Cameco Corp (CCJ) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

This is the conference operator, and welcome to the Cameco Corporation second quarter 2024 results conference call.

我是會議操作員，歡迎參加 Cameco Corporation 2024 年第二季業績電話會議。

And the conference is being recorded.

會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Cory Kos, Vice President, Investor Relations.

現在我想將會議交給投資者關係副總裁科里·科斯 (Cory Kos)。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Welcome to Cameco's second quarter conference call.

歡迎參加 Cameco 第二季度電話會議。

I would like to acknowledge that we are speaking from our corporate office, which is on Treaty 6 territory, the traditional territory of Cree people and the homeland of the Metis.

我想承認，我們是在我們的公司辦公室發表講話的，該辦公室位於第 6 號條約領土上，是克里人的傳統領土，也是梅蒂斯人的故鄉。

With us today are Tim Gitzel, President and CEO; Grant Isaac, Executive VP and CFO; Heidi Shockey, Senior VP and Deputy CFO; Rachelle Girard, Senior VP and Chief Corporate Officer; Brian Reilly, Senior VP and Chief Operating Officer; and Sean Quinn, Senior VP, Chief Legal Officer and Corporate Secretary.

今天與我們在一起的有總裁兼執行長 Tim Gitzel； Grant Isaac，執行副總裁兼財務長； Heidi Shockey，資深副總裁兼副財務長； Rachelle Girard，資深副總裁兼首席公司長； Brian Reilly，資深副總裁兼營運長； Sean Quinn，資深副總裁、首席法務官兼公司秘書。

I'm going to hand it over to Tim in a moment to briefly reinforce the durable demand story for nuclear energy and discuss the execution of our strategy in the current market, which is positioning us to benefit from the tailwinds after we will open it up to your questions.

稍後我將把它交給蒂姆，簡要強調核能的持久需求故事，並討論我們在當前市場中的戰略執行情況，這使我們能夠在開放後從順風中受益對於你的問題。

Today's call will be approximately one hour concluding at 9:00 AM Eastern time.

今天的電話會議將持續約一小時，並於東部時間上午 9:00 結束。

As always, our goal is to be open and transparent with our communications.

一如既往，我們的目標是在溝通中保持開放和透明。

However, we do want to respect everyone's time and conclude the call on time.

但是，我們確實希望尊重每個人的時間並按時結束通話。

Therefore, should we not have time to get to your questions during this call or if you have detailed questions about our quarterly financial results, we will be happy to follow up with you after the call.

因此，如果我們在本次電話會議期間沒有時間回答您的問題，或者您對我們的季度財務業績有詳細疑問，我們將很樂意在電話會議後與您聯繫。

There are a few ways to contact us with additional questions you can reach out to the contacts provided in our news release, (Event Instructions) If you joined the conference call through our website event page, there are slides available, which will be displayed during the call.

如果您有其他問題，可以透過多種方式聯絡我們，您可以聯絡我們新聞稿中提供的聯絡人，（活動說明）如果您透過我們的網站活動頁面加入電話會議，則可以使用幻燈片，這些幻燈片將在活動期間顯示。

In addition for your reference, our quarterly investor handout is available for download in a PDF file on our website at cameco.com.

此外，您也可以在我們的網站 comeco.com 上以 PDF 檔案下載我們的季度投資者講義，供您參考。

Today's conference call is open to all members of the investment community, including the media.

今天的電話會議向包括媒體在內的投資界所有成員開放。

During the Q&A session, please limit yourself to two questions and then return to the queue.

在問答環節中，請只回答兩個問題，然後返回佇列。

Please note that this conference call will include forward-looking information, which is based on a number of assumptions and actual results could differ materially.

請注意，本次電話會議將包含前瞻性訊息，這些資訊基於許多假設，實際結果可能存在重大差異。

You should not place undue reliance on forward-looking statements.

您不應過度依賴前瞻性陳述。

Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

實際結果可能與這些前瞻性聲明有重大差異，除非法律要求，否則我們不承擔更新我們今天所做的任何前瞻性陳述的義務。

Please refer to our most recent annual information form and MD&A for more information about the factors that could cause these different results and the assumptions we have made.

請參閱我們最新的年度資訊表和 MD&A，以了解有關可能導致這些不同結果的因素以及我們所做的假設的更多資訊。

With that, I will turn it over to Tim.

這樣，我就把它交給提姆。

Well, thank you, Cory, and good morning, everyone.

好吧，謝謝你，科里，大家早安。

We appreciate you joining us on our call today.

我們感謝您今天加入我們的電話會議。

I hope everyone's doing well and that you are able to enjoy some time this summer with friends and family.

我希望每個人都一切順利，並希望您能夠與朋友和家人一起度過這個夏天。

Here in Saskatchewan, we're in a bit of a heat wave, something that has become more and more common in many parts of Canada and around the world.

在薩斯喀徹溫省，我們正處於熱浪之中，這種熱浪在加拿大許多地區和世界各地變得越來越普遍。

Last year in July for instance, the planet recorded its hottest day on record.

例如，去年七月，地球創下了有史以來最熱的一天。

And last week, we saw a global average temperature that beat that record.

上週，我們看到全球平均氣溫打破了這項紀錄。

Then again, last week, the very next day, we saw it again, the record high global temperature two days in a row.

話又說回來，上週，第二天，我們又看到了，連續兩天全球氣溫創歷史新高。

As you can imagine, if you are fortunate enough to have it demand for air conditioning increases during these times significantly and countries need safe, reliable, affordable, and secure energy sources to support that demand.

正如您可以想像的那樣，如果您夠幸運的話，在這些時期對空調的需求將顯著增加，而各國需要安全、可靠、負擔得起且有保障的能源來滿足這一需求。

Sources that provide baseload power that won't make the problem of rising temperatures worse by releasing carbon into the atmosphere sources like nuclear.

提供基本負載電力的能源不會因為將碳釋放到大氣中而使氣溫升高的問題變得更糟，例如核能。

To help avoid some of the worst consequences of climate change, carbon-free nuclear power continues to be highlighted as a central part of the solution driving durable demand, which we believe is unlike anything we've seen before in this industry.

為了幫助避免氣候變遷帶來的一些最嚴重後果，無碳核電繼續被視為推動持久需求解決方案的核心部分，我們認為這與我們之前在該行業看到的任何情況都不同。

And that's a key theme of today's call, continued demand durability.

這就是今天電話會議的一個關鍵主題：持續的需求耐久性。

The support for nuclear energy continues to emerge across governments of all stripes, energy-intensive industries, and within the general public.

各級政府、能源密集產業以及公眾對核能的支持不斷湧現。

And that strong support for nuclear energy is generating durable full cycle demand throughout the fuel cycle by that I mean opportunities in the near mid and long term.

對核能的大力支持正在整個燃料循環中產生持久的全循環需求，我指的是近中長期的機會。

However, as we have seen over the past few weeks, capital markets tend to be much more shortsighted.

然而，正如我們在過去幾週所看到的，資本市場往往更加短視。

We've seen equities in the uranium and nuclear sector being negatively impacted by risk-off factors affecting adjacent sectors, political developments, driving questions about ongoing support for sanctions and green initiatives, and uncertain economic indicators.

我們已經看到鈾和核行業的股市受到影響鄰近行業的避險因素、政治事態發展、對制裁和綠色倡議持續支持的質疑以及不確定的經濟指標的負面影響。

But despite the new cycle and the downward pressure affecting sectors that nuclear has become somewhat associated with the industry fundamentals remain robust, firmly positioned in the center enjoying strong bipartisan political support in the US and in many countries around the world.

然而，儘管新的週期和下行壓力影響核能產業，但核電產業的基本面依然強勁，並牢牢地處於核心地位，並在美國和世界許多國家獲得了兩黨的強有力政治支持。

That support and interest is defining long-term demand growth.

這種支持和興趣正在決定長期需求成長。

In the context of the risk of uncertainty, as of late, it's important to remember that governments thinking about long-term energy policy in certain sectors considering carbon free nuclear for their future energy needs are only a couple of the factors driving that full cycle demand, the need to replace retiring fossil fuel generation is right in front of us.

在最近不確定性風險的背景下，重要的是要記住，政府考慮某些部門的長期能源政策，考慮無碳核能滿足其未來的能源需求，這只是推動全循環需求的幾個因素，替代退役化石燃料發電的需求就擺在眼前。

We have existing energy intensive industries that need to integrate reliable, carbon-free baseload power to reduce emissions today amid global geopolitical tensions country's need to secure reliable energy sources right now.

我們現有的能源密集產業需要整合可靠、無碳的基本負載電力，以減少當今全球地緣政治緊張局勢下的排放，而各國現在需要確保可靠的能源來源。

Nuclear energy provides that solution and in a world where the social license to operate has never been more important, self-sanctioning by many countries, and companies is already underway to procure nuclear fuel from responsible, reliable, and sustainable suppliers like chemical.

核能提供了這種解決方案，在一個社會運營許可變得前所未有的重要的世界裡，許多國家都自我批准，並且公司已經開始從負責任、可靠和可持續的供應商（如化學品）採購核燃料。

The demand is clearly full cycle, but as we continue to see durable demand for nuclear energy fuel supply and the long-term cost of that supply continues to be uncertain.

需求顯然是全週期的，但隨著我們繼續看到對核能燃料供應的持久需求，以及該供應的長期成本仍然不確定。

Today, we're not seeing investments in significant greenfield projects that will be needed to satisfy growing demand from reactors being safe and restarted, reactor life extensions, and new reactor builds.

今天，我們沒有看到對重大綠地專案的投資，而這些專案是滿足反應器安全和重啟、延長反應器壽命和建造新反應器不斷增長的需求所必需的。

There are a few idle production centers restarting, but new supply sources take time.

一些閒置的生產中心正在重啟，但新的供應來源需要時間。

The recent cancellation of permits and the negative developments in Niger, the refusal to renew the lease at Jabiluka in Australia and the unexpected significant tax increase in Kazakhstan contribute even more to the uncertainty.

最近取消許可證和尼日爾的負面事態發展、拒絕續簽澳洲賈比盧卡的租約以及哈薩克意外大幅增稅，都加劇了不確定性。

At the same time, finite secondary supplies from sources like enrichment, underfeeding, government inventory, and excess commercial inventory are rapidly diminishing.

同時，來自濃縮、供給不足、政府庫存和過剩商業庫存等來源的有限二次供應正在迅速減少。

So in a tightening market we are also finding ourselves without the same shock absorbers that we relied on in the past, which leaves the industry very susceptible to any significant interruptions in primary supply.

因此，在緊縮的市場中，我們也發現自己沒有過去所依賴的減震器，這使得該行業非常容易受到任何初級供應的重大中斷的影響。

The tightness of supply puts chemical in an enviable position of having what we believe are the world's premier Tier one fuel cycle assets alongside our investments across the reactor lifecycle.

供應緊張使化學品處於令人羨慕的地位，擁有我們認為是世界上首屈一指的一級燃料循環資產以及我們在整個反應器生命週期的投資。

As the market transition continues, we are doing exactly what we said we would do with those assets and investments with every decision we make being guided by our marketing, operational, and financially focused strategy.

隨著市場轉型的持續，我們正在按照我們所說的方式處理這些資產和投資，我們所做的每一個決定都以我們的行銷、營運和財務為重點的策略為指導。

We continue to capture fundamental demand across the fuel cycle, and we continue to be selective in committing our uranium inventory and UF6 conversion capacity in order to maintain a contract book that preserves exposure to rising prices while maintaining downside protection.

我們繼續抓住整個燃料循環的基本需求，並繼續有選擇性地投入我們的鈾庫存和六氟化鈾轉化能力，以維持一份合約書，在保持價格上漲的同時保持下行保護。

In the second quarter, the spot market was relatively quiet and long term contracting volume was much lower than last year.

第二季現貨市場相對平靜，長約成交量遠低於去年同期。

The Russian uranium import ban imposed by the US government, which takes effect in early August.

美國政府對俄羅斯實施的鈾進口禁令於8月初生效。

And the uncertainty with respect to the waiver process caused many US utilities to step back and reconsider their procurement strategies.

豁免程序的不確定性導致許多美國公用事業公司退後一步，重新考慮其採購策略。

Because the nuclear industry is global, certain US-based fuel cycle services use uranium that may be imported from Russia and subsequently re-exported for international customers.

由於核工業是全球性的，某些美國燃料循環服務使用的鈾可能從俄羅斯進口，然後再出口給國際客戶。

The contracting activity of those international utilities is also impacted by the waivers process.

這些國際公用事業公司的承包活動也受到豁免程序的影響。

So the long-term fuel procurement uncertainty related to the ban goes beyond US utilities.

因此，與禁令相關的長期燃料採購不確定性不僅限於美國公用事業公司。

So although utilities are being cautious as they adjust and contracting was slower in the first half, we still expect to see increasing requests in the market with a continued uptick in off-market activity.

因此，儘管公用事業公司在上半年調整和收縮速度較慢時持謹慎態度，但我們仍預期市場需求將增加，場外活動將持續增加。

When comparing the industry's fuel requirements to the level of contract coverage, it's important to remember that contracting can be delayed and deferred, but it cannot be avoided.

在將行業的燃料需求與合約覆蓋範圍進行比較時，重要的是要記住，合約可以延遲和推遲，但無法避免。

There's no substitute for the uranium required to run a reactor.

運作反應器所需的鈾是無可取代的。

While the industry-wide contracted volumes suggest a quieter second quarter, our long-term book of business continued to grow.

儘管全行業的合約量顯示第二季較為平靜，但我們的長期業務仍持續成長。

Our average level of commitments over the next five years increased from GBP28 million to GBP29 million per year.

我們未來五年的平均承諾水準從每年 2,800 萬英鎊增加到 2,900 萬英鎊。

And with the pipeline of potential new business under negotiation, that is keeping the marketing team very busy.

隨著潛在新業務的洽談，行銷團隊變得非常忙碌。

We carefully manage our supply sources to meet those commitments and retain access to multiple levers to manage risks.

我們仔細管理我們的供應來源，以履行這些承諾，並保留使用多種槓桿來管理風險。

Production at our McArthur River, Key Lake and Cigar Lake operations is on track with every pound from these operations already sold, in fact, sold several years ago.

我們的麥克阿瑟河、基湖和雪茄湖工廠的生產正步入正軌，這些工廠的每一磅產品都已售出，事實上，幾年前就已售出。

As we build our contract book, we continue to evaluate the working capital requirements to expand our McArthur River Key Lake operations from GBP18 million of annual production to the license capacity of GBP25 million pounds per year.

在製定合約時，我們將繼續評估營運資金需求，以將 McArthur River Key Lake 業務從年產量 1800 萬英鎊擴大到每年 2500 萬英鎊的許可產能。

If additional supply is required to meet our commitments, we want to be ready to make a decision on expansion.

如果需要額外供應來履行我們的承諾，我們希望準備好做出擴張決定。

On the fuel services front, we experienced temporary operational issues that impacted the first half of 2024.

在燃料服務方面，我們遇到了影響 2024 年上半年的臨時營運問題。

As a result, our previous UF6 production target of 12,000 tons from Port Hope was reduced and we now expect 11,000 to 11,500 tons of UF6 this year.

因此，我們先前的霍普港 12,000 噸六氟化鈾產量目標被下調，目前我們預計今年的六氟化鈾產量為 11,000 至 11,500 噸。

The adjustment to our UF6 target does not affect our combined fuel services guidance range of 13,500 to 14,500 tons, which includes you have UF6, UO2 and fuel bundles.

對六氟化鈾目標的調整不會影響我們 13,500 至 14,500 噸的綜合燃料服務指引範圍，其中包括六氟化鈾、二氧化鈾和燃料束。

And the decrease in expected, UF6 production will be managed using our inventory.

預計六氟化鈾產量的減少將使用我們的庫存進行管理。

In both our uranium and fuel services segments we are pleased to have signed new three year collective agreements with unionized employees.

在我們的鈾和燃料服務領域，我們很高興與工會員工簽署了新的三年集體協議。

At McArthur River and Key Lake, the agreement is in place until December 2025, while at Chemical fuel manufacturing, the agreement expires in June, 2027.

在麥克阿瑟河和基湖，該協議有效期至 2025 年 12 月，而在化學燃料製造，該協議將於 2027 年 6 月到期。

In Kazakhstan, production was down at the Inkai operation for the quarter and for the first half of 2024 compared to last year, due primarily to continued challenges with sulfuric acid availability.

在哈薩克，與去年相比，Inkai 工廠本季和 2024 年上半年的產量有所下降，這主要是由於硫酸供應的持續挑戰。

The current production target at Inkai is GBP8.3 million for 2024, but that Target is tentative and contingent upon receipt of sufficient volumes of sulfuric acid.

Inkai 目前的產量目標是 2024 年 830 萬英鎊，但該目標是暫定的，取決於收到足夠數量的硫酸。

We are continuing to work with Kazatomprom to determine the exact portion of that production, we will purchase this year as well as the timing of deliveries on the Trans-Caspian transportation route and our plan production for the coming year.

我們將繼續與 Kazatomprom 合作，確定我們今年將採購的生產的確切部分、跨里海運輸路線的交付時間以及我們來年的計劃生產。

However, all of that has become more complicated due to the sudden taxation changes that will take effect beginning in 2025.

然而，由於 2025 年開始生效的突然稅收變化，所有這一切都變得更加複雜。

To be blunt, we're becoming increasingly concerned with what we're seeing in Kazakhstan.

坦白說，我們越來越擔心在哈薩克所看到的情況。

The government there has introduced amendments to the country's tax code, which includes significant increases to the MET, the mineral extraction tax beginning in 2025.

該國政府對該國稅法進行了修訂，其中包括從 2025 年開始大幅提高 MET（礦產開採稅）。

The surprising and disappointing change appears to have the greatest impact on foreign assets investors as well as foreign equity investors in Kazakhstan, transferring expected value and profits away from investors and to the government.

這一令人驚訝和令人失望的變化似乎對哈薩克斯坦的外國資產投資者以及外國股權投資者影響最大，將預期價值和利潤從投資者手中轉移到政府手中。

We're evaluating the changes to the MET, but if it remains as currently formulated depending on the assumptions used for uranium price, future production profile, and exchange rates, preliminary conclusions indicate that production costs in Kazakhstan would be similar to our northern Saskatchewan operations.

我們正在評估 MET 的變化，但如果根據鈾價格、未來生產概況和匯率的假設保持目前的製定，初步結論表明哈薩克斯坦的生產成本將與我們薩斯喀徹溫省北部的業務相似。

The increase in costs is happening at a time when the industry is still in the early stages of recovery, and that impacts about 40% of global primary production.

成本增加發生在該行業仍處於復甦的早期階段，影響了全球約 40% 的初級生產。

So the global supply cost curve is expected to move up significantly.

因此，全球供應成本曲線預計將大幅上移。

That would mean higher long-term prices are required for future investment decisions.

這意味著未來的投資決策需要更高的長期價格。

So more to come as we continue with that analysis and with the discussions with our partner.

隨著我們繼續進行分析並與我們的合作夥伴進行討論，將會有更多內容出現。

So those are the key developments so far in 2024 affecting our decisions under the marketing and operational areas of our strategy.

這些是 2024 年迄今影響我們策略行銷和營運領域決策的關鍵發展。

Looking at the financial aspects, we are in great shape remaining on track for our 2024 outlook.

從財務方面來看，我們的狀況良好，仍有望實現 2024 年的展望。

We've been diligent in maintaining liquidity and the capital resources to carry our strategic plans with a strong balance sheet guided by our investment grade rating.

我們一直努力保持流動性和資本資源，以透過我們的投資等級評級引導的強大資產負債表來實施我們的策略計劃。

With the improving prices under our long-term contract portfolio, progress toward our Tier one cost structure and higher UF6 conversion production, we expect to see strong cash flow generation.

隨著我們長期合約組合下價格的改善、一級成本結構的進展以及六氟化鈾轉換產量的提高，我們預計將看到強勁的現金流產生。

During the quarter, we remained focused on debt reduction and prudently executing our refinancing plans that included repaying another USD100 million of the remaining principal outstanding on the term loan we took on for the financing of Westinghouse and maintaining our prioritization of repayments of the remaining $300 million, while managing our liquidity and cash reserves.

本季度，我們仍然專注於削減債務，並審慎執行再融資計劃，其中包括償還我們為西屋電氣融資的定期貸款中剩餘未償還本金的另外 1 億美元，並維持償還剩餘 3 億美元的優先順序，同時管理我們的流動性和現金儲備。

It also meant that we refinanced the $500 million of senior unsecured debentures that matured in June.

這也意味著我們為 6 月到期的 5 億美元優先無擔保債券進行了再融資。

To ensure we have the financial tools in place to provide continued flexibility as we move through the year, we plan to file a new base shelf prospectus when our current one expires in October.

為了確保我們擁有適當的金融工具，以便在這一年中提供持續的靈活性，我們計劃在當前招股說明書於 10 月到期時提交一份新的基本貨架招股說明書。

Looking at our Westinghouse investment, performance to date this year is as expected and aligned with our outlook, including our expectation for adjusted EBITDA from Westinghouse to be between $445 million and $510 million dollars this year.

看看我們對西屋電氣的投資，今年迄今為止的業績符合預期，並符合我們的前景，包括我們對西屋電氣今年調整後 EBITDA 的預期為 4.45 億美元至 5.1 億美元之間。

We're continuing to see more opportunities emerging than we valued at the time of acquisition, and we still anticipate adjusted EBITDA growth at a compound annual growth rate of 6% to 10% over the next five years.

我們繼續看到更多的機會出現，超出了我們收購時的估值，並且我們仍然預計未來五年調整後 EBITDA 的複合年增長率為 6% 至 10%。

Before we conclude, I would like to highlight a few changes to our executive team.

在結束之前，我想強調一下我們執行團隊的一些變化。

At the end of June Alice Wong announced your retirement as Senior Vice President and Chief Corporate Officer.

六月底，Alice Wong 宣布退休，擔任高級副總裁兼首席公司長。

It has been a pleasure to work with Alice during her 37 year career with Cameco and in your current role for the past 11 years.

在 Alice 在 Cameco 的 37 年職業生涯中以及過去 11 年在您目前的職位上，我們很高興與她一起工作。

I'd like to thank Alice for her expertise, wisdom leadership, and outstanding contributions.

我要感謝 Alice 的專業知識、智慧的領導力和傑出的貢獻。

And I wish you the very, very best in retirement.

我祝福您退休後一切順利。

Rachelle Girard has been appointed Senior Vice President and Chief Corporate Officer.

雷切爾·吉拉德 (Rachelle Girard) 被任命為高級副總裁兼首席公司長。

Rachelle has been with chemical for 18 years and the investment community knows very well as the now former Vice President of Investor Relations.

Rachelle 在化學領域工作了 18 年，投資界對她現任前投資者關係副總裁非常熟悉。

Cory COS has moved into her previous role, and Rachelle will maintain executive oversight of Investor Relations and adding our human resources, supply chain management, internal audit, and corporate ethics functions to her list of responsibilities.

Cory COS 已接任先前的職務，Rachelle 將繼續對投資者關係進行行政監督，並將我們的人力資源、供應鏈管理、內部審計和企業道德職能添加到她的職責清單中。

I'm pleased to welcome Rachelle to the senior executive team with their knowledge, sound judgment, and leadership qualities.

我很高興地歡迎雷切爾加入高階管理團隊，她擁有豐富的知識、正確的判斷力和領導能力。

I look forward to Rachelle making a strong contribution as we position the company to leverage opportunities in these very exciting times for the nuclear industry.

我期待 Rachelle 能做出重大貢獻，幫助我們公司在核能產業這個令人興奮的時代充分利用機會。

So with that, I thank all of you for your interest today.

因此，我感謝大家今天的關注。

And we would be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Alexander Pearce Peel, BMO Capital Markets.

（操作員說明）Alexander Pearce Peel，BMO 資本市場。

It was a very strong performance for McArthur River this quarter and it looks like you produced more than 60% of your annual guidance, but you've kept guidance essentially unchanged overall.

McArthur River 本季的表現非常強勁，看起來您的業績達到了年度指導的 60% 以上，但您總體上保持了指導基本不變。

So we know that McArthur River has done more than GBP18 million for the whole year in the past.

所以我們知道 McArthur River 在過去一年的營業額超過了 1800 萬英鎊。

Is there a chance that you can beat this guidance?

您是否有機會超越該指導？

Do you think that this better quarter for Q2 and could mean a new kind of higher level going forward even without having to spend on the expansion as you move towards the GBP25 million per annum level.

您是否認為第二季的這個更好的季度可能意味著未來將達到一種新的更高水平，即使您無需在擴張上投入資金，因為您將朝著每年 2500 萬英鎊的水平邁進？

Thank you.

謝謝。

Hi, Alex, thanks.

嗨，亞歷克斯，謝謝。

Yes, thanks for the question.

是的，謝謝你的提問。

Nice to hear your voice.

很高興聽到你的聲音。

Well, obviously, we're delighted with the with the performance of both McArthur and of course, the Key Lake Mill.

嗯，顯然，我們對麥克阿瑟以及基湖磨坊的表現感到滿意。

Last year, we were still in a ramp-up phase and didn't quite get to where we wanted to this year.

去年，我們仍處於起步階段，今年並未完全達到我們想要的目標。

We're really really seeing the benefits now of some of the changes we made over the last couple of years that the robotics digitization and things like that are really paying dividends now.

我們現在確實看到了過去幾年我們所做的一些改變的好處，機器人數位化和類似的東西現在確實正在帶來紅利。

So yeah, we're on track, in fact, even ahead that at midyear on our production targets, we'll see -- we don't like to get too far out in front of the game.

所以，是的，事實上，我們正​​在走上正軌，甚至在年中我們的生產目標上也提前了，我們會看到——我們不喜歡在比賽中走得太遠。

We know things can go, but I would just say right now it is performing.

我們知道事情會發展，但我只想說現在它正在發揮作用。

Both of those facilities are performing exceptionally well.

這兩個設施都表現得非常好。

And we'll see what our numbers look like, and we'll continue to update you in the market going forward.

我們將看看我們的數字是什麼樣的，我們將繼續向您通報未來市場的最新情況。

But right now we're well on track.

但現在我們已經步入正軌。

Can I just follow up on the same question, essentially just ask him what part of the of the assets currently the bottleneck that probably needs a little bit more work needs to be more confident of consistency through the year?

我可以跟進同一個問題，本質上只是問他目前資產的哪一部分是瓶頸，可能需要更多的工作，需要對全年的一致性更有信心？

Do you mean to increase production higher than the 18, Alex?

Alex，你的意思是把產量提高到比 18 更高嗎？

Yeah, exactly, to keep the run rate that you've achieved through this quarter.

是的，確切地說，是為了保持本季所達到的運行率。

I think we have cleared more.

我想我們已經清理了更多。

I don't think there are any real bottlenecks at the moment.

我認為目前不存在任何真正的瓶頸。

I think where we're pushing the facilities to see what we can do.

我認為我們正在推動設施的發展，看看我們能做些什麼。

And right now, as I say, we're ahead of schedule.

現在，正如我所說，我們比計劃提前了。

But we've seen in past years where we've something can happen and we can go down for a period of time.

但我們在過去幾年中看到，我們可能會發生一些事情，我們可能會下降一段時間。

So far that's not been the case has been very good.

到目前為止，情況並非如此，情況一直很好。

So we are looking in the longer term to see whether we can on a sustainable basis, increase our production at McArthur and Key Lake.

因此，我們著眼於更長期，看看我們是否能夠在可持續的基礎上增加麥克阿瑟和基湖的產量。

We have licensing approvals to go to GBP25 million at both of those facilities and should the market call for those pounds.

如果市場需要這些英鎊，我們已獲得這兩個設施的許可證批准，金額可達 2500 萬英鎊。

Those are the best pounds on the planet.

這些是地球上最好的體重。

Let's be clear about that.

讓我們明確這一點。

And so right now, we're just evaluating the mill and the mine, what it would take to de-risk and de-bottleneck so that we are ready when the market calls for it.

所以現在，我們只是評估工廠和礦山，如何降低風險和瓶頸，以便我們在市場需要時做好準備。

And we will have notice, of course, any new contracts that the grants team or marketing team signs always give us several years notice.

當然，我們會注意到，資助團隊或行銷團隊簽署的任何新合約都會提前幾年通知我們。

And so we will -- that would give us the time then if we did need to do some de-bottlenecking derisking that give us the time to do it.

因此，如果我們確實需要進行一些消除瓶頸、消除風險的工作，那麼我們就有時間去做這件事。

So clearly, we're looking at it right now, Alex, it's in our pocket and it's as far as chemicals are concerned, it's a huge legacy.

很明顯，我們現在正在研究它，亞歷克斯，它就在我們的口袋裡，就化學物質而言，這是一筆巨大的遺產。

Those are the best pounds to bring on.

這些是最好的體重。

You want to talk Tier 1 pounds from an established facility with established workforce and government support public support.

您想從擁有成熟勞動力和政府支持的公共支持的成熟設施中談論一級磅。

We got it all there, a stable tax regime that it's all here in Saskatchewan.

我們在那裡得到了一切，穩定的稅收制度，這一切都在薩斯喀徹溫省。

And so we're really proud to have that facility -- those facilities.

因此，我們為擁有該設施而感到非常自豪。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

I wanted to build on your comments on Kazakhstan has been a focus for investors, given the ongoing sulfuric acid shortage along with the MET commentary that you referenced, how should we be thinking about that Inkai business in the near term in terms of both volumes and margins?

我想以您對哈薩克斯坦一直是投資者關注的焦點的評論為基礎，考慮到持續的硫酸短缺以及您提到的 MET 評論，我們應該如何在短期內考慮 Inkai 業務的數量和數量利潤？

And can you just expand on your latest thoughts about operating in that region?

您能否詳細闡述您對該地區營運的最新想法？

Let me be clear from the outset that we've had a long-standing and positive relationship with the Kazakhstan and Kazatomprom over many, many years decades, in fact.

讓我從一開始就明確指出，事實上，我們與哈薩克和哈薩克國家原子能工業公司多年來一直保持著長期積極的關係。

So that's -- I mean that's the foundation, I'd say, as I said on the call, were were increasingly concerned about what we're seeing now.

所以，我的意思是，正如我在電話會議上所說，這是基礎，我們越來越擔心我們現在所看到的情況。

I mean that that matter that minerals traction tax change, that got sprung on us for sure and everybody else, no notice no consultation and it's significant.

我的意思是，礦產牽引稅的變化很重要，這肯定是對我們和其他所有人來說的，沒有通知，沒有協商，這很重要。

It really makes us -- gives us great concern, I would say and where that's going to go.

我想說，這確實讓我們非常擔憂，以及這將走向何方。

So we haven't had a chance to talk to our partners about it yet to see what their views are.

所以我們還沒有機會和我們的合作夥伴討論這個問題，看看他們的看法如何。

I mean that just adds to some other things we've been seeing over the last while Kazakhstan's in a bit of a tough neighborhood there, as we know.

我的意思是，正如我們所知，這只是增加了我們過去看到的一些其他事情，而哈薩克的鄰裡關係有點艱難。

And so there's been the sulfuric acid issues that we've been dealing with.

因此，我們一直在處理硫酸問題。

And trying to get a grip on.

並試圖抓住。

You'll probably hear more from Kazatomprom in a couple of weeks on where that's going.

幾週後，您可能會從 Kazatomprom 聽到更多有關進展的資訊。

The transportation account, Trans Caspian route that we've had to move to.

運輸帳戶，我們必須搬到的跨里海航線。

That's new from when we started.

從我們開始的時候起，這是新的。

We're still discussing production levels allocations, Sean Quinn and his team with the Kazakh.

肖恩·奎因和他的團隊與哈薩克人仍在討論生產水平分配。

So it's just becoming a bit more complicated than we like.

所以它只是變得比我們想要的更複雜。

And so that's causing us some concern in that.

這引起了我們的一些擔憂。

And then the follow-up is just around Westinghouse, a very solid quarter after a little bit of a softer Q1.

接下來是西屋電氣，在經歷了第一季的疲軟之後，這是一個非常穩定的季度。

Can you just talk about how the business is being folded and you referenced seeing additional opportunities relative to what your base case when you when you announced the deal?

您能否談談業務是如何被折疊的，以及您提到看到與您宣布交易時的基本情況相關的更多機會？

And how do you think about the 2H in 2025 setup for Westinghouse?

您如何看待西屋電氣 2025 年 2H 計畫？

So I would just open and I'll turn it over to Grant, who's on the rep on the board there.

所以我就打開它，然後把它交給格蘭特，他是那裡董事會的代表。

But to saying that we're even happier with the Westinghouse deal.

但可以說我們對西屋電氣的交易更加滿意。

It's looking even better than the day we made the deal or closed the deal.

現在看起來比我們達成交易或完成交易的那天還要好。

It's really looking positive.

看起來確實很正面。

There's so many opportunities going forward.

未來還有很多機會。

But Grant, do you want to talk to them?

但是格蘭特，你想和他們談談嗎？

Yeah, happy to.

是的，很高興。

Thanks, Neil, for your question.

謝謝尼爾的提問。

Obviously, no change to our outlook for Westinghouse for 2024.

顯然，我們對西屋電氣 2024 年的展望沒有改變。

And you also referenced going forward, where are the positives and what we should be looking for?

您還提到了未來的積極因素在哪裡以及我們應該尋找什麼？

And just a reminder that we like to characterize, Westinghouse is having two main components.

只是提醒一下，我們喜歡描述西屋電氣有兩個主要組成部分。

One, you might want to call the core.

一，您可能想調用核心。

We think of that as the nuclear fuel and the operating plant systems business, very stable, highly recurring, and enjoying the tailwinds that we're seeing across the Western nuclear fuel cycle for sure.

我們認為這是核燃料和營運工廠系統業務，非常穩定，高度重複，並且享受我們在西方核燃料循環中肯定看到的順風車。

So that the expansion of new markets, Central and Eastern Europe with their VVER fuel manufacturing capability.

從而拓展新市場，中歐和東歐以其VVER燃料製造能力。

It's the reactors being saved, reactors going through life extensions as well as new builds that create additional opportunities for Westinghouse among their traditional customer base.

反應爐的保存、壽命的延長以及新建反應器為西屋電氣在其傳統客戶群中創造了更多機會。

Its new product offering, expansion more into the BWR aren't market away from just the PWR market for Westinghouse is an exciting opportunity course, fuels like LEU Plus accident tolerant, higher burden fuels all creating additional opportunity.

其新產品供應、更多地擴展到壓水堆市場，不僅僅是西屋電氣的壓水堆市場，這是一個令人興奮的機會過程，像LEU Plus 耐事故、高負荷燃料這樣的燃料都創造了額外的機會。

And don't forget the core of the business would also include the Springfields plant in the UK, which is a very important industrial complex to achieve not just the UK's nuclear ambitions, but also its participation in the Sapporo 5 Western group of companies looking to secure the fuel cycle.

不要忘記，業務的核心還包括英國的斯普林菲爾德工廠，這是一個非常重要的工業綜合體，不僅可以實現英國的核野心，而且還可以參與札幌 5 個西方公司集團確保燃料循環。

So lots going on in the core to watch for.

核心中發生了很多值得關注的事情。

We're very excited about.

我們非常興奮。

And of course, energy systems.

當然，還有能源系統。

Energy Systems is enjoying the tailwinds of a world that realizes it needs new power.

能源系統公司正享受著一個認識到它需要新能源的世界的順風。

It needs power that's reliable, power that's clean, power that is dispatchable.

它需要可靠、清潔、可調度的電力。

And increasingly, the demand is so significant that conversations have restarted in earnest in most jurisdictions about gigawatt scale new-build.

而且，需求越來越大，以至於大多數司法管轄區都重新開始認真討論千兆瓦級新建專案。

And of course, that AP1000 offering is the best-performing gigawatt scale reactor on the planet.

當然，AP1000 產品是地球上表現最好的千兆瓦級反應器。

So it's a very exciting outlook for Westinghouse when we continue to be watching very closely and their participation in both the fuel and reactor cycle is very, very strong.

因此，當我們繼續密切關注西屋電氣公司對燃料和反應器循環的參與非常非常強烈時，這對西屋公司來說是一個非常令人興奮的前景。

Ralph Profiti, Eight Capital.

拉爾夫·普羅菲蒂，八資本。

Tim, when it comes time to open a dialogue the Kazakhstan government, just wondering if that's going to take the form of Cameco acting alone with its joint venture partners, or will there be more sort of an industry lobby at dictating or at least addressing the concerns and how it may impact future capital allocations decisions?

提姆，當需要與哈薩克政府展開對話時，我只是想知道這是否會採取 Cameco 與其合資夥伴單獨行動的形式，或者是否會有更多類型的行業遊說團體來決定或至少解決這個問題擔憂以及它可能如何影響未來的資本配置決策？

Yeah, Ralph, I don't know the answer to that.

是的，拉爾夫，我不知道答案。

Obviously, we know our Orano friends are have a big joint venture over there with the Kazakhs and there's some Japanese players as well.

顯然，我們知道我們的歐安諾朋友在那裡與哈薩克人有一家大型合資企業，而且還有一些日本企業。

So I mean our interest, we know the Kazakhs well enough, both at the government level and at the Kazatomprom level.

所以我的意思是我們的利益，我們對哈薩克斯坦人足夠了解，無論是在政府層面還是在哈薩克國家原子能公司層面。

We'll be meeting with them to talk about what's going on and especially this mineral extraction tax piece and put our positions forward.

我們將與他們會面，討論正在發生的事情，特別是礦物開採稅問題，並提出我們的立場。

And I'm certain that the other companies will be doing the same.

我確信其他公司也會這樣做。

And no doubt, we'll run into them first week of September in London that the big World Nuclear Association meeting that everybody shows up to.

毫無疑問，我們將在九月的第一周在倫敦遇到他們，那是每個人都會參加的大型世界核能協會會議。

So there will be lots of discussion about it there.

所以那裡會有很多關於它的討論。

Grant, do you want to add to that?

格蘭特，你想補充一下嗎？

I just want to jump in here and just remind everybody that there are broader industry implications by the events that we're seeing in Kazakhstan that we shouldn't lose sight on, of course, as Tim referenced that in the outset, when you see the moves like we've seen with the mineral extraction tax and the complications around some of the supply chain challenges.

我只是想跳到這裡提醒大家，我們在哈薩克斯坦看到的事件對行業產生了更廣泛的影響，當然，我們不應該忽視這一點，正如蒂姆一開始提到的那樣，當你看到就像我們在礦產開採稅方面看到的那樣，以及圍繞一些供應鏈挑戰的複雜性。

This just all suggests that the global cost curve for uranium has gone up, which then means that we need to see more sustainable, higher pricing to incent new supply, in particular new supply from elsewhere.

這一切都顯示全球鈾成本曲線已經上升，這意味著我們需要看到更永續、更高的定價來刺激新供應，特別是來自其他地方的新供應。

So there is a broader industry implication that's actually very constructive.

因此，這具有更廣泛的行業影響，實際上非常有建設性。

The days of easy, cheap pounds coming out of Central Asia are effectively over.

從中亞輕鬆、廉價地輸出英鎊的日子實際上已經結束了。

And then I do want to tie it to the chemical context.

然後我確實想將其與化學背景聯繫起來。

Strategically, we have always had a diversified portfolio of production that has been our strategy.

從策略上講，我們一直將多元化的生產組合作為我們的策略。

That's not an accident.

這並非偶然。

That is a deliberate portfolio approach we've always had.

這是我們一直採用的深思熟慮的投資組合方法。

So yes, costs going up in Kazakhstan and uncertainty going up Kazakhstan impacts Cameco roughly to about 10% of what we would expect to meet our committed sales.

因此，是的，哈薩克的成本上升和哈薩克的不確定性上升對 Cameco 的影響大約為我們預期實現承諾銷售額的 10% 左右。

But it's 40% or a little bit more of the global supply of uranium.

但它佔全球鈾供應量的 40% 或更多一點。

So the impact on the market is actually more significant than it is for Cameco and effectively the value transfer back to our sovereign safe Tier 1 assets and quite frankly, our Tier 2 assets that remain into in care and maintenance as always to the benefit of our investors.

因此，對市場的影響實際上比對 Cameco 更重要，並且有效地將價值轉移回我們的主權安全一級資產，坦白說，我們的二級資產一如既往地處於維護和保養狀態，這有利於我們投資者。

So we may spend a bit of time talking about gas that, but I don't want to lose sight that it actually reinforces this strategic fundamental view that we think it's very constructive it's yet more uncertain supply in the face of durable demand.

因此，我們可能會花一些時間討論天然氣，但我不想忽視它實際上強化了這一戰略基本觀點，即我們認為這是非常有建設性的，面對持久需求，供應更加不確定。

Our chemical strategy is deliberately resilient to these events.

我們的化學策略有意應對這些事件。

If I can ask a follow-up question on replacement rate contracting and whether or not come as a surprise to you, Grant on the trajectory of 2024, how much of that is a pause due to say something like HR 1042 or perhaps the Kazakhstan 2025 guidance perhaps causing a pause.

如果我可以問一個關於替代率合約的後續問題，格蘭特，關於 2024 年的軌跡是否會讓你感到驚訝，其中有多少是由於諸如 HR 1042 或哈薩克斯坦 2025 之類的內容而暫停的？ 指導可能會導致暫停。

I would remind that we've been working towards replacement rate contracting for some time.

我想提醒一下，我們一段時間以來一直在努力實現替代率收縮。

If you look past the volatility in the spot market, you see a very strongly performing long-term price of uranium.

如果你忽略現貨市場的波動，你會發現鈾的長期價格表現非常強勁。

It's up significantly year to date.

今年迄今為止，這一數字大幅上升。

There is very strong momentum for continued price discovery into our contracts on very small volumes.

我們的合約價格發現的勢頭非常強勁，交易量非常小。

That's a very interesting fact that very little volume has gone through the market.

這是一個非常有趣的事實，市場上的成交量非常少。

And yet we're still seeing constructive pricing in that term market.

然而，我們仍然看到該期限市場的建設性定價。

Do not lose sight of that.

不要忽視這一點。

That indicates just how tight and just health in the market is and it indicates it really shines a light on why we're very constructive about the price.

這顯示市場的緊張程度和健康程度，也顯示它確實說明了為什麼我們對價格非常有建設性。

And adding my earlier comments about that global cost curve is just going to cost more than the supplies that we always used to count on.

再加上我之前關於全球成本曲線的評論，其成本將超過我們一直依賴的供應。

So when you think about the factors that are causing maybe some delay in returning to replacement rate, there is some uncertainty in the market.

因此，當您考慮可能導致恢復替代率延遲的因素時，市場存在一些不確定性。

And I think it is giving pause -- the if you look at the US situation with respect to the Russian ban, of course, we now see legislation that legislation says Russian material is out except for a waiver period between now and 2028.

我認為這正在暫停——如果你看看美國在俄羅斯禁令方面的情況，當然，我們現在看到立法規定，除了從現在到 2028 年的豁免期之外，俄羅斯材料將被禁止。

And that waiver period allows for utilities who entered into contracts with the Russians under good base at a time when they were considered reliable suppliers to appeal to the Department of Energy and say that they should be able to continue to take delivery of material and we've seen a few waivers granted already.

該豁免期允許那些在良好基礎上與俄羅斯人簽訂合約、當時被認為是可靠供應商的公用事業公司向能源部提出上訴，並表示他們應該能夠繼續接收材料，而我們」我已經看到一些豁免已經獲得批准。

So there's a bit of a pause, if you will, to trying to understand, are these waivers going to have Keith or are these waivers going to be very easy.

因此，如果您願意的話，請稍作停頓，嘗試了解這些棄權是否會得到基思，或者這些棄權是否會很容易。

And if the waivers are very easy, then that will take a little bit of pressure out of the near term of the market.

如果豁免非常容易，那麼短期內將會減輕一些市場壓力。

That doesn't mean it's going to diminish the future demand being 2028 and beyond.

這並不意味著 2028 年及以後的未來需求將會減少。

We still see a lot of market activity there, but it just takes a bit of near term pressure out of the market, but always important to remember that the longer that Russian material flows into the US then the bigger that gap is going to become when that day arrives that no more Russian material is allowed in the market.

我們仍然看到那裡有很多市場活動，但這只是消除了市場的一些短期壓力，但始終重要的是要記住，俄羅斯材料流入美國的時間越長，那麼當有一天，俄羅斯材料將不再被允許進入市場。

So if you think about it, it may delay, but it won't prevents a shift to the higher prices that are required in order to incent production.

因此，如果您考慮一下，它可能會延遲，但不會阻止轉向刺激生產所需的更高價格。

So this is why we remain disciplined.

這就是我們保持紀律的原因。

This is why we remain forward focused with our contracting because we see a very constructive set up occurring and once these factors have cleared and there's a bit more certainty, we do expect to see the type of demand approach replacement rate.

這就是為什麼我們繼續關注我們的合同，因為我們看到一個非常有建設性的設置正在發生，一旦這些因素被清除並且有更多的確定性，我們確實期望看到需求類型接近替代率。

And of course, if it goes beyond that will be a very, very constructive time in the market because we've never been at these prices at a below replacement rate scenario before.

當然，如果超過這個水平，這將是市場上一個非常非常有建設性的時期，因為我們以前從未遇到過低於替代率的情況。

So I would say that the opportunity for upside appears to be much, much greater than the opportunity for downside.

所以我想說，上漲的機會似乎比下跌的機會大得多。

Very helpful answers.

非常有幫助的答案。

Thank you.

謝謝。

Thank you.

謝謝。

And congratulations to Alice on her retirement and Rachelle and Cory on their new appointments.

恭喜愛麗絲退休，恭喜雷切爾和科里獲得新任命。

Andrew Wong, RBC Capital.

安德魯·黃，加拿大皇家銀行資本。

With respect to contracting, it's great to see some volumes being added for the next five years.

在合約方面，很高興看到未來五年增加一些合約量。

But I imagine a lot of the activity taking place happens beyond 2028.

但我想很多活動都會發生在 2028 年之後。

So can you just talk about some of the contracted volumes into in the late 2020s and into the 2030s?

那麼您能談談 2020 年代末和 2030 年代的一些合約量嗎？

Grant?

授予？

Yeah.

是的。

I just mentioned on my previous answer that we still see a very constructive market.

我剛剛在之前的回答中提到，我們仍然看到一個非常有建設性的市場。

Remember in the term space, it's quite common for a lot of the demand to come off market meeting, not through RFPs that are easy to track, but bilaterally where utilities come directly to suppliers in this type of market where the underlying trend is strong, the term price continues to go up on low volumes, and we haven't seen that big rush of demand.

請記住，在術語空間中，許多需求脫離市場會議是很常見的，不是透過易於追蹤的RFP，而是透過雙邊方式，在這種潛在趨勢強勁的市場中，公用事業公司直接向供應商提供，短期價格在成交量較低的情況下繼續上漲，而且我們還沒有看到需求的激增。

These are exactly the conditions that we've talked about before, Andrew, that lead themselves to an incumbent's recovery that off market demand comes to those who have license permit at existing production with brownfield leverage opportunities.

安德魯，這些正是我們之前討論過的條件，這些條件導致現有企業的復甦，即場外需求來自於那些擁有現有生產許可並具有棕地槓桿機會的人。

And now with that Sovereign, say, Western platform of production, chemical is the primary beneficiary of that demand that comes to the market.

現在，有了西方主權生產平台，化學品成為市場需求的主要受益者。

So it continues to build, term price continues to go up.

因此它繼續建立，期限價格繼續上漲。

We're seeing -- if you look at it at the reporting from TradeTech, for example, CAD70-plus escalated floors, CAD135 escalated ceilings and of course, Cameco with our position tends to be able to even outperform those markets as we move forward.

我們看到 - 如果你看一下 TradeTech 的報告，例如，樓層上升 70 加元，天花板上升 135 加元，當然，隨著我們的前進，Cameco 憑藉我們的地位往往能夠超越這些市場。

So we are really happy with our position in the market, and we are being somewhat fussy about the terms and conditions that we would settle for as this market evolves for the reasons I spoke about, demand is durable supply is increasingly uncertain, not just Kazakhstan, but look at what's going on in Niger and elsewhere that supply cost curve, that supply risk has gone up in just a few past months.

因此，我們對我們在市場中的地位感到非常滿意，隨著這個市場的發展，我們對我們所接受的條款和條件有些挑剔，原因是我所說的，需求是持久的，供應越來越不確定，而不僅僅是哈薩克斯坦，但看看尼日和其他地方的供應成本曲線，供應風險在過去幾個月裡就上升了。

That puts us in an extremely strong position.

這使我們處於極其有利的地位。

Okay, great.

好的，太好了。

And maybe just switching to Westinghouse a bit here.

也許只是在這裡切換到西屋電氣。

Is there anything you can talk about with regard to the IP dispute between Westinghouse and KHNP, and is there a path for Westinghouse to participate in KHNP bills like the one in the Czech Republic?

關於西屋電氣與KHNP之間的智慧財產權糾紛，您有什麼可以談的嗎？

Yeah, we're certainly happy to make a few comments on it, recognizing, of course, that it is a legal dispute between KHNP and Westinghouse, but that Westinghouse technology that the instrumentation and control and the fundamental reactor technology is pretty strong.

是的，我們當然很高興對此發表一些評論，當然，我們認識到這是 KHNP 和西屋電氣之間的法律糾紛，但西屋電氣的儀表和控制技術以及基本反應器技術相當強大。

It's the best performing reactor on the planet.

它是地球上性能最好的反應爐。

So no surprise, it's the baseline for best in class pressurized water reactors.

因此，毫不奇怪，它是一流壓水堆的基準。

Over the years as partnerships developed between Westinghouse and others, the sharing of technology was common.

多年來，隨著西屋電氣與其他公司之間合作關係的發展，技術共享變得非常常見。

And now what we see is a dispute based upon a belief at Westinghouse and shared certainly by Cameco and Brookfield that there are really critical elements of the Korean technology that are effectively Westinghouse's.

現在我們看到的是一場基於西屋電氣信念的爭論，卡梅科和布魯克菲爾德也肯定同意這一信念，即韓國技術中確實有一些關鍵要素實際上是西屋電氣的。

And so the dispute is really the ability of Korea to use that technology in foreign jurisdictions.

因此，爭議實際上是韓國在外國司法管轄區使用該技術的能力。

That dispute is going through a relatively normal dispute resolution with, of course, the opportunity that maybe at some point, Westinghouse in Korea can come together and recognize that there might be an industrial partnership that makes sense to deliver gigawatt scale reactors globally.

這場爭端正在透過相對正常的爭端解決方式解決，當然，韓國的西屋公司可能在某個時候能夠走到一起，並認識到可能存在一種工業合作夥伴關係，這對於在全球範圍內提供千兆瓦級反應器是有意義的。

So we'll see how that works out.

所以我們會看看效果如何。

But we believe in Westinghouse's position on this dispute we stand behind it, and we think that they're taking the right approach and that countries that are choosing the Korean technology without adequately engaging Westinghouse may find themselves on the wrong side of a technology transfer of law in the US.

但我們相信西屋公司在這場爭端中的立場，我們支持它，我們認為他們正在採取正確的做法，那些在沒有充分接觸西屋公司的情況下選擇韓國技術的國家可能會發現自己在技術轉移中站在了錯誤的一邊。

So it's got a ways to go, but I wouldn't rule out Westinghouse in markets like Czechia at this point.

因此，它還有很長的路要走，但目前我不排除西屋電氣進入捷克等市場。

Okay.

好的。

And just on that, like I'm assuming that means none of that business is included in your guidance for Westinghouse?

就這一點，就像我假設的那樣，這意味著您對西屋電氣的指導中沒有包含任何業務？

Oh, yeah, sorry, Andrew.

哦，是的，對不起，安德魯。

So we remember we have a 6% to 10% CAGR growth rate on Westinghouse's EBITDA over the next five years.

因此，我們記得未來五年西屋電氣的 EBITDA 複合年增長率為 6% 至 10%。

And that 10%, that upside was really only reflecting the very beginning of some of the energy system newbuilds.

這 10% 的上升空間實際上只反映了一些能源系統新建專案的開始。

So in Poland, where 6 AP1000s have been awarded, there's an assumption made that the first three of those six are in the very early stages of the front-end engineering and design contracts.

因此，在已授予 6 台 AP1000 的波蘭，我們假設這 6 台中的前 3 台處於前端工程和設計合約的早期階段。

And in Bulgaria where 2 AP1000s are awarded, there's only an assumption about the first of the two in the front-end engineering and design.

在保加利亞，授予了 2 個 AP1000，在前端工程和設計中僅對兩個 AP1000 中的第一個進行了假設。

So additional announcements are only going to add upside to that energy systems profile.

因此，額外的公告只會增加能源系統概況的優勢。

So obviously, a very exciting opportunity, but these are big binary decisions.

顯然，這是一個非常令人興奮的機會，但這些都是重大的二元決定。

And right now it's a very conservative view on energy systems in that Westinghouse outlook.

目前，西屋電氣對能源系統的看法非常保守。

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

Grant, another question about just contracting philosophy here.

格蘭特，這是另一個關於契約哲學的問題。

I'm actually a bit surprised to see that the average of the five year contract books crept up.

事實上，我有點驚訝地發現五年合約書的平均值悄悄上升。

Does that is the implication of that is that you're receiving very favorable terms from utilities because it certainly seemed like you guys were stepping back to me to be more discerning with what customers and what terms are embedded in those contracts.

這是否意味著你們從公用事業公司獲得了非常優惠的條款，因為你們似乎正在回到我身邊，以便更清楚地了解這些合約中包含的客戶和條款。

So is that the right way to think about that increase?

那麼，這是考慮成長的正確方法嗎？

Yeah, that's the right way to think about it as we -- with each year that rolls off, we we are able to move away from contracts that are older contracts that are newer.

是的，這是正確的思考方式，因為隨著時間的推移，我們能夠擺脫較舊的合同，而採用較新的合同。

I mean that the magic of the nuclear fuel cycle is that you contract on a long-term forward basis.

我的意思是，核燃料循環的神奇之處在於，你可以在長期的基礎上簽訂合約。

Now that also creates a situation where the contracts that you're negotiating in the market today may or may not be reflective of the market at time of delivery.

現在，這也造成了一種情況，即您今天在市場上談判的合約可能反映也可能不反映交貨時的市場。

So if you take a slice through our 2024 deliveries, you'll see contracts that were entered into many years ago.

因此，如果您仔細查看我們 2024 年的交付情況，您會看到多年前簽訂的合約。

And this might be the last year or two of delivery.

這可能是交付的最後一兩年。

And then you just roll back and say what were the terms and conditions like back then.

然後你只需回滾並說出當時的條款和條件是什麼。

And part of those contracts were thought might be in the middle of a contract signed a few years ago.

人們認為這些合約的一部分可能是幾年前簽署的合約中的一部分。

And then now we're starting to see the early stages of those first contracts signed as the market has really gone through a transition as.

現在，隨著市場真正經歷了轉型，我們開始看到第一批合約簽署的早期階段。

We roll forward, we just continue to capture that value.

我們不斷前進，繼續捕捉這價值。

So we like to say, while we don't get spikes the day, they arrive in the spot market our contracting strategy takes those spikes and knocks them sideways and various the mid to long-term cash flow and earnings.

所以我們想說，雖然我們當天沒有出現峰值，但它們到達了現貨市場，我們的合約策略會吸收這些峰值並將其橫向衝擊，從而影響中長期現金流和收益。

And so now we're seeing those improving terms and conditions in those outer years of the table.

因此，現在我們看到表中那些靠外年份的條款和條件有所改善。

But remember that table only reflects what we're committed to sell.

但請記住，該表僅反映我們承諾銷售的產品。

What's missing from that analysis is all the pounds.

這個分析中缺少的是所有的磅數。

We haven't yet contracted in that window which, of course, is by definition our market lever to a market that we're finding very constructive.

我們還沒有在那個窗口期收縮，當然，根據定義，這是我們對我們認為非常有建設性的市場的市場槓桿。

So this is how it works in a long-term contracting business.

這就是長期承包業務的運作方式。

You capture the demand that's for you -- before you, you're very disciplined and selective in the terms and conditions that work and you like to be in a position with a contract orientation in an up market, not a down market, and that's where we find ourselves right now.

你捕捉了適合你的需求——在你之前，你對有效的條款和條件非常嚴格和有選擇性，並且你喜歡在高端市場而不是低端市場中處於以合約為導向的位置，這就是我們現在所處的位置。

And just as a quick follow-up, I mean, you're up to GBP29 million average committed for the next five years, should we anticipate that potentially continuing to creep up towards your sort of sales volume target of 32 to 34?

作為一個快速跟進，我的意思是，您在未來五年內平均承諾高達 2900 萬英鎊，我們是否應該預計這一數字可能會繼續向您的 32 至 34 輛銷量目標攀升？

Is that the end game here?

這就是最後的遊戲了嗎？

Well, I would say we respond to the quality of the demand that's come to the market and instead of say, we have an absolute hard sales target that we're pursuing on a volume basis.

好吧，我想說的是，我們對市場需求的品質做出了反應，而不是說，我們有一個絕對的硬銷售目標，我們在數量的基礎上追求這一目標。

Think of it as we are capturing the demand that's coming and we'd already talked about earlier in the call, we're not even at replacement rate yet.

想想看，當我們正在捕捉即將到來的需求時，我們已經在電話會議的早些時候討論過，我們甚至還沒有達到替代率。

So we're in a market that has not yet found enough demand to even replace what's consumed on an annual basis, let alone beyond that.

因此，我們所處的市場尚未發現足夠的需求，甚至無法取代每年的消耗量，更不用說超出這個範圍了。

So think about it as we would prefer to be a bit more disciplined right now, which we are we could probably place more volumes if we wanted to.

因此，請考慮一下，因為我們現在希望更加自律，如果我們願意的話，我們可能可以放置更多的捲。

But the issue is making sure they're at acceptable terms and conditions, meaning giving us acceptable upward leverage in the market.

但問題是確保它們符合可接受的條款和條件，這意味著給我們在市場上提供可接受的向上槓桿。

So when you think about that five-year portfolio, we always like to be covered in here because there's nowhere near demand.

因此，當您考慮五年期投資組合時，我們總是希望將其納入其中，因為需求遠未達到。

We've talked about that before.

我們之前已經討論過這一點。

It's why we're not a spot exposed producer.

這就是為什麼我們不是現場曝光的製作人。

We like to be covered yet next year because there's not a lot of next year sales that are fundamental and high quality.

我們希望明年能得到報導，因為明年基本且高品質的銷售並不多。

But then as we roll out into years three, four, and five, we like those commitments to come off because we want to be positioning a new supply into a market that we think is constructive.

但當我們進入第三年、第四年和第五年時，我們希望這些承諾能夠兌現，因為我們希望將新的供應定位到我們認為具有建設性的市場中。

That's always been our strategy, continues to be our strategy.

這一直是我們的戰略，並且仍然是我們的戰略。

So I would say watch more for the demand numbers that are coming in order to think about how we're responding, but don't think of us as having a hard volume sales target because then we would just be chasing the market and probably not discovering the terms and conditions that we would want.

因此，我想說，要更專注於即將到來的需求數據，以便考慮我們如何應對，但不要認為我們有硬性的銷售目標，因為那樣我們就會只是追逐市場，而可能不會發現我們想要的條款和條件。

Lawson Winder, Bank of America Securities.

勞森溫德，美國銀行證券公司。

I extend my congratulations as well to Rachelle, Cory, and Alice.

我也向雷切爾、科里和愛麗絲表示祝賀。

I wanted to ask about the conversion market and just get your views on conversion spot pricing versus long-term pricing.

我想詢問有關轉換市場的問題，並了解您對轉換現貨定價與長期定價的看法。

So we haven't seen the spot -- long-term conversion price moved to the spot price the way that we've seen in the spot U308.

所以我們還沒有看到現貨——長期轉換價格轉向現貨價格，就像我們在現貨 U308 中看到的那樣。

Do you have a view on why that might be and what might cause gap to close?

您對為什麼會出現這種情況以及什麼可能導致差距縮小有什麼看法嗎？

Conversion market is very, very tight for the simple reason that existing facilities are in care and maintenance.

改裝市場非常非常緊張，原因很簡單，現有設施正在維護和保養。

So we have four Western Facilities, obviously, Cameco's port hope conversion facility.

因此，我們有四個西部設施，顯然是 Cameco 的希望港改造設施。

You've seen our guidance on that.

您已經看到了我們對此的指導。

We we pulled it back a little bit relative to what our 2024 initial target was got a facility in the US.

相對於我們 2024 年在美國建立工廠的最初目標，我們將其稍微拉低了一點。

It looks to be holding at 7,000 tons of conversion, but it's run it more in the past.

它的轉換量看起來保持在 7,000 噸，但過去的運行量更高。

You've got a French plants not running at its original design capacity and an idle plant in Springfield.

您有一家法國工廠未按其原始設計產能運行，還有一家位於斯普林菲爾德的閒置工廠。

That's keeping real tightness in the conversion market.

這使得轉換市場保持真正的緊張狀態。

The conversion market is also one where if you indicated conversion today, there just isn't any kicking around.

轉化市場也是一個如果您今天表示轉換的市場，則不會有任何影響。

Uranium has a bit more option.

鈾有更多選擇。

There's more producers.

還有更多的生產者。

There's producers in the uranium space that tend to be less disciplined, less focused on the long term market.

鈾領域的生產者往往缺乏紀律，不太關注長期市場。

Conversion doesn't really suffer from that.

轉換實際上並沒有受到這個影響。

It really only has actors in it who sell on a term basis.

它實際上只有按期限出售的演員。

So the conversion that you might say would be spot is just incredibly hard to come by, but it's not where the vast majority of the work is being done.

因此，您可能會說現場轉換是非常難以實現的，但這並不是絕大多數工作正在進行的地方。

But let's not forget that the term, the term pricing conversion is at historic levels, and we expect that tail to continue because of the delays in getting all of the conversion producing centers up to full production in the Western world.

但我們不要忘記，定價轉換一詞處於歷史水平，我們預計這種尾部將持續下去，因為西方世界所有轉換生產中心全面生產的時間都出現了延遲。

So conversion has a very good tail of strength for the next little while for sure until more capacity comes on.

因此，在接下來的一段時間內，轉換肯定會有一個非常好的尾部力量，直到更多的容量出現。

But it's not really a spot market.

但這並不是真正的現貨市場。

So I wouldn't get too focused on thinking conversion's going to close with spots, but where conversion is sitting at right now on a term basis is historic and expect that to continue.

因此，我不會太關注轉換將在點上結束，但目前的轉換在期限內是歷史性的，並預計這種情況會持續下去。

I also wanted to get a sense of your views on M&A.

我也想了解您對併購的看法。

And so just in light of recent activity in the Athabasca Basin as well as a view from Investment Canada that they will be approaching foreign acquirers with increased rigor.

因此，鑑於阿薩巴斯卡盆地最近的活動以及加拿大投資局的觀點，他們將更嚴格地接觸外國收購者。

Does this maybe open up a window for a can of Cameco to look at potentially consolidating in the Athabasca Basin.

這是否可能為一罐 Cameco 打開一個窗口，讓我們研究阿薩巴斯卡盆地的潛在固結作用。

I mean, from front run your answer and acknowledge that obviously, Cameco doesn't need to do that, but there's always opportunities and chances to be opportunistic.

我的意思是，從前面開始你的答案並承認，顯然，Cameco 不需要這樣做，但總是有機會主義的機會。

And I would just like to get your views on that in particular.

我特別想聽聽您對此的看法。

Well, we always appreciate when analysts answer their own questions.

好吧，當分析師回答他們自己的問題時，我們總是很感激。

So appreciate that Lawso.

所以很欣賞Lawso。

So you're right, what I'm going to say, ypuu heard me earlier say that the best ponds on the planet are already in our portfolio, the McArthur River, that's a if we took it up to full speed would be a GBP7 million increase.

所以你是對的，我要說的是，ypuu 早些時候聽我說過，地球上最好的池塘已經在我們的投資組合中了，麥克阿瑟河，如果我們全速運轉的話，將是 7 英鎊萬增加。

There's not another GBP7 million producing facilities sitting out there waiting to go anywhere.

沒有其他價值 700 萬英鎊的生產設施在那裡等著去任何地方。

And so I mean, that would be our first run.

所以我的意思是，這將是我們的第一次運行。

And then we'd look at our Tier 2 assets that we have.

然後我們會看看我們擁有的二級資產。

Rabbit Lake is sitting there.

兔子湖就坐在那裡。

We've got Wyoming.

我們有懷俄明州。

We've got Nebraska that are on care and maintenance that we could bring on if the market calls for those pounds.

如果市場需要這些英鎊，我們可以為內布拉斯加州提供維護和保養服務。

And then we have our own greenfields projects as well, and we try not to I don't want to miss out the GLE that we're working very hard on as well that project down in the United States.

然後我們也有自己的綠地項目，我們盡量不這樣做，我不想錯過我們正在努力開發的 GLE，以及在美國的項目。

It is very attractive to the US utilities and US government, and that goes back to Graham's last answer on conversion.

它對美國公用事業公司和美國政府非常有吸引力，這可以追溯到格雷厄姆最後關於轉換的答案。

If we get that going and start to be enriching those depleted tails, I mean that brings uranium and conversion back to the market.

如果我們做到這一點並開始濃縮那些貧化尾礦，我的意思是這會將鈾和轉換帶回市場。

And so that's another option for us.

這對我們來說是另一個選擇。

I don't see were made any decisions on that, but we're working on that project as well.

我沒有看到我們對此做出任何決定，但我們也在致力於該專案。

And so we've got a stable or a suite of projects that we'd love to get after our own.

因此，我們已經有了一個穩定的或一套項目，我們希望能夠擁有自己的項目。

So we're not looking for anybody else is we it we're focused on our own assets.

因此，我們不是在尋找其他人，而是專注於自己的資產。

Gordon Johnson, GLJ Research.

戈登·約翰遜，GLJ 研究。

I guess just taking a step back.

我想只是退後一步。

A lot of the questions I had have been asked, but just looking at some of the positive news that's come out, you've had the China lost the construction of a new build 1,250 megawatt reactor.

我被問了很多問題，但只要看看一些出現的正面消息，中國就失去了新建 1,250 兆瓦反應爐的建設。

You had Biden signed the Advanced Act.

你讓拜登簽署了《高級法案》。

You had an SMR announced in Canada and Saskatchewan, a number of positive news stories out of Europe with respect to advancing nuclear, yet prices seem to be stuck.

加拿大和薩斯喀徹溫省宣布了 SMR，歐洲傳來了許多關於推動核能發展的積極新聞報道，但價格似乎停滯不前。

So I just wanted to get your thoughts on why that may be and what your outlook is near term?

所以我只是想了解一下您對為什麼會出現這種情況的想法以及您的近期前景如何？

Thank you.

謝謝。

Yeah, I think we've touched on it a bit already, but Gordon, on the price situation with the Russian Act in the US and looking at waivers, and it's the doldrums of summer, a few things like that.

是的，我想我們已經談過一些了，但是戈登，關於美國《俄羅斯法案》的價格狀況，以及考慮豁免，而且現在正值夏季的低迷時期，諸如此類的一些事情。

Let me go back to the exciting part.

讓我回到令人興奮的部分。

I mean, we've never seen so much interest from utilities and governments and policymakers and the general public for nuclear that we're seeing today.

我的意思是，我們從未見過公用事業、政府、政策制定者和公眾對核能有如此大的興趣。

And I was we were just listening before the call the different countries that have committed to building new nuclear.

我當時正在聽不同國家承諾興建新核電的呼籲。

Grant and I were at Cop 28 in December of last year when I think it was 30 countries came together and said they're going to triple nuclear power.

去年 12 月，格蘭特和我參加了第 28 次締約方會議，當時有 30 個國家齊聚一堂，表示他們要將核電增加三倍。

And theme has continued through.

而主題一直延續至今。

But for other conferences we've been to since then.

但從那時起我們就參加過其他會議。

And you're just seeing countries, whether it's Canada, Ontario, 18 new gigawatts of nuclear.

你會看到一些國家，無論是加拿大、安大略省，新增 18 吉瓦核電。

We were down at the Vogel opening a couple of months ago.

幾個月前，我們參加了沃格爾的開幕典禮。

Secretary Granholm said, Okay, nice, we're opening two new reactors.

格蘭霍姆國務卿說，好的，很好，我們將啟用兩座新反應爐。

We need 198 more in the US.

我們在美國還需要 198 個。

I mean, that's the themes of what we're seeing around the world.

我的意思是，這就是我們在世界各地看到的主題。

So clearly, a lot of good news on the demand side.

顯然，需求方面有很多好消息。

The new I mean, old reactors coming back on Duane Arnold in Iowa.

我的意思是，新的、舊的反應爐又回到了愛荷華州的杜安·阿諾德。

And I think your Palisades TMID Blue Canyon, those ones are ready to go.

我認為你們的 Palisades TMID Blue Canyon 已經準備好了。

I mean, they take a few years to bring them back, but they're not new build new starts and so.

我的意思是，他們需要幾年的時間才能把它們帶回來，但它們並不是新建的，所以。

Lots on that front.

這方面有很多。

On the uranium and the fuel supply side, as Grant mentioned, lots of instability.

正如格蘭特所提到的，在鈾和燃料供應方面，存在著許多不穩定因素。

We mentioned a few of the players Niger place that I spent a lot of time at the a bit chaotic, I would say for Maranhão and global and Goviex and go some of the companies that are in there really having a tough time in there.

我們提到了尼日爾的一些玩家，我花了很多時間在有點混亂的地方，我想說的是馬拉尼奧、全球和 Goviex，還有一些在那裡的公司，他們的日子真的很艱難。

So yes, I don't think it's anything that's long lasting.

所以，是的，我認為這不是持久的事情。

I think the supply demand fundamentals are outstanding.

我認為供需基本面非常出色。

I think there's something like GBP2 billion or GBP2.2 billion to be contracted between now and 2040.

我認為從現在到 2040 年，需要簽訂的合約金額約為 20 億英鎊或 22 億英鎊。

I think it is something like that's a lot.

我認為這樣的事情很多。

That's an average of GBP150 million and GBP160 million every year and growing.

平均每年為 1.5 億英鎊和 1.6 億英鎊，並且還在成長。

So no, we're not that concerned at all about the fundamentals are about a short term depression in the price.

所以不，我們根本不關心基本面，也不擔心價格的短期下跌。

I mean, we're still at historic prices and is the term price, which is the price we watch is very strong.

我的意思是，我們仍然處於歷史價格，並且是術語價格，我們觀察到的價格非常強勁。

So we're excited about the future.

所以我們對未來感到興奮。

And then one last one, if I could.

如果可以的話，還有最後一張。

Some of the naysayers out there bears have argued that if flash when prices fall we could see on some of the financial buyers step in and begin to sell product.

一些反對者認為，如果價格下跌時出現閃現，我們可能會看到一些金融買家介入並開始出售產品。

Can you guys address that and give us your practical kind of what that means?

你們能解決這個問題並告訴我們這代表什麼嗎？

Yeah.

是的。

It's a phenomenon that we've seen before in the market.

這是我們以前在市場上看到的現象。

If you think about that 06, 07 price run-up to the -- I would say the last marginal buyers were financial interests in the first marginal sellers were financial interest.

如果你想想 06、07 年的價格上漲——我會說最後的邊際買家是經濟利益，而第一個邊際賣家是經濟利益。

It's why we are -- we never go out of our way to support that.

這就是我們的原因——我們從不竭盡全力支持這一點。

What is different this time though is, I think the orientation or commercial strategy of some of the big financial buyers, and that is to really look at uranium as a as a almost like a precious metal as saying there's an intrinsic quality to an energy supply that will hold value.

不過，這次的不同之處在於，我認為一些大型金融買家的方向或商業策略，那就是真正將鈾視為一種幾乎像貴金屬一樣的能源供應，具有內在品質這將保持價值。

And so we haven't actually seen any evidence that some of the big holes or the big funds have any interest in selling, and we haven't seen any leakage out of those funds.

因此，我們實際上沒有看到任何證據表明一些大漏洞或大基金有興趣出售，我們也沒有看到這些基金有任何洩漏。

Now there are some private holes and that material does make it back into the market.

現在存在一些私人漏洞，而這些材料確實又回到了市場。

I think maybe you could see a bit of material coming into the spot market as a result of that.

我想也許你會看到一些材料因此進入現貨市場。

But that doesn't change the fundamentals in any way.

但這不會以任何方式改變基本面。

The fundamentals are still that the term demand is growing as evidenced by the uncovered requirements.

基本面仍然是，需求這個術語正在成長，這一點可以從未涵蓋的需求中得到證明。

I would add to that, that uncovered requirements don't capture inventory build, and we're starting to see very strong evidence of utilities beginning to build new inventory policies, both independent utilities as well as sovereign buyers looking to acquire very significant volumes.

我想補充一點，未覆蓋的需求並不能反映庫存建設，而且我們開始看到非常有力的證據表明公用事業公司開始製定新的庫存政策，無論是獨立公用事業公司還是希望獲得大量庫存的主權買家。

Now these are onetime, but they're going to hit at a very tight market as well.

現在這些都是一次性的，但它們也將衝擊一個非常緊張的市場。

So if you look at the gap between supply and demand, there really isn't a pocket of uranium that is big enough to affect the fundamentals in any substantial way.

因此，如果你看看供需之間的差距，你會發現確實沒有足夠大的鈾礦足以對基本面產生任何實質影響。

It might create a bit of softness.

它可能會產生一點柔軟感。

If it's all dumped into the spot market, then we'll quickly move through it.

如果全部傾銷到現貨市場，那麼我們很快就會處理掉。

And we're back on the fundamentals because remember, as primary production is underperforming demand, we no longer have the shock absorbers of secondary supply that we used to have.

我們又回到了基本面，因為請記住，由於初級生產表現不佳，我們不再擁有過去擁有的二級供應的減震器。

This is a very constructive market and I wouldn't be taking the best.

這是一個非常有建設性的市場，我不會選擇最好的。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟，雷蒙德詹姆斯。

And let me start again by congratulating Alice on her retirement after all those years.

讓我再次祝賀愛麗絲在這麼多年後退休。

And also Rachelle and Cory on their new positions.

還有雷切爾和科里的新職位。

And I have two quick questions in the interest of time.

為了節省時間，我有兩個簡單的問題。

Just on McArthur River, it obviously had a very good production quarter.

就在麥克阿瑟河上，它的生產季度顯然非常好。

Can I read into that?

我可以讀嗎？

Was that grade related or something unique to the ore body or is that actually starting to demonstrate and there's always inflexibility the potential of the mine and you talked about being licensed for '25 and then the bottleneck to get up there, the mill versus the mine.

是與品位相關還是礦體特有的東西，還是實際上開始展示礦山的潛力，而且總是缺乏靈活性，您談到了 25 年的許可，然後是到達那裡的瓶頸，工廠與礦山。

And my second question goes back to the statement saying costs are similar essentially based on a whole bunch of assumptions.

我的第二個問題回到了這樣的說法：基於一大堆假設，成本基本上是相似的。

I get it between Kazakhstan and northern Saskatchewan right now.

我現在在哈薩克和薩斯喀徹溫省北部之間收到了它。

Are we talking when you do that?

當你這樣做的時候我們在說話嗎？

Just out of curiosity, what price you're basing at that?

只是好奇，您的價格是多少？

Because I assume it compares and costs in the northern mines, including graduated royalties versus royalties in Kazakhstan?

因為我認為它與北部礦山的成本進行比較，包括分級特許權使用費與哈薩克斯坦特許權使用費？

Thanks.

謝謝。

Thank you, Brian.

謝謝你，布萊恩。

Just on the operational front, let me turn it over to Brian Reilly, our Chief Operating Officer.

在營運方面，讓我將其交給我們的營運長布萊恩·賴利 (Brian Reilly)。

And then Greg, maybe you can chip in on the cost comparison.

然後格雷格，也許你可以參與成本比較。

So Brian, just on the operations at McArthur Key.

布萊恩，剛才介紹了麥克阿瑟島的運作。

Sure.

當然。

Thanks, Tim.

謝謝，蒂姆。

Great question.

很好的問題。

Let me just say it's all about the mill, Brian, this is not a great, great issue in terms of mine production and Tim alluded to this.

我只想說，這一切都與工廠有關，布萊恩，就礦山生產而言，這不是一個很大的問題，蒂姆也提到過這一點。

We are for the past -- I would say the past two quarters, we have this mill running at steady state, Brian.

我們已經過去了——我想說的是，過去兩個季度，我們的工廠一直在穩定運行，布萊恩。

And so those investments we made in digitization, automation, robotics is starting to pay dividends now.

因此，我們在數位化、自動化、機器人技術方面的投資現在開始帶來紅利。

So we're seeing the results of those investments, Brian, so this is all about the mill operating at it at a very high level at the moment.

所以我們看到了這些投資的結果，布萊恩，所以這一切都與工廠目前的高水準運作有關。

Yeah, and Brian, like more to come.

是的，布萊恩，希望未來能有更多。

As Tim mentioned, we're evaluating the proposed tax increase and its implementation, and there are a number of assumptions that need to go into it.

正如蒂姆所提到的，我們正在評估擬議的增稅及其實施，並且需要考慮許多假設。

But the comment was more of a general comment that if you look at an average unit cost to sales basis, that rolls in things like taxes and royalties that cost advantage in Kazakhstan seems to be gone.

但這一評論更多的是一般性評論，即如果你看一下平均單位銷售成本，你會發現稅收和特許權使用費等費用在哈薩克斯坦的成本優勢似乎已經消失。

And yes, it's a higher risk jurisdictions.

是的，這是一個風險較高的司法管轄區。

So the benefit to McArthur and Cigar and a Rabbit and our US assets is clearly in Cameco's favor.

因此，麥克阿瑟、雪茄和兔子以及我們美國資產的利益顯然對 Cameco 有利。

This concludes the question-and-answer session.

問答環節到此結束。

I'd like to turn the conference back over to Tim Gitzel for any closing remarks.

我想將會議轉回蒂姆·吉澤爾（Tim Gitzel）發表閉幕詞。

Thank you very much, Jaylene, and thanks to everyone who joined us today.

非常感謝你，傑琳，也感謝今天加入我們的所有人。

As Cory noted in the intro, if you have any detailed questions or follow-up you want to on the second quarter results or any questions that we didn't get a chance to answer today, please send those and we will be absolutely happy to address them directly.

正如科里在介紹中指出的那樣，如果您對第二季度業績有任何詳細問題或後續要求，或者我們今天沒有機會回答的任何問題，請發送這些問題，我們將非常樂意為您解答直接向他們講話。

So we're a responsible commercial supplier with a strong balance sheet, long-lived Tier 1 assets and a proven operating track record.

因此，我們是一家負責任的商業供應商，擁有強大的資產負債表、長期的一級資產和良好的營運記錄。

We're invested across the nuclear fuel and reactor life cycles and believe we have the right strategy to achieve our vision of energizing a cleaner world, and we'll do so in a manner that reflects our values.

我們在核燃料和反應器生命週期進行投資，並相信我們擁有正確的策略來實現為更清潔的世界提供動力的願景，並且我們將以反映我們價值觀的方式實現這一目標。

Embedded in all our decisions is a commitment to address the risks and opportunities that we believe will make our business sustainable over the long term.

我們所有的決策都包含了應對風險和機會的承諾，我們相信這將使我們的業務長期可持續發展。

So thank you all again for joining us today.

再次感謝大家今天加入我們。

Stay safe and healthy and have a great day.

保持安全和健康，祝您有個愉快的一天。

Thank you.

謝謝。

This brings to an end today's conference call.

今天的電話會議到此結束。

You may disconnect your lines.

您可以斷開線路。

Thank you for participating, and have a pleasant day.

感謝您的參與，祝您有個愉快的一天。