Arch Resources Inc (ARCH) 2024 Q3 法說會逐字稿

Good day and welcome to the Arch Resources third quarter, 2024 earnings conference call. All participants will be in listen-only mode.

美好的一天，歡迎參加 Arch Resources 2024 年第三季財報電話會議。所有參與者將處於僅聽模式。

Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero.

您需要協助嗎？請按星號鍵，然後按零，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your telephone keypad to withdraw your question. Please press star. Then two. Please note this event is being recorded.

今天的演講結束後，將有機會提問。您可以按電話鍵盤上的星號然後再按一個來撤回您的問題。請按星號。然後是兩個。請注意此事件正在被記錄。

I would now like to turn the conference over to deck Slone, Senior Vice President of Strategy and Public Policy. Please go ahead.

現在我想將會議交給策略與公共政策高級副總裁德萊德‧斯隆 (Deck Slone)。請繼續。

Good morning from Saint Louis and thanks for joining us today. Before we begin. Let me, let me remind you that certain statements made during this call, including statements relating to our expected future business and financial performance may be considered forward-looking statements. According to the private Securities Litigation Reform Act, forward-looking statements by their nature address matters that are to different degrees, uncertain certainties which are described in more detail in the annual and quarterly reports that we file with the SEC may cause our actual future results to be materially different than those expressed in our forward-looking statements.

聖路易斯早上好，感謝您今天加入我們。在我們開始之前。讓我提醒您，本次電話會議中所做的某些陳述，包括與我們預期的未來業務和財務表現相關的陳述可能被視為前瞻性陳述。根據《私人證券訴訟改革法》，前瞻性陳述本質上涉及不同程度的問題，我們向 SEC 提交的年度和季度報告中更詳細描述的不確定性可能會影響我們未來的實際結果與我們的前瞻性聲明中表達的內容有重大不同。

We do not undertake to update our forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law. I'd also like to remind you that you can find a reconciliation of the non-GAAP financial measures that we plan to discuss this morning. At the end of our press release, a copy of which we have posted in the investors section of our website at Arch RSC dotcom. Joining me on this morning's call will be Paul Lang, our CEO after Paul's formal remarks, we'll be happy to take questions with that. I'll now turn the call over to Paul. Paul?

我們不承諾更新我們的前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律要求。我還想提醒您，您可以找到我們計劃今天上午討論的非公認會計準則財務指標的調節表。在我們的新聞稿末尾，我們已將副本發佈在 Arch RSC dotcom 網站的投資者部分。在保羅發表正式演講後，我們的執行長 Paul Lang 將與我一起參加今天早上的電話會議，我們很樂意回答相關問題。我現在將把電話轉給保羅。保羅？

Thanks Beth and good morning, everyone. We appreciate your interest in art and are glad you could join us on the call this morning.

謝謝貝絲，大家早安。我們感謝您對藝術的興趣，並很高興您今天早上能加入我們的電話會議。

The third quarter marked a period of significant transition and change for March. Since step Q3, the team has positioned the company for long term value creation and growth in two fundamental ways up to the announcement of our transformational merger with CONSOL Energy.

第三季是三月的重大過渡和變化時期。從第三季開始，團隊就以兩種基本方式為公司定位，以實現長期價值創造和成長，直到宣布與 CONSOL Energy 進行轉型合併。

And second through the mere completion of a multi quarter transition in a more favorable geology of both of our metallurgical. And we expect the combination of these two processes in Q1 2025 for the merger at mid-November of this year, for the operational transitions to both a tremendous value for our shareholders going forward.

其次，透過在我們冶金領域更有利的地質條件下完成多季過渡。我們預計這兩個流程將在 2025 年第一季合併，並於今年 11 月中旬進行合併，實現營運轉型，為我們的股東帶來巨大的價值。

During Q3, the company also continued to make strong progress in the development of the favorable B-Seam reserves in our west mine where we produced a high rank thermal coal focused on the se board market.

第三季度，公司在西礦有利的 B 煤層儲量開發方面繼續取得強勁進展，我們生產的高品位動力煤專注於 SE 板市場。

Managed to a three-week outage of the ship loader of Curtis Bay terminal that reduced our coking coal shipments by approximately 200,000 tons and to cut in 25¢ per share, fixed dividends for a total payment of $4.6 million payable on November 26th.

成功解決了柯蒂斯灣碼頭裝船機停運三週的問題，導致我們的煉焦煤出貨量減少了約20 萬噸，每股固定股息減少了25 美分，11 月26 日應付總額為460 萬美元。

Well, I plan to build a large portion of my prepared remarks to the Petty Merger, given the transformative nature of the deal. Let me start with some color on our Q3 results as well as our views on the current state of the global coal market.

好吧，考慮到這筆交易的變革性，我計劃將我準備好的評論的大部分內容寫進小規模合併中。讓我先介紹一下我們第三季的業績以及我們對全球煤炭市場現狀的看法。

As you know, we spent much of 2024 transitioning through difficult reserve areas at Leer and Leer South during Q3. Both of the segment's loans were throttled back. Our development work was completed in the more favorable reserve areas which depressed production volumes and led to slightly even higher normal operating costs. We expect bulk loan will start back up within the next several days after a move that we're needing to complete this work.

如您所知，我們在 2024 年第三季的大部分時間裡都在 Leer 和 Leer South 的困難保護區進行過渡。該部門的兩項貸款均被縮減。我們的開發工作是在更有利的儲備地區完成的，這降低了產量並導致正常營運成本略高。我們預計，在我們完成這項工作所需的行動之後，大宗貸款將在未來幾天內恢復。

We've extended the inter temper the results in the fourth quarter, but we still expect a positive step change in execution from these operations after that and continuing well into the 2025 to the thermal assets. The segment the segment saw a significant turnaround during Q3. Here, the results benefited from an improved performance of the legacy of base operations where cost cutting measures that that line between stripping activities and sales volumes contributed to stronger results.

我們延長了第四季度業績的中間調整期，但我們仍然預計此後這些業務的執行將出現積極的階躍變化，並持續到 2025 年熱資產。該部門在第三季出現了重大轉變。在這裡，結果受益於傳統基地業務績效的改善，其中剝離活動和銷售之間的成本削減措施有助於取得更強勁的業績。

That's what I felt the mine operated well. Although its results were again dampened by lower realizations related to legacy contracts, the vast majority of which will expire at the end of this year.

這就是我對礦場運作良好的感覺。儘管其業績再次因與遺留合約相關的變現率較低而受到影響，其中絕大多數合約將於今年年底到期。

Also as noticed before we're still seeing higher costs of the mine associated with additional continuous miner work required for the development of the BBC reserves that theological segment. We're anticipating a significant step up in the sergeant's performance in the coming year at West. We expect a benefit for the roll off of low-price contracts previously noted.

此外，正如之前所注意到的，我們仍然看到與開發 BBC 儲備神學部分所需的額外連續礦工工作相關的礦山成本較高。我們預計這位中士來年在西部的表現將會取得重大進展。我們預計先前提到的低價合約的延期將帶來好處。

In addition to this, we expect a further strengthening of our operating results tomorrow. But the completion of the development work in the DC and the transition into those thicker and lower cost reserves in mid 2025 and the power of the basin, we expect the improved performance stemming from our recent efforts to right size the operation to also continue in this new year.

除此之外，我們預計明天的經營業績將進一步加強。但是，隨著DC 開發工作的完成以及在2025 年中期過渡到更厚、成本更低的儲量以及盆地的電力，我們預計我們最近調整營運規模的努力所帶來的業績改善也將在這一領域繼續下去。

As the global cooking coal markets, we continue to believe that supply and demand are closer to balance than pricing seems to suggest. I feel that for several reasons, our global customers continue to want their committed bodies on a timely basis. And we've even been asked to accelerate shipments in four instances. Second, global hot metal production, excluding China remains close to flat during the day, the global coking coal supply remains constrained as evidenced by the flat production levels and high-quality supply base.

作為全球焦煤市場，我們仍然認為供需比定價所顯示的更接近平衡。我覺得出於多種原因，我們的全球客戶仍然希望及時獲得他們承諾的身體。我們甚至有四次被要求加快發貨速度。其次，除中國外的全球鐵水產量白天仍接近持平，全球煉焦煤供應仍受到限制，產量水準持平且供應基礎優質。

Fourth, China's seaborne imports of coking coal are up nearly 30% here today. With most of that grocery supply coming from high quality regions. And finally, we still see the closure of smaller coking coal operations as pricing to start to impact marginal lines.

第四，今天中國海運煉焦煤進口量成長近30%。大部分雜貨供應來自優質地區。最後，我們仍然認為小型煉焦煤業務的關閉將開始影響邊際線。

In summary, intermediate and long-term Coke and coal market fundamentals remain constructive. In our view, we believe that even a modest improvement in economic activity in key steel producing regions has the potential to lift coking coal markets quickly.

綜上所述，焦炭、煤炭市場中長期基本面仍看好。我們認為，即使主要鋼鐵產區的經濟活動略有改善，也有可能迅速提振焦煤市場。

Meanwhile, the high rank thermal market continues to appear tight benefiting from many of the same dynamics such as years of under investment in new replacement supply that underpin the coking coal store.

同時，受益於許多相同的動態，例如多年來對支撐焦煤庫存的新替代供應的投資不足，高級熱力市場繼續顯得緊張。

With that, I'll shift my remaining marks to a merger with CONSOL Energy.

這樣，我將把剩餘的分數轉移到與 CONSOL Energy 的合併上。

I'm pleased to report that we're making excellent progress in bringing the transaction to completion.

我很高興地報告，我們在完成交易方面取得了巨大進展。

In recent weeks. We've seen an exploration of the Harsco the waiting period while also securing all the needed international Antitrust approvals. Clearly, these were significant steps.

最近幾週。我們看到了哈斯科對等待期的探索，同時也獲得了所有必要的國際反壟斷批准。顯然，這些都是重要的步驟。

It's also important to note that since the announcement of the merger, the teams have been driving forward with efforts to deliver an efficient integration process following completion of the merger that should in turn unlock significant synergistic value in the combination basically, we plan to hit the ground running following close.

同樣重要的是要注意，自宣布合併以來，團隊一直在努力推動合併完成後提供有效的整合流程，這將反過來釋放合併中的顯著協同價值，基本上，我們計劃實現收盤後地面運行。

The next step in the motor process is stockholder votes for both companies.

汽車流程的下一步是對兩家公司進行股東投票。

The preparation for this, we're currently working to finalize the format for the documents.

為此，我們目前正在努力確定文件的格式。

The of the merger remains subject to approval by both stockholders by stockholders of both companies and the satisfaction of the remaining customary closing conditions.

合併仍需雙方股東的批准以及其餘慣例成交條件的滿足。

We expect to complete the merger in the first quarter of 2025 and then to move full speed into the integration to moderate many of the projected benefits of this tremendous work we expect combination of joining, invest in sector operating platforms anchored by world class, high quality, low cost and long lifelong low mines, create a broad diverse portfolio of co qualities and blends capable of serving multiple growth markets and geographies.

我們預計將在 2025 年第一季完成合併，然後全速進行整合，以緩和這項艱鉅工作的許多預計效益，我們預計將加入、投資於以世界一流、高品質為基礎的行業運營平台、低成本和長壽命低礦，創造了廣泛多樣化的共同品質和混合物組合，能夠服務多個成長市場和地區。

Expanding North American logistics and export capabilities including ownership in two east coast terminals and longstanding relationships with west coast and gulf coast ports through the visible revenue stream with meaningful outside opportunities balancing. So, Seaborne industrial business with large exposure to higher value metallurgical coals and associated demand dynamics enable robust adjusted EBITDA and free cash flow generation.

擴大北美物流和出口能力，包括擁有兩個東海岸碼頭以及透過可見的收入流與有意義的外部機會平衡與西海岸和墨西哥灣沿岸港口的長期關係。因此，海運工業業務擁有大量高價值冶金煤和相關的需求動態，可實現強勁的調整後 EBITDA 和自由現金流生成。

Unlock additional value creation from $110 million to $140 million of annual cost savings. Incents it creates potential for robust capital returns and investment in innovation and growth underpinned by industry leading past generation and a strong balance sheet.

每年節省成本 1.1 億美元至 1.4 億美元，創造額外價值。激勵它創造強勁的資本回報以及對創新和成長的投資的潛力，這些投資以行業領先的過去一代和強大的資產負債表為基礎。

Once the transaction closes. We'll turn our full attention to realize the potential of the combined company with a strong focus on capturing the significant quantify quantifiable synergies. We've identified in the areas of logistics lending, marketing, procurement, and streamlining of the corporate structure as well as aggressively pursuing the harder to qualify but equally compelling opportunities in areas such as sharing best practices across an extensive level of fleet and understand again how enthusiastic we are about the excellent progress the two companies are making to bringing the merger to a successful closing in the way in which the arts operations are aligning themselves for a strong 2025 or more that the pending merger will create a global industry leader. What it could capitalize on promising market dynamics in both its core lines of business growing, metallurgical and high ranked people and thermal.

一旦交易結束。我們將全力以赴實現合併後公司的潛力，並專注於捕捉重要的、可量化的綜效。我們已經確定了物流貸款、行銷、採購和簡化公司結構等領域，並積極尋求更難獲得資格但同樣引人注目的機會，例如在廣泛的車隊中分享最佳實踐並再次了解我們對兩家公司在成功完成合併方面取得的出色進展感到非常興奮，藝術營運部門正在為2025 年或更長時間的強勁發展而努力，即將進行的合併將創造一個全球行業領導者。它可以利用其核心業務成長、冶金、高級人才和熱能領域的有前景的市場動態。

So that would be happy to take your questions, operator.

接線員，我們很樂意回答您的問題。

We will now begin the question-and-answer session to ask a question. You may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys.

我們現在將開始問答環節來提出問題。您可以按下電話鍵盤上的星號，然後按一個。如果您使用免持電話，請在按鍵前拿起聽筒。

If at any time your question has been addressed and you would like to withdraw your question. Please press star. Then two at this time, we will pause momentarily to assemble our roster.

如果您的問題在任何時候已解決而您想撤回您的問題。請按星號。那麼此時兩點，我們將暫停一下以集合我們的名單。

Lucas pipes with B Riley Securities.

盧卡斯與 B Riley 證券公司合作。

Thank you very much operator. Good morning, everyone. Happy Election Day, Paul My, my first question is on contracts for 2025 and, and apologies if I missed it. But could you speak to domestic or North American metal contracts for next year? Tonnage and, and price and then on the thermal coal side, would you be able to provide an update as it relates to the PRB and West Elk and pricing expectations for those operations as well? Thank You very much.

非常感謝運營商。大家早安。選舉日快樂，Paul 我的第一個問題是關於 2025 年的合同，如果我錯過了，我深表歉意。但您能談談明年的國內或北美金屬合約嗎？噸位和價格，然後在動力煤方面，您能否提供與 PRB 和 West Elk 相關的最新資訊以及這些業務的定價預期？非常感謝。

I think I'll repeat the same thing. I probably said the last five years, which is we really appreciate the North American business. There's a lot of value to it as far as logistics and that, but we've been quite willing to walk away from it if the pricing is too low compared to what we think the international markets will be. And I think what you're going to see in 2025 is that very thing?

我想我會重複同樣的事情。我大概說的是最近五年，這就是我們真正欣賞北美業務的時候。就物流而言，它有很多價值，但如果價格與我們認為的國際市場價格相比太低，我們非常願意放棄它。我認為 2025 年你會看到的就是這樣的事嗎？

You know, I think if I think back six years ago, we did about 50% of our coking coal business in North America. If I look at 2025, I think that number could be down much lower. And right now, we have committed about a half million tons and we're just under 150 on that price. So, if that's where we end up, that's where we end up, I'm fine with Lucas.

你知道，我想如果我回想六年前，我們大約 50% 的焦煤業務是在北美完成的。如果我展望 2025 年，我認為這個數字可能會低得多。現在，我們已經承諾了大約 50 萬噸，而我們的價格略低於 150 噸。所以，如果這就是我們的結局，那就是我們的結局，我對盧卡斯很好。

They had 11 subtle point is that includes about 20%. Now moral. So about 20% high ball B which weighs on that a little bit. So, you know, given that fact, you know, we thought that that 150 price was a fair, a fair price, given today's current, you know, soft market environment for, you know, that small amount of tonnage.

他們有11個微妙點，大約佔20%。現在道德。所以大約 20% 的高球 B 對此有一點壓力。所以，你知道，考慮到這一事實，你知道，我們認為 150 的價格是一個公平的價格，考慮到今天當前的、你知道的、小噸位的疲軟市場環境。

Yes. one thing with PRB, Lucas, we haven't given a lot of detail but, you know, we're, we're still plus $15 on average price and, you know, and they call it the low 40s or $40 compared to right now.

是的。關於 PRB 的一件事，盧卡斯，我們沒有提供很多細節，但是，你知道，我們的平均價格仍然高出 15 美元，而且，你知道，他們稱之為低 40 美元或 40 美元現在。

And.

和。

We've been able to maintain that Lucas at that level, but right now that market is pretty soft, but because of the way we've managed referrals with customers and been willing to, to sort of blow and extend, we, we've been able to keep that pricing at that higher level for 2025 and, and beyond. And so, you know, really managing the book carefully, despite the fact that, you know, right now the published prices are, are lower. And then when you look at West South, look, we, we I think we've got a really nice job there as the, as the existing legacy contracts that are scheduled to roll off start to come due. So, we've got legacy contracts in the industrial space at around $40 on average that, that roll off at the end of this year. And that's getting, you know, those are getting replaced with prices that are as much as $30 higher. Now, we haven't committed all the volume yet, but so far that's where it's shaking out. You know, that's a scarce product we're able to capture, you know, really good value. So that's that first step up we would expect to see in terms of left up contribution in 2025 is the roll off of the, you know, the legacy contract and then sort of these, these newer commitments kicking in and then they do for 2025. Again, we reiterate the fact that we also then see costs set down as development, work on the BC and as well as our transition to thick coal in the BC and higher quality coal. So, an additional step up in in in mid 2025 related to the cost side, if you think about it from a margin perspective, so enthusiastic about how things are shaping up West Elk for next year.

我們已經能夠將盧卡斯維持在這個水平，但現在市場相當疲軟，但由於我們管理客戶推薦的方式，並且願意進行某種打擊和擴展，我們，我們'我們能夠在2025 年及以後將定價保持在較高水平。因此，你知道，要認真管理這本書，儘管事實上，你知道，現在出版的價格較低。然後，當你看看西南地區時，你看，我們，我們，我認為我們在那裡的工作非常好，因為計劃到期的現有遺留合約開始到期。因此，我們在工業領域的遺留合約平均價格約為 40 美元，將於今年年底到期。你知道，這些正在被價格上漲 30 美元的產品所取代。現在，我們還沒有承諾所有的數量，但到目前為止，這就是它正在震動的地方。你知道，這是我們能夠捕捉的稀缺產品，非常有價值。因此，我們期望在 2025 年剩餘繳款方面看到的第一步是舊合約的滾存，然後這些新的承諾開始生效，然後在 2025 年生效。我們再次重申這樣一個事實，即隨著 BC 省的開發、工作以及我們向 BC 省的厚煤和更高品質煤炭的過渡，我們也會看到成本的降低。因此，如果您從利潤角度考慮，那麼 2025 年中期與成本方面相關的額外舉措對明年 West Elk 的發展充滿熱情。

I appreciate all the detail question on the high vol A markets. A few of your peers noted that high, that kind of the high-level markets are oversupplied. What's your take on, on that? Any ability to quantify the oversupply if you agree with that take and for a product like Lear in today's market environment, what are, what are good netbacks to kind of think about? Thank you very much for your color.

我很欣賞有關高波動率市場的所有細節問題。你們的一些同行指出，這種高水準的市場供應過剩。對此，你有何看法？如果您同意這種觀點，那麼有能力量化供過於求嗎？非常感謝你的顏色。

Yes. Lucas, this is Deck. What I would say about the high-Vol A market is, you know, obviously right now it's generally a little soft out there. Overall. Look, I think the highly market is not different than the, the, the market for other products. You know, as Paul said at this moment, the market seems fairly fine, calibrated now. Maybe it's a little bit oversupplied and a little soft, but we don't, doesn't seem like we're far from, from balance. And so, it's not going to take much, I think to tip things into a sort of a more virtuous sort of, you know, segment of the cycle. So, if you think about as Paul indicated, look hot metal production globally for the world, including China, relatively flat, you've got aggregate supply from Australia, the US and Canada, you know, relatively flat right now. So, no change on that front. Chinese deal exports are up. So, that's a negative on the flip side. Chinese see more coal imports are up as well. So, again, relatively fine calibrated here, we continue to see significant appetite for all our products in the marketplace. There's not urgency in terms of buying. It's not like we're seeing pricing being lifted by that. But Asian buyers are very focused on finding where the supply is going to come from for next year and very interested in our product. We've had really good uptakes for all of our products in in the in the Asian market and I would say for IL A in particular. And that's because look, we're providing that your brand is, is is providing both a very high CSR quality. So, a CS R of around 70 but also all those plastics properties that make it such a good loan stock. So, you know, the high fluidity, the wide temperature range, the strong R. So, all those things, it also mean that when you put it into a blend, you res the result is more homogeneous Coke at the back end of the, of the Coke oven. So I would say this for the Asian buyers buy our high vol A product for lots of reasons. It's not necessarily just the fluidity, it's also for the high CS R. We couldn't be more happy in terms of the uptake there. You know, we continue to build new customers in places like Malaysia, Indonesian demand continues to climb for the merchant Coke product. And there the big Chinese buyers are very eager to increase the amount of, of le volume that they, that they're, you know, able to access and we can only, you know, talk about so much because we only have so much volume that we're pleased with that. And we think the high vol A dynamics are really are, are really, again, not dissimilar to the other products. But for our new products in particular, we think there's a really, you know, strong enthusiasm out there.

是的。盧卡斯，這是德克。關於高成交量 A 市場，我想說的是，顯然現在市場普遍有點疲軟。全面的。看，我認為高度市場與其他產品的市場沒有什麼不同。你知道，正如保羅此時所說，市場看起來相當不錯，現在已經校準。也許有點供過於求，有點疲軟，但我們沒有，看起來我們離平衡不遠。因此，我認為不需要太多的時間就能將事情推向更良性的循環部分。因此，如果你像保羅指出的那樣，看看全球範圍內的鐵水產量，包括中國，相對持平，你知道，澳大利亞、美國和加拿大的總供應目前相對持平。所以，這方面沒有改變。中國交易出口上升。所以，這從另一方面來說也是負面的。中國的煤炭進口量也在增加。因此，再次，經過相對精細的校準，我們繼續看到市場上對我們所有產品的巨大需求。購買方面沒有緊迫感。我們並沒有看到價格因此而上漲。但亞洲買家非常關心明年的供應來源，並對我們的產品非常感興趣。我們的所有產品在亞洲市場都獲得了很好的接受度，尤其是 IL A。那是因為我們提供的資訊是，您的品牌提供了非常高的企業社會責任品質。因此，CS R 約為 70，而且所有這些塑膠特性使其成為很好的貸款股票。所以，你知道，高流動性、寬溫度範圍、強 R。 。所以我想說的是，亞洲買家購買我們的高揮發性產品有很多原因。這不一定只是為了流動性，還為了高 CS R。您知道，我們持續在馬來西亞、印尼等地建立新客戶，對商用可口可樂產品的需求持續攀升。中國的大買家非常渴望增加他們能夠獲得的文件數量，而我們只能談論這麼多，因為我們只有這麼多我們對此感到滿意。我們認為高揮發性的動態確實與其他產品沒有什麼不同。但特別是對於我們的新產品，我們認為人們確實有強烈的熱情。

There's two other small points I think we should make. And that is, you know, one of my best indications, I think in the market is customers are pushing back on volume and that in our prepared remarks, we're not seeing any of that. So, we're still seeing what I would call normal demand. And, you know, I, I was also surprised by the fact that we had some customers trying to accelerate shipments. I think the other point I'd like to make is, you know, we, as I noted by the federal remarks, we, we were had to suffer through about 200,000 tons of lost shipments because of the shiploader incident at Curtis Bay.

我認為我們還應該提出另外兩點。這就是，你知道，我最好的跡象之一，我認為市場上的客戶正在推遲銷量，而在我們準備好的評論中，我們沒有看到任何這種情況。因此，我們仍然看到我所說的正常需求。而且，你知道，我也對我們有一些客戶試圖加快發貨這一事實感到驚訝。我想我想說的另一點是，你知道，我們，正如我在聯邦言論中指出的那樣，由於柯蒂斯灣裝船機事件，我們不得不遭受約 20 萬噸貨物損失。

Oh, as I look at it, we ended up the quarter with about a half million tons of inventory and I just don't feel a lot of necessary needs to just go out and push that coal out of the market right now. Either.

哦，據我觀察，本季末我們的庫存約為 50 萬噸，我只是覺得現在沒有太多必要的需求去將煤炭推出市場。任何一個。

Look, I think the market is probably where it's at. I think another quarter or two of being flat like this should help things in general on the supply demand balance. And, you know, I think we're going to be patient at the end of the New year.

看，我認為市場可能就在這個位置。我認為，再維持一兩個季度的平穩狀態應該有助於改善供需平衡。而且，你知道，我認為我們將在新年結束時保持耐心。

Thank you for all the color. I'll, I'll try a quick one and sorry if I missed it. Is there a date for the shareholder vote?

謝謝你所有的顏色。我會，我會快速嘗試一下，如果我錯過了，抱歉。股東投票是否有日期？

Not yet.

還沒有。

All right. Well, thank you very much. For all the color. Best of luck and, and yeah, I look forward to the merger. Thank you.

好的。嗯，非常感謝。對於所有的顏色。祝你好運，是的，我期待合併。謝謝。

Lucas, thank you.

盧卡斯，謝謝你。

Nathan Martin with the benchmark company.

內森馬丁與基準公司。

Thanks, operator. Good morning, guys.

謝謝，接線生。早安，夥計們。

Good morning, Nate.

早安，內特。

Just to follow up on the second part of one of Lucas questions regarding a net back deck. I don't know if you could give us kind of an idea of what that looks like right now. Again, you know, it seems like some of the price realizations and you, and your peers are seeing or maybe reflecting higher than normal discount. So, so that might be helpful.

只是為了跟進盧卡斯關於網後套牌的問題的第二部分。我不知道你能否告訴我們現在的情況。再說一遍，您知道，似乎某些價格實現以及您和您的同行正在看到或可能反映出高於正常的折扣。所以，這可能會有所幫助。

Yeah, say that look, you know, I understand how you get there. When you look at the average price of HVA during, during Q3, it looks a little light from a net perspective. But I would say look, there are a couple of reasons for that, you know, the first is that during Q2, you know, we shipped a fair amount of volume, particularly in, in June that ends up getting close in Q3 in a declining, you know, market environment. So even though you look at the average realization in in in Q3 is as being as being somewhat higher, you know, some of the provisional pricing that we had committed to in Q2 ended up coming in lower. So, you know, that did weigh a little bit on the, you know, on those netbacks would also point to the convergence of premium low on HB A pricing. And as you know, as we ship to into Asia, there's a transportation.

是的，說那個樣子，你知道，我明白你是如何到達那裡的。當你觀察第三季 HVA 的平均價格時，從淨值角度來看，它看起來有點清淡。但我想說，有幾個原因，你知道，第一個是在第二季度，你知道，我們發貨了相當多的數量，特別是在 6 月份，最終在第三季度接近你知道，市場環境正在下降。因此，即使您看到第三季的平均實現量略高，您也知道，我們在第二季承諾的一些臨時定價最終會降低。所以，你知道，這確實對那些淨回值造成了一點壓力，也顯示 HB A 定價的溢價低點趨於一致。如您所知，當我們運往亞洲時，有一種運輸方式。

And so, you know, in recent quarters that, that that stronger pricing for premium low ball has had really served to counterbalance that transportation differential for those times that were, you know, comit based on, you know, PLV prices. So, both those things weigh somewhat on our average net back. I would say that the good news is that, you know, all that will right itself over time. But you know, the good news is we're not having to discount. The good news is as as discussed, there's really good appetite out there for our products. We're, you know, there are lots of different structures that we use without a doubt, but in terms of going out there and having to discount our products just to move them, you know, even in this off market environment, we're simply not having to go there, which I think really does bode well for the future and, and further underscores the the great success we're having in getting these tos placed in Asia.

因此，您知道，最近幾個季度，優質低球價格的走強確實起到了抵消運輸差異的作用，而這些時期是基於 PLV 價格的。因此，這兩件事對我們的平均淨收益都有一定的影響。我想說的是，好消息是，你知道，隨著時間的推移，所有這些都會自行好轉。但你知道，好消息是我們不必打折。正如所討論的，好消息是，人們對我們的產品非常有興趣。我們，你知道，毫無疑問，我們使用了很多不同的結構，但就走出去並不得不打折我們的產品只是為了移動它們而言，你知道，即使在這種場外環境中，我們'我們根本不必去那裡，我認為這對未來來說確實是個好兆頭，並且進一步強調了我們在將這些服務條款放置在亞洲方面所取得的巨大成功。

Thanks for that deck. Maybe, maybe kind of shifting over, you know, to the fourth quarter. I mean, I appreciate you guys don't want to give updated full year guidance due to the merger. But, you know, given some of the challenges in the third quarter. Obviously, the ship loader outage you called out lost about 200,000 tons of shipments. There. Is it reasonable to assume that met coal shipments could increase sequentially in the fourth quarter? Or you think, you know, other headwinds such as the extended law move you guys called out and, and as well as the weaker markets we're talking about, might make that not the case.

謝謝你的那套牌。也許，也許會轉移到第四季。我的意思是，我感謝你們不想因合併而提供更新的全年指導。但是，你知道，考慮到第三季的一些挑戰。顯然，你所說的裝船機停駛損失了大約20萬噸貨物。那裡。假設第四季冶金煤出貨量可能較上季成長是否合理？或者你認為，你知道，其他不利因素，例如你們呼籲的延長法律行動，以及我們正在談論的市場疲軟，可能會使情況並非如此。

I think the way to look at Q4 is, you know, we're coming through, you know, what I would call one of the roughest couple months that I've had in a long time, you know, it was, it was a difficult period for lots of reasons.

我認為看待第四季度的方式是，你知道，我們正在經歷，你知道，我稱之為很長一段時間以來最艱難的幾個月之一，你知道，那是，那是由於多種原因，這是一個困難時期。

And the good news is, is that we set ourselves up very well, both we are South and come through some very difficult areas and the new, the new South Wall is expected to start up later this week in District one, excuse me in District two. And we still believe that that panel looks very good and have a lot of optimism.

好消息是，我們已經做好了準備，我們都在南方，經歷了一些非常困難的地區，新的南牆預計將於本週晚些時候在第一區啟動，對不起，在區二。我們仍然相信該小組看起來非常好並且非常樂觀。

So, and we also had a stretch here in the last couple of weeks where we had an extended model due to some of the conditions we were carrying.

所以，在過去的幾周里，我們也在這裡進行了一次延伸，由於我們所承受的一些條件，我們有一個擴展的模型。

But I've got huge faith in the team at Lear, and they delivered constantly year after year. And, you know, if you look back at the history of Lear the last 1,314 years, you know, about every couple of years, we'll get a bad quarter and that's pretty well what we did in Q3.

但我對李爾的團隊充滿信心，他們年復一年地不斷交付成果。而且，如果你回顧李爾過去 1,314 年的歷史，你就會知道，大約每隔幾年，我們就會遇到一個糟糕的季度，這就是我們在第三季度所做的很好的情況。

But, you know, if I look at Q4, you know, some of those residual pains carried on into October.

但是，你知道，如果我看看第四季度，你知道，其中一些殘留的痛苦一直持續到十月。

But, you know, as I said about the third bars, I am expecting, you know, a step up in performance in the back half starting really later this week or next.

但是，你知道，正如我所說的第三條，我期待，你知道，後半部分的表現將在本週晚些時候或下週開始真正提高。

And the way I would look at Q4 just for simplicity and just kind of in general is, you know, I would, I would start with kind of a very similar quarter to what we had in QQ three.

為了簡單起見，我看待第四季的方式是，你知道，我會從《QQ 3》非常相似的季度開始。

It's volume line and part of that is, you know, if the market doesn't respond, we're just not going to push a lot of coal into it.

這是成交量線，其中一部分是，如果市場沒有反應，我們就不會再投入大量煤炭。

And second, you know, I think, you know, we can come up better than I anticipate, but I want to be relatively cautious in what we're saying on the startup in both bills.

其次，你知道，我認為，你知道，我們可以比我預期的更好，但我想對我們在這兩項法案中關於新創公司的言論保持相對謹慎。

You know, I think just in general, you know, if you look at the list, you know, we didn't give explicit guidance on the rest of the quarter. I think you can infer from, you know, the silence on everything else that, you know, we're going to be pretty much as we've said it before.

你知道，我認為總的來說，如果你看一下清單，你知道，我們沒有對本季剩餘時間給予明確的指導。我想你可以從對其他事情的沉默中推斷出，你知道，我們將會像我們之前說過的那樣。

Thanks for that Paul. And then maybe just 11 final one. You guys gave, you know, a pretty thorough discussion and prepared remarks about your thermal whole business. I guess, you know. Just how do you think about the role of those thermal asset's kind of heading into the closing of the proposed merger with console?

謝謝保羅。然後也許只有 11 個最後一個。你們進行了非常徹底的討論，並準備了整個熱力業務的評論。我想，你知道。您如何看待這些熱資產在完成與控制台的擬議合併中所扮演的角色？

But that's all with the easiest one which is West Elk. You know, West Elk fits clearly in our strategy of pursuing high quality sea burial business. West Elk is going to be a big player in that business for the next 10 years. Plus. So clearly West Elk has a place, you know, you move on to pr V. It's, it's a tougher discussion. You know, I've been very open the last couple of years about, you know, whether it fits well with f and what we can do and, but we've made no bones about talking to people about our alternatives with it and we will continue to do so. But at the end of the day, you know, we set aside the reclamation fund and, you know, we have a view of what the value of that is. Someone's willing to give that to us up front. We'll, we'll listen to them, but it has to be a clean exit. And, you know, by that, I mean, we're going to, we would get out of it with, you know, no bonds, no permits, you know, no leases a truly clean exit.

但這就是最簡單的一個，就是 West Elk。您知道，West Elk 顯然符合我們追求高品質海葬業務的策略。West Elk 將在未來 10 年內成為該行業的重要參與者。加。很明顯，West Elk 佔有一席之地，你知道，你可以轉向 pr V。這是一個更艱難的討論。你知道，過去幾年我一直非常開放地談論它是否適合 f 以及我們能做什麼，但是我們毫不猶豫地與人們談論我們的替代方案，我們將繼續這樣做。但最終，你知道，我們撥出了回收基金，你知道，我們知道它的價值是什麼。有人願意預先把它交給我們。我們會，我們會聽取他們的意見，但這必須是一個乾淨的退出。而且，你知道，我的意思是，我們將，我們將擺脫它，你知道，沒有債券，沒有許可證，你知道，沒有租賃，一個真正乾淨的退出。

And if somebody could do that with the value that board, we definitely listen to it.

如果有人能夠利用董事會的價值做到這一點，我們肯定會聽取它的意見。

May I just add just a little bit more color around West De and what a good fit that is, you know, look as we move into the BC, in particular West Elk will move up again in terms of heat content and already it's a high-quality coal. But if we move into the BC, it'll be approaching a 12,000 BTU product. Very low sulfur. You know, when you think about West out and, you know, PAMC, we're talking about two of the highest rank coals in the SE board marketplace so that it couldn't be better. We're enthusiastic, quite frankly, West Ups then, you know, our only asset that is focused on the C one thermal market. The fact is that I think there'll be a greater understanding and appreciation of it being truly a core asset for us going forward and, you know, an exceptionally strong fit with the, with the portfolio.

我可以在 West De 周圍添加一點顏色嗎？優質煤炭。但如果我們進入 BC，它將接近 12,000 BTU 產品。硫含量極低。你知道，當你想到 West out 和 PAMC 時，我們談論的是 SE 板市場中兩種最高級別的煤炭，因此它再好不過了。坦白說，我們對 West Ups 充滿熱情，你知道，這是我們專注於 C one 熱力市場的唯一資產。事實是，我認為人們會對它有更深入的理解和欣賞，它是我們未來真正的核心資產，並且與投資組合非常契合。

All right. Very helpful gentlemen, I appreciate the time. Good luck here in the fourth quarter and, and we're getting the merger completed.

好的。非常樂於助人的先生們，我很珍惜寶貴的時間。祝第四季好運，我們即將完成合併。

Kajaani with BMO capital markets.

Kajaani 與 BMO 資本市場。

Hi. Thank you for taking my questions. I might have missed this, but you, you mentioned Lear was going through a bit of a challenging geology. Is that now behind or when should we expect it back to, let's say more normal operations?

你好。感謝您回答我的問題。我可能錯過了這一點，但你，你提到李爾正在經歷一些具有挑戰性的地質狀況。現在已經過去了，還是我們應該期望它什麼時候恢復，讓我們說更正常的操作？

I thought this is Paul. It really started in, what I'd say, kind of late September and through October. And, you know, it was a pretty rough period in both times. The good news is, both long halls are through it. I'm expecting it to start up in the Leer South Longwall later this week and the le long haul will be a couple days behind that. And, you know, by all indications the panels that we're going into are a good, good and we're expecting production to fit back up, kind of what our expectations are.

我以為這是保羅。我想說的是，它真正開始於九月底到十月。而且，你知道，這兩次都是一段相當艱難的時期。好消息是，兩個長廳都穿過它。我預計它將於本週晚些時候在 Leer South Longwall 啟動，而 le 長途將在此後幾天啟動。而且，你知道，從所有跡象來看，我們即將投入使用的面板都很好，我們預計產量會恢復正常，這正是我們的期望。

And what would be like a normalized production level at beer. Can I, can you remind us?

啤酒的標準化生產水準會是什麼樣子？我可以，你能提醒我們嗎？

Yeah, roughly we've been running, you know, basically about a million times a quarter, both Coca Cola and ds and we've been slightly better than that. I, I would be surprised to see that if we were going into the fourth quarter at a normalized rate after the fourth quarter, we're south and still continue to ramp up. I think it's got a chance of coming up to its potential go at the end of our last family district one. We saw some really good rates and, you know, a lot of optimism at that point. I still think, you know, that operations got some ability to grow and continue to increase production.

是的，我們大概每個季度都會運行一百萬次，可口可樂和 ds 都運行，我們的表現比這要好一些。我，我會驚訝地發現，如果我們在第四季度之後以正常化的速度進入第四季度，我們將處於南方，並且仍在繼續增長。我認為它有機會在我們最後一次家庭區結束時發揮其潛力。我們看到了一些非常好的利率，而且，你知道，當時有很多樂觀情緒。我仍然認為，你知道，業務有一定的成長能力並繼續增加產量。

Everything we're saying high in District two at, at LE style, you know, is, is reflective of our expectations. It, it is the, you know, nearly a foot thicker in terms of the whole team there relative to where we've been in district one. So, a very substantial, you know, improvement there and that should, you know, translate into higher yields, which should also translate into lower costs. And then we going to be very thick coal in 2025. So, both those you know, both those developments really bode well for, you know, a strong execution in 2025. As you know, we've been talking a lot about transitioning from district one to district two and as we are south and we put a lot of focus on that. But feel really good about what we're seeing and, you know, as indicated, but development was a little slower and, and, and getting district two ready. So, we had to, you know, the, you know, the long been down for the first, you know, six weeks or so of this quarter. But as we look at development on the next panel, district two, that's, you know, we expect that to proceed and be ready to roll as we, as we go through the first payline district too. So, feeling really quite positive about what we're seeing.

我們在第二區高位所說的一切，在 LE 風格，你知道，是，反映了我們的期望。你知道，相對於我們在第一區的情況，就整個團隊而言，它的厚度增加了近一英尺。因此，這是一個非常重大的改進，你知道，這應該會轉化為更高的產量，這也應該轉化為更低的成本。到 2025 年，我們的煤炭將變得非常稠密。所以，你們知道，這兩項進展確實預示著 2025 年的強勁執行力。如您所知，我們一直在談論從一區過渡到二區的問題，由於我們位於南部，因此我們對此給予了許多關注。但對我們所看到的感覺真的很好，而且，你知道，正如所指出的，但發展有點慢，並且，以及，第二區準備就緒。因此，我們必須在本季度的第一周左右的時間裡長期處於停滯狀態。但是，當我們關注下一個小組（第二區）的開發時，我們預計這將繼續進行並準備好，因為我們也經歷了第一個支付線區。所以，我們對所看到的感到非常積極。

So, it is it still fair to assume that now that Leo entered District two, that we're, we should be seeing, you know, coal production closer to 4 million tons per year plus.

因此，現在可以公平地假設，現在 Leo 進入了第二區，我們應該看到，您知道，煤炭產量每年接近 400 萬噸以上。

We've avoided putting numbers out there and don't feel like that you know, is appropriate here. Obviously, we're going through our own budgeting process, and we expect to integrate our budgeting process with consults before you know, too long. So, you know, we're not going to provide explicit guidance but clearly what we're saying is that both we and leer South, we expect productivity to be higher, we expect costs to be lower. That you know that clearly should translate into a better performance for the memorable portfolio overall in 2025.

我們避免將數字放在那裡，並且認為您知道的數字在這裡不合適。顯然，我們正在經歷我們自己的預算流程，我們希望在您知道之前將我們的預算流程與諮詢整合起來，時間太長了。所以，你知道，我們不會提供明確的指導，但顯然我們所說的是，我們和 leer South 都期望生產力更高，我們期望成本更低。您知道，這顯然應該轉化為令人難忘的投資組合在 2025 年的整體表現。

Okay, thank you.

好的，謝謝。

Michael Dudas with Vertical Research Partners.

邁克爾杜達斯 (Michael Dudas) 與垂直研究合作夥伴。

Yes. I know. Good morning, Deck and Paul. Paul, maybe just share some thoughts on the stress on the supply side in Appalachia, given where pricing is for coking coal product. And if we continue to see some softness, will it be noticeable? And are you seeing that from whether it's the labor side or some vendors, et cetera? Maybe get a sense of how that's going to play out as you move into 2025?

是的。我知道。早上好，德克和保羅。保羅，考慮到焦煤產品的定價，也許只是分享一些關於阿巴拉契亞供應方壓力的想法。如果我們繼續看到一些疲軟，會很明顯嗎？您是否從勞動力方面或某些供應商等方面看到了這一點？進入 2025 年，也許您能了解這將如何發展？

Hey, Michael apologies, we're struggling to hear. We got bits and pieces, but can you repeat?

嘿，麥可抱歉，我們很難聽清楚。我們得到了零碎的訊息，但你能再說一次嗎？

Can you hear me now?

現在你能聽到我說話嗎？

Yes, it's much better.

是的，好多了。

Okay. I'm sorry. Thank you very much. Just you know, the supply side in Appalachia, given the weak market, next couple of quarters, I would think that could see some more meaningful kind of supply pull back. And are you seeing that from vendors or labor flows or what the talk is in the marketplace?

好的。對不起。非常感謝。您知道，鑑於市場疲軟，阿巴拉契亞的供應方面，未來幾個季度，我認為可能會看到一些更有意義的供應回落。您是否從供應商或勞動力流動或市場上的言論中看到了這一點？

I think you hit on what I would call some of the, you know, main leading indicators which are the people are all of a sudden, not an issue. We, we have, you know, we're in as good a shape as we've been in a long time. And, you know, the labor pressure, you know, by that, I mean, just finding the people to work the mine as well as pressure on wages has really diminished. And, you know, I think that's the first main indicator. I think the second one is, is that you're also starting to see the availability that's better on parts and supplies and we're starting to hear some of the lead times on equipment dropping. So, I think all of those indicators telling you that there is a slowdown coming. And as I said, in my remarks, you know, we, we're seeing, you know, particularly some of the smaller mines drop offline. You know, the cost pressure is starting to hit them. Look, I, you know, these, these periods of weak markets aren't any fun, but in the end, it kind of cleans up the production side and I think it's good for everybody.

我想你突然想到了我所說的一些主要領先指標，這些指標是人們突然出現的，而不是一個問題。我們，我們，你知道，我們的狀態和很長一段時間以來一樣好。而且，你知道，勞動力壓力，你知道，我的意思是，只要找到在礦場工作的人以及工資壓力就確實減少了。而且，你知道，我認為這是第一個主要指標。我認為第二個是，您也開始看到零件和供應品的可用性更好，我們開始聽到一些設備的交貨時間下降。因此，我認為所有這些指標都在告訴你經濟放緩即將到來。正如我在演講中所說，我們看到，特別是一些較小的礦場停產。你知道，成本壓力開始向他們襲來。聽著，我，你知道，這些市場疲軟的時期沒有任何樂趣，但最終，它淨化了生產方面，我認為這對每個人都有好處。

And Mike, you know, Paul just talked about Appalachian, you asked about it. And that's probably the, you know, where we see the leading indication, the reality is these prices don't work anywhere is our view. And that's not to say first top4 producers can't continue to generate cash, but you've got a lot of players out there that are struggling. And I'd say that even in Australia, when you add back, things like sustaining capital, you're looking at prices that are well below a break, even even with the big horses in Australia, particularly post the, the changes in the wealthy structures there. And the other pressures we've seen. So, you know, we do believe the supply side, you know, is going to come under pressure. It's why we're, you know, feeling positively about, you know, 2025 and where the market might trend, you know, a little demand uptick would certainly be positive. And, and I think what could, could have a significant influence on coking coal markets and prices. But by the same token, this will fix itself as well if these prices stay down where they are for much longer.

麥克，你知道，保羅剛剛談到了阿巴拉契亞山脈，你問過它。你知道，這可能是我們看到的主要跡象，現實是我們認為這些價格在任何地方都行不通。這並不是說前四名的製作人不能繼續產生現金，但有很多玩家都在苦苦掙扎。我想說，即使在澳大利亞，當你加上諸如維持資本之類的事情時，你看到的價格也遠低於突破點，即使澳大利亞有大馬，特別是在發生變化之後那裡有豐富的建築。以及我們看到的其他壓力。所以，我們確實相信供給面將會面臨壓力。這就是為什麼我們對 2025 年以及市場可能的趨勢感到積極，你知道，需求的一點增長肯定會是積極的。而且，我認為什麼可能會對煉焦煤市場和價格產生重大影響。但出於同樣的原因，如果這些價格長時間保持在原位，這種情況也會自行解決。

And I'll tell you the last cut that I've made, I, I don't want to try and make it sound any better than it was. 23 was a tough quarter, but as bad as the quarter was at $93 costs, that's still probably $20 below the bottom of the midpoint. I mean, there's a lot of mines in the US that are out of the money with these prices.

我會告訴你我所做的最後一個剪輯，我，我不想嘗試讓它聽起來比原來更好。 23 月是一個艱難的季度，但儘管該季度的成本為 93 美元，但仍可能比中點底部低 20 美元。我的意思是，以這樣的價格，美國有很多礦場都已經沒錢了。

Yeah. Yeah, duly noted Paul and Deck and given that your improvement in operations and maybe the improvement in market, I guess the timing on the transaction could be quite helpful for everyone. Thanks. Thanks for your time. Guys.

是的。是的，適當地註意到保羅和德克，考慮到你們營運的改善以及市場的改善，我想交易的時機可能對每個人都非常有幫助。謝謝。感謝您抽出時間。夥計們。

Thank you.

謝謝。

Thank you, Mike.

謝謝你，麥克。

This concludes our question-and-answer session. I would like to turn the conference back over to Paul Lang for any closing remarks.

我們的問答環節到此結束。我想將會議轉回保羅·朗發表閉幕詞。

Well, thank you again for your interest in art. Not only today, but also over many years upon the anticipated closure of the merger, we'll be turning a page in our long and successful history but at the same time, starting an exciting new chapter with SOTE as core Natural Resources as we prepare for the transition, I want to thank the people who made this new game possible trust process, the arch board, the management team, our employees, the employees so have worked tirelessly and selflessly to bring its value, creation, creation, believing that it is the right path forward to ensure the company's long term success.

好吧，再次感謝您對藝術的興趣。不僅在今天，而且在預計合併結束後的許多年裡，我們將翻開我們悠久而成功的歷史的一頁，但同時，在我們準備的過程中，以SOTE 作為核心自然資源開啟令人興奮的新篇章對於過渡，我要感謝那些使這個新遊戲成為可能的信任過程的人們，拱門，管理團隊，我們的員工，員工們不知疲倦，無私地工作，帶來了它的價值，創造，創造，相信它是確保公司長期成功的正確前進道路。

It's true that an admirable show of professionalism that the organization, its shareholders and other stakeholders are in their debt for delivery.

確實，這是一個令人欽佩的專業精神表現，該組織、其股東和其他利益相關者都對交付負有責任。

But that operator will complete the call. And I look forward to the possibility of reporting to the group in Q1 that's part of the first core natural resources during this call. Stay safe and healthy. Everyone.

但該接線員將完成通話。我期待在第一季向小組報告的可能性，這是本次電話會議期間第一個核心自然資源的一部分。保持安全和健康。每個人。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。