-- Tenke: Freeport expects 2016 copper cathode sales of 224,500 tonnes, an increase of about 10% over 2015 production. Cobalt sales are expected to remain relatively unchanged at 15,900 tonnes. 2016 Capital Expenditure Guidance Capital expenditures, excluding capitalized interest, are expected to be $220 million (excluding Tenke), lower than the $275 million of capital expenditures in 2015, as part of on-going efforts to defer or reduce non-essential spending as long as base metal prices remain low. -- Sustaining Capital: -- Americas: $130 million ($179 million in 2015), consisting of approximately $120 million for Candelaria, of which approximately $35 million is for capitalized stripping activities in the open pit, $70 million for construction of the expanded tailings storage facility project, and $15 million for replacement and rebuild of equipment and infrastructure, and $10 million for Eagle which is predominantly for underground development.