Peabody Energy Corp (BTU) 2025 Q2 法說會逐字稿

Good day and welcome to the Peabody Q2 2025 earnings conference call. (Operator Instructions). Please note that today's event is being recorded. I would now like to turn the conference over to Vic Svec, Vice President, Investor Relations. Please go ahead, sir. Well.

大家好，歡迎參加 Peabody 2025 年第二季財報電話會議。（操作員指令）。請注意，今天的活動正在記錄。現在，我想將會議交給投資人關係副總裁 Vic Svec。先生，請繼續。出色地。

Well, thank you, operator, and good morning, everyone. Thanks for joining today to take part in Peabody's second quarter call. Remarks today will be from Peabody's President and CEO, Jim Grech; CFO, Mark Spurbeck; and our Chief Marketing Officer, Malcolm Roberts. Following remarks, of course, we'll open up the call to questions. Now we do have some forward-looking observations today.

好的，謝謝接線生，大家早安。感謝您今天參加 Peabody 的第二季電話會議。今天的致詞嘉賓包括 Peabody 總裁兼執行長 Jim Grech、財務長 Mark Spurbeck 和首席行銷長 Malcolm Roberts。當然，在發言之後，我們將開始提問。今天我們確實有一些前瞻性的觀察。

You'll find our full statement on forward-looking information in the press release. We encourage you to consider the risk factors referenced there, along with our public filings with the SEC. And I'll now turn the call over to Jim.

您可以在新聞稿中找到我們關於前瞻性資訊的完整聲明。我們鼓勵您考慮其中提到的風險因素以及我們向美國證券交易委員會提交的公開文件。現在我將把電話轉給吉姆。

Thanks, Vic, and good morning, everyone. Peabody has had a great first half of the year. We've had record safety, solid volumes, strong cost containment. On the basis of both our performance and our prospects, I'm pleased to report that we're raising our full year guidance. To echo my first quarter theme, the Peabody team continued to do an excellent job of controlling the controllables in the first half with second quarter costs coming in below our expectations. Our ability to manage costs is a key driver of success at a time of cyclical market softness in the seaborne markets.

謝謝，維克，大家早安。皮博迪今年上半年表現十分出色。我們的安全性、穩定的數量和強大的成本控制都創下了紀錄。基於我們的業績和前景，我很高興地報告，我們提高了全年業績預期。與我第一季的主題相呼應，皮博迪團隊在上半年繼續出色地控制可控因素，第二季的成本低於我們的預期。在海運市場週期性疲軟的時期，我們的成本管理能力是成功的關鍵驅動力。

Also of note, today, we announced an acceleration of longwall operations at our flagship premium hard coking coal mine, Centurion. We're now targeting longwall start-up in February 2026. This improved time line reflects strong execution across our operations team. By way of progress, we plan to start installing longwall shields in November.

同樣值得注意的是，今天我們宣布加速我們旗艦優質硬焦煤礦 Centurion 的長壁作業。我們現在的目標是在 2026 年 2 月啟動長壁開採。這項改進的時間表反映了我們營運團隊的強大執行力。就進展而言，我們計劃在 11 月開始安裝長壁盾構機。

Workforce expansion remains a key focus, and we already have approximately 260 employees hired. Through an active recruitment process, we aim to reach a head count of around 400 by early 2026 to support full production. I'd be remiss if I didn't also speak of the strong tailwinds in the US markets. Last quarter, the President signed executive orders to revitalize the US coal industry and expand the use of coal fuel generation.

擴大員工隊伍仍然是我們關注的重點，目前我們已經僱用了約 260 名員工。透過積極的招募流程，我們的目標是到 2026 年初達到約 400 名員工，以支持全面生產。如果我不談論美國市場的強勁順風，那我就失職了。上個季度，總統簽署了一項行政命令，旨在振興美國煤炭工業並擴大煤炭燃料發電的使用。

And earlier this month, the One Big Beautiful Bill was passed. It delivers long overdue relief to American coal producers by reducing royalty burdens, streamlining permitting and restoring regulatory certainty, enabling the industry to compete, invest and power the nation with confidence.

本月初，《一個大美麗法案》獲得通過。它透過減少特許權使用費負擔、簡化許可程序和恢復監管確定性，為美國煤炭生產商帶來了早就應該得到的救濟，使該行業能夠充滿信心地競爭、投資和為國家提供電力。

How does the Bill benefit Peabody? First, the reduction in federal royalty rates on mining leases from 12.5% to 7% is expected to generate substantial savings in the PRB beginning this quarter. Based on initial analysis, Peabody anticipates $15 million to $20 million in net benefits from the royalty changes in the second half of 2025, and this should also improve PRB competitiveness going forward.

該法案對皮博迪有何好處？首先，採礦租約的聯邦特許權使用費率從 12.5% 降至 7%，預計從本季開始將為 PRB 帶來大量節省。根據初步分析，皮博迪預計 2025 年下半年特許權使用費變動將帶來 1,500 萬至 2,000 萬美元的淨收益，這也將提高 PRB 未來的競爭力。

Also, the bill provides a 2.5% production tax credit starting January 1 for eligible domestic coal used in steelmaking, a benefit that applies to our Shoal Creek metallurgical mine in Alabama. As evidence of the need for renewed focus and common sense in US energy policies, this legislation, combined with rising electricity demand marks a clear turning point for US coal.

此外，該法案還規定，從 1 月 1 日起，用於煉鋼的符合條件的國內煤炭可享受 2.5% 的生產稅收抵免，這項優惠適用於我們位於阿拉巴馬州的 Shoal Creek 冶金礦。作為美國能源政策需要重新關注和常識的證據，這項立法加上不斷增長的電力需求標誌著美國煤炭的一個明顯轉折點。

It reframes coal not as an inconvenient truth relic, but as a critical cornerstone of grid reliability and energy independence. The June 2025 heat wave made this clear. As demand surged across PJM and MISO, it was coal and natural gas that kept the grid stable, while renewables were unable to scale quickly enough.

它不再將煤炭視為難以忽視的真相遺物，而是將其視為電網可靠性和能源獨立性的關鍵基石。2025 年 6 月的熱浪清楚地表明了這一點。隨著 PJM 和 MISO 的需求激增，煤炭和天然氣維持了電網的穩定，而再生能源卻無法足夠快地擴大規模。

To frame the new electricity landscape in the US, just one independent system operator recently forecasted a 32 gigawatt increase in power demand by 2030 and 30 gigawatts are related to data centers. To put this in context, they noted that increase is comparable to adding 20 million new homes to the grid in the next 5 years.

為了描繪美國新的電力格局，一家獨立系統營運商最近預測，到 2030 年電力需求將增加 32 千兆瓦，其中 30 千兆瓦與資料中心有關。具體來說，他們指出，這一增長相當於未來 5 年內向電網增加 2,000 萬戶新房。

When thinking about coal in the future, I'd ask you to focus on 6 surprising words. The world is turning towards coal. I'll remind investors that the IEA reports that the world set a record for coal demand in 2024 after doing so also in 2023 and has not yet peaked. And US coal is clearly in comeback mode as it should be. The US has more energy in its coal reserves than any nation has in any one energy source.

當思考未來的煤炭時，我希望你專注於 6 個令人驚訝的字。世界正在轉向煤炭。我要提醒投資者，國際能源總署報告稱，繼 2023 年創下煤炭需求紀錄之後，2024 年世界煤炭需求將再創紀錄，但尚未達到高峰。美國煤炭顯然正處於復甦階段。美國的煤炭儲量比任何國家任何一種能源的儲量都要多。

Malcolm, I'll now turn the call over to you to give a bit more color on the markets.

馬爾科姆，現在我將把電話交給你，以便對市場進行更詳細的介紹。

Thanks, Jim. And I'll add a few details regarding US dynamics before turning to seaborne markets. In the US, we have seen a great first half of the year with coal fuel generation up a whopping 15% over the first half of 2024. That's a function of coal increasing share given higher natural gas prices relative to the prior year as well as a growing electricity generation pie as industrial activity and emerging data center demand underwrites continued electricity demand growth.

謝謝，吉姆。在轉向海運市場之前，我將補充一些有關美國動態的細節。在美國，我們見證了今年上半年的輝煌，煤炭燃料發電量比 2024 年上半年大幅增加了 15%。這是由於天然氣價格相對於上年上漲導致煤炭份額增加，以及由於工業活動和新興資料中心需求支撐電力需求持續成長，發電份額不斷擴大。

That terrific picture has translated into higher demand more than improved pricing at this stage. We note customer stockpiles are down some 15 million tonnes versus this time last year. That represents an 11% reduction from a year ago, the lowest level since 2022. That bodes well for tightening the US thermal supply and demand fundamentals as we move forward.

目前，這一出色的圖景已轉化為更高的需求，而不是更高的價格。我們注意到，與去年同期相比，客戶庫存減少了約 1500 萬噸。這比一年前減少了 11%，是自 2022 年以來的最低水準。這對於未來美國熱能供應和需求基本面收緊來說是一個好兆頭。

In addition to existing coal plants running much harder this year, we continue to see deferrals of retirements within the US coal fleet. Simply put, most utilities need all the electrons they can muster and coal plants offer some of the best incremental generating capacity with predictable fuel costs, reliable performance and readily storable fuel that is ready for dispatch 24 hours a day, 7 days a week.

除了今年現有燃煤電廠的運作更加困難之外，我們還看到美國燃煤電廠的退役繼續延後。簡而言之，大多數公用事業公司都需要盡可能多的電力，而燃煤電廠則提供了最佳的增量發電能力，燃料成本可預測，性能可靠，燃料易於儲存，可以每週 7 天、每天 24 小時隨時調度。

Deferrals of coal plant retirements have directly translated into new coal supply agreements for Peabody, a phenomenon that we expect to continue. We have increased PRB volumes this year and are sold out at our flagship North Antelope Rochelle mine at these higher levels.

煤電廠退役的延遲直接轉化為皮博迪新的煤炭供應協議，我們預計這種現象將會持續下去。今年，我們增加了 PRB 產量，我們的旗艦 North Antelope Rochelle 礦場的 PRB 產量已售罄。

My final point is that recent moves in the US to increase LNG exports, including the recent US agreement for major new energy purchases by Europe should only tighten US natural gas supplies as it moves to a greater parity with seaborne LNG.

我的最後一點是，美國最近採取的增加液化天然氣出口的舉措，包括美國最近與歐洲達成的重大新能源採購協議，只會使美國天然氣供應趨緊，因為其供應將與海運液化天然氣更加平衡。

Seaborne thermal coal markets are also finding support in recent weeks. Demand has been driven by hot summer weather in Asia and really across the whole Northern Hemisphere. And that has reduced stockpiles and driven stronger bids. We have seen greater spot demand from our premium markets such as Japan as they move to secure additional supplies as coal burn exceeds anticipated levels.

近幾週，海運動力煤市場也獲得支撐。亞洲乃至整個北半球炎熱的夏季天氣推動了需求。這減少了庫存並推動了更強勁的競標。我們看到日本等高端市場的現貨需求增加，因為由於煤炭消耗量超過預期水平，這些市場正在採取措施確保額外的供應。

China's import demand had been under pressure due to a 6% increase in domestic coal production through May, along with stronger renewable generation, thermal power generation is down 3% year-to-date, limiting their appetite for imported coal. In India, high stockpiles and lower electricity demand has also been keeping import volumes subdued. Thermal supply is adjusting to softer demand and lower prices with Indonesia and Colombia, in particular, reducing exports.

由於5月國內煤炭產量增加6%，加上再生能源發電增強，中國的進口需求一直面臨壓力，但今年迄今火力發電量下降了3%，限制了對進口煤炭的需求。在印度，高庫存和較低的電力需求也導致進口量低迷。熱電供應正在適應疲軟的需求和較低的價格，尤其是印尼和哥倫比亞正在減少出口。

For seaborne metallurgical coal, we naturally avoid forecasting prices, but we are observing meaningful supply curtailments and policy adjustments that suggest we are midway through what is typically an 18- to 24-month downward portion of the price cycle, and we are beginning to see some green shoots.

對於海運冶金煤，我們自然避免預測價格，但我們觀察到有意義的供應削減和政策調整，這表明我們正處於通常為 18 至 24 個月的價格週期下行階段的中期，並且我們開始看到一些復甦的跡象。

China remains the world's largest coal consumer, given that it accounts for over 60% of global steel production. And there, we are seeing some classic early signs of a market turnaround. That's true in steel, where recent production curves have been announced, which are expected to have a dampening effect on Chinese steel exports moving forward, aiding steel production from countries that rely on met coal imports to a greater degree.

中國仍是全球最大的煤炭消費國，佔全球鋼鐵產量的60%以上。我們看到了一些典型的市場復甦的早期跡象。鋼鐵業的情況確實如此，近期公佈的鋼鐵產量曲線預計將對中國未來的鋼鐵出口產生抑製作用，從而幫助那些更依賴焦煤進口的國家提高鋼鐵生產水準。

It's true in coal production where the government has just announced its cracking down on provinces and coal mining companies exceeding production quotas, and it's true in infrastructure, where projects such as Yarlung Tsangpo Dam in Tibet are being developed. This dam will be by far the largest in the world, will use large amounts of steel and concrete and will cost more than 100 times than the Hoover Dam in the US on a current dollar basis. These elements combined to suggest that the Chinese playbook is being executed similar to past downturns.

在煤炭生產領域，政府剛宣布嚴厲打擊超額生產配額的省份和煤炭開採公司；在基礎建設領域，西藏雅魯藏布江大壩等項目正在興建中。該大壩將是迄今為止世界上最大的大壩，將使用大量鋼材和混凝土，以當前美元計算，其成本將是美國胡佛大壩的 100 倍以上。這些因素綜合起來表明，中國目前的策略與過去的經濟衰退類似。

While China remains a key influence this time around, Indian demand growth may drive the next leg of recovery. India enters the monsoon season with just 36 days of inventory and limited restocking activity. We look for a number of new blast furnaces to accelerate seaborne coal demand growth by 8 million to 9 million tonnes during the second half of 2025.

雖然中國這次仍然是關鍵影響因素，但印度的需求成長可能會推動下一輪復甦。印度進入季風季節，庫存僅 36 天，補貨活動有限。我們預計，2025 年下半年將有一批新高爐投產，推動海運煤炭需求增加 800 萬至 900 萬噸。

I'll remind investors that the production of a tonne of steel in India uses 4 to 5 times the amount of seaborne metallurgical coal as a ton of Chinese steel, given that India doesn't have notable domestic quantities of met coal. This phase of the met coal cycle also reflects the supply contraction in prior times. By our estimate, over 25 million tonnes of met coal capacity remains offline globally with substantially more volume in loss-making mode at these levels.

我要提醒投資人的是，印度生產一噸鋼所需的海運冶金煤數量是中國生產一噸鋼的4到5倍，因為印度國內的冶金煤儲量並不豐富。冶金煤循環的這一階段也反映了先前的供應收縮。據我們估計，全球仍有超過 2,500 萬噸冶金煤產能處於離線狀態，而處於虧損狀態的產能則要大得多。

Bottom line, while this part of the cycle has not been pleasant, we see it playing out in a similar way to past cycles. We are seeing early signs of an upturn with the real question of not if, but instead when.

總而言之，雖然週期的這一部分並不令人愉快，但我們看到它的走勢與過去的週期類似。我們看到了經濟好轉的早期跡象，真正的問題不是是否會發生，而是何時發生。

That's a brief review of the coal market dynamics. I'll now turn the call over to Mark.

以上是對煤炭市場動態的簡要回顧。我現在將電話轉給馬克。

Thanks, Malcolm, and good morning, all. As Jim mentioned, we had another strong quarter and continue to successfully navigate a challenging seaborne price environment. Seaborne pricing continued to ebb with the broader industrial cycle, steel production and power generation in the second quarter. But with the cyclicality comes great opportunity.

謝謝，馬爾科姆，大家早安。正如吉姆所提到的，我們又度過了一個強勁的季度，並繼續成功應對充滿挑戰的海運價格環境。海運價格在第二季隨著更廣泛的工業週期、鋼鐵生產和發電量而繼續下滑。但周期性也帶來了巨大的機會。

Our strategy remains to manage the lower points of the cycle to capture outsized free cash flow when we return to better price points. Peabody manages that volatility with a fortress balance sheet, effective capital allocation, operating cost discipline and a diversified asset portfolio.

我們的策略仍然是管理週期的低點，以便在價格回到更好的點時獲取超額的自由現金流。皮博迪透過穩健的資產負債表、有效的資本配置、嚴格的營運成本控制和多元化的資產組合來管理這種波動。

This quarter, our US thermal platform led the way, generating $57 million of adjusted EBITDA. Let me add some insight into the second quarter financials. We recorded a GAAP net loss attributable to common stockholders of $27.6 million or $0.23 per diluted share, while generating adjusted EBITDA of $93 million. The team turned in another great quarter of cost management with 3 of 4 segments coming in better than company targets.

本季度，我們的美國熱能平台處於領先地位，創造了 5700 萬美元的調整後 EBITDA。讓我對第二季的財務狀況做一些補充。我們記錄了歸屬於普通股股東的 GAAP 淨虧損 2,760 萬美元或每股攤薄虧損 0.23 美元，同時產生了 9,300 萬美元的調整後 EBITDA。該團隊在成本管理方面又取得了出色的成績，四個部門中有三個部門的業績都超出公司目標。

PRV volumes came in higher than expected. We generated $23 million in operating cash flow, using some cash from the balance sheet to continue development at Centurion, now just 6 months away from longwall production of premium hard coking coal. We ended the quarter with $586 million of cash and nearly $1 billion of liquidity.

PRV 銷售量高於預期。我們產生了 2,300 萬美元的營運現金流，並使用資產負債表中的部分現金繼續開發 Centurion，現在距離長壁生產優質硬焦煤僅剩 6 個月的時間。本季末，我們擁有 5.86 億美元現金和近 10 億美元流動資金。

Let's review the quarterly segment results. The Seaborne Thermal segment recorded $33.5 million of adjusted EBITDA and 17% margins, even with a loss of 400,000 tons from end-of-quarter port congestion. Regardless, the segment still beat second quarter cost guidance. Margins remain robust in the face of a modest price environment, underscoring the strength of our position on the thermal cost curve.

讓我們回顧一下季度分部業績。儘管因季度末港口擁堵而損失了 40 萬噸，海運熱力運輸部門仍錄得 3,350 萬美元的調整後 EBITDA 和 17% 的利潤率。無論如何，該部門仍然超出了第二季的成本預期。在價格環境溫和的情況下，利潤率依然保持強勁，凸顯了我們在熱成本曲線上的強勢地位。

The Seaborne Metallurgical segment reported adjusted EBITDA loss of $9.2 million or 23% lower average realized prices year-over-year. Costs remained well below company targets as the team continued to control the controllables while investing in the Coppabella Highwall with additional overburden movement to ensure more reliable production for years to come.

Seaborne Metallurgical 部門報告調整後的 EBITDA 虧損 920 萬美元，平均實現價格年減 23%。由於團隊繼續控制可控因素，同時投資 Coppabella Highwall 並增加覆蓋層移動以確保未來幾年更可靠的生產，因此成本遠低於公司目標。

The US thermal mines generated $57 million of adjusted EBITDA. This platform continues to demonstrate why we believe the US business with its stable free cash flows and low capital requirements is underappreciated and remains a key part of our leading diversified asset portfolio.

美國熱礦的調整後息稅折舊攤提前利潤為 5,700 萬美元。該平台繼續證明了為什麼我們認為美國業務因其穩定的自由現金流和低資本要求而被低估，並且仍然是我們領先的多元化資產組合的重要組成部分。

In the Powder River Basin, sales volumes exceeded expectations even with 11 inches of rain over 60 days in Q2 or nearly their full year average rainfall. With that rain came excess moisture, leading to a negative $0.20 per ton quality adjustment to realized sales price, making the $2.16 per ton margin even more impressive. The PRB improved margins by better than $1 per ton year-over-year and generated $43 million of adjusted EBITDA.

在粉河盆地，即使第二季 60 天內降雨量達到 11 英寸，接近全年平均降雨量，銷量仍然超出預期。由於降雨，水分過多，導致實際銷售價格每噸品質調整為負 0.20 美元，這使得每噸 2.16 美元的利潤更加令人印象深刻。PRB 的利潤率年增了每噸 1 美元以上，並產生了 4,300 萬美元的調整後 EBITDA。

The other US thermal segment delivered $13.5 million of adjusted EBITDA. Sales volumes were less than expected as Bear Run experienced poor rail performance and Twentymile continued to operate in challenging mining conditions in the 6 East panel. The Twentymile is eagerly anticipating finishing that panel in the next couple of weeks. We will begin moving the longwall to a new district in mid-August and should start cutting coal in the 11 East panel at the beginning of the fourth quarter. The 11 East Panel is positioned at the edge of a coal seam with much better geology, and we expect to return to historical production rates.

美國其他熱能部門的調整後 EBITDA 為 1,350 萬美元。由於 Bear Run 鐵路運輸不佳，且 Twentymile 繼續在 6 East 地區的惡劣採礦條件下運營，因此銷售量低於預期。Twentymile 熱切期待在接下來的幾週內完成該小組討論。我們將於 8 月中旬開始將長壁開採作業轉移至新區域，並於第四季初開始在東 11 號採區採煤。11 號東區位於煤層邊緣，地質條件更好，我們預計產量將恢復到歷史水準。

Looking ahead to the third quarter, Seaborne thermal volumes are expected to be 3.9 million tons, including 2.7 million export, 600,000 of which are priced on average at $82 per ton, while 1 million tons of Newcastle product and 1.1 million tons of high ash coal are unpriced.

展望第三季度，海運熱煤產量預計為 390 萬噸，其中出口量為 270 萬噸，60 萬噸平均售價為每噸 82 美元，而 100 萬噸紐卡斯爾產品和 110 萬噸高灰分煤尚未定價。

Seaborne thermal cost per ton are expected to be between $45 and $50 per ton, in line with full year guidance. Seaborne met volumes are targeted at 2.2 million tons, consistent with the second quarter, while costs are expected to improve a bit further to $115 per ton. In the PRB, we expect a significant increase in volume to 23 million tons. Costs are also expected to improve from the second quarter and come in lower at about $11.25 per ton, leading to continued robust margins.

預計每噸海運熱能成本將在 45 美元至 50 美元之間，與全年指引價格一致。海運金屬量目標為 220 萬噸，與第二季度持平，而成本預計將進一步改善至每噸 115 美元。在 PRB，我們預計產量將大幅增加至 2,300 萬噸。預計成本也將從第二季開始改善，降至每噸約 11.25 美元，從而繼續保持強勁的利潤率。

Other US thermal coal shipments are expected to increase to 3.7 million tons with better rail performance at Bear Run. Costs are also anticipated to improve to approximately $47 per ton.

隨著貝爾倫鐵路運輸的改善，美國其他動力煤運輸量預計將增加至 370 萬噸。預計成本也將提高至每噸約 47 美元。

Rounding out the discussion with several favorable changes to full year guidance. Seaborne thermal volumes are anticipated to be 200,000 tons higher and cost $3 per ton better at $45 to $48 per ton. Seaborne met cost targets are better by $7.50 per ton to $150 to $120 per ton. With the strong first half and recent legislation, the company is increasing PRB volumes by 5 million tons and lowering full year cost by $0.63 to $11.5 to $12. We are also reducing full year CapEx $30 million to $420 million.

討論以對全年指導的幾項有利變化結束。預計海運熱量將增加 20 萬噸，每噸成本將增加 3 美元，達到每噸 45 至 48 美元。海運金屬成本目標提高 7.50 美元/噸，達到 150 至 120 美元/噸。憑藉上半年的強勁表現和近期的立法，該公司的 PRB 產量增加了 500 萬噸，全年成本降低了 0.63 美元，達到 11.5 至 12 美元。我們還將全年資本支出減少 3,000 萬美元至 4.2 億美元。

Jim, I'll now turn the call back to you.

吉姆，我現在把電話轉回給你。

Thanks, Mark. Before turning to questions, I'll now give a brief update on the previously planned acquisition of assets from Anglo American. Here's where we are. It has now been 4 full months since the ignition incident at Anglo's Moranbah North mine, and yet there is still no credible timetable on the resumption of sustainable longwall mining.

謝謝，馬克。在回答問題之前，我先簡單介紹一下之前計劃要收購英美資源集團資產的情況。這就是我們現在的情況。英美資源集團莫蘭巴北礦發生起火事件至今已整整四個月，但關於恢復可持續長壁開採仍沒有可靠的時間表。

Impacts on the value of the assets include monthly lost production and revenue, carrying costs of tens of millions of dollars per month, expected capital related to new longwall equipment that will be needed for sustainable longwall mining, significant probable derate of future productive capacity at the mine and questions around both the availability and willingness of the workforce to resume safe underground longwall mining in the current panel if regulators ever allow it.

對資產價值的影響包括每月的生產和收入損失、每月數千萬美元的持有成本、可持續長壁開採所需的新長壁設備相關的預期資本、礦山未來生產能力可能大幅下降，以及在監管機構允許的情況下，當前小組對恢復安全地下長壁開採的勞動力可用性和意願的質疑。

Our understanding of conditions underground, along with the continued passage of time has further confirmed our strong belief that a material adverse change has occurred. A thorough review has led to this perspective by our underground mining team, our engineering staff, third-party experts and executive management.

我們對地下情況的了解以及時間的不斷推移進一步證實了我們堅信發生了重大不利變化。我們的地下採礦團隊、工程人員、第三方專家和執行管理層經過徹底審查後形成了這一觀點。

While some modest near-term activity may occur, this should not be mistaken as being equivalent to having a predictable time line and quantifiable cost and productivity impact assessments associated with achieving sustainable mining in the current longwall panel. Four full months after the event, the exact cause of the ignition event remains unclear. And by Peabody safety standards, we would not restart operations at the current longwall phase.

雖然近期可能會出現一些適度的活動，但這不應被誤認為等同於擁有可預測的時間表和可量化的成本和生產力影響評估，這與在當前長壁面板中實現可持續採礦有關。事件發生已過整整四個月，但點火事件的具體原因仍不清楚。依照皮博迪安全標準，我們不會在目前的長壁階段重新開始作業。

We are highly confident that sustainable longwall mining won't take place at Moranbah North until after a new longwall is fully commissioned in a new section of the mine in 2026. The priorities we identified several months ago have not changed. Peabody intends to rely on its rights under the purchase agreements, which give Peabody the ability to terminate. Any revised deal would require a substantial revision in value and structure that reflects the material change in the previously agreed-upon transaction as well as safe, sustainable longwall mining at Moranbah North at forecasted volumes and cost.

我們非常有信心，直到 2026 年礦井新區段的新長壁開採​​全面投入使用後，莫蘭巴北部才會實現可持續長壁開採。我們幾個月前確定的優先事項沒有改變。皮博迪打算依靠購買協議賦予其終止權的權利。任何修改後的交易都需要在價值和結構上進行大幅修改，以反映先前商定的交易中的重大變化，以及在預測的產量和成本下在莫蘭巴北部進行安全、可持續的長壁開採。

Peabody has not reached a revised agreement with the seller, and we intend to provide a further update on August 19 after the 90-day MAC cure period expires. We appreciate your patience as we conclude a process that has now been underway for nearly a year. With that, operator, we can now open up the line to questions.

Peabody 尚未與賣方達成修改協議，我們打算在 90 天的 MAC 補救期到期後於 8 月 19 日提供進一步的更新資訊。我們感謝您的耐心等待，我們已經完成了近一年的進程。接線員，現在我們可以開始回答問題了。

(Operator Instructions)

（操作員指示）

George Ede, UBS.

瑞銀集團喬治·埃德（George Ede）。

Yeah, hi, Jim. Thanks for the time today and hope you are keeping well. Could you maybe please help us start with Moranbah North and the MA. Just help us understand how you're thinking about going forward under the MAC in the scenario where you're found liable in, say, 2 years. This may be unlikely in your view, but I'm sure it's a scenario you've considered and have put quite a bit of thought into. So could you maybe help us how you would think about paying for such a liability and maybe some color how we should be thinking about it in terms of potential cash build and returns over the interim period if you were to declare a MAC.

是的，你好，吉姆。感謝您今天抽出時間，希望您一切安好。您能否幫助我們從 Moranbah North 和 MA 開始。請幫助我們了解，如果您在兩年後被判有罪，您將如何考慮在 MAC 下繼續前進。在您看來，這可能不太可能發生，但我相信您已經考慮過這種情況，並且對此進行了相當多的思考。那麼，您能否幫助我們了解一下，如果您要宣布 MAC，您會如何考慮支付這樣的債務，以及我們應該如何從潛在現金累積和過渡期間的回報的角度來考慮這個問題。

Yeah. George, thanks for the question. Look, we're very, very confident in our MAC position going forward. So if you look at what's been going on at the mine, as I said in my comments, it's still to be determined the exact cause of the ignition, right? So the impacts of future operating conditions are unknown. There's no known credible restart date for this mine. And while that's occurring, while the mine hasn't restarted, there's significant monthly carrying costs being occurred.

是的。喬治，謝謝你的提問。看，我們對未來的 MAC 地位非常有信心。所以如果你看看礦井裡發生的情況，正如我在評論中所說的那樣，起火的確切原因仍有待確定，對嗎？因此未來營運狀況的影響尚不清楚。目前尚無關於該礦山恢復開採的可靠日期。儘管這種情況正在發生，但礦井尚未重新開始開採，每月的持有成本卻相當高昂。

And we -- as I said in my comments, we consider what the future scenario that longwall panel is going to be sealed off and the need of a new longwall being in place in a different area of the mine will be the path to getting sustainable longwall production again at that mine, and it's probably going to be at a significant derate going forward because of new operating conditions because of the past operating history of the mine. And on top of that, you have all this monthly lost production and revenue.

正如我在評論中所說，我們考慮未來的情況，即長壁面板將被封閉，並且在礦井的不同區域安裝新的長壁的必要性將成為該礦井再次實現可持續長壁生產的途徑，並且由於新的運營條件和礦井過去的運營歷史，未來的產量可能會大幅下降。除此之外，您每月還會遭受生產和收入的損失。

So again, we are very, very confident in our MAC going forward. And if we have to pursue this in arbitration, we are ready to do so.

所以，我們對於 MAC 未來的發展非常有信心。如果我們必須透過仲裁來解決這個問題，我們已做好準備。

Just on that, if you do continue with the MAC, if we get two years down on a small chance maybe in your view that you are sound liable, like how should we think about cash returns in the balance sheet over the next two years going to that period, even though it might be very unlikely, it still is a chance.

就這一點而言，如果您繼續使用 MAC，如果我們在兩年內遇到一個小機會，也許在您看來您是有責任的，那麼我們應該如何考慮未來兩年資產負債表中的現金回報呢？儘管這種可能性很小，但仍然是一個機會。

So again, George, I'm not sure your question exactly. We have our program in place where we returned 65% of our adjusted free cash flow back to our shareholders at least 65% of our adjusted free cash flow. So that's the program we have in place. So if you're asking about that, that's not going to change. And if you're asking about a possible arbitration ruling or something, we don't -- we're not taking a -- we're not going to put any reserve for that because that's more likely than not that we would face damages. So your questions for us are just purely hypothetical about damages occurring. We are 100% confident in our MAC, and we are 100% confident if we go to arbitration that we would be proved correct in the position we're taking.

所以，喬治，我再次不確定你的問題到底是什麼。我們已實施計劃，將 65% 的調整後自由現金流返還給股東，至少 65% 的調整後自由現金流。這就是我們現有的計劃。所以如果你問的是這個，那就不會改變。如果您詢問可能的仲裁裁決或類似情況，我們不會——我們不會——我們不會為此留出任何準備金，因為那樣我們很可能會面臨損失。所以您向我們提出的問題只是關於損害發生的純粹假設。我們對我們的MAC有100％的信心，並且我們100％的信心，如果我們進行仲裁，我們所採取的立場將被證明是正確的。

Okay. No, that's fair. And maybe just switching gears to Centurion. Can you remind us maybe what the latest there is on the sell-down timing? And then given this is a restart project and we spend a lot of time talking about longwall reliability of the Goonyella theme, is there any chance or any talks of a clause in that contract with the sell-down that a buyer could potentially have the right to walk away or adjust terms if certain production hurdles haven't been met? Is that something that's being considered?

好的。不，這很公平。或許只是轉向 Centurion。您能否提醒我們一下最新的拋售時機？然後考慮到這是一個重啟項目，我們花了很多時間討論 Goonyella 主題的長壁可靠性，是否有可能或有任何談論在合約中出售條款，如果某些生產障礙沒有得到滿足，買家可能有權放棄或調整條款？這是正在考慮的事情嗎？

George, again, you're asking a hypothetical, and I'm not going to go down that path. And if we were in negotiations, I wouldn't comment on those negotiations. But again, as for Centurion, that's the potential is the sell-down of Centurion, and it's no way a commitment that we're going to do so. We'll make a decision how we're going to handle Centurion based on what's best for our shareholders going forward and has nothing at all to do with, obviously, this Anglo situation. So I have no comment on any possible terms because there aren't any possible terms to be discussed right now.

喬治，再說一次，你問的是一個假設，我不會沿著這條路走下去。如果我們正在進行談判，我不會對這些談判發表評論。但是，對於 Centurion 來說，潛在的風險在於 Centurion 的出售，而我們絕對不會做出這樣的承諾。我們將根據對股東未來最有利的原則來決定如何處理 Centurion，這顯然與 Anglo 的情況毫無關係。因此，我對任何可能的條款均不發表評論，因為目前還沒有任何可能的條款可供討論。

Okay, yeah. Excellent timing though, is there any indication you can give of when it could potentially happen or?

好的，是的。不過時機非常好，您能透露一下什麼時候有可能發生這種情況嗎？

No, there's nothing -- I'm not going to give any timing indication. We have had a lot of interest, and we have had some discussions at this point in time, but we feel in no hurry to make a decision at this point in time on Centurion.

不，沒有什麼——我不會給任何時間暗示。我們對此很感興趣，並且目前也進行了一些討論，但我們並不急於就 Centurion 做出決定。

Chris LaFemina, Jeffries.

克里斯·拉菲米納，杰弗里斯。

I just wanted to ask a couple of follow-ups actually on the Anglo deal. So Anglo this morning talked about being constructive and flexible in their discussions with Peabody. And it sounds like the discussions obviously haven't gone very well. And the first question I would have is whether you're in current discussions with Anglo have hit an impasse and now things are kind of on hold and maybe you restart negotiations before the August 19 deadline. But are you speaking with them now or are things just kind of everybody on the sidelines right now?

我只是想問幾個有關英美資源集團交易的後續問題。因此，英美資源集團今天上午表示將在與皮博迪的討論中保持建設性和靈活性。聽起來討論顯然進展不太順利。我的第一個問題是，您與英美資源集團目前的談判是否陷入僵局，現在事情處於暫停狀態，也許您會在 8 月 19 日的最後期限之前重新開始談判。但是您現在正在和他們交談嗎？還是現在大家都在旁觀呢？

Yes, we've had very candid and respectful conversations with Anglo. And we at the highest levels between the 2 companies. But I'll say the status is right now, we just have a very fundamental disagreement over the quantum of the impact. We are obviously 100% certain there's a MAC, and we feel we have all of the data, it's evident to back that up. And right now, my assumption is that Anglo is saying that there isn't a MAC occurring. So we have a fundamental disagreement over the mine, the status of the mine and the quantum of the impacts of what's occurred at the mine.

是的，我們與英美資源集團進行了非常坦誠和尊重的對話。我們處於兩家公司的最高層。但我要說的是，目前的狀況是，我們對影響的量有非常根本的分歧。我們顯然 100% 確定存在 MAC，我們認為我們掌握了所有數據，有證據支持這一點。而現在，我的假設是，Anglo 表示沒有發生 MAC。因此，我們對礦井、礦井的狀況以及礦井發生事件的影響量有根本分歧。

So we've had some very -- again, very respectful discussions. I'm appreciative of the give and take that's been going back and forth. But again, we just have a fundamental disagreement of the status of the mine now, how it's been over the past four months, how it's going to be for the rest of this year and how it's going to be next year going forward.

因此，我們再次進行了一些非常尊重的討論。我很感激雙方一直以來的互相幫助與體諒。但是，我們現在對礦井的狀況、過去四個月的狀況、今年剩餘時間的狀況以及明年的狀況有根本分歧。

So the dispute here is related to whether Moranbah North is a MAC event. And is there a potential solution where you meet in the middle where you kind of structured the initial deal with the Grosvenor asset on contingent deferred payments. How about something like that related to Moranbah North? I mean if they -- if you think it won't come back online, they do, well, you don't pay for it unless it does kind of thing.

因此，這裡的爭議與 Moranbah North 是否是 MAC 事件有關。有沒有一種潛在的解決方案，讓你們在中間找到平衡點，以某種方式構建與格羅夫納資產的初始交易，並採用有條件的延期付款。與 Moranbah North 相關的事情怎麼樣？我的意思是，如果你認為它不會重新上線，那麼，除非它發生了某種事情，否則你不需要為此付費。

I mean is that -- is there some sort of -- I'm sorry to ask a hypothetical question, but just trying to think of where the 2 sides can meet in the middle where you can -- basically, if the mine comes online, you pay for it, if it doesn't, you don't.

我的意思是——是否存在某種——很抱歉問一個假設性的問題，但我只是想想想雙方可以在哪個中間地帶相遇——基本上，如果礦山上線，你就得付錢，如果沒有，你就不用付錢。

Chris, you sound like you're trying to be a mediator in a dispute. So I appreciate the efforts. But look, I'm not going to get into any negotiations on an earnings call. And August 19 date isn't that far away from us. And at that time, we can just talk freely about everything that's going on.

克里斯，聽起來你像是在試圖成為一場爭端的調解人。所以我感謝你們的努力。但是你看，我不會參與任何有關收益電話會議的談判。8月19日這個日期距離我們來說並不算遙遠。那時，我們可以自由地談論正在發生的一切事情。

Okay. And then just the last question. If you do go to arbitration, let's assume that were unfortunately to happen. Does the BUMA transaction terminate as well? What are the consequences of going to arbitration?

好的。接下來是最後一個問題。如果您確實要進行仲裁，我們假設不幸的事情發生了。BUMA 交易也會終止嗎？進行仲裁的後果是什麼？

Yes. If we terminate the deal, then the BUMA transact -- the deal we have with BUMA terminates as well. It's back to back.

是的。如果我們終止交易，那麼 BUMA 交易——我們與 BUMA 的交易也將終止。這是背靠背。

Okay. Thanks for that.

好的。謝謝。

Nick Giles, B Riley Securities.

尼克吉爾斯 (Nick Giles)，B Riley 證券。

Just a first follow-up on Anglo. I mean the views on Moranbah North impact continue to differ substantially. So I was just wondering if you had any additional color on what should we be looking for on August 19 when you come out with this update? I mean, should we be thinking that the termination will shortly follow? Can you just kind of remind us of the factors and potential timelines at play on the back of that update?

這只是對 Anglo 的首次跟進。我的意思是，人們對莫蘭巴北部影響的看法仍然存在很大分歧。所以我只是想知道，當您在 8 月 19 日發布此更新時，您是否對我們應該尋找什麼有任何其他資訊？我的意思是，我們是否應該認為終止很快就會發生？您能否提醒我們該更新背後的因素和潛在時間表？

Yes, Nick, again, I'm not going to get into negotiations or hypotheticals of what may be occurring on August 19. I'll just say that there was a 90-day period to cure the MAC. And at the end of the 90-day period, we have the right to terminate the agreement. And that's the situation, and we'll wait until August 19.

是的，尼克，我再說一遍，我不想參與談判或假設 8 月 19 日可能發生的事情。我只想說，有 90 天的時間來治癒 MAC。90 天期限結束時，我們有權終止協議。情況就是這樣，我們將等到 8 月 19 日。

Understood, Jim. And apologies if I missed them all, but you did list a number of factors that underpin Peabody's view that the MAC has occurred. And I couldn't quite compare those to the ones that you provided last quarter. So I was just wondering if -- could you provide us what -- which of those factors are somewhat incremental or which have changed in your mind?

明白了，吉姆。如果我遺漏了所有內容，請見諒，但您確實列出了一些支持皮博迪關於 MAC 已經發生的觀點的因素。我無法將它們與您上個季度提供的內容進行比較。所以我只是想知道——您能否告訴我們——這些因素中哪些是漸進的，哪些在您看來已經改變了？

Yes, Nick, I'm not sure to compare to previous statements you're asking me to. I don't have that in front of me to compare one set of statements to the other. What I will say is in order to solve a problem, you have to understand what the problem is. And to date, the exact cause of the ignition has not been determined. So again, so how do you address that is -- still needs to be addressed, all right?

是的，尼克，我不確定是否要與你要求我做的之前的陳述進行比較。我面前沒有這個來比較一組陳述與另一組陳述。我想說的是，為了解決一個問題，你必須了解問題是什麼。截至目前，起火的具體原因尚未確定。那麼，您如何解決這個問題——仍然需要解決，好嗎？

And then there is the status of the current longwall. And is that longwall recoverable in the current panel? Will it be running again in that panel, which, again, we don't think is a scenario that's going forward. And then you're going to have derates -- probable derates of the facility going forward because of future operating conditions that are put on based on the past operating history of the mine.

然後是當前長壁開採的狀況。在目前面板中可以恢復長壁開採嗎？它會在該面板中再次運行嗎？我們再次認為這不會是未來會發生的情況。然後，你就會面臨降額——根據礦井過去的營運歷史，未來的營運條件可能會降低設施的營運效率。

And then also, you have all the monthly loss production and revenue. And we think this is going to go on well into -- not well into -- I shouldn't say that into some point in time next year. So all of those factors are in there. And again, I'm not sure how that compares to what I said previously.

然後，您還會獲得所有每月的損失產量和收入。我們認為這種情況會持續下去——不是持續下去——我不應該說會持續到明年的某個時間點。所以所有這些因素都存在。再說一次，我不確定這與我之前所說的相比如何。

Got it. Understood. Appreciate Jim you walking us through what you can here. But maybe just on the operating side, you've lowered your seaborne thermal cost guidance by $3 a ton at the midpoint. So unless I'm mistaken, I think the full year guide still implies that costs could be higher in the second half. So just wondering what are the ultimate drivers there? I mean we do have Wambo coming offline, which I know was to lower cost. So I'm just trying to figure out which factors are offsetting each other.

知道了。明白了。感謝 Jim 向我們介紹您在這裡所能提供的資訊。但也許僅在營運方面，您已將海運熱成本指導價中點降低了每噸 3 美元。因此，除非我弄錯了，否則我認為全年指南仍然暗示下半年成本可能會更高。所以我只是想知道那裡的最終驅動因素是什麼？我的意思是我們確實讓 Wambo 下線了，我知道這是為了降低成本。所以我只是想弄清楚哪些因素是互相抵消的。

Hey, good morning, Nick, it's Mark. You're right. The team has done an absolutely incredible job managing costs. We talked about this last quarter, another great quarter of costs, really leading us to believe that those costs are going to be lower on a full year basis. We did lower them $3.

嘿，早上好，尼克，我是馬克。你說得對。該團隊在成本管理方面做得非常出色。我們在上個季度討論過這個問題，這是成本又一個大幅增長的季度，這確實讓我們相信這些成本在全年基礎上會降低。我們確實給他們降低了 3 美元。

We missed 400,000 tons purely due to port congestion. We've seen a lot of that come back in July. We've raised our full year guidance by 200,000 tons in the segment, and the net result is lower cost by $3 for the full year. So really happy with all the progress we've made.

由於港口擁堵，我們損失了 40 萬噸。我們看到七月有很多這樣的情況再次出現。我們已將該部門的全年目標提高了 20 萬噸，最終結果是全年成本降低了 3 美元。我們對所取得的所有進展感到非常高興。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO 資本市場。

Hi, thank you for taking my questions. Maybe going back to Centurion. Given that it is -- the development is progressing ahead of schedule, can you talk a bit more about how this could impact the sales targets there?

你好，謝謝你回答我的問題。也許會回到 Centurion。鑑於開發進度提前，您能否詳細談談這將如何影響那裡的銷售目標？

Katya, it's Mark again. A couple of things. One, yes, pulled that longwall production forward earlier into the first quarter of next year, really just six months from now. So very exciting time. Think back the company is self-funded by organic cash flow, $600 million to date on the development of that key asset, about $100 million to go in the south before that longwall production starts.

卡佳，又是馬克。有幾件事。是的，第一，將長壁開採提前到​​明年第一季度，實際上就是六個月後。非常激動人心的時刻。回想一下，該公司是透過有機現金流自籌資金的，迄今已在該關鍵資產的開發上投入了 6 億美元，在長壁生產開始之前，還需要在南部投入約 1 億美元。

Pulling it forward earlier, we'll obviously start production earlier. But when you look at the timing of the production there, it probably also may accelerate a longwall move, their first longwall move. So previously, we have 3.5 million tons out there for next year production. We're not changing that yet today.

提早一點，我們顯然會更早開始生產。但是當你觀察那裡的生產時間時，它也許還會加速長壁開採的移動，這是他們的第一次長壁開採移動。此前，我們已準備好 350 萬噸用於明年的生產。我們今天還不會改變這一點。

Okay. And then maybe on the PRB cost, just to confirm, that includes now the new royalty rate?

好的。然後也許關於 PRB 成本，只是為了確認一下，這包括現在新的版稅率嗎？

Yes, it does. So the lower reduction from 12.5% to 7% is baked into that guidance. So increased volumes by 5 million tons in the PRB for the full year, seeing continued strong demand. We will have a benefit to our costs in the second half of the year due to that lower royalty rate. As we mentioned last quarter, a portion of that does go back to certain customers. We'll actually see that as a net reduction in revenue, our average realized sales price. So a little bit comes out there. But net-net, we're looking at about a $0.40 per ton benefit to Peabody over second half tons. So that's in that $15 million to $20 million range.

是的。因此，從 12.5% 到 7% 的較低降幅已納入此指導範圍。因此，由於需求持續強勁，PRB 全年產量增加了 500 萬噸。由於特許權使用費率較低，我們將在下半年獲得成本方面的收益。正如我們上個季度提到的，其中一部分確實會返還給某些客戶。我們實際上會將其視為收入的淨減少，即我們的平均實現銷售價格。所以有一點點要出來。但淨額方面，我們預計皮博迪將比後半噸每噸獲得約 0.40 美元的利潤。所以這個數字在 1500 萬美元到 2000 萬美元之間。

And then going to next year, I think on an annualized basis, it would be closer to $60 million, if I'm not mistaken. Is there opportunity to further increase the potential benefit versus what you're getting right now?

然後到明年，我認為以年率計算，如果我沒記錯的話，這個數字將接近 6000 萬美元。與您目前獲得的利益相比，是否還有機會進一步增加潛在利益？

Yeah. Going forward, obviously, that benefit, as Jim mentioned in his remarks, will make the PRB coal just more cost competitive. So we expect that to help overall volumes. How much of that is the Peabody's account will depend on new contracts as we sign that up. Right now, we're probably about two-third signed up for '26 and maybe 50% for '27.

是的。展望未來，顯然，正如吉姆在演講中提到的那樣，這一好處將使 PRB 煤炭更具成本競爭力。因此我們預計這將有助於提高整體銷售量。其中有多少屬於皮博迪的帳戶將取決於我們簽署的新合約。目前，我們大概有三分之二的人簽了 26 年，大概有 50% 的人簽了 27 年。

Okay, thank you.

好的，謝謝。

You're welcome. Thanks, Katja.

不客氣。謝謝，卡佳。

Thanks, Katja.

謝謝，卡佳。

(Operator Instructions)

（操作員指示）

Nathan Martin, The Benchmark Company.

內森馬丁（Nathan Martin），基準公司。

I think a lot of my questions have been touched on, but you mentioned Shoal Creek will benefit from the 2.5% production tax credit for met coal that was included in the Big Beautiful Bill. Could you guys put a savings estimate kind of around that like you did for the PRB?

我認為我的許多問題都已經被提及，但您提到 Shoal Creek 將受益於《大美麗法案》中包含的 2.5% 的冶金煤生產稅收抵免。你們能否像 PRB 一樣對此做出節省估算？

Yeah, Nate, just a reminder, that doesn't take effect until January 1, 2026. So nothing in the full year guidance for that. But I put it about $5 million a year.

是的，內特，提醒一下，該規定要到 2026 年 1 月 1 日才生效。因此，全年指引中沒有任何關於此方面的內容。但我認為每年大約需要 500 萬美元。

Okay. And then maybe while I have you, I know I've talked about this on numerous occasions, but once again, operating costs this quarter as well as resource management results added significantly to the 2Q adjusted EBITDA. Any specifics there to call out? I know these segments are lumpy, but can you talk about what your expectations are here for the second half? Are there any other big drivers you see there?

好的。然後也許當我有你的時候，我知道我已經多次談論過這個問題，但再次強調，本季的營運成本以及資源管理結果顯著增加了第二季調整後的 EBITDA。有什麼具體細節需要說明嗎？我知道這些部分不太連貫，但是您能談談對下半年的期望嗎？您還看到其他什麼重要驅動因素嗎？

Yeah, Nate, you're right. We did have some unexpected performance really from some asset sales in the second quarter. We had a continuous minor sale at the Wambo underground mine. As you recall, that will be closing down in the third quarter as well as some miscellaneous US land sales. We have a large portfolio of land and from time to time, we optimize that portfolio, make sales of these assets. It is lumpy and unpredictable.

是的，內特，你是對的。我們在第二季的一些資產出售確實取得了一些意想不到的業績。我們在 Wambo 地下礦場進行了連續的小額銷售。正如你記得的，這將在第三季結束，同時還有一些美國土地銷售。我們擁有大量的土地組合，我們會不時地優化這些組合，出售這些資產。它崎嶇不平，難以預測。

I will say that, that offset the 400,000 tons we lost in the US thermal business really mostly due to that poor rail performance at the Bear Run mine as well as the 400,000 tons we lost just simply due to port congestion, which we're making back up, obviously, in the second half by increasing that full year guidance. So those two kind of really offset each other and everything is on track.

我想說的是，這抵消了我們在美國熱力業務中損失的 40 萬噸，這主要是由於 Bear Run 礦的鐵路運輸不佳，以及僅由於港口擁堵而損失的 40 萬噸，顯然，我們將在下半年通過提高全年預期來彌補這些損失。因此，這兩者確實相互抵消，一切都步入正軌。

Are there any big items you kind of see over the second half, Mark, or still uncertain?

馬克，您認為下半年有什麼重大事件嗎？或者您還不確定嗎？

No, as far as the other items, there's nothing to forecast there.

不，就其他項目而言，沒有什麼可預測的。

Okay. Got it. Helpful. And then maybe finally, just switching gears. As I'm sure you guys are aware, one of your peers in the PRB is ramping up the new rare earth mine. It's been getting a lot of attention. Jim, has Peabody done any testing of its reserves at this point to see what, if any, reads are present? Just thinking about this given the favorable administration and regulatory backdrop we're seeing currently.

好的。知道了。很有幫助。然後也許最後只是換個話題。我相信你們都知道，PRB 的一位同事正在加大新稀土礦的開採力度。它已引起廣泛關注。吉姆，皮博迪目前是否對其儲備做過任何測試，以查看是否有任何讀數？考慮到我們目前看到的有利的管理和監管背景，我們可以考慮這一點。

Yes, Nate, that's a timely question. We are advancing into what I'll call a second phase of our rare earth element evaluation program in the PRB. And we had an initial study that we did with the University of Wyoming that we concluded last year. So now we're into the second phase. But the initial data from that study suggested that our roof and floor strata adjacent to the current mining seams could contain some elevated levels of these rare earth elements at both our NARM complex and our Rawhide complex.

是的，內特，這是一個及時的問題。我們正在進入 PRB 稀土元素評估計劃的第二階段。我們與懷俄明大學進行了一項初步研究，並在去年結束。現在我們進入了第二階段。但該研究的初步數據表明，無論是在 NARM 綜合體還是 Rawhide 綜合體中，與目前採礦層相鄰的頂板和底板地層都可能含有一定濃度的稀土元素。

And these initial indications that we have seem to show that we have better -- the same or better concentrations than others are reporting the PRB. And I will say one thing that is important to note as we move forward with this, the rare earth elements that are sitting in these clays are very accessible to us because we're already uncovering them in the coal mining process. We need to develop new mines to excavate this overburden.

這些初步跡象表明，我們擁有比其他向 PRB 報告的機構更好的集中度——相同或更好的集中度。隨著我們推進這項工作，我要說的一件重要的事情是，這些粘土中的稀土元素對我們來說很容易獲取，因為我們已經在煤炭開採過程中發現了它們。我們需要開發新的礦井來開採這層覆蓋層。

So this quarter, we're going to do some more sampling and laboratory analysis at our sites. So we're in some very early days, but we certainly have more than enough information justifying going forward. So this is not very -- any real appreciable capital for us right now. We're in the study phase, Very, very encouraging initially. But I guess I'll leave it. Stay tuned for some more information as we advance this.

因此本季度，我們將在我們的站點進行更多的採樣和實驗室分析。因此，我們還處於非常早期的階段，但我們肯定擁有足夠的信息來證明繼續前進的合理性。所以這對我們來說現在並不是非常可觀的資本。我們正處於研究階段，最初非常非常令人鼓舞。但我想我會離開它。隨著我們不斷推進，請繼續關注更多資訊。

Okay, appreciate those thoughts, guys. Thanks for your time and best of luck in the second round.

好的，夥伴們，我很感謝你們的想法。感謝您抽出時間並祝您在第二輪比賽中好運。

Thanks Nate.

謝謝內特。

Nick Giles, B Riley Securities.

尼克吉爾斯 (Nick Giles)，B Riley 證券。

Thanks for taking my follow up. Just one on liquidity. You ended the quarter with $586 million of cash. And I was wondering if you could remind us how much of that cash is fully unencumbered? And then maybe related, sorry if I missed this, but how much has been spent or how much spend remains at Centurion to ultimately bring you to commercial production? Thanks very much.

感謝您關注我的後續問題。僅就流動性而言。本季結束時，您的現金為 5.86 億美元。我想知道您是否可以提醒我們其中有多少現金是完全不受限制的？然後也許相關，抱歉，如果我錯過了，但是 Centurion 花了多少錢或還剩下多少錢才能最終實現商業化生產？非常感謝。

Yeah. Thanks, Nick. No concerns here. On the cash on the balance sheet, that total amount of cash and cash equivalents of about $586 million is unrestricted, unencumbered and fully available to the company. You do see on our balance sheet a separate line item for restricted cash and collateral of about [$850 million]. Again, that primarily relates to all the prefunded of the reclamation liability across the globe.

是的。謝謝，尼克。無需擔心。在資產負債表的現金方面，約 5.86 億美元的現金和現金等價物總額不受限制、不受阻礙且可供公司完全使用。您確實在我們的資產負債表上看到了一個單獨的項目，即限制現金和抵押品，約為[8.5億美元]。再次強調，這主要涉及全球所有復墾責任的預付資金。

And then as far as Centurion capital for the South development, there's about another $100 million in the second half of the year that would get us to longwall production. Again, our initial target on that was $489 million. I think if you add that $100 million, you might get to about $495 million. So almost right on the dot.

至於 Centurion 南方開發資本，今年下半年還有約 1 億美元可以讓我們實現長壁生產。再次重申，我們最初的目標是 4.89 億美元。我認為如果加上 1 億美元，可能會達到約 4.95 億美元。所以幾乎是準時的。

Great. That's really helpful. Maybe just on the restricted cash and collateral, can you remind us, are there any relevant time lines we should be thinking about as far as unlocking some of that restricted cash? Just don't want to leave anything out there.

偉大的。這真的很有幫助。也許只是關於受限現金和抵押品，您能否提醒我們，在解鎖部分受限現金方面，我們是否應該考慮相關的時間表？只是不想留下任何東西。

Yeah. There's about $520 million of that is related to the surety agreement with our reclamation providers for future -- bonding providers for future reclamation. We have been able to reduce that amount over the last year, 1.5 years.

是的。其中約有 5.2 億美元與我們與未來填海服務提供者簽訂的擔保協議有關——為未來的填海提供擔保。在過去的一年半裡，我們已經能夠減少這個數字。

And really, that's done by continuing to do the reclamation work and getting bond releases. At the beginning of the year, we talked about a $100 million reduction. So we've had some pretty good success there. Again, it's lumpy as that work gets done and as bond releases get approved. But we continue to knock that down.

事實上，這是透過繼續進行填海工程和獲得債券發行來實現的。年初我們談到了削減1億美元。因此我們在那裡取得了相當大的成功。再次，隨著這項工作的完成和債券發行獲得批准，情況變得不平衡。但我們繼續將其擊倒。

Got it. Well, guys, thank you again and continue, best of luck.

知道了。好吧，夥計們，再次感謝你們，繼續吧，祝你們好運。

Thanks, Nick.

謝謝，尼克。

And this concludes today's question-and-answer session. I would now like to turn today's conference back over to Jim Grech for any closing remarks.

今天的問答環節到此結束。現在，我想將今天的會議交還給吉姆·格雷奇 (Jim Grech) 做結束語。

Well, thank you, operator, and thanks to everyone for the time today. And I also want to make sure I give recognition to our Peabody team, which amid everything else that's going on, we are again turning in record safety performance on track to beat last year's performance, which was the best in our 140-plus year history. So very appreciative of that. So we look forward to keeping all of you up to date on our progress as the year rolls on. Thank you.

好的，謝謝接線生，也謝謝大家今天的時間。我還要特別表揚我們的皮博迪團隊，在發生的所有事情中，我們再次創造了創紀錄的安全業績，有望超越去年的業績，這是我們 140 多年曆史上最好的業績。我對此非常感激。因此，我們期待著隨著時間的推移讓大家了解我們的最新進展。謝謝。

The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。