Peabody Energy Corp (BTU) 2025 Q3 法說會逐字稿

Good day and welcome to the Peabody Q3 2025 earnings conference call.

大家好，歡迎參加皮博迪能源公司2025年第三季財報電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the conference over to Ric Sevik of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的里克·塞維克。請繼續。

Thanks operator, and good morning, all. Thank you for joining today to take part in Peabody's third quarter call. Remarks today will be from Peabody's President and CEO Jim Grech, CFO Mark Spurbeck, and Chief Commercial Officer Malcolm Roberts. Following the remarks, of course, we'll open up the call to questions.

謝謝接線員，大家早安。感謝您今天參加皮博迪第三季電話會議。今天將由皮博迪能源公司總裁兼執行長吉姆·格雷奇、財務長馬克·斯珀貝克和首席商務官馬爾科姆·羅伯茨發表演說。當然，在發言結束後，我們將開放提問環節。

Now we do have some forward-looking statements today, and you'll find our full statement on forward-looking information in the release. We do encourage you to consider the risk factors referenced there as well as our public filings with the SEC, and I'll now turn the call over to Jim.

今天我們確實有一些前瞻性聲明，您可以在新聞稿中找到我們關於前瞻性資訊的完整聲明。我們建議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，現在我將把電話交給吉姆。

Thanks, Vic, and good morning everyone. I'm pleased to report that Peabody continues to perform quite well with great safety results, good volumes, strong cost containment, a pristine balance sheet, and an outlook that points to more of the same.

謝謝Vic，大家早安。我很高興地報告，皮博迪能源公司繼續保持良好的業績，安全性能優異，產量可觀，成本控制有效，資產負債表穩健，前景一片光明，未來發展勢頭有望繼續保持下去。

Our third quarter was punctuated by strong thermal coal shipments and historically low met coal cost. Also, I'm delighted to say that the longwall production at our flagship Centurion mine begins next quarter.

第三季度，我們的動力煤出貨量強勁，煉焦煤成本也處於歷史低點。另外，我很高興地宣布，我們旗艦礦山 Centurion 的長壁採煤將於下個季度開始。

We expect shipments of Centurion's premium hard coking coal to expand sevenfold in 2026 to 3.5 million tonnes and even more beyond that time.

我們預計到 2026 年，Centurion 的優質硬焦煤出貨量將成長七倍，達到 350 萬噸，而且此後還會持續成長。

Development and hiring remains on track, and longwall equipment is beginning to be installed underground ahead of the February start.

開發和招聘工作仍在按計劃進行，長壁開採設備已開始在地下安裝，預計 2 月開工。

Over the 25-plus year mine life, we expect Centurion to be our lowest cost metallurgical coal mine. And by itself, the mind should boost our average met coal portfolio realizations as a percent of benchmark. From the 70% mark this year to roughly 80% in 2026.

在超過 25 年的開採壽命內，我們預計 Centurion 將成為我們成本最低的冶金煤礦。僅憑這一點，就應該能提高我們平均冶金煤投資組合實現值相對於基準值的百分比。從今年的 70% 到 2026 年的大約 80%。

All of this occurs against market pricing that is toward the lower end of the pricing cycle. To steal a bit of Malcolm's thunder, I'll share our belief that all three of our end markets could have upside pricing pressure in 2026.

所有這一切都發生在市場定價處於價格週期下限的情況下。為了搶佔馬爾科姆的風頭，我還要分享我們的看法，即我們的三個終端市場在 2026 年都可能面臨價格上漲的壓力。

Mark will tell you that we have designed Peabody to produce positive EBITDA even during the toughest times. While generating substantial cash flows during mid to higher parts of the cycle.

馬克會告訴你，我們設計皮博迪公司是為了即使在最艱難的時期也能產生正的 EBITDA。同時在周期的中後期產生可觀的現金流。

We're now at an interesting inflection point on how investors should be looking at our company. Our capital investment in Centurion is tapering down even as the Lowell mining begins next quarter. Setting us up to expand free cash flows in both directions. That bodes well for shareholder returns using our established policies.

現在，投資者看待我們公司的方式正處於一個有趣的轉折點。儘管洛厄爾礦區將於下個季度開工，但我們對森圖里昂的資本投資正在逐步減少。這將使我們能夠雙向擴大自由現金流。這預示著，按照我們既定的政策，股東回報將會很好。

Let's now turn to what we're seeing in US fundamentals. One of the world's largest hedge funds recently commented to us that Peabody was at the intersection of some of the most significant themes going on in America, and I couldn't agree more.

現在讓我們來看看美國經濟基本面的情況。世界最大的對沖基金之一最近向我們表示，皮博迪正處於美國一些最重要主題的交匯點，我對此深表贊同。

Consider a few of these. The AI data centre theme continues to play out with new investments being announced weekly. When coupled with plans for increased US manufacturing, this means power generation will struggle to keep up with demand for the foreseeable future.

請考慮以下幾個方面。人工智慧資料中心的主題仍在不斷演變，每週都有新的投資項目宣布。如果再加上美國製造業擴張計劃，這意味著在可預見的未來，發電量將難以滿足需求。

US coal plants' reliability and affordability also continue to be emphasized. During the coldest days of last winter, for instance, fossil fuels provided more than 90% of the additional US generation needed versus just 4% for wind and solar.

美國燃煤電廠的可靠性和經濟性也持續受到重視。例如，在去年冬天最冷的日子裡，美國所需額外發電量的 90% 以上來自化石燃料，而風能和太陽能僅佔 4%。

The often-quoted national average of 16% of electricity from coal also doesn't do justice to the workload, reliability, and economics that coal power generation provides in certain states.

經常被引用的全國平均煤炭發電量佔 16% 的數據，也未能充分體現煤炭發電在某些州所提供的負載、可靠性和經濟效益。

For example, our home state of Missouri gets approximately 60% of its electricity from coal, while California has virtually no coal field power. As a result, Missouri's average cost of electricity was just $0.11 per kilowatt hour last year.

例如，我們所在的密蘇裡州大約 60% 的電力來自煤炭，而加州幾乎沒有煤田發電。因此，去年密蘇裡州的平均電價僅為每千瓦時 0.11 美元。

The California power averaged $0.27, nearly 2.5 times that of Missouri. The third quarter continue to see 202C executive orders to keep coal fuel generating plants open and utilities announcing additional extensions.

加州電力平均價格為每千瓦時 0.27 美元，幾乎是密蘇裡州的 2.5 倍。第三季度，202C 行政命令繼續要求燃煤發電廠保持開放，公用事業公司也宣布進一步延長開放期限。

The count of life extensions for US coal field generation now totals 58 units and 46 gigawatts of generation. More than a quarter of the total installed base. This comes as the Trump administration continues to implement common sense policies.

目前，美國煤田發電廠的延壽機組總數已達 58 台，發電量達 46 吉瓦。超過總安裝量的四分之一。與此同時，川普政府繼續推行一系列符合常理的政策。

In the third quarter alone, we saw federal funding and emergency orders to extend the lives of coal plants. A 5.5% reduction in the federal coal royalty rate.

僅在第三季度，我們就看到了聯邦政府的撥款和緊急命令，以延長燃煤電廠的壽命。聯邦煤炭特許權使用費率降低5.5%。

An upcoming 2.5% production tax credit from the one big, beautiful bill. We also saw a growing national focus on securing rare earth elements and critical minerals.

即將出台的一項總額龐大的法案將帶來 2.5% 的生產稅收抵免。我們也看到，國家越來越重視稀土元素和關鍵礦產的供應。

We have long said that our leading US thermal coal platform, and particularly our Potter River Basin position, represents a free option for investors. To extend that analogy, today, that option is nicely in the money. With that brief overview, Malcolm, I'll now turn the call over to you to give more colour on the markets.

我們一直表示，我們領先的美國動力煤平台，特別是我們在波特河盆地的地位，為投資者提供了一個免費的選擇。以此類推，如今，這種選擇權的收益相當可觀。馬爾科姆，以上就是簡要概述，現在我將把電話交給你，請你更詳細地介紹一下市場狀況。

Thanks, Jim, and good morning, everyone. I'll begin with a look at the seaborne markets where the notable change in metallurgical coal this past quarter has been how unchanged those markets have been.

謝謝你，吉姆，大家早安。首先，我將檢視海運市場，上個季度冶金煤市場最顯著的變化是這些市場幾乎沒有變化。

Consider this. The normally volatile premium hard coking coal benchmark price averaged $184 per metric tonne in the third quarter, which is the same as the price it averaged in Q2 and just $1 per ton lower than Q1.

請考慮一下。正常情況下波動較大的優質硬焦煤基準價格在第三季平均為每公噸 184 美元，與第二季的平均價格相同，僅比第一季低 1 美元/噸。

The global steel story has continued to center around China's anti-involution policies which appear to be firming as the country looks to trim our profitable supply. China's crude steel production is down roughly 3% year-to-date. Unfortunately, domestic steel demand has also been sluggish, so Chinese steel exports are still running at elevated levels.

全球鋼鐵市場的故事仍然圍繞著中國的反壟斷政策展開，而隨著中國尋求削減利潤豐厚的鋼鐵供應，這些政策似乎正在加強。今年迄今為止，中國粗鋼產量下降了約3%。不幸的是，國內鋼鐵需求也一直疲軟，因此中國鋼鐵出口仍處於高位。

Lower crude steel production in traditional markets outside China has tempered the benefit of new blast furnaces in India and the incremental coal imports they represent.

中國以外傳統市場的粗鋼產量下降，削弱了印度新建高爐及其所代表的煤炭進口增量所帶來的益處。

I'll remind listeners that while China imports less than 20% of its metallurgical coal demand, India imports 90% of its steelmaking coal needs.

我提醒聽眾，雖然中國冶金煤進口量不到需求的 20%，但印度煉鋼煤進口量卻佔其需求的 90%。

We note that in recent days China has been aggressively pursuing imports of premium seaborne poking coals as domestic pricing in China has risen to a level that makes imports attractive.

我們注意到，近來中國一直在積極尋求進口優質海運煤，因為中國國內煤價已經上漲到進口具有吸引力的水平。

Seaborne met coal supply continue to see challenges this past quarter, with some producers struggling at these sustained low pricing levels. We estimate that 45 million tonnes of seaborne met coal production, or 15% of seaborne supply, is earning an unsustainable level of revenue at current price levels.

過去一個季度，海運冶金煤供應持續面臨挑戰，一些生產商在持續低迷的價格水準下舉步維艱。我們估計，4,500萬噸海運冶金煤產量（佔海運供應量的15%）以目前價格水準計算，其收入水準是不可持續的。

Benchmark prices today stand at approximately $195 per metric tonne. Next year's sport curve is in the $215 range. This coming quarter, we'll be looking at the pace of Chinese policies and the strength of the restocking cycle in both India and China.

目前的基準價格約為每公噸 195 美元。明年的運動曲線價格約為 215 美元。在接下來的一個季度裡，我們將關注中國政策的步伐以及印度和中國的補貨週期強度。

Seaborne thermal coal saw some support in the third quarter with the average benchmark price up 8%. Positives for demand. Include developed Asian markets in Korea and Taiwan favouring Australian imports over Russian coals, while Chinese coastal plant stockpiles stand at a 12-month low.

第三季海運動力煤價格一定支撐，平均基準價格上漲 8%。需求方面的利多因素。韓國和台灣等已開發亞洲市場更傾向於從澳洲進口煤炭而不是俄羅斯煤炭，而中國沿海電廠的煤炭庫存處於 12 個月以來的最低水準。

Anti-involution policies are touching all of China's coal mines, where the 276-day work limits, safety checks, and production quotas invariably have an impact on most. Enforcement has been observed but has been sporadic.

反潛政策影響中國所有的煤礦，其中 276 天的工作限制、安全檢查和生產配額不可避免地會對大多數煤礦產生影響。執法行動有所開展，但並不頻繁。

On the supply side, seaborne thermal production is adjusting with large exporting nations such as Indonesia and Colombia curtailing unprofitable production.

在供應方面，海運熱能生產正在調整，印尼和哥倫比亞等大型出口國正在削減無利可圖的生產。

And improving market balance is reflected. In the Ford Seaborne thermal benchmark price can tango with next year's Newcastle pricing up 9% above current levels. During Q4, we anticipate winter restocking post-shouler season, and we'll see if the recent rebound in Chinese imports accelerates.

市場平衡的改善也反映在這一點上。福特海運熱能基準價格可能會與明年紐卡斯爾的價格持平，比目前水準高出 9%。第四季度，我們預計在淡季過後將迎來冬季補貨，屆時我們將觀察近期中國進口的反彈動能是否會加速。

Within US markets, I'll reinforce Jim's initial remarks. The favourable trends we've discussed all year are well intact. Through nine months, total US electricity demand is up 2% over the prior year. That relates mostly to the early stage build out of data centres and increased low growth from AI.

就美國市場而言，我同意吉姆最初的觀點。我們今年一直在討論的有利趨勢仍然保持良好。前九個月，美國電力總需求比去年同期成長了2%。這主要與資料中心的早期建設和人工智慧帶來的低成長有關。

Electricity demand growth only looks to expand, with ICF International, for instance, forecasting 25% growth within five years and 78% growth within 25 years.

電力需求成長似乎只會繼續擴大，例如，ICF International 預測五年內將成長 25%，25 年內將成長 78%。

Peabody has been saying that increasing utilization of existing coal plants represents the best form of incremental power in the US, and that's exactly what has occurred year-to-date. Percentage growth in US coal generation has been five times greater than overall electricity generation growth.

皮博迪公司一直表示，提高現有燃煤電廠的利用率是美國增加電力供應的最佳方式，而這正是今年迄今所發生的情況。美國煤炭發電量的成長百分比是整體電力生產量成長百分比的五倍。

The 11% increase in US coal burn this year has been driven by good fundamentals, including natural gas prices that have averaged $3.45 per MBTU, leading to gas generation being down 3%. And those trends may well be repeated next year with a Ford curve for natural gas averaging an even stronger $4.

今年美國煤炭消耗量增加了 11%，這主要得益於良好的基本面，包括天然氣價格平均為每百萬英熱單位 3.45 美元，導致天然氣發電量下降了 3%。明年這些趨勢很可能會重演，福特天然氣價格曲線平均價格甚至可能達到每加侖 4 美元。

Our view is spare generation capacity could provide substantial growth in coal consumption while filling the electron gap.

我們認為，閒置的發電量可以大幅增加煤炭消費，同時填補電力缺口。

First, consider the landscape in the US. Renewables continue to be built out, but don't solve the massive 24/7 reliability needs when the wind doesn't blow and the sun doesn't shine. Renewable saturation is a real concept.

首先，讓我們來了解美國的現況。再生能源仍在不斷建設中，但當無風無日時，它並不能解決全天候的可靠供電需求。再生能源飽和是一個真實存在的概念。

Gas plants are being built, however, new turbines ordered today maybe five years away from being delivered, given backlogs. Additional nuclear generation is fine, but at least a decade or 15 years away from reality.

天然氣發電廠正在建設中，但是，由於積壓訂單，今天訂購的新渦輪機可能要五年後才能交付。增加核能發電是好事，但至少距離現實還有十年或十五年的時間。

For those keeping score on coal plant longevity, add three coal fuelled plants in North Carolina to the list of those being extended. And these plants aren't just being kept in service, they are generating more electrons. The US coal fleet ran at just 42% of capacity in 2024. The fleet can never run at 100% of course, but optimal levels could look a lot like 2008 when coal plants ran at 72% utilization.

對於那些關注燃煤電廠壽命的人來說，北卡羅來納州的三座燃煤電廠也加入了延期營運的名單。而這些電廠不僅持續運轉，還在產生更多的電子。2024年，美國燃煤電廠的運作能力僅42%。當然，發電廠的利用率永遠不可能達到 100%，但最佳利用率可能與 2008 年煤電廠利用率達到 72% 的情況非常相似。

Closing that gap could add 10% of generation to the US electrical grid without needing to add any new plants, and that increase could translate to some 250 million tonnes or more per year of additional thermal coal demand. Now that isn't a projection, of course. It's just simple math. However, it does provide a compelling case for coal's rebound in the US and one that has already begun to play out this year.

彌補這一缺口，無需新建任何電廠，即可為美國電網增加 10% 的發電量，而這一增長每年可轉化為約 2.5 億噸或更多的額外動力煤需求。當然，這並非預測。這只是簡單的數學題。然而，這確實為美國煤炭產業的復甦提供了一個令人信服的例證，而這種復甦已經在今年開始顯現。

From a supply standpoint, providing those additional tons to meet growing US generation can come somewhat from running mines harder and utilizing latent capacity. You've seen that from Peabody with US shipments up 7% year-to-date.

從供應角度來看，要滿足美國不斷增長的發電需求，部分原因在於需要加強礦場開採力度並利用潛在產能。從皮博迪的數據可以看出，今年迄今，在美國的出貨量增加了 7%。

With higher coal burn We also estimate that US generated inventories are down 14% from this time last year. Market fundamentals continue to tighten. We've begun to see price indices increase while natural gas prices have risen across the curve. Coal continues to present attractive economics. That's a brief review of the coal market dynamics. I'll now pass the call over to Mark.

由於煤炭消耗量增加，我們估計美國煤炭庫存量比去年同期下降了 14%。市場基本面持續收緊。我們已經開始看到物價指數上漲，天然氣價格也全面上漲。煤炭依然具有誘人的經濟效益。以上是對煤炭市場動態的簡要回顧。現在我將把電話轉給馬克。

Thanks, Malcolm, and good morning, all. I'll start with a quick overview. We delivered another strong financial quarter with adjusted EBITDA increasing from Q2, driven by higher outer river basin shipments, better than expected seaborne thermal coal volume, and the lowest metallurgical coal costs we've seen in several years, despite burdensome Queensland royalties.

謝謝你，馬爾科姆，大家早安。我先做一個簡要概述。我們又實現了強勁的財務季度業績，調整後的 EBITDA 較第二季度有所增長，這主要得益於外河盆地出貨量增加、海運動力煤銷量好於預期，以及冶金煤成本達到近幾年來的最低水平，儘管昆士蘭州的特許權使用費負擔沉重。

At September 30, our cash position was $603 million and total liquidity exceeded $950 million ensuring we have the financial flexibility to manage short-term market volatility while fully capturing upside for more favorable prices.

截至 9 月 30 日，我們的現金部位為 6.03 億美元，總流動性超過 9.5 億美元，確保我們有足夠的財務彈性來應對短期市場波動，同時充分利用更有利的價格上漲機會。

Together with the increased operating leverage from Centurion, we expect to be positioned to generate free cash flow and deliver outsized returns to shareholders.

結合 Centurion 帶來的營運槓桿效應，我們預計能夠產生自由現金流，並為股東帶來超額回報。

Let's take a closer look at our financial performance for the third quarter. We recorded a GAAP net loss attributed to common stockholders of $70.1 million or $0.58 per diluted share, which included $54 million of acquisition termination costs, primarily related to financing arrangements, transition services, and legal fees.

讓我們仔細看看我們第三季的財務表現。我們錄得歸屬於普通股股東的 GAAP 淨虧損 7,010 萬美元，即每股攤薄虧損 0.58 美元，其中包括 5,400 萬美元的收購終止成本，主要與融資安排、過渡服務和法律費用有關。

We reported adjusted EBITDA of just under $100 million, generated $122 million in operating cash flow, and continued completing development at Centurion South, now just three months away from starting the long haul.

我們報告稱，調整後的 EBITDA 略低於 1 億美元，產生了 1.22 億美元的營運現金流，並且繼續完成 Centurion South 的開發，現在距離開始長期建設僅剩三個月。

Turning to operating segment performance, Seborn Thermal recorded $41 million of adjusted EBITDA and 17% margins. Sales volumes exceeded company expectations with an increase of 500,000 tonnes quarter over quarter, as the company recovered the delayed tons from long Newcastle shipping queues in Q2, and then some.

從營運部門績效來看，Seborn Thermal 的調整後 EBITDA 為 4,100 萬美元，利潤率為 17%。銷售量超出公司預期，環比增長 50 萬噸，因為該公司不僅彌補了第二季度因紐卡斯爾港口長時間裝船延誤造成的損失，而且還有增長。

The segment expanded margins by 10% from Q2, demonstrating the continued strength of our low cost Australian thermal platform.

該業務板塊利潤率較第二季度增長了 10%，顯示我們低成本的澳洲熱能平台持續保持強勁勢頭。

The seaborne metallurgical segment reported adjusted EBITDA of $28 million.

海運冶金業務部門報告調整後 EBITDA 為 2,800 萬美元。

Revenue per ton rose 6% quarter over quarter due to a higher product quality mix enhanced by 210,000 tonnes of Centurion premium hard coking coal. Costs were significantly better than company targets, with cost improvements achieved at ALL5 met coal operations.

由於產品品質組合提高，加上21萬噸Centurion優質硬焦煤的供應，每噸收入較上季增加6%。成本明顯優於公司目標，ALL5 冶金煤礦營運的成本均降低。

The US thermal lines generated $59 million of adjusted EBITDA on the improved domestic demand that Jim and Malcolm discussed.

正如吉姆和馬爾科姆所討論的那樣，由於國內需求的改善，美國火力生產線產生了 5900 萬美元的調整後 EBITDA。

On a year-to-date basis, our US thermal platform has delivered nearly $150 million of cash flow, and EBITDA has outpaced capital by an almost five to one margin.

今年迄今為止，我們的美國熱能平台已產生近 1.5 億美元的現金流，EBITDA 比資本支出高出近五倍。

The Powder River Basin delivered $52 million of adjusted even though, a 20% increase from the prior quarter. Margin per ton improved 6%, driven by higher volume and reported costs at the low end of guidance.

儘管經過調整，粉河盆地仍實現了 5,200 萬美元的收入，比上一季成長了 20%。受銷量成長和報告成本處於預期低端的推動，每噸利潤率提高了 6%。

The new lower federal royalty rate improved costs by $0.70 per tonne, but reduced revenue by $0.30, as certain contracts require law changes to be passed on to customers.

新的聯邦特許權使用費率降低，每噸成本減少了 0.70 美元，但收入減少了 0.30 美元，因為某些合約要求將法律變更轉嫁給客戶。

To get a better sense of the momentum building in the PRB, shipments are up 10% year over year, yet margins have improved by 39%, resulting in a 53% increase in reported EBITDA compared to the prior year. The other US thermal segment contributed a modest $7 million of adjusted EBITDA in the third quarter.

為了更了解 PRB 的發展勢頭，出貨量年增 10%，但利潤率提高了 39%，導致報告的 EBITDA 比上一年增長了 53%。美國另一家熱能公司第三季的調整後 EBITDA 為 700 萬美元。

Sales volumes met company expectations despite an unplanned five-week dragline outage at Bear Run, which led to a production loss of 400,000 tonnes.

儘管 Bear Run 礦場發生計劃外的五週拉鏟停工，導致產量損失 40 萬噸，但銷售量仍達到公司預期。

That was mostly offset by a drawdown of inventory resulting in a net sales reduction of 100,000 tonnes. Related repair costs total $2.5 million, temporarily increasing costs above expected levels.

但這大部分都被庫存減少所抵消，導致淨銷售量減少了 10 萬噸。相關維修費用總計250萬美元，暫時高於預期水準。

The Dragline resumed operating on September 18, and we don't anticipate any impact on fourth quarter production.

挖掘者已於 9 月 18 日恢復運行，我們預計不會對第四季度產量造成任何影響。

Also, the 20-mile team completed the long move to the 11 East panel in October, and we expect to return to normal production rates going forward, though we anticipate less than rateable sales in the fourth quarter as we rebuild inventory.

此外，20 英里團隊已於 10 月完成了向 11 東面板的長途搬遷，我們預計未來將恢復正常的生產率，儘管由於我們正在重建庫存，預計第四季度的銷售額將低於預期。

Lastly, we recorded a one-time $5.5 million charge in the corporate and other segment for the settlement of claims related to a dispute over the calculation of overtime at our US operations.

最後，我們在公司及其他部門提列了一次性 550 萬美元的費用，用於解決與我們美國業務加班費計算爭議相關的索賠。

Looking ahead to the fourth quarter, seaborne thermal volumes are expected to be 3.2 million tonnes, including 2.1 million tonnes of export coal, 200,000 of which are priced on average at $100 per tonnes.

展望第四季度，預計海運動力煤運輸量將達到 320 萬噸，其中包括 210 萬噸出口煤，其中 20 萬噸的出口煤平均價格為每噸 100 美元。

800,000 tonnes of Newcastle product and 1.1 million tonnes of high ash coal remain unpriced. Sea-borne thermal costs are expected to be between $45 and $48 per tonne, an improvement over prior implied fourth quarter guidance.

80萬噸紐卡斯爾產品和110萬噸高灰煤仍未定價。預計海運熱能運輸成本為每噸 45 至 48 美元，比先前對第四季的預期有所改善。

As a reminder, Wambo Underground came offline in the third quarter. Going forward, we anticipate a seaborne thermal quality mix of 40% Newcastle and 60% higher ash product.

提醒一下，Wambo Underground 已於第三季下線。展望未來，我們預期海運熱能品質混合物中，40%為紐卡斯爾煤，60%為高灰分產品。

Seaborne met volumes are targeted at 2.4 million tonnes of 300,000 from the third quarter, while costs are expected to be $11,250 per tonne better than prior full year guidance.

海運肉類產量目標為240萬噸，從第三季開始增加30萬噸，而成本預計比之前的全年預期每噸降低11250美元。

In the PRB, we expect shipments of 23 million tonnes at cost of $11.25 per tonne, both better than prior implied fourth quarter guidance.

在PRB地區，我們預計出貨量為2,300萬噸，成本為每噸11.25美元，均優於先前對第四季的預期。

Other US thermal coal shipments are expected to be just slightly below the third quarter at 3.6 million tonnes, as we rebuild inventory and production ramps up at 20 miles following the long wall move. Costs are anticipated to be approximately $45 per tonne, a $5 improvement from prior quarter.

預計美國其他動力煤出貨量將略低於第三季的 360 萬噸，因為隨著長壁搬遷後庫存的重建和 20 英里煤礦產量的增加，產量將逐步提高。預計成本約為每噸 45 美元，比上一季改善 5 美元。

One more underground closing is planned; we anticipate certain non-reclamation costs to be reported in the corporate and other segment. These costs are very much front end loaded and estimated at $9 million in the fourth quarter.

計劃再關閉一個地下設施；我們預計在公司和其他部門將報告一些非回收成本。這些成本主要集中在前期，預計第四季將達到 900 萬美元。

After the third quarter's results, we are making favourable changes to full year guidance for the second quarter in a row.

在公佈第三季業績後，我們連續第二季對全年業績預期做出利好調整。

Seaborne thermal volumes are anticipated to be 350,000 tonnes higher at 15.1 million to 15.4 million.

預計海運熱能運輸量將增加 35 萬噸，達到 1,510 萬至 1,540 萬噸。

Seaborne met cost targets have improved by an additional $2.50 to $115 per tonne at the midpoint.

海運成本目標已實現，平均每噸成本降低了 2.50 美元，達到 115 美元。

ERB volumes are anticipated to be 3 million tonnes higher at 84 million to 86 million while costs are being lowered another $0.25 to $11.25 to $11.75 per tonne.

預計 ERB 產量將增加 300 萬噸，達到 8,400 萬至 8,600 萬噸，而成本將再降低 0.25 美元至每噸 11.25 美元至 11.75 美元。

With the recent challenges at Bear Run in 20 Mile behind us, we are adjusting other US thermal full year volume to be at or slightly below the previous low end of guidance at 13.2 million to 13.4 million tonnes, and full year cost $2 per tonne higher at $45 to $49 per tonne.

隨著最近 20 Mile 的 Bear Run 煤礦的挑戰過去，我們將美國其他地區的全年火力發電量調整為 1320 萬至 1340 萬噸，或略低於之前的指導下限；全年成本每噸上漲 2 美元，達到每噸 45 至 49 美元。

In summary, we delivered another straightforward quarter, underscoring the continued discipline of our operations team. With the Centurion self-investment nearly complete, we're well positioned to significantly expand margins. We expect another consistent quarter to end the year. We remain confident in our ability to bring Centurion online early next year and deliver stronger cash flow.

總而言之，我們又順利完成了一個季度的業績，凸顯了我們營運團隊一貫的嚴謹作風。隨著 Centurion 自投資項目接近完成，我們已做好充分準備，大幅提高利潤率。我們預計今年最後一個季度業績將保持穩定。我們仍然有信心在明年初讓 Centurion 上線，並帶來更強勁的現金流。

Our robust balance sheet provides flexibility to navigate near-term seaborne weakness, capitalize on accelerating cash flows as conditions improve, and create significant value for our shareholders. Thank you. I'll now turn the call back over to Jim.

我們穩健的資產負債表使我們能夠靈活應對近期海運業的疲軟，利用市場狀況改善帶來的現金流加速成長，並為股東創造巨大價值。謝謝。現在我將把電話轉回給吉姆。

Thanks, Mark. I'd like to briefly review our core priorities, which play into Peabody's compelling investment themes.

謝謝你，馬克。我想簡要回顧我們的核心優先事項，這些事項與皮博迪引人注目的投資主題相契合。

First, we are highly focused on safe, productive, and environmentally sound operations. That's our key to everything else we do.

首先，我們高度重視安全、有效率和環保的營運。這是我們一切工作的關鍵。

Second, we are on our final approach to Centurion's Longwell startup. Centurion joins our multi-product Metco platform that will see a volume increase of approximately 25% in 2026.

其次，我們即將對 Centurion 的 Longwell 新創公司進行最後的洽談。Centurion 加入我們的多產品 Metco 平台，預計到 2026 年銷量將成長約 25%。

Third, we believe our low-cost thermal coal platform will continue to deliver EBITDA well ahead of its modest capex needs.

第三，我們相信，我們低成本的動力煤平台將繼續帶來遠超過其適度資本支出需求的 EBITDA。

Fourth, our leading US thermal position will continue to benefit from the rising domestic generation trends. And fifth, we will maintain a fortress balance sheet with a focus on maximizing shareholder returns.

第四，我們在美國火力發電領域的領先地位將繼續受益於國內發電量不斷增長的趨勢。第五，我們將維持穩健的資產負債表，重點在於最大限度地提高股東回報。

Our sixth priority is also our newest, which is to leverage our number one US coal production position to assess our potential to meet growing US needs for rare earth elements and critical minerals.

我們的第六項優先事項也是我們最新的一項，那就是利用我們在美國煤炭生產領域的領先地位，評估我們滿足美國日益增長的稀土元素和關鍵礦物需求的潛力。

We told you last quarter that we saw rare earth and critical mineral potential in preliminary studies performed in conjunction with the University of Wyoming. That a new sampling and laboratory analysis program was beginning in the third quarter.

上個季度我們告訴你們，在與懷俄明大學共同進行的初步研究中，我們發現了稀土和關鍵礦產的潛力。一項新的採樣和實驗室分析計劃將於第三季啟動。

Preliminary data from our targeted zones indicate that we have similar or better concentration than others have reported in the PRB.

來自我們目標區域的初步數據顯示，我們在 PRB 中獲得了與其他人報告的相似或更高的濃度。

We acknowledge that we are in the early stages in our assessment of our potential to produce critical minerals and rare earth elements with sustainable processes that could potentially generate attractive returns for our shareholders.

我們承認，我們目前還處於評估自身潛力的早期階段，即評估我們能否透過永續製程生產關鍵礦物和稀土元素，從而為股東帶來可觀的回報。

In continuation of this assessment, we have multiple activities currently underway. We have accelerated our drilling program as we continue our assessment of both types and concentrations of rare earth elements in conjunction with several third-party labs.

為了繼續進行這項評估，我們目前正在進行多項活動。我們加快了鑽探計劃，並繼續與多家第三方實驗室合作，評估稀土元素的類型和濃度。

We are in discussion with multiple departments in the Trump administration regarding rare earth and critical mineral priorities and potential for funding.

我們正在與川普政府的多個部門討論稀土和關鍵礦產的優先事項和潛在的資金來源。

We also have been in early discussions with a number of potential technology partners regarding processing platforms.

我們也與一些潛在的技術合作夥伴就處理平台進行了初步討論。

I would describe her actions as aggressive and pacing. Yet disciplined in approach. By our year-end reporting early next year, we will look to provide a greater sense of mineral types and concentrations while also discussing next stage plans. With that operator we can now open up the line to questions.

我會用「咄咄逼人、來回踱步」來形容她的行為。然而，他在方法上卻很嚴謹。在明年年初的年終報告中，我們將著重介紹礦物類型和濃度，同時探討下一階段的計畫。有了這位接線員，我們現在就可以開通提問專線了。

(Operator Instructions)

（操作說明）

Meg Childs, B Riley Securities.

Meg Childs，B Riley Securities。

Yeah, thank you. Good morning, everyone. My first question. Obviously, some key tailwinds for domestic thermal this year and Malcolm, you mentioned optimal coal fired utilizations could be in the 70s. That would imply 250 million tonnes of demand, in this blue-sky scenario, how should we think about Peabody's response?

是啊，謝謝。各位早安。我的第一個問題。顯然，今年國內火力發電有一些關鍵的利多因素，馬爾科姆，你提到燃煤發電的最佳利用率可能在 70% 左右。這意味著需求量將達到 2.5 億噸。在這種理想情況下，我們該如何看待皮博迪公司的應對措施？

I mean, what, what's the maximum level of output we could see Peabody producing the PRB? How much capital would be required and how long would it take to ultimately achieve this level.

我的意思是，皮博迪能源公司在PRB（磷灰石盆地）的產量最高能達到多少？需要多少資金，以及需要多長時間才能最終達到這個水準？

Look, Nick, I'll --

聽著，尼克，我會--

I'll talk about the market and then capital. I'll hand over to Jim or Mark, depending on who wants to take it. Look, when you, when we look at this market, there was quite a bit of latent capacity available over the last couple of years that we're seeing fill up very quickly. And so, it's a great question that you ask because the expansion's going to come from really two things.

我先談談市場，再談談資本。我會把任務交給吉姆或馬克，看誰願意接手。你看，當我們觀察這個市場時，會發現過去幾年有許多潛在產能，而這些產能正在迅速被填滿。所以，你問的這個問題很好，因為擴張實際上將來自兩個方面。

One is going to be customer commitments. And, adding on capacity is not something you can do for one year, so it's going to need customer commitments. And then we'll be looking for the price signals, and we'll see what the market does in terms of price signals to bring those additional tons on.

其中之一是客戶承諾。而且，增加產能不是一年就能完成的事情，所以需要客戶的承諾。然後我們會尋找價格訊號，看看市場在價格訊號方面會如何運作，從而帶來額外的噸位。

I think that's the best way to look at it, but I would say, we see ourselves approaching, absorbing the latent capacity that we've had over the last couple of years. Mark or Jim.

我認為這是看待這個問題的最佳方式，但我想說的是，我們看到自己正在接近並吸收過去幾年所累積的潛在能力。馬克或吉姆。

Yeah, good morning, Nick. I think Malcolm's got it exactly right. I mean you look at what we've done, particularly in the PRB, increasing our volumes by 10 million tonnes from the beginning of the year. So, that latent capacity really being taken up in the market, we've seen our peers do something similar.

早安，尼克。我認為馬爾科姆說得完全正確。我的意思是，看看我們所做的工作，尤其是在PRB地區，我們今年的產量比年初增加了1000萬噸。所以，這種潛在產能確實在市場上得到了利用，我們看到同行們也做了類似的事情。

So, there's going to be additional demand if any of these projections for low growth continue to bear out like we've seen so far this year. The amount of capital it's going to take remains to be seen, but certainly we're going to have to see the economics and prices in the coal to justify the additional investment. I think there's two things, Nick, when I think about additional production.

因此，如果這些低成長預測繼續像我們今年迄今為止所看到的那樣成為現實，那麼將會出現額外的需求。需要多少資金還有待觀察，但肯定的是，我們需要看看煤炭的經濟效益和價格，才能證明額外投資的合理性。尼克，我覺得在考慮追加生產時，有兩件事需要考慮。

One is the capital, and that's mainly the equipment fleet, but two, also the labour and getting a workforce assembled to produce those additional tons. So, Malcolm had it right, latent capacity being taken up and additional volumes are going to come at higher costs.

一是資金，主要指設備；二是勞動力，以及組成能夠生產額外噸位產品的隊伍。所以，馬爾科姆說得對，潛在產能正在被利用，額外的產量將會帶來更高的成本。

Guys, this is really helpful. Just as a follow-up here I mean you mentioned price signals, customer commitments.

各位，這真的很有幫助。我在這裡補充一點，您提到了價格訊號和客戶承諾。

What would you need to see from a duration perspective? Would you need to see, 20-30 type commitments at this point to deploy incremental capital, and then just any volume figure, I mean, could we see 10 million more tonnes, 20 million more tonnes, appreciate any clarity there.

從時長角度來看，您需要看到什麼？您是否需要看到 20-30 項承諾才能部署新增資本？然後是任何具體的產量數字，我的意思是，我們能否看到增加 1000 萬噸、2000 萬噸？希望您能對此做出明確說明。

Well, we've with that 10 million tonnes increase this year, that's pretty much running at our full out run rate, so there's no additional latent capacity to speak of, particularly at our NARM mine, which is the largest mine.

嗯，今年我們增加了 1000 萬噸的產量，這幾乎已經達到了我們的滿載運轉速度，所以沒有什麼額外的潛在產能可言，尤其是在我們最大的礦山 NARM 礦場。

With regard to the type of commitments we're seeing those types of commitments, we're seeing multi-year commitments from customers already, a lot of inquiries around that. It would be, it would look the same as any other investment. We'd have to see a return. How much can we do on an as needed basis on a lease? Basis versus outright investment and purchase, so to be determined, Nick, on that.

關於我們所看到的承諾類型，我們已經看到客戶做出了多年承諾，也收到了許多相關的諮詢。確實如此，它看起來會和其他任何投資一樣。我們得看到回報才行。在租賃協議中，我們可以根據需要做多少事情？關於以成本價投資還是直接投資購買，還有待確定，尼克。

But we fully expect with that latent capacity being taken up this year to see that upward pricing pressure, we're seeing it already. I expect that to continue next year, particularly if that forward curve on gas above $4 is right next year.

但我們完全預期，隨著今年潛在產能的釋放，價格將面臨上漲壓力，而且我們已經看到了這種趨勢。我預計這種情況明年還會繼續，特別是如果明年汽油價格遠期曲線保持在每加侖 4 美元以上的話。

Got it, no thanks for those switching gears. Obviously, you have Centurion coming on here shortly and that will rerate you more towards the benchmark, but you know with the termination of the Anglo deal, I just wanted to ask how you're thinking about M&A opportunities and met going forward. I mean, do you still have a desire to further reweight your met portfolio to higher quality grades beyond, what we'll see at Centurion?

明白了，不用了，謝謝。顯然，Centurion 即將上市，這將使您的估值更接近基準，但您也知道，隨著 Anglo 交易的終止，我只是想問您如何看待未來的併購機會和會議。我的意思是，除了 Centurion 礦山之外，您是否仍然希望進一步調整您的金屬投資組合，轉向更高品質的礦場？

Yeah, hi Nick. Good morning, Jim here. And our focus has been on growing the seaborne metallurgical coal and with the position we're in right now, our entire focus is on getting this and turn mine up and running and getting it to the maximum capacity possible, and we're in good shape to do that.

嗨，尼克。早上好，我是吉姆。我們一直專注於發展海運冶金煤，就我們目前的情況而言，我們的全部精力都集中在讓這座煤礦投入運作並達到最大產能上，而我們有能力做到這一點。

One of the things that we are addressing, which is going well, as Mark said, is labour. We've got 260 of the 400 employees hired that we need to get the full capacity and we anticipate being able to get up to full labour complement.

正如馬克所說，我們正在解決的問題之一，也是目前進展順利的問題，就是勞動問題。我們已聘用了 400 名員工中的 260 名，達到滿載運作所需人數，我們預計能夠達到滿員狀態。

As the long walls coming online, so our focus really is on getting the centurion mine up and running, maximizing the output from that mine, and then really taking advantage of the US tailwinds that we have, following up on your questions of getting as many tonnes out as economically as we can from our US platform. That's really where our focus is and it is in.

隨著長壁採礦作業的開展，我們的重點實際上是讓百夫長礦投入運營，最大限度地提高該礦的產量，然後真正利用我們在美國所擁有的有利條件，回答您關於如何從我們的美國平台以最經濟的方式生產盡可能多的噸礦石的問題。這才是我們真正的關注點，而且它就在那裡。

The market unfolds as we think it has the potential next year to do so with the upward pricing pressures domestically and internationally. Our focus on our organic assets, we see some very robust cash flow potential and of course that can work back to share buybacks and so on for our shareholders. So, that's really where the focus of our company is going forward.

我們認為，在國內外價格上漲的壓力下，明年市場有可能會如預期發展。我們專注於自身有機資產，看到了非常強勁的現金流潛力，當然，這可以轉化為股票回購等，從而為我們的股東帶來收益。所以，這才是我們公司未來發展的重點。

Got it. That's clear, Jim. Guys, I really appreciate the update and thank you, best of luck.

知道了。吉姆，這很清楚。各位，非常感謝你們的更新，祝你們好運。

Thanks Nick.

謝謝你，尼克。

Nate Martin, Benchmark Company.

Nate Martin，Benchmark公司。

Thanks operator. Good morning, everyone. Just back to the PRB for second. You said in the operation, I think Mark is basically running at the max at this point. If we look out to in the next two years, '26, '27, are you guys seeing enough demand to continue running at that max and roughly how contracted are you and what price at that level?

謝謝接線生。各位早安。回到PRB第二名。你在行動中說過，我認為馬克現在基本上已經發揮到極限了。展望未來兩年，也就是 2026 年和 2027 年，你們是否看到足夠的需求來維持目前的滿載運作？你們的合約量大概是多少？在這個水平下，價格又是多少？

Malcolm here, look, I think there are two questions. Are we confident about, running at max capacity for the next, couple of years? The answer is definitely yes in the PRB. I think your second question was what we think price levels will be. It's, I can't comment on that, except we are encouraged by where we've seen index price movements and where we're doing business today.

我是馬爾科姆，我想有兩個問題。我們是否有信心在未來幾年內滿載運轉？在PRB中，答案絕對是肯定的。我認為你的第二個問題是我們認為價格水準會是多少。我對此不予置評，但我們對指數價格走勢以及我們目前的業務狀況感到鼓舞。

And Mal just to clarify. Go ahead sorry.

還有，Mal，我只是想澄清一下。請繼續，抱歉。

I'm sorry, Nate, Jim here, if there's something to take from, what Malcolm's been saying, and Mark as well is that we're seeing the environment in the market where it's certainty and demand increase. And you know the ability for US producers to quickly add production is going to be the challenge, and that that, should result in upward pricing pressure.

抱歉，內特，我是吉姆。如果說馬爾科姆和馬克剛才說的話有什麼值得我們注意的地方，那就是我們看到市場環境充滿確定性，需求也在增加。你知道，美國生產商能否迅速增加產量將是一個挑戰，而這將導致價格上漲的壓力。

So, there's going to be some value to the first movers on the customer side that step out and enter into these multi-year agreements and securing this, the reliability that they're looking for, and we've been seeing some of that. So, but this inflection point has a real potential to hit the market of the demand. Increasing quickly, the coal plant utilization, wanting to increase to go along with it and how quickly can the production side respond.

因此，對於率先簽訂多年協議並確保獲得他們所尋求的可靠性的客戶來說，這將具有一定的價值，我們已經看到了一些這樣的情況。所以，這個轉捩點確實有可能對市場需求產生衝擊。煤電廠利用率快速提高，希望提高利用率以與之同步，以及生產方面能夠以多快的速度做出反應。

And for that production side to respond, we need to see more long-term agreements put in place where we can, justify the investment as Mark was talking about. So, it's going to make for, I think, a pretty volatile pricing environment going forward if these demand projections, as we're seeing many consultants forecasting.

為了讓生產方面做出回應，我們需要看到更多長期協議的達成，盡可能證明投資的合理性，正如馬克所說的。因此，我認為，如果這些需求預測像許多顧問顧問預測的那樣，那麼未來將會形成一個相當不穩定的價格環境。

Got it. I appreciate those comments, guys. And then shifting to the met segment, clearly a nice quarter to quarter improvement and cost per tonne there as we look ahead to '26 and the start of century in longwall, should we expect that to drive another incremental improvement?

知道了。感謝各位的評論。然後轉向冶金領域，很明顯，季度環比都有不錯的改善，每噸成本也有所下降。展望 2026 年和本世紀初的長壁採煤，我們是否應該期待這將帶來進一步的改進？

I think you I believe you said that was going to be the lowest cost operation in the segment. How should we think about how that segment costs could compare to 2025 guidance would just be helpful to get some puts and takes there, thanks.

我相信你說過，這將是該領域成本最低的營運模式。我們應該如何看待該細分市場的成本與 2025 年的預期相比會如何？如果能就此進行一些分析，那就太好了，謝謝。

Yeah, Nate, Mark here, we're not sharing guidance for 2026 yet. We'll do that obviously on our next call over that 25-year life Centurion, we'll be the lowest cost producer in the portfolio, we talked about the South having some shorter panels, lower production, a run rate of 3.5 million tonnes or so next year versus life of mine of 4.7. So, there'll be some give or takes there. I wouldn't look for any step change next year.

是的，內特，我是馬克，我們目前還不打算發布 2026 年的業績指引。我們顯然會在下次電話會議上討論這個問題。在 Centurion 礦場 25 年的生命週期內，我們將成為投資組合中成本最低的生產商。我們之前討論過，南部礦區的一些採煤工作面較短，產量較低，明年的運行量約為 350 萬噸，而礦山壽命期內的運行量為 470 萬噸。因此，這方面會有一些取捨。我不認為明年會有任何重大變化。

Hey Mark, that's fair, and then maybe just one final, it should be great to get thoughts on potential scenarios for how you guys see the arbitration process with Anglo playing out and then specifically, are there any further adjustments to your results, like the $54 million charge, let's say that we saw this quarter I expected going forward.

嘿，馬克，這很公平。那麼，最後一個問題，我想聽聽你們對與英美資源集團的仲裁程序可能如何進行的看法，以及你們的業績是否還有任何進一步的調整，比如，假設我們在本季度看到了我預期的未來5400萬美元的費用。

Yeah, Nate, I'll talk about the process and then I'll let Mark comment after that about any other adjustments and our analysis of the Mac, which you know was a prospective analysis, we feel has been confirmed by events and the passage of time and of course the enormous loss of value that we see.

是的，內特，我會談談這個過程，然後讓馬克就其他調整和我們對Mac的分析發表評論。你知道，那是一項前瞻性分析，我們認為它已被事實、時間的流逝以及我們所看到的巨大價值損失所證實。

So, you know we've hired two prominent law firms, Jones Day and Quinn Emanuel, and they've done their analysis, and they joined us in their high level of confidence in our position. An arbitration process, probably takes years, right, and we're on the front end of that arbitration process. I can't predict how long it's going to take, but it will take a while to get to any resolution.

所以，你知道，我們聘請了兩家著名的律師事務所，Jones Day 和 Quinn Emanuel，他們進行了分析，並且和我們一樣，對我們的立場充滿信心。仲裁程序可能需要數年時間，對吧，而我們現在正處於仲裁程序的初期階段。我無法預測需要多長時間，但要達成任何解決方案都需要一段時間。

But as each day passes by, we get more and more firm in our conviction of our position. Now, as far as any other, expenses with that or looking forward, I'll give that to Mark.

但隨著時間的推移，我們對自己的立場越來越堅定。至於其他方面的開支，無論是相關的還是未來的，我都會交給馬克處理。

Yeah, on the $54 million charge for the quarter that really brings the year to day charge to $75 million. That's a lot of costs that would have been capitalized had we been able to complete the transaction primarily related to the bridge financing arrangements. That was significantly most of it, about $45 million of the charge year-to-date.

是的，加上本季 5,400 萬美元的費用，今年迄今的費用就達到了 7,500 萬美元。如果我們能夠完成交易，那麼許多成本本來可以資本化，這些成本主要與過渡性融資安排有關。這筆費用佔了絕大部分，約佔今年迄今費用的 4,500 萬美元。

There's also about $15 million of professional fees and transition services. That is really a catch up to where we're at, and that's obviously stopped now. So, Nate, I wouldn't expect anything significant like you've seen. There will obviously be some legal defence costs going forward. We estimate that about $5 million a year.

此外，還有約 1500 萬美元的專業服務費和過渡服務費。那實際上是為了趕上我們目前的進度，而現在顯然已經停止了。所以，內特，我預計不會發生像你所看到的那種重大事件。顯然，今後會產生一些法律辯護費用。我們估計每年約500萬美元。

Okay, very helpful, gentlemen. I'll leave it there. I appreciate the time and best of luck in the fourth quarter.

好的，非常感謝各位的幫忙。我就說到這兒吧。感謝您抽出時間，並祝您在第四季一切順利。

Thanks, Nate.

謝謝你，內特。

George Eadie, UBS.

喬治伊迪，瑞銀集團。

Yeah, good day, Jim, Mark, Malcolm, and Vic. Hope you're all well. Can I ask more about Rares and the PRB? So, in terms of details, we'll get by year-end, should we expect to see grades, volumes, costs, and potential timeline to get to market all of those by year-end?

好的，吉姆、馬克、馬爾科姆和維克。希望你們一切都好。我可以再問一些關於稀有物品和PRB的問題嗎？那麼，就細節而言，我們是否應該預期在年底前看到等級、產量、成本以及將所有這些推向市場的潛在時間表？

So, George, what we said is, we're in the very early stages of our assessment, which is ongoing and we're getting some preliminary data in its analysed, we're getting more data in.

所以，喬治，我們剛才說的是，我們目前還處於評估的早期階段，評估工作仍在進行中，我們正在收集一些初步數據進行分析，並且還在收集更多的數據。

And more analysis is needed. We've accelerated our drilling program with that as well. So, you know what we're planning to give at the end of the first year-end results which we'll do in February, is a preliminary analysis of indicative element types and concentrations. So, that's what we're looking, that's what we're saying we'll be giving at that point in time.

還需要進行更多分析。我們也因此加快了鑽探計畫。所以，你們知道我們計劃在二月公佈的第一份年終報告結束時，提供一份指示性元素類型和濃度的初步分析報告。所以，這就是我們所期待的，也是我們屆時將要提供的。

Okay. And you have called that earlier similar or better grades than pier. Is it reasonable then for me to assume that it's a similar mix like other peers, so sort of heavy and scandium and gallium, where the value is. And just sort of lastly on that, like, can you help maybe elaborate on discussions on partnerships with the current administration?

好的。你之前稱其等級與碼頭相似或更高。那麼，我是否可以合理地假設它與其他同類金屬的成分類似，都是重金屬、鈧和鎵，而這些元素正是其價值所在？最後，關於這一點，您能否詳細說明一下與現任政府的合作討論？

I guess you're a leading player in both coal and critical minerals to clear top priorities. Like, how can you help us understand a bit better like what could happen and how they're approaching this in your discussions?

我猜想你們在煤炭和關鍵礦產領域都是領導企業，這足以說明你們的首要任務是什麼。例如，您如何幫助我們更了解可能發生的情況，以及他們在討論中是如何應對的？

Hey George, so there's a few things there. First off, I'm not going to get speculative on the pipes and concentrations. We'll have that in just a few months here. We just want to make sure that we're very thorough in how we approach this. We take a discipline systematic approach to how we're going to do this, and we'll get all the sampling done.

嘿，喬治，這裡有一些事情。首先，我不會對管道和濃度進行推測。我們這裡再過幾個月就能實現。我們只是想確保我們在處理這件事上非常細緻周全。我們將採取嚴謹的系統方法來進行這項工作，並且我們將完成所有的抽樣工作。

We'll get all the data in and at the, when we give our year-end reports here at the end of the in February, we'll give the information we have at that time. So, we're not going to get too speculative or speculative at all right now on the concentrations and types.

我們會收集所有數據，並在二月底發布年終報告時，公佈我們當時掌握的資訊。所以，我們現在不會對濃度和類型進行過多的推測，甚至完全不做任何推測。

We have been very active within the with the Trump administration. Meeting with various departments in Washington and we even have some more upcoming here in the near future.

我們一直積極參與川普政府的相關工作。我們將與華盛頓的各個部門會面，並在不久的將來與更多部門會面。

So, we're working closely with them and as you said, we are with the volume that we do and in coal and with the rare earth elements we do have a unique position and we also have a unique position that we do that both in the US and Australia and with the with the Trump administration and the recent agreement with Australia, we are looking at the potential for rare earth elements along with our coal mines in Australia as well. So, we're very unique in that position.

所以，我們正在與他們密切合作，正如你所說，憑藉我們的產量，我們在煤炭和稀土元素方面擁有獨特的地位，而且我們在美國和澳大利亞都有業務，這使我們擁有獨特的地位。鑑於川普政府以及最近與澳洲達成的協議，我們也正在研究稀土元素以及我們在澳洲煤礦的潛力。所以，我們在這方面非常獨特。

And one other thing I'd like to point out that we're very unique in when it comes to the potential for rare earth elements is the massive scale which we have in the PRB, which cannot be duplicated. We have the workforce, we have the equipment, we have the logistics facility, and you know we're currently mining 80 million tonnes of coal a year.

還有一點我想指出，我們在稀土元素潛力方面非常獨特，那就是我們在PRB擁有的巨大規模，這是其他任何地方都無法複製的。我們擁有勞動力、設備、物流設施，而且你知道我們目前每年開採 8,000 萬噸煤炭。

Moving over 400 million cubic yards of Earth a year. No one else can duplicate that. And I would just say, well we aren't trying to get shovel ready here. If there is an opportunity, we are already shovelling in the PRB, so it is a unique position we have. And as we get data and we can solidify our analysis, we'll certainly bring that out.

每年搬運超過4億立方碼的土方。其他人無法複製這一點。我只想說，我們這裡還沒到可以動工的地步。如果有機會，我們已經在PRB地區進行鏟土作業，所以我們擁有獨特的優勢。一旦我們獲得數據並完善分析，我們一定會公佈結果。

Okay, yeah, no, that's clear. And just one last one that's Mark, but on the Anglo termination, I might have missed the, it slightly earlier, but there was a $29 million deposit return. Is there another $46 million to come still? Is that right, the $75 total?

好的，是的，沒錯，這很清楚。最後還有一件事，我是馬克，關於盎格魯終止合作，我可能錯過了，稍微早一點，但有一筆 2900 萬美元的存款返還。還有剩餘的4600萬美元嗎？沒錯，總共是 75 美元？

And can you just maybe remind me what the $54 million that has gone through in Q3 and if there's anything more in terms of cost beyond that legal $5 million a year you filed before? Thanks.

您能否提醒我一下，第三季花費的 5,400 萬美元具體指什麼？除了您之前申報的每年 500 萬美元的法律費用之外，是否還有其他費用？謝謝。

You're right, George, the remaining deposit, we expect that to be returned to us. We've asked for that in short order. Not clear why only a portion of the deposit was returned to us.

喬治，你說得對，剩餘的訂金，我們希望能夠退還給我們。我們已經盡快提出了要求。不清楚為什麼只退還了部分押金。

Secondly, on the $54 million of costs, about $35 million of that was related to the financing, the bridge financing, which has now been terminated as we announced previously, and the additional amount was almost entirely related to kind of professional fees. And transition services which have completely been halted at this point, so they won't be going forward.

其次，在 5,400 萬美元的成本中，約有 3,500 萬美元與融資有關，即過渡性融資，正如我們之前宣布的那樣，現在已經終止了，而額外的金額幾乎完全與專業費用有關。過渡服務目前已完全停止，因此不會繼續進行。

The only thing we'll have going forward is kind of the arbitration, legal fees, and we anticipate that to be about $5 million per year.

接下來我們唯一需要支付的費用就是仲裁費、訴訟費，我們預計每年大約需要 500 萬美元。

Great appreciate it, Jim.

非常感謝，吉姆。

Thanks George.

謝謝你，喬治。

Matthew Key, Texas Capital.

馬修·基，德克薩斯資本。

Good morning, everyone and thank you for taking my questions. I have a macro one on the rare earth side. We saw this morning that the US and China reached a tentative deal to pause some of those export controls on rare earth elements for about a year. What impact, if any, do you think this will impact government support for domestic rare earth projects?

各位早安，感謝你們回答我的問題。我在稀土方面有一個宏觀的。今天早上我們看到，美國和中國達成了一項初步協議，暫停對稀土元素的部分出口管制，期限約為一年。您認為這將對政府支持國內稀土計畫產生什麼影響（如果有的話）？

Matthew, that's I'm not really sure. I have a specific answer that I will comment on is that I know that there is a strong desire to have a domestic supply of rare earth elements here by our government.

馬修，這一點我不太確定。我有一個具體的答案要說明，我知道我國政府非常希望在國內擁有稀土元素供應。

So, there could be an international supply, maybe things with China. I'm not sure how that will play out, but I do know there is a very strong desire for conventional or unconventional supply right here native in the United States and so I would expect that would continue, but I don't want to speak for the administration on that. That's just my expectation.

所以，可能會有國際供應，也許會跟中國有合作。我不確定事情會如何發展，但我知道美國國內對傳統或非常規的本土供應有著非常強烈的需求，所以我預計這種情況會持續下去，但我不想代表政府就此發表評論。這只是我的個人預期。

Got it. That's helpful. And just to follow-up on M&A and the Seaborne meth side, given that you are in arbitration with Anglo and that could take some time, would you not really be considering any additional M&A and Seaborne med until that arbitration process with Anglo is completed?

知道了。那很有幫助。關於併購和Seaborne冰毒業務，鑑於您目前正與Anglo進行仲裁，而這可能需要一些時間，您是否真的會在與Anglo的仲裁程序完成之前考慮任何額外的併購和Seaborne冰毒業務？

Well, first off, I'll just say that again, our belief that the arbitration process will be successful for us isn't going to be a hindrance in anything we, is not going to hold us back from doing anything in the future. We have a 100% confidence in that process, and we are not going to stop anything strategic with our company because of that process.

首先，我要再次聲明，我們相信仲裁程序會對我們有利，但這不會妨礙我們未來做任何事情，也不會阻止我們採取任何行動。我們對這個過程有百分之百的信心，我們不會因為這個過程而停止公司的任何策略性舉措。

So, I'd just like to put that out there right now and clear that up. But as you're asking about M&A, again, I'll just say our focus right now is on our organic assets, getting Centurion online, getting the full value of that for our shareholders, and leaning into this market upside that we see happening both US and internationally next year and making sure our platform is capitalized.

所以，我現在就想把這件事說清楚。但既然你問到了併購，我只想說，我們目前的重點是我們的有機資產，讓 Centurion 上線，為我們的股東實現其全部價值，並抓住我們預計明年美國和國際市場將出現的上漲機遇，確保我們的平台獲得充足的資金。

We have the maintenance in order; we have the staffing in order to take full advantage of the upside we see coming in the market and to generate some very robust cash flows. That's where our focus is right now.

我們已經做好維護工作；我們配備了足夠的人員，可以充分利用我們看到的市場上漲機會，並產生非常強勁的現金流。這就是我們目前的關注重點。

Got it, appreciate your time and best of luck moving forward.

明白了，感謝您的時間，祝您未來一切順利。

Thanks, Matt. Okay, thank you, operator, and thanks to everyone for the time today. I'll thank our Peabody team, which admit everything else turned in safety performance that remains near our all-time record performance of 2024. We look forward to keeping all of you up to date on our progress as we finish up in 2025. Thank you.

謝謝你，馬特。好的，謝謝接線生，也謝謝大家今天抽出時間。我要感謝我們的皮博迪團隊，他們承認其他一切都促成了安全性能的提升，使我們的安全性能接近 2024 年的歷史最高紀錄。我們期待在 2025 年專案結束時，及時向大家報告我們的進度。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Thank you.

謝謝。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。謝謝。