Gold Fields Ltd (GFI) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Gold Fields Q3 2023 Operational Update. (Operator Instructions) Please note that this call is being recorded. I would now like to turn the conference over to Martin Preece. Please go ahead, sir.

女士們、先生們，美好的一天，歡迎來到 Gold Fields 2023 年第三季營運更新。 （操作員說明）請注意，此通話正在錄音。我現在想把會議交給馬丁·普里斯。請繼續，先生。

Thank you, Irene, and good afternoon, ladies and gentlemen, and thank you for making the time to join us for our Q3 operational update for Gold Fields. I'm just going to run with some brief introductory comments, just touching on what is in the book. I think just starting with health, safety and well-being. Tragically, we lost a colleague during the quarter at Tarkwa in a safety-related incident on one of our waste dumps. And again, on behalf of Gold Fields and the executives, we want to extend our heartfelt condolences to the family, loved ones and colleagues of our colleague that has succumbed to his injuries.

謝謝艾琳，女士們先生們下午好，感謝您抽出時間參加我們的金礦第三季營運更新。我只想做一些簡短的介紹評論，簡單介紹一下書中的內容。我認為首先要從健康、安全和福祉開始。不幸的是，本季我們在 Tarkwa 的一個廢棄物堆放場發生了一起安全相關事件，失去了一位同事。再次，我們謹代表 Gold Fields 和高階主管人員，向因傷去世的同事的家人、親人和同事表示衷心的哀悼。

We did touch on it in August, the Elizabeth Broderick review, which we had rolled out across our business, and we are busy implementing the 22 recommendations from that review, and we'll have a follow-up audit within 3 years. I think very pleasingly, we have announced on the 9th of October that the Board has concluded the search process for the new CEO and pleased to announce that Mike Fraser, who was with Chaarat Gold and previously with South32 and BHP, will be joining us in the beginning of the New Year, in the beginning of January next year. I think Mike brings with him a lot of, I think, really strong experience and capability, and we look forward to Mike joining us and the positive impact he's going to have on our business as we go forward with Gold Fields and build on, I think, the really strong base that's been put in place.

我們在8 月確實觸及了這一點，即伊麗莎白·布羅德里克(Elizabeth Broderick) 審查，我們已在整個業務範圍內開展了這項審查，我們正忙於實施該審查中的22 條建議，我們將在3 年內進行後續審計。我認為非常令人高興的是，我們已於10 月9 日宣布，董事會已完成新任執行長的搜尋流程，並很高興地宣布，曾在Chaarat Gold 工作、之前在South32 和BHP 工作過的Mike Fraser 將加入我們新年伊始，明年一月初。我認為麥克帶來了很多，我認為，非常強大的經驗和能力，我們期待邁克加入我們，並在我們與金田一起前進並在此基礎上繼續發展時，他將對我們的業務產生積極影響，我想想看，已經建立了真正堅實的基礎。

Touching on the strong base. Those of you who follow the press, we're really proud of the achievement of being ranked #1 in the Sunday Times Top 100 Business Companies last Thursday evening. And I think it's a great testament to our teams across the globe, who've worked consistently and hard over the last 5 years to translate the strategy into action and deliver this phenomenal sort of update/result and the recognition that belongs to all our people.

觸及堅固的基礎。那些關注媒體的人，我們對上週四晚上在《星期日泰晤士報》百強商業公司中排名第一的成就感到非常自豪。我認為這對我們全球團隊來說是一個很好的證明，他們在過去5 年裡始終如一地努力工作，將策略轉化為行動，並交付了這種非凡的更新/結果以及屬於我們全體員工的認可。

Pleasingly, we don't want to get distracted with Q3 results, and Paul will touch on some of the bigger numbers a little bit later, but our guidance remains unchanged despite the operational challenges that we have had during the quarter, gold equivalents at 2.25 million to 2.3 million ounces, and the AIC, excluding Windfall, expected to land between $1,480 and $1,520 for the full year.

令人高興的是，我們不想因為第三季的業績而分心，保羅稍後會談到一些更大的數字，但儘管我們在本季度遇到了營運挑戰，但我們的指導保持不變，黃金等價於2.25 100 萬至 230 萬盎司，不包括意外收穫在內，全年 AIC 預計將在 1,480 美元至 1,520 美元之間。

I think -- just on touching on the costs, I think what's important to note is the big impact on costs, and we'll touch on it. We produced 50,000 less ounces for the quarter. That's largely driving the change in all-in cost driven, but there's important attributable to Windfall that's additional. But otherwise, our costs in absolute terms remain fairly flat. The real big impact has been at Tarkwa. We're mining at the bottom of the pit. We took the decision in quarter 2 to accelerate mining there. Knowing that quarter 3 is a rainy season, so we've certainly slowed down in quarter 3, but if you take the combination of quarter 2 and quarter 3, we're dead on target in terms of cost, and that will come to fruition for the full year.

我認為，就成本而言，我認為值得注意的是對成本的巨大影響，我們將討論它。本季我們的產量減少了 50,000 盎司。這在很大程度上推動了總成本驅動的變化，但還有一個重要的因素可歸因於意外之財。但除此之外，我們的絕對成本仍然相當穩定。真正產生巨大影響力的是 Tarkwa。我們正在坑底採礦。我們在第二季度做出了加速那裡採礦的決定。知道第三季是雨季，所以我們在第三季肯定放慢了速度，但如果你把第二季和第三季結合起來，我們在成本方面完全達到了目標，這將會實現全年。

Across the business, I think we've also had some challenges with lower grades at our St Ives and Agnew mines in Australia, impacted by some ventilation concerns that's impacted on the ounces. I think very pleasingly, despite the slow start at South Deep earlier this year, quarter 3, they've seen a 19% improvement on recovered. Ghana stays -- we're comfortable with where we are in Ghana and Peru.

在整個業務中，我認為我們在澳洲的聖艾夫斯和阿格紐礦也遇到了一些低品位的挑戰，受到一些影響盎司的通風問題的影響。我認為非常令人高興的是，儘管 South Deep 今年早些時候（第三季）起步緩慢，但他們的恢復率已經提高了 19%。加納留下來——我們對加納和秘魯的現狀感到滿意。

The important news with Salares Norte. At the end of the quarter, project construction at 97%. Paul and myself sat in reviews yesterday. Construction is now at 99%. And we're pleased to report that on Monday night, they started the Ball Mill. They've run that on Tuesday night. We started the SAG Mill and started feeding material into the mill. We're currently treating better material to just get everything commissioned and running up and first gold is still expected in December, and the project is on track in terms of spend.

北薩拉雷斯的重要消息。截至本季末，工程建設進度達97%。保羅和我昨天參加了評論。目前施工進度已達99%。我們很高興地報告，週一晚上，他們啟動了球磨機。他們在周二晚上進行了這項工作。我們啟動了半自磨機並開始將材料送入磨機。我們目前正在處理更好的材料，以使一切都投入使用並運行起來，預計 12 月仍將獲得第一批黃金，並且該項目在支出方面步入正軌。

In terms of the JV announcements that we made earlier in the year, ourselves and AngloGold Ashanti are progressing -- working closely together and progressing with the pieces of work between the 2 parties. We have started engagement with the government in Ghana, but that is going slower than we originally envisaged, but we will continue with that as we do believe that the joined up entity makes sound economic sense for the people of Ghana, for AngloGold Ashanti, and ourselves.

就我們今年稍早發布的合資企業公告而言，我們和 AngloGold Ashanti 正在取得進展——密切合作並推進兩方之間的工作。我們已經開始與加納政府接觸，但這比我們最初設想的要慢，但我們將繼續下去，因為我們確實相信聯合實體對加納人民、AngloGold Ashanti 和 AngloGold Ashanti 都具有良好的經濟意義。我們自己。

I think in terms of the partnership with Osisko Mining to develop the project in Windfall, the EIA was submitted in March. We expect that to come to fruition towards the back end of next year or very early 2025. In that period, we're going to continue with preconstruction activities. We are committed to do certain work. We have already spent in Q3 $25 million this year and making good progress.

我認為就與 Osisko Mining 合作開發 Windfall 專案而言，EIA 已於 3 月提交。我們預計這一目標將在明年年底或 2025 年初實現。在此期間，我們將繼續進行施工前活動。我們致力於做某些工作。今年第三季我們已經花了 2500 萬美元，並且取得了良好進展。

Just on the ESG part, we've made good progress with our Tailings Disclosure this quarter for our extreme’ and high-risk stance at Tarkwa and Cerro Corona, and there is no material dam safety issues to report. And then all successfully concluded a second sustainability linked loan for our Australian facilities on the same terms as the $1.2 billion line revolving credit facility that we negotiated earlier this year. And again, I think that shows our commitment and belief in the ESG targets we're setting to make sure that we are valuable members of society.

就 ESG 部分而言，由於我們在 Tarkwa 和 Cerro Corona 的極端和高風險立場，本季度我們在尾礦揭露方面取得了良好進展，並且沒有重大大壩安全問題需要報告。然後，所有人都成功地為我們的澳洲設施完成了第二筆永續發展相關貸款，其條款與我們今年稍早談判的 12 億美元循環信貸額度相同。我認為這再次表明了我們對我們設定的 ESG 目標的承諾和信念，以確保我們成為有價值的社會成員。

We've seen a slight increase in net debt-to-EBIT ratio moving up to 0.48x linked to some of the payments at Windfall as well as the interim dividend. And then lastly, a great pleasure to welcome Jongisa, who joined us on the 1st of September. She's here with us today. We did talk about Paul Schmidt, who will be retiring next year. That process to find Paul's replacement is well advanced, and the Board will be looking at certainly the initial list of candidates next week when we meet.

我們發現淨債務與息稅前利潤比率小幅上升至 0.48 倍，這與 Windfall 的部分付款以及中期股息有關。最後，非常高興地歡迎 Jongisa，她於 9 月 1 日加入我們。她今天和我們在一起。我們確實談到了保羅·施密特，他將於明年退休。尋找保羅繼任者的過程已經很順利，董事會在下週開會時肯定會考慮最初的候選人名單。

We also spoke on the road in the back end of August about Naseem, EVP Sustainable Development. He reaches retirement age next year. So towards sort of middle quarter 3 next year, Naseem will be leaving us. And then Stuart Mathews also has reached the retirement age will be leaving us towards the end of quarter 1 next year. So the process for those replacements is in place. And lastly, Rosh Bardien, who was our EVP for People and Organization Effectiveness, has also taken the decision to leave Gold Fields, and we will start that search process for Rosh's role. In the interim, Gerrit Lotz will be acting in that position.

我們也在 8 月底的路上談到了永續發展執行副總裁納西姆 (Naseem)。他明年就到了退休年齡。因此，到明年第三季中期，納西姆將離開我們。然後史都華馬修斯也已達到退休年齡，將於明年第一季末離開我們。因此，這些替換的流程已經到位。最後，我們的人員和組織效率執行副總裁 Rosh Bardien 也決定離開 Gold Fields，我們將開始尋找 Rosh 職位的流程。在此期間，Gerrit Lotz 將擔任該職位。

Just one last thing, and I must apologize to my colleagues for not introducing them when we started. But with me on the call today, we've got Paul Schmidt, our CFO; Jongisa, who I did talk to, who is Investor Relations; Thomas Mengel, who works with Jongisa, and Naseem is also in the room with me. So with that, my apologies to my team. I will hand back to you, Irene, and we can try and deal with questions.

最後一件事，我必須向我的同事道歉，因為我們在開始時沒有介紹他們。但今天與我一起參加電話會議的是我們的財務長保羅‧施密特 (Paul Schmidt)； Jongisa，我曾與他交談過，他是投資者關係部門的負責人；與瓊薩一起工作的托馬斯·門格爾和納西姆也和我一起在房間裡。因此，我向我的團隊道歉。我會把情況交還給你，艾琳，我們可以嘗試解決問題。

(Operator Instructions) The first question we have is from Adrian Hammond of SBG Securities.

（操作員指示）我們的第一個問題來自 SBG 證券的 Adrian Hammond。

Good day, Martin. Thanks for your update. Just got 3 questions for you. I'd love to ask you a bit about safety. Firstly, safety performance has regressed materially, and I think it's fair to say as a global major that's pretty unacceptable. Could you just give us a bit more color what's going on and why that's happening in the business? And what you would do about it? Because, as you know, safety is a big driver of ratings.

美好的一天，馬丁。感謝您的更新。剛剛有 3 個問題想問你。我很想問你一些關於安全的問題。首先，安全性能大幅下降，我認為作為一家全球性的專業公司，可以公平地說，這是相當不可接受的。您能否給我們更多信息，以及業務中發生這種情況的原因？你會怎麼做？因為，如您所知，安全是收視率的重要驅動因素。

Secondly, Asanko gave an update recently from Galiano. They improved the outlook, lower cost, top end of guidance for production, but you didn't mention it. Why is that? And what's the situation with the relationship there and your intentions?

其次，阿桑科最近從加利亞諾那裡得到了最新消息。他們改善了前景，降低了成本，提高了生產指導，但你沒有提到。這是為什麼？那裡的關係情況如何，你的意圖如何？

And then just on South Deep, what bothers me is the volatility in the grade. Could you give us a bit more detail about how mining has progressed from the fringes and how you're opening up flexibility South of Wrench or plans to do that next?

然後就在南深，讓我煩惱的是成績的波動。您能否向我們詳細介紹一下採礦業是如何從邊緣發展起來的，以及您如何在扳手以南開放靈活性或下一步計劃這樣做？

Again, thanks for your questions. I think safety, I'll start with the safety question. Certainly, as concerning as it is for you, it's deeply concerning for us. Gold Fields has had a great track record with safety. Unfortunately, we had an incident in Ghana this year, and we had an incident in Australia last year.

再次感謝您的提問。我認為安全，我將從安全問題開始。當然，這對您來說很重要，對我們來說也很重要。 Gold Fields 在安全方面有著良好的記錄。不幸的是，今年我們在加納發生了事件，去年我們在澳洲也發生了事件。

What we are doing about it? We've had a review of our safety performance, our critical controls, and what is falling through the cracks, where we're failing. I think key issues that we believe that we need to improve on linked to safety and the incidents recently is around contractor management. That we might, as much as we've got, I think, a really strong controlled environment in our own operations, some of the activities that have been contracted out have maybe not been managed as robustly as internally. So that is certainly a focus area.

我們正在做什麼呢？我們對我們的安全績效、關鍵控制措施以及我們的不足之處和失敗之處進行了審查。我認為我們認為需要改進的與安全相關的關鍵問題以及最近發生的事件與承包商管理有關。我認為，儘管我們在自己的營運中擁有一個非常強大的受控環境，但一些外包的活動可能沒有像內部那樣強大的管理。所以這肯定是一個重點領域。

What we have done? We are bringing in independent experts from outside to assist with investigations, so that we can get a more robust view. And we've also initiated work with a well-renowned international consultancy that is doing reviews at 2 of our operations currently. And based on those outcomes, to see what we're missing culturally with safety, if there's opportunities to learn.

我們所做的？我們正在聘請外部獨立專家協助調查，以便獲得更可靠的觀點。我們也開始與一家知名的國際顧問公司合作，該公司目前正在對我們的兩家營運機構進行審查。根據這些結果，看看我們在安全文化方面缺少了什麼，是否有學習的機會。

I think as you move further up the curve with your safety performance, those improvements get harder and harder and doing the same old things isn't going to deliver the results. So I think we're trying to get a step change. I think the last aspect that we're doing, we've certainly recognized the need. Safety is typically being managed in each of the regions and we're in process of appointing a group safety lead, so that we can try and get the learnings shared a little bit better across the business.

我認為，當你的安全性能曲線進一步提升時，這些改進就會變得越來越困難，做同樣的舊事情不會帶來結果。所以我認為我們正在努力做出改變。我認為我們正在做的最後一個方面，我們當然已經認識到了這種需求。安全通常在每個地區進行管理，我們正在任命一名集團安全負責人，以便我們可以嘗試在整個企業中更好地分享經驗教訓。

I think second question related to Asanko. We're fairly advanced in our discussions with Asanko, how to take the asset forward. We certainly expect an announcement, hopefully, before we close for Christmas this year. Where we're going to go with that deal? I think we've reached a lot of common ground and we had a fairly advanced stage of discussing where we are with Asanko. And obviously, at this stage, once we've finalized our discussions, we're happy to update the market.

我認為第二個問題與阿三科有關。我們與 Asanko 關於如何推進該資產的討論已經相當深入。我們當然希望在今年聖誕節結束之前發佈公告。這筆交易我們要去哪裡？我認為我們已經達成了很多共同點，我們與阿三科的討論已經進入了相當深入的階段。顯然，在現階段，一旦我們完成了討論，我們很樂意更新市場狀況。

Paul, do you want to talk to the South Deep?

保羅，你想和南深談談嗎？

Yes. Adrian, I can talk to the grade. Martin can talk to the South Deep. And the grade is not -- you've got to have a look at the underground reef grade. And that's been fairly consistent, 6.5 versus 6.77, and even if you compare it to the corresponding period last year, the grade was around 6.4, 6.5. So the yield, that depends on how this stuff is loaded and then obviously taken to the plant and you can get variations. But the mine gained has been fairly consistent over the last period.

是的。阿德里安，我可以和年級談談。馬丁可以與南深交談。等級不是－你必須看看地下珊瑚礁的等級。這是相當一致的，6.5 與 6.77，即使你與去年同期相比，分數也在 6.4、6.5 左右。因此，產量取決於如何裝載這些材料，然後顯然將其帶到工廠，你會得到變化。但在過去一段時間裡，礦井收益相當穩定。

I think some of it is just odd timing what ends up from stockpiles, what ends up in silos underground as we manage this lower ground from underground to the stockpiles and as it's impacted by be it load shedding or other events. And we've had some of those poor ground conditions that we reported in quarter 1. So you end up getting a slightly different mix. But as the ground comes through, there isn't huge variations of grade at South Deep. I've said it a couple of times, you've got to start at 1 end and plow through to the other end and you're going to get a bit of upside here and there. I know the team is finding a bit of grade at the moment, but there's no mining sequence.

我認為其中一些東西最終從庫存中出來，最終進入地下筒倉的時間有些奇怪，因為我們管理從地下到庫存的較低地面，並且它受到減載或其他事件的影響。我們在第一季度報告了一些惡劣的地面條件。所以你最終會得到稍微不同的組合。但當地面經過時，南深地區的坡度並沒有發生巨大的變化。我已經說過好幾次了，你必須從一端開始，努力到達另一端，這樣你就會在這裡得到一些好處。我知道團隊目前正在尋找一些品位，但沒有挖掘序列。

Understood. Well, well done. The tonnages seem to be holding good ground. And I think if you get the safety right, it's a good value on the stock. Good luck.

明白了。嗯，幹得好。這些噸位似乎佔據了良好的基礎。我認為，如果安全措施正確，那麼該股票就很有價值。祝你好運。

And just on South of Wrench. I think we had talked about it before, Adrian. We are steadily moving towards South of Wrench. That was originally planned to sort of start down in 2031, I think, if I'm not mistaken. As we've reported before, we'd rather go there slowly now. So the team is slowly sort of loading out, developing certain ends, but that gets us there a little bit earlier. And I think it's linked to your questions you've asked before, opening the South of Wrench earlier taxable for critical part, and it will start giving the mine a bit more flexibility of mining areas.

就在扳手以南。我想我們之前已經討論過這個問題了，阿德里安。我們正穩步地向扳手以南前進。我想，如果我沒記錯的話，最初計劃在 2031 年開始。正如我們之前報道過的，我們現在寧願慢慢地去那裡。因此，團隊正在慢慢地加載，制定某些目標，但這讓我們提前了一點。我認為這與你之前問過的問題有關，早些時候開放扳手南部，對關鍵部分徵稅，這將開始為礦山提供更多的採礦區域靈活性。

The next question we have is from Martin Creamer of Mining Weekly.

我們的下一個問題來自《礦業周刊》的馬丁·克里默。

Martin, I'm a little worried. I think when I listen to your presentation these days, I hear about the lack of skills. While we have to be listening to people in Canada, when we're listening to people in Australia, all over the place, skill set dead. What are you going to do to about it. There are a few of those smallest book juniors who have opened school of mining in the Northern Cape. There's no effort by the bigger company. What are you going to do about the lack of skills?

馬丁，我有點擔心。我想當我這些天聽你的演講時，我聽到了技能的缺乏。雖然我們必須傾聽加拿大人的聲音，但當我們傾聽澳洲人的聲音時，所有地方的技能都已失效。你打算對此做什麼。有一些最小的書生在北開普省開設了採礦學校。大公司沒有做任何努力。面對缺乏技能的狀況，你會怎麼做？

Martin, thanks for the question. So I think it's -- we're tackling it in different ways. Certainly, in Western Australia, the Western Australian government is certainly reducing entry requirements and making easier for us to get experts in. The challenging Western Australia is a little bit different to what we find at South Deep. In that, you basically got 97% employment in Western Australia or 3% unemployment. And the view is that, that 3% unemployment is not people looking for jobs, it's people that can't work or don't need to work.

馬丁，謝謝你的提問。所以我認為我們正在以不同的方式解決這個問題。當然，在西澳大利亞，西澳大利亞政府肯定會降低准入要求，讓我們更容易聘請專家。充滿挑戰的西澳大利亞與我們在南深發現的情況有點不同。如此一來，西澳的就業率基本上為 97%，失業率為 3%。人們認為，3%的失業率不是人們在尋找工作，而是人們無法工作或不需要工作。

So what you do is you have a market that doesn't have surplus skills. You've got big infrastructure spend in the cities, which is attracting people. Because they're not on FIFO, they can go home every night. And then you're competing with the big bulk miners, who sometimes make in a month what we make in a year. So the ability to attract talent with reward is a lot easier than us.

所以你要做的就是擁有一個沒有過剩技能的市場。城市的基礎設施投入巨大，這吸引了人們。因為他們不是先進先出來的，所以他們每天晚上都可以回家。然後你就與大型礦商競爭，他們有時一個月的收入相當於我們一年的收入。所以能夠用獎勵吸引人才比我們容易很多。

So the Western Australian government is certainly relaxing and facilitating entry for experts and for people to take up residence. Some of our colleagues from Ghana are actually moving to Australia, but we're obviously retreating from other parts of the world there as well.

所以西澳政府一定會放寬條件，為專家入境和民眾定居提供便利。我們來自加納的一些同事實際上正在搬到澳大利亞，但我們顯然也在從世界其他地方撤退。

I think at South Deep, the problem is slightly different. It's not a broad skill shortage. It's a skill shortage in long-haul operator skills and with the artisans that maintain that equipment, that big treacherous equipment underground. We're losing those skills to the other bulk mines in Central Africa and some in South Africa. The view that we've taken there certainly with operators is we've employed additional people. We will train way in excess of what we require. And hopefully, we'll saturate our market and not lose too many, but if it means losing a couple, at least we keep ourselves strong.

我認為在 South Deep，問題略有不同。這並不是廣泛的技能短缺。這是長途操作員技能和維護該設備、地下大型危險設備的工匠的技能短缺。我們正在將這些技能輸給中非的其他大宗礦場和南非的一些礦場。我們對營運商的看法是我們僱用了更多的人。我們將進行超出我們要求的訓練。希望我們能夠飽和我們的市場，並且不會失去太多，但如果這意味著失去一些，至少我們保持強大。

We're doing the same with our training center for artisans, trying to upskill artisans. The challenge again with artisans is a bit of a longer time frame. Artisan can take anything between 3 and 5 years to get trained and that certainly they leave with a qualification and ability, but operating or maintaining those fancy pieces of equipment needs a couple of years' experience as well.

我們也在工匠培訓中心做同樣的事情，試圖提高工匠的技能。工匠們再次面臨的挑戰是更長的時間框架。工匠可能需要 3 到 5 年的時間才能接受培訓，當然他們會獲得資格和能力，但操作或維護這些精美的設備也需要幾年的經驗。

So in addition to recruiting and training artisans, we've built a fit-for-purpose, I suppose, building, where we've put these machines in and we are teaching artisans sort of on the ground fault finding and simulations and how to repair and fix those machines. That will take us a bit longer, but we've just got to invest in training additional people, Martin.

因此，除了招募和培訓工匠之外，我認為我們還建造了一座適合目的的建築，我們將這些機器放入其中，並且我們正在向工匠教授地面故障查找和模擬以及如何修理和修理這些機器。這將花費我們更長的時間，但我們必須投資培訓更多人員，馬丁。

And just my final question. When we spoke last, you said, in 2024, there might be some new moves in renewables. You said you're investigating things for South Deep going into wind and solar for 2024. What have you done on the renewable trend in South Deep, or what are you going to do? And what about renewables elsewhere?

這只是我的最後一個問題。當我們上次談話時，您說，2024 年，再生能源可能會有一些新措施。您說您正在調查 South Deep 在 2024 年進入風能和太陽能領域的情況。您對 South Deep 的可再生能源趨勢做了什麼，或者您打算做什麼？其他地方的再生能源又如何呢？

So Martin, at South Deep specifically, we are busy with the wind study to put up those wind turbines. It's certainly delivering very positive, I suppose, results on the tower we put up. We put a net mass up to measure the wind, measure the bird life, bat life. We are currently busy with the environmental permitting for the wind facility. That should be close to complete sort of quarter 2 next year. At the same time, the team is doing the positioning of where those turbines would be.

馬丁，特別是在南深，我們正忙於風力研究以安裝這些風力渦輪機。我想，這肯定會為我們建造的塔帶來非常積極的結果。我們放置一個淨質量來測量風、測量鳥類的壽命、蝙蝠的壽命。我們目前正忙於風力發電設施的環境許可。這應該接近明年第二季的完成。同時，該團隊正在對這些渦輪機的位置進行定位。

We've got the Board earlier and we're busy doing the engineering, design, detail and costing on the wind turbines. And so hopefully, we can make a sensible argument to the Board about advancing that project in fact to the Board towards the back end of next year for approval. Paul has made provision in our long-term costing for that. But obviously, we need to produce a business plan.

我們很早就有了董事會，我們正忙於風力渦輪機的工程、設計、細節和成本。因此，希望我們能夠向董事會提出合理的論點，以便在明年年底將該項目實際推進董事會批准。保羅已在我們的長期成本會計中為此做好了準備。但顯然，我們需要製定一份商業計劃。

In terms of other renewables at our mines in Australia, we have approved additional solar at Granny Smith and Agnew mines and we're busy finalizing a big study to take our St Ives Mine to about 72% renewables. That will be going to our Board before year-end for approval, that's over $200 million investment, U.S. dollar investment, not Aussie dollar, that will be spent over the period of '24 and '25. I think we know about Cerro that's now on renewable electricity.

就我們澳洲礦山的其他可再生能源而言，我們已批准在Granny Smith 和Agnew 礦山增加太陽能，並且我們正在忙於完成一項大型研究，以使我們的聖艾夫斯礦山使用約72% 的可再生能源。這將在年底前提交給我們的董事會批准，這是超過 2 億美元的投資，是美元投資，而不是澳元，將在 24 年和 25 年期間支出。我想我們知道 Cerro 現在使用的是再生電力。

The only other piece that is new is the Windfall project in Canada. We have just been, in the last week or 2, been granted allocation by Quebec Power, which is a fully renewable source from hydropower. And we are obviously constructing the power line in from the bell to the mine, that's about 80% complete. And so early next year, we should be able to switch Windfall on to a renewable source of electricity from hydroelectricity that I was commenting about.

唯一的新項目是加拿大的 Windfall 項目。在過去的一兩週內，我們剛剛獲得了魁北克電力公司的撥款，該電力公司是完全可再生的水力發電來源。顯然我們正在建造從鐘到礦井的電力線，大約已完成 80%。因此，明年初，我們應該能夠將 Windfall 轉為我所評論的水力發電的可再生能源。

And then the Salares project that we're busy commissioning, the EIA has been approved for the date, but we've still got to do the study workout. I think it's more important right now that we get the molds mills turning and some gold coming at the back end than people focusing and losing focus with solar panels.

然後我們正忙著調試的薩拉雷斯項目，環境影響評估已獲得批准，但我們仍然需要進行研究工作。我認為現在更重要的是我們讓模具廠轉動並在後端獲得一些黃金，而不是人們集中註意力並失去對太陽能電池板的注意力。

And if you remember what you think you'd have at South Deep for wind?

如果您還記得在南深地區會遇到什麼風嗎？

We must probably going to be somewhere between 50 megawatts and 80 megawatts. We haven't planned the exact number for South Deep on the megawatt shed.

我們的發電量可能會在 50 兆瓦到 80 兆瓦之間。我們還沒有規劃 South Deep 兆瓦棚的確切數量。

The next question we have is from Ed Stoddard of Daily Maverick.

我們的下一個問題來自 Daily Maverick 的艾德·斯托達德。

Yes. So Martin, I'm just kind of interested if you can give us an update on the ESG front on the chinchilla project in Chile. Has the new attempt worked keeping the rodents be gone.

是的。 Martin，我很感興趣您能否向我們介紹智利 Chinchilla 計畫的 ESG 方面的最新情況。新的嘗試是否有效讓囓齒動物消失？

Thanks, Ed. So in terms of where we are with that, the compliance program or what you call the PDC, we got that back from the regulator earlier this year. We've been busy preparing for the monitoring and preparation of that location. We've increased our cameras in building night vision capability from 35 to 158. We have to do all the monitoring of the areas that's up at 35% now.

謝謝，艾德。因此，就我們在合規計劃或 PDC 方面的進展而言，我們今年早些時候從監管機構那裡得到了反饋。我們一直在忙著準備該地點的監控和準備。我們將建造夜視能力的攝影機從 35 個增加到 158 個。我們必須對現在增加了 35% 的區域進行所有監控。

Importantly, one of the learnings, we've increased our veterinarians on site from 3 to 5, 2 shifts. So that's basically 10 vets in total that we have on site and 12 during the relocation phase. We've identified the buffers and we're busy demarcating those and we'll have everything on site ready to start relocation by December. We will start relocation in January, and we expect to first capture, in the first 2 weeks of January. We're starting in an area called R3 with 8 chinchillas, and then the plan is in terms of to liberate to rocky, it's a minimum of 40 days. You do 10 days of capture, 20 days of observation, and then another 10 days of capture. And then obviously, there's a release.

重要的是，我們的經驗之一是，我們將現場獸醫數量從 3 人增加到 5 人，兩班倒。因此，我們在現場總共有 10 名獸醫，在搬遷階段有 12 名獸醫。我們已經確定了緩衝區，正在忙於劃定這些緩衝區，我們將在 12 月之前準備好現場的一切，開始搬遷。我們將於 1 月開始搬遷，預計在一月的前兩週進行首次捕獲。我們從一個叫R3的區域開始，有8隻龍貓，然後計畫是解放到岩石，至少要40天。您進行 10 天的捕獲，20 天的觀察，然後再進行 10 天的捕獲。然後顯然，有一個版本。

We'll start with areas of R3 with 8 chinchillas and R5, those are about critical part in quarter 1 next year. As you know, we're stopping winter. And we'll then recommence in September with areas R8 and R10. That's 2 chinchillas there. And then early '25, in areas R7 and R6, which is a total of another 11 chinchillas. So that will allow us to commence pioneering activities in quarter 1 2025, because we'd have cleared the areas R5, R8 and R10, and we are looking at pit redesign to make sure that we can get that going and start prestrip in quarter 2 2025.

我們將從帶有 8 隻龍貓的 R3 區域和 R5 區域開始，這些區域是明年第一季的關鍵部分。如你所知，我們正在阻止冬天。然後我們將在 9 月重新開始 R8 和 R10 區域。那裡有 2 隻龍貓。然後是 25 年初，在 R7 和 R6 區域，總共有 11 隻龍貓。因此，這將使我們能夠在2025 年第1 季開始開拓活動，因為我們已經清理了R5、R8 和R10 區域，並且我們正在考慮坑的重新設計，以確保我們能夠順利進行並在第2 季開始預剝離2025 年。

So that's where we are at. We're certainly significantly more monitoring, more veterinary staff on site, and so a clear plan that's aligned to the critical part that we will now actively push, but not aggressively push.

這就是我們現在的處境。我們當然會進行更多的監控，在現場配備更多的獸醫人員，因此制定了一個與關鍵部分一致的明確計劃，我們現在將積極推動，但不會積極推動。

Just as a follow-up. So you're saying you've got 10 veterinarians on site. That's about 1 veterinarian to 2.5 chinchillas, if I'm doing my math correct. And then also, have you decided to reconfigure the pit? Are you going to go underground?

只是作為後續。所以你說現場有 10 位獸醫。如果我沒算錯的話，大約是 1 位獸醫對應 2.5 隻龍貓。還有，你決定重新配置坑洞了嗎？你要去地下嗎？

So we've done the -- as a plan B, and we'll keep on progressing the underground study, that also comes with permitting issues. But I think we've got to do things in parallel. We can't say either this or that. We still -- there's a viable case or business case for the open pit, we'll keep on doing the underground study as we've discussed before, but I think we can't sit and wait for the underground study before we start the relocation of the chinchillas.

所以我們已經完成了——作為備用計劃，我們將繼續推進地下研究，這也將帶來許可問題。但我認為我們必須並行做事。我們不能說這個或那個。我們仍然——露天礦場有一個可行的案例或商業案例，我們將繼續進行我們之前討論過的地下研究，但我認為我們不能坐等地下研究後再開始龍貓的重新安置。

Okay. And just again, on the vet, I mean if you have 10 vets on site, that must be costly. I mean, I'm guessing that the whole project has now gone beyond its initial $400,000 estimate?

好的。再說一遍，關於獸醫，我的意思是，如果現場有 10 名獸醫，那麼成本肯定很高。我的意思是，我猜整個項目現在已經超出了最初 40 萬美元的估計？

Well, it's significantly more. But I think it's important. This is something that's important to us. I think it's important to our stakeholders. And so do you count that in money? Or what is the right thing to do?

嗯，它的數量要多得多。但我認為這很重要。這對我們來說很重要。我認為這對我們的利害關係人很重要。那你把它算作金錢嗎？或什麼是正確的做法？

The next question we have is from Raj Ray of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Raj Ray。

I apologize in advance if you already answered some of these questions. There was a bit of a trouble dialing in. But Martin, first up on the Australian operations, the one takeaway we had from the site visit last year was that there's a lot of upcoming underground development and infrastructure development that's needed and also extension of resources that's needed at the underground operations.

如果您已經回答了其中一些問題，我提前表示歉意。撥通時遇到了一些麻煩。但是馬丁，首先介紹一下澳大利亞的業務，我們從去年的現場訪問中得到的一個結論是，需要進行大量即將進行的地下開發和基礎設施開發，以及資源的擴展這是地下作業所需要的。

With the skill shortage that you are having, how are you tracking with respect to your underground development? And looking forward to 2024, is there any impact on operational flexibility at those operations, if you can comment on that?

由於您面臨技能短缺，您的地下開發進度如何？展望 2024 年，這些業務的營運彈性是否會受到影響，您能否對此發表評論？

And my second question is regarding the Asanko asset. Wanted to see where Gold Fields is with respect to making a decision on that?

我的第二個問題是關於阿三科資產的。想了解 Gold Fields 對此有何決定？

Raj, thanks for your questions. Certainly, the development pressure we're under now, we have stress-tested that leading up to our business plans that are being presented next week. There's certainly no risk for next year. The impact has been, part of it skills, but part of it also ventilation following the incident. So we obviously have to review how we raise more. That has obviously delayed some ventilation.

拉吉，謝謝你的提問。當然，我們現在面臨的發展壓力，我們已經進行了壓力測試，導致我們下週提出的業務計劃。明年肯定沒有風險。影響部分在於技能，但部分也在於事件發生後的通風。因此，我們顯然必須重新審視如何籌集更多資金。這顯然延遲了一些通風。

We do believe we've got the flexibility we need for next year, but it's something we've got to keep our fingers on. And we can't let it sit for another 2 years, but we've stress-tested our plans. I think Stuart and his team have had enough development in place and are very comfortable next year we're not going to feel pain due to the performance this year.

我們確實相信我們已經獲得了明年所需的靈活性，但我們必須牢牢掌握這一點。我們不能讓它再擱置兩年，但我們已經對我們的計劃進行了壓力測試。我認為史都華和他的團隊已經有了足夠的發展，明年我們會感到非常舒服，我們不會因為今年的表現而感到痛苦。

In terms of Asanko, we had fairly advanced discussions with Galiano, our JV partners there on the way forward with the asset and we certainly are hoping to be able to make some sort of announcement before year-end on the way forward with Asanko. I think that's the answer that we've got on that.

就 Asanko 而言，我們與我們的合資夥伴 Galiano 就該資產的未來發展方向進行了相當深入的討論，我們當然希望能夠在年底前就與 Asanko 的未來發展方向發表某種聲明。我認為這就是我們對此的答案。

(Operator Instructions) We have a follow-up question from Adrian Hammond of SBG Securities.

（操作員指令）SBG 證券的 Adrian Hammond 提出了一個後續問題。

Yes. Thanks very much. Martin, just briefly on Salares. What critical items remain to get to first gold? What's still left to be commissioned? And just give me a sense on how quickly you can ramp up?

是的。非常感謝。馬丁，簡單介紹一下薩拉雷斯。要獲得第一枚金牌，還需要哪些關鍵物品？還剩下什麼需要委託？請讓我了解您的提升速度有多快？

I mean, as I understand, you must have all of next year's gold above ground already. So does that suggest you could get to a steady state within the first quarter? Or are there other critical items in terms of the processing that need still to be commissioned or fully ramped up there?

我的意思是，據我了解，明年的所有黃金都必須已經在地上了。那麼這是否表明您可以在第一季內達到穩定狀態？或者在處理方面是否還有其他關鍵項目需要調試或全面啟動？

Thanks, Adrian. So I think by the year-end, we can have more than next year's gold on stockpiles in front of the process plant. There will be 600,000 ounces. We're calling 400 to 450 next year. The magic sort of number is about 50,000 ounces when you get to steady state a month for this initial period. So obviously, we want to get the ramp-up done to get to that 50,000 ounces a month as quickly as possible.

謝謝，阿德里安。因此，我認為到年底，我們在加工廠前的黃金庫存量將超過明年。將會有 60 萬盎司。明年我們會撥打 400 至 450。當您在初始階段每月達到穩定狀態時，神奇的數字約為 50,000 盎司。顯然，我們希望盡快實現每月 50,000 盎司的產量成長。

What's outstanding, so basically the combination circuit upfront is basically 100% constructed. That's basically your primary crusher, your stockpile, your mills. We are busy running better material through the mills. We stopped putting that into the leach tanks and thickeners. That's all working. That's all sort of watering for a while. And that's going to allow us to start getting sludge to the filter plants, which are basically ready, but waiting for material to come through.

最突出的是，基本上前面的組合電路基本上已經 100% 建造完成了。這基本上就是你的初級破碎機、你的庫存、你的工廠。我們正忙著在工廠生產更好的材料。我們停止將其放入浸出池和濃縮機中。這就是全部工作。這就是一段時間的澆水。這將使我們能夠開始將污泥輸送到過濾裝置，過濾裝置基本上已準備就緒，但正在等待材料通過。

The last sort of 2 pieces is the Merrill-Crowe, which is, as we've said before, about 85% of the metal with reagent tanks and facilities to dispense reagents into the final process of busy being stocked and we've just got to finish the construction commissioning of that. There's bits and pieces of equipment to go with that. We certainly need that by the end of this month. And then the carbon circuit at the back end, which is the last 15% of the metal, will be done also with the intention of being finished during the sort of middle back in December, which will then give us the full capacity of the plant.

最後一種 2 件是 Merrill-Crowe，正如我們之前所說，大約 85% 的金屬帶有試劑罐和設施，用於將試劑分配到忙於庫存的最後過程中，我們剛剛得到了完成該工程的施工偵錯.還有一些與之相配的設備。我們當然需要在本月底前完成。然後後端的碳循環，即金屬的最後 15%，也將完成，目的是在 12 月中旬完成，這將為我們提供工廠的全部產能。

I think ramp-up from a mining perspective, not a risk at all because the material is on the ground. I think Max and Lucho on the team have been quite smart and rigid. We've been handing our plant to the operational team as the construction guys commissions. So the general manager of the mine basically owns a combination circuit this week; and next week he'll be taking charge of the leach tanks and thickeners; and the week after, the filter presses. So what we're doing is with operational teams that are there, they're starting to operate, own and run that. We believe that's going to go some way to mitigate, I suppose, the snag list and the things that can go wrong.

我認為從採礦的角度來看，成長根本不存在風險，因為材料就在地面上。我認為團隊中的馬克斯和盧喬相當聰明，但也很嚴格。隨著施工人員的委託，我們已將工廠移交給營運團隊。所以礦場總經理這週基本上擁有組合電路；下週他將負責瀝濾池和濃縮機；一週後，進行壓縮。所以我們正在做的是與那裡的營運團隊合作，他們開始運作、擁有和運行它。我認為，我們相信這將在某種程度上減輕障礙清單和可能出錯的事情。

Typically project teams, they finish them and they hand it over. And then it's the operational team's baby. I think as you're doing it in parallel, you're upping your probability of success, because you're running -- there's our operational team running parts of the plant while the construction guys are finishing.

通常，專案團隊會完成專案並移交。然後它是營運團隊的寶貝。我認為，當你同時進行時，你會提高成功的可能性，因為你正在運行 - 當施工人員完成工作時，我們的營運團隊正在運行工廠的部分內容。

Thanks for the detail. So all going well, when do you think 50,000 ounces per month is achievable?

謝謝你的詳細資料。那麼，如果一切順利，您認為什麼時候可以實現每月 50,000 盎司？

It is quarter 3. We get to commercial levels in quarter 2, and quarter 3 is when we get to the 50,000 ounces a month, Adrian.

現在是第三季。我們在第二季達到商業水平，第三季我們達到每月 50,000 盎司，阿德里安。

It seems at this stage we have no further questions. And I would like to hand it back to Martin for any closing remarks.

看來現階段我們沒有其他問題了。我想把它交還給馬丁，讓他發表結束語。

Thanks a lot to everybody for joining. We certainly look forward to closing our year out. I'm sure you have had as long a year as we have. And we're fairly confident. Paul and myself spent yesterday with our teams across the globe assessing the sort of full year guidance reported. We believe that's intact. So we're looking forward to reporting a good set of results in January or February when we talk to you next time, and thanks to my team that's here with me. And all the very best to all of you. We won't get to you again for the festive season and may 2024 be a fantastic year for you. Thanks, Irene.

非常感謝大家的加入。我們當然期待著結束這一年。我相信你和我們一樣度過了漫長的一年。我們相當有信心。保羅和我昨天與全球各地的團隊一起評估了所報告的全年指導。我們相信這是完好無損的。因此，我們期待下次與您交談時在一月或二月報告一組良好的結果，並感謝與我在一起的團隊。祝大家一切順利。我們不會在節日期間再次與您聯繫，並祝 2024 年對您來說是美好的一年。謝謝，艾琳。

Thank you. Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。