必和必拓 (BHP) 2022 Q4 法說會逐字稿

Hello, and thank you for joining us today to hear about BHP's results for the 2022 financial year. I'm joined by our Chief Financial Officer, David Lamont, who will take us through the financial details shortly.

您好，感謝您今天加入我們，了解必和必拓 2022 財年的業績。我們的首席財務官 David Lamont 也加入了我的行列，他將很快帶我們了解財務細節。

First, though, I'd like to mention some highlights from the year. BHP delivered a record set of results for the year, continuing our track record of strong performance. Our assets overcame multiple challenges to deliver solid operational performance demonstrating the resilience of our business. Most importantly, we had another fatality for a year. And we did what we said we would do making significant progress on reshaping our portfolio to deliver value now and into the future. We merged our Petroleum business with Woodside, capturing value and providing choice for shareholders. We completed the sales of our interest in Cerrejon and BMC, further focusing our coal portfolio on higher-quality coals for steelmaking.

不過，首先，我想提一下這一年的一些亮點。必和必拓在今年取得了創紀錄的業績，延續了我們強勁業績的記錄。我們的資產克服了多重挑戰，提供了穩健的運營業績，展示了我們業務的彈性。最重要的是，我們又死了一年。我們做了我們所說的，我們將在重塑我們的投資組合以在現在和未來創造價值方面取得重大進展。我們將石油業務與伍德賽德合併，為股東獲取價值並提供選擇。我們完成了對 Cerrejon 和 BMC 權益的出售，進一步將我們的煤炭組合集中在用於煉鋼的更優質煤炭上。

We unified our corporate structure, making us simpler and more agile. We approved the Jansen Stage 1 potash project in Canada, giving us a pipeline of high-quality growth in what is an exciting future-facing commodity. We're accelerating studies for growth, including Jansen Stage 2 and Western Australian Iron Ore to 330 million tonnes per annum. And we continue to take action on climate.

我們統一了公司結構，使我們更簡單、更靈活。我們批准了加拿大的 Jansen Stage 1 鉀肥項目，為我們提供了一個面向未來的令人興奮的商品的高質量增長管道。我們正在加速增長研究，包括詹森二期和西澳大利亞鐵礦石至每年 3.3 億噸。我們繼續對氣候採取行動。

We have a differentiated proven approach to growing value. This is reflected in the quality of our portfolio that saw a rise in earnings in the second half of the financial year, unlike many others in the sector as well as our approach to social value and how we bring together our people and culture, systems and processes and ways of working.

我們有一個差異化的成熟方法來增加價值。這反映在我們的投資組合的質量上，與該行業的許多其他公司不同的是，我們的投資組合的質量在本財年下半年實現了增長，以及我們實現社會價值的方法以及我們如何將我們的員工和文化、系統和流程和工作方式。

We remain unwavering in our efforts to improve safety and protect our people, and it is thanks to that clear prioritization and its application by our workforce and leaders that we have now gone more than 3.5 years without a fatality. We are also experiencing fewer high-potential injuries, those that could cause significant injury or fatality, which is a leading indicator of our safety performance. Our strong focus on safety and health includes our work towards the elimination of sexual harassment, racism and bullying from BHP. We have continued to take strong action, making upgrades to security and accommodation villages, enhancing training programs including for both leaders and bystanders, and improving support services.

我們始終堅定不移地努力提高安全性和保護我們的員工，正是由於我們的員工和領導者明確的優先順序及其應用，我們現在已經過去 3.5 年沒有死亡。我們也減少了高潛在傷害，那些可能導致重大傷害或死亡的傷害，這是我們安全績效的領先指標。我們對安全和健康的高度關注包括我們致力於消除必和必拓的性騷擾、種族主義和欺凌行為。我們繼續採取強有力的行動，對安全和住宿村進行升級，加強包括領導和旁觀者在內的培訓計劃，並改善支持服務。

I want to take this opportunity to thank our people and our stakeholders for their ongoing feedback and recommendations. Their insights continue to inform our approach. We know we have more work to do, and we are determined to make continued progress and ensure BHP is safe and inclusive for everyone.

我想藉此機會感謝我們的員工和利益相關者的持續反饋和建議。他們的見解繼續為我們的方法提供信息。我們知道我們還有更多工作要做，我們決心繼續取得進展，並確保必和必拓對每個人都是安全和包容的。

I mentioned the challenging circumstances of the year. To be specific, we continue to experience the disruption and uncertainty of the pandemic. We saw the Ukraine crisis exacerbate global supply chain pressures, and we experienced inflation impacts across our portfolio. Managing uncertainty and risk is a core part of our business, and our people and approach have allowed us to address these additional challenges in a disciplined way. This, along with our focus on operational excellence, the quality of our assets and our leading approach to social value means that we remain better positioned to protect and consistently deliver strong results through the cycle.

我提到了這一年充滿挑戰的情況。具體而言，我們繼續經歷大流行的破壞和不確定性。我們看到烏克蘭危機加劇了全球供應鏈壓力，我們的投資組合也經歷了通脹影響。管理不確定性和風險是我們業務的核心部分，我們的人員和方法使我們能夠以有紀律的方式應對這些額外的挑戰。這一點，再加上我們對卓越運營、資產質量和領先的社會價值方法的關注，意味著我們仍然能夠更好地保護並在整個週期中持續提供強勁的成果。

We've delivered well against production and unit cost guidance. We achieved record shipments from our Iron Ore business in Western Australia for the third year running, and we remain the world's lowest cost major producer.

我們在生產和單位成本指導方面表現良好。我們在西澳大利亞的鐵礦石業務連續第三年實現了創紀錄的出貨量，我們仍然是世界上成本最低的主要生產商。

In copper, Escondida in Chile had record material mine and near record concentrator throughput while Olympic Dam in South Australia performed strongly in the fourth quarter after planned smelter maintenance.

在銅方面，智利的 Escondida 擁有創紀錄的材料礦和接近創紀錄的選礦廠吞吐量，而南澳大利亞的Olympic Dam 在計劃的冶煉廠維護後在第四季度表現強勁。

I'm very proud of the way people across BHP have united to deliver such a strong safety and operational performance in the face of the challenges in the external environment. Our sector-leading performance confirms my belief that our people and the way we work are a defining feature of our business and a substantial competitive advantage. This strong and reliable performance enabled us to capture the benefits of high commodity prices and deliver record underlying EBITDA of almost $41 billion. This has allowed us to return a record $16.4 billion in ordinary dividends to shareholders over the past 12 months.

面對外部環境的挑戰，必和必拓員工團結一致，提供如此強大的安全和運營績效，我對此感到非常自豪。我們行業領先的業績證實了我的信念，即我們的員工和我們的工作方式是我們業務的決定性特徵和巨大的競爭優勢。這種強勁而可靠的表現使我們能夠從高商品價格中獲益，並實現近 410 億美元的創紀錄的基本 EBITDA。這使我們能夠在過去 12 個月中向股東返還創紀錄的 164 億美元的普通股息。

Now these are important figures, but they are only one part of our overall contribution to the lives and livelihoods of people around the world through employment, through supplier relationships, through community support and through royalties and taxation. The scale of our contribution supports economies, power small and large businesses and helps to fund services and infrastructure in the nations where we operate.

現在這些都是重要的數字，但它們只是我們通過就業、供應商關係、社區支持以及特許權使用費和稅收對世界各地人民的生活和生計所做的整體貢獻的一部分。我們的捐款規模支持經濟，為小型和大型企業提供動力，並有助於為我們經營所在國家的服務和基礎設施提供資金。

During the year, BHP's total economic contribution was $78 billion, which includes a record $17.3 billion paid to governments, up over 50% year-on-year and more than our dividends to shareholders.

年內，必和必拓的總經濟貢獻為 780 億美元，其中包括支付給政府的創紀錄的 173 億美元，同比增長 50% 以上，超過了我們對股東的股息。

BHP continues to deliver social value where we operate. Creating social value isn't a byproduct of our business. It's a core aim, planning and operating in a way that delivers long-term sustainable value and opportunity for BHP, our shareholders and the broader community. We see it in our commitment to the environment. We've lowered our operational greenhouse gas emissions by 24% over the past 2 years, mostly through increased uptake of renewable energy. And we've built on our research and development partnerships in steelmaking and maritime. This works towards the goals and targets detailed in our climate transition action plan, which received strong support from shareholders at our last AGM. And we've reduced our reliance on freshwater. Through efficiency initiatives and desalinization, freshwater withdrawals are down almost 30% since 2017, nearly double our target.

必和必拓繼續在我們經營的地方創造社會價值。創造社會價值不是我們業務的副產品。這是一個核心目標，以一種為必和必拓、我們的股東和更廣泛的社區提供長期可持續價值和機會的方式進行規劃和運營。我們在對環境的承諾中看到了這一點。在過去 2 年中，我們將運營溫室氣體排放量降低了 24%，主要是通過增加可再生能源的使用。我們在煉鋼和海事方面建立了研發合作夥伴關係。這有助於實現我們氣候轉型行動計劃中詳述的目標和具體目標，該計劃在我們上屆年度股東大會上得到了股東的大力支持。我們減少了對淡水的依賴。通過提高效率舉措和海水淡化，自 2017 年以來淡水抽取量下降了近 30%，幾乎是我們目標的兩倍。

We also continue to make strong progress on making our teams more inclusive and more diverse because we know these teams are stronger performing. Our workforce is now over 32% female, and that number continues to rise.

我們還繼續在使我們的團隊更具包容性和多元化方面取得重大進展，因為我們知道這些團隊的表現更強。現在，我們的員工隊伍中超過 32% 是女性，而且這個數字還在繼續上升。

I'll hand over to David now to detail our financial results.

我現在將交給大衛詳細說明我們的財務結果。

Thanks, Mike. This was a very strong result, even more so given the backdrop of the challenging operating environment.

謝謝，邁克。這是一個非常強勁的結果，在充滿挑戰的運營環境的背景下更是如此。

Excluding Petroleum, underlying EBITDA was up 16% to $40.6 billion and at a record margin of 65%. After an effective tax rate, including royalties of 38.5%, underlying attributable profit was $21.3 billion. And underlying earnings per share increased by 25% to a record $0.0421 per share. Our total attributable profit was $30.9 billion, including petroleum and a net exceptional gain of $7.1 billion after tax, comprising a gain on the merger of our Petroleum business with Woodside of $8.2 billion, a gain on the disposal of BMC of $840 million, partly offset by a charge for the Samarco dam failure of $1.1 billion plus unification-related transaction costs and an impairment of U.S. deferred tax assets of $851 million.

不包括石油，基本 EBITDA 增長 16% 至 406 億美元，利潤率達到創紀錄的 65%。扣除有效稅率（包括 38.5% 的特許權使用費）後，基本應占利潤為 213 億美元。每股基本收益增長了 25%，達到創紀錄的每股 0.0421 美元。我們的應占利潤總額為 309 億美元，包括石油和 71 億美元的稅後淨異常收益，其中包括我們的石油業務與伍德賽德合併的收益 82 億美元，出售 BMC 的收益 8.4 億美元，部分抵消了11 億美元的薩馬科大壩潰壩費用，加上與統一相關的交易成本和 8.51 億美元的美國遞延所得稅資產減值。

To ensure shareholders again benefited from our strong performance, we've announced a final dividend of $0.0175 per share, taking our full year ordinary dividend to a record $0.0325 per share.

為確保股東再次從我們的強勁表現中受益，我們宣布派發每股 0.0175 美元的末期股息，使我們的全年普通股息達到創紀錄的每股 0.0325 美元。

EBITDA benefited from higher prices for most of our core commodities. Metallurgical and energy coal prices were more than triple that of last year. Copper and nickel prices were up by 9% and 43%, respectively. These were partly offset by lower, although still very healthy iron ore prices.

EBITDA 受益於我們大多數核心商品的價格上漲。冶金和能源煤價格是去年的三倍多。銅價和鎳價分別上漲 9% 和 43%。儘管鐵礦石價格仍然非常健康，但這些都被較低的部分抵消了。

The favorable impacts of the weaker Australian dollar and Chilean peso against the U.S. dollar helped to offset general inflation and commodity input cost pressures. It's worth noting that the transition towards fully renewable power at Escondida and Spence generated more than $100 million in cost savings this year.

澳元和智利比索對美元走弱的有利影響有助於抵消總體通脹和商品投入成本壓力。值得注意的是，Escondida 和 Spence 向完全可再生能源的過渡今年節省了超過 1 億美元的成本。

On the controllable side of the ledger, volumes were lower, driven by the planned smelter maintenance at Olympic Dam, lower copper grade at Escondida, significant weather impacts at BMA and the impacts of COVID across the group, partly offsetting by ongoing strong operating performance at Western Australian Iron Ore and the ramp-up of the new concentrator at Spence.

在賬本的可控方面，由於Olympic Dam 的冶煉廠計劃維護、Escondida 銅品位降低、BMA 的重大天氣影響以及 COVID 對整個集團的影響，導致產量下降，部分抵消了持續強勁的運營業績。西澳大利亞鐵礦石和 Spence 新選礦廠的擴建。

On the cost front, we continue to perform well. Controllable cash costs increased by just $540 million, with more than 50% of this associated with COVID, which were treated as exceptional in the prior year. The $1.7 billion increase from ceased and sold operations primarily reflects the strong performance of BMC until the completion of the sale.

在成本方面，我們繼續表現良好。可控現金成本僅增加了 5.4 億美元，其中超過 50% 與 COVID 相關，在上一年被視為特殊情況。停止和出售業務增加的 17 億美元主要反映了 BMC 在出售完成前的強勁表現。

These results continue our track record of strong and consistent performance. We have again delivered margins above our peer group, giving us greater through the cycle resilience and producing a high baseline of cash flows. We've delivered net operating cash flows of more than $15 billion again this year, extending this track record to all but one of the past 13 years. We've achieved this due to the quality of our portfolio and our focus on operational excellence and cost discipline, despite market and operating conditions varying greatly over these years. This stability is a hallmark for us with few businesses in our sector having delivered this consistently.

這些結果延續了我們強勁而一致的業績記錄。我們再次提供了高於同行的利潤率，通過週期彈性為我們提供了更大的收益，並產生了較高的現金流基準。今年，我們再次實現了超過 150 億美元的淨經營現金流，將這一記錄延續到過去 13 年中的一年。儘管這些年來市場和運營條件發生了很大變化，但由於我們的產品組合的質量以及我們對卓越運營和成本紀律的關注，我們實現了這一目標。這種穩定性是我們的標誌，我們行業中很少有企業能夠始終如一地實現這一目標。

Across the portfolio, our underlying operations performed well. We delivered well against the production and unit cost guidance despite the COVID and inflationary impacts. And all of our segments, except Nickel West, delivered EBITDA margins in excess of 50%.

在整個投資組合中，我們的基礎業務表現良好。儘管受到 COVID 和通貨膨脹的影響，但我們在生產和單位成本指導方面表現良好。除 Nickel West 外，我們所有部門的 EBITDA 利潤率均超過 50%。

Western Australian Iron Ore continued to perform strongly with EBITDA of $21.7 billion at a 71% margin, underpinned by record sales volumes of 284 million tonnes. The ramp-up of South Flank to full capacity is ahead of schedule with, on average, a rate of 67 million tonnes delivered in the June quarter.

西澳大利亞鐵礦石繼續表現強勁，EBITDA 為 217 億美元，利潤率為 71%，這得益於創紀錄的 2.84 億噸銷量。 South Flank 提前達到滿負荷生產，6 月季度平均交付量為 6700 萬噸。

In copper, the increase in EBITDA to $8.6 billion was driven by higher realized prices, partly offset by lower volumes and inflation. Despite significant wet weather impacts and labor constraints, BMA achieved a $5.8 billion increase in EBITDA and a 62% margin with average realized prices more than 3x the prior period.

在銅方面，EBITDA 增長至 86 億美元是由較高的實際價格推動的，部分被較低的產量和通貨膨脹所抵消。儘管有重大的潮濕天氣影響和勞動力限制，BMA 實現了 58 億美元的 EBITDA 增長和 62% 的利潤率，平均實現價格是上一期的 3 倍以上。

And New South Wales Energy Coal generated record EBITDA of almost $2 billion as it increased its proportion of washed coals to capture record price premiums. Higher quality coals now make up almost 90% of sales compared to approximately 60% last year. So we continue to perform well overall, both operationally and on the cost front. That said, we're acutely aware that the lag effects of inflation and labor availability are challenges we continue to deal with. While we anticipate higher unit costs across our major assets over the next 12 months, we expect to maintain our advantaged cost position, aided by our world-class assets, differentiated approach to operational excellence and continued relentless focus on cost discipline.

新南威爾士能源煤炭公司通過增加洗煤比例以獲取創紀錄的價格溢價，創造了近 20 億美元的 EBITDA 創紀錄。更高質量的煤炭現在佔銷售額的近 90%，而去年這一比例約為 60%。因此，我們在運營和成本方面繼續整體表現良好。也就是說，我們敏銳地意識到通貨膨脹和勞動力供應的滯後效應是我們繼續應對的挑戰。雖然我們預計未來 12 個月我們主要資產的單位成本會上升，但我們預計將在我們世界一流的資產、卓越運營的差異化方法以及對成本紀律的持續關注的幫助下保持我們的成本優勢地位。

Now turning to capital expenditure. As Mike spoke to, we are accelerating growth. CapEx is expected to increase over the medium term as we said it would, and about 60% of that will go towards future-facing commodities namely copper, nickel and potash. One of the great strengths of BHP is our ability to invest through the cycle.

現在轉向資本支出。正如邁克所說，我們正在加速增長。正如我們所說，預計資本支出將在中期內增加，其中約 60% 將用於面向未來的大宗商品，即銅、鎳和鉀鹽。必和必拓的一大優勢是我們能夠在整個週期內進行投資。

Over the next 2 years, the majority of funds will be allocated to maintenance and improvement capital. Maintenance capital will increase by around $1 billion by 2024 as we invest to continue our reliable operational performance. This includes over $500 million of operational decarbonization capital. Improvement capital includes projects that enable improved productivity, quality facilities and organizational culture.

在接下來的兩年中，大部分資金將用於維護和改善資金。到 2024 年，維護資本將增加約 10 億美元，因為我們投資以繼續我們可靠的運營績效。這包括超過 5 億美元的運營脫碳資本。改進資本包括能夠提高生產力、質量設施和組織文化的項目。

In terms of major projects, spend at Jansen will increase near term to approximately $740 million in 2023. Other projects across the group include capital-efficient debottlenecking works in iron ore, plant modifications at Spence and studies on options at Escondida.

在重大項目方面，Jansen 的支出將在短期內增加到 2023 年約 7.4 億美元。整個集團的其他項目包括鐵礦石的資本效率消除瓶頸工程、Spence 的工廠改造和 Escondida 的選項研究。

As we look to the medium term, the increase in spend relates to future-facing commodities. This includes continued spend on Jansen Stage 1 and potentially Stage 2, and growth options in copper at Escondida, Spence, Olympic Dam as well as in Nickel. Mike will touch more on these projects we are looking to study and looking to accelerate later on.

從中期來看，支出的增加與面向未來的商品有關。這包括在 Jansen 第 1 階段和可能的第 2 階段的持續支出，以及 Escondida、Spence、Olympic Dam 和鎳的銅增長選擇。 Mike 將更多地介紹我們正在研究並希望稍後加速的這些項目。

We will also spend on our steelmaking commodities, which remain important for the energy transition. Getting Western Australian Iron Ore to 300-plus million tonnes per annum in the medium term will require an acceleration of sustaining mine development and continued capital-efficient debottlenecking works. Studies are also underway for our 330 million tonne per annum option. Combined, we expect annual capital expenditure and exploration expenditure of around $10 billion over the medium term. Of course, all investment decisions will be subject to our capital allocation framework, which has served us well since it was put in place in 2016. We have built a very strong balance sheet that can withstand external shocks and market volatility while reinvesting in the business to accelerate future options and deliver very substantial returns to shareholders.

我們還將投資於我們的煉鋼商品，這對能源轉型仍然很重要。在中期內，要將西澳大利亞鐵礦石的年產量提高到 300 多萬噸，將需要加速持續的礦山開發和持續的資本效率消除瓶頸工作。我們還在研究我們每年 3.3 億噸的選擇權。加起來，我們預計中期內的年度資本支出和勘探支出約為 100 億美元。當然，所有投資決策都將受制於我們的資本配置框架，該框架自 2016 年實施以來一直為我們服務。我們建立了非常強大的資產負債表，可以在對業務進行再投資的同時抵禦外部衝擊和市場波動加速未來的選擇並為股東帶來可觀的回報。

Reflecting our strong performance, we generated record operating cash flows of more than $29 billion for the year. Our balance sheet is in an outstanding position with net debt of $333 million.

反映我們強勁的表現，我們在這一年創造了超過 290 億美元的創紀錄的經營現金流。我們的資產負債表狀況良好，淨債務為 3.33 億美元。

Off the back of our strong results, we have announced a final dividend of $8.9 billion, which takes our full year dividend to more than $16 billion. In addition, we distributed $19.6 billion as an in-specie dividend through the merger of our Petroleum business with Woodside. All in, we distributed over $15 billion in franking credits this financial year.

在我們強勁的業績的支持下，我們宣布了 89 億美元的末期股息，這使我們的全年股息超過 160 億美元。此外，我們通過石油業務與伍德賽德的合併，分配了 196 億美元的實物股息。總而言之，我們在本財政年度分發了超過 150 億美元的郵資抵免額。

With that, I'll hand back to Mike for an update on the business.

有了這個，我將把業務的最新情況交給邁克。

Thanks, David. Amid the complexity and volatility of the external environment, we see significant opportunity for BHP. In the year ahead, China's stimulus policies are expected to contribute positively to growth. Infrastructure in the automotive sector are already responding. However, a rebound in housing activity is expected to take longer. The potential for further lockdowns, of course, remains a source of uncertainty. Outside China, the conflict in Ukraine, the unfolding energy crisis in Europe, high inflation and policy tightening in response to this are expected to result in an overall slowing of global growth. The effects of inflation are expected to continue through next year as well tightness in labor markets and challenging supply chain conditions.

謝謝，大衛。在外部環境的複雜性和波動性中，我們看到了必和必拓的重大機遇。未來一年，預計中國的刺激政策將對增長做出積極貢獻。汽車行業的基礎設施已經做出響應。然而，房地產活動的反彈預計需要更長的時間。當然，進一步封鎖的可能性仍然是不確定性的來源。在中國之外，烏克蘭的衝突、歐洲能源危機的蔓延、高通脹和為此而收緊的政策預計將導致全球增長整體放緩。預計通貨膨脹的影響將持續到明年，勞動力市場的緊張和供應鏈狀況的挑戰也將持續。

While the external environment is complex, BHP is well positioned to outperform in these conditions. Our ongoing focus on productivity and continuous improvement stand us in good stead.

雖然外部環境複雜，但必和必拓在這些條件下表現出色。我們對生產力和持續改進的持續關注使我們處於有利地位。

Over and above this, our experience and capability in managing through previous cycles and track record of early and decisive action gives us confidence we can successfully navigate current market volatility. As David has explained, we have done well to minimize the effects of inflation this last year, and we intend to do better than others going forward. And as inflationary pressures continue to lift and steepen operating cost curves, low-cost operators like BHP stand to capture higher relative margins. And our scale, global procurement function and network of trusted partners means that with supply chain disruptions occur, we can quickly adapt and continue to prosper where others may not.

除此之外，我們在管理先前週期的經驗和能力以及早期和果斷行動的跟踪記錄使我們有信心成功應對當前的市場波動。正如大衛所解釋的那樣，去年我們在將通貨膨脹的影響降至最低方面做得很好，並且我們打算在未來做得比其他人更好。隨著通脹壓力繼續抬升和加劇運營成本曲線，必和必拓等低成本運營商將獲得更高的相對利潤率。我們的規模、全球採購功能和值得信賴的合作夥伴網絡意味著，隨著供應鏈中斷的發生，我們可以快速適應並繼續在其他人可能無法做到的地方繁榮發展。

None of these complexities alter the positive fundamentals that underpin our business. The realities of climate change remain. The world still needs to decarbonize, and the infrastructure requirements for that are immense. The world's population will continue to grow, urbanize and demand higher standards of living, and that means the demand for our commodities will continue to grow. Under BHP's Paris-aligned 1.5-degree scenario, our modeling shows considerable growth in global demand for the commodities we produce.

這些複雜性都不會改變支撐我們業務的積極基本面。氣候變化的現實依然存在。世界仍然需要脫碳，而這對基礎設施的要求是巨大的。世界人口將繼續增長、城市化並要求更高的生活水平，這意味著對我們商品的需求將繼續增長。在必和必拓與巴黎一致的 1.5 度情景下，我們的模型顯示全球對我們生產的商品的需求顯著增長。

BHP has some of the best assets in the world to meet that demand: Escondida, the world's largest copper mine, providing BHP with the world's largest copper endowment when taken together with our other copper assets; Western Australian Iron Ore, the world's lowest cost major iron ore business; Nickel West, the second largest nickel sulfide resource in the world; BMA, a leading supplier of higher-quality coals for steelmaking; and Jansen in Canada, which marks our entry into the world's best potash basin and opens up significant growth potential. These assets provide a strong platform for growth. But for us to fully capture this, it's essential we also create mutual value for the communities, governments and partners that support us.

必和必拓擁有一些世界上最好的資產來滿足這一需求： 世界上最大的銅礦 Escondida 與我們的其他銅資產一起為必和必拓提供了世界上最大的銅資源；西澳鐵礦石，全球成本最低的主要鐵礦石企業； Nickel West，世界第二大硫化鎳資源； BMA，領先的煉鋼用優質煤供應商；和加拿大的 Jansen，這標誌著我們進入了世界上最好的鉀肥盆地，並開闢了巨大的增長潛力。這些資產為增長提供了強大的平台。但要讓我們充分把握這一點，我們還必須為支持我們的社區、政府和合作夥伴創造共同價值。

In June, we released our new social value framework to help guide our actions for the greatest mutual value. Our aim with social value is to be deliberate and proactive in taking into account social and financial impact in the choices we make. By prioritizing both, we can create mutual benefit for our stakeholders and deliver long-term value for our shareholders.

6 月，我們發布了新的社會價值框架，以幫助指導我們的行動以實現最大的共同價值。我們的社會價值目標是在做出選擇時慎重和積極地考慮社會和財務影響。通過優先考慮兩者，我們可以為我們的利益相關者創造互惠互利，並為我們的股東創造長期價值。

In doing so, we build better relationships that help us gain insight to better understand, manage and avoid risks. These relationships bring opportunities to work creatively and collaboratively, which unlocks different ways of thinking. And through this, we increased the resilience of the business and create new opportunities along the way. Doing this well is essential and will create a competitive advantage. It will influence our access to resources, to partners and markets, to the best talent and to capital. And we're embedding it into every level of the business from strategy and capital allocation to everyday processes and decisions at our sites.

通過這樣做，我們建立了更好的關係，幫助我們獲得洞察力，從而更好地理解、管理和規避風險。這些關係帶來了創造性和協作性工作的機會，從而開啟了不同的思維方式。通過這種方式，我們提高了業務的彈性，並在此過程中創造了新的機會。做好這一點至關重要，並將創造競爭優勢。它將影響我們對資源、合作夥伴和市場、最優秀人才和資本的獲取。我們將其嵌入到業務的各個層面，從戰略和資本分配到我們站點的日常流程和決策。

We've also introduced a new social value scorecard with 2030 goals, metrics and milestones. This provides clarity to our teams and our ambitions, and allows us to measure progress, transparently report and hold ourselves to account. The scale and longevity of our resources bestow on us a big responsibility to get this right. They also provide significant and numerous pathways for organic growth. At Escondida, we still expect production to average 1.2 million tonnes per annum over the medium term as we mine higher grade areas.

我們還推出了包含 2030 年目標、指標和里程碑的新社會價值記分卡。這使我們的團隊和雄心更加清晰，並使我們能夠衡量進展、透明地報告並讓自己承擔責任。我們資源的規模和壽命賦予我們很大的責任來做到這一點。它們還為有機增長提供了重要且眾多的途徑。在 Escondida，我們仍預計中期平均年產量為 120 萬噸，因為我們開采了更高品位的區域。

Looking further forward, we've accelerated studies to potentially grow production through our concentrator strategy and leaching opportunities. At Olympic Dam, our recently completed maintenance campaign has raised baseline production rates. We're progressing drilling at Oak dam, and we're studying 2-stage smelting as a way to de-constrain operations.

展望未來，我們加快了研究，以通過我們的選礦戰略和浸出機會潛在地增加產量。在Olympic Dam，我們最近完成的維護活動提高了基準生產率。我們正在 Oak dam 進行鑽探，我們正在研究 2 階段熔煉作為一種解除操作限制的方法。

One of our most exciting growth pathways comes from our entry into potash. We see huge potential in Jansen, and we are looking to bring forward first production from Stage 1 into 2026 and have started Stage 2 studies. And at Western Australian Iron Ore, our success in debottlenecking our supply chain gives us confidence we can get to over 300 million tonnes per annum over the medium term, and we're studying options to increase this up to 330.

我們最令人興奮的增長途徑之一來自我們進入鉀肥領域。我們看到了 Jansen 的巨大潛力，我們希望將第一階段的首次生產提前到 2026 年，並已開始第二階段的研究。在西澳大利亞鐵礦石公司，我們成功地消除了供應鏈瓶頸，這讓我們有信心在中期內達到每年 3 億噸以上的產量，我們正在研究將這一數字提高到 330 噸的方案。

The quality of our assets and the organic opportunities embedded within them are incredibly valuable today. However, in a world where high-quality development options to meet growing demand are limited, the value of incumbent producers with existing world-class resources like BHP will only increase further.

今天，我們資產的質量和其中蘊含的有機機會非常寶貴。然而，在一個滿足不斷增長的需求的高質量發展選擇有限的世界裡，擁有像必和必拓這樣的現有世界級資源的現有生產商的價值只會進一步增加。

On top of these organic opportunities, we have many levers to deliver value growth. We are being more agile and commercial and building our capability to add to our options through exploration, innovation and technology, early-stage entry or mergers and acquisitions. We are also growing value through how we bring together our people and culture, systems and processes, technology and innovation.

除了這些有機機會之外，我們還有許多槓桿來實現價值增長。我們正在變得更加敏捷和商業化，並建立我們的能力，通過探索、創新和技術、早期進入或併購來增加我們的選擇。我們還通過如何將我們的員工和文化、系統和流程、技術和創新結合在一起來增加價值。

So let me be clear. This is a mutually reinforcing system. It's the way we bring these together, the way they amplify, support and drive each other that unlocks the true potential of each and sets BHP apart. These things take time to embed in the business. We have been laying the foundations across each for the past decade.

所以讓我說清楚。這是一個相輔相成的系統。正是我們將這些結合在一起的方式，它們相互放大、支持和驅動的方式，才能釋放每個人的真正潛力，並使必和必拓與眾不同。這些事情需要時間才能融入業務。在過去的十年中，我們一直在為每個項目奠定基礎。

First and foremost, people and culture. We have an inclusive performance-oriented culture. Our teams are increasingly diverse, which, as I said earlier, we know drives better outcomes. We've reduced frontline supervisor spans of control and are enabling our supervisors to spend more time above 90% in field with their teams. We're bringing more people in-house through operation services and investing in their training as well as developing the next generation of talent through our FutureFit Academy.

首先，人和文化。我們擁有以績效為導向的包容性文化。我們的團隊越來越多樣化，正如我之前所說，我們知道這會帶來更好的結果。我們減少了一線主管的控制範圍，並使我們的主管能夠在現場與他們的團隊一起花費超過 90% 的時間。我們正在通過運營服務將更多的人引入內部，並通過我們的 FutureFit 學院投資於他們的培訓以及培養下一代人才。

Our people are engaged and empowered through the BHP operating system, our way of working that creates a culture and capability where we make continuous improvement central to everyone's role. Our common enterprise-wide systems allow us to identify and lock in best practice. And our Centers of Excellence encourage deep technical capability, bringing best practice from other industries and enable fast deployment of improvement ideas around the business.

我們的員工通過 BHP 操作系統參與並獲得授權，我們的工作方式創造了一種文化和能力，在這種文化和能力中，我們將持續改進作為每個人的角色的核心。我們通用的企業級系統使我們能夠識別和鎖定最佳實踐。我們的卓越中心鼓勵深厚的技術能力，帶來其他行業的最佳實踐，並能夠在業務中快速部署改進想法。

When we combine these with the power of data, of which we have a lot, we accelerate improvements across our value chain from the geoscience required in exploration through to the marketing of our products. Our holistic approach is delivering safer, lower cost, more reliable and more productive operations, accelerating value creation.

當我們將這些與我們擁有的大量數據的力量相結合時，我們將加速整個價值鏈的改進，從勘探所需的地球科學到我們的產品營銷。我們的整體方法是提供更安全、成本更低、更可靠和更高效的運營，加速價值創造。

This year's results demonstrate the resilience and strength of BHP. We face challenges, but we've adapted and overcome them. And in doing so, we've delivered a very strong performance while reshaping our portfolio and redoubling our focus on growth. We've done that because of the combination of qualities that differentiates us from our competitors, both inside and outside of the resources sector: Our continuous improvement culture and leading capability; our portfolio of world-class assets, low cost and with expansion options because of the discipline we apply to capital allocation; and through our efforts to lead on social value.

今年的業績證明了必和必拓的韌性和實力。我們面臨挑戰，但我們已經適應並克服了它們。在這樣做的過程中，我們實現了非常強勁的業績，同時重塑了我們的投資組合併加倍關注增長。我們之所以做到這一點，是因為結合了使我們與資源行業內外的競爭對手區分開來的品質： 我們持續改進的文化和領先能力；我們的世界級資產組合、低成本和擴展選項，因為我們適用於資本分配的紀律；並通過我們努力引領社會價值。

Our ability to consistently deliver strong returns year in and year out is what sets BHP apart. We have done so for many years, and our assets, our portfolio and our growth options position us to continue to deliver for our shareholders and society into the future.

我們年復一年地持續提供強勁回報的能力使必和必拓與眾不同。我們多年來一直這樣做，我們的資產、我們的投資組合和我們的增長選擇使我們能夠在未來繼續為我們的股東和社會提供服務。

As the world moves to decarbonize, as our population continues to grow and as the demand for the commodities that we produce continues to be driven by those persistent trends, BHP is strongly positioned for ongoing success. Thank you.

隨著世界走向脫碳，隨著我們的人口持續增長以及對我們生產的商品的需求繼續受到這些持續趨勢的推動，必和必拓為持續成功做好了充分的準備。謝謝你。