Freeport-McMoRan, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoran first quarter conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. If you wish to ask a question during the Q&A session, press star 1 on your touchtone phone. If you require assistance during the conference, please press star 0. I would now like to turn the conference over to Ms. Kathleen Quirk, President. Please go ahead, ma'am.

Thank you Regina and good morning. Welcome to the Freeport-McMoran conference call. Earlier this morning we reported our first quarter 2023 operating and financial results and a copy of today's press release and slides are available on our website at fcx.com. Our conference call today is being broadcast live on the internet and anyone may listen to the call by accessing our website home page and clicking on the webcast link for the conference call. In addition to analysts and investors, the financial press has been invited to listen to today's call and a replay of the webcast will be available on our website later today. Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments on the call include forward-looking statements and actual results may differ materially. I'd like to refer everyone to the cautionary language included in our press release and presentation materials and to the risk factors described in our SEC filings. Also on the call today is Richard Atkerson, the Chairman of the Board and Chief Executive Officer, Marie Robertson, our CFO, Mark Johnson, our Chief Operating Officer for Indonesia, Josh Olmstead, our Chief Operating Officer for the Americas, Mike Kendrick, who leads our molybdenum business, Corey Stevens, who leads our engineering and our project development activities. I'll turn the call over to Richard, who will make some opening comments, and then we'll come back and review the prepared slide materials and then take your questions. Richard?

Thank you, Kathleen, and thank you all for joining us. Kathleen will review the results of the quarter and our outlook, and I'll join our team in responding to your questions. I'm pleased with our global team's responses to challenges we faced in the first quarter. You all know mining is a tough business. That's evidenced by the recent reports throughout the industry. Who you are in our industry is defined by your responses to challenges. I'm very proud of who we are at Freeport. Our team in Indonesia once again proved resilient in overcoming a major flood event. Now, we're accustomed to dealing with rainfall at Grassburg. It's located high in the mountains of New Guinea, one of the wettest places on the globe. We just celebrated our 56th anniversary of operating there. Our systems are designed to handle significant rainfall. The intensity of the event we experienced in January was unusually severe. Our established systems prevented major damages, Our team bounced back quickly by taking immediate actions to restore production and mitigate future risk. And we have a great start in the second quarter with operations there. Kathleen and I have made a series of trips to Indonesia in recent months. For me, it's personally gratifying to experience the markedly more positive attitudes there about Freeport than in years past. All this resulted from the partnership we established with the government in 2018, the success we have achieved in the multi-year large-scale development of our underground operations, and the positive outlook for copper in the future. Grassburg is now returned to rank as the world's second largest copper mine. Our net cash cost of production at Grassburg in the first quarter was a negative eight cents per pound. We are now working positively with the government to extend PTFI's operating rights beyond 2041 in a way that benefits all stakeholders. At Cerro Verde, our team negotiated through a volatile period of political turmoil in Peru. Our team rallied around the community and our workforce to handle the situation in a remarkable fashion. Our U.S. team is stepping up to overcome the challenges associated with labor availability in the United States. We appreciate the commitment and drive of the global Freeport team to reach our goal in challenging circumstances. Copper markets continue to be supported by low levels of inventories, China's accelerating economic recovery, and the ongoing positive global demand drivers for copper. Our customers continue to buy all the copper we can produce and seek more. As we move forward, copper miners will be required to expand production to meet demand. At Freeport, we're in a strong position to develop new sources of copper supply, to grow our business from our vast brownfield resources, and also to grow our business from the rapidly developing leach technology and supporting data analytics. At Freeport, we benefit from strong franchises and support from communities where we operate. We are committed to maintaining a strong balance sheet. We have an exemplary track record for success in project and operations execution. Focused execution is the backbone of our culture at Freeport. We have a clearly defined strategy and a relentless drive for achieving long-term success. Kathleen will now review our slides.