費利浦·麥克莫蘭銅金 (FCX) 2025 Q2 法說會逐字稿

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

女士們、先生們，感謝你們的支持。歡迎參加 Freeport-McMoRan 第二季電話會議。（操作員指示）

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

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

Good morning, everyone, and welcome to the Freeport conference call. Earlier this morning, FCX reported its second-quarter 2025 operating and financial results. A copy of today's release with supplemental schedules and slides is available on our website, fcx.com. Today's conference call is being broadcast live on the internet and anyone may listen to the call by accessing our website homepage and clicking on the webcast link.

大家早安，歡迎參加自由港電話會議。今天早些時候，FCX 公佈了 2025 年第二季營運和財務業績。今日新聞稿及補充日程安排和幻燈片可在我們的網站 fcx.com 取得。今日電話會議將進行網路直播，任何人都可以造訪我們的網站主頁並點擊網路直播鏈以收聽。

In addition to analysts and investors, the financial press has been invited to listen to today's call. A replay of the webcast will be available on our website later today. Before we begin 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.

除了分析師和投資者之外，財經媒體也受邀聆聽今天的電話會議。網路直播的重播將於今天晚些時候在我們的網站上提供。在我們開始評論之前，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準則衡量標準和前瞻性陳述。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的警示性語言以及我們向美國證券交易委員會提交的文件中所述的風險因素，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. Richard will make some opening remarks. Kathleen and Marie will review our slide materials and then we'll open up the call for questions.

今天與我一起參加電話會議的還有董事會主席理查德·阿德克森 (Richard Adkerson)、總裁兼首席執行官凱瑟琳·奎克 (Kathleen Quirk)、執行副總裁兼首席財務官瑪麗·羅伯遜 (Maree Robertson) 以及我們管理團隊的其他高級成員。理查德將致開幕詞。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？

Thank you, David, and thank you all for joining us. Copper is currently in the spotlight, of course, COMEX prices are hitting all-time highs. LME prices are strong, uses are growing, electricity means copper, and the world is increasingly electric. This results in high demand, and the industry continues to be challenged to find the supplies to meet this demand and future demand. Governments are focused on critical minerals, including copper.

謝謝你，大衛，也謝謝大家加入我們。當然，銅目前是人們關注的焦點，COMEX 價格正在創下歷史新高。LME 價格堅挺，用途不斷增長，電力意味著銅，世界日益電氣化。這導致了高需求，並且該行業繼續面臨著尋找供應來滿足這一需求和未來需求的挑戰。各國政府都十分關注包括銅在內的關鍵礦產。

Our company is strongly positioned, one-third of our copper is in the US, roughly one-third in Indonesia and one-third in Peru and Chile. We are the dominant producer in the US producing over 70% of the country's refined copper, we're fully integrated. We have substantial organic growth to the US, and we're committed to that growth Freeport committed to its strategy to copper over 20 years ago, our tagline has been foremost in copper, and that's what we're striving to be. The start-up of the Indonesian smelter is a big accomplishment.

我們公司的地位非常穩固，三分之一的銅在美國，大約三分之一在印度尼西亞，三分之一在秘魯和智利。我們是美國的主要生產商，生產了美國 70% 以上的精煉銅，我們實現了完全一體化。我們在美國實現了大幅有機成長，我們致力於這一成長。自由港 20 多年前就致力於銅戰略，我們的口號一直是銅首屈一指，這也是我們努力的方向。印尼冶煉廠的投產是一個巨大的成就。

Congratulations to the team at Freeport. We will now be effectively fully integrated producer globally. We are pleased to see the trade agreement between Indonesia and the United States productive discussions with President Prabowo and President Trump, we convey to the Indonesia leaders negotiating the deal to note that Freeport, a widely held public company in the US with almost a 60-year history of operating in Indonesia is the operator of the world's second largest copper mine located there.

恭喜自由港團隊。我們現在將有效地成為全球一體化的生產商。我們很高興看到印尼與美國就貿易協定進行了富有成效的討論，普拉博沃總統和特朗普總統也出席了會議，我們向參與談判的印尼領導人轉達了這樣的信息：自由港是美國一家廣泛持有的上市公司，在印度尼西亞擁有近60年的經營歷史，是位於印度尼西亞的世界第二大銅礦的運營商。

Grasberg operations and district is our cornerstone asset. Second largest copper mine in the world. In this most recent quarter, we had a net credit for operating costs of $1 a pound. This asset has enabled us to create the modern Freeport. With the smelter nearing completion, we are progressing our discussions with the Indonesian government by extending our operating rights beyond 2041. Doing so, we create great value for FCX shareholders, but it also would be very positive for all stakeholders in the operation.

格拉斯伯格的營運和地區是我們基石資產。世界第二大銅礦。在最近一個季度，我們的營運成本淨額為每磅 1 美元。這項資產使我們能夠創建一個現代化的自由港。隨著冶煉廠接近完工，我們正在與印尼政府進行談判，將我們的經營權延長至 2041 年後。這樣做，我們不僅為 FCX 股東創造了巨大的價值，而且對營運中的所有利害關係人也非常有利。

With those comments, I'll turn the call over to Kathleen and Maree and to report on our quarter and our outlook.

聽完這些評論後，我將把電話轉給凱瑟琳和瑪麗，並報告我們的季度狀況和前景。

Great. Thank you, Richard, and I'll cover the highlights of the second quarter, starting on page 3. We generated strong margins and cash flows during the quarter and achieved significant milestones on several important initiatives.

偉大的。謝謝你，理查德，我將從第 3 頁開始介紹第二季的亮點。我們在本季度實現了強勁的利潤率和現金流，並在幾項重要舉措上取得了重大里程碑。

Our sales of copper and gold were better than forecast and net unit cash production costs during the quarter of $1.13 per pound were significantly improved from what we guided to and from last year's second quarter. With an average quarter copper realization of over $4.50 per pound, which was about $0.20 per pound above the international benchmark pricing, we generated quarterly EBITDA of $3.2 billion and operating cash flows of $2.2 billion.

我們的銅和金的銷售情況好於預期，本季淨單位現金生產成本為每磅 1.13 美元，較我們預期的水平和去年第二季度相比有顯著改善。本季銅的平均實現價格為每磅 4.50 美元以上，比國際基準價格高出每磅約 0.20 美元，我們實現了 32 億美元的季度 EBITDA 和 22 億美元的營運現金流。

Our sales volumes exceeded production as we were successful in reducing inventories in Indonesia both at the mine site in our newly commissioned precious metals refinery, which performed well during the second quarter.

我們的銷售量超過了產量，因為我們成功地減少了印尼新投產的貴金屬精煉廠礦場的庫存，該精煉廠在第二季度表現良好。

As we look at the balance of the year, we're well positioned for continued strong financial performance. Our sales of copper in the second half are expected to be nearly 10% higher than our first half volumes and gold sales after taking into account revisions to our Grasberg gold production, which we'll talk more about, are expected to be similar to the first-half levels. The current premium on our US copper sales, which recently tripled from second-quarter levels as additional margins and cash flows.

展望今年的收支平衡，我們已準備好繼續保持強勁的財務表現。我們下半年的銅銷售量預計將比上半年高出近 10%，而考慮到格拉斯伯格黃金產量的修正（我們將對此進行詳細討論），黃金銷售量預計將與上半年的水平相似。目前，我們的美國銅銷售額溢價最近較第二季度的水平增長了兩倍，這得益於額外的利潤和現金流。

And as we look ahead to 2026 and 2027, volume growth and lower cost set us up nicely to expand margins and cash flows as we go forward. We achieved a major milestone in the quarter with the start-up of our new copper smelter in Indonesia, a project we've been working on for the past 10 years.

展望 2026 年和 2027 年，產量成長和成本降低為我們擴大利潤率和現金流奠定了良好的基礎。隨著我們在印尼的新銅冶煉廠的啟動，我們在本季取得了一個重要的里程碑，這個計畫我們已致力於十年。

We started up about a month ahead of schedule and have progressed start-up activities to the stage of producing our first cathodes which we expect by the end of this month. We remain focused on ramping up to reach design capacity by the end of the year.

我們提前約一個月啟動了項目，並已將啟動活動推進到生產第一批陰極的階段，預計本月底即可完成。我們將繼續致力於在年底前達到設計產能。

Another real exciting development during the quarter was the start of a field trial at our US Morenci mine using an internally developed leach additive. Our team of scientists have been working on this for some time, and we are progressing work on additional options, which are showing very impressive lab results.

本季另一個真正令人興奮的發展是，我們在美國莫倫西礦開始使用內部開發的浸出添加劑進行現場試驗。我們的科學家團隊已經研究這個問題一段時間了，我們正在研究其他選項，這些選項已經顯示出非常令人印象深刻的實驗室結果。

There's more work to do, but we're making real progress. Identifying the right additive combined with our precision leaching operating practices will be a big step toward reaching our objective of producing 800 million pounds per annum from this initiative.

還有很多工作要做，但我們正在取得真正的進展。確定正確的添加劑並結合我們精確的浸出操作實踐，將是我們實現透過該計劃每年生產 8 億磅的目標的重要一步。

We continue to advance optionality in our organic growth pipeline, and we're well positioned with our significant resources and experienced team and our strong financial position. We purchased 1.5 million shares of stock during the second quarter, bringing our first half stock purchases to 2.9 million shares at an average cost of $36.41 per share and we continue to target 50% of excess cash flow for shareholder returns in line with our financial policy.

我們繼續推動有機成長管道的選擇性，憑藉豐富的資源、經驗豐富的團隊和強大的財務狀況，我們處於有利地位。我們在第二季度購買了 150 萬股股票，使我們上半年的股票購買量達到 290 萬股，平均成本為每股 36.41 美元，並且我們繼續按照財務政策將 50% 的超額現金流用於股東回報。

Turning to the next slide on 4, is a summary of our 2025 priorities. We've covered these on previous calls and these are the areas that are defining our everyday pursuit of value creation. First, execution, mastering the basics and making every day count our key objectives. We're focused on delivering our plans safely and efficiently and driving our costs lower, particularly in the US.

翻到下一張投影片 4，這是對我們 2025 年優先事項的總結。我們在先前的電話會議中已經討論過這些問題，這些領域決定了我們每天追求的價值創造。首先，執行、掌握基礎知識並讓每一天都有意義是我們的關鍵目標。我們專注於安全且有效率地實施我們的計劃並降低成本，尤其是在美國。

Scaling leach opportunity is a major value driver for Freeport. We continue to target a 40% increase in our run rate to achieve 300 million pounds by the end of the year on our path to 800 million pounds per annum. Delivering the smelter a safe and efficient ramp-up of the PTFI smelter is strategically important. It will derisk our plans and position us for extension of our long-term operating rights in Indonesia. With the early start-up, we're well on our way.

擴大浸出機會是自由港的主要價值驅動力。我們繼續將目標設定為將營運率提高 40%，到今年年底實現 3 億英鎊，並朝著每年 8 億英鎊的目標邁進。確保 PTFI 冶煉廠安全、有效率地實現產能提升具有重要的戰略意義。這將降低我們計劃的風險，並使我們能夠延長在印尼的長期經營權。隨著早期啟動，我們的進展順利。

We posted a video this morning of the progress on our website, and we hope you have the chance to review it. We're very proud of what our team is accomplishing there. Innovation is an increasingly important value driver for our business. Our operating teams are embracing technologies and new tools to enable better productivity and cost performance.

我們今天早上在我們的網站上發布了進展的視頻，我們希望您有機會觀看它。我們為我們的團隊在那裡所取得的成就感到非常自豪。創新是我們業務越來越重要的價值驅動力。我們的營運團隊正在採用技術和新工具來提高生產力和成本效益。

And we're continuing to build optionality in our growth portfolio. We have three major project opportunities being advanced in the Americas, which we'll talk more about.

我們正在繼續在我們的成長投資組合中建立可選性。我們在美洲有三個重大項目機會正在推進，我們將會詳細討論。

Turning to copper markets on slide 5. Copper has been actively covered in the media recently with widespread recognition of the rising strategic importance of this essential metal and a broad use of applications. Market fundamentals remain positive, underpinned by Copper's increasing use in the global economy and is an important driver of electrification, global energy requirements, and defense systems. Copper prices averaged 4.32 on the London Metals Exchange during the quarter and $4.72 on the US COMEX Exchange.

第五張投影片介紹銅市場。銅最近受到媒體的廣泛報道，人們普遍認識到這種重要金屬日益增長的戰略重要性和廣泛的應用範圍。市場基本面依然積極，這得益於銅在全球經濟中的使用日益增加，並且是電氣化、全球能源需求和國防系統的重要驅動力。本季倫敦金屬交易所的銅價平均為 4.32 美元，美國 COMEX 交易所的銅價平均為 4.72 美元。

Following the July 8 US tariff announcement, US prices rose significantly. While tariff policies have dominated headlines and resulted in rising inventories in the US, global exchange inventories remain at low levels, particularly in relation to consumption trends. Copper demand globally continues to benefit from the secular trends and major new investments in AI technology, power infrastructure, decarbonization, and transportation.

繼7月8日美國宣布徵收關稅後，美國物價大幅上漲。儘管關稅政策佔據了新聞頭條，並導緻美國庫存上升，但全球交易所庫存仍處於低水平，特別是相對於消費趨勢而言。全球銅需求持續受惠於長期趨勢以及人工智慧技術、電力基礎設施、脫碳和交通運輸方面的重大新投資。

In the US, demand continues to be supported by the secular drivers, and we are seeing improving trends in Europe. China continues to be a major driver of copper demand, and India represents an important growth market in the future.

在美國，需求持續受到長期驅動因素的支撐，我們也看到歐洲的需求趨勢正在改善。中國繼續成為銅需求的主要動力，印度是未來重要的成長市場。

As we've talked about in the past, the fundamentals of the copper markets are highly attractive with the outlook for demand growth to outpace available supplies as we go forward. Here at Freeport, we're in a great position to increase volumes in the coming years to supply a world with growing requirements.

正如我們過去所討論的，銅市場的基本面非常有吸引力，未來需求成長前景將超過現有供應。在自由港，我們處於有利地位，可以在未來幾年增加產量，以滿足世界日益增長的需求。

Moving to slide 6. We talk about the regional premiums and the market differentials between the US pricing benchmarks and international benchmarks. For background, the reference price for Freeport's copper sales contracts is based on geography. Our international sales are based on the London Metals Exchange price and our US sales are based on the US COMEX reference price.

移至幻燈片 6。我們討論美國定價基準與國際基準之間的區域溢價和市場差異。背景是，自由港銅銷售合約的參考價格是基於地理位置的。我們的國際銷售是基於倫敦金屬交易所的價格，而我們的美國銷售則是基於美國 COMEX 參考價格。

These two benchmarks have been closely correlated in the past -- but as you can see, differential emerged earlier this year after the US opened the Section 232 investigation. And the differential widened significantly earlier in July following the US announcement of a 50% tariff on copper imports with an expected implementation date on August 1. We're still waiting on additional details on implementation of the tariff announcement.

這兩個基準在過去一直密切相關——但正如你所看到的，在今年早些時候美國啟動 232 條款調查後，兩者之間出現了差異。在美國宣布對銅進口徵收 50% 的關稅並預計於 8 月 1 日實施後，這一差距在 7 月初大幅擴大。我們仍在等待有關關稅公告實施的更多細節。

The US currently imports approximately half of its copper cathode requirements and the current domestic supply of cathodes, the rest of it are majority produced by Freeport. As indicated in the charts, as of yesterday's close, the US premium approximates $1.25 per pound or about 28% above the LME price. This implies an approximate $1.7 billion annual financial benefit on Freeport's US sales.

目前，美國約有一半的陰極銅需求和國內陰極銅供應依賴進口，其餘大部分由自由港生產。如圖所示，截至昨日收盤，美國溢價約為每磅 1.25 美元，比倫敦金屬交易所價格高出約 28%。這意味著自由港每年在美國的銷售將獲得約 17 億美元的經濟利益。

Longer range, the differential will be determined by market factors, including how the tariff structure is applied to various copper products, available domestic supplies, and requirements for imported copper and other factors.

從長遠來看，差異將由市場因素決定，包括關稅結構如何應用於各種銅產品、國內供應量、進口銅的需求等因素。

We're actively working to boost domestic supplies of copper with a special emphasis on growing our refined production in a cost-effective manner through our innovative leach initiative and we're focused on supporting the growing requirement for our US customer base.

我們正在積極努力提高國內銅供應，特別強調透過創新的浸出計畫以經濟高效的方式提高精煉銅產量，並專注於滿足美國客戶群日益增長的需求。

Freeport is an important American copper producer and is by far the largest contributor to the US copper market, with an established and successful franchise dating to the late 1800s. As America's Copper Champion, we appreciate the administration's recognition of copper as a critical mineral and the efforts underway by the US government to boost domestic production.

自由港是美國重要的銅生產商，也是迄今為止美國銅市場最大的貢獻者，其成功特許經營權可追溯到 19 世紀後期。作為美國的銅礦冠軍，我們讚賞政府對銅作為關鍵礦物的認可以及美國政府為提高國內產量所做的努力。

Our operations in the US supply approximately 70% of the refined copper produced here. Our operations in the US are fully integrated with mines and smelting and refining facilities and innovative leach processes that efficiently produce refined cathode. About 60% of our US production is sourced through leaching processes and the balance through our smelter.

我們在美國的業務供應了當地生產的約 70% 的精煉銅。我們在美國的業務與礦山、冶煉和精煉設施以及創新的浸出工藝完全整合，可高效生產精煉陰極。我們在美國生產的約 60% 是透過浸出過程獲得的，其餘的則透過我們的冶煉廠獲得。

We employ a large workforce in the US, and importantly, we've earned the trust of communities in the Southwest US, where we operate and with our US copper customers.

我們在美國僱用了大量員工，重要的是，我們贏得了我們經營所在地美國西南部社區和美國銅客戶的信任。

In talking about our global refined metal on slide 8, Freeport is a significant producer. With the completion of our new smelter in Indonesia, Freeport will essentially be fully integrated globally with internal processing facilities for its mine production. This is important because countries are becoming more and more focused on critical mineral supply chain resilience, national security issues and global trade.

在第 8 張投影片上談到我們的全球精煉金屬時，自由港是重要的生產商。隨著我們在印尼的新冶煉廠的建成，自由港基本上將實現全球一體化，並擁有內部加工設施用於其礦山生產。這很重要，因為各國越來越關注關鍵礦產供應鏈的彈性、國家安全問題和全球貿易。

Freeport's positioning as a major producer of refined copper is a strategic significance for the long term. As indicated, we produced a substantial amount of refined copper from leach processing, which does not require a smelter process. And we're going to continue to pursue innovative opportunities to add refined copper on a cost-effective basis.

自由港作為精煉銅主要生產商的定位具有長遠的戰略意義。如上所述，我們透過浸出加工生產了大量精煉銅，而這不需要冶煉製程。我們將繼續尋求創新機會，以經濟高效的方式添加精煉銅。

Moving to operations on slide 9. We'll talk about the operating highlights by geographic region, starting in the US, where we continue to drive operating disciplines to enhance efficiencies and improve cost and margins, making progress as indicated by the improved performance compared with the year-ago quarter.

轉到投影片 9 上的操作。我們將按地理區域討論營運亮點，首先從美國開始，我們在美國繼續推動營運紀律，以提高效率並改善成本和利潤率，並取得了進展，與去年同期相比業績有所改善。

With several initiatives underway, there's more opportunity ahead. Our operating teams are benefiting from new tools and data analytics to drive value. We continue to rebuild skills within our workforce to reduce reliance on more costly contractors.

隨著多項措施的實施，未來將有更多的機會。我們的營運團隊正在受益於新工具和數據分析來推動價值。我們將繼續重建員工的技能，以減少對成本更高的承包商的依賴。

As we look forward, we expect production in the US to increase in 2025 and 2026, compared with 2024 levels. Absent changes in commodity-based input costs, we're talking unit cost to trend to the $2.50 per pound range in 2027.

展望未來，我們預計美國的產量將在 2025 年和 2026 年增加，而 2024 年的水準則有所提高。如果商品投入成本沒有發生變化，我們預計到 2027 年單位成本將趨向於每磅 2.50 美元的水平。

The autonomous haul truck conversion at our Bagdad mine in the US will allow us to test this potential of applying this technology for use at other locations. At Bagdad, we have half of the autonomous trucks in service and expect to complete the balance over the next few months.

我們在美國巴格達礦場進行的自動運輸卡車改裝將使我們能夠測試該技術在其他地點應用的潛力。在巴格達，我們有一半的自動駕駛卡車投入使用，預計在未來幾個月內完成剩餘的卡車使用。

We have several initiatives in progress to achieve further scaling in our innovative leach program. This is a high priority. Our teams are now much better equipped with new data and analytic tools, expanded areas under leach, and precision leasing processes to achieve higher recoveries in material previously considered waste.

我們正在實施多項舉措，以進一步擴大我們的創新浸出計畫。這是高度優先事項。我們的團隊現在配備了新的數據和分析工具、擴大了的浸出區域以及精確的租賃流程，以便對以前被視為廢物的材料進行更高的回收。

Achieving our targeted run rate to 300 million pounds per annum will benefit 2026 production. We are planning projects to use heat in our injection process to further enhance recoveries and we're advancing internally developed leach additives to provide additional volumes toward our ultimate target of 800 million pounds per annum.

實現我們每年 3 億磅的目標運行率將有利於 2026 年的產量。我們正在計劃在註入過程中使用熱量來進一步提高回收率的項目，並且我們正在推進內部開發的浸出添加劑，以提供額外的產量，以實現我們每年 8 億磅的最終目標。

As I mentioned, a field trial is underway at Morenci with our first internal generated additives, and we've recently identified a potential second additive with initial lab testing, indicating superior performance compared with anything we've seen to date.

正如我所提到的，我們正在莫倫西使用我們的第一批內部生成的添加劑進行現場試驗，並且我們最近通過初步實驗室測試確定了潛在的第二種添加劑，結果表明其性能比我們迄今為止見過的任何添加劑都要優越。

In addition, we're advancing new technology and automation and our basic mining processes to optimize performance. Our work to date indicates a significant opportunity for value creation through meaningful cost reduction and reserve expansion within our existing operations. We're also continuing to advocate for US legislation to recognize copper as formally as of critical mineral and eligibility for incentives to promote domestic production.

此外，我們正在推進新技術和自動化以及基本採礦流程以優化效能。我們迄今為止的工作表明，透過在現有業務中大幅降低成本和擴大儲備，我們有機會創造重大價值。我們也將繼續倡導美國立法，正式承認銅為關鍵礦產，並授予其獲得激勵措施的資格，以促進國內生產。

Moving to South America. The team at our Cerro Verde operation posted another solid quarter with volumes and costs in line with our expectations. As anticipated, volumes at Cerro Verde were below the year-ago quarter because of lower ore grades.

移居南美洲。我們的 Cerro Verde 業務團隊又取得了一個穩健的季度業績，其銷售和成本符合我們的預期。正如預期的那樣，由於礦石品位較低，Cerro Verde 的產量低於去年同期。

At El Abra, we have advanced plans to test heated raffinate injections in our leach stockpile there expected in 2026, and that is targeted to increase copper recovery and metal volumes. We continue to plan for a major expansion at El Abra, which would capitalize on the large resource we have there and bring substantial scale and operating efficiencies to the mine.

在 El Abra，我們已製定了先進計劃，預計將於 2026 年在那裡的浸出料堆中測試加熱萃餘液注入，目的是提高銅的回收率和金屬產量。我們繼續計劃對 El Abra 進行大規模擴建，這將充分利用我們在那裡擁有的大量資源，並為礦場帶來顯著的規模和營運效率。

In Indonesia, during the second quarter, copper and gold sales were boosted significantly by a reduction in concentrate and in-process inventory following the mid-March approval of our export permit and good performance at the newly commissioned Precious Metals refinery, which processed all of the anode slimes produced at PT smelting during the quarter.

在印度尼西亞，第二季度，由於 3 月中旬我們的出口許可證獲得批准，精礦和在製品庫存減少，加上新投產的貴金屬精煉廠表現良好（該精煉廠處理了本季度 PT 冶煉廠生產的所有陽極泥），銅和黃金的銷售額大幅增長。

Milling rates improved in the second quarter compared with first-quarter levels, and that reflected a restart of our SAG 3 mill in the second quarter. In April, we commenced a large, planned maintenance project on our SAG 2 mill, which is expected to be completed by the end of the third quarter. This will set us up for a return to mill rates in the 220,000 ton per day range in the fourth quarter and beyond.

與第一季相比，第二季的銑削率有所提高，這反映了我們 SAG 3 銑削廠在第二季重新啟動。4 月份，我們開始對 SAG 2 工廠進行大規模的計劃維護項目，預計將於第三季末完成。這將使我們在第四季度及以後恢復到每天 22 萬噸的產量水準。

Notably, during the second quarter, net unit cash cost at Grasberg were actually a net credit of $0.99 per pound. As indicated, the smelter start-up in the second quarter was a meaningful accomplishment and we're working to ramp up in the balance of the year.

值得注意的是，第二季度，Grasberg 的單位淨現金成本實際上為每磅 0.99 美元的淨信用。如上所述，第二季冶煉廠的啟動是一項有意義的成就，我們正在努力在今年剩餘時間內提高產量。

We have revised our near-term outlook for goal to incorporate adjustments to our draw point flow model in the Grasberg Block Cave. This resulted in an approximate 15% reduction in expected 2025 gold production, but did not significantly impact long-range plans as indicated on the next slide.

我們已經修改了近期目標展望，以納入對格拉斯伯格區塊洞穴開採點流動模型的調整。這導致預計 2025 年黃金產量減少約 15%，但不會對長期計畫產生重大影響，如下一張投影片所示。

We provided some information on Grasberg ore grades on slide 10. And for background, the Grasberg Block Cave is one of three currently producing block cave mines in the Grasberg District. It's the same ore body we earned from the surface for over 25 years prior to transitioning to underground mining in the 2020 time frame.

我們在第 10 張投影片上提供了有關 Grasberg 礦石品位的一些資訊。背景是，格拉斯伯格塊狀洞穴礦是格拉斯伯格地區目前三個正在生產的塊狀洞穴礦之一。在 2020 年轉入地下開採之前，我們已經在地面開採了 25 年多，開採的礦體也與此相同。

For those of you who have followed us over time, you'll recall there are sections within the Grasberg ore body with significant grade variation, especially for gold. This results in large swings in gold grades depending on where the material is coming from within the ore body.

對於那些長期關注我們的人來說，您會記得格拉斯伯格礦體中有一些部分的品位差異很大，尤其是黃金。這會導致金的品位發生很大波動，這取決於礦體中金的來源位置。

At the Grasberg Block Cave, is a massive block cave. We extract ore from five production blocks and have over 900 draw points currently producing within these five production blocks. We have a practice across the company of updating our forecast quarterly, taking into account all available information.

格拉斯伯格塊狀洞穴 (Grasberg Block Cave) 是一個巨大的塊狀洞穴。我們從五個生產區塊開採礦石，目前這五個生產區塊內有超過 900 個開採點在生產。我們整個公司都有每季更新預測的慣例，會考慮所有可用的資訊。

For our block cave mines, we use industry-proven software to model cave flows and ore grades. And during the second quarter, we experienced lower grades for gold than our scheduling model estimated and undertook a process to review our ore grade models.

對於我們的塊狀洞穴礦，我們使用經過行業驗證的軟體來模擬洞穴流動和礦石品位。在第二季度，我們發現黃金品位低於我們的調度模型估計值，因此我們採取了審查礦石品位模型的措施。

We recalibrated the model on a draw point by draw point basis to better reflect the timing of various ore grades flowing through the draw points. Importantly, the changes are timing related and not expected to impact the ultimate recoveries over the life of deposits. In looking at the updated model, we were able to replicate historical results with better precision than the prior ore grade distribution model.

我們根據每個放礦點重新校準了模型，以更好地反映各種礦石品位流經放礦點的時間。重要的是，這些變化與時間有關，預計不會影響存款存續期間的最終回收率。透過查看更新後的模型，我們能夠比先前的礦石品位分佈模型更精確地複製歷史結果。

With mining, there are always learnings throughout the life of a mine, but the management systems and data tools we use today, particularly in our underground are much improved from the historical open pit era. You can see from the revised multiyear production forecast that the impact is limited to 2025, gold production.

在採礦的整個生命週期中，我們總是不斷學習，但我們今天使用的管理系統和資料工具，特別是地下開採的管理系統和資料工具，比歷史上的露天開採時代有了很大的改進。從修訂後的多年產量預測中可以看出，影響僅限於 2025 年的黃金產量。

Over the five-year period, the actual -- the aggregate production of gold is close to our prior estimates, and there was no significant impact on copper production. With the completion of major mill maintenance in 2025, we're set out to increase mill operating rates in the future. Also in our 2025 forecast, we've incorporated an increase in copper concentrate consumption at the new smelter in Indonesia because of the earlier-than-forecast startup.

在這五年期間，實際黃金總產量接近我們先前的估計，並且對銅產量沒有產生重大影響。隨著 2025 年主要工廠維護的完成，我們計劃在未來提高工廠的運作率。此外，在我們的 2025 年預測中，由於印尼新冶煉廠的投產時間早於預期，我們將銅精礦消耗量的增加納入其中。

This results in more in-process inventory than previously forecast and is a timing item. We want to point out that as we transition from an exporter of concentrate to a fully integrated producer in Indonesia, there will be timing differences between production and sales by quarter.

這會導致在製品庫存比之前預測的多，並且是一個時間項目。我們想指出的是，當我們從精礦出口商轉型為印尼的完全一體化生產商時，每季的生產和銷售之間會存在時間差異。

The sale of concentrates historically were recognized immediately on loading of ships at our mine site. And with the smelter, sales will be recognized after processing and sale of refined metal. So this is really a timing match between production and sales.

歷史上，精礦的銷售在我們礦場裝船時立即得到確認。對於冶煉廠來說，加工銷售精煉金屬後即可確認銷售量。所以這實際上是生產和銷售之間的時間匹配。

As we look forward and moving now to our project pipeline, it's clear that additional copper supplies are required to support energy infrastructure, new technologies and more advanced societies. We have an extensive copper resource position and a broad range of projects in various stages of development. These initiatives totaled 2.5 billion pounds of copper which can be developed from Freeport's known resources in jurisdictions where we have established history and experience.

當我們展望未來並轉向我們的專案管道時，很明顯需要額外的銅供應來支持能源基礎設施、新技術和更先進的社會。我們擁有豐富的銅資源和廣泛開發不同階段的專案。這些舉措總計開採了 25 億磅銅，這些銅可以從我們擁有歷史和經驗的管轄區內的自由港已知資源中進行開發。

Our projects in Indonesia also have the benefit of high gold content that go along with the copper. Because these projects are brownfield in nature, we benefit from leveraging existing infrastructure, our experienced workforces and relationships with key stakeholders to move more quickly with less risk than a greenfield project. As we mentioned, we're also looking at innovation and really feel this can bring improvements to the capital intensity of developing new projects.

我們在印尼的計畫也具有與銅同時存在的高金含量的優勢。由於這些項目本質上是棕地項目，我們可以利用現有的基礎設施、經驗豐富的勞動力以及與關鍵利益相關者的關係，從而比綠地項目更快地發展，風險更小。正如我們所提到的，我們也在關注創新，並確實認為這可以提高開發新專案的資本強度。

In the US, the projects have the potential to increase production by over 1 billion pounds per annum, with a large portion of that coming from low cost and low capital-intensive incremental leach volumes. In addition, we have an actionable expansion opportunity at our Bagdad mine and are also studying the potential to expand and double production in the Safford/Lone Star District.

在美國，這些項目有可能使產量每年增加超過 10 億磅，其中很大一部分來自低成本和低資本密集的增量浸出量。此外，我們在巴格達礦場擁有可行的擴張機會，並且也正在研究在薩福德/孤星區進行擴張和產量增加的可能性。

In South America, we and our partner, Codelco, are planning a major expansion at El Abra through the addition of a new concentrator, which would provide 750 million pounds of incremental copper per annum. We're completing our permit application. We expect to file that in early 2026, and we're encouraged by the Chilean government's initiatives to expedite the permitting process broadly in Chile.

在南美，我們和我們的合作夥伴 Codelco 計劃在 El Abra 進行大規模擴建，增設一座新的選礦廠，每年將提供 7.5 億磅增量銅。我們正在完成許可證申請。我們預計將於 2026 年初提交申請，智利政府加快智利許可程序的措施令我們感到鼓舞。

In Indonesia, our Kucing Liar development continues, and we expect to commence production by 2030. We are conducting additional exploration below our deep MLZ ore body and expect that with an extension of our operating rights beyond 2041, will be set up for additional long-term development options in the highly attractive Grasberg District.

在印度尼西亞，我們的 Kucing Liar 開發工作仍在繼續，預計到 2030 年開始生產。我們正在深層 MLZ 礦體下方進行額外勘探，並希望隨著我們的經營權延長至 2041 年以後，將在極具吸引力的格拉斯伯格區建立更多的長期開發選擇。

We'll continue to be disciplined in our approach, targeting opportunities that enhance long-term value. And we've got some additional details on these projects covered on slide 26 of the reference materials.

我們將繼續嚴謹行事，瞄準能夠提升長期價值的機會。我們在參考資料的第 26 張投影片中介紹了這些項目的一些更多詳細資訊。

Maree is going to cover our financial outlook on the next few slides, and then we'll open up the call for your questions. Maree?

Maree 將在接下來的幾張投影片中介紹我們的財務前景，然後我們將開始回答您的問題。瑪麗？

Thanks, Kathleen. Just moving on to slide 12. We show our three-year outlook for sales volumes of copper, gold, and molybdenum. Our guidance for 2025 takes into account the Grasberg ore grade revision, which Kathleen has already discussed and the timing of production versus sales associated with the smelter startup.

謝謝，凱瑟琳。請繼續看第 12 張投影片。我們展示了對銅、金和鉬的銷售量的三年展望。我們對 2025 年的指導考慮了格拉斯伯格礦石品位的修訂（凱瑟琳已經討論過這一點）以及與冶煉廠啟動相關的生產與銷售的時間安排。

2025 guidance for copper is around 1% below the prior forecast, with gold sales down around 17%. But as discussed, these changes are not expected to impact our long-range plans. And guidance for 2026 and 2027 remain consistent with our previous estimates and continued success in our leaching initiative would provide upside to these estimates.

2025 年銅的銷售預期比先前的預測低約 1%，黃金的銷售預期下降約 17%。但正如討論的那樣，這些變化預計不會影響我們的長期計劃。2026 年和 2027 年的預測與我們先前的估計保持一致，而我們浸出計畫的持續成功將為這些估計帶來上行空間。

We provide quarterly estimates on slide 23 of the reference material. As you can see, copper sales in the second half of the year are nearly 10% higher than the first half. Our current estimate for net unit costs for the year 2025 using $3,300 for gold and $22 for moly is approximately $1.55 per pound. About $0.05 per pound above the April estimate, principally reflecting the impact of lower gold volumes, partly offset by higher prices of gold and molybdenum.

我們在參考資料的第 23 張投影片上提供了季度估算。可以看到，下半年銅的銷售量比上半年高出了近10%。我們目前估計，2025 年的淨單位成本為黃金 3,300 美元，鉬 22 美元，約為每磅 1.55 美元。比 4 月的預估高出約 0.05 美元/磅，主要反映了黃金交易量下降的影響，但被黃金和鉬價格上漲部分抵消。

The current unit net cash cost estimate is better than our estimate going into the year of $1.60 per pound. We are continuing initiatives to drive costs lower as we go forward. The details of costs by region are presented on slide 22 in the reference materials.

當前單位淨現金成本估算比我們今年每磅 1.60 美元的估算要好。我們將繼續採取措施降低成本。各地區成本的詳細情況已在參考資料的第 22 張投影片中列出。

Moving to slide 13. Putting together our projected volumes and cost estimates, we show modeled results for EBITDA and cash flow at various copper prices ranging from $4 to $5 copper. These are modeled results using the average of 2026 and 2027, with current volume and cost estimates and holding gold flat at $3,300 per ounce and molybdenum flat at $22 per pound.

移至幻燈片 13。結合我們的預期產量和成本估算，我們展示了銅價從 4 美元到 5 美元不等的 EBITDA 和現金流的模型結果。這些是使用 2026 年和 2027 年的平均值建模的結果，採用當前的數量和成本估算，並保持黃金價格穩定在每盎司 3,300 美元，鉬價格穩定在每磅 22 美元。

Annual EBITDA would range from over $11.5 billion per annum at $4 copper to over $15.5 billion per annum at $5 copper, with operating cash flows ranging from $8.5 billion per year at $4, to over $11.5 billion at $5. These estimates assume the US price is the same as the international benchmark price. If we incorporate a 25% premium to our US sales, which is similar to current levels, annual EBITDA would increase by approximately 10%, and operating cash flows would increase by approximately 15%.

年度 EBITDA 範圍從銅價 4 美元時每年 115 億美元以上到銅價 5 美元時每年 155 億美元以上，經營現金流範圍從銅價 4 美元時每年 85 億美元到銅價 5 美元時每年 115 億美元以上。這些估計假設美國價格與國際基準價格相同。如果我們在美國銷售額的基礎上增加 25% 的溢價（與當前水準相似），年度 EBITDA 將增加約 10%，經營現金流將增加約 15%。

A 50% premium would increase EBITDA by over 20% and operating cash flows by almost 30%. We show sensitivities to various commodities on the right side of the slide. 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. We'll also benefit from improving gold prices with each $100 per ounce change in price approximating $150 million in annual EBITDA.

50% 的溢價將使 EBITDA 增加 20% 以上，經營現金流增加近 30%。我們在幻燈片的右側顯示了各種商品的敏感度。您會注意到，我們對銅價的槓桿率很高，每磅 0.10 美元的變化相當於每年約 4.25 億美元的 EBITDA。黃金價格每上漲 100 美元/盎司，我們還將受益於年度 EBITDA 約 1.5 億美元。

Moving on to slide 14. This shows our current forecast for capital expenditure in 2025 and 2026. Total capital expenditures over the two-year period are similar to our previous guidance with some timing variances which has deferred approximately $100 million of spend from 2025 to 2026.

移至投影片 14。這顯示了我們對 2025 年和 2026 年資本支出的當前預測。兩年內的總資本支出與我們先前的指導相似，但時間上存在一些差異，約 1 億美元的支出從 2025 年推遲到 2026 年。

The discretionary projects are expected to approximate $1.6 billion to $1.7 billion per year in 2025 and 2026, with roughly 50% related to the Kucing Liar development and the LNG project at Grasberg. 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 by mid-2026 and capitalized interest.

預計 2025 年和 2026 年可自由支配的項目每年將投資約 16 億至 17 億美元，其中約 50% 與 Kucing Liar 開發項目和 Grasberg 的液化天然氣項目有關。該餘額包括加速尾礦和其他基礎設施建設，以支持巴格達擴建、大西洋銅業循環項目（預計將於 2026 年中期完成）和資本化利息。

The discretionary category reflects the capital investments we're making in new value-enhancing projects that under our financial policy are funded with the 50% of available cash that is not distributed. These projects, which are detailed on slide 31, will benefit our results in the future.

可自由支配的類別反映了我們對新的增值項目所做的資本投資，根據我們的財務政策，這些投資由未分配的 50% 可用現金提供資金。這些項目在第 31 張投影片上有詳細說明，它們將有利於我們未來的成果。

We will continue to be disciplined in allocating capital to projects that enhance our position and generate attractive returns. This is consistent with our track record of efficient capital allocation and value-driven approach.

我們將繼續嚴格地將資本分配給能夠增強我們的地位並產生可觀回報的項目。這與我們高效率的資本配置和價值驅動方法的記錄一致。

On slide 15, we reiterate the financial policy priorities centered on a strong balance sheet, cash returns to shareholders, and investments in value-enhancing projects. Our balance sheet is solid with investment-grade ratings, strong credit metrics, and flexibility within our debt targets to execute on our projects. We don't have any significant debt maturities until 2027.

在第 15 張投影片上，我們重申了以強勁的資產負債表、股東現金回報和增值項目投資為中心的財務政策重點。我們的資產負債表穩健，具有投資等級、強勁的信用指標以及執行專案的債務目標靈活性。直到 2027 年，我們都不會有任何重大債務到期。

In addition to paying our first-quarter base in variable dividend, we have repurchased $107 million of FCX common stock in the open market year-to-date. In total, we have distributed over $5 billion to shareholders through dividends and share purchases in adopting our financial policy of returning 50% of excess cash flow in 2021.

除了支付第一季基本浮動股息外，今年迄今為止，我們還在公開市場上回購了價值 1.07 億美元的 FCX 普通股。總體而言，我們透過股利和股票購買向股東分配了超過 50 億美元，並實施了 2021 年返還 50% 超額現金流的財務政策。

And we have an attractive future long-term portfolio that will enable us to continue to build long-term value for shareholders with the remaining 50%. We actively monitor current market conditions and carefully manage the timing of our projects, to ensure our financial flexibility remains strong. Our global team is focused on driving value in our business committed to strong execution of our plans, providing cash to invest in profitable growth, and return cash to shareholders.

我們擁有極具吸引力的未來長期投資組合，這將使我們能夠利用剩餘的 50% 繼續為股東創造長期價值。我們積極監控當前的市場狀況，並謹慎管理專案的時間，以確保我們的財務靈活性保持強勁。我們的全球團隊致力於推動業務價值，致力於強有力地執行我們的計劃，提供現金投資於獲利成長，並向股東返還現金。

In concluding today's presentation on slide 16, Freeport's large-scale, low-cost, proven producing assets, actionable low-risk growth options experience and leadership in the global copper industry, as well as our advantageous US footprint provide a strong foundation for the future.

在今天的第 16 張投影片上總結簡報時，自由港的大規模、低成本、成熟的生產資產、可操作的低風險成長選擇經驗和在全球銅產業的領導地位，以及我們在美國的優勢足跡，為未來奠定了堅實的基礎。

Thanks for your attention. We'll now take your questions.

感謝您的關注。我們現在來回答你們的問題。

(Operator Instructions) Bill Peterson, JPMorgan.

（操作員指示）摩根大通的比爾彼得森。

Yeah, hi, good morning, Kathleen and team. Thanks for taking the question. I wanted to ask about the, I guess, the mine plan change. And it sounds like you -- you look at this on a quarterly basis, but trying to get a sense for, I guess, what's changed now? Is it something you had seen earlier, but so you needed more data to, I guess, change the plan? And just anything else that wanted to basically the modeling update and plan.

是的，嗨，早上好，凱瑟琳和團隊。感謝您回答這個問題。我想問一下有關礦山計劃變更的問題。聽起來你——你每季都會查看一次這個數據，但我想，你想了解現在發生了什麼變化？這是您之前看到的東西嗎，但我想您需要更多數據來改變計劃？以及其他任何與建模更新和計劃有關的事情。

Yeah. Thanks for the question. And Mark Johnson is here on the call if we need to fill in anything. But -- we updated our quarterly forecast, as I mentioned, we updated our multi-year forecast every quarter. And Grasberg, we go through a process for each of the ore bodies and look at what the expected rates are in determining the grades we use an established software package that the industry uses for modeling block caves.

是的。謝謝你的提問。如果我們需要補充任何信息，馬克·約翰遜會來接電話。但是——我們更新了季度預測，正如我所提到的，我們每季都會更新多年預測。格拉斯伯格，我們對每個礦體都進行了一個處理，並查看了確定品位的預期速率，我們使用了業界用於建模塊狀洞穴的成熟軟體包。

And we did detect starting in the first half of the year, some differentials between what we were actually getting out of the recovery of ore grades versus what the model suggested.

從今年上半年開始，我們確實發現實際的礦石品位回收率與模型預測的之間存在一些差異。

Historically, it's been pretty close match. We did recalibrate it once before at the end of 2023. It didn't have material impacts. But we took on a process to look at the various settings within the scheduling model and we're able to develop an update to the calibration that replicated very, very closely, the match that we've historically we're realizing. And so we have updated that.

從歷史上看，這是一場勢均力敵的比賽。我們確實在 2023 年底重新校準過一次。它沒有產生實質影響。但是我們採取了一個流程來查看調度模型中的各種設置，並且我們能夠開發一個校準更新，以非常非常接近地複製我們過去所實現的匹配。因此我們對此進行了更新。

You need to consider just the background of the variation of grade within this ore body. And we have 900 draw points that we're collecting ore through, and there could be changes in the timing of how that ore flows through the draw points from which sections it's coming from, particularly below the pit, where you remember, in the open pit area, we had a very high-grade core of gold at the bottom of the pit.

您只需要考慮該礦體內部品位變化的背景。我們有 900 個採金點用於收集礦石，礦石流經採金點的時間可能會發生變化，取決於礦石來自哪個區域，特別是在礦坑下方，您記得，在露天礦區，我們在礦坑底部有一個非常高品位的金礦核心。

So the interplay of the flows, where it's moving is really just a timing of figuring out, scheduling of how that will roll through our grades. And we were very close when we recalibrated the model over the long term but it did have the short-term impact.

因此，流程的相互作用以及它的移動實際上只是一個時間安排，用於確定它將如何影響我們的成績。當我們從長期角度重新校準模型時，我們已經非常接近目標了，但它確實產生了短期影響。

So I don't know, Mark, if you want to add anything, any perspectives to those comments.

所以我不知道，馬克，你是否想對這些評論添加任何內容或觀點。

No. I think you handled it very well Kathleen. One thing I just might want to mention is what we're seeing is that we start mining from a draw point. We're very confident because the material is just directly above the area that we're mining as these -- as we continue to pull through this column of rock, some of it is up to 500 meters above us. This estimation becomes a bit more complex.

不。我認為你處理得很好，凱瑟琳。我可能想提的一件事是，我們看到的是，我們從一個繪製點開始挖掘。我們非常有信心，因為這些材料就在我們開採區域的正上方——隨著我們繼續穿過這根岩柱，其中一些材料甚至高出我們 500 公尺。這個估計變得有點複雜。

Not all the material makes its way through that column at an equal rate, the smaller material tends to work its way through the column of rock quicker.

並非所有物質都以相同的速率穿過岩柱，較小的物質往往會更快地穿過岩柱。

And then also, we have material that shifts laterally and can end up in other draw points. So it becomes a bit more of a big mixing as you get further up. And as Kathleen mentioned, the team that we have on this, the tools that we use are world-class. And really, we didn't see much variability at all on the copper. It's much more stable in the grades.

此外，我們還有橫向移動的材料，最終可以到達其他繪製點。因此，當你進一步向上時，它會變得更加混合。正如凱瑟琳所提到的，我們在這方面的團隊和我們使用的工具都是世界一流的。事實上，我們並沒有看到銅有太大的變化。它的成績更加穩定。

But the gold can shift in value quite dramatically over a relatively short distance, same as it was in the open pit. But in the open pit, we knew exactly that volume of material that we were mining at any given point. And as I mentioned in the block cave, that becomes a bit more of a complex estimating of how that material work its way from the higher areas of the block cave down into these draw points.

但黃金的價值在相對較短的距離內可能會發生相當大的變化，就像在露天礦場一樣。但在露天礦場，我們確切地知道在任何給定點開採的材料量。正如我在塊狀洞穴中提到的那樣，對於這些材料如何從塊狀洞穴的較高區域向下進入這些繪製點，這變得更加複雜。

Thank you, Mark.

謝謝你，馬克。

Thanks, Mark and Kathleen.

謝謝，馬克和凱瑟琳。

Katja Jancic, BMO.

Katja Jancic，BMO。

Hi, thanks for taking my questions. Maybe, Kathleen, you mentioned you continue to expect costs in North America to decline over the next two years. But if I'm not mistaken, that doesn't incorporate expectations for the impact from tariffs. Can you maybe talk a bit about how could tariffs impact that outlook?

你好，謝謝你回答我的問題。凱瑟琳，也許您提到過，您預計未來兩年北美的成本將繼續下降。但如果我沒記錯的話，這並沒有考慮到關稅影響的預期。您能否談談關稅將如何影響這一前景？

We're monitoring very closely the impact of tariffs -- in terms of what Freeport brings in as the importer of record, it's not a significant impact so far. The bigger impact that we're working with our suppliers on is what they are seeing and what various inputs they have into their costs. And so we're working very closely to monitor that.

我們正在密切關注關稅的影響——就自由港作為記錄進口商所帶來的影響而言，迄今為止它還沒有產生重大影響。我們與供應商合作的更大影響在於他們看到了什麼以及他們對成本有哪些不同的投資。因此，我們正在密切合作以監控此事。

We've got a task force set up to monitor it so that we don't have suppliers that are just trying to pass along -- use the opportunity to pass along price increases, but we're really getting down into the data to understand what it could mean.

我們已經成立了一個工作小組來監控這一情況，這樣我們就不會遇到供應商試圖轉嫁價格上漲的情況——利用這個機會轉嫁價格上漲，但我們確實在深入研究數據，以了解這意味著什麼。

The tariffs to date, and I know there's some negotiations that are ongoing, but we're currently estimating potential to have a 5% impact on our costs. But that's something we're monitoring. We're going to look for ways to modify our supply chains if possible, and work closely with our vendors to make sure that we're sourcing the material as much as possible that's tariff-free. But things like the steel and aluminum tariffs, that's hitting us to a degree as well.

到目前為止的關稅，我知道有一些談判正在進行中，但我們目前估計可能會對我們的成本產生 5% 的影響。但這是我們正在監控的事情。如果可能的話，我們將尋找方法來修改我們的供應鏈，並與我們的供應商密切合作，以確保我們盡可能採購免關稅的材料。但鋼鐵和鋁關稅等因素也對我們造成了一定程度的打擊。

So we benefit on the one hand to a much larger extent on the copper situation, which we talked about, but the tariff is impacting our operating cost, but not to a significant degree. Well, really, the cost savings that we're talking about, really the efforts underway to drive better efficiencies through our innovation that we're doing, focusing on the basics, rationalizing contractors like we talked about, reducing unplanned downtime, getting better asset efficiencies, our asset health is in much better situation in the US than it has been in recent years.

因此，一方面，我們從前面討論過的銅價情勢中獲得了更大程度的利益，但關稅也對我們的營運成本產生了影響，但影響程度並不大。嗯，實際上，我們談論的成本節約，實際上是透過我們正在進行的創新來提高效率的努力，專注於基礎工作，合理化我們談到的承包商，減少計劃外停機時間，提高資產效率，我們在美國的資產健康狀況比近年來要好得多。

And so we're really -- now that inflation is somewhat moderated. We're now in a position where we're really driving what we can do to bring costs lower. We've got a lot of automation projects underway. So -- and of course, the leach initiative will really help us out because those incremental pounds are coming in at a very low cost. And so we're really excited about the opportunity in the US to bring down costs. And at the same time, we're seeing this premium.

因此，我們確實——現在通貨膨脹有所緩和。我們現在正努力採取實際措施來降低成本。我們正在進行許多自動化項目。所以——當然，瀝出計劃確實會對我們有所幫助，因為這些增量磅數是以非常低的成本獲得的。因此，我們對在美國降低成本的機會感到非常興奮。同時，我們也看到了這種溢價。

So our US business should perform very, very well as we look forward. As a reminder, we don't have -- we have NOLs in the US net operating losses. So it can come into our margins and cash flows and drop to the bottom line through our results. And so it's a real opportunity for us, and we're very focused on driving value in our US business through efficiency programs and cost reduction programs in addition to the benefit we're getting on this premium.

因此，我們期待我們的美國業務表現會非常非常好。提醒一下，我們沒有——我們在美國有淨營業虧損。因此它可以進入我們的利潤和現金流，並透過我們的業績下降到底線。所以這對我們來說是一個真正的機會，除了從這筆溢價中獲得的利益之外，我們還非常注重透過效率計劃和成本削減計劃來推動我們美國業務的價值。

Orest Wowkodaw, Scotiabank.

Orest Wowkodaw，豐業銀行。

Hi, good morning. A couple of questions, if I could. Firstly, I was wondering if there's been any discussions with the US administration with respect to financing or incentives to advance any of your US-based growth?

嗨，早安。如果可以的話，我有幾個問題。首先，我想知道你們是否與美國政府就融資或激勵措施進行討論，以促進你們在美國的發展？

We've had discussions with various government authorities about Freeport. We've gone through submission of the 232 comments and we've engaged with various representatives of the US government just as an education about what Freeport is doing in the US as a dominant producer, we talked about supplying 70% of the refined copper that's produced in the US to this market.

我們已經與各政府部門就自由港問題進行了討論。我們已經審查了 232 條評論，並與美國政府的多位代表進行了接觸，了解自由港作為美國主要生產商所做的事情，我們談到了向這個市場供應美國生產的 70% 的精煉銅。

We've talked about the technology and the innovation that we have in the business that will allow us to potentially in the short term, bring on some additional refined copper. It's not a given that you can bring on refined copper very quickly in terms of there's only two operating smelters in the US.

我們討論了我們在業務中擁有的技術和創新，這些技術和創新將使我們有可能在短期內帶來一些額外的精煉銅。由於美國目前只有兩家營運的冶煉廠，因此不可能很快獲得精煉銅。

And what we can do in the short term is really try to boost production, refined production through our leach initiative. We've talked with the US about the IRA benefits that being a critical mineral, you have a 10% production credit. Copper is not currently on that list, and we're working to try to get copper on that list. We know with the recent legislation, some of the IRA benefits are being phased out.

我們在短期內能做的就是真正嘗試透過我們的浸出計畫來提高產量和精煉產量。我們已經與美國討論了 IRA 的好處，即作為一種關鍵礦物，您可以獲得 10% 的生產信貸。銅目前不在名單上，我們正在努力將銅列入名單。我們知道，根據最近的立法，部分 IRA 福利正在逐步取消。

But really, what we are hoping to accomplish. We're very happy about the attention to permitting reforms, but we're hoping to accomplish incentives that would be long term in nature and really could boost US refined production. So we're educating. It's a two-way conversation. Richard's been involved in various discussions as well.

但實際上，這正是我們希望實現的。我們對許可改革受到關注感到非常高興，但我們希望實現長期激勵措施，並真正能夠促進美國精煉石油產量。因此我們正在進行教育。這是雙向對話。理查德也參與了各種討論。

And so we're in a good position on this. Bagdad expansion is actionable. We're wanting to get our autonomous truck conversion completed. We want to understand the -- how this tariff situation will be implemented, et cetera. But in the near term, we're really looking at our leach initiative as an opportunity to grow refined production in the US.

因此我們在這方面處於有利地位。巴格達擴張是可行的。我們希望完成自動駕駛卡車的改裝。我們想了解這種關稅情況將如何實施等等。但在短期內，我們確實將浸出計畫視為增加美國精煉銅產量的機會。

And just as a quick follow-up. Do you see any opportunity for potential tariff exemptions on your refined copper coming from either Atlantic Copper or Indonesia into the US?

這只是一次快速的跟進。您是否認為從大西洋銅業公司或印尼進口到美國的精煉銅有可能享有關稅豁免？

We don't know. We're waiting on the details of the implementation to be released. We don't -- we're not aware of any exemptions at this point.

我們不知道。我們正在等待實施細節的發布。我們不知道——目前我們還不知道有任何豁免。

Alan Spence, BNP Paribas.

法國巴黎銀行的艾倫‧史賓塞。

Good morning. Thank you. Indonesia as $0.27 to relates to treatment charges in cash cost guidance for 2025 into next year with many are up and running, what do you think your internal cost to operate that sort would be on a sound basis?

早安.謝謝。印尼 2025 年的現金成本指導中治療費用為 0.27 美元，明年許多治療費用都將啟動並運行，您認為在合理基礎上運營此類治療的內部成本是多少？

So there they're going to be in different categories in terms of where the impacts of the smelter will be. The operating cost of the smelter, the new smelter is somewhere on the order of $0.27 a pound. That doesn't take into account the additional revenues that we get from getting essentially when you sell concentrate to a smelter, the smelter takes a percentage of the metal that you sell in them.

因此，根據冶煉廠的影響範圍，它們將被劃分為不同的類別。該冶煉廠（新冶煉廠）的營運成本約為每磅 0.27 美元。這還沒有考慮到我們從中獲得的額外收入，基本上當你將精礦賣給冶煉廠時，冶煉廠會從你賣給他們的金屬中抽取一定比例的收入。

So that will show up in revenue, something on the order of 2.5% of the revenues of the additional volumes will show up in our revenues. But net cost will be credited essentially, when you look at the impact of the smelter, you're looking at something on the order of $0.15 or $0.16 net when you consider the revenue impact.

因此，這將體現在收入中，約 2.5% 的額外收入將體現在我們的收入中。但當您考慮冶煉廠的影響時，淨成本基本上會被記入貸方，當您考慮收入影響時，您會看到大約 0.15 美元或 0.16 美元的淨額。

And then, of course, the export duty will go away, which was something on the order of $0.30 or more in the second quarter. So it should, at the end of the day, benefit our margins.

然後，當然，出口關稅將會取消，第二季的出口關稅約為 0.30 美元或更多。因此，最終它應該有利於我們的利潤。

Lawson Winder, BofA Securities.

勞森·溫德（Lawson Winder），美國銀行證券公司。

Thank you very much, operator. Good morning, Richard, Kathleen and Maree, and thank you for the update. Wanted to just follow up on the Indonesian question there about potentially sending refined copper from Grasberg to the US. So just looking at the two agreements as -- or the agreement as we know it is today and then looking at what the import tariffs are as proposed, so 50% versus 19%.

非常感謝，接線生。早安，理查、凱瑟琳和瑪麗，感謝你們的最新消息。只是想跟進印尼關於從格拉斯伯格向美國運送精煉銅的可能性的問題。因此，只要看一下這兩項協議——或者我們今天所知的協議，然後看看提議的進口關稅是多少，即 50% 對 19%。

I mean is there any thought internally for the potential just to ship refined copper from Indonesia to the US and take advantage of that spread, assuming these agreements and the Section 232 tariffs are finalized as proposed?

我的意思是，假設這些協議和第 232 條關稅按照提議最終確定，那麼內部是否考慮過將精煉銅從印尼運往美國並利用這種價差？

Historically, Indonesia has not shipped copper in any significance to the US. We've been a concentrate producer mostly historically, although we've had the existing smelter at PT smelting. But historically, the copper produced has been shipped out its concentrate or domestically consumed or consumed within Southeast Asia.

從歷史上看，印尼從未向美國運送過任何重要的銅。儘管我們在 PT 冶煉廠擁有現有的冶煉廠，但從歷史上看，我們主要是一家精礦生產商。但從歷史上看，生產的銅都是將其精礦運出或在國內消費或在東南亞境內消費。

We'll look at whatever makes sense in the future as to where it makes the most sense to sell the cathode coming out of our new smelter, the logical places -- in the near term, we'll be continuing to sell in Asia, but we'll look at what makes the most sense.

我們將研究未來最合理的銷售方式，即在哪裡銷售我們新冶煉廠生產的陰極材料，在合理的地方——短期內，我們將繼續在亞洲銷售，但我們將研究最合理的銷售方式。

The point is that as the US is looking at its strategic interest in critical minerals, having a US company with a significant ownership of this operation in Indonesia and management over it, it gives the US essentially a security of supply, if it makes sense, if it's required to use it.

關鍵在於，由於美國正在考慮其對關鍵礦產的戰略利益，如果美國公司在印尼擁有該礦產業務的大量所有權並對其進行管理，那麼如果這有意義並且需要使用的話，這實際上為美國提供了供應保障。

Today, the trade flows are mostly, as you know, are coming to the US from places like Chile is the predominant suppliers in Canada and Peru as well. And so we'll have to just look to see how all this unfolds and what makes the most sense for trade flows.

如今，如你所知，貿易流量主要來自智利等地，智利是加拿大和秘魯的主要供應國，它們也流向美國。因此，我們只需觀察這一切將如何展開，以及什麼對貿易流動最有意義。

Yeah, thanks so much for that color. And then just a follow-up on that concept. In terms of refined copper within the United States. Have you given any thought to whether if Freeport were to build a smelter in the US, whether a brownfield expansion at Miami, would make more sense? Or would it possibly make more sense to build a greenfield smelter? Thank you.

是的，非常感謝那個顏色。然後只是對該概念的後續跟進。就美國境內的精煉銅而言。您是否考慮過，如果自由港要在美國建造冶煉廠，那麼在邁阿密進行棕地擴建是否更有意義？或者建造一座新建冶煉廠可能更有意義？謝謝。

Yeah, we're doing some work, and we have been doing some work even before this on -- whether there's an opportunity on a cost-effective basis to expand the Miami, Arizona smelter, and so we're continuing to study that, as well as is there an opportunity potentially to recover some additional scrap use our infrastructure in the US to do that. That's been very, very limited historically, and we'll look at whether there's an opportunity to do it in the future.

是的，我們正在做一些工作，甚至在此之前我們就已經在做一些工作了——是否有機會以具有成本效益的方式擴建位於亞利桑那州邁阿密的冶煉廠，因此我們正在繼續研究這個問題，以及是否有機會利用我們在美國的基礎設施來回收一些額外的廢料。從歷史上看，這種做法非常非常有限，我們將研究未來是否還有機會這樣做。

But -- so we're looking at an expansion of Miami. The smelter in the US is a greenfield, would be very challenging. I mentioned the -- in terms of time frame, I mentioned the Indonesia smelter, we were working on that. It feels like a lifetime, but we've been working on it for 10 years in terms of identifying a site to location for it, going through all that needed and Indonesia really wanted to fast track it.

但是——我們正在考慮擴張邁阿密。美國的冶煉廠是一塊未開發的區域，將會非常具有挑戰性。我提到過——就時間框架而言，我提到了印尼冶煉廠，我們正在為此努力。這感覺就像一輩子那麼長，但我們已經為此努力了 10 年，從確定地點到安置地點，經歷了所有需要做的事情，而印尼確實希望快速推進這一進程。

But it takes a long time to go through and find the proper side, find the -- and go through the permitting process, engineering, all those things. But we do have the existing infrastructure here in the US and Arizona and we'll look to whether it would make sense to expand it.

但它需要很長時間才能找到合適的方面，找到——並經歷許可過程、工程等等。但我們在美國和亞利桑那州確實擁有現有的基礎設施，我們將研究是否有必要對其進行擴展。

I want to emphasize though, the real opportunity for us in the near term, to get more refined metal in the US is continued success with our leach program. And I mentioned the additive trial we're doing. We're making some progress on additional additives. That combined with our precision leaching processes as well as we're going to introduce heated raffinate into the solutions that we're injecting into stockpiles.

不過我想強調的是，短期內我們在美國獲得更多精煉金屬的真正機會是我們的浸出計畫繼續取得成功。我提到了我們正在進行的附加試驗。我們在添加添加劑方面取得了一些進展。結合我們的精密浸出工藝，我們將把加熱的萃餘液引入註入庫存的溶液中。

So we're working on those things. And those -- that can happen more quickly than trying to develop a more costly greenfield smelter.

所以我們正在努力做這些事情。而且這些 — — 可以比嘗試開發成本更高的新建冶煉廠更快實現。

Thanks very much, Kathleen. Appreciate it.

非常感謝，凱瑟琳。非常感謝。

Liam Fitzpatrick, Deutsche Bank.

利亞姆·菲茨帕特里克，德意志銀行。

First one on the buyback. It was still very modest in Q2 in terms of the pace of buyback and despite net debt being well below your target now. Can you just outline what's holding you back at the moment in terms of increasing the pace of share repurchases?

第一個是關於回購的。儘管淨債務遠低於目前的目標，但就回購速度而言，第二季的回購速度仍然非常溫和。能否簡單介紹一下，在加快股票回購步伐方面，目前有哪些因素阻礙了您？

And if I can add one quick follow-up on Indonesia. I know you've said the 2026 guidance on copper and gold is unchanged. But given the variability you're experiencing what level of confidence do you have or can you really have in that medium-term goal guidance?

我可以補充一點關於印尼的後續問題。我知道您說過 2026 年有關銅和黃金的指導保持不變。但是考慮到您所經歷的變化，您對中期目標指導有多大信心，或者您真的能有多大信心？

On the first question regarding the buyback, we are applying our financial policy which is to distribute through dividends and share buybacks, 50% of our available cash flows. And that's about what -- where we are through the program about at 50% -- . Now we've just seen this change on the US premium at tripled from the second quarter. So should it continue to be significant as it is today, that will provide more cash flow for shareholder returns under the policy.

關於回購的第一個問題，我們正在實施我們的財務政策，即透過股利和股票回購來分配我們可用現金流的 50%。這就是我們目前為止完成該計劃的 50% 左右的情況。現在我們剛剛看到美國保費的變化，比第二季度增加了兩倍。因此，如果它繼續像今天這樣重要，它將根據該政策為股東回報提供更多的現金流。

And with respect to being below our net debt target, you'll recall that half was for -- half was for the shareholder returns, and half was for balance sheet or profitable growth. And we've got several projects that we are looking at -- that like for instance, the Bagdad expansion project, which we haven't made a decision on, but potentially that could that could use some of the other 50% that we've generated since we put the policy in place at the end of the second half of '21.

至於低於我們的淨債務目標，你會記得，一半是為了股東回報，一半是為了資產負債表或獲利成長。我們正在考慮幾個項目，例如巴格達擴建項目，我們還沒有做出決定，但該項目可能會利用我們自 2021 年下半年末實施該政策以來產生的另外 50% 資金。

So that's where we stand. We should have, as we look forward at today's prices, we should have more cash to deploy through our shareholder returns.

這就是我們的現狀。展望今天的價格，我們應該有更多的現金可以透過股東回報來部署。

With respect to the gold volumes, we'll go through a comprehensive process every quarter. We feel confident with the modeling that we've done and that we feel that the gold grades are there. And so we'll just keep working as much as we can to get our rates up. We were impacted in the first half by two major projects or maintenance projects, one of the concentrators was down for the first quarter in Indonesia and the second one is down now.

對於黃金交易量，我們每季都會進行一次全面的處理。我們對所做的建模充滿信心，並且我們覺得它達到了黃金等級。因此，我們將繼續盡最大努力提高利率。上半年我們受到兩個重大項目或維護項目的影響，其中一個選礦廠在第一季位於印度尼西亞，目前也處於停產狀態。

But those are -- the maintenance will be completed at the end of the third quarter, and we'll be able to increase our mill rates and keep the mine rates going. So we feel confident in using the best information we have today.

但那些是——維護將在第三季末完成，我們將能夠提高我們的工廠率並保持礦山率。因此，我們有信心利用我們目前掌握的最佳資訊。

Mining is -- does have risk, as you know well, but we're working hard with the data we have. And you can look at our historical performance, and I think we've done pretty well when it comes executing on -- and keeping our information up to date so that we don't have surprises.

正如你們所知，採礦確實存在風險，但我們正在努力利用我們掌握的數據。你可以看看我們的歷史表現，我認為我們在執行方面做得相當好——並且保持我們的資訊最新，這樣我們就不會遇到意外。

The other area that's real important for us is getting the smelter up and running. In the fourth quarter, we expect not be exporting concentrates in the US. Our plan does not assume any exports in the fourth quarter and all of it will be coming from the new smelter. And so we're really focused on making sure that we get that smelter up and running and things are going well so far.

對我們來說真正重要的另一個領域是冶煉廠的啟動和運作。第四季度，我們預計不會向美國出口精礦。我們的計劃不假設第四季有任何出口，所有出口都將來自新的冶煉廠。因此，我們真正專注於確保冶煉廠的正常運轉，目前一切進展順利。

But the nature of these smelters is such that you do have issues from time to time. We've incorporated the ramp-up curve in our estimates, but we're going to work hard to execute on these plans as we've done in the past.

但這些冶煉廠的性質決定了它們時不時會遇到一些問題。我們在估算中加入了成長曲線，但我們將像過去一樣努力執行這些計劃。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

So just coming back to the discussion of the smelting, Kathleen, what can the potential Miami expansion accommodate the increased concentrate from Bagdad and the concentrate portion of Lone Star expansions when it comes? Or if not, then what would be Freeport's options to handle those additional concentrates when they come?

那麼回到冶煉的討論，凱瑟琳，邁阿密的潛在擴張能否容納巴格達增加的精礦和孤星擴張的精礦部分？或者如果不是，那麼當這些額外的精礦到來時，自由港將採取什麼處理方式？

Yes. So with respect to the Miami expansion, we've been looking at something on the order of 30% increase to the current concentrate treatment Miami, by the way, the Miami smelter is performing very well, and that team has been very helpful that in the Atlantic Copper team both have been very helpful with our new smelter in Indonesia and helping our team there to achieve the ramp-up.

是的。因此，關於邁阿密的擴建，我們一直在考慮將邁阿密目前的精礦處理量提高 30% 左右，順便說一下，邁阿密冶煉廠的表現非常好，而且該團隊非常有幫助，大西洋銅業團隊也對我們在印度尼西亞的新冶煉廠非常有幫助，並幫助我們在那裡的團隊實現了產能提升。

But we've been looking at something on the order of 30%. Interestingly enough, on the Lone Star project, it will be kind of like over time, kind of like Morenci, where you have a significant portion coming from -- of the production coming from the leach volume. So depending on how we do with our leach additive, we may have the option to send more to leach production as opposed to concentrating. But we do have at the Lone Star project, we do have a part of the deposit that has both copper and gold in the grade. And so that will likely require a concentrator.

但我們已經看到了大約 30% 的數值。有趣的是，在 Lone Star 專案中，隨著時間的推移，它會有點像 Morenci，其中很大一部分產量來自浸出量。因此，根據我們如何處理浸出添加劑，我們可以選擇將更多的浸出添加劑送到浸出生產，而不是濃縮。但在 Lone Star 專案中，我們確實擁有一部分同時含有銅和金的礦床。所以這可能需要一個集中器。

But we're in a great position, Carlos, with this focus on getting refined production. We're in a great position with the smelters we have today to leverage those and also with this leach processing where Freeport has a very significant experience in that. So we're in a good position. It's not easy looking at the future of how to bring in more refined copper. But we're pleased with the portfolio we have that allows us to leverage it more quickly.

但是卡洛斯，我們處於一個很好的位置，專注於實現精細化生產。我們擁有現存的冶煉廠，可以利用這些冶煉廠的優勢，而自由港在浸出處理方面擁有非常豐富的經驗。因此我們處於有利地位。展望未來如何引進更多精煉銅並不容易。但我們對我們現有的投資組合感到滿意，它使我們能夠更快地利用它。

No. Definitely, the optionality that you have is quite unique in the US. I wonder, as part of your discussions with the US administration, have you talked about the challenges of bringing the smelting capacity in the US? And how have they responded to that, would they potentially consider some loans or investments, private public partnership or something to that end to solve that issue and maybe accelerate the refining expansions?

不。毫無疑問，在美國，您所擁有的選擇權是相當獨特的。我想知道，在您與美國政府的討論中，您是否談到了將冶煉能力引入美國所面臨的挑戰？他們對此有何反應？他們是否會考慮一些貸款或投資、公私合作或類似措施來解決這個問題，並可能加速煉油擴張？

We have not gotten into that level of discussion with the government. There is a desire to see more copper -- refined copper being produced in the US. But we have not gotten into any discussions about greenfield. We've really just emphasize what Freeport is doing in the near term through our lease innovation initiative and what we're doing to advance our Bagdad project as well.

我們還沒有與政府進行過這種程度的討論。人們希望看到美國生產更多的銅——精煉銅。但我們尚未就綠地計畫展開任何討論。我們實際上只是強調自由港近期透過租賃創新計劃所做的事情以及我們為推進巴格達專案所做的事情。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

Just a follow up on smelter Indonesia smelter and the sales destinations for those volumes. You mentioned the possibility of selling to the US in an environment where there was a preferential tariff kind of regime. Can you make any comments on whether any of the volumes are contractually committed from either the existing or the new smelter over the next 12 months that would prevent you from selling to the US?

只是對印尼冶煉廠和這些產量的銷售目的地進行追蹤。您提到了在優惠關稅制度環境下向美國銷售產品的可能性。您能否評論一下，在未來 12 個月內，現有冶煉廠或新冶煉廠是否透過合約承諾了一定數量的產量，從而阻止您向美國銷售？

I just want to come back. I'm not sure that you've characterized exactly what we're saying about Indonesia. In the near term, our plans are based on selling our copper cathode that will be produced. We've been working on marketing plans and our near-term plans is that, that will be sold in Asia.

我只是想回來。我不確定您是否準確描述了我們對印尼的描述。短期內，我們的計劃是基於銷售我們將要生產的陰極銅。我們一直在製定行銷計劃，我們的近期計劃是在亞洲銷售。

We have flexibility. We don't have long-term contracts locked up. We do have flexibility to send it to the place that makes the most sense. I mentioned that the trade flows currently are advantage, logistically advantaged selling it in Asia. We're very what's happened in Indonesia with respect to domestic production.

我們具有靈活性。我們沒有鎖定長期合約。我們確實可以靈活地將其發送到最合理的地點。我提到，目前的貿易流動具有優勢，在亞洲銷售具有物流優勢。我們非常了解印尼國內生產的情況。

There's a real desire in Indonesia to bring up its domestic consumption of copper and there's actually been some infrastructure developed by other companies in our near our operating sites. So we'll sell domestically and then look to where the best market is to sell, but we're not locked up long term.

印尼確實希望提高國內銅消費量，而且其他公司已經在我們營運地點附近開發了一些基礎設施。因此，我們會在國內銷售，然後尋找最佳銷售市場，但我們不會長期鎖定。

That's clear. And just one other modeling -- a couple of modeling questions if I may. Could you give us any guidance around working capital for the Q3, given the changes in shipment timings out of Indonesia?

這很清楚。還有一個建模問題——如果可以的話，我還有另外幾個建模問題。鑑於印尼發貨時間的變化，您能否為我們提供有關第三季度營運資金的任何指導？

Yes. We do have some working capital requirements in the third quarter, but that's expected to turn in the fourth quarter. For the year, we've had a use of working capital so far this year. But for the year, we're not expecting any kind of material working capital requirements for 2025.

是的。我們在第三季確實有一些營運資金需求，但預計第四季將會有所改善。今年到目前為止，我們已經使用了營運資金。但就今年而言，我們預計 2025 年不會有任何實質的營運資本需求。

Chris LaFemina, Jefferies.

傑富瑞的克里斯拉菲米納 (Chris LaFemina)。

So basically, I want to ask about the market. So we have COMEX prices up more than 40% year-to-date. I'm not sure you've ever had the price rally this much in such a short period of time. From a pretty high starting point. And US industrial economy isn't exactly firing on all cylinders right now.

所以基本上，我想問市場的情況。因此，今年迄今為止，COMEX 價格已上漲逾 40%。我不確定價格是否曾在如此短的時間內上漲如此之多。起點相當高。目前，美國工業經濟尚未完全發展。

So I'm wondering demand implications of this massive price spike in the US. And even globally, with LME prices rising as well. Are you seeing -- do you think these sorts of these price increases can be tolerated. Demand is in elastic enough that this isn't really going to be affected by higher prices?

所以我想知道美國價格大幅上漲對需求有何影響。甚至在全球範圍內，LME 價格也出現上漲。您是否認為這種價格上漲是可以容忍的？需求夠有彈性，以至於不會受到價格上漲的影響？

Or are we getting to a point now with COMEX approaching $6 a pound that you could see real negative implications on demand?

或者，隨著 COMEX 價格接近每磅 6 美元，我們是否已經到達了對需求產生真正負面影響的程度？

Thank you, Chris. It's an interesting question. When we look at the demand drivers for copper and the secular trends, we see continued strong demand. What we do see from time to time, and we thought last year in China, and you may see some of it going on in the US is when prices move rapidly in a short period of time.

謝謝你，克里斯。這是一個有趣的問題。當我們觀察銅的需求驅動因素和長期趨勢時，我們看到需求持續強勁。我們確實時常會看到價格在短時間內快速波動，去年在中國也出現過這種情況，而且你在美國也可能會發現類似的情況。

Some customers will try to figure out if it's real before they buy and people are trying to understand what the implications of the tariff are in the details haven't been released yet. But underlying the what's going on with -- you hear about it every day, the AI data centers, the need for more energy infrastructure, more power generation -- the underlying trends are significant. Copper within big projects doesn't end up being the biggest item. And so people can -- people need it and it's a metal that is the best metal when it comes to conducting electricity.

一些顧客在購買之前會試圖弄清楚它是否真實，人們試圖了解尚未公佈的細節中的關稅意味著什麼。但潛藏的趨勢是顯著的——你每天都會聽到關於人工智慧資料中心、對更多能源基礎設施、更多發電的需求等消息。大型專案中的銅並不會成為最大的專案。因此人們可以——人們需要它，而且它是一種導電性最好的金屬。

So I don't I can't give you a precise answer about whether there will be any short-term impacts from it. But I think the long-term trends positive in terms of needing copper to fulfill what we're trying to do from a technology standpoint and overall energy infrastructure standpoint.

所以我無法給你一個確切的答案，告訴你這是否會產生任何短期影響。但我認為，從技術角度和整體能源基礎設施角度來看，我們需要銅來實現我們的目標，長期趨勢是正面的。

Richard and Steve Higgins is on as well. Richard, I don't know if you want to add anything or Steve to what I said?

理查和史蒂夫希金斯也在場。理查德，我不知道你或史蒂夫是否想對我所說的內容進行補充？

Yes. Let me just say a couple of things, Chris. This move that you've talked about reflects the fact that there was this global exporting of copper in the United States in advance of the tariffs. Getting in a here and now before the tariffs came into place. Now there's a big question about what are the tariffs often going to be?

是的。克里斯，我只想說幾件事。您談到的這項舉措反映了美國在徵收關稅之前就已經在全球出口銅的事實。在關稅生效之前就進入目前狀態。現在有一個大問題：關稅通常是多少？

They certainly don't reflect the -- even at these prices, they don't reflect the 50% tariff that's been floated. But we really don't know. And so once the tariffs are announced, then there will be an adjustment in flows, and there will be potentially benefit on LME prices.

它們當然沒有反映——即使是這些價格，它們也沒有反映已經浮動的 50% 的關稅。但我們確實不知道。因此，一旦關稅公佈，流量就會進行調整，並可能對倫敦金屬交易所的價格產生好處。

Ultimately, it's going to be global supply demand that will end up driving it. And then whatever tariffs are there, how they're absorbed where they're absorbed in the US marketplace. Copper is just so difficult to replace for its fundamental uses because of its inherent qualities. So it's not like -- and there will be pushes as prices rise to find ways to substitute copper to thrift it and so forth.

最終，全球供應需求將推動這項進程。然後，無論關稅是多少，它們如何被美國市場吸收。由於銅固有的特性，其基本用途很難被取代。所以，情況並非如此——隨著價格上漲，人們將被迫尋找替代銅的方法來節約銅等等。

But underlying all of that is just nothing conducts electricity like copper in the world's electric. So that demand fundamental strength and demand will be there.

但根本原因在於，世界上沒有任何東西能像銅一樣導電。因此，需求的基本力量和需求將會存在。

Steve, I don't know if you have any other thoughts?

史蒂夫，我不知道你還有其他想法嗎？

No, nothing to add. That was very well said.

不，沒什麼好補充的。說得很好。

Yes. I mean, I guess what I was thinking there is but I was thinking the competitiveness of kind of downstream in the US. And if we -- let's assume these tariffs are a permanent thing, do you start to get a mix in demand globally to other regions?

是的。我的意思是，我想我當時想的是美國下游的競爭力。如果我們－假設這些關稅是永久性的，那麼全球對其他地區的需求是否會開始混合？

And I get it that the LME price depends on global supply and demand, but for Freeport specifically, obviously, the COMEX premium matters as well. So do you start to get a shift in tons away from the US to elsewhere, which means that the benefit of the tariff to US producers becomes less over time.

我知道倫敦金屬交易所的價格取決於全球供需關係，但對於自由港而言，顯然 COMEX 溢價也很重要。那麼，大量產品是否開始從美國轉移到其他地方？這意味著關稅對美國生產商的利益會隨著時間的推移而減少。

I think that very much depends on how it's applied to downstream derivative products which we don't know.

我認為這在很大程度上取決於它如何應用於我們不知道的下游衍生產品。

And there's another factor here that really we haven't mentioned on this call that's a big uncertainty. Going back to a previous question in the past, we've really only lobbied the federal government to try to make permitting more efficient and try to coordinate permitting between state and federal government.

這裡還有另一個因素，我們在這次電話會議上沒有提到，這是一個很大的不確定因素。回到過去的一個問題，我們實際上只是遊說聯邦政府試圖提高許可效率，並試圖協調州和聯邦政府之間的許可。

Today, we're encouraging the government not lobbying because we can't obviously but encouraging the government to reach deal with our international partners that are favorable to both companies -- both countries and trying to educate people.

今天，我們鼓勵政府不要進行遊說，因為我們顯然不能這樣做，而是鼓勵政府與我們的國際合作夥伴達成對雙方公司、兩國都有利的協議，並努力教育人民。

I'm sure you all watch news commentators and you hear things that sometimes it's just astounding like people wanting to open up of the old soothers, reopening the smelters. They don't realize they're gone. The spenders that are once there are no longer here. And to try to build a new smelter in today's world where you have zero or negative TCs and RCs is a tough deal now. They have not raised the idea of government subsidies and so forth.

我相信你們都看過新聞評論員，聽過一些有時令人震驚的事情，例如人們想要打開舊的安撫奶嘴，重新開放冶煉廠。他們沒有意識到他們已經離開了。曾經的花錢者已經不存在了。在當今世界，如果 TC 和 RC 為零或為負，那麼試圖建造一座新冶煉廠是一件非常困難的事情。他們沒有提出政府補助等等的想法。

We've been trying, as Kathleen said, to get production credit applied to copper, but that's a challenge. The thing that's the overhanging this that we're looking into more is the impact of scrap in the US. There's primary scrap and secondary scrap in the US over time, it closed its secondary scrap processors because of the environmental issues and cost issues associated with it in almost all secondary scrap have been going to China or elsewhere.

正如凱瑟琳所說，我們一直在努力將生產信貸應用於銅，但這是一個挑戰。我們正在進一步研究的突出問題是廢棄物對美國的影響。隨著時間的推移，美國出現了初級廢料和二次廢料，由於環境問題和成本問題，美國關閉了二次廢料加工廠，幾乎所有二次廢料都運往中國或其他地方。

Now there's been some new secondary scrap facilities opened up, and that's the potential source of US refined supply, but it's complicated as well for the reasons I just mentioned. And -- but that's the thing to watch is what we're watching as we look at all of these things going forward. It's just a complicated [by the] world, and we just all have to focus on doing it.

現在已經有一些新的二次廢料設施投入使用，這是美國精煉供應的潛在來源，但由於我剛才提到的原因，情況也很複雜。而且——但這就是我們在展望未來所有這些事情時所關注的事情。這個世界很複雜，我們所有人都必須集中精力去做事。

And listen, I'm really proud of what our team is doing. I mean, we've been through history at Freeport of having to dig our way out of some real tough problems over the years. Now we've got a lot of those past problems behind us and definitely leading the team and focusing on technology, get more copper out of what we have there, reducing costs, there are ways of doing that. And that's what we're really focused on as we wait for this political situation to clear and to see where we're going from here.

聽著，我真的為我們團隊所做的事情感到自豪。我的意思是，多年來，自由港一直面臨著一些真正棘手的問題。現在我們已經解決了許多過去的問題，並且肯定會帶領團隊並專注於技術，從現有的銅中獲取更多的銅，降低成本，我們有辦法做到這一點。這正是我們真正關注的，我們正在等待政治局勢明朗化，並看看接下來會發生什麼。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯 (John Tumazos)，約翰‧圖馬佐斯非常獨立的研究。

Could you explain some of the hurdles in engineering the Bagdad expansion. Clearly, you've been mining a long time, you know about the reliability of the ore grades, the combination character. It explains just how it takes a year or so to get to definitive fees.

您能解釋一下在巴格達擴建工程中遇到的一些障礙嗎？顯然，您已經採礦很長時間了，您了解礦石品位的可靠性和組合特徵。它解釋了為什麼需要一年左右的時間才能確定最終費用。

And concerning Lone Star, is the expansion in consideration, increasing the mining and stacking rate 120,000 tonnes a day oxide or is it also bringing forward the sulfide mill. Just looking forward to all the good progress.

至於 Lone Star，是否正在考慮擴建，將氧化物的開採和堆放率提高到每天 12 萬噸，或者是否也提前建造硫化物廠。只是期待一切順利進展。

Yes. Thank you, John. On the Bagdad side, we've done a lot of work there, and we've been working with internally and with our outside engineers on defining that project and really, it's not been -- the big constraint for us has just been the ability to execute a project in the environment where we've been in the last few years and in an inflationary environment where labor was really tight.

是的。謝謝你，約翰。在巴格達方面，我們已經做了很多工作，我們一直在與內部和外部工程師合作定義這個項目，但事實上，對我們來說，最大的限制因素就是在過去幾年的環境下以及在勞動力非常緊張的通貨膨脹環境下執行項目的能力。

And we watched projects elsewhere in the industry have a big cost blowouts, and that's not something that we wanted to do. And really, from a Bagdad [debt] standpoint, we're going to be able to produce these reserves regardless of whether we expand. The expansion, obviously, would give us more near-term production, near-term cash flows, but it's really a question of when the right time is to start it and we've been taking the time why we've been considering to advance some things and derisk the project with this autonomous truck conversion that we're doing is going to reduce reliance employment. We will have to expand our employment there, but not to the degree if we had the trucks that were all they were all operated with people.

我們看到業內其他項目的成本大幅增加，這不是我們想要看到的。實際上，從巴格達債務的角度來看，無論我們是否擴張，我們都能夠生產這些儲備。顯然，擴張將為我們提供更多的短期產量和短期現金流，但真正的問題是何時才是開始的最佳時機，我們一直在花時間考慮推進一些事情並透過我們正在進行的自動卡車改裝來降低專案風險，這將減少依賴就業。我們必須擴大那裡的就業機會，但如果我們只有卡車，那麼這些卡車就只能靠人來操作了。

So we've been doing that. We've been dealing with housing at Bagdad. We've been advancing some of the tailings work, which we would ultimately have to do long term, but we've been advancing it so that when we're ready to go, we can just move forward with construction.

所以我們一直在做這件事。我們一直在處理巴格達的住房問題。我們一直在推進一些尾礦處理工作，這些工作最終需要長期進行，但我們一直在推進，以便當我們準備好時，我們就可以繼續施工。

So we've been creating optionality with the project, but the main the caution that we've had with it is just wanting to make sure that we convince ourselves that we can execute the project efficiently within our capital budget. Now we've got -- we want to monitor what's happening tariffs and how that might be affecting capital costs. And so we wanted some more clarity there while we continue to advance the autonomous truck fleet.

因此，我們一直在為該專案創造可選性，但我們對此的主要謹慎只是想確保我們確信我們能夠在資本預算範圍內有效地執行該專案。現在我們想要監控關稅的走勢以及其對資本成本的影響。因此，我們希望在繼續推進自動駕駛卡車車隊的同時，也能獲得更清晰的認知。

So that's where we stand at Bagdad. Lone Star, we're advancing a study to look at what the next phase of expansion could be. We've got the Dos Pobres deposit at Safford, which I mentioned earlier, is high grade and also has gold in it. So that would be a concentrator project. But with respect to Lone Star sulfides, where we're going to look at the right mix of leach versus concentrating.

這就是我們在巴格達的現況。孤星，我們正在推進一項研究，看看下一階段的擴張會是什麼。我們在薩福德發現了 Dos Pobres 礦床，正如我之前提到的，該礦床品位很高，而且含有黃金。所以這將會是一個集中器項目。但就孤星硫化物而言，我們將研究浸出與濃縮的正確組合。

If we put the concentrator in for those [Safford] deposit, that will help the economics ultimately of putting sending some through the mill. But the vision big-picture vision, this is an enormous resource in this district. Big picture vision is to have a cornerstone asset like Morenci, that'll be a leach and concentrate producer of scale over a very long period of time.

如果我們在這些 [Safford] 礦床中安裝選礦廠，這最終將有助於實現將一些礦石送入選礦廠的經濟效益。但宏觀視野，這是這個地區的巨大資源。宏觀願景是擁有像莫倫西這樣的基石資產，它將在很長一段時間內成為規模化的浸出和濃縮生產商。

Lonestar was the last big mine that -- I mean, Safford was the last big mine it was done in the US. We brought it online in the '27, '28, 2007, 2008 time frame and we've expanded it since then. So it's -- for US mines, it's relatively new even though that was some time ago. So we're really excited about the potential there, and we want to get this study done to really define what the flow sheet will look like.

孤星礦 (Lonestar) 是美國最後一座大型礦場——我的意思是，薩福德礦 (Safford) 是美國最後一座大型礦場。我們在 2027、2028、2007、2008 年期間將其上線，從那時起我們就不斷對其進行擴展。所以，對於美國礦山來說，儘管這是一段時間以前的事，但它相對較新。因此，我們對那裡的潛力感到非常興奮，我們希望完成這項研究以真正確定流程圖的樣子。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟、雷蒙詹姆斯。

Can I just go back to Grasberg to make sure I understand this. you sort of lost 200,000 ounces over your five year plan. And again, that just different flow through draw point. But if I look at to five years, is there anything different I should worry about there? And is there anything you've learned through this whole process that would change your thinking on KL, just given it is a lot higher gold grade going forward?

我可以回到格拉斯伯格以確保我理解這一點嗎？你的五年計劃損失了 200,000 盎司。再次強調，這只是流經繪製點的不同流程。但如果我展望五年，我是否應該擔心一些不同的事情？並且，在整個過程中您是否學到了什麼，可以改變您對 KL 的看法，因為 KL 未來的黃金品味會高得多？

Yes. Nothing has changed with respect to our long-range Grasberg Block Cave plans. We are, to your point about KL looking at what is the best NPV when we're developing KL, but what's the best NPV. And we always look at the interplay between grades coming from various ore bodies that could maximize the net present value. So we'll have that opportunity.

是的。我們的長期格拉斯伯格塊洞穴計畫沒有任何改變。正如您所說，我們在開發 KL 時會考慮最佳 NPV 是什麼，但最佳 NPV 是什麼。我們始終關注來自不同礦體的品位之間的相互作用，以實現淨現值的最大化。所以我們將有這樣的機會。

The development of Kucing Liar adds additional optionality within the portfolio. And you've pointed out, we've got high grades there both copper and gold currently, the recovery assumptions in our reserves are lower than what we're getting in the mill recoveries, what we're getting in Grasberg Block Cave, but that's a real opportunity for us.

Kucing Liar 的開發為投資組合增加了額外的可選性。正如您所指出的，我們目前在那裡擁有高品位的銅和金，我們儲量的回收率假設低於我們在工廠回收率中獲得的回收率，低於我們在格拉斯伯格區塊洞穴中獲得的回收率，但這對我們來說是一個真正的機會。

So -- but you're right to point that out, Brian, and we'll constantly be looking at what the right sequencing is between these ore bodies. And with a 2041 extension, it's going to open up a whole lot of opportunity for us to recover more than we could have otherwise. So we're very excited about the long range of what we can do there.

所以——但是布萊恩，你指出這一點是對的，我們會不斷研究這些礦體之間的正確排序。隨著 2041 年的延期，我們將有更多機會恢復比以往更多的收入。因此，我們對我們能在那裡進行的長期工作感到非常興奮。

And sorry, you actually went to my second question there. As you pointed out, I mean, the recoveries at KL and the metallurgy was different was an awful lot lower in the gold. Would you -- from what you see now, do you think you're going to be able to get up to the recovery you see at GBC? Because obviously, you said that's a pretty big opportunity.

抱歉，您實際上回答的是我的第二個問題。正如你所指出的，我的意思是，吉隆坡的回收率和冶金術不同，黃金的回收率要低得多。從您現在看到的情況來看，您認為您能夠實現 GBC 所看到的復甦嗎？因為很明顯，你說這是一個相當大的機會。

Yes. We have not yet. I mean we've been able to make some changes over time and have brought the recoveries up, but that's still an opportunity for us.

是的。我們還沒有。我的意思是，隨著時間的推移，我們已經能夠做出一些改變，並提高了復甦速度，但這對我們來說仍然是一個機會。

Great. Thanks very much for answering my questions.

偉大的。非常感謝您回答我的問題。

Brian, this is Richard. Let me add just one quick thing on this because I've observed some things about this grade issue with the Grasberg Block Cave. I just want to point out a couple of things. One, when you look at the shortfall, don't forget to take into account the tax effect of that and also the non-controlling interest effect. The government of Indonesia has 51% of that, and there's a tax effect to it. So I've observed some people overstating the impact of it.

布萊恩，這是理查。讓我簡單補充一點，因為我已經觀察到格拉斯伯格塊洞穴的等級問題。我只想指出幾點。首先，當你看到缺口時，不要忘記考慮稅收效應以及非控制性權益效應。印尼政府擁有其中的 51%，並且會產生稅收效應。所以我發現有些人誇大了它的影響。

And as Kathleen and Mark said, this is not a fundamental change that the resource is requiring us to make operating changes in the way we operate. What we're talking about here is getting a better handle on when that gold in the ore is going to be processed. And we're learning more about it. We're using better models. It's not a resource question. It's a timing question and we want to give the market as we always do our best effort in giving you guidance as to when that goal is coming. It's going to be there. It's going to come. It's a question of when.

正如凱瑟琳和馬克所說，這並不是資源要求我們在營運方式上做出改變的根本性變化。我們在這裡討論的是更好地掌握何時加工礦石中的黃金。我們對此正在了解更多。我們正在使用更好的模型。這不是一個資源問題。這是一個時間問題，我們希望向市場提供指導，告知您該目標何時實現。它會在那裡。它就要來了。這只是時間問題。

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

說完這些，我會把電話轉回給管理階層，請他們做最後的總結發言。

Thank you, everyone, and thanks for a comprehensive call. We're available if anyone has any follow-up questions. And thanks for your -- thanks. We'll keep you updated as we go forward.

謝謝大家，也謝謝你們的全面來電。如果有人有任何後續問題，我們隨時為您解答。感謝您的——謝謝。我們將隨時向您通報最新進展。

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

女士們、先生們，我們今天的通話到此結束。感謝您的參與。您現在可以斷開連線。