費利浦·麥克莫蘭銅金 (FCX) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Freeport-McMoRan Fourth Quarter Conference Call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待，歡迎參加自由港麥克莫蘭第四季電話會議。（操作說明）

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

現在我將把會議交給投資者關係副總裁大衛喬因特先生。請繼續，先生。

Thank you, Regina, and good morning, everyone. Welcome to the Freeport conference call. Earlier this morning, FCX reported its fourth quarter and full year 2025 operating and financial results. A copy of today's press release with supplemental schedules and slides are available on our website, fcx.com.

謝謝你，雷吉娜，大家早安。歡迎參加弗里波特電話會議。今天早些時候，FCX公佈了其2025年第四季和全年營運及財務業績。今天發布的新聞稿副本，以及補充日程安排和幻燈片，可在我們的網站 fcx.com 上取得。

Today's conference call is being broadcast live on the Internet. Anyone may listen to the conference call by accessing the webcast link on our home page. 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.

今天的電話會議正在網路上進行直播。任何人都可以透過造訪我們主頁上的網路直播鏈接收聽電話會議。除了分析師和投資者之外，財經媒體也被邀請旁聽今天的電話會議。今天晚些時候，我們將在網站上提供網路直播的回放。

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. 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.

在我們開始發言之前，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發言包含非GAAP指標和前瞻性陳述，實際結果可能與這些陳述有重大差異。請參閱我們新聞稿和幻燈片中包含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 members of our management team. Richard will make some opening remarks, Kathleen will review our slide materials and then we'll open up the call for questions. Richard?

今天和我一起參加電話會議的還有董事會主席理查德·阿德克森；總裁兼首席執行官凱瑟琳·奎克；執行副總裁兼首席財務官瑪麗·羅伯遜；以及我們管理團隊的其他成員。Richard 將作開場致辭，Kathleen 將回顧我們的幻燈片資料，然後我們將開放提問環節。理查德？

Thanks, David. I thank each of you for joining our call today. We are pleased to report positive results for our fourth quarter. 2025 was a truly eventful year. Recent copper prices have been strong in the face of uncertainties from global trade, tariffs and geopolitical conflicts. The future for copper remains bright.

謝謝你，大衛。感謝各位今天參加我們的電話會議。我們很高興地報告第四季度業績良好。 2025年真是精彩的一年。儘管全球貿易、關稅和地緣政治衝突帶來許多不確定性，但近期銅價仍堅挺。銅的未來依然光明。

Kathleen will report on the notable progress we have achieved during the fourth quarter following the September mud flow event at PT-FI. It is impressive and provides our organization confidence about our future. PT-FI has a well-designed plan to recover. Now we must execute and we will.

Kathleen 將報告我們在 PT-FI 9 月泥石流事件發生後第四季度取得的顯著進展。這令人印象深刻，也讓我們組織對未來充滿信心。PT-FI 制定了完善的復甦計畫。現在我們必須執行，而且我們一定會執行。

Our long-term strategy commitment for Freeport to be foremost in copper remains intact. With our high-quality assets, our strong financial position and our highly motivated, confident global team, I'm personally enthusiastic and confident about Freeport's ability to create significant value for our shareholders and all of our stakeholders.

我們致力於使弗里波特成為銅業領導者的長期戰略承諾依然不變。憑藉我們優質的資產、雄厚的財務實力以及積極進取、充滿信心的全球團隊，我個人對自由港為股東和所有利益相關者創造巨大價值的能力充滿熱情和信心。

Kathleen?

凱瑟琳？

Thank you, Richard, and I'm going to be referring to our slide materials. We're very pleased to be here today to report on our fourth quarter results, review our 2025 performance and update you on our initiatives, projects and outlook for the future.

謝謝你，理查德，接下來我會參考我們的幻燈片資料。我們非常高興今天能在這裡向大家報告我們第四季的業績，回顧我們 2025 年的業績，並向大家介紹我們的各項舉措、專案和未來展望。

Starting with slide 3 and looking back on our performance in 2025. Our team demonstrated resilience in overcoming challenges and achieved meaningful progress on several initiatives to support a strong foundation and position the company for a positive long-term future, centered on value creation.

從第 3 張投影片開始，回顧我們 2025 年的表現。我們的團隊展現了強大的韌性，克服了重重挑戰，並在多項舉措上取得了實質進展，為公司奠定了堅實的基礎，使其能夠以創造價值為中心，實現積極的長期未來。

As we look ahead, we're strongly positioned as an experienced global leader with compelling opportunities to enhance values through our ongoing operational initiatives and future prospects for substantial cash flow generation, which support investments in profitable growth and returns to shareholders.

展望未來，作為一家經驗豐富的全球領導者，我們擁有強大的實力，透過持續的營運舉措和未來可觀的現金流，我們有機會提升公司價值，從而支持對盈利增長和股東回報的投資。

We show our annual information on this slide on slide 3, on copper sales, unit costs and financial metrics for the year 2025. We finished the year strong with copper sales and net unit cash costs slightly better than our adjusted guidance for the year. Despite the Grasberg incident, which impacted annual copper volumes by approximately 10% compared to our plan going into 2025, our consolidated unit net cash cost for the year of $1.65 per pound were within 3% of our guidance going into the year and adjusted EBITDA of nearly $10 billion for 2025 was similar to 2024 levels.

我們在投影片 3 中展示了 2025 年的銅銷售額、單位成本和財務指標等年度資訊。今年底，銅銷售額和淨單位現金成本均略優於我們調整後的年度預期，整體表現強勁。儘管格拉斯伯格事件導致我們2025年的年度銅產量比計劃減少了約10%，但我們2025年的合併單位淨現金成本為每磅1.65美元，與我們年初的指導值相差不到3%，2025年的調整後EBITDA接近100億美元，與2024年的水平相似。

From a big picture standpoint, the results demonstrate the benefits of our diversified portfolio of copper assets, is clearly evident in our strong fourth quarter financial results the strength of our Americas business in this environment.

從宏觀角度來看，這些結果充分證明了我們多元化銅資產組合的優勢，這在我們強勁的第四季度財務業績中顯而易見，也充分體現了我們在當前環境下美洲業務的實力。

I'm going to turn to our focus areas for 2026 where we summarize on slide 4, our priorities. The first is execution. This is a hallmark of the Freeport culture. We're committed to maintaining Freeport's long track record for successful execution, carefully planning our work and bringing relentless focus and energy on achieving our plans. The Grasberg incident was humbling but our team has risen to the challenge and is dedicated to safely and sustainably restoring our operations as we go through 2026.

接下來，我將介紹我們 2026 年的重點領域，我們在第 4 張投影片中總結了我們的優先事項。首先是執行。這是弗里波特文化的一大特色。我們致力於保持弗里波特長期以來成功執行的良好記錄，精心規劃我們的工作，並以不懈的專注和精力實現我們的計劃。格拉斯伯格事件令人感到慚愧，但我們的團隊已經迎接挑戰，並致力於在 2026 年安全、永續地恢復我們的營運。

Across the business, we're sharply focused on delivering our planned volumes, meeting our cost targets, executing capital projects safely and efficiently and are maintaining discipline each day on the underlying metrics which drive our results, managing risk, overcoming unforeseen challenges and staying on top of what matters, both for the short term and the long term.

在整個業務範圍內，我們高度重視實現計劃產量、達到成本目標、安全高效地執行資本項目，並且每天都嚴格把控推動業績的基本指標，管理風險，克服不可預見的挑戰，並始終關注短期和長期的重要事項。

A second key focus area is crystallizing value in our leach opportunity. This is a meaningful value driver for our business, given the opportunity for near-term low-cost growth. The work we have done in recent years position us to scale production in the coming years and we're targeting a 40% increase in 2026 from this initiative on our path to achieving 800 million pounds per annum.

第二個重點領域是明確我們浸出機會的價值。鑑於近期低成本成長的機會，這對我們的業務來說是一個重要的價值驅動因素。我們近年來所做的工作使我們能夠在未來幾年擴大生產規模，我們的目標是到 2026 年透過這項舉措實現 40% 的成長，從而實現每年 8 億英鎊的目標。

Third, we're adopting innovation, automation and new technologies to drive enhancements to reliability, efficiencies and overall operational performance. These initiatives show promise for significant value as we work to reduce costs, enhance growth and profitability of our US business. We have a robust profile of organic growth options, and we'll continue to advance these initiatives during the year.

第三，我們正在採用創新、自動化和新技術來提高可靠性、效率和整體營運績效。這些措施可望為我們降低成本、提高美國業務的成長和獲利能力帶來巨大價值。我們擁有穩健的內生成長方案，並將繼續在今年推動這些措施。

We've got three projects, major projects in the Americas that provide optionality for future growth. And as we go forward, our team is focused on opportunities to increase margins and cash flows through greater efficiencies and disciplined investments in long-term growth.

我們在美洲有三個大型項目，為未來的發展提供了選擇。展望未來，我們的團隊將專注於透過提高效率和對長期成長進行有紀律的投資來增加利潤率和現金流的機會。

Turning to the markets on slide 5. Prices on the LME during 2025 traded in a broad range between $3.87 per pound and $5.68 per pound, averaging $4.51 per pound for the year. On the US COMEX exchange, average prices for the year were slightly higher, although the differential is not significant year-to-date in 2026. Prices have risen significantly in recent months, with current LME prices approximately 30% higher than the 2025 average.

接下來，我們來看看投影片5的市場狀況。2025 年倫敦金屬交易所 (LME) 的金價在每磅 3.87 美元至 5.68 美元之間波動，全年平均價格為每磅 4.51 美元。在美國 COMEX 交易所，今年的平均價格略高，儘管截至 2026 年，這一差異並不顯著。近幾個月來價格大幅上漲，目前倫敦金屬交易所 (LME) 的價格比 2025 年的平均價格高出約 30%。

During 2025, copper prices largely track macro sentiment, market-weighed US dollar weakness, expected US rate cuts, accelerating AI and technology-driven demand and Chinese stimulus against mixed economic data, uncertainty around tariff and trade policy, economic pressures in China and elevated geopolitical risk. At a micro level, demand benefited from secular demand trends associated with electrification and AI data centers and offset the impact of weakness in private construction and more cyclical sectors.

2025 年，銅價將主要受宏觀經濟情緒、市場對美元疲軟的預期、美國預期降息、人工智慧和技術驅動的需求加速成長以及中國刺激經濟措施的影響，但同時也會受到喜憂參半的經濟數據、關稅和貿易政策的不確定性、中國經濟壓力以及地緣政治風險上升的影響。從微觀層面來看，需求受益於與電氣化和人工智慧資料中心相關的長期需求趨勢，並抵消了私人建築和週期性較強行業疲軟的影響。

Supply disruptions in copper and regional trade distortions, which drove significant material to the US also impacted copper markets during 2025. In the US, our customers are reporting that data center demand represents the most significant source of growth for power cable and building wire. This growing sector is offsetting weakness in traditional demand sectors in residential construction and autos. Demand from China continues to be supported by significant investments in the electrical grid and continued growth in China's production of electric vehicles.

2025 年，銅供應中斷和區域貿易扭曲導致大量銅流入美國，也對銅市場造成了影響。在美國，我們的客戶反映，資料中心的需求是電力電纜和建築電線成長的最主要來源。這個不斷成長的產業正在抵消傳統需求產業（如住宅建築和汽車）的疲軟。中國的需求持續受到電網大量投資和中國電動車產量持續成長的支撐。

China's demand for copper continued to grow during 2025. As you'll see in this chart, global inventories of copper on exchanges have risen in recent months, during a period of sharp increases in copper prices. Most analysts are projecting that the market will be tightly balanced during 2026 with some projecting deficits and other small surpluses.

2025年，中國對銅的需求持續成長。正如您在這張圖表中看到的，近幾個月來，隨著銅價的急劇上漲，全球交易所的銅庫存增加。大多數分析師預測，2026 年市場將維持供需平衡，一些分析師預測會出現赤字，而另一些分析師則預測會出現小幅盈餘。

Copper superior conductivity make it the metal when it comes to electrification, massive investment in the power grid, renewable generation, technology infrastructure, and transportation are driving increased demand for copper and a forecast call for above-trend growth in demand for the foreseeable future.

銅優異的導電性使其成為電氣化領域的理想金屬，對電網、再生能源發電、技術基礎設施和交通運輸的大規模投資正在推動對銅的需求不斷增長，預計在可預見的未來，銅的需求將高於趨勢水平。

As we review the fundamentals, we continue to expect the market will require additional copper supplies to meet growing demand. And at Freeport, we're well positioned to supply copper reliably and responsibly to a growing market. You've probably seen by now the recent report from S&P Global which was released earlier this month.

從基本面來看，我們仍然預期市場需要更多的銅供應來滿足不斷增長的需求。在弗里波特，我們擁有得天獨厚的優勢，能夠可靠、負責任地向不斷成長的市場供應銅。你可能已經看過標普全球本月稍早發布的最新報告了。

On slides 6 and 7, we published some highlights of the report. It was a new study, which evaluated the role of copper in the age of artificial intelligence, and we've summarized key findings, which indicate that massive growth in demand for electricity will translate into above-trend growth in copper demand pointing to a doubling of copper demand through 2040. The study projects a long-term annual growth rate and demand of 2.9% over this period, including significant growth in new secular demand drivers. The reports available from S&P Global, and we encourage everyone to take a look at it.

在第 6 和第 7 張幻燈片中，我們發布了報告的一些亮點。這是一項新的研究，評估了銅在人工智慧時代的作用，我們總結了主要發現，這些發現表明，電力需求的大幅增長將轉化為銅需求高於趨勢的增長，預計到 2040 年銅需求將翻一番。研究預測，在此期間，長期年增長率和需求將達到 2.9%，其中包括新的長期需求驅動因素的顯著增長。標普全球發布了相關報告，我們鼓勵大家去看看。

Moving to our fourth quarter results on slide 8. We've got a summary of the quarter. Our operating performance during the fourth quarter was favorable to our estimates going into the period. Production was in line with expectations and sales were better than expected principally because of timing of shipments in Indonesia.

接下來請看第 8 頁投影片，了解我們的第四季業績。我們已經匯總了本季度的情況。第四季我們的經營業績優於期初預期。生產符合預期，銷售情況優於預期，主要原因是印尼的貨物出貨時間安排得宜。

As indicated in our November update, we completed investigations on the Grasberg incident and restarted the Deep MLZ and Big Gossan mines during the fourth quarter. Since our November report, we've continued to make steady progress to prepare the Grasberg Block Cave to resume operations and we're on track for a second quarter 2026 startup.

正如我們在 11 月的更新中所指出的，我們完成了對格拉斯伯格事件的調查，並在第四季度重啟了深層 MLZ 和大戈桑礦。自從我們 11 月的報告以來，我們一直在穩步推進格拉斯伯格塊狀崩落法採礦廠恢復營運的準備工作，並預計在 2026 年第二季度啟動。

With strength in copper prices during the quarter, the performance of our US business was quite strong with operating income 3.5 times the level of the 2024 fourth quarter. This demonstrates the positive leverage of pricing at these operations with strong conversion to the bottom line.

由於本季銅價走強，我們美國業務的表現相當強勁，營業收入是 2024 年第四季的 3.5 倍。這表明，在這些業務中，定價策略具有積極的槓桿作用，能夠有效地提高利潤。

Moving to the operating statistics on slide 9, we summarized the highlights by geographic region. Starting in the US, production was up 5% versus both the year ago fourth quarter and for the year 2025 versus 2024. This is notable given the declines that we faced in the prior two years. And despite the low grades, we've been working to increase volumes in the US through efficiency gains and through our leach recovery initiatives. We're targeting an 8% increase in volumes in the US for 2026 and in part related to adding scale and our innovative leach project.

在第 9 張投影片中，我們查看了營運統計數據，並按地理區域總結了重點內容。從美國開始，產量比去年同期第四季成長了 5%，2025 年的產量也比 2024 年增加了 5%。考慮到前兩年我們面臨的下滑趨勢，這一點尤其值得關注。儘管礦石品位不高，但我們一直在努力透過提高效率和開展浸出回收計畫來增加在美國的產量。我們的目標是到 2026 年在美國實現 8% 的銷售成長，部分原因是規模擴大和我們創新的浸出專案。

We're making excellent progress with our initiatives to improve efficiencies and cost performance. We're continuing to integrate new technologies to realize better performance in our basic mining functions, and we're successful in 2025 in converting our haul truck fleet at our Bagdad mine to autonomous. We're continuing to refine the autonomous process but are optimistic that the value proposition of this technology can be applied on a broader scale.

我們在提高效率和降低成本方面的措施取得了顯著進展。我們不斷整合新技術，以提高基礎採礦功能的性能，並於 2025 年成功地將巴格達礦場的運輸卡車車隊改造為自動駕駛。我們正在不斷完善自主流程，但樂觀地認為這項技術的價值主張可以得到更廣泛的應用。

In South America, performance was in line with expectations. The Cerro Verde team, we'll highlight, finished strong to deliver another solid year. Our copper sales for South America for the year 2025, totaled 1.1 billion pounds and the expectations is that we'll have a similar amount of sales from South America during 2026. Our unit net cash costs in South America for the fourth quarter averaged $2.57 per pound and we expect a similar level in 2026. We're expecting stable production levels at Cerro Verde and some growth at El Abra project in Chile in partnership with CODELCO over the next couple of years. There's a lot of activity at El Abra currently with a leach pad extension and plans to conduct testing during 2026 of heated stockpile injections to enhance leach recoveries.

在南美洲，業績符合預期。值得一提的是，Cerro Verde 團隊表現出色，又取得了穩健的成績。2025 年，我們在南美洲的銅銷售額總計 11 億磅，預計 2026 年我們在南美洲的銷售額也將達到類似的水平。我們在南美洲第四季的單位淨現金成本平均為每磅 2.57 美元，我們預計 2026 年將達到類似的水平。我們預計未來幾年 Cerro Verde 的產量將保持穩定，而與智利國家石油公司 (CODELCO) 合作的 El Abra 計畫也將有所成長。目前 El Abra 正在進行大量活動，包括擴大浸出墊，並計劃在 2026 年進行加熱堆料注入試驗，以提高浸出回收率。

We're also finalizing the preparation of an environmental impact statement for a major expansion at El Abra, which we plan to submit in the first half of this year. With our progress, you'll see we added reserves for the El Abra expansion of over 17 billion pounds of copper, and we're excited about this project as we progress through the regulatory process.

我們也正在最終確定埃爾阿布拉重大擴建工程的環境影響報告書的編制工作，計劃於今年上半年提交。隨著我們取得進展，您將會看到我們為 El Abra 擴建項目增加了超過 170 億磅的銅儲量，我們對該專案在監管流程中的進展感到興奮。

In Indonesia, in line with our plans, we operated on a limited basis from the Deep MLZ and Big Gossan mines during the fourth quarter and continued our preparation for the planned restart of the Grasberg Block Cave. Sales for the fourth quarter exceeded production by about 60 million pounds of copper, which was a timing variance. Operations at one of two smelters resumed late in the year and the new smelter remains in standby status with an expected restart later this year. We've made great progress to restore operations at the Grasberg Block Cave, which we'll cover in more detail on the next two slides.

在印度尼西亞，按照我們的計劃，我們在第四季度有限地運營了 Deep MLZ 和 Big Gossan 礦，並繼續為計劃中的 Grasberg Block Cave 礦的重啟做準備。第四季銅的銷量比產量多出約 6,000 萬磅，這是時間上的差異。兩座冶煉廠中的一座已於今年稍後恢復運營，而新的冶煉廠仍處於待命狀態，預計將於今年稍後重新啟動。我們在恢復格拉斯伯格塊狀礦的開採作業方面取得了巨大進展，我們將在接下來的兩張幻燈片中詳細介紹。

On slide 10, we provide a refresher from our November call, the various work streams required to safely restart operations at the Grasberg Block Cave. As a reminder, the Grasberg Block Cave represents the most significant contributor in the district. We provided a schematic on the right showing the various production blocks within the Grasberg Block Cave.

在第 10 張投影片中，我們回顧了 11 月電話會議的內容，以及安全重啟格拉斯伯格塊式崩落法採礦作業所需的各種工作流程。需要提醒的是，格拉斯伯格岩洞是該地區最重要的貢獻者。我們在右側提供了一張示意圖，顯示了格拉斯伯格塊狀崩落法生產車間內的各個生產模組。

And as a reminder, the incident occurred in Production Block 1C. Our plan incorporates a phased restart and ramp up of the Grasberg Block Cave beginning in the second quarter, initially in Production Blocks 2 and 3, followed by Production Block 1S in middle of 2027 and finally, Production 1C at the end of 2027.

再次提醒大家，事件發生在 1C 生產區。我們的計劃包括分階段重啟和擴大格拉斯伯格塊狀崩落法採礦作業，從第二季度開始，首先在 2 號和 3 號生產區塊進行，然後在 2027 年年中在 1S 號生產區塊進行，最後在 2027 年底在 1C 號生產區塊進行。

With the successful ramp-up of production Blocks 2 and 3 beginning in the second quarter, we expect to have 85% of production restored in the district in the second half of this year. The milestones for restarting production Blocks 2 and 3 include cleanup of the mud in the tunnels, principally in the service area, the installation of cement plugs to isolate the panels in Production Block IC and to ensure there's no connection to the surface and replacement of the electrical and communication systems damaged in the incident.

隨著 2 號和 3 號區塊在第二季成功投產，我們預計今年下半年該地區的產量將恢復 85%。重啟 2 號和 3 號生產區塊的里程碑包括清理隧道（主要是服務區）中的泥漿，安裝水泥塞以隔離 IC 號生產區塊的面板，確保與地面沒有連接，以及更換事故中損壞的電氣和通訊系統。

For production Block 1S the repairs are expected to extend beyond the restart of PB2 and PB3, principally to install additional protective barriers and replace the number of damaged chutes used to transport ore to the haulage level. We continue to target a restart of PB 1, both PB 1S and PB 1S during 2027. And we're going to continue to progress the reopening plan as we monitor progress with various mitigation initiatives for the Production Block 1. We're incorporating recommendations from the investigation to enhance our risk management mitigation and the incident highlighted the need for more dynamic case management plans tailored for various conditions and for more robust controls and operational procedures to address areas subject to risks from an external mud rush.

對於生產區塊 1S，預計維修工作將持續到 PB2 和 PB3 重啟之後，主要目的是安裝額外的防護屏障，並更換用於將礦石運送到運輸層的損壞溜槽的數量。我們繼續計劃在 2027 年重啟 PB 1、PB 1S 和 PB 1S。我們將繼續推進復工計劃，同時密切關注 1 號生產區塊各項緩解措施的進展。我們正在採納調查中的建議，以加強我們的風險管理緩解措施。此次事件凸顯了製定更動態的案例管理計劃（針對各種情況）以及更強有力的控制措施和操作程序的必要性，以應對外部泥石流帶來的風險區域。

In addition, we're continuing to adopt new innovative approaches to mud drainage solutions for the pit bottom. We've got those described on slide 31 and to adopt emerging technology for imaging to improve cave shape monitoring and those are all being advanced. We've got a scorecard on slide 11. We're very pleased with the progress that we've made to date. We're tracking the plan. Mud removals in the areas required to commence the startup of PB 2 and PB 3 is substantially complete and the barriers being installed to isolate Production Block 1 are advanced and expected to be completed in the first quarter.

此外，我們也持續採用創新方法來解決礦坑底部的泥漿排水問題。我們已經在第 31 張幻燈片中描述了這些內容，並採用了新興的成像技術來改進洞穴形狀監測，這些都在推進中。第 11 頁投影片上有評分卡。我們對迄今為止的進展非常滿意。我們正在跟踪該計劃。為啟動 PB 2 和 PB 3 而需要的區域的泥漿清除工作已基本完成，為隔離生產區塊 1 而安裝的屏障工作也已取得進展，預計將在第一季完成。

With the installation of the protective plugs, infrastructure repairs are expected to move to completion by quarter end, positioning the restart to commence in the second quarter. We remain confident in reestablishing large-scale production and in our ability to safely operate this great ore body over the long term. The progress to date continues to derisk the plan and executing the restart, our team will be vigilant in prioritizing safety above all else.

隨著保護塞的安裝，基礎設施維修預計將在本季末完成，使重啟工作得以在第二季開始。我們仍然有信心恢復大規模生產，並有能力長期安全地運作這個巨大的礦體。迄今為止的進展不斷降低計劃和重啟過程中的風險，我們的團隊將始終把安全放在首位。

We're pleased to report on our reserve at year-end 2025. Those are reported on slide 12. As you know, at Freeport, we benefit from a significant reserve and resource position, where we have established operations and successful track records.

我們很高興地報告截至 2025 年底的儲備。這些內容在第12張投影片中有所報導。如您所知，弗里波特擁有豐富的儲量和資源，我們在這些地區擁有成熟的營運體系和成功的業績記錄。

A summary of the reserves are indicated here where we continue to maintain long reserve lives and substantial resources to support long-term production and our growth opportunities. The reserve additions that we're reporting in 2025 are substantially in excess of our production, and those principally relate to the addition of over 17 billion pounds of copper for the El Abra project, which was previously considered a mineral resource. The reserves in Indonesia are included and they're reported through 2041. And we note that an extension is in progress, and that would enable the portion of the reported resource to be included in our longer-term reserve plans.

這裡概述了我們的儲量情況，我們繼續保持較長的儲量壽命和充足的資源，以支持長期生產和我們的成長機會。我們報告稱，2025 年新增儲量將大幅超過我們的產量，這主要與 El Abra 專案新增超過 170 億磅銅有關，該專案先前被視為礦產資源。印尼的儲量也包含在內，並報告至 2041 年。我們注意到，目前正在進行一項延期工作，這將使報告的資源部分能夠納入我們的長期儲備計劃。

In addition to the reserves, we have significant incremental mineral resources with over half located in the United States. We'll point out the large resource in the Safford Lone Star District as we continue to advance studies to evaluate a major opportunity there.

除了現有儲量外，我們還有大量新增礦產資源，其中超過一半位於美國。我們將重點介紹薩福德孤星區豐富的資源，並繼續推進相關研究，以評估該地區的重大機會。

Slide 13, we wanted to update you on our growth plans. It's clear additional copper supplies will be required to support energy infrastructure, new technologies and more advanced societies. Our projects at Freeport would provide significant copper, which can be developed from our known resources in jurisdictions where we have an established history and experience. Our projects in Indonesia also benefit from the high gold content that goes along with the copper. Because these projects are brownfield in nature, we benefit from leveraging existing infrastructure and experienced workforce and relationships with key stakeholders to move more quickly with less risk than our greenfield projects.

第 13 頁，我們想向您介紹我們的成長計畫。顯然，為了支持能源基礎設施、新技術和更先進的社會，需要更多的銅供應。我們在弗里波特的計畫將提供大量的銅，這些銅可以利用我們在擁有悠久歷史和豐富經驗的司法管轄區內已知的資源進行開發。我們在印尼的計畫也受惠於銅礦中較高的黃金含量。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、經驗豐富的員工以及與主要利益相關者的關係，以比綠地項目更快的速度、更低的風險推進項目。

We're now entering a period of growth in our Americas business with near- and medium-term opportunities to scale our leach initiatives and double our production at our Bagdad mine. We have longer-term growth in the Safford Lone Star District and an exciting project, as we mentioned at El Abra in Chile. In approaching these projects, we're using innovative approaches to improve efficiencies, reduce costs and capital intensity and work to shorten lead times for our projects.

現在，我們的美洲業務正進入增長期，近期和中期內有機會擴大我們的浸出計劃，並將我們在巴格達礦場的產量翻一番。我們在薩福德孤星區有長期的成長前景，並且有一個令人興奮的項目，正如我們在智利的埃爾阿布拉項目中所提到的那樣。在推進這些專案時，我們採用創新方法來提高效率、降低成本和資本密集度，並努力縮短專案的交付週期。

Our high potential, low-cost innovative leach initiative is a great example of doing this. We've talked about what we've done to date. We've produced over 200 million pounds from this initiative in 2025. We're targeting 300 million pounds in 2026. Some of the progress and milestones that we reached in 2025 was the initiation of deployment in the field of our first internally generated additive at Morenci.

我們極具潛力、成本低廉的創新浸出計畫就是一個很好的例子。我們已經討論了迄今為止我們所做的事情。到 2025 年，我們透過這項計畫已經創造了超過 2 億英鎊的收益。我們的目標是到 2026 年達到 3 億英鎊。我們在 2025 年取得的一些進展和里程碑包括：在 Morenci 啟動了我們首個內部產生的積層製造技術的現場部署。

We've got encouraging results there, and we're planning to adopt it on a broader scale during 2026. We're continuing to be very encouraged by lab testing of additional additives, and those show even greater promise. We have projects in 2026 in our pipeline for the leach project to test injection of heated solutions and our stockpiles, which together with the additives have potential for significant recovery gains.

我們取得了令人鼓舞的成果，並計劃在 2026 年更大規模地採用這種方法。實驗室對其他添加劑的測試結果持續為我們帶來極大的鼓舞，這些添加劑顯示出更大的潛力。我們計劃在 2026 年啟動浸出項目，測試注入加熱溶液和我們的堆料，這些溶液和添加劑有可能顯著提高回收率。

2026, we're looking at as a pivotal year for us in this initiative as we work to scale to 400 million pounds in 2027 and to 800 million pounds by 2030. Our expansion opportunity at Bagdad is advancing toward an investment decision. During the first half of the year, we're planning to advance engineering, retest the economics and work with our vendors to secure fixed pricing on major components. We're also continuing to advance our work on tailings infrastructure to further enhance the optionality on timing.

2026 年，我們將視為這項計劃的關鍵一年，因為我們將努力在 2027 年將規模擴大到 4 億英鎊，並在 2030 年達到 8 億英鎊。我們在巴格達的擴張計畫正朝著投資決策邁進。今年上半年，我們計劃推動工程研發，重新測試經濟效益，並與供應商合作，確保主要零件的固定價格。我們也持續推進尾礦基礎設施建設工作，以進一步增強時間選擇的彈性。

We're continuing our studies on separate Lone Star district, as we mentioned, to evaluate optimal development options. And then at El Abra, we have a great opportunity with our partner CODELCO to develop a large-scale expansion. Our total reserves at El Abra are getting close to the large position we have at Cerro Verde. This is a terrific opportunity for us, and we're looking forward to working with regulators as we commence the permitting process this year. Progress at Kucing Liar is also continuing in Indonesia, and this will allow us to sustain a low-cost, long-term production profile in the Grasberg district.

正如我們之前提到的，我們正在繼續對獨立的孤星區進行研究，以評估最佳開發方案。然後，在埃爾阿布拉，我們與合作夥伴 CODELCO 迎來了一個絕佳的機會，可以進行大規模的擴建。我們在 El Abra 的總儲量正接近我們在 Cerro Verde 的儲量。這對我們來說是一個絕佳的機會，我們期待今年開始審批流程時與監管機構合作。Kucing Liar 在印尼的進展也在持續，這將使我們能夠在格拉斯伯格地區維持低成本、長期的生產模式。

Before we get into our forecast for sales guidance and cost and cash flow, we want to highlight Freeport on slide 14 as America's Copper Champion. 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 back to the late 1800s.

在我們開始預測銷售指導、成本和現金流之前，我們想在第 14 頁重點介紹 Freeport，它是美國的銅業冠軍。Freeport 是美國重要的銅生產商，也是美國銅市場迄今為止最大的貢獻者，其成熟且成功的特許經營權可以追溯到 19 世紀末。

Our operations in the US are fully integrated with smelting and refining facilities and leach processing that efficiently produce refined cathode. Freeport supplies 70% of the refined copper produced in the US. And as we pointed out, a large portion of our reserves, resources and future growth are in the US. We're driving a series of initiatives to enhance our US business through innovation, automation and investment in expanded facilities. These initiatives are designed to add production at a low incremental cost and improve profitability and resiliency of our US business.

我們在美國的營運與冶煉和精煉設施以及浸出處理完全整合，能夠有效率地生產精煉陰極材料。弗里波特公司供應美國70%的精煉銅。正如我們所指出的，我們的大部分儲備、資源和未來成長都在美國。我們正在推行一系列舉措，透過創新、自動化和投資擴建設施來提升我們在美國的業務。這些措施旨在以較低的增量成本增加產量，並提高我們美國業務的獲利能力和韌性。

In an industry where development lead times can span more than a decade, our business in the US is strongly positioned with a potential for an over 50% increase in copper production as we go through the next four to five years. We're very excited about these opportunities, and they -- most of all, they represent a significant value driver for Freeport.

在銅業，開發週期可能長達十年以上，而我們在美國的業務處於強勢地位，未來四到五年內，銅產量預計將成長超過 50%。我們對這些機會感到非常興奮，最重要的是，它們代表著弗里波特公司重要的價值驅動力。

Maree is going to cover our outlook and then we'll circle back and open up the call for questions. Maree?

Maree 將介紹我們的展望，然後我們將回到正題，開放提問環節。瑪麗？

Thanks, Kathleen. If you turn to slide 15, we show our three-year outlook for sales volumes of copper, gold and molybdenum. The plans are very similar to our last update in November. Our 2026 copper sales have been adjusted slightly to address the timing of sales between 2025 and 2026. As indicated, we expect growing volumes in 2027 and 2028 as we reach full recovery at Grasberg. We provide quarterly estimates on page 27 of the reference materials.

謝謝你，凱瑟琳。如果您翻到第 15 張投影片，我們將展示我們對銅、金和鉬未來三年銷售量的展望。這些計劃與我們11月份的上次更新計劃非常相似。為了因應 2025 年和 2026 年之間的銷售時間安排，我們對 2026 年的銅銷售進行了略微調整。如同先前所述，隨著格拉斯伯格礦區全面復甦，我們預計 2027 年和 2028 年產量將持續成長。我們在參考資料第 27 頁提供了季度估算。

We expect to be at a quarterly run rate of approximately 1 billion pounds per quarter in the second half of 2026. The unit net cash costs are expected to average $1.75 per pound for 2026 assuming byproduct credits priced at $4,000 per ounce of gold and $20 per pound for molybdenum. With growing volumes, our first half costs are expected to be above the average for the year, with second half costs approximating $1.25 per pound, which is more reflective of a normalized run rate.

我們預計到 2026 年下半年，季度營收將達到約 10 億英鎊。假設副產品信用額度以每盎司黃金 4,000 美元、每磅鉬 20 美元計算，預計 2026 年單位淨現金成本平均為每磅 1.75 美元。隨著銷售量的成長，我們預計上半年的成本將高於全年平均水平，下半年的成本約為每磅 1.25 美元，這更能反映正常的運行速度。

Flipping to slide 16, putting together our projected volumes and cost estimates, we show modeled results on slide 16 for EBITDA and cash flow at various copper prices ranging from $4 to $6 per pound of copper. These are modeled results using the average of 2027 and 2028 with current volume and cost estimates and holding gold flat at $4,000 per ounce and moly flat at $20 per pound.

翻到第 16 張投影片，綜合我們預測的產量和成本估算，我們在第 16 張投影片上展示了在每磅銅 4 美元到 6 美元的各種銅價下，EBITDA 和現金流的模型結果。這些是使用 2027 年和 2028 年的平均值，結合當前的產量和成本估算，並假設黃金價格維持在每盎司 4,000 美元，鉬價格維持在每磅 20 美元的模型結果。

Annual EBITDA would range from approximately $11 billion per annum at $4 per pound copper to over $19 billion per annum at $6 copper, with operating cash flows ranging from approximately $8 billion per year at $4 to over $14 billion per year at $6 copper. The dotted line shows the 2026 estimates, which reflects the phased ramp-up at Grasberg. These amounts exclude potential recovery under our property and business interruption insurance coverage. The policy provides coverage for up to $700 million for underground losses.

銅價每磅 4 美元時，年度 EBITDA 約為每年 110 億美元；銅價每磅 6 美元時，年度 EBITDA 超過 190 億美元；經營現金流約為每年 80 億美元；銅價每磅 4 美元時，年度 EBITDA 超過 140 億美元。虛線表示 2026 年的預測值，反映了格拉斯伯格分階段增產的情況。這些金額不包括根據我們的財產和營業中斷保險可能獲得的賠償。該保單為地下損失提供高達 7 億美元的賠償。

We show sensitivities to various commodities on the rise. You will note, we are highly leveraged to copper prices, with each $0.10 per pound change equating to approximately $415 million in annual EBITDA in the 2027/2028 periods. We'll also benefit from improving gold prices with each $100 per ounce change in price approximating $120 million in annual EBITDA. 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.

我們對各種上漲商品表現出敏感度。您會注意到，我們的業績與銅價密切相關，每磅銅價每變動 0.10 美元，在 2027/2028 年期間，年度 EBITDA 將變動約 4.15 億美元。我們還將受益於金價上漲，金價每盎司上漲 100 美元，每年 EBITDA 增加約 1.2 億美元。憑藉我們儲量豐富且生產規模龐大的石油資源，我們有能力產生可觀的現金流，為未來的有機成長和基於績效的派息框架下的現金回報提供資金。

Slide 17 shows our current forecast for capital expenditures in 2026 and 2027. Capital expenditures for 2025 totaled $3.9 billion, $0.5 billion below our plan going into 2025 and are expected to approximate $4.3 billion to $4.5 billion in 2026 and 2027. We have added $150 million in capital in 2026 to advance engineering and early works at Bagdad to enhance optionality as we work towards an investment decision targeted in the second half of the year.

第 17 張投影片顯示了我們目前對 2026 年和 2027 年資本支出的預測。2025 年的資本支出總額為 39 億美元，比我們 2025 年的計畫少了 5 億美元，預計 2026 年和 2027 年將達到 43 億美元至 45 億美元左右。我們已於 2026 年追加 1.5 億美元資本，用於推進巴格達的工程和早期建設工作，以增強我們在下半年做出投資決策時的靈活性。

The discretionary projects approximated $1.4 billion in 2025 and are expected to approximate $1.6 billion to $1.7 billion per year in 2026 and 2027, with roughly 50% related to the continual 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 during 2026 and capitalized interest.

2025 年，可自由支配的項目預算約為 14 億美元，預計 2026 年和 2027 年每年預算約為 16 億至 17 億美元，其中約 50% 與格拉斯伯格的持續開發和液化天然氣項目有關。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；預計 2026 年完成的大西洋銅礦循環項目以及資本化利息。

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. These projects are value-enhancing initiatives detailed on slide 37 in our reference material. We continue to carefully manage capital expenditure and we'll continue to deploy capital strategically to projects with the best return and risk reward profile.

自由支配類別反映了我們對新項目的資本投資，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。這些項目是價值提升計劃，詳情請參閱參考資料第 37 頁。我們將繼續謹慎管理資本支出，並將繼續策略性地將資本部署到回報和風險回報比最佳的項目上。

And finally, on slide 18, we reiterate the financial policy priorities centered on a strong balance sheet, cash returns to shareholders and investments in value-enhancing growth projects. Our balance sheet is solid with investment-grade ratings, solid credit metrics and flexibility within our debt targets to execute on our projects. We have no significant debt maturities during 2026 and have substantial flexibility for funding the 2027 maturities. We have distributed $5.7 billion to shareholders through dividends and share purchases and have an attractive future long-term portfolio that will enable us to continue to build long-term value for shareholders. 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 returning cash to shareholders.

最後，在第 18 張投影片中，我們重申了以強勁的資產負債表、向股東返還現金以及投資於提升價值的成長項目為中心的財務政策重點。我們的資產負債表穩健，擁有投資等級、良好的信用指標，並且在債務目標方面具有靈活性，能夠執行我們的專案。我們在 2026 年沒有重大債務到期，並且在 2027 年到期的債務融資方面有相當大的靈活性。我們已透過股利和股票回購向股東分配了 57 億美元，並擁有極具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。我們的全球團隊致力於為公司創造價值，努力有效執行各項計劃，提供資金投資於獲利成長，並向股東返還現金。

Thank you for your attention. We'll now take your questions.

感謝您的關注。現在開始回答各位的問題。

(Operator Instructions) Carlos De Alba, Morgan Stanley.

（操作員指示）Carlos De Alba，摩根士丹利。

Great to see progress in Indonesia. Just wanted to understand maybe a little bit the guidance for the outer years, considering the opportunity in leaching that you have in North America. Does the numbers, your guidance include the leaching reaching around 800 million pounds in 2028 or it is not included in that official guidance?

很高興看到印尼取得進步。我只是想稍微了解一下未來幾年的指導方針，考慮到你們在北美擁有的浸出機會。你們的指導方針中的數字是否包括 2028 年滲透量達到約 8 億磅的情況，還是官方指導意見中並未包含這種情況？

Carlos, we've included in our outlook between 250 million and 300 million in 2026 and have not included anything beyond that for expansion. So it's around the long term, we've got around 250 million pounds in these numbers, and have the opportunity we expect to be at 300 million this year with an opportunity to scale to 400 million in '27 so there's some upside in our numbers, obviously. The slide where we're showing what the potential is getting to 2 billion pounds in the US is -- includes the Bagdad expansion and getting the incremental volumes out of the leach program. So we have the potential to get to roughly 2 billion pounds in the US, but those aren't included in the '27/'28 guidance at this point.

卡洛斯，我們在 2026 年的展望中已經將成長率控制在 2.5 億至 3 億美元之間，除此之外，我們沒有考慮任何擴張計畫。所以，從長遠來看，我們目前的數字約為 2.5 億英鎊，並且有機會在今年達到 3 億英鎊，到 2027 年還有機會擴大到 4 億英鎊，所以我們的數字顯然還有一些上升空間。幻燈片中展示了美國達到 20 億磅的潛在產量——包括巴格達的擴建以及從浸出計劃中獲得的增量產量。因此，我們有可能在美國達到約 20 億英鎊的銷售額，但這些目前還沒有計入 2027/2028 年的業績預期中。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO資本市場。

The unit cash cost in South America are moving higher. Can you maybe elaborate what's going on there? And how we should think about costs there over the next few years?

南美洲的單位現金成本正在上升。您能詳細說明一下那裡發生了什麼嗎？那麼，我們該如何考慮未來幾年在那裡的成本呢？

Yes. Katja, in South America, we're forecasting net cash cost in the $2.58 range on average for 2026. Those are very similar to what we experienced during the fourth quarter of $2.57 per pound. When you look at the comparison to 2025, the increase relates mostly to labor and energy, power costs as well as labor. You've got also a weaker dollar as well. So that's reflective, but it's very similar to what we experienced in the fourth quarter, and we'll carry that run rate forward.

是的。Katja，我們預測 2026 年南美洲的平均淨現金成本約為 2.58 美元。這與我們第四季每磅 2.57 美元的情況非常相似。如果與 2025 年進行比較，成長主要與勞動力和能源、電力成本以及勞動力有關。美元走弱也是一大不利因素。所以這反映了我們目前的狀況，但這與我們在第四節的經歷非常相似，我們將繼續保持這種勢頭。

Alex Hacking, Citi.

Alex Hacking，花旗銀行。

Yes. Thanks, Kathleen, and team. The 2027 target to get cost in the US down to $2.50 a pound. Could you maybe elaborate on how you plan to get there? Because cost last year was around $3.10, you're guiding for around $3 next year -- sorry, $3 this year, even with a nice increase in US production. Like how is -- how are you getting another $0.50 out by 2027?

是的。謝謝凱瑟琳和她的團隊。目標是到 2027 年將美國的成本降至每磅 2.50 美元。您能否詳細說明您打算如何到達那裡？因為去年的成本約為 3.10 美元，所以你預計明年的成本約為 3 美元——抱歉，是今年的 3 美元，即使美國產量大幅增長。比如說——你們打算如何在 2027 年前再賺回 0.50 美元？

It's really a target, and it assumes that we are successful with scaling our leach opportunity as well as continuing to drive efficiencies within the US business. So it's really coming from adding volumes at a low incremental cost. We have a number of initiatives, not only in the leach initiative, but we have a number of initiatives really as we look at our US operations focused on minimizing downtime, improving and just improving all of the efficiencies. And so we have really an opportunity to increase our volumes, basically with the same operating rates that we have today. So that's the target that we have and bringing in lower cost volumes will bring down the average.

這實際上是一個目標，它假設我們能夠成功擴大浸出業務規模，並繼續提高美國業務的效率。所以，這實際上是透過以較低的增量成本增加產量來實現的。我們有很多舉措，不僅在浸出計劃方面，而且在我們審視美國業務時，我們還有很多舉措，重點是最大限度地減少停機時間，提高所有效率。因此，我們確實有機會在保持與目前相同的營運速度的情況下提高產量。這就是我們的目標，引入低成本的產量將降低平均成本。

Bob Brackett, Bernstein Research.

Bob Brackett，伯恩斯坦研究公司。

I'd like to talk about slide 14 where you highlight America's copper champion. We think rough numbers, the US consumes 4 billion pounds of copper, 2 billion of which is imported. In that context, if you look at your targets, you'd be adding -- rounding up 0.8 billion of that 2 billion of imports, which is a significant amount of those imports. And I'll highlight that leach initiatives deliver refined copper, not concentrate. So I guess the question would be, can you do more, but also the question is, how do you focus on this target in light of what copper tariffs could be going forward? Is that driving this production or just the unit economics in any world driving this production target?

我想談談第 14 張幻燈片，您在那裡重點介紹了美國的銅業冠軍。我們粗略估計，美國每年消耗 40 億磅銅，其中 20 億磅是進口的。在這種情況下，如果你看一下你的目標，你會發現你還要增加——將 20 億進口額向上取整到 8 億，這在這些進口額中是一個相當大的數字。我還要強調一點，浸出製程生產的是精煉銅，而不是銅濃縮物。所以我想問題在於，你還能做得更多嗎？但同時，問題也在於，考慮到未來銅關稅可能的變化，你如何專注於實現這個目標？是這種生產方式驅動了生產，還是任何情況下單位經濟效益只是驅動生產目標的因素？

Thanks for those comments and to highlight the leach initiatives. The exciting thing about these opportunities for us is that we're able to -- with success, and we've got to have success on our additive work and with the heat injections that we're trialing this year. With success, the incremental cost of these pounds of copper that we're bringing on are very low cost relative to the cost of what you'd have to do to actually mine the material and take it all the way through a smelter. So these are very low incremental cost pounds.

感謝您的評論，並感謝您重點介紹了滲濾措施。對我們來說，這些機會最令人興奮的地方在於，我們能夠——並且必須成功地——在我們的積層製造工作和我們今年正在試驗的熱注入方面取得成功。如果成功，我們獲得的這些銅的增量成本相對於開採這種材料並將其送入冶煉廠所需的成本而言非常低。所以這些增量成本非常低。

They do not require significant capital. We already have the material that's been mined and it's really the processing piece and sending some incremental dollars to improve recoveries is what we're targeting. So that is really a very exciting value creation opportunity for us when you're talking about adding these kinds of volumes in a relatively short period of time.

它們不需要大量資金。我們已經有了開採出來的材料，現在真正的問題是加工環節，我們的目標是投入更多資金來提高回收率。因此，在相對較短的時間內增加如此大的業務量，對我們來說確實是一個非常令人興奮的價值創造機會。

When you think about copper projects taking 10 years or more, if we're successful here, we can be adding a new mine with very, very low operating cost and very insignificant capital expenditures. So that's a real opportunity for us. The Bagdad project is more of a conventional opportunity. As we've talked about, we've got a very significant reserve there. And what we have been talking about for a number of years now is the opportunity to build new processing facilities and bring that value forward, and we've been doing work on enhancing the optionality of that project.

考慮到銅礦項目通常需要 10 年或更長時間，如果我們在這裡取得成功，我們就可以以非常非常低的營運成本和非常少的資本支出新建一座礦場。所以這對我們來說是一個真正的機會。巴格達計畫更像是一個常規的機會。正如我們之前討論過的，我們在那裡擁有非常可觀的儲備。多年來，我們一直在討論的是建造新的加工設施並創造價值的機會，我們也一直在努力提高這個項目的可行性。

And as we look at that project today, it requires roughly a $4 average copper price to justify the investment. And of course, copper prices are higher, much higher than that today and support the project, we look at a broad range of projects of copper prices when we qualify a project. But this is one we want to put our infrastructure where we have big reserve positions, and this is one where we believe should be developed and can be developed within a short time frame. And so we're working to make sure that we have our arms around the capital and that we can execute the project efficiently. But that will be a nice addition also to domestic production in the US.

如今我們再來看這個項目，需要銅價平均每盎司達到 4 美元左右才能證明這項投資的合理性。當然，銅價現在更高，比現在高得多，這對項目有支撐。我們在評估一個項目時，會考慮各種銅價因素。但我們希望將基礎設施建設投入到我們擁有大量儲備資源的地方，而且我們認為這個地方應該開發，並且能夠在短時間內開發完成。因此，我們正在努力確保我們掌握足夠的資金，並能夠有效地執行該專案。但這對於美國的國內生產來說也是一個不錯的補充。

We're not really looking at tariffs to support this investment. We're -- because it's hard to predict what those are. We're just really looking at a broad range of absolute prices and how we can deliver a low operating cost mine and improve resiliency in the US.

我們並沒有考慮透過關稅來支持這項投資。因為我們很難預測那些是什麼。我們真正關注的是各種絕對價格，以及如何在美國打造營運成本低的礦場並提高其韌性。

Great. A quick follow-up would be, in the past, you've talked about the next phase of leaching as being a Phase 3. In today's presentation, you're starting to take that Phase 3 and tell us specifically how you're going to achieve it. Should I interpret that to mean that your level of conviction in the 600 million-pound target has increased over the last year or so?

偉大的。還有一個後續問題，您之前曾將浸出的下一階段稱為第三階段。在今天的演講中，您將開始進入第三階段，並具體告訴我們您將如何實現它。我是否可以理解為，在過去一年左右的時間裡，您對實現 6 億英鎊目標的信心有所增強？

Certainly, with the additive work that we've done, prior to this past year, we were doing mostly lab testing. Now we're doing more work in the field where we're actually deploying additives on stockpiles in the field. We're going to be doing that on a broader basis during 2026, and we've advanced these heat projects where essentially, we're taking the solutions that we apply on the stockpiles and heating those solutions as injecting heat into the stockpiles.

當然，在我們過去一年所做的積層製造工作中，我們主要做的是實驗室測試。現在我們正在進行更多工作，實際在現場的庫存中部署添加劑。我們將在 2026 年更廣泛地開展這項工作，並且我們已經推進了這些熱能項目，本質上，我們將應用於堆場的解決方案加熱，從而將熱量注入堆場。

And so the -- what I say is 2026 is a pivotal year for us because we should have results on how heat and additives combined, and that really will set us up for scaling the opportunity. But you're right, we've made really good progress, particularly on the additives. We're excited to test this heat opportunity both at Morenci and El Abra this year, and that's going to be very informative to us on our path.

因此，我認為 2026 年對我們來說是關鍵的一年，因為我們應該會得到關於熱量和添加劑結合使用效果的結果，這將真正為我們擴大規模創造機會。但你說得對，我們確實取得了很大的進展，尤其是在添加劑方面。我們很高興今年能在莫倫西和埃爾阿布拉測試這種高溫天氣，這將對我們的發展道路非常有幫助。

But we've made a lot of progress in converting some of the R&D work to early positive results. So the additive we end up with will likely be a little different than the additive we're using today. Additive we're using today is performing well. It is giving us incremental production. But we do believe, based on what we've been seeing in the lab that we'll use a variety of additives depending on the stockpiles to drive the best recoveries that we can get. And we really think we're on to something. We've got a little work to do, but this is a huge value creator for Freeport, particularly in our US business.

但是，我們在將一些研發成果轉化為早期正面成果方面取得了很大進展。因此，我們最終得到的添加劑可能與我們今天使用的添加劑略有不同。我們目前使用的添加劑性能良好。它為我們帶來了增量生產。但根據我們在實驗室觀察到的情況，我們相信，我們將根據庫存情況使用各種添加劑，以獲得最佳回收率。我們真的覺得我們找到了正確的方向。我們還有一些工作要做，但這對自由港來說是一個巨大的價值創造者，尤其是在我們的美國業務方面。

Lawson Winder, BofA Securities.

Lawson Winder，美國銀行證券。

Thank you very much, operator. And Kathleen, thank you for today's update. If I could just pick up on some of the comments you made on Bagdad 2x, can you maybe give us a sense of a more precise timing this year for the update that would be one. And then thinking about the CapEx, I mean, the slides highlight that the CapEx is still under review.

非常感謝接線生。凱瑟琳，謝謝你今天提供的最新消息。如果我可以就您在 Bagdad 2x 上發表的一些評論進行一些探討，您能否給我們一個關於今年更新的更精確時間的提示？然後，關於資本支出，我的意思是，幻燈片顯示資本支出仍在審查中。

What we've been seeing in the industry over the past several years is typical CapEx inflates at about 5% per year versus the 2023 $3.5 billion, is that like a reasonable way to think about what's the level of CapEx inflation. And then are there any changes to the plan being contemplated with this latest updated study that could potentially change the approach of the overall mine plan for the CapEx?

過去幾年我們在業界看到的現像是，典型的資本支出每年上漲約 5%，而 2023 年的資本支出預計為 35 億美元。這種衡量資本支出通膨水準的方式是否合理？那麼，根據最新的更新研究，正在考慮的計劃是否有任何變化，可能會改變資本支出方面的整體礦山計劃的方法？

And then just finally, I mean, you highlight the attractiveness of this project at the current copper price given that it works at $4. I mean outside of the copper price, I mean, what other factors will you consider when thinking about approving this project potentially later this year? So I know that's sort of four questions, but really just about Bagdad 2x and a few more details on that project.

最後，我的意思是，考慮到該項目在當前銅價為 4 美元的情況下能夠運作，您強調了該項目的吸引力。我的意思是，除了銅價之外，您在考慮今年稍後批准該項目時還會考慮哪些其他因素？我知道這有點像四個問題，但實際上只是關於 Bagdad 2x 以及該專案的一些其他細節。

Okay. So as you pointed out, we -- the $3.5 billion for the project was based on work that we had done at the end of 2023. And what we're doing in the first half of this year is continuing our engineering work and actually getting to a point where we can have enough of the engineering done to go out to our vendors to actually get fixed pricing. So that's really where we want to put ourselves as we go through the next six months, so that we have more concrete bids on what the project will cost.

好的。正如你所指出的，我們——該項目的 35 億美元是基於我們在 2023 年底所完成的工作。今年上半年，我們將繼續推動工程研發工作，爭取完成足夠的工程研發成果，以便與供應商協商決定固定價格。所以，在接下來的六個月裡，我們希望將自己定位在這個位置，以便對專案的成本做出更具體的報價。

And so we're looking to make a decision on the project in -- when we had this information at midyear. And so we don't know the answer to your question yet about this 5% per annum. We know there is cost inflation. We've been trying to assess whether the tariffs will have any impact on some of the components that are involved here. And we'll continue to do value engineering to try to keep the capital intensity of the project as low as possible.

因此，我們打算在年中掌握這些資訊後，就該專案做出決定。所以，關於這5%的年利率，我們目前還無法回答您的問題。我們知道存在成本上漲。我們一直在試圖評估關稅是否會對其中涉及的某些組成部分產生任何影響。我們將繼續進行價值工程，努力將專案的資本密集度降至最低。

But we want to do enough front-end work so that when we qualify the project for investment, we can deliver and execute on that plan. And that's what we're working on in the first part of this year. We're also doing some work on the power infrastructure and making some deposits there. So we've added $150 million in capital associated with this project that will put us in a position to make a decision.

但我們希望做好足夠的前期工作，以便在專案獲得投資資格時，能夠交付並執行該計劃。這就是我們今年上半年正在努力的方向。我們也在電力基礎設施方面進行一些工作，並在那裡進行一些存款。因此，我們為該項目追加了 1.5 億美元的資金，這將使我們能夠做出決定。

In terms of the factors that we are looking at in addition to copper price, and we want to look at the long term and the range of prices and how this project would perform, we also want to make sure that we have the right workforce setup, and we've been investing in infrastructure. Labor has been -- Labor's been a challenge in the US, and that's what's partially what drove us to go into autonomous during 2025 to set up better optionality for Bagdad for expansion in the future.

除了銅價之外，我們還在考慮其他因素，例如長期價格波動範圍以及該專案的運作。此外，我們也希望確保擁有合適的勞動力隊伍，並且我們一直在投資基礎設施。勞動力一直是美國的一大挑戰，這也是促使我們在 2025 年實現自主運作的部分原因，以便為巴格達未來的擴張創造更好的選擇。

We want to optimize the performance of the autonomous fleet. We're not getting exactly what we expected to get from the performance of the autonomous fleet, but we've got progress in ongoing to get us to a point where we're comfortable that the autonomous fleet is capable of running at these higher rates. So we've got some other things going on to derisk the plan as we go through the first half.

我們希望優化自動駕駛車隊的性能。自動駕駛車隊的性能並沒有完全達到我們的預期，但我們正在不斷取得進展，以期達到我們確信自動駕駛車隊能夠以更高速度運行的程度。所以，在計畫實施的前半段，我們也採取了一些其他措施來降低風險。

But those are the major factors is confidence in our ability to execute the capital plan, confidence in our ability to operate efficiently. Part of the goal here in addition to bring on additional volumes is to bring on those volumes at a lower incremental cost than our current cost and take advantage of efficiency. So that work we're going to be doing as well over the next several months as we get to an investment decision. But this is a project that is pretty straightforward. It's a relatively short lead time.

但這些主要因素是對我們執行資本計畫能力的信心，對我們高效營運能力的信心。除了增加產量之外，我們的部分目標還在於以低於當前成本的增量成本增加產量，並利用效率優勢。因此，在接下來的幾個月裡，我們也將繼續進行這項工作，直至做出投資決定。但這是一個非常簡單的項目。準備時間相對較短。

And we just want to make sure that we can deliver on the economics that we set up at the start Cory Stevens is on the call. And Cory, anything that you want to add there either on the Bagdad expansion, the leach initiative or our focus on bringing down our unit cost in the US. We'd be happy to see if you have any insights that you want to add to that?

我們只是想確保能夠實現我們一開始設定的經濟目標。科里·史蒂文斯正在參加電話會議。科里，你還有什麼想補充的嗎？無論是關於巴格達擴建、浸出計劃，或是我們致力於降低美國單位成本的重點。我們很樂意聽聽您是否有任何見解想要補充？

No, I appreciate that, Kathleen. And yes, just to comment on the Bagdad work, team is super energized. We're working through a lot of the incoming infrastructure requirements and designs and long lead items from like power upgrades and so forth. So -- and then in parallel, like we talked about, the autonomous work very inspiring. It's still early days there. We really only went full autonomous late in the summer. So there's a bit of a learning curve there, but we're on a good track, and the team is going to figure that out as we go forward.

不，我很感激，凱瑟琳。是的，關於巴格達的工作，團隊士氣高昂。我們正在處理許多即將到來的基礎設施需求和設計，以及電力升級等需要較長交付週期的項目。所以——然後，正如我們之前討論過的，自主工作非常鼓舞人心。現在還處於起步階段。我們真正實現完全自主營運是在夏末。所以這方面確實需要一些學習時間，但我們正走在正確的道路上，團隊會在前進的過程中解決這個問題。

On the lead side, the ramp-up is really based on a lot of the initiatives that are coming to pass this year. Heat, we talked about at Morenci, at El Abra, those are big demonstration activities going on there. And then yesterday, as a matter of fact, we started another leach stockpile at our New Mexico operation at Chino. And there, we're using chemical heat. So we turned that one of the perfect pile, it's an engineered heat that we've built confidence around our lab work there that's really giving us a lot of excitement there that really can facilitate not only a benefit to Chino but could change the way that we design future stockpiles going forward to enhance the ultimate activity that's coming out of those. So lots of moving parts, lots of activities, more to come this year.

在領導企業方面，產能提升主要取決於今年即將實施的多項措施。我們在莫倫西和埃爾阿布拉都談到了高溫問題，那裡正在進行大規模的示威活動。事實上，就在昨天，我們在新墨西哥州奇諾的工廠又啟動了一個新的浸出堆。在那裡，我們使用的是化學加熱。因此，我們創造了一個完美的堆，這是一種精心設計的加熱方式，我們在實驗室工作中建立了信心，這真的讓我們非常興奮，這不僅可以為奇諾帶來好處，而且可以改變我們未來設計庫存的方式，從而增強這些庫存的最終用途。所以有很多環節需要協調，有很多活動，今年會有更多活動推出。

Bill Peterson, J.P. Morgan.

比爾彼得森，摩根大通。

It sounds like Indonesia is on track with the timing guidance from last year. I was wondering if you can add any incremental lessons learned at Grasberg since the November update. You called PB 2 and 3 as scheduled for 2Q of '26. Any further granularity you could provide on timing where it could land in the quarter what would make it come in faster versus extended?

聽起來印尼的進度與去年的預期一致。我想知道自 11 月更新以來，Grasberg 是否有任何新的經驗教訓可以分享。您已按計劃在 2026 年第二季對 PB 2 和 3 進行了呼叫。您能否提供更詳細的時間信息，例如它可能在本季度哪個階段上市？哪些因素會促使它更快上市，哪些因素會延長上市時間？

Thank you. And Mark Johnson's on the line, and he can add to these comments, but we did an update in mid-November on the investigation and we have learned a lot. And as I mentioned, we are adopting the recommendations from the investigation. The plan in terms of what we laid out in that time frame in November is very much the same. We've been executing on that plan. We've been achieving the results.

謝謝。馬克約翰遜現在也在電話那頭，他可以補充這些評論，但我們在 11 月中旬更新了調查進展，我們已經了解了很多情況。正如我之前提到的，我們正在採納調查報告中的建議。就我們11月份制定的計劃而言，目前的情況與現在基本相同。我們一直在執行這項計劃。我們一直都取得了成果。

As we mentioned, the mud removal in the -- within the mine workings has gone well, and we're 97% of what we need to be to start up production Blocks 2 and 3. We've just completed a cement pour at one of these protective barriers that we talked about that's needed to restart production Block 2 and 3. And so the work that we're doing between now and start-up really is related mostly to infrastructure. Now that we have these plugs in, we'll be able to advance that pour. But we haven't given a specific date within the first -- within the second quarter, but we would expect it would be in the first half of the second quarter at this point, and we're on track to do that.

正如我們之前提到的，礦井作業區內的泥漿清除工作進展順利，我們已經完成了啟動 2 號和 3 號區塊生產所需工作的 97%。我們剛剛完成了其中一個防護屏障的水泥澆築，這是我們之前討論過的，也是重啟 2 號和 3 號區塊生產所必需的。因此，從現在到公司成立之間我們所做的工作，實際上主要與基礎設施有關。現在這些塞子都裝好了，我們就可以繼續澆築了。但我們還沒有給出第一季或第二季內的具體日期，但目前來看，我們預計會在第二季上半年完成，而且我們正按計劃推進。

And Mark, I don't know if you want to add anything about that and also add maybe any comments about the overall risk management we're doing on mud removal from the surface.

馬克，我不知道你是否想就此補充什麼，或者對我們正在進行的地面淤泥清除的整體風險管理提出任何意見。

Yes. The plan, as you stated, that we came up in November, the team's done a great job of executing that. It's primarily driven at first, with the cleanup of the mud. That is essentially complete for the PB 2 PB 3 start-up. Obviously, there were some challenges there that a lot of -- it's not -- it's kind of a unique work environment. We dealt with some localized training issues required pumping and the team was quick to respond.

是的。正如你所說，我們在11月份制定的計劃，團隊在執行方面做得非常出色。首先主要是開車，然後清理泥濘。PB 2 PB 3 的啟動已基本完成。顯然，那裡存在一些挑戰，而且——這不是——那是一種獨特的工作環境。我們處理了一些局部訓練問題，需要一些調整，團隊反應迅速。

Very happy also with the response from some of our key suppliers. A lot of this infrastructure that we're building is the communication systems that allow us to do the remote mining. So our suppliers on that end have risen to the challenge, so we don't see any problem with the supply chain side of things. We continue to work with our consultants and verify our plan, make it more robust. We're looking at some new tools for our cave management that will also play into how we look and mitigate risk and all of that's progressing quite well.

我們對一些主要供應商的回應也感到非常滿意。我們正在建造的許多基礎設施都是通訊系統，這些系統使我們能夠進行遠端採礦。因此，我們那邊的供應商已經迎接了挑戰，所以我們認為供應鏈方面沒有任何問題。我們繼續與顧問合作，核實我們的計劃，使其更加完善。我們正在研究一些新的洞穴管理工具，這些工具也將影響我們如何看待和降低風險，所有這些進展都相當順利。

Really, I don't see any real hurdles at this point to be able to start up as we planned, any variation, I think, will be relatively minor plus and minuses. I think it's a very solid plan to start up. The ramp up is something that we've spent time looking at as well. We have good history on that as to how we'll reopen some of these draw points, do it in a very cautious and safe manner, step-by-step and observe and adjust as we go.

說實話，我覺得目前為止按計劃啟動不會遇到任何真正的障礙，任何偏差，我認為，都只會是相對較小的優勢和劣勢。我認為這是一個非常穩健的創業計劃。我們也花了不少時間研究產能提升的問題。我們在這方面有很好的經驗，可以指導我們如何重新開放這些抽水點，我們會非常謹慎、安全地一步一步地進行，並根據情況進行觀察和調整。

So anyway, I'm very happy with the overall progress and where we are today. So PB 2 and PB 3 is the lion's share of our production. And then obviously, we're also working towards the PB 1 area restart.

總之，我對整體進展以及我們目前所處的位置都非常滿意。因此，PB 2 和 PB 3 占我們產量的絕大部分。顯然，我們也在努力重啟 PB 1 區域。

Liam Fitzpatrick, Deutsche Bank.

利亞姆·菲茨帕特里克，德意志銀行。

Just a couple of follow-up questions on the GBC profile. It sounds like the initial start-up for 2026 are going to plan. But in terms of 2027, is it possible that PB 1S could be brought forward ahead of the mid-2027 start-up that you have? And then for PB 1C, if you conclude that you can't restart production from that block, do you have the flexibility to open up other areas and bring those into production also by late 2027?

關於GBC簡介，還有幾個後續問題。聽起來2026年的初期啟動計畫進展順利。但就 2027 年而言，PB 1S 是否有可能提前到您計劃的 2027 年中期啟動？那麼對於 PB 1C，如果您最終認為無法從該區塊重新啟動生產，您是否有靈活性來開放其他區域，並在 2027 年底之前也使這些區域投入生產？

We haven't -- with respect to our plans for PB 1, the work that we've done to lay out this plan, we're continuing to expect that production Block 1 South will be a mid-'27 start-up. And then we're going to continue to evaluate the PB 1C. Our focus really is getting up and running that we're talking about during 2026.

就我們 PB 1 的計劃而言，我們還沒有——我們為製定該計劃所做的工作，我們仍然預計 Block 1 South 的生產將於 2027 年中期啟動。然後我們將繼續評估 PB 1C。我們真正的重點是確保我們在 2026 年順利啟動並運行。

And as we go through and in parallel, we're working on. But our focus for the current period is to get the substantial amount of production restored and then we'll look to see how to optimize and enhance it. But we're not -- at this point, not looking at advancing PB 1 south. But we'll be in a position to continue to evaluate that as we go. With the question about the PB 1C, do you want to comment on that? If we decide not to go back into PB 1C.

同時，我們也在同步進行以下工作。但我們目前的重點是恢復大部分產能，然後再考慮如何優化和提高產能。但是，目前我們還沒有考慮將 PB 1 向南推進。但我們會根據實際情況繼續評估。關於PB 1C的問題，您想發表一下看法嗎？如果我們決定不回到 PB 1C。

Yes. We have some other -- we haven't had to face this yet, but some of the other opportunities there would be to change our sequence and go to PB 1 North. We also have some options to incrementally add production from Deep MLZ. It would be at a lower grade if we did that. And the potential would be to continue to develop and ramp up PB 2, PB 3 beyond what we have in our plans. But all of those are forward looking. We don't have any -- our plan is still to proceed as we've shown.

是的。我們還有一些其他的機會——我們還沒有遇到過這種情況，但其他一些機會包括改變我們的順序，前往 PB 1 北。我們也可以透過一些方式逐步增加來自 Deep MLZ 的生產。如果我們那樣做，它的等級就會降低。而且，PB 2、PB 3 的開發和規模擴大還有可能超出我們計畫的範圍。但所有這些都是著眼於未來的。我們沒有任何異議——我們的計劃仍然是按照我們已經展示的那樣繼續進行。

On slide 31, a lot of those initiatives there on the mud removal are focused on PB 1. So the execution of those and the results of those will very much drive how we look at what our options or what our future plans may look like.

在第 31 張投影片中，許多關於清除淤泥的舉措都集中在 PB 1 上。因此，這些措施的執行情況和結果將極大地影響我們如何看待我們的選擇或我們未來的計劃。

Just a quick follow-up. If you wanted to do PB 1, you could bring that in around a similar time, late '27 early 2028.

再補充一點。如果你想做 PB 1，你可以在 2027 年底到 2028 年初這段時間左右完成。

Yes. We'd have to do some different development. It's a change in the sequence. It would be something that we'd have to work through. We've talked about it at a high level, but we don't have anything firm.

是的。我們需要進行一些不同的開發工作。這是順序上的改變。這是我們需要共同努力解決的問題。我們已經就此進行過高層次的討論，但目前還沒有任何確切的結論。

And I'd hate to -- until I have that, I'd hate to respond on the timing, but we've got a lot of development capability. It's not -- it's adjacent to what we're already doing. We were in the process of developing all of the infrastructure around that. So that would be an option, but we don't have any firm plans.

在我掌握相關資訊之前，我不想就時間安排做出回應，但我們擁有強大的研發能力。並非如此——它與我們正在做的事情密切相關。我們當時正在圍繞這個主題開發所有基礎設施。所以這會是一個選擇，但我們目前還沒有任何具體的計劃。

Timna Tanners, Wells Fargo.

蒂姆娜·坦納斯，富國銀行。

Wanted to ask in light of the sharp move in copper lately, if you have any fresh thoughts about the recycling opportunity. I know that you have an opportunity -- have that plan and program at Atlanta Copper. Are there other potential initiatives that could leverage secondary material?

鑑於最近銅價的劇烈波動，我想問您對銅的回收有何新的看法。我知道你有一個機會——在亞特蘭大銅業公司製定計劃和方案。還有其他可以利用二手材料的潛在方案嗎？

And then along those same lines, any thoughts on substitution, copper for silver in solar, but also aluminum for copper in other applications, it would be great to get your thoughts.

同樣地，對於替代材料，例如太陽能領域用銅代替銀，以及其他應用領域用鋁代替銅，您有什麼想法嗎？非常希望聽到您的意見。

You pointed out the circular project that we're doing in Spain at our facility in Atlanta Copper, where we're completing a project to process scrap from electronics. So it's got a lot of precious metals associated with it. And so that project, we're completing the middle of this year. We do some scrap processing in the US at our existing facilities. It's not -- we follow that business but it's not the core of what we do.

您提到了我們在西班牙亞特蘭大銅業公司工廠正在進行的循環經濟項目，我們正在那裡完成一個處理電子廢料的項目。所以它與許多貴金屬有關。所以這個項目，我們將在今年年中完成。我們在美國現有的工廠進行一些廢料加工。並非如此——我們關注這個產業，但它並不是我們業務的核心。

Our core really is around producing mining and processing what we find, but we'll look on the margin, if there's an opportunity, but it's not our -- obviously not our business. In terms of substitution, that is a topic that people have talked -- long talked about. We believe that the properties of copper because of its superior conductivity are compelling.

我們的核心業務是開採、生產和加工我們發現的礦產，但如果有機會，我們也會關注其他領域，但這顯然不是我們的主要業務。就替代品而言，這是一個人們已經談論很久的話題。我們認為，銅優異的導電性使其具有強烈的吸引力。

When you talk about data centers and that sort of thing, copper still is a very, very important component of data centers. There will be substitution and thrifting as prices rise. But when you look at the big picture, you still need a lot more copper to be able to support the demand, the secular demand trends that are ongoing. So we are very confident that copper will still be viewed as a superior metal really from conductivity, recognizing that there will be thrifting, there will be substitution that takes place as that relative value changes.

談到資料中心之類的東西，銅仍然是資料中心非常非常重要的組成部分。隨著物價上漲，人們會開始尋找替代品並節省使用舊物。但從宏觀角度來看，為了滿足需求，滿足持續的長期需求趨勢，仍需要更多的銅。因此我們非常有信心，銅仍將被視為一種優良的金屬，這主要歸功於其優異的導電性。當然，我們也意識到，隨著相對價值的變化，會出現節省成本和替代的情況。

This is Richard. That's inevitable, but it will be in the context of a higher copper price.

這是理查德。這是不可避免的，但前提是銅價上漲。

Brian MacArthur, Raymond James.

Brian MacArthur，Raymond James。

Two questions on Indonesia. First, in the fourth quarter, I see there's no export duties, but when I look at your guidance going forward, TCs are up to $0.43 versus historical levels. Can you just tell me how you're accounting for that, whether there are export duties in that guidance going forward? Or what's going on or whether that's just inter-transfer of costs as you go to the new smelter as things ramp up.

關於印尼的兩個問題。首先，我看到第四季沒有出口關稅，但當我查看你們未來的指引時，貿易成本比歷史水準高出 0.43 美元。您能告訴我您是如何考慮這個問題的嗎？未來的指導方針中是否會涉及出口關稅？或者，這究竟是怎麼回事？或者，隨著業務的逐步推進，轉移到新冶煉廠的過程中，成本會發生轉移嗎？

And my second question has to do with KL. Obviously, it's getting bigger. Is that all additive post 2030, i.e. the higher production at KL, you still have the mill capacity. You don't have to do anything, and I see capital has gone up. Is that just inflation? Or is that given the KLR is a little more complicated and you have to do something else?

我的第二個問題與吉隆坡有關。很明顯，它越來越大了。2030 年後所有添加劑都用完了嗎？也就是說，吉隆坡工廠的產量會更高，你們還是有工廠的產能。你什麼都不用做，而且我看到資本已經漲了。那隻是通膨嗎？還是因為 KLR 的引擎比較複雜，需要採取其他措施？

In terms of the question around export duties, we're no longer exporting concentrates. And so we don't have any export duties in our numbers. The TC number is really just the internal smelter costs, the operation of the existing smelter as well as the tolling fees that we pay the operating cost of the new smelter and the tolling fees we pay at PT smelting. So they really kind of internal costs. Of course, it doesn't include when you're comparing selling concentrate to a third party that rate reflects all of the byproducts in the free metal.

關於出口關稅的問題，我們已不再出口濃縮物。因此，我們的數據中沒有包含任何出口關稅。TC 數值實際上只是冶煉廠的內部成本、現有冶煉廠的營運成本以及我們支付的加工費、新冶煉廠的營運成本以及我們在 PT 冶煉廠支付的加工費。所以它們實際上屬於內部成本。當然，當你將精礦出售給第三方時，價格並不包含遊離金屬中的所有副產品，因為該價格反映了遊離金屬中的所有副產品。

So going forward at PT-FI, you're going to have the cost of the smelter in that processing line, the TC/RC line. But all the benefits that you get from the free metal, the byproducts, et cetera, will be in the revenue line. So it's a little different than historically when we've been just selling most of our concentrates. That -- and Brian, we can follow up more with you on that if I didn't fully answer it.

因此，PT-FI 的未來發展將涉及此加工生產線（TC/RC 生產線）中冶煉廠的成本。但是，從免費金屬、副產品等獲得的所有收益都將計入收入。所以這和以往我們主要銷售濃縮物的情況略有不同。布萊恩，如果我沒有完全回答你的問題，我們可以就此再跟你討論一下。

But on the Kucing Liar, this is actually a positive here. We've been looking for some time at what's optimal between Grasberg Block Cave and Kucing Liar operating rates to look at what is optimal from an NPV standpoint and as you know, the footprint of KL is very big and a lot of it was carrying forward after 2041. But in looking at the Grasberg Block Cave and Kucing Liar and the need potentially to invest in pyrite handling and processing facilities for certain types of ore, we developed a plan that allowed us to defer a significant amount of pyrite processing that would have been associated with Grasberg Block Cave and actually defer that out. And so you see rates going from where we were projecting 90,000 tons a day to 130,000. So we've added production from KL. Grasberg Block Cave is slightly smaller. All of this is just timing because with an extension, we'll get those reserves over time. But this plan allows us to defer processing for pyrite.

但就「貓騙子」而言，這實際上是一個積極的信號。我們一直在研究格拉斯伯格塊式崩落法和古京謊言法兩種開採方式的最佳方案，以從淨現值角度考察最佳方案。如你所知，古京謊言法的佔地面積非常大，而且很多項目都延續到了 2041 年以後。但是，在考察格拉斯伯格崩落法礦和庫欽利爾礦，以及可能需要投資建設某些類型礦石的黃鐵礦處理和加工設施時，我們制定了一項計劃，使我們能夠推遲與格拉斯伯格崩落法礦相關的相當數量的黃鐵礦加工，並實際上推遲了這些加工。因此，您可以看到產量從我們之前預測的每天 9 萬噸增加到每天 13 萬噸。因此，我們增加了吉隆坡的生產。格拉斯伯格岩洞規模略小。這一切都只是時間問題，因為透過延期，我們最終會獲得這些儲備。但這項計畫允許我們延後黃鐵礦的處理。

Got it. So you wouldn't have to make -- I mean, the mill will be, what, 240 or whatever at its max, like it used to be before. You're just substituting A for B in this process.

知道了。這樣你就不用——我的意思是，磨機的最大轉速大概是 240 轉/分，或者更高，就像以前那樣。在這個過程中，你只是用 A 取代了 B。

Right. Exactly. And what it allows us to do is defer the time frame when we need to spend capital on the pyrite handling.

正確的。確切地。這樣一來，我們就可以推遲在黃鐵礦處理上投入資金的時間。

Great. And just back -- we can take the rest of it offline. But just that $0.43 for Indonesia this year for treatment charges, is that what -- is that inflated this year because we have a lower production rate and it's a ramp up, i.e., on an ongoing basis? Would it be better than that?

偉大的。然後就返回——我們可以把剩下的部分離線處理。但今年印尼的加工費是 0.43 美元，這是不是因為今年的產量較低，而且正在逐步提高產量，所以價格被提高了？會比那更好嗎？

Yes.

是的。

And I will now turn the call back over to management for any closing comments.

現在我將把電話轉回給管理階層，請他們作總結發言。

Thanks, everyone, for participating, for your questions. And if you have any follow-ups, David Joint is available and our management team is available and we look forward to reporting on our progress as we go through the year.

感謝大家的參與與提問。如果您有任何後續問題，David Joint 和我們的管理團隊隨時為您服務，我們期待在今年的工作中向您報告進度。

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

女士們、先生們，我們今天的演講到此結束。感謝您的參與。您現在可以斷開連線了。