費利浦·麥克莫蘭銅金 (FCX) 2024 Q4 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 the Freeport-McMoRan fourth-quarter conference call.

歡迎參加自由港麥克莫蘭第四季電話會議。

(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, FCX reported its fourth-quarter and full-year 2024 operating and financial results.

今天早些時候，FCX 報告了其第四季度和 2024 年全年營運和財務業績。

A copy of today's release with supplemental schedules and slides are available on our website, fcx.com.

今天發布的副本以及補充時間表和幻燈片可在我們的網站 fcx.com 上取得。

Today's conference call is being broadcast live on the Internet.

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 for the conference call.

任何人都可以透過造訪我們的網站主頁並點擊電話會議的網路廣播連結來收聽電話會議。

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

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, we'd 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 results may differ materially.

在開始發表評論之前，我們想提醒大家，今天的新聞稿和我們在電話會議上的某些評論包括非公認會計原則措施和前瞻性陳述，實際結果可能存在重大差異。

Please refer to 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, Kathleen and Maree will review our slide materials, and then we'll open up the call for questions.

理查德將做一些開場白，凱瑟琳和瑪麗將審查我們的幻燈片材料，然後我們將開始提問。

Richard?

理查德？

Good morning, everyone.

大家早安。

Thank you all for joining us.

感謝大家加入我們。

Kathleen will review our continuing strong operating performance, our strong financial position, and our significant organic growth opportunities.

凱瑟琳將回顧我們持續強勁的經營業績、強勁的財務狀況以及重要的有機成長機會。

Maree will review our financial outlook.

瑪麗將審查我們的財務前景。

It goes without saying we're living in a very interesting world today.

不用說，我們今天生活在一個非常有趣的世界。

We have new presidents in the United States and in Indonesia.

美國和印尼都有新總統。

At Freeport, we will support their administrations as we do in all the countries where we operate.

在自由港，我們將像在我們開展業務的所有國家一樣支持他們的政府。

Our first work with Prabowo Subianto in Indonesia in the late 1990s when he was general in Kopassus.

我們第一次與 Prabowo Subianto 合作是在 20 世紀 90 年代末，當時他是 Kopassus 的將軍。

At that time, he helped us resolve social unrest in our operating area in Papua.

當時他幫助我們解決了巴布亞作業區的社會暴動。

Kathleen and I met with him recently in Jakarta, again in Washington, and then Lima at APAC.

凱瑟琳和我最近在雅加達、華盛頓和亞太地區的利馬會見了他。

I was very impressed by his knowledge of global affairs and his candid engagement on issues important to investors.

他對全球事務的了解以及他對投資者重要議題的坦誠參與給我留下了深刻的印象。

We're now working with his government on several issues important to our company, including obtaining permission to continue exporting copper concentrates in 2025 as we complete repairs from the unfortunate fire at our massive new smelter and as we work on an extension of our license to operate beyond 2041.

我們現在正在與他的政府就對我們公司重要的幾個問題進行合作，包括獲得在2025 年繼續出口銅精礦的許可，因為我們完成了大型新冶煉廠不幸火災的修復工作，以及我們正在努力將許可證延期到運行時間超過 2041 年。

I'm confident we will find common ground on these and other issues as we have done over the almost 60 years of our operating in Indonesia.

我相信，正如我們在印尼經營近 60 年來所做的那樣，我們將在這些問題和其他問題上找到共同點。

I'll turn the call over to Kathleen and look forward to your comments.

我會將電話轉給凱瑟琳，期待您的評論。

Thank you, Richard.

謝謝你，理查。

Thanks, everyone, for being on the call.

謝謝大家的來電。

I'm pleased to report on our fourth-quarter results, review our 2024 performance, and update you on our projects and outlook for the future.

我很高興報告我們第四季度的業績，回顧我們 2024 年的業績，並向您介紹我們的項目和未來展望的最新情況。

We look back on our performance in 2024, and I'm on slide 3 here.

我們回顧 2024 年的表現，我在投影片 3 上。

Our team executed our plans in solid fashion.

我們的團隊紮實地執行了我們的計劃。

We enhanced our strong foundation to support a positive long-term future centered on value creation.

我們增強了堅實的基礎，以支持以價值創造為中心的積極的長期未來。

We show on slide 3 the annual information on our copper sales, unit costs, and financial metrics for the year 2024 compared to 2023.

我們在投影片 3 中展示了 2024 年與 2023 年相比的銅銷售、單位成本和財務指標的年度資訊。

Our team delivered on our plan.

我們的團隊實現了我們的計劃。

We essentially met our sales, targets developed at the start of 2024, and we slightly improved on net unit cash costs compared with 2023 and our plan going into the year.

我們基本上實現了 2024 年初制定的銷售目標，與 2023 年和今年的計劃相比，我們的單位現金淨成本略有改善。

We're proud of Freeport's long track record for successful execution, and we don't take this as a given.

我們為自由港長期以來的成功執行記錄感到自豪，但我們並不認為這是理所當然的。

It requires that we stay disciplined each day on managing the many underlying metrics which drive our results, requires that we manage risk, and stay on top of what matters, both for the short term and the long term.

它要求我們每天保持紀律，管理推動我們結果的許多基本指標，要求我們管理風險，並掌握短期和長期的重要事項。

It also requires that we find solutions to overcome unforeseen challenges, which, as we all know, are inevitable, given the nature of our business.

它還要求我們找到解決方案來克服不可預見的挑戰，眾所周知，鑑於我們業務的性質，這些挑戰是不可避免的。

Strong operational execution combined with improved pricing allowed us to achieve $10 billion in EBITDA for the year 2024.

強大的營運執行力與改進的定價相結合，使我們能夠在 2024 年實現 100 億美元的 EBITDA。

That was 14% above 2023 EBITDA, and our operating cash flows in 2024 of over $7 billion or 35% improved from the prior year.

這比 2023 年 EBITDA 提高了 14%，2024 年我們的營運現金流超過 70 億美元，比前一年提高了 35%。

This was on an average copper realization during 2024 of $4.21 per pound, and our realization for gold was slightly above $2,400 per ounce.

這是 2024 年銅的平均變現價格為每磅 4.21 美元，而黃金的變現價格略高於每盎司 2,400 美元。

As we go forward, our team is focused on opportunities to continuously improve and drive value in our existing operations and through our organic growth portfolio.

在我們前進的過程中，我們的團隊專注於透過我們的有機成長組合不斷改進和推動現有業務價值的機會。

We look at our priorities for 2025, our team is very focused on a number of initiatives, and I'm going to outline the key ones here.

我們著眼於 2025 年的優先事項，我們的團隊非常關注多項舉措，我將在這裡概述其中的關鍵舉措。

The first one, and this is a theme at Freeport every day, is execution.

第一個是執行力，這是自由港每天的主題。

Our team is committed to strong execution of our plans again this year, doing what we say, delivering on our plan, volumes, cost targets, and capital projects safely and efficiently while seeking opportunities to capture upside.

我們的團隊致力於今年再次強有力地執行我們的計劃，言出必行，安全高效地實現我們的計劃、數量、成本目標和資本項目，同時尋找抓住機會的機會。

A second focus area is scaling our leach opportunity.

第二個重點領域是擴大我們的浸出機會。

We set a target to reach a run rate of 300 million pounds by the end of 2025 and to build on that with additional scale in 2026 on our path to 800 million pounds of incremental copper per annum by 2030.

我們設定的目標是到 2025 年底達到 3 億磅的運行率，並在此基礎上在 2026 年擴大規模，到 2030 年每年增加銅產量 8 億磅。

A third focus area is the PT-FI smelter.

第三個重點領域是 PT-FI 冶煉廠。

Our team has executed this complex project well and has stepped up to respond to the recent fire incident.

我們的團隊很好地執行了這個複雜的項目，並加緊應對最近的火災事件。

We have a plan, a solid recovery plan that we're executing on, and that will enable us to deliver this project during 2025.

我們有一個計劃，一個正在執行的可靠的恢復計劃，這將使我們能夠在 2025 年期間交付該項目。

It's important for us not only to be fully integrated and get the smelter up and running but also important as we seek to extend our operating rights beyond 2041 in Indonesia.

對我們來說，不僅要完全整合並讓冶煉廠投入運行，而且對於我們尋求將印尼的經營權延長到 2041 年之後也很重要。

You'll see us talking more about innovation.

你會看到我們更多地談論創新。

Innovation is a major priority as we go forward.

創新是我們前進的首要任務。

Our work to date indicates a significant untapped potential value in this area, and we've got a team working on it to drive that value.

迄今為止，我們的工作表明該領域存在尚未開發的巨大潛在價值，並且我們有一個團隊致力於推動該價值的發展。

Equally important, we're continuing to build optionality in our growth portfolio.

同樣重要的是，我們將繼續在我們的成長投資組合中建立選擇性。

We have a number of key milestones identified in 2025, and we've got three major projects that we're currently working on for future growth.

我們在 2025 年確定了許多關鍵里程碑，並且目前正在致力於實現未來成長的三個主要項目。

I'm going to review markets on slide 5, and you can see where copper prices have been.

我將在投影片 5 上回顧市場，您可以看到銅價的趨勢。

They traded in a broad range during the year 2024 between $3.67 per pound and $4.92 per pound, averaging $4.15 per pound on the LME.

2024 年，它們的交易價格在每磅 3.67 美元到每磅 4.92 美元之間，倫敦金屬交易所的平均價格為每磅 4.15 美元。

On the US COMEX exchange, prices were slightly higher than the LME, and year to date, the differential has grown and is now -- has averaged about $0.17 per pound through the first part of 2025.

在美國 COMEX 交易所，價格略高於 LME，今年迄今，價差有所擴大，到 2025 年上半年，平均價格約為每磅 0.17 美元。

During 2024, copper prices mostly followed macro sentiment, which weighed favorable to US economic data, rate cuts in the US, and the potential for economic stimulus in China against ongoing economic pressures in China, a strong US dollar, and uncertainties on US tariff and trade policies that the markets have been focused on from late last year.

2024年，銅價主要跟隨宏觀情緒，這對美國經濟數據、美國降息以及中國經濟刺激的潛力有利，而中國持續的經濟壓力、美元走強以及美國關稅和關稅的不確定性。政策一直是市場關注的焦點。

At a micro level, demand continues to grow, and that's supported by secular demand trends associated with electrification, which has offset some of the impact of weakness that we've seen in certain more cyclical sectors.

從微觀層面來看，需求持續成長，這得到了與電氣化相關的長期需求趨勢的支持，這抵消了我們在某些​​週期性較強的行業中看到的疲軟的一些影響。

In the US, our customers are reporting solid demand for power cable and building wire associated with substantial investment in electrical infrastructure and AI data centers.

在美國，我們的客戶報告稱，由於對電力基礎設施和人工智慧資料中心的大量投資，對電力電纜和建築電線的需求強勁。

Growth in the power sector is offsetting weakness in traditional demand sectors currently coming from residential construction weakness and the auto sector.

電力產業的成長正在抵消目前因住宅建設疲軟和汽車產業而導致的傳統需求產業的疲軟。

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

轉向中國，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。

We've seen the highly publicized reports of weakness in China's property sector and that's influenced sentiment.

我們看到了有關中國房地產行業疲軟的廣為人知的報道，這影響了市場情緒。

But the reality is China's demand for copper continues to grow, albeit it had modest growth in demand in 2024.

但現實情況是，中國對銅的需求持續成長，儘管2024年的需求成長幅度不大。

We're seeing recent data points out of China that indicate a number of sectors are poised for better growth in 2025 and, together with potential stimulus actions to support economic growth targets, their support for potentially higher growth in demand from China as we move through 2025.

我們看到中國最近的數據表明，許多行業預計在 2025 年實現更好的成長，再加上支持經濟成長目標的潛在刺激行動，隨著我們的發展，它們對中國潛在的更高需求成長的支持2025 年。

We want to highlight copper's superior conductivity and that makes it the metal when it comes to electrification.

我們想要強調銅卓越的導電性，這使其成為電氣化金屬。

New massive investment in the power grid, renewable generation, technology infrastructure, and transportation are driving increased demand for copper, and forecasts call for above-trend growth in 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成長，預測在可預見的未來需求成長將高於趨勢水平。

As we match this up with supply, we continue to see a balanced market near term and significant deficit conditions longer run.

當我們將其與供應相匹配時，我們繼續看到短期內市場平衡，而長期來看則出現嚴重赤字狀況。

This is going to require significant investment by the industry as well as innovative technologies to build supplies longer term.

這將需要行業的大量投資以及創新技術來建立長期的供應。

And at Freeport, we've driven the supply type reliably and responsibly to this growing market.

在自由港，我們以可靠且負責任的方式為這個不斷成長的市場提供供應類型。

We'll move into the fourth-quarter results on slide 6, where we provide a summary of the results.

我們將在投影片 6 上介紹第四季的業績，其中我們提供了結果摘要。

Our operating performance in the fourth quarter was solid.

我們第四季的經營業績穩健。

Our sales and net unit costs were slightly better than our guidance going into the quarter.

我們的銷售額和淨單位成本略優於我們進入本季的指引。

We've made a lot of progress since our last update call in October at our Indonesian smelter refinery project.

自 10 月上次電話更新以來，我們的印尼冶煉廠計畫取得了巨大進展。

The smelter recovery activities are in progress.

冶煉廠恢復活動正在進行中。

Long lead items are expected to arrive in the March-April timeframe, and we expect to recommence production by middle of this year.

長交貨期產品預計將在 3 月至 4 月期間到達，我們預計將在今年年中重新開始生產。

The precious metals refinery, which was designed to refine precious metals from our existing smelter in Indonesia as well as the new smelter was not impacted by the fire, and we produced our first gold bar in late 2024.

旨在從印尼現有冶煉廠和新冶煉廠精煉貴金屬的貴金屬精煉廠沒有受到火災的影響，我們在 2024 年底生產出了第一根金條。

Product operations at the refinery have gone very well.

煉油廠的產品運作進展順利。

And following completion of the smelter ramp-up, our Indonesian mine and smelting operations will be fully integrated.

冶煉廠產能提升完成後，我們的印尼礦場和冶煉業務將全面整合。

In parallel with working on the smelter recovery, we've made great progress with the Indonesian government to allow us exports during the period of the smelter repairs.

在進行冶煉廠恢復工作的同時，我們與印尼政府取得了巨大進展，允許我們在冶煉廠維修期間進行出口。

We did receive approval in late 2024 to update our quota for the year 2024, and that allowed us to make some additional shipments in December.

我們確實在 2024 年底獲得了更新 2024 年配額的批准，這使我們能夠在 12 月額外發貨。

We're currently working with the government on 2025 exports, and we expect to receive approval in the first quarter.

我們目前正在與政府就 2025 年出口事宜進行合作，預計將在第一季獲得批准。

We're also working very hard to progress initiatives to build value from organic growth.

我們也非常努力地推動從有機成長中創造價值的措施。

We benefited Freeport from a large reserve and resource position with near-term, medium-term, and long-term embedded growth options.

我們使自由港受益於大量的儲備和資源地位以及近期、中期和長期的嵌入式成長選擇。

We're challenging ourselves to take advantage of innovation to improve efficiencies, reduce costs and capital intensity and shorten lead times for our projects.

我們不斷挑戰自我，利用創新來提高效率、降低成本和資本密集度並縮短專案的交付時間。

The high potential innovative leach initiative is a great example of this.

高潛力的創新浸出計畫就是一個很好的例子。

We achieved an approximate 50% in copper production from this initiative in 2024 at a very low cost, and there are projects in motion to target an annual run rate of 300 million pounds by the end of this year.

到 2024 年，我們以非常低的成本透過這項舉措實現了約 50% 的銅產量，並且正在實施一些項目，目標是到今年年底年產量達到 3 億磅。

And that's 40% higher than what we achieved in 2024 with opportunity for further gains in the future.

這比我們 2024 年實現的目標高出 40%，並且未來有機會進一步成長。

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

我們也正在推動棕地擴張機會，以使業務實現長期成長，以滿足銅需求增加的市場。

We ended the quarter in a strong position financially.

本季結束時，我們的財務狀況良好。

As we look forward, we see great value in our business, supported by our leadership role in copper, a market with highly attractive fundamental outlook matched up with our portfolio of high-quality assets, and future prospects for strong cash flow generation to support investments in value-enhancing projects and returns to shareholders.

展望未來，我們看到我們的業務具有巨大價值，這得益於我們在銅領域的領導地位，這是一個具有高度吸引力的基本面前景與我們的優質資產組合相匹配的市場，以及未來產生強勁現金流以支持投資的前景增值項目和股東回報。

I'll go through on slide 7, our operations update across our geographic regions.

我將在投影片 7 上介紹我們在各個地理區域的營運更新。

And I'll start with the US where we're making good progress with our initiatives to improve efficiencies and cost performance despite a decline in ore grades in recent history.

我將從美國開始，儘管近年來礦石品位有所下降，但我們在提高效率和成本效益的措施方面取得了良好進展。

Data we monitor regularly regarding our asset efficiencies and other key indicators have trended more favorably over the last several months.

我們定期監測的資產效率和其他關鍵指標的數據在過去幾個月中趨勢更加有利。

As we look forward, we expect production in the US to increase by 8% in 2025 with opportunities for further increases in 2026 and 2027.

展望未來，我們預計 2025 年美國產量將成長 8%，並有機會在 2026 年和 2027 年進一步成長。

Absent changes in commodity-based input costs, we're targeting unit costs to trend lower each year over this three-year period.

如果基於商品的投入成本沒有變化，我們的目標是在這三年期間單位成本逐年下降。

With 2024 behind us, our goal was to make 2024 the low watermark year for our US business.

2024 年已經過去，我們的目標是讓 2024 年成為我們美國業務的低水位年。

Structurally, we deal with lower grades in the US, and hauls are getting longer.

從結構上來說，我們在美國處理的是較低等級的貨物，而且運輸時間越來越長。

The autonomous haul truck conversion being deployed in 2025 at Bagdad will allow us to test the potential for this application on a broader scale at other operations.

2025 年在巴格達部署的自動運輸卡車改造將使我們能夠在其他業務中更廣泛地測試該應用的潛力。

The incremental leach pounds at scale will also benefit our cost position as we go forward.

隨著我們的前進，大規模增加的浸出量也將有利於我們的成本狀況。

We also initiated a new project during 2024 centered on integrating new technology and automation to optimize performance in our basic mining functions.

我們也在 2024 年啟動了一個新項目，重點是整合新技術和自動化，以優化我們基本採礦功能的效能。

We believe there is significant opportunity here for value creation through meaningful cost reduction, which would enhance margins and also expand reserves from known mineralization, which is currently economically limited under our current reserve pricing.

我們相信，透過有意義的成本降低，存在創造價值的重大機會，這將提高利潤，並擴大已知礦化的儲量，而已知礦化目前在我們當前的儲量定價下在經濟上受到限制。

Many of you have been following this.

你們中的許多人一直在關注這一點。

We're following it very closely.

我們正在非常密切地關注它。

US legislation considering copper as a critical mineral for integrated producers.

美國立法將銅視為綜合生產商的關鍵礦物。

If this is enacted, this will give us a further benefit of potentially being eligible for a tax credit of 10% of our operating cost in the US.

如果該法案得以實施，這將為我們帶來進一步的好處，即我們有可能有資格獲得美國營運成本 10% 的稅收抵免。

In South America, the team at our Cerro Verde operation posted another solid quarter with strong operating rates and mill recoveries.

在南美，我們的 Cerro Verde 營運團隊又發布了一個穩健的季度業績，開工率和工廠恢復強勁。

The team is doing a really good job with cost management as evidenced by a 13% improvement in South America unit cost over the year-ago fourth quarter.

該團隊在成本管理方面做得非常好，南美單位成本比去年第四季提高了 13%，就證明了這一點。

As you'll see in our guidance, Cerro Verde grades are expected to be slightly lower in 2025 compared with 2024.

正如您將在我們的指南中看到的，與 2024 年相比，2025 年 Cerro Verde 的等級預計會略有下降。

We expect long-term averages to recover to the 900 million pound per annum range at Cerro Verde.

我們預計 Cerro Verde 的長期平均年產量將恢復到 9 億英鎊的範圍。

At El Abra, we're positive about the opportunity to test an initiative to add heat to our leach process, and that has a lot of promise to provide incremental near-term production there.

在 El Abra，我們對測試為浸出製程增加熱量的舉措的機會持積極態度，這很有希望在那裡提供增量的近期產量。

Turning to Indonesia with another solid quarter, and the team achieved multiple new operating records again in 2024.

轉向印度尼西亞，該季度又取得了穩健的業績，該團隊在 2024 年再次創下了多項新的營運記錄。

Our team is consistently delivering strong volumes of both copper and gold from our large-scale underground ore bodies and has demonstrated this consistently over the last several years.

我們的團隊始終從大型地下礦體中產出大量銅和金，並在過去幾年中不斷證明了這一點。

During late 2024, we successfully completed construction of a project, a $500 million range project to install a copper cleaner circuit to enhance mill performance at Grasberg.

2024 年末，我們成功完成了一個項目的建設，這是一個價值 5 億美元的項目，旨在安裝銅清潔迴路，以提高 Grasberg 的工廠性能。

And as you'll see in the reference slide on slide 26, the outlook for Grasberg is positive with a strong multi-year outlook for significant copper and gold production.

正如您將在第 26 張幻燈片的參考幻燈片中看到的那樣，Grasberg 的前景樂觀，銅和黃金產量的多年前景強勁。

For 2025, our guidance at Grasberg reflects downtime associated with two major mill repair projects scheduled during the year.

對於 2025 年，我們對 Grasberg 的指導反映了與年內計劃的兩個主要工廠維修項目相關的停機時間。

This is expected to result in lower volumes in the first quarter compared with the balance of 2025.

預計這將導致第一季的銷量低於 2025 年同期。

We also wanted to comment, we've received some questions about recent press reports coming out of Indonesia regarding the potential change in requirements for retention of export proceeds.

我們也想發表評論，我們收到了一些關於印尼最近關於保留出口收益要求的潛在變化的新聞報導的問題。

There were new regulations issued in 2023, and that required PT-FI to deposit 30% of its US dollar export proceeds in a domestic cash-bearing account for 90 days.

2023 年頒布了新規定，要求 PT-FI 將其美元出口收入的 30% 存入國內現金帳戶，為期 90 天。

The government is currently considering potential changes to this regulation, which would increase the requirement but also allow withdrawals from the balances to fund business requirements.

政府目前正在考慮對該法規進行潛在的修改，這將增加要求，但也允許從餘額中提取資金以滿足業務需求。

The details of the potential modifications have not been finalized, and Freeport and other companies in Indonesia are discussing the proposals with the government in an effort to avoid requirements that could have a negative impact on our business.

潛在修改的細節尚未最終確定，自由港和印尼的其他公司正在與政府討論這些建議，以避免可能對我們的業務產生負面影響的要求。

We'll move to our growth and innovative leach opportunity, where we continue to be encouraged by the significant value potential from this initiative.

我們將轉向我們的成長和創新浸出機會，我們將繼續受到這項舉措的巨大價值潛力的鼓舞。

The chart on the left side of slide 8 shows our progress over the last few years.

第 8 張投影片左側的圖表顯示了我們過去幾年的進展。

We've been successful in deploying a new series of operating practices to recover incremental copper previously thought to be waste.

我們已經成功地部署了一系列新的營運實踐來回收以前被認為是浪費的增量銅。

Our recent gains have been in the areas of adding scale to our targeted solution injection wells, innovative approaches to areas in the leach stockpile previously inaccessible and expanding thermal covers on top of the stockpiles, and optimizing our solution chemistry.

我們最近的成果包括擴大目標溶液注入井的規模、對以前無法進入的浸出庫區域採用創新方法、擴大庫存頂部的熱覆蓋層以及優化我們的溶液化學。

We have several additional projects underway in 2025, and we're targeting reaching the annual run rate of 300 million pounds by the end of this year, with the potential to produce 300 million to 400 million pounds during 2026 from these initiatives.

2025 年，我們還有多個項目正在進行中，我們的目標是到今年年底達到 3 億磅的年產量，這些舉措有可能在 2026 年生產 3 億到 4 億磅的產量。

We're really excited about projects being planned to add heat to the stockpiles and field testing of additives.

我們對正在計劃的為庫存增加熱量和添加劑現場測試的項目感到非常興奮。

Ultimately, our goal is to achieve 800 million pounds per annum from this value-enhancing growth initiative, the size of a major new mine that's got very low capital investment required, very low incremental operating costs, which 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實現每年8 億英鎊的收入，這是一個大型新礦山的規模，所需的資本投資非常低，增量營運成本非常低，這將顯著提高價值和競爭地位我們美洲的生產。

Just to comment on the cost of this innovative leach, to date, it's been well below $1 incrementally per pound.

僅評論一下這種創新浸出的成本，迄今為止，每磅的增量成本遠低於 1 美元。

And what's so exciting about it is we're bringing on production of product that was considered waste in the past.

令人興奮的是我們正在開始生產過去被認為是浪費的產品。

We've already incurred the mining cost, so we're spending incremental dollars to get more copper, and it's had really a lot of value potential, and that's why we're pursuing it so aggressively.

我們已經承擔了採礦成本，因此我們正在花費增量資金來獲得更多的銅，而且它確實具有很大的價值潛力，這就是我們如此積極地追求它的原因。

We've got an extensive inventory of substantial residual copper from material already mined, we've got industry-leading technical expertise, and a strong multi-disciplined innovation team dedicated to the initiative.

我們擁有大量來自已開採材料的剩餘銅庫存，我們擁有領先業界的技術專業知識，以及致力於該計劃的強大的多學科創新團隊。

On slide 9 is a brief update on our organic growth projects, all of which are brownfield opportunities where we can leverage existing assets and establish operations.

第 9 張投影片是我們有機成長項目的簡要更新，所有這些項目都是棕地機會，我們可以利用現有資產並建立營運。

We talked about the leach opportunity.

我們討論了浸出機會。

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

此外，我們還有機會在巴格達和美國的孤星工廠擴張。

At Bagdad, we're continuing to make investments in site infrastructure and tailings expansion to position us to execute the project more efficiently when the time is right.

在巴格達，我們將繼續對現場基礎設施​​和尾礦擴建進行投資，以便我們能夠在時機成熟時更有效地執行專案。

We expect to have the majority or most of the autonomous trucks deployed in the field this year.

我們預計今年將大部分或大部分自動駕駛卡車部署在現場。

That will provide the ability to be more efficient with labor at this remote location.

這將使這個偏遠地區的勞動力更有效率。

In parallel, we're also continuing to pursue opportunities to reduce the capital intensity of the project.

同時，我們也持續尋求降低專案資本密集度的機會。

We're monitoring markets and site-specific factors and hope to be in a position to make a decision on the path forward by the year end.

我們正在監控市場和特定地點的因素，並希望能夠在年底前就前進的道路做出決定。

In the sulfide Lone Star district where we already have existing operations, it's our newest mine in the US.

在硫化物 Lone Star 地區，我們已經開展了現有業務，這是我們在美國最新的礦場。

We're engaged in studies to define a major brownfield expansion.

我們正在進行研究來定義主要的棕地擴張。

We're targeting opportunities there that could double the current production levels of 300 million pounds per annum.

我們的目標是能夠將目前每年 3 億磅的產量水準提高一倍。

We've got a very large resource at this location and expect this district will become a significant asset for Freeport in Arizona in the next decade.

我們在這個地點擁有非常大量的資源，預計該地區將在未來十年成為亞利桑那州自由港的重要資產。

In El Abra in Chile, we've talked about this in the past.

在智利的埃爾阿布拉，我們過去曾討論過這個問題。

We're preparing an environmental impact statement.

我們正在準備一份環境影響報告書。

We expect to be complete and submitted by the end of this year.

我們預計將在今年年底前完成並提交。

The project involves investment in a new concentrator of scale similar to the size of the Cerro Verde concentrator we installed 10 years ago.

該項目涉及投資一座新的選礦廠，其規模與我們 10 年前安裝的 Cerro Verde 選礦廠的規模相似。

We've got plans for investments and a desalinization plant and also a pipeline system to support our water requirements.

我們有投資計畫和海水淡化廠以及管道系統來滿足我們的用水需求。

The opportunity from the project is to provide 750 million pounds of annual copper production, it's a very large scale, and 9 million pounds of molybdenum per annum.

該項目的機會是每年提供 7.5 億磅銅產量，規模非常大，每年提供 900 萬磅鉬。

It's got a long lead time to it.

它有很長的準備時間。

It requires seven to eight years of lead time, but we're currently advancing it to provide options for the future and value-driven options to boost our production in the future as the world needs more copper.

它需要七到八年的交付時間，但我們目前正在推動它，以提供未來的選擇和價值驅動的選擇，以提高我們未來的產量，因為世界需要更多的銅。

In Indonesia, we're continuing to develop the Kucing Liar ore body within the Grasberg district.

在印度尼西亞，我們正在繼續開發 Grasberg 地區的 Kucing Liar 礦體。

That development continues towards a targeted commencement of production by 2030.

這項進展持續朝著 2030 年開始生產的目標邁進。

We're also very excited about additional exploration opportunities below the Deep MLZ ore body.

我們也對 Deep MLZ 礦體下方更多的勘探機會感到非常興奮。

And extension of our operating rights will set us up for additional long-term development options in this highly attractive and valuable district.

擴大我們的經營權將為我們在這個極具吸引力和價值的地區提供更多的長期開發選擇。

Our overall objective is to move quickly to define the opportunities across the portfolio, rank them on value potential, and allocate capital on a risk-reward basis to provide profitable growth options for the future.

我們的總體目標是快速確定投資組合中的機會，根據價值潛力對其進行排名，並在風險回報的基礎上分配資本，為未來提供有利可圖的成長選擇。

We're going to be disciplined in our approach, targeting opportunities that enhance long-term value and where we believe we can create that value at a manageable risk.

我們將嚴格遵守我們的方法，瞄準能夠提高長期價值的機會，我們相信我們可以在可控的風險下創造這種價值。

We're moving to our outlook on slide 10, where we show a three-year outlook for sales volumes of copper, gold, and molybdenum.

我們將轉向第 10 張幻燈片的展望，其中展示了銅、金和鉬的三年銷售展望。

Our copper guidance for 2025, as you'll note, has been adjusted by approximately 5%.

正如您所注意到的，我們對 2025 年銅的指導意見已調整了約 5%。

That incorporates updated estimates for the mill maintenance projects planned in 2025 in Indonesia.

其中包括計劃於 2025 年在印尼進行的工廠維護項目的最新估計。

Our gold estimates for 2025 are about 7% higher than the prior estimates, and that's benefiting from inventory drawdowns during 2025 and also slightly higher ore grades for gold.

我們對 2025 年黃金的預測比先前的預測高出約 7%，這得益於 2025 年庫存的減少以及黃金礦石品位的略微提高。

We provide quarterly estimates on slide 25 of the reference materials.

我們在參考材料的第 25 張投影片上提供了季度估算。

The first-quarter volumes are expected to be the lowest of the year because of mill maintenance and timing associated with the expected export approvals, but you'll see we get back to large-scale production as we move through the year.

由於工廠維護和與預期出口批准相關的時間安排，第一季的產量預計將是今年最低的，但隨著全年的推移，您會看到我們將恢復大規模生產。

Our 2026 guidance for copper is unchanged, and our gold for 2026 is up about 100,000 ounces compared with our prior guidance.

我們對 2026 年銅的指導意見不變，我們對 2026 年黃金的指導意見較之前的指導意見增加了約 100,000 盎司。

We've added 2027 to our outlook, which is similar to the outlook for 2026.

我們在展望中加入了 2027 年，這與 2026 年的展望類似。

For slide 11, we show our cost estimates for 2025 and we show the geographic mix, which has an impact on the overall average.

對於投影片 11，我們顯示了 2025 年的成本估算，並顯示了對總體平均值有影響的地理組合。

When you look at our cash cost estimate currently for 2025 of $1.60 per pound, that compares to $1.56 per pound in 2024.

目前我們對 2025 年現金成本的估計為每磅 1.60 美元，而 2024 年為每磅 1.56 美元。

The two results are similar, but the weighting of volumes between the regions results in a slight increase.

兩個結果相似，但區域之間的交易量權重略有增加。

The important point we want to get across on this slide is that we expect US costs to be lower in 2025, and we're focused on driving these costs lower as we go forward.

我們希望在這張投影片上傳達的重要一點是，我們預計 2025 年美國的成本將會更低，並且我們將致力於在未來降低這些成本。

You can see the cost by region presented on slide 24 in the reference material, which will show you the makeup of the cost.

您可以查看參考材料中幻燈片 24 上顯示的按地區劃分的成本，其中將向您展示成本的組成。

I'll now turn the call over to Maree, who is going to review our cash flow outlook, and then we'll come back and take your questions.

我現在將把電話轉給 Maree，她將審查我們的現金流前景，然後我們會回來回答您的問題。

Turning to you, Maree.

轉向你，瑪麗。

Thanks, Kathleen.

謝謝，凱瑟琳。

Just turning to slide 12.

剛翻到投影片 12。

Putting together our projected volumes and cost projections, we show modeled results on slide 12 for our EBITDA and cash flow at various copper prices, ranking from $4 per pound to $5 per pound.

將我們的預計產量和成本預測放在一起，我們在幻燈片 12 上顯示了不同銅價（從每磅 4 美元到每磅 5 美元）的 EBITDA 和現金流的建模結果。

These are modeled results using the average of 2026 and 2027 with current volume and cost estimates and holding gold flat at $2,700 per ounce and molybdenum flat at $20 per pound.

這些是使用 2026 年和 2027 年平均值以及當前數量和成本估算進行建模的結果，並將黃金維持在每盎司 2,700 美元，鉬維持在每磅 20 美元。

Annual EBITDA would range from over $11 billion per annum at $4 copper to over $15 billion per annum at $5 copper.

年度 EBITDA 範圍從每年 110 億美元（以 4 美元銅計算）到每年超過 150 億美元（以 5 美元銅計算）不等。

Operating cash flows at these ranges would be nearly $8 billion per year at $4 and over $11 billion per year at $5.

如果以 4 美元計算，在這些範圍內的營運現金流將接近每年 80 億美元，如果以 5 美元計算，每年將超過 110 億美元。

We show sensitivities to various commodities on the right.

我們在右側顯示了對各種商品的敏感度。

You will note, we are highly leveraged to copper prices with each $0.10 per pound change equating to approximately $425 million in annual EBITDA.

您會注意到，我們對銅價的槓桿率很高，每磅每變化 0.10 美元，相當於年度 EBITDA 約 4.25 億美元。

We will also benefit from improving gold prices, with each $100 per-ounce change in price approximating $150 million in annual EBITDA.

我們還將受益於黃金價格的上漲，每盎司價格每變動 100 美元，年度 EBITDA 約為 1.5 億美元。

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

憑藉我們的長期儲備和大規模生產，我們有能力產生大量現金流，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 on to slide 13, this shows our current forecast for capital expenditures in 2025 and 2026.

轉到投影片 13，這顯示了我們目前對 2025 年和 2026 年資本支出的預測。

Capital expenditures for 2024 were $3.6 billion and are expected to approximate $4.4 billion per year in 2025 and 2026. 2025 capital expenditures are about 5% above our October estimate, which largely reflects minor revisions to project estimates and an increased allocation of capitalized interest.

2024 年的資本支出為36 億美元，預計2025 年和2026 年每年約為44 億美元。以及資本化利息分配的增加。

The discretionary projects approximated $1 billion in 2024 and are expected to approximate $1.6 billion to $1.7 billion in 2025 and 2026, with roughly 50% related to the Kucing Liar development and the LNG project at Grasberg.

2024 年，可自由支配的項目約為 10 億美元，預計 2025 年和 2026 年約為 16 億至 17 億美元，其中約 50% 與 Kucing Liar 開發和 Grasberg 液化天然氣項目有關。

The balance includes acceleration of tailings and other infrastructure to support the Bagdad expansion; the Atlantic Copper Circular project, which is expected to be completed in the first half of 2026; and allocated capitalized interest.

平衡包括加速尾礦和其他基礎設施的建設，以支持巴格達的擴張；大西洋銅業環線計畫預計於2026年上半年完工；並分配資本化利息。

The discretionary category reflects the capital investments we are making in new projects that under our financial policy are funded with the 50% of available cash that is not distributed.

可自由支配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，這些投資由未分配的可用現金的 50% 提供資金。

These projects are value-enhancing initiatives and are detailed on slide 28 in our reference materials.

這些項目是增值舉措，在我們的參考材料第 28 投影片中有詳細介紹。

We have a track record of managing capital in a disciplined manner, and we will continue to deploy capital in a manner that builds long-term value.

我們擁有以嚴格的方式管理資本的記錄，並且我們將繼續以創造長期價值的方式部署資本。

And finally on slide 14, we reiterate the financial policy priorities centered on a strong balance sheet, cash returns to shareholders, and investments in value-enhancing growth projects.

最後，在第 14 張投影片上，我們重申了以強勁的資產負債表、股東現金回報以及增值成長項目投資為中心的金融政策優先事項。

Our balance sheet is strong with investment-grade ratings, strong credit metrics, and flexibility within our debt targets to execute on our projects.

我們的資產負債表強勁，具有投資等級、強大的信用指標以及執行專案的債務目標的靈活性。

In the fourth quarter, we redeemed $730 million in maturing senior notes for cash.

第四季度，我們將 7.3 億美元的到期優先票據贖回為現金。

We have no significant debt maturities until 2027.

2027 年之前我們沒有重大債務到期。

We have distributed $4.7 billion to shareholders through dividends and share purchases since implementing the financial policy and have an attractive future long-term portfolio that will enable us to continue to build long-term value for shareholders.

自實施財務政策以來，我們已透過股利和股票購買方式向股東分配了47億美元，並擁有有吸引力的未來長期投資組合，這將使我們能夠繼續為股東創造長期價值。

We actively monitor current market conditions and carefully manage the timing of our projects to ensure our financial flexibility remains strong.

我們積極監控當前的市場狀況並仔細管理專案的時間表，以確保我們的財務靈活性保持強勁。

Our global team is focused on driving value in our business, committed to strong execution of our plans, and providing cash to invest in profitable growth and returning to shareholders.

我們的全球團隊專注於推動業務價值，致力於強有力地執行我們的計劃，並提供現金投資於獲利成長和回報股東。

Thank you, everyone, for your attention.

謝謝大家的關注。

I'll now hand back to Kathleen, and we can take your questions.

現在我將把問題交還給凱瑟琳，我們可以回答你的問題。

Thank you, Maree.

謝謝你，瑪麗。

Operator, we're ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Liam Fitzpatrick, Deutsche Bank.

（操作員指令）Liam Fitzpatrick，德意志銀行。

Good morning, Kathleen and Richard.

早上好，凱瑟琳和理查。

I'll just stick to one question, given the guidance there.

鑑於那裡的指導，我只會堅持一個問題。

Just around the approval of the -- approval to export concentrate from Indonesia, you said you hope to receive it in Q1, but do you have any more visibility on when in Q1?

就在批准從印尼出口精礦時，您說希望在第一季收到它，但是您對第一季的具體時間有更多了解嗎？

And does there come a point in this quarter when you'll start to run out of storage capacity; and therefore, could that start to impact your production rates and your guidance?

在本季是否會出現儲存容量耗盡的情況？因此，這會開始影響您的生產力和指導嗎？

Thank you.

謝謝。

Thank you, Liam.

謝謝你，利亞姆。

As we mentioned, we're making really good progress with the government.

正如我們所提到的，我們與政府的合作取得了非常好的進展。

We've reviewed with them the incident, the repairs, the lead times required.

我們與他們一起審查了事故、維修情況以及所需的交貨時間。

They visited the site, and they are -- they've indicated support for allowing us to continue exports during 2025.

他們造訪了該網站，他們表示支持我們在 2025 年繼續出口。

They've also encouraged us to move as quickly as we can to finish the repairs.

他們也鼓勵我們盡快完成修復工作。

But they've indicated support for this.

但他們已經表示支持這一點。

Now it's a matter of getting documentation for the amendment to the regulation.

現在的問題是取得法規修正案的文件。

We understand that they're working on the drafts of the new regulation or the amendment to the regulation to allow this, and we expect this to be approved in the near term.

據我們了解，他們正在起草新法規草案或法規修正案，以實現這一目標，我們預計這將在短期內獲得批准。

We've got some maintenance going on at Grasberg, as I mentioned.

正如我所提到的，我們在格拉斯伯格正在進行一些維護工作。

And so our inventories are building still.

因此我們的庫存仍在增加。

We're still shipping to our existing smelter there.

我們仍在運送到那裡現有的冶煉廠。

But our inventories are building a little bit.

但我們的庫存正在增加。

But if we get this export permit, as we expect in the coming weeks, we'll be good to start shipping exports.

但如果我們獲得出口許可證，正如我們在未來幾週內預期的那樣，我們將很容易開始運輸出口。

And also we're bringing down those inventories.

我們也正在減少這些庫存。

Okay, thank you.

好的，謝謝。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO 資本市場。

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

Kathleen, you mentioned the 10% tax credit potential.

凱瑟琳，您提到了 10% 的稅收抵免潛力。

What are some of the next steps that need to happen for copper to actually qualify for that?

為了讓銅真正符合這項條件，接下來需要採取哪些步驟？

And is there any timeline?

以及有什麼時間表嗎？

In other words, is this still possible in '25?

換句話說，這在25年還有可能嗎？

It's a matter of legislation.

這是立法問題。

There was a bill that passed through the House late last year which allow for the copper to be added to the list.

去年年底，眾議院通過了一項法案，允許將銅添加到清單中。

And so we've got to get additional legislation passed through the other processes in the US.

因此，我們必須透過美國的其他程序通過更多立法。

And so it still is possible.

所以這仍然是可能的。

We're flagging it.

我們正在標記它。

We're monitoring it.

我們正在監視它。

And so I can't predict the US legislation timing, but it is important.

所以我無法預測美國立法的時間，但這很重要。

There are a number of bipartisan support for this.

兩黨許多人對此表示支持。

And so we're following it very closely.

所以我們正在非常密切地關注它。

Okay, thank you.

好的，謝謝。

Which would be very significant for us if you look -- something on the order of $500 million of benefit.

如果你看的話，這對我們來說非常重要——大約有 5 億美元的好處。

Alex Hacking, Citi.

亞歷克斯哈金，花旗銀行。

Yes, thank you.

是的，謝謝。

Good morning.

早安.

Just digging into the discretionary CapEx spend for 2025, the $400 million of Bagdad on the tailings infrastructure, is that explicitly tied to the expansion?

只要深入研究 2025 年的可自由支配資本支出，即巴格達尾礦基礎設施的 4 億美元，這是否與擴張明確相關？

Or is that something you would need to do anyway?

還是這是你無論如何都需要做的事情？

And is that part of the $3.5 billion CapEx for the project?

這是該項目 35 億美元資本支出的一部分嗎？

And then the $600 million at Kucing Liar, when that arrives, can you remind me, does it increase Grasberg production, or it's just going to fill the mill as other sources of ore are depleting?

然後，當 Kucing Liar 的 6 億美元到達時，你能提醒我，它會增加 Grasberg 的產量，還是會隨著其他礦石來源的枯竭而填滿工廠？

Thank you very much.

非常感謝。

Thank you, Alex.

謝謝你，亞歷克斯。

With respect to Bagdad, we do need to expand tailings infrastructure long term.

就巴格達而言，我們確實需要長期擴大尾礦基礎設施。

We don't need to do it now and that's why it's discretionary.

我們現在不需要這樣做，這就是為什麼它是酌情決定的。

If we don't move forward with an expansion, those dollars could be deferred into the future.

如果我們不繼續擴張，這些資金可能會被推遲到未來。

But what we're doing now is advancing this tailings infrastructure that we would have to do in any case in the future so that it gives us better optionality once we decide on whether to move forward to move more quickly.

但我們現在正在做的是推進尾礦基礎設施建設，這是我們將來在任何情況下都必須做的，這樣一旦我們決定是否加快步伐，它就能為我們提供更好的選擇。

So we could -- if we decide not to move forward Bagdad, we could push that tailings investment out.

因此，如果我們決定不再推進巴格達，我們可以取消尾礦投資。

The $3.5 billion of capital for the Bagdad expansion is really the incremental capital.

巴格達擴建的35億美元資金確實是增量資金。

The tailings would have to be done at some point in the future in any case, so we don't include that as capital for the expansion.

無論如何，尾礦開採都必須在未來的某個時候進行，因此我們不將其作為擴張的資本。

But we do have flexibility on the timing of this tailings infrastructure if we don't go forward with the expansion.

但如果我們不繼續擴建，我們在尾礦基礎設施的時間安排上確實有彈性。

And then on KL, what we're talking about there is under our long-term plans, adding 90,000 tonnes a day from KL, we're also looking at the opportunity to bring more KL production as we look at the mine plans longer term.

然後在吉隆坡，我們談論的是我們的長期計劃，每天從吉隆坡增加 90,000 噸產量，當我們考慮長期礦山計劃時，我們也在尋找增加吉隆坡產量的機會。

And that will allow us to sustain a very long life at high rates at Grasberg as we go through 2041.

這將使我們能夠在 2041 年之前以高比率維持格拉斯伯格的長期壽命。

When we think about the extension beyond 2041, there's a lot of KL material that's still left over at the end of 2041.

當我們考慮到 2041 年之後的延期時，到 2041 年底仍有大量 KL 材料剩餘。

So an extension would essentially allow us to increase reserves without additional exploration success.

因此，延期基本上可以讓我們在不取得額外勘探成功的情況下增加儲量。

So it's part of our long-range plans.

所以這是我們長期計劃的一部分。

We'd always expected to have some declines in various ore bodies over time, and this will allow us to sustain long-term large-scale production at Grasberg.

我們一直預計隨著時間的推移，各種礦體的產量會下降，這將使我們能夠維持格拉斯伯格的長期大規模生產。

Thank you.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Chris LaFemina, Jefferies.

克里斯·拉費米納，杰弗里斯。

Thanks, operator.

謝謝，接線生。

Hi, Kathleen.

嗨，凱瑟琳。

Hi, Richard.

嗨，理查德。

Thanks for taking my question.

感謝您提出我的問題。

I'm just thinking about kind of the geopolitical risk profile for Freeport.

我只是在考慮自由港的地緣政治風險狀況。

So your organic growth is mostly in the Americas.

所以你的有機成長主要在美洲。

But Indonesia at the end of the day, because it's such an amazing ore body, it's always going to be a significant contributor to earnings and a really important part of the Freeport investment case.

但歸根結底，印尼是一個令人驚嘆的礦體，它始終會成為收益的重要貢獻者，也是自由港投資案例中非常重要的一部分。

And if we think back to the acquisition of Phelps Dodge, in hindsight, that was brilliant because it gave you geographic diversification.

如果我們回想一下對菲爾普斯道奇的收購，事後看來，那真是太棒了，因為它讓你實現了地域多元化。

And when you did have challenges in Indonesia, you had other assets in the portfolio that were able to basically sustain the business as you dealt with those other challenges.

當您在印尼確實遇到挑戰時，您的投資組合中還有其他資產，這些資產能夠在您應對其他挑戰時基本上維持業務。

So one option now, which is an option that I sense that you're pursuing is early-stage investments in these longer lead time organic growth projects, which at the end of the day, would help diversify your earnings mix a little bit more to the Americas.

因此，現在的一個選擇，我感覺您正在追求的一個選擇是對這些較長交付時間的有機增長項目進行早期投資，這最終將有助於使您的收入組合更加多樣化，美洲。

But I wonder, is M&A, similar to Phelps Dodge nearly 20 years ago -- is M&A a potential path to derisking the business from a geopolitical perspective?

但我想知道，併購是否與近 20 年前的菲爾普斯道奇類似——從地緣政治角度來看，併購是否是降低企業風險的潛在途徑？

I mean, again, Grasberg, amazing ore body, always going to be near the bottom of the cost curve.

我的意思是，格拉斯伯格，令人驚嘆的礦體，總是接近成本曲線的底部。

But a lot of the kind of value leakage that we consistently see there, it seems like these problems don't really ever come to an end.

但我們一直看到很多價值洩漏，這些問題似乎永遠不會真正結束。

There's always some new negotiation that has to happen or some new kind of source of kind of a pound to flesh out of Freeport to continue to operate there.

總是需要進行一些新的談判，或者需要某種新的資源來充實自由港以繼續在那裡運作。

So just thinking about the geopolitical risk in general.

因此，只需考慮一下整體的地緣政治風險。

Thanks.

謝謝。

Thank you, Chris.

謝謝你，克里斯。

In terms of the investment case, of course, we've got a great opportunity in Indonesia.

當然，就投資案例而言，我們在印尼有很好的機會。

And as Richard was saying earlier, we've got close to a 60-year history there.

正如理查德之前所說，我們在那裡已有近 60 年的歷史。

And our team has always found a way to execute very positively and generate value.

我們的團隊總能找到積極執行並創造價值的方法。

So we have a lot of confidence and feel positive about the long-term outlook there.

因此，我們對那裡的長期前景充滿信心並感到樂觀。

But in terms of the opportunities, we're really excited about the investment case we have in the Americas and particularly in the US.

但就機會而言，我們對美洲尤其是美國的投資案例感到非常興奮。

And the leach initiative, when you think about getting to 800 million pounds -- and I know we're not there yet.

還有浸出計劃，當你想到達到 8 億英鎊時——我知道我們還沒有達到那個目標。

We've got more work to do to get there.

為了實現這一目標，我們還有更多工作要做。

But the opportunity to have 800 million pounds of incremental copper at a cash cost, which is in -- way less than the current $3, and we've been less than $1 right now, and really very limited CapEx, you're talking about an opportunity there where some people are investing $10 billion to achieve that.

但是以現金成本獲得 8 億磅增量銅的機會，遠低於目前的 3 美元，而我們現在的成本還不到 1 美元，並且資本支出確實非常有限，你正在談論這是一個機會，一些人正在投資100 億美元來實現這一目標。

And we're not having to do that.

我們不必這樣做。

So we have a lot of opportunity to create that value in the US not only from the leach opportunity but also from these cost reduction opportunities.

因此，我們有很多機會在美國創造這種價值，不僅透過浸出機會，還透過這些降低成本的機會。

And those drop right to the bottom line.

這些直接下降到底線。

We've got this new innovation initiative that we stood up last year, and we've got ambitious targets to reduce our costs meaningfully in the US.

我們去年推出了這項新的創新計劃，並且制定了雄心勃勃的目標，以有意義地降低我們在美國的成本。

That will drop right to the bottom line and create a lot of value, not only from being able to have higher margins but expanding the reserves because we've got a lot of reserves in the US that are economically limited.

這將直接下降到底線並創造大量價值，不僅能夠獲得更高的利潤，而且能夠擴大儲備，因為我們在美國有很多儲備，但在經濟上是有限的。

So we're very excited about the opportunity for low capital intensity opportunities in the US that will generate a lot of value.

因此，我們對美國低資本密集度的機會感到非常興奮，這將產生大量價值。

And you remember, that drops to the bottom line.

你記得，這就是底線。

We don't have significant taxes we're paying in the US.

我們在美國沒有繳納大量稅款。

We don't have a royalty structure, et cetera, so we're very, very excited about that.

我們沒有版稅結構等等，所以我們對此非常非常興奮。

With regard to M&A, and I'll let Richard comment as well on his thoughts, but we do monitor opportunities across the industry on a regular basis.

關於併購，我也會讓理查德評論他的想法，但我們確實會定期監控整個產業的機會。

The Phelps Dodge opportunity that you mentioned in 2007, we were not planning to do an acquisition.

您在 2007 年提到的 Phelps Dodge 機會，我們並不打算進行收購。

But the opportunity was presented, and we were able to take advantage of it because we were prepared.

但機會已經出現，我們能夠利用它，因為我們已經準備好了。

So we will always look, we will always be prepared for opportunities as they may come.

因此，我們將始終尋找機會，並始終為可能到來的機會做好準備。

But we don't see, as part of our strategy, getting involved in a competitive auction process or something on that order.

但作為我們策略的一部分，我們並沒有看到參與競爭性拍賣過程或該訂單中的其他內容。

We'll look to M&A for opportunities where we can generate synergies, where we can use our technical capabilities to add value to existing operations.

我們將尋求併購機會，以產生協同效應，並利用我們的技術能力為現有業務增加價值。

This leach initiative is one that may give us an opportunity in the future to consolidate more and generate more value from it.

這項浸出計畫可能會給我們一個機會，讓我們在未來能夠整合更多並從中產生更多價值。

But it's not necessary.

但這沒有必要。

We don't have to do an M&A.

我們不必進行併購。

We look -- we will be opportunistic.

我們會尋找機會。

But we feel, within our own plan, we've got a real opportunity to create value and don't have to do M&A.

但我們覺得，在我們自己的計劃內，我們有一個真正的機會來創造價值，而不必進行併購。

But Richard, do you want to add to anything I said there?

但是理查德，你想補充我剛才所說的內容嗎？

Thanks, Kathleen.

謝謝，凱瑟琳。

Thanks, Chris.

謝謝，克里斯。

And I'm going to try to be real short with this, Chris.

克里斯，我會盡量長話短說。

We can talk later.

我們可以稍後再談。

But you point out how acquiring Phelps Dodge helped diversify Freeport in Indonesia.

但您指出收購菲爾普斯道奇如何幫助自由港在印尼多元化。

But on the other hand, having Indonesia to support the operations in the Americas gave us the ability to be much more aggressive in the way we manage those operations and took advantage of opportunities in Phelps Dodge or any other company could have with those low-grade mines.

但另一方面，讓印尼支持美洲業務使我們能夠以更積極的方式管理這些業務，並利用菲爾普斯道奇或任何其他公司可能擁有的低等級業務機會地雷。

Actually, I've been talking to Phelps Dodge for almost 10 years before we acquired them to get them to acquire us, and they never would do it.

事實上，在我們收購他們之前，我已經和菲爾普斯·道奇談了近十年，讓他們收購我們，但他們永遠不會這麼做。

The world changed with China and we had that opportunity.

世界因中國而改變，我們有這樣的機會。

You look back on our industries when management teams, and this goes across many companies, when management teams, our Boards force an M&A transaction for strategic reasons, it's almost always a bad answer.

回顧我們的行業，當管理團隊，這在許多公司中都是如此，當管理團隊、我們的董事會出於戰略原因強制進行併購交易時，這幾乎總是一個糟糕的答案。

So we position ourselves to run our company without having to make acquisitions.

因此，我們的定位是無需進行收購即可營運我們的公司。

But we're in the market so that if an opportunity comes to us, we're in a position to take advantage of it.

但我們身處市場，因此如果機會來臨時，我們就能夠抓住它。

I believe in our industry.

我相信我們的行業。

M&A driven by opportunities is the way to have successful M&A.

以機會驅動併購，才是併購成功之道。

Thank you for that.

謝謝你。

Good luck.

祝你好運。

Thanks, Chris.

謝謝，克里斯。

Daniel Major, UBS.

丹尼爾梅傑，瑞銀集團。

Great, thanks.

太好了，謝謝。

A few questions.

有幾個問題。

Just the first one, I noticed an increase in the CapEx allocated to the smelter at Grasberg.

就第一個而言，我注意到分配給格拉斯伯格冶煉廠的資本支出增加。

Is there any insurance coverage for the additional work to fix the fire at the smelter?

冶煉廠火災的額外修復工作是否有保險？

The repair cost is estimated at approximately $100 million and so that is covered by insurance.

維修費用估計約 1 億美元，因此由保險承擔。

We have not increased our estimates overall for the cost of the smelter.

我們沒有增加對冶煉廠成本的整體估計。

What you're seeing come through in 2025 for the most part is costs that we incurred in 2024 with the payables in 2025.

您在 2025 年看到的大部分是我們在 2024 年發生的成本以及 2025 年的應付帳款。

But the incremental cost of the repairs will be covered.

但修理的增量成本將被覆蓋。

That's roughly $100 million will be covered by insurance.

保險將承擔約 1 億美元的費用。

Okay, that's clear.

好的，很清楚了。

Thank you.

謝謝。

And then second question, prior to the election -- well, the change of government in Indonesia, you were heading towards, I guess, the conclusion of the review of the license extension, et cetera.

然後是第二個問題，在選舉之前 - 嗯，印尼政府的更迭，我猜你正在走向許可證延期審查的結論，等等。

Do you have a visibility on the timeline for when you'll be entering a similar process with the new government?

您是否了解與新政府進入類似流程的時間表？

As Richard mentioned, we've met with the new government.

正如理查德所提到的，我們已經會見了新政府。

We had the opportunity while we were in Indonesia last year as well as when the President and others have visited the US and Peru.

去年我們在印尼以及總統和其他人訪問美國和秘魯時，我們有機會。

And so we are discussing the benefits of this operation.

因此，我們正在討論此操作的好處。

We're reviewing with the President the financial benefits.

我們正在與總統一起審查財務收益。

He remembers numbers from when he was involved, as Richard said, but he's been very impressed with the performance over the last many years.

正如理查德所說，他記得自己參與其中時的數據，但他對過去多年的表現印象深刻。

And so we're engaged in that.

所以我們正在參與其中。

There's a regulation that was put in place last year that has an outline of how you qualify for the extension.

去年制定的一項規定概述瞭如何獲得延期資格。

And with the smelter repairs, we'll be fully integrated, which will allow us to move forward.

隨著冶煉廠的修復，我們將完全整合，這將使我們能夠繼續前進。

We also have the 10% requirement to sell an additional 10% effective in 2041.

我們還有 10% 的要求，就是從 2041 年起額外出售 10%。

And we're having discussions with MIND ID about a sale and purchase agreement.

我們正在與 MIND ID 討論銷售和購買協議。

That's another criteria for the extension.

這是延期的另一個標準。

But it's in everyone's interest, and I think both Freeport and the government understand this.

但這符合每個人的利益，我認為自由港和政府都明白這一點。

It's in everyone's interest to extend this operation, to continue to make investments so that the benefits of this wonderful operation can continue well into the future.

擴大這項業務、持續進行投資符合每個人的利益，以便這項出色的業務能夠在未來持續帶來好處。

And that's clearly recognized within the government of Indonesia.

印尼政府明確認識到這一點。

So we're hoping to be in a position to apply for the extension during 2025.

因此，我們希望能夠在 2025 年期間申請延期。

Okay, so 2025 timeline.

好的，2025 年的時間表。

Okay, thanks.

好的，謝謝。

And then finally, if I could just squeeze one more in, just to follow up on the legislative pathway in the Senate for the critical minerals, do you have any visibility on when the Senate will be reviewing the bill?

最後，如果我可以再加一個，只是為了跟進參議院關於關鍵礦物的立法途徑，您是否知道參議院何時會審查該法案？

We do not.

我們沒有。

There are a number of agenda items they're working on, and we do not have visibility on it.

他們正在處理許多議程項目，但我們對此不了解。

It's on the agenda for review, but we don't have a timeframe.

它已列入審查議程，但我們沒有時間表。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

Hi, good morning.

嗨，早安。

A question about your CapEx guidance, I was surprised to see the increase in '25.

關於你們的資本支出指導的問題，我很驚訝地看到 25 年的成長。

But probably the '26 guide of $4.4 billion seemed high to me, just given that you haven't approved any of the major growth projects yet.

但考慮到你們還沒有批准任何重大成長項目，26 年 44 億美元的指導方針對我來說似乎很高。

Is there any CapEx associated with those new growth projects in that '26 guidance already?

'26 指南中是否已經有與這些新增長項目相關的資本支出？

As we were talking with Alex earlier, we've got some capital in 2026 that if we don't move forward with -- Bagdad would come out, so that assumes that we're going to go forward.

正如我們之前與 Alex 交談的那樣，我們在 2026 年有一些資本，如果我們不繼續前進，巴格達就會出現，所以假設我們將繼續前進。

But if we don't decide to go forward, we could spread it out beyond 2026.

但如果我們不決定繼續推進，我們可能會將其推遲到 2026 年之後。

It also includes some LNG spend.

它還包括一些液化天然氣支出。

As Maree was saying, we've got -- over 50% of the discretionary relates to Kucing Liar and LNG.

正如 Maree 所說，我們有超過 50% 的自由裁量權與 Kucing Liar 和 LNG 有關。

But the only other thing really in there in '26 is this flexibility around Bagdad's tailings expansion.

但 26 年真正存在的另一件事是圍繞巴格達尾礦擴張的靈活性。

I will say, though, we're going to be very disciplined about CapEx.

不過，我想說的是，我們將對資本支出非常嚴格。

We have in the past; we'll continue to be.

我們過去有過；我們將繼續如此。

We are going to have to make investments in this business to slow production in the future.

我們將不得不對該業務進行投資，以減緩未來的生產。

We're going to be very focused on bringing down capital intensity, working where we can to defer items that we don't need to spend.

我們將非常專注於降低資本密集度，盡我們所能推遲不需要支出的項目。

And so we review it very carefully and will do it in a prudent fashion as we have in the past.

因此，我們會非常仔細地進行審查，並將像過去一樣以謹慎的方式進行。

If I could just follow up, what's a good run rate to assume for sustaining capital now for the business, say, beyond '26?

如果我能跟進一下，假設 26 年後維持企業資本的良好運作率是多少？

Well, I think what you're looking at, we separate these projects between the sustaining capital line that you see on the capital side.

嗯，我認為你所看到的，我們將這些項目分成你在資本方面看到的維持資本線。

That's a pretty good run rate.

這是一個相當不錯的運行率。

The planned investments relate to the -- most of it relates to the underground at Grasberg.

計劃投資涉及——其中大部分涉及格拉斯伯格的地下設施。

That number will not stay at $1 billion a year.

這個數字不會停留在每年 10 億美元。

We expect over time that that can come down.

我們預計隨著時間的推移，這種情況會有所下降。

So I mean, you're probably looking at something on the order of $2 to $2.5 run rate without major projects.

所以我的意思是，您可能正在尋找運行費約為 2 至 2.5 美元的項目，但沒有重大項目。

Thank you.

謝謝。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Good morning, and thanks for taking the questions and all the details thus far.

早上好，感謝您提出問題並了解迄今為止的所有細節。

Realizing the question is hypothetical, but how does Freeport view the potential impacts to copper markets in general and then Freeport specifically from tariffs, whether they be 10% blanket or 25% towards Mexico or Canada?

意識到這個問題是假設性的，但自由港如何看待整個銅市場的潛在影響，以及自由港特別是關稅的影響，無論是對墨西哥或加拿大徵收 10% 還是 25%？

I mean, I guess, what is the ability of Freeport to move product from one region to another?

我的意思是，我想自由港有什麼能力將產品從一個地區轉移到另一個地區？

And I guess, how does having the US assets help protect or even benefit Freeport relative to other copper producers?

我想，相對於其他銅生產商，擁有美國資產如何有助於保護甚至使自由港受益？

Yes.

是的。

Well, in terms of the tariffs, with respect to -- specifically in the US, Freeport does not -- we basically sell all of our product in the US.

嗯，就關稅而言，特別是在美國，自由港沒有關稅，我們基本上在美國銷售所有產品。

The US as a market itself does import copper, but we do not export copper from the US.

美國作為一個市場本身確實進口銅，但我們並沒有從美國出口銅。

So the import of copper is what people are wondering about and whether those will carry a tariff.

因此，人們關心的是銅的進口以及是否會徵收關稅。

And you see the premium being built in right now to the COMEX versus the LME, and people are trying to handicap what that tariff might be for copper being imported into the US.

你會看到現在 COMEX 相對於 LME 有溢價，人們正試圖限制銅進口到美國的關稅。

But for us, we sell copper that we produce in the US in the US.

但對我們來說，我們在美國銷售我們在美國生產的銅。

If there is a continued premium for copper in the US, we would capture that at Freeport because our US contracts are based off of the US price.

如果美國的銅價持續上漲，我們將在自由港捕獲這項溢價，因為我們的美國合約是基於美國價格的。

In terms of globally, we produce in Indonesia.

就全球而言，我們在印尼生產。

We'll be producing copper.

我們將生產銅。

Those flows will generally go to Asia.

這些資金通常會流向亞洲。

And from South America, they will go to -- generally, they don't come to the US, the piece from Cerro Verde.

從南美洲，他們會去——一般來說，他們不會來美國，來自 Cerro Verde 的那塊東西。

So in terms of the impact on our situation, it's not a trade flow issue for us.

因此，就對我們情況的影響而言，這對我們來說不是貿易流問題。

The more concerning thing that we're watching with respect to tariffs is whether or not they would impact global growth.

關於關稅，我們更關心的是它們是否會影響全球成長。

And that's the focus, the concern that we have.

這就是我們關注的焦點和擔憂。

We want to make sure that the tariffs are in place, it doesn't impact overall global growth or create inflationary pressures in the US, which we're just coming off of moderating inflation.

我們希望確保關稅到位，不會影響全球整體成長，也不會在美國造成通膨壓力，而美國剛擺脫通膨放緩的影響。

And so those are the two things that we're focused on is whether the tariffs will have an impact on overall global economic growth and whether they will be inflationary for our US operations.

因此，我們關注的兩件事是關稅是否會對全球整體經濟成長產生影響，以及它們是否會對我們美國業務造成通貨膨脹。

Those are the two major things.

這是兩件主要的事情。

Thanks for those insights.

感謝您的見解。

And then on leaching, and I may have missed it, but we saw the step down in the quarter, but you're targeting now 300 million pounds run rate in exiting '25.

然後是浸出，我可能錯過了，但我們看到了本季的下降，但你現在的目標是在退出 25 年時達到 3 億英鎊的運行率。

I guess, maybe in more detail, what drove the sequential decline?

我想，也許更詳細地說，是什麼推動了連續下降？

And on the latter, on the increase, is that driven by expanding efforts in El Abra or is this further tech advances or benefiting from, I guess, prior development that you've already accomplished?

就後者而言，成長是由 El Abra 的擴大努力推動的，還是進一步的技術進步或受益於，我猜，您已經完成的先前開發？

Yes.

是的。

The fourth quarter, we've essentially met our plan for leach.

第四季度，我們基本上實現了浸出計劃。

It was roughly 50 million pounds, which was in line with our plan and reflected the projects that we were doing for this initiative in that quarter.

大約為 5000 萬英鎊，這符合我們的計劃，並反映了我們在該季度為此計劃所做的項目。

As we look at the -- what's in our estimates right now for 2025, we've got just over roughly 225 million pounds of incremental copper in our current forecast.

當我們看看我們目前對 2025 年的預測時，我們目前的預測中銅增量略高於約 2.25 億磅。

We have a number of projects that are in progress right now with respect to deep raffinate injection, which is getting access to areas within the stockpile that need to get more solution to it.

我們目前正在進行許多有關深層萃餘液注入的項目，這些項目正在進入庫存中需要獲得更多解決方案的區域。

And we're doing that through injection and through drilling.

我們正在透過注入和鑽探來做到這一點。

We're scaling that initiative.

我們正在擴大這項措施。

We got a number of projects where we're continuing to -- we call it leach everywhere, get access to areas that previously have not been able to get to.

我們有很多項目正在繼續——我們稱之為“到處浸取”，進入以前無法到達的區域。

And we found creative ways like using helicopters to get to these areas.

我們找到了創意的方法，例如使用直升機到達這些地區。

And then there's heat opportunity will start to test that later this year or next year.

然後，今年晚些時候或明年將有機會開始測試這一點。

And that's what allows us to scale from 300 million to 400 million.

這就是我們能夠將規模從 3 億擴大到 4 億的原因。

But we think, based on the initiatives we have going on now, we should be able to get to 300 million by the end of this year, and then hopefully by the end of '26, getting to 400 million with these additional initiatives we've got going on.

但我們認為，根據我們現在正在進行的舉措，到今年年底，我們應該能夠達到 3 億，然後希望到 26 年底，透過我們的這些額外舉措，達到 4 億」我們開始了。

So it's on track.

所以一切都步入正軌了。

It's continuing to get better in terms of opportunity for us.

就我們的機會而言，它正在繼續變得更好。

As I was saying before, think about the opportunity to get to 800 million pounds at a very low cost and sustain that.

正如我之前所說，考慮一下以非常低的成本獲得 8 億英鎊並維持這一目標的機會。

We've got 39 billion pounds of copper that has previously been placed that we've considered waste, and we're trying to get as much of that as we can.

我們有 390 億磅的銅，之前被我們視為廢物，我們正在努力盡可能地回收這些銅。

If we get 20% of it, that's a huge gain for us.

如果我們能拿到20%，那對我們來說就是一個巨大的收益。

Thanks, Kathleen.

謝謝，凱瑟琳。

Best wishes to you and the team in '25.

向您和團隊致以最良好的祝愿25年。

Thank you, Bill.

謝謝你，比爾。

Timna Tanners, Wolfe Research.

蒂姆納坦納斯，沃爾夫研究。

Yes, hi.

是的，嗨。

Thanks for including me.

謝謝你包括我。

Wanted to just follow up on the -- a little bit more detail, if you could, on the North American cost-cutting initiatives.

如果可以的話，我只想跟進北美成本削減計劃的更多細節。

How much of that is the more favorable mine plan?

其中有多少是更有利的採礦計劃？

How are you seeing labor challenges?

您如何看待勞動力挑戰？

How are you considering 45X when you think about growth opportunities on top of already favorable NOLs?

當您考慮在已經有利的 NOL 之上的成長機會時，您如何考慮 45X？

Just a little more color there, please.

請再多一點顏色。

Well, the 45X would be -- it's not in our plans.

嗯，45X 是——它不在我們的計劃中。

It would be incremental and be beneficial, 10% reduction in cost.

這將是增量且有益的，成本降低 10%。

We are really focused on driving costs lower over the next few years, and we're doing that through just the basics.

我們真正專注於在未來幾年內降低成本，並且我們只是透過基礎知識來做到這一點。

We're really rationalizing contractors.

我們確實正在合理化承包商。

We've had the assets that over the last couple of years have underperformed expectations.

我們的資產在過去幾年中表現不佳。

We're now starting to get better performance, better efficiencies out of the assets, better utilization, better uptime, reducing the unplanned downtime.

我們現在開始獲得更好的效能、更高的資產效率、更好的利用率、更好的正常運作時間，並減少非計劃性停機時間。

That's a key focus of ours.

這是我們的重點。

So it's -- that's where we're very optimistic.

所以這就是我們非常樂觀的地方。

In terms of the labor situation, it's stabilized for us.

就勞動力狀況而言，我們的情況已經穩定。

We're not having the turnover that we've had in the last couple of years.

我們的營業額沒有過去幾年那麼高。

That stabilized things.

這穩定了事情。

That allows us to train people, have them be retained, and become more productive.

這使我們能夠培訓人員、留住他們並提高生產力。

I talked about automation.

我談到了自動化。

We're doing that.

我們正在這樣做。

We're doing that at Bagdad.

我們正在巴格達這樣做。

We're going to broaden that.

我們將擴大這一範圍。

We're going to work on centralizing some opportunities to reduce costs.

我們將努力集中一些機會來降低成本。

We've got a whole series of opportunities, and we're very excited about this innovation opportunity that will allow us to bring down the cost.

我們擁有一系列的機會，我們對這個創新機會感到非常興奮，它將使我們能夠降低成本。

And I can't overemphasize how much value that is for us as we look forward.

我無法過度強調這對我們未來的價值有多大。

The 45X would be 10%.

45X 則是 10%。

Our goal is way more than that to get our costs down.

我們的目標不僅僅是降低成本。

So stay tuned.

所以請繼續關注。

It's high on our priority list as we look forward.

正如我們所期待的，它在我們的優先事項清單中名列前茅。

Thanks, Kathleen, for the additional color.

謝謝凱瑟琳提供的額外顏色。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Good morning, Richard, Kathleen, Maree.

早上好，理查、凱瑟琳、瑪麗。

Hi, Mike.

嗨，麥克。

Looking at the financial profile, Kathleen, with net debt at 0.4 times and net $1 billion, I guess, smelter funding, and looking -- and given comfort levels that you've indicated $3 billion to $4 billion of range and staging of the capital spending -- and you've got a lot of moving parts, I understand, in the next couple of years.

看看財務狀況，凱瑟琳，淨債務為 0.4 倍，淨負債為 10 億美元，我猜，還有冶煉廠資金，並且考慮到您已經指出的 30 億至 40 億美元的資本範圍和階段的舒適水平支出－據我所知，在接下來的幾年裡會有很多變動的部分。

But are you -- the strategy to keep this really tight financial profile even as the -- is it going to be much more of the CapEx moving forward funded internally?

但是，您是否制定了保持這種非常緊張的財務狀況的策略，即使未來的資本支出將更多地由內部資助？

Or is there ability, given where market prices are and the fundamentals of the business to maybe be a little bit more opportunistic in some capital allocation?

或者考慮到市場價格和企業的基本面，是否有能力在某些資本配置方面更加投機？

Yes.

是的。

Well, in terms of the net debt number being around $1 billion, what the policy is, is 50% of the available cash is distributed to shareholders.

嗯，就大約 10 億美元的淨債務而言，政策是 50% 的可用現金分配給股東。

And the other half is available to either reduce debt or invest in our projects.

另一半可用於減少債務或投資我們的項目。

And given our profile, we want to invest in projects that have a high value and return on investment.

鑑於我們的概況，我們希望投資具有高價值和投資回報的項目。

But since implementing the policy in late 2021, our projects have been slower, so these projects take a while to get off the ground.

但自2021年底政策實施以來，我們的專案進展緩慢，因此這些專案需要一段時間才能落地。

And now you start to see this increase in discretionary spending.

現在你開始看到可自由支配支出的增加。

And we'll be -- as we talked about earlier, we'll be careful and prudent about how we manage it.

正如我們之前談到的，我們將謹慎謹慎地管理它。

But that debt capacity of where we are at $1 billion versus $3 billion to $4 billion is really earmarked to fund these discretionary projects.

但我們目前 10 億美元與 30 億至 40 億美元的債務能力實際上是專門用於為這些可自由支配的項目提供資金的。

And when we look at the cash available for distribution to shareholders, that line is excluded.

當我們查看可分配給股東的現金時，這條線被排除在外。

So you're really looking at 50% of cash flow that is excluding the discretionary, so just the $1.6 billion and the $1.1 billion for this year, excluding the discretionary.

所以你實際上看到的是不包括可自由支配的現金流的 50%，所以今年只有 16 億美元和 11 億美元，不包括可自由支配的。

So we've got room on the balance sheet to fund this discretionary cash with what we've accumulated in the past and the other 50% that we're generating.

因此，我們的資產負債表上有足夠的空間，可以用我們過去累積的資金和我們正在產生的另外 50% 來為這筆可自由支配的現金提供資金。

So we've learned over a long period of time that it's prudent to have a strong balance sheet and we'll continue to do that.

因此，我們在很長一段時間內了解到，擁有強大的資產負債表是謹慎的做法，我們將繼續這樣做。

But we do have some capacity within our current financial targets to make investments that are prudent, that make sense, that drive value in our business.

但我們確實有能力在目前的財務目標範圍內進行審慎、有意義的投資，從而推動我們的業務價值。

Thanks, Kathleen.

謝謝，凱瑟琳。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

Good morning.

早安.

A couple US-related questions, one is probably just buckets of capital.

幾個與美國相關的問題，其中一個可能只是大量的資本。

But the Lone Star oxide expansion, for example, where has that moved in terms of discretionary capital projects?

但是，例如，孤星氧化物擴張項目在可自由支配資本項目方面發生了哪些變化？

And the other would be an update on Jetti Resources and sulfide leaching.

另一個是 Jetti Resources 和硫化物浸出的最新情況。

I think the trial at Bagdad has been there since '22, El Abra since '23.

我認為巴格達的審判從 22 年就開始了，阿布拉的審判從 23 年就開始了。

Where is your level of prudent optimism, should I say?

我應該說，你的審慎樂觀程度在哪裡？

Yes.

是的。

With respect to the Safford project, that's essentially done this year.

至於薩福德計畫，今年基本上已經完成。

We're completing that, and we're actually -- Safford has been performing very, very well.

我們正在完成這個任務，而且我們實際上——薩福德的表現非常非常好。

So that's been complete.

這樣就完成了。

The next phase that we're looking at longer term is the sulfide expansion.

我們長期關注的下一階段是硫化物擴張。

But the upside expansion has gone well, and you'll start to Safford rates and volumes increasing.

但上行擴張進展順利，薩福德的價格和交易量將開始增加。

We've got that in our forecast for this year.

我們在今年的預測中已經考慮到了這一點。

With respect to Jetti -- and Cory Stevens is on the line.

關於傑蒂——科里·史蒂文斯正在電話裡。

He works a lot on this leach initiative and works a lot with other third parties, including Jetti.

他在這個浸出計劃上做了很多工作，並與包括 Jetti 在內的其他第三方進行了很多合作。

I'll let him comment on it.

我會讓他對此發表評論。

But we are continuing to work internally.

但我們仍在繼續內部工作。

We have our own team that is testing additives.

我們有自己的團隊正在測試添加劑。

We have our own team that's driving these operational tactics that we've been so successful with over the years.

我們有自己的團隊來推動這些營運策略，這些年來我們已經取得了巨大的成功。

But we're also partnering with third parties to share experiences and understand what the possible areas are with respect to this leaching technology with respect to Jetti.

但我們也與第三方合作，分享經驗並了解 Jetti 這種浸出技術的可能領域。

We did do a trial at Bagdad.

我們確實在巴格達進行了試驗。

This was not a major deal for us.

這對我們來說不是什麼大事。

It was a stockpile that we didn't expect to use in the future, and it had mixed results.

這是我們預計未來不會使用的庫存，而且結果好壞參半。

But we're continuing to have dialogue with Jetti about what they may be able to bring to the table.

但我們正在繼續與傑蒂對話，討論他們可以帶來什麼。

But we're really focused on trying to figure out ways that we can build this on our own because that allows us to retain the economics as much as possible.

但我們真正專注於嘗試找出我們可以自己建造這個的方法，因為這使我們能夠盡可能地保留經濟性。

But we are using relationships that we have with industry participants that will allow us to enhance our understanding and share the results that others have experienced and share some of our techniques as well.

但我們正在利用與行業參與者的關係，這將使我們能夠增強我們的理解並分享其他人經歷過的結果並分享我們的一些技術。

Cory, do you want to add anything on third-party discussions versus our own?

Cory，您想就第三方討論與我們自己的討論添加任何內容嗎？

Yes, Kathleen, we're pretty excited about the additives that we have in play.

是的，凱瑟琳，我們對我們所使用的添加劑感到非常興奮。

In fact, we're using an AI model actually to generate candidates.

事實上，我們實際上正在使用人工智慧模型來產生候選人。

And we have a pretty sophisticated and rapid test method where we go through and qualify candidates for additives and then work those through the system for commercial deployment in a way that we're actually going to go in the next few months and have our first deployment at Morenci at a commercial scale.

我們有一個非常複雜且快速的測試方法，我們可以透過該方法對添加劑候選者進行資格審查，然後透過系統進行商業部署，我們實際上將在接下來的幾個月內進行首次部署Morenci 的商業規模。

So we're pretty excited, so much so that we've got other candidates in the pipeline.

所以我們非常興奮，以至於我們已經有了其他候選人。

But we're going at a pace to move forward with a pilot but also scale it across Morenci with the infrastructure.

但我們將加快推進試點工作，同時透過基礎設施在 Morenci 範圍內進行擴展。

So we're betting on that that's going to work and then go big very quickly.

所以我們押注這會奏效，然後很快就會發展壯大。

So that's what's going on in that front.

這就是前面發生的事情。

Thank you, Cory.

謝謝你，科里。

Thank you much.

非常感謝。

Lawson Winder, BofA.

勞森·溫德，美國銀行。

Thanks, operator, and thanks for fitting me in, guys.

謝謝接線員，也謝謝你們讓我融入進來，夥伴們。

I appreciate it.

我很感激。

Good morning, Richard, Kathleen, and Maree.

早上好，理查、凱瑟琳和瑪麗。

Just wanted to quickly ask on El Abra.

只是想快速詢問一下 El Abra 的情況。

So Richard, you spoke about submitting permits in 2025 back in December or early -- actually, early November, I think it was.

理查德，您早在 12 月或早些時候就談到在 2025 年提交許可證——實際上，我認為是在 11 月初。

Just curious, when you think about that project, what do you think about the right copper price for that to work?

只是好奇，當您考慮該項目時，您認為適合該項目的銅價是多少？

And what's the right IRR to justify that investment?

證明該投資合理的正確 IRR 是多少？

And then can we expect a stability agreement as part of the Board approval for that full funds decision?

那麼我們是否可以期望穩定協議作為董事會批准全額資金決定的一部分？

Thanks so much.

非常感謝。

Well, in terms of the overall economics, and we've done a lot of work, given the experience that others have had with recent projects in Chile, we've done a lot of work to test our capital and understand what happened in the other situation to make sure that our economics are robust.

嗯，就整體經濟而言，我們做了很多工作，考慮到其他人最近在智利的項目的經驗，我們做了很多工作來測試我們的資本並了解在智利發生了什麼確保我們的經濟強勁的其他情況。

And I look at the capital spend here, it's a large number.

我看看這裡的資本支出，這是一個很大的數字。

It will be shared between Freeport and CODELCO, but it is below a $4 price.

它將由 Freeport 和 CODELCO 共享，但價格低於 4 美元。

And if you use the same discount rate in the US, it's well below $4.

如果您在美國使用相同的折扣率，則遠低於 4 美元。

But getting the price at $4 would give us a higher rate of return to adjust for the risk that we have at Bagdad in the US.

但將價格定為 4 美元將使我們獲得更高的回報率，以適應我們在美國巴格達所面臨的風險。

In terms of stability agreements in Chile, we'll look at the landscape there, where we currently do not have an agreement for El Abra, but we will look at whether that would make sense for this project long term.

就智利的穩定協議而言，我們將關注那裡的情況，目前我們尚未就 El Abra 達成協議，但我們將研究這對該計畫的長期而言是否有意義。

But we have a while to decide because we'll submit the EIS by the end of this year.

但我們需要一段時間才能做出決定，因為我們將在今年年底之前提交 EIS。

And then we'll go through a permitting process for a few years with the government, and we'll be in a position after that to make a decision.

然後我們將與政府一起經歷幾年的許可程序，之後我們將能夠做出決定。

But what getting the permit does is gives us a lot of optionality to have a shovel-ready project, which are few and far between in this world.

但獲得許可證的作用是為我們提供了許多選擇，讓我們可以進行一個準備就緒的項目，這在這個世界上是很少見的。

So having a large-scale project like this permitted will bring great value for Freeport.

因此，像這樣的大型專案獲得批准將為自由港帶來巨大的價值。

Okay, very well said.

好的，說得很好。

Thank you.

謝謝。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟，雷蒙德詹姆斯。

Hi.

你好。

Good morning, and thank you for taking my question.

早安，感謝您提出我的問題。

Can I just get a clarification on the 7.5% export tax?

我可以澄清一下 7.5% 的出口稅嗎？

You talked about the smelter being repaired by midyear, but you also mentioned you're probably going to pay the 7.5% export tax all through 2025.

您談到冶煉廠將在年中修復，但您也提到您可能會在 2025 年全年繳納 7.5% 的出口稅。

Is that going to happen even if you get the smelter up and running?

即使冶煉廠啟動並運行，這種情況還會發生嗎？

Or is it still working the way it used to work, where, ultimately, when the smelter is running, that export tax goes away?

或者它仍然按照以前的方式運作，最終當冶煉廠運作時，出口稅就會消失？

Or has something changed in all the negotiations as you work to get your concentrate exports?

或者，在您努力獲得精礦出口的過程中，所有談判中是否發生了一些變化？

Yes.

是的。

Well, the current regulation in Indonesia is 7.5% on exports.

印尼目前的出口管制是 7.5%。

So we're expecting that the smelter will be started up in -- by the end of June, but then there'll be a ramp-up period.

因此，我們預計冶煉廠將於 6 月底啟動，但隨後會有一個啟動期。

So we'll continue to have some exports in the second half of the year, but they will decline significantly as we go through and begin ramping up.

因此，下半年我們將繼續有一些出口，但隨著我們經歷並開始增加，它們將大幅下降。

So we've got -- in our cost guidance, we have export duties built in on anything we're exporting, which is in line with the current regulation.

因此，在我們的成本指引中，我們對出口的任何產品都徵收出口關稅，這符合現行法規。

But then in 2026, it would still change, assuming the smelter is up and running at full capacity by year end, right?

但到了 2026 年，假設冶煉廠到年底已滿負荷運轉，情況仍然會發生變化，對吧？

2026 is zero.

2026 年為零。

Yes, I mean, assuming we have capacity -- full capacity and we don't have exports, it would be zero.

是的，我的意思是，假設我們有產能——滿載產能，但我們沒有出口，那麼產能將為零。

Great.

偉大的。

Thanks very much.

非常感謝。

Thank you, Brian.

謝謝你，布萊恩。

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

至此，我會將電話轉回管理階層，讓他們發表結束語。

Well, thank you, everyone, for your participation, your interest, your good questions.

好的，謝謝大家的參與、你們的興趣、你們提出的好問題。

And if you have any follow ups, David Joint is available.

如果您有任何後續行動，請聯絡 David Joint。

We look forward to keeping you updated on our progress.

我們期待向您通報我們的最新進展。

Ladies and gentlemen, that concludes our call for today.

女士們、先生們，我們今天的呼籲到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。