巴里克黃金 (GOLD) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2019 Fourth Quarter Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded, and a replay will be available on Barrick's website later today. February 12, 2020.

女士們先生們，謝謝你們的支持。這是會議操作員。歡迎參加巴里克 2019 年第四季業績電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音，今天稍晚將在巴里克網站上提供重播。2020 年 2 月 12 日。

I would now like to turn you over to the room where Mark Bristow, Chief Executive Officer, who will in the meeting momentarily. Thank you for your patience.

現在我想請你們到執行長馬克布里斯托 (Mark Bristow) 所在的房間，他將立即參加會議。感謝您的耐心等待。

We're linked up, are we? So very good morning to everyone. Thank you for coming. Nice and cold outside. Appreciate you're risking the weather. And again, another year. And it's a pleasure for me to share, as I look back over the last 13 months, with you today. As you know, this is the full set of results that Barrick is publishing since it's transformational merger with Randgold Resources. And it's gratifying to report not only that we have delivered a strong performance, but also that we have made significant progress towards our goal of becoming the world's most valued gold company.

我們已經連結在一起了，不是嗎？大家早安。謝謝你的到來。外面又好又冷。感謝您冒著天氣的風險。又是一年。今天我很高興與大家分享我過去 13 個月的經歷。如您所知，這是 Barrick 自與 Randgold Resources 進行轉型合併以來發布的全套結果。令人欣慰的是，我們不僅取得了強勁的業績，而且在成為世界上最有價值的黃金公司的目標方面取得了重大進展。

Achieving this, obviously, requires technical excellence, but even more than that, it demands a long-term strategy, one which recognizes that we operate in a changing world, where business is expected to meet new standards of behavior and where ethical issues have become commercial considerations with serious consequences.

顯然，實現這一目標需要卓越的技術，但更重要的是，它需要一項長期策略，該策略認識到我們在一個不斷變化的世界中運營，企業期望滿足新的行為標準，並且道德問題已成為商業考慮會帶來嚴重後果。

One of these is ESG, which rates how well a company manages its environment, sustainability and governance. And right now, I think there's a little bit too much focus on the E part of the ESG. The S is as important and so is the G. That is, in other words, something that's been very dear to my heart and was the basis of the Randgold Resources strategy, and that is social license or license to operate. And it definitely calls on that full ESG vision.

其中之一是 ESG，它評估公司管理其環境、永續性和治理的能力。目前，我認為人們過於關注 ESG 的 E 部分。S 和 G 一樣重要。它肯定需要完整的 ESG 願景。

To Barrick, securing and maintaining its operations, social license is a strategic comparative, a core part of our business and just not another box to tick. With major investors now placing ESG at the heart of their decision-making, the rest of the industry will have to follow our lead.

對巴里克來說，為了確保和維持其運營，社會許可是一種策略比較，是我們業務的核心部分，而不是另一個需要勾選的方塊。隨著主要投資者現在將 ESG 置於其決策的核心位置，該行業的其他公司將不得不追隨我們的領導。

Just kidding. So this is a cautionary statement. Please take note of it. And for those slow readers, that is on our website so you can go and study it in your own time.

只是在開玩笑。所以這是一個警告性聲明。請注意。對於那些閱讀速度慢的人來說，這些內容都在我們的網站上，因此您可以在自己的時間裡學習。

Moving on. Carrying for the well-being of our employees is a key component of our ESG program. Our health and safety record improved last year, but it is still some distance short of where I would like it to be. At the time of the merger, all the Randgold mines held ISO 45001 health and safety certification, but all of Barrick operations did not. We are addressing this, and by the end of 2021, we are planning for all our sites to be certified.

繼續。維護員工的福祉是我們 ESG 計畫的重要組成部分。去年我們的健康和安全記錄有所改善，但距離我希望的目標還有一段距離。合併時，所有 Randgold 礦場均持有 ISO 45001 健康與安全認證，但巴里克的所有業務均未獲得認證。我們正在解決這個問題，並計劃在 2021 年底之前對我們的所有站點進行認證。

Another challenge has been getting all the Nevada gold mine sites up to their required safety standards following the establishment of the JV last year. We also still have some work to do to align the legacy Newmont operations with our safety program. And it's worth noting that in our organization, AME, Africa & Middle East, is a standout on safety statistics compared to the rest of the organization. So we have quite a lot to do to get us up to where we're -- I believe. And we've launched a focused program of 0 harm, and we mean it.

繼去年合資企業成立後，另一個挑戰是讓內華達州所有金礦場地達到所需的安全標準。我們還需要做一些工作，以使紐蒙特的傳統運作與我們的安全計畫保持一致。值得注意的是，在我們的組織中，非洲和中東地區的非洲和中東地區與組織的其他部分相比，在安全統計方面表現出色。因此，我相信，要達到目前的目標，我們還有很多工作要做。我們已經啟動了一項零傷害的重點計劃，我們是認真的。

So just to give you an idea, in Barrick, you break the safety rules, you don't have a job. That's how important we take safety. First, for a long time, there were no major environmental incidents in 2019. All but 4 of our mines have the ISO 49000 and an environmental management certification. And by the end of this year, there will be no exceptions. 3 of those are actually the Tanzanian assets, which we've just acquired.

所以只是給你一個想法，在巴里克，你違反了安全規則，你就沒有工作。這就是我們重視安全的重要性。一是2019年長期以來未發生重大環境事件。除 4 個礦山外，我們的所有礦山均已獲得 ISO 49000 和環境管理認證。到今年年底，也不會有例外。其中 3 個實際上是我們剛剛收購的坦尚尼亞資產。

All the operations, apart from the recently consolidated Tanzanian mines, have community development programs. And you would have seen, there's a very real requirement to engage with the community in Tanzania, and we are working on that. It's, again, a key building block of our license to operate is to have that open and formal structure to be able to talk to one of our key stakeholders, which are our host communities. And we expect that we will have, again, our entire portfolio working under community development committees.

除了最近合併的坦尚尼亞礦場外，所有業務都有社區發展計畫。您可能已經看到，坦尚尼亞確實存在與社區互動的需求，我們正在努力實現這一目標。同樣，我們營運許可證的關鍵組成部分是擁有開放和正式的結構，以便能夠與我們的主要利益相關者之一（即我們的東道社區）進行對話。我們期望我們的整個產品組合將再次在社區發展委員會的領導下工作。

In addition, biodiversity action plans are being rolled out to those sites in the group that do not already have them. And there are also some legacy issues, although Mark and his team have gone a very long way to address that sitting in our South American assets. And again, we've made a lot of progress in transferring many of those risks and liabilities to opportunities, but still some way to go.

此外，生物多樣性行動計畫正在推廣到集團內尚未制定的地點。儘管馬克和他的團隊在解決我們南美資產中的這個問題上付出了很大的努力，但也存在一些遺留問題。再說一遍，我們在將許多風險和責任轉化為機會方面取得了很大進展，但仍有很長的路要走。

These are the highlights of the year. And as you can see, we delivered on all our promises and then some. I would also just point out that our results are currently unaudited, although we expect to file our financial statements in the next couple of days. We met or exceeded in copper production goals and controlled costs. We also halved the net debt, and that's a key component of this performance. We set out to really address a number of things, focus on Tier 1 assets, deal with the debt, which is something that really crippled Barrick, and then deliver a runway where U.S. analysts, and of course, our shareholders, can be able to invest in our company with comfort that we've got a long-term plan. And so we -- having that net debt down, we've got to deal with the long-term debt, but that's an expensive exercise. We're going to have to take some time and look for opportunities to reduce that. So right now, what I'm focusing on is the net debt and the liquidity available for us to run our business. And certainly, I can honestly say, today, we are independent of the capital markets. As Barrick, we are able to run our businesses with our own resources.

這些都是今年的亮點。正如您所看到的，我們兌現了所有承諾，而且還兌現了一些承諾。我還想指出，儘管我們預計在未來幾天內提交財務報表，但我們的業績目前尚未經過審計。我們達到或超過了銅產量目標並控制了成本。我們也將淨債務減半，這是這項業績的關鍵組成部分。我們著手真正解決許多問題，專注於一級資產，處理債務，這確實使巴里克陷入困境，然後提供一條跑道，讓美國分析師，當然還有我們的股東，能夠放心地投資我們的公司，因為我們有一個長期計劃。因此，在淨債務下降的情況下，我們必須處理長期債務，但這是一項昂貴的工作。我們將不得不花一些時間尋找機會來減少這種情況。所以現在，我關注的是淨債務和可供我們經營業務的流動性。當然，我可以誠實地說，今天，我們獨立於資本市場。作為巴里克，我們能夠利用自己的資源來經營我們的業務。

Adjusted net earnings per share was up 46% compared to 2018, and we ended the year with another quarterly dividend increase. The third increase of the year. And again, really, you must look at it as -- this is what we said we would do. There was a lot of squealing and people wanted more dividends from Randgold, we said, we did pay a big dividend in Randgold, remember. But we -- I refuse to pay a dividend that wasn't supported by the P&L earnings. I'm not going to pay dividends that we haven't earned yet. And likewise, Barrick gave a commitment and upped its dividend right at the deal, and then we adjusted the dividend again in quarter 3 on the back of good performance and a higher gold price. We're comfortable about where our dividend is today. And the key part of a dividend, as you know me, we don't want to go backwards, we're only going forward. So we feel we're well positioned with our current dividend for the foreseeable future.

與 2018 年相比，調整後每股淨利潤成長了 46%，年底我們再次增加了季度股利。今年第三次上漲。再說一次，實際上，你必須將其視為——這就是我們所說的我們會做的。有很多尖叫聲，人們希望從 Randgold 獲得更多股息，我們說，我們確實支付了 Randgold 的大股息，記住。但我們——我拒絕支付沒有損益收益支持的股息。我不會支付我們尚未賺取的股息。同樣，巴里克在交易時做出了承諾並提高了股息，然後我們在第三季度基於良好的業績和較高的金價再次調整了股息。我們對今天的股利水準感到滿意。如你所知，股利的關鍵部分是，我們不想倒退，我們只想前進。因此，我們認為在可預見的未來，我們目前的股利處於有利地位。

The Nevada merger gave us our sixth Tier 1 gold mine, and we continued our portfolio rationalization by consolidating the Tanzanian mines and disposing of our stake in Kalgoorlie in Australia and agreeing to a sale of the Massawa project in Senegal. We settled Acacia's long-running dispute with the Tanzanian government and entered into a framework agreement with the state, which takes our partnership concept, something that we are very comfortable about, to a new level.

內華達州的合併為我們帶來了第六個一級金礦，我們透過整合坦尚尼亞礦山、出售澳洲卡爾古利的股份以及同意出售塞內加爾的馬薩瓦項目，繼續實現投資組合合理化。我們解決了 Acacia 與坦尚尼亞政府的長期爭端，並與坦尚尼亞政府簽訂了框架協議，這將我們感到非常滿意的夥伴關係理念提升到了一個新的水平。

Pueblo Viejo expansion project, which I'll tell you more about later, heads our organic growth to-do list for this year. And our reinvigorated exploration programs are planned to full our future pipeline as well as extend the lives of our existing mines.

Pueblo Viejo 擴建項目是我們今年有機成長待辦事項清單的首位，稍後我將向您詳細介紹這個項目。我們計劃重振勘探計劃，以充實我們未來的管道並延長現有礦山的壽命。

It's worth noting that in 2019, Josh, we succeeded in replacing all the reserves depleted by mining and at a higher grade. And this is net of all changes that included the Randgold merger; Nevada gold mines JV; Acacia acquisition; disposal of KCGM; reclassification of Lagunas Norte to mineral resources, as we wrestle with its future; correction of some open pit ounces at Hemlo and gold quarry; and probably most importantly, the removal of all leach pad and plant -- in plant gold and circuit inventory from our reserve statement. So we have a nice, clean reserve statement on which we can go forward. And we are very comfortable that we can plan all those ounces as passing our filter and investment at $1,200 gold.

值得注意的是，喬希，2019 年我們成功地補充了所有因採礦而耗盡的儲量，並且達到了更高的品位。這還不包括包括 Randgold 合併在內的所有變更；內華達金礦合資企業；收購金合歡；處置KCGM；當我們努力思考北拉古納斯的未來時，將其重新分類為礦產資源；對 Hemlo 和金礦場的一些露天礦盎司進行修正；也許最重要的是，從我們的儲備聲明中刪除所有浸出墊和植物——植物黃金和電路庫存。因此，我們有一個漂亮、乾淨的保留聲明，我們可以繼續前進。我們非常放心，我們可以計劃所有這些盎司通過我們的過濾並以 1,200 美元的黃金進行投資。

Behind the scenes, we reshaped the business by flattening the corporate structure, further reducing the G&A, establishing empowered regional executive management teams and moving responsibility for the ore bodies back to the operations. We've introduced a strong geological and mineral resource management capacity throughout the organization to ensure that we optimize our existing assets.

在幕後，我們透過扁平化公司結構、進一步減少一般費用、建立授權的區域執行管理團隊以及將礦體的責任重新轉移到營運部門來重塑業務。我們在整個組織中引入了強大的地質和礦產資源管理能力，以確保我們優化現有資產。

The operating results support what I've just explained, and show a robust performance across the group. Kibali, Veladero and Porgera all beat their guidance. And North America, Loulo-Gounkoto and PV performed well against their guidance, all within their guidance. The only exceptions were Tongon, which just missed its guidance; Kalgoorlie in Australia, which, as you know, didn't achieve its guidance set all through the year, which we've now sold, so that's not relevant anymore; and Lagunas Norte in Peru, which has been put into care and maintenance, while we consider its future, as I said earlier.

經營業績支持了我剛才的解釋，並展現出整個集團的強勁表現。基巴利、維拉德羅和波格拉都超出了他們的預期。北美、Loulo-Gunkoto 和 PV 的表現優於其指導，但均在其指導範圍內。唯一的例外是 Tongon，它剛剛錯過了指導；澳洲的卡爾古利（Kalgoorlie），正如你所知，全年都沒有達到設定的指導方針，我們現在已經出售了它，所以它不再相關了；正如我之前所說，秘魯的北拉古納斯已經投入維護和保養，同時我們也在考慮它的未來。

All the copper assets beat production guidance, and costs were at the lower end of guidance for copper as well. And copper made a significant contribution to our bottom line earnings last year. The numbers on the financial results demonstrate the progress we've made over the last year towards our most valued company goal. And just for those who get a little confused on what most valued gold company is, is we want to be valuable. In other words, we want people to buy us because we give our shareholders' returns. We want people who want to work for our organization, and we want countries to want to invite us in to operate as partners with them. And that, in our mind, is the description of what a most valued company is.

所有銅資產都超出了產量指導值，成本也處於銅指導值的下限。去年，銅為我們的利潤做出了重大貢獻。財務業績數字顯示了我們去年在實現最有價值的公司目標方面所取得的進展。對於那些對什麼是最有價值的黃金公司有點困惑的人來說，我們希望變得有價值。換句話說，我們希望人們購買我們，因為我們為股東帶來回報。我們希望人們願意為我們的組織工作，我們希望各國願意邀請我們作為他們的合作夥伴開展業務。在我們看來，這就是對最有價值公司的描述。

The EBITDA margin. Remember, when we talked in September, we said we would like to lift the EBITDA margin. We've done it materially in the last 12 months. Debt, as I said earlier, has been reduced to its lowest point since 2007, and the free cash flow increased from $365 million to $1.1 billion.

EBITDA 利潤率。請記住，當我們在 9 月交談時，我們表示希望提高 EBITDA 利潤率。在過去 12 個月裡，我們已經取得了實質進展。正如我之前所說，債務已降至 2007 年以來的最低點，自由現金流從 3.65 億美元增加到 11 億美元。

As indicated, we increased the quarterly dividend, again, on the back of the free cash flow forecast, that's 1; a strong balance sheet, that's 2; and more importantly, our 5-year outlook. So this is not just a response to a windfall, it is a genuine considered commitment that we promised to the market back in September of 2018.

如前所述，我們在自由現金流預測的基礎上再次提高了季度股息，即 1；強大的資產負債表，即 2；更重要的是，我們的 5 年展望。因此，這不僅是對意外之財的回應，更是我們在 2018 年 9 月對市場做出的深思熟慮的承諾。

You should note in all these results that I'm going to present now that the comparisons have been impacted by the Nevada joint venture, which came into effect on the 1st of July, so I'll try and explain it. But if you look at these tiny little things at the bottom of the slide, you'll see how we've presented the results.

您應該注意到，在我現在要介紹的所有這些結果中，比較受到了 7 月 1 日生效的內華達州合資企業的影響，所以我將嘗試解釋它。但如果你看看幻燈片底部的這些小東西，你就會明白我們是如何呈現結果的。

So we'll start. And again, to the analysts here in Toronto, feel free to get hold of David or [Lois] and give some input on how we present the results. Our objective is to give you the numbers you need. But we thought with Nevada complex on a 100% basis. That's -- why, because I can't run a company with 61.5%. As I look at it, collected in afterwards, we'll give you the individual assets in the attributable form.

那我們就開始吧。再次，多倫多的分析師們，請隨時聯繫 David 或 [Lois]，並就我們如何呈現結果提供一些意見。我們的目標是為您提供所需的數字。但我們在 100% 的基礎上考慮了內華達綜合體。這就是原因，因為我無法經營一家擁有 61.5% 股份的公司。當我查看並收集之後，我們將以歸屬形式為您提供個人資產。

So we start our tour, of course, of the operations with Nevada, our real foundation of value in this organization. And as I pointed out, it's a 100% basis. This is the second set of numbers since the JV was formed. So there's only a quarterly comparison, as shown here. Production was in line with plan, and costs were well contained despite the lower grade. Putting together and integrating these complex operations to deliver within our guidance of 1.8 million ounces to 1.9 million ounces for the half of the year so effectively was an enormous achievement by Catherine Raw, who's here today; and Greg Walker, who is chiseling away back down to Nevada and their teams. It really, I must say, it has been in the standing achievement by anyone's means.

因此，我們當然開始了我們在內華達州的營運之旅，這是我們在該組織中真正的價值基礎。正如我所指出的，這是 100% 的基礎。這是合資公司成立以來的第二組數字。因此只有季度比較，如下圖所示。生產符合計劃，儘管品位較低，但成本得到了很好的控制。今天在座的 Catherine Raw 將這些複雜的業務整合起來，在我們的指導下有效地交付了 180 萬盎司至 190 萬盎司的產量，這是今天在場的 Catherine Raw 的一項巨大成就。還有格雷格·沃克（Greg Walker），他正在努力回到內華達州和他們的球隊。我必須說，這確實是任何人所取得的長期成就。

The ultimate measure of an enterprise's success is financial. So how our Nevada Gold Mines is -- this is how Nevada Gold Mines stacked up for the first 6 months on synergies. As the free cash flow chart shows, we're well on our way to delivering the $450 million in annual synergies, with some work in progress relating to supply chain, and we've put the detail in there. And this is -- this includes, if you look at it, we've got $95 million identified. We're still going through the contracts to get supply chain, and it's all to do with consumables. But with that, we get to $444 million, and that's net of some of the savings that we've wrapped back into the Nevada plan. For instance, dropping the cutoff grade, so you don't see that benefit because we've used it. And so that's why I put in the NPV graph on the right because that's added life. And so we're comfortable that we've achieved that objective of delivering on those benefits. And more importantly, we've still got significant opportunities as far as life-of-mine goes, and I'll touch on that as we progress with the individual operations in Nevada.

衡量一個企業成功與否的最終標準是財務。我們的內華達金礦的情況是這樣的——這就是內華達金礦前 6 個月的協同效應。正如自由現金流圖所示，我們正在順利實現 4.5 億美元的年度協同效應，其中一些與供應鏈相關的工作正在進行中，我們已將詳細資訊放在那裡。這包括，如果你看一下，我們已經確定了 9500 萬美元。我們仍在透過合約來獲得供應鏈，而這一切都與消耗品有關。但這樣一來，我們的資金就達到了 4.44 億美元，這還不包括我們在內華達州計畫中所節省的部分資金。例如，降低截止等級，這樣您就看不到這種好處，因為我們已經使用了它。這就是為什麼我將 NPV 圖表放在右側，因為這會增加壽命。因此，我們很高興我們已經實現了提供這些好處的目標。更重要的是，就我的生活而言，我們仍然擁有重要的機會，隨著我們在內華達州的個別業務取得進展，我將談到這一點。

Let's start with Carlin. I need to point out that, again, going forward, the tables will show attributable numbers now. Following the merger, Carlin was combined with Goldstrike, Q4 production was in line with previous quarters and total cash cost per ounce were brought down by a higher proportion of underground ore in the feed mix. Year-on-year comparison shows an increase in Barrick's attributable 61.5% share in gold production, primarily because of the combining of the Goldstrike and Carlin operations, and the operations were -- I mean, the costs were steady.

我們先從卡林開始吧。我需要再次指出，展望未來，表格現在將顯示可歸因的數字。合併後，Carlin 與 Goldstrike 合併，第四季產量與前幾季持平，飼料組合中地下礦石比例提高，降低了每盎司總現金成本。同比比較顯示，巴里克在黃金產量中所佔的份額增加了 61.5%，這主要是因為 Goldstrike 和 Carlin 業務的合併，而且這些業務——我的意思是，成本是穩定的。

Benefiting from the discovery successes at Fourmile, the Carlin trend will be the most active exploration area in the Barrick portfolio this year. There are exciting opportunities for reserve and resource additions in the Carlin complex, mainly clustered around Ren, Greater Leeville, which is a very exciting life-of-mine extension for Carlin and Rita K, which is immediately accessible. We are just doing some water compartment drilling, and then we'll be able to put it into our life-of-mine plans.

受益於 Fourmile 的發現成功，Carlin 趨勢將成為今年巴里克投資組合中最活躍的勘探區域。Carlin 綜合體有令人興奮的儲量和資源增加機會，主要集中在大 Leeville 的 Ren 周圍，這對於 Carlin 和 Rita K 來說是一個非常令人興奮的礦山壽命延伸，可以立即進入。我們只是在進行一些水艙鑽探，然後我們就可以將其納入我們的礦山生活計劃中。

We have also made good progress in our remediation work relating to the gold quarry wall failure and subsequent redesign work. And the potential for extending the mine's life is absolutely real. And although we've got a little bit of work to do, but we certainly have the framework and the confidence that this complex has significant opportunities to retain its Tier 1 status well into the future.

我們在與金礦採石場圍牆失效相關的修復工作以及隨後的重新設計工作方面也取得了良好進展。延長礦山壽命的潛力是絕對真實的。雖然我們還有一些工作要做，但我們當然擁有框架和信心，相信這個綜合體有很大機會在未來保持其一級地位。

Still in Nevada. Cortez was one of our standout performers for the quarter as it continued its transition to a mainly underground operation. If you remember, we came to the end of the very high grade, what we called, chop Cortez Hills open pit operation. And this quarter, we only processed the lower grade stockpile out of that. But it's really, for all intents and purposes, now complete. The Deep South Project, however, is on track to contribute and continue to contribute higher tonnes at higher grade as the Cortez complex moves more towards underground.

還在內華達州。Cortez 是我們本季表現最出色的公司之一，因為它繼續向主要地下營運轉型。如果你還記得的話，我們來到了非常高等級的終點，我們稱之為砍科爾特斯山露天礦作業。本季度，我們只處理了較低品位的庫存。但無論出於何種意圖和目的，它現在確實已經完成了。然而，隨著科爾特斯綜合體更多地向地下發展，深南計畫預計並繼續在更高品位上貢獻更多噸的產量。

The year-on-year comparison, although I say it was a stellar year, is impacted by Barrick's attributable share reducing to 61.5%, as a result of the NGM JV.

儘管我說這是輝煌的一年，但同比比較受到 NGM 合資公司導致巴里克權益份額降至 61.5% 的影響。

The raw source model for Goldrush project was completed, with the final feasibility study due in the first quarter of next year. In the meantime, Goldrush is now reported as part of Cortez. We've put Goldrush under Cortez structure management. We expect it to be operated from the Cortez management structure. And so the project is reporting in there as well. And likewise, the resources have been combined with the Cortez reserve and resource statements. Updated mine and feed schedules are expected towards the end of this year, and a feasibility study in early '21 is due out in early 2021.

Goldrush專案的原始來源模型已經完成，最終的可行性研究將於明年第一季完成。與此同時，Goldrush 現在被報道為 Cortez 的一部分。我們已將 Goldrush 置於 Cortez 結構管理之下。我們預計它將由 Cortez 管理結構運營。因此該項目也在那裡進行報告。同樣，資源已與科爾特斯儲量和資源報表合併。更新後的礦場和飼料計畫預計將於今年底發布，21 年初的可行性研究將於 2021 年初完成。

I think a couple of things that you would have picked up, and we'll touch on it in the reserves, is that you'll see the grades come down. Ounces are okay. We've taken out a few of the ounces as part of our rationalization. We don't want soon-to-be-discovered ounces in our plans. We'll put them in when we actually firm them up. So some of the resources was very widely-spaced drill holes. But the resources that you see there, again, the grades come down. Why? Because we've gone to proper mining shapes rather than geo-statistical blocks, the block estimates. And what happens is we want to mine this ore body. So you can go and mine little blocks all over the place theoretically, but at the end of the day, you've got to join them up into mine schedules and that's what Rod and his team are doing. And that's part of our commitment to rationalize the ore bodies and optimize them for the long-term returns so that we know they're going to meet our investment filters.

我認為你會發現一些事情，我們將在儲備中談到它，那就是你會看到成績下降。盎司沒問題。作為合理化的一部分，我們已經減少了一些盎司。我們不希望在我們的計劃中加入即將發現的盎司。當我們真正固定它們時，我們會把它們放進去。因此，有些資源是間距非常大的鑽孔。但你在那裡看到的資源，等級又下降了。為什麼？因為我們採用了正確的採礦形狀而不是地理統計塊，所以塊估計。我們想要開採這個礦體。因此，理論上你可以去各處開採小區塊，但最終，你必須將它們加入開採計畫中，而這正是羅德和他的團隊正在做的事情。這是我們對礦體進行合理化和優化以獲得長期回報的承諾的一部分，這樣我們就知道它們將滿足我們的投資過濾條件。

Moving back to Barrick's 100% owned Fourmile pre-feasibility project, step-out drilling has significantly increased the resource, and we reported, at the EMVA, you'll recall, a new discovery about a kilometer away from the current defined resource inventory. And we are confident that this project is pointing to a multimillion ounce high-grade opportunity.

回到巴里克 100% 擁有的 Fourmile 預可行性項目，逐步鑽探顯著增加了資源量，您可能還記得，我們​​在 EMVA 上報告了一個距離當前定義的資源庫存約一公里的新發現。我們相信該項目將帶來數百萬盎司的優質機會。

Fourmile was not, as you will recall, included in the Nevada merger, but it is expected to eventually form part of the Cortez Goldrush complex. And it will, no doubt, maintain that Cortez Goldrush complex as a Tier 1 status well into the future.

正如您所記得的那樣，Fourmile 並未包含在內華達州的合併中，但預計它最終將成為 Cortez Goldrush 綜合體的一部分。毫無疑問，它將在未來很長一段時間內保持 Cortez Goldrush 綜合體的一級地位。

Turquoise Ridge has been a big driver of the Nevada Gold Mines performance. And in some aspect, it was the real driver to get there in the first place. It has offered significant synergy savings, more than $90 million of cost benefits in the first 6 months alone, primarily driven by the termination of the toll milling agreement and synergies of combining adjoining operations.

Turquoise Ridge 一直是內華達金礦業績的重要推動力。在某些方面，它是到達那裡的真正驅動力。它帶來了顯著的協同效應節省，僅前 6 個月就實現了超過 9000 萬美元的成本效益，這主要是由於委託銑削協議的終止以及合併相鄰業務的協同效應所致。

Year-on-year -- and I would point out that we've already dropped the cutoff grade. So this is after that optimization. And so a year-on-year increase in gold production at lower all-in sustaining costs resulted from increased high-grade underground ore feed. So although we've dropped the cutoff grade, we did increase the throughput so that the feed from the underground so we delivered more gold to the processing plant.

與去年同期相比——我想指出的是，我們已經降低了截止等級。這是優化之後的結果。因此，由於高品位地下礦石原料的增加，黃金產量以較低的整體維持成本實現了同比增長。因此，儘管我們降低了邊際品位，但我們確實提高了吞吐量，以便從地下輸送更多的黃金到加工廠。

And construction of the third shaft at Barrick's legacy Turquoise Ridge underground is on schedule and within budget and is expected to deliver additional value. What value does it deliver? At the moment, we are mining constrained in Turquoise Ridge underground. And once we get the ventilation done, we'll be able to mine more, feed higher, more higher grade ore, the whole Turquoise Ridge -- Twin Creeks, which we now call Turquoise Ridge, has a much better gold production profile.

巴里克遺留的 Turquoise Ridge 地下第三個豎井的建設正在按計劃、在預算之內，預計將帶來額外的價值。它能帶來什麼價值？目前，我們的採礦活動僅限於綠松石嶺地下。一旦我們完成通風，我們將能夠開採更多，提供更高、更高品位的礦石，整個綠松石山脊 - 雙溪，我們現在稱為綠松石山脊，擁有更好的黃金產量狀況。

Do I have to listen to myself? These cost reductions saw an immediate impact on the year-end reserves, where the lower costs enable us, as I pointed out earlier, to drop the cutoff grade and add about 1.65 million ounces of reserves. Realizing the mine's full potential still needs, as I point out, a lot of work, since its plan is now mine-constrained, and we are working to debottleneck the mine, which will allow us -- and the shaft is one way. But we're also trialing, as we speak, some electric equipment underground to be able to allow us to mine more. We are doing -- we've really focused in on the road heading, auto-mining, mechanical mining rather than blasting. We're trialing out some haul trucks, underground haul trucks. So a lot's happening because our real -- I mean, this is the effort with the return is the best value proposition that we have in Nevada Gold Mines today. That's not saying that we don't have other opportunities. This is just one of those real easy ones.

我必須聽自己的嗎？這些成本降低對年終儲備產生了直接影響，正如我之前指出的，較低的成本使我們能夠降低邊界品位並增加約 165 萬盎司儲備。正如我所指出的，要充分發揮該礦的潛力仍然需要做大量的工作，因為它的計劃現在受到礦井的限制，而我們正在努力消除礦井的瓶頸，這將使我們——而豎井是一種方法。但正如我們所說，我們也在試驗一些地下電力設備，以便能夠讓我們開採更多。我們正在做——我們真正專注於道路掘進、自動採礦、機械採礦，而不是爆破。我們正在試用一些運輸卡車、地下運輸卡車。所以發生了很多事情，因為我們真正的——我的意思是，這是我們今天在內華達金礦所擁有的最佳價值主張的努力和回報。這並不是說我們沒有其他機會。這只是那些真正簡單的事情之一。

The other Nevada mines delivered at the top end of their guidance ranges and showed increases in production and reductions in costs quarter-on-quarter. And I'm pleased to share with you that Long Canyon, which is one of those assets that we have bought at a very high cost, is making good progress with its expansion, a big pushback, which will result in about 4 years life-of-mine extension, and we've still got the underground to look at following that. And we're busy with that permitting.

內華達州的其他礦山的交付量達到了指導範圍的上限，並顯示出季度產量的增長和成本的下降。我很高興與大家分享，Long Canyon，這是我們以非常高的成本購買的資產之一，在擴張方面取得了良好進展，這是一個很大的阻力，這將導致大約 4 年的壽命 -礦井延伸部分，接下來我們還有地下區域可以考慮。我們正忙於獲得許可。

As I mentioned earlier, the Carlin trend is really our primary -- or it's going to be our primary hunting ground this year and, of course, beyond. It's the most significant ore-controlling fault corridor in Nevada, with open mineralization at numerous locations. Our fresh geological-focused approach of integrating exploration and mineral resource management on the mines has been a resounding success in this context. It has led directly to the identification of a host of target areas, some of which are very close to existing operations and are shown on this long section.

正如我之前提到的，卡林趨勢確實是我們的主要趨勢——或者說它將成為我們今年甚至以後的主要狩獵場。它是內華達州最重要的控礦斷層走廊，在許多地點都有開放的礦化體。我們以地質為中心的全新方法將礦山勘探和礦產資源管理相結合，在這方面取得了巨大成功。它直接導致了許多目標區域的確定，其中一些目標區域非常接近現有作業，並在這一長節中顯示。

Further afield, we have already identified new areas of interest from workup drill targets to large areas that are known to contain prospective stratigraphy and geological features but have no or little drilling. Clearly, Nevada Gold Mines has the capacity to replenish its assets base going forward.

在更遠的地方，我們已經確定了新的興趣區域，從後處理鑽探目標到已知含有預期地層和地質特徵但沒有或很少鑽探的大片區域。顯然，內華達金礦有能力補充其未來的資產基礎。

Before I leave the U.S., a quick comment on Donlin, Donlin Creek in Alaska. It offers a huge optionality to the gold price across multiple gold price cycles in an excellent jurisdiction. But it faces some challenges that we and our joint venture partners, NovaGold, intend to address.

在我離開美國之前，我對阿拉斯加的唐林河 (Donlin Creek) 做一個簡短的評論。它在一個優秀的司法管轄區為多個金價週期的金價提供了巨大的選擇空間。但它面臨著我們和我們的合資夥伴 NovaGold 打算解決的一些挑戰。

In 2019, alongside progressing permitting, which you've seen updated over the last 12 months, the joint venture's focus was on getting a much more robust interpretation of the ore body. To this end, we have updated the geological and resource models which have identified areas of higher grade that could improve returns for the overall project. And importantly as well, we need to frame that to those geological ore bodies properly because that will set the rate in which we can mine, which will set the ounces that we can theoretically produce, which will then govern what ounces, what capital will we have to spend to deliver the return on a back-to-front way. And so that -- and you know that's been our focus since I started in the industry, is let's get the geology right, and then we'll be able to make decisions on the other critical items into the future.

2019 年，除了在過去 12 個月中不斷更新的許可之外，該合資企業的重點是對礦體進行更可靠的解釋。為此，我們更新了地質和資源模型，確定了可以提高整個專案回報的更高品位區域。同樣重要的是，我們需要將其與這些地質礦體適當地結合起來，因為這將決定我們可以開採的速率，這將決定我們理論上可以生產的盎司，然後這將決定我們將生產多少盎司，需要多少資本必須以從後到前的方式花錢才能獲得回報。所以，你知道，自從我進入這個行業以來，這一直是我們的重點，讓我們了解正確的地質情況，然後我們就能夠對未來的其他關鍵項目做出決定。

And so we are busy with a phased program this year. It will be looking to validate that geological model. So it needs to be iterative. We'll drill it up, remodel it, check out changes, drill it again. We'll do a couple of those through the year or certainly through the summer.

因此，今年我們正忙於分階段規劃。它將尋求驗證該地質模型。所以需要迭代。我們將對其進行鑽取、改造、檢查更改，然後再次鑽取。我們將在今年或整個夏天做一些這樣的事情。

We now move south across the border to Hemlo, where at the time of the merger, you would remember there was some debate about this mine's viability. In the end, we decided that it could have the potential to be upgraded to the strategic category by modernizing and refocusing the operation, phasing out the open pit and transitioning to underground contract miners, which is exactly what is happening. As you can see, there's been a very encouraging turnaround in its performance, and there are indications, subject to some additional drilling and royalty discussions, that we could extend the life-of-mine beyond 10 years. And with our tax shield, it actually is a Tier 2 asset. Not the sentiment -- not that sentiment, I would add, played a part in our decision. But Hemlo is our only Canadian operation at this stage. And considering our heritage, as I've said many times before, I believe we are under-invested in Canada.

現在，我們向南穿過邊境到達赫姆洛，您可能還記得，在合併時，關於礦場的可行性存在一些爭論。最後，我們認為，透過現代化和重新調整營運重點、逐步淘汰露天礦場並過渡到地下合約礦機，它有可能升級為戰略類別，而這正是正在發生的情況。正如您所看到的，其性能出現了非常令人鼓舞的轉變，並且有跡象表明，根據一些額外的鑽探和特許權使用費討論，我們可以將礦山的使用壽命延長至 10 年以上。有了我們的稅盾，它實際上是二級資產。不是情緒——我想補充一點，不是情緒在我們的決定中發揮了作用。但 Hemlo 是我們現階段唯一的加拿大業務。考慮到我們的傳統，正如我之前多次說過的那樣，我相信我們在加拿大的投資不足。

So leaving the Americas -- or Canada and the U.S., we now move to Latin America, and we'll start with the Dominican Republic, where Pueblo Viejo provided us with some pleasant surprises and ended this year with a very strong quarter, that is without -- we need to recognize that the management team really unlocked those opportunities. Increased throughput and better grade control delivered a commendable year on a year-on-year production performance. And focus on efficiencies, contract reviews and cost controls kept the costs in line with plan. In particular, the throughput run rate augers really well for our expansion plans. Mark's here today. I mean, I think we've had throughput record after throughput record in the last -- from the back half of last year and actually in January, again, Mark. So it's an exciting project.

因此，離開美洲——或者加拿大和美國，我們現在轉向拉丁美洲，我們將從多明尼加共和國開始，那裡的 Pueblo Viejo 給我們帶來了一些驚喜，並以非常強勁的季度結束了今年，即如果沒有— —我們需要認識到管理團隊確實釋放了這些機會。產量的增加和品位控制的改善使得這一年的生產表現值得稱讚。注重效率、合約審查和成本控制，使成本符合計劃。特別是，吞吐量運行率非常適合我們的擴張計劃。馬克今天來了。我的意思是，我認為我們在過去的吞吐量記錄中創下了一個又一個的記錄——從去年下半年開始，實際上是在一月份，馬克。所以這是一個令人興奮的項目。

Looking at the geology and the mine plan, we see enormous upside for this mine. The problem, however, was that a significant chunk of the mine's inventory had effectively been sterilized by its limited tailing storage capacity. And so that's why PV's ambitious plant expansion project is being twinned with the expansion of its tailings capacity to support the increased throughput.

從地質狀況和採礦計劃來看，我們看到了該礦的巨大優勢。然而，問題在於，該礦的很大一部分庫存已因其有限的尾礦儲存能力而有效消除。因此，PV 雄心勃勃的工廠擴建項目與尾礦產能的擴大相結合，以支持吞吐量的增加。

A new optimization study has shown that throughput increase can be achieved without adding additional autoclaves, which will simplify flow sheet and make sure that we have less disruptions as we introduce the expansion project. PV is already one of the world's largest gold mines, and the plant expansion will enable us to transfer about 11 million ounces from measured and indicated, to reserve. Today, we can't do that because we don't have anywhere to put the tailings down. But once we clear that, then we'll be able to do that and keep production well above 800,000 ounces a year beyond 2040.

一項新的最佳化研究表明，無需添加額外的高壓釜即可實現吞吐量的增加，這將簡化流程並確保我們在引入擴建項目時減少干擾。PV 已經是世界上最大的金礦之一，工廠擴建將使我們能夠將約 1,100 萬盎司的已測量和指示金礦轉為儲備金。今天，我們不能這樣做，因為我們沒有地方可以存放尾礦。但一旦我們明確了這一點，我們就能夠做到這一點，並在 2040 年後將年產量保持在 80 萬盎司以上。

Environmental impact studies and community and social engagement are underway, as we speak. And I would just add that a long life PV is obviously good for Barrick, and of course, our partners, Newmont. And it's even better for the Dominican Republic. The mine contributes more than 20% of the country's corporate tax.

正如我們所說，環境影響研究以及社區和社會參與正在進行中。我想補充一點，長壽命光伏顯然對巴里克有利，當然還有我們的合作夥伴紐蒙特。這對多明尼加共和國來說甚至更好。該礦貢獻了該國20%以上的企業稅。

Further south in Argentina. Veladero had a great 2019 after struggling for years. It exceeded its production guidance and it kept a tight grip on costs. We've put a lot of work into redesigning and replanning the operation, and its life has been extended by pushback on Cuatro Esquinas, which will start soon. This is the pit, we just drilled it out a bit more, and we're going to expand it. And that really does take us along with the residual lease out another 12 years.

再往南就是阿根廷。在經歷了多年的掙扎之後，貝拉德羅度過了美好的 2019 年。它超出了生產指導方針，並嚴格控制了成本。我們投入了大量的工作來重新設計和重新規劃該行動，並且由於四角行動的推遲（即將開始），其壽命也得到了延長。這就是坑，我們只是把它再鑽了一點，我們要把它擴大。這確實讓我們連同剩餘租約又多了 12 年。

And I would just point out that when we started last year, we had a short loss, and it wasn't possible to make profits in a $1,200 gold. And now, it passes that $1,200 gold filter. So a big step change for this operation. There's still more opportunities that could extend the life-of-mine out beyond 2030. And in the meantime, we're focused on cost now because of the low-grade operation. And the big mix cost saving is going to be when we link up the power line to the clean power grid out of Chile, which is very significant for Veladero, and that will drop our cutoff grades, and it will give us a whole lot new more opportunity to expand. Upon commissioning, in the second half of this year, it will have a significant impact on Veladero's costs, as I point out.

我只想指出，當我們去年開始時，我們出現了短暫的虧損，不可能從 1,200 美元的黃金中獲利。現在，它通過了 1,200 美元的黃金過濾器。所以這次行動發生了很大的改變。還有更多機會可以將我的壽命延長到 2030 年以後。同時，由於低等級的運營，我們現在關注的是成本。當我們將電線連接到智利以外的清潔電網時，將節省大量的混合成本，這對貝拉德羅來說非常重要，這將降低我們的截止等級，這將為我們帶來很多新的東西更多的擴展機會。正如我所指出的，今年下半年投入運作後，將對 Veladero 的成本產生重大影響。

And then we've also permitted all the -- so we've really worked hard at -- or Mark and his team, at our license to operate. As you know, Argentina came with a lot of baggage, and we now are very pleased to say we have all our permits approved in Argentina and Veladero. And we're now working -- we've just got the Phase 6 pad expansion done, and it will start producing in Q4 of this year. And the next focus now is permitting Phase 7 pad expansion. We have 7, 8 and 9 in the plan, and we now have reserves and resources to support that progress with the permitting to ensure that we've got the expansions in place.

然後我們還允許所有的——所以我們真的很努力——或者馬克和他的團隊，在我們的許可下進行運作。如您所知，阿根廷帶來了很多行李，現在我們很高興地說，我們在阿根廷和貝拉德羅的所有許可證都已獲得批准。我們現在正在努力——我們剛剛完成了第六階段的基地擴建，並將於今年第四季開始生產。現在的下一個重點是允許第七期基地擴建。我們的計劃中有 7、8 和 9 個項目，現在我們擁有儲備和資源來支持這項進展並獲得許可，以確保我們的擴建到位。

A renewed focus on integrating junky and mineral resource management with planning and infill drilling has added, as I pointed out earlier, additional 3 years. This is before residual leaching, which including residual leaching, as I said, will extend us by 12 -- extend our operation by 12 years.

正如我之前指出的，重新關注將垃圾和礦產資源管理與規劃和加密鑽探結合，又增加了 3 年。這是在殘留浸出之前，包括殘留浸出，正如我所說，將使我們的營運時間延長 12 年。

In the Veladero District, drilling programs are being developed to evaluate new conceptual targets, which, if validated, have the potential to unlock and rejuvenate this whole district. And we've got a lot of investment in the infrastructure in this region. Recent mapping and sampling in geophysics surveys, physical surveys at the Carlin project, along with other Brownfields -- satellites, as you can see here on this slide, offer further potential for reserve and resource opportunities. And we're also looking at some of the ore bodies that were originally included in the Lama project, which is right adjacent to Veladero, to see if there's any of those assets that would leach, and that is another opportunity to add not only life but also some higher grade to the feed for Veladero.

在貝拉德羅地區，正在開發鑽探計劃來評估新的概念目標，如果這些目標得到驗證，將有可能解鎖和振興整個地區。我們對該地區的基礎設施進行了大量投資。最近在地球物理調查、卡林計畫的物理調查以及其他棕地衛星中進行的測繪和採樣，正如您在這張投影片上看到的那樣，為儲備和資源機會提供了進一步的潛力。我們也正在研究最初包含在 Lama 項目中的一些礦體，該項目緊鄰 Veladero，看看是否有任何資產會浸出，這不僅是增加生命的另一個機會而且還為Veladero 提供了一些更高等級的飼料。

Now the India belt, of which Veladero is part extends from Pascua-Lama and Veladero in the north to Alturas in the south and straddles the border between Argentina and Chile. And it is particularly well endowed with gold, legacy mines and opportunities. It has yield more than -- yielded more than 50 million ounces in 4 decades of discovery and development. And I don't know if everyone understands this, but Barrick is -- was the leader in that development. And also, when you go back to India, the mine, it was the first mine in Chile that was properly closed under international closure -- what's the right word, conditions. And so Barrick has a long history there. It's got a great memory. It's got a few bad memories. We're going to get rid of those bad memories, we'll focus on the good ones.

現在，包括貝拉德羅在內的印度帶從北部的帕斯誇拉馬和貝拉德羅延伸到南部的阿爾圖拉斯，橫跨阿根廷和智利之間的邊界。它尤其擁有豐富的黃金、遺留礦場和機會。經過 4 年的發現和開發，其產量已超過 5,000 萬盎司。我不知道是否每個人都理解這一點，但巴里克是這項發展的領導者。而且，當你回到印度時，這個礦井是智利第一個在國際封鎖下被正確關閉的礦井——什麼是正確的詞，條件。因此巴里克在那裡有著悠久的歷史。它有一個美好的回憶。它有一些不好的回憶。我們將擺脫那些不好的記憶，我們將專注於美好的記憶。

And we control 100 kilometers of strike along our India trend with significant targets that include Pascua-Lama, which you'll see we've restarted. We've given up the current plan, and we're going to do this properly. And we also have the 9 million ounce Alturas-Del Carmen project, as you can see in the south of the trend, and many more. I was there just the other day with the team, and we flew down this Indian trend, and it's just amazing. I mean, you -- one place where, geologically, you could actually see the mineralization showing its nose up in this desert.

我們控制了沿著印度方向的 100 公里打擊，其中包括帕斯誇-拉馬在內的重要目標，您會看到我們已經重新啟動了打擊。我們已經放棄了目前的計劃，我們會好好做這件事。我們還有 900 萬盎司 Alturas-Del Carmen 項目，正如您在趨勢南部看到的那樣，等等。前幾天我和團隊一起去那裡，我們沿著印度的潮流飛翔，這真是太神奇了。我的意思是，在你那裡，從地質學上來說，你實際上可以看到礦化在這片沙漠中顯露出來。

So while Nevada is Barrick's value foundation, Latin America offers growth at PV and opportunities at Veladero, and along the Indian trend. Our regional portfolio holds the potential for further world-class discoveries. And our exploration teams, which are now fully employed, are hard at work in Argentina, Chile and Peru as well as the Dominican Republic, where we have our own Barrick exploration team, in addition to the PV joint venture.

因此，雖然內華達州是巴里克的價值基礎，但拉丁美洲為光伏發電提供了成長，並為貝拉德羅提供了機遇，並順應了印度的趨勢。我們的區域投資組合擁有進一步發現世界級發現的潛力。我們的勘探團隊現已滿員，正在阿根廷、智利、秘魯以及多明尼加共和國努力工作，除了光伏合資公司外，我們在多明尼加共和國也擁有自己的巴里克勘探團隊。

Over to the Asia Pacific region, where Porgera and Papua New Guinea has the potential also to become a Tier 1 mine that faces many challenges, mainly in the form of legacy issues and an unruly neighborhood. Despite these, it posted a standout performance in quarter 4, boosting production and cutting costs, which contributed to its exceeding production guidance for the year. Given all the challenges and interruptions, cost control was commendable, although still a lot to improve on.

至於亞太地區，波格拉和巴布亞紐幾內亞也有潛力成為一級礦山，但面臨許多挑戰，主要表現為遺留問題和不守規矩的鄰裡關係。儘管如此，該公司在第四季度仍表現出色，提高了產量並削減了成本，超出了今年的產量指引。考慮到所有的挑戰和乾擾，成本控制值得稱讚，儘管仍有許多需要改進的地方。

It is worth noting that in 2019, Porgera paid more tax than it has in the previous 5 years combined. We're confident that the mine, in partnership with the government and landowners, is capable of making a meaningful contribution to PNG and Barrick-Zijin partnership for years to come. And it is because of that, that we have applied and are negotiating a 20-year extension to the special mining lease with PNG government. We also need to point out that PNG, we believe in it. And we are a committed investment in that country -- a committed investor in that country.

值得注意的是，2019年，波格拉繳納的稅款比過去5年的總和還多。我們相信，該礦與政府和土地所有者合作，能夠在未來幾年為巴布亞紐幾內亞和巴里克-紫金的合作夥伴關係做出有意義的貢獻。正因為如此，我們已經申請並正在與巴布亞紐幾內亞政府就特殊採礦租約延長 20 年進行談判。我們還需要指出，我們相信巴布亞紐幾內亞。我們是該國的堅定投資——該國的堅定投資者。

As at our other operations, we've brought a strong geological and structural modeling focus to bear on Porgera, and this has already identified a significant upside in the life-of-mine potential. For example, at Wangima zone, just outside of the open pit, historical, but fast drilling, combined with geophysics and surface sampling, indicates the possibility of a continuation of mineralization within an intrusive corridor. And drilling is already underway on some of these targets.

與我們的其他業務一樣，我們對 Porgera 進行了強有力的地質和結構建模，這已經確定了礦山壽命潛力的顯著上升。例如，在露天礦坑外的旺吉瑪地區，歷史悠久但快速的鑽探，結合地球物理學和地表採樣，顯示在侵入走廊內礦化持續存在的可能性。其中一些目標的鑽探工作已經開始。

With that, now across to Africa and the Middle East region, which was not an insignificant contributor to Barrick's cash flow in 2019. Incidentally, this region is led by a very competent team, which took the challenge of Tanzania in their stride and whose performance is a tribute to the Randgold resources succession planning. Because we wouldn't have been able to do what we did in Barrick if we couldn't leave Africa because we all moved to the center in competent hands. And that was the trained next tier of management in Randgold.

現在，非洲和中東地區對巴里克2019年的現金流做出了不小的貢獻。順便說一句，該地區由一支非常有能力的團隊領導，他們從容應對坦尚尼亞的挑戰，他們的表現是對蘭德戈爾德資源繼承計劃的致敬。因為如果我們不能離開非洲，我們就無法做我們在巴里克所做的事情，因為我們都搬到了有能力的人手中。這就是蘭德戈爾德經過訓練的下一層管理人員。

We start, of course, at Loulo-Gounkoto complex in Mali, which as usual, did very well, exceeding its production guidance for the year, despite some challenges with the mill girth gear this past quarter. Costs were well contained, and the complex also replaced reserves depleted from mining for the year. Its solar power project, Barrick's first, is on track to add 20 megawatts to its grid, this is the mine grid, reducing operating costs and estimated to cut carbon emissions by about 40,000 tonnes per year, and it will reduce our requirement for heavy fuel and diesel by 10 million liters.

當然，我們從馬裡的 Loulo-Gounkoto 綜合廠開始，儘管上個季度工廠大齒圈遇到了一些挑戰，但該綜合廠一如既往地表現出色，超出了今年的產量指導。成本得到了很好的控制，該綜合體還補充了當年因採礦而耗盡的儲量。其太陽能發電項目是巴里克的第一個項目，預計將為其電網增加20 兆瓦電力，這是礦山電網，從而降低營運成本，預計每年可減少約40,000 噸碳排放，並將減少我們對重燃料的需求和柴油1000萬公升。

Development of the complex third underground mine at Gounkoto, is scheduled to start in the fourth quarter of this year. And I'm happy to report that we have made significant progress in resolving our tax disputes with the Malian government. And that's another attestation to our relationships, our license to operate in some of these more challenging environments.

位於 Gounkoto 的第三個地下礦山綜合體的開發計劃於今年第四季開始。我很高興地報告，我們在解決與馬利政府的稅務糾紛方面取得了重大進展。這是我們關係的另一個證明，也是我們在一些更具挑戰性的環境中運作的許可。

Pointing further to growth in the complex's asset-base, step-out drilling has confirmed the extension of Yalea's high-grade transfer zone in the south. This is the effective extension of what we used to call the purple patch, to over an additional 320 meters, setting the complex up for continued replacement of reserve depletion in 2020.

步出鑽探進一步顯示了該綜合體資產基礎的成長，並確認了耶魯大學南部高品位轉移區的擴展。這是我們過去所說的紫色斑塊的有效延伸，額外延伸超過 320 米，為 2020 年繼續補充儲備耗盡做好準備。

And on the Gounkoto permit, a significant structure, which controls the majority of mineralization in the Gounkoto pit, can be observed in the south end of the pit. And it projects down into a region called Faraba, and we've really made progress in understanding this. And this is how these ore bodies are driven, as these big structures where they're interfere, and we're quite excited about the opportunity for Faraba, which is a target that had been around a long time, to add to the Gounkoto resources and hopefully, reserves.

在 Gounkoto 許可證上，可以在礦坑南端觀察到一個重要的結構，它控制著 Gounkoto 礦坑中的大部分礦化。它延伸到一個名為法拉巴的地區，我們在理解這一點方面確實取得了進展。這就是這些礦體被驅動的方式，因為它們受到這些大型結構的干擾，我們對法拉巴（Faraba）有機會增加 Gounkoto 資源感到非常興奮，這是一個長期以來的目標並希望有儲備。

Across to Central Africa, where Kibali and the Democratic Republic of Congo continues to shine, with a record-breaking performance for the third consecutive year. Gold production was well above the top end of guidance, and costs were in the lower half of their range. Kibali also replaced the ounces it mined. And as at other operations, the search for additional ounces goes on. The highlight of the past quarter was the completion of a successful pre-feasibility study on the Kalimva-Ikamva project, which will balance the open pit and underground ounces and effectively gives us the opportunity to schedule open pit ounces up 10 years. And you need that in an underground mine, that flexibility that open-pit reserves brings.

越過中非，基巴利和剛果民主共和國繼續大放異彩，連續第三年打破紀錄。黃金產量遠高於指導值的上限，而成本則處於指導值範圍的下半部。Kibali 也更換了其開採的盎司。與其他作業一樣，尋找更多盎司的工作仍在繼續。上個季度的亮點是 Kalimva-Ikamva 專案成功完成了預可行性研究，這將平衡露天礦和地下盎司，並有效地使我們有機會將露天礦盎司提前 10 年安排。在地下礦場中，您需要露天礦儲量帶來的彈性。

At Kibali, total project reserves grew by almost 1 million ounces after depletion in 2019 and improving our understanding of the mineralization controls both within and down the KCD deposits as well as the KZ trend will provide further opportunities. And we actually have a replacement plan ahead of us. And you'll see we've stepped out that DD602 hits the main mineralized bodies, and we've stepped out another 600 meters. We're drilling that hole as we speak. We'll add another significant potential to the mine.

在 Kibali，專案總儲量在 2019 年枯竭後增加了近 100 萬盎司，提高我們對 KCD 礦床內部和下游的礦化控制以及 KZ 趨勢的了解將提供更多機會。我們實際上有一個替代計劃。你會看到我們已經走出去，DD602 撞擊了主要礦化體，我們又走出了 600 公尺。就在我們說話的時候，我們正在鑽這個洞。我們將為該礦增添另一個巨大的潛力。

And now to our latest African partnership. In September, we consolidated the Tanzanian mines into the Barrick portfolio, following our buyout of Acacia. Without wishing to bring up old bones, I have to say that Acacia represents a lot of what can be bad about mining. And we have our work, certainly, got our work cut out to repair the operational and reputational damage it inflicted on these miners. The team has made a strong start, however, and we're confident that we can turn them around.

現在談談我們最新的非洲合作關係。9 月，在收購 Acacia 後，我們將坦尚尼亞礦場整合到巴里克投資組合中。不想提起老骨頭，我不得不說，金合歡代表了採礦業的許多壞處。當然，我們有我們的工作，我們的工作就是修復它對這些礦工造成的營運和聲譽損害。然而，球隊已經取得了良好的開局，我們有信心扭轉局面。

We settled Acacia's stalemate dispute with the government and concluded the formation of a jointly-owned management company as well as a benefit-sharing agreement designed to ensure a genuine partnership going forward. And I might add, we're very comfortable with these sort of partnerships, a bit strange maybe for you, but that's how we operate in Loulo, that's how we operate in the Congo's -- Congo, and that's how we operate in the Ivory Coast.

我們解決了 Acacia 與政府的僵局糾紛，並組建了一家合資管理公司，並達成了利益分享協議，旨在確保未來真正的合作夥伴關係。我想補充一點，我們對這種夥伴關係感到非常滿意，也許對你來說有點奇怪，但這就是我們在盧洛的運作方式，這就是我們在剛果的運作方式，這就是我們在像牙的運作方式海岸。

So it's important to have management that -- I mean, governments in your management structure, on your Board, seeing what you do, you take away that suspicion that you're not doing the right thing. The partnership's first achievement was the swift resumption of the normal operation is -- at North Mara, which is now back on track. And the successful transition from contractor to owner-operator mining has already delivered cost savings. So the team, the AME team, led by Willem has really done a lot of good work immediately to address operational challenges. Quarter-on-quarter and year-on-year comparisons are not really worth much because we've changed -- we started at 63.9% and then went to 100%, and then we did the joint venture at 84:16 ratio with the government.

因此，重要的是讓管理階層——我的意思是，政府在你的管理結構中，在你的董事會中，看到你所做的事情，你就會消除對你沒有做正確的事情的懷疑。此次合作的第一個成就是北馬拉迅速恢復正常運營，現已重回正軌。從承包商採礦到業主運營商採礦的成功轉型已經節省了成本。因此，由 Willem 領導的 AME 團隊確實立即做了很多出色的工作來解決營運挑戰。季度環比和同比的比較並沒有多大價值，因為我們已經改變了——我們一開始是 63.9%，然後到了 100%，然後我們以 84:16 的比例與政府。

There's a lot of -- there's absolutely no doubt about the potential at North Mara. Some of the bankers in this audience will know that I've really always had a view that North Mara wasn't optimized at all. And everything we've done so far reinforces that.

毫無疑問，北馬拉的潛力巨大。聽眾中的一些銀行家會知道，我一直認為北馬拉根本沒有優化。到目前為止我們所做的一切都強化了這一點。

And so we're looking forward to building on our geological models. It's short of geology everywhere, short of geology in the reserves. We can't plan long term, we've got a lot of work to do, but we've got new models already out on Gokona and the Gena ore bodies, and we're very excited about the upside around North Mara.

因此，我們期待建立我們的地質模型。到處都缺地質，儲量也缺地質。我們無法制定長期計劃，我們還有很多工作要做，但我們已經在 Gokona 和 Gena 礦體上推出了新模型，我們對 North Mara 周圍的上行空間感到非常興奮。

And then elsewhere in Lake Victoria Goldfields, Bulyanhulu, as you know, is riding on tailings retreatment. We're busy. We've appointed a full feasibility team. We've started the drilling, as we said we would when we were arguing with Acacia, get the geotechs right, drill out some of those holes because -- in the deeper high-grade areas because there were no ore hole locks. They were just -- they were [last] core. So we have to get another look at that orebody. We're doing that. We expect to have -- we have a plan to bring it back into production. And once we've got the detailed mine planning done, we expect to have that mine back in production by the end of the year.

如您所知，在維多利亞湖金礦區的其他地方，Bulyanhulu 正在利用尾礦再處理。我們很忙。我們已經任命了一個完整的可行性團隊。我們已經開始鑽探，正如我們在與 Acacia 爭論時所說的那樣，讓岩土技術正確，鑽出其中一些孔，因為 - 在更深的高品位區域，因為沒有礦孔鎖。他們只是－他們是[最後]核心。所以我們必須再看那個礦體。我們正在這樣做。我們預計 - 我們有計劃將其重新投入生產。一旦我們完成了詳細的礦山規劃，我們預計礦山將在今年年底前恢復生產。

Buzwagi, really working towards closure. It's a relatively new processing plant, where John Steele has already got plans, but we would like to use it. So we've got a lot to do in Buzwagi. And as you know, we're -- this is -- we'll proceed our work at Morila, which we're making a lot of progress on and bringing it to closure.

Buzwagi，真正致力於關閉。這是一個相對較新的加工廠，約翰·斯蒂爾已經有了計劃，但我們想使用它。所以我們在布茲瓦吉還有很多事情要做。如您所知，我們將繼續在莫里拉開展我們的工作，我們正在取得很大進展並將其結束。

Tongon has about 2.5 years of life left and remains a very strong cash producer. It's got very little sustaining capital, and we are looking at -- we've just finished the drilling on the Djinni deposit. We've got to do a feasibility study, but it has the potential to add another year. And so we are looking at that. Ivory Coast still, a good destination for our exploration team.

Tongon 的壽命還剩大約 2.5 年，並​​且仍然是一個非常強大的現金生產者。它的維持資本很少，而我們正在考慮——我們剛剛完成了 Djinni 礦床的鑽探。我們必須進行可行性研究，但有可能再延長一年。所以我們正在研究這個問題。科特迪瓦仍然是我們勘探隊的好目的地。

And then as I indicated earlier in the introduction, our copper mines had a very good year and exceeded their production guidance. Their performance was led by Lumwana. As you know, we wrote back about $900 million in Lumwana, and we've dropped the costs. We've increased the feasibility. I mean, we've increased the efficiencies, and we've got a much more Zambian management team running that operation.

正如我在前面的介紹中指出的那樣，我們的銅礦今年表現得非常好，超出了生產指導方針。他們的表演由 Lumwana 領銜。如你所知，我們在盧姆瓦納回寫了約 9 億美元，並且降低了成本。我們增加了可行性。我的意思是，我們提高了效率，我們有更多的讚比亞管理團隊來經營這項業務。

And then Zaldivar, we are -- we have now approved with our partners, the chloride leach project scheduled for commissioning and ramp up by 2022. And that will add more value to Zaldivar. I don't believe that our copper assets are properly valued in our NAV, as I would probably suggest most of our assets. But this year, we're going to be focusing on that, sharing that with you and getting you to understand where we're going.

然後，Zaldivar，我們現在已經與合作夥伴批准了氯化物浸出項目，計劃於 2022 年調試並提高產量。這將為 Zaldivar 增加更多價值。我不認為我們的銅資產在我們的資產淨值中得到了適當的估值，正如我可能建議的那樣，我們的大部分資產。但今年，我們將重點關注這一點，與您分享並讓您了解我們的發展方向。

So it's generally expected and I've certainly been viewing this for a while, that the global production for the gold industry will peak this year or next, and then it's downhill all the way. We're forecasting, if you assume, all the announced projects come to fruition, we'll still be 30% short by 2029. So against that backdrop, it's particularly important and rewarding to be able to present a trend going the other way, where we have been able to end the year with higher reserves at higher grade than what we started the year with.

因此，人們普遍預計，而且我已經關注這一點有一段時間了，黃金行業的全球產量將在今年或明年達到頂峰，然後一路走下坡路。我們預測，如果您假設所有宣布的項目都能實現，那麼到 2029 年我們仍將短缺 30%。因此，在這種背景下，能夠呈現出相反的趨勢是特別重要和有益的，即我們能夠在年底時以比年初更高的儲量和更高的品位儲備。

Most importantly, we have replaced depletion on all our key assets except for PV and Cortez, and it's worthwhile just understanding those need feasibility studies, but we've got them measured and indicated resources already in line. So a new feasibility just unlocks that.

最重要的是，我們已經取代了 PV 和 Cortez 以外的所有關鍵資產的消耗，僅僅了解這些需要可行性研究是值得的，但我們已經對它們進行了測量並表明資源已經到位。因此，一個新的可行性恰好解決了這個問題。

And for which we have -- and so I've put this in here because I anticipated somebody -- some analysts would misinterpret our numbers. And if you look, there's the acquisition line, 13.4. The depletion is what we depleted, and the additions, change gains are all replaced ounces through the drill bit. So 6 and 6. And the 4.5 is the cleanup. All the stuff that we couldn't deliver value on, and we put it back to where it is. Some of it, completely at the schedule, some of it as inferred, some of it as measured and indicated like Lagunas Norte. And so you see where we've got to year-on-year.

為此，我將其放在這裡​​是因為我預計某些分析師會誤解我們的數據。如果你看一下，你會發現採集線 13.4。消耗的就是我們消耗掉的，增加的、變化的增益都是透過鑽頭替換的盎司。所以 6 和 6。4.5 是清理。所有我們無法提供價值的東西，我們都會將其放回原處。其中一些完全按照時間表進行，有些是推斷的，有些是測量和指示的，如北湖。所以你可以看到我們逐年取得的成績。

And the same for copper. And copper -- so Barrick has 71 million ounces at 1.68 grams of reserves that are viable at $1,200 long-term gold price, no adjustments, current input costs. It has 171 million ounces of resources at 1.55, which is viable and deliverable at $1,500 gold. It's got -- they've got mine ends attached to them. They're not just some soon-to-be-discovered thought.

銅也是如此。還有銅——巴里克擁有 7,100 萬盎司（1.68 克）的儲備，在不調整當前投入成本的情況下，長期金價為 1,200 美元時，這些儲備是可行的。它擁有 1.71 億盎司資源，價格為 1.55，可行且可以 1,500 美元黃金交割。它有——它們連著我的末端。它們不僅僅是一些即將被發現的想法。

And the same with copper, as I show here, we've increased our reserves by 2.2 billion pounds of copper. And just to point out, we don't model the 2, we separate. They are individual reserves and resources. We don't do the gold equivalent debt.

銅也是如此，正如我在此所示，我們的銅儲備增加了 22 億磅。需要指出的是，我們不會對 2 進行建模，而是將兩者分開。它們是個人儲備和資源。我們不做黃金等價債務。

So wrapping all this together, this is our 5-year plan. We've already shown it to you. And in your deck, you'll find the detail of the individual regions. So we just didn't want to waste the time showing it. But we've updated it. And really, there's an improvement in the trend because we've taken out KCGM and Massawa, so that takes out capital.

因此，將所有這些綜合起來，就是我們的五年計劃。我們已經向您展示過。在你的牌組中，你會找到各個區域的詳細資訊。所以我們只是不想浪費時間來展示它。但我們已經更新了。事實上，趨勢有所改善，因為我們已經剔除了 KCGM 和 Massawa，所以這就減少了資本。

And why do we do this? Well, it shows you've got a 5 million ounce base. The costs are coming down, you can see why we are comfortable with our dividend. And in March, in the annual report, we will show you the 10-year plan, which doesn't look dissimilar.

我們為什麼要這樣做？嗯，它表明您有 500 萬盎司的基礎。成本正在下降，你可以明白為什麼我們對股息感到滿意。在三月的年度報告中，我們將向您展示十年計劃，看起來並沒有什麼不同。

And why? Because, as I said in the beginning, we want people to see our runway and understand we're a long-term business. And some of them will be a little bit wobbly, but then we'll talk to you about how we're going to fix them. And we've got -- certainly got organic opportunities that we need to convert and put into this plan. So this is our base plan going forward. And we, as a management team, will now work with you on it. As we have done, as I have done in the market for my entire career.

為什麼？因為，正如我一開始所說的，我們希望人們看到我們的跑道並了解我們是一家長期企業。其中一些會有點不穩定，但隨後我們將與您討論如何修復它們。我們確實獲得了有機機會，我們需要將其轉化並納入該計劃。這是我們未來的基本計劃。作為管理團隊，我們現在將與您合作。正如我們所做的那樣，正如我在整個職業生涯中在市場上所做的那樣。

And the same with copper, and you can see not a bad picture. The picture didn't look so clever when we first started out last year, but we've really turned our copper operations around.

銅也是如此，你可以看到一幅不錯的圖片。去年我們剛開始時，情況看起來不那麼聰明，但我們確實扭轉了銅業務的局面。

So in conclusion, since the Barrick-Randgold merger was announced, the Barrick's share price has increased by 79%, outperforming its peers, the indices and the spot gold price. And it's clear that the market now believes that what we set out to do was one, plausible; and two, has delivered something that is really an opportunity to continue to build on. And I have no doubt that we will deliver on our most valued gold company ambition.

綜上所述，自巴里克與蘭德黃金合併宣布以來，巴里克股價已上漲 79%，跑贏同業、指數及現貨黃金價格。很明顯，市場現在相信我們打算做的事情只有一個，是合理的；第二，提供了真正值得繼續發展的機會。我毫不懷疑我們將實現我們最有價值的黃金公司的雄心壯志。

As I've shown in this presentation, we have achieved much in 2019, but we are under no illusion, as a management team, that there's still -- a lot remains to be done to get to our destination. And I can assure you that we are all -- more importantly, our executive teams in the regions, quite capable of doing it, and we all look forward to the challenge.

正如我在本次演講中所展示的，我們在 2019 年取得了很大成就，但作為管理團隊，我們並不抱持任何幻想，要實現我們的目標，還有很多工作要做。我可以向你們保證，我們所有人——更重要的是，我們在這些地區的執行團隊都非常有能力做到這一點，我們都期待著挑戰。

So thank you, ladies and gentlemen. I know it was a long presentation, but we've considered it important to walk you through this. And -- so it gives you the foundation on which we will build on going forward. And again, we've got some of the executives here. We're happy to take questions.

謝謝你們，女士們先生們。我知道這是一個很長的演示，但我們認為引導您完成這一點很重要。而且—它為您奠定了我們未來發展的基礎。再說一次，我們這裡有一些高階主管。我們很樂意回答問題。

And I think Graham is actually on the call because he got caught up with the U.K. weather, and didn't get -- wasn't able to fly across.

我認為格雷厄姆實際上是在打電話，因為他受到了英國天氣的影響，並且無法飛過去。

Are we going to take questions here first or...?

我們要先在這裡提問還是…？

Mark, it's Greg Barnes from TD. And then maybe jumping again a little bit. But in the 10-year plan, can you sustain that 5 million ounce per year production profile without building a new mine?

馬克，我是 TD 的格雷格·巴恩斯。然後也許會再跳一點。但在 10 年計畫中，您能否在不建造新礦場的情況下維持每年 500 萬盎司的產量？

Sure. Yes. Yes, that's -- certainly, that's every indication where the teams are at the moment. We've got organic growth. So some -- so Nevada has got some upside that we've got to work on. I think Latin America is pretty flat. And -- but no doubt we've got opportunity there, organic-wise. And also, can we get the 800,000 ounces, closer to 1 million ounces out of PV?

當然。是的。是的，那是——當然，這就是球隊目前所處位置的所有跡象。我們實現了有機成長。所以內華達州有一些我們必須努力的優勢。我認為拉丁美洲相當平坦。而且——但毫無疑問，我們在那裡有有機的機會。另外，我們能否從 PV 中獲得 80 萬盎司（接近 100 萬盎司）？

And then AME, you'll see in the graphs that you got, it goes from 1.5 to 1.3. But again, that's based on what we've got today. And so it highlights where we can go. But when we stack those 3 stacks together, we get that 5 million ounces for the 5 years, and we've got the same looking at 10 years. And we've got opportunities built into that 10-year plan, organic opportunities, that we'll highlight for you when we deliver it. Because remember, it's a production plan. So it just shows you how we're planning to do, and then we'll roll that 5-year plan and with any luck, we'll continue to roll the 10-year plan. That's the plan.

然後 AME，您會在得到的圖表中看到，它從 1.5 變為 1.3。但同樣，這是基於我們今天所掌握的情況。因此它強調了我們可以去往的地方。但是當我們將這 3 個堆疊加在一起時，我們在 5 年內得到了 500 萬盎司，並且在 10 年內我們得到了相同的結果。我們在十年計劃中內建了一些機會，有機的機會，當我們交付它時，我們會向您強調這些機會。因為請記住，這是一個生產計劃。所以它只是向您展示我們計劃如何做，然後我們將推出 5 年計劃，如果幸運的話，我們將繼續推出 10 年計劃。這就是計劃。

Is there any thinking about growth?

有沒有關於成長的思考？

Sure. Growth. What is growth? I mean, the best growth I can give you today is this. Sorry, that one. Because if you transfer that into a cash flow number, and you look at different numbers, you grow the cash. So -- and that's what I -- you've watched -- Greg, you've been with me all this time. How many times did people suggest that I should go and buy Durban Deep or this company or that company because everyone was focused on growth being ounces? And we stuck to our numbers. We used the filters, which we very clearly have shared with you back in January last year. And we will grow this business. First of all, it needs this growth because we need to sweat these assets. And secondly, growth opportunity for us is, we would -- I would change the term growth to investment opportunities. With the new-onset investment means that you intend to get some returns back from your effort rather than just growing ounces.

當然。生長。什麼是成長？我的意思是，我今天能給你最好的成長就是這個。對不起，那個。因為如果你將其轉化為現金流數字，並且查看不同的數字，你就會增加現金。所以——這就是我——你所看到的——格雷格，你一直和我在一起。有多少次人們建議我應該去買 Durban Deep 或這家公司或那家公司，因為每個人都關注以盎司為單位的成長？我們堅持我們的數字。我們使用了過濾器，我們早在去年一月份就已經非常清楚地與您分享過。我們將發展這項業務。首先，它需要這種成長，因為我們需要消耗這些資產。其次，我們的成長機會是－我會將成長一詞改為投資機會。新的投資意味著您打算從您的努力中獲得一些回報，而不僅僅是增加盎司。

And as you know, we're not shy of taking on a challenge.

如你所知，我們並不羞於接受挑戰。

Matt Murphy with Barclays. Just wondering, with the reserve update, where you're at now in this MRM transition? Are you where you want to be? Is there a lot more work to do on these geologic models before we start talking about new drilling?

巴克萊銀行的馬特墨菲。只是想知道，隨著儲備更新，您現在處於 MRM 過渡的哪個階段？你在你想去的地方嗎？在我們開始談論新的鑽探之前，這些地質模型還有很多工作要做嗎？

So we're drilling -- our budget this year is $170 million just on -- under Rob's stewardship. So where -- we spent most of our money on very near-term Brownfields work last year, tidying up. Most of our exploration team lived on the mines because we had to redo things. We re-logged all the core in PV, all the core in Veladero. We've redone all the models in Nevada. We re-logged everything in Lumwana. We've -- the one that we didn't do a lot on but -- because we haven't got any more information, is Porgera. But all the rest, we've done a lot. And we're busy with that exercise right now with [Twiga]. But we've got -- there are 2 things. The mineral resource management team and that philosophy is completely entrenched in our organization. I mean, Catherine is a geologist, so that's what's easy. Even my engineering colleague here, he's fully committed on the MRM side.

因此，我們正在 Rob 的領導下進行鑽探——今年的預算為 1.7 億美元。所以去年我們把大部分錢都花在了近期的棕地工作上，清理工作。我們勘探隊的大部分人都住在礦井裡，因為我們必須重做事情。我們重新記錄了 PV 中的所有核心、Veladero 中的所有核心。我們重做了內華達州的所有模型。我們重新記錄了盧姆瓦納的一切。我們沒有做太多的工作，但是因為我們沒有得到更多信息，那就是波格拉。但剩下的一切，我們已經做了很多。我們現在正忙於與 [Twiga] 進行這項練習。但我們有——有兩件事。礦產資源管理團隊和這項理念在我們的組織中完全根深蒂固。我的意思是，凱瑟琳是一名地質學家，所以這很容易。即使是我的工程同事，他也完全致力於 MRM 方面。

So -- and Willem, who's an -- a lawyer, he's -- I mean I know we have to put him in the right place, but he's got some very strong MRM people behind him. And so that's what it is, is that philosophy is well entrenched in our organization. The general managers understand that. This year, we did -- these plans have come from the mines. They own the reserves, they own the planning, the geologists are completely integrated in the business of planning. And again, we've got work to do. We are busy reshaping and improving the efficiency of a very complex geological planning program in Nevada because it's a huge organization. So we've got it 90% right, but we need to tidy up a little bit.

所以，威廉是一名律師，我的意思是我知道我們必須把他放在正確的位置，但他背後有一些非常強大的 MRM 人員支持。事實就是這樣，這種理念在我們的組織中根深蒂固。總經理們都明確這一點。今年，我們做到了——這些計畫來自礦場。他們擁有儲量，他們擁有規劃，地質學家完全融入規劃業務。再說一遍，我們還有工作要做。我們正忙於重塑內華達州一個非常複雜的地質規劃項目並提高其效率，因為它是一個龐大的組織。所以我們已經得到了 90% 的正確率，但我們需要進行一些整理。

We've also moved geologists around to get a little bit of a different view. I think the big change has also been we've now got properly staffed. If anything, the area that needs an additional focus on geology skill is Africa, which we've moved quite a lot of people around. And we've been very focused on the Americas and Porgera.

我們也調動了地質學家以獲得一些不同的觀點。我認為最大的變化是我們現在配備了適當的人員。如果有什麼不同的話，那就是需要額外關注地質技能的地區是非洲，我們已經將很多人轉移到了那裡。我們一直非常關注美洲和波格拉。

So -- but I think we've got the framework. I wouldn't say that we are where -- you're never absolutely at utopia in R&D. There's always something more to do. But, I mean, we've got some excellent geologists. And the reason -- I'll just give you an example, Veladero. When we got there, we were -- we didn't really know what the grade was we were putting on the leach pads. We do now. And we've got it drilled -- we haven't got a drill to where we want it to be, but at least we've got it drilled and we're drilling it out.

所以——但我認為我們已經有了框架。我不會說我們現在處於研發的烏托邦狀態。總是有更多事情要做。但是，我的意思是，我們有一些優秀的地質學家。原因是－－我給你舉個例子，Veladero。當我們到達那裡時，我們真的不知道我們在浸濾墊上的等級是多少。我們現在就這樣做。我們已經把它鑽了——我們還沒有鑽到我們想要的地方，但至少我們已經把它鑽了，我們正在把它鑽出來。

And there's -- and so Nevada was well drilled in the reserves, but not in the life-of-mine. So we've moved a step out of that. And we identified that in the due diligence. Because it was very focused on cash flow, we've changed that completely. As you see the grades like Turquoise Ridge, Carlin, the grades are down, but the production is there because we've improved the efficiencies in the processing facilities, and we've optimized the ore bodies.

內華達州在儲備區的鑽探工作很順利，但在我的生活中卻沒有。所以我們已經向前邁出了一步。我們在盡職調查中發現了這一點。因為它非常關注現金流，所以我們完全改變了這一點。正如您所看到的 Turquoise Ridge、Carlin 等品位，品位有所下降，但產量仍然存在，因為我們提高了加工設施的效率，並且優化了礦體。

So I would say that we've got the basics where we want them to be.

所以我想說，我們已經具備了我們想要的基礎知識。

Anita Soni from CIBC. So you talked about adding mineralized envelopes around the resources. If the resources move from inferred M&I into reserves, would you expect additional dilution? Or is that it?

來自 CIBC 的安妮塔索尼。所以你談到了在資源周圍添加礦化包絡層。如果資源從推斷的 M&I 轉變為儲備，您是否預計會出現額外的稀釋？或者就是這樣？

No, that's it. Yes. Look, yes, we do -- I mean, we look at standard mining shapes when we model it. And there's very -- I mean, I guess -- let me answer it a different way. So when we looked at $1,200 from $1,000 in Kibali, for instance. When we move the mine -- we tried to test the higher gold price, lower cut-off grade, we didn't really change the reserves because the shape of the ore bodies are such that you are in a hard boundary. So a lot of the ore bodies that we have on hard boundaries. And so you can -- when you move them, you really don't change the dilution. And we just continue that process. But on new projects, we make a conscious effort to manage dilution and losses and things like that in our studies and in the reserve calculation. So those sort of new deposits like satellites and that would come up, but they're not in the inventory at the right grade anymore because we're still very widely space drilling.

不，就是這樣。是的。看，是的，我們確實這樣做了——我的意思是，我們在建模時會考慮標準的採礦形狀。讓我以不同的方式來回答這個問題。例如，當我們將基巴利的 1,000 美元與 1,200 美元進行對比時。當我們移動礦場時，我們試圖測試更高的金價、更低的邊界品位，但我們並沒有真正改變儲量，因為礦體的形狀使你處於硬邊界。我們的許多礦體都位於硬邊界上。所以你可以——當你移動它們時，你實際上並沒有改變稀釋度。我們只是繼續這個過程。但在新項目中，我們在研究和準備金計算中有意識地努力管理稀釋和損失以及類似的事情。因此，諸如衛星之類的新礦床將會出現，但它們不再處於正確等級的庫存中，因為我們仍在廣泛進行太空鑽探。

I think the key, Anita, to -- I mean, if somebody -- one of our shareholders called us the other day and said, can we give you -- can I give him a view of what we'd look like at $2,000? Well, it's 171 million ounces. And what's exciting about Nevada is when you look at our mine plan, because we're going underground, we're increasing the grade, keeping the production, in fact, rising the production. But what we do is we open up capacity. We actually closed down some of the facilities.

我認為，安妮塔，關鍵是——我的意思是，如果有人——我們的一位股東有一天打電話給我們說，我們可以給你——我可以讓他看看我們在2,000 美元的情況下會是什麼樣子嗎？嗯，是 1.71 億盎司。內華達州令人興奮的是當你看到我們的採礦計劃時，因為我們正在進入地下，我們正在提高品位，保持產量，事實上，提高產量。但我們所做的是開放產能。我們實際上關閉了一些設施。

So in a high-grade gold -- because high grade doesn't help if you haven't got processing capacity. Nevada has that significant opportunity of being able to grow goals because we'll, at a higher gold price, lower cutoff grade, we access, again, more upside ore, we have more flexibility for the capacity, so we've got capacity. The same with some of our big mines, where we've got leach -- with leach pads. You can increase your capacity quickly, whereas in Kibali, for instance -- I mean, Kibali has still got capacity, we don't use all the capacity. So that's a bad example.

所以在高品位黃金中——因為如果你沒有加工能力，高品味也無濟於事。內華達州擁有實現目標的重大機會，因為我們將在更高的金價、更低的截止品位下，再次獲得更多的上行礦石，我們對產能有更大的靈活性，所以我們有產能。我們的一些大型礦山也是如此，我們有浸濾——帶有浸濾墊。你可以快速增加你的容量，而在基巴利，例如——我的意思是，基巴利仍然有容量，我們並沒有使用所有的容量。所以這是一個不好的例子。

Loulo has got full capacity. So you add reserves, you just add life. You don't really add extra gold. Does that make sense?

Loulo已經滿了。所以你增加了儲備，你就增加了生命。您實際上並沒有添加額外的黃金。那有意義嗎？

Can we move -- Josh, you were going to say something? Come on. You're always a pool of wisdom. So should we go to the -- is there any questions from the phone inside?

我們可以搬家嗎——喬什，你想說些什麼嗎？快點。你永遠是智慧的泉源。那我們應該去──裡面的電話有什麼問題嗎？

(Operator Instructions) Our first question is 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 just had two quick ones. Just in terms of the overall asset optimization, you've talked a little bit about projects where you can unlock value. Now that you've completed the asset sales at Kalgoorlie and Massawa, from here, if you can't get the value you're looking for in any other assets, are you comfortable that the portfolio is what it is? Or is that still something you're working on around the edges on a couple of the assets?

我剛吃了兩個快的。就整體資產優化而言，您已經談到了一些可以釋放價值的項目。現在您已經完成了卡爾古利和馬薩瓦的資產出售，從這裡開始，如果您無法獲得您在任何其他資產中尋找的價值，您對投資組合的現狀感到滿意嗎？或者這仍然是您在一些資產的邊緣進行的工作嗎？

That was my first question. And then just with the 10-year plan, just to prepare for that a little bit. Is the idea that you showed the production plan over the 10 years, but you're also going to give -- should we expect a lot of detail on some of the assets like Donlin, et cetera? Or is it just focused really on the production side?

這是我的第一個問題。然後製定十年計劃，為此做好一點準備。你展示了 10 年來的製作計劃，但你也會給出——我們是否應該期待有關 Donlin 等一些資產的大量細節？或者它只是真正專注於生產方面？

Okay. Thanks. So we're not going to put Donlin in because we manage at $1,200. So we're not changing the rules in this. We're showing you that we've got visibility on the runway for our 10-year program, and there might well be opportunities that we will highlight, but there wouldn't need to be opportunities that make it at $1,200 gold price.

好的。謝謝。所以我們不會讓 Donlin 加入，因為我們的獎金是 1,200 美元。所以我們不會改變這方面的規則。我們正在向您展示，我們的 10 年計劃已經在醞釀中，我們很可能會重點介紹一些機會，但不需要這些機會能夠以 1,200 美元的金價實現目標。

So that's -- the optionality is what it is, and we'll leave it there. And that's why it's important. So we've redone all our resources. We can assure you, Rod signed off on them. There are proper mining shapes in a proper mining plan. So it's not just geological resources. Even the inferred, we look -- so if you look, we also changed the grade at Fourmile.

所以，這就是——可選性就是這樣，我們就將其留在那裡。這就是為什麼它很重要。所以我們重做了所有的資源。我們可以向你保證，羅德已經簽署了這些協議。正確的採礦計劃中有適當的採礦形狀。所以這不僅僅是地質資源。即使是推斷，我們也會看——所以如果你看的話，我們也改變了四英里的等級。

Initially, Fourmile, it's a bridge here. It's a classic Carlin bridge, so it's very high grade. But very awkward shapes, not mineable at all. So we put in the mine stopes, the plan -- and sort of conceptual stopes, and then we diluted it properly so that we know we can mine it, provided that we -- our drilling continues to deliver. All those ounces are in third, aren't they, Rob? So there's work to do but at least -- that's how we've always done things. So that's why you don't get big surprises when you do it properly.

最初，Fourmile，這裡是一座橋。是經典的卡林橋，所以檔次非常高。但形狀非常尷尬，根本無法開採。因此，我們輸入了採礦採場、計劃以及某種概念性採場，然後我們適當地稀釋了它，以便我們知道我們可以開採它，只要我們的鑽探繼續進行。所有這些盎司都排在第三位，不是嗎，羅布？所以還有很多工作要做，但至少——這就是我們一直以來做事的方式。這就是為什麼當你做得正確時你不會得到很大的驚喜。

So I think for me, this is -- right now is to really sweat the assets we've got with the management team, and it's another major of whether we really understand mineral resource and reserve base as a management group, and then we'll look at other opportunities.

所以我認為對我來說，現在就是要真正利用我們與管理團隊所擁有的資產，這是我們作為管理團隊是否真正了解礦產資源和儲備基地的另一個主要問題，然後我們'會看看其他機會。

The second question was? What's your second question?

第二個問題是？你的第二個問題是什麼？

The other question was just on the overall, the portfolio assets overall and whether you want to keep -- whether there's anything else you're targeting. Just talk through that.

另一個問題只是關於整體，投資組合資產的整體以及你是否想保留——是否還有其他你的目標。就說一下吧。

So right now, all our assets are producing, making a bottom line contribution after everything. So -- but they're not all Tier 1, as you can imagine. And we are very focused on building an ice cream company. And so -- but the market is a bit oversupplied at the moment with sale options. So again, as I've always said, we're -- first of all, we don't do this publicly. We are very mindful, and that's why we were able to really build a transformational transaction with Teranga. It was a lot of work because we really see our host countries as an integral stakeholder of our assets. And so we'll continue to work with them and seek or respond. In most cases now, it's a response to interest rather than active marketing.

所以現在，我們所有的資產都在生產，在一切之後都在為利潤做出貢獻。所以——但正如你可以想像的那樣，它們並不都是第一層。我們非常專注於建立一家冰淇淋公司。所以，但目前市面上的銷售選擇有點供過於求。所以，正如我一直說的，我們——首先，我們不會公開這樣做。我們非常謹慎，這就是為什麼我們能夠真正與 Teranga 建立轉型交易。這是一項艱鉅的工作，因為我們確實將東道國視為我們資產不可或缺的利害關係人。因此，我們將繼續與他們合作並尋求或回應。現在大多數情況下，這是對興趣的回應，而不是主動行銷。

And as you say, we don't have to sell anything. I mean, the copper assets are -- they produce -- they contributed about 10% of our bottom line this last year. But they're not -- I mean, in any way you look at it, they're not Tier 1 assets, but they are profitable assets. So -- and we'll work with those. A lot of them are just pure copper assets rather than gold-copper assets, too.

正如你所說，我們不需要出售任何東西。我的意思是，銅資產——它們生產——去年為我們貢獻了大約 10% 的利潤。但它們不是——我的意思是，無論從哪個角度來看，它們都不是一級資產，但它們是有利可圖的資產。所以——我們將與這些合作。其中許多也只是純銅資產，而不是金銅資產。

So in the fullness of time, we'll get there. Right now, we've had a phase of alignment reinvention. And really, I would describe 2020 as a year of delivery. We've got a lot to do to build on the foundation that we've set. It's much harder work in the next 12 months than the sort of more flashy work that we did last year.

因此，只要時間充裕，我們就會到達那裡。現在，我們已經進入了陣營重塑的階段。事實上，我會​​將 2020 年描述為交付之年。為了在我們已經奠定的基礎上再接再厲，我們還有很多工作要做。未來 12 個月的工作比我們去年所做的那些更華麗的工作要困難得多。

There are no more questions from the conference call.

電話會議中沒有更多問題。

Thank you. Anybody else want a question? Cup of tea is quite a borrowing process. Listen, back in London we used to have a glass of wine. We're working on it. But join us for a cup of coffee or tea or glass of orange juice.

謝謝。還有人想問問題嗎？喝茶是一個相當借用的過程。聽著，在倫敦我們曾經喝過一杯酒。我們正在努力。但請加入我們，喝杯咖啡、茶或柳橙汁。

And anybody who wants to ask questions, you've got, as you can see, some of the executives here to take those questions. Thanks again for coming and for your diligence in listening through this presentation.

正如您所看到的，任何想提出問題的人都可以在這裡找到一些高階主管來回答這些問題。再次感謝您的光臨並認真聆聽本次演講。

This concludes today's conference call. Should you have any additional questions, please contact the Barrick Investor Relations department. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。如果您有任何其他問題，請聯絡巴里克投資者關係部門。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。