Lawson Winder
BofA Securities, Research Division

Just before we take our coffee break, I would -- well, I guess I'll introduce myself again for those who weren't here this morning. I'm Lawson Winder, BofA's Senior North American metals and mining analyst. And please join me in welcoming Kathleen Quirk, who's President and CEO of Freeport-McMoRan, an influential global mining executive and a leading voice in the global copper market with more than 20 years at Freeport, and has been instrumental in guiding that company's past and future. So hello, Kathleen. Welcome to Miami. Please join me on stage.

And folks, the setup for today's chat with Kathleen and I will be a fireside chat. We're also welcome to take questions from the audience. Hi, Kathleen.

Kathleen Quirk
CEO, President & Director

Good to see you.

Lawson Winder
BofA Securities, Research Division

So we'll just sit down and get right into it.

Kathleen, you recently spoke about copper and copper being in a new era. You talked about it being driven by electrification and AI data centers and investment in the grid. Why the change in tone? It's quite a bit more positive than even just a year ago. And then how sustainable do you see those demand trends?

Kathleen Quirk
CEO, President & Director

Actually, at Freeport, we have been very positive about copper going back a very long time. In 2003, the era of copper was really defined by the massive growth in China. And at that time, we started looking at the situation, growing demand for copper and