Compania de Minas Buenaventura SAA (BVN) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Compañía de Minas Buenaventura Fourth Quarter and Full Year 2022 Earnings Results Conference Call. (Operator Instructions) Please note, this call is being recorded.

女士們先生們，美好的一天。歡迎來到 Compañía de Minas Buenaventura 第四季度和 2022 年全年收益結果電話會議。 （操作員說明）請注意，此通話正在錄音中。

At this time, I'd like to introduce your host for today's call, Mr. Gabriel Salas. You may begin.

現在，我想介紹一下今天電話會議的主持人 Gabriel Salas 先生。你可以開始了。

Good morning, everyone, and thank you for joining us today to discuss our fourth quarter and full year 2022 results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer. Also joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer; Mr. Juan Carlos Ortiz, Vice President of Operations; Mr. Aldo Massa, Vice President of Business Development and Commercial; Mr. Alejandro Hermoza, Vice President of Sustainability; Mr. Renzo Macher, Vice President of Projects; Mr. Juan Carlos Salazar, Geology and Explorations Manager; Mr. Roque Benavides, Chairman; and Mr. Raul Benavides, Director.

大家早上好，感謝您今天加入我們討論我們的第四季度和 2022 年全年業績。今天的討論將由首席執行官 Leandro Garcia 先生主持。首席財務官 Daniel Dominguez 先生今天也加入了我們的電話會議，可以回答您的問題；運營副總裁 Juan Carlos Ortiz 先生；業務發展和商業副總裁 Aldo Massa 先生；可持續發展副總裁 Alejandro Hermoza 先生；項目副總裁Renzo Macher先生；地質和勘探經理 Juan Carlos Salazar 先生； Roque Benavides 先生，主席；和董事 Raul Benavides 先生。

Before I hand our call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close. Please note that today's remarks include forward-looking statements, that are based on management's current views and assumptions. While management believes that its assumptions, expectations and projections are reasonable in the view of the currently available information. You are cautioned not to place undue reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements, within the earnings results press release issued on February 28, 2023.

在我交出我們的電話之前，讓我先談談幾個項目。在 Buenaventura 的網站上，您會找到我們昨天收市後發布的新聞稿。請注意，今天的評論包括基於管理層當前觀點和假設的前瞻性陳述。而管理層認為，就目前可獲得的信息而言，其假設、預期和預測是合理的。請注意不要過分依賴這些前瞻性陳述。我鼓勵您閱讀 2023 年 2 月 28 日發布的收益結果新聞稿中有關前瞻性陳述的完整披露。

Let me now turn the call to Mr. Leandro Garcia.

現在讓我把電話轉給 Leandro Garcia 先生。

Thank you, Gabriel, and good morning to all, and thank you for your attending to this conference call. We are pleased to present the results for fourth quarter and full year 2022 from Compañía de Minas Buenaventura. We have prepared a PowerPoint presentation, which is available in our web page. Before we go further, please take a moment to review the cautionary statement shown on Slide #2.

謝謝加布里埃爾，大家早上好，感謝您參加本次電話會議。我們很高興地公佈 Compañía de Minas Buenaventura 第四季度和 2022 年全年的業績。我們準備了一個 PowerPoint 演示文稿，可以在我們的網頁上找到。在我們進一步討論之前，請花點時間查看幻燈片 #2 中顯示的警告聲明。

Moving on to Slide 3. The highlights were as follows: fourth quarter 2022 EBITDA from direct operations was $66.9 million compared with USD 59.7 million reported, in fourth quarter '21. Full year EBITDA from direct operations reached $473.1 million, a significant increase as compared to $204.4 million for the full year 2021, and includes $300 million resulting from the sale of Buenaventura's stake in Yanacocha.

轉到幻燈片 3。要點如下：2022 年第四季度來自直接運營的 EBITDA 為 6690 萬美元，而 2021 年第四季度報告為 5970 萬美元。來自直接業務的全年 EBITDA 達到 4.731 億美元，與 2021 年全年的 2.044 億美元相比有了顯著增長，其中包括出售 Buenaventura 在 Yanacocha 的股份產生的 3 億美元。

Fourth quarter '22 net income reached $68.7 million compared to a 22 -- $222.3 million net loss for the same period in 2021. The fourth quarter '21 result includes a net loss of $301 million from discontinued operations, mainly due to the reclassification of Buenaventura's interest in Yanacocha. Full year '22 net income was USD 602.9 million compared to a $262.8 million net loss for the full year 2021.

22 年第四季度的淨收入達到 6870 萬美元，而 22 年同期為 2.223 億美元的淨虧損。21 年第四季度的結果包括終止經營的淨虧損 3.01 億美元，這主要是由於 Buenaventura 的重新分類對 Yanacocha 的興趣。 22 年全年淨收入為 6.029 億美元，而 2021 年全年淨虧損為 2.628 億美元。

Fourth quarter 2022 exploration and operation units increased to $27.2 million compared to $15.5 million in fourth quarter 2021. This increase was aligned with the company's revised strategy to increase its focus on exploration, in order to extend the life of mine of our old units. Full year 2022 exploration at operating units increased to $80.8 million from $56.4 million in full year 2021.

2022 年第四季度的勘探和運營單位從 2021 年第四季度的 1550 萬美元增加到 2720 萬美元。這一增長與公司修訂後的戰略一致，即增加對勘探的關注，以延長我們老單位的礦山壽命。 2022 年全年運營單位的勘探費用從 2021 年全年的 5640 萬美元增加到 8080 萬美元。

Buenaventura's cash position reached $253.9 million as of December 31, 2020 (sic) 2022. Net debt decreased to $484.6 million with an average maturity of 3.4 years. Fourth quarter '22 capital expenditures were $58.8 million compared to the $32.1 million for the same period in 2021. Full year 2022 capital expenditures reached $152 million compared to $90.3 million in last year.

截至 2020 年 12 月 31 日（原文如此）2022 年，布埃納文圖拉的現金頭寸達到 2.539 億美元。淨債務減少至 4.846 億美元，平均期限為 3.4 年。 22 年第四季度資本支出為 5880 萬美元，而 2021 年同期為 3210 萬美元。2022 年全年資本支出達到 1.52 億美元，而去年同期為 9030 萬美元。

Full year 2022 CapEx includes $34.7 million related to the San Gabriel project and $30.4 million related to the Yumpag project. On December 20, 2022, Cerro Verde paid a total dividend of $250 million. Buenaventura received $49.8 million relative to its stake in Cerro Verde. The total dividend received by Buenaventura in full year 2022 was $79.1 million.

2022 年全年資本支出包括與 San Gabriel 項目相關的 3,470 萬美元和與 Yumpag 項目相關的 3,040 萬美元。 2022 年 12 月 20 日，Cerro Verde 支付了總計 2.5 億美元的股息。布埃納文圖拉從其在 Cerro Verde 的股份中獲得了 4980 萬美元。布埃納文圖拉在 2022 年全年收到的股息總額為 7910 萬美元。

Mining operations at La Zanja were halted in October 2022, when Phase 4 mining was completed. However, leaching will continue to the extent that it remains profitable while Buenaventura continues exploration related to the underground copper gold sulfide project.

La Zanja 的採礦作業於 2022 年 10 月停止，當時第四階段採礦已完成。然而，浸出將繼續到它仍然有利可圖的程度，而布埃納文圖拉繼續與地下銅金硫化物項目相關的勘探。

Buenaventura's Board of Directors has proposed a dividend payment in the amount of USD 0.073 per share ADS, aligned with the company's commitment to shareholder value.

Buenaventura 的董事會提議派發每股 ADS 0.073 美元的股息，這與公司對股東價值的承諾保持一致。

Moving on to Slide 4, social, environmental and political challenges. Today, Buenaventura's on-site operations have been operating normally, while off-site logistics have encountered some delays. Despite the social issues, there has been no damage to Buenaventura's property or assets, and all other Buenaventura mining assets are operating under normal conditions.

轉到幻燈片 4，社會、環境和政治挑戰。如今，布埃納文圖拉的現場運營一直正常，而場外物流則遇到了一些延誤。儘管存在社會問題，但布埃納文圖拉的財產或資產沒有受到損害，布埃納文圖拉的所有其他礦業資產都在正常情況下運營。

Moving on to Slide 5, financial highlights. Total revenues during the fourth quarter were $246 million, which is 3% lower in comparison to the fourth quarter of 2021. The full year 2022, total revenues decreased to $825 million compared to $901 million during the full year 2021. As we mentioned before, our EBITDA from direct operations for fourth quarter 2022 was $77 million in comparison to $60 million, during the fourth quarter of 2021.

轉到幻燈片 5，財務亮點。第四季度的總收入為 2.46 億美元，與 2021 年第四季度相比下降了 3%。到 2022 年全年，總收入從 2021 年全年的 9.01 億美元下降到 8.25 億美元。正如我們之前提到的， 2022 年第四季度，我們直接運營的 EBITDA 為 7700 萬美元，而 2021 年第四季度為 6000 萬美元。

EBITDA from direct operations for the full year 2022 decreased to $173 million in comparison to $204 million during the full year of 2021. These figures exclude the Yanacocha transaction effect. Also, our net income for fourth quarter of 2022 was $69 million in comparison to a net loss of $20 million -- $22 million during the same period in 2021.

2022 年全年直接運營的 EBITDA 下降至 1.73 億美元，而 2021 年全年為 2.04 億美元。這些數字不包括 Yanacocha 交易的影響。此外，我們 2022 年第四季度的淨收入為 6900 萬美元，而 2021 年同期為 2200 萬美元，淨虧損為 2000 萬美元。

Net income for the full year of 2022 reached $603 million compared to a $263 million net loss for the full year 2021. The CapEx increased to $59 million in the fourth quarter of 2022, compared to the $32 million in the fourth quarter of 2021. In the full year 2022, CapEx totaled $152 million, a 68% increase in comparison to the full year of 2021.

2022 年全年淨收入達到 6.03 億美元，而 2021 年全年淨虧損為 2.63 億美元。資本支出在 2022 年第四季度增至 5900 萬美元，而 2021 年第四季度為 3200 萬美元。 2022 年全年資本支出總額為 1.52 億美元，與 2021 年全年相比增長 68%。

Moving on to Slides 6 and 7, attributable production. The gold at the attributable production in the fourth quarter of 2022 was 53,000 ounces, which is 10% lower than the figure reported on the same quarter in the previous year. This decrease is mainly explained by lower production at Tambomayo, in line with the planned mining sequence of low and lower grades. The full year of 2022, total gold attributable production was 206,000 ounces, 4% higher than the same period in 2021.

轉到幻燈片 6 和 7，歸屬生產。 2022 年第四季度權益產量黃金為 53,000 盎司，比去年同期報告的數字低 10%。減少的主要原因是 Tambomayo 的產量下降，符合低品位和低品位的計劃開採順序。 2022年全年，黃金總產量為20.6萬盎司，比2021年同期增長4%。

Silver attributable production for this quarter was 1.7 million ounces, which shows a decrease of 25%, compared to the figure reported on the fourth quarter of 2021. During the full year of 2022, silver attributable production was 6.8 million ounces, 43% lower than the full year of 2021. This decrease was mainly explained primarily due to the suspension of Uchucchacua's operation, as was previously announced and a change of the mine plan sequence at El Brocal.

本季度白銀產量為 170 萬盎司，與 2021 年第四季度報告的數字相比下降了 25%。2022 年全年白銀產量為 680 萬盎司，比 2021 年第四季度下降了 43%。 2021 年全年。這一減少的主要原因是 Uchucchacua 的運營暫停（如先前宣布的那樣）以及 El Brocal 的礦山計劃順序發生變化。

In the fourth quarter of 2022, 5,000 metric tonnes of zinc were produced, a 45% decrease compared to the fourth quarter of -- in 2021. The full year 2022 zinc production reached 28,000 metric tonnes, 33% lower than the same period in 2021.

2022年第四季度鋅產量為5000噸，較2021年第四季度下降45%。2022年全年鋅產量為28000噸，較2021年同期下降33% .

In the case of lead, equity production was around 3,000 metric tonnes in the fourth quarter of 2022, which is 30% lower in comparison to the fourth quarter of 2021. The full year of 2022, lead production was approximately 15,000 metric tonnes, in comparison to the 21,000 metric tonnes in 2021.

就鉛而言，2022 年第四季度的權益產量約為 3,000 公噸，比 2021 年第四季度下降 30%。相比之下，2022 年全年鉛產量約為 15,000 公噸到 2021 年達到 21,000 公噸。

Finally, our copper attributable production for the fourth quarter of the year was close to 31,000 metric tonnes. During the full year 2022, copper attributable production was 116,000 metric tonnes, a 13% increase compared to the same period of 2021.

最後，我們今年第四季度的銅權益產量接近 31,000 公噸。 2022 年全年，銅的權益產量為 116,000 公噸，比 2021 年同期增長 13%。

Moving on to Slide 8, all-in sustaining cost and cost applicable to sales. The all-in sustaining cost from our direct operations in the full year 2022 increased by 2% to USD 1,564 per ounce of gold. The cost applicable to sales for the full year 2022 were as follows: for gold, $1,153 per ounce, which is 4% lower than a year ago; for silver, USD 19.60 per ounce, which is 4% higher than a year ago; for lead, USD 1,329 per metric tonne, which is 10% lower than a year ago; for copper, USD 6,613 per metric tonne, aligned with the full year 2021 fee. Finally, in the case of zinc, the cost applied to sales was USD 2,812 per metric tonne, which is 24% higher than a year ago.

轉到幻燈片 8，所有維持成本和適用於銷售的成本。 2022 年全年，我們直接運營的總維持成本增加了 2%，達到每盎司黃金 1,564 美元。 2022 年全年適用於銷售的成本如下：黃金，每盎司 1,153 美元，比一年前下降 4%；白銀價格為每盎司 19.60 美元，比一年前上漲 4%；對於鉛，每公噸 1,329 美元，比一年前下降 10%；對於銅，每公噸 6,613 美元，與 2021 年全年費用一致。最後，就鋅而言，應用於銷售的成本為每公噸 2,812 美元，比一年前高出 24%。

Moving on to Slide 9, pipeline of projects update. Here, we are presenting in one snapshot the current development level for each one of our projects.

轉到幻燈片 9，項目更新管道。在這裡，我們在一張快照中展示了我們每個項目的當前開發水平。

Moving on to Slide 10, sorry, San Gabriel. Engineering and procurement work off-site activities progress as planned, by a significant 64% and 83%, respectively, relative to a total target debt for the project completion. This thereby reviews overall project uncertainty and potentially enabling the recovery of a portion of time loss, related to this project relative to its targeted completion. Signed Ausenco's EPCM contract and awarded power line boot contract.

轉到幻燈片 10，抱歉，San Gabriel。相對於項目完成的總目標債務，工程和採購工作的場外活動按計劃進展，分別顯著增加 64% 和 83%。因此，這審查了整個項目的不確定性，並可能能夠恢復與該項目相關的部分時間損失，相對於其目標完成。簽訂Ausenco的EPCM合同並授予電力線引導合同。

Moving on to Slide 11, Trapiche. Started the second set of on-site column metallurgical testing and ROM metallurgy leaching test. Environmental Impact Assessment and social engagement field work progressing as planned.

轉到幻燈片 11，Trapiche。啟動第二套現場柱冶金試驗和ROM冶金浸出試驗。環境影響評估和社會參與實地工作按計劃進行。

Thank you for your attention. I will hand the call back to the operator to open the line for your questions. Operator, please go ahead.

感謝您的關注。我會將電話轉回給接線員，以便為您的問題打開熱線。接線員，請繼續。

(Operator Instructions) And our first question today comes from Carlos De Alba from Morgan Stanley.

（操作員說明）我們今天的第一個問題來自摩根士丹利的 Carlos De Alba。

My question, Leandro, is maybe on CapEx, right? The guidance of $350 million to $370 million came above market expectations. So if you could allude or explain a little bit what drove this. I think it's also a little bit higher than what you had -- the company had mentioned before, it was planning on a spending in 2023. So, if you can provide maybe a little bit of color, as to what is driving that increase or apparent increase.

萊安德羅，我的問題可能與資本支出有關，對嗎？ 3.5 億至 3.7 億美元的指引高於市場預期。所以，如果你能暗示或解釋一下是什麼推動了這一點。我認為它也比你所擁有的要高一點——該公司之前提到過，它計劃在 2023 年進行支出。所以，如果你能提供一些顏色，那麼是什麼推動了這種增長，或者明顯增加。

And also, what are the expectations in terms of bridging the gap between your fairly reduced cash flow operations, at least as of lately, and this CapEx. I don't know if you can comment maybe Cerro Verde dividends, is what is going to bridge that gap, or if you will have to issue debt, or maybe are you planning on selling some assets? If you can maybe address this question on free cash flow, that will be interesting to understand what the company is planning.

而且，在彌合您相當減少的現金流量操作（至少最近）與此資本支出之間的差距方面，您的期望是什麼。我不知道你是否可以評論 Cerro Verde 的股息，是什麼來彌合這一差距，或者你是否必鬚髮行債務，或者你是否打算出售一些資產？如果你能解決這個關於自由現金流的問題，那麼了解公司的計劃將會很有趣。

And then, we noticed obviously the increase in exploration spending. Can you talk about what the budget is for the 2 lines that flow into your income statement, the exploration in operating units and the exploration in nonoperating areas for 2023?

然後，我們明顯注意到勘探支出的增加。您能談談 2023 年流入損益表的兩條線的預算是多少，即經營單位的勘探和非經營地區的勘探嗎？

Thank you, Carlos. The increased CapEx for the following year mainly, is explained because of the stoppage, we have in San Gabriel. And we have to continue doing the work in 2023. For the difference, the cash and the CapEx we are going to need in 2023, we are -- we do have a plan. We stated also the dividends of Cerro Verde. And some -- maybe some financing is needed for this year to cover the increased CapEx.

謝謝你，卡洛斯。次年增加的資本支出主要是由於停工，我們在聖加布里埃爾進行了解釋。我們必須在 2023 年繼續開展這項工作。對於差異、現金和我們在 2023 年需要的資本支出，我們有一個計劃。我們還陳述了 Cerro Verde 的股息。還有一些 - 今年可能需要一些融資來支付增加的資本支出。

Maybe Daniel and Juan Carlos can give you more color of those questions.

也許 Daniel 和 Juan Carlos 可以給你更多關於這些問題的顏色。

Thank you, Leandro. Thank you, Carlos, for your question. As Leandro mentioned, this increase in the guidance for the CapEx of 2023 is due to the carryforward, that we have from the delays at San Gabriel in 2022. The figure we expect for this year, 2023, is around $350 million to $360 million. And the breakdown of this is at San Gabriel, we will need around $190 million for developing new impact close to $50 million. And at El Brocal, the tailing dam management, to be able to expand the plant capacity and the capacity of the tailing dam, we will devote around $50 million there.

謝謝你，萊安德羅。卡洛斯，謝謝你的問題。正如 Leandro 提到的那樣，2023 年資本支出指引的增加是由於結轉，我們從 2022 年 San Gabriel 的延誤中得到了結轉。我們預計今年 2023 年的數字約為 3.5 億至 3.6 億美元。而在聖加布里埃爾，我們將需要大約 1.9 億美元來開發近 5000 萬美元的新影響。在 El Brocal，尾礦壩管理部門，為了能夠擴大工廠容量和尾礦壩容量，我們將在那裡投入約 5000 萬美元。

In terms of the exploration budget for 2023, we are expecting between $80 million and $90 million. The distribution of these are close to $50 million in exploration for our operations and $30 million to $35 million to our greenfield projects.

就 2023 年的勘探預算而言，我們預計在 8000 萬至 9000 萬美元之間。這些分配接近 5000 萬美元用於我們的業務勘探，3000 萬至 3500 萬美元用於我們的綠地項目。

Going back to how we're going to fund this CapEx requirements for this year. We have $250 million in cash, that we are going to use. We expect, as Leandro mentioned, some dividends from Cerro Verde. It could be in the order of $100 million, $120 million. And of course, when we need the cash, we could be raising something close to $50 million or $100 million. As we have already mentioned, we have between $50 million and $100 million, already committed with local banks.

回到我們將如何為今年的資本支出要求提供資金。我們有 2.5 億美元的現金，我們將使用這些現金。正如 Leandro 提到的，我們預計 Cerro Verde 會帶來一些紅利。它可能在 1 億美元、1.2 億美元的數量級。當然，當我們需要現金時，我們可能會籌集到接近 5000 萬或 1 億美元的資金。正如我們已經提到的，我們已經向當地銀行承諾了 5000 萬到 1 億美元。

So no -- you don't think that the company will have to need -- will have to sell assets?

所以不 - 你不認為公司將需要 - 將不得不出售資產？

Not at this point in time, Carlos.

不是現在，卡洛斯。

(Operator Instructions) And at this time, we have a follow-up question from Carlos De Alba from Morgan Stanley.

（操作員說明）此時，摩根士丹利的 Carlos De Alba 提出了後續問題。

Just coming back to La Zanja, Leandro, what is the level -- so you mentioned that the leasing will continue, as long as it is profitable to do so. What is that level in terms of gold prices, and for how long? How much more material do you think you can potentially strike there?

剛回到拉贊賈，萊安德羅，水平如何——所以你提到租賃將繼續，只要這樣做有利可圖。就金價而言，這個水平是多少，會持續多久？你認為你還有多少材料可以在那裡開採？

Thank you, Carlos. The planned output this year is 5,000 ounces, this 2023. We will continue leaching La Zanja, during all the time we are converting this unit and developing the copper, gold sulfide project.

謝謝你，卡洛斯。今年的計劃產量是 5,000 盎司，即 2023 年。我們將繼續浸出 La Zanja，在此期間我們一直在改造該裝置並開發銅、金硫化物項目。

Juan Carlos, I don't know, if you want to comment something about La Zanja regionally?

Juan Carlos，我不知道，你是否想從地區角度對 La Zanja 發表一些看法？

Yes. Sure, Leandro. The -- currently, we have a very conservative budget of about 5,000 ounces of gold, to be struck for the existing leaching pad in 2023. We expect to be above that figure, but it's a very conservative initial figure because it's something that you're learning the process, how much you can get out.

是的。當然，萊安德羅。 - 目前，我們有一個非常保守的預算，大約 5,000 盎司黃金，將在 2023 年為現有的浸出墊開採。我們預計會高於這個數字，但這是一個非常保守的初始數字，因為它是你'重新學習的過程，你能學到多少。

In parallel, we are working at a project to do some geophysics on the pad, to know what are the kind of dry areas, where the solution is not running through that could be potentially wet with additional drilling. In order to pump with low pressure, the cyanide solution in order to extract gold from the dry areas that in the past, were not completely leached. Because of the way the pad is being built. There is some local experience doing that with success. So it's a kind of innovative process that we will build on this year, in order to extend the profitable or economic leaching of the pad for -- we don't know how much, but probably 1 or 2 more years to go.

與此同時，我們正在開展一個項目，在平台上進行一些地球物理學研究，以了解什麼樣的干燥區域，解決方案未通過的區域可能會因額外的鑽探而變濕。為了用低壓泵送氰化物溶液，以便從過去沒有完全浸出的干燥地區提取黃金。由於墊子的建造方式。當地有一些成功的經驗。因此，這是我們今年將建立的一種創新工藝，以延長墊的盈利或經濟浸出——我們不知道多少，但可能還需要 1 或 2 年。

And so the cost attributable to sales at La Zanja is around -- was in the fourth quarter at least [1,649], which was better than the full year of [1,820]. So around those levels or is the breakeven potentially below that would you stop leaching? Or would you just carry on and extract all the material for the next 1 to 2 years, that you mentioned?

因此，La Zanja 的銷售成本大約是——至少在第四季度 [1,649]，好於全年的 [1,820]。那麼在這些水平附近或者盈虧平衡點是否可能低於您會停止浸出的水平？或者您是否會在接下來的 1 到 2 年內繼續並提取所有材料？

Yes. Well, that is a good question because the cost actually record all the expenses that we make in the La Zanja unit. It includes also part of the exploration, part of the progressive closure that we do, and some other areas that we are not going to be mining in the future, some studies that we do regarding the sulfide projects. So we have a separate kind of split cost accounting for -- are related to the extraction of gold from the pad. In addition to what we do for exploring and developing the copper gold sulfide projects that we have in the same footprint.

是的。好吧，這是一個很好的問題，因為成本實際上記錄了我們在 La Zanja 單位的所有開支。它還包括部分勘探，部分我們所做的逐步關閉，以及我們未來不會開采的其他一些區域，我們對硫化物項目所做的一些研究。所以我們有一種單獨的拆分成本核算——與從墊中提取黃金有關。除了我們為勘探和開發我們在相同足跡中擁有的銅金硫化物項目所做的工作之外。

So kind of it mix together right now, but in our accounting, we will follow what is profitable from the leaching operation itself, regardless of what additional costs we need to do to develop the copper sulfide project in La Zanja.

所以現在混合在一起，但在我們的會計中，我們將遵循浸出操作本身的利潤，無論我們需要做多少額外成本來開發 La Zanja 的硫化銅項目。

(Operator Instructions) And ladies and gentlemen, at this time, in showing no further questions, this will conclude today's question-and-answer portion. I'd like to turn the floor back over to Mr. Garcia for closing remarks.

（操作員說明）女士們，先生們，此時，沒有進一步的問題，這將結束今天的問答部分。我想把發言權轉回給加西亞先生，讓他發表閉幕詞。

Thank you. Before we finish today, I would like to thank you for your time to join us, and have a wonderful day. Thank you very much, again.

謝謝。在我們今天結束之前，我要感謝您抽空加入我們，祝您度過美好的一天。再一次非常感謝你。

Ladies and gentlemen, that concludes Buenaventura's Fourth Quarter and Full Year 2022 Earnings Results Conference Call. We would like to thank you again for your participation. You may now disconnect your lines.

女士們，先生們，布埃納文圖拉第四季度和 2022 年全年收益結果電話會議到此結束。我們再次感謝您的參與。您現在可以斷開線路。