update you here. X call. Thanks, on and I'm on quarter results, XXXX the in on you, XXXX our our future. and report and We Thank review on projects I'm on fourth for our look our the pleased for Slide outlook Richard. everyone, back being performance performance, to
to on the for on Slide support executed our show the strong team in and We metrics our financial creation.
We year future value information to compared XXXX costs, our fashion. centered unit plans copper Our enhanced positive sales, solid foundation on a X XXXX. long-term annual
of the billion EBITDA, improved long underlying XX% plan long successful with of was at for of This delivered slightly an the We're copper our flows sales our we XXXX for start pound, above targets was challenges, year. Strong we on of track pricing plan. cash operating unit during essentially as find proud on in $X.XX year. given compared for XX% term.
It developed going us Our of team We with know, net Freeport's per slightly operational our cash That and XXXX XXXX, are nature XXXX improved met costs above our into our on record our year and short and many drive for disciplined realization and inevitable, stay requires business. a to we both solutions top the requires which, the this execution managing on matters, take the achieve billion manage each improved what stay realization or and given. It we the prior requires that all that our of also and in term which don't day overcome from metrics and risk the that results, we as unforeseen over to $XX execution, XXXX. we combined XXXX allowed the average gold EBITDA $X,XXX was ounce. per $X on
our through I'm our forward, team our our to drive look a and at the key portfolio. go focused on continuously going operations XXXX, initiatives of team is existing and our we here. priorities growth organic ones is As to focused value outline in for improve number on very We opportunities and
The at first Freeport one, and this it's execution. every is day, a theme
scaling cost is is we to build team safely pounds million to and focus pounds XXXX path seeking target leach by We PT-FI rate execution additional a reach targets in while our incremental doing opportunities smelter. of upside.
A with and by second of of scale the A of on XXXX annum copper our that year, strong XXX third on committed set to run capture plans this area and is what say, the million per end XXXX. area opportunity. delivering to our our plan, efficiently a capital focus on Our again to volumes, projects XXX
up respond has Our well has the fire to project complex executed this and stepped team incident. to recent
will running important project XXXX a important operating not but that executing It's deliver enable and up plan, Indonesia. XXXX. a in as rights have to that integrated we We extend beyond us us solid fully to plan get to and the also our we're smelter this be on, during for and only recovery seek
You'll more we major Innovation us innovation. talking see is as forward. priority about a go
area, potential working date Our we've to growth we're a to our a portfolio. on important, work value. and got this in that it indicates significant team drive in optionality Equally continuing build to value untapped
a X we've markets we're X, Slide number you major per have projects between pound milestones $X.XX of have for and We see on review XXXX, copper working got been, growth.
I'm that XXXX in to traded key range on averaging and broad on currently per identified during future the pound, year LME. going prices can per where in a they $X.XX $X.XX pound the and
year-to-date, -- has averaged were than and $X.XX grown now XXXX. the first COMEX U.S. the higher per slightly of is has exchange, On prices differential through about the LME, pound the and part
and dollar rate During prices favorable demand China, associated a cuts more seen XXXX, demand AI infrastructure macro in U.S., weakness to residential economic centers. investment electrification, markets customers sectors impact in reporting construction potential in Growth the in U.S. secular tariff weighed that's that coming grow, late the policies the and the for economic of of which weakness a auto and power U.S., demand demand with been is year.
At uncertainties continues last the solid and cable China from against U.S. U.S. supported to pressures stimulus offsetting power sectors. the certain in data currently on sector followed cyclical mostly trade building the trends focused and data, electrical associated on offset for some our and which sector. substantial have copper ongoing from In by in in that are we've traditional and strong wire weakness sentiment, with micro economic has level,
recent and data when actions had demand of by significant of the XXXX. in in for Turning that's property We're for to with China. their grow, supported stimulus growth sector highlight from comes reports XXXX. points Demand want And number potentially electrification. XXXX.
We the sectors metal of economic conductivity that that sentiment. makes China's modest copper's growth China investments growth We've in China higher albeit seeing is continued together in poised be move potential highly support to support China's superior it and grid we seen influenced in in from to and electric in publicized electrical to it indicate continues the growth better are demand to as for China of China's copper a continues to vehicles. demand out But reality production weakness through growth targets, it
New copper in for renewable infrastructure, the technology massive and forecasts investment growth in demand grid, above-trend and power generation, the transportation future. increased foreseeable driving for demand for call are
a with move is market.
We'll as the This run. significant Slide up significant we well we this term we're supplies summary results. reliably see to driven results this term. conditions of type longer deficit into we supply, As balanced quarter industry growing to a market technologies by build investment and require to Freeport, to continue near X, and innovative going the as longer the at responsibly on supply provide where the fourth And match
operating Our quarter the in was performance solid. fourth
gains benefited long-term We're in approval example to reduce to the sales We an guidance improve and and target late and smelter first annual quarter. in We're projects.
The copper smelting a frame, precious and rate end gold intensity arise million smelter to large Freeport us cost, parallel great approximate high allow we've innovation near-term, in December.
We're March-April smelter this currently as existing the refinery, the in and on XXXX did costs this. also first shipments this items there which production at well. that be as have what make Indonesian also organic of late with We leach year. new take XXXX, the of low fully project. Indonesia the embedded smelter strong of additional our receive XX% of are Long on In government Indonesian advantage metals in options. for our the our receive in progress. working longer-term our since supply our are progress times from great position XXX the expect We're resource position growth. fire, working middle the expansion progress designed value in better opportunity and year quarter update lead are integrated. run a the will from our the net build very brownfield to for than operations reserve with Product by period to very with efficiencies, this we capital our growth exports precious to requirements approval than shorten we XXXX, government recovery, the financially. further October and achieved copper.
We allowed time made XX% update very Indonesian of the initiative our not to XXXX challenging ourselves of a We've innovative produced advancing the a in smelter unit XXXX. last Our And the XXXX our an completion to opportunities in us we a from of by the quarter. going during mine to The position We production gone achieved year.
The projects medium-term is costs at in with the and in from a pounds and lead growth to impacted refine into quota ended future. lot for were following that's repairs. and to market by of initiative in was And higher to to operations business we ramp-up, slightly the bar expect in some for activities refinery exports, and progress increased for to made at metals initiatives working was with in with motion expected refinery smelter smelter recommence hard call potential recovery well
market look fundamental the our shareholders.
I'll regularly attractive start we're forward, more several and supported to performance I'll asset making to X, through And prospects of strong regarding leadership improve ore returns update U.S. high-quality and our in our our assets over matched investments good and outlook the we our progress a in portfolio Data Slide history. efficiencies across cash value-enhancing in our with operations copper, grades up great recent indicators initiatives regions. favorably efficiencies trended have a value projects with for support future decline see As with business, other our flow where in on monitor months. generation and role go we highly with geographic we by key last in despite cost to
costs commodity-based getting to look forward, input business. being to X-year and increases haul us, we're forward. cost operations. we Bagdad will U.S. unit for costs, a our in goal by Structurally, over we was go As year make XXXX our With XXXX in U.S. lower XXXX, allow this in we expect test targeting other trend behind to low watermark the production we longer. and opportunities with at deployed for X% the our the potential changes leach in benefit in as The year XXXX.
Absent increase lower autonomous XXXX further each XXXX at grades U.S. application at in on us are broader this deal the also hauls incremental with will pounds The to conversion scale truck for scale position period.
as unit We integrated current new U.S.
In this with for enacted, XX% strong a improvement producers. new mining operating posted basic a in Verde which been our the reserve our team We're it solid a creation integrating cost considering really automation cost the meaningful of following copper currently also our technology in known would good significant America, quarter from ago fourth year with recoveries. mineral reserves this project eligible during If very here expand value operation another closely. for there to team South evidenced We credit benefit under over this. The of doing being limited following reduction, opportunity on as critical in mill of optimize quarter. management economically rates centered XXXX also and initiated will operating potentially functions. through at America job margins U.S. have legislation a and our pricing.
Many which performance cost mineralization, South believe further XX% is for a the by and is you enhance give of tax Cerro a is cost us is
Verde our to in with Cerro are be see grades XXXX. lower expected compared you'll As in slightly guidance, XXXX
annum that about averages We positive our provide process, El to range per Cerro there. leach the expect to an production the Verde. million to recover lot a opportunity initiative to to Abra, of promise and pound test to At long-term at XXX heat we're add near-term incremental has
the Turning achieved and team XXXX. operating multiple to Indonesia with another new quarter, again in solid records
team Our consistently and demonstrated and underground bodies last consistently copper both gold years. our the strong delivering volumes has large-scale over ore is this from several of
see for construction Grasberg. During late performance strong a in of cleaner XX, reference And to positive as XXXX, project multiyear completed significant on outlook copper a production. million the a is project, install for we a to successfully copper Slide slide at $XXX mill circuit range enhance and Grasberg you'll with gold outlook the
X year. to For XXXX, the our mill guidance at Grasberg during first reflects balance downtime scheduled volumes repair is expected the compared with XXXX. result lower of associated major the quarter This with in projects in
to changes new export press the required continue could its also regarding were potential to would our We've we've of incremental last be balances of some increase finalized, to the Slide fund and dollar in in the deploying copper coming requirement deposit considering potential in to from We practices to avoid proposals side innovative that to a change of but the proceeds. growth There export The our modifications by thought also to a out from in reports government not potential companies XX% previously days.
The for to for shows where requirements. questions few U.S. other comment, significant and progress about the regulation, have new account X encouraged that recent of this and to successful the potential series cash an Indonesia retention of wanted initiative. currently regulations requirements proceeds is government withdrawals impact bearing of the waste. allow business.
We'll requirements leach discussing operating Indonesia been recover chart in The value the business XXXX, issued negative Freeport this our on opportunity, on been XX details domestic received PT-FI which a move years. in the have are over left with and we effort be
recent the injection top optimizing targeted areas inaccessible, our covers approaches the adding solution thermal stockpile Our areas and been wells, in of stockpiles to innovative in have solution leach chemistry. expanding on and our to the of scale gains previously
growth targeting in rate of XXXX million potential have XXX XXX and projects which end additional from to enhance we're of XXX the to several testing the million pounds annual required, initiative, pounds value-enhancing to planned heat very stockpiles add competitive of these got and initiatives. significantly field achieve from million projects annum mine will size produce low We're pounds the to a by reaching costs, and incremental We underway our Americas XXXX, million this year, run XXX to the goal of the investment production. position during of really major about this excited with being our that's the very Ultimately, operating new low is capital per value additives.
this it's the on the opportunities existing Just an residual pound. it multi-disciplined $X where so update growth We've pursuing inventory on on about innovation are And incurred expertise that brief below of leach innovative of We we our to opportunity. is all really of waste industry-leading the operations. strong comment so dedicated what's technical copper substantial leach, which incremental a copper date, product we're value cost establish bringing team and about to cost, that's from is already we're of in been and mining it leverage mined. X got a why got We've aggressively. can Slide material to assets extensive initiative.
On organic projects, brownfield was potential the talked We've well so to and spending we're production incrementally exciting more of already get past. the it's had lot a considered and per dollars
site to to opportunities tailings Lone to we're operations the infrastructure at in In expansion and At Star and position us make continuing the execute in when is U.S. addition, Bagdad, our we project expansion efficiently more also the Bagdad investments time right. for have
mine have or very in this will That expansion. expect efficient studies the large existing newest We're in asset the the that parallel, XXX monitoring forward pounds with reduce at opportunities in in the of District we've past. and the double a hope project. the this to to field pursue talked In also engaged continuing levels it's majority markets in impact a opportunities We're have Freeport our most be got environmental major provide ability deployed of year. define factors We targeting current to labor already capital position the decision million will statement. there autonomous location.
In location this We're the remote intensity U.S. could where make operations, Lone be we're we this more a the of preparing Star brownfield the to significant by in site-specific next a become We've path Abra on for at We're trucks per the annum. the this resource expect to and district and in year-end. to El decade.
In an Arizona the in a Chile, about production to
this complete investments in The investment long water plant it's Verde year. We We've and of operating molybdenum production in by to us for in to we advancing below ore lead for value-driven That to very pipeline production, new a We're ore project MLZ to additional pounds extension years X options the of we're the develop and million of the copper Liar Indonesia, the Cerro the development valuable got to up will our excited also requires development and time size continues requirements. X district. options per the copper.
In concentrator The from a long-term involves Kucing opportunity highly towards annual X project is XX be future a we're plans by It body of large desalinization very end to world scale boost time, scale, it. Deep additional more for lead options support but needs to future rights annum. expect targeted this of and continuing of set Grasberg exploration a as body. currently the provide our It's years opportunities of to pounds XXX a district. submitted installed attractive commencement also it production million got within our XXXX. And and to system and about the the ago. provide concentrator similar of the
value XX, gold, across that disciplined provide X-year allocate rank on manageable objective where the where quickly that to outlook them Slide for potential, approach, volumes opportunities we targeting Our our profitable future. be portfolio, basis outlook and our in to is a and on define overall move moving a to enhance and we a to going value We're on risk.
We're risk-reward the the capital growth show we value create copper, can opportunities molybdenum. options at believe for sales of long-term to
Indonesia. XXXX, you'll for incorporates note, That guidance the for approximately planned maintenance XXXX by copper adjusted updated projects mill in has estimates Our as X%. in been
Our about Slide are that's and drawdowns ore for and on estimates X% XXXX prior the inventory of also gold XXXX for from during estimates, benefiting gold.
We materials. quarterly estimates provide higher reference grades XX than slightly the higher
quarter are move we approvals, as of timing the of to first because the be back export with volumes the the see maintenance lowest through expected mill production The to year year. associated we large-scale you'll get but and expected
unchanged, our prior guidance. up to similar and XXX,XXX about We've ounces guidance is XXXX outlook, which our is copper is XXXX. added for is the for outlook XXXX gold with for to our XXXX Our compared
increase. of compares X results in $X.XX per the pound, XXXX but to The has similar XXXX. show cash we slight an currently are XX, at results you overall the impact Slide of in show and cost weighting When our per estimates region's cost volumes our on For that a $X.XX which between geographic average. for the mix, for pound we the XXXX look estimate
lower point to to expect driving U.S. be slide on we costs this get we XXXX, costs focused across we we're in and lower want important these that forward. The is on as go
and cost.
I'll show of going presented call to who the over region in you turn our to Maree your on reference material, the questions. Slide cash flow the You is review now which come by can outlook, will see XX then the cost and we'll back take makeup the
you, Turning Maree. to
