes the smelter, but all the items that you cite are building to give us more cash that will be available for distribution. And we'll continue to file that policy of higher prices is going to be more cash flows and more cash returns to shareholders. And that is the policy.

是的。嗯，我們一直在按照政策執行。自從我們開始實施該政策以來，我們已經分配了可用現金流的 50%。因此，您引用的所有項目（不包括冶煉廠），但您引用的所有項目都在建設，以便為我們提供更多可用於分配的現金。我們將繼續提出，更高的價格政策將為股東帶來更多的現金流和更多的現金回報。這就是政策。

Our next question will come from the line of Michael Dudas with Vertical Research Partners.

我們的下一個問題將來自 Michael Dudas 和 Vertical Research Partners。

I think you mentioned in response to the question about operating costs and cost moderation. So maybe you can touch a little bit more on what you're seeing on the ground more specifically in your North America and South American mines on cost improvement, what your expectations are versus what it might have been a few months ago?

我想您是在回答有關營運成本和成本控制的問題時提到的。因此，也許您可以更多地談談您在北美和南美礦山的成本改善方面所看到的情況，與幾個月前的情況相比，您的期望是什麼？

And how are you seeing that in some of the feasibility studies that you're working on and completed? And what kind of -- have we seen double-digit inflation continuing on the capital cost side that's going to continue to make it a little bit more challenging for Freeport and others to really follow through and provide the material of our market needs?

您如何看待您正在進行和完成的一些可行性研究？我們是否看到資本成本方面持續兩位數的通貨膨脹，這將繼續使自由港和其他公司真正跟進並提供我們市場需求的材料變得更具挑戰性？

Yes. I think those issues have moderated a bunch, and we're getting more into a stable situation, while it's higher than it has been. It is more stable. For instance, when we were going out for bids for things a year or two ago, you might get one bidder on a project. And now things are opening up some more for us. So on that part, I think it's stabilized now. We'll continue to test it.

是的。我認為這些問題已經緩和了很多，我們正在進入穩定的局面，儘管它比以前要高。它更穩定。例如，當我們在一兩年前進行投標時，您可能會在一個專案上找到一個投標者。現在事情對我們來說更加開放了。所以在這方面，我認為現在已經穩定下來了。我們將繼續測試它。

And whenever we run our projects and run our economics, we always look at a range of what the capital costs are and what the sensitivities are to higher or lower capital spend. But in terms of the extremes that we have seen in the recent years we're not encountering that right now.

每當我們運行我們的專案和運行我們的經濟學時，我們總是會考慮一系列資本成本以及對更高或更低資本支出的敏感度。但就我們近年來看到的極端情況而言，我們現在還沒有遇到這種情況。

And in terms of commodity input costs and things. They've been more moderate and more stable than we've seen in some time. We all know that, that can change, but it has been more stable. The things that we need to work on are, particularly in the U.S. this issue I mentioned with respect to the labor force and the experience levels and with contractors and the third thing, and one of the most important is reliable asset efficiency. And so those are the challenges that we have and we're working on them.

而在商品投入成本等方面。他們比我們一段時間以來所看到的更加溫和、更加穩定。我們都知道，這可能會改變，但它已經更加穩定。我們需要做的事情是，特別是在美國，我提到的關於勞動力和經驗水平以及承包商的問題，以及第三件事，其中最重要的事情之一是可靠的資產效率。這些就是我們面臨的挑戰，我們正在努力解決這些挑戰。

I feel very confident that we're turning the corner on that. We're continuing to make good progress on really driving efficiency within the U.S. operations. We haven't had the issue in South America and in Indonesia, we've got a much more stable workforce, much more experienced workforce. We've also benefited there from a stronger dollar. So many of our -- much of our labor cost is in foreign currency. So we have benefited there from a stronger dollar and have not seen -- obviously haven't seen that benefit in the U.S. But we do believe there are some things within our control that we're focused on now.

我非常有信心我們正在扭轉這個局面。我們在真正提高美國業務效率方面繼續取得良好進展。我們在南美洲和印尼沒有遇到這個問題，我們有更穩定的勞動力，更有經驗的勞動力。我們也從美元走強中受益。我們的許多勞動成本都是以外幣計算的。因此，我們從美元走強中受益，但在美國顯然沒有看到這種好處。

And now that things have moderated some with inflation, we've got a clear focus on being as efficient as we can, recognizing that low grades becomes a challenge. But we want to do better than inflation. I mean that's what we want to make sure that we can overcome inflation in our costs with productivity gains and efficiency gains. And we've got technologies available to us that we haven't had in the past. And I think as a company, we're going to be leaning a lot more into innovation as a tool to help us with productivity.

現在，隨著通貨膨脹，情況已經有所緩和，我們明確地專注於盡可能提高效率，並意識到低成績成為一個挑戰。但我們希望做得比通貨膨脹更好。我的意思是，這就是我們希望確保能夠透過提高生產力和效率來克服成本通膨的問題。我們現在擁有過去沒有的技術。我認為作為一家公司，我們將更傾向於創新，將其作為幫助我們提高生產力的工具。

Let me just add 1 point on the broader copper market implications of that question. Kathleen described very well the things we're doing within our company. And when you look back at our cost history in relation to general inflation, we've done a good job with our supply chain team.

讓我就該問題對更廣泛銅市場的影響補充一點。凱瑟琳很好地描述了我們公司正在做的事情。當你回顧我們與整體通貨膨脹相關的成本歷史時，我們的供應鏈團隊做得很好。

But the shocking amount of overruns on the major project in Chile, but elsewhere and also the political situation in Panama, as I talk with CEOs around the industry, makes us all step back and say, we have to be careful. We have to be careful because the overruns are more than just simply inflation, and we're still trying to get our arms around what's going on with these projects to cause them to be delayed and to have the kind of cost situations they have.

但是，當我與業內首席執行官交談時，智利以及其他地方的主要項目的超支金額令人震驚，還有巴拿馬的政治局勢，這讓我們所有人都退後一步說，我們必須小心。我們必須小心，因為超支不僅僅是通貨膨脹，而且我們仍在努力控制這些項目的進展，導致它們被推遲並出現它們所面臨的成本情況。

At the end of the day, this is just another major element for the positive outlook for copper prices. I mean if these problems were easily solved, and this is a tough business, you wouldn't have the supply shortfalls that we're having, and that's been a major factor from seeing the recent run-up in copper prices, and it's also something that's very supportive for the longer-term outlook for copper prices.

歸根究底，這只是銅價前景樂觀的另一個主要因素。我的意思是，如果這些問題很容易解決，而且這是一項艱鉅的任務，那麼我們就不會出現供應短缺的情況，這是最近銅價上漲的一個主要因素，而且也是這對銅價的長期前景非常有支持。

Our next question will come from the line of Bill Peterson with JPMorgan.

我們的下一個問題將來自摩根大通的比爾彼得森。

It's actually Bennett on for Bill, this morning. If I could, I wanted to ask what, if any, is the company's current dialogue with the new leadership in Indonesia and how you see that relationship developing over time?

今天早上，其實是貝內特替比爾代言。如果可以的話，我想問一下，該公司目前與印尼新領導層的對話是什麼（如果有的話）？

Well, the transition doesn't take place until October. And we're continuing to work with the existing administration. We've got some matters that we're working together on with respect to the concentrate license that we talked about earlier as well as the IUPK extension and so we're continuing to work with the current administration on these matters.

嗯，過渡要到十月才會發生。我們將繼續與現有政府合作。我們正在就我們之前討論過的濃縮許可證以及 IUPK 延期等問題進行合作，因此我們將繼續與現任政府就這些問題進行合作。

We have a long history in Indonesia. We just celebrated 57 years of operation there. And we've worked with many governments over the years and many administrations, and we feel very confident that we'll continue to have good relations with the new administration and what we focus on, we're not -- we don't get involved in politics, so we focus on what we do there to be a good citizen of Indonesia, to provide benefits to the national government, the local government, all of our workforce, the community and stakeholder work that we do there is very important, and that's -- that lasts that survives administrations.

我們在印尼有著悠久的歷史。我們剛剛慶祝了該公司成立 57 週年。多年來，我們與許多政府和許多政府合作，我們非常有信心，我們將繼續與新政府保持良好關係，我們關注的重點是，我們沒有——我們沒有得到參與政治，所以我們專注於成為印尼的好公民，為國家政府、地方政府、我們所有的勞動力、社區和利益相關者提供利益，我們在那裡所做的工作非常重要，這就是——在政府執政後仍能持續存在的東西。

And so we really focus on the things that make the asset good for Indonesia and good for all the stakeholders, and that's what we'll continue. Richard, I don't know if you want to add anything to those comments?

因此，我們真正關注的是使資產對印尼有利、對所有利害關係人有利的事情，這就是我們將繼續做的事情。理查德，我不知道你是否想對這些評論添加任何內容？

Sure. I've been going to Indonesia now for all my career with Freeport over 35 years, and our relationships have never been better. I was just in Washington Friday evening for a reception to celebrate 75 years of positive relationships between the U.S. government and the Republic of Indonesia and the finance minister, Sri Mulyani and the Central Bank Governor Perry were there.

當然。在自由港工作超過 35 年的整個職業生涯中，我現在一直去印度尼西亞，我們的關係從未如此良好。週五晚上，我剛剛在華盛頓參加慶祝美國政府與印度尼西亞共和國建立 75 週年積極關係的招待會，財政部長斯里·穆利亞尼 (Sri Mulyani) 和央行行長佩里 (Perry) 也在場。

And I wish you all could just hear the positive things that were said around this table of a number of companies and a number of Indonesian government officials about the current way that Freeport is viewed and how positive they see our partnership is in building PT-FI, which is an Indonesian company and to be in such a success for all the stakeholders.

我希望大家都能聽到在座的許多公司和一些印尼政府官員圍繞目前對自由港的看法以及他們對我們的合作夥伴關係在建設 PT-FI 方面的積極看法，這是一家印尼公司，並為所有利益相關者取得如此成功。

That's helpful. And if I could just squeeze in one more on the topic regarding the future mining rights in Indonesia. We saw a headline last week that these could potentially be granted as soon as this upcoming June. So I'm wondering if there's any updates you can provide there? And what additional ask maybe on the table from the government there?

這很有幫助。如果我能再插話一下有關印尼未來採礦率的話題嗎？上週我們看到了一個頭條新聞，稱這些可能最早在即將到來的六月獲得批准。所以我想知道您是否可以提供任何更新？那裡的政府可能會提出什麼額外要求？

Let me just say that we have gotten -- we have an agreement with the government on the structure beyond 2041. There's no controversy over that, and there's general support for it. The -- I believe the fact that the election occurred and we just went through Ramadan, it's having an effect on the timing. But we're very pleased.

我只想說，我們已經與政府就 2041 年後的結構達成協議。我相信，選舉發生了，我們剛剛度過了齋戒月，這對時間安排產生了影響。但我們非常高興。

I mean it's important to know that we currently under our existing permit, have no rights to anything beyond 2041. And it makes no sense for any stakeholder to have this operation run without having a long-term plan for it in terms of doing more drilling to understand what resources are there, doing long-term planning or how those resources will be developed. The Indonesian -- our Indonesian shareholder MIND ID understands that, the Ministry of Mines understands that, the President's office does as well.

我的意思是，重要的是要知道，根據我們目前的現有許可證，我們對2041 年之後的任何事情都沒有權利。的情況下運行這項作業是沒有意義的了解那裡有哪些資源，進行長期規劃或如何開發這些資源。印尼人－我們的印尼股東 MIND ID 明白這一點，礦業部也明白這一點，總統辦公室也明白這一點。

So I'm confident we're going to be able to get that. As always, there's uncertainties as to when the actual formalities will be concluded to grant the regulations to allow us to continue. But there's no real controversy about the structure going forward.

所以我相信我們能夠做到這一點。與往常一樣，關於何時完成實際手續以授予允許我們繼續進行的規定仍存在不確定性。但對於未來的結構並沒有真正的爭議。

And delivery of the smelter is an important part of that. And the government is very pleased with the progress we've made in getting the smelter to a point where it can be commissioned next quarter -- this quarter.

冶煉廠的交付是其中重要的一環。政府對我們在使冶煉廠能夠在下個季度（本季）投入運作方面取得的進展感到非常滿意。

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

您的下一個問題將來自美國銀行證券公司的勞森溫德 (Lawson Winder)。

Maybe just on Cerro Verde, if I could. Is there still a pathway to consistently exceeding well over 400,000 tons per day at that asset?

如果可以的話，也許就在 Cerro Verde。該資產是否仍有途徑持續超過 40 萬噸/日？

Absolutely.

絕對地。

I can't tell you what a great job our team down there has done. I visited recently and I mean, just the spirit, the relationships with the local community. And as you all know, Peru is a very complicated country and has a lot of issues politically and economically to deal with, but it is just an uplifting experience to see what our team has done down there.

我無法告訴你我們的團隊做了多麼出色的工作。我最近訪問過，我的意思是，只是精神，以及與當地社區的關係。眾所周知，秘魯是一個非常複雜的國家，有很多政治和經濟問題需要處理，但看到我們團隊在那裡所做的事情是一次令人振奮的經歷。

I had some friends with me and to see an operation where we're moving 400,000 -- over 400,000 metric tons of material a day, that's the equivalent of 80,000 street dump trucks moving material in a single day. And so it's an inspiration quite frank, for me to see it. The community supports us. We've got a great workforce. We're actually bringing some of our Peruvian operating people to work in Arizona and New Mexico to support our operations there, but it's an uplifting place to go for me.

我有一些朋友和我一起參觀了我們每天搬運 400,000 多噸材料的作業，這相當於 80,000 輛街頭自卸卡車一天內搬運材料。所以對我來說，看到它是一個非常坦率的靈感。社區支持我們。我們擁有一支優秀的員工團隊。實際上，我們正​​在將一些秘魯操作人員帶到亞利桑那州和新墨西哥州工作，以支持我們在那裡的操作，但這對我來說是一個令人振奮的地方。

Lawson, it's not without challenges this team has demonstrated, as Richard said, that they can -- they're very resilient team and can deal with a lot of different challenges. But water is something that is always a concern. We did with our expansion almost 10 years ago to put in a water treatment facility, and we provide clean water to the community, and it also supports our own operations. But particularly during this time where we've been through El Nino and droughts and there's always a focus on water, but the ore is there, the resource is there, and the team has got -- we've got the assets there and the team has got really good work practices. And as Richard said, the relationship with the community is top-notch.

勞森，正如理查德所說，這支球隊並非沒有挑戰，他們可以——他們是非常有彈性的團隊，可以應對許多不同的挑戰。但水始終是一個令人擔憂的問題。大約 10 年前，我們進行了擴建，建立了水處理設施，我們為社區提供清潔水，同時也支持我們自己的營運。但特別是在這段時間，我們經歷了厄爾尼諾現象和乾旱，我們始終關注水，但礦石在那裡，資源在那裡，我們的團隊在那裡擁有資產和資源。正如理查所說，與社區的關係是一流的。

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

我們的下一個問題將來自約翰·圖馬佐斯非常獨立研究中心的約翰·圖馬佐斯。

In the first quarter, the minority interest was $689 million and the income to shareholders was $473 million. Can we interpret from that, that the U.S. lines made about $200 million less profit than the overhead or the U.S. operations are losing money. And what are the short-term remedies, for example, how quickly can you convert to autonomous trucks and mitigate wage inflation, et cetera.

第一季少數股東權益為6.89億美元，股東營收為4.73億美元。我們是否可以據此解釋，美國航線的利潤比管理費用少約 2 億美元，或者美國業務正在虧損。短期補救措施是什麼，例如，您能多快轉向自動駕駛卡車並緩解薪資通膨等等。

One thing, John. Kathleen, let me say one thing to John before you answer the question, Kathleen. I've seen some of your writings, John. And the minority ownership in PT-FI came about from the Rio Tinto deal in the mid-1990s. And that really hasn't changed. That just was transferred to the Government of Indonesia and that joint venture interest was converted to shares, but in 2018, Freeport, through the agreement that we reached, maintained virtually the same economic interest in the mine that we've had all along. So this wasn't something that happened because of the government, but because of a deal that was cut back in the mid-1990s.

一件事，約翰。凱瑟琳，在你回答問題之前，讓我先對約翰說一件事，凱瑟琳。我看過你的一些著作，約翰。 PT-FI 的少數股權源自於 1990 年代中期的力拓交易。這確實沒有改變。這些資金剛剛轉移給印尼政府，合資企業權益也轉換為股份，但在 2018 年，自由港透過我們達成的協議，在該礦中保持了與我們一直以來幾乎相同的經濟權益。因此，這並不是政府造成的，而是 20 世紀 90 年代中期削減的協議造成的。

And when you look through it and I talk with our Americas people and our people in the U.S. about it, because even though our mines in the U.S. are low grade, because of the fact we have a very favorable income tax situation in the U.S. bolstered by net operating loss carryforwards, we own our lands in fees, so there's no royalties. We get community support for schools and hospitals in our workers. We don't have to provide for the same things we do overseas that we do overseas and so the profitability of those mines is really very attractive, and that's what makes these growth opportunities in the U.S., so attractive for Freeport.

當你仔細查看它時，我與我們的美洲人民和我們在美國的人民談論了這一點，因為儘管我們在美國的礦山品位較低，但由於我們在美國擁有非常有利的所得稅狀況，這支撐了我們透過營業淨虧損結轉，我們以費用形式擁有我們的土地，因此沒有特許權使用費。我們的員工為學校和醫院提供社區支持。我們不必提供與海外相同的服務，因此這些礦場的獲利能力確實非常有吸引力，這就是美國的這些成長機會對自由港如此有吸引力的原因。

You and I both remember a time when people thought the Southwest copper district was dead. And right now, it's a big part of the future for our country in terms of providing the copper resource needed for the energy transition and electrification broadly, but also it's a great opportunity for our shareholders to create value and -- for Freeport to create value for our shareholders.

你我都記得，人們曾經一度認為西南銅礦區已死。目前，就提供能源轉型和廣泛電氣化所需的銅資源而言，這是我國未來的重要組成部分，而且這也是我們的股東創造價值的絕佳機會，也是自由港創造價值的絕佳機會為了我們的股東。

John, I was just going to point you to the press release. There's some -- there's -- in the back of the press release, there's some segment analysis, and you can look at the segments that we show how much the U.S. mines contributed, et cetera. And if that doesn't answer your question, just follow up with us afterwards.

約翰，我只是想讓你看看新聞稿。在新聞稿的後面，有一些部分分析，你可以看看我們展示美國礦山貢獻了多少的部分，等等。如果這不能回答您的問題，請稍後與我們聯繫。

Our last question will come from the line of Martin Malloy with Johnson Rice & Company.

我們的最後一個問題將來自約翰遜賴斯公司的馬丁·馬洛伊。

I wanted to ask, with your leaching technology, does that give you a competitive advantage and maybe looking at acquisition opportunities?

我想問一下，你們的浸出技術是否會為你們帶來競爭優勢，或許還會考慮收購機會？

Well, we're focused on -- I mean, we've got almost 40 billion pounds in our own in our inventory. And that doesn't include some really old areas where we're not active. But yes, I mean, to answer your question, it does give us some interest in some things that may have this opportunity to be able to apply our know-how to it. But we're really focused on our own organic situation.

嗯，我們的重點是——我的意思是，我們的庫存中有近 400 億英鎊。這還不包括我們不活躍的一些非常古老的領域。但是，是的，我的意思是，回答你的問題，它確實讓我們對一些事情產生了一些興趣，這些事情可能有機會能夠應用我們的專業知識。但我們真正關注的是我們自己的有機狀況。

If an opportunity came available that had this, we would be interested in seeing what we could make out of it. But we've got a lot within our portfolio to be able to get substantial value for our shareholders from.

如果有這樣的機會，我們會很想看看我們能從中得到什麼。但我們的投資組合中有很多東西可以為我們的股東帶來可觀的價值。

Yes. And a lot is [understating] it. It is massive, what we have the opportunity to develop from what's already owned by Freeport from our existing stockpiles and Kathleen mentioned our historical stockpiles. So yes, if an opportunity came along, but I'm not expecting it. I think that we're going to be able to grow tremendous amounts of value doing with what we have, which now the company really has, others have opportunities. No one else has it in this kind of scale that we do.

是的。很多人都在[低估]它。這是巨大的，我們有機會從自由港已經擁有的現有庫存中進行開發，凱瑟琳提到了我們的歷史庫存。所以，是的，機會來了，但我並沒有期待它。我認為，我們將能夠利用我們所擁有的東西來創造巨大的價值，現在公司確實擁有這些價值，其他人也有機會。沒有其他人擁有我們這樣的規模。

With that, we'll turn the call over to management for any closing remarks.

這樣，我們將把電話轉交給管理階層，讓他們發表結束語。

Thanks, everyone, for all your good questions today and your interest in Freeport, and we look forward to reporting in the future on our progress.

感謝大家今天提出的所有好問題以及您對自由港的興趣，我們期待在未來報告我們的進展。

Thank you, all.

謝謝你們。

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

女士們、先生們，我們今天的呼籲到此結束。感謝大家的加入，現在可以斷開連線了。