Gold Fields Ltd (GFI) 2023 Q4 法說會逐字稿

Good day, everybody, and welcome to Gold Field's 2023 financial results presentation. For those of you that I haven't yet met, my name is Mike Fraser, and I have been CEO of Gold Fields since the first of January 2024. I took over from Martin Preece, who was interim CEO during the course of 2023 and I want to thank Martin again for his contribution over the past 12 months.

大家好，歡迎來到 Gold Field 的 2023 年財務表現發表會。對於那些我尚未見過的人，我叫邁克·弗雷澤(Mike Fraser)，自2024 年1 月1 日起一直擔任Gold Fields 的首席執行官。我接替了馬丁·普里斯(Martin Preece)，他在2023 年期間擔任臨時首席執行官，我要再次感謝 Martin 在過去 12 個月所做的貢獻。

We distributed our results book earlier today. And if you haven't seen it, it is on our website at goldfields.com. On the first slide of this presentation is a photo of the Brecha Principal pit at Salares Norte. And it indicates a significant amount of activity that has taken place over the past 2 years in mining the ore body. And that's enabled us to have 520,000 ounces of contained gold in our stockpiles ahead of processing -- at our processing plant in construction.

我們今天早些時候分發了結果簿。如果您還沒有看到過，可以在我們的網站 goldfields.com 上找到。本簡報的第一張幻燈片是北薩拉雷斯 Brecha 主要礦坑的照片。它表明過去兩年在礦體開採方面發生了大量活動。這使我們能夠在加工之前（在我們正在建造的加工廠）儲存 520,000 盎司的黃金。

If we go to the next slide, please take note of our forward-looking statement, which you can peruse on our website.

如果我們轉到下一張投影片，請注意我們的前瞻性聲明，您可以在我們的網站上仔細閱讀。

Just moving on to the next slide, which is our agenda. Our agenda for today, we're going to go through the 2023 overview. I'll talk about safety and sustainability in the business, an operation overview and update on Salares Norte. Paul will take us through the financials and then we'll end with guidance for 2024.

繼續看下一張投影片，這是我們的議程。我們今天的議程是回顧 2023 年。我將討論業務的安全性和可持續性、營運概述以及 Salares Norte 的最新情況。保羅將向我們介紹財務狀況，然後我們將給予 2024 年的指導。

Just moving on to the next slide. I believe Gold Fields offers a very strong value proposition. We have a very clearly defined and well-executed strategy consisting of our 3 pillars that have been clearly communicated previously. We have a geographically diverse portfolio in attractive mining jurisdictions. The addition of Windfall last year was a significant improvement in the portfolio. And we have a track record of meeting cost and production guidance.

繼續看下一張投影片。我相信 Gold Fields 提供了非常強大的價值主張。我們有一個非常明確且執行良好的策略，由先前已明確傳達的三大支柱組成。我們在具有吸引力的採礦管轄區擁有地域多元化的投資組合。去年 Windfall 的加入是投資組合的重大改進。我們在滿足成本和生產指導方面擁有良好的記錄。

In 2023, we again achieved cost guidance and were achieved 99.7% of our production guidance. We are in a fortunate position of having a quality pipeline of projects in Salares Norte, which is a world-class deposit in the Northern Atacama desert. The proposed Tarkwa/Iduapriem JV in Ghana, which will create one of the largest gold mines in Africa and the Windfall Project in Canada which is, again, a high-quality project in Quebec province, which is a very attractive mining jurisdiction. And more of this later in the presentation.

2023年，我們再次實現了成本指導，並實現了生產指導的99.7%。我們很幸運，在北薩拉雷斯擁有大量優質項目，這是北阿塔卡馬沙漠的世界級礦床。擬議的加納 Tarkwa/Iduapriem 合資企業將創建非洲最大的金礦之一，而加拿大的 Windfall 項目又是魁北克省的一個高品質項目，魁北克省是一個非常有吸引力的採礦管轄區。稍後將在演示中介紹更多內容。

What is important is having a disciplined capital allocation methodology and an approach. Our first priority in our capital allocation is investing in safe and reliable production at our assets. We also have very much focused on ensuring a strong balance sheet to maintain an investment-grade credit rating in the business. We have had strong financials clearly also supported by strong tailwinds in the gold price. And we have sound debt levels that is at below 0.5% of net debt to EBITDA.

重要的是要有嚴格的資本配置方法和方法。我們資本配置的首要任務是投資於我們資產的安全可靠生產。我們也非常注重確保強勁的資產負債表，以維持業務的投資等級信用評等。我們擁有強勁的財務狀況，顯然也受到金價強勁推動的支撐。我們的債務水準良好，佔 EBITDA 淨債務的比例低於 0.5%。

Next to be funded in our capital allocation profile or shareholder returns in the form of a base dividend in line with our policy. And thereafter, we want all opportunities to compete and that is based on returns and positive returns to the business. Our focus here is for 2024, including materially improving our safety performance. I'll talk a little bit about this later, but 2023 was a very big disappointment. Ensuring that predictable delivery of our operating plan, taking steps to mitigate the recent negative cost trajectory into future years and deliver on our clear portfolio initiatives, which will also have a strong contribution to reducing our cost trajectory. And lastly, a clear focus on capital discipline going forward.

接下來，根據我們的政策，以基本股利的形式在我們的資本配置文件或股東回報中提供資金。此後，我們希望所有競爭機會都基於回報和業務的正回報。我們的重點是 2024 年，包括大幅提升我們的安全績效。稍後我會稍微討論一下這個問題，但 2023 年是一個非常令人失望的一年。確保我們的營運計劃可預測地交付，採取措施減輕近期的負面成本軌跡，並實施我們明確的投資組合計劃，這也將為降低我們的成本軌跡做出巨大貢獻。最後，明確關注未來的資本紀律。

Lastly on this slide, we pride ourselves in our ESG leadership. This is a key part of our strategy. And in 2024, we will continue to progress on all of our 6 priority areas, in particularly our decarbonization commitments, which I'll talk to shortly.

最後，在這張投影片上，我們為我們在 ESG 方面的領導地位感到自豪。這是我們策略的關鍵部分。到 2024 年，我們將繼續在所有 6 個優先領域取得進展，特別是我們的脫碳承諾，我很快就會談到這一點。

Moving on to our 2023 performance. Starting with safety. Tragically, we had 2 fatalities last year, both at our Tarkwa mine in Ghana. And tragically, on the second of January this year, we had a further fatality at South Deep. Clearly, this is unacceptable. And what we have done in response is to commission an independent review of our overall safety system of work, culture and systems with the objective of developing a single safety system of work that's fit for purpose for Gold Fields that will provide a high level of assurance of our ability to work safely.

繼續我們 2023 年的表現。從安全開始。不幸的是，去年我們有 2 人死亡，兩者都發生在加納的 Tarkwa 礦場。可悲的是，今年 1 月 2 日，我們在 South Deep 又發生了一起死亡事件。顯然，這是不可接受的。作為回應，我們所做的就是委託對我們的整體工作安全體系、文化和系統進行獨立審查，目的是開發一個適合金礦區目的的單一安全工作體系，從而提供高水平的保證我們安全工作的能力。

I mentioned cost and production performance earlier. And whilst we achieved our guidance in 2023, what is critical is that we deliver on our guidance in 2024. We delivered an adjusted free cash flow of $367 million after an operating cash flow from operations of a touch over $1 billion. Whilst we increased debt marginally, mainly to fund the Salares Norte project, our debt levels at 0.42x net debt-to-EBITDA are stable and healthy.

我之前提到過成本和生產性能。雖然我們在 2023 年實現了我們的指導，但最重要的是我們在 2024 年實現了我們的指導。在營運現金流超過 10 億美元之後，我們實現了 3.67 億美元的調整後自由現金流。雖然我們略微增加了債務，主要是為了為 Salares Norte 項目提供資金，但我們的債務水平為淨債務與 EBITDA 之比 0.42 倍，是穩定和健康的。

We continue to pace strong dividends, and this year declared a final dividend of ZAR 4.20 per share, bringing the total for the year to ZAR 7.45, which is unchanged from the 2022 dividend and just over 40% of normalized earnings. That generates a dividend yield of a touch over 3%. I'll touch a little bit more on Salares Norte later but we are progressing commissioning with first gold expected by no later than April 2024.

我們繼續大力派發股息，今年宣布派發末期股息每股 4.20 南非蘭特，使全年股息總額達到 7.45 南非蘭特，與 2022 年股息持平，略高於正常盈利的 40%。這產生了略高於 3% 的股息收益率。稍後我將詳細介紹 Salares Norte，但我們正在推進調試，預計不遲於 2024 年 4 月獲得第一枚金牌。

Earlier this week, the Board approved the go ahead to build a USD 195 million micro-grid at St Ive,s, comprising both solar and wind. This will be our most significant renewables investment to date. It will provide almost 75% of the mine's electricity requirements and have the impact of reducing the electricity bill by nearly half.

本週早些時候，董事會批准在 St Ive,s 建造耗資 1.95 億美元的微電網，其中包括太陽能和風能。這將是我們迄今為止最重要的再生能源投資。它將滿足礦井近75%的電力需求，並將電費減少近一半。

Just moving on to our global overview. This is a snapshot of our business performance in 2023. We'll go into the individual performance in detail a little later, but worth pointing out for now is the strong contribution of our Australian operations, which account for over 45% of our production ounces. All of our operations contributed to our adjusted free cash flow performance for the year, thanks in part prior to the higher gold price, but also due to the great performance of our teams in our operations.

繼續我們的全球概覽。這是我們 2023 年業務業績的快照。稍後我們將詳細討論各個業績，但現在值得指出的是我們澳洲業務的巨大貢獻，該業務占我們產量的 45% 以上。我們所有的業務都為我們今年調整後的自由現金流業績做出了貢獻，部分原因是金價上漲之前，但也歸功於我們團隊在業務中的出色表現。

I think one of the positives to call out is, in particular, South Deep's contribution, and they contributed over $200 million of free cash flow to the organization. If you talk to the teams, this was almost kind of comprehensible a few years back and considering where South Deep has come from, I think this is a great achievement.

我認為值得特別指出的積極因素之一是 South Deep 的貢獻，他們為該組織貢獻了超過 2 億美元的自由現金流。如果你與團隊交談，幾年前這幾乎是可以理解的，考慮到南深來自哪裡，我認為這是一項偉大的成就。

Just moving on. Turning to ESG, which as you know, is our second pillar of the Gold Fields strategy. And I think this is a great example of the ESG commitment from the organization. And this is the 50-megawatt (inaudible) solar plant at South Deep. This has got over 100,000 solar panels and produces around 22% of the site's electricity needs.

只是繼續前進。轉向 ESG，如您所知，這是我們金田策略的第二個支柱。我認為這是該組織 ESG 承諾的一個很好的例子。這是位於 South Deep 的 50 兆瓦（聽不清楚）太陽能發電廠。這裡擁有超過 10 萬個太陽能電池板，可滿足該站點約 22% 的電力需求。

In late 2021, the business set itself ambitious 2030 targets for its 6 key ESG priorities. 3 related to people and stakeholders and 3 environmental. On the safety side, tragically, we still have fatal and serious injuries in the business, and I'll talk about that in a short while. However, we did have no serious environmental incidents and we haven't had for a number of years, and it's a track record that we should be proud of.

2021 年底，該企業為其 6 個關鍵 ESG 優先事項制定了雄心勃勃的 2030 年目標。 3 個與人和利害關係人相關，3 個與環境相關。在安全方面，可悲的是，我們的業務中仍然存在致命和嚴重的傷害，我稍後會談到這一點。然而，我們確實沒有發生過嚴重的環境事件，而且已經很多年沒有發生過，這是一個值得我們感到自豪的記錄。

We are making steady progress increasing women representation in the business. We've achieved over 25% women representation against our target of 30% by 2030. And another program that we are proud of is the focus on value creation for our communities. In the past year, we generated around $3.8 billion of contribution to our broader stakeholder group and almost over $1 billion in our direct communities in the form of procurement, employment and investment.

我們在增加女性在企業中的代表性方面取得了穩步進展。我們的女性代表比例已超過 25%，而我們的目標是到 2030 年達到 30%。我們引以自豪的另一個計劃是專注於為我們的社區創造價值。去年，我們以採購、就業和投資的形式為更廣泛的利害關係人群體做出了約 38 億美元的貢獻，並為我們的直接社區做出了近 10 億美元的貢獻。

On the environmental front, I'll talk about our decarbonization program shortly. But that, again, is a key part of an ambition to deliver 30% net reduction by 2030. On tailings, this is a critical issue for us and the industry, and we are making very good progress in making our tailing facilities safer. We have a very strong technical team in-house that is actively involved in industry standard setting and industry benchmarking.

在環境方面，我將很快討論我們的脫碳計劃。但這又是到2030 年實現淨減排30% 目標的關鍵部分。在尾礦方面，這對我們和整個產業來說是一個關鍵問題，我們在使我們的尾礦設施更安全方面正在取得非常好的進展。我們擁有一支非常強大的內部技術團隊，積極參與產業標準制定和產業基準測試。

During the year, we undertook a full self assessment of our priority tailings at Tarkwa and Cerro Corona in line with the global industry standard on tailings management, and 2 of our upstream dams at Tarkwa transitioning to downstream facilities. On water stewardship, we are well on track to meeting the 2 targets we have set for 2030, namely recycling 80% of our water use and limiting fresh water usage at our operations.

年內，我們根據尾礦管理的全球行業標準，對 Tarkwa 和 Cerro Corona 的優先尾礦進行了全面的自我評估，並將 Tarkwa 的 2 個上游水壩過渡到下游設施。在水資源管理方面，我們正在順利實現為 2030 年設定的 2 個目標，即回收 80% 的用水並限制營運中的淡水使用。

Moving on to safety. As I've said, we have a lot of work to do in our industry overall and that is no different to Gold Fields to improve the company's health and safety performance. After reporting 2 fatalities last year and one to date, we know that we need to do more. We have a range of safety processes in place across our business, covering both leadership, specific safety risk routines.

繼續安全。正如我所說，我們整個行業還有很多工作要做，這與 Gold Fields 沒有什麼不同，以提高公司的健康和安全績效。去年報告了 2 起死亡事件，迄今又報告了 1 起死亡事件，我們知道我們需要做更多的事情。我們在整個業務範圍內制定了一系列安全流程，涵蓋領導力、特定安全風險例行程序。

We engage extensively with our people to support the design of work, safe design of work. We encourage our people to speak up when they feel they are not operating in line with standards. And if we cannot mine safely, we'll not mine. Despite this work, we realized this is not enough, and we need to do more. So what we are doing, as I said earlier, is engaging an independent review. We are bringing together our teams to understand what we need to do differently and ensure that we understand the design of work to ensure that we can deliver safe, predictable work in our organization.

我們與員工廣泛合作，支援工作設計、工作安全設計。我們鼓勵員工在感覺自己的營運不符合標準時大聲疾呼。如果我們不能安全地開採，我們就不會開採。儘管做了這些工作，我們意識到這還不夠，我們需要做更多的事情。因此，正如我之前所說，我們正在做的是進行獨立審查。我們正在將我們的團隊聚集在一起，以了解我們需要採取哪些不同的做法，並確保我們了解工作設計，以確保我們能夠在組織中提供安全、可預測的工作。

If we go to the occupational disease frequency rate, there was a slight rise in the year, and this was largely due to noise-induced hearing loss cases at South Deep and in Australia. You're also all aware of the findings of the respectful workplace report carried out by Elizabeth Broderick & Company during August last year. We are very much committed to delivering on the 22 recommendations arising from that report, and we will provide further detail in our annual report in March.

如果我們看一下職業病發病率，這一年略有上升，這主要是由於南深和澳洲的噪音引起的聽力損失病例。你們也都知道伊莉莎白布羅德里克公司去年八月發布的尊重工作場所報告的調查結果。我們非常致力於落實報告中提出的 22 項建議，我們將在 3 月的年度報告中提供更多詳細資訊。

Moving to decarbonization. Our commitment and action to decarbonize the business has been one of the company's success stories. And to date, we have had 5 of the 9 operations having a renewable source of energy. With South Deep and Gruyere coming on full stream for the period, it ensured that we had 17% of our total electricity mix from renewables, and this contributed to a decline of 5% against our Scope 1 and Scope 2 carbon emissions, which we believe is a good progress in the 12 months. Last year, we also released and announced a target for our Scope 3 emissions reduction of 10% by 2030. This may not feel like a huge amount, but Scope 3 emissions make up 40% of our total emissions. And this will require a lot of engagement with our suppliers and contractors to achieve this reduction.

轉向脫碳。我們對業務脫碳的承諾和行動是公司的成功故事之一。迄今為止，我們的 9 家工廠中有 5 家使用了再生能源。隨著 South Deep 和 Gruyere 在此期間全面發電，確保了我們總電力結構中 17% 來自可再生能源，這有助於我們的範圍 1 和範圍 2 碳排放量下降 5%，我們相信這一點這12個月裡取得了良好的進展。去年，我們也發布並宣布了到 2030 年範圍 3 排放量減少 10% 的目標。這可能感覺不是一個巨大的數字，但範圍 3 排放量占我們總排放量的 40%。這需要與我們的供應商和承包商進行大量合作才能實現這一目標。

We are very much committed to this decarbonization journey. And as I mentioned earlier, the Board has approved one of our most ambitious projects to date, which is the St Ives micro-grid combining solar and wind with current gas supplies from the grid. This is USD 195 million commitment. This year, we spend a significant chunk of that, and that you will see coming through in our capital plan for 2024.

我們非常致力於這趟脫碳之旅。正如我之前提到的，董事會批准了我們迄今為止最雄心勃勃的項目之一，即聖艾夫斯微電網，將太陽能和風能與當前電網的天然氣供應結合在一起。這是 1.95 億美元的承諾。今年，我們花費了其中很大一部分，您將在我們的 2024 年資本計劃中看到這一點。

This will allow St Ives to have 73% of its energy electricity needs provided through renewables and results in an expected 50% of the energy costs. South Deep is also undertaking wind farm studies to further reduce their electricity requirements and dependence on Eskom.

這將使聖艾夫斯 73% 的電力需求透過再生能源滿足，預計能源成本將減少 50%。 South Deep 也正在進行風電場研究，以進一步減少電力需求和對 Eskom 的依賴。

Lastly, I just want to outline the journey to 2030. As you know, our target is a 30% net decline on Scope 1 and 2 emissions. Since the gold production outlook is a little less certain, we are focusing on emissions intensity, which are the numbers circled on the graph.

最後，我只想概述一下 2030 年的歷程。如您所知，我們的目標是範圍 1 和 2 排放量淨下降 30%。由於黃金產量前景不太確定，我們將重點放在排放強度上，也就是圖表中圈出的數字。

Here, you can see we're making good progress and shows that we are on track to deliver our 2030 plan with the planned and approved projects. The South Deep wind turbine project is captured in the scoping and trials and what we have also not captured in here is the impact on the Windfall Project, which will be 100% renewables via hydropower. And that agreement was signed with the first nations in January of this year.

在這裡，您可以看到我們正在取得良好進展，並表明我們正在按計劃和批准的專案交付 2030 年計劃。 South Deep 風力渦輪機專案在範圍界定和試驗中得到了體現，我們在這裡也沒有考慮到對 Windfall 專案的影響，該專案將透過水力發電實現 100% 可再生能源。該協議是在今年一月與第一批國家簽署的。

Beyond renewables, there's still a lot of work to be done across the industry. We're committed to continuing studies for diesel replacement. And this will be extended beyond just a battery electric vehicles but including conveyors and other forms of ore transportation.

除了再生能源之外，整個產業還有很多工作要做。我們致力於繼續研究柴油替代品。這將不僅限於電池電動車，還包括輸送機和其他形式的礦石運輸。

We did indicate with the announcement of our Scope 3 targets last year that we would come back to the market in 2025 with a full review of our commitments for the remainder of the decade and that will be certainly an activity we'll communicate back to the market.

我們去年在宣布範圍 3 目標時確實表示，我們將在 2025 年重返市場，全面審查我們在這十年剩餘時間裡的承諾，這肯定是我們將與大家溝通的一項活動。市場。

Just turning to group and regional results for 2023. This is just a photo of the Tarkwa open pit, which is the largest mine in our portfolio, moving the most tonnes of dirt. Going to our group results, whilst production was marginally down, down 4% year-on-year. It was delivered 99.7% of our guidance for 2023. Production for 2024 is guided to be 4% higher against 2023 numbers. And this is after taking into account the fact that we had a 60,000 ounces from Asanko in 2023 and 0 in 2024.

剛剛轉向 2023 年集團和區域業績。這只是 Tarkwa 露天礦的照片，這是我們投資組合中最大的礦山，搬運的泥土最多。從我們的集團業績來看，產量略有下降，年減 4%。已交付 2023 年指導值的 99.7%。預計 2024 年產量將比 2023 年高出 4%。這是考慮到 2023 年我們從 Asanko 購買了 60,000 盎司，2024 年為 0 盎司。

This year, we'll see growth coming into the portfolio from Salares as it starts its ramp-up and South Deep as it ramps up from 322,000 ounces in 2023. The all-in cost increase of 14% highlights some of the challenged operating environments and managing a key -- the costs are going to be a key focus for us in 2024.

今年，我們將看到 Salares 的投資組合開始成長，South Deep 的產量將從 2023 年的 322,000 盎司開始成長。總成本增加 14%，凸顯了營運環境面臨的一些挑戰管理金鑰——成本將成為2024年我們關注的重點。

Additionally, you will see in the capital line, there is a significant increase in capital over the 2-year frame as we reinvest in the business. And again, coming back to capital discipline, this will be a key area for focus to ensure that we are delivering strong returns from the money we redeploy back into the business.

此外，您會在資本額度中看到，隨著我們對業務的再投資，兩年框架內的資本顯著增加。再次回到資本紀律，這將是一個重點關注領域，以確保我們從重新部署回業務的資金中獲得豐厚的回報。

The operating -- operations delivered generated adjusted free cash of just over $1 billion, which after deducting net capital expenditure, including Salares and Windfall, environmental payments, lease payments and other expenses led to group free cash flow of USD 367 million.

營運業務產生的調整後自由現金略高於 10 億美元，扣除淨資本支出（包括薪資和意外收益、環境費用、租賃付款和其他費用）後，集團自由現金流達到 3.67 億美元。

Moving to Australia, that the costs here are given in Australian dollars to show a year-on-year like-for-like comparison. This remains a cornerstone of our production base generating around $1 billion -- 1 million ounces of production, which is around 45% of our portfolio. And this region is guiding for another 1 million ounces of production in 2024.

轉到澳大利亞，這裡的成本以澳元給出，以顯示同比比較。這仍然是我們生產基地的基石，產量約為 10 億美元（100 萬盎司），約占我們產品組合的 45%。該地區預計 2024 年產量將再增產 100 萬盎司。

In 2023, costs, both in all-in cost and all-in sustained were higher in Australian dollar terms. Mining inflation is -- remains very heightened in Western Australia and in particular, labor costs, which are impacting the business. There was a 5% weakening of the Australian dollar against the U.S. dollar, which provided some relief in U.S. dollar terms.

2023 年，以澳元計算的總成本和總持續成本均較高。西澳大利亞州的礦業通貨膨脹仍然非常嚴重，特別是勞動力成本，這正在影響業務。澳元兌美元匯率下跌 5%，這在一定程度上緩解了以美元計價的情況。

We are developing the invincible ore body and St Ives into a long-life Tier 1 ore body. As part of this transition, we are investing in a sizable renewable energy solution, as I spoke about earlier, and considering the most efficient ore handling solutions to reduce cost and reduce our energy requirements. Gruyere had a tough 2023 as the resource capacity of the mine to handle its increase in planned volumes was insufficient. We've had a very strong collaborative intervention with the main contractor, the contractor principle as well as our partner in Gold Road. And we've also introduced a bigger fleet to enhance the skill set on site. There's an active intervention ensuring that we ramp back up to our targeted production profile.

我們正在將無敵礦體和聖艾夫斯開發成長壽命的一級礦體。作為這項轉型的一部分，正如我之前所說，我們正在投資大規模的再生能源解決方案，並考慮採用最有效的礦石處理解決方案來降低成本和能源需求。格魯耶爾在 2023 年經歷了艱難的一年，因為該礦的資源能力不足以應對計劃產量的增長。我們與主承包商、承包商原則以及我們在 Gold Road 的合作夥伴進行了非常強有力的協作幹預。我們還引進了一支更大的車隊來增強現場技能。我們採取了積極的干預措施，確保我們恢復到目標生產狀況。

Costs for 2024 across the region are guided to be 24% higher, of which 11% relates to the St Ives micro-grid, 3% to the underground open pit development at St Ives and 2% to the additional stripping at Gruyere. Taking these projects costs out, costs are overall guided to be 9% higher, which continues to reflect the tight labor market conditions in Western Australia. As I said earlier, the production for 2024 is set to remain above 1 million ounces.

預計 2024 年該地區的成本將上漲 24%，其中 11% 與聖艾夫斯微電網相關，3% 與聖艾夫斯地下露天礦開發相關，2% 與格魯耶爾額外剝離相關。除去這些項目的成本，成本總體預計將上漲 9%，這繼續反映了西澳大利亞勞動力市場緊張的狀況。正如我之前所說，2024 年產量將維持在 100 萬盎司以上。

Moving to South Africa and our South Deep operation. These costs are noted in rands per kilogram. South Deep had certainly some challenges in Q1 of 2023 with some ground conditions impacting production in the first quarter. The remainder of the year was really a catch-up for South Deep. The second impact was competition for key skills, which provided a headwind for the mine during the year. And in particular, the loss of drill rig operators and artisans to new underground mining projects that we're willing to pay a lot more for these scarce skills.

搬到南非和我們的 South Deep 業務。這些成本以每公斤蘭特表示。 South Deep 在 2023 年第一季肯定面臨一些挑戰，一些地面條件影響了第一季的生產。今年剩下的時間對南深來說確實是個追趕的時期。第二個影響是關鍵技能的競爭，這給該礦帶來了年內的阻力。特別是，鑽孔機操作員和工匠因新的地下採礦項目而流失，我們願意為這些稀缺技能支付更多費用。

However, the team managed to rehabilitate the ground condition successfully and get back on track during the second half of last year. Pleasingly, availability and staffing of development rules is back to where it should be. That had an impact of management production decreasing by 2% to 322,000 ounces in line with the revised guidance. All-in costs and all-in sustaining costs were lower in U.S. dollar terms but rose in rand terms during -- due to mining inflation and slightly higher volumes on a unit basis. Again, the difference explained by weaker rand against the dollar being 13% during the year.

然而，該團隊在去年下半年成功恢復了地面狀況並重回正軌。令人高興的是，開發規則的可用性和人員配備回到了應有的水平。這導致管理層產量減少 2%，至 322,000 盎司，符合修訂後的指導方針。以美元計算的總成本和總維持成本較低，但以蘭特計算，由於採礦業通貨膨脹和單位產量略有增加，這一期間有所上升。同樣，這一差異是由於蘭特兌美元匯率年內下跌 13% 所致。

During 2023, South Deep successfully managed to extend the wage agreement by a further 2 years until 2026, which provides a good stable operating horizon for the business. Additionally, the initial development towards the south of Wrench mine began in 2023. Studies of the wind power to add to the 50-megawatt (inaudible) solar power plant also progressed during '23 and will be expect to be concluded this year.

2023年，South Deep成功將薪資協議再延長兩年至2026年，為業務提供了良好的穩定營運期限。此外，Wrench 礦場以南的初步開發工作於 2023 年開始。為 50 兆瓦（聽不清楚）太陽能發電廠增加風力發電的研究也在 2023 年取得了進展，預計將於今年完成。

In 2024, we are focusing on a safe, reliable production delivery year as we look to ramp up towards the 380,000 targeted mine capacity level, and we expect this to be reached towards the end of 2026. It's really important for us to understand that what is most important for South Deep is to continue to build on the successes that we've delivered in the last few years and to continue to ramp up incrementally so that we don't move backwards. And as you can appreciate and look at the cash flow generation of the mine, this has been done really successfully and we need to just continue to build on that momentum.

2024 年，我們的重點是安全、可靠的生產交付年，因為我們希望向 380,000 的目標礦山產能水準提高，我們預計在 2026 年底前實現這一目標。對我們來說，了解什麼非常重要對於South Deep來說，最重要的是繼續鞏固我們過去幾年所取得的成功，並繼續逐步提高，這樣我們就不會倒退。正如您可以欣賞和觀察礦山的現金流量產生一樣，這已經做得非常成功，我們需要繼續鞏固這一勢頭。

We are seeing some scheduled increases in costs in 2024 as a result of higher sustaining capital less levels due to an ongoing investment in renewables and the development towards South of Wrench. In Ghana, attributable production was 8% lower at 633,000 ounces, and this was largely due to the planned decrease in production at demand. Mining has now ceased at demand, and we continue to mine stockpiles for the next 2 years. Tarkwa's production was 4% higher at 551,000 ounces and the mine remains a cornerstone asset for Gold Fields.

我們預計 2024 年成本會增加，這是由於對再生能源的持續投資和扳手南區的開發導致維持資本減少水準提高。加納的權益產量下降 8%，至 633,000 盎司，這主要是由於計劃按需求減少產量。採礦現已根據需求停止，我們將在未來兩年繼續開採庫存。 Tarkwa 的產量增加了 4%，達到 551,000 盎司，該礦仍然是 Gold Fields 的基石資產。

What is also important is to understand the trajectory of costs and production in the region for '24 and '25. As Damang will only be processing stockpiles going forward it's all-in sustaining costs are expected to increase materially as we expense a portion of costs that were previously capitalized as the stockpiles were being built. This will distort the regional costs over the next 2 years, However, the mine and region will still generate a significant amount of cash at spot gold prices, given that there's a lot of accounting costs captured in those unit costs at Damang.

同樣重要的是了解該地區 24 年和 25 年的成本和生產軌跡。由於達芒今後只會處理庫存，因此預計總體維持成本將大幅增加，因為我們支出了先前在建造庫存時資本化的部分成本。這將扭曲未來兩年的區域成本。然而，考慮到達芒的單位成本包含大量會計成本，以現貨黃金價格計算，該礦場和該地區仍將產生大量現金。

In the region, we also announced the sale of our 45% stake in Asanko at the end of last year. And that was announced by our partners as having fully completed during this week. And we're also looking at Damang and trying to understand what the ideal future status for Damang. It's really important that we act on this responsibly. It is a mine that is just over 20 kilometers away from our Tarkwa mine. And so managing the community effectively and responsibly as we manage that asset is really important for us in line with our values and our strategy.

在該地區，我們還在去年年底宣佈出售 Asanko 45% 的股份。我們的合作夥伴宣布該工作已在本週內完全完成。我們也關注達芒並試圖了解達芒的理想未來狀態。我們負責任地採取行動非常重要。這是一個距離我們塔誇礦區僅20多公里的礦區。因此，在管理資產時有效、負責任地管理社區對我們來說非常重要，符合我們的價值觀和策略。

Lastly, the engagements with the government on the Tarkwa/Iduapriem JV are continuing. And whilst the tone of these discussions have become more collaborative and we engage very regularly. We are fully cognizant that this is an election year in Ghana, and that undoubtedly will have some potential impact on the timing of these engagements.

最後，與政府就 Tarkwa/Iduapriem 合資企業進行的接觸仍在繼續。雖然這些討論的基調變得更加協作，但我們也經常參與。我們充分認識到，今年是加納的選舉年，這無疑會對這些活動的時間表產生一些潛在影響。

On Peru, gold equivalent production at Cerro Corona was 8% lower at 239,000 ounces with costs up 15% as a result of that lower production. This was impacted by 2 things: unseasonably heavy rain in H2 2023 significantly impacted production at the mine. But it is also a mine that's coming towards the back end of its life, and we will see some variability in mine production.

在秘魯，Cerro Corona 的黃金當量產量下降 8%，至 239,000 盎司，產量下降導致成本上漲 15%。這受到兩件事的影響：2023 年下半年異常的大雨嚴重影響了礦場的生產。但這也是一個即將進入其生命尾期的礦山，我們將看到礦山生產出現一些變化。

Studies are underway to optimize the asset as the mine's current production profile is scheduled to decline after 2025 when it will start processing stockpiles. We are also still awaiting the EIA approval for input tailings, which will enable that process to continue.

目前正在研究優化該資產，因為該礦目前的產量預計將在 2025 年開始處理庫存後下降。我們也正在等待 EIA 對尾礦投入的批准，這將使該過程得以繼續。

I will now want to move to Salares Norte, and this is an issue which is undoubtedly top of mind for many of our stakeholders and investors. And whilst the focus very much in getting this mine into production, we continue to invest in exploration. This is a photo of our geologists that work in nearby tenements looking for further opportunities to extend the life of Cerro Corona -- of Salares Norte enter the future.

我現在想搬到北薩拉雷斯，這無疑是我們許多利害關係人和投資者最關心的問題。儘管我們非常關注該礦的投產，但我們仍繼續投資於勘探。這是我們的地質學家的照片，他們在附近的礦權地工作，尋找進一步的機會來延長科羅納山的壽命——北薩拉雷斯進入未來。

The Salares Norte project is now 99.4% complete on a construction basis. The key circuits, Circuit A and Circuit B, have progressed significantly. And as I've shown earlier, mining has continued throughout the project, and we have around 520,000 ounces of gold equivalent on the stockpile ready for processing. And the photo that I showed on the cover showed how far we have mined in the Brecha Principal Pit.

Salares Norte 工程目前已完成 99.4% 的施工進度。關鍵電路，電路A和電路B，已經取得了顯著的進展。正如我之前所展示的，整個專案的採礦工作一直在持續進行，我們有大約 520,000 盎司的黃金儲備可供加工。我在封面上展示的照片顯示了我們在布雷查主坑中開採了多遠。

In December, we unfortunately announced a further delay in the first gold and subsequent ramp-up. We fully acknowledge that, that was a bit of a surprise to the market and unfortunate. But I think it was done with the right intention of ensuring that we deliver a safe and reliable ramp-up of this business which continues to remain a world-class deposit and one that will generate significant value for our shareholders in time to come.

12 月，我們不幸地宣布進一步推遲第一批黃金的發售以及隨後的增產。我們完全承認，這對市場來說有點意外和不幸。但我認為這樣做的目的是正確的，以確保我們能夠安全可靠地推動這項業務的發展，這項業務將繼續保持世界一流的存款地位，並在未來為我們的股東創造巨大的價值。

Since then, we've been progressing and the construction, and we've seen a significant step-up in labor availability from our contractors. And as of last week, we actually had our site completely full with contractors and our own employees. We are progressing well on addressing the outstanding pre-commissioning and commissioning activities. We made very good progress on Circuit A. And on the 15th of February, we produced the first filtered dry stack tailings in the business. And that will be -- and there will be a vote later, which will show what that looks like.

從那時起，我們的建設一直在進展，我們看到承包商的勞動力可用性顯著提高。截至上週，我們的工地實際上已經擠滿了承包商和我們自己的員工。我們在解決未完成的預調試和調試活動方面進展順利。我們在 A 迴路上取得了非常好的進展。2 月 15 日，我們生產出了業內第一批經過過濾的乾堆尾礦。這將是——稍後將進行投票，這將表明結果是什麼樣子。

We are also still targeting first gold for -- by April 2024. We've made very good progress on our production, and we feel confident that the completion of commissioning is on track. We did commission an independent review into the project schedule for first gold. This was completed by Hatch, undertaken independently and they've verified and confirmed our schedule. We also have Hatch working on the second phase of the review, which is the full ramp up. Initially, we worked on a 12-month ramp-up to full production and that we expect in the next 2 weeks. There's nothing at this stage that leads us to believe that, that would not be achievable.

我們的目標仍然是在 2024 年 4 月之前獲得第一塊黃金。我們的生產取得了非常好的進展，我們對調試工作順利完成充滿信心。我們確實委託對第一塊黃金的專案進度進行了獨立審查。這是由 Hatch 獨立完成的，他們已經驗證並確認了我們的日程安排。我們也讓 Hatch 負責審查的第二階段，即全面升級。最初，我們計劃用 12 個月的時間逐步實現全面生產，預計在接下來的兩週內實現。現階段沒有任何事物能讓我們相信這是不可能實現的。

On capital, our guidance for the next 3 years is firstly, 250,000 ounces for 2024, 580,000 ounces for 2025 and 600,000 ounces from 2026. What is important to note is that for 2025, we will see a slight back dating or balance of production coming in the second half of the year as we are due and scheduled to take a small shut in the Q1 of 2024 to do the final calibration of the plant.

在資本方面，我們對未來三年的指導首先是，2024年為25萬盎司，2025年為58萬盎司，2026年起為60萬盎司。值得注意的是，2025年，我們將看到產量略有回溯或平衡。我們計劃在 2024 年第一季小幅關閉，以對工廠進行最終校準。

Our cost guidance for this year because of the lower production is in the region of USD 1,790 to USD 1,850 per ounce and that's because of the production profile as well as the increased capital for the project. However, thereafter, the cost will return to the previously advised level of less than $800 per ounce for 2025 to 2029, and that will provide a significant dilution to the overall cost for the group.

由於產量下降，我們今年的成本指引在每盎司 1,790 美元至 1,850 美元之間，這是因為產量概況以及專案資本增加。然而，此後，成本將回到先前建議的 2025 年至 2029 年每盎司 800 美元以下的水平，這將顯著稀釋該集團的總體成本。

The final project capital is expected to be in the range of $1.18 billion to $1.2 billion which is an increase on the previous guidance given the higher contract costs and the additional spend due to the additional time on site.

最終項目資本預計在 11.8 億美元至 12 億美元之間，這比之前的指導有所增加，因為合約成本較高，而且現場時間增加而導致額外支出。

Just moving on to the next. We will show a few photos from Salares Norte. And maybe just as I start this, the one thing that Gold Fields has been acknowledged for many, many years, and I think this is a demonstration is that South Deep mines at 3,200 meters below the surface and in sometimes very challenging conditions and Salares Norte is mining at 4,600 meters above sea level. And I think it's a testament to the technical capability in our organization that can deliver on these projects. What we can show in the project is on the right, this is the dry stack tailings, which have been produced. You'll see on the bottom left, this is the tailings storage facility which it will be all dry filtered tailings. And then on the top right, just showing some of the plant from an aerial view. With that, I'll hand over to Paul to take us through the financials.

只是繼續下一步。我們將展示一些來自北薩拉雷斯的照片。也許就在我開始寫這篇文章的時候，金礦區多年來一直被認可的一件事，我認為這是一個示範，就是South Deep 在地表以下3,200 公尺處採礦，有時條件非常具有挑戰性，而Salares Norte正在海拔4600公尺處採礦。我認為這證明了我們組織能夠交付這些專案的技術能力。我們在專案中可以看到的是右邊的，這是已經生產出來的乾堆尾礦。您會在左下角看到，這是尾礦儲存設施，其中全部是乾燥過濾的尾礦。然後在右上角，只顯示了一些植物的鳥瞰圖。接下來，我將讓保羅帶領我們了解財務狀況。

Thanks, Mike. Good day, everybody. Mike has alluded to a lot of the numbers, but just some of them that I want to talk to, normalized earnings, $900 million, up 5% year-on-year. Adjusted free cash flow, $367 million.

謝謝，麥克。大家好。麥克提到了很多數字，但我只想談談其中的一些數字，正常化收入為 9 億美元，比去年同期成長 5%。調整後自由現金流為 3.67 億美元。

I'll talk to it on the next slide, we have done a reconciliation. All-in costs, $1,512 per ounce within our original guidance of $1,480 and $1,520 per ounce. The final dividend, I just want to talk to our final dividend of ZAR 4.20 and our total dividend of ZAR 7.45 for the year. If we compare it to last year, as Mike said, it's similar. However, last year included ZAR 1.85 that related to Yamana break fee. So if we compare apples for apples, we have increased by 33% from ZAR 5.60 to ZAR 7.45.

我將在下一張幻燈片中討論它，我們已經完成了協調。總成本為每盎司 1,512 美元，低於我們最初指導的每盎司 1,480 美元和 1,520 美元。末期股息，我只想談談我們的末期股息 4.20 南非蘭特和今年的總股息 7.45 南非蘭特。如果我們將其與去年進行比較，正如麥克所說，情況是相似的。然而，去年包括了與 Yamana 違約金相關的 1.85 南非蘭特。因此，如果我們逐一比較，我們的價格從 5.60 蘭特增加到 7.45 蘭特，上漲了 33%。

Net debt has increased quite a bit from last year to $1,024 million. The main reason being we have invested $316 million into Windfall being part of the acquisition price, capital that we've expanded. If we exclude that, net debt would have been similar at around $710 million year-on-year. What we're really, really proud of in terms of our loans and ESG, we did 2 green loans this year, a USD 1.2 billion loan and a AUD 500 million loan and the 3 measurables we had was gender, water and decarbonization.

淨債務較去年大幅增加，達 10.24 億美元。主要原因是我們向 Windfall 投資了 3.16 億美元，作為收購價格的一部分，我們擴大了資本。如果排除這一點，淨債務將與去年同期相似，約為 7.1 億美元。就我們的貸款和ESG 而言，我們真正非常自豪的是，我們今年發放了兩筆綠色貸款，一筆12 億美元的貸款和一筆5 億澳元的貸款，我們的3 個衡量指標是性別、水和脫碳。

Can we move to the next slide, please? This provides a breakdown of the cash flow. And Mike spoke to it, but I want to emphasize the $204 million made by South Deep. Five years ago, when the market was putting pressure on (inaudible), why don't you sell South Deep? We had said, we believe in South Deep. And if it gets up to where we want it to be, it can provide an annuity of circa $200 million free cash flow a year. Well, now we're starting to see it $204 million. So just over ZAR 1 billion free cash flow from the mines. We obviously then invested into Salares. We invested -- this is the capital contribution, the normal capital for Windfall. We then obviously had our interest bills and then non-mine costs and working capital, giving the $367 million free cash flow that we had for the year.

我們可以轉到下一張投影片嗎？這提供了現金流量的細目。麥克也談到了這一點，但我想強調的是 South Deep 賺了 2.04 億美元。五年前，當市場施加壓力（聽不清楚）時，為什麼不賣掉South Deep？我們說過，我們相信南深。如果它達到我們想要的水平，它每年可以提供約 2 億美元的自由現金流。好吧，現在我們開始看到它的價值為 2.04 億美元。因此，來自礦場的自由現金流略高於 10 億南非蘭特。顯然，我們隨後投資了薩拉雷斯。我們投資了──這是出資，是意外之財的正常資本。然後我們顯然有了利息帳單，然後是非礦山成本和營運資金，這使得我們今年擁有 3.67 億美元的自由現金流。

If we move to the next slide, the only point I want to highlight here is that in May, our 2024 bond matures of $500 million, and we will be paying it out of bank facilities that we have. I'll now hand back to Mike. Thank you very much.

如果我們轉到下一張投影片，我想在這裡強調的唯一一點是，我們的 2024 年債券將於 5 月到期，金額為 5 億美元，我們將用我們擁有的銀行融資來支付。我現在將交還給麥克。非常感謝。

Thank you, Paul. I just wanted to close on a brief outlook on the strategy and a bit of a focus for us in 2024. 2024 is going to be a significant -- another significant CapEx year for Gold Fields. Total CapEx for the year is expected to be between USD 1.13 billion and USD 1.19 billion. And this includes sustaining capital of $860 million to $890 million. What is important to note is in that number is that we actually have around $132 million for St Ives micro-grid, which is one could argue is a one-off number. In addition, we have $116 million for Salares Norte plus another $32 million for working capital build at Salares Norte. So that $280 million is quite an unusual spend in the year, and that would certainly take us back to a more normalized level of capital going forward.

謝謝你，保羅。最後，我想簡單介紹一下該策略以及 2024 年我們的重點。2024 年對於 Gold Fields 來說將是重要的又一個重要的資本支出年。今年資本支出總額預計在 11.3 億美元至 11.9 億美元之間。其中包括 8.6 億至 8.9 億美元的維持資本。值得注意的是，在這個數字中，我們實際上有大約 1.32 億美元用於聖艾夫斯微電網，有人可能會說這是一個一次性數字。此外，我們還為 Salares Norte 提供 1.16 億美元，另外還有 3,200 萬美元用於 Salares Norte 的營運資金建設。因此，2.8 億美元在今年是相當不尋常的支出，這肯定會讓我們回到更正常的資本水準。

For 2024, group attributable gold equivalent production is expected to be between 2.33 million ounces and 2.43 million ounces. As we said earlier, this is slightly higher than the 2023 actual and reflects the contribution from Salares and from South Deep and offset a little bit about against Demand and Cerro Corona who are planned reductions.

2024年，集團權益黃金當量產量預計在233萬盎司至243萬盎司之間。正如我們之前所說，這略高於 2023 年的實際情況，反映了 Salares 和 South Deep 的貢獻，並稍微抵消了計劃削減的 Demand 和 Cerro Corona 的影響。

All-in sustaining cost has guided to be between $1,400 and $1,440 per ounce, with all-in costs expected to be between USD 1,590 and USD 1,630 per ounce. Again, if you take out the St Ives micro-grid, this has quite a big impact on bringing that back to more normalized levels.

總維持成本預計在每盎司 1,400 美元至 1,440 美元之間，總成本預計在每盎司 1,590 美元至 1,630 美元之間。同樣，如果你去掉聖艾夫斯微電網，這對於將其恢復到更正常化的水平具有相當大的影響。

Our priorities for 2024, really, first and foremost, is ensuring the physical and wellness of our people, employees and contractors, continuing to drive the -- particularly the priority findings from the respectful workplace report and undertaking the full review of our safety system will work across Gold Fields. Secondly, predictable delivery of our plan. We're fully conscious that we need to be able to deliver what we commit to deliver on. And we will focus very hard to delivering on the plan that we're presenting and the guidance that we presented.

事實上，我們 2024 年的首要任務是確保我們的員工、員工和承包商的身體和健康，繼續推動——特別是尊重工作場所報告的優先調查結果，並對我們的安全系統進行全面審查。在金礦區工作。其次，我們計劃的可預測交付。我們充分意識到，我們需要能夠兌現我們承諾兌現的承諾。我們將非常努力地致力於實現我們提出的計劃和我們提出的指導。

Importantly, that we start addressing the rise -- the trend of increasing costs. And related to that is ensuring that we remain disciplined on the deployment of capital and ensuring the capital we do deploy, is returning -- is providing good returns for the organization. Thirdly is to continue to make the progress against our 2030 ESG targets and particularly relating to our decarbonization journey, which we believe will be a differentiator in terms of our strategy. Additionally, to continue to improve the quality of our portfolio and the projects in the portfolio, particularly Salares Norte, which is a significant improvement for our portfolio. Delivering on the Tarkwa/Iduapriem JV and continue to progress the Windfall Project. And with that, I'd like to thank you for listening and hand over to Q&A.

重要的是，我們開始解決成本上升的趨勢。與此相關的是，確保我們在資本部署上保持紀律，並確保我們部署的資本正在回報——為組織提供良好的回報。第三，繼續在我們的 2030 年 ESG 目標方面取得進展，特別是與我們的脫碳之旅相關的目標，我們相信這將成為我們策略的差異化因素。此外，繼續提高我們的投資組合和投資組合中項目的質量，特別是 Salares Norte，這對我們的投資組合來說是一個重大改進。交付 Tarkwa/Iduapriem 合資企業並繼續推進 Windfall 專案。在此，我要感謝您的聆聽並移交問答環節。

Thanks, Mike. I have 2 questions on the webcast. We also will be handing over to the conference call to take questions, if you don't mind.

謝謝，麥克。我有兩個關於網路廣播的問題。如果您不介意的話，我們還將召開電話會議來回答問題。

The first question is from Yaameen Gosain from Laurium Capital. And he says good day, please kindly explain why Salares Norte production falls off so sharply from 580 in 2025 to an average of 485 between 2025 and 2029 in terms of averages.

第一個問題來自 Laurium Capital 的 Yaameen Gosain。他說日安，請解釋為什麼北薩拉雷斯的平均產量從 2025 年的 580 輛急劇下降到 2025 年至 2029 年期間的平均 485 輛。

Yaameen, and thank you very much for that question. What we always knew is that Salares Norte is a very high-quality asset with certain high-grade areas. And what we are doing in optimizing the mine is accessing the higher grade parts of the ore body first and processing that first because that was the optimized way of extracting value for this project. And it was always anticipated that we would see a production decline over the years. And that's why when we've come out in the guidance today, we've also spoken about what that profile looks like until 2029 and then for the remainder of the project. This was always anticipated in terms of our understanding of the current ore body. But as I mentioned and alluded to earlier, we continue to do nearby exploration to find opportunities to extend the life of that asset and find additional sources of ore to fill that mill beyond what our known resource looks like. But this remains a world-class asset and will continue to be so for a number of years going forward.

亞明，非常感謝你提出這個問題。我們一直都知道，Salares Norte 是一項非常優質的資產，擁有某些高檔區域。我們在優化礦山時所做的就是首先獲取礦體的較高品位部分並首先對其進行加工，因為這是該項目提取價值的優化方式。人們一直預期這些年來我們的產量會下降。這就是為什麼當我們今天發布指南時，我們也討論了 2029 年之前的情況以及專案剩餘時間的情況。就我們對目前礦體的了解而言，這一直是預料之中的。但正如我之前提到和提到的，我們繼續在附近進行勘探，尋找延長該資產壽命的機會，並尋找其他礦石來源來填充該工廠，超出我們已知的資源範圍。但這仍然是一項世界級資產，並將在未來幾年內繼續如此。

Okay. Good. The second question is also around Salares, Mike. It says given the Salares delays, please, can you clarify when the Chinchilla relocation becomes an issue? In other words, when do you expect to start mining the impacted area?

好的。好的。第二個問題也與薩拉雷斯有關，麥克。它說考慮到薩拉雷斯的延誤，請問您能澄清一下龍貓的搬遷何時會成為問題嗎？換句話說，您預計什麼時候開始在受影響地區進行採礦？

Thank you for the question, Catherine. And look, I think the -- first and foremost, that Chinchilla relocation is a really important demonstration of our values. To date, we've identified 36 Chinchillas through the extensive monitoring that's been undertaken in the potentially impacted Rockeries. We actually start commencing the relocation of the Chinchillas at the end of February. We will continue this until around May, which we will then pause during the winter months and continue that once the summer starts.

謝謝你的提問，凱瑟琳。我認為，首先也是最重要的是，龍貓的搬遷是我們價值觀的一個非常重要的體現。迄今為止，透過對可能受影響的假山進行的廣泛監測，我們已識別出 36 隻龍貓。實際上，我們從二月底開始開始搬遷龍貓。我們將繼續這樣做到五月左右，然後我們將在冬季暫停，並在夏季開始後繼續這樣做。

This is around an 18-month program and we are investing a significant amount in bringing in a number of independent experts to support us to ensure that we do this safely and with the right degree of care. To answer your question in particular, we only really start getting to Agua Amarga in around quarter 2 of 2029. So it's actually quite a long way away. But we want to get ahead of it and actually do this to ensure that there's no impact at all through the mining of Brecha Principal, and also because there is one of the Rockeries is quite close to one of the waste dumps. We want to make sure that we actually do this now rather than wait. So there's no risk really in terms of future mining.

這是一個為期 18 個月的計劃，我們正在投入大量資金聘請一些獨立專家來支持我們，以確保我們安全且謹慎地完成這項工作。為了特別回答你的問題，我們直到 2029 年第二季左右才真正開始到達阿瓜阿馬加。所以它實際上還有很長的路要走。但我們希望搶先一步，實際上這樣做是為了確保 Brecha Primary 的開採完全不會受到影響，而且還因為其中一座假山距離其中一座廢物場非常近。我們希望確保我們現在就真正做到這一點，而不是等待。因此，未來的採礦確實不存在風險。

Thanks, Mike. The next one is from Andrea Phillis from Risk Insight, and it's not a question. She says, risk insights has been generating ESG ratings for Gold Fields since 2016, it's encouraging to note the consistent positive ratings and the observed improvements across all the areas. This demonstrates the company's commitment to enhancing its environmental, social and governance practices over time, which is commendable and aligns well with sustainable business practices. So at least that's a bit of positivity.

謝謝，麥克。下一個來自 Risk Insight 的 Andrea Phillis，這不是一個問題。她表示，自 2016 年以來，風險洞察一直在為 Gold Fields 產生 ESG 評級，令人鼓舞的是，我們注意到所有領域一致的正面評級和觀察到的改進。這表明該公司致力於隨著時間的推移加強其環境、社會和治理實踐，這是值得讚揚的，並且與永續商業實踐非常吻合。所以至少這是一點積極性。

And then on the next one is from Emmanuel Munjeri from Bloomberg Intelligence. It's mostly for Paul. He says going through a period of sticky cost pressures and higher CapEx, should the gold price weakness starts to eat more into your cash margins? Are there any other levers you can pull that could keep costs specifically AISC within range or lower? And what do you consider as a targetable debt level or range?

下一篇來自 Bloomberg Intelligence 的 Emmanuel Munjeri。這主要是為了保羅。他表示，在經歷一段黏性成本壓力和較高資本支出的時期，金價疲軟是否應該開始更多地侵蝕您的現金利潤？您是否可以使用任何其他槓桿來將成本（特別是 AISC）控制在範圍內或更低？您認為目標債務水準或範圍是多少？

I'll answer the debt first. We've always said anything below 1x net debt to EBITDA, we'd be comfortable with. Obviously, we're below 0.5, which makes us incredibly comfortable. In terms of the pressures on the costs, a lot obviously depends on the oil price. We got some positive tailwinds last year, but we've seen oil starting to tick up this year. Obviously, during this year, Mike has alluded, we will look at our capital spend and make sure that we spend the capital in the right places and at the right amount. And that should theoretically help us on our all-in sustaining cost.

我先還債。我們總是說，任何低於 EBITDA 淨債務 1 倍的值，我們都會感到滿意。顯然，我們低於 0.5，這讓我們感到非常舒適。就成本壓力而言，很大程度取決於油價。去年我們獲得了一些積極的推動力，但今年我們看到石油價格開始上漲。顯然，麥克提到，今年我們將審視我們的資本支出，並確保我們將資本花在正確的地方和正確的金額。從理論上講，這應該有助於我們降低整體維持成本。

Good. And a follow-up question for Mike from Emmanuel. Are there any pain points in the business that you've identified that you'd like to tackle immediately in the business, if any?

好的。伊曼紐爾向麥克提出了一個後續問題。您是否發現業務中存在任何您希望立即解決的痛點（如果有）？

So thank you, Emmanuel. And I wouldn't say they're pain points, but I think they are really opportunities for us to improve. I think we've spoken about safety. I think really bringing that first and foremost in our -- into our mindset and responding to that is really, really key. Delivering on Salares Norte, I think, will be really value added. And I know it's been disappointing that there's been delays, but I don't want to stop reiterating, this is a world-class project and one that many people would love to have in their portfolios, and it's going to be a very strong cash generator for us.

所以謝謝你，伊曼紐。我不會說它們是痛點，但我認為它們確實是我們改進的機會。我想我們已經討論過安全問題了。我認為，真正將這一點首先納入我們的心態並對此做出回應是非常非常關鍵的。我認為，Salares Norte 的交付將真正帶來增值。我知道延誤令人失望，但我不想停止重申，這是一個世界級的項目，很多人都希望將其納入自己的投資組合，而且這將是一筆非常強勁的現金為我們提供發電機。

And then obviously, we've spoken about the leadership changes. And I think that could create nervousness. But I would say that everybody who's here is leaving, including Paul, he's been well foreshadowed that he is leaving at some point. He Has been super helpful for me in terms of my onboarding and very professional as we move forward. So that's certainly not a pain point. But the one thing I would like to do is to see our organization working a lot closer together. And the way that our business had been set up in the past is very much on a regionalized basis. And I'd like to leverage off the great capabilities that sit in different parts of our business. So I see it more as an opportunity than a pain point.

顯然，我們已經談到了領導階層的變動。我認為這可能會造成緊張。但我想說，這裡的每個人都會離開，包括保羅，他已經被預示他會在某個時候離開。他在我的入職培訓方面對我非常有幫助，並且在我們前進的過程中非常專業。所以這當然不是一個痛點。但我想做的一件事是看到我們的組織更加緊密地合作。我們過去的業務建立方式很大程度上是基於區域化的。我想利用我們業務不同部分的強大功能。所以我認為這更多的是一個機會而不是一個痛點。

Thanks, Mike. The next one is from Sandile from Umthombo Wealth. He says, what's next after Salares and the Yamana setback?

謝謝，麥克。下一篇來自 Umthombo Wealth 的 Sandile。他說，在薩拉雷斯和亞馬納受挫之後，下一步是什麼？

Thank you very much for that question. And I think the way I'd like to answer that question is this sector, the gold sector is likely to undertake further consolidation one way or another. There's a wide range of different valuations on assets in the market, and there's not full price discovery on certain assets. I think we feel confident that we have a good process and system in place to identify options to grow and to replace reserves.

非常感謝你提出這個問題。我認為我想回答這個問題的方式是這個行業，黃金產業可能會以某種方式進行進一步的整合。市場上的資產估值存在很大差異，並且某些資產沒有完整的價格發現。我認為我們有信心，我們有一個良好的流程和系統來確定增加和替換儲備的選項。

And I'll talk about those separately because I think the way that we think about growth is not just in the form of ounces or production ounces, but actually in growing the value of the company by growing cash flow per share. And that means that we have to continue to focus on bringing quality ounces into our portfolio.

我將分別討論這些，因為我認為我們考慮成長的方式不僅僅是盎司或產量盎司的形式，而是實際上透過增加每股現金流來增加公司的價值。這意味著我們必須繼續專注於將優質盎司納入我們的投資組合。

We will always be looking at bolt-on acquisitions. Windfall was a great opportunity. We can never close our minds to transformational M&A, but I would say that that's a very -- we certainly aren't looking at that right now. And our focus this year is very much on delivering the things that are or within our basket right now.

我們將始終關注補強收購。意外之財是一個很好的機會。我們永遠不能對變革性併購視而不見，但我想說，這是一個非常——我們現在當然不會考慮這個問題。今年我們的重點是提供我們目前籃子裡的東西。

Thanks, Mike. And then the last question is from Chantelle Baptiste from Fairtree. Perhaps for Paul, how much CapEx do you need to spend on Windfall over the next 3 years?

謝謝，麥克。最後一個問題來自 Fairtree 的 Chantelle Baptiste。也許對 Paul 來說，未來 3 年你需要在 Windfall 上花費多少資本支出？

We've got about $45 million, correct me if I'm wrong, for the 2024 year. Obviously, when we go into 2025 and assume that we have got the EIA and we make our second payment of CAD 300 million, we still have to approve the capital project, which that -- so I can't give you a number because we are waiting for that, and we're working at the moment to come up with a revised number as it was previously disclosed by our partners with Windfall. So I can only give you for '24.

2024 年我們大約有 4500 萬美元，如果我錯了請糾正我。顯然，當我們進入 2025 年並假設我們已經獲得 EIA 並且我們第二次支付 3 億加元時，我們仍然必須批准資本項目，所以我不能給你一個數字，因為我們正在等待這一結果，我們目前正在努力提出修訂後的數字，正如我們的合作夥伴Windfall 之前所揭露的那樣。所以我只能給你24歲的。

Thanks, Paul. That's it from the webcast questions, we're going to go over to the conference call. And I think there's 3 questions that are pending.

謝謝，保羅。這就是網路廣播的問題，我們將轉到電話會議。我認為還有 3 個問題懸而未決。

The first question is from Cameron Needham of Bank of America Securities.

第一個問題來自美國銀行證券公司的 Cameron Needham。

Two questions from me. Firstly, just on South Deep and ramping up to 380,000 ounces. I would think that this is going to take a lot of management time and internal resources, particularly given the time line of the ramp-up. In terms of really delivering value through incremental cash flows per ounce and then being able to deliver this consistently, do you think this is the sort of best use of internal resources? And how do you think about this versus perhaps leaving in its current position, whereas delivering solid cash flows, not pushing the asset too hard and then allocating those resources elsewhere. And then just a very quick second question on the micro-grid. I think, Mike, you said that it will save about half of your energy cost there. Apologies if I missed, but can you just quantify what your energy cost was there in 2023 for us, please?

我有兩個問題。首先，就在 South Deep，產量增加至 38 萬盎司。我認為這將需要大量的管理時間和內部資源，特別是考慮到啟動的時間軸。就透過每盎司增量現金流真正提供價值，然後能夠持續提供價值而言，您認為這是內部資源的最佳利用嗎？您如何看待這一點，而不是留在目前的位置，同時提供穩定的現金流，而不是過度推動資產，然後將這些資源分配到其他地方。然後是關於微電網的第二個問題。我想，麥克，你說過這會節省你大約一半的能源成本。如果我錯過了，請抱歉，但是您能否量化一下 2023 年我們的能源成本是多少？

Okay. Thanks, Cameron, for the question. Just on South Deep, maybe just to clarify, I think that team is largely self-sufficient. It obviously does call on some of the resources from our technical teams. But in terms of their ramp-up and the management of that asset, it's pretty much self-sufficient.

好的。謝謝卡梅倫提出的問題。就南深而言，也許只是為了澄清一下，我認為該團隊基本上是自給自足的。顯然，它確實需要我們技術團隊的一些資源。但就其資產的成長和管理而言，它幾乎是自給自足的。

So I wouldn't say that this is a huge drag on the organization. And really, we have got some great capability. And I think Martin, during his years as leader of that asset has really brought in some quality people and set it up for success. This is an asset with a very, very long life ahead of it. And so you can make some of those investments that have the ability to reduce costs and set it up for long-term success.

所以我不會說這對組織來說是一個巨大的拖累。事實上，我們擁有一些強大的能力。我認為，馬丁在擔任該資產的領導者期間，確實引進了一些優秀人才，並為該資產的成功奠定了基礎。這是一項壽命非常非常長的資產。因此，您可以進行一些能夠降低成本並為長期成功做好準備的投資。

So as we think about the ramp-up, and that's why we've been quite cautious in this ramp-up. I would much rather us do this in a value-accretive way, then try and force the targeting of a production number, which then takes us backwards. So exactly to your point, we're going to go at the pace at which is right for that business and go at a pace at which continues to build on the gains that we've had in the past rather than going backwards. And if that means that we kind of a little bit softer on the numbers in the outer years, and we hit the $380 million a little bit later, but we continue to generate good cash flows, then we should be happy with that.

因此，當我們考慮增產時，這就是為什麼我們對此增產非常謹慎。我更希望我們以一種增值的方式來做這件事，然後嘗試強制以生產數量為目標，這會讓我們倒退。因此，正是針對您的觀點，我們將按照適合該業務的步伐前進，並繼續以我們過去取得的成果為基礎，而不是倒退。如果這意味著我們對外部年份的數字有點軟化，並且我們稍後達到 3.8 億美元，但我們繼續產生良好的現金流，那麼我們應該對此感到滿意。

On your second point about St Ives, and we can get the number and get back to you. But I think the key number that we want to call out is, currently, they're paying around $0.18 per -- sorry, around $0.20, and we take that down to around $0.9. So it's quite a big reduction, and that's where we get to the over 50% reduction.

關於你關於聖艾夫斯的第二點，我們可以得到電話號碼並回覆你。但我認為我們想要指出的關鍵數字是，目前，他們支付的費用約為 0.18 美元——抱歉，約為 0.20 美元，我們將其降至 0.9 美元左右。所以這是一個相當大的減少，這就是我們減少超過 50% 的地方。

Cameron, we can get back here as to what is the actual electricity cost. It's a dollar number, but it's more than 50% lower when we go on to the solution.

卡梅倫，我們可以回到這裡了解實際的電費是多少。這是一個美元數字，但當我們繼續研究解決方案時，它會降低 50% 以上。

The next question is from Adrian Hammond of SBG.

下一個問題來自 SBG 的 Adrian Hammond。

Mike, thanks for the presentation. I'd like to ask you a question around the investment case for Gold Fields. Now this year was meant to be a year that Gold Fields moves down the cost curve but they'll be finding it moving up quite quickly. And it's now no longer comparable to its peers. Stock is down almost 8% and fault of your own, but you have a fresh pair of eyes on this company. Can you tell us if this -- what there is to look forward to. Will Gold Fields be able to return back into the first half of the cost and by when?

麥克，謝謝你的介紹。我想問您一個關於金田投資案例的問題。今年本應是金田公司成本曲線下降的一年，但他們會發現成本曲線上升得很快。現在它已經無法與同行相比。股票下跌了近 8%，這都是你自己的錯，但你對這家公司有新的眼光。能告訴我們這有什麼值得期待的嗎？ Gold Fields 的成本何時能夠恢復到上半年的水平？

Yes, Adrian, I think there's a couple of things in that. One is Salares hurts the company, no doubt, because we were expecting to see a much bigger contribution from the ounces we were not expecting to see the additional capital spend this year for Salares. And I think those 2 things on their own has had quite a negative contribution -- negative impact. I think as we look forward going forward, as we see the ramp-up from Salares into 2025, we should be able to start seeing some of the benefits of bringing us back down.

是的，阿德里安，我認為其中有幾件事。一是薩拉雷斯無疑會傷害公司，因為我們預計今年會看到更多的盎司貢獻，但我們沒想到今年會看到薩拉雷斯的額外資本支出。我認為這兩件事本身就產生了相當負面的影響——負面影響。我認為，當我們展望未來時，當我們看到薩拉雷斯到 2025 年的成長時，我們應該能夠開始看到讓我們回歸的一些好處。

But the second area, which I think is -- and I can't pull out specific numbers and give you specific commitments. But I think the area that we really are going to have to be very smart at is how we deploy capital. And it's quite legitimate to be saying that we're investing in long life extensions of our assets and creating future optionality. And all of that capital comes at a much lower cost per ounce than having to go out and buy something.

但我認為第二個領域是——我無法提供具體數字並向您提供具體承諾。但我認為我們真正需要非常聰明的領域是我們如何部署資本。可以說，我們正在投資延長資產的使用壽命並創造未來的選擇權。而且所有這些資本每盎司的成本都比必須出去買東西要低得多。

So I think we may need to do a better job of kind of talking about how the ebbs and flows of capital is deployed in our business and how we use -- how we time the addition of internal reserves and creating capability for future life extension. So maybe that's something that we just need to do a better job to be perfectly honest. Because if you look at them all in isolation, they make a great deal of sense for the business and great economic sense.

因此，我認為我們可能需要更好地討論資本的潮起潮落如何在我們的業務中部署以及我們如何使用——我們如何安排增加內部儲備和為未來延長壽命創造能力。所以說實話，也許我們需要做得更好。因為如果你孤立地看待它們，你會發現它們對於商業和經濟都有很大的意義。

But again, we've got to be sensible, and that's why I talked about it earlier in our capital allocation model when we do have free cash flow available that we've got to make sure we have robust models that decide on how we make the trade-offs between the different uses of that cash. That includes exploration, investing in nearby mine extension, investing in infrastructure and trading that against other uses of cash, including capital management. So -- but I think that's the conversation we're going to have to really look at ourselves at and come back and talk about in due course.

但同樣，我們必須保持明智，這就是為什麼我之前在我們的資本配置模型中談到這一點，當我們確實有可用的自由現金流時，我們必須確保我們擁有穩健的模型來決定我們如何賺錢該現金的不同用途之間的權衡。這包括勘探、投資附近的礦山擴建、投資基礎設施以及用現金進行其他用途的交易，包括資本管理。所以，但我認為這是我們必須真正審視自己並在適當的時候回來討論的對話。

The last question is from Leroy Mnguni of HSBC.

最後一個問題來自匯豐銀行的 Leroy Mnguni。

I've got 3 questions. The first one is for Mike. You mentioned earlier that one of your focuses for the business will be extending reserves or adding on to reserves that you can bolster the long-term sustainability of the business. I was just curious as to which you find to be more value accretive going out into the market and buying more reserves or increasing reserves through exploration.

我有 3 個問題。第一個是給麥克的。您之前提到，您對業務的重點之一是擴大儲備或增加儲備，以增強業務的長期可持續性。我只是很好奇，你發現進入市場併購買更多儲備或透過勘探增加儲備哪個更能增值。

My second question for Paul. Some of your peers in the market, and I know you've done it in the past as well as sort of given us some guidance as to what they feel is a range or a reasonable range for SIB CapEx per ounce for the business that we can use for sort of medium-term guidance. And I'm curious as to whether you've got a range in mind. And just on Salares for Mike, I guess, April is fast approaching, and I see on Slide 18, there are some items that are reflecting is to be started. Could you please share with us what are some of the key KPIs or milestones that you are looking out for and that's critical to ensuring that you deliver on your April target?

我要問保羅的第二個問題。市場上的一些同行，我知道你們過去曾這樣做過，並就他們認為我們業務的每盎司 SIB 資本支出的範圍或合理範圍給了我們一些指導。可用於某種中期指導。我很好奇你心裡是否已經有範圍了。我想，就麥克的 Salares 而言，四月即將來臨，我在幻燈片 18 上看到，有一些項目正在反映出即將開始。您能否與我們分享您正在尋找的一些關鍵 KPI 或里程碑，這對於確保您實現 4 月的目標至關重要？

Great. Thank you very much for those considered questions, Leroy. Just -- I think just starting on the reserve addition, I think just putting this in a strategic context. So Gold Fields has got a really good look on in its reserve profile for the next decade where we can kind of assure ourselves we're going to have a very good production profile that sits within the range of what we've produced over the last couple of years. So I'm not so concerned about the near-term issue of reserves.

偉大的。非常感謝你提出這些經過深思熟慮的問題，勒羅伊。只是——我認為從增加儲備開始，我認為只是將其置於戰略背景下。因此，金礦區未來十年的儲量狀況非常好，我們可以向自己保證，我們將擁有非常好的生產狀況，位於我們過去生產的範圍內許多年。所以我不太擔心近期的儲備問題。

But importantly for us as a business and the sustainability of our business. We've got to look at reserves beyond that date. And there's a number of ways we can do that. And they're not always going to be -- it's not always going to be one answer each time we look at it. As I said earlier, I think the industry has got some mispriced assets. But if we're going to get into doing M&A, it's got to be smart, and it's got to be things like Windfall, which I believe has been a great investment and will be a great investment for Gold Fields. And hopefully, we can find other projects like that, that makes sense for us.

但對於我們作為一個企業以及我們業務的可持續性來說很重要。我們必須考慮該日期之後的儲備。我們可以透過多種方式做到這一點。而且它們並不總是——我們每次看到它時並不總是有一個答案。正如我之前所說，我認為該行業存在一些定價錯誤的資產。但如果我們要進行併購，就必須是明智的，而且必須是像 Windfall 這樣的東西，我相信這是一項偉大的投資，對於 Gold Fields 來說也將是一項偉大的投資。希望我們能找到其他類似的、對我們有意義的項目。

When we talk about exploration, there's 2 ways of accessing, multiple ways of accessing. We can do proprietary greenfields, which offers an expensive and long dated, we can access greenfields through junior partnerships, which I like as a pathway because it really incentivizes people who are entrepreneurial to do the right thing. And also through our own near mine reserve additions. And one would hope as we consider the trajectory of the work that we need to do on costs is that we can actually bring the line down and add some more from our own internal opportunity set and our own internal resource to reserve conversion.

當我們談論探索時，有兩種訪問方式，多種訪問方式。我們可以做專有的綠地，這提供了昂貴且長期的機會，我們可以透過初級合作夥伴關係進入綠地，我喜歡這是一條途徑，因為它確實激勵了有創業精神的人做正確的事情。也透過我們自己的近礦儲備增加。當我們考慮我們需要在成本方面做的工作軌跡時，人們希望我們實際上可以降低線，並從我們自己的內部機會集和我們自己的內部資源中添加更多內容來儲備轉換。

So we do need to do a whole lot of work. There are a lot of targets really that we continue to look at all the time. But I think for us to be successful, we need to have a huge pipeline of opportunities that we keep alive at low cost and respond when the opportunities arise. So that's how we think about it. But not -- there's no one particular pathway that I say is going to be the silver bullet for us.

所以我們確實需要做很多工作。我們確實一直在關注很多目標。但我認為，要取得成功，我們需要擁有大量機會，以低成本保持活力，並在機會出現時做出反應。這就是我們的想法。但事實並非如此——我認為沒有任何一種特定途徑能夠成為我們的靈丹妙藥。

Just talking to Salares, and then I'll hand it back to Paul, if it's okay. So what we have instituted and between Paul, myself and a number of the leadership team, we actually have a weekly meeting with the project team where we actually review all of the project KPIs and the project performance on the project. We received a daily report on project progress. We look at the number of people on site. We look at the punch list items. We look at progress on the individual circuits. We are looking at a schedule on a daily and weekly basis on progress. So I'm quite comfortable there's a very good set of oversight on that business now.

只要和薩拉雷斯談談，然後如果可以的話我會把它還給保羅。因此，我們在 Paul、我本人和一些領導團隊之間制定了規則，實際上我們每週與專案團隊舉行一次會議，在會議上我們實際上審查了所有專案 KPI 和專案的專案績效。我們收到了專案進度的每日報告。我們會查看現場的人數。我們來看看遺留問題清單中的項目。我們關注各個電路的進展。我們正在查看每天和每週的進度時間表。所以我很滿意現在對業務有一套非常好的監督。

And I'm quite confident that there's nothing that we're not aware of in the project that could surprise us. We had Martin as well as Francois, our Chief Technical Officer, was on site for a couple of weeks in the beginning of February and went on site and validated.

我非常有信心，該專案中沒有任何我們不知道的事情可以讓我們感到驚訝。二月初，馬丁和我們的技術長弗朗索瓦在現場待了幾週，並進行了現場驗證。

I was at Salares, on-site met with the project team walk the process plant. And as I showed in the photograph earlier on, this is actually our mine. That's going to be a world-class facility, and it's just disappointing that we've lost a bit of our -- the shine on the project because of some of the delays. But I don't know, Paul, you may want to add and then talk to...

我在薩拉雷斯現場與專案團隊會面，步行參觀了加工廠。正如我之前在照片中所展示的，這實際上是我們的。這將是一個世界一流的設施，但令人失望的是，由於一些延誤，我們失去了一些該項目的光芒。但我不知道，保羅，你可能想添加然後談談...

No. I am comfortable what you said on Salares -- I'm sorry, on the sustaining capital, Leroy, it's the same number I discussed last year between $350 and $400 an ounce. For us, since we classify any decarb capital as sustaining. Lots of other people call it as nonsustaining. So if we exclude decarb capital, we're around $350 to $400. And if you go back to when Mike gave the guidance, and we did the buildup and we excluded Salares and we excluded the St Ives micro-grid, we kind of had that number for this year as well. So nothing has really changed from what I guided last year on SIB capital.

不，我對你在 Salares 上所說的話很滿意——對不起，關於維持資本，Leroy，這與我去年討論的每盎司 350 美元到 400 美元之間的數字相同。對我們來說，因為我們將任何脫碳資本歸類為維持性資本。許多其他人稱其為不可持續的。因此，如果我們排除脫碳資本，我們的價格約為 350 至 400 美元。如果你回到麥克給予指導的時候，我們進行了建設，我們排除了薩拉雷斯，我們排除了聖艾夫斯微電網，我們今年也有這個數字。因此，與我去年對 SIB 資本的指導相比，沒有什麼真正改變。

And Thanks, Martin -- sorry, thanks to Mike and Paul. There are no more questions on the conference call either. So that's it for those questions.

謝謝，馬丁——抱歉，謝謝麥克和保羅。電話會議上也沒有更多問題。這就是這些問題的答案。

Great. Thank you very much, everybody, and thanks for your time today, and thanks for listening to us.

偉大的。非常感謝大家，感謝您今天抽出時間，感謝您聆聽我們的演講。