費利浦·麥克莫蘭銅金 (FCX) 2026 Q1 法說會逐字稿

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

各位女士、先生，感謝您稍候，歡迎參加 Freeport-McMoRan 第一季電話會議。（接線員指示）

I would now like to turn the conference over to Mr. David Joint, c. Please go ahead, sir.

現在我想將會議交給 David Joint 先生，c。先生，請開始。

Good morning, everyone, and welcome to the Freeport conference call. Earlier this morning, FCX reported its first-quarter operating and financial results. A copy of today's press release with supplemental schedules and slides are available on our website, fcx.com.

各位早安，歡迎參加 Freeport 電話會議。今天稍早，FCX 已公布第一季營運與財務結果。今日新聞稿（含補充附表）及簡報投影片可於我們的網站 fcx.com 取得。

Today's conference call is being broadcast live on the Internet. Anyone may listen to the call by accessing our website home page and clicking on the webcast link. 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即時直播。任何人都可透過造訪我們網站首頁並點選網路直播連結收聽。本次會議除分析師與投資人外，也邀請財經媒體收聽。網路直播的重播將於今日稍晚在我們的網站提供。

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.

在開始發言前，我們提醒各位，今日新聞稿以及我們在電話會議中的部分評論包含非 GAAP 衡量指標與前瞻性陳述，實際結果可能有重大差異。請參閱新聞稿與投影片中的警示性用語，以及我們向 SEC 提交文件中所述的風險因素；上述資料皆可於我們網站取得。

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 Chief Financial Officer; and other senior members of our management team. Richard will make some opening remarks. Kathleen will review our slide materials, as well as Maree, then we'll open up the call for questions. Richard.

今天與我一同出席電話會議的還有：董事長 Richard Adkerson；總裁兼執行長 Kathleen Quirk；執行副總裁兼財務長 Maree Robertson；以及其他管理團隊資深成員。Richard 將先做開場致詞。Kathleen 將與 Maree 一同帶領各位檢視投影片內容，之後我們將開放提問。Richard。

Thank you, David, and welcome, everyone. We are now in the 20th year since Freeport combined with Phelps Dodge to create the modern Freeport by forming a global leader in copper. Our strategy was set after I became CEO in 2003, just as China merges the dominant source of copper demand. Our decision to build our company around copper was a good decision then and has only gotten better over time.

謝謝你，David，也歡迎各位。我們現在已進入 Freeport 與 Phelps Dodge 合併、透過打造全球銅業領導者而形成現代 Freeport 的第 20 年。我在 2003 年成為執行長後確立了我們的策略，正值中國成為銅需求的主導來源。我們決定以銅為核心打造公司，當時是正確的決策，且隨時間推移只會愈發證明其價值。

We were in Chile last week for the Annual Global Copper Conference, which I first attended in 2004 and learned that the then expected supply response to China's demand would be more muted than expected. This year, there was a strong positive consensus by attendees about copper's future.

上週我們在智利參加年度全球銅業會議。我第一次參加是在 2004 年，當時我了解到，市場原先預期供給會對中國需求做出回應，但實際上反應將比預期更為溫和。今年，與會者對銅的未來形成強烈且正面的共識。

We are now in a new area of growth about copper, which is broad-based and driven by the growing demand for electricity. Simply, electricity equals copper. Our assets at Freeport are long-lived and have embedded major growth options, which we are advancing for the future. We have exciting growth ahead in the Americas with significant opportunities to improve profitability using modern technology.

我們正進入銅的新一輪成長階段，成長動能廣泛，並由電力需求增加所驅動。簡而言之，電力等於銅。Freeport 的資產壽命長，且內含重大的成長選項，我們正為未來推進這些機會。在美洲地區，我們前方有令人振奮的成長，並有重大機會運用現代科技提升獲利能力。

Grasberg will continue as a major long-term contributor to our growth and profitability with high grades of copper and gold. The extension of our rights to operate beyond 2041, pursuant to our recently signed MOU with the Government of Indonesia is positive for continuity of these benefits from this remarkable world-class history.

Grasberg 將持續以高品位的銅與金，作為我們成長與獲利的重要長期貢獻者。依據我們近期與印尼政府簽署的 MOU，我們的營運權延長至 2041 年以後，這對於延續這座卓越世界級礦山歷史所帶來的效益具有正面意義。

We just celebrated our 59th year of successfully operating in Indonesia. I've personally been engaged since 1988. Our team there is best-in-class in large-scale Block Cave mining.

我們剛慶祝在印尼成功營運的第 59 年。我個人自 1988 年起即深度參與。我們在當地的團隊在大型崩落法（Block Cave）採礦方面屬於業界最佳。

Kathleen will review with you our operating results and outlook, including our plan to restore full production at Grasberg. I personally have complete confidence in our teams addressing the current challenges. I'm personally proud of Freeport's global team, and how our company is so well positioned for the future. Kathleen.

Kathleen 將向各位說明我們的營運成果與展望，包括我們恢復 Grasberg 全面產量的計畫。我對我們的團隊處理目前挑戰充滿信心。我也為 Freeport 的全球團隊感到自豪，以及我們公司在未來所具備的優越定位。Kathleen。

Great. Thank you, Richard, and thank you all for participating on our call today. We will review our first-quarter performance and update you all on our initiatives, projects, and outlook for the future. It's an active time for our teams across our global business as we work to restore large-scale production at Grasberg safely and sustainably, drive value through operational excellence and new technology initiatives in the US, and prepare for a new and exciting phase of organic growth.

好的。謝謝你，Richard，也感謝各位今天參與我們的電話會議。我們將回顧第一季表現，並向各位更新我們的各項倡議、專案與未來展望。對我們全球業務的團隊而言，這是一段非常忙碌的時期：我們正以安全且永續的方式恢復 Grasberg 的大規模產量、在美國透過營運卓越與新技術倡議創造價值，並為一個嶄新且令人振奮的內生成長階段做好準備。

Starting on slide 3, we provide the highlights of our first quarter. Our sales of copper, gold, and unit costs were better than our forecast and the favorable metal price backdrop allowed us to generate growth in revenues, EBITDA, and cash flow compared with last year's first quarter despite our Indonesia operations operating at reduced capacity.

從第 3 張投影片開始，我們提供第一季重點摘要。我們的銅與金銷售量以及單位成本均優於預測；在有利的金屬價格環境下，儘管印尼業務以較低產能運作，我們的營收、EBITDA 與現金流仍較去年第一季成長。

The strength and diversity of our portfolio comes through in the results with our US mining operations contributing 2.5 times more operating income in the first quarter of this year compared with last year's first quarter, with strong conversion to the bottom line. We were successful in completing the required remediation at Grasberg to commence our phased ramp-up initially in production Blocks 2 and 3 in the Grasberg Block Cave.

我們投資組合的強度與多元性在結果中充分展現：今年第一季，美國礦山營運的營業利益較去年第一季增加至 2.5 倍，且對最終獲利的轉換表現強勁。我們也成功完成 Grasberg 所需的整治工作，使我們得以在 Grasberg Block Cave 的生產區塊 2 與 3 先行啟動分階段爬坡。

This was an important milestone and involved impressive execution by our team. I'll cover in more detail the challenges encountered with material handling bottlenecks and the initial ramp-up, how are we addressing the issues, and the impacts on our ramp-up forecast.

這是一個重要的里程碑，也展現了團隊令人印象深刻的執行力。我將更詳細說明在物料處理瓶頸與初期爬坡過程中遇到的挑戰、我們如何處理這些問題，以及對我們爬坡預測的影響。

As Richard mentioned, a notable highlight of the quarter was the memorandum of understanding reached in February with the Government of Indonesia to extend their operating rights for the life of the resource. This is an important long-term value driver for Freeport, the government, and the many stakeholders who benefit from our long-standing operations in Indonesia.

如 Richard 所提，本季一項值得注意的亮點是：我們於 2 月與印尼政府達成諒解備忘錄（MOU），將營運權延長至資源壽命期。這是 Freeport、政府以及眾多受益於我們在印尼長期營運之利害關係人共同的重要長期價值驅動因素。

We are advancing our future growth plans and submitted an environmental impact statement in March for a major expansion project in Chile. We're progressing several initiatives to scale our innovative leach project and completing our work to be in a position to potentially greenlight our brownfield expansion project at our Bagdad mine in Arizona later this year.

我們正推進未來成長計畫，並於 3 月就智利一項重大擴建專案提交環境影響評估報告。我們也在推動多項倡議以擴大我們創新的浸出（leach）專案規模，並完成相關工作，以便在今年稍晚具備條件，可能核准（greenlight）我們位於亞利桑那州 Bagdad 礦山的棕地擴建專案。

We returned approximately $300 million to shareholders in the first quarter including common stock dividends and the purchase of 1.7 million shares of our common stock. Our balance sheet is solid, and we're in a strong position to invest in our future growth while returning cash to shareholders.

第一季我們向股東返還約 3 億美元，包括普通股股利以及回購 170 萬股普通股。我們的資產負債表穩健，並具備強勁的能力在投資未來成長的同時，持續向股東返還現金。

Moving to slide 4, we summarize our priorities for 2026. These are the same priorities we set at the start of the year, and each of these represent areas of meaningful value creation. Strong execution of our plans, including achievement of a successful ramp-up at Grasberg, crystallizing the value of our leach opportunity, adopting new technologies to improve performance, and investing in profitable growth will enable us to build significant value in our business. We know we will face challenges along the way, as evidenced by the current situation at Grasberg, but I'm confident our highly experienced team will address and successfully overcome any challenge with urgency and determination.

接著看第 4 張投影片，我們彙整 2026 年的優先事項。這些與我們年初設定的優先事項相同，且每一項都代表具意義的價值創造領域。強力執行我們的計畫，包括在 Grasberg 成功完成爬坡、具體化我們浸出機會的價值、採用新技術以提升績效，以及投資於具獲利性的成長，將使我們能在業務中建立可觀價值。我們知道一路上會面臨挑戰，正如目前 Grasberg 的情況所示，但我有信心我們經驗豐富的團隊將以緊迫感與決心處理並成功克服任何挑戰。

Turning to the markets on slide 5, as a leading global supplier of copper, Freeport benefits from copper's increasingly important and critical role in the global economy. As we look forward, we see rising copper demand associated with massive requirements for the power grid to support new technologies. Copper superior conductivity makes it the metal when it comes to electrification and the world is becoming much more electrified.

轉到第 5 張投影片的市場面，作為全球領先的銅供應商，Freeport 受惠於銅在全球經濟中日益重要且關鍵的角色。展望未來，我們看到為支援新技術而對電網提出龐大需求，進而帶動銅需求上升。銅具備優異導電性，在電氣化方面是關鍵金屬，而世界正變得更加電氣化。

Copper price have averaged over $5.80 per pound year to date and reached an all-time high, exceeding $6 per pound in the first quarter. Demand signals remain strong. Our customers in the US continue to report rising demand associated with AI data centers and related energy infrastructure, which has more than offset weakness in private construction and in the auto sector. Recent reports from China reflect a significant resurgence of demand with significant power grid spending and significant draws on Chinese exchange inventories in recent weeks.

今年迄今銅價平均已超過每磅 5.80 美元，並在第一季創下歷史新高、突破每磅 6 美元。需求訊號仍然強勁。我們在美國的客戶持續回報與 AI 資料中心及相關能源基礎設施相關的需求上升，這已遠遠抵消民間建築與汽車產業的疲弱。近期來自中國的報告顯示需求顯著回升，電網支出大幅增加，且近幾週中國交易所庫存出現顯著去化。

As we step back and assess the fundamentals, we expect the market will require additional copper supplies to meet growing demand. At Freeport, we have a valuable geographically diverse portfolio of copper assets and are strategically well situated for the long term with large-scale production facilities, long-life reserves and resources, and a portfolio of low-risk brownfield expansion opportunities to serve a growing market.

當我們退一步檢視基本面時，我們預期市場將需要額外的銅供給以滿足成長中的需求。在 Freeport，我們擁有具價值且地理分布多元的銅資產組合；憑藉大規模生產設施、長壽命的儲量與資源，以及一系列低風險的棕地擴建機會，我們在長期策略上具備良好定位，可服務持續成長的市場。

Turning to operations on slide 6, we summarized the operating highlights by geographic region. Looking at the US, production was above the year ago quarter, but a bit lower sequentially compared with the fourth quarter of 2025 and our expectations. Our operating teams continue to focus on our operating disciplines, improving unplanned downtime, and achieving sustained maximum output from our existing assets.

接著看第 6 張投影片的營運面，我們按地理區域彙整營運重點。就美國而言，產量高於去年同期，但相較 2025 年第四季以及我們的預期，則略低。我們的營運團隊持續專注於營運紀律、改善非計畫性停機，並使既有資產達成可持續的最大產出。

We're really encouraged by the recent improvement in our mining rate, particularly at Morenci, where we achieved a 19% increase in rates compared with last year's first quarter. Sustaining the higher mining rates will translate into improved copper production over time, and we expect copper production to grow over the course of the year.

我們對近期採礦率的改善感到非常鼓舞，尤其是在 Morenci，相較去年第一季我們的採礦率提升了 19%。維持較高的採礦率將隨時間推動銅產量提升，我們預期銅產量將在今年逐步成長。

Our innovative leach initiative continues to show real promise. We are deploying our first internally developed additive and have a line of sight to a new additive which shows significant promise in lab test. We have commenced the pilot test at Morenci to increase the temperature of our stockpiles by applying a heated leaching solution to the stockpiles. We know that higher temperatures will enhance recoveries and our work is focused on finding the most effective engineering and cost solution to achieve this.

我們創新的浸出計畫持續展現出實質潛力。我們正在部署第一款由內部開發的添加劑，並已清楚看到另一款在實驗室測試中顯示顯著潛力的新添加劑。我們已在 Morenci 啟動先導測試，透過向礦堆施加加熱的浸出溶液來提高礦堆溫度。我們知道較高溫度將提升回收率，我們的工作重點在於找出最有效的工程與成本解決方案以達成此目標。

We remain encouraged with the ability to scale to 300 million to 400 million pounds per annum in the 2026, 2027 time frame, which will unlock our path to 800 million pounds per annum from this initiative. We're continuing to lean heavily into incorporating innovation into our basic mining practices and see great potential for the tools that AI and other tools will offer to enhance operating performance.

我們仍對在 2026、2027 年期間將規模擴大至每年 3 億至 4 億磅的能力感到鼓舞，這將為本計畫開啟通往每年 8 億磅的路徑。我們持續大力將創新融入基礎採礦作業，並看好 AI 等工具在提升營運績效方面所能帶來的巨大潛力。

In South America, the Cerro Verde team did an excellent job navigating the first quarter with severe flooding in the Arequipa region and with challenges with mill efficiencies. We continue to expect stable production levels at Cerro Verde and some growth at El Abra, a project in Chile in partnership with CODELCO over the next couple of years. There's a lot of activity going on at El Abra currently with a leach pad extension and plans to conduct testing in late '26 of heated stockpile injections to enhance leach recoveries.

在南美洲，Cerro Verde 團隊在第一季面對阿雷基帕（Arequipa）地區嚴重洪災以及磨礦效率方面的挑戰時，表現出色。我們仍預期 Cerro Verde 的產量將維持穩定，並預期未來幾年與 CODELCO 在智利合作的 El Abra 專案將有一些成長。目前 El Abra 正在進行多項工作，包括浸出墊延伸，以及計畫於 2026 年底進行加熱礦堆注入測試，以提升浸出回收率。

As I mentioned, we filed our environmental impact statement for a major expansion at El Abra in March. This project will transform El Abra from a relatively small producer to a large-scale contributor within the Freeport portfolio.

如我所提到的，我們已於 3 月提交 El Abra 重大擴建案的環境影響評估報告（EIS）。該專案將使 El Abra 從相對較小的生產者，轉型為 Freeport 投資組合中的大型貢獻者。

We summarized the highlights on the Grasberg restart, and I'll provide more detail on our progress in the slides ahead. We reached agreement with our insurance providers during the quarter for a $700 million insurance recovery, which was the maximum limit under the policy. We expect to collect the proceeds during the second quarter. In Indonesia, we continue to operate one of our two smelters with available concentrate and the new smelter remains on standby status, with an expected restart later this year.

我們已總結 Grasberg 重啟的重點，並將在後續投影片中提供更詳細的進展說明。本季我們與保險提供者達成協議，取得 7 億美元的保險理賠回收，為保單下的最高限額。我們預期將於第二季收取該款項。在印尼，我們持續以可用精礦運轉兩座冶煉廠中的其中一座，而新冶煉廠仍維持待命狀態，預計今年稍晚重啟。

Next several slides, we're going to take you through the Grasberg update, what we've accomplished to date, and where we're moving forward as we go through 2026. There's a summary on slide 7 of the current status of the Grasberg Block Cave. Over the last several months, we were successful in completing the activities required to restart mining and production Blocks 2 and 3, and we commenced mining on a limited basis in March.

接下來幾張投影片，我們將帶各位了解 Grasberg 的最新進展、迄今完成的工作，以及在邁向 2026 年過程中的後續推進方向。第 7 張投影片摘要了 Grasberg Block Cave 的目前狀態。過去幾個月，我們成功完成重啟採礦與生產區塊 2 與 3 所需的各項作業，並於 3 月開始有限度採礦。

As a refresher, production Blocks 2 and 3 were not directly associated with the external mud rush, which occurred in production Block 1C, which is located closer to the surface and beneath the low spot in the former open pit. The location and characteristics of production Blocks 2 and 3 do not have the same exposure to an external mud rush as we had in production Block 1C.

作為回顧，生產區塊 2 與 3 並未與外部泥湧直接相關；外部泥湧發生在生產區塊 1C，該區塊更靠近地表，且位於前露天礦坑低窪處之下。生產區塊 2 與 3 的位置與特性，並不像生產區塊 1C 那樣暴露於外部泥湧風險。

However, production in production Blocks 2 and 3 was temporarily suspended in September 2025 to install concrete plugs to isolate production Block 1C panels and ensure no connection to the surface, complete cleanup of material on the extraction and service levels, restore infrastructure on the service level, and strengthen our case management plans. This was a huge undertaking and the team did a great job executing this plan.

然而，生產區塊 2 與 3 的生產於 2025 年 9 月暫停，以安裝混凝土封堵來隔離生產區塊 1C 的各面板並確保與地表無任何連通，完成在採出層與服務層的物料清理，修復服務層基礎設施，並強化我們的案例管理計畫。這是一項龐大的工程，團隊在執行該計畫方面表現非常出色。

After we completed the projects and regained access to the area, we conducted inspections and sampling of the more than 600 draw points in production Blocks 2 and 3 and was able to determine that the material characteristics within the cave changed significantly over the period of inactivity with a larger proportion of wet ore within the cave compared to when we suspended operations in September 2025.

在完成相關專案並重新取得該區域的進入權後，我們對生產區塊 2 與 3 超過 600 個放礦點進行檢查與取樣，並判定在停工期間洞室內物料特性發生顯著變化；與 2025 年 9 月暫停作業時相比，目前洞室內濕礦比例更高。

This increase in wet material was associated with surface water, which percolates through the pave rock within the mine and is removed from the mine through gravity drainage. Under normal conditions, active mining assist in managing the accumulated water within the cave.

濕物料增加與地表水有關；地表水會穿透礦山內的圍岩並透過重力排水自礦山排出。在正常情況下，持續採礦有助於管理洞室內累積的水量。

We have significant experience in mining wet material. Our systems to extract the ore from the draw points utilize fully autonomous remote loaders that are capable of safely handling the wet material. The challenge we are currently addressing is downstream of the extraction level and relates to the material handling systems for loading ore onto our automated trains.

我們在開採濕物料方面具備豐富經驗。我們自放礦點採出礦石的系統採用全自主遠端裝載機，能夠安全處理濕物料。我們目前正在處理的挑戰位於採出層下游，與將礦石裝載至自動化列車的物料處理系統相關。

Historically, we had a higher ratio of dry material, which allowed us to manage the wet material by blending to a consistency suitable for loading through chutes onto the trains. With the current conditions, we will need to install specialized equipment on the shots to regulate the flow of ore for train loading.

過去我們乾物料比例較高，使我們能透過摻配將濕物料調整至適合經由溜槽裝載至列車的稠度。在目前條件下，我們需要在溜槽上安裝專用設備，以調節礦石流量供列車裝載。

We've been testing this equipment over the past few years in connection with our long-range planning in anticipation of potential changes in ore conditions over time. We understand the engineered solution to this issue, but it will take time to make the modifications, which limits production in PB 2 and PB 3 to what our existing chute designs can handle. We expect that the majority of these bottlenecks can be addressed by mid-2027.

過去幾年，我們已配合長期規劃測試該設備，以因應礦石條件隨時間可能發生的變化。我們了解此問題的工程解決方案，但完成改造需要時間，這使得 PB 2 與 PB 3 的產量受限於現有溜槽設計所能處理的範圍。我們預期到 2027 年年中可解決大部分瓶頸。

In parallel with addressing the chute infrastructure in PB 2 and 3, we're also continuing to work to prepare for a future start-up of production Block 1 South and advancing a series of derisking initiatives on surface drainage and other risk mitigation strategies, including the recent installation of new imaging technology to enhance cave monitoring.

在處理 PB 2 與 PB 3 的溜槽基礎設施之際，我們也持續為未來啟動生產區塊 1 South 做準備，並推進一系列降風險措施，包括地表排水與其他風險緩解策略，以及近期安裝的新影像技術以強化洞室監測。

Our current forecast reflects our best estimate of the time frame to address the current bottleneck. Still very early in our initial ramp-up and a number of factors could affect rates positively or negatively as we go through the coming months. This is a timing issue with a designed engineer solution, not a significant cost issue, and not a change in the ultimate recovery of the resource. We're confident in the ability to restore large sale production safely and efficiently as we go forward.

我們目前的預測反映了對解決現有瓶頸所需時間的最佳估計。由於仍處於初期爬坡階段，未來數月仍有多項因素可能對產能提升速度產生正面或負面影響。這是具備既定工程解決方案的時程問題，而非重大成本問題，也不會改變資源的最終回收量。我們有信心在未來能安全且有效率地恢復大規模銷售產量。

On slide 8, just for some background, we provide a summary of what we presented in January and an update of our current status. As indicated, the initial restart commenced slightly ahead of our schedule. We were previously targeting production rates in PB 2 and PB 3 to ramp up to 100,000 tonnes per day in the second half of this year.

第 8 張投影片提供一些背景資訊，摘要我們 1 月所呈現的內容並更新目前狀態。如所示，初步重啟略早於我們的時程。我們先前目標是在今年下半年將 PB 2 與 PB 3 的產量爬坡至每日 100,000 公噸。

With the current material handling constraints, we now expect to be limited to approximately 60,000 tonnes per day from production Blocks 2 and 3 in the second half of 2026, increasing to the 90,000 tonne per day range by mid-2027. As modifications, the ore loading infrastructure are completed over the next several months. There's additional information in the reference materials on page 39 that provides details on the ramp-up.

在目前物料處理限制下，我們現在預期 2026 年下半年生產區塊 2 與 3 的產量將受限於約每日 60,000 公噸，並於 2027 年年中提升至每日 90,000 公噸左右。隨著未來數月完成礦石裝載基礎設施的改造，產量將逐步提升。參考資料第 39 頁提供更多爬坡細節。

On slide 9, this is an illustration of the draw point comparison of the current draw points compared to September of 2025. This is a planned view of the GBC extraction level withdraw points in PB 2 and 3 color-coded to show the number of wet and dry draw points prior to suspending mining in September 2025 compared to what we're currently seeing today.

第 9 張投影片為放礦點比較示意圖，對比目前放礦點與 2025 年 9 月的情況。此為 GBC 採出層在 PB 2 與 PB 3 的放礦點平面圖，並以顏色標示在 2025 年 9 月暫停採礦前的濕、乾放礦點數量，與我們目前所見情況的差異。

As shown in September 2025, 30% of the total 635 active draw points were wet compared with 45% currently, a 50% increase in the wet draw points. For blending purposes, we require a minimum of 1:1 ratio of dry to wet material measured within each panel to meet the requirements of our existing chute design. Currently, there are 10 panels out of a total of 23 compared to only 1 in September, which do not meet the 1:1 dry-to-wet ratio criteria, resulting in a derating of production until the chute modifications are in service.

如 2025 年 9 月所示，當時 635 個活躍放礦點中有 30% 為濕放礦點；目前為 45%，濕放礦點增加 50%。為了進行摻配，我們要求每個面板內量測的乾料對濕料至少達到 1:1 的比例，以符合現有溜槽設計要求。目前在總計 23 個面板中有 10 個（相較於 9 月僅 1 個）不符合 1:1 乾濕比標準，導致在溜槽改造投入使用前，產量需下修。

We're continuing to monitor the draw points to determine potential changes and the possibility that conditions could become drier as mining rates continue. However, we believe proceeding with these modifications will provide more robust material handling systems and enhanced flexibility as we go forward over the long term.

我們將持續監測放礦點，以判斷可能的變化，以及隨著採礦速率持續推進，條件是否可能變得更乾。然而，我們認為推進這些改造將在長期提供更強健的物料處理系統，並提升未來營運彈性。

On slide 10, we show a diagram to illustrate the mine layout and the planned modifications downstream of the extraction level.

第 10 張投影片展示一張示意圖，用以說明礦山配置以及採出層下游的規劃改造。

As illustrated, mining occurs on the extraction level, and that's not where the issue is. The issue is with the ore sent to the haulage level through ore and chute passes. The bottleneck we are addressing relates to the shots that are used to load the automated trains at the haulage level, and we show photos of the current chute design and the replacement equipment to regulate the flow of wet material into the railcars. This is a robust solution. There's additional information on slide 37 in the reference materials to show you the design of these regulators.

如圖所示，採礦發生在採出層，而問題不在那裡。問題出在透過礦石溜井與溜槽通道送往運輸層的礦石。我們正在處理的瓶頸與運輸層用於裝載自動化列車的溜槽（chutes）相關；我們展示了目前溜槽設計的照片，以及用於調節濕物料流入車廂的替換設備。這是一項穩健的解決方案。參考資料第 37 張投影片提供更多資訊，說明這些調節器的設計。

Summing this up, we provide on slide 11 on reports of PTFI's revised 5-year production forecast. We've incorporated adjustments to our ramp-up schedule. And over the 5 years, the revision for the Grasberg district reflects an approximate 9% in reduction for copper and 7% for gold with the largest impacts in 2026 and 2027. Again, this material is not lost and is expected to be recovered over time. As I mentioned, we're in the early stages of the ramp up.

總結來說，我們在投影片11提供了關於PTFI修訂後5年產量預測的說明。我們已將爬坡（ramp-up）時程的調整納入考量。在這5年期間，Grasberg礦區的修訂反映出銅約減少9%、黃金約減少7%，其中影響最大的是2026年與2027年。再次強調，這些物料並未流失，預期將隨時間回收。如我所提到的，我們仍處於爬坡的早期階段。

There are a number of factors would provide upside to these estimates as well as a number of risks. Again, this is not a resource recovery issue or a significant cost issue to resolve. It's a timing issue, and we will work to optimize the plans as we go forward. Our team is highly experienced, and we're confident in our ability to successfully address the current bottlenecks and restore large-scale production safely and efficiently. Moving to our growth, which is a very exciting feature of report.

有多項因素可能為這些估計帶來上行空間，同時也存在若干風險。再次說明，這不是資源回收問題，也不是需要解決的重大成本問題；這是時點問題，我們將在推進過程中持續優化計畫。我們的團隊經驗非常豐富，我們有信心能成功解決目前的瓶頸，並以安全且高效率的方式恢復大規模生產。接下來談到我們的成長，這是本報告非常令人振奮的一個重點。

As I mentioned, we're looking at the fundamental outlook for copper. It's very clear additional copper supplies are required to support energy infrastructure, new technologies and more advanced societies. At Freeport, we benefit from a portfolio of organic growth opportunities, which can be developed from our known resources in jurisdictions where we have established history and experience. Our projects in Indonesia also have the benefit of high gold content that come with copper. Because our projects are brownfield in nature, we benefit from leveraging existing infrastructure, economies of scale, experienced workforces and relationships with key stakeholders to move more quickly with less risk than a greenfield project.

如我所提到的，我們正在檢視銅的基本面展望。很明顯，為了支援能源基礎設施、新技術以及更先進的社會，市場需要額外的銅供應。對Freeport而言，我們受惠於一系列有機成長機會組合，可在我們熟悉且具既有歷史與經驗的司法管轄區，從已知資源中加以開發。我們在印尼的專案也具備與銅伴生的高含金量優勢。由於我們的專案多屬棕地（brownfield）性質，我們可利用既有基礎設施、規模經濟、熟練人力與關鍵利害關係人的合作關係，以較綠地（greenfield）專案更快、風險更低的方式推進。

We're entering a period of growth in our Americas business with near- and medium-term opportunities to scale our leach initiative and double production at our Bagdad mine in Arizona. We have longer-term growth in the Safford/Lone Star District and an exciting project at El Abra in Chile. We're using innovative approaches with our projects to improve efficiencies, reduce costs and reduce capital intensity and shorten the lead times for our projects. The high potential low-cost innovative leach initiative is a great example of this, and it's likely one of the highest NPV opportunities across the industry. We have projects in the 2026 pipeline to test injection of heated solutions into our stockpiles, which together with additives have potential for significant recovery gains.

我們的美洲業務正進入成長期，短期與中期的機會包括擴大我們的浸出（leach）計畫，並將亞利桑那州Bagdad礦的產量提高一倍。長期方面，Safford/Lone Star礦區仍有成長空間，智利El Abra也有一個令人振奮的專案。我們在專案中採用創新方法，以提升效率、降低成本、降低資本強度並縮短專案前置期。高潛力、低成本的創新浸出計畫就是很好的例子，且很可能是全產業中NPV最高的機會之一。我們在2026年的專案管線中，將測試向礦堆注入加熱溶液；此舉搭配添加劑，有望帶來顯著的回收率提升。

This year, particularly in the second half, will be an important year as we get results from our heat trials, advance our additive deployment and work to scale next year to 400 million pounds per annum from this initiative and to define our path to 800 million pounds by as soon as 2030. The expansion opportunity at Bagdad is moving toward an investment decision.

今年，特別是下半年，將是重要的一年，因為我們將取得加熱試驗的結果、推進添加劑的部署，並在明年將此計畫擴大至年產4億磅，同時明確我們最早在2030年前達到8億磅的路徑。Bagdad的擴建機會正朝投資決策邁進。

We're advancing engineering, retesting our capital cost estimates and economic evaluations and working with our vendors to secure pricing on major components. We're continuing to advance our work on tailings infrastructure there to further enhance optionality on the timing of the project.

我們正在推進工程設計、重新檢視資本成本估算與經濟性評估，並與供應商合作以鎖定主要設備的價格。我們也持續推進當地尾礦（tailings）基礎設施的工作，以進一步提升專案時程安排的彈性。

As a reminder, there are no permitting hurdles, and we've done a significant amount of work, planning and early works so that we can complete the project within a 3- to 4-year time frame. Studies are continuing in the Safford/Lone Star District to evaluate the optimal expansion and development options, and we continue to work to capitalize on the large undeveloped resource we have at Safford/Lone Star in an established US mining district. At El Abra, we have a great opportunity with our partner, CODELCO, to develop a large-scale expansion. This is a significant resource with total copper reserves at El Abra approaching the size of the large position we have at Cerro Verde. As Richard mentioned, we were in Chile last week, and the project is being received very positively by our stakeholders.

提醒一下，該專案不存在許可（permitting）障礙，我們已完成大量工作、規劃與前期工程，使我們能在3到4年的時間內完成專案。Safford/Lone Star礦區的研究仍在進行，以評估最佳的擴建與開發方案；我們也持續努力，在美國既有的採礦區中，將Safford/Lone Star龐大且尚未開發的資源價值最大化。在El Abra方面，我們與合作夥伴CODELCO有很好的機會推動大規模擴建。El Abra擁有重要資源，其銅總儲量規模接近我們在Cerro Verde的大型部位。如Richard所提到的，我們上週在智利，該專案獲得利害關係人非常正面的回應。

The Chilean government is enthusiastic about the project and is working with us to achieve a timely review of the application. We're also continuing to progress the Kucing Liar project in Indonesia, to sustain a low-cost, long-term production profile in this prolific district.

智利政府對該專案充滿熱忱，並正與我們合作，以促成申請案的及時審查。我們也持續推進印尼的Kucing Liar專案，以在這個高產礦區維持低成本、長期的產量曲線。

On slide 13, to wrap up my comments and then Maree will cover the financials, a significant portion of our reserves, resources and future growth are in the United States. Freeport is an important copper -- 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 1800.

在投影片13，作為我發言的總結，接著Maree將說明財務部分：我們相當大一部分的儲量、資源與未來成長位於美國。Freeport是重要的美國銅生產商，且是美國銅市場迄今最大的貢獻者，擁有可追溯至19世紀末的既有且成功的經營基礎。

We call ourselves America's Copper Champion, and we are aggressively pursuing 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 valuable US business.

我們稱自己為「美國銅業冠軍」（America's Copper Champion），並正積極推動一系列措施，透過創新、自動化以及擴建設施的投資來強化我們的美國業務。這些措施旨在以較低的增量成本增加產量，並提升我們寶貴美國業務的獲利能力與韌性。

In an industry where development lead times can span more than a decade, our US business is strongly positioned with the potential for a 60% increase in copper production over the next several years. Our team is excited about these opportunities, and they represent a significant value driver for all of Freeport.

在一個開發前置期可能長達十年以上的產業中，我們的美國業務具備強勁的定位，未來數年銅產量有望增加60%。我們的團隊對這些機會感到振奮，而它們也將成為推動Freeport整體價值的重要驅動因素。

As I mentioned, they were working to improve our cost position in the US, and we've got our sights on targeted reductions as we go into 2027 and beyond. While we're currently facing some new challenges with rising energy costs and other consumables, the work we are doing within our control will make our US business more resilient, more profitable, and meaningfully more valuable.

如我所提到的，我們正努力改善美國業務的成本結構，並將目標鎖定在2027年及之後的降本幅度。雖然我們目前面臨能源成本上升及其他耗材上漲等新挑戰，但我們在可控範圍內所做的工作，將使美國業務更具韌性、更具獲利性，並在價值上有實質提升。

I'll turn the call over to Maree, who will review our outlook, and then we'll take our questions -- your questions. Thanks.

我把電話會議交給Maree，她將回顧我們的展望，接著我們會回答問題——你們的問題。謝謝。

Thanks, Kathleen. On slide 14, we show our three-year outlook for sales volumes of copper, gold, and molybdenum. The outlook incorporates the adjusted ramp-up schedule for Grasberg that Kathleen reviewed earlier, which is the primary change from our prior estimates. As discussed earlier, these changes are timing in nature and will be recovered in the future. We expect growing volumes in 2027 and 2028 as we reach full recovery at Grasberg.

謝謝，Kathleen。在投影片14，我們展示銅、黃金與鉬的三年銷售量展望。該展望納入了Kathleen先前說明的Grasberg調整後爬坡時程，這也是相較於我們先前估計的主要變動。如先前所討論，這些變動本質上屬於時點差異，未來將會回補。我們預期在Grasberg達到完全回收後，2027年與2028年的銷量將成長。

We provide quarterly estimates on page 27 of the reference materials. As ramp-up progresses, our second-half volumes are expected to be approximately 30% higher for copper and approximately 50% higher for gold compared with the first half, driving earnings and cash flow in the balance of the year.

我們在參考資料第27頁提供季度估計。隨著爬坡推進，我們預期下半年銅的銷量約較上半年高30%，黃金約較上半年高50%，從而在今年剩餘期間帶動獲利與現金流。

On slide 15, we highlight renewed cost pressures we are experiencing since the onset of the conflict with Iran in late February. The price of diesel fuel, which we use to support our haul trucks in the Americas and for a portion of our power plant in Indonesia, has been totaled with the most significant impact in Indonesia. To date, it has been more of a cost issue than a sourcing issue, but we continue to monitor the situation carefully.

在投影片15，我們強調自2月下旬與伊朗衝突爆發以來，我們所面臨的成本壓力再度升高。我們用於支援美洲地區運輸卡車，以及印尼部分電廠的柴油價格已大幅上升，其中對印尼的影響最為顯著。迄今為止，這更像是成本問題而非供應來源問題，但我們仍持續密切監控情勢。

For reference, a sharp rise in diesel prices in March equates to an approximate $500 million cost increase on an annualized basis. We are also monitoring the sulfuric acid situation where prices where prices more than doubled on the spot market. We do not have significant exposure to the spot market, and we are further insulated to the sulfuric acid market volatility through our natural hedge from our smelters.

供參考，3月柴油價格的急升，按年化計算約等同於增加5億美元成本。我們也在監控硫酸情況，因為現貨市場價格已上漲逾一倍。我們對現貨市場的曝險不大，且透過冶煉廠帶來的自然避險（natural hedge），我們也進一步降低硫酸市場波動的影響。

We have incorporated recent diesel prices in our updated forecast and have also incorporated updated assumptions for higher gold and molybdenum prices. With these updates, and the revised production profile, our current outlook for net unit costs is expected to average $1.95 per pound of copper for the year compared with the prior estimate of $1.75 per pound. The primary driver of the change reflects the lower contribution of Grasberg volumes.

我們已在更新後的預測中納入近期柴油價格，也納入對較高黃金與鉬價格的更新假設。根據這些更新以及修訂後的產量曲線，我們目前對全年淨單位成本（net unit costs）的展望，預期平均為每磅銅1.95美元，相較先前估計的每磅1.75美元。變動的主要驅動因素反映Grasberg產量貢獻降低。

Putting together our projected volumes and cost estimates, which show modeled results on slide 16 for EBITDA and cash flow at various copper prices ranging from $5 to $7 copper. Whilst we do not project prices, we modified the range to show sensitivities with upside and downside to the current prices.

綜合我們預估的銷量與成本估算，我們在投影片16展示了於不同銅價（每磅5至7美元）下的EBITDA與現金流模型結果。雖然我們不預測價格，但我們調整了區間，以呈現相對於目前價格的上行與下行敏感度。

These are modeled results using the average of 2027 and 2028 with current volume and cost estimates and holding gold flat at $4,500 per ounce and molybdenum flat at $25 per pound. Annual EBITDA would range from approximately $14 billion per annum at $5 copper to $21 billion at $7 copper, with operating cash flows ranging from approximately $10 billion per year at $5 to $16 billion at $7 copper.

這些模型結果使用2027年與2028年的平均值，採用目前的銷量與成本估算，並假設黃金價格固定為每盎司4,500美元、鉬價格固定為每磅25美元。年EBITDA在每磅銅5美元時約為140億美元，在每磅銅7美元時約為210億美元；營運現金流在每磅銅5美元時約為每年100億美元，在每磅銅7美元時約為每年160億美元。

We show sensitivities to various commodities on the right. You will note we're highly leveraged to copper prices with each $0.10 per pound change equating to approximately $400 million in annual EBITDA in the 2027, '28 period. We will also benefit from improving gold prices with each $100 per ounce change in price approximating $110 million in annual EBITDA. With our long lead 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.

我們在右側展示了對各類大宗商品的敏感度。您會注意到，我們對銅價具有高度槓桿效應：每磅價格變動 0.10 美元，約相當於 2027、2028 年期間每年 EBITDA 增減約 4 億美元。我們也將受惠於金價走強：金價每盎司變動 100 美元，約相當於每年 EBITDA 增減約 1.1 億美元。憑藉我們長期可開採的儲量與大規模產能，我們具備良好條件可產生可觀現金流，在以績效為基礎的配息架構下，為未來的內生成長與現金回饋提供資金。

Slide 17 shows our current forecast for capital expenditures in 2026 and 2027. Capital expenditures are similar to our prior estimates and are expected to approximate $4.3 billion in 2026 and $4.5 billion in 2027. The discretionary projects are expected to approximate $1.6 billion to $1.7 billion per year in 2026 and 2027 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 Bagdad expansion the Atlantic Copper Circular Project, which is expected to be completed during 2026 and capitalized interest.

第 17 頁投影片顯示我們目前對 2026 年與 2027 年資本支出的預測。資本支出與我們先前的估計相近，預期 2026 年約為 43 億美元、2027 年約為 45 億美元。2026 年與 2027 年的酌量性專案預期每年約 16 億至 17 億美元，其中約 50% 與 Kucing Liar 開發案及 Grasberg 的 LNG 專案相關。其餘包括加速尾礦與其他基礎設施，以支援 Bagdad 擴建、Atlantic Copper 循環專案（預計於 2026 年完成）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 and are detailed on slide 37 in our reference materials. We continue to carefully manage capital expenditure, and we'll continue to deploy capital strategically to projects with the best return and risk reward profiles.

酌量性類別反映我們在新專案上的資本投資；依據我們的財務政策，這些投資由未分配的可用現金 50% 來支應。這些專案屬於提升價值的舉措，並在我們參考資料的第 37 頁投影片中有詳細說明。我們持續審慎管理資本支出，並將持續以策略性方式把資本配置到具備最佳報酬與風險報酬特性的專案。

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, strong credit metrics and flexibility within our debt targets to execute on our projects. We have no significant debt maturities through 2026 and have substantial flexibility for funding the 2027 maturities.

最後，在第 18 頁投影片中，我們重申財務政策的優先順序，核心在於強健的資產負債表、對股東的現金回饋，以及對提升價值的成長專案投資。我們的資產負債表穩健，具投資級評等、強勁的信用指標，且在債務目標範圍內具備彈性以推動專案執行。我們在 2026 年之前沒有重大到期債務，並且對於 2027 年到期債務的資金安排具有相當大的彈性。

Since adopting our financial policy in 2021, we have distributed $6 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 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 return cash to shareholders.

自 2021 年採行我們的財務政策以來，我們已透過股利與股票回購向股東分配 60 億美元，並擁有具吸引力的長期未來投資組合，使我們能持續為股東創造長期價值。我們的全球團隊專注於推動業務價值，致力於強力執行各項計畫，提供現金以投資於具獲利性的成長，並將現金回饋給股東。

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

感謝各位的聆聽。接下來我們將回答各位的提問。

(Operator Instructions) Carlos De Alba, Morgan Stanley.

（接線員指示）Morgan Stanley 的 Carlos De Alba。

So maybe I wanted to explore a little bit on the level of confidence that you have on the new guidance for Grasberg. Obviously, a surprise on the reservations. But as you see -- as you move forward, are there any specific points or areas where you think there might be a higher risk for the potential reductions to production or ramp up that maybe we should be aware of that might realize or not, but you could maybe Kathleen highlight for us what those will be, that will be great.

我想稍微探討一下你們對 Grasberg 新指引的信心程度。顯然，儲量方面出現了意外。但往前看，是否有任何特定點或領域，你們認為在產量可能下修或爬坡（ramp-up）方面存在較高風險，是我們應該留意的？這些風險可能會發生也可能不會，但或許 Kathleen 可以為我們重點說明一下，那就太好了。

Yes. Thank you, Carlos. The main thing that we are doing to resolve the issue is to install these regulators into the shoot galleries. Right now, we have the capacity to mine the material, but we're limited because of the need to have a certain type of consistency to go through the chutes. And so when we think about what the risk to the ramp-up are at this point, it is a really a construction schedule a delivery schedule from our vendor, who we were already working with.

是的。謝謝你，Carlos。我們為了解決這個問題所做的主要工作，是在溜井巷道（chute galleries）中安裝這些調節器。目前我們有能力開採這些物料，但受限於需要具備某種一致性才能通過溜槽。因此，當我們思考此刻對爬坡的風險時，主要就是施工進度與供應商交付時程；我們原本就已經在與該供應商合作。

We've got the -- some of the equipment is already on site. It will be installed on a phased basis. and we have over the coming months, additional equipment that will be coming to us so that we can install these -- we call them spilminators into the -- onto the shoots. So really, it's a situation where the bottlenecks will be addressed by the installation of this equipment. And we have equipment on site now.

我們已經有部分設備在現場，將分階段安裝。接下來幾個月，還會有額外設備運抵，讓我們能把這些——我們稱之為 spilminators——安裝到溜槽上。因此，整體而言，瓶頸將透過安裝這些設備來解決，而我們現在現場就已有設備。

We've got equipment on order, and it's a matter of meeting that execution timetable. I want to go back to this team and what this team accomplishes in terms of the ability to construct things at Grasberg. This is not a lot different than a lot of the things that the team has done in the past. The work that they did to prepare for restart was a really busy schedule, a lot of moving pieces, and the team did an excellent job with the support from our centralized team to execute the plan, and we'll approach this in the very same way. It's got one of the highest net present values in the business right now to get this up and running.

我們也已下單訂購設備，接下來就是按時完成執行時程。我想再回到這個團隊，以及他們在 Grasberg 的建設能力與過往成果。這與團隊過去做過的許多工作並沒有太大不同。他們為重啟所做的準備工作行程非常緊湊、環節眾多，而在我們集中式團隊的支援下，他們把計畫執行得非常出色；我們也會以同樣方式來推進這件事。就目前而言，讓它順利爬坡運轉是公司業務中淨現值最高的項目之一。

And our team is all over it. We have confidence in the ability to meet the plan. Now, the risks are that there could be delays in getting the materials. There could be construction delays, but that has been -- we've managed that through this plan that we put forward, and we'll stay on top of it until it's done. Mark Johnson is on the call as well.

我們的團隊正全力投入。我們對達成計畫的能力有信心。當然，風險在於材料取得可能延遲、施工可能延誤，但我們已透過所提出的計畫來管理這些風險，並會持續緊盯直到完成。Mark Johnson 也在線上。

And, Mark, if you want to add any color to what we're doing there, please go ahead.

Mark，如果你想補充一些我們在那裡所做工作的細節，請繼續。

Yes, Kathleen. We've had one of these spilminators what we -- it was a prototype about a year ago that we call Version 1. What we're installing now is a reengineered version of that, Version 1.5. We've got the first one installed last week, independent of some of this recent realization on the shift in material types. So we're testing that starting this weekend.

好的，Kathleen。我們大約一年前有一台這種 spilminator——也就是我們所稱的原型機——稱為 1.0 版。我們現在要安裝的是重新設計後的版本，也就是 1.5 版。上週我們已安裝第一台，這與近期才意識到物料類型轉變的情況無關。因此，我們將從本週末開始進行測試。

As you mentioned, we've got a number more at side. Our fabrication is taking place in Indonesia. And the group that's doing it has been very responsive to our needs. We're looking at wrapping up the capacity of that plant in Indonesia. And then also the team is looking at other ways to shorten the construction cycle on the chutes.

如你所提，我們現場還有多台。製造作業在印尼進行，負責的團隊對我們的需求反應非常迅速。我們正評估提升印尼該工廠的產能。同時，團隊也在尋找其他方式，以縮短溜槽的施工週期。

So I -- what we've taken and what we put into the plan is what we know we can do from the past. And then like you mentioned, we'll be continuing to look for things to do that we could optimize and make that installation just that much more simple and quick.

因此——我們納入計畫的內容，是基於我們過去經驗所知、確定能做到的事情。然後如你所說，我們也會持續尋找可優化的作法，讓安裝變得更簡單、更快速。

Carlos, one other thing, and Mark can add to this, but we want to reiterate that this is -- we're in the very early stages of the ramp up. And so the sampling that we did of all of the the draw points is, as of the present time, we have a process where we sample and inspect the draw points on a regular basis.

Carlos，另外還有一點，Mark 也可以補充：我們想重申，目前仍處於爬坡的非常早期階段。因此，我們對所有出礦點（draw points）所做的取樣——截至目前——我們有一套流程，會定期對出礦點進行取樣與檢查。

As we continue to mine, it could be that some of this bottleneck gets resolved and our traditional blending systems can accommodate the material. We have not counted on that in this forecast. We've counted on using this more robust system of regulating the flow in the chute, but we could have a situation where the material becomes dryer as material is mined. And, Mark, you can add to that if you'd like.

隨著我們持續開採，可能部分瓶頸會自行緩解，而我們傳統的混配系統就能容納這些物料。我們在這次預測中並未把這點算進去；我們是以在溜槽中採用更強健的流量調節系統為基礎來做預測。但也可能出現一種情況：隨著物料被開採，物料變得更乾。Mark，如果你願意也可以補充。

Yes. It was kind of the unfortunate timing of ramping up just as we were doing the forecast process, really at the beginning of March, I think our forecast based on the knowledge at that time, would have been very similar to the previous estimate. So what we've done, as Kathleen has mentioned, as we started mucking, we had a higher incident of spills occurring. Some of the material that we began mucking shifted to a weather material. So what we've done is implemented what we know today and use that as our basis.

是的。時點上有點不巧：我們在進行預測流程時正好開始爬坡，大概是在 3 月初。我想以當時掌握的資訊來看，我們的預測應該會與先前估計非常接近。所以我們所做的是——如 Kathleen 所提——當我們開始出礦（mucking）時，溢料（spills）發生的比例較高。我們開始出礦的一部分物料轉變為風化物料。因此，我們把今天已知的情況納入，並以此作為基礎。

What we do know is, as we muck the porosity of the material above will improve. And that's the sort of upside we might have is that as we get a broader footprint, as we begin mining more draw points, more panels that some of these could convert back to where they were. It's a process where we -- as we're mucking, we do a very frequent assessment. So it's a very dynamic process. We already mined each panel, as Kathleen mentioned, remotely.

我們確實知道的是，隨著我們出礦，上方物料的孔隙率會改善。這可能就是我們的上行空間：當我們取得更大的作業覆蓋面、開始開採更多出礦點與更多區塊（panels）時，其中一些可能會回到原本的狀態。這是一個我們在出礦過程中會非常頻繁評估的流程，因此非常動態。我們已經如 Kathleen 所說，對每個區塊都具備遠端開採能力。

It only takes one draw point within a panel to be wet that we do the remote mining. So we were set up to do that from the onset. And now it's just a matter of that ratio within each panel. There's also implications from panels adjacent to a wet panel. The team has also been very innovative on being able to remotely manage other aspects within the panel like rock breakage and hung up panels.

在一個區塊內，只要有一個出礦點是濕的，我們就會採用遠端開採。因此我們從一開始就已做好這方面的配置。現在只是取決於每個區塊內的比例。此外，與濕區塊相鄰的區塊也會受到影響。團隊也非常有創新性，能夠遠端管理區塊內的其他作業面向，例如岩石破碎以及卡塞的區塊（hung up panels）。

And so it's more than just the remote mucking. There's a number of other initiatives that we're pursuing that will increase the availability of the draw points.

因此，這不僅僅是遠端出礦（remote mucking）。我們還在推動多項其他措施，將提高出礦點（draw points）的可用性。

Maybe a very, very quick follow-up, can the regulators handle a dryer material if the ratio improves over time?

也許非常、非常快速追問一下：如果隨著時間推移比例改善，這套調節裝置能處理更乾的物料嗎？

Yes. Yes. It's really about being able to shut off the flow if it gets very sloppy, and it's a very innovative design, where the gate and the hydraulic grams, actually, as the material starts to flow it assists in us being able to shut off the flow if we need to. So it's a matter of preventing spills from the -- from happening on our haulage level onto the trains. But it will also handle the dry material.

可以。可以。重點其實在於：如果物料變得非常稀爛，我們能夠關閉流量。這是一個非常創新的設計，閘門與液壓夾具（hydraulic grams）實際上會在物料開始流動時，協助我們在需要時關閉流量。因此，這是為了防止在我們的運輸水平（haulage level）發生溢漏、落到列車上。但它也能處理乾料。

It's a very flexible, robust system. And as we mentioned, we had planned over the long term to install it, and now we're accelerating that to make the system more flexible and robust to handle any type of material.

這是一套非常靈活且堅固耐用的系統。正如我們提到的，原本長期計畫就要安裝，現在我們正在加速推進，讓系統更靈活、更強健，以處理任何類型的物料。

Alex Hacking, Citi.

Alex Hacking，花旗（Citi）。

Not to Monday morning quarterback, but you've got a very experienced team there at Grasberg. How is this issue missed in the initial assessment that water would start to build up as mining was halted. And then maybe in layman's terms, like why not add more drainage to the mine?

不是要事後諸葛，但你們在 Grasberg 有一支非常有經驗的團隊。為什麼在最初評估時會漏掉：停採後水會開始累積這個問題？另外，用白話說，為什麼不在礦山增加更多排水？

Mark, why don't you take the last part of that and what we're doing. In terms of the first part of that, Alex, we have monitoring of the water coming in and out of the cave. And so there was nothing that was detected of any significance or any significant concern. It's just a matter of getting access to each of these draw points and to be able to inspect them, and we couldn't do that until we got access in this March time frame. The -- it doesn't take a lot to -- for something to move from dry to wet, and it's just a small amount of moisture.

Mark，你來回答最後那一部分，以及我們正在做什麼。至於第一部分，Alex，我們有監測進出崩落區（cave）的水量。因此，當時沒有偵測到任何顯著或重大疑慮。這只是因為必須能進入每一個出礦點並進行檢查，而我們直到今年 3 月這個時間點取得通行後才做得到。從乾變濕其實不需要很多——只要一點點水分就會發生。

So this isn't like a lot of water or some big overwhelming situation, it's just the nature of what's wet or moist versus what's completely dry. But we do have a number of initiatives, and that's what I wanted Mark to cover a number of initiatives that we started after the incident last September to address a more robust drainage system. But the one we have now within the Block Cave in terms of the gravity drainage is very good. The one that we are pursuing is additional drainage from the surface. But, Mark, why don't we cover through that, and we've got some information in the supplemental thoughts on it as well.

所以這不是大量積水或什麼巨大的失控狀況，只是「濕／潮」與「完全乾」之間的差異本質。但我們確實有多項措施——這也是我希望 Mark 說明的：在去年 9 月事件之後，我們啟動了多項計畫，以建立更強健的排水系統。不過，就 Block Cave 內部的重力排水而言，我們現有系統非常好。我們正在推進的是從地表增加額外排水。Mark，你來說明一下；補充資料（supplemental）裡也有相關資訊。

Right. Yes. The slide that you're referring to is 41. But Alex, what we have right now and what we've had in place for years is that we have a very comprehensive drainage plan from the surface in the open pit where the pit has not been impacted. You're aware that as we Block Cave, there's a subsiding zone where the rock breaks.

對。是的。你提到的是第 41 張投影片。Alex，我們目前以及多年來一直採用的是：在未受影響的露天礦坑地表，我們有一套非常完整的地表排水計畫。你也知道，當我們進行 Block Cave 時，會有一個下陷區（subsiding zone），岩石會破裂。

And where we have the wet muck coming from is the rainfall that falls onto that broken material. Our drainage system, both for groundwater and for the surface area that's been unimpacted is very robust. It's been in place functioning. But what the wet muck generation comes from the daily rainfall, it falls on to that rock. It works its way down through the cave.

而我們出現濕礦石（wet muck）的來源，是降雨落在那些破碎物料上。我們的排水系統——無論是地下水或未受影響的地表區域——都非常強健，且一直在運作。但濕礦石的形成來自每日降雨落到岩石上，然後沿著崩落區一路往下滲。

And as it gets to a draw point, that draw point turns into somewhat of a funnel where it concentrates some of that flow that's within that broken rock. And as Kathleen mentioned, it's only a couple of percent difference in moisture content that can convert material from a dry material that we can handle easily to a wetter material that we need to manage much more significantly. So it's not a matter really of drainage, but what we are doing as a result of the external mud rush, the other incident, obviously, that's put us into the situation in the PB 1 area is that we're looking to be able to drain the water away that collects within the cave, essentially in that shape of the old pit.

當水到達某個出礦點時，該出礦點會有點像漏斗，把破碎岩體中的部分水流集中起來。正如 Kathleen 提到的，含水率只要差幾個百分點，就可能把我們能輕鬆處理的乾料，變成需要更顯著管理的濕料。所以這不完全是排水不足的問題；但由於外部泥流（mud rush）那起事件——也就是另一個事故——顯然讓我們在 PB 1 區域陷入目前情況，因此我們正在研究如何把在崩落區內聚集的水排走，本質上就是在舊礦坑形狀內聚集的水。

And so we're drilling into some of that broken rock above PB 1. And we're seeing some initial indications even with the smaller diameter drill holes that we've been able to access some of that water, that's encouraging. We're getting some other drills that will drill those sort of holes much quicker and a bigger diameter. Those are on schedule. They're coming in should be drilling by the end of June. And then we got some other initiatives that are more focused on the PB 1, reopening of taking away that surface water that ponds or pools and any mud like material, any liquefiable material that might gather in the pit bottom.

因此我們正在 PB 1 上方的一些破碎岩體中鑽孔。我們已經看到一些初步跡象：即使是較小孔徑的鑽孔，也能接觸到部分積水，這令人鼓舞。我們也在安排其他鑽機，能更快鑽出更大孔徑的孔洞。這些都按進度進行，設備將到位，預計 6 月底前開始鑽進。接著我們還有一些更聚焦於 PB 1 重啟的措施，包括移除在地表形成積水（ponds or pools）的水，以及任何泥狀物料、任何可能在坑底聚集並可液化（liquefiable）的物料。

Chris LaFemina, Jefferies.

Chris LaFemina，Jefferies。

Just a couple of follow-up questions on Grasberg and kind of following up on what Alex just asked. So if we look at the portion of wet draw points before the mud rush ancient, I think you said it was 30% and it's 45% now. So my first question is, what sort of variability is there around that number? In other words, was at 30%, but sometimes 35%, sometimes 25%. What level of confidence do you have in the ratio of dry to wet today.

關於 Grasberg 我有幾個追問，也延續 Alex 剛才的問題。如果看泥流事件之前濕出礦點的比例，我記得你說是 30%，現在是 45%。第一個問題是：這個數字的波動範圍有多大？換句話說，當時是 30%，但有時 35%、有時 25% 嗎？你們對於目前乾／濕比例的信心程度如何？

And that's the first question. Second question is on the -- like when did you identify that the -- there were too many wet draw points. I think there was a media report a couple of weeks ago that indicated that Freeport was actually ahead of schedule on the block cave ramp. And that's -- maybe that was an incorrect media report, but I'm wondering if this is something that you just learned very recently and was not an obvious problem just a few weeks ago.

這是第一個問題。第二個問題是：你們是在什麼時候辨識到濕出礦點太多？我想幾週前有媒體報導指出 Freeport 的 block cave 爬坡（ramp-up）其實超前進度。那——也許那是錯誤報導——但我想知道，這是否是你們最近才剛得知、而在幾週前並不明顯的問題。

Chris, on the diagram, we show on slide 9, the number of draw points dry-to wet comparison, the important thing to look at here is also the panel. So in September, we had only 1 panel within PB 2 and 3 that didn't meet the ratio. And so we were dealing with that with blending and so that was only one that we were addressing. On now, you've got 10 out of the 23 that don't meet the one-to-one. So the -- that -- what it ends up doing is derating the production of the whole panel because you can only produce the -- at the level of the 1:1 until we get these enhanced material handling systems installed.

Chris，在圖表上，我們在第 9 張投影片展示了出礦點乾／濕的比較數量；這裡另一個重要觀察點是「分區（panel）」。去年 9 月時，在 PB 2 和 3 之中只有 1 個分區未達到比例要求，因此我們透過混配（blending）來處理，當時只需要處理那一個。現在則是 23 個分區中有 10 個未達到 1:1。結果就是：整個分區的產量會被降額（derating），因為在我們把強化的物料處理系統安裝完成之前，你只能以 1:1 的水平來生產。

So that's an important factor in what's going on within each panel. In terms of the variability, Mark can comment further on this. But we wouldn't have had significant variability in the past, but we do have ongoing monitoring that looks to see for our processes to monitor these draw points for planning and management systems. But since we started mining, we have had some draw points that were wet initially in March go to dry and vice versa. So it is a little bit of a dynamic situation right now in the very early days of the ramp-up.

因此，這是各分區內部正在發生狀況的一個重要因素。至於波動性，Mark 可以再補充。不過過去我們不會有顯著波動；但我們確實有持續監測，用於規劃與管理系統來追蹤這些出礦點。自從我們開始採礦以來，確實有一些出礦點在 3 月初是濕的、後來變乾，反之亦然。所以在爬坡初期，現在確實有點動態變化。

As Mark talked about earlier, the timing of all this is we had just really commenced the ramp-up, and so there was new information that we were getting along the way in April as we were going through the forecasting process. Freeport, we did not modify any of our guidance, the actual progress we were making on the ramp-up in terms of -- or the products we're making on the restart was very good.

如同 Mark 先前提到的，整體時點是：我們才剛真正開始爬坡，因此在 4 月進行預測流程時，我們一路取得新的資訊。Freeport 並未修改任何指引；我們在重啟後的爬坡進度——或我們在重啟後所產出的產品——其實表現非常好。

As I mentioned, we got that done ahead of schedule. Some of the media reports that you may be referencing relate to some of the discussions in Indonesia, where there could be government people that are asking questions about the plan or media asking about the plan. And those would have been based on our original plan because we had not formalized our forecast until recently.

如我所提，我們甚至比原定時程更早完成。有些你可能提到的媒體報導，與印尼當地的一些討論有關，可能是政府人士在詢問計畫，或媒體在詢問計畫。那些內容會是基於我們原始計畫，因為我們直到最近才正式定案我們的預測。

Again, the recovery and the preparedness to get to the ramp-up was going very, very well, and it's only this new information that has been unfolding in recent weeks at where we had to address the forecast. Again, it's very early days and things can move from here, but we do have a solution. We're going to execute against that solution, and it's a positive long-term solution to giving us flexibility to deal with these sorts of things as we go forward over the long term.

再次強調，復原工作以及為爬坡所做的準備一直進展非常、非常順利；只是最近幾週逐步浮現的新資訊，使我們必須調整預測。現在仍是非常早期的階段，後續仍可能變動，但我們確實有解決方案。我們將依該方案執行，而這是一個長期正向的解決方案，能讓我們在未來長期具備彈性，以因應這類情況。

I might just add, since the start of the Grasberg, we've also had a model that predicts the future of that wet to dry ratio. And all the way through the life of PB 2 and 3, that ratio is generally 2:1 that we have 2 draw points of drive to 1 wet. There'd be some panels that are -- that vary -- the variability is more across the footprint. But broadly, we had a much better ratio that we've been forecasting and using that as part of our mine plans, that's a big part of the reason that we built GBC to be able to be remotely mined from the onset. So we've been working on this for quite some time.

我可能補充一下，自從 Grasberg 開始以來，我們也一直有一個模型，用來預測未來濕料對乾料的比例。在 PB 2 和 3 的整個礦山壽命期間，這個比例通常是 2:1，也就是我們有 2 個乾式出礦點對 1 個濕式出礦點。有些分區會有——會有差異——變異性更多是分布在整個礦體平面範圍上。但總體而言，我們一直在預測並使用一個更好的比例，並把它納入我們的採礦計畫中；這也是我們建置 GBC、從一開始就能進行遠端採礦的一大原因。所以我們在這件事上已經投入相當長的時間。

It's a bit of a complex model. It's both material characteristics from size and then managing how the water makes its way through the broken rock mass. So our indications were that were much different over the longer term. It didn't indicate the need for the spilminators at this point of the mine. As Kathleen mentioned, we were working on that and saw certain panels that would require that.

這是一個有點複雜的模型。它同時涵蓋材料特性（從粒徑等面向）以及如何管理水分在破碎岩體中流動的方式。因此，我們的指標顯示，從更長期來看情況會很不一樣。它並未顯示在礦山現階段需要使用 spilminators。正如 Kathleen 提到的，我們一直在做相關工作，也看到某些分區會需要那個。

But what we've looked at now is a much more taking what we have today and just applying that, making sure that the chutes themselves are not the bottleneck. So the current plan is that that will replace all the chutes that will have that additional flexibility.

但我們現在所做的，是更著重於把今天現有的狀況納入考量並直接套用，確保溜槽本身不會成為瓶頸。因此，目前的計畫是更換所有溜槽，讓它們具備額外的彈性。

Nick Cash, Goldman Sachs.

Nick Cash，高盛。

Just wanted to switch gears a little bit here. You mentioned deploying the first initially developed additive and working on a second additive in North America. How established are the supply chains for each of these? And how quickly can you scale those additives, and how much of the $800 million guide incremental for leaching is a result from these new additives? And then lastly, given the increased deal cost and global supply chain pressures, is there any risk for the $2.50 unit cost targets for North America in '27?

我想稍微換個話題。你提到正在部署第一個最初開發的添加劑，並在北美研發第二個添加劑。這兩者各自的供應鏈成熟度如何？你們能多快擴大這些添加劑的規模？另外，指引中浸出（leaching）增量的 8 億美元，有多少是來自這些新添加劑？最後，考量到交易成本上升與全球供應鏈壓力，北美在 2027 年達成每單位成本 2.50 美元目標是否有任何風險？

Thank you, Nick. The -- in terms of the additive, the one that we're deploying now, and we started with one stockpile of Morenci and are now deploying it more broadly across the stockpiles at Morenci is readily available. And that is -- we've got a supply chain for it, and it's being applied and the results will continue to evolve as we go through the year, and that's the data that we want to see. In the lab, the additive that we're referring to, we've got two additional additives that we're focused on and maybe more after that. But we call them our next-generation additives.

謝謝你，Nick。——就添加劑而言，我們目前正在部署的那一種，我們先從 Morenci 的一個礦堆開始，現在正更廣泛地在 Morenci 的各礦堆推行，是很容易取得的。而且——我們已經有相應的供應鏈，正在施用中，結果也會隨著我們在今年內推進而持續演變，這正是我們想要看到的數據。在實驗室方面，我們提到的添加劑，我們還有另外兩種正在聚焦，之後可能還會有更多。我們把它們稱為下一代添加劑。

We've seen with these additional additives, performance in the lab that is a multiplier effect of benefit above the one we're using now. So we have been working with potential suppliers on those. It's not as easy to find, and we may have to have it made as the ones that we're using now. But we've been conducting some meetings in recent months with anticipation that we will commercialize one or more of those additives, and that's really showing potential. And to answer your question about the scaling, it's the combination of additives and heat that is going to get us to the 800 million pounds.

我們在實驗室看到，這些額外添加劑的表現，相較於我們目前使用的那一種，帶來的是倍增式的效益。因此我們一直在與潛在供應商合作。它不那麼容易找到，我們可能需要像目前使用的那種一樣，採取客製化製造。但過去幾個月我們已進行了一些會議，預期我們將把其中一種或多種添加劑商業化，而這確實展現出潛力。至於你問到的擴產規模，能讓我們達到 8 億磅的，是添加劑與加熱的組合。

So we can -- at the current levels, all of the initiatives we're doing on precision leaching, all those things, all the things we're doing on leach everywhere, we've got helicopters that are adding irrigation lines to places that we couldn't access before. All those things are sort of operational work that we're doing, and that will allow us to be in this 250 million pound, 300 million pound range. The rest of it really comes from the additives and heat. And it's not just one by itself because the combination of using an additive on side of heat could give you a 1 plus 1 equals 2.5 or 3. And so that's why this heat work is very important as well to get to our ramp-up rates.

所以我們可以——在目前的水準下，我們在精準浸出（precision leaching）上的所有措施、我們在「到處浸出」（leach everywhere）上的所有工作——我們甚至用直升機把灌溉管線加到以前無法進入的地方。這些都屬於我們正在做的營運面工作，能讓我們落在 2.5 億磅、3 億磅的區間。其餘的增量主要來自添加劑與加熱。而且不是單靠其中一項，因為把添加劑與加熱結合，可能會出現 1+1=2.5 或 3 的效果。因此，這項加熱工作對於達到我們的爬坡（ramp-up）速率也非常重要。

We've just started at Morenci. We've got a pilot where we're heating the rafinite that will go is we just really just literally just started this to heat the rafinite to try to raise temperatures within the stockpile. We're doing that on a test basis. We have our idea to put in some modular units of heat that could be applied to all of our stockpiles. Initially, we're using natural gas to heat, but we're very excited about potential to have geothermal heat at Morenci, and we've got promise there.

我們才剛在 Morenci 開始。我們有一個試點，正在加熱 raffinate（貧液），也就是——我們真的就是字面上剛開始——加熱 raffinate，嘗試提高礦堆內的溫度。我們以測試方式進行。我們的想法是導入一些模組化的加熱單元，可應用到我們所有的礦堆。初期我們使用天然氣加熱，但我們對 Morenci 具備地熱供熱的潛力非常興奮，而且那方面已有不錯的跡象。

We're actually doing some drilling to define a geothermal resource that would be a low-cost way to heat the stockpiles. So we know that heat works, raising the temperature of the stockpile will add volumes of significance. And that, combined with the additive, we have a path to getting to 800. We've got to solve what's the right additive for different material types. And we've got to solve the engineering of how to best get the temperatures raised in the stockpile.

我們實際上正在進行一些鑽探，以界定一個地熱資源，這將是一種低成本的方式來加熱礦堆。所以我們知道加熱是有效的，提高礦堆溫度會帶來顯著的產量增量。而這與添加劑結合，我們就有一條路徑可以達到 800。我們必須解決的是：針對不同材料類型，哪一種添加劑最合適；以及如何以最佳工程方式提高礦堆溫度。

Cory Stevens is on. He and his team are leading this effort, and I'll ask Cory to make any -- and I'll come back to your 250 question, Nick. But, Cory, if you want to add any color to what I just said, that would be helpful.

Cory Stevens 也在線上。他和他的團隊正在主導這項工作。我會請 Cory 補充——我也會回到你關於 250 的問題，Nick。但 Cory，如果你能對我剛才說的內容再補充一些說明，會很有幫助。

Yes. Thanks, Kathleen. Yes, so Kathleen said it, we've got a pilot going. We're using that to calibrate our heat models and what we would expect to see at Morenci. And in parallel, we've got a bigger project going where we're going to be tripling the size of that for our El Abra operation that's going to add some volumes there.

好的。謝謝，Kathleen。是的，正如 Kathleen 所說，我們正在進行一個試點。我們用它來校準我們的加熱模型，以及我們預期在 Morenci 會看到的結果。同時，我們也在推進一個更大的專案，我們將把規模擴大到那個的三倍，用於我們的 El Abra 營運，這將在那裡增加一些產量。

And additionally, we have a number of other targets where we're looking at a modularized version that can be deployed more readily across the portfolio, particularly in North America. We're pretty excited about where we're headed on that front.

此外，我們還有一些其他目標，正在評估一個模組化版本，使其能更容易在整個資產組合中部署，特別是在北美。我們對這方面的進展方向感到相當振奮。

Additionally, there's options with chemical heat using pyrite and air. Here in the second quarter, we're going to be starting our -- what we call our perfect pile in New Mexico, and that will have a next-generation design on being able to leverage heat from the natural pyrite that comes with the process there?

另外，還有利用黃鐵礦與空氣進行化學加熱的選項。在第二季，我們將開始——我們稱之為在新墨西哥的「完美礦堆」（perfect pile），它會採用下一代設計，以便能夠利用該流程中天然伴生的黃鐵礦所產生的熱量？

Nick, on the 250 question with the changes in consumable costs and energy costs, we're reviewing what all that means, and it's been a volatile situation. But in terms of where we were on that, if you looked at the energy cost, asset costs, all the various consumables in place in recent quarters, together with the addition of these low-cost incremental pounds of getting to our 400 target sometime next year. That would bring us -- so we had a path to get to 250.

Nick，關於 250 的問題，隨著耗材成本與能源成本的變化，我們正在檢視這些變化代表什麼，情況一直很波動。但就我們當時的狀況而言，如果你看能源成本、資產成本、以及近幾季各項耗材的成本，再加上透過達成我們明年某個時點 4 億磅目標所帶來的這些低成本增量磅數。那會讓我們——所以我們原本有一條路徑可以達到 250。

We now need to look at what the right environment is for things that we don't control like the cost of diesel or other inputs. And so that will cause us to relook at the 250, but the point is, is that with the input costs that we've had in place over the last several quarters and the addition of these very low-cost incremental pounds, we see being able to get our US cost down significantly closer to where we are in South America.

我們現在需要看清楚，對於我們無法控制的因素（例如柴油或其他投入品成本），什麼樣的環境才是合理的。因此這會促使我們重新檢視 250；但重點是，以過去幾季我們所面臨的投入成本水準，加上這些非常低成本的增量磅數，我們認為能夠把美國的成本大幅降低，並更接近我們在南美的水準。

So that is still intact. We just need to continue to monitor what impact these commodity input costs will have on our cost structure. But the things that we can control, we're working very hard and have confidence that our unit cost will trend lower, all other things being equal. The sulfuric acid situation, while Maree said, we don't have a lot of spot exposure this year, we'll have to see how that unfolds as we get into next year.

所以這一點仍然成立。我們只是需要持續監控這些大宗商品投入成本會對我們的成本結構造成什麼影響。但對於我們能控制的事情，我們正在非常努力地推進，也有信心在其他條件不變的情況下，我們的單位成本將呈下降趨勢。至於硫酸的情況，正如 Maree 所說，我們今年現貨曝險不大，但明年會如何發展，還需要觀察。

And while we're hedged naturally because we have the smelters, the cost of the assets that we buy will be shown in the operating cost for the US, and we'll have an offset elsewhere with the smelters that we have where we actually produce and sell assets. So I hope that helps you give you some color around that.

另外，雖然我們因為擁有冶煉廠而在自然上有避險效果，但我們購買的資產成本會反映在美國的營運成本中；而在我們擁有的冶煉廠那邊，因為我們實際上會生產並銷售資產，會在其他地方形成抵銷。所以希望這能幫你對此有一些更具體的理解。

Bob Brackett, Bernstein Research.

Bob Brackett，Bernstein Research。

Staying on the leaching theme. You all have been on a tear in terms of getting patents. I think you've had more patents in the last 3 years, a couple of dozen that you've had in the previous 10, many related to leaching. What's the philosophy of those patents? Are they sort of defensive to make sure you can execute on your inventory on your resource, or could they be potentially offensive where you could be partner and get access to additional resources with your technology?

延續浸出的主題。你們在取得專利方面進展很快。我想你們過去 3 年拿到的專利數量，比之前 10 年的還多，有好幾打，其中很多與浸出相關。這些專利的理念是什麼？它們是偏防禦性，確保你們能在自身資源存量上執行；還是可能具有進攻性，你們可以成為合作夥伴，並用你們的技術取得額外資源的機會？

I'll let Cory add to this, but it's really both. Our focus -- we've got 40 billion pounds-plus of copper in these stockpiles, which have been treated as waste in the past. And so there is a huge value opportunity for us and that's our immediate priority to recover some of that copper that's sitting there in stockpiles, which needs a catalyst to produce it. So that is our first priority. The second is, yes, we could leverage technologies that we develop to potentially partner with others, potentially having synergies in an M&A transaction, et cetera.

我會讓Cory補充，但其實兩者都有。我們的重點——我們在這些堆存料中有超過400億磅的銅，過去一直被當作廢料處理。因此，對我們而言存在巨大的價值機會，而我們眼前的優先事項，就是回收一部分目前堆在堆存料中的銅；這需要一個催化劑才能把它生產出來。所以這是我們的第一優先。第二，是的，我們也可以運用我們所開發的技術，未來可能與其他方合作，並在併購交易等方面產生協同效益，等等。

But it's -- our first priority is to maximize the value of our own work here. The team we have working on this, we have a technology center in Tucson, and the team we have working on it is really, really strong. We've added to the team, recently added some chemists and some other disciplines to the team.

但——我們的第一優先是把我們自己在這裡所做工作的價值最大化。我們負責這項工作的團隊，我們在圖森（Tucson）有一個技術中心，而投入其中的團隊非常、非常強。我們也擴編了團隊，最近新增了一些化學家以及其他領域的人才。

So we have a multi-disciplined team, working not only on what's the best additive, but also what's the best way to commercialize and our corporate development team has been actively involved in that as well. So it's -- like I said, it's a very high net present value project and would transform our US business and something that we're making a lot of advances to, and we're going to crack the code as we go forward.

因此我們有一個跨領域團隊，不僅在研究最佳添加劑，也在研究最佳商業化方式；我們的企業發展團隊也積極參與其中。所以——如我所說，這是一個淨現值非常高的專案，將改變我們在美國的業務；我們在這方面取得了很多進展，並且會在往前推進的過程中把關鍵問題破解。

Yes, Kathleen, you nailed it, really, we're moving forward with this powerful group of innovators and fill in the pipeline. The 42 billion pounds that are within our existing stockpiles don't count the other options that we have within our company for below cut-off grade material that we're currently considering ways today that could be extremely valuable for us in the future as these options materialize, it's a very competitive market. And so we're being very careful to protect our interests as we come up with these innovations.

是的，Kathleen，你說得很到位。確實，我們正與這支強大的創新團隊一起推進，並把管線填滿。我們現有堆存料中的420億磅，還不包括公司內其他選項——例如低於截止品位（below cut-off grade）的材料；我們目前正在評估一些方法，這些選項在未來隨著逐步落地，可能對我們極具價值。市場競爭非常激烈，因此在提出這些創新時，我們非常謹慎地保護自身利益。

Lawson Winder, Bank of America Securities.

Lawson Winder，美國銀行證券（Bank of America Securities）。

If I could, I'd like to follow up on the theme of industry cost pressures and just get a sense for what you provided on the slides, and maybe this is best addressed by you, Maree, just in terms of the sensitivity of diesel. So it's interesting. So versus the Q4 slides, it looks like diesel sensitivity has actually increased. Can you maybe just walk through why that would happen, why there'd be a large impact on EBITDA now than there was three months ago?

如果可以的話，我想延續產業成本壓力這個主題，並就投影片上你們提供的內容了解一下；也許這題最適合由你來回答，Maree，主要是關於柴油敏感度。很有意思：相較於第四季的投影片，看起來柴油敏感度其實提高了。你能否說明一下為什麼會發生這種情況、為什麼現在對EBITDA的影響會比三個月前更大？

The slide that Maree reviewed has our sensitivities to copper and all of our input costs, et cetera. And so what we do to calculate the sensitivities is use what's in that forecast for diesel price assumptions and then measure a 10 -- plus or minus 10% change to that. So we have now incorporated a higher cost of diesel in our assumptions than what we had previously, and that's why a 10% change is more than what it was before. Is that the question you were asking?

Maree剛剛回顧的那張投影片，列出了我們對銅價以及所有投入成本等的敏感度。我們計算敏感度的方法，是使用該預測中對柴油價格的假設，然後衡量在此基礎上上下變動10%所造成的影響。因此，我們現在在假設中納入了比先前更高的柴油成本，這就是為什麼10%的變動幅度會比以前更大。這是你想問的問題嗎？

Yes, Yes. No, that's exactly right. It just seems like it was a bit nonlinear. So that's it. I guess you're just assuming much higher diesel is a base case at this point?

是的，是的。對，完全正確。只是看起來有點非線性。所以就這樣。我想你們現在的基準情境是假設柴油價格高很多？

Right, yes. So we'll have to monitor that. We'll have to monitor it as we go. But in our forecasting process, we typically use the prices in effect around the business been volatile, but the price is in effect at the time of the forecast. So those '27, '28 have higher diesel costs than we would have had 3 months ago.

對，是的。所以我們必須持續監控，並在推進過程中觀察。但在我們的預測流程中，我們通常使用在編製預測當下的現行價格；雖然業務一直很波動，但我們採用的是預測時點的價格。因此，'27、'28的柴油成本假設比三個月前要高。

Okay. That makes perfect sense. And then just thinking about industry cost pressures. I mean there's -- we heard of explosive costs being higher, grinding media, you mentioned some insulation from sulfuric acid. When you think of some of the other key cost items for your business, are there other places where you feel there's some level of insulation? And then where are some of the other items where there might not be and there could be more exposure there?

好的。這完全說得通。接著再談產業成本壓力。我是說——我們聽到炸藥成本更高、研磨介質（grinding media）也是；你提到硫酸方面有一些緩衝。當你想到你們業務的其他關鍵成本項目時，還有哪些地方你覺得有一定程度的緩衝？另外，哪些項目可能沒有、而你們可能會有更大的曝險？

It's been very regional, Lawson. So as Maree mentioned, we have we've had a significant rise in diesel costs, but the most significant impact has been in Indonesia and other Asian regions have experienced that inflation more significantly. We haven't seen a lot of things in terms of what we buy, being adjusted at this point. But that will be something that lags, and we'll have to see how long the situation continues and whether it will start to flow through other components of our costs. But some of the things that trade on the spot market, you can see have reacted.

這很區域性，Lawson。正如Maree提到的，我們的柴油成本確實大幅上升，但最顯著的影響是在印尼，而其他亞洲地區也更明顯地經歷了這波通膨。就我們採購的項目而言，目前還沒有看到很多東西被調整。但這會有滯後效應，我們得看這種情況會持續多久，以及是否會開始傳導到我們成本的其他組成部分。不過，有些在現貨市場交易的項目，你可以看到已經有所反應。

But a lot of our consumables are contractually negotiated. So we'll have to just continue to to monitor those.

但我們很多耗材是透過合約談判確定的。因此，我們只能持續監控這些情況。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO資本市場（BMO Capital Markets）。

Recently, we saw there was a change to Section 232 tariffs impacting derivative products. Do you see any impact from that, or do you expect any impact from that?

最近我們看到《232條款》（Section 232）關稅有變更，影響到衍生產品。你們是否看到任何影響，或預期會有任何影響？

Not associated with what we sell. So that we have changed a lot of the codes for what gets tariffed. It did not change anything with respect to the refined copper cathodes at this point. And as you know, actually this is -- that is something that the government said they were going to be reviewing potentially by middle of this year.

與我們銷售的產品無關。也就是說，確實有調整很多被課稅項目的代碼，但截至目前，對精煉銅陰極（refined copper cathodes）沒有任何變更。而且如你所知，這——政府也表示他們可能會在今年年中前後進行檢視。

And then maybe just quickly, I know you mentioned the sulfuric acid, you're hedged, but can you let us know how much of it you actually do purchase in US for your US operations?

另外也想快速問一下，我知道你提到硫酸你們有避險，但能否告訴我們，你們在美國的美國營運實際上有多少硫酸是採購取得的？

It varies, but we do purchase some assets in the US We also have -- of course, we have the smelter, which provides a base load of asset to our US operations. We have actually a sulfur burner where we buy sulfur and convert that to acid at our Safford operation. And so it varies what we buy in terms of the amount of acid.

會變動，但我們確實在美國採購一部分。我們也有——當然，我們有冶煉廠，為我們的美國營運提供一個基礎負荷的酸。我們在Safford營運點其實有一座硫磺燃燒爐，我們購買硫磺並在那裡把它轉換成酸。因此，我們採購的酸量會有所不同。

We internally generate a big portion of what's needed in the US. And then, of course, in Spain, where we have a smelter, that's all sold externally. And then in Indonesia, we sell acid, and we'll be selling that Grasberg ramps up, we'll be selling more acid because we'll start to operate both smelters in Indonesia.

我們在美國內部自產了很大一部分所需的量。然後，當然，在西班牙我們有一座冶煉廠，那裡產出的酸全部對外銷售。接著在印尼，我們也銷售酸；而隨著Grasberg產能爬坡，我們會銷售更多酸，因為我們將開始在印尼同時運轉兩座冶煉廠。

So we're net long. And we do have -- in South America, we do buy acid. And as we said, we don't have a lot of exposure to the spot market at this point in time. But if this continues, we'll have to look at what it means for 2027.

所以我們是淨多頭（net long）。而且我們確實有——在南美洲，我們會購買酸。正如我們所說，截至目前我們對現貨市場的曝險不大。但如果這種情況持續下去，我們就必須評估這對2027年意味著什麼。

Timna Tanners, Wells Fargo.

Timna Tanners，富國銀行（Wells Fargo）。

Two questions from me. I wanted to follow up on the Grasberg forecast. I know you talked about it being a timing issue, but I just noticed and it's small, but it does look like some of the revisions extend out to 2029. So I just wanted some color there. And then pivoting to Peru, if I could, just would be interested in your thoughts on the upcoming political election given your presence at Cerro Verde.

我有兩個問題。第一個我想追問Grasberg的預測。我知道你提到這是時點問題，但我注意到，雖然幅度不大，看起來有些修正延伸到了2029年。我想請你多給一些說明。第二個轉到秘魯，如果可以的話，鑑於你們在Cerro Verde的布局，我想聽聽你們對即將到來的政治選舉的看法。

On the Grasberg, the real impact, the real significant impacts were in '26 and '27. We do have a small impact in '28 and '29, but those are really on the margin, there really wasn't any. We don't -- we're not projecting any sort of issue related to this material handling issue as we get into those periods. That is just the normal forecasting updates and the founding it's pretty close to where it was.

關於Grasberg，真正的影響、真正顯著的影響是在'26和'27。'28和'29確實有一點小影響，但那真的只是邊際影響，基本上沒有什麼。我們——我們並未預測在進入那些期間時，這個物料處理問題會帶來任何類似的影響。那只是正常的預測更新，而結果其實與先前非常接近。

Got it. Okay. And then your thoughts on Peru, if I could.

了解。好的。那如果可以的話，你對秘魯的看法呢？

Politically, we work with any administration. There's been -- as you know, there have been many presidents in Peru in recent years. And so we're prepared to work with any administration that comes in. And we have a really good relationship with -- which is really important in Peru with the local communities. We know we have to earn that every day, but that's really important at the local levels as well in Peru as we manage our risk there, having that relationship and having the partnership that we have on water that we supply to Arequipa has been been really positive for Cerro Verde.

在政治方面，我們會與任何政府合作。如你所知，近年來秘魯有過很多位總統。因此，無論上任的是哪個政府，我們都準備好與其合作。而且我們與——在秘魯非常重要的——當地社區維持非常良好的關係。我們知道這需要每天去爭取，但在秘魯的地方層級，這也非常重要；在我們管理當地風險時，擁有這樣的關係、以及我們向阿雷基帕（Arequipa）供水的水務合作夥伴關係，對Cerro Verde一直非常正面。

But in terms of changes in administrations will just continue to work, do the right thing, good corporate citizen in Peru with great benefits to the community. So that's been a real positive for Cerro Verde for many years, and we expect that in the future as well.

但就政府更迭而言，我們只會持續把工作做好、做正確的事，並在秘魯成為良好的企業公民，為社區帶來很大的效益。因此，這多年來一直是Cerro Verde非常正面的因素，我們也預期未來亦將如此。

Yes, let me just add that what Kathleen mentioned about our relationship with Arequipa is really special and our team down there, deserves a lot of credit for the way that they've built relationships with the community when so many other mining operations down there, face a lot of challenges from the community. So that's -- and we've dealt with a whole wide range of presidents, politics are very complicated, but you can look at our operating record and see how we've operated at Cerro Verde throughout all of that turmoil, and I'm confident we'll continue to do so.

是的，我再補充一下，Kathleen提到我們與阿雷基帕（Arequipa）的關係確實非常特別；我們在當地的團隊值得高度肯定，因為在那裡許多其他礦業營運都面臨社區帶來的諸多挑戰之際，他們仍能以建立社區關係的方式取得成果。所以這點——而且我們也經歷了各式各樣的總統更迭，政治非常複雜，但你可以看看我們的營運紀錄，了解我們在那段動盪期間如何在Cerro Verde持續運作；我有信心我們會繼續做到。

Orest Wowkodaw, Scotiabank.

Orest Wowkodaw，豐業銀行（Scotiabank）。

A couple for me, please. I noticed the idle cost recovery costs at Grasberg went up to $1.3 billion from $900 million previously, in terms of costs that are being excluded from your reported cash costs. Is that -- I'm just wondering, is that incremental dollars going out, or is that you're just shielding more of that from being included in cash costs?

我有幾個問題。注意到Grasberg的閒置成本回收（idle cost recovery）費用從先前的9億美元上升到13億美元，這些成本在你們揭露的現金成本中被排除。這——我想確認一下，這是額外的現金支出增加，還是你們只是把更多成本排除在現金成本之外？

That's basically the -- because we're not at full capacity in the second half a portion, and it will be -- start being just a declining portion, but a portion of our cost are expensed and don't go through the inventory and cost of sales. So it's really -- it's not an increase in cost. It's really characterization of whether it's included in our unit costs, or how it's treated for accounting purposes.

基本上是——因為我們在下半年有一段時間未達滿載產能，之後這個比例會開始下降，但我們有一部分成本會直接費用化，不會進入存貨與銷貨成本。所以這其實——不是成本增加，而是如何分類：是否納入單位成本，或在會計上如何處理。

So we're just following the accounting guidance and as we modified the ramp-up schedule since we're not at capacity yet, a portion of our costs are treated as idle and those are expensed right away. So that's really what that is. It's really no change in absolute absolute costs other than the input cost that we have with diesel, et cetera. But in terms of the idle cost methodology, that's consistent.

所以我們只是依循會計指引；由於我們調整了爬坡（ramp-up）時程、目前尚未達產能，因此部分成本被視為閒置成本並立即費用化。這就是原因。除了柴油等投入成本之外，絕對成本並沒有變化。但就閒置成本的方法論而言，是一致的。

Okay, perfect. And then just coming back to the operating recovery at Grasberg, you've identified the chutes as being a bottleneck here for the more substantial level of wet ore. Are there any other potential bottlenecks ahead as this will get solved that could play into the recovery rates?

好的，明白。接著回到Grasberg的營運回收率（operating recovery），你們指出在濕礦比例較高的情況下，溜槽（chutes）是目前的瓶頸。當這個問題解決後，前方是否還有其他潛在瓶頸，可能影響回收率？

This is the big one. As Mark was saying, we -- our plan in terms of mining has been to have the mining capacity and the loading capacity at the distraction level to handle what material. So this is really just a logistical of how to get it loaded onto the trains. So this is really the -- solving this issue will get us where we need to be in terms of the large-scale ramp-up.

這是最大的瓶頸。正如Mark所說，我們——在採礦方面的計畫，是在破碎（distraction）層位具備採礦產能與裝載產能，以處理相關物料。因此這其實只是物流問題：如何把物料裝上火車。解決這個問題，就能讓我們在大規模爬坡方面達到所需的狀態。

Okay. But the wet versus dry doesn't impact the capacity of the trains. Is that correct?

了解。但濕礦與乾礦不會影響列車的運能，對嗎？

Right.

對。

Daniel Major, UBS.

Daniel Major，瑞銀（UBS）。

Two quick follow-up questions. Firstly, just looking at slide 9 of the presentation again. It doesn't look like there's been any significant change in the ratio of wet to dry in PB 1S or in the other sections. Is that the right read, so no change there?

兩個簡短的追問。第一，回到簡報第9頁。看起來PB 1S或其他區段的濕礦對乾礦比例並沒有顯著變化。這樣解讀正確嗎，也就是那邊沒有變化？

Well, this really was the -- this really was the comparison in PB 2 and PB 3 of wet to dry. So PB 1, we're still doing our work on PB 1 to be in a position to restart PB 1 South by middle of next year. So this chart really just deals with the wet to dry in PB 2 and 3. In terms of the overall the overall contribution of PB 1S and then ultimately, PB 1C, it's relatively small that we have in these forecasts. So our focus -- our initial focus is to get scale from PB 2 and PB 3 and then optimize the situation at PB 1S.

嗯，這其實是——這張圖主要是在比較PB 2與PB 3的濕礦對乾礦。因此PB 1方面，我們仍在進行PB 1的相關工作，以便在明年年中具備重啟PB 1 South的條件。所以這張圖只涵蓋PB 2與PB 3的濕/乾比例。就整體而言，PB 1S以及最終的PB 1C在這些預測中的貢獻相對較小。因此我們的重點——初期重點是先從PB 2與PB 3取得規模，然後再把PB 1S的狀況最佳化。

And then as Mark said, as we get more of our derisking done with the work we're doing with the drainage at the surface consider reopening PB 1C. But this plan largely particularly in '26, '27, '28 time frame is largely from the PB 2, PB 3 ramp-up.

另外如Mark所說，當我們在地表排水（drainage）方面完成更多去風險（derisking）工作後，會考慮重新開放PB 1C。但這個計畫在很大程度上，特別是在'26、'27、'28這段期間，主要是來自PB 2、PB 3的爬坡。

I'm sorry, go ahead.

抱歉，你請說。

No, maybe you were answering that. I mean I was just going to say, are you also then installing the similar modifications to the systems in PB 1S to ensure that you can achieve nameplate capacity even if the ratio is higher in that zone as well.

不，可能你剛剛已經在回答了。我是想問，你們是否也會在PB 1S的系統上安裝類似的改造，以確保即使該區段的比例更高，也能達到名目產能（nameplate capacity）。

Yes. So that was already planned, that was already part of our plan, is to have these devices in the panels and the chutes and PB 1, 2 galleries in PB 1. But go ahead, Mark.

會的。所以那原本就已規劃、也已是我們計畫的一部分：在PB 1的盤區（panels）與溜槽，以及PB 1的PB 1、2巷道（galleries）中配置這些裝置。不過Mark你補充。

That was what I was going to add. I was just going to let them know that Daniel know that the chutes in PB 1 were damaged with the external mud rush. So the plan was to replace them with the newer technology.

我正要補充這點。我只是想讓Daniel知道，PB 1的溜槽在外部泥流突進（external mud rush）時受損，所以計畫是用較新的技術來更換。

Okay. And then just a final one. What is the CapEx associated with these modifications? And there's been no change to group CapEx guidance? And if you've deferred CapEx, is there any implications on the mine plan beyond 2030.

好的。最後一個問題：這些改造的資本支出（CapEx）是多少？集團CapEx指引沒有變動嗎？如果你們遞延了CapEx，是否會對2030年以後的礦山計畫造成任何影響？

These are not terribly expensive equipment that we're installing. We've added something on the order of $60 million to $70 million in CapEx associated with this and had some timing variances within the plan that offset that. So it's not a major cost driver, particularly considering how much copper and gold production you get from having this. So it wasn't a big cost. It didn't show up as a big cost variance -- capital cost variance.

我們安裝的設備並不算特別昂貴。與此相關的CapEx我們大約增加了6,000萬到7,000萬美元，同時計畫內也有一些時點差異可以抵銷。因此這不是主要的成本驅動因素，特別是考量到這能帶來的銅與金產量。這不是一筆很大的成本，也沒有反映為重大的資本成本差異——資本支出差異。

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

接下來我把電話交回管理層作結語。

Well, thank you, everyone, and thanks for taking so much time with us, and we'll continue to report our progress as we go forward and we're available if anybody has any follow-ups. Thank you very much.

好的，謝謝各位，也謝謝大家花這麼多時間與我們交流。我們會在後續持續回報進展；若有人有任何追問，我們也都可以聯繫。非常感謝。

Thanks a lot, everyone. I can assure you we're going to be transparent and all things that go on with this ramp up. Thanks a lot.

非常感謝各位。我可以向各位保證，我們會對這次爬坡過程中發生的所有事情保持透明。非常感謝。

And that concludes our call for today. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。