Barrick Mining Corp (B) 2025 Q2 法說會逐字稿

(audio in progress) everyone and thank you all for joining us today (technical difficulty) and to take you through our second quarter results and share the progress we're making across the business.

（音訊進行中）大家好，感謝大家今天的到來（技術難題），我們將向大家介紹我們的第二季業績，並分享我們在整個業務中取得的進展。

Quarter two was a productive quarter for Barrick, one where we built on the positive momentum from quarter one with stronger production, continued delivery from our Tier 1 assets and solid progress on our growth projects. We continue to perform in a global environment that remains uncertain and, at times even uneven, reinforcing the value of a diversified portfolio, disciplined capital allocation, and the ability to operate effectively across a range of settings.

第二季度對巴里克來說是富有成效的，我們在第一季的積極勢頭的基礎上進一步增強了產量，繼續交付一級資產，並在成長項目上取得了穩步進展。我們繼續在仍然不確定、有時甚至不平衡的全球環境中表現出色，強化了多元化投資組合、嚴格的資本配置以及在各種環境下有效運作的能力的價值。

Our performance this quarter speaks for itself. The portfolio is delivering. Our balance sheet remains strong, and the second half is shaping up to be even better. We're growing real value through delivery. And while the market hasn't fully recognized this yet, we see it as a clear opportunity.

我們本季的表現不言而喻。投資組合正在發揮作用。我們的資產負債表依然強勁，下半年的前景將會更好。我們透過交付來增加真正的價值。儘管市場尚未完全認識到這一點，但我們認為這是一個明顯的機會。

Before we begin, I'll just remind everyone that today's presentation contains forward-looking statements and financial measures that are subject to a number of risks and assumptions. You'll find the full cautionary in the appendix to this presentation and on our website, which you can read at your leisure.

在我們開始之前，我只想提醒大家，今天的演示包含前瞻性陳述和財務指標，這些陳述和財務指標受許多風險和假設的影響。您可以在本簡報的附錄和我們的網站上找到完整的警告，您可以隨時閱讀。

So starting with group highlights. This was another quarter delivered in line with plan as we continue to leverage the high gold price. Production tracked our guidance and the second half is set to deliver more, in line with the guidance we laid out at the start of the year.

因此，先從小組亮點開始。由於我們繼續利用高金價，這又是一個按計劃交付的季度。生產情況符合我們的預期，預計下半年將實現更多產量，與我們年初制定的預期一致。

Earnings per share more than doubled versus last year with adjusted earnings per share at $0.47, the highest since 2013. We finished the quarter in a net cash position, which allowed us to continue buying back shares while strengthening the balance sheet. The Board has approved a total dividend of $0.15 per share, which includes a $0.05 performance top-up.

每股收益較去年同期增長一倍以上，調整後每股收益為 0.47 美元，為 2013 年以來的最高水準。本季我們處於淨現金狀況，這使我們能夠繼續回購股票，同時加強資產負債表。董事會已批准每股 0.15 美元的總股息，其中包括 0.05 美元的績效補貼。

Operationally, we are pleased with the progress across the portfolio. Nevada Gold Mines and Pueblo Viejo delivered solid results. The mine has started to show its true potential. The ramp-up at Goldrush is gaining momentum. And of course, Fourmile keeps growing as we'll discuss later.

從營運角度來看，我們對整個投資組合的進展感到滿意。內華達金礦公司和普韋布洛維耶霍公司取得了穩健的表現。該礦已開始展現其真正的潛力。Goldrush 的成長勢頭正在增強。當然，Fourmile 還在不斷發展，我們稍後會討論。

On the operational front, this was another quarter with all the arrows pointing in the right direction. Production improved across the portfolio with solid contributions from Nevada Gold Mines, Pueblo Viejo, Kibali, and Lumwana. These assets are delivering as planned, setting us up for a stronger second half.

在營運方面，這又是一個所有箭頭都指向正確方向的季度。在內華達金礦、普韋布洛維耶霍、基巴利和盧姆瓦納的堅實貢獻下，整個投資組合的產量都有所提高。這些資產正在按計劃交付，為我們下半年更強勁的表現奠定了基礎。

In Copper, we saw a clear year-on-year and quarter-on-quarter improvement, production volumes up, and unit costs coming down. Attributable gold production increased. And importantly, we continue to see a reduction in all-in sustaining costs. As we discussed at the start of the year, controlling all-in sustaining cost is a key focus area for us, and we are starting to see that discipline coming through in the numbers.

在銅方面，我們看到同比和環比明顯改善，產量上升，單位成本下降。黃金產量增加。重要的是，我們繼續看到整體維持成本的下降。正如我們在今年年初所討論的那樣，控制全部維持成本是我們關注的一個重點領域，而且我們開始看到這種紀律在數字中得到體現。

And as we continue to focus our portfolio on long-life Tier 1 assets, we completed the sale of our interest in the Donlin Gold project for $1 billion. The sale reflects our disciplined approach to capital allocation and further sharpens our growth pipeline.

隨著我們繼續將投資組合重點放在長壽命一級資產上，我們以 10 億美元的價格完成了 Donlin Gold 項目的權益出售。此次出售體現了我們嚴謹的資本配置方針，並進一步完善了我們的成長管道。

Turning to the group's financial results. The combination of improved operating performance and a stronger gold price has delivered the best quarterly adjusted earnings per share in over a decade. We can see a significant improvement in revenue, net earnings, and adjusted net earnings, with all three tracking upwards compared to quarter one and the same quarter last year.

談到該集團的財務表現。經營業績的改善和金價的走強共同帶來了十多年來最好的季度調整後每股收益。我們可以看到收入、淨利潤、調整後淨利潤都有了顯著的提升，與第一季和去年同期相比，三項指標均有所上升。

Our attributable EBITDA growth reflects stronger margins and net cash provided by operating activities came in at $1.33 billion, up 35% from last quarter if we exclude interest and income taxes. Free cash flow improved, supported by the gold price and disciplined capital allocation. And as I mentioned, earnings per share increased to $0.47, aligning with the operational and market tailwinds we've discussed.

我們的應佔 EBITDA 成長反映了更高的利潤率，如果不包括利息和所得稅，經營活動提供的淨現金達到 13.3 億美元，比上一季成長 35%。受金價和嚴格的資本配置支撐，自由現金流有所改善。正如我所提到的，每股收益增加至 0.47 美元，與我們討論過的營運和市場順風一致。

The trend here is clear. Barrick is on a positive trajectory with even more to come. (technical difficulty) really highlights the product of our clear and consistent capital return framework. It reflects the disciplined approach we take to allocating capital, ensuring we deliver long-term profitability across our portfolio while building value through the growth of our Tier 1 assets and new projects.

這裡的趨勢很明顯。巴里克黃金公司正處於積極的發展軌道，未來將取得更大的進步。 （技術難度）真正凸顯了我們清晰一致的資本回報框架的成果。它反映了我們採取的嚴謹的資本配置方法，確保我們在整個投資組合中實現長期盈利，同時透過一級資產和新項目的成長創造價值。

In the first half of the year, we've already returned $753 million to shareholders through a combination of dividends and share buybacks. That is even before the performance dividend we declared, which will be paid out in quarter three, in line with our capital return framework.

今年上半年，我們已經透過股利和股票回購等方式向股東返還了 7.53 億美元。這甚至是在我們宣布的績效股息之前，該股息將在第三季根據我們的資本回報框架支付。

And importantly, this is just the first half of the year. All indicators point to an even stronger second half as we continue to deliver on our plans.

重要的是，這只是今年上半年。隨著我們繼續履行計劃，所有指標都表明下半年將會更加強勁。

As we all remind each other every day, in Barrick, health and safety remains a core priority. In this quarter, we saw further improvements across both leading and lagging indicators.

正如我們每天互相提醒的那樣，在巴里克，健康和安全仍然是核心優先事項。本季度，我們看到領先指標和落後指標均有進一步改善。

Year-to-date, we've achieved a 50% decrease in lost time injuries and a 37% decrease in total injuries compared to the same period last year. These gains reflect both stronger frontline engagement and the effectiveness of our critical control verification program, which remains the central to how we manage risk and embed a culture of safety across all our sites.

今年迄今為止，與去年同期相比，我們的誤工傷害減少了 50%，總傷害減少了 37%。這些收益反映了更強的第一線參與和關鍵控制驗證程序的有效性，這仍然是我們如何管理風險和在所有站點植入安全文化的核心。

Let's now turn to operations, and starting with North America. This was the first quarter where Nevada Gold Mines led the group's performance, driven not only by production, but by progress on key growth projects. As we've said before, the complex is transitioning to a predominantly underground operation. To support development, we initially brought in contractors, but now, we're shifting back to self-perform as the capacity of our in-house teams improve.

現在讓我們來談談運營，從北美開始。這是內華達金礦公司首次在集團業績上領先，不僅得益於產量，還得益於關鍵成長項目的進展。正如我們之前所說，該綜合設施正在轉型為以地下作業為主的設施。為了支持開發，我們最初引入了承包商，但現在，隨著我們內部團隊能力的提高，我們正在轉向自主營運。

At Goldrush, the ramp-up continues in line with plan, as we move towards nameplate capacity. At the same time, we're super excited by their potential at Fourmile, Barrick's 100% owned asset, which is effectively an extension of the Goldrush ore body, except better. I'll speak more about that a little later.

在 Goldrush，產能提升仍在按照計劃進行，我們正朝著額定產能邁進。同時，我們對巴里克全資擁有的資產 Fourmile 的潛力感到非常興奮，它實際上是 Goldrush 礦體的延伸，而且更好。稍後我將進一步談論這一點。

At Nevada Gold Mines, we saw increased gold production this quarter, reinforcing the financial strength of the portfolio and helping drive a reduction in all-in sustaining costs. That trend is expected to continue with further cost improvements anticipated by the end of the year.

在內華達金礦，本季黃金產量增加，增強了投資組合的財務實力，並有助於降低總維持成本。預計這一趨勢將持續下去，到今年年底成本將進一步改善。

Production gains were driven largely by higher volumes at Carlin and a reduction in sustaining capital contributed to a lower overall all-in sustaining costs. With all major planned maintenance shutdowns now behind us, we're well positioned to deliver an even stronger second half.

產量成長主要得益於 Carlin 產量的提高，維持資本的減少也導致整體維持成本的降低。現在，所有重大計畫維護停工都已結束，我們已做好準備，在下半年取得更強勁的業績。

Turning now to Fourmile. This asset is rapidly competing to be the largest and highest grade gold discovery in the industry this century. Since we last showed you this picture, the ore body potential has grown significantly and the grade is also increasing.

現在轉向 Fourmile。該資產正迅速成為本世紀業界規模最大、品位最高的金礦發現。自從我們上次向您展示這張照片以來，礦體潛力已顯著增長，品位也在提高。

Let me pause here to reflect for a moment. As you'll recall, our resource as calculated at the end of 2024 and as shown in this table is (technical difficulty) outline of this graphic. It's also that red arrow if somebody is struggling to see the outline.

讓我在這裡停下來思考一下。您會記得，我們的資源是在 2024 年底計算的，如本表所示，是（技術難度）此圖的輪廓。如果有人難以看清輪廓，那也是那個紅色箭頭。

The black dotted outline in what we expect to convert this year and where all indications point to us doubling the current resource or more. Even more exciting is what's shown by the green outline on the slide, where we are continuing to define significant high-grade ore body extensions.

黑色虛線輪廓表示我們預計今年的轉換量，所有跡像都表明我們將使當前資源增加一倍或更多。更令人興奮的是幻燈片上綠色輪廓所顯示的內容，我們正在繼續定義重要的高品位礦體延伸。

Fourmile is no doubt emerging as a generational asset to -- and it's worth putting this in context, and I think Simon did it at our Investor Day. If you look at Goldstrike underground, which was as some of the older folks in this audience will remember, was the maker of the Barrick then. It -- Goldstrike underground today has produced some 13 million ounces to grade of around 10 grams a ton.

Fourmile 無疑正在成為一代人的資產——值得將其放在背景中考慮，我認為 Simon 在我們的投資者日上已經這樣做了。如果你看一下 Goldstrike underground，正如在座的一些老人會記得的那樣，當時它是巴里克黃金的製造者。目前，Goldstrike 地下金礦已產出約 1,300 萬盎司黃金，品位約為每噸 10 克。

Our current exploration drilling, which is adding to the previous drilling and some of it is shown here in the yellow dots and the black dots, the ones with the grades attached to them, is really highlighting the potential. And it's a long time since we've seen these numbers of intersections at these grades with these thicknesses. And what you have is an extension of Goldstrike. And then -- I mean, correction, Goldrush.

我們目前的勘探鑽探是對先前鑽探的補充，其中一些以黃點和黑點顯示，並附有等級，這確實凸顯了潛力。我們已經很久沒有看過這麼多的、如此等級、如此厚度的交叉口了。您所擁有的是 Goldstrike 的擴展。然後——我的意思是，修正一下，Goldrush。

And this is now accessing host rock that is brittle. And we've now got these large [brittier] bodies that are delivering the grade. It's also important that these large bodies are competent. So when you intersect them for those geologists or mining engineers in the audience, when you drill through them, the core is continuous.

現在正進入易碎的母岩。現在我們已經擁有了這些能夠達到這一標準的大型[更堅韌]的軀體。這些大型機構的能力也很重要。因此，當你將它們與觀眾中的地質學家或採礦工程師相交時，當你鑽穿它們時，核心是連續的。

And that's not normal in Carlin style ore bodies, where you have many brakes in the call when you drill through the ore body. So -- it really does and when you just look at it from -- on a like-for-like, whether you use Goldstrike or Goldrush, the unit underground mining costs are going to be substantially lower.

這在卡林型礦體中並不常見，因為在鑽穿礦體時，會遇到許多阻礙。所以 — — 確實如此，當你從同類角度來看 — — 無論你使用 Goldstrike 還是 Goldrush，單位地下採礦成本都會大幅降低。

The other part of this is the geometallurgy and we are now well down the road and making intersections across that purple patch that you see on the screen because there's indications that some -- a significant amount of this ore body could well be not double refractory, but single refractory ore. And that's really the focus.

另一部分是地質冶金學，我們現在已經取得了很大進展，並在您在螢幕上看到的紫色斑塊上進行了交叉，因為有跡象表明，該礦體的很大一部分可能不是雙重耐火礦石，而是單一耐火礦石。這才是真正的重點。

The rest of the -- this year is going to be really to frame the potential of this ore body. We've resisted the temptation of trying to bank it, really to get our head around the size of this ore body and the grade. And then we will start thinking about the next step. And the next natural step is to look to access it from underground.

今年剩下的時間將真正用於挖掘該礦體的潛力。我們抵制住了試圖將其存入銀行的誘惑，真正了解了這個礦體的規模和品味。然後我們就會開始思考下一步。下一步自然就是尋找從地下進入的方法。

And we have an opportunity with minimum permitting to be able to do that from the old Bullion Hill site. And with that, we believe we will save $500 million to $600 million in drilling as if we were -- compared to if we had to try and drill it out from surface, which are long, complicated holes.

我們有機會在最低許可的情況下從舊的 Bullion Hill 站點實現這一目標。這樣，我們相信，與我們必須嘗試從地面鑽出又長又複雜的孔洞相比，我們將節省 5 億到 6 億美元的鑽探費用。

So I think what I want to leave you with, and I'm definitely going to be talking about this every quarter going forward, is the significance of this resource. And the difference that, really, should be considered here is that this is a world-class tens of millions of ounces, and it's right in the middle of infrastructure, the Nevada infrastructure.

所以我想我要告訴你們的是這種資源的重要性，而且我肯定會在未來的每個季度談論這個問題。而這裡真正需要考慮的區別是，這是一個世界級的數千萬盎司的儲量，而且它正好位於基礎設施、內華達州基礎設施的中間。

It's not something that you have to go and establish in some complicated place in other parts of the world. So I'll leave you with that. And again, when you look at the intersections multiple meters, 10s, 20, 30, 50 meters at one and two ounces per ton rather than grams per ton, it's very significant.

這不是你必須去世界其他地方的某個複雜地方建立的東西。所以我就把這個留給你了。再說一次，當你觀察幾公尺、10 公尺、20 公尺、30 公尺、50 公尺的交叉口時，每噸一盎司或兩盎司，而不是每噸克，這是非常顯著的。

Let's move on to Latin America and Asia Pacific, which delivered another all-around solid performance this quarter. And it's worth noting that this was a very challenging region when we started out back in 2019. And at Pueblo Viejo, we made further progress on the plant expansion, supporting improved throughput and production quarter-on-quarter.

讓我們來看看拉丁美洲和亞太地區，本季這兩個地區再次取得了全面穩健的表現。值得注意的是，當我們在 2019 年剛開始時，這是一個非常具有挑戰性的地區。在 Pueblo Viejo，我們在工廠擴建方面取得了進一步進展，支持了產量和產量的環比提高。

Veladero continued to trend well. And at Zaldivar we secured new mining -- a new mining permit for that operation that now extends the operations life through to at least 2051. We also continue to advance the permitting process at our El Alto exploration project. And as you'll see shortly, Reko Diq remains firmly on track, a world-class project with exceptional long-term potential.

維拉德羅繼續保持良好勢頭。我們在扎爾迪瓦爾 (Zaldivar) 獲得了新的採礦許可——新的採礦許可證，將採礦年限延長至至少 2051 年。我們也持續推進埃爾阿爾托勘探計畫的許可程序。您很快就會看到，Reko Diq 專案仍在穩步推進中，這是一個具有卓越長期潛力的世界級專案。

At Pueblo Viejo, we delivered, as I said, a solid improvement in gold production this quarter on increased plant throughput while also driving unit costs lower. The plant modifications completed last quarter are working well, and we expect continued momentum as throughput ramps up further in the second half.

正如我所說，在 Pueblo Viejo，我們本季的黃金產量實現了穩步提升，這得益於工廠產量的提高，同時也降低了單位成本。上個季度完成的工廠改造運作良好，我們預計下半年產量將進一步上升，並將繼續保持這一勢頭。

You would remember that we went down, not in the whole process, but on parts of the process for a period of 35 days in Q1, really focusing on debottlenecking the throughput within the operation. Construction of the new tailings storage facility is advancing with access roads currently underway and engineering design optimization going forward.

您可能記得，我們在第一季花了 35 天的時間對流程的各個部分進行了檢查，但並未對整個流程進行檢查，真正專注於消除操作中的吞吐量瓶頸。新的尾礦庫建設正在穩步推進，目前正在建造通道，並正在進行工程設計優化。

The focus this year has been on debottlenecking the plant and improving throughput, as I've already mentioned. And that progress is clearly reflected in the production trend that you see here.

正如我已經提到的，今年的重點是消除工廠瓶頸並提高產量。這一進步清楚地反映在您在此處看到的生產趨勢中。

The little curvation on the third bar on the top is the quarter where we were shut down for a while. That's why the throughput is down on that light blue bar.

頂部第三條橫線上的小曲線是我們暫時關閉的區域。這就是為什麼淺藍色條上的吞吐量下降的原因。

Throughput continues to rise with steady growth expected through the second half. As a reminder, Q1 was impacted by a planned shutdown, but the overall trend is firmly upward. We're targeting throughput of 12.8 million tons per annum by 2026.

吞吐量持續上升，預計下半年將穩定成長。提醒一下，第一季受到計畫停工的影響，但整體趨勢穩定上升。我們的目標是到 2026 年實現年吞吐量 1,280 萬噸。

Importantly, we continue to optimize the life of mine. And while the ramp-up has been gradual, we are managing the blend more aggressively by adding older, higher-grade stockpiles during this phase, which is being built into the plan. And we'll be updating as we go and as we progress our test work on the stock -- old stockpiles. We have a significant reserve base in stockpiles at Pueblo Viejo.

重要的是，我們不斷優化礦山的壽命。雖然產量增加是緩慢的，但我們正在透過在此階段添加更老、更高品位的庫存來更積極地管理混合，這已納入計劃。隨著我們對庫存（舊庫存）的測試工作不斷推進，我們將不斷更新。我們在普韋布洛維耶霍 (Pueblo Viejo) 擁有大量的儲備基地。

As mentioned earlier, the resettlement action plan at PV is progressing well. A key milestone in this quarter was the signing of a formal agreement with the affected communities, which was resolved all -- which has resolved all outstanding issues through a commission process mediated by the country's Public Defender and the Catholic Church.

如前所述，PV 的重新安置行動計劃進展順利。本季度的一個重要里程碑是與受影響的社區簽署了正式協議，該協議透過由國家公設辯護人和天主教會調解的委員會程序解決了所有懸而未決的問題。

With that in place, families are now moving into the new horizons, housing estate each week, and we're seeing steady progress on this important social commitment. And it's worth noting a lot of these folks living within the, effectively, the jungle and singular houses of which they didn't own.

有了這個計劃，現在每週都有家庭搬進新視野住宅區，我們看到這一重要的社會承諾正在穩步取得進展。值得注意的是，許多人實際上住在叢林中或住在不屬於自己的獨棟房屋裡。

And this housing estate comes with a preschool, primary school, middle school, and ultimately, a technical high school and you can walk to school from your home. And that's -- and it's got surge running water, it's a modern state, as you can see. So -- and everyone gets a title deed. So -- and that's a very important part of developing a value base for people in emerging markets.

這個社區有幼兒園、小學、中學，最後還有一所技術學校，你可以從家裡走路去上學。這就是——它有湧流水，正如你所見，它是一個現代化的國家。所以──每個人都會拿到一份產權契約。所以——這是為新興市場人民開發價值基礎的一個非常重要的部分。

Move now to Reko Diq, where we've made further progress in advancing this world-class project. Fluor has now been formally onboarded as the EPCM engineering partner and the design of the tailings storage facility has now been completed.

現在轉移到雷科迪克，我們在推進這個世界級的專案方面取得了進一步的進展。福陸公司現已正式成為 EPCM 工程合作夥伴，尾礦儲存設施的設計現已完成。

Early works are underway, and the project remains on track. Reko Diq continues to represent a significant long-term value opportunity for Barrick, a truly world-class asset with meaningful upside. We've also made good progress on the project financing. And with the bulk of the due diligence complete and documentation well advanced, we continue to work to complete the financing this year.

前期工作正在進行中，專案進展順利。雷科迪克繼續為巴里克帶來重要的長期價值機會，這是一項真正世界級的資產，具有顯著的上升空間。我們在專案融資方面也取得了良好進展。隨著大部分盡職調查的完成和文件工作的進展，我們將繼續努力在今年完成融資。

Six years ago, as I mentioned in Latin America and Asia Pacific, the opportunities were limited. (technical difficulty) exploration footprint and meaningful value upside. Over this period, we've rebuilt our exploration team and have established a portfolio of tangible near- and medium-term opportunities. We've had encouraging results in Argentina (technical difficulty) life of mine at Veladero.

正如我在拉丁美洲和亞太地區提到的那樣，六年前，機會有限。 （技術難度）勘探足跡和有意義的價值上升空間。在此期間，我們重建了我們的勘探團隊，並建立了一系列實際的短期和中期機會。我們在維拉德羅礦場的阿根廷（技術難度）開採生活中取得了令人鼓舞的成果。

In Pakistan, drilling, extending our new discovery at look at Bukit Pasir is ongoing, and we have already got a new discovery in that mining license. And just to point, this new discovery, we've had some drill intersections that are some of the best drill intersections ever drilled in the complex porphyry or the porphyry complex of Reko Diq.

在巴基斯坦，我們正在進行鑽探，擴大我們在 Bukit Pasir 的新發現，並且已經在該採礦許可證中獲得了新的發現。需要指出的是，在這項新發現中，我們已經獲得了一些鑽孔交叉點，這些交叉點是雷克迪克斑岩體或斑岩複合體中迄今為止最好的鑽孔交叉點。

And we're talking hundreds of meters of intersections at continuous 0.8% copper. We're also advancing new targets through drilling in the Dominican Republic and in Peru, and further strengthening our future growth pipeline in the region.

我們討論的是數百公尺的交叉路口，銅含量連續為 0.8%。我們也透過在多明尼加共和國和秘魯的鑽探來推進新的目標，並進一步加強我們在該地區的未來成長管道。

Turning now to Africa and the Middle East. This was a -- this quarter focused on further unlocking the value potential across the region as one of our main cash generators of the group. We saw a solid performance across the portfolio with encouraging improvements at Kibali, which I'll speak to in more detail shortly.

現在轉向非洲和中東。本季度的重點是進一步釋放該地區的價值潛力，該地區是我們集團的主要現金來源之一。我們看到整個投資組合表現穩健，其中 Kibali 取得了令人鼓舞的進步，我稍後會詳細介紹。

In Mali, we continue to manage the situation in a measured and constructive manner. We are continuing with arbitration and we are committed to finding a path forward for the benefit of all stakeholders. For those of you tracking updates closely, I encourage you to visit the micro site we recently added to our website.

在馬裡，我們繼續以審慎和建設性的方式處理局勢。我們將繼續進行仲裁，並致力於找到一條有利於所有利害關係人的前進道路。對於那些密切關注更新的人，我鼓勵您訪問我們最近添加到我們網站的微網站。

As I said, Kibali delivered another strong quarter with higher production and improved unit costs across the board, supported in part, by a reduction in sustaining capital. We also commissioned the solar power plant and battery energy storage system further strengthening Kibali's position as one of the most automated and also one of the greenest gold mines in the world.

正如我所說，Kibali 又度過了一個強勁的季度，產量增加，單位成本全面改善，部分原因是維持資本的減少。我們也委託了太陽能發電廠和電池儲能係統，進一步鞏固了基巴利作為世界上自動化程度最高、最環保的金礦之一的地位。

Tanzania delivered another on-track quarter with North Mara continuing its steady performance. At Bulyanhulu, work continues on the expansion project with a focus on a second access and production area to support future growth. Gold sales during the quarter trailed production slightly in Tanzania as we adapt to the new legislation requiring 20% of the production to be reserved for in-country trading with an associated royalty reduction benefit.

坦尚尼亞本季再次表現正常，北馬拉持續保持穩定。在 Bulyanhulu，擴建項目仍在繼續，重點是第二個通道和生產區，以支持未來的發展。由於我們適應新法規，該法規要求將 20% 的產量保留用於國內交易，並享受相關的特許權使用費減免優惠，因此本季度坦尚尼亞的黃金銷售額略低於產量。

And now Zambia and Lumwana, we are very excited about our progress at the Lumwana super pit expansion. The operation continued its steady upward trajectory with year-on-year and quarter-on-quarter increases in production and a positive reduction across all key metrics.

現在到了尚比亞和盧姆瓦納，我們對盧姆瓦納超級礦坑擴建所取得的進展感到非常興奮。業務持續穩定上升，產量年比和季比均增加，所有關鍵指標均正向下降。

The expansion project itself is well on track. We've refined the development plan and Lumwana has self-funded the project through operating cash flows so far this year, and we expected to do that for the rest of the year at current spot prices. Once complete, the expanded operation is expected to deliver 240,000 tons of copper per year, supported by a 52 million ton per annum processing plant and a mine life of more than 30 years.

擴建工程本身進展順利。我們已經完善了開發計劃，今年到目前為止，Lumwana 已經透過經營現金流為該項目自籌資金，我們預計在今年剩餘時間內將按照當前現貨價格完成這項工作。擴建工程一旦完成，預計每年產出 24 萬噸銅，並配備年產 5,200 萬噸的加工廠，礦場壽命超過 30 年。

And it's worth just looking at the right-hand side of the results there. And if you look at last year, quarter two, 2024 production, copper produced 25,000 tons; and then quarter one, '25, 27,000; quarter two, '25, 44,000; and a commensurate drop in the unit cost per pound of copper, an all-in -- unit all-in sustaining costs. It's very material. And that's where our focus is.

值得一看的是結果的右側。如果你看去年，即 2024 年第二季度的產量，銅產量為 25,000 噸；然後是 2025 年第一季的產量為 27,000 噸；2025 年第二季度的產量為 44,000 噸；每磅銅的單位成本相應下降，即全成本——全成本維持成本。它非常重要。這正是我們的重點。

Lumwana is a mine that, since Barrick acquired it, never made a profit until 2020. And it was all in discipline and unit costs, and today, we are going to expand that. And we need the all-in sustaining cost to be under $3. And then you really -- that proves our feasibility model extremely well. As you know, there are not many copper mines that are capable of delivering plus -- I mean, minus $3 a pound all-in sustaining costs.

盧姆瓦納礦自巴里克收購以來，直到 2020 年才開始獲利。這一切都與紀律和單位成本有關，今天，我們將擴大這一點。我們需要將全部維持成本控制在 3 美元以下。然後你真的——這非常好地證明了我們的可行性模型。如你所知，能夠實現每磅正負 3 美元全維持成本的銅礦並不多。

And again, Africa and the Middle East remains well positioned to replace its reserve depletion again this year, a hallmark of the region over the many years that it's been operating. And this quarter, we continued to advance near-mine exploration with standout progress along the ARK corridor at Kibali with drilling extending mineralized loads and confirming significant exploration upside. And that ARK sits right next to the main KCD ore body, which is the real basis of Kibali's value.

非洲和中東地區今年仍將保持有利地位，再次彌補儲備枯竭，這是該地區多年來發展的特色。本季度，我們繼續推進近礦勘探，沿著基巴利 ARK 走廊的鑽探取得了突出進展，擴大了礦化負荷，並證實了巨大的勘探潛力。而那個 ARK 就位於 KCD 主礦體的旁邊，這才是 Kibali 價值的真正基礎。

Greenfield programs are also progressing across the region. In Tanzania, the DRC and across the Central African Copperbelt, which plans both Southern DRC and Zambia. In addition, we continue to advance our early-stage exploration in Saudi Arabia, further reinforcing the depth of our pipeline across this region.

整個地區的綠地計畫也在不斷推進。位於坦尚尼亞、剛果民主共和國和中非銅帶地區，計畫涵蓋剛果民主共和國南部和尚比亞。此外，我們繼續推進在沙烏地阿拉伯的早期勘探工作，進一步加強我們在該地區的管道深度。

This (technical difficulty) strength and resilience of our portfolio. While we continue to work towards a (technical difficulty) it is important to note that even without it, the underlying value of our portfolio (technical difficulty) our market value.

這（技術難度）是我們投資組合的實力和彈性。雖然我們繼續努力解決（技術難題），但值得注意的是，即使沒有它，我們投資組合的潛在價值（技術難題）也是我們的市場價值。

Barrick remains (technical difficulty) invest in a world-class gold and copper business and few, if any, companies in the sector can match the depth or quality of the growth you see here. We grew production in quarter two. And the second half, deliver both higher volumes and lower costs in line with our full-year guidance.

巴里克仍然（技術難度）投資於世界一流的黃金和銅業務，而該行業中很少有公司（如果有的話）能夠與您在此處看到的成長深度或品質相匹配。我們在第二季增加了產量。下半年，我們將實現銷售增加和成本降低，符合我們全年預期。

At the same time, we're replacing the gold and copper we mine and growing 30% organically by 2029. This is a portfolio we are building to deliver over the long-term with Tier 1 assets, world-class people, and a disciplined capital allocation strategy backing at all.

同時，我們正在補充開採的黃金和銅，到 2029 年實現 30% 的有機成長。我們正在建立一個長期投資組合，擁有一級資產、世界一流的人才以及嚴謹的資本配置策略作為後盾。

It is our opinion that Barrick remains one of the most compelling investment cases in the gold and copper space today. This is an enterprise with world-class assets, a clear growth strategy, and the balance sheet to fund that growth without diluting our shareholder equity.

我們認為，巴里克仍然是當今黃金和銅領域最引人注目的投資案例之一。這是一家擁有世界一流資產、清晰的成長策略和資產負債表的企業，能夠在不稀釋股東權益的情況下為此成長提供資金。

We are consistently delivering on our promises, growing production, replacing our reserves, and returning more capital to shareholders. This is a company built on the foundations of long-life assets, strong partnerships, financial discipline, exploration excellence, and a sustainable operating model, the pillars that underpin everything we do.

我們始終如一地履行承諾，提高產量，補充儲備，並向股東返還更多資本。這家公司建立在長期資產、強大的合作夥伴關係、財務紀律、卓越的勘探和可持續的營運模式的基礎上，這些是我們所做的一切的支柱。

In the world searching for real assets, strong partners, and responsible growth, Barrick stands apart. Few can match what we offer and fewer still can do it without debt or dilution.

在尋求真實資產、強大合作夥伴和負責任的成長的世界中，巴里克脫穎而出。很少有公司能夠提供與我們相媲美的服務，能夠不負債或不稀釋股份就做到這一點的公司就更少了。

Thank you very much for your attention, and we'll be happy to take questions.

非常感謝您的關注，我們很樂意回答您的問題。

Dan Major from UBS. Nice to see you in London, guys. Yes, a few questions from me. So the first one on Loulo-Gounkoto. I appreciate the best solution would be a restart, et cetera. But can you give us any time lines around the key milestones to look forward to in or look for in the arbitration process? What we should be looking for in the event that a resolution can be reached?

瑞銀的 Dan Major。很高興在倫敦見到你們，夥計們。是的，我有幾個問題。第一個是關於 Loulo-Gounkoto 的。我認為最好的解決方案是重新啟動等等。但是您能否為我們提供在仲裁過程中值得期待或尋找的關鍵里程碑的時間表？如果能夠達成解決方案，我們應該尋找什麼？

So I think we're not at that stage where we don't believe that we can find a resolution. And I've always said, Dan, that we've -- when you engage in talking, there's always an opportunity. Of course, there's been some activity in Mali, which complicates the process. But as far as the exit process goes, the tribunal has been appointed.

所以我認為我們還沒有到達無法找到解決方案的階段。丹，我一直說，當你參與對話時，總會有機會。當然，馬裡也有一些活動，這使得這個過程變得複雜。但就退出程序而言，法庭已經任命。

The Malian (technical difficulty) President. So it's constituted. We've already presented our first application for some interim relief measures, really focused on cautioning everyone not to damage the assets while we try and seek a solution. And that process will build on.

馬裡（技術難度）總統。所以它就構成了。我們已經首次提出了一些臨時救濟措施的申請，重點是警告大家在我們嘗試尋求解決方案時不要損壞資產。而這一進程將會繼續下去。

At the same time, we continue to engage also through other treaty programs between Canada and Mali. And we have representation in country through our legal counsel, which is in-country; really experienced team.

同時，我們也繼續透過加拿大和馬利之間的其他條約項目進行合作。我們在該國有法律顧問代表，他們是一支經驗豐富的團隊。

As well as some of our executives that are still in the country. And we also have third-party mediation ongoing. So there's a lot of effort going in, and we still, as I say, communicate.

以及我們一些仍在該國的高階主管。我們也正在進行第三方調解。因此我們付出了很多努力，而且正如我所說，我們仍然保持溝通。

So it would be unwise and you've seen some efforts to try and take this discussion dispute into the public domain. We're mindful of this. In that case, we have built a (inaudible) site on our website, which really updates people on the facts, and we'll continue to build on that so that somebody wants to see how it's progressing and once the facts we can do it. But we're -- I mean, in all my years in this game, it's not a good practice to try and negotiate in the public domain.

所以這是不明智的，你已經看到有人試圖將這場討論爭議帶入公共領域。我們注意到了這一點。在這種情況下，我們在我們的網站上建立了一個（聽不清楚）網站，真正向人們更新事實，我們將繼續在此基礎上發展，以便有人想看看它的進展情況，一旦事實真相大白，我們就可以這樣做。但是我們——我的意思是，在我從事這個行業的這些年裡，試圖在公共領域進行談判並不是一個好的做法。

Okay. And then the next question on divestments with Hemlo, Tongon. Zaldivar had the water permit extended. So we've got visibility on the life of mine of this asset. Now, what's the fit in the portfolio? And then I guess the same question for (inaudible), is that a core asset as it stands today?

好的。下一個問題是關於 Hemlo、Tongon 的撤資。扎爾迪瓦爾的用水許可證已獲延長。因此，我們可以清楚地了解該資產的使用壽命。現在，投資組合的適合度如何？然後我想問的是同樣的問題（聽不清楚），這是目前的核心資產嗎？

(technical difficulty) we'll come back to the others, Dan. I think that I reminded somebody today when, in 2019, when we closed the merger with Barrick and Randgold, Hemlo was on for sale then. We invested quite a lot into Hemlo to reestablish it as an operation, a viable operation. And as we've seen, there's a real appetite for these types of mines.

（技術困難）我們會回來找其他人的，丹。我想我今天提醒了某些人，2019 年，當我們完成與巴里克和蘭德黃金的合併時，Hemlo 當時正在出售。我們對 Hemlo 投入了大量資金，以將其重建為可行的營運機構。正如我們所見，人們對這類礦山確實有需求。

And again, our view is that there's a time where we have to test our portfolio against our disciplined approach to Tier 1 long-life assets that can get us through all the cycles in the commodity space. And it's good practice. I mean we, as you know, are one of the few miners that have been able to -- we've added 110 million ounces of gold equivalent ounces to the reserves in Barrick in the last six years.

再次強調，我們的觀點是，有時我們必須根據我們對一級長壽命資產的嚴謹態度來測試我們的投資組合，這些資產可以讓我們度過大宗商品領域的所有週期。這是一種很好的做法。我的意思是，正如你所知，我們是少數能夠做到這一點的礦業公司之一——在過去六年裡，我們為巴里克的儲備增加了 1.1 億盎司黃金當量。

And so we invest in our future. We've brought some significant new reserves in the form of Reko Diq, and we've converted big reserves in PV and, likewise, in Lumwana. And so it makes sense to rationalize your portfolio from time to time.

因此，我們投資於我們的未來。我們以雷科迪克 (Reko Diq) 的形式引進了一些重要的新儲備，並且我們在 PV 和 Lumwana 中轉換了大量儲備。因此，時不時地合理化你的投資組合是有意義的。

We did that immediately out the blocks in 2019, as you recall. And it's now quite a few years on. We've got a growth ahead of us. It makes good sense to clean up the portfolio. And it's a good time to do it when there are buyers out there in the market.

正如您所記得的那樣，我們在 2019 年就立即做到了這一點。現在已經過去好幾年了。我們的未來還有很大的發展空間。清理投資組合是很有意義的。當市場上有買家時，這是一個做這件事的好時機。

Okay. And then just one more, if I could. On Fourmile, looks like some really exciting results going forward. Does this change the way that you're thinking about the scope of the operation going forward or the time line given the growing scale? Yes, how do you see that?

好的。如果可以的話，我再說一次。在 Fourmile 上，看起來未來將會取得一些非常令人興奮的成果。這是否會改變您對未來行動範圍或隨著規模不斷擴大的時間表的思考方式？是的，您怎麼看呢？

So there's a lot of water still to flow under the bridge in Fourmile. We have shortened the time frame. So we would like to have a scoping position for the project by the end of this year. We'll then decide what's the next step, is it prefeasibility or feasibility, exactly how we take it to the next step.

因此，Fourmile 橋下仍有許多水需要流動。我們縮短了時間範圍。因此，我們希望在今年年底之前確定該項目的範圍。然後，我們將決定下一步是什麼，是預可行性還是可行性，以及我們究竟該如何進行下一步。

And for me, just looking at Fourmile and you look at Nevada Gold Mines, if you take Fourmile and put it into the middle of Nevada Gold Mines, which is where it should be, you replace some of the feed in the roasters, which is our constraint. At 3 times to 4 times the grade.

對我來說，只要看一下 Fourmile 和內華達金礦，如果你把 Fourmile 放到內華達金礦的中間，也就是它應該在的地方，你就可以替換焙燒爐中的部分飼料，這是我們的限制。達到等級的3倍到4倍。

And so you can up the profile, you add life and you drop the costs. So it's a very valuable asset within that complex. And I think the harder -- we have worked very hard at our partnership with Newmont and in Nevada Gold Mines, and we will continue to do so.

這樣，您就可以提高知名度，增加生命力，並降低成本。因此它是該綜合體中非常寶貴的資產。我認為，我們越努力——我們與紐蒙特和內華達金礦的合作就越努力，我們將繼續這樣做。

And at the same time, I think we've shown that we can permit mines in the United States. We permitted Goldrush and Robertson recently. That was before Trump administration. Of course, the current administration has made it a lot easier or focusing the permitting process to make sure that it doesn't get hijacked by litigation, but that it is focused and no one is trying to change the regulations. The regulations are proper aligned with our global view.

同時，我認為我們已經證明我們可以在美國允許開採礦山。我們最近批准了 Goldrush 和 Robertson。那是在川普政府執政之前。當然，現任政府已經簡化或集中了許可流程，以確保其不會被訴訟劫持，但它是有重點的，而且沒有人試圖改變法規。這些規定與我們的全球視野是一致的。

And so, and I would just add too, we are very active in the brownfields and greenfields extensions to the Nevada portfolio. That's the Nevada Gold Mines portfolio, the joint venture portfolio. As we are further afield within Nevada as Barrick itself. So we see this opportunity. We've seen it all the time.

因此，我還要補充一點，我們非常積極參與內華達州棕地和綠地投資組合的擴展。這就是內華達金礦投資組合，合資投資組合。由於我們距離巴里克黃金公司在內華達州境內的距離較遠。所以我們看到了這個機會。我們一直都看到這種情況。

We've been investing in building that knowledge and making sure that we can permit drill platforms, which we're pretty good at now. And so over the next -- the rest of this year, you'll see some more opportunities -- we'll point to some more opportunities to expand our portfolio within the United States.

我們一直在投資累積這方面的知識，並確保我們能夠許可鑽井平台，目前我們在這方面做得相當不錯。因此，在接下來的時間裡——今年剩餘的時間裡，你會看到更多的機會——我們將指出更多的機會來擴大我們在美國境內的投資組合。

Maurizio Carulli from Quilter Cheviot Investment Management. I haven't followed the company for a while, so I have two questions out of ignorance. First on Loulo, the -- on the balance sheet, the book value of the assets has been partially impaired, completely impaired. What is the situation there?

Quilter Cheviot Investment Management 的 Maurizio Carulli。我已經有一段時間沒有關注該公司了，所以出於無知我有兩個問題想問一下。首先是 Loulo，在資產負債表上，資產的帳面價值已部分減損，完全減損。那裡的情況怎麼樣？

So let me pass it on to Graham. It's an accounting procedure given the current situation, and he's the best man to explain that.

因此，讓我將其傳遞給 Graham。這是針對當前情況的會計程序，他是最適合解釋這一點的人。

So yes, so as Mark said, from an accounting point of view, once the government appointed the administrator to take control of Loulo-Gounkoto, that meant that we no longer had control of that asset. And therefore, from an accounting point of view, when you no longer control assets, you can't consolidate it.

是的，正如馬克所說，從會計角度來看，一旦政府任命管理員來控制 Loulo-Gounkoto，就意味著我們不再控制該資產。因此，從會計角度來看，當您不再控制資產時，您就無法合併它。

And so we did two things. We deconsolidated the assets and effectively wrote off the assets and liabilities on the balance sheet. And then we subsequently did a valuation of our investment because we still own 80% of that asset. We can still expect to get the benefits from our investment in that asset.

因此我們做了兩件事。我們將資產拆分，並有效地註銷資產負債表上的資產和負債。隨後我們對我們的投資進行了估值，因為我們仍然擁有該資產的 80%。我們仍然可以期望從對該資產的投資中獲得收益。

And so we did a valuation of that asset using a number of different metrics, including risk-adjusted cash flows that we expect to get from the asset over a period of time. And the difference between those two was approximately $1 billion before tax, about $600 million after tax, which is what was put through the P&L.

因此，我們使用多種不同的指標對該資產進行了估值，包括我們預計在一段時間內從該資產中獲得的風險調整現金流。兩者之間的差額在稅前約為 10 億美元，稅後約為 6 億美元，已計入損益表。

I would just point out at this junction that we also sold the Donlin asset during the quarter. We recognized a gain on that, which was around $750 million. After tax, about $600 million. So in effect, we had a loss and a gain, which more or less offset each other, which is why when you look at the adjusted earnings and the net earnings, they're approximately the same.

我只想指出，我們在本季度還出售了 Donlin 資產。我們確認了這筆收益，約 7.5 億美元。稅後約6億美元。因此實際上，我們有虧損也有收益，它們或多或少相互抵消，這就是為什麼當你查看調整後的收益和淨收益時，它們大致相同。

Okay. Thank you so much, much clearer now. And the second question is just to have a bit more color on the project that you have in Saudi Arabia, Jabal Sayid, if I pronounce it correctly. Both in terms of ownership structure and in terms of development expectations, et cetera, et cetera.

好的。非常感謝，現在清楚多了。第二個問題我想進一步說明您在沙烏地阿拉伯的 Jabal Sayid 項目，如果我發音正確的話。無論是在所有權結構方面，還是在發展預期方面，等等。

So it's a small high-grade copper mine underground. It's got a 10-year life still. We've been very successful in adding life and increasing production. It's a very low-cost producer. It's pay back all its loans and debt and it's a big contributor in -- towards this partnership. It's owned 50-50 between Ma’aden and Barrick.

所以它是地下的一個小型高品位銅礦。它的使用壽命仍有 10 年。我們在增加生命和提高產量方面取得了巨大成功。這是一個成本非常低的生產商。它償還了所有貸款和債務，並為這項合作關係做出了巨大貢獻。該公司由 Ma'aden 和 Barrick 各佔一半股份。

And that's been -- effectively, we're the only foreign operators because we are the operator of the mine. We are partners -- equal partners with Ma'aden, but we operate the mine. And what it's proven is that you can operate in Saudi.

事實上，我們是唯一的外國營運商，因為我們是該礦的營運商。我們是合作夥伴—與 Ma'aden 是平等的合作夥伴，但我們負責營運礦場。事實證明你可以在沙烏地阿拉伯開展業務。

And again, we have expanded our partnership with Ma'aden in the exploration front, both around Jabal Sayid, and more recently, we're looking to beyond that partnership because that's the real partnership. We've built a lot of partnerships in my career in complex jurisdictions. And as you know, Saudi is the state mining company effectively.

我們再次擴大了與 Ma'aden 在 Jabal Sayid 週邊勘探領域的合作，最近，我們正在尋求超越這種合作的途徑，因為這才是真正的合作。在我的職業生涯中，我們在複雜的司法管轄區建立了許多合作夥伴關係。眾所周知，沙烏地阿拉伯實際上是一家國有礦業公司。

And it has great depth and really focused on bulk mining, that's its major value. But it has these portfolio of exploration rights across the Arabian Shield, and we see that as a highly prospective minerals belts, particularly prospective for both gold and copper. And so we're working with Ma'aden to expand our partnership across that region.

它具有很強的深度，並且真正專注於批量挖掘，這是它的主要價值。但它擁有阿拉伯地盾的勘探權，我們認為這是一個極具前景的礦產帶，尤其是金和銅的礦產前景。因此，我們正在與 Ma'aden 合作，擴大我們在該地區的合作夥伴關係。

Mark, it's [Justin Berring at JBM]. Just a quick question on Lumwana and the electricity situation in Zambia. Is there any update on the availability and some of the power plants there

馬克，這是[JBM 的 Justin Berring]。我只是想問一下關於盧姆瓦納和尚比亞的電力狀況的問題。那裡的可用性和一些發電廠是否有任何更新信息

Yes, and nice to see you, Justin. So we've put a lot of work into the -- when we are doing the feasibility on the expansion on the power. We did a big survey of the whole Zambian power grid and what we -- two things in that we've managed the power.

是的，很高興見到你，賈斯汀。因此，我們在進行電力擴展的可行性研究時投入了大量的工作。我們對整個贊比亞電網進行了大規模調查，並研究了我們如何管理電力。

One in the short-term with the low water levels within the Zambezi River, what we did is work with the state power utility to wheel power through the grid from neighboring countries. And we were able to do that at relatively -- in a relatively cost-effective way, a lot lower cost than running diesel engines.

一方面，短期內贊比西河水位較低，我們與國家電力公司合作，透過鄰國電網輸送電力。而且我們能夠以相對經濟的方式做到這一點，成本比運行柴油引擎低得多。

And the other thing that we discovered was that there was a significant loss of power in the grid because of poor synchronization of the feeds -- feeding into the grid from various different sources. And in a partnership between First Quantum Gold and Barrick, we set about to address that and unlock -- and our estimate is around 500 megawatts of power.

我們發現的另一件事是，由於供電同步性差（從不同的來源向電網供電），導致電網電力嚴重損失。在 First Quantum Gold 和 Barrick 的合作下，我們著手解決這個問題並釋放能量——我們估計能量約為 500 兆瓦。

And we've invested in technology to resynchronize that power and being able to unlock some of that lost power. And we have a partnership with First Quantum. They're investing in what we call StatComs, which are these synchronizes effectively. And we are putting -- we are funding some additional redundancy power lines to create loops in the feed.

我們已經投資了技術來重新同步這種電力並能夠釋放部分流失的電力。我們與 First Quantum 建立了合作關係。他們正在投資我們所謂的 StatComs，這是一種有效的同步技術。我們正在資助一些額外的冗餘電力線來創建供電環路。

And that is -- and it's -- again, in partnership with the ESCO and we believe that -- and we have the permitting now for the power that's required for our expansion and so has First Quantum. And we believe that together, we will be able to support the expanded demand for the power expansions and their expansions.

那就是 — — 而且 — — 再次與 ESCO 合作，我們相信 — — 我們現在已獲得擴張所需電力的許可，First Quantum 也是如此。我們相信，透過共同努力，我們將能夠滿足電力擴張及其擴張的不斷增長的需求。

And then at the same time, there are a number of power projects in -- within the Zambian grid that need investment, but certainly can deliver low-cost power. And that power region is -- people are talking now about exporting power from Zambia through to DRC. That's like the strangest thing I've ever heard because DRC is the real power zinc in Central Africa.

同時，贊比亞電網內有許多電力項目需要投資，但絕對可以提供低成本電力。那個電力區是──人們現在正在談論從尚比亞向剛果民主共和國出口電力。這是我聽過的最奇怪的事情，因為剛果民主共和國才是中非真正的鋅產地。

And then the Tanzanians are constructing and have recently finished a big hydro facility within Tanzania. And it's really large. It has -- it will have, when it's fully developed, significant capacity, and there's now serious negotiations on linking that infrastructure into that region.

坦尚尼亞人正在建造並最近在坦尚尼亞境內完成了一座大型水力發電設施。而且它確實很大。當它完全開發後，它將擁有巨大的容量，現在正在就將該基礎設施連接到該地區進行認真的談判。

And more and more, that region, that SADC region is looking at integrating their power infrastructure across the various countries. And so there's quite a lot of opportunity to improve the security of power supply and also make it more cost effective.

南部非洲發展共同體地區正在越來越多地考慮整合各國的電力基礎設施。因此，有許多機會可以提高電力供應的安全性並使其更具成本效益。

So we're very involved in it. We're comfortable that we'll be able to manage with the plans in place, the expansion for Lumwana.

所以我們非常投入其中。我們相信，我們能夠按照現有的計劃完成 Lumwana 的擴建。

Who's in charge there, Claudia?

克勞迪婭，誰是那裡的負責人？

(Operator Instructions) Matthew Murphy, BMO Capital Markets.

（操作員指示） Matthew Murphy，BMO 資本市場。

Just a couple of questions on the sequential outlook for the back half of the year. One would be Pueblo Viejo and, particularly, the focus on improving recoveries. Do you still target 85% recovery in Q4? Or how are you thinking about that?

關於下半年的連續前景，我只想問幾個問題。其中一個是 Pueblo Viejo，尤其專注於改善恢復情況。您仍將第四季的復甦目標定為 85% 嗎？或者您對此有何看法？

And the other would be the Nevada Gold Mines cost trajectory. How do you feel about the path to lower gold unit costs back half of the year?

另一個是內華達金礦的成本軌跡。您對於今年上半年黃金單位成本下降的路徑有何看法？

So as -- if you do the math, Matthew, the -- there's an improvement in production across the group and, particularly, at Nevada Gold Mines. And right now, if you adjust for the increase in gold price, we're guiding that we'll get there, certainly, on a group basis out to the back end of the year.

所以 — — 馬修，如果你算一下 — — 整個集團的產量都有所提高，特別是內華達金礦的產量。現在，如果根據金價上漲進行調整，我們預計到今年年底我們肯定會集體實現這一目標。

On PV, the big focus on PV is throughput. One of the things that -- with the delays in the expansion and, particularly, the tailings facility, the -- it's got a substantial stockpile that we blend with the fresh ore. And some of that stockpile is high grade, but it's deteriorating.

對於 PV 來說，最關注的是吞吐量。其中一件事是——隨著擴建的延遲，特別是尾礦設施的延遲——它有大量的庫存，我們將其與新鮮礦石混合。其中一些庫存品質較高，但正在變質。

And so we -- back in 2019, we did a comprehensive evaluation of those stockpiles (technical difficulty) another campaign. And the view is that we need to look at that mix and also taking the older stock wood poles, which by the way, are higher grade.

因此，早在 2019 年，我們就對另一項活動的這些庫存（技術難度）進行了全面評估。我們的觀點是，我們需要考慮這種混合，同時也要考慮舊的庫存木桿，順便說一下，它們的等級更高。

And what it does to in this gold price environment is that -- is it improves the cash flow because the stockpiles, of course, as you'll appreciate or paid for. So it's -- so we'll update you as we go on that. There's always been a debate around the recoveries and the profile. And in the course of time, we'll keep you posted on what that looks like.

在這種金價環境下，它的作用是——改善現金流，因為庫存當然會升值或支付。所以——我們會及時向你通報最新進展。關於復甦和概況一直存在爭論。隨著時間的推移，我們會及時向您通報最新進展。

Graham, do you want to add?

格雷厄姆，你想補充嗎？

I would just add, Matt, that in terms of guidance for the second half of the year, obviously, we we did guide [$46.54] for the first half, second half. But then we've also guided that each quarter is sequentially better. So you can do the math yourself, but if it's 54% and 27% at the midpoint, maybe it's 26%, 28% or something like that, just to give you some broad parameters in terms of what you can expect step-ups.

馬特，我只想補充一點，就下半年的指導而言，顯然，我們對上半年和下半年的指導價均為 [46.54 美元]。但我們也指導說每季都會逐漸好轉。所以你可以自己算一下，但如果中間點是 54% 和 27%，那麼可能是 26%、28% 或類似的數字，只是為了給你一些大致的參數，讓你知道可以預期的成長幅度。

And I think, Matt, just to finish off, as you know, we had -- I touched on it earlier in my presentation. We had a lot of downtime. Gold Quarry -- or first of all, Goldstrike roaster, Gold Quarry roaster, the autoclaves, we had the Rwanda replacement. A motor replacement in Kibali.

馬特，我想，最後，正如你所知，我們——我在之前的演講中提到過這一點。我們有很多停機時間。金礦採石場——或者首先，Goldstrike 焙燒爐、金礦採石場焙燒爐、高壓釜，我們都有盧安達替代品。基巴利的引擎更換。

We were down not 100%, but intermittently down for 35 days in PV. So a lot of -- we got a lot of that big -- some of it, retrofitting; others, planned maintenance behind us. So we've got a reasonably good run out to the end of the year, which supports Graham's outline of how we expect to perform. So no magic in the numbers.

我們的 PV 沒有完全下降，而是間歇性地下降了 35 天。所以，我們做了很多大事，有些是改造，有些是計畫維護。因此，到今年年底，我們的業績表現相當不錯，這也支持了格雷厄姆對我們預期業績的概述。所以數字中沒有什麼魔力。

Anita Soni, CIBC.

加拿大帝國商業銀行 (CIBC) 的安妮塔·索尼 (Anita Soni)。

Just a little bit of a follow-up on PV, just what not asked. So substantially higher grades, could you just let us know what the stockpile stands at in terms of millions of tons or how many tons you would be looking to go through in -- as you resequence?

只是稍微跟進一下PV，只是沒問什麼。那麼，等級大幅提高後，您能否告訴我們庫存量是多少（以百萬噸為單位）或您希望在重新排序時處理多少噸？

Simon, are you on the call? Anita, let us -- but it's like we -- I would guess it's around 10 million ounces in stockpiles. It's 20 million out to the end of the life. So it's substantial. I can get the numbers. They are disclosed in our filings.

西蒙，你在通話中嗎？安妮塔，讓我們——但就像我們一樣——我猜測庫存大約有 1000 萬盎司。距離生命結束還有 2000 萬。所以它很重要。我可以得到這些數字。它們在我們的文件中披露。

And an update on the -- an update on the tailings. Can you just give us an idea of -- I mean, you're pushing the throughput. That was, I mean, pretty high and pretty good throughput at PV. When we think about the tailings facility, how much should we be thinking about the second phase and when do you need that?

以及有關尾礦的最新情況。您能否給我們一個想法——我的意思是，您正在提高吞吐量。我的意思是，這在 PV 上是相當高且相當不錯的吞吐量。當我們考慮尾礦設施時，我們應該多大程度上考慮第二階段以及何時需要它？

So we've got (technical difficulty) capacity and some flexibility to extend the life of the current tailings facility is included in that. And so right now, we're -- I mean, it's not quite on the critical path, but it's -- we're very focused on (technical difficulty) the construction of the tailings facility to be able to receive the tailings out towards the back end of this decade.

因此，我們擁有（技術難度）能力，並且有一定的彈性來延長目前尾礦設施的使用壽命。所以現在，我們 - 我的意思是，它還沒有完全走上關鍵路徑，但是 - 我們非常專注於（技術難度）尾礦設施的建設，以便能夠在本世紀末接收尾礦。

All right. And then just moving to Turquoise Ridge. Yes. I was about to say, Turquoise. Turquoise Ridge, just can you remind me, you are blowing through stockpiles there too as well, right? I mean you're mining much higher grades than you're putting through the process plant. When do you think you'll be reverting more to try to get to the like a higher blend, I guess, of the underground (technical difficulty) --

好的。然後就搬到綠松石嶺了。是的。我正要說「綠松石」。綠松石嶺，你能提醒我嗎，你也在那裡消耗庫存，對嗎？我的意思是，你開採的礦石品位比透過加工廠生產的礦石品位高得多。你什麼時候會回歸到更高級的混合風格，我想，地下（技術難度）——

So right now with some of the high grade, it's high carbon material. So you need to blend to be able to manage the recoveries. And that's the life of mine plan is managing that blend. So again, the throughput, as you saw in this quarter, there's still some headroom on the throughput.

因此，現在一些高等級的材料都是高碳材料。因此您需要進行混合才能管理復原。這就是我的生活計劃，管理這種混合。因此，正如您在本季看到的那樣，吞吐量仍然有一定的成長空間。

The recoveries are in good shape. And we're -- Turquoise Ridge is a significant asset. There is other opportunities on the -- in the open pits. And so is Simon?

復甦形勢良好。而且我們——Turquoise Ridge 是一筆重要的資產。露天礦場還有其他機會。西蒙也是嗎？

Yes. Can you hear me now?

是的。現在你能聽到我說話嗎？

There was a question about the stockpile tonnage and grades at at PV.

有人對 PV 的庫存噸位和等級提出了疑問。

Yes. So we've about 97 million tons at 2.45 grams a ton. So portions of that stockpile will run as high as 2.7 grams, so.

是的。因此，我們擁有約 9,700 萬噸，每噸含量為 2.45 克。因此，該庫存的部分數量將高達 2.7 克。

There we are. That's the answer. And if you look at the stockpiles at Turquoise Ridge?

我們到了。這就是答案。如果你看一下綠松石嶺的庫存？

Then -- sorry, one second. I need to get those numbers.

然後——抱歉，請稍等。我需要得到這些數字。

Okay. I'll ask my last question and then.

好的。然後我會問最後一個問題。

I'll come back to you.

我會回到你身邊。

Just lastly, on -- sorry, halfway through my modeling here, actually about two-thirds of the way to the modeling. But in terms of the -- I know a small contribution, but it seems like you have a significant ramp up there in the -- getting back to the prior run rates before you had all those issues with whether the country has the issue with the land side. But what are we looking for in the back half of the year? And what does 2026 look like?

最後，抱歉，我的建模已經完成了一半，實際上已經完成了三分之二。但就——我知道貢獻很小，但似乎你在那裡有一個顯著的增長——回到之前的運行率，在你遇到所有這些問題之前，即該國是否存在土地方面的問題。但是，下半年我們期待什麼呢？那麼 2026 年會是什麼樣子呢？

So we've really reoptimized Porgera. If you look at the dividends that we've paid out and the percentage dividend that comes to the two investors, engine and ourselves is (technical difficulty). And so -- and we're busy recouping that -- the investment we made during care and maintenance.

所以我們確實重新優化了波格拉。如果你看我們支付的股息，以及我們和兩位投資者（發動機和我們自己）獲得的股息百分比是（技術難度）。因此，我們正忙於收回在護理和維護期間所做的投資。

So there's a stronger cash flow component of every dollar we make back to the investors. And it's important that we get that back.

因此，我們返還給投資者的每一美元都具有更強勁的現金流成分。我們必須恢復這一點。

At the same time, we're still one of the most significant contributors to the treasury in Papua New Guinea. (technical difficulty) I don't know if you follow that, but you would have seen the Prime Minister actually issued a press release recently praising Porgera for contribution to the treasury.

同時，我們仍然是巴布亞紐幾內亞財政最重要的捐助者之一。（技術難題）我不知道您是否明白，但您會看到總理最近實際上發表了一份新聞稿，讚揚波格拉對財政的貢獻。

Graham, do you want to add?

格雷厄姆，你想補充嗎？

I was just going to say, it's -- in terms of production needs, the outlook is slightly more than the first half, but not materially more. And just in terms of your earlier question on Turquoise Ridge, it's 26 million tons at 2.26 grams a ton on stockpile.

我只是想說，就生產需求而言，前景比上半年略有好轉，但不會實質地好轉。就您之前關於 Turquoise Ridge 的問題而言，庫存量為 2600 萬噸，每噸含量為 2.26 克。

And I think the other thing that, Anita, that -- and it's worth all the analysts reaching out to our team is that Barrick's policy, we do not design life of mines to maximize NPV. We design life of mines for long-term delivery to fully optimize the ore body.

安妮塔，我認為另一件事——值得所有分析師與我們的團隊聯繫的是，巴里克的政策是，我們不設計礦山壽命來最大化 NPV。我們設計礦山的長期交貨壽命，以充分優化礦體。

And that's always the way we've done it, and it's the way we will continue to do it. And so when you're building models, you need to be aware of our philosophy, which is quite different to others in this industry. And you don't get that big production growth in front and then cliff developing in the back end of your life of mine.

我們一直都是這樣做的，而且我們將繼續這樣做。因此，當您建立模型時，您需要了解我們的理念，這與該行業中的其他理念截然不同。你不會在我的生命初期就獲得巨大的生產成長，然後在生命的後期出現斷崖式發展。

(Operator Instructions) Josh Wolfson, RBC.

（操作員指示）Josh Wolfson，RBC。

Going back to the slide on a slide 10. Just looking at some of these outlines, the existing resource looks to be significantly less than half of what the footprint is that's the green there. And then the grade also looks -- I mean, maybe 50% or maybe a little bit higher than that, but substantially lower grade is existing resource versus what's been delineated. So some pretty big updates of this asset. I guess, first of all, I mean, is that the right way of thinking of things?

回到第 10 張投影片。只要看一下這些輪廓，現有資源看起來就明顯少於那裡綠色足跡的一半。然後等級看起來也是——我的意思是，可能有 50% 或可能稍微高一點，但與已劃定的資源相比，現有資源的等級要低得多。因此，該資產有一些相當大的更新。我想，首先，我的意思是，這是正確的思考方式嗎？

And then the second part of this is there was an initial PEA that was issued, I think, in late last year that talked about over 0.5 million ounces and production rates per year, and a throughput rate associated with that. (technical difficulty) those economic criteria are still applicable if this reserve ultimately turns out to be what looks like on this page.

然後，第二部分是，我記得去年年底發布了一份初步的 PEA，其中談到了每年超過 50 萬盎司的生產力和與之相關的吞吐率。 （技術難度）如果這個儲量最終變成本頁所示的樣子，這些經濟標準仍然適用。

(laughter) I mean how much more do you want. So this -- so we are busy with this -- the numbers that we shared with you at the end of last year are sitting in that table, that's embedded. (technical difficulty) results. They've got to be verified. They are, as you can imagine, these are long bore holes that take a long time to drill.

（笑聲）我的意思是你還想要多少。所以這個——所以我們正忙於這個——我們在去年年底與你們分享的數字就放在那個嵌入的表格中。 （技術難度）結果。它們必須經過驗證。正如您所想像的，這些都是很長的鑽孔，需要花很長時間才能鑽好。

The preliminary numbers were based on the drilling up to that stage. As you can see in the black dots are the bore holes we finished. The yellow dots are ones that are still going to be drilled. Significant numbers that still have to come out of this ore body that -- and our correction, the yellow ones are the ones we're drilling in 2025. Some of them are drilled. That's the yellow -- I mean, the white arrows.

初步數字是基於該階段的鑽探結果得出的。正如您所看到的，黑點是我們完成的鑽孔。黃點是仍需鑽孔的點。仍有大量金礦需要從這個礦體中開採出來——我們的修正是，黃色的是我們在 2025 年鑽探的金礦。其中一些是鑽孔的。那是黃色——我是說白色箭頭。

And the others that have got no grades on still have to be drilled or have been drilled and we haven't got the results back. So it's -- I think the early-stage drilling that we've done, the continuity is proving to be a lot better than we thought. These are big breaches. And when we take you out there at the -- later on in the -- after Denver, if you're coming, you can come and have a look at it yourself, but it's significant.

而其他沒有成績的課程仍需進行訓練或已經進行訓練但尚未收到結果。所以——我認為我們所做的早期鑽探的連續性比我們想像的要好得多。這些都是嚴重違規行為。當我們帶你去——稍後——丹佛之後，如果你來的話，你可以親自去看看，但這很重要。

I'll see you there. I guess the second question I have is thinking about the valuation of the stock and also, I guess, in the context of the upside, you're Fourmile, how are you thinking about capital allocation? When I look at this quarter's results, buyback levels were healthy. They increased from last quarter.

到時候見。我想我的第二個問題是考慮股票的估值，而且，我想，在上升的背景下，你是 Fourmile，你如何考慮資本配置？當我查看本季的業績時，我發現回購水準是健康的。與上一季相比有所增加。

There was also a big disposition that helped the cash position, but inflow from the asset sale might not be repeated in the future, but it might be. So bottom on, I guess, is how would you be allocating cash here going forward and how important is the buyback?

還有一筆大規模的資產處置也有助於改善現金狀況，但資產出售帶來的資金流入未來可能不會再出現，但也有可能出現。所以，我想，最基本的問題是，您將來如何分配現金，以及回購有多重要？

So I think we're on track to -- we are committed to that $1 billion buyback strategy where the year-to-date at $411 million. And so that's the way we will manage it.

所以我認為我們正朝著這個目標前進——我們致力於實施 10 億美元的回購策略，今年迄今的回購金額已達 4.11 億美元。這就是我們的管理方式。

As per our capital allocation, we're quite disciplined in the way we manage it. As Graham and I have been like that certainly ever since we've worked together. And do you want to add something, Graham?

根據我們的資本配置，我們的管理方式非常嚴謹。自從我和葛拉漢開始合作以來，我們一直都是這樣。格雷厄姆，您還有什麼要補充的嗎？

Yes. And I'd just say, Josh, the (technical difficulty) buybacks give us that ability to take advantage of the situation as we see it. And so right now, we do have the $1 billion, which is earmarked and to the extent that we have done up with excess capital. We have -- we've got options. We can obviously increase the buyback if we've consumed it all.

是的。我只想說，喬希，（技術難度）回購讓我們能夠利用我們所看到的情況。所以現在，我們確實有 10 億美元，這是指定用途的，我們已經用過剩資本彌補了這個缺陷。我們有－我們有選擇。如果我們已經全部用完了，我們顯然可以增加回購。

We, obviously, are always looking at opportunities, and we can continue to pay a performance dividend. So it's about taking advantage of our options and keeping our flexibility. But certainly, buybacks is something that we will increasingly focus on given the fact that the shares are very undervalued.

顯然，我們一直在尋找機會，並且我們可以繼續支付績效紅利。因此，這是為了利用我們的選擇並保持我們的靈活性。但鑑於股價被嚴重低估，我們肯定會越來越重視回購。

And Josh, I'd just add that if you look at Lumwana, when we guided the overall capital for Lumwana, we were going to contribute this year. We're at a stage now where we -- unless the copper price really weakens, we'll cover all the capital this year for Lumwana. And that brings that headline $2 billion down materially going forward.

喬希，我想補充一點，如果你看看 Lumwana，當我們為 Lumwana 指導整體資本時，我們今年就會做出貢獻。我們現在處於這樣一個階段——除非銅價真的走弱，否則我們今年將為 Lumwana 投入所有資金。這使得 20 億美元的總額在未來大幅下降。

And what we're pointing to is that if you take Barrick's five-year plan, it's easily fundable from internal resources. And on the sale of non-core assets, some of that will go to, as Graham says, you can manage that process within our capital allocation guidelines. And some of it will go to share buybacks because it makes sense because you're taking out production.

我們要指出的是，如果採用巴里克的五年計劃，它很容易從內部資源中獲得資金。至於非核心資產的出售，正如格雷厄姆所說，其中一部分將用於在我們的資本配置指南範圍內管理此流程。其中一部分將用於股票回購，因為這是有道理的，因為你正在停止生產。

Some of it will give back to shareholders because it's an extraordinary benefit. And I've always said, in business, when you do something you hadn't planned to do, you should share it with your owners, and that's what we do. And on the capital side, I think we're very comfortable in being able to fund our future.

其中一部分將回饋給股東，因為這是一筆非同尋常的福利。我總是說，在商業領域，當你做了一些你沒有計劃要做的事情時，你應該與你的老闆分享，這就是我們所做的。在資本方面，我認為我們非常有能力為我們的未來提供資金。

And I would just point out something the market hasn't got its head around is once we get to a point of being able to prove the financing of Reko Diq, it takes away that market obsession with the gearing that people keep watching a lot. And so we've got some fairly significant catalysts over the next -- almost every quarter going out until the start of 2028.

我只想指出市場尚未理解的一點是，一旦我們能夠證明 Reko Diq 的融資能力，市場對人們一直關注的槓桿率的執著就會消失。因此，在接下來的一段時間內，我們幾乎每季都會遇到一些相當重要的催化劑，直到 2028 年初。

Tanya Jakusconek, Scotiabank. I believe that Tanya is having some audio issues.

加拿大豐業銀行的 Tanya Jakusconek。我相信 Tanya 遇到了一些音頻問題。

John Tumazos, John Tumazos Very Independent Research.

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

Could you update us on your Canadian tax loss position, whether they expire at a particular point in time American wins to some time and how that interacts in the decision to sell Hemlo or maybe buy something to replace it?

您能否向我們介紹一下您在加拿大的稅務損失狀況，這些損失是否會在某個特定時間點到期，美國是否會在某個時間到期，以及這與出售 Hemlo 或購買替代品的決定有何關聯？

John, it's Graham. We have around $2 billion of ordinary losses and another $2 billion of capital losses. They -- as a rule, they expire in around 20 years, but some of them don't expire at all. So we have quite a lot of headroom and runway on those tax losses. And certainly, in the context of the disposal of Hemlo, they would (technical difficulty) protecting the proceeds of that sale substantially.

約翰，我是格雷厄姆。我們的普通損失約為 20 億美元，資本損失約 20 億美元。一般來說，它們的有效期為 20 年左右，但有些則根本不會過期。因此，我們在應對這些稅收損失方面擁有相當大的空間和能力。當然，在處置 Hemlo 的背景下，他們會（技術困難）大幅保護該出售的收益。

Martin Pradier, Veritas Investment Research.

馬丁‧普拉迪爾 (Martin Pradier)，Veritas 投資研究部。

My question is on Tanzania. What is the price at which you have to sell that 20%?

我的問題是關於坦尚尼亞的。您必須以什麼價格出售這 20%？

So spot price. It's a market-related price. We are -- and that's the reason we hung back this quarter just to get everything right. So we want to -- we've made proposals of getting the goal back from the rand refinery in a refined form or selling it into Tanzania to other buyers, but our condition is it needs to go through the Central Bank.

所以現貨價格。這是與市場相關的價格。確實如此——這就是我們本季推遲的原因，只是為了讓一切順利進行。因此，我們想要——我們已經提出建議，以精煉形式從蘭特精煉廠取回目標，或將其出售給坦尚尼亞的其他買家，但我們的條件是它需要經過中央銀行。

And with it is the agreement. We've got to agree on how we do the check assays and the -- any disagreements how are we going to do that. The positive side of that is we get a 3% benefit because we don't pay duties on that export because it's internal. So there is a significant that these gold prices benefit for us.

並且附帶協議。我們必須就如何進行檢查分析達成一致，如果出現任何分歧，我們該如何處理。積極的一面是，我們可以獲得 3% 的優惠，因為這是國內出口，所以我們不需要繳納出口關稅。因此，這些金價對我們來說具有重大的利多。

And so as you know, we've got an solid engagement with the government of Tanzania. And that's what we focus on, just to make sure that everyone is in agreement with how it works and we've got proper binding and group payments.

如您所知，我們與坦尚尼亞政府保持密切的合作。這就是我們關注的重點，只是為了確保每個人都同意它的運作方式，並且我們有適當的約束力和集體支付。

And just one last question. If you could share how advanced are you in the conversations about Tongon? Because I've read in the news that there were some offers. And could we see something at the end of this quarter?

最後一個問題。您能否分享一下您在有關 Tongon 的對話中處於什麼水平？因為我在新聞裡看到有一些提議。我們能在本季末看到一些進展嗎？

The one thing I can say without fear of contradiction don't listen to the [saddle bag] of the -- some of these reporters. These processes run us very controlled progress led by our investment banking partners and we do not disclose where we are until the process is closed. We have -- we definitely engage with our host countries in the process, but it would be unprofessional to leak or disclose the progress or even the participants in such a process.

我可以毫不畏懼地說，不要聽信某些記者的胡言亂語。這些流程在我們的投資銀行合作夥伴的主導下，進展非常可控，在流程結束之前我們不會透露我們的進展。我們確實與東道國進行了接觸，但洩漏或披露這一過程的進展，甚至是參與者，都是不專業的行為。

This concludes the Q&A. I will now turn the call back to Mark Bristow for closing remarks.

問答環節到此結束。現在我將把電話轉回給馬克·布里斯托，請他作結束語。

Well, thank you, ladies and gentlemen. As I said, not a particularly enthusiastic day for gold today given the rumors of charges on gold bars that came out at the end of last week. But as a business, a solid performance on the back of the start in quarter one; a very clear destination in sight on delivering overall for the year.

好吧，謝謝各位，女士們、先生們。正如我所說的，鑑於上週末傳出的有關金條收費的傳聞，今天對黃金來說並不是特別熱情的一天。但作為一家企業，第一季的開局表現穩健；全年整體業績目標非常明確。

And again, I think this is a great example of (technical difficulty) the tremendous value that we've embedded in this organization. And really, it's when you grow NAV, it's always a challenge to daylight it much easier to do M&A, but that growth, that organic growth is where you really do create value in the mining (technical difficulty) deliver on that.

再次，我認為這是我們在這個組織中嵌入的巨大價值（技術難度）的一個很好的例子。事實上，當你增加淨值時，讓併購變得更容易總是一個挑戰，但這種成長，這種有機成長才是你真正在採礦（技術難度）中創造價值的地方，實現這一點。

So thank you, again, for those who came and, particularly, in this nice London weather. And for the rest, we will see you, hopefully, at Denver. (technical difficulty) those who are joining us on the trip, it will be good to catch up. So with that, thank you very much again, and speak to you soon.

所以，再次感謝那些在倫敦如此宜人的天氣裡前來的人。至於其他事宜，我們希望能在丹佛見到你們。 （技術困難）對於和我們一起旅行的人來說，趕上進度會很有幫助。因此，再次非常感謝您，我們很快就會再與您聯繫。

This concludes today's event. (technical difficulty) department. Thank you for joining us.

今天的活動到此結束。 （技術難度）部門。感謝您加入我們。