Arcadium Lithium PLC (ALTM) 2023 Q4 法說會逐字稿

Good afternoon and welcome to the fourth quarter 2020 earnings release conference call for Arcadium Lithium. (Operator Instructions) I will now turn the conference over to Mr. Daniel Rosen, Investor Relations and Strategy for Arcadium Lithium. Mr. Rosen, you may begin.

下午好，歡迎參加 Arcadium Lithium 2020 年第四季財報電話會議。 （操作員指示）我現在將會議交給Arcadium Lithium 投資者關係和戰略部門的Daniel Rosen 先生。羅森先生，您可以開始了。

Great. Thank you, John, and thanks, everyone, for joining. Joining me today are Paul Graves, President and Chief Executive Officer; Gilberto Antoniazzi, Chief Financial Officer.

偉大的。謝謝約翰，也謝謝大家的加入。今天與我一起出席的還有總裁兼執行長 Paul Graves；吉爾伯托·安東尼亞齊，財務長。

The slide presentation that accompanies our results, along with our earnings release can be found in the Investor Relations section of our website. Prepared remarks from today's discussion will be made available after the call. Following our prepared remarks, Paul and Gilberto will be available to address your questions. Given the number of participants on the call today, we will request a limit of one question and one follow-up per caller. We will be happy to address any additional questions after the call.

我們的業績附帶的幻燈片演示以及我們的收益發布可以在我們網站的投資者關係部分找到。今天的討論準備好的評論將在電話會議後公佈。在我們準備好的演講之後，保羅和吉爾伯托將回答您的問題。鑑於今天參加電話會議的人數，我們將要求每個來電者最多提出一個問題和一次後續行動。我們很樂意在通話後解決任何其他問題。

Before we begin, let me remind you that today's discussion will include forward-looking statements that are subject to various risks and uncertainties concerning specific factors, including, but not limited to those factors identified in our Form 10-K and other filings with the securities and exchange commission.

在我們開始之前，請允許我提醒您，今天的討論將包括前瞻性陳述，這些陳述受到有關特定因素的各種風險和不確定性的影響，包括但不限於我們的10-K 表格和其他證券文件中確定的因素和兌換佣金。

Information presented represents our best judgment based on today's information, actual results may vary based on these risks and uncertainties. Today's discussion will include references to various non-GAAP financial metrics. Definitions of these terms as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP are provided on our Investor Relations website.

所提供的資訊代表我們根據今天的資訊做出的最佳判斷，實際結果可能會因這些風險和不確定性而有所不同。今天的討論將包括對各種非公認會計原則財務指標的引用。我們的投資者關係網站上提供了這些術語的定義以及根據 GAAP 計算和呈現的最直接可比較的財務指標的調整表。

And with that, I'll turn the call over to Paul.

然後，我會將電話轉給保羅。

Thank you, Dan. Hello, everyone. This is the first earnings call for Arcadium Lithium following the official close of the merger between Livent and Allkem on January 4, of this year. We're excited to begin operating as Arcadium Lithium building on the strengths of two highly complementary organizations with a focus on continuing to grow, but one of the leading global producers of lithium chemicals.

謝謝你，丹。大家好。這是繼今年 1 月 4 日 Livent 和 Allkem 合併正式結束後，Arcadium Lithium 首次召開財報電話會議。我們很高興能夠以 Arcadium Lithium 的身份開始運營，該公司依托兩個高度互補的組織的優勢，專注於持續發展，同時也是全球領先的鋰化學品生產商之一。

While lithium and energy storage market dynamics have been somewhat volatile since our merger announced in May of last year, the underlying strategic merits of the transaction remain as strong as ever. With a larger, more diversified, vertically integrated company. We are better positioned than either of the companies alone to meet the growing needs of our customers, and we have even greater flexibility to take advantage of opportunities available to a diversified, integrated lithium chemicals producer across all market cycles.

儘管自去年 5 月宣布合併以來，鋰和儲能市場動態一直有些波動，但這筆交易的潛在策略優勢仍然一如既往。擁有一家規模更大、更多元化、垂直整合的公司。我們比任何一家公司都更有能力滿足客戶不斷增長的需求，而且我們具有更大的靈活性，可以利用跨所有市場週期的多元化、綜合性鋰化學品生產商提供的機會。

Arcadium Lithium is growing its volumes significantly as a result of multiple years of expansionary investments. 2024 is highlighted by an expected 40% increase in lithium carbonate and hydroxide volumes compared to 2023, as a combined company.

經過多年的擴張投資，Arcadium Lithium 的銷量正在大幅成長。與 2023 年相比，合併後的公司預計 2024 年碳酸鋰和氫氧化鋰產量將增加 40%。

In addition, our Arcadium is expecting to realize $60 to $80 million of total synergies and cost savings in 2024. We will go into further detail on the major components of these cost reductions. For the savings are driven by a combination of positive developments and our initial integration efforts and from accelerating certain actions as a result of the current lithium price environment.

此外，我們的 Arcadium 預計到 2024 年將實現 6,000 至 8,000 萬美元的總協同效應和成本節約。我們將進一步詳細介紹這些成本削減的主要組成部分。因為節省是由積極的發展和我們最初的整合努力以及由於當前鋰價格環境而加速某些行動的結合所推動的。

These higher volumes and cost savings are reflected in the outlook scenarios we are providing for our Arcadium Lithium first full year, which we are providing in a different format than that provided historically by either Livent or Allkem. The lower price environment, is also leading Arcadium to slow the pace of its growth capital spending in 2024 and to extend the time lines for some of its ongoing expansion projects. As we will discuss further.

這些更高的產量和成本節省反映在我們為 Arcadium Lithium 第一年全年提供的前景情景中，我們提供的格式與 Livent 或 Allkem 歷史上提供的格式不同。較低的價格環境也導致Arcadium放慢了2024年資本支出的成長步伐，並延長了一些正在進行的擴張項目的時間表。我們將進一步討論。

This reduction will not impact our ability to deliver volumes under existing customer commitments. It will provide us with an opportunity to undertake a comprehensive review of the existing expansion plans from Livent and Allkem, in order to maximize the capital synergies available. Some are co-located projects in Argentina and Canada as well as optimize the operational flexibility of future production.

這種減少不會影響我們根據現有客戶承諾交付數量的能力。它將為我們提供一個機會，對 Livent 和 Allkem 的現有擴張計劃進行全面審查，以最大限度地發揮可用的資本協同效應。其中一些項目位於阿根廷和加拿大，並優化了未來生產的營運靈活性。

I will now turn the call to Gilberto.

我現在將電話轉給吉爾伯托。

Thank you, Paul. Turning to slide 4. For a merger closed earlier this year following a vote of approval from both Livent and Allkem shareholders. Our Arcadium Lithium ordinary shares are trading on the New York Stock Exchange under the ticker ALTM in our foreign exempt listing via chess depository instruments or CDI. It's trading on the ASX under the ticker ALTM. Because the merger closed after year-end 2023, the 2023 10-K to be released by Arcadium Lithium will all include the historical results of Livent operations.

謝謝你，保羅。轉向幻燈片 4。合併於今年稍早完成，並經 Livent 和 Allkem 股東投票批准。我們的 Arcadium Lithium 普通股在紐約證券交易所交易，股票代號為 ALTM，透過國際象棋存託工具或 CDI 進行境外豁免上市。它在澳洲證券交易所上市，股票代號為 ALTM。由於合併在 2023 年底後完成，Arcadium Lithium 將發布的 2023 年 10-K 將全部包含 Livent 營運的歷史業績。

At this time, we can share that for the full year 2023, our key you'll have combined revenue of approximately $2 billion and a combined consolidated cash balance of $892 million, with combined cash net of that of roughly $287 million as of December 20 -- as of December 31, 2023. We expect to provide calendar year 2023 pro forma financials early in the second quarter of '24, and we'll release combined results for the new company beginning with the first quarter of 2024. For this reason, we will discuss the fourth quarter and full year 2023 performance for both companies on a stand-alone basis and formats consistent with previous disclosures.

目前，我們可以分享的是，截至 12 月 20 日，2023 年全年的合併收入約為 20 億美元，合併現金餘額為 8.92 億美元，合併現金淨額約為 2.87 億美元-- 截至2023 年12月31 日。我們預計將在2024 年第二季初提供2023 年預計財務數據，並且我們將從2024 年第一季開始發布新公司的合併業績。因此，我們將單獨討論兩家公司的第四季度和2023 年全年業績，並採用與先前披露一致的格式。

Starting on slide 5. Livent reported fourth quarter revenue of $182 million, adjusted EBITDA of $91 million and adjusted earnings of $0.34 per diluted share. Volumes sold were roughly flat with lower average realized prices across all lithium products in addition to slightly higher costs, despite a challenging leasing market environment in the fourth quarter, Livent achieved an adjusted EBITDA margin of 50%.

從投影片 5 開始。Livent 報告第四季營收為 1.82 億美元，調整後 EBITDA 為 9,100 萬美元，調整後每股攤薄收益為 0.34 美元。儘管第四季租賃市場環境充滿挑戰，但銷售量大致持平，所有鋰產品的平均實現價格較低，成本略有上升，但 Livent 的調整後 EBITDA 利潤率為 50%。

For the full year 2023 Livent reported revenue of $883 million, adjusted EBITDA of $503 million and $1.89 of adjusted earnings per diluted share. These were all meaningful improvement versus the prior year and record results for Livent. This was a result of higher average pricing and lower overall costs and is highlighted by full year 2023 net income growth of 21%, an adjusted EBITDA increase of 37% and an improved adjusted EBITDA margin of over 10% versus 2022.

Livent 報告 2023 年全年營收為 8.83 億美元，調整後 EBITDA 為 5.03 億美元，調整後每股攤薄收益為 1.89 美元。與前一年相比，這些都是有意義的改進，並為 Livent 創造了創紀錄的結果。這是平均定價提高和整體成本降低的結果，2023 年全年淨利潤增長 21%，調整後 EBITDA 增長 37%，調整後 EBITDA 利潤率較 2022 年提高超過 10%，凸顯了這一點。

Turning to Allkem on slide 6. On 100% ownership basis, the Olaroz carbonate facility achieved calendar year fourth quarter, total revenue of $96 million. We're just under 7,000 metric tons of carbonate sold compared to production of just over 4,100 metric tons at an average realized price of $13,564 per metric ton. For the full year 2023, total revenue was $511million, with 17,879 metric tons of carbonate. So at an average realized price of $27,780 per metric ton. Sales and production were broadly in line for the full year.

轉向幻燈片 6 上的 Allkem。在 100% 所有權的基礎上，Olaroz 碳酸鹽工廠實現了歷年第四季的總收入 9,600 萬美元。我們銷售的碳酸鹽略低於 7,000 噸，而產量略高於 4,100 噸，平均實現價格為每噸 13,564 美元。 2023 年全年總收入為 5.11 億美元，碳酸鹽產量為 17,879 噸。因此，平均實現價格為每噸 27,780 美元。全年銷售和產量基本一致。

For Mt. Cattlin volume in operation. Fourth quarters spodumene revenue was $46 million with roughly 60,000 dry metric tons sold were 5.3% average grade at a 6% spodumene equivalent price of approximately $850 per dry metric ton. The realized spodumene price decline in the fourth quarter was amplified by two specific factors. A shift two forward-looking reference price mechanism with customers consistent with the shifts seen across the industry and the timing of shipments all occurring in the second half of the quarter when the market that was particularly challenge.

對於正在運行的 Mt. Cattlin 磁碟區。第四季鋰輝石營收為 4,600 萬美元，售出約 6 萬幹噸，平均品位為 5.3%，6% 鋰輝石等值價格約為每幹噸 850 美元。兩個特定因素放大了第四季鋰輝石價格的實際跌幅。一轉變二的前瞻性參考價格機制與客戶一致，整個產業的轉變和出貨時間都發生在市場特別面臨挑戰的季度下半年。

From an operations perspective, production grade and recovery rates both improved slightly versus the prior quarter for the full year 2023, spodumene revenue was $571 million with just over I'm sorry, we just under $205,000 dry metric tons sold 5.3 average grade at a 6% spodumene equivalent price of roughly $3,100 per dry metric ton.

從營運角度來看，2023 年全年的生產品位和回收率均較上一季度略有改善，鋰輝石收入為5.71 億美元，略高於“抱歉，我們幹噸略低於205,000 美元”，以 6 的平均品位出售了 5.3 品位。% 鋰輝石等值價格約為每幹噸 3,100 美元。

Full-year production was roughly $34,000 dry metric tons higher than volumes sold, which will carry into this year and brings our spodumene inventory to more normalized levels. The notable decline in fourth quarter spodumene and lithium carbonate prices was especially notable at Allkem. Given its practice of selling volumes largely on a market price reference base, the resulting swings in profitability, we view the challenges of making significant discretionary capital investments will remove two-year periods. Especially when it comes to having access to the cash needed to support these investments commitments. This will be one of the key focus areas for Arcadium as we look to implement an integrated commercial strategy that provides greater predictability while also allow the company to take advantage of attractive market opportunities.

全年產量比銷售量高出約 34,000 美元乾噸，這一情況將延續到今年，並使我們的鋰輝石庫存達到更正常的水平。第四季鋰輝石和碳酸鋰價格的顯著下降在 Allkem 尤為引人注目。鑑於其銷售量主要基於市場價格參考的做法，以及由此產生的獲利能力波動，我們認為進行重大可自由支配資本投資的挑戰將消除兩年期。尤其是在獲得支持這些投資承諾所需的現金時。這將是 Arcadium 的重點關注領域之一，因為我們希望實施全面商業策略，提供更大的可預測性，同時讓公司能夠利用有吸引力的市場機會。

I will now turn the call back to Paul to provide some market commentary.

現在我將把電話轉回給保羅，以提供一些市場評論。

Thanks, Gilberto. On slide 7. I'd like to provide some perspectives on what we saw in the lithium market in 2023. In hindsight, the year was heavily influenced by inventory build in the energy storage supply chain, more meaningful inventory increases we're seeing downstream of lithium, most notably in battery cells became clear that many battery cell producers. It aggressively increased production in the fourth quarter of 2022, especially in China, in anticipation of elevated demand prior to expiring subsidies.

謝謝，吉爾伯托。在投影片 7 上。我想就 2023 年鋰市場的情況提供一些看法。事後看來，這一年受到儲能供應鏈庫存建設的嚴重影響，我們看到下游庫存增加更有意義許多電池生產商都清楚鋰的含量，尤其是電池中的鋰含量。由於預計補貼到期前需求會增加，該公司在 2022 年第四季大幅增加產量，尤其是在中國。

As a result, both cell and cathode producers reduced production rates as 2023 progress on spot lithium purchase activity beyond base volume contracts declined significantly. This droves a sharp decline in lithium market price starting in late Q3 and accelerating in the fourth quarter. Given the price decline as well as some negative headlines, some OEMs who were perhaps overly optimistic with the earlier EV forecasts, especially in the US market, [EV] ended with a notably bearish sentiment around lithium advantage storage.

因此，隨著 2023 年基本量合約以外的現貨鋰採購活動進展顯著下降，電池和陰極生產商都降低了生產力。這導致鋰市場價格從第三季末開始急劇下跌，並在第四季加速下跌。考慮到價格下跌以及一些負面新聞，一些原始設備製造商可能對早期的電動車預測過於樂觀，尤其是在美國市場，[電動車]最終對鋰優勢存儲持明顯悲觀情緒。

However, taking a step back, it's important to recognize that underlying end market demand was actually very strong last year, 2023 global EV sales were up 33% for the year, approaching 14 million units, sort of roughly 17% penetration. China has an all-time monthly high of around 1 million units in December, which was up 49% year-over-year and 10% month-over-month.

然而，退一步來說，重要的是要認識到去年潛在的終端市場需求實際上非常強勁，2023 年全球電動車銷量將增長 33%，接近 1400 萬輛，滲透率約為 17%。 12月中國單月銷量創歷史新高，約100萬台，較去年同期成長49%，較上季成長10%。

Additionally, stationary energy storage demand continues to surprise to the upside and growth in this segment should be stronger and a lower lithium-ion battery cost environment and what incremental lithium supply did enter the market in 2023. It did not come mainly from lower cost Brian expansion. The new supply was predominantly higher cost materials and spodumene in Africa and the lepidolite in China.

此外，固定式儲能需求繼續令人驚訝地上漲，該領域的成長應該會更加強勁，並且鋰離子電池成本較低的環境以及2023 年進入市場的增量鋰供應量並不主要來自於較低的成本Brian擴張。新供應主要是非洲的成本較高的材料和鋰輝石以及中國的鋰雲母。

The development of these assets was incentivized by the high lithium prices seen in the last market run up. And there's some of the first to be economically challenged in the current lower price environment. Lot of it is known that a number of these higher cost assets are still operating the doing so in a price environment that is at or even below that cash cost of production. And it remains to be seen how long they can continue to operate in this way. We also see these assets as the most challenge when it comes to expanding output further, for future.

這些資產的開發受到上次市場上漲時鋰價高企的激勵。在當前較低的價格環境下，一些企業首先面臨經濟挑戰。眾所周知，許多成本較高的資產仍在等於甚至低於現金生產成本的價格環境中運作。他們能以這種方式繼續運作多久還有待觀察。我們也認為，在未來進一步擴大產量時，這些資產是最大的挑戰。

Moving into the first half of 2024. There are a number of reasons to be optimistic about the direction of our industry. However, we, like others in our industry need to take into account the current environment when making capital allocation, we have to look at the sustainable prices needed to support multiyear investment decisions. And when there are prolonged periods of market prices that are lower than these reinvestment prices. This reduces confidence in whether expansion will, in fact be economically viable. We believe that prices will move higher in the future, which they need to do in order to incentivize sufficient supply expansion to meet our customers' future needs.

進入 2024 年上半年。有很多理由對我們行業的發展方向感到樂觀。然而，我們和產業中的其他人一樣，在進行資本配置時需要考慮當前的環境，我們必須考慮支持多年投資決策所需的永續價格。當市場價格長期低於這些再投資價格。這降低了人們對擴張實際上在經濟上是否可行的信心。我們相信，未來價格將會走高，這是為了刺激足夠的供應擴張以滿足客戶未來的需求。

However, it is much more challenging to manage these capital-intensive projects through such a volatile price environment given the direct impact on our earnings and cash flow. When we have prices for extended periods of the levels we see today, we have to be very cautious and how we use our balance sheet to fund the expansion. It is clear that very few lithium expansion projects, including most brownfield expansions in brine, make economic sense at current market prices and the longer the prices stay near these levels, the greater the impact will be on future supply shortfalls.

然而，考慮到對我們收益和現金流的直接影響，在如此波動的價格環境下管理這些資本密集型項目更具挑戰性。當我們的價格長期處於今天的水平時，我們必須非常謹慎，以及如何利用我們的資產負債表為擴張提供資金。顯然，以目前的市場價格來看，很少有鋰擴建項目（包括大多數棕地擴建項目）具有經濟意義，而且價格在這些水平附近停留的時間越長，對未來供應短缺的影響就越大。

As we saw in 2022. This will increase the likelihood of a rapid increase in lithium prices at some point in the future. Although the complexity of the global battery supply chain may support the timing and extent of such an increase difficult to predict, we are seeing a response from both existing operators and project developers alike. Some higher cost productions have started to come out of the market. We expect this trend to continue.

正如我們在 2022 年看到的那樣。這將增加未來某個時候鋰價格快速上漲的可能性。儘管全球電池供應鏈的複雜性可能導致這種成長的時間和程度難以預測，但我們看到了現有營運商和專案開發商的回應。一些成本較高的產品已開始退出市場。我們預計這一趨勢將持續下去。

Additionally, we have seen more discipline being applied towards expansion projects for lower prices, challenge the return hurdles on these multiyear investments, heightened price volatility is reducing the appetite for financing development assets from sources, especially lenders, the many single assets preproduction companies have come to rely on.

此外，我們看到對價格較低的擴張項目採取了更多的紀律，挑戰了這些多年投資的回報障礙，價格波動加劇正在降低來自來源（尤其是貸方）的開發資產融資的興趣，許多單一資產預生產公司已經開始依靠。

There was typically a slowdown in demand in the first few months of the year coming off the seasonally strong fourth quarter this year, many regional cathode and cell producers are expected to use the Lunar New Year holiday period for extended downtime, which should help to support continued destocking at the battery cell level.

由於今年第四季季節性強勁，今年前幾個月的需求通常會放緩，預計許多地區陰極和電池生產商將利用農曆新年假期延長停工時間，這將有助於支持電池芯層面持續去庫存。

As far as 2024 demand is concerned, growth expectations are still strong. We've seen a growing number of more affordable EV models entering the market. Bloomberg NEF projects annual global battery demand to reach 1.25 terawatt hours, up 30% versus 2023. Additionally, longer-term investment commitments continue to be made downstream with additional support in North America and the US driven by the inflation Reduction Act.

就2024年需求而言，成長預期依然強勁。我們看到越來越多更實惠的電動車車型進入市場。彭博 NEF 預計全球電池年需求量將達到 1.25 太瓦時，比 2023 年增長 30%。此外，在通膨削減法案的推動下，在北美和美國的額外支持下，下游將繼續做出長期投資承諾。

This is highlighted most recently by GM, agreeing to a $19 billion deal to secure cathode active material supply in Tennessee. On Toyota investing $1.3 billion support only been in Kentucky bringing its total investment commitment at the site to $10 billion. It's also important to emphasize that reduced percentage growth rates, which will undoubtedly occur over time, do not necessarily mean reduced volume demand with year-over-year demand for lithium chemicals in terms of total tonnes of lithium chemicals continuing to increase meaningfully.

通用汽車最近強調了這一點，同意達成一項 190 億美元的協議，以確保田納西州的陰極活性材料供應。豐田投資 13 億美元的支持僅在肯塔基州進行，使其在該地點的總投資承諾達到 100 億美元。還需要強調的是，隨著時間的推移，百分比成長率的下降無疑會發生，但這並不一定意味著需求量的減少，因為鋰化學品的總噸數同比需求持續大幅成長。

The long-term trajectory for electrification has not fundamentally changed even if as we've been saying for a while now that growth is not necessarily linear and predictable. As long as China continues to be the predominant source of demand and the location of the bulk of the supply chain for energy storage, there will be volatility and periods of aggressive production followed by de-stocking.

電氣化的長期軌跡並沒有從根本上改變，儘管我們已經說過一段時間了，成長不一定是線性和可預測的。只要中國仍然是主要的需求來源和大部分儲能供應鏈的所在地，就會出現波動和一段時期的積極生產，然後是去庫存。

Turning to slide 9. Arcadium Lithium will be growing its sales volumes significantly in 2024 as a result of multiple years of expansionary investment. We are expecting to increase our combined lithium carbonate and hydroxide delivered to customers by roughly 40% in 2024. It's the 52,000 metric tons at the midpoint of analysis bases.

轉向幻燈片 9。由於多年的擴張投資，Arcadium Lithium 的銷量將在 2024 年大幅成長。我們預計到 2024 年向客戶交付的碳酸鋰和氫氧化鋰總量將增加約 40%。這是分析基準中點的 52,000 噸。

With respect to lithium carbonate. This is the result of the ramp up of expansions of Fenix, which is our existing operation of the Salar del Hombre Muerto wetter and at all levels both in Argentina. At Fenix, the 10,000 metric ton Phase 1A expansion is complete and the redoubt production ramp-up process is well underway. We expect to achieve production of up to 7,500 metric tons in 2024 from this expansion. And to finish the year of run rate operating volume. This means we will have total nameplate capacity of 28,000 metric tons per year of Fenix. I will address the status of the Phase 1B additional 10,000 metric ton expansion shortly.

關於碳酸鋰。這是 Fenix 擴張的結果，Fenix 是我們在阿根廷所有級別的 Salar del Hombre Muerto 濕地的現有業務。在 Fenix，10,000 噸的 1A 期擴建已經完成，堡壘生產的提升過程正在順利進行中。我們預計透過此次擴建，到 2024 年產量將達到 7,500 噸。並完成當年經營量運轉率。這意味著我們的 Fenix 總銘牌產能將達到每年 28,000 噸。我很快就會討論 1B 階段額外 10,000 公噸擴建的狀況。

For Olaroz we are in the process of ramping up at 25,000 metric tonne Stage 2 expansion where construction was completed in late 2023 for the conventional pond-based process. This ramp-up will take longer than [Vonexus] PLE based production. We expect to produce up to 40% of capacity or 10,000 metric tons of carbonate from Stage 2, and we expect to reach run rate production by the end of 2025. This will bring total stated capacity at Olaroz to over 40,000 metric tons.

對於 Olaroz，我們正在進行 25,000 公噸的第二階段擴建，該項目的建設已於 2023 年底完成，用於傳統的基於池塘的工藝。這項提升將比基於 [Vonexus] PLE 的生產需要更長的時間。我們預計第二階段將生產高達 40% 的產能，即 10,000 噸碳酸鹽，並預計在 2025 年底達到正常產量。這將使 Olaroz 的總產能達到 40,000 噸以上。

Arcadium will also benefit from the completion of multiple hydroxide production lines, which use carbonate from Argentina as feedstock. We expect to deliver commercial volumes in 2024 from a 5,000 metric ton expansion at a US-based operations and Bessemer City, North Carolina, bringing our total US hydroxide capacity to 15,000 metric tons. Additionally, at the end of 2023, we completed 50,000 metric ton unit at a new location and the province of Zhejiang in China, which will go through qualification and ramp-up in 2024. This brings our total hydroxide capacity in China, 30,000 metric tons.

Arcadium 也將受益於多條氫氧化物生產線的完工，這些生產線使用阿根廷的碳酸鹽作為原料。我們預計將於 2024 年透過美國業務和北卡羅來納州貝塞默城的 5,000 噸擴建實現商業產量，使我們的美國氫氧化物總產能達到 15,000 噸。此外，到 2023 年底，我們在新地點和中國浙江省建造了 50,000 噸裝置，該裝置將於 2024 年通過資格認證和產能提升。這使得我們在中國的氫氧化物總產能達到 30,000 噸。

Turning to us for spodumene operation demand, Cattlin in Western Australia, we are expecting 2024 production to be lower versus calendar year 2023. This is a result of pursuing a reduced mining and production plan as part of cost optimization efforts in light of the current low-price environment spodumene.

關於西澳大利亞 Cattlin 的鋰輝石營運需求，我們預計 2024 年的產量將低於 2023 年。這是鑑於當前較低的成本優化努力的一部分，我們採取了減少採礦和生產計劃的結果。-鋰輝石的價格環境。

I will now turn the call back to Gilberto better to discuss our full year 2024 outlook.

現在，我將把電話轉回吉爾伯托，更好地討論我們 2024 年全年的展望。

Thanks, Paul. On slide 10, you can see our volume growth in 2024, translating to sales volume expectations by major products combined hydroxide and carbonate sales, we expect to increase our volumes sold by a range of 12,000 to 17,000 metric tons. We're around 40% higher in 2023 on a LCE basis at the midpoint. Most of the incremental carbonate sales are expected to come from Olaroz Stage 2 production. While the additional hydroxide sales, we'll be fed from the Fenix expansion.

謝謝，保羅。在幻燈片 10 上，您可以看到 2024 年我們的銷售成長，這轉化為主要產品氫氧化物和碳酸鹽銷售的銷售預期，我們預計銷量將增加 12,000 至 17,000 噸。以 LCE 計算，到 2023 年，我們的中間值將增加約 40%。大部分增量碳酸鹽銷售預計將來自 Olaroz 二期生產。雖然額外的氫氧化物銷售，我們將從 Fenix 擴張中獲得。

Within lithium hydroxide, we have opted to enter into multiyear agreements with a select group of core customers an average two-thirds of our total product volume. These agreements have firm volume commitments and a variety of pricing mechanisms, including some fixed prices for 2024 only as well with floors and ceilings over the life of the agreement. The subset of our volumes will help to reduce overall volatility by limiting potential downside or upside on our total revenue.

在氫氧化鋰方面，我們選擇與一群精選的核心客戶簽訂多年協議，平均佔我們總產品量的三分之二。這些協議有堅定的數量承諾和各種定價機制，包括僅 2024 年的固定價格以及協議有效期內的下限和上限。我們的交易量子集將透過限制我們總收入的潛在下行或上行來幫助降低整體波動性。

As of today, the remaining portion of hydroxide volumes as well as our lithium carbonate sales are expected to be under four term pricing structures typically set on a monthly basis that move with every market referenced. You're expecting flat volumes in other specialty business, which is comprised mainly of [metal lithium, higher in lithium metal]. Pricing is based on customer relationships typically spanning many years and has negotiated monthly or quarterly, taking into account movements the broader route to market.

截至今天，氫氧化物銷售的剩餘部分以及我們的碳酸鋰銷售預計將採用四個期限的定價結構，通常按月設定，並隨每個市場的變化而變化。您預期其他特種業務的銷售量持平，主要由[金屬鋰，鋰金屬含量較高]組成。定價基於通常跨越多年的客戶關係，並按月或季度協商，同時考慮到更廣泛的市場路線的變化。

Lastly, our spodumene concentrate sales out of more Cattlin today are largely be sold directly to China at prevailing market prices because of the lack of longer-term commitments, particularly given the limited remaining mine life day, you can be more flexible with respect to production plan as demonstrated this year.

最後，由於缺乏長期承諾，我們今天從更多 Cattlin 中銷售的鋰輝石精礦大部分以現行市場價格直接出售給中國，特別是考慮到剩餘礦山壽命有限，您可以在生產方面更加靈活計劃如今年所示。

On slide 11, we have provided some other modeling considerations. We will address SG&A and capital spending shortly. Depreciation amortization is expected to be higher than what has been seen historically. This is a result of 2024 being the first year of production for multiple expansion assets. And therefore, when capitalized spending will begin to depreciate. Adjusted tax rate for 2024 is expected to be between the historical levels of the two stand-alone businesses and will be an important point of focus as we further integrate our operating model as a global business. The provide a range is wider than we would expect moving forward in order to reflect the earlier stage of this work.

在投影片 11 中，我們提供了一些其他建模注意事項。我們將很快解決 SG&A 和資本支出問題。預計折舊攤銷將高於歷史水準。這是因為 2024 年是多個擴展資產的第一年投產。因此，資本化支出何時將開始貶值。 2024年調整後的稅率預計將介於兩個獨立業務的歷史水平之間，並將成為我們進一步整合全球業務運營模式時的一個重要關注點。為了反映這項工作的早期階段，提供的範圍比我們預期的更廣泛。

Lastly, our higher estimated fully diluted shares outstanding of $1.15 billion is a function of the merger exchange ratio and is inclusive of $67.7 million of assumed dilution on the company's convertible notes outstanding.

最後，我們較高的估計完全攤薄後的已發行股票為 11.5 億美元，這是合併交換比率的函數，其中包括公司已發行可轉換票據的假設稀釋 6,770 萬美元。

On Slide 12, we provide an update on the expected synergy and cost reductions for Arcadium Lithium. In 2024, the company is expecting to realize a combined $60million to $80 million total cost saves. These benefits will be driven by a combination of lower SG&A expenses and reduce cost of production. Within SG&A savings will come predominantly from headcount reduction, elimination of overlapping services and lower T&E and third-party consultants.

在投影片 12 上，我們提供了有關 Arcadium Lithium 預期協同效應和成本降低的最新資訊。到 2024 年，該公司預計將總共節省 6,000 萬至 8,000 萬美元的總成本。這些好處將由較低的銷售、一般行政費用和生產成本的降低共同推動。 SG&A 節省主要來自人員減少、消除重疊服務以及降低 T&E 和第三方顧問。

For cost of sales. We have identified a number of ways to drive efficiencies from immediate to longer-term across all major aspects of production for all multiple production assets globally. This includes lower input costs and key procurement items, streamlining our manufacturing footprint, particularly at closely locator operating sites and improving our global supply chain network. We expect to continue to drive efficiency for a number of years going forward.

對於銷售成本。我們已經確定了多種方法來提高全球所有多種生產資產的所有主要生產方面從短期到長期的效率。這包括降低投入成本和關鍵採購項目，簡化我們的製造足跡，特別是在地理位置緊密的營運地點，並改善我們的全球供應鏈網路。我們預計未來幾年將繼續提高效率。

Our expectations for 2024 cost savings are higher than they were at the time of merger announced. Some of this has been brought forward by the changing conditions in our markets. But we also see more opportunities from our initial integration work than what we expected at the time of the merger announce and there are a number of immediate cost reductions available. Longer term, we remain confident in the scope of synergies previously outlined, and we will look to accelerate and grow them wherever possible.

我們對 2024 年成本節約的預期高於宣布合併時的水準。其中一些是由於我們市場條件的變化而提出的。但我們也從最初的整合工作中看到了比我們在宣布合併時預期的更多的機會，並且可以立即降低成本。從長遠來看，我們對先前概述的協同效應的範圍仍然充滿信心，並且我們將盡可能加速和發展它們。

I will now pass the call back to Paul, to discuss the outlook scenarios.

我現在會把電話轉給保羅，討論前景情景。

Thank you, Gilberto. On slide 13, we are providing a framework to understand how changes in market price may impact the financial performance of Arcadium Lithium in 2024. Arcadium Lithium current business mix makes it extremely difficult for us to give earnings guidance, and we live and tradition with it. And so much of the outcome is now dependent on where market prices go during the year.

謝謝你，吉爾伯托。在幻燈片13 中，我們提供了一個框架，以了解市場價格的變化可能如何影響Arcadium Lithium 在2024 年的財務業績。Arcadium Lithium 目前的業務組合使我們很難給出盈利指引，但我們以此為生和傳統。現在的結果在很大程度上取決於一年中市場價格的走勢。

We also recognize that simply multiplying volumes by market price does not work for Arcadium Lithium, given the nature of our multi-year contracts and the impact our other specialties business have on our performance. For this reason, we have shown two scenarios using lithium market price assumptions that are consistent with how our peers have presented risks, namely $15 per kilo and $25 per kilo on an LCE basis. We keep constant the midpoints of expected sales volumes, synergy and cost savings and SG&A for 2024, while overlaying existing commercial agreements as applicable.

我們也認識到，考慮到我們多年合約的性質以及我們其他專業業務對我們業績的影響，簡單地將銷量乘以市場價格對 Arcadium Lithium 來說並不適用。因此，我們使用鋰市場價格假設展示了兩種情景，這與我們同行提出的風險一致，即以 LCE 計算每公斤 15 美元和每公斤 25 美元。我們保持 2024 年預期銷售、綜效和成本節約以及銷售、一般管理費用的中點不變，同時涵蓋現有的適用商業協議。

These scenarios should not be interpreted as a forecast by Arcadium Lithium as a likely range of 2024 lithium prices, which they are absolutely are not. They were selected solely to allow investors to assess our potential earnings at a range of prices. With that said, you will see that even in the lower case where Arcadium Lithium achieves a $15 a kilo average price for LCE on its market-based volumes. Arcadium Lithium business remains highly resilient, supported by our quality and low cost production asset, while offering significant upside should have price rebound and [price] take place.

這些情景不應被解讀為 Arcadium Lithium 對 2024 年鋰價格可能範圍的預測，但事實並非如此。選擇它們只是為了讓投資者能夠評估我們在一系列價格下的潛在收益。話雖如此，您會發現，即使在較低的情況下，Arcadium Lithium 的 LCE 平均價格也達到了每公斤 15 美元。在我們的優質和低成本生產資產的支持下，Arcadium 鋰業務保持高度彈性，同時提供顯著的上漲空間，應該會導致價格反彈和[價格]發生。

Moving to slide 14, Arcadium Lithium expects to spend $450 million to $625 million and growth capital spending in 2024 with an additional $100 million to $125 million of maintenance capital spending. For growth spending. This is lower than what Livent documents separately projected last year. We are still investing with conviction in the superior quality of our asset portfolio and believe we have a pipeline of attractive growth projects that is unmatched in our industry.

轉向幻燈片 14，Arcadium Lithium 預計將在 2024 年支出 4.5 億至 6.25 億美元並增加資本支出，並額外增加 1 億至 1.25 億美元的維護資本支出。用於成長支出。這低於 Livent 文件去年單獨預測的數字。我們仍然對我們的資產組合的卓越品質充滿信心地進行投資，並相信我們擁有一系列在我們行業中無與倫比的有吸引力的成長項目。

However, in this lower lithium pricing environment, our cash flow generation are returns on capital investment are quite different, and we must adjust our pace of spending accordingly in order to maintain financial discipline. While we do not believe today's price environment is representative of long-term prices. We have to run the business based on the conditions we are in today. That means being far more cautious with our spending while this environment persists.

然而，在鋰價較低的環境下，我們的現金流產生與資本投資回報有很大不同，我們必須相應調整支出節奏，以維持財務紀律。雖然我們不認為今天的價格環境能夠代表長期價格。我們必須根據今天的情況來經營業務。這意味著在這種環境持續存在的情況下，我們對支出要更加謹慎。

As we previously discussed, one of the major benefits of the merger between Livent and Allken has the opportunity to go optimize and de-risk projects that have natural overlap by slowing capital spending, we believe we will be better off longer term. Over the next few quarters. We will focus on accelerating the work needed to drive capital efficiencies and ultimately lower our overall capital spending across the expansions in both Argentina and Quebec.

正如我們之前討論的，Livent 和 Allken 合併的主要好處之一是有機會透過減緩資本支出來優化和降低自然重疊的項目的風險，我們相信從長遠來看，我們的情況會更好。在接下來的幾個季度裡。我們將專注於加快提高資本效率所需的工作，並最終降低阿根廷和魁北克擴張過程中的整體資本支出。

Additionally, we expect to improve the future operating flexibility of these closely located assets, supporting our focus on strengthening our globally integrated production network. The expansion projects in our portfolio in closest proximity to each other or the Fenix and Sal de Vida projects at the same time allow the Lambert hotel on Westell in Argentina located within 10 kilometers of each other. And the James Bay and Nemaska lithium projects in Quebec, Canada with the were Whabouch mine located roughly 100 kilometers from James Bay.

此外，我們希望提高這些位置緊密的資產未來的營運彈性，並支持我們專注於加強全球一體化的生產網絡。我們投資組合中彼此距離最近的擴建項目或同時進行的 Fenix 和 Sal de Vida 項目使得位於阿根廷 Westell 的 Lambert 酒店彼此相距不到 10 公里。加拿大魁北克省的 James Bay 和 Nemaska 鋰計畫以及 Wabouch 礦場距離 James Bay 約 100 公里。

We expect to deploy $225 million to $325 million of growth capital into Argentina in 2024. This is lower than what would have been spent to bring the Phase 1B 10,000 metric ton carbonate expansion of Fenix online by the second half of 2024 and to achieve first production on Sal de Vida in 2025. Based on what we know today, we expect so delayed production from these projects by up to nine months.

我們預計到 2024 年將向阿根廷部署 2.25 億至 3.25 億美元的成長資本。這低於在 2024 年下半年使 Fenix 1B 期 10,000 噸碳酸鹽擴建項目上線並實現首次生產所需的資金Sal de Vida將於2025 年完工。根據我們今天所知，我們預計這些項目的生產將推遲長達九個月。

We expect to deploy $225 million to $300 million of capital in Canada in 2024, which will primarily be going towards construction of the Nemaska lithium hydroxide facility being developed by Becancour. James Bay permit approvals have been received and the resource definition and engineering has been well progressed. However, we want to take the time to explore potential development efficiencies and future operational flexibility with Whabouch.

我們預計 2024 年將在加拿大部署 2.25 億至 3 億美元的資金，主要用於建造 Becancour 正在開發的 Nemaska 氫氧化鋰工廠。詹姆斯灣許可證已獲得批准，資源定義和工程進展順利。然而，我們希望花時間與 Wabouch 一起探索潛在的開發效率和未來的營運彈性。

Given our expectations for both to be vertically integrated with downstream lithium chemical production over time, any potential delay of Whabouch should not impact the expected time line for Becancour core hydroxide production, which was not expected to require feedstock until 2026. With that said, it means we will likely sell minimal merchant spot roaming volumes compared to our prior expectation. We are focused on the optimization and re-phasing of our expansions over the next few months and intend to provide to investors a comprehensive plan for Arcadium Lithium later this year.

考慮到我們對兩者隨著時間的推移與下游鋰化學品生產垂直整合的預期，Wabouch 的任何潛在延遲都不會影響Becancour 核心氫氧化物生產的預期時間線，預計到2026 年才需要原料。話雖如此，它這意味著與我們之前的預期相比，我們可能會銷售最少的商家現貨漫遊量。我們的重點是在未來幾個月內優化和重新分階段擴張，並打算在今年稍後向投資者提供 Arcadium Lithium 的全面計劃。

Additionally, we will look to introduce new sustainability targets for the business, building on the strong profiles of the two legacy companies and our shared commitment to responsible growth. While this is a difficult and unpredictable period in which to go through the integration process. The long-term strategic merits of the transaction have not changed, and we believe will ultimately be proven out over time and through whatever future market cycles we go through.

此外，我們將在兩家傳統公司的強大實力和我們對負責任成長的共同承諾的基礎上，為業務引入新的永續發展目標。然而，這是一個艱難且難以預測的整合過程時期。該交易的長期戰略優點並沒有改變，我們相信，隨著時間的推移以及我們經歷的任何未來市場週期，最終都會得到證明。

I'll now turn the call back to Dan for questions.

現在我將把電話轉回給丹詢問問題。

Great. Thanks, Paul. John, you may now begin the Q&A session.

偉大的。謝謝，保羅。約翰，您現在可以開始問答環節了。

(Operator Instructions)

（操作員說明）

Steve Richardson, Evercore ISI.

史蒂夫理查森，Evercore ISI。

You did in the script in terms of going to 130 relative to two or five last year. And you mentioned kind of optimization of costs, some obviously high fixed cost mining asset. Could you just talk about that evaluation and why an even lower number wasn't the right answer on considering the remaining mine life and the nature of the assets.

你在劇本中所做的就是從去年的 2 到 5 個增加到 130 個。您提到了成本優化，一些固定成本明顯較高的採礦資產。您能否談談該評估，以及為什麼考慮到剩餘礦山壽命和資產性質，更低的數字並不是正確的答案。

Trusty. We missed the first ten seconds, I think you're talking about Cattlin. So I think I got the gist of what you ask. Yeah. You know my calendar and interesting mine. I mean, it's very much towards the end of its mine life. It's in a Phase today that is, frankly, hugely benefiting from historical investment. And the mine plan essentially go back and look at the data. It went through a period of very low production as it was in a very unproductive scene. And today you can have a productive seen an impact. And while the remaining life of mine, our average cost of production is reasonably high on any cost curve today. That's not the case, it's actually able to produce a pretty low marginal cost of production.

可靠。我們錯過了前十秒，我想你在談論卡特林。所以我想我明白你問的要點了。是的。你知道我的日曆和有趣的我的。我的意思是，它的生命已經接近尾聲了。坦白說，今天正處於一個從歷史投資中受益匪淺的階段。採礦計劃本質上是回顧並查看數據。它經歷了一段產量非常低的時期，因為它處於一個非常低產量的場景。今天，您可以看到富有成效的影響。儘管礦山的剩餘壽命有限，但在當今的任何成本曲線上，我們的平均生產成本都相當高。事實並非如此，它實際上能夠產生相當低的邊際生產成本。

Now it's not sustainable forever. And at some point, a decision will have to be made as to whether to reinvest in that mine, essentially stripping to get to the next Phase of low-cost, highly productive orebodies. Frankly, we slowed it down in order to give ourselves time to see how the market develops. And I think we all know that this is a mindset if a decision is ever made to stop it proposed features and a mine of life, it's unlikely to restart again.

現在它不能永遠持續下去。在某個時候，必須決定是否對該礦進行再投資，本質上是剝離以獲得低成本、高產礦體的下一階段。坦白說，我們放慢了速度，是為了給自己時間看看市場如何發展。我想我們都知道這是一種心態，如果決定停止它提出的功能和生命礦井，它不太可能再次重新啟動。

And so we're very sensitive to that mean not, and we're not in the business of running assets that have had a negative operating margin. We don't expect that to be the case this year and there is an optimal production level and we've taken that production down. If we could, of course, take it much lower, but it does become much less efficient once we get below a certain point. So today, at least that's what we've optimized for. We reserve the right to revisit it either to ramp back up production and prices recover or if prices do fall further and look like they're not going to recover. And then we'll revisit again what the right comments.

因此，我們對此非常敏感，而且我們不從事經營利潤率為負的資產的業務。我們預計今年不會出現這種情況，並且存在最佳生產水平，我們已經降低了產量。當然，如果我們可以把它降低得多，但一旦我們低於某個點，它的效率就會大大降低。所以今天，至少我們已經為此進行了最佳化。我們保留重新審視它的權利，要么是為了增加產量和價格回升，要么是如果價格確實進一步下跌並且看起來不會回升。然後我們將再次回顧什麼是正確的評論。

Helpful. Thank you. I wonder if just as a follow-up, we could talk a little bit about of this optimization on around sales volumes. Slide 10 is really helpful in terms of breaking out the nature of your contracts and your expected volumes, one from a contracting philosophy, do you envision moving: for example, more of those new carbonate volumes towards the type of multiyear agreements that you have in the hydroxide business and more of which you had legacy Livent over time? And is that a function of is that something that needs to wait for a better market environment to happen? Or is that something that you're actively working with your customers and just if I could sneak in one more -- If you could just talk about your confidence on your floors and exercising those floors in your contracts with your customers? Because it's one question we do get from investors from time to time.

有幫助。謝謝。我想知道作為後續行動，我們是否可以稍微討論一下銷量方面的最佳化。投影片 10 在打破合約性質和預期數量方面確實很有幫助，從合約哲學來看，您是否設想移動：例如，更多的新碳酸鹽捲轉向您所擁有的多年協議類型氫氧化物業務以及您長期以來遺留給Livent 的更多業務？這是不是需要等待更好的市場環境出現？或者這是您正在積極與客戶合作的事情，如果我可以再偷偷地講一下——您是否可以談談您對自己的樓層的信心，並在與客戶的合約中行使這些樓層？因為這是我們時不時從投資者那裡得到的問題。

Yeah. Look, I think there's always going to be a competence question I have got very high confidence in those calls, a whole bunch of reasons, and I'm seeing no sign at all of proposals being under stress at today's market environment. In terms of where we go going forward. Look, I think it's an interesting question what we've seen is actually quite an unexpected evolution of constructors. And after two years, at least now, what we've seen with Livent is a desire on the part of customers who are contracting hydroxide to have more product flexibility and what we expect to happen and what we do see happening today are hydroxide based contracts that also allow customers to have similar terms around carbonate.

是的。聽著，我認為總是會存在一個能力問題，我對這些呼籲非常有信心，有一大堆原因，而且我沒有看到任何跡象表明提案在當今的市場環境下面臨壓力。就我們前進的方向而言。看，我認為這是一個有趣的問題，我們所看到的實際上是構造函數的意外演變。兩年後，至少現在，我們在Livent 上看到的是，簽訂氫氧化物合約的客戶希望獲得更大的產品靈活性，而我們期望發生的事情以及我們今天看到的情況都是基於氫氧化物的合約這也允許客戶對碳酸鹽有類似的術語。

My own view has been for a while that I don't think lithium carbonate lends itself on its own to the same contract structures for a bunch of reasons. But when done in conjunction with a long term, a higher size, lithium hydroxide contract, it does make sense. So what we would expect to do see more of the carbonate that we produce from Finex today at least go into the hydroxide network just as we would have done before and then to have that supported by contracts that allow a decrease a portion of lease contracts to be met and covenant terms.

一段時間以來，我自己的觀點是，出於多種原因，我認為碳酸鋰本身不適合相同的合約結構。但當與長期、更大尺寸的氫氧化鋰合約結合起來時，它確實有意義。因此，我們希望看到今天從 Finex 生產的更多碳酸鹽至少進入氫氧化物網絡，就像我們以前所做的那樣，然後得到合約的支持，允許減少部分租賃合約得到滿足和契約條款。

So there's a lot of conversations as to why customers are moving that. And clearly, part of this battery technologies greater mid nickel and LFP adoption by the automotive customers does the desire to contract in that way. It's sensible flows with ceilings probably just as strong, if not stronger today than it was a year or two ago. And frankly, the conversations that are happening, I'm not a different person seems today than they were a year or two ago. I think one thing that we found is that most of the customers that we've engaged with them and maybe self-selecting a little here tend to have a longer-term view of the market. So they are more comfortable making longer-term commitments based on what they consider to be the fundamentals over the cycles of lithium pricing. Just as nobody thought $60 was the right price, nobody can spend right pricing.

因此，關於客戶為何要移動它的討論很多。顯然，汽車客戶更多地採用中鎳和磷酸鐵鋰電池技術確實是希望以這種方式收縮。這是有上限的合理流動，今天可能與一兩年前一樣強勁，甚至更強。坦白說，今天正在發生的對話，我並不是一個不同的人，與一兩年前相比，並沒有什麼不同。我認為我們發現的一件事是，我們與他們接觸過的大多數客戶（也許是自我選擇的客戶）往往對市場有更長遠的看法。因此，他們更願意根據他們認為的鋰定價週期的基本面做出長期承諾。正如沒有人認為 60 美元是合適的價格一樣，沒有人能花正確的價格。

Really helpful. Thank you.

真的很有幫助。謝謝。

Glyn, Barrenjoey.

格林，巴倫喬伊。

Paul, Good afternoon to you. Paul, can you just ask a little bit about if you could put some more color around what you're thinking with Canada and the two main operations. Are you talking from a physical perspective that you could maybe combine them more physically? Or is it just how you're thinking about that? Thanks.

保羅，下午好。保羅，你能不能問一下你是否可以對你對加拿大和兩個主要業務的想法進行更多的闡述。你是從物理角度說你可以將它們更物理地結合嗎？或者這只是你的想法？謝謝。

Glyn, good morning. Multiple areas. I think as you know, Nemaska lithium is not 100% owned by Arcadium. So we have a partner take into account, but we both agree that it makes as much sense as possible to optimize how we develop an integrated model. And so it's just a longer-term question of what the benefits of are having two feeds into a single hydroxide plant. A consistency of the reliability of the -- And so we're certainly looking in the longer term about what can we do with the book-to-bill, Whabouchi mine and the James Bay mine such that we're taking concentrate from both of those and feeding them in the most efficient manner possible and to the ultimate downstream hydroxide footprint.

格林，早安。多個區域。我想如你所知，Arcadium 並非 100% 擁有 Nemaska 鋰礦。因此，我們需要考慮合作夥伴，但我們都同意，優化我們開發整合模型的方式盡可能有意義。因此，這只是一個長期問題，即向一個氫氧化物工廠提供兩種進料有什麼好處。可靠性的一致性——因此，從長遠來看，我們肯定會考慮如何處理從訂單到發貨的業務、Whabouchi 礦和 James Bay 礦，以便我們能夠集中精力從這兩個礦並以最有效的方式將它們輸送到最終的下游氫氧化物足跡。

That's a longer-term engineered and challenging question for us. I think in the short term to some relatively basic stuff, to be honest, I mean, I don't think there's going to be fixed attempts to physically integrate two mines, but not that far apart. But I think it is important that we standardize where we can the way that we think about mining something as simple as the fleet as a mining fleet. Making sure that we're not being inefficient with who we contract with how we think about optimizing staff in this pretty remote part of the world, how we think about support services as well. I'm not suggesting for one moment.

這對我們來說是一個長期設計且具挑戰性的問題。我認為在短期內，對於一些相對基本的東西，說實話，我認為不會有固定的嘗試來物理整合兩個地雷，但不會相距那麼遠。但我認為重要的是，我們應該盡可能標準化我們對像採礦船隊這樣簡單的事物的思考方式。確保我們在與合約對象的合作以及我們如何考慮優化這個世界上相當偏遠地區的員工以及我們如何考慮支援服務方面不會效率低下。我一刻都不會建議。

The percentages of the savings are in the same magnitude that they're likely to be in Argentina with Fenix and Sal de Vida. But it's we're back to full and efficient with where we go. I mean we're in a sort of an unusual place and I think it's probably fair to say that we'll do cheers better permitted, further advanced in some areas, but not as well engineered James Bay very well engineered is absolutely ready to go, but we don't have all the permits there yet. So we have two different resources at different stages of development. And so it's just a fantastic opportunity to sit down. I'm trying to optimize what the development plans of both of project.

節省的百分比與阿根廷的 Fenix 和 Sal de Vida 可能達到的節省百分比相同。但我們已經恢復了全面、有效率的狀態。我的意思是，我們正處於一個不尋常的地方，我認為可以公平地說，我們會在某些領域得到更好的許可，進一步推進，但設計得不夠好，詹姆斯灣設計得很好，絕對準備好了，但我們還沒有獲得所有許可。所以我們在不同的發展階段有兩種不同的資源。所以這是一個坐下來的絕佳機會。我正在嘗試優化兩個專案的開發計劃。

Okay, thanks. And then just a follow up, just to the last question, you talked about contracting, et cetera, but just when I look at the guidance for volume for '24, you talked about scaling back mount Cattlin, but what about the carbonate hydroxide business? I mean, you've got Olaroz, which should be I would have thought ramping up faster. Is there some flex in those numbers that you've given us for '24 if prices recover or is that the maximum you think you can achieve this year. Just wondering (multiple speakers) back anything on the chemical side?

好的謝謝。然後是最後一個問題的後續行動，您談到了合約等問題，但就在我查看 24 年銷量指南時，您談到了縮減卡特林山的規模，但是氫氧化碳業務又如何呢？ ？我的意思是，你有奧拉羅茲，我認為這應該會加速得更快。如果價格回升，您給我們的 24 年的數字是否存在一些彈性，或者您認為今年可以實現的最大值。只是想知道（多個發言者）支持化學方面的任何內容嗎？

No, we're absolutely not throttling back on the chemical side. You know, look, I think it's going to be a learning process for everybody, particularly at Olaroz -- the pumping systems. I'm not as easy and quick to ramp up as I think many people seem to think they are all of those itself has a bunch of process, changes. It needs to make a at least some pump maintenance issues agenda it needs to make in order to continue to manage our historical output.

不，我們絕對不會在化學方面減少開支。你知道，看，我認為這對每個人來說都是一個學習過程，特別是在 Olaroz——泵系統。我並不像我認為許多人似乎認為的那樣容易和快速地成長，所有這些本身都有一堆過程和變化。它需要至少制定一些泵浦維護問題議程，以便繼續管理我們的歷史產量。

It's also important to understand that the output of Olaroz in 2023 was absolutely not representative likely of what other words you're able to do in the future. Two important reasons for that One of which is that it shows and quite rightly so maximize technical-grade production the market in 2023 from a pricing perspective, didn't really differentiate between the two. And by doing that as their volume, the capabilities go up meaningfully looking into today, when you do the same math, the premium the battery-grade carbonate will get or is getting without technical-grade product doesn't justify that decision. And so they'll be absolutely running purification circuits more to get more battery-grade material, but that the waste the plant as an unfortunate consequence of that of that process flowsheet.

同樣重要的是要了解，Olaroz 在 2023 年的產出絕對不能代表您未來能夠做的其他事情。造成這種情況的兩個重要原因之一是，從定價角度來看，它正確地表明了 2023 年市場技術級生產的最大化，並沒有真正區分兩者。透過將其作為其體積，功能會有意義地提高，今天，當您進行相同的計算時，電池級碳酸鹽將獲得或沒有技術級產品而獲得的溢價並不能證明該決定是合理的。因此，他們絕對會更多地運行淨化電路以獲得更多的電池級材料，但由於該工藝流程的不幸後果，工廠的浪費。

I think a second factor that benefited them last year, one of the benefits as well, constructing all of those two, they were able to take and some of the buying concentrate from the Phase 2 tonnes and feed it into the Phase 1 operations. So again, they had a richer yield. They had better output again that you can't do that when you bring all of those to online. So the best estimates we have today is that we'll get about 40% of all of those two expansion volumes productive in the calendar year will obviously be operating at a higher rate than that by the end of the year, but we're still very much in that early ramp-up phase. No, there's no throttling back happens with regard to carbonates production having in Argentina.

我認為去年使他們受益的第二個因素，也是好處之一，建造了所有這兩個項目，他們能夠從第二階段的噸中獲取一些購買精礦並將其送入第一階段的運營。因此，他們再次獲得了更豐富的產量。他們再次擁有更好的輸出，當你將所有這些都放到網路上時，你就無法做到這一點。因此，我們今天的最佳估計是，我們將在日曆年中獲得大約 40% 的產能，顯然，到今年年底，我們的營運速度將高於這一水平，但我們仍然在很大程度上是在早期的加速階段。不，阿根廷的碳酸鹽生產並沒有發生限制。

All right. Thanks for the color, Paul.

好的。謝謝你的顏色，保羅。

Joel Jackson, BMO.

喬爾傑克遜，BMO。

Good night. Let me offer a couple of questions one by one. You just a short term question. First, you've given some sensitivities to earnings. Like you said around if the price was this much [for kilo and must be kilo] across the year. Can you give us a sense of obviously, you've already locked in product and offer this for several months. How much visibility do you have in your order book right now? So how much have you priced that through March through April? Maybe give a sense of how much it's already locked in?

晚安。讓我一一提出幾個問題。你只是一個短期問題。首先，您對收入給予了一些敏感度。就像你說的，如果全年的價格是這麼多[每公斤並且必須是公斤]。您能否讓我們清楚地感覺到，您已經鎖定了產品並提供了幾個月的時間。您現在的訂單簿中有多少可見度？那麼從三月到四月你的定價是多少呢？也許可以了解一下它已經鎖定了多少？

Certainly. I mean, it really depends on that we're looking. I think the majority certainly of the multi-year agreement hydroxide is done for the full year. These are taken or pay very clear well schedules of our planned volumes. For all of that, we have maybe good visibility on the timing of it. And I don't know what the price on some of it is because some of it is still saw some variability to our floors and ceilings. So there's certainly opportunities for upside on some of that volume.

當然。我的意思是，這實際上取決於我們正在尋找的東西。我認為，多年期協議的大部分肯定是在全年完成的。這些是我們計劃產量的非常明確的井表。儘管如此，我們也許對它的時機有很好的了解。我不知道其中一些的價格是多少，因為我們的地板和天花板仍然存在一些變化。因此，其中一些交易量肯定有上漲的機會。

On the uncommitted volumes, again, reasonable visibility. We go into the qualification process. When we do that, we tend to have a pretty good conversation with the company we qualify as to what their demand plans are. So again, we have pretty good visibility on that volume. On the lithium carbonate and a little bit more complicated amines business that has largely been sold on a month-to-month basis. I have no doubt that the demand is there. It is primarily technical-grade product, it's not typically going into not directly into battery grade applications. And so the technical grade market in a pure sense is smaller and growing slower and the customers out there that are able to take that material and upgrade it. Also relatively small.

再次，關於未承諾的數量，合理的可見性。我們進入資格審查過程。當我們這樣做時，我們傾向於與我們有資格的公司進行良好的對話，以了解他們的需求計劃是什麼。再說一次，我們對這個數量有很好的了解。關於碳酸鋰和稍微複雜一點的胺業務，這些業務基本上是按月銷售。我毫不懷疑需求是存在的。它主要是技術級產品，通常不會直接進入電池級應用。因此，純粹意義上的技術級市場規模較小，成長速度較慢，而客戶能夠採用該材料並對其進行升級。也比較小。

So we do have some pretty good commitments from some of those customers over time have quite long relationships with customers in that space. And so we have some visibility. Again, market pricing is the big question is less about whether the volume gets placed it's much more about the pricing. On the other specialties. I mean I'm sure you know that largely plants that we probably sold out. So we know that material is going out the door. We know it's going to and the pricing in that industry tends to -- as I said, it bilaterally negotiated pretty largely negotiated of the pricing of lithium metal, which is part of the feedstock, which itself tends to be driven by lithium carbonate price. And so again, volumes we have a lot of visibility to, but pricing went on by the way in that visit margins, too because of the way we price it. But I have a little less clarity as to what the price is going to be.

因此，隨著時間的推移，我們確實從其中一些客戶那裡得到了一些相當好的承諾，與該領域的客戶建立了長期的關係。所以我們有一定的知名度。同樣，市場定價是一個大問題，與其說是銷售是否到位，不如說是定價。關於其他專業。我的意思是，我確信您知道我們可能已經售罄的大部分植物。所以我們知道材料正在流失。我們知道這將會發生，而且該行業的定價往往會——正如我所說，雙邊談判很大程度上協商了鋰金屬的定價，鋰金屬是原料的一部分，其本身往往是由碳酸鋰價格驅動的。再說一遍，我們對銷售有很大的了解，但由於我們定價的方式，定價也隨著訪問利潤的增加而增加。但我不太清楚價格是多少。

Okay. Then my second question is going to be also on visibility but difference the open question. So can you comment, you know, one, it seems like with a lot of blurring that's right now in China, people are all initially relying on maybe one or two suppliers and inventory data, other data that was making decisions and plans and thoughts on what seems to be a blend of data. So that's come in on that. And then how about all these different pricing indices that we're seeing now? Our contracts based on indices; it's fragmenting is indices. There's not a lot of liquidity on these indices, futures exchange. So how do we navigate that?

好的。那麼我的第二個問題也將是關於可見性，但與開放性問題不同。那麼您能否評論一下，您知道，一，目前在中國，似乎有很多模糊之處，人們最初都依賴一兩個供應商和庫存數據，以及做出決策、計劃和想法的其他數據似乎是數據的混合。所以這就進來了。那麼我們現在看到的所有這些不同的定價指數又如何呢？我們的合約是基於指數；它的碎片是索引。這些指數、期貨交易所的流動性並不多。那我們該如何應對呢？

Yeah. Look, I think it's the most opaque I've ever seen and the it could more that have in this industry in various forms. There was a bunch of reasons for that. I think I can sum up. It is the supply chains have gotten much more complicated than some of the bigger customers that we have of the shifting between different battery technologies. They're thinking differently about, particularly with [area] about manufacturing locations.

是的。聽著，我認為這是我所見過的最不透明的，而且它可能以各種形式出現在這個行業中。造成這種情況的原因有很多。我想我可以總結一下。供應鏈變得比我們在不同電池技術之間轉換的一些大客戶複雜得多。他們的想法不同，特別是在製造地點方面。

We see this we typically with a major customer. We're qualified into multiple cathode producers, and we see movement. We see the OEMs directing us into different places different directions as their supply change. I think the lepidolite, an African [DSL] type product or semi-DSL, it's not made it any easier either because I think a lot of that material is going into a somewhat more captive supply chain. And so visibility to where it goes from using it, whether it's even operating in an annual operating is incredibly difficult today and we'll see maybe definitive statements or observations come out from one very credible observer and maybe 12 hours later, a very credible observer counter the opposite view.

我們通常會在大客戶身上看到這一點。我們有資格進入多個陰極生產商，並且我們看到了進展。我們看到原始設備製造商隨著供應的變化將我們引導到不同的地方和不同的方向。我認為鋰雲母，一種非洲 [DSL] 類型的產品或半 DSL，也沒有讓它變得更容易，因為我認為很多材料都進入了一個更自有的供應鏈。因此，了解它從使用它到哪裡，無論它是否在年度運營中運行，今天都非常困難，我們可能會看到一個非常可信的觀察者給出明確的聲明或觀察結果，也許12 小時後，一個非常可信的觀察者會給出明確的聲明或觀察結果反駁相反的觀點。

It's incredibly opaque. And I think the indices reflect that. Indices -- but we've got two types of indices, but we've got the price reporting agencies and then we have these attempts to build some kind of exchange traded or derivative based contract. I think in the last two are incredibly immature. We've certainly not seen a very successful physical delivery, even though it's in small volumes on those contracts because of product, particularly product quality is in the material. It's been Sapa under those contracts has been the lower grade material that people struggle to use. And so I think that's caused them some issues in those two. And it's still an incredibly small, incredibly good market. I have sympathy for you all because it's tough enough for us to see what's going on out there. I promise you I'm not hiding from you a whole bunch of sensitive information that I have just hard to get information out of China right now.

它非常不透明。我認為指數反映了這一點。指數－但我們有兩種類型的指數，但我們有價格報告機構，然後我們嘗試建立某種交易所交易或衍生性商品合約。我認為最後兩個非常不成熟。我們當然沒有看到非常成功的實體交割，儘管由於產品，特別是材料的產品質量，這些合約的交易量很小。根據這些合同，薩帕一直是人們難以使用的低等級材料。所以我認為這給他們帶來了這兩方面的一些問題。它仍然是一個非常小的、非常好的市場。我對你們所有人表示同情，因為我們很難看到外面發生的事情。我向你保證，我不會向你隱瞞一大堆敏感訊息，我現在很難從中國取得這些資訊。

(inaudible)

（聽不清楚）

Kate McCutcheon, Citi.

凱特麥卡琴，花旗銀行。

Hi, good evening, Paul. Realize pricing for December seems to be much lower than peers have reported. And I realize Cattlin is not a big part of your business, but 850 a ton on an SEC basis, peers reporting 1,300 and if I look at our as realized pricing for December was about 3K or the exact indices that I'm looking at? is there scope to do better with those contracts? Or is it down to timing of shipments because I guess typically Allkem would have realized the top end of spodumene pricing versus peers, for example, and better than spot at all around so interested in sort of what's changed now?

嗨，晚上好，保羅。意識到 12 月的定價似乎比同業報告的要低得多。我意識到 Cattlin 並不是你們業務的重要組成部分，但按 SEC 計算每噸 850，同行報告為 1,300，如果我看看我們 12 月份的實際定價約為 3K，或者我正在查看的確切指數？這些合約是否還有改進的空間？還是取決於發貨時間，因為我猜通常 Allkem 會意識到鋰輝石定價相對於同行的高端，並且比現貨更好，所以對現在的變化感興趣？

Yeah. Look, as you know, that was a pre-close that was Allken. So I have to go back and figure out what I have to go back and figure that out myself. But you're absolutely right. Compared to Allken historical performance, I think it's fair to say Q4 wasn't necessarily the strongest performance and either of those two areas, I think in the spot concentrate because a relatively small shipment volume, I think for a whole bunch of reasons, it went out really late in the quarter and literally in the month and particularly as they also shifted maybe from earlier in the year where they were shipping on in a immediate pricing basis. And we've been a lagging pricing basis too. And then plus on a pricing basis, I think that also accentuated in a falling price environment as such, it will do.

是的。瞧，如你所知，那是阿爾肯的預收盤。所以我必須回去弄清楚我必須回去並自己弄清楚。但你是絕對正確的。與Allken 的歷史表現相比，我認為可以公平地說，第四季度不一定是最強勁的表現，而且這兩個領域中的任何一個，我認為現貨集中，因為出貨量相對較小，我認為出於一系列原因，它確實在本季度末甚至在本月內推出，特別是因為它們可能也從今年早些時候以立即定價的方式發貨。我們的定價基礎也一直落後。然後加上定價基礎，我認為這在價格下跌的環境中也得到了強調，它會做到這一點。

I think on all of those. I think that the challenge with all of those are, first of all, there's just a significant increase in volumes of trying to ship. I mean, you'll notice that they sold significantly more and that quarter than any others. Again, why they made the decision to do that is again, valid at the time, but history can be a harsh judge holding volumes back just into a falling price environment doesn't look great in hindsight. And I think there's also there's come this question of technical grade. I think as the market weakens and we've seen this before. Technical-grade product is less in demand in a high environment customers will take any company and don't just live with the lower quality, but in a market where there's less demand, more supply, which are within the discount. The technical-grade tracks just goes up and goes up quite significantly and can create some pretty meaningful short-term disconnect. So I think that was also part of the challenge there and in Q4 as well.

我思考所有這些。我認為所有這些挑戰首先是嘗試運輸的數量顯著增加。我的意思是，您會注意到他們該季度的銷售量明顯高於其他任何品牌。再說一次，他們為什麼做出這樣做的決定在當時也是有效的，但歷史可能是一個嚴厲的判斷，在價格下跌的環境中抑制交易量在事後看來並不好。我認為還存在技​​術等級的問題。我認為隨著市場走弱，我們之前已經看到過這種情況。在高環境下，技術級產品的需求減少，客戶會選擇任何公司，而不僅僅是接受較低的質量，而是在需求減少、供應增加的市場中，這些都在折扣範圍內。技術級軌道只會上升，上升相當顯著，並且可能會造成一些相當有意義的短期脫節。所以我認為這也是那裡和第四季挑戰的一部分。

Yeah. Okay. Thanks for the color. And then in Argentina, you called out reducing some of that CapEx spend and pace. And you said the nine-month delay there. So should we think about Sal de Vida pushing back that or more? What are the drivers? Is it just maintaining cash or is there some more issue that that project had delay after delay in CapEx spend revisions time and time again? So just wanting to understand that and how we think about the timing now?

是的。好的。謝謝你的顏色。然後在阿根廷，您呼籲減少一些資本支出和步伐。你提到了九個月的延遲。那麼我們是否應該考慮薩爾德維達（Sal de Vida）推遲這一點或更多？驅動因素是什麼？只是維持現金還是有其他問題導致該項目在資本支出支出修改一次又一次的延遲之後出現延遲？所以只是想了解這一點以及我們現在如何考慮時機？

It's not sort of project related decisions decision so much of it is two things. I think one of them is clearly -- look at this pricing level. What the market is today, we're not going to leverage ourselves and put the balance sheet of risk and so all projects, you'll notice I've had to take a step back and say is there a different way to deliver that conserve spending without negatively impacting the success of the project or creating a capital increase that's not acceptable to us in this environment is now the readers no different to Phase 1B at MdA or orders or spodumene projects in Africa.

這不是一種與專案相關的決策，所以大部分是兩件事。我認為其中之一很明顯——看看這個定價水平。今天的市場是什麼，我們不會利用自己的槓桿並將風險的資產負債表放在所有項目上，你會注意到我不得不退一步說是否有不同的方式來實現這一節約讀者現在的支出不會對專案的成功產生負面影響，也不會造成我們在這種環境下無法接受的資本增加，這與MdA 的1B 階段或非洲的訂單或鋰輝石專案沒有什麼不同。

It also creates an opportunity because I mean, Sal de Vida and Finex really are close to each other and we do share. We frankly, we do even compete for aboveground infrastructure and aboveground resources, whether that's contractors, people, energy, water, you name, it is there's an opportunity there to optimize across those two to improve the way in which we deliver those projects.

這也創造了一個機會，因為我的意思是，Sal de Vida 和 Finex 確實非常接近，而且我們確實有分享。坦白說，我們甚至確實在爭奪地上基礎設施和地上資源，無論是承包商、人員、能源、水，等等，都有機會優化這兩者，以改善我們交付這些項目的方式。

Our first glance suggests to us that actually we may even be able to reduce the total capital cost across those two projects by taking this moment. So take a look of where those efficiencies possibly could be, and it certainly helps that we can optimize labor. Labor is a big resource constraint there, so suppliers and contractors. So optimizing across those two, but likely to lead to some cost savings. But, yeah, it will lead to a six-to-nine-month delays across those two projects.

乍一看，我們實際上甚至可以透過此時此刻來降低這兩個項目的總資本成本。因此，看看這些效率可能在哪裡，這肯定有助於我們優化勞動力。勞動力是那裡的一個很大的資源限制，供應商和承包商也是如此。因此，對這兩者進行最佳化，但可能會節省一些成本。但是，是的，這將導致這兩個項目延遲六到九個月。

Okay, got it. Thank you.

好，知道了。謝謝。

Chris Kapsch, Loop Capital Markets.

克里斯·卡普什 (Chris Kapsch)，Loop 資本市場。

Yeah. Good evening. So my first question is a follow-up really to the opaqueness discussion. Because also what's been opaque has just been the sort of the nature and the magnitude of the destocking activity in China. And I'm just wondering about visibility you have around that. I'm asking because it's kind of it seems like that the Zhejiang factories for example, are operating at very low rates in China overall, and that's probably one of the dynamic that's dragging on pricing, the underutilized Zhejiang factories than perhaps factors that should have been capitalized and thought they were going to supply EV companies that maybe shouldn't have been capitalized. So I'm just wondering, is that feeding into your commercial discussions? And what's the visibility you have into that destocking working its course?

是的。晚安.所以我的第一個問題是不透明性討論的後續問題。因為中國去庫存活動的性質和規模也是不透明的。我只是想知道你對此的了解程度。我之所以這麼問，是因為浙江工廠在中國的整體運作率似乎非常低，這可能是拖累定價的動力之一，浙江工廠利用率不足也許是本應受到影響的因素之一。被資本化，並認為他們將向可能不應該被資本化的電動車公司提供服務。所以我只是想知道，這是否會影響你們的商業討論？您對去庫存的進度有何看法？

Yeah. Look, we don't have a huge amount of visibility. I mean, I frankly, would have expected to see some more announcements of Tier-2 or Tier-3 battery cell manufacturers closing down rather than not even just going on hiatus, but actually closing down. We haven't seen a lot of that yet now it's probably a little early still. We see this every time at this time of year because of the Lunar New Year, some impact and effect. So we'll be looking out over the next month or two to see whether we do start to see some build-up. I know those commentary from some Australian spodumene guide about maybe inquiry levels are going up.

是的。看，我們的可見度並不高。坦白說，我的意思是，我本來希望看到更多二級或三級電池製造商宣布倒閉，而不僅僅是暫停，而是真正倒閉。我們還沒有看到很多這樣的情況，現在可能還為時過早。由於農曆新年的影響，每年的這個時候我們都會看到這種情況，一些影響和影響。因此，我們將在接下來的一兩個月內關注，看看我們是否確實開始看到一些累積。我知道一些澳洲鋰輝石指南關於詢價水平可能正在上升的評論。

So maybe we're going to start seeing a pickup again in demand. We don't see it today. I would say when it comes to contract discussions, it's less of an impact because we're not really supplying into that chain. I mean that piece of the market absolutely impacts market price that we will expose to. But it's not really where Arcadium has been spending its time thinking about customer contracting and embedding ourselves into those supply chains. And that may be another reason why it's not quite are visible to us as we would like it to be.

因此，也許我們將開始再次看到皮卡的需求。今天我們沒有看到它。我想說，在合約討論方面，影響較小，因為我們並沒有真正向該供應鏈供應產品。我的意思是，這部分市場絕對會影響我們將面臨的市場價格。但這並不是 Arcadium 真正花時間考慮客戶簽約並將我們自己融入這些供應鏈的地方。這可能是我們無法像我們希望的那樣看到它的另一個原因。

That's helpful. And then the follow-up was on the discussion around the evolution of your commercial strategy. I'm just curious about what Kennen, as you evolve the strategy, what counts are important to you? And you also had said that customers are showing a preference for flexibility around hydroxide versus carbonate. I'm wondering if that should be interpreted as momentum around LFP more globally? Or is that too much of an extrapolation? Thanks.

這很有幫助。接下來是圍繞商業策略演變的討論。我只是好奇凱南，當你制定策略時，哪些因素對你來說很重要？您也說過，與碳酸鹽相比，客戶更喜歡氫氧化物的靈活性。我想知道這是否應該被解釋為 LFP 在全球範圍內的勢頭？還是這樣的推論太過分了？謝謝。

No, look at -- I look at I think there's a couple of things going on today. I think one of the obvious things, but we see more and more is an IRA focus. Where do we supply and source hire qualified material, whether that's carbonate or hydroxide. And as I'm sure, you know, on hydroxide, we're reasonably well placed there on carbonate in Argentina today is not taking to try to hire a qualified carbonate upgraded into hydroxide. So I think much of the of their commercial strategy remains taking our asset portfolio and aligning it up most closely as closely as we can with the customers that make the most sense to us.

不，看——我看，我認為今天發生了一些事情。我認為顯而易見的事情之一，但我們看到越來越多的是 IRA 焦點。我們在哪裡供應和採購合格的材料，無論是碳酸鹽還是氫氧化物。我確信，在氫氧化物方面，我們在碳酸鹽方面處於相當有利的位置，今天阿根廷不會嘗試僱用合格的碳酸鹽升級為氫氧化物。因此，我認為他們的大部分商業策略仍然是採用我們的資產組合，並盡可能與對我們最有意義的客戶進行最密切的調整。

I missed the first part of what you said, Chris, you're asking about?

我錯過了你所說的第一部分，克里斯，你問的是？

Well, as you well, in your formal comments, you talked about evolving your commercial strategy and coming up with an integrated one for the combined company. And I'm just wondering what you perceive as important in terms of the tenants. And also, I guess, what do you think your customers are going to perceive as important as you partner with them? Thanks.

嗯，就像您一樣，在您的正式評論中，您談到了發展您的商業策略並為合併後的公司製定一項綜合策略。我只是想知道您認為對租戶來說什麼是重要的。而且，我想，您認為您的客戶會認為什麼與您與他們的合作一樣重要？謝謝。

Yeah. Look, I well, I think for us at least it is finding the customers value what we do making sure we can produce the quality materials they demand, right? And that's really important question. You know, one thing that I don't think there's going to be an option if you pursue a commercial strategy, the way we do is to be and differences to the quality of the materials that you make. We have to produce usable qualified material it's less of a challenge in hydroxide, but it's probably going to take a bit more time and effort in the carbonate space.

是的。聽著，我想，至少對我們來說，發現客戶重視我們所做的事情，確保我們能夠生產出他們所需的優質材料，對吧？這是一個非常重要的問題。你知道，如果你追求商業策略，我認為沒有什麼選擇，我們所做的就是改變你製造的材料的品質。我們必須生產可用的合格材料，這對氫氧化物來說不是什麼挑戰，但在碳酸鹽領域可能需要更多的時間和精力。

And I think the second piece of what that does, you know, I think you've always heard historically from a Livent perspective, we've always wanted to type be closer to the customers that are leading the charge and have the best insights. And that remains the case because the shift between technologies between high nickel and mid nickel hydroxide and carbonate. But it's pretty significant. We certainly see a lot more LFP adoption for sure. And I think it allows LFP adoption is limited.

我認為第二部分的作用是，您知道，我想您一直以來都從 Livent 的角度聽過，我們一直希望打字更接近那些引領潮流並擁有最佳見解的客戶。由於高鎳和中鎳氫氧化物與碳酸鹽之間的技術轉變，情況仍然如此。但這非常重要。我們肯定會看到更多 LFP 的採用。而且我認為這使得 LFP 的採用受到限制。

There's no doubt that the LFP, the cost of an LFP battery package and fallen below $100 a kilo and that's a bit of a holy grail. Frankly, for the OEMs that are trying to drive low-cost vehicles bring the price of the EV down. And if you're going to work with your customers, they're going to need carbonate to service that market. So our strategy continues to evolve is no doubt it's more complicated. There's no doubt that having the right partners that are willing to really sit down with you and share their roadmaps is even more important, particularly if we're going to invest in improving the quality of the material. It's not going to be a strategy that's going to be quick to evolve or quick to change, though it takes time to do this as a combined company.

毫無疑問，磷酸鐵鋰、磷酸鋰電池組的成本降到每公斤 100 美元以下，這有點像聖杯。坦白說，對於那些試圖推出低成本汽車的原始設備製造商來說，降低了電動車的價格。如果您要與客戶合作，他們將需要碳酸鹽來服務該市場。所以我們的策略不斷演變無疑會更加複雜。毫無疑問，擁有願意真正坐下來與您分享他們的路線圖的合適合作夥伴更加重要，特別是如果我們要投資提高材料的品質的話。這不會是一個能夠快速發展或快速改變的策略，儘管作為合併後的公司需要時間來做到這一點。

Appreciate the color.

欣賞顏色。

Rob Stevenson, Macquarie.

羅布史蒂文森，麥格理。

[well]. Thanks for the opportunity. Just two quick ones for me. The roughly [10-K] spud from [for make] just on that one is -- we will not be better to sell that asset or to explore sales of that asset to existing Australian spodumene producers that may say, value upside into the future, given that's obviously [key lady] offering to manage supply?

[出色]。感謝您提供的機會。對我來說只有兩個快速的。來自[for make]的大約[10-K]馬鈴薯是——我們不會更好地出售該資產或探索將該資產出售給現有的澳大利亞鋰輝石生產商，這可能會說，未來的價值上漲考慮到這顯然是[關鍵女士]提出來管理供應的？

And then secondly, just on the EBITDA sensitivities that you've provided, yes, my rough math has a process is about $10,000 a ton of LCA that being kind of EBITDA breakeven. Is that sort of roughly along the fuel thinking I'm just trying to get some book gains on the are the numbers that you've provided for guidance. Thank you

其次，就您提供的 EBITDA 敏感度而言，是的，我的粗略計算結果是每噸 LCA 約為 10,000 美元，相當於 EBITDA 盈虧平衡。這是一種大致的燃料思維方式嗎？我只是想從您提供的指導數字中獲得一些書籍收益。謝謝

Outlook scenarios or guidance for them. When you say $10 immediate use. Are you saying that your projection for the year is $10 a ton? Are you asking me if today's market is $10,(inaudible)

Outlook 場景或指導。當你說 10 美元時，立即使用。您是說今年的預測是每噸 10 美元嗎？您是問我今天的市場價格是 10 美元嗎（聽不清楚）

No, basically what I'm asking is if I use your guidance and I think we'll extrapolate at about $10,000, breakeven (multiple speakers) I understand. From a bookings point of view whether that's right?

不，基本上我要問的是，如果我使用你的指導，我想我們會推斷出大約 10,000 美元，盈虧平衡（多個發言者）我理解。從預訂的角度來看這是否正確？

Yeah. Look, it's a difficult one to answer because our portfolio is not linear, which is why we did this. I think if it was linear, we wouldn't have to do it. But what will happen is a big chunk of our volume has flaws to it. So, you know, once you get to when the market price falls to $10 a big chunk of our revenue to move. It was above $10. And the second piece of it is how it flows through to a specialties business, which as I'm sure you know is a much, much higher price per LCE, then the rest of the business. It is a little bit harder to predict as well as sort of it will flow through, but again, on a linear basis.

是的。看，這是一個很難回答的問題，因為我們的投資組合不是線性的，這就是我們這樣做的原因。我認為如果它是線性的，我們就不必這樣做。但將會發生的情況是，我們的捲中有很大一部分有缺陷。所以，你知道，一旦市場價格跌至 10 美元，我們收入的很大一部分就會轉移。價格超過 10 美元。第二部分是它如何流向特種業務，我相信您知道每 LCE 的價格比其他業務高得多。預測有點困難，而且它會流過，但同樣是線性的。

And the hardest question to answer is in a price environment where price goes that low, I don't know how big the discount for technical-grade carbonate will be, I just don't know. So that's the variable in there. There's no doubt a $10 a kilo. If the market sits at $10 a kilo for a long period of time. Clearly, you know, all bets are off as to what we do with regard to capital projects, et cetera, because it does kind of pricing the EBITDA of the business and the cash flow generation of the businesses severely impaired relative to the numbers we've put in there. So frankly, doesn't really matter to me at least nearly whether that was $9 $8 or $11. When you enter that kind of sustained price environment, it's a completely different stack (inaudible)

最難回答的問題是在價格如此低的價格環境下，我不知道工業級碳酸鹽的折扣會有多大，我只是不知道。這就是其中的變數。毫無疑問，每公斤10美元。如果市場價格長期維持在每公斤 10 美元。顯然，你知道，對於我們在資本項目等方面所做的事情，所有的賭注都已落空，因為它確實對企業的 EBITDA 和企業的現金流量的定價相對於我們的數字嚴重受損。我已經放在那裡了。坦白說，對我來說，無論是 9 美元、8 美元還是 11 美元，至少幾乎無關緊要。當你進入那種持續的價格環境時，這是一個完全不同的堆疊（聽不清楚）

Thank you. And then I'm sorry, just to follow up on them on the spot rate is (multiple speakers)

謝謝。然後我很抱歉，只是現場跟進他們的評分是（多個發言者）

Yeah, you're asking should we sell Mt. Cattlin? Mt. Cattlin got -- I don't know, years life left. If we were running flat out three years if you kind of a willing to invest a decent amount of money on stripping further, maybe further, if you wanted to take the risk of going underground. I don't know how attractive an asset that is to a potential buyer. We've been merged for less than two months. So as you can imagine, that's not been a particularly high focus for us, but I don't know whether that five exist frankly, Mt. Cattlin again with only two or three years. Life left is never going to be a core part of the long-term strategy of Arcadium Lithium. And that doesn't mean that it is an important asset in the next two or three years so.

是的，你在問我們該賣掉卡特林山嗎？卡特林山－我不知道，還剩下多少年的生命。如果我們用完三年，如果你願意投入相當多的錢來進一步剝離，也許更進一步，如果你想冒險轉入地下。我不知道一項資產對潛在買家來說有多大吸引力。我們合併不到兩個月。所以你可以想像，這對我們來說並不是一個特別高度關注的焦點，但坦白說，我不知道這五個是否存在，卡特林山也只有兩三年的時間。剩下的生命永遠不會成為Arcadium Lithium長期戰略的核心部分。這並不意味著它在未來兩三年內是一項重要資產。

Okay, thank you.

好的謝謝。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

This is Ryan on for Aleksey. Just two quick ones from me.

這是阿列克西的瑞安。我只有兩個快的。

I wanted to ask you there's some recent reports of some operations in China. Seeing some environmental inspections which may cause any shutdowns. I'm not sure if you've seen or heard of those reports and what your opinions on that would be? And then secondly, if you could just run us through what the ramp of the new 15 kt hydroxide facility in China would look like and when that might reach full run rate? Thanks.

我想問你最近有一些關於中國一些行動的報導。看到一些可能導致停工的環境檢查。不知道您是否看到或聽過這些報道，您對此有何看法？其次，您是否可以向我們介紹中國新的 15 kt 氫氧化物工廠的坡道是什麼樣的，以及什麼時候可以達到滿載運轉？謝謝。

Sure. Look at I think environmental, I mean, at some sort of an annual event out maybe more frequent than annual events percent that there are some locations that are subject to environmental inspections and on go so well and they shut down for a period of time. I've heard the same report. I've also had the complete opposite this as one of my comments earlier about 12 hours later, somebody equally credible come down says the opposite. So I don't know time will tell.

當然。看看我認為環境，我的意思是，在某種年度活動中，可能比年度活動更頻繁，有些地方接受環境檢查，並且進展順利，因此關閉了一段時間。我也聽過同樣的報道。大約 12 小時後，我也得到了完全相反的評論，就像我之前的評論之一一樣，同樣可信的人也發表了相反的言論。所以我不知道時間會證明一切。

I have heard and I have seen some very credible reports and commentary and news that there are certainly some converters that are going to be closed down longer periods of time than normal three, four, five months and not necessarily for environmental purposes, though, simply because of the economics that they face because it's not integrated. I think in terms of our new facility ramping. The question is qualification. It's not the plant itself. The plan it's already demonstrated that it can run and produce full way and produce material that we are highly confident we'll get qualified that the qualification process, though, can still take anywhere from three to nine months. And so it really depends upon how quickly our customers and their supply chain works its way through our qualification process.

我聽說並且看到了一些非常可信的報告、評論和新聞，肯定有一些轉爐將關閉比正常情況更長的時間，例如三、四個、五個月，而且不一定是出於環境目的，不過，只是因為他們面臨的經濟問題是因為它沒有被整合。我認為就我們新設施的擴建而言。問題是資格。這不是植物本身。該計劃已經證明它可以全程運行和生產，並生產我們非常有信心獲得資格的材料，但資格認證過程仍可能需要三到九個月的時間。因此，這實際上取決於我們的客戶及其供應鏈通過我們的資格認證流程的速度。

This concludes our Q&A. I will now turn the call over back to Mr. Daniel Rosen for closing remarks.

我們的問答到此結束。我現在將把電話轉回給丹尼爾·羅森先生做總結發言。

That's all the time we have for the call today, but we will be available following the call to address any additional questions that you may have. Thanks, everyone.

今天的電話會議時間就到此為止，但我們將在電話會議結束後解答您可能提出的任何其他問題。感謝大家。

This is concludes our Arcadium Lithium fourth quarter 2020 earnings Release conference call. You may now disconnect.

我們的 Arcadium Lithium 2020 年第四季財報發布電話會議到此結束。您現在可以斷開連線。