必和必拓 (BHP) 2025 Q4 法說會逐字稿

Hello, and thank you for joining us to hear about BHP's results for the 2025 financial year. I'm joined by our Chief Financial Officer, Vandita Pant.

您好，感謝您加入我們，了解必和必拓 2025 財年的表現。與我一起參加的是我們的財務長 Vandita Pant。

This year again demonstrated BHP's resilience, strength, and operational excellence. Our strategy remains clear and simple. We choose to be in highly attractive commodities with resilient demand and steep cost curves. We own world class assets that are large, long life, low cost and with options to grow. We operate them excellently generating maximum possible shareholder value for the capital deployed. And we bring a differentiated approach and focus to creating social value with those around us.

今年再次展現了必和必拓的韌性、實力和卓越營運。我們的策略依然清晰而簡單。我們選擇具有強烈需求和陡峭成本曲線的極具吸引力的商品。我們擁有世界一流的資產，這些資產規模大、壽命長、成本低，並且具有成長選擇。我們出色地經營這些設施，為所部署的資本創造最大的股東價值。我們採用差異化的方法並致力於與周圍的人一起創造社會價值。

Our results continue to prove the value of this strategy. Against the backdrop of our strategy, we continuously refine our plans to optimize for risk, value, and growth. As we'll go through shortly, we refined the sequencing of some of our projects. Assuming these projects proceed, it could deliver average production growth of 2.2% per annum over the next decade.

我們的結果繼續證明了這項策略的價值。在我們的策略背景下，我們不斷完善我們的計劃，以優化風險、價值和成長。正如我們即將介紹的，我們改進了一些項目的排序。假設這些項目順利進行，未來十年平均產​​量將成長 2.2%。

We've reduced our capital spend by $1 billion per year over the medium term, and we've revised our target net debt range to $10 billion to $20 billion to reflect the significant improvement in our business and portfolio since it was last set. But before we get into these, let's look at our results.

我們在中期內每年減少 10 億美元的資本支出，並將目標淨債務範圍修改為 100 億美元至 200 億美元，以反映自上次設定以來我們的業務和投資組合的顯著改善。但在討論這些之前，讓我們先看看我們的結果。

2025 has been another strong year. We delivered on our full year guidance across our suite of businesses and achieved record iron ore and copper production. In copper, we produce more than 2 million tons, having grown volumes by 28% over the past three years. Our operational results have underpinned another year of sector leading margins and strong cash flows resulting in a final dividend of USD0.60 per share, and this takes our full year dividend to $5.6 billion.

2025 年又是強勁的一年。我們各項業務均實現了全年預期，鐵礦石和銅產量均創歷史新高。我們的銅產量超過 200 萬噸，過去三年增加了 28%。我們的營運表現支撐了我們又一年的行業領先利潤率和強勁的現金流，最終股息為每股 0.60 美元，這使我們的全年股息達到 56 億美元。

The creation of shareholder value goes hand in hand with the creation of social value. It helps to underpin stable operations, manage risk, and open doors to opportunities, partnerships, talent and capital. Our contribution to the communities and countries in which we operate goes well beyond the direct dollars, but those figures are still important, and this year we contributed almost $47 billion globally through wages, taxes, royalties, community contributions, and payments to suppliers and shareholders.

股東價值的創造與社會價值的創造相輔相成。它有助於鞏固穩定的營運、管理風險並為機會、合作夥伴關係、人才和資本打開大門。我們對經營所在地的社區和國家的貢獻遠遠超出了直接的美元收入，但這些數字仍然很重要，今年我們透過工資、稅收、特許權使用費、社區捐款以及支付給供應商和股東的款項，在全球貢獻了近 470 億美元。

Earlier this year we achieved gender balance in our global employee workforce with female representation now at 41.3%. This has been a very significant achievement and it has enabled better underlying business performance, contributing to a BHP that is safer, more productive, and more reliable than in 2016 when we announced this ambitious goal.

今年早些時候，我們實現了全球員工隊伍的性別平衡，女性員工佔目前為 41.3%。這是一項非常重大的成就，它實現了更好的基礎業務績效，有助於必和必拓比我們在 2016 年宣布這一雄心勃勃的目標時更加安全、高效和可靠。

Of course nothing matters more than the safety of our people. This financial year we realized year-on-year improvements in key safety metrics and most importantly, no one lost their life on the job. Over the past five years our teams have achieved a 63% reduction in high potential injury frequency. These are incidents where someone was injured even in a minor way, but which could potentially have caused the fatality. We continue our efforts to eliminate these incidents fully from BHP. Constant vigilance on safety is part of the high performance that drives productivity in our assets and enables value creation.

當然，沒有什麼比我們人民的安全更重要。在本財政年度，我們實現了關鍵安全指標的逐年改善，最重要的是，沒有人在工作中喪生。在過去的五年裡，我們的團隊將高潛在傷害頻率降低了 63%。在這些事件中，即使有人受了輕傷，但也有可能導致死亡。我們將繼續努力，徹底消除必和必拓 (BHP) 的此類事件。持續關注安全是提高我們資產生產力和創造價值的高效能的一部分。

With that, I'll hand over to Vandita to take you through our financial performance.

接下來，我將交給 Vandita 來向您介紹我們的財務表現。

Thanks, Mike. We have again delivered a strong set of results. Our underlying EBITDA margin remained very healthy at 53%. This continues our track record of achieving an average margin exceeding 50% over the past 20 years. Our return on capital employed was 21%. As Mike mentioned earlier, we paid a significant amount of taxes and royalties through the year. This year we incurred almost $10 billion of taxes and royalties against an underlying attributable profit of $10.2 billion.

謝謝，麥克。我們再次取得了一系列強勁的成果。我們的基礎 EBITDA 利潤率仍然非常健康，達到 53%。這延續了我們過去 20 年平均利潤率超過 50% 的記錄。我們的資本使用報酬率為21%。正如麥克之前提到的，我們全年支付了大量的稅金和特許權使用費。今年，我們產生了近 100 億美元的稅金和特許權使用費，而基礎可歸屬利潤為 102 億美元。

Every six months under the capital allocation framework we review potential returns to shareholders to ensure shareholder outcomes reflect how the business has performed on the back of our strong performance and the strength of our balance sheet, we have determined a final dividend of USD0.60 per share, a payout ratio of 60%.

每六個月，根據資本配置框架，我們會審查股東的潛在回報，以確保股東結果能反映業務表現。在我們強勁的業績和強勁的資產負債表的支持下，我們確定每股 0.60 美元的末期股息，股息率為 60%。

We continue to perform well in the areas we can control with solid volume, growth, and disciplined cost management. As you can see on the slide, the 10% decline in EBITDA was due wholly to commodity prices. The benefit we received from favorable foreign exchange rates was offset by inflationary pressures.

憑藉穩健的銷售、成長和嚴格的成本管理，我們在可控制的領域繼續表現良好。正如您在幻燈片上看到的，EBITDA 的 10% 下降完全是由於商品價格下降造成的。我們從優惠的外匯匯率中獲得的利益被通膨壓力所抵銷。

We delivered a strong year operationally with copper equivalent volume growth up around 4%. This was partly offset by an increase in productive movement which sets us up for the future, inventory drawdowns to manage through weather and other external events, and higher labor costs over and above CPI inflation.

我們今年的營運表現強勁，銅當量產量成長了約 4%。這在一定程度上被生產活動的增加所抵消，生產活動的增加為我們的未來做好了準備，庫存減少以應對天氣和其他外部事件，以及高於消費者物價指數通膨的勞動力成本。

Overall, unit costs at our major assets improved almost 5% year-on-year despite inflation. This strong performance was achieved across the business, an impressive effort given the external headwinds we navigated. Western Australia iron ore once again demonstrated its position as the world's leading iron ore business. Record production and record shipments, despite the impact of severe weather, drove an EBITDA margin of 63%.

總體而言，儘管通貨膨脹，但我們主要資產的單位成本比去年同期改善了近 5%。整個業務都取得瞭如此強勁的業績，考慮到我們所面臨的外部阻力，這是一項令人印象深刻的努力。西澳鐵礦石再次彰顯了其作為全球龍頭鐵礦石企業的地位。儘管受到惡劣天氣的影響，但創紀錄的產量和出貨量仍推動 EBITDA 利潤率達到 63%。

With C1 costs of just $17.29 per ton, WAIO has now been the lowest cost major iron ore producer globally for six years. BMA also performed well with volumes up 5% despite weather related disruptions. Our work to stabilize the supply chain is progressing and already delivering results. And as at New South Wales Energy Coal, we continue to generate solid results. The transition to closure is progressing as planned.

WAIO 的 C1 成本僅為每噸 17.29 美元，已連續六年成為全球成本最低的主要鐵礦石生產商。儘管受到天氣影響，BMA 的表現也很好，交易量仍然增加了 5%。我們穩定供應鏈的工作正在取得進展並已取得成效。和新南威爾斯能源煤炭公司一樣，我們持續取得穩健的表現。關閉工作正在按計劃進行。

We have secured approval to continue mining until June 2030, and we have partnered to explore pumped hydro-energy storage as a potential at the site after mining ceases. Copper, we generated a record $12 billion of EBITDA this year, 45% of the group total at an impressive margin of 59%.

我們已獲得批准繼續採礦至 2030 年 6 月，我們已與合作夥伴共同探索在採礦停止後在該地點使用抽水蓄能的潛力。銅業務方面，我們今年的 EBITDA 達到了創紀錄的 120 億美元，佔集團總額的 45%，利潤率高達 59%。

Escondida delivered a 16% increase in volumes to 1.3 million tons, its highest in 17 years at a cost of $1.19 per pound, an improvement of 18%. Spence continued to perform well, achieving record production, and Corer South Australia demonstrated steady and reliable underlying performance despite a weather-related power outage in October which impacted operations.

埃斯孔迪達 (Escondida) 銅礦產量成長 16%，至 130 萬噸，為 17 年來的最高水平，成本為每磅 1.19 美元，成長 18%。Spence 繼續表現良好，實現了創紀錄的產量，而 Corer South Australia 儘管 10 月份因天氣原因停電影響了運營，但仍表現出穩定可靠的基本性能。

Copper assets also benefit from significant byproduct credits. Not only are we the world's largest copper producer, but we are also a sizable gold, silver, and uranium producer. If copper South Australia were a standalone business, it would be a top 10 uranium producer globally and the 5th largest gold producer on the ASX.

銅資產也受益於大量副產品信貸。我們不僅是世界上最大的銅生產國，也是規模可觀的黃金、白銀和鈾生產國。如果南澳銅業是獨立企業，它將成為全球十大鈾生產商之一，也是澳洲證券交易所第五大黃金生產商。

Our focus on operational excellence around the business underpinned by a BHP operating system is delivering clear results. Our capital and location framework continues to instill discipline and deliver both strong shareholder returns and value-driven growth. We remain fully committed to this framework, which includes maintaining a strong balance sheet and paying a minimum dividend of 50% of underlying attributable profit each reporting period.

我們專注於以必和必拓作業系統為基礎的業務卓越運營，並取得了顯著的成果。我們的資本和位置框架繼續灌輸紀律並實現強勁的股東回報和價值驅動的成長。我們將繼續全力致力於這個框架，包括維持強勁的資產負債表和在每個報告期間支付至少相當於基礎可分配利潤 50% 的股息。

Within this framework, we look to ensure every dollar of our capital is used to maximum potential. This is what we call capital productivity. We are focusing ever more sharply on making more dynamic capital optimization choices. We continue to sequence projects to enhance both value and deliverability and within projects we are seeking to improve capital efficiency through optimizing scale and design. We are redoubling our focus on deploying our BHP operating system in projects to enhance project excellence.

在這個框架內，我們希望確保我們的每一分資本都得到最大限度的利用。這就是我們所說的資本生產力。我們更加重視做出更具活力的資本優化選擇。我們繼續對專案進行排序，以提高價值和可交付性，並在專案中尋求透過優化規模和設計來提高資本效率。我們正加倍努力地在專案中部署 BHP 作業系統，以提高專案的卓越性。

We're also using strategic partnerships which bring complementary skills and help manage risks. And we continue to investigate opportunities to unlock capital from our assets, for example, non-core infrastructure and recycle it into higher returning opportunities. This year we have continued to optimize the sequencing of our projects. Mike will take you through these changes shortly.

我們也利用策略夥伴關係來帶來互補的技能並幫助管理風險。我們將繼續尋找從資產中釋放資本的機會，例如非核心基礎設施，並將其回收為回報更高的機會。今年我們繼續優化項目排序。麥克將很快帶您了解這些變化。

In addition, the pace of development of our decarbonization technology has slowed, particularly in relation to diesel displacement. We expect our previously anticipated spend on operational decarbonization to now be in the 2030s, aligned with the delayed timeline for critical technologies to become commercially available.

此外，我們的脫碳技術發展速度已放緩，特別是在柴油替代方面。我們預計，我們先前預計的營運脫碳支出將在 2030 年代實現，這與關鍵技術商業化的延遲時間表一致。

Importantly, we remain on track to meet our 2030 target for operational greenhouse gas emissions. Overall, we now expect capital and exploration spend to be around $11 billion in both FY26 and '27 and to average $10 billion per year over the medium term, around $1 billion per year lower than previous guidance.

重要的是，我們仍有望實現 2030 年營運溫室氣體排放目標。總體而言，我們現在預計 26 財年和 27 財年的資本和勘探支出約為 110 億美元，中期平均每年 100 億美元，比先前的預期低約 10 億美元。

We remain flexible to adjust our capital expenditure and phasing to accommodate market dynamics and cash flow generation. We're also putting a strong balance sheet to work. Over the last three years since we last changed our net debt target range, our underlying business and portfolio has improved significantly. More copper production with increasing confidence in our growth plans, more iron ore production at lower cost than the competition, and a higher quality steel making coal business.

我們將繼續靈活調整資本支出和分階段，以適應市場動態和現金流量產生。我們還將打造強勁的資產負債表。自從我們上次改變淨債務目標範圍以來的三年裡，我們的基礎業務和投資組合得到了顯著改善。隨著我們對成長計畫的信心不斷增強，銅產量也將增加，鐵礦石產量也將增加，成本也將低於競爭對手，煉鋼煤業務的品質也將提高。

We have more operational stability and have strengthened our unit cost leadership. This is against a backdrop of higher marginal cost across the industry due to inflation, which supports higher commodity price flaws and benefits, low cost producers, especially in a downturn. In short, BHP is a stronger, more resilient company. And in line with the enhanced debt servicing capacity this brings, we have revised our net debt target range to $10 billion to $20 billion. Even at the top end of this revised range, our leverage remains conservative and our balance sheet strong.

我們的營運更加穩定，單位成本領先優勢也得到加強。這是在通貨膨脹導致整個行業邊際成本上升的背景下發生的，這支持了商品價格上漲的缺陷和好處，低成本生產商，特別是在經濟低迷時期。簡而言之，必和必拓是一家實力更強、更具韌性的公司。為了提高償債能力，我們將淨債務目標範圍修改為 100 億美元至 200 億美元。即使處於這一修訂範圍的高端，我們的槓桿率仍然保持保守，資產負債表也保持強勁。

I'll now hand back to Mike to take you through our growth plans.

現在我將把話題交還給麥克，讓他向大家介紹我們的成長計畫。

Thanks, Vandita. Before I outline our plans, I want to spend a couple of minutes on how we see our operating environment in the near term. While economies around the world continue to navigate policy uncertainty, China and India again demonstrated resilient economic and commodity demand growth.

謝謝，Vandita。在概述我們的計劃之前，我想花幾分鐘時間介紹我們如何看待近期的營運環境。在全球各國經濟體持續應對政策不確定性的同時，中國和印度再次展現強勁的經濟和大宗商品需求成長。

In the first half of this year, China exceeded economic growth expectations with strong export growth. We also saw robust domestic commodity demand from a variety of sectors including infrastructure and electrification even as demand from the property sector remains subdued.

今年上半年，中國經濟成長超出預期，出口成長強勁。儘管房地產行業的需求依然低迷，但我們也看到基礎設施和電氣化等各個領域的國內大宗商品需求強勁。

China's economic growth is expected to remain resilient even as the pace moderates slightly in the second half as the boost from pulled forward exports, unwinds, and new tariffs take effect. That said, it has many policy levers at its disposal to support its domestic economy and its exports are likely to remain resilient due to its significant cost competitiveness.

儘管下半年中國經濟成長速度會略有放緩，但隨著出口提前釋放、貿易放鬆和新關稅的推動作用顯現，中國經濟成長預計將保持韌性。儘管如此，中國仍擁有多項政策槓桿來支持國內經濟，而且由於其強大的成本競爭力，其出口很可能保持韌性。

India is projected to remain the fastest growing major economy and a bright spot for commodity demand. Advanced economies will need to navigate the evolving policy landscape although supportive fiscal and monetary policy will help mitigate risks. In short, while the global backdrop of policy uncertainty continues to influence investment and trade flows and acts as a headwind for economic activity, demand for commodities has been resilient, and we expect it to remain so.

預計印度仍將是成長最快的主要經濟體，並成為大宗商品需求的亮點。儘管支持性的財政和貨幣政策將有助於降低風險，但已開發經濟體仍需要應對不斷變化的政策格局。簡而言之，儘管全球政策不確定性的背景持續影響投資和貿易流動，並對經濟活動產生不利影響，但商品需求一直保持彈性，我們預計這種趨勢將持續下去。

We're also seeing an increasing focus on critical mineral supply and supply chain security across the globe, and this reflects a growing understanding and acceptance of the critical role mining will play in supporting national security, energy transition, and technology development. We remain well positioned to succeed both now and into the future.

我們也看到全球越來越關注關鍵礦產供應和供應鏈安全，這反映出人們越來越理解和接受採礦業在支持國家安全、能源轉型和技術發展方面發揮的關鍵作用。我們現在和將來都處於有利地位，能夠取得成功。

But it's also worth taking a moment to celebrate our past. Last week we marked 140 years of BHP's journey. It's a remarkable story of transformation and resilience and one we can all be proud of. Over this time we have been deliberate in our choices about the businesses and commodities to be in and those that we have chosen to exit. We know that commodity choice is critical to long term value creation. We have reshaped our portfolio in anticipation of the mega trends playing out around us.

但我們也值得花點時間來慶祝我們的過去。上週，我們紀念了必和必拓成立 140 週年。這是一個關於轉變和韌性的非凡故事，我們都可以為此感到自豪。在此期間，我們對於進入和退出哪些業務和商品進行了慎重的選擇。我們知道商品選擇對於長期價值創造至關重要。我們已經重塑了我們的投資組合，以適應我們周圍正在發生的大趨勢。

A growing global population increasingly living in cities seeking higher standards of living and eating more and better food. That demand is only amplified by the energy transition and the AI revolution driving data centers and digitalization. The choices we've made set us apart from our competitors and have strengthened our position. Our commodities have large markets, resilient demand, and steep cost curves.

全球越來越多的人口居住在城市，以追求更高的生活水平和吃更多更好的食物。能源轉型和推動資料中心和數位化的人工智慧革命只會加劇這種需求。我們所做的選擇使我們有別於競爭對手，並鞏固了我們的地位。我們的商品市場廣闊、需求強勁、成本曲線陡峭。

The world is going to need a lot more steel making materials, a lot more copper, and a lot more potash in these commodities we are discerning about the assets we own. They are large and in world class resource basins, providing decades of optionality and future growth. They're in top tier mining regions with lower inherent risks. And when combined with our operating excellence, they're well placed to be low cost and resilient through the cycle.

世界將需要更多的煉鋼材料、更多的銅和更多的鉀，我們正在對這些商品進行資產評估。它們規模龐大，位於世界級的資源盆地，可提供數十年的選擇性和未來成長。它們位於頂級礦區，固有風險較低。當與我們卓越的營運相結合時，它們就能夠在整個週期中保持低成本和彈性。

At WAIO we have around 30 billion tons of Pilbara iron ore, 95% of which is within 50 kilometers of existing infrastructure and which we produce at lower cost than anyone else. At BMA, following the optimization of our portfolio over the past several years, around 90% of our production is now linked to the premium price index.

在 WAIO，我們擁有約 300 億噸皮爾巴拉鐵礦石，其中 95% 位於現有基礎設施 50 公里範圍內，而且我們的生產成本比其他任何人都低。在 BMA，經過過去幾年對產品組合的優化，目前約有 90% 的產品與溢價指數掛鉤。

We expect these higher quality coals to be increasingly valued for the role in reducing the greenhouse gas emissions intensity of blast furnaces. Escondida is the world's largest copper mine, the world's largest copper resource, and is one of the lowest cost producers in Chile. And we also have a suite of world class copper and potash assets in South Australia and Canada and through our joint ventures in the US with resolution and in Argentina with Vicuna which I'll talk about shortly.

我們預計這些更高品質的煤炭將因其在降低高爐溫室氣體排放強度方面的作用而受到越來越高的重視。埃斯孔迪達銅礦是全球最大的銅礦，擁有全球最大的銅資源，也是智利成本最低的銅生產商之一。我們在南澳大利亞和加拿大也擁有一系列世界一流的銅和鉀肥資產，並透過與美國 Resolution 的合資企業以及與阿根廷 Vicuna 的合資企業擁有這些資產，我稍後會談到這一點。

This unique portfolio of world class assets and attractive commodities and our operational excellence underpin our strong track record. The way we engage our people enabled by our BHP operating system unlocks continuous improvement. Our systems and structures allow us to quickly replicate our successes at one asset across the broader business, and you can see this in the chart on the left, the impact of that approach.

這獨特的世界級資產和極具吸引力的商品組合以及我們卓越的營運鞏固了我們良好的業績記錄。我們的 BHP 作業系統支援員工參與的方式可以實現持續改進。我們的系統和結構使我們能夠快速地將一項資產的成功複製到更廣泛的業務中，您可以在左側的圖表中看到這種方法的影響。

Over the past decade, our EBITDA margin has averaged 55%, around 10 percentage points above our closest major competitor. This consistency and resilience through the cycle are the hallmarks of BHP. We know our success also depends on the way we allocate capital and as Vandita mentioned, we've continued to refine the sequence of our projects while maintaining our growth outlook and optimizing capital deployment. A great strength of our assets is the optionality that comes with their scale and longevity. It allows us to deliberately and strategically choose if, when, and how we grow production.

在過去十年中，我們的 EBITDA 利潤率平均為 55%，比我們最接近的主要競爭對手高出約 10 個百分點。這種週期性的一致性和彈性是必和必拓的標誌。我們知道我們的成功也取決於我們分配資本的方式，正如 Vandita 所提到的，我們在維持成長前景和優化資本配置的同時，不斷完善專案順序。我們的資產的一大優勢在於其規模和壽命所帶來的可選性。它使我們能夠慎重、有策略地選擇是否、何時以及如何增加產量。

And I'll step through some of these in detail now. First, let me talk about Jansen. Last month for Stage 1 we announced updated cost and schedule estimates including for first production to revert to the original schedule. I'm disappointed clearly this is not where we want to be. We encountered higher inflation and cost escalation than anticipated and lower productivity on certain aspects of the project, particularly more recently as we've moved progressively into surface works.

現在我將詳細介紹其中的一些內容。首先，我來談談詹森。上個月，我們宣布了第一階段的最新成本和進度估算，包括第一批生產恢復到原計劃。我很失望，顯然這不是我們想要的。我們遇到了比預期更高的通貨膨脹和成本上漲，以及專案某些方面的生產力下降，特別是最近我們逐步進入地面工程時。

We've taken action to contain the increasing cost, and we will apply learnings to how we plan and execute projects more broadly. The standard of excellence we aspire to in projects is no different to how we run our operations. Overall we have a good track record of delivering our major projects over the past decade on time, on budget and with competitive capital intensity. We'll learn from our experience at Jansen to improve further.

我們已採取行動來控制不斷增加的成本，並將把所學應用到我們更廣泛的專案規劃和執行方式中。我們在專案中追求的卓越標準與我們營運的方式沒有什麼不同。總體而言，過去十年來，我們在按時、按預算、以具有競爭力的資本強度交付重大專案方面有著良好的記錄。我們將從在 Jansen 的經驗中學習，以進一步改進。

As part of our regular review of how best to prioritize capital for risk and returns, including the sequencing of projects, we've also made the decision to extend the first production for Stage 2 by two years. This will free up capital for nearer term, higher returning projects.

作為我們定期檢視如何最好地優先考慮資本的風險和回報（包括專案排序）的一部分，我們還決定將第二階段的首次生產延長兩年。這將釋放資金用於近期、回報更高的項目。

Now to iron ore. For some years now we've said that we expect Chinese steel production to plateau and eventually decline over the mid to late 2030s. The market is becoming more competitive and the businesses that thrive will be the ones who can sustain their margins, and that's why we've been focused on improving performance and reducing cost.

現在談談鐵礦石。多年來，我們一直表示，預計中國鋼鐵產量將在 2030 年代中後期達到穩定水平並最終下降。市場競爭日益激烈，能夠蓬勃發展的企業才能維持其利潤率，這就是我們一直專注於提高績效和降低成本的原因。

Today Western Australian iron ore is the lowest cost major producer globally and generates $7 per ton more free cash flow than our closest major competitor. It's the world's leading iron ore business. We've now completed studies into growth from 305 million tons to up to 330 million tons per year, giving us further optionality. We maintain our current firm plans to grow production to 305 million tons per year by the end of financial year 2028, and as we do so, we expect to further improve unit cost to below $17.50 per ton in the medium term.

如今，西澳大利亞鐵礦石是全球成本最低的主要生產商，每噸產生的自由現金流比我們最接近的主要競爭對手多 7 美元。它是世界領先的鐵礦石企業。我們現在已經完成了從每年 3.05 億噸增加到 3.3 億噸的研究，這為我們提供了進一步的選擇。我們維持目前的堅定計劃，到 2028 財年末將產量提高到每年 3.05 億噸，同時，我們預計在中期內將單位成本進一步降低到每噸 17.50 美元以下。

We're also adding a six car dumper which will allow us to maintain production through a period of major planned car dumper renewals which begin in 2029. This investment is expected to generate an IRR of more than 30% and to pay for itself within the first three years from first store.

我們還將增加一台可容納六輛車的翻車機，這將使我們能夠在 2029 年開始的重大翻車機更新計劃期間維持生產。預計這項投資將產生超過 30% 的內部收益率，並在第一家店開業後的前三年內收回成本。

At Escondida, we have continued the planned optimization of our growth program. We've brought forward some low capital intensity initiatives at the Laguna Seca concentrators with other parts of the planned expansion optimized and resequenced.

在 Escondida，我們繼續按計劃優化我們的成長計劃。我們在拉古納塞卡選礦廠提出了一些低資本密集度的舉措，並對計劃擴建的其他部分進行了優化和重新排序。

We've extended the life of the Lost Colorado's concentrator and optimized the demolition process to access higher grade or sooner. The new concentrator remains the centerpiece of the program with no change in timeline and first permit due to be submitted this financial year. This will add around 400,000 tons of copper over 2027 to 2031, smoothing the production profile. It also improves capital efficiency and de-risks the execution of the program by minimizing activity and people on site at any one time. This is a great example of our ongoing efforts to improve capital productivity through project sequencing and optimization that Vandita referred to.

我們延長了 Lost Colorado 選礦廠的使用壽命，並優化了拆除流程，以便更快獲得更高品位的礦石。新的濃縮器仍然是該計劃的核心，時間表沒有變化，第一份許可證將於本財政年度提交。這將使 2027 年至 2031 年間銅產量增加約 40 萬噸，從而平滑生產狀況。透過最大限度地減少現場活動和人員數量，它還可以提高資本效率並降低專案執行的風險。正如 Vandita 所提到的，這是我們不斷努力透過專案排序和優化來提高資本生產力的一個很好的例子。

Copper South Australia also provides an incredible opportunity and ongoing stable operational performance provides a solid platform for growth. Copper South Australia has produced more than 300,000 tons of copper in each of the last two years, and it's improving free cash flow performance, including the contribution of byproducts, will support funding its growth.

南澳大利亞銅業公司也提供了令人難以置信的機會，持續穩定的營運表現為成長提供了堅實的平台。南澳大利亞銅業公司在過去兩年中每年都生產了超過 30 萬噸的銅，其不斷改善的自由現金流表現（包括副產品的貢獻）將為其成長提供資金支持。

Our aspiration to double copper production remains unchanged, but we have optimized the sequencing of our growth program to better stage capital spend and construction and workforce requirements. We now expect to take a final investment decision on Phase 1 of the smelter and refinery expansion in the 2028 financial year.

我們對銅產量翻倍的願望沒有改變，但我們優化了成長計畫的順序，以更好地安排資本支出、建設和勞動力需求。我們現在預計將在 2028 財年對冶煉廠和精煉廠擴建的第一階段做出最終投資決定。

As we assess the opportunity to grow our operations in South Australia, stability and certainty in fiscal policy and regulatory settings, including at the federal level, is required. Efficient permitting and approvals are fundamentally important to getting major projects off the ground. To expand our operations we're going to need more water. We support the Northern Water Project being led by the state government in partnership with the federal government and see this as key to providing a more sustainable and secure water supply.

當我們評估在南澳大利亞州擴大業務的機會時，需要財政政策和監管環境（包括聯邦層級）的穩定性和確定性。高效的許可和批准對於重大專案的啟動至關重要。為了擴大我們的業務，我們需要更多的水。我們支持由州政府與聯邦政府合作主導的北方水利項目，並認為這是提供更永續和安全供水的關鍵。

We are pleased to become a base load customer to help the government to deliver this project, which would enable us to grow refined copper production in South Australia and support economic growth throughout the region.

我們很高興成為基荷客戶，幫助政府完成該項目，這將使我們能夠增加南澳大利亞的精煉銅產量並支持整個地區的經濟成長。

Lastly, on the border of Argentina and Chile, we're making good progress at Vicuna. This is a really exciting opportunity in alliance with Lundin mining with the potential to be a global top 10 copper producer. This year, Vicuna, which consists of the Fio del Sol and Josemaria deposits, announced a combined resource of 38 million tons of contained copper. Fio del Sol is one of the largest copper deposit discoveries globally in the last 30 years. Which could support a potential multi-decade mine life.

最後，在阿根廷和智利邊境，我們在 Vicuna 取得了良好的進展。這是一個真正令人興奮的機會，與 Lundin 礦業合作，有可能成為全球十大銅生產商之一。今年，由 Fio del Sol 和 Josemaria 礦床組成的 Vicuna 銅礦宣布其總銅資源量為 3,800 萬噸。Fio del Sol 是過去 30 年全球發現的最大的銅礦之一。這可以支持礦山潛在的數十年的壽命。

Vicuna is on track to complete its integrated technical report for the project by March next year, and this will help inform its future development. Pulling this all together, our growth pipeline heavily focused on copper and potash supports strong production growth over the next decade. Assuming these projects proceed, it could deliver average production growth of 2.2% per year over the next decade. This is high quality growth and is set to generate significant value.

Vicuna 預計將於明年 3 月完成該專案的綜合技術報告，這將有助於指導其未來發展。綜合起來，我們的成長通路主要集中在銅和鉀肥上，支持未來十年強勁的產量成長。假設這些項目順利進行，未來十年平均產​​量將成長 2.2%。這是高品質的成長，並將產生巨大的價值。

We are investing in highly attractive commodities and in assets with long lives and upside potential. And as we invest now to unlock this growth, we continue to benefit from our baseline of production which provides strong cash flows and resilience.

我們投資的是極具吸引力的商品以及具有長期壽命和上漲潛力的資產。隨著我們現在投資以釋放這一成長潛力，我們將繼續受益於提供強勁現金流和韌性的生產基礎。

So why BHP? We believe we offer an attractive investment proposition. We provide exposure to the intersection of some of the most significant global trends, population growth, urbanization, digitalization, and the energy transition. We're producing the right commodities from the best assets. We deliver reliably and consistently and have an increasingly attractive pipeline of growth ahead of us, and we continue to refine our capital allocation plans for risk, value, and growth.

那為什麼是必和必拓呢？我們相信我們提供的投資建議很有吸引力。我們專注於一些最重要的全球趨勢、人口成長、城市化、數位化和能源轉型的交匯點。我們利用最好的資產生產合適的商品。我們可靠且持續地交付產品，並且擁有越來越有吸引力的成長管道，我們將繼續完善風險、價值和成長的資本配置計劃。

We have refined the sequencing of some of our projects, improved our capital efficiency through reducing our spend over the medium term, and we're putting our very healthy balance sheet to work. We're set up to create value and deliver returns right through the cycle. Thank you.

我們改進了一些項目的排序，透過減少中期支出提高了資本效率，並且我們正在利用非常健康的資產負債表。我們的使命是在整個週期中創造價值並提供回報。謝謝。