Construction of the Manyar smelter and precious metals refinery in Indonesia is advancing on schedule with a target of May 2024 for substantial construction completion, which is expected to complement the Grasberg minerals district operations.

The company is advancing leach innovation initiatives, which contributed 51 million pounds of incremental copper production in the quarter, compared to 22 million pounds in the same quarter last year.

The company is evaluating a potential expansion project at the Bagdad operation in Arizona, which could more than double the concentrator capacity and increase copper production by 200 to 250 million pounds per year.

PT-FI achieved higher mining and milling rates and ore grades, resulting in significantly increased sales volumes of copper and gold compared to the same quarter last year.

The company published its 2023 Annual Report on Sustainability, demonstrating its commitment to responsible production and sustainability, and is committed to maintaining the Copper Mark and/or Molybdenum Mark at all of its sites globally.

PT-FI's current export licenses for copper concentrates and anode slimes extend through May 2024, and the company is working with the Indonesian government to obtain approvals to continue exports, which could impact future sales volumes.

The company notes that it cannot predict if PT-FI will obtain approval timely, if at all, to continue exports of copper concentrates and anode slimes beyond May 2024, which could adversely impact revenues and operations.

The company's financial results vary as a result of fluctuations in market prices primarily for copper, gold, and molybdenum, which are affected by numerous factors beyond its control.

The company is subject to ongoing regulatory and political risks in Indonesia, including discussions regarding the applicability of revised regulations on duties for exported products and potential changes to mining rights.

The company is one of the world's largest publicly traded copper producers, with large, long-lived, geographically diverse assets.

The company has integrated operations, including mining, smelting, and refining capabilities, which provide a competitive advantage.

The company is focused on managing costs efficiently and enhancing productivity, which is important for maintaining a competitive position.

The company reported lower consolidated site production and delivery costs for copper mines of $2.32 per pound of copper in first-quarter 2024, compared to $2.57 per pound of copper in first-quarter 2023, primarily reflecting higher metal volumes in Indonesia.

Consolidated depreciation, depletion and amortization increased to $595 million in first-quarter 2024, compared to $399 million in first-quarter 2023, reflecting higher sales volumes at PT-FI.

Capitalized interest increased to $86 million in first-quarter 2024 from $56 million in first-quarter 2023, resulting from increased construction and development projects, primarily for the Indonesia smelter projects.

The company is advancing leach innovation initiatives across North and South America, incorporating new applications, technologies, and data analytics, which contributed 51 million pounds of incremental copper production in the quarter.

The company is testing new technology applications that have the potential for significant increases in recoverable metal beyond the current run rate.

The company is incorporating data analytics into its leaching processes, which may improve efficiency and production.

Capital expenditures are expected to approximate $4.6 billion for the year 2024, including $2.3 billion for major mining projects and $1.0 billion for the Indonesia smelter projects.

The company has $3.2 billion available for repurchases under its share repurchase program.

The company declared cash dividends totaling $0.15 per share on its common stock for the quarter, including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend.

The company published its 2023 Annual Report on Sustainability, marking its 23rd year of reporting on its sustainability progress.

The company is committed to maintaining the Copper Mark and/or Molybdenum Mark, as applicable, at all of its sites globally.

PT-FI plans to transition its existing energy source from coal to liquefied natural gas, which would meaningfully reduce PT-FI's Scope 1 greenhouse gas emissions at the Grasberg minerals district.

The company believes fundamentals for copper are favorable and that future demand will be supported by copper's critical role in the global transition to renewable power, electric vehicles, and other carbon-reduction initiatives.

Overall global demand for molybdenum was mixed with steady demand from energy, power generation, aerospace, and defense sectors, and some weakness in the construction sector.

The company notes that prices for copper, gold, and molybdenum are affected by numerous factors beyond its control and can fluctuate significantly.