雅保公司 (ALB) 2022 Q1 法說會逐字稿

Hello, everyone, and thank you for joining the Q1 2022 Albemarle Corporation earnings conference call. My name is Darius, and I'll be moderating your call today. Before I hand you over to your host, Meredith Bandy, I would like to remind you, (Operator Instructions).

各位好，感謝各位參加 Albemarle Corporation 2022 年第一季（Q1 2022）財報電話會議。我叫 Darius，今天將由我主持本次會議。在我把電話交給主持人 Meredith Bandy 之前，我想提醒各位，（接線員指示）。

I now have the pleasure of handing you over to Meredith Bandy, Vice President of Investor Relations and Sustainability. Please go ahead, Meredith.

現在我很榮幸把電話交給投資人關係與永續發展副總裁 Meredith Bandy。Meredith，請開始。

All right. Thank you, and welcome, everyone, to Albemarle's First Quarter 2022 Earnings Conference Call. Our earnings were released after the close of market yesterday, and you'll find the press release and earnings presentation posted on our website under the Investors section at albemarle.com. Joining me on the call today are Kent Masters, our Chief Executive Officer; Scott Tozier, Chief Financial Officer; Raphael Crawford, President, Catalysts; Netha Johnson, President, Bromine; and Eric Norris, President, Lithium.

好的。謝謝，並歡迎各位參加 Albemarle 2022 年第一季財報電話會議。我們的財報已於昨日收盤後發布，您可在 albemarle.com 網站「投資人」專區找到新聞稿與財報簡報。今天與我一同參與電話會議的有：執行長 Kent Masters；財務長 Scott Tozier；觸媒事業總裁 Raphael Crawford；溴素事業總裁 Netha Johnson；以及鋰事業總裁 Eric Norris。

As a reminder, some of the statements made during this call, including our outlook, guidance, expected company performance and timing of the expansion projects 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 and earnings presentation. That same language applies to this call.

提醒各位，本次電話會議中所作的部分陳述（包括我們的展望、指引、預期公司表現以及擴產專案的時程）可能構成聯邦證券法所定義的前瞻性陳述。請留意我們新聞稿與財報簡報中關於前瞻性陳述的警示性用語；同樣的用語亦適用於本次電話會議。

Please also note that some of our comments today refer to non-GAAP financial measures. A reconciliation to GAAP financial measures can be found in our earnings release and the appendix of our earnings presentation.

也請注意，我們今天的部分評論會提及非 GAAP 財務衡量指標。與 GAAP 財務衡量指標的調節表可在我們的財報新聞稿以及財報簡報附錄中找到。

And now I'll turn the call over to Kent.

現在我把電話交給 Kent。

Thanks, Meredith, and thank you all for joining us today. On today's call, I will highlight our results and achievements during the recent quarter. Scott will provide more details on our financial results, outlook and balance sheet. I will then close our prepared remarks with an update on our growth projects and sustainability before opening the call for questions.

謝謝你，Meredith，也感謝各位今天加入我們。在今天的電話會議中，我將重點說明我們在最近一季的成果與達成事項。Scott 將就我們的財務結果、展望與資產負債表提供更多細節。接著我會以我們的成長專案與永續發展更新作為準備稿的結尾，然後開放提問。

Albemarle's leadership positions in lithium and bromine and our team's ability to execute have enabled us to generate increasingly strong results. In the first quarter, we generated net sales of $1.1 billion, up 44% compared to prior year, and that's excluding Fine Chemistry Services in the comparison, which we sold in June of last year. This fundamental strength allowed us to more than double our EBITDA year-over-year.

Albemarle 在鋰與溴素的領導地位，以及團隊的執行能力，使我們得以創造愈來愈強勁的成果。第一季我們的淨銷售額為 11 億美元，較去年同期成長 44%；此比較已排除精細化學服務（Fine Chemistry Services），該業務我們已於去年 6 月出售。這項基本面強勢使我們的 EBITDA 年增超過一倍。

The supply/demand balance remains tight in the markets we serve. This has enabled us to significantly increase our 2022 outlook based on continued pricing strength in our lithium and bromine businesses. Scott will dive into the key elements of that outlook later in today's presentation.

我們所服務市場的供需平衡仍然吃緊。這使我們得以在鋰與溴素業務持續強勁的定價支撐下，大幅上調 2022 年展望。Scott 稍後將在今天的簡報中深入說明該展望的關鍵要素。

In terms of operational highlights for the quarter, the restart of our Wodgina lithium mine in our MARBL joint venture is progressing well. First, spodumene concentrate from train 1 is expected in May. We've agreed with our partners to accelerate the restart of train 2 with the first spodumene concentrate from that train in July. Together, these 2 trains can feed conversion assets with annual capacity of around 70,000 tons of lithium hydroxide.

就本季營運重點而言，我們在 MARBL 合資企業中的 Wodgina 鋰礦復產進展順利。首先，預期 5 月可自 1 號產線（train 1）產出鋰輝石精礦。我們已與合作夥伴同意加速 2 號產線（train 2）的復產，並預計 7 月可自該產線產出首批鋰輝石精礦。這兩條產線合計可為轉換（conversion）資產供料，其年產能約為 7 萬噸氫氧化鋰。

Now I'll turn the call over to Scott to walk through our financials.

現在我把電話交給 Scott，請他帶各位回顧我們的財務表現。

Thanks, Kent, and good morning, everyone. I'll begin on Slide 5. During the quarter, we generated net sales of $1.1 billion, a year-over-year increase of 36%, including the FCS business, which we sold in June last year. This is due primarily to increased pricing as well as higher volumes driven by strong demand from diverse end markets, especially for our lithium and bromine businesses.

謝謝，Kent，各位早安。我先從第 5 頁投影片開始。本季我們的淨銷售額為 11 億美元，年增 36%；此數字包含我們於去年 6 月出售的 FCS 業務。成長主要來自價格上升，以及在多元終端市場強勁需求帶動下的銷量增加，尤其是鋰與溴素業務。

For the first quarter, net income attributable to Albemarle was $253 million, up $158 million from the prior year because of the strong net sales, partially offset by inflationary cost pressures. This includes the impact of natural gas prices in Europe on our Catalysts business. Adjusted diluted EPS for the first quarter was $2.38. The primary adjustments to earnings were $0.07 add-back for a loss on property sales and a $0.19 add-back for tax-related items.

第一季歸屬於 Albemarle 的淨利為 2.53 億美元，較去年同期增加 1.58 億美元，主要因淨銷售額強勁，部分被通膨成本壓力所抵銷。其中包含歐洲天然氣價格對我們觸媒業務的影響。第一季調整後稀釋每股盈餘（Adjusted diluted EPS）為 2.38 美元。主要的盈餘調整項目包括：資產出售損失回加 0.07 美元，以及與稅務相關項目回加 0.19 美元。

On Slide 6, I'll walk you through our first quarter adjusted EBITDA. For the first quarter, our adjusted EBITDA was $432 million, up 107% year-over-year. The primary driver (technical difficulty) pricing, driven by the move to index-referenced variable price contracts and higher market pricing. Lithium also benefited from the sales of lower-cost inventories, including a onetime sale of spodumene stockpiled during the initial start-up of Wodgina.

在第 6 頁投影片，我將帶各位了解第一季調整後 EBITDA。第一季調整後 EBITDA 為 4.32 億美元，年增 107%。主要驅動因素是（technical difficulty）定價，係由轉向以指數為參考的浮動價格合約以及更高的市場價格所帶動。鋰業務亦受惠於較低成本庫存的銷售，包括一次性出售在 Wodgina 初期啟動期間所堆存的鋰輝石存貨。

Bromine was also favorable year-over-year, reflecting higher pricing driven by tight market conditions and a slight uptick in volumes. That was partially offset by raw material and freight inflation. Catalysts was down relative to the prior year, primarily driven by higher raw material costs and lower volumes. That was partially offset by pricing. And lastly, corporate expense and foreign exchange were mostly flat year-over-year.

溴素業務相較去年同期亦表現有利，反映在市場供需吃緊帶動的較高價格，以及銷量小幅提升；但部分被原料與運費通膨所抵銷。觸媒業務較去年同期下滑，主要因原料成本上升與銷量下降，但部分被提價所抵銷。最後，公司費用與外匯影響整體而言與去年同期大致持平。

Moving to Slide 7. We have meaningfully increased our 2022 outlook, primarily to reflect continued strength in our lithium business. I'll discuss our lithium outlook in greater detail in just a minute. For the total company, we now expect 2022 net sales to be in the range of $5.2 billion to $5.6 billion, up about 60% to 70% versus prior year. Adjusted EBITDA is expected to be between $1.7 billion and $2 billion, reflecting a year-over-year improvement of 120% at the midpoint of the range. This implies a total company EBITDA margin in the range of 33% to 36%. And together, this translates to updated 2022 adjusted diluted EPS guidance in the range of $9.25 to $12.25 compared to $4.04 in 2021.

接著看第 7 頁投影片。我們已大幅上調 2022 年展望，主要反映鋰業務持續走強。我稍後會更詳細說明鋰的展望。就全公司而言，我們目前預期 2022 年淨銷售額將落在 52 億至 56 億美元區間，較去年約成長 60% 至 70%。調整後 EBITDA 預期為 17 億至 20 億美元，區間中點的年增幅為 120%。這意味著全公司 EBITDA 利潤率約為 33% 至 36%。綜合以上，我們更新 2022 年調整後稀釋每股盈餘指引至 9.25 至 12.25 美元區間，相較 2021 年為 4.04 美元。

Additionally, we are maintaining our CapEx guidance range of $1.3 billion to $1.5 billion as we drive our lithium investments forward to meet increased customer demand. You may have noticed that we widened the range of our outlook to prudently reflect greater volatility in pricing for sales and inflation for cost of goods sold against the backdrop of a turbulent macro environment.

此外，為推動鋰投資以滿足增加的客戶需求，我們維持資本支出（CapEx）指引區間為 13 億至 15 億美元。各位可能也注意到，我們擴大了展望區間，以審慎反映在動盪的總體環境下，銷售價格波動加劇以及銷貨成本通膨的更高不確定性。

And regarding the quarterly progression of sales and EBITDA, on our last call, we indicated that we expected Q1 to be our strongest quarter of the year, primarily due to higher pricing and sales of low-cost inventory. Given the continued strong pricing and rising volumes, we now expect our second half results to be about 55% of the total year.

至於銷售與 EBITDA 的季度走勢，在上次電話會議中，我們表示預期第一季將是全年最強的一季，主要因價格較高以及低成本庫存的銷售。鑑於定價持續強勁且銷量上升，我們現在預期下半年業績約占全年總額的 55%。

Turning to the next slide for more detail on our lithium outlook. Lithium's full year 2022 EBITDA is expected to be up 200% to 225% year-over-year, up from our previous outlook for growth of around 75%. We now expect our average realized selling price to be about double last year. This is the result of our efforts to move toward index-referenced variable price contracts and a significant increase in index prices. We also have better line of sight to price in the full year.

接著看下一頁投影片，以更詳細說明鋰的展望。鋰業務 2022 全年 EBITDA 預期年增 200% 至 225%，高於我們先前約 75% 的成長展望。我們目前預期平均實現銷售價格約為去年的兩倍。這是我們推動轉向以指數為參考的浮動價格合約，以及指數價格大幅上升的結果。我們對全年價格的可視性也更高。

From the beginning of the year to today, indices are up between 85% and 125%. We're also assuming that our expected Q2 selling price remains at that level for the rest of the year. If current market prices remain at historically strong levels for the balance of the year, there would be upside to this guidance. There could also be additional upside if we transition additional existing contracts from fixed to variable pricing. However, if we see material declines from current market pricing or volume shortfalls, there would be downside to this guidance.

從年初至今，各項指數上漲約 85% 至 125%。我們也假設第二季的預期銷售價格水準將在今年剩餘期間維持不變。若今年餘下時間的現行市場價格仍維持在歷史性強勁水準，則本指引可能有上行空間。若我們將更多既有合約由固定價格轉為浮動定價，也可能帶來額外上行空間。然而，若市場價格自目前水準出現實質下滑或出貨量不如預期，則本指引可能有下行風險。

There's no change to our lithium volume outlook for the year. We still expect year-over-year volume growth in the range of 20% to 30% as we bring on new conversion assets, particularly La Negra III and IV and Kemerton I.

我們對全年鋰出貨量展望沒有改變。我們仍預期年增出貨量成長約 20% 至 30%，因我們將新增轉換資產投產，特別是 La Negra III 與 IV，以及 Kemerton I。

For bromine, we are raising our full year 2022 EBITDA expectations with a year-over-year improvement of 15% to 20%. This revised guidance reflects higher pricing related to strong fire safety demand, supported by macro trends such as digitalization and electrification. We also expect higher volumes following our successful expansion last year in Jordan.

就溴素而言，我們上調 2022 全年 EBITDA 預期，年增改善幅度為 15% 至 20%。此修訂指引反映在強勁的消防安全需求帶動下的較高價格，並受到數位化與電氣化等總體趨勢支撐。我們也預期在去年於約旦成功擴產後，銷量將提高。

For catalysts, 2022 EBITDA is expected to be flat to down 65% year-over-year. This is below our prior outlook due to significant cost pressures, primarily related to natural gas in Europe and certain raw materials and freight, partially offset by higher pricing. The large outlook range for catalysts reflects increased volatility and lack of visibility, particularly related to the war in Ukraine.

就觸媒而言，2022 年 EBITDA 預期將與去年持平至年減 65%。由於顯著的成本壓力（主要與歐洲天然氣，以及部分原物料與運費相關），且僅部分被提價所抵銷，因此低於我們先前的展望。觸媒業務展望區間較大，反映波動性上升與能見度不足，特別是與烏克蘭戰爭相關的不確定性。

Given the extraordinary circumstances and the resulting changes in oil and gas markets, the business is aggressively seeking to pass through higher natural gas pricing to its customers. As previously discussed, we continue to expect a strategic review of the Catalysts business to be completed later this quarter. The review is intended to maximize value and position the business for success while enabling us to focus on growth.

鑑於特殊情況以及由此導致的油氣市場變化，公司正積極尋求將較高的天然氣價格轉嫁給客戶。如先前所述，我們仍預期對催化劑（Catalysts）業務的策略性檢討將於本季稍晚完成。該檢討旨在最大化價值並使業務具備成功定位，同時讓我們能專注於成長。

I will now turn to Slide 9 for a deeper dive on our lithium contracts and pricing. With the change in guidance, you can now see we have more exposure to changing market indices. Our segmented approach gives more flexibility to customers while still allowing Albemarle to preserve its upside and returns on our growth investments. This slide reflects the expected split of our 2022 revenues updated for current pricing.

我現在將轉到第 9 張投影片，更深入說明我們的鋰合約與定價。隨著指引的變更，您現在可以看到我們對變動市場指數的曝險更高。我們的分段式做法為客戶提供更大的彈性，同時仍讓 Albemarle 得以保留上行空間以及成長投資的報酬。本投影片反映依據目前價格更新後，我們預期 2022 年營收的組成分拆。

Battery-grade revenues are now expected to make up 70% to 80% of our 2022 revenues, of which 20% is expected to be from purchase orders on higher short-term pricing; about half are expected to be from contracts with variable pricing mechanisms, typically index-referenced with a 3- to 6-month lag; and the remaining 30% is from fixed price contracts. These fixed contracts also have price opener mechanisms to change prices over time.

電池級產品營收目前預期將占我們 2022 年營收的 70% 至 80%；其中 20% 預期來自以較高短期價格承接的採購訂單；約一半預期來自具可變定價機制的合約，通常以指數為參考並有 3 至 6 個月的落後期；其餘 30% 來自固定價格合約。這些固定合約亦包含價格重啟（price opener）機制，可隨時間調整價格。

We continue to work with these customers to transition to contracts with variable index-referenced pricing. These negotiations are ongoing and progressing well. If we are successful, this could provide additional upside to our current outlook for the lithium business.

我們持續與這些客戶合作，轉換為採用可變、指數參考定價的合約。相關協商仍在進行中且進展良好。若我們成功，這可能為目前對鋰業務的展望帶來額外上行空間。

Following our last earnings call, we received a lot of questions regarding our expected lithium margins, so I wanted to provide some additional color on the moving pieces on Slide 10. We expect lithium margins to improve in 2022, driven by higher pricing, partially offset by the progressive commissions we pay in Chile under our CORFO contract.

在上次法說會之後，我們收到許多關於預期鋰利潤率的問題，因此我想在第 10 張投影片就相關變動因素補充一些說明。我們預期 2022 年鋰利潤率將改善，主要由較高價格帶動，但部分會被我們依智利 CORFO 合約所支付的累進式佣金所抵銷。

Another item to consider is the impact from higher fixed costs related to the start-up and ramp of our new facilities such as the Wodgina mine and our La Negra and Kemerton conversion assets as well as the potential acquisition of the Qinzhou conversion plant. These plants are expected to more than double our lithium production. Over time, the impact of fixed costs on margins will diminish as production ramps and costs are absorbed.

另一個需要考量的項目，是與新設施啟動與爬坡相關的較高固定成本之影響，例如 Wodgina 礦場，以及我們在 La Negra 與 Kemerton 的轉換資產，另包括可能收購欽州（Qinzhou）轉換工廠。這些工廠預期將使我們的鋰產量增加至兩倍以上。隨著產量爬坡並吸收成本，固定成本對利潤率的影響將隨時間遞減。

As a reminder, Albemarle calculates EBITDA by including joint venture equity income on an after-tax basis. This year, because of higher spodumene transfer pricing from our Greenbushes mine, this tax impact is much more meaningful than it has been in the past. This is simply a result of a line item where the tax hits our income statement. Albemarle remains fully integrated from resource to conversion. So effectively, we pay ourselves this higher spodumene pricing. On a completely pretax basis, lithium EBITDA margins are expected to be between 55% and 60% in 2022.

提醒一下，Albemarle 計算 EBITDA 時，會將合資企業權益法收益以稅後基礎納入。今年由於我們 Greenbushes 礦場的鋰輝石（spodumene）內部轉移定價提高，這項稅務影響相較過去顯著得多。這只是因為稅負在損益表上呈現的科目所致。Albemarle 仍維持從資源到轉換的完整垂直整合。因此實質上，我們是以較高的鋰輝石價格「付給自己」。若以完全稅前基礎計算，2022 年鋰 EBITDA 利潤率預期介於 55% 至 60%。

Slide 11 highlights our expected volume ramp as our new lithium conversion facilities are completed. Last year, we converted 88,000 metric tons LCE including conversion at Silver Peak and Kings Mountain, Xinyu and Chengdu in China, and La Negra I and II in Chile. We are in the process of more than doubling conversion capacity with the expansions at La Negra and Kemerton, plus the acquisition of the Qinzhou plant. We typically expect it to take about 2 years to ramp to full capacity at a new plant, including roughly 6 months for customer qualification.

第 11 張投影片重點呈現隨著我們新的鋰轉換設施完工後，預期的出貨量爬坡。去年我們轉換了 88,000 公噸 LCE（碳酸鋰當量），包括在 Silver Peak 與 Kings Mountain、在中國的 Xinyu 與 Chengdu，以及在智利的 La Negra I 與 II 的轉換。我們正透過 La Negra 與 Kemerton 的擴建，加上收購欽州工廠，將轉換產能提高至兩倍以上。一般而言，新工廠爬坡至滿載約需 2 年時間，其中包含約 6 個月的客戶認證。

Tying all of this together, we expect to achieve 200,000 (technical difficulty). Total lithium volumes are expected to be higher than that, including technical-grade spodumene sales of about 10,000 tons per year, tolling volumes of anywhere between 0 and 20,000 tons per year, depending on market dynamics and the (technical difficulty) spodumene, plus any additional conversion capacity we buy or build during this period.

綜合以上，我們預期達成 200,000（技術困難）。鋰總出貨量預期將高於此數字，包含每年約 10,000 噸的技術級鋰輝石銷售、每年介於 0 至 20,000 噸的代工（tolling）量（取決於市場動態與（技術困難）鋰輝石），以及在此期間我們額外購買或建置的任何轉換產能。

Finally, let's turn to Slide 12 to look at our strong balance sheet and cash flow. Our 2022 revised operating cash flow guidance is $650 million at the midpoint. Relative to 2021, you can see incremental cash flow driven by the higher net income, adding back higher depreciation. This is partially offset by higher working capital related to higher sales volumes and pricing, plus higher cost of raw materials and inventories. As a reminder, working capital typically averages about 25% of net sales.

最後，讓我們轉到第 12 張投影片，看看我們強健的資產負債表與現金流。我們 2022 年修訂後的營運現金流指引在中位數為 6.5 億美元。相較 2021 年，您可以看到增量現金流主要由較高的淨利帶動，並加回較高的折舊。這部分被較高的營運資金所部分抵銷，原因包括較高的銷售量與價格，以及較高的原物料與存貨成本。提醒一下，營運資金通常約為淨銷售額的 25%。

Our balance sheet is in great shape with $463 million of cash and liquidity of almost $2 billion. Current net debt to adjusted EBITDA is approximately 1.9x. With rising EBITDA from higher pricing and volumes, we expect leverage to remain at or below our target range of 2 to 2.5x. Our balance sheet supports the CapEx for our lithium investments to meet growing customer demand.

我們的資產負債表狀況非常良好，現金 4.63 億美元，流動性接近 20 億美元。目前淨負債對調整後 EBITDA 約為 1.9 倍。隨著價格與出貨量帶動 EBITDA 上升，我們預期槓桿將維持在或低於我們 2 至 2.5 倍的目標區間。我們的資產負債表可支應鋰投資所需的資本支出，以滿足客戶需求成長。

Following our equity offering early last year, we repaid debt with the intention of relevering as needed to fund capital projects. We are actively evaluating options to do just that. We are planning to be in the debt market this quarter if market conditions are favorable. We remain committed to maintaining our investment-grade credit rating, and the debt markets provide a favorable avenue of acquiring additional capital.

在去年年初完成股權募資之後，我們償還了部分債務，並計畫在需要時再度提高槓桿以資助資本專案。我們正積極評估相關選項以達成此目標。若市場條件有利，我們規劃在本季進入債券市場。我們仍致力維持投資級信用評等，而債務市場提供取得額外資本的有利途徑。

With that, I'll turn it back to Kent for an update on our projects on Slide 13.

接下來，我把時間交還給 Kent，請他在第 13 張投影片更新我們的專案進度。

Thanks, Scott. First, let's look at a few of our expansions in Asia Pacific. Albemarle was focused on expanding global lithium conversion capacity to leverage our low-cost resource base. The acquisition of the Qinzhou conversion facility is now expected to close in the second half of this year as we continue to work through regulatory approvals. We look forward to closing this transaction to bring an additional 25,000 tons of lithium to the market.

謝謝，Scott。首先，我們來看亞太地區的幾項擴建。Albemarle 一直專注於擴大全球鋰轉換產能，以發揮我們低成本資源基礎的優勢。欽州轉換設施的收購案目前預期將於今年下半年完成交割，我們仍在推進監管核准流程。我們期待完成此交易，為市場額外帶來 25,000 噸鋰供應。

The commissioning process at Kemerton I is progressing well. We have introduced spodumene into the process and we expect to achieve first product by the end of the month. Kemerton II remains on track for mechanical completion later this year.

Kemerton I 的試車（commissioning）流程進展順利。我們已將鋰輝石導入製程，並預期在本月底前產出首批產品。Kemerton II 仍按計畫於今年稍晚達成機械完工。

At our China greenfield expansions, we have broken ground at Meishan to construct a 50,000 ton per year hydroxide conversion facility. There are also options to expand that facility. The second China greenfield project at Zhangjiagang is currently in the engineering phase, and we are looking at options to produce either carbonate or hydroxide.

在中國的綠地擴建方面，我們已在眉山（Meishan）動工，建置年產 50,000 噸的氫氧化鋰轉換設施，且亦有擴建該設施的選項。第二個中國綠地專案位於張家港（Zhangjiagang），目前處於工程設計階段，我們正在評估生產碳酸鋰或氫氧化鋰的選項。

Importantly, with our ownership stakes at the Wodgina and Greenbushes lithium mines, we already have access to low-cost spodumene to feed these conversion facilities. As I mentioned previously, the restart of the Wodgina lithium mine by our JV partner, Mineral Resources, is going well. And we continue to negotiate agreements to expand and restructure the MARBL joint venture, and we'll update the market when we have more information.

重要的是，憑藉我們在 Wodgina 與 Greenbushes 鋰礦的持股，我們已能取得低成本鋰輝石以供應這些轉換設施。如我先前提到，由我們的合資夥伴 Mineral Resources 重啟 Wodgina 鋰礦的進展良好。我們也持續協商擴大並重整 MARBL 合資企業的相關協議，待有更多資訊時將向市場更新。

We also have a 49% stake at Greenbushes, one of the highest quality lithium resources in the world. The Talison joint venture is ramping up CGP 2 and has approved construction of CGP 3. And that's expected to begin later this year. In addition, construction of the tailings retreatment plant was completed during the quarter and commissioning is progressing to plan. Our intention is to ramp lithium resources in advance of conversion assets, in which case, in the near term, we could be net long spodumene. If so, we may elect to toll or sell spodumene.

我們亦持有 Greenbushes 49% 股權，該礦是全球品質最高的鋰資源之一。Talison 合資企業正推進 CGP 2 的產能爬坡，並已核准建置 CGP 3，預期將於今年稍晚動工。此外，尾礦再處理工廠於本季完成建造，試車正按計畫進行。我們的意圖是在轉換資產之前先行提升鋰資源供給；在此情況下，短期內我們可能會出現鋰輝石淨多頭（net long）。若是如此，我們可能選擇代工或出售鋰輝石。

The expansions in Australia and Asia are just a portion of the globally diverse lithium projects we have defined to meet growing customer demand. We remain focused on growing our global conversion capacity to leverage our world-class resources in Australia, Chile and the United States. Our Wave 3 projects should provide Albemarle with approximately 200,000 tons of additional lithium conversion capacity, which is higher than the 150,000 tons that we originally planned.

澳洲與亞洲的擴建只是我們為滿足客戶需求成長而規劃的全球多元鋰專案的一部分。我們仍專注於擴大全球轉換產能，以發揮我們在澳洲、智利與美國的世界級資源優勢。我們的 Wave 3 專案應可為 Albemarle 帶來約 200,000 噸的新增鋰轉換產能，高於我們原先規劃的 150,000 噸。

Additionally, we continued to progress our growth options for Wave 4, which is expected to bring an additional 75,000 to 125,000 tons of capacity. This includes continued evaluation of options to restart our Kings Mountain lithium mine and build conversion assets in North America and Europe. Our high degree of vertical integration, access to high-quality, low-cost resources, years of experience bringing conversion capacity online and a strong balance sheet provide considerable advantages for the foreseeable future.

此外，我們也持續推進 Wave 4 的成長選項，預期可再帶來 75,000 至 125,000 噸的新增產能。這包括持續評估重啟 Kings Mountain 鋰礦，以及在北美與歐洲建置轉換資產的選項。我們高度的垂直整合、取得高品質低成本資源的能力、多年將轉換產能導入量產的經驗，以及強健的資產負債表，將在可預見的未來提供相當可觀的優勢。

Looking now at Slide 15. As you can see, Albemarle was executing a robust pipeline of projects all around the world. Our bromine business is pursuing incremental expansions in Jordan and the United States. These high-return projects leverage our low-cost resources and technical know-how to support customers in growing and diverse markets like electronics, telecom and automotive.

現在看第 15 張投影片。如您所見，Albemarle 正在全球各地執行一系列強勁的專案管線。我們的溴素業務正在約旦與美國推動增量擴建。這些高報酬專案運用我們的低成本資源與技術專長，以支援電子、電信與汽車等成長且多元的市場客戶。

In Chile, the Salar Yield Improvement Project is progressing and is expected to allow us to increase lithium production without increasing our brine pumping rates, utilizing a proprietary technology to improve recovery, efficiency and sustainability. We also have access to a lithium resource in Argentina called Antofalla. We anticipate restarting exploration at Antofalla later this year after securing all necessary permits. In Australia, we continue to progress study work on Kemerton expansions to leverage greater scale and efficiency with repeatable designs.

在智利，Salar 產量提升專案正持續推進，預期可在不提高鹵水抽取速率的情況下提升我們的鋰產量，並運用專有技術改善回收率、效率與永續性。我們也可取得阿根廷一處名為 Antofalla 的鋰資源。我們預期在取得所有必要許可後，將於今年稍晚重啟 Antofalla 的勘探工作。在澳洲，我們持續推進 Kemerton 擴建的研究工作，以透過可複製的設計，發揮更大的規模與效率。

Finally, in the United States, the expansion of our Silver Peak facility in Nevada is on track to double lithium carbonate production. This is the first of several options to expand U.S. production. In Kings Mountain, North Carolina, we've begun a pre-feasibility study to evaluate restarting the mine. And then our bromine facility in Magnolia, Arkansas, we're evaluating process technologies to leverage our brines to extract lithium. This robust pipeline, coupled with our industry knowledge and strong balance sheet, provides significant growth opportunities for Albemarle.

最後，在美國，內華達州 Silver Peak 設施的擴建正按計畫進行，預期可使碳酸鋰產量倍增。這是擴大美國產量的數個選項之一。在北卡羅來納州 Kings Mountain，我們已開始進行預可行性研究，以評估重啟礦山的可能性。此外，對於阿肯色州 Magnolia 的溴素設施，我們正在評估製程技術，以利用我們的鹵水萃取鋰。這條強健的專案管線，加上我們的產業知識與強健的資產負債表，為 Albemarle 帶來顯著的成長機會。

Moving on to our sustainability initiatives on Slide 16. Creating sustainable shareholder value requires our company to continue to drive progress on our own ESG and sustainability efforts, and I'm proud of what we are achieving on that front. We will publish our 2021 Corporate Sustainability Report on June 2. In that report, you will see strong progress in our work towards hitting our target reductions in greenhouse gas emissions and freshwater usage, our initial Scope 3 emissions assessment and our first full life cycle assessments for lithium products. You will also see further definition of our sustainability-related targets, including diversity and inclusion.

接著看投影片 16 的永續發展倡議。要創造可持續的股東價值，我們公司必須持續推動自身在 ESG 與永續方面的進展，我也為我們在這方面的成果感到自豪。我們將於 6 月 2 日發布《2021 企業永續報告》。在該報告中，您將看到我們在達成溫室氣體排放與淡水使用量目標減量方面的顯著進展、我們初步的範疇三（Scope 3）排放評估，以及我們針對鋰產品所做的第一份完整生命週期評估。您也將看到我們對永續相關目標的進一步界定，包括多元與共融。

In addition to publishing our new sustainability report, we will host a webcast on June 28, and I hope you will join to listen in. In that presentation, we will discuss next steps, including full CDP disclosure with TCFD goals and disclosures and third-party IRMA assessment at the Salar de Atacama. As you can see, we have accomplished a great deal and we are committed to continue that progress.

除了發布新的永續報告外，我們將於 6 月 28 日舉辦網路直播，也希望您能一同參與收聽。在該簡報中，我們將討論後續步驟，包括依循 TCFD 目標與揭露進行完整 CDP 揭露，以及在 Salar de Atacama 進行第三方 IRMA 評估。如您所見，我們已完成許多工作，並承諾將持續推進。

So this concludes our prepared remarks. And now we will open the call for Q&A.

以上為我們事先準備的發言。接下來我們將開放問答。

(Operator Instructions) Our first question comes from P.J. Juvekar from Citi.

（接線員指示）我們的第一個問題來自 Citi 的 P.J. Juvekar。

Good pricing initiatives. Given that your leverage is down substantially, it's a real advantage for you right now. Would you consider more M&A in lithium or getting into recycling or potentially going downstream? How would you view those options from a 60,000-foot view?

你們的定價策略做得很好。鑑於你們的槓桿已大幅下降，這在目前對你們是很大的優勢。你們是否會考慮在鋰業務上進行更多併購（M&A），或切入回收，或可能往下游延伸？從宏觀角度（60,000 英尺視角）你們如何看待這些選項？

So P.J., I think -- I mean we've always -- we're looking at M&A on a regular basis, so I don't think I really -- our view has changed. So we do want to be in recycling, and we feel like -- we have a plan, we're working towards being in the recycling business. We look at resources on a regular basis for acquisition, and we look at conversion assets as well.

P.J.，我想——我們一直以來都會定期評估併購，所以我不認為——我們的看法有改變。我們確實希望進入回收領域，而且我們覺得——我們有一個計畫，正朝著進入回收業務的方向推進。我們也會定期評估可收購的資源，同時也會看轉換（conversion）資產。

So our strategy has not changed. We may have a little more firepower now than we did in the past. But I think the strategy is the same areas, and we're pretty focused on those areas.

因此我們的策略沒有改變。相較過去，我們現在可能多了一些火力。但我認為策略仍聚焦在相同領域，而我們也相當專注於這些領域。

Also in Argentina, in Antofalla, what are the permits or hurdles that are remaining before you proceed? And similar for Kings Mountain, what could be some environmental concerns there, which has impacted other projects in the region?

另外在阿根廷的 Antofalla，在你們推進之前，還有哪些許可或障礙尚待完成？同樣地，對於 Kings Mountain，那裡可能有哪些環境方面的疑慮（該區域其他專案曾受其影響）？

Yes. I'll just comment at a high level. I mean it's all the permits that we need. I think we're closer in Argentina than we are in Kings Mountain, but we're early in the process in North Carolina. But Eric can talk about more details there.

是的。我先從高層次回應。基本上就是我們所需要的所有許可。我認為在阿根廷我們比在 Kings Mountain 更接近完成，但在北卡羅來納州我們仍處於流程的早期階段。不過 Eric 可以補充更多細節。

Yes. These are classical studies, P.J., it's Eric here, that you would do for any pre-feasibility work. There are -- the Antofalla site has -- is a greenfield site. It has not ever been mined before, so there are a host of different permits from environmental onwards that would have to be achieved and those are underway. And then we would progress from there.

是的。P.J.，我是 Eric。這些都是典型的研究工作，是你在任何預可行性工作中都會做的。Antofalla 場址——是一個綠地（greenfield）場址，過去從未開採過，因此需要取得一系列不同的許可，從環境許可等各方面都包含在內；這些工作正在進行中。之後我們會再往下推進。

In the case of Kings Mountain, this is a brownfield site. And so much of the work has to be done similarly on testing groundwater, testing environmental. There's a lot of work we're doing also with the community. We've engaged them very early on and did so earlier this quarter to participate in that process.

至於 Kings Mountain，這是一個棕地（brownfield）場址。因此許多工作同樣需要進行，例如地下水測試、環境測試。我們也在與社區進行大量工作；我們很早就與他們接觸，並在本季稍早就開始讓他們參與這個流程。

And so, as Kent said, that's a little earlier on, but it's also a brownfield site, so it will have a slightly different trajectory than, say, a greenfield site like Antofalla.

因此，如 Kent 所說，那邊目前還更早期一些；但它也是棕地場址，所以其推進軌跡會與像 Antofalla 這樣的綠地場址略有不同。

Our next question comes from Jeff Zekauskas from JPMorgan.

我們的下一個問題來自 JPMorgan 的 Jeff Zekauskas。

You have a very clear idea of the capacity expansions you wish to execute over the next 5 years. What's the trajectory of capital expenditures from the $1.3 billion to $1.5 billion level?

你們對未來 5 年希望執行的產能擴張有非常清楚的規劃。資本支出從 13 億到 15 億美元的水準，未來的走勢會如何？

I'm not sure -- the question -- you mean over past the next 5 years?

我不確定——你的問題——你是指未來 5 年之後嗎？

Yes, exactly right. How do you expect your capital expenditures to change over that period?

是的，沒錯。你們預期在那段期間資本支出會如何變化？

Yes. I think we -- I think you're probably -- we expect them to be in that range, right, over the next 5-year period and going forward. I mean it depends on what -- on opportunities. So resources -- if we had additional resource, that would change that profile. If we were able to acquire or identify additional resource, that could change that. But I think our baseline, which we've laid out in our Investor Day, is kind of capital in that range over the next 5-year period.

是的。我想我們——我想你大概——我們預期在未來 5 年期間以及之後，資本支出大致會落在那個區間。當然也取決於——取決於機會。如果有額外資源——那會改變這個輪廓。如果我們能收購或辨識出額外資源，也可能改變。但我認為我們的基準情境——也就是我們在投資人日所說明的——大致就是未來 5 年資本支出維持在那個範圍。

Great. So lithium prices have really moved up. And are there limits to what cathode manufacturers or battery manufacturers can absorb? Or do you see any ceilings or we'll just see what the market brings?

很好。鋰價確實大幅上漲。正極材料製造商或電池製造商能吸收的程度是否有限？你們是否看到任何天花板，或就看市場會帶來什麼？

Well, it is -- it's difficult to call what the market is going to do, so I think we have to see what the market is going to bring. I mean I think there are economic factors that come into play, but it -- when you look at the overall cost of a vehicle, I mean there is a lot of -- there are a lot of components that go in there. Lithium starts to become a little bit material, but it's still a small percentage of that overall cost.

嗯——市場會怎麼走很難判斷，所以我想我們必須看市場會帶來什麼。我是說，確實會有一些經濟因素會發揮作用，但——當你看整車成本時，裡面有很多——有很多組成元件。鋰開始變得稍微重要一些，但在整體成本中仍然只占很小的比例。

So I mean, look, our view is that prices -- the market is moving. They have recently just come down a little bit. Suspect that's because demand in China is off because of COVID-related issues and so it has softened recently. But we're trying to structure our contracts. We've talked about this for a while, so we move with the market. So we're not dislocated to the market in either in an upmarket or a downmarket.

所以我的意思是，我們的看法是價格——市場正在變動。最近價格確實稍微回落。我猜這是因為中國需求因 COVID 相關問題而下降，所以近期有所走軟。但我們正嘗試調整合約架構——我們談這件事已經一段時間了——讓我們能跟著市場走。因此無論在上行市場或下行市場，我們都不會與市場脫節。

Our next question comes from David Deckelbaum from Cowen.

我們的下一個問題來自 Cowen 的 David Deckelbaum。

Think about expansion and your growth projects in North America. You discussed accelerating some activity at Silver Peak, growing out the Kings Mountain facility and restarting the mine there and looking at, obviously, the Magnolia brine operations.

談談北美的擴張與成長專案。你們提到加速 Silver Peak 的部分活動、擴大 Kings Mountain 設施並在那裡重啟礦山，並且也在評估 Magnolia 的鹵水營運。

One, is there an interest or should we expect Albemarle to be filing any loan applications to look for some low-cost financing with any of these projects? And then my second part with that would be, do you anticipate building out conversion facilities in and around the Kings Mountain that would be sort of greater than your U.S.-based resource on the upstream side?

第一，你們是否有興趣，或我們是否應預期 Albemarle 會針對其中任何專案提出貸款申請，以尋求一些低成本融資？第二部分是，你們是否預期在 Kings Mountain 周邊建置轉換（conversion）設施，其規模可能會大於你們在美國上游端的本土資源所能支撐的量？

Okay. So there were a couple questions in there. So I think, first, I mean, loans, I think we'd be interested if we can get economically viable loans, better than we can do on our own, we're definitely interested in that to help us build out the battery supply chain in North America.

好的。這裡面有幾個問題。首先，關於貸款，我想如果我們能取得在經濟上可行、且成本優於我們自行籌資的貸款，我們肯定有興趣，這也能協助我們在北美建構電池供應鏈。

And we would be looking to build conversion capacity locally. Our customers want local conversion -- local resource and conversion capacity. And then I think your question would be outsized conversion vis-à-vis the local resource that we have. So we'll have to work that out over time. But we -- the way we see it, we've got to convert the local product. We'll probably have to supplement local product with product coming from outside the U.S. And then we want to make sure that we -- as we do this, we're considering recycling as well.

而且我們會考慮在當地建置轉換產能。我們的客戶希望在地轉換——在地資源與轉換產能。接著我想你的問題是：相對於我們的在地資源，轉換產能是否會更大。因此這需要我們隨時間推進來做出安排。但我們——我們的看法是，我們必須先把在地產品做轉換。我們可能需要用來自美國以外的產品來補充在地產品。同時我們也希望確保——在推進這些工作時，也把回收納入考量。

So we want to have not only virgin lithium coming from the resources in the United States and outside the U.S., but capacity for recycling as well. And we see that as an integrated facility that does that.

因此我們希望不僅有來自美國境內與境外資源的原生鋰（virgin lithium），也同時具備回收產能。我們把這視為一個能同時涵蓋上述內容的整合式設施。

I appreciate the color on that. And then just my follow-up quickly. Maybe if you could just characterize the situation. You reiterated your outlook around volumes and, obviously, increased the outlook around pricing.

謝謝你提供這些補充說明。接著我很快追問一下。也許你可以簡要描述一下目前的情況。你們重申了對出貨量的展望，並且顯然上調了對價格的展望。

Are you seeing any impacts, I guess, from some of the shipping woes that we hear getting into China or getting product into China? Are you anticipating that? And then have you experienced little friction moving spodumene concentrate into your converters in China? And how do you see that situation kind of progressing throughout the year?

你們是否看到一些影響，我想，是來自我們聽到的那些把貨運進中國或把產品運進中國的航運困境？你們是否預期會有這種情況？另外，你們在把鋰輝石精礦運到你們在中國的轉換廠時，是否遇到一些小摩擦？你們怎麼看這種情況在今年接下來的發展？

Well -- I mean we see that in all of our businesses, right? So we're fighting the supply chain. As you hear in the news and with every other business, we're fighting it, but we've been able to manage through it. Today, we can't say we don't have issues, but we've managed through it. But maybe not -- Eric, you guys could comment a little bit on specifically what you see in -- I guess, really around China and spodumene in and out.

嗯——我的意思是，我們在所有業務中都看得到，對吧？所以我們正在跟供應鏈搏鬥。就像你在新聞裡聽到的、以及其他每一家企業一樣，我們都在跟它搏鬥，但我們一直能夠設法應對。今天，我們不能說沒有問題，但我們已經設法撐過來了。不過也許不是——Eric，你們可以針對你們看到的情況稍微評論一下——我想，主要是圍繞中國以及鋰輝石進出方面。

Yes. So relative to China and the lithium business, just recall that we are an exporter as well as an importer. So a lot of the hydroxide production that we make in China goes to that market and then a chunk goes outside and surrounding Asia countries as well. And in addition, as you point out, we're bringing spodumene from Australia, entirely support those operations.

是的。就中國和鋰業務而言，先提醒一下，我們既是出口商也是進口商。所以我們在中國生產的相當一部分氫氧化鋰供應中國市場，另外也有一部分出口到周邊的亞洲國家。此外，正如你指出的，我們從澳洲運入鋰輝石，完全用來支援那些營運。

We have not -- we've experienced some customer impacts. We haven't been able, due to logistics, to hit certain time lines. But we haven't had any material impact to our revenues or to our contracts with these customers. And it comes down to just a very active supply chain team that is constantly managing various ports across the East Coast of -- Eastern Seaboard of China to find the right way in and out for those products. But there are thousands of ships sitting off the coast of China now.

我們沒有——我們確實對部分客戶造成了一些影響。由於物流原因，我們無法達到某些時間節點。但我們的營收或與這些客戶的合約並未受到任何重大影響。這主要歸功於一個非常積極的供應鏈團隊，他們持續在中國東部沿海的各個港口之間協調，為這些產品找到合適的進出方式。不過現在有成千上萬艘船停在中國海岸外。

So it's no small task, and so we'll manage it on a day-to-day basis. The COVID crisis and how it's being managed there in China has definitely made this challenging, and we expect to continue to have that challenge and be very astute in how we manage it. But no impact of material variety so far.

所以這絕非小事，我們會以日常方式來管理。COVID 危機以及中國那邊的管理方式，確實讓這件事變得很具挑戰性，我們預期這種挑戰會持續，因此在管理上必須非常敏銳。但到目前為止，沒有任何重大影響。

And I think for us in bromine, China, we are a net importer. So for us, getting material in is the same for Eric, an extreme challenge. But we're also getting, on the back end, seeing containers return from China to allow us to load up our facilities in America and in the Middle East. That's probably the bigger issue. And that's part of the macro supply chain challenge and container movement around the world.

我想就溴素業務而言，在中國我們是淨進口方。所以對我們來說，把物料運進來跟 Eric 一樣，是極大的挑戰。但在後端，我們也看到從中國回流的貨櫃不足，這會影響我們在美國和中東的工廠裝載出貨。這可能是更大的問題。而這也是全球供應鏈宏觀挑戰與貨櫃在全球移動問題的一部分。

We've got a great logistics team here at Albemarle in supply chain with a brand-new leader, and we're excited about what they're doing to manage this difficulty. But again, no material impact. We got a great team, and they're managing that very well for us.

我們在 Albemarle 的供應鏈部門有一支很棒的物流團隊，還有一位全新上任的領導者，我們對他們為管理這些困難所做的事情感到振奮。但同樣地，沒有重大影響。我們有很棒的團隊，他們把這件事管理得非常好。

Our next question comes from Vincent Andrews from Morgan Stanley.

我們的下一個問題來自摩根士丹利（Morgan Stanley）的 Vincent Andrews。

Scott, I just was wondering if you could give us a bit more color on the working capital and how it works, just given so much of the increase in guidance was price related. So is it just a question of receivables are going to spike for a period of time as these prices flow through? Or is there anything going on, on the inventory side as well?

Scott，我只是想知道你是否可以就營運資金多提供一些細節，以及它是如何運作的，因為你們上調指引的很大一部分是與價格相關。所以這是否只是應收帳款會在一段時間內隨著這些價格傳導而大幅上升？還是庫存端也有一些情況？

Yes, Vincent, I think you've nailed it. So as prices go up, obviously, the receivables go up. We're generally averaging between 55 and 60 days as a total company. So we basically have 2 months of receivables and the impact of that. So that's a driver.

是的，Vincent，我想你說到重點了。價格上升時，顯然應收帳款也會上升。我們全公司平均大約在 55 到 60 天之間。所以基本上我們有大約 2 個月的應收帳款，以及由此帶來的影響。這是一個驅動因素。

The second one is on inventory, rising costs and inflation. We're seeing, obviously, our inventory costs go up as well, even though the quantities are about the same or actually a little bit lower from what we saw last year. So those are the 2 big drivers. We see a little bit of benefit from -- in the payables to offset that inventory, but that's what's going on.

第二個是庫存方面，成本上升與通膨。我們顯然也看到庫存成本上升，即使數量大致相同，甚至比去年看到的略低。所以這是兩個主要驅動因素。我們在應付帳款方面看到一些好處，可以抵消部分庫存的影響，但大致就是這樣。

Okay. And just as a follow-up, you mentioned that there are some contracts that might be renegotiated midyear off of 6 to variable. Do you have a rough idea of what percentage of your mix that could be or that's at least in discussion?

好的。再追問一下，你提到有一些合約可能會在年中從固定（6）重新談判改為浮動。你是否大概知道這可能占你們組合的百分之多少，或至少目前正在討論的比例？

Yes. So if you actually look at the chart that we put in, in the presentation that breaks down our revenue, those fixed contracts make up about 30% of our battery grade revenue. And those are the ones that are in discussions right now. So we'll see. If we're successful, there would be additional upside to the guidance as we move those to variable pricing.

是的。所以如果你看我們在簡報中放的那張拆解營收的圖表，那些固定合約大約占我們電池級營收的 30%。而目前正在討論的就是那些。我們再看看。如果我們談成了，當我們把它們轉為浮動定價時，指引還會有額外上行空間。

But it's all of the 30%, not a subset of it that's in play?

但正在談的是整個 30%，而不是其中的一部分嗎？

Eric, do you want to provide some additional detail there?

Eric，你想在這裡補充一些細節嗎？

Yes. I would -- just knowing the mix of business we have, Vincent, I would say it's a subset. We'd still have a double-digit percentage there. It wouldn't go to 0, but it could come down from 30% if we prevail.

是的。Vincent，就我們的業務組合而言，我會說是其中的一部分。我們仍會有一個兩位數百分比的比例，不會降到 0，但如果我們談成了，確實可能從 30% 降下來。

Our next question comes from Joel Jackson from BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場（BMO Capital Markets）的 Joel Jackson。

I want to ask a question, and it's not just you, it's obviously the business and your peers, what you thought pricing would be and margins with a lot different look only 3 months ago, but into February, into that quarter, into Q1. And suddenly, the way your contracts are working with index pricing, suddenly now, it's a lot higher pricing, it's a lot better margin. The story is really different.

我想問一個問題，而且不只是你們，顯然整個產業以及你們的同業也是如此。三個月前你們對定價與利潤率的看法還很不一樣，但到了二月、到了那一季、到了第一季。突然之間，因為你們合約採用指數定價的運作方式，現在價格高得多、利潤率也好得多。整個故事真的完全不同了。

So I want to ask what really changed? And if things could change so quickly in 3 months, how can you be confident pricing -- in your base case can stay flat for the rest of the year?

所以我想問，到底是什麼真正改變了？而且如果事情能在三個月內變化這麼快，你們怎麼能有信心在你們的基本情境下，價格在今年剩下的時間可以維持持平？

Yes. So I mean we've been talking about moving to these variable price contracts for over a year. And so -- and coming into the year, I mean we're basically in the same position that we were at the beginning of the year. Most of the discussions that we've done with -- most happened -- that changed our contract structure happened at the end of last year -- toward the end of last year.

是的。所以我的意思是，我們談把合約轉向這些浮動價格合約已經超過一年了。所以——而且進入今年時，我們基本上處於與年初相同的位置。我們與——大多數的討論——改變我們合約結構的那些，大多發生在去年年底——接近去年年底。

What's changed is pricing. The indices have moved up. Market has tightened. The market has gotten stronger from an EV demand standpoint and particularly in China. So that's really, I think, was the driver. Those were the first prices to move and other prices followed that. And it's a tight market. I mean the demand is strong, and the supply is -- it's tight. It's a little bit of an imbalance, and that's what's driven pricing.

真正改變的是價格。指數上升了。市場變得更緊。從電動車需求的角度來看，市場更強，尤其是在中國。所以我認為那才是驅動因素。那些是最先上漲的價格，其他價格也隨後跟上。而且市場很緊。我是說需求很強，供給——很緊。存在一些不平衡，而這就是推動價格的原因。

Well, how it stays there, I mean we have -- but there are lags on our contracts. So we feel like we understand the second quarter pricing very good, and we don't see it dropping dramatically. That's why we're comfortable giving guidance holding what we see for the second quarter for the balance of the year. What it does going forward after that, it's difficult to call. But the market is still tight.

至於它如何維持在那裡，我的意思是我們——但我們的合約存在滯後。因此我們覺得我們對第二季的定價掌握得很清楚，而且我們不認為它會大幅下跌。這就是為什麼我們有信心在給出指引時，以我們看到的第二季水準來推估今年剩餘期間。至於之後會怎樣，就很難判斷了。但市場仍然偏緊。

It's gotten a little soft because the demand is off in China over COVID issues. Some of the EV plants were shut down. They're mostly back up now, but they are at lower rates. So demand is a little bit slower, which has caused a pause in the market, and pricing has come off a little bit. It's hard to see how that comes down over time. I mean, it can, but it's hard to see that happening very quickly.

它確實稍微轉弱了一點，因為中國因 COVID 問題導致需求下滑。有些電動車工廠停工了。他們現在大多已經復工，但產能利用率較低。所以需求稍微放慢，導致市場暫停一下，價格也回落了一點。很難看出這會如何隨時間下降。我是說，它可能會，但很難看到它會非常快速地發生。

Okay. If I follow up on that, so if you're now more exposed to spot and not as much as fixed or price moving around a lot more, how does that change how you manage the business? Because you can have a view right now, like you just said, but obviously, that could change in a month or two. And that may change how you look at things; your risks, how you handle working capital, what level -- how comfortable you are with leverage.

好的。如果我再追問一下，所以如果你們現在對現貨的曝險更高，而固定的比例更低、或價格波動更大，這會如何改變你們管理業務的方式？因為你們現在可以有一個看法，就像你剛才說的，但顯然一兩個月後就可能改變。這可能會改變你們看事情的方式；你們的風險、你們如何處理營運資金、你們對槓桿水準的舒適度——有多高。

Because it seems like your business now is going to be more variable with spot prices of lithium, which have surged and they're way more volatile than they were in the past. How does that change how you view the business month-to-month, quarter-to-quarter, how you manage to plan for it?

因為看起來你們的業務現在會更受鋰現貨價格影響，而鋰價已經飆升，且波動性遠高於過去。這會如何改變你們按月、按季看待業務的方式，以及你們如何管理並規劃？

Yes. So our contracts, I mean they're not all spot. So they are -- these are contracts that we have. Some are shorter term in the variable category. Some are short term with -- that are indexed to the market. The longer-term contracts we have are indexed to the market but tend to have collars on them with floors and ceilings. So that takes some of that variability out. So this is -- I mean it's evolution of our strategy around pricing. We are more indexed to the market today than we were a year ago, definitely. And that was by design.

是的。所以我們的合約，我的意思是，它們並不全是現貨。所以它們是——我們所簽的合約。有些在浮動類別中屬於較短期。有些是短期且——與市場指數連動。我們的長期合約也與市場指數連動，但通常會有區間設計，包含下限與上限。這就把部分波動性拿掉了。所以這是——我們在定價策略上的演進。我們今天比一年前更與市場指數連動，這是肯定的。而這是刻意為之。

And I think -- but we're confident in the volume growth. And then -- and pricing, it will move up and down, but we have a very good cost position. With the resource base that we have and our cost position, we still think that we can invest capital to grow for this business and have confidence in that.

而我認為——但我們對於出貨量成長是有信心的。然後——至於定價，它會上下波動，但我們的成本位置非常好。憑藉我們擁有的資源基礎以及成本位置，我們仍然認為我們可以投入資本來推動這項業務成長，並且對此有信心。

Our next question comes from Aleksey Yefremov from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Aleksey Yefremov。

Congrats on renegotiating the contracts. A question on volumes. You raising your Wodgina production goals for this year, and yet your overall volumes are about the same for this year. Could you kind of explain what's going on with your volume assumptions in lithium?

恭喜你們重新談判合約。我有一個關於出貨量的問題。你們提高了今年 Wodgina 的產量目標，但你們今年的整體出貨量大致相同。你能否解釋一下你們在鋰出貨量假設上發生了什麼？

Yes. So the volume -- good morning, Alex, and thanks for your words. The volumes that we have guided to are 20% to 30% above last year's numbers of about 88,000. That's described to you in the chart on Page 11. We had already contemplated in our guidance that some form of Wodgina I would be used to support that volume growth. Wodgina II coming on is to follow the strategy that Kent indicated of having an excess of resource capacity to conversion growth.

是的。關於出貨量——早安，Alex，謝謝你的話。我們給出的出貨量指引是比去年約 88,000 的數字高出 20% 到 30%。這在第 11 頁的圖表中有說明。我們在指引中已經考量到，Wodgina I 會以某種形式用來支撐這個出貨量成長。Wodgina II 的投產，是為了延續 Kent 所提到的策略：讓資源產能超前於轉換產能的成長。

And there's -- and we will look. Potentially, there could be some possible upside. If that goes smoothly, it won't come on until the second half of this year. There's some possibilities to toll or sell that as we indicated during our prepared remarks. So that would be certainly in excess to the 20%, 30% range, which is our internal production.

另外——我們也會觀察。潛在地，可能會有一些上行空間。如果進展順利，它要到今年下半年才會上線。正如我們在事先準備的發言中所提到的，可能有一些代工（toll）或出售的機會。因此那將會明顯超出 20% 到 30% 的區間，而那個區間是我們內部的產量。

Okay, understood. And the second question on pricing. I mean you indicated 3 to 6 months lag effect for half of your battery grade revenues. So if we take second quarter, for example, your expectation for second quarter pricing, and then we assume that these indices kind of stay flat where they are today, does that imply that third quarter price and perhaps fourth quarter price go up sequentially? Would that be right logic given these lags?

好的，了解。第二個問題關於定價。你們提到你們一半的電池級營收有 3 到 6 個月的滯後效應。所以如果以第二季為例，你們對第二季定價的預期，然後假設這些指數維持在今天的水準不變，這是否意味著第三季價格、甚至第四季價格會逐季上升？以這些滯後來看，這樣的邏輯對嗎？

If -- yes, given the lags, we only can see out, as Kent said, clearly out 3 months because of the nature of these lags. But if market prices stay where they are, yes, there's upside. Very clear, there's upside. And I think we said in our guidance that there have to be a material decline in market prices. And what we've seen in the past couple of weeks in China does not represent a material decline. So there have to be a much more significant decline before that would have a downward impact on our guidance.

如果——是的，考量滯後效應，我們只能像 Kent 說的那樣，因為這些滯後的性質，只能清楚看到未來 3 個月。但如果市場價格維持在目前水準，是的，會有上行空間。非常明確，會有上行空間。而且我想我們在指引中也說過，必須是市場價格出現實質性下跌。過去幾週我們在中國看到的情況並不代表實質性下跌。所以必須要有更顯著的下跌，才會對我們的指引造成下行影響。

Our next question comes from Matthew DeYoe from Bank of America.

我們的下一個問題來自美國銀行（Bank of America）的 Matthew DeYoe。

So questions on MinRes MARBL joint venture. Like one, have they paid you for the 10% stake yet? Two, who controls the decision to run Wodgina and at what pace? Is that MinRes? Is that you? Is that a joint decision? And then when you move to 50-50, is that going to establish after-tax accounting for that business as well?

我有一些關於 MinRes MARBL 合資企業的問題。第一，他們是否已經就 10% 的持股支付款項給你們？第二，誰來主導 Wodgina 的運營決策以及運行節奏？是 MinRes？是你們？還是共同決策？另外，當你們轉為 50-50 時，該業務是否也會改為稅後會計處理？

So I may try and take that. So they've not paid us for anything and it's a concept, and we're negotiating that at the moment. So we're operating at a 60-40 structure that we had previously. So we're under discussions and, I would say, negotiations around expanding that JV, which -- and that expansion would move it to be 50-50 at Wodgina. But that's -- we've got to conclude all of that, and none of that will change until we conclude the discussions and get the final documents.

我來試著回答。到目前為止，他們沒有為任何事項支付款項，這仍是一個概念，我們正在談判中。所以我們目前仍按先前的 60-40 架構運作。我們正在就擴大該合資企業進行討論，我會說是談判——而該擴張將使 Wodgina 變成 50-50。但那——我們必須把這些都敲定，在我們完成討論並取得最終文件之前，任何事情都不會改變。

So the accounting, Scott, I'll leave that to you.

至於會計處理，Scott，我交給你來回答。

Yes. So on the accounting, some of this depends on how those (technical difficulty). So with a 50-50 joint venture, there's some complex accounting rules around control that we'll have to go through and evaluate that once those agreements are there. So there's 2 potential options there. One is that it is a consolidated joint venture on our books with minority, similar to what we do with JBC, or with no control, and it will just run through equity income, which would then create that tax impact that you asked about. So more to come on that. It all depends on how the negotiations and the final contract comes out.

好的。關於會計處理，其中一部分取決於那些（技術困難）。在 50-50 的合資企業下，關於控制權有一些複雜的會計規則，我們必須在協議到位後進行審視與評估。因此有兩種潛在選項：一種是在我們帳上以合併方式認列該合資企業並列示少數股權，類似我們對 JBC 的作法；另一種是我們不具控制權，則僅透過權益法收益反映，這樣就會產生你所問到的稅務影響。後續會再更新。這一切取決於談判結果以及最終合約如何定案。

All right. That's helpful. And then what are you -- what are the assumptions for second half 2022 spodumene internal transfers, if I were looking at sizing that impact? Is it still $17.70 or have you moved that up?

好的，這很有幫助。那麼，如果我想評估其影響，你們對 2022 年下半年鋰輝石（spodumene）內部移轉的假設是什麼？仍然是 17.70 美元，還是你們已經上調了？

No, no. That's moved up. It's almost doubled. It's almost doubled from that. So I think it's -- Eric, do you have that?

不，不。那已經上調了，幾乎翻倍。也就是幾乎是原來的兩倍。所以我想——Eric，你有那個數字嗎？

Will double.

會翻倍。

Yes. Yes, or will double, right.

是的。是的，或者說會翻倍，對。

It's based on a formula with -- how we've agreed to -- the JV is agreed to with the authorities in Australia for tax and royalty purposes. And then it's based upon a lagging basis of how spodumene prices in the market, several different indices have fared. So based on that, what you see with spodumene prices rising with -- certainly, with the salt prices as well that we talked about earlier, that average price is probably going to be on the order of double where it's been.

它是基於一個公式——我們與澳洲主管機關就稅務與權利金目的所同意的合資企業安排。然後它是基於滯後的基礎，取決於市場上鋰輝石價格、幾個不同指數的表現。因此基於這點，隨著鋰輝石價格上升——當然也包括我們先前提到的鹽類價格上升——那個平均價格很可能會達到大約是過去水準的兩倍。

Our next question comes from Christopher Parkinson from Mizuho.

我們的下一個問題來自 Mizuho 的 Christopher Parkinson。

This is Harris Fein on for Chris. So your competitors have been discussing that there has been a noticeable step change in your customers' willingness to enter into contracts and more of an acknowledgment that the world will be short lithium in the coming years.

我是代 Chris 提問的 Harris Fein。你們的競爭對手一直在討論，客戶在簽訂合約的意願上出現了明顯的階段性變化，也更認同未來幾年全球將面臨鋰供應短缺。

So I was wondering if you could give your perspective on that based on what you're seeing. And I know it's early, but how -- what that implies for the setup for 2023 pricing? Is it reasonable to expect that you would be able to maintain these levels?

所以我想請你們根據你們所看到的情況，談談你們的觀點。我知道現在還早，但這對 2023 年定價格局意味著什麼？是否可以合理預期你們能維持目前這些水準？

So Harris, this is Eric. I'll start and maybe others will add. So the market -- there is certainly a very big concern about security of supply. With the rapid commit -- with the significant commitment that automotive manufacturers are making towards EVs and the excitement that, that brings with it, there's a concern as well that the -- whether the industry can spool up quickly enough to meet that demand. And in one regard, that might be why the spot prices are so high. It's just a fundamental concern in that regard.

Harris，我是 Eric。我先回答，其他人可能會補充。市場——對供應安全確實有非常大的擔憂。隨著汽車製造商對電動車（EV）做出快速且重大的承諾，以及這所帶來的熱度，也同時引發擔心：產業是否能夠足夠快速地擴產以滿足需求。從某個角度來看，這可能也是現貨價格如此之高的原因——本質上就是對此的基本面擔憂。

And that's leading to long-term partnership discussions. And fortunately, that falls squarely in the strategy we've had for years now, which is picking the right partners, partnering with them long term, leveraging our world-class resources and our ability to execute well to give them comfort that we're the right partner for them to ease that concern around security of supply.

而這正在促成長期合作夥伴關係的討論。幸運的是，這正好符合我們多年來的策略：選擇合適的夥伴、與他們建立長期合作，運用我們世界級的資源以及良好的執行能力，讓他們放心我們是合適的合作夥伴，從而緩解他們對供應安全的擔憂。

Price is, as we've discussed at length in this call, is a function of what happens with the market indices for a large measure of our revenue. Currently, 50% of our battery grade revenues are going to be impacted by that. It is -- and that's going to be what the market does. So there will be structures we take on with these sorts of partners that, as Kent earlier said, will probably be index-based and have some collaring on either side of them. And a long-term commitment from these customers to buy and for us to supply. Where that price is, is going to be a function of the market. So hard to call that right now.

價格——如同我們在這通電話中已經詳細討論的——在很大程度上取決於市場指數的走勢，因為我們相當一部分營收與此相關。目前，我們 50% 的電池級營收會受到影響。這——而這將取決於市場怎麼走。因此，對於這類合作夥伴，我們會採用一些結構，正如 Kent 先前所說，可能會以指數為基礎，並在上下兩側設置一定的區間（collar）。同時，客戶會做出長期採購承諾，而我們也承諾供應。至於價格落在哪裡，將取決於市場，所以現在很難判斷。

Got it. And piggybacking off that, in the past, we've been looking at sort of a 40% long-term EBITDA margin bogey for lithium. And 1Q looks like a little bit of an anomaly. But given the current price setup that you're seeing, is there any meaningful change to your long-term normalized margin outlook? It's a bit higher in 2022.

了解。延伸這點，過去我們一直以鋰業務長期 EBITDA 利潤率約 40% 作為目標基準。第一季看起來有點像異常值。但以你們目前看到的價格格局來看，你們對長期常態化利潤率展望是否有任何實質改變？2022 年看起來更高一些。

And if you could also talk about helping us come up with a framework for quantifying how start-up costs are going to play into that over the next few years, that would be really helpful.

另外，如果你們也能談談，協助我們建立一個框架來量化未來幾年啟動成本（start-up costs）將如何影響利潤率，那會非常有幫助。

Yes. So I would say that our long-term view, as we laid out last year in our Investor Day, was in the mid-40s for the lithium business at mid-cycle pricing, so through the cycle. And I would say that our view really hasn't changed at this point in time. We'll continue to evaluate that and adjust as we need to, as we better understand the long-term pricing outlooks.

是的。我會說，我們的長期觀點——如同我們去年在投資人日所說——是在中周期定價下、穿越景氣循環，鋰業務的利潤率在 40% 中段（mid-40s）。我也會說，截至目前我們的看法並沒有改變。我們會持續評估，並在我們更了解長期定價展望後，視需要進行調整。

Of course, as you mentioned, our plant start-ups do have an impact on that. It's bigger today because we're doubling our capacity versus, as you go forward in time, the next increment is going to be a smaller and smaller percentage and eventually just be part of -- just part of our normal operating activities.

當然，如你所提到的，我們工廠的啟動確實會對此造成影響。現在影響更大，因為我們正在把產能翻倍；但隨著時間往前推進，下一個增量會占比越來越小，最終就會成為——就只是我們正常營運活動的一部分。

Our next question comes from Arun Viswanathan from RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Arun Viswanathan。

(technical difficulty) I mean, first off, I guess, just wanted to go back to the pricing discussion. So we have had some majors announce some new capacity announcements, I think Ganfeng and some others, as you know. And that would kind of potentially signal some confidence that we are in a new price regime. You've also taken up your guidance for the full year.

（技術問題）我的意思是，首先，我想先回到定價的討論。我們看到一些大型業者宣布新增產能，我想包括贛鋒以及其他一些公司，如你所知。這可能在某種程度上顯示市場對我們正處於新的價格體系有信心。你們也上調了全年指引。

I'm just curious what you think the new level of, say, peak to trough pricing in lithium is as you move into '23. I mean do you think you can build off of this base that you're at right now?

我只是好奇，當你們進入 2023 年時，你們認為鋰價從高點到低點的波動區間（peak to trough）新的水準大概會是什麼？我的意思是，你覺得你們能在目前這個基礎之上繼續發展嗎？

So we're not going to call lithium pricing going forward. So I mean what we've done is we've structured our contracts so we move with the market, and we've given ourselves a little bit of stability. That's been part of our plan for some time, and it gives our customers visibility of what the price is relative to the market. I mean they have the same visibility going forward as we do and as you do. So it's difficult for us to say where it goes in '23.

我們不會去預測未來的鋰價。我們所做的是把合約架構設計成能隨市場變動，同時也讓我們有一點穩定性。這一直是我們計畫的一部分，並且讓客戶能看見我們的價格相對於市場的位置。我的意思是，他們對未來的可見度跟我們、也跟你一樣。所以我們很難說 2023 年會走到哪裡。

We think the market is tight. When we look at the demand from EVs and demand on lithium and what we see is capacity coming on, the market is tight for years. So for at least through our planning period, which I would call it 5 years. So we see it being pretty tight. Now there will be periods where there's a little -- there's some oversupply, but the growth in the market, it catches up very quickly. So we think the market is tight, but we're not going to call lithium prices for '23.

我們認為市場供應吃緊。當我們看電動車帶來的需求、鋰的需求，以及我們看到的新增產能投放，市場在未來多年都會偏緊。至少在我們的規劃期間內，我會說是 5 年。因此我們認為會相當吃緊。當然也會有一些時期出現一點——會有些供給過剩，但市場成長會很快把它消化掉。所以我們認為市場偏緊，但我們不會去預測 2023 年的鋰價。

Understood. And then I guess, we haven't really asked about bromine yet, so maybe I'll just ask quickly there. Maybe you can just provide a couple more details on your thoughts there. Do you expect continued price upward momentum there? And what's the outlook, I guess, from a demand standpoint?

了解。接著我想，我們還沒有真正問到溴素，所以我就快速問一下。也許你可以再多提供一些你們的看法。你們是否預期那邊的價格會持續上行？以及從需求面來看，展望如何？

Yes, Arun, in terms of pricing, I think we should see pretty stable pricing. We're pretty fortunate that the applications in digitalization and electrification continue to grow. And that those applications are growing slightly faster than supply can come on to the market. So similar to what we saw in our Investor Day last fall, we expect this market to be fundamentally undersupplied for the next 5 years of our planning period. So -- and we're adding capacity. So we expect the pricing to stay relatively strong for the foreseeable future.

是的，Arun，就定價而言，我認為我們應該會看到相當穩定的價格。我們很幸運，數位化與電氣化的應用持續成長，而且這些應用的成長速度略快於供給能進入市場的速度。因此，類似於我們去年秋天投資人日所看到的情況，我們預期在接下來 5 年的規劃期間內，這個市場在基本面上將處於供給不足。所以——而我們也在增加產能。因此我們預期在可預見的未來，價格將維持相對強勁。

Next question is from Ben Kallo from Baird.

下一個問題來自 Baird 的 Ben Kallo。

Just 2 questions. First, hydroxide versus carbonate and how do you decide on where to make the investment on the 2? And then geopolitical risk, just as you invest in countries, there was a headline out yesterday about Mexico nationalizing their lithium resource. But as you look to Argentina and making that investment in Chile, we get a lot of questions about that. So how do you think about that going forward?

兩個問題。第一，氫氧化鋰相對於碳酸鋰，你們如何決定要在兩者之間把投資放在哪一個？第二，地緣政治風險，當你們在各國投資時，昨天有一則新聞標題提到墨西哥將其鋰資源國有化。但當你們看阿根廷，以及在智利進行投資時，我們收到很多相關問題。你們未來如何看待這件事？

Ben, this is Eric. I can take the hydroxide and myself or Kent can address the geopolitical risk one. So first on hydroxide versus carbonate. The prior question was about the trend towards long-term partnerships and security of supply. We -- one of the benefits of the customer partnership approach is to leverage that -- their commitment to us and making commitment firmly to the product form that they wish it. There's also -- and this does relate to the geopolitical risk side of things, in that there's also a discussion around where they want it and increasingly a concern and a desire to have localization of supply.

Ben，我是 Eric。我可以先回答氫氧化鋰的部分，至於地緣政治風險的問題，我或 Kent 可以來回應。先談氫氧化鋰與碳酸鋰。前一個問題提到長期合作夥伴關係與供應安全的趨勢。我們——客戶合作夥伴模式的一個好處，是能利用——他們對我們的承諾，並且讓他們明確承諾他們想要的產品型態。此外——這也與地緣政治風險相關，因為也會討論他們希望在哪裡取得供應，而且越來越關注並希望供應在地化。

So we leverage the commitments we're trying to get in these contracts of these customers to narrow down those 2 issues, the product risk and the regional risk for the 2. As an added comment, we currently are seeing that maybe carbonated or LFP chemistries are about maybe 20%, 25% of the market. That's our current view. We continue to monitor that carefully.

因此，我們會運用在這些合約中希望取得的客戶承諾，來縮小這兩個議題：產品風險與區域風險。補充一點，我們目前看到，可能碳酸鋰或 LFP（磷酸鐵鋰）化學體系約占市場的 20% 到 25%。這是我們目前的看法。我們會持續密切監測。

Kent, do you want to comment just on how we think about risk?

Kent，你要不要就我們如何看待風險補充一下？

Yes. I mean -- I would say -- I mean (technical difficulty) important for us given the locations where (technical difficulty) and we look at it kind of at a macro level and by country. So -- and we look at it for particularly kind of -- we get deeper and deeper as we make a new investment, but we monitor that. So a lot happening in Chile, as you know, we talked about on these calls before. Argentina, as we make investments there, we'll have to make sure that we're looking at those risks and monitoring that.

好的。我的意思是——我會說——我的意思是（技術問題）對我們來說很重要，考量到（技術問題）所在的地點，我們會在宏觀層面以及按國家來看待。所以——我們在做新投資時會愈看愈深入，但我們會持續監控。智利有很多事情正在發生，如你所知，我們之前在這些電話會議上也談過。至於阿根廷，當我們在那裡投資時，我們必須確保我們正在檢視並監控那些風險。

Australia, less of an issue. China, another area that we have to focus on and make sure we have our risk assessment, but we monitor those. We try and combine it with government -- active government relations on making sure that we're doing the right thing in the country. So we're seen as a good actor and that we're bringing value to them as well that others can't necessarily bring. And that's a big part of how we feel like we mitigate the risk in some of those geographies.

澳洲的問題相對小。中國則是另一個我們必須聚焦的區域，並確保我們有風險評估，但我們會持續監控。我們也會結合政府——積極的政府關係，確保我們在該國做正確的事。讓我們被視為良好的參與者，並且也為他們帶來價值，而這些價值不一定是其他人能帶來的。這是我們認為能在某些地區降低風險的一大部分。

Our next question is from Colin Rusch from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Colin Rusch。

Can you talk a little bit about the potential for incremental customer deposits or customer-funded CapEx? You guys are spending a ton of money to grow capacity. And I'm just wondering about some of the alternative strategies for financing then.

你們能談談額外客戶預付款或由客戶出資的資本支出（CapEx）的可能性嗎？你們為了擴充產能花了很多錢。我只是想了解一些替代性的融資策略。

Yes, Colin, I think it's a good question. I think given the environment that we're in and the concern around supply from our customers, we're exploring all sorts of options. Partnership type of options like Eric talked about, prepayments. There's a variety of different things there. I think the key for us is to ensure that those types of agreements are giving us incremental return versus what we could do on our own.

是的，Colin，我覺得這是個好問題。考量我們所處的環境，以及客戶對供應的擔憂，我們正在探索各種選項。像 Eric 提到的合作夥伴類型方案、預付款等，還有各式各樣不同的做法。我認為對我們而言的關鍵，是確保這類協議能帶來相較於我們自行推進所能取得的額外報酬。

So clearly, our strong balance sheet, strong support from investors give us plenty of capacity to be able to do it on our own. But if we can get incremental returns, we'll take a look at it.

很明顯，我們強健的資產負債表，以及投資人的強力支持，讓我們有充足能力可以靠自己完成。但如果我們能取得額外報酬，我們就會評估。

Okay. And then just given the expertise that you guys have around cathode materials and formulation, I'm wondering about your willingness or interest in additional vertical integration. Obviously, you don't want to compete with your customers, but it seems like you guys have enough expertise that you could do some real work in that space.

好的。接著，鑑於你們在正極材料與配方方面的專業，我想了解你們對進一步垂直整合的意願或興趣。顯然你們不想與客戶競爭，但看起來你們有足夠的專業能力，可以在那個領域做出實質成果。

Is that a cathode question? Or I'm just trying to make...

這是關於正極的問題嗎？我只是想確認……

Yes, cathode question. Yes. No (inaudible) vertical integration there.

是的，正極的問題。是的。不是（聽不清）那邊的垂直整合。

Yes. So -- I mean, look, we look at the different options, but we're from -- we look at it from a material standpoint. And our interest in batteries and cathodes is to make sure that we're producing and developing the right chemistries that go into our customers' processes. So we're not looking to be in the cathode business, but we're looking to be an excellent supplier to those cathode makers and the OEMs that have vested interest in the battery and the cathode technology.

是的。所以——我的意思是，你看，我們會評估不同的選項，但我們是從材料的角度來看。我們對電池與正極的興趣，是確保我們正在生產並開發能進入客戶製程的正確化學體系。因此我們不打算進入正極製造業務，但我們希望成為那些正極製造商以及對電池與正極技術有既得利益的 OEM 的卓越供應商。

Yes. And I'll just expand. Colin, part of doing that is being able to understand that application very well, but not integrate forward into it. And as -- I would also say, though, that as we look at other advanced forms of lithium, we'll look at the -- again, question exactly how we want to play in that.

是的。我再補充一下。Colin，做到這點的一部分，是要能非常了解該應用，但不向下游整合進去。不過——我也會說，當我們看其他更先進的鋰產品形式時，我們會再看——同樣地，問題在於我們究竟要如何參與其中。

Still be a material player, but what material are we supplying? And so we're looking at -- as you look at solid state chemistries, there's a variety of different ways we can play in that area. And we're doing a lot of work currently with partners and customers in that area to determine the future.

仍然會是材料領域的參與者，但我們供應的是什麼材料？因此我們正在研究——當你看固態化學體系時，我們可以在那個領域以多種不同方式參與。我們目前也正與合作夥伴與客戶在那方面做大量工作，以判斷未來方向。

That's all the time we have for today's Q&A session. I'm now going to hand you back to Kent Masters for any final remarks. Please go ahead.

今天的問答時間就到這裡。現在我把時間交回給 Kent Masters 做最後結語。請開始。

All right. Thank you, Darius, and thank you all again for your participation on our call today. Our success in 2021, combined with the momentum we are experiencing in '22, strongly positions us for profitable growth. I'm confident in our team's ability to drive value for all of our stakeholders by accelerating our growth in a sustainable way and to lead by example. Thank you, and thanks for joining us.

好的。謝謝你，Darius，也再次感謝各位今天參與我們的電話會議。我們在 2021 年的成功，加上我們在 2022 年所經歷的動能，讓我們在獲利成長方面具備非常有利的定位。我對我們團隊的能力充滿信心，能以可持續的方式加速成長，為所有利害關係人創造價值，並以身作則引領。謝謝，也感謝各位加入我們。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝加入。您現在可以掛斷線路。