必和必拓 (BHP) 2024 Q4 法說會逐字稿

Hello, and thank you for joining us to hear about BHP's results for the 2024 financial year.

您好，感謝您加入我們，了解必和必拓 2024 財年的表現。

I'm joined today by our Chief Financial Officer Vandita Pant, the company performed well again this year, operationally and financially, we delivered reliable operational performance, achieving a number of records.

今天我們的財務長 Vandita Pant 也加入了進來，公司今年再次表現出色，在營運和財務方面，我們交付了可靠的營運業績，創下了多項記錄。

However, tragically, a colleague was fatally injured on the job in January, and this is a heavy reminder of the imperative to continue our relentless efforts to eliminate fatalities and serious injuries from BHP.

然而，不幸的是，一月份，一名同事在工作中受了致命傷，這強烈提醒我們必須繼續不懈努力，消除必和必拓的死亡和重傷事故。

Our strong underlying operational and financial performance is enabled by our simple clear strategy and the discipline with which we executed.

我們強大的基礎營運和財務表現得益於我們簡單且清晰的策略和執行紀律。

This includes our differentiated portfolio of the best assets in the most attractive commodities as well as our approaches to operational excellence and capital allocation.

這包括我們在最具吸引力的商品中提供最佳資產的差異化投資組合，以及我們的卓越營運和資本配置方法。

Our portfolio is focused on large long-life assets in commodities that are set to benefit from the megatrends playing out around us, a growing population, increasingly urbanized seeking higher standards of living and embarking on the energy transition.

我們的投資組合專注於大宗商品中的大型長期資產，這些資產將受益於我們周圍的大趨勢、不斷增長的人口、日益城市化的追求更高生活水平以及開始能源轉型。

We are passionate about operational excellence.

我們熱衷於卓越營運。

This focus ensures we unlock maximum value from our assets and the capital we have deployed and consistently deliver high operating margins and good returns.

這種專注確保我們從我們的資產和已部署的資本中釋放最大價值，並持續提供高營業利潤和良好回報。

The combination of these attributes delivers strong, consistent cash flows, coupled with our resilient balance sheet and a discipline embedded through our capital allocation framework this gives us the ability to fund our growth and deliver attractive returns to shareholders.

這些屬性的結合帶來了強勁、持續的現金流，再加上我們富有彈性的資產負債表和資本配置框架中嵌入的紀律，這使我們有能力為我們的成長提供資金，並為股東帶來有吸引力的回報。

The creation of broader social value is also vital to our business and goes hand-in-hand with long-term shareholder value.

創造更廣泛的社會價值對我們的業務也至關重要，並且與長期股東價值密切相關。

Our actions throughout the 2024 financial year are consistent with that strategy, pursuing operational excellence, creating social value and shaping our portfolio for the future.

我們在 2024 財年的行動與該策略保持一致，追求卓越營運、創造社會價值並塑造我們未來的投資組合。

This proven strategy consistently delivered keeps BHP in a strong position to create value now and for decades to come.

這項經過驗證的策略始終如一地實施，使必和必拓在現在和未來幾十年創造價值方面處於有利地位。

Reflecting our focus on operational excellence.

反映出我們對卓越營運的關注。

This past year, we met final production and unit cost guidance at all of our assets.

去年，我們所有資產都達到了最終產量和單位成本指引。

This includes record production at Western Australian Iron Ore, Spence and Carrapateena.

其中包括西澳大利亞鐵礦石、斯彭斯和卡拉帕泰納的創紀錄產量。

We widened our lead as the lowest cost iron ore producer in the world and grew copper production by 9% for the second consecutive year.

我們擴大了作為全球成本最低鐵礦石生產商的領先地位，銅產量連續第二年增長 9%。

We are now producing almost 300,000 tons of additional copper each year, making us the company with the fastest growing copper exposure over that period with a further 4% expected in 2025.

我們現在每年額外生產近 30 萬噸銅，使我們成為同期銅產量成長最快的公司，預計 2025 年將進一步成長 4%。

Supported by the strong underlying performance, we've determined a final dividend of USD0.74 per share, which takes our total dividends for the year to $7.4 billion, continuing our track record of delivering attractive cash returns to shareholders.

在強勁的基本業績的支持下，我們確定了每股 0.74 美元的末期股息，這使得我們今年的股息總額達到 74 億美元，繼續為股東提供有吸引力的現金回報。

In addition to our sharp focus on safety and unlocking the greatest potential returns for shareholders through our existing operations.

除了我們對安全的高度關注之外，我們還透過現有業務為股東釋放最大的潛在回報。

We're also continuing to invest in value-adding growth and are shaping BHP for the future.

我們也將繼續投資於增值成長，並塑造必和必拓的未來。

Stage one of our Jansen potash project is ahead of its initial schedule with first production forecast for late 2026.

我們的 Jansen 鉀肥計畫第一階段提前於最初的計劃，預計將於 2026 年底首次投入生產。

And Stage two is in execution.

第二階段正在執行中。

At copper, South Australia, we've already unlocked more synergies faster than anticipated at the time of the OZ Minerals acquisition.

在南澳大利亞銅礦，我們已經比收購 OZ Minerals 時的預期更快地釋放了更多協同效應。

And we're increasingly excited by the growth pathway, both there.

我們對那裡的成長途徑越來越感到興奮。

And in South America with our work on a pipeline of projects in Chile indicating attractive returns.

在南美洲，我們在智利的一系列項目的工作表明回報可觀。

We have also recently announced an agreement to form a significant joint venture with Lundin Mining related to a future copper growth opportunity in Argentina.

我們最近也宣布與倫丁礦業公司 (Lundin Mining) 達成協議，組成一家重要的合資企業，以尋求阿根廷未來的銅成長機會。

In recent months, we made the difficult decision to temporarily suspend our Western Australian nickel operations in light of the very tough market conditions for that industry.

近幾個月來，鑑於該行業非常嚴峻的市場條件，我們做出了暫時停止西澳大利亞鎳業務的艱難決定。

We understand the impact that has on the team there and the surrounding communities and are working closely with them to both mitigate the near-term impacts and to ensure the business is best placed to restart operations.

我們了解這對當地團隊和周邊社區的影響，並正在與他們密切合作，以減輕短期影響並確保企業最有能力重新開始運作。

If and when market circumstances weren't.

如果市場情況並非如此。

Everything we do must be done safely.

我們所做的一切都必須安全地進行。

The safety of our people and those around us remains our absolute priority and the loss of the co-worker in a light vehicle accident at our Saraji mine was tragic, and it is paramount that we continue our efforts to reduce and eliminate fatal risk from our business.

我們人民和周圍人的安全仍然是我們的絕對優先事項，在我們薩拉吉礦的一場輕型車輛事故中，一名同事的喪生是悲慘的，最重要的是，我們繼續努力減少和消除我們的致命風險商業。

Our structured work in this regard is helping to reduce the frequency of high potential injuries, those incidents that had the potential to result in a fatality in which someone was injured.

我們在這方面的結構化工作正在幫助減少高潛在傷害的發生頻率，也就是那些有可能導致人員受傷死亡的事件。

We improved on this measure by 36% during the year.

這一年我們在這項措施上改進了 36%。

Safety will remain an area of utmost focus for me and for the leadership team.

安全仍將是我和領導團隊最關注的領域。

We made very good progress this year on our social value goals, we remain on track to meet our 2030 operational greenhouse gas emissions reduction target, where we've cut emissions by 32% from our 2020 baseline.

今年我們在社會價值目標上取得了很大進展，我們仍有望實現 2030 年溫室氣體減排營運目標，與 2020 年基準相比，我們的排放量減少了 32%。

This has been achieved even with a slight expected increase in operational emissions this year as activity lifted across our business.

儘管隨著我們業務活動的增加，今年營運排放量預計略有增加，但我們仍然實現了這一目標。

Our 2024 climate transition action plan published today reaffirms our commitment to achieving challenging and credible greenhouse gas emissions reduction targets and goals and continues the multi-decade action we've been taking on climate change since we set emission intensity targets for our operations in the 1990s.

我們今天發布的2024 年氣候轉型行動計畫重申了我們對實現具有挑戰性和可信的溫室氣體減排目標的承諾，並繼續我們自20 世紀90 年代為我們的營運設定排放強度目標以來針對氣候變化採取的數十年行動。

Today, BHP's operational greenhouse gas emissions are among the lowest of our competitors.

如今，必和必拓的營運溫室氣體排放量是我們競爭對手中最低的。

Following strong support from shareholders for our 2021 climate transition action plan.

在股東對我們 2021 年氣候轉型行動計畫的大力支持之後。

We look forward to engaging with our shareholders on our 2024 plan as we move towards our second say on climate code at our upcoming Annual General Meeting.

我們期待與股東就我們的 2024 年計劃進行交流，因為我們將在即將召開的年度股東大會上就氣候代碼問題發表第二次發言權。

We continued to make meaningful progress towards a more inclusive and diverse workforce, a key enabler of better safety and productivity.

我們繼續在打造更具包容性和多元化的員工隊伍方面取得有意義的進展，這是提高安全性和生產力的關鍵推動因素。

We increased female employee participation across the group to over 37%, up almost 2 percentage points from last year.

我們將整個集團的女性員工參與率提高到 37% 以上，比去年提高了近 2 個百分點。

And our global leadership team is balance.

我們的全球領導團隊是平衡的。

We increased our spend with small, local and indigenous businesses to $3.3 billion, including more than $600 million with indigenous businesses, which was up 83% on last year.

我們將針對小型、本地和本土企業的支出增加到 33 億美元，其中針對本土企業的支出超過 6 億美元，比去年增長 83%。

Our total economic contribution across the regions we operate in was over $49 billion, which includes $11.2 billion in taxes and other payments to governments, around 85% of which was in Australia.

我們對營運所在地區的經濟貢獻總額超過 490 億美元，其中包括 112 億美元的稅收和其他向政府支付的款項，其中約 85% 來自澳洲。

These are strong numbers representative of a healthy company performing well.

這些強勁的數字代表了一家健康、業績良好的公司。

And I'll now hand over to Vandita to go a little further into the results.

現在我將請 Vandita 進一步討論結果。

Thanks, Mike.

謝謝，麥克。

Before we get into the results, I want to say that it is a privilege and an honor to have been appointed BHP's Chief Financial Officer in March, having been with BHP for more than eight years as Chief Commercial Officer and before that as Group Treasurer and Head of Europe, it is clear to me that our incredible assets, proven strategy, capital allocation framework and superior operational capability, truly set BHB apart.

在我們討論結果之前，我想說，我很榮幸在三月份被任命為必和必拓首席財務官，我在必和必拓擔任首席商務官八年多了，在此之前擔任集團財務主管和作為歐洲區負責人，我很清楚，我們令人難以置信的資產、經過驗證的策略、資本配置框架和卓越的營運能力，真正讓BHB 脫穎而出。

We delivered another strong set of results this year, enabled by the disciplined execution of our strategy.

由於嚴格執行我們的策略，我們今年又取得了一系列強勁的業績。

Underlying EBITDA increased by 4% with a healthy margin of 54%.

基本 EBITDA 成長了 4%，健康利潤率為 54%。

Our adjusted effective tax rate, including royalties, was around 42%, which gave us an underlying attributable profit of $13.7 billion and a return on capital employed of 27%.

我們調整後的有效稅率（包括特許權使用費）約為 42%，這為我們帶來了 137 億美元的基本歸屬利潤和 27% 的資本回報率。

Our total attributable profit was $7.9 billion after net exceptional charges of $5.8 billion.

扣除特殊費用淨額 58 億美元後，我們的應占利潤總額為 79 億美元。

These included a $2.7 billion non-cash impairment of Western Australia nickel business, a $3.8 billion charge for the Samarco dam failure, partly offset by a $674 million gain on the sale of BMA's Blackwater and Daunia mines.

其中包括西澳大利亞鎳業務 27 億澳元的非現金減值、Samarco 大壩潰壩造成的 38 億澳元費用，部分被 BMA 的 Blackwater 和 Daunia 礦出售獲得的 6.74 億澳元收益所抵消。

Underpinned by our focus on operational excellence, we continue to generate significant cash.

在我們對卓越營運的關注的基礎上，我們繼續產生大量現金。

This year.

今年。

We generated more than $20 billion of net operating cash flow.

我們產生了超過 200 億美元的淨營運現金流。

This enabled us to invest $9.3 billion in our business, 31% more than last year, reduced net debt to $9.1 billion and deliver attractive returns to our shareholders.

這使我們能夠在業務上投資 93 億美元，比去年增加 31%，將淨債務減少至 91 億美元，並為股東帶來可觀的回報。

Our full year dividend is USD1.46 per share.

我們的全年股息為每股 1.46 美元。

Our underlying EBITDA was higher year-on-year due to solid operational performance and higher prices for key commodities.

由於穩健的營運表現和主要商品價格的上漲，我們的基本 EBITDA 同比較高。

We performed well in areas within our control.

我們在我們控制範圍內表現良好。

While we spent more on maintenance, labor, exploration, and business development reflected in the $800 million change in costs shown in the waterfall.

雖然我們在維護、勞動力、勘探和業務開發上花費了更多，但瀑布中顯示的 8 億美元成本變化反映了這一點。

Overall, our productivity and cost discipline helped us to mitigate the effects of inflation.

整體而言，我們的生產力和成本紀律幫助我們減輕了通貨膨脹的影響。

While we experienced a global inflation rate of 4%, predominantly driven by higher labor costs.

儘管我們經歷了 4% 的全球通膨率，但主要是由於勞動力成本上升。

Unit costs across our major assets increased less than 3%, and we met our final unit cost guidance at each of our asset.

我們主要資產的單位成本增加了不到 3%，並且我們的每項資產都達到了最終的單位成本指引。

Our operations performed well across the portfolio.

我們的業務在整個投資組合中表現良好。

And I know we delivered record production volumes at an EBITDA margin of 68%.

我知道我們以 68% 的 EBITDA 利潤率創造了創紀錄的產量。

We achieved this with strong performance and cost discipline across the supply chain.

我們透過整個供應鏈的嚴格績效和成本紀律實現了這一目標。

South Flank completed its ramp-up to the full production capacity and the port debottlenecking project PDP1 enabled us to get this to market.

South Flank 已完成全面產能提升，而港口消除瓶頸工程 PDP1 使我們能夠將其推向市場。

Wale has been the lowest cost iron ore producer globally for over four years now and this year with [C1] costs of just $15.84 per ton, we further extended our lead.

威爾斯已連續四年多成為全球成本最低的鐵礦石生產商，今年 [C1] 成本僅為每噸 15.84 美元，我們進一步擴大了領先優勢。

In copper strong performance from our operations underpinned an EBITDA margin of 51%.

在銅方面，我們業務的強勁表現支撐了 51% 的 EBITDA 利潤率。

Overall, copper production was our highest in over 15-years.

總體而言，銅產量達到 15 年來的最高水準。

Escondida achieved its best production outcome in four years.

Escondida 取得了四年來最好的生產成果。

Spence had another record year.

斯彭斯又創紀錄的一年。

And as copper South Australia, successful integration of the OZ Mineral assets and strong underlying performance delivered a number of operational records.

作為南澳大利亞銅礦，OZ Mineral 資產的成功整合和強勁的基礎業績創造了多項營運記錄。

BMA production was impacted by the higher stripping needed to improve supply chain stability and restore inventory levels.

BMA 生產受到提高供應鏈穩定性和恢復庫存水準所需的更高剝離的影響。

Pleasingly, we're starting to see signs of improvement, but it will take time to recover.

令人高興的是，我們開始看到改善的跡象，但恢復需要時間。

We also completed the sale of the Blackwater and Daunia mines further upgrading our steelmaking coal portfolio to focus on higher quality coals and further simplifying our operations and transport logistics.

我們還完成了 Blackwater 和 Daunia 礦的出售，進一步升級我們的煉鋼煤炭組合，專注於更高品質的煤炭，並進一步簡化我們的營運和運輸物流。

New South Wales Energy Coal continued to deliver strong operating results, and we are on track with our plans to stop mining there in 2030.

新南威爾斯州能源煤炭公司繼續取得強勁的經營業績，我們正在按計劃實施 2030 年停止開採的計劃。

In July, we made the decision to temporarily suspend our Western Australia nickel business, including both the Nickel West operations and the West Musgrave project.

7月，我們決定暫時停止西澳大利亞鎳業務，包括Nickel West業務和West Musgrave項目。

While we still expect demand for nickel to grow substantially significant global oversupply and higher costs mean our nickel business was losing money.

儘管我們仍然預計鎳需求將大幅成長，但全球供應過剩和成本上升意味著我們的鎳業務正在虧損。

We see that oversupply continuing for some time to come until later this decade.

我們看到供應過剩的情況將持續一段時間，直到本十年後期。

So we have chosen to suspend operations from October this year.

所以我們選擇從今年10月開始暫停營運。

The suspension preserves the option to restart if and when conditions get better.

暫停保留了在情況好轉時重新啟動的選項。

Now let me talk about our capital allocation framework or CAF.

現在讓我談談我們的資本配置架構或CAF。

The CAF is the mechanism by which all uses of capital compete in order to maximize value and returns for our shareholders.

CAF 是所有資本用途相互競爭的機制，以便為股東實現價值和回報最大化。

It sits at the core of BHP and has delivered strong results.

它是必和必拓的核心，並且取得了強勁的業績。

Our balance sheet is in great shape we have consistently delivered attractive cash returns to shareholders, and we continue to execute our strategy through reinvestment into our business.

我們的資產負債表狀況良好，我們始終如一地為股東提供有吸引力的現金回報，我們繼續透過對業務的再投資來執行我們的策略。

The first step to achieving any of this, however, is through our focus on operating and capital productivity to maximize the cash we have available to allocate.

然而，實現這一目標的第一步是我們專注於營運和資本生產力，以最大限度地利用我們可分配的現金。

We consistently deliver a high baseline of cash flows, having generated net operating cash flow above $15 billion for all, but one of the past 15-years, we have 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 that time.

我們始終如一地提供高基準現金流，為所有人創造了超過150 億美元的淨營運現金流，但在過去15 年中，我們之所以實現這一目標，是因為我們的投資組合品質以及我們對卓越營運和成本的關注儘管當時市場和經營狀況變化很大，但仍遵守紀律。

This stability is a hallmark of BHP.

這種穩定性是必和必拓的標誌。

We have a lot of opportunities in front of us to invest for attractive returns.

我們面前有很多機會進行投資以獲得有吸引力的回報。

Looking forward, we expect to increase our capital and exploration expenditure as we unlock productivity work to decarbonize our assets and deliver growth in future-facing commodities.

展望未來，我們預計將增加資本和勘探支出，以提高生產力，實現資產脫碳並實現面向未來的大宗商品的成長。

We expect to spend around $10 billion in the 2025 financial year, of which majority will be directed to growth and improvement.

我們預計 2025 財年將支出約 100 億美元，其中大部分將用於成長和改進。

For example, smaller projects that enable better productivity.

例如，較小的專案可以提高生產力。

In the medium term, we plan to spend around $11 billion per year on average, but can flex this for value as we face project to match market dynamics and cash flow generation around two-thirds of spend is expected to go towards future-facing commodities, including more spend on Jansen and growth at our copper assets.

從中期來看，我們計劃平均每年支出約110 億美元，但可以根據價值靈活調整這一支出，因為我們面臨著匹配市場動態和現金流生成的項目，預計大約三分之二的支出將用於面向未來的商品，包括對 Jansen 的更多支出以及我們銅資產的成長。

Mike will touch more on these later.

麥克稍後將詳細討論這些內容。

We will also spend on our steelmaking commodities, in particular at Wale as we creep production more than 305 million tons per year.

我們還將在煉鋼商品上進行支出，特別是在威爾士，因為我們每年的產量將超過 3.05 億噸。

To wrap up, we have reported a strong set of results for the 2024 financial year.

最後，我們報告了 2024 財年的一系列強勁業績。

We remain focused on operational excellence, and we remain committed to our capital allocation framework to make sure we keep generating long-term shareholder value.

我們仍然專注於卓越運營，並且仍然致力於我們的資本配置框架，以確保我們持續創造長期股東價值。

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

至此，我將向麥克報告業務的最新情況。

Thanks, Vandita.

謝謝，萬迪塔。

Looking ahead now to what the world looks like for us in the near term.

現在展望短期內我們的世界會是什麼樣子。

We expect global economic growth, slightly above 3% for the 2024 and 2025 calendar years.

我們預計 2024 年和 2025 年全球經濟成長略高於 3%。

So similar to last year, developed economies will face gradual relief from the lingering effects of higher interest rates and India is set to continue as the world's fastest-growing major economy.

與去年類似，已開發經濟體將逐漸擺脫高利率帶來的揮之不去的影響，而印度將繼續成為世界上成長最快的主要經濟體。

However, China is experiencing an uneven recovery among its end-use sectors.

然而，中國終端消費產業的復甦並不均衡。

While we see steady growth in some parts of the economy important to commodity demand like conventional infrastructure, zero and low emissions technologies, machinery, automotive and shipbuilding property market remains under pressure.

儘管我們看到傳統基礎設施、零排放和低排放技術、機械、汽車和造船房地產市場等對大宗商品需求至關重要的某些經濟領域的穩定增長，但仍面臨壓力。

The effectiveness of recently announced pro-growth policies will be key to China, achieving its official target of around 5% growth in 2024.

最近宣布的促進成長政策的有效性對於中國實現 2024 年成長 5% 左右的官方目標至關重要。

Overall, while these dynamics will support continued strong demand for our products growth and supply over the next couple of years will likely result in a small to mild surplus for a number of those and continued price volatility.

總體而言，雖然這些動態將支持對我們產品的持續強勁需求成長，但未來幾年的供應可能會導致其中一些產品出現小額至溫和的盈餘，並導致價格持續波動。

Our ongoing leadership on costs and cash flow position us well in this environment.

我們在成本和現金流方面持續領先，使我們在這種環境中處於有利地位。

The longer-term fundamentals that drive demand for our products have not changed population growth, urbanization, rising living standards and increasingly the infrastructure of decarbonization are expected to drive demand for steel, non-ferrous metals and fertilizers for decades to come.

推動我們產品需求的長期基本面並未改變人口增長、城市化、生活水平的提高以及脫碳基礎設施的日益完善，預計將在未來幾十年內推動對鋼鐵、有色金屬和化肥的需求。

The demand outlooks for copper and potash are particularly durable.

銅和鉀肥的需求前景尤其持久。

Global demand for copper is projected to grow by around 70% between 2021 and 2050, driven by continued urbanization and industrialization underpinning traditional copper demand, a growing wealthier population in developing countries driving adoption of more copper continuing goods such as air conditioners, refrigerators, and electronics and infrastructure upgrades and replacement of age capital stock in the developed world.

預計2021 年至2050 年間，全球銅需求將增長70% 左右，原因是持續的城市化和工業化支撐了傳統的銅需求，發展中國家日益富裕的人口推動了空調、冰箱等更多銅連續商品的採用。

The energy transition, including renewables, electric vehicles, and power infrastructure to enable it and the need for data centers to support increasing computerization and use of artificial intelligence will be layered on top of that demand.

能源轉型，包括再生能源、電動車和電力基礎設施，以及對資料中心的需求，以支援日益增長的電腦化和人工智慧的使用，將在此需求之上進行分層。

We are not yet seeing adequate supply side response to meet this forecast demand.

我們尚未看到供應方做出足夠的反應來滿足這項預測需求。

The challenges to bringing on new supply remains significant, and that's reflected in consensus long-term copper price expectations inching upwards.

增加新供應的挑戰仍然嚴峻，這反映在長期銅價小幅上漲的共識預期。

BHP stands to benefit, given our incumbent position, our world leading copper resource position and our healthy pipeline of growth options.

鑑於我們的現有地位、世界領先的銅資源地位以及我們健康的成長選擇管道，必和必拓必將受益。

We're also confident about the outlook for potash in which we hold a world-class resource in Canada and investment friendly jurisdiction.

我們對鉀肥的前景也充滿信心，因為我們在加拿大擁有世界一流的資源，而且是投資友善的司法管轄區。

Similar to copper, we expect global demand for potash to grow by around 70% by 2050, again, driven by rising population and improving living standards, but also changing diets and the need to improve productivity of existing land.

與銅類似，我們預計到 2050 年，全球鉀肥需求將增加 70% 左右，這同樣受到人口增長和生活水平提高、飲食習慣改變和提高現有土地生產力的需求的推動。

And as an indicator of the strong appetite for this product and excitement about having another supplier in a relatively concentrated market.

這表明對該產品的強烈需求以及對在相對集中的市場中擁有另一家供應商的興奮。

We already have memorandums of understanding in place with buyers around the world with respect to sales as the mine ramps up.

隨著礦場的發展，我們已經與世界各地的買家就銷售事宜簽署了諒解備忘錄。

The Jansen potash project is strategically significant for the future BHP.

Jansen鉀肥計畫對未來必和必拓具有戰略意義。

It stands to create value for many decades over several potential stages.

它可以在數十年的幾個潛在階段中創造價值。

The team is making excellent progress on construction and readying it for the start of operations.

該團隊在施工方面取得了巨大進展，並為投入營運做好了準備。

On site significant work has been done on the permanent head frame of the service shaft, the structure of the wet and dry mills as shown on the right of this slide and power generation infrastructure.

現場對服務豎井的永久頂架、濕磨機和乾磨機的結構（如該幻燈片右側所示）以及發電基礎設施進行了重要工作。

And we've started work on Stage two, which was approved in October last year.

我們已經開始了第二階段的工作，並在去年 10 月獲得批准。

Stage one is now over 50% complete and remains ahead of our original schedule with first production just over two years away.

第一階段現已完成 50% 以上，仍比原定計畫提前，距離首次投產僅剩兩年多的時間。

Our focus on technology, our scale and our modern approach to mining and processing is expected to see Jansen enter the market at the low end of the global cost curve and to generate strong EBITDA margins and cash at all points in the cycle.

我們對技術、規模以及現代採礦和加工方法的關注預計將使楊森在全球成本曲線的低端進入市場，並在週期的各個階段產生強勁的 EBITDA 利潤率和現金。

In copper, we are in a very good position today.

在銅方面，我們今天處於非常有利的位置。

BHP has the largest copper resource of any company in the world, but simply having the resources isn't enough to get the most out of them.

必和必拓擁有世界上最大的銅資源，但光是擁有這些資源並不足以充分利用它們。

We strive to be the best operators more productive, consistent, and reliable.

我們努力成為更有效率、更一致、更可靠的最佳營運商。

We've delivered the largest absolute growth over the past two years, more growth in fact, than the annual production of a lot of other companies.

過去兩年，我們實現了最大的絕對成長，事實上，成長幅度超過了許多其他公司的年產量。

Today, we are one of the world's largest copper producers, and we have a pathway towards well over 2 million tonsper year of copper production.

如今，我們是世界上最大的銅生產商之一，我們有機會實現每年超過 200 萬噸的銅產量。

So our strong position is set to become even stronger for those that want to invest in copper today, BHP is very well-placed.

因此，對於今天想要投資銅的人來說，我們的強勢地位將變得更加強大，必和必拓處於非常有利的位置。

Copper South Australia is a key part of that industry leading copper story.

南澳大利亞銅業是該行業領先的銅業故事的關鍵部分。

In recent years, Olympic Dam has achieved more consistent, strong operational performance, and that has certainly been the case since the last smelter rebuild in 2021.

近年來，奧林匹克大壩取得了更穩定、強勁的營運業績，自 2021 年上次冶煉廠重建以來無疑就是這種情況。

In the past year, the team has successfully integrated Carrapateena and Prominent Hill unlocking significant synergies in the process.

去年，該團隊成功整合了 Carrapateena 和 Prominent Hill，在此過程中發揮了顯著的協同效應。

Together, the strong underlying operational performance in the expanded asset base provide a stable foundation from which we can invest in growth with confidence.

總之，擴大的資產基礎中強勁的基本營運表現為我們充滿信心地投資成長奠定了穩定的基礎。

The best way to deliver this growth is in phases.

實現這種成長的最佳方式是分階段進行。

This would allow us to leverage Olympic Dams, existing smelter and refinery infrastructure and better match processing capacity with planned mine and concentrator growth over time into the 2030s.

這將使我們能夠利用奧林匹克大壩、現有冶煉廠和精煉廠基礎設施，並更好地將加工能力與計劃中的礦山和選礦廠增長相匹配，直至 2030 年代。

This makes for a more capital efficient and value-accretive pathway.

這形成了更資本效率和價值增值的途徑。

The first of these phases.

這些階段中的第一個階段。

The smelter and refinery expansion or SRE project involves installing a new primary smelting furnace in front of Olympic Dams, existing smelter, converting it to a two stage smelter and an expansion of the refinery.

冶煉廠和精煉廠擴建或 SRE 項目涉及在奧林匹克大壩、現有冶煉廠前安裝一座新的初級冶煉爐，將其改造為兩級冶煉廠並擴建煉油廠。

Phase 1 would deliver value on multiple fronts.

第一階段將在多個方面創造價值。

First, it would allow us to process all of our copper concentrate from the province in-house unlocking value through, for example, a reduction in treatment and refining charges and transport costs.

首先，這將使我們能夠在省內加工所有銅精礦，從而釋放價值，例如減少處理和精煉費用以及運輸成本。

Second, it would be sized for growth, including a near doubling in volumes from Carrapateena as its block cave comes on towards the end of the decade and growth from Olympic Dam through investments in a new decline and expansion of the southern mining area.

其次，其規模將根據增長而調整，包括隨著其區塊洞穴的出現，卡拉帕泰納的產量在本世紀末增加近一倍，以及奧林匹克大壩通過投資南部礦區的新下降和擴張而實現增長。

The timing of these as indicated in the bottom left of this slide SRE, is expected to help unlock around USD1.5 billion in synergy value from the OZ Minerals acquisition, including [USD600 million] already captured to-date, underscoring the value we saw in that deal and the potential of this world-class province.

本投影片SRE 左下角所示的這些時間安排預計將有助於從OZ Minerals 收購中釋放約15 億美元的協同價值，其中包括迄今為止已獲得的[6 億美元]，強調了我們看到的價值這筆交易以及這個世界級省份的潛力。

We expect a final investment decision on Phase 1 in the first half of the 2027 financial year.

我們預計第一階段的最終投資決定將在 2027 財年上半年做出。

And if approved, this would see copper production grow from 310,000 to 340,000 tons per year today to over 500,000 tons in the early 2030s, including by-products.

如果獲得批准，銅產量將從現在的每年 31 萬噸增加到 34 萬噸，到 2030 年代初期將超過 50 萬噸，其中包括副產品。

This equates to around 700,000 tons in copper equivalent terms, 100% owned by BHP.

以銅當量計算，這相當於約 70 萬噸，必和必拓 100% 擁有。

The second phase would further expand smelting and refining capacity potentially to 650,000 tons of copper per year by the mid 2030s to match production growth as we further define and develop our upstream options, including Oak Dam and continued growth from Olympic Dam.

第二階段將進一步擴大冶煉和精煉能力，到 2030 年代中期，銅的年產量可能達到 65 萬噸，以配合我們進一步定義和開發上游選項（包括 Oak Dam 和 Olympic Dam 的持續增長）的產量增長。

In addition to the growth from our Australian copper operations, we've made good progress in narrowing down the growth pathways at our Chile and copper assets.

除了澳洲銅業務的成長之外，我們在縮小智利和銅資產的成長路徑方面也取得了良好進展。

At Escondida, our projects are shaping up well.

在 Escondida，我們的專案進展順利。

They have the potential to add around 200,000 tons per year of incremental copper production with attractive returns in the range of 14% to 19% and competitive capital intensities.

他們有潛力每年增加約 20 萬噸的增量銅產量，並具有 14% 至 19% 的有吸引力的回報和具有競爭力的資本強度。

We'll take a staged approach to executing these with some like [Laguna Seca] expansion and a potential new concentrator ready for final investment decision sooner than others like some of the leaching option.

我們將採取分階段的方法來執行這些項目，例如[Laguna Seca]擴建和一個潛在的新選礦廠，比其他一些浸出方案更快地做好最終投資決策的準備。

At Spence, we're looking at the potential expansion of the concentrator and extending the life of our leaching operations and finding that Cerro Colorado, where we still have 1.7 billion tons of inferred resource, there's the potential to restart operations with the application of novel leaching technologies a bit further down the line.

在 Spence，我們正在研究選礦廠的潛在擴建和延長浸出作業的壽命，並發現科羅拉多山（我們仍然擁有 17 億噸的推斷資源）有可能透過應用新型技術來重新啟動作業。

We look forward to taking investors and analysts to our Chilean copper assets later this year, where we'll be able to be more expensive on these growth pathways and projects.

我們期待在今年稍後吸引投資者和分析師關注我們的智利銅資產，在那裡我們將能夠以更高的價格開發這些成長途徑和項目。

In addition to organic growth over the past several years, we've also been building a portfolio of early-stage investments where we seek to gain exposure to undeveloped resources with world-class potential.

除了過去幾年的有機成長之外，我們也一直在建立早期投資組合，尋求接觸具有世界級潛力的未開發資源。

In late July, we progressed one of these with the agreement to jointly acquire Filo Corp with Lundin Mining to acquire 50% of the Josemaria project from Lundin Mining and to form a 50-50 joint venture between us to advance the field also and Josemaria copper projects in the Vicuña district in Argentina and Chile.

7月下旬，我們取得了其中一項進展，與Lundin Mining 共同收購Filo Corp，從Lundin Mining 收購Josemaria 專案50% 的股份，並與我們和Josemaria 銅業組建一家50-50 合資企業，以推進該領域的發展阿根廷和智利 Vicuña 地區的計畫。

This is a rare opportunity to grow our pipeline of long-term copper options by securing access to what we consider to be one of the most significant copper discoveries globally in recent decades, and it creates a long-term partnership with Lundin in which both parties bring complementary skills and experience to the table.

這是一個難得的機會，可以透過確保獲得我們認為是近幾十年來全球最重要的銅礦發現之一來擴大我們的長期銅期權管道，並且它與 Lundin 建立了長期合作夥伴關係，雙方帶來互補的技能和經驗。

The proposed transaction, which is expected to complete in the March 2025 quarter builds on a multi-year relationship between BHP and Lundin.

擬議的交易預計將於 2025 年 3 月季度完成，該交易建立在必和必拓和 Lundin 之間的多年合作關係的基礎上。

Through which we've developed a strong understanding of the resource potential of the Vicuña district and possible pathways for development.

透過這些，我們對 Vicuña 地區的資源潛力和可能的發展途徑有了深入的了解。

In the near term, while Filo continuous exploration and field also will be focused on setting up the joint venture with Lundin and working with them to determine the best path forward to develop this emerging copper district and deliver long-term economic and social value for stakeholders.

短期內，Filo持續勘探和現場的同時也將重點與Lundin建立合資企業，並與他們合作確定開發這條新興銅礦區的最佳路徑，為利益相關者帶來長期的經濟和社會價值。

We intend to update the market on the line for technical studies in the first half of 2025.

我們計劃在 2025 年上半年更新市場行情以進行技術研究。

So in closing, BHP is in great shape.

因此，總而言之，必和必拓狀況良好。

Our differentiated portfolio and clear strategy provide a platform for consistently delivering great results and outperforming our competitors.

我們差異化的產品組合和清晰的策略為持續交付卓越成果並超越競爭對手提供了一個平台。

Our proven track record of excellence in operations has resulted in an EBITDA margin of on average 55% over the last decade over 10 percentage points higher than our next closest major competitor.

我們在營運方面擁有公認的卓越記錄，過去十年的 EBITDA 利潤率平均為 55%，比我們最接近的主要競爭對手高出 10 個百分點以上。

This gives us not only greater profitability and ability to fund returns and growth.

這不僅為我們帶來了更大的盈利能力和為回報和成長提供資金的能力。

It also gives us greater resilience.

它也賦予我們更大的韌性。

Our projects have typically come in on time and on budget, a track record that stacks up very well against others.

我們的專案通常都能按時、按預算完成，這項記錄與其他專案相比非常出色。

And when combined with our capital allocation discipline, this has delivered a superior return on capital over the long-term.

與我們的資本配置原則相結合，這在長期內帶來了卓越的資本回報。

We begin this year, energized and focused.

今年伊始，我們充滿活力、專注。

We will continue to execute the clear strategy that we've laid out and continue to create value and returns for our shareholders and stakeholders now and well into the future.

我們將繼續執行我們制定的明確策略，並在現在和未來繼續為股東和利害關係人創造價值和回報。

Thank you.

謝謝。