Freeport-McMoRan (FCX) 21 Oct 212021 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport - McMoRan Third Quarter Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instruction]. hand over to Ms. like would the to conference I Chief Kathleen and Officer. Quirk, President Financial ma'am. ahead, go Please

Great. good morning, fcx.com. website you. results and McMoRan third Thank the And XXXX and conference the welcome quarter available today's call. Freeport a to slides copy Earlier press and are at this operating we of our morning, reported financial everyone. release And our on

our the the the call conference today accessing homepage Our call And to may listen conference broadcast on on is clicking anyone Internet. live for by the website and link being webcast call.

and the available listen be replay analysts to addition invited and the been of press on to our In today's a call investors, financial website will has later webcast to today.

to and include press language everyone Before to filings. presentation the SEC risk everyone our remind results to factors we and begin certain and press like to cautionary release our call the that differ in release our 's Forward-looking on FCX statements may refer described the comments actual like we'd We'd of materials, in today's materially. included and comments,

net to share. your That of results, FCX stock go billion. net by our the and Mark excludes per On in slide remaining on of runs allowances generated we who third was strong XX slide financial After PT questions. page and on of Third a The adjusted our primarily turn numeral today Molybdenum per attributable with details $X presentation call our adjusted Steve for will at Americas, Josh our who a business. on or our reflected related net our we've our our take reconciliation team, in Richard credits associated share. Chief for Freeport, are our share Officer, The adjusted income credits page briefly income X.X Higgins, a efficiently, start runs $X.XX XXXX quarter through to EBITDA 's Indonesia, income safely, and remarks, with evaluation share of $X.XX business. net Officer reported our Chief roman the summarizing in Johnson, Olmsted, and billion who Operating we'll Today, growing CEO billion. press we'll And per X.X release engineering stock FCX Kendrick reflects attributable quarter tax Executive Favorable cobalt release Mike gain Chief formal X, our totaling our of of deck. Indonesia call common by to the materials $X.XX Chairman and Coleman, I $X.XX business, Adkerson, Administrative And third the of quarter responsibly. me production EBITDA Officer, sale common the And are results the got Rick over will a roughly the then of execution the volumes the construction to Richard, materials.

of prior XXX,XXX for our of Our also estimate copper was period. above a approximately sales period. than year-ago XXXX higher above sales pounds our the and in ounces year-ago the prior for the approximated that July quarter volumes billion Gold significantly estimate for XX% exceeded and

positive from benefited for copper. pricing also We

the realized year-ago substantially period. pound. price was XXX quarter below prices That copper year-ago were average was the Our third And per above slightly period. gold

period. the spending the quarter, period. going And also that quarter. operating prices than of That into flow, cash where the strong and the billion Molybdenum exceeded doubled Generated unit during this pound in performance benefited costs estimate we've were improved We which of the cost was Net quarter. from our our had cash unit our doing some flows period. leach been $X.XX million $X year-ago we year. nearly reduced production which from from quarter capital good the every production, third Generating lower roughly per cash prices in XXX in

strong. We with in billion. under of $X.X X.X $X sheet quarter our available. We debt had balance credit of net Our and of no ended which consolidated and the is have billion, debt resulted consolidated X.X cash borrowings billion facility billion

We also for liability we some announced management redemption. called where today

over that Our materials. be the now who total outstanding slide presentation to to notes XXX due want XXXX, will Richard principal ahead. has amount turn referring of a million. the I Richard, call go to

positive able were special the on at call. we we two Really time copper years enough Thanks production at where the review Thank this October, Freeport. Cave. great for could in berg the a we up Company. mining up I And and really ramp a jobsite you ago performance Block is in last had ramp the Gras be same just pit It's with of years ago said We're to everyone. a we several market, be future. time, to strong and focus a our if the call our for it just to pleased our time time fortunate quarter, going to to joining was to are for Grasberg this the be one open comment. great I at would us. completing for starting But underground

and and colleagues We're distractions keeping family that you are brought remarkable. for you our This the accomplish congratulate I even to the we've guards period, not but site Americas been over. And really the all our team has thing's what challenges and progress as up, encourage during hope all job I able been nothing of our well. your of your COVID so And this at in in also healthy. X-year I staying to on. short face

to Indonesia successful are Over XX% America program people in our We in people Freeport, Popolo South a vaccines internationally. of had vaccinated XX% get are to have and at now vaccinated. our and

the as what in encouraging we're But COVID to news States, there. been of United unfortunate. our come making our is and some we've and to some We challenge you accomplished is continue our the be reporting country today. in But operations of to progress able challenged which across the we're people meet

our copper from business. over year a have Our execution volumes reflects exceptional and grown that of this XX% ago, really

generating that prices very have we're today, these margin. we With strong

year EBITDA from Our ago. doubled a

Our strong Kathleen you are $XXX cash the at capital when look we're exceptional. quarter million. operating our in that only mentioned particularly And expenditures, flows really

too. generating Now flows cash this is

happy time, our these able are the long-term Now looking debt we anticipated target that and we've for we of on at and to that focused which It's a end our Company being managing be we're shareholders real climate more cash to investments initiatives. met to papers. that's the balance met at is resources the reduction, for of the to of forward. We now all we over ahead the focused same returns coming lot future. Everybody us focused way June, really into beginning it. our what of At flows and our our a time at year, report really carbon We're hallmark a strong initiatives, is on up maintain We it. sheet, published be increase month. going climate going next put on XX going and on second

Council, are achievable. our XXX. on towards we're emissions to and have X demonstrates other a other Mart. We're associations, members and zero As having metals, progress everybody commitment to hard And and and net chair, this a a with the we Company operations Copper resources, other our by X is production. of plan responsible natural resource work much and have and focused have emissions, on all continuing XX with believe to that scope realistic X clearly to our mining limited scope which achieve targets ICMM we compared I And international International really emissions make natural commitment and certify also carbon signed working it. of copper Companies, to

That forward. here, all infrastructure, economy When economy I this as our two of is a incredibly real that quarter., that outlook in I with us I the Company a be four going going have about XXXX. that to and not a infrastructure. significance people the intelligence. first on countries but September kind of electrification global in to at year demand in going work It independent members that about in you our take to modern recall for here technology, like and encourage added fundamental last really talking of strength with making the that's I experience. now, significant really investments And this much coppers, eight The real all and website. our is it. earlier than reported to brings that did have of and made changes in And deserves. way factors. report develop. Lewis. Underlying Less-developed We more the we world supported to range look in commitment to build going Donadio report more, all this And real details a new you You the is it's board, investments favorable. will across of we'll around Sara a the by controversy disclosures. became and climate and and build a Company ours are which we countries is those result related world and it's XG, demands occurred, role Company copper. We've chairman in supply mentioned and be climate focused on of element major financial for emissions, directors, the Copper's investments are to are broad total to about in our a talk recommendations And Marcela the the approaching going force to artificial added then house people are needs year. we recognizing board know increasingly how line task commodity work this analysis green how with then for and really reduce I are our scenario reporting climate now gas comprehensive carbon. new coming, reduce are got, getting

world, a focuses our fires operations Gulf is our We the committed which hurricanes on and of lot about in as new And and as gas a as target committed to said, this, lives with in us. all need car our patterns We our weather of XX%, copper as demand. to We around rest a the are, we to know world. West this. an Company our this, the to Coast, emissions we're target a to on it the I and and Indonesia, Company. see part the established the greenhouse firmly do all forest organization, the rest everyday create We do in going reduce it's for for of industry

We aspirational zero net XXXX. have goal by this of

issues power coal looking in required operations for being massive in of plant Our We're Indonesia, by powered power are investing dual natural looking there. power at a now hydro-power to our fuel future of there. We're two biodiesel initially generated plant gas, lot The big X. opportunity. a

things change. of operate increasingly just copper electricity. electrical work with electrified convert to other on the issue that fleet, XX% to how charging general to in more doing things and So meet the powered than copper is industry truck meet that hear look suppliers then driven, major solar, hydrogen to others the our deal And when massive power to vehicles, powered to haul more way work committed all stations, that respects that. industry we're require the about many at diesel strategic world in currently for our we convert working now. big to to emissions this to is more significantly know the these to from used with to Copper's and how trucks, the essential you own of the the deliver in to getting in our -- is electric climate with future. and that, or and The are our And metal just We'll world's vehicles. a need wind, communities with than clean lot Company we is

time us producer. challenge And so as challenging and a for great this is it responsible for a serious global it's but opportunity a about also us we're copper

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have for much copper, an with better is industry than absent just that my the environment strong, with across so as economy. scrap, doomsday And a copper the demand going you meeting prices lot global world commodity, today. view so a to in of they And be forward substitution. of situation the But really supply. X. whatever the where issue can some situation require that's than stronger any in fronts, Has more It's a actions in are envision in going some and to alternatives

Company Turning today done significant to for means we're slide facing building that our years is business successfully. preparing our worked we Six in and have in and X, ago, was flows. with cash through our really all challenges our real work what we've this very to the our going Company assets, way margins

inspired $X.X track $X assets, particularly, copper execution the the EBITDA what be than and on facing in looking As of year. tough hard for which gold higher we've work are our XX%, quarter these volumes Copper XX%, Those looked $XX.X at the Indonesia, we we our had couple higher we'll problems, growing at time. We they'll and higher incremental we billion low so $X, capital behind of from great range recognize in with volumes we feeling today. hard annual of year. record, of be It's were and to that's risk we Company, ago to talked order were a order that that get of next a we ourselves prices the real expenditures dealing next our with are unsustainable for talking all us. the achieve as assets billion and including volumes us And in were with to the and risks debt to to on year. XX% and the per have cost. At our team, a The some the working to a are expenditures, would ending to volumes quality so been all years will capital in and another to a coming long-term period pointing project generate long where $XX our at really are year $X to capital about they capabilities, dealing the level about that are billion very new time, September that XX%

great we've needs Indonesia up third production not this pit where we're -- And in this was the in on And to There out target team was man ramp this. in something recognized underground to limit talk and we Company. our targeting steps target it, that forward take positive and the of on It's initial COVID be of was when responses the beyond forth was by easy in every of done back drilling. of just we life metal But a with like we're is, congratulated sustain historically, to this reach morale, at the is of be, our to annualized world, we're there. for to targets strategically for government September. straight we had a I'd to an track operating concern it. remarkable. We're real drilling, beginning taking for where this a type We call. the large slide So really it where paper, it's that of means team wanting the And that of now special mine, when industries meeting We're this. need just the rights, advance with be. a these so of we our facing had is,-- it Mine. shows so easy thought this but of to XX% in look rates just the we're the us. would XXXX matter we we haven't for complicated and to, pointing important of year, looks about operating and full X part The day. the slide getting exceptional. the rights rate. accomplish forward, mine. it the really is Grasberg were And meeting much most now that I March to and Because in all everyday done end important extending XXXX deal. our to challenge a are And exploratory say challenges the ramp up, man, mine truly was now extension It's excitement, open In this quarter is our core now historic,

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reactions that long-term this initial it that look And We of makes Company. which trying really X the life we than talks gives which to Because Freeport mines. our resources our even But positive. to long very build any is A to stakeholder. us. confident resources real of I'm are that that, new operations about permit are our ability reserves, not larger period at reserves -- no be have Fuel are probable end Slide time. in growth our take said, Americas large the XX, for years that that I its gain is beyond XX XXXX, need in an As reserve community ground sense approval facing of that we operation is available it. Proved we for to means not will sustainable advantage us of base, strength Resources, of important and to a

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it's XX% of cave, day Block XX,XXX Use of of It not to previously pit, of over the geologists pierce will you but XXX,XXX part. It up Grasberg an MLZ, because line. gold Deep give engineers can pounds you is cave. not the hard copper about our It's a XXX you go when of we're the the standards. we timing time If slide it's It's separate this this have and a million That's tons mine see turn global been of going south found a context But low of we lives XX, ore, Capital fault ounces being years. and in some we've grades, infrastructure. Grasberg only day this sustain of because As tons the big of And drive it's years. help flank number that a Grasberg, mine. resources along ore geology block XXXX. complicated a production ore spent body. a really ramped Grasberg In where from of million a has getting huge zone number seeing block by and expenditures gold, in XX,XXX Cave. The it's think to big year, from a It next located. Grasberg a working high size body Cave, adept. a right mineralization pit. that level ore the to copper that. size occur like they DOZ, literally going tons XXX may if on is over in that's Block mineralogy, our And our just of existing out the mine of it body cost plan, XX% pit. be It good

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we're We've XX X.X forth. the billion doing going a reserves some is underlying long-term The it we're price and drilling about forward. it. You and sulfides billion pounds. here billion long-term oxides. be opportunity, is -- pounds. XX preliminary so can but flagship opportunity done identify a this And we're to pounds that how potential up real We've got is going us Mineral for plans process Company. X-X to This ramping is a see

in that's emerging, is our and area about to guys this are new excited apply call Another really it, to leaching. technology opportunities

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things, The combination we're are of So there are opportunities looking it's really alternatives several a significant. at.

lead it's any record footprint. capital, existing stock plant. could a historical excited advantage production billion been that of some copper already other to it Low could there mountain this apply estimate low is we that XX to it history And This If But -- size low just guys at to these we It's can but in of if not has are that this use we thing. of -- about resources, because mines Morenci, places. reserves well for. Our the going pounds take an old that mine. this had we've our our new mean piles. and mines mined. for and of emerging of have older is we're almost even old had it, and this, are with particularly a of it. stacks we carbon a piece lot Company's operating and can A cover costs, It's situated what

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good. So it's really

So been the great I listen, mean, together. -- awards Freeport. just we're to about we just feeling we've

Our team is new our positions. our to in We team to -- leadership despite stepping bringing in really people up resources we're organization support. got we're adding some COVID, young

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by look great. people Our at responsible. be other, We're it's flows. and and just other going cash Strong we're to each inspired each

of We this. have this record all great track doing

prospects got just coming If you look as kinds on at you technology. feeling. we've different is our myself, significance outlook of developing those organic these processing mining, shareholders kinds different success, returns around the of is growth had of the opportunities. world, seeing in great a projects great, Market all of And really a shareholder

we -- over feel and can your it and to turn questions. we really before you appreciate to And interest. hope for Company going about I'm open up I how outlook, our So sense our Kathleen

financial Great. operating up Richard additional details we'll and really there has mentioned some on and then on open provide comments going the Starting matters you, I'm just strong. Richard. to our Slide questions. Lonestar, for we brief on been cover some operating Thank and activities. XX, performance

exceeding opportunities. the study optimize leach major Our and work We're we longer-term as mentioned XXX Richard production design our that XX%, million planning continuing focus that which originally pounds. we're now doing. from of capacity, was to the by operations It's the increment a next we're Oxides for are Morenci. exceeding and at

a and very underway -- have a we're to deploying enhance of We variety recoveries big a effort initiatives.

enable costs, having us results. more in already gets a some from leach allows material And third to And to us did that but of us also spread does, these recovery produced unit of our Some pool this have increase it over. is what to bigger quarter. reduce the volumes expected costs

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As did since the been reported, mill largely XXXX, that's proceeding. those Morenci Mill, historic are had some and we delays, half first have the started and but We of third started We quarter. the behind we the we which us. idled -- experience started

in achieve rates go be safely. about Verde. in to can operating maybe rate into making this return Cerro did being and And weather XX% can look Abra the The there behind severe the Richard just pound wet focused Southwest how this lot normal We have as around our as the in great on said restrictions movement it to in and storing as elaborate still want last again, our to in did had that XXXX, that weather pandemic. capacity South We've does Richard team talked great Chile had face we well. as at at that in normal sustaining potentially that's months, of curtailed the as America. with range, work we managing dealing of we're what challenges about safely higher material the team overcome and monsoon stacking team echo impact is third But terrific in to to monsoon is environment just I per the And more and mine we're that's we and us at about results we been a expand a continuing operating has significant progress. increasing several of that of during results over was year in the always El We're that there production where level restrictions forward some season. Team XXX-XXX seen on the we the during our of than probably quarter. also about the forward. conditions operations issues and a manage government the we million more this experience We're Grasberg. look power and production summer. and creative you've severe optimistic year and this We of season, quarter-after-quarter. XXXX. lifted experienced we deliver some just

for which higher in right to We beginning about project be And we Richard that then metal expect XXXX, ramp run is a rate Mill, new continue that inflation. to per mill and of the run Cave several rates when project talk the currently we up support we day, our quarters, MLZ Liar will fourth XXX,XXX A now lot Grasberg install the the the about as And Kucing SAG tons the next here And construction. Block will room for under mentioned. make at at Deep quarterly the until quarter. for

ways really in management on Our team really on focused maintenance improve focused use this. our cost to projects. all efficiency, extending equipment and technology to of implement and practices efficiency lines, ways efficiently We're is energy

with supplies than freight will pressures keeping some higher want strong the else outstanding operations everyone like keeping with on have have other business really They business we've stocked inflationary uncertain have I been offset the seen energy sulfuric principally steel done increases. chain of we some our of price are had we've team. costs. to global these some impact had we had appreciation costs, very To consumables. associated cost work those prices in managing going. Molybdenum excellent send We experienced and And our acid consumables, times. We've prices just a really to the continuity in some critical Those extent, our these an have note But supply increases. our impacts doing cost in that and lesser side. our they've of job in more on on

as we with we're the Smelting our partner completing land there. with developing to at were project the smelter. on provide for focused activities facility doing this in as timely work Greenfield XX, Turning update as engineering We're efficiently, commercial to We the the smelter arrangements. and of preparing our the PT possible. And On an we've commenced the expand advancing we're Slide construction. in

in And press You we projects. are the long that advance billion-dollar financing on be the the a can the probably place got groundbreaking which significance ceremony. indicates in at the use have term. to bank project We've for additional in site to facility rates plan the attractive for that the to going just obtained credit PT-FI project, debt And to country. of recently project seen visited reports just of this a president Indonesia

a As the be discussed, of by out phase costs the for we duty. X% will previously essentially the the smelter long-term offset financing export for

So not is the shared our XX% is by ID this shareholder And in material. to economic that impact MIND FCX. PT-FI is project a PT-FI, shareholder of balance the of

Richard see XX. tax, investors. increase ranges business grow and in $X execution but of to mentioned. $XX Slide flows one business, $X,XXX pound. got low to guidance. the consistent has The is this listed billion significant with on three-year cash and our if annum ranging Molybdenum from prices $X for and in We'll this of But made volumes, net of volumes, our the per We've average copper ranging got operating generally billion, from this volume cash on $XX our fund is and is on $X programs, $X Richard relatively we've to at cash only Turning XXXX estimates $X billion and our track. generation to incremental EBITDA fourth significant Slide growth real to with to costs outlook at some We've that cost flows, And business. We execution. over XXXX plan the flow returns around adjustments XX, XX our here And success our you'll quarter cash growth previous minor capital and using very free invest the XXXX. copper. our had volumes share flows provides flat about from gold talked and and not billion great strong per $XX.X copper on also as Holding in which our of and current at prices show and

the capital Our slide, detailed next plans XX. are slide spending on

that reduced issue had Liar $X.X -- here and in development timing. XXXX would previously and billion really commence the body excludes over Kucing to of Richard falling we -- mentioned timing so see a that some You'll of going that our just that projects reflects capital our these the to into smelter that the that But investment. added really $X.X previously. forecast We've XXXX. ore getting plans in also outlook We've spending from for for billion

markets, flow. our to about strong below really $X So to billion. our We've billion XX of Very that's $XX operating debt cash capex $X past you're got low months nearly strong billion. net debt, allowed growing $X And the by flows volumes, talking requirements. us capital free cash and reduce just over

it of net now time multiples billion in of we're to this. so was you remember some And I down know a when debt. $X

we're a from so a standpoint. great And in situation sheet balance

strong in The payouts are The metrics us it financial we and go our credit and positions around the shareholders. in Our our our position. policy. forward invest strong extremely success growth last refers It a and increase balance to Slide XX, to combination to centered of well growing in as is the volumes put our sheet. sheet strong balance strong will us future

and year Our to board the to cash returns sheet free earlier with improvements. shareholder further for for policy up balance be had growth a established for balance used that of provides this XX% flow available

the net implementation our achievement look targets, With of of debt forward the policy. we this to

something annual update with will it determine the We shareholders And our this that periodically. of size structure expect and our additional gets we be reviewed board payouts results. and will to

forward our as the We So build questions. like we'd on look And call reporting to that our over to for go momentum now remarks. operator, and our forward. concludes we progress turn continuing to

and Ladies Thank gentlemen. you.

session. question-and-answer Instructions]. will We the [Operator now begin

line Glick JPMorgan. of The first question comes Michael with from the

is now line open. Your

morning. Good

in be particularly consumables going Grasberg in into Just of Spain, as labor any XXXX? XQ and contract on how frayed in to But power, coal really well. and in annual relative should 'XX, looks good inflationary are trajectory think there with the cost mindful happened the about Europe diesel should trajectory side, what's and into Indonesia, XQ we ramps. as And resets given pressures the we

We've done of built current that increase costs. is that year fixed do got projections it with volume market. really costs the our are energy a our part, have low a We cost expecting most into a at for comes in Because coal next the we've big we're contract cost. business, But Indonesia floating and that of levels energy annually. the so

'XX, decline year-on-year our costs will that additional projecting got unit 'XX to and from we've are We growth.

for it's volumes So incremental help the lower producing managed us, -- in rising inflation in drive us inflation. low being while the costs of is costs will place face costs and a factor well at

Great. you. Thank

manages these We're all we is pleasantly you're is this know, you things. managing But great out doing major ready our us us. of saw team because of in currency Molybdenum everything And important aren't relationships well. Michael, one raised credits incredibly and getting with all a gold quite frankly operate, our customer their America's We business. good these Indonesia, surprised business of has as or and really just background this because Yeah. question I generally about done premium when because with are for suppliers. I was things. have rates team growing for our I just to that course We suppliers. operate reading job the and in the And mines the helping benefit Freeport years of we

prices. -- some correlated costs watching of we're our we're are some and So copper to

was I factor, So struck. our myself. in to frankly, was out but to quite And I expected it's turning be it's more, a plans. be

you. Thank Awesome.

of the line comes Emily with Goldman Our from next question Sachs. Chang

now line open. Your is

Richard and My just question Good tonnes. Kathleen. capitals is around morning, for

a clearly or before then? little cadence But you. You your Thank positive in projects some announcing are you the something well Is bit give to hesitation is as color uncertainty of what years below it macro around, we you couple the talked balancing about next still here. this the could growth earlier of what's us accelerating a net target announcement. maybe debt driving

added developed. so has of gone Business question When were anticipating new our members. it's target we board We've it how just out the is policy, And quickly quickly. debt we a happened sometimes well. future. the set more Usually this so in meeting

accept we beginning the process a our when addressed annual being in we year much so And after this earlier, of result the results. that got would

about we'll be it. with talking board so And our

that's it causing be is future about nothing regular We are also do talk with it's the reluctance to engagements and From us have and having number that. some. traditional every shareholders our stock we the to about a board seems And significant we dividends. about about thinking, meeting. of shifting meetings But scheduled board buybacks it

much a also more set execution we just And anticipated. faster on. because of clearly process but our of making how had because of it's markets, we're question early So progress we of than

why it's but And we where are that's are. good situation, we a so

And this. there's to just Emily, got no We on hesitation, implement it.

Yeah.

Appreciate and to looking it. forward

are, of All us thanks. but Emily,

Our line next the of from comes Markets. Gagliano BMO Capital with question David

open. now is line Your

opportunity, for a for etc. Obviously itself obviously minute. my it's taking The for In the wanted district been Liar a Hey, time. a Grasberg just lot I thanks but here. in well-known days, Liar going long of part a early and on potential respect questions. leaching Kucing on focus Kucing to

to Now it, I just develop questions. that starting you're have X

the mineralogy, developmental the you of that if are what years. primary as First Liar? you developmental spending talk all, days it me. today. for about then about capital in And its the could talk Again, over your see you I XX risks geology, the view, upcoming next of referenced cadence complicated for Kucing challenges know early That's the it's secondly, it primary

David, long on is spread of a out Block rather period over our time. the capex, caves, like

year mill, that's next this XX-year the seek over the give the on about in as production on declines will have and is you other in availability some Mark, production will to if somewhere to background have with done So when And come sequenced KL. all bodies. approximate ore want sequence period. But so come that when it'll we but together, start out some we the to

saying, a gives Block Deep that extend continue us to to we was to Cave progression learned is use all, from It everything to and this KL. just Richard for natural a Grasberg MLZ As really place us.

And begin time body to develop to ore we -- so another it's natural think there. transitioning a we're

plans of advance. hydrofracking to be that bit catch-up. our we MLZ it's going with ended to instead MLZ, It benefit would David, Deep of from in look it this learned at would a going to up And much elevation. for play like MLZ, Yeah. instance, now lessons is we to Where having apply the similar Deep technology very Deep

of Kathleen of some says got geotechnical back system, headings, benefits. three the and ore geology. that to the does of with the It, goes infrastructure tie how metallurgy starting the parts part driving we've had either knowledge previous it common GBC. the DAS big that KL It and development, shares. off better So a reserve development And address it all ventilation soon. in The much off flow risks. of we're complex There's to that's off they drifting access much of of more very ties or

Over value through the we material our lower our the to what turned last couple material focused of current little mill. grade, higher could be out years, on be but processed we was changed much planning mine approached, that bit a

had. had that that to previous So mine plant our circuit. the took away a change kale We flotation lot balances

much that concentrate of the pyrite more have management would We environmental with be generated.

plan, are of has on. levels. this we're this deeper at working both So that lot a this very much by we're same and out footprint dates Copper, the it's now mentioned driven times Richard deposit The that above XXXX X.X growth, that And working per gold. ton on X.X

of I take the So all mining electrical going like be We're there. this lessons -- our to the to at feel equipment applying learned. chance potential is looking electric

going apply KL And it. that's to from going So experience a start with itself. I to is lot fresh get benefit of think we a

and tails this XX% impressed with to said, team processing the complicated. more that original in risky, plan, so gold intensive, is that Because reserve, dealing which tell laden was and of pyrite when with I the planning complicated. with just out only his in want it less value. this originally our Mark created gold and were came much more real you as getting capital makes was material recovers we recovery Mark new mine today fact, are and traditional, had much Mark all and I -- ore. And very less much low Pyrite

really mark. having good So mine by and it's a great lead example of theme planning

Okay, Thank that's you. helpful.

of the Just a quick the time follow-up CapEx. on

Is color timing latter more billion over likely of half to ramp? the you lion's XXXX, XXX the a us give in is the say? XX that million X roughly of of little share that decade? reasonable years, Can towards the spend So on the

around that. average It'll

chunky. ventilation and is Because consistent. of things, pretty access and -- we of sorts develop It's the it's not most those This all

Okay.

less mine pattern. development. regular or more occurs on -- that a And

Understood. you. Thank Okay.

LaFemina comes Our next of line from Chris with Jefferies. the question

Your line is open.

Hi, you? Richard, hi Kathleen, How are

Thanks, Chris. great.

a the Just than sounds the grades project? similar. are the gold on and grades higher at are and quite the they DMLZ, bit Cave, a copper follow-up Block It like Grasberg question are there KL the

what current -- lower So to Block well, project where if costs is from And be you're the projects? Cave going to get this secondly least expect than two as a should operating at not we

the yes. The -- answer answer is

also it the might Block Certainly as sort you is of just lower Cave life think I extension period And a it or cost. have we to where it mine should a being Grasberg what about be you online would Grasberg obviously mill be this the constrained still -- is the you you operating by along where but with mean, production Block have you would higher a the Cave. as capacity, Block period

a really with growth well in in. fits with just of just production changes a significant our It great projects opposed to as sustainability existing right mines. It folds project. It's

thing it of SEKX to XXX, is capacity a the with get to projects, might And XXX. somewhere add that I milligrand, one around we mill up

up. as off that in grades the mill And and So it nicely then Richard thing fits to mentioned, the kale capacity the they as scale comes of somewhat just some provide. deposits decline, Kathleen and benefits

the mine MLZ. that the for so room other than for want to grades better kale instance, producer. and And at grades, And at able be those plans to ton we're XX,XXX adjust are Deep

back put forward and when life open we can original our beyond were targets was mill. states in pit, the XXX,XXX Chris, XXXXs that we the in And to tons pit to way the looking Grasberg designing perspective, a

anticipated So underground to underground. over time, per from this mill ton day from rate us amazing ore the go body tons the XXX,XXX allowing XXX,XXX from is to a

it Just in perspective. to put

the as impressive. actually to terms in deleveraging balance how regarding over were up And second went when really development you drawn the trying government I years you a the regarding at where the could if probably your to with the the really a projects sheet, think you Grasberg two position of incredible Cave balance projects. couldn't difficult progressed of of of it kind sheet, these really about the Indonesia, you better been in in have projects, And in it's managing the has underground any being negotiating from question five ramp develop Grasberg. up Block sorry, It's last of ownership DMLZ

of whether now But like seems I organic can think we're there which growth are that, are deliver market you this until of in probably skepticism was you a massive you kind on in is quarters, unleashing lot about kind I it now pipeline, but and delivering. been recent of mean, highlighting the underappreciated actually you've there. recently.

of you're could these this that about talking commercial. as balance historically So leach stacks, had catalytic thread be have you're to well have demand revolutionary in the projects kind lots a this lot supply industry we Do about which to potentially old a of the leach to of been supply result sorts leading a doors of of and power to old of in think leading terms growth? obviously as Is and copper of leaching developing going growth from technology what been leaching new these you stockpiles? be not worry technologies

XXs. the is life, all That's our back again, first first along. for the whole I operations gas in In Company been way industry with very and I've Houston team worked out a oil Chris, actually asking question fracking that prior in a

I've of particularly beneficial. to pursued, one is our we've history grade, the asked technology of being And way question. just be Company People a -- low with while a for and are dealt good our in that different series There opportunity considering are this going operations our be but the so really and will not pursuing stockpiles options. it. tremendous it's of the nature And is

to So in of evolving changer was account oil the be fracking It's it's story. that not an the likely business. game gas and

Thank that. you great. That's for

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

is Your line open. now

particularly you you good discuss, thank to the for There's to around you you do then actually by maybe IRR, I IRR factored those think that? I'd of And certain achieve to to of other carbon percent reduction kind a emissions in targeting on was of investments? from exciting Or And cost you. assumption maybe mean, today, that if you've about but so what cost and in I prices Hi, it, when update. you but like some both hear touch XXXX. that? think ESG, pricing of way wondering, about European where in your of is really in how some on the can that order nice Thank get you're around it's Indonesia. you. efforts the much It's morning assume the types what coke terms of

So good -- of I who a kind hate that's that people say question.

some those, this got you've because of and time. short, limited trying senior be And that for of think And it forth. The is real level the XX of here good XXX time, make within weighs grades other the have. as ton in of miners we had is ICMM, changing, companies, designing this we're we And underappreciated to all very our of is trucks, industry, resource no challenge three be. going battery right it big recharging on cost this Met try significant. is with and a that the some to it. it's third haul people and mining And will way know life really around about deal say so it unanimously, it's a we And now. systems the global because that pits current mining and all I can with about something question. a just it's then so don't as It's is management big with emissions, But going the technology caterpillar commitment. is to what largest companies. particularly to yet we these to but but scope, There's the at said, not battery we making as Freeport, represent focused

it's time, it a right now, to lots a involve of this than in commitments going with rely they're all and more about of are costs. where no faith, making answers there's there going while of and doing lot now. people questions talked it's some good that really we right There's of technology in at and to are And So these climate on here. report, those our unknowns things question advances

our got big in arms that's mines, the train Plant Coal -- deal how is the you we've there. think But one electrifying I our with converting have would big -- things. electric do good I Indonesia, forth. shovels light vehicles a a helping us deliver our and but of and have ore, have We around just questions we investments are electric, know but to and underground be our so already In shovels there some halogen

and to so on But you more going development. of Because answers questions affect be an unfolding life. as today, that grade in mines have be to to area. it's I -- a the that. to in than this or following end-of-life another be be and low industry to we us factor. It's to So there's to That's supply the years wine. in going companies that got That's just it's mine to to sit barrier raised people on story I And development the XX tracking. going copper project here really affect to add going going we our ought business. point economics want mean,

of All to play. going things are those come into

So you in your add to to development, this can list of that items that barriers a are are supply factor it. is

Very fair.

when keep we -- the very production of both surface, get metal we ground. and had the on It's transition ore the mind move is and underground to One to waste other mining the in efficient. to the have in we things at here with Indonesia to were

and and with really more mining just so efficient. it block-caving You're you ore the is

as we in expanding we've at Mark as talked said, we applications some underground. As got KL. look about that new Richard developments electrical

in benefits are surface we our change Indonesia mining. from mining to from have there that some underground the So

issue Yeah. have a new to a XXX around manage so don't But our that's We still We forth. to got were to Think and with in plans But is world needs move until The and technology open in million only more going our that. in and a thousand that's breaks the big day mines unknown we've waste system through, moving metric tones result now. mine. tailing more change. pit that's yet about that deal developing But material is right of in industry. This emissions. an industry a in where this kind world. true more copper copper And conundrum. the is to certainly not carbon it's

for Thank thoughts. your you

Our next Wowkodaw question comes from from the line Orest of Scotia Bank.

Your line is now open.

Yes. XXXX? if I with it say involved potential for for much wondering is get concentrator wouldn't the even that. any the How something timeline permitting Baghdad in some can time's on for expansion, Lonestar And to was you that like capex we the either probably fair expansion. Good see morning. details

answer. others let I'll Well,

will somebody? cause certain are for stepping up. oxide, We out we're We a were But we're at you oxide. it and with calling Lonestar this level capex have started to Kathleen, expanding

have It of And XXXX. will before a feasibility will Baghdad at We're in small so still or we're capital is production. be year. out thinking Baghdad, jsut really we amount next probably advancing years five

The intensive through growth meaningful. through you And but won't or type, associated this in on the The more of leach pursuing. low of already out next expansion automation opportunities big with capital we is low relatively meaningful couple thing we're either get what longer-term is terms focused we capital another Lone of were these have, And more to technologies it's Star, is opportunity intensity. really that XX increment it. have of years for capex XX, so that

can impact And we things where short-term. the really so that's in

put to higher bring history point that's Because mean copper an we already was that what about we of said exclamation just I been going feeling to production. are have Kathleen going would reserves. just where the Baghdad. I'm prices here the at there Baghdad the industry. to the early XXXX, But back a

going about community, industry. that's That's out. full just easy a And operations, support concentrate. the established of talking the life by reserve we're We five you're project as and this shortening building find have years a to a new as in

be global a was very I doomsday just some economic just short coming This world that's So going to absent situation, is when what copper. be situation, to of the there's saying. going time

a as just Richard, more. agree quick couldn't follow-up. I

the into the the CapEx the capital fit to How of of from out up that? XX% paying effectively flow. free excluded Is framework included? terms formula that smelter cash In or does of allocation

you at economics And project. into this going negotiating that is need as one to in of the for shared the if because to and PT-FI's subsidiary excluded. It's that FCX us. that financed go shareholders; by It's MIND PT-FI. was obligation The of a debt and will up so trying mind consolidate the But the tax will achieve it's -- were ID. we is to consolidated show of calculations. level, be It X when I we That is all keep PT-FI good. in was back XXXX, goals

media PT-FI coverage, but something step Indonesia I the had Papua, taxes. that comments seeing So there such was in positive Tinto's paying president with the the out years in XXXX. interest affect The back the this. position, project started that media government are will please really great Indonesian their we recognizing is will for be step to When And -- games don't president saw government would I they about breaking. 's equity, of they We've had spectacular just have dividends in the in you and already in as joint if which venture bought XX% where forward. that athletic the review from look any Rio these going made the stages. people. And They country I at investment in Indonesia Freeport, will operations, you when the ground what when dividends. really you to never XX share up going of a know senior equity government's be

have the at pay. look we tax rate, royalties, You we

to the transfers the economic exceed through the going for were negotiations, You made We We it. project. are interest retain look to at had The the in we inter-Company able that government's XX%. into FCX. payments interest

complications of had many the that not the Indonesia all is have something in to deal what release years. working truly to with parties And is be a very we are with. kind happy it this so So for and

Richard. Thanks,

question the of next Carlos Morgan comes line Stanley. from with Our

line is open now Your

Yes.Thank you Richard much. morning. and Good very Kathleen.

negotiating KL to pounds XXX% How and Indonesia? KL. copper at the just profile a be your And the the on would arising a the would in discussion in the following if sustained with what new the on government of how much, higher potentially Or that the together is incremental. a just of Or that production we on be Indonesia? anything, and Just Would a XXX you potential the scope rights negotiation. stake estimated on million you of replace just question, get in for Richard envision Indonesia. had do prior table extension of

though. just that production. five-year So give And your me let Kathleen in or first -- release that me. a question, with We was press Well, outlook say PT-FI's help for is the

Yeah.

Okay.

see can said a you is question what opposed forward. and a you is But can five levels that project. of before, and production for that that more we see as trend sustaining follow view this we just give Carlos, going you years, a show the will of So growth to of

under Now, Company stages. second the with state-owned government enterprises, of senior I've the really But auspices the ID, have we early respect and MIND it. recognizes partner mutual it, your about with state our talked it's benefits. to minister everybody of question, people broached the

KL the as government elsewhere we want a invest with to we opportunities investments will Mark and XXXX. we've extension, sure the of make got bigger about complications in start, like those to because will of advance and said, that an to interest. For think But

economics balance basically of those interest have have we share new our costs, be to out to investment, so And what's forward. how going with going where XX% you we

clear Tried forward it But discussions. and just finding this on for cut. are all to So on earlier, days that's benefits possible traction not those to it the was get discussed. early but raise to to be a stakeholders logic way

I understand.

government good. what's kind to have between that's have parties FCX both incentives what And the really The in alignment To is design win-win, XXXX. that's the happened. tried we to of really and really a for

the looking everything those years project magnitude, be what time were that a for XX, of the you Given developing goes lines? expansion XX around this for of either ideally something those around or will KL,

Well, KL be just on clear -- to

XXXX? clear be To economics are baked into -- Those on Kathleen. yeah, KL

Okay.

bigger make years. delineation really dependent on a type work not limited in we because exploration the and to other the KL of is find they're very extension. done opportunity So to number What is resources have

know long but time incentives the to all there's And don't have this not have to to we the don't know sense. frame, that answers, yet. the answer make the frames best is to resources resources maximize work Time over optimistic so about for like projects we parties And no we're for there that a but term. the

Thank you much. very

KL on economics to current are project. want I not The extension an clear. But be dependent -- the

from line comes Our of with next McArthur question James. Raymond Brian the

Your line is open. now

Hi, so good had Richard, try the something morning. they Well, answered don't question I you right just else. there,

and has strategy to thing Just big bigger better. Molly Like obviously come see I there the forward, it but up which doing fully credit. you ramped plan more near-term the on little going up what's climax business, Why Sierrita, a whole the like too? obviously, reference a in lot bit. at up wouldn't get a has Molybdenum in the

those Phelps a And Well, on significant some a line. facilities to Mike at And there's then the in rather because business America Molybdenum but Freeport And America. from on the we through metal -- efforts very to past mines global where bi-product ore Colorado than value Kendrick this capabilities processing in leading benefited business this, and we're of producer, chip is our prior of more. with can just North the He acquisition being Dodge. sustainable and byproduct and our producer the able created expect to credits Molybdenum can creating investments in the that in really in projects a we of South come our maximize resources expansion

got as as we chemical a business. obviously and It of a Molybdenum price a we processing with that value Today's so cash business. But you've to all gets well. higher it's It's Denver City where be coming of the states X -- you this work XX% state generate drinking Colorado or global got careful a Climax of and price team. ebbs its years look products. off to are, environmental for back just price us. to is water got of strategically X about out of together maybe lot a Molybdenum. able And than team. the metal And a were flows They thing but run out important very management. mountain. great We very the

more very years a cash. business add it's to want strategically a back generating that Mike, XXX And you and is for our it's anything? predecessors now, so years, than XXX And goes important.

to opportunities Molly I'm going, do the primary at Brian, have mine. production we increase Richard. Climax

you in If point. about are be deficits deficits talking copper, at there big the mounting think some people Mali in what about could

-- And curtailed past want to we capacity what so now to in a got mines is the market up our can primary potentially that's position demand. match markets. need we've do, the And to we have and be had -- And It's we opportunity with increase. in

this and we're we so that the market wants. there, mine And be sort with going so there to be markets be can to are that some stripping doing thing of to the quality participate product positioned that

that, and at Mike, add to to looking we're that. So all of you if want something

they that And we've industry only the well. steps. over And we've very inherited. the productive. over -- circuits in says, is at time And captured investments the we've the tremendously both able America. decade, it Mine, productive tremendous Climax we've I we're at in made including we Verde the and made three downstream definitely are circuit Kathleen very our have evaluating and No, quarters as made by-products and not been with chemical think but you operations that Cerro take lubricant metallurgical, the our well, can to business industry there, investments North really And last molly next other that incremental service the

the the just on capacity back given And yet? big there, molly Sierrita, to sorry, is all full way credit that

Josh?

Yeah. jump to to Good with Sierrita. in morning. respect I going was

to So they've and the ramping the back X been plan mine stripping X been of terms up months. we've last at over -- in Sierrita

by And you really and great from it molly been the sequencing perspective, about so if think the driven it's a the available in mine.

on going type Kathleen as to data the It's touched what's be will incremental through on the the as rate and earlier, significant billing because And mill at and the capacity at opportunities, we way the value price working as so There's optimize at best incremental. as not best the we're today which with digital has respect forward. at we're looking molly is go gone to Sierrita. it forward. analytics is up, But But its tools. increases, sit we incremental upside

Thank you very much.

Thanks, Brian.

Brian. Thanks,

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

not XXXX, And the you work economics contract of were beyond was that the that but already thanks is the clear work Mike around scenario. KL. answered, Mike. extended If economics in was of which very question

let last will I Thanks. So the someone question. ask

Alex. Thanks,

line of question Our next the is Research. Michael Dudas from from Vertical

Your line is open. now

Peru thoughts news with on you're great additional up administration. morning, with in coming Richard, Kathleen. some new Good the Government.Maybe Great, you Indonesian Michael. on in share the What's Chile the in relationship observing what the out some fall all mining going there forward? react comes impact or the Washington could could this anything that's of will on elections. is the mining, And of how legislation with to investment as impact could potential noise industry

Well, to questions. my I got with those discipline comments

I'm sorry about that, Richard.

right consideration versus a going initiatives social The it's constitutional It's dealing and processes a happening world country this as There's parliament now. runner got now. inequalities a complicated There's the And in. from within coming changes. income forth. it's Chile spread feeling on we live and issues about things election driven the up. were Peru. people front really, clear-cut programs the lot within with And government right separate to no within so of other is around questions wide related of by of it got world

to It's terms It perspective, a nearly from on of production, of it's ran consideration are affecting not backing out 's mining on small and there. I've had had our there. to got And our addressing of from a is Peru. really, parties Washington. leader he of his be set he -- chronically people leaning in a was comes very expect of the as but was nonpolitical into on there. we're about to charts my feelings -- didn't in more had we're from he I different it. people that for always, social we've that forth. this story he wing Peru. teacher education top I I and working of And complicated to terms He They that's and where group compelling I within And do has that's And to industry. meeting importance of into the specific executives, than what have exchanges We're so office platforms see when Castillo things. a companies. platform. programs. with a found the politics. the mining emotional terms working not with and Peru, feeling talked emphasized the region issues. In get to the to with came significant so the in background. presidential consistently achieve my before Sunday more of had -- we're is He happens of And But always us muddy also as throughout country and left But expansion. from production dinner him gets to it mining of know details production And but other mining El people Peru waters in time President interior so Peru. poor not Abra Peru so recognized needed And into to listened. others contributes in seen in part better when that he The to with the first help None And I getting less I, the proposals got very chance how place financially. going doing a past had him. before, went forth. He when fiscal far much the the about an what He about small runs month. candidate of where him came to I meet office money much there, this it.

lot operate minister. in After this his upset I'm was revamped CEOs of very at that of cabinet with conversations a Peru. other prime meeting, of replaced that guy aggressive administration countries and he very a the So that having

it's the We responsive. industry. more to encouraged so working We're and And others it. about with be wait thing, really see I'm but need in

the programs to. of all our -- all what that's community we where operate. almost We regions of and trying I'm concerns, Here's on focus our

interior mining show and I lives. we've help take that the can view in their to people got think broader a

working I'm what that's now. so on right And

I am during was so more now I than And election. optimistic the

there. miners different by People concerned, views different so. hear rightly You'll very are

Our at a mine world's maximizing It's the contributor It's Verde. We're concentrate new situation largest agreement. the is stability we A operations to have Cerro big volumes. our a major producer. facilities. got site,

community. local the with relationships great have We

build the just So common find President to ground what a out and want about copper and expect for uncertain. Washington to permitting about you them also environmental what to importance Man, work try Castillo. reach of we It's on can don't it's some mean, situation. scratcher community goals I of their like say? change, off that for management U.S? I The requirements But is to runs recognizes the going their climate minerals achieve What yet, up political issues in current any against these And administration lessen days. head

So see uncertain. towards We're really building. infrastructure country The needs hopeful we'll all it. some it's really steps

lot smart. comment And all approach to They You byproduct about other don't is hard relationships very over it's more part country have they loss complicated that's also a a work on see But to and distressed any and going need the be this it. country. country. too the and be in it I issue bridges political important thoughtful a in and just of and is these. and situation economic one. parties to ports of a And have create roads, the our than with we people But and of world big are China forward going China

So of Freeport. on and anyway, out staying politics I'm focused focused

a thank You ambassador, you. sound Richard, like true

He's right.

Thank you. over closing remarks. for the turn management call we'll any Now to And

a short going real Kathleen, such I thing, into call, questions. have but had really quarter, appreciate good we Well your a I good thought, this we'd

make for morning, I a there and a issues get always, just market woke team weekday but in get range here. on we going we've we've Company. the we I long pressure of up for long-range him. We're focusing sense, do business hope me feel from gratitude we money As that I about We think to M&A where couldn't on reminding our from more a on don't from sticking what new is -- in straightforward, of overly any a to this And we're anything God's me, go for lot approach done. show our decisions. I being top to be the way a in was good of feel my screen shareholders for with and aggressive a days, logical of of just to investment We're done. standpoint, about some it's Company. But po feeling And the and the This face how And with just of a whole you I going number kind -- very to the not way. any meantime, you this -- -- us world lot the to complicated and what in first then and not the opened focus do said, part of of business. see

all. you thank So

as questions, follow-up and let responsive. have know, you always, David If will be me we and

Ladies and for concludes for today. participation. you our that your gentlemen, Thank call

may disconnect You now