Anglogold Ashanti PLC (AU) 2016 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the AngloGold Ashanti third quarter operational update. (Operator Instructions).

女士們，先生們，美好的一天，歡迎來到 AngloGold Ashanti 第三季度運營更新。 （操作員說明）。

Please note this call is being recorded. At this time, I'd like to turn the conference over to Stewart Bailey. Please go ahead.

請注意，此通話正在錄音中。現在，我想將會議轉交給 Stewart Bailey。請繼續。

Thanks, Ari, and thanks, everyone, for joining us on our Q3 market update. As is customary, we are going to do a short presentation, so only a few slides. We'll then go into Q&A. In the room here in South Africa of our operating team we've got Chris Sheppard, who's the Chief Operating Officer for our South African business, and we have Ludwig Eybers, who is the Deputy Chief Operating Officer. On the line, international -- on the line, we've got Ron Largent and Graham Ehm, who you all know. In the room as well, we have Christine Ramon, our CFO, and Venkat.

謝謝 Ari，也謝謝大家加入我們的第三季度市場更新。按照慣例，我們將做一個簡短的演示，所以只有幾張幻燈片。然後我們將進入問答環節。在我們運營團隊南非的房間裡，我們有 Chris Sheppard，他是我們南非業務的首席運營官，還有 Ludwig Eybers，他是副首席運營官。線上，國際線上，我們有 Ron Largent 和 Graham Ehm，你們都知道。在這個房間裡，還有我們的首席財務官 Christine Ramon 和 Venkat。

I'll start with the Safe Harbor statement. Certain statements contained in this document other than statements of historical fact, including without limitation those concerning the economic outlook for gold-mining industry, expectations regarding gold prices, production, total cash costs, AISE, AIC, cost savings and other operating results, productivity improvements, growth prospects and outlook of our operations individually or in aggregate, including the achievements of project milestones, commencement and completion of commercial operations of our exploration and production projects and the completion of acquisitions, dispositions or JV transactions, our liquidity and capital resources and capital expenditures, and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues are forward-looking statements regarding our operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements.

我將從安全港聲明開始。除歷史事實陳述外，本文件中包含的某些陳述包括但不限於有關黃金開採業經濟前景、對黃金價格、產量、總現金成本、AISE、AIC、成本節約和其他經營成果、生產率的預期我們單獨或總體運營的改進、增長前景和展望，包括項目里程碑的實現、我們勘探和生產項目商業運營的開始和完成以及收購、處置或合資交易的完成、我們的流動性和資本資源以及資本支出以及任何潛在或未決訴訟或監管程序或環境健康和安全問題的結果和後果都是關於我們的運營、經濟業績和財務狀況的前瞻性陳述。這些前瞻性陳述或預測涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果、業績或成就與這些前瞻性陳述中明示或暗示的預期結果、業績或成就存在重大差異。

Although we believe that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in forward-looking statements as a result of, amongst other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environments and other government actions, including environmental improvements, fluctuations in gold prices and exchange rates, the outcome and pending or future litigation proceedings, and business and operational risk management. For a discussion of such risk factors, refer to our annual report on Form 20-F filed with the US SEC. Those factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any forward-looking statements.

儘管我們認為此類前瞻性陳述和預測中反映的預期是合理的，但無法保證此類預期將被證明是正確的。因此，由於經濟、社會、政治和市場條件的變化、業務和運營計劃的成功、監管環境的變化以及其他因素，結果可能與前瞻性陳述中的結果存在重大差異政府行為，包括環境改善、黃金價格和匯率的波動、結果和未決或未來的訴訟程序，以及業務和運營風險管理。有關此類風險因素的討論，請參閱我們向美國證券交易委員會提交的 20-F 表格年度報告。這些因素不一定是可能導致實際結果與任何前瞻性陳述中表達的結果存在重大差異的所有重要因素。

Other unknown and unpredictable factors could also have a material adverse effect on future results. Consequently, you are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law.

其他未知和不可預測的因素也可能對未來結果產生重大不利影響。因此，請注意不要過分依賴這些前瞻性陳述。我們沒有義務公開更新或發布對這些前瞻性陳述的任何修訂，以反映本協議日期之後的事件或情況，或反映意外事件的發生，適用法律要求的範圍除外。

All subsequent written or oral forward-looking statements attributable to the Company or any person acting on its behalf are qualified by these cautionary statements. The financial information contained in this news release has not been reviewed or reported on by the Company's external auditors.

歸因於公司或代表其行事的任何人的所有後續書面或口頭前瞻性陳述均受這些警告聲明的限制。本新聞稿中包含的財務信息未經公司外部審計師審查或報告。

Communication may contain certain non-GAAP financial measures, which we use in managing our business. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the reported operating results of cash flow from operations or other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

通訊可能包含某些非 GAAP 財務指標，我們在管理業務時使用這些指標。非 GAAP 財務措施應被視為對報告的經營活動產生的現金流量結果或根據 IFRS 編制的其他業績衡量標準的補充，而不是替代。此外，這些措施的介紹可能無法與其他公司可能使用的類似名稱的措施相比較。

We post information important to investors on the main page of our website at anglogoldashanti.com. You should review that information.

我們在我們網站 anglogooldashi.com 的主頁上發布對投資者重要的信息。您應該查看該信息。

Venkat.

文卡特。

Thank you, Stewart. Good morning, good afternoon to you all. As we always do, I'd like to assure you that our strategy remains consistent, as it's done since 2013. We continue to focus on our five key business objectives, which support our central strategic goal of making sustainable improvements to cash flow and returns.

謝謝你，斯圖爾特。大家早上好，下午好。一如既往，我想向您保證，我們的戰略始終如一，自 2013 年以來一直如此。我們繼續專注於我們的五個關鍵業務目標，這些目標支持我們可持續改善現金流和回報的核心戰略目標.

We have certainly achieved that in these results for the third quarter, as you'll see, with free cash flow over the three-month period more than 50% ahead of the free cash flow for the previous six months of this year. For the nine months, the free cash flow aggregated $269 million.

正如您所看到的，我們在第三季度的這些結果中確實實現了這一點，三個月期間的自由現金流比今年前六個月的自由現金流高出 50% 以上。九個月以來，自由現金流總計 2.69 億美元。

Turning on to slide 4, safety continues to remain our top priority and also our biggest challenge and opportunity, and that's especially the case with our South African operations, which continued to represent the vast majority of our injuries and fatal accidents.

轉到幻燈片 4，安全仍然是我們的首要任務，也是我們最大的挑戰和機遇，尤其是我們在南非的業務，這仍然是我們受傷和死亡事故的絕大部分。

In July, unfortunately, we lost three of our colleagues to accidents in South Africa in quick succession and had a contractor fatality at Cuiaba in Brazil later that quarter. Whilst in South Africa we battle to make sustained breakthrough, it's important to note that we have had a reasonably good run since July, and there are signs of improvement that we are seeing. Notably, 1 million fatality-free shifts achieved at Kopanang mine, 2 million fatality-free shifts achieved at the Vaal River District in its entirety. Moab Khotsong has gone more than a full year without any fatality at all, showing what is possible, even in these challenging conditions.

不幸的是，在 7 月，我們的三名同事接連在南非發生事故，並在那個季度晚些時候在巴西的庫亞巴發生了一名承包商死亡事故。雖然我們在南非努力取得持續突破，但值得注意的是，自 7 月以來我們的表現相當不錯，而且我們看到了改善的跡象。值得注意的是，Kopanang 礦區實現了 100 萬個無死亡班次，整個瓦爾河地區實現了 200 萬個無死亡班次。 Moab Khotsong 已經過去了整整一年多，沒有發生任何死亡事故，這表明即使在這些具有挑戰性的條件下也是有可能的。

Increased seismicity at our West Wits operations continues to pose a significant challenge, as does the failure in some instances of our personnel to adhere to well-established protocols and procedures. We continue to work hard across a number of fronts to improve decision-making at all levels and to rid our operations of fatalities.

我們的 West Wits 運營中不斷增加的地震活動繼續構成重大挑戰，在某些情況下我們的人員未能遵守既定的協議和程序也是如此。我們繼續在多個方面努力工作，以改善各級決策並消除我們的運營死亡事故。

We are seeing improvements in various elements of our safe production strategy in recent months, and that has helped us to better cope with the seismicity and thereby achieve a reduction in the number of fatal accidents by a third thus far this year, whilst recognizing that one fatality is one fatality too many.

近幾個月來，我們看到安全生產戰略的各個方面有所改善，這幫助我們更好地應對地震活動，從而使今年迄今為止的致命事故數量減少了三分之一，同時認識到一個死亡人數太多了。

Production from our South African mines continues to be affected by safety-related stoppages, including those under Section 54 of the Mine Health and Safety Act. As recommended by the regulator last time, we'll continue to pursue dialogue with the DMR around this issue and use all appropriate official channels to address any challenges that relate to the application of Section 54 of the Act. I'm sure that both we and the DMR have the same ultimate goal, which is to have the regulations applied properly and fairly in order to have the best outcome on safety.

我們南非礦山的生產繼續受到安全相關停工的影響，包括《礦山健康與安全法》第 54 條規定的停工。正如監管機構上次建議的那樣，我們將繼續就此問題與 DMR 進行對話，並使用所有適當的官方渠道來解決與應用該法案第 54 條相關的任何挑戰。我確信我們和 DMR 都有相同的最終目標，即適當和公平地應用法規，以便在安全方面取得最佳結果。

Our international operations overall continue to show world-class safety trends, with several operations, especially in the continental African region and Australian region, exceeding previous high watermarks.

我們的國際業務總體上繼續呈現出世界級的安全趨勢，有幾項業務，特別是在非洲大陸地區和澳大利亞地區，超過了之前的高水位線。

Turning to slide 4, we remain, as you will see, one of the industry's most geographically diversified companies, with about three-quarters of our production coming from our international operations and the rest from South Africa. We generated strong free cash flow at $161 million, before the once-off premiums spent to settle the remainder of the high-yield bond. That's a huge leap from the levels of free cash flow generated in all over the first half of this year and the $50 million outflow that we saw in the third quarter of last year. This has helped us generate more than $225 million, thereby further reducing our debt levels.

轉到幻燈片 4，正如您將看到的那樣，我們仍然是業內地域最多元化的公司之一，我們大約四分之三的產品來自我們的國際業務，其餘來自南非。我們產生了 1.61 億美元的強勁自由現金流，這還不包括用於支付剩餘高收益債券的一次性保費。與今年上半年產生的自由現金流水平和我們在去年第三季度看到的 5000 萬美元流出相比，這是一個巨大的飛躍。這幫助我們產生了超過 2.25 億美元的收入，從而進一步降低了我們的債務水平。

Whilst we had previously indicated that costs would be higher in the second half, the increase was marked by a poor performance in South Africa, a delay in accessing high grades in one of the mines in Brazil, capital expenditure absorbed over fewer ounces and the strengthening of the currencies we saw during the third quarter.

雖然我們之前曾表示下半年成本會更高，但這一增長的特點是南非表現不佳、巴西一個礦山延遲獲得高品位、吸收的資本支出減少以及加強我們在第三季度看到的貨幣。

Work is already well advanced to turn this around in the near term by improving volumes and accessing higher grades as per our plans, and over the medium term, by investing in our low-capital, high-return brownfields projects. As Christine will explain in her presentation, on a year-to-date basis, the increase in the unit cost is more muted.

根據我們的計劃，通過提高產量和獲得更高等級，以及在中期，通過投資於我們的低資本、高回報的棕地項目，在短期內扭轉這一局面的工作已經取得了很好的進展。正如克里斯汀將在她的演講中解釋的那樣，從年初至今，單位成本的增長更為緩慢。

Turning to South Africa, on slide 6, South Africa as a whole had a difficult quarter, especially at the West Wits region, where we received a double blow from safety stoppages following the fatalities at TauTona and Mponeng. Whilst the stoppages had caused havoc on our August numbers, we did see stability return by the end of the quarter, and September and October production has returned to normalized levels.

轉向南非，在幻燈片 6 中，整個南非度過了一個艱難的季度，尤其是在 West Wits 地區，在 TauTona 和 Mponeng 發生事故後，我們受到安全停工的雙重打擊。雖然停工對我們 8 月份的數據造成了嚴重破壞，但到本季度末我們確實看到了穩定回歸，9 月和 10 月的產量已恢復到正常水平。

In all, we lost 38,600 ounces from safety stoppages in the third quarter, taking the year total count to just under 83,000 ounces, with the bulk of those coming from West Wits, which is reflected in the unacceptable cost performances you see there. Given the unpredictable nature of safety stoppages, we will be taking a more conservative stance internally on our go-forward projection for production for South Africa starting from next year.

總的來說，我們在第三季度因安全停工損失了 38,600 盎司，使全年總計略低於 83,000 盎司，其中大部分來自 West Wits，這反映在您在那裡看到的不可接受的成本表現中。鑑於安全停工的不可預測性，我們將在內部對從明年開始的南非生產的前瞻性預測採取更保守的立場。

We also saw lower-than-anticipated grades across both underground operating hubs. We saw an 8.4% drop in underground grades in South Africa, as access to some crucial high-grade panels was impacted by safety-related stoppages. The performance in September and October have shown promising recovery, which bodes well for Q4, assuming no major interruptions.

我們還看到兩個地下運營中心的等級低於預期。我們看到南非的地下等級下降了 8.4%，因為一些重要的高級面板的訪問受到與安全相關的停工的影響。假設沒有重大中斷，9 月和 10 月的表現顯示出有希望的複蘇，這對第四季度來說是個好兆頭。

On the unit cost side, please bear in mind too that the quarter includes both annual wage and power increases in South Africa, as well as the winter electricity power tariffs, which roll off from the September month onwards.

在單位成本方面，也請記住，該季度包括南非的年度工資和電力增長，以及從 9 月開始下調的冬季電費。

Moab was one of the bright spots for us this quarter, with a 14% recovery in production, with fewer safety stoppages year on year. This operation shows how with fewer interruptions it can ramp up tonnage and get the costs closer to where we want them to be. That strong performance was offset to some extent by lower grades and a lack of available face length next door at the Kopanang mine, which also had to deal with a fall-of-ground [fatal] during the month of July.

Moab 是本季度我們的亮點之一，生產恢復了 14%，安全停工次數同比減少。該操作顯示瞭如何通過更少的中斷來增加噸位並使成本更接近我們希望的水平。這種強勁的表現在一定程度上被較低的品位和 Kopanang 礦隔壁可用工作面長度的缺乏所抵消，該礦在 7 月份還不得不應對 [致命] 塌方。

Turning to our international operations, slide 7, they saw a pleasing uptick in production, which is credit to the operators who are nimble enough to respond to some unexpectedly lower grades by increasing tonnages to compensate. We also faced stronger currencies in both Brazil and Australia, which obviously crimped margins somewhat.

轉向我們的國際業務，幻燈片 7，他們看到了令人愉快的產量增長，這要歸功於運營商，他們足夠靈活，可以通過增加噸位來補償一些意外降低的等級。我們還面臨著巴西和澳大利亞貨幣走強，這顯然在一定程度上壓縮了利潤率。

Of our managed operations, we saw a strong performance during the quarter from Iduapriem and Siguiri in continental Africa, which both saw improved grades, and in the case of Iduapriem had a pleasing improvement in plant availability. At Serra Grande in Brazil, we saw the benefit of accessing the higher-grade Mina III ore body that we've been talking about for some time.

在我們的託管業務中，我們在本季度看到了非洲大陸 Iduapriem 和 Siguiri 的強勁表現，它們的等級都得到了提高，而 Iduapriem 的工廠可用性有了令人滿意的改善。在巴西的 Serra Grande，我們看到了進入我們討論了一段時間的更高品位 Mina III 礦體的好處。

Geita performed pretty much as we expected, with the expected reduction in grade in line with our mine plan given where we are mining in the Nyankanga pit. Plant availabilities were much improved, and tonnages were sharply up. We continued to increase our underground footprint at Star & Comet, and that activity will step up into next year as we do the work needed to ensure production remains steady in the years to come as the open-pit ore source comes to an end.

Geita 的表現與我們預期的差不多，考慮到我們在 Nyankanga 礦坑開採，預期的品位下降符合我們的採礦計劃。工廠可用性大大提高，噸位急劇增加。我們繼續增加我們在 Star & Comet 的地下足跡，這項活動將在明年加強，因為我們將開展必要的工作，以確保隨著露天礦資源的枯竭，未來幾年的產量保持穩定。

We have also made a decision to move ahead with the construction of a new power plant that will provide reliable electricity feed, which we need to take this critical tier-one asset well into the next decade.

我們還決定繼續建設一座新發電廠，該發電廠將提供可靠的電力供應，我們需要將這一重要的一級資產帶入下一個十年。

We also saw the recovery as promised at Kibali, which managed a strong improvement in both throughput and recovery after a difficult first half of the year. There is still a lot to do to make the annual target, but rest assured, we are working closely with Marcus and the Randgold team to make sure that we both get there.

我們還看到了 Kibali 所承諾的複蘇，在經歷了艱難的上半年之後，它在吞吐量和復蘇方面都有了很大的改善。要實現年度目標還有很多工作要做，但請放心，我們正在與 Marcus 和 Randgold 團隊密切合作，以確保我們都能實現目標。

There were some less-pleasing performances from Cuiaba mine in Brazil, as we continued to struggle to access some of the higher-grade underground areas due to some ongoing geotech issues and delays in secondary development. That has been compounded in the result you will see due to the strengthening of the real at the same time, which obviously hurt margins. We anticipate a recovery in grade in Q4, as we get into those areas by the year end.

巴西 Cuiaba 礦的表現不盡如人意，因為一些持續存在的地質技術問題和二次開發的延誤導致我們繼續努力進入一些更高品位的地下區域。由於雷亞爾同時走強，您將看到的結果更加複雜，這顯然損害了利潤率。隨著我們在年底前進入這些領域，我們預計第四季度的品位會有所回升。

Cerro Vanguardia in Argentina had another strong quarter, with a big step up in grade helped by higher silver price and a weaker peso.

阿根廷的 Cerro Vanguardia 又迎來了一個強勁的季度，在白銀價格上漲和比索疲軟的幫助下，品級大幅提升。

Turning to Australia, Tropicana kept volumes steady quarter on quarter, with grades lower than last year due to the planned end of grade streaming, which is very much in line with the feasibility study. The plant optimization project was essentially completed, and has resulted in a step up in volume treated from 12 months ago. That bodes well for next year, as we knit together the increased plant throughput and better grades as we accelerate mining to take Tropicana back to higher production and lower costs.

談到澳大利亞，Tropicana 的季度銷量保持穩定，由於計劃結束等級流，等級低於去年，這與可行性研究非常一致。工廠優化項目已基本完成，與 12 個月前相比，處理量有所增加。這對明年來說是個好兆頭，因為我們將增加的工廠產量和更好的等級結合在一起，因為我們加快了採礦速度，使 Tropicana 恢復到更高的產量和更低的成本。

Sunrise Dam showed good volumes, but unfortunately was also [caught on short] on the grades during the quarter. We anticipate an uptick in grade in Q4 into the next year, as we get more into the Vogue and Dolly ore high-grade ore bodies, which, together with the increased tonnages we are seeing now, will result in an improvement there.

Sunrise Dam 的銷量不錯，但不幸的是，本季度的成績也[陷入困境]。我們預計明年第四季度品位會上升，因為我們更多地進入 Vogue 和 Dolly 礦石高品位礦體，加上我們現在看到的噸位增加，將導致那裡的改善。

I will now hand you over to Christine to walk you through the financials.

我現在將把您交給克里斯汀，讓您了解財務狀況。

Good day, everyone. I'm on slide 8, which is headed focus on margins. Our focus remains on improving margins despite currency headwinds and lower grades. Our all-in sustaining cost margin of 20% for Q3 2016 has improved by 3% compared to Q3 2015, mainly due to the higher gold price. Similarly, the year-to-date all-in sustaining cost margin of 23% improved by 2% compared to last year, and this demonstrates the robustness of our business through the cycle.

今天是個好日子。我在幻燈片 8 上，它的重點是利潤率。儘管貨幣逆風和較低的等級，我們的重點仍然是提高利潤率。與 2015 年第三季度相比，我們 2016 年第三季度 20% 的總維持成本利潤率提高了 3%，這主要是由於金價上漲。同樣，年初至今的總維持成本利潤率為 23%，與去年相比提高了 2%，這證明了我們業務在整個週期中的穩健性。

Our reinvestment into low-capital, high-return options within our business, such as Geita and Kibali underground, Sunrise Dam, Iduapriem, AGM Mineracao, as well as our brownfields projects at Siguiri and Sadiola, is expected to mitigate the volume and grade losses in the medium term.

我們對業務中低資本、高回報的選擇進行再投資，例如地下 Geita 和 Kibali、Sunrise Dam、Iduapriem、AGM Mineracao，以及我們在 Siguiri 和 Sadiola 的棕地項目，預計將減輕體積和品位損失在中期。

Operation excellence, which now incorporates P500, is designed to address maintenance and procurement strategies to reduce costs and count inflationary effects. We also continue to focus on optimizing mine plans, improving plant throughput and availability, as well as recoveries with the aim of improving margins. In South Africa, we are nearing the completion of the feasibility study for shared services, with a specific focus on reducing off-mine costs, which should deliver significant cost reduction for the region.

現在包含 P500 的卓越運營旨在解決維護和採購策略，以降低成本併計算通貨膨脹影響。我們還繼續專注於優化礦山計劃，提高工廠產量和可用性，以及旨在提高利潤率的回收率。在南非，我們即將完成共享服務的可行性研究，重點是降低礦外成本，這應該會顯著降低該地區的成本。

Moving on to the cost performance on slide 9, we see that cash costs at $797 an ounce for the quarter increased by 8% year on year, which reflects the negative impact of lower grades, which were planned at Geita and Tropicana in particular. We also saw lower volumes and inflationary effects. The inflationary effects relate primarily to power and labor. In addition, stockpile drawdowns at CVSA, Sunrise Dam, Iduapriem, Geita and Siguiri further increased cash costs by approximately $14 an ounce compared to the prior year.

轉到幻燈片 9 的成本績效，我們看到本季度現金成本為每盎司 797 美元，同比增長 8%，這反映了較低等級的負面影響，特別是計劃在 Geita 和 Tropicana。我們還看到了銷量下降和通貨膨脹的影響。通貨膨脹的影響主要與權力和勞動力有關。此外，與上一年相比，CVSA、Sunrise Dam、Iduapriem、Geita 和 Siguiri 的庫存減少進一步增加了每盎司約 14 美元的現金成本。

Year-to-date cash costs of $737 an ounce reflect a more tempered increase of 1% compared to last year and is within the revised [articulated] range for the full year.

年初至今的現金成本為每盎司 737 美元，與去年相比增長了 1%，並且在全年修訂後的 [明確] 範圍內。

When one looks at the all-in sustaining costs at $1,071 an ounce for Q3, it reflects an increase of 14% compared to the same quarter last year, and that was primarily on the back of higher cash costs and higher sustaining CapEx.

當人們看到第三季度的總維持成本為每盎司 1,071 美元時，它反映出與去年同期相比增長了 14%，這主要是由於更高的現金成本和更高的維持資本支出。

In addition, rehabilitation costs, which are non-cash in nature, increased by $10 an ounce compared to the prior year, and that resulted due to the alignment of rehabilitation provisions to the annual mine plan adjustments in Brazil. The exploration costs for Geita underground development contributed approximately $11 an ounce to the increase in all-in sustaining costs in Q3.

此外，與上一年相比，非現金性質的複原成本每盎司增加 10 美元，這是由於復原條款與巴西年度礦山計劃調整保持一致所致。 Geita 地下開發的勘探成本為第三季度總維持成本的增加貢獻了約 11 美元/盎司。

On a year-to-date basis, all-in sustaining costs was $967 (sic -- see slide 9, "$965") an ounce, and that also reflected a more moderated increase of 4% on the year-to-date basis compared to the prior year. As expected, sustaining capital expenditure increased from Q2, in line with past trends, although on a year-to-date basis, capital expenditure was largely in line with last year at $460 million. The increase in CapEx relates to Kibali, Siguiri, Tropicana, AGM Mineracao and Serra Grande in Brazil.

從年初至今，總維持成本為每盎司 967 美元（原文如此——見幻燈片 9，“965 美元”），這也反映了年初至今 4% 的溫和增長與前一年相比。正如預期的那樣，維持資本支出從第二季度開始增加，與過去的趨勢一致，儘管從年初至今，資本支出與去年基本持平，為 4.6 億美元。資本支出的增加涉及巴西的 Kibali、Siguiri、Tropicana、AGM Mineracao 和 Serra Grande。

Moving on to balance sheet flexibility, which is on slide 10, we see that our improved free cash flow generation for the year to date, given the higher gold price and lower interest costs, despite the increase in working capital, has continued to enhance the overall flexibility of our balance sheet.

轉到幻燈片 10 上的資產負債表靈活性，我們看到，儘管營運資金增加，但鑑於金價上漲和利息成本降低，我們今年迄今為止的自由現金流產生有所改善，繼續增強了我們資產負債表的整體靈活性。

Finance costs over the first nine months have reduced by $78 million compared to the same period last year, following the full redemption of the remaining high-yield bond in the third quarter. Once the US dollar RCF, which had a balance of $180 million at quarter end, has been repaid, we expect to capture the full reduction in interest charge relating to the high-yield bond.

在第三季度全額贖回剩餘的高收益債券後，前九個月的財務成本與去年同期相比減少了 7800 萬美元。一旦本季度末餘額為 1.8 億美元的美元 RCF 得到償還，我們預計將獲得與高收益債券相關的利息費用的全部減少。

The net debt to EBITDA ratio at 1.26 times is well below the covenant of 3.5 times, again reflecting improved headroom. Our debt maturities remain long dated and we have $1.5 billion in cash and facilities. Therefore, we're well positioned in the current volatile economic climate to fund our incremental brownfield opportunities and sustaining CapEx whilst maintaining flexibility to repay debt.

淨債務與 EBITDA 的比率為 1.26 倍，遠低於約定的 3.5 倍，再次反映出上升空間有所改善。我們的債務期限仍然很長，我們有 15 億美元的現金和貸款。因此，我們在當前動蕩的經濟環境中處於有利地位，可以為我們增加的棕地機會提供資金並維持資本支出，同時保持償還債務的靈活性。

Finally, on the outlook to the end of the financial year, our production and capital expenditure remains within the original guidance range, although we have narrowed the outlook. Production has been narrowed to the lower end of the original guidance to 3.6 million ounces to 3.65 million ounces, and that was primarily due to the impact of the safety stoppages in South Africa that we experienced in the first nine months of the year.

最後，關於本財政年度末的展望，我們的生產和資本支出仍在原來的指導範圍內，儘管我們已經縮小了前景。產量已縮減至最初指導的下限，即 360 萬盎司至 365 萬盎司，這主要是由於我們在今年前九個月經歷的南非安全停工的影響。

Our cost guidance has been revised for the strengthening in certain currencies, in particular the South African rand, the Australian dollar, and the Brazilian real. The revised economic assumptions reflect the year-to-date average achieved, with the market expectations of the exchange rates for the remainder of the year.

我們的成本指導已針對某些貨幣的走強進行了修訂，尤其是南非蘭特、澳元和巴西雷亞爾。修訂後的經濟假設反映了今年迄今取得的平均水平，以及市場對今年剩餘時間匯率的預期。

I remind you that we do remain sensitive to both currencies and the oil price, as well as the gold price, and in particular as relates to the sensitivities for currencies on the oil price. I will give you the approximate change and the impact on cash cost. So for every 1% change in currencies, it will impact our cash cost by approximately $6 an ounce, and for every $10 per barrel change in the oil price, it will impact our cash cost by approximately $8 an ounce.

我提醒您，我們確實對貨幣和油價以及黃金價格保持敏感，尤其是與貨幣對油價的敏感性有關。我會給你大概的變化和對現金成本的影響。因此，貨幣每變動 1%，我們的現金成本就會增加約 6 美元/盎司，油價每桶變動 10 美元，我們的現金成本就會增加約 8 美元/盎司。

Finally, at the top end of the capital guidance range, has been reduced by approximately $30 million to take account of the following changes in the capital plan. Firstly, we saw a delay in capital expenditure in South Africa due to safety stoppages. Also, we terminated the declined development at Obuasi. That was approximately $10 million. Also, there's been a three-month delay in the Siguiri project, and that was due to the delay in getting the convention signed, and that convention is currently going through Parliament for ratification, and importantly, long-lead items have now been ordered.

最後，在資本指導範圍的頂端，已減少約 3000 萬美元，以考慮資本計劃的以下變化。首先，由於安全停工，我們看到南非的資本支出有所延遲。此外，我們終止了 Obuasi 的下降開發。那大約是1000萬美元。此外，Siguiri 項目出現了三個月的延遲，這是由於延遲簽署公約，該公約目前正在通過議會批准，重要的是，現在已經訂購了長周期項目。

And lastly, we saw lower waste stripping at Geita, which arose from the change in the mining plan, and all of this has been offset by an increase in spend in Tropicana due to the Havana 3 cutback being brought forward and we also saw an increase in spend in Brazil, and that was mainly currency related.

最後，我們看到 Geita 的廢物剝離減少，這是由於採礦計劃的變化，所有這一切都被 Tropicana 的支出增加所抵消，因為 Havana 3 的削減被提前，我們也看到了增加在巴西的支出，這主要與貨幣相關。

So I will now hand over to Venkat to conclude.

所以我現在將交給 Venkat 來總結。

Thank you, Christine. To conclude, whilst we saw a challenging quarter at some of our mines, we have continued to generate strong and improving free cash flows. We have continued to reduce debt levels, and, indeed, we have started to reinvest into our portfolio of affordable, high-return, near-term brownfields projects option.

謝謝你，克里斯汀。總而言之，雖然我們在一些礦山看到了充滿挑戰的季度，但我們繼續產生強勁且不斷改善的自由現金流。我們繼續降低債務水平，事實上，我們已經開始重新投資我們負擔得起的、高回報的、近期的棕地項目組合。

You can rest assured that in doing so, we will continuously keep an eye on our free cash flow margins and the integrity of our balance sheet. Our focus areas are five. First, continuing work to improve safety at our South African operations and reduce the number of interruptions in order to get the benefits of improved volumes and grades.

您可以放心，在此過程中，我們將持續關注我們的自由現金流利潤率和資產負債表的完整性。我們的重點領域有五個。首先，繼續努力提高我們南非業務的安全性並減少中斷次數，以便從提高產量和等級中獲益。

Despite a good run thus far on safety since July, we continue to face the unpredictability of safety stoppages, which in turn limits our ability to reliably target production levels in South Africa. So going forward, as I said before, we'll err on the side of caution in setting production guidance for South Africa.

儘管自 7 月以來安全運行良好，但我們繼續面臨安全停工的不可預測性，這反過來又限制了我們在南非可靠地達到生產水平目標的能力。因此，正如我之前所說，展望未來，我們在為南非制定生產指導時會謹慎行事。

Second, providing continued support to the Randgold team in its efforts to reach our annual targets at Kibali.

其次，繼續支持 Randgold 團隊努力實現我們在 Kibali 的年度目標。

Third, advancing our exciting slate of near- to medium-term high-return brownfields projects at Siguiri and Sadiola, subject to getting the governmental approvals and consents, along with targeted incremental capital investment in certain key assets, notably Geita, Kibali, Sunrise Dam, Iduapriem, and AGM Mineracao.

第三，推進我們在 Siguiri 和 Sadiola 的一系列激動人心的中短期高回報棕地項目，前提是獲得政府的批准和同意，以及對某些關鍵資產的有針對性的增量資本投資，特別是 Geita、Kibali、Sunrise Dam 、Iduapriem 和 AGM Mineracao。

Fourth, advancing our Gramalote and La Colosa pre-feasibility studies in Colombia, so that we can book reserves from these projects within a 12- to 18-month period.

第四，推進我們在哥倫比亞的 Gramalote 和 La Colosa 預可行性研究，以便我們可以在 12 至 18 個月內預訂這些項目的儲量。

And finally, of course, as cost savings gather speed, we?ll continue to look for efficiencies, cost savings and improvements across the business by wringing more out of the business. But we won't do that at the expense of the long-term integrity of our assets.

最後，當然，隨著成本節約速度的加快，我們將繼續通過從業務中榨取更多資源來提高效率、成本節約和改進整個企業。但我們不會以犧牲我們資產的長期完整性為代價來做到這一點。

I'll now hand you back to Stewart.

我現在把你交還給斯圖爾特。

All right; we'll be happy to take questions.

好的;我們很樂意回答問題。

(Operator Instructions). Our first question comes from Ksenia Mishankina from UBS. Go ahead.

（操作員說明）。我們的第一個問題來自瑞銀集團的 Ksenia Mishankina。前進。

Hi; thank you for the presentation. I have a couple of questions. Where do you see gold prices in 2017?

你好;謝謝你的介紹。我有一些問題。您如何看待 2017 年的黃金價格？

And if you can announce your CapEx guidance for 2017, that would be great. Thanks.

如果您能公佈 2017 年的資本支出指南，那就太好了。謝謝。

Okay, if I can pick up the question in the order in which you asked, where do you see the gold price going in 2017, a difficult one to predict and that's one of the reasons why we have kept our reserve cutoff price as $1,100 an ounce going into next year.

好吧，如果我能按照你問的順序回答這個問題，你認為 2017 年金價將走向何方，這是一個很難預測的時期，這也是我們將儲備截止價保持在每盎司 1,100 美元的原因之一盎司進入明年。

We are bullish in terms of potentially the gold price going up, but it's subject to two caveats. We've seen a sharp correction in the last one week post the US election and it's too early for us to make a call on that one. Certainly, sentiment appears to have shifted in favor of a strong dollar. That's aspect one. And much of it hinges on what call the Fed makes in terms of the US interest rates at its meeting in December. Obviously, an increase in the US interest rates may eventually fuel inflation, but in the short term it could be seen as potentially negative for the gold price. So it is quite mixed at this stage, so we are cautious but optimistic in the long term, but we are not knee jerking to any sort of short-term news flow in the interim.

我們看好金價可能上漲，但有兩個警告。我們在美國大選後的最後一周看到了大幅調整，現在就此做出判斷還為時過早。當然，情緒似乎已經轉向支持強勢美元。這是一方面。這在很大程度上取決於美聯儲在 12 月的會議上對美國利率的看法。顯然，美國加息最終可能會加劇通脹，但在短期內可能被視為對金價不利。所以現階段情況好壞參半，所以我們對長期持謹慎但樂觀的態度，但我們不會對任何類型的短期新聞流在此期間下意識地迴避。

Secondly, in terms of capital, we have not put out any guidance for 2017, but, if you recall, we did say that we are actually certainly putting the hard rock combination plant in Siguiri in Guinea. That's an expenditure of $115 million over a two-year period. We have announced that previously. If the Sadiola project goes ahead based on governmental consent, that will involve some capital outflow in 2017 and then it's targeted investment across the five mine sites, which I've mentioned earlier in the call.

其次，在資本方面，我們沒有為 2017 年提供任何指導，但是，如果你還記得的話，我們確實說過我們實際上肯定會將硬岩聯合工廠放在幾內亞的 Siguiri。這是兩年期間 1.15 億美元的支出。我們之前已經宣布過。如果 Sadiola 項目在政府同意的基礎上繼續進行，這將涉及 2017 年的一些資本外流，然後它的目標投資是對五個礦區進行投資，我在電話會議之前已經提到了這一點。

We will come out with the actual numbers, but there will be an element of reinvestment into the mines, which is needed and that would result in pretty quick payback within a relatively short period and good returns.

我們將得出實際數字，但將對礦山進行再投資，這是必需的，這將在相對較短的時間內產生相當快的回報和良好的回報。

Thank you very much.

非常感謝。

Thank you. Our next question is from David Haughton of CIBC. Please go head.

謝謝。我們的下一個問題來自 CIBC 的 David Haughton。請去頭。

Good morning, Venkat and team. Thank you for the update. Just looking at the CapEx guidance, it still looks like you've got a significant amount of spend in the fourth quarter, probably the highest of the year, if I've got the calculations looking right. What would that be attributed to? Is it largely a catch-up of the kind of spend that you couldn't do in South Africa during the last quarter?

早上好，Venkat 和團隊。謝謝你的更新。只看資本支出指南，如果我的計算結果正確的話，第四季度的支出似乎仍然很大，可能是今年最高的。那會歸因於什麼？這在很大程度上是對上個季度您在南非無法做到的那種支出的追趕嗎？

If I can pick up on a general basis and then Christine can come in with any specifics. Typically, the profile of capital expenditure, David, tends to be firm or more -- closer to what the latter part of the year, the second half of the year. And you're seeing the same trend come through in this regard.

如果我可以大致了解情況，然後克里斯汀可以提出任何細節。通常情況下，大衛的資本支出情況往往是堅定的或更接近今年下半年的情況。在這方面你看到了同樣的趨勢。

This particular quarter, you will obviously see the expenditure in terms of Siguiri going ahead. That's one aspect. A catch-up in terms of expenditure, in terms of South Africa is a second factor. It's very much dependent on each particular mine and invariably there is also an option that we don't end up spending that amount of capital by the end of the year. It does happen, but we are keeping our guidance -- the lower end of the guidance still intact, but pull down the upper end of the guidance.

在這個特定的季度，您顯然會看到 Siguiri 方面的支出在繼續。這是一方面。就南非而言，支出方面的赶超是第二個因素。這在很大程度上取決於每個特定的礦山，並且總是有一個選擇，即我們不會在年底前花費那麼多的資本。它確實發生了，但我們保持我們的指導——指導的下端仍然完好無損，但拉低了指導的上端。

Yes, Venkat, just to add on that, though, I think absolutely a [defiant] line with cross-trends, in Q4 we do see quite a significant hockey stick effect coming through. So to add to what you've said on South Africa and Siguiri, I think certainly we also expect an increase spend at Geita, specifically relating to the underground development and I think the power plant, which we've now approved. In total, that's about $40 million. But some of that has started and the balance of it actually comes into the next year at Geita.

是的，Venkat，只是補充一點，不過，我認為絕對是一條具有交叉趨勢的 [挑釁] 線，在第四季度我們確實看到了相當重要的曲棍球棒效應。因此，除了您在南非和 Siguiri 所說的話，我想我們當然也希望在 Geita 增加支出，特別是與地下開發和我認為我們現在已經批准的發電廠有關的支出。總計約為 4000 萬美元。但其中一些已經開始，而它的平衡實際上會在明年的 Geita 上出現。

And then we also see increased spend in Australia, particularly at Tropicana and I think Venkat has actually spoken to that in the presentation, but also in Brazil, both at Anglo -- AGA Mineracao and Serra Grande, we're actually seeing increased spend coming through. So I think that gives you a sense.

然後我們還看到在澳大利亞的支出有所增加，尤其是在 Tropicana，我認為 Venkat 實際上已經在演講中談到了這一點，但在巴西，無論是在 Anglo -- AGA Mineracao 還是 Serra Grande，我們實際上都看到了支出的增加通過。所以我認為這給了你一種感覺。

Very good. In South Africa, Moab's a bit of a shining light there from a number of aspects; safety, together with its production and costs. Going forward, can you see -- just to give us a sense of where you see the ramp up, can you see it exceeding the million tonnes per annum production rate?

非常好。在南非，從多個方面來說，摩押都是那裡的一盞明燈；安全性，連同其生產和成本。展望未來，你能看到——只是為了讓我們了解你在哪裡看到增長，你能看到它超過每年 100 萬噸的生產率嗎？

Chris will pick that up.

克里斯會接的。

From Moab, million tonnes per annum, which I think first point to make is if one looks to our quarter 3 -- before I get into next year, just on our quarter 3 production, obviously the fatalities had a debilitating effect on our -- particularly our August results. But we saw a pleasing recovery in September and that has continued through into October and we see similar results -- we see the similar sort of performance going through to year end. Going into next year, I think you would see a similar performance to what we will see for the full year of 2016.

來自摩押，每年百萬噸，我想首先要說明的是，如果有人看一下我們的第三季度——在我進入明年之前，就我們第三季度的產量而言，顯然死亡人數對我們的——特別是我們八月份的結果。但我們在 9 月看到了令人愉快的複蘇，並且一直持續到 10 月，我們看到了類似的結果——我們看到類似的表現一直持續到年底。進入明年，我認為您會看到與 2016 年全年類似的表現。

So the answer is that a million tonnes per annum is sustainable?

那麼答案是每年 100 萬噸是可持續的嗎？

Subject to no unplanned events taking place.

不會發生任何計劃外事件。

Okay. Going over to Australia, Sunrise Dam, saw that you had some lower grade than expected, but I was really quite surprised by the cost just bouncing up so quickly. Is there more to read into that than just the lower grade for the period?

好的。去了澳大利亞，Sunrise Dam，看到你的成績比預期的要低一些，但我真的很驚訝成本這麼快就反彈了。除了這一時期的低年級之外，還有更多的東西要讀嗎？

I think I'll get Ron to come in on this, but remember in terms of Tropicana, after three years it was actually planned to go down in grade and they couldn't do any more grade screening until the current efforts are out of the way. But Ron can perhaps add more color to that one.

我想我會讓 Ron 參與進來，但請記住，就 Tropicana 而言，三年後實際上計劃降低等級，他們不能再做任何等級篩選，直到目前的努力結束方式。但 Ron 或許可以為它增添更多色彩。

Thank you.

謝謝。

Are you on?

在嘛？

Yes, thanks Venkat. Yes, I'm here. I just think that the original plan, David, was to mine to grade streaming and this year was the first year that we would bring back the lower grade stockpiles. And since we've had success in brownfields delineating further along strike and down dip, I guess, continuation of the ore body, we've searched around and brought a big shovel in to do pre-stripping. And we'll move back into a -- if you want to call it grade streaming scenario that brings the grade back in 2017.

是的，謝謝 Venkat。對，我在這。大衛，我只是認為最初的計劃是開採分級流，今年是我們帶回較低等級庫存的第一年。自從我們在棕地中成功沿著走向和向下傾角進一步劃定，我想，礦體的延續，我們已經四處搜索並帶了一把大鏟子進行預剝離。我們將回到一個——如果你想稱之為成績流式場景，它將在 2017 年帶回成績。

So it's as planned, but now we're through the initial few years and the new plant brings us back to a better production profile, which is really great and throughput through the mill driven for 2017 and beyond.

所以它是按計劃進行的，但現在我們已經度過了最初的幾年，新工廠讓我們回到了更好的生產狀況，這真的很棒，並且通過工廠推動 2017 年及以後的吞吐量。

Right. Last one, you came out with an exploration update, lots of projects going on. Hard to see from all of the activity which ones you're most excited about, so what would you like to point out as something that you're quite enthused about in this release?

正確的。最後一個，你提出了一個探索更新，很多項目正在進行中。很難從所有活動中看出您最感興趣的是哪些活動，那麼您想指出什麼是您在此版本中非常熱衷的事情？

Sorry, are you talking about the exploration and farming agreement we referred to?

抱歉，您是在談論我們提到的勘探和農業協議嗎？

No, no; in general. I'm just looking at three pages here of -- four pages of exploration update --

不，不;一般來說。我在這裡只看三頁——四頁探索更新——

Okay. Sorry; I misunderstood that.

好的。對不起;我誤解了。

-- over a dozen projects identified. Hard to see which ones are the most important. Just handing it over to you to identify which ones you're most excited about.

——確定了十幾個項目。很難看出哪些是最重要的。只需將其交給您，以確定您最感興趣的內容。

Graham, do you want to pick that up?

格雷厄姆，你想把它撿起來嗎？

Yes. Thanks, Venkat. If we're talking greenfields, greenfields exploration at this stage is still in very much a generative position. I think the position taken up in Brazil with the Luna joint venture, which is in, essentially, the Permian shield or the sort of geology that you'd see in West Africa. I think that's particularly exciting in terms of an area.

是的。謝謝，文卡特。如果我們談論的是綠地，現階段的綠地勘探仍處於非常重要的位置。我認為在巴西與 Luna 合資企業採取的立場，本質上是在二疊紀地盾或您在西非看到的那種地質。我認為這在一個領域特別令人興奮。

I think the joint venture with Saracen in the southwest corner of Lake Carey in the same district as Sunrise Dam and Red October -- I think that's particularly encouraging. Very early days, though, in Tanzania down towards the capital of Dodoma is on the edge of the greenfields -- sorry, greenstone belt in which is situated Bulyanhulu and Geita. I'd keep watch on those over the next couple of years.

我認為與 Saracen 的合資企業位於凱里湖西南角，與 Sunrise Dam 和 Red October 位於同一地區——我認為這特別令人鼓舞。不過，很早以前，在坦桑尼亞，朝首都多多馬方向行駛，就在綠地的邊緣——抱歉，綠岩帶位於 Bulyanhulu 和 Geita。在接下來的幾年裡，我會繼續關注這些。

Okay. Still early days in each of those by the looks of things, but interesting.

好的。從事物的外觀來看，每一個都還處於早期階段，但很有趣。

David, in terms of the brownfield exploration, the order in which I would put it, they would be Tropicana, number 1; Brazil, number 2; Geita, number 3; and Siguiri, number 4.

大衛，就棕地勘探而言，按我的順序，他們將是 Tropicana，排名第一；巴西，第 2；藝伎，3號；和 Siguiri，4 號。

Okay; very good. Okay. Thank you, Venkat and team.

好的;非常好。好的。謝謝 Venkat 和團隊。

Thank you. Our next question is from (inaudible) of Standard Bank. Please go ahead.

謝謝。我們的下一個問題來自標準銀行的（聽不清）。請繼續。

Good afternoon. Thanks for the presentation. I just wanted to get more clarity in terms of Obuasi. Is this no longer operational? For the last update we received there is no public information in terms of the request for arbitration against the Government of Ghana. So I just wanted to get an update on that project.

下午好。感謝您的介紹。我只是想更清楚地了解 Obuasi。這不再運行了嗎？對於我們收到的最新更新，沒有關於針對加納政府的仲裁請求的公開信息。所以我只想了解該項目的最新情況。

Yes, in terms of Obuasi, as we mentioned, the site was invaded by illegal miners. At the peak, we've had about 12,000 illegal miners at the mine. We did take the matter to arbitration, as provided for under our lease. That matter is in progress with regard to the arbitration, with a panel now being appointed.

是的，就 Obuasi 而言，正如我們提到的，該站點被非法礦工入侵。在高峰期，我們的礦場有大約 12,000 名非法礦工。我們確實按照租約的規定將此事提交仲裁。關於仲裁的事情正在進行中，現在正在任命一個專家組。

At the same time, we have continued dialogue with the government. You will recall that a process started about two, two-and-a-half years ago, when we put the mine into a limited operating state, of relinquishing close to two-thirds of the concession at Obuasi that we didn't need back to the government or the Minerals Commission so that they can apply it, if required. So regulated small scale mining; that went through this year and the government has actually been working towards making parts of that available to miners who want to organize themselves as small scale miners.

與此同時，我們繼續與政府對話。你會記得大約兩年、兩年半前開始的一個過程，當時我們將礦山置於有限的運營狀態，放棄了我們不需要收回的 Obuasi 近三分之二的特許權給政府或礦產委員會，以便他們可以在需要時應用它。因此規範了小規模採礦；今年經歷了這種情況，政府實際上一直在努力讓那些想要組織自己成為小規模礦工的礦工可以使用其中的一部分。

And at the same time, after about nine months' worth of effort, the government has actually got the security forces to effectively address the illegal mining issue. The last count we have of illegal miners in the concession is around somewhere between 1,000 to 1,500, 2,000 in the concession at the moment, who are actually leaving the concession in stages. Once the security forces have declared the mine free of illegal miners, then we will need to go in and we've got to go in carefully, to inspect the infrastructure, the rock conditions, et cetera, analyze what happens before we can take any studies which we have done, basically forward. So that's the current status in terms of Obuasi at the moment.

與此同時，經過大約九個月的努力，政府實際上已經讓安全部隊有效解決了非法採礦問題。我們對特許區內非法礦工的最新統計大約在 1,000 到 1,500 人之間，目前有 2,000 人在特許區內，他們實際上正在分階段離開特許區。一旦安全部隊宣布該礦沒有非法採礦者，我們就需要進去，我們必須仔細進去，檢查基礎設施、岩石狀況等等，分析發生的情況，然後我們才能採取任何行動我們所做的研究，基本上是向前的。這就是目前 Obuasi 的現狀。

Thank you.

謝謝。

(Operator Instructions). Our next question is from Richard Hatch of RBC. Please go ahead.

（操作員說明）。我們的下一個問題來自 RBC 的 Richard Hatch。請繼續。

Thank you very much. You'll have to forgive my terrible pronunciation. Would you mind just expanding a bit on the geotechnical issues you're seeing at Cuiaba, or just more broadly in Brazil please.

非常感謝。你得原諒我糟糕的發音。您是否介意稍微擴展一下您在庫亞巴看到的岩土工程問題，或者更廣泛地介紹一下巴西的岩土工程問題。

Ron, if you want to pick that up in terms of Cuiaba.

羅恩，如果你想從庫亞巴的角度來看的話。

Yes, I can take that, Richard. What we're seeing is, if you go back over time, we used to have -- I'm talking 2007 to 2010, 2011, we'd get to the depth to where we were starting to have some rock falls. We had movement that we, I guess, at that time, didn't understand. Over time, we've become more proficient with it and we understand when we've got to stop, we've got to put new, if you want to call it, support in and how we, say, attack some of these larger stoping operations.

是的，我可以接受，理查德。我們看到的是，如果你回到過去，我們曾經有過——我說的是 2007 年到 2010 年，2011 年，我們會深入到開始發生一些岩石墜落的地方。我想，我們當時並不了解我們的運動。隨著時間的推移，我們變得更加熟練，我們明白什麼時候我們必須停下來，我們必須投入新的，如果你想稱之為支持，以及我們如何，比如說，攻擊其中一些更大的停止操作。

And what we find is when we get there and we get into a stope and we start seeing excess movement, I will call it, we have to, at that point, design different structural (background noise) in the ore body and then reroute our development around to come in, say, from the hanging wall or foot wall, depending on the geotechnical issues. So this is -- what we're going through now, is we need to increase the flexibility in that ore body to when we hit a challenge that takes us more time than what we have planned, we have alternative places to go.

我們發現，當我們到達那裡並進入一個採場時，我們開始看到過度運動，我會稱之為，我們必須在那個時候，在礦體中設計不同的結構（背景噪音），然後重新安排我們的路線周圍的開發，例如，從上盤或下盤進入，取決於岩土工程問題。所以這就是 - 我們現在正在經歷的是，我們需要增加該礦體的靈活性，以便當我們遇到比我們計劃花費更多時間的挑戰時，我們有其他地方可以去。

And right at the moment -- and this has been going on for probably the better part of the year, is when we hit one of these areas of concern, in order to be safe for equipment and people and the mine, we need to take time to, I guess, re-access it and change the design. And so the real key right now is to increase flexibility. It's not a disastrous kind of thing, but what it is, it's a learning as we get deeper and deeper in that mine and control the rock mechanics or the movements that we're seeing in the mine. So I hope that answers it, but it's really a design and a planning piece that we need flexibility. So the grade that we didn't see in quarter 3, we're actually mining it right now and we just have to increase our flexibility there.

就在此刻——這可能已經持續了一年中的大部分時間，當我們遇到這些關注領域之一時，為了確保設備、人員和礦山的安全，我們需要採取我想是時候重新訪問它並更改設計了。所以現在真正的關鍵是增加靈活性。這不是災難性的事情，但它是一種學習，因為我們在礦井中越來越深，並控制岩石力學或我們在礦井中看到的運動。所以我希望這能回答它，但它確實是我們需要靈活性的設計和規劃部分。所以我們在第 3 季度沒有看到的等級，我們現在實際上正在開採它，我們只需要增加那裡的靈活性。

Thanks. So it technically shouldn't impact your annual production, but could there be a negative cost element to it?

謝謝。所以從技術上講它不應該影響你的年產量，但它會不會有負面的成本因素？

Well, for right now, we're seeing a little bit of a cost piece, Richard, and nowhere -- it's a timing piece or a timing issue, but we've got to work the negative timing component out of it so we don't -- this is the second year in a row that we've ended up just pushing something different to meet the annual production target. So we're in the middle of trying to -- not trying; we're getting to the point where we're creating more flexibility, so it's transparent when we have these issues it won't be seen in a quarterly production profile. Ultimately, the cost won't be there if we have the flexibility, because we'll still require certain meters to develop a level of -- within the mine.

好吧，就目前而言，理查德，我們看到了一點成本部分，但無處可尋——它是時間部分或時間問題，但我們必須從中排除負時間部分，所以我們不't——這是連續第二年我們最終只是推出了一些不同的東西來實現年度生產目標。所以我們正在努力——而不是嘗試；我們已經到了創造更多靈活性的地步，所以當我們遇到這些問題時，它是透明的，不會在季度生產概況中看到。最終，如果我們有靈活性，成本就不會存在，因為我們仍然需要某些儀表來開發礦井內的水平。

Okay. Thank you, Ron. And my last one is, Venkat, just on the strategy angle, we've seen a couple of your peers do deals more recently, Gold Fields one last week over in Australia. What's your view on the market here? Would you say that you're looking for opportunities if they arise? Or are you of the view that opportunities are still pretty fully valued and you don't see the best value there for your shareholders? Can you just have a brief comment on your thoughts on the M&A space at the moment?

好的。謝謝你，羅恩。我的最後一個是 Venkat，就戰略角度而言，我們最近看到你的幾個同行最近在做交易，上週在澳大利亞的 Gold Fields。您對這裡的市場有何看法？如果機會出現，你會說你正在尋找機會嗎？還是您認為機會仍然得到了充分的重視，而您沒有看到對您的股東來說最好的價值？你能簡單談談你目前對併購領域的看法嗎？

If I can respond to your question, Richard, I think we are one among the two major companies who haven't diluted our shareholders since the gold price fall. Just for the record; I know people forget that easily. We are very mindful in terms of shareholder value, so we certainly are not in the game of diluting our shareholders and making other companies' shareholders rich.

理查德，如果我能回答你的問題，我認為我們是自金價下跌以來沒有稀釋股東的兩大公司之一。僅作記錄；我知道人們很容易忘記這一點。我們非常關注股東價值，所以我們當然不會在稀釋我們的股東和讓其他公司的股東變得富有的遊戲中。

As far as our portfolio is concerned, we see quite a lot of opportunity in our own backyard in terms of our existing suite of assets. We are fortunate enough to have that optionality and that is even before we get to Colombia. So we believe we get the best bang for our buck, the best reward for our shareholders, by focusing in the engine room and also in terms of our own backyard, in terms of delivering better near-term growth opportunities, which come with the highest payback, low risk, and a very good return. So that's where our focus is at the moment.

就我們的投資組合而言，就我們現有的資產套件而言，我們在自己的後院看到了很多機會。我們很幸運能夠擁有這種選擇權，甚至在我們到達哥倫比亞之前。因此，我們相信，通過專注於機房和我們自己的後院，在提供更好的近期增長機會方面，我們可以獲得最大的回報，為我們的股東帶來最好的回報，這伴隨著最高投資回報率低，風險低，回報非常好。這就是我們目前的重點所在。

Cool, good stuff. Thank you, Venkat. And then duly noted by myself that you haven't diluted value. And then my last question is just on Colombia, can you just give us any -- what are the next key catalyst/mark in the sand is for that?

酷，好東西。謝謝你，文卡特。然後我自己適當地註意到你沒有稀釋價值。然後我的最後一個問題是關於哥倫比亞的，你能給我們任何 - 沙子中的下一個關鍵催化劑/標誌是什麼？

Okay, in terms of Colombia, if you look at it, we've got three projects in there. The first one is Gramalote, where, as you know, it was the project to have been permitted -- the first gold project to be permitted by the Colombian authorities. There was also speculation on whether we could get a permit, but the joint venture with B2Gold, we own 51%-plus and they are close to 48%. And our effort right now is basically getting the pre-feasibility study done on that particular project.

好的，就哥倫比亞而言，如果你看一下，我們在那裡有三個項目。第一個是 Gramalote，如您所知，這是獲得批准的項目——哥倫比亞當局批准的第一個黃金項目。也有人猜測我們能否獲得許可，但與 B2Gold 的合資企業，我們擁有 51% 以上的股份，而他們接近 48%。我們現在的工作基本上是完成該特定項目的預可行性研究。

In terms of La Colosa, it's certainly a longer-term option. We are working through that as well. That, potentially, what we want to do is to move away from a very large capital spend, but look at the project in phases. At the same time, what we also have is a copper gold deposit called [Cuadradona], which, again, is something which we're working through in terms of our pre-feasibility study.

就拉科洛薩而言，這無疑是一個更長期的選擇。我們也在努力解決這個問題。潛在地，我們想要做的是擺脫非常大的資本支出，而是分階段審視該項目。與此同時，我們還有一個名為 [Cuadradona] 的銅金礦床，這也是我們在預可行性研究中正在進行的工作。

So that list would be pre-feasibility study in terms of Gramalote. That would be the first category -- first catalyst which will see results come onto the books. The second would be obviously La Colosa and then comes Cuadradona. But I want to point out that they do have long lead capital development timelines. It's not that it's instantaneous where money has to go out. It's purely pre-feasibility study. Everyone gets a pre-feasibility study before any development happens.

因此，該列表將是 Gramalote 方面的預可行性研究。那將是第一類——第一個催化劑，它將看到結果出現在賬簿上。第二個顯然是 La Colosa，然後是 Cuadradona。但我想指出，他們確實有很長的領先資本開發時間表。這並不是說錢必須流出是瞬間的。這純粹是預可行性研究。在進行任何開發之前，每個人都會進行預可行性研究。

Okay. Cool. Thank you. And is there any kind of guidance as to when that PFS might come out?

好的。涼爽的。謝謝。關於 PFS 何時發布，是否有任何指導？

We are looking at completing the Gramalote and the La Colosa PFSs within the next 12 to 18 months. Gramalote is likely to be by the end of next year and, in La Colosa's case, it'll be the following year. And remember we did have PFS completed in Gramalote, but we are refreshing it based on the changed design, et cetera.

我們正在考慮在未來 12 至 18 個月內完成 Gramalote 和 La Colosa PFS。 Gramalote 很可能會在明年年底前完成，而對於 La Colosa 來說，則是次年。請記住，我們確實在 Gramalote 中完成了 PFS，但我們正在根據更改後的設計等對其進行更新。

Cool; thank you very much.

涼爽的;非常感謝。

Thank you. There are no further questions at this time. Would you like to make some closing comments?

謝謝。目前沒有其他問題。你想發表一些結束語嗎？

First of all, thanks, everybody, for joining us today. Second, just a bit of a public service announcement is, many of you will know that we've faced a lot of -- along with our South African peers, have faced a lot of section 54 stoppage issues over the last few years. There was something of a landmark court ruling made a few weeks back regarding section 54 at our Kopanang mine, but it is potentially precedent setting for the industry. I'd invite you to go to Mininmx.com; there's a story that they've run and the full judgment is available for download. If you do have any follow-on questions from that, please let us know. Thank you. Thanks, Ari.

首先，感謝大家今天加入我們。其次，只是一點公共服務公告，你們中的許多人都會知道，在過去的幾年裡，我們和我們的南非同行一起面臨了很多第 54 條停工問題。幾週前，法院就我們 Kopanang 礦的第 54 條做出了一項具有里程碑意義的裁決，但這可能成為該行業的先例。我會邀請你去 Mininmx.com；他們有一個故事，完整的判斷可以下載。如果您對此有任何後續問題，請告訴我們。謝謝。謝謝，阿里。

Thank you. Ladies and gentlemen, that concludes today's call. Thank you for joining us. You may now disconnect your lines.

謝謝。女士們，先生們，今天的電話會議到此結束。感謝您加入我們。您現在可以斷開線路。