Barrick Mining Corp (B) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the event operator. Welcome to Barrick's Results presentation for the fourth quarter of 2024.

女士們、先生們，感謝你們的支持。這是事件操作符。歡迎參加巴里克 2024 年第四季的業績報告。

(Operator Instructions)

（操作員指令）

As a reminder, this event is being recorded and a replay will be available on Barrick's website, (technical difficulty) February 12, 2025.

提醒一下，該事件正在錄製中，重播將於 2025 年 2 月 12 日（技術困難）在 Barrick 的網站上提供。

I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead, sir.

現在我想把電話交給巴里克總裁兼執行長馬克·布里斯托。先生，請繼續。

Thank you very much and very good afternoon to everyone here today and for those that are on the call, thank you for joining us today.

非常感謝大家，大家下午好！

As you know, at Barrick, we are focused on delivering sustainable long-term value by owning the best gold and copper assets managed by the best people. Every quarter, we're getting closer to achieving our goal.

眾所周知，在巴里克，我們專注於透過擁有由最優秀的人才管理的最佳黃金和銅資產來實現可持續的長期價值。每個季度，我們都離實現目標越來越近。

With gold becoming more important as a safe haven in a geopolitically uncertain world, and copper being as strategic as gold is precious, I plan to show you how we are adding value and building capacity in both metals, without taking an excessive amount of debt on or issuing new shares.

在這個地緣政治不確定的世界中，黃金作為避風港的重要性日益增加，而銅也像黃金一樣具有戰略意義，十分珍貴，我計劃向你們展示我們如何在不承擔過多債務或發行新股的情況下，增加這兩種金屬的價值並建立產能。

Needless to say, it's an exciting time to be a gold and copper miner with more upside in the commodity price in my opinion anyway. It's been a transformative year for Barrick, one where we have invested heavily in our people and our assets, and we feel that we've reached a pivotable point that will add impetus to our strong growth trajectory.

毋庸置疑，對於一家黃金和銅礦開採商來說這是一個令人興奮的時刻，無論如何，我認為商品價格還有更多的上漲空間。對巴里克來說，這是轉型的一年，我們對員工和資產投入了大量資金，我們覺得我們已經到達了一個轉折點，這將為我們的強勁成長軌跡增添動力。

Above all is our unwavering commitment to sustainability, enabling our vision, not only to be the best gold and copper producer in the world but also one that people will want to own. This is our customary cautionary notice regarding forward-looking statements, which you can read at your leisure on our website.

最重要的是我們堅定不移地致力於永續發展，這讓我們不僅成為世界上最好的黃金和銅生產商，而且成為人們想要擁有的企業。這是我們關於前瞻性陳述的常規警告，您可以在我們的網站上隨時閱讀。

So moving to our group highlights. It's great to see all the arrows, once again, pointing in the right direction. We saw EBITDA increase 30%, and EBITDA margins grow both quarter on quarter, and for the year. Also thanks to a strong performance in the last quarter, as we pointed out and discussed when we last met.

現在讓我們來看看我們小組的亮點。很高興看到所有箭頭再次指向正確的方向。我們看到 EBITDA 成長了 30%，且 EBITDA 利潤率較上季和全年均有所成長。正如我們上次開會時指出和討論的那樣，這也要感謝上個季度的強勁表現。

We met our 2024 guidance. Adjusted net earnings per share grew 50% year on year to $1.26. The quarterly dividend was maintained at $0.10 per share, and we repurchased an additional $354 million of our own shares in quarter four, taking the total for the year to almost $500 million.

我們實現了2024年的目標。調整後每股淨收益年增50%至1.26美元。季度股息維持在每股 0.10 美元，我們在第四季度額外回購了 3.54 億美元的自有股票，使全年總額達到近 5 億美元。

We also continued our exceptional track record in reserve replacement for both gold and copper, adding substantial new reserves from Lumwana and Reko Diq. That's 12, in addition to the replacement, 12.7 million ounces of gold, and 13 million tons of copper of reserves from those two projects, which just to put it in perspective, is on a gold equivalent basis equal to 73 million ounces of gold.

我們也延續了在黃金和銅儲量替代方面的卓越業績，在盧姆瓦納和雷科迪克增加了大量新儲量。也就是說，除了替換之外，這兩個項目還有 1,270 萬盎司黃金和 1,300 萬噸銅儲量，以黃金當量計算，相當於 7,300 萬盎司黃金。

Quarter and quarter, gold production from our mines increased 15% and with a 3% reduction in cost of sales and 5% decrease in total cash costs, driven by a focus on cost efficiencies. Nevada played a key role in this performance, with a significant throughput and production boost as it delivered on guidance.

由於注重成本效率，我們礦場的黃金產量每季都成長了 15%，銷售成本降低了 3%，總現金成本降低了 5%。內華達州在這一業績中發揮了關鍵作用，其產量和產量按照預期大幅提升。

On the copper side, Lumwana posted a quarterly production record. And on group attributable basis, we achieved production guidance for both copper and gold.

在銅方面，盧姆瓦納 (Lumwana) 公佈了季度產量記錄。在集團歸屬基礎上，我們實現了銅和金的產量指引。

Turning to the financial results, some of which I've already touched on. We achieved the highest net earnings in a decade. Operating cash flow for the quarter was up 18% to $1.4 billion, taking the total for the year to $4.5 billion, the highest we've achieved since 2020.

談到財務結果，其中一些我已經提到過。我們實現了十年來最高的淨利潤。本季營運現金流成長 18% 至 14 億美元，全年總額達到 45 億美元，這是我們自 2020 年以來取得的最高水準。

This strong performance led to a 104% increase in full year free cash flow to $1.3 billion for 2024. Strong cash flow supported $500 million of share buybacks on top of $700 million in dividends, which kept net debt in line at just over $650 million.

強勁的表現使得 2024 年全年自由現金流增加 104%，達到 13 億美元。強勁的現金流支持了 5 億美元的股票回購和 7 億美元的股息，從而使淨債務保持在 6.5 億美元左右。

Safety and our Journey to Zero remain our top priority. Unfortunately, as we have already reported, we had three fatalities in 2024, which is unacceptable. We, however, ended the quarter with significant improvement on the lagging indicators, when compared to the same period last year, or the previous year.

安全和零排放之旅仍然是我們的首要任務。不幸的是，正如我們已經報導的那樣，2024 年有三人死亡，這是不可接受的。然而，與去年同期或前一年相比，我們在本季結束時落後指標有了顯著改善。

What was particularly encouraging was the increase in critical control verifications conducted at the sites as well as the number of actions closed out of the high potential incidents both of which represented our focus on leading indicators too.

尤其令人鼓舞的是，在現場進行的關鍵控制驗證的數量以及針對高潛在事故採取的行動數量有所增加，這兩項也代表了我們對領先指標的關注。

This improved performance meant that we achieved our improvement goals for the group. Additionally, there was no Class 1 environmental incidents, and we again achieved an industry-leading water use efficiency rate of 85%.

業績的提升意味著我們實現了集團的改進目標。公司未發生一級環境事故，用水效率達85%，持續維持業界領先。

We continued to integrate our holistic mine closure strategy across the group, and drive long-term value creation. Most notably, we exceeded our group concurrent rehabilitation target for the second consecutive year, and put seven of our old tailings storage facilities into safe closure. And we are targeting a further five this year.

我們持續在整個集團內整合整體礦場關閉策略，推動長期價值創造。最值得注意的是，我們連續第二年超額完成了集團同步修復目標，並安全關閉了七個舊尾礦儲存設施。今年我們的目標是再增加 5 個。

As usual, we'll start our operational review with North America, which, to remind you, accounts for 47% of our total attributable gold production and is Barrick's value foundation. The new leadership team has settled in well, focusing on the key metrics we identified for improvement in Nevada, including efficiencies, agility, profitability, and growth.

像往常一樣，我們將從北美開始我們的營運審查，提醒您，北美占我們總黃金產量的 47%，並且是巴里克的價值基礎。新的領導團隊已經順利安頓下來，專注於我們確定的內華達州改進的關鍵指標，包括效率、敏捷性、獲利能力和成長。

For this, we've identified several growth opportunities, including both brownfields and the new Fourmile project, which we'll discuss further later.

為此，我們確定了幾個成長機會，包括棕地和新的 Fourmile 項目，我們稍後將進一步討論。

Moving to the summary of the results, the numbers speak for themselves. As we anticipated, we saw an improvement in production and costs, driven by a strong quarter four performance across the complex, and particularly from our three Tier 1 assets.

回顧結果總結，數字說明了一切。正如我們預期的那樣，我們看到產量和成本有所改善，這得益於整個綜合體第四季度的強勁表現，特別是我們的三個一級資產。

This, along with the high gold prices, supported a solid set of financial results for both the quarter and the year. And as mentioned, Fourmile is one of the most exciting new gold opportunities. The team has done excellent work to move that project to prefeasibility study.

這一因素加上高企的金價共同支撐了該公司本季和全年穩健的財務表現。正如前面提到的，Fourmile 是最令人興奮的新黃金機會之一。該團隊已完成出色的工作，使專案進入了預可行性研究階段。

We are allocating $78 million for the 2025 year to begin the prefeasibility study work, which we expect will take about three years to complete. In terms of mineral resources, there has been a significant improvement in the 2024 economic assessment, as we highlighted at our November Capital Markets Day.

我們將為 2025 年撥款 7,800 萬美元，開始預可行性研究工作，預計這項工作將需要大約三年時間完成。就礦產資源而言，正如我們在 11 月資本市場日所強調的那樣，2024 年的經濟評估有了顯著改善。

This project is essentially an extension of Goldrush, with much larger ore bodies, and nearly double the grade, making it a highly promising opportunity. And we will continue to share updates on this project as we move forward with the prefeasibility study throughout the year.

該項目本質上是 Goldrush 的延伸，礦體更大，品位幾乎翻了一番，是一個非常有前景的機會。隨著全年預可行性研究的推進，我們將繼續分享此專案的最新消息。

In addition to Fourmile, we are continuing to expand our significant brownfields portfolio in Nevada. At Carlin, the Greater Leeville area, holds substantial potential for further discovery and depletion replacement while at Cortez, we have the Hanson extension within the Cortez Hills underground mine which remains open in all directions.

除了 Fourmile，我們還在繼續擴大我們在內華達州的重要棕地投資組合。在卡林 (Carlin)，大利維爾 (Greater Leeville) 地區擁有進一步發現和枯竭替代的巨大潛力，而在科爾特斯 (Cortez)，我們在科爾特斯山 (Cortez Hills) 地下礦內擁有漢森 (Hanson) 延伸區，該延伸區在所有方向均保持開放。

We're also advancing greenfields work with drilling at Swift, and in the Carlin Basin, near the Gold Quarry deposit, confirming large Carlin alteration systems under cover. The Turquoise Ridge, we're upgrading the model and have recently defined several new near mine targets to be tested in the coming months.

我們也正在推動綠地工程，在斯威夫特和金礦床附近的卡林盆地進行鑽探，證實有大型卡林蝕變系統。綠松石山脊，我們正在升級模型，並最近確定了幾個新的近雷目標，將在未來幾個月內進行測試。

Looking at North America as a whole, we're continuing our work in Canada, focusing on Southern Superior with drilling progressing at both the Norris and Patris projects. We're also expanding our footprint and priority belts across Western United States for both gold and copper assets, which includes the ongoing consolidation of an exciting portfolio in Western Nevada.

放眼整個北美，我們將繼續在加拿大開展工作，並專注於南部蘇必利爾，諾里斯和帕特里斯計畫的鑽探工作正在取得進展。我們也在美國西部擴大黃金和銅資產的覆蓋範圍和優先帶，其中包括持續整合內華達州西部令人興奮的投資組合。

Moving now to Latin America and Asia Pacific region which accounts for 17% of our gold production and 21% of our copper production, and boasts two key growth stories. The Pueblo Viejo expansion is making good progress, and the bankable feasibility study at Reko Diq, which is now complete, and received conditional approval from the Board to proceed yesterday.

現在轉向拉丁美洲和亞太地區，這兩個地區占我們黃金產量的 17% 和銅產量的 21%，並擁有兩個關鍵的成長故事。Pueblo Viejo 擴建工程進展順利，Reko Diq 的可行性研究也已完成，並於昨日獲得董事會有條件批准繼續進行。

It's also worth highlighting the performance at Veladero, which delivered its best production results in the last five years. Gold production at Pueblo Viejo remained relatively stable, with an improvement throughout the year and recovery rates reaching 80% by year end as forecast.

同樣值得一提的是 Veladero 的表現，它取得了過去五年來最好的生產成績。Pueblo Viejo 的黃金產量保持相對穩定，全年產量不斷提高，預計到年底回收率將達到 80%。

Pueblo Viejo is making good progress towards its goal of becoming a low cost, long life plus 800,000 ounce gold producer. Ongoing work includes 35 days of planned downtime this quarter for throughput improvement projects, with additional shutdowns expected in quarter four to further improve recoveries.

Pueblo Viejo 正在朝著成為一家低成本、長壽命、年產 80 萬盎司黃金生產商的目標穩步前進。正在進行的工作包括本季為提高產量項目計劃停工 35 天，預計第四季還會有更多停工，以進一步提高回收率。

We're also advancing the El Naranjo tailing storage facility, an important infrastructure project to support the mine's life extension. Looking ahead and as shown here, we are focusing a step-up improvement in throughput and recovery on the back of those plant improvements and upgrades I referred to in the previous slide.

我們也正在推動 El Naranjo 尾礦儲存設施的建設，這是支持礦山延長壽命的重要基礎設施項目。展望未來，如這裡所示，我們正致力於在上一張投影片中提到的工廠改進和升級的基礎上，逐步提高產量和回收率。

We expect to be in the mid 600,000 ounces for this year, with the target of exceeding 800,000 ounces next year.

我們預計今年的產量將達到 60 萬盎司左右，明年的目標是超過 80 萬盎司。

And on this slide, you can see some updates as we move forward with our ongoing resettlement of affected households for the development of the tailings storage facility. This resettlement, which aligns to the international best practices and standards, will ensure that those affected by the project have the same, if not better living conditions.

在這張投影片上，您可以看到我們為建造尾礦儲存設施而不斷重新安置受影響家庭的最新進展。此次安置符合國際最佳實踐和標準，將確保受計畫影響的人們享有相同甚至更好的生活條件。

And we believe it will be better with clean running water and electricity supplied to each house at the host site. This will, along with the livelihood restoration plan, and access to education facilities, allow the families being resettled to build a better future together.

我們相信，如果接待地的每家每戶都有了乾淨的自來水和電力，情況將會變得更好。這將與生計恢復計劃和教育設施一起，使重新安置的家庭能夠共同建立更美好的未來。

The first families will be relocated in the next few weeks. On the exploration front, we've refocused our entire portfolio across LatAm and Asia Pacific, targeting a series of new Tier 1 level opportunities in the region. The most advanced projects are in Peru, at Libelula, where we are drilling multiple targets, and Ccoropuro, which is a porphyry project that is currently progressing through permitting.

首批家庭將在未來幾週內完成搬遷。在勘探方面，我們重新調整了整個投資組合在拉丁美洲和亞太地區的重點，瞄準了該地區一系列新的一級機會。最先進的項目位於秘魯的 Libelula，我們正在那裡鑽探多個目標，還有 Ccoropuro，這是一個斑岩項目，目前正在辦理許可。

Additionally, we are actively evaluating our first set of early stage properties in Ecuador, with six prospects currently under review, all of which are promising.

此外，我們正在積極評估位於厄瓜多爾的第一批早期房產，目前有六個前景良好的房產正在審查中。

Reko Diq, I must say, just gets more exciting day by day. With feasibility study now completed, our focus has shifted to the early works, projects startup, and wrapping up the funding. The project is structured in two phases.

我必須說，Reko Diq 變得越來越令人興奮。隨著可行性研究的完成，我們的重點已經轉移到早期工作、專案啟動和融資。本項目分為兩個階段。

With the total estimated budget for the Phase 1 of the approximately $5.6 billion to $6 billion as shown in the graph on the bottom right. This mine is to become one of the lowest cost copper producers in the world, sitting well below $1 per pound after gold credits.

第一階段的總預算約為 56 億至 60 億美元，如右下圖所示。該礦將成為世界上成本最低的銅生產商之一，扣除黃金抵扣後，其成本將遠低於每磅 1 美元。

Free cash flow is estimated at around $74 billion over 36 years, excluding taxes payable to the governments of Pakistan and Balochistan. And further details are outlined in the table on the left of this slide and we expect to publish the full 43-101 report, next week, I think, Simon.

預計 36 年內的自由現金流約為 740 億美元，不包括應付給巴基斯坦和俾路支省政府的稅金。此幻燈片左側的表格列出了更多詳細信息，西蒙，我想，我們預計將於下週發布完整的 43-101 報告。

Our limited recourse project finance discussions with the potential lending group comprised of multilateral export credit and import finance agencies are well advanced and we are targeting to sign this early in the third quarter.

我們與由多邊出口信貸和進口融資機構組成的潛在貸款集團就有限追索權項目融資進行的討論進展順利，我們的目標是在第三季度初簽署該協議。

Subject to the financing, again, yesterday, our Board has conditionally approved the go-ahead of the project, with first production targeted by the end of 2028. Just as a reminder, it's worth pointing out that the bankable feasibility study focuses only on four porphyry deposits, three of which are part of what we call the western porphyries, along with the Tangail deposit, as shown on the slide.

受融資情況影響，昨天，我們的董事會再次有條件地批准了該專案的推進，目標是在 2028 年底前實現首次生產。需要提醒的是，值得指出的是，銀行可行性研究僅關註四個斑岩礦床，其中三個是我們所說的西部斑岩的一部分，還有 Tangail 礦床，如幻燈片所示。

It's important to note that the current bankable feasibility study is based solely on reserves associated with these four porphyries. But there's significant potential beyond that. In total, there are 14 identified porphyry bodies within the mining and exploration license owned by Reko Diq Mining Company.

值得注意的是，目前的銀行可行性研究完全基於與這四塊斑岩相關的儲量。但除此之外，還有巨大的潛力。整體而言，雷科迪克礦業公司擁有的採礦和勘探許可證範圍內共計有 14 處已探明的斑岩體。

Our geologists, as we speak, are currently actively evaluating these other bodies, which will certainly influence future life of mine plans and reserve and resource estimates. There's a substantial upside. And while the feasibility study assumes 36 year mine life based on reserves, all indications suggest that mine could still be operating through the rest of the century.

正如我們所說，我們的地質學家目前正在積極評估這些其他物體，這肯定會影響未來的礦山計劃以及儲量和資源估算。有很大的優勢。儘管可行性研究根據儲量假設礦山壽命為 36 年，但所有跡象表明該礦山在本世紀剩餘時間仍可運作。

Moving to Africa and the Middle East. These regions contributed 38% of our attributable gold production, and 79% of our copper in 2024. Like Reko Diq, the Super Pit Expansion at Lumwana is close to being fully permitted, and the feasibility study is now complete.

移居非洲和中東。這些地區貢獻了我們 2024 年黃金產量的 38% 和銅產量的 79%。與雷克迪克一樣，盧姆瓦納的超級礦坑擴建工程也即將獲得全面許可，可行性研究現已完成。

We've appointed our engineering partners, and finalize the environmental and social impact studies for which we now have received the permit. We are also on track with early works design and long lead item fabrication.

我們已經任命了工程合作夥伴，並完成了目前已獲得許可的環境和社會影響研究。我們的早期作品設計和長週期產品製造也正在按計劃進行。

This highlights the big advantage of emerging markets, where large expansions and new projects can be completed much more quickly than in the developed world, but at exactly the same standard. In addition to the work at Lumwana last week, we signed a Memorandum of Understanding with the Zambian Government's Industrial Resources Limited, forming a strategic partnership to drive mining and exploration in Zambia.

這凸顯了新興市場的巨大優勢，這些市場的大型擴張和新項目可以比已開發國家更快完成，但標準卻完全相同。除了上週在盧姆瓦納的工作之外，我們還與尚比亞政府工業資源有限公司簽署了一份諒解備忘錄，建立戰略合作夥伴關係，推動贊比亞的採礦和勘探工作。

This collaboration aligns with Zambia's vision to increase annual copper production to 30 million tons in the coming decades. Starting with Loulo-Gounkoto. In spite of the challenges we are currently experiencing in Mali, production increased by 80% in the fourth quarter and exceeded guidance for the year.

此次合作符合贊比亞未來幾十年將銅年產量提高到 3,000 萬噸的願景。從 Loulo-Gounkoto 開始。儘管我們目前在馬利面臨挑戰，但第四季度的產量仍增加了 80%，超過了全年預期。

Gold sales were down significantly due to the restrictions placed on exports by the Malian government. As you know, in addition to export restrictions, we faced the unjust incarceration of some of our team members, which is a difficult situation to navigate.

由於馬利政府實施出口限制，黃金銷量大幅下降。如您所知，除了出口限制之外，我們還面臨著一些團隊成員被不公正監禁的問題，這是一個很難應對的局面。

We are actively engaged with the administration to secure their release and on a sustainable solution moving forward, so that we can restart the mine. This situation has led us to file for exit arbitration, to assert our rights, but at the same time, as usual, we remain engaged and are hoping to continue to make progress, albeit slowly.

我們正積極與政府合作，確保他們獲釋，並尋求可持續的解決方案，以便我們能夠重啟礦井。這種情況導致我們申請退出仲裁，以維護我們的權利，但同時，像往常一樣，我們仍然保持參與，並希望繼續取得進展，儘管進展緩慢。

Our goal remains to reach a lasting solution that brings benefits to Mali, while ensuring fairness and supporting the long-term viability of this world-class operation, this being crucial to the country's economy, as well as all its other stakeholders.

我們的目標仍然是找到一個持久的解決方案，為馬利帶來利益，同時確保公平並支持這項世界級行動的長期可行性，這對該國經濟以及所有其他利益相關者至關重要。

I thought it would be worth putting a few points into perspective, as at times, there's been a lot of misinformation about the benefits that Mali has received from the development of the assets. Since 2005, we have contributed more than $3.2 billion to the Malian treasury in the form of dividends, royalties, and taxes.

我認為有必要從幾個角度來看待這個問題，因為有時，關於馬利從資產開發中獲得的利益存在著許多錯誤訊息。自2005年以來，我們以股息、特許權使用費和稅收的形式向馬裡國庫貢獻了超過32億美元。

More recently, in the past two years alone, we contributed $400 million in 2023 in cash to the Malian treasury, and $460 million in 2024, through that same treasury. Had the money not been forced into temporary suspension, we were on track to contribute more than $550 million in 2025 at current gold prices.

最近，僅在過去兩年裡，我們在 2023 年向馬利國庫捐贈了 4 億美元現金，並在 2024 年透過同一國庫捐贈了 4.6 億美元。如果這筆資金沒有被迫暫停，以目前的金價計算，我們預計在 2025 年貢獻超過 5.5 億美元。

Beyond the financial contributions, our focus has always been on long-term growth, to sustain those benefits for Mali and its people. Since 2005, we have produced nearly 10.5 million ounces of gold, and have added more than 15 million ounces to reserves, extending the mine's life to 2041.

除了資金捐助之外，我們的重點始終是長期成長，為馬利及其人民持續帶來利益。自 2005 年以來，我們已生產了近 1,050 萬盎司黃金，並增加了 1,500 多萬盎司的儲量，將礦場的開採壽命延長至 2041 年。

But more importantly, we have built and developed local talent. Today, Malians are operating across our global business, including in Nevada. And their expertise is a key reason why these assets continue to succeed.

但更重要的是，我們培養並發展了本地人才。今天，馬里人的業務遍及我們的全球，包括內華達州。他們的專業知識是這些資產不斷成功的關鍵原因。

The talent extends beyond our workforce. We have helped develop Malian businesses that have pioneered growth in the mining sector, some of which have expanded beyond Mali as a country. From specialized mining contractors to fuel and consumable suppliers, the economic multiplier effect of mining is immense, creating opportunities to go far beyond the mine itself.

人才不僅存在於我們的員工隊伍中。我們幫助馬利企業發展其採礦業的成長，其中一些企業的業務範圍已擴展到馬利以外。從專業採礦承包商到燃料和消耗品供應商，採礦的經濟乘數效應是巨大的，創造了遠遠超出礦場本身的機會。

Now crossing over to the DRC Kibali, the biggest gold mine in Africa and one of the most automated in the world, had a much improved quarter as we work to address some operational challenges that plagued the mine for most of the 2024 calendar year.

現在，來到剛果民主共和國的基巴利金礦，這是非洲最大的金礦，也是世界上自動化程度最高的金礦之一，由於我們努力解決在 2024 年大部分時間困擾該礦的一些運營挑戰，該礦本季度的業績有了很大改善。

While it took longer than expected, those issues are now behind us. Kibali is a great mine, low cost with a long life, and significant opportunities within its mining lease. Production increased quarter on quarter, and sustaining costs were well controlled.

雖然花費的時間比預期的要長，但這些問題現在已經成為過去。基巴利是一座大型礦山​​，成本低、壽命長，其採礦租約中蘊藏著重大機會。產量逐季增加，維持成本得到良好的控制。

We're confident that Kibali will show significant improvement across the board during 2025. The new solar plant and battery storage system are planned for commissioning at the end of quarter two of this year. And this will be an increase in the availability of renewable energy from 81% to 85%.

我們相信，2025年基巴利將在各方面取得顯著進步。新的太陽能發電廠和電池儲存系統計劃於今年第二季末投入使用。這將使再生能源的可用性從 81% 提高到 85%。

In six months of the year, we'll generate electricity with zero carbon emissions. In Tanzania, North Mara was a standout performer across all metrics, serving as a great example of what can be achieved when the right management team is in place and operating to our standards.

一年中有六個月，我們將實現零碳排放發電。在坦尚尼亞，北馬拉在所有指標中表現出色，成為擁有合適的管理團隊並按照我們的標準運作時可以取得成就的典範。

Production was up 20% quarter on quarter, on the back of higher grades and higher throughput. At Bulyanhulu, we've seen significant improvements as we continue to increase the scale of the operation. North Mara's life of mine has been sustained beyond 10 years, and Bulyanhulu's life is well over 20 years.

由於品位提高和產量增加，產量較上季增加了 20%。在布里安胡盧，隨著我們不斷擴大營運規模，我們看到了顯著的進步。我的北馬拉壽命超過10年，而布里安胡魯的壽命也超過了20年。

We'll dive into exploration details a little later. In Zambia, Lumwana copper mine, delivered a stellar performance. A record quarterly production brought the mine back into guidance, and delivered a significant improvement in costs, ensuring a successful end to 2024.

稍後我們將深入探討細節。在尚比亞，盧姆瓦納銅礦業績亮眼。創紀錄的季度產量使礦場重新回到指引之中，並顯著降低了成本，確保了 2024 年圓滿結束。

Many of the feasibility study assumptions for the Super Pit Expansion have now been proven in the operation, the details of which are summarized on the next slide.

超級坑擴建的許多可行性研究假設現已在運作中得到證實，其細節將在下一張投影片中總結。

The image on the left shows the Super Pit alongside a summary of the feasibility study results on the right. This is a standout project, and it is important to put it into perspective. When Barrick acquired the mine in 2011, it was unprofitable and resulted in a $5 billion writedown.

左圖顯示了超級坑，右圖顯示了可行性研究結果的摘要。這是一個傑出的項目，有必要對其進行全面審視。當巴里克於 2011 年收購該礦時，該礦尚未獲利，並導致 50 億美元的減記。

In the past five years, a focus on cost discipline and exploration has added significantly to reserves, extending the life of mine by more than 20 years. Today, the mine is sustainably profitable and a pillar of our copper growth strategy.

過去五年來，由於注重成本控制和勘探，儲量大幅增加，礦山壽命延長了 20 多年。如今，該礦持續獲利，並成為我們銅成長策略的支柱。

With the Super Pit Expansion feasibility study completed, we are now moving forward with the project development following approval from the Board, as I explained earlier. The feasibility study clearly supports the value of this investment.

正如我之前所解釋的那樣，隨著超級坑擴建可行性研究的完成，我們現在正在按照董事會的批准推進項目開發。可行性研究清楚地支持了這項投資的價值。

Importantly, we can fund Super Pit Expansion, as well as our share of Reko Diq development through our current and forecast cash flow facilities without needing to issue any new shares or take on additional debt. In fact, as I pointed out in the introduction, we are reducing our outstanding share count by buying back our own shares.

重要的是，我們可以透過現有和預測的現金流工具為超級礦坑擴建以及我們在雷科迪克開發中的份額提供資金，而無需發行任何新股或承擔額外債務。事實上，正如我在介紹中指出的那樣，我們正在透過回購自己的股票來減少流通股數量。

I've already touched on the exploration opportunities in North and South America. And we continue to make significant progress in our Africa and the Middle East regions as well. The region remains a consistent leader, not only in meeting its guidance, but also in replacing the reserves we mine, both in gold and copper.

我已經談到了北美和南美的勘探機會。我們在非洲和中東地區也持續取得重大進展。該地區不僅在滿足指導方針方面保持持續的領先地位，而且在補充我們開採的黃金和銅儲量方面也保持著持續的領先地位。

We are actively investing in our future, focusing on material, brownfields opportunities in the arc target area, just west of the KCD deposit in Kibali, while also pursuing new Tier 1 assets. Our greenfield footprints are expanding, especially in Tanzania, Senegal, and new frontiers in the Arabian and Nubian shield.

我們正積極投資未來，並專注於基巴利 KCD 礦床西側的弧形目標區域的材料、棕地機會，同時也尋求新的一級資產。我們的綠地足跡正在擴大，尤其是在坦尚尼亞、塞內加爾以及阿拉伯和努比亞地盾的新邊界。

The recently signed MOU with Zambia also underscores our focus on expanding in the Central African copper belt. As I've always said, what truly sets Barrick apart from the rest of the industry, is our ability to replace what we mine.

最近與尚比亞簽署的諒解備忘錄也強調了我們對在中非銅礦帶擴張的重視。正如我一直所說，巴里克與業內其他公司的真正區別在於，我們有能力取代所開採資源。

Since 2019, we have replaced more than 180% of the company's gold reserves depleted. Notably in 2024, we replaced the 4.6 million ounces of annual depletion at better grades before the addition of the Reko Diq reserve base.

自2019年以來，我們已經補充了公司已消耗的180%以上的黃金儲備。值得注意的是，在 2024 年，我們以更好的等級彌補了在增加 Reko Diq 儲備基地之前每年損失的 460 萬盎司黃金。

This replacement was driven by the usual strong performance in Africa and Middle East, with additional significant growth in Pueblo Viejo, as the result of pit pushbacks unlocked by the additional TSF capacity in the new Naranjo Tailings facility.

此次替換主要得益於非洲和中東地區一貫強勁的表現，而 Pueblo Viejo 地區則實現了額外顯著增長，這得益於新 Naranjo 尾礦庫的額外 TSF 產能釋放，從而釋放了礦坑回推量。

The conversion of copper gold resources in Reko Diq adds nearly 13 million ounces of gold reserves at 0.28 grams a ton on a 50% attributable basis. Positioning Barrick to capitalize on the copper fundamentals, we look to Reko Diq feasibility study, which added 7.3 million tons of copper at 0.48% to attributable copper reserves.

雷科迪克銅金資源轉換後，以50%的歸屬比例，新增近1,300萬盎司黃金儲量，品位為0.28克/噸。為了讓巴里克充分利用銅的基本面，我們參考了雷科迪克可行性研究，該研究增加了 730 萬噸銅，佔可歸屬銅儲量的 0.48%。

The Lumwana Super Pit Expansion feasibility study added 5.5 more million tons of copper reserves, resulting in a total project copper reserve of 8.3 million tons at 0.52%. This represents an addition of more than 20 million tons of copper reserves on a 100% basis since 2023 and these reserves were calculated at $3 a pound.

Lumwana 超級礦坑擴建可行性研究增加了 550 萬噸銅儲量，專案總銅儲量達到 830 萬噸，含量為 0.52%。這意味著自2023年以來，銅儲量將以100%的基礎增加2,000多萬噸，這些儲量以每磅3美元計算。

These results from the respective feasibility studies paved the way to position Barrick on the global stage major copper producers alongside our existing world class gold portfolio. Our consistent focus on asset quality, which through our integrated mineral resource management and exploration strategy, enables us to replace what we mine.

這些可行性研究的結果為巴里克成為全球主要銅生產商以及我們現有的世界級黃金投資組合奠定了基礎。我們始終關注資產質量，透過綜合礦產資源管理和勘探策略，我們能夠取代所開採的礦產。

Since the merger in 2019, we've added 111 million gold equivalent ounces to Barrick's reserve base, all at a cost of just $10 per equivalent ounce, not only replacing what we have mined but delivering substantial value.

自 2019 年合併以來，我們已為巴里克的儲備基礎增加了 1.11 億黃金當量盎司，而每盎司成本僅為 10 美元，不僅取代了我們已經開採的黃金，而且創造了巨大的價值。

As highlighted in the slide, when you compare this to the cost of recent M&A transactions in the industry, the value we have created through doing this is abundantly clear.

正如幻燈片中所強調的，當你將其與業界最近的併購交易成本進行比較時，我們透過這樣做所創造的價值就非常明顯了。

And ladies and gentlemen, it's on the back of this organic growth that we can forecast a plus 30% growth in gold equivalent ounces out to the end of the decade. As already highlighted, we are moving ahead with two key growth projects, which will see capital increase over the next three years, before coming back to more normal levels.

女士們、先生們，正是基於這種有機增長，我們可以預測到本世紀末黃金當量盎司數量將增長 30% 以上。正如已經強調的那樣，我們正在推進兩個關鍵的成長項目，這兩個項目的資本將在未來三年內增加，然後恢復到更正常的水平。

And as production increases, so too we expect costs to reduce, as shown in this slide. And as I shared with you last year at our Investor Day in November, the value opportunity at Barrick only continues to increase. The slide here shows consensus net asset values with market multiples applied, including a modest 1 times multiplier for copper assets.

隨著產量的增加，我們預期成本也會降低，如本張投影片所示。正如我去年 11 月投資者日與大家分享的那樣，巴里克的價值機會只會繼續增加。此處的幻燈片顯示了應用市場倍數的一致淨資產價值，其中包括銅資產的適度 1 倍乘數。

You can see that the value for Nevada and the copper business together exceeds Barrick's market capitalization. That means there's an implied negative value for the rest of Barrick's Tier 1, Tier 2, and other strategic assets.

你可以看到，內華達州和銅業務的價值總和超過了巴里克的市值。這意味著巴里克其餘的一級資產、二級資產和其他戰略資產的價值都為負值。

I can also tell you that these consensus values are significantly lower than our own internal valuations, something we expect to shift when we publish the technical studies for Lumwana and Reko Diq later this month.

我也可以告訴您，這些一致估值明顯低於我們自己的內部估值，我們預計，當我們本月稍後發布 Lumwana 和 Reko Diq 的技術研究報告時，這種情況會發生變化。

No matter how you analyze the portfolio, the current share price does not come close to reflecting the fair value of our asset base and our prospects. You'll also see our view reflected in our barback activity this quarter, which you can expect to continue.

無論你如何分析投資組合，當前股價都遠遠無法反映我們資產基礎和前景的公允價值。您還將看到我們的觀點反映在本季度的酒吧活動中，您可以期待這種情況繼續下去。

So to recap, where Barrick is headed today? I outlined earlier that we are targeting 30% growth on a gold equivalent ounce basis towards the end of the decade built on our current reserves. As I've shown you today, we will continue to replace and add to those reserves and resources for further supporting our growth.

那麼，總結一下，巴里克今天的走向何方？我之前曾概述過，我們的目標是在現有儲備的基礎上，到本世紀末實現黃金當量盎司增長 30%。正如我今天向你們展示的那樣，我們將繼續補充和增加這些儲備和資源，以進一步支持我們的成長。

What's more? We have the balance sheet strength to fund our growth and continue to invest in our own future without relying on the market. By any measure, Barrick today presents a standout value opportunity.

還有什麼？我們擁有雄厚的資產負債表實力來為我們的成長提供資金，並繼續投資於我們自己的未來，而無需依賴市場。無論以何種標準衡量，巴里克如今都展現出卓越的價值機會。

And with that, ladies and gentlemen, I thank you for listening, and we will be happy to take questions.

女士們、先生們，感謝大家的聆聽，我們很樂意回答大家的提問。

First question, the reduction in CapEx. So you trimmed CapEx. I think the November Investor Day was around $4 billion or $3.9 billion or so. And I believe it was about $1.5 billion in the copper side and 2.4% on the gold side.

第一個問題，資本支出的減少。因此，您削減了資本支出。我認為 11 月份投資者日的銷售額大約是 40 億美元或 39 億美元左右。我認為銅價約為 15 億美元，黃金價約為 2.4%。

And now it's $3.1 billion to $3.6 billion. Some of that's Loulo, I assume because it's not -- there's no capital for Loulo. And what's the other -- where did the other trim come from?

現在這個數字是 31 億美元到 36 億美元。我認為其中一些是 Loulo，因為 Loulo 沒有首都。另一個是什麼——另一個裝飾來自哪裡？

Anita, it's Graham.

安妮塔，我是格雷厄姆。

The vast majority relates to Loulo because obviously, we've excluded the production from our guidance and we've excluded the capital as well. There were some other small changes in Nevada, but really it's all about Loulo.

絕大多數與 Loulo 有關，因為顯然我們已經將生產排除在指導範圍之外，也排除了資本。內華達州還發生了一些其他小變化，但實際上都是關於 Loulo 的。

Secondly, what are the standby costs at Loulo and where is that running through in the financials?

其次，Loulo 的待機成本是多少？

So right now, we've taken out all the gold in the circuit that we can. And so we're in a very much a breakeven place today. We are engaged. We expected that we will continue to make progress on our conversations and I'll just put this slide up.

所以現在，我們已經把電路中所有能取出的黃金都拿出來了。因此我們今天的獲利狀況基本上是平衡。我們訂婚了。我們預期我們的對話將繼續取得進展，我就把這張投影片放上去。

This is just an indication that if we start up early in March, that's the sort of hatch bar is our attributable portion of production. And so it's at that point. And as we've disclosed in the MD&A, right now, we're not guiding for Loulo. Let's get it done and sorted.

這只是表明，如果我們在三月初開始生產，那麼這種孵化器就是我們生產的可歸屬部分。所以就到了那一點。正如我們在 MD&A 中所揭露的那樣，目前，我們還沒有為 Loulo 提供指導。讓我們把它完成並整理好。

We have reallocated a lot of our experienced operators to other operations to ensure that they are active and contributing to the company. And we've got quite a big staff on care and maintenance because there's a temporary care and maintenance process.

我們已將許多經驗豐富的操作員重新分配到其他業務，以確保他們積極為公司做出貢獻。由於有一個臨時的護理和維護過程，因此我們配備了相當多的工作人員負責護理和維護。

It's not a full care and maintenance plan yet. And we expect to be able to bring that mine up and back into production very quickly. And really I need to for us, you've seen me, I've been reluctant to get involved in a public negotiation with the Mali authorities.

這還不是一個完整的護理和維護計劃。我們希望能夠很快恢復該礦的開採並投入生產。而我確實需要為我們，你已經看到我，我一直不願意參與與馬利當局的公開談判。

We prefer to keep that at the level of investor to principal and we'll keep you posted as we go.

我們希望將其保持在投資者與委託人的水平，並會隨時向您通報進度。

And then so that would mean that the next question was the outlook 2027 through to 2029 assumes that Loulo restarts, right?

那麼這意味著下一個問題是 2027 年到 2029 年的展望假設 Loulo 重新啟動，對嗎？

That is correct.

正確。

And then my final --

然後我的期末考--

I think just my point here is when you look at Barrick, I mean it would not be a good thing to lose Loulo, not for anyone's sake, and particularly not for Mali's, but equally for us. We are long-standing partners in Mali.

我認為我的觀點是，當你看看巴里克時，失去 Loulo 都不是一件好事，對任何人來說都不是一件好事，尤其對馬裡來說更是如此，但對我們來說也是如此。我們是馬裡的長期合作夥伴。

Every one of our operations are independently viable, and Barrick's balance sheet is very solid. And so with or without Loulo, we'll not change our long-term plan, our five-year plan, as you see here. And it will just be slightly smaller, but fundamentally, we can easily support the projects and the capital commitments during that period.

我們的每項業務都是獨立可行的，巴里克的資產負債表非常穩健。所以，無論有沒有 Loulo，我們都不會改變我們的長期計劃，也就是我們的五年計劃，正如你所看到的。雖然規模會稍微小一些，但從根本上來說，我們可以輕鬆地支持該期間的專案和資本承諾。

And I think that's a very important point to underscore.

我認為這是需要強調的非常重要的一點。

And then my final question is with respect to the PV relocation efforts. There's been a couple of press releases that you guys have put out in the last two months, talking about issues with, I guess, a commission that is represent or claims to be representing families and it's hampering the process.

我的最後一個問題是關於光伏搬遷工作。在過去的兩個月裡，你們已經發布了幾份新聞稿，談論代表或聲稱代表家庭的委員會存在的問題，我認為這阻礙了這一進程。

Could you tell me how many families are yet to be relocated and what the timeline for construction for that dam is again and when do you need that capacity?

你能告訴我還有多少家庭需要搬遷，水壩的建造時間表是什麼，什麼時候需要這些水力容量嗎？

It's 2029, I believe 2029 completion. We are right in the middle of consulting and so we've finalized the reimbursements and there's a lot of negotiation around individual plants, particularly for those people who have like not occured plants, et cetera. And those are the -- it's quite important that.

是 2029 年，我相信 2029 年竣工。我們正處於諮詢階段，因此我們已經完成了報銷事宜，並且圍繞個別工廠進行了大量談判，特別是對於那些沒有發生過工廠的人等等。這些是——非常重要。

The commission we refer to rarely represents themselves. And they're -- it's a selfish group of people trying to hold the rest of the communities to ransom. And we are engaged with that as we do. It as we follow the IFC relocation procedures, which are almost identical to the World Bank procedures.

我們所提到的委員會很少代表他們自己。他們是一群自私的人，試圖勒索其他社群的人。我們正致力於此。因為我們遵循國際金融公司的搬遷程序，該程序與世界銀行的程序幾乎相同。

And we are working with them and the government and the communities themselves. What happened is that the commission tried to motivate people to block our access to areas to that we need to do test work -- a test drilling on the foundation of the actual starter wall.

我們正在與他們、政府和社區合作。實際情況是，委員會試圖煽動人們阻止我們進入需要進行測試工作的區域——在實際起始牆的基礎上進行試驗鑽探。

And so we, with the help of the government, mobilized the security forces to let us -- give us access. These are public road accesses. And once we were through, I mean we were really welcomed by the communities and we were able to continue the test work.

因此，在政府的幫助下，我們動員了安全部隊允許我們進入。這些是公共道路通道。一旦我們完成了，我們就會受到社區的熱烈歡迎，並且能夠繼續進行測試工作。

And we're back and doing the test work. It have been for a couple of weeks now. So it is a process. I mean these things are -- you get people who will exploit the opportunity. There are people that want to get ahead. And as you know, we've done a lot of this. And it's -- and we're very mindful as families and their lifestyles and their ownerships.

我們回來進行測試工作。已經有幾個星期了。所以這是一個過程。我的意思是，你會找到那些願意利用機會的人。有些人想要出人頭地。正如你所知，我們已經做了很多這樣的事。而且——作為家庭，我們非常關注他們的生活方式和所有權。

And so and what we found is once we start moving the people into the new homes that I showed you, then things get a momentum of their own, but we're still in that stage of what we call a valuation. So we sit at each household. We work through the house there, all the assets. We assess the value of that. And then agree on the not only the house itself.

因此，我們發現，一旦我們開始將人們搬進我向您展示的新家，事情就會自行發展，但我們仍處於所謂的估價階段。所以我們坐在每戶人家。我們透過那裡​​的房子和所有資產進行工作。我們評估其價值。然後不僅就房子本身達成一致。

We've got different size homes that we've already built and are continuing to build, but also the other things that like plants and other infrastructure that are not necessarily duplicated in their new homes. And that's what we're busy with at the moment.

我們已經建造了不同大小的房屋，並且正在繼續建造，但其他的東西，例如工廠和其他基礎設施，在新家中不一定是重複的。這正是我們目前正在忙碌的事情。

So I don't actually -- I can't tell you exactly the percentage yet. It's still quite a way to go, but we're in that process now.

所以我實際上還不能告訴你確切的百分比。還有很長的路要走，但我們現在正處於這個過程之中。

Brian MacArthur, Raymond James.

布萊恩·麥克阿瑟、雷蒙·詹姆斯。

Mark, I just want to go back to Fourmile. You've talked about better grade, better mining conditions, but there's also discussion about the processing facilities. I'm kind of curious with your comment here. It talks about flexibility going to the roasters or the autoclaves.

馬克，我只想回到 Fourmile。您談到了更好的品味、更好的採礦條件，但也討論了加工設施。我對你在此處的評論有點好奇。它討論了焙燒爐或高壓釜的靈活性。

How much you see potentially going each way at the moment? I get it. There's a lot more work to be done. Second question. I'm just kind of curious why there's a three year PFS that probably looks like a pretty detailed PFS, and it may have something to do with what we're discussing in the first? And three, if you just comment again about how the event ended with Newmont works.

您認為目前雙方合作的可能性有多高？我得到它。還有很多工作要做。第二個問題。我只是有點好奇為什麼會有三年的 PFS，它可能看起來像一個非常詳細的 PFS，它可能與我們在第一部分討論的內容有關？第三，如果你再評論這次事件與紐蒙特工程的結局如何。

So the joint venture, I think we've explained this quite a few times, it provides for us to be able to put the -- in fact, it doesn't give us the opportunity, it gives us the obligation to put this project into the joint venture on a predetermined valuation, but a full evaluation, a market evaluation, not a bankable feasibility study evaluation.

因此，我認為我們已經多次解釋過合資企業了，它為我們提供了能夠將——事實上，它沒有給我們機會，而是給了我們義務將這個項目按照預定的估值放入合資企業，而是進行全面評估，市場評估，而不是可靠的可行性研究評估。

And on that basis, we are continuing towards that. So it's a thorough evaluation. Last year, we did the preliminary evaluation, trying to get a feel of the size and I've just stuck the slide up. And what you can see is it's the continuation of the system that defines Goldrush.

在此基礎上，我們將繼續朝著這個目標努力。所以這是一次徹底的評估。去年，我們進行了初步評估，試著了解其規模，然後我就把投影片貼了上去。而您所看到的正是 Goldrush 定義系統的延續。

The difference is you're moving towards that big pink intrusive. So the rock becomes more solidified, more brittle. And so the mineralized fluids are breaking it. And one, it's much more competent, geotechnically, and two, the orebodies are bigger.

不同之處在於你正朝著那個巨大的粉紅色侵入體前進。因此岩石變得更加堅硬，更加易碎。因此礦化流體正在破壞它。一是，從地質技術角度來說，它更有能力；二是，礦體更大。

So and they're higher grade because most of them are [British] style orebodies. And there, so far, if you just look at the different numbers, it's 6 grams and nearly 12 grams. So if you take and we showed you this at the Investor Day, if you just take the Goldrush valuation model and use everything, including the cost of mining and development and processing, and you just put the grade in, it's an exceptional value.

由於它們大多數都是（英國）風格的礦體，因此它們的品位更高。到目前為止，如果只看不同的數字，則是 6 克和近 12 克。因此，如果您接受我們在投資者日向您展示的這一點，如果您採用 Goldrush 估值模型並使用所有內容，包括採礦、開發和加工的成本，並且只輸入等級，那麼它的價值就非常高。

And of course, the unit cost of mining will come down because these are much higher, bigger steps. So we understand the potential value. If you take Fourmile and you stick it into Nevada today, you change the full valuation of Nevada immediately.

當然，由於這些步驟更高、更大，採礦的單位成本將會下降。因此我們了解其潛在價值。如果您今天將 Fourmile 帶到內華達州，那麼您對內華達州的全部估值就會立即改變。

So there's every bit of motivation for us to get this asset into the Nevada business model. At the same time, there's a requirement under the joint venture to complete a feasibility study. So the decision we've made is to continue the evaluation, so the next step is prefeasibility study level.

因此，我們完全有動力將這項資產納入內華達州的商業模式。同時，合資企業也需要完成可行性研究。因此，我們所做的決定是繼續評估，下一步是預可行性研究階段。

And with that will come the -- we've already done the preliminary work on geotech to get access from Bullion Hill, which then brings in a new access into not only Fourmile, but it'll enhance the entire logistical cost of moving or even in Goldrush.

隨之而來的是——我們已經完成了從 Bullion Hill 進入的地質技術的初步工作，這不僅為 Fourmile 帶來了新的通道，而且還將提高整個搬遷甚至 Goldrush 的物流成本。

And so that's the next step. And then for me, it's about how do we deal with our partners in Nevada gold mines to ensure that we get this thing recognized as -- on its value and also start benefiting from it because I've got no doubt that certainly, the shareholders we talk to are shareholders who -- many of which are also the Newmont shareholders can see the opportunity here.

這就是下一步。然後對我來說，關鍵在於我們如何與內華達金礦的合作夥伴打交道，以確保我們得到認可——它的價值，並開始從中受益，因為我毫不懷疑，我們交談過的股東是那些可以看到這裡機會的股東——其中許多人也是紐蒙特的股東。

So I think it's beholden on us as managers to find a solution that will unlock this value sooner rather than later for all our stakeholders.

因此我認為，身為管理者，我們有責任找到一個解決方案，盡快為所有利害關係人釋放這一價值。

And that's really where I'll stop in that conversation.

這就是我在這次談話中真正要停止的地方。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

I'd like to come back to Mali if you wouldn't mind. And I mean just note that in Q4, you guys paid out over $100 million and then $249 million in 2024 roughly in order to continue to advance negotiations.

如果您不介意的話，我想回到馬裡。我的意思是，請注意，在第四季度，你們支付了超過 1 億美元，然後在 2024 年支付了大約 2.49 億美元，以繼續推進談判。

Conceptually, is that a payment that you would continue to have to make? And then without revealing Barrick's position on this, I understand the sensitivity of the negotiation, but can you give us a sense of what the Malian government is hoping to achieve?

從概念上講，這是您必須繼續支付的款項嗎？在不透露巴里克對此的立場的情況下，我理解談判的敏感性，但你能否讓我們了解馬利政府希望實現什麼目標？

So I'm not sure you got the numbers right. As I said again, we paid out.

所以我不確定你的數字是否正確。正如我再次說的，我們已經付款了。

Well, there was another expense number and it was -- so for the full year 2024, it was $249 million and the note in the MD&A said that that was largely -- that largely consisted of payments to the Malian government to advance negotiations.

嗯，還有另一個費用數字，2024 年全年的費用為 2.49 億美元，MD&A 中的註釋表明，這主要是向馬里政府支付的推進談判的費用。

I don't know what proportion of that was, but I mean more than 50% I guess.

我不知道其中的比例是多少，但我猜超過 50％。

So the payment that we made to the Malian government, which was made in the beginning of October at the time that we were in a position where we thought we had agreed a way forward was $84 million.

因此，我們在 10 月初向馬利政府支付了 8,400 萬美元，當時我們認為我們已經就下一步的行動達成了一致。

So that's the amount that we paid. And that was really a one-off payment because as I point out, we're at a stage where we believed we had an agreement, albeit that subsequently that didn't transpire that way. So that's the only payment we've made.

這就是我們支付的金額。這實際上是一筆一次性付款，因為正如我指出的那樣，我們目前認為我們已經達成了協議，儘管後來事情並沒有按照協議發展。所以這是我們唯一支付的款項。

So also let me just try and frame it a little bit. So they are few of our ex-employees who are advising the government to, in our mind, have conflicts of interest in many different aspects. But they are basically the fundamentals are they claiming that the mining industry not fulfilled its obligations that had taken out more than what Mali had taken out.

因此，讓我也試著稍微構思一下。因此，在我們看來，向政府提供建議的我們的前僱員在許多不同方面存在利益衝突。但他們的基本觀點是，他們聲稱採礦業沒有履行其義務，開採量超過了馬裡的開採量。

And as I pointed out earlier, we have not done that. And so our approach to this is if we're going to find a solution and there are accusations, we accept that. Let's get around the table because we can deal with that. And as you know, we are very open and very transparent about what we pay and what we share and what we take out.

正如我之前指出的，我們還沒有這樣做。因此，我們對此採取的方法是，如果我們要找到解決方案並且面臨指責，我們就接受它。讓我們坐下來討論這個問題，因為我們可以解決這個問題。如你所知，我們對支付的內容、分享的內容和取出的內容非常公開和透明。

And the reason that the waiting is towards the Mali government and has been for a while is because as as investors, we are constantly investing and extending the life of mine. But ultimately, it evens out over time. And so if you change the rules midway through the game, you really compromise lots of things in not only returns for us and our investors who have risked that investment, but also for Mali because you shortened the life very quickly.

我們等待馬利政府已經有一段時間了，因為身為投資者，我們不斷投資，延長礦場的壽命。但最終，隨著時間的推移，它會逐漸趨於平穩。因此，如果你在遊戲進行到一半時改變規則，那麼你實際上會損害很多東西，不僅會損害我們和冒險投資的投資者的回報，而且會損害馬裡的回報，因為你很快就縮短了壽命。

Because adding a whole lot of royalties jack up the costs. And it's on that basis that we've continued to engage with the Malians and said, and we strongly recommend and have recommended to them that we sit around with experts. They don't have to be even Barrick experts.

因為增加大量的版稅會增加成本。正是在此基礎上，我們繼續與馬里人接觸，並向他們表示強烈建議並已向他們建議與專家坐在一起商討。他們甚至不必是巴里克專家。

We can get external third-party experts to review the facts. And then on that basis, we can find a way forward. And it's worth sharing with you that when I took over the leadership in Barrick, Tanzania was closed, people were in jail. There were lots of accusations and all sorts of fines, not dissimilar. Same with Pakistan.

我們可以請外部第三方專家來審查事實。然後在此基礎上，我們就能找到前進的道路。值得與你們分享的是，當我接任巴里克領導階層時，坦尚尼亞處於關閉狀態，人們都被關進了監獄。有很多指控和各種罰款，無一例外。巴基斯坦也一樣。

And soon after that, Papua New Guinea.

此後不久，巴布亞紐幾內亞也加入了。

And today, I mean Tanzania is go-to place and it's a great example of real partnerships and we're the biggest contributor to the treasury by a country mile in that country. So and Pakistan, we've just talked about the partnership that we've now announced. And we're moving towards development.

今天，我的意思是坦尚尼亞是一個值得去的地方，它是真正的合作關係的一個很好的例子，我們是該國財政的最大貢獻者。所以，我們和巴基斯坦剛剛談到了我們現在宣布的夥伴關係。我們正在走向發展。

And again, the benefits to us as investors and the provincial government and people of Balochistan as well as the federal government are enormous. And so there's a way to find it because if you get down to the numbers, that's what business is all about.

再次，我們作為投資者、俾路支省政府和人民以及聯邦政府所獲得的利益都是巨大的。所以有一種方法可以找到它，因為如果你深入研究數字，你會發現這就是商業的真諦。

And so that's our focus because otherwise, what happens is if you just load up the costs in a -- and you know this better than anyone, you shorten the life. And then the optimization of that orebody, you leave a lot of grade in the ground. That's never going to go back. No one's going to go back in mine.

這就是我們的重點，因為否則，如果您只是增加成本——而且您比任何人都更了解這一點，那麼您就會縮短壽命。然後對該礦體進行優化，在地面上留下大量的品位。那是永遠不會再回去的。沒人能再回到我的身邊。

And ultimately it's the people of Mali that lose. The investors will move on to another country, another project, and another opportunity, So we -- and we, as you know, have a long history in Mali. And whichever way you cut it, the gross -- the net benefits to Mali have been in excess of the benefits that we've taken out of that country because we've continued to reinvest.

最終失敗的是馬利人民。投資者將轉向另一個國家、另一個項目和另一個機會，所以我們——正如你所知，我們在馬裡有著悠久的歷史。無論如何計算，馬利獲得的總收益——淨收益遠遠超過我們從該國獲得的收益，因為我們一直在進行再投資。

And it's on that basis that we're engaged. And we are absolutely clear that if we get down, to have an honest open conversation with people that are giving sound advice and are not conflicted or motivated by other things than just getting what's good for Mali, we'll find a solution.

我們正是在此基礎上參與其中。我們非常清楚，如果我們認真對待此事，與那些能給我們合理建議的人進行坦誠、公開的對話，並且不為其他事情而爭執，而只為馬裡的利益著想，我們就會找到解決方案。

And that engagement is ongoing.

而這種參與仍在持續進行。

And then if I could, there was a news reported of a potential sale of your 50% interest in Zaldivar. I would assume that's not one of your strategic assets. When you look across the portfolio, are there other assets that you would suggest may not be strategic at this point today?

如果可以的話，有新聞報導稱，您可能會出售在 Zaldivar 的 50% 的權益。我認為這不是你的策略資產之一。當您審視整個投資組合時，您是否認為目前還有其他可能不具策略意義的資產？

So the Zaldivar is a huge focus of ours at the moment because it's about getting the permitting in place and making sure that that mine can continue to operate. And so we haven't made any decision or engaged in anything as far as getting rid of that asset.

因此，Zaldivar 是我們目前的重點關注對象，因為我們要獲得許可並確保礦場能夠繼續運作。因此，我們尚未做出任何決定或採取任何行動來擺脫該資產。

At the same time, to your point, it is not a core asset because we don't operate it. And that's one of our key focuses is that we're not passive investors. But our big focus at the moment and our work with Antofagasta is to get there.

同時，正如您所說，它不是核心資產，因為我們不經營它。我們的重點之一就是我們不是被動投資者。但我們目前的重點以及我們與安託法加斯塔的合作就是為了實現這一目標。

And I've myself spent a lot of time in Chile dealing with all the legacy issues of which most of them are now behind us. And this extension of the mining license is important for us at Zaldivar. And they will, at a point in time, I mean it's a valuable asset.

我自己也在智利花了很多時間處理所有遺留問題，其中大部分現在都已成為過去。這次採礦許可證的延長對我們 Zaldivar 來說意義重大。在某個時間點，我認為這是一筆寶貴的財富。

So it's not an asset that would be difficult to bring to account. It's also an asset that sort of shares a common sidewall with Escondida. So there's lots of options once we get there to consider it. Tongon, as you know, is in the process. And we have been working with the Government of Côte d'Ivoire and progressing that sale.

因此，這並不是一項難以追究責任的資產。這也是一種與埃斯孔迪達 (Escondida) 共享側壁的資產。所以，一旦我們到達那裡，就會有很多選擇可以考慮。正如您所知，Tongon 正在進行這一進程。我們一直在與科特迪瓦政府合作推動此項銷售。

There might -- there are other non-core assets within our portfolio that will continue to get our focus because, and particularly as we ramp up these two big projects, because it really does, if you -- the one thing you'll see when you look at the 43-101, and even when you do the math on the numbers we've shared with you, the cash flows out of these big copper mines, particularly with the gold credits are enormous.

我們的投資組合中可能還有其他非核心資產將繼續成為我們的關注重點，因為特別是隨著我們加大這兩個大項目的力度，因為如果你看看 43-101，你就會發現，甚至當你計算我們與你分享的數字時，這些大型銅礦產生的現金流，特別是黃金信貸產生的現金流是巨大的。

They become our biggest generator of cash. And so it reminds me of that absolute clarity of we stick to Tier 1 assets. Some of the assets that we have in our portfolio might have a strategic nature, be it Hemlo in Canada. And you know, we've been working really hard to build a real Tier 1 opportunity or Tier 2 opportunity in Canada. And we continue to do that every day.

他們成為我們最大的現金來源。所以它讓我想起我們堅持一級資產的絕對明確性。我們投資組合中的某些資產可能具有戰略性質，例如加拿大的 Hemlo。你知道，我們一直在努力在加拿大創造真正的一級或二級機會。我們每天都會繼續這樣做。

Veladero, we added an extra three years life. And again, that's been a very well-run operation through a very dynamic peso crisis in Argentina over the last six years. And it had a very good year last year. The team has managed that exceptionally well.

Veladero，我們多增加了三年的使用壽命。並且，在過去六年阿根廷遭遇極為嚴重的比索危機時，這項行動仍然運作得非常順利。去年它是非常好的一年。該團隊已經非常出色地完成了這項任務。

And it's delivered enormous returns to its two shareholders. It also is integrated into the Lama and Pascua properties across the national borders. So that's again a strategic challenge of how do you manage that if you wanted to really look at it differently or bring it to account in another way.

並且它為兩位股東帶來了豐厚的回報。它也與跨越國界的 Lama 和 Pascua 產業融為一體。因此，這又是一個策略挑戰：如果您真的想從不同的角度看待這個問題或以另一種方式來解釋這個問題，您該如何管理它。

At the same time, we have a strong partnership with the Chinese. And I think it would be, there's a way of sharing more of that going forward. So we haven't got to a point where we're clear about how we would manage that within our portfolio, but we're certainly thinking about it.

同時，我們與中國人建立了牢固的夥伴關係。我認為，未來會有更多這樣的分享。因此，我們還不清楚如何在我們的投資組合中管理這一點，但我們肯定正在考慮這個問題。

Same goes with PNG. There's a bit more work to do to be able to get PNG properly packaged. It's also -- it's at that point now, if we can continue to deliver on the progress that has been made since we ramped it up, it's a very big cash generator relative to the equity portion that we own.

PNG 也是如此。為了能夠正確打包 PNG，還需要做更多的工作。而且現在到了那個時候，如果我們能夠繼續實現自我們加大投入以來所取得的進展，那麼相對於我們所擁有的股權部分，這將是一個非常大的現金來源。

Because we sweep everything until we get our closure of money back and all that sort of stuff. And so we've recut the profile of Papua New Guinea, focused in on making sure that we look at getting back some of our investments in as a priority without damaging the long-term viability of the asset.

因為我們會清理一切，直到我們拿回我們的錢和所有類似的東西。因此，我們重新調整了巴布亞新幾內亞的形象，重點是確保我們優先考慮收回部分投資，同時不損害資產的長期可行性。

And one thing I can assure you is that the Papua New Guinean government is aligned with us on that strategy because that also could do with a bit of return from that mine. And again, that in the fullness of time, is it a place we want us continue to be as we grow our other sort of world-class businesses and places where we know we can get the money out.

我可以向你們保證的一件事是，巴布亞紐幾內亞政府與我們在這項策略上是一致的，因為這也可以從礦場中獲得一些回報。而且，隨著時間的推移，我們是否希望繼續留在這裡，因為我們可以發展其他類型的世界級業務，我們知道我們可以在這裡賺錢。

And we don't have to deal with some of the social issues that you have to deal with in Papua New Guinea. So that's where we are. And we're definitely thinking about it. We haven't made clear decisions on anything but Tongon is definitely one that we're doing at this stage.

我們不需要處理巴布亞紐幾內亞必須處理的一些社會問題。這就是我們現在的狀況。我們確實在考慮這個問題。我們還沒有對任何事情做出明確的決定，但 Tongon 肯定是我們現階段正在做的事情之一。

And I'll just reinforce. The one thing. When we started out in 2019, I mean the Barrick as it was then was a challenging business to run. It had many scorpions. Every time you picked up a -- turned over a rock, there was a scorpion.

我只想強調一下。一件事。當我們在 2019 年剛開始創業時，巴里克黃金當時的經營還是一項充滿挑戰的事業。它有很多蝎子。每次你撿起來－翻過一塊石頭，你會發現一隻蝎子。

Today, all our assets are extremely viable and have positive cash flows. And this is the time, good strategy, we said we would deliver on these two big projects, we've done it. PV is a big, big value creator in Barrick. And again, you've seen me, I don't hesitate to clean up the portfolio at the appropriate time and the best time is when you have higher commodity prices.

今天，我們所有的資產都極具活力並且擁有正的現金流。現在是時候了，這是好的策略，我們說過我們會完成這兩個大項目，我們做到了。光電是巴里克巨大的價值創造者。再說了，你已經看到我了，我會毫不猶豫地在適當的時候清理投資組合，而最好的時機就是當商品價格上漲的時候。

So certainly, we'll continue to keep ourselves very focused and stick to our strategy of having Tier 1 assets.

因此，我們肯定會繼續保持高度專注，堅持擁有一級資產的策略。

We're exhausted here in the room.

我們在房間裡已經筋疲力盡了。

Martin Pradier, Veritas.

馬丁‧普拉迪爾 (Martin Pradier)，Veritas。

My question is, are you still paying salaries in Loulo to the employees, or how is that working?

我的問題是，您還用 Loulo 支付員工工資嗎？

Yes, we are.

是的。

What is the cost for the company of -- you're paying salaries and you have no production basically.

公司的成本是多少——你支付工資但基本上沒有生產。

So as I said, at the moment, we haven't really distilled that because it's a temporary closure. And what we have done is taken out the gold out of the circuit. So we have produced gold. We've got to be able to fill that circuit when we restart it again.

正如我所說，目前我們還沒有真正提煉出這一點，因為這是一個暫時的關閉。我們所做的就是將黃金從電路中取出。因此我們生產了黃金。當我們重新啟動它時，我們必須能夠填充該電路。

And we've put everything on a sort of running maintenance. So proper temporary care and maintenance. And there's no big net cost at this stage if it was all just to restart and get going. We can't continue with this for long but certainly, we can go for a couple of weeks or a month and a bit while we try and get closure with the Malian government.

我們已經將所有東西都置於運作維護狀態。因此需要進行適當的臨時照護和維護。如果一切只是重新啟動並開始運轉，現階段的淨成本並不大。我們不能長期繼續這種狀態，但可以肯定的是，我們可以持續幾週或一個月多一點的時間，同時嘗試與馬利政府達成和解。

At that point, we would have to make a different decision and we haven't made that yet.

到那時，我們必須做出不同的決定，但我們還沒有做出決定。

Graham, do you want to add to that?

格雷厄姆，你想補充一下嗎？

No. I mean the only thing I would say is if you look at Porgera as a proxy, if we do go to a care and maintenance environment, the sort of historical run rate there was about $10 million a month in holding costs. So yeah, that's a reference point if you're looking for something.

不。我唯一想說的是，如果你把波格拉古城當作一個代表，如果我們確實進入一個護理和維護環境，那裡的歷史運作率大約是每月 1000 萬美元的持有成本。是的，如果您正在尋找某些東西，那就是參考點。

And one other question. The cost of Pueblo Viejo who was 14% higher despite production falling only 5%, everything compared to the previous --

還有一個問題。Pueblo Viejo 的成本上漲了 14%，儘管產量僅下降了 5%，但一切都與之前相比--

You're talking about all in sustaining costs?

您說的是所有維持成本嗎？

I think it was the cost, the reported cost, I think. And I wonder why.

我認為這是成本，是報告的成本。我很好奇為什麼。

So what we had, the big driver in the cost in PV in quarter four was that we -- as per the mine plan, we had lower grade. And so that impacts the unit costs. And we -- our focus was to get -- we were focused on throughput and recovery during that period.

因此，第四季度光伏成本的主要驅動因素是，根據礦山計劃，我們的品位較低。這會影響單位成本。我們的重點是 — — 我們專注於那段時期的吞吐量和恢復。

We're going to go down now to fix the thickener and/or upgrade a number of desliming facilities, thickeners. And we need that to now lift again the throughput rate and to be able to deal with the improved recovery. And we showed in the slide the schedule there is of how we plan to move.

我們現在要去修復增稠機和/或升級一些脫泥設施和增稠機。我們現在需要再次提高吞吐率，並且能夠應對改善的復甦。我們在幻燈片中展示了我們計劃如何行動的時間表。

And so we will -- as I said, we're targeting middle 600s this year and then next year, we'll go above 800. And we should stay there. And even after that, there's still, ultimately, we get to just on 90% recoveries, but it's over a couple of years as we settle in our plan anyway.

正如我所說，我們今年的目標是達到 600 左右，明年則將超過 800。我們應該留在那裡。即使在那之後，我們最終仍能達到 90% 的恢復率，但這還需要幾年的時間，因為我們的計畫已經確定。

But the big sort of fixes are in this quarter, we're down for 35 days and then we're down again in quarter four. And after that, we pretty much addressed the big equipment shutdowns to fix and tie in some additional equipment.

但重大修復是在本季度進行的，我們停機了 35 天，然後在第四季度再次停機。此後，我們基本上解決了大型設備停機問題，並修復了一些額外的設備。

I mean the key thing there is that the grades were significantly lower quarter on quarter and that was really the big driver.

我的意思是，關鍵問題是成績比上一季明顯下降，這才是主要原因。

So we move to the virtual platform.

因此我們轉向虛擬平台。

(Operator Instructions)

（操作員指令）

Josh Wolfson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Josh Wolfson。

Looking at the production guidance for both 2025 and also over the five year outlook, the numbers have changed versus what was issued in November even if we adjust for the impact of Mali in there. I'm wondering is there any sort of fundamental changes in how the assets are being evaluated, or is this maybe reflecting some conservatism versus what the prior November budget was?

從 2025 年及未來五年的生產預期來看，即使考慮到馬裡的影響，這些數字與 11 月發布的數字相比也發生了變化。我想知道資產評估方式是否存在根本性的變化，或者這是否反映了與先前 11 月預算相比的一些保守主義？

Hey, Josh. It's Graham.

嘿，喬希。我是格雷厄姆。

Yeah. So I think it's important to recognize that when we shared with you the the graphs in November, we gave you -- these are graphs. They're a very small scale. So they're not really meant to be precise informations. They're there to give you sort of directional information in terms of where the production is going, and the overall impact of that production on costs, capital, et cetera.

是的。因此我認為重要的是要認識到，當我們在 11 月與你們分享圖表時，我們給了你們——這些是圖表。它們的規模非常小。所以它們實際上並不是準確的資訊。它們的作用是向您提供有關生產進展以及生產對成本、資本等的整體影響的方向性資訊。

So we do revise these from time to time. And when you look at this one, there are some small changes that reflect some of the changes that have taken place in the business from November to now. Some of the impacts of -- for example, the slowdown in Loulo and some of the changes that we've seen across the rest of the portfolio.

因此我們會不時地修改這些內容。當你看這個的時候，你會發現有一些小的變化反映了從 11 月到現在業務中發生的一些變化。一些影響——例如，Loulo 的成長放緩以及我們在其他投資組合中看到的一些變化。

So I don't think you should get too focused on the granularity of the graph. It's really about the direction.

所以我認為你不應該過度關注圖的粒度。這實際上與方向有關。

Josh, why would you tell us that we've got to meet our guidance, and then you start trying to nitpick about the exact number?

喬希，為什麼你告訴我們必須達到指導目標，然後你又開始對具體的數字吹毛求疵呢？

So I think we've looked at our guidance very carefully and made sure that we're focused on a range that we can deliver on and we'll work from there going forward. But I think to Graham's point, the direction of travel and the fact that we're saying the growth out to 2029 is a minimum of 30% is the takeaway here.

因此，我認為我們已經非常仔細地研究了我們的指導方針，並確保我們專注於我們能夠實現的範圍，並且我們將從那裡繼續努力。但我認為，對於格雷厄姆的觀點，旅行的方向和我們所說的到 2029 年的增長率至少為 30% 的事實是這裡的要點。

And when you look at the cash flow impacts of that, if you model them, you'll see what it means. And so as you know, we've had this conversation for most of your career, you and I and that is growing cash flow is a key part of what I've always been able to do.

當您觀察其對現金流的影響時，如果您對它們進行建模，您就會明白它的含義。如你所知，在你的大部分職業生涯中，我們一直在進行這樣的對話，你和我，增加現金流是我一直以來能夠做的事情的關鍵部分。

And production is important, but it's ultimately the value you get from those growth opportunities. And we're very motivated with this. And I think that the other thing I would add is when you look at the quality of our people, we took our Board over a period of two days through these feasibility studies with two separate teams that have been working on these studies for a number of years now.

生產很重要，但它最終是你從這些成長機會中獲得的價值。我們對此非常積極。我想補充的另一件事是，當你看我們員工的品質時，我們帶領董事會在兩天的時間裡進行了這些可行性研究，兩個獨立的團隊已經從事這些研究好幾年了。

And we've got a quality group of people quite capable of building out these big expansion projects. And ultimately, that's the new generation of leadership in Barrick as that will come out of that along with our corporate team of subject matter experts.

我們擁有一群高素質人才，完全有能力完成這些大型擴建工程。最終，這就是巴里克的新一代領導階層，他們將與我們的企業主題專家團隊一起誕生。

So it's an exciting time and definitely, everyone feels that we have the ability and the financial capacity to deliver on these expansions.

因此，這是一個令人興奮的時刻，每個人都確信我們有能力和財力實現這些擴張。

One more question if I can add. Just on Reko Diq, similar, there's been a number of articles that have continued in the press about possible buyers for a portion of the assets. It sounds like that deal has progressed a bit lower than maybe what we thought a year ago.

如果我可以補充的話，還有一個問題。就 Reko Diq 而言，情況類似，媒體上也出現了多篇關於部分資產的潛在買家的文章。聽起來這筆交易的進展比我們一年前預想的要慢一些。

I'm wondering, is there any kind of status updates that Barrick at least can issue. And then from the other perspective, if there isn't a deal that's announced for your partners in country, what is sort of the outlook for Pakistan to fund their portion of CapEx?

我想知道巴里克是否可以發布任何類型的狀態更新。然後從另一個角度來看，如果沒有與您所在國家的合作夥伴宣布達成協議，那麼巴基斯坦為其資本支出部分提供資金的前景如何？

So with the current funding lending group, progress, there's no -- absolutely no way that Pakistan would not be able to fund its share. And it has been up until now funding its share as well. And this -- and we don't have any -- we don't underwrite any part of the Pakistan investments.

因此，在目前融資貸款集團的進展下，巴基斯坦絕對不可能無法提供其份額的資金。並且到現在為止它一直在為其份額提供資金。而且，我們沒有為巴基斯坦的任何投資提供擔保。

And so absolutely, there's no risk of that in my mind and in the lenders' minds as well because that's been one of the focuses that they had on the ability for the Pakistan side of the equity to be able to fund their share.

因此，在我心中以及在貸方心中絕對不存在這種風險，因為他們關注的重點之一就是巴基斯坦方面是否有能力為其股份提供資金。

I think the significance of an investment from Saudi Arabia is not lost on us and not lost on anyone. And again, as you know, we are very strong partners in Saudi with the Saudis and equally strong partners with the Pakistanis in Pakistan.

我認為，我們和任何人都清楚沙烏地阿拉伯投資的重要性。再說一遍，如你所知，我們與沙烏地阿拉伯是強而有力的合作夥伴，與巴基斯坦也是強而有力的合作夥伴。

And so we were always there to help and facilitate. But we're mindful that this is an ongoing discussion between Pakistan and Saudi Arabia. And I'm absolutely sure that they will come to some sort of arrangement sometime.

因此我們總是在那裡提供幫助和支持。但我們注意到這是巴基斯坦和沙烏地阿拉伯之間正在進行的討論。我完全相信他們終有一天會達成某種協議。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

I have four in total. Two for Graham and technical for Mark.

我總共有四個。格雷厄姆獲得兩分，馬克獲得技術分。

So I'm going to start with the financial ones, Graham. Just wanted to ask you about taking the write down on Loulo-Gounkoto. I thought it -- I was a bit surprised with it to be honest, because given historically, Porgera was able to operate on care and maintenance operate -- was on care and maintenance for a while before your auditors looked at the carrying value of that asset.

因此我將從財務方面開始，格雷厄姆。只是想問你關於 Loulo-Gounkoto 的記錄。我認為——說實話我對此有點驚訝，因為從歷史上看，波格拉礦能夠在維護和保養的基礎上繼續運營——在審計師看到該資產的賬面價值之前，已經運營了一段時間。

So my question is, number one, has there -- was there a change? I understand it's goodwill. And does that mean every quarter if the asset isn't up and running that we are going to be revealing the carrying value?

所以我的問題是，第一，有改變嗎？我明白這是善意。這是否意味著如果資產沒有投入運行，我們每季都會揭露其帳面價值？

Thanks, Tanya.

謝謝，Tanya。

No, it doesn't mean we'll be reviewing it every quarter. Under the accounting rules, we were required to look for signs of impairment. And obviously, the engagement that we've had ongoing in Mali was a trigger for that. And on the back of that, we looked at our holding value and the potential outcomes in the future, which of course are multiple.

不，這並不意味著我們每季都會進行審查。根據會計規則，我們必須尋找減損跡象。顯然，我們在馬利持續進行的接觸是這一進程的觸發因素。在此基礎上，我們研究了我們的持有價值和未來的潛在結果，當然這些結果有很多。

And we had to make some assessments around that. And based on that, we considered that the goodwill that we had previously written up against this asset when Barrick acquired it and their angle transaction was no longer appropriate.

我們必須對此做出一些評估。基於此，我們認為，當巴里克收購該資產以及他們的角度交易時，我們先前針對該資產所記的商譽已不再合適。

And so it was on that basis that we've written it down. But we don't expect to have to do that on an ongoing basis. If there was a material change in the circumstances, which then had an impact on the potential future cash flows, well, then we would assess it at that point.

所以我們就是在這個基礎上把它寫了下來。但我們預計不必持續這樣做。如果情況發生重大變化，從而對未來的潛在現金流產生影響，那麼我們會在那時進行評估。

But that's not what we expect going forward. With reference to your comment about Porgera, it's really a -- it's all about what the holding cost was. So in the case of Porgera, the holding costs in our books were extremely low and therefore, even though we had situations which might have caused us to look at whether there was an impairment because the cost in our book was very low. It never got to that point.

但這並不是我們未來所期望的。關於您對波格拉 (Porgera) 的評論，這實際上完全取決於持有成本。因此，就波格拉金礦案例而言，我們帳面上的持有成本極低，因此，即使我們遇到了可能需要我們查看是否存在減損的情況，因為我們帳面上的成本非常低。但事情從來沒有達到那個程度。

My second financial. The follow up on Anita's. I appreciate that these charts that you provide to us are directional. And I am coming back to the capital because directionally, the chart that was provided in the Investor Day did show 2026 peaking at that 4.2-ish range on capital and then starting to decline in 2027, '28 and '29, which is a bit different than the sort of capital outlay of flattish for '26, '27.

我的第二筆財務。對 Anita 的後續報導。我很欣賞您向我們提供的這些圖表具有方向性。我又回到資本問題上，因為從方向上看，投資者日提供的圖表確實顯示，2026 年資本將達到 4.2 左右的峰值，然後在 2027 年、2028 年和 2029 年開始下降，這與 2026 年、2027 年的持平資本支出略有不同。

So there has been a movement of capital and it has to be more than just Loulo-Gounkoto because that one's about $300 million. So just trying to understand what has been moved around and (inaudible) mine.

因此，存在資本流動，而且不僅僅是 Loulo-Gounkoto，因為其規模約為 3 億美元。所以只是想了解什麼東西被移動了以及（聽不清楚）我的。

So Tanya, just to be clear, when I answered Anita's question, it was really in the context of our specific guidance for 2025. With reference to your question, which is really about the longer term outlook, yes, there have been changes in the sequencing of the timing of capital at those feasibility studies as we've got more details on the exact timing of the spend.

所以 Tanya，需要明確的是，當我回答 Anita 的問題時，實際上是針對我們對 2025 年的具體指導。關於您的問題，這實際上是關於長期前景的問題，是的，隨著我們對支出的具體時間有了更多的了解，這些可行性研究中資本時間順序已經發生了變化。

So yeah, there's some shifting between '26, '27, and '28, but as you will have seen in terms of the gross numbers that we previously gave guidance on for both Lumwana project and the Reko Diq project, those total numbers haven't changed.

是的，26 年、27 年和 28 年之間存在一些變化，但正如您所看到的，就我們之前為 Lumwana 專案和 Reko Diq 專案提供的指導總數而言，這些總數並沒有變化。

So it's really just the timing of the spend as we incurred over the period of the projects.

所以這其實只是我們在專案期間產生的支出的時間安排。

I mean, and the 2025 which you majority of it was Loulo-Gounkoto. So I thought we were running at about $300 million, but we could take it offline.

我的意思是，2025 年大部分是 Loulo-Gounkoto。因此我認為我們的營運成本約為 3 億美元，但我們可以將其下線。

My two other technical questions, if I could ask, Mark. I wanted to come back to just the Pueblo Viejo and the relocation program. I just remember from the mine tour, that the tailings and the conveyor area, I think the relocation was about 1,500 people or thereabouts that had to be done over a period.

我的另外兩個技術問題，如果可以的話，馬克。我只想回到 Pueblo Viejo 並討論搬遷計劃。我剛從礦場參觀時記得，尾礦和傳送帶區域的搬遷工作大約需要 1,500 人左右，而且必須在一段時間內完成。

Can you just confirm that that's still the case and that we need all of this to be done? I just don't remember when we have to have this supply. We have to change availability on [Fourmile]

您是否可以確認情況仍然如此並且我們需要完成所有這些工作？我只是不記得我們什麼時候需要這些供應。我們必須更改[四英里]

So there's a -- Tanya, we've spent a lot of time building in flexibility and the focus is the starter wall and the starter dam. So we can manage that. And also we've looked at different accesses into the area, both and to be able to start the construction of the starter wall and then looking at the bigger projects.

所以，Tanya，我們花了很多時間建造靈活性，重點是起始牆和起始壩。所以我們可以做到這一點。我們還研究了進入該地區的不同通道，以便能夠開始建造起始牆，然後再考慮更大的項目。

So again, we are managing. This is a social program. As you know, we've done many of these before. And you need to and so we've built in some flexibility by just the approach that we've taken on the phases that we will enter.

因此，我們再次進行管理。這是一個社交計劃。如你所知，我們之前已經做過很多這樣的事。你需要這樣做，因此，我們透過採取即將進入的階段的方法，建立了一定的靈活性。

And the key for us, however, is to get the geotechnical drilling done. So that we can build the starter dam and the foundations for the main walls because this is -- remember, this is a highly seismic area. So the construction of this dam is a highly engineered construction and to be able to do it and ensure that it meets all the criteria for that setting, we need to do the -- a lot more geotechnical work than one would do for a standard tailings done.

然而，對我們來說，關鍵是完成岩土鑽探。這樣我們就可以建造起始壩和主牆的地基，因為－－記住，這是一個地震多發區。因此，這座大壩的建造是一項高度工程化的建築，為了能夠完成它並確保它滿足該環境的所有標準，我們需要做比標準尾礦庫更多的岩土工程工作。

Mark, on the critical path, what is the -- on the critical path that you have to have a relocation of this --

馬克，在關鍵路徑上，你必須重新定位這個--

Yeah. We've got out until 2029 to be able to have the starter dam functioning. Our original plan was to be quite well advanced with the main dam. Do you want to add to that, Simon?

是的。我們必須等到 2029 年才能讓起始壩投入運作。我們原來的計畫是主壩的建造要取得相當好的進展。西蒙，你還想補充一點嗎？

No. It's just -- so we've got till the end of 2029. And then there's still additional work ongoing, which has got some flexibility going into 2030, but obviously, our priority is to get the dam geotechnical work done as you pointed out.

不。只是──所以我們要到 2029 年底。然後還有一些額外的工作正在進行中，這些工作到 2030 年將具有一定的靈活性，但顯然，我們的首要任務是完成大壩岩土工程，正如您所指出的那樣。

And then just for that, Tanya, we have extended the Llagal Dam, which is the current dam. So with another lift. So we have built some flexibility into that.

為了這個目的，塔妮婭，我們擴建了拉加爾大壩，也就是現在的大壩。因此又搭了另一趟電梯。因此我們為此建立了一些靈活性。

We're okay then for tailings until it's probably about 2030-ish. Would that be fair?

到 2030 年左右為止，我們的尾礦庫都是可以的。這樣公平嗎？

That's pretty fair, but this is -- so I mean you've just pointed out. We're going to build this dam because otherwise, why are we doing all this work? So.

這很公平，但是這是——所以我的意思是你剛才指出了這一點。我們要建造這座大壩，否則為什麼要做這麼多工作？所以。

And just on this, is there any changes to that because of this additional starter dam and other?

就這一點而言，由於增加了起始壩和其他設施，這方面是否有任何變化？

Right now, the estimated capital is that you're asking it, you're breaking up, but I mean we're very comfortable with the current outlook on our estimates for the completion of this whole expansion.

目前，估計的資本就是你正在問的，你正在分手，但我的意思是，我們對完成整個擴張的估計的當前前景非常滿意。

And then my final question, I just wanted to go but I just wanted to ask about, Mark, you mentioned that you have the obligation in the joint venture to move Fourmile into the joint venture once you have that feasibility study.

然後我的最後一個問題，我只是想問一下，馬克，你提到你有義務在合資企業中將 Fourmile 轉移到合資企業中，一旦你有可行性研究。

Is that a -- if Newmont decides they do not want to participate in Fourmile for some reason, is that a unilateral right that you have to be able to displace material from the joint venture and put in Fourmile? And you will get access.

如果紐蒙特公司因為某種原因決定不想參與 Fourmile 項目，那麼您是否有單方面的權利可以從合資公司中轉移材料並投入 Fourmile？然後您將獲得存取權限。

So they have the obligation to take it into. It's a put and call, and it's an automatic one. So if it meets the criteria as laid out in the joint venture agreement, we have the right to put it in an obligation. And they have the obligation to accept it and settle the payment in cash or dilute. That's the option. So it's very clear.

所以他們有義務接受它。這是看跌和看漲期權，而且是自動的。因此，如果它符合合資協議中規定的標準，我們就有權將其納入義務。並且他們有義務接受它並以現金或稀釋的方式結算。這就是選擇。所以這非常清楚。

Of course, there's always opportunities for us to jointly agree on a different way of bringing it into the joint venture, but without a doubt, Fourmile has real value and to all our shareholders in Nevada gold mines.

當然，我們總是有機會共同商定以不同的方式將其納入合資企業，但毫無疑問，Fourmile 對內華達金礦的所有股東都有真正的價值。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

So just a couple. The first one on the buyback. Mark, you noted you intend to continue buying back stock. You bought back quite a lot in the fourth quarter. Can you give us any steer on how we should expect that the kind of run rate? Is there a target or is it very much kind of share price dependent?

所以只有一對。第一個是關於回購的。馬克，您曾表示您打算繼續回購股票。你們在第四季回購了相當多的東西。您能否給我們一些指導，告訴我們應該如何預期這種運行率？是否有一個目標，還是很大程度取決於股價？

How we should be thinking about the quantum of the buyback in subsequent quarters?

我們該如何考慮後續季度的回購量？

So we look at this and last quarter, we were managing a big capital program. Cash flow, we've got higher commodity prices, stronger revenues. So -- and very clearly, we have absolute no hesitation to buy back our share when it's at sort of these low share prices.

因此，我們來看看這個季度和上個季度，我們正在管理一個大型資本項目。現金流，我們的商品價格更高，收入更強勁。因此，很明顯，當股價處於這種低點時，我們絕對會毫不猶豫地回購我們的股票。

And we'll continue to do that. At the same time, as you know, both Graham and I have shepherded our businesses through many challenging times. And the one thing you don't want to be is beholden to the market as you go into a big capital program.

我們將繼續這樣做。同時，正如你們所知，格雷厄姆和我都帶領我們的企業度過了許多困難時期。當你參與一個大型資本專案時，你最不想做的就是受制於市場。

And we're mindful of that. We are -- and we have all the facilities to be able to ensure that we get to where we want to get to and we'll make sure that we balance that carefully. But as we've demonstrated and the run rate, as you pointed out, Dan, for quarter four was well over $1 billion a year.

我們牢記這一點。我們是——我們擁有所有的設施來確保我們能夠到達我們想去的地方，並且我們將確保仔細地平衡這一點。但正如我們已經證明的那樣，正如您所指出的丹，第四季度的運行率遠超每年 10 億美元。

So we're -- and we will -- we look at this every day. And we'll make the decisions on a daily basis, and that's what we do.

所以我們——而且我們會——每天都關注這個問題。我們每天都會做出決定，這就是我們的工作。

And the next one, just on your CapEx guidance. Looking at the $1.7 billion to $1.9 billion of project CapEx, can you give us a breakdown of how much of that is going to Lumwana and to Reko Diq approximately?

下一個只是關於您的資本支出指導。看看 17 億到 19 億美元的專案資本支出，您能否告訴我們其中大約有多少流向了盧姆瓦納和雷科迪克？

I'm sure Graham is going to answer that.

我確信格雷厄姆會回答這個問題。

Dan, you got another question while he gets his head around that answer?

丹，當他思考這個問題的答案時，你還有其他問題嗎？

Yeah. I could go for one more. So yeah, I appreciate that Mali situation. You can't comment on too much of the specifics, but you made it very clear that the outcome wouldn't impact the growth trajectory of the business.

是的。我可以再去一次。是的，我很了解馬裡的情況。您無法對太多細節發表評論，但您已經明確表示，結果不會影響業務的成長軌跡。

Can you just kind of clarify also whether it would have any impact on the project pipeline, funding decisions around major projects if you don't have that cash flow available to redistribute within the group for an extended period?

您能否澄清一下，如果長期內沒有可供集團內部重新分配的現金流，這是否會對專案管道和重大專案的融資決策產生任何影響？

No. We're very comfortable with where we are. We'll be able to manage it.

不。我們對目前的狀況非常滿意。我們能夠解決它。

And Dan, every day, we have days like today with the gold price and copper price. We're building a cushion in the funding structure. So and we've had a long time in that in the last three months. So.

丹，每天，我們都會看到像今天這樣有關金價和銅價的日子。我們正在建立資金結構緩衝。所以，在過去的三個月裡，我們已經花了很長時間來解決這個問題。所以。

Yeah. So Dan, yeah, just to come back to your question, Dan.

是的。所以丹，是的，回到你的問題，丹。

As you'll see from the MD&A, we're guarding approximately $1 billion of spending on Reko Diq on a 100% basis. So our share of that would be just over half. And on Lumwana, we're guiding $600 million in capital spend for 2025.

正如您從 MD&A 中看到的，我們 100% 保護著對雷科迪克 (Reko Diq) 的約 10 億美元支出。因此我們的份額將略高於一半。對於 Lumwana，我們預計 2025 年的資本支出為 6 億美元。

And I think I would add that, particularly in both cases, but in Lumwana, because it's got one circuit already running, any and that supports the financing. And so higher copper prices really do bring down the exposure that Barrick has to support that expansion.

我想補充一點，特別是在這兩種情況下，但在 Lumwana，因為它已經有一個電路在運行，並且支援融資。因此，銅價上漲確實會降低巴里克支持這項擴張的風險。

So right now, with our outlook on copper and our own internal revenue generation capacity, these projects are becoming more affordable by the day as we collect -- accumulate. And that's why it's important for us to manage that net debt position as we go towards these bigger capital years.

因此現在，根據我們對銅的展望以及我們自己的內部創收能力，隨著我們的收集和積累，這些項目將變得越來越便宜。這就是為什麼在我們進入更大的資本年時管理淨債務狀況對我們來說很重要。

Just a very brief follow up on that, Graham, or either Mark. Graham, to be clear that you would expect to accrue the minority contributions to the Reko Diq capital as you spend them. So they'd show up in the P&L as a cash flow statement?

格雷厄姆 (Graham) 或馬克 (Mark)，對此我做一個非常簡短的跟進。格雷厄姆，要明確的是，在你花費少數股東的捐款時，你會期望這些捐款能夠累積到雷科迪克的首都。那麼它們會以現金流量表的形式出現在損益表中嗎？

Yeah. So from an accounting point of view, we're going to be consolidating that asset. So yes, you will see it from that point of view. But from a cash point of view, we're only funding effectively 55% of the project because there's a 10% free carried interest.

是的。因此從會計角度來看，我們將合併該資產。是的，您會從那個角度看待它。但從現金角度來看，我們實際上只為該項目提供了 55% 的資金，因為有 10% 的免費附帶權益。

So our 50% over 90% is about 55%. So that's what we fund from a cash point of view.

因此我們的 50% / 90% 大約是 55%。這就是我們從現金角度提供的資金。

Good luck.

祝你好運。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯 (John Tumazos)，約翰‧圖馬佐斯 (John Tumazos) 非常獨立的研究。

I'm looking at ways to try to convince an Agnico or Alamos Gold shareholder to buy Barrick instead. And it's not necessary to tell those shareholders that you're good managers because they know that. And they know that you build good mines.

我正在尋找方法，試圖說服 Agnico 或 Alamos Gold 的股東購買 Barrick。而且沒有必要告訴股東你是優秀的管理者，因為他們知道這一點。他們也知道你們修建了優質的礦場。

They're politically risk averse people. And I was thinking of three tactics or minor repairs in your strategy that might help someone to buy the Barrick shares instead of the Agnico shares. And let me just see if any of these three minor changes appeal to you.

他們是厭惡政治風險的人。我正在考慮對您的策略進行三種策略或小幅修改，這些策略或將幫助人們購買巴里克股票而不是阿格尼科股票。讓我看看這三個小變化是否有吸引您的地方。

One would be if you asked your exploration department to acquire a couple sub $1 billion exploration and development projects with large resources and to shift a part of your resource base to Canada. And the premiums of course are smaller for these development companies that need financing.

一種方法是，如果你要求你的勘探部門收購幾個價值不到 10 億美元的、擁有大量資源的勘探和開發項目，並將部分資源基礎轉移到加拿大。當然，對於這些需要融資的開發公司來說，保費會較少。

A second tactic would be if you advanced Donlin Creek in Alaska, which is in the US and it's a slower return project in a safer place.

第二個策略是如果你推進阿拉斯加的 Donlin Creek，它位於美國並且是一個在更安全的地方回報較慢的計畫。

A third tactic would be if you had a corporate policy of reinvesting every penny of North American cash flow in North America plus half of the cash flow from outside North America into North America to try to comfort the investors who are afraid of political risk in foreign countries.

第三個策略是，如果你有一項公司政策，將北美現金流的每一分錢再投資於北美，再加上一半來自北美以外的現金流再投資到北美，以試圖安撫那些擔心外國政治風險的投資者。

Do any of those things make sense to you, Mark?

馬克，這些事情對你來說有意義嗎？

I guess, John. Thanks for that advice.

我想是的，約翰。謝謝你的建議。

It's -- I think partially, there's a bit of common sense in anyone. I think the one point is that the world's changed. Maybe that was appropriate a year ago, but I think there's a very uncertain environment that has developed around both Canada and the United States.

這是——我認為從某種程度上來說，任何人都有一點常識。我認為一點是世界已經改變。也許一年前這樣做是合適的，但我認為加拿大和美國周圍都出現了非常不確定的環境。

And again, we're very invested in the United States and we are heavily invested in exploration and pursuing new opportunities both in the United States and Canada just as we are in all the other highly prospective regions.

再說一次，我們在美國投入了大量資金，我們在美國和加拿大進行了大量投資以探索和尋求新機遇，就像我們在其他所有極具前景的地區一樣。

And so again, I think what will eventually drive us, drive those investors to invest in us is that we've demonstrated that we are a safe pair of hands with our shareholders investments. We haven't asked them for anything for a very long time and we've never diluted them.

所以，我認為，最終推動我們、推動那些投資人投資我們的原因是，我們已經證明，我們是股東投資的安全之手。我們很久沒有向他們要求任何東西了，而且我們從來沒有淡化過他們。

And today, if you look at where we are compared to where we were in 2019, we are a whole lot better off and a whole lot more valuable. And we have done nothing to destroy that value. So as you know, John, go back to 2011 in Randgold and all the M&A activity and the fact that we focused on just being a little bit more conservative and diligent in the way we invested our shareholders' cash, we separated us from the investors and a lot of people migrated from those highly overvalued assets, or equities into the Randgold stock and made it the best performing gold stock ever.

今天，如果將我們現在的情況與 2019 年相比，就會發現我們的情況好了很多，價值也高了很多。我們沒有做任何破壞這項價值觀的事情。所以正如你所知，約翰，回顧 2011 年蘭德黃金公司的所有併購活動，事實上，我們專注於在投資股東現金的方式上更加保守和勤勉，我們將自己與投資者分開，許多人從那些被嚴重高估的資產或股票轉移到蘭德黃金公司股票，並使其成為有史以來表現最好的黃金股票。

So I think we set out to build something in Barrick. We were not -- we were completely aware of the challenges we had. We weren't prepared for the inflation and COVID and the sort of dynamic world that we've sort of entered into in the last couple of years and everything's just been put on steroids in the last 28 days.

因此我認為我們打算在巴里克創建一些東西。我們不是——我們完全意識到我們面臨的挑戰。我們沒有為通貨膨脹和新冠疫情做好準備，也沒有為過去幾年我們所進入的這種動態世界做好準備，而在過去 28 天裡，一切都變得更加劇烈。

And so I think there's a big question mark everywhere about where to be and what to look for and what's been good for me is always focused on projects that make money in spite of the market. And both Lumwana and Reko Diq and PV, Pueblo Viejo and Fourmile are all assets that will make money regardless.

所以我認為，關於應該去哪裡、應該尋找什麼，到處都存在著一個大問號，而對我來說，最好的是始終專注於那些不受市場影響、能賺錢的項目。而 Lumwana、Reko Diq、PV、Pueblo Viejo 和 Fourmile 都是無論如何都能賺錢的資產。

And so as the market gets their head around the fact that we're still very clear and on top of that, there's no other gold company where the shareholders -- the management own as much as what the management in Barrick owns.

因此，當市場意識到我們仍然非常清楚的事實時，最重要的是，沒有其他黃金公司的股東——管理層擁有像巴里克管理層那樣多的股份。

So we are very motivated to deliver against that plan. And we -- I mean just to get back to your three points, in a form, we would exercise any one of those, not necessarily exactly how you explained it, but there's each one of those ideas have an option that we've already discussed in our team.

因此，我們非常有動力實現該計劃。而我們——我的意思是回到你的三點，從某種形式上來說，我們會實踐其中任何一項，不一定完全按照你解釋的方式，但每一個想法都有一個我們已經在團隊中討論過的選項。

Joshua Rales, RFI Associates.

RFI Associates 的 Joshua Rales。

I want to thank you, you and your team, Mark, for your long term commitment in acquiring reserves at a very low cost without diluting shareholders as I'm a long-term investor. I wanted to kind of continue on what Mr. Tumazos was saying in the sense that the generalist investor has been pretty absent with gold mining stocks in the last few years even as the gold price has risen because it wasn't being realized at the bottom line due to higher costs and in some cases lower production.

我要感謝你，以及你的團隊，馬克，感謝你們長期致力於以極低的成本收購儲備，而不會稀釋股東權益，因為我是一個長期投資者。我想繼續圖馬佐斯先生所說的內容，即過去幾年中，儘管金價上漲，但通才投資者很少投資黃金礦業股票，因為成本上升，有時甚至產量下降，導致利潤沒有實現。

It appears that your costs are stabilizing on the labor front and on inputs like the oil. And I wanted to ask you, do you see that continuing, which is enabling the margins to really explode higher and it would seem to me at some point, the generalist investor is going to be awakened by these very rapidly increasing margins.

看起來你們的勞動成本和石油等投入成本正在趨於穩定。我想問您，您是否認為這種情況會持續下去，從而使利潤率真正大幅上升，在我看來，在某個時候，綜合型投資者將會被這些快速增長的利潤率所喚醒。

Gold is up almost $900 since the beginning of last year. And you have all these tens of millions of dollars of reserves and tens of millions of ounces of reserves in the ground that you've acquired at such a low cost. It seems like you're in the catbird seat even with everybody focusing on Mali, which is like the tail wagging the dog as far as I'm concerned, when I look as a long term investor.

自去年年初以來，金價已上漲近 900 美元。而且你們以如此低的成本就獲得了價值數千萬美元的儲備和數千萬盎司的地下儲備。儘管大家都在關注馬裡，但你似乎處於有利地位，在我看來，身為長期投資者，這無異於本末倒置。

Yeah. Thanks, Josh. I mean it's like I mean you say exactly what I think.

是的。謝謝，喬希。我的意思是，你說的和我的想法完全一樣。

So the point here is that when we look at allocating -- and let me start on the cost side first. First of all, if you need to start looking at the cash cost, C1 cost and then the all in sustaining costs and there's still quite a big delta which we shared at the Investor Day.

因此，這裡的重點是，當我們考慮分配時——讓我先從成本方面開始。首先，如果您需要開始查看現金成本、C1 成本，然後是所有維持成本，那麼仍然存在相當大的差異，我們在投資者日分享過這一點。

So we'll bring that down as we address some of the ongoing sustainability investments or sustainable investments into projects, particularly in Nevada. But that is, definitely, we're starting to manage that and we're starting to forecast that decline in that extra sustaining capital requirement to fix our assets.

因此，當我們解決一些正在進行的可持續性投資或對該項目的可持續投資時，特別是在內華達州，我們會降低這一比例。但可以肯定的是，我們正在開始管理這一點，我們開始預測修復資產的額外維持資本需求將會下降。

And I would just add that the success of being able to roll forward your 10-year plans always comes with an extra sustainable capital because you've now got more requirement to put in additional maintenance capital because you've got a bigger orebody and a longer life.

我只想補充一點，成功實施你的十年計畫總是伴隨著額外的永續資本，因為你現在有更多的要求投入額外的維護資本，因為你擁有更大的礦體和更長的壽命。

And sometimes -- and getting back to your second point, I've been in this industry I think longer than you even and the one thing is you go through these periods where the equity becomes very focused on trade. And the gold equities have really been about short-term trades.

有時 - 回到你的第二點，我想我在這個行業的時間比你還要長，而且有一件事是，你會經歷這些時期，股權變得非常專注於貿易。黃金股票其實一直是短期交易。

And it's -- we've now started seeing some of the longer term investors come back in the stock. Certainly, all our big investors have regrown their positions in our register again. And we've got to really spend more time accessing those longer term pools of capital which our investor team -- investor relations team is focused on.

我們現在開始看到一些長期投資者重新回歸股市。當然，我們所有的大投資者在我們的登記冊中都重新獲得了地位。我們必須花更多的時間來獲取我們的投資人團隊—投資人關係團隊所關注的那些長期資本池。

And it's -- and a lot of the real focus has been on the physical because of this obsession and correctly so of the high risk nature of the global economy. And the geopolitical situation across the world, including Canada and North America. So it is a very dynamic place.

而且 — — 許多人真正的注意力都集中在實體上，這是因為人們沉迷於全球經濟的高風險性，這是正確的。以及包括加拿大和北美在內的世界各地的地緣政治局勢。所以這是一個非常有活力的地方。

And so in my experiences, to survive in dynamics like that because I grew in geopolitically very dynamic, I grew up in those sort of markets, is make sure that your assets are bulletproof as far as viability goes. So and we've definitely got that.

因此，根據我的經驗，要在這樣的動態環境中生存下來，因為我是在地緣政治非常動態的環境中長大的，我在那樣的市場中長大，就是要確保你的資產在可行性方面是無懈可擊的。因此，我們確實做到了這一點。

So I think we're in very good shape. And again, it's our job to be able to explain to people when you buy our stock, you have to buy it from another owner because we definitely don't issue it because we're also buying it in the market.

所以我認為我們的狀況非常好。再說一次，我們的工作就是向人們解釋，當你購買我們的股票時，你必須從另一個所有者那裡購買，因為我們肯定不會發行它，因為我們也在市場上購買它。

So that in itself is the story of who we are in Barrick and how our outlook for our business and ensuring that we continue to create value for our shareholders. And it's the -- and we're starting to get our head around that and with the growth now and the decisions made, we can really look on a little harder on how we can work to John's point, to unlock that value and we will do that.

這本身就說明了巴里克的狀況以及我們對業務的展望以及如何確保我們繼續為股東創造價值。這就是──我們開始考慮這個問題，隨著現在的成長和所做的決定，我們可以更認真地考慮如何才能按照約翰的觀點去努力，釋放這個價值，我們會這樣做。

There are no more questions from the conference call.

電話會議中沒有其他問題。

All right. Well, thank you, ladies and gentlemen, for your time and those who phoned in. And again, as usual, our team is all available. You reach out to any of us, or to our website, we'll be available to take questions.

好的。好吧，女士們、先生們，謝謝大家的時間，也謝謝那些打來的人。和往常一樣，我們的團隊隨時待命。您可以聯絡我們中的任何人，或造訪我們的網站，我們都會隨時回答您的問題。

And for those shareholders on the call, we'll probably be speaking to you in the next day or two. So again, chat to you soon.

對於參加電話會議的股東，我們可能會在接下來的一兩天內與您交談。所以，我再一次和你聊天。

Thank you again for your time.

再次感謝您的時間。

This concludes today's event. Should you have additional questions, please contact the Barrick Investor Relations department. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的活動到此結束。如果您還有其他問題，請聯絡巴里克投資者關係部門。您可以斷開您的線路。感謝您的參與並祝您有愉快的一天。