費利浦·麥克莫蘭銅金 (FCX) 2024 Q2 法說會逐字稿

Ladies and gentlemen for standing by and welcome to the Freeport-McMoRan second quarter conference call. (Operator Instructions)

女士們先生們，歡迎大家參加自由港麥克莫蘭第二季電話會議。 （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.

現在我想將會議交給投資者關係副總裁 David Joint 先生。請繼續，先生。

Thank you, Regina. Good morning, everyone, welcome to the Freeport conference call. Earlier this morning, FCX reported its second quarter 2024 operating and financial results. A copy of today's release and supplemental schedules and for us is available on our website at fcx.com. Today's conference call is being broadcast live on the Internet, anyone may listen to the call by accessing our website homepage and clicking on the webcast link. 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.

謝謝你，雷吉娜。大家早安，歡迎參加自由港電話會議。今天早些時候，FCX 報告了 2024 年第二季的營運和財務表現。我們的網站 fcx.com 提供了今天的發布和補充時間表的副本。今天的電話會議正在網路上進行直播，任何人都可以透過造訪我們的網站主頁並點擊網路直播連結來收聽電話會議。除了分析師和投資者之外，財經媒體也被邀請聆聽今天的電話會議。今天晚些時候，我們的網站將提供網路廣播的重播。

Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments in the call include non-GAAP measures and forward-looking statements and actual results may differ materially. Please refer to the cautionary language in our press release and slides into the risk factors described in our SEC filings. All of which are available on our website.

在開始發表評論之前，我們想提醒大家，今天的新聞稿和我們在電話會議中的某些評論包括非公認會計準則措施和前瞻性陳述，實際結果可能存在重大差異。請參閱我們新聞稿中的警告性語言以及我們向 SEC 文件中所述的風險因素的幻燈片。所有這些都可以在我們的網站上找到。

Also on the call with me today are Richard Adkerson, Chairman of the Board; Kathleen Quirk, President and Chief Executive Officer; Maree Robertson, Executive Vice President and CFO, and other senior members of our management team. Rich will make a few opening remarks, Kathleen will review our slide materials, and then we will open up the call for questions. Richard?

今天與我通話的還有董事會主席理查‧阿德克森 (Richard Adkerson)；凱瑟琳·奎克，總裁兼執行長； Maree Robertson，執行副總裁兼財務官，以及我們管理團隊的其他高級成員。 Rich 將做一些開場白，Kathleen 將審查我們的幻燈片材料，然後我們將開始提問。理查德？

Thank you, David, and thank you all for joining us today. Well, we're seeing quite a couple of months volatility in the markets. I was on CNBC, right, when comprehensive $5 for the first time ever. And I had big smiles on my face now the reality of the copper markets have shown. I just wanted to say a couple of comments about it. Many of you heard me say for a long time, the copper moved from a critical metal that it had been in years past to one that's been driven more by episodic events. In China it's demand had been growing recently and set records even in the face of poor performance in certain sectors, most notably the property segment.

謝謝大衛，也謝謝大家今天加入我們。嗯，我們看到市場連續幾個月波動。我在 CNBC 上，對，當時第一次綜合 5 美元。現在銅市場的現實已經展現出來，我臉上露出了燦爛的笑容。我只想對此發表幾點評論。你們中的許多人長期以來都聽我說過，銅從過去幾年的一種關鍵金屬轉變為一種更受偶發事件驅動的金屬。在中國，即使在某些行業（尤其是房地產行業）表現不佳的情況下，其需求最近一直在增長，並創下了記錄。

Recently, demand has been softening in other sectors of credit markets in China have been solved. The high prices were to just the destocking. There's been a very tight concentrate market, which persists, TCs and RCs are record low levels. That's brought a lot of scrap to the marketplace the government incentivize ground for a period of time.

近期，中國信貸市場其他產業的需求疲軟問題已解決。高價只是為了去庫存。精礦市場一直非常緊張，並且持續存在，TC 和 RC 處於創紀錄的低水平。這為政府在一段時間內激勵市場帶來了大量廢品。

And as a result was a destocking softening demand global inventories have risen and that has triggered macro trading and commodities, particularly after the disappointments that the third plenum didn't result in a clear statement of incentivizing the economy in China. This simply won't last, there's limits to the stocking of China will respond to its economy. There's underlying strength there, and we're very confident that this will improve over time.

結果是去庫存化，需求疲軟，全球庫存上升，引發了宏觀交易和大宗商品交易，尤其是在三中全會沒有明確刺激中國經濟的聲明令人失望之後。這根本不會持續下去，中國對其經濟的反應是有限的。這裡有潛在的力量，我們非常有信心這會隨著時間的推移而改善。

In fact, they've taken the first step with the recent interest rate cut. Underlying all of this is really the fundamentals of the global copper marketplace. The world is getting more and more electrified with connectivity with dealing with carbon emissions challenges there. But that's a fact that the world has to deal with A1. And you know, Jeff Curry recent talked about the importance of increased defense spending that creased another element of demand, supply changes -- supply challenges continue in certain cases are growing.

事實上，他們最近的降息已經邁出了第一步。所有這一切的背後其實是全球銅市場的基本面。世界正變得越來越互聯，以應對碳排放挑戰。但這是世界必須應對 A1 的事實。你知道，傑夫·庫裡最近談到了增加國防開支的重要性，這增加了需求的另一個因素，即供給變化——在某些情況下，供給挑戰仍在不斷加劇。

And so as we look forward, our strategy is based on a fundamentally positive outlook about long-term copper demand and the reality of developing new supplies to meet that demand. You know, it was really something to see copper at $5. And I'll tell you, we're going to see it again.

因此，展望未來，我們的策略是基於對長期銅需求的基本積極展望以及開發新供應以滿足該需求的現實。你知道，銅價達到 5 美元確實令人振奮。我會告訴你，我們會再看到它。

I want to make one quick comment to recognize our team for the great work we've done in reaching the commissioning of our new smelter in Indonesia. This was a major project. The world's largest single line smelter construction is essentially complete. We posted a new video on our website last evening. I encourage you all to watch it just to see the size and scale of this new world-class facility is really something to visit and see just this the extent of the facility.

我想快速發表評論，以表彰我們的團隊在印尼新冶煉廠投產過程中所做的出色工作。這是一個重大項目。世界上最大的單線冶煉廠建設已基本完成。昨晚我們在網站上發布了一個新影片。我鼓勵大家觀看它，只是為了看看這個新的世界級設施的規模和規模，確實值得參觀，並了解該設施的範圍。

This was a key committee we made to the government of Indonesia in 2018, who resolved to reach a global resolution of the issues that had been under discussion for so many years. It's a strategic importance for our business interest in Indonesia for the long term by becoming a fully integrated producer there with our mining operations, PT-FI will now be able to apply for extension of its operations for the long term, which will really enhance the benefits of all stakeholders, the government to people [who follow] our employees, Freeport and all shareholders.

這是我們在 2018 年向印尼政府設立的一個重要委員會，政府決心就多年來討論的問題達成全球解決方案。成為與我們的採礦業務完全一體化的生產商，對於我們在印尼的長期業務利益具有重要的戰略意義，PT-FI 現在將能夠申請長期擴展其業務，這將真正增強我們的業務。者、政府、[追隨]我們員工、自由港和所有股東的利益。

And our partner, MIND ID, the state-owned company project has been in work for several years in a world that was challenged during this period of time by COVID and inflationary factors that have been evident in so many projects around our copper industry is really accomplishment by our team to bring this in on time and with reasonable budget spending on it. It's quite facility, take a look at the video. We are looking-forward to getting our extension and in developing our plans to maximize the value of this resource over its life and not have any time limit of 2041 facing this. So we're really encouraged by. And again, our team just did a tremendous job there.

我們的合作夥伴 MIND ID，這個國有公司專案已經開展了好幾年了，在這段時間裡，我們的銅行業的許多專案都受到了新冠疫情和通貨膨脹因素的挑戰，這確實是一個挑戰。的團隊在按時並以合理的預算支出實現這一目標方面取得了成就。非常方便，請看影片。我們期待著延期並製定計劃，以最大限度地發揮這一資源在其生命週期內的價值，並且不會面臨 2041 年的任何時間限制。所以我們真的很受鼓舞。再說一次，我們的團隊在那裡做得非常出色。

Kathleen, I'll turn it over to you.

凱瑟琳，我會把它交給你。

Okay. Thank you, Richard. And I'm going to start on slide 3, with the information reflecting the results of our second quarter and first half of 2024. Our team continues to focus on what matters and driving value in our business focused on executing our plans, reliably and responsibly enhancing efficiencies, managing costs aggressively and building optionality and value and our organic growth portfolio.

好的。謝謝你，理查。我將從投影片3 開始，其中的資訊反映了我們2024 年第二季和上半年的業績。的計劃提高效率，積極管理成本，建立選擇性和價值以及我們的有機成長組合。

During the second quarter, we generated strong margins and cash flows with $2.7 billion and EBITDA and $2 billion and operating cash flows. Our production volumes were largely in line with our estimates going into the period. But as we reported in early July, our shipments of copper and gold were impacted in June as a result of obtaining our export license in Indonesia, which has now been secured. I want to highlight two important items of significance and momentum for the future.

第二季度，我們創造了強勁的利潤和現金流，EBITDA 為 27 億美元，營運現金流為 20 億美元。我們的產量基本上符合我們對該時期的估計。但正如我們在 7 月初報導的那樣，由於我們在印尼獲得了出口許可證，我們的銅和黃金發貨量在 6 月受到了影響，該許可證現已獲得。我想強調對未來具有重要意義和動力的兩項重要內容。

The first side, how much I talked about it, it's the Indonesian smelter project advancing to the commissioning phase. As Richard discussed, our team has managed this large and complex project, an exemplary manner, and we're now focused on further de-risking through a successful startup in the months ahead. Solid project execution is a hallmark of our Freeport team who stepped up once again to deliver in a challenging environment for major capital projects. The successful completion of this strategic investment is of significance and positions us to secure a long-term extension of our operating rights in Indonesia.

第一個方面，我講了多少，就是印尼冶煉廠計畫進入調試階段。正如理查德所討論的，我們的團隊以堪稱典範的方式管理了這個大型而複雜的項目，我們現在的重點是透過未來幾個月的成功啟動來進一步降低風險。紮實的​​專案執行是我們自由港團隊的標誌，他們再次挺身而出，在充滿挑戰的環境中交付重大資本專案。此次策略投資的成功完成具有重要意義，有助於我們確保長期延長在印尼的經營權。

The second value driver I want to highlight is the ongoing momentum in our innovative leach project to build additional scale and low cost incremental production. Continued scaling of this initiative is a major value driver and differentiator for Freeport. As you'll see our second quarter and first half incremental production from this initiative doubled from the comparable periods in 2023, as we set our sights on scaling this initiative further, we see the opportunity to lower our unit costs in the US meaningfully.

我想強調的第二個價值驅動因素是我們創新浸出專案的持續勢頭，以建立更大的規模和低成本的增量生產。該計劃的持續擴展是自由港的主要價值驅動力和差異化因素。正如您將看到的那樣，我們第二季度和上半年透過該計劃實現的增量產量比2023 年同期翻了一番，並且我們著眼於進一步擴大該計劃，我們看到了有意義地降低美國單位成本的機會。

We can to execute our established shareholder return framework with a $0.5 billion in dividends and share purchases here to date. We ended the quarter and a strong position financially with a favorable future outlook as we head into the second half of this year.

迄今為止，我們可以透過 5 億美元的股息和股票購買來執行我們既定的股東回報框架。在進入今年下半年之際，我們在本季結束時財務狀況良好，未來前景良好。

Turning to copper markets on slide 4, which I just talked about this copper prices traded in a broad range between 367 per pound and 492 per pound on the LME exchange and are a wider range on the US COMEX exchange. That's been during 2024, we have discussed on prior calls impact of macro sentiment and investor positioning that can drive large moves in pricing. As you refer to the domestic economic challenges in China, the ongoing weakness in the Chinese property market, destocking and working capital management and increase in copper exchange inventories and delays and actions to stimulate economic growth, which have all weighed on the market.

轉向幻燈片 4 上的銅市場，我剛才談到了 LME 交易所的銅價交易範圍為每磅 367 美元至 492 美元，而美國 COMEX 交易所的銅價交易範圍更廣。 2024 年期間，我們已經討論了先前的電話會議對宏觀情緒和投資者定位的影響，這些影響可能會推動定價大幅波動。正如您所提到的中國國內經濟挑戰，中國房地產市場的持續疲軟、去庫存和營運資金管理以及銅交易所庫存的增加以及刺激經濟成長的行動的延遲，這些都給市場帶來了壓力。

In the US we're seeing continuing to see strong demand for copper from a broad range of sectors. And globally, we see favorable demand drivers for the future associated with coppers increasingly important role in the global economy. Copper is a foundational essential metal when it comes to electrification, and the world is becoming more and more focused on capital-intensive energy applications.

在美國，我們看到各行業對銅的需求持續強勁。在全球範圍內，我們看到與銅在全球經濟中日益重要的角色相關的未來有利的需求驅動因素。銅是電氣化的基本必需金屬，世界越來越關注資本密集能源應用。

FXR, its physical characteristics and superior conductivity make it the metal of electrification. New massive investment in the power grid, renewable generation, technology infrastructure and transportation driving increased demand for copper and forecasts call for above trend growth in demand for the foreseeable future.

FXR 的物理特性和卓越的導電性使其成為電氣化金屬。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推動了銅需求的增加，並且預測在可預見的未來需求成長將高於趨勢。

As we review the fundamentals and match the demand side up with supply, we look at the limitations of existing supply growth, the challenges and extended the time frames required to build new supplies and projections for peak mine supply over the next couple of years. These factors, combined with secular demand trends point to tight market conditions as we go forward. With Freeport's leading position in the industry, large-scale current operations, and future growth pipeline, we're very well positioned to benefit from this fundamental outlook and future.

當我們回顧基本面並將需求與供應相匹配時，我們會審視現有供應增長的局限性、挑戰和延長建立新供應所需的時間框架以及對未來幾年礦山供應高峰的預測。這些因素與長期需求趨勢相結合，顯示我們未來的市場狀況將趨緊。憑藉自由港在行業中的領先地位、大規模的當前營運以及未來的成長管道，我們完全有能力從這個基本前景和未來中受益。

Turning to our operations on slide 5, we summarize the quarterly operating results by geographic region. In the US we continue to focus our efforts on mitigating the impact of lower ore grade phases currently being mine. You'll see in our operational details provided in our press release at the lower grades processed through our Mill leach facilities in the US had more than a 10% decrease in all rates compared to a year ago period. All else being equal this results in higher costs on a per unit basis. We're very focused on mitigating the impacts and to mitigate it. We're focused on initiatives to improve productivity, equipment reliability, take advantage of automation and new technologies.

轉向投影片 5 上的營運情況，我們按地理區域總結了季度營運結果。在美國，我們繼續集中精力減輕目前正在開採的較低品位礦石的影響。您將在我們的新聞稿中提供的營運詳細資訊中看到，透過我們位於美國的磨坊浸出設施處理的較低品位的所有費率與去年同期相比下降了 10% 以上。在其他條件相同的情況下，這會導致單位成本更高。我們非常注重減輕影響並減輕影響。我們專注於提高生產力、設備可靠性、利用自動化和新技術的措施。

And importantly add low-cost incremental volumes are innovative leach initiative, and we think this can have an impact as we go forward. In South America, our team, and our large sales share of already operation posted a solid second quarter. You can see the mill throughput exceeded 425,000 tonnes of ore per day. This is a strong recovery from the first quarter with higher throughput and recoveries contributed to higher copper and molybdenum volumes. You had net cash costs improved sequentially from the first quarter and South America, even after giving effect to a $0.22 per pound non-recurring charge for a new labor agreement reached during the quarter.

重要的是，低成本增量是創新的浸出計劃，我們認為這會在我們前進的過程中產生影響。在南美洲，我們的團隊以及我們已經經營的巨大銷售份額在第二季度取得了穩健的業績。您可以看到工廠每天的礦石吞吐量超過 425,000 噸。與第一季相比，這是強勁的復甦，吞吐量和回收率的提高導致銅和鉬的產量增加。即使在本季達成的新勞工協議中每磅 0.22 美元的非經常性費用生效後，淨現金成本仍較第一季和南美洲連續改善。

In Indonesia, despite delays in shipping during the month of June, the results were strong and you'll see net unit cash credit of $0.21 per pound. Our quarterly no rates for lower than what we achieved in the first quarter as we advance maintenance in June and to manage inventory during the shipping delays. We also announced previously a change in mine sequencing that will affect gold volumes for the year. During the second quarter, we modified our mine plans for 2024 to address some disrupt disruption from certain wet draw points in the Grasberg Block Cave are currently maintaining our mining rates, but have shifted to areas with slightly lower gold grades as we implement operating solutions to regain access to the higher grade material.

在印度尼西亞，儘管 6 月的運輸出現延誤，但結果很強勁，您會看到每磅淨單位現金信用額為 0.21 美元。由於我們在 6 月推進維護並在運輸延誤期間管理庫存，因此我們的季度利率不會低於第一季的水平。我們之前也宣布了礦山排序的變化，這將影響今年的黃金產量。在第二季度，我們修改了2024 年的採礦計劃，以解決Grasberg Block Cave 某些濕拉點造成的一些幹擾，目前我們維持我們的採礦率，但隨著我們實施營運解決方案，已轉向金品位稍低的地區重新獲得更高等級的材料。

This is the timing matter and not a significant issue for our long-term plans. I want to talk some more about our innovative leach initiative, and we've got some information on slide 6, we're continuing to build momentum with this initiative. Given the low incremental cost and low capital intensity associated with these activities, which is essentially involve recovering incremental copper from material has already been mine. The returns and value proposition this opportunity is significant and a major catalyst for us. You can see the significant growth and incremental volumes from these initiatives over the last several quarters.

這是時間問題，對我們的長期計畫來說並不是一個重要問題。我想更多地談論我們的創新浸出計劃，我們在幻燈片 6 上獲得了一些信息，我們將繼續透過該計劃建立勢頭。鑑於與這些活動相關的增量成本低且資本密集度低，這些活動本質上涉及從已開採的材料中回收增量銅。這個機會的回報和價值主張是重要的，對我們來說是一個主要的催化劑。您可以看到過去幾季這些舉措的顯著成長和增量。

As a refresher, we have achieved our initial targeted run rate of GBP200 million of copper per annum and now have our sights on scaling this to GBP400 million per annum in the next couple of years. Ultimately, our goal is to achieve GBP800 million per annum from this exciting initiative. This is the size of a major new mine with low capital investment required low incremental operating costs, which will greatly enhance the value and competitive position of our Americas production.

回顧一下，我們已經實現了每年 2 億英鎊銅的初始目標運行率，現在我們的目標是在未來幾年內將其擴大到每年 4 億英鎊。最終，我們的目標是透過這項令人興奮的舉措每年實現 8 億英鎊的收入。這是一個大型新礦山的規模，資本投資低，增量營運成本低，這將大大提升我們美洲生產的價值和競爭地位。

I wanted to go over how we're doing this. The results to date have been achieved by enhancing hypotension and leach stockpiles by using data from sensors analytics, which help us identify where the opportunities are located within these massive stockpiles and deploying new operational tactics to bring our catalyst solution to areas that were previously inaccessible.

我想回顧一下我們是如何做到這一點的。迄今為止的成果是透過使用感測器分析數據來增強低血壓和浸出庫存而實現的，這有助於我們確定這些大量庫存中的機會所在，並部署新的營運策略，將我們的催化劑解決方案帶到以前無法進入的地區。

We're now building on the successful initiatives and have a high degree of confidence and boosting the run rate to GBP300 million to GBP400 million during 2026. Some examples of new initiatives include expanding our surface area under leach by using drone technology and helicopters to install [irrigations] in areas previously inaccessible on the conventional techniques and scaling our solution injection wells. With this experience for drilling more efficiently getting more injection wells placed and our testing techniques to expand the impact of injection wells have a broader area.

我們現在正在成功舉措的基礎上，並充滿信心，在 2026 年將運行率提高到 3 億至 4 億英鎊。以前採用傳統技術無法到達的地區，並擴大我們的溶液注入井。憑藉這些更有效地鑽井的經驗，我們可以部署更多的注入井，並且我們的測試技術可以擴大注入井的影響範圍。

In parallel, we're working on innovation driven initiatives, which would really move the needle to our ultimate objective of reaching GBP800 million per annum. These included adding direct heat to the stockpiles from renewable or other sources, taking advantage of pyrite hosted or to generate additional heat and testing new additive that we've been developing. At Freeport we really well positioned to capture this value with an extensive inventory of substantial residual copper from material already mined industry leading technical expertise and leaching technology and a strong multi discipline and focused innovation team dedicated to this initiative.

同時，我們正在致力於創新驅動的舉措，這將真正推動我們實現每年 8 億英鎊的最終目標。其中包括從可再生能源或其他來源向庫存直接添加熱量、利用黃鐵礦或產生額外的熱量以及測試我們一直在開發的新添加劑。在自由港，我們確實有能力抓住這一價值，擁有大量來自已開採材料的剩餘銅庫存，行業領先的技術專長和浸出技術，以及致力於這一舉措的強大的多學科和專注的創新團隊。

Turning to our other areas of growth of our project pipeline on slide 7, we discussed earlier the extended time frames required for the industry to develop these supplies. At Freeport, we have the advantage of leveraging existing infrastructure to develop new supplies and have a series of projects we are advancing. Our leach is our best opportunity to grow in the near term and will pursue this aggressively as we talked about.

談到幻燈片 7 上專案管道的其他成長領域，我們之前討論了產業開發這些供應所需的延長時間框架。在自由港，我們擁有利用現有基礎設施開發新供應的優勢，並正在推動一系列專案。我們的浸出是我們近期發展的最佳機會，正如我們所說，我們將積極追求這一目標。

But beyond that in the US, we have a Brownfield expansion at our Baghdad mine and Aaron Arizona where we have an extensive reserve position. We've already reported with completed our studies, we're now advancing investments and automation, tailings and energy infrastructure and expanded employee housing in this remote location to position us to execute projects more efficiently when the time is right.

但除此之外，在美國，我們還在巴格達礦場和亞倫亞利桑那州進行了棕地擴建，在那裡我們擁有廣泛的儲備位置。我們已經報告並完成了我們的研究，我們現在正在推進投資和自動化、尾礦和能源基礎設施，並擴大這個偏遠地區的員工住房，以使我們能夠在時機成熟時更有效地執行專案。

This project, unlike other things that you see around the industry, it does not have major permitting hurdles and it represents a straightforward option or monitoring conditions and progress with our derisking initiatives and expect to be in a position to make a decision on our investment next year.

該專案與您在行業中看到的其他專案不同，它沒有重大的許可障礙，它代表了一個簡單的選擇或透過我們的去風險舉措監控條件和進展，並期望能夠對我們下一步的投資做出決定年。

We've also commenced pre-feasibility studies to define a brownfield expansion in the Lone Star Safford district. Most of you know, this is our newest operation in the US and we're really just getting started here. We have our sights on more than doubling current production levels in the GBP300 million per annum range. This is an enormous resource, and we expect this district will become a generational cornerstone asset for Freeport and Arizona in the next decade. At El Abra in Chile, where we are in partnership with Codelco, we have completed pre-feasibility studies and we're now preparing an environmental impact statement expected to be completed by the end of next year.

我們也開始了預可行性研究，以確定孤星薩福德區的棕地擴建。你們大多數人都知道，這是我們在美國最新的業務，我們實際上才剛開始。我們的目標是將目前的產量水準提高一倍以上，每年達到 3 億英鎊。這是一個巨大的資源，我們預計該地區將在未來十年成為自由港和亞利桑那州的一代基石資產。在智利的埃爾阿布拉，我們與 Codelco 合作，已經完成了預可行性研究，目前正在準備一份環境影響報告，預計明年底完成。

The project involves that we're considering involves an investment in a new concentrator of scale, so much of the size of the share of already constant trader we installed nearly 10 years ago investments and desalinization and a pipeline system to support our water requirements. The preliminary estimates for incremental capital costs for the new concentrator project and related infrastructure, which continued to be revealed approximate $7.5 billion and would put the dollars and we provide GBP750 million of annual copper production and GBP9 million of molybdenum per annum over a very long life.

我們正在考慮的項目涉及投資一個新的濃縮器，其規模相當於我們近十年前安裝的固定交易器的投資和海水淡化以及管道系統的規模，以支持我們的用水需求。新選礦廠項目和相關基礎設施增量資本成本的初步估計約為 75 億美元，我們將在很長的使用壽命內每年提供 7.5 億英鎊的銅產量和 900 萬英鎊的鉬產量。

This project would require about seven to eight years of lead time because of permitting requirements. But we're advancing as we have optionality and we're going to continue to review the economics in the context of market conditions, but believe this is a project that will be required in the future to support long-term copper demand trends. In Indonesia we're making great progress on our large scale, Kucing Liar development scheduled to commence production prior to 2030.

由於許可要求，該項目需要大約七到八年的準備時間。但我們正在前進，因為我們有選擇權，我們將繼續在市場條件的背景下審查經濟狀況，但相信這是一個未來需要支持長期銅需求趨勢的項目。在印度尼西亞，我們的 Kucing Liar 大規模開發案正在取得重大進展，計劃於 2030 年之前開始生產。

We're also conducting additional exploration below our Deep MLZ ore body and expect an extension of our operating rise beyond 2041 will set up for additional long-term exploration development option in this highly attractive district. We're advancing all these initiatives to build optionality for growth and will continue to be disciplined in our approach, targeting opportunities that can be executed efficiently, profitably and value enhancing. Richard talked about the PT-FI extension beyond 2041 and the key role that the smelter plays in that process.

我們也在 Deep MLZ 礦體下方進行額外勘探，預計我們的營運成長將延續到 2041 年之後，將為這個極具吸引力的地區提供額外的長期勘探開發選擇。我們正在推進所有這些舉措，以建立成長的選擇性，並將繼續嚴格遵守我們的方法，瞄準可以有效執行、獲利和增值的機會。 Richard 談到了 PT-FI 延期至 2041 年之後以及冶煉廠在過程中發揮的關鍵作用。

We've reviewed in the past, our discussions with the Indonesian government to extend our rights to provide continuity of the significant benefit of this operation to the people of Papua and Republic of Indonesia. During the second quarter, the government enacted a regulation applicable to a broad range of license holders in Indonesia. We've highlighted the applicable provisions for IUPK license holders such as PT-FI and these are the requirements for the conditions which need to be met to for approval for an extension. These conditions are in line with our expectations. And when the process of completing an application to be in a position to file the application during 2024. The previous requirement for extensions could only be requested five years before expiry.

我們過去回顧了與印尼政府的討論，以擴大我們的權利，為巴布亞和印尼共和國人民提供這項行動的重大利益的連續性。第二季度，政府頒布了一項適用於印尼廣泛許可證持有者的法規。我們重點介紹了 IUPK 許可證持有者（例如 PT-FI）的適用條款，這些是批准延期所需滿足的條件要求。這些條件符合我們的預期。當完成申請的過程能夠在 2024 年期間提交申請時。

So these new regulations allow us to apply now reflecting the government's recognition of a long lead times required for investment. This is really positive to that development for PT-FI and its stakeholders we look forward to make in our application and be in a position to extend our right, so that we can continue our long range planning and maximize the value of this great resource.

因此，這些新規定允許我們現在申請，這反映了政府對投資所需的較長準備時間的認識。這對於PT-FI 及其利益相關者的發展確實是積極的，我們期待在我們的申請中做出貢獻，並能夠擴大我們的權利，以便我們能夠繼續我們的長期規劃並最大限度地發揮這一偉大資源的價值。

Slide 9 shows our three-year outlook for sales volumes of copper, gold and molybdenum made some modest changes to 2024 copper sales, reflecting small revisions in the US and Indonesia. And as previously discussed, our goal volumes for 2024 now reflect the change in the mine sequencing, which we discussed earlier, and this is really timing and nature the rest of the guidance is very similar to our previous outlook. For 2024 we currently estimate consolidated unit cash costs to approximate $1.63 per pound, slightly above the April estimate of $1.57 and similar to our guidance of [160] per pound at the start of the year.

投影片 9 顯示我們對銅、金和鉬的三年銷售展望對 2024 年銅銷量進行了一些小幅調整，反映出美國和印尼的小幅修正。正如之前所討論的，我們 2024 年的目標量現在反映了我們之前討論過的礦山排序的變化，這確實是時機和性質，指南的其餘部分與我們之前的展望非常相似。對於 2024 年，我們目前估計綜合單位現金成本約為每磅 1.63 美元，略高於 4 月份的估計 1.57 美元，與我們年初每磅 [160] 的指導類似。

The details of this are presented in the back and on slide 20 in our and reference materials. Slide 10 shows the cash flow generating capacity you get this business. Putting together our projected volumes and cost projections. We show a modeled result for our EBITDA and cash flow at various copper prices ranging from $4 a pound of $5 per pound copper. With these modeled results for '25 and '26 and current volume and cost estimates holding goes flat at 2,300 per ounce and molybdenum flat at $20 a pound EBITDA on an annual basis would range from nearly $11 billion per annum at $4 copper to [$15 million] per annum at $5 copper.

我們的參考材料的背面和幻燈片 20 中介紹了這方面的詳細資訊。幻燈片 10 顯示了您獲得此業務的現金流量產生能力。將我們的預計產量和成本預測放在一起。我們展示了不同銅價下的 EBITDA 和現金流的建模結果，範圍從每磅 4 美元到每磅 5 美元不等。根據「25」和「26」的這些建模結果以及當前的產量和成本估計，持有量持平於每盎司2,300 美元，鉬持平於每磅20 美元，每年EBITDA 的範圍將從每年近110 億美元（銅價4 美元）到[1500 萬美元] ] 每年 5 美元銅。

And our operating cash flows under these price cases would range from $7.5 billion per year to $11 billion of $5 copper. And we show some sensitivities for your reference on the right of this chart that long life reserves, large-scale production, we're really well positioned to benefit from a better fundamental picture as we go forward.

在這些價格情況下，我們的營運現金流範圍為每年 75 億美元到 110 億美元（5 美元銅）。我們在這張圖表的右側顯示了一些敏感度供您參考，即長壽命儲備、大規模生產，我們確實處於有利位置，可以在我們前進的過程中從更好的基本面中受益。

On slide 11 we show, as we have in the past, our current forecast for capital expenditures in '24 and '25. Capital expenditures for '24, a forecast of approximate $3.7 billion and $4.1 billion in 2025. It's a relatively small increase over two years and principally relates to revisions and estimates for our sustaining capital program and long-term projects in the glass for district. We're going to continue to be disciplined in deploying capital really making sure that the capital we're deploying pays off in and builds initiatives to enhanced value.

與過去一樣，我們在投影片 11 上顯示了我們對 24 年和 25 年資本支出的當前預測。 24 年的資本支出預計約為 37 億美元，到 2025 年約為 41 億美元。我們將繼續嚴格部署資本，真正確保我們部署的資本得到回報，並制定提高價值的措施。

Discretionary projects over this two year period totaled $2.5 billion. This is the category that reflects the capital investments we're making in new projects that under our financial policy are funded with the 50% of available cash that is now distributed. We've got some details in the back on slide 23 and our reference materials that provide some more information about these projects, which are value enhancing and will help us as we look to build value in the future.

這兩年期間的全權委託項目總計 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，這些項目的資金來自現已分配的可用現金的 50%。我們在幻燈片 23 的後面提供了一些詳細信息，我們的參考材料提供了有關這些項目的更多信息，這些信息可以增強價值，並將幫助我們尋求未來創造價值。

On slide 12, in conclusion, we reiterate the financial policy priorities centered on a strong balance sheet, cash returns to shareholders and investments and value-enhancing growth projects. Our balance sheet is solid. We've got strong credit metrics and flexibility within our debt targets to execute on our strategy. During the quarter, our credit rating was upgraded by S&P, and now we're investment grade rating by all three major rating agencies.

最後，在投影片 12 上，我們重申了以強勁的資產負債表、股東現金回報、投資和增值成長項目為中心的金融政策優先事項。我們的資產負債表穩健。我們在債務目標中擁有強大的信用指標和靈活性來執行我們的策略。本季度，我們的信用評級被標準普爾上調，現在我們被三大評級機構評為投資級。

As indicated on the slide, we've distributed $4.3 billion to shareholders year to date through dividends and share purchases. We've got a attractive future long-term portfolio that allows continuing to build value and follow up policy of investing in projects that build long-term value and returning cash to shareholders. We actively monitor market conditions and carefully manage the timing of our projects to make sure our financial flexibility remains strong. A global team has driven by value. We're focused on our clear strategy to execute our plans, invest in our future and return cash to shareholders.

正如幻燈片所示，今年迄今為止，我們已透過股息和股票購買向股東分配了 43 億美元。我們擁有有吸引力的未來長期投資組合，可以繼續創造價值，並跟進投資於創造長期價值的項目並向股東返還現金的政策。我們積極監控市場狀況並仔細管理專案的時間表，以確保我們的財務靈活性保持強勁。全球團隊以價值為驅動力。我們專注於執行計劃、投資未來並向股東返還現金的明確策略。

And thank you for your attention, and we'll now take your questions.

感謝您的關注，我們現在將回答您的問題。

(Operator Instructions)

（操作員說明）

Alan Spence, BNP Paribas.

艾倫‧史賓塞，法國巴黎銀行。

Good morning, Kathleen and Richard. On the North American operations, your grades were lower year on year. And the leaching volumes in Q2 annualizing above the '24 target, yet copper sales guidance was decreased. I appreciate to by 1%, but do we put those together and concluded that the North American kind of the optimization targets or maybe improving a bit more challenging this year?

早上好，凱瑟琳和理查。在北美業務中，你們的成績逐年下降。第二季的浸出量年率高於 24 年目標，但銅銷售指引下降。我很欣賞 1%，但我們是否將這些放在一起並得出結論，北美的優化目標或今年可能會更具挑戰性？

Alan, we are really focused on productivity in North America. This is a big priority of our management team. During the second quarter, we made really good progress. We've got a series of metrics were following that will drive the production higher. The one area that we're working on is we're continuing to have some unplanned maintenance some disruptions caused by that. And really the asset health and reliability programs that we're putting in place and continue to build on, which has been a hallmark of our US operations are important to make sure that we meet our production target.

艾倫，我們非常關注北美的生產力。這是我們管理團隊的首要任務。在第二季度，我們取得了非常好的進展。我們有一系列的指標可以推動產量的提高。我們正在努力的一個領域是，我們將繼續進行一些計劃外的維護，並造成一些中斷。事實上，我們正​​在實施並繼續發展的資產健康和可靠性計劃是我們美國業務的標誌，對於確保我們實現生產目標非常重要。

So I think we feel we're turning the corner we've got a very, very sharp focus on these things. The leach production is helping us to offset these impacts of lower ore grades. And as I mentioned before, that's really going to help us bring down the average cost of our US productions as we scale this further. But we've got to get these productivity objectives met. We're making progress on it we've had some issues in the quarter with some downtime in our mill and also and some of our crushing convey facilities. But we're making progress to make sure our equipment is reliable, and we don't have unplanned outages. And that's something we're really focused on as we go forward.

所以我認為我們感覺我們正在扭轉局面，我們非常非常關注這些事情。浸出產量正在幫助我們抵消礦石品位較低的影響。正如我之前提到的，隨著我們進一步擴大規模，這確實會幫助我們降低美國製作的平均成本。但我們必須實現這些生產力目標。我們正在這方面取得進展，本季我們遇到了一些問題，我們的工廠以及一些破碎輸送設施出現了一些停機時間。但我們正在取得進展，以確保我們的設備可靠，並且不會出現意外停機。這是我們前進過程中真正關注的事情。

Thank you for that. And just quick follow-up question on the leaching. You provided some helpful additional color on it. You mentioned a high probability of getting to the GBP300 million to GBP400 million range by '26. But just to confirm, none of that would be incurred '26 guidance?

謝謝你。關於浸出的快速後續問題。您為其提供了一些有用的附加顏色。您提到到 26 年很有可能達到 3 億至 4 億英鎊。但只是為了確認一下，這些都不會引起 '26 指導？

Right. We basically got our current rate that we're sustaining. And on the GBP200 million per annum into our forecast. And so to the extent that we build on that scale, and we have a high confidence that we will that as that provides some upside to our numbers that I would also provide upside as these productivity initiatives that I mentioned coming into play. So we know what to focus on. We've got teams working on it and we're going to get there. But this leach thing will really help with the unit costs.

正確的。我們基本上得到了目前所維持的利率。我們的預測是每年 2 億英鎊。因此，就我們在這一規模上的發展而言，我們對此充滿信心，因為這為我們的數字帶來了一些好處，隨著我提到的這些生產力舉措發揮作用，我也會提供好處。所以我們知道要關注什麼。我們有團隊正在努力解決這個問題，我們一定會實現這個目標。但這種浸出確實有助於降低單位成本。

Thanks, Kathleen.

謝謝，凱瑟琳。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Thank you very much. Good morning, Kathleen, Richard. Kathleen, just continue with this question on the leaching projects and initiatives in North America. Can you remind us or give us some color as to how much lower cash cost does those initiatives or those volumes have relative to the North American overall current cash-cost?

非常感謝。早上好，凱瑟琳，理查。凱瑟琳，繼續這個關於北美浸出計畫和倡議的問題。您能否提醒我們或告訴我們，這些措施或這些數量相對於北美當前總體現金成本而言，現金成本降低了多少？

Yeah. So the incremental cost per pound for the leach initiatives are under $1 per pound incrementally. And the reason why they're lower is because they're essentially the mining costs has already been incurred. So this is or that is in stockpiles where we're essentially recovering more metal than what are prior plans suggested we could do. And so we're identifying places within the stockpile where the rock has not gotten the benefit of this catalyst solution.

是的。因此，浸出計劃的每磅增量成本低於每磅 1 美元。它們之所以較低，是因為它們基本上已經產生了採礦成本。因此，我們實際上回收的金屬庫存量比先前計劃建議的要多。因此，我們正在確定庫存中岩石尚未受益於該催化劑解決方案的位置。

And we've been able to identify these areas through our censoring and data analytics. And so now we're working on operational tactics to go after it. And so essentially, you don't have the mining costs because you've already incurred that. So this is all just incremental and so that, you know, and to the extent it scales, that has the benefit of bringing down the average unit costs in the US. And so something we're really, really focused on because it'll change the competitive position of these is US operations, principally our MRMC mine, which as most of this potential.

我們已經能夠透過我們的審查和數據分析來識別這些領域。所以現在我們正在製定行動策略來追擊它。所以本質上，你沒有採礦成本，因為你已經產生了。所以這一切都只是增量，因此，你知道，在規模擴大的範圍內，這有利於降低美國的平均單位成本。因此，我們真正非常關注的事情是，因為它將改變美國業務的競爭地位，主要是我們的 MRMC 礦山，它是這一潛力的大部分。

So we're really excited about it the new technologies we're bringing in some expertise from other industries, adjacent industries that's helping us. We've got the agricultural industry that we've been taking the page from, we've got oil and gas industry, services industry. That's helping us with some of these drilling techniques where we're drilling basically putting the solution usually your corrugated through but over time, this blockage.

因此，我們對新技術感到非常興奮，我們從其他行業和鄰近行業引入了一些專業知識，這對我們有幫助。我們有農業工業，我們有石油和天然氣工業，服務業。這對我們的一些鑽孔技術有幫助，我們在鑽孔時基本上將解決方案通常是波紋狀的，但隨著時間的推移，這種堵塞。

So we're now able to directly drill in and put solution down into areas that aren't getting the benefit of the solution. And that's giving us a boost we also call this other initiative, leach everywhere. And that's what I was referring to, where we're accessing areas that we couldn't get to before, and we're now able to get to them with withdrawal technology and helicopters where we can go places where humans couldn't go to lay these irrigation line.

因此，我們現在能夠直接深入研究並將解決方案放入未從該解決方案中受益的區域。這為我們帶來了推動力，我們也稱之為另一項舉措，「遍及各處」。這就是我指的，我們正在進入以前無法到達的地區，現在我們能夠透過撤退技術和直升機到達這些地區，我們可以到達人類無法到達的地方鋪設這些灌溉線。

So there's a lot happening here, a lot of excitement, we've got really hit of major new mine potential here without the capital intensity in low incremental operating costs. So we're all over this one Carlos and, but it does help us in terms of the incremental operating costs position in the US operations, the more we scale it.

因此，這裡發生了很多事情，很多令人興奮的事情，我們在這裡真正發揮了主要新礦的潛力，而無需資本密集度低的增量營運成本。所以我們都在關注卡洛斯這個問題，但它確實對我們在美國業務中的增量營運成本方面有幫助，我們規模越大。

Thanks, Kathleen. And maybe just another one, and I understand is this might be difficult to answer precisely, but with the new regulation for IUPK in Indonesia in place and basically, as you mentioned, PT-FI imposition having made basic requirements to apply for an extension. What is the path ahead to get the approval of extension, I don't know if there's anything on timing or milestones that you can point and is this something that we have to wait until the new president, your historian?

謝謝，凱瑟琳。也許只是另一個問題，我知道這可能很難準確回答，但隨著印尼 IUPK 的新規定的實施，基本上，正如您所提到的，PT-FI 強制規定了申請延期的基本要求。獲得延期批准的道路是什麼，我不知道您是否可以指出任何時間或里程碑，我們是否必須等到新總統，您的歷史學家？

While the regulation was issue that we were waiting for a while for the regulation to be finalized and the regulation was issued in at the end of May, so that's a really positive development. And the catalyst really to put us in a position to be qualified as an integrated producer, which you have to be under this regulation to apply for life of mine extension was the smelter. And so that moving this smelter into commissioning into operational phase as we move into the next few months.

雖然該法規是問題，但我們等待了一段時間才能最終確定該法規，並且該法規於 5 月底發布，因此這是一個非常積極的進展。真正讓我們有資格成為綜合生產商的催化劑是冶煉廠，你必須遵守這項規定才能申請延長礦山壽命。因此，隨著我們進入接下來的幾個月，該冶煉廠將進入調試階段。

I'm really positions us to be able to apply none of the conditions that are outlined in the regulation or surprises to us. It was in line with what we've been talking about what the government for some time now, we've got to actually put together the application package, which we're doing, and we can apply now and at any time. So we expect to apply the license there's not any guidelines for how long the government has to respond to that application.

我確實讓我們能夠應用法規中概述的任何條件，也不會讓我們感到驚訝。這與我們一段時間以來政府一直在談論的內容是一致的，我們必須實際整理我們正在做的申請包，我們現在可以隨時申請。因此，我們希望申請許可證，但對於政府必須在多長時間內回覆該申請沒有任何指導方針。

But the discussions we've had previously have been that the government wants to move forward with this quickly because they understand the long lead times. And they want to really see us get started on defining new resources and mine plans that allow us to have a continuity beyond 2041. So our objective is to get this done during 2024. I think that is really doable. And whether or not it's within this administration, the current administration is in place through October.

但我們之前的討論是，政府希望迅速推進這項工作，因為他們了解漫長的交付時間。他們希望看到我們真正開始定義新的資源和採礦計劃，使我們能夠在 2041 年後保持連續性。無論是否屬於本屆政府，本屆政府的任期將持續到十月。

I think there's watch spread positive reaction to the smelter and to PT-FI being an integrated producer and to continuing the long term benefits. And so whether it's this administration of the next, I think there's positive momentum for PT-FI to get this done during 2024.

我認為人們對冶煉廠和 PT-FI 作為綜合生產商以及持續的長期利益產生了積極的反應。因此，無論是下一屆政府，我認為 PT-FI 都有積極的勢頭在 2024 年完成這項工作。

Kathleen let me just add, this is different from what we had to face in the past, we're not debating on this. It's an everyone's best interest there's widespread acceptance for and there's a clear understanding now that all shareholders -- all stakeholders benefit from us looking how to maximize value this resource. So it's for those of you follow some past. This is a different process in this very positive.

凱瑟琳讓我補充一下，這與我們過去必須面對的情況不同，我們不會對此進行辯論。這是每個人的最大利益，得到了廣泛的認可，現在大家有了一個清晰的認識：所有股東——所有利益相關者都從我們尋求如何最大化這一資源的價值中受益。所以這是給你們跟隨過去的人的。這是一個非常積極的不同過程。

Liam Fitzpatrick, Deutsche Bank.

利亞姆·菲茨帕特里克，德意志銀行。

Good morning, everyone. I'm just a question around the new smelter in Indonesia and the ramp-up profile on the face of it, it appears fairly optimistic target to achieve full capacity by year end, just given the size and complexity of it. So can you give us some color on the some of the key ramp up milestones that you'll need to achieve through H2 to hit that target? And then separately, moving forward, do you plan to give us any separate disclosure for the smelter so that we can assess the operating performance and the profitability and so on? Thank you.

大家，早安。我只是想問一下印尼的新冶煉廠及其產能提升情況，考慮到其規模和複雜性，到年底實現滿載生產的目標似乎相當樂觀。那麼，您能否向我們介紹您需要透過 H2 來實現該目標的一些關鍵的提升里程碑？然後，接下來，您是否計劃向我們單獨披露該冶煉廠的情況，以便我們評估其經營業績和盈利能力等？謝謝。

Liam, in terms of your first question, it is a very large complex project and smelter startups. There aren't a lot of them, hundreds scale in the Western world and in recent years. And so we recognize that for some time and have been planning for this over extensive period of time. We've brought together the expertise that Freeport has around the world in and operating smelters. We operate a smelter in the US in Arizona.

利亞姆，就你的第一個問題而言，這是一個非常大的複雜專案和冶煉新創公司。這樣的數量不多，在西方世界和近年來只有數百個規模。因此，我們認識到這一點已經有一段時間了，並且已經為此進行了很長一段時間的規劃。我們匯集了自由港在世界各地擁有和經營冶煉廠的專業知識。我們在美國亞利桑那州經營一家冶煉廠。

We have Fitch smelter in well, the Spain that we've operated for some time. We also have an existing smelter in Indonesia that we're in partnership with Japanese partner there that has been very successful. So we've brought to bear all of the expertise in not only looking at construction, and we've had a team and dedicated team on the construction side to have just done a great job.

我們在西班牙設有 Fitch 冶煉廠，我們已經運作了一段時間。我們在印尼還有一家現有的冶煉廠，我們與那裡的日本合作夥伴合作，非常成功。因此，我們不僅在施工方面運用了所有專業知識，而且在施工方面我們擁有一支團隊和專門的團隊，剛剛完成了出色的工作。

But on an operational side we've been standing up this team for some time to be able to run this smelter and training people. And we've had -- we've already got the people employed. We've brought in expertise from around the world to lead this startup. And so we've planned for it. And your point is well understood by the company, we feel we're well prepared for it with any startup you're going to have issues we recognize that. But every time we've thrown issues and challenges at this team through the construction period and into the commissioning period we've been able to overcome them.

但在營運方面，我們已經組建了這個團隊一段時間，以便能夠運作這個冶煉廠並培訓人員。我們已經讓員工就業了。我們引進了來自世界各地的專業知識來領導這家新創公司。我們已經為此做好了計劃。公司充分理解您的觀點，我們認為我們已經做好了充分的準備，任何新創公司都會遇到我們所認知的問題。但每次我們在施工期間和調試期間向該團隊提出問題和挑戰時，我們都能夠克服它們。

I hope you have a chance, if you haven't already to look the video showing really where this smelter is in terms of operational readiness, and we're showing all the various facilities as part of it. So we've planned for we understand it's going to be a different way of marketing our product.

如果您還沒有觀看顯示該冶煉廠在運營準備方面的真實情況的視頻，我希望您有機會，我們將展示所有各種設施作為其中的一部分。因此，我們計劃以不同的方式行銷我們的產品。

You know, in the past in Indonesia, we've low to concentrate on a ship and paid TC/RC and collected our revenue. And that was pretty simple. Now it's got a more complex logistics situation and a more we've got a number of products will be marketing, but the team has been working on this. And we've got expertise in operating smelter sales and marketing, various products. And so we're well situated for it.

你知道，過去在印度尼西亞，我們很少專注於一艘船並支付TC/RC並收取我們的收入。這非常簡單。現在物流情況更加複雜，我們有更多的產品需要行銷，但團隊一直在努力解決這個問題。我們擁有經營冶煉廠銷售和行銷以及各種產品的專業知識。因此我們已經做好了充分準備。

In terms of the reporting, it will be reported in its integrated into PT-FI will be reported as part of PT-FIs results. You'll be able to see its operating costs through the TC/RC line on our unit costs. But above that line in the revenue line of course, we're going to be able to generate higher revenues because we're marketing directly. We have the essentially the free metal come through to our benefit. We don't have to pay a smelter that payable factors, et cetera.

在報告方面，將在其整合到 PT-FI 中進行報告，並將作為 PT-FI 結果的一部分進行報告。您將能夠透過我們單位成本上的 TC/RC 行查看其營運成本。但當然，在收入線之上，我們將能夠產生更高的收入，因為我們直接進行行銷。我們基本上擁有自由金屬來為我們帶來好處。我們不必向冶煉廠支付應付因素等等。

So it will be a piece of revenues and a piece of operating costs for we'll provide disclosures to help you through that. We won't have the duties any longer and so that's a sizable benefit as well. For our results, but just in terms of the operations and readiness, and I'm going to ask Cory Stevens to make a couple of comments. Cory is, he heads up our engineering group, our project construction group, our group that deals with operational efficiency. So he's got a big portfolio not only leading this smelter project but also the leach innovation initiative, but Cory is back from Indonesia. And then maybe Cory you can just supplement what I'm talking about in terms of the readiness for operations.

因此，這將是一部分收入和一部分營運成本，因為我們將提供披露資訊來幫助您解決這一問題。我們將不再承擔這些職責，因此這也是一個相當大的優點。對於我們的結果，但僅就操作和準備情況而言，我將請科里史蒂文斯發表一些評論。科里是我們的工程團隊、專案建立團隊和營運效率團隊的負責人。因此，他不僅負責領導這個冶煉廠項目，還負責浸出創新計劃，但科里從印尼回來了。然後也許科里，你可以補充我在行動準備方面所說的話。

Yeah, Thanks, Kathleen. Yeah, so the commissioning work is well underway with a number of giant unit processes and the teams are collaborating between the operations. And Kathleen mentioned it, but we've got a large contingent of operating folks from around the world, we're calling boots on the ground and the rollout there together working side by side that the commission, this large project.

是的，謝謝，凱瑟琳。是的，許多大型單元流程的調試工作正在順利進行，並且團隊正在各個操作之間進行協作。凱瑟琳提到了這一點，但我們有來自世界各地的一大批操作人員，我們呼籲實地部署，並與委員會並肩工作，這是一個大型項目。

I mean, it's pretty, it's mentioned and just to give you an idea, I mean, there's 45,000 pieces of instrumentation and computers connections that we're verifying double checking and running the equipment through the operating ranges to be able to start up and ramp-up plan when we go to start this up and at the plant wasn't designed to run very slow.

我的意思是，它很漂亮，它被提到只是為了給你一個想法，我的意思是，有45,000 件儀器和計算機連接，我們正在驗證雙重檢查並在工作範圍內運行設備，以便能夠啟動和斜坡當我們開始啟動這個專案時，我們制定了計劃，而且工廠的設計並不是運作得很慢。

So end up having to run it at essentially 50% capacity or a little bit better than that, right from the start. And so there's a lot of checks and safety checks going on right now. To be able to operate at that level and then double check the procedures and so forth, and then we'll be able to ramp up from there. So I think the team is energized. It's well choreographed and planned for years, and we're ready to make it happen.

因此，最終必須從一開始就以 50% 的容量或比這更好的容量來運行它。因此，現在正在進行大量檢查和安全檢查。為了能夠在該級別上進行操作，然後仔細檢查程式等，然後我們就能夠從那裡開始升級。所以我認為團隊充滿活力。它經過多年精心設計和計劃，我們已準備好實現它。

Yeah, I'd just love him emphasize one thing at Freeport, when we do a major project, we benefit from having a centralized team that supports the operating teams. And so unlike some other companies that don't have this kind of infrastructure that can really help manage the construction period and the transition to operations, we really can bring together the best when it comes to executing a startup and not sugar coating, we're going to have things that come up.

是的，我只是希望他在自由港強調一件事，當我們做一個重大專案時，我們會受益於擁有一個支持營運團隊的集中團隊。因此，與其他一些沒有這種基礎設施的公司不同，這些基礎設施可以真正幫助管理施工期和向運營的過渡，我們確實可以在執行啟動時匯集最好的人才，而不是糖衣，我們」將會有一些事情發生。

We know that, but we really have the right people that in place to have a safe and efficient startup where, we expect in August that will get first process concentrate through the facility. And of course, of the ramp up, we expect them to move pretty quickly to go through the end of 2025. I mean 2024, we were also got a precious metal refinery that we'll be starting up in the same timeframe. So lot has gone into this project, a lot of planning and it's been executed well. And we expect that we'll continue to execute well through the ramp-up.

我們知道這一點，但我們確實擁有合適的人員，可以安全地啟動，我們預計 8 月將透過該設施獲得第一個製程濃縮物。當然，就產能提升而言，我們預計它們很快就會推進到 2025 年底。這個專案已經投入了大量的精力，進行了大量的規劃，並且執行得很好。我們預計我們將在整個加速過程中繼續保持良好的執行力。

That's a very comprehensive answer. Thank you, both. Could I just ask a quick follow-up if there's one item along the critical path over the next few months that you'd highlight the once you get through that you'll be slipping a bit easier at night?

這是一個非常全面的答案。謝謝你們倆。我能否快速詢問一下，在接下來的幾個月裡，在關鍵路徑上是否有一個項目你會強調，一旦你完成了，你晚上會更容易滑倒？

Cory, you have one on your mind?

科里，你有一個想法嗎？

Yeah. So we're taking extra precautions on the second stage of the smelting furnace, the flash converting furnace. There's only six of the running in the world. It's fairly specialized and we're taking extra precautions there that is at the heart of what's going to enable the smelter to operate at the levels that we want to.

是的。因此，我們對熔煉爐的第二階段－閃速轉爐採取了額外的預防措施。世界上只有六場這樣的比賽。它相當專業，我們正在採取額外的預防措施，這是使冶煉廠能夠按照我們想要的水平運作的核心。

Thank you.

謝謝。

Bob Brackett, Bernstein.

鮑勃·布拉克特，伯恩斯坦。

Good morning. A question around the gold sales revision. I understand what conditions in the Block Cave change your mind sequencing into maybe a lower gold grade area, but why does those ounces come back in the plan period so far? You lost 0.2 million ounces this year. Couldn't you argue that it should reappear in '25 or '26?

早安.關於黃金銷售修正的問題。我知道 Block Cave 中的哪些條件會改變您的思維順序，進入可能較低的黃金品味區域，但為什麼這些盎司會在迄今為止的計劃期內回歸？今年您損失了 20 萬盎司。難道你不能說它應該在'25或'26中重新出現嗎？

Yeah, it's 150,000 ounces, Bob, and it comes back into our plan over the next few years. And so it just didn't around enough to up our numbers, but it is purely a timing situation. And when we look at our overall five year plan, it really didn't change much. Mark Johnson on the call the issue we had in the second quarter, and we expect will continue for a period in 2024. We had some wet draw points that had spillage that we couldn't get back into to clean up. It took a typical it takes a while to clean it up. We've got a robust remote mining underground mining system, and that's working really well.

是的，鮑勃，這是 150,000 盎司，並且它將在未來幾年內重新納入我們的計劃中。所以它只是不足以增加我們的數字，但這純粹是一個時間情況。當我們審視我們的整體五年計劃時，它確實沒有太大變化。馬克·約翰遜 (Mark Johnson) 在電話會議上談到了我們在第二季度遇到的問題，我們預計該問題將持續到 2024 年一段時間。通常需要一段時間才能清理乾淨。我們擁有強大的遠程採礦地下採礦系統，並且運作良好。

And what the teams working on is a remote pumping system that allows us to clean up these spills more quickly. And so we don't have as much distress disruption in these areas, but it really is just a timing thing. And Mark, I don't know if there's anything you want to add to those comments.

團隊正在開發遠端泵送系統，使我們能夠更快地清理這些溢出物。因此，我們在這些地區沒有那麼多的遇險幹擾，但這實際上只是一個時間問題。馬克，我不知道你是否想在這些評論中添加任何內容。

No, Kathleen, I think you touched on it. We've been managing web mark going back to the [IOZ] so roughly over 20 years. Some of the things, as you mentioned, we had some spills that traveled a bit further so that in the GBC there's some unique material characteristics that were mitigating. And the primary one, as Kathleen mentioned, is the ability to remotely place pumping equipment and pump out the water that accumulates during some of our time entry criteria.

不，凱瑟琳，我想你已經談到了這一點。我們管理網路標記的歷史可以追溯到 [IOZ] 大約 20 多年。正如您所提到的，有些溢出物傳播得更遠，因此 GBC 中有一些獨特的材料特性可以緩解。正如凱瑟琳所提到的，第一個是能夠遠端放置抽水設備並抽出在我們的某些時間進入標準期間積聚的水。

So what we have is a period of time that we wait to get safely back in what we're seeing is that the water builds up during that period of waiting by getting the remote pumping, and we'll be able to have it pump before the wireless time is taking place and then we can sort of clean up much quicker. One of the things that we did in GBC is that was a bit unique, we -- because it's the foundation of our operation and the primary source of value we built in the additional operational flexibility by developing more draw points and then theoretically required to meet the production rate.

因此，我們需要等待一段時間才能安全返回，我們看到的是，在等待期間，透過遠端抽水，水會積聚起來，我們將能夠在這之前抽水。 。我們在 GBC 中所做的一件事是有點獨特，因為它是我們營運的基礎，也是我們透過開發更多抽取點來建立額外營運彈性的主要價值來源，然後理論上需要滿足生產力。

And that's what allowed us to shift to this other area that had very similar copper grades, but incrementally lower gold grades. And as Kathleen mentioned, over the five years that goal that you had mentioned is back in the plan. And we plan to have this mitigation measures strongly in place firmly in place in the fourth quarter. And I'm confident we can do that.

這就是我們能夠轉向銅品位非常相似但金品位逐漸降低的其他區域的原因。正如凱瑟琳所提到的，在過去的五年裡，您提到的目標又回到了計劃中。我們計劃在第四季堅決落實這項緩解措施。我相信我們能夠做到這一點。

That's very clear. A quick follow-up on sort of the third condition around the IUPK application is commitment for additional exploration and increases in refining capacity. Is that a hard dollar amount that you have to put it into the application? Or is that something that you discuss was out of a softer sort of target?

這非常清楚。圍繞 IUPK 申請的第三個條件的快速跟進是承諾進行額外的勘探和提高煉油能力。您必須將其投入申請中嗎？或者您所討論的事情是否超出了較軟的目標？

That's something that would be approved by the Minister of Energy and Minerals we've been talking with the government, we do have plans to conduct exploration and we do and something that now in the future, we'll conduct additional exploration that will allow us to identify additional resources. And so that is it's really part of our plan for extension. In terms of the additional refining capacity has been discussion with the government. There isn't aspiration to have additional capacity in Papua a current smelter is located in Gresik.

這是能源和礦產部長批准的事情，我們一直在與政府討論，我們確實有計劃進行勘探，我們確實這樣做了，現在在未來，我們將進行額外的勘探，這將使我們能夠以確定額外的資源。這確實是我們擴展計劃的一部分。就額外煉油能力而言，已經與政府進行了討論。目前的冶煉廠位於 Gresik，巴布亞並沒有增加產能的渴望。

And there's an aspiration has additional capacity and popular and that continues to be discussed with the government. But there's not a regulation doesn't have a specific number or level of investment. It really is a matter of looking at what's needed in country. And the desire is to have it located in Papua, and we'll be working to evaluate that with along with the government.

還有一個願望是擁有更多的能力並且很受歡迎，並且正在繼續與政府討論。但沒有一項法規沒有具體的投資數量或水準。這實際上是一個看看國家需要什麼的問題。我們的願望是將其落腳巴布亞，我們將與政府一起努力評估這一點。

Very clear. Thanks.

非常清楚。謝謝。

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

Good morning. Just a clarification on the potential IUPK extension. The it sounds like you're moving towards giving up an extra 10% in the asset post 2021, which you receive any proceeds for that or but there's not effectively just the cost of the extension?

早安.只是對潛在的 IUPK 擴展進行澄清。聽起來您打算在 2021 年之後放棄額外 10% 的資產，您會因此獲得任何收益，或者但實際上並不只是延期成本？

The 10% offering, a 10% interest to state owned company, we're talking with MIND ID about their objective to acquire additional 10%. The discussions we've had to date with the government have involved offering that 10%. And this is coming from FCX Shares offering that 10% at with a reimbursement of our capital costs incurred for the current period through 2041. To the extent that benefits the period beyond 2041.

10% 的發行，即國有企業 10% 的權益，我們正在與 MIND ID 討論他們收購額外 10% 股份的目標。到目前為止，我們與政府的討論涉及提供這 10%。這來自 FCX 股票提供的 10%，用於償還我們本期至 2041 年發生的資本成本。

So it's essentially a book value concept, and the rationale for offering the 10% and the mechanism for valuing it has been that the government is granting PT-FI with the extension and cost of the deal. And from our perspective, being able to extend beyond 2041, there's a lot of value there that if we don't move forward and make investments that we won't be able to accomplish.

因此，它本質上是一個帳面價值概念，提供 10% 的理由及其估值機制是政府向 PT-FI 授予交易延期和成本。從我們的角度來看，能夠延續到 2041 年之後，那裡有很多價值，如果我們不向前推進並進行投資，我們將無法實現。

So we felt it in the spirit of the partnership with we have with the government where it's one of alignment and a win at this was appropriate to give us the optionality to have value be the significant value beyond 2041.

因此，我們本著與政府合作的精神，這是一種協調一致的精神，而在這一點上的勝利讓我們有選擇權，讓價值成為 2041 年後的重大價值。

Okay, thank you. And then just a quick follow-up. It's nice to see the buyback resume here in July. It's been a two years, I think, since we've seen any shares are repurchased, should we expect that to ramp up in the second half year with the smelter a commissioning and ramp up?

好的謝謝。然後進行快速跟進。很高興看到七月回購恢復。我想，自從我們看到任何股票被回購以來，已經過去兩年了，我們是否應該期望下半年隨著冶煉廠的調試和產能增加，股票回購會增加？

The financial policy is basically one where we distribute through dividends and share purchases and available cash, 50% of available cash. The smelter investments were not part of that math. So we're financing the smelter separately. So the available cash definition is really just the cash flow and less the CapEx that's required for the current operation.

財務政策基本上是透過股利、股票購買和可用現金（佔可用現金的 50%）進行分配的政策。冶煉廠投資不屬於該數學計算的一部分。所以我們單獨為冶煉廠提供資金。因此，可用現金的定義實際上只是現金流量，減去目前營運所需的資本支出。

It doesn't include the smelter. It doesn't include our future growth that we're investing in the discretionary projects that we've labled earlier. So that will be a function of what our cash flows are. We certainly want to continue buying back stock, but it will be a function of what ultimate cash flows and will continue to follow that policy.

它不包括冶煉廠。它不包括我們投資於我們之前標記的可自由支配項目的未來成長。因此，這將取決於我們的現金流量。我們當然希望繼續回購股票，但這將取決於最終現金流量，並將繼續遵循該政策。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Michael Dudas, VRP.

邁克爾·杜達斯，VRP。

Thank you. You're going to go your relationship and negotiations with the Indonesian government's been going quite well as you portrayed here today. And in past calls, maybe you could update us on how things are in Peru, Chile, maybe even in North America, how relative to the amount of investments that you're going to be looking at, maybe others and your competitors as well, how that's played out, given the volatility in the upside in the copper price and any thought from those governments and those ministers of to move along with the new supplies at the market seems to be calling for?

謝謝。正如您今天所描述的那樣，您與印尼政府的關係和談判進展順利。在過去的電話中，也許您可以向我們介紹秘魯、智利甚至北美的最新情況，與您將要考慮的投資金額（也許還有其他公司和您的競爭對手）的相對情況如何，考慮到銅價上行的波動以及這些政府和部長們是否有任何想法跟隨市場上的新供應，這將如何發揮作用？

I think, in South America as a strong desire to see more investment. And certainly, Peru and Chile, both want to see more investment in mining is such a big part of their economy. So that are very, very interested now you've got to make sure you've got the community and social matters done in the right way. But there's a strong desire for those to make investments Chili's going through a process now of looking at its permitting and trying to streamline permitting. We talked about a lot of projects going through a long permitting process. And we're hopeful that this process that the government's now undertaking will allow a streamlining of permits.

我認為，在南美洲，人們強烈渴望看到更多的投資。當然，秘魯和智利都希望看到更多對採礦業的投資，採礦業是其經濟的重要組成部分。因此，大家非常非常感興趣，現在您必須確保以正確的方式完成社區和社會事務。但那些投資的人有強烈的願望，辣椒現在正在經歷一個審查其許可並試圖簡化許可的過程。我們談到很多專案都需要經歷漫長的許可過程。我們希望政府現在採取的這項流程能夠簡化許可證的審批。

But I think both countries want to see more investment in mining and the US as well. You've seen that in recent times with the US prioritizing metals that are critical to the supply chain. And so I think the environment for in these countries for making investments is more positive and has been in the past. But again, I want to emphasize the social aspect of this and the community aspect. It doesn't mean that lowers the bar and what our responsibilities are, to sustainability into communities and environmental management and social good. So you've got to take all the boxes, but there is a growing recognition of a need for these metals. And copper is that at one of the leads for that.

但我認為兩國都希望看到對採礦業和美國的更多投資。您已經看到，美國最近優先考慮對供應鏈至關重要的金屬。因此，我認為這些國家的投資環境更為積極，過去也是如此。但我想再次強調這一點的社會方面和社區方面。這並不意味著降低社區永續發展、環境管理和社會公益的門檻和我們的責任。所以你必須拿走所有的盒子，但人們越來越認識到對這些金屬的需求。銅是其中的線索之一。

So we are in a good position, we're particularly good position in the US with our current operations, where what we're talking about doing is building on existing operations so that the permitting requirements are not as extensive for the types of projects we're pursuing as they would be for greenfield project or a project in Chile, for example, and US is also talking about streamlining and permitting and regulatory.

因此，我們處於有利的地位，我們在美國目前的業務處於特別有利的地位，我們正在談論的做法是在現有業務的基礎上進行建設，以便我們的項目類型的許可要求不會那麼廣泛例如，他們正在尋求綠地計畫或智利的項目，美國也在談論精簡、授權和監管。

So we're in a good position to Lone Star Safford opportunity that I talked about earlier. Is one that even though our studies are a little behind where we are in Chile with El Abra that project to catch up pretty quickly because we don't have the extensive permitting requirements to do that project that we have in Chile.

因此，我們對於我之前談到的孤星薩福德機會處於有利位置。一個問題是，儘管我們的研究稍微落後於智利的 El Abra，但該專案很快就會趕上，因為我們沒有像智利那樣進行該專案的廣泛許可要求。

So we are very focused on getting that project defined. So we can look at them together and see which one is it drops the most value for our business and shareholders. And so we really have an advantage in the US with the existing operations and leveraging our current position. And of course, leaching doesn't require new permits. So we are in a good position to bring on projects more quickly than maybe others could.

因此，我們非常專注於定義該項目。因此，我們可以將它們放在一起看，看看哪一個對我們的企業和股東來說損失最大。因此，憑藉現有業務和利用我們當前的地位，我們在美國確實具有優勢。當然，浸出不需要新的許可證。因此，我們處於有利位置，可以比其他人更快地開展專案。

Thank you, Kathleen. Years of commitment to doing what Kathleen just said I've doing the right thing building relationships and lead us in the US to have uniform support from communities from Native American group from state governments and regulators. Same goes true in Peru for Stuart Verdi project in their key provision where Peru can be very challenging, got very challenging politics right now. But we benefit from work we've done to support the community.

謝謝你，凱瑟琳。多年來致力於做凱瑟琳剛才所說的事情，我正在做正確的事情，建立關係，並帶領我們在美國獲得美國原住民團體社區、州政府和監管機構的團結支持。在秘魯，史都華威爾第計畫的關鍵條款也是如此，秘魯可能非常具有挑戰性，現在的政治非常具有挑戰性。但我們從我們為支持社區所做的工作中受益。

That's very helpful. And in Chile or 49% partner, El Abra, Codelco. And they are very anxious for us to move forward and very supportive of both the relationship with Borick and would be on the panel will eliminate picking through this fall.

這非常有幫助。在智利，El Abra 和 Codelco 是合作夥伴，佔 49%。他們非常渴望我們向前邁進，並且非常支持與博里克的關係，並且他們將加入小組，以消除今年秋天的挑選。

And the Tone is significantly changed from his initial election period race. Realities of the need Chili's for help most support to the mining sector. This is always such a big important part of our business. As you can see around the world, we learned a lot of listens early owns the development Grasberg and need to have good relationships with indigenous people. There are wells would central government. So proud of what our team is doing. And we're just committed to finding common ground inventories in the right way.

與他最初的選舉期間競選相比，基調發生了顯著變化。現實情況是，智利需要向採礦業提供大部分支援。這始終是我們業務的重要組成部分。正如您在世界各地看到的那樣，我們很早就擁有了 Grasberg 的開發項目，並了解到需要與原住民建立良好的關係。有井會中央政府。為我們團隊所做的事情感到非常自豪。我們只是致力於以正確的方式找到共同點。

Very helpful, Richard, Kathleen, thank you.

非常有幫助，理查德，凱瑟琳，謝謝你們。

Lawson Winder, Bank of America Securities.

勞森溫德，美國銀行證券公司。

Operator, thank you very much. And Kathleen and Richard, hello and thank you for making the time for my call -- my question and I'll just keep it brief. I wanted to ask about Kucing Liar. Usually high return project for you will effectively one topic three questions. I just wanted to get an update on when you were expecting first production and then ask as to the pace of spending. So I mean, it's a $4 billion project and you're noting a $400 million have been spent to date over a period of about two years. When do you expect that to start to pick up a little more? Thanks very, very much.

接線員，非常感謝您。凱瑟琳和理查德，你們好，感謝你們抽出時間來接聽我的電話——我的問題，我會保持簡短。我想問一下 Kucing Liar 的事。通常高回報項目對你來說會有效地一主題三個問題。我只是想了解您預計首次生產的最新情況，然後詢問支出的進度。所以我的意思是，這是一個耗資 40 億美元的項目，您注意到迄今為止在大約兩年的時間裡已經花費了 4 億美元。您預計什麼時候會開始回升？非常非常感謝。

Lawson, you're right. It is like our other projects are long-term development. Grasberg underground Block Cave at the capital spent over a multiyear period. And we do in our projections show that will start ramping up spending and Kucing Liar, our as we go forward, the average of $400 million a year over a 10-year period was we're spending a little bit lower than that and that'll begin to ramp up. And we'll have some years where it's higher than $400 million. And there may be additional development in that $4 billion that'll occur after we start. So but we are expecting a startup KL towards the end of this decade in advance of 2030.

勞森，你說得對。就像我們其他項目都是長期發展一樣。首都的格拉斯伯格地下街區洞穴花了多年的時間。我們的預測表明，這將開始增加支出，而且隨著我們的前進，10 年內平均每年 4 億美元的支出會比這個數字低一點，而且是這樣。未來幾年我們的收入將超過 4 億美元。在我們開始之後，這 40 億美元可能會有更多的發展。因此，我們預期 KL 新創企業將在本十年末、2030 年之前出現。

And it is a very large scale, 90,000 tonnes a day of or significant copper and gold production from that deposit of a real benefit of this extension beyond 2041 is the resource is much larger than what we'll mine between late '20s -- late 2020s and in 2041. So we'll have we did the economics and the economics paid at. Just a life that ends in 2041, but there's a lot of resource beyond that will come into the fold with an extension. So it's a great extension of Grasberg in that district. We're leveraging everything that we've learned from developing the Grasberg Block Cave and Deep MLZ and prior to that, our other ore bodies.

該礦床規模非常大，每天可生產 90,000 噸銅和金，這種延伸到 2041 年以後的真正好處是，該資源比我們在 20 世紀 20 年代末期開採的資源要大得多。 。生命將在 2041 年結束，但除此之外還有大量資源將隨著延期而投入使用。所以這是格拉斯伯格在該地區的一個偉大的延伸。我們正在利用從開發 Grasberg Block Cave 和 Deep MLZ 以及在此之前的其他礦體中學到的一切知識。

But it's basically this same kind of development that we've had in the past. And we're using all the new learnings and technologies that have benefited us in the development of Grasberg Block Cave. So we're in a good place there and feel good about our execution at this project over the next several years, leading into 2030, we will have good production coming from this operation.

但這基本上與我們過去的發展相同。我們正在利用所有新的知識和技術，這些知識和技術使我們在 Grasberg Block Cave 的開發中受益。因此，我們目前處於有利位置，並且對未來幾年（到 2030 年）該專案的執行情況感到滿意，我們將從該營運中獲得良好的產量。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟，雷蒙德詹姆斯。

Good morning, Richard, and Kathleen. Thanks for taking my question. I just want to go back to that 10% on the IUPK, I just want to confirm a full 2041. You maintain your 48.76%. I think that's what I understand that when a 10% thereafter. But then two on the capital. You put it all in 2041 and then get it back or is this going to be more like for a while or real, whereas you develop reserve than their ownership build up that you share the cap with different ratios? On what we saw that said with the Rio Tinto stuff is for the time figure out exactly like how the cash flows are going to work on.

早上好，理查和凱瑟琳。感謝您提出我的問題。我只想回到 IUPK 的 10%，我只想確認完整的 2041。我想這就是我理解的10%之後的情況。但後來二人上了京城。你把所有的錢都放在 2041 年，然後收回來，還是這更像是一段時間或真正的情況，而你開發的儲備比他們的所有權積累的多，你以不同的比率分享上限？我們所看到的關於力拓的內容目前與現金流將如何運作完全一樣。

Yeah. Well, as part of the application to the government for the extension, we will submit an agreement to make the transaction. And that agreement is currently being discussed with MIND ID. The what's been discussed in over the last couple of years with respect to the sort of last year plus is that the way it will work is the 10% we'll share transfer will take place in 2041. And the price paid at that point will be a reimbursement of the capital that was incurred between now and 2041, that benefit the period beyond 2041. So to the extent it's not like the Rio Tinto deal at all is basically you just a reimbursement at book value of what's there to benefit the period beyond 2041.

是的。好吧，作為向政府申請延期的一部分，我們將提交交易協議。目前正在與 MIND ID 討論該協議。過去幾年關於去年的討論是，它的運作方式是我們將在 2041 年進行 10% 的股權轉讓。 2041 年後的時期。

So essentially look at the book value at the end of 2041 and that pro rata percentage being 10% of our shares will be transferred. And that will be the purchase price will be the reimbursement of capital. So the [camera] close between now and 2041 won't be impacted by.

因此，本質上看 2041 年底的帳面價值，我們將按比例轉讓 10% 的股份。這將是購買價格將是資本的償還。因此從現在到 2041 年之間的[相機]關閉不會受到影響。

And Brian, that that transaction occurs after 2041 is not like the real deal with the transaction occurred in the mid '90s. And it was just a question how it was applied. So you know, if for whatever reason doesn't occur, then our interest will stay the same. It anticipates the government would act to require that 2% and that would be the agreement on the cost reimbursement we have triggered when that transaction occurs.

Brian 表示，該交易發生在 2041 年之後，與真正發生在 90 年代中期的交易不同。這只是一個如何應用它的問題。所以你知道，如果由於某種原因沒有發生，那麼我們的興趣將保持不變。預計政府將採取行動，要求 2%，這將是我們在交易發生時觸發的成本補償協議。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Yeah, Kathleen and team. Thanks for taking the question. Nice to see the doubling leaching and first half '24 for the first half last year. Looking ahead, how should we think about the trajectory from here? Do you expect to be in some more output in the recent quarter was GBP5 million or some of productivity items. You highlighted sake using technology, you see further upside in the back half of the year and into 2025 as you progress through the GBP300 million to GBP400 million per year targeting 2026.

是的，凱瑟琳和團隊。感謝您提出問題。很高興看到去年上半年的雙浸和 24 年上半年。展望未來，我們該如何思考今後的發展軌跡？您預計最近一個季度的產出將達到 500 萬英鎊或一些生產力項目。您強調了使用科技的清酒，您會看到今年下半年和 2025 年的進一步上漲，因為您的目標是 2026 年每年實現 3 億英鎊到 4 億英鎊的成長。

The current run rate is what's in our numbers. We do see opportunities to build on it through these initiatives that we're pursuing to move up to this GBP300 million to GBP400 million per annum range. And so it'll come over time. It's not going to come in all at once. And so as we go through this year and next year, we'll probably have more than what we've currently got in our plans. But we haven't put forward. We're still deploying these tactics. We feel very confident about, but we haven't put those into our numbers at this stage and that'll be something that will continue to update as we go forward.

目前的運行率就是我們的數據。我們確實看到了透過這些舉措在此基礎上再接再厲的機會，我們正在尋求將每年的收入提高到 3 億至 4 億英鎊的範圍。隨著時間的推移，它會到來。它不會一下子全部進來。因此，當我們經歷今年和明年時，我們的計劃可能會比目前的計劃更多。但我們還沒有提出。我們仍在部署這些策略。我們對此非常有信心，但現階段我們還沒有將這些納入我們的數據中，隨著我們的前進，這將繼續更新。

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

這樣，我會將電話轉回管理階層，讓他們發表結束語。

Thank you, Regina, and thank you, everyone, for your interest and participation. And if you have any follow-ups, feel free to contact, David.

謝謝你，雷吉娜，也謝謝大家的興趣與參與。如果您有任何後續行動，請隨時聯繫大衛。

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

女士們、先生們，我們今天的呼籲到此結束。感謝您的參與，您現在可以斷開連接。