Freeport-McMoRan (FCX) 23 Apr 242024 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Freeport-McMoRan First Quarter Conference Call. [Operator Instructions] I would now like to turn the conference over to Mr. David Joint, Vice President, Investor Relations. Please go ahead, sir.

Thank you, Regina, and good morning, everyone. conference Freeport-McMoRan the to call. Welcome Freeport Earlier operating first XXXX its financial this results. morning, and quarter reported A our are available copy and on schedules of our press release website, fcx.com. supplemental with slides the is broadcast call conference Today's live on Internet. being Anyone home and website may accessing link. the page listen call clicking the by to our webcast on conference

we'd later today's investors, remind be replay to a of webcast comments, will In our and that our and press been on release our and actual the measures include press addition to -- today's begin invited call, has and on materially. today. our website like comments available financial analysts to We'll listen to everyone of may statements, and certain differ forward-looking results the non-GAAP call the

included today Officer; and other Board of Adkerson, and language in me on press CFO; Please are factors of and management described Chairman Also senior our in to with President; SEC risk Richard on Vice refer slides and filings, all available the the our Senior team. Quirk, which Robertson, cautionary release Kathleen our of the are President website. our our call Executive members Chief and Maree to

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

I over call would now -- like call to Richard. to turn the

executing first in and and external results. success Meeting will issues Freeport's They Annual said, all questions. you, really continuation on our our business answer for effective our we'll Freeport's results, become on you to continue will support thank with present relations. XX. long-running and management and Shareholders your strategic team report quarter then David June and Kathleen Thank pleased important I reflect CEO, David, as joining plans. Chairman us. will our today as Kathleen We're of Kathleen a our

ago. CFO And the of transition became she's I will X Kathleen I've Coincidentally, a XX years through There's ago. advanced to adviser become shortly did years joined the transition, when I after decades. Freeport management group to to seamless then, an the company. for most company been CEO the since previous history. the She This in been integral XX be our finance in And management XX-year fact. been

became comprise ago, personal to X staff our our added independent and with build internal to represent I years promotions since new hires. Chairman with we've I When time, a X directors, a independent external strong a sustainable commitment Board bolstered team. together Board very management continuing directors, made directors a and We sustainable our which that And shareholders. high-quality

of validity and Board future never never that yet under Kathleen's I best is our personal with positioned strongly team has with been a Freeport to ago, the personally I'm and for is based at on for commitment point. years this to made able evident, The commodity. the been come. for leadership. the future, My of cannot say that Freeport's proud has more more strategic demand copper XX commitment and management pleased the fundamentals be our and be to supply to stronger. we enthusiasm

Kathleen, over your you turn I'll for the to slides. call

Richard. you, as Great. outstanding you your as our tender during to And Thank a CEO. visionary -- and for you leadership thank our your long special tenure

drive and execution continuing CEO copper-leading become reliable As I plans, our on focused our centered and prepare for of capital to in growth. management profitable I'm on cost our strategy June, disciplined

in to I the this look a navigate in forward proven knows business new has building our assets. for past future. and ability passion company team success and seasoned to our leading on finding Our to value to our a challenges highs

our will our new be report, annual available with copper-focused website. value strategy of is which the annual our our we report copper. our Slide X, this year's Page have on as also on performance, sustainability We'll week. a The being producer. premier be X, copper this a and our theme publishing later on available out report It strength Starting highlights website

time for part as of performance, very which environmental social details which our now, to report, we production. take some been and This our we've responsible doing seriously commitment

On Slide show X, track we good would year. are the our items against we we again focus you these can These reference January these areas go discussed as the for through -- present XXXX. of same thought our it key we and our in so for be areas progress call to

turning Slide to off a X, far really XXXX. start first We're to highlights. On in quarter good the so

copper cash Gold costs strong with in with billion margins per exceeded operating $X.X an consolidated billion quarter adjusted flows first better in and were copper at estimates guidance we for sales. our line during than $X.X and sales our were and price summarized, forecast. generated that EBITDA quarter net As cash unit was $X.XX in pound. flows, the average and of We cash

project our great scheduled quarter, $XXX innovative in reduced in initiative leach our and including pipeline. totaled we our Capital initiatives, build the Indonesian debt. is the on for important which billion smelter Indonesian start smelter, copper June, growth up We in in net expenditures, million momentum and several excluding on continuing $X.X organic to made to optionality progress the building

that world's and favorable rise of growing Grasberg production. copper increasingly driving in Recall positive. are gold one of gold copper Market They're of largest both prices fundamentals year-to-date. also in recognition and we've the is a in conditions mines seen factors terms

it on metal economy electrification, use starting global markets, of is growing on focused foundational in and becoming secular The energy world comes in and copper X. is more copper more trends, intensity the Slide copper-intensive to Copper supported of by applications. particularly electrification. the is essential to when Moving a

power pointing to constraints extended time. development are the tight above-trend renewable development are supply is there projects market in absence an an of driving of and new occurring conditions technology and times foreseeable when at supplies, lead increased for major and for multiyear existing for for generation, This time forecasts the extended transportation on a New period demand copper massive copper future. growth grid, infrastructure investment demand for and call

producers, several early price have weeks, prices. the last market tightness And market of of Copper periods growth copper in of a historical has Based been Freeport reflect above may the at we us, in be risen citing in for reality the to copper the the trend situation. for including time. physical stages demand, on some long-term repricing

And a X, we responded when where prices China of Slide years copper. on major emerged show illustrate this ago how copper we as XX consumer

within that see months, on nearly by chart and increased within the can was Xx You this XX% period. price copper X-year a up XX

cyclical of drivers a provide for of demand XXXX, in weakness the demand demand. drivers copper secular more During growth despite copper in the some

markets indicate fourth Notably, of This smelters the treatment data also supply when last is announcements industry recent In the of as disruptions quarter year, at evident is sharply the charges tightened economy a recovering. TC, concentrate physical points of manufacturing global concentrate clearly sizable look drop supply. the that result of market where you the shortage significantly.

higher higher be with the where predicting sensitivities, prices very will prices, many our future. Recently are we'll term. improved year-to-date, copper to macroeconomic in review long-life sentiment, prices volatility. significantly ours analysts copper now not see combined performance period copper organic and driven higher prices over point projecting clearly, with -- highly from levered physical from like and to there But That's fundamentals and Freeport, assets as a our At long development We're the prices you'll will here, have positive is recognize and company extended opportunities. of copper the market financial presentation. higher an later the go for large-scale, prices conditions significantly deficits in producing

summarizing areas, reliability Now productivity. grades of and of I'll productivity highlights but the making the by operating is efficiency on do the by focusing ore initiatives our terms key the have X. progress improve region. reduction. workforce at of work highlights industry U.S., the and impact cover to top our mitigate on We're work in we to to of to our being we regain and This of goal quarter. still cost We're on the in of equipment, our sharpening geographic the Slide the focus these from continue In lower efficiency to operating presented

Our initiative and the helped providing lower ore mitigate has grades. incremental innovative is of impact leach volumes us

automation X next years. continuing per the several portfolio, scale lot to needle range the and to as over got this we we we XXX annum previously per million rate, We're across million-pound As also which run of reported, million XXX believe advantage have reached a in technologies to we've we forward. of progress annum to move new XXX the initiatives our take the go to over potential

team was during optimizing we planned and targets to rates America, ore per day -- in XXX,XXX several was by copper accessing Cerro South achieving throughput through worked with our material increasing milled the In And Team types, slightly metric address recoveries. quarter the associated than mill below required at higher of Verde. tonnes challenges volume which successful ore grades. mine

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In and had higher production with gold quarter recoveries. and grades rates, Indonesia, our Both higher copper we exceeded exceptional ore another forecast performance. mill of

offset a net means per the byproduct our Indonesia $X.XX cash Our more was than cash for gold That costs. all of production the unit net credits costs quarter in credit pound. of

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labor ] work is workforce. new mill SAG team well. position. future. just installed performing in from a team mill mill, very higher Our resource year enable at is And recently sustaining that there a nearing will new doing value Topping optimizing and we last of end completion outstanding off agreement finalized recovery in our [ with large project, PT-FI the X-year it and of this We're the which our recoveries the

focused for on in where to in we and activities. of start-up a extension X on the our important work we're in operating an completion and we smelter Indonesia. first We to catalyst the report the progress critical new long-term quarter stand now smelter this of and as remaining transitioning us, with commissioning our made Indonesia path secure Give a of substantial Slide in very rights is project

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growth a growth optionality on where and we through in Slide on the We're our projects. focused we our XX, on we've summary and stand very where got pipeline, various go

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the a estimating outperformance. show average our similar We're Slide slightly On guidance got sales presented costs in XX, do, our We've Slide the XX that's X.X%, at cash basis makeup per start copper, to per consolidated volume and outlook about sales we of pound. pound the of the of first We've as some our materials. net on to of we year. restaurants approximate outlook copper $X.XX on reflecting molybdenum. is gold for quarter details by X-year the rest of usually increased XXXX consolidated The the also our guidance this $X.XX previous below unit of

current With a ranging per prices strong see at cash ounce results and we Slide show cost here and $XX the cash holding 'XX various flat per and ounce per $X at we're We're average EBITDA for $X from flows 'XX. our for to molybdenum an estimates pound flow and of generator, on as our you XX, copper gold 'XX, our at using illustration. estimates for for can 'XX where volume pound modeled and $X,XXX

annum of $X from got annum to payout Under and would copper range with at would billion copper almost providing on in improved from our on per to from our operating this per commodities cash and $XX billion $XX extremely year growth annual various at per per over flows year the benefit billion $X over EBITDA scenario, at We've flow copper. long per right returns shareholders our sensitivities excess positioned $X $X.X framework. in range cash substantial at cash reserves, performance-based for and $X copper $XX large-scale well organic life investments production, pricing, to the to pound we're billion

our and estimate And will XXXX, $X.X higher spend about for total That's for and estimate which CapEx XX, than guidance. billion last show much our for our Liar project capital with current changed billion. reflects million prior $X.X timing about Slide January update. XXXX, is Not we Kucing consistent XXXX. our since we in for 'XX. changes estimates for 'XX the On expenditures has projected is $XXX

cash distributed. totaled -- period, projects the this making projects back This not during this reference materials. we've the new in And billion. these initiatives, projects are policy, got $X.X -- period that category discretionary capital X-year details this some investments we're our reflects value-enhancing the is with under is financial -- in funded and that the available in of are half all During

Finally, significant policy growth sheet a and priorities policy and strong. We our be very on great Balance cash within to getting on on to credit to targets our strong metrics returns -- the sheet, and execute Slide financial investments continues value-enhancing projects. XX. projects. balance metrics shareholders flexibility centered reiterate got We've to debt

billion shareholders starting dividends financial purchases through As new share distributed long-term indicated $X we've will about and to we've attractive a that and policy future here, portfolio since this very got enable us growth. drive A will shareholders. value-oriented allowing sustained us shareholders build price value to continue higher to copper invest higher to cash in returns long-term for future for while to

to timing manage of continue conditions. monitor the sure carefully and market our to going flexibility financial projects actively our We'll the strong. make remains that We're

is driven our and team you open resources. In value in safely by closing, of attention, up our the we'll value, We and our now to for we and business all by vast and efficiently focus the maximizing our global on thank your matters executing what for responsibly, questions. continue plans call

Instructions] first of Liam Bank. Deutsche question from comes [Operator the Fitzpatrick line of The

Fitzpatrick from Deutsche Bank.

The on your is first U.S. just assets. question

us when step visible to you're this time, about are we of some be more improvements talking in for? this do sort for just productivity should a bit stage? And of color more been Is expect inflation? there change than some you You've numbers? targeting. on could you the that change give of some what Could at a be the Or better to hoping

your is parts the it question, second X on then really And projects. just to

grades? to you facing decision the nothing on investment could then Abra, suggests do And mine, right just will check about. you the in at timing I drop I think be timing Firstly, next you to year. more that's at material when the an give presentation in make El Bagdad, off wanted that if a think it

Thanks, Liam.

grades, we've in -- is lowest low In terms had we're ore the grades what with of right faced since the U.S. operations, XXXX. ore now very

So structurally for that us. challenge is a

that the years, in of couple to efficiencies needing labor we've been are last XXXX the and also before the make in had COVID. trained with sure that and our gain U.S. people we've can shortages dealing Over

but got good with getting. making It's work not And know We're every couple that work efficiencies is operating that our efficiencies asset our the what we've progress really years, that in hard asset the the look we're had equipment single to work the that we we doing. work. we last back If make easy we we've day, equipment historically. sure haven't It's we're getting the be over of that gotten is. should

And is been to strong, working health training We've we're equipment that. maintenance on our on so that less sure working a make working of on been that's workforce experienced. we've

We're that's blocking through really us as headwind just And of we And we're basic a But think the focused on And efficient. have drivers provided in we've Everybody it. we're the the grades. grades. progress. technology We've the making is day and with lot what the we're initiative, ore all on results potential. we the of advancements. gone tackling, of ore lower scorecards with focused every but what it's of doing these makes still got detailed also happy leach some is benefits and us

technology the working key within think ours. million-pound fully know within we at all But around production but it, and focus initiatives of that portfolio, opportunities what have it think about of focus advancements American look And range. a have got day we're North for fleet the read to on. we but doesn't that's takes available truck kinds our increase and also year to improving where I we XXX we're North that's there the discipline gain portfolio And we we Bagdad, the us every I that historically. do us And autonomous. haven't to think a happen we path. to is the overnight, on looking to It convert productivity, as the a as We've at driver American operations. haul You we had

forward the where we within workforce estimates efficiently that there the we make it capital is do sure project, the What within time Bagdad, focused at we've this frames. on we're the can with situation we want and go the and can got we when question really your deliver that project done. that Regarding to study cost

we want the over take doing as work, derisking our go time next so months. plan XX forward And we additional to in the

reassess And this And in situation labor always challenges activity not is copper we'll the market then But once district. autonomous the the position brownfield we all not in we fleet ordinary the complex the to move plan and in in a where the to environment. to the a forward. in continue get project. we be project gets right can a a have history we conditions. a in state. workforce substantial markets, also, to be monitor have cetera, converted, given position with we et place a a a an to competitive It's is very deal -- as if It's now this executable that Arizona, do. want which It's The issue very we really

very we're is of large. from It's reserves. resource. some water and very extensions project on standpoint to will size working at got to things operation, current decline, El it give looking the the Freeport, Abra, life several over has the which another we're and to relative years, probably but We've years some very current get us El start our the It's But respect to not we there. XX of the in to have water. With Abra that is small exciting next got the

ability And the have so reserves to of add scale. we

figuring being work at a what projects that's it. overall of estimates other what on comfortable good sure I understanding are We the testing on economics the very we're we've project really we're looking done of look And going are good now. really they make the to project, testing those, execute mentioned, Chile as and that cost able and capital like the lot there our back terms we're stress happened working at feel in initially. it. But of as that about things In out,

the would The I that of file years. an time get then X can review the that permitting for And know as be in application. that extended project then we in us well. really, period us the will for to impact lead us. there's helpful permitting where But file environmental is to streamline takes optionality. as requirements. of point X its because to Chile span there a getting there's to It And we're give focused Chile what good data that a is necessary know, can statement working additional period to you time on and long the value is But

question next the Chris from come line LaFemina Your of will Jefferies. with

First, congratulations this pretty again, Indonesia. in done just wanted very been say past what I on the impressive. once has That incredible And operating quarter, to you've performance there.

on congrats on So follow-up the that. wanted U.S. a to cost secondly, the ask And just I in then trends in

the close pound pound $X.XX, rest CapEx, flow breakeven. something around of $X a quarter. probably cash that that if pounds new we of in we cost. that's to you for a add And if is assume pound, what, a -- from first XX So in imply your would production it's around million production leach that to did, the that the net then leaching sustaining $X.XX $X initiatives the if in And free U.S. cash U.S.

So flow Are cash breakeven that first a the is, in right? you at you question my is pound of around exclude free U.S. leaching $X the initiatives? the new if benefit

cost consider stockpiles. the average to when What per our our at unit initiatives, have and reported until to cost stockpiles. we're as of cash that costs, is you we reflective In of of average additional recording add our terms you the look leaching pounds

When drop, average reality, those $X. closer to cost. confidence, denominator gain now in the So out are we're will more like pounds incremental as a pulling we out the $X so of cost is reflecting the stockpiles

add confidence about, talking shy this be leach unit America but more you're pounds, it of reserve, in get a come see we But costs we the analysis, multiyear of more your area right $X able terms now. as lower of North So and may down. we're are you'll amounts in grade that to of

and we're are inflation but had the on focused area We've has that so get everybody we our unit has And on we've our seen, own to those is we able control. unplanned and reduce historical so for our seen do where team, as this -- moderate, people get high the challenges us. inflationary to up reliance relatively costs. do our to as compared big can workers the this levels. continue we the pressures And workers during our to that maintenance to will And but training the cost on things cost period and more to trained to And avoid more contractors, is rationalizing had which on a to contractors costs is it maintenance, more reduce to now, we things up, that's of really some rely avoid want been labor contractors, on we've work. also other of work right we're what within be

That's what that's opportunity, the very forward go is a productivity if very and team. to focused initiative picture, So really million our cost to adding technology and going on. team see on. leach in be in leach it to successful our improving big well incremental U.S., we you'll I lower the are and from start focused at U.S. the change, -- another lot the Josh we're And we're be as able a her a on trend what gains, is mean, step costs low focused his and as our XXX though, in Maree pounds

Chris. we're over this, So all

Right.

well? You're not reflected and that the what's in cash $X like something cost in the year production XXXX guidance using quarter $X cost the in leaching the reflected was So for right? guidance, full in a that first pound per as is pound

our spread average Yes. is on as are to report when It's that come what's be more and And really the financial over the stockpiles, in because what's at the and way books reduce stockpiles. it estimates the an will in costs add the will really just increase with truly remaining incremental future we down estimates of we occurring. volumes cost And coming reflective it. out the

it doesn't cash standpoint, affect flow cash a From flow.

really benefit below we So incremental the the the getting cash $X. cost flow, are of

cash you smelter is the So think the nearly flow, if about have we complete. construction

Copper balance gold up. be higher obviously is duty, price the price higher, not sorry, You're at higher, copper is going ramped price is paying one sheet royalties is clean. obviously way to or another, -- smelters the

have You in return last the really haven't executed performance-based policy, your you which year. capital on

something a of just see consider supplemental lot capital but when Is before is we on, could that I'm returns? timing through certain have get had terms in you consider Board returns. those capital of Or the You've events those to wondering it imminently? do kind will we delivering going of --

the been Well, distributed our executing policy. XX% cash have policy, since flow. available under we Yes. We've we started of the

returns that but cite all items that cash more all you is distribution. the so more give more and to flows And to that be prices that us the that building higher And to excludes and And going of smelter, are continue will items shareholders. file the the policy to cite that policy. cash cash you we'll for available is be

Our question from Vertical with Michael Partners. of next Research will come Dudas the line

I in response cost mentioned moderation. costs think you question the operating and to about

seeing it in been a you're what your few bit what a America touch might little on North expectations versus cost ago? what and maybe So your mines more ground have specifically months American can more on improvement, on are South the you

of And Freeport you more provide completed? you're double-digit how that that's the for follow the going bit studies kind on And inflation our needs? seen to to through and challenging we make have cost a little some to what of on it others and capital really the that continue continuing of seeing are material in side working and -- feasibility market

Yes.

getting have It and been. a issues those higher stable it's into moderated situation, we're while stable. more is think has it more bunch, I than a

we for things get And some us. out one are more now a things bidder up bids on or might ago, for going you year for opening two instance, project. a were For when

I So stabilized test think on to part, that it's now. continue We'll it.

And issue can change, the levels labor of one been more at been a with moderate range all experience projects the U.S. run and sensitivities. that but more of in things. respect it more stable. this asset the in are, run whenever input We're and and commodity things in the work we we what look efficiency. and force need with now. They've that know The our our stable are thing, and economics, third and particularly has We time. we've important to costs I most of reliable on the what not some capital that, we the right costs mentioned encountering than And of seen terms contractors to and and always the that is

U.S. progress are those the really so we're operations. And to working We're on have the on the challenges and turning that. on within continuing we're that we them. I driving efficiency very make that feel corner good confident

the We benefited more a in America stronger from in haven't South we've We've dollar. workforce, much stable got more much workforce. experienced had there and a Indonesia, issue also

our of in currency. -- our much is foreign of cost labor many So

than that's we going we costs do a sure us haven't So a us in gains we overcome benefit and inflation. make our tool from gains. are we to company, with to moderated that we and can, better there And now. to dollar past. the there things being our do to we're as a that I available want technologies can seen productivity. that got believe that as as we've to obviously becomes things in stronger focused with have focus a think as with we that But mean within what grades productivity recognizing haven't And seen And be the help on we've now into more clear a in inflation I efficient challenge. low -- control efficiency that we're some we benefited have a U.S. not lot But got leaning some have on inflation, innovation had want

back job implications cost things to done on described look broader with the well our add Let a when the very within And we've Kathleen me that market good you we're of general our copper relation in at history inflation, just question. point company. doing X our the to have all supply careful. chain and in be major we step CEOs in team. and say, with overruns Panama, us makes also political I talk But Chile, but the situation as amount industry, the elsewhere back around on the shocking of project

We them are trying of kind they than and what's inflation, more still these have to going projects have situations to to cost to with and be arms careful the we're have. get because simply to around delayed overruns be on our just the cause

seeing have for and factor the if run-up supply shortfalls day, that a outlook the solved, and positive prices, we're from you of end having, for longer-term been that's supportive the also these is just for copper copper copper business, something in the prices. this recent another major that's the very it's the problems this major and prices. wouldn't were outlook tough element easily At a is I mean for

Our Peterson will next from Bill JPMorgan. come question the of line with

on developing I the I the Bill, see time? current any, company's in dialogue leadership It's actually could, that ask Bennett to with for you If relationship and how Indonesia if over this is wanted morning. what, new

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provide wondering I'm So there's maybe if can And on ask there? the government any you the additional updates what there? from table

it. Ramadan the occurred election an having The Let through on the that XXXX. on we're we an general there's is support we no beyond just government and -- I timing. structure gotten the we controversy the just have the very There's -- But that for and that, went have agreement me fact over say with believe effect pleased.

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able confident to we're going that. to be So get I'm

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Your next question from come Securities. will line with Lawson of Bank the Winder of America

a Maybe that tonnes I exceeding just could. pathway there if well day per consistently asset? at Cerro Verde, on over to Is XXX,XXX still

Absolutely.

our is and as see very issues job has country great just there. to just economically visited an done. know, Peru lot deal down to team there team And local uplifting I with and spirit, politically but what what is all has you a recently mean, has you a experience the with, complicated tell can't and relationships a the it I of done our down I the community.

material material some had XXX,XXX I trucks a XX,XXX street equivalent friends a day, single with moving and moving to of -- over operation we're an tonnes see that's in where the metric dump XXX,XXX me of day.

our And our see supports We've work to it. We're bringing community Arizona operations workforce. me. of so inspiration for to people place operating and actually go it's got to The some in an Mexico an support there, quite a us. New Peruvian it's great for me frank, but uplifting to

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Tumazos come John Our of the Very Research. John from will Independent next line question Tumazos from

losing U.S. less short-term are profit interest In shareholders interpret quarter, made the convert money. the $XXX. and mitigate to what cetera. the or was And remedies, inflation, about overhead operations example, income we et lines than you Can and the to $XXX was for $XX trucks the are from wage minority quickly the million that that, can how first U.S. the autonomous

transferred really minority of deal thing in John the question, virtually mine John. And And Government economic that before of the the in I've from Kathleen, seen hasn't asked was was the joint PT-FI me same to the interest John. one Kathleen. through thing, that some the Freeport, along. just converted but and XXXX, Tinto the maintained reached, let that Rio interest in had That agreement the in shares, to One ownership changed. your about say venture you we've Indonesia mid-XXXXs. we to writings, that came all

this government, something was that cut back because happened mid-XXXXs. wasn't So a of that the of deal in because the but

I have in U.S. and things talk so bolstered it support makes we the in royalties. so situation for U.S., tax is even a same of the have with attractive in through though our fact because very community look hospitals to growth our mines do the profitability and We no overseas by overseas in of We Freeport. for fees, because those mines it, you really that and our so do opportunities the U.S. provide for Americas and in when lands don't that's And the about we very attractive, income what workers. our loss the schools and we these people are people U.S. our grade, own net in the favorable low carryforwards, operating we there's get

I dead. for country value terms time Southwest also great part Freeport in copper providing it's both when You the and create electrification and now, create transition big to our -- remember energy district it's of for was shareholders a the value opportunity a the a shareholders. for needed resource copper our the And broadly, for people right to our thought of future for but

us if you There's some et and the you there's question, that the follow in just some cetera. press -- much release, the back John, point your afterwards. release. the -- look segments can we the press just U.S. mines of answer to up going to there's with contributed, at I segment that how show analysis, And was doesn't

question come & Johnson Martin the of with Malloy line Our last Rice from Company. will

and that give at with looking I wanted to acquisition maybe opportunities? technology, leaching advantage competitive does a ask, you your

some we're pounds not I to give does doesn't it our our But have focused I Well, yes, active. in question, able inventory. that some our where situation. some And it. to mean, almost in this things be areas interest we've we're old apply billion mean, -- that XX organic your to focused on opportunity got our own to know-how answer really us include But really may on own in we're

opportunity our be seeing to this, we've that came able portfolio But from. get would for shareholders had within could our lot got what substantial a of we in an out we value to make If available it. be interested

develop and by is is mentioned already what lot it. our we existing our It to massive, opportunity And historical have ] Freeport from what's the Yes. from stockpiles Kathleen stockpiles. a [ understating owned

expecting along, So yes, an opportunity came I'm not but it.

now think amounts be of opportunities. what others grow with have the this scale company going we're it doing tremendous one really kind has that to we able which to of has, else have, No I that we value in do.

over the With that, management call any we'll to for closing turn remarks.

and interest Thanks, look forward everyone, future for the we reporting all progress. your good today questions in and your to in our on Freeport,

Thank you, all.

you today. call for you all concludes disconnect. now for joining, and That may our Thank