費利浦·麥克莫蘭銅金 (FCX) 2024 Q3 法說會逐字稿

Business.

商業。

Thanks.

謝謝。

Or Ladies and gentlemen, thank you for standing by.

或女士們先生們，謝謝你們的支持。

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

歡迎參加自由港麥克莫蘭第三季電話會議。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

Later we will conduct a question and answer session.

稍後我們將進行問答環節。

If you wish to ask a question during the Q&A session, press star one on your touch-tone phone.

如果您想在問答環節提問，請按按鍵式電話上的星號一。

If you require assistance during the call conference, please press star-zero.

如果您在電話會議期間需要協助，請按星號零。

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

我現在將會議交給投資者關係副總裁 David Choi 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 and Freeport reported its third quarter 2020 for operating and financial results.

今天早上早些時候，自由港公佈了 2020 年第三季的營運和財務表現。

A copy of today's press release or supplemental schedules and slides is available on our website at fcx.com.

今天的新聞稿或補充時間表和幻燈片的副本可在我們的網站 fcx.com 上取得。

Today's conference call is being broadcast live on the Internet, and anyone may listen to the conference call by accessing our website homepage and clicking on the webcast link.

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。

In addition to analysts and investors, the financial press has been invited to listen to today's call.

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。

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 would like to remind everyone that today's press release and certain of our comments on the call include non-GAAP measures and forward-looking statements and actual the cautionary language included in our press release and slides filings, all of which are available on our website.

在我們開始之前，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非公認會計原則措施和前瞻性陳述以及我們的新聞稿和幻燈片文件中包含的實際警告語言，所有這些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, Barry 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 Richard Adkerson、總裁兼執行長 Kathleen Quirk、執行副總裁兼財務長 Barry Robertson 以及我們管理團隊的其他高級成員。

Richard will make some opening remarks.

理查德將致開幕詞。

Kathleen will review our slide materials.

凱瑟琳將審查我們的幻燈片資料。

You can see.

你可以看到。

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 future.

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 great outlook for our company.

我們對公司前景抱持美好的期望。

Great outlook on term for our copper mines, even basis strategy own.

我們的銅礦前景看好，甚至是自己的基本策略。

So Kathleen will review with you the results of the quarter and talk about it and we are making progress with this as far we had in 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已經取得了進展，我們也將對此進行回顧。

We have a new president in Indonesia to vote to be on.

我們在印尼有一位新總統需要投票選出。

So on wins, though, was a general three decades ago.

不過，勝利是三十年前的將軍。

We work together closely own issues affecting our operations and popular.

我們密切合作解決影響我們營運和受歡迎的問題。

He knows our business is appointed a cabinet, which includes a number of cabinet members from Gioco widows, Cabot, Gannett and other people that we've known over the years.

他知道我們的企業任命了一個內閣，其中包括一些內閣成員，包括吉奧科寡婦、卡伯特、甘尼特以及我們多年來認識的其他人。

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

我們期待與他合作，他對我們的業務和地理位置的了解，可能會為我們與他的政府未來的合作帶來巨大的好處。

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, great.

好的，太好了。

Thank you, Richard, and I'm going to fire on all of our presentation starting on Slide 3, our RevPAR highlights for the third quarter and first nine months of 2024.

謝謝理查德，我將從幻燈片 3 開始進行所有演示，即 2024 年第三季和前 9 個月的 RevPAR 亮點。

Our team continues to deliver on our operating plans and pursue value for our professional tools, managing costs aggressively on building value in our organic growth portfolio for sale here, we generated strong margins and cash flows during the quarter for EUR2.7 billion EBITDA and 1.9 billion in operating cash flows.

我們的團隊繼續實現我們的營運計劃並追求我們專業工具的價值，積極管理成本，為我們在這裡出售的有機成長投資組合創造價值，我們在本季度創造了強勁的利潤和現金流，EBITDA 為27億歐元，稅息折舊攤提前利潤為1.9億的經營現金流。

Our operating performance was supported by sales volumes exceeding guidance for both copper and gold.

我們的經營業績得益於銅和黃金的銷售量超過指引值。

Unfavorable unit cash cost performance compared to both our barrels on a year ago quarter, we're focused on initiatives to build value from a good organic growth of Freeport.

與去年同期相比，單位現金成本效益不佳，我們專注於透過自由港良好的有機成長創造價值的措施。

We benefit from a large reserve and resource position with near-term medium-term and longer-term embedded growth options for high-potential innovative leach technologies are delivering results only several ongoing initiatives to offset our low-cost copper volumes in our Americas protocols on the first nine months of 2020 for the incremental copper production from our leach initiative was nearly 70% higher than the comparable period last year.

我們受益於巨大的儲量和資源地位，以及高潛力創新浸出技術的近期、中期和長期嵌入式成長選擇，僅透過幾項正在進行的舉措就取得了成果，以抵消我們在美洲協議中的低成本銅產量2020 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%。

And we have additional projects underway to build scale and improve on our US cost position.

我們還有其他項目正在進行中，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 supplier market with increased requirements for copper.

我們也正在推動棕地擴張機會，將業務定位於長期成長的供應商市場，對銅的需求不斷增加。

During the third quarter, we purchased 5.3 million shares or sale variety in that market transactions on a per-loan 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% for public.

第三季度，我們在每筆貸款證券交易所的市場交易中以2.1 億美元的價格購買了530 萬股股票或銷售品種，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 倍增加到% 至 55% 供公眾使用。

Flowserve already now represents about 4.3% of outstanding shares.

Flowserve 目前已佔流通股的 4.3% 左右。

We ended the quarter and a strong position financially.

本季末，我們的財務狀況強勁。

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 of strong cash flow generation to support investments and value enhancement 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的未來前景非常樂觀，以支持投資和價值提升項目以及股東回報。

I will talk about markets on slide 4.

我將在幻燈片 4 上討論市場。

On top of prices, again, during the third quarter traded in a broad range of on the LMA.

除了價格之外，第三季 LMA 的交易範圍也很廣泛。

They range between three and 91 and four or 47 per pound.

它們的範圍為每磅 3 至 91 和 4 或 47。

And on the comments, exchange ranged from three 94 per pound for 66 per pound.

在評論上，兌換範圍從每磅 3 94 到 66 每磅。

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

本季 LMA 結算價平均為每磅 4.18 美元。

As we look at the quarter and where prices traded 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.

縱觀本季度，價格交易很大程度上取決於宏觀情緒，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。

Now at the micro level, we continue to see secular demand trends or social strong had them in the US.

現在在微觀層面上，我們繼續看到美國的長期需求趨勢或社會強勢。

Customers continue to report strong demand for power cable and building wire associated with substantial investment in electrical infrastructure and data centers.

客戶繼續報告稱，由於對電力基礎設施和資料中心的大量投資，對電力電纜和建築電線的需求強勁。

Both growing sector more than offset weakness in traditional demand sectors and residential construction and auto demand in China continues to be supported by significant investments in the electrical grid and continued growth in China's production of electric vehicles.

這兩個行業的成長遠遠抵消了傳統需求產業的疲軟，中國的住宅建築和汽車需求繼續受到電網重大投資和中國電動汽車產量持續成長的支撐。

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，中國對銅的需求仍在持續成長。

Recent announcements for economic stimulus in China, 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和支持國家經濟成長目標的公告可能會為金屬需求提供進一步支持

.

。

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。

Its physical care, domestics and superior connectivity make an essential to electric electrification.

它的身體護理、家庭生活和卓越的連接性對於電力電氣化至關重要。

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

對電網、再生能源發電技術、基礎設施和交通的新的大規模投資正在推動銅需求的增加，預計在可預見的時間內需求成長將高於趨勢水平。

The future.

未來。

As we looked 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 on the wrong.

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，赤字狀況錯誤。

This is going to require new investments and innovative technologies to build supplies longer term and at Freeport were driven as supply copper reliably and responsibly to a growing and growing market.

這將需要新的投資和創新技術來建立長期的供應，而在自由港，這需要可靠和負責任地向不斷增長的市場供應銅。

With our leading industry position, a large scale, current operations and our future, but 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、大規模的當前營運和未來的成長管道，我們處於有利地位，可以從銅的基本前景中受益

.

。

I'll remind everyone that in addition to topper were also a major gold producer, and I will turn to operations on on Slide 5, where we summarize the quarterly operating results by geographic region in the US will continue the takeout actions to improve efficiencies and cost performance to mitigate the impact of lower grades.

我要提醒大家，除了topper之外，我們還是一家主要的黃金生產商，我將轉向幻燈片5上的運營，其中我們總結了美國按地理區域劃分的季度運營業績，我們將繼續採取外賣行動，以提高效率和性價比，以減輕較低等級的影響。

We have more work to do.

我們還有更多工作要做。

A

一個

recent trends are improving.

最近的趨勢正在改善。

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

我們正在密切監控關鍵績效指標，並看到近幾個月的正面趨勢以及與裝載和運輸破碎和堆疊設備關鍵領域相關的資產效率。

Reliability is a focus area, and we're making strides in reducing on-plan unplanned downtime for also rationalizing the use of contractors to reduce costs and allocated in internal resources to our key focus areas.

可靠性是一個重點領域，我們在減少計劃內非計劃停機時間方面取得了長足進步，同時合理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, the success in our region initiative and further scaling incremental low cost production will also drive reductions in our cost structure and South America.

此外，我們地區計劃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和南美洲的降低。

The team at serve already.

球隊已經開始發球了。

The share of already operation posted another solid quarter.

已營運的份額又迎來了一個穩定的季度。

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 non-recurring charge in the quarter for new labor agreement after reaching agreement with several parties, second union, we now have multiyear their labor agreements covering share of earnings hourly workforce.

在與多方、第二個工會達成協議後，我們的單位淨現金成本略低於去年第三季每磅 0.12 美元的非經常性費用。

I mentioned earlier, we purchased additional shares voting shares.

我之前提到過，我們買了額外的投票權股份。

It gives us more exposure to this established.

它讓我們更能接觸到這個既定的東西。

Long-life, high-quality asset and Indonesian results were quite strong, and that's evidenced by as a unit net cash credit of $0.71 per pound.

壽命長、優質的資產和印尼的業績相當強勁，每磅 0.71 美元的單位淨現金信貸就證明了這一點。

The team has consistently delivering strong volumes of both copper and gold wire large-scale underground ore bodies.

該團隊始終如一地交付大量銅線和金線大型地下礦體。

Our sales in the quarter were higher than our estimates going into the period was increased mill rates and a lower grades.

我們本季的銷售量高於我們對該時期的預期，原因是工廠產量增加和品位降低。

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

我們也受惠於本季強勁的角色銷售，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 at our at risk site and popular 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、在我們處於風險和受歡迎的地點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 past smelter fire event, which we'll talk about on the next slide, just an update on where we are with the smelter.

在最近發生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討論這個問題，只是介紹冶煉廠的最新情況。

We made good progress during the third quarter on our commissioning and startup of this is a project that our team manage construction in a challenging market in a very effective manner, but we did experience a setback last week on October 14th from a fire incident in a class gas cleaning facility, Mason of sulfuric acid production process.

我們在第三季的調試和啟動方面取得了良好進展，這是一個項目，我們的團隊以非常有效的方式在充滿挑戰的市場中管理施工，但上週我們確實經歷了10 月14 日的挫折，因為一場火災事件一流的氣體淨化設施，梅森硫酸生產過程。

Our safety protocols were effective on the fire was extinguished in a short period of time without injury to our personnel, start-up activities have been temporarily suspended as a result, while we conduct damage and root cause assessments and develop our recovery plans, we presented a picture on the slide that you can you can review, but as you can see, the incident affected a relatively small area.

我們的安全協議是有效的，火災在短時間內被撲滅，沒有對我們的人員造成傷害，啟動活動因此暫時停止，同時我們進行損害和根本原因評估並製定恢復計劃，我們提出幻燈片上的圖片您可以查看，但正如您所看到的，該事件影響的區域相對較小。

The overall project.

整體工程。

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

我們的團隊積極參與規劃和維修以及評估更換更換設備的交貨時間。

We expect that the repair costs 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 and popular have not been impacted.

我們的挖礦業務和人氣都沒有受到影響。

And our team is focused on restoring smelter operations safely Lee and expeditiously.

我們的團隊致力於安全、迅速地恢復冶煉廠的營運。

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

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期。

Our operating line there.

我們的營運線在那裡。

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

我們將繼續對我們創新、創新的浸出計畫感到非常興奮。

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 GBP200 million per annum of copper per annum at the end of last year and are now driving initiatives.

提醒一下，我們在去年底實現了銅每年 2 億英鎊的初始目標，目前正在推動各項舉措。

They have this initiative to three to GBP400 million per annum and the next couple of years.

他們計劃在未來幾年每年投入 3 至 4 億英鎊。

Ultimately, our goal is to achieve GBP800 million per annum from this value-enhancing growth initiative business, the size of the 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.

最終，我們的目標是透過這項增值成長計畫業務每年實現8 億英鎊的收入，主要新礦山的規模需要較低的資本投資，增量營運成本也較低，這將顯著提高我們美洲地區的價值和競爭地位生產。

You can see on the slide the significant growth and incremental volumes from these initiatives.

您可以在投影片上看到這些舉措帶來的顯著成長和增量。

Over the last several quarters, our results have been achieved by enhancing Steve retention in the lead 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.

在過去的幾個季度中，我們透過使用感測器和分析數據來確定目標，以及透過部署新的營運策略將解決方案直接注入到以前無法進入的區域來提高史蒂夫在領先庫存中的保留率，從而取得了成果。

We continue to build confidence and boosting the run rate to three to £400 million per year during 2026 of some of the examples of the initiatives that are now underway that will add volumes in the future include expanding a surface area under leach by using Hello shoppers to InStyle irrigation and areas previously inaccessible on a conventional techniques and by scaling our targeted solution injection wells.

我們繼續建立信心，並在 2026 年將運行率提高到每年 3 至 4 億英鎊，目前正在進行的一些舉措示例將在未來增加產量，包括使用 Hello 擴大浸出表面積通過擴大我們的目標溶液注入井的規模，消費者可以進入InStyle 灌溉系統以及以前無法透過傳統技術進入的區域。

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

我們在槓桿注入技術方面取得了巨大進步，在鑽井方面也取得了巨大進展。

We're drilling much more efficiently and were 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 GBP800 million 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 stockpile house.

我們相信，從增加熱量到儲存房屋存在著巨大的機會。

We're looking at adding here to the leach solution, isn't Xcel Energy or using cloud-hosted or to generate additional he he has a proven stores to improve recoveries in this type of application for also continuing to its advanced testing of new additives at scale.

我們正在考慮添加到浸出解決方案中，不是 Xcel Energy 或使用雲端託管或產生額外的他有一個經過驗證的儲存來提高此類應用的回收率，並繼續對新添加劑進行高級測試規模化。

And we look forward to reporting to you on our progress on these

我們期待向您報告我們在這些方面的進展

initiatives.

倡議。

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

在自由港，我們確實處於有利位置，可以抓住這一機會的價值，我們擁有大量已開採材料中的大量殘銅庫存，擁有擁有專業知識和浸出技術的行業領先的技術團隊，以及致力於此的強大的多學科國家團隊倡議。

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

除此之外，我們還有額外的成長機會，就是浸出機會，您可以看到我們在哪些方面錯過了有機成長項目。

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

我們剛才談到的倡議的浸出是我們近期發展的最佳機會，我們正在美國非常積極地推行這項倡議。

We also have opportunities for expansion at our bad debt and the SIFI Lonestar operations.

我們還有機會擴大壞帳和 SIFI Lonestar 業務。

And at that that we're advancing investments in automation, sailings and energy infrastructure and expanded employee housing in this role remote location to position us to execute the projects more efficiently.

為此，我們正在推動對自動化、航行和能源基礎設施的投資，並擴大這個偏遠地區的員工住房，以使我們能夠更有效地執行專案。

When the time is right, we don't have major permitting hurdles.

當時機成熟時，我們不會遇到重大的許可障礙。

And as is really a straightforward option for monitoring conditions and progress with our derisking initiatives continue to expect to be in a position to make a decision of next year.

這確實是監測條件和進展的一個簡單選擇，我們的去風險舉措預計將在明年做出決定。

On on the expansion plans in the Safford Lone Star district, where we have a very large resource for ENGAGE study is to define a brownfield expansion

關於薩福德孤星區的擴張計劃，我們在那裡擁有大量的 ENGAGE 研究資源，旨在定義棕地擴張

.

。

We're targeting opportunities to more than double current production levels, which are currently around GBP300 million per annum, the large resource that we have at this at this location, and it gives us an opportunity for SAP for Lone Star to become a generational cornerstone asset for Freeport in Arizona and the next decade at El Abra in Chile, our partnership with Codelco, we've as we've previously reported, we complete a pre-feasibility study and we're in the process of preparing an environmental impact statement, which is we expect to be completed by the end of next year.

我們的目標是將當前生產水準提高一倍以上，目前每年約為 3 億英鎊，這是我們在這個地點擁有的大量資源，它為我們提供了 SAP for Lone Star 成為一代基石的機會亞利桑那州自由港的資產以及未來十年在智利埃爾阿布拉的資產，我們與Codelco 的合作夥伴關係，我們已經完成了預可行性研究，並且正在準備環境影響報告，我們預計將於明年年底完成。

The project involves investment and a new concentrator scale similar to the size of server already that we installed nearly 10 years ago.

該項目涉及投資和新的集中器規模，其規模與我們近 10 年前安裝的伺服器規模相似。

Investments and desalinization and pipeline system to support our water requirements.

投資、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 will provide a GBP750 million of annual copper production and GBP9 million of annual molybdenum production.

它將提供每年7.5億英鎊的銅產量和每年900萬英鎊的鉬產量。

It's a long way to project.

投影還有很長的路要走。

It will require something on that the order of seven to eight years because of the timeframe for permitting and Chile.

由於許可的時間框架和智利的原因，這將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 that will be required in the future to support long-term copper demand trends.

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。

And this is a project in our portfolio that Freeport can execute in Indonesia.

這是自由港可以在印尼執行的我們投資組合中的一個項目。

We continue to progress our Large Scale routinely.

我們繼續常規地推進我們的大規模。

Our development ambitions are very large ore body and adjacent to our existing operations.

我們的開發目標是非常大的礦體並毗鄰我們現有的業務。

Our existing ore bodies and popular.

我國現有礦體頗受歡迎。

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 were getting encouraging results.

我們也在 Deep MLZ 礦體下方進行勘探，並取得了令人鼓舞的結果。

We'd expect settings and extension of our operating rights in Indonesia beyond 2041

我們預計我們在印尼的經營權將在 2041 年後設立並延長

.

。

We'll set aside for additional long-term development options in this highly attractive district by by pursuing all of these these initiatives and advancing them, we're really focused on building optionality for future growth.

我們將透過推行所有這些舉措並推進它們，在這個極具吸引力的地區留出額外的長期發展選擇，我們真正專注於為未來成長建立選擇。

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

我們的幻燈片 9 顯示了我們的三年展望，我們每季都會展示並更新。

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 costs.

我們也更新了對單位淨現金成本的估計。

We expect our average for 2024 to approximate $1.58 per pound.

我們預計 2024 年的平均價格約為每磅 1.58 美元。

That is below our our our July estimate of $1.63 per pound.

這低於我們 7 月預估的每磅 1.63 美元。

And similar to our guidance at the start of the year of $1.60 per pound.

與我們年初的指導價每磅 1.60 美元類似。

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 from 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、幻燈片10 上時，我們顯示了EBITDA 和現金流量在每磅4 美元到5 美元不等的各種銅價下的建模結果。

These are modeled results using the average of 25 2025 and 2026, with our current volume projections and cost estimates and holdings of flat at 26 hundred per ounce and molybdenum flat at $20 per pound.

這些是使用 2025 年和 2026 年 25 的平均值進行建模的結果，我們目前的產量預測和成本估算以及持有量持平於每盎司 2600 美元，鉬持持量持平於每磅 20 美元。

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

您將在這裡看到，銅的年度 EBITDA 價格範圍為 110 億美元，如果銅價為 5 美元，則每年約為 150 億美元。

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

在這些價格範圍內，如果銅價為 4 美元，我們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達到 105 億美元。

We've got sensitivities that we presented that were highly leveraged to copper

我們已經提出了對銅的高度槓桿化的敏感性

price.

價格。

Page $0.1 per pound, equating to about $420 million in annual EBITDA will also leverage to gold and will benefit from improving gold prices with a $100 change in gold prices approximating $150 million in annual EBITDA.

每磅 0.1 美元，相當於約 4.2 億美元的年度 EBITDA 也將利用黃金，並將受益於黃金價格的上漲，金價變動 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 pay out framework.

憑藉長期儲量的大規模生產，自由港處於有利地位，能夠在我們基於績效的支付框架下產生大量現金流，為未來的有機成長和現金回報提供資金。

Moving to the next slide, we show on Slide 11.

轉到下一張投影片，我們將在投影片 11 上展示。

We're showing our current forecast for capital expenditures for this year and next.

我們正在展示今年和明年資本支出的當前預測。

Amp Capital expenditures for 2020 for a forecast at about 3.6 billion.

Amp 2020 年的資本支出預計約為 36 億美元。

And we estimate capital expenditures for next year to total about 4.2 billion.

我們預計明年的資本支出總額約為42億美元。

You'll see there 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存在一些時間變化，但在這兩年中，變化並不重大。

I will note that the discretionary projects over this two-year period total 2.5 billion.

我要指出的是，這兩年期間可自由支配的項目總計25億。

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.

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，這些項目由 50% 的可用現金提供資金。

It's not distributed there.

它不在那裡分發。

Value-enhancing projects, growth projects provide good returns and their detailed on slide 23 and our and our reference materials.

增值項目、成長項目提供良好的回報，其詳細資訊請參閱投影片 23 以及我們和我們的參考資料。

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

展望未來，我們將繼續嚴格部署資本，真正專注於這些機會並在我們的業務中創造價值。

And finally, on Slide 12, we reiterate the financial policy priorities centered on a strong balance sheet, cash returns to shareholders and investments and value-enhancing growth projects got a very solid balance sheet investment grade ratings from all three agencies, strong credit metrics since flexibility within our debt targets to execute on our projects, we've distributed distributed at 4.5 billion to shareholders through dividends and share purchases.

最後，在投影片12 上，我們重申以強勁的資產負債表、股東現金回報和投資以及增值成長項目為中心的金融政策優先事項，這些項目獲得了所有三個機構的非常可靠的資產負債表投資等級評級，自以來的強勁信用指標為了在專案上執行債務目標的靈活性，我們透過股利和股票購買向股東分配了 45 億美元。

Since implementing this framework set a very attractive future long-term portfolio that will enable us to continue to build value for shareholders.

由於實施該框架，設定了一個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 for adding 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，增加現金以投資於獲利成長和股東回報。

And thanks for everyone for your attention.

感謝大家的關注。

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

現在我想打開電話來回答你們的問題。

Ladies and gentlemen, we will now begin the question-and-answer session.

女士們、先生們，我們現在開始問答環節。

If you wish to ask a question, press star one on your touch tone phone.

如果您想提問，請按按鍵式電話上的星號一。

If your question has been answered or you wish to remove yourself from the queue, please press star one again.

如果您的問題已得到解答或您希望將自己從佇列中刪除，請再次按星號一。

If you are using a speakerphone, please pickup your handset before pressing the numbers.

如果您使用免持電話，請在按號碼之前拿起聽筒。

We ask that you limit your time questions to one.

我們要求您將提問時間限制為一個。

Could you have additional questions, please return to the Q. one on the please, for our first question.

您還有其他問題嗎？

Our first question comes from the line of Chris Howerton with Jefferies.

我們的第一個問題來自克里斯·豪爾頓（Chris Howerton）和傑弗里斯（Jefferies）的對話。

Please go ahead.

請繼續。

Fresh.

新鮮的。

Operator?

操作員？

Hi, Kathleen.

嗨，凱瑟琳。

I am Richard.

我是理查德。

I'm doing well.

我做得很好。

Just wanted to ask, hey, just wanted to ask a couple of questions about Indonesia and Kevin, you mentioned that the insurance recover the cost for repairs would if there's any of you situation where there's a delay to being able to export concentrate.

只是想問，嘿，只是想問幾個關於印尼和凱文的問題，您提到，如果你們中的任何人出現出口精礦延遲的情況，保險將賠償維修費用。

Do you have any business interruption insurance and I cover the cost of our shipments or any insurance to cover these incremental royalties that you would have to pay and concentrate on exports?

你們是否有任何業務中斷保險，我會承擔我們的運輸費用，或者是否有任何保險來支付你們必須支付並專注於出口的這些增量特許權使用費？

Yes, the um, the policy that we're referring to is a is a construction insurance policy that it does not have have business interruption coverage.

是的，嗯，我們所指的保單是一份建築保險保單，它沒有業務中斷承保範圍。

It does recover.

它確實恢復了。

It does cover the cost of repairs, and this is not up, as you can see from the picture is not a big area.

它確實涵蓋了維修費用，而且這個還沒有漲，從圖片上可以看到面積並不大。

The effective facilities, and it is at an essential area of the process is essential to the overall production of them of copper refining of copper.

有效的設施是銅精煉過程中的重要領域，對於銅精煉的整體生產至關重要。

But I'm not it's not it's not a large part of the overall facility.

但我不認為它不是整個設施的很大一部分。

So our focus, Chris, really is 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 the mic concentrated continue.

繼續集中麥克風符合每個人的利益。

Um, we do have some flexibility within our existing quota of what we can ship through 2024 by will be asking for additional flexibility to them to make sure that we can we can ship everything that we produce in 2024.

嗯，我們在 2024 年之前可以發貨的現有配額內確實有一定的靈活性，我們將要求他們提供額外的靈活性，以確保我們能夠在 2024 年發貨我們生產的所有產品。

And then depending on the timeframe that it takes to restore operations will work with the government for continuity in portion of 2025.

然後，根據恢復營運所需的時間範圍，我們將與政府合作，在 2025 年部分時間實現連續性。

That will be affected.

那就會受到影響。

It's and 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 and over 70% of the some of the economics or the cash flow.

當你計算一下時，你會發現政府主要透過稅收、特許權使用費和股息以及超過 70% 的經濟或現金流來獲得收入。

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 general, we expect that we'll continue to be able to sue them to export.

但總的來說，我們預計我們將繼續能夠起訴他們出口。

Craig, thanks.

克雷格，謝謝。

And then just secondly on Indonesia as well as the $1 billion of restricted cash, which I think what, 30% of the export proceeds and that's held for 90 days and Indonesian banks, does that restricted cash policy continue even after the smelter ramps up?

其次，關於印尼以及 10 億美元的限制性現金，我認為是出口收入的 30%，保留 90 天，印尼銀行，即使在冶煉廠產能擴大之後，限制性現金政策是否還會繼續？

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

您能否提醒我們一下這背後的背景以及現金限制的原因是什麼？

Thanks.

謝謝。

Yes, Chris, and it refers to our export.

是的，克里斯，它指的是我們的出口。

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

因此，這不僅影響銅，也影響印尼所有需要在銀行帳戶中保留 90 天的所有出口產品。

Temporarily your export proceeds.

暫時您的出口收入。

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

這是政府去年採取的一項措施，旨在檢視其貨幣和財政狀況。

And so it does is it not only applies to us, but implies the oil companies and other people that are that are that are exporting.

確實如此，它不僅適用於我們，還意味著石油公司和其他出口者。

So that will continue unless the regulation is changed.

因此，除非法規改變，否則這種情況將持續下去。

That will continue and beyond beyond 2020 beyond the smelter startup.

到 2020 年，除了冶煉廠啟動之外，這種情況還將持續下去。

So but it is it is there we're earning we're earning returns on the on the investments, it's their temporarily.

所以，我們正在賺取投資回報，這是暫時的。

We've brought after for 90 days.

我們已經帶了90天了。

So right now, it's just we just held in deposit, but that's something that the government will continue to consider in light of its objectives.

所以現在，我們只是持有存款，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 to that.

謝謝你。

Our next question comes from the line of Liam Fitzpatrick from Deutsche Bank.

我們的下一個問題來自德意志銀行的利亞姆·菲茨帕特里克（Liam Fitzpatrick）。

Please go ahead.

請繼續。

Good morning.

早安.

Good morning.

早安.

Good morning and a couple more on the smelter.

早安，還有一些關於冶煉廠的消息。

I'm afraid.

我耽心。

Firstly, I appreciate you're still assessing the situation, but can you give some high-level guidance for the length of delay that we're talking about three months could be substantially longer than there have been in terms of the government reaction?

首先，我感謝您仍在評估情況，但是您能否就我們所說的三個月的延遲時間提供一些高層指導，這可能比政府反應方面的延遲時間要長得多？

And do you think the export extension?

您認為出口會延長嗎？

Do you think this will be just a formality and received in good time?

您認為這只是一個形式並能及時收到嗎？

Will Could there be a solution to be could be delayed beyond the year end?

是否有可能推遲到年底之後的解決方案？

And then a quick one, just separate to the smelter.

然後是快速的，只是與冶煉廠分開。

The shares voting stake increase, it's small, but probably in that type of M&A that you can do, is this a one-off or do you think there could be more opportunities to increase instant?

股票投票權的增加，雖然很小，但可能在您可以進行的此類併購中，這是一次性的還是您認為可能有更多機會立即增加？

Thank you.

謝謝。

Thanks, Lance.

謝謝，蘭斯。

On the on the timeframe for the repairs.

關於維修的時間表。

We don't have that information yet.

我們還沒有這些資訊。

This is an event that happened essentially a week ago and our teams have been on the ground, inspecting the M, the damage to equipment, determining what needs to be replaced and what is what is what does not need to be replaced.

這件事基本上發生在一週前，我們的團隊一直在現場檢查 M、設備的損壞情況，確定哪些需要更換，哪些不需要更換。

And we're working in parallel with our vendors on understand the lead time for various equipment.

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're fortunate we did not have a big impact to structural steel, and there will be some equipment and piping that needs to be replaced.

幸運的是，我們沒有對鋼結構造成太大影響，並且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 is now not at this is not equipment off the shelf, so we'll need to be fabricated and we'll work quickly.

因此，我們現在正在解決這個問題，試圖了解該設備的交貨時間，現在不是現成的設備，所以我們需要製造，我們會快速工作。

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.

因此，我們從供應商那裡得到了非常好的回應，致力於了解這個問題的根本原因。

And Linda vendors are involved in in that exercise with us as well.

Linda 供應商也與我們一起參與了這項工作。

But so we don't have a we don't have a specific timeframe other than to assure you that we've got the right teams in place who got the right organization.

但是，我們沒有具體的時間框架，只是向您保證，我們已經擁有合適的團隊和合適的組織。

That's that's working through this in AM. inherent in a professional way to when to expedite what we can and get this back up and running so that we can achieve our startup goes from the from the government has been supportive day.

這就是 AM 中正在解決的問題。以專業的方式固有地決定何時加快我們的速度並使其恢復並運行，以便我們能夠實現我們的啟動從政府一直以來的支持日開始。

They sent.

他們發送了。

We have our own fire department there at the site, but the government also cent cent support and has been very supportive.

我們在現場有自己的消防部門，但政府也給予了大力支持。

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

他們也一直在關注警方的正常程序，並調查原因，我們也在這方面合作。

No.

不。

There's been a been a fire in Indonesia, people that we are talking with on in these types of operations.

印尼發生了一場火災，我們正在與有關此類行動的人們進行交談。

And we are working hard and designing designing these operations so that they don't have hazards.

我們正在努力設計這些操作，確保它們不存在危險。

But if you look at history, there have been have been other similar type incidents.

但如果你回顧一下歷史，還曾發生過其他類似的事件。

So they understand it and they understand our good faith engages smelter completed and they also understand the economics that Jim said, this continuity will benefit will benefit them is we go forward.

所以他們理解這一點，他們理解我們的誠意參與了冶煉廠的竣工，他們也理解吉姆所說的經濟學，這種連續性將有利於他們，如果我們繼續前進的話。

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

所以我認為我們將繼續合作，以確保所有影響或減輕的影響都可以透過保險和持續出口來減輕。

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。

Tom with the Seara ready question, I'm sure everybody has a a public forum public market trades in them in a relatively small float.

湯姆提出了 Seara 準備好的問題，我確信每個人都有一個公共論壇，公共市場以相對較小的浮動進行交易。

The trades on the Caribbean Stock Exchange.

在加勒比海證券交易所進行交易。

And so we're very interested in buying more.

因此我們非常有興趣購買更多。

There is opportunities to do it.

有機會去做。

There was 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，我們能夠購買這些股票。

But it's at 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 buyer 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，但這也需要願意的買家和願意的賣家。

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

因此，我們將在前進過程中繼續監控這一情況。

Thank you.

謝謝。

Our next question will come from the line of Bob Brackett with Bernstein Research.

我們的下一個問題將來自伯恩斯坦研究公司的鮑勃·布拉克特。

Please go ahead.

請繼續。

Good morning.

早安.

A question back to Indonesia, but this around our UPKFIE. of Asian reanalyze, the 2Q versus 3Q, there's an expectation that you might file for IUPK tension in 2024 in the 2Q release.

問題回到印度尼西亞，但這是圍繞我們的 UPKFIE 的。亞洲重新分析，第二季與第三季度，預計您可能會在 2024 年第二季發布中提出 IUPK 緊張局勢。

But in 3Q feels a little more vague my own from interpreting wars or is there anything about the end of the year and filing that the matters to use is insignificant and we'll now or a week?

但在第三季度，我自己對戰爭的解釋有點模糊，或者有什麼關於年底和歸檔的事情可以使用是微不足道的，我們現在或一周？

This is definitely definitely money, make one comment here for us.

這絕對是錢，在這裡為我們發表評論。

We had hoped based on discussions that go back a couple of years that we would be able to accomplish during the term of joke.

根據幾年前的討論，我們希望能夠在笑話期間實現這一目標。

But we don't know was everything that went on with the transition to new President.

但我們不知道新總統過渡期間發生的一切。

You know, the election occurred months to do so.

你知道，選舉是在幾個月前進行的。

It's a transition lose a little occurred later.

這是後來發生的一個過渡損失。

We just learned to get it established regulation in place that provides us the ability to file for and we'll be working with the new government and working on the right time to do that.

我們剛剛學會了製定適當的法規，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。

We're still confident in 11.

我們對11還是有信心的。

Very clear.

非常清楚。

Quick follow-up.

快速跟進。

Can you tease also meeting with the pre-feasibility study launched on top of Lone Star's?

您能否調侃一下在 Lone Star 之上啟動的預可行性研究？

What should really broad goalpost?

真正寬闊的球門應該是什麼？

What what's sort of the opportunity should we think about this is a very large resource.

我們應該考慮什麼樣的機會，這是一個非常大的資源。

We've been doing a lot of drilling over the last several years and I have identified a resource that is multiples of the current reserve and it's in an established area.

過去幾年我們進行了大量鑽探，我已經確定了一種資源量是目前儲量的數倍，並且位於已建立的區域。

It's them over the mountain range from from our LNC where we've operated for for was essentially a war and and Safford is a relatively new remains one of the newest mines in the US.

它們是從我們的 LNC 越過山脈，我們在那裡工作的本質上是一場戰爭，而薩福德是一個相對較新的礦山，也是美國最新的礦山之一。

We brought it online in 2007, oh eight timeframe.

我們於 2007 年（八點鐘）將其上線。

And then have expanded it to date.

然後將其擴展至今。

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

因此，我們將有機會實現一個願景，即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 established community support and we've got a resource.

我們已經得到了既定的社區支持並且擁有資源。

And so you could have a operation there that is both both doing leaching, which that's what it's 100% leach operation today.

因此，您可以在那裡進行同時進行浸出的操作，這就是今天的 100% 浸出操作。

But could add some additional milling there to essentially double the production.

但可以在那裡增加一些額外的銑削，使產量基本上翻倍。

The resource might support even more than doubling.

該資源甚至可能支援增加一倍以上。

But what we're looking at is the opportunity to go to go from £300 million of copper a year.

但我們正在尋找的是從每年 3 億英鎊的銅產量減少的機會。

They are 2 to 600 and through efficiently chain and milling operation.

它們是 2 至 600 並通過高效的鏈條和銑削操作。

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.

因此，我們現在正在做的就是根據資源來設計下一步的業務擴展。

And we're all very I'm excited about it with me who push into to really define what it what it could be.

我們都很興奮，和我一起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 and them.

我們從資源中得知，它可能會陪伴我們和他們很長一段時間。

And so that's the that's the that's the objective we're doing, the pre-feasibility study work, and then we'll have more information next year about what was a project could look like on.

這就是我們正在做的目標，預可行性研究工作，然後我們明年將獲得更多關於專案可能會是什麼樣子的資訊。

one of the things that is important to recognize here is it's not like a lab run in that leverage is going to elaborate a very attractive project, but it takes a long time because of the permitting requirements.

這裡需要認識到的重要的事情之一是，它不像實驗室運作那樣能夠精心設計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。

And we don't have the same degree.

而且我們沒有相同的學位。

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

我們認為我們不會獲得與您在複雜的情況下所需的相同程度的許可。

So it's possible that this is fast tracked.

所以這有可能是快速進行的。

It could come online.

它可以上線。

I'm not too much different than where labor is.

我和勞動的地方沒有太大不同。

So so that's that's exciting as well.

這也是令人興奮的。

We are fortunate in that report that we have these brownfield opportunities.

在那份報告中，我們很幸運，我們擁有這些棕地機會。

We have big resources and we have the community support that allows us to do them to grow.

我們擁有豐富的資源，並且擁有社區的支持，使我們能夠不斷成長。

And that's 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 and to make sure that we can we can be as efficient as possible long term.

我們專注於自動化我們所做的事情，並確保我們能夠盡可能長期保持高效率。

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

我認為，技術不僅在現在的浸出計劃中，而且在我們的採礦計劃中也將出現轉機，並使我們的美國業務在我們前進的過程中更具吸引力，因此我們正在為此努力。

In parallel with that with these studies.

與這些研究同時進行。

G

G

reat color.

重新顏色。

Thanks, Philip.

謝謝，菲利普。

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

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

Please go ahead.

請繼續。

Good morning, David, Richard and Kathleen, maybe could you should appreciate the comments about North America and the impact on new initiatives on the cost side.

早安，大衛、理查德和凱瑟琳，也許你們應該欣賞有關北美的評論以及對成本方面新舉措的影響。

Maybe you could give a sense of view how quickly some of these efficiency initiatives will be forward looking at new company looking at the marketplace from levers and where do you stand on that?

也許您可以了解一些效率舉措將如何快速地前瞻性地看待新公司，從槓桿角度審視市場，您對此有何看法？

And is there a normalized level or expectations?

是否存在標準化水準或期望？

You don't always some improvement from the leaching contributions as we see a moderation in the mining costs, of course, who knows the green shoots that the business.

當然，當我們看到採礦成本下降時，浸出貢獻並不總是會有所改善，誰知道業務的萌芽。

Yes.

是的。

Well, you know, over the last several quarters, we've had to it's been twofold.

嗯，你知道，在過去的幾個季度裡，我們不得不將其翻倍。

one is we're starting in 22, we had rising costs, and that came at a time when when we started getting into low-grade.

一是我們從22年開始，我們的成本不斷上升，而這發生在我們開始進入低等級的時候。

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 some things that them like energy that have come become that are actually trending lower.

實際上，他們喜歡的一些能量實際上已經呈下降趨勢。

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 within benchmarking against our South American operations and back in 2022, the two, we're pretty much on top of each other in terms of their unit

這符合我們南美業務的基準，早在 2022 年，我們兩家公司在各自的部門方面就幾乎處於領先地位

costs.

成本。

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

現在我們來看看，南美和北美之間的差距很大，這主要是這個等級問題。

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

我們在南美洲並沒有像北美那樣出現成績下降，但這需要我們提高效率，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 a more productive with our people as people are, again, getting better training, more experience.

我們認為，我們可以透過我們的設備提高生產力，透過我們的員工提高生產力，因為人們再次獲得更好的培訓和更多的經驗。

And that is that as a big help.

這就是一個很大的幫助。

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。

And we've had some experience in recent years with premature equipment failures, and we're turning the corner on that.

近年來，我們在設備過早故障方面累積了一些經驗，並且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 deliver, the projects delivered and on the cost we expected and in the timeframe we expected.

我們專注於系統和計劃停機時間，以便當我們確實進行計劃維護時，可以交付停機時間、交付的項目以及我們預期的成本和預期的時間範圍。

But it's a lot of basics, but I'm but we're making progress and we look at all with KPI.s that we track the key performance indicators that we track.

但這是很多基礎知識，但我們正在取得進展，我們用 KPI 來觀察所有我們追蹤的關鍵績效指標。

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

與最近幾個季度相比，我們的設備利用率和可用性都提高了。

And that's just going to have to continue to to them to be the case that we have to work day in day out to achieve better 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.

我們關注的另一件事是承包商成本。

We've had some labor rate increases that have not been insignificant, but the contractor costs have been even more significant.

我們的勞動費率有所上漲，但幅度並不小，但承包商成本則更為顯著。

So what we're doing there is we're reducing the amount of contractors that we've that we have in our in our operations and were down about 10% or so from where we were.

因此，我們正在做的是減少我們營運中的承包商數量，比原來減少了約 10% 左右。

And then we're allocating our own internal resources differently and to reduce costs there.

然後我們以不同的方式分配我們自己的內部資源並降低成本。

That'll be something we're continuing to work on.

這將是我們繼續努力的事情。

The other thing we're doing there, our global supply chain group, this is leading an effort to really push back in Almaty.

我們在那裡做的另一件事，我們的全球供應鏈集團，正在領導一場真正反擊阿拉木圖的行動。

What's happened over the last couple of years with component parts and in all aspects of maintenance supplies, people and put trying to push through cost increases, price increases on on equipment and parts.

過去幾年在零件以及維護供應的各個方面發生的事情，人們試圖推動成本上漲，設備和零件價格上漲。

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

然後我們就看不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 down to reasonable levels where our vendors can generate returns, but not really just return.

我們希望將成本降低到合理的水平，使我們的供應商能夠產生回報，但不僅僅是回報。

So we've got multifaceted and multifaceted of initiatives going on, as you mentioned, that the leach initiative is one component of that, and that's going to that's going to help a lot.

因此，正如您所提到的，我們正在進行多方面的舉措，浸出舉措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 on if you if we if we continue to follow.

但我們的團隊也專注於其他領域，如果您繼續關注，我們將會取得進展。

I'm pleased to these key performance indicators and achieve these targets that we've set out that each of our team is now about no was no need to do.

我對這些關鍵績效指標感到高興，並實現了我們為每個團隊設定的目標，現在幾乎沒有必要做。

We will bring down the cost even though grades may not improve.

即使成績可能不會提高，我們也會降低成本。

So that that is that 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 some of the things being equal in terms of input costs.

我認為到 2025 年，您將開始看到一些事情在投入成本方面是相同的。

But you'll see our our unit costs for them trending lower in the U.S. compared to where they are now.

但你會看到我們在美國的單位成本與現在相比呈現下降趨勢。

And now I will ask Josh or marine either of you if you want to add anything and I commented on costs, this is a this is a big effort around for our whole team.

現在我會問喬許或海軍陸戰隊員你們中的任何一個人是否想添加任何東西，我對成本發表了評論，這對我們整個團隊來說是一項巨大的努力。

So anybody else want to comment, please?

那麼還有人想發表評論嗎？

Please do Jacqueline, I think you touched on everything that I was going to touch on.

請做杰奎琳，我想你已經觸及了我要觸及的一切。

I mean, I think, you know, the really the laser focus by the team on efficiencies, productivity's in managing our costs as a contractor spend are really key in driving our unit costs down.

我的意思是，我認為，你知道，團隊對效率、生產力的真正關注，作為承包商支出來管理我們的成本，是降低我們單位成本的關鍵。

In addition to the work in the maintenance reliability space, more reliable or equipment is the more productivities.

除了維護可靠性空間中的工作之外，更可靠的設備就是更高的生產力。

And therefore, that just helps all the way across the board, not only from a device perspective, but also from a cost perspective because when equipment is down and typically cause more.

因此，這不僅從設備的角度來看，而且從成本的角度來看，都是有幫助的，因為當設備故障時，通常會導致更多的故障。

So you touched on the things that are the most important for us.

所以你談到了對我們來說最重要的事。

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 back to Josh.

我們在組織上非常非常關注這些關鍵績效指標，以便我們可以每天、每週、每月管理這些內容，並推動其朝著我們需要的方向發展。

Thank you, Kathy, and thank you, gentlemen, sports and progress.

謝謝凱西，謝謝先生們，體育和進步。

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

我們的下一個問題來自 Orest Wowkodaw 與豐業銀行的對話。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

My my question's around the same lines with respect to cost.

我的問題與成本方面的問題大致相同。

I mean with North American costs above $3 and South American around to 50, I understand that you're working on from cost reduction initiatives.

我的意思是，北美地區的成本高於 3 美元，南美地區的成本約為 50 美元，我了解您正在採取降低成本的措施。

But should we think about sort of the go-forward run rate for caution North America more in the two, 50 to $3 range post these initiatives with South America more in the 25 to two GBP50?

但是，在這些舉措之後，我們是否應該謹慎考慮北美的未來運行利率在 25 至 2 美元之間，而南美洲則在 25 至 2 英鎊 50 之間？

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

這是否只是當今某些成本環境的新現實？

I think directionally that's that's that's right.

我認為從方向上來說就是這樣。

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

現在，只要我們能降低一些費用、投入成本，就會對某些人有幫助。

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

但我認為我認為你說的是準確的。

It either.

也可以。

I'll let each initiative if we're successful there and continuing to scale.

如果我們在那裡取得成功並繼續擴大規模，我將允許每項舉措。

That's a big deal.

這是一件大事。

So you're talking about has been on the US.

所以你說的是美國。

It is for average today.

這是今天的平均水準。

And the $3 range is this leach initiative is bringing on incremental pounds at a cost of less than a dollar.

3 美元範圍是這項浸出計劃以不到 1 美元的成本增加了磅數。

And so that will bring down the average as we scale it as we scale it more because the reason why it's so 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，是因為這可以從已經開採的銅礦中開採出更多的銅。

So the mining costs 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 to to get more.

這是利用已經開採的材料並投入一些增量成本來獲得更多。

So that could that could really make a difference.

所以這確實可以帶來改變。

And that's why we were talking about it so much and we're making progress on it.

這就是為什麼我們如此多地談論它並且我們正在這方面取得進展。

It could it could really change the EM, the cost structure in the US.

它真的可以改變新興市場、美國的成本結構嗎？

And we've got some we've got some opportunities for leach, in particular at Lapa set them that we're pursuing, but down.

我們有一些機會可以利用，特別是在拉帕，我們正在追求這些機會，但有所下降。

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

但有意義的影響將是在我們的美國業務中，主要是馬拉齊和斯塔福德以及我們的奇諾礦。

It's just a follow-up to that than what we've seen North American cost creep up seemingly quarter over quarter.

這只是我們所看到的北美成本逐季攀升的後續。

Where do you see that inflection point?

您在哪裡看到這個拐點？

Should we do think we peaked Tier three, 14 a

我們是否應該認為我們已經達到了第 3 級 14 級的頂峰

pound?

磅？

Or could we still see those costs flatline it go higher before they start coming down on the new features?

或者，在新功能開始下降之前，我們仍會看到這些成本趨於穩定？

Some are our objective and our targets are that they'll come back.

有些是我們的目標，我們的目標是他們會回來。

So we should you should see in 2025, you should see lower costs what we had in 2020 for now.

所以我們應該會在 2025 年看到我們現在的成本比 2020 年更低。

You know, that depends on male and some other things, but it just is the site production costs.

你知道，這取決於男性和其他一些因素，但這只是網站的製作成本。

Should you should see costs trending lower in 2025 from where they were in 24?

您是否應該看到 2025 年成本比 24 年下降？

Thank you.

謝謝。

Our next question will come from the line of Daniel Major from UBS.

我們的下一個問題將來自瑞銀集團的 Daniel Major。

Please go ahead.

請繼續。

How that can hear me.

那怎麼能聽到我的聲音。

Okay.

好的。

Yes, Greg, I guess I'm trying to give you.

是的，格雷格，我想我正在努力給你。

Great.

偉大的。

Thanks for your questions.

感謝您的提問。

Yes.

是的。

The first one, just on this sort of M&A capital allocation, you've got some more stock conservative.

第一個，就這種併購資本配置而言，你的股票比較保守。

And as you mentioned, you need a willing seller.

正如您所提到的，您需要一個願意的賣家。

I guess two-part question.

我想分為兩部分的問題。

I'm assuming you call Bonnie will still consider that a going forward, should we expect free for share buybacks in Q4 and into Q1 of next year?

我假設您打電話給邦妮時仍然會考慮，我們是否應該期望在第四季度和明年第一季免費進行股票回購？

The first part of the question.

問題的第一部分。

Yes, hello.

是的，你好。

While you can say what you are not only in our framework for for cash allocation for shareholder returns.

雖然您可以說出您的情況，但您不僅在我們的股東回報現金分配框架中。

And so we redeployed 50% of cash flow to m. of cash flow available after after some CapEx, excluding the discretionary items of some 30% to shareholder returns and 50% to M. to organic growth.

因此我們將 50% 的現金流量重新部署到 m。一些資本支出後可用的現金流量，不包括約 30% 的股東回報和 50% 的有機成長的可自由支配項目。

And so I we do expect that share purchases to the extent that we're generating cash above the current dividend levels will will come will be available for us in the future to come to buy stock back on the server already was opportunistic.

因此，我確實預計，在我們產生高於當前股息水平的現金的情況下，我們將來可以在伺服器上回購股票，這已經是機會主義的了。

And if there are opportunities in the future to buy servers sockets, you know, like we said, it's a very high-quality asset.

如果將來有機會購買伺服器插槽，你知道，就像我們所說的，這是一項非常優質的資產。

And so that's really just an opportunistic purchase.

所以這其實只是機會主義的購買。

Okay, thanks.

好的，謝謝。

And then you have ongoing discussions.

然後你們就會進行持續的討論。

We have ongoing discussions with their curators and you use of the key differences used books, dividends versus stock buybacks.

我們正在與他們的策展人進行討論，您可以利用二手書、股息與股票回購的主要區別。

But this is something we actively discuss with our Board and we will be making decisions.

但這是我們與董事會積極討論的事情，我們將做出決定。

It's great to be in a position now to be able to have those discussions.

很高興現在能夠進行這些討論。

And we're well below our debt levels targets.

我們的債務水平遠低於目標。

So we'll be able to execute these this policy to Jeffrey, you just spoke about.

因此，我們將能夠向傑弗裡執行您剛才談到的這些政策。

Great, thanks.

太好了，謝謝。

And maybe a follow-up, if I could.

如果可以的話，也許還有後續行動。

Just on big picture M&A.

只是關於大局併購。

What are you seeing them larger-scale transactions starting to become more prominent in the sector?

您認為大規模交易在該行業開始變得更加突出嗎？

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

在這些較大的資產可能以某種方式退出市場之前，您是否認為這是一個前進的機會？

Yes, we monitor market activity that sits at the same time.

是的，我們同時監控市場活動。

The denominator is coming in our industry.

分母即將出現在我們的行業中。

Sure.

當然。

We can.

我們可以。

We're engaged in observing that Jane discussions with our bankers, your schedule companies to see what opportunities might arise, but M&A is not meaningful to our strategy.

我們正在觀察簡與我們的銀行家、您安排的公司的討論，看看可能會出現什麼機會，但併購對我們的策略沒有意義。

We are focused and have opportunities to grow value for our shareholders.

我們專注並有機會為股東增加價值。

Organically, and that's our primary focus will be in the marketplace and prepared to respond to opportunities.

從有機角度來說，我們的主要關注點將是市場並準備好應對機會。

I've always felt it best.

我一直感覺這樣最好。

M&a comes from opportunities as opposed to predetermine strategic change.

併購來自機遇，而不是預先決定的策略變革。

Very clear.

非常清楚。

Thanks very much.

非常感謝。

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

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

Please go ahead.

請繼續。

Hi, thank you, operator.

您好，謝謝您，接線生。

Good morning, Rick.

早安，瑞克。

Kathleen And Richard, thank you for taking the question and that sort of thing.

凱瑟琳和理查德，謝謝你們提出這個問題和諸如此類的問題。

And I just wanted to ask you what thinking I just wanted to ask about capital allocation, particularly with respect to the larger projects on I'm thinking of bad debt thinking of it, Barbara, and I'm thinking of now Lonestar, would it be fair to characterize your decision making as one where you would wait on a decision on Baghdad until you have information on these studies that you're now expecting at the end of next year for for both El Abra and Lone Star and for bad debt as a project that we can execute in the near term?

我只是想問你什麼想法 我只是想問關於資本分配的問題，特別是關於較大的項目 我正在考慮壞賬，芭芭拉，我現在正在考慮 Lonestar，會嗎公平地說，您的決策將等待有關巴格達的決定，直到您獲得有關這些研究的信息，您現在預計在明年年底對El Abra 和Lone Star 以及壞賬進行如下研究：我們可以在短期內執行一個項目嗎？

We do want to do and we've got the information on our October.

我們確實想做，而且我們已經在 10 月得到了資訊。

So we know the comparison between elaborate and and bad debt for Lone Star, we need to get these studies done, and that's why we're pushing to get some studies done next year and that a little help us assess that.

因此，我們知道孤星的精心債務和壞帳之間的比較，我們需要完成這些研究，這就是為什麼我們推動明年完成一些研究，這有助於我們評估這一點。

But am I back that is something that can be executed in a in a three to four year horizon?

但我是否認為這是可以在三到四年內執行的事情？

Lone Star Saphyr.

孤星薩菲爾。

It'll take take longer to evaluate.

需要更長的時間來評估。

But yes, in a perfect world, we would like to have.

但是，是的，在一個完美的世界中，我們希望擁有。

And that's that's the beauty of Freeport in that we have we manage all of these assets.

這就是自由港的美妙之處，因為我們管理所有這些資產。

And so we can look at capital allocation 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的意義，它對我們評估彼此相鄰的項目具有最大的影響和最佳的回報。

So that's a that's a real advantage.

所以這是一個真正的優勢。

And we do that regularly to make sure we're allocating capital to the projects that make the most.

我們定期這樣做，以確保我們將資金分配給最賺錢的項目。

It's not just to the projects that we can do.

這不僅僅是我們能做的項目。

We want to we wanted to investor capital in the projects that drive the most value from their other considerations in terms of timeframe that they can be executed within, et cetera.

我們希望我們希望將資金投資於那些能夠從執行時間範圍等其他考慮因素中驅動最大價值的項目。

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

但總的來說，我們的理念是，將亞歷克斯、凱特的資本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 SAP for next year and look at that next to next to Adam next Baghdad.

但是，我們明年將獲得有關 SAP 的更多信息，並在 Adam 下巴格達的旁邊查看該信息。

But we think that Baghdad will is that the project would benefit Baghdad long term.

但我們認為巴格達的意願是該計畫將使巴格達長期受益。

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

我們再說一遍，我們已經在巴西生活了 80 多年。

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 um, it, but they're not mutually exclusive.

所以嗯，是的，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 we've got projects that create value and we can execute those efficiently.

因此，我們的目標是擁有能夠創造價值的項目，並且能夠有效地執行這些項目。

We want to advance those aggressively.

我們希望積極推動這些工作。

Okay.

好的。

That's but that's perfect, actually.

事實上，那是完美的。

And just my follow-up would be just thinking about 2025 CapEx.

我的後續行動只是考慮 2025 年的資本支出。

I mean, how would you handicap thinking about that?

我的意思是，你會如何阻礙這個想法？

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

我們是否應該考慮 2025 年資本支出與 24 x 冶煉廠保持一致？

Or should we be thinking about the possibility of putting your CapEx commitment at some point in 25, but that would free cash flow next year?

或者我們是否應該考慮將您的資本支出承諾放在 25 年內的某個時間點，但這將在明年實現自由現金流？

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

是的，目前我們認為 25 資本支出不會有重大變動。

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

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

We're making

我們正在做

some investments and empower infrastructure.

一些投資並增強基礎設施的能力。

We're making some investments.

我們正在進行一些投資。

And in tailings, I am tailings work that we're doing that, that would have to do anyway longer term.

在尾礦方面，我正在做尾礦工作，無論如何，從長遠來看，這必須要做​​。

But so we do have some some investments in bad debt in 2025 to de-risk the overall project.

但我們確實在 2025 年對壞帳進行了一些投資，以降低整個專案的風險。

But I don't see them you based on the projects were talking about in terms of El Abra, the lower bad debt, Lonestar, I don't see a significant CapEx and above what we have in our 2025 plants.

但我沒有看到你們根據 El Abra 所談論的項目、較低的壞帳、Lonestar，我沒有看到顯著的資本支出以及高於我們 2025 年工廠的資本支出。

But we'll continue to review those if there's opportunities for us too, to advance things in.

但如果我們也有機會推進事情，我們將繼續審查這些內容。

That makes sense.

這是有道理的。

And we'll certainly be open to it.

我們肯定會對此持開放態度。

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

但目前來說，這是我們對 2025 年資本狀況的最佳估計。

Fantastic.

極好的。

Thanks again for the update.

再次感謝您的更新。

Thanks a lot of our final question comes from the line of Bill Peterson with JPMorgan.

非常感謝，我們的最後一個問題來自摩根大通的比爾彼得森。

Please go ahead.

請繼續。

Good morning.

早安.

Kathleen mentioned this is Bennett on for Bill.

凱瑟琳提到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 in near term discretionary projects on Slide 23, namely increasing stacking of Lone Star and then a couple of recycling and the improvements on the Grasberg mills.

我想快速開始，如果您能在幻燈片 23 上提供一些近期較小的可自由支配項目的任何更新，即增加 Lone Star 的堆疊，然後是一些回收和 Grasberg 工廠的改進。

Yes, our than it was just for everyone else, what he's talking about these and other discretionary projects that are included in our capital that you generally are not maintenance related that better that are actually have investment returns associated with them.

是的，我們不僅僅是針對其他人，他所說的是這些和其他可自由支配的項目，這些項目包含在我們的資本中，通常與維護無關，更好的是實際上與它們相關的投資回報。

On the on the Lone Star oxide expansion is coming to an end going to be completing that in the 2025 time frame.

在 Lone Star 上，氧化擴張即將結束，並將在 2025 年完成。

And and so that will allow us to to M. to basically sustained at £300 million of copper per annum.

因此，這將使我們能夠基本上維持每年 3 億英鎊的銅產量。

Beyond that, Lonestar, we're talking about a major expansion.

除此之外，Lonestar，我們正在談論一個重大的擴展。

And then that is what we were talking about earlier studying on at Grasberg, we're installing a copper cleaner and that will allow us to improve our concentrate grades.

這就是我們之前在格拉斯伯格研究的內容，我們正在安裝銅清潔器，這將使我們能夠提高精礦品位。

And our metal recoveries from that investment is Sam, is essentially we've completed the major construction and will be installing that project commissioning that project here in the fourth quarter.

我們從這項投資中回收的金屬是薩姆，基本上我們已經完成了主要建設，並將在第四季度安裝該項目並調試該項目。

So that one is coming to an annual, don't see any significant cost for that one in 2025.

因此，該項目將每年舉辦一次，預計 2025 年不會有任何重大成本。

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

Atlantic Copper 的循環項目利用了 Atlantic Koppers 在市場中的地位和現有基礎設施，我們正在那裡開發一種新電路來回收電子廢料電子廢料。

And that project is is underway.

該項目正在進行中。

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

預計明年年底投產。

And it is some it is going to add to Atlantic Copper as this may not be significant overhaul to Freeport, 60 million per annum, but it's significant to Atlantic Copper and particularly in the context of low TCRCs.

它將為大西洋銅業增加一些，因為這可能不是對每年 6000 萬美元的自由港的重大檢修，但對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 generate business outside of copper and is in Atlantic is very well suited to do this kind of work and recycling the MC., the material that are in phones and other 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，而大西洋銅業公司非常適合從事此類工作並回收MC，即電話和其他有價值的東西中的材料。

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

這就是 Sam 的那個項目，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.

然後很快，我可以詢問格拉斯伯格清理工作的進展嗎？

And you've had success with placing this remote pumping equipment that you're speaking to last quarter.

您已經成功安裝了上個季度提到的遠端泵送設備。

And you asked we made a lot of progress there.

你問我們在那裡取得了很多進展。

Things are going to continue to go very well at it at Grasberg from the team did well this quarter and actually exceeded the forecast.

Grasberg 的事情將繼續進展順利，團隊本季表現出色，實際上超出了預期。

I was able to get more tonnes through the mail than we had forecast and in grades we're strong.

我透過郵件收到的貨物比我們預期的要多，而且我們的成績也很強。

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 and best of luck going forward.

謝謝您，祝福您未來一切順利。

Staying with that, I never know and management fees.

堅持下去，我永遠不知道管理費。

Thanks, Regina.

謝謝，雷吉娜。

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

感謝大家提出的好問題和參與，我們期待他們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。

Ladies and gentlemen, we will for you joining our call, and that will conclude today's call.

女士們、先生們，我們歡迎你們加入我們的電話會議，今天的電話會議就到此結束。

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。