Financial Data and Key Metrics Changes - The company expects EBITDA to approach $12 billion in 2026, with significant growth to over $15.5 billion on average for 2027 and 2028, driven by increased production and favorable copper prices [40][41] - Operating cash flows are projected to approximate $8 billion in 2026, growing to $11.5 billion on average in 2027 and 2028, excluding potential recovery under property and business interruption insurance coverage [41][42] Business Line Data and Key Metrics Changes - The Grasberg district's production outlook for 2026 is expected to be similar to 2025, with significant increases anticipated in 2027-2029 as operations are restored [20] - The company plans a phased restart of production blocks two and three, targeting a ramp-up in the second quarter of 2026, while repairs for production block one south are expected to take longer, with a restart targeted for mid-2027 [18][19] Market Data and Key Metrics Changes - The demand trends for copper are positive, driven by increasing requirements for electrification, technology, and energy infrastructure [39] - The company is well-positioned as a leading copper producer with large-scale current production and an attractive pipeline for future growth [39] Company Strategy and Development Direction - The company is focused on enhancing safety protocols and cave management plans following the September 8th incident, with a commitment to using learnings to prevent future occurrences [16][19] - Efforts are underway to extend PT FI's operating rights beyond 2041, with the Indonesian government expressing support for a long-term extension [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in re-establishing large-scale production and emphasized a commitment to safety above all else [19] - The company is actively managing costs and capital expenditures, particularly in the near term, to prioritize recovery efforts [41][42] Other Important Information - The company has a policy that provides coverage for up to $700 million for underground losses, which may assist in mitigating financial impacts from the incident [41] - The investigation into the September 8th incident has been collaborative with the government, which has been involved since the first day of the incident [66] Q&A Session Summary Question: Adjustments to mine planning and operations - The company confirmed that the primary difference in the long-term plan is the sequencing of production blocks, with new processes to enhance safety being applied throughout the mine [46][47] Question: Confidence in safety for resuming mining - Management assured that cement plugs will be installed to protect against surface connections before resuming operations, emphasizing the effectiveness of current water drainage systems [56][57] Question: Government approval for restart plans - The government has been involved in the investigation and has conceptually approved the restart plans, with ongoing collaboration to ensure safety [66] Question: Capital expenditures and repair costs - The capital expenditure estimate includes a placeholder for assumed damage costs, with potential reimbursement from insurance not yet factored in [69] Question: Impact of new gold tax policies - The company has stabilized terms within its license, and most gold is contracted for at market prices locally, mitigating potential impacts from new tax policies [80] Question: Development timeline for Kuchko Liar project - The Kuchko Liar project is unaffected by the incident at Grasberg, with ongoing risk management processes in place [85]