Freeport-McMoRan, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Freeport-McMoran first quarter conference call. At this time, all participants are in a listen-only mode. Later, we will conduct the 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 Mr. David Joint, Vice President, Investor Relations. Please go ahead, sir.

Good morning, everyone, and welcome to the Freeport Conference Call. Earlier this morning, FCX reported its first quarter operating and financial results. A copy of today's press release with supplemental schedules and slides are available on our website, fcx.com. Today's conference call is being broadcast live on the Internet. Anyone may listen to the call by accessing our website homepage and clicking on the webcast link. In addition to analysts and investors, the financial press has been invited to listen to today's call. 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 non-GAAP measures and forward-looking statements, and actual results may differ materially. Please refer to the cautionary language included in our press release and slides and to the risk factors described in our SEC filings, all of which are available on our website. Also on the call with me today are Richard Atterson, Chairman of the Board, Kathleen Quirk, President and Chief Executive Officer, Marie Robertson, Executive Vice President and Chief Financial Officer, and other senior members of our management team. Richard will make some opening remarks. Kathleen will review our slide materials. as well as Marie, and then we'll open up the call for questions. Richard?

Thank you, David, and welcome, everyone. We are now in the 20th year since Freeport combined with Phelps Dodge to create the modern Freeport by forming a global leader in copper. Our strategy was set after I became CEO in 2003. Just as China emerged as the dominant source of copper demand, Our decision to build our company around copper was a good decision then and has only gotten better over time. We were in Chile last week for the annual Global Copper Conference, which I first attended in 2004, and learned that the then-expected supply response to China's demand would be more muted than expected. This year, there was a strong positive consensus by attendees about copper's future. We are now in a new era of growth about copper, which is broad-based and driven by the growing demand for electricity. Simply, electricity equals copper. Our assets at Freeport are long live and have embedded major growth options, which we are advancing for the future. We have exciting growth ahead in the Americas with significant opportunities to improve profitability using modern technologies. Grassberg will continue as a major long-term contributor to our growth and profitability with its high grades of copper and gold. The extension of our rights to operate beyond 2041 pursuant to our recently signed MOU with the government of Indonesia is positive for continuity of these benefits from this remarkable world-class district. We just celebrated our 59th year of successfully operating in Indonesia. I've personally been engaged since 1988. Our team there is best in class in large-scale block cave mining. Kathleen will review with you our operating results and outlook, including our plan to restore full production at Grassburg. I personally have complete confidence in our teams addressing the current challenges. I'm personally proud of Freeport's global team and how our company is so well positioned for the future. Jacqueline?