Anglogold Ashanti PLC (AU) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the AngloGold Ashanti H1 2024 results conference call. (Operator Instructions) Please note that this call is being recorded.

女士們、先生們，下午好，歡迎參加 AngloGold Ashanti 2024 年上半年業績電話會議。（操作員說明）請注意，此通話正在錄音。

I would now like to turn the conference over to Stewart Bailey. Please go ahead, sir.

我現在想把會議交給史都華貝利。請繼續，先生。

Thanks very much, Danee, and welcome everybody to AngloGold Ashanti's first half 2024 results. As always, Alberto and Gillian will cover the material in the call, and you've got other members of the executive leadership team to take your questions.

非常感謝 Danee，並歡迎大家了解 AngloGold Ashanti 的 2024 年上半年業績。像往常一樣，阿爾貝托和吉莉安將在電話會議中介紹材料，並且執行領導團隊的其他成員將回答您的問題。

Before we go into the presentation, I would invite you to look at the Safe Harbor statement at the front end of the presentation deck. That contains important information regarding forward-looking statements, and we do encourage you to study it when you have a moment.

在我們開始簡報之前，我邀請您查看簡報前端的安全港聲明。其中包含有關前瞻性陳述的重要信息，我們鼓勵您有空時研究一下。

Without any further ado, I'll hand over to Alberto.

事不宜遲，我將把任務交給阿爾貝托。

Thank you, Stewart. Before we go to the numbers, I'll start with safety. After three years with no fatalities at our managed operations, we received a tragic reminder in May that we're only as good as our last day with no serious injury.

謝謝你，斯圖爾特。在我們討論數字之前，我先從安全開始。三年來，我們管理的營運中沒有發生任何死亡事故，但我們在五月收到了一個悲慘的提醒：我們的表現僅與最後一天一樣好，沒有造成嚴重傷害。

Albert (inaudible), a colleague and father of three, who worked for a drilling contractor at Geita, lost his life with a light motor vehicle he was driving overturned after he lost control driving down a steep hill. Marcelo Godoy, our CTO, completed an in-depth investigation into the incident, which identified clear steps to do everything we can so that there is no repeat going into the future. Our thoughts are with Albert's family and loved ones as we mourn his loss.

阿爾伯特（聽不清楚）是一位同事，也是三個孩子的父親，他在蓋塔的一家鑽井承包商工作，在從陡峭的山坡上行駛時失去控制後，他駕駛的一輛輕型汽車翻倒，因此喪生。我們的首席技術長 Marcelo Godoy 完成了對該事件的深入調查，確定了採取一切措施的明確步驟，以確保未來不再發生類似情況。當我們哀悼阿爾伯特的去世時，我們的思念與他的家人和親人同在。

I have led a series of town hall meetings across our business over the past few weeks, reflecting on the learnings from this tragedy and leading a campaign to ensure continuous focus on the very few critical controls needed to eliminate, what we call, high-consequence, low-frequency events like this one.

在過去的幾周里，我在我們的業務範圍內主持了一系列市政廳會議，反思從這場悲劇中汲取的教訓，並領導一場運動，以確保持續關註消除我們所說的高後果所需要的極少數關鍵控制措施。

We continue to invest considerable resources in understanding the root causes of all accidents, including high potential incidents or near misses in order to prevent recurrences. This process is a strong indicator of the strength of our safety culture and the effectiveness of our systems and provides a good foundation on which to continue working to realize our ultimate goal of zero harm.

我們繼續投入大量資源來了解所有事故的根本原因，包括高潛在事故或未遂事故，以防止再次發生。這個過程有力地表明了我們安全文化的實力和系統的有效性，並為我們繼續努力實現零傷害的最終目標奠定了良好的基礎。

Next slide, before we turn to the numbers in detail, I'm very pleased to report a strong operating and financial results for the half year. These results show the hard work that has been done by so many to improve the fundamentals of our business, to drive productivity benefits, and to manage costs.

下一張投影片，在我們詳細討論數字之前，我很高興地報告半年強勁的營運和財務表現。這些結果顯示了許多人為改善我們業務的基礎、提高生產力和管理成本所做的辛勤工作。

Most of our Tier 1 assets recorded a solid performance, driven both by higher tonnes and higher grades mined. At the Tier 2 mines, we continue to drive full potential initiatives to enhance asset performance. Now that we are well into the full potential execution, we have seen our cost trend lower.

我們大部分的一級資產在開採量增加和品味提高的推動下表現穩健。在二級礦山，我們繼續推動充分發揮潛力的舉措，以提高資產績效。現在我們已經充分發揮了潛在的執行力，我們已經看到成本趨勢較低。

We will talk about that later. We are the only gold major that has reported so far to post an improvement in cash costs at the half. That means that we're able to capture the benefit of stronger gold prices. Revenues up more than $400 million on year, all of which has flowed directly into the bottom line. We are building a strong operating momentum into the second half when we expect to deliver not only further production and cost improvements, but significantly stronger cash flows.

我們稍後會討論這個。我們是迄今為止唯一一家報告稱現金成本改善了一半的黃金巨頭。這意味著我們能夠從金價走強中獲益。營收年增超過 4 億美元，所有這些都直接流入利潤。我們正在為下半年打造強勁的營運勢頭，預計不僅會進一步改善產量和成本，而且現金流也會顯著增強。

So to go into the numbers, production was up 2% year-on-year, driven by strong performance from our key assets. That result was significantly aided by a strong Q2, where production was 12% higher versus the first quarter. This was driven by Australia's strong improvements following the biblical flooding in March and Siguiri bouncing back from the recovery challenges that hurt Q1 production.

從數字來看，在我們關鍵資產強勁表現的推動下，產量年增了 2%。這一結果得益於第二季度的強勁表現，產量比第一季高出 12%。這是由於澳洲在三月洪水之後的強勁改善以及西吉里從損害第一季產量的復甦挑戰中恢復過來所推動的。

Brazil's turnaround is a clear highlight with a cash flow turnaround that was barely imaginable a year ago. Our cash costs were 1% lower year-on-year, as I mentioned a moment ago. This is not luck. In fact, the improvement was achieved despite the stiff headwinds we faced in Australia and Guinea in Q1, and it is a testament to our full asset potential program, which is yielding much of the benefit we expected. And we believe more is yet to come.

巴西的轉變是一個明顯的亮點，其現金流的轉變在一年前幾乎無法想像。正如我剛才提到的，我們的現金成本比去年同期下降了 1%。這不是運氣。事實上，儘管我們在第一季在澳洲和幾內亞遇到了嚴峻的阻力，但還是實現了這種改善，這證明了我們的全面資產潛力計劃，該計劃正在產生我們預期的大部分收益。我們相信還會有更多的事情發生。

On the back of this production and cost improvements, we are starting to see the leverage to a higher gold price that has been so rare across the sector during previous upcycles in the gold market. We reported a 65% increase in EBITDA to $1.12 billion, and more importantly, a swing of more than $400 million turn in free cash flow, which came in at $206 million versus an outflow of $205 million last year.

在產量和成本改善的背景下，我們開始看到金價上漲的槓桿作用，這在黃金市場之前的上行週期中在整個行業中是罕見的。我們報告稱，EBITDA 成長了 65%，達到 11.2 億美元，更重要的是，自由現金流增加了 4 億多美元，去年自由現金流為 2.06 億美元，而流出為 2.05 億美元。

This was well ahead of the higher price due to improvements in both ounces sold and costs. Most encouraging is that we anticipate a stronger second half. With that in mind, we have declared a dividend that reflects that confidence.

由於銷售和成本的改善，這一價格遠遠領先於較高的價格。最令人鼓舞的是，我們預計下半年會更加強勁。考慮到這一點，我們宣布了反映這種信心的股息。

Gillian will cover that in more detail, but it is clear that we have the conviction and the consistency of our operating performance and a commitment to ensure shareholders see improved returns. This, of course, underpinned by confidence in our balance sheet. Liquidity is very strong, gearing is low, even while we invest in our existing portfolio and growth pipeline and we are well on track to achieve guidance.

阿嬌將更詳細地介紹這一點，但很明顯，我們對經營業績有信心和一致性，並致力於確保股東看到更高的回報。當然，這是基於對我們資產負債表的信心。即使我們投資於現有的投資組合和成長管道，流動性也非常強勁，負債比率很低，並且我們有望實現指導。

As I said in May, we were focused during Q2 on recovering from the obvious Q1 challenges that caused us significant ounces in Australia and Guinea. You can hear -- you can see the extent of the flooding that hit our Australian operations in March. Pits and infrastructure were flooded at Tropicana and crucially, the 400-kilometer access road to this remote site had significant stretches underwater. This took some time to dry and cure sufficiently before it could reopen.

正如我在 5 月所說，我們在第二季度的重點是從第一季的明顯挑戰中恢復過來，這些挑戰導致我們在澳洲和幾內亞損失了大量盎司。您可以聽到 — 您可以看到三月份襲擊我們澳洲業務的洪水的嚴重程度。Tropicana 的礦井和基礎設施被洪水淹沒，最重要的是，通往這個偏遠地點的 400 公里長的道路有很大一部分被淹沒在水下。這需要一些時間才能充分乾燥和固化，然後才能重新打開。

Remedial works were completed in Q2, and we started -- restarted operations successfully. This in turn saw improved production at both sites, although ongoing rainfall during Q2 caused intermittent interruption to our supply lines into Tropicana, sometimes hampering our ability to restock consumables and another important items.

補救工作已在第二季完成，我們開始成功重新啟動營運。儘管第二季的持續降雨導致我們進入純果樂的供應線間歇性中斷，有時會妨礙我們補充消耗品和其他重要物品的能力，但這反過來又提高了兩個工廠的產量。

Nonetheless, we expect to recover a significant portion of the lost production in the second half. I spoke about the challenges we saw at Siguiri in Q1, low digger availabilities, poor availability of spares, and most of all, the steep drop in recoveries.

儘管如此，我們預計下半年將恢復大部分產量損失。我談到了我們在第一季在 Siguiri 看到的挑戰：挖土機可用性低、備件可用性差，最重要的是回收率急劇下降。

We have improved maintenance, addressed spare inventories and saw 38% bump in our tonnes in Q2. A new excavator has also been delivered, which will help us to continue that improving trajectory in Q2. Metallurgical recovery stabilized at around 87% in Q2, up from the low-70s in Q1. In fact, we have seen average recoveries above 90% in July.

我們改進了維護工作，解決了備用庫存問題，第二季的噸數增加了 38%。也交付了一台新挖土機，這將有助於我們在第二季繼續改善軌跡。第二季冶金回收率穩定在 87% 左右，高於第一季的 70% 左右。事實上，我們看到 7 月的平均復甦率超過 90%。

We're looking at the work that can be done to improve carbon management and oxygen efficiency in the plant, which will help maintain and potentially improve these strong recoveries even when reintroduced the challenging Bidini ore to the plant. The good news is that we're in no rush to do that given the ability to source ore from alternative pits, so we may only need the Bidini ore in 2026, and we will then be well prepared to process it.

我們正在研究可以採取哪些工作來改善工廠的碳管理和氧氣效率，這將有助於維持並可能提高這些強勁的回收率，即使在將具有挑戰性的比迪尼礦石重新引入工廠時也是如此。好消息是，鑑於能夠從其他礦坑採購礦石，我們並不急於這樣做，因此我們可能只需要 2026 年的 Bidini 礦石，然後我們就可以做好處理它的充分準備。

Brazil picture. It's probably -- not even us probably would have imagined such a turnaround. It's hard to overstate it what has happened in the past 12 months under the new leadership we appointed last year. The team delivered a 15% year-on-year increase in gold production in H1, a 19% reduction in cash costs year-on-year. The free cash outflow of $140 million during the first half of last year, which hammered our half year result, has turned into a $53 million inflow during the first half of this year.

巴西圖片。可能連我們都沒想到會有這樣的轉變。在我們去年任命的新領導層的領導下，過去 12 個月所發生的事情怎麼誇大都不為過。該團隊上半年黃金產量年增 15%，現金成本較去年同期下降 19%。去年上半年自由現金流出 1.4 億美元，影響了我們的半年業績，但今年上半年卻變成了 5,300 萬美元流入。

As you can see on the waterfall, this was not simply a gold price story, but rather was driven by the controllable factors, which we manage across the business. More extraordinary is that this cash flow result was achieved under the weight of our roughly $200 ounce discount for every ounce of concentrate we sold from Cuiaba while the Queiroz plant has been suspended.

正如您在瀑布上看到的那樣，這不僅僅是一個黃金價格故事，而是由我們在整個業務中管理的可控因素所驅動的。更特別的是，在奎羅斯工廠停工期間，我們從庫亞巴出售的每盎司精礦享有約 200 美元的折扣，因此實現了這一現金流結果。

The very good news is that the path is now clear to restart that facility during the second half, which would allow us to resume refined gold production and start to recapture the full margin once again.

好消息是，下半年重啟該設施的道路已經明確，這將使我們能夠恢復精煉黃金生產，並開始再次奪回全部利潤。

Obuasi's Q2 production was a steady 54,000 ounces. The V30 reamer continues to work as expected, helping to safely push underground ore volumes from the large open stopes. We've seen better results with ore tonnes in Q2 averaging around 97,000 per month, 6% up in Q1.

Obuasi 第二季度產量穩定在 54,000 盎司。V30 擴孔器繼續按預期工作，有助於從大型露天採場安全地推出地下礦石量。我們看到了更好的結果，第二季礦石噸數平均約為每月 97,000 噸，比第一季增加 6%。

If you compare H1 2023 to H1 2024, we're up 12%. We are, however, experiencing some challenges in Block 8, a very mature block, with fewer suitable working areas, more congestion and hence less flexibility than we'd like to have and probably with significant volatility in its grade in this last part of Block 8.

如果將 2023 年上半年與 2024 年上半年進行比較，我們成長了 12%。然而，我們在8 號區塊遇到了一些挑戰，這是一個非常成熟的區塊，合適的工作區域較少，更加擁堵，因此靈活性低於我們希望的水平，並且區塊最後一部分的等級可能會出現顯著波動。

That impacted mine grade, particularly during April and May, the zones that we were mining. We did, however, reach equivalent annualized production of 300,000 ounces in June and are on track to surpass that this month.

這影響了礦山品位，特別是在四月和五月期間，我們正在開採的區域。然而，我們在 6 月確實達到了相當於 30 萬盎司的年產量，並且預計在本月超越這一數字。

Consequently, we expect to reach a production for the year around the lower end of guidance. We also anticipate, and this is probably the most important thing, strong cash generation from Obuasi during this ramp-up, a solid cash -- free cash for the year, probably surpassing $80 million, demonstrating a very strong cash flow potential.

因此，我們預計今年的產量將達到指導值的下限左右。我們也預計，這可能是最重要的事情，Obuasi 在此次擴張期間將產生強勁的現金流，今年的穩定現金——自由現金可能超過 8000 萬美元，展現出非常強勁的現金流潛力。

As I've said before, the real price that is coming relatively soon lies on the higher-grade Block 10. This is virgin ground with average grades above 8. In addition, in later years, there is Block 11 with grades above 17 grams to provide another kicker.

正如我之前所說，即將到來的真正價格取決於更高等級的 Block 10。這是平均等級在 8 以上的處女地。此外，在後來的幾年中，還有17克以上等級的Block 11提供了另一個優勢。

A critical path to bring Block 10 into production is getting ventilation infrastructure into the right place, which we expect towards the Q2 of next year. We'll see that in the next slide. This will allow us to ramp up Block 10 and also to bring in Block 1, getting us comfortably over 300,000 ounces next year.

Block 10 投入生產的關鍵途徑是將通風基礎設施安裝到位，我們預計在明年第二季實現這一目標。我們將在下一張幻燈片中看到這一點。這將使我們能夠增加 Block 10 的產量，並引入 Block 1，使我們明年的產量輕鬆超過 300,000 盎司。

Turning to the trial of the Underhand Drift and Fill mining method, this has gone to plan. The concept is proven in the trial area with paste strength good and curing time down to 14 days. We will continue to ramp this over the rest of this year as we establish a new full scale -- full scale site in Block 8 lower.

談到暗巷充填採礦法的試驗，一切都按計畫進行。這一概念已在試驗區域得到證實，粘貼強度良好，固化時間縮短至 14 天。我們將在今年剩餘的時間裡繼續擴大這一規模，因為我們將在 8 號街區下層建立一個新的全尺寸工地。

So Phase 3 of our project -- of construction project achieved 89% of overall completion by the end of Q2 2024. Dewatering has been completed to the shaft bottom and construction has started on the dam and pump station building. The settlement of the project is expected to add another 6,000 tonnes per day hosting capacity for the mine.

因此，到 2024 年第二季末，我們專案的第三階段建設專案已完成總體完成率的 89%。排水已完成至豎井底部，大壩和泵站建築已開始施工。該項目的落戶預計將為該礦場再增加 6,000 噸/日的承載量。

Refurbishment of the KMS shaft is on track for completion by the end of 2024 and the added flexibility a significant benefit. At the same time, the KMVS venture will allow us to ramp up volumes from the Block 10. More specifically, we will be able to develop several mining fronts on Block 10 and Block 1, which will help optimize the significant infrastructure we will have ready and hence surpass the 400,000 level we have spoken in the past.

KMS 豎井的翻新工作預計將於 2024 年底完成，增加的靈活性將帶來顯著的好處。同時，KMVS 合資企業將使我們能夠增加 Block 10 的產量。更具體地說，我們將能夠在 Block 10 和 Block 1 上開發多個採礦前沿，這將有助於優化我們將準備好的重要基礎設施，從而超越我們過去所說的 400,000 水平。

We plan to host a site visit to Obuasi, ahead of next year's Indaba, where we'll be able to showcase the huge strides made in infrastructure development that will enable this access to the mining areas and we will also provide an expected ramp up during the next five years of Obuasi.

我們計劃在明年的ndaba 之前對奧布阿西進行實地考察，在那裡我們將能夠展示基礎設施開發方面取得的巨大進步，這將使進入礦區成為可能，並且我們還將在Indaba 期間提供預期的產能提升奧布阿西的未來五年。

Full asset potential continues to yield results across the portfolio. At Sunrise Dam, despite the weather challenges in Q1, underground tonnes in Q2 stepped back up at around 220,000 per month. The better haulage performance was underpinned by improvements in stope availability and fleet utilization. We look to sustain these levels in 2024, thereafter drive the next step changes to the full asset performance target.

全部資產潛力繼續在整個投資組合中產生成果。在 Sunrise Dam，儘管第一季面臨天氣挑戰，但第二季地下噸位回升至每月約 22 萬噸。採場可用性和車隊利用率的提高支撐了更好的運輸績效。我們希望在 2024 年維持這些水平，然後推動全面資產績效目標的下一步變化。

We have completed all of our assets and are now starting a second wave of FAP, starting again with Sunrise, where we have already identified more than $100 million of potential benefits. Full asset potential will continue to be at the heart of our improvements in productivity and hence reductions in our cash cost.

我們已經完成了所有資產，現在正在啟動第二波 FAP，再次從 Sunrise 開始，我們已經確定了超過 1 億美元的潛在收益。充分發揮資產潛力將繼續成為我們提高生產力並降低現金成本的核心。

As I showed earlier, recoveries at Siguiri are up after interventions in Q1. We have excluded Bidini ore from the blend and ores being sourced from alternative deposits stabilizing plant performance. We will look to make low CapEx modifications to the plant with a specific focus on management of carbon and oxygen levels.

正如我之前所展示的，在第一季的干預措施之後，西吉里的康復率有所上升。我們已將比迪尼礦石排除在混合物之外，並且礦石來自穩定工廠性能的替代礦床。我們將尋求對工廠進行低資本支出改造，特別關注碳和氧水平的管理。

Iduapriem continues to perform very well. We've driven improvements in drill and blast as well as processes to get better fragmentation. We've optimized the load and haul process to get better ore delivery to the plant and we've sharpened our maintenance practices to achieve better overall equipment availability.

Iduapriem 繼續表現出色。我們推動了鑽孔和爆破以及工藝的改進，以獲得更好的破碎效果。我們優化了裝載和運輸流程，以便更好地將礦石運送到工廠，並加強了維護實踐，以實現更好的整體設備可用性。

At Geita underground, ore tonnes from Nyankanga are ahead of our full asset potential targets. We're delivering backfill directly to stopes via drills from surface rather than using trucks. This in turn has debottlenecked our underground materials handling capacity and improved overall stope availability.

在 Geita 地下，來自 Nyankanga 的礦石噸數超過了我們的全部資產潛在目標。我們透過地面鑽孔機直接將回填土運送到採場，而不是使用卡車。這反過來又消除了我們地下材料處理能力的瓶頸，並提高了採場的整體可用性。

Apart from the benefits in the incremental EBITDA we've been able to generate, the true value of this program goes beyond dollars and ounces. Over the past two years, the full asset potential program has given us significantly more resilience to help offset inflation and counter that impact of production interruptions across our portfolio.

除了我們能夠產生的增量 EBITDA 帶來的好處之外，該計劃的真正價值超出了美元和盎司。在過去的兩年裡，全面資產潛力計畫使我們的彈性顯著增強，有助於抵消通貨膨脹並應對我們投資組合中生產中斷的影響。

I'll tell you the same thing that I tell our employees and my Board, which is that the proof is in the numbers. The proof is in the bottom line. It's our ability to meet and to sustain and improve bottom line that matters, improvements in bottom line. And that's what this is, $464 million of improvements of incremental EBITDA in the past three years.

我會告訴你我告訴我們的員工和董事會的同樣的事情，那就是證據就在數字中。證據就在底線。重要的是我們滿足、維持和提高底線的能力，即底線的改進。這就是過去三年 EBITDA 增量 4.64 億美元的改進。

And regarding the future, we have a strong pipeline of organic options we are executing on Obuasi that will give us additional medium term ounces. Nevada is a game-changer, and we'll talk more about it now. We see the region producing as many as 500,000 ounces of our multiyear period at Tier 1 cost. And longer term, we have a world-class copper gold deposit in Quebradona, which gives us optionality and exposure to the energy transition.

關於未來，我們正在奧布阿西執行一系列強大的有機選擇權，這將為我們提供額外的中期盎司。內華達州是一個改變遊戲規則的州，我們現在將詳細討論它。我們預計該地區在多年期間的產量將達到 500,000 盎司（以一級成本計算）。從長遠來看，我們在克布拉多納擁有世界級的銅金礦床，這為我們提供了能源轉型的選擇和機會。

This is a -- I think, a very nice graph and this is different. We put new information. It continues -- Merlin continues to deliver strong asset results, further supporting this is a high-grade world-class ore body. In this section, you can see the extent and size of the deposit, along with some very exciting new intercepts, which continue to upgrade the quality of this impressive ore body.

我認為這是一個非常好的圖表，但這是不同的。我們發布了新資訊。情況還在繼續——Merlin 繼續提供強勁的資產業績，進一步證明這是一個高品位的世界級礦體。在本部分中，您可以看到礦床的範圍和大小，以及一些非常令人興奮的新截距，這些截距不斷提升這個令人印象深刻的礦體的品質。

66,000 meters, 66 kilometers of mainly infill drilling were completed during the first half. You will obviously look to this cross-section in your own time, but I'd just like to highlight some of the high-grade intercepts over significant widths.

上半年完成主要加密鑽探66000公尺、66公里。您顯然會在自己的時間查看這個橫截面，但我只想強調一些在重要寬度上的高級截距。

So you can see there, 144 meters at 10.53 grams per tonne. You can see 30.4 meters at 8.53 grams. You can see 190 meters at 5.2. You can see 160 meters at 5.85. You can see 50 meters at 3.9. So it is -- all of this is -- has all of the signs of one of the truly Tier 1 deposits in North America.

所以你可以看到，144 米，每噸 10.53 克。8.53 克的重量可以看到 30.4 公尺。在 5.2 處可以看到 190 公尺。您可以在 5.85 處看到 160 公尺。 3.9 處可以看到 50 公尺。所以它是——所有這一切——具有北美真正的一級礦床之一的所有跡象。

The PFS program to expand silicon is expected to be completed by mid-2025. At North Bullfrog, where permitting is underway, engineering reached the 30% completion milestone in Q2 2024, in line with the planned engineering schedule and we will continue to provide further updates in Q3.

擴大晶片規模的 PFS 計畫預計將於 2025 年中期完成。在 North Bullfrog，正在進行許可，工程在 2024 年第二季度達到了 30% 的完成里程碑，符合計劃的工程進度，我們將在第三季度繼續提供進一步的更新。

Okay. This is now to Gillian.

好的。現在這是給阿嬌的。

Thank you, Alberto, and good day, everyone. I'll start with the macro factors. So gold price was up strongly during the first half at 14%, outpacing most major asset classes. Most encouraging is the fact that this move upwards doesn't appear to be driven by a single factor and that it came despite elevated rates in the US.

謝謝你，阿爾貝托，大家好。我將從宏觀因素開始。因此，上半年金價強勁上漲 14%，漲幅超過大多數主要資產類別。最令人鼓舞的是，這一上漲似乎不是由單一因素驅動的，儘管美國利率上升，但這一上漲還是出現了。

We saw continued healthy demand from central banks, robust investment flows in Asia and resilient customer demand, all against the backdrop of growing geopolitical uncertainty. As we've said before, we entered into 0 cost collars at the start of the year to cater for downside price risk, given the high cost and uncertainty at our Brazil operations.

我們看到，在地緣政治不確定性日益加劇的背景下，各國央行的需求持續健康，亞洲投資流動強勁，客戶需求有彈性。正如我們之前所說，鑑於我們巴西業務的高成本和不確定性，我們在年初進入了零成本範圍，以應對價格下行風險。

The contracts cover the full year of 2024 with 150,000 ounces remaining for the second half of this year. The average spot price in the first half was $2,205 an ounce, which equates to a realized loss of $118 an ounce or $23 million during the first half.

這些合約涵蓋 2024 年全年，今年下半年剩餘 15 萬盎司。上半年現貨平均價格為每盎司 2,205 美元，相當於上半年已實現虧損每盎司 118 美元，即 2,300 萬美元。

Due to the strength of the US economy, inflation remained at elevated levels. Our realized inflation rate was about 6% for the first half of '24 and this impact was partially offset by currency exchange weakness against the US dollar, most notably for AGA in the Australia and Argentina business units.

由於美國經濟強勁，通膨仍維持在較高水準。2024 年上半年我們實現的通貨膨脹率約為 6%，這種影響被貨幣兌換美元疲軟所部分抵消，尤其是澳洲和阿根廷業務部門的 AGA。

As Alberto has highlighted, really strong financial performance for the first half. The average gold price received was up 14% year-on-year. Adjusted EBITDA of $1.12 billion was up 65% year-on-year, again, well ahead of the higher price and on the back of higher ounces sold and lower operating costs.

正如阿爾貝託所強調的那樣，上半年的財務表現非常強勁。收到的黃金平均價格較去年同期上漲14%。調整後 EBITDA 為 11.2 億美元，較去年同期成長 65%，再次遠遠領先於價格上漲，並且得益於銷售量增加和營運成本降低。

Headline earnings of $313 million or USD0.74 per share were well up compared to $61 million or USD0.41 per share in the first half of last year. This improvement of more than 400% was due to the strong operational performance, offset by one-offs with the realized hedging loss I mentioned earlier and additional decharacterization costs for the active closure management at both CdS and MSG.

整體獲利為 3.13 億美元，即每股 0.74 美元，遠高於去年上半年的 6,100 萬美元，即每股 0.41 美元。超過 400% 的改善歸功於強勁的營運業績，但被我之前提到的已實現對沖損失以及 CdS 和 MSG 主動關閉管理的額外去特徵化成本所抵消。

Total capital increased by 11%, and this is in line with our internal plans, resulting in free cash flow of $206 million against the prior year outflow of $205 million. Free cash flow before growth capital expenditure, the metric on which dividend payment is based, was $337 million, a near fivefold increase year-on-year.

總資本增加了 11%，這符合我們的內部計劃，自由現金流達到 2.06 億美元，而上一年的流出為 2.05 億美元。成長資本支出之前的自由現金流（股息支付的衡量標準）為 3.37 億美元，較去年同期成長近五倍。

Given our robust financial performance and the confidence we have in our ongoing performance for the second half, we declared an interim dividend of $0.22 per share, which equates to a payout ratio of 27%, in line with our policy minimum 20%.

鑑於我們強勁的財務表現以及對下半年持續業績的信心，我們宣布派發每股 0.22 美元的中期股息，相當於 27% 的派息率，符合我們 20% 的最低政策。

We are mindful that despite the healthy gold price environment, we must remain focused on proactive cost management. This is a nonnegotiable for us as we continue to regain our cost competitiveness. If you look at our costs, you will see we've delivered an aggregate 1% reduction year-on-year. When you unpack the detail, you can see CPI inflation was around 6%. Royalties from higher gold price, 2%; a slight increase in fuel price, offset by currency change of 4%, as I mentioned primarily in Australia and Argentina.

我們注意到，儘管金價環境健康，但我們必須繼續專注於主動成本管理。隨著我們繼續恢復成本競爭力，這對我們來說是沒有商量餘地的。如果您查看我們的成本，您會發現我們的成本比去年同期減少了 1%。當你仔細分析細節時，你會發現 CPI 通膨率約為 6%。金價上漲的特許權使用費，2%；正如我主要在澳洲和阿根廷提到的，燃料價格略有上漲，但被 4% 的貨幣變化所抵消。

We then normalize for one-offs, which was last year's impact from the tank fail in Siguiri unwinding and this year's impact of the rainfall event in Australia. The reduction in cash costs of $44 an ounce is related to volume, grade and costs, mainly characterized by improved operational performance through productivity improvements, better grades, enhanced cost efficiency, particularly across LatAm and in Iduapriem.

然後，我們對一次性事件進行標準化，即去年 Siguiri 卸壓水箱故障的影響和今年澳洲降雨事件的影響。每盎司現金成本減少 44 美元，這與產量、品位和成本有關，主要特點是透過提高生產力、提高品位、提高成本效率來改善營運績效，特別是在拉丁美洲和 Iduapriem。

The 2% year-on-year increase in ASIC followed a planned increase in sustaining capital investment, and this is really around ensuring we have adequate flexibility in operations with longer leads in ore development and stripping. Our targets for ore development is at least 12 months in advance and longer for stripping.

ASIC 比去年同期成長 2% 是在計劃增加維持資本投資之後實現的，這實際上是為了確保我們在營運方面擁有足夠的靈活性，並在礦石開發和剝離方面擁有更長的領先優勢。我們的礦石開發目標是至少提前 12 個月，剝採時間則更長。

On free cash flow, this chart is just helpful in showing how we managed to capture and flow through the benefit of higher gold price. The higher gold price drove a $318 billion (sic - see press release Page 18, "$318 million") increase in cash receipts. The positive movement in sales volumes, operating costs and working capital is a consequence of the discipline in operational excellence. We focus specifically on cash conversion, which has not historically been one of our strengths.

在自由現金流方面，這張圖表只是有助於展示我們如何設法捕捉和利用金價上漲的好處。金價上漲推動現金收入增加 3,180 億美元（原文如此 - 請參閱新聞稿第 18 頁，「3.18 億美元」）。銷售、營運成本和營運資金的正面變化是卓越營運紀律的結果。我們特別關注現金轉換，這在歷史上並不是我們的優勢之一。

We received cash inflows from Kibali in the form of loan repayments and dividends of $90 million. At the end of June, our share of outstanding cash balances from the DRC was $19 million, down from $51 million at the end of last year. Higher profits resulted in a $40 million increase in tax payments alongside the higher CapEx that I previously mentioned.

我們以償還貸款和股息的形式從 Kibali 獲得了 9000 萬美元的現金流入。截至 6 月底，我們在剛果民主共和國的未償還現金餘額中所佔份額為 1,900 萬美元，低於去年年底的 5,100 萬美元。更高的利潤導致納稅額增加 4000 萬美元，同時我之前提到的資本支出也更高。

The balance sheet remains strong with cash on hand and undrawn facilities providing very good liquidity at around $2.3 billion. Leverage is well within our target range at 0.6 times even as we invest in our operating assets and pipeline, and we have no material near-term maturities.

資產負債表仍然強勁，手頭現金和未提取融資提供了約 23 億美元的良好流動性。即使我們投資於我們的營運資產和管道，槓桿率也完全在我們 0.6 倍的目標範圍內，而且我們沒有重大的近期到期日。

S&P concluded their annual review in April, leaving our credit rating unchanged and our outlook as stable. We continue to engage with the rating agencies to communicate the improvement -- the improving fundamentals of our business.

標準普爾於四月結束了年度審查，維持我們的信用評級不變，展望為穩定。我們繼續與評級機構合作，傳達我們業務的改善—我們業務基本面的改善。

On guidance, our guidance remains unchanged. At the midpoint, we anticipate production growth of about 4% this year. Cash cost per ounce are more or less flat at the midpoint as we see full potential benefits offsetting inflation and the anticipated stronger Aussie dollar.

在指導方面，我們的指導保持不變。我們預計今年的產量成長率約為 4%。每盎司現金成本或多或少持平於中點，因為我們看到全部潛在收益抵消了通膨和預期澳元走強。

We see sustaining CapEx growing slightly as we increase investment in reserve development, but in line with our plans. Growth CapEx is also expected to increase from last year's levels as we continue to invest in our next major production center in Nevada.

我們認為，隨著我們增加儲備開發投資，維持資本支出將略有成長，但與我們的計畫相符。隨著我們繼續投資內華達州的下一個主要生產中心，預計成長資本支出也將比去年的水平增加。

I'll hand back to Alberto for his concluding remarks.

我將請阿爾貝托作總結發言。

Thank you, Gillian. When I joined this business just under three years ago, the mission was simple; to safely regain cost competitiveness, to be able to approach the multiples of our largest gold competitors. At the time, we have jumped to the top of the industry cost curve. Then in late 2021 with new senior leadership working alongside empowered operating and with a new clear operating model in place, we implemented the full potential program to turn the tide.

謝謝你，阿嬌。當我在不到三年前加入這個行業時，使命很簡單：安全地恢復成本競爭力，能夠接近我們最大的黃金競爭對手的倍數。當時，我們已經躍升至產業成本曲線的頂端。然後在 2021 年底，在新的高階領導層與授權營運一起工作以及新的清晰營運模式到位的情況下，我們實施了充分發揮潛力的計畫來扭轉局勢。

Today, we can take a step back to check in how we are tracking against our original goal. With mid-2021 as the base and adjusting for US CPI only, although we have faced stronger than that, our cash costs are about 4% lower in real terms relative to a 16% average increase for the peer group.

今天，我們可以退後一步來檢查我們如何追蹤最初的目標。以 2021 年中為基數，僅根據美國 CPI 進行調整，儘管我們面臨的情況比這更強勁，但相對於同行 16% 的平均增幅，我們的現金成本實際上降低了約 4%。

And even with the inevitable stumbles that happened in this business, we've managed to achieve guidance on our key metrics each year. And in 2024, barring any unexpected event, we'll do it again. We obviously have more to do, and we will always have more to do because this is an improvement -- continuous improvement mentality. But we believe we have now embedded in our business the tool that helps us to do that.

即使這項業務不可避免地會出現失誤，我們每年仍設法實現關鍵指標的指導。到 2024 年，除非發生任何意外事件，我們將再次這樣做。顯然我們還有更多工作要做，而且我們永遠都會有更多工作要做，因為這是一種改進——持續改進的心態。但我們相信我們現在已經在我們的業務中嵌入了可以幫助我們做到這一點的工具。

In conclusion, at the halfway point this year, the performance has been, I would say, very solid even after the headwinds of Q1. What you've heard is that the year-on-year comparison are strong. The simplest view shows production up and cash goes down.

總而言之，在今年的中期，我想說，即使在第一季的逆風之後，表現仍然非常穩健。您所聽到的是，同比比較強勁。最簡單的視圖顯示產量增加而現金減少。

Cash conversion is significantly better, hence, the strong gains in cash flow, earnings and dividends. Q3 is off to a good start, teeing up to an even better second half. Full potential is working as intended. Our free cash flow showed a stunning turnaround from minus around $200 million in H1 2023 to a positive plus $200 million in the first half of this year.

現金轉換明顯較好，因此現金流、收益和股息強勁成長。第三季有一個良好的開局，為下半場的更好做好準備。全部潛力正在按預期發揮作用。我們的自由現金流出現了驚人的轉變，從 2023 年上半年的負約 2 億美元到今年上半年的正+2 億美元。

As we look to the second half and all things being equal, the gold price staying where it is, we anticipate free cash flow more than doubling the H1 levels. More importantly, if we go back to this half, the growth in cash flows in H1 has outpaced the impact of the higher gold price on our revenues and profits.

展望下半年，在所有條件相同的情況下，金價保持不變，我們預計自由現金流將比上半年水準增加一倍以上。更重要的是，如果我們回顧上半年，上半年現金流的成長已經超過了金價上漲對我們收入和利潤的影響。

In fact, it is 30% higher. This effectively means we've been able not only to keep every penny of the gold price increase but to surpass it, thanks to our full asset potential program. In closing, we're stronger, more competitive and well placed to continue this improving trajectory, and we have our eyes on the remaining catalysts to completely close this gap. Thank you.

事實上，它高出 30%。這實際上意味著，由於我們的全面資產潛力計劃，我們不僅能夠保住金價上漲的每一分錢，而且還能超越它。最後，我們更強大，更具競爭力，並且有能力繼續這種改善的軌跡，並且我們著眼於剩餘的催化劑以完全縮小這一差距。謝謝。

Thank you very much. (Operator Instructions) Adrian Hammond, SBG Securities.

非常感謝。（操作員指示）Adrian Hammond，SBG 證券。

Thanks Alberto and Gillian for the presentation, and well done on the good performance. I have a couple of questions, if I may. Alberto, just your cost performance clearly really good when you put up that slide of a 4% reduction in real terms.

感謝阿爾貝托和吉莉安的演講，感謝他們的出色表演。如果可以的話，我有幾個問題。Alberto，當你列出實際下降 4% 的投影片時，你的成本效益顯然非常好。

So where do you think they could end up with the asset potential program? What's more to come? And notwithstanding your peers have also had some trouble with their own profiles, and I suspect there's some benefits coming their way. So as you know, with this business, it's -- you're on a treadmill constantly and you're trying to remain competitive.

那麼您認為他們最終會在哪裡實施資產潛力計劃？還有什麼？儘管你的同事在他們自己的個人資料方面也遇到了一些麻煩，但我懷疑他們會得到一些好處。如您所知，對於這項業務，您一直在跑步機上跑步，並努力保持競爭力。

So do you think you have enough ammo in the kitty down the line to remain at a competitive position on the cost curve as you are moving towards? That's the first one. And then secondly, on Obuasi, you mentioned a target of [360] in Q3. When do you see that being achieved now?

那麼，您認為您有足夠的彈藥來保持在成本曲線上的競爭地位嗎？這是第一個。其次，關於 Obuasi，您提到了第三季 [360] 的目標。您認為現在什麼時候能夠實現這個目標？

Thank you, Adrian. It is, you're right, the treadmill, and it's relative performance. Look, I can only -- again, we've seen how we've closed this year, the guidance. And I can only say that we -- when we look, for example, at Sunrise, and I mentioned about this is where we relaunched the second wave. And I don't know if the word is surprised, but we were quite happy with the possibilities that the team found again. At some point, this will diminish. But the possibilities on Sunrise in the second wave, as I mentioned, was about $100 million.

謝謝你，阿德里安。你是對的，它就是跑步機，它是相對表現的。看，我只能——再次，我們已經看到了今年如何結束指導。我只能說，例如，當我們看著日出時，我提到這是我們重新啟動第二波的地方。我不知道這個詞是否令人驚訝，但我們對團隊再次發現的可能性感到非常高興。在某些時候，這種情況將會減少。但正如我所提到的，第二波 Sunrise 的可能性約為 1 億美元。

So look, I think that we should still be able to continue to counter inflation. And if that is the case, I think that we will remain quite competitive. Again, we don't bank on this high gold price, but it is probably clear that the long-term gold price will be more -- probably more on the $1,800. And even at that level, we plan to have a very profitable company. But in the meantime, obviously, we want to maximize the cash flows. I probably -- I would want to make a bit more. It's related to what you said. But yeah, the ability of companies to pass the gold price into profits, I think, is something that is quite important right now.

所以看，我認為我們應該仍然能夠繼續對抗通膨。如果是這樣的話，我認為我們將保持相當的競爭力。再次強調，我們並不指望如此高的金價，但很可能很明顯，長期金價將會更高——可能會更高至 1,800 美元。即使在這個水平上，我們也計劃擁有一家非常盈利的公司。但同時，顯然我們希望最大化現金流。我可能——我想賺更多一點。和你說的有關係。但是，我認為，公司將金價轉化為利潤的能力目前非常重要。

In Obuasi, so what happens, we probably will access Block 10 a bit later than we thought we would. We right now probably think we can get to 300,000, 320,000 of annualized. But probably until we get to Block 10, we probably can't access higher than that.

在奧布阿西，會發生什麼，我們可能會比我們想像的晚一點進入區塊 10。我們現在可能認為我們可以達到年化30萬、32萬。但可能在我們到達區塊 10 之前，我們可能無法訪問比這更高的區域。

What we plan to do, Adrian -- and that's why I said this, we plan to have this visit in January. We're very -- the good news is that the infrastructure that has cost more than $1 billion will be soon be over and we will have everything in place to produce what we've said in the past in the medium to longer term, 350,000 and then plus 400,000. It's just a matter of the ventilation is very critical, and we now know that we can only access very limited Block 10 until we have that full ventilation shaft working. We said Q2, we're trying to accelerate it. So 2025 depends on when we can have that ventilation and when we can properly assess Block 10.

我們計劃做什麼，阿德里安——這就是我這麼說的原因，我們計劃在一月份進行這次訪問。我們非常 - 好消息是，耗資超過 10 億美元的基礎設施很快就會結束，我們將在中長期內準備好一切來生產我們過去所說的 350,000然後加上40萬。只是通風非常關鍵，我們現在知道，在通風井完全正常工作之前，我們只能進入非常有限的 10 號街區。我們說過第二季度，我們正在努力加速它。因此，2025 年取決於我們何時能夠實現通風以及何時能夠正確評估 Block 10。

What I would say is, and I've said it in the past, do we have any doubts or anything that we were able to access properly, Block 10 and Block 11 and get this mine where it should be? We have 0 doubts about that. Well, we have some volatility still in months. Yeah, we probably still. We're talking about being in the lowest end of the guidance but still within guidance. So we're trying to do everything to kind of be around that number for this year.

我想說的是，我過去也說過，我們是否有任何疑問或是否有任何我們能夠正確進入 10 號區塊和 11 號區塊並將這個礦井放到它應該在的地方的東西？我們對此毫無疑問。嗯，幾個月後我們仍然會出現一些波動。是的，我們可能還在。我們談論的是處於指導的最低端，但仍在指導之內。因此，我們正在盡一切努力讓今年的數字保持在這個水平左右。

That's clear. And then just for Gillian, on the credit rating, it seems like -- I get a sense it should be a bit better. Do you not think that that's up for review given your improved performance as a business as it is and notwithstanding your operations are still in the same jurisdictions, but your listing has changed? But I would think your plans of exposure growing into Nevada should appease the credit rating agencies. And where do you think that rating could go and what sort of benefit you should see on the finance charges?

很清楚。然後就吉莉安而言，就信用評級而言，我感覺應該會好一點。鑑於您作為企業的業績有所改善，並且儘管您的業務仍位於相同的司法管轄區，但您的清單已發生變化，您是否認為這需要進行審查？但我認為你的業務擴展到內華達州的計劃應該會安撫信用評級機構。您認為評級會走向何方以及您應該在財務費用方面看到什麼樣的好處？

Thanks, Adrian. I think I definitely wouldn't want to opine specifically on what credit rating agencies will do. We are sort of actively engaging with them as we should. I think they are quite positive around the sort of consistency of performance and consistency of delivery, and that's definitely getting us positive momentum. I think you highlighted the sort of jurisdictional profile of our business, and the reality is Nevada is not an operating asset at this point in time.

謝謝，阿德里安。我想我絕對不想具體評論信用評級機構將做什麼。我們正在積極地與他們接觸，這是我們應該做的。我認為他們對性能的一致性和交付的一致性非常積極，這肯定給我們帶來了積極的動力。我認為您強調了我們業務的司法管轄區概況，而現實情況是內華達州目前還不是營運資產。

I think the other thing I would probably say is the rating agencies quite rightly don't consider the gold price environment, and they're not as bullish on gold price either. So I probably would round it off by saying we're pleased with the dialogue that we have. There is some positive momentum. We are getting good feedback around consistency and delivery, and we'll continue to engage with them as we should. But I wouldn't want to anticipate timing of a change at this point in time.

我認為我可能會說的另一件事是評級機構沒有考慮金價環境，而且他們也不看好金價。因此，我可能會說我們對我們進行的對話感到滿意。有一些積極的勢頭。我們在一致性和交付方面獲得了良好的回饋，我們將繼續與他們合作。但我不想在此時預測更改的時間。

Leroy Mnguni, HSBC.

勒羅伊·姆古尼，匯豐銀行。

I've got two questions for Gillian. So your effective tax rate is pretty high. I think about 45% when I recalculate it. It's much higher than I had expected. Could you please unpack what is driving that? And then generally, if I look through your numbers, you seem to have beaten or at least broadly in line on most of the numbers except your HEPS. Are there any other sort of abnormal items included in HEPS or nonrecurring items that we should consider when analyzing that?

我有兩個問題想問阿嬌。所以你的有效稅率相當高。我重新計算了一下，大概是45%。這比我的預期要高得多。您能解開驅動它的原因嗎？一般來說，如果我查看你的數據，你似乎在 HEPS 以外的大多數數據上都擊敗了或至少大致一致。HEPS 中是否也包含任何其他類型的異常項目或我們在分析時應考慮的非經常性項目？

Yeah. Thanks. Thank you for that, Leroy. So on the effective tax rate on current tax, our tax rate is 32%. We do have an adjustment for deferred tax. It's a difference between local GAAP and IFRS accounting policy in Brazil and Argentina. It's not derived from earnings. It pushes the tax rate up. So it's a $75 million adjustment, noncash and nonearnings driven basically.

是的。謝謝。謝謝你，勒羅伊。所以就現行稅的有效稅率來說，我們的稅率是32%。我們確實對遞延稅項進行了調整。這是巴西和阿根廷當地 GAAP 和 IFRS 會計政策之間的差異。它不是來自收入。它推高了稅率。因此，這是 7500 萬美元的調整，基本上是非現金和非營利驅動的。

So it's almost one of those anomalies in the way we need to report our tax position. But I think it's important to note that our effective tax rate or current tax rate is in line with prior -- the prior period at 32%. On the sort of one-offs in earnings, I mentioned the two primary ones, and they are one-offs. But just to sort of reiterate those, it's the hedging loss that I talked about for the hedge. And then we had two additions to closure provision in Brazil, $18 million at CdS and $41 million at MSG. And that goes directly to earnings, just as a consequence of the fact that you're in active decharacterization of those tailings facilities.

因此，這幾乎是我們報告稅務狀況所需的異常方式之一。但我認為值得注意的是，我們的有效稅率或當前稅率與上一期的 32% 一致。關於收入的一次性，我提到了兩個主要的，它們都是一次性的。但為了重申一下，我所說的對沖是對沖損失。然後我們在巴西增加了兩項關閉準備金，CdS 為 1800 萬美元，MSG 為 4100 萬美元。這直接影響到收益，因為你正在積極地對這些尾礦設施進行去特徵化。

How do we see this playing out in the future? So we characterize those aspects as one-offs. We are in active closure for those tailings facilities in Brazil. We continue to monitor them. But at today, we believe we've provided adequately for the closure within our accounts as you would expect us to. So not anticipating a change from today, but in an active closure, we'll continue to monitor.

我們如何看待未來的發展？因此，我們將這些方面描述為一次性的。我們正在積極關閉巴西的這些尾礦設施。我們將繼續監視他們。但今天，我們相信我們已經為關閉帳戶提供了充分的準備，正如您所期望的那樣。因此，預計從今天開始不會發生變化，但在主動關閉的情況下，我們將繼續監控。

All right. That's very clear. And then maybe just one question for Alberto as well, if I may. It seems like at Obuasi the underhand cut and fill testing went pretty well, and you're fairly confident that that would work as you roll it out. I remember in the past you've said it actually is a better mining method because you're able to be more accurate and you're taking less waste. So I was wondering if you would consider applying underhand cut and fill to some of the areas that were initially intended for sublevel stoping? Is there an opportunity there at all?

好的。這非常清楚。如果可以的話，也許我也想問阿爾貝託一個問題。看起來在奧布阿西，暗挖填方測試進行得相當順利，而且您相當有信心在推出時能夠發揮作用。我記得過去您說過這實際上是一種更好的採礦方法，因為您能夠更加準確並且減少浪費。所以我想知道您是否會考慮對最初打算用於地下停車的一些區域應用暗挖填方？那裡有機會嗎？

Thanks for the question. So look, we continue to make process with this method. What we believe is that it will be used in the areas where we find the most difficult ground conditions. So for example, what we right now are doing it is at the lowest of Block 8 and we're starting this now informed. So we anticipate that part of Block 10 will be mined with this method. But we have to get there, and we will have to assess.

謝謝你的提問。那麼看，我們就繼續用這個方法來處理。我們相信它將用於我們發現地面條件最困難的地區。例如，我們現在正在做的事情是在第 8 塊的最低部分，我們現在就開始這樣做。因此我們預計區塊 10 的一部分將採用這種方法進行開採。但我們必須到達那裡，我們必須進行評估。

We'll give you more details. We have some plans already of what percentage, it's still going to be low, but significant in 2025. But we'll talk about more when hopefully you accompany us at on site in January of next year.

我們將為您提供更多詳細資訊。我們已經制定了一些計劃，雖然比例仍然很低，但到 2025 年會很重要。但當您明年一月在現場陪同我們時，我們將討論更多內容。

Chris Nicholson, RMB Morgan Stanley.

克里斯‧尼克森 (Chris Nicholson)，人民幣摩根士丹利。

A couple of questions, I think, mainly for you, Gillian. And just the first one is just around the dividend payments and free cash flow. You mentioned obviously that you anticipate free cash flow more than doubling in the second half. What are you going to do with all the cash? If prices remain here, you should have scope to lift that dividend payment even higher. So any views on that?

我想有幾個問題主要是問你的，吉莉安。第一個是關於股息支付和自由現金流。您顯然提到，您預計下半年自由現金流將增加一倍以上。你打算用所有現金做什麼？如果價格保持在這個水平，你應該有空間進一步提高股息支付。那麼對此有什麼看法嗎？

And then second, just to confirm specifically on the hedging, clearly, with the plants coming back on in Brazil now, just to confirm, it's still your thinking that these were one-off type of hedging events. There's no intention to roll any hedges further into 2025 onwards at these gold prices.

第二，只是為了具體確認對沖，顯然，隨著巴西的工廠現在重新開工，只是為了確認，您仍然認為這些是一次性類型的對沖事件。在目前的金價水準下，我們無意將任何對沖措施進一步滾動到 2025 年。

I'll probably take that, Gillian, if you -- and you can complement me. Starting for the -- probably by the second one, the hedges, it was -- it's the exception to the rule that we don't hedge. Last year after we -- especially after losing $100-and-something million in the first half in free cash flow, we wanted to ensure that we would give certainty to the operations of a price -- and it was with a collar that would -- and at that price, they had to be cash neutral.

吉莉安，如果你能補充我的話，我可能會接受。從——可能是從第二個開始，對沖，它是——這是我們不進行對沖這一規則的例外。去年，特別是在上半年自由現金流損失了 100 多百萬美元之後，我們希望確保我們能夠為價格的運作提供確定性，並且它帶有一個項圈，可以 - - 按照這個價格，他們必須保持現金中立。

And that was sort of the mandate. I think it was the right decision then, it would have been difficult, we believe, if the prices have kept at that level where they were when we took the hedge to have another year of negative sort of cash flow. So I think we -- it was the right decision then. But yeah, it was the exception. So we don't plan to renew them. We don't plan to extend them. And right now, we don't see any necessity for cash for any hedging.

這就是任務授權。我認為這是正確的決定，我們相信，如果價格保持在我們採取對沖以實現又一年的負現金流時的水平，那將會很困難。所以我認為我們當時的決定是正確的。但是，是的，這是例外。所以我們不打算更新它們。我們不打算延長它們。目前，我們認為沒有必要使用現金進行任何對沖。

So in dividend, what I wanted to take that is, look, the policy hasn't changed. The policy is a minimum of 20%, but obviously, we can go higher. And so right now, the only thing that we are signaling at this stage is that we're confident that we're going to have, again, without anything unusual, a significant year. And hence, will -- most probably will be above the 20% dividend for the full year.

所以在股利方面，我想採取的是，看，政策沒有改變。該政策最低為 20%，但顯然，我們可以更高。因此，現在，我們在這個階段發出的唯一信號是，我們有信心，我們將再次度過一個沒有任何異常情況的重要一年。因此，全年股息很可能會高於 20%。

So at this stage, I don't want to -- we will probably be at a very low end of gearing, maybe [0.3, 0.4] around the year. So yeah, we'll cross that bridge when we get there. But there's no intention right now to change any policy or anything of that sort. We'll probably keep dealing it with dividends.

因此，在現階段，我不想－我們的負債比率可能會處於非常低的水平，可能在一年內為[0.3, 0.4]。所以，是的，當我們到達那裡時，我們會穿過那座橋。但目前無意改變任何政策或類似的事情。我們可能會繼續用股息來處理它。

Raj Ray, BMO Capital Markets.

Raj Ray，BMO 資本市場。

My first question is your -- is on your operational outlook for the second half. Q2, we saw production improve across most of your asset bases. If you look at the second half, which assets do you think there's potential risk outside of Obuasi?

我的第一個問題是關於下半年的營運前景。第二季度，我們看到大部分資產基礎的產量有所改善。如果你看看下半年，你認為奧布阿西以外哪些資產有潛在風險？

And then coming to Obuasi, the second half, even if you do like the lower end, 275, that's still almost a 50% to 60% improvement you need or what you did in the first half of the year per quarter. Can you comment on how -- where you stand at this point in August with respect to be able to -- with respect to development rates and your ability to meet that production?

然後來到奧布阿西，下半年，即使你確實喜歡低端，275，這仍然是你需要的或你在上半年每個季度所做的幾乎 50% 到 60% 的改進。您能否評論一下您在八月的這個時候在開發速度和滿足產量方面的能力？

And then lastly, a question for Gillian. On the working capital movement for the first half of the year, can you comment on that? And how much of that would you expect to unwind in the second half?

最後，問阿嬌一個問題。關於上半年營運資金變動狀況，你能否評論一下？您預計下半年會放鬆多少？

Look, all operations are an interesting sort of beast because they have an inertia on the positive side and on the negative side. And right now, we have a positive inertia, I think, of all of our operations, in Siguiri, in Sunrise, in Tropicana, we've recovered Brazil, CVSA is doing well. And then there's a positive momentum in all the others. So that sort of underpins the confidence of why we think we are guiding towards sort of the middle of the range in terms of production.

看，所有的操作都是一種有趣的野獸，因為它們在積極的一面和消極的一面都有慣性。現在，我認為我們所有的業務都有積極的慣性，在西吉里、日出、熱帶花園，我們已經恢復了巴西，CVSA 做得很好。然後所有其他方面都有積極的勢頭。因此，這在某種程度上支撐了我們為什麼認為我們在生產方面正在走向中間範圍的信心。

Now Obuasi, I mentioned we did annualize 300,000 in June, and we're going to surpass that in August. We sort of know where it is. And we know it's the grade. I talked about a grade of about 7.9 in June, while the average grade for the first half was 5.6. So that's where we do see a significant uplift in production in the second half.

現在，奧布阿西，我提到我們在 6 月的年化收入達到了 30 萬，而且我們將在 8 月超過這個數字。我們大概知道它在哪裡。我們知道這是等級。我說6月的成績是7.9左右，而上半年的平均成績是5.6。因此，我們確實看到下半年產量顯著上升。

If it gets to exactly 270 or 260 or if it's 160 or 170, again, nobody knows. Is it going to -- are we seeing already the levels in June and August are required to sort of reach that low end of the guidance, we are seeing them.

如果它恰好達到 270 或 260，或者是 160 或 170，同樣沒有人知道。我們是否已經看到六月和八月的水平需要達到指導的低端，我們正在看到它們。

As I probably said before, the most important thing for the future is that level of 100,000 and maybe eventually, it's going to be 110,000 and then 120,000 tonnes of ore per month when we have all of the infrastructure going. And that level, if you look at the average grades of Block 10 and then Block 11 is what really -- yeah, that's when you start getting much, much higher ounces per month.

正如我之前可能說過的，未來最重要的是 10 萬噸礦石，也許最終，當我們所有的基礎設施都投入使用時，每月礦石產量將達到 11 萬噸，然後是 12 萬噸。如果你看看 Block 10 和 Block 11 的平均等級，那麼這個水平才是真正的——是的，那就是你每個月開始獲得高得多的盎司的時候。

But for the volatility in the short run, the answer is we do expect significantly better in the second half. We will see exactly where we end up, but already it's showing good signs.

但對於短期的波動，答案是我們確實預期下半年會明顯改善。我們將確切地看到我們的最終結果，但它已經顯示出良好的跡象。

So thanks, Raj, for your question. I think on working capital, we're not anticipating an unwind. We -- what we did in the first half was reduced inventory. So gold didn't have -- basically no gold on the ground and in process material. We also had a reduction in receivables because we didn't have the sort of concentrate debtor that we did have at the first half of last year out of Brazil as you'll probably recall. So we anticipate maintaining that discipline around inventory and debtors.

謝謝拉傑的提問。我認為就營運資金而言，我們預計不會放鬆。我們上半年所做的就是減少庫存。因此，黃金在地面和加工材料中基本上沒有黃金。我們的應收帳款也有所減少，因為我們沒有去年上半年來自巴西的集中債務人，正如您可能還記得的那樣。因此，我們預計將維持有關庫存和債務人的紀律。

On the AP side, we do see further opportunity. We had an reduction in payables in the first half, and we're working with our supply chain lead and our treasury team to just optimize that payables book. So a long way of saying, we want to stay stable, albeit Alberto wants to optimize further as well. But definitely no unwind for the second half.

在美聯社方面，我們確實看到了更多的機會。上半年我們的應付帳款有所減少，我們正在與我們的供應鏈主管和財務團隊合作，以優化應付帳款帳簿。總而言之，我們希望保持穩定，儘管阿爾貝託也希望進一步優化。但下半場肯定不會放鬆。

Okay, Gillian, and then can you -- I didn't see the number on the cash flow statement. What was the working capital movement for the first half?

好吧，吉莉安，那麼你可以嗎——我沒有看到現金流量表上的數字。上半年營運資金變動情況如何？

So the movement year-on-year was a positive $46 million on the free cash flow reconciliation. Actual movement was $160 million of change in working capital year-on-year, which was better than the prior year.

因此，自由現金流調節年變動為 4,600 萬美元。營運資金實際變動年減1.6億美元，優於前一年。

Okay.

好的。

I still think it could be a bit better, but okay.

我仍然認為它可能會更好一點，但好吧。

Adrian Day, Adrian Day Asset Management.

阿德里安·戴 (Adrian Day)，阿德里安·戴資產管理公司。

I wanted to ask, if I may, about the Nevada. You said that most of the drilling you've done recently has been infill drilling. But when I look at the map, there seems to be quite a lot of drilling to the west of silicon, which you mentioned on your last conference call, but you didn't talk about it today. Is there anything significant there?

如果可以的話，我想問一下內華達號的情況。您說您最近所做的大部分鑽孔都是加密鑽孔。但當我看地圖時，矽以西似乎有相當多的鑽探，你在上次電話會議上提到過，但今天沒有談論它。那裡有什麼重要的事情嗎？

That I'm probably going to ask for -- help on Terry, I don't know, or Marcelo.

我可能會要求——幫助特里，我不知道，或者馬塞洛。

All the -- I mean, we're not infill drilling silicon. Our focus is on the higher-grade portion you see outlined on that map, that map shows the Merlin long section, which is the focus of our PFS.

所有這些——我的意思是，我們不是在矽上填充鑽孔。我們的重點是您在該地圖上看到的較高等級部分，該地圖顯示了 Merlin 長部分，這是我們 PFS 的重點。

Right. I'm sorry. I meant Merlin, but there's a lot of drilling to the west of Merlin, but you'd mentioned on your last conference call, is that what you're meaning by the infill drilling?

正確的。對不起。我指的是梅林，但梅林以西有很多鑽探，但您在上次電話會議上提到，這就是您所說的加密鑽探嗎？

Infill drilling is within the Merlin pit outline in red on that plant view map on slide 13. All the drilling has been within that pit area.

加密鑽探位於投影片 13 工廠視圖地圖上紅色的 Merlin 礦坑輪廓內。所有鑽孔都在該坑區域內進行。

Okay. But there seems a lot of drill holes to the west of the pit of Merlin.

好的。但梅林坑的西邊似乎有很多鑽孔。

Yeah. I mean if you're looking like a green dots on the map, yeah, some of that is earlier drilling or geotechnical drilling for high wall stability. But as I said, most focus has been on infilling the mineral resource.

是的。我的意思是，如果您看起來像地圖上的綠點，是的，其中一些是早期鑽孔或岩土鑽孔，以提高牆壁穩定性。但正如我所說，最關注的是礦產資源的填充。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Great. Just wanted to follow up with you on the guidance, which you said production is going to be at the midpoint of the guidance range. What about costs? Previously, they were trending towards the lower end of the guidance range. Is that still the case because we've got the tailwinds from FX as well?

偉大的。只是想跟進您的指導，您說產量將處於指導範圍的中點。成本呢？此前，它們趨向於指導範圍的下限。情況仍然如此嗎，因為我們也受到了外匯的推動？

Thanks, Tanya. Yeah, they are. I think that I saw something in -- probably in Gillian's script, but it's not the midpoint. We're going towards the lowest end. There is some technical changes in -- that we are now going to be reporting attributable. So 100% of Siguiri and 100% of the others.

謝謝，塔妮亞。是的，他們是。我想我在——可能是在吉莉安的劇本中看到了一些東西，但這不是中間點。我們正在走向最低端。我們現在將報告可歸因的一些技術變化。所以 Siguiri 是 100%，其他人也是 100%。

And so that has -- will increase a bit, but we're still much closer. So the low end of the guidance is $1,075. And I think we will be going, yeah, maybe $20, $25 higher than that. So that's the lowest end in my mind. And this is after the change that we've done in attributable. Without that change, we would be just --

因此，這一數字將會增加，但我們仍然更接近。因此，指導值的下限為 1,075 美元。我認為我們會比這個高出 20 至 25 美元。所以這是我心目中的最低點。這是我們對歸因進行更改之後的結果。如果沒有這種改變，我們就只是--

Okay. So it's volume as well. Okay. Got it.

好的。所以它也是體積。好的。知道了。

Yeah.

是的。

And then just -- and again, keeping in mind that any further asset potential progress you're making, we're just thinking of that as just offsetting inflation.

然後，再次記住，您正在取得的任何進一步的資產潛在進展，我們只是將其視為抵消通貨膨脹。

I don't know, Tanya. I think at least inflation would be my thing. But if I look at Sunrise again and if we can -- actually right now is -- we have a target that is a bit more than 100. But if that were the case, yeah, that would probably even more than offset inflation.

我不知道，塔妮亞。我認為至少通貨膨脹是我的事。但如果我再看看 Sunrise，如果我們可以的話——實際上現在就是——我們的目標是 100 多一點。但如果是這樣的話，是的，這甚至可能超過抵消通貨膨脹。

So I don't know. I don't -- you know I've been very hesitant on giving up targets. I have preferred to just show what we delivered. So I would probably put it at a minimum and hopefully going more than offsetting.

所以我不知道。我不——你知道我對於放棄目標一直非常猶豫。我更願意只展示我們交付的內容。所以我可能會把它放在最低限度，並希望不僅僅是抵消。

Offsetting. Okay. And then just a couple of housekeeping items. I just saw -- just wanted to know where we stand on Ghana, that joint venture. Is that happening anytime soon or where are we on that? And I also noticed you mentioned Quebradona. I haven't heard about this asset for a while. So what's changed there as well? And then I have a final one for Gillian on US GAAP.

抵消。好的。然後只是一些家務用品。我剛剛看到——只是想知道我們在加納的合資企業中處於什麼位置。這種情況會很快發生嗎？我還注意到你提到了克布拉多納。我有一段時間沒聽說過這個資產了。那麼那裡也發生了什麼變化呢？然後我為吉莉安準備了最後一篇關於美國公認會計準則的文章。

Okay. So look, the JV, I would probably say that I am more optimistic than I would have been in the last quarter. We're very -- keep very aligned with Gold Fields. And I think we've made very good progress with the government. But there's still somewhere sometime and some processes to go. We're still in the middle of negotiations. So I wouldn't want to comment on any detail.

好的。所以看，合資企業，我可能會說我比上個季度更樂觀。我們與 Gold Fields 非常保持一致。我認為我們與政府的合作取得了非常好的進展。但仍有一些時間和一些過程需要進行。我們仍處於談判之中。所以我不想評論任何細節。

But just if you time out that -- sort of I would be more positive that this will eventually happen. And we should, for the next quarter, I think we should have more news. But I think that, yeah, I would say it's a much, much more positive outlook that the JV will happen than I would have been three months ago.

但如果你超時了——我會更肯定這最終會發生。我認為下個季度我們應該有更多消息。但我認為，是的，我想說，與三個月前相比，合資企業的前景要樂觀得多。

Quebradona, we just continue to make progress on an optimized feasibility study, and I'm measuring water and all of that. So -- but as we point out, it's a long-term sort of option. Currently, with, I would say, this government in place, is probably not the friendliest of oil or coal or any type of mining. So we would expect to continue sort of negotiations, renew them in about two years. But this is for the license, but we continue to make progress on the -- as I said, on the optimal feasibility study and all of that. And it is a very good project. But as we put out in the presentation, it's a much more long-term option.

克布拉多納，我們只是繼續在優化可行性研究方面取得進展，我正在測量水和所有這些。所以——但正如我們所指出的，這是一種長期的選擇。我想說，目前這個政府可能不是對石油、煤炭或任何類型的採礦業最友善的。因此，我們預計將繼續進行某種談判，並在大約兩年內續約。但這是為了獲得許可，但正如我所說，我們在最佳可行性研究等方面繼續取得進展。這是一個非常好的項目。但正如我們在演示中指出的那樣，這是一個更長期的選擇。

Okay. And then maybe for you, Gillian, just on the US GAAP. Am I still thinking we're still 12 months to 18 months out on adopting US GAAP?

好的。然後也許對你來說，吉莉安，只是關於美國公認會計準則。我是否仍然認為我們距離採用美國公認會計準則還有 12 到 18 個月的時間？

Thanks, Tanya. So I think first, we probably would say that we are now set up to report our full financials quarterly under IFRS from now. So Q3 will be the same level of disclosure as you can see here in Q2 and then ongoing.

謝謝，塔妮亞。因此，我認為首先，我們可能會說，從現在開始，我們將按照《國際財務報告準則》每季報告完整的財務狀況。因此，第三季的揭露水準將與您在第二季看到的相同，然後繼續進行。

We have reconfirmed our domestic filer status under the SEC rules this -- in June. And so that means that next test will be June 30, 2025. Our plan is to go live with US GAAP from January 1, 2026. If we were in a position where we -- our foreign filer status next June, we would adopt to that. But for now, you can consider January 1, 2026 for US GAAP.

今年 6 月，我們根據 SEC 規則再次確認了我們的國內申報人身分。這意味著下一次測試將於 2025 年 6 月 30 日進行。我們的計劃是從 2026 年 1 月 1 日起採用美國公認會計準則。如果明年六月我們處於外國申報者身份，我們就會接受這一點。但目前，您可以考慮採用 2026 年 1 月 1 日的美國公認會計原則 (US GAAP)。

I think maybe just to -- just kind of advance in that, we, as AngloGold Ashanti, some people will know reported under US GAAP 13 years ago. And so the exercise of re-reporting under US GAAP requires the sort of reconciliation of the balance sheet from that 13 years ago to today. So big piece of work that the team is very actively working on now, but sort of no small work for the finance team anyway.

我想也許只是為了——只是在這方面取得了某種進步，我們，作為 AngloGold Ashanti，有些人會知道 13 年前是根據美國公認會計原則進行報告的。因此，根據美國公認會計原則進行重新報告需要對 13 年前至今的資產負債表進行某種程度的調節。這是一項艱鉅的工作，團隊現在正在非常積極地開展工作，但無論如何，對於財務團隊來說，這都是不小的工作。

Leroy Mnguni.

勒羅伊·姆古尼.

Alberto, I just wanted to follow up on a few comments you made when you spoke about the quarterly results in May. The first one, I remember you had said for CdS, there was a potential buyer that was interested that you thought was a responsible operator and a good candidate. Does anything come from that? And then Serra Grande, it's sort of -- you're hinting towards it not really having a future in your portfolio. But I guess, in a higher gold price environment, your views on that asset changed at all?

Alberto，我只是想跟進您在談到五月季度業績時發表的一些評論。第一個，我記得你曾說過，對於 CdS，有一個潛在買家對此感興趣，你認為他是一個負責任的運營商和一個好的候選人。有什麼由此而來嗎？然後 Serra Grande，你在暗示它在你的投資組合中並沒有真正的未來。但我想，在金價上漲的環境下，您對該資產的看法發生了根本改變嗎？

Thanks, Leroy. In CdS, we continue to talk with this interested party. So that is continuing. And on Serra Grande, look, the world changes when you have a cash producing asset. So I just think that the team has done a fabulous job in focusing on the things that matter. If you look at the biggest -- there's two things that changed significantly in Serra Grande, which is the grade and the cost. So that's what makes it a positive free cash flow operation in the first half.

謝謝，勒羅伊。在 CdS 方面，我們繼續與相關方進行對話。所以這還在繼續。在塞拉格蘭德，你看，當你擁有可產生現金的資產時，世界就會改變。所以我認為團隊在專注於重要的事情方面做得非常出色。如果你看一下最大的變化——塞拉格蘭德有兩件事發生了顯著變化，那就是品味和成本。這就是上半年自由現金流為正的原因。

But yeah, it's -- that produces two things, which is there's no burning platform to sell it, but it is of a scale that is probably the [Jack Welch], where probably will be worth more with somebody else than with us. So there's nothing active on selling, but if we get a reasonable sort of buyer, and it's going to be much easier now.

但是，是的，它產生了兩件事，一是沒有燃燒的平台來出售它，但它的規模可能是[傑克·韋爾奇]，與其他人一起可能比與我們更有價值。因此，目前沒有任何積極的銷售活動，但如果我們找到一個合理的買家，現在會容易得多。

Now there are some things that we are in both assets. We are still working a lot on making sure that we don't leave any significant license to operate environmental issues, in particular, on TSFs, like outstanding and in particular, the de-characterization of some of these dams.

現在我們在這兩種資產中都有一些東西。我們仍在做很多工作，以確保我們不會留下任何重要的許可證來處理環境問題，特別是在 TSF 上，例如突出的，特別是其中一些水壩的去特徵化。

So we want to make sure we finish it ourselves, and then we don't leave any significant liability in the year, if I may say so. So that probably would delay things. But -- so in a nutshell, we're happy with it right now. There's no burning issue. It's giving cash. The team is doing a great job. If there were a reasonable ask, yeah, we would contemplate.

因此，我們希望確保我們自己完成它，然後我們不會在這一年留下任何重大責任，如果我可以這麼說的話。所以這可能會拖延事情。但是 - 簡而言之，我們現在對此感到滿意。不存在著火的問題。就是給現金。該團隊做得很好。如果有一個合理的要求，是的，我們會考慮。

Thanks, Leroy. Alberto, we've got some questions from the webcast now, just a rapid-fire round. We've covered a lot of them in the other answers. But if I might just start by saying, given the elevated -- this is from Martin Creamer at MiningWeekly. He says, given the elevated performance, how far do you estimate AngloGold Ashanti may be from catching up with the valuations of its North American peers?

謝謝，勒羅伊。阿爾貝托，我們現在從網路廣播中收到了一些問題，只是快速提問。我們在其他答案中已經介紹了其中的許多內容。但如果我可以先說，考慮到提升——這是來自《礦業周刊》的馬丁·克里默(Martin Creamer)。他表示，鑑於業績的提升，您估計 AngloGold Ashanti 的估值距離趕上北美同業的估值還有多遠？

Look, we -- we always knew -- just because of precedent, what happened in particular for Anglo American, for example, and others built on, I mean, it's getting its time and all of that. It takes time for a re-rating, two years or three years.

聽著，我們——我們一直都知道——只是因為有先例，例如英美資源集團和其他公司所發生的事情，我的意思是，它正在得到時機等等。重新評級需要時間，兩年或三年。

And the reason for that is that you need to -- obviously, the rerating comes from accessing and a -- let's say, a good percentage of the gold capital that we today are underrepresented. And so that will take some time.

原因是你需要——顯然，重新評級來自於獲取——比方說，我們今天代表性不足的黃金資本的很大一部分。這需要一些時間。

But I am happy by the following. If you look at things, I don't usually talk about the share price because it is so volatile. But if you look at our performance in the last three years, it's probably with Gold Fields have been the -- by far, the best performances. So I think we're already beginning to catch that valuation with our peers. And obviously, so our performance in share price versus our large competitors has been significantly higher.

但我對以下內容感到高興。如果你看一下事情，我通常不會談論股價，因為它的波動性很大。但如果你看看我們過去三年的表現，金田可能是迄今為止最好的表現。因此，我認為我們已經開始了解同行的估值。顯然，與我們的大型競爭對手相比，我們的股價表現要高得多。

So -- but there is still a gap to close in indicators like EV to EBITDA, and I think it will take some time. I'd probably finalize by saying the interest in the company from the American, from the US and the Canadian market is significant. And we're very busy. Again, Gillian, Stewart and I and all of the experts, but mainly us three, are very busy in after results and in all of these meetings of Denver Gold Forum, et cetera, et cetera. So the interest is there.

所以，但 EV 與 EBITDA 等指標仍有差距，我認為這需要一些時間。最後我可能會說，美國、美國和加拿大市場對這家公司的興趣很大。我們很忙。再說一次，吉莉安、史都華和我以及所有專家，但主要是我們三個，都非常忙碌於結果之後以及丹佛黃金論壇的所有這些會議，等等。所以興趣就在那裡。

Right, Alberto, just a quick follow-on from Martin. He says, AngloGold has clearly declared war on inflation. What do you find most effective in lowering costs and are you still confident you can do more?

是的，阿爾貝托，馬丁的快速跟進。他表示，AngloGold已明確向通膨宣戰。您認為什麼對於降低成本最有效，而且您仍然有信心可以做得更多嗎？

Look, one area where we are starting now to do probably more is on supply, and that's now an important part of full asset potential. We already started it with -- we're very happy with a very, I think, win-win negotiation we did with explosives, where we now have a global -- mainly eventually, we'll have a global explosives company in a long-term contract. And so that win-win allows you to -- for much more transparent pricing.

看，我們現在開始做更多事情的一個領域可能是供應，而這現在是全部資產潛力的重要組成部分。我們已經開始了——我認為，我們對爆炸物方面進行的雙贏談判感到非常滿意，現在我們擁有一個全球性的——主要是最終，我們將在很長一段時間內擁有一家全球爆炸物公司-定期合約。因此，雙贏可以讓您獲得更透明的定價。

And what was very good with that contract is we were able to get back to the prices of 2021. If you remember 2022, 2023 with inflation, ammonia went dramatically up, fuel went dramatically up. But one of the problems with these type of mining services, if you don't -- are careful, they never go down, and they should go down because ammonia went down and oil went down, et cetera.

這份合約的好處是我們能夠恢復到 2021 年的價格。如果你還記得 2022 年、2023 年通貨膨脹，氨價格急劇上漲，燃料價格急遽上漲。但這類採礦服務的問題之一是，如果你不小心的話，它們永遠不會下降，而且它們應該下降，因為氨下降，石油下降，等等。

And so that's -- so we have -- we're going to work on the big -- on supply, and we think we still have a way to go there. But probably, I will add to Martin's question. A lot of us is not by lowering the numerator, but the denominator, and that is doing more ounces with the same costs. And that's how we have been able to lower in real terms, the cash cost per ounce.

因此，我們將在供應方面開展大工作，我們認為我們還有很長的路要走。但也許，我會補充馬丁的問題。我們很多人不是透過降低分子，而是透過降低分母，也就是以相同的成本生產更多的盎司。這就是我們能夠降低每盎司實際現金成本的原因。

Alberto, just a couple more. [Sandile Magagula and Tom Bavel] says, does the free cash flow figure of $202 million (sic - see earnings release Slide 8, "$206 million") include Kibali proceeds, loans and dividends? That's the first one. And the second, is the Brazil performance sustainable into H2? What has been the run rate in the opening months of H2?

阿爾貝托，還有幾個。 [Sandile Magagula 和 Tom Bavel] 說，2.02 億美元的自由現金流數字（原文如此 - 參見收益發布幻燈片 8，「2.06 億美元」）是否包括 Kibali 收益、貸款和股息？這是第一個。第二，巴西下半年的表現是否可持續？下半年前幾個月的運行率是多少？

So on the first one, yeah, the free cash flow does include Kibali proceeds, loans and dividends.

所以在第一個方面，是的，自由現金流確實包括 Kibali 收益、貸款和股息。

Yeah. And then Brazil, it is sustainable. As you can see, we're seeing it right now as we start the third quarter. It is -- it's just the new team is doing a much better job. So that inertia that I spoke about is continuing into the second half.

是的。然後是巴西，它是可持續的。正如您所看到的，我們在第三季開始時就看到了這一點。是的——只是新團隊做得更好了。因此，我所說的這種慣性一直持續到下半場。

Good. And then --

好的。進而--

Positive movement.

積極的運動。

Thanks. So pardon me, Alberto. Herbert Kharivhe from Absa. Herbert, your tax charge question asked and answered. Catherine, your Obuasi guidance question, I think, asked and answered as well. So I think with that, Alberto, we're out of time. So maybe just a concluding remark and we can wrap.

謝謝。所以請原諒我，阿爾貝托。來自 Absa 的 Herbert Kharivhe。赫伯特，您提出並回答了您的納稅問題。凱瑟琳，我認為您也提出並回答了奧布阿西指導問題。所以我認為，阿爾貝托，我們已經沒有時間了。也許只是一個結束語，我們就可以結束了。

Look, we just need to continue to do what we're doing. There's a whole company, I just always want to remind, there's just 30,000 people who do this. And there is a good organization. There are good processes, good procedures in place, good operating model in place. People are empowered at the assets. We have very good operators from GMs, SVPs, VPs across the company, and everybody sort of knows what to do.

聽著，我們只需要繼續做我們正在做的事情。我總是想提醒大家，整個公司只有 3 萬人做這件事。並且有一個良好的組織。有良好的流程、良好的程序、良好的營運模式。人們透過資產獲得權力。我們公司有非常優秀的操作員，包括總經理、資深副總裁、副總裁，每個人都知道該做什麼。

And so we are confident, again, we're -- barring anything that we don't know today that, that momentum that we especially see in the second quarter will continue into Q3 and Q4. And that's it. It's just keep doing what we're doing.

因此，我們再次有信心，除非我們今天不知道任何事情，否則我們在第二季特別看到的勢頭將持續到第三季和第四季。就是這樣。只是繼續做我們正在做的事情。

Thanks, Alberto.

謝謝，阿爾貝托。

Thank you. Okay.

謝謝。好的。

Thanks, Alberto.

謝謝，阿爾貝托。

Good. Thank you, all. Cheers. Bye. Thank you.

好的。謝謝大家。乾杯。再見。謝謝。

Thank you very much, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

非常感謝您，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。