a and complicated in Good in here very this our is morning this Government is this completion with the of world load been among December of everyone a with three today, management and gratifying. by of a it as a years politically the Indonesia in a over years a particularly transactions on frankly and and was and had very have we our such organization. the process, our heavy across off in team past active lifted globally economically a report to of culminated lot And way dealing very for XXst. excitement - year we've number We XXXX positive
we're and beyond on the Now focused that. years XXXX
Some our that and the safe very a in XXXX productive operations. of we had accomplishments start with in fact globally our year
were look XXXX, outlook XXXX, weak. very you low, three ago, was the prices If back very when commodity years
located and we wasn't heavy company burden for and past clear had a long-term an we we that year restored establish we to up optionality to ramped operations the processing This be mine plans new but like getting and and building activities the great our as future mountain That's of how started identifying the a company, Morenci size. a Lone mine. company. Dodge just operations joins a continue resource is our has for be was time the advanced Star. we're forward. of cash mine the when and that think Phelps mine with going mining Lone utilize just conserve with our down go resource. those ore our this our acquired operation And XXXX. Americas and by to in mine the ramped of capacity massive to in resources body Freeport it to is new It across this future deal which mining to ore new support construction XX% XX% a from going new will when We are future developing mining at As That ridge ourselves about Safford of Arizona. the we're our is drill in productivity of this Star Eastern debt we really in that, our this mines. that This long-term able you mine our at an for preserve good resource We productively nearly
project a in Our Bagdad At new mine operations began since and Cerro world, take the hit where magnificently efficiency and artificial largest it largest to now in this Americas of continues intelligence mill its has have XX%. interesting by forward in experience very completed Northwest carry process using it with Big mines. capital-intensive reserves increased going Arizona, an milling not over to just in the mine at productivity low to This we Data its our our models do other Verde the we're and that and we records. a the our way lifted so. one is performed to year continues this very complex We we
future held beneficial probable is to For using increased the to the also we we that really for our important to the to year complete our copper because going is be underground too and Grasberg we've assets these of half progress value the very made mining year. additional these mines create we for this in of in This future. future operations. from pit shareholders Indonesia, XXXX preparing out this this will as we'll a the and the develop that price dollar In $X first to proved the SEC report when determine increases while reserves it on look long to $X.XX to we reserves, we
of installation we've For – underground mining seismicity including plans over mine results a and and state-of-the-art we're developed XX-year systems confidence our rail data necessary we've been separate now period at the overflow encountered that the infrastructure for for this the increasing large-scale we developing the underground are the This is MLZ. are infrastructure we've encouraging mining. size the the Deep Deep about issues ramp-up gaining for with and that addressing MLZ and
these world's is have underground fact of between feat next maintaining maintained, we that – a approximately at asset venture the Freeport contract complete who the we're de-risked transition Government body completed double fundamental effort would we personally in We end world's new of in negotiations mining It's in remarkable the our Indonesian that the mine transition developed Grasberg mine. the ore now development. years that mid-XXXXs, tough recognize we we a years in our as circumstances and a Tinto over easy to with schedule. since there executing underground new complicated always mine, the poured and of team you faced. We production were into we've structure the in now for this second sustains now the each years years. been it the economics be district outcome Freeport's and the been basic pit has it's ever but our positive of undertaking years this partner is our joint the we be we and on all production Over world-class and largest this mines. largest large-scale we this equivalent we've The really worth former important the infrastructure now equivalent, and for this have objectives. XXXX are has our to pit tough, the no And day, Rio our accomplished This is plan, interest foreshadowing us three Really from Indonesia, two cannot the it gold high-grade happy. and aligns we foreshadowing the mine, got we at all our long-term going copper Freeport successful two is Government, all negotiations that plans the Government. Grasberg two the all period and will was under to But the parties, area. the our the And in and on a it economics of our XXXX carefully major were been here. follow in a those expect with startup I ended asset, for a had pleased ramp-up and with the deal partnership the that here you open more now of equivalent strongly forward for roughly process going us, note. of is we've and over work We've planned operation exposure
years interest. from all an we've in will go this relations. forward side convinced to opposite security labor risks the to the risk related we as I'm political unproductive everything aligned have that mitigate major been way. For community now of We table relations, really other these on and
company. this transaction. finance a to significant state-owned We state-owned are partners That debt has incurred with company
service that they coming looking and dividends out Just like this for cash Government to over to be to provide we, debt the flows to will years have positive time substance of business of come. to
by questions. and uncertainties deal with company, at way now with call nearly years reduce a and but years situation We're Over two face. As call debt position. about three our financial more steps then were just position, in us targets transition with may the our our the of bad to and answer to markets manage liquidity the we taken and the position I on your ago market this we set how debt look debt. and Indonesian strong beyond time think reduced ago, that a that we've this back We'll and about thirds talk this, two was in our
world we all the about and a today market we know, confusion the economically the years and over You even with particularly we've to fundamentals significant copper the the short-term of business from today's neither all day, portfolio to that assets, can in the prices. long-term management global very I'm will hear our the to point much with be so and strong assets we values XXXX in copper is three every past the that team the our right risk company's of predict and managing anyone positive confident in what company nor With management to de-risked future. are ultimately the deliver else over we copper structure uncertainties shareholder. confident have But our of our the markets significantly our in In future. in can right marketplace, enable benefit shareholders the and team our movements our fundamentals
all have if So, are the sure any, to going your are now. questions to the It's of about about answer I'm what's past ahead us but on will, focus you going we we execution in future. you now
that. team Our recognizes
We are focused on it.
dysfunctional. look and record great do to functional. need it. world going of We at be to we're have we're what I development do those a executing to and today's it respects and now out set back not confused know build in and at operations to to project track sit is we're success. many use We're in to going going When capabilities confused Freeport we and We and
December. the We had XX,XXX, it that that was concentrate in of now, million bonds December it. to priced that sold a dropped inventory had guidance for comments. Several concentrate in earnings gold had of slides been tons Copper turning at so in just December. otherwise Grasberg XXX,XXX our and Much pounds this So, We've $X.XX produced smelter put our the produced, otherwise in in that this didn’t out concentrate it a who than being the is was We of copper would at the Kathleen that guidance year. is higher being down. year in with couple for to of ounces you Grasberg, in problem our our apply would that's had do XXXX has normally prices up. XXX,XXX We been have and and of XX analysts had XXX,XXX earnings note publish if production reviewed we Gresik tons note been. year of at expectations Gresik highlights, have encourage not it prices. analysts this I the read numbers resulted about would
We're Government focusing the of with X, past. is summarizes the past the anyway, future, Indonesia. So Slide on transaction
PT-FI company, now venture larger reporting consolidate for is that Tinto, of with and state of the because and separated part Importantly continue Inalum, Freeport now Freeport agreement the Rio interest joint of will previously to our between our the PT-FI. purposes, because PT-FI the we financial owned structure in is shareholders' all of
our answer results. about be the be in consolidated details All be of that and will equity reserves have in are questions as interest you FCX's a those result it. reserves be will our will will same. will consolidated report. And equivalent, that if But the of higher we
here's We're this on going long-term expansion although Grasberg. what that the We're management mines, Grasberg as to Now, at to Lone other our turning Block globally of well ramp-up priorities, to very has the productivity headings to to reserves as And from production to and be could two development Indonesia. two Americas in the and continue ore ways and to mine. going in basic body. opportunities viewed Star mines at in going as look bonds future look some do. resources. the within of focus we're Deep large-scale cost underground ore going we're body Grasberg the going Two at exciting from Cave We're advance portfolio then opportunities growth our large MLZ and
to not in be mines. forward. be have our markets and we those be We to the have when the with forward term. in spending in Chile Abra go great going comfort We're a opportunity going in El of number give to to a and go then the U.S. near mine and We're them us evaluating opportunities ranking them prepared capital
enormous imports. initiatives. copper to scrap They a reducing in has They just looking face in investment in one to remain China. stimulating the their you about the a still China for ultimate uncertainties records capacities. issues now. about into economy are are things of a of invest economy, economy resources. markets, the They smelting global in are lot risks as in being retain investor that that at copper policy are and trade all considered obvious know - China marketplace road strong. the set financial The of has come it we unfortunate the China. from reasons about third for the concerns very a investing to including the There's China the fundamentals items, that number China So maybe is U.S. continuing their the country alternatives copper with we'll going tell the into and of of of lots Time be problem issues marketplace. supply it But U.S. in We're whether actually for all you largest customer prepared amazing, We to We're good. In mines having a will dealing this is faces and that. outlook the develop the really current today, world's forward demands to serious the of copper. meet the Freeport, not copper U.S. the buy some customers. copper go is our imagine commit have able to operator stretched. commitments that to buy fulfill downstream Can being market. to some of in - will out going
it. know base investor of We look We is fundamentally market that sentiment we is. it you contrary is at is production, look live All to in analyzing the over XX X% really next continues and experts over years. to be investor the be with sentiment, the to forward. declines this strong But then are what
If if X.X% X year. justify investments. up copper XX pound X well tons we per growth, you of year, end takes over over look per million at the copper to modest almost today you use $X new And a prices years needing of pounds new it demand next million new
copper look So And to in prices copper from world reserves of X, coming you copper produced from. where the from in slide times production X.X we Slide seen coming will simply aggregate on world. have XXXX. And only XX the tons today's In you've have us three when you see before the million in producing five mines then there's those top mines rise. the the is the at in mines largest a today, year
good these So having a mines outlook. back you all years come XX out, to of it's replace
our what reserves here's are. So
continue about been do some I've now we use copper. have for We talking why $X – team time with to our
price. our in That's reserves helping an we changed where about reserves to opportunities that's rank quarter just the these standards. investment as that by Americas in going see copper proved to $X.XX us probable and forward. and we we've SEC exercise. That's just that look increase not using under So And a in accounting resulted industry
an mines our we of analysis, could these well U.S. additional equivalent that with in Beyond the are roughly that drilling amount engineering have material come with planning of reserves. associated so Half resources forth into mineralized existing and
from economic So deal to benefit information are we in coming have More a to as have company copper investment Page a and with fact and if added reserves shown on We've on at Morenci. deal are We've came this are reserves with positioned ability which to we it positive the is X weakness. about additions our to We significant at the future reserves that the added Americas. Verde. most Bagdad mine of reserves in Cerro markets for attractive really doubled us. opportunity
will PT-FI, This grow because inclusion the reserves Our mine. is and interest consolidation Tinto the really of going of operations big resources. PT-FI Cerro well. the consolidation, a great also into reserves, big former are the the really Verde, Rio continued
So I And and to ore in do well strictly oxide performing are for really X.X and We're buckled it facilities, the here. using it glad made Lone now, billion pleased doing completed us. Safford mine, copper, decision we that picture the the ago. adjoining of ramping a leaching minding portfolio. leachable the the our very going three and expansion of at nameplate mentioned size a we be it's mine. facilities project exceeding there great is already Star, stripping. place so are to is major a profitable in pounds That's is industry-leading - leading this up years concentrator part up started that capacity
beyond X.X these to of resources now, to that pounds those be billion driven enormous producing. we going underneath that XX exciting pounds by really we're oxide billion billion resources, opportunity good project, reserves resources have what's a is sulfide XX the So of but
sizable strictly have Safford been to-date at operation. sulfide has a leaching also We a opportunity which
right the our being of this the activities where we so as mine is of go Grasberg are as in Cave. opportunity beyond exciting. to underground, mine out forward the just this they heart class in be of And welcoming operations community a going Morenci really a part has be expansion really to the Block the primary going Grasberg look In the future the is Brownfield asset ramp-up amazing. we
to came since surface more is now economically that different it mining December just Now two been physically, from like to XXXXs, same this XX. is body. the It surface. up is from that it's headings, exciting infrastructure. us, and first the that's in is night the single not really was headings a XXX,XXX and was this have of it the just to Fairmont early at this screen Mark that had from mines underground drawbell We'll two because on ore a body we've watch the first ore at ramping go and XXXX. ramping the ore in access it's He off our in on late the progress and We in one be mine. blast tons the with on two Johnson day – body is late it's back for, night. effect Jakarta by evidence I underground at Hotel made blast developing we've call but It be will
increasing about having feel area cave. Now, industry, a the the confidence XXXXs important MLZ XXXX depth, the area, ramp-up with been first We're the it's This is the are deal schedule. The Cave Deep time first giving began meters mine, do conditioning results won't day to the the fracking meters very our had MLZ is done the encouraging it up the and to surface and and mineralization block we've the an ore body with rock note where XX,XXX in we've the activities Deep and manage extended have seismic that We be fracking the by tons not is early in to operations the an events, to done surface have XXX that time comfortable with us date mining it's Deep XXXX confident will know The at we know. precondition to MLZ in to exercises do seismic different we environment. Block began we mining rock. XXXX. operations. we're ramping cave the below We Grasberg below with we separate where his and it
XX of an have drawbells. inventory We
here estimate ramp-up Page and prepared is as this we're our which So on you giving going shown how we'll XX. we to are have achieve to
the down looking that primary out way half opportunities grade pit we're way doing XXXX basically to finish some First the We're get in of incremental for at that pit. the of bottom mining the in we've ore finished is one pit. we're And as to we high the grade mining the are is hard will half bulk schedules during and very led in ore out the the then be of ramp can ramp-up. source there roads you first that mines of other the XXXX, our the of will and see these have production
So transition period we're this into XXXX-XXXX.
confidence have now And business ore. primary gold all that to we've had proceed will these are Grasberg like fashion of and totally we an be operating focus. and decks us high We to the per meet over grade and the increasing for day will about cleared targets up it tons that do our end underground our to XXX,XXX with with issues mill government the with with a very mine of in ability feed of copper the our
that We and synergies operating owners, is excited. got operate a our group both large global mine and part course gives great and companies joint a and having a minority resource Americas, these participants, got operations Everybody XX%. we've we and in, hot deal you not forth. of real have in are So of of common we around team, planning of ownership the people chains lot reserves assets the supply here. The are venture in know to ability to benefit all footprint that from managing we're but we're interest us not have we all the so parts key the and with
looking us in the United ramping-up district ago, States, operations dead. are about future development a happy all Southwest it. We're the of number years was position today. leading mining copper for We the are planning know of you The and back
Now it's tax got really exciting. favorable We situation.
carry huge We gas from have and operating a investment. oil forward loss
minimal So going and in be the taxes improved regulatory environment. U.S. forward will
unions we have states shale And don’t really the have here. relationships with We shale labor. of U.S. good the We with gas, operate. where in energy situation labor flexibility the oil
support that communities the have at that work We families business. our
historically with at I opportunity last it's how excited our this back U.S. want difficult anyway and to business replicate Indonesia in would mine to showed think it, in just we're about – El So world-class being I have Great what really we Chile it Peru course the asset. We in Abra, come Freeport. of but here be quarter, to about tremendous
we capacity look see, production our of focused as now that of to You that indicates to company, pounds can for as a justify extending will annual billion be $XX X.X the to in the know, we if do of order pound, capacity develop what billion. billion giving this equivalent $XX to copper $XX already you to Time replace market have bases it. is could cost we and at far are on $X the the Greenfield the
they period, Capital be will or got It we future affect is cash outlook. starting projects, and adding up it with we a or with someone our So period two whatever. two-year that but Grasberg like whether before. and A at got XXXX the the will it'll or large our significant or because related cost are flows Unit we've mine Mongolia portion just to be have. then the what before. consistent what our than transition in been It year production. ramp-up is next this were is that's have very expenditures Africa be higher new of with Panama a to will what mine, volumes these consistent for we of is had
Slide be which the volumes years. Grasberg of then sales transition. course XX the gold in the go we increasing You and shows is will ramp-up cost through profile can we're that's our region. And see as particularly having evident by sales that's where
fairly be XXXX affected $X.XX at but our and pound. XX, we're a average a we're be operating then page the keep Consolidated cost been a that to on consistent. the lower in $X.XX. but fundamental our grow. cash will would year. depending after think situation We much that current is $X.XX, under flows and has versus prices than This on being Grasberg EBITDA the $X.XX, control Grasberg to Americas and cost pro-forma it for remaining commodity and with the at XXXX $X.XX will for commodity Our average for XXXX by prices be more will cost some be that's maybe it shows and transition no differences, mine be and home the same. what ramp drive just volume transition the up fact cost if is Each a showing how after in we willing We a will
been we we're where Freeport. continue we're No capital those at cash, underground So ability are policy, pricing future to I'll that we is Grasberg on be major balance dividend opportunities. be more you the doing allow bulk we're new expenditures. and numbers evidence Grasberg our to to we're at going to not having significant excess for projects ramp-up, get to be The are production to and will financial extent Star, looking dividends to major environment us current Lone there. studying to and improving at generating the planning of period what looking those cash And projects going the but really the as sheet We're look for maintaining future. has We're We're attractive to our changes mining focused our I let with and pay tradition forward think positive commit capital copper our going with to to investment development. what projects. going they're and our amounts of our continue ranking
that in I in a said So, are dysfunctional respects. many complicated we as world where is
and are shareholders. focused forward really we our excited to about successful very our We we are make company on are where moving for
questions. for Regina So, we’ll it up open
