Gold Fields Ltd (GFI) 2024 Q2 法說會逐字稿

Good day all and thank you for joining us today for the presentation of our operational and financial results for the six months ending 30 June 2024. With me today is our Interim CFO, Alex Dall. I ask that you note our forward-looking statements.

大家好，感謝您今天加入我們，介紹我們截至 2024 年 6 月 30 日的六個月的營運和財務表現。今天和我在一起的是我們的臨時財務長 Alex Dall。我請您注意我們的前瞻性陳述。

As part of the presentation today, we will be sharing our safety, operational, financial, and ESG performance, for the six months, as well as providing an update and outlook for the balance of the year. It is with deep regret that we reported two fatalities in the half year.

作為今天演示的一部分，我們將分享這六個月的安全、營運、財務和 ESG 績效，並提供今年剩餘時間的最新情況和展望。令人深感遺憾的是，我們在半年內通報了兩起死亡事件。

We would like to honor the lives of our colleagues that we lost at our operations and continue to keep their families and loved ones in our thoughts. I again extend our sincere condolences to the family, friends, and colleagues, of our colleagues that lost their lives. I absolutely believe that a fatality-free mining business is possible and that we can deliver on our promise that everyone who works at Gold Fields goes home safe and healthy every day.

我們謹向在行動中喪生的同事表示敬意，並繼續惦念他們的家人和親人。我再次向遇難同事的家人、朋友和同事表達誠摯的哀悼。我絕對相信，無死亡採礦業務是可能的，我們可以兌現我們的承諾，金礦區工作的每個人每天都能安全健康地回家。

As part of improving the safety outcomes in our business, we commissioned DSS+ to conduct an independent review of our safety culture, processes, systems, and practices. This review has been completed and I'll discuss more of the safety journey with you shortly.

作為改善業務安全成果的一部分，我們委託 DSS+ 對我們的安全文化、流程、系統和實踐進行獨立審查。本次審核已完成，我很快就會與您討論更多有關安全之旅的內容。

In terms of delivering value to our host communities, earlier this month, our St Ives mine signed a landmark native title agreement with the Ngadju People, who are the determined native title holders of the lands and waters surrounding Norseman, where the St Ives mine is located.

在為所在社區創造價值方面，本月早些時候，我們的聖艾夫斯礦與Ngadju 人簽署了一項具有里程碑意義的土著產權協議，他們是諾斯曼(Norseman) 周圍土地和水域的堅定土著產權持有者，聖艾夫斯礦就在那裡位於。

It was indeed a privilege to have been part of the signing ceremony of this landmark agreement, which will see significant value delivered to the Ngadju People over the life of the mine.

能夠參加這項具有里程碑意義的協議的簽署儀式確實是一種榮幸，該協議將在礦山的整個生命週期內為 Ngadju 人民帶來巨大的價值。

We continue to make strides in our decarbonization journey as we have commenced construction of renewable energy plants at St Ives and Granny Smith.

隨著我們開始在聖艾夫斯和格蘭尼史密斯建造可再生能源工廠，我們在脫碳之旅中繼續取得重大進展。

Moving on to our operational performance, we are very disappointed to be reporting a 20% decline in production, which has had a significant impact on our unit cost performance given the inherent operating leverage of our assets.

談到我們的營運績效，我們非常失望地報告產量下降了 20%，考慮到我們資產固有的營運槓桿，這對我們的單位成本績效產生了重大影響。

I am however confident that we will deliver a significantly improved second half as the Salares Norte mine ramps up and the recovery plans are being implemented at South Deep, Gruyere, St Ives and Cerro Corona, bear fruit.

然而，我相信，隨著 Salares Norte 礦的產能增加以及 South Deep、Gruyere、St Ives 和 Cerro Corona 正在實施的恢復計劃並取得成果，我們下半年的業績將顯著改善。

On the 12 August, we announced the acquisition of Osisko Mining, consolidating 100% ownership of the Windfall project. We are also continuing to engage with the Government of Ghana for the approval of the Tarkwa Iduapriem joint venture. We are also pleased to be paying a dividend of ZAR0.300, which is 40% of our normalised earnings for the half. Alex will speak more about our financial performance and position later on.

8 月 12 日，我們宣布收購 Osisko Mining，鞏固了 Windfall 專案 100% 的所有權。我們也將繼續與加納政府接觸，以批准 Tarkwa Iduapriem 合資企業。我們也很高興支付 0.300 南非蘭特的股息，這是我們上半年正常獲利的 40%。亞歷克斯稍後將更多地談論我們的財務業績和地位。

On this slide, we provide a high-level overview of the country-based performance of our operations. All of our operations delivered positive adjusted free operating cash flow despite the overall drop in production and this was significantly offset by the higher gold price.

在這張投影片中，我們對我們的業務在各個國家/地區的績效進行了進階概述。儘管產量整體下降，但我們所有業務都實現了正的調整後自由營運現金流，這被金價上漲所抵消。

Our H1 snapshot shows that our Australian assets continue to contribute around half of our group production and cash flow with the Ghanaian operations contributing around a third.

我們的上半年快照顯示，我們的澳洲資產持續貢獻我們集團生產和現金流的一半左右，加納業務貢獻約三分之一。

We would like now to turn to our ESG performance. Just starting with our 2030 ESG targets. In 2021 we set these ESG targets at 2030. With the exception of safety, which I'll talk about on the next slide, we have made good progress towards achieving these objectives.

我們現在想談談我們的 ESG 表演。從我們的 2030 年 ESG 目標開始。2021 年，我們將這些 ESG 目標設定為 2030 年。除了安全問題（我將在下一張幻燈片中討論）之外，我們在實現這些目標方面取得了良好進展。

We have started also with our midterm review of our 2030 ESG targets, which will be published in 2025. In addition to addressing our performance against these targets, the review will consider potential changes to existing priorities and what is required to extend these targets out to 2035.

我們也開始對 2030 年 ESG 目標進行中期審查，該目標將於 2025 年發布。除了根據這些目標確定我們的績效外，審查還將考慮現有優先事項的潛在變化以及將這些目標延長到 2035 年所需的條件。

Moving on to safety and health. The safety and well-being of our people remains our number one value, and it is with deep regret that we lost two of our colleagues while working on our operations during the first half of 2024.

繼續邁向安全與健康。員工的安全和福祉仍然是我們的首要價值觀，我們深感遺憾的是，我們在 2024 年上半年的營運過程中失去了兩位同事。

As mentioned earlier, in February 2024 we commissioned DSS+ to conduct an independent review into our safety system of work and practices. This review found many good practices within the group. However, it also highlighted areas where improvement is clearly required. On the basis of these findings, we have developed and are implementing our multi-year safety improvement roadmap.

如前所述，2024 年 2 月，我們委託 DSS+ 對我們的工作和實踐安全系統進行獨立審查。這次審查發現了集團內許多良好的做法。然而，它也強調了明顯需要改進的領域。根據這些調查結果，我們制定並正在實施我們的多年安全改善路線圖。

We are also working with our business partners who employ more than two-thirds of our workforce to co-design our safety improvement plans. In addition, mental health is a critical part of this work and we continue to implement the recommendations arising from last year's respectful workplace review.

我們也與僱用我們三分之二以上員工的業務合作夥伴合作，共同設計我們的安全改進計劃。此外，心理健康是這項工作的重要組成部分，我們將繼續落實去年尊重的工作場所審查中提出的建議。

Let's now turn to our group and asset results for the first half. At a group level, I've already mentioned the circa 20% year-on-year decline in production in the first half. This was the major contributor to the sharp increase in both all-in cost and all-in sustaining cost, though there was also some contributing factors of higher cost of sales and rise in CapEx.

現在讓我們來看看上半年的集團和資產表現。從集團層級來看，我已經提到上半年產量年減約20%。這是整體成本和整體維持成本急劇增加的主要原因，儘管也有銷售成本上升和資本支出上升的一些因素。

The higher gold price though enabled us to achieve $320 million in adjusted free cash flow from operations. We are expecting a significant stronger performance in the second half of 2024.

不過，較高的金價使我們能夠實現 3.2 億美元的調整後營運自由現金流。我們預計 2024 年下半年的業績將顯著增強。

This is particularly true for South Deep, Tarkwa, Gruyere, St Ives, and Cerro Corona, where we are anticipating a step up in production in H2 2024. In addition, we will start to see production from Salares Norte, albeit below the initial guidance.

對於 South Deep、Tarkwa、Gruyere、St Ives 和 Cerro Corona 來說尤其如此，我們預計這些地區的產量將在 2024 年下半年增加。此外，我們將開始看到 Salares Norte 的生產，儘管低於最初的指導。

Given the operational headwinds experienced in H1 of 2024, as well as the delayed start-up of the ramp-up at Salares, we are downgrading 2024 gardens to between 2.05 million ounces to 2.15 million ounces. This is 150,000 ounces reduction from the previous guidance number.

鑑於 2024 年上半年遇到的營運逆風，以及薩拉雷斯產能啟動的延遲，我們將 2024 年花園產量下調至 205 萬盎司至 215 萬盎司之間。這比之前的指導數字減少了 150,000 盎司。

The financial year 2024 guidance downgrade has been driven by lower production expected from South Deep and Cerro Corona which has been impacted by the copper price factor as well as Salares Norte where the ramp up is taking longer to start up than has been previously anticipated. We are however confident of a strong recovery in H2, with production of just over 1.2 million ounces in the second half to achieve the required guidance.

2024 財政年度指引下調的原因是 South Deep 和 Cerro Corona 的預期產量下降，這兩個地區受到銅價因素的影響，以及 Salares Norte 的產量啟動時間比之前預期的要長。然而，我們對下半年的強勁復甦充滿信心，下半年產量將略高於 120 萬盎司，以實現所需的指導。

Moving to our individual assets and starting with our Australian assets and in particular starting with Gruyere. The Gruyere mine experienced heavy rains in March and April, which damaged the main access roads to site, forcing us to close the mine for several weeks as supplies of diesel and other consumables were impacted.

轉向我們的個人資產，從我們的澳洲資產開始，特別是從格魯耶爾起司開始。格魯耶爾礦場在 3 月和 4 月經歷了大雨，損壞了通往現場的主要通道，迫使我們關閉礦井數週，因為柴油和其他消耗品的供應受到影響。

We were already under recovery plan with our contractors and had been ramping up to the planned 65 million tonne annual material movement to the mill. In July, we achieved this run rate and we are confident now that the mine will achieve its guided production levels of just over 300,000 ounces on a 100% basis for the year.

我們已經與承包商制定了恢復計劃，並已按計劃每年向工廠輸送 6500 萬噸材料。7 月份，我們實現了這一運行率，現在我們有信心該礦今年將 100% 實現略高於 300,000 盎司的指導產量水準。

Our all-in cost increased by 62% to AUD2,676 per ounce, mainly due to the lower gold sold and higher capital expenditure. CapEx was 106% higher to AUD55 million due to increased capital waste mined.

我們的總成本增加了 62% 至每盎司 2,676 澳元，主要是由於黃金銷售減少和資本支出增加。由於開採的資本浪費增加，資本支出增加 106% 至 5,500 萬澳元。

Moving on to Granny Smith. Granny Smith reported a steady operational performance with a slight and planned decline in production and as a result an 11% rise in all-in cost. However, the mine is performing well and is well on track to achieve its guided 270,000 ounces for the year as the production plan is weighted towards H2.

繼續講史密斯奶奶。Granny Smith 報告稱，營運表現穩定，產量按計畫略有下降，導致總成本上升 11%。然而，該礦表現良好，並且由於生產計劃以下半年為主，預計將實現今年 270,000 盎司的指導產量。

Also noteworthy is the doubling of the mine's adjusted free cash flow to AUD200 million during H1. Looking forward, the mine is conducting a study on underground material handling system as part of assessing its future optionality.

另外值得注意的是，上半年礦場調整後的自由現金流翻了一番，達到 2 億澳元。展望未來，該礦正在對地下物料搬運系統進行研究，作為評估其未來選擇性的一部分。

Moving to St Ives. St Ives gold production decreased by 25% to 139,000 ounces in H1 due to lower grades of ore mined and processing from underground mines as well as low grade surface stockpiles processed in the period.

搬到聖艾夫斯。聖艾夫斯上半年黃金產量下降 25% 至 139,000 盎司，原因是地下礦山開採和加工的礦石品位較低，以及同期加工的低品位地表庫存。

This was in line with our mine plan for the year and is also one of the main reasons for the increase in all-in cost during H1 of 2024. Open plan volumes and associated grades are expected to improve during H2 2024 as the Swiftsure and Invincible Footwall South open pits start contributing to mined ounces.

這符合我們今年的礦山計劃，也是2024年上半年總成本增加的主要原因之一。隨著 Swiftsure 和 Invincible Footwall South 露天礦場開始開採盎司，預計 2024 年下半年開放式開採量和相關品位將有所改善。

As a result, St Ives is anticipated to increase materially during the second half of the year, and our 2024 guidance of 350,000 kilo ounces and all-in cost of AUD2,900 remains intact. Excluding the renewable microgrid project, the all-in cost for St Ives is guided at AUD2,330 per ounce.

因此，預計聖艾夫斯產量將在今年下半年大幅增加，我們對 2024 年 350,000 公斤盎司的指導和 2,900 澳元的總成本保持不變。不包括再生微電網項目，聖艾夫斯的總成本指引為每盎司 2,330 澳元。

Construction of the microgrid has commenced and is on track for commissioning next year. The mine has also begun a study on materials handling for the invincible project. Moving to Agnew. Agnew is another steady performer in the group with stable production of 110,000 ounces in H1. Costs have increased following higher underground ore production and increased capital expenditure.

微電網的建設已經開始，預計明年投入運作。該礦也開始了無敵工程物料搬運的研究。搬到阿格紐。Agnew是該集團中另一家表現穩定的公司，上半年產量穩定在11萬盎司。隨著地下礦石產量的增加和資本支出的增加，成本也隨之增加。

Total capital expenditure has increased by 5% to AUD7 million in H1 due to the commencement of the Barren Lands Redeemer decline and associated capital works in establishing this new underground mine. Brownfield drilling is also underway at Waroonga.

由於 Barren Lands Redeemer 下降以及建立這個新地下礦場的相關資本工程的開始，上半年總資本支出增加了 5% 至 700 萬澳元。Waroonga 的棕地鑽探也在進行中。

The 2024 guidance remains intact with production also weighted to the second half of the year. Moving on to South Deep. At South Deep, gold produced decreased by 25% to 3,633 kilograms or 117,000 ounces in H1. This reduction is largely driven by increased off-reef development to access the new destress cuts.

2024 年的指引維持不變，產量也集中在下半年。繼續前往南深。South Deep 上半年黃金產量下降 25%，至 3,633 公斤或 117,000 盎司。這種減少主要是由於珊瑚礁外開發的增加以獲得新的減壓效果。

As foreshadowed, the lower grade mine also contributed to lower production, as this was negatively impacted by reduced stope access owing to increased backfill re-handling. Furthermore, slow drilling through crushed ground resulted in slower slope turnaround in current destress cusps.

如所預示的，品位較低的礦山也導致產量下降，因為回填重新處理增加導致採場通道減少，從而產生了負面影響。此外，在破碎地面上緩慢鑽探導致目前減壓尖點的坡度轉變速度較慢。

This has in turn impacted the stoping sequence. The miners developed and implemented a recovery plan to address this which has been closely monitored. The all-in cost at South Deep was 41% higher due to the lower gold sold and higher capital expenditure. CapEx increased by 25% to ZAR824 million due to the old return water dam upgrade, TM3 refurbishments and Collision Avoidance System level nine rollout.

這反過來又影響了停止順序。礦工們制定並實施了一項恢復計劃來解決這個問題，該計劃受到密切監控。由於黃金銷售下降和資本支出增加，South Deep 的總成本上漲了 41%。由於舊回水壩升級、TM3 翻新和九級防撞系統的推出，資本支出增加了 25%，達到 8.24 億南非蘭特。

Having thoroughly assessed the recovery trajectory for South Deep for the remainder of 2024, we are now revising 2024 productions guidance down from 9,500 kilograms to 9,700 kilograms or 305,000 ounces to 312,000 ounces down to 7,800 kilogram to 8,200 kilograms or 250,000 ounces to 264,000 ounces for the year.

在徹底評估了South Deep 2024 年剩餘時間內的復甦軌跡後，我們現將2024 年產量指引從9,500 公斤下調至9,700 公斤或從305,000 盎司下調至312,000 盎司，下調至7,800 公斤至8,200 公斤或從250,0,000 美元下調至264,000 盎司。

This has been a deliberate decision to allow a safe and reliable ramp-up of South Deep which remains a key asset for Gold Fields. These lower volumes will now impact unit costs, with all-in sustaining costs guidance for 2024 revised to a range of $1,890 to $1,980.

這是一個經過深思熟慮的決定，旨在安全、可靠地提高 South Deep 的產量，而 South Deep 仍然是 Gold Fields 的重要資產。銷售下降現在將影響單位成本，2024 年的整體維持成本指引將修訂為 1,890 美元至 1,980 美元的範圍。

Just spending a little bit more time on South Deep, the following graphs show the progress we are making with some of the key leading indicators. These demonstrate that we are making steady progress on long-haul stoping meters drilled and are starting to see positive momentum in LHS tonnes broken.

只需在 South Deep 上多花一點時間，下圖顯示了我們在一些關鍵領先指標方面取得的進展。這些表明我們在鑽探長途停止米方面正在取得穩步進展，並且開始看到 LHS 噸破碎的積極勢頭。

We are also making progress with backfill placed and backfill re-handling meters. And we can see the progress year on year from 2022 to 2023 to 2024. And this is all a good signal for the trajectory of ramp-up for South Deep.

我們在回填放置和回填重新處理儀表方面也取得了進展。我們可以看到從2022年到2023年再到2024年逐年取得的進展。這對於 South Deep 的發展軌跡來說是一個很好的訊號。

The next slide also illustrates the mining mix and how this impacts on volumes and how this progresses during 2024. As you can see, the tonnage and gold contribution from the high-grade corridors of the mine increased during H2.

下一張幻燈片還說明了採礦組合及其對數量的影響以及 2024 年的進展。可以看到，下半年，礦場高品位走廊的噸位和黃金貢獻增加。

Furthermore, the development and destress have also advanced into ore-bearing material from waste rock during H1. As a result of this sequencing and the development of the mine sequence, there will be a material increase in the blended mine grade during H2, which will also contribute to an increase in gold produced.

此外，上半年廢石含礦材料的開發與去應力也取得進展。由於這項排序和礦山序列的開發，下半年混合礦山品位將大幅增加，這也將有助於黃金產量的增加。

Moving to demand, gold production decreased by 9% to 72,000 ounces, primarily due to the completion of mining of Huni pit in H2 2023, as well as the increase in low-grade material fed from surface stockpiles.

從需求來看，黃金產量下降 9%，至 72,000 盎司，主要是由於 Huni 礦坑的開採於 2023 年下半年完成，以及地表庫存的低品位材料增加。

As a consequence, all-in cost increased by 56% due to lower gold sold, higher capital expenditure, and higher cost of sales. Despite the higher all-in cost, which was largely driven by non-cash GRP charge of treating these stockpiles, demand generated an adjusted free cash flow of $62 million in H1 of 2024.

結果，由於黃金銷售減少、資本支出增加和銷售成本增加，總成本增加了 56%。儘管總成本較高（主要是由於處理這些庫存的非現金 GRP 費用），但需求在 2024 年上半年產生了 6,200 萬美元的調整後自由現金流。

As we have stated before, we continue to assess our options for this asset. Whilst there is a sizeable resource below the current demand pit, a further cutback will entail material capital investment, and at this point we do not believe that this is the most optimal use of our capital. We are however continue to pursue options for this asset but will only do in a responsible and sustainable manner.

正如我們之前所說，我們將繼續評估對該資產的選擇。雖然目前的需求坑下方還有相當大的資源，但進一步削減將需要大量的資本投資，目前我們認為這不是我們資本的最佳利用方式。然而，我們將繼續尋求該資產的選擇，但只會以負責任和可持續的方式進行。

Moving to Tarkwa. Our focus for Tarkwa for the period was to enhance our waste stripping activities in order to expose high grade ore at the Akontansi and Kotraverchy pits to be mined. As a result, gold production at Tarkwa is expected to increase in H2 2024 as the high-grade material from Akontansi and Kotraverchy pits are added to the mining mix.

搬到塔誇。Tarkwa 在此期間的重點是加強廢物剝離活動，以便暴露 Akontansi 和 Kotraverchy 礦坑中待開採的高品位礦石。因此，隨著來自 Akontansi 和 Kotraverchy 礦坑的高品位材料被添加到採礦組合中，Tarkwa 的黃金產量預計將在 2024 年下半年增加。

Gold production decreased by 14% to 248,000 ounces in H1 due to the lower yield. And all-in cost increased by 54% to $1,822, primarily due to the low gold sold and the high cost of sales. Our 2024 production guidance for the mine however remains at 540,000 ounces and all-in cost of $1,480. Tarkwa continues to operate in a predictable and sustainable manner. Furthermore, we continue to pursue the completion of the Iduapriem joint venture. More details I'll provide later on.

由於收益率較低，上半年黃金產量下降 14% 至 248,000 盎司。總成本增加了 54% 至 1,822 美元，主要是由於黃金銷售較低和銷售成本較高。然而，我們對該礦場 2024 年的產量指引仍為 54 萬盎司，總成本為 1,480 美元。Tarkwa 繼續以可預測和可持續的方式運作。此外，我們繼續尋求完成 Iduapriem 合資企業。我稍後會提供更多詳細資訊。

Moving on to Cerro Corona, gold production decreased by 48% to 37,000 ounces in H1 and copper production decreased by 29% to just over 10 tonnes. Gold equivalent production was there for 43% lower, just under 80,000 ounces gold equivalent.

至於 Cerro Corona，上半年黃金產量下降 48% 至 37,000 盎司，銅產量下降 29% 至略多於 10 噸。黃金當量產量下降 43%，略低於 80,000 盎司黃金當量。

The impact of this was largely due to weather related challenges and a wall slippage in the North wall resulted in lower production and mining being rescheduled to lower grade areas. Consequently, our all-in cost per gold ounce increased by 197% to $911 per ounce in H1, mainly due to lower gold sold and lower byproduct credits for the period.

其影響主要是由於與天氣相關的挑戰，以及北牆的牆體滑移導致產量下降，採礦被重新安排到較低品位的地區。因此，上半年我們每盎司黃金的總成本增加了 197%，達到每盎司 911 美元，這主要是由於該期間黃金銷售減少和副產品信貸減少。

Cerro Corona is also maturing, with 2025 being the last year of mining before the mine-only processes stockpiles from 2026. Whilst Cerro Corona will continue to produce gold and generate cash flow until 2031, we've also begun to consider options for Cerro Corona's future.

Cerro Corona 也日趨成熟，2025 年將是採礦的最後一年，之後礦場將在 2026 年開始處理庫存。雖然 Cerro Corona 將繼續生產黃金並產生現金流直至 2031 年，但我們也開始考慮 Cerro Corona 的未來選擇。

I'd like now to turn to Salares Norte and our project in Northern Chile. As announced in June 2024, the ramp-up of Salares Norte was impacted by the early onset of severe winter weather conditions, which led to a freezing of materials in the process plant pipes, causing a temporary shutdown of the plant.

我現在想談談北薩拉雷斯和我們在智利北部的計畫。正如 2024 年 6 月宣布的那樣，Salares Norte 的產能擴張受到了冬季嚴酷天氣條件提前到來的影響，導致加工廠管道中的材料凍結，導致工廠暫時關閉。

At the time, our guarded volumes for 2024 were therefore revised down to 90,000 to 180,000 ounces, depending on when the plant restarted. Over the last few months, our Salares team has been working on progressing all activities required for the plant restart, including thawing, frozen material unblocking the plant piping.

因此，當時我們將 2024 年的產量控制量下調至 90,000 至 180,000 盎司，具體取決於工廠何時重啟。在過去的幾個月裡，我們的 Salares 團隊一直致力於推動工廠重啟所需的所有活動，包括解凍、疏通工廠管道的冷凍材料。

However, the Salares site has continued to experience low temperatures which has slowed down progress on these activities. As recently as two days ago the area had heavy snowfall with temperatures achieved of minus-30 on site.

然而，薩拉雷斯工地持續遭遇低溫，導致這些活動的進展速度減慢。就在兩天前，該地區還下了大雪，現場氣溫達到零下30度。

Our focus is now on a safe restart of the plant and ensuring that all is set up for a safe and sustainable ramp-up. We are now expecting to restart the plant on the 30 September 2024 and complete all additional adverse weather mitigation activities, including full heat tracing, by the first quarter of next year.

我們現在的重點是工廠的安全重啟，並確保一切準備就緒，以實現安全和永續的產能提升。我們目前預計於 2024 年 9 月 30 日重啟工廠，並在明年第一季之前完成所有額外的惡劣天氣緩解活動，包括全面伴熱。

This will ensure safe and continuous operations through winter conditions, in line with the design criteria of the plan.

這將確保冬季條件下安全、連續運行，符合計畫的設計標準。

With respect to the chinchilla relocation program, we have not undertaken any capture and relocation activities during the winter months as originally planned and in addition due to the suspension of activities until the 3rd of October 2024 in accordance with the MUT issued by SMA.

關於龍貓遷移計劃，我們沒有按照原計劃在冬季進行任何捕獲和遷移活動，此外，根據 SMA 發布的 MUT，活動將暫停至 2024 年 10 月 3 日。

We are now working in close collaboration with our environmental experts and the regulator for a planned restart and recapture of the relocation program. Production guidance for 2025, at Salares will be provided following successful start-up of the plant as any delays merely shift the ramp-up curve further up.

我們現在正在與環境專家和監管機構密切合作，按計劃重啟並重新實施搬遷計劃。Salares 工廠成功啟動後將提供 2025 年的生產指導，因為任何延誤只會使產能曲線進一步上移。

Just moving on to the ramp up, based on the planned restart on the 30 September, production for 2024 is now expected to be 40,000 to 50,000 ounces for 2024. This curve and the orange in the curve shows how any delays would impact production for 2024 where, for example, if the plant were to be further delayed to the 30 October, then production volumes 2024 would be approximately further 20,000 ounces lower than guidance.

繼續增加產量，根據計劃於 9 月 30 日重啟，目前預計 2024 年產量為 40,000 至 50,000 盎司。這條曲線和曲線中的橙色顯示了任何延誤將如何影響 2024 年的產量，例如，如果工廠進一步推遲到 10 月 30 日，那麼 2024 年的產量將比指導值進一步低約 20,000 盎司。

Let me now hand over to Alex Dall to take us through the financials.

現在讓我請亞歷克斯·達爾（Alex Dall）向我們介紹財務狀況。

Thanks Mike. On the back of the 20% decrease in production, we have seen a commensurate decrease in normalized earnings down by 22% to $355 million. Adjusted free cash flow has also been significantly impacted, resulting in an outflow of $58 million, which I will unpack further on the next slide. All-in cost is up at $2,060 per ounce.

謝謝邁克。在產量下降 20% 的情況下，我們看到正常化收益也相應下降 22% 至 3.55 億美元。調整後的自由現金流也受到顯著影響，導致 5,800 萬美元的流出，我將在下一張投影片中進一步闡述。總成本上漲至每盎司 2,060 美元。

This has been significantly impacted by the lower production, increase in a gold inventory charge compared to a credit in the prior period, and higher sustaining and non-sustaining capital. We have announced a dividend of ZAR0.300, representing a payout ratio of 40%, which is in line with the full year 2023 payout ratio. Net debt is sitting at $1.2 billion, with a healthy ratio of 0.53 times net debt to EBITDA.

這受到產量下降、黃金庫存費用與上期信貸相比增加以及維持性和非維持性資本增加的顯著影響。我們宣布派息 0.300 蘭特，股息率為 40%，與 2023 年全年派息率一致。淨債務為 12 億美元，淨債務與 EBITDA 比率為 0.53 倍。

During the first half of 2024, we paid our existing $500 million bond out of the RCF. We can report positive cash generation from all our operations which resulted in $321 million. After spend on our two projects of $256 million on Salares Norte and $42 million on Windfall, we had a positive cash flow of $23 million left to fund our interest and other corporate costs and after these we had a negative adjusted free cash flow of $58 million.

2024 年上半年，我們從 RCF 中支付了現有的 5 億美元債券。我們可以報告我們所有業務都產生了積極的現金，產生了 3.21 億美元。在花費了2.56 億美元的Salares Norte 和4200 萬美元的Windfall 兩個項目後，我們剩下2300 萬美元的正現金流來資助我們的利息和其他公司成本，除此之外，我們的負調整自由現金流為5800 萬美元。

Our gross debt is sitting at $1.2 billion with available facilities of $1.2 billion at 30 June 2024. The bond repayment was out of existing RCF availability and cash resources. During H1, we also refinanced the Peru RCF. Our debt has a very solid maturity profile, with the majority being due in 2029.

截至 2024 年 6 月 30 日，我們的總債務為 12 億美元，可用融資額為 12 億美元。債券的償還超出了現有 RCF 的可用性和現金資源。上半年，我們也為秘魯 RCF 進行了再融資。我們的債務具有非常穩定的期限，其中大部分將於 2029 年到期。

Post 30 June, Gold Fields has commitments for a $500 million liquidity facility. Gold Fields will look at options to further optimize its debt structure and maintain balance sheet flexibility and with that, I hand back to Mike.

6 月 30 日後，Gold Fields 承諾提供 5 億美元的流動資金。金田公司將考慮進一步優化其債務結構並保持資產負債表靈活性的方案，我將這一點交還給麥克。

Thank you, Alex. We’ve over the last seven months, we've also been progressing work to align our strategic priorities to our strategy. What I'd like to do now is provide a high-level overview of this work, but come back with more details later this year. Our aim at Gold Fields is to become a safe, reliable, and cost-effective producer.

謝謝你，亞歷克斯。在過去的七個月裡，我們一直在努力使我們的策略優先事項與我們的策略保持一致。我現在想做的是提供這項工作的高級概述，但今年稍後會提供更多詳細資訊。我們 Gold Fields 的目標是成為安全、可靠且具成本效益的生產商。

We want to bring predictability back into our business. We have a portfolio of high-quality assets, four of which we expect will anchor our portfolio in the long term. These long-term assets include St Ives, South Deep, the Tarkwa Iduapriem JV and now Windfall. And despite some of the disappointments experienced recently, we are also confident that Salares once ramped up is going to contribute significantly to our cash flows in the next few years.

我們希望將可預測性帶回我們的業務。我們擁有優質資產組合，我們預期其中四項資產將長期支撐我們的投資組合。這些長期資產包括 St Ives、South Deep、Tarkwa Iduapriem JV 以及現在的 Windfall。儘管最近經歷了一些令人失望的事情，但我們也相信，薩拉雷斯一旦增加，將在未來幾年為我們的現金流做出重大貢獻。

Much has been said about a decline in our production volumes over the next decade, and this being a concern. For us, it is about growing value by growing cash flow per share. However, we continue to assess growing our portfolio through bolt-on M&A as well as exploration, both Brownfields and Greenfields opportunities, whilst balancing returns to our shareholders.

關於未來十年我們的產量下降已經有很多說法，這是一個令人擔憂的問題。對我們來說，這是透過增加每股現金流來增加價值。然而，我們繼續評估透過補強併購和勘探、棕地和綠地機會來擴大我們的投資組合，同時平衡股東的回報。

I now want to talk about some of the catalysts that we are looking to that will unlock some of the value in the near term. We've discussed Salares Norte which again will contribute significantly as we ramp this up. Furthermore, since the announcement of the Tarkwa Iduapriem JV in March of 2023, Gold Fields and AngloGold Ashanti have had extensive engagements with the government of Ghana with respect to the proposed transaction.

我現在想談談我們正在尋找的一些催化劑，這些催化劑將在短期內釋放一些價值。我們已經討論了 Salares Norte，當我們加大力度時，它將再次做出重大貢獻。此外，自 2023 年 3 月宣布 Tarkwa Iduapriem 合資企業以來，Gold Fields 和 AngloGold Ashanti 就擬議交易與加納政府進行了廣泛接觸。

Significant progress has been made. We are still awaiting final approval from Parliament. However, we continue to pursue completion of this joint venture. We continue to engage with the government of Ghana and will continue to keep the market updated with any developments.

已經取得了重大進展。我們仍在等待議會的最終批准。然而，我們將繼續尋求完成該合資企業。我們將繼續與加納政府合作，並將繼續向市場通報任何進展。

As for Windfall, we announced the acquisition of Osisko mining earlier this month with closing expected later this year. This transaction consolidates our ownership of Windfall and the massive surrounding exploration camps in Quebec, one of the top mining jurisdictions in the world. I'll talk more on Osisko in the next few slides.

至於 Windfall，我們在本月初宣布收購 Osisko 礦業，預計今年稍後完成。這項交易鞏固了我們對 Windfall 以及魁北克週邊大型勘探營地的所有權，魁北克是世界上最大的採礦管轄區之一。我將在接下來的幾張投影片中詳細討論奧西斯科。

In terms of the internal work at Gold Fields, over the past seven months, we have also implemented a new two-tier functional operating model, we have made further appointments to our executive committee and our Board. And we are also making good progress in our other business improvement areas such as asset optimization and waste elimination across our business.

在金田的內部工作方面，在過去的七個月裡，我們也實施了新的兩級職能營運模式，我們對執行委員會和董事會進行了進一步的任命。我們在其他業務改進領域也取得了良好進展，例如整個業務的資產優化和消除浪費。

Let me now turn to the acquisition of Osisko which we announced earlier this month and which gives us full control of the Windfall project, a truly worldclass asset. It is rare to have an opportunity to acquire an asset of this caliber, even more rare to have the opportunity to buy the other half and consolidate a strategic asset that we already own and know intimately.

現在讓我談談我們本月早些時候宣布的對 Osisko 的收購，這使我們能夠完全控制 Windfall 項目，這是一項真正的世界級資產。能有機會收購這種等級的資產非常難得，更難有機會購買另一半並鞏固我們已經擁有並熟悉的策略資產。

When we consider our initial joint venture and today's acquisition combined and the fundamental value that we can deliver with full operational control, we view this as a highly strategic and accretive transaction.

當我們考慮我們最初的合資企業和今天的收購以及我們透過完全營運控制可以提供的基本價值時，我們認為這是一項高度策略性和增值性的交易。

This project also has an enormous exploration potential. This is twice as big as Val D'Or and nearly 40% larger than our St Ives land package. We believe that Windfall is on track to become our next high quality, low cost underground gold mine.

該項目還具有巨大的勘探潛力。該土地面積是 Val D'Or 的兩倍，比我們的聖艾夫斯土地面積大近 40%。我們相信 Windfall 有望成為我們的下一個高品質、低成本的地下金礦。

Our technical and project development work over the last year has progressed our understanding of this asset and we have a strong skill set in developing and operating underground mines that we can leverage in this situation.

去年我們的技術和專案開發工作加深了我們對這項資產的了解，我們在開發和營運地下礦場方面擁有強大的技能，可以在這種情況下利用。

We also see real synergies that we can see from applying our experience and expertise into this project. And our ability to consolidate ownership of this deposit, which no other buyer could, is a game changer. Windfall today includes over 2 million meters of drilling, a submitted EIA permitting application in progress, significant studies and significant underground development, as well as major surface infrastructure in place.

我們也看到了透過將我們的經驗和專業知識應用到這個專案中可以看到的真正的協同效應。我們有能力鞏固這筆存款的所有權，這是其他買家無法做到的，這將改變遊戲規則。今天的意外收穫包括超過 200 萬米的鑽探、已提交的環境影響評估 (EIA) 許可申請正在進行中、重要的研究和重要的地下開發，以及主要的地面基礎設施到位。

The environmental permitting for full-scale construction of the project is underway, with the round of questions recently received from the Quebec Ministry of the Environment and final approval expected in 2025.

該項目全面建設的環境許可正在進行中，最近收到了魁北克環境部的一系列問題，預計將於 2025 年獲得最終批准。

In parallel, discussions have continued towards the execution of an impact and benefit agreement with the Cree First Nation of Waswanipi and the Cree Nation Government in due course as part of the project development process.

同時，作為專案開發過程的一部分，我們也持續討論與瓦斯瓦尼皮的克里族原住民和克里族政府在適當的時候執行影響和利益協議。

Furthermore, in January 2024, the 85 kilometer long 69 kilowatt hydroelectric power line, built, owned and operated by the Waswanipi Cree First Nation, was completed on schedule and grid power was successfully connected to the project. This will significantly reduce both power costs and greenhouse gas emissions at the site as well as ensuring good contribution to the Cree First Nation of Waswanipi as partners in this project.

此外，2024年1月，由瓦斯瓦尼皮克里原住民建造、擁有和營運的85公里長69千瓦水力發電線路如期竣工，並成功併網發電。這將顯著降低現場的電力成本和溫室氣體排放，並確保作為該計畫的合作夥伴為瓦斯瓦尼皮的克里原住民做出良好貢獻。

Moving on to the Osisko acquisition cost. This was a multi-step process to gain 100% control of what will be our next anchor asset. We recognize that we have had to pay more for this piece than the original 50% of the JV.

接下來討論奧西斯科的收購成本。這是一個多步驟的過程，旨在獲得對我們下一個錨定資產的 100% 控制權。我們認識到，我們必須為這部分支付比合資企業最初 50% 的費用更多的費用。

In addition to paying for control, this increase is also supported by the fact that the project has advanced considerably over the last 15 months. Furthermore, gold prices increased by $400 per ounce. Furthermore, a year of diligence and work on our side has validated our views on the project and as well as the permitting path and the overall potential, including the exploration in the broader land package.

除了支付控制費用外，這一增長還得到了該項目在過去 15 個月內取得顯著進展的事實的支持。此外，金價每盎司上漲 400 美元。此外，我們一年來的勤奮和工作證實了我們對該項目以及許可路徑和整體潛力的看法，包括在更廣泛的土地包中進行勘探。

Our view of fundamental value has improved, along with the confidence of these developments. We see significant value in owning and controlling an asset that will be core to our portfolio for decades. We also have the ability to optimize the mine plan and exploration to meet these objectives. We see that the value is reflective in the fact that this is highly desired asset, which garnered significant interest from third parties.

我們對基本價值的看法有所改善，對這些發展的信心也有所改善。我們認為擁有和控制一項資產具有重大價值，該資產將在未來幾十年內成為我們投資組合的核心。我們還有能力優化礦山計劃和勘探來實現這些目標。我們看到，其價值反映了這樣一個事實：這是一種非常受歡迎的資產，引起了第三方的極大興趣。

And we see this as a strong validation of our initial investment thesis. In this competitive situation, we were in a unique position to generate synergies from consolidating control. And based on our view on value and mine plan, we believe that the return profile remains highly compelling when benchmarked against other global high-quality opportunities of scale.

我們認為這是對我們初始投資論點的有力驗證。在這種競爭情勢下，我們處於獨特的地位，可以透過鞏固控制產生協同效應。根據我們對價值和採礦計劃的看法，我們相信，與其他全球優質規模機會進行比較時，回報狀況仍然非常引人注目。

I now want to turn to capital allocation, which is a key element of our strategic decision-making progress. In this regard, recently we have also refined our thinking in terms of our capital allocation framework and wanted to take the opportunity to reiterate how we see our prioritization of capital.

我現在想談談資本配置，這是我們策略決策進展的關鍵要素。對此，最近我們也對資本配置架構進行了思考，想藉此機會重申我們對資本優先順序的看法。

And our capital allocation priorities are as follows. Firstly, we will spend the necessary capital to ensure safe and reliable production of our current assets. Secondly, we will maintain our investment-grade credit rating. Thirdly, we will pay a base dividend of currently between 30% to 45% of normalized earnings.

我們的資本配置重點如下。首先，我們將投入必要的資金，確保我們現有資產的安全可靠生產。其次，我們將維持投資等級信用評等。第三，我們將支付目前正常獲利的30%至45%的基本股利。

And after satisfying these first three capital allocation priorities, discretionary growth investments will need to compete with additional returns to shareholders. These discretionary growth investments could include exploration, life extension of existing assets, organic growth opportunities and inorganic M&A opportunities.

在滿足前三個資本配置優先事項後，可自由支配的成長投資將需要與股東的額外回報競爭。這些可自由支配的成長投資可能包括勘探、現有資產的壽命延長、有機成長機會和無機併購機會。

But again, when we turn back to our strategic objective of growth through growing cash flow per share, these need to compete and be accretive against the alternative opportunity of returning cash to shareholders.

但同樣，當我們回到透過增加每股現金流來實現成長的策略目標時，這些需要與向股東返還現金的替代機會競爭並增值。

Moving to our group guidance and outlook for the remainder of the year. Given the operational headwinds experienced in H1, we are now reducing our 2024 guidance. Our group attributable gold equivalent production for 2024 is now expected to be between 2.05 million ounces and 2.15 million ounces, with the decrease primarily driven by South Deep and the delayed restart of ramp-up at Salares Norte.

接下來是我們對今年剩餘時間的集團指導和展望。鑑於上半年遇到的營運阻力，我們現在正在降低 2024 年的指引。目前，我們集團 2024 年的權益黃金當量產量預計在 205 萬盎司至 215 萬盎司之間，下降主要是由於 South Deep 和 Salares Norte 產能重啟的延遲。

In order to achieve what we are looking at the following projections for H2, attributable gold production is expected to be 1.13 million ounces to 1.23 million ounces for the six-month period. Consequently in H2, unit cost will be much lower than reported in H1, with all-in sustaining cost forecasted to be between $1,440 to $1,560 per ounce,

為了實現我們對下半年的預測，未來六個月的黃金歸屬產量預計為 113 萬盎司至 123 萬盎司。因此，下半年的單位成本將遠低於上半年報告的水平，整體維持成本預計在每盎司 1,440 美元至 1,560 美元之間，

And all-in costs forecasted to be $1,600 to $1,720 per ounce for the second half. Given the relatively slow progress with the Salares Norte ramp-up during the winter months, we expect the mine to produce between 40,000 to 50,000 ounces which has also contributed to the reduced group guidance.

下半年的總成本預計為每盎司 1,600 美元至 1,720 美元。鑑於 Salares Norte 冬季幾個月的產能提升進展相對緩慢，我們預計該礦的產量將在 40,000 至 50,000 盎司之間，這也導致了集團指導意見的減少。

Group all-in sustaining cost is expected to be between $1,560 to $1,650 per ounce, while all-in cost is guided to be between $1,790 to $1,880 per ounce for the full year. These costs also include an approximately $30 per ounce for the 2024 capital expenditure at the St Ives renewable energy project.

集團總維持成本預計在每盎司 1,560 美元至 1,650 美元之間，而全年總成本預計在每盎司 1,790 美元至 1,880 美元之間。這些成本還包括聖艾夫斯再生能源計畫 2024 年每盎司約 30 美元的資本支出。

In summary, our immediate priorities for the remainder of 2024 is firstly to focus on improving our safety for performance. We will do this by implementing the findings of the DSS+ review as well as the implementation of our own improvement roadmap, ramping up of Salares Norte and continue to deliver the recovery programs at Gruyere and South Deep.

總而言之，我們 2024 年剩餘時間的當務之急是先專注於提高效能安全性。我們將透過實施 DSS+ 審查的結果以及實施我們自己的改進路線圖、加大 Salares Norte 的力度並繼續在 Gruyere 和 South Deep 實施恢復計劃來實現這一目標。

In addition to deliver on our critical projects, Salares Norte, the Tarkwa or Iduapriem JV and the integration of Windfall, as well as continue to make progress on our 2030 ESG targets and reviewing them to align to our long-term strategy.

除了交付我們的關鍵項目外，Salares Norte、Tarkwa 或 Iduapriem 合資企業以及 Windfall 的整合，以及繼續在我們的 2030 年 ESG 目標方面取得進展，並對其進行審查以與我們的長期戰略保持一致。

Just moving on to our final slide. This photo shows the kind of contributions that we make with the contributions of the people at Gold Fields. This shows the recently renovated TNA Stadium in Tarkwa, which was officially handed over to the Ghana’s National Sports Association last weekend.

繼續我們的最後一張投影片。這張照片展示了我們與 Gold Fields 員工所做的貢獻。圖為最近翻新的位於塔克瓦的 TNA 體育場，該體育場於上週末正式移交給加納國家體育協會。

The Gold Fields Ghana Foundation has spent $16 million on the construction of the stadium over the past period and this is now capable of hosting international matches and is home to the Medeama SC, a Ghana Premier League club based in Tarkwa.

加納金田基金會在過去一段時間斥資 1,600 萬美元建造該體育場，現在該體育場能夠舉辦國際比賽，並且是位於塔克瓦的加納超級聯賽俱樂部 Medeama SC 的主場。

This investment, one of our largest infrastructure investments to date, followed after the Tarkwa community stressed that an upgraded stadium was one of its key priorities as football promotes social cohesion and facilitates the development of sports in the area. This is a great example of Gold Field's purpose in action, delivering enduring value beyond mining.

這項投資是我們迄今為止最大的基礎設施投資之一，是在 Tarkwa 社區強調升級體育場是其首要任務之一之後進行的，因為足球可以促進社會凝聚力並促進該地區體育運動的發展。這是 Gold Field 的行動目標的一個很好的例子，即提供採礦以外的持久價值。

With that we have reached the end of our presentation. I would like to thank you for your time today for listening to our presentation and look forward to engaging you on this presentation as well as our contributions over the next six months. Thank you.

我們的演講到此結束。我要感謝您今天抽出時間聆聽我們的演示，並期待您參與本次演示以及我們在未來六個月內的貢獻。謝謝。