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Ores recovered by mining include metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel, and clay. Block caving Longwall mining is used in horizontal, tabular deposits mainly coal, while the others have applications in inclined or vertical, massive deposits, a lmost exclusively metallic or nonmetallic. Because the exploitation openings are intentionally destroyed in the progress of mining, the caving class is truly unique.

Rock mechanics principles are. Bulk mining methods Block caving is used to mine massive steeply dipping orebodies typically low grade with high friability. An undercut with haulage access is driven under the orebody, with "drawbells" excavated between the top of the haulage level and the bottom of the undercut. The drawbells serve as a place for caving rock to fall into. Underground hard rock mining refers to various underground mining techniques used to excavate hard minerals, usually those containing metals such as ore containing gold, silver, iron, copper, zinc, nickel, tin and lead, but also involves using the same techniques for excavating ores of gems such as diamonds or rubies.

Soft rock mining refers to excavation of softer minerals such as salt, coal. BlokForge is a U. Our sales staff are trained and experienced to help you get the equipment youre looking for as fast as possible. Highly reliable, without electronic componen. Productionatanycost mining is a thing of the past.

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Electromagnetic Vibrating Feeder Inquire Now. Electromagnetic Iron Remover Inquire Now. Flocculants System Inquire Now. Electronic Belt Scale Inquire Now. Alloy Slurry Pump Inquire Now. Turning to Slide 4. We have implemented prudent health protocols in all of our locations to do what we can to avert a spread of coronavirus in our operations. We are monitoring and following all the guidelines of international health organizations and governments, the efforts being led by a dedicated team of medical advisers and providers.

Our procedures are robust, forward-looking, proactive rather than reactive. Our international medical providers are administering testing, tracing, quarantine procedures on an ongoing basis. We severely restricted, and in most cases, eliminated travel, group meetings have been eliminated, working virtually and all work that can be done remotely is being done remotely. In our operations, physical distancing and mining processing is being achieved.

Ours is not like a factory where people are working totally together. Truck drivers, shovel operators, other operators can work with social distance. At the sites where we provide housing, meals, transportation, we're being diligent with sanitization, isolation of workers showing symptoms and treating workers who have potential illness with state-of-the-art equipment and facilities. Our management of worker health to date has been very effective. We have experienced a limited, less than 50 confirmed cases to date across our global workforce, which approaches 70, workers.

But knowing just how fast this virus can spread, we remain diligent, proactive in protecting our people. Slide 5 addresses our commitment to communities where we operate. This commitment is long-standing and unwavering. These communities are the homes for our workers and their families.

They're essential to our long-term success. Across the globe, we're supporting communities during this time of great need. We're prioritizing critical needs caused by COVID, and we continue to work to communicate with governments to technical difficulty Slide 6 presents this global span of our workforce, including employees and contractors.

Worldwide companies or countries are dealing with the pandemic in varying degrees. Our workforce is adhering to global health standards, focusing on their personal safety and the well-being of those around them. Our global work -- our global team of workers is critical to our company's success, and we fully recognize that. I personally appreciate the dedication and commitment, cooperations during this challenging time.

Slide 7, we note that copper is a metal strategic to the world and it's importance is growing. Freeport is a long-time leading supplier of copper to the global economy. We're working closely with customers to meet their needs in today's world, protecting our business so we can reliably serve customers in the future. Copper is essential to the global economy, not only in times when the economy is growing, but also in times like this when health care, water and food supply, communications and technology are critically important.

Telecommunications, digital technologies and cloud applications have never been more important than in today's world, and copper is an essential element in meeting these requirements. On Slide 8, I want to note, and many of you probably have seen recent reports on the growing recognition of copper's antimicrobial properties. Copper can play a significant role in preventing transmission of viruses and bacteria.

This has been known for a long time. Our industry has supported research efforts and education efforts for the public to understand the benefits of copper in fighting the spread of infections in normal times. The current pandemic is bringing to light what copper can achieve in improving public health. Copper's use in health care equipment and facilities and in public places will undoubtedly grow significantly when the cost of copper, which has been a barrier in the past, is measured by the enormous cost to society that is being brought on by this pandemic.

Freeport will be at the forefront of leading the world to understand the benefits of greater uses of copper globally. You'll learn more about this. I'll refer you to the Copper Development Association's website, and you can read articles about it almost every day in the press. On Slide 9, we talk about just how quickly the market conditions change. This means like a lifetime.

When FCX reported its fourth quarter results, the global economy was showing clear signs of progress. The Phase 1 deal with China was encouraging. After trade issues had burdened copper prices for the previous 18 months. Same time, gold prices have risen dramatically. Gold has a benefit to our operations in Indonesia. All markets are in turmoil. Dollar has strengthened and lowers our U. Many other input costs have dropped. The rapid change in markets required us to move quickly and aggressively to adjust our plans.

Reports revenues were already abnormally low because of the transition of Grasberg to underground mining. We completed mining the massive Grasberg, high-volume open pit in December To date, PT-FI is effectively managing the coronavirus health challenge. PT-FI is progressing on schedule with the ramp-up of its massive underground mines.

This has been the critical strategic initiative for our company for many years. Continued progress with this ramp-up will place Freeport in a much stronger cash flow position even if copper prices stay low in and beyond.

The gold benefit at Grasberg's production is a major benefit, as I said. The gold component, Grasberg's production, is a major benefit. It's what, together with good copper grades, make this one of the mining industry's most fabulous assets. Of course, gold is having a stay in the sun, copper days -- copper's day will come. On Slide 10, we talk about this transition at Grasberg to move to underground mining and with the current ramp up.

We've incorporated in our original plans, our budget going into prior to the current pandemic, series of proactive steps to protect our balance sheet liquidity. Over the past 4 years, we have cut what was then crippling debt levels in in half. Kathleen and her team also worked with our banks to obtain amendments to our bank credit revolving covenants to give us flexibility during the Grasberg ramp up. Today, we have no significant near-term debt maturities.

Slide 11 now addresses the aggressive actions we're now taking. Our team undertook a comprehensive and iterative process, involving site management across the company. Red Conger and his team in the Americas were facing the challenge this time around of not being supported by cash flows in going out of -- coming out of Indonesia.

Cash we're generating in Indonesia is going into continuing to develop the underground. So what they had to do for each operation, each individual mine was develop a plan to maximize near-term cash flow at low prices while protecting long-term values. All the savings reflected in our new plans that we're reporting today are supported by detailed analysis. We left no stone unturned. This was not a top-down exercise. The objective was set at the top, but our operating teams develop these plans and now own them.

They are committed to executing them and our senior management team and our administrative organizations will support them. Everybody's on board. Our Board of Directors has deferred common stock dividends in to prioritize liquidity. The Board will review dividend actions on a regular basis, with the goal of restoring dividends when conditions improve. The chart on the right summarizes the combined impact of these actions. This is a major accomplishment 3, 4 weeks ago, we wouldn't anticipate.

We have stress test our plans at lower prices to ensure we have a plan to bridge us through regardless of prices, and put us in a strong position as we enter when we will be adding large-scale, low-cost volumes for Grasberg. Slide 12 illustrates the impact of this. Execution of these plans will set us up for significant improvements in , in part from changes in prices -- copper prices.

The outlook takes into account approximately million pounds of Americas production that we are idling in this plan. And our projections include that remaining idle in , which we're adjusting if conditions improve. Cash flow benefit from potential higher gold prices noted as well, many expect, as well as the potential for a return of copper prices to the levels we saw earlier this year. Looking at Slide We note that our management team has had extensive experience in managing tough market environments.

The leadership teams across the company are seasoned and have been effective and successful in past downturns. Prices is different, but in each of our past experiences, Freeport has come out stronger. We have a management structure and a team that is collaborative, experienced and decisive.

Never cut corners on important issues involving worker safety or environmental obligations. We keep a long-term focus on our license to operate around the world that we worked so hard to earn. We adjust to market conditions quickly, develop contingency plans for further actions as required, do this on a site-by-site basis, a planned safeguard to protect long-term values.

This is a real hallmark of this Freeport organization. Highlighted on the slide are actions we took in , crisis technical difficulty and reached critically low levels in and when our company was heavily burdened by debt from our discontinued oil and gas business. Note where share prices were for FCX during each of these crisis and the improvement within 2 years that follow. We're all committed to successful execution of these plans.

We're all intensely focused on restoring value in our shares. Now I want to provide you a brief update of our operations and projects. Slide 14 addresses Cerro Verde. As reported previously, the Peruvian government declared a national emergency, which was just extended to May This government order affects Cerro Verde and other mines in Peru. Our Cerro Verde team is doing great work in managing smaller-scale operations during this period while we protect the health of a much reduced workforce and as we work with the government to explain our health protocols so that we can position Cerro Verde for a restore to normal operations.

Cerro Verde has been operating in excess of designed capacity for several quarters, chiefly mill throughput of over , metric tons per day, leading up to March Our plans are developing and ramping up Cerro Verde late in the second quarter and returning to higher production levels in the second half. Returning Cerro Verde to normal production is important to the government of Peru and the community of Arequipa.

Cerro Verde has been a large contributor to the national and local economy, one of the largest employers in the region. Slide 15 covers our new mine that we are developing in Eastern Arizona, adjacent to our Safford mine, very close to Morenci, called Lone Star. And we're nearing completion of this new mine, and we will commence production in the coming months. Capital is largely behind us. We're advancing on schedule with prestripping, which we expect to complete in the third quarter.

We've started to ramp up placement of ore on newly constructed leach pad at the nearby Safford operation. Project is forecast to add million pounds of copper per year initially, with opportunities to increase production over time with low capital intensity. While we have great expansion opportunities at Lone Star, we are deferring those until the market conditions more. We remain excited about the long-term opportunity for Lone Star.

We believe it will be a significant future cornerstone asset for Freeport in the United States. At Grasberg, very pleased to report that our Grasberg underground ramp-up is proceeding on schedule. We have achieved important milestones to establish large-scale production from these high-grade low-cost little blocks.

Been consistently meeting or exceeding key performance indicators. By the end of the first quarter, we were producing at a combined rate of over 40, metric tons per day. Rates will be increasing continually as we go forward. We've added almost 50 new drawbells at the 2 mines during the quarter compared with 34 in the fourth quarter.

We now have open drawbells, which are the rock funnels that allow us to gain scale in ore production. These are high-grade, large copper and gold ore bodies. It's noteworthy that the first quarter mill rate throughput was only about half of last year's first quarter yet PT-FI's quarterly metal production was similar to last year's first quarter.

This demonstrates that these underground ore bodies can produce scale because of their grades. At full rates, the production of these 2 ore bodies is projected to average over 1. In the earlier years, we'll have higher grades, and that will yield higher metal production. Our PT-FI team deserves complements for their extraordinary performance in managing the health situation while continuing to execute on this major project.

We have a workforce of about 30, people, a large portion of that work in the highlands, where they live in dorms, eat in mess halls. Our team is supported by world-class medical providers. They've been proactive with a series of actions to help us prevent any major outbreak at this remote location.

Our testing and screening activities in one of the most remote places in the world are much more advanced than much of what we're seeing today in communities in the United States. Unlike years past, now all stakeholder interest in our business in Indonesia are aligned. Slide 17 talks about the smelter that we committed to construct as part of the IUPK.

We're facing delays with this project. It's located far from our operations in Papua, in a densely populated area of Eastern Java. We have notified the government of delays because of worker restrictions and supply chain issues, and we're in discussions to extend the December project deadline. We're also reviewing with the government other issues related to the smelter that might be mutually beneficial to PT-FI and the government. We do not expect to incur capital expenditures of significance in on the smelter as a result of the delays that we're experiencing.

Slide 18 looks at copper markets. Copper prices have dropped from a weaker demand from the declining GDP, of course. On the other hand, supplies of copper have been impacted by the pandemic. Copper mines and development projects are being curtailed or canceled. Scrap market, which provides a large part of refined copper to the market, is currently very weak.

We're encouraged by data now coming out of China, indicating an emerging recovery. There is strong likelihood around the world that ongoing stimulus actions will help economies recover. Despite the long -- the near-term uncertainties, we're not trying to base our business on ours or anybody else's ability to predict these near-term situations. The long-term copper outlook for copper remains highly positive, and in some ways, being supported by the supply curtailments we're now seeing.

Copper is strongly supported by fundamentals, has an essential role in the overall global economy, the major element in efforts to reduce carbon in the world, and the world is increasingly turning to electronics in so many respects, extended from electric vehicles, charging stations, but also 5G and other technical factors are going to require more electronics in the world.

Supplies of copper continue to be limited. No one can predict with confidence when economies will recover. Copper is a highly attractive commodity to move -- and is positioned to move substantially higher as economic conditions improve. Freeport will be a major beneficiary of this movement. I've included Slide 19 as an infographic, developed by the Copper Development Associations, what I thought does a great job of illustrating broad ranges of uses of copper in the economy.

I'll just refer it to you and ask you to take a look at it when you have a moment to consider it. Slide 20 will present our reserve and resource position. We have long-lived and valuable resources that will be available for all organic growth development for decades to come. Volumes we've elected to curtail the current market will be more valuable in the future as economic conditions improve.

Before turning to Kathleen, who will review the financial outlook in more detail, I want to close with the following. Freeport is foremost in copper. Looking beyond the current troubled conditions, copper is widely considered the best-positioned major commodity for our supply -- from a supply demand standpoint. Freeport's portfolio of copper assets are large and high quality.

We're an established industry leader, we operate the mines that we have interest in, which are among the largest in the world. And by operating all of our assets, it provides us valuable synergies and flexibility across the portfolio to deal with times like these and to take advantages of the brighter days to come. Our assets are long-lived, durable, with embedded option for reserve and resource growth.

Near term, Freeport is in advanced stage for a major increase in margin and cash flows beginning in , apart from copper price movements and extended for 20 years and further. We have industry-leading technical capabilities through strong track record of execution over many years.

We've earned the trust and respect of our partners, our customers, our suppliers, financial markets, most importantly, our workers, communities and those countries where we operate. Our block caving experience is one of the most extensive and longest-standing in the history of the global mining industry. We've been operating block caves in Indonesia since the early s, and we have an important [development] of block cave operation in Colorado.

This is a critically important factor as we transition Grasberg to the largest block caving operation in the world. Our experienced and battle testing management team has demonstrated the capabilities to perform in good times and bad. We are confident of our ability to "improve our metal" as we've done in the past.

Slide 22, I want to close by talking about our people. Again, I want to recognize the strength and resiliency of the entire Freeport family who inspire me every day. I'm proud to be part of this team. We're all motivated and committed to persevere and achieve success for all of our stakeholders. Kathleen, I'll let you take over. Thank you, Richard. On 24, we present a summary of our revised operating plans.

As Richard was saying earlier, as we develop the new plans, we focus on reducing operating costs and capital expenditures while maintaining safety, reliability and the integrity of the long-range plans. What this did, it had the impact of reducing all elements of our operating costs and the capital that higher mining rates would require. We note that this material is still there and available to us in the future as market conditions warrant. We have suspended that project, but we're still using the data analytics tools and the agile way of working to drive cost performance and other things like recoveries and initiatives that do not require significant capital.

We believe these tools will be very useful to us. As we drive efficiency. We'll use them rather than driving higher production levels, we'll use them to manage costs and improve our recoveries in our Americas mines. In Indonesia, our mine plans are basically the same as our prior plans. We incorporated updated market rates for energy and the favorable impacts of the stronger dollar on our foreign-denominated labor costs. We also tightened our belt to reduce spending in a number of areas throughout the operation.

About half of this is the timing of installation of planned mill upgrades, which we deferred by a year as a result of the pandemic and current constraints on international contractors. We've also reduced spending forecasts associated with the proposed smelter in Indonesia that Richard referred to earlier as a result of project delays and the current discussions with the Indonesian government. Looking at Slide 25, and this is also in our press release. It's a financial summary of the revised plan for compared to the January plan that we prepared in conjunction with our earnings call in late January.

Because of the sequencing of our mine plans during the year, we expected the first quarter to be the weakest of the year. We also expect, under the current plan, for capital expenditures to exceed our operating cash flows in the second quarter. In addition to the cost and capital reductions, our plan reflects a number of cash flow benefits associated with reductions in materials and supplies inventories, an acceleration of tax refunds and a series of other items to improve our cash flow. Importantly, we boosted liquidity during the year compared to our prior plans, and our net debt is lower.

Richard mentioned, we've gone through a process of stress testing these plans at various prices and believe we have a plan that will bridge us through and put us in a strong position as we enter with the addition of large scale, low-cost volumes from Grasberg. Turning to Slide We show our sales outlook for through As you'll note in this slide, the sales volumes are about million pounds per annum, lower than our previous estimates. This reflects the curtailments that we're making in the Americas, reducing our mining rates.

And it also includes a small change in associated with the deferral of the upgrade of the mill project, which has a slight impact on our mine plan for the ramp-up of the Deep MLZ. You see the gold sales are similar to our prior levels. There's a small change in related to the timing of the mill upgrade. On Slide 27, we present a summary by region of our unit net cash costs.

We separated the first quarter from the rest of the year so you can see the impacts of our actions. And our first quarter was expected in the original plan to be our highest in the year. But as you'll see, what we've done with our cost structure in the balance of the year is driving a significant decline in net unit cash costs compared with the first quarter. We show at the bottom of the page, the makeup of our cost by region.

You can see energy on these pie charts, which includes diesel and electrical power. But it's designed to show at various prices what our EBITDA and cash flow generating capacity is using the average volumes and costs for and We present sensitivities on the right side of the chart, so you can make your own adjustments as to different copper market or gold market outlooks. We expect, as Richard was talking about, to manage our situation from a financial standpoint in Before getting into , we will generate -- we expect to generate very significant increases in cash margins and cash flow.

We've cut spending. I'm now on Slide So these cash flows that we generate will be available to fund CapEx and also have excess cash flows for other initiatives, including debt reductions and other initiatives that we have. The focus of our plans to date, our revised plans to date, have been mainly on capital expenditures in We're continuing to review And we're reviewing those for potential additional reductions depending on market conditions, which we'll be evaluating in the coming months.

Our plans, appropriately cut spending and capital and again, preserving the strong outlook that we have over the next several years. I'll just close on our financial policy that we covered throughout the call. We remain focused on safeguarding our people and our business, and maintaining strong liquidity and balance sheet strength as we manage uncertainty during the pandemic and the economics -- associated economic impacts.

Under current market conditions and priorities, our Board does not expect to declare dividends in This will be evaluated on a regular basis. And as we successfully execute our plans and enter , we expect to be in a much stronger position with increased cash flow, enhanced flexibility to consider shareholder returns. Thanks for your attention today.

And operator, we'd now like to open the call for questions. The first question would be, how are the supply chains holding up there? Are you able to get access to the consumables and other things that you need?

Or are you having to run down stockpiles? And then I guess, secondly, on Grasberg. Congratulations on all the steps that you're taking there to keep everyone safe. But in a worst-case scenario where there is a significant outbreak, what is the contingency plan? I mean, it's obviously very difficult to kind of safely halt underground mining there.

So maybe you could discuss a little bit what the contingency would be in a worst-case scenario. Thank you for your question. Mark Johnson, would you comment? Mark is actually in Papua now at Grasberg. Can you comment on the supply chain issues and how we're dealing with it? To date, we haven't had any problems. Nothing's been interrupted. We're -- we always have to maintain a supply up in the highlands. But no issues on -- obviously, we have a large community up here.

That's one of our concerns, but no problem. Like some of the places in the states, we haven't had a run on any of our grocery stores, our medical supplies, all those key things, plus all the things that we're doing for production and for our development, we haven't had any issues. On the contingency plans. One of the things that we've looked at in a worst-case scenario, as you mentioned, is the mines that we'd be -- need to have some consideration.

At Big Gossan, we could shut off and turn on if we needed to. It's a stope mine. But we've got -- we work with our consultants and we understand what sort of minimum draw rates we would need in our block caves to keep them going. We could drop our personnel dramatically and to just do that minimum draw. That's our core production. So the core production is a relatively small amount of people and equipment. A lot of our effort is in the continued expansion, the construction to achieve those out years that we've got.

So it's an ongoing process. Our contingency plan in the worst-case scenario would be to minimize those activities and focus on the production activities. Clearly, you've been through this before. My question is regarding the out years. It looks to me, on my side, like a and reductions in copper volumes are mainly tied to the AI initiative CapEx cut, at least for North America.

So my question, just to verify, do the '21 and copper volume targets assume that the North American operations are back up and running at normal rates? And under what underlying market conditions do you plan to ramp those operations back up to normal again? We have some mines that are starting to ramp up, but we still have idled production during that period of time.

So when we were pursuing in our previous plans, the initiatives, we were calling America's concentrator where we were increasing both mining rates and milling rates. We're not doing that at this point. So we could, if market conditions were to improve dramatically, and we'd have to take a long, hard look at that because, as you know, this is not a light switch that can go on and off. But we could start bringing back production and -- over time and increase our mining and milling rates again.

So this assumes that we remain in a curtailed mode at most of the -- really all the operations through the first part of next year. And then some of the operations are increasing mining rates and others aren't. So it's a mixed bag, but we could.

There's nothing about our prior plans that would stop us from increasing production. It may delay but because of the mining rate change this year, it may delay the timing to get to those volumes. But as we talked about, the volumes are still there and could be added over time if market conditions warrant. And just as a related follow-up, just can you give us a sense as to when you say if market conditions warrant, is there -- what's the market condition that would warrant a full And as Richard was saying, the things -- the ground work was in place for potentially higher prices as we go forward.

So I think you'd have to see prices move back to those levels and have more economic certainty around the economy. But we're going to be very disciplined about executing these plans, really focused on costs, really focused on capital in the near term to make sure that we can preserve our financial position during And then as we get into , we can start looking beyond at what the market conditions are and whether we restore full mining operations at that point.

Different countries are going to be in different situations. And things will occur step-by-step, and there will be uncertainties along the way. So it would be fair to say that given our overriding objective of protecting the long-term values of our assets, we will be very measured on how we respond.

So Slide 26, just on the production. Understand North America, I think that was probably reasonably we were flagged that there might be adjustments there. But in terms of South America, appreciate Cerro Verde is offline currently. The , impact of South America, can you just talk through that? I know you have a little bit of leaching on Cerro Verde.

Is that the carryover effect of less mining into ? Or is that -- what exactly is happening there? I'm just trying to think about how you could maybe increase that if, again, maybe back to copper conditions, but just trying to understand the mechanics of in particular.

Well, we've also reduced production at El Abra. We deferred a significant capital item there. And so we're reducing our mining rate at El Abra, and that's also contributing to the lower production in South America. But we do show -- under our plans, we do show Cerro Verde production increasing in from the levels. But our El Abra mine is about flat like it was in when you compare it. So that's a significant reduction from our prior plans. That's helpful. Just one more, if I may.

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We also tightened our belt to reduce spending in a number of areas throughout the operation. About half of this is the timing of installation of planned mill upgrades, which we deferred by a year as a result of the pandemic and current constraints on international contractors. We've also reduced spending forecasts associated with the proposed smelter in Indonesia that Richard referred to earlier as a result of project delays and the current discussions with the Indonesian government.

Looking at Slide 25, and this is also in our press release. It's a financial summary of the revised plan for compared to the January plan that we prepared in conjunction with our earnings call in late January. Because of the sequencing of our mine plans during the year, we expected the first quarter to be the weakest of the year. We also expect, under the current plan, for capital expenditures to exceed our operating cash flows in the second quarter.

In addition to the cost and capital reductions, our plan reflects a number of cash flow benefits associated with reductions in materials and supplies inventories, an acceleration of tax refunds and a series of other items to improve our cash flow. Importantly, we boosted liquidity during the year compared to our prior plans, and our net debt is lower.

Richard mentioned, we've gone through a process of stress testing these plans at various prices and believe we have a plan that will bridge us through and put us in a strong position as we enter with the addition of large scale, low-cost volumes from Grasberg. Turning to Slide We show our sales outlook for through As you'll note in this slide, the sales volumes are about million pounds per annum, lower than our previous estimates. This reflects the curtailments that we're making in the Americas, reducing our mining rates.

And it also includes a small change in associated with the deferral of the upgrade of the mill project, which has a slight impact on our mine plan for the ramp-up of the Deep MLZ. You see the gold sales are similar to our prior levels. There's a small change in related to the timing of the mill upgrade. On Slide 27, we present a summary by region of our unit net cash costs. We separated the first quarter from the rest of the year so you can see the impacts of our actions. And our first quarter was expected in the original plan to be our highest in the year.

But as you'll see, what we've done with our cost structure in the balance of the year is driving a significant decline in net unit cash costs compared with the first quarter. We show at the bottom of the page, the makeup of our cost by region. You can see energy on these pie charts, which includes diesel and electrical power. But it's designed to show at various prices what our EBITDA and cash flow generating capacity is using the average volumes and costs for and We present sensitivities on the right side of the chart, so you can make your own adjustments as to different copper market or gold market outlooks.

We expect, as Richard was talking about, to manage our situation from a financial standpoint in Before getting into , we will generate -- we expect to generate very significant increases in cash margins and cash flow. We've cut spending. I'm now on Slide So these cash flows that we generate will be available to fund CapEx and also have excess cash flows for other initiatives, including debt reductions and other initiatives that we have. The focus of our plans to date, our revised plans to date, have been mainly on capital expenditures in We're continuing to review And we're reviewing those for potential additional reductions depending on market conditions, which we'll be evaluating in the coming months.

Our plans, appropriately cut spending and capital and again, preserving the strong outlook that we have over the next several years. I'll just close on our financial policy that we covered throughout the call. We remain focused on safeguarding our people and our business, and maintaining strong liquidity and balance sheet strength as we manage uncertainty during the pandemic and the economics -- associated economic impacts.

Under current market conditions and priorities, our Board does not expect to declare dividends in This will be evaluated on a regular basis. And as we successfully execute our plans and enter , we expect to be in a much stronger position with increased cash flow, enhanced flexibility to consider shareholder returns. Thanks for your attention today. And operator, we'd now like to open the call for questions. The first question would be, how are the supply chains holding up there?

Are you able to get access to the consumables and other things that you need? Or are you having to run down stockpiles? And then I guess, secondly, on Grasberg. Congratulations on all the steps that you're taking there to keep everyone safe.

But in a worst-case scenario where there is a significant outbreak, what is the contingency plan? I mean, it's obviously very difficult to kind of safely halt underground mining there. So maybe you could discuss a little bit what the contingency would be in a worst-case scenario. Thank you for your question. Mark Johnson, would you comment? Mark is actually in Papua now at Grasberg. Can you comment on the supply chain issues and how we're dealing with it? To date, we haven't had any problems.

Nothing's been interrupted. We're -- we always have to maintain a supply up in the highlands. But no issues on -- obviously, we have a large community up here. That's one of our concerns, but no problem. Like some of the places in the states, we haven't had a run on any of our grocery stores, our medical supplies, all those key things, plus all the things that we're doing for production and for our development, we haven't had any issues.

On the contingency plans. One of the things that we've looked at in a worst-case scenario, as you mentioned, is the mines that we'd be -- need to have some consideration. At Big Gossan, we could shut off and turn on if we needed to. It's a stope mine. But we've got -- we work with our consultants and we understand what sort of minimum draw rates we would need in our block caves to keep them going. We could drop our personnel dramatically and to just do that minimum draw.

That's our core production. So the core production is a relatively small amount of people and equipment. A lot of our effort is in the continued expansion, the construction to achieve those out years that we've got. So it's an ongoing process. Our contingency plan in the worst-case scenario would be to minimize those activities and focus on the production activities.

Clearly, you've been through this before. My question is regarding the out years. It looks to me, on my side, like a and reductions in copper volumes are mainly tied to the AI initiative CapEx cut, at least for North America. So my question, just to verify, do the '21 and copper volume targets assume that the North American operations are back up and running at normal rates? And under what underlying market conditions do you plan to ramp those operations back up to normal again?

We have some mines that are starting to ramp up, but we still have idled production during that period of time. So when we were pursuing in our previous plans, the initiatives, we were calling America's concentrator where we were increasing both mining rates and milling rates. We're not doing that at this point. So we could, if market conditions were to improve dramatically, and we'd have to take a long, hard look at that because, as you know, this is not a light switch that can go on and off.

But we could start bringing back production and -- over time and increase our mining and milling rates again. So this assumes that we remain in a curtailed mode at most of the -- really all the operations through the first part of next year. And then some of the operations are increasing mining rates and others aren't.

So it's a mixed bag, but we could. There's nothing about our prior plans that would stop us from increasing production. It may delay but because of the mining rate change this year, it may delay the timing to get to those volumes. But as we talked about, the volumes are still there and could be added over time if market conditions warrant. And just as a related follow-up, just can you give us a sense as to when you say if market conditions warrant, is there -- what's the market condition that would warrant a full And as Richard was saying, the things -- the ground work was in place for potentially higher prices as we go forward.

So I think you'd have to see prices move back to those levels and have more economic certainty around the economy. But we're going to be very disciplined about executing these plans, really focused on costs, really focused on capital in the near term to make sure that we can preserve our financial position during And then as we get into , we can start looking beyond at what the market conditions are and whether we restore full mining operations at that point.

Different countries are going to be in different situations. And things will occur step-by-step, and there will be uncertainties along the way. So it would be fair to say that given our overriding objective of protecting the long-term values of our assets, we will be very measured on how we respond. So Slide 26, just on the production. Understand North America, I think that was probably reasonably we were flagged that there might be adjustments there. But in terms of South America, appreciate Cerro Verde is offline currently.

The , impact of South America, can you just talk through that? I know you have a little bit of leaching on Cerro Verde. Is that the carryover effect of less mining into ? Or is that -- what exactly is happening there? I'm just trying to think about how you could maybe increase that if, again, maybe back to copper conditions, but just trying to understand the mechanics of in particular. Well, we've also reduced production at El Abra. We deferred a significant capital item there.

And so we're reducing our mining rate at El Abra, and that's also contributing to the lower production in South America. But we do show -- under our plans, we do show Cerro Verde production increasing in from the levels. But our El Abra mine is about flat like it was in when you compare it. So that's a significant reduction from our prior plans. That's helpful. Just one more, if I may. I just wanted to follow up on the comments on the smelter.

Is that the right way to think about it? Unfortunately, I had a little static in my line here. No, I just wanted to just be -- a little bit more detail on the smelter in terms of the concept. You're just going to push out , and you're in the process of renegotiating it. I just wanted to understand that, that was correct. We reluctantly decided that we would have to commit to build the smelter in order to get a resolution of the long-standing issues we've had with the government of Indonesia about extending our operating rights.

That, as you know, was achieved principally by Rio Tinto deciding to sell their joint venture interest to the government. Of course, in return, we got clear-cut operating rights, fixed fiscal and financial terms to and established a positive new working relationship with the government. So we've made that commitment to the government, and we're executing on that commitment.

The facts are we can't proceed as we have planned because of the worker restrictions at Gresik where the smelter relocated and supply chain issues with contractors and the like. In the meantime, the government in Indonesia, like governments around the world, are struggling with state revenues because of lower economic activity and investments.

So we are engaging with the government as to whether this new circumstance might provide a way that would be mutually advantageous for the government, for our MIND ID, through PT-FI to reconsider what we're doing with the smelter. But throughout all this, we are being clear-cut that we made this commitment to the government. And unless the government agrees to some changes, which the current circumstances might lead them to consider, we are proceeding with fulfilling our commitment to build a smelter.

The company generated cash flow from working capital reduction or lower levels of working capital in Q1. How do you see that going forward during the remainder of the year? And the second question, if I may, is regarding the positive surprise for the second quarter in a row in terms of gold production or shipments out of Indonesia. Can you maybe provide a little bit more color as to what is going on there? And if there is -- this is something that maybe you have room to continue to surprise to the outside?

With respect to the working capital question, we are projecting a large working capital source in As we mentioned, that is one of our initiatives here, to release cash from the balance sheet through the materials. As we curtail mining operations, we'll have the ability to use existing inventories as opposed to having to buy new consumables to a certain degree.

So we'll have a reduction in materials and supplies. We're also bringing forward some tax refunds that were projected over the next several years, and we're bringing those forward into And there are a number of other cash flow initiatives that we have developed over the last several weeks in the context of our revised plans.

And so we are showing a large source of working capital throughout the year. So this will continue in Q2, Q3, above and beyond what we saw already in Q1 then? Kathleen and her team has done a great job with financing. Steve Higgins, who heads up our administrative team is doing an excellent job in managing worker issues and HR and other matters. Danny Hughes, who heads up our global supply team, is doing a fabulous job. And we have tremendously positive relationships with our suppliers. We are often one of their largest customers, in many cases, the largest customer.

And so as we face this problem, we sit down with our suppliers, and we're able to find ways to reduce costs, deal with payment terms and the like. Same way with our customers. We all understand each other's problems. We worked together many years. Some of this you're seeing is a result of all those long-term relationships, but also how diligent our whole team is being in finding ways, I said we left no stone unturned, in finding ways to generate cash, and we're going to continue to do that on an ongoing basis.

We did experience some higher grades and -- of gold, and that will -- we still are projecting that our grades are consistent with our plans. And you'll have pluses and minuses with how the grades are measuring against the plans. We did have some higher grades. And Mark, I don't know if you want to comment any further about gold grades and recoveries as we go forward.

I was going to add that, Kathleen, before Mark talked. Mark, I've been noting just how strong our recoveries have been and recoveries have been above plan in many respects. So maybe you could talk about that. In the first quarter, what we -- the significant difference that we saw in grades in both copper and gold was in the Deep MLZ.

We were essentially on or just above target as far as the tonnes. What's driving that is really, we're mining the Deep MLZ for the cave management. We've talked about the seismicity. And so we're very cognizant of how we pull the cave and it's -- our intent is to draw it in a very even fashion, and we've got a great system now where we can track every single bucket, and we know exactly where each bucket of material came from.

Just happened in the first quarter to manage the cave on a daily basis, the grades came out. Like Kathleen said, it was an advancement. It's not a change in our model. We just happen to be able to pull -- by following the cave plan, we ended up with better grades. And those grades are quite good on both -- the copper grade for Deep MLZ was at 1. And the plan for both those were right in the 1.

So that was a welcome surprise. Recoveries have been quite good. Obviously, these -- our experience has been over the life of mining the Grasberg and the other ore bodies here, the better the grade, the better the recoveries, and that's been tracking well. Very different from what you looked like in And also good to see the operational flexibility. It looks like you are actually generating positive free cash flow at current spot prices, which is encouraging.

My question relates to how some of the operational changes that you're making today might affect the long-term performance of your assets. I recall back in , some mining companies revised their mine plans. They reduced their CapEx in response to low prices, which helped in the short term, but those changes led to an extended period of higher cost and higher sustaining CapEx. And I'm wondering if that's something that is likely to happen at Freeport?

Or is it just that you are taking these short-term measures without necessarily jeopardizing the longer-term structural integrity of your assets? The word jeopardizing is not one that would be -- that would apply here. But the effects of not spending some of this money now will carry over to future production levels because certain of the capital costs that we're deferring will have to be recovered in the future, and it will push out some production.

But this will not, in any significant way, jeopardize the value, the resources because the resources are still there but it could -- it will result in some delays of when that production occurs. You see that at Grasberg, where we are delaying spending on incremental crushing capacity at the mill for the time being, and that will have an impact.

What we'll do is update you each quarter as we go through this and get better views of it. But again, it's not a question of destroying resources but there will be some impact on future timing. Let me ask Red. Red, do you have a comment on this? Richard, you're absolutely correct.

And just one specific example would be El Abra that Kathleen mentioned earlier that we're slowing down the production right there in order to push out capital expenditures and a new leach pad that's required for future production. So when things look up, we'll make that investment and be able to increase the volumes there if markets warrant.

We're not going to be cannibalizing equipment. We're going to keep the equipment that we are using in good condition. It's just that we're not using all of our equipment. So we're postponing what we need to do in terms of rebuilding and things to meet a higher mining plan. But we're not doing things that don't -- we aren't doing things that would destroy asset value, and Red keeps preaching that to the team.

So I just wanted to add that. We'll have to do things that will lead to less production for an extended period of time. In other words, the question really is, well, do you think this leads ultimately, this downturn leads to an extended period of less than expected global copper production as a result of initiatives that companies are taking today to protect themselves? In which case, we can have higher prices in an upturn than we would have had otherwise? I think the feature that was most supportive of copper prices is the supply situation in copper.

Supply was going to be tested in any event before all this happened. And now, with development projects being delayed, curtailments occurring, which is we just spoke about, has some impact. And as you say, Chris, we know what it's like to be a company where you don't have flexibility with liquidity.

That's where we were in And as a result, we had to sell assets beyond copper, but also some copper assets. So this is -- depending on severity and the link of this lasting, there's going to be a longer run impact on copper supplies, and that will ultimately be supporting the prices.

Cabrera, CIBC Capital Markets, Research Division - Research Analyst [36] Richard, I just wanted to explore a little bit more the cost reduction that your team did. And by the way, congratulations to the team on a quick turn around. Something that took less than -- in a few weeks, whereas a lot of the mining companies are not providing this level of detail.

I was wondering if you could provide us with an estimate of how much lower can this go. And you talked about diesel costs being lower as well as getting help from a -- depreciating exchanges around the world. So I was wondering if you could provide just a ballpark estimate of what percentage of that accounted for the reduction.

So it was a combination of many things. But in the Americas, we removed production. So that flows through all the costs, all the mining and labor costs. And so that had an effect on removing all of the cost of production associated with those pounds. Energy costs are lower than when we prepared this forecast.

Of course, in the U. Where we really saw the benefit of the currency impact was in Indonesia. And the big driver in Indonesia, though, is the volume aspect, and that's really what's going to drive our cash costs lower. But as we transitioned out of Grasberg into the underground, we've been -- Mark and his team have been leading a zero-based budgeting process to bring overall costs down in Indonesia.

Cabrera, CIBC Capital Markets, Research Division - Research Analyst [38] But I mean, year-end , if need be, could cost be reduced further, i. And so we look down at cutting production further. But we'll iterate on that some more as we go forward. And so prices would have to decline substantially for us to take it down further.

But you noted how quickly we moved here, and we're continuing to evaluate, to be flexible to have a flexible operating structure regardless of prices. But for countertops, tables, chairs, restaurant, public applications, it would need sheet. And there's a very limited amount of foil or strip and electronics and a very limited architectural roofing applications.

Would you be willing to contribute capital for a sheet rolling mill or a JV with other copper producers or fabricators or apply for stimulus money, which the government might grant to get the supply going? It could be a multimillion tonne market. I think I understand your question.

We tried this in the past and we ran into barriers because of the cost of refitting and so forth. Now the world has changed and people are seeing this. And this flood of articles is coming out, telling the truth about copper. So we think that will create a market, and we will be working with the industry as a company to help promote this going forward. I think there would be some likelihood for government support of entrepreneurial-type companies going forward.

Our primary focus is going to continue to be in developing and operating mines. But we will -- we've already begun talking and developing a team to see how we might help lead this movement to doing something that -- positive for copper markets, of course, but more importantly, would be positive for the world because these impacts of health protection are real.

And we just see how much they are needed in today's world. And even before that, the number of infections that people get going to hospitals for surgeries and things like knee replacements that occur because of infections from hospitals is staggering. So this is just bringing to light a contribution that copper as a metal can make the world. And we are going to be a leader in demonstrating that. Riley FBR. I wanted to follow up to Chris' question earlier on trade-offs between today's cuts and future production.

Is there a way to maybe quantify in a little bit more detail what the impact to production could look like for the Americas, call it, starting around ? I mean, we're in a period of uncertainty right now. Our focus has been on bridging from the loss of cash flows from the lower copper price to ensure that we could bridge our company to the higher volumes from Grasberg.

And so that's what we're doing with this plan. We're going to focus on executing this plan. For any of us to sit here today and be able to predict where the world is going to be any period of time even in the short run, there's huge uncertainties. And beyond that, there are as well. So we're just not in a position right now to say what we're going to do. But I think what you can get comfort in is that we have the flexibility of addressing to whatever the world has. We have a track record of doing that.

You can look and see what we did beginning in , , what we did in , '17 and see how we did it, and that's what we're going to keep working on. So this is an unfolding story, work in process. But as a company, we have a lot of flexibility in dealing with whatever comes down the road, positive or negative. But as Richard said, it's going to be dynamic as we assess the situation going forward. I understand. I appreciate the color. And again, I think you've done a really great job responding to this unanticipatable environment here.

Second question, just in terms of your relative cost position and the industry response. Obviously, there's been a lot of supply being taken offline to safety concerns and precautions. Do you anticipate -- first, what's kind of -- what's your relative cost position today? And then do you anticipate a broader supply response from the copper miners due to the decline in prices? And by having these assets together is what enables us to reduce mines that are relatively low margin during good times and generate profits and extend resources with having the ability to scale back production when prices are low.

And that was the huge issue that Phelps Dodge faced years ago, and the strategic benefit we achieved by putting these sets of assets together. So we can calculate an average as a company and compare that average with other companies. But when we manage the business, the management is focused on site-by-site.

And so what you're seeing here today is a layering of actions to reduce high cost production, drive our costs down. And even within areas of mines like Morenci, there are elements of production within that large mine that get adjusted and others do not. So there's no -- the average is calculated, but the management is managed site-by-site. And when you're looking at -- aside from the Grasberg reinvestment -- investment program we're making right now, once we get into production at Grasberg, CapEx will decline.

You'll be generating a lot of free cash flow. But also in the Americas, we have a very long life reserve base and additional resources. So when you look at the cash cost plus the CapEx, and you think about, we're not having to spend a lot of CapEx to replace reserves because we've got such a long reserve profile. And we don't have the reinvestment risk that some other short life mines might have. So when we look at this and when we went through this plan with Red and the Americas team, we were really looking at what is the cash cost less the capital that comes with it?

And sometimes, when you're trying to build production and grow, you've got a lot of capital that comes with that. And so right now, we're operating on the plan to have as lower cash costs but also what is the lowest cash cost plus capital expenditures that makes sense for us right now.

And that's really the plan we're focused on. I appreciate your attention. I think the length of this call is warranted because of the uncertainties we face, and we wanted to make sure that we did our best to try to explain to you what we're doing with the company. As you can tell, we're more than pleased with where we are in a very difficult and uncertain situation. Our guard is up. We're not going to let down at all because none of us are quite sure what else we might have to deal with.

And so thank you for your attention. If you have follow-up questions, or comments, please get in touch with David Joint, and we'll respond to them. I hope all of you stay healthy and your families and friends can do so as well. It's time to be reflective about what this situation is doing to so many people around the world, and our hearts and prayers go out to everyone. Thank you a lot. Thank you for your participation. You may now disconnect.

President Biden and his aides have made it very clear he has no intention of commenting on, or even paying much attention to, former President Donald Trump's second Senate impeachment trial, which begins Tuesday. When reporters asked Biden how and whether Trump should be held accountable for his role in the Jan. Capitol, he replied, "We'll let the Senate work that out. Ignoring the Senate trial also echoes how Biden's team dealt with what Politico calls "Trumpian distractions" on the campaign trail, and, the Post notes, it "creates contrast with Trump, who at times appeared to weigh in on every controversy facing the country" and frequently watched TV during work hours.

Besides, it's unlikely anything Biden says would tip the scales toward conviction, which requires 17 Senate Republicans to break with the former president. More broadly, Biden has indicated he wants to move past the Trump era. Still, "it is unclear if the White House will, or even can, be as removed from this political drama, as Biden and his aides suggest," the Post reports. But I think there was a cost to turning the corner as quickly as he did," Naftali added.

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Rio Tinto - Rio Tinto unveils new Executive team 1 week, 6 days ago. Rio Tinto - Fourth quarter production results 3 weeks, 1 day ago. Show more. Prev article Energy Touchstone Exploration preparing new well locations to deliver further production growth 2 min read.

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