巴里克黃金 (GOLD) 2019 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

This is the conference operator.

這是會議操作員。

Welcome to the Barrick 2019 Second Quarter Results Conference Call.

歡迎參加巴里克 2019 年第二季業績電話會議。

(Operator Instructions) As a reminder this conference call is being recorded and a replay will be available on Barrick's website later today, August 12, 2019.

（操作員說明）謹此提醒，本次電話會議正在錄音，重播將於今天稍晚（即 2019 年 8 月 12 日）在巴里克網站上提供。

I would now like to turn the conference over to Mark Bristow, Chief Executive Officer to Barrick.

我現在想將會議交給巴里克執行長馬克布里斯托 (Mark Bristow)。

Please go ahead.

請繼續。

So it's been 6 months since the big merger.

大合併已經過去六個月了。

Lots of people had lots of views about how it would work or wouldn't work.

很多人對於它是否有效有很多看法。

And it's been a fun 6 months.

這是有趣的六個月。

And today, I plan to share with you the enormous progress that our teams have made in building that business that we had envisaged.

今天，我計劃與大家分享我們的團隊在建立我們所設想的業務方面所取得的巨大進展。

And that is really just to remind you, am I -- oh, good.

這實際上只是為了提醒你，我是不是——哦，很好。

Thanks.

謝謝。

And to remind you that what we had in mind is a business that would create value for the mining industry.

並提醒您，我們想要的是一家能夠為採礦業創造價值的企業。

We wanted to be the most valued mining company in the gold space initially and ultimately in the resource space.

我們最初希望成為黃金領域最有價值的礦業公司，最終成為資源領域最有價值的礦業公司。

We've rationalized the corporate structure; assembled a new team or teams who are committed to and capable of achieving our ambitious goals; established 3 regions for the effective management of our global portfolio to bring that sort of Randgold agility into this new company; and aligned operational managements with our core vision, and that is delivering the best returns by combining the best assets with the best people.

我們對公司結構進行了合理化；組成一個或多個致力於並有能力實現我們宏偉目標的新團隊；建立了 3 個區域來有效管理我們的全球投資組合，將 Randgold 的敏捷性帶入這家新公司；並使營運管理與我們的核心願景保持一致，即透過將最好的資產與最好的人才相結合來提供最佳回報。

But that's not all.

但這還不是全部。

In addition to settling down the new Barrick, we delivered the Nevada joint venture, the world's largest gold production complex in its richest gold field, and founded solution for the seemingly intractable situation in Tanzania through our in-principle agreement with the government and a buyout bid for Acacia.

除了建立新的巴里克公司之外，我們還建立了內華達州合資企業，這是位於其最豐富的金礦區的世界上最大的黃金生產綜合體，並通過與政府的原則協議和收購，為坦尚尼亞看似棘手的局勢找到了解決方案競標相思。

That's a lot of boxes ticked.

勾選了很多方框。

And on top of that, we're making our first half year with another strong set of results, as I'll show you in this presentation, while continuing to cut unnecessary G&A costs.

最重要的是，我們上半年取得了另一組強勁的業績，正如我將在本次演示中向您展示的那樣，同時繼續削減不必要的一般管理費用。

This is the cautionary statement, which, unless you're a speed reader, is also duplicated in your pack.

這是警告聲明，除非您是快速閱讀者，否則該聲明也會重複出現在您的包中。

So you can -- for those slow readers, you can read it on your own time.

所以你可以——對於那些閱讀速度慢的人來說，你可以在自己的時間裡閱讀它。

I'll start as usual with a look at our sustainability scorecard.

我將像往常一樣首先查看我們的可持續發展記分卡。

From an already strong baseline, we are setting new targets to improve our safety, occupational health, environmental management, human rights and community development performance.

在現有的堅實基礎上，我們正​​在製定新的目標，以改善我們的安全、職業健康、環境管理、人權和社區發展績效。

On the health and safety front, the group reduced both its lost time and total recordable injury rates during the quarter.

在健康和安全方面，該集團在本季度減少了損失時間和總可記錄傷害率。

In Africa, we're working with the authorities to contain the latest outbreak of Ebola in the DRC and stepping up our continued fight against malaria, the continent's deadliest killer.

在非洲，我們正在與當局合作，遏制剛果民主共和國最近爆發的伊波拉疫情，並繼續加強與瘧疾這一非洲大陸最致命殺手的鬥爭。

There were no major environmental incidents during the quarter, and a survey of our tailing storage facilities confirmed that we were proactively managing that risk.

本季沒有發生重大環境事件，對我們尾礦儲存設施的調查證實，我們正在積極管理該風險。

For those who are interested, you can see the full report we filed in response to the Church of England request on our website.

對於有興趣的人，您可以在我們的網站上查看我們根據英格蘭教會的要求提交的完整報告。

A number of our operations received positive results from the external ISO 14001 orders.

我們的許多業務都從外部 ISO 14001 訂單中獲得了積極成果。

And very importantly, Veladero has been recertified without qualifications.

而且非常重要的是，Veladero 已經在沒有資格的情況下重新獲得了認證。

The Malian government has given the go-ahead for a groundbreaking solar power project at Loulo-Gounkoto, part of an energy efficiency drive, and our water usage continues to improve.

馬利政府已批准在 Loulo-Gunkoto 建造一個開創性的太陽能發電項目，這是能源效率推動的一部分，而且我們的用水量持續改善。

Our consolidated sustainability report for 2018 was also published today, and you can find this very detailed account of our performance and our plans on the website.

我們今天也發布了 2018 年綜合永續發展報告，您可以在網站上找到有關我們績效和計畫的非常詳細的說明。

We're proud of what we have achieved so far, but also we are under no illusion about the scale of the work that still has to be done or the specific social and environmental issues that's still need to be resolved.

我們對迄今為止所取得的成就感到自豪，但我們對仍需完成的工作規模或仍需解決的具體社會和環境問題也不抱任何幻想。

Turning now to the past quarter and its highlights.

現在轉向過去的季度及其亮點。

I'm pleased to report that the results point to an annual production at the top end of our guidance range and the cost metrics at the lower end of the range.

我很高興地報告，結果顯示年產量處於我們指導範圍的上限，而成本指標處於該範圍的下限。

After payment of the quarter 1 dividend, debt net of cash remained unchanged, and the dividend has been maintained at the same level as quarter 2. Adjusted earnings of $0.09 per share are in line with the market consensus.

支付第一季股息後，扣除現金的債務保持不變，股息也維持與第二季相同的水平。

Operationally, it was a strong performance across the board with Veladero, Loulo-Gounkoto and Kibali leading the pack.

在營運方面，Veladero、Loulo-Gounkoto 和 Kibali 均表現出色，處於領先地位。

Pueblo Viejo's exciting expansion project progressed, and the plant prefeasibility is scheduled for completion by the end of the year.

Pueblo Viejo 令人興奮的擴建項目取得了進展，工廠預可行性預計將於今年年底完成。

On the exploration front, drilling at Fourmile returned this project's best-ever intersections while Loulo-Gounkoto and Kibali continued to confirm their brownfields' expansion potential.

在勘探方面，Fourmile 的鑽探恢復了該項目有史以來最好的交叉點，而 Loulo-Gunkoto 和 Kibali 則繼續確認其棕地的擴張潛力。

Hard work on the set off of the joint venture during the quarter enabled Nevada Gold Mines to sprint out of the starting blocks on July 1. And the new business is likely to impact positively on Barrick's production profile for the year.

本季合資企業啟動過程中的艱苦努力使內華達金礦於 7 月 1 日起衝刺。

I should mention that I've just returned from a tour of the group's operations, and all our management teams are making good and steady progress with the Nevada team doing particularly well given the short time that they have been together.

我應該要提到的是，我剛剛結束了集團運營的考察，我們所有的管理團隊都在取得良好而穩定的進展，內華達團隊在他們在一起的時間很短的情況下表現尤其出色。

This is in large part due to the planning and work that has gone into ensuring the business was ready for launch at the get-go.

這在很大程度上歸功於為確保業務從一開始就準備好啟動而進行的規劃和工作。

This is a snapshot of our group's operating results, which built on the solid base established in quarter 1 and set up -- sets us up very well for a good finish to the whole year, 6 months ahead.

這是我們集團經營業績的快照，它建立在第一季度建立的堅實基礎上，並為我們在未來 6 個月的全年取得良好的成績奠定了良好的基礎。

And these are the numbers which speak for themselves.

這些數字不言自明。

And since the end of the second quarter, we've repurchased $248 million of outstanding bonds due in 2020, ticking another box with respect to cleaning up the balance sheet.

自第二季末以來，我們已回購了 2020 年到期的 2.48 億美元未償還債券，在清理資產負債表方面又取得了進展。

And this will not only reduce our debt, but it also reduces our interest payments.

這不僅會減少我們的債務，還會減少我們的利息支付。

And we will continue to chisel away at our -- at the remaining debt, as we promised when we announced the transaction.

正如我們在宣布交易時所承諾的那樣，我們將繼續削減剩餘債務。

We'll start the operating -- operations report with an overview at Cortez in Nevada.

我們將首先概述內華達州科爾特斯的營運營運報告。

As you know, since the end of the quarter, our Nevada mines have become part of the new joint venture.

如您所知，自本季末以來，我們的內華達礦場已成為新合資企業的一部分。

So going forward, we'll be reporting our attributable share of production from those operations.

因此，展望未來，我們將報告這些業務的生產份額。

Production at Cortez was up 7% on the previous quarter mainly as a result of mining more oxide ore from underground and higher throughput rates.

Cortez 的產量比上一季增加了 7%，主要是由於從地下開採了更多的氧化礦石以及更高的生產率。

The Deep South project continues to progress and is scheduled to start contributing to production next year.

Deep South計畫持續取得進展，預計明年開始投產。

Guidance for the full year on a 100% basis is expected to be at the top end of our range that we shared with you in January.

100% 的全年指導預計將達到我們 1 月與您分享的範圍的上限。

However, on an attributable basis, we have decreased our guidance, as you'll see in our handouts, to align with our 61.5% equity share in the new joint venture from July 1.

然而，正如您在我們的講義中看到的那樣，在權益基礎上，我們降低了我們的指導，以與我們從 7 月 1 日起在新合資企業中持有的 61.5% 的股權保持一致。

Goldstrike, as you see, had a difficult quarter, and production was down 22% due to persistent challenges in processing the high-ash-content stockpile, which resulted in lower autoclave recoveries.

如您所見，Goldstrike 經歷了一個艱難的季度，由於處理高灰分庫存的持續挑戰，產量下降了 22%，導致高壓釜回收率較低。

Roaster production was also down as less underground ore was available for processing, but as you saw in the previous slide, this was made up by more ore fed to the roaster from Cortez.

由於可供加工的地下礦石減少，烘焙機產量也有所下降，但正如您在上一張幻燈片中看到的那樣，這是由從 Cortez 輸送到烘焙機的更多礦石彌補的。

Goldstrike has now been combined with the Newmont Goldcorp’s Carlin.

Goldstrike 現已與紐蒙特黃金公司的 Carlin 合併。

As a result, we expect to be able to exit some additional feed for the autoclaves and improve the production out of mill 5 and mill 6, an immediate synergy benefit that we promised you when we announced that Nevada -- the Nevada joint venture.

因此，我們預計能夠為高壓釜提供一些額外的進料，並提高 5 號磨機和 6 號磨機的產量，這是我們在宣布成立內華達州合資企業時向您承諾的即時協同效益。

Consequently, it is expected, as a complex, to outperform in the second half.

因此，作為一個綜合體，預計下半年將表現優於大盤。

And therefore, we have increased our attributable share of the gold production guidance range for the full year compared to what we guided at the beginning of the year.

因此，與年初的指導相比，我們提高了全年黃金產量指導範圍的權益份額。

The combined Carlin-Goldstrike complex will be known as the Carlin Mine going forward.

合併後的 Carlin-Goldstrike 綜合體今後將被稱為 Carlin 礦場。

Production at Turquoise Ridge also lagged that of the previous quarter mainly as a result of unplanned downtime caused by shaft, power and dewatering issues.

Turquoise Ridge 的產量也落後於上一季度，主要是由於豎井、電力和脫水問題導致計劃外停機。

Construction of the mine's third shaft continued to advance, however, on schedule and within budget.

然而，該礦第三豎井的建設繼續按計劃並在預算範圍內推進。

And the combined -- combination of Turquoise Ridge and Newmont's Goldcorp's Twin Creeks as part of Nevada Gold Mines is expected to have a significantly positive impact on our full year production and costs.

Turquoise Ridge 和紐蒙特 Goldcorp 的 Twin Creeks 合併為內華達金礦的一部分，預計將對我們全年的生產和成本產生顯著的積極影響。

And as a result, the guidance range for our share of production has been materially robust upwardly.

因此，我們的產量份額指導範圍大幅上升。

The adjustment is driven by the fact that we are forecasting to increase the amount of higher-grade Turquoise Ridge ore to be processed given that we no longer are constrained by the previous Toll Milling Agreement.

此次調整的原因是，鑑於我們不再受到先前的委託銑削協議的限制，我們預計將增加待加工的高品位綠松石嶺礦石數量。

When we announced Randgold-Barrick merger, we pointed to 2 tier 1 assets in Nevada with the potential to create 2 more.

當我們宣布 Randgold 與 Barrick 合併時，我們指出了內華達州的 2 個一級資產，並且有可能再創造 2 個資產。

The combination of Twin Creeks and Turquoise Ridge delivered that third tier 1 asset with the fourth potentially in the making at Goldrush.

Twin Creeks 和 Turquoise Ridge 的合併提供了第三個一級資產，第四個資產可能正在 Goldrush 中製作。

Just out of interest, Nevada Gold Mines now boast 12 open-pit mines and 10 underground mines with proven and probable reserves of more than 48 million ounces.

出於興趣，內華達金礦現在擁有 12 個露天礦和 10 個地下礦，已探明和可能的儲量超過 4800 萬盎司。

As I noted earlier, as a gold mining complex, it's the largest of its kind in the world, and it is set to deliver giant-size value creation initially in the form of significant synergies, which we pointed to at the timing of finalizing the joint venture with Newmont Goldcorp.

正如我之前指出的，作為一個金礦綜合體，它是世界上同類中最大的綜合體，它將首先以顯著的協同效應的形式創造巨大的價值，我們在最終敲定項目時指出了這一點。

We have increased the attributable production guidance range to between 2.1 million and 2.3 million ounces for the full year from 2 million to 2.2 million ounces at the lower end of the cost range.

我們將全年權益產量指引範圍從成本範圍下限的 200 萬至 220 萬盎司提高到 210 萬至 230 萬盎司。

One month since its official launch and having just come from spending nearly 1 week working with the Nevada management teams, I remain excited about their prospects.

自從正式啟動一個月以來，我剛剛與內華達州管理團隊一起工作了近一周，但我仍然對他們的前景感到興奮。

I can confirm that already the team is optimizing the ore routing, as shown here.

我可以確認團隊已經在優化礦石路線，如下所示。

And this is just for the Goldstrike column complex, as shown in this slide, with more to come as we rationalize the roaster feed with the best ore resources.

這僅適用於 Goldstrike 塔綜合體，如本投影片所示，隨著我們利用最佳礦石資源合理化焙燒爐進料，還會有更多綜合體。

And you would have seen that we are maintaining our guidance of between $450 million and $500 million in synergies over the next 5 years.

您會發現，未來 5 年我們將維持 4.5 億至 5 億美元綜效的指引。

And we're already about halfway of that $500 million on an annualized basis as we sit today.

截至今天，按年化計算，我們已經完成了大約 5 億美元的一半。

Still in Nevada, Goldrush and Fourmile are showing real potential with Goldrush on track to deliver a full feasibility study early in 2021, and first ore is expected later in that year or very early in 2022.

仍在內華達州的 Goldrush 和 Fourmile 正展現出真正的潛力，Goldrush 預計將在 2021 年初提供全面的可行性研究，預計第一批礦石將於當年晚些時候或 2022 年初產出。

Drilling continues to close the gap between the 2 orebodies.

鑽探工作仍在繼續，以縮小兩個礦體之間的差距。

As you know, Fourmile was kept out of the Nevada joint venture, but we have the right to add it back in once we've determined its value and completed the feasibility study that supports the required investment thresholds.

如您所知，Fourmile 被排除在內華達合資企業之外，但一旦我們確定了其價值並完成了支持所需投資門檻的可行性研究，我們就有權將其重新添加進來。

Drilling this part, Cortez returned some eye-watering intersections with best-ever grades that we've achieved in that Fourmile-Goldrush complex, as you can see here.

在鑽這部分時，科爾特斯返回了一些令人眼花繚亂的交叉口，其成績是我們在 Fourmile-Goldrush 綜合體中取得的有史以來最好的成績，正如您在此處看到的那樣。

And I've got no doubt that this deposit will continue to grow both in size and in value.

我毫不懷疑該礦床的規模和價值將繼續增長。

We move now to Canada where Hemlo continues to perform consistently to budget and is on track to achieve its annual production targets.

我們現在前往加拿大，Hemlo 繼續持續按照預算執行任務，並有望實現年度生產目標。

Hemlo's tailing storage facility achieved a critical milestone last quarter with the go-ahead from both local First Nations for the expansion of the tailings facility.

上個季度，隨著當地原住民批准擴建尾礦設施，Hemlo 的尾礦儲存設施實現了一個重要的里程碑。

The team has also made significant progress with getting to grips with the geology and associated brownfields exploration as well as reviewing the mining methods and reoptimizing the plants against proper geological models.

該團隊在掌握地質和相關棕地勘探、審查採礦方法並根據適當的地質模型重新優化工廠方面也取得了重大進展。

We are encouraged by the progress and believe there's real potential to increase the life-of-mine and take this operation to tier 2 status.

我們對所取得的進展感到鼓舞，並相信確實有潛力延長礦井壽命並使該作業達到二級狀態。

Just a reminder, that's 10 years at about 250,000 ounces a year.

提醒一下，每年大約 25 萬盎司，相當於 10 年。

So already now, when we've done the deal, Hemlo was one of those assets which everyone had a different view on.

所以現在，當我們完成交易時，Hemlo 是每個人都有不同看法的資產之一。

But definitely, our geologists have now got the hit around that -- the upside.

但毫無疑問，我們的地質學家現在已經意識到了這一點——好處。

And our mining team has worked with the mine management team, and Hemlo is looking a lot better than it was when we first started.

我們的採礦團隊與礦場管理團隊合作，Hemlo 看起來比我們剛開始時要好得多。

Pueblo Viejo experienced a slower quarter with production down in the back of lower feed grade and a total plant shutdown and autoclave maintenance.

Pueblo Viejo 經歷了一個較慢的季度，由於飼料等級較低以及工廠全面停產和高壓釜維護，產量下降。

However, the operation is still planning to achieve guidance for the year.

不過，該公司仍計劃實現今年的指導目標。

As with the rest of the legacy Barrick portfolio, in our Latin American region, mineral resource managers have now been appointed at all the mines, which are progressing towards full accountability for their own geological models and estimates.

與巴里克遺留投資組合的其餘部分一樣，在我們的拉丁美洲地區，所有礦山現已任命了礦產資源經理，這些礦山正在逐步對自己的地質模型和估算承擔全部責任。

There's still a lot of work to be done, but the benefits of the new geological focus are expected to start flowing through in the second half of the year, beginning specifically at Pueblo Viejo in the Dominican Republic.

還有很多工作要做，但新的地質重點的好處預計將在今年下半年開始顯現，特別是從多明尼加共和國的普韋布洛維耶霍開始。

We now have new geological models there and are revising the reserve and resource estimates based on these and revised mine plans, including the mine expansion project.

我們現在在那裡有了新的地質模型，並正在根據這些模型修改儲量和資源估算，並修改礦山計劃，包括礦山擴建項目。

Next to the Nevada opportunities.

緊鄰內華達州的機會。

PV offers what is probably our most exciting expansion project.

光伏項目可能是我們最令人興奮的擴建項目。

The estimated initial capital cost of extending the mine's processing plant and tailings capacity will exceed $1 billion, but with the potential of converting 8 million ounces of measured and indicated resources immediately to reserves.

擴大該礦選礦廠和尾礦產能的初始資本成本預計將超過 10 億美元，但有可能立即將 800 萬盎司測量和指示資源轉化為儲量。

This should extend the life-of-mine well beyond 2030.

這應該可以將礦井的使用壽命延長到 2030 年之後。

We are forecasting to complete this feasibility study in 2020, next year.

我們預計將於明年 2020 年完成這項可行性研究。

The project specifically is expected to deliver annual production of around 80 -- 800,000 ounces from 2022 and in the lower half of the industry's cost range.

具體而言，該專案預計從 2022 年起年產量約為 80 至 800,000 盎司，且處於行業成本範圍的下半部分。

Based on the work done so far, we remain bullish on the potential to add further targets for evaluation.

基於迄今為止所做的工作，我們仍然看好增加進一步評估目標的潛力。

And so this is a textbook example of what improved geological modeling and ore control can do for a mine whose tier 1 status was coming into question.

因此，這是一個教科書範例，說明改進的地質建模和礦石控制可以為一級地位受到質疑的礦場帶來什麼幫助。

Moving now to Argentina.

現在搬到阿根廷。

Work to reclaim Veladero's full potential produced a solid set of results for quarter 2 with production up by 7% and cost per ounce down by 5%.

充分發揮 Veladero 潛力的工作在第二季度取得了一系列紮實的成果，產量增加了 7%，每盎司成本下降了 5%。

It is also on target to achieve annual guidance, and the focus is now on adding them to the mine's resources and reserve base and lowering the cost, thereby, extending its life-of-mine and returning it to tier 1 status.

年度指導目標也已實現，現在的重點是將其納入礦山的資源和儲備基礎並降低成本，從而延長礦山壽命並使其恢復到一級狀態。

In addition, the team has done an excellent job in rehabilitating the mine's social license by improving relationships with the local community as well as the provincial and national governments.

此外，該團隊透過改善與當地社區以及省和國家政府的關係，在恢復礦山的社會許可方面做得非常出色。

And also, 96 tonnes of mercury was safely removed from site during the quarter.

此外，本季也安全地從現場清除了 96 噸汞。

Since the beginning of the year, we've renewed our commitment to South America.

自今年年初以來，我們重申了對南美洲的承諾。

We've had a new regional exploration strategy and plan to invest $30 million in exploration in Argentina alone.

我們制定了新的區域勘探策略，並計劃僅在阿根廷就投資 3,000 萬美元進行勘探。

Barrick holds a highly prospective land package along the El Indio belt, which spans Argentina, Chile and Peru, as you can see, on this slide.

巴里克在 El Indio 地帶擁有極具前景的土地包，正如您在這張幻燈片中看到的那樣，該地帶橫跨阿根廷、智利和秘魯。

And in addition to hunting for new discoveries there, we already identified the possibility of extending Veladero's life-of-mine.

除了在那裡尋找新發現之外，我們還確定了延長貝拉德羅壽命的可能性。

At Pascua-Lama, we are reviewing the project's original parameters and defining its future potential.

在 Pascua-Lama，我們正在審查該專案的原始參數並確定其未來潛力。

Now to Papua New Guinea where Porgera certainly has the potential to achieve tier 1 mine status, albeit in a tough neighborhood.

現在到巴布亞新幾內亞，波格拉肯定有潛力獲得一級礦場地位，儘管周圍環境很艱苦。

This month, we made some progress in securing its future by getting a court approval to continue operating while our application to extend the special mining lease due to expire on August 16 is being considered.

本月，我們在確保其未來方面取得了一些進展，獲得法院批准繼續運營，同時正在考慮延長將於 8 月 16 日到期的特殊採礦租約的申請。

There is significant potential to double Porgera's life-of-mine currently standing at around 10 years.

目前，Porgera 的礦場壽命約為 10 年，有很大的潛力可以增加一倍。

Porgera is a major contributor to the country's economy, and we are working hard to establish the kind of partnership with the government and the rest of the local stakeholders that has worked so well for us in other challenging jurisdictions.

波格拉是國家經濟的主要貢獻者，我們正在努力與政府和其他當地利益相關者建立夥伴關係，這種夥伴關係在其他具有挑戰性的司法管轄區對我們來說非常有效。

Now over to Africa.

現在轉到非洲。

The tier 1 Loulo-Gounkoto complex has delivered its usual solid performance, increasing production by 15% and continuing to replace the depleted ounces through brownfields exploration at a rate that supports its 10-year operating plan.

一級 Loulo-Gounkoto 綜合體表現出一貫的穩健表現，產量增加了 15%，並繼續透過棕地勘探補充耗盡的盎司，其速度支持其 10 年營運計劃。

As I mentioned earlier, the installation of the group's first 20-megawatt solar power plant is currently underway at Loulo.

正如我之前提到的，該集團第一座 20 兆瓦太陽能發電廠目前正在 Loulo 進行安裝。

And staying in Mali, I'm happy to say that the mediation of our long-standing tax dispute with the government is making progress and a satisfactory outcome, I believe, could be in sight.

在馬裡，我很高興地說，我們與政府之間長期稅務糾紛的調解正在取得進展，我相信，令人滿意的結果很快就會出現。

In addition to replacing reserves, our exploration teams are also looking for new tier 1 discoveries in the Loulo district.

除了替換儲量外，我們的勘探團隊還在 Loulo 地區尋找新的一級發現。

We dominate the highly prospective Senegal-Malian share zone across the Senegal-Mali border.

我們主導塞內加爾-馬利邊境極具前景的塞內加爾-馬利共享區。

And as you can see here, we have multiple targets along the 70 kilometers of struck we control.

正如您在這裡所看到的，我們控制的 70 公里範圍內有多個目標。

Also in Senegal, we have completed the feasibility study on the Massawa project and are now on the licensing and permitting process.

同樣在塞內加爾，我們已經完成了馬薩瓦計畫的可行性研究，目前正在進行許可和許可程序。

Massawa is a valuable asset, and we are carefully considering how best to bring that value to account.

馬薩瓦是一項寶貴的資產，我們正在仔細考慮如何最好地發揮這一價值。

And in the Democratic Republic of the Congo, Kibali had another strong quarter, increasing production and reducing costs and remains on track to meet or even beat its annual guidance.

在剛果民主共和國，Kibali 又經歷了一個強勁的季度，增加了產量並降低了成本，並且仍有望達到甚至超過其年度指導。

Ongoing brownfields exploration points to continued replacement of gold depletion, and multiple opportunities within the main KCD orebody indicate that Kibali will continue to maintain its tier 1 status into the future.

正在進行的棕地勘探表明金礦枯竭的持續替代，並且 KCD 主要礦體內的多個機會表明 Kibali 將在未來繼續保持其一級地位。

We are excited about the potential for further tier 1 discoveries from the Congolese Craton, which, by the way, also extends down to Tanzania and hosts the Acacia assets.

我們對剛果克拉通進一步發現一級發現的潛力感到興奮，順便說一下，該克拉通還延伸至坦尚尼亞並擁有金合歡資產。

As you will have seen, the Acacia Board has now supported our offer to acquire the Acacia minority shareholder interest, following which, we'll integrate the company's assets into the Barrick portfolio.

正如您所看到的，Acacia 董事會現已支持我們收購 Acacia 少數股東權益的提議，隨後我們將將該公司的資產整合到 Barrick 投資組合中。

Acacia's troubled history includes a long standoff with the Tanzanian government, which has now accepted the resolution, agreed in principle between our Executive Chairman, John Thornton, and the country's President.

Acacia 的麻煩歷史包括與坦尚尼亞政府的長期對峙，坦尚尼亞政府現在接受我們的執行主席約翰桑頓 (John Thornton) 和該國總統原則上同意的決議。

Once we have the control of the Acacia assets, we'll have a lot of work to do to sort out the operations and rebuild in-country relationships, and of course, most importantly, the license to operate.

一旦我們控制了 Acacia 資產，我們將有大量工作要做，以理清營運並重建國內關係，當然，最重要的是，獲得營運許可證。

This, in summary, is where we are with the transaction to acquire the minority shares in Acacia and bring it back into Barrick along with the expected time line to closure of the transaction.

總而言之，這就是我們收購 Acacia 少數股權並將其帶回巴里克的交易以及交易結束的預期時間表。

We expect to issue just less than $25 million new Barrick shares to buy out the minority shareholders.

我們預計將發行不到 2,500 萬美元的巴里克新股來收購少數股東的股份。

And this is a snapshot of our other gold mines.

這是我們其他金礦的快照。

Kalgoorlie, operated by Newmont Goldcorp, is the only asset in our portfolio which could be performing better.

由紐蒙特黃金公司經營的卡爾古利是我們投資組合中唯一表現可能更好的資產。

Whilst it continues to be a valuable asset, we are moving down the road of selling our 50% stake in this archon of gold mining.

雖然它仍然是一項寶貴的資產，但我們正在出售我們在這個金礦開採執政官中所持有 50% 的股份。

Given we are not the operators, it does not fit with our falters as we do not want to be passive investors in assets that we own.

鑑於我們不是營運商，它不適合我們的猶豫，因為我們不想成為我們擁有的資產的被動投資者。

Tongon had another solid operating quarter.

Tongon 又迎來了一個穩健的營運季度。

With only 3 years left, we're exploring the potential for expanding its existing reserve significantly through ongoing regional exploration.

只剩下 3 年了，我們正在透過持續的區域勘探來探索大幅擴大現有儲量的潛力。

And as for our copper mines, all delivered credible results on the back of improved efficiencies and costs despite lower metal process.

至於我們的銅礦，儘管金屬加工量較低，但由於效率和成本提高，所有銅礦都取得了可靠的成果。

Some -- initial operational issues early in the quarter at Lumwana were successfully addressed in June.

Lumwana 本季初出現的一些初步營運問題已於 6 月成功解決。

Investors have asked me for a complete overview of global operations and the regional contributions to the group's production and how it is.

投資人要求我全面了解全球營運狀況、區域對集團生產的貢獻以及情況。

And as you can see, our total attributable production forecast for 2019 remains unchanged, albeit at halfway, we are targeting to be at the upper end of the production range and the lower end of the cost ranges.

正如您所看到的，我們對 2019 年的總歸屬產量預測保持不變，儘管是一半，但我們的目標是處於生產範圍的上限和成本範圍的下限。

As promised, we will be in a position to share our 5-year plans for our key operations with you when we present the Q3 results in early November.

正如所承諾的，當我們在 11 月初公佈第三季業績時，我們將能夠與您分享我們關鍵業務的 5 年計劃。

And as I alluded to earlier, another box we have ticked is our goal to streamline the corporate oversight of the group and reduce unnecessary G&A costs.

正如我之前提到的，我們勾選的另一個方框是我們的目標是簡化集團的公司監督並減少不必要的一般管理費用。

This slide shows the real progress we have made on this front with corporate administration charges for quarter 2 net of severance costs now at approximately $50 million and in line with our guidance for 2019.

這張投影片顯示了我們在這方面取得的實際進展，第二季的企業管理費用（扣除遣散費後）目前約為 5,000 萬美元，與我們 2019 年的指引一致。

Creating value, as I've said many times before, is all about being sustainably profitable.

正如我之前多次說過的，創造價值就是持續獲利。

And to do that, as a gold miner, one has to invest in profitable production as well as replacing the gold we mine.

為此，作為一名金礦開採者，必須投資於有利可圖的生產以及更換我們開採的黃金。

We, as an industry, as you all know, have not done this very well.

眾所周知，我們作為一個行業，在這方面做得併不好。

And as a result, the outlook of new global gold production is now declining.

因此，全球黃金新產量的前景正在下降。

Our Barrick vision and the rationale behind our recent merger initiatives is to control the majority of the industry's tier 1 assets and to be present in the most prospective jurisdictions and, of course, be able to operate there successfully.

我們巴里克的願景和我們最近的合併舉措背後的基本原理是控制該行業的大部分一級資產，並在最具前景的司法管轄區開展業務，當然，能夠在那裡成功運營。

We now have 6 tier 1 assets and a further 2 potential tier 1 assets in the making, which sets us apart from the rest of the industry.

我們現在擁有 6 項一級資產和另外 2 項正在建設中的潛在一級資產，這使我們在行業中脫穎而出。

With the best assets and combining them with the best people, we are very confident we will deliver industry-leading value and buck the trend that you see here.

憑藉最好的資產並將其與最優秀的人才相結合，我們非常有信心能夠提供行業領先的價值並扭轉您在這裡看到的趨勢。

I hope you will recognize that we've achieved a great deal in the first half of the year to deliver on our vision.

我希望您會認識到，我們在今年上半年為實現我們的願景取得了巨大成就。

I believe this is largely attributable to the successful application of Randgold's business model to the new Barrick's global scale, something many observers thought could not be done.

我相信這很大程度上歸功於蘭德黃金的商業模式成功應用於新巴里克的全球規模，這是許多觀察家認為無法做到的。

Of course, the 2 businesses were always a great fit, but the merger would not have been effective so smoothly and delivered on its promises so fully had it not been for 2 years of careful conceptualizing, a thorough due diligence and detailed preparation for a new business directed by a clear strategy and managed by very capable and integrated team with a shared vision.

當然，這兩家公司始終是天作之合，但如果不是經過兩年的仔細構思、徹底的盡職調查和為新公司進行的詳細準備，合併不會如此順利，也不會如此充分地兌現承諾。明確的策略指導，並由具有共同願景的非常有能力和全面的團隊管理。

I believe we have already established Barrick as a business with a distinctive brand.

我相信我們已經將巴里克打造成一家擁有獨特品牌的企業。

One that is synonymous with value creation and stands for sharing that value with all stakeholders.

它是價值創造的代名詞，代表與所有利害關係人分享這項價值。

Does the market also see us that way?

市場也這麼看我們嗎？

I'll let Barrick's share price performance since the merger answer that question.

我將讓巴里克自合併以來的股價表現來回答這個問題。

Do we have more to do and deliver on?

我們還有更多工作要做和交付嗎？

Absolutely.

絕對地。

I can confirm this is just the beginning, and there are more exciting opportunities out there, and we plan to make the best from them.

我可以確認這只是一個開始，還有更多令人興奮的機會，我們計劃充分利用它們。

Thank you, ladies and gentlemen, for your attention.

謝謝女士們先生們的關注。

And at this point, we'd be delighted to take questions.

此時，我們很樂意回答問題。

And I believe we're going to start with those that have dialed in and then come back to this audience, if that's okay by you.

我相信我們將從那些已經撥打電話​​的人開始，然後回到這些觀眾，如果您同意的話。

(Operator Instructions) There are no questions at this time.

（操作員說明） 目前沒有任何問題。

Okay.

好的。

Thank you.

謝謝。

So let's open it to you, guys, here.

所以，夥計們，讓我們在這裡向你們開放。

(Operator Instructions)

（操作員說明）

It's Greg Barnes with TD.

我是 TD 的格雷格·巴恩斯。

Just want to ask about Pueblo Viejo and the comment in the MD&A about the unconstrained TMS at liberating...

只是想詢問 Pueblo Viejo 以及 MD&A 中有關解放時不受約束的 TMS 的評論...

Unconstrained?

不受約束？

Yes.

是的。

Unconstrained what?

無拘無束什麼？

TMS, tailings management...

TMS、尾礦管理...

Okay.

好的。

So tailings -- TSF.

所以尾礦——TSF。

TSF, okay.

TSF，好的。

Sorry.

對不起。

TSF.

TSF。

So I'm just curious what that means.

所以我只是好奇這代表什麼。

I know tailing storage there has been an issue.

我知道尾礦儲存有問題。

Yes.

是的。

We've got 4 sites of potential tailing storage capacity, and we're busy working through that.

我們有 4 個潛在尾礦儲存容量的地點，我們正在忙於解決這個問題。

We've engaged with the government on that evaluation.

我們已與政府就該評估進行了接觸。

And during the process of the feasibility study, we will select one of those sites once we've done all the geotech work, which is the most important, and also looked at ownership and the relocation action plan options and so on.

在可行性研究過程中，一旦我們完成了所有岩土工程工作（這是最重要的），我們將選擇其中一個地點，並且還會考慮所有權和搬遷行動計劃選項等。

And the important thing is that once we've selected that footprint and we get the application settle, it will bring -- it unlocks an enormous amount of reserves and resources.

重要的是，一旦我們選擇了該足跡並解決了應用程式問題，它將釋放大量的儲備和資源。

I'll rephrase it, unlocks an enormous amount of measured and indicated resources.

我將重新表述它，解鎖大量可測量和指示的資源。

As I indicated, the initial estimate is about 11 million ounces immediately because they drilled out to that level.

正如我所指出的，初步估計產量約為 1100 萬盎司，因為他們已鑽探至該水平。

And that's the only thing that's keeping them in resources is that we can't actually process them without a tailings facility.

唯一能將它們保留在資源中的是，如果沒有尾礦設施，我們就無法實際處理它們。

So that's the one aspect.

這就是一方面。

The other was -- is the mine was always going to have to cope with much lower grades as it mines out the -- the more it put, for example.

另一個是——例如，當礦井開採出的礦藏越多時，礦井總是必須應對低得多的品位。

And so the way to do it is how do you keep the production rate up at 800,000 to 1 million ounces and manage the cost?

那麼，實現這一目標的方法是如何將生產力保持在 8 億至 100 萬盎司並管理成本？

And the concept initially was to concentrate some of the lower grades into a concentrate and then leach -- water leach some of the higher sulfide material to reduce the energy component of their feed and merge them in with the main high-grade feed into the autoclave with a balanced energy component.

最初的概念是將一些較低品位的原料濃縮成濃縮物，然後浸出——水浸出一些較高硫化物的材料，以減少其飼料中的能量成分，並將它們與主要的高品位原料合併到高壓釜中具有平衡的能量成分。

And thereby, you want to effectively do because of the concentrate is that you can produce more gold because your front-end processing is high volume, but then when you get to the autoclave, it's concentrated.

因此，您想要有效地進行濃縮，因為您可以生產更多的黃金，因為您的前端加工量很大，但當您到達高壓釜時，它會被濃縮。

After the merger, what we looked at is much more aggressive reduction in volume and the ability to float all of the material other than the high-grade feed, which doesn't need concentration, and then partially oxidize the sulfide through ultrafine grinding and tank leakage -- tank leaching.

合併後，我們看到的是更積極地減少體積，並能夠漂浮除高品位進料之外的所有材料，不需要濃縮，然後通過超細研磨和罐部分氧化硫化物洩漏——罐浸。

And that -- we have proof of concept of that sort of scale both at Tongon and in Kibali.

我們在東貢和基巴利都擁有這種規模的概念證明。

In Tongon, we do partially oxidize the sulfide in the ultrafine grind.

在 Tongon，我們確實在超細研磨中部分氧化了硫化物。

And if you put it into tankage, you can do that quite rapidly and under a very controlled environment.

如果將其放入儲罐中，則可以在非常受控的環境下非常快速地完成此操作。

And so now what you've got is the optimal throughput, looks like 14 million tonnes but still feeding that 8-million- to 9-million-tonne autoclave capacity.

現在您得到的是最佳吞吐量，看起來為 1400 萬噸，但仍能滿足 800 萬噸至 900 萬噸的高壓釜產能。

And so you keep the throughput up, you drop the whole mining costs, and the overall operating cost is still in the bottom half of the industry cost curve.

因此，您可以保持吞吐量上升，降低整個採礦成本，並且整體營運成本仍處於行業成本曲線的下半部分。

And of course -- and the indications are that we should be able to deliver production to -- right into the 20, 40s on that basis.

當然，有跡象表明我們應該能夠在此基礎上將生產交付到 20 世紀 40 年代。

And so it's important for us to have a tailing storage facility that has the capacity to expand into that life-of-mine plan.

因此，擁有一個能夠擴展到礦山壽命計劃的尾礦儲存設施對我們來說非常重要。

So that's what we've been working with, with the government.

這就是我們一直在與政府合作的事情。

PV is a very significant contributor to Dominican Republic corporate tax.

光伏是多明尼加共和國企業稅的一個非常重要的貢獻者。

More than 23% of all corporate taxes is paid by PV.

超過23%的企業稅是由光電繳納的。

It's a very profitable business, paid a lot of tax, employs a lot of people.

這是一項非常有利可圖的業務，繳了很多稅，僱用了很多人。

And so we've worked with the -- both the federal government, central government and the provincial government and all other stakeholders to get everyone aligned on how important this asset is.

因此，我們與聯邦政府、中央政府、省政府以及所有其他利害關係人合作，讓每個人都認識到這項資產的重要性。

And the other thing I don't think a lot of people understand is that, Barrick, in acquiring the Placer Dome PV right at the beginning, also took on a lot of commitment to rehabilitate old mining liabilities from the previous owners of that region.

另一件我認為很多人不理解的事情是，巴里克在一開始收購 Placer Dome PV 時，也承擔了很多承諾，以恢復該地區以前所有者的舊採礦負債。

And again, it's made an excellent job in doing so.

再說一遍，它在這方面做得非常出色。

And we've still got work to do, but I think that's -- all that is important to the government as is the direct investment.

我們還有工作要做，但我認為這對政府來說很重要，直接投資也是。

Some of the new locations for the new TSF off your current property and you have to...

新 TSF 的一些新位置位於您當前的房產之外，您必須...

Yes.

是的。

They're adjacent to and inclusive of the edges of the agreed license.

它們毗鄰並包含商定許可證的邊緣。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Mark, can I ask about -- you mentioned that you're renewing reserves and resources at various mine sites.

馬克，我可以問一下嗎？

So will we have that information when you put out your 5-year guidance?

那麼，當您發布 5 年指導時，我們會得到這些資訊嗎？

And maybe just talk about how you're approaching reserve.

也許只是談談你是如何接近儲備的。

The 2 companies have very different approaches to that.

兩家公司對此採取了截然不同的方法。

So we haven't finalized exactly how we're going to do it.

所以我們還沒有最終確定我們將如何做到這一點。

Our reserves will be shared with you, as normal in the annual report next year as we normally do.

我們的儲備金將與您分享，就像我們通常在明年的年度報告中所做的那樣。

At this stage, if I were to -- so Africa is still running at a $1,000 gold price in the -- and the debate is do we change that?

在現階段，如果我這麼做——那麼非洲的金價仍然維持在 1,000 美元——而爭論的焦點是我們是否要改變這一點？

In the rest of the business, $1,200 is the number.

在其他行業，1,200 美元就是這個數字。

We're using our long-term $1,200 gold price.

我們使用 1,200 美元的長期黃金價格。

And we've undertaken that by the end of the year, we will have tested all the assets and their risk because it's -- you know this, it's oversimplifying things to just say use the gold price because many times you can -- depending on the orebody, you can run a $1,200 whittle, and it works in $1,000 and makes money.

我們已經承諾，到今年年底，我們將測試所有資產及其風險，因為——你知道這一點，僅僅說使用黃金價格過於簡單化了，因為很多時候你可以——取決於礦體，你可以花1,200 美元運行一個削刀，它的工作成本為1,000 美元並賺錢。

So that's what we've been doing with the Nevada mines, particularly.

這就是我們在內華達州礦場所做的事情。

But given the outlook on world gold supply and where the gold price is, the industry is not profitable at $1,200.

但考慮到世界黃金供應前景和金價水平，該行業在 1,200 美元的水平上無法盈利。

So that might well be our final number, but we've still got some work to do, right, as we're working through -- and the other thing, you can't just take those big Nevada mines and say, "Well, we're just going to run them at $1,000." They've got to be redesigned.

所以這很可能是我們的最終數字，但我們還有一些工作要做，對吧，因為我們正在努力解決這一問題——另一件事，你不能只拿那些內華達州的大型礦井說，“好吧，我們將以 1,000 美元的價格運行它們。它們必須重新設計。

So part of this optimization, orebody modeling programs we've got is all about testing that opportunity, along with, for instance, Turquoise Ridge is already -- its kind of grade is already down at 6.6 because of -- we've taken out the processing charge to be able to drop that.

因此，我們擁有的優化礦體建模程序的一部分是測試這個機會，例如，Turquoise Ridge 已經——它的品位已經下降到 6.6，因為——我們已經取消了能夠降低處理費用。

And our intention is to go down to sort of 5.5, 5.75, around there.

我們的目的是降低到 5.5、5.75 左右。

That's the optimum cutoff grade as we see it today in Turquoise Ridge.

這是我們今天在 Turquoise Ridge 看到的最佳截止品位。

And so we've got quite a lot of work streams running at the moment.

因此，我們目前正在運行相當多的工作流程。

But it won't be more than $1,200, I guess, is my guidance.

但我的指導是，它不會超過 1,200 美元。

And you have enough information at that point, then you can share with us...

那時你已經有了足夠的訊息，然後你可以與我們分享...

Yes.

是的。

Yes, yes.

是的是的。

We've got enough information today.

今天我們已經得到了足夠的資訊。

We've got a good handle on what it looks like.

我們已經很好地掌握了它的外觀。

I can tell you know that if you move from 9, which we were, cut off in Turquoise Ridge to 5.5 is about 3.5 million ounces unlocked just on that movement.

我可以告訴你，如果你從綠松石嶺切斷的 9 移動到 5.5，僅在該移動中就解鎖了約 350 萬盎司。

And there's a lot more work to be done.

還有很多工作要做。

Veladero has got some work to be done.

貝拉德羅還有一些工作要做。

Again, when we got -- looked at Veladero, the first half with Mark's team, we didn't even really know what we are putting on the heap leach.

再次，當我們看到 Veladero，Mark 團隊的上半場時，我們甚至不知道我們在堆浸中放入了什麼。

Now we do.

現在我們做到了。

And we know what's coming.

我們知道將會發生什麼。

Now the other thing is how much more can we drill out of the current pit shell.

現在的另一件事是我們可以從目前的坑殼中鑽出多少東西。

That's 4 corners out.

那是 4 個角。

It's -- I can't tell you in Spanish, but the English translation is the Four Corners project, which is really looking for -- to the deep extensions of the pit at Veladero and the opportunity to add life.

我無法用西班牙語告訴你，但英文翻譯是“四角”項目，該項目真正在尋找的是——貝拉德羅礦坑的深度延伸以及增加生命的機會。

And it's got to be somewhere between 0.5 million and 2 million ounces potentially to add to that.

並且可能增加 50 萬至 200 萬盎司。

Now that would be very significant for Veladero.

現在這對貝拉德羅來說非常重要。

And then we've got the others satellite, nearby satellite assets.

然後我們還有其他衛星，附近的衛星資產。

And of course, the Pascua-Lama review is -- could well -- and -- because we're agnostic where it goes.

當然，帕斯卡-拉馬的評論是——很可能——而且——因為我們不知道它會走向何方。

And some of those Lama assets might be best served to process them at Veladero.

其中一些喇嘛資產可能最好在貝拉德羅進行加工。

So we've got our complete relook both Veladero as of JV, and then what we can add to it and then what it looks like maybe in Pascua-Lama or maybe Pascua on its own and Lama more associated with Veladero.

因此，我們對合資企業的 Veladero 進行了徹底的重新審視，然後我們可以添加什麼，然後它看起來可能在 Pascua-Lama 中，或者可能是 Pascua 本身，而 Lama 與 Veladero 更相關。

So all those aspects we're looking at.

所以我們正在考慮所有這些方面。

Porgera, I think, again, we've got the drill rigs.

波格拉，我想，我們已經有鑽孔機了。

We're drilling already.

我們已經在鑽孔了。

We're very excited about the potential there.

我們對那裡的潛力感到非常興奮。

PV, you've seen the benefit of geology.

PV，您已經看到了地質學的好處。

We've redone -- we've remapped and relogged every single bore whole.

我們已經重做——我們重新映射並重新記錄了每個鑽孔。

So a lot of our exploration team spent the last 6 months in the mines catching up the geology.

因此，我們的許多勘探團隊在過去 6 個月裡都在礦井中了解地質狀況。

They're now just starting to migrate back into sort of more greenfield focus.

他們現在剛開始重新關注更多的新領域。

Same with Goldrush-Fourmile, again, we've now got the structure right under Rod Quick's guidance.

就像 Goldrush-Fourmile 一樣，我們現在已經在 Rod Quick 的指導下完成了結構。

And Rob Krcmarov and his exploration team are now -- the Fourmile work is going to be wider spacing, getting the framework together for Fourmile.

Rob Krcmarov 和他的勘探團隊現在正在——四英里工作將擴大間距，為四英里建立框架。

And then Rob and his team are going to go out to try to find the next one.

然後羅布和他的團隊將出去尋找下一個。

And Rod Quick and the MRM feasibility team will then drill it out to feasibility.

Rod Quick 和 MRM 可行性團隊隨後將進行可行性研究。

So we've got all those work streams going, and we've got a good handle on our life-of-mine framework.

所以我們已經讓所有這些工作流程都在進行，並且我們已經很好地處理了我們的生活框架。

Some still needs a bit of drilling to bank.

有些仍然需要一些鑽孔才能銀行。

But we will do like we did in Randgold.

但我們會像在蘭德戈爾德那樣做。

We will show you the bank reserves.

我們將向您展示銀行儲備金。

We will show you the inventory and how it fits in with the life-of-mine plans.

我們將向您展示庫存以及它如何與我的生活計劃相適應。

And then we'll be able to work with you as we complete the testing of the sort of blue-sky inventory going forward.

然後，我們將能夠與您合作，完成未來藍天庫存的測試。

So -- and I'm pretty sure we'll start with a 5-year plan because, as you can see here, I'm getting nervous here in front of you.

所以——我很確定我們會從一個五年計劃開始，因為正如你在這裡看到的，我在你面前感到緊張。

And when we say the 5-year plan, we're meaning the Barrick, 5 years and the Nevada joint venture, 5 years.

當我們說五年計畫時，我們指的是巴里克五年計畫和內華達合資企業五年計畫。

Everything really?

一切真的嗎？

Nevada joint venture is called Nevada Gold Mines, which consolidate into Barrick.

內華達合資企業名為內華達金礦，併入巴里克公司。

It's Barrick.

是巴里克。

Okay.

好的。

Okay.

好的。

So all of that.

所以這一切。

All of that.

所有的。

And then if I can ask one more question.

然後我可以再問一個問題嗎？

Just on North Mara on the tailings, we saw this morning that we got the export permit to export gold, but what about the tailings disposal and...

就在北馬拉的尾礦上，我們今天早上看到我們獲得了出口黃金的出口許可證，但是尾礦處置和...

Okay.

好的。

So that's important for you to know that the miners got the ability to ship the gold because of the stock.

因此，了解礦商因庫存而有能力運輸黃金對您來說很重要。

But it still can't operate because it can't use the tailings dam.

但由於無法使用尾礦壩，它仍然無法運作。

And so our team have been up there to meet with the environmental ministry as well as the other related ministries, mines ministry and so on.

因此，我們的團隊一直在那裡與環境部以及其他相關部會、礦業部等會面。

We are running a coordination committee on a weekly basis with the Acacia team just to make sure that we are moving forward because, as I've pointed out many times, there's a -- the government of Tanzania has been very consistent in managing this and it had nothing to do with the negotiation.

我們每週都會與 Acacia 團隊一起組建一個協調委員會，以確保我們繼續前進，因為正如我多次指出的那樣，坦尚尼亞政府在管理這一問題方面一直非常一致，並且這與談判無關。

It's their view of poor performance.

這是他們對糟糕表現的看法。

And we've -- and so we've studied the North Mara dam.

我們研究了北馬拉大壩。

We have a plan.

我們有一個計劃。

We've shared it with government.

我們已與政府分享。

We believe it's both responsible, and it will mitigate the issues that they have with their tailings dam.

我們相信這既是負責任的，也將減輕他們的尾礦壩問題。

And the key thing is to get water off the dam as quickly as possible, and then in the longer term to build a new dam.

關鍵是盡快將水從大壩排出，然後從長遠來看建造一座新大壩。

So we believe that we'll get that properly done once we get to -- over the vote and the final consolidation of those assets, we should be in a position to start stocking things up.

因此，我們相信，一旦我們透過投票和這些資產的最終整合，我們就會妥善完成這項工作，我們應該能夠開始儲備東西。

If we don't manage to convince people to stock them up before then.

如果我們不能說服人們在那之前儲存它們。

And the same goes with Buly.

布利也是如此。

Okay.

好的。

Any more questions?

還有其他問題嗎？

Okay.

好的。

The team's here.

團隊來了。

So we've got Mark from Lat Am is here.

來自拉丁美洲的馬克也來了。

He leads the Lat Am team.

他領導著拉丁美洲隊。

We've got [Bennies] and a couple of people from our corporate executive team.

我們有[本尼斯]和我們公司執行團隊的一些人。

So welcome to Part 3. Unfortunately, it's just tea and coffee.

歡迎來到第三部分。

Traditionally, in Randgold, there used to be wine and champagne.

傳統上，蘭德戈爾德曾經有葡萄酒和香檳。

But we have to understand, get a -- make a license if we wanted to do that, which is quite hard.

但我們必須明白，如果我們想這樣做，就必須取得許可證，這是相當困難的。

So join us.

所以加入我們吧。

Sorry, Mark.

對不起，馬克。

There's 2 questions on the call.

通話中有 2 個問題。

Thank you.

謝謝。

Okay.

好的。

(Operator Instructions) Our first question comes from Danielle Chigumira with Macquarie.

（操作員說明）我們的第一個問題來自麥格理的 Danielle Chigumira。

Perhaps, a predictable question from me.

也許，這是我預料到的一個問題。

Given the speed at which you're already achieving the planned synergies at the Nevada JV, do you have any idea on the quantum or -- of potential upside for synergies?

鑑於您在內華達合資企業實現計劃協同效應的速度，您對協同效應的潛在上升空間有什麼想法嗎？

Or when you would get some visibility on how much larger the synergies could be?

或者什麼時候您可以了解綜效可以有多大？

So Danielle, if you see our announcement today, we are reinforcing $450 million to $500 million in synergies.

所以丹妮爾，如果你今天看到我們的公告，我們將加強 4.5 億至 5 億美元的協同效應。

And we are at about -- we announced that we could see in the short term about $240 million on an annualized basis already identified and have been affected.

我們宣布，按年計算，短期內我們可能會看到約 2.4 億美元已經確定並受到影響。

We have rearranged the pie chart in the presentation you'll see today because there's got to be swings and roundabout, a little bit more here and a little bit less there.

我們重新排列了您今天將看到的簡報中的圓餅圖，因為必須有鞦韆和迂迴，這裡多一點，那裡少一點。

But overall, in the guidance, we're showing that we can see above the $480 million that we originally identified right in the beginning of the engagement with Newmont at the time.

但總體而言，在指導中，我們表明我們可以看到高於我們最初在與紐蒙特公司合作之初確定的 4.8 億美元。

So we're very comfortable about that.

所以我們對此感到非常放心。

We're already getting those benefits.

我們已經獲得了這些好處。

Of course, some of them are hidden in some of the underperformance of the operation, also the fact that Newmont hadn't read -- although they had guided the markets on the collapse of gold quarry pit and the cessation of operations at mill 5. Now that's a benefit because we're not going to switch off mill 5. So that is a genuine synergy, which would have materialized in Newmont's hands, as an example.

當然，其中一些隱藏在運營表現不佳的情況下，也是紐蒙特沒有讀到的事實——儘管它們在金礦坑倒塌和 5 號工廠停止運營方面指導了市場。會關閉5 號工廠。

So they lost a little stuff.

所以他們失去了一些東西。

But as I said in the presentation, the ones that we're already delivering on are the picture I showed you on ore arrangements.

但正如我在演示中所說，我們已經提供的是我向您展示的礦石安排圖片。

And that's both the autoclave at Goldstrike and the roaster are receiving ore from Barrick and Newmont, which were not in the mine plans or very far out in the mine plans.

Goldstrike 的高壓釜和烘焙廠都從 Barrick 和 Newmont 接收礦石，這些礦石不在採礦計劃中或遠遠超出了採礦計劃。

So we brought them forward.

所以我們把它們提前了。

And then it's the Turquoise Ridge-Twin Creeks immediate benefits, which are significant.

然後是綠松石嶺-雙溪的直接效益，這是顯著的。

And then we've already got things with -- on consumables.

然後我們已經有了關於消耗品的東西。

We renegotiated most of the major bulk consumables contracts, which have reduced the pricing.

我們重新談判了大部分主要大宗消耗品合同，降低了定價。

And we are looking to about $110 million of procurement and logistics benefits in that $480 million.

我們希望在這 4.8 億美元中獲得約 1.1 億美元的採購和物流效益。

And we're well down the road on that.

我們在這方面已經取得了很大進展。

So we're in good shape and got no reason to change that guidance.

因此，我們的狀況良好，沒有理由改變這項指導方針。

And it'll wash out after a while because there's been costs, transaction costs, retrenchment costs and other stuff.

一段時間後它就會消失，因為存在成本、交易成本、裁員成本和其他因素。

But right now, I think we're pretty much settled with that.

但現在，我認為我們已經基本解決了這個問題。

Our next question is from Howard Flinker with Flinker & Co.

我們的下一個問題來自 Flinker & Co 的 Howard Flinker。

I have 2 questions.

我有 2 個問題。

One, I read the other day that a company in Senegal was assessed taxes and had no opportunity to appeal.

一，前幾天我讀到，塞內加爾的一家公司被徵稅，但沒有機會上訴。

Is your tax circumstance the same?

您的納稅情況是否相同？

Or did you copy your contract from Mali when you first went into Senegal?

還是你第一次去塞內加爾時複製了馬裡的合約？

That's my first question.

這是我的第一個問題。

So I don't know the company you're talking about.

所以我不知道你說的公司是哪家。

Do you, Graham?

你是嗎，格雷厄姆？

So that's news to me...

所以這對我來說是新聞...

Teranga Gold.

特蘭加金。

I was astonished to read what I did.

讀到我所做的事情我感到很驚訝。

They just had to pay it.

他們只需要付錢。

They could not appeal.

他們無法上訴。

They could not protest, nothing.

他們無法抗議，什麼也無法抗議。

Just fork over the money.

直接把錢交出來就可以了。

Thank you very much.

非常感謝。

Oh, well.

那好吧。

If you want to have that discussion, rather have it with Mr. Young.

如果您想進行討論，請與楊先生進行討論。

But I'm asking you this...

但我問你這個...

We have a stability clause in our investment convention.

我們的投資公約中有一個穩定條款。

You do.

你做。

You do.

你做。

We have a stability clause in our investment convention, and we're pretty comfortable with the way things operate in Senegal.

我們的投資公約中有一個穩定條款，我們對塞內加爾的運作方式感到非常滿意。

I suspected so, but I wanted to clarify that.

我懷疑是這樣，但我想澄清這一點。

And second, do you have any thoughts about Argentina?

第二，你對阿根廷有什麼想法嗎？

Their currency devalued 25% this morning.

今天早上他們的貨幣貶值了 25%。

So we operate in emerging markets, things go up and down, not necessarily in that order.

因此，我們在新興市場開展業務，情況會起起落落，但不一定是這個順序。

I think in Argentina for us is a place -- certainly, we had a town hall there the other day with the Governor of San Juan province, and we see a real commitment to mining.

我認為阿根廷對我們來說是一個地方——當然，前幾天我們與聖胡安省省長在那裡舉行了市政廳會議，我們看到了對採礦業的真正承諾。

He quite to me said, San Juan is a mining province.

他相當對我說，聖胡安是一個礦業省。

It's all about mining responsibly.

這一切都與負責任地採礦有關。

But it's not a province that can live without mining.

但這並不是一個沒有採礦就可以生存的省份。

And again, we are actively exploring in Argentina, both down the El Indio trend in the form of -- we've got a very big target, similar to Veladero, slightly lower grade at this stage, which combines Alturas in Chile with Rojo Grande or Del Carmen in Argentina.

再說一次，我們正在阿根廷積極探索，沿著 El Indio 趨勢，我們有一個非常大的目標，類似於 Veladero，現階段的等級稍低，結合了智利的 Alturas 和 Rojo Grande或阿根廷的德爾卡門。

And it's a very exciting project, very large, which we're exploring.

這是一個非常令人興奮的項目，非常大，我們正在探索。

And we've also moved further down the Andean trend, and we're looking at new opportunities.

我們也沿著安第斯趨勢進一步前進，我們正在尋找新的機會。

We have a full, dedicated exploration team.

我們擁有一支完整、敬業的勘探團隊。

We've just moved one of our geologists to -- from PV down to lead the -- do -- be the exploration manager in Argentina.

我們剛剛將一位地質學家從光電部門調任為阿根廷的勘探經理。

So yes, we're very committed, long-term investors in Argentina.

所以，是的，我們是阿根廷非常堅定的長期投資者。

There are no more registered questions from the conference call.

電話會議中沒有更多已登記的問題。

All right.

好的。

Thank you very much, everyone.

非常感謝大家。

You're welcome to join us for some tea and cookies.

歡迎您與我們一起享用茶和餅乾。

This concludes today's conference call.

今天的電話會議到此結束。

Should you have additional questions, please contact the Barrick Investor Relations department.

如果您還有其他問題，請聯絡巴里克投資者關係部門。

You may now disconnect your lines.

現在您可以斷開線路。

Thank you for participating and have a pleasant day.

感謝您的參與並祝您有個愉快的一天。