Gold Fields Ltd (GFI) 2022 Q4 法說會逐字稿

Good afternoon and welcome to the Gold Fields Full Year 2022 Results Presentation. I am joined by Paul Schmidt, our CFO, and we'll be taking you through the pec]. Maybe before we transition, something we really proud in Goldfields is the picture in front of you, and it's 101,000 reasons why to believe in renewable energy at our South Deep mine, Avishkar If we could just progress.

下午好，歡迎來到 Gold Fields 2022 年全年業績發布會。我們的首席財務官 Paul Schmidt 加入了我的行列，我們將帶您了解 pec]。也許在我們轉型之前，我們在 Goldfields 真正引以為豪的是展現在您面前的畫面，這就是為什麼相信我們位於 Avishkar 的 South Deep 礦山使用可再生能源的 101,000 個理由，如果我們能取得進步的話。

I just like to draw your attention to the forward-looking statements and ask you to take note of those. The focus today just the agenda, and I don't want to go through it point by point agenda, but we ended the year a bit of around safety and ESG, and we'll deal with the conclusions at the end.

我只想提請您注意前瞻性陳述，並請您注意這些陳述。今天的重點只是議程，我不想逐點討論議程，但我們在今年年底圍繞安全和 ESG 進行了一些討論，我們將在最後處理結論。

I think in terms of Gold Fields there is a value proposition. I think what's important is that we've got a very clear defined purpose and vision, and importantly a strategy that has been set as in place supported by management, and the board and we on track delivering that. Importantly, we've got a good track record of delivering and meeting production and cost guidance and we've done that again this year.

我認為就 Gold Fields 而言，存在價值主張。我認為重要的是我們有一個非常明確的目標和願景，重要的是已經制定的戰略得到管理層的支持，董事會和我們正在按計劃實現這一目標。重要的是，我們在交付和滿足生產和成本指導方面擁有良好的記錄，今年我們又做到了。

In terms of capital, a strong balance sheet, and we've ended the year with a net debt to EBIT ratio of 0.29 and importantly this year going forward, we've committed to dividends of between 30 and 45% of normalized earnings. Of course, we continue to invest in our sustaining capital. We think that's an important part of our DNA that, that helps us maintain this strong performance. And then, importantly, the question about the future. We've got a leading near term production growth, both with Salares Norte coming on track, which will give us close to a half a million answers in the short term, ramping up to 600,000 answers per annum, and then South Deep its continued growth trajectory up towards 380,000 answers.

在資本方面，強大的資產負債表，我們以 0.29 的淨債務與息稅前利潤比率結束了這一年，重要的是今年展望未來，我們承諾將股息佔正常收益的 30% 至 45%。當然，我們會繼續投資於我們的可持續資本。我們認為這是我們 DNA 的重要組成部分，它幫助我們保持這種強勁的表現。然後，重要的是，關於未來的問題。我們的近期產量增長處於領先地位，Salares Norte 步入正軌，這將在短期內為我們提供近 50 萬個答案，每年增加到 600,000 個答案，然後是 South Deep 的持續增長軌跡高達 380,000 個答案。

In terms of opportunities going forward. We certainly -- we need to look at inorganic opportunities. And our focus going forward is going to be rather on incremental growth in our regions rather than big transformational transactions. Thank you.

就未來的機會而言。我們當然 - 我們需要看看無機機會。我們未來的重點將放在我們地區的增量增長上，而不是大型轉型交易上。謝謝。

And we've lost the slides. So I think just some key salient features from our results. Unfortunately, we've had to report one fatality at our Hamlet mine at St. Ives in Australia. And we are very saddened by the loss of our colleague, and we'll use this as an opportunity to learn from, but also to reinforce our safety activities.

我們丟失了幻燈片。所以我認為我們的結果只是一些關鍵的顯著特徵。不幸的是，我們不得不報告澳大利亞聖艾夫斯的哈姆雷特礦發生一起死亡事故。我們對失去同事感到非常難過，我們將以此為契機吸取教訓，同時加強我們的安全活動。

Positively the South Deep gold mine in South Africa, for the first time since Gold Fields has owned it has gone for a full calendar year without a fatal incident. We've commissioned both these solar projects at Gruyere in South Deep this year, year-on-year 3% increase in attributable gold production and adjusted free cash flow of $431 million (inaudible) costs up 2% year-on-year.

積極的是，自 Gold Fields 擁有該金礦以來，南非的 South Deep 金礦連續一年沒有發生致命事故。我們今年在 South Deep 的 Gruyere 委託了這兩個太陽能項目，權益黃金產量同比增長 3%，調整後的自由現金流為 4.31 億美元（聽不清），成本同比增長 2%。

Our balance sheet stays in a very strong place with a net decrease of $265 million of net debt, despite paying dividends in the Salares Norte capital. Importantly, for all our shareholders, we are declaring a final dividend of ZAR 4.45 a share bringing our total ZAR 4.45 a share of -- my apologies-- taking a total dividend declared for the year to ZAR 7.45 a share. That's a payout of 47% of normalized earnings. And it's important to note that we felt it was only right to share some of the proceeds from the Yamana break fee with our shareholders and we've put $100 million of that fee into this -- into this dividend this year.

儘管在 Salares Norte 首府支付了股息，但我們的資產負債表仍保持強勁勢頭，淨債務淨減少 2.65 億美元。重要的是，對於我們所有的股東，我們宣布派發每股 4.45 南非蘭特的末期股息，使我們的每股總股息為 4.45 南非蘭特——我很抱歉——將今年宣布的總股息達到每股 7.45 南非蘭特。這是正常化收入的 47% 的支出。重要的是要注意，我們認為與我們的股東分享 Yamana 分手費的部分收益是正確的，我們已經將這筆費用中的 1 億美元投入到今年的股息中。

Management changes are Kelly Carter is from our Australasia region, who was the group -- the Regional Head of Legal and Compliance has been offered the position and accepted the position as Group Head of Legal and Compliance and the recruitment for the remaining executives is at an advanced stage.

管理層變動是 Kelly Carter 來自我們的澳大拉西亞地區，他曾擔任該集團——法律與合規區域主管已獲得該職位並接受了集團法律與合規主管的職位，其餘高管的招聘工作正在進行中高級階段。

Some, not so good news is that Salares Norte. We plan to commence initial production now in Quarter 4 this year. The project has been impacted by some delays related to skills, weather and the lingering effects of COVID. I think the key message on this slide is that we've landed our full year production and cost guidance again.

一些不太好的消息是 Salares Norte。我們計劃在今年第四季度開始初始生產。該項目受到一些與技能、天氣和 COVID 揮之不去的影響相關的延誤的影響。我認為這張幻燈片上的關鍵信息是我們再次獲得了全年的生產和成本指導。

Just the company at a snapshot, and I'll just focus on the top right-hand block, but 9 producing mines, the 1 project in Salares Norte in Chile, operating in 5 countries, our production for last year, just short of 2.4 million ounces, growth of 3% year-on-year. All-in cost at $1,320, just up 1%. Free cash flow from operations, a strong operational performance at $855 million, marginally down, impacted by inflation and a slightly softer gold price and then the adjusted figure, which I spoke about on the previous slide.

只是公司的快照，我只關注右上角的區塊，但有 9 個在產礦山，智利 Salares Norte 的 1 個項目，在 5 個國家/地區運營，我們去年的產量略低於 2.4萬盎司，同比增長3%。總成本為 1,320 美元，僅上漲 1%。來自運營的自由現金流，8.55 億美元的強勁運營業績，略有下降，受通貨膨脹和金價略微走軟的影響，然後是調整後的數字，我在上一張幻燈片中談到了這一點。

If we go to the pie graph in the bottom left corner, it's important to note that Australia makes up over 50% of our revenue or cash -- mine cash flows and 44% of our production. So they are a really important part of our business, and we need to nurture and look after them.

如果我們查看左下角的餅圖，請務必注意澳大利亞占我們收入或現金的 50% 以上——礦產現金流和我們產量的 44%。所以他們是我們業務中非常重要的一部分，我們需要培養和照顧他們。

We can go to our ESG performance for the year. And I'm not going to talk about the targets. We know what those are. We've spoken about the one fatality that we've had less undesirable for us. 5 serious injuries for the year. We're well on track with our gender representation now sitting at 23% and on track for the year. stakeholder value creation, the team has done really well sitting at 27%.

我們可以看看我們今年的 ESG 表現。我不會談論目標。我們知道那些是什麼。我們已經談到了一個對我們來說不那麼令人不快的死亡事件。 5年重傷。我們的性別代表比例目前為 23%，並且全年都在正常軌道上，我們進展順利。利益相關者價值創造，團隊做得非常好，佔 27%。

And then importantly, at the bottom left, with decarbonization. In terms of our net emissions increase, it's gone up 1%, in line with our plans as we're growing and getting deeper. We've seen an 18% absolute emission reduction of the 2016 base. And it would be important to note that last year, just shy of 14% of our electrical consumption across the globe was made up of renewables. We're well on track with compliance to tailings management standards -- GISTM and in water, we're well on track, the teams in the operations have done great work.

然後重要的是，在左下角，脫碳。就我們的淨排放量增長而言，它上升了 1%，這與我們的計劃一致，因為我們正在成長和深入。我們已經看到 2016 年基準的絕對減排量為 18%。值得注意的是，去年全球電力消耗中將近 14% 來自可再生能源。我們在遵守尾礦管理標準方面進展順利——GISTM 和水，我們進展順利，運營團隊做得很好。

Just to touch on our decarbonization journey. I've spoken about the South Deep and Gruyere solar plant has been commissioned this year. Cerro Corona is on 100% of hydroelectrical power. And this year, we've commenced the work to develop the feasibility around the St. Ives micro-grid in Australia. Public consultations have been held, and it's planned for board approval in the back end of this year. Concept study work is underway with our Salares Norte project.

只是談談我們的脫碳之旅。我已經談到了 South Deep 和 Gruyere 太陽能發電廠今年已經投入使用。 Cerro Corona 使用 100% 的水力發電。今年，我們已經開始著手開發圍繞澳大利亞聖艾夫斯微電網的可行性。已經舉行了公眾諮詢，計劃在今年年底提交董事會批准。我們的 Salares Norte 項目正在進行概念研究工作。

I think importantly, we don't rate ourselves without some third-party judgment of what we're doing. And so this is just some detail around the transparency of our disclosure and peer benchmarking I think that helps us ensure that we remain on the right track and there's lots of positive recognition and I think gives us assurance that we're doing the right things in this space.

我認為重要的是，如果沒有第三方對我們所做的事情做出判斷，我們不會給自己打分。所以這只是關於我們披露透明度和同行基準的一些細節，我認為這有助於我們確保我們保持在正確的軌道上，並且有很多積極的認可，我認為讓我們確信我們在做正確的事情這個空間。

In terms of our operations, we've had strong operational performance across the group and importantly, met both production and cost guidance. We've seen that 3% growth in production. We've also seen some pressure come on to our all-in costs and largely as a result of inflation, which Paul will talk to a little bit later, but we've got attractive production growth going towards 2024. Thank you.

在我們的運營方面，我們整個集團的運營表現都非常出色，而且重要的是，我們同時滿足了生產和成本指導。我們已經看到產量增長了 3%。我們還看到我們的總成本面臨一些壓力，這主要是由於通貨膨脹，保羅稍後會談到這一點，但到 2024 年我們的產量增長很有吸引力。謝謝。

In terms of Australia, as I said earlier, the mainstay of our business, they've again seen a 4% increase in production year-on-year. They've kept their costs flat that helped a little bit by exchange rate. And very importantly, from an Australia point of view, reserves that were mined in the year were replaced post depletion, which is a positive story for us and just reaffirms our belief in that asset.

就澳大利亞而言，正如我之前所說，我們業務的支柱，他們的產量再次同比增長 4%。他們保持成本不變，這在匯率方面有所幫助。非常重要的是，從澳大利亞的角度來看，當年開采的儲量在枯竭後被替換，這對我們來說是一個積極的故事，只是重申了我們對該資產的信念。

In South Africa, again, great performance from the team out of South Deep. They've seen a 12% year-on-year growth in production. The exchange rate has helped them with their cost in dollar terms, seeing a 2% decline. Very importantly, $129 million of free cash generated there. And that's the fourth year in a row that the South Deep team had generated positive cash flows.

在南非，South Deep 隊再次表現出色。他們的產量同比增長了 12%。匯率幫助他們以美元計算的成本下降了 2%。非常重要的是，那裡產生了 1.29 億美元的自由現金。這是 South Deep 團隊連續第四年產生正現金流。

We're on track with the buildup to 380,000 ounces. Importantly, as we look at flexibility at South Deep, the South of Wrench study work is well underway, and initial development towards the South of Wrench will commence this year. The team at South Deep have also been fortunate that they've managed to conclude a 2-year extension to the current 3-year wage agreement, which will give us labor stability until 2026, which both looks after the employees' interests, but also after our interests.

我們正在按計劃增加 380,000 盎司。重要的是，當我們關注 South Deep 的靈活性時，South of Wrench 的研究工作正在順利進行，而 South of Wrench 的初步開發將於今年開始。 South Deep 的團隊也很幸運，他們已經成功地將目前的 3 年工資協議延長 2 年，這將使我們的勞動力穩定到 2026 年，這既照顧了員工的利益，也在我們的利益之後。

If we look at just some of the productivity trends which you've seen before, I'll go back to the Long hole stoping drill rig performance at the end, but we continue to see positive trends in the right direction with gold produced with development and destress rig performance, which is what unlocks the stopes and generates the reserves for us. I've touched on the free cash flow generation; both depicted on this graph in dollars and in rands and something the team at South Deep are really proud of.

如果我們只看一下您之前看到的一些生產率趨勢，我將在最後回到深孔回採鑽機的性能，但我們繼續看到隨著開發生產的黃金朝著正確方向發展的積極趨勢並降低鑽機性能，這是解鎖採場並為我們產生儲備的原因。我已經談到了自由現金流的產生；在此圖表上均以美元和蘭特表示，這也是 South Deep 團隊真正引以為豪的東西。

If we look at the long-hole stoping tonnes per rig per month, there's been slight regression. That's just linked to mine layout. As we go on with the buildup plan, we've been forced to introduce an additional long hole stoping drill rig during the course of the year. That is not fully optimized yet. But as we increase stoping volumes in the coming years, that will come back as the drill rigs gets properly utilized.

如果我們看一下每台鑽機每月的深孔停鑽噸數，就會發現略有下降。那隻是鏈接到我的佈局。隨著我們繼續實施建設計劃，我們不得不在這一年中引進一台額外的深孔回採鑽機。那還沒有完全優化。但隨著我們在未來幾年增加停井量，隨著鑽機得到適當利用，這種情況將會恢復。

In Ghana, again, great -- team has performed really well there. We've seen a marginal decline in production as the main pit at Damang has reached the end of its life. We're now mining in the Huni pit, which is a satellite pit and treating dumps. The costs have gone up by 10% year-on-year, impacted quite severely by inflation and obviously, the reduced volume, but still have strong cash flow generation from the region. We remain in discussions with the government regarding tax issues.

在加納，又一次，很棒——球隊在那裡表現得非常好。我們看到產量略有下降，因為達芒的主礦井已達到使用壽命的盡頭。我們現在在 Huni 礦坑開採，這是一個衛星礦坑和處理垃圾場。成本同比上漲 10%，受到通貨膨脹的嚴重影響，顯然，銷量下降，但該地區仍能產生強勁的現金流。我們仍在與政府就稅收問題進行討論。

Tarkwa, we believe, remains a cornerstone asset for our business. And the team in Ghana are busy with studies, how we can further optimize that asset. During the course of this year, we plan to land a way forward with both Damang and Asanko, and we will update the market when we're ready.

我們相信，Tarkwa 仍然是我們業務的基石資產。加納的團隊正忙於研究如何進一步優化該資產。在今年的過程中，我們計劃與 Damang 和 Asanko 一起開闢一條前進的道路，我們會在準備就緒時更新市場。

In the Americas, in Peru, we've seen a material improvement in production with a 5% increase in output linked to a decrease in all-in costs, which we're pleased about. Still strong cash flow generation of $76 million, and the team there are looking at how do we optimize -- further optimize the asset as it approaches it's getting a bit aged now. And I think very pleasingly, from a Peru perspective, the mine hasn't been affected by the social unrest in Peru, which is largely limited to the southern part of Peru. But I think also a testament to the great work that our teams on the ground do in terms of our social interactions and social responsibilities that we have a healthy and respectful relationship with our communities there.

在美洲，在秘魯，我們看到生產有了實質性的改善，產量增加了 5%，這與總成本的降低有關，我們對此感到高興。仍然產生了 7600 萬美元的強勁現金流，那裡的團隊正在研究我們如何優化——進一步優化資產，因為它現在已經有點老化了。我認為非常令人高興的是，從秘魯的角度來看，該礦山並未受到秘魯社會動蕩的影響，該動盪主要局限於秘魯南部。但我認為這也證明了我們的實地團隊在我們的社會互動和社會責任方面所做的出色工作，我們與那裡的社區建立了健康和尊重的關係。

If I can hand over to Paul to deal with the financials. Just push up here.

如果我可以交給 Paul 處理財務事宜。就在這裡頂一下。

Thanks, Martin. Good afternoon to everybody. I think the highlights page, normalized earnings $860 million for the year. The rest of the numbers all positive, good numbers, but they've got slides coming down. I suppose the only negative for the year was the impairments we had in Ghana and Peru, mainly driven by increase in the discount rates, again, due to increasing the risk free rate as well as country risk premiums. I just want to emphasize that the rates that we used for impairments, the circa 9% for Peru and 16% for Ghana do not reflect the investment rate, the investment hurdles we need. We use in Gold Fields. They are the rates we have to use for accounting purposes. I suppose this page is one of the highlights for Gold Fields.

謝謝，馬丁。大家下午好。我認為亮點頁面，全年正常化收入 8.6 億美元。其餘的數字都是積極的，很好的數字，但他們的幻燈片正在下滑。我想今年唯一的負面影響是我們在加納和秘魯的減值，主要是由於無風險利率和國家風險溢價的增加，貼現率的增加。我只想強調，我們用於減值的比率，秘魯大約 9% 和加納大約 16% 並不反映投資率，即我們需要的投資障礙。我們在 Gold Fields 中使用。它們是我們必須用於會計目的的匯率。我想這個頁面是 Gold Fields 的亮點之一。

I think we won a few gold mining companies who managed to meet our all-in-cost guidance for the year, $1.320,2% up year-on-year despite us facing circa 11% inflation during the year. Even if we normalize for exchange rate, we ended up at $1,381 million right at the bottom end of our all-in-cost guidance. If we look at our cash flow, operations made $855 million. I just want to emphasize what Martin said, $129 million from South Deep. If we go back 4 or 5 years ago, who would have dreamed that this is the kind of money South Deep would be generating for the group.

我認為我們贏得了一些金礦公司，他們設法達到了我們今年的總成本指導，儘管我們在這一年面臨大約 11% 的通貨膨脹，但同比增長 1.320.2%。即使我們將匯率正常化，我們最終也達到了 13.81 億美元，正好位於我們所有成本指導的底部。如果我們看一下我們的現金流，運營收入為 8.55 億美元。我只想強調馬丁所說的，來自 South Deep 的 1.29 億美元。如果我們回到 4 或 5 年前，誰會想到 South Deep 會為集團創造這樣的收入。

Adjusted free cash flow, $431 million. This excludes the net proceeds from Yamana of $127 million. At the back of this presentation, there is a recon slide explaining how we get to the $127 million. If we look at the balance sheet, net debt down to $704 million, over $200 million down year-on-year. My net debt to EBITDA, 0.29x, down from 0.4 at the end of last year.

調整後的自由現金流為 4.31 億美元。這不包括來自 Yamana 的 1.27 億美元淨收益。在本演示文稿的後面，有一張偵察幻燈片解釋了我們如何達到 1.27 億美元。如果我們看一下資產負債表，淨債務降至 7.04 億美元，同比下降超過 2 億美元。我的 EBITDA 淨債務為 0.29 倍，低於去年底的 0.4 倍。

And I think this is really the highlight for us. It's ZAR 4.45 final dividend, giving us a total of ZAR 7.45 for the year. If we look at an average share price of just over ZAR 170 for 2022. This gives us a dividend yield of 4.3%. I think is one of the best in the industry.

我認為這對我們來說真的是亮點。末期股息為 4.45 南非蘭特，全年總股息為 7.45 南非蘭特。如果我們看一下 2022 年略高於 170 南非蘭特的平均股價。這給了我們 4.3% 的股息收益率。我認為是業內最好的之一。

Thanks Paul. If we look at Salares, and I'd like to stay on the picture of our good. We have a mine built there. We have announced today that we envisage that first production will move into Quarter 4 this year. It however, remains a great asset. It's a high-grade, low-cost producer. We've suffered some setbacks related to the skill shortage in the country on the back -- during COVID, a lot of projects were put on suspension in that region, and they've ramped up making the battle for skills quite tight. We've had a fairly severe winter again. And for those of you who are interested, I was up there in December just before Christmas. One of the things I learned that the average temperature for the full year is 0 degrees up there. So the winters are particularly severe and at the stage of construction where the teams were working outside before we've got all the buildings done and trying to do lifting operations in blizzards just makes it really difficult.

謝謝保羅。如果我們看看 Salares，我想留在我們的好照片上。我們在那裡建了一座礦山。我們今天宣布，我們預計首批生產將在今年第 4 季度進行。然而，它仍然是一筆巨大的財富。這是一個高檔次，低成本的生產商。我們在背後遭遇了一些與該國技能短缺相關的挫折——在 COVID 期間，該地區的許多項目都被暫停，而且它們已經加速進行，使得技能爭奪戰非常激烈。我們又度過了一個相當嚴酷的冬天。對於那些感興趣的人，我在 12 月聖誕節前去過那裡。我了解到的一件事是，那裡全年的平均溫度為 0 度。所以冬天特別嚴酷，在施工階段，在我們完成所有建築物之前，團隊就在外面工作，並且試圖在暴風雪中進行吊裝操作真的很困難。

We -- the mine is well designed, commissionings in progress in line -- in parallel with the remaining construction. And that, we believe, will go some way to mitigate commissioning challenges late in the year. So if we look at the total project, sitting at -- if you go back one, please Avi, sitting at 87%. We've spent $758 million CapEx, of which $286 million was spent last year. I've touched on the weather and the skills. Overall construction progress at 86%. The plant at 77%. And I think importantly, and this is, to me, a highlight is that despite we're struggling with a little bit with the construction, there's a mine in place. We've already mined just shy of 51 million tonnes of waste, primarily from Brecha Principal an hit of the mine plan.

我們 - 該礦井設計精良，調試正在進行中 - 與剩余建設同時進行。我們相信，這將在一定程度上緩解今年年底的調試挑戰。所以如果我們看一下整個項目，坐在——如果你回去一個，請 Avi，坐在 87%。我們已經花費了 7.58 億美元的資本支出，其中 2.86 億美元是去年花費的。我已經談到了天氣和技能。總體施工進度為86%。該工廠為 77%。我認為重要的是，對我來說，一個亮點是，儘管我們在施工中遇到了一些困難，但這裡有一個地雷。我們已經開采了將近 5100 萬噸的廢料，主要來自 Brecha Principal，這是採礦計劃的一個成功案例。

The first ore, we struck first ore in Brecha Principal in October 2022. And to date, we already have 422,000 tonnes of ore on stockpile containing just shy of 80,000 ounces of gold sitting on that stockpile. So as the plant comes on stream, we've got a lot of ore ready to go in.

第一個礦石，我們於 2022 年 10 月在 Brecha Principal 開采了第一個礦石。迄今為止，我們已經有 422,000 噸礦石儲備，其中僅存有將近 80,000 盎司的黃金。因此，隨著工廠投產，我們已經準備好大量礦石。

We continue to explore last year during just shy of 19 kilometers into the ground, spending $32 million. And that's certainly, in our mind, is a real opportunity if we can add on to the life of this great asset. Thanks, Avi.

去年，我們繼續探索，深入地下將近 19 公里，花費了 3200 萬美元。在我們看來，如果我們能夠延長這一偉大資產的壽命，那肯定是一個真正的機會。謝謝，阿維。

So these are the big numbers. And I think this just explains, and Paul will talk to the bottom half of the slide around what a good asset this is. But we envisage first production in Quarter 4 this year. We're guiding between 15,000 and 35,000 ounces for this year, next year up to 500,000 ounces and then back to the original guidance of 600,000 ounces from 2025 onwards.

所以這些都是大數字。我認為這只是解釋，Paul 將在幻燈片的下半部分討論這是一項多麼好的資產。但我們預計今年第 4 季度將首次投產。我們今年的指導量在 15,000 到 35,000 盎司之間，明年達到 500,000 盎司，然後從 2025 年起回到最初的 600,000 盎司指導量。

Average production for the 6 years from '24 to 29, we envisage 500,000 ounces and then '24 to '33 so over the life of the mine, 355,000 ounces. That is not new. It's largely aligned with the original design and scheduling of the mine. Project capital is escalated to just over $1 billion. And Paul has got a recon in the (inaudible) which we'll talk to that.

從 24 年到 29 年這 6 年的平均產量，我們預計為 500,000 盎司，然後是 24 年到 33 年，所以在礦山的整個生命週期內，平均產量為 355,000 盎司。這並不新鮮。它在很大程度上與礦山的原始設計和調度一致。項目資金增加到剛剛超過 10 億美元。保羅在（聽不清）中進行了偵察，我們將與之交談。

As I said earlier, we're still committed to this low-cost, high-grade asset. We look at our all-in-cost for the first 6 years, still forecasting $660 per equivalent ounce. And then for the full life of project up to $745 per equivalent ounce. Paul, if you want to talk to the bottom of half.

正如我之前所說，我們仍然致力於這種低成本、高品位的資產。我們查看前 6 年的全部成本，仍然預測每盎司 660 美元。然後在項目的整個生命週期內每當量盎司高達 745 美元。保羅，如果你想和下半場談談。

I think these last 3 lines on this slide was just almost a reality check for us as to what is Salares still worth to Gold Fields. Going back to February '20, when we announced the project at a $1,300 gold price, 7.5% discount rate. We had an NPV of $620 million. We ran it again now in January. All capital sunk up until the end of last year. Same number, 7.5%, $1,300 gold price. We got to NPV of circa $1.1 billion. If we use spot prices of $1850, we would have got to just over $2 billion NPV and saying this is still a solid asset and got a huge worth to Gold Fields. I still believe it's a 2-year payback from '24 onwards. So this is a world-class asset.

我認為這張幻燈片上的最後 3 行幾乎是對我們的現實檢查，以了解 Salares 對 Gold Fields 的價值。回到 20 年 2 月，當時我們以 1,300 美元的黃金價格宣布該項目，折扣率為 7.5%。我們的淨現值為 6.2 億美元。我們現在在一月份再次運行它。直到去年年底，所有的資本都沉沒了。同樣的數字，7.5%，1,300 美元的金價。我們的淨現值約為 11 億美元。如果我們使用 1850 美元的現貨價格，我們將不得不超過 20 億美元的淨現值，並說這仍然是一項可靠的資產，並且對 Gold Fields 具有巨大的價值。我仍然相信這是從 24 年開始的 2 年回報。所以這是世界級的資產。

Thanks, Paul. And then we've just included some pictures, but this is the project taken a few weeks ago. I think you can see there's a process plant in place. You'll see water in those tanks. So they've started commissioning the water circuits. They're busy commissioning the crusher stockpile circuits. And hopefully, in the coming weeks, we'll start kicking into the mill.

謝謝，保羅。然後我們剛剛包含了一些照片，但這是幾週前拍攝的項目。我想你可以看到那裡有一個加工廠。你會在那些水箱裡看到水。所以他們已經開始調試水迴路。他們正忙於調試破碎機儲料電路。希望在接下來的幾週內，我們將開始投入生產。

The bottom right-hand corner is the infrastructure in place for tailings deposition. So we're already at the back end of the plant. And then importantly, the 2 pictures in the diagonal top and bottom, you can see that we've got a mining place with that 51 million tonnes of waste mined and 400,000 tonnes of ore, which we will continue mining during the course of this year to build up that stockpile and allow us to be ready for when the mine comes on track.

右下角是用於尾礦沉積的基礎設施。所以我們已經在工廠的後端。然後重要的是，在對角線頂部和底部的 2 張圖片，你可以看到我們有一個採礦場，開采了 5100 萬噸廢物和 400,000 噸礦石，我們將在今年繼續開採這些礦石建立儲備，讓我們為礦井上軌做好準備。

I think just lastly, in conclusion, just the full year guidance. We're guiding attributable ounces between 2.25 and 2.3 this year. Paul has put it pec in that talks about the cost and the CapEx guidance for the year and the exchange rate. The longer-term guidance, excluding Asanko is also listed there between 2.7 and 2.77 ounces and '25 from just shy of 2.8% to just north of 2.82%.

我想最後，總而言之，就是全年指導。我們將今年的歸屬盎司指導在 2.25 到 2.3 之間。保羅在談到今年的成本和資本支出指導以及匯率時表示很滿意。長期指導，不包括 Asanko，也在 2.7 和 2.77 盎司之間，'25 從略低於 2.8% 到略高於 2.82%。

And then lastly, focus areas for this year, right at the top of our list to deliver Salares on time in Quarter 4 to deliver on our organizational culture initiatives, asset optimization to find a mine within the mine continue on our great decarbonization drive and then to continue looking and focusing on upgrading the quality and the value of our portfolio.

最後，今年的重點領域，排在我們名單首位的是在第 4 季度按時交付 Salares 以實現我們的組織文化計劃、資產優化以在礦山中找到礦山，繼續我們偉大的脫碳運動，然後繼續尋找並專注於提升我們產品組合的質量和價值。

If I can stop there and hand over to Avishkar.

如果我可以停在那裡並交給 Avishkar。

Thank you, Martin. I think let's go to the conference call first for questions. Irene, can we start with you, please?

謝謝你，馬丁。我想讓我們先去電話會議提問。艾琳，我們可以從你開始嗎？

Our first question is from Catherine Cunningham of JPMorgan.

我們的第一個問題來自摩根大通的凱瑟琳坎寧安。

I just have 2 very quick questions. So the first one is on Damang. Just with the mining moving to the Huni pit and the stockpiles, would it be possible to get some guidance around where you expect the grade to be from here on out? And then also just a quick one on Salares, would it be possible to get some idea or color on what the sustaining CapEx intends to be is expected to look like beyond 2023? Yes.

我只有 2 個非常快速的問題。所以第一個是在達芒。只是隨著採礦轉移到 Huni 礦坑和庫存，是否有可能從現在開始就您期望的品位獲得一些指導？然後也只是關於 Salares 的一個快速的，是否有可能對 2023 年以後的持續資本支出預期的樣子有一些想法或顏色？是的。

The question is about Damang and Huni stockpiles where we see the grade game?

問題是關於Damang和Huni的庫存我們在哪裡看到等級遊戲？

I have to get back to you because there's a mix at the moment.

我必須回复你，因為目前有一個混音。

Sorry, we'll have to get back to you on them. But I think it's about 0.7, if I think I'm correct the grade going forward, Catherine. And then, I mean, on the sustaining capital going forward, we have provided a recon at the back of the PEC on the sustaining capital for why the all-in-costs, all-in sustaining costs are up and a lot of it relates to the sustaining capital. There's an anomaly with Salares Norte as a lot of capital is being attributable to sustaining in terms of the build-out and the dropout for accounting purposes. And as Martin spoke very little ounces. But going forward, I think you can look at taking the account inflation that we've experienced in '22. It's probably between $350 and $400 an ounce of sustaining capital going forward for Gold Fields from, it's probably 2,500. It's elevated next -- this year because of the Salares anomaly, but going forward, those are the numbers you can use.

抱歉，我們必須就這些問題回复您。但我認為它大約是 0.7，如果我認為我對未來的成績是正確的，凱瑟琳。然後，我的意思是，關於未來的持續資本，我們在 PEC 背後提供了關於持續資本的偵察，以了解為什麼所有成本、所有持續成本都在上升，而且其中很多都與到維持資本。 Salares Norte 存在一個異常現象，因為大量資金用於維持擴建和出於會計目的的退出。馬丁說話很少。但展望未來，我認為你可以考慮一下我們在 22 年經歷的賬戶通貨膨脹。 Gold Fields 未來的持續資本可能在每盎司 350 美元到 400 美元之間，可能是 2,500 美元。明年它會升高——今年是因為 Salares 異常，但展望未來，這些是你可以使用的數字。

I'm sorry, just to be clear, that's at the group level, that's not like Solares level.

抱歉，我要明確一點，那是在小組層面，而不是像 Solares 層面。

That's the group level we're talking about $350 per ounce to $400 an ounce.

這就是我們所說的每盎司 350 美元至 400 美元的集團水平。

The next question is from Adrian Hammond of SBG Securities.

下一個問題來自 SBG Securities 的 Adrian Hammond。

Good day, Martin and Paul. So Martin, I have a question for you and perhaps for the -- for your team and the Board about the group strategy. So since the attempt to acquire (inaudible). And you've made it very clear today in the commentary that M&A is still a pillar in our strategy. So could you perhaps explain to us a bit about the lessons you've learned over the last couple of months and how you intend to rerate this chip because given that your costs are the growth profile, you should certainly be federated.

美好的一天，馬丁和保羅。馬丁，我有一個關於集團戰略的問題要問你，也許還有你的團隊和董事會。所以自從嘗試獲取（聽不清）。你今天在評論中非常清楚地表明，併購仍然是我們戰略的支柱。那麼你能否向我們解釋一下你在過去幾個月中吸取的教訓以及你打算如何重新評估這個芯片，因為鑑於你的成本是增長概況，你當然應該聯合起來。

And then secondly, you furnished us with some nice long-term production. Could you perhaps give us the associated costs and CapEx for that because I think the expectation was that last year was your peak CapEx year? It seems like there is still quite heavy. What should we be expecting going forward?

其次，您為我們提供了一些不錯的長期產品。你能不能給我們相關的成本和資本支出，因為我認為去年是你的資本支出高峰年？好像還是挺重的。我們應該期待什麼？

So I think let Paul start with the CapEx or I can start with the -- let's start with the transformation of project. So I think the lessons that we learned through the transaction is that clearly, the market doesn't like a significant premium being paid on a transaction. They weren't favorable to the large transformational transaction. We still -- I think the CIBC valuation, I think, confirmed what we believed. And I think the other important lesson for us is that we maintained our discipline and didn't get into a bidding war.

所以我認為讓保羅從資本支出開始，或者我可以從——讓我們從項目轉型開始。所以我認為我們從交易中吸取的教訓是，市場顯然不喜歡在交易中支付大量溢價。他們不贊成大型轉型交易。我們仍然——我認為 CIBC 的估值證實了我們的信念。我認為對我們來說另一個重要的教訓是我們保持了紀律，沒有陷入競購戰。

What are we going to do for it? I think we've stated it in the book Adrian and is that we're going to continue doing analysis. We're going to continue looking at opportunities. But when it involves M&A, we're certainly going to be a little bit more circumspect. I think look at more incremental growth, focusing on our regions rather than big large transformational projects. That's something I think Gold Fields has done over many years, very successfully. It's something we know and understand, and that certainly would be in the immediate term, what we are going to be -- immediate and medium term, what our focus is going to be is. How do we look for the right opportunities at the right price, maintain discipline.

我們要為它做什麼？我認為我們已經在 Adrian 一書中說明了這一點，並且我們將繼續進行分析。我們將繼續尋找機會。但當涉及併購時，我們肯定會更加謹慎一些。我認為要著眼於更多的增量增長，關注我們的地區，而不是大型的大型轉型項目。這是我認為 Gold Fields 多年來所做的非常成功的事情。這是我們知道和理解的事情，而且肯定會在短期內，我們將要成為的——短期和中期，我們的重點將是什麼。我們如何以合適的價格尋找合適的機會，保持紀律。

And as I said this morning, we're not looking for ounces. We're looking for profitable ounces and ounces that are going to upgrade our portfolio, not chasing ounces for the sake of chasing ounces.

正如我今天早上所說，我們不是在尋找盎司。我們正在尋找有利可圖的盎司和將升級我們的投資組合的盎司，而不是為了追逐盎司而追逐盎司。

Adrian, in terms of long-term cost guidance, we don't give it. We give long-term production. We've done it. I have on the earlier question from Catherine said, you can work on $350 to $400 an ounce on sustaining capital. However, we must understand from 2024, we do have Salares coming in, which is coming at the guidance of around $600 million. In that year it's going to be very -- a lot lower. That will obviously have a major effect on decreasing the cost as that comes in. That's what I can give in terms of the long-term guidance on costs.

阿德里安，就長期成本指導而言，我們不提供。我們提供長期生產。我們做到了。我在凱瑟琳之前的問題上說過，你可以在維持資本方面以每盎司 350 美元到 400 美元的價格工作。但是，我們必須了解，從 2024 年開始，我們確實會有 Salares 收入，預計收入約為 6 億美元。在那一年，它會非常——低很多。這顯然會對降低成本產生重大影響。這就是我可以就成本的長期指導提供的內容。

And CapEX

和資本支出

It is between $350 to $400 an ounce sustaining. Remember, Salares is the only 2 growth projects we have. So there would be minimal non-sustaining capital coming over and above. So in '24, there should be almost no growth capital by a couple of smaller projects, but they are a small amount in the regions. But Salares is the last of the true non-sustaining big capital numbers.

它維持在每盎司 350 到 400 美元之間。請記住，Salares 是我們僅有的兩個增長項目。因此，將有最少的非持續性資本湧入。所以在 24 年，幾個較小的項目應該幾乎沒有增長資本，但它們在該地區的數量很少。但薩拉雷斯是最後一個真正的非持續性大資本數字。

The next question is from Jared Hoover of Morgan Stanley.

下一個問題來自摩根士丹利的賈里德胡佛。

Martin and team, a few questions from my side, please. I just wanted to start with the dividend. And I know you did talk to it at the beginning of the call. We know that you paid out about half of the break fee that you have already received. But I'm really trying to understand what's changed because at the back end of last year, you guys were guiding to almost keeping the big fee on your balance sheet, potentially ahead of future M&A. So from my perspective, I'm trying to understand, have you paid this out merely as a goodwill token to shareholders? Or is it a case of you have better line of sight around what your plans are for reinvestment or divestment of some of your Ghanaian assets or potentially, you've got better line of sight to some of your M&A targets, which you already know aren't going to cost you that much. So just a little bit more clarity on what's driving the payout of that break fee?

馬丁和團隊，請問我幾個問題。我只想從股息開始。我知道你在通話開始時確實與它交談過。我們知道您已經支付了大約一半的違約金。但我真的很想了解發生了什麼變化，因為在去年年底，你們指導幾乎將大筆費用保留在資產負債表上，可能會在未來的併購之前。所以從我的角度來看，我試圖理解，你支付這筆錢僅僅是為了向股東表示善意嗎？還是您對您的一些加納資產的再投資或撤資計劃有更好的了解，或者您對您已經知道的一些併購目標有更好的了解會讓你付出那麼多代價。那麼更清楚是什麼推動了分手費的支付？

And then my second question is just a point of clarification on Salares Norte. I know you talked to $660 per equivalent ounce between 24% and 29%, -- are those nominal numbers? Or are those real numbers? Because it does look like inflation is coming down eventually. So I'm just trying to get an understanding of how much of that is built into those cost numbers?

然後我的第二個問題只是關於 Salares Norte 的澄清點。我知道你談到 660 美元/當量盎司介於 24% 和 29% 之間，這些是名義數字嗎？或者那些是真實的數字？因為看起來通貨膨脹最終會下降。所以我只是想了解這些成本數字中包含了多少？

And then very lastly, on South Deep. I know you -- it's still early days, you're talking to the out-of-range feasibility study. But can you give us any early indications of what you might potentially be concerned about with regards to the South of Wrench -- because the way I look at it, South of Wrench is a bit deeper in the mine, potentially, that would mean more stresses and therefore, more seismicity and it could mean another period of experimentation to get the orientation of the mine right. I'll leave it that for now.

最後，在 South Deep 上。我了解你——現在還處於早期階段，你正在談論超出範圍的可行性研究。但是你能給我們任何關於你可能擔心的關於扳手南部的早期跡象嗎——因為在我看來，扳手南部在礦井中更深一點，這可能意味著更多應力，因此，更多的地震活動，這可能意味著要進行另一次試驗才能使礦井的方向正確。我暫時保留它。

Jared, let me talk to the dividend, first of all. I've always said to shareholders, we've got a couple of all to everybody. We've got a couple of stakeholders that we need to keep comfortable in terms of our capital allocation policy. One is our debt providers. One is our shareholders. One is also reinvesting in the business. When we completed the year-end results, we thought it's fair to kind of share the proceeds from the Yamana one. So some of the money has been kept back for investment into the business. We decided to give half of it to the shareholders. So it's not a change.

賈里德，首先讓我談談股息。我一直對股東說，我們已經為每個人準備了一些。我們有幾個利益相關者，我們需要在我們的資本分配政策方面保持舒適。一個是我們的債務提供者。一是我們的股東。一個也在對業務進行再投資。當我們完成年終業績時，我們認為分享 Yamana 的收益是公平的。因此，一些資金被保留下來用於投資業務。我們決定把一半給股東。所以這不是改變。

At the end of the last year we got it. We just said at that stage, we hadn't -- we hadn't got a commitment on what we're going to do with it. But early in January, when we saw our results, we look forward to the year. We decided to almost split equally amongst. I mean our debt has come down substantially, so no need to pay more there. So we allocated it basically between half between dividends and the rest reinvested in the business, bearing in mind, as Adrian included earlier, we do have a heavy capital year this year.

去年年底，我們得到了它。我們只是在那個階段說過，我們還沒有——我們還沒有就我們將如何處理它做出承諾。但是在 1 月初，當我們看到我們的結果時，我們期待著這一年。我們決定幾乎平分。我的意思是我們的債務已經大幅下降，所以沒有必要在那裡支付更多。因此，我們基本上將其分配在股息和其餘再投資於業務之間的一半之間，請記住，正如阿德里安早些時候所說，我們今年確實有大量資本。

What is the second question, Avi, sorry. What was your second question, Jared... Sorry, I'm getting old and forgetful.

第二個問題是什麼，阿維，不好意思。 Jared，你的第二個問題是什麼……抱歉，我老了，健忘了。

No worries. Just on Salares Norte. I just wanted to confirm whether that $660 per equivalent ounce is a nominal or real number? And how much in fact has actually bolt into that given inflation seems to be coming down in Chile?

不用擔心。就在 Salares Norte。我只是想確認每盎司 660 美元是名義數字還是實際數字？考慮到智利的通貨膨脹似乎正在下降，實際上有多少實際投入其中？

That is a real number. As I said to you this morning, when I spoke to from the original guidance in '20 when we came out this number basically almost to the dollar, if you take inflation in Chile, we got to the revised number, but that is a real number, it's in today's money.

那是一個實數。正如我今天早上對你說的，當我從 20 年的原始指導中談到時，我們得出的這個數字基本上幾乎與美元相當，如果你考慮智利的通貨膨脹，我們得到了修訂後的數字，但這是真實的數字，它是今天的錢。

And then, Jared, just on South Deep and South of Wrench. Fortunately, the fault, the Wrench fault actually throws up. So net-net will be about 250 meters closer to the surface when we go other side the fault where we start. So it's certainly an opportunity for us. So that answers hopefully your stress condition that we should be marginally better off.

然後，Jared，就在 South Deep 和 South of Wrench。還好故障，Wrench故障居然吐了。所以當我們從我們開始的斷層的另一邊走時，net-net 將離地表更近 250 米。所以這對我們來說當然是一個機會。因此，這有望回答您的壓力條件，即我們應該稍微好一點。

I think the other important sort of aspect of South of Wrench was only envisaged to start guiding in the 2030s. We believe that we're not manufacturing motorcars. We're mining and suggesting time principles maybe aren't appropriate. So we want to slowly start going towards South of Wrench. Now what it does do, it allows us to understand the ground conditions earlier and particularly the ground conditions as we navigate that fault, but it also allows us to put drilling platforms closer to the ore body there, which allows us to get our definition drilling done a whole lot cheaper and a whole lot faster.

我認為 South of Wrench 的另一個重要方面只是設想在 2030 年代開始引導。我們相信我們不是在製造汽車。我們正在挖掘並建議時間原則可能不合適。所以我們想慢慢開始向扳手南部前進。現在它所做的是，它使我們能夠更早地了解地面狀況，尤其是在我們導航該斷層時的地面狀況，但它也使我們能夠將鑽井平台放置在離那裡的礦體更近的地方，這使我們能夠進行定義鑽探做得便宜很多，速度也快很多。

I think lastly, and I think most importantly, we want to be a learning organization. And the school fees that we paid in North of Wrench, we are taking those and investing the learnings there into how we design and will operate South of Wrench. So I think that would summarize what our intention is slowly going towards South of Wrench over the coming years.

我認為最後也是最重要的是，我們希望成為一個學習型組織。以及我們在北扳手支付的學費，我們正在利用這些費用並將那裡的學習投入到我們設計和運營南扳手的方式中。因此，我認為這將總結我們在未來幾年內慢慢走向扳手南部的意圖。

Okay. Great. And just one quick follow-up on dividend. If you do get that cash back from the Canadian tax authorities, should we be expecting that you would share that half-half with the shareholders?

好的。偉大的。並且只是對股息的快速跟進。如果你確實從加拿大稅務機關拿回了現金，我們是否應該期望你會與股東分享那一半？

What we said here, it was half -- the $100 million that we included in the dividend was half of the $202 million that is assuming we get the $75 million back from the Canadian revenue authority.

我們在這裡所說的是一半——我們包括在股息中的 1 億美元是 2.02 億美元的一半，假設我們從加拿大稅務局收回 7500 萬美元。

The next question is from Leroy Mnguni of HSBC.

下一個問題來自匯豐銀行的 Leroy Mnguni。

I've got 3 questions, please. The one -- the first one is; do you have a sense of what the closure and rehab costs would be for Damang if you are unable to sell it? The second question is, given the generous provisions in yesterday's budget speech for renewable energy, would that have any bearing on whether or not you're going to look to expand your renewable power capacity at South Deep. And then lastly, I know we spoke about Asanko quite a bit earlier this morning. But we don't talk a lot about Gruyere some of your options with more buying out your JV partner there. If you could please just share some of your views around that as a potential option to as a bolt-on acquisition.

我有3個問題，請。那個——第一個是；如果您無法出售 Damang，您是否知道關閉和修復成本是多少？第二個問題是，鑑於昨天關於可再生能源的預算演講中的慷慨規定，這是否會影響您是否打算擴大 South Deep 的可再生能源容量。最後，我知道我們今天早上早些時候談到了 Asanko。但是我們並沒有過多地談論格魯耶爾的一些選擇，更多的是在那裡買下你的合資夥伴。如果您可以，請分享您對此的一些看法，作為補強收購的潛在選擇。

On the Damang rehab provision, when we bring out the (inaudible) the end of March, we did the base case rehab for all our mines and you were able to see it there. I don't have it on hand at the moment. But obviously, we have a base cover. $20 million approximately, Leroy.

關於 Damang 修復條款，當我們在 3 月底提出（聽不清）時，我們對所有礦山進行了基本案例修復，您可以在那裡看到它。我手頭上現在沒有。但顯然，我們有一個底蓋。大約 2000 萬美元，Leroy。

I think the second question on the renewables. Leroy, as we discussed this morning, we're doing renewables to be part of the solution and not part of the problem. We see a very strong sort of value accretive proposition about doing it. Are the incentives going to help that in South Africa, we'll certainly evaluate that. But I think the much bigger imperative with renewables in South Africa is reliability of feed. When you operate in a country with an unreliable feed you're putting your business at risk, you're putting your employees livelihoods at risk that they can't continue earning a good wage. So, we see it as value accretive. We see it as an opportunity to ensure business continuity. And if there's further opportunities through incentives, we'll evaluate that, but that wouldn't be the primary driver for us, continue our investment in renewables.

我認為第二個問題是關於可再生能源的。 Leroy，正如我們今天早上討論的那樣，我們正在使可再生能源成為解決方案的一部分，而不是問題的一部分。我們看到了一種非常強大的價值增值主張。這些激勵措施是否有助於在南非實現這一目標，我們當然會對此進行評估。但我認為南非可再生能源的更大當務之急是飼料的可靠性。當您在一個飼料不可靠的國家經營時，您會讓您的企業面臨風險，您會讓您的員工的生計面臨風險，因為他們無法繼續賺取高薪。因此，我們將其視為增值。我們將其視為確保業務連續性的機會。如果通過激勵措施有更多機會，我們將對其進行評估，但這不是我們的主要驅動力，繼續我們對可再生能源的投資。

Just the last question, potentially buying out your JV partner at Gruyere.

最後一個問題，可能會買斷您在格魯耶爾的合資夥伴。

We always explore alternatives. As we discussed this morning when people asked him. We're always looking at alternatives. If we come to a decision, we'll announce it to the market. We've got nothing on the table at the moment. But we always explore alternatives as with Asanko as with all our other JV partners that we have as to how we progress.

我們總是探索替代方案。正如我們今天早上在人們問他時所討論的那樣。我們一直在尋找替代方案。如果我們做出決定，我們會向市場公佈。目前我們什麼都沒有。但我們總是探索替代方案，就像與 Asanko 以及我們擁有的所有其他合資夥伴一樣，我們如何取得進展。

Maybe just a follow-up on that. So when you talk about (inaudible) acquisitions instead of big M&A, are you able to share with us some of the criteria that you apply in assessing alternatives.

也許只是對此的後續行動。因此，當您談論（聽不清）收購而不是大型併購時，您能否與我們分享您在評估備選方案時應用的一些標準。

Well, ideally, it would be in the countries where we operate, that where we have a presence. It would be life of mine. It would be the ESG footprint and it would obviously be the all-in-costs. We're not going to buy something that's got a higher all-in-cost. If we would do something, we would have to improve our all-in-costs. But I suppose the main -- 2 main criteria, lower all-in-costs and at least circa 10-year life of mine.

嗯，理想情況下，它將在我們開展業務的國家/地區開展業務。這將是我的生活。這將是 ESG 足跡，顯然是所有成本。我們不會購買總成本更高的東西。如果我們想做點什麼，我們就必須提高我們的總成本。但我認為主要的 - 2 個主要標準，較低的總成本和至少大約 10 年的我的壽命。

And I think Leroy talks to the point I think I made earlier, we want to upgrade the quality of our portfolio. So we need better quality ounces into our portfolio. That's the sort of strategic intent in Pillar 3. How do we upgrade the portfolio over a period of time?

而且我認為 Leroy 談到了我之前提出的觀點，我們希望提升我們產品組合的質量。因此，我們需要在我們的產品組合中加入質量更好的盎司。這就是支柱 3 中的戰略意圖。我們如何在一段時間內升級投資組合？

The next question is from Cameron Needham of Bank of America.

下一個問題來自美國銀行的 Cameron Needham。

Just 2 questions from me. And firstly, on Salares Norte, what are the key milestones you need to meet from here to actually hit first production in Q4 this year? And then secondly, just on the disputed tax bills in Ghana, is the path looks like from here? And could you just give us a quick reminder how much of the amounts we're talking about here?

我只有 2 個問題。首先，在 Salares Norte，您需要從這里達到哪些關鍵里程碑才能在今年第四季度真正實現首次生產？其次，就加納有爭議的稅單而言，從這裡開始的路徑是怎樣的？您能否快速提醒我們這裡討論的金額有多少？

So I'll start with Solaris. I did touch on it in the presentation. I think the mining milestone has been achieved. We've got a mining place. We're digging. The camp is in place and with the plant sitting at 70% -- 77% to 80% complete where we are. So right now, key milestones up to H1 is we need to commission the primary -- in fact, before in the primary crusher, the stockpile, the (inaudible) and the leach tanks, you've seen they've got water in already. In parallel with that, we need to go to the back end of the plant and get the -- the filters sorted out for the tailings disposal. You'll be aware it's a dry stack tailings facility. So we're running that in parallel so that when we start up the plant, we can get going. Part of the plan then is once we get that combination circuit upfront running and the tanks running, we're going to run Barona material through that plant to commission and get that filter plant and the tailings circuit working as it should. So that we're aiming to sort of get done, sort of, during the H1 this year.

所以我將從 Solaris 開始。我確實在演示中提到了它。我認為挖礦里程碑已經實現。我們有一個採礦點。我們正在挖掘。營地已經就位，工廠已完成 70%——77% 至 80%。所以現在，H1 之前的關鍵里程碑是我們需要調試初級——事實上，在初級破碎機、儲料堆、（聽不清）和浸出罐之前，你已經看到它們已經有水了.與此同時，我們需要到工廠的後端並整理出用於尾礦處理的過濾器。您會注意到這是一個乾堆尾礦設施。所以我們並行運行，這樣當我們啟動工廠時，我們就可以開始了。然後，計劃的一部分是一旦我們讓組合迴路提前運行並且儲罐運行，我們將通過該工廠運行 Barona 材料以進行調試並使過濾廠和尾礦迴路正常工作。因此，我們的目標是在今年上半年完成一些工作。

The second big part is to get the Merrill Crowe process up and running. 85% of the metal comes through the Merrill Crowe process. We're aiming to get that ready for commissioning during August. That will give us a couple of months to trial it and get it running as it should. And then the carbon process, which is at the back end of the Merrill Crowe, which accounts for 15% of the metal. We're looking to get that up and running in September time. So those are the big sort of high-level milestones that we will drive. But as I said earlier, importantly, 85% of our operational staff are recruited and in place.

第二個重要部分是啟動並運行 Merrill Crowe 流程。 85% 的金屬來自 Merrill Crowe 工藝。我們的目標是在 8 月為調試做好準備。這將給我們幾個月的時間來試用它並使其正常運行。然後是碳工藝，它在 Merrill Crowe 的後端，佔金屬的 15%。我們希望在 9 月的時候啟動並運行它。因此，這些是我們將推動的大型高級里程碑。但正如我之前所說，重要的是，我們 85% 的運營人員都已招募到位。

And as the project team completes and hands over sections of the plant, they're getting in there. They're commissioning it. They're getting it operational. So that when we sit it on altogether, we are in a position to start running at full speed. I hope I've answered your question.

隨著項目團隊完成並移交工廠的各個部分，他們將進入那裡。他們正在調試它。他們正在讓它運作。因此，當我們完全坐下時，我們就可以開始全速奔跑。我希望我已經回答了你的問題。

Yes, it's very clear. And then just on the second question in Ghana as well. I just wanted to get your thoughts around what the path looks like from here as well. And just a quick reminder, sorry about how material the amounts we're talking about here.

是的，這很清楚。然後還有關於加納的第二個問題。我只是想了解您對從這裡開始的路徑的看法。只是一個簡短的提醒，對於我們在這裡談論的數量有多麼重要，我們深表歉意。

So you're talking about the tax issue in Ghana. In the Yamana circular, we said we had received an assessment of $120 million. Of that, it's $60 million that relates to our DA, $60 million. That's the one that's under debate. The other $60 million, its normal queries we received that we are busy resolving with the Ghanaian tax authorities, but it's the $60 million that relates to the DA it relates to the upfront deduction of our stripping. So it's $60 million that are drop with the Ghanaian Revenue authorities about.

所以你在談論加納的稅收問題。在 Yamana 通告中，我們說我們收到了 1.2 億美元的評估。其中，有 6000 萬美元與我們的 DA 相關，6000 萬美元。那就是正在爭論中的那個。其他 6000 萬美元，我們收到的正常查詢，我們正忙於與加納稅務機關解決，但這是與 DA 相關的 6000 萬美元，它與我們剝離的前期扣除有關。所以這是 6000 萬美元，與加納稅務當局有關。

Next question is from Tanya Joking of Scotia Bank.

下一個問題來自豐業銀行的 Tanya Joking。

A lot of them have been answered. But just back on the question in Ghana, you mentioned $60 million related to the deductions you were doing in stripping. Is that for just one specific year, and we are just being reviewed for 1 year and then potentially additional years to come on? Or is this a total aggregate number over a period of time?

他們中的很多人都得到了回答。但是回到加納的問題，你提到了 6000 萬美元與你在剝離中所做的扣除有關。這是否只是特定的一年，我們只是接受了 1 年的審查，然後可能還會再過幾年？或者這是一段時間內的總數？

Aggregate number over quite a couple of years, if my memory says me right, it's either 3 or 4 years of the assessment related to.

幾年來的總計數字，如果我沒記錯的話，這與評估相關的是 3 年或 4 年。

Okay. So it's an aggregate number and we're not…

好的。所以這是一個總數，我們不是......

Not, no.

不，不。

Well, I guess. Okay. Okay. That's great. And then I just wanted to turn to your portfolio and you were talking about upgrading the portfolio and essentially Asanko and Damang that do not fit your criteria. So those are going to be reviewed, I guess, those are for sale. What about Cerra Corona? I mean that mine is just going on until 2025 and then we're going into stockpile. So my question is, do you have anything there that you want to keep because there's potential to add? Or is that also a possibility to go on the sale block?

好吧，我想。好的。好的。那太棒了。然後我只想轉向你的投資組合，你在談論升級投資組合，本質上是不符合你標準的 Asanko 和 Damang。所以那些將被審查，我猜，那些是待售的。 Cerra Corona 怎麼樣？我的意思是我的計劃一直持續到 2025 年，然後我們將開始儲備。所以我的問題是，你有沒有因為有可能添加而想要保留的東西？或者這是否也有可能繼續銷售？

So I think where we are, Tanya, is we're looking at optimization studies there. The team will hopefully land that during the course of this year. The one thing I've learned with our colleagues in South America, they are very passionate minus -- they've got huge pride in what they do. And they are doing a lot of work to make sure that we can love that asset for a little bit longer. So we'll know later in the year where they've landed with those optimization studies. And once we know where we're going, we'll be happy to update you.

所以我認為，Tanya，我們正在研究那裡的優化研究。該團隊有望在今年期間實現這一目標。我從我們在南美的同事那裡學到的一件事是，他們非常熱情——他們對自己所做的事情感到非常自豪。他們正在做大量工作，以確保我們可以更長時間地喜愛這項資產。所以我們會在今年晚些時候知道他們在哪裡進行了這些優化研究。一旦我們知道我們要去哪裡，我們將很樂意為您更新。

Okay. I mean you have a processing facility in that area. I mean, I think there was quite a number of junior companies all around there that some of them seem to have something would that be something that you would consider as a potential (inaudible) because it's smaller, but increasing your exposure in that environment for junior?

好的。我的意思是你在那個地區有一個加工設施。我的意思是，我認為周圍有相當多的初級公司，其中一些似乎有一些你認為有潛力的東西（聽不清），因為它規模較小，但增加了你在該環境中的曝光率初級？

We won't look -- exclude any options and that we will look at everything that's on the table.

我們不會考慮 - 排除任何選項，我們會考慮桌面上的所有內容。

Okay. And then just maybe just in Australia, I think, can we talk about St. Ives and what you're doing there that could potentially impact the costs should you go forward? Just a bit more detail on that, please?

好的。然後也許只是在澳大利亞，我想，我們可以談談聖艾夫斯以及你在那裡所做的事情，如果你繼續前進，可能會影響成本嗎？請再詳細一點好嗎？

So I think just Paul will add to it, but the element this year on St. Ives is that's going to impact on costs is the team is busy with a study around our renewables to install a micro-grid there. That study, they will hopefully bring to the Board most probably at the August Board cycle. As I've said, we believe our renewable projects are value accretive. They ensure business continuity. So if that project comes back to the Board in August and they've got a project that makes sense for us. We would want to consider letting the team get going with that. And at that stage, they will come to us I suppose, with a capital number they would need to get that work going in the back end of this year.

所以我認為只有 Paul 會加入，但今年 St. Ives 的要素是將對成本產生影響，因為該團隊正忙於圍繞我們的可再生能源進行研究，以在那里安裝微電網。他們很有希望在 8 月份的董事會周期中將這項研究提交給董事會。正如我所說，我們相信我們的可再生能源項目能夠增值。他們確保業務連續性。因此，如果該項目在 8 月返回董事會，並且他們有一個對我們有意義的項目。我們會考慮讓團隊開始這樣做。在那個階段，我想他們會來找我們，他們需要一個資本數字才能在今年年底開始這項工作。

Yes. I think, I mean from the days of Chris, we've said when we're doing especially our decarbonization, it's obviously about being good corporate citizens, but more important, it's got to be a business case for it. And this St. Ives micro-grid will have a huge business case. We pay around $0.20 a kilowatt to the current provider. And in terms of doing the micro-grid, whether we go 100% on our own or we bring in a partner, it's anything between $0.06 and $0.10. So it's at least half of the current rate we will be paying. So it will definitely have a business case.

是的。我認為，我的意思是從克里斯的時代開始，我們就說過，當我們特別是在脫碳時，這顯然是關於成為優秀的企業公民，但更重要的是，它必須是一個商業案例。這個 St. Ives 微電網將有一個巨大的商業案例。我們向當前供應商支付每千瓦 0.20 美元左右的費用。就做微電網而言，無論我們是 100% 自己做還是引入合作夥伴，成本都在 0.06 美元到 0.10 美元之間。所以它至少是我們將支付的當前費率的一半。所以它肯定會有一個商業案例。

Stuart and the team, as Martin said, will come back is probably in August, give us the final numbers, and then we were able to say we gave indicative numbers in our guidance saying if we decide to do it, this is what the implication could be for this year, but it all depends on when they come to the board with their final feasibility study for approval.

斯圖爾特和團隊，正如馬丁所說，可能會在八月回來，給我們最終的數字，然後我們可以說我們在我們的指導中給出了指示性數字，如果我們決定這樣做，這就是含義可能是今年，但這完全取決於他們何時將最終可行性研究提交給董事會以供批准。

Yes. So exit moves that number could move into 2024?

是的。那麼退出移動這個數字可以移動到 2024 年嗎？

I think the guys are confident they're going to get the case. Some of it will -- some early start CapEx potentially this year. And then I think a lot of it will move into 2024.

我認為這些人有信心他們會得到這個案子。其中一些會——一些可能會在今年提前開始資本支出。然後我認為其中很多將進入 2024 年。

Yes, I think it will be '23, '24, '25. If we don't do anything this year, it will be '24, '25. And I'm looking at Stuart behind me. Yes, Stuart's behind us, yes, he is happy with that, yes.

是的，我認為會是 23 年、24 年、25 年。如果我們今年什麼都不做，那將是 24、25 年。我看著身後的斯圖爾特。是的，斯圖爾特在我們身後，是的，他對此很滿意，是的。

Okay. So we should consider some capital then over the next 3 years, including this year.

好的。所以我們應該在接下來的三年裡考慮一些資本，包括今年。

Correct, yes.

正確，是的。

Ladies and gentlemen, just another reminder, (Operator Instructions) Next question is from Stella Cridge of Barclays.

女士們先生們，再提醒一下，（操作員說明）下一個問題來自巴克萊銀行的 Stella Cridge。

Thanks for all the updates. I wondered if I could ask a couple of things. And the first one was just a follow-up on Ghana. I noticed in today, you said that the process of claiming certain rebates are around development agreements had become more onerous. I just wondered what they were and whether those were material sum. And the second question was in relation to the bond, which is maturing next year. I was just wondering what you're thinking more around that at this stage. And obviously, net debt is quite low, but would you like to stay in the market, perhaps keep a bit more flexibility or maybe pay it down. It would be great to hear thoughts on that.

感謝所有更新。我想知道我是否可以問幾件事。第一個只是加納的後續行動。我今天注意到，您說圍繞開發協議申請某些回扣的過程變得更加繁瑣。我只是想知道它們是什麼以及它們是否是物質總和。第二個問題與明年到期的債券有關。我只是想知道您現階段對此有更多的想法。顯然，淨債務很低，但你願意留在市場上嗎，或許保持更大的靈活性，或者可能還清債務。很高興聽到對此的想法。

So in terms of the rebates -- it relates to the diesel rebates that we're getting on and the number is not material is around $8 million, which at the moment, we are in the base of the Ghanaian Government so it's not material and it's about $8 million a year. In terms of the bond, current thought of management is that we won't probably not be refinancing the bond, and we will pay it either out of our RCF and the balance will come out of the cash generated by Salares Norte. Remember, next year, we'll be a big cash-generating year for Salares Norte as it moves closer to the 500,000 ounces. So that's the current thought process, don't intend going to the market next year.

因此，就回扣而言——這與我們正在進行的柴油機回扣有關，這個數字並不重要，約為 800 萬美元，目前，我們處於加納政府的基礎上，所以這並不重要，而且每年大約800萬美元。就債券而言，管理層目前的想法是，我們可能不會為債券再融資，我們將用我們的 RCF 支付，餘額將從 Salares Norte 產生的現金中支付。請記住，明年，隨著 Salares Norte 接近 500,000 盎司，我們將成為產生大量現金的一年。所以這就是目前的想法，明年不打算上市。

(Operator Instructions) We will pause the moment if we have any further questions from the conference call. I see we have no further questions from the conference call.

（操作員說明）如果我們在電話會議中有任何進一步的問題，我們將暫停會議。我看到我們在電話會議中沒有進一步的問題。

Irene. We've got a couple from the webcast. Paul this ones for you. Can you elaborate on the refinancing plans for Q2?

艾琳。我們從網絡廣播中得到了一些。保羅這個給你的。能否詳細說明二季度的再融資計劃？

Well, I think this year is going to be quite a heavy year in terms of refinancing. We're in the process of finalizing the ZAR 2.5 billion facilities in South Africa. They will be bilateral and they should be done is probably by April. We're meeting the banks in March to refinance the ZAR 1.2 billion group RCF. And later in the year, we will be in Australia to refinance the AUD 500 million RCF. So quite a heavy year in terms of refinancing. But as you know, we've always had a history of finance -- refinancing ahead of time.

好吧，我認為今年在再融資方面將是相當沉重的一年。我們正在完成在南非投資 25 億南非蘭特的設施。它們將是雙邊的，它們應該可能在四月份完成。我們將在 3 月份與銀行會面，為 12 億蘭特集團 RCF 進行再融資。今年晚些時候，我們將在澳大利亞為 5 億澳元的 RCF 進行再融資。就再融資而言，這是相當沉重的一年。但正如你所知，我們一直有一段金融歷史——提前再融資。

We must a little bit later this year because the proposed Yamana transaction that put our hiccup on our financing arrangements and it's probably the latest by about 6 or 8 months, but we intend to have completed those 3 refinancing by the fourth quarter this year.

我們必須在今年晚些時候進行，因為擬議的 Yamana 交易使我們的融資安排出現問題，它可能是最新的大約 6 或 8 個月，但我們打算在今年第四季度完成這 3 次再融資。

Okay. Next one is an ESG question. We've seen a slight improvement in your ESG disclosure over the years. Given the current energy crisis, what is your strategy regarding renewables? And has there been any progress on increasing focus on health and safety of the workforce?

好的。下一個是 ESG 問題。多年來，我們看到你們在 ESG 披露方面略有改善。鑑於當前的能源危機，您在可再生能源方面的戰略是什麼？在加強對員工健康和安全的關注方面是否取得了任何進展？

So I think on renewables, you've seen our commitments. We've just been talking a short while ago about where we're going at St Ives. At South Deep, the team there is busy with the wind study to supplement the 50 megawatts of solar. We're looking at a conceptual study already at Salares Norte to put in some solar up there. I can tell you that solar will work there because I was out with Sun block on for a few hours, and I got some burnt. So we know that it's going to work up there. So we're fully committed to this. And again, I want to reiterate, we were consistently seeing improvements in that space, be it silicosis, be it what we're doing around diesel particulate matter. And I think the other really important health and safety aspect that we're driving right now is mental health and safety, we -- we try to create a workplace where people feel safe to come to work both in emotionally (inaudible) and remains our #1 value. It's an area that we're hugely committed to and focused on because we, again, believe that as much as we are a mining company, we're actually a people business. And with our people, we won't achieve the magical things we achieved. So right at the forefront of everything we're trying to do every day.

所以我認為在可再生能源方面，你已經看到了我們的承諾。不久之前，我們一直在談論我們在聖艾夫斯的去向。在 South Deep，那裡的團隊正忙於風力研究，以補充 50 兆瓦的太陽能。我們正在研究已經在 Salares Norte 進行的一項概念性研究，以便在那里安裝一些太陽能。我可以告訴你太陽能在那里工作，因為我在外面幾個小時都戴著防曬霜，我被曬傷了。所以我們知道它會在那裡起作用。所以我們完全致力於此。再一次，我想重申，我們一直在看到該領域的改善，無論是矽肺病，還是我們圍繞柴油顆粒物所做的工作。而且我認為我們現在正在推動的另一個真正重要的健康和安全方面是心理健康和安全，我們 - 我們試圖創造一個工作場所，讓人們在情感上（聽不清）和仍然是我們的工作場所感到安全#1 值。這是一個我們非常致力於並專注於的領域，因為我們再次相信，儘管我們是一家礦業公司，但我們實際上是一家以人為本的企業。與我們的員工一起，我們將無法實現我們所取得的神奇成就。所以就在我們每天努力做的每件事的最前沿。

Okay. Thanks, Martin. There are no other questions. Any closing comments?

好的。謝謝，馬丁。沒有其他問題。有什麼結束語嗎？

Thanks, Avishkar. I'd just like to thank all the participants, and thank you for your engagement and good --and questions. And I think most importantly, to thank the women and men around the globe who work for Gold Fields and allow us to sit here today and present results on their behalf. Thanks a lot, Avi.

謝謝，阿維什卡。我只想感謝所有參與者，感謝你們的參與和提出的好問題。我認為最重要的是，感謝全球為 Gold Fields 工作的男男女女，讓我們今天坐在這裡代表他們展示成果。非常感謝，阿維。