費利浦·麥克莫蘭銅金 (FCX) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoRan First Quarter Conference Call. (Operator Instructions) I would now like to turn the conference over to Ms. Kathleen Quirk, President. Please go ahead, ma'am.

女士們，先生們，謝謝你們的支持。歡迎參加 Freeport-McMoRan 第一季度電話會議。 （操作員說明）我現在想將會議轉交給總裁 Kathleen Quirk 女士。請繼續，女士。

Thank you, and good morning. Welcome to the Freeport-McMoRan conference call. Earlier this morning, we reported first quarter 2022 operating and financial results, and a copy of our press release and slides are available on our website at fcx.com.

謝謝你，早上好。歡迎參加 Freeport-McMoRan 電話會議。今天早上早些時候，我們報告了 2022 年第一季度的運營和財務業績，我們的新聞稿和幻燈片的副本可在我們的網站 fcx.com 上找到。

Our conference call today is being broadcast live on the Internet, and anyone may listen to the call by accessing our website homepage and clicking on the webcast link for the conference call. In addition to analysts and investors, the financial press has been invited to listen to today's call, and a replay of the webcast will be available on our website later today.

我們今天的電話會議正在互聯網上進行現場直播，任何人都可以通過訪問我們的網站主頁並單擊電話會議的網絡直播鏈接來收聽電話會議。除了分析師和投資者外，財經媒體也受邀收聽今天的電話會議，今天晚些時候將在我們的網站上重播網絡直播。

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 forward-looking statements, and actual results may differ materially. I'd like to refer everyone to the cautionary language included in our press release and presentation materials and to the risk factors described in our annual report on Form 10-K.

在開始發表評論之前，我們想提醒大家，今天的新聞稿和我們對電話會議的某些評論包括前瞻性陳述，實際結果可能存在重大差異。我想向大家推薦我們的新聞稿和演示材料中包含的警示性語言，以及我們的 10-K 表格年度報告中描述的風險因素。

On the call with me today are Richard Adkerson, our Chairman and CEO. I'd also like to welcome Maree Robertson, our new CFO. She's joining us today on the call, and Maree joined us in March. We're delighted to have her on our team. Mark Johnson is on, who is the COO of our Indonesian business; Josh Olmsted, who is the COO of our Americas business; Mike Kendrick is on, who runs our global molybdenum business; and Steve Higgins is also on today, our Chief Administrative Officer.

今天與我通話的是我們的董事長兼首席執行官 Richard Adkerson。我還要歡迎我們的新首席財務官 Maree Robertson。她今天加入了我們的電話會議，而 Maree 在三月份加入了我們。我們很高興她能加入我們的團隊。 Mark Johnson 是我們印尼業務的首席運營官； Josh Olmsted，我們美洲業務的首席運營官； Mike Kendrick 上任，負責我們的全球鉬業務；史蒂夫希金斯今天也出席了我們的首席行政官。

Richard is going to start by making some opening comments and then we'll be going through the slide materials and the outlook included in our slide materials. So Richard, I'll turn it to you.

Richard 將首先發表一些開場評論，然後我們將瀏覽幻燈片材料和幻燈片材料中包含的前景。所以理查德，我會把它交給你的。

Yes. Thanks, Kathleen. We're going to follow a new format for our earnings presentation today. This format reflects the current position of our company after years, literally years of having to deal with significant company-specific problems that are now largely behind us.

是的。謝謝，凱瑟琳。我們今天將採用一種新的格式進行收益報告。這種格式反映了我們公司多年後的當前地位，實際上是多年來必須處理的重大公司特定問題，這些問題現在基本上已經過去了。

We have a clear mission in Freeport, and that is to be foremost in copper. I will make some very brief opening comments. Kathleen will review our positive first quarter results, our positive outlook, and then we'll be available to answer questions. The case for copper as a commodity is strong. I've been saying this for 20 years, but it's never been better.

我們在自由港有一個明確的使命，那就是在銅業方面處於領先地位。我將發表一些非常簡短的開場白。凱瑟琳將審查我們積極的第一季度業績和積極的前景，然後我們將可以回答問題。銅作為商品的理由很充分。我已經說了 20 年了，但從來沒有像現在這樣好過。

Demand is growing globally. Globally, growth is no longer dependent solely on China. With COVID recovery, infrastructure spending, the spread of electricity everywhere, it's generating significant growth in Europe. Business is strong in the U.S. and in Asia, outside China.

全球需求正在增長。在全球範圍內，增長不再僅僅依賴於中國。隨著新冠疫情的恢復、基礎設施支出、電力在各地的普及，它在歐洲產生了顯著的增長。美國和亞洲（中國以外）的業務都很強勁。

The coming demand for carbon reduction and its impact on copper demand is truly extraordinary, and it's coming. It's beginning, but it's not here now. Copper supply development for many reasons is challenging. As I said recently, the supply challenge can't be solved simply by higher prices.

即將到來的碳減排需求及其對銅需求的影響確實非同尋常，而且即將到來。它開始了，但現在不在這裡。由於多種原因，銅供應的發展具有挑戰性。正如我最近所說，供應挑戰不能簡單地通過提高價格來解決。

I find it notable that the price of copper today is $4.50 in a world where there are a whole series of economic headwinds. Many of these are transitory. Higher copper prices in the future are likely, and I'm very comfortable with Freeport's strategy of focusing this business on copper. Our strategy to achieve our mission of being foremost in copper straightforward.

我發現值得注意的是，在一個存在一系列經濟逆風的世界中，今天的銅價為 4.50 美元。其中許多是暫時的。未來銅價可能會上漲，我對自由港將這項業務集中在銅上的戰略感到非常滿意。我們的戰略是實現我們在銅行業中處於領先地位的使命。

We will execute our operating plan safely and responsibly. We have an unmatched set of globally diverse copper-producing assets. We are taking advantage of emerging technology involving data analytics, new work practices and increasingly important advancing and leaching technology where Freeport is well positioned as a global leader in leaching.

我們將安全負責地執行我們的運營計劃。我們擁有無與倫比的全球多元化銅生產資產。我們正在利用新興技術，包括數據分析、新的工作實踐以及日益重要的推進和浸出技術，其中 Freeport 在浸出領域處於全球領先地位。

We will be developing organic growth projects in a disciplined way over time from our large set of undeveloped resources. We will execute our financial plan, maintain our currently strong balance sheet while returning significant cash to shareholders. Other opportunities for Freeport may arise, and we are positioned to take advantage if they do, but our strategy is focused internally.

隨著時間的推移，我們將利用我們大量未開發的資源，以有紀律的方式開發有機增長項目。我們將執行我們的財務計劃，維持我們目前強勁的資產負債表，同時向股東返還大量現金。自由港可能會出現其他機會，如果有機會，我們將充分利用，但我們的戰略側重於內部。

Here's a few points I suggest you note in Kathleen's presentation. Look at our strong execution of our plans in the first quarter. Look at our success in meeting the challenges of higher input costs, both through effective cost management and the benefit of past strategic decision.

我建議您在 Kathleen 的演示文稿中註意以下幾點。看看我們在第一季度對計劃的強力執行。看看我們通過有效的成本管理和過去戰略決策的好處，成功應對了更高投入成本的挑戰。

For example, the long-term development of Grasberg mine and its high copper and gold grades, higher gold grades or higher gold prices are helping to offset input cost increases. Note, our positive situation in Indonesia. With our partner, shareholder MIND ID with the government of Indonesia, local communities and workforce. We worked hard to achieve this.

例如，Grasberg 礦的長期發展及其高銅和金品位、更高的金品位或更高的金價正在幫助抵消投入成本的增加。請注意，我們在印度尼西亞的積極情況。與我們的合作夥伴、股東 MIND ID 與印度尼西亞政府、當地社區和勞動力一起。我們努力實現這一目標。

Our environmental performance in a very challenging location is exemplary in Indonesia. The financial results are spectacular, reflecting the good work of our PT-FI team and literally 3 decades of efforts and investments getting to where we are today. We're progressing with the development of a new large-scale smelter in Indonesia.

我們在極具挑戰性的地點的環境表現在印度尼西亞堪稱典範。財務業績令人矚目，這反映了我們 PT-FI 團隊的出色工作以及我們 3 年的努力和投資才取得今天的成就。我們正在印度尼西亞開發新的大型冶煉廠。

Our recent international bond financing at PT-FI was a major milestone for our company. Our team achieved investment-grade ratings and a strong market reception for this $3 billion financing.

我們最近在 PT-FI 進行的國際債券融資是我們公司的一個重要里程碑。我們的團隊在這筆 30 億美元的融資中獲得了投資級評級和強烈的市場接受度。

Looking back years ago, I would have envisioned our ability to do this. 2/3 of our copper is produced in the Americas, where our team is operating effectively and where we have significant growth for the future. And finally, I want to briefly note steps we have taken this past year to build a high-quality sustainable Board of Directors and a sustainable management team for the future. These are commitments I personally made to myself a year ago when I became Chairman.

回顧幾年前，我會想像我們有能力做到這一點。我們 2/3 的銅產自美洲，我們的團隊在美洲有效運作，並且我們未來有顯著增長。最後，我想簡要介紹一下我們在過去一年中為建立一個高質量的可持續董事會和未來可持續管理團隊所採取的步驟。這些是我在一年前擔任主席時親自對自己做出的承諾。

We've added 6 new directors in a year, and you'll be able to see the details on this in our proxy, which will soon be available. Four of these 6 are individuals with significant international large company CEO experience, 2 have significant business and financial expertise. Together with the 4 continuing independent directors, we now have a high-quality Board, one that Freeport has long deserved. Building this Board is a highlight in my personal professional career.

我們在一年內增加了 6 位新董事，您將能夠在我們的代理中看到這方面的詳細信息，該代理即將推出。這 6 人中有 4 人具有重要的國際大公司 CEO 經驗，2 人具有重要的商業和金融專業知識。連同 4 位持續的獨立董事，我們現在擁有一個高質量的董事會，這是自由港長期以來應得的。建立這個董事會是我個人職業生涯中的一個亮點。

At the same time, we made important changes to our management team. Kathleen mentioned that Maree has recently joined us as our CFO. At a young age, she has a distinguished career in international mining. We've made a number of transitions of important positions with internal promotions and added significant capabilities with external hires, particularly in the ESP area.

與此同時，我們對管理團隊進行了重大調整。 Kathleen 提到 Maree 最近加入我們擔任首席財務官。在年輕時，她在國際採礦業有著傑出的職業生涯。我們通過內部晉升完成了許多重要職位的過渡，並通過外部招聘增加了重要的能力，特別是在 ESP 領域。

We now have a younger, more diverse management team at Freeport. They are great people who embrace a special culture we have with the Freeport Global family. I'm personally excited about continuing as a member of this team, blessed to be in good health and energy. I am confident now that Freeport now has a Board and management team that is capable of achieving our mission and executing our strategy beyond my tenure.

現在，我們在自由港擁有一支更年輕、更多元化的管理團隊。他們是偉大的人，他們接受了我們在 Freeport Global 大家庭中所擁有的特殊文化。我個人很高興能繼續成為這個團隊的一員，我有幸身體健康，精力充沛。我現在有信心，自由港現在擁有一支董事會和管理團隊，能夠在我任職期間完成我們的使命並執行我們的戰略。

With that, Kathleen, I'll turn it over to you.

有了這個，凱瑟琳，我會把它交給你。

Thank you, Richard. And I'll start on Slide 3. Richard mentioned, we had a really good first quarter. Slide 3 summarizes the highlights. We achieved meaningful growth in volumes and margins which translated into strong cash flows and significant cash returns to shareholders.

謝謝你，理查德。我將從幻燈片 3 開始。理查德提到，我們第一季度的表現非常好。幻燈片 3 總結了亮點。我們實現了銷量和利潤率的顯著增長，這轉化為強勁的現金流和為股東帶來的可觀現金回報。

Our copper and gold sales were 24% higher for copper than the year ago quarter and 59% higher for gold than the year ago quarter. Our copper sales were 6% above our guidance going into the year. We benefited from strong U.S. demand in the quarter, which allowed us to reduce inventories.

我們的銅和黃金銷售額比去年同期高出 24%，黃金比去年同期高出 59%。我們的銅銷售額比我們今年的指導高出 6%。我們受益於本季度強勁的美國需求，這使我們能夠減少庫存。

Our gold sales were also above our plan, 8%. After reaching the targeted metal run rates in late 2021, Grasberg is operating well and sustaining the high-volume, low-cost operation.

我們的黃金銷售量也高於我們的計劃，即 8%。在 2021 年底達到目標金屬運行率後，Grasberg 運營良好，並維持了大批量、低成本的運營。

Our average unit net cash cost for the quarter of $1.33 per pound came in under our guidance in the first quarter and below the year ago quarterly average. This is particularly impressive given the cost pressures affecting all of us and allowed us to generate strong margins with average copper realizations of $4.66 per pound during the quarter. Notably, Grasberg's costs were a net credit of $0.06 per pound in the quarter.

我們第一季度的平均單位淨現金成本為每磅 1.33 美元，低於我們在第一季度的指導，低於去年同期的季度平均水平。考慮到影響我們所有人的成本壓力，這尤其令人印象深刻，並使我們能夠以每磅 4.66 美元的平均銅實現在本季度產生強勁的利潤率。值得注意的是，Grasberg 本季度的成本為每磅 0.06 美元的淨信用。

Richard referenced this earlier, but this means that the gold revenues more than offset all of our cash production costs at the site. We generated adjusted EBITDA of $3.4 billion in the quarter; and adjusted net income, excluding nonrecurring charges of $1.6 billion or $1.07 per share for the first quarter.

理查德早些時候提到了這一點，但這意味著黃金收入足以抵消我們在現場的所有現金生產成本。我們在本季度產生了 34 億美元的調整後 EBITDA；調整後的淨收入，不包括第一季度的 16 億美元或每股 1.07 美元的非經常性費用。

We generated very strong operating cash flows, totaling $1.7 billion. This was net of about $800 million in working capital uses, primarily reflecting the timing of our cash taxes. Our cash flow significantly exceeded our capital spending and that allowed us to return substantial cash to shareholders while maintaining a strong balance sheet.

我們產生了非常強勁的經營現金流，總計 17 億美元。這扣除了大約 8 億美元的營運資金使用，主要反映了我們徵收現金稅的時間。我們的現金流大大超過了我們的資本支出，這使我們能夠向股東返還大量現金，同時保持強勁的資產負債表。

We continued our share repurchase program during the quarter, funded nearly $600 million of share purchases. Since starting the program in November of last year, we have purchased 27 million shares at an average cost of approximating $42 per share. We're $1.1 billion into the program out of a total of $3 billion.

我們在本季度繼續執行股票回購計劃，為近 6 億美元的股票購買提供了資金。自去年 11 月啟動該計劃以來，我們已購買 2700 萬股股票，平均成本約為每股 42 美元。在總計 30 億美元的項目中，我們投入了 11 億美元。

Our total share repurchases and common stock dividends, which doubled from the last year's rate, approached $800 million in the first quarter. Our balance sheet remains strong. Net debt was $1.3 billion at the end of the quarter. About half of this relates to financing of the Indonesian smelter project, which is advancing.

我們的股票回購總額和普通股股息比去年翻了一番，第一季度接近 8 億美元。我們的資產負債表依然強勁。本季度末的淨債務為 13 億美元。其中大約一半與正在推進的印度尼西亞冶煉廠項目的融資有關。

As Richard said, as we look forward, we're enthusiastic about the embedded opportunities our asset can bring to supply the world's rising demand for copper. With several projects, we are progressing with near-term, medium-term and longer-term horizons. We're continuing to dedicate significant resources to our sustainability objectives and now lead the industry with 9 of our operating sites certified under the Copper Mark. We have a strong foundation for success. We're executing our strategy very effectively, and we'll continue to focus on delivering on our plans.

正如理查德所說，在我們展望未來的同時，我們對我們的資產可以帶來的內在機會充滿熱情，以滿足全球不斷增長的銅需求。通過幾個項目，我們在近期、中期和長期的視野中取得進展。我們將繼續為我們的可持續發展目標投入大量資源，現在我們的 9 個經營場所獲得銅標誌認證，引領行業。我們有成功的堅實基礎。我們正在非常有效地執行我們的戰略，我們將繼續專注於實現我們的計劃。

Slide 4 is just a summary of the recent reports that we filed, our annual report to shareholders and just today filing our 2021 sustainability report. Our theme for our recent annual report is titled Electrifying the Future, and it highlights our assets and the prominent role that Freeport has in supplying modern uses for copper.

幻燈片 4 只是我們最近提交的報告、向股東提交的年度報告以及今天提交的 2021 年可持續發展報告的摘要。我們最近的年度報告的主題是“電氣化未來”，它突出了我們的資產以及自由港在提供現代銅用途方面的突出作用。

We also published the sustainability report. This marks our 21st year of reporting on our sustainability programs. As a leader in the industry, we also want to lead in our reporting and transparency in this important area. We really hope you'll have the opportunity to review the report in detail, it's available on our website.

我們還發布了可持續發展報告。這是我們報告可持續發展計劃的第 21 年。作為行業的領導者，我們還希望在這一重要領域的報告和透明度方面處於領先地位。我們真的希望您有機會詳細查看該報告，該報告可在我們的網站上找到。

We're proud of the work we're doing. It's embedded in all of our business plans and supports our responsible production practices.

我們為我們正在做的工作感到自豪。它嵌入在我們所有的業務計劃中，並支持我們負責任的生產實踐。

On Slide 5, we had a neat deal earlier this month. We celebrated PT Freeport Indonesia's 55th anniversary. We've operated at this same site for more than 5 decades, and we've developed one of the industry's most prominent operations, providing tens of thousands of jobs and meaningful economic impacts to the Indonesian government and province of Papua.

在幻燈片 5 上，我們本月早些時候達成了一筆不錯的交易。我們慶祝了 PT Freeport Indonesia 成立 55 週年。我們在同一地點運營了 5 多年，我們開發了業內最傑出的業務之一，為印度尼西亞政府和巴布亞省提供了數以萬計的就業機會和有意義的經濟影響。

As Richard mentioned, we've invested heavily over the years to create a modern, world-class operation there that will benefit all stakeholders for decades to come. We lead the industry in technology, supporting our large-scale block cave mining. And as Richard mentioned, with our new partnership with the government established in 2018 and our committed and focused team, we're enthusiastic about the future for this exceptional mining district.

正如理查德所提到的，我們多年來投入巨資，在那裡建立了一個現代化的世界級運營，這將使所有利益相關者在未來幾十年受益。我們在技術上處於行業領先地位，支持我們的大規模塊狀洞穴採礦。正如理查德所說，憑藉我們與政府於 2018 年建立的新合作夥伴關係以及我們敬業且專注的團隊，我們對這個卓越礦區的未來充滿熱情。

Turning to markets. Richard covered this in his comments, we view the fundamental outlook of the copper business is very positive, supported by copper's role in the global economy, a renewed focus on infrastructure, connectivity and copper's essential role in meeting global decarbonization targets.

轉向市場。 Richard 在他的評論中談到了這一點，我們認為銅業務的基本面前景非常樂觀，這得益於銅在全球經濟中的作用、對基礎設施、連通性和銅在實現全球脫碳目標中的重要作用的重新關注。

The demand trends are broad-based and global in nature. We see this continuing and accelerating with the increased intensity of use for copper associated with modern applications. Many are predicting we're in the early stages of a multiyear period of rising demand.

需求趨勢具有廣泛性和全球性。隨著與現代應用相關的銅使用強度的增加，我們看到這種情況繼續並加速。許多人預測我們正處於多年需求增長的早期階段。

Over the last decade, most of the growth in demand has come from China. As Richard mentioned, we're now seeing a major expansion of growth and demand for copper for infrastructure spending and decarbonization from Western world economies. The scarcity of new mine supply development is growing at a time when demand is rising.

在過去十年中，大部分需求增長來自中國。正如理查德所說，我們現在看到西方世界經濟體對用於基礎設施支出和脫碳的銅的增長和需求大幅擴張。在需求上升的同時，新礦供應開發的稀缺性也在增加。

The project pipeline of actional development opportunities is significantly lower than it has been historically. Beyond the projects which are being completed now, there's a real absence of new supply development necessary to meet estimated demand increases. The current physical markets are tight, as evidenced by the low level of inventories on global exchanges. Supply chain continues to be stretched.

行動發展機會的項目管道明顯低於歷史水平。除了目前正在完成的項目之外，真正缺乏滿足估計需求增長所需的新供應開發。當前的實物市場供不應求，全球交易所的庫存水平較低就是明證。供應鏈繼續捉襟見肘。

While we'll see macro factors such as China's economy, geopolitical considerations and actions by the Fed impacting sentiment, the low level of inventories and supply limitations sets us up for a scenario of higher prices in the future.

雖然我們將看到中國經濟、地緣政治考慮和美聯儲行動等宏觀因素影響市場情緒，但低水平的庫存和供應限制為未來價格上漲奠定了基礎。

We're in a great position at Freeport as a responsible producer of scale and the strategies Richard outlined focused on copper, long-lived reserves and future growth options, the prospects are bright for our portfolio become more scarce and highly valued in the future.

作為負責任的規模生產商，我們在自由港處於有利地位，理查德概述的戰略專注於銅、長期儲量和未來增長選擇，我們的投資組合在未來變得更加稀缺和高度重視的前景是光明的。

I'll comment a little bit about some details of our first quarter operations, moving to Slide 7. In the U.S., the Lone Star mine continues to perform well above design capacity. As you remember, we commissioned the mine in late 2020 and produced 265 million pounds of copper in 2021, a 30% increase from the original design.

我將稍微評論一下我們第一季度運營的一些細節，移至幻燈片 7。在美國，Lone Star 礦的表現繼續遠高於設計能力。如您所知，我們在 2020 年底投產了該礦，並在 2021 年生產了 2.65 億磅銅，比原設計增加了 30%。

We're expanding further to take us to 300 million pounds per annum by 2023 with an investment of roughly $250 million. As we accelerate the mining of oxide ores at Lone Star, this will expose a much larger sulfide opportunity for us in the future. At Morenci, our largest mine in the North American portfolio, we completed the restart of our mill in March. We've been ramping up for several months and are now running at capacity.

我們正在進一步擴大規模，到 2023 年達到每年 3 億英鎊，投資約為 2.5 億美元。隨著我們加快 Lone Star 氧化礦石的開採，這將為我們未來提供更大的硫化物機會。在我們在北美投資組合中最大的礦山 Morenci，我們於 3 月完成了工廠的重啟。我們已經增加了幾個月，現在正在滿負荷運行。

With the rise in COVID cases early in the quarter, our mining rates were constrained, resulting in the reduction in annual production compared with our prior expectations. We are back on track. We expect Morenci to produce 7% more copper in 2022 compared with last year.

隨著本季度初 COVID 病例的增加，我們的採礦率受到限制，導致年產量低於我們之前的預期。我們重回正軌。我們預計莫倫奇 2022 年的銅產量將比去年增加 7%。

As Richard mentioned, we're also advancing our leach recovery initiatives. We're focused at Morenci using data analytics, and new technologies to enhance our leach production. This is a significant value-enhancing opportunity for Freeport, and we'll be reporting progress on this initiative as we go through the year.

正如理查德所說，我們也在推進我們的浸出回收計劃。我們專注於 Morenci 使用數據分析和新技術來提高我們的浸出產量。這對自由港來說是一個重要的增值機會，我們將在這一年中報告這一舉措的進展。

At Bagdad, we are advancing our plans for what we're calling the Bagdad 2x project to double production at this mine in Northwest Arizona. We're advancing studies and planning to commence early works, principally for mine equipment and additional stripping in parallel with the studies.

在巴格達，我們正在推進我們稱之為巴格達 2x 項目的計劃，以使亞利桑那州西北部的這個礦山的產量翻番。我們正在推進研究併計劃開始早期工作，主要是針對礦山設備和與研究同時進行的額外剝離。

Turning to South America. The teams have done exceptional work navigating the pandemic. When things started to improve in late '21, we had a spike in cases in January and February in Peru, that did have an impact on our mining rates in the first quarter by about 10%. Situation improved significantly in March, we expect to reach our targeted mill rates of 400,000 tons per day in the balance of the year. The lower mining rate in the first quarter is expected to have a small impact on our 2022 production at Cerro Verde compared with our prior plans, but we still see 8% growth in Cerro Verde production in 2022 compared with 2021.

轉向南美。這些團隊在應對這一流行病方面做得非常出色。當情況在 21 世紀末開始好轉時，我們在秘魯 1 月和 2 月的病例激增，這確實對我們第一季度的採礦率產生了約 10% 的影響。 3 月份情況顯著改善，我們預計在今年餘下時間達到每天 400,000 噸的目標工廠產能。與我們之前的計劃相比，預計第一季度較低的採礦率對我們在 Cerro Verde 的 2022 年產量的影響較小，但與 2021 年相比，我們仍看到 2022 年 Cerro Verde 的產量增長 8%。

We continue to target a full restoration at Cerro Verde this year and be on our way back to 1 billion pounds per annum from this large-scale operation. El Abra has been successful in Chile in increasing the stacking rate of material on its leach pad. We expect a 30% increase in 2022 production at El Abra and to sustain a level of 200 million to 250 million pounds per annum for the next several years, as we assess opportunities for future growth.

今年我們將繼續以 Cerro Verde 的全面修復為目標，並從這項大規模的運營中恢復到每年 10 億英鎊。 El Abra 在智利成功地提高了其浸出墊上的材料堆積率。隨著我們評估未來增長的機會，我們預計 2022 年 El Abra 的產量將增加 30%，並在未來幾年保持每年 2 億至 2.5 億磅的水平。

At Grasberg, we sustained our large-scale metal production after reaching our targeted metal run rate in the fourth quarter of last year. We achieved higher gold recoveries compared with our plan, which contributed to a favorable variance for the quarter.

在 Grasberg，我們在去年第四季度達到了目標金屬運行率後，繼續進行大規模金屬生產。與我們的計劃相比，我們實現了更高的黃金回收率，這促成了本季度的有利差異。

Our 2022 volumes are consistent with our prior forecast for Grasberg. We incorporated some relatively small adjustments for changes in mine sequencing in Grasberg Block Cave and Deep MLZ, but the 5-year metal forecast is generally consistent with prior expectations. We're advancing mill projects to provide additional capacity targeted for the second half of next year.

我們 2022 年的產量與我們之前對 Grasberg 的預測一致。我們對 Grasberg Block Cave 和 Deep MLZ 的礦山排序變化進行了一些相對較小的調整，但 5 年金屬預測總體上與之前的預期一致。我們正在推進工廠項目，以提供明年下半年的額外產能。

We're diversifying our power sources in Indonesia, and we're advancing the long-term development for Kucing Liar. The team there is doing outstanding work and managing and sustaining the largest and most profitable underground operation in the world.

我們正在使印度尼西亞的能源多樣化，我們正在推進 Kucing Liar 的長期發展。那裡的團隊在管理和維持世界上最大和最有利可圖的地下作業方面做得非常出色。

On the next slide, Richard touched upon the leach opportunities we have at Freeport. And this is a major initiative ongoing that we have to extract more value from our historical leach stockpiles. This could unlock significant value for us by increasing production from material already mined and placed on to stockpiles.

在下一張幻燈片中，Richard 談到了我們在 Freeport 的浸出機會。這是一項正在進行的重大舉措，我們必須從我們的歷史浸出庫存中提取更多價值。這可以通過增加已經開采和儲存的材料的產量來為我們釋放巨大的價值。

In the context of an industry where new projects can take 10 years to develop, this is a significant opportunity for us to bring the equivalent of a new mine on stream in a fraction of the time it takes to develop with a fraction of the carbon footprint, very little incremental capital and operating costs. So a tremendous value opportunity for us, and we're pursuing it with urgency.

在一個新項目可能需要 10 年開發的行業的背景下，這對我們來說是一個重要的機會，可以用一小部分碳足蹟的一小部分開發時間，讓相當於一個新礦的投入運行，非常少的增量資本和運營成本。所以對我們來說這是一個巨大的價值機會，我們正在緊急追求它。

During the first quarter, we commenced the process to insulate our leach stockpiles to retain heat. Heat is proven to improve leach recoveries and work to date has indicated the potential to incrementally add to our production in the near term. We're also enhancing our processes with the use of data analytics. This tool is providing new insights and opportunities.

在第一季度，我們開始對我們的浸出庫存進行隔熱以保持熱量。事實證明，加熱可以提高浸出回收率，迄今為止的工作表明有可能在短期內逐步增加我們的產量。我們還通過使用數據分析來增強我們的流程。該工具提供了新的見解和機會。

We're working on internal technologies for additives, as well as with third parties who have proprietary technologies. We're optimistic that these collective initiatives have the opportunity to add an incremental 100 million to 200 million pounds of copper across our Americas portfolio in the near term.

我們正在研究添加劑的內部技術，並與擁有專有技術的第三方合作。我們樂觀地認為，這些集體舉措有機會在短期內為我們的美洲投資組合增加 1 億至 2 億磅銅。

Early success will enable us to optimize and expand this potential moving forward. As you'll see in the charts, we currently estimate 38 billion pounds of copper in our stockpiles, which already has been mined, but this is not included in our reserves or production plans.

早期的成功將使我們能夠優化和擴大這一潛力。正如您將在圖表中看到的那樣，我們目前估計庫存中有 380 億磅銅，這些已經被開採，但這不包括在我們的儲量或生產計劃中。

A significant portion of this opportunity is at our flagship Morenci mine and our cross-functional team of technical experts, metallurgists, mine planners, data scientists, geologists and business analysts are all working together to take full advantage of this great opportunity for us.

這個機會的很大一部分是在我們的旗艦莫倫奇礦山，我們的跨職能團隊由技術專家、冶金學家、礦山規劃師、數據科學家、地質學家和業務分析師組成，他們正在共同努力，為我們充分利用這個巨大的機會。

The leach opportunity is just one facet of our growth, and Richard touched upon what we'll be focusing on as we go forward. We have multiple options -- looking at Slide 9, multiple options for brownfield, low-risk growth across the portfolio.

浸出機會只是我們成長的一個方面，Richard 談到了我們在前進過程中將關注的重點。我們有多種選擇——看幻燈片 9，棕地的多種選擇，整個投資組合的低風險增長。

Recall, we have over 190 billion pounds of copper mineral resources in our portfolio in addition to the proven and probable reserves of over 100 billion pounds of copper. We talked about the leach opportunity and the ongoing oxide expansion at Lone Star, these are near-term opportunities to add incremental production in a 12- to 18-month time frame.

回想一下，我們的投資組合中還有超過 1900 億磅的銅礦產資源，以及超過 1000 億磅的已探明和可能儲量的銅。我們談到了 Lone Star 的浸出機會和正在進行的氧化物擴張，這些都是在 12 到 18 個月的時間範圍內增加產量的近期機會。

In the medium term, we're highly optimistic that we'll double the size of Bagdad in the 2026 timeframe. We expect to complete the feasibility study in the first half of next year and be in a position to commence construction activities. Longer term, we have the massive Lone Star sulfide opportunity of 50 billion pound copper resource in our established mining area in Eastern Arizona.

從中期來看，我們非常樂觀地認為，我們將在 2026 年將巴格達的規模擴大一倍。我們預計在明年上半年完成可行性研究，並能夠開始建設活動。從長遠來看，我們在亞利桑那州東部已建立的礦區擁有 500 億磅銅資源的巨大孤星硫化物機會。

The El Abra project in Chile has a resource approaching 30 billion pounds. We've done a lot of work in identifying an operation that could produce over 700 million pounds of copper per annum. We're closely monitoring the developments in Chile, and we'll defer our decision for the time being, pending the results of the ongoing constitutional work that's being done in the country.

智利的 El Abra 項目擁有接近 300 億英鎊的資源。我們已經做了大量工作來確定每年可以生產超過 7 億磅銅的工廠。我們正在密切關注智利的事態發展，我們將暫時推遲我們的決定，等待該國正在進行的憲法工作的結果。

At Kucing Liar in the Grasberg district, it's a natural extension of our operations. This will allow us to continue our large-scale operation in Papua for decades to come. We believe the world will need our projects in the future. We have a long track record of success in qualifying and developing projects in an efficient, responsible manner.

在 Grasberg 區的 Kucing Liar，這是我們業務的自然延伸。這將使我們能夠在未來幾十年繼續在巴布亞開展大規模業務。我們相信，未來世界將需要我們的項目。我們在以高效、負責任的方式對項目進行資格審查和開發方面有著長期的成功記錄。

And this is enhanced by our industry-leading technical capabilities, our established license to operate and our strong franchises in our areas of focus. Looking at our sales profile on Slide 10, this is the annual sales for the next few years that we update each quarter.

這得益於我們行業領先的技術能力、我們既定的經營許可以及我們在重點領域的強大特許經營權。查看幻燈片 10 上的銷售概況，這是我們每個季度更新的未來幾年的年度銷售額。

The outlook for volumes is largely in line with our prior forecast and the execution of our plans is on track. We have insignificant changes to our prior guidance for copper sales for 2022 and 2023 in the 1% range. That principally reflects the COVID downtime experienced in the Americas earlier this year and some timing changes at Grasberg between 2023 and 2025.

銷量前景與我們之前的預測基本一致，我們的計劃正在按計劃執行。我們之前對 2022 年和 2023 年銅銷售的指導在 1% 的範圍內變化不大。這主要反映了今年早些時候在美洲經歷的 COVID 停機時間以及 2023 年至 2025 年間 Grasberg 的一些時間變化。

After delivering a 19% increase in copper sales in 2021, we're projecting a 12% increase in 2022, reflecting higher production across the portfolio and further growth in 2023. We estimate about 36% of our sales for this year will come from our U.S. mines, 27% from South America and 37% from Indonesia.

在 2021 年銅銷售額增長 19% 之後，我們預計 2022 年將增長 12%，這反映了整個投資組合的產量增加和 2023 年的進一步增長。我們估計今年約 36% 的銷售額將來自我們的美國礦山，27% 來自南美，37% 來自印度尼西亞。

On Slide 11, there's been a lot of discussion about cost pressures in our industry. The cost pressures that we're facing -- that the entire industry is facing this year are well-documented. Energy and other commodity-related inputs such as sulfuric acid, explosives, grinding media and other consumables have increased. We'll continue to work to manage and mitigate these impacts to the extent possible. We also benefit from the fact that our byproduct credits, particularly for gold, provide mitigation.

在幻燈片 11 上，有很多關於我們行業成本壓力的討論。我們面臨的成本壓力——整個行業今年面臨的壓力是有據可查的。能源和其他與大宗商品相關的投入，如硫酸、炸藥、研磨介質和其他消耗品已經增加。我們將繼續努力盡可能地管理和減輕這些影響。我們還受益於我們的副產品信用，特別是黃金，提供緩解。

We show a reconciliation of our prior unit net cash for 2022 estimates based on our January estimates compared to our current estimates. We've updated all of our plans to incorporate recent commodity pricing and our latest operating plans. You'll see here that half of the unit cost increase is offset by stronger gold prices and production.

我們根據 1 月份的估計與當前的估計相比，顯示了我們之前對 2022 年估計的單位淨現金的對賬。我們已經更新了所有計劃，以納入最近的商品定價和我們最新的運營計劃。您會在這裡看到，單位成本增加的一半被黃金價格和產量的走強所抵消。

Bottom line, unit cash costs are up about $0.09 per pound of copper or an approximate 7% increase. These numbers were built off a copper price assumption that was $0.25 per pound above the prior plan. But we're looking today at $4.70 copper at current market with a cash cost of $1.44 estimated for this year, which will generate very strong margins for us.

最重要的是，單位現金成本每磅銅增加約 0.09 美元，或增加約 7%。這些數字是建立在銅價假設之上的，即比之前的計劃高出每磅 0.25 美元。但我們今天看到當前市場的銅價為 4.70 美元，預計今年的現金成本為 1.44 美元，這將為我們帶來非常可觀的利潤。

We show, on the next slide, Slide 12, the significant cash flow generation at various prices. This is a great strength of Freeport, a big exposure to copper markets and the large-scale nature of our existing capacity. We're in an enviable position with our significant new production that we brought online in recent quarters. And we show on the slide, Slide 12, the significance of cash flow generation using our volume and cost estimates and prices ranging from $4 to $5 copper.

我們在下一張幻燈片（幻燈片 12）中展示了以不同價格產生的大量現金流。這是自由港的一大優勢、對銅市場的巨大敞口以及我們現有產能的大規模性質。我們在最近幾個季度上線的重要新產品處於令人羨慕的位置。我們在幻燈片 12 上展示了使用我們的數量和成本估算以及 4 美元到 5 美元銅價格產生現金流的重要性。

These are modeled results using the average of 2023 and 2024 with current volume and cost estimates. In our annual EBITDA, these prices from $4 to $5 per pound, prices are closer to $5 today than $4 would average over $11 billion at $4 copper to nearly $16 billion per annum at $5 copper. And operating cash flows very strong, ranging from over $8 billion to approach $12 billion at $5 copper.

這些是使用 2023 年和 2024 年的平均值以及當前的數量和成本估算得出的模型結果。在我們的年度 EBITDA 中，這些價格從每磅 4 美元到 5 美元，今天的價格接近 5 美元，而不是 4 美元的平均價格超過 110 億美元（銅價 4 美元）到每年近 160 億美元（銅價 5 美元）。經營現金流非常強勁，從超過 80 億美元到 5 美元銅價接近 120 億美元不等。

Also on the chart, we've got sensitivities to various commodities. We can't predict prices, but the long-term fundamentals of our business indicate the prospects for higher copper prices. And as we go forward, you can note that each $0.25 per pound change in copper equates to over $1 billion in annual EBITDA.

同樣在圖表上，我們對各種商品都有敏感性。我們無法預測價格，但我們業務的長期基本面表明銅價上漲的前景。隨著我們向前發展，您可以注意到，每磅銅 0.25 美元的變化相當於超過 10 億美元的年度 EBITDA。

We'll generate significant free cash flow. We expect this to continue with cash flows significantly above our capital spending. And you'll see the capital spending on Slide 13. These are largely unchanged from our prior guidance. We're forecasting some offsetting timing differences between 2022 and 2023. And I've also included some early equipment purchases for our Bagdad expansion project in 2023, as well as ramping up the Kucing Liar project.

我們將產生大量的自由現金流。我們預計現金流量將繼續顯著高於我們的資本支出。您會在幻燈片 13 上看到資本支出。這些與我們之前的指導基本沒有變化。我們預測 2022 年和 2023 年之間的一些抵消時間差異。我還包括 2023 年巴格達擴建項目的一些早期設備採購，以及擴大 Kucing Liar 項目。

Both of these projects are designated as discretionary projects for purposes of our available cash returns framework. We've got a tracking of the discretionary category included for your reference in the appendix. Roughly 25% of our capital spend over the next 2 years is associated with value-enhancing projects.

就我們可用的現金回報框架而言，這兩個項目都被指定為全權委託項目。我們在附錄中對包含的可自由支配類別進行了跟踪，供您參考。未來 2 年，我們大約 25% 的資本支出與增值項目有關。

These projects all have solid financial returns and operational benefits, and we'll use a portion of the 50% of free cash flow we are earmarking for organic investments toward these discretionary projects. I'll also note, and you'll see this in the slide, we've got a large decrease in spend on the Grasberg Block Cave and Deep MLZ from 2022 to 2023, totaling $500 million.

這些項目都具有可觀的財務回報和運營效益，我們將使用我們指定用於有機投資的 50% 自由現金流的一部分，用於這些可自由支配的項目。我還要注意，您會在幻燈片中看到這一點，從 2022 年到 2023 年，我們在 Grasberg Block Cave 和 Deep MLZ 上的支出大幅減少，總計 5 億美元。

So as those projects are being fully developed, we'll see our planned capital expenditures coming down. The next slide, we provide an update on our activities for the smelter. We were engaged in detailed engineering and procurement and early construction activities are advancing with pilings and concrete installation.

因此，隨著這些項目的全面開發，我們將看到我們計劃的資本支出下降。下一張幻燈片，我們提供了冶煉廠活動的最新信息。我們從事詳細的工程和採購，早期的建設活動正在推進打樁和混凝土安裝。

We've got about 2,000 workers now on site, and that will grow to over 10,000 workers next year. We've got some updated photos for your reference in the appendix. And as we've been talking about for some time, this project is important for PT Freeport Indonesia and the Indonesian government. We are focused on completing the project as efficiently and timely as possible.

我們現在有大約 2,000 名工人在現場，明年將增加到 10,000 多名工人。我們在附錄中有一些更新的照片供您參考。正如我們一段時間以來一直在談論的那樣，這個項目對於 PT Freeport Indonesia 和印度尼西亞政府來說非常重要。我們專注於盡可能高效、及時地完成項目。

Richard mentioned the successful bond offering we did earlier this month, raised $3 billion to support the cost of the smelter, long-term financing, average duration of roughly 14 years and an average cost of 5.4%. Richard mentioned the investor response, it was very positive and reflects the strength of PT-FI's underlying business.

理查德提到我們本月早些時候成功發行債券，籌集了 30 億美元來支持冶煉廠的成本、長期融資、平均期限約為 14 年，平均成本為 5.4%。 Richard提到了投資者的反應，非常積極，反映了PT-FI基礎業務的實力。

The cost of this financing is largely offset by a phaseout of the 5% export duty. So the economic impact of the smelter is not material. Turning to the balance sheet. It's a core focus of ours and has been for the last several years. We've made meaningful progress in reducing our debt and our whole financial policy is centered around maintaining a strong balance sheet.

這筆融資的成本在很大程度上被逐步取消 5% 的出口關稅所抵消。因此，冶煉廠的經濟影響並不重大。轉向資產負債表。這是我們的核心焦點，過去幾年一直如此。我們在減少債務方面取得了有意義的進展，我們的整個財務政策都以維持強勁的資產負債表為中心。

We reduced our debt just over the last 12 months by nearly $4 billion, and our EBITDA continues to grow. Our free cash flow is significant, as you've seen, with growing volumes, positive markets and low capital requirements. We are in a fantastic position to execute the strategy of maintaining a strong balance sheet, investing in our long-term future and returning substantial cash to shareholders.

在過去的 12 個月裡，我們的債務減少了近 40 億美元，我們的 EBITDA 繼續增長。正如您所見，我們的自由現金流量很大，因為交易量不斷增長、市場積極且資本要求低。我們處於執行維持強勁資產負債表、投資於我們的長期未來並向股東返還大量現金的戰略的絕佳位置。

Last slide that we'll cover is a summary of the financial policy. On Slide 16, we show a scorecard of our shareholder returns. Those have increased meaningfully with a period of strong execution and balance sheet improvement. We began implementing the Board-authorized performance payout policy in November of last year. The combination of our share purchase program with dividends are designed to distribute 50% of our cash flow after capital expenditures, excluding the smelter investments and discretionary projects.

我們將介紹的最後一張幻燈片是財務政策的摘要。在幻燈片 16 上，我們展示了股東回報的記分卡。隨著一段強有力的執行和資產負債表的改善，這些都顯著增加。我們於去年 11 月開始實施董事會授權的績效支付政策。我們的股票購買計劃與股息相結合旨在分配我們資本支出後現金流的 50%，不包括冶煉廠投資和全權委託項目。

Since November of 2021, when we began to implement the program, we've utilized about 1/3 of the authorized $3 billion share purchase program. We've purchased 27 million shares, common stock at an average cost of just under $42 per share. We also have a variable dividend component in our common stock dividends for 2022. This is double the base dividend and the first payment at this higher rate was made in the first quarter of this year.

自 2021 年 11 月開始實施該計劃以來，我們已使用了約 1/3 的授權 30 億美元股票購買計劃。我們以每股略低於 42 美元的平均成本購買了 2700 萬股普通股。我們在 2022 年的普通股股息中也有可變股息部分。這是基本股息的兩倍，並且在今年第一季度以更高的利率支付了第一筆款項。

Our Board will have the opportunity to consider additional actions as we progress the program further. I mentioned in the first quarter alone, returns to shareholders totaled nearly $800 million. With a continuation of favorable market conditions, solid execution of our plans, we expect shareholder returns to continue to be strong.

隨著我們進一步推進該計劃，我們的董事會將有機會考慮採取其他行動。我僅在第一季度就提到，股東回報總額接近 8 億美元。隨著有利的市場條件的持續，我們計劃的穩健執行，我們預計股東回報將繼續強勁。

As Richard mentioned, we have exceptional opportunities in our business. As a team, we are meeting the challenges and embracing the opportunities. Our future is very bright, and we at Freeport are electrifying the future, and we're going to do this responsibly, reliably and relentlessly.

正如理查德所說，我們在業務中擁有非凡的機會。作為一個團隊，我們正在迎接挑戰並擁抱機遇。我們的未來非常光明，我們在自由港正在使未來充滿活力，我們將負責任地、可靠地、堅持不懈地做到這一點。

So that's a summary of our quarter and outlook. And now we'd like to take your questions.

這就是我們季度和展望的總結。現在我們想回答你的問題。

(Operator Instructions) Your first question comes from the line of Chris LaFemina with Jefferies.

（操作員說明）您的第一個問題來自 Chris LaFemina 和 Jefferies。

Question about, Kathleen, you mentioned the sensitivities and every $0.25 per pound change in copper is about $1 billion in annualized EBITDA. But then on the slide where you show the new 2022 cost guidance, I think it's a $0.09 per pound increase in guidance. And you said that there was a $0.25 per pound increase in your price assumption when you derive that guidance.

關於問題，凱瑟琳，你提到了敏感性，每磅銅每 0.25 美元的變化約為 10 億美元的年化 EBITDA。但是在你展示新的 2022 年成本指導的幻燈片上，我認為每磅的指導增加了 0.09 美元。您說當您得出該指導時，您的價格假設每磅增加 0.25 美元。

So the question is, if we think about changes in the copper price, should we assume that a $0.25 increase in the price fully translates into that $1 billion of EBITDA? Or do we need to adjust that for some sort of cost increase as well? And if we do, how much of a cost increase should we expect to reach $0.25? In other words, is that $0.09 per pound increase in costs associated with the 25% increase in price, kind of the way we should think about cost and prices moving together? I'm not sure if that question makes sense, but I'm just trying to understand the sensitivity to prices and costs.

所以問題是，如果我們考慮銅價的變化，我們是否應該假設價格上漲 0.25 美元完全轉化為 10 億美元的 EBITDA？或者我們是否也需要針對某種成本增加進行調整？如果我們這樣做了，我們預計會增加多少成本達到 0.25 美元？換句話說，每磅 0.09 美元的成本增加是否與 25% 的價格上漲相關，這是我們應該考慮成本和價格一起變動的方式嗎？我不確定這個問題是否有意義，但我只是想了解對價格和成本的敏感性。

Yes. We understand the question. The sensitivities that we show are just in terms of the copper price without having changes in input prices. I think right now, what we're seeing is increases that are unusual, correlations that are unusual. Energy prices have risen in some of these other commodities like sulfuric acid and the explosives and things like that, all reflecting kind of a geopolitical situation.

是的。我們理解這個問題。我們所展示的敏感性僅針對銅價，而輸入價格沒有變化。我認為現在，我們看到的是不尋常的增長，不尋常的相關性。其他一些商品的能源價格上漲，例如硫酸和炸藥等，都反映了地緣政治局勢。

I don't think the long-term trends, if you look at the correlation between copper prices and some of these inputs, are as dramatic as what we're seeing this year. Time will tell, we'll see, but we don't expect to see these kinds of $0.09 increases for $0.25 move in copper prices. It will depend on, obviously, the fundamentals of each commodity.

如果你看一下銅價與其中一些投入之間的相關性，我認為長期趨勢不會像我們今年看到的那樣引人注目。時間會證明一切，我們會看到，但我們預計不會看到銅價上漲 0.25 美元而上漲 0.09 美元。顯然，這將取決於每種商品的基本面。

But right now, some of the commodities are moving in a direction differently on a short-term basis because of what we're seeing in the Russia-Ukraine situation.

但目前，由於我們在俄羅斯-烏克蘭局勢中看到的情況，一些大宗商品在短期內正朝著不同的方向發展。

And just a follow-up to that. And going back to the China cycle, obviously, many years ago, but was the cost inflation that you saw then very different from what you're seeing today? In other words, do you think that the war is having a disproportionate impact on cost inflation today? Or are we just seeing generally typical cost inflation that we get in bull markets and commodities?

這只是一個後續行動。回到中國周期，很明顯，很多年前，你當時看到的成本膨脹與你今天看到的有很大不同嗎？換句話說，您是否認為戰爭對今天的成本膨脹產生了不成比例的影響？還是我們只是看到牛市和大宗商品中普遍存在的典型成本膨脹？

Well, if you go back, I'll talk about 3 years of copper demand, when copper was correlated to industrial production before China emerged in roughly 2003 as the China era, and now we're in a new era of copper prices, it's been various factors.

好吧，如果你回過頭來，我會談談 3 年的銅需求，當時銅與工業生產相關，然後中國大約在 2003 年作為中國時代出現，現在我們處於銅價的新時代，它是是各種因素。

Back when copper was cyclical and driven by industrial production in the developed world, there was a correlation between prices. But then when China emerged and copper prices went from a dip below $0.70 and went to $4 in a short period of time when nobody was expected, there wasn't a correlation with prices.

早在銅是周期性的並受發達國家工業生產驅動的時候，價格之間就存在相關性。但隨後，當中國出現時，銅價從跌破 0.70 美元並在沒有人預料到的短時間內跌至 4 美元時，與價格沒有相關性。

Today, it is affected by the dislocations caused by Russia and the situation in Ukraine, particularly with oil and gas prices, I mean, and you'll just have to reach your own judgment of how sustainable that is or how much is the impact of the current situation. But there are other commodities, it's having an impact on copper prices, but Russia was a relatively small producer of copper globally of 3%, 4% and regionally affected markets and the market is so tight, it has an impact, but other commodities are being more effective than copper.

今天，它受到俄羅斯造成的混亂和烏克蘭局勢的影響，尤其是石油和天然氣價格，我的意思是，你只需要自己判斷這種情況的可持續性或影響有多大。目前的情況。但還有其他大宗商品，它對銅價產生影響，但俄羅斯是一個相對較小的銅生產國，佔全球 3%、4% 和區域性市場，市場如此緊張，它有影響，但其他大宗商品是比銅更有效。

And as I said, many of these things, I believe, are transitory. So we're taking steps where we can to control prices. Copper prices are rising faster than cost for us. So our profitability is growing, and we're encouraged about that continuing into the future.

正如我所說，我相信其中許多事情都是暫時的。因此，我們正在採取措施控制價格。對我們來說，銅價上漲的速度快於成本。因此，我們的盈利能力正在增長，我們對這種情況持續到未來感到鼓舞。

Yes, our diesel costs that we went into the year with our plan of roughly $2.50 a gallon. We've increased that in this most recent guidance by about 40%. And normally, we would not see that kind of dislocation. And when we look at the long-term trends of diesel prices and copper prices, we normally wouldn't see that.

是的，我們計劃今年的柴油成本約為每加侖 2.50 美元。我們在最近的指南中將其提高了約 40%。通常，我們不會看到這種錯位。而當我們觀察柴油價格和銅價的長期趨勢時，我們通常不會看到這一點。

So same holds for some of the fertilizers and ammonia nitrate, the product we use for explosives, has gone up a lot, as sulfuric acid has as well. And we believe a lot of those are up just generally because of commodity prices, but the Ukraine and Russia situation has exacerbated some of that. So we don't see it as a long-term cost in our structure at those levels.

因此，我們用於炸藥的一些化肥和硝酸氨也漲了很多，硫酸也漲了很多。我們認為，其中很多價格上漲只是因為大宗商品價格，但烏克蘭和俄羅斯的局勢加劇了其中的一部分。因此，我們不認為這是我們在這些級別結構中的長期成本。

Your next question comes from the line of Emily Chieng with Goldman Sachs.

您的下一個問題來自高盛的 Emily Chieng。

My first question is a little bigger picture in nature and related to how you're thinking about growth. Perhaps how have increasing steel costs, raw materials, consumables and labor change, the business case, if at all, when you think about sanctioning brownfield and greenfield production longer term?

我的第一個問題是自然界的更大圖景，與你如何看待增長有關。當您考慮長期批准棕地和綠地生產時，也許鋼鐵成本、原材料、消耗品和勞動力的增加，商業案例（如果有的話）發生了怎樣的變化？

Emily, those really aren't driving factors on our investment decisions. The resources that we have are just economically not that sensitive to even these kind of price increases. So we -- our timing issue on the brownfield development projects is, one related to engineering and permitting and community relations and things like that.

艾米麗，這些真的不是我們投資決策的驅動因素。即使是這種價格上漲，我們所擁有的資源在經濟上也不是那麼敏感。所以我們 - 我們關於棕地開發項目的時間問題是與工程和許可以及社區關係等相關的問題。

These are things that affect supply development across the industry, and it's a double-edged sword of copper. It's a major factor of why copper prices are so strong. So we'll factor in the higher prices, but when we undertake a project, the investment decision is not going to be driven by those factors, but by others. For example, in Chile, we're awaiting making investment decision on El Abra, which is a great project, but there's a lot of uncertainties about the government policy towards mining in Chile. And so that's what we're monitoring before we make -- proceed with an investment decision there.

這些都是影響整個行業供應發展的因素，是一把雙刃劍。這是銅價如此強勁的一個主要因素。所以我們會考慮更高的價格，但是當我們承接一個項目時，投資決策不會受到這些因素的驅動，而是由其他因素驅動。例如，在智利，我們正在等待對 El Abra 做出投資決定，這是一個很棒的項目，但智利政府對礦業的政策存在很多不確定性。這就是我們在做出之前要監控的內容——在那裡進行投資決策。

And Emily, the leaching opportunity that we have, we don't have exposure to steel and structural costs for that opportunity. And that's why we're really pushing that with a sense of urgency because that really is very low capital intensity and operating cost intensity that will translate right to our bottom line if we can crack that code.

艾米麗，我們擁有的浸出機會，我們沒有為這個機會承擔鋼鐵和結構成本。這就是為什麼我們真的以緊迫感推動它，因為這確實是非常低的資本密集度和運營成本密集度，如果我們能夠破解該密碼，這將直接轉化為我們的底線。

So it's the equivalent of bringing on a new mine without having all the capital costs. So that is -- that would be a really, really strong thing for us as a company if we can continue to advance the leaching opportunity.

所以這相當於在沒有所有資本成本的情況下引進一個新礦。因此，如果我們能夠繼續推進浸出機會，這對我們公司來說將是一件非常非常強大的事情。

And on position, how well positioned Freeport is to take advantage of that -- those advancements. We're the largest leaching operation in the world. Morenci is the largest single mine from leaching, and it's been part of our company's experience for decades. So we're really excited about it.

在位置上，自由港在利用這一點方面的優勢如何——這些進步。我們是世界上最大的浸出廠。 Morenci 是最大的浸出礦，幾十年來一直是我們公司經驗的一部分。所以我們對此感到非常興奮。

Great. That makes a lot of sense. And just real quick, if I can follow up on labor markets? And I appreciate any color that you have on the labor cost component than some of that might be higher profit sharing. But anything that you can share on the workforce outlook or labor availability would be helpful. I'll leave it at that.

偉大的。這很有意義。真的很快，如果我能跟進勞動力市場？我很欣賞你在勞動力成本部分上的任何顏色，而不是其中一些可能是更高的利潤分享。但是，您可以分享的有關勞動力前景或勞動力可用性的任何信息都會有所幫助。我就這樣吧。

Well, thanks, Emily, and I'll let Kathleen follow up. But we do have a special situation with our large workforce in Peru, where under government laws and regulations, there is a mandated profit-sharing plan. And so as profits goes up, their workers automatically benefit in higher wages as part of that process. But Kathleen, why don't you follow up generally on labor cost elsewhere?

嗯，謝謝，Emily，我會讓 Kathleen 跟進。但我們在秘魯的龐大勞動力確實有一個特殊情況，根據政府法律和法規，有一個強制性的利潤分享計劃。因此，隨著利潤的增加，作為該過程的一部分，他們的工人會自動獲得更高的工資。但是凱瑟琳，你為什麼不普遍跟進其他地方的勞動力成本？

Yes. The main thing that we're experiencing, Emily, in terms of labor is really focused more in the U.S., the main issue. We -- it's a very competitive job environment, as you've seen. We've got significant job openings in our U.S. operations. We've been supplementing our workforce with outside contractors to help us with projects and capacity assurance.

是的。艾米麗，在勞動力方面，我們正在經歷的主要事情實際上更多地集中在美國，這是主要問題。我們——正如你所見，這是一個競爭非常激烈的工作環境。我們在美國的業務有大量職位空缺。我們一直在通過外部承包商來補充我們的員工隊伍，以幫助我們進行項目和能力保證。

And so really, you're seeing more utilization of contractors right now. But we have made some progress in hiring in the first quarter. We've been -- and have had a number of openings for several months, and we're starting to make progress in the first quarter and getting these positions filled. So -- but I'd say it's more a matter of tightness in terms of availability of people as opposed to really big increases in wage rates.

所以真的，你現在看到更多的承包商使用。但我們在第一季度的招聘方面取得了一些進展。幾個月來，我們已經 - 並且已經有許多職位空缺，我們在第一季度開始取得進展並填補這些職位。所以 - 但我會說這更多的是人員可用性方面的緊張問題，而不是工資率的真正大幅增長。

We have increased our wage rates, and we've provided some supplements and incentives for people. But the main thing has been we've had to use higher price contractors until we get all these positions filled. We aren't seeing the same kind of issues in Indonesia. And Richard mentioned, the Peru impacts with profit sharing.

我們提高了工資率，並為人們提供了一些補充和激勵措施。但最主要的是，在我們填補所有這些職位之前，我們不得不使用價格更高的承包商。我們在印度尼西亞沒有看到同樣的問題。理查德提到，秘魯對利潤分享的影響。

We just signed a new contract labor agreement, both in Indonesia and in Peru and the labor situation there is much easier than it is in the U.S.

我們剛剛在印度尼西亞和秘魯簽署了一份新的合同勞工協議，那裡的勞工情況比美國容易得多。

Your next question comes from the line of Orest Wowkodaw from Scotiabank.

您的下一個問題來自豐業銀行的 Orest Wowkodaw。

Just following up on the outlook for costs. And specifically, I was wondering if there is a big lag impact on seeing higher cost flow through? And I don't know if that's from previous contracts that you may have for things for some of the input costs like explosives and fuel? And whether there's still, I guess, this lagging impact that we should see -- if current costs stay where they are, whether we could see a fairly significant rise in your cost base as we approach closer to the end of this year?

只是跟進成本的前景。具體來說，我想知道看到更高的成本流動是否有很大的滯後影響？而且我不知道這是否來自以前的合同，您可能擁有一些投入成本，例如炸藥和燃料？而且，我想，我們是否應該看到這種滯後影響——如果當前成本保持不變，隨著我們接近今年年底，我們是否會看到你們的成本基礎有相當大的增長？

That's really not a significant factor. I mean there may be a short-term contract that gets renegotiated. But costs -- the cost you see are essentially the current costs that we're experiencing now.

這真的不是一個重要的因素。我的意思是可能會有一份重新談判的短期合同。但是成本——你看到的成本本質上是我們現在正在經歷的當前成本。

Yes. And we -- so the outlook that you have reflects our current estimate. Each quarter, we update all of our operating plans and cost input. So what you're seeing in the latest outlook for the year is based on the market prices when we prepare this forecast just recently.

是的。我們 - 所以你的前景反映了我們目前的估計。每個季度，我們都會更新我們所有的運營計劃和成本投入。因此，您在今年的最新展望中看到的是基於我們最近準備此預測時的市場價格。

And while there's uncertainties, my expectation is we're facing kind of the height of dislocations from global supply chains to other factors. COVID shutdown in China and situation in Ukraine, so my personal expectation is rather than seeing costs going up in the future, we'll see them come down. But time will tell.

雖然存在不確定性，但我的預期是，我們正面臨從全球供應鏈到其他因素的高度錯位。中國的 COVID 關閉和烏克蘭的情況，所以我個人的期望是，與其看到未來成本上升，我們會看到它們下降。但時間會證明一切。

Your next question comes from the line of Alex Hacking from Citi.

您的下一個問題來自花旗銀行的 Alex Hacking。

Can you hear me? .

你能聽到我嗎？ .

We can.

我們可以。

Okay. Sorry. Sorry, Richard, I had a problem with my handset there. So let me just play devil's advocate on the growth side. If you look at your production profile, it does peak in 2023 with some declines in '24-'25 in Grasberg and elsewhere, Bagdad leaching opportunities, are these -- are these more of keeping the production at the current 4.5 billion pound level? Or can they really kind of generate a growth CAGR? And here, I guess I'm setting aside the multibillion dollar sulfide projects.

好的。對不起。抱歉，理查德，我的手機有問題。所以讓我在增長方面扮演魔鬼的擁護者。如果您查看您的生產概況，它確實在 2023 年達到頂峰，格拉斯伯格和其他地方的 24 至 25 年出現一些下降，巴格達的浸出機會，這些是不是更多地將產量保持在目前的 45 億磅水平？或者他們真的能產生增長的複合年增長率嗎？在這裡，我想我要擱置數十億美元的硫化物項目。

In the near term, Alex, you're right. I mean in the near term, what we've got is these leach opportunities. And like I said, it takes 7, 10 years to build a new mine. And -- so these leach opportunities really can fill in the near term.

在短期內，亞歷克斯，你是對的。我的意思是在短期內，我們所擁有的是這些浸出機會。就像我說的，建造一座新礦需要 7 年、10 年的時間。而且 - 所以這些浸出機會真的可以在短期內填補。

Longer term, we're really looking at growth coming from this big potential we have at Lone Star and also El Abra. We hadn't made a decision on El Abra yet, but that 700 million pounds-plus of new production and the Lone Star sulfide would be a meaningful amount of increase as well.

從長遠來看，我們真的在關注 Lone Star 和 El Abra 的巨大潛力帶來的增長。我們還沒有對 El Abra 做出決定，但是 7 億多磅的新產量和 Lone Star 硫化物也將是一個有意義的增長量。

But -- I mean, it's a feature of other copper market. It's very, very challenging to develop new supplies, and it takes many years to do it. We've had significant growth in 2021, again in 2022, but it's not common in our industry to see that kind of growth in copper production, and that's really what underpins the fundamental outlook for it.

但是——我的意思是，這是其他銅市場的一個特點。開發新的耗材非常非常具有挑戰性，而且需要很多年才能做到。我們在 2021 年和 2022 年實現了顯著增長，但在我們的行業中，銅產量的這種增長並不常見，而這確實是其基本面前景的基礎。

And Alex, that's 1 thing I've been trying to get across to policymakers and others who follow our industry, just about how long term the copper business is. I participated in Cambridge Energies, the CERAWeek down in Houston with oil and gas companies, and everybody was asking the oil and gas companies about the time for response to production, and they were talking about it, the executives with the energy companies were saying, "Well, it's a long-term business. It takes months to respond."

還有亞歷克斯，這是我一直試圖向政策制定者和其他關注我們行業的人傳達的一件事，關於銅業務的長期性。我參加了 Cambridge Energies，與石油和天然氣公司在休斯敦舉行的 CERAWeek，每個人都在向石油和天然氣公司詢問響應生產的時間，他們在談論這個問題，能源公司的高管們說， “嗯，這是一項長期的業務。需要幾個月的時間才能做出反應。”

And I said, "Well, copper takes years to respond." And so that's why I pointed out at Grasberg, and there was a lot of pressure on us to -- for periods of time to delay development of the Grasberg underground, as we were talking with the Government of Indonesia about our contract rights. But had we done that, we wouldn't have had this production available to us.

我說，“嗯，銅需要幾年的時間才能做出反應。”這就是我在格拉斯伯格指出的原因，我們承受著很大的壓力——在一段時間內推遲格拉斯伯格地下的開發，因為我們正在與印度尼西亞政府討論我們的合同權利。但如果我們這樣做了，我們就不會得到這個產品了。

And so what we're looking at when we talk about growth, is growth from a very long-term basis. And it's one of the reasons why we have a favorable copper price, and why, I believe copper prices are going to go higher. I mean we're seeing companies across our energy industry today being challenged with meeting their production targets.

因此，當我們談論增長時，我們所關注的是非常長期的增長。這也是我們擁有有利的銅價的原因之一，也是我相信銅價會走高的原因之一。我的意思是，我們今天看到整個能源行業的公司都面臨著滿足其生產目標的挑戰。

We've done that. But it's going -- all of that's going to be supportive of prices. And as I said, I'm really struck by having today's copper price in the kind of global market with headwinds that would normally lead to lower prices.

我們已經做到了。但它正在發展——所有這些都將支持價格。正如我所說，我對今天的銅價在全球市場上遇到的逆風通常會導致價格下跌感到震驚。

Great. And congrats on being one of the few in the copper industry that's actually hitting your production targets.

偉大的。恭喜您成為銅行業中為數不多的真正達到您的生產目標的公司之一。

Your next question comes from the line of Lawson Winder from Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Lawson Winder。

If I could maybe ask on capital allocation and M&A. One of your partners in Cerro Verde recently divested of its minority interest in another gold mine in Peru. And it just got me wondering that with Freeport, would you guys be open to increasing your interest in Cerro Verde, should the opportunity emerge? And I'm asking particularly in light of the political situation there.

如果我可以問一下資本配置和併購。您在 Cerro Verde 的一位合夥人最近剝離了其在秘魯另一座金礦的少數股權。這讓我想知道，對於 Freeport，你們是否願意增加對 Cerro Verde 的興趣，如果機會出現？鑑於那裡的政治局勢，我特別要問。

Yes. We would. It's just such a great asset. Funny historical story before the Phelps Dodge deal. I called the Phelps Dodge CEO when he sold down originally interest in Cerro Verde.

是的。我們會。這真是一筆巨大的財富。菲爾普斯道奇交易之前的有趣歷史故事。我打電話給菲爾普斯道奇的首席執行官，當時他出售了最初對 Cerro Verde 的興趣。

At a time when they needed production, and I said, "What are you doing?" I wish they had kept greater production. We got great partners. But yes, it's such a great long-term asset, and those kinds of quality of assets are really, really scarce in our business. And while that's a project that we can enhance growth at the margin, it's not a project where there's going to be a step-change change in volumes in the future. We've got some leaching opportunities there. We can be more efficient. We can overcome some of the issues that COVID has caused us, but it's just a great long-term asset with our positive view of the copper markets. We're glad we have it, and we wish we own more.

在他們需要生產的時候，我說，“你在做什麼？”我希望他們保持更大的產量。我們有很棒的合作夥伴。但是，是的，這是一項非常棒的長期資產，而這類資產質量在我們的業務中真的非常稀缺。雖然這是一個我們可以在邊際上提高增長的項目，但它不是一個未來數量會發生階梯式變化的項目。我們在那裡有一些浸出的機會。我們可以更有效率。我們可以克服 COVID 給我們帶來的一些問題，但根據我們對銅市場的積極看法，這只是一項巨大的長期資產。我們很高興我們擁有它，我們希望我們擁有更多。

Okay. That's fantastic. And if I could maybe just sneak in a follow-up question, if you don't mind? But just in terms of the total capital return this quarter, I mean it appears to be in excess of 50% of available cash flow, maybe I'm looking at available cash flow incorrectly. But I mean, if this is the case, is that something you could expect to continue going forward or just something that was sort of even out over time?

好的。這太妙了。如果我可以偷偷問一個後續問題，如果你不介意？但就本季度的總資本回報而言，我的意思是它似乎超過了可用現金流的 50%，也許我對可用現金流的看法不正確。但我的意思是，如果是這種情況，那是你可以期待繼續前進的事情，還是只是隨著時間的推移有點平淡？

Yes. We're looking at it on an annual basis, really, and we had a big working capital item in the first quarter. And so we're not varying our returns on our working capital change like that, that's not expected to continue through the year. So really, it's a -- we're looking at it as an annual, and we're having to make some estimates and that kind of thing. But it's -- we're trying to have some consistency in the share buyback program.

是的。實際上，我們每年都會查看它，並且我們在第一季度有一個很大的營運資金項目。因此，我們不會像那樣改變營運資本變化的回報，預計這種情況不會持續到今年。所以真的，這是一個 - 我們將其視為年度，我們必須做出一些估計和類似的事情。但它 - 我們正試圖在股票回購計劃中保持一定的一致性。

Yes. And the facts are because of these time challenges in pursuing investments with strong copper prices, cash is going to come in faster than it's going to go out. So that's something our Board is going to have -- will be considering going forward. And the 50% was a guidance for investors to understand what our thinking is, but it's not any sort of fixed in stone situation.

是的。事實是，由於在銅價強勁的情況下進行投資面臨這些時間挑戰，現金流入的速度將快於流出的速度。這就是我們的董事會將要擁有的東西——將考慮向前發展。 50% 是指導投資者了解我們的想法，但它不是固定不變的。

Your next question comes from the line of Abhi Agarwal from Deutsche Bank.

您的下一個問題來自德意志銀行的 Abhi Agarwal。

My first question is on Peru. So Peru is seeing a significant upheaval right now across several mines. Cerro Verde has been immune, thankfully, over the last 12 months or so. Have you seen any signs of disturbance at Cerro Verde given what's happened more recently?

我的第一個問題是關於秘魯的。因此，秘魯目前正在經歷幾座礦山的重大動盪。謝天謝地，在過去 12 個月左右的時間裡，Cerro Verde 一直免疫。鑑於最近發生的事情，您是否在 Cerro Verde 看到任何騷亂跡象？

No, not really. We've worked really hard with the local community in Arequipa and have established a positive relationship. We did some really important things in terms of community investment over the years. We built a freshwater system for the city and second largest city in Peru.

不，不是。我們與阿雷基帕的當地社區非常努力，並建立了積極的關係。多年來，我們在社區投資方面做了一些非常重要的事情。我們為該市和秘魯第二大城市建造了淡水系統。

And then we developed a -- for a city that didn't have -- that was just dumping its wastewater into the River Chile, we developed a wastewater collection and processing facility. And so the ecology of the river has really improved, which has been very positive in many levels with agriculture interest and so forth.

然後我們開發了一個 - 對於一個沒有的城市 - 只是將廢水傾倒到智利河中，我們開發了一個廢水收集和處理設施。所以河流的生態確實得到了改善，這在農業利益等許多層面上都是非常積極的。

So we've done a lot. We pay people well. We managed through COVID effectively, and it was challenging. But fortunately, we have a really positive relationship with the local community, and we work hard to preserve that.

所以我們做了很多。我們付錢給人們。我們有效地通過了 COVID 進行了管理，這具有挑戰性。但幸運的是，我們與當地社區有著非常積極的關係，我們努力保持這種關係。

If I could sneak in another one? So this is a question on the new leach technologies, which you and Kathleen discussed. You mentioned that it was -- it's very low capital intensity, which is great to hear. But the question I have is, in your view, how easy it is to implement it across other operations owned by other mining companies and a bit of a long shot here, but how much do you think it could increase overall production by globally?

如果我可以偷偷溜進去另一個？所以這是一個關於新浸出技術的問題，你和凱瑟琳討論過。你提到它是 - 這是非常低的資本密集度，很高興聽到。但我的問題是，在您看來，在其他礦業公司擁有的其他業務中實施它有多容易，而且在這裡有點遠見，但您認為它可以在全球範圍內增加多少整體產量？

Well, we're advancing. It's still early days. We're working with a group of different technologies. Some of it's proprietary, some of it's with outside contractors and some is in joint ventures with other companies in Latin America. So we're excited about it. But we haven't yet been able to forecast of what we believe will ultimately be a significant incremental production.

嗯，我們在前進。現在還為時尚早。我們正在使用一組不同的技術。其中一些是專有的，一些是與外部承包商合作的，還有一些是與拉丁美洲其他公司的合資企業。所以我們對此感到興奮。但是我們還不能預測我們認為最終將是一個顯著的增量生產。

Kathleen mentioned 200 million pounds a year is a target we're currently working for, that's focused on our existing active leach stacks. But there's other opportunities if this works, as we anticipate it would with some old historical inactive leach stacks and potentially be an alternative to investments in concentrators to process sulfide ores.

Kathleen 提到每年 2 億英鎊是我們目前正在努力實現的目標，重點是我們現有的活動浸出堆。但如果這種方法可行，還有其他機會，正如我們預期的那樣，它會與一些歷史悠久的非活動浸出堆一起使用，並可能成為投資選礦廠處理硫化礦石的替代方案。

So it's -- I get pumped up when I talk with our technical team about it, and they brief me on what's going on because of the excitement they're expressing. But we'll keep you informed, keep the market informed, as we're able to get more visibility about incremental production.

所以——當我與我們的技術團隊談論這件事時，我很興奮，他們向我簡要介紹了正在發生的事情，因為他們表達了興奮。但我們會隨時通知您，隨時了解市場，因為我們能夠獲得更多關於增量生產的可見性。

Your next question comes from the line of Carlos De Alba from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Carlos De Alba。

So a question is for me on Grasberg. I know that the changes weren't that significant, but if you could give us a bit more color on the sequence of changes that you guys experience in -- or that you project now in Grasberg, that would be great? And also, if you could comment if this might impact in any way your costs outlook or profile for the operation and therefore for the company?

所以我有一個關於 Grasberg 的問題。我知道這些變化並沒有那麼重要，但如果你能給我們更多關於你們經歷的變化序列的顏色 - 或者你現在在格拉斯伯格項目，那會很棒嗎？此外，您是否可以評論這是否會以任何方式影響您的成本前景或運營概況，從而影響公司？

No, these are just normal mine plan adjustments that come up as conditions change. When you look at the numbers from Grasberg, it looks like it's almost like an assembly line process, but we're constantly dealing with changes in geology and other conditions. But there's nothing unusual there, and it's certainly nothing that has a fundamental change in the low-cost operations there.

不，這些只是隨著條件變化而出現的正常礦山計劃調整。當您查看來自 Grasberg 的數據時，它看起來就像一個流水線過程，但我們一直在處理地質和其他條件的變化。但那裡並沒有什麼不尋常的地方，而且那裡的低成本運營也沒有什麼根本性的變化。

Mark Johnson is on the line, and he's our longtime head of operations there at Grasberg. And Mark, why don't you make a comment in response to this question.

馬克·約翰遜（Mark Johnson）已上線，他是我們在 Grasberg 的長期運營主管。馬克，你為什麼不對這個問題發表評論。

Yes, Richard, I think you addressed it pretty well. More specifically, in 2023, this little bit of a swap in metal production '23 to '24 was primarily due to Deep MLZ, where we continue to learn and apply the deposit-specific cadence parameters.

是的，理查德，我認為你處理得很好。更具體地說，在 2023 年，金屬生產 '23 到 '24 的這一點點交換主要是由於 Deep MLZ，我們繼續學習和應用特定於礦床的節奏參數。

And what we ended up doing is slowing down the cave advance a little bit going to the west, and that deferred a little bit of higher-grade metal from 2023 into 2024 and 2025. At the same time, we were able to increase our milling rate and the additional tons at the mills allows the mines to ramp up. And so that more or less offset any of the change that we made at Deep MLZ.

我們最終做的是稍微減緩向西移動的洞穴推進速度，這將一些高級金屬從 2023 年推遲到 2024 年和 2025 年。同時，我們能夠增加我們的銑削率和工廠的額外噸位使礦山得以增加。因此，這或多或少抵消了我們在 Deep MLZ 所做的任何改變。

All right. Excellent. And then just on Cerro Verde, if I may, very quickly. When do you expect that you might get back to the 1 billion pound level of production? .

好的。優秀的。然後就在 Cerro Verde，如果可以的話，很快。您預計什麼時候可以恢復到 10 億磅的生產水平？ .

We're getting close to that this year. And next year, we expect to be -- and it changes modestly on the margin with grades, but we're getting close to the 1 billion pound mark this year, and we'll be there next year.

今年我們正在接近這一點。明年，我們預計會 - 它會隨著成績的變化而適度變化，但今年我們將接近 10 億英鎊大關，明年我們將達到目標。

We did -- in terms of the gold at Grasberg, we did experience some higher recoveries in the first quarter of this year, and we've increased our gold volumes slightly for the year for 2022. We haven't incorporated any of these increases in the out years. And so we do potentially have some benefits for gold as we look forward that we haven't incorporated, but we'll have to see how the experience goes as we go through this year.

我們做到了——就 Grasberg 的黃金而言，我們確實在今年第一季度經歷了一些更高的複蘇，並且我們在 2022 年略微增加了我們的黃金交易量。我們沒有納入任何這些增長在過去的幾年裡。因此，我們確實可能會為黃金帶來一些好處，因為我們期待我們尚未納入，但我們必須看看今年的經驗如何。

Next question comes from the line of Michael Dudas from Vertical Research Partners.

下一個問題來自 Vertical Research Partners 的 Michael Dudas。

Welcome, Maree. You're going to get this fun going forward. And Kathleen is not too quick to pass on. Anyway, so Richard, I was -- as you mentioned in your prepared remarks, the market price for copper is not listening investment demand or the supply response that I think you would have suspected other cycles.

歡迎，瑪麗。你會在未來獲得這種樂趣。凱瑟琳也不會很快傳下去。無論如何，理查德，我是——正如你在準備好的評論中提到的，銅的市場價格不是傾聽投資需求或供應反應，我認為你會懷疑其他週期。

I just want -- and you talked about some of the issues, but given that it's not just copper, but other metals, given the expectations on EV and net 0 is booming, it appears that mining investment may be constrained across the board, which is going to keep the pressure on pricing, how best to the market to signal to get more confidence in the marketplace if the price isn't similar and left out?

我只是想 - 你談到了一些問題，但考慮到不僅是銅，還有其他金屬，鑑於對 EV 和淨 0 的預期正在蓬勃發展，礦業投資似乎受到全面限制，這將保持定價壓力，如果價格不相似並被排除在外，如何最好地向市場發出信號以增強市場信心？

Well, I mean, there's just -- things are just piling up that's adding to the supply constraints. I mean that's a story 20 years ago when China emerged, there was a general expectation that there would be a major supply response, as there always had been in copper before that. But then people started looking hard, and it's been going on for 20 years now.

嗯，我的意思是，只是 - 事情只是堆積起來，增加了供應限制。我的意思是，這是 20 年前中國出現時的故事，人們普遍預期會有重大的供應反應，就像在此之前一直存在的銅一樣。但後來人們開始努力尋找，現在已經持續了 20 年。

Copper has been at the top of the strategic objectives of the major mining companies ever since then. And it's a combination of geology, the quality of deposits are much, much lower than they were before. They're in much more challenging jurisdictions. Often, their grades are lower, many are underground, and so that's been a factor that's overriding everything.

從那時起，銅一直處於主要礦業公司戰略目標的首位。而且這是地質的結合，礦床的質量比以前低得多。他們處於更具挑戰性的司法管轄區。通常，他們的成績較低，很多都在地下，所以這是壓倒一切的因素。

And now with 40% of the copper coming from Chile and Peru and those companies -- countries going through political discussions about the direction of how they're going to be treating the industry, that's clearly a factor that's out there. And as things get delayed because of the amount of time that requires to develop even a straightforward project like this mill project, we have at Bagdad, that is about as simple project as you could have, but it's taken several years to get engineering and permit.

現在有 40% 的銅來自智利和秘魯以及這些公司——這些國家正在就他們將如何對待該行業的方向進行政治討論，這顯然是一個因素。由於即使是像這個工廠項目這樣簡單的項目都需要大量時間來開發，所以事情被推遲了，我們在巴格達有，這是您可以擁有的最簡單的項目，但需要幾年時間才能獲得工程和許可.

It's just a question of building a new mill, building some tailings facilities. I mean there's nothing really that complicated. But when you start looking at projects that are really complicated, that are really in challenging jurisdictions, you can see around the world, communities opposing new developments, while we benefit in the U.S. because ours are brownfield, and we have good relationships with communities that we worked hard to keep, people who are trying to build new mines in the U.S. are running into really serious delays and sometimes brick walls about not being able to go forward.

這只是建造一個新工廠，建造一些尾礦設施的問題。我的意思是沒有什麼真的那麼複雜。但是，當您開始研究非常複雜的項目時，您會看到世界各地的社區反對新的發展，而我們在美國受益，因為我們是棕地，我們與社區建立了良好的關係我們努力保持，試圖在美國建造新礦山的人們遇到了非常嚴重的延誤，有時甚至因為無法前進而陷入困境。

So these things are just pyramiding and absent some really significant global economic event, I'm just hard-pressed to see where we're not heading for an environment of where copper prices are going to be very high. And there's going to be real challenges as people try to substitute, get more scrap, develop new projects. All of those things have barriers. So as I said at the start, I'm really confident about our strategy of being a copper company. And I think we're really well suited to benefit for our stakeholders by being good at execution, as we've shown; by being focused; by doing things the right way; by building relationships.

所以這些事情只是在堆積，沒有一些真正重要的全球經濟事件，我很難看出我們不會走向銅價將非常高的環境。當人們試圖替代、獲得更多廢料、開發新項目時，將會面臨真正的挑戰。所有這些事情都有障礙。所以正如我一開始所說，我對我們成為一家銅公司的戰略非常有信心。正如我們所展示的，我認為我們非常適合通過善於執行來為我們的利益相關者受益；通過專注；以正確的方式做事；通過建立關係。

We mentioned Peru, same way in the U.S., same way in Indonesia. We learned long ago, and our experience in coming up and developing the Grasberg in Indonesia was you cannot turn a blind eye to the local people. You have to give them jobs, opportunities, benefits, and so we've learned those lessons and it's paying off for us. And I think it will continue to pay off for us.

我們提到了秘魯，在美國也是如此，在印度尼西亞也是如此。我們很久以前就知道，我們在印度尼西亞提出和開發 Grasberg 的經驗是，你不能對當地人視而不見。你必須給他們工作、機會、福利，所以我們已經吸取了這些教訓，這對我們來說是有回報的。我認為它將繼續為我們帶來回報。

Your last question comes from the line of Alex Terentiew from Stifel.

您的最後一個問題來自 Stifel 的 Alex Terentiew。

I just wanted to circle back on some of these -- the growth options here. In particular, the Lone Star and El Abra, sulfides. I know these are long lead time projects. But is there any way you can kind of just lay out for us the time line or schedule? Or another way, is there any way you can kind of see these coming into production, say, within a decade?

我只是想回過頭來談談其中的一些——這裡的增長選擇。特別是 Lone Star 和 El Abra，硫化物。我知道這些都是很長的交付週期項目。但是有什麼方法可以為我們安排時間線或時間表？或者另一種方式，你有什麼辦法可以看到這些產品在十年內投入生產？

And then also, you talked about El Abra 700 million pounds, I know the oxide is currently being mined effectively like a pre-strip. But do you think that -- would you have some overlap with the oxide leach and the sulfides or would it just basically transition to a sulfide operation?

然後，您還談到了 El Abra 7 億英鎊，我知道氧化物目前正在像預帶一樣有效地開採。但是你認為 - 你會與氧化物浸出和硫化物有一些重疊，還是它只是基本上過渡到硫化物操作？

Yes. Well, El Abra and Lone Star are different. And when we acquired Phelps Dodge 15 years ago, El Abra was viewed as a declining short-term asset. And it was through our exploratory drilling that we discovered there is large sulfide deposit, and it's very large, but it's at altitude, it requires desalinization, energy and so forth. So it would be an expensive project, but certainly one that would be economic with today's and current prices.

是的。嗯，El Abra 和 Lone Star 是不同的。而當我們 15 年前收購 Phelps Dodge 時，El Abra 被視為一種下降的短期資產。並且通過我們的勘探鑽探，我們發現這裡有很大的硫化物礦床，而且很大，但是在海拔高度，需要脫鹽、能源等等。所以這將是一個昂貴的項目，但以今天的價格和當前的價格肯定是經濟的。

And so it's just a question of seeing what Chile does and then doing all the work we have to do to get ready for it. The stripping side of things, and I'll let Josh say a couple of comments about it, is really what's happening at Lone Star, which is adjacent to our historical Safford mine just across the mountain ridge from Morenci. And again, a place where we have great community support to do what we're doing.

所以這只是一個看看智利做了什麼然後做我們必須做的所有工作來為它做好準備的問題。事情的剝離方面，我會讓喬希說幾句評論，這確實是在孤星發生的事情，它毗鄰我們歷史悠久的薩福德礦，就在莫倫奇山脊對面。再說一次，在這個地方，我們有強大的社區支持來做我們正在做的事情。

But there, we are expanding this oxide production, and it's serving as a stripping towards a sulfide resource that we're continuing to evaluate and sort through how to development. The 10-year -- Josh, why don't you make a couple of comments about it?

但是在那裡，我們正在擴大這種氧化物的生產，並將其作為對硫化物資源的剝離，我們正在繼續評估和整理如何開發。十年——喬希，你為什麼不對它發表一些評論？

I'll just comment on the portfolio there, just on the concurrent, we could have concurrent leach for a period of time at the El Abra alongside of the concentrating same as Lone Star. We have that in many of our operations, including Morenci, where we have concurrent leach operations and concentrating operations. And yes, to answer your question, these projects could be within the decade. But it takes a very long time as we've all been talking about on this call. Sorry to interrupt. Go ahead, Josh.

我只是對那裡的投資組合發表評論，就在同時，我們可以在 El Abra 與 Lone Star 一樣集中在一段時間內同時進行浸出。我們在許多業務中都有這種情況，包括 Morenci，我們同時進行浸出操作和濃縮操作。是的，回答你的問題，這些項目可能在十年內完成。但這需要很長時間，因為我們在這次電話會議上一直在談論。抱歉打擾了。來吧，喬希。

Good morning, everybody. Just a few additional comments. I think Kathleen touched on it. I think we can get those projects would be able to be done within a decade, depending obviously on timing with respect to El Abra. As far as Lone Star, as you indicated in your question, the oxide stripping -- the oxide mining is really functioning as a stripping for the sulfide. One of the things that we continue to discover as we do additional drilling at Lone Star is that ore body is -- what I would classify as while not the same as Morenci, is going to be a district similar to Morenci in the sense that it will be a combination of leaching and milling sulfides as it goes forward and gets put into place.

大家早上好。只是一些額外的評論。我認為凱瑟琳談到了這一點。我認為我們可以讓那些項目能夠在十年內完成，這顯然取決於 El Abra 的時間安排。就孤星而言，正如您在問題中指出的那樣，氧化物剝離 - 氧化物開採實際上起到了硫化物剝離的作用。當我們在 Lone Star 進行額外鑽探時，我們繼續發現的一件事是礦體——我將其歸類為雖然與莫倫奇不同，但將是一個類似於莫倫奇的地區，因為它將是浸出和碾磨硫化物的組合，因為它向前推進並到位。

And so it would be a concurrent thing, concurrent operation and production of both, it wouldn't be a pure oxide then transitioning to a pure sulfide, but rather an ongoing combination of the 2, which will allow us to really maximize the value of the resource and the pounds on an annual basis.

所以這將是一個同時發生的事情，同時運行和生產兩者，它不會是一個純氧化物然後轉變為一個純硫化物，而是一個持續的組合 2，這將使我們真正最大化價值每年的資源和英鎊。

Now we will turn the call over to management for any closing remarks.

現在，我們將把電話轉給管理層，以獲取任何結束語。

All right. Well, thanks, everybody, for your interest, and I'll just close and say I hope to see both Lone Star and El Abra's projects get kicked off. So that will give you some time frame on it. And we are really proud of our team and really feel good about where we are and where we're going. So thank you for your interest, and we look forward to reporting our progress in the future.

好的。好吧，謝謝大家的關注，我將結束並說我希望看到 Lone Star 和 El Abra 的項目都能啟動。所以這會給你一些時間框架。我們為我們的團隊感到非常自豪，並且對我們所處的位置和前進的方向感到非常滿意。因此，感謝您的關注，我們期待在未來報告我們的進展。

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

女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。