費利浦·麥克莫蘭銅金 (FCX) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to Freeport-McMoRan third-quarter 2024 conference call.

歡迎參加自由港麥克莫蘭 2024 年第三季電話會議。

(Operator Instructions).

（操作員說明）。

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

我現在將會議交給投資者關係副總裁 David Joint 先生主持。

Please go ahead, sir.

請繼續，先生。

Good morning, everyone, and welcome to the Freeport conference call.

大家早安，歡迎參加自由港電話會議。

Earlier this morning, Freeport reported its third quarter 2024 operating and financial results.

今天早上早些時候，自由港公佈了 2024 年第三季的營運和財務表現。

A copy of today's press release with supplemental schedules and slides is available on our website, fcx.com. Today's conference call is being broadcast live on the Internet.

今天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。

Anyone may listen to the conference call by accessing our website home page and clicking on the webcast link.

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 its call.

除了分析師和投資者之外，財經媒體也被邀請聆聽其呼籲。

A replay of the webcast will be available on our website later today.

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 on the call include non-GAAP measures in forward-looking statements. and actual results may differ materially.

在我們開始發表評論之前，我們想提醒大家，今天的新聞稿和我們在電話會議上的某些評論包括前瞻性聲明中的非公認會計原則措施。和實際結果可能有重大差異。

Please refer to the 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.

請參閱我們的新聞稿和幻燈片中包含的警告性語言以及我們的 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。

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.

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，執行副總裁兼財務長；以及我們管理團隊的其他高階成員。

Richard will make some opening remarks.

理查德將致開幕詞。

Kathleen will review our slide materials and then we'll open up the call for questions.

凱瑟琳將審查我們的幻燈片資料，然後我們將開始提問。

Richard?

理查德？

Thanks, David, and thanks, everyone, for joining us.

謝謝大衛，也謝謝大家加入我們。

It was a solid quarter, as you can see, and that's the result of the good work that our global Freeport team has accomplished and really proud of them and look forward to the future.

正如您所看到的，這是一個穩定的季度，這是我們的全球自由港團隊所完成的出色工作的結果，我們為他們感到非常自豪，並對未來充滿期待。

We've got a great outlook for our company, great outlook long term for copper and commodity that we base our strategy on.

我們對公司前景看好，對銅和大宗商品的長期前景看好，這是我們策略的基礎。

So Kathleen will review with you the results of the quarter and talk about it, and we're making progress with this as far we had at our new smelter in Indonesia, and we'll review that as well.

因此，凱瑟琳將與您一起回顧本季的業績並進行討論，到目前為止，我們在印尼的新冶煉廠在這方面正在取得進展，我們也將對此進行回顧。

We have a new President in Indonesia, Prabowo Subianto.

印尼有一位新總統，普拉博沃·蘇比安托。

Prabowo was a general three decades ago, we work together closely on issues affecting our operations in Papua.

三十年前，普拉博沃是一名將軍，我們在影響我們在巴布亞業務的問題上密切合作。

He knows our business.

他了解我們的生意。

He's appointed cabinet, which includes a number of cabinet members from Joko Widodo's cabinet and other people that we've known over the years.

他被任命為內閣成員，其中包括佐科威內閣的一些內閣成員以及我們多年來認識的其他人。

We look forward to working with him and believe his understanding of our business and of our location in Papua will be a big benefit as we work with his administration going forward.

我們期待與他合作，並相信他對我們業務和我們在巴布亞的位置的了解將對我們與他的政府未來的合作大有裨益。

Kathleen, I'll turn the call over to you to review our results and our outlook.

凱瑟琳，我會將電話轉給您，以審查我們的結果和前景。

Okay.

好的。

Great.

偉大的。

Thank you, Richard, and I'm going to start on our slide presentation, starting on slide 3 with our highlights for the third quarter and first nine months of 2024.

謝謝理查德，我將開始我們的幻燈片演示，從幻燈片 3 開始，介紹 2024 年第三季和前九個月的亮點。

Our team continues to deliver on our operating plans and pursue value through enhancing efficiencies, managing costs aggressively, and building value in our organic growth portfolio.

我們的團隊繼續實現我們的營運計劃，並透過提高效率、積極管理成本以及在我們的有機成長組合中創造價值來追求價值。

You'll see here, we generated strong margins and cash flows during the quarter with $2.7 billion in EBITDA and $1.9 billion in operating cash flows.

您會在這裡看到，我們在本季創造了強勁的利潤和現金流，EBITDA 為 27 億美元，營運現金流為 19 億美元。

Our operating performance was supported by sales volumes exceeding guidance for both copper and gold and favorable unit cash cost performance compared to both our guidance and the year ago quarter.

我們的經營業績得益於銅和黃金的銷售量超過指導，以及與我們的指導和去年同期相比良好的單位現金成本效益。

We're focused on initiatives to build value from organic growth.

我們專注於透過有機成長創造價值的措施。

At Freeport, we benefit from a large reserve and resource position with near-term, medium-term, and longer-term embedded growth options.

在自由港，我們受益於大量的儲備和資源狀況以及近期、中期和長期的嵌入式成長選擇。

The high potential innovative leach technologies are delivering results, and we've several ongoing initiatives to add scale and low-cost copper volumes in our Americas business.

高潛力的創新浸出技術正在取得成果，我們正在採取多項措施來擴大美洲業務的規模和低成本銅產量。

In the first nine months of 2024, the incremental copper production from our leach initiative was nearly 70% higher than the comparable period last year, and we have additional projects underway to build scale and improve on our US cost position.

2024 年前 9 個月，我們浸出計畫的銅產量增量比去年同期高出近 70%，我們正在進行其他項目，以擴大規模並改善我們在美國的成本狀況。

We’re also advancing our brownfield expansion opportunities, position the business for long-term growth to supply a market with increased requirements for copper.

我們也正在推動棕地擴張機會，為業務的長期成長做好準備，以滿足對銅的需求不斷增加的市場。

During the third quarter, we purchased 5.3 million shares of Cerro Verde in at market transactions on the Peruvian Stock Exchange at a cost of $210 million, and that allowed us to increase our ownership in this highly attractive asset from the prior level of 53.6% to 55%.

第三季度，我們在秘魯證券交易所的市場交易中以2.1 億美元的價格購買了530 萬股Cerro Verde 股票，這使我們能夠將這一極具吸引力的資產的所有權從之前的53.6% 增加到55%。

The public float of Cerro Verde now represents about 4.3% of the outstanding shares.

Cerro Verde 的公眾持股目前約佔已發行股份的 4.3%。

We ended the quarter in a strong position financially.

本季結束時，我們的財務狀況良好。

And as we look forward, we're very optimistic about the markets we serve, our portfolio of high-quality copper assets, and the future prospects for strong cash flow generation to support investments and value-enhancing projects and returns to shareholders.

展望未來，我們對我們服務的市場、我們的優質銅資產組合以及強勁現金流產生以支持投資和增值項目以及股東回報的未來前景非常樂觀。

We'll talk about markets on slide 4.

我們將在幻燈片 4 上討論市場。

Copper prices again during the third quarter traded in a broad range.

第三季銅價再次寬幅波動。

On the LME, they ranged between $3.91 and $4.47 per pound.

在 LME，價格範圍為每磅 3.91 美元至 4.47 美元。

And on the COMEX exchange range from $3.94 per pound to $4.66 per pound.

COMEX 交易所的價格範圍為每磅 3.94 美元至 4.66 美元。

The settlement prices on the LME for the quarter averaged $4.18 per pound.

本季 LME 結算價平均為每磅 4.18 美元。

As we look at the quarter and where prices traded, they largely followed macro sentiment, which weighed global economic data and economic pressures in China against actions by the Fed and other central banks to cut interest rates and the potential for large economic stimulus in China.

當我們觀察本季和價格交易的情況時，它們在很大程度上遵循宏觀情緒，宏觀情緒權衡了全球經濟數據和中國的經濟壓力，以及聯準會和其他央行的降息行動以及中國大規模經濟刺激的潛力。

At the micro level, we continue to see secular demand trends associated with electrification, providing strong demand for copper and offsetting the impact of a cyclical slowdown.

在微觀層面，我們繼續看到與電氣化相關的長期需求趨勢，為銅提供強勁需求並抵消週期性放緩的影響。

In the US, our customers continue to report strong demand for power cable and building wire associated with substantial investment in electrical infrastructure and AI data centers.

在美國，我們的客戶繼續報告對電力電纜和建築電線的強勁需求，這與對電力基礎設施和人工智慧資料中心的大量投資有關。

This growing sector more than offset weakness in traditional demand sectors in residential construction and autos.

這個不斷成長的產業足以抵消住宅建築和汽車等傳統需求產業的疲軟。

Demand from China continues to be supported by significant investments in the electrical grid and continued growth in China's production of electric vehicles.

中國對電網的大量投資和中國電動車產量的持續成長繼續支撐著中國的需求。

Notably, China's demand for copper continues to grow despite a weak property sector.

值得注意的是，儘管房地產行業疲軟，但中國對銅的需求仍在持續增長。

Recent announcements for economic stimulus in China to support the country's economic growth targets could provide further support for metals demand as we move through 2024 and into 2025.

隨著 2024 年和 2025 年的到來，中國最近宣布的經濟刺激措施以支持國家的經濟成長目標可能會為金屬需求提供進一步的支持。

As we've discussed in the past, Copper is a foundational metal and a key component of electrification.

正如我們過去所討論的，銅是一種基礎金屬，也是電氣化的關鍵組成部分。

It's physical characteristics and superior connectivity, make it essential to electrification.

它的物理特性和卓越的連接性使其對電氣化至關重要。

New massive investment in the power grid, renewable generation, technology infrastructure and transportation are driving increased demand for copper and forecast call for above-trend growth and demand for the foreseeable future.

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將出現高於趨勢的增長和需求。

As we look at these fundamentals of demand and match it up with supply, we continue to see a tightly balanced market in the near term and deficit conditions longer run.

當我們審視這些需求基本面並將其與供應相匹配時，我們繼續看到短期內市場緊密平衡，而長期則出現赤字狀況。

This is going to require new investments and innovative technologies to build supplies longer term.

這將需要新的投資和創新技術來建立更長期的供應。

And at Freeport, were driven to supply copper reliably and responsibly to a growing market.

在自由港，我們致力於向不斷成長的市場可靠、負責任地供應銅。

With our leading industry position, our large-scale current operations and our future growth pipeline, we're well positioned to benefit from this fundamental outlook for copper.

憑藉我們領先的行業地位、大規模的當前業務和未來的成長管道，我們完全有能力從銅的基本前景中受益。

I remind everyone that in addition to copper, we're also a major gold producer and are benefiting from increasing gold prices.

我提醒大家，除了銅之外，我們也是主要的黃金生產國，並從金價上漲中受益。

We'll turn to operations on slide 5, where we summarize the quarterly operating results by geographic region.

我們將轉向幻燈片 5 上的營運情況，其中我們按地理區域總結了季度營運結果。

In the US, we are continuing to take actions to improve efficiencies and cost performance to mitigate the impact of lower grades.

在美國，我們正在繼續採取行動提高效率和成本績效，以減輕等級較低的影響。

We have more work to do, but recent trends are improving.

我們還有更多工作要做，但最近的趨勢正在改善。

We're closely monitoring key performance indicators and seeing positive trends in recent months in asset efficiency associated with key areas of loading, hauling, crushing, [that] and stacking.

我們正在密切監控關鍵績效指標，並看到近幾個月來與裝載、運輸、破碎、堆疊等關鍵領域相關的資產效率的積極趨勢。

Our equipment reliability is a focus area, and we're making strides in reducing unplanned downtime.

我們的設備可靠性是一個重點領域，我們在減少非計劃性停機方面取得了長足的進展。

We're also rationalizing the use of contractors to reduce costs and allocated internal resources to our key focus areas.

我們也合理地利用承包商來降低成本，並將內部資源分配給我們的關鍵重點領域。

In addition, success in our leach in initiative and further scaling incremental low-cost production will also drive reductions in our cost structure.

此外，我們的措施的成功和進一步擴大增量低成本生產也將推動我們成本結構的降低。

In South America, the team at the Cerro Verde operation posted another solid quarter.

在南美，Cerro Verde 營運團隊又發布了穩健的季度表現。

Mill throughput exceeded 420,000 metric tons of ore per day during the quarter, and our mill recovery improved from last year's third quarter.

本季度，工廠的礦石產量超過了 42 萬噸/日，我們的工廠恢復情況較去年第三季度有所改善。

Our unit net cash costs were slightly less than last year's third quarter, after excluding the $0.12 per pound nonrecurring charge in the quarter for a new labor agreement.

扣除本季新勞工協議每磅 0.12 美元的非經常性費用後，我們的單位淨現金成本略低於去年第三季。

After reaching agreement with Cerro Verde's second union, we now have multiyear labor agreements covering Cerro Verde's hourly workforce mentioned earlier, we purchased additional Cerro Verde shares that gives us more exposure to this established long-lived and high-quality assets.

在與Cerro Verde 的第二個工會達成協議後，我們現在簽訂了涵蓋前面提到的Cerro Verde 小時工的多年期勞工協議，我們購買了額外的Cerro Verde 股票，這使我們能夠更多地接觸這一既定的長期優質資產。

In Indonesia, results were quite strong, and that's evidenced by a unit net cash credit of $0.71 per pound.

在印度尼西亞，業績相當強勁，每磅 0.71 美元的單位淨現金信貸證明了這一點。

The team is consistently delivering strong volumes of both copper and gold from our large-scale underground ore bodies.

團隊始終從我們的大型地下礦體中產出大量銅和金。

Our sales in the quarter were higher than our estimates going into the period with increased mill rates and oil grades.

隨著工廠產量和油品級的提高，我們本季的銷售額高於我們對該時期的預期。

We also benefited from strong gold sales in the quarter, reflecting good production performance and a reduction in inventory from June 30 levels.

我們也受惠於本季強勁的黃金銷售，反映出良好的生產業績以及庫存較 6 月 30 日水準有所減少。

Our near-term focus areas include continued strong execution of our operating plans, commissioning of a value-driven copper cleaning circuit at our site in Papua to support strong mill recoveries and commissioning the precious metals refinery.

我們近期的重點領域包括繼續大力執行我們的營運計劃、在巴布亞工廠調試價值驅動的銅清洗迴路以支持工廠的強勁復甦，以及調試貴金屬精煉廠。

We're also working to restore smelter operations following the recent smelter fire event, which we'll talk about more on the next slide.

在最近的冶煉廠火災事件之後，我們還在努力恢復冶煉廠的運營，我們將在下一張幻燈片中詳細討論這個問題。

Just an update on where we are with the smelter.

只是關於我們與冶煉廠的最新情況。

We made good progress during the third quarter on our commissioning and start-up.

我們在第三季的調試和啟動方面取得了良好進展。

This is a project that our team managed construction in a challenging market in a very effective manner.

這是我們團隊在充滿挑戰的市場中以非常有效的方式管理施工的專案。

But we did experience a setback last week on October 14 from a fire incident in a gas cleaning facility used in the sulfuric acid production process.

但上週 10 月 14 日，我們確實遇到了挫折，因為硫酸生產過程中使用的氣體淨化設施發生火災。

Our safety protocols were effective, and the fire was extinguished in a short period of time without injury to our personnel.

我們的安全協議是有效的，火在短時間內被撲滅，沒有對我們的人員造成傷害。

Start-up activities have been temporarily suspended as a result while we conduct damage and root-cause assessments and develop our recovery plans.

因此，在我們進行損害和根本原因評估並製定恢復計劃期間，啟動活動已暫時停止。

We've presented a picture on the slide that you can review.

我們在投影片上展示了一張圖片，您可以查看。

But as you can see, the incident affected a relatively small area of the overall project.

但正如您所看到的，該事件影響了整個專案相對較小的範圍。

We have teams actively engaged in planning the repairs and assessing lead times for replacement equipment.

我們的團隊積極參與規劃維修和評估更換設備的交貨時間。

We expect that the repair cost will be covered by our insurance programs, and we're also working with the Indonesian government on continuity of concentrate exports during the outage.

我們預計維修費用將由我們的保險計劃承擔，我們也正在與印尼政府合作，以確保停電期間精礦出口的連續性。

Our mining operations in Papua have not been impacted and our team is focused on restoring smelter operations safely and expeditiously.

我們在巴布亞的採礦業務沒有受到影響，我們的團隊專注於安全、迅速地恢復冶煉廠營運。

We look forward to achieving our objective of being a fully integrated producer in Indonesia which positions us to secure a long-term extension of our operating rights there.

我們期待實現成為印尼完全一體化生產商的目標，這使我們能夠確保長期延長我們在那裡的經營權。

We'll continue to be very excited about our innovative leach initiative.

我們將繼續對我們的創新浸出計劃感到非常興奮。

On slide 7, you can see that early results continue to indicate significant value potential.

在投影片 7 上，您可以看到早期結果繼續表明巨大的價值潛力。

Just a reminder, we achieved our initial targeted run rate of 200 million pounds per annum of copper per annum at the end of last year and are now driving initiatives, to scale this initiative to 300 million to 400 million pounds per annum in the next couple of years.

提醒一下，我們在去年年底實現了每年 2 億磅銅的初始目標運行率，現在正在推動舉措，在未來幾年內將這一計劃擴大到每年 3 億至 4 億磅年。

Ultimately, our goal was to achieve 800 million pounds per annum from this value-enhancing growth initiative.

最終，我們的目標是透過這項增值成長計畫實現每年 8 億英鎊的收入。

This is the size of a major new mine with low capital investment required, low incremental operating costs, and that will significantly enhance the value and competitive position of our Americas production.

這是一個大型新礦山的規模，所需資本投資低，增量營運成本低，這將顯著提高我們美洲生產的價值和競爭地位。

You can see on the slide, the significant growth in incremental volumes from these initiatives over the last several quarters, our results have been achieved by enhancing heat retention and the leach stockpiles using data from sensors and analytics to identify targets and through deploying new operational tactics to direct solution injection to areas that were previously inaccessible.

您可以在幻燈片上看到，過去幾季這些舉措的增量顯著增長，我們的成果是透過使用感測器和分析數據來識別目標並透過部署新的營運策略來增強保溫性和浸出庫存來實現的將溶液注射到以前無法到達的區域。

We continue to build confidence in boosting the run rate to 300 million to 400 million pounds per year during 2026.

我們繼續建立信心，在 2026 年將產能提高到每年 3 億至 4 億磅。

Some of the examples of the initiatives that are now underway that allow volumes in the future, including expanding our surface area under leach by using helicopters to install irrigation in areas previously inaccessible under conventional techniques, and by scaling our targeted solution injection wells.

目前正在進行的一些舉措的例子是為了在未來實現產量，包括透過使用直升機在以前採用傳統技術無法進入的地區安裝灌溉系統來擴大我們的浸出表面積，以及擴大我們的目標溶液注入井的規模。

We're making great progress on our leach injection technology, great progress on our drilling.

我們在浸出注入技術方面取得了巨大進步，在鑽探方面也取得了巨大進展。

We're drilling much more efficiently, and we're able to increase the rate of well development.

我們的鑽井效率大大提高，並且能夠提高油井開發速度。

In parallel, we're also advancing innovation-driven initiatives which would support our ultimate objective of reaching 800 million pounds per annum.

同時，我們也正在推動創新驅動的舉措，這將支持我們達到每年 8 億英鎊的最終目標。

We believe there's significant opportunity from increasing heat to the stockpiles.

我們相信，庫存的增加會帶來巨大的機會。

We're looking at adding heat to the leach solution using external energy or using pyrite [hosted ores] to generate additional heat.

我們正在考慮使用外部能源或使用黃鐵礦[託管礦石]向浸出溶液添加熱量以產生額外的熱量。

Heat is a proven source to improve recoveries in this type of application.

在此類應用中，熱是提高回收率的有效來源。

We're also continuing to advance testing of new additives at scale, and we look forward to reporting to you on our progress on these initiatives.

我們也繼續大規模推進新添加劑的測試，我們期待向您報告我們在這些舉措上的進展。

At Freeport, we're really well positioned to capture the value of this opportunity with an extensive inventory of substantial residual copper from material already mined, an industry-leading technical team with expertise in leaching technology and a strong multidisciplined innovation team dedicated to this initiative.

在自由港，我們確實處於有利地位，能夠抓住這一機會的價值，擁有大量已開採材料中的殘留銅庫存、一支行業領先的技術團隊（擁有浸出技術方面的專業知識）以及一支強大的多學科創新團隊，致力於這項措施。

We've got additional opportunities for growth beyond the leach opportunity, and you can see that on slide 8, where we missed our organic growth projects.

除了浸出機會之外，我們還有其他成長機會，您可以在幻燈片 8 上看到這一點，我們錯過了自然成長項目。

All of these projects are brownfield opportunities where we're leveraging existing assets and established operations.

所有這些項目都是棕地機會，我們正在利用現有資產和既定業務。

The leach out initiative that we just talked about is our best opportunity to grow in the near term, and we're pursuing this initiative very aggressively.

我們剛才談到的浸出計畫是我們近期發展的最佳機會，我們正在非常積極地推行這項計畫。

In the US, we also have opportunities for expansion at our Bagdad and Safford Lone Star operations.

在美國，我們的巴格達和薩福德孤星業務也有擴張的機會。

And at Bagdad, we're advancing investments in automation, tailings, and energy infrastructure and expanded employee housing in this remote location to position us to execute the project more efficiently when the time is right.

在巴格達，我們正在推動對自動化、尾礦和能源基礎設施的投資，並在這個偏遠地區擴大員工住房，以便我們在時機成熟時更有效地執行專案。

We don't have major permitting hurdles and this is really a straightforward option.

我們沒有重大的許可障礙，這確實是一個簡單的選擇。

We're monitoring conditions and progress with our derisking initiatives and continue to expect to be in a position to make a decision next year on the expansion plans.

我們正在監控我們的去風險舉措的情況和進展，並繼續期望能夠在明年就擴張計劃做出決定。

In the Safford Lone Star District, where we have a very large resource, we're engaged in studies to define a brownfield expansion.

在薩福德孤星區，我們擁有大量資源，我們正在進行研究來定義棕地擴張。

We're targeting opportunities to more than double current production levels which are currently around 300 million pounds per annum.

我們的目標是將目前的產量水準提高一倍以上，目前的年產量約為 3 億磅。

The large resource that we have at this location, it gives us an opportunity for Safford Lone Star to become a generational cornerstone asset for Freeport and Arizona in the next decade.

我們在這個地點擁有大量資源，它使我們有機會讓薩福德孤星在未來十年成為自由港和亞利桑那州的一代基石資產。

At El Abra, in Chile, this is our partnership with Codelco.

在智利的 El Abra，這是我們與 Codelco 的合作關係。

We've -- as we previously reported, we completed pre-feasibility studies, and we're in the process of preparing an environmental impact statement which we expect to be completed by the end of next year.

正如我們之前所報告的，我們已經完成了預可行性研究，並且正在準備一份環境影響報告，預計將於明年底完成。

The project involves investment in a new concentrator of scale similar to the size of Cerro Verde that we installed nearly 10 years ago, investments in the desalinization and pipeline system to support our water requirements.

該項目涉及投資一個新的濃縮器，其規模與我們近 10 年前安裝的 Cerro Verde 大小相似，投資於海水淡化和管道系統，以滿足我們的用水需求。

This project is large.

這個工程很大。

It would provide 750 million pounds of annual copper production and 9 million pounds of annual molybdenum production.

它將提供每年 7.5 億磅的銅產量和每年 900 萬磅的鉬產量。

It's a long lead project.

這是一個長期的項目。

It would require something on the order of seven to eight years because of the time frame for permitting in Chile.

由於智利的許可時間限制，這需要大約七到八年的時間。

And we're going to continue to review economics in the context of market conditions, but we believe this is a project that will be required in the future to support long-term copper demand trends, and this is a project in our portfolio that Freeport can execute.

我們將繼續在市場條件的背景下審查經濟學，但我們相信這是一個未來需要支持長期銅需求趨勢的項目，這是我們投資組合中的一個項目，自由港可以執行。

In Indonesia, we continue to progress our large-scale Kucing Liar development.

在印度尼西亞，我們繼續推動大規模 Kucing Liar 開發。

This is a very large ore body adjacent to our existing operations, our existing ore bodies in Papua.

這是一個非常大的礦體，毗鄰我們現有的業務，即我們在巴布亞的現有礦體。

We expect to commence production by 2030.

我們預計在 2030 年開始生產。

We're also conducting exploration below our deep MLZ ore body.

我們也在 MLZ 礦體深處進行勘探。

We're getting encouraging results.

我們正在取得令人鼓舞的結果。

We expect that an extension of our operating rights in Indonesia beyond 2041 will set us up for additional long-term development options in this highly attractive district.

我們預計，將我們在印尼的經營權延長至 2041 年以後，將為我們在這個極具吸引力的地區提供更多的長期開發選擇。

By pursuing all of these initiatives and advancing them we're really focused on building optionality for future growth.

透過實施並推動所有這些舉措，我們真正專注於為未來的成長提供更多選擇。

We're going to continue to be disciplined in our approach and focused on targeting opportunities that can be executed over time that enhance long-term value.

我們將繼續嚴格執行我們的方法，並專注於尋找可以隨著時間的推移執行以提高長期價值的機會。

Our slide 9 shows our three-year outlook, which we show every quarter and keep updated.

我們的幻燈片 9 顯示了我們的三年展望，我們每個季度都會展示並不斷更新。

This is the outlook for sales of copper, gold, and molybdenum and that you'll see the sales guidance is very similar to our previous outlook.

這是銅、金和鉬的銷售前景，您會看到銷售指導與我們之前的前景非常相似。

We also have updated our estimates for our unit net cash cost, we expect our average for 2024 to approximate $1.58 per pound.

我們也更新了對單位淨現金成本的估計，我們預計 2024 年的平均成本約為每磅 1.58 美元。

That is below our July estimate of $1.63 per pound and similar to our guidance at the start of the year of $1.60 per pound.

這低於我們 7 月每磅 1.63 美元的預期，與我們年初每磅 1.60 美元的指導類似。

We've got some details of this information by region on slide 19 and the reference materials.

我們在幻燈片 19 和參考資料中按地區提供了此資訊的一些詳細資訊。

So as we move to cash flows and margins and cash flows and putting together our projected volumes and cost projections on slide 9 -- slide 10, we show modeled results for EBITDA and cash flow at various copper prices ranging from $4 to $5 per pound.

因此，當我們轉向現金流量、利潤率和現金流量並將我們的預計產量和成本預測放在幻燈片9 和幻燈片10 上時，我們顯示了EBITDA 和現金流量的建模結果，銅價範圍為每磅4 美元到5 美元。

These are modeled results using the average of 2025 and 2026 with our current volume projections and cost estimates and holding gold flat at $2,600 per ounce and molybdenum flat at $20 per pound.

這些是使用 2025 年和 2026 年平均值以及我們當前的產量預測和成本估算進行建模的結果，並將黃金維持在每盎司 2,600 美元，鉬維持在每磅 20 美元。

You'll see here that annual EBITDA at $4 copper would range from $11 billion, and it would go to approximately $15 billion per annum at $5 copper.

您將在這裡看到，當銅價為 4 美元時，每年 EBITDA 約為 110 億美元，銅價為 5 美元時，每年 EBITDA 約為 150 億美元。

Our operating cash flows at these product ranges would be over $7 billion at $4 copper to $10.5 billion at $5 copper.

如果銅價為 4 美元，我們這些產品系列的營運現金流將超過 70 億美元；如果銅價為 5 美元，我們的營運現金流將超過 70 億美元。

We've got sensitivities that we've presented on the right of this chart.

我們在此圖表右側展示了敏感性。

You'll note that we're highly leveraged to copper price with each $0.10 per pound equating to about $420 million in annual EBITDA.

您會注意到，我們對銅價的槓桿率很高，每磅 0.10 美元相當於年度 EBITDA 約 4.2 億美元。

We're also leveraged to gold and will benefit from improving gold prices with each $100 change in gold prices approximating $150 million in annual EBITDA.

我們還利用了黃金槓桿，並將受益於金價的上漲，金價每變動 100 美元，年度 EBITDA 約為 1.5 億美元。

With long-live reserves, large-scale production, Freeport is well positioned to generate substantial cash flow to fund future organic growth and cash returns under our performance-based payout framework.

憑藉長期儲量和大規模生產，自由港處於有利地位，能夠產生大量現金流，為我們基於績效的支付框架下的未來有機成長和現金回報提供資金。

Moving to the next slide, on slide 11, we're showing our current forecast for capital expenditures for this year and next.

轉到下一張投影片，即投影片 11，我們將展示目前對今年和明年資本支出的預測。

Capital expenditures for 2024 are forecast at about $3.6 billion, and we estimate capital expenditures for next year to total about $4.2 billion.

預計 2024 年的資本支出約為 36 億美元，我們預計明年的資本支出總額約為 42 億美元。

You'll see there have been some timing shifts between the two years, but over the two years, the changes are not material.

您會發現這兩年之間出現了一些時間變化，但在這兩年中，變化並不重大。

We'll note that the discretionary projects over this two-year period totaled $2.5 billion.

我們會注意到，這兩年期間的可自由支配項目總計 25 億美元。

This is a 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's not distributed.

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未分配的 50% 的可用現金。

They're value-enhancing projects, growth projects provide good returns, and they're detailed on slide 23 in our reference materials.

它們是增值項目，成長項目提供良好的回報，我們的參考材料中的幻燈片 23 對此進行了詳細介紹。

As we look forward, we're going to continue to be disciplined in deploying capital and really focused on those opportunities that build value in our business.

展望未來，我們將繼續嚴格部署資本，並真正專注於那些為我們的業務創造價值的機會。

And finally, on slide 12, we reiterate the financial policy priorities centered on a strong balance sheet, cash returns to shareholders in investments in value-enhancing growth projects.

最後，在投影片 12 上，我們重申了以穩健的資產負債表、投資於增值成長項目的股東現金回報為中心的金融政策優先事項。

We've got a very solid balance sheet, investment-grade ratings from all three agencies, strong credit metrics and flexibility within our debt targets to execute on projects.

我們擁有非常穩健的資產負債表、所有三個機構的投資等級、強大的信用指標以及執行專案的債務目標的靈活性。

We've distributed $4.5 billion to shareholders through dividends and share purchases since implementing this framework got a very attractive future long-term portfolio that will enable us to continue to build value for shareholders.

自從實施該框架以來，我們已透過股息和股票購買向股東分配了 45 億美元，獲得了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股東創造價值。

Our global team is very focused on driving value.

我們的全球團隊非常專注於推動價值。

We're committed to strong execution of our plans, providing cash to invest in profitable growth and returns to shareholders.

我們致力於強有力地執行我們的計劃，提供現金投資於獲利成長和股東回報。

Thanks for everyone for your attention.

感謝大家的關注。

And now I would like to open the call to take your questions.

現在我想打開電話來回答大家的問題。

(Operator Instructions) Chris LaFemina, Jefferies.

（操作員說明）Chris LaFemina，Jefferies。

Thanks, operator.

謝謝，接線生。

Hi Kathleen, hi Richard, I hope you're doing well.

嗨凱瑟琳，嗨理查德，我希望你們一切都好。

Just wanted to ask a couple of questions about Indonesia.

只是想問一些有關印度尼西亞的問題。

And first, on smelter fire with the insurance.

首先，透過保險解決冶煉廠火災。

Kathleen, you mentioned that the insurance would cover the costs for repairs.

凱瑟琳，你提到保險將支付維修費用。

What if there is a situation where there's a delay to being able to export concentrate.

如果出現精礦出口延遲的情況該怎麼辦？

Do you have any business interruption insurance that might cover the cost of loss shipments or any insurance that might cover the incremental royalties that you had have to pay on concentrate on exports?

您是否有任何業務中斷保險可以彌補運輸損失的費用，或者是否有任何保險可以彌補您必須支付的專注於出口的增量特許權使用費？

Yeah. the policy that we're referring to is a construction insurance policy that does not have business interruption coverage.

是的。我們所指的保單是建築保險保單，不包含營業中斷保險。

It does cover the cost of the repairs.

它確實涵蓋了維修費用。

This is not a -- as you can see from the picture, it's not a big area the affected facilities.

正如您從圖片中看到的那樣，受影響設施的面積並不大。

It is an essential area.

這是一個重要的領域。

The process is essential to the overall production of copper refining of copper, but it's not a large part of the overall facility.

該工藝對於銅精煉的整體生產至關重要，但它並不是整個設施的很大一部分。

So our focus, Chris, really is getting the repairs done as quickly as possible.

所以，克里斯，我們的重點其實是盡快完成維修。

We do have discussions with the government.

我們確實與政府進行了討論。

It's in everyone's interest that concentrate continue.

繼續集中精力符合每個人的利益。

We do have some flexibility within our existing quota of what we can ship through 2024, but we'll be asking for additional flexibility to make sure that we can ship everything that we produce in 2024.

我們在 2024 年之前可以運送的現有配額內確實有一定的靈活性，但我們將要求額外的靈活性，以確保我們可以在 2024 年運送我們生產的所有產品。

And then depending on the time frame that it takes to restore operations, we'll work with the governments for continuity in the portion of 2025 that will be affected.

然後，根據恢復營運所需的時間範圍，我們將與政府合作，確保 2025 年受影響部分的連續性。

It's in everyone's interest.

這符合每個人的利益。

As you run through the math, the government gets essentially through taxes and royalties and dividends over 70% of the economics or the cash flow.

當你計算一下時，政府基本上透過稅收、特許權使用費和股息獲得了超過 70% 的經濟或現金流。

So it will be in everyone's interest for this to continue, and we'll work hard to get this operation restored as quickly as possible.

因此，繼續下去符合每個人的利益，我們將努力盡快恢復該操作。

But in the interim, we expect that we'll continue to be able to export.

但在此期間，我們預計我們將繼續能夠出口。

Very good.

非常好。

Thanks.

謝謝。

And then just secondly, on Indonesia as well.

其次，還有印尼。

So the $1 billion of restricted cash, which I think is what, 30% of the export proceeds and it's held for 90 days in Indonesian banks.

因此，這 10 億美元的限制性現金，我認為是出口收入的 30%，在印尼銀行保存了 90 天。

Does that restricted cash policy continue even after the smelter ramps up?

即使冶煉廠產能擴大後，現金限制政策還會持續嗎？

And can you just remind us of kind of the background behind that and what the reason for that cash restriction is?

您能否提醒我們背後的背景以及現金限制的原因是什麼？

Thanks.

謝謝。

Yeah.

是的。

Chris, it refers to all exports.

克里斯，它指的是所有出口。

So it doesn't just affect copper, and it affects all exports in Indonesia required to hold in bank accounts for 90 days temporarily your export proceeds.

因此，它不僅影響銅，還影響印尼的所有出口，這些出口需要在銀行帳戶中臨時保留 90 天的出口收入。

And it was a measure taken last year by the government to look at its currency and fiscal situation.

這是政府去年為審視其貨幣和財政狀況而採取的一項措施。

And so it don't -- not only applies to us, but implies the oil companies and other people that are exporting.

所以它不 - 不僅適用於我們，而且還意味著石油公司和其他出口者。

So that will continue unless the regulation has changed that will continue beyond 2020 -- beyond the smelter startup.

因此，除非監管發生變化，否則這種情況將持續下去，這種情況將持續到 2020 年後——超出冶煉廠啟動時間。

So -- but it is there.

所以——但它就在那裡。

We're earning -- we're earning returns on the investments.

我們正在賺錢——我們正在賺取投資回報。

It's there temporarily.

它暫時在那裡。

We withdraw it after 90 days.

90 天後我們將其撤回。

And so it's -- right now, it's just held in deposit.

所以現在，它只是被存入存款。

But that's something that the government will continue to consider in light of its objectives.

但政府將根據其目標繼續考慮這一點。

That's very helpful.

這非常有幫助。

Thank you for that.

謝謝你。

Liam Fitzpatrick with Deutsche Bank.

德意志銀行的利亞姆·菲茨帕特里克。

Good morning.

早安.

Good morning, Kath.

早安，凱絲。

A couple more on the smelter, I'm afraid.

恐怕冶煉廠還有幾個。

Firstly, I appreciate you're still assessing the situation, but can you give some high-level guidance on the length of delay that we're talking about?

首先，我感謝您仍在評估情況，但您能否就我們正在討論的延遲時間提供一些高級指導？

Is it 3 months?

是3個月嗎？

Could it be substantially longer than that.

它會比這長得多嗎？

And then in terms of the government reaction, do you think -- and the export extension, do you think this will be just a formality and received in good time?

然後，就政府的反應而言，您認為——以及出口延期，您認為這只是一種形式並能及時得到落實嗎？

Or could there be a risk that it could be delayed beyond the year end?

或者是否有延後到年底之後的風險？

And then a quick one, just separate to the smelter on the Cerro Verde stake increase its small, but probably the best type of M&A that you can do.

然後是快速的一項，就是與冶煉廠分開，增加其 Cerro Verde 股份，雖然規模雖小，但可能是您可以做的最好的併購類型。

Is this a one-off?

這是一次性的嗎？

Or do you think there could be more opportunities to increase your stake?

或者您認為還有更多機會增加您的股份嗎？

Thank you.

謝謝。

Thanks, Liam.

謝謝，利亞姆。

On the time frame for the repairs, we don't have that information yet.

關於修復的時間範圍，我們還沒有該資訊。

This is an event that happened essentially a week ago.

這實際上是一周前發生的事件。

And our teams have been on the ground inspecting the damaged equipment, determining what needs to be replaced what does not need to be replaced, and we're working in parallel with our vendors on understanding lead times for various equipment.

我們的團隊一直在現場檢查損壞的設備，確定哪些需要更換，哪些不需要更換，並且我們正在與供應商並行工作，以了解各種設備的交貨時間。

The early results in terms of the area affected, not everything on the structure was damaged.

就受影響區域而言，早期結果並非結構上的所有部分都被損壞。

We were fortunate we did not have big impacts to structural steel.

幸運的是，我們沒有對結構鋼產生重大影響。

There will be some equipment and piping that needs to be replaced.

將會有一些設備和管道需要更換。

And so we're just working through that right now, trying to understand what the lead times are for this equipment.

所以我們現在正在解決這個問題，試圖了解該設備的交貨時間是多少。

This is not equipment off the shelf.

這不是現成的設備。

So will need to be fabricated and we'll work quickly.

因此需要製作，我們會盡快開展工作。

The fortunate thing is right now, it's not a time in the market where supply chains are real tight.

幸運的是，現在市場還不是供應鏈真正緊張的時候。

So we're getting really good response from our vendors, working to understand the root cause of this and when the vendors are involved in that exercise with us as well -- but -- so we don't have a specific time frame other than to assure you that we've got the right teams in place.

因此，我們從供應商那裡得到了非常好的回應，努力了解造成這種情況的根本原因，以及供應商何時也與我們一起參與這項工作——但是——所以我們沒有具體的時間框架，除了向您保證我們已經擁有合適的團隊。

We've got the right organization that's working through this in a professional way to expedite what we can and get this back up and running so that we can achieve our start-up goals.

我們有合適的組織以專業的方式解決這個問題，以加快我們的速度，讓其恢復運行，以便我們能夠實現我們的啟動目標。

The government has been supportive.

政府一直給予支持。

They sent -- we have our own fire department there at the site.

他們派了——我們在現場有自己的消防部門。

But the government also sent support and has been very supportive.

但政府也給予了支持，並且給予了極大的支持。

They've been looking also the police is normal procedure looking at the investigation of the causes, and we're collaborating on that exercise as well.

他們也一直在關注警方是否正在按照正常程序調查原因，我們也正在合作這項工作。

I think if you look at the world and these smelters, this is not the first time there's been a fire in Indonesia, the people that we are talking with understand the hazards involved in these types of operations.

我認為，如果你看看世界和這些冶煉廠，這不是印尼第一次發生火災，與我們交談的人們了解此類操作所涉及的危險。

We're working hard and designing these operations so that they don't have hazards, but if you look at history, there have been other similar type incidents.

我們正在努力工作並設計這些操作，以便它們不會產生危險，但如果你回顧一下歷史，你會發現還發生過其他類似類型的事件。

So they understand it, they understand our good faith and getting the smelter completed.

所以他們理解這一點，他們理解我們的誠意並完成冶煉廠。

And they also understand the economics that this continuity will benefit them as we go forward.

他們也了解經濟，隨著我們的前進，這種連續性將使他們受益。

So I think we'll just continue to work collaboratively to make sure that all of the impacts of this are mitigated and they can be mitigated through insurance and through continued exports.

因此，我認為我們將繼續合作，以確保減輕所有影響，並且可以透過保險和持續出口來減輕影響。

And that's what we want to make sure that we do to every extent possible is mitigate the impact of this incident.

這就是我們希望確保盡一切可能減輕這一事件的影響。

With the Cerro Verde question, Cerro verde has a public market that trades in a relatively small float the trades on the Peruvian Stock Exchange.

就 Cerro Verde 問題而言，Cerro verde 有一個公開市場，其交易流通量比秘魯證券交易所的交易規模相對較小。

And so we're interested in buying more if there's opportunities to do it.

因此，如果有機會的話，我們有興趣購買更多產品。

There were some funds that were interested in selling, and we were able to pick up those shares.

有一些基金有興趣出售，我們能夠買入這些股票。

But it's high-quality asset, very difficult to replicate.

但它是優質資產，很難複製。

And so to the extent there are opportunities to purchase additional shares, we're interested in doing that, but that takes a willing seller as well.

因此，只要有機會購買額外的股票，我們就有興趣這樣做，但這也需要有願意的賣家。

So we'll just continue to monitor that as we go forward.

因此，我們將在前進過程中繼續監控這一情況。

Okay.

好的。

Thank you.

謝謝。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

Hey, good morning.

嘿，早安。

A question back to Indonesia.

回到印尼的問題。

But this is around IUPK.

但這是圍繞著 IUPK 的。

If I overly analyze the 2Q versus 3Q, there was an expectation that you might file for IUPK extension in 2024 in the 2Q release, but in 3Q, it feels a little more vague.

如果我過度分析 2Q 與 3Q，預計您可能會在 2024 年在 2Q 版本中申請 IUPK 擴展，但在 3Q 中，感覺有點模糊。

Am I over-interpreting?

我是不是過度解讀了？

Or is there anything about the end of the year and filing that, that matters to you specifically?

或者有什麼關於年底和提交的事情對您來說特別重要嗎？

(multiple speakers) Definitely, let me make one comment here first.

（多名發言者）當然，我首先在這裡發表評論。

We had hope based on discussions that go back a couple of years that we would be able to accomplish this during the term of Joko Widodo.

根據幾年前的討論，我們希望能夠在佐科維多多任期內實現這一目標。

And with everything that went on with the transition to the new president, the election occurred months ago, but the transition was, occurred later, we just weren't able to get it.

隨著向新總統的過渡所發生的一切，選舉發生在幾個月前，但過渡發生得更晚，我們就是沒能得到它。

There's a established regulation in place that provides us the ability to file for it and we'll be working with the new government and working on the right time to do that, we feel confident that it will happen.

有一項既定的法規使我們能夠提出申請，我們將與新政府合作，並在適當的時間做到這一點，我們相信這會發生。

Very clear.

非常清楚。

A quick follow-up.

快速跟進。

Can you tease us a little with the pre-feasibility study launched on Safford Lone Star, what should really broad goalposts, what sort of opportunity should we think about?

您能否用薩福德孤星啟動的預可行性研究來逗我們一下，什麼才是真正廣泛的目標，我們應該考慮什麼樣的機會？

This is a very large resource.

這是一個非常大的資源。

We've been doing a lot of drilling over the last several years. and have identified a resource that is multiples of the current reserve.

過去幾年我們進行了大量的鑽探工作。並已確定資源量是目前儲量的倍數。

And it's in an established area.

而且它位於一個既定區域。

It's over the mountain range from Morenci, where we've operated for a century more.

它位於莫倫西 (Morenci) 山脈的另一邊，我們在那裡經營了一個多世紀。

And Safford is relatively new.

薩福德相對較新。

I mean it's one of the newest mines in the US, we brought it online in 2007, '08 time frame and then have expanded it to date.

我的意思是，它是美國最新的礦山之一，我們在 2007 年、08 年的時間範圍內將其上線，然後將其擴展至今。

So what we have is this opportunity to a vision where you could have another cornerstone asset in this district where we've got talented workforce.

因此，我們所擁有的就是這個實現願景的機會，您可以在這個擁有才華橫溢的勞動力的地區擁有另一個基石資產。

We've got an established community support, and we've got a resource.

我們擁有成熟的社區支持，並且擁有資源。

So you could have a operation there that is both doing leaching, which that's what it's 100% leach operation today, but could add additional milling there to essentially double the production, the resource might support even more than doubling.

因此，您可以在那裡進行浸出操作，這就是今天的 100% 浸出操作，但可以在那裡添加額外的研磨，使產量基本上翻倍，資源可能支援甚至超過一倍。

But what we're looking at is the opportunity to go from 300 million pounds of copper a year there to 600 million and through efficient leaching and milling operation, and so what we're doing now is designing based on the resource, what the next step would be in terms of expanding the operation.

但我們正在尋找的是透過高效的浸出和研磨操作，將銅產量從每年 3 億磅增加到 6 億磅的機會，所以我們現在正在做的是根據資源進行設計，下一步是什麼下一步將是擴大業務。

And we're all very excited about it.

我們都對此感到非常興奮。

We're pushing to really define what it could be.

我們正在努力真正定義它可能是什麼。

We know from the resource, it could be something that will be with us for a very long time.

我們從資源中得知，它可能會陪伴我們很長一段時間。

And so that's the objective.

這就是目標。

We're doing the pre-feasibility study work, and we'll have more information next year about what a project could look like.

我們正在進行預可行性研究工作，明年我們將獲得更多有關項目外觀的資訊。

One of the things that is important to recognize here is it's not like El Abra in that a lot of us is going to -- El Abra is a very attractive project, but it takes a long time because of the permitting requirements, we don't have the same degree.

這裡需要認識到的重要一點是，它不像我們很多人都會去的 El Abra，El Abra 是一個非常有吸引力的項目，但由於許可要求，它需要很長時間，我們不這樣做。的學位。

We don't believe we'll have the same degree of permitting required for this that you would have in something like El Abra.

我們認為我們不會像 El Abra 這樣的地方獲得同樣程度的許可。

So it's possible that if this is fast tracked, it could come online not too much different than where El Abra.

因此，如果進展順利，它的上線可能與 El Abra 沒有太大不同。

So that's exciting as well.

這也很令人興奮。

We're fortunate at Freeport that we have these brownfield opportunities, we have big resources, and we have the community support that allows us to grow.

我們很幸運，在自由港，我們擁有這些棕地機會，我們擁有大量資源，我們擁有使我們成長的社區支持。

And that's what we're doing.

這就是我們正在做的事情。

We're focused on technology.

我們專注於技術。

We're focused on automating what we do to make sure that we can be as efficient as possible long term.

我們專注於自動化我們所做的事情，以確保我們能夠盡可能長期保持高效率。

And I think technology, not only in our leach initiative, but also in our mining initiatives is going to turn the corner and make our US operations much more attractive as we go forward.

我認為技術，不僅在我們的浸出計劃中，而且在我們的採礦計劃中，都將扭轉局面，並使我們在前進過程中的美國業務更具吸引力。

So that's -- that we're working on that in parallel with these studies.

所以我們正在與這些研究同時進行。

Great color.

顏色很棒。

Thanks, Kath.

謝謝，凱絲。

Michael Dudas, Vertical Research Partners.

麥可‧杜達斯 (Michael Dudas)，垂直研究合作夥伴。

Good morning, David, Richard, and Kathleen.

早上好，大衛、理查和凱瑟琳。

Good morning, Mike.

早上好，麥克。

Maybe you could shed -- I appreciate the comments about North America and the impact on some of your initiatives on the cost side.

也許你可以擺脫——我很欣賞有關北美的評論以及對你在成本方面的一些舉措的影響。

But maybe you could give a sense of how quickly some of these efficiency initiatives will be moving forward, looking at the marketplace for labor, how where do you stand on that?

但也許您可以了解一些效率舉措的進展速度，看看勞動市場，您對此有何看法？

And is there a normalized level or expectation away from the improvement from the leaching contribution that we'd see a moderation in the mining cost, of course, recognizing that the great issues that you've been dealing with.

當然，我們認識到您一直在處理的重大問題，是否存在與浸出貢獻改善相距較遠的標準化水平或期望，我們會看到採礦成本的緩和。

Yeah.

是的。

Well, over the last several quarters, we've had two -- it's been twofold.

嗯，在過去的幾個季度裡，我們已經有兩次了——已經是兩倍了。

One is we starting in '22, we had rising costs.

一是我們從 22 年開始，成本不斷上升。

And that came at a time when we started getting into lower grade.

那是在我們開始進入低年級的時候。

So we've had two things that we've been dealing with.

所以我們一直在處理兩件事。

The good news is that we're not seeing the rise in costs like we were previously.

好消息是我們沒有看到像以前那樣的成本上升。

And actually, there's some things that -- like energy that have come -- that are actually -- have trended lower.

事實上，有些東西——例如已經到來的能源——實際上已經呈現下降趨勢。

But the thing we're focused on now is making sure that our assets are as productive as possible.

但我們現在關注的事情是確保我們的資產盡可能有效率。

It's -- we did some benchmarking against our South America operations and back in 2022, the two were pretty much on top of each other in terms of their unit costs.

我們對南美業務進行了一些基準測試，早在 2022 年，這兩家公司在單位成本方面幾乎處於領先地位。

Now when we look at the comparison, there's a big gap between South America and North America, and that's mainly this grade issue.

現在我們來比較一下，南美和北美差距很大，主要就是這個等級問題。

We haven't had the grade decline in South America, like we've had in North America, but that requires us to be more efficient, and we think we can do that.

我們在南美洲沒有出現像北美那樣的成績下降，但這要求我們提高效率，我們認為我們可以做到這一點。

We think that we can be more productive with our equipment more productive with our people as our people are getting better training, more experience.

我們認為，隨著我們的員工接受更好的培訓和更多的經驗，我們可以透過我們的設備提高生產力，提高員工的生產力。

That is a big help.

這是一個很大的幫助。

The other issue that we're making some progress on is downtime.

我們正在解決的另一個問題是停機時間。

We've had some experience in recent years with premature equipment failures.

近年來，我們在設備過早故障方面累積了一些經驗。

We're turning the corner on that.

我們正在扭轉這一局面。

We're focused on systems and planning our downtime so that when we do go down for planned maintenance that the downtime is delivered, the projects delivered on the cost we expected and in the time frame we expected.

我們專注於系統和規劃停機時間，以便當我們進行計劃維護時，可以交付停機時間，並按照我們預期的成本和預期的時間範圍交付專案。

But it's a lot of basics, but we're making progress.

但這還有很多基礎知識，但我們正在取得進展。

When we look at all the KPIs that we track, the key performance indicators that we track.

當我們查看我們追蹤的所有 KPI 時，我們追蹤的關鍵績效指標。

We're seeing better utilization, better availability on our equipment than we've experienced in recent quarters.

與最近幾個季度相比，我們看到設備的利用率和可用性更高。

And that's just going to have to continue to be the case that we have to work day in, day out to achieve better asset availability and productivity metrics.

我們必須日復一日地工作，以實現更好的資產可用性和生產力指標。

The other thing we're focused on is contractor costs, we've had some labor rate increases that have not been insignificant, but the contractor costs have been even more significant.

我們關注的另一件事是承包商成本，我們的勞動力價格上漲了一些，這並不是微不足道的，但承包商成本更顯著。

So what we're doing there is we're reducing the amount of contractors that we have in our operations.

因此，我們正在做的是減少我們營運中的承包商數量。

We're down about 10% or so from where we were, and we're allocating our own internal resources differently to reduce costs there that will be something we're continuing to work on.

我們比原來的水平下降了大約 10% 左右，我們正在以不同的方式分配我們自己的內部資源，以降低成本，這將是我們繼續努力的事情。

The other thing we're doing in our global supply chain group is leading an effort to really push back what's happened over the last couple of years with component parts and all aspects of maintenance supplies.

我們在全球供應鏈團隊中正在做的另一件事是，努力真正扭轉過去幾年在零件和維護供應的各個方面所發生的情況。

People are trying to push through cost increases, price increases on equipment and parts.

人們正在努力推動成本上漲、設備和零件價格上漲。

And we just don't see the data that supports that.

我們只是沒有看到支持這一點的數據。

So we're pushing back on that.

所以我們正在反對這一點。

We're looking to bring costs back down to reasonable levels where our vendors can generate returns but not egregious returns.

我們希望將成本降低到合理水平，使我們的供應商能夠產生回報，但不會產生過高的回報。

So we've got multifaceted initiatives going on.

因此，我們正在採取多方面的措施。

As you mentioned, the leach initiative is one component of that, that's going to help a lot.

正如您所提到的，浸出計劃是其中的一個組成部分，這將有很大幫助。

But there are other areas that we've got teams focused on, and we will make progress if we continue to follow these key performance indicators and achieved these targets that we've set out that each of our teams know about, know what we need to do, we will bring down the cost even though grades may not improve.

但我們的團隊也專注於其他領域，如果我們繼續遵循這些關鍵績效指標並實現我們設定的每個團隊都了解、知道我們需要什麼的目標，我們就會取得進展為了做到這一點，即使成績可能不會提高，我們也會降低成本。

So that's something that we're committed to.

這就是我們致力於的事情。

And I think you'll start to see in 2025, all other things being equal in terms of input costs, but you'll see our unit cost trending lower in the US compared to where they are now.

我認為到 2025 年，您將開始看到，所有其他條件在投入成本方面都相同，但您會看到我們在美國的單位成本與現在相比呈下降趨勢。

And I'll ask Josh or Maree, either of you, if you want to add to anything I commented on costs.

如果你們想補充我對成本的評論，我會問喬許或瑪麗，你們中的任何一個人。

This is a big effort for our whole team.

這對我們整個團隊來說是一個巨大的努力。

So anybody else want to comment, please do.

所以其他人想發表評論，請發表評論。

Kathleen, I think you touched on everything that I was going to touch on.

凱瑟琳，我想你已經觸及了我要觸及的一切。

I mean really the laser focus by the team on efficiencies, productivities and managing our costs via contractor spend are really key in driving our unit cost down in addition to the work in the maintenance and reliability space, the more reliable our equipment is, the more productive it is and therefore, that just helps all the way across the board, not only from a deviser perspective, but also from a cost perspective because when equipment is down, it typically costs more.

我的意思是，除了維護和可靠性領域的工作之外，團隊對效率、生產力和透過承包商支出管理我們的成本的高度關注確實是降低我們單位成本的關鍵，我們的設備越可靠，我們的設備就越可靠 它是高效的，因此，這不僅從設計者的角度來看，而且從成本的角度來看，都是有幫助的，因為當設備停機時，通常會花費更多。

So you touched on the things that are the most important for us, and we're very, very focused organizationally on those key performance indicators so that we can manage that stuff on a day-to-day, week-to-week, month-to-month basis and drive it in the direction we need to go.

所以你談到了對我們來說最重要的事情，我們在組織上非常非常關注這些關鍵績效指標，這樣我們就可以每天、每週、每月管理這些東西每月的基礎上，並推動它朝著我們需要的方向發展。

Thank you, Josh.

謝謝你，喬許。

Yeah.

是的。

Thank you, Kathy.

謝謝你，凱西。

Thank you, Joshua.

謝謝你，約書亞。

Look forward the progress.

期待進展。

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

Hi.

你好。

Good morning.

早安.

My question is around the same lines with respect to cost.

我的問題與成本方面大致相同。

I mean with North American cost above $3 in South America around $2.50, I understand that you're working on some cost reduction initiatives.

我的意思是，北美的成本高於 3 美元，南美的成本約為 2.50 美元，據我所知，您正在採取一些降低成本的措施。

But should we think about sort of the go-forward run rate for costs in North America were in the $2.50 to $3 range post these initiatives with South America more in the $2.25 to $2.50 a pound.

但我們是否應該考慮一下，在這些舉措實施後，北美的成本未來運行率將在 2.50 美元至 3 美元之間，而南美的成本則在每磅 2.25 美元至 2.50 美元之間。

Like is that just the new reality of today's cost environment?

這就是當今成本環境的新現實嗎？

I think directionally, that's right.

我覺得方向性的，是對的。

Now to the extent that we can bring down some of these input costs, that will help.

現在，只要我們能夠降低其中一些投入成本，就會有所幫助。

But I think that is what you're saying is accurate.

但我認為你說的是正確的。

Now I want to remind everybody that our leach initiative, if we're successful there and continuing to scale, that's a big deal.

現在我想提醒大家，如果我們的浸出計畫成功並繼續擴大規模，那將是一件大事。

So you're talking about costs in the US for average today in the $3 range, this leach initiative is bringing on incremental pounds at a cost of less than $1.

因此，您談論的是美國目前的平均成本在 3 美元範圍內，而這項浸出計劃正在以不到 1 美元的成本增加磅數。

And so that will bring down the average as we scale it more because the reason why it's so attractive is because this is getting more copper out of what's already been mined.

因此，當我們擴大規模時，平均值就會下降，因為它之所以如此有吸引力，是因為這可以從已開採的銅礦中提取更多的銅。

So the mining cost is a big part of the overall cost of copper production.

因此，採礦成本佔銅生產總成本的很大一部分。

And this is taking advantage of material that's already been mined and investing some incremental costs to get more.

這是利用已經開採的材料並投資一些增量成本來獲得更多。

So that could really make a difference.

所以這確實會有所作為。

And that's why we're talking about it so much, and we're making progress on it, it could really change the cost structure in the US.

這就是為什麼我們如此多地談論它，我們正在這方面取得進展，它可能真正改變美國的成本結構。

And we've got some opportunities for leach in particular, at El Abra that we're pursuing.

我們有一些浸出的機會，特別是在我們正在追求的埃爾阿布拉。

But the meaningful impact will be in our US operations, principally Morenci and Safford and our Chino mine.

但有意義的影響將發生在我們的美國業務，主要是 Morenci 和 Safford 以及我們的 Chino 礦場。

Just as a follow-up to that, I mean, we've seen North American costs creep up seemingly quarter over quarter.

我的意思是，作為後續行動，我們已經看到北美成本似乎逐季攀升。

Where do you see that inflection point?

您在哪裡看到這個拐點？

Should we -- do you think we peaked here at $3.14 a pound or could we still see those costs flatline or go higher before they start coming down on the new leaching?

您認為我們是否應該達到每磅 3.14 美元的峰值，或者在新的浸出開始下降之前，我們仍會看到這些成本持平或走高？

Our objectives and our targets are that they'll come down.

我們的目標和目標是它們會下降。

So we should -- you should see in 2025, you should see lower costs from what we've had in 2024.

所以我們應該——你應該看到，到 2025 年，你應該看到比 2024 年的成本更低。

Now that depends on moly and some other things.

現在這取決於鉬和其他一些東西。

But just site production costs, you should see costs trending lower in 2025 from where they were in '24.

但僅就現場生產成本而言，您應該會看到 2025 年成本較 24 年呈下降趨勢。

Thank you.

謝謝。

Daniel Major, UBS.

丹尼爾梅傑，瑞銀集團。

Hi there.

你好呀。

Can you hear me okay?

你聽得到我說話嗎？

Yes.

是的。

Great.

偉大的。

Thank you.

謝謝。

Thanks for the questrion.

謝謝你的提問。

Yeah, the first one, just on the sort of M&A capital allocation.

是的，第一個，關於併購資本配置。

You've acquired some more stock in Cerro Verde, but as you mentioned, you need a willing seller.

您已經購買了更多 Cerro Verde 股票，但正如您所提到的，您需要一個願意的賣家。

I guess two parts to the question. assuming you can't buy any more stock in Cerro Verde going forward, should we expect Freeport share buybacks in Q4 and into Q1 of next year?

我想這個問題有兩個部分。假設您今後無法再購買更多 Cerro Verde 股票，我們是否應該預期 Freeport 股票會在第四季和明年第一季回購？

That's the first part of the question.

這是問題的第一部分。

Well, I was just going to say, Richard we're following our framework for cash allocation for shareholder returns.

好吧，我只想說，理查德，我們正在遵循股東回報現金分配的框架。

And so we deploy 50% of cash flow to cash flow available after CapEx, excluding the discretionary items, of 50% to shareholder returns and 50% due to organic growth.

因此，我們將 50% 的現金流量用於資本支出後的可用現金流量（不包括可自由支配的項目），其中 50% 用於股東回報，50% 用於有機成長。

And so I -- we do expect that share purchases to the extent that we're generating cash above the current dividend levels will be available for us in the future to continue to buy stock back.

因此，我們確實預計，在我們產生高於當前股利水準的現金的情況下，我們將可以在未來繼續回購股票。

The Cerro Verde was opportunistic.

塞羅維德是機會主義的。

If there are opportunities in the future to buy Cerro Verde stock, it's -- like we said, it's a very high-quality asset.

如果未來有機會購買 Cerro Verde 股票，就像我們所說的那樣，它是一項非常優質的資產。

And so we'll -- that's really just an opportunistic purchase.

所以我們會——這實際上只是一次機會主義的購買。

Thanks

謝謝

--

--

We have ongoing discussions with our shareholders and there's obviously differences views about dividends versus stock buybacks, but this is something we actively discuss with our Board at every meeting, and we'll be making decisions.

我們正在與股東進行討論，對於股利與股票回購有明顯的分歧，但這是我們在每次會議上與董事會積極討論的問題，我們將做出決定。

It's great to be in a position now to be able to have those discussions, and we're well below our debt levels targets.

很高興現在能夠進行這些討論，而且我們的債務水平遠低於目標。

So we'll be able to execute this policy that Kathleen just spoke with you about.

因此，我們將能夠執行凱瑟琳剛剛與您談論的這項政策。

Great.

偉大的。

Thanks..

謝謝..

And maybe a follow-up, if I could, just on bigger picture, M&A, you're obviously seeing larger scale transactions starting to become more prominent in the sector.

如果可以的話，也許是後續行動，從更大的角度來看，併購，你顯然會看到更大規模的交易開始在該行業變得更加突出。

Is this something that you see as an opportunity going forward before some of these larger assets potentially get kind of taken off the market?

在這些較大的資產可能被撤出市場之前，您是否認為這是一個前進的機會？

Yeah.

是的。

We monitor market activity

我們監控市場活動

--

--

I've said for a long time that M&A is coming in our industry, and it certainly will, and we're engaged in observing what goes on discussions with our bankers and with other companies to see what opportunities might arise.

我很早就說過，併購正在進入我們的行業，肯定會出現，我們正在觀察與銀行家和其他公司的討論，看看可能會出現什麼機會。

But M&A is not fundamental to our strategy.

但併購並不是我們策略的基礎。

I mean, we are focused and have opportunities to grow value for our shareholders organically.

我的意思是，我們專注並有機會有機地為股東增加價值。

And that's our primary focus, but we'll be in the marketplace and prepared to respond to opportunities.

這是我們的主要關注點，但我們將進入市場並準備好應對機會。

I've always felt that the best M&A comes from opportunities as opposed to predetermined strategic moves.

我一直認為最好的併購來自機遇，而不是預先決定的策略措施。

Great.

偉大的。

Thanks very much.

非常感謝。

Lawson Winder, Bank of America Securities.

勞森溫德，美國銀行證券公司。

Hi.

你好。

Thank you, Operator.

謝謝你，接線生。

Good morning, Kathleen and Richard.

早上好，凱瑟琳和理查。

Thank you for taking the question and thanks for the update.

感謝您提出問題並感謝您的更新。

I just wanted to ask about capital allocation, particularly with respect to the larger projects.

我只是想問一下資本分配的問題，特別是對於較大的專案。

So I'm thinking of Bagdad and thinking of El Abra.

所以我想到了巴格達，想到了阿布拉。

I'm thinking as now Lone Star.

我現在的想法就像孤星一樣。

Would it be fair to characterize your decision-making as one where you would wait on a decision on Bagdad until you have the information on the study that you're now expecting at the end of next year for both El Abra and Lone Star?

將您的決策描述為等待有關巴格達的決定，直到您獲得目前預計明年年底對 El Abra 和 Lone Star 進行的研究的信息，這樣公平嗎？

Well, Bagdad is a project that we can execute in the near term.

嗯，巴格達是我們可以在短期內執行的專案。

We do want to -- and we've got the information on El Abra.

我們確實想要——並且我們已經獲得了有關埃爾阿布拉的信息。

So we know the comparison between el abra and Bagdad.

所以我們知道阿布拉和巴格達之間的比較。

For Lone Star, we need to get these studies done and that's why we're pushing to get the studies done next year. that will help us assess that.

對 Lone Star 來說，我們需要完成這些研究，這就是我們推動明年完成這些研究的原因。這將有助於我們評估這一點。

But Bagdad is something that can be executed in a three- to four-year horizon.

但巴格達行動可以在三到四年內完成。

Lone Star Safford will take longer to evaluate.

孤星薩福德將需要更長的時間來評估。

But -- yeah, it's in a perfect world, we would like to have, and that's the beauty of Freeport in that -- we have -- we manage all of these assets.

但是 - 是的，這是一個完美的世界，我們希望擁有，這就是自由港的美妙之處 - 我們擁有 - 我們管理所有這些資產。

And so we can look at capital allocation as to where it makes the most sense, where it has the best impact, the best returns for us to evaluate projects next to each other.

因此，我們可以考慮資本分配，看看在哪裡最有意義，在哪裡影響最大，在評估相鄰項目時回報最好。

So that's a real advantage, and we do that regularly to make sure we're allocating capital to the projects that make the most sense, not just to the projects that we can do.

所以這是一個真正的優勢，我們定期這樣做，以確保我們將資金分配給最有意義的項目，而不僅僅是我們可以做的項目。

We want to invest our capital in the projects that drive the most value.

我們希望將資金投資於能夠帶來最大價值的項目。

There are other considerations in terms of time frames that can be executed within et cetera.

在可以執行的時間範圍等方面還有其他考慮因素。

But generally, that's our philosophy is to allocate capital to the most valuable projects within our portfolio to compare and contrast those.

但總的來說，我們的理念是將資金分配給我們投資組合中最有價值的項目，以進行比較和對比。

But so we will have more information on Safford next year and look at that next to Bagdad.

但明年我們將獲得有關薩福德的更多信息，並關注巴格達的情況。

But we think that Bagdad will -- that the project will benefit back that long term.

但我們認為巴格達將——該計畫將從長遠來看受益。

Again, we're talking about -- we've got an 80-year plus reserve life there.

我們再說一次——我們在那裡有超過 80 年的儲備壽命。

And so that is a place where we feel investments make sense.

因此，我們認為在這個領域進行投資是有意義的。

And that's part of what guides our investment decisions is where do we have the resource and in this case, an established operation that we can leverage from.

指導我們投資決策的一部分是我們在哪裡擁有資源，在這種情況下，是我們可以利用的既定業務。

So but they're not mutually exclusive.

但它們並不互相排斥。

We can do more than one project.

我們可以做多個項目。

And so our goal is to -- if we've got projects that create value, and we can execute those efficiently we want to advance those aggressively.

因此，我們的目標是——如果我們有創造價值的項目，並且我們可以有效地執行這些項目，那麼我們希望積極推進這些項目。

Okay.

好的。

That's perfect, actually.

事實上，這很完美。

And then just my follow-up would be just thinking about 2025 CapEx I mean, how would you handicap thinking about that?

然後我的後續行動就是思考 2025 年資本支出，我的意思是，你會如何阻礙思考這個問題？

I mean should we be thinking about 2025 CapEx being sort of in line with 24x smelter?

我的意思是，我們是否應該考慮 2025 年的資本支出與 24x 冶煉廠的情況一致？

Or should we be thinking about the possibility of a commitment at some point in '25, that would be cash out lower next year?

或者我們應該考慮在 25 年某個時候做出承諾的可能性，明年兌現的金額會更低？

Yeah.

是的。

At this point in time, we don't see a major change to '25 CapEx.

目前，我們沒有看到 '25 資本支出發生重大變化。

We do have some investments in our discretionary bucket in '25 to advance Bagdad to derisk Bagdad.

我們確實在 25 年的可自由支配的桶中進行了一些投資，以推進巴格達以消除巴格達的風險。

We're making some investments in power infrastructure.

我們正在對電力基礎設施進行一些投資。

We're making some investments in tailings work that we're doing, that we'd have to do anyway longer term.

我們正在對我們正在做的尾礦工作進行一些投資，無論如何，從長遠來看，我們必須這樣做。

But so we do have some investments in Bagdad in 2025 to derisk the overall project.

但我們確實會在 2025 年在巴格達進行一些投資，以降低整個計畫的風險。

But I don't see, based on the projects we're talking about in terms of El Abra, Bagdad, Lone Star, I don't see significant CapEx above what we have in our 2025 plans.

但我認為，根據我們正在談論的 El Abra、Bagdad、Lone Star 項目，我認為資本支出不會高於我們 2025 年計劃中的金額。

But we'll continue to review those.

但我們將繼續審查這些內容。

If there's opportunities for us to advance things and that makes sense, we'll certainly be open to it.

如果我們有機會推進事情並且有意義，我們肯定會對此持開放態度。

But at this point in time, this is our best estimate of what capital will look like in 2025.

但目前，這是我們對 2025 年資本狀況的最佳估計。

Yeah, fantastic.

是的，太棒了。

Thanks again for the update, guys.

再次感謝你們的更新，夥伴們。

Thanks, Lawson.

謝謝，勞森。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Good morning Kathleen and Richard.

早上好，凱瑟琳和理查。

This is Bennett on for Bill.

這是貝內特為比爾代言的。

Thank you for taking my questions.

感謝您回答我的問題。

I wanted to start real quick, if you could provide any updates on some of your smaller and near-term discretionary projects on slide 23, namely increasing stacking at Lone Star, Atlantic Copper recycling and the improvements at the Grasberg mill.

我想盡快開始，如果您能在幻燈片 23 上提供一些小型和近期可自由支配項目的最新情況，即增加 Lone Star 的堆放量、Atlantic Copper 回收以及 Grasberg 工廠的改進。

Yeah.

是的。

Bennett, what -- just for everyone else, what he's talking about is us the discretionary projects that are included in our capital that generally are not maintenance related that actually have investment returns associated with them.

貝內特，對於其他人來說，他所說的是我們的資本中包含的可自由支配的項目，這些項目通常與維護無關，但實際上具有與之相關的投資回報。

The Lone Star oxide expansion is coming to an end.

孤星氧化物擴張即將結束。

We're going to be completing that in the 2025 time frame.

我們將在 2025 年的時間內完成這項任務。

And so that will allow us to basically sustain 300 million pounds of copper per annum.

這樣我們基本上每年就能維持 3 億磅的銅。

Beyond that Lone Star, we're talking about a major expansion, and that is what we were talking about earlier studying.

除了孤星之外，我們正在討論一個重大擴展，這就是我們之前討論的研究內容。

At Grasberg, we're installing a copper cleaner that will allow us to improve our concentrate grades and our metal recoveries.

在格拉斯伯格，我們正在安裝銅淨化器，這將使我們能夠提高精礦品位和金屬回收率。

That investment is essentially, we've completed the major construction and we'll be installing that project, commissioning that project here in the fourth quarter.

這項投資本質上是，我們已經完成了主要建設，我們將安裝該項目，並在第四季度在這裡調試該項目。

So that one is coming to an end, you won't see any significant cost for that one in 2025.

因此，這項計畫即將結束，到 2025 年您將不會看到任何重大成本。

The circular project at Atlantic Copper is taking advantage of Atlantic Copper's position in the market, the existing infrastructure, and we're developing a new circuit there to recycle scrap, electronic scrap material.

大西洋銅業公司的循環項目利用了大西洋銅業公司在市場中的地位和現有基礎設施，我們正在那裡開發一條新的電路來回收廢品、電子廢料。

And that project is underway.

該項目正在進行中。

It's expected to be in production next year, at the end of next year.

預計明年年底投產。

And it is going to add to Atlantic Copper.

它將增加大西洋銅業的產量。

This may not be significant overall to Freeport, $60 million per annum, but it's significant to Atlantic Copper and particularly in the context of low TCRCs.

總體而言，這對於每年 6000 萬美元的自由港來說可能並不重要，但對於大西洋銅業來說意義重大，特別是在 TCRC 較低的情況下。

This allows Atlantic Copper to continue to generate business outside of copper, and it's -- Atlantic is very well suited to do this kind of work and recycling the material that are in phones and other things that have value.

這使得大西洋銅業公司能夠繼續進行銅以外的業務，而且大西洋銅業公司非常適合從事此類工作，回收手機和其他有價值物品中的材料。

So that project is in construction, and as I said, expect to be completed next year.

該項目正在建設中，正如我所說，預計明年完工。

Thanks for that.

謝謝你。

And then real quick, if I could just ask about the progress of the cleanup work going on at Grasberg, you've had success with placing this remote pumping equipment that you were speaking to last quarter?

然後很快，如果我可以問一下格拉斯伯格正在進行的清理工作的進展情況，你已經成功地放置了你上季度談到的遠端泵送設備嗎？

Yes.

是的。

We've made a lot of progress there.

我們在那裡取得了很大進展。

Things are -- continue to go very well at Grasberg.

格拉斯伯格的情況持續進展順利。

The team did well this quarter and actually exceeded the forecast was able to get more tonnes through the mill than we had forecast, and grades were strong.

該團隊本季表現良好，實際上超出了預期，工廠的產量比我們預期的要多，而且品位也很高。

And so operations there are continuing to go very well.

因此那裡的業務繼續進展順利。

Thank you

謝謝

(inaudible).

（聽不清楚）。

And with that, (multiple speakers) management.

隨之而來的是（多個發言者）管理。

Thanks, Regina.

謝謝，雷吉娜。

Thank you, everyone, for all your good questions and participation, and we look forward to continue to keep you updated.

謝謝大家提出的好問題和參與，我們期待繼續為您提供最新資訊。

And if you have any follow-ups, please contact David.

如果您有任何後續行動，請聯絡大衛。

(multiple speakers) And that will conclude today's call.

（多名發言者）今天的電話會議到此結束。

We thank you all for joining.

我們感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。