費利浦·麥克莫蘭銅金 (FCX) 2026 Q2 法說會逐字稿

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

各位女士、先生，感謝您稍候，歡迎參加 Freeport-McMoRan 2026 年第二季電話法說會。(接線員指示)

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

現在我想將會議交給投資人關係副總裁 David Joint 先生。先生，請開始。

Thank you, Regina, and good morning, everyone. Welcome to the Freeport conference call. Earlier this morning, FCX reported its second quarter 2026 operating and financial results. A copy of today's press release with supplemental schedules and slides are available on our website, fcx.com. Today's conference call is being broadcast live on the Internet.

謝謝你，Regina，各位早安。歡迎參加 Freeport 的電話會議。今天稍早，FCX 已公布 2026 年第二季營運與財務結果。今日新聞稿（含補充附表）與簡報投影片可於我們的網站 fcx.com 取得。本次電話會議亦透過網際網路進行即時直播。

Anyone may listen to the call by accessing our website home page and clicking on the webcast link for the conference call. 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.

任何人都可透過造訪我們網站首頁並點選本次電話會議的網路直播連結來收聽。除分析師與投資人外，財經媒體亦受邀收聽今日會議。網路直播的重播將於今日稍晚在我們網站提供。

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 申報文件所述之風險因素；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.

此外，今日與我一同出席的還有董事長 Richard Adkerson；總裁暨執行長 Kathleen Quirk；執行副總裁暨財務長 Maree Robertson；以及其他管理團隊資深成員。

Richard will make some opening remarks. Kathleen and Maree will review our slide materials, and then we'll open up the call for questions. Richard?

Richard 將先做開場致詞。Kathleen 與 Maree 將帶領各位檢視投影片內容，之後我們將開放提問。Richard？

Thanks, David, and thanks, everyone, for joining us today. We're pleased to release FCX's second quarter results. They can be described in a single word: progress. Freeport and our shareholders continue to benefit from our long-standing strategy centered on our leadership position in copper and from our portfolio of long-lived assets with established track records for operational excellence, project development and capital allocation.

謝謝你，David，也謝謝各位今天加入我們。我們很高興發布 FCX 的第二季結果。用一個字形容：進展。Freeport 與我們的股東持續受惠於我們長期以來的策略：以我們在銅領域的領導地位為核心，並擁有一組長壽命資產組合，在營運卓越、專案開發與資本配置方面皆具備既有且可驗證的績效紀錄。

Electricity means copper. As the world continues to electrify, it will need what we produce more than ever. Freeport is particularly well positioned to grow as the market grows in the future. Our team today will talk with you about the great progress we have achieved in the second quarter across our global business, notably, the positive execution of the Grasberg ramp-up and the strong operational execution and financial performance achieved in the Americas.

電力意味著銅。隨著全球持續電氣化，對我們所生產產品的需求將比以往更高。Freeport 在未來市場成長時，特別具備擴張的有利位置。今天我們的團隊將與各位分享第二季在全球業務所取得的重大進展，尤其是 Grasberg 擴產爬坡的正向執行，以及美洲地區強勁的營運執行與財務表現。

Our large-scale long-life production with our attractive growth pipeline positions Freeport exceptionally well. Our aspiration continues to be foremost in copper. Kathleen and I have visited Jakarta and our mine site in Papua in June. I've been traveling to Indonesia regularly since 1988. And each time I visit, I'm inspired both by Freeport's accomplishments in Papua and in Gresik and by how the proponent Indonesia has developed and progressed over the years.

我們具備大規模、長壽命的產能，加上具吸引力的成長管線，使 Freeport 的定位格外出色。我們的願景仍是成為銅領域的首選。Kathleen 與我於六月造訪雅加達以及位於巴布亞的礦區。自 1988 年起我便定期前往印尼。每次造訪，我都深受啟發：不僅來自 Freeport 在巴布亞與 Gresik 的成就，也來自印尼多年來的發展與進步。

The best lies ahead for Indonesia and for PT Freeport Indonesia. I am blessed and proud to have been able to personally experience and been part of this growth and progress. Our Freeport global family is proud of the commitment and significant progress achieved by our team in Papua and the ramp up of the Grasberg Block Cave mine. The Grasberg team has great morale and enthusiasm as it continues to execute exceptionally well. We look forward to ongoing progress with the Grasberg recovery and to completing our mine rights extension with the government of Indonesia so that Freeport can continue to generate benefits for all stakeholders in the decades to come.

印尼以及印尼自由港公司（PT Freeport Indonesia）的最佳時刻仍在前方。我很感恩也很自豪能親身見證並參與這段成長與進展。我們 Freeport 全球大家庭為巴布亞團隊所展現的承諾與重大進展，以及 Grasberg Block Cave 礦場的擴產爬坡感到自豪。Grasberg 團隊士氣高昂、充滿熱忱，並持續展現卓越的執行力。我們期待 Grasberg 復甦持續推進，並完成與印尼政府的採礦權展延，使 Freeport 能在未來數十年持續為所有利害關係人創造效益。

We're also proud of the demonstrable progress being achieved by our Americas team through the application of modern innovative technology to increase production and lower cost to generate increasing profits from our mature mines. It's truly impressive and, again, the best lies ahead.

我們也為美洲團隊所取得的可見進展感到自豪：透過導入現代創新技術提升產量、降低成本，從成熟礦山創造日益增加的獲利。這確實令人印象深刻，而且再次強調，最好的仍在前方。

Our CEO, Kathleen Quirk, will now lead our discussion.

接下來將由我們的執行長 Kathleen Quirk 帶領討論。

Great. Thank you, Richard, and thank all of you for participating in our call today where we will review our second quarter performance and update you on our initiatives, projects and attractive future outlook. You'll hear today about the work our teams are doing across our global business to drive value, progress we've made to restore large-scale production at Grasberg safely and sustainably, the advancement of operational excellence and new technology initiatives in the US, and progress on opportunities for an exciting new phase of organic growth.

好的。謝謝你，Richard，也謝謝各位今天參與我們的電話會議。我們將回顧第二季表現，並向各位更新我們的各項倡議、專案與具吸引力的未來展望。今天各位將聽到我們團隊在全球業務推動價值的工作內容、我們在安全且可持續地恢復 Grasberg 大規模產能方面的進展、美國在營運卓越與新技術倡議的推進，以及我們在令人振奮的下一階段內生成長機會上的進展。

Starting with slide 3, we provide the highlights of our second quarter. Our sales of copper and unit cash costs were better than our forecast. We made steady progress on the Grasberg ramp-up. And combined with the favorable metal price backdrop, we generated significant margins, cash flows and earnings.

從第 3 張投影片開始，我們提供第二季重點摘要。我們的銅銷售量與單位現金成本均優於預測。我們在 Grasberg 的擴產爬坡方面穩步推進。再加上有利的金屬價格環境，我們創造了可觀的利潤率、現金流與盈餘。

The strength and diversity of our portfolio comes through in the results, with our US mining operations contributing 2.4 times more operating income in the first half of 2026 compared with last year's first half with strong conversion to the bottom line.

從結果可看出我們資產組合的強度與多元性：2026 年上半年，我們美國礦業營運的營業利益較去年上半年增加至 2.4 倍，且對最終淨利的貢獻轉換強勁。

This is further demonstrated by a 65% increase in our consolidated net income for the first half of 2026 compared with last year's first half. Our Grasberg ramp-up plans are on track. And together with ongoing initiatives, increased production in the Americas, we are positioned for future volume and margin growth. We are advancing our future growth options with a series of projects in progress to scale production from our innovative leach initiatives. We are nearing an investment decision for a major expansion of our Bagdad mine in Arizona and advancing our regulatory work in Chile for a significant expansion at our El Abra mine.

這也進一步反映在 2026 年上半年合併淨利較去年上半年成長 65%。我們的 Grasberg 擴產爬坡計畫按進度推進。結合持續推動的各項倡議，以及美洲地區產量提升，我們已為未來的出貨量與利潤率成長做好布局。我們正透過一系列進行中的專案推進未來成長選項，以擴大我們創新浸出（leach）倡議的產能規模。我們即將就亞利桑那州 Bagdad 礦場的大型擴建案做出投資決策，並在智利推進 El Abra 礦場重大擴建的法規相關工作。

During the quarter, we increased our ownership in Cerro Verde through the opportunistic purchase of Cerro Verde shares in the open market, bringing total purchases over an approximate two-year time frame to over $300 million, increasing our ownership by 2% to over 55%. In addition, we returned $600 million to shareholders in the first half, including roughly $200 million in share repurchases. Our financial position remains strong and markets for our products are positive, providing a solid foundation to invest in the value-enhancing growth while returning cash to shareholders.

本季期間，我們把握時機在公開市場機動買進 Cerro Verde 股票，提高在 Cerro Verde 的持股；在約兩年的期間內，累計買進金額超過 3 億美元，使我們持股提高 2% 至超過 55%。此外，我們在上半年向股東回饋 6 億美元，其中約 2 億美元為庫藏股買回。我們的財務狀況仍然穩健，產品市場也維持正向，為我們在回饋股東的同時投資於提升價值的成長奠定堅實基礎。

On slide 4, we reiterate our ongoing priorities, which are centered on our drive for increasing shareholder value. Disciplined execution of our plans, including our ramp-up progress at Grasberg; crystallizing the value of our Americas leach opportunity; adopting new technologies to improve performance; and investing in profitable growth will enable us to build significant value in our business. Our team is committed to the success of these initiatives dedicated to overcoming challenges along the way, and steadfast in our drive for excellence in all that we do.

在第 4 張投影片，我們重申持續的優先事項，核心在於推動股東價值提升。以紀律方式執行我們的計畫，包括 Grasberg 的擴產爬坡進展；實現我們在美洲浸出機會的價值；採用新技術以改善績效；以及投資於具獲利性的成長，將使我們能在業務中建立顯著價值。我們的團隊致力於這些倡議的成功，並專注克服過程中的挑戰，同時堅定追求在所有工作上的卓越表現。

Turning to the copper markets on slide 5. As a leading global supplier of copper, Freeport is strategically well positioned and benefits from copper's essential and increasingly important role in the global economy. Copper's superior thermal conductivity makes it the metal of electrification, and the world is quickly becoming more electrified.

接著看第 5 張投影片的銅市場。作為全球領先的銅供應商，Freeport 在策略上具備良好定位，並受惠於銅在全球經濟中不可或缺且日益重要的角色。銅具備優異的導熱性，使其成為電氣化的金屬，而世界正快速走向更高度的電氣化。

Globally, copper demand is expected to rise in a number of applications including the massive requirements for the power grid to support new technologies. LME price -- copper prices averaged $5.93 per pound year-to-date through June and closed yesterday at $6.30 per pound on the LME, an increase of about 12% since the start of the year.

在全球範圍內，銅需求預期將在多項應用中上升，其中包括為支援新技術而對電力電網提出的龐大需求。LME價格——截至6月的年初至今，LME銅價平均為每磅5.93美元，昨日在LME收於每磅6.30美元，較年初上漲約12%。

In the US, COMEX copper is currently trading at an approximate 2% premium to LME pricing. As we speak with our customers across the US, they continue to report robust copper demand and order books associated with AI data centers and related energy infrastructure and improved demand from the auto sector, which is more than offsetting weakness in private construction.

在美國，COMEX銅目前相對於LME定價約有2%的溢價。當我們與全美各地客戶交流時，他們持續回報與AI資料中心及相關能源基礎設施相關的銅需求與訂單簿依然強勁，且汽車產業需求改善，已足以抵消私人建築疲弱的影響。

Recent reports out of China, the world's major consumer of copper, reflect continued strength in copper demand associated with power grid and electrical infrastructure and significant exports of Chinese manufactured copper-containing goods. Visible inventories in China continue to draw to multiyear lows, and exchange inventories located outside of the US are exceptionally tight.

來自中國（全球主要銅消費國）的近期報告顯示，與電網及電力基礎設施相關的銅需求持續強勁，且中國製造、含銅商品的出口顯著增加。中國可見庫存持續下降至多年低點，而位於美國以外的交易所庫存則異常吃緊。

As we look forward, it's clear the market will require additional copper supplies to meet growing demand. And 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, long-lived reserves and resources and a portfolio of low-risk brownfield expansion opportunities to serve a growing market.

展望未來，很明顯市場將需要額外的銅供應以滿足不斷成長的需求。而在Freeport，我們擁有具價值且地理分散的銅資產組合，並憑藉大規模產能、長壽命的儲量與資源，以及一系列低風險的棕地擴建機會，在長期策略上處於有利位置，以服務持續成長的市場。

I'm going to move to the operating highlights by geographic region, and that's on slide 6. Starting with the US, we are making important and tangible progress in increasing mining and processing rates. Our equipment reliability metrics are improving, with a key example at Morenci where second quarter mining rates were 30% higher than the average achieved over the last five years, a great accomplishment.

我將按地理區域說明營運重點，內容在第6頁投影片。先從美國開始，我們在提升採礦與處理速率方面取得重要且具體的進展。我們的設備可靠度指標正在改善，其中一個關鍵例子是Morenci，第二季採礦速率較過去五年平均水準高出30%，這是一項了不起的成就。

Sustaining the higher mining rates will translate into improved copper production over time, and we expect copper production to grow in the coming quarters. Our innovative leach initiative continues to show promise, and a number of projects are in motion targeting meaningful potential to scale. The deployment of our first internally developed additive is producing results, and we're planning to field-test two additional high-potential additives in the coming quarters.

維持較高的採礦速率將隨時間推進轉化為更佳的銅產量，我們預期未來幾季銅產量將成長。我們的創新浸出（leach）計畫持續展現潛力，多個專案正在推進，目標是具實質意義的擴大規模潛力。我們首個內部開發的添加劑部署已產生效果，並計畫在未來幾季進行另外兩種高潛力添加劑的現場測試。

Pilot testing at Morenci is underway where we are testing heated solution, leaching solutions, in our existing stockpiles. We know that increased temperatures in our stockpiles will enhance recoveries, and our work is focused on finding the most effective engineering and cost solution to achieve this. We remain encouraged with the ability to achieve further scale in the near term and unlock our long-term path to 800 million pounds per annum from this initiative. We are also continuing to incorporate innovation into our basic mining practices and see significant value in using emerging technologies to enhance operating performance.

Morenci的試點測試正在進行中，我們在既有堆置礦（stockpiles）中測試加熱溶液的浸出溶液。我們知道，提高堆置礦溫度將提升回收率，我們的工作重點在於找出最有效的工程方案與成本方案以達成此目標。我們仍對近期進一步擴大規模的能力感到鼓舞，並可藉此解鎖此計畫長期達到每年8億磅產量的路徑。我們也持續將創新導入基本採礦作業，並看到運用新興技術提升營運績效具有顯著價值。

In South America, performance was positive as Cerro Verde team effectively navigated mine and mill constraints. Despite the challenges, mining and milling rates during the quarter exceeded expectations, and sales and cost performance was slightly better than estimates going into the quarter.

在南美洲，Cerro Verde團隊有效因應礦山與選礦廠的限制，整體表現正面。儘管面臨挑戰，本季採礦與磨礦速率仍高於預期，銷售與成本表現也略優於季初估計。

At El Abra, our operation in Chile in partnership with CODELCO, there is significant activity currently with a leach pad expansion and plans to conduct testing in the back half of 2026 of heated stockpile injections to enhance leach recoveries. We are pleased with the engagement with the Chilean government following the submittal in March of our environmental impact study for a major expansion at El Abra, and we continue to advance this process.

在El Abra（我們在智利與CODELCO合作的營運），目前有大量工作在進行，包括浸出墊（leach pad）擴建，以及計畫於2026年下半年進行加熱堆置礦注入測試，以提升浸出回收率。我們對於在3月提交El Abra重大擴建的環境影響評估後，與智利政府的互動感到滿意，並持續推進此流程。

We're very pleased to report steady progress with the ramp-up of the Grasberg Block Cave mine during the second quarter. As you'll see from the chart, production rates at the Grasberg Block Cave doubled during the quarter, from an April average of 34,000 tons per day to an average of 69,000 tons per day in June. Upgrades to the material handling system for our automated rail system are progressing on schedule. And we continue to advance work for a restart of Production Block 1 South in 2027 and are progressing a series of risk mitigation initiatives.

我們很高興報告，第二季Grasberg Block Cave礦場的爬坡（ramp-up）進展穩健。如圖表所示，Grasberg Block Cave的產量速率在本季翻倍，從4月日均34,000噸提升至6月日均69,000噸。我們自動化軌道系統的物料處理系統升級正按進度推進。同時，我們持續推進於2027年重啟Production Block 1 South的工作，並在一系列風險緩解措施上取得進展。

Consistent with our April update, we continue to target overall rates in the district approximating 65% of full capacity in the second half of this year, reach 80% by mid-2027 and approach full capacity by the end of 2027. The team is doing excellent work executing the phased ramp-up safely and efficiently, and we continue to derisk the plan and increase confidence in the long-term outlook.

與我們4月的更新一致，我們仍以今年下半年該礦區整體速率約達滿載產能的65%為目標，於2027年年中達到80%，並在2027年底前接近滿載。團隊在安全且高效率地執行分階段爬坡方面表現出色，我們也持續降低計畫風險並提升對長期展望的信心。

After reaching the memorandum of understanding with the Indonesian government earlier this year to extend our operating rights for the life of the resource, we submitted a formal extension application in June in accordance with the agreed MOU terms. Normal license approval will provide continuity of large-scale operations, enhance future growth options and durable benefits to Freeport Indonesia's many stakeholders.

在今年稍早與印尼政府就延長我們在資源全壽命期間的營運權利達成諒解備忘錄後，我們已於6月依照已同意的MOU條款提交正式延展申請。正常的許可核准將確保大規模營運的延續性，強化未來成長選項，並為Freeport Indonesia的眾多利害關係人帶來持久效益。

Turning to growth on slide 7. As we talked about, market fundamentals point to requirements for additional copper supply, and Freeport is really well positioned to grow supply with a robust organic growth pipeline. We benefit from a portfolio of projects which can be developed from Freeport's known resources and jurisdictions where we have established history and experience. We have progressed a number of these projects to where we now have line of sight to more advanced stages.

接著看第7頁投影片的成長議題。如我們所談到的，市場基本面顯示需要額外的銅供應，而Freeport憑藉強勁的內生成長管線，確實處於擴增供應的有利位置。我們受益於一系列可在Freeport已知資源與我們具備既有歷史與經驗的司法管轄區中開發的專案組合。我們已推進其中多個專案，使我們如今能看見其邁向更進階階段的明確路徑。

We're entering a period of growth in our Americas business with near and medium-term opportunities to scale our leach initiatives and more than 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. As we talked about, the extension of rights at Grasberg will open up additional opportunities longer term.

我們正進入美洲業務的成長期，具備近期與中期機會可擴大我們的浸出計畫，並使亞利桑那州Bagdad礦的產量增加至兩倍以上。我們在Safford/Lone Star礦區有更長期的成長機會，並在智利El Abra擁有一個令人振奮的專案。如我們所談到的，Grasberg權利的延展將在更長期開啟額外機會。

These projects are all brownfield in nature and leverage our existing infrastructure, our experienced workforces and relationships with key stakeholders and communities to move more quickly with less risk than a greenfield project. We're using innovative approaches to improve efficiencies, reduce cost and capital intensity, and shorten lead times for our projects. The high potential low-cost innovative leach initiative is an excellent example of using new technologies to maximize value from our existing resources.

這些專案本質上皆為棕地（brownfield）專案，能利用我們既有的基礎設施、經驗豐富的勞動力，以及與關鍵利害關係人與社區的關係，因此相較綠地（greenfield）專案可在更低風險下更快速推進。我們正採用創新方法以提升效率、降低成本與資本強度，並縮短專案前置時間。高潛力、低成本的創新浸出計畫，就是運用新技術以最大化既有資源價值的絕佳例子。

Our low capital intensity associated with the leach initiative makes it one of the more attractive investment return projects within our industry. We talked about the results from the existing additive that we're testing, and we expect additional results to come in coming quarters from both new additives that we're deploying and heated leach solutions to provide support to achieve our near-term scaling objectives and to define the pathway to significantly higher leach production over time.

浸出計畫所具備的低資本強度，使其成為本產業中投資報酬最具吸引力的專案之一。我們已談到正在測試的既有添加劑所帶來的成果；我們預期未來幾季，無論是我們正在部署的新添加劑，或是加熱浸出溶液，都將帶來更多結果，以支援達成近期擴大規模目標，並界定隨時間推進大幅提高浸出產量的路徑。

We're finalizing the investment case for a major expansion at our Bagdad mine in Northwest Arizona, and expect to be in a position to move towards a final decision in the second half of this year. The project benefits from a large resource in an established operating environment, opportunities to capture economies of scale and an attractive fiscal regime in the US. We have studied the project extensively and it would make Bagdad the second largest copper mine in the US behind our flagship Morenci mine, and we've taken a number of steps to derisk the project execution.

我們正在完成亞利桑那州西北部Bagdad礦重大擴建的投資論證，並預期在今年下半年具備邁向最終決策的條件。該專案受益於在既有營運環境中的大型資源、可取得規模經濟的機會，以及美國具吸引力的財政制度。我們已對該專案進行廣泛研究；若推動，將使Bagdad成為美國僅次於我們旗艦Morenci礦的第二大銅礦，且我們已採取多項措施以降低專案執行風險。

We're continuing to finalize our capital cost estimates. We're working closely with vendors and contractors as we advance engineering to retest our capital cost estimates and update economic evaluation. While our review is ongoing, preliminary indications based on current market conditions indicate capital in the $4.5 billion range, which is approximately 30% above the estimate prepared in 2023.

我們正持續完成資本成本估算的定案。隨著工程推進，我們正與供應商與承包商密切合作，重新測試資本成本估算並更新經濟評估。在審查仍在進行之際，根據目前市場狀況的初步跡象顯示，資本支出約在45億美元區間，較2023年編製的估算高出約30%。

The increase reflects commodity and labor escalation, revisions to project scope and updated estimates associated with additional engineering. With enhancements to the operating model, the project still remains supportive at a $4 per pound price of copper, well below current markets, with significant long-term exposure to favorable copper markets. As a reminder, there are no major permitting hurdles. We've done a significant amount of planning and early work and can complete project within a three to four-year time frame.

此增幅反映商品與勞動成本上升、專案範疇修訂，以及與額外工程相關的更新估算。在營運模式強化後，該專案在每磅4美元的銅價下仍具支撐性，遠低於目前市場水準，且對長期有利的銅市具備顯著曝險。提醒一下，許可方面沒有重大障礙。我們已完成大量規劃與前期工作，可在三到四年的時間框架內完成專案。

Studies are continuing in the Safford/Lone Star District, very excited about this, to evaluate optimal expansion and development options. We continue to work to capitalize on the large undeveloped resource we have in an established US mining district, which is near the Morenci mine. 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.

在Safford/Lone Star礦區的研究仍在持續進行，我們對此非常振奮，以評估最佳的擴張與開發方案。我們持續努力，善用我們在美國既有採礦區（靠近Morenci礦）所擁有的大型未開發資源。在El Abra，我們與合作夥伴CODELCO有極佳機會推動大型擴建。這是一項重要資源，El Abra的銅總儲量接近我們在Cerro Verde所擁有的大型部位規模。

The Chilean government is enthusiastic about the project and is working with us to achieve a timely review of the application. The project positions us extremely well to transform El Abra from a relatively small current producer to a significant contributor in Freeport's portfolio. Again, the theme of this is an established mining operation located in a low-risk jurisdiction.

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。該專案使我們具備極佳條件，將El Abra從目前相對較小的生產者，轉型為Freeport投資組合中的重要貢獻者。再次強調，其主軸是：這是一座位於低風險司法管轄區的既有採礦作業。

In Indonesia, we also benefit from a large resource position and have a long history and successful track record. We continue to progress the Kucing Liar project in Indonesia to sustain a low-cost, long-term production profile in the Grasberg district, and a life of mine extension opens up additional future growth options.

在印尼，我們同樣受益於龐大的資源部位，並擁有悠久歷史與成功實績。我們持續推進印尼的Kucing Liar專案，以維持Grasberg礦區低成本、長期的產量結構，而延長礦山壽命也將開啟更多未來成長選項。

Moving to slide 8 where we talk about Freeport as America's Copper Champion, where a significant portion of our reserves, resources and future growth are located, in the US 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.

接著看第8頁投影片，我們談到Freeport作為「美國銅業冠軍」，我們相當大一部分的儲量、資源與未來成長都位於美國；Freeport是重要的美國銅生產商，且迄今仍是美國銅市場最大的供應貢獻者，擁有可追溯至19世紀末的既有且成功的事業基礎。

We're aggressively pursuing a series of initiatives to enhance our US business through innovation, automation and investment in expanded facilities. We're targeting adding production with low incremental costs to improve profitability and resiliency of our US business.

我們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，強化我們在美國的業務。我們的目標是在低增量成本下增加產量，以提升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 coming years. Our team is very positive about the opportunities, and they represent a value driver of significance for Freeport.

在一個開發前置期可能超過十年的產業中，我們的美國業務具備強勁定位，未來數年銅產量有望增加60%。我們的團隊對這些機會非常正面，且它們是Freeport重要的價值驅動因素。

In addition to an impressive outlook for growth, recent performance in our US business is notably positive, coming in as our highest earnings contributor across the portfolio year-to-date. This highlights the exposure of our business in the US to favorable copper markets and the strength of Freeport's diversified portfolio under a broad range of market conditions.

除了令人印象深刻的成長展望之外，我們美國業務近期表現也格外正面，今年迄今在整體投資組合中是我們最大的獲利貢獻來源。這凸顯我們在美國的業務對有利銅市的曝險，以及Freeport多元化投資組合在各種市場情境下的強韌性。

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

接下來我把電話會議交給Maree，她將回顧財務展望，之後我們會回答各位的問題。

Thanks, Kathleen. On slide 9, we show our three-year outlook for sales volumes of copper, gold and molybdenum which remains broadly consistent with our April estimates. And as we move through 2026, we expect a large increase in second half sales volumes driven by higher volumes at Grasberg and our US operations.

謝謝，Kathleen。在第9頁投影片，我們展示銅、金與鉬的三年銷售量展望，整體仍大致與我們4月的估計一致。隨著我們進入2026年，我們預期下半年銷售量將大幅增加，主要由Grasberg與美國營運的更高產量所帶動。

As you'll see in the reference materials on slide 20, our second half copper sales are expected to be over 20% higher than the first half, and gold sales more than 65% higher. To 2027, we expect annual copper sales to increase by more than 20% compared with 2026 and gold volumes to increase by more than 50%, with additional growth projected in 2028 for both copper and gold.

如各位在第20頁投影片的參考資料所見，我們預期下半年銅銷售量將比上半年高出逾20%，而黃金銷售量將高出逾65%。展望至2027年，我們預期年度銅銷售量將較2026年增加逾20%，黃金銷售量將增加逾50%；且在2028年，銅與黃金皆預計將有進一步成長。

Our teams remain focused on disciplined execution of our plans globally, including the phased ramp-up progress at Grasberg, which is well underway, and gross volumes in the US. On last quarter's call, we discussed the cost prices impacting our business in connection with the conflict in the Middle East and the volatility in oil and related products as well as sulfur and acids. Whilst markets remain volatile, our current estimate for 2026 average unit net cash cost approximates $1.90 per pound, slightly below the April estimate of $1.95 per pound, with higher byproduct credits more than offsetting other unit cost increases.

我們的團隊仍專注於在全球範圍內以紀律執行計畫，包括Grasberg分階段爬坡的進展（目前進行順利），以及美國的總產量。在上一季的電話會議中，我們討論了與中東衝突相關、以及油品與相關產品的波動，還有硫與酸等因素對我們業務造成的成本價格影響。儘管市場仍然波動，我們目前對2026年平均單位淨現金成本的估計約為每磅1.90美元，略低於4月估計的每磅1.95美元；較高的副產品抵減額度已足以抵銷其他單位成本的上升。

Putting together our projected volumes and cost estimates, we show modeled results on slide 10 to EBITDA and cash flow at various copper prices ranging from $5 to $7 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 molybdenum flat at $30 per pound. Annual EBITDA would range from approximately $13 billion per annum at $5 copper to $20 billion at $7 copper, with operating cash flows ranging from approximately $9.5 billion per year at $5 and $15.5 billion at $7 copper.

綜合我們預估的產量與成本估算，我們在第10頁投影片展示在不同銅價（每磅5至7美元）下的EBITDA與現金流模型結果。這些為模型推估結果，採用2027與2028年的平均值，並以目前的產量與成本估算為基礎，同時假設金價固定為每盎司4,000美元、鉬價固定為每磅30美元。年度EBITDA在每磅5美元銅價時約為每年130億美元，在每磅7美元銅價時約為200億美元；營運現金流則約在每磅5美元時每年95億美元、每磅7美元時每年155億美元。

We show sensitivities to various commodities on the right. You will note we are highly leveraged to copper prices, with each $0.10 per pound change equating to approximately $390 million in annual EBITDA in the 2027, 2028 periods. We also have exposure to gold prices with each $100 per ounce change in price, approximating $105 million in annual EBITDA.

右側我們展示對各項商品的敏感度。各位會注意到，我們對銅價具有高度槓桿效應：在2027、2028期間，銅價每變動每磅0.10美元，約相當於年度EBITDA變動3.9億美元。我們也對金價有曝險：金價每變動每盎司100美元，約相當於年度EBITDA變動1.05億美元。

And to molybdenum, which has shown significant price strength in recent months, each $1 per pound change in molybdenum approximates $85 million per annum. 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.

至於鉬，近月來價格展現顯著強勢，鉬價每變動每磅1美元，約相當於每年8,500萬美元。憑藉我們長壽命的儲量與大規模產量，我們具備良好條件產生可觀現金流，以在以績效為基礎的配發架構下，支應未來內生成長與現金回饋。

Slide 11 shows our current forecast for capital expenditures in 2026 and 2027. Our 2026 capital range is consistent with our prior forecast, and 2027 capital expenditures are estimated at $4.8 billion, approximately $300 million above the April estimate, reflecting investments in upgraded mining equipment and revised cost estimates.

第11頁投影片顯示我們目前對2026與2027年資本支出的預測。我們2026年的資本支出區間與先前預測一致；2027年資本支出估計為48億美元，較4月估計高出約3億美元，反映對升級採礦設備的投資以及修訂後的成本估算。

The discretionary projects are expected to approximate $1.6 billion in 2026 and $1.9 billion in 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 the Bagdad expansion, upgraded mining equipment and capitalized interest.

酌情專案預期在2026年約為16億美元、2027年約為19億美元，其中約50%與Kucing Liar開發以及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、升級採礦設備，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 27 in our reference materials. These estimates exclude projects that remain subject to completion of final studies and Board approvals, including the Bagdad 2 expansion project. We continue to carefully manage capital expenditures, and we'll continue to deploy capital strategically to projects with the best return and risk reward profiles.

酌情類別反映我們對新專案所進行的資本投資；依據我們的財務政策，這些投資由可用現金中未分配的50%提供資金。這些專案屬於提升價值的措施，並在我們參考資料的第27頁投影片中有詳細說明。這些估算不包含仍需完成最終研究與董事會核准的專案，包括Bagdad 2擴建專案。我們將持續審慎管理資本支出，並將資本策略性地配置於具最佳報酬與風險報酬特性的專案。

Finally, on slide 12, we reiterate the financial policy priorities centered on a strong balance sheet, cash return to shareholders and investments in value-enhancing growth projects. Our balance sheet is solid with investment-grade ratings, robust credit metrics and flexibility within our debt targets to execute on our projects. We have no significant debt maturity during 2026 and have substantial flexibility for funding the 2027 maturities.

最後，在第12張投影片中，我們重申以強健資產負債表、向股東回饋現金以及投資於提升價值的成長專案為核心的財務政策優先事項。我們的資產負債表穩健，具備投資級評等、強勁的信用指標，且在債務目標範圍內保有彈性，以推動我們的專案執行。我們在2026年沒有重大到期債務，並且在為2027年到期債務提供資金方面具有相當大的彈性。

With our strong balance sheet and significant cash flow generation, we have substantial resources to invest in future growth projects in a prudent manner whilst returning cash to shareholders. Since adopting our financial policy in 2021, we have distributed $6.3 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 disciplined execution, profitable growth and long-term value creation.

憑藉我們強健的資產負債表與可觀的現金流創造能力，我們擁有充足資源，得以在審慎的前提下投資未來成長專案，同時向股東回饋現金。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63億美元，並且擁有具吸引力的長期未來投資組合，使我們能持續為股東建立長期價值。我們的全球團隊專注於紀律執行、獲利成長與長期價值創造。

Thank you for your attention, and we'll now turn to questions.

感謝各位的關注，接下來我們將進入問答。

(Operator Instructions)

(接線員指示)

Lawson Winder, Bank of America Securities.

Lawson Winder，美國銀行證券。

Thank you, operator, and good morning, Richard and Kathleen, thanks for the call, and Maree as well. Very nice to hear from you all. Congratulations on a solid quarter and the progress at Grasberg. If I might start with Bagdad. Thank you for the additional color and the additional guidance.

謝謝你，接線員，早安，Richard 和 Kathleen，也感謝這通電話，Maree 也一樣。很高興聽到各位的分享。恭喜本季表現穩健，以及 Grasberg 的進展。如果可以的話，我想先從 Bagdad 談起。謝謝你們提供更多細節與進一步的指引。

You described an upfront CapEx is expected to be somewhat higher than the 2023 estimate, yet you're still looking at an incentive price of around $4 per pound. Are you seeing some offsetting operating level benefits that would offset that higher CapEx? And then should we think about a decision on this project in 2026 or should we be thinking about that, I think, starting in 2027?

你們提到前期資本支出（CapEx）預期會略高於2023年的估算，但你們仍以每磅約4美元的激勵價格作為評估基準。你們是否看到一些可在營運層面帶來的效益，足以抵消較高的資本支出？另外，對於這個專案的決策，我們應該預期在2026年，還是應該認為會從我想是2027年開始？

Thank you, Lawson, and thanks for your comments. We're doing a lot of work on the Bagdad project to be in a position to review it with our Board and seek final approval in the second half of this year. We've been doing a lot of work, as I mentioned, with our vendors and suppliers to really nail down the capital cost estimates. We're going and getting -- seeking firm bids.

謝謝你，Lawson，也謝謝你的評論。我們正在對 Bagdad 專案進行大量工作，以便在今年下半年具備與董事會審視並尋求最終核准的條件。如我所提，我們也與供應商與承包商做了大量工作，務求把資本成本估算真正釘牢。我們正在進行——尋求具約束力的報價。

We've been working with the contract labor organizations who are going to supply the construction labor to define the rates and incentives to make sure that we get the best people to come to this operation. It's a very competitive construction labor market in this region right now with the activity from everything from semiconductors to data centers, et cetera, power generation.

我們也與將提供施工人力的合約勞務組織合作，界定費率與獎勵機制，以確保我們能吸引最優秀的人才加入這個營運。目前這個地區的施工人力市場競爭非常激烈，從半導體到資料中心等各類活動，乃至發電等都在推升需求。

And so we're doing a lot of work to make sure that we've got good estimates of what labor is going to cost and what all the various components are going to cost. We've taken some approaches to work on how we can be more efficient, doing off-site labor, doing some prefab work. And so we've done a lot of extensive work on how to execute the project.

因此我們做了大量工作，以確保對人力成本以及各項組成成本都有良好的估算。我們也採取一些作法來提升效率，例如進行場外作業、做一些預製（prefab）工作。因此，我們已就如何執行該專案做了非常廣泛的工作。

In parallel with that, we've also been working on the operating plan and working hard to think about the future of Bagdad, not being what a typical project would be in the past, but how we can look at the operating model and bring in new technologies. We've already put in the autonomous trucks there. This mine will be completely autonomous. But we're looking at other areas of the operating model to be more efficient. And so we've been working on that, working on our operating plans.

同時，我們也在研擬營運計畫，並努力思考 Bagdad 的未來——不再是過去典型專案的樣貌，而是如何檢視營運模式並導入新技術。我們已在那裡導入自動駕駛卡車。這座礦山將會全面自動化。但我們也在營運模式的其他領域尋求更高效率。因此我們一直在推進這些工作，並完善我們的營運計畫。

We've also been looking at the throughput from this concentrator and how it might impact how we may be able to get more out of the existing plans for expansion. And so we've optimized the operating plans. We use the long-term markets for all the input costs, and still have a very attractive project when you think about at $4 copper, which is significantly below today, covering cost of capital and having exposure to this very large resource, that's going to make Bagdad a lot more resilient, a lot lower cost and a modern facility that will take us out for decades.

我們也在評估這座選礦廠的處理量（throughput），以及它可能如何影響我們在既有擴建計畫下能取得更多產出。因此我們已優化營運計畫。我們對所有投入成本採用長期市場假設，即使以每磅4美元的銅價來看——這顯著低於目前價格——該專案仍非常具吸引力，能涵蓋資本成本，並讓我們曝險於這個非常龐大的資源，將使 Bagdad 更具韌性、成本更低，並成為一座現代化設施，讓我們可營運數十年。

As we bring down costs, that expands the resource. And so we're not just bringing the resource forward, but we're having the opportunity to expand the resource as we go forward. So there's a lot of attributes that, as we've been working on this project, we're recognizing that the operating model can bring further efficiencies. And that's helping the economics and helping offset the capital cost.

隨著我們降低成本，資源量就會擴大。因此我們不只是把資源提前開發，也有機會在未來推進過程中擴大資源。所以，當我們持續推動這個專案時，我們也意識到營運模式還能帶來進一步的效率提升，具備許多優勢。這有助於改善經濟性，並協助抵消資本成本。

That's very helpful. Thank you so much.

這非常有幫助。非常感謝。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO 資本市場。

Hi. Thank you for taking my question. When I look at the Grasberg mine plan, it shows that in '28, there's a bit of a reduction to copper and gold production. Can you talk a bit about what is driving that?

嗨。謝謝你們回答我的問題。我看 Grasberg 的礦山計畫顯示在2028年，銅與黃金產量會有些下降。能否談談是什麼因素造成的？

Yes. Over the five years, it's very similar to what we had presented in April. We did have some lower grades in 2028 compared to the prior estimate. But in terms of the operating rates and the plans, they're all very, very similar. There was some sequencing timing changes in the 2028-time frame.

好的。就五年期來看，與我們在4月所呈現的內容非常相近。相較於先前的估算，我們在2028年的品位確實較低一些。但就營運速率與計畫而言，都非常、非常相似。在2028年前後的時點上，採礦順序（sequencing）有一些時程調整。

Okay, thank you.

好的，謝謝。

Thank you, Katja.

謝謝你，Katja。

Carlos De Alba, Morgan Stanley.

Carlos De Alba，摩根士丹利。

Yeah, thank you. Good morning, Richard, Kathleen and Maree. Just on Grasberg, congrats on meeting the formal application for the extension. Can you maybe, Kathleen or Richard, give us an update as to what the timing and the next steps would be for hopefully reach a final agreement? And any color on potential terms that you have been discussing?

是的，謝謝。早安，Richard、Kathleen 和 Maree。關於 Grasberg，恭喜你們完成延長的正式申請。Kathleen 或 Richard，你們能否更新一下時程與後續步驟，以期望能達成最終協議？以及你們正在討論的潛在條款是否能提供一些補充說明？

Okay. Well, the terms were agreed and negotiated as part of the memorandum of understanding. So we signed a memorandum of understanding in February with the government of Indonesia, and it was witnessed by the President. And those were the terms that were negotiated and approved at the time. So what we have filed in June is the formal application consistent with the terms that were agreed to in February.

好的。條款已在諒解備忘錄（MOU）中達成一致並完成協商。因此我們在2月與印尼政府簽署了諒解備忘錄，並由總統見證。這些就是當時協商並核准的條款。因此我們在6月提交的正式申請，與2月所同意的條款一致。

So the Mines -- we submitted it to the Energy & Mines Ministry, and they have a process that they go through to review these extension applications. There is a regulation that was passed some time ago that allows for life of resource extensions for companies that are integrated. And of course, now with the with the completion of our new smelter in Indonesia, PTFI is a fully integrated producer and supplies refined copper in Indonesia and abroad. So it's consistent with regulations and we expect that the MOU terms will be the terms that we ultimately have under the new license.

我們將申請提交給能源與礦產部，他們有一套流程來審查這些延長申請。先前通過的一項法規允許對具備一體化（integrated）條件的公司核發資源全壽命（life of resource）的延長。當然，隨著我們在印尼的新冶煉廠完工，PTFI 已成為完全一體化的生產商，並在印尼及海外供應精煉銅。因此這與法規一致，我們預期最終在新執照下的條款將會是 MOU 中的條款。

In terms of the timing, we're working diligently to respond to any questions that the Energy & Mines Ministry has. All of us want to -- we share the objective of getting this done on a timely basis. It's very important, and the government recognizes this, that we have sufficient time for planning the future so that we get the license extension and can begin to look at opportunities that would allow us to continue beyond 2041 to provide large-scale production with significant benefits that go to the government, government owns 51%, and will own more than that after 2021, but we also pay significant taxes and benefits to the local community.

就時程而言，我們正全力以赴回應能源與礦業部提出的任何問題。我們所有人都希望——我們有共同目標，就是要及時把這件事完成。這非常重要，政府也認同這一點：我們必須有充足時間來規劃未來，才能取得執照展延，並開始評估讓我們在 2041 年之後仍能持續營運的機會，以提供具規模的產量，並帶來可觀的效益回饋政府；政府持有 51% 股權，且在 2021 年後將持有更多，但我們也繳納可觀的稅負，並為當地社區帶來顯著的利益。

So it's -- we're all aligned of the advantages and importance of this. And so we'll work through the regulatory process as quickly as we can. But there's no prescribed time frame to getting it done, but we're working very hard to get it done this year.

所以——我們在這件事的優勢與重要性上是一致的。因此，我們會盡可能快速地走完監管程序。但完成這件事並沒有既定的時間表，不過我們正非常努力，希望能在今年完成。

Carlos, when we went to Indonesia and Jakarta, and later, the job site in June, that was one spectacular day of all the days that I've been going there, at the end of this day, I felt it was one of the best we ever had. We had the chance to have private meetings with the President and with many of his very top advisers.

Carlos，當我們前往印尼雅加達，之後又在 6 月到工地現場，那一天在我去那裡的所有日子裡可說是非常精彩；在那天結束時，我覺得那是我們有過最棒的一天之一。我們有機會與總統以及他多位最高層顧問進行私下會談。

The President, who I've known since the 1990s, was very positive and encouraging. Totally understood the need to get this done, the issues if it did not get done. And he's also focused on international relations in a major way and felt that this -- getting this done would be a very positive and building good relationships between Indonesia and the United States.

我自 1990 年代就認識的這位總統，態度非常正面且令人鼓舞。他完全理解必須把這件事完成的必要性，以及若未完成將會面臨的問題。他也高度重視國際關係，並認為——把這件事完成將非常正面，有助於建立印尼與美國之間的良好關係。

So all the signals are good. As Kathleen says, we have to go through this process. But everybody understands that this is something that's necessary and beneficial for all the stakeholders, not just shareholders, but for the government, the workforce, the community in Papua which relies so heavily on Freeport's operations for its economy. So we feel very good about the meetings and now we just have to work through the process, and in Indonesia, sometimes that takes time.

所以各項訊號都很正面。如 Kathleen 所說，我們必須走完這個流程。但每個人都明白，這是必要且對所有利害關係人都有利的事情，不只是股東，還包括政府、勞動力，以及高度依賴 Freeport 營運帶動經濟的巴布亞社區。因此，我們對這些會議感到非常樂觀，接下來只需要把流程走完；而在印尼，有時候這需要一些時間。

Fair enough. Thank you very much, Richard and Kathleen.

了解。非常感謝你們，Richard 和 Kathleen。

Thanks, Carlos.

謝謝，Carlos。

Timna Tanners, Wells Fargo.

接下來是 Wells Fargo 的 Timna Tanners。

I'd like for a bit more information, please, on the purchase of the stake in Cerro Verde. And is there opportunity to do a lot more of that? How do you think about those purchases and balancing them with shareholder returns going forward?

我想請你們提供更多資訊，關於收購 Cerro Verde 股權的事。是否還有機會做更多這類收購？你們如何看待這些收購，以及未來與股東報酬之間的平衡？

There's a relatively small float that's publicly traded for Cerro Verde. And so when those opportunities become available, it's something that we take a hard look at. Of course, the asset is spectacular and so Freeport would be interested if there are opportunities that arise, reasonable values, to continue to increase. But there's a limit on what we can do and there's not a lot that becomes available.

Cerro Verde 在公開市場可交易的流通股相對不大。因此當這類機會出現時，我們會非常審慎地評估。當然，這項資產非常出色，所以若有機會、且估值合理，Freeport 會有興趣持續提高持股。但我們能做的也有上限，而且市場上可取得的份額並不多。

And so we'll just have to continue to be opportunistic about it. This is investing in an operation we already own and manage and the economics have been attractive to date on our share purchases. It doesn't really impact the share buybacks at the FCX level. We're continuing that program, which is based on our, as Maree was talking about, performance-based where we look at the cash flows and return 50% of available cash to shareholders both through dividends and share purchases. But we're very pleased to own more of Cerro Verde and would be interested in owning more if the opportunities arise.

因此我們只能持續把握機會、伺機而動。這等於是投資在我們已經持有並負責營運管理的資產；就目前為止，我們的持股增購在經濟性上也相當具吸引力。這並不會真正影響 FCX 層級的庫藏股回購。我們仍在持續該計畫；如 Maree 提到的，這是以績效為基礎——我們會檢視現金流，並將可用現金的 50% 回饋給股東，包含股利與股票回購。但我們很高興能持有更多 Cerro Verde 的股權，若未來有機會出現，也會有興趣再增加持股。

Okay. That's helpful. Thank you very much.

好的。這很有幫助。非常感謝。

Nick Cash, Goldman Sachs.

接下來是 Goldman Sachs 的 Nick Cash。

Hi, team, thank you so much for taking my question. Just wondering on Freeport and the ramp of Grasberg here. I mean the 1Q guidance, I think, estimated at an average of 60 kt per day in second half of '26 and you guys are exiting June at about 69 kt per day in June. Just wondering what's driving that? Has the ratio of wet to dry draw points improved? And could there be potential upside to that 60,000 average in the back half of this year?

各位好，謝謝你們回答我的問題。我想請教 Freeport 以及 Grasberg 這邊的爬坡進度。我記得你們在第一季的指引，估計 2026 年下半年平均約 60 千噸/日，但你們 6 月底的退出水準在 6 月約 69 千噸/日。想請問是什麼因素在推動？濕/乾出礦點的比例是否改善？而今年下半年平均 60,000 的指引是否可能有上行空間？

Thank you, Nick. And Mark Johnson is on the line as well and he can supplement my comments. But in terms of the second half of this year, it's in line with what we had guided to in April. We did exit June at an average of 69,000 tons a day from the Grasberg Block Cave and we're -- our guidance is based on a 60,000 to 65,000 plus or minus in the second half.

謝謝你，Nick。Mark Johnson 也在線上，他可以補充我的說明。就今年下半年而言，這與我們 4 月所提供的指引一致。我們在 6 月結束時，Grasberg Block Cave 的日均產量約 69,000 噸；而我們的指引是下半年約 60,000 到 65,000 噸/日，上下略有浮動。

So what's going on in the second half is that, right now, we are completing the work that we were doing in one of the chute galleries associated with this spillminator work that we're doing, the chute regulator that we're putting in and to allow us to have flexibility to deal with certain types of ore types. And then we will transition to another area in the second half to complete that maintenance work or those upgrades.

所以下半年發生的情況是：目前我們正在完成與 spillminator 作業相關的一處溜井巷道（chute gallery）的工程，也就是我們正在安裝的溜井調節器（chute regulator），以便讓我們在面對特定礦石類型時具備更大的操作彈性。接著在下半年，我們會轉到另一個區域，完成該維護作業或升級工程。

And so during the second half, we'll have some of our production -- we'll have some production coming on as we complete the current work, and then some production going down to complete that work. So we'll kind of be at a steady state from June forward as we complete these projects to upgrade the material handling system. And then as we get into 2027, that work is completed earlier in the year, and then we bring on Production Block 1 South, which will add production in 2027.

因此在下半年，當我們完成目前工程時，部分產量會回升；而為了完成後續工程，部分產量又會下降。所以從 6 月往後，在我們完成這些物料處理系統升級專案期間，整體將大致維持在一個穩定狀態。然後進入 2027 年，這些工作會在年初較早完成，接著我們會啟用 Production Block 1 South，將在 2027 年帶來額外產量。

In terms of the conditions, they are good at Grasberg. We've had -- we talked about wet and dry in April, but we have had, as we expected, but we have had some draw points that were wet in April convert to dry as we've had more activity and movement in the cave in terms of production. And also, we've had -- you read a lot about the wet conditions in Chile, but we've had dry conditions in Indonesia. So our dry to wet ratio has improved throughout the quarter. But these upgrades that we're making will give us a more robust plan longer term to be able to deal with any type of material.

就現場條件而言，Grasberg 的狀況良好。我們在 4 月談到濕與乾的情況；如我們所預期，隨著洞穴在生產過程中有更多活動與位移，我們確實看到一些在 4 月仍偏濕的出礦點已轉為偏乾。另外，你們看到很多關於智利潮濕條件的報導，但印尼這邊則是乾燥的狀況。因此，我們的乾/濕比例在本季持續改善。不過，我們正在進行的這些升級，將使我們在更長期擁有更強健的計畫，以因應任何類型的物料。

So that's a long-term investment that we're making, but we will have some downtime associated with that in the second half, which is all reflected in our guidance and consistent with where we targeted in April. And that work is going very well.

所以這是我們正在進行的一項長期投資，但下半年會有一些與此相關的停機時間；這些都已反映在我們的指引中，並與我們 4 月的目標一致。而且這項工作進展非常順利。

While we're on the topic, Mark, maybe you can add a little bit about -- add to what I said, but also add about what we're doing in terms of the risk mitigation and how we're working towards being able to get back into Production Block 1.

既然談到這個主題，Mark，也許你可以再補充一些——除了補充我剛才說的之外，也談談我們在風險緩解方面做了哪些工作，以及我們如何朝著能夠回到 Production Block 1 的方向推進。

Sure. Nick, just to add to what -- Kathleen covered it really thoroughly. The areas in which we're currently working on, the chute galleries to install the new technology that we proved up about three months ago, one of those is in CG 44, which has nine chutes. It's one of our bigger production areas for the next three years. So when that comes up, which we expect it to be done by the end of the year, we'll see an increase in production associated with that.

當然。Nick，我補充一下——Kathleen 已經講得非常完整了。我們目前正在推進的工作領域之一，是在卸礦槽廊道（chute galleries）安裝我們大約三個月前驗證的新技術，其中一處是在 CG 44，該區有九個卸礦槽。這是我們未來三年較大的生產區之一。因此，當這項工作完成（我們預期在年底前完成）後，相關產量將會提升。

There's about 25,000 to 30,000 tons a day that come out of the CG 44 area. So that will be a step change once that is complete. And then in 2027, we have some ongoing construction on implementing these chutes that will be taking place in the future, in '27, '28 as well.

CG 44 區域每天大約產出 25,000 到 30,000 噸。所以一旦完成，將會出現一個明顯的躍升。另外在 2027 年，我們也有一些持續性的建設工作，將在未來的 '27、'28 年持續推進這些卸礦槽的導入。

On the mitigation, we've made progress. We've had a number of drill holes that we've been able to get into the old pit bottom. And that, along with the drier weather, that pit bottom is essentially dry. We know that the rain is going to come back at some point. It's like Kathleen said, the El Nino has been -- is dry for our part of Indonesia.

在緩解措施方面，我們已取得進展。我們已經打了多個鑽孔，得以進入舊的坑底。再加上天氣較乾燥，目前坑底基本上是乾的。我們知道雨遲早會再回來。就像 Kathleen 說的，聖嬰現象（El Nino）使我們印尼這一帶偏乾。

We've got a new drill that I know we've talked about before, that's being commissioned right now. It's in place. And we should be drilling within the week on that. We'll have another drill of that same type coming in August. And so we have plans with this new drill that -- where the current drill technology, we might get 5 to 10 meters a day with core drilling, this new drill, we expect to get well above 100 meters a day with a larger diameter. So that's going to be a key part of our ability to continue to address any collection of water in the pit bottom. So that's going well.

我們有一台新的鑽機——我知道我們之前談過——目前正在試車投運（commissioning）。設備已就位。我們應該在一週內就會開始鑽進。同型的另一台鑽機將在八月到位。因此，我們對這台新鑽機有規劃：以現有鑽探技術來看，岩心鑽進每天可能只有 5 到 10 公尺；而這台新鑽機在更大孔徑下，我們預期每天可遠超過 100 公尺。這將是我們持續處理坑底任何積水問題能力的關鍵一環。所以目前進展良好。

We started a new drainage gallery that will be on the north side of the pit bottom within -- outside of the cave, but will give us additional access for drilling and other opportunities to remove any material that would gather in the pit bottom.

我們已啟動一條新的排水巷道（drainage gallery），位置在坑底北側——在崩落區（cave）之外——但它將為我們提供額外的鑽探通道，以及其他機會來移除可能在坑底聚集的任何物料。

And then we're advancing a couple of other -- we're looking at being able to drop in a surface slurry pump, that works continue to go on. That will be something that would be more towards the end of '27. So all of these are going in parallel. We've made good advances on all those. At the same time, we're working in the PB 1 area, finishing the cleanup, reinstalling the chute gallery, reinstalling the spillminator chutes in CG 21, which service is a big part of the PB 1 South area. So that's on track as well.

此外，我們也在推進另外幾項工作——我們正在評估能否投放一台地表泥漿泵（surface slurry pump），相關工作仍在持續。這項措施可能會更偏向在 '27 年底左右。因此，這些工作都是並行推進的。我們在各項工作上都取得了良好進展。同時，我們也在 PB 1 區域作業，完成清理、重新安裝卸礦槽廊道，並在 CG 21 重新安裝 spillminator 卸礦槽；該系統服務於 PB 1 南區的重要部分。所以這部分也按計畫進行。

That's all very helpful. Thank you so much.

這些資訊非常有幫助。非常感謝。

Richard Garchitorena, Barclays.

Richard Garchitorena，巴克萊。

Great. Thanks. Good morning, Kathleen, Richard and Maree, congrats on the great result in the second quarter. I just wanted to ask about the guidance for the year. It looks like there was some reorganization, sequencing, maybe at some of the mines because you had sales down versus the prior expectations for the third quarter at 750 for the quarter, it looks like it's made up in the fourth quarter. So maybe just if you can talk about timing on that front.

很好。謝謝。早安，Kathleen、Richard 和 Maree，恭喜第二季繳出很好的成績。我想問一下全年指引。看起來有一些重整與排程調整，可能是在部分礦山，因為第三季的銷售量相較先前預期有所下降，季度大約 750（看起來如此），但似乎在第四季補回來。所以想請你們談談這方面的時點安排。

Right. Rich, so for the third quarter, our production is expected to be significantly higher than sales. Most of that is in Indonesia where we're starting to ship concentrate from the mine site. We have been shipping to one smelter. We'll start shipping in the third quarter to the new smelter, and it will take some time to build up that inventory to be able to run consistently in the new smelter.

好的。Rich，就第三季而言，我們預期產量將顯著高於銷售量。主要原因在印尼，我們正開始從礦區出貨精礦。我們一直出貨給一家冶煉廠。第三季起我們將開始出貨給新的冶煉廠，而要建立足夠庫存以便新冶煉廠能穩定運轉，仍需要一些時間。

So we've got some -- as we've gone through the actual operating plans of the smelter and the time of refined copper sales, we've got some timing adjustments between third quarter and fourth quarter. But we do expect to build some inventory in the third quarter and make up some of that in the fourth quarter.

因此，隨著我們檢視冶煉廠的實際營運計畫以及精煉銅銷售的時點，我們在第三季與第四季之間做了一些時點調整。但我們確實預期第三季會累積部分庫存，並在第四季補回其中一部分。

Okay. If I can ask a follow-up. In terms of cash cost, you did take the full year guidance down slightly despite, obviously, gold prices coming in a little lower, I guess, we're saying the expectation is to $4,000. But in terms of the impact from the energy, diesel, Strait of Hormuz issues, any changes to that versus what you talked in the first quarter?

了解。我可以追問一下嗎？就現金成本而言，你們把全年指引小幅下調，儘管顯然金價略低，我想你們的假設是 4,000 美元。但就能源、柴油、荷莫茲海峽（Strait of Hormuz）相關問題的影響而言，與你們第一季所談相比，有沒有任何變化？

As Maree talked about earlier, situation continues to be volatile with respect to diesel prices. We are assuming prices that are pretty similar to what we experienced in the second quarter. So we changed it modestly in terms of the assumption going forward, but it's pretty similar to what we had in the second quarter. There's also some impacts of sulfur and acid that we're rolling through.

如 Maree 先前提到的，柴油價格方面的情勢仍然波動。我們的假設價格與第二季的實際水準相當接近。因此我們僅對未來假設做了小幅調整，但大致與第二季相同。另外，硫磺與酸也有一些影響正在反映中。

But in 2026, we don't have a lot of assets that we purchased on a spot basis. So that impact is not is not significant. But we will be subject to volatility in the oil markets. I know they're up today, and we'll continue to monitor that. But the average is pretty similar to what the second quarter, which was elevated compared to earlier this year.

但在 2026 年，我們以現貨（spot）方式採購的資產不多。因此那方面的影響並不顯著。不過我們仍會受到油市波動影響。我知道今天價格上漲，我們會持續監控。但平均水準與第二季相當接近，而第二季相較今年稍早確實偏高。

Just to comment on acid, while you see the impact of sulfur and acid in our operating costs, we also benefit from Freeport's position with -- as a fully integrated producer. So in our revenues, we're getting the benefit of selling acid as well. So that provides an offset, but you don't necessarily see it necessarily. So that's an advantage that we have where we essentially have a hedge on sulfur and acid with our significant smelter operations.

補充談一下酸：雖然你會在我們的營運成本中看到硫磺與酸的影響，但我們也受益於 Freeport 作為完全整合型生產商的布局。因此在營收端，我們也能受益於銷售酸。這提供了一定的抵銷，但你不一定會直接看得出來。所以這是我們的一項優勢：憑藉我們龐大的冶煉廠營運，我們基本上對硫磺與酸具備對沖效果。

Liam Fitzpatrick, Deutsche Bank.

Liam Fitzpatrick，德意志銀行。

Good morning, Kathleen and team, I have three hopefully quick questions on your US business. Firstly, on Bagdad, is there any possibility that this could receive any kind of government grants or incentives to offset the CapEx budget?

早安，Kathleen 與團隊。我有三個希望能快速回答的、關於你們美國業務的問題。第一個，關於 Bagdad，是否有任何可能獲得政府補助或獎勵措施，以抵銷資本支出（CapEx）預算？

Second one, just on smelting and refining growth opportunities just given the growing importance of in-country processing assets. Are you looking at any options to expand your smelting and refining capacity beyond Bagdad and your leaching operations?

第二個，關於冶煉與精煉的成長機會：鑑於境內加工資產的重要性日益提升，你們是否在評估除 Bagdad 與你們的浸出（leaching）作業之外，擴充冶煉與精煉產能的任何選項？

And then the final third one, just on your leaching operations. What's the level of confidence in reaching this 300 million pound run rate at the end of this year? And should we view this as incremental volumes, or will there be some offsets from lower production elsewhere in the asset base?

第三個也是最後一個，關於你們的浸出作業：對於在今年底達到每年 3 億磅的運轉率（run rate），你們的信心程度如何？我們應該把這視為增量產量，還是資產組合中其他地方的較低產量會有一些抵銷？另外，是否會有來自其他資產基礎較低產量的抵銷？

Thanks, Liam, in terms of incentives for Bagdad, you start with the fact that the fiscal regime in the US is very attractive relative to other countries. And that's part of the reason why when you look at a mine like Bagdad, you -- we don't have royalties because we own the land in fee, and our tax position in the US is attractive, even after we go through the NOLs, the effective tax rate in the US is substantially lower than it is in other countries. So that really does help with the economics having a less of a financial burden from royalties and taxes.

謝謝你，Liam。就 Bagdad 的激勵措施而言，首先要從美國的財政制度相較於其他國家非常具吸引力這一點談起。這也是為什麼當你看像 Bagdad 這樣的礦山時——我們不需要支付權利金，因為我們以完全所有權持有土地；而且我們在美國的稅務地位也很有利，即使在用完 NOL（淨營運虧損結轉扣抵）之後，美國的有效稅率仍顯著低於其他國家。因此，權利金與稅負較低，確實有助於經濟性，讓財務負擔更輕。

In terms of incentives, one of the things that we're continuing to pursue is the opportunity for -- because Freeport is an integrated producer, again, in the US, we have a smelter in Arizona, one of two smelters operating in the US, we would qualify under certain incentives under 45X for a 10% production tax credit. The first step was getting copper designated as a critical mineral, which has been -- which was done several months ago, and we appreciate the administration's work on that.

就激勵措施而言，我們持續推進的一件事，是一項機會——因為 Freeport 是一體化生產商，同樣在美國，我們在亞利桑那州有一座冶煉廠，是美國仍在運作的兩座冶煉廠之一；在特定激勵條件下，我們可依 45X 取得 10% 的生產稅額抵免。第一步是讓銅被指定為關鍵礦物，這件事——已經在幾個月前完成，我們也感謝政府在這方面的努力。

And now the next step would be to get it put into the Treasury regulations that would allow for copper to conform to the critical minerals list and be part of this 45X credit, which equates to about $500 million a year. And so that would go a long way in helping us with our investment plans in the US to continue to reinvest things like these production tax credits into our US business. So we're continuing to work and speak with -- because there's some proposed bills in Congress to do this, we're continuing to work on it.

接下來的下一步，是把它納入財政部的法規之中，使銅能符合關鍵礦物清單，並成為這項 45X 抵免的一部分，折算約每年 5 億美元。這將在很大程度上協助我們在美國的投資計畫，讓我們能持續把這類生產稅額抵免再投入到我們的美國業務中。因此我們持續與相關單位合作並溝通——因為國會目前有一些提案法案要推動此事，我們也持續在推進。

And that would be a really attractive way for us to make significant strategic long-term investments in the US. In terms of the question about smelter, today, we process, either through the smelter or through a leach processing, all copper that we produce in the US. We have had exports from time to time of concentrate, but that's been small.

這將會是我們在美國進行重大、具策略性且長期投資的一個非常有吸引力的方式。至於你問到冶煉廠的問題，目前我們在美國生產的所有銅，無論是透過冶煉廠或浸出處理，都會在國內加工處理。我們偶爾也會出口精礦，但規模很小。

And essentially, we're processing either through the smelter or leach process in everything that we produce. With a Bagdad expansion, we could potentially look at opportunities, and we have been looking at opportunities potentially to expand the Miami smelter, which is running extremely well, performing extremely well. And so we'll continue to look at whether that makes sense for us.

基本上，我們生產的所有產品都會透過冶煉或浸出流程來處理。若 Bagdad 擴建，我們可能會評估一些機會；而且我們也一直在評估是否有機會擴建 Miami 冶煉廠，該廠目前運轉非常順暢、績效也非常好。因此我們會持續評估這樣做是否對我們有意義。

There are some advantages of the smelter and logistics and having that additional asset. There's some synergies that come back to our operations. So we're taking a tough look -- I mean a hard look at that opportunity as well.

冶煉廠在物流以及擁有這項額外資產方面有一些優勢。也有一些協同效益可以回饋到我們的營運。所以我們也正在非常嚴肅地——我是說，非常仔細地評估這個機會。

And then the third question around the target on scaling the leach opportunity, the -- we're just around 200 plus or minus today. We are targeting getting to the run rate of 300 by the end of this year. Where we are today is a lot of the work that we've done on tactical execution and bringing in incremental pounds through the operational processes that we've been deploying. We've been installing additional irrigation lines. We've been using technologies to have targeted drilling to inject solutions.

接著第三個問題是關於浸出機會擴大規模的目標——我們目前大約在 200 左右（上下浮動）。我們的目標是在今年年底前把運轉率提升到 300。目前的成果主要來自我們在戰術執行上的大量工作，並透過我們正在部署的營運流程，帶來額外的產量（磅數）。我們一直在增設更多灌溉管線。我們也在使用技術進行更精準的鑽孔，以注入溶液。

But the next phase, and very exciting phase, of opportunity comes from the innovation work that we've been doing. I mentioned the additive work and the heat work. And those two things are going to allow us to get more scale and then define the path to really a new copper mine, is the way it looks.

但下一階段、也是非常令人振奮的機會，來自我們正在進行的創新工作。我提到的添加劑工作與加熱工作。這兩項將使我們能擴大規模，並進一步界定通往「真正一座新銅礦」的路徑——目前看起來就是如此。

So Cory Stevens is on the line, and his team is working on this. It's one of the most exciting things that we're doing in the company. And maybe Cory, you can just maybe give a little more color on what we're doing to get scale in this really fun and attractive leach innovation opportunity.

所以 Cory Stevens 也在線上，他和他的團隊正在做這件事。這是我們公司正在做的最令人興奮的事情之一。也許 Cory，你可以再多補充一些細節，談談我們如何在這個非常有趣且具吸引力的浸出創新機會上擴大規模。

Yes. Thanks, Kathleen. The base tactics, we would call that leach everywhere, that's been more mature as we continue to -- you're leaching with putting trip line in with helicopters or refining our raffinate injection processes with feedback loops, with improved sensoring and analytics. We're even recontouring certain piles that allow us to access to areas that were unreachable before that allow us to leach before that. That's giving us a strong foundation.

好的。謝謝你，Kathleen。基礎戰術，我們稱之為「到處浸出（leach everywhere）」，隨著我們持續推進，這部分已更成熟——例如用直升機鋪設滴灌管線，或透過回饋迴路精進我們的貧液（raffinate）注入流程，並搭配更好的感測與分析。我們甚至會重新整形（recontouring）某些堆浸堆，讓我們能接觸到以前無法到達的區域，從而進行浸出。這為我們提供了很強的基礎。

And then you got the additive work that comes behind that. So our gen 1 additives are in deployment. The early results are better than we had expected to see, and we're continuing to monitor that. But we're not waiting. We've got gen 2 additives that we believe are a multiple effectiveness than the gen 1, and we've already got sourcing in place in four targeted demonstration piles across the portfolio, a couple in Morenci, one in New Mexico and then, in El Abra, an additional pile there.

接著是後續的添加劑工作。我們的第一代（gen 1）添加劑已在部署中。初期結果比我們預期更好，我們也持續監測。但我們不會等待。我們已經有第二代（gen 2）添加劑，我們相信其效果是第一代的數倍；而且我們已完成採購安排，並在整個資產組合中四個目標示範堆浸堆上進行部署：Morenci 有兩個、新墨西哥有一個，另外在 El Abra 也有一個堆。

So we're pretty excited about that. That's going to -- that's giving -- the early results from the gen 1 is giving us good confidence on that front. Additionally, we talked about some of the heat projects at the pilot at Morenci is going. We've got, in the final phases of construction, more of a demonstration in commercial unit that's going to be starting in the second half of this year at El Abra. El Abra is particularly sensitive to temperature.

所以我們對此相當興奮。第一代的早期結果也讓我們在這方面更有信心。此外，我們也談到一些加熱專案：Morenci 的試點正在進行。我們在 El Abra 也有一個更接近商業規模的示範單元，已進入施工最後階段，預計今年下半年啟動。El Abra 對溫度特別敏感。

So we're excited there. We're sure there's going to be learnings as we get into it, but the team's actively and dynamically thinking through all the different permutations of what could happen there and what adjustments we might make.

因此我們也很期待那邊的成果。我們確信在推進過程中會有學習，但團隊正積極且動態地思考各種可能發生的不同情境，以及我們可能需要做的調整。

And so that will actually set the foundation as we go forward on those fronts for the next wave of -- as we move into the next phase. And so we've got geothermal drilling going on at Morenci that could add a substantial amount of additional heat as we refine those recipes. There's other tactics that we're going through with the smaller sites. This is opening up options to consider additional what we call rehandle or opportunities where we can move older piles to more convenient locations to apply heat and/or additives.

而這些工作將在我們往前推進時，為下一波——也就是進入下一階段——奠定基礎。我們在 Morenci 正進行地熱鑽探，隨著我們精煉這些配方，可能會增加相當可觀的額外熱量來源。在較小的場址，我們也在推進其他戰術。這也開啟了更多選項，例如我們所稱的重新搬運（rehandle）或其他機會：把較舊的堆浸堆移到更便利的位置，以施加熱能和／或添加劑。

And then below cut-off grade opportunities. So as we consider expansions or some of our major projects with Safford, how does these new learnings come into play and add incremental value or replace the capital that you would otherwise used for more traditional methods? So all those are in flight.

以及低於截止品位（cut-off grade）的機會。因此，當我們考慮擴建或一些主要專案（例如 Safford）時，這些新學到的成果如何發揮作用、增加增量價值，或取代原本會用於較傳統方法的資本支出？這些都正在進行中。

Great. Thank you, Corey.

很好。謝謝你，Corey。

Thank you. Thanks for the detail.

謝謝。感謝提供這些細節。

Bill Peterson, JPMorgan.

Bill Peterson，摩根大通（JPMorgan）。

Yeah, hi, good morning. Thanks for taking the question and nice job on the quarter. I guess -- I'm not sure if it was asked, but I guess for expectations around any sort of change in Section 232 copper rulings, I don't get the impression Freeport is probably pushed one way or the other given there's probably pros and cons. But can you talk about how this might benefit the US footprint, including how much NOLs remain and then any impacts on the broader market?

是的，嗨，早安。謝謝讓我提問，本季表現也做得很好。我想——不確定是否有人問過——但就市場對《232 條款》（Section 232）銅裁定可能出現任何變動的預期而言，我的感覺是 Freeport 可能不會特別偏向任何一方，因為大概各有利弊。但你們能否談談這可能如何有利於你們在美國的布局，包括還剩多少 NOL（淨營運虧損結轉扣抵），以及對更廣泛市場的任何影響？

Thank you, Bill. We and the rest of the market are continuing to monitor and wait for decisions on 232. As you know, Bill, the decision last year was to review it again in terms of copper cathodes, review it again for a potential to add a tariff on cathodes under a phased approach beginning in 2027. There's been no decision on that situation.

謝謝你，Bill。我們以及市場其他參與者持續關注並等待針對232條款的決定。如你所知，Bill，去年的決定是就銅陰極再進行一次審查，並在自2027年起採分階段方式，評估是否可能對陰極加徵關稅。目前對此情況尚未作出任何決定。

You've seen the situation where a lot of copper has moved to the US in anticipation that something might be coming, but there hasn't been a decision yet. And as I mentioned before, when you look at inventories outside of the US, it's created a very tight market situation, particularly in the heavy consuming regions in Asia. So everyone's watching the situation closely.

你也看到，因為預期可能會有措施出台，許多銅已經提前流向美國，但目前仍未有決定。而且如我先前提到的，當你看美國以外的庫存時，這造成市場供應非常吃緊，特別是在亞洲這些高消耗地區。因此大家都在密切關注這個情勢。

In terms of how it would impact Freeport, if there is a tariff and if there is a premium, all of our US sales are priced on the COMEX. And so we could be in a position to get a higher price for copper on our US sales than we do internationally, but we'll have to see. And you can see the breakout of our US sales, and that's an area that's growing, right? I mean that's an area that's growing in terms of this work we're doing on mining rate improvements and also on this leach initiative. So it would -- Freeport would be a big beneficiary of it for our US business.

就其對Freeport的影響而言，如果真的有關稅、也出現溢價，我們所有在美國的銷售都是以COMEX定價。因此我們可能有機會在美國銷售上取得比國際市場更高的銅價，但還需要再觀察。你也可以看到我們美國銷售的拆分情況，而那一塊正在成長，對吧？我的意思是，隨著我們在提升採礦速率的工作，以及這項浸出（leach）計畫的推進，那一塊確實在成長。所以就我們的美國業務而言，Freeport會是主要受益者。

In terms of the NOLs, we do have about just under $6 billion of net operating losses, which we can use against our US income. You can probably see in the results that we started to pay -- be subject to a minimum tax in the US this year, and it's relatively small effective rate. It's somewhere in the 6%, 7% range, and we'll pay that. You don't take NOLs against that tax. But we do expect for the coming years for the NOLs to start to be used as we -- at current markets. But we'll have multiple years of being able to use those NOLs.

至於NOL（淨營運虧損結轉扣抵），我們大約有接近60億美元、略低於60億美元的淨營運虧損，可用來抵減我們在美國的所得。你從結果大概也看得出來，我們今年在美國開始需要繳納——適用——最低稅負，而其有效稅率相對不高。大約在6%到7%的區間，我們會繳納。你不能用NOL去抵減那項稅。但我們預期在未來幾年，隨著——在目前市場水準下——NOL會開始被使用。不過我們仍會有好幾年可以使用這些NOL。

Bob Brackett, Bernstein Research.

Bob Brackett，Bernstein Research。

Good morning. Impressed by the Morenci mine rate being up 30% in the second quarter. Can you talk to how you're defining mine rate there? And what might the implications be for, say, copper sales going forward or lessons learned there that you could apply more broadly?

早安。Morenci礦山第二季採礦速率提升30%，令人印象深刻。你能談談你們在那裡如何定義採礦速率（mine rate）嗎？以及這對未來例如銅銷售可能有何影響，或有哪些經驗教訓可以更廣泛地應用？

Thank you, Bob, we have been working on this for a number of years as we went through the pandemic and went through a lot of turnover in the workforce. And intentionally during the pandemic to -- because we did have a reduced workforce and did have constraints, we additionally took down the mine rate.

謝謝你，Bob。我們在這方面已經努力了好幾年，期間經歷疫情，也經歷了勞動力的大量流動。而且在疫情期間我們是刻意——因為人力縮減且存在限制——同時也把採礦速率再往下調。

But then rebuilding that mine rate has been a labor and a work in process for a number of years. And so there are a combination of factors that have come together to see this roughly 900,000 tons a day of material mined in the mine, and that is substantially higher than what we've achieved in the last five years. A great accomplishment, but it's been a lot of work, a lot of focus on -- and using technologies to allow us to be more efficient and get our equipment health and asset health, because it's all interconnected with shovels and all of your equipment to get everything working to where it should be.

但之後要把採礦速率拉回來，這幾年一直是人力與作業流程上的持續工程。因此有多項因素同時到位，才讓我們看到礦區每日約90萬噸的採掘量，而這明顯高於我們過去五年所達成的水準。這是很大的成就，但背後投入了大量工作與專注——並運用技術讓我們更有效率，並改善設備健康與資產健康，因為這一切都彼此相連，包含挖掘機以及所有設備，必須讓每一項都運作到應有的狀態。

And now we're at a point where the availabilities are -- of the existing equipment are much higher than they have been. Our maintenance programs are performing much better. We're not having as much unplanned downtime, which is an area of focus for us. But it's really exciting. But we have to sustain it.

現在我們已經來到一個階段，既有設備的可用率——比過去高出許多。我們的維護保養計畫執行得更好。非計畫性停機也少了很多，這一直是我們的重點。這真的令人振奮。但我們必須把它維持住。

And that's what we're emphasizing, that these are disciplines that need to be institutionalized and we need to sustain it every single day. And so it's a constant. But Cory, you want to add anything to that in terms of the journey and what we see as we go forward?

這也是我們強調的：這些紀律必須制度化，而且每天都要維持。所以這是一個持續性的工作。不過Cory，你要不要就這段歷程以及我們往前看的方向補充一下？

Yes, Kathleen. It's been pretty exciting. The way we talk about it internally is where we're focusing on people, process and technology, and it's not one or the other. There's no technology solution that's going to be the end-all, be-all. I mean there's a lot of hard work.

好的，Kathleen。這確實相當令人振奮。我們內部的說法是，我們聚焦在人員、流程與技術，而不是只靠其中之一。沒有任何一項技術解方能一勞永逸、包辦一切。我的意思是，這需要大量的硬功夫。

We mentioned the labor workforce is stable. But now the team is stepping up, there's a lot of leadership and coordination that's going on. We've centralized some of the activities around the mine work so that we can have the expertise in the right location providing the insights to the field folks so that they're able to make better decisions and not have to manage the 20, 30 things that they have to manage in the shift. They get these insights during the shift and being able to make the right calls as they go.

我們提到勞動力隊伍已經穩定下來。但現在團隊正在挺身而出，展現大量領導力與協調。我們把部分與礦山作業相關的活動集中化，讓專業人員在正確的位置提供洞見給現場同仁，使他們能做出更好的決策，而不必在一個班次中同時管理20、30件事情。他們在班次進行中就能取得這些洞見，並在過程中做出正確判斷。

And then we're layering on more technology on top of that to add on another layer of sophistication to as one piece of equipment might break down, all right, what's the best option to go to a different area. One other thing worth probably mentioning that's going to add some wind to the sails is, during the second quarter, we started transitioning a number of trucks to a higher capacity, 400-ton, ultra-class truck that's going to continue throughout the remainder of this year. We've got plans to add an additional 20 plus trucks next year in the same fashion. And so as we're able to exhibit operating excellence and we get better tooling, we expect to see even better results as we go forward and work through the volumes that we want to work through.

接著我們在此基礎上再疊加更多技術，增加另一層精細化能力：例如某台設備可能故障時，好，最佳替代方案是轉往哪個區域作業。另外一點可能值得一提、也會為我們增添動能的是：在第二季，我們開始把多輛卡車轉換為更高載重、400噸級的超大型（ultra-class）卡車，這項轉換會在今年剩餘時間持續進行。我們也計畫明年以同樣方式再增加20多輛卡車。因此，當我們能展現營運卓越、並配備更好的工具時，我們預期在往前推進、處理我們希望達成的產量時，會看到更好的成果。

My follow-up would be, we're getting close to the official license for the Grasberg extension. That sort of is, the fact to go back and explore, can you tease us on how you think about exploration plans for that region once everything is done?

我的追問是，我們距離Grasberg延長案的正式許可已經很近了。就這件事而言，回頭看並進一步探索，你能否稍微透露一下，一旦一切都完成後，你們如何思考該區域的勘探計畫？

Well, we have some targets that we're pursuing below the Deep MLZ as an extension. And so that is exciting. We've done some drilling there. We're going to pick that back up. But that's an exciting opportunity for us. The other opportunity is our resources don't end in 2041. Our existing resources -- so with the Kucing Liar project, for instance, that asset can continue to go for many years beyond 2041. So that is a way for us to really leverage the existing operations beyond 2041.

嗯，我們正在追尋一些位於Deep MLZ之下、可作為延伸的目標。所以這很令人興奮。我們已在那裡做過一些鑽探。我們會把那項工作再撿回來繼續做。但這對我們而言是個令人振奮的機會。另一個機會是，我們的資源並不會在2041年就結束。我們現有的資源——例如Kucing Liar專案，那項資產在2041年之後仍可再持續運作很多年。因此，這讓我們能真正把既有營運延伸並發揮到2041年以後。

So we have -- this is a district that has not been explored extensively in many years, and we've just been adding extensions that could make sense within the 2041-time frame. But with an extension, it's going to open up a whole new horizon for us with the extension of existing ore bodies, including Deep MLZ, including Kucing Liar, so it's a -- and because you have that existing infrastructure, it makes it compelling from an economic standpoint.

所以我們——這是一個多年來未被廣泛勘探的礦區（district），而我們一直只是增加一些在2041年時點內可能合理的延伸。但若能取得延長，將為我們開啟全新的視野，去延伸既有礦體，包括Deep MLZ、包括Kucing Liar；而且因為已有既有基礎設施，從經濟角度來看就更具吸引力。

I think it was clear from Kathleen's comments, but because we didn't have any rights beyond 2041, we haven't reported any reserves beyond 2041, even though we know that the existing resources will extend beyond that.

我想從 Kathleen 的評論中已經很清楚，但因為我們在 2041 年之後沒有任何權利，即使我們知道現有資源會延伸到那之後，我們也沒有申報 2041 年之後的任何儲量。

And then -- and we've begun some of this earlier as we were making progress with the government, in our negotiations, we've begun to do some extension exploration work. And that's one of the points we keep making with the government about the need to get this done as quickly as possible, so that we can understand what the resources are because that will affect all of our future plans for processing, tailings control and all of that.

然後——而且在我們與政府談判、取得進展的過程中，我們其實更早就已開始做其中一部分——我們已開始進行一些延伸區的勘探工作。這也是我們一直向政府強調的一點：需要盡快把這件事完成，這樣我們才能了解資源狀況，因為那將影響我們未來所有關於處理、尾礦管理以及其他各方面的規劃。

So there's one thing that's characterized this Grasberg district since it was first discovered in 1988, it's always gotten bigger than we -- any of us working on it thought it would. And so that's why we're excited about seeing what else lies out there. And with this extension, that will give us the ability to do that.

所以，自從 1988 年首次發現以來，Grasberg 礦區有一個特徵：它總是比我們——我們任何參與其中的人——原本以為的還要更大。因此我們很期待看看外面還有什麼。而這次延長將讓我們有能力去做這件事。

Daniel Major, UBS.

Daniel Major，瑞銀（UBS）。

Hi. Yeah, most my questions have been asked, but two quick ones. One, you referenced some of the incremental increase in the 2028 CapEx associated with spending at Bagdad tailings and preparation for expansion. Is that incremental to the $4.5 billion CapEx guidance or is it to some degree part of that? That's the first part.

嗨。是的，我大部分問題都已經被問過了，但有兩個簡短的問題。第一，你提到 2028 年資本支出（CapEx）有一些增量增加，與 Bagdad 尾礦支出及擴建準備相關。這個增量是額外加在 45 億美元的 CapEx 指引之上，還是某種程度上已包含在其中？這是第一部分。

And then the second part, also on the North American business. You previously guided to a target of $2.50 per pound operating costs in 2027. Is that still a valid estimate?

第二部分也關於北美業務。你們先前指引 2027 年的目標營運成本為每磅 2.50 美元。這仍然是有效的估計嗎？

With respect to the first question, what is in our numbers for CapEx for Bagdad is the work that we've been doing and we're going to continue to complete on the new tailings facility. And this is work that we accelerated to put us in a position to be able to do the expansion but was going to be required in any case with the existing assets, because we've got so much reserves there, it would be required in the future.

就第一個問題而言，我們在 Bagdad 的 CapEx 數字中包含的是我們一直在做、並將持續完成的新尾礦設施相關工作。這些工作我們加速推進，是為了讓我們具備進行擴建的條件；但即使只看現有資產，這些工作在任何情況下也都會是必要的，因為那裡的儲量非常多，未來也會需要。

So that is in our CapEx forecast. What we don't have in the forecast at this point is, and it's pending final decision, is the CapEx for the project in terms of building the concentrator and related infrastructure. And so that would be an add to the existing projects when -- to the existing CapEx when the project's approved. We have substantial ability to fund it out of cash flow, we expect, and we've been kind of planning for this for some time, and our balance sheet is in great shape as well.

所以這部分已納入我們的 CapEx 預測。但目前我們預測中尚未包含、且仍待最終決策的是：該專案在建造選礦廠及相關基礎設施方面的 CapEx。因此，一旦專案獲核准，這部分將會在既有 CapEx 之上再增加。我們預期有相當能力以現金流來支應，我們也已為此規劃了一段時間，而且我們的資產負債表狀況也非常良好。

In terms of the target in the US, we continue to have a target of $2.50 per pound. The current market conditions with energy prices and sulfur and acid prices are taking that opportunity a little bit away from us in '27. But we're continuing to work on that. We've got -- Cory talked about some of the work we're doing on automation and technology improvements to improve our basic mining practices, build more efficiencies. The leach initiative with scale will go a long way to helping us because that is much lower costs than our roughly $3 average in the US.

至於美國的目標，我們仍維持每磅 2.50 美元的目標。目前的市場狀況——能源價格以及硫與酸的價格——讓我們在 2027 年達成這個目標的空間縮小了一些。但我們仍持續努力。我們已經——Cory 談到我們在自動化與技術改善方面所做的一些工作，以改善基本採礦作業、建立更多效率。具規模的浸出（leach）計畫將對我們有很大幫助，因為其成本遠低於我們在美國約每磅 3 美元的平均成本。

So it's still a target. It's still something we believe is achievable -- at this point in time, it's not something, with current markets, that we can achieve in '27. But we're continuing to work on things within our control that will allow us to bring the cost down, and that incremental leach is one that will be a big driver for us.

所以這仍然是一個目標。我們仍相信它是可達成的——但以目前時間點與現行市場來看，這不是我們能在 2027 年達成的。不過我們會持續推動我們可控範圍內的事項，讓成本下降，而那個增量浸出將會是我們的一個重要驅動因素。

Brian MacArthur, Raymond James.

Brian MacArthur，Raymond James。

Good morning, and thank you for taking my questions. A lot of them have been asked. If we can just go back to the Bagdad expansion and all this discussion about the incentive price. Have you changed your assumptions for molybdenum in these economics? And if so, what molybdenum price are you using?

早安，謝謝讓我提問。很多問題都已經被問過了。如果我們回到 Bagdad 擴建以及關於激勵價格（incentive price）的討論。你們在這些經濟性分析中，是否改變了對鉬（molybdenum）的假設？如果有，你們使用的鉬價是多少？

Second question, just on molybdenum. You are a big producer of this and there's a lot more interest in it. It looks like the primary operations are producing a little more. Can you maybe talk about any opportunities there?

第二個問題也關於鉬。你們是鉬的重要生產商，市場對它的興趣也更高。看起來主要營運端的產量略有增加。你能否談談這方面是否有任何機會？

And the other incentive price question, just you've talked a bit about the NOL. In that new incentive price for Bagdad, are we assuming a lot of NOLs, or maybe another way to ask the question is, if you didn't have NOLs, all else being equal, would you still do Bagdad?

另外一個關於激勵價格的問題：你們談到一些關於 NOL（淨營運虧損結轉扣抵）。在 Bagdad 的新激勵價格中，我們是否假設會使用大量 NOL？或者換個方式問：如果你們沒有 NOL，在其他條件相同下，你們還會做 Bagdad 嗎？

I'll start with the last part of the question. And we look at it on a pretax and an after-tax basis. And so really, on a -- at the end of the day, we're looking at it on an after-tax basis not including the NOLs. And so the project still supports, at a $4 incentive price, supports the economics. So it doesn't -- it's not relying on the NOLs.

我先回答問題的最後一部分。我們會以稅前與稅後兩種基礎來看。所以歸根結底，我們是以不包含 NOL 的稅後基礎來評估。因此在每磅 4 美元的激勵價格下，該專案仍能支撐其經濟性。所以它並不依賴 NOL。

But it does benefit from the favorable fiscal regime that we have in the US. So the effective tax rate in the US for mining is relatively low relative to the rest of the places where we operate. In terms of the moly price, we always run ranges. But in terms of that $4 case, we were using the $20 moly price, which the price now is substantially higher than that, but we were using the $20 modeling. What was the second part, Brian, of this question?

但它確實受益於我們在美國所處的有利財稅制度。因此，美國礦業的有效稅率相較於我們營運的其他地區而言相對較低。至於鉬價，我們一向會跑不同區間。但就每磅 4 美元那個情境而言，我們使用的是每磅 20 美元的鉬價；目前價格明顯高於此，但我們模型使用的是 20 美元。Brian，你這題的第二部分是什麼？

Just in general, with moly being better, nobody ever -- we don't talk about it a lot, but you do have a primary molybdenum business that I assume doing a fair bit. Is there any opportunity to get additional value out of Climax and Henderson?

就是一般而言，鉬的狀況變好，但大家從來——我們不太常談它，不過你們確實有一個主要的鉬業務，我猜表現相當不錯。在 Climax 和 Henderson 是否有機會取得額外價值？

We do have ability at Climax. That mine could produce more moly. We also have a lot of byproduct moly. And this Bagdad mine, as you point out, has got significant byproducts. The Sierrita mine which is one of the lowest-grade copper mines, is one of our lowest cost, so -- the lowest cost in the US and benefit from its significant moly production. So with El Abra, we'll have moly, and the new projects. So the byproduct moly is -- that goes right to the bottom line. So that's a focus for us as well. But we do have some optionality with the big operation we have at Climax.

我們在 Climax 確實有能力。那座礦可以生產更多鉬。我們也有很多副產品鉬。而你提到的 Bagdad 礦也有相當可觀的副產品。Sierrita 礦是銅品位最低的礦之一，但也是我們成本最低的礦之一——在美國是成本最低的，並受益於其可觀的鉬產量。因此，隨著 El Abra，我們也會有鉬，以及新的專案。所以副產品鉬——是直接反映到最終獲利。因此這也是我們的重點。不過我們在 Climax 的大型營運上確實也有一些選擇性（optionalitiy）。

Great. And just maybe one last question. Assuming all the projects meet your investment hurdles, it sort of looks like Bagdad, we can make a decision maybe this year, two or three, four years to produce it. So it's producing in early 2030. El Abra, you kind of go through the permitting process, you're talking 2033.

很好。再問最後一個問題。假設所有專案都符合你們的投資門檻，看起來 Bagdad 可能今年就能做決策，然後兩、三、四年後投產。所以大概在 2030 年初投產。El Abra 方面，你們要走完許可流程，你們談的是 2033 年。

Safford/Lone Star, you still have to get what you need and you talked about it being producing in the 2030s. Are the time lines of Safford and El Abra going to end up at the same time? And if so, would you feel comfortable building both of them at the same time? Or would they be kind of sequential projects just from a pure management of large project strategy?

Safford/Lone Star，你們仍然必須取得所需的東西，而且你提到它會在2030年代投產。Safford和El Abra的時間表最後會在同一時間結束嗎？如果是的話，你會覺得同時建設這兩個項目是可行、讓你安心的嗎？或者就純粹從大型專案策略的管理角度來看，它們會比較像是依序推進的專案？

Well, one of the things, Brian, that we know is that within the Freeport organization, when we focus on a project and put resources on it, our execution is extremely well, extremely positive. Some of the things that the lessons learned over time is doing too many at one time, not just from a financial standpoint, but just from an execution standpoint, makes it more challenging.

Brian，我們知道的一點是，在Freeport組織內，只要我們聚焦在某個專案並投入資源，我們的執行表現就非常好、成果也非常正面。而我們長期累積的一些經驗教訓是，同一時間做太多事情，不只是從財務角度，單就執行面而言也會更具挑戰性。

But we're organizing right now, in terms of allocating resources to Bagdad, allocating resources to El Abra. The Safford opportunity, as Cory pointed out, is really exciting because we're going to be able to use some of the learnings for it from this leach work.

不過我們目前正在進行組織安排，包括把資源配置到Bagdad、把資源配置到El Abra。至於Safford的機會，正如Cory指出的，確實令人振奮，因為我們能把這次浸出（leach）工作的部分經驗與學習應用到那裡。

And so the flow sheet on Safford may look different than the others. May not be -- you may have a smaller concentrator and do primarily leach. So we're excited about what it might do, but we're still in the throes of studying it. The permitting process for the Safford opportunity is compressed relative to what we have in Chile.

因此，Safford的流程（flow sheet）可能會和其他項目不同。可能不會是——你可能會採用較小的選礦廠（concentrator），並以浸出為主。所以我們對它可能帶來的成果感到興奮，但我們仍在深入研究之中。相較於我們在智利的項目，Safford這個機會的許可（permitting）流程時間更為壓縮。

So you could theoretically have an opportunity at Safford around the same time as El Abra. But our focus really is on defining the opportunity and then look at what makes sense, how to sequence these things, how we're resourcing it, how we execute it most efficiently. But the work we're doing today is to really crystallize the value and the option opportunity and better understand that.

所以理論上，Safford可能會在與El Abra差不多的時間點具備機會。但我們真正的重點是先把機會界定清楚，然後再看什麼安排最合理：如何排序這些事情、如何配置資源、以及如何以最高效率來執行。不過我們今天所做的工作，是要把價值與選擇權式的機會更清楚地具體化，並更深入理解它。

Great. Thanks very much for all that color. It's very helpful.

很好。非常感謝你提供這麼多補充說明。這非常有幫助。

Chris Lafemina, Jefferies.

Chris Lafemina，Jefferies。

Hi, Kathleen and Maree, Richard. Thanks for taking my question here at the end. So actually, I have 2 quick ones. First, on the new smelter in Indonesia. I know you renewed the insurance proceeds last quarter, but is there any outstanding work that needs to be done there to complete the repairs? Or is that good to go and get to full capacity, is my first question?

嗨，Kathleen、Maree、Richard。謝謝在最後讓我提問。我其實有兩個簡短問題。第一個是關於印尼的新冶煉廠。我知道你們上季更新了保險理賠款項，但那邊是否還有任何未完成的工作需要做，才能完成修復？或者是否已經一切就緒、可以達到滿載產能？這是我的第一個問題。

And secondly, just on, Kathleen, you explained earlier, the variability in copper sales on a quarter-by-quarter basis through 2026, and part of that is a function of building inventories at the smelter. So you've changed your guidance quite a bit on a quarter-by-quarter basis. But I'm wondering if your internal projections on copper production rather than sales on a quarter-by-quarter basis have changed since the end of last quarter. In other words, have your production forecast been unchanged, but it's back building more inventory at the smelter, and that's why the being pushed back? Is there something happening in the production as well?

第二個問題是，Kathleen，你先前解釋了到2026年按季度計算的銅銷售量波動，其中一部分是因為在冶煉廠建立庫存。因此你們按季度的指引調整幅度相當大。但我想知道，你們內部對「銅產量」而非「銅銷售量」的按季度預測，是否自上季末以來有所改變。換句話說，你們的產量預測其實沒有變，只是冶煉廠在回補/建立更多庫存，所以銷售被往後遞延？還是說產量端也有發生什麼變化？

Okay. With respect to the smelter, it is -- the work -- all the work that we need to do with the new smelter is complete and actually had started operating last year. We completed all that work in the first part of 2025, and it had started operations during 2025 before the September event.

好的。就冶煉廠而言——我們在新冶煉廠需要做的工作都已完成，而且其實去年就已開始運轉。我們在2025年上半年完成了所有工作，而且在9月事件之前，它在2025年期間就已開始營運。

So it has been operating in a standby mode to date. We've been taking advantage of the time to really go through and complete any work that was left over from the main project, testing, train our teams. And so that smelter is -- has been ready to go and ready to go, it can't wait to get started.

因此截至目前它一直以待命模式運作。我們也利用這段時間，徹底檢視並完成主專案遺留的任何工作、進行測試、訓練團隊。所以那座冶煉廠——已經準備就緒、隨時可以啟動，迫不及待要開始。

In terms of the production, there's really no pluses and minuses. But in terms of Grasberg, really no changes in production. But we've got a different shipping plan and operating plan for the smelter, which -- and it takes time to get through the smelter and to be able to sell the refined sales. So what you're seeing on the sales is actual refined copper sales and our production is very similar to what we talked about in April.

至於產量方面，基本上沒有什麼正負向的變化。就Grasberg而言，產量確實沒有改變。但我們的出貨計畫與冶煉廠的營運計畫不同了——而且冶煉流程需要時間，才能完成冶煉並銷售精煉產品。因此你在銷售端看到的是實際的精煉銅銷售量，而我們的產量與我們在4月談到的非常接近。

Perfect. Thank you.

太好了。謝謝。

And I'll now turn the call over to management for any closing remarks.

接下來我把電話會議交回管理層，請他們做任何結語。

Well, we appreciate everyone's participation and questions. If you have any follow-ups, feel free to reach out to David. And we look forward to reporting in the future on our progress.

我們感謝各位的參與與提問。如果有任何後續問題，歡迎聯繫David。我們也期待未來向各位報告我們的進展。

Thanks, everyone, for participating. Onward and upward.

謝謝大家參與。繼續向前、再接再厲。

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

各位女士、先生，今天的電話會議到此結束。感謝各位加入。現在您可以掛線。