Compania de Minas Buenaventura SAA (BVN) 2023 Q4 法說會逐字稿

Good day ladies and gentlemen. Welcome to the Compania de Minas Buenaventura's fourth quarter 2023 earnings results conference call. At this time, all participants are in a listen only mode and please note that this call is being recorded.

女士們先生們，美好的一天。歡迎參加 Compania de Minas Buenaventura 2023 年第四季財報電話會議。此時，所有參與者都處於僅聽模式，請注意，此通話正在錄音。

I would now like to introduce your host for today's call, Mr. Gabriel Salas, Investor Relations. Mr. Salas, you may begin.

現在我想介紹今天電話會議的主持人，投資者關係部門的加布里埃爾·薩拉斯 (Gabriel Salas) 先生。薩拉斯先生，您可以開始了。

Good morning everyone, and thank you for joining us today to discuss our fourth quarter 2023 results. Today's discussion will be led by Mr. Leandro García, 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, Vice President of Exploration; Mr. Roque Benavides, Chairman; and Mr. Raúl Benavides, Director.

大家早安，感謝您今天加入我們討論我們 2023 年第四季的業績。今天的討論將由執行長 Leandro Garca 先生主持。今天也加入我們的電話會議並回答您的問題的還有財務長 Daniel Dominguez 先生； Juan Carlos Ortiz 先生，營運副總裁； Aldo Massa 先生，業務開發與商務副總裁； Alejandro Hermoza 先生，永續發展副總裁； Renzo Macher 先生，專案副總裁； Juan Carlos Salazar 先生，勘探副總裁；主席羅克·貝納維德斯先生；和董事 Raúl 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 the market close. Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions.

在轉交電話之前，讓我先談談一些事項。在布埃納文圖拉的網站上，您可以找到我們昨天收盤後發布的新聞稿。請注意，今天的言論包括基於管理層當前觀點和假設的前瞻性陳述。

While management believes that its assumptions, expectations and projections, our reasonable in 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 29, 2024.

儘管管理層認為其假設、預期和預測根據當前可用資訊是合理的，但請注意不要過度依賴這些前瞻性陳述。我鼓勵您閱讀 2024 年 2 月 29 日發布的盈利結果新聞稿中有關前瞻性陳述的完整披露內容。

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

現在讓我把電話轉給萊安德羅·加西亞先生。

Thank you, Gabriel. Good morning, and thank you for joining us today to discuss the quarterly results of the company. On slide 2, is our cautionary statement, important information that I encourage you to read please. We assume that you have already read the full year 2023 results reported yesterday.

謝謝你，加布里埃爾。早安，感謝您今天加入我們討論公司的季度業績。第 2 張投影片是我們的警告聲明，這是我鼓勵您閱讀的重要資訊。我們假設您已經閱讀了昨天報告的 2023 年全年業績。

Moving on the next slide, our presentation will cover the five main topics shown on this agenda and we'll be following by our Q&A session, where our team and myself will be happy to answer your questions.

轉到下一張投影片，我們的簡報將涵蓋本議程中顯示的五個主要主題，接下來我們將進行問答環節，我們的團隊和我本人將很樂意回答您的問題。

Let's begin with some overview of the key highlights of the 2023. Our EBITDA from direct operations for the 2023 has increased 38% compared to the previous year. It is worth mentioning that the figures do not include the $300 million obtained last year from the sale of our stake in Yanacocha.

讓我們先概述 2023 年的主要亮點。2023 年，我們來自直接營運業務的 EBITDA 比前一年成長了 38%。值得一提的是，這些數字不包括去年我們出售亞納科查股份所獲得的3億美元。

Our cash position remains strong in the fourth quarter of last year. Due to a strong performance in El Brocal resulted in a leverage rate of 2.05 times the lowest in two years and within our target range. Full year 2023 net income was $33 million negatively impacted by USD113 million non-cash provision related to former SUNAT dispute.

去年第四季我們的現金狀況依然強勁。由於 El Brocal 的強勁表​​現，槓桿率達到兩年來最低的 2.05 倍，處於我們的目標範圍內。2023 年全年淨利為 3,300 萬美元，受到與前 SUNAT 糾紛相關的 1.13 億美元非現金撥備的負面影響。

Capital expenditures in 2023, total $239 million, including $94 million allocated to the San Gabriel project. Additionally, Buenaventura made an extra investment of $33 million in advance payments for the San Gabriel project. When taking into account both aspects, the total disbursements for San Gabriel project amounted to $127 million.

2023 年的資本支出總額為 2.39 億美元，其中分配給聖蓋博計畫的 9,400 萬美元。此外，布埃納文圖拉也為聖蓋博計畫額外投資了 3,300 萬美元的預付款。考慮到這兩方面，聖蓋博計畫的總支出達 1.27 億美元。

We are pleased to share that our dividends received from Cerro Verde during the quarter have contributed up to $49 million, strengthening our overall financial performance. The company received a total of USD147 million in dividends for the full year 2023.

我們很高興地與大家分享，本季從 Cerro Verde 收到的股息貢獻了高達 4900 萬美元，增強了我們的整體財務表現。該公司2023年全年共獲得股利1.47億美元。

Production from Yumpag´s pilot stope began in November 2023, producing 2.3 million ounces of silver by the year end. Yumpag continued processing ore from the pilot stope through January 2024, after which mineral processing, western spending, until definite operating permits are obtained, expected by the end of the first quarter of this year. Yumpag is therefore expected to revisit mineral processing in the second quarter of this year.

Yumpag 的試驗採場於 2023 年 11 月開始生產，到年底產量為 230 萬盎司白銀。Yumpag 將繼續加工試點採場的礦石直至 2024 年 1 月，之後進行選礦、西部支出，直到獲得明確的營運許可證（預計在今年第一季末）。因此，Yumpag 預計將在今年第二季重新考慮礦物加工。

Record 2023 copper production resulted from successful migration to massive underground network enabling El Brocal to (inaudible) similarly achieve an average of 10,800 tons per day during the fourth quarter 2023, surpassing its targeted 10,000 tons per day underground mine exploration rate.

2023 年創紀錄的銅產量得益於成功遷移到大型地下網絡，使El Brocal 在2023 年第四季度（聽不清楚）同樣實現了平均每天10,800 噸的產量，超過了其每天10,000 噸地下礦山勘探率的目標。

Our consolidate production of copper, silver and gold throughput 2023 has yielded the following results. 58,000 tons of fine copper attributed to the exceptional production of El Brocal, meeting the upper range of the guidance. 9.2 million ounces of silver achieving the full year guidance.

我們對 2023 年銅、銀和金產量的綜合生產得出了以下結果。 El Brocal 的優異產量使精銅產量達到 58,000 噸，達到指導上限。 920萬盎司白銀實現全年指導目標。

During the fourth quarter 2023, Uchucchacua and Yumpag contributed with $2.6 million ounces. 155,000 ounces of gold with consistent production of Orcopampa. This production enabled us to surpass that upper range of the guidance.

2023 年第四季度，Uchucchacua 和 Yumpag 貢獻了 260 萬盎司。 155,000 盎司黃金，並持續生產 Orcopampa。這一產量使我們能夠超越指導的上限。

Moving on to our cost structure in slide 5 aligned with our strategy to increase our copper exposure. We are showing the All-In Sustaining Cost figures as copper and gold (inaudible) Here you can see that our 2023 All-In Sustaining Cost have reduced by 8% and 27% respectively, year over year.

接下來是投影片 5 中我們的成本結構，與我們增加銅敞口的策略一致。我們將整體維持成本數據顯示為銅和金（聽不清楚）。在這裡您可以看到，我們 2023 年的整體維持成本比去年同期分別降低了 8% 和 27%。

This reduction is primarily attributed to the copper production in El Brocal and silver production in Yumpag. However, it is important to mention that both the yields are as consolidated basis and include 100% Buenaventura, La Zanja and El Brocal.

這一減少主要歸因於El Brocal 的銅產量和Yumpag 的銀產量。然而，值得一提的是，這兩個產量均以合併為基礎，包括 100% 布埃納文圖拉 (Buenaventura)、拉贊賈 (La Zanja) 和埃爾布羅卡爾 (El Brocal)。

Moving on to cost applicable to sales trends. As you can see the prioritization of copper ore (inaudible) El Brocal and the ramp-up in the underground mine is translating into a 10% cost reduction year over year. Silver costs has decreased 3% year over year, primarily driven by lower cost during the fourth quarter of 2023, with a contribution of Uchucchacua and Yumpag silver ounce.

接下來討論適用於銷售趨勢的成本。正如您所看到的，El Brocal 銅礦石（聽不清楚）的優先順序和地下礦的產量增加正在轉化為逐年降低 10% 的成本。白銀成本年減 3%，主要是由於 2023 年第四季成本下降，其中 Uchucchacua 和 Yumpag 銀盎司有所貢獻。

Gold costs has remained relatively flat year over year despite the reserves depletion at La Zanja and lower production in Tambomayo.

儘管 La Zanja 的儲量枯竭且 Tambomayo 的產量下降，但黃金成本比去年同期仍保持相對穩定。

On the next slide, we will be presenting the free cash flow generation. During 2023, we reduced our cash position by $34 million, primarily due to the intensive capital expenditure campaign which includes San Gabriel.

在下一張投影片上，我們將展示自由現金流的產生。2023 年，我們的現金部位減少了 3,400 萬美元，這主要是由於包括聖蓋博在內的密集資本支出活動。

The EBITDA to free cash flow reconciliation is explained by the following breakdown of inflows and outflows. El Brocal, Orcopampa and Tambomayo have been the main contributors for the 2023, while La Zanja, Julcani, Uchucchacua had a negative EBITDA due to lower production from the first two assets and government tenures at Uchucchacua for the first nine months. However, we recorded a positive EBITDA for the fourth quarter of 2023, thanks to the resumption of Uchucchacua and the contribution of (inaudible)

EBITDA 與自由現金流調節透過以下流入和流出細目來解釋。El Brocal、Orcopampa 和 Tambomayo 是 2023 年的主要貢獻者，而 La Zanja、Julcani 和 Uchucchacua 的 EBITDA 為負值，原因是前兩項資產的產量較低以及 Uchucchacua 前 9 個月的政府任期。然而，得益於 Uchucchacua 的恢復以及 2023 年第四季的 EBITDA 為正值（聽不清楚）

As we have mentioned before, Buenaventura is going through a growth phase with an extensive CapEx related to Yumpag and San Gabriel. This have been partially offset by the dividends received from Cerro Verde.

正如我們之前提到的，布埃納文圖拉正在經歷一個成長階段，與 Yumpag 和 San Gabriel 相關的資本支出廣泛。這已被 Cerro Verde 收到的股息部分抵消。

In the following slide I would like to illustrate our main four flagships. First, Yumpag producing at full potential once the definitive operating permits have been obtained expected by the end of the first quarter of 2024. Second, El Brocal underground mine expansion at 12 tons per day (sic- see slide 7, "12kptd" ) in the following two years.

在下面的幻燈片中，我想介紹我們主要的四款旗艦產品。首先，預計在 2024 年第一季末獲得最終營運許可後，Yumpag 將充分發揮生產潛力。其次，El Brocal 地下礦場將在接下來的兩年內以每天 12 噸的速度擴建（見投影片 7，「12kptd」）。

Third, San Gabriel ramp-up and the first gold bar during year 2025. And fourth, Cerro Verde dividend distribution for approximately between $120 million and $150 million in the following year.

第三，聖蓋博在 2025 年實現擴張並獲得第一根金條。第四，Cerro Verde 隔年的股利分配約為 1.2 億至 1.5 億美元。

As you can see, our flagship mines over 10 years of uninterrupted reserves and resource extraction. We have updated our resource and reserve values showing in copper, we have 1.9 million tons of reserves, along with an additional 3.1 million tons of resources.

正如您所看到的，我們的旗艦礦區連續 10 年不斷開採儲量和資源。我們更新了銅的資源和儲量值，顯示我們擁有 190 萬噸儲量，以及額外的 310 萬噸資源。

In silver, we have 128 million ounces of reserves with Yumpag making a significant contribution. Additionally, we have 199 million ounces of resource. Lastly, in gold, we have 2.8 million ounces of reserves with San Gabriel being our primary future gold production source. Additionally, we have 3.5 million ounces of resources.

在白銀方面，我們擁有 1.28 億盎司的儲備，Yumpag 做出了重大貢獻。此外，我們還有 1.99 億盎司資源。最後，在黃金方面，我們擁有 280 萬盎司的儲備，聖蓋博是我們未來主要的黃金生產來源。此外，我們還有 350 萬盎司資源。

Moving forward to our 2024 guidance. As [evidence] of prioritization of copper for El Brocal, and the ramp-up in the underground mine will enable us to maintain an annual copper production in 2024 between 55,000 tons and 60,000 tons per year.

展望 2024 年指導。作為 El Brocal 優先生產銅的[證據]，以及地下礦場的產能提升將使我們能夠在 2024 年將銅年產量維持在 55,000 噸至 60,000 噸之間。

Silver production will see a 65% year over year increase, primarily due to the contributions of Uchucchacua and Yumpag silver ounces. Gold production will decrease by 12% year over year, primarily due to the reduced contribution of Tambomayo gold ounces.

白銀產量將年增 65%，主要得益於 Uchucchacua 和 Yumpag 銀盎司的貢獻。黃金產量將年減12%，主要是因為坦博馬約金盎司貢獻減少。

Lastly, it is also relevant that in 2024 we estimate executing between $300 million and $320 million of CapEx with approximately $220 million allocated to the development of San Gabriel. The total CapEx estimate for the project are being reviewed due to some delays and escalation costs. We are continuously looking for optimization and efficiencies in the project to control the fact the impact the CapEx as much as possible.

最後，我們預計 2024 年將執行 3 億至 3.2 億美元的資本支出，其中約 2.2 億美元分配給聖蓋博的開發。由於一些延誤和成本上升，正在審查該項目的總資本支出估算。我們不斷尋求專案的最佳化和效率，以盡可能控制資本支出的影響。

Moving on to slide 10. In the next years, Buenaventura will be focusing most of its efforts in San Gabriel project because it will be a relevant contributor to the company's value. It will add more than 14 years of life of mine to the company and another 14 years if we consider the resources.

繼續看投影片 10。未來幾年，布埃納文圖拉將把大部分精力集中在聖蓋博項目上，因為它將為公司價值做出重要貢獻。它將為公司增加超過 14 年的礦場壽命，如果考慮到資源，還可以再增加 14 年。

On this slide, you can see the projects progress quarter-by-quarter. In the upcoming quarter, we will complete the installation of the concrete plant and the construction of the campsite.

在這張投影片上，您可以看到專案的季度進度。在下個季度，我們將完成混凝土廠的安裝和營地的建設。

On the next slide, we are showing the earth movement activities for the processing plant facility. On slide 11, you can see the progress of the construction until the end of the third quarter 2023. While in slide 12, we can see an update on the construction towards the end of the fourth quarter at 2023. By 2023 year end, we have a few over 80,000 cubic meters of material and got over 250,000 cubic meters.

在下一張投影片中，我們將展示加工廠設施的地球運動活動。在投影片 11 上，您可以看到截至 2023 年第三季末的施工進度。在投影片 12 中，我們可以看到 2023 年第四季末的施工最新情況。到2023年底，我們的材料數量已超過8萬立方米，獲得量超過25萬立方米。

On the next slide, we show a couple of photographs of other components or components of the project, along with the update as of the end of the fourth quarter of 2023. At the top, you can see the San Gabriel definite campsite with a 98% of progress and over 1,000 [beds] already installed.

在下一張投影片中，我們展示了該專案其他組件或組件的幾張照片，以及截至 2023 年第四季末的更新。在頂部，您可以看到聖蓋博露營地，已完成 98% 的進度，並已安裝了 1,000 多個[床位]。

The photograph at the bottom show the progress of the main storage area where we already have 40% of the equipment on-site. 30% of the equipment have already arrived to Peru, but are pending to be transported to the site.

底部的照片顯示了主儲存區的進展情況，我們已經在現場擁有 40% 的設備。 30%的設備已運抵秘魯，正等待運抵現場。

Finally, I would like to finish the presentation with a couple of closing remarks. First, San Gabriel will allow us to stabilize our gold production at 130,000 to 150,000 ounces yearly in the midterm. We are on track as we aim for our first gold bar by the second half of 2025.

最後，我想用幾句話結束這場演講。首先，聖蓋博將使我們能夠在中期將黃金產量穩定在每年 130,000 至 150,000 盎司。我們正步入正軌，目標是在 2025 年下半年獲得第一根金條。

The ongoing success of Yumpag confirms its status as a world-class asset, marked by constantly high silver grades. As we have mentioned, the definitive operating permits are expected by March 2024. El Brocal is a strategically focusing on the copper underground mine, maximizing margins and gearing up for a robust ramp-up to 12,000 tons per day in the midterm. We are ensuring full funding for our growth projects and sustaining capital expense.

Yumpag 的持續成功證實了其作為世界級資產的地位，其標誌是持續高的白銀品位。正如我們所提到的，最終的營運許可證預計將於 2024 年 3 月獲得。El Brocal 策略性地專注於地下銅礦，最大限度地提高利潤，並為中期產量強勁增至每天 12,000 噸做好準備。我們正在確保為我們的成長項目提供全額資金並維持資本支出。

Thank you for your attention. I will now hand the call back to the operator to open the line for questions.

感謝您的關注。我現在將把電話轉交給接線員以打開提問線路。

Operator please go ahead.

接線生請繼續。

Thank you, sir. (Operator Instructions)

謝謝你，先生。（操作員說明）

Cesar Perez Novara, BTG Pactual.

塞薩爾·佩雷斯·諾瓦拉 (Cesar Perez Novara)，BTG Pactual。

Yes, good morning to everyone, and congratulations for your results by the way. So I have three questions if I may. My first one relates to your material operational improvement in the final quarter of the year, which among several operational enhancements and of course, Yumpag led to an important rise in operating performance, I mean the EBITDA.

是的，大家早安，順便祝賀你們的成績。如果可以的話，我有三個問題。我的第一個問題涉及今年最後一個季度的實質營運改進，其中包括多項營運改進，當然，Yumpag 導致營運績效（我指的是 EBITDA）的顯著提升。

How should we think about costs in 2024? And would the EBITDA that was reported in the final quarter of the year be a new level going forward, of course, assuming stable prices. Could you comment on the sustainability and on costs? That would be my first question.

2024年我們該如何考慮成本？當然，假設價格穩定，今年最後一個季度報告的 EBITDA 是否會達到新的水平。您能否評論一下永續性和成本？這是我的第一個問題。

The second one relates if there is any situation on any of your direct operations that will encounter some sort of maintenance downtime in 2024, if this would be the case, which quarter and for which operation.

第二個問題涉及您的任何直接營運是否會在 2024 年遇到某種維護停機的情況，如果是這種情況，是哪個季度以及哪個營運。

And finally, there is an article in media that recently resurface, it says that Cerro Verde plans to execute a series of modifications in its production unit for an investment of around $646 million. If this would be the case, what was this is specifically involved and would this imply some expansion at the concentrator. If you could share some views on that and perhaps our production guidance for Cerro Verde and CapEx, that would be extremely-- I would be extremely thank you.

最後，媒體最近重新報道了一篇文章，表示Cerro Verde計劃投資約6.46億美元對其生產裝置進行一系列改造。如果是這種情況，具體涉及什麼，這是否意味著集中器的一些擴展。如果您能分享一些對此的看法，也許還有我們對 Cerro Verde 和資本支出的生產指南，那就太好了——我將非常感謝您。

Thank you, Cesar, for your for your questions. We foresee the cost to maintain in terms of copper and gold in line with 2023 last quarter costs. And in terms of any situation that would affect any of our units, we have to mention that in going more logic, we are expecting a permit that will allow us to continue the dual ports and a filing in the path. More details, maybe Daniel and Juan Carlos can give it more color to your question.

謝謝塞薩爾提出的問題。我們預計銅和黃金的成本將與 2023 年上季度的成本保持一致。就任何可能影響我們任何單位的情況而言，我們必須提到，按照更多邏輯，我們期望獲得許可，允許我們繼續使用雙端口並在路徑中進行備案。更多細節，也許丹尼爾和胡安·卡洛斯可以為你的問題增添更多色彩。

Thank you, Leandro. It's Juan Carlos, thank you sir for your question. Yeah regarding as Leandro mentioned regarding the costs, operating costs on copper and gold, we foresee kind of a [stable] costs from what we have reported in 2023 coming in line in 2024.

謝謝你，萊安德羅。我是胡安·卡洛斯，謝謝先生的提問。是的，正如 Leandro 所提到的關於銅和黃金的成本、營運成本，我們預計 2023 年報告的成本將在 2024 年保持穩定。

In the case of silver because now we have a full year with production in Uchucchacua mine, also in Yumpag, we foresee reduction from (inaudible) maybe we will probably borrow $19 per ounce of silver in 2023 probably coming down closer to $16 per ounce in these two units. That's going to be along the year because we are ramping up production in Uchucchacua.

就白銀而言，因為現在Uchucchacua 礦（也在Yumpag）的產量已經達到全年，我們預計2023 年我們可能會借入19 美元/盎司的白銀（聽不清），到2023 年可能會下降到接近16美元/盎司。這兩個單位。這將是全年的事情，因為我們正在提高 Uchucchacua 的產量。

We are stabilizing production that we will open (inaudible) in Yumpag. So it's going to be [authorities] Au in cost of these two units for zero production. We are in the potential downtime in many of the units as a potential risk, so (inaudible) delay in permits in Yumpag, now we foresee for a end of the first quarter.

我們正在穩定生產，我們將在 Yumpag 開設（聽不清楚）。因此，這兩個單位的零產量成本將是[當局]金。我們的許多設備都面臨潛在的停機風險，因此（聽不清楚）Yumpag 的許可證延遲，現在我們預計將在第一季末結束。

But (inaudible) could make a week or two later, that's the (inaudible) hopefully not. And in the case of cumulation or susceptive timing in permits in order to build the expansion of [PAT] to continue with our [leaching], operations, so also depending on that.

但是（聽不清楚）可能會在一兩週後發生，但希望不是（聽不清楚）。在許可證累積或敏感時間的情況下，為了擴大[PAT]以繼續我們的[浸出]操作，所以也取決於這一點。

Our guidance also includes the case that we are delayed in these construction of (inaudible) So any advance or any speed up of the projects would be financed again on the expected production against our guidance that was published a couple of weeks ago.

我們的指導意見還包括我們推遲這些建設的情況（聽不清楚），因此專案的任何提前或任何加速都將根據我們幾週前發布的指導意見根據預期生產再次提供資金。

Okay. Thanks.

好的。謝謝。

To add with what Juan Carlos said, in the fourth quarter since we had a very strong EBITDA, in the first quarter of this year, we will have the Yumpag alright for a couple of months. So this will impact the EBITDA of the quarter. However, for the full year, we expect a total EBITDA of around $220 million, $240 million, we don't know that.

補充一下胡安·卡洛斯所說的，由於我們在第四季度有非常強勁的 EBITDA，今年第一季度，我們將在幾個月內保持 Yumpag 的良好狀態。因此，這將影響本季的 EBITDA。然而，我們預計全年的 EBITDA 總額約為 2.2 億美元、2.4 億美元，我們對此一無所知。

All right. Thank you, Daniel.

好的。謝謝你，丹尼爾。

Thank you. Carlos De Alba, Morgan Stanley.

謝謝。卡洛斯·德阿爾巴，摩根士丹利。

Yeah. Thank you very much. Good morning everyone. Just maybe just a very quick follow-up to Cesar's question and to you response on the EBITDA for the year on what commodity prices, Daniel, are you forecasting these $200 million to $240 million?

是的。非常感謝。大家，早安。也許只是對塞薩爾問題的快速跟進，以及您對今年 EBITDA 的答复，即大宗商品價格，丹尼爾，您預測這些 2 億至 2.4 億美元嗎？

Hi, Carlos. Thanks for your question. The price of where you seem to these estimates are for gold $1,900, for copper $8,500 and for silver $23 per ounce.

嗨，卡洛斯。謝謝你的提問。在這些估計中，黃金的價格為每盎司 1,900 美元，銅的價格為每盎司 8,500 美元，白銀的價格為每盎司 23 美元。

Alright. Okay, thank you Daniel. So the questions I have -- I'll just mention one at a time and then we can have a conversation. One is on the can you maybe provide a little more color around what you did in the earnings release regarding the SUNAT situation, (inaudible) dispute with the SUNAT. Basically I understood you took a $112 million, $130 million provision is non-cash because you already made that payment.

好吧。好的，謝謝丹尼爾。所以我的問題——我一次只提一個，然後我們就可以進行對話。其中之一是，您可以就您在收益發布中所做的有關 SUNAT 情況、與 SUNAT 的（聽不清楚）爭議的情況提供更多資訊。基本上我知道你拿了 1.12 億美元，其中 1.3 億美元的準備金是非現金的，因為你已經支付了這筆款項。

But does this indicate that the likelihood of maybe winning the case has reduced. How do you see the perspective of your chances of eventually winning the case? Where are we in the legal process and what comes ahead, what are the next steps?

但這是否顯示勝訴的可能性已經降低了。您如何看待最終勝訴的機會？我們目前處於法律程序的哪個階段，接下來會發生什麼，接下來的步驟是什麼？

Thank you. Thank you, Carlos, for your question. Actually, we have registered this provision because of the based on the opinion of our lawyers, the probability to win the case is lower than 50%. So (technical difficulty) accounting standard we should register this right write off.

謝謝。謝謝你，卡洛斯，你的問題。事實上，我們之所以註冊這個條款，是因為根據我們律師的意見，勝訴的機率低於50%。所以（技術難度）會計準則我們應該登記這個註銷權。

The case is not that we continue second phase that will be in the Constitutional Court. So in that stage, we expect to recover our position and (inaudible) the trial to go back to the Supreme Court. This is for only a part of the all the trial of the process and this regarding the years 2009 and to '10. So there is a lot of time to aspect and we should it's an ongoing news.

情況並不是我們要繼續憲法法院的第二階段。因此，在那個階段，我們希望恢復我們的立場並（聽不清楚）審判返回最高法院。這僅是該過程所有試驗的一部分，並涉及 2009 年和 10 年。所以有很多時間來關注，我們應該這是一個持續的新聞。

Okay. And so the next step is for you to file I guess an appeal in the Constitutional Court right? But would you have not done that? And if you haven't, when do you plan to do this and typically is there any rule of thumb, any expectation as to how long the process at the Constitutional Court could last?

好的。所以下一步是你向憲法法院提出上訴，對嗎？但你不會那樣做嗎？如果還沒有，您打算什麼時候這樣做？通常是否有任何經驗法則，對憲法法院的程序可以持續多長時間有任何期望？

(multiple speakers)

（多個發言者）

We have already done this in December and we are expecting in the following months to have an answer from the [Commissionate]

我們已經在 12 月完成了這項工作，並期望在接下來的幾個月內得到來自[委託]

Okay. Thank you. And then my next question is on Yumpag and the permits. You mentioned in the press release that you expect to receive them in the first quarter. How certain are you of this, you have any indication that it potentially could be delay into the second quarter or third quarter? How confident are you that Yumpag will start really ramping up again in the second quarter?

好的。謝謝。我的下一個問題是關於 Yumpag 和許可證。您在新聞稿中提到您預計在第一季收到它們。您對此有多確定？您有任何跡象表明它可能會推遲到第二季或第三季嗎？您對 Yumpag 在第二季開始真正恢復成長的信心有多大？

Well, in terms of permit, you know that the country, the administration is trying to make efforts to (inaudible) to all the administrators (inaudible) to have shorter times to grant the permits. We are bidding a daily basis. We have meetings with the organizations and the authorities to take all the questions that they have to allow us to have this -- to be granted of this permit as soon as possible.

嗯，就許可證而言，您知道該國政府正在努力（聽不清楚）所有管理員（聽不清楚）縮短授予許可證的時間。我們每天都在競價。我們與各組織和當局舉行會議，回答他們提出的所有問題，以便我們能夠盡快獲得許可證。

We are making all the efforts to have it before the quarter end this year. Probability I cannot tell you, but be sure that this is one of the our daily jobs that we have to do, our daily targets.

我們正在盡一切努力在今年季度末之前實現這一目標。機率我不能告訴你，但可以肯定的是，這是我們必須做的日常工作之一，我們的日常目標。

Fair enough Leandro. And just my last question for you, Leandro, or maybe Roque and Raúl, how do you envision this new phase of the company with a very relevant second large shareholder? And now my understanding is potentially could receive two seats in the Board of Directors? How does this change the company? How do you see the company going forward? And what do you expect in terms of these relationship with Antofagasta?

萊安德羅很公平。我要問你的最後一個問題，萊安德羅（Leandro），或是羅克（Roque）和勞爾（Raúl），你如何看待公司與非常相關的第二大股東的新階段？現在我的理解是可能會在董事會中獲得兩個席位？這對公司有何改變？您如何看待公司的未來發展？您對與安託法加斯塔的關係有何期望？

Well, Carlos, as a management and all the corporate we are (inaudible) very comfortable with the business plan and the strategy we have. Maybe we have not talked with Antofagasta yet, we just received the approval of the shareholders to increase the number of directors.

嗯，卡洛斯，作為管理層和整個公司，我們（聽不清楚）對我們的業務計劃和策略非常滿意。也許我們還沒有和安託法加斯塔談過，我們剛剛得到股東的批准增加董事人數。

So we will see, we will expect our first meeting maybe Roque, you want to add maybe sort of comment.

所以我們會看到，我們預計我們的第一次會面可能是羅克，你可能想添加一些評論。

And they are important shareholders and we respect all shareholders. They suggested a couple of names, Mr. Iván Arriagada and Mr. Andrónico Luksic and we are proposing those names to the shareholders' meeting for approval, no?

他們是重要的股東，我們尊重所有股東。他們提出了幾個名字，Iván Arriagada 先生和 Andrónico Luksic 先生，我們正在將這些名字提交給股東大會批准，不是嗎？

I look forward to an excellent relationship. I'm happy to know, Mr. Andrónico Luksic. They founded many years ago, and I think the industry has a lot of respect for Antofagasta. So we hope to work together and in a very constructive way, there is nothing more than that.

我期待建立良好的關係。我很高興知道，Andrónico Luksic 先生。他們成立很多年前，我認為業界對安託法加斯塔非常尊敬。因此，我們希望以一種非常有建設性的方式共同努力，僅此而已。

Thank you, Roque. Thank you, Leandro.

謝謝你，羅克。謝謝你，萊安德羅。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Great. Good morning everyone, and thank you so much for taking my questions. And Roque, if I can just follow up on the Antofagasta, it seems from your comments that you haven't really sat down with them to see exactly what they want. I mean we listen to their conference call in terms of what they mentioned, but I'm more interested in if you have been able to have conversations with them.

偉大的。大家早安，非常感謝您回答我的問題。羅克，如果我能跟進安託法加斯塔的情況，從你的評論來看，你似乎還沒有真正坐下來與他們坐下來看看他們到底想要什麼。我的意思是，我們根據他們提到的內容聽取了他們的電話會議，但我更感興趣的是您是否能夠與他們進行對話。

Well, they're interested essentially being a copper company is in the Peruvian market and in the copper assets of Buenaventura. As you know, we have (inaudible) we have Coimolache, we have La Zanka, obviously we have El Brocal, and we have an equity participation in (inaudible)

嗯，他們本質上感興趣的是成為秘魯市場和布埃納文圖拉銅資產的銅公司。如你所知，我們（聽不清楚）我們有 Coimolache，我們有 La Zanka，顯然我們有 El Brocal，我們還參股了（聽不清楚）

So that is what they have told us that is their interest and they will participate as any other company (inaudible) it is anyone to contribute to develop the project that we have under development and they will have to participate as any other company as we are talking to people like (inaudible) or [BHP] in the case of Coimolache.

這就是他們告訴我們的，這是他們的興趣，他們將像任何其他公司一樣參與（聽不清楚），任何人都可以為開發我們正在開發的專案做出貢獻，他們將必須像我們一樣參與任何其他公司就 Coimolache 而言，與（聽不清楚）或 [BHP] 之類的人交談。

But as shareholders, they will be part of our Board and they will contribute with their knowledge and I think it is a plus for the company.

但作為股東，他們將成為我們董事會的一部分，他們將貢獻自己的知識，我認為這對公司來說是一個優勢。

So they were interested in sort of all of your copper assets, cause as you know them mostly open pit miners. So they're also interested in the underground operations. And are they interested in Trapiche maybe being you know, helping on the development like a BHP, like you mentioned, would they be interested on being a partner on the Trapiche (inaudible)

所以他們對你們所有的銅資產都感興趣，因為你們知道他們大多是露天礦商。所以他們也對地下活動有興趣。他們是否對 Trapiche 感興趣，也許你知道，像必和必拓一樣幫助開發，就像你提到的那樣，他們是否有興趣成為 Trapiche 的合作夥伴（聽不清楚）

Well, if they are interested at any other company, we will open and they will have to sign [DNA] or how you correct, yes, an NDA. And yeah, why not, Antofagasta is a first-class company. They are specialized in copper and as you say, we (inaudible) So nothing, nothing extraordinary, Tanya. Nothing extraordinary.

好吧，如果他們對任何其他公司感興趣，我們將開放，他們將必須簽署 [DNA] 或您如何更正，是的，保密協議。是的，為什麼不呢，安託法加斯塔是一家一流的公司。他們專注於銅，正如你所說，我們（聽不清楚）所以沒什麼，沒什麼特別的，Tanya。沒什麼特別的。

Okay. No, I really, really appreciate that. Thank you so much Roque for that. Can I just ask maybe a couple of things on just some modeling questions from Daniel. And then I want to come back to Sam Gabriel and Trapiche. Just on the modeling side, Daniel, should I be looking your 2023 level for exploration, G&A and selling expenses. Is that a similar level for 2024?

好的。不，我真的非常感激。非常感謝羅克。我可以就 Daniel 的一些建模問題問一些問題嗎？然後我想回到 Sam Gabriel 和 Trapiche。就建模而言，丹尼爾，我應該看看你 2023 年的勘探、一般管理費用和銷售費用水平嗎？2024 年是否會達到類似水準？

Yes Tanya. For explorations, you should estimate around $45 million from brownfield explorations and an additional $10 million for greenfield. The G&A should be similar to the first through third quarter of this year. Remember that in the quarters three and four, we had an amortization of the deferred [sweeping] assets at El Brocal. So if you want to model, you should take the G&A similar to the first two quarters of the year.

是的，塔妮亞。對於勘探，您應該估計棕地勘探的成本約為 4500 萬美元，綠地勘探的額外成本為 1000 萬美元。一般管理費用應與今年第一季至第三季類似。請記住，在第三季度和第四季度，我們對 El Brocal 的遞延[全面]資產進行了攤銷。因此，如果你想建模，你應該採用與今年前兩個季度類似的 G&A。

Okay. No, that's very helpful. Thank you so much for that. That's helpful. And then can I come back and asked about some of the asset sales. When we were at the Investor Day and congratulations on selling wonderful assets in the quarter.

好的。不，這非常有幫助。對此感激不盡。這很有幫助。然後我可以回來詢問一些資產出售的情況嗎？當我們參加投資者日並祝賀本季出售出色的資產時。

We talked about some, you know, selling some of the assets to help fund the balance sheet on top of the Cerro Verde dividend that we're receiving. Where are we on the Yanacocha royalty sale. I know we had talked about at the Investor Day, they're 13 potential buyers. Can you just talk about where you see asset sales in Q1?

我們談到了一些，你知道，出售一些資產，以幫助為我們收到的 Cerro Verde 股息之外的資產負債表提供資金。我們在亞納科查特許權拍賣中處於什麼位置？我知道我們在投資者日討論過，他們是 13 位潛在買家。您能談談您對第一季資產銷售的看法嗎？

(multiple speakers) (inaudible) Aldo, please go ahead.

（多位發言者）（聽不清楚）奧爾多，請繼續。

Okay. Thank you, Leandro. Hey Tanya, we're still in the process of selling the royalty. We have received five non-binding offers February 15. The idea is to elect the one who passed the raffle of (inaudible) and in maybe make a potential (inaudible) to Yanacocha on March -- at the end of March. And finally, the idea is to receive the binding offers on April 15. And choose one and go ahead.

好的。謝謝你，萊安德羅。嘿，塔妮婭，我們仍在出售版稅。2 月 15 日，我們收到了五份不具約束力的報價。我們的想法是選舉通過（聽不清楚）抽獎的人，並可能在三月（三月底）為亞納科查（Yanacocha）創造潛力（聽不清楚）。最後，我們的想法是在 4 月 15 日收到具有約束力的報價。然後選擇一個並繼續。

Okay. So it seems as (inaudible) is not involved, it's just other players that besides (inaudible) and you would like to finalize by April 15?

好的。所以看來（聽不清楚）沒有參與，除了（聽不清楚）之外，只是其他玩家，您希望在 4 月 15 日之前敲定？

Yes, this is idea.

是的，這是想法。

And then I'd like to come just to San Gabriel if I could. I just wanted to understand, I see the picture of the camp, a thousand beds. So is the camp done? And what are the critical items for 2024 and then at the Investor Day, we were also told that we would be getting updated capital and operating costs. Can you remind me when that's coming?

如果可以的話，我想直接來聖蓋博。我只是想明白，我看到了營地的照片，一千張床位。那麼夏令營結束了嗎？2024 年的關鍵項目是什麼，然後在投資者日，我們也被告知我們將獲得最新的資本和營運成本。你能提醒我什麼時候到來嗎？

Yes, Tanya. I turn the microphone to Renzo, our Vice President of Projects.

是的，塔妮亞。我將麥克風轉向我們的專案副總裁倫佐。

Thank you.

謝謝。

Hi Tanya. Campsite is high, we have 1,000 beds ready and besides those next week, we already have another 1,000 beds in the vicinity of the projects zone, that will not be a problem. What you see in the picture is finalizing sidewalks and finalizing the emergency power plant at the site, those little things that are missing.

嗨，塔妮亞。營地地勢較高，我們已經準備好了1000個床位，除了下週的床位外，我們在計畫區附近已經另外準備了1000個床位，這不會是問題。你在圖片中看到的是人行道的最後完工和現場緊急發電廠的最後完工，這些都是缺少的小東西。

The main contractor for steel piping and mechanical will arrive in the next month. So we're going to have everything done by that date. In the second part of your question about what shall we expect in 2024, and well the first concrete push would be in the second quarter, and then power line construction should start us well in the second quarter of this year.

鋼管和機械的主承包商將於下個月抵達。所以我們將在該日期之前完成所有工作。在你的問題的第二部分，我們對 2024 年有何期望，第一個具體推動將在第二季度進行，然後電力線路建設應該會在今年第二季度啟動。

In the third quarter, we think we're going to be starting with the electrical and signal contractor and finally finishing the year with a very good advance with the water [dam] before your rainy season starts.

在第三季度，我們認為我們將從電氣和信號承包商開始，並最終在雨季開始之前以水[大壩]的良好進展結束這一年。

And I think your last question was about the updated (inaudible) we are currently working on that. In the next quarter, we're going to be giving the dividend estimate numbers.

我認為你的最後一個問題是關於我們目前正在研究的更新（聽不清楚）。在下個季度，我們將給出股息預估數字。

Okay. So when you report your Tier 1, so sometime in April, the end of April maybe, we will be getting an updated CapEx and what about the operating costs?

好的。因此，當您報告一級時，在 4 月的某個時候，也許是 4 月底，我們將獲得更新的資本支出以及營運成本？

Given the OpEx, we are going to be finishing in the third quarter of this year.

考慮到營運支出，我們將在今年第三季完成。

(multiple speakers) Q3

（多個發言者）Q3

Yes (multiple speakers) the updated in CapEx should be for the conference call of the second quarter.

是的（多個發言者）資本支出的更新應該用於第二季的電話會議。

Oh, conference call in Q2. So it's going to be on time in July.

哦，第二季的電話會議。所以七月就準時了。

Yes.

是的。

CapEx in July and then OpEx in Q3, so October?

七月的資本支出，第三季的營運支出，那麼十月呢？

Yes.

是的。

Okay. Thank you so much for that. So we'll look forward to getting those because those numbers, I guess, as you know, are quite stale. They've been there for a long, long time. And then my final question, if I can is just on Trapiche. I'm just wanting to know if you started at the public assemblies (inaudible) are they still going to be starting in Q2? And is the [visibility] still on track for the end 2026?

好的。對此感激不盡。所以我們會期待得到這些，因為我想，正如你所知，這些數字已經相當陳舊了。他們已經在那裡呆了很長很長時間了。然後我的最後一個問題是，我是否可以只問達碧茲。我只是想知道您是否開始參加公共集會（聽不清楚），它們還會在第二季開始嗎？到 2026 年底，[能見度]是否仍按計劃進行？

(inaudible) So yes, we our environmental impact assessment was submitted and public assemblies should happen in April time frame. And yes, we're still on track forms for our visibility study towards 2026.

（聽不清楚）所以，是的，我們已經提交了環境影響評估，公眾集會應該在四月份的時間範圍內舉行。是的，我們仍在準備 2026 年可見性研究的表格。

(multiple speakers) Yeah. And would it be fair to assume that once you have the visibility study in hand, that is when you are going to be looking for a joint venture partner?

（多個發言者）是的。是否可以假設，一旦您掌握了可見性研究，您就開始尋找合資夥伴？

Yes, Tanya, this is the idea. As soon as we have the visibility study done, the idea is to choose for a firm (inaudible)

是的，塔尼婭，這就是主意。一旦我們完成了可見性研究，我們的想法就是選擇一家公司（聽不清楚）

Okay. Thank you so much for taking all my questions. I could go on all day, but let me pass it on to somebody else. I really appreciate it.

好的。非常感謝您回答我所有的問題。我可以繼續講一整天，但讓我把它轉給其他人。對此，我真的非常感激。

Thank you. Omar Avellaneda, Prima AFP.

謝謝。奧馬爾·阿維拉內達（Omar Avellaneda），法新社首席記者。

Good morning to all. Thank you for the call. I have a couple of questions. I guess I missed a little part of the call. So maybe you have answered this, but I would like to know what is it needed to have a fully operational Yumpag since the second quarter of 2024.

大家早安。謝謝您的來電。我有一些問題。我想我錯過了通話的一小部分。也許您已經回答了這個問題，但我想知道自 2024 年第二季以來全面運營 Yumpag 需要什麼。

And my second question and last one is regarding Cerro Verde, what is your expectations on CapEx for this unit on an annual basis for the next three years? Thank you.

我的第二個問題也是最後一個問題是關於 Cerro Verde，您對該單位未來三年每年的資本支出有何期望？謝謝。

Thank you, Omar. Thank you for your participation. In case of Yumpag, the full year operations, we expect to begin in the second quarter of this year. We are just waiting for the operational permit then allow us to resume their operations in Yumpag .

謝謝你，奧馬爾。感謝您的參與。以 Yumpag 為例，我們預計全年營運將於今年第二季開始。我們正在等待營運許可，然後允許我們恢復在 Yumpag 的運營。

But in the case of Cerro Verde, we have reviewed the figures budgeted for this year, and the CapEx today this approved and plan is around $300 million in line with the CapEx that we have being used to in the last couple of years. That is the CapEx we know today. The other projects are in (inaudible - microphone inaccessible) evaluation, I hope -- I think.

但就 Cerro Verde 而言，我們審查了今年的預算數字，今天批准的資本支出和計劃約為 3 億美元，與我們過去幾年習慣的資本支出一致。這就是我們今天所知的資本支出。我希望其他項目正在（聽不清楚 - 麥克風無法訪問）評估中 - 我想。

Okay. So just to add an additional question. These news that we saw in (inaudible) were related to this [$300 million] of CapEx in Cerra Verde does not change any at all of your views regarding dividends come in from this unit right?

好的。所以只是添加一個額外的問題。我們在（聽不清楚）中看到的這些消息與 Cerra Verde 的 [3 億美元] 資本支出有關，這不會改變您對來自該單位的股息的看法，對嗎？

Well, as I told Omar that (inaudible) appearing in (inaudible) it is currently in evaluation, right? The plan today is the figure that we have is that the CapEx for this year is $300 million. We should have more information in the following meetings with them.

好吧，正如我告訴奧馬爾的（聽不清楚）出現在（聽不清楚）中，目前正在評估中，對吧？今天的計畫是我們今年的資本支出為 3 億美元。我們應該在接下來與他們的會面中獲得更多資訊。

Okay, perfect. And if I may one additional question, this [$300 million] Capex is not only for just one year no? I guess it could be for a couple of years, three years, it is not going to be disbursed in one year only, right?

好的，完美。如果我還有一個問題，這個 [3 億美元] 資本支出不僅僅是一年，不是嗎？我想可能是幾年，三年，不會只在一年內支付，對嗎？

Yeah it is a kind of a -- it's a permit, it's an [IPS] and the IPS is not for one year only, no.

是的，它是一種許可證，它是 [IPS]，而且 IPS 的有效期不僅僅是一年，不是。

Okay, perfect. Thank you very much. Congratulations on the results.

好的，完美。非常感謝。祝賀結果。

Thank you, Omar.

謝謝你，奧馬爾。

Thank you. Ladies and gentlemen, with that we will be concluding today's audio question and answer session. Now I would like to turn the floor back over to Gabriel Salas, Investor Relations Officer for any webcast questions.

謝謝。女士們、先生們，今天的音頻問答環節到此結束。現在我想請投資者關係官加布里埃爾·薩拉斯 (Gabriel Salas) 解答任何網路廣播問題。

Thank you, operator. The first two questions come from Isabella Pacheco from Bank of America. How do you see net leverage in 2024? What was the main factor contributing to a positive EBITDA in fourth quarter 2023?

謝謝你，接線生。前兩個問題來自美國銀行的伊莎貝拉·帕切科。您如何看待2024年的淨槓桿率？2023 年第四季實現正 EBITDA 的主要因素是什麼？

Well, Daniel can help us with that questions.

好吧，丹尼爾可以幫助我們解決這些問題。

Yes Leandro. In terms of the net leverage, we ended this 2023 with 2 times net debt over EBITDA. As we mentioned before, we count with a facility or with different banks of $200 million of revolving facilities that we will use when we need the cash to fund the San Gabriel in the short term.

是的，萊安德羅。就淨槓桿率而言，我們 2023 年末的淨負債是 EBITDA 的 2 倍。正如我們之前提到的，我們透過一項貸款或不同銀行的 2 億美元循環貸款進行計算，當我們短期內需要現金為聖蓋博提供資金時，我們將使用這些貸款。

Probably we will be using around $150 million from these facilities. And this will as a consequence of this, the leverage ratio should come up to around 3 times which will be the maximum that we expect by the end of this year.

我們可能會從這些設施中使用約 1.5 億美元。因此，槓桿率將達到3倍左右，這將是我們預計今年年底的最高水準。

The second question regarding the EBITDA of the fourth quarter, there were basically three factors. One is the sale of (inaudible) that contributed with around $38 million of the EBITDA. The second factor was the stronger production and volumes sold off from El Brocal. And finally, the restarting operations at Uchucchacua and Yumpag that contributed with around 2.8 million ounces of silver to our P&L.

第二個問題關於第四季的EBITDA，基本上有三個因素。其中之一是出售（聽不清楚），為 EBITDA 貢獻了約 3,800 萬美元。第二個因素是 El Brocal 的產量和銷售量增加。最後，Uchucchacua 和 Yumpag 的重啟業務為我們的損益貢獻了約 280 萬盎司白銀。

Thanks Daniel. The next question comes from Orlando Barriga from Credicorp Capital. How much of Yumpag costs were classified as CapEx during the fourth quarter 2023?

謝謝丹尼爾。下一個問題來自 Credicorp Capital 的 Orlando Barriga。2023 年第四季度，Yumpag 的成本中有多少被歸類為資本支出？

Daniel?

丹尼爾？

Yeah. There were $10 million of development costs that we're not inputted to the cost of sales because we count with an exploration permit. So the number for the following years to be more to stated is $10 million.

是的。有 1000 萬美元的開發成本我們沒有計入銷售成本，因為我們是根據勘探許可證來計算的。因此，接下來幾年需要說明的數字是 1000 萬美元。

Thanks Daniel. At this time there are no further questions. I would like to turn the call over to the operator.

謝謝丹尼爾。目前沒有進一步的問題。我想將電話轉給接線生。

Thank you. That concludes the question and answer session of today's conference call. I'm going to turn it back over to management for closing remarks.

謝謝。今天電話會議的問答環節到此結束。我將把它轉回給管理層做總結發言。

Thank you, operator. Before we finish today's conference call, I will like to thank you very much for making the time to join us, and have a -- I saw that you have again, you have a great day today. Thank you very much.

謝謝你，接線生。在我們結束今天的電話會議之前，我要非常感謝您抽出時間參加我們，並祝您今天過得愉快。非常感謝。

Thank you. Ladies and gentlemen, that concludes Buenaventura's fourth quarter 2023 earnings results conference call. We would like to thank you again for your participation. You may now disconnect and have a wonderful day.

謝謝。女士們先生們，布埃納文圖拉 2023 年第四季財報電話會議到此結束。我們再次感謝您的參與。您現在可以斷開連接並度過美好的一天。