巴里克黃金 (GOLD) 2019 Q3 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 Third Quarter Results Conference Call.

歡迎參加巴里克 2019 年第三季業績電話會議。

(Operator Instructions) As a reminder this conference call is being recorded and a replay will be available on Barrick's website later today, November 6, 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 11 月 6 日）在巴里克網站上提供。

(Operator Instructions)

（操作員說明）

Good morning, ladies and gentlemen, to everyone particularly who have dialed in here today, and of course a very good afternoon to all of you who have made the effort to come out here.

早安，女士們、先生們，對大家，特別是今天撥通這裡的人，當然，對所有努力來到這裡的人來說，下午好。

I did explain when we announced the potential merger between Randgold and Barrick that we would come back to London and present to you our progress.

當我們宣布 Randgold 和 Barrick 之間的潛在合併時，我確實解釋過，我們將回到倫敦並向您展示我們的進展。

And you'll be pleased to know that yesterday we had the formal Barrick Board Meeting here in London as well, so we did keep our word.

您會很高興地知道，昨天我們也在倫敦召開了正式的巴里克董事會會議，所以我們確實信守了諾言。

So it's now just over 10 months since the big merger between Barrick and Randgold Resources went live.

距離 Barrick 和 Randgold Resources 之間的大規模合併生效現在已經過去了 10 個多月。

That stated name of the new Barrick was to create the world's most valued mining company, and in the process, to set an example of a modern mining business for an industry in need of invigoration.

新巴里克的名稱是創建世界上最有價值的礦業公司，並在此過程中為需要振興的行業樹立現代礦業企業的典範。

There's no better time to talk about this because really, everyone dislikes mining, but it's an absolute core component of everyday life.

現在是談論這個問題的最佳時機，因為實際上，每個人都不喜歡採礦，但它是日常生活的絕對核心組成部分。

And we as miners have a big challenge to get accepted by the communities and the investors as well.

身為礦工，我們也面臨著被社區和投資者接受的巨大挑戰。

We at Barrick are absolutely committed to make sure that we change the way we do business on a day to day basis.

巴里克絕對致力於確保改變日常經營方式。

It's very pleasing today as we report on our results for the third quarter since the merger to share with the progress that we've made and where we're going to achieve exactly that goal.

今天非常令人高興，我們報告了合併以來第三季的業績，以分享我們所取得的進展以及我們將在哪些方面實現這一目標。

Before we go any further, please take note of the cautionary notice which is also on our website for those slow readers or anybody who wants to sort of delve deeper into the statement.

在我們進一步討論之前，請注意我們網站上的警告通知，該通知針對那些閱讀速度慢的讀者或任何想要深入研究該聲明的人。

This is our scorecard that we shared with the world back on the 23rd of September, 2018 when we announced the merger.

這是我們在 2018 年 9 月 23 日宣布合併時向全世界分享的記分卡。

As you can see, when you compare what we said we would do with what we have done, every box has been checked.

正如您所看到的，當您將我們所說的和我們所做的進行比較時，您會發現每個方框都已被選中。

Most significantly, we've reengineered Barrick's corporate structure and strengthened every team.

最重要的是，我們重新設計了巴里克的公司結構並加強了每個團隊的實力。

On the Nevada joint venture, in line with our focus on tier one and strategic assets, reevaluated and optimized our orebodies by getting back to the geological basics.

在內華達州合資公司，根據我們對一級資產和戰略資產的關注，透過回到地質基礎來重新評估和優化我們的礦體。

And improved our operational performance to generate strong cash flows for funding further investments, growth and returns to shareholders.

並改善了我們的營運績效，以產生強勁的現金流，為進一步的投資、成長和股東回報提供資金。

Health and safety of our workers is a key concern in all that we do and its management is delivering positive results.

員工的健康和安全是我們所做的一切工作的關鍵，其管理正在取得積極成果。

Lost time injuries have decreased for the third quarter in a row.

失時工傷連續第三個季度下降。

The slight increase in total injury frequency rate that you see on the slide is a key leading indicator which results from our increased focus on recording every single safety incident, no matter how small it is.

您在幻燈片上看到的總傷害頻率的略有增加是一個關鍵的領先指標，這是由於我們更加重視記錄每一個安全事件，無論它有多小。

Our ultimate aim of course is to achieve a zero-injury work environment.

我們的最終目標當然是實現零傷害的工作環境。

Life safety, care for the environment and the community is a core component of Barrick's business philosophy.

生命安全、關懷環境和社區是巴里克經營理念的核心組成部分。

And certainly for us, not just another governance exercise.

當然對我們來說，這不僅僅是另一項治理活動。

I've often spoken about the need for mining companies to earn a social life and still operate, and this is becoming more pressing for us as miners as I indicated in my introduction.

我經常談到礦業公司需要獲得社交生活並繼續運營，正如我在介紹中指出的那樣，這對我們作為礦工來說變得越來越緊迫。

The recent worldwide extinction rebellion protests are a further demonstration that society at large is demanding fundamental changes from our industry.

最近的世界範圍內的滅絕叛亂抗議活動進一步表明，整個社會要求我們的行業進行根本性的改變。

Although everyone wants our products, mining is particularly unloved.

儘管每個人都想要我們的產品，但採礦業尤其不受歡迎。

And if we are to survive in the longer term, as I pointed out, we will have to align our practices with these expectations, and that is our intention at Barrick.

正如我所指出的，如果我們要長期生存，我們必須使我們的做法與這些期望保持一致，這就是我們巴里克的意圖。

These are the highlights of our third quarter and as you can see, they show that Barrick has become a very different company.

這些是我們第三季度的亮點，正如您所看到的，它們表明巴里克已經成為一家非常不同的公司。

Operational performance has improved across the board.

營運績效全面改善。

Earnings have significantly exceeded the consensus.

盈利已大幅超出共識。

Debt has been further reduced such that we now boast one of the strongest balance sheets in the industry.

債務進一步減少，我們現在擁有業內最強勁的資產負債表之一。

And the dividend has been increased by 25%.

股利增加了25%。

We are well on track to end the year at the higher end of our production and lower end of our cost guidance ranges for 2019.

我們預計在年底達到 2019 年產量的上限和成本指導範圍的下限。

When you get it right, the results are measurable in the numbers.

當你做得對時，結果是可以用數字來衡量的。

Driven by positive contribution from Nevada Goldmines, and with all our assets positioned to take advantage of the higher gold price, adjusted earnings per share increased by 67% quarter-on-quarter and 88% year-on-year.

在內華達金礦的積極貢獻推動下，加上我們的所有資產都準備好充分利用金價上漲的機會，調整後每股收益環比增長 67%，同比增長 88%。

I should point out that in line with the appropriate accounting treatment for the recent formation of the Nevada joint venture, there has been some fair value adjustments that have impacted the net earnings.

我應該指出，根據最近成立的內華達合資企業的適當會計處理，存在一些影響淨利潤的公允價值調整。

As well as a notable write-up at Lumwana where improved plant availability and significant cost reductions contributed to a $947 million increase in its value.

Lumwana 的一篇值得注意的文章指出，工廠可用性的提高和成本的顯著降低使其價值增加了 9.47 億美元。

The operating results reflect the progress we've made in driving improvements across the portfolio.

經營績效反映了我們在推動整個產品組合改進方面所取得的進展。

With the goldmines in line with or ahead of their production guidance ranges and copper production increased by 15% from the second quarter, mainly due to record throughput and higher grades at Lumwana, driven by the same fundamental and sustainable improvements that have enabled us to write up its value.

金礦符合或超出其生產指導範圍，銅產量較第二季度增長了15%，這主要是由於盧姆瓦納(Lumwana) 創紀錄的吞吐量和更高的品位，而這些改善是由使我們能夠編寫的基本和可持續改進所推動的提高其價值。

Turning now to the specific operations and starting in Nevada with Cortez, I must first start by paying tribute to the Nevada joint venture leadership who have done an outstanding job in integrating large and complex operations into a single business in a very short time.

現在轉向具體業務，從與 Cortez 一起在內華達州開始，我首先必須向內華達州合資企業領導層表示敬意，他們在很短的時間內將大型複雜業務整合為單一業務方面做得非常出色。

Looking at these operations, Cortez achieved the top end of its target.

從這些操作來看，Cortez 實現了其最高目標。

And when you look at these results, the apparent drop in production is due to the fact that the Nevada joint venture reduced Barrick's interest in Cortez to 61.5% from 100%.

當你查看這些結果時，你會發現產量明顯下降是由於內華達合資企業將巴里克在 Cortez 的權益從 100% 減少到了 61.5%。

Costs were contained despite the depletion of the Cortez Hills open pit as we guided at the beginning of the year, and the transition to a higher proportion of the double refractory underground ore.

儘管按照我們年初的指導，科爾特斯山露天礦已經枯竭，並且向更高比例的雙重耐火地下礦石過渡，但成本仍得到了控制。

The Deep South project has completed its permitting process, has now received its record of decision, and is scheduled to start contributing to production next year.

Deep South 專案已完成許可程序，現已收到決定記錄，計劃明年開始投產。

Production at Carlin, the former Newmont Goldcorp mine, which now also includes Barrick's Goldstrike, was in line with targets.

卡林（前紐蒙特黃金公司礦場，現在還包括巴里克的 Goldstrike）的產量符合目標。

A combination of a lower cutoff grade, step-outs, and the initial optimization of the underground mining operations is expected to add significant additional answers to reserves at this complex.

較低的邊界品位、分級和地下採礦作業的初步優化相結合，預計將為該綜合體的儲量增加重要的額外答案。

There's lots more to build on at Carlin with brownfields potential around both mines, including the greater Leeville underground extensions and the prospect of a significant inventory increase in an underexplored Little Boulder Basin prospect.

卡林(Carlin) 礦場周圍還有許多可供開發的棕地潛力，包括更大的利維爾(Leeville) 地下延伸區以及未充分勘探的小博爾德盆地(Little Boulder Basin) 礦區庫存大幅增加的前景。

Turquoise Ridge now combined with Twin Creeks as an integrated mining and processing operation is a standout example of the benefits of the Nevada joint venture.

Turquoise Ridge 現在與 Twin Creeks 合併為一個綜合採礦和加工業務，這是內華達合資企業優勢的一個突出例子。

Production was up 26% from the second quarter.

產量較第二季成長 26%。

The cost impact of lower grade open pit ore from Twin Creeks was partially offset by more tons processed from Turquoise Ridge underground, and increased throughput rates at the plant.

來自 Twin Creeks 的低品位露天礦石的成本影響被 Turquoise Ridge 地下加工量的增加以及工廠吞吐量的提高所部分抵消。

The sinking hoist for the third shaft project is on track for commissioning in the fourth quarter of this year.

第三豎井專案的沈井提昇機預計將於今年第四季投入調試。

The shaft will significantly improve the ventilation and that is the big holdup in expanding the underground production at the moment.

該豎井將顯著改善通風，這是目前擴大地下生產的一大障礙。

The efficiencies and synergies brought about from the combination of the 2 operations has already allowed the reduction in the cutoff grade as again we forecast.

正如我們再次預測的那樣，兩項業務合併所帶來的效率和協同效應已經使邊品品位降低。

This is expected to increase reserves significantly, in fact by more than 1 million ounces.

預計這將顯著增加儲量，實際上增加超過 100 萬盎司。

Phoenix and Long Canyon make up the full picture of the mines in the Nevada Goldmine portfolio, albeit they are smaller contributors to the joint venture.

菲尼克斯 (Phoenix) 和長峽谷 (Long Canyon) 構成了內華達金礦投資組合中礦山的全貌，儘管它們對合資企業的貢獻較小。

At Phoenix, the timing of copper sales impacted costs while at Long Canyon, the mine had a strong performance with costs noticeably lower than our guidance.

在 Phoenix，銅銷售的時機影響了成本，而在 Long Canyon，礦場表現強勁，成本明顯低於我們的指導。

And a review is underway to extend the life of mine with the phase 2 expansion.

目前正在進行審查，以透過第二階段擴建來延長礦井的使用壽命。

At the time of announcing the Nevada Goldmines joint venture, we indicated to the market, rather controversially I might add, that the Nevada joint venture would deliver synergies to the value of $450 million to $500 million per year over the first 5 years of the full production of the project.

在宣布成立內華達金礦合資公司時，我們向市場表示（我可能會補充一點，這頗具爭議），內華達合資公司將在項目全面啟動的前5 年每年帶來價值4.5 億至5 億美元的協同效應。

And I am pleased to say we are well on track to achieve that.

我很高興地說，我們正在順利實現這一目標。

These are the key projects in the synergy pipeline and so far, we have clipped the coupons for a total value of $311 million.

這些是協同管道中的關鍵項目，到目前為止，我們已經削減了總價值 3.11 億美元的優惠券。

And we expect to get to our guidance by the beginning of next year.

我們預計將在明年初得到我們的指導。

There are still more opportunities in addition to the synergies that we identified in the longer term, and some of these would include particularly the boundaries that were sterilized between the 2 companies.

除了我們確定的長期協同效應之外，還有更多機會，其中一些機會特別包括兩家公司之間已消除的界限。

And then the big focus for us is about a million ounces of significant grade ore along the boundary between Carlin and Goldstrike.

我們關注的重點是卡林 (Carlin) 和 Goldstrike 之間邊界沿線的約 100 萬盎司高品位礦石。

And in particular, the portions of the mines we refer to as Deep Post, Tara and the North Star Frontier boundary for those who know Nevada at all.

特別是對於那些了解內華達州的人來說，我們稱之為 Deep Post、Tara 和 North Star Frontier 邊界的礦區部分。

Some of the key projects we are working on at Nevada Goldmines include the Turquoise Ridge third shaft that I've already referred to, the Cortez Deep South Project.

我們在內華達金礦正在進行的一些關鍵項目包括我已經提到的 Turquoise Ridge 第三豎井 Cortez Deep South 項目。

Again, we've just received the record of decision.

同樣，我們剛剛收到了決定記錄。

Robertson, [Wren], [Ritika], which is an underground block in Carlin.

羅伯森、[雷恩]、[瑞蒂卡]，這是卡林的一個地下街區。

The Levo underground extension which we are very excited about.

我們對 Levo 地下延伸線感到非常興奮。

And the exploration potential across the portfolio which includes, as I referred to earlier, the Little Boulder Basin where we've got 2 bore holes, legacy boreholes that are significant in their intersections.

正如我之前提到的，整個投資組合的勘探潛力包括小博爾德盆地，我們在那裡有兩個鑽孔，這些鑽孔在其交叉點上很重要。

Nevada Goldmines also has a future growth opportunity at the Goldrush complex where twin exploration declines are being developed to improve access to the orebody and enable further drilling for resource conversion.

內華達金礦公司在 Goldrush 綜合大樓中也有未來的成長機會，該綜合體正在開發雙勘探斜道，以改善對礦體的開採，並實現進一步鑽探以實現資源轉換。

Notably, we successfully submitted a plan of operations during the quarter to commence permitting for the project and we expect approval for that project in 2 years' time.

值得注意的是，我們在本季度成功提交了一份營運計劃，以開始批准該項目，我們預計該項目將在兩年內獲得批准。

This follows the successful receipt, as I pointed out, of the record of decision for the Deep South project in September of this year.

正如我所指出的，今年 9 月成功收到了深南計畫的決定記錄。

Fourmile and Goldrush are now being treated as a single project, although Fourmile has not yet been included in the Nevada Goldmines joint venture.

儘管 Fourmile 尚未納入內華達金礦合資企業，但 Fourmile 和 Goldrush 現在被視為一個單一項目。

Drilling in the southern part of Fourmile has recently returned the best yet intercepts.

四英里南部的鑽探最近取得了迄今為止最好的攔截結果。

In fact, in literally 3 quarters, we've had best yet intercepts in the Fourmile project.

事實上，在短短的三個季度裡，我們在四英里項目中實現了迄今為止最好的攔截。

And the boundary between Goldrush and Fourmile has reduced to just 100 meters.

Goldrush 和 Fourmile 之間的邊界也縮小到只有 100 公尺。

You'll see the intercept there that FM19-46D is a significant incept.

您將看到 FM19-46D 是一個重要的起點的攔截。

Remnants of the original Goldstrike intercepts for some of you sort of more bleached hair people will remember, like me.

對於像我這樣頭髮漂白過的人來說，最初的 Goldstrike 截獲的殘餘物會記得。

Also about a kilometer to the north of the Fourmile resource we announced at Denver a new discovery borehole and that is very significant.

另外，在四英里資源以北約一公里處，我們在丹佛宣布了一個新發現的鑽孔，這非常重要。

You'll see it on the inset down on the bottom left of the screen.

您將在螢幕左下角的插圖中看到它。

And we expect that we will continue to add to the resources and we are guiding to a significant increase in resources when we come out with our annual reserve and resource statements next year.

我們預計我們將繼續增加資源，當我們明年發布年度儲備和資源報表時，我們將指導資源的大幅增加。

Moving North to Canada and to Hemlo, which as you would have seen from the recent press releases, is being reengineered and refocused as a modern underground operation like Barrick's African mines.

向北轉移到加拿大和赫姆洛，正如您從最近的新聞稿中看到的那樣，該地區正在重新設計並重新定位為現代地下作業，就像巴里克的非洲礦山一樣。

At the time of the Barrick Randgold merger, there was some debate about Hemlo's viability.

在 Barrick Randgold 合併時，關於 Hemlo 的生存能力存在一些爭論。

But the anticipated performance improvements are now expected to secure its future.

但預期的性能改進現在有望確保其未來。

In Latin America, Pueblo Viejo, which laps the Nevada Goldmines, is a joint venture between Barrick and Newmont Goldcorp.

在拉丁美洲，環繞內華達金礦的普韋布洛維耶霍 (Pueblo Viejo) 是巴里克 (Barrick) 和紐蒙特黃金公司 (Newmont Goldcorp) 的合資企業。

It had a very good quarter with production tending to the top end of its guidance and costs down.

該季度業績非常好，產量接近指導上限，成本下降。

The plant expansion project at Pueblo Viejo is one of Barrick's most exciting growth prospects.

Pueblo Viejo 的工廠擴建項目是巴里克最令人興奮的成長前景之一。

The project is designed to improve throughput significantly, allowing the mine to maintain annual gold production of some 800,000 ounces, well beyond the next decade.

該項目旨在顯著提高產量，使該礦能夠在未來十年內保持約 80 萬盎司的年黃金產量。

The prefeasibility study of the plant expansion project is scheduled for completion by the end of this year and the combined feasibility study for the plant expansion and the new TSF site is forecast for next year.

工廠擴建工程的預可行性研究預計將於今年底完成，工廠擴建和新TSF場地的綜合可行性研究預計將於明年進行。

Pueblo Viejo's enormous resource space is in a class of its own and just being able to demonstrate the viability of the expansion project and secure the permitting for the new TSF facility, we estimate will add an additional 11 million ounces of resources to its minable reserves with still more likely to come from the ongoing drilling programs at that project.

Pueblo Viejo 龐大的資源空間獨一無二，只要能夠證明擴建項目的可行性並獲得新 TSF 設施的許可，我們估計其可開採儲量將增加 1100 萬盎司資源更有可能來自該項目正在進行的鑽探計劃。

The Dominican Republic is one of Barrick's go-to destinations and the dedicated exploration team is also building a portfolio of opportunities there outside the joint venture.

多明尼加共和國是巴里克的首選目的地之一，專門的勘探團隊也在合資企業之外在那裡建立了一系列機會。

Further south in Argentina, Veladero was one of our biggest initial challenges on the closure of the transaction.

再往南，在阿根廷，貝拉德羅是我們完成交易時面臨的最大挑戰之一。

And the team there has done a really good job in driving down costs, improving efficiencies, addressing some mainly environmental legacy issues, and rebuilding the relationships with the community, the province and the country.

那裡的團隊在降低成本、提高效率、解決一些主要環境遺留問題以及重建與社區、省和國家的關係方面做得非常好。

In conjunction with our partners at Shandong, we are working towards restoring that mine to its prior Tier One status.

我們正在與山東的合作夥伴一起努力將礦場恢復到先前的一級狀態。

In the meantime, connection Veladero to the cheaper power available from Pascua across the border in Chile, will also reduce operating costs further as well as reduce our carbon footprint materially.

同時，將貝拉德羅與智利邊境另一邊的帕斯誇提供的更便宜的電力連接起來，也將進一步降低營運成本，並大幅減少我們的碳足跡。

Staying in the region, we have identified lots of opportunity in and around Veladero, but outside the current mine plan.

留在該地區，我們在貝拉德羅及其周邊地區發現了許多機會，但不在目前的採礦計劃範圍內。

Latest results indicate the potential to extend the mine's life to the end of next decade.

最新結果顯示該礦的壽命有可能延長至下一個十年末。

We are also relooking at the Pascua-Lama project as well as advancing the Rojo Grande and Alturas targets along the highly prospective El-Indio belt.

我們也正在重新審視 Pascua-Lama 項目，並沿著前景廣闊的 El-Indio 地帶推進 Rojo Grande 和 Alturas 目標。

We now have dedicated exploration groups in Argentina, Peru and Chile, all focused on evaluating our current portfolio which is not unsubstantial as well as securing more opportunities along the Andean Trend.

我們現在在阿根廷、秘魯和智利設有專門的勘探小組，所有小組都專注於評估我們當前的投資組合（這一投資組合並非不重要），並沿著安第斯趨勢尋找更多機會。

Moving now across the Pacific and into Papua New Guinea, Porgera represents both an opportunity and a challenge.

現在跨越太平洋進入巴布亞紐幾內亞，波格拉既是機會也是挑戰。

In a different operating environment, a very difficult operating environment, the mine increased gold production by 23% quarter-on-quarter on the back of higher throughput and slightly better grades.

在不同的經營環境下，在非常困難的經營環境下，該礦在吞吐量較高且品位稍好的情況下，黃金產量較上季成長了23%。

At the same time, Porgera has been negotiating with the government for a 20-year extension to its recently expired special mining license.

與此同時，波格拉一直在與政府談判，將其最近到期的特殊採礦許可證延長 20 年。

Although our negotiations are directly with the government, there are many interest groups in this process like least of which are the local landowners and provincial government.

雖然我們的談判是直接與政府進行的，但這個過程中存在著許多利益集團，其中至少包括當地土地所有者和省政府。

So you can imagine the environment is quite dynamic and it's probably going to increase until we get final resolution on the terms of the renewal.

所以你可以想像環境是非常動態的，而且它可能會增加，直到我們就續約條款達成最終決議為止。

Barrick's new geological focus at Porgera has identified a multimillion-ounce potential based on extensions to the known orebodies and associated structures.

巴里克在波格拉的新地質重點已根據已知礦體和相關結構的延伸確定了數百萬盎司的潛力。

This have the potential to extend Porgera's life of mine significantly.

這有可能顯著延長 Porgera 礦井的使用壽命。

Across to Africa then, where the Loulo-Gounkoto complex delivered it usual solid performance with gold production up 4% on the previous quarter.

隨後前往非洲，Loulo-Gounkoto 綜合體一如既往地表現穩健，黃金產量比上一季成長了 4%。

Loulo is currently in the process of commissioning the group's first major solar power plant which will help to curb costs as well as to reduce its carbon footprint.

Loulo 目前正在調試該集團的第一座大型太陽能發電廠，這將有助於控製成本並減少碳足跡。

This is in line with Barrick's policy of switching to lower emission energy sources wherever it can.

這符合巴里克盡可能轉向低排放能源的政策。

Brownfields exploration at Loulo and Gounkoto continue to replenish the asset base, ensuring that we will sustain the complex' 10-year production plan.

Loulo 和 Gounkoto 的棕地勘探繼續補充資產基礎，確保我們維持該綜合體的 10 年生產計劃。

Across the border in Senegal, Barrick's Massawa project is currently being permitted.

在塞內加爾邊境，巴里克的馬薩瓦計畫目前正在獲得許可。

The Mali-Senegal border region, for those who are not aware, already hosts a large number of goldmining operations with the district mineral inventory estimated at a plus 6 million ounces.

也許有人不知道，馬利-塞內加爾邊境地區已經開展了大量金礦開採活動，該地區的礦產庫存估計超過 600 萬盎司。

And it remains highly prospective and we continue to hold a big position in that region and our geologists are always on the hunt for that next world-class discovery.

它仍然具有很高的前景，我們繼續在該地區佔據重要地位，我們的地質學家一直在尋找下一個世界級的發現。

Having delivered Massawa, our geologists' focus has shifted to the Bambadji joint venture.

交付馬薩瓦後，我們的地質學家的重點已轉移到班巴吉合資企業。

Three very interesting corridors have already been defined there and some significant targets have been scheduled for drilling when the dry season starts.

那裡已經劃定了三個非常有趣的走廊，並計劃在旱季開始時進行一些重要的鑽探目標。

Barrick's new emphasis on exploration is expanding its African footprint.

巴里克對勘探的新重視是擴大其非洲足跡。

From its original base in West Africa, Randgold moved into the DRC with Kibali.

Randgold 與 Kibali 一起從西非的原始基地遷入剛果民主共和國。

And following the Acacia buyout, Barrick is now expanding its portfolio across the Congolese and Tanzanian Cratons which we believe hold the potential for more Tier One discoveries.

在 Acacia 收購之後，巴里克現在正在剛果和坦尚尼亞克拉通擴大其投資組合，我們相信這些地區擁有更多一級發現的潛力。

Operationally, Kibali is trending well and like Loulo, has a solid mine plan for producing plus 600,000 ouncers per year for at least 10 years.

從營運角度來看，Kibali 的發展勢頭良好，與 Loulo 一樣，也制定了可靠的礦山計劃，每年至少生產 600,000 盎司，持續至少 10 年。

The lower income for the quarter I would just point out on the slide, is attributable to the higher depreciation following the merger fair value adjustments.

我在幻燈片中指出，本季收入較低是由於合併公允價值調整後折舊較高。

It's not really particular for the actual performance this last quarter.

對於上個季度的實際表現來說，這並不是特別特別。

As at Loulo, brownfields exploration continues to deliver good results, identifying multiple open pit opportunities along the [Kazid] zone as well as extending the underground reserve base.

與 Loulo 一樣，棕地勘探繼續取得良好成果，在 [Kazid] 地區發現了多個露天礦坑機會，並擴大了地下儲備基地。

We are also working on project to evaluate the potential for more underground orebodies, similar to the current KCD underground orebodies that made Kibali the giant it is today.

我們也致力於評估更多地下礦體潛力的項目，類似於目前的 KCD 地下礦體，而正是這些礦體使 Kibali 成為今天的巨型礦體。

Tanzania's Lake Victoria gold district has long been in our sights and the rollup of Acacia has opened up the country for us.

坦尚尼亞的維多利亞湖金礦區早已進入我們的視線，金合歡的捲起為我們打開了這個國家的大門。

You are familiar with the Acacia story, and I don't want to dwell on it again, but it would be remiss of me not to say that the way the business and operations were previously managed, left a lot to be desired.

您對 Acacia 的故事很熟悉，我不想再詳述它，但如果我不說以前的業務和營運管理方式還有很多不足之處，那就太失職了。

After agreeing with the government on a settlement of its disputes with the company, our focus now is on fixing the operations and managing out the legacy liabilities.

在與政府就解決與公司的糾紛達成協議後，我們現在的重點是修復營運並管理遺留負債。

I believe the agreement we reached with the Tanzanian government is a groundbreaking model for partnerships between mining companies and their hosts in Africa at a time when the industry is facing a rising tide of resource nationalization.

我相信，在該產業面臨日益高漲的資源國有化浪潮之際，我們與坦尚尼亞政府達成的協議是礦業公司與其非洲東道國之間合作的開創性模式。

It provides for the 50/50 sharing of the economic benefits created by our operations in Tanzania which will be managed by a company jointly owned by the government in a fully transparent manner.

它規定我們以 50/50 的比例分享我們在坦尚尼亞的業務所創造的經濟利益，該業務將由一家政府共同擁有的公司以完全透明的方式進行管理。

Known as Twiga, the Swahili name for Tanzania's national animal, the giraffe, this company recently had its inaugural meeting which was attended by all parties.

這家公司被稱為 Twiga（坦尚尼亞國家動物長頸鹿的斯瓦希里語名稱），最近舉行了首次會議，各方都出席了會議。

We expect the transaction to formally close during this current quarter.

我們預計該交易將在本季正式完成。

Operationally, Tanzania struggled during the quarter with the suspension of mining operations at North Mara for most of the quarter and the results reflect this disruption.

在營運方面，坦尚尼亞在本季度陷入困境，北馬拉的採礦作業在該季度的大部分時間都暫停，結果反映了這種破壞。

As you know, operations resumed near the end of quarter 3 and we expect a more normal quarter for quarter 4.

如您所知，營運已在第三季末恢復，我們預計第四季將更加正常。

This is a quick look at the rest of our goldmines which did not -- all did reasonably well with the exception of Kalgoorlie.

這是對我們其他金礦的快速瀏覽，除了卡爾古利之外，所有金礦都表現得相當不錯。

As previously highlighted, the sales process for Kalgoorlie has been initiated in line with our policy of disposing of noncore assets which we expect to advance in quarter 4. We continue to expect to realize in excess of $1.5 billion in value from our asset disposals by the end of next year.

正如先前所強調的，卡爾古利的銷售流程已根據我們預計在第四季度推進的非核心資產處置政策啟動。 。

As I noted earlier, Lumwana was the standout achiever in our cooper portfolio, achieving record throughput and increasing production by 33% quarter-on- quarter.

正如我之前指出的，Lumwana 是我們銅礦產品組合中的佼佼者，吞吐量創歷史新高，產量較上季成長 33%。

Sales were impacted at Lumwana by the refurbishment of one of the smelters that processes the mine's concentrate, and we expect this situation to be resolved by the end of this year.

Lumwana 的銷售受到其中一家加工礦山精礦的冶煉廠翻新的影響，我們預計這一情況將在今年年底得到解決。

With the integration of geology and great control into our mine planning and our first bash at optimized life of mine plans, as promised, there is 5-year outlook for the group.

隨著我們將地質學和嚴格控制融入我們的礦山規劃中，並按照承諾首次實現礦山規劃優化壽命，該集團有了 5 年的展望。

We have transferred responsibility for orebody, ore reserves and resource modeling as well as mine planning back to the operations as we said we would at the time of the merger.

正如我們在合併時所說的那樣，我們已將礦體、礦石儲量和資源建模以及礦山規劃的責任轉移回營運部門。

We are also working on a 10-year plan to serve as the group's foundation for capital allocation, budgeting and forecasting.

我們也正在製定一項十年計劃，作為集團資本分配、預算和預測的基礎。

This will be supported by the rollout of new information management systems designed to drive real time decision making through the availability of real time data.

這將得到新資訊管理系統的推出的支持，該系統旨在透過即時數據的可用性來推動即時決策。

We expect to share the 10-year production plan with the market in our 2019 annual report next year.

我們預計在明年的2019年年報中與市場分享10年的生產計畫。

As you can see, the group 5-year plan is very consistent with our previous 5-year guidance of 5.1 million to 6.1 million ounces, showing a steady and slightly increasing production profile with costs declining over the period.

正如您所看到的，該集團的 5 年計劃與我們之前 510 萬至 610 萬盎司的 5 年指導非常一致，顯示出產量穩定且略有增長，同時成本在此期間下降。

Looking at the underlying regions in more detail, the North American region now includes our interest in the newly formed Nevada Goldmine joint venture which has had a significant impact on the group's profile.

更詳細地觀察基礎區域，北美地區現在包括我們對新成立的內華達金礦合資企業的興趣，該合資企業對該集團的形象產生了重大影響。

Higher cost assets contributed from Newmont combined with the significant synergies we have identified, and its effect on lowering cutoff grades, have all impacted the blended cost profile of the business.

紐蒙特貢獻的較高成本資產加上我們已確定的顯著綜效及其對降低截止品級的影響，都影響了該業務的混合成本狀況。

As I mentioned earlier, this is our very first effort at putting this complex business together.

正如我之前提到的，這是我們將這項複雜業務整合在一起的第一次努力。

But I have no doubt the team will further refine this profile as we go forward.

但我毫不懷疑，隨著我們的前進，團隊將進一步完善這個形象。

The Lat Am and Asia Pacific profile includes our first estimates for the expansion of Pueblo Viejo in Dominican Republic which has had a significant impact on capital and all in sustaining costs, albeit the real benefits from this project will materialize beyond the 5-year window.

拉丁美洲和亞太地區概況包括我們對多明尼加共和國 Pueblo Viejo 擴建的初步估計，該項目對資本和所有維持成本產生了重大影響，儘管該項目的實際效益將在 5 年窗口後實現。

We are also making further investments at our Veladero mine to access prospective ground as we strive to return this asset back to Tier One status.

我們也在 Veladero 礦場進行進一步投資，以獲取潛在土地，同時努力使資產恢復到第一級狀態。

And in Africa and the Middle East region, the profile remains relatively consistent with previous guidance given with the exception of course of Tanzania where we have included our bid model as the base case.

在非洲和中東地區，情況與先前給出的指導相對一致，當然坦尚尼亞除外，我們將我們的投標模型作為基本案例。

You'll remember the argument we had with Acacia and we presented our bid model.

您會記得我們與 Acacia 的爭論，以及我們提出的出價模型。

In particular, this includes as of today about $200 million of capital for [Buly] in 2020 which in all reality is likely to be smooth over this next year and the year thereafter.

特別是，這包括截至目前為 [Buly] 2020 年提供的約 2 億美元資本，實際上，明年及後年可能會順利進行。

And is still dependent on the feasibility work we are undertaking as we aim at the restart of underground operations by quarter 4, 2020.

仍取決於我們正在進行的可行性工作，因為我們的目標是在 2020 年第四季之前重新啟動地下作業。

The copper profile shows the improvements that are ongoing and the improvement as well in efficiencies and cost reduction initiatives at Lumwana specifically.

銅概況顯示了 Lumwana 正在進行的改進以及效率和成本降低措施的改進。

And really, this has kept our production profile relatively steady and certainly a viable business, even at these lower copper prices that we're experiencing at the moment.

事實上，這使我們的生產狀況保持相對穩定，當然也是一項可行的業務，即使我們目前的銅價較低。

I started with our scorecard for the 9 months to September and pointed out that we have checked all the boxes.

我從截至 9 月的 9 個月的記分卡開始，並指出我們已經檢查了所有的方框。

So here is our to-do list going forward.

這是我們接下來的待辦事項清單。

And I have no doubt that our team will be able to deliver on these and again, this time next year, I'll be checking those boxes as well.

我毫不懷疑我們的團隊將能夠實現這些目標，明年的這個時候，我也會再次勾選這些選項。

And I'm sure we will find a few more to add as we go through this yearend into next year.

我相信，當我們從今年年底進入明年時，我們會發現更多的內容需要添加。

I end this presentation as usual with a look at how Barrick stacks up in the market against the gold equities and the gold price.

像往常一樣，我以巴里克在市場上相對於黃金股票和金價的表現來結束這次演講。

As you can see from the chart, we have been clear outperformers versus both the GDX and the gold price since the announcement of the value creating merger with Randgold.

正如您從圖表中看到的，自從宣布與 Randgold 進行價值創造合併以來，我們的表現明顯優於 GDX 和黃金價格。

While much has been achieved, there's no doubt in my mind that much remains to be done.

雖然已經取得了許多成就，但毫無疑問，我認為還有很多工作要做。

I hope today's presentation, ladies and gentlemen, has given you an insight into the many internal and external opportunities for sustainable profit and profitable growth that are within our reach at Barrick.

女士們、先生們，我希望今天的演講能讓你們深入了解巴里克力所能及的可持續利潤和盈利增長的許多內部和外部機會。

I thank you for your attention and we'll be happy to take questions.

感謝您的關注，我們很樂意回答問題。

We've actually got quite a big contingence of Barrick people here in the audience, so we can take pretty much, deal with any questions you can come up with.

事實上，我們的觀眾中有相當多的巴里克人，所以我們可以回答你們提出的任何問題。

We're going to start with the call people first and then we'll come back to you people here in London.

我們首先會打電話給人們，然後再打電話給倫敦的人們。

(Operator Instructions) Our first question comes from Chris Terry of Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Chris Terry。

I have a few.

我有幾個。

I just wonder if you can start with the 5-year guidance and if you can make some comments on the conservatism or what you've actually baked into it.

我只是想知道您是否可以從 5 年指導開始，以及您是否可以對保守主義或您實際融入的內容發表一些評論。

For example, the Nevada synergies that you're still going through and made great progress on, I just wondered whether you are putting the full number in for that, for example, just other areas of improvement and whether you have just at this point, put in projects that are fully approved.

例如，您仍在經歷並取得了巨大進展的內華達州協同效應，我只是想知道您是否為此提供了完整的數字，例如，只是其他方面的改進以及您是否在這一點上，全面批准的項目投入使用。

Just getting an idea given you've aimed towards the top end in 2019 of that guidance, if it's potentially conservative or a mid-case.

考慮到您的目標是在 2019 年達到該指導的最高值，這只是一個想法，如果它可能是保守的或中間的情況。

As you know, I'm never one who sort of under promises to overdeliver.

如你所知，我從來都不是一個承諾不足、超額交付的人。

So this is our best business case based on what we believe we can deliver.

因此，根據我們相信我們能夠提供的服務，這是我們最好的業務案例。

There are opportunities, some of them that I'll point to are for instance how we can bring PV expansion on and whether we can improve efficiencies.

機會是存在的，其中一些我將指出，例如我們如何實現光伏發電擴張以及我們是否可以提高效率。

But as we stand, this is our first bash at a scoping study.

但就我們而言，這是我們第一次對範圍界定研究進行猛烈抨擊。

We've got the pre-fease running now with the processing plant.

我們現在已經在加工廠進行了預檢。

We haven't quite finalized the detail in the flowsheet, so there is, I would say there is some upside opportunity there.

我們還沒有完全確定流程圖中的細節，所以我想說那裡有一些上升的機會。

Of course, there's ongoing drilling between the 2 current bits, and that has some opportunity.

當然，當前兩個鑽頭之間正在進行鑽探，這有一些機會。

But as far as our current reserves and our current orebody models are, we've included all of that.

但就我們目前的儲量和目前的礦體模型而言，我們已經包含了所有這些。

Veladero has some opportunities that we don't have sort of visibility on yet because there's still quite a bit of drilling to be done to be able to lift the life of mine.

貝拉德羅有一些我們還沒有看到的機會，因為仍然需要進行大量鑽探才能提高我的壽命。

We know that it looks very prospective.

我們知道它看起來非常有前景。

But again, that will come out in the 10-year plan rather than the current 5-year plan.

但同樣，這將在十年計劃中而不是當前的五年計劃中提出。

Nevada, we have baked in the synergies that we can see and that we've identified.

內華達州，我們已經充分利用了我們可以看到和確定的協同效應。

We've got no doubt that there will be improvements.

我們毫不懷疑會有改進。

Those improvements are largely expected to come from the continued optimization of our orebodies.

這些改進很大程度上預計來自於我們礦體的持續優化。

And also we need to do some work on the Carlin processing facilities, in particular the mill 6, the roaster, which at the moment is quite expensive.

我們還需要對 Carlin 加工設施進行一些改造，特別是 6 號磨坊和烘焙機，目前該設備的價格相當昂貴。

Its operating costs are high.

其營運成本較高。

It's a single bed roaster and we are going to be expanding that because it's an important facility for Goldrush.

這是一台單床烘焙機，我們將對其進行擴展，因為它是 Goldrush 的重要設施。

And we'll be improving both its ability to scrub mercury out of the ore and also to take a bigger throughput, so it will drop the costs.

我們將提高其從礦石中去除汞的能力，並提高吞吐量，從而降低成本。

Goldstrike roaster is one of the most efficient roasters on this planet when it comes to running it at just over $20 an ounce.

Goldstrike 烘焙機是地球上最高效的烘焙機之一，其運作成本略高於每盎司 20 美元。

$20 a ton, sorry.

20美元一噸，抱歉。

John corrected me there.

約翰在那裡糾正了我。

And Carlin is running in upper $30s, so we've got some opportunity in that process.

Carlin 的價格在 30 美元以上，所以我們在這個過程中有一些機會。

And then it's just what we can find.

然後這就是我們能找到的。

And I'd remind you why do we do this, and there is no other company that does it.

我想提醒您，我們為什麼要這樣做，沒有其他公司這樣做。

And we did it in Randgold, is that this is, it's always fascinated me that the mining industry allocates capital on the long term, tells you about their development and the life of mines and they don't give you the detail.

我們在 Randgold 做到了這一點，採礦業的長期資本分配一直讓我著迷，他們告訴你他們的發展和礦場的壽命，但他們沒有給你細節。

When you have a detailed plan, you can see the road, the speedbumps, you can identify opportunities, and we've always shared that with our stakeholders in a transparent manner.

當你有詳細的計劃時，你可以看到道路、減速帶，你可以發現機會，我們總是以透明的方式與利害關係人分享這一點。

That holds us accountable to deliver against it.

這讓我們有責任去應付它。

If you go back in the 23 years of Randgold, we delivered long term deliverables even out to our first big dividend.

如果你回顧 Randgold 的 23 年，我們甚至交付了長期可交付成果，甚至包括我們的第一筆巨額股息。

We said we would do it at the end of that particular year, and we did.

我們說過我們會在那年年底做到這一點，我們做到了。

So it's an important part of being a modern company is to tell people where you're going.

因此，成為現代公司的一個重要部分是告訴人們你要去哪裡。

So can we improve on that?

那麼我們可以對此進行改進嗎？

I'm confident we will.

我有信心我們會的。

Exactly what it is that we're going to improve on, that's a string of opportunities that we will disclose as and when we make them.

確切地說，我們要改進的是什麼，這就是我們在創造機會時會揭露的一系列機會。

Just in terms of the balance sheet, you're obviously now below $3.5 billion net debt.

僅就資產負債表而言，您現在的淨債務顯然低於 35 億美元。

Just wondering if you can comment a little bit on potential use of proceeds from the $1.5 billion of asset sales you flagged.

只是想知道您是否可以對您標記的 15 億美元資產出售收益的潛在用途發表一些評論。

You've obviously increased a dividend a little bit on this quarter versus last quarter, so just wondering where you're thinking about the use of proceeds.

與上季相比，本季的股息顯然增加了一些，所以想知道您在考慮收益的用途。

If your definition of a little bit is 25%, I wonder what you think is a lot?

如果你對「一點」的定義是25%，那你認為「很多」是多少？

We've got many opportunities to create value for our stakeholders.

我們有很多機會為利害關係人創造價值。

We said we were doing this because we saw the value in being the standout gold company with the dominant ownership of tier one assets.

我們說我們這樣做是因為我們看到了成為擁有一級資產主導所有權的傑出黃金公司的價值。

As you've seen almost surprisingly, it's now 3 quarters into our project and we've been able to wind down the debt, increase the cash positions.

正如您所看到的，令人驚訝的是，我們的專案現在已經進行了三個季度，我們已經能夠減少債務，增加現金頭寸。

We rolled over our revolver facility and dropped it to $3 billion because we're comfortable about where we are.

我們將左輪手槍設施展期並降至 30 億美元，因為我們對自己的現狀感到滿意。

We came out with an early dividend because, again, as you point out, and when you look at our 5-year plan, what's clear is there is some investment we need to make in 2020 to sort of tidy up the organization, but then if you look at the 5-year plan, the costs are coming down, capital is coming down, we've got a real focus on sustaining capital, and of course when costs come down and capital comes down, cash flows go up.

我們提前派發股息是因為，正如您所指出的，當您查看我們的 5 年計劃時，很明顯我們需要在 2020 年進行一些投資來整理組織，但隨後如果您看一下五年計劃，成本正在下降，資本正在下降，我們真正關注的是維持資本，當然，當成本下降和資本下降時，現金流量就會增加。

So that's the whole objective of doing business.

這就是做生意的全部目標。

What we do with those proceeds, again, something that I really believe in is that in mining you should deliver returns to your shareholders and in particular the best way is dividends.

我們如何處理這些收益，我真正相信的是，在採礦業中，你應該為股東帶來回報，特別是最好的方式是股息。

There are other mechanisms that we can consider and will consider like buying back shares as we change our asset portfolio sort of color.

我們可以考慮並將考慮其他機制，例如在改變資產組合顏色時回購股票。

But at the same time, I believe we are going to replace some of the assets that we are going to sell with better-looking assets.

但同時，我相信我們將用外觀更好的資產替換我們將要出售的一些資產。

Not that the ones we are selling are bad, they just don't fit our specific investment focus.

並不是說我們出售的產品不好，而是它們不符合我們特定的投資重點。

We have now really much, very much depleted our debt, our short-term debt payouts, so we've got a little bit more to do, but not much.

我們現在已經耗盡了我們的債務和短期債務支出，所以我們還有更多的事情要做，但不多。

And the remaining debt in the organization is long-dated debt, it's very expensive to settle.

而組織中的剩餘債務是長期債務，解決起來非常昂貴。

We will look at ways to do that on an opportunistic basis, but that means our cash will bold up and we and Randgold moved to a position where it's thought to have available cash of a certain amount, then it would pay the rest out.

我們將在機會主義的基礎上尋找實現這一目標的方法，但這意味著我們的現金將大膽增加，我們和Randgold 的立場是，它被認為擁有一定數量的可用現金，然後它將支付其餘部分。

That's something we look forward to being able to debate with our Board going forward.

我們期待未來能夠與董事會就這一問題進行辯論。

Right now, we are cleaning up the balance sheet and we've done it consecutively every quarter.

目前，我們正在清理資產負債表，並且每​​季都會連續進行清理工作。

We expect to continue to attain to that.

我們期望繼續實現這一目標。

And dividends we've said is going to be a driver of this business.

我們說過股息將成為這項業務的驅動力。

Again, we're mindful, for not one for special dividends or fancy ways to return cash to shareholders, we'll do it in a structured way.

再次強調，我們不會尋求特別股息或向股東返還現金的花哨方式，而是以一種結構化的方式進行。

We've debated share buybacks many times in my career with my respective board colleagues and I'm sure that debate will continue to be had going forward.

在我的職業生涯中，我們曾多次與各自的董事會同事就股票回購進行辯論，我相信這種辯論今後還會繼續進行。

The positive message is we're going to have all those debates because we generate cash and they are good debates to have.

積極的訊息是我們將進行所有這些辯論，因為我們產生現金，而且這些辯論是很好的辯論。

Just the last one for me, what's the timing you're thinking for the potential inclusion of Fourmile into the JV?

我想問最後一個問題，您認為何時可能將 Fourmile 納入合資企業？

We want to bank that properly.

我們希望將其妥善存入銀行。

Right now, with that new discovery hole way out a kilometer from any of our resource estimates, it really does open up that opportunity substantially.

目前，這個新發現的洞距離我們的任何資源估計都相差一公里，它確實大大打開了這個機會。

And we've got a lot of comfort that Goldrush is at a stage where it's a matter of process to bank it.

我們感到非常欣慰的是，Goldrush 正處於一個將其存入銀行的過程問題的階段。

And then it's about access to the Fourmile deposit whether we do it via Goldrush infrastructure, we come in where there's an opportunity to come in from an old pit on the other side of the trend.

然後，無論我們是否透過 Goldrush 基礎設施來獲取 Fourmile 礦床，我們都會有機會從趨勢另一邊的舊礦坑進入。

There's a couple of things that we still want to do and I think first of all, let's build the portfolio.

我們仍然想做一些事情，我認為首先，讓我們建立投資組合。

We've only got, where's Roger, a couple of hundred thousand ounces there now, 250 -- 700,000 ounces.

羅傑在哪裡，我們現在只有幾十萬盎司，250 - 700,000 盎司。

So we are expecting a substantial increase in inventory with our annual declarations early next year, but I would say it's a couple of years before we are comfortable that we've got the critical mass to warrant moving that to a feasibility stage project.

因此，我們預計明年初的年度申報庫存將大幅增加，但我想說，我們還需要幾年時間才能確信我們已經擁有足夠的臨界質量來保證將其轉移到可行性階段項目。

What I would add, and it's something that we've had great debates over, is Rod is starting, as head of Projects & Evaluations, is starting to take a much bigger focus on this project now because it's reasonably well framed.

我要補充的是，我們對此進行了激烈的辯論，羅德作為項目與評估負責人，現在開始更加關注這個項目，因為它的框架相當好。

And so a lot of process rather than exploration endeavor.

所以有很多過程而不是探索努力。

And we've encouraged Rod and his, I mean Rob Krcmarov and his team, to move away and find the next one and not get bogged down by ongoing drilling in this project.

我們鼓勵 Rod 和他的團隊，我是說 Rob Krcmarov 和他的團隊，離開並尋找下一個，而不是因為該專案正在進行的鑽探而陷入困境。

Rod, do you want to add anything to that?

羅德，你想補充什麼嗎？

(inaudible) I'll just repeat that because the mic wasn't on.

（聽不清楚）我會重複一遍，因為麥克風沒有打開。

That best hole that we reported this quarter (inaudible) some of the best -- obviously, the best result there.

我們本季報告的最佳洞（聽不清楚）是一些最好的洞——顯然，是那裡最好的成績。

So there's opportunity the western side as well.

所以西部地區也有機會。

Within Fourmile as well.

也在四英里之內。

The westernmost edge of that current Fourmile resource is very much open.

目前四英里資源的最西邊非常開放。

Quite a bunch of drilling to be done in the coming next 12 months to actually find out how big the Fourmile resource is.

在接下來的 12 個月內需要進行大量鑽探，才能真正找出 Fourmile 資源有多大。

Just for those here, and I don't know if you can see my pointed, but what Rod is taking about that this trend, which there is the greater Goldrush Fourmile trend, what we're seeing is on the western side, that's this side, there tends to be a plunge to the orebody there and there and there and so on in Goldrush.

對於這裡的人來說，我不知道你是否能明白我的觀點，但是羅德對這種趨勢的看法是什麼，有更大的淘金四英里趨勢，我們看到的是在西側，那就是這個在淘金熱中，礦體往往會出現暴跌。

And so we haven't drilled that western edge of the mineralization and we are expecting to be able to extend the mineralization to the west.

因此，我們還沒有鑽探礦化區的西緣，我們希望能夠將礦化區延伸到西部。

So we've still got quite a bit of work to do to close off those trends.

因此，我們仍有大量工作要做來阻止這些趨勢。

The big thing for me is, there's more to find.

對我來說最重要的是，還有更多東西要發現。

We've got [Bleasdale] trend which is subparallel to the Goldrush Fourmile trend to the west of the trend as you see on that slide.

我們有 [Bleasdale] 趨勢，它與 Goldrush Fourmile 趨勢近似平行，位於該趨勢以西，正如您在幻燈片中看到的那樣。

And then we've got another couple of outlier intersections, positive intersections, to the east.

然後我們在東邊還有另外幾個異常交叉點，即正交叉點。

And so are there subparallel trends to this main mineralized trend going forward.

未來此主要礦化趨勢是否有次平行趨勢。

Our next question comes from Matthew Murphy of Barclays.

我們的下一個問題來自巴克萊銀行的馬修·墨菲。

Just chewing through some of the 5-year guidance here and looking at North America.

只是仔細閱讀這裡的一些 5 年指南並看看北美。

The Turquoise Ridge production looks fairly steady through 2024 despite that third shaft coming on.

儘管第三個豎井即將投入使用，但到 2024 年，Turquoise Ridge 的產量看起來仍相當穩定。

So I guess should we be reading from that that cutoff grades are going to get dropped further in the 2022, 2023 time frame?

所以我想我們是否應該讀到截止分數將在 2022 年、2023 年時間範圍內進一步下降？

Absolutely.

絕對地。

That's one of our biggest issues that when we took over Barrick, Barrick was absolutely obsessed with high grading its orebodies.

這是我們最大的問題之一，當我們接管巴里克時，巴里克完全沉迷於礦體的高品位。

And it was appropriate for that phase in its life because it was dealing with some massive debt coming from $12 billion of debt.

它非常適合其生命中的這個階段，因為它正在處理 120 億美元債務中的巨額債務。

But we said at the time that we would re-optimize the orebody and allow the orebodies to manage the life of mine.

但我們當時就說過，我們會重新優化礦體，讓礦體來管理礦場的壽命。

And that's critical because when you have tier one assets, there's 2 components of value that you have for your shareholders.

這很重要，因為當你擁有一級資產時，你為股東帶來了兩個價值組成部分。

One is the margin and the gold price.

一是保證金和金價。

The other is the cyclicality of the gold industry.

另一個是黃金產業的周期性。

And with a tier 1 asset plus 10 years, you get that cycle.

有了一級資產加上 10 年，你就得到了這個週期。

And so you don't want to go and overmine your orebody, you want to optimize it for the long term.

因此，您不想過度開採礦物體，而是希望對其進行長期優化。

And that's what we have done and we will continue to do.

這就是我們所做的並將繼續做的。

I mean Turquoise Ridge has got significant upside opportunity in the brownfields extensions of the known reserves.

我的意思是，綠松石嶺在已知保護區的棕地擴展中獲得了巨大的上升機會。

Remember the reserves are significant at Turquoise Ridge and we've still got more.

請記住，綠松石嶺的儲量非常可觀，而且我們還有更多。

We've got the old schedule extensions to open pit opportunities and the tradeoff of whether we go underground or come back and take a bigger lower grade rate cut.

我們已經將舊的時間表延長到露天開採機會，並權衡我們是進入地下還是回來並採取更大的較低品位率削減。

But right now, we've brought the cutoff grades down from over 12 grams a ton and our target is to get down to about 6.5 is the target.

但目前，我們已將臨界品位從每噸 12 克以上下調，我們的目標是降至 6.5 克左右。

Do you want to add to that?

你想補充一下嗎？

So the only thing that I'd add is Turquoise Ridge is very much work in progress.

所以我唯一要補充的是，Turquoise Ridge 的工作正在進行中。

We've just obviously debottleneck (inaudible) point of view (inaudible) point of view so that's out of the way now.

我們顯然已經消除了（聽不清楚）觀點（聽不清楚）的瓶頸，所以現在這已經不成問題了。

Pushing on to the plant, you would have seen the initial increases coming through this quarter, but obviously that's work in progress.

繼續推進工廠，您會看到本季的初步成長，但顯然這是正在進行的工作。

You would have seen how hard we can push that plant with the various feeds.

您會看到我們可以用各種飼料來推動該植物的生長。

And then in unison to that as Mark was how big is the orebody and then reoptimize the hole (inaudible) and open pit, et cetera, to fill that plant with the best grade we can with the long-term view.

然後與馬克一致，礦體有多大，然後重新優化洞（聽不清楚）和露天礦坑等，從長遠來看，以我們所能達到的最佳品位填充該工廠。

So a lot of work still to come.

因此還有很多工作要做。

Got you.

明白你了。

Okay.

好的。

And then just as it relates to that, the near-term synergies show you've already done $73 million executed or advancing there.

與此相關的是，近期協同效應顯示您已經執行或推進了 7,300 萬美元。

Do you see upside to that near-term synergy number?

您認為近期協同效應數字有上升空間嗎？

Of course, we do.

當然，我們這樣做。

So one of them is, as Rod says, the plant expansion.

正如羅德所說，其中之一就是工廠擴建。

And again, just bear in mind, we've just changed the whole management structure at Turquoise Ridge.

再次強調，請記住，我們剛剛改變了 Turquoise Ridge 的整個管理結構。

In fact, for the Barrick Group, I think there are only 2 people in senior management and the operations that were there when we arrived.

事實上，對於巴里克集團，我認為我們到達時高階管理層和營運部門只有兩個人。

The rest is all new.

其餘的都是新的。

We've just changed the leadership on the processing plant at Twin Creeks and we jacked up the throughput.

我們剛剛更換了雙溪加工廠的領導層，並提高了吞吐量。

So there's a lot more work to do on efficiencies.

因此，在提高效率方面還有很多工作要做。

I think John and his team have already shown that just even in the standard operating procedures when it comes to autoclaves, how we manage the fuel in the autoclaves and the temperature and the ability to treat higher energy, higher fuel ore, we've got a lot of work to do right across the group.

我認為約翰和他的團隊已經表明，即使在高壓滅菌器的標準操作程序中，我們如何管理高壓滅菌器中的燃料、溫度以及處理更高能量、更高燃料礦石的能力，我們也有整個團隊有很多工作要做。

But at Turquoise Ridge in particularly.

但在綠松石嶺尤其如此。

John, do you want to add something to that?

約翰，你想添加一些內容嗎？

You've got to push the button over there, you'll go red.

你必須按下那邊的按鈕，你就會變紅。

Got it.

知道了。

Yes, I think the first phase at Twin Creeks was really just raising the densities in the feed to the autoclaves to give us additional 15% to 20%.

是的，我認為 Twin Creeks 的第一階段實際上只是提高了高壓滅菌器進料的密度，使我們額外增加了 15% 到 20%。

But we're trialing that now, it's going well.

但我們現在正在嘗試，進展順利。

It's really a tradeoff, slight tradeoff against recovery, but the key is maximizing the ounce production and the cost per ounce and that's what we're choosing there.

這確實是一種權衡，對復甦的輕微權衡，但關鍵是最大化盎司產量和每盎司成本，這就是我們的選擇。

And Matt, we've also got a lot of work to do.

馬特，我們還有很多工作要做。

Right now, we're constrained through the environment, that's why the shaft is so critical, because it changes our entire ventilation protocol.

現在，我們受到環境的限制，這就是為什麼豎井如此重要，因為它改變了我們的整個通風方案。

And in the meantime, we are working hard at fully automating the mining in Turquoise Ridge.

同時，我們正在努力實現綠松石嶺採礦業的完全自動化。

Its Geotech conditions are challenging, so automated self-miners, which we've got a second one in the steps now, is important.

它的地質技術條件具有挑戰性，因此自動化自助採礦機（我們現在已經在步驟中安裝了第二個）非常重要。

We have already got backfill process fully automated and that's our focus.

我們已經實現了回填流程的完全自動化，這就是我們的重點。

And of course, electric underground vehicles also help in managing the environment.

當然，電動地下車輛也有助於管理環境。

They've got a lot of stuff to do to be able to pick up the efficiencies there.

為了提高效率，他們還有很多事情要做。

But this is based on what we can do today.

但這是基於我們今天能做的。

Our next question comes from Tanya Jakusconek of Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

I have 2 questions.

我有 2 個問題。

The first one has to do with the 5-year guidance.

第一個與五年指導有關。

Just a bit more clarity.

只是更清晰一點。

I know you have some footnotes at the end of the presentation, but just wanted to ask first, is Long Canyon Phase 2 included in your forecast?

我知道您在演示的最後有一些腳註，但我想先問一下，長峽谷二期是否包含在您的預測中？

No.

不。

And then maybe, Mark, has something changed at Massawa that you've included into your forecast?

馬克，也許馬薩瓦發生了一些變化，您已將其納入您的預測中？

I was under the impression it didn't meet your hurdle rate.

我的印像是它沒有達到你的最低門檻。

Maybe something has changed there?

也許那裡發生了一些變化？

Massawa, if it was in Randgold, we would have developed it.

馬薩瓦，如果是在蘭德戈爾德，我們就會開發它。

It is busy.

它很忙。

We've got a business plan for it, we are applying for the permits, and we will deal with it as and when we have secured the permits.

我們已經為此制定了商業計劃，正在申請許可證，一旦獲得許可證，我們將處理此事。

Graham wants to say something.

格雷厄姆想說點什麼。

I was just going to say that at $1,200 gold, which is the gold price that we use for investment decisions now, (inaudible).

我只是想說，黃金價格為 1,200 美元，這是我們現在用於投資決策的黃金價格（聽不清楚）。

Okay, so you've moved.

好吧，所以你已經搬家了。

I thought we were still at $1,000, hurdle rate of 20%.

我認為我們的獲利水準仍為 1,000 美元，最低門檻為 20%。

So it's been moved to $1,200?

那麼價格已經調到 1,200 美元了嗎？

You clearly haven't read the footnotes.

你顯然沒有讀過腳註。

Okay.

好的。

Well, I think I did, but maybe just coming back to Kibali and I think, Mark, you mentioned plus 600,000 ounces over the next 10 years from that asset.

嗯，我想我做到了，但也許只是回到基巴利，我想，馬克，你提到在未來 10 年從該資產中增加 600,000 盎司。

Just a little bit more clarity.

只是更清晰一點。

Is some of that coming from the open pit, additional open pit material from the drilling that you've been encountering lately?

其中一些來自露天礦，您最近遇到的鑽探過程中產生了額外的露天礦材料嗎？

We've got a whole lot of new opportunities.

我們有很多新的機會。

We have got the new [Sesangi] pit, we've got the -- and it will change as we go.

我們已經有了新的[Sesangi]坑，我們已經有了——它會隨著我們的進展而改變。

[Kalonga] is a pit that's already in the mine plan which is open pit.

[Kalonga] 是一個已經在採礦計畫中的露天礦坑。

We've got a number of targets we are evaluating, as I said in the presentation, along the Kazid zone.

正如我在演示中所說，我們正在評估卡齊德地區的許多目標。

There's a prospect of a super pit joining the Sesangi and KCD pits.

Sesangi 和 KCD 維修站有可能會出現一個超級維修站。

But right now, what that plan entails is only the reserves.

但目前，該計劃只涉及儲備金。

We haven't added resources or soon to be discovered ounces.

我們還沒有添加資源或即將發現的盎司。

Simon?

西蒙？

It's great.

這很棒。

Just wait, Simon is going to -- (inaudible - no mic).

等等，西蒙將要－－（聽不清楚－－沒有麥克風）。

Simon says the 10-year plan has open cost material for the entire 10 years.

西蒙表示，十年計劃在整個十年內都有開放成本材料。

Okay.

好的。

I think it was a bit different than..

我認為這與..有點不同。

And Tanya, we've got visibility of some significant millions of ounces of potential resources that have every reason for us to consider them to be converted to reserves.

塔妮亞（Tanya），我們已經了解了一些數百萬盎司的潛在資源，我們有充分的理由考慮將它們轉化為儲備。

Both at Loulo-Gounkoto at and at Kibali.

分別在 Loulo-Gounkoto 和 Kibali。

And I pointed out that's where we want to get the full group to.

我指出這就是我們想要讓整個團隊都去的地方。

That's where we're going.

這就是我們要去的地方。

These are legacy Randgold assets, they have a rolling 10-year plan and that's where our objective is for the rest of the group.

這些是 Randgold 的遺留資產，他們有一個滾動的 10 年計劃，這就是我們為集團其他成員設定的目標。

Okay.

好的。

And similarly with Loulo-Gounkoto, longer on the Gounkoto side?

與 Loulo-Gounkoto 類似，Goonkoto 一側的時間更長？

The Gounkoto, there's 2 things.

Gounkoto，有兩件事。

One is the pit has produced more ounces than our original feasibility.

一是該礦坑生產的盎司數量超過了我們最初的可行性。

I think the point I would always make on behalf of our team is our feasibility studies have all been delivered against and some.

我認為我始終代表我們團隊提出的觀點是，我們的可行性研究全部都是針對某些項目進行的。

So the Gounkoto pit, it is certainly going to beat its plan as original super pit plan.

所以 Gounkoto 礦坑，它肯定會超越原來的超級礦坑計劃。

And then we've got a new underground section at Gounkoto, so another phase of investments for Gounkoto.

然後我們在 Gounkoto 建立了一個新的地下部分，這是 Gounkoto 的另一個階段投資。

And again, that 10-year plan doesn't include every, all the potential that we see in extending the high-grade zone of [Vielea] which we referred to in today's results.

再說一遍，這個十年計畫並不包括我們在擴大[Vielea]高品味區域方面看到的所有潛力，我們在今天的結果中提到了這一點。

Which again, has delivered some significant step out results.

這又帶來了一些重大的成果。

And so and we've still got Loulo 3 that we've got a lot of work to do and so we're not short of potential in the Loulo-Gounkoto district.

因此，我們還有 Loulo 3，我們還有很多工作要做，所以我們在 Loulo-Gunkoto 地區並不缺乏潛力。

Okay.

好的。

And then maybe just on the copper guidance, the -- you have the chloride leach in for Zaldivar in that plant.

然後也許只是根據銅的指導，--你可以在該工廠中為扎爾迪瓦（Zaldivar）進行氯化物浸出。

Can you remind me, Graham, what the capital is for that?

格雷厄姆，你能提醒我，首都是什麼嗎？

Yes, the approximate amount is about $170 million.

是的，金額約為 1.7 億美元。

And we haven't finished that feasibility study, Tanya.

我們還沒有完成可行性研究，塔妮亞。

We're busy with it.

我們正忙著呢。

Okay.

好的。

And then maybe just my second question is actually for both Rob or Rod.

也許我的第二個問題實際上是針對羅布或羅德的。

It's got to do with the reserves and resources that are coming out in I guess it's February.

我想這與二月的儲備和資源有關。

And I think you had talked about doing reserves at $1,200 and resources at $1,500.

我想您曾討論過儲備金為 1,200 美元，資源為 1,500 美元。

And I think Mark, you talked a lot also on the call about areas where you see reserves increasing and resource increasing.

我想馬克，您在電話會議上也談到了很多關於儲量增加和資源增加的領域。

So I wanted to circle back with Rob and Rod on a couple of these assets.

因此，我想與 Rob 和 Rod 一起討論其中的一些資產。

I think [Levo], I think you said there's multiounce potential there.

我想[Levo]，我想你說過那裡有多盎司的潛力。

Will that be in the resource category?

那會屬於資源類別嗎？

Yes, Levo, Tanya, will still take some time to get into resource, but there's a lot of inventory potential there that will be coming.

是的，Levo，Tanya，仍然需要一些時間來獲得資源，但那裡將會有大量的庫存潛力。

Just looking at sort of reserves at Goldstrike underground and the Carlin underground mines in total will more than replenish depletion.

只要看看 Goldstrike 地下礦和 Carlin 地下礦的總儲量就足以補充枯竭的資源。

Kibali we've mentioned is going to do well.

我們提到的基巴利將會表現出色。

Bid (inaudible) is doing pretty well.

出價（聽不清楚）表現相當不錯。

So those are obviously some of the key assets.

所以這些顯然是一些關鍵資產。

Veladero will, PV will.

Veladero 會，PV 會。

PV not yet.

PV還沒有。

Until the feasibility comes, there's a lot of potential there sitting outside reserve and resource and just waiting for that feasibility to come.

在可行性出現之前，在儲備和資源之外還有很多潛力，只是等待可行性的出現。

But that won't come this year.

但今年不會出現這種情況。

So there is some good news.

所以有一些好消息。

Obviously from a Barrick perspective, there will be increases because of acquisitions and the merger with Randgold, coming through.

顯然，從巴里克的角度來看，由於收購以及與 Randgold 的合併，將會成長。

The JV helps us in Nevada obviously.

合資企業顯然對我們在內華達州有幫助。

There's quite a big uptick there in ounces coming through that JV, of that 61%, but there's a lot more.

透過該合資企業生產的盎司數量大幅增加，佔 61%，但還有更多。

And Turquoise Ridge, Rod, I think you're going to be changing the cutoff grade there, so there's multimillion ounces adding to reserves there?

綠松石嶺，羅德，我想你會改變那裡的截止品位，所以那裡的儲量增加了數百萬盎司？

Yes, obviously we're going from 75 down to 61 at Turquoise Ridge in particular, but it's the whole complex that you're looking at.

是的，顯然我們要從 75 下降到 61，特別是在 Turquoise Ridge，但您看到的是整個建築群。

And yes, obviously dropping the cutoff immediately because of that TMA out of it increases ounces.

是的，顯然立即降低了截止值，因為其中的 TMA 增加了盎司。

So the cutoff grade, if you look, do the math, it's north of a million ounces that it adds.

所以，如果你看一下，計算一下，截止品位，它增加了超過一百萬盎司。

And you look at the depletion for that asset even with the 61%, and that said, it should be better.

你看看該資產的消耗情況，即使是 61%，也就是說，它應該更好。

I think Tanya, one thing I would point out to you is we have used $1,200 on estimating our life of mines.

我想 Tanya，我想向您指出的一件事是，我們使用了 1,200 美元來估計我們的地雷壽命。

We will be using $1,200 and both this $1,200 long term goal flat and 15% IRR is sort of focus.

我們將使用 1,200 美元，1,200 美元的長期目標持平和 15% IRR 都是重點。

On PV, you need to know that the conversion Rod refers to is from measured and indicated, so those ounces are there and they're economic at $1,200.

在 PV 上，您需要知道 Rod 所指的換算是透過測量和指示得出的，因此這些盎司就在那裡，而且經濟價格為 1,200 美元。

All we need is to prove that we can put the tailing somewhere and they become reserves.

我們所需要的只是證明我們可以將尾礦放在某個地方，並將它們變成儲備。

So it's important for you to appreciate that there's no extra drilling on the additional 11 million ounces we referred to in the report.

因此，您必須了解我們在報告中提到的額外 1100 萬盎司沒有進行額外的鑽探。

There's no extra drilling to be able to convert that into reserves.

無需額外鑽探即可轉換為儲量。

It's really just the permitting of the TSF.

這實際上只是 TSF 的許可。

Yes, but we're not expecting that at yearend, I think Rob said that.

是的，但我們預計年底不會出現這種情況，我想羅布是這麼說的。

As Rob said it and we've said it, that's through next year.

正如羅布所說，我們也說過，那是明年的事了。

Yes, and Tanya, I'd add that the $1,200, moving from $1,000 to $1,200, I mean it's really only affecting the legacy Randgold assets.

是的，Tanya，我想補充一點，1,200 美元，從 1,000 美元到 1,200 美元，我的意思是它實際上只影響遺留的 Randgold 資產。

And both those orebodies, the new Gounkoto orebodies and the Kibali orebody is very geologically constrained.

新 Gounkoto 礦體和 Kibali 礦體這兩個礦體在地質上都受到很大限制。

So there's actually, these increases we're talking about are coming from (inaudible) and Kibali are not driven by the $200 increase.

所以實際上，我們談論的這些成長來自（聽不清楚），而 Kibali 並不是由 200 美元的成長所驅動的。

They are orebody extensions that we're bringing in and we've actually brought in very little to that adjustment.

它們是我們引入的礦體延伸，但實際上我們在調整中引入的內容很少。

Our next question comes from Anita Soni of CIBC.

我們的下一個問題來自 CIBC 的 Anita Soni。

My question is a little bit more high level.

我的問題有點高層次。

Could you give me a sort of a breakout in 2020 and 2021 what the difference between the sustaining and the project capital expenditure is?

您能否為我介紹一下 2020 年和 2021 年維持資本支出和專案資本支出之間的差異是什麼？

I could, but I won't.

我可以，但我不會。

Well, that won't help me modeling, but I'll move to my next question.

好吧，這對我建模沒有幫助，但我將轉向下一個問題。

Can you highlight to me then the major drivers for the difference between the current total capital expenditures this year, $1.4 billion to $1.7 billion.

您能否向我強調今年 14 億美元至 17 億美元資本支出總額差異的主要驅動因素？

And then you're moving up towards like a $1.9 billion or $2 billion for the next couple of years.

然後在接下來的幾年裡，你的收入將增加到 19 億美元或 20 億美元。

What are the if you had to pinpoint 3 things --

如果你必須指出三件事——

That's just the next year, 2020.

那隻是明年，2020年。

And you can see it on the chart.

您可以在圖表上看到它。

So as I said to you, $200 million on Buly which is quite sort of variable at the moment.

正如我對你所說，Buly 的 2 億美元目前還存在著很大的變數。

That's what we used in our bid model.

這就是我們在出價模型中使用的。

We don't have the ability to schedule that in any detail, that will come with the feasibility study.

我們沒有能力詳細安排可行性研究中的細節。

We've got the additional capital in PV.

我們在光伏領域擁有額外的資本。

Again, that's a long-term capital commitment and there's some extra capital in Loulo-Gounkoto on development and the rest is pretty much as per the schedule.

同樣，這是一項長期資本承諾，Loulo-Gunkoto 有一些額外的資本用於開發，其餘的幾乎按照計劃進行。

There's a bit more capital in Veladero as well.

貝拉德羅也有更多的資本。

Sorry, Anita, how much did you say the capital was?

抱歉，安妮塔，你說首都是多少？

I'm looking at this chart and I'm like maybe my ruler is incorrect or I need better glasses, but the blue line that you have here basically shows that it's sort of pretty flat from 2020 to 2021 for the total capital number, at $2 billion.

我正在看這張圖表，我想也許我的尺子不正確，或者我需要更好的眼鏡，但這裡的藍線基本上表明，從 2020 年到 2021 年，總資本數量相當平坦，為20億美元。

As Mark says, a lot of that is to do with the investment that's going in for the development of Veladero, for the development of PV, extra capital to ensure that we've got a 10-year plan.

正如馬克所說，這很大程度上與貝拉德羅的開發、光伏發電的開發、額外資本以確保我們制定十年計劃的投資有關。

So a lot of this capital is really, as Mark mentioned in his speech, going to give us benefits in the 10-year plan, not in the 5-year plan, because of course we're working towards a long term business here.

因此，正如馬克在演講中提到的那樣，這些資本中的很大一部分確實會為我們帶來十年計劃中的好處，而不是五年計劃中的好處，因為我們當然正在努力開展長期業務。

And I think, Anita, just to soften Graham's undiplomatic response to the split in sustaining and capital is that it's an absolute obsession of mine to bring the sustaining capital down and we've got a lot of focus in that part of our business.

我認為，安妮塔，為了緩和格雷厄姆對維持資本和資本分裂的非外交反應，我絕對痴迷於降低維持資本，而我們對這部分業務有很多關注。

Once we get granularity on that, we'll start sharing it with you.

一旦我們了解了這一點，我們將開始與您分享。

Our next question comes from Greg Barnes of TD Securities.

我們的下一個問題來自道明證券的格雷格·巴恩斯。

Mark, given the free cash flow this company should generate, I know we've debated about the dividend in the past, but do you see a model where Barrick would commit to doing something like the major diversifieds do which is paying out 30% to 50% of net profits on an ongoing basis as a dividend?

馬克，考慮到這家公司應該產生的自由現金流，我知道我們過去曾就股息進行過爭論，但是你是否看到巴里克會承諾做一些類似於主要多元化公司所做的事情的模型，即向股東支付30% 的股利持續淨利的 50% 作為股利？

You know, Greg, all I can say is I refer you back to our Randgold business.

你知道，格雷格，我只能說我建議你回到我們的 Randgold 業務。

We paid 13 years of increasing dividends on the back of a long-term plan despite what the gold price did.

儘管金價走勢如何，我們還是在長期計劃的支持下支付了 13 年不斷增加的股息。

It went up and down, not necessarily in that order through that period.

在那個時期，它的走勢不一定是照這個順序上下波動的。

So I'm more of the view that in any business there's the sort of requirement of cash reserves to ensure that you can deliver the business.

因此，我更傾向於認為，任何企業都需要現金儲備，以確保您能夠交付業務。

And the one thing, I've been in this industry longer than most people on this call or in this room, and the one thing you never want to be is beholden on the market for money.

有一件事，我在這個行業的時間比這次電話會議或這個房間裡的大多數人都長，而你永遠不想做的一件事就是對市場的錢負有責任。

And so that's our business, it's a long-term business, everyone says it, but very few people manage their business on a long-term basis.

這就是我們的業務，這是一項長期業務，每個人都這麼說，但很少有人長期管理他們的業務。

We do.

我們的確是。

So we will, as a gold business, our job is to give our owners maximum exposure to the gold price which we and I have done my entire career.

因此，作為一家黃金企業，我們的工作是讓我們的所有者最大限度地接觸黃金價格，這是我們和我在整個職業生涯中所做的。

And I expect to be able to continue to do that.

我希望能夠繼續這樣做。

We have no doubt that we can deliver that 5-year plan and the 10-year plan that we're working on, and the life of mine plan at any conceivable gold price without having to beg any money from anyone.

我們毫不懷疑，我們可以以任何可以想像的金價實現我們正在製定的五年計劃和十年計劃，以及礦山計劃，而無需向任何人乞討任何資金。

And I have no intention of putting that strength at risk.

我無意將這種力量置於危險之中。

We've seen through my career, as you have, Greg, people trying to link dividends to gold price, dividends to this.

格雷格，正如你所見，我們在我的職業生涯中看到了人們試圖將股息與金價聯繫起來，將股息與此聯繫起來。

Everyone has a fad.

每個人都有一種時尚。

My job is to convert reserves into cash flow, make sure we've got enough to be able to invest in our own future and give the rest to our shareholders and a substantial part of that to our stakeholders like our host countries in the form of profits tax.

我的工作是將儲備金轉化為現金流，確保我們有足夠的資金來投資我們自己的未來，並將其餘的資金交給我們的股東，並將其中很大一部分以以下形式交給我們的利益相關者，例如我們的東道國利得稅。

Our next question comes from Andrew Kaip of BMO.

我們的下一個問題來自蒙特利爾銀行的安德魯·凱普。

Good morning, gentlemen, and congratulations on a good quarter.

早安，先生們，恭喜季度業績良好。

I've got just 3 quick questions.

我只有 3 個簡單的問題。

One of them is, just looking at the Nevada Goldmine near term synergies, it looks like you've reclassified buckets between Turquoise Ridge and regional (inaudible) in direct.

其中之一是，只要看看內華達金礦的近期協同效應，看起來您已經直接在綠松石嶺和區域（聽不清楚）之間重新分類。

Wondering if you can just confirm that.

想知道你能否證實這一點。

Yes, Andrew, let me answer that first.

是的，安德魯，讓我先回答這個問題。

If you go back to our published presentation on our website for the Nevada Analyst visit, you would have seen that we shifted the shape of the pie a little bit.

如果您回到我們網站上發布的內華達分析師訪問演示文稿，您會發現我們稍微改變了餡餅的形狀。

And we'll continue to do that.

我們將繼續這樣做。

So there is strings and roundabouts in this and that's what we are effectively doing.

所以這裡面有一些字串和迂迴，這就是我們正在有效做的事情。

So what you are observing is correct.

所以你所觀察到的是正確的。

Then look, I'm wondering if somebody can help me understand the scope of the metallurgical test work that's being done at Pueblo Viejo.

然後看，我想知道是否有人可以幫助我了解普韋布洛維耶霍正在進行的冶金測試工作的範圍。

I notice in the discussion you're also starting to look at flash oxidation and I'm just wondering what the opportunities and the risks are relative to fine-grinding and floatation as a means to expand the operation.

我注意到在討論中您也開始關注閃蒸氧化，我只是想知道作為擴大業務的手段的細磨和浮選相關的機會和風險是什麼。

I think we've gone past that and it's not flash oxidation.

我認為我們已經超越了這一點，這不是閃氧化。

It's using flash vessels to cool down and allow the autoclave to process higher energy feed.

它使用閃蒸容器來冷卻並允許高壓釜處理更高的能量進料。

So the original, if you'll remember before I pass it onto the expert, the original flowsheet was a combination of floatation and then partial leach oxidation using water in a heap.

因此，在我將其傳遞給專家之前，如果您還記得的話，最初的流程圖是浮選和使用堆中的水進行部分浸出氧化的組合。

Then it was, when John got there, we looked at vessel oxidation so floatation, more floatation, floating most of the feed apart from the high grade feed and then ultrafine grinding it and then with oxygen doing partial oxidation of the sulfides and vessels.

然後，當約翰到達那裡時，我們研究了容器氧化，因此浮選，更多浮選，將大部分進料與高品位進料分開，然後將其超細研磨，然後用氧氣對硫化物和容器進行部分氧化。

This way is a much more effective way.

這種方式是一種更有效的方式。

It's proven technology in the platinum industry.

這是鉑金產業經過驗證的技術。

So it's not new technology at all, it just hasn't been applied in the gold industry because the gold industry doesn't have lots of ore with piles of sulfide.

所以這根本不是新技術，只是還沒有在黃金產業應用，因為黃金產業沒有大量含有大量硫化物的礦石。

So how did I do, John?

那我做得怎麼樣，約翰？

Pretty good there, Mark, pretty good.

那裡很好，馬克，很好。

Yes, that's exactly it.

是的，就是這樣。

We've gone down the route of testing the ultrafine grind and the tank oxidation where we get about 40% of the sulfide oxidized.

我們沿著測試超細研磨和罐氧化的路線進行，大約 40% 的硫化物被氧化。

But we are very familiar, and the operators are very familiar with pressure oxidation.

但我們很熟悉，操作人員也很熟悉加壓氧化。

So this proposal to adopt flash recycle or flash thickened recycle is extremely attractive to the operation because it's known technology and our application to oxidize and relieve the heat from a higher sulfide feed is ideal for us.

因此，採用閃蒸再循環或閃蒸濃縮再循環的建議對操作非常有吸引力，因為這是已知的技術，而且我們氧化和釋放高級硫化物進料熱量的應用對我們來說是理想的。

So that's the opportunity for us.

這就是我們的機會。

It's lower capital, it's lower OpEx in terms of our approach.

就我們的方法而言，它的資本較低，營運支出也較低。

So that's the number one priority for us at the moment and it now replaces the ultrafine grind tank oxidation as our priority flowsheet, so it will be flash that can recycle is the optimum that we'll be pursuing going forward into the prefeasibility.

因此，這是我們目前的首要任務，它現在取代了超細研磨罐氧化作為我們的優先流程圖，因此，可以回收的閃蒸是我們在預可行性階段追求的最佳方案。

And it also reduces the footprint as far as the operating footprint goes because you don't have so much infrastructure and space is quite critical at PV for us.

就營運足跡而言，它還減少了佔地面積，因為沒有太多的基礎設施，而空間對我們來說對於光伏來說非常重要。

All right.

好的。

It sounded like that you were moving in that route, so thinks very much.

聽起來你正在沿著那條路線前進，所以想了很多。

Then one final question, just quickly on Lagunas, it's on care and maintenance.

最後一個問題，關於拉古納斯，是關於保養和維護的。

Are you going to continue residual leaching at that operation or are you shutting that down?

您打算繼續在該工廠進行殘留浸出還是將其關閉？

Again, this is important about having proper plans.

再次強調，制定適當的計畫非常重要。

It's still got significant potential reserves in the form of sulfide or refractory ore.

它仍然具有硫化物或難熔礦石形式的巨大潛在儲量。

It got to a point where the oxide ore was running out, it was a very complicated process to try to do it on a heap.

到了氧化礦石即將耗盡的地步，嘗試在堆上進行開採是一個非常複雜的過程。

And our view is put it on care and maintenance and make sure that we use the cash flow from the residual ongoing leaching to invest in our exploration endeavor around Lagunas.

我們的觀點是將其放在護理和維護上，並確保我們利用剩餘的持續浸出現金流來投資拉古納斯周圍的勘探工作。

And we have 3 significant oxide targets, one quite well defined, which we will be permitting.

我們有 3 個重要的氧化物目標，其中一個已經明確定義，我們將允許這樣做。

Then we've also got 3, in addition to the ongoing drilling we're doing in the current pit to expand the reserve base, we have 3 additional satellites, sulfide satellites that we will also be evaluating.

然後我們還有3顆，除了我們正在當前坑中正在進行的鑽探以擴大儲備基地之外，我們還有3顆額外的衛星，硫化物衛星我們也將對其進行評估。

The objective is to lift the reserves to a level where it would warrant, it would support the investment in a refractory style process which for us would probably have to be roasting.

目標是將儲量提高到所需的水平，這將支持對耐火型製程的投資，對我們來說，該製程可能必須進行焙燒。

Right, John?

對吧，約翰？

Yes, given the description of the challenges of the extremely carbonaceous material, we'd be supporting a roasting route.

是的，考慮到對碳含量極高的材料所面臨的挑戰的描述，我們將支持烘焙路線。

Do you want to add anything, Rod?

羅德，你想補充什麼嗎？

Rod agrees.

羅德同意。

Our next question comes from John Tumazos of John Tumazos Very Independent Research.

我們的下一個問題來自 John Tumazos Very Independent Research 的 John Tumazos。

Congratulations on all the good work.

祝賀所有出色的工作。

Could you refresh us as to the reallocation procedure, the 61.5%/38.5% Nevada Gold breakdown?

您能否向我們介紹重新分配程序，即 61.5%/38.5% 內華達黃金的細分情況？

Does it change if the origin of production is one company or the other?

如果生產來源是一家公司或另一家公司，情況會改變嗎？

Or is it reserves?

還是儲備？

And as an example, if Fourmile plus the 1 kilometer north of Fourmile turned out to be 10 million ounces of reserves, what would the new JV stakes be?

舉個例子，如果 Fourmile 加上 Fourmile 以北 1 公里處的儲量為 1000 萬盎司，那麼新的合資公司股份是多少？

John, that's easy to answer, so let me answer it.

約翰，這個問題很容易回答，所以讓我來回答。

The joint venture here of interest that's what we put in and Newmont put in, that goes to the 61.5%/38.5% split.

這裡有興趣的合資企業是我們和紐蒙特公司投入的，分成 61.5%/38.5%。

Fourmile is outside the joint venture.

Fourmile 不屬於合資企業。

What we have to do is, there's a set formula where we have to demonstrate against sort of a set equation a project that delivers more than 15% IRR assuming a gold price which is estimated on a formula, spot first lookback formula, on the gold price.

我們要做的是，有一個設定的公式，我們必須根據設定的方程式證明一個項目可以提供超過 15% 的 IRR，假設黃金價格是根據公式（即現貨第一回顧公式）估算的。

Once that's done, we have the right to force that into the joint venture and it will be introduced or included in the joint venture at fair market value.

一旦完成，我們有權將其強制納入合資企業，並將以公平的市場價值引入或納入合資企業。

And included in addition to the fair market value, we would also add the cost of the feasibility study.

除了公平市場價值之外，我們還會加入可行性研究的成本。

And Newmont has 2 options.

紐蒙特有兩個選擇。

It either pays us out in cash to keep their 38.5% ratio, or it dilutes.

它要么向我們支付現金以保持 38.5% 的比例，要么稀釋。

That's how it works.

這就是它的工作原理。

I'm going to move to London now.

我現在要搬到倫敦。

It's -- or is there one more?

是——還是還有一個？

One more, okay.

再來一張，好吧。

Our final question from the phone comes from Adam Graf of B. Riley Financial.

我們電話中的最後一個問題來自 B. Riley Financial 的 Adam Graf。

I just have a couple of quick questions about Nevada.

我有幾個關於內華達州的簡單問題。

Something you said, Mark, piqued my interest about the sterilized ore that you guys are now examining at Carlin.

馬克，你所說的一些話激起了我對你們現在在卡林檢查的滅菌礦石的興趣。

And I was just curious about that and how that came about.

我只是好奇這一點以及它是如何發生的。

Because I was under the, I had the understanding that previously Newmont and Barrick had a layback agreement.

因為我在，所以我了解到紐蒙特和巴里克之前有一份寬鬆協議。

So I'm curious where the sterilized ore is coming from.

所以我很好奇這些經過消毒的礦石是從哪裡來的。

I can assure you that Newmont has kept very few agreements.

我可以向你保證，紐蒙特公司遵守的協議很少。

They might have had the intention to reach an agreement, but there is always there's been a lot of I mean just at Turquoise Ridge Twin Creeks as well, there was opportunities to rationalize the resources across the boundary where it was accessible from one and not the other.

他們可能有意達成協議，但總是有很多，我的意思是，就在綠松石嶺雙溪，也有機會合理化跨邊界的資源，從一個人而不是另一個人可以獲得這些資源。

And the same goes for Carlin Goldstrike.

卡林‧戈德斯特萊克 (Carlin Goldstrike) 也是如此。

And the 3 projects that I refer to in my presentation are all along that Carlin Goldstrike trend.

我在演講中提到的 3 個項目都遵循 Carlin Goldstrike 趨勢。

There's about a million ounces, small amounts just from the pits and others from underground where it's easily accessible from Goldstrike, but it's in the Carlin side and vice versa.

大約有 100 萬盎司，少量來自礦坑，還有一些來自地下，可以從 Goldstrike 輕鬆獲取，但它在卡林一側，反之亦然。

So it's those sort of things.

就是這樣的事情。

I mean there's lots -- there's ability to use, now that we own all surface building roads, which again, was always made difficult because of the sort of bureaucratic impasse between the corporates.

我的意思是，有很多——有能力使用，既然我們擁有所有的地面建築道路，這又總是因為公司之間的官僚僵局而變得困難。

And there's a number of other opportunities for us to unlock synergies because we no longer have a line or a fence that demands some sort of settlement or agreement.

我們還有許多其他機會來釋放協同效應，因為我們不再有需要某種解決方案或協議的界限或柵欄。

And then just you mentioned the deep drill holes that hit the high-grade ore at Little Boulder Basin, that's 2 kilometers down, and I was curious conceptually with current technology, is that something that's actually, you believe it's actually accessible at this point?

然後你剛剛提到了在小博爾德盆地（Little Boulder Basin）的高品位礦石上打的深鑽孔，位於水下2 公里處，我對當前技術的概念很好奇，這實際上是嗎？認為目前確實可以實現嗎？

I come from South Africa, so 2 kilometers down is like grassroots.

我來自南非，所以往下走2公里就像草根。

These are massive intersections.

這些都是巨大的十字路口。

The debate there, and you can look at it in the section, but the debate is they'll drill through the intrusive and hit the sort of target packages below the intrusive.

那裡存在爭論，您可以在參考資料部分中查看它，但爭論是他們將鑽取侵入性內容並擊中侵入性下方的目標包。

The question is, is that intrusive stoked out to a large potential resource or will we find it if we carry on drilling it?

問題是，這種侵入是否會激發大量潛在資源，或者如果我們繼續鑽探的話我們會找到它嗎？

So right now, we're drilling a single hole to check it out and we'll let you know and decide on once we drill down that hole.

所以現在，我們正在鑽一個孔來檢查它，我們會在鑽完該孔後通知您並做出決定。

I thought there were waste dumps that were sitting above it.

我以為上面有垃圾場。

Are you drilling through the waste dumps to get under there?

你要鑽過廢棄物堆那裡去嗎？

Or are you able to drill directionally --

或是你能定向鑽孔嗎——

No, we just drilled through from surface.

不，我們只是從地表鑽通。

It's a big area and we just want to get through the intrusive and check the stratigraphy.

這是一個很大的區域，我們只想穿過侵入體並檢查地層。

As you know, you're going to have to get down there underground, so waste dumps are not an important prospect.

如您所知，您將不得不進入地下，因此垃圾場並不是一個重要的前景。

We're not planning to do an open pit down to 2 kilometers.

我們不打算在 2 公里內進行露天開採。

No, certainly not.

不，當然不是。

Then finally in Levo, you guys believe that there's multimillion ounce expansion potential there that you guys can define over time with additional definition drilling?

最後，在 Levo，你們相信那裡有數百萬盎司的擴張潛力，你們可以隨著時間的推移透過額外的定義鑽孔來定義？

Yes, there's a pattern drilling in Levo.

是的，Levo 中有一個圖案鑽孔。

Again, the approach to Nevada, both even in Barrick, but certainly in Newmont, was more driven by density and pattern and we are much more geocentric in the way we do things.

同樣，即使在巴里克，但在紐蒙特，進入內華達州的方法更多是由密度和模式驅動的，我們做事的方式更加以地心為中心。

And we've looked at the core and we see continuity of the orebody from one bore hole to the other.

我們觀察了岩心，發現礦體從一個鑽孔到另一個鑽孔的連續性。

And it's about, part of that is down to 150 meters, 400 or 500 foot spacing.

其中一部分大約是 150 公尺、400 或 500 英尺的間距。

And so as an inventory it's definitely very attractive and it's multi, multimillion ounces potential there.

因此，作為庫存，它絕對非常有吸引力，並且有數百萬盎司的潛力。

But we've got some work to do before we can specifically frame it.

但在我們具體建造它之前，我們還有一些工作要做。

Do you believe that continues north past the old fence line?

你相信這條路會繼續向北越過舊的柵欄線嗎？

The continuation is north.

延續是向北。

It's north and then southwest, so it's on either side of the main infrastructure, mining infrastructure.

它先向北，然後向西南，所以它位於主要基礎設施、採礦基礎設施的兩側。

And actually, in the middle of that infrastructure is Ritika which is largely evaluated through drilling which again wasn't in the mine plan which we are now moving into our reserve and planning schedule.

事實上，在該基礎設施的中間是 Ritika，它主要透過鑽探進行評估，這又不在採礦計畫中，我們現在正在將其納入我們的儲備和規劃時間表。

We're here, London.

我們在這裡，倫敦。

I think the guys on the phone did a good job.

我認為電話裡的人做得很好。

Just switch your mic on.

只需打開麥克風即可。

Firstly, thank you for giving the entire presentation without mentioning the World Cup Rugby once, much appreciated.

首先，感謝您在整個演講中隻字不提世界盃橄欖球賽，非常感謝。

You haven't heard my finishing remarks yet.

你還沒聽到我的結束語。

You mentioned at the start of your presentation the importance of the ESG which is again another battleground that you're going to have to win relative to your paper.

您在演講開始時提到了 ESG 的重要性，相對於您的論文，這又是您必須贏得的另一個戰場。

And we get currently some safety quarterly data, you present.

您介紹一下，我們目前獲得了一些安全季度數據。

Is there an opportunity for you to public some environmental quarterly data, CO2 emissions, water withdrawal, something like that on a quarterly basis?

你們是否有機會按季公開一些環境季度數據，二氧化碳排放量、取水量等？

Sure, so that's a good question.

當然，這是一個好問題。

But the point that I'll make here is that this is a battlefield when it comes to CSR.

但我要在這裡指出的一點是，這是企業社會責任的戰場。

Because for us, it's not compliance, it's a way of doing business.

因為對我們來說，這不是合規，而是一種開展業務的方式。

It's deep in our DNA.

它深深植根於我們的 DNA 中。

I can tell you right now that emissions are down and our carbon footprint is down quarter-on-quarter.

我現在可以告訴您，排放量下降，我們的碳足跡也逐季下降。

And what my challenge to everyone is, fund managers, they get these sort of compliance demands and then they throw it at the mining industry without even thinking about it.

我對每個人的挑戰是，基金經理，他們收​​到這些合規要求，然後他們不假思索地將其扔給採礦業。

Again, we as an industry, all it does is it puts everything at risk.

再說一次，我們作為一個行業，所做的就是將一切置於危險之中。

It's about how to we actually work differently?

這是關於我們如何以不同的方式實際工作？

How do we actually allocate long term capital?

我們實際上如何配置長期資本？

One of the CSG and not only community but ESR issues, and it's a pet subject of mine which I have the conversation many times.

CSG 議題之一，不僅涉及社區，還涉及 ESR 議題，這是我的最愛主題，我對此進行了多次對話。

Fund managers almost force the industry to go to the US and mine.

基金經理人幾乎迫使該行業前往美國開採。

North America.

北美。

Somewhere safe.

安全的地方。

And our biggest single challenge in this world is poverty.

我們在這個世界上最大的挑戰就是貧窮。

It's bigger, in my mind, it's a bigger challenge than everything else.

在我看來，這是一個比其他一切都更大的挑戰。

Because it's the biggest driver to our global what you call warming or pollution.

因為它是全球暖化或污染的最大推動因素。

The impact of our ability to survive on our planet.

我們生存能力對地球的影響。

And we neglect that.

而我們卻忽略了這一點。

And I've had this debate going for a long time is when you look at the pools of capital that are invested in mining, we should be encouraging investing in the emerging markets and ensuring that we participate in the upliftment of the people that are left behind by society.

我長期以來一直在爭論，當你看看投資於採礦業的資本池時，我們應該鼓勵對新興市場的投資，並確保我們參與改善剩下的人的生活被社會拋在後面。

And that's one of our, as well as mine, biggest contributions we can make to the whole CSR/ESR challenge.

這是我們以及我自己能夠為整個 CSR/ESR 挑戰做出的最大貢獻之一。

Again, as you can see, we've done it.

正如您所看到的，我們再次做到了。

You want us to structure our pay, you want us to do this, you want us to do that.

您希望我們建立薪酬結構，您希望我們這樣做，您希望我們那樣做。

The mining industry does it.

採礦業就是這麼做的。

All it does is it tricks the mining industry, it makes people more compliant, you get rid of the entrepreneurs and you get you start attracting janitors to our industry who merely look after the assets as best they can and make sure it's compliant.

它所做的只是欺騙了採礦業，它讓人們更加合規，你擺脫了企業家，你開始吸引看門人進入我們的行業，他們只是盡其所能地照顧資產並確保資產合規。

And mining is a massive engineering endeavor.

採礦是一項巨大的工程工作。

It's also able to employ people, train people, give people a new lease of life.

它也能夠僱用人、培訓人、為人們帶來新的生活。

And on top of that, it has a responsibility to be modern in its approach, to be more than responsible in the way it manages its environment.

最重要的是，它有責任採用現代化的方法，在管理環境的方式上更負責任。

And it's something that we have, it's -- we are the only company, if not the only one, one of a very few mining companies that have a full executive person on our executive team who is responsible for sustainability.

這是我們所擁有的——我們是唯一一家（如果不是唯一的話）也是極少數在我們的執行團隊中擁有一名負責永續發展的全職執行人員的礦業公司之一。

And who has the executive authority to be able to affect that alongside our head of operations, head of project and evaluations, head of capital allocation, CFO, and so on.

誰擁有行政權力，能夠與我們的營運主管、專案和評估主管、資本配置主管、財務長等一起影響這一點。

So Barrick, I can tell you that we see that as a very critical component of doing business.

所以巴里克，我可以告訴你，我們認為這是開展業務的一個非常重要的組成部分。

Again too, if you want to be world class and pursue world-class assets, you've got to be prepared to and capable of developing world-class assets in complex jurisdictions.

同樣，如果你想成為世界一流並追求世界一流的資產，你必須做好準備並有能力在複雜的司法管轄區開發世界一流的資產。

And in a first world, and not even first world, but in a way that is acceptable for the generation X and Zs of this world.

在第一世界中，甚至不是第一世界，但以一種對於這個世界的 X 世代和 Z 世代來說可以接受的方式。

And again, you only have to go to a mining conference and you can see it's like an old age home gathering.

再說一次，你只需要參加一個採礦會議，你就會發現它就像一個老年家庭聚會。

And it's our responsibility along with our responsible approach to CSR and ESR is to attract the young folk into our organization and to give them what they want.

我們的責任以及我們對企業社會責任和企業社會責任的負責任的方法是吸引年輕人加入我們的組織並為他們提供他們想要的東西。

And that's dynamism, ability to participate in business decisions, a responsibility to the greater good and not just the income statement performance.

這就是活力、參與業務決策的能力、對更大利益的責任，而不僅僅是損益表的績效。

So again, we've started out on that, we've spent a lot of time in this last 9 months about human capital, about how do we get to the front of the queue at universities rather than employing the back of the queue which we're really good at.

所以，我們又開始了這個工作，在過去的 9 個月裡，我們花了很多時間討論人力資本，討論我們如何在大學中排在前面，而不是僱用隊列後面的人。

And making sure that we become -- and young people don't want to come to a head office every morning.

並確保我們成為——年輕人不想每天早上都來總部。

They want to be much more in the game.

他們希望在比賽中發揮更多作用。

And so we've debated that at length and I'm absolutely excited about the fact that before I get to that old age home status, we'll have a lot more young people in our organization.

因此，我們對此進行了詳細的辯論，我對這樣一個事實感到非常興奮：在我進入老年之家之前，我們的組織中將有更多的年輕人。

Is that it?

是這樣嗎？

One more.

多一個。

Mark, one thing, you talked about earlier kind of replacement of assets.

馬克，有一件事，你談到了早期的資產置換。

How far down would you think about kind of what's called the quality spectrum?

您認為所謂的質譜到底有多深？

Would you look beyond the tier 1 assets where you state you have a target in the majority of them?

您是否會超越一級資產（您聲稱您對其中大多數資產都有目標）？

Would you look at tier 2 assets you think could become tier 1?

您會考慮您認為可能成為一級的二級資產嗎？

Are you looking at anything below that?

你在看下面的東西嗎？

Tier 2 for us is 3 million ounces plus next 20% return, $1,200.

我們的第二級是 300 萬盎司加上接下來的 20% 回報，即 1,200 美元。

Why?

為什麼？

Because it's smaller so your ability to make returns on a longer cycle, so you lose one aspect of making money in the gold industry.

因為它更小，所以你有能力在更長的周期內獲得回報，所以你失去了在黃金產業賺錢的一個面向。

So we would look at that, smaller assets, you want a bigger return, of course there's higher risk and less time to fix it when there are problems.

所以我們會考慮，較小的資產，你想要更大的回報，當然風險更高，出現問題時修復它的時間更少。

I think for us copper is an important component of our business, 15% at the moment.

我認為對我們來說，銅是我們業務的重要組成部分，目前佔 15%。

You've seen it make real money, even the ones that we've got which are not necessarily tier 1 in the copper sense.

你已經看到它賺到了真正的錢，即使是我們擁有的那些在銅意義上不一定是第一層的錢。

And so that's our focus.

這就是我們的重點。

And I don't think you want to try and get caught up in second rate.

我認為你不想嘗試陷入二流的境地。

We would like to be a tier 1 business.

我們希望成為一級企業。

And again, I think this industry needs to focus on something that actually can make returns in good times and in bad.

再說一遍，我認為這個行業需要專注於那些無論順境或逆境都能真正帶來回報的事情。

And I've said it before, I'll say it again, if you look at the gold industry, there are too many managers and too few quality assets.

我以前說過，我再說一遍，如果你看看黃金產業，你會發現管理者太多，優質資產太少。

The 2 top companies in the industry have led the way in consolidation and this industry needs a lot more of that to be able to bulk up and ensure that we have enough agile competent management stewarding the limited assets we've got and then spend time on finding more.

行業內的兩家頂級公司在整合方面處於領先地位，這個行業需要更多這樣的公司才能壯大並確保我們有足夠靈活、有能力的管理層來管理我們擁有的有限資產，然後花時間發現更多。

Which is becoming more and more challenging.

這變得越來越具有挑戰性。

Just one other one.

只是另一件。

You made a lot of comments earlier about providing investors the greatest exposure to gold which I would say very closely aligns to the Randgold strategy of note that all cash up to a certain point.

您之前發表了很多關於為投資者提供最大的黃金敞口的評論，我想說這與 Randgold 的策略非常接近，值得注意的是，所有現金都達到一定程度。

You seem to have softened on that policy around your views around debt.

您對債務的看法似乎已經軟化了。

So how do you in the next 2 to 3 years think about higher dividends right now versus faster repayment of the net debt balance?

那麼，在未來 2 到 3 年內，您如何考慮現在更高的股息與更快地償還淨債務餘額？

The data as I said is long term, so we can go and blow out.

我說的數據是長期的，所以我們可以大放異彩。

This is going to cost us twice as much.

這將使我們花費兩倍的費用。

And it doesn't make -- it's how you make use of the money you make.

它並不賺錢——而是你如何利用你賺到的錢。

And again, we're a massive organization.

再說一遍，我們是一個龐大的組織。

This data is imminently manageable.

這些數據很快就可以管理。

We will on an opportunistic basis chew away at it.

我們將在機會主義的基礎上咀嚼它。

But at the same time, for us to go and pay off expensive debt which we can manage comfortably at the expense of returning dividends to our shareholders, doesn't make a whole lot of sense to us.

但同時，對我們來說，以向股東返還股息為代價來償還我們可以輕鬆管理的昂貴債務，對我們來說沒有多大意義。

Our CFO might have something to add.

我們的財務長可能有一些補充。

I would agree with you.

我同意你的看法。

A company of this size with the diversification that we have can certainly sustain gains as part of its capital structure.

如此規模且多元化的公司當然可以將收益作為資本結構的一部分。

I think both Mark and I probably are on the conservative end of what that debt looks like, but it's appropriate to have debt.

我認為馬克和我對債務的看法可能都比較保守，但有債務是適當的。

Anymore?

還有嗎？

I was just wondering (inaudible).

我只是想知道（聽不清楚）。

So the question was any more comment on consolidation?

那麼問題是對整合還有更多評論嗎？

West Africa has been the most prolific producer of new gold mines.

西非一直是新金礦產最多產的地區。

And it's growing some very interesting companies there.

那裡正在發展一些非常有趣的公司。

So is there a sense that consolidation will bring more optimal management costs?

那麼，整合是否會帶來更優化的管理成本呢？

Absolutely.

絕對地。

I think we still, if you were to add up the corporate costs of the industry and you just consolidated it, I mean if you just look at the Randgold/Barrick deal.

我認為，如果你將行業的企業成本加起來，然後將其合併，我的意思是，如果你只看蘭德戈爾德/巴里克交易。

In this modern world, there's no real logic to have big corporate offices.

在這個現代世界中，擁有大型公司辦公室是不符合邏輯的。

We've proved that's possible at Randgold, we've proved it's possible very quickly in just 9 months at Barrick.

我們已經在 Randgold 證明了這是可能的，我們已經在 Barrick 的短短 9 個月內證明了這是可能的。

And so I think I am a great believer in the requirement for our industry to consolidate.

因此，我認為我非常相信我們的產業需要整合。

West Africa is a good place for it to start.

西非是一個很好的起點。

We have always said in our rationalization of our assets, we are committed to playing a role in that ongoing consolidation which we will do.

我們一直表示，在資產合理化過程中，我們致力於在我們將要做的持續整合中發揮作用。

So ladies and gentlemen, this brings me to the end of this very interesting debate.

女士們先生們，這場非常有趣的辯論到此結束。

I look forward to, I'm not sure when we will be back here, but we will be through here often, and all you guys who are in the broking business, you'll see us and of course our shareholders.

我期待著，我不確定我們什麼時候會回到這裡，但我們會經常來這裡，所有從事經紀業務的人，你們都會看到我們，當然還有我們的股東。

It just remains for me to point out that on your way out, there are tickets available for rugby lessons for those English folks who would like to aspire to being in the somewhere around the finals in 4 years' time.

我只想指出，在你們離開的時候，有一些橄欖球課程的門票可供那些希望在 4 年後進入決賽的英國人使用。

And I would end finally by saying thank you very much for beating the all blacks.

最後我要說，非常感謝你們打敗了全黑隊。

Again, thanks for coming and I look forward to catching up with you.

再次感謝您的光臨，我期待與您見面。

And again, anyone who is not (inaudible) and comes up with a few questions that you haven't managed to ask this afternoon, please feel free to reach out to us.

再次強調，如果任何人（聽不清楚）提出了一些今天下午未能提出的問題，請隨時與我們聯繫。

You know the team.

你了解這個團隊。

We're all available to take your questions.

我們隨時可以回答您的問題。

Thank you again.

再次感謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines.

您可以斷開線路。

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

如果您有任何其他問題，請聯絡巴里克投資者關係部門。

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。