費利浦·麥克莫蘭銅金 (FCX) 2026 Q3 法說會逐字稿

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

各位女士、先生，感謝您稍候，歡迎參加 Freeport-McMoRan 第三季電話會議。(接線員指示)

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

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

Thank you, Regina. And good morning, everyone. Welcome to the Freeport conference call.

謝謝你，Regina。各位早安。歡迎參加 Freeport 的電話會議。

Earlier this morning, FCX reported its third quarter operating and financial results. A copy of today's press release with supplemental schedules and slides are available on our website, fcx.com.

今天稍早，FCX 已公布第三季營運與財務結果。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 conference 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.

今天的電話會議正透過網際網路進行即時轉播。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電話會議。除分析師與投資人外，財經媒體亦受邀收聽今日會議。網路直播重播將於今日稍晚在我們網站提供。

Before we begin our comments, we would 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，今日新聞稿以及本次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文字，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 members of our management team. Richard will make some opening remarks. Kathleen and Maree will review our slide materials and then we'll open up the call for questions.

今天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，以及我們管理團隊的其他成員。Richard 將先做開場致詞。接著 Kathleen 與 Maree 將帶大家檢視投影片內容，然後我們將開放提問。

Richard?

Richard？

Thanks, David.

謝謝，David。

We appreciate you all for joining us today. We've been looking forward to speaking with you about our strong third quarter results and our positive outlook for the future. We are pleased and proud of our team with the steady progress throughout the year achieved on the Grasberg ramp up and with our initiatives across our business to drive value. As we look forward, the table is set for growing our volumes in the near term, medium term, and longer term, supported by our portfolio of long-lived assets and by a qualified and experienced team.

感謝各位今天加入我們。我們一直期待與各位分享我們強勁的第三季成果，以及對未來的正向展望。我們對團隊感到欣慰與自豪：今年以來在 Grasberg 擴產爬坡方面持續穩健推進，並透過全公司各項提升價值的措施取得進展。展望未來，在我們長壽命資產組合以及一支具備專業與經驗的團隊支持下，我們已為近期、中期與長期的產量成長奠定基礎。

Leaders in Indonesia have expressed support for the extension of our operating rights beyond 2041. We continue to work with the Ministry of Energy and Mines on documentation to implement the Memorandum of Understanding we signed with the government of Indonesia.

印尼的領導人已表達支持，將我們的營運權延長至 2041 年之後。我們持續與能源與礦產資源部合作，推進文件作業，以落實我們與印尼政府簽署的諒解備忘錄。

Freeport's growth plans match up exceptionally well with accelerating requirements for copper. Electrification continues to advance at a rapid pace, bigger and faster than we've seen in the past and copper is the metal of electrification. The world requires a lot more copper and supplies are challenged.

Freeport 的成長計畫與加速攀升的銅需求高度契合。電氣化正以極快速度推進，規模更大、速度更快，超過我們過去所見，而銅正是電氣化的金屬。全球需要更多銅，但供給面面臨挑戰。

Freeport is particularly well positioned to grow with the market. After working in this industry for decades, today's opportunity where structural trends point to a multiyear period of significant demand growth is unique. We have Freeport on the right assets at the right time. With a strong team in the Freeport family and our strong financial position, we are well positioned to capture this opportunity for the benefit of our shareholders and all our stakeholders.

Freeport 在隨市場成長方面具備特別有利的定位。在這個產業工作數十年後，如今結構性趨勢指向未來多年顯著需求成長的機會相當獨特。Freeport 在對的時間擁有對的資產。憑藉 Freeport 大家庭的強大團隊與穩健的財務狀況，我們具備良好條件把握此一機會，造福股東與所有利害關係人。

Kathleen?

Kathleen？

Great. Thank you, Richard. And thank all of you for participating on today's call. We will review our third quarter performance and update you on our initiatives, projects, and future outlook.

好的。謝謝你，Richard。也感謝各位參與今天的電話會議。我們將回顧第三季表現，並向各位更新我們的各項措施、專案與未來展望。

Today, we will be discussing our team's work across our global business to build value. Our solid progress and momentum to safely and sustainably restore large-scale production at Grasberg, drive operational excellence and new technology initiatives in the Americas, and advanced plans for value-enhancing organic growth.

今天我們將討論團隊在全球業務範圍內的工作，以創造價值。包括我們在 Grasberg 安全且永續地恢復大規模生產的扎實進展與動能、在美洲推動營運卓越與新技術措施，以及推進可提升價值的有機成長計畫。

Starting on slide 3, we show the highlights of our third quarter performance. Copper sales have increased in each of the last three quarters, and we expect fourth quarter sales to be the strongest of the year by far. Steady progress continues at Grasberg with 67% ramp-up achieved and confidence is building towards full scale. Strong operational execution, combined with the favorable metal price backdrop, provided significant margins, cash flows, and earnings.

從投影片第 3 頁開始，我們展示第三季表現重點。銅銷售量在最近三個季度逐季增加，我們預期第四季銷售將是全年迄今最強的一季。Grasberg 持續穩步推進，已完成 67% 的爬坡，並對達到滿載規模的信心持續提升。強勁的營運執行力，加上有利的金屬價格環境，帶來可觀的利潤率、現金流與獲利。

The diversity of our portfolio and pricing leverage for our US business comes through in the results. Operating income for our US mining operations more than doubled in the third quarter compared with last year's third quarter with strong conversion to the bottom line. This contributed to an increase of over 80% in our consolidated net income compared with the year ago quarter.

我們資產組合的多元性，以及美國業務的價格槓桿效應，在本次結果中充分展現。第三季美國採礦業務的營業利益較去年同期增加逾一倍，且對最終獲利的轉換表現強勁。這也促使我們合併淨利較去年同期增加超過 80%。

The progress achieved during 2026 sets us up for growing volumes and improving financial performance as we look ahead to 2027 and 2028. Additionally, we are advancing our future growth plans with a series of projects in progress. We returned nearly $1 billion to shareholders year-to-date, including $300 million in share purchases.

2026 年所取得的進展，讓我們在展望 2027 與 2028 年時，具備產量成長與財務表現改善的良好基礎。此外，我們正透過一系列進行中的專案推進未來成長計畫。今年迄今我們已回饋股東近 10 億美元，其中包含 3 億美元的股票回購。

Our financial position remains strong. And as we look ahead, growing volumes, combined with a positive market environment for our products sets us up for significant increase in cash flows to support our value-enhancing investment program and increasing returns to shareholders.

我們的財務狀況仍然強健。展望未來，產量成長加上對我們產品有利的市場環境，將帶動現金流顯著增加，以支持我們提升價值的投資計畫，並提高對股東的回饋。

Moving to the copper markets on slide 4. As a leading global supplier of refined copper, Freeport has strategic significance and is strongly positioned to benefit from copper's essential and increasingly important role in societies around the world. Copper's superior conductivity makes it the metal of electrification, and the global economy is rapidly becoming more electrified.

接著看投影片第 4 頁的銅市場。作為全球主要精煉銅供應商，Freeport 具備策略性重要地位，並處於有利位置，可受惠於銅在全球社會中不可或缺且日益重要的角色。銅具備優異導電性，使其成為電氣化的金屬，而全球經濟正快速走向更高程度的電氣化。

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 copper prices averaged $6.09 per pound year-to-date through September and currently approximate $6.58 per pound on the LME, an increase of 16% 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，包括為支援新技術而對電網提出的龐大需求。今年迄今至 9 月，LME 銅價平均為每磅 6.09 美元，目前在 LME 約為每磅 6.58 美元，較年初上漲 16%。

Our US customers report robust copper demand associated with growing requirements for electricity and energy infrastructure, data center builds, and in the transportation sector. Copper continues to be strategically significant to China as the world's largest consumer to support its domestic power grid, technology advancement, and manufacturing of autos and consumer goods for growing exports.

我們的美國客戶回報，與電力與能源基礎設施需求成長、資料中心建置，以及運輸領域相關的銅需求強勁。作為全球最大消費國，中國為支援其國內電網、科技進步，以及汽車與消費品製造以擴大出口，銅仍具策略性重要性。

The sizable movement of product to US warehouses continues, resulting in tight market conditions in the major consuming regions outside of the US. The situation underscores the strategic role of copper in the global economy and supply chains to support future growth.

產品大量流向美國倉庫的情況仍在持續，導致美國以外主要消費地區的市場供應偏緊。此一情勢凸顯銅在全球經濟與供應鏈中、用以支撐未來成長的策略性角色。

The signals we see are clearly pointing to requirements for additional copper supplies to meet growing demand. And at Freeport, we have a valuable, geographically diverse portfolio of integrated copper assets with large-scale production facilities that are difficult to replicate, long-life reserves and resources, and a portfolio of low-risk brownfield expansion opportunities to serve a growing market.

我們所看到的訊號清楚指向：為滿足成長中的需求，需要增加銅供給。在 Freeport，我們擁有具價值且地理分布多元的整合型銅資產組合，包含難以複製的大型生產設施、長壽命的儲量與資源，以及一系列低風險的棕地擴建機會，以服務成長中的市場。

I'm going to move to the operating highlights on slide 5, where we summarize the highlights by geographic region. Starting with the US, we continue to focus on operating disciplines to improve efficiencies and productivity to grow production despite low ore grades. We were successful in improving our mining rates compared with the year ago quarter. However, in an abnormally high frequency of extreme weather events in the third quarter, which have continued in the fourth quarter disrupted some of the momentum achieved earlier in the year.

我將轉到投影片第 5 頁的營運重點，我們在此按地理區域彙總重點。先從美國開始，我們持續專注於營運紀律，以提升效率與生產力，在礦石品位偏低的情況下仍推動產量成長。相較去年同期，我們成功提升採礦速率。然而，第三季出現異常頻繁的極端天氣事件，且延續至第四季，干擾了今年稍早所累積的部分動能。

We are deploying new technology tools to enhance our operating models and are investing in more efficient trucks and mining equipment to support our objective of increasing US production and reducing costs. We've continued to pursue an exceptional opportunity to unlock meaningful value through application of new technologies for recovering copper in our leaching processes. Data from our work to date support a potential breakthrough and we are looking forward to what we'll learn as we go through 2027 as high potential next-generation proprietary additives are deployed in the field.

我們正在部署新的技術工具以強化我們的營運模式，並投資於更高效率的卡車與採礦設備，以支持我們提高美國產量並降低成本的目標。我們持續把握一項卓越機會，透過在浸出流程中應用新技術來回收銅，從而釋放可觀價值。截至目前的工作數據支持可能出現突破，我們也期待在進入2027年並將具高度潛力的下一代專有添加劑投入現場使用的過程中，持續獲得新的學習與驗證。

In South America, our flagship Cerro Verde operation in Peru continues to demonstrate solid operating performance and productivity consistent with the large-scale, world-class operation.

在南美洲，我們位於秘魯的旗艦Cerro Verde礦場持續展現穩健的營運表現與生產力，符合其大型、世界級營運的水準。

At El Abra in Chile, ore grades and operating rates were impacted during the quarter by mine sequencing to address slope management. We're now commissioning new facilities at El Abra that will allow us to enhance metal production by increasing temperatures in our leach pads. We continue to work with the Chilean government to advance our environmental impact study to position El Abra for a major transformative expansion.

在智利的El Abra，本季因採礦順序調整以因應邊坡管理，礦石品位與營運稼動率受到影響。我們目前正在El Abra進行新設施的試車，該等設施將使我們能透過提高浸出墊溫度來提升金屬產量。我們持續與智利政府合作推進環境影響評估研究，以使El Abra具備進行重大轉型擴建的條件。

In Indonesia, we are pleased to report that the team continues to achieve meaningful progress on the ramp-up at the Grasberg Block Cave. We operated at 67% of mine capacity during the third quarter and progress is advancing for meaningful growth as we go into 2027. 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. We continue to target overall rates reaching 80% by mid-'27 and approach full capacity by the end of next year.

在印尼，我們很高興報告團隊在Grasberg Block Cave的產能爬坡方面持續取得實質進展。我們在第三季以礦山產能的67%運作，並且隨著邁向2027年，成長動能正朝著顯著增長推進。我們自動化鐵路系統的物料處理系統升級正按計畫進行，同時我們也持續推進在2027年重啟Block 1 South生產的相關工作。我們仍以在2027年年中將整體稼動率提升至80%為目標，並在明年年底前接近滿載產能。

We were successful in restarting the smelter and now have both smelters in Indonesia in operation to support our mine ramp up. The team is executing the phase ramp up safely and efficiently, and we continue to derisk the plans and increase confidence in our long-term outlook.

我們已成功重啟冶煉廠，目前印尼兩座冶煉廠皆已運轉，以支援礦山的產能爬坡。團隊正以安全且高效率的方式執行分階段爬坡，我們也持續降低計畫風險並提升對長期展望的信心。

In Indonesia, we continue to experience abnormally dry weather conditions and are closely monitoring forecast, which predict conditions to return to more normal levels as we move into 2027. The dry conditions are generally favorable for mining, but low water availability presents challenges in increasing mill rates. We're actively managing the situation with limited impact to date.

在印尼，我們仍持續遭遇異常乾燥的天候狀況，並正密切監測預報；預報顯示隨著進入2027年，狀況將回到較正常水準。乾燥條件一般而言有利於採礦，但水資源供應偏低使提升磨礦處理量面臨挑戰。我們正積極管理此情況，目前為止影響有限。

As Richard mentioned, we're continuing to work cooperatively with the Indonesian government to secure our long-term operating extension in accordance with the MoU reached earlier in the year. We submitted our application in June, and we're continuing to work to complete the formal process. The government continues to express support for extension to provide long-term continuity of large-scale operations and mutual benefits.

如Richard所提，我們持續與印尼政府合作，依照年初達成的諒解備忘錄（MoU）來取得我們的長期營運展延。我們已於6月提交申請，並持續推進以完成正式程序。政府持續表達對展延的支持，以提供大型營運的長期延續性並帶來互惠效益。

Big picture, the third quarter, the team executed well but experienced challenging operating conditions. You'll note, we continue to expect the fourth quarter will be the strongest of the year but have adjusted our 2026 copper sales by approximately 2% to incorporate the impact of shortfalls in the US and in Chile. Our team is committed to execution, dedicated to overcoming challenges and driven for excellence in all that we do.

整體而言，第三季團隊執行表現良好，但也遭遇具挑戰性的營運條件。你們會注意到，我們仍預期第四季將是全年最強勁的一季，但已將2026年銅銷售量下修約2%，以反映美國與智利產量不足的影響。我們的團隊致力於落實執行、專注克服挑戰，並在所有工作中追求卓越。

I'm going to move to slide 6, where we have some real excitement around Freeport about the growth catalysts. We're driven to increase copper supply to a growing market, and we're strongly positioned as we look forward with significant near-term, medium-term, and long-term growth. The progress we've made throughout 2026 positions us for significant growth in volumes, margins, and cash flows in 2027 and 2028 as Maree will cover shortly.

我將切換到第6頁投影片，在Freeport我們對成長催化因素感到非常振奮。我們致力於在需求成長的市場中增加銅供應，並且在展望未來時，於短期、中期與長期成長方面都具備強勁的有利位置。我們在2026年所取得的進展，使我們在2027年與2028年的產量、利潤率與現金流方面具備顯著成長的基礎，Maree稍後將進一步說明。

In the short term, we're positioned to grow from 3 billion pounds this year to 3.7 billion pounds in 2027 and over 4 billion pounds in 2028. Continued strong execution of the Grasberg recovery is the major driver with improved US production, adding incrementally. This growth notably does not require new capital.

短期而言，我們有望從今年的30億磅成長至2027年的37億磅，並在2028年超過40億磅。Grasberg復甦的持續強勁執行是主要驅動因素，而美國產量改善則提供增量貢獻。值得注意的是，這項成長不需要新增資本支出。

With our US growth initiative as America's Copper Champion, we see a path for Freeport to be a 4.5 billion to 5 billion-pound a year copper producer in the 2030-time frame with success in our innovative Leach initiative and our expansion of our Bagdad mine in Arizona.

透過我們以「美國銅業冠軍」為定位的美國成長計畫，若我們的創新浸出（Leach）計畫成功，並推進亞利桑那州Bagdad礦的擴建，我們看見Freeport在2030年代可成為年產45億至50億磅銅的生產商之路徑。

We continue to see the innovative Leach initiative as one of the most attractive opportunities in our company because it leverages our existing infrastructure is scalable, is not capital intensive and has low incremental operating costs. We've been on this journey and advancing this initiative for the last three to four years, and our excitement continues to build, supported by progress in developing a proprietary next-generation additive that would unlock recoveries of low-grade ores previously thought to be unrecoverable.

我們持續認為創新浸出（Leach）計畫是公司最具吸引力的機會之一，因其可利用既有基礎設施、具可擴展性、資本密集度不高，且增量營運成本低。過去三到四年我們一直推進這項計畫，我們的期待也持續升溫；其動能來自於我們在開發專有的下一代添加劑方面取得進展，該添加劑可望釋放對先前被認為無法回收之低品位礦石的回收率。

As you'll see in the chart, lab testing of the new Freeport additive is showing incremental recoveries of more than 4 times those achieved with our initial additive. The next-generation additive is now being manufactured on a fast-track schedule, and we'll start receiving commercial quantities for field deployment as we go into 2027.

如圖表所示，新Freeport添加劑的實驗室測試顯示，其增量回收率超過我們初代添加劑所達成水準的4倍。該下一代添加劑目前正以加速時程進行製造，我們將在進入2027年時開始收到可供現場部署的商業數量。

While we need to be cautious until it's proven in the field, this could represent the major breakthrough technology that we've been working to achieve. We expect to make an investment decision on the Bagdad expansion in the fourth quarter. Very excited about this. We see it as an attractive opportunity to transform Bagdad into the second largest copper mine in the US, benefiting from economies of scale and the use of modern technology to set the operation up for improved multi-decade performance.

雖然在現場驗證之前我們需要保持審慎，但這可能代表我們一直努力達成的重大突破性技術。我們預期將在第四季就Bagdad擴建作出投資決策。我們對此非常興奮。我們認為這是一項具吸引力的機會，可將Bagdad轉型為美國第二大銅礦，並受益於規模經濟與現代技術的運用，使該營運具備更佳的數十年期表現。

We're also advancing further growth options which could be developed by the mid-2030s with a large-scale expansion of the El Abra mine in Chile and exciting possibilities for development of our large resource position in the Safford/Lone Star district in Arizona.

我們也在推進更多成長選項，這些選項可望在2030年代中期前後開發，包括智利El Abra礦的大規模擴建，以及在亞利桑那州Safford/Lone Star礦區開發我們龐大資源部位的令人振奮的可能性。

We see our pipeline of organic growth being particularly attractive in the context of an industry where greenfield projects carry significant risk and development time frames can span 15 to 20 years. We have a differentiated advantageous position since our projects are brownfield in nature, resulting in benefits from leveraging existing infrastructure, lower capital intensity, experienced workforces, and relationships with key stakeholders to move more quickly with less risk than a greenfield project.

在一個綠地（greenfield）專案承擔顯著風險、且開發時程可能長達15至20年的產業背景下，我們認為自身的內生成長管線特別具吸引力。由於我們的專案多屬棕地（brownfield）性質，我們具備差異化的優勢地位，可藉由既有基礎設施、較低的資本密集度、經驗豐富的勞動力，以及與關鍵利害關係人的合作關係，較綠地專案以更快速度、較低風險推進。

We're increasingly mindful of escalating inflationary pressures affecting capital costs for major projects and the need to be disciplined on qualifying projects delivering investment returns and carefully control budgets and schedules. We're going to continue to be focused, selective, and deliberate as we go forward and on balancing investments in growth with shareholder returns.

我們愈發留意影響重大專案資本成本的通膨壓力上升，以及在篩選能帶來投資報酬的專案時必須保持紀律，並審慎控管預算與時程。展望未來，我們將持續保持專注、審慎篩選並有計畫地推進，同時在成長投資與股東報酬之間取得平衡。

At Freeport, we benefit from an experienced and highly respected project development team with proven experience in successfully managing major projects around the world. Putting this all together, the setup for Freeport is exceptionally strong and Team Freeport is intensely focused on execution and delivery to capture the value and the special opportunities that lie ahead.

在Freeport，我們受益於一支經驗豐富且備受尊敬的專案開發團隊，並具備在全球成功管理重大專案的實證經驗。綜合而言，Freeport的整體布局極為強勁，Freeport團隊也高度聚焦於執行與交付，以掌握價值並把握前方的特殊機會。

Now I'm going to turn the call to Maree who will review our outlook and then we'll take your questions.

現在我將把電話會議交給Maree，她將回顧我們的展望，之後我們會回答各位的問題。

Thanks, Kathleen.

謝謝你，Kathleen。

Just flipping to slide 7, we show our three-year outlook for sales volumes of copper, gold, and molybdenum. As Kathleen referenced, we expect significant production and sales growth in the coming years. We have trimmed our 2026 copper sales by about 2%, taking into account slightly lower production in the US and Chile, and by approximately 2.5% in 2027 to reflect current mine plan updates.

接著翻到第7頁投影片，我們展示了未來三年銅、黃金與鉬的銷售量展望。如Kathleen所提，我們預期未來幾年產量與銷售將顯著成長。我們已將2026年銅銷售量下修約2%，以反映美國與智利產量略低；並將2027年下修約2.5%，以反映目前礦山計畫更新。

Copper sales in 2028 are consistent with previous estimates, and gold and moly sales are unchanged for the three-year period. We expect our fourth quarter of 2026 sales volumes to be the highest of the year, with copper sales increasing 17% and gold sales nearly tripling from third quarter levels.

2028 年的銅銷售量與先前估計一致，而黃金與鉬在該三年期間的銷售量維持不變。我們預期 2026 年第四季的銷售量將為全年最高，其中銅銷售量較第三季增加 17%，黃金銷售量幾乎較第三季成長至三倍。

For the year 2027, we expect annual growth in copper sales of over 20% compared with 2026 and more than a 50% increase in gold volumes, with additional growth in 2028 of 10% for copper and 20% for gold. Our team remains focused on delivering our plans safely and efficiently, which will translate into strong financial performance and meaningful future cash flow growth.

就 2027 年而言，我們預期銅銷售量相較 2026 年的年增幅將超過 20%，黃金銷售量將增加逾 50%；而在 2028 年，銅將再成長 10%，黃金再成長 20%。我們的團隊仍專注於以安全且高效率的方式落實計畫，這將轉化為強勁的財務表現以及具意義的未來現金流成長。

Moving to slide 8, we continue to carefully manage all costs and capital whilst driving efficiency and productivity programs, particularly in light of inflationary pressures affecting our business and the industry. As discussed on prior calls, we continue to experience cost pressures and volatility in global energy and commodity markets, including oil, sulfur, and acid, largely associated with the conflict in the Middle East.

接著看第 8 張投影片，我們在推動效率與生產力計畫的同時，持續審慎管理所有成本與資本支出，特別是在通膨壓力影響我們業務與產業的情況下。如同先前電話會議所討論，我們仍持續面臨全球能源與大宗商品市場的成本壓力與波動，包括原油、硫磺與酸，這在很大程度上與中東衝突相關。

Rising energy costs during 2026, particularly diesel prices, have impacted costs by approximately $500 million compared with 2025. Sulfuric acid, a key input into various copper processing technologies across the industry, has more than doubled this year. Notably, Freeport is comparatively well-positioned given our integrated business model and is generally insulated from price moves as a significant producer of sulfuric acid through our smelting operations and consumer of acid in our leaching processes.

2026 年能源成本上升，特別是柴油價格，與 2025 年相比使成本增加約 5 億美元。硫酸是全產業多種銅處理技術的關鍵投入品，今年價格已翻倍以上。值得注意的是，憑藉我們的一體化商業模式，Freeport 相對具備良好優勢；作為透過冶煉作業生產硫酸的重要供應者，並在浸出流程中消耗硫酸，我們通常可在相當程度上隔離於價格波動之外。

In addition to operating costs, capital costs across the mining industry have been trending at a greater pace than overall headline inflation rates in recent years. These pressures affect both sustaining capital and expansion project costs, reinforcing the importance of remaining highly focused on carefully assessing our priorities, pursuing continuous optimization programs, and maintaining rigorous and strict project and cost controls.

除營運成本外，近年來礦業的資本成本上升速度也高於整體名目通膨率。這些壓力同時影響維持性資本與擴建專案成本，更凸顯我們必須高度專注於審慎評估優先順序、推動持續優化計畫，並維持嚴謹且嚴格的專案與成本控管。

On net unit cash costs, we are maintaining our full-year guidance for 2026 of $1.90 per pound, with by-products, particularly molybdenum, providing an offset to the impact of higher input costs.

就淨單位現金成本而言，我們維持 2026 年全年指引為每磅 1.90 美元；副產品（特別是鉬）可抵銷投入成本上升的部分影響。

In putting together our projected volumes and cost estimates, we show modeled results on slide 9 for 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 $32 per pound.

在彙整我們的預估產量與成本估計時，我們在第 9 張投影片展示了在不同銅價（每磅 5 美元至 7 美元）下的 EBITDA 與現金流模型結果。這些模型結果係以 2027 與 2028 年的平均值為基礎，採用目前的產量與成本估計，並假設黃金維持每盎司 4,000 美元、鉬維持每磅 32 美元不變。

Annual EBITDA would range from over $12 billion per annum at $5 copper to $19.5 billion at $7 copper, with operating cash flows ranging from over $9 billion per year at $5 to approximately $15 billion at $7 copper.

年 EBITDA 在每磅銅價 5 美元時將超過每年 120 億美元，在每磅 7 美元時將達 195 億美元；營運現金流則在每磅 5 美元時每年超過 90 億美元，在每磅 7 美元時約為 150 億美元。

We show sensitivities to various commodities on the right. You'll 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.

右側顯示我們對各項商品的敏感度。你會注意到我們對銅價具有高度槓桿效應：在 2027、2028 年期間，銅價每變動每磅 0.10 美元，年 EBITDA 約變動 3.9 億美元。

We also have exposure to gold prices with each $100 per ounce change in price approximating $105 million in annual EBITDA, and to molybdenum, which has shown significant price strength in recent months. Each dollar per pound change in moly approximates $85 million in EBITDA per annum.

我們也承受金價風險：金價每變動每盎司 100 美元，年 EBITDA 約變動 1.05 億美元；此外也承受鉬價風險，而鉬在近幾個月展現顯著的價格強勢。鉬價每變動每磅 1 美元，年 EBITDA 約變動 8,500 萬美元。

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

憑藉我們長年限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，支應未來的內生成長與現金回饋。

Slide 10 shows our current forecast for capital expenditure in 2026 and 2027. Our 2026 capital expenditure is currently estimated to approximate $4.4 billion, a 2% increase from the prior estimate, and $5.2 billion for 2027, an increase of approximately $400 million above the July estimate, primarily reflecting additional mining equipment investments for supporting enhanced productivity improvements in the US and cost inflation.

第 10 張投影片顯示我們目前對 2026 與 2027 年資本支出的預測。我們目前估計 2026 年資本支出約為 44 億美元，較先前估計增加 2%；2027 年約為 52 億美元，較 7 月估計增加約 4 億美元，主要反映為支援美國地區提升生產力改善而增加的採礦設備投資，以及成本通膨。

The discretionary projects are expected to approximate $1.6 billion in 2026 and $2 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.

酌量性專案預期 2026 年約為 16 億美元、2027 年約為 20 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、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 28 in our reference materials.

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措施，並在我們參考資料的第 28 張投影片中有詳細說明。

The capital estimates exclude projects that remain subject to completion of final studies and Board approval, including the potential Bagdad 2X expansion project. As I mentioned on the previous slide, we will continue to carefully manage our spending and deploy capital strategically to projects with the best return and risk-reward profiles.

資本估計未包含仍需完成最終研究並取得董事會核准的專案，包括潛在的 Bagdad 2X 擴建專案。如同我在上一張投影片提到的，我們將持續審慎管理支出，並將資本策略性配置於具備最佳報酬與風險報酬特性的專案。

Finally, on slide 11, we reiterate that 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, robust credit metrics, and flexibility within our debt targets to execute on our projects. We have a strong liquidity position and have substantial flexibility for funding upcoming 2027 maturities.

最後，在第 11 張投影片，我們重申財務政策的優先事項聚焦於強健的資產負債表、對股東的現金回饋，以及投資於提升價值的成長專案。我們的資產負債表穩健，具投資級評等、強勁的信用指標，並在債務目標範圍內保有彈性以推動專案執行。我們的流動性部位強勁，且對於支應 2027 年即將到期的債務具備相當大的彈性。

Our strong balance sheet and significant cash flow generation supports disciplined investment in future growth whilst returning cash to shareholders. Since adopting our financial policy in 2021, we have distributed $6.6 billion to shareholders through dividends and share purchases, including approximately $1 billion year-to-date in 2026, 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.

我們強健的資產負債表與可觀的現金流創造能力，支持我們在回饋股東現金的同時，對未來成長進行有紀律的投資。自 2021 年採行財務政策以來，我們已透過股利與股票回購向股東分配 66 億美元，其中包含 2026 年迄今約 10 億美元；同時我們擁有具吸引力的長期未來投資組合，將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有紀律的執行、獲利性成長與長期價值創造。

Thanks for your attention, and we will now turn to questions.

感謝各位的關注，接下來我們將進入問答。

(Operator Instructions) Richard Garchitorena, Barclays.

（接線員指示）Richard Garchitorena，巴克萊。

First, my question on Grasberg. Given the progress that you are seeing with ramp-up on track production from Block 1S expected for mid-2027 and then full run rates by the end of the year, how should we think about the cadence of production for copper and gold in the first half of next year versus second half? Then ow should we think about the mine plan heading into 2028 as you ramp up even further?

首先，我的問題是關於 Grasberg。鑑於你們目前看到的進展、產能爬坡按計畫進行，且預期 Block 1S 的產量將於 2027 年年中達到計畫水準，並在年底達到全面運轉水準，我們應如何看待明年上半年相較於下半年銅與黃金產量的節奏？另外，隨著你們在 2028 年進一步加速爬坡，我們應如何看待礦山計畫？

Thank you, Richard, and we are very pleased with the progress that we are making at Grasberg. The installation of the material handling system upgrades is going well, and we expect that those will be wrapping up towards the end of this year and early next year.

謝謝你，Richard。我們對於在 Grasberg 取得的進展感到非常滿意。物料處理系統升級的安裝進展順利，我們預期將在今年底到明年初完成收尾。

So I think as you look at where we are for 2027, you should see first half starting to ramp up. The second half will likely be higher than the first half, but we expect with the start-up of these panels that are currently down, that will add a lot.

因此，我認為當你看 2027 年的情況時，應會看到上半年開始逐步爬坡。下半年可能會高於上半年；但我們預期隨著目前停下來的這些採掘盤區重新啟動，將帶來很大的增量。

PB1 South is not a huge contributor in 2027, but you will see pretty significant ramp-up throughout the year. But second half will be higher than the first half, and the first quarter will probably be the lowest of the year.

PB1 South 在 2027 年的貢獻不算大，但你會看到全年相當顯著的爬坡。不過下半年會高於上半年，而第一季可能會是全年最低。

Chris LaFemina, Jefferies.

Chris LaFemina，Jefferies。

First, I want to say congratulations on the progress you are making at Grasberg. It has been an impressive recovery there in the last couple of quarters. I wanted to ask about the idle facility costs, the recovery and restoration costs that you book each quarter. I think it is some $240 million-odd in the third quarter, more than $900 million year-to-date.

首先，我想先恭喜你們在 Grasberg 取得的進展。過去幾個季度那裡的復甦表現令人印象深刻。我想請教關於你們每季入帳的閒置設施成本、復原與修復成本。我記得第三季大約是 2.4 億美元左右，年初至今超過 9 億美元。

A question about that, first of all. How much of that relates to costs that are going to go away when Grasberg fully ramps, in other words, costs that you are spending to repair the operation, versus what portion of those costs are actually fixed costs that you will continue to carry going forward? That is my first question, is around the idle cost at Grasberg.

首先就這點提一個問題。其中有多少是 Grasberg 全面爬坡後就會消失的成本——換句話說，是你們為了修復營運而支出的成本——相對地，又有多少其實是你們未來仍將持續承擔的固定成本？這是我的第一個問題，關於 Grasberg 的閒置成本。

Okay. Thanks, Chris. Thanks for your comments. The idle costs are essentially fixed costs. The accounting rules require us to charge costs that are not attributable to production directly to production costs rather than going through cost of sales. But those costs won't go away, but they will be in our unit costs going forward.

好的。謝謝你，Chris。也謝謝你的評論。閒置成本本質上是固定成本。會計準則要求我們將無法直接歸因於產量的成本，計入生產成本，而不是透過銷貨成本列示。但這些成本不會消失，只是未來會反映在我們的單位成本之中。

We expect the fourth quarter, because rates are consistent between third quarter and fourth quarter, we expect the fourth quarter to be similar to the third quarter. But beginning in 2027, we don't expect to have those costs treated separately, and they'll be in our all-in unit costs. But of course, with the rising volumes, we've got a very significant increase in volumes going from 700 million pounds of copper this year to 1.2 billion pounds next year. You'll see very low unit costs continuing at Grasberg. So it's really an accounting classification as opposed to a change in cost.

我們預期第四季，因為第三季與第四季的產出速率一致，第四季應該會與第三季相近。但從 2027 年開始，我們預期不會再把這些成本分開處理，而是會納入我們的全包式單位成本（all-in unit costs）。當然，隨著產量提升，我們的量會大幅增加，從今年 7 億磅銅提升到明年 12 億磅。你會看到 Grasberg 的單位成本仍將維持在很低的水準。所以這主要是會計分類的差異，而不是成本本身的變化。

Got it. Thanks. Just one question on the US operations. You're doing a lot of good work there in terms of getting mining rates up. Obviously, grades there are low, but I've noticed that recovery rates have been trending lower. I'm wondering if that will continue and why that might be happening. Is the nature of the ore changing? Is this something that's temporary? What's going on there?

了解。謝謝。再問一個關於美國營運的問題。你們在提升採礦速率方面做了很多很好的工作。顯然那邊品位偏低，但我注意到回收率一直呈下降趨勢。我想知道這是否會持續，以及為什麼會發生。是礦石性質在改變嗎？這是暫時性的嗎？那邊到底發生了什麼？

Thank you. I'm going to let Cory Stevens cover that one. But you're right, your last comment about nature of the different types of ore, that does affect recovery. But Cory, why don't you give us some color on that?

謝謝。我先請 Cory Stevens 來回答這題。不過你說得沒錯，你最後提到的不同礦石類型的性質，確實會影響回收率。Cory，不如你跟大家補充一些背景說明？

Yeah. Kathleen and team, really, the recovery rates are driven by how the ore body presents itself, and we've really been mining lower volumes in past years. To be honest, we're missing expectations of where we really wanted to be, and there's a bit of catch-up at this point in time as we increase volumes and the ore presents itself to get to the better locations for better grade.

好的。Kathleen 以及團隊，回收率主要取決於礦體呈現的方式，而過去幾年我們的採礦量其實偏低。坦白說，我們沒有達到原本希望達到的水準；而在目前提高產量的同時，也有一部分是在追趕進度，隨著礦體呈現，逐步進入更好的區域以取得更好的品位。

That's where a lot of our focus is really placed on increasing mine performance and really adjusting to employ various technologies as we go forward. We've officially launched our remote operating center here in Phoenix, that really couples a high operating standard with state-of-the-art technology and analytics to be able to deploy and work with the teams at sites to help them be successful as they work through the higher volumes.

因此，我們的重點很大一部分放在提升礦山績效，並在往前推進時調整、導入各種技術。我們已在鳳凰城正式啟用遠端營運中心，結合高標準的營運管理與最先進的技術與分析能力，能與各現場團隊協作，協助他們在更高產量的情況下取得成功。

We're implementing new tooling with higher payload, ultra-class haul trucks, better mine plans and road designs. But really, we see the solution going forward at this point with higher volumes to really set these processing plants up and then coupling that with the new technologies that we're developing on the leach enhancements and the additives on that front.

我們正在導入新工具，包括更高載重的超大型（ultra-class）自卸卡車、更好的礦山計畫與道路設計。但就目前而言，我們認為未來的解方是在更高產量下，讓這些處理廠能夠到位，並結合我們正在開發的浸出強化新技術，以及在添加劑方面的進展。

Do you expect the recovery rates to rise from where they are today? Or should they stabilize where they are?

你們預期回收率會從目前水準回升嗎？還是應該會在目前水準附近穩定？

Yeah. Really, that kind of goes back to this additive development work, which is really giving us a lot of confidence that our Gen 1 additives we've deployed in 2025 and 2026, that's really giving us expected results from our lab protocols, and that gives us confidence that our Gen 2 additives are really going to launch us into this next phase of development that really could change quite everything in terms of how we're going to be leveraging the copper that's in the existing stockpile, but also harness the resource that's in the ground still. So we're really pretty excited about where that's headed.

是的。這其實回到我們在添加劑開發上的工作；這讓我們很有信心。我們在 2025 與 2026 年部署的第一代（Gen 1）添加劑，確實帶來了符合實驗室流程（lab protocols）預期的結果，這也讓我們相信第二代（Gen 2）添加劑將帶領我們進入下一階段的開發，可能會在我們如何利用既有堆存（stockpile）中的銅，以及如何開採仍在地下的資源方面，帶來相當大的改變。所以我們對這個方向非常興奮。

We've got limited demonstrations that are in the portfolio right now that's really going to set the stage for how we really want to leverage that going forward. But we're quite optimistic on how that's going to play out. And yes, there's going to be learnings with those commercial deployments that we have planned in 2027, but the team stands ready to adapt and adjust as we pursue America's Copper Champion.

我們目前在組合中只有少量示範項目，這將為我們未來如何運用奠定基礎。但我們對其發展結果相當樂觀。而且是的，對於我們規劃在 2027 年進行的商業化部署，過程中一定會有學習；但團隊已準備好在推動「America's Copper Champion」的過程中，隨時因應並調整。

Chris, I think you're referring to, Cory was talking about the leach recoveries, but I think you're also referring to the mill recoveries, and those are impacted by the types of ore and what those recoveries are. So those will vary depending on the types of ores that are being milled.

Chris，我想你指的是——Cory 談的是浸出回收率，但我想你也在指磨礦廠（mill）的回收率，而那會受到礦石類型以及相對應回收率的影響。因此，這些數字會隨著被送入磨礦的礦石種類不同而有所變動。

But as Cory was saying, we're really very excited about the opportunities in the US. We're thinking bigger and bolder. These resources are very large. They're low grade, but the more that we can drive productivity and we're leveraging technology, we see that as a major value unlock for us.

但正如 Cory 所說，我們對美國的機會真的非常興奮。我們的思維更大、更大膽。這些資源規模非常大。雖然品位低，但只要我們能提升生產力並善用技術，我們認為這將為我們帶來重大的價值釋放。

The more that we can drive productivity, Cory talked about a different kind of trucks that we're using. We've had great success with those in Peru at Cerro Verde, and those are going to allow us to be more efficient, more productive as we go forward. And so we're really focused on increasing our mining rates in the US, particularly at Morenci, where we pretty much process everything that we mine there.

我們越能推動生產力提升——Cory 提到我們使用不同類型的卡車。我們在秘魯 Cerro Verde 已經用這些卡車取得很大成功，而它們將使我們未來能更有效率、更具生產力。因此，我們非常專注於提升美國的採礦速率，特別是在 Morenci，因為我們幾乎會把那裡開採的所有礦都拿去處理。

The more progress we make on building those mining rates up, the better we're going to be in terms of increasing production in the US, not just from the leach, but also through our mills. So we're very excited about the opportunity to enhance our operating models within our US mines.

我們在提升採礦速率方面進展越多，就越能在美國提高產量，不僅來自浸出，也包括透過我們的磨礦廠。所以我們對於在美國礦山強化營運模式的機會感到非常興奮。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO 資本市場。

Maybe staying on the US side, specifically on the leaching. I think you mentioned that the new additives are performing as expected, but it does seem that leaching ramp-up is a bit slower than previously expected. Can you talk about what is driving that?

也許延續美國這一塊，特別是浸出（leaching）。我想你們提到新的添加劑表現符合預期，但看起來浸出爬坡速度似乎比先前預期慢一些。你們能談談是什麼因素造成的嗎？

As Cory was talking about, the current additive that we're using is showing what we expected in the lab. It's consistent, maybe a bit better than what it was predicted to be in the lab.

如同 Cory 所說，我們目前使用的添加劑在現場呈現的效果與我們在實驗室所預期的一致。表現穩定，甚至可能比實驗室預測的還要好一些。

We have always been, as I mentioned over the last couple of years, we've always been testing multiple additives. So we have not yet tested in the field, this next-generation additive. That has the potential to put us on the path for scale. That, combined with the work that we're doing to increase temperature of our stockpiles, has the potential to really help us with scale.

正如我在過去幾年提到的，我們一直都在測試多種添加劑。因此，我們尚未在現場測試下一代添加劑。它有潛力讓我們走上規模化（scale）的道路。再加上我們正在進行的提高堆存溫度的工作，這些都有潛力在規模化方面對我們帶來很大幫助。

We've got 300 million pounds targeted in 2027 compared to just over 200 million pounds in 2026. But those new additives, which I said are being manufactured now, really show the potential that we were looking for to supercharge these recoveries. So we'll have to wait a little bit longer, but the optimism and excitement around this initiative is building because we have, as we've talked about before, over 40 billion pounds of copper that's already been mined. It's in above-ground stockpiles, and prior technologies didn't allow us to recover copper from it.

我們在2027年的目標是3億英鎊，相較於2026年略高於2億英鎊。但那些我提到目前正在製造的新添加劑，確實展現了我們所期待、用以大幅提升這些回收成效的潛力。因此我們還需要再多等一段時間，但圍繞這項計畫的樂觀情緒與興奮感正在升溫，因為如同我們先前談到的，已經有超過400億磅的銅被開採出來。它以地上堆存的形式存在，而過去的技術無法讓我們從中回收銅。

Now, with the promise of potential next-generation additives, we see a real opportunity to build scale. So to date, we've been using principally operating tactics to get more solution to areas within the stockpile that were dry. But now we're able to enhance that with additives. We've started with the initial additive, but we expect that that'll be replaced with these new additives we've got coming in in 2027.

如今，隨著潛在的下一代添加劑所帶來的承諾，我們看到一個真正擴大規模的機會。截至目前，我們主要是透過營運策略，讓更多溶液滲入堆存中原本乾燥的區域。但現在我們能用添加劑來進一步強化這點。我們已先從初始添加劑開始，但我們預期在2027年會由即將導入的這些新添加劑取代。

This is going to evolve. It'll be a dynamic period for us in 2027. But we really see it having the potential to unlock a lot of copper throughout, not just in North America, but South America. A lot of copper as we go forward.

這將會持續演進。2027年對我們而言將是一段動態的時期。但我們確實認為它有潛力在各地釋放大量銅的價值，不僅在北美，也包括南美。隨著我們往前推進，將有大量銅可被釋放出來。

And again, this is something proprietary to Freeport. Very proud of the teams that we have that have been working on this to unlock this value. It's unlike anything we have in the mining industry because it doesn't require significant new capital. So stay tuned, but we're very, very excited about what lies ahead.

再強調一次，這是Freeport的專有技術。我們為投入其中、致力於釋放這項價值的團隊感到非常自豪。這在礦業中幾乎前所未見，因為它不需要大量新增資本。敬請期待，我們對未來的發展感到非常、非常興奮。

Orest Wowkodaw, Scotiabank.

Orest Wowkodaw，豐業銀行（Scotiabank）。

I'm wondering if you can give us some more color on the increase to the capital expenditure guidance for 2027. It looks like it went up $400 million from the Q2 guidance. Is that just inflation on the existing planned projects? Or have you added projects to the list?

我想請問，能否就2027年資本支出指引上調提供更多細節？看起來相較於第二季的指引增加了4億美元。這只是既有規劃專案的通膨因素嗎？還是你們把新專案加入清單了？

Well, we've added in the category that we call other, sustaining and other. We've added more mining equipment. As I mentioned, the success we've had with the ultra-class haul trucks in Peru at Cerro Verde has been very strong, and so we've added some additional trucks to allow us to continue to increase mining rates to unlock more copper production as we go forward. So that was about half or so of the increase.

我們在所謂「其他」（維持性支出及其他）這個類別中新增了項目。我們增加了更多採礦設備。如我提到的，我們在秘魯Cerro Verde使用超大型（ultra-class）礦用自卸卡車的成果非常顯著，因此我們新增了一些卡車，讓我們能持續提高採礦速率，進一步釋放未來的銅產量。這大約占了增幅的一半左右。

We do have some inflation that's part of it, and we have some additional costs as we complete the project at Atlantic Copper, the CirCular project that we expect to complete during 2027. So those are the key categories.

其中也包含一些通膨因素，另外在我們完成Atlantic Copper的專案——我們預期於2027年完成的CirCular專案——時，也會有一些額外成本。以上是主要的幾個類別。

But as Maree mentioned, we are seeing capital cost inflation. You see it in operating costs, but we also are seeing it in capital costs. The cost of the type of equipment that we purchase has gone up, and it's trended higher than CPI in recent years. So we are continuing to work to control costs, to prioritize what makes sense.

但如Maree所提到的，我們確實看到資本成本通膨。你在營運成本上看得到，但我們在資本成本上也同樣看得到。我們採購的這類設備成本已經上升，且近年來的上升趨勢高於CPI。因此我們會持續努力控管成本，並優先排序哪些投入最合理。

But from a big picture standpoint, this industry, historically in recent years, arguably has been under-invested. As we look forward at making sure that we've got the ability to grow our business in line with where we see demand for copper growing, we've got to be thinking bigger and bolder. That doesn't mean we're not going to control spend. We're going to control spend. It's in our DNA.

但從更宏觀的角度來看，這個產業在近年歷史上可以說是投資不足。展望未來，為了確保我們有能力讓業務成長，並與我們所看到的銅需求成長趨勢一致，我們必須以更大的格局、更大膽的方式思考。這不代表我們不會控管支出。我們會控管支出。這是我們的DNA。

But bigger and bolder in terms of how can we get more out of our existing assets. Incremental capital spend can make us more efficient, more productive, help us address the labor challenges that we have. So we're thinking differently about the future than maybe we have in the past in terms of making sure that all these operations are producing at their max rates to be able to meet the requirements of the future.

但所謂更大的格局、更大膽，是指我們如何從既有資產中取得更多產出。增量資本支出可以讓我們更有效率、更具生產力，也能協助我們因應所面臨的勞動力挑戰。因此，為了確保所有營運都能以最大產能運作、以滿足未來需求，我們對未來的思考方式可能與過去不同。

As we've been saying, what we see in front of us is very significant growth and demand, and we've got to be prepared to step up to that demand and do it in a profitable and economic way. But that's part of what you're seeing, Orest.

正如我們一直在說的，我們眼前所見的是非常顯著的成長與需求，我們必須準備好挺身而出以滿足這些需求，並以具獲利性且符合經濟效益的方式來做到。但這也是你所看到的一部分，Orest。

Appreciate the color. Is it fair to sort of read into this that that approach likely continues into '28 in terms of more of an elevated spend?

感謝補充說明。我們是否可以合理地解讀為，這種做法在2028年可能也會延續，也就是支出水準可能仍偏高？

Well, as we see the markets today, we see a need, a signal, to produce more. So we're going to be looking within our portfolio of what is the cheapest way, the most economic and productive way, to build new capacity and get more out of what we already have, the resources that we already have. So if we can add incremental capital and get benefits and quick payouts, those are things that we're going to be inclined to do. Now, we've got also the major project, and our Board will be considering the investment in Bagdad. We're very enthusiastic about moving forward with that project.

嗯，以我們目前看到的市場狀況來看，我們看到需要、也看到訊號，顯示應該生產更多。因此我們會在投資組合內評估：以最低成本、最具經濟性且最具生產力的方式來擴建新產能，並從我們既有的資產與資源中取得更多產出。如果我們能投入增量資本並獲得效益且快速回收，這些就是我們傾向去做的事情。此外，我們也有重大專案，我們的董事會將會審議對Bagdad的投資。我們非常期待推進該專案。

As we look at this, it all fits into our balance of investing in our business, growing our copper production to match what we see is strong demand going forward. The absence of supply growth across the industry, the absence of real significant supply growth. What we're doing is trying to figure out on a brownfield basis, how can we get more to be able to meet these demands? We'll monitor it, we'll monitor market conditions as well.

從整體來看，這一切都符合我們在投資業務與擴大銅產量之間的平衡，以對應我們所看到的未來強勁需求。整個產業供給成長的缺乏，缺乏真正顯著的供給成長。我們正在做的是：在棕地（brownfield）基礎上思考，如何取得更多產出以滿足這些需求？我們也會持續監測，並同時監測市場狀況。

At Freeport, we've had a long history of adjusting to market conditions. If we need to conserve capital, we can. As we see it right now, these are going to be very strong economic capital decisions that we're making that help us set us up for the future growth that we're pursuing.

在Freeport，我們長期以來都有因應市場狀況調整的歷史。如果需要保留資本、節省資本，我們做得到。以目前我們的判斷，這些將是非常具經濟效益的資本決策，能協助我們為所追求的未來成長做好布局。

Lawson Winder, BofA Securities.

Lawson Winder，美國銀行證券（BofA Securities）。

Congratulations on the nice quarter. If I could, I would like to ask about Bagdad and the investment decision that is expected in Q4 2026. I think this is a really exciting moment for Freeport USA.

恭喜本季表現不錯。如果可以的話，我想詢問Bagdad以及預計在2026年第四季做出的投資決策。我認為這對Freeport美國業務而言是非常令人振奮的時刻。

When thinking about the capital expenditure that you have now put out, the $4.5 billion, you have had now another quarter to refine the engineering work. Do you see any potential change in that $4.5 billion estimate?

在思考你們目前公布的資本支出，也就是45億美元時，你們又多了一個季度來精進工程設計工作。你們是否看到這個45億美元估算有任何可能的變動？

And then could you just walk us through timelines? Are there any permits outstanding that still need to be concluded, post an FID decision later this quarter? Then when would be a reasonable time for us to assume commissioning would start for this asset and then ultimately run rate capacity?

另外能否請你們帶我們走一下時程？在本季稍晚做出最終投資決策（FID）之後，是否仍有任何尚未完成、需要結案的許可？那麼我們合理可以假設這項資產何時開始試車投產（commissioning），以及最終達到穩態產能（run-rate capacity）？

Thanks. In terms of permits, we have what we need to go forward with this expansion. We have been working on it for some time. We have been spending money to ready the operation for this investment. We have been advancing work on our tailings down there that we would have needed to do anyway down the road, but to be ready for new production. We have converted the haulage fleet there to fully autonomous, to prepare for the ability to scale.

謝謝。就許可而言，我們已具備推進這項擴建所需的條件。我們已經為此投入一段時間的工作。我們也一直在投入資金，使該營運據點為這項投資做好準備。我們已在當地推進尾礦相關工作，這些工作本來在未來某個時間點也必須進行，但現在是為了迎接新增產量而提前準備。我們已將當地的運輸車隊轉為全自動化，以為擴大規模的能力做好準備。

One of the things that has been a factor for us in thinking about growing in the US has been the tight labor market, particularly for the types of skills that we need. So we have been leaning on technology to help us scale. And at Bagdad, that was the first mine we selected to deploy the autonomous trucks. So as we move forward with an expansion, that will allow us to scale and continue to add autonomous trucks to scale that without needing as many people as we would have otherwise needed.

我們在思考於美國擴張成長時，其中一個影響因素是勞動市場緊俏，特別是我們所需要的那類技能人才。因此，我們一直倚重科技來協助我們擴大規模。而在 Bagdad，那是我們選定部署自動駕駛卡車的第一座礦場。因此，隨著我們推進擴建，這將使我們能夠擴大規模，並持續增加自動駕駛卡車來擴張產能，而不需要像原本那樣需要那麼多人力。

In terms of your question on the capital cost, our estimate now on a go-forward basis is still at that $4.5 billion level. We have done a lot of work on it this year. We have been working with our contractors. We have been working to make it as efficient as possible. It is a competitive market in Arizona with all of the, not just copper projects, but all the other activity really is driving demand for skills in Arizona in the semiconductor sector with all the build going on in electricity build-out and data centers. It is a very active time in Arizona.

就您關於資本成本的問題而言，我們目前對未來推進的估算仍維持在 45 億美元的水準。我們今年在這方面做了大量工作。我們一直與承包商合作。我們也一直努力讓它盡可能有效率。亞利桑那州的市場競爭激烈，不僅是銅專案，還有其他各種活動，尤其是半導體產業在亞利桑那州的建設，加上電力擴建與資料中心的興建，確實推升了對技能人力的需求。亞利桑那州目前非常活躍。

So we have been planning this, working to de-risk the capital as much as possible, working on a model that would allow us to prefab certain of the materials so we do not have to do everything or limit what is done on site. So we have been doing a lot of things to try to de-risk the capital, but it is an environment where, as we mentioned, escalation, labor costs, the cost of steel, other things, tariffs, other things that are affecting costs, energy markets have a degree of an impact. So all those things are things that we are taking into account.

因此我們一直在規劃此案，並盡可能降低資本風險；同時也在建立一個模式，使我們能夠將部分材料預製化（prefab），以便不必所有工作都在現場完成，或至少把現場作業量降到最低。所以我們做了很多事情來降低資本風險，但如同我們提到的，這個環境下，成本上升（escalation）、勞動成本、鋼材成本、以及其他因素、關稅等影響成本的因素，能源市場也在一定程度上造成影響。因此，這些都是我們正在納入考量的事項。

We do not know what the future inflation will be, but in current dollars, we are drawing a circle around $4.5 billion, and we are going to work very hard to manage both the capital spend and the time schedule. We expect the project would, from the final decision, come in around 3.5 years.

我們不知道未來通膨會如何，但以目前美元計價，我們把範圍圈定在 45 億美元左右，並將非常努力地同時管理資本支出與工期進度。我們預期該專案自最終決策起算，約在 3.5 年左右完成。

And our team is well organized. One of the things about Freeport is we have a project development execution team that is best-in-class. The project controls are excellent. Our work with contractors is very strong. We have an approach where we do not just turn over a project to a contractor to execute. We are right in there executing. All the costs and everything are on our system so that we can manage and control those.

而且我們的團隊組織完善。Freeport 的一個特點是，我們擁有同級最佳的專案開發與執行團隊。專案控管非常出色。我們與承包商的合作也非常強。我們的做法不是把專案交給承包商就讓他們去執行。我們會深入其中共同執行。所有成本與各項資訊都在我們的系統上，讓我們能夠加以管理與控制。

Having said that, it is a challenging environment. If any team was ready, this team is ready. A lot of the people on this team that we are forming were integral in getting that smelter done in Indonesia during a very challenging time during the pandemic, and really worked hard to bring that project in. So we have got resource capacity within the company that will be dedicated to this. We have got contractors that we have been working with for some time, both on the EPC side and on our labor side. We feel we are ready. We are going to talk with the Board about it.

話雖如此，這仍是個具挑戰性的環境。如果有任何團隊已經準備好，那就是這個團隊。我們正在組建的這個團隊中，有許多人在疫情期間那段非常艱難的時期，曾是印尼冶煉廠完工的關鍵成員，並且確實非常努力把那個專案完成。因此，公司內部有足夠的資源能力會專注投入此案。我們也有長期合作的承包商，無論在 EPC 端或勞務端皆是如此。我們覺得我們已經準備好了。我們將與董事會討論此事。

This is a real opportunity for us as America’s Copper Champion to leverage what we have there. The facilities are currently undersized for the size of the resource. We are really looking at this for the long term, and to set this operation up to be more efficient, more modernized. This was done in the 1940s. More modernized, and this will be a mine of the future and one that we are very excited about moving forward. We will make a decision with our Board here soon and hopefully be on our way.

對我們而言，作為「美國的銅業冠軍」，這是一個真正的機會，能夠善用我們在那裡既有的優勢。現有設施相對於資源規模而言，目前偏小。我們確實以長期角度來看待此案，並希望把這個營運打造得更有效率、更現代化。這些設施最早是在 1940 年代建成的。更現代化之後，這將成為未來型礦山，我們也非常期待推進。我們很快會與董事會做出決策，希望能盡快啟程。

In terms of the incremental production, the Bagdad, we are looking at a doubling. It would be something on the order of 200 million to 250 million pounds a year. The concentrator size will be more than doubled. We benefit at Bagdad from a large amount of molybdenum production, so we will be adding 10 million to 12 million pounds a year of molybdenum. So a big feature of the project is using economies of scale to bring down our costs, and that is what we are focused on across the US, is finding ways to reduce our costs as we go forward.

就增量產量而言，Bagdad 我們看的是倍增。大約會是每年 2 億到 2.5 億磅的量級。選礦廠（concentrator）規模將超過倍增。Bagdad 的優勢之一是鉬（molybdenum）產量很大，因此我們將新增每年 1,000 萬到 1,200 萬磅的鉬。因此，該專案的一大特色是運用規模經濟來降低成本；而我們在美國各地所專注的，就是在往前推進時找出降低成本的方法。

Timna Tanners, Wells Fargo.

Timna Tanners，富國銀行（Wells Fargo）。

I wanted to ask, if I could, two quick follow-ups. One is regarding the leaching discussion. Really helpful detail on the potential benefits from the new additives, but I wanted to just clarify, is it possible that this additive is not in your numbers right now and could result in upside to your numbers? Or do you think that the success of the additive would be beyond 2027? Just a little more color on that.

我想請教，如果可以的話，兩個很快的追問。第一個是關於浸出（leaching）的討論。您對新添加劑潛在效益的細節非常有幫助，但我想再釐清一下：是否有可能這個添加劑目前尚未納入你們的數字，因此可能帶來你們數字的上行空間？或者你們認為添加劑的成功會是在 2027 年之後才會顯現？想請您再多補充一些背景。

Okay.

好的。

Yeah, I'll ask the other one next. Yeah, sure.

對，我下一個再問另一個。好，當然。

We have 300 million pounds in our numbers for 2027 and 2028. That is lower than potentially could be expected if the additive is as successful in the field as it is in the lab. Then with that data, that would give us the plan to decide where to go. This is a test. It's a commercial test. We've got enough quantities that we've got manufactured to be able to fully test it.

我們在 2027 與 2028 年的數字中，採用的是 3 億磅。如果該添加劑在現場的成功程度能像在實驗室一樣，那這個數字可能會低於原本可預期的水準。接著有了那些數據，就能讓我們制定計畫並決定下一步要往哪裡走。這是一項測試。這是商業化測試。我們已經製造了足夠的數量，能夠進行完整測試。

But if it's successful, this could be really what we've been looking for. You could have a situation where leach recoveries start to compete with a mill recovery, and that could have implications to how we think about the future. The Safford opportunity we're pursuing, we're pursuing a mill, but that could change the flow sheet some as well.

但如果成功，這可能真的是我們一直在尋找的答案。你可能會看到浸出回收率開始能與磨礦選礦（mill）的回收率競爭，而這可能會影響我們對未來的思考方式。我們正在推進的 Safford 機會，目前是以建置磨礦選礦廠為方向，但這也可能會在某種程度上改變流程設計（flow sheet）。

Remember, our target or our potential, our aspiration is to scale the leach opportunity from just over 200 million pound this year to 300 million pound next year, and then ultimately, by 2030 to get to this 800 million-pound level. That would be done with a combination of a successful leach additive and the increased temperatures that we're currently testing now.

請記得，我們的目標或潛力、我們的願景，是把浸出機會從今年略高於 2 億磅，擴大到明年 3 億磅，並在 2030 年最終達到 8 億磅的水準。這將透過成功的浸出添加劑，以及我們目前正在測試的提高溫度兩者結合來達成。

We're just starting a project at El Abra now to heat the solution that's going into the stockpiles there. We're doing some at Cerro Verde, where we have smaller leaching operations, and we have plans to do it in Morenci as well. But we'll have to see.

我們現在剛在 El Abra 啟動一個專案，將進入那裡堆浸礦堆（stockpiles）的溶液加熱。我們也在 Cerro Verde 做一些，那裡有較小規模的浸出作業；同時我們也計畫在 Morenci 進行。但我們還得再觀察。

The testing work that we're doing is showing really strong recoveries, and it's a possibility that we may not even need heat in the US if the recoveries are as good as what the lab is showing. It's dynamic, and we'll have a lot more information as we go through 2027.

我們正在進行的測試顯示回收率非常強勁；如果回收率如同實驗室所顯示的那麼好，那在美國我們甚至可能不需要加熱。這是動態變化的，我們在 2027 年的推進過程中會取得更多資訊。

But it's not in our forecast. We feel confident we can get to 300 million pound, but the 800 million pound is going to depend on the results in the field, and so we're not at a point where we can give guidance. We see it as a potential value driver that we're pursuing aggressively, but we're not at a point to put it into our forecast.

但這尚未納入我們的預測。我們有信心可以達到 3 億磅，但 8 億磅將取決於現場結果，因此我們目前還不到能提供指引（guidance）的階段。我們把它視為一個潛在的價值驅動因素，並正積極推進，但目前還不到把它納入我們預測的時點。

Okay, appreciate that. If I could, I know you've been talking, of course, about organic growth opportunities, but to the extent that this high copper price yields a pretty attractive free cash flow going forward, do you consider M&A? Do you consider other ways to grow outside of your organic opportunities?

好的，感謝。如果可以的話，我知道你們當然一直在談有機成長的機會，但在高銅價使未來自由現金流相當可觀的情況下，你們會考慮併購（M&A）嗎？你們會考慮除了有機機會之外的其他成長方式嗎？

Always. We have our base case plan of organic growth, and at Freeport, we're advantaged in that we do have a significant organic growth pipeline, but we're always monitoring market opportunities.

一直都會。我們有以有機成長為主的基本情境計畫，而在 Freeport，我們的優勢在於確實擁有相當可觀的有機成長專案管線，但我們也一直在關注市場上的機會。

Richard just did a podcast, for those of you who haven't seen it yet. He did a podcast with Andrea Hotter about the Phelps Dodge deal. For those of you who haven't seen it, you should see it because it's a good example. We're going on our 20-year anniversary there, and at the time, we didn't expect that opportunity to become available, but we were prepared and were ready to move on it, and it ended up being, I believe, one of the best M&A transactions in our sector, going back to looking at where we were and where Freeport is today.

Richard 剛做了一集 Podcast，還沒看過的人可以去看。他和 Andrea Hotter 談了 Phelps Dodge 這筆交易。如果你們還沒看過，建議去看，因為那是一個很好的例子。那筆交易快要滿 20 週年了，當時我們並不預期那個機會會出現，但我們有準備、也準備好採取行動；結果我認為那是我們產業中最好的併購交易之一，回頭看當時的我們以及今天的 Freeport 所處的位置就知道。

So we'll continue to monitor the landscape, look for opportunities that could add value to the company. But we're on a path with our base case of creating value through our organic plan. So I would not rule out M&A, but our base case is our organic growth opportunities, which we can create a lot of value from.

所以我們會持續觀察整體環境，尋找能為公司增值的機會。但我們目前的路徑，是透過有機計畫這個基本情境來創造價值。因此我不會排除併購，但我們的基本情境仍是有機成長機會，而我們可以從中創造很大的價值。

Bill Peterson, JPMorgan.

JPMorgan 的 Bill Peterson。

Nice job on the quarter. I guess on the impact of cost, $500 million higher in '26 relative to '25. I might have missed it, but can you provide a further breakdown between diesel and electricity as well as call-outs per region, US, Indonesia, and South America?

本季表現很好。我想問成本的影響，2026 年相較 2025 年高出 5 億美元。我可能漏聽了，你們能否進一步拆分柴油與電力的影響，並按地區（美國、印尼、南美）說明重點？

Yeah. I think Maree covered some of that in her comments. But for '26 compared to '25, it's on the order of $500 million in increased energy, which includes electricity and diesel. Diesel was the biggest factor, but we are seeing increased electricity rates. We saw that quarter to quarter in the US between second quarter and third quarter, a significant increase in electricity rates.

可以。我想 Maree 在她的評論中已涵蓋了一部分。但就 2026 年相較 2025 年而言，能源成本增加約 5 億美元，包含電力與柴油。柴油是最大的因素，但我們也看到電價上升。我們在美國第二季到第三季之間就看到電價顯著上升。

But the biggest part of that was diesel, and you've seen more than doubling of diesel costs for the year. But we consume about 275 million gallons of diesel a year, and 100 million gallons of that is in the US, and then we've got 80 million gallons in Peru and the balance in Indonesia.

但其中最大的一塊是柴油，你也看到今年柴油成本已經不只翻倍。我們一年大約消耗 2.75 億加侖柴油，其中 1 億加侖在美國，接著秘魯約 8,000 萬加侖，其餘在印尼。

I guess for the next year, the PFS for Safford/Lone Star, is there any more granularity you can provide on that timing? I guess conceptually, when we think about the capital intensity of dollars per ton, when we think about Bagdad, I'm not sure, a lot of that may be US related to labor and other costs, but I guess that's over $40,000 per ton. Is that the right kind of ballpark? What would bring that in lower? What could bring that in, I guess, higher as we think about capital intensity?

我想問明年 Safford/Lone Star 的 PFS（初步可行性研究），在時程上你們能提供更細的資訊嗎？另外概念上，談到資本強度（每噸美元）時，以 Bagdad 來看，我不確定其中有多少是美國的勞工與其他成本因素，但我想大概是每噸超過 4 萬美元。這樣的區間合理嗎？什麼因素會讓它更低？又有哪些因素可能讓資本強度更高？

With the Bagdad one, when you consider the molybdenum credits, on a copper equivalent basis, it's around $35,000 a ton.

以 Bagdad 來說，若把鉬的副產品抵減（molybdenum credits）納入，以銅當量計算大約是每噸 3.5 萬美元。

Yeah.

是。

The Safford/Lone Star, we're looking at potentially a mill on the same size as at Bagdad. We do have some gold at one of the deposits at Safford, so that's helpful. As I said, one of the things that we are wanting to get more information on as we go into 2027, to form our final views on the ultimate development of Lone Star and Safford, is the success of the leaching initiative. So that will play into ultimately what the flow sheet looks like. So we're feeding in data to those studies as we get it to do the trade-off work.

至於 Safford/Lone Star，我們在評估可能建一座與 Bagdad 規模相近的選礦廠。Safford 的其中一個礦床有一些黃金，這會有幫助。如我所說，我們在邁向 2027 年、形成對 Lone Star 與 Safford 最終開發方案的定案觀點時，想要取得更多資訊的一個重點，是浸出（leaching）計畫的成效。因此這會影響最終的流程設計（flow sheet）會長什麼樣子。我們會隨著取得資料就把它納入研究，進行取捨分析。

But one thing, Bill, that I know you know this, but one thing to point out when you're comparing capital cost intensity across different operations, one of the things that needs to be taken into account in overall economics is the US fiscal situation, where while you might have a higher capital intensity because of the lower grades, it offsets itself because you don't have royalties. Our tax rate is very low in the US, and so there's some offsetting factors that make the economics attractive. So all those things need to come into play. You can't just compare capital intensity and say one project is better than the other.

不過 Bill，有一點你應該也知道，但在比較不同營運據點的資本成本強度時，需要把整體經濟性中的一個因素納入考量：美國的財稅環境。即使因品位較低而使資本強度較高，但因為沒有權利金（royalties），會形成抵銷。我們在美國的稅率非常低，因此有一些抵銷因素使得經濟性仍具吸引力。所以這些都必須一併納入。你不能只比較資本強度就說某個專案一定比另一個好。

Yeah. No, totally makes sense.

是的，完全合理。

Cory, do you want to add anything about Lone Star or Safford that I didn't mention?

Cory，你要不要補充我剛才沒提到的 Lone Star 或 Safford 的部分？

No. Yeah. I think all those trade-offs really are going to converge to give us the right solution. But we're trying to balance capital intensity versus the value proposition and how do we best harness the resource between leaching and milling. It's not really one solution or the other, but it's going to be a combination of both that's really unlocking the true value.

不用。是的，我想所有這些取捨最終都會收斂，讓我們得到正確的方案。但我們正在平衡資本強度與價值主張，並思考如何在浸出與磨礦選礦（milling）之間，最有效地運用這項資源。這不會是非此即彼的單一解法，而是兩者的組合，才能真正釋放其真實價值。

Daniel Major, UBS.

UBS 的 Daniel Major。

Maybe a couple just focusing back on Grasberg. The longer dated production guidance given in the mine plan has come down a little bit over the last couple of updates.

我想問兩個問題，聚焦回到 Grasberg。礦山計畫中較長期的產量指引，在最近幾次更新中略有下修。

Can you just walk us through the drivers there? I think you previously said it's not associated with normalizing after the mud-rush. And associated with that, has anything changed with respect to bringing back PB1C and PB1N, and are they needed to achieve sustainable production in line with the guidance you've given over the medium-term?

你們能否帶我們了解背後的驅動因素？我記得你們之前說這與泥湧（mud-rush）事件後的正常化無關。另外，關於 PB1C 與 PB1N 的復產，有沒有任何變化？以及它們是否是達成你們中期指引所述可持續產量所必需的？

Thank you. In terms of the overall five years at Grasberg, it's very similar to the prior guidance. I think there was a small change in 2030 from what we had previously, but in general, the plan that we laid out in the last quarter is consistent.

謝謝。就 Grasberg 整體未來五年的情況而言，與先前的指引非常接近。我想相較我們之前的說法，2030 年有一點小幅變動，但整體而言，我們上季提出的計畫是一致的。

Each quarter, we update our plans. We go through updates to the expected mine sequence, what makes sense in terms of the production rates. Right now, with this El Niño situation and limits on the mill on water availability, what we end up doing is reducing some production that's very low grade.

我們每一季都會更新計畫。我們會更新預期的採礦順序，以及在產量速率上什麼是合理的。目前在這個聖嬰（El Niño）情況下，因為磨礦廠用水供應受限，我們最後會做的是減少一些品位非常低的產量。

Ultimately, we maximize as much as possible the metal production and adjust the mill rates to do that, to maximize it. But the long-term plans include a restart of PB1 South, as we said, by mid-year.

最終我們會盡可能最大化金屬產量，並調整磨礦處理量（mill rates）來達成、把它最大化。但長期計畫仍包含如我們所說在年中前重啟 PB1 South。

We also are continuing to evaluate the restart of PB1C, which is where the incident occurred. PB1C is a very small piece of our, you look at 2028, it's very inconsequential. As you go out, it's a little bit more.

我們也持續評估重啟 PB1C，也就是發生事故的區域。PB1C 在我們的產量中占比很小；你看 2028 年，它的影響非常不顯著。但往更遠期看，占比會稍微增加一些。

By 2030, it's probably 3%-6%, 3% for copper, 6% for gold in the 2030 timeframe. But we're constantly looking at what's the right way from a safety standpoint, a productivity standpoint to mine PB1C, and that'll continue to evolve as we go forward. We also are reviewing the schedule for Kucing Liar.

到 2030 年左右，它大概占 3%–6%，以 2030 年的時間框架來看，銅約 3%，黃金約 6%。但我們一直在從安全與生產力的角度，評估採掘 PB1C 的最佳方式，並且會隨著時間持續演進。我們也在檢視 Kucing Liar 的時程安排。

That is expected to start ramping up in the 2029, 2030 timeframe. With the focus that we've had on the GBC, we are somewhat behind on development rates in KL, so we're working on looking at our plans there to figure out what we can make up between now and then.

預期將在 2029、2030 年這個時間範圍開始加速提升。由於我們一直把重點放在 GBC，我們在 KL 的開發進度率方面有些落後，因此我們正在檢視那邊的計畫，看看在現在到那時之間能補回多少。

Our focus has been on a safe and sustainable ramp-up of Grasberg, and we feel, big picture, that's well in hand. Mark, I don't know if you want to add anything to any of those comments.

我們的重點一直放在 Grasberg 安全且可持續的增產爬坡，我們認為從大方向來看，這方面已經掌握得很好。Mark，我不知道你是否想對上述任何評論補充一下。

No, you said it well. We really haven't changed anything with the PB1 North and PB1C. We continue to look at options that'll potentially make it more robust.

沒有，你講得很好。我們在 PB1 North 和 PB1C 方面其實沒有改變任何事情。我們持續評估一些選項，可能讓它更具韌性。

We're also working on, as we look at the five years, PB3, PB4 all play a big role. We've been doing some rehab in PB3, but we're beginning the undercutting in PB4 as well. Along with the major production that's coming out of PB2 right now.

另外，當我們看未來五年時，PB3、PB4 都扮演很重要的角色。我們在 PB3 做了一些復修，但我們也開始在 PB4 進行下切（undercutting）。再加上目前 PB2 正在貢獻的主要產量。

I think Kathleen mentioned the construction of the conveyor or the chute galleries is going well, both in the PB2 area and for the restart of PB1 South.

我想 Kathleen 提到輸送帶或溜井巷道（chute galleries）的施工進展良好，無論是在 PB2 區域，或是為了 PB1 South 的重啟。

Bob Brackett, Bernstein Research.

Bernstein Research 的 Bob Brackett。

Good morning. Coming back to the Gen 2 additives, you mentioned you'll have sufficient quantities to start a trial in 2027. Should we think about a six- to 12-month trial so that perhaps this time next year we'll know whether it's go or no-go, or could it be a bit faster than that?

早安。回到第二代（Gen 2）添加劑，你提到你們將有足夠的數量在 2027 年開始試驗。我們是否應該把它想成一個 6 到 12 個月的試驗，讓我們可能在明年這個時候就能知道是要做或不做（go or no-go），還是可能會更快一些？

No, I think that is a good benchmark to use. Interestingly, in the testing we've done, the longer it stays under leach, the better recovery. So the tail continues to increase as it goes. So we'll be getting information continually, but I think we'll have some information this time next year.

不，我認為那是一個很好的基準。有趣的是，在我們做過的測試中，浸出（leach）時間越長，回收率越好。因此尾端（tail）會隨著時間推進而持續上升。所以我們會持續獲得資訊，但我認為到明年這個時候我們會有一些資訊。

We'll update you quarterly, of course. This is something we're very excited about. Can't wait to get it in. So we'll keep you updated as we have additional insights.

當然我們會按季向各位更新。這是我們非常興奮的一件事。迫不及待想把它導入。所以一旦有更多洞見，我們會持續更新。

Yeah. The fact that you mentioned that it could compete with mill recoveries is quite a tease. My follow-up would be talking about Grasberg risk management.

是的。你提到它可能與磨礦廠回收率競爭，確實很吊人胃口。我接下來想談的是 Grasberg 的風險管理。

You have four initiatives around mud removal, two of them underway, and it feels like the slower of the two initiatives you've slipped a little. Should we interpret that as a good thing, that the early initiatives are doing their job, or how should we think about that delay from 2027 to 2028?

你們有四項與泥漿清除相關的措施，其中兩項正在進行中，而感覺兩項之中較慢的那一項進度稍微落後了一點。我們應該把這解讀為好事嗎，也就是早期的措施正在發揮作用？或者我們該如何看待從 2027 延後到 2028 的這個延遲？

I'm going to give that to Mark to comment on. Mark Johnson.

我把這題交給 Mark 來評論。Mark Johnson。

Yeah. Just as we got into the two projects that you mentioned, the in-pit pumping and the drift that we're developing, those are both going well. We're still learning a bit more about.

好的。就你提到的兩個專案而言，也就是坑內抽排（in-pit pumping）以及我們正在開發的平巷（drift），兩者進展都很順利。我們仍在進一步了解一些情況。

As we got into the drift development, there was a little bit of poor ground. We've gotten through that. That's going well now. A lot of them were just a little bit of an adjustment. It's nothing major. We believe all of these initiatives that are going on in parallel are going to be tools that we have available to us, and we just want to have all the options possible as we get into the PB1 restart.

在進行平巷開發時，遇到了一小段較差的地質條件。我們已經通過那段了。現在進展良好。很多只是做了一點調整。沒有什麼重大問題。我們相信這些並行推進的措施都會成為我們可用的工具，而我們希望在進入 PB1 重啟時，擁有所有可能的選項。

Obviously, El Niño has helped us out a great deal. We're getting very little water in some of the dewatering drilling that we put into the pit bottom, and that's simply because it's dried up. The drier weather, although it's had some challenges, as Kathleen mentioned on our mill rate, it's really helped us in a lot of areas, particularly in GBC on these initiatives.

顯然，聖嬰現象（El Niño）對我們幫助很大。我們在坑底布設的一些排水鑽孔中幾乎沒有進水，這純粹是因為已經乾了。較乾燥的天氣雖然帶來一些挑戰——如 Kathleen 提到對我們磨礦處理量（mill rate）的影響——但它確實在很多方面幫了我們，特別是在 GBC 這些措施上。

Nick Cash, Goldman Sachs.

Goldman Sachs 的 Nick Cash。

Just wanted to jump back to the US for a second and your comments of $500 million of higher energy costs versus 2025. With US site production, delivery costs, et cetera, now at around $3.80 per pound versus $3.65 last quarter for the full-year, just thinking as we bridge into 2027, how much of the cost increase should reverse with, I guess, normalized US weather or operating rates versus remain embedded from some of the structurally higher cost inputs that you mentioned before in terms of labor or other input cost inflation?

我想先回到美國業務一下，關於你提到相較 2025 年能源成本增加 5 億美元。目前美國礦區的生產、運送成本等，全年水準約為每磅 3.80 美元，而上一季是 3.65 美元；在我們銜接到 2027 年時，想請問成本上升中有多少會因為美國天候或營運率回歸正常而回落，又有多少會因你先前提到的結構性較高成本投入（例如勞動力或其他投入成本通膨）而持續存在？

Yeah. In all of our numbers that Maree was talking about in terms of EBITDA, et cetera, we have baked into our numbers kind of the current energy market environment. Those are baked in.

是的。在 Maree 談到 EBITDA 等所有數字時，我們已把目前能源市場環境納入假設。這些都已經反映在數字裡了。

The thing that we can bring down the unit cost for in the US, the thing that has the biggest potential is getting copper volumes up. We are working to do that with increasing the mining rates. Next year, we are expecting an increase from this year.

在美國，我們能降低單位成本、且潛力最大的方式，是把銅產量拉高。我們正透過提高採礦速率來做到這點。明年我們預期會比今年增加。

Of course, we have got the increase in leach, but we have also got some other small increases. That really is what our goal is to build productivity, increase the production in the US to reduce the overall cost. We have got high energy costs right now.

當然，我們的浸出量會增加，同時也會有其他一些小幅增加。我們的目標就是提升生產力、提高美國的產量，以降低整體成本。目前能源成本確實很高。

Acid costs, while we're insulated globally, we are affected. When you look at the US, we're a net buyer of acid. That's offset in our revenues elsewhere, as Maree was talking about, but it does show up in the acid prices do show up in the unit cost.

酸的成本方面，雖然我們在全球層面有一定程度的避險/隔離效果，但仍會受到影響。就美國而言，我們是酸的淨買方。如 Maree 所說，這在我們其他地區的收入中有所抵銷，但酸價仍會反映在單位成本上。

Materials and supplies, it had moderated a lot, but now with the inflationary environment, we're starting to see increases again. The thing that we can do the best is to improve our productivity, and Cory was touching on some of the things we're doing to do that around technology, and that's going to be the biggest driver for us to control the unit cost, is getting more productivity.

材料與耗材方面，之前已經緩和很多，但在通膨環境下，我們又開始看到上升。我們最能做好的事情是提升生產力，而 Cory 也提到我們正在透過技術等方式來做到這點；對我們而言，控制單位成本最大的驅動因素，就是提高生產力。

Brian MacArthur, Raymond James.

Raymond James 的 Brian MacArthur。

Good morning, and thank you for taking my question. Can I go back to the comment that was made, the teaser, as Bob called it, for recoveries from the leaching that you might get up to mill-like levels. If I looked at getting from 300 million to 800 million pounds, how much of that is recovery improvement versus just more volume over time?

早安，謝謝讓我提問。我想回到剛才那個評論——Bob 所說的那個「吊胃口」——關於浸出回收率可能提升到接近磨礦廠的水準。如果我看從 3 億磅到 8 億磅的提升，其中有多少是回收率改善帶來的，多少只是隨時間推進的量增加？

I guess maybe the way to ask it is, if none of this other stuff works, can you go above 300 million pounds? Or conversely, if you do get the mill-like recoveries, can you get above 800 million pounds out in 2030?

換個方式問，如果其他那些措施都沒有奏效，你們能否超過 3 億磅？反過來說，如果你們真的達到類似磨礦廠的回收率，到了 2030 年能否超過 8 億磅？

Ultimately, it's about recoveries. When you look at the residual copper that's in our stockpiles, it depends on the ore types. At Morenci, for instance, the recovery is very low. If you have an uplift of 40% or more, that's not going to be a mill recovery. But in places like Chino, where the leach recovery is higher to start with, you add 40% or more and you get closer to 80% or 85%. It depends on the ore types that are involved.

最終關鍵在於回收率。當你看我們堆存礦（stockpiles）中的殘餘銅時，會取決於礦石類型。以 Morenci 為例，回收率非常低。如果你提升 40% 或更多，那也不會是磨礦廠的回收率。但在像 Chino 這樣一開始浸出回收率較高的地方，你再增加 40% 或更多，就會更接近 80% 或 85%。這取決於所涉及的礦石類型。

The thing that could help us in addition to the residual copper is these additives are going to be helping us also with new placements. We're just going to have to wait, Brian. I don't want to speculate on whether we could be over or under 800 million pounds. We've been through the model several times, and we feel that 800 million pounds, it's aspirational, but you can model it based on what we know. Give us a few more quarters to give you more feedback specifically on what that could look like. The 200 million pounds was really tactical things. Those are things like having sensors everywhere that tell you where you need to put more solution. We've been doing that.

除了殘餘銅之外，還能幫助我們的是，這些添加劑也將協助我們進行新的佈置。布萊恩，我們只能再等等。我不想臆測我們是否會高於或低於8億磅。我們已經把模型跑了好幾次，我們認為8億磅是有企圖心的目標，但你可以根據我們已知的情況把它建模出來。再給我們幾個季度，我們就能就那可能會是什麼樣子，提供更具體的回饋。那2億磅主要是一些戰術性的作法。例如到處布建感測器，告訴你哪裡需要投加更多溶液。我們一直在做這些。

We've been injecting solution to targeted levels, using advanced drilling and targeted drilling. We've been using helicopters to drop drip lines where they couldn't be accessed in the past. We've been doing a lot of tactical things to what we call get the rocks wet.

我們一直在把溶液注入到特定目標層位，使用先進鑽探與定向鑽探。我們也用直升機在過去無法進入的地方投放滴灌管線。我們做了很多戰術性的事情，我們稱之為讓岩石「濕起來」。

This new era over the next few years will be about technology, and it'll be about the additive plus the work we're doing to increase temperature of the stockpile. Both of those things coming together is where we see the production curve starting to scale. But we're at the point now where we have to test it and see how it does in the field and what the implications are.

未來幾年的新時代將聚焦在技術上，也會聚焦在添加劑，以及我們正在進行的提高堆浸料堆溫度的工作。這兩件事結合在一起，我們就會看到產量曲線開始放大擴張。但我們現在已經到了必須測試、看看它在現場表現如何，以及其影響為何的階段。

Maybe if I could ask another question. I know it's not the core business, but just on the molybdenum. It's come up a number of times in the call. You do have a slide talking about being the world's largest moly producer. How much excess capacity is there in the primary? It's in the US, so I would think if you could get it up in these markets, it'd be a good thing to do.

也許我可以再問一個問題。我知道這不是核心業務，但想問一下鉬。在這通電話會議中已經提到好幾次了。你們確實有一張投影片談到你們是全球最大的鉬生產商。你們在原生（主產）產能方面有多少閒置產能？它在美國，所以我想如果你們能在這些市場把它拉升，會是件好事。

My second question is, I see sales go down next year. Is that just byproduct coming out of the US mines or the international mines? Why would it go down next year in a good moly market?

我的第二個問題是，我看到明年的銷售量下降。那只是來自美國礦山或國際礦山的副產品產出嗎？在鉬市場景氣不錯的情況下，為什麼明年會下降？

Yeah. It will vary. We have our two primary mines, and then the production will vary, depending on what the production is from our byproduct mines.

是的，會有變動。我們有兩座主產礦山，然後產量會依我們副產品礦山的產出而有所不同。

We are very positive on the outlook for moly. A lot of the same drivers that we are talking about with copper, the supply challenges at the same time, where uses for molybdenum are growing. So we see it as a real privileged business we have is in being the world's largest producer.

我們對鉬的前景非常正面。許多我們在談銅時提到的驅動因素也同樣適用：供給面挑戰同時存在，而鉬的用途正在成長。因此我們認為，作為全球最大的生產商，這是一項我們非常有優勢的業務。

We do have some opportunities to expand primary at Climax. So we are kind of dusting off our old schedules of those to look at those. But our priority, Brian, is really to move copper. But we will continue to look at what the opportunities are so that we can have additional optionality in the moly business.

我們確實有一些在Climax擴增主產產能的機會。所以我們正在把以前的時程規劃拿出來重新檢視。但布萊恩，我們的優先事項其實是推動銅的進展。不過我們會持續評估有哪些機會，讓我們在鉬業務上能有更多的選擇權。

Liam Fitzpatrick, Deutsche Bank.

德意志銀行的Liam Fitzpatrick。

Two quick ones, I hope. Firstly, just a clarification on the capital expenditure guidance for 2027. Does that include anything for Bagdad in terms of the $4.5 billion project number that could be approved later this year?

希望兩個簡短問題。第一個是釐清一下2027年的資本支出指引。其中是否包含Bagdad在今年稍晚可能核准的45億美元專案金額的任何支出？

Then the second one is just on buybacks. Based on what you are showing us here on sensitivities at current spot prices, there could be a very material uplift in cash flows next year.

第二個是關於庫藏股回購。根據你們在這裡展示的、以目前現貨價格計算的敏感度，明年的現金流可能會有非常顯著的提升。

So based on that 50% of available cash flows that could be returned to shareholders, how often do you make that decision in terms of how much stock to buy back? Is it on a kind of rolling quarterly basis, or is it less frequent?

因此，基於可用現金流的50%可回饋給股東，你們在決定回購多少股票時，決策頻率是多久一次？是以滾動的季度為基礎，還是更不頻繁？

We generally monitor. We have a policy where 50% of the cash flow is for investments in our future growth, and the other half is for shareholder returns. We have the dividends, and then we have been using cash flows above that to get to the 50% to stock.

我們一般會持續監控。我們有一項政策：50%的現金流用於投資未來成長，另外一半用於股東回饋。我們有股利，然後我們一直用超出股利的現金流，來達到把50%回饋給股東（以股票回購等方式）的目標。

We monitor it quarterly, and look at our, make sure that we're being consistent with the overall distribution policy. You're right. We're going to be generating a lot in the current market environment, and with our growth coming, very significant rise in cash flows. That will, by the policy, mean we have more cash to distribute while at the same time investing in growth. For the $4.5 billion, we do not have anything in 2027 at this point.

我們按季監控，並檢視我們是否與整體分配政策保持一致。你說得對。在目前的市場環境下，加上我們的成長動能到來，我們將產生大量現金流，現金流會非常顯著上升。依照政策，這代表我們在投資成長的同時，也會有更多現金可以分配。至於那45億美元，目前我們在2027年沒有納入任何相關項目。

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

我現在把電話會議交回管理層作結語。

Well, thank you all for participating. Lots of good questions. I just asked Richard if he wants to make any observations, comments, or closing remarks.

好的，感謝各位參與。有很多很好的問題。我剛剛問了Richard是否想提出任何觀察、評論或結語。

Thanks, Kathleen. You can tell everyone that our management team, our board is very excited about Freeport's outlook and what we have available to us going forward. We appreciate your attention and your support, and if you have any follow-up questions, let us know. Thank you.

謝謝你，Kathleen。你可以告訴大家，我們的管理團隊與董事會對Freeport的前景，以及未來我們可運用的機會感到非常振奮。感謝各位的關注與支持；如果有任何後續問題，請告訴我們。謝謝。

Ladies and gentlemen, that will conclude 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。您現在可以掛線。