雅保公司 (ALB) 2016 Q3 法說會逐字稿

A very good morning, ladies and children, and welcome to the Q3 2016 Albemarle Corporation earnings conference call. My name is Mark and I will be your operator for today. (Operator Instructions). As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Matt Juneau, Executive Vice President of Corporate Strategy and Investor Relations. Please proceed, sir.

女士們、孩子們，早上好，歡迎參加雅保公司 2016 年第三季度財報電話會議。我叫馬克，今天我將擔任您的接線員。（操作員說明）。謹此提醒，本次通話將被錄音以供重播。我現在想將電話轉給公司戰略和投資者關係執行副總裁馬特·朱諾 (Matt Juneau)。請繼續，先生。

Thank you, Mark. Thank you and welcome to Albemarle's third-quarter 2016 earnings conference call. Our earnings were released after the close of the market yesterday and you will find our press release, earnings presentation and non-GAAP reconciliations posted on our website under the Investors section at albemarle.com.

謝謝你，馬克。感謝並歡迎參加 Albemarle 2016 年第三季度收益電話會議。我們的收益於昨天市場收盤後發布，您可以在我們網站 albemarle.com 的投資者部分找到我們的新聞稿、收益演示和非 GAAP 調節表。

Joining me on the call today are Luke Kissam, Chairman and Chief Executive Officer; Scott Tozier, Chief Financial Officer; Raphael Crawford, President, Bromine Specialties; Silvio Ghyoot, President Refining Solutions; and John Mitchell, President, Lithium and Advanced Materials.

今天與我一起參加電話會議的還有董事長兼首席執行官盧克·基薩姆 (Luke Kissam)；斯科特·托齊爾，首席財務官； Raphael Crawford，溴特種公司總裁； Silvio Ghyoot，煉油解決方案總裁；約翰·米切爾（John Mitchell），鋰和先進材料總裁。

As a reminder, some of the statements made during this conference call about the future performance of the Company may constitute forward-looking statements within the meaning of federal securities laws. Please note the cautionary language about forward-looking statements contained in our press release. That same language applies to this call.

提醒一下，本次電話會議期間發表的有關公司未來業績的一些聲明可能構成聯邦證券法含義內的前瞻性聲明。請注意我們新聞稿中包含的有關前瞻性陳述的警告性語言。同樣的語言也適用於這次通話。

Please also note that our comments today regarding our financial results exclude all non-operating, nonrecurring and other unusual items. Reconciliations related to any non-GAAP financial measures discussed may be found in our press release or earnings presentation, both of which are posted on our website.

另請注意，我們今天對財務業績的評論不包括所有非經營性、非經常性和其他異常項目。與所討論的任何非公認會計準則財務指標相關的調節表可以在我們的新聞稿或收益演示中找到，兩者都發佈在我們的網站上。

Page 8 and the appendix of the earnings deck provide details of our reported earnings along with non-GAAP reconciliations related to discontinued operations and other special items in the [quarter]. With that I will turn the call over to Luke.

第 8 頁和收益表的附錄提供了我們報告的收益的詳細信息以及與[季度]中已終止業務和其他特殊項目相關的非公認會計原則對賬。這樣我就把電話轉給盧克。

Thanks, Matt, and good morning, everybody. I am very pleased with our third-quarter results as we continue to deliver strong growth in both Lithium and Refining Solutions and our Bromine Specialties and PCS businesses performed in line with our expectations.

謝謝馬特，大家早上好。我對我們第三季度的業績感到非常滿意，因為我們的鋰和煉油解決方案以及我們的溴特種和 PCS 業務繼續實現強勁增長，符合我們的預期。

Adjusted EBITDA grew by 32% in Lithium and by 19% in Refining Solutions compared to the third quarter of 2015. For all of our continuing operations, excluding the year-over-year net impact of the divestitures of minerals and metal sulfides businesses, adjusted EBITDA grew by $16 million, an increase of 10% compared to the third quarter of 2015 and adjusted earnings per share increased by $0.19 or 26%.

與 2015 年第三季度相比，鋰業務的調整後 EBITDA 增長了 32%，煉油解決方案業務的調整後 EBITDA 增長了 19%。對於我們所有的持續經營業務，排除礦物和金屬硫化物業務剝離的同比淨影響，調整後的 EBITDA 增長了 1600 萬美元，與 2015 年第三季度和調整後每股收益相比增長了 10%增加了 0.19 美元，即 26%。

Overall Company adjusted EBITDA margins were almost 29%, up 270 basis points from the third quarter of 2015, and our three reported segments again delivered combined adjusted EBITDA margins greater than 33%.

公司整體調整後 EBITDA 利潤率接近 29%，比 2015 年第三季度上升 270 個基點，我們報告的三個部門的綜合調整後 EBITDA 利潤率再次超過 33%。

The third quarter was also highlighted by additional moves to strengthen our industry leading Lithium business. In August we signed a definitive agreement to acquire the lithium hydroxide and lithium carbonate conversion assets of Jiangxi Jiangli New Material Science and Technology Company, with the closing expected by the end of the first quarter 2017.

第三季度的亮點還包括加強我們行業領先的鋰業務的額外舉措。8月，我們簽署了收購江西江力新材料科技公司氫氧化鋰和碳酸鋰轉化資產的最終協議，預計於2017年第一季度末完成。

Once closed these assets will give us spodumene conversion capacity of 15,000 metric tons per year of lithium hydroxide and lithium carbonate with infrastructure already in place to support a 20,000 to 25,000 metric ton expansion.

一旦關閉，這些資產將為我們提供每年 15,000 公噸氫氧化鋰和碳酸鋰的鋰輝石轉化能力，基礎設施已經到位，可支持 20,000 至 25,000 公噸的擴張。

Spodumene for the current operations and the planned expansion will be supplied from our Talison joint venture in Australia. The acquisition increases our control of the supply chain from spodumene mining through production and sales of battery grade lithium hydroxide and lithium carbonate.

目前運營和計劃擴建的鋰輝石將由我們在澳大利亞的 Talison 合資企業供應。此次收購增強了我們對從鋰輝石開採到電池級氫氧化鋰和碳酸鋰生產和銷售的供應鏈的控制。

In addition to the planned capacity expansion at Jiangxi Jiangli, we will continue to pursue development of a greenfield spodumene conversion plant of approximately another 40,000 metric tons a year so that we can fully utilize the Talison resources over time.

除了江西江麗的產能擴張計劃外，我們還將繼續開發一座年產約40,000噸的綠地鋰輝石轉化工廠，以便我們能夠隨著時間的推移充分利用泰利森的資源。

Full utilization of the Talison resources combined with the additional capacity we expect to add in Chile once a new quota is finalized will allow us to achieve roughly 160,000 metric tons per year of lithium carbonate equivalent production capacity by the beginning of the next decade.

充分利用泰利森資源，加上我們預計在新配額最終確定後在智利增加的額外產能，將使我們能夠在下一個十年之初實現每年約 16 萬噸碳酸鋰當量產能。

Based on current demand projections we believe we will fully utilize that capacity by the early to mid-2020s. At that point our assets in Chile and Australia will have many years of useful life remaining, but as of now we do not believe further expansions are likely.

根據當前的需求預測，我們相信到 2020 年代初期到中期我們將充分利用該產能。到那時，我們在智利和澳大利亞的資產將有多年的使用壽命，但到目前為止，我們認為不可能進一步擴張。

Therefore, to meet the expected market growth past the early 2020s we will need new resources. The agreement with Bolland Minera S.A. that we announced in the third quarter is a positive step in that direction. This agreement gives us exclusive exploration and acquisition rights to a lithium reserve in Antofalla in the Catamarca Province of Argentina.

因此，為了滿足 2020 年代初之後的預期市場增長，我們將需要新的資源。我們在第三季度宣布的與 Bolland Minera S.A. 的協議是朝這個方向邁出的積極一步。該協議賦予我們對阿根廷卡塔馬卡省安託法拉鋰儲量的獨家勘探和收購權。

Based on existing data we believe this resource will be certified as the largest lithium resource in Argentina. Given the development cycle to commercialize the new resource we must begin investing now to bring new resources online by the early to mid-2020s.

根據現有數據，我們相信該資源將被認證為阿根廷最大的鋰資源。考慮到新資源商業化的開發週期，我們必須立即開始投資，以便在 2020 年代初期到中期將新資源上線。

Our very preliminary of valuation on the Antofalla resource is encouraging, but you can expect it to take one to two years for us to make a decision on commercial viability. With that I will turn the call over to Scott.

我們對安託法利亞資源的初步估值令人鼓舞，但您可以預計我們需要一到兩年的時間才能就商業可行性做出決定。這樣我就把電話轉給斯科特。

Thanks, Luke, and good morning. In the third quarter we reported adjusted net income from continuing operations of $0.91 per diluted share, an increase of 26% compared to third quarter 2015, excluding the year-over-year net impact of the divested minerals and metals sulfites businesses. The increase was driven primarily by core business growth and a lower effective tax rate compared to 2015.

謝謝，盧克，早上好。第三季度，我們公佈的調整後持續經營淨利潤為每股稀釋每股 0.91 美元，較 2015 年第三季度增長 26%，不包括剝離礦物和金屬亞硫酸鹽業務的同比淨影響。這一增長主要是由於核心業務增長以及與 2015 年相比較低的有效稅率推動的。

Our corporate costs in the quarter increased driven by increased compensation cost and some one-time costs related to relocations and legal settlements. As a result our corporate costs for the full year will likely range between $85 million and $90 million.

由於補償成本以及與搬遷和法律和解相關的一些一次性成本增加，我們本季度的企業成本有所增加。因此，我們全年的企業成本可能在 8500 萬美元到 9000 萬美元之間。

There is no change in our estimated 2016 effective tax rate in the third quarter from the second quarter. Excluding special items, non-operating pension and OPEB items we continue to expect the 2016 ETR to be about 19%.

我們預計的 2016 年第三季度實際稅率與第二季度相比沒有變化。排除特殊項目、非營業養老金和OPEB項目，我們繼續預計2016年ETR約為19%。

We continue to expect D&A in 2016 of $185 million to $200 million with 2016 capital expenditures now expected to be $175 million to $185 million, down from an estimate of $185 million to $200 million at the end of the second quarter.

我們仍然預計 2016 年的 D&A 為 1.85 億至 2 億美元，2016 年資本支出目前預計為 1.75 億至 1.85 億美元，低於第二季度末估計的 1.85 億至 2 億美元。

We are not slowing any of our projects. The decline is simply a result of changes in the timing of spending and improved capital efficiency versus our prior estimate.

我們不會放慢任何項目。與我們之前的估計相比，這種下降僅僅是支出時間變化和資本效率提高的結果。

Operating working capital remained at 29% of sales at the end of the third quarter. Strong sales in our Refining Solutions business at the end of the quarter, especially in Clean Fuels Technologies, driven increase in accounts receivables.

第三季度末運營資本仍佔銷售額的 29%。本季度末，我們的煉油解決方案業務（尤其是清潔燃料技術業務）的強勁銷售推動了應收賬款的增加。

We also saw an increase in Refining Solutions inventories in the quarter. Forecasted demand in clean fuels in the first half of 2017 will necessitate further inventory growth in the fourth quarter to manage production for those expected sales. As such our working capital is likely to remain in the 28% to 29% range at the end of 2016.

我們還看到本季度煉油解決方案庫存有所增加。2017 年上半年清潔燃料的預測需求將需要第四季度進一步增加庫存，以管理預期銷售的生產。因此，到 2016 年底，我們的營運資金可能會保持在 28% 至 29% 的範圍內。

Through the end of the third quarter our adjusted free cash flow, including contribution from discontinued operations, was $415 million. This number represents cash flow from operations adding back pension and post retirement contributions and subtracting capital expenditures, but excludes one-time synergy, acquisition and tax-related cost.

截至第三季度末，我們調整後的自由現金流（包括已終止業務的貢獻）為 4.15 億美元。這一數字代表運營現金流加上養老金和退休後繳款並減去資本支出，但不包括一次性協同、收購和稅收相關成本。

Free cash flow included in those one-time costs of $325 million through September nearly doubled the cash flow generated last year in the same period.

截至 9 月份，一次性成本中包含的自由現金流為 3.25 億美元，幾乎是去年同期產生的現金流的兩倍。

Before I turn to our core business unit performance, let me briefly update you on our fine chemistry services business. Sales and adjusted EBITDA improved in the third quarter both year over year and sequentially. However, as we look ahead to the fourth quarter, this business faces tough comparisons.

在談論我們的核心業務部門業績之前，讓我簡要介紹一下我們的精細化學服務業務。第三季度銷售額和調整後 EBITDA 同比和環比均有所改善。然而，當我們展望第四季度時，這項業務面臨著嚴峻的比較。

Fine chemistry services made all of its total 2015 adjusted EBITDA, over $17 million, in the fourth quarter of 2015. In the fourth quarter of 2016 we only expect breakeven performance due to contract timing.

精細化學服務在 2015 年第四季度實現了 2015 年調整後 EBITDA 總額，超過 1,700 萬美元。由於合同時間安排，我們預計 2016 年第四季度的業績將實現盈虧平衡。

Moving on to our core businesses, let's start with Lithium and Advanced Materials. Third-quarter net sales were $240 million with adjusted EBITDA of $92 million, resulting in adjusted EBITDA margins of 38%. Compared to the third quarter of 2015 net sales were up 15% and adjusted EBITDA was up 18%.

繼續我們的核心業務，讓我們從鋰和先進材料開始。第三季度淨銷售額為 2.4 億美元，調整後 EBITDA 為 9200 萬美元，調整後 EBITDA 利潤率為 38%。與 2015 年第三季度相比，淨銷售額增長 15%，調整後 EBITDA 增長 18%。

The Lithium portfolio again delivered outstanding results. Third-quarter net sales were up 30% and adjusted EBITDA up 32% compared to the third quarter of 2015. Adjusted EBITDA margins of 41% were consistent with our guidance. And this is the seventh consecutive quarter with margins above 40%.

鋰產品組合再次取得了出色的業績。與 2015 年第三季度相比，第三季度淨銷售額增長 30%，調整後 EBITDA 增長 32%。調整後 EBITDA 利潤率為 41%，與我們的指導一致。這已是連續第七個季度利潤率超過 40%。

Overall volume grew in the quarter by 13% and pricing improved by 16%. We saw continued strong pricing momentum in our battery grade products and price increases in technical grade lithium carbonate and lithium hydroxide as well.

本季度總體銷量增長 13%，定價提高 16%。我們看到電池級產品的定價勢頭持續強勁，技術級碳酸鋰和氫氧化鋰的價格也有所上漲。

As in the second quarter, volume growth was driven by increased tolling of spodumene into battery grade lithium carbonate and hydroxide. As a reminder, these results include a negative impact from year-over-year potash pricing which we continue to forecast at $7 million for all of 2016.

與第二季度一樣，電池級碳酸鋰和氫氧化鋰中鋰輝石加工量的增加推動了銷量增長。提醒一下，這些結果包括鉀肥同比定價的負面影響，我們繼續預測 2016 年全年鉀肥價格為 700 萬美元。

PCS performance was in line with our expectations with net sales down just over $6 million and adjusted EBITDA down $2 million compared to the third quarter of 2015. Impact from the SunEdison bankruptcy and pricing pressure in our organometallics product lines drove the lower results. Our full-year expectations are unchanged with PCS adjusted EBITDA likely to be down by about $15 million in 2016 compared to 2015.

PCS 的業績符合我們的預期，與 2015 年第三季度相比，淨銷售額下降了 600 萬美元多一點，調整後的 EBITDA 下降了 200 萬美元。SunEdison 破產的影響以及我們有機金屬產品線的定價壓力導致業績下降。我們的全年預期保持不變，2016 年 PCS 調整後 EBITDA 可能比 2015 年減少約 1500 萬美元。

Bromine specialties also performed as expected with third-quarter net sales of $194 million and adjusted EBITDA of $52 million resulting in adjusted EBITDA margins of 27%. Compared to the third quarter of 2015 sales were up 2% with adjusted EBITDA down 12%.

溴特種產品的表現也符合預期，第三季度淨銷售額為 1.94 億美元，調整後 EBITDA 為 5200 萬美元，調整後 EBITDA 利潤率為 27%。與 2015 年第三季度相比，銷售額增長 2%，調整後 EBITDA 下降 12%。

Adjusted EBITDA and margins were impacted by negative pricing and mix, lower completion fluids volumes in the Gulf of Mexico and Europe, lower volumes in certain flame retardants and reduced demand for agricultural intermediates.

調整後的 EBITDA 和利潤率受到負定價和組合、墨西哥灣和歐洲完井液產量下降、某些阻燃劑產量下降以及農業中間體需求減少的影響。

Consistent with prior guidance, we continue to expect the business to deliver full-year adjusted EBITDA that is only a few percentage points below 2015 performance despite a $15 million year-over-year headwind due to the loss of a methyl bromide contract at the end of 2015.

與之前的指引一致，我們繼續預計該業務將實現全年調整後 EBITDA，僅比 2015 年業績低幾個百分點，儘管由於年底失去甲基溴合同而造成 1500 萬美元的同比逆風2015 年。

Refining Solutions reported third-quarter net sales of $190 million and adjusted EBITDA of $65 million resulting in adjusted EBITDA margins of 34%. Compared to the third quarter of 2015 sales were up 3% and adjusted EBITDA was up 19%.

Refining Solutions 公佈第三季度淨銷售額為 1.9 億美元，調整後 EBITDA 為 6500 萬美元，調整後 EBITDA 利潤率為 34%。與 2015 年第三季度相比，銷售額增長 3%，調整後 EBITDA 增長 19%。

As expected, heavy oil upgrading or FCC catalyst was down year on year as refiners made small operating adjustments for higher than normal gasoline inventory in the United States. Also, while our full-year expectations for heavy oil upgrading are unchanged, that is we continue to expect 2016 adjusted EBITDA to be very similar to 2015.

正如預期的那樣，由於美國煉油廠對高於正常汽油庫存的情況進行了小幅運營調整，重油改質或 FCC 催化劑同比下降。此外，雖然我們對全年重油升級的預期保持不變，但我們仍然預計 2016 年調整後 EBITDA 將與 2015 年非常相似。

This business faces difficult comparisons in the second half of 2016 due to the very strong sales in the second half of 2015. Volume in 2016 has been more evenly spread across quarters while volume in 2015 was backend loaded due to both turnarounds and competitive trials at our customer base in the first half of 2015.

由於 2015 年下半年的銷售非常強勁，該業務在 2016 年下半年面臨著困難的比較。2016 年的銷量在各個季度的分佈更加均勻，而 2015 年的銷量則由於 2015 年上半年客戶群的周轉和競爭性試驗而被後端加載。

Clean Fuels Technologies, or HPC catalysts, results were strong as expected with improved sales and adjusted EBITDA driven by increased volume and a more favorable product mix.

清潔燃料技術（或 HPC 催化劑）的業績如預期強勁，銷量增加，調整後的 EBITDA 受到銷量增加和更有利的產品組合的推動。

Overall Refining Solutions continues to exceed our expectations at the start of 2016 with full-year adjusted EBITDA now likely to be up close to 20% versus 2015. Now I will turn the call back over to Luke to update our view on the year.

整體煉油解決方案繼續超出我們在 2016 年初的預期，全年調整後 EBITDA 可能較 2015 年增長近 20%。現在我將把電話轉回給盧克，以更新我們對這一年的看法。

Thanks, Scott. In the third quarter we continued to deliver impressive year-over-year growth in our businesses. Growth in Lithium and Refining Solutions again led the way with the remaining businesses meeting our expectations coming into the quarter.

謝謝，斯科特。第三季度，我們的業務繼續實現令人印象深刻的同比增長。鋰和煉油解決方案的增長再次引領潮流，其餘業務在本季度達到了我們的預期。

In the fourth quarter we expect the Lithium business to continue its trend of strong year-over-year EBITDA growth. However, we are forecasting relatively flat year-over-year performance for Refining Solutions, Bromine Specialties and PCS.

我們預計第四季度鋰業務將繼續保持 EBITDA 同比強勁增長的趨勢。然而，我們預計煉油解決方案、溴特種產品和 PCS 的同比業績將相對持平。

As Scott already noted, our fine chemistry services business had a strong fourth quarter and 2015 with over $17 million of adjusted EBITDA while we expect a breakeven fourth quarter for that business in 2016, which will impact our year-over-year comps.

正如 Scott 已經指出的那樣，我們的精細化學服務業務在第四季度和 2015 年表現強勁，調整後 EBITDA 超過 1700 萬美元，而我們預計該業務在 2016 年第四季度將實現盈虧平衡，這將影響我們的同比業績。

Still in total our view of 2016 continues to improve. We are adjusting our full-year 2016 forecast upward with net sales expected to range between $2.6 billion to $2.7 billion, adjusted EBITDA between $725 million and $745 million, and adjusted EPS between $3.45 and $3.55 per share.

總體而言，我們對 2016 年的看法繼續改善。我們正在上調 2016 年全年預測，淨銷售額預計在 26 億美元至 27 億美元之間，調整後 EBITDA 在 7.25 億美元至 7.45 億美元之間，調整後每股收益在 3.45 美元至 3.55 美元之間。

We remain on track to complete the sale of the Chemetall Surface Treatment business to BASF before the end of 2016. All regulatory filings are complete and several more jurisdictions, including the European Union, have cleared the transaction. Once closed we will begin implementation of a deleveraging plan that will allow us to achieve our targeted debt to EBITDA ratio of 2.5 times in early 2017.

我們仍有望在 2016 年底前完成向巴斯夫出售凱密特爾表面處理業務的工作。所有監管備案均已完成，包括歐盟在內的其他幾個司法管轄區已批准該交易。一旦交易結束，我們將開始實施去槓桿化計劃，這將使我們能夠在 2017 年初實現債務與 EBITDA 比率 2.5 倍的目標。

We are very pleased with our performance to date in 2016. Our businesses have delivered impressive core EBITDA growth and we have made much progress on our strategic objectives as well.

我們對 2016 年迄今為止的表現非常滿意。我們的業務實現了令人印象深刻的核心 EBITDA 增長，我們在戰略目標方面也取得了很大進展。

While, as expected, the fourth quarter of 2016 will be softer than our first three quarters, this does not mean a weakening in our outlook for 2017. We believe we have positioned the Company for outstanding performance in 2017. Our budgeting process is well underway and we are very confident that our high-growth Lithium business will drive another strong year of earnings growth for Albemarle.

雖然正如預期，2016 年第四季度將比前三個季度疲軟，但這並不意味著我們對 2017 年的展望會減弱。我們相信，我們已經使公司在 2017 年取得了出色的業績。我們的預算流程正在順利進行，我們非常有信心我們的高增長鋰業務將推動雅寶又一個強勁的盈利增長年。

Before we get to Q&A I want to call your attention to our press release of November 4 announcing that we will host an Investor Day in New York City on March 17, 2017. Additional details will be forthcoming, but we look forward to the opportunity to provide a detailed update on Albemarle and the strategy and priorities both for the Company and each of our global business units.

在進行問答之前，我想提醒您注意我們 11 月 4 日發布的新聞稿，該新聞稿宣布我們將於 2017 年 3 月 17 日在紐約市舉辦投資者日活動。更多細節即將公佈，但我們期待有機會提供有關雅保 (Albemarle) 以及公司和每個全球業務部門的戰略和優先事項的詳細最新信息。

Operator, we are now ready to open the lines for Q&A. But before doing so I would like to remind everyone to please limit questions to two per person to ensure that all participants have a chance to ask questions. Then feel free to get back in the queue for follow-ups if time allows. Please proceed.

接線員，我們現在準備開通問答線路。但在此之前我想提醒大家，請將問題限制在每人兩個以內，以確保所有參與者都有機會提問。如果時間允許，請隨時返回隊列進行後續跟進。請繼續。

(Operator Instructions). Robert Koort, Goldman Sachs.

（操作員說明）。羅伯特·庫特，高盛。

Luke, I was wondering if you could give us an update on Corfo or the environmental regulators down in Chile. How soon before you get all that buttoned up and what is the holdup at the present?

盧克，我想知道您能否向我們介紹 Corfo 或智利環境監管機構的最新情況。多久之後你才能把所有事情搞定？目前有什麼困難？

Yes, well let me divide it up and at a high level, then I will let John give some more color if necessary. First of all there are two separate issues down there.

是的，好吧，讓我在高層次上進行劃分，然後如果有必要，我會讓約翰提供更多的顏色。首先，有兩個不同的問題。

One you remember was -- and I don't want to mix them. One was the environmental permit that gave us the right to pump a certain amount of brine. We received that in the first quarter of this year, there is no contest to that.

你記得的一個是——我不想把它們混在一起。其中之一是環境許可證，賦予我們抽取一定量鹽水的權利。我們在今年第一季度收到的消息是，沒有任何競爭。

So the environmental permits are not at issue at all down there and we have sufficient [brine] to produce over 80,000 metric tons of lithium carbonate equivalent per year down there.

因此，那裡的環境許可根本不存在問題，而且我們擁有足夠的[鹽水]，每年可以生產超過 80,000 噸碳酸鋰當量。

The Corfo agreement, there was -- CCHEN is going through that process, the nuclear agency is in discussions down there. And I expect at a high level we are going to get that agreement done by the end of the year.

Corfo 協議，CCHEN 正在經歷這個過程，核機構正在那裡進行討論。我預計我們將在年底前達成高層協議。

I think they are just going through the administrative and regulatory process, which sometime is somewhat bureaucratic, to make sure that all the i's are dotted and t's are crossed. But I don't have any concern about that agreement getting finalized.

我認為他們只是在經歷行政和監管程序，這有時有點官僚主義，以確保所有的“i”都被點綴，“t”都被交叉。但我並不擔心該協議的最終敲定。

And then for my follow-up, you mentioned expanding capacity in your Chinese venture and then also maybe building another plant, a spodumene conversion plant. How much would all these efforts cost? And there is any chance you would combine forces with (inaudible) since they're also building a big spodumene conversion plant?

然後，在我的後續行動中，您提到擴大中國企業的產能，然後可能還會建造另一座工廠，即鋰輝石轉化工廠。所有這些努力要花多少錢？由於他們也在建造一座大型鋰輝石轉化工廠，因此您有可能聯合力量（聽不清）嗎？

Yes. I think that all of our numbers -- all the numbers that we would have for capital are well within our plan, very consistent with what we have talked about during the course of the year on our capital.

是的。我認為我們所有的數字——我們的資本的所有數字都在我們的計劃之內，與我們在這一年中所討論的關於我們的資本的內容非常一致。

So if you look at the Chinese capital we are probably a good bit lower because a lot of that infrastructure is in place so we're just really adding it back in. If you look at a brand-new site for spodumene converting 40,000 metric tons you are probably north of $300 million -- north of $350 million.

因此，如果你看看中國的首都，我們的水平可能會低一些，因為很多基礎設施已經就位，所以我們只是將其重新添加回來。如果您查看一個可轉換 40,000 噸鋰輝石的全新工廠，您的成本可能超過 3 億美元 - 超過 3.5 億美元。

We haven't done the engineering work for that yet but, as we stated, we are going to invest over the course of the next three to five years to ensure that we try to capture at least 50% of this growth.

我們尚未完成這方面的工程工作，但正如我們所說，我們將在未來三到五年內進行投資，以確保我們爭取至少 50% 的增長。

And all of this is within financial modeling and we have more than sufficient cash flow thrown off these businesses that we can self fund these, pay our dividends and service our debt with no problem at all.

所有這些都在財務模型的範圍內，我們從這些業務中獲得了足夠的現金流，我們可以毫無問題地自行資助這些業務、支付股息和償還債務。

Thank you, Luke.

謝謝你，盧克。

Vincent Andrews, Morgan Stanley.

文森特·安德魯斯，摩根士丹利。

You saw nice sequential price movement in lithium versus the first half. It seemed like from the comments that it was a mix of price and mix. But if I could just ask also on the technical grade product, why is that price moving up as much -- is it moving up as much as the battery grade or what are the dynamics there?

與上半年相比，您看到鋰的價格連續走勢良好。從評論來看，這似乎是價格和組合的混合。但如果我也能問一下技術級產品，為什麼價格上漲得如此之多——它的上漲幅度是否與電池級產品一樣大，或者那裡的動態是什麼？

Yes, John?

是的，約翰？

Hi, this is John. The technical grade does not move as much as the better grade products, although we are seeing some pricing movement in technical grade.

嗨，這是約翰。儘管我們看到技術級產品的價格出現了一些變化，但技術級產品的變動幅度沒有更好的等級產品那麼大。

I do want to draw your attention to the fact that we started our tolling efforts in Q3 of 2015 and so we are seeing now good volume comps on the tolling volume out of Asia. And so we are seeing kind of a shift of some of that value in the pricing area. So that is one reason you see a big uplift in price in Q3.

我確實想提請您注意這樣一個事實：我們在 2015 年第三季度開始了收費工作，因此我們現在看到亞洲的收費量表現良好。因此，我們看到定價領域的一些價值發生了變化。因此，這就是您看到第三季度價格大幅上漲的原因之一。

I also just want to draw your attention to the fact that we have been getting pricing all along the way. And as we said on the last earnings call, I mean battery grade pricing is in the range of up 20% year on year.

我還想提請您注意我們一直在定價的事實。正如我們在上次財報電話會議上所說，我的意思是電池級定價同比上漲 20%。

So, just as a follow-up, how many more quarters do you think before you are sort of fully at the current run rate of battery grade pricing? How much longer will it take to fully full through?

那麼，作為一個後續問題，您認為還需要多少個季度才能完全達到當前的電池級定價運行速度？完全完成需要多長時間？

John back what we have told everyone is that with -- from a modeling perspective you should look at our business, given the product mix, that we will see pricing continue to escalate year on year in the kind of mid-single-digit range.

約翰回到我們告訴大家的是，從建模的角度來看，考慮到產品組合，您應該看看我們的業務，我們將看到定價繼續在中個位數範圍內逐年上漲。

Okay. Thanks very much.

好的。非常感謝。

David Begleiter, Deutsche Bank.

大衛·貝格萊特，德意志銀行。

Luke, do you have an early read on 2017 EBITDA for both the Lithium business as well as the overall Company?

Luke，您是否提前了解過鋰業務以及整個公司 2017 年 EBITDA 的情況？

Yes, I think we are in the middle of it so it is too early to talk about right now exactly. We are in the middle of our budgeting process. I think we are going to see growth. I think you will continue to see good, strong growth in lithium from an EBITDA standpoint going forward. And I think we will talk to you in January.

是的，我認為我們正處於其中，所以現在談論這個問題還為時過早。我們正處於預算編制過程中。我認為我們將會看到增長。我認為，從 EBITDA 的角度來看，未來鋰行業將繼續看到良好、強勁的增長。我想我們會在一月份與您交談。

I wouldn't expect Refining Solutions to kind of have the same kind of EBITDA growth going into 2017 that you saw from 2015 to 2016. I think it will moderate some.

我不認為煉油解決方案在 2017 年會出現與 2015 年至 2016 年相同的 EBITDA 增長。我認為這會緩和一些。

And then as always I have talked about bromine, it is going to be flat to up a little bit or down a little bit. And overall that has been the consistent message that we have been giving all year as we look forward to the longer-term growth of these businesses. And I would expect that to hold in 2017. But not ready at this time to quantify what that type of growth might be.

然後，像往常一樣，我談到了溴，它會持平，上升一點或下降一點。總的來說，這是我們全年發出的一致信息，因為我們期待這些業務的長期增長。我預計這種情況將在 2017 年持續下去。但目前還沒有準備好量化這種類型的增長可能是什麼。

Thank you. Just on the spodumene conversion plant, to be clear you expect that plant to be on line by year end 2019 or 2020, is that correct?

謝謝。就鋰輝石轉化工廠而言，需要明確的是，您預計該工廠將於 2019 年年底或 2020 年投產，對嗎？

So on the Spodumene conversion plant, you're talking about a couple of plants. The first one we talked about is the expansion of the facilities that we will be acquiring. And we would think we could bring that one on line, John, by 2019, correct?

因此，在鋰輝石轉化工廠中，您談論的是幾家工廠。我們討論的第一個問題是我們將要收購的設施的擴建。約翰，我們認為我們可以在 2019 年之前將其上線，對嗎？

And then the following would be the greenfield site which would be another 40,000 metric tons. And what we said is probably by the beginning of the next decade. So if you look at 2020 kind of time, that is about right. It might be a little bit earlier, it might be a year or two later.

接下來是新建場地，產能為 40,000 噸。我們所說的可能是在下一個十年之初。所以如果你看看 2020 年的時間，那就差不多了。可能會早一些，也可能會晚一兩年。

We are going to bring it online to meet the demand and not to -- just to have it there. We need to be sure that we can meet this demand, but we also don't want to be caught with a plant that is not operating. So we will be monitoring the markets and we will continue to invest to meet our customers' needs as they make commitments to us.

我們將把它放到網上來滿足需求，而不是僅僅把它放在那裡。我們需要確保能夠滿足這一需求，但我們也不想陷入無法運營的工廠。因此，我們將監控市場，並在客戶向我們做出承諾時繼續投資以滿足他們的需求。

Very good, thank you.

非常感謝。

P.J. Juvekar, Citi.

P.J. Juvekar，花旗銀行。

Your lithium margins were 41%, that was up year over year. As you do more tolling in China, especially with your new acquisition there, where do you see lithium margins going? And can you talk about lithium extraction margins versus lithium conversion margins?

你們的鋰利潤率為 41%，同比增長。隨著您在中國進行更多的收費業務，尤其是您在中國進行的新收購，您認為鋰的利潤率將走向何方？您能談談鋰提取利潤與鋰轉換利潤嗎？

Hi, P.J., this is John. As we have said before, we see our EBITDA margins for the Lithium business holding in this -- in the range that is in right now for the foreseeable future.

嗨，P.J.，我是約翰。正如我們之前所說，我們認為鋰業務的 EBITDA 利潤率在可預見的未來處於目前的範圍內。

And there is a lot of puts and takes with regard to pricing impact, but also as we are doing more exploration and we are bringing new capacity online and the cost of bringing that new capacity online.

關於定價影響有很多看法，而且我們正在做更多的探索，我們正在在線提供新的容量以及在線提供新容量的成本。

But what we have said on past earnings call and we reiterate on this one, we see the EBITDA margins continuing in the same range going forward.

但我們在過去的財報電話會議上說過的話，以及我們在這次財報電話會議上重申的內容，我們認為 EBITDA 利潤率未來將繼續保持在同一範圍內。

P.J., I didn't understand your second question about the difference between extraction and conversion technologies. Can you repeat that?

P.J.，我不明白你關於提取技術和轉化技術之間區別的第二個問題。你可以再說一遍嗎？

Yes. So what are the margins in lithium extraction? For example, in Chile [was this] lithium conversion assets, what are their margins lithium China?

是的。那麼鋰提取的利潤是多少？例如，在智利，鋰轉換資產的利潤率是多少？

Yes. I mean, P.J., we hadn't broken that out and that is fairly competitive -- sensitive competitive intelligence and we are not prepared to give that out in a public setting like that with our competitors sitting here listening to it.

是的。我的意思是，P.J.，我們還沒有透露這一點，這是相當有競爭力的——敏感的競爭情報，我們不准備在公共場合公佈這些信息，讓我們的競爭對手坐在這裡聽。

But I think this business will maintain excellent margins with the steps that we are taking from our resources to expanding those resources and to the relationships we are building with the winning customers out there. So I expect we can maintain this type of margin for the foreseeable future.

但我認為，通過我們從我們的資源中採取的措施來擴大這些資源以及我們與獲勝客戶建立的關係，這項業務將保持出色的利潤率。因此，我預計我們能夠在可預見的未來保持這種利潤率。

Okay, that is fair enough. And then you decided to go into Argentina to look at a new asset or a new resource. Can you talk a little bit about your Kings Mountain North Carolina asset and what are you doing there?

好吧，這很公平。然後您決定前往阿根廷尋找新資產或新資源。您能談談您在北卡羅來納州國王山的資產嗎？您在那裡做什麼？

John?

約翰？

Yes, hi, P.J. First off, we have probably the most sophisticated resource team in the world. And they are looking at resources everywhere on every continent. And Kings Mountain is ranked with the rest of the resources that we continue to evaluate.

是的，嗨，P.J。首先，我們可能擁有世界上最先進的資源團隊。他們正在尋找各大洲各地的資源。國王山與我們繼續評估的其他資源一起排名。

And so, we do know that there is a hard rock -- there is hard rock ore body in Kings Mountain that contains lithium. We know that the quality of that lithium is very high. We like to say it is the second best resource -- hard rock resource in the world. And it is part of the mix that we look at in terms of developing resources going forward. But we are not in a position to say when and if it will be developed.

所以，我們確實知道有一塊硬岩——國王山有一個含有鋰的硬岩礦體。我們知道鋰的質量非常高。我們喜歡說它是世界上第二好的資源——硬岩資源。這是我們在未來開發資源方面所考慮的組合的一部分。但我們無法透露何時以及是否會開發它。

As Luke mentioned in his opening statements, the brine resource in Argentina is really exciting for us. We believe that it has potential to be the largest resource in Argentina and it gives us the ability to build a world scale plant and provide a low-cost source of lithium that we can supply our customers in the world.

正如盧克在開場白中提到的那樣，阿根廷的鹽水資源確實令我們興奮。我們相信，它有潛力成為阿根廷最大的資源，它使我們有能力建造世界規模的工廠，並提供低成本的鋰來源，以便我們可以向世界各地的客戶供應。

If I might add, P.J., if you look at what we are trying to do in lithium, we have got resources identified that we said will take us to about 160,000 met tons of production by the beginning of the next decade -- so 2020, 2021. That will be the annual operating rate that we see those resources being able to provide.

P.J.，如果我可以補充一下，如果你看看我們在鋰方面正在嘗試做的事情，我們已經確定了資源，我們說這些資源將在下一個十年之初（所以到 2020 年）使我們的產量達到約 160,000 噸。 2021 年。這將是我們看到這些資源能夠提供的年開工率。

We need to be able to provide growth for this industry past 2020 and 2021. So we are taking steps today to look at resources around the world to ensure that we still have the resources to be able to bring to the market to meet this growing demand that we are going to see from lithium over the next 10, 15, 20 years.

我們需要能夠在 2020 年和 2021 年為這個行業提供增長。因此，我們今天正在採取措施，著眼於世界各地的資源，以確保我們仍然有資源能夠進入市場，以滿足我們將在未來 10、15、20 年對鋰不斷增長的需求。年。

So we are, I would say, the one Company in the lithium space with the proven technical resources, the current set of lithium-based resources, we have the financial strength to invest in the conversion capacity needed through 2021 as well as the technical scale and financial resources to bring on the next world scale resources that allow us to continue to meet that demand.

因此，我想說，我們是鋰領域唯一一家擁有成熟技術資源、目前的鋰基資源的公司，我們有財力投資到 2021 年所需的轉換能力以及技術規模和財政資源，以帶來下一個世界範圍的資源，使我們能夠繼續滿足這一需求。

So at the end of the day I love our position in this market and I love the strategy that John and his team have put together to meet the demand today and to have a sustainable winning business well into the future.

因此，歸根結底，我喜歡我們在這個市場的地位，也喜歡約翰和他的團隊為滿足當今的需求並在未來擁有可持續的製勝業務而製定的戰略。

Very clear. Thank you.

非常清楚。謝謝。

John Roberts, UBS.

約翰·羅伯茨，瑞銀集團。

How is the FCC catalyst price increase going? It is of little hard to tell from the numbers.

FCC催化劑漲價進展如何？從數字上不難看出。

Silvio?

西爾維奧？

Hi, John, this is Silvio. As we explained earlier, we are in the early days of the price increase, we have a couple of successes at different places in the world. So we do believe and are committed to that price increase, but it will take two to three years before you see the full effect of that announced 10% increase.

嗨，約翰，我是西爾維奧。正如我們之前所解釋的，我們正處於價格上漲的早期階段，我們在世界不同地方取得了一些成功。因此，我們確實相信並致力於提價，但需要兩到三年才能看到宣布的 10% 提價的全部效果。

Do you think a year from now we will be seeing 2% to 3% average selling price year over year in your reported results?

您認為一年後我們會在您報告的業績中看到平均售價同比增長 2% 到 3% 嗎？

I think that is a fair assumption.

我認為這是一個合理的假設。

Okay. And then in fine chemical services, is a normal quarter near the average of breakeven for this quarter and $17 million for a year ago EBITDA? Or how do we think about what normal is for that segment given its volatility?

好的。那麼在精細化工服務領域，正常的季度是否接近本季度盈虧平衡點的平均值和一年前 1700 萬美元的 EBITDA？或者考慮到該細分市場的波動性，我們如何看待該細分市場的正常情況？

Yes, it is a very volatile business given the contract. Since it is a custom manufacturing business it has got contracts that are coming in and out of that portfolio. I think it is fair to say that if I could put a normalized on it, it is probably in the single-digits of millions of dollars is probably what is normal for that business.

是的，考慮到合同，這是一項非常不穩定的業務。由於它是一家定制製造企業，因此它擁有來自該產品組合的合同。我認為可以公平地說，如果我可以對其進行標準化，那麼它可能是數百萬美元的個位數，這對於該業務來說可能是正常的。

Okay, thank you.

好的謝謝。

Mike Harrison, Seaport Global Securities.

邁克·哈里森，海港環球證券公司。

Luke, can you talk a little bit about your expectations on the lithium royalties in Chile? I was just hoping that you could maybe give a sense of should we just expect higher royalties to be about offset by lower costs at the new La Negra plant that is coming on stream?

Luke，您能談談您對智利鋰礦使用費的預期嗎？我只是希望您能告訴我們，我們是否應該期望更高的特許權使用費能夠被即將投產的新拉內格拉工廠的更低成本所抵消？

I know you mentioned that you expect to keep margins about where they are. But it seems like there are a lot of puts and takes around the margins as we go forward.

我知道您提到過您希望保持現有的利潤。但隨著我們的前進，似乎有很多看跌期權和看跌期權圍繞著利潤。

Yes, there are a tremendous amount of puts and takes and the royalty and additional volume are two of the big ones that you had mentioned. I would -- I think your assumption right now is a good one.

是的，有大量的看跌期權和看跌期權，特許權使用費和額外交易量是您提到的兩個重要因素。我會——我認為你現在的假設是好的。

Let me say that once the agreement is finalized and signed -- and the agreement is finalized, but once we go through all that process and it is signed we will make it clear what the royalty structure is.

讓我說，一旦協議最終確定並簽署——協議最終確定，但一旦我們完成所有這些過程並簽署，我們將明確特許權使用費結構是什麼。

I don't want to do that until such time as the agreement is signed by Corfo and signed by Albemarle and it is more than an MOU. We will make it clear for all of you guys because I know you want to see that.

在 Corfo 和 Albemarle 簽署該協議之前我不想這樣做，而且它不僅僅是一份諒解備忘錄。我們會向你們所有人說清楚，因為我知道你們想看到這一點。

I can tell you that it is commercially reasonable, we are excited about it and we are looking forward to getting that signed and getting the information to you and continuing to grow this business.

我可以告訴您，這是商業上合理的，我們對此感到興奮，我們期待著簽署並向您提供信息並繼續發展這項業務。

All right. And then was hoping also that you could comment on the refining side. It seems like the FCC demand is suffering a little bit from higher refined product inventory levels. Can you talk a little bit about how you expect that to play out over the next quarter or two? And what is going on right now with your FCC utilization rates? Thank you.

好的。然後還希望您能對精煉方面發表評論。FCC 的需求似乎因精煉產品庫存水平上升而受到一些影響。您能談談您預計未來一兩個季度的情況如何嗎？你們的 FCC 利用率現在怎麼樣？謝謝。

Okay, this is Silvio. Global picture structural there is no difference. At current crude oil prices we do see a strong demand for gasoline. But you know that we are sitting on larger inventories in the US. And to that extent we have seen some lesser throughput at the end of the third quarter which is affecting a little bit our results.

好的，這是西爾維奧。全局圖片結構沒有什麼區別。按照目前的原油價格，我們確實看到對汽油的強勁需求。但你知道我們在美國擁有更大的庫存。從這個意義上說，我們看到第三季度末的吞吐量有所下降，這對我們的業績產生了一些影響。

For the fourth quarter we expect that refiners will continue to take some measures to address the high inventory and take the opportunity to do some maintenance. Structurally going forward I do not expect any major changes and next year should be a comparable year to this year.

對於第四季度，我們預計煉油廠將繼續採取一些措施來解決高庫存問題，並趁機進行一些檢修。從結構上看，我預計不會發生任何重大變化，明年應該與今年類似。

Jim Sheehan, SunTrust Robinson Humphrey.

吉姆·希恩 (Jim Sheehan)，太陽信託羅賓遜·漢弗萊 (SunTrust Robinson Humphrey)。

Could you guys comment on your share buyback authorization and what the pace of buyback activity you might be considering for 2017?

你們能否評論一下你們的股票回購授權以及你們可能考慮 2017 年回購活動的節奏？

Yes, we announced yesterday afternoon that the Board had approved an increase in the authorization really on the same program that we have been operating under since 2000. And that authorization takes us back up to 15 million shares.

是的，我們昨天下午宣布，董事會已批准增加對我們自 2000 年以來一直在執行的同一計劃的授權。這項授權使我們重新獲得了 1500 萬股股票。

And frankly that is just an anticipation that as we move forward that there will be opportunities for us to do some share repurchases.

坦率地說，這只是一種預期，隨著我們的前進，我們將有機會進行一些股票回購。

At this point in time we are still evaluating for 2017 the amount of investments required in the Lithium business in particular and the amount of cash required for that going forward before we make a formal commitment on the number of shares that we'll repurchase. So we'll continue to look at that and keep you updated as we proceed.

目前，我們仍在評估 2017 年所需的投資金額，特別是鋰業務所需的投資金額，以及未來所需的現金金額，然後再對我們將回購的股票數量做出正式承諾。因此，我們將繼續關注這一問題，並隨時向您通報最新情況。

This is Luke. You should not expect us to buy one huge slug of stock. Don't expect us to buy back $750 million worth of stock in one slug coming up in 2017. What we will do is assess what we need for lithium and then we will enter into a programmatic thoughtful and methodical share buyback program consistent with what we have done in the past.

這是盧克。你不應該期望我們購買一大股股票。不要指望我們會在 2017 年一次性回購價值 7.5 億美元的股票。我們要做的是評估我們對鋰的需求，然後我們將進入一個與我們過去所做的一致的、有計劃的、深思熟慮和有條不紊的股票回購計劃。

That is great. And also regarding your ambitions in Argentina, there have been some issues with other producers there in past years around currency and political risk. Can you just tell us how you assess the political and currency risk situation in that country going forward?

太棒了。另外，關於您在阿根廷的雄心，過去幾年與那裡的其他生產商在貨幣和政治風險方面存在一些問題。您能否告訴我們您如何評估該國未來的政治和貨幣風險狀況？

Yes, it is ever moving, so a piece of -- somebody asked about Kings Mountain and John talked about the resources that we look out around the world. There are also reserves in Bolivia, there are reserves in other places around the world.

是的，它一直在移動，所以有人問起國王山，約翰談到了我們在世界各地尋找的資源。玻利維亞也有儲備，世界其他地方也有儲備。

And we have got a methodology and a matrix that we are looking at -- country risk as well as currency fluctuations, as well as cost, as well as how long it is going to take us to develop. All of that goes into play and what we have to do is make some decisions and balance that risk against the opportunity and take a step that we believe is in the best interest of creating value for the Company and for the shareholders.

我們已經有了我們正在研究的方法和矩陣——國家風險、貨幣波動、成本以及我們需要多長時間來開發。所有這些都會發揮作用，我們要做的就是做出一些決定，平衡風險與機遇，並採取我們認為最符合為公司和股東創造價值的利益的步驟。

So, it is no easy answer. We are a long way from putting steel in the ground -- or even making a decision about putting steel in the ground and anywhere. So -- but that is obviously one of the major considerations that we look to whenever we are going to make a capital decision such as this.

所以，這不是一個簡單的答案。我們距離將鋼鐵埋入地下還有很長的路要走，甚至還沒有做出將鋼鐵埋入地下和任何地方的決定。所以——但這顯然是我們每當做出這樣的資本決策時都會考慮的主要考慮因素之一。

Thank you.

謝謝。

Mike Sison, KeyBanc.

邁克·西森，KeyBanc。

Hey, guys, nice quarter there. Hey, Luke, when you think about lithium, you had two years of really good really strong double-digit EBITDA growth. Any impediments you see in not -- either on the demand side or the supply side that that type of growth wouldn't be sustainable through the end of the decade?

嘿，伙計們，那裡不錯。嘿，盧克，當你想到鋰時，你會發現你有兩年非常非常強勁的 EBITDA 增長。您是否看到了任何障礙——無論是在需求方面還是在供應方面，這種類型的增長在本十年末都無法持續？

Not really. I mean it is hard to sit here now and say what is going to happen. You could have a significant recession that could have an impact; you could have a 2008-2009 kind of -- that could have a blip of an impact.

並不真地。我的意思是，現在很難坐在這裡談論將要發生的事情。可能會發生嚴重的經濟衰退，從而產生影響； 2008-2009 年可能會產生短暫的影響。

But when I think about long-term and I look at the drivers for that market demand, when I look at the supply that we expect is going to come on line, when we look at the demand curve, there is going to be years and times where we are out of balance and a little bit over supplied or a little bit undersupplied. But for the long term I expect to see good trend line on the growth of that business.

但是，當我考慮長期因素時，當我考慮市場需求的驅動因素時，當我考慮我們預期將出現的供應時，當我們考慮需求曲線時，將會有數年的時間有時我們會失去平衡，供應有點過剩或供應不足。但從長遠來看，我預計該業務的增長將出現良好的趨勢線。

Great. And then in refinery solutions, can you talk -- you have mentioned that you should have some growth next year. Would you expect it in both areas in HPC FCC? This year was a little bit different for FCC and HPC. So just maybe walk us through the dynamics for that -- for those businesses heading into 2017?

偉大的。然後在煉油廠解決方案方面，您能談談嗎？您提到明年應該會有一些增長。您希望 HPC FCC 的這兩個領域都能實現這一點嗎？今年對於 FCC 和 HPC 來說有點不同。那麼，請讓我們了解一下即將進入 2017 年的企業的動態？

Yes, I think it all it is all going to be driven by transportation fuels and the demand for the gasoline and where that ends up. So look, we have got great technology that whatever they have got high margins or low margins in the FCC area, we help improve yields.

是的，我認為這一切都將由運輸燃料和汽油需求以及最終的結果驅動。所以看，我們擁有出色的技術，無論他們在 FCC 領域獲得高利潤還是低利潤，我們都可以幫助提高產量。

So we help refiners make more money. So if we can do that and continue to do that where they need that technology we will be successful. And the ones -- the new refineries that you see coming online over the period of time, they are taking a more complex crude slate and they are looking to upgrade and make as much profit as we can.

因此，我們幫助煉油廠賺更多錢。因此，如果我們能夠做到這一點，並在他們需要該技術的地方繼續這樣做，我們就會成功。而那些——你看到在一段時間內上線的新煉油廠，他們正在採用更複雜的原油，他們正在尋求升級並儘可能多地賺取利潤。

So I feel good about FCC for the long-term. HPC, it all comes down to regulations, what those sulfur specs are. We have got some good moves on bunker fuels and some other regulations that will cause the use of more hydrotreating catalysts. So longer term, that business will have good, steady business. And it will all come down to what the mix is of that business and what the mix the catalyst uses, and that will be more impacted by what their margins are.

因此，從長遠來看，我對 FCC 感覺良好。HPC，這一切都取決於法規，這些硫規格是什麼。我們在船用燃料和其他一些法規方面取得了一些良好的進展，這將導致使用更多的加氫處理催化劑。從長遠來看，該業務將擁有良好、穩定的業務。這一切都取決於該業務的組合以及催化劑使用的組合，而這將更多地受到其利潤率的影響。

But overall, I don't know -- it is hard to break it down by what is going to happen next year in both of those businesses. But as we look at our plan and roll it up, we will see what the turnarounds are going to be, et cetera. But long-term, Mike, this is a good business. This business is one that has got great technology. As long as those specs and gasoline transportation fuels demand continue, we will be in good shape with the technology we have in both of these sectors.

但總的來說，我不知道——很難將其分解為明年這兩項業務將發生的情況。但當我們審視我們的計劃並將其匯總起來時，我們將看到扭轉局面的情況等等。但從長遠來看，邁克，這是一筆好生意。這項業務擁有出色的技術。只要這些規格和汽油運輸燃料需求持續存在，我們在這兩個領域所擁有的技術就將處於良好狀態。

Great, thank you.

太好了謝謝。

Laurence Alexander, Jefferies.

勞倫斯·亞歷山大，杰弗里斯。

Just one question on lithium. As you have been having pricing discussions with your customers, has there been any change in the quality of the discussions or the agreements in terms of, are they interested in either jointly funding capacity expansions or giving you firmer agreements on volumes, or any other improvements showing up in the contract terms?

只是一個關於鋰的問題。當您與客戶進行定價討論時，討論的質量或協議是否有任何變化，他們是否有興趣共同資助產能擴張或為您提供更堅定的產量協議，或任何其他改進出現在合同條款中嗎？

Hi, this is John. The relationships that we have with the customers, many of these customers go back decades. We are really focused on ensuring that we grow together and that we have a reliable supply for them. So certainly, the quality of the conversations has gotten to a much more strategic level where customers are willing to enter into multiyear agreements.

嗨，這是約翰。我們與客戶的關係，其中許多客戶可以追溯到幾十年前。我們真正專注於確保我們共同成長並為他們提供可靠的供應。因此，當然，對話的質量已經達到了更具戰略性的水平，客戶願意簽訂多年協議。

Currently, we have more than 60% of our lithium salts business under long-term agreement. We think by the end of the year, we will be in the 75%, 80% range, which is kind of our target range going forward. And we want to make sure that we continue to invest with customers that are committed to us and we are committed to them.

目前，我們超過60%的鋰鹽業務簽訂了長期協議。我們認為到今年年底，我們將達到 75%、80% 的範圍，這是我們未來的目標範圍。我們希望確保我們繼續向那些對我們忠誠的客戶進行投資，我們也對他們做出承諾。

So that is part of our whole investment strategy, as well as our commercial approach with the customers. So given the strong relationships that we have with them, the quality of the conversations have been excellent, and I think it feeds into a long-term growth story for Albemarle.

因此，這是我們整個投資策略以及我們與客戶的商業方法的一部分。因此，考慮到我們與他們之間的牢固關係，對話的質量非常好，我認為這有助於雅寶的長期發展故事。

Then just on Antofalla, I guess it is clearly early days, but do you think there is a line of sight to that location being as low cost or even lower than your current low-cost capacity?

然後就在安託法拉，我想這顯然還為時過早，但您認為該地點的成本是否會與您當前的低成本能力一樣低，甚至更低？

Certainly cost, being low cost is critical for us. We are focused on maintaining that leadership position in terms of low-cost supply. And there is always a combination, not just geography but the quality of the resource, the way that we apply extraction and conversion technology and the way we deliver the product in the right form to the customer.

當然，成本，低成本對我們來說至關重要。我們致力於保持低成本供應方面的領先地位。總有一些組合，不僅僅是地理位置，還有資源的質量、我們應用提取和轉化技術的方式以及我們以正確的形式向客戶提供產品的方式。

So there is a lot of complexity that goes into being low-cost provider for our customer and the high-value adder for our customer. But we are focused on low cost and we are focused on making sure that we are translating as much value to the customer as possible.

因此，成為我們客戶的低成本提供商和為我們客戶提供高價值增值服務存在很多複雜性。但我們專注於低成本，並致力於確保為客戶帶來盡可能多的價值。

Thank you.

謝謝。

Tyler Frank, Robert Baird.

泰勒·弗蘭克、羅伯特·貝爾德。

A quick follow-up to the last question. How does going into longer-term contracts for lithium impact your ability to dictate price? And then as a follow-up, for the overall lithium market how have things changed since your Lithium Day almost two years ago in terms of overall demand expectations? I think at that point you were expecting the market to grow about 20,000 metric tons per year with the goal of capturing half of that demand.

快速跟進最後一個問題。簽訂長期鋰合同如何影響您決定價格的能力？接下來，對於整個鋰市場來說，自兩年前的鋰日以來，總體需求預期發生了怎樣的變化？我認為當時您預計市場每年增長約 20,000 噸，目標是滿足一半的需求。

Has that increased at all? And like more players are bringing on additional capacity, so any commentary you could provide would be greatly appreciated. Thank you.

有增加嗎？就像越來越多的玩家帶來額外的能力一樣，因此您能提供的任何評論將不勝感激。謝謝。

Sure, this is John. Let me answer your question regarding the demand capacity first. Our demand model still remains the same as what we communicated at the last Lithium Day. So just simply put, we think that the overall market is growing at about 20,000 metric tons per year through the 2020 time period. The total market is about 185,000, 190,000 metric tons. So we've seen that demand forecast play out. We are updating that demand forecast and we will communicate that at the investor day in the first quarter.

當然，這是約翰。我先回答你關於需求能力的問題。我們的需求模型仍然與我們在上屆鋰日所傳達的相同。簡而言之，我們認為整個市場在 2020 年期間每年將以約 20,000 噸的速度增長。市場總量約為18.5萬、19萬噸。所以我們已經看到需求預測的結果。我們正在更新需求預測，並將在第一季度的投資者日進行溝通。

With regard to long-term agreements and how does that impact our ability to price product; of course, we are having the most critical conversations with customers where we do need the flexibility to adjust price, but we want to treat customers fairly. So there are provisions in our agreements that allow us to adjust price as appropriate and also gives the customer an opportunity to look at the market if they so choose to do that.

關於長期協議以及這如何影響我們的產品定價能力；當然，我們正在與客戶進行最關鍵的對話，我們確實需要靈活調整價格，但我們希望公平對待客戶。因此，我們的協議中有一些條款允許我們適當調整價格，並且如果客戶選擇這樣做，也可以讓他們有機會了解市場。

But I think the important thing is that we are committing -- these long-term agreements allow the customers to invest in the energy storage market because they know that they have a partnership with a company like Albemarle that has the ability to invest and supply them. And I think as Luke outlined in the opening comments, when we said during the Lithium Day that the overall market is growing at 20,000 metric tons per year and we are going to invest to supply half of that, I think you have seen through the tolling, through the acquisitions of the China conversion technology, the expansion of our mine in Australia, what we are doing in Chile, how we are expanding the capacity in Chile, that we have invested and we will continue to invest to be able to supply at least 10,000 metric tons per year.

但我認為重要的是我們正在承諾——這些長期協議允許客戶投資儲能市場，因為他們知道他們與像雅保這樣的公司有合作夥伴關係，有能力投資和供應他們。我認為，正如盧克在開場白中概述的那樣，當我們在鋰日期間表示，整個市場每年以 20,000 公噸的速度增長，我們將投資供應其中的一半時，我想您已經看透了收費，通過收購中國轉換技術，擴大我們在澳大利亞的礦山，我們在智利正在做什麼，我們如何擴大在智利的產能，我們已經投資並將繼續投資，以便能夠供應每年至少 10,000 噸。

We have done it this year; we will do it next year. And I think we have given you guys the path to see that we can deliver on our promises. And that is going a long way with the customers. I mean, as I said, we have very long and deep relationships with these customers. They appreciate it, they appreciate being with a market leader like Albemarle and we are going to treat each other fairly going forward.

我們今年已經做到了；我們明年就會這樣做。我認為我們已經為你們提供了一條道路，讓我們能夠兌現我們的承諾。這對客戶來說是有很大幫助的。我的意思是，正如我所說，我們與這些客戶有著長期而深厚的關係。他們對此很感激，他們很高興與雅保這樣的市場領導者合作，我們將在未來公平對待彼此。

Great, thank you.

太好了謝謝。

Chris Kapsch, Aegis Capital Corp.

克里斯·卡普什 (Chris Kapsch)，安吉斯資本公司

So some of the commentary about your contracts with lithium customers got at my question, but it really has to do with strategy. And Luke, you emphasized the strategy being establishing a sustainable winning business into the -- really into the foreseeable future.

因此，有關你們與鋰客戶的合同的一些評論回答了我的問題，但這確實與戰略有關。盧克，您強調了在可預見的未來建立可持續獲勝業務的戰略。

And I think if you look back a couple years, even some skeptical investors then would acknowledge that this has been working. And then the most recent portfolio changes where you have become even a more concentrated play on lithium.

我認為，如果你回顧幾年，即使是一些持懷疑態度的投資者也會承認這一直在發揮作用。然後，最近的投資組合發生了變化，您更加專注於鋰。

The question is, as you have done that, there are some seasoned investors who are taking a step back looking a little bit more skeptically saying, hey, this has the looking for setting up to be one of these classic boom/bust cycle in lithium and I don't really hear a lot of that.

問題是，正如您所做的那樣，一些經驗豐富的投資者正在退後一步，以更加懷疑的態度說，嘿，這正在尋找成為鋰行業經典繁榮/蕭條週期之一的機會。我並沒有真正聽到很多這樣的說法。

I mean a lot of the discussion is about trying to keep up with demand in the foreseeable future. So I am just wondering if you could just share with us how you think about that risk, that cyclical risk over time. And if there is anything that can be done in your strategic approach with your customers to mitigate that risk looking forward? Thank you.

我的意思是，很多討論都是關於在可預見的未來努力滿足需求。所以我只是想知道您是否可以與我們分享您如何看待這種風險，即隨著時間的推移而出現的周期性風險。您與客戶的戰略方法是否可以採取任何措施來減輕未來的風險？謝謝。

Yes, so, obviously that is a lot of discussion that we have with investors when we go out and meet with them as well as the Board of Directors and what our concentration is and how do we maintain that growth and profitability going forward.

是的，所以，顯然，當我們出去與投資者以及董事會會面時，我們與他們進行了很多討論，以及我們的重點是什麼以及我們如何保持未來的增長和盈利能力。

If you look at what we're trying to do, we are really -- it is a couple pronged approach. One, we went to have access to the best resources in the world. That allows us to drive our costs down. So if you get to a boom/bust, we are still going to be the winners in this industry because low-cost always wins, right?

如果你看看我們正在嘗試做的事情，我們真的是——這是一種雙管齊下的方法。第一，我們去獲取世界上最好的資源。這使我們能夠降低成本。因此，如果你經歷繁榮/蕭條，我們仍然會成為這個行業的贏家，因為低成本總是獲勝，對吧？

Secondly what we are doing is we are working very hard to have the capability to expand to meet that market demand but do it in a phased approach so that we can continuously monitor the supply/demand situation to understand when we bring on what portions of a capacity expansion that we bring on.

其次，我們正在做的是，我們正在非常努力地努力擴大規模，以滿足市場需求，但要分階段進行，以便我們能夠持續監控供需情況，以了解何時推出產品的哪些部分。我們帶來的產能擴張。

And third and importantly, we are entering into long-term agreements with our major customers that gives us line of sight into their demand forecast going forward. And so that we want to make sure we have their views on what their demand is so we can meet that demand in a timely fashion.

第三也是重要的是，我們正在與主要客戶簽訂長期協議，這使我們能夠了解他們未來的需求預測。因此，我們希望確保了解他們對他們的需求的看法，以便我們能夠及時滿足該需求。

And they are very interested ensuring they have accurate and quality production to meet that demand. So there is a lot of great conversations.

他們非常有興趣確保擁有準確、優質的生產來滿足這一需求。所以有很多很棒的對話。

So if you have got the resource side, you've got the technology side, you have got the financial wherewithal to bring that online in a way in increments that make sense for the market demand and you are in strategic relationships with the customers who are going to be winners in this industry going forward. That is the way you protect yourself and really drive shareholder value in a market such as this. Go ahead, John.

因此，如果您擁有資源方面、技術方面、財務實力，可以以符合市場需求的增量方式將其上線，並且您與客戶建立了戰略關係，未來將成為這個行業的贏家。這就是在這樣的市場中保護自己並真正提高股東價值的方式。繼續吧，約翰。

Just one comment to add with regard to the boom/bust comment. Our view on supply/demand is that it will remain in balance through 2020. Beyond 2020 none of us have a crystal ball in terms of exactly what the inflection points will look like in terms of [EV] adoption and who will actually figure out how to build capacity the right way.

只需添加一條關於繁榮/蕭條評論的評論。我們對供需的看法是，到 2020 年將保持平衡。2020 年之後，我們誰都無法預知 [EV] 採用方面的拐點到底會是什麼樣子，以及誰能真正弄清楚如何以正確的方式建設產能。

One thing I think we have a high degree of confidence on, and anyone that has built any kind of large scale chemical plant understands this. It is one thing to announce a project, it is another thing to actually build it, commercialize it, qualify it, etc.

我認為我們對一件事充滿信心，任何建造過任何大型化工廠的人都明白這一點。宣布一個項目是一回事，實際構建它、將其商業化、對其進行資格認證等則是另一回事。

And if you just look at what it takes to bring on capacity. We have hundreds of engineers and scientists working as fast as they can on our projects. But if you look at the marketplace and what it takes to bring on this capacity, I think you will find some comfort in our prediction that the market will stay in balance through 2020.

如果你只看一下如何提高容量。我們有數百名工程師和科學家，他們正在盡最大努力致力於我們的項目。但如果您了解一下市場以及需要採取什麼措施來實現這種能力，我想您會從我們的預測中找到一些安慰，即市場將在 2020 年保持平衡。

That is helpful color, thank you much. And then if I had one follow-up it was actually more focused on the bromine business; I think you guys are still in bromine. Last quarter you talked about some signs the electronic end market was improving for brominated flame retardants.

這個顏色很有幫助，非常感謝。如果我有一個後續行動，它實際上更關注溴業務；我想你們還在溴裡。上個季度您談到了溴化阻燃劑電子終端市場正在改善的一些跡象。

Could you just provide color on how that played out in the third quarter? And then any color -- nuances to the specific connectors versus enclosures versus printed wiring boards would be helpful. Thank you.

您能提供一下第三季度的情況嗎？然後，任何顏色——特定連接器與外殼與印刷線路板的細微差別都會有所幫助。謝謝。

Chris, this is Raphael. And, yes, we are still here. So I am happy to answer your questions on electronics. So the outlook still on a year-over-year basis looks a little bit -- still looks weak but it is improving versus the weakness that we projected previously.

克里斯，這是拉斐爾。是的，我們還在這裡。所以我很高興回答您有關電子產品的問題。因此，與去年同期相比，前景看起來仍然有點疲弱，但與我們之前預測的疲軟相比，情況正在改善。

So quarter on quarter -- so year on year on the third quarter PCs were down, TVs were down slightly, but they're not down quite as much as what we thought they would be. The bright spots that we do continue to see is servers, that is up about 2% year over year. And I think the growth opportunity is likely to be in automotive. So wired cable applications or circuit boards within automotive.

因此，第三季度個人電腦同比下降，電視略有下降，但下降幅度並不像我們想像的那麼大。我們繼續看到的亮點是服務器，同比增長約 2%。我認為增長機會可能在汽車領域。因此，汽車內的有線電纜應用或電路板。

On a full-year basis year-over-year it has been relatively flat for us at Albemarle, but we certainly see that there are some bright spots that could counteract some of the downside in PCs and in TVs.

與去年同期相比，雅寶的業績相對持平，但我們當然看到有一些亮點可以抵消個人電腦和電視的一些缺點。

Good, thank you.

好的謝謝你。

Dimitry Silversteyn, Longbow Research.

迪米特里·西爾弗斯坦，長弓研究中心。

I actually would like to continue the bromine question. So you talked about in your prepared remarks that there was some weakness in the market and your drilling fluids in the Gulf of Mexico were down, electronics doesn't sound like it was particularly strong and yet you put up a positive growth number even excluding FX of 1%.

我實際上想繼續討論溴的問題。因此，您在準備好的發言中談到，市場存在一些疲軟，您在墨西哥灣的鑽井液有所下降，電子產品聽起來並不是特別強勁，但即使不包括外匯，您也提出了正增長數字1%。

So, are these all share gains of the drilling fluids in the Middle East? Are there businesses that are maybe perhaps smaller and you didn't mention upfront that are driving the growth here? What is offsetting sort of the weakish environment that we have seen in bromine overall?

那麼，這些都是中東鑽井液的份額收益嗎？是否有一些規模較小且您沒有預先提到的企業正在推動這裡的增長？是什麼抵消了我們在溴行業整體上看到的疲軟環境？

Dimitry, as Luke had mentioned, I think within third quarter was about what we expected it to be. We do see weakness in completion fluids in the second half of the year. First half of the year was stronger than what we thought and second half was about what we thought it would be, so it is weaker in Gulf of Mexico and in the EU, we're essentially holding our own in the Middle East.

迪米特里，正如盧克提到的，我認為第三季度就達到了我們的預期。我們確實看到下半年完井液的疲軟。今年上半年比我們想像的要強，下半年與我們想像的差不多，所以墨西哥灣和歐盟的情況較弱，我們在中東基本上保持著自己的地位。

Our position there, as well as in the other core markets, is to maintain the earnings quality of this business and as well as to hold on to our position in markets like completion fluids where we know it is going to be down because of oil prices and lower exploration investment.

我們在那里以及其他核心市場的地位是維持該業務的盈利質量，並保持我們在完井液等市場的地位，我們知道這些市場的地位將因油價而下降並降低勘探投資。

But we have held onto our position as best as we can because we know when that market recovers we want to be in strong with those customers and participate in the growth going forward.

但我們已盡最大努力保持我們的地位，因為我們知道當市場復甦時，我們希望與這些客戶保持強大的關係，並參與未來的增長。

Yes, hey, Dimitry, this is Luke. I think overall there hasn't been a whole lot of market share gains. I think that has relatively been where it has been for the last few years at a high level.

是的，嘿，迪米特里，這是盧克。我認為總體而言，市場份額並沒有獲得很大的增長。我認為過去幾年的情況相對較高。

I think one of the areas where we have focused on whenever Raphael was looking at this business and we were really refining our strategy on how we run that business is we had to look at cost.

我認為每當拉斐爾考慮這項業務時我們所關注的領域之一就是我們必須考慮成本。

So if you look at costs across our portfolio in bromine, they have done a good job in getting yield enhancements, yield improvements, just good old chemical engineering technology to get a better result for the same amount of dollars or lesser dollars.

因此，如果你看看我們溴產品組合的成本，你會發現他們在提高產量、提高產量方面做得很好，只需使用良好的舊化學工程技術，就能以相同的美元或更少的美元獲得更好的結果。

So they have done a good job at cost. In looking at opportunities, remember we have the fluctuation to move production in some respects between Jordan and [Magnolia] and that can have an influence on our bottom line. So they're doing a good job managing that if I look at overall for the full year.

所以他們在成本方面做得很好。在尋找機會時，請記住，我們在某些​​方面會在喬丹和 [Magnolia] 之間轉移生產，這可能會對我們的利潤產生影響。因此，如果我從全年的總體情況來看，他們在管理方面做得很好。

So, I wouldn't -- I don't want you to leave here with some view that there has been a big shift in markets and that is what has happened, because I don't think that is the case.

所以，我不希望你們離開這裡時認為市場已經發生了巨大的轉變，而這就是已經發生的事情，因為我認為情況並非如此。

Well, I didn't have that view; I was just trying to understand pricing down and a lot of the businesses that you mention being weaker, where did you get the volume growth. But we can follow up off-line.

嗯，我沒有這樣的觀點；我只是想了解價格下降以及您提到的許多業務的疲軟，您從哪裡獲得銷量增長。但我們可以線下跟進。

As my follow-up question I would like to ask about the catalyst business and the guidance you provided for the second half of the year. You talked about second half being weaker relative to first half and perhaps versus a year ago. But then you delivered a pretty strong third quarter. So does that mean we're going to have a really bad fourth-quarter comp in Refining Solutions?

作為我的後續問題，我想詢問一下催化劑業務以及您對下半年提供的指導。您談到下半年相對於上半年甚至與一年前相比較弱。但後來你們第三季度的表現相當強勁。那麼，這是否意味著煉油解決方案第四季度的業績將非常糟糕？

If you look at the comp in the fourth quarter for refining, it is probably going to be the weakest quarter we have. It is probably going to be a little closer to the first quarter than it is to the second and third. Had a strong second, had a strong third quarter, so we will have a weaker fourth quarter. And I would say it is probably in the range of the first is how you ought to look at it.

如果你看看第四季度的煉油情況，它可能會是我們最弱的季度。它可能會比第二和第三季度更接近第一季度。第二季度表現強勁，第三季度表現強勁，因此第四季度的表現將會較弱。我想說，這可能屬於你應該如何看待它的第一個範圍。

Okay, okay, I just wanted to make sure I was hearing the right things. Okay, that is all the questions I had. Thank you.

好吧，好吧，我只是想確保我聽到的是正確的話。好的，這就是我的所有問題。謝謝。

Rosemarie Morbelli, Gabelli & Company.

羅斯瑪麗·莫貝利，Gabelli & Company。

Just sticking with bromine for a second, could you talk about your progress regarding the new flame retardants for construction insulation?

簡單談談溴，您能談談您在用於建築絕緣的新型阻燃劑方面的進展嗎？

Yes, sure, Rosemarie. This is Raphael. So that product for us is called GreenCrest, it is a polymer flame retardant and we have seen year-over-year growth both in volume as well as in pricing as the market moves away from HPCD.

是的，當然，羅斯瑪麗。這是拉斐爾。因此，我們的產品被稱為 GreenCrest，它是一種聚合物阻燃劑，隨著市場逐漸遠離 HPCD，我們看到銷量和價格都在逐年增長。

So for us the fundamentals are there, both in terms of regulations as well as our own supply position, to continue to participate in that market as demand grows.

因此，對於我們來說，無論是在監管方面還是在我們自己的供應地位方面，隨著需求的增長，繼續參與該市場的基本面都已存在。

So when you talk about lower pricing in bromine overall, what came down substantially if the GreenCrest -- so some price increases?

因此，當您談論溴的總體定價較低時，如果 GreenCrest 大幅下降，那麼價格會上漲嗎？

Well, to put it in context, Rosemarie, one of -- GreenCrest is still a relatively small piece of our overall portfolio in bromine.

好吧，從上下文來看，Rosemarie 之一——GreenCrest 仍然是我們溴整體產品組合中相對較小的一部分。

So while that has been a bright spot, there have been a few things that have pushed pricing down in the third quarter which are largely not tied to direct bromine sales. That being potassium hydroxide, which is a byproduct of our bromine production in Jordan as well as the amines business, which is also a non-bromine piece of our bromine portfolio.

因此，雖然這是一個亮點，但有一些因素導致第三季度的價格下降，這些因素很大程度上與直接溴銷售無關。那就是氫氧化鉀，它是我們在約旦生產溴以及胺業務的副產品，這也是我們溴產品組合中的非溴部分。

That is very helpful. Thank you. And I was wondering, I didn't see any price for your acquisition of Jiangxi's assets. If you could give us a feel for that, I don't know if it is public or not. And then the $3.2 billion of gross profit from the sale of Chemetall, what kind of a net profit are you expecting, fees and tax bleeds?

這非常有幫助。謝謝。而且我想知道，我沒有看到你們收購江西資產的任何價格。如果你能讓我們感受一下，我不知道它是否是公開的。然後，出售凱密特爾獲得的 32 億美元毛利潤，您預計淨利潤、費用和稅收損失是多少？

Yes, so, if you look at the transaction in China, what I would say is we will provide that data once the deal closes. But for a whole -- for a number of competitive reasons, don't want to give that number out right yet. Let us get it closed and then you will see what that number is and understand what a great value we believe we have received.

是的，所以，如果你看看中國的交易，我想說的是，一旦交易完成，我們將提供這些數據。但總體而言，出於多種競爭原因，目前還不想透露這個數字。讓我們把它關閉，然後您就會看到這個數字是多少，並了解我們相信我們收到了多麼巨大的價值。

With regard to the Chemetall transaction, we expect that to close by year end and the leakage on that because of the way that we structured the deal, Scott, is kind of in that 10%-ish range, is that fair?

關於凱密特爾交易，我們預計該交易將在年底前完成，並且由於我們構建交易的方式而導致的洩漏，斯科特，在 10% 左右的範圍內，這公平嗎？

Yes, that is correct, yes.

是的，這是正確的，是的。

Okay, thank you very much.

好的，非常感謝。

Thank you. Ladies and gentlemen, thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Thank you for joining and enjoy the rest of the day.

謝謝。女士們、先生們，感謝你們參加今天的會議。演示到此結束。您現在可以斷開連接。感謝您的加入並祝您度過愉快的一天。