巴里克黃金 (GOLD) 2021 Q3 法說會逐字稿

Welcome to the Barrick 2021 Third 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, November 4, 2021. I would now like to turn the conference over to Mark Bristow, Chief Executive Officer. Please go ahead.

歡迎參加巴里克 2021 年第三季度業績電話會議。 （操作員說明）提醒一下，本次電話會議正在錄音，並將於 2021 年 11 月 4 日晚些時候在 Barrick 的網站上提供重播。我現在想將會議轉交給首席執行官 Mark Bristow。請繼續。

Thank you very much, and I must say it's a very good morning to all of you here. Well, maybe it's good afternoon. Sorry, and welcome to -- I'll say it again, it's so nice to be here and -- it's almost a little bit plumper and maybe a little bit wider for some people, but good to see you and thank you for coming to share this time with us. And also, good afternoon to those further east of here and a very good morning to our friends and colleagues back in the States. It's -- I welcome you all to Barrick's quarter 3 results presentation.

非常感謝你們，我必須說，今天在這裡對你們所有人來說是一個非常美好的早晨。嗯，也許是下午好。抱歉，歡迎來到 - 我再說一遍，很高興來到這裡 - 它幾乎有點豐滿，對某些人來說可能有點寬，但很高興見到你，謝謝你來與我們分享這段時間。還有，這裡更東邊的人們下午好，我們在美國的朋友和同事們早上好。這是 - 我歡迎大家參加巴里克的第三季度業績報告。

As we know, the world has been living with COVID for 1.5 years now, and even though the vaccination fightback has had some success, the pandemic continues to impact our lives and our businesses. Most recently, through the current supply chain crisis. At the same time, the mining industry has also had to accommodate the primacy of ESG as an investment criteria while struggling to meet performance focused on the next quarter. Or perhaps not surprisingly, many companies, including some industry leaders are making promises that seem to be based on wishful thinking. A technology still to be invented, answers yet to be discovered. The hope that the next generation of managers will find solutions before the delivery deadlines dawn. Barrick, on the other hand, has always been a contrarian. And as I will show you today, the promises we make are anchored in and guided by commercially and scientifically achievable plans.

眾所周知，全世界已經與 COVID 一起生活了 1.5 年，儘管疫苗的反擊取得了一些成功，但這種流行病繼續影響著我們的生活和業務。最近，通過當前的供應鏈危機。與此同時，採礦業也不得不將 ESG 的首要地位作為投資標準，同時努力滿足下一季度的業績。或者也許並不奇怪，包括一些行業領導者在內的許多公司正在做出似乎是基於一廂情願的承諾。有待發明的技術，有待發現的答案。希望下一代經理能夠在交付期限到來之前找到解決方案。另一方面，巴里克一直是個逆勢者。正如我今天將向您展示的那樣，我們做出的承諾以商業和科學可實現的計劃為基礎並以計劃為指導。

Please take note of our cautionary statement. And for those who would like to study it in more detail, it is available on our website. So prominent among those plans is our carefully considered and rigorously implemented sustainability strategy embedded in every part of our business. As a function, which is not solely a corporate responsibility, but it has to be owned at the site level.

請注意我們的警告聲明。對於那些想要更詳細地研究它的人，可以在我們的網站上找到它。在這些計劃中如此突出的是我們深思熟慮並嚴格實施的可持續發展戰略，這些戰略嵌入了我們業務的每個部分。作為一項功能，這不僅是公司的責任，而且必須在站點級別擁有。

Central to that strategy is our concept of partnership. This is no new thing. Barrick has always known that to be sustainable, it must be trusted and valued and a long-term partner to its wide range of stakeholders, notably its host countries and communities. Our investment in these partnerships take many forms. In addition to the community development programs at all our mines, we build the skills and capacity of our host country workers, and vendors to multiply our positive impact on local, regional and national economies. Our policy of prioritizing local recruitment has produced workforces dominated by host country nationals, including and probably more importantly, at the leadership level.

該戰略的核心是我們的伙伴關係概念。這不是什麼新鮮事。巴里克一直知道，要實現可持續發展，它必須得到信任和重視，並成為其廣泛的利益相關者，尤其是東道國和社區的長期合作夥伴。我們對這些夥伴關係的投資有多種形式。除了我們所有礦山的社區發展計劃外，我們還培養東道國工人和供應商的技能和能力，以增加我們對當地、區域和國家經濟的積極影響。我們優先考慮當地招聘的政策產生了以東道國國民為主的勞動力，包括而且可能更重要的是，在領導層。

Last year, $4.5 billion, 75% of our total procurement spend was invested on goods and services from local suppliers. We engage at the local level with our community stakeholders in an open and transparent manner to discuss the mine's risks and opportunities and resolve problems. The world has come a long way from the days when a corporation's only responsibilities were to make a profit, pay tax and obey the law. Barrick creates real value for its partners, not only through the economic benefits it shares, but also through its conscientious care of their environment.

去年，45 億美元，我們總採購支出的 75% 用於購買當地供應商的商品和服務。我們在當地以公開透明的方式與社區利益相關者進行接觸，討論礦山的風險和機遇並解決問題。從公司唯一的責任是盈利、納稅和遵守法律的時代開始，世界已經走過了漫長的道路。巴里克為合作夥伴創造真正的價值，不僅通過分享的經濟利益，還通過對環境的盡責關懷。

Our employees, by the very nature of the way we do business are also stakeholders in our business and their well-being is a prime concern. Although our safety trend has improved steadily since the merger, we experienced 2 fatalities during the past quarter. One, I spoke to you about last quarter, and one that happened subsequent to that. We held a group-wide workshop to analyze the causes of these unfortunate and tragic events and to develop actions to prevent a repetition of such events.

就我們開展業務的方式而言，我們的員工也是我們業務的利益相關者，他們的福祉是首要關注點。儘管自合併以來我們的安全趨勢穩步改善，但我們在上個季度經歷了 2 起死亡事故。一，我和你談過上個季度，以及在那之後發生的一個。我們舉辦了一次全集團範圍的研討會，以分析這些不幸和悲慘事件的原因，並製定行動以防止此類事件再次發生。

As far as COVID-19 is concerned, we continue to manage it with limited impact on our operations so far. The priority now is to get all our people vaccinated. To date, 35% of our employees have been fully vaccinated, while an additional 13% have had their first jab. The LatAm region is leading the vaccination drive across the group with 67% fully vaccinated. Even with the delay from the COVAX program, the AME vaccination rates are progressing well. However, back in the United States, Nevada Gold Mines is lacking with only 32% either partially or fully vaccinated. We believe that this event is primarily due to vaccine hesitancy and our team continues to sensitize our employees to the safety of the vaccine.

就 COVID-19 而言，我們將繼續對其進行管理，但迄今為止對我們的運營影響有限。現在的首要任務是讓我們所有的人都接種疫苗。迄今為止，我們 35% 的員工已完全接種疫苗，另有 13% 的員工首次接種疫苗。拉美地區在整個集團的疫苗接種工作中處於領先地位，67% 的人完全接種了疫苗。即使 COVAX 計劃延遲，AME 疫苗接種率也進展良好。然而，回到美國，內華達金礦缺乏，只有 32% 的人部分或完全接種了疫苗。我們認為，這一事件主要是由於對疫苗猶豫不決，我們的團隊繼續讓我們的員工對疫苗的安全性敏感。

On the environmental front, there were no class 1 incidents during the quarter. Our water management strategy to minimize fresh and maximize recycled water consumption has delivered an increase in the recycling and reuse rate to 83% from 78% in 2020. And we are on track to achieve or even beat the target of 80% we have set for water efficiency across the group for 2021. Also during the quarter, an independent human rights assessment and training program was completed at Pueblo Viejo and Loulo-Gounkoto and it's now being rolled out at the other operations across the group.

在環境方面，本季度沒有發生一級事故。我們最大限度減少新鮮水消耗和最大化循環水消耗的水管理戰略已將循環和再利用率從 2020 年的 78% 提高到 83%。我們有望實現甚至超過我們設定的 80% 的目標2021 年整個集團的用水效率。同樣在本季度，在 Pueblo Viejo 和 Loulo-Gounkoto 完成了一項獨立的人權評估和培訓計劃，現在正在集團的其他業務中推廣。

We have also set 30% GHG emission reduction targets for 2030. And one thing that separates us from others, as I pointed out in my introduction, is we have this road map, which shows how we intend to get there. It's important to note that this is based on projects that have been either implemented or are under construction, and does not require a change in our production profile. To date, we have a clear road map, as illustrated here, to a 25% emission reduction, and we're confident that we'll at least deal with the other 5% remaining well before 2030. And sort of things that you won't see on now is our Sandvik joint venture, for instance, underground -- our underground equipment. A lot of equipment-related reductions because we're still in the process of developing that technology to ensure that we can deliver against our plans.

我們還為 2030 年設定了 30% 的溫室氣體減排目標。正如我在介紹中指出的，將我們與其他人區分開來的一件事是，我們有這張路線圖，它顯示了我們打算如何實現這一目標。需要注意的是，這是基於已經實施或正在建設中的項目，不需要改變我們的生產概況。到目前為止，我們有一個清晰的路線圖，如圖所示，減排 25%，我們有信心至少在 2030 年之前處理剩下的 5%。還有一些你贏得的東西現在看不到我們的山特維克合資企業，例如，地下——我們的地下設備。大量與設備相關的削減，因為我們仍在開發該技術以確保我們能夠按照我們的計劃交付。

A question that was asked to me earlier today was how much is this going to cost? And the critical answer from our point of view is this all comes with better efficiencies and lower operating costs. So it's a genuine investment, not only in the future, in a responsible future, but also in a better business for Barrick.

今天早些時候有人問我的一個問題是這要花多少錢？從我們的角度來看，關鍵的答案是這一切都帶來了更高的效率和更低的運營成本。因此，這是一項真正的投資，不僅是對未來、負責任的未來，而且對巴里克來說也是一項更好的業務。

Operationally, it was another solid quarter despite some challenges. And it was also very busy, as you can see from the long list of KPIs on this slide. The African and Middle East and Latin America regions are both trending towards the top end of their guidance. While Nevada posted a strong quarter-on-quarter improvement, albeit trending towards the bottom end of guidance. Altogether, Barrick is well placed to achieve its annual production guidance. It was also a good quarter for our exploration teams, as I'll show you later. More than 2 years into the merger, we're now pretty much where we wanted to be with a strong foundation of world-class mines and a robust pipeline of quality projects and prospects.

在運營方面，儘管存在一些挑戰，但這是另一個穩健的季度。從這張幻燈片上的一長串 KPI 中可以看出，它也非常忙碌。非洲、中東和拉丁美洲地區都趨向於其指導的高端。雖然內華達州公佈了強勁的季度環比改善，但趨向於指引的底部。總而言之，巴里克有能力實現其年度生產指導。對於我們的探索團隊來說，這也是一個不錯的季度，我稍後會向您展示。合併 2 年多以來，我們現在幾乎達到了我們想要達到的目標，擁有世界級礦山的堅實基礎以及強大的優質項目和前景管道。

Notable features of the operating results are the well-contained costs. The ramp-ups at Veladero and Bulyanhulu, Nevada Gold Mines' effective management of the fallout from the failure of the Goldstrike mill and the significant contribution from our copper operations. All in all, we're set for what should be a strong finish for this year.

經營成果的顯著特點是成本控制良好。 Veladero 和 Bulyanhulu 的產能提升，內華達金礦有效地管理了 Goldstrike 工廠倒閉的後果以及我們銅業務的重大貢獻。總而言之，我們已經準備好迎接今年的強勢收官。

The financial results show a robust free cash flow, which continues to support an already very strong balance sheet as well as the exploitation of growth opportunities. It's worth noting that the final tranche of the $750 million return of capital to shareholders combined with our sustainable quarterly dividend of $0.09 per share represents a record total cash return to shareholders of $1.4 billion during 2021 for Barrick. In other words, Barrick has never returned more to its shareholders than that amount in a single year.

財務結果顯示強勁的自由現金流，繼續支持已經非常強勁的資產負債表以及對增長機會的利用。值得注意的是，向股東返還 7.5 億美元資本的最後一部分，加上我們每股 0.09 美元的可持續季度股息，代表了巴里克在 2021 年為股東提供的創紀錄的 14 億美元總現金回報。換句話說，巴里克在一年內向股東回報的金額從未超過該金額。

We turn now to operations, starting in North America, where Nevada had a slow first half of the year, as we explained on the back of our decision to bring forward the major planned shutdowns into that period. However, despite the failure of the Goldstrike mill, which repairs were completed at the end of quarter 3, it clawed back some production with a stronger quarter-on-quarter performance in quarter 3, which is a real tribute to the expertise and ability of the Nevada Gold Mines management.

我們現在轉向運營，從北美開始，內華達州上半年的表現很緩慢，正如我們在決定將計劃中的主要停工提前到那個時期時所解釋的那樣。然而，儘管在第三季度末完成維修的 Goldstrike 工廠出現了故障，但它在第三季度以更強勁的季度表現收回了部分產量，這是對專業知識和能力的真正致敬。內華達金礦管理層。

Hemlo in Canada was negatively impacted by COVID-19, as I'll explain to you later. But up in Alaska, the Donlin project continues to make encouraging progress. In Nevada, we're showing growth across all of our complete core district, with our exploration teams succeeding in their drive to reinforce and extend the current life of mine plans by finding additional ounces while also hunting for new stand-alone discoveries. And Carlin, boosted production and lowered costs, despite as I said earlier, the downtime on the Goldstrike roster on the back of the improved throughput. While the one Goldstrike mill was down, as we explained last quarter, Carlin focused on processing ore with higher carbonaceous content. And you know that often, we're constrained because we have to blend. So we took that higher carbon content or with higher grade, and because we had a longer residence time on the lower throughput, we are able to process it with better recoveries.

加拿大的 Hemlo 受到 COVID-19 的負面影響，稍後我將向您解釋。但在阿拉斯加，Donlin 項目繼續取得令人鼓舞的進展。在內華達州，我們的整個核心區都在增長，我們的勘探團隊通過尋找額外的盎司，同時尋找新的獨立發現，成功地加強和延長了礦山計劃的當前壽命。卡林提高了產量並降低了成本，儘管正如我之前所說，由於吞吐量提高，Goldstrike 名冊上的停機時間。正如我們上個季度所解釋的那樣，當一家 Goldstrike 工廠倒閉時，Carlin 專注於加工含碳量較高的礦石。你知道，我們經常受到限制，因為我們必須融合。因此，我們採用了更高的碳含量或更高的品位，因為我們在較低的吞吐量下有更長的停留時間，我們能夠以更好的回收率對其進行處理。

We've stockpiled on the other hand, the high grade ore with lower carbon content, and it's that ore that we're now processing through the plant. And it's that ore that's going to drive the significant improvement in production for quarter 4. So a very efficient way of handling what was an unprecedented failure in one of our big SAG mills.

另一方面，我們儲存了碳含量較低的高品位礦石，我們現在正在通過工廠加工這種礦石。正是這種礦石將推動第四季度產量的顯著提高。因此，這是一種非常有效的方法來處理我們的一個大型半自磨機前所未有的故障。

North Leeville is on track to deliver its maiden resource by the end of the year. This is one significant benefit of the merger -- of the merger of the assets between Barrick and Newmont. The past quarter delivered a world-class intercept. In fact, it's the best intercept made in Carlin to date. And the definition of a very high-grade zone within an area of continuous mineralization, which is open in all directions. Follow-up drilling is now underway with an additional step out scheduled for early next year. And this is part of a bigger upside potential of the greater Leeville complex, which continues to be highlighted with our ongoing work around the footprints of Leeville and Turf. The potential in this greater Leeville area stands at approximately 25 million tonnes at 7 to 12 grams. With more to come, as a very large resource and reserve definition drilling program continues to expand the existing footprint in all directions.

North Leeville 有望在今年年底前交付其首個資源。這是合併的一大好處——巴里克和紐蒙特之間的資產合併。上個季度實現了世界級的攔截。事實上，這是卡林迄今為止最好的攔截。以及在連續礦化區域內定義一個非常高品位的區域，該區域向各個方向開放。現在正在進行後續鑽探，併計劃在明年初進行額外的鑽探。這是更大的 Leeville 綜合體更大的上行潛力的一部分，我們圍繞 Leeville 和 Turf 的足跡正在進行的工作將繼續突出這一點。這個更大的 Leeville 地區的潛力約為 2500 萬噸，重量為 7 至 12 克。隨著更多的到來，作為一個非常大的資源和儲量定義鑽井計劃繼續向各個方向擴展現有的足跡。

Staying in the Carlin complex, underground resource drilling at Ren has confirmed our model and a significant upside potential on the western side of the deposit next to the infrastructure. And I must say, this was an exciting time for our exploration team. We had this big development into Ren called, "The Road to Ren." And at some stage, some of the people are suggesting maybe it was a road to nowhere. But with the latest results, we're super excited. And again, we expect this project to also report a maiden resource by the end of the year. While we work on the technical aspects of the opportunity, in other words, it is very close to infrastructure and has real potential to add to the profile of the Carlin life of mine plan in the short term.

留在 Carlin 綜合體中，Ren 的地下資源鑽探證實了我們的模型，並且在靠近基礎設施的礦床西側具有巨大的上行潛力。我必須說，這對我們的探索團隊來說是一個激動人心的時刻。我們對 Ren 進行了重大發展，稱為“通往 Ren 的道路”。在某個階段，有些人認為這可能是一條無路可走的道路。但是有了最新的結果，我們非常興奮。同樣，我們預計該項目也將在今年年底報告首個資源。雖然我們致力於機會的技術方面，換句話說，它非常接近基礎設施，並且具有在短期內增加卡林礦山壽命計劃的真正潛力。

After the quarter, NGM completed, as you would have seen, the South Arturo/Loan Tree asset swap, which streamlined its portfolio and secured the 40% of South Arturo that it did not already own. Recent drilling has identified a new ore controlling structure that could again extend this mine life of this asset.

如您所見，本季度之後，NGM 完成了 South Arturo/Loan Tree 資產互換，精簡了其投資組合併獲得了其尚未擁有的 South Arturo 40% 的股權。最近的鑽探發現了一種新的礦石控制結構，可以再次延長該資產的礦山壽命。

Turning to Cortez. Last quarter, Cortez was also impacted by the Goldstrike mill failure. But like Carlin, management mitigated this by prioritizing the processing of underground oxide ore at the oxide mill and stepping up our heap leach production from the open pit and in the end, succeeded in boosting production by nearly 20% over the previous quarter. The resumption of the processing through the Goldstrike mill and a continuing increase in heap leach production has set Cortez up for a strong finish to the year as well. At Cortez Hill underground, testing of the Hanson and Voodoo fault targets below the mine has also proved to be successful, opening up the area for expansion, both along strike and down dip.

轉向科爾特斯。上個季度，Cortez 也受到 Goldstrike 工廠故障的影響。但與 Carlin 一樣，管理層通過優先處理氧化礦廠的地下氧化礦石並增加露天礦的堆浸生產來緩解這種情況，最終成功地將產量比上一季度提高了近 20%。通過 Goldstrike 工廠恢復加工以及堆浸生產的持續增加，使 Cortez 也為今年的強勁收尾做好了準備。在 Cortez Hill 地下，對礦山下方的 Hanson 和 Voodoo 斷層目標的測試也被證明是成功的，為沿走向和下傾的擴張開闢了區域。

And then over at the Goldrush project, the U.S. Bureau of Land and mines finally published a notice of intent in August and following the completion of the public scoping exercise, a draft environmental impact statement is being prepared for publication in January next year. The feasibility study showed as we expected, that the project covered by the plan of operations and the EIS comfortably passes Barrick's investment filters. We have fed the first metallurgical batch sample through our Goldstrike roaster and results were as predicted. And all that is on track to increase the underground reserves with our year-end reserve resource update. This is obviously going to be a very valuable addition to the Cortez complex and one that offers further upside and which will support Cortez's Tier 1 status well into the future.

然後在 Goldrush 項目上，美國土地和礦產局終於在 8 月發布了一份意向通知，在完成公共範圍界定工作後，正在準備一份環境影響聲明草案，以便於明年 1 月發布。可行性研究表明，正如我們預期的那樣，運營計劃和 EIS 涵蓋的項目輕鬆通過了巴里克的投資過濾器。我們已經通過我們的 Goldstrike 烘焙機餵入了第一批冶金批次樣品，結果與預期一致。通過我們的年終儲備資源更新，所有這一切都有望增加地下儲量。這顯然將是對 Cortez 綜合體的一個非常有價值的補充，它提供了進一步的上行空間，並將在未來很好地支持 Cortez 的 1 級狀態。

We continue to explore options for linking Goldrush and the nearby Fourmile through underground access. Fourmile is not part of the Nevada Gold Mines and for the time being, is still owned by Barrick. At present, conceptually, we envisage completing the feasibility by developing across the Nevada Gold Mines-Barrick border in 2024-2025. First, potential mining of Fourmile ore is scheduled towards the end of our 10-year plan. Turquoise Ridge is another of the Tier 1 mines in NGM, but the luxury of its high grades and low cost covered up a multitude of sins in the past and bringing it up to our standards has been a big job.

我們繼續探索通過地下通道連接 Goldrush 和附近的 Fourmile 的選項。 Fourmile 不屬於內華達金礦，目前仍歸巴里克所有。目前，從概念上講，我們設想通過在 2024-2025 年跨越內華達金礦-巴里克邊界進行開發來完成可行性。首先，Fourmile 礦石的潛在開採計劃在我們的 10 年計劃結束時進行。 Turquoise Ridge 是 NGM 的另一個 1 級礦山，但其高品位和低成本的奢華掩蓋了過去的許多罪惡，使其達到我們的標準是一項艱鉅的工作。

It's been a job which required a geological, operational and cultural transformation. It's been improving steadily since our intervention and is going to be a real value driver for NGM in the medium term. The commissioning of its #3 shaft scheduled for late 2022 will be a game changer by increasing the underground mines hoisting capacity and reducing haulage distances together with a significantly improved ventilation. We've been -- as I mentioned earlier, we've been trialing 4 electric trucks at Turquoise Ridge. And they're always great when they work, but we haven't achieved the availability that we need yet. And this is an important aspect of what the mining industry faces.

這是一項需要地質、運營和文化轉型的工作。自我們干預以來，它一直在穩步改善，並將在中期成為 NGM 的真正價值驅動因素。計劃於 2022 年底投產的 3 號豎井將通過提高地下礦井提升能力、縮短運輸距離以及顯著改善通風來改變遊戲規則。我們一直 - 正如我之前提到的，我們一直在 Turquoise Ridge 試用 4 輛電動卡車。它們在工作時總是很棒，但我們還沒有達到我們需要的可用性。這是採礦業面臨的一個重要方面。

We have a partnership with Sandvik. And TR, despite its ramp-up drive, is also essentially an R&D laboratory. And our commitment to Sandvik and likewise as Sandvik to us is, really, we need a persevere with this work. As I said, when these trucks work, are amazing. And there's lots of little things that we can improve on. At the same time, as part of the commitment, Sandvik has supplied us with additional conventional trucks so that we can keep going with this experiment. And we look forward to the time when we have -- and we've got 5 of them. So it's a very significant commitment both from NGM and Barrick as well as from the Sandvik Corporation.

我們與山特維克建立了合作關係。而TR，儘管有加速發展的動力，但本質上也是一個研發實驗室。我們對山特維克的承諾，就像山特維克對我們的承諾一樣，確實，我們需要對這項工作持之以恆。正如我所說，當這些卡車工作時，真是太棒了。還有很多我們可以改進的小事情。同時，作為承諾的一部分，山特維克為我們提供了額外的傳統卡車，以便我們繼續進行這項實驗。我們期待著我們擁有的時間 - 我們已經擁有其中的 5 個。因此，NGM 和 Barrick 以及山特維克公司都做出了非常重要的承諾。

In the meantime, exploration has revealed significant potential in the gap between Turquoise Ridge and Twin Creeks and we've now identified some very high -- 2, in fact, high priority targets for testing this quarter. I personally, am very excited that our prediction that this could prove to be one of the most prospective ground positions in Barrick's portfolio, looks to be on the mark. So let's watch the space. And these are NGM's 2 smaller mines. Phoenix is a low-cost producer and a solid performer with a 10-year life of mine. And as it's shown again this quarter, it's a very consistent deliverer of values. And it's also a copper and gold business. And we're currently looking at back at the tailings dam because it does contain some other strategic metals. Long Canyon on the other hand, is a very high-margin operator, has been for a while, but it's got limited life opportunities, and we don't see it as a long-term asset within NGM and we'll be reviewing and making a decision about its future early in the new year.

與此同時，勘探揭示了綠松石嶺和雙溪之間的巨大差距，我們現在已經確定了一些非常高的目標——事實上，這是本季度測試的高優先級目標。我個人非常興奮，我們預測這可能被證明是巴里克投資組合中最有前景的基礎職位之一，看起來是正確的。所以讓我們看空間。這些是 NGM 的 2 個較小的礦山。 Phoenix 是一家低成本的生產商，並且表現出色，我的使用壽命為 10 年。正如本季度再次顯示的那樣，它是一個非常一致的價值傳遞者。它也是銅和金業務。我們目前正在回顧尾礦壩，因為它確實包含一些其他戰略金屬。另一方面，Long Canyon 是一家利潤率非常高的運營商，已經有一段時間了，但它的生活機會有限，我們不認為它是 NGM 的長期資產，我們將審查和在新的一年早些時候做出關於未來的決定。

We move now to Canada and Hemlo, where the operation was significantly impacted by COVID-19 restrictions, which slowed down the ramp-up of underground development. As you recall, we made a decision to bring in an Australian underground contractor to help us transition the mining -- the sort of old-style mining strategy into a more modern, focused mining exercise as we have across the Barrick Group, and in particular, as we've proved to be world-class in our African operations.

我們現在搬到加拿大和 Hemlo，那裡的運營受到 COVID-19 限制的顯著影響，這減緩了地下開發的加速。您還記得，我們決定引進一家澳大利亞地下承包商來幫助我們將採礦——一種老式的採礦戰略轉變為更現代、更集中的採礦活動，就像我們在整個巴里克集團所做的那樣，特別是，因為我們在非洲的業務已證明是世界一流的。

With a combination of the Canadian restrictions and the very draconian approach to COVID by the Australians, we couldn't get the people in, in a proper way. And so it really caught us. And so we're now starting to get that right, but we've lost an opportunity because as you know, we had closed down the open pit, we are moving to underground. And so whilst we're back on track, it's going to take us some time, as much as 18 months to really get us back and pick up this momentum. Hemlo for us is significant, what we define as a strategic investment.

由於加拿大的限制和澳大利亞人對 COVID 採取的非常嚴厲的做法，我們無法以適當的方式讓人們進入。所以它真的抓住了我們。所以我們現在開始做對了，但是我們失去了一個機會，因為如你所知，我們已經關閉了露天礦，我們正在轉移到地下。因此，雖然我們重回正軌，但我們需要一些時間，長達 18 個月才能真正讓我們重回正軌並重拾這一勢頭。 Hemlo 對我們來說意義重大，我們將其定義為戰略投資。

Two things, as you know, I'm very bullish on the Canadian market and Barrick is underinvested in it. And secondly, we need to develop an expertise to manage operations in Canada. And the one area where Hemlo has delivered is in confirming its resource growth potential. Infill drilling, as you see here in the eastern zone is on track to add a new mining area with exploration also focusing on the western limits of the deposit to expand the ore body.

有兩件事，如你所知，我非常看好加拿大市場，而巴里克對它的投資不足。其次，我們需要培養管理加拿大業務的專業知識。 Hemlo 交付的一個領域是確認其資源增長潛力。正如您在東部地區看到的那樣，加密鑽探有望增加一個新的礦區，勘探也將重點放在礦床的西部邊界以擴大礦體。

And then further to the east, on the other side of the old David Bell mine, we have also focus for exploration. And if we can deliver what we think is there, we have no doubt that it would lead to a significant transformation of Hemlo. And just for those who don't know, Hemlo, it sort of lived in spite of what it did because of the very high grade of the ore body. And so we found just focusing in on all the information and consolidating it, has pointed us into some directions that we think could deliver some significant additional resources.

然後再向東，在老大衛貝爾礦的另一邊，我們也有重點勘探。如果我們能夠交付我們認為的東西，我們毫不懷疑這將導致 Hemlo 的重大轉變。只是對於那些不知道的人來說，Hemlo，由於礦體的品位非常高，它雖然做了什麼，但它還是活了下來。因此，我們發現只關注所有信息並將其整合，就為我們指明了一些方向，我們認為這些方向可以提供一些重要的額外資源。

Also, as I touched on earlier, and I've said many times before, I believe that Barrick is underinvested in Canada, which is our home country, as well as a mining-friendly jurisdiction. Our exploration and new business teams are looking for opportunities to add or consolidate ground in one or more of the very prospective Canadian gold belts.

此外，正如我之前提到的，並且我之前多次說過，我相信巴里克在加拿大的投資不足，加拿大是我們的祖國，也是一個對採礦友好的司法管轄區。我們的勘探和新業務團隊正在尋找機會在一個或多個非常有前景的加拿大金礦帶中增加或鞏固基礎。

And then over to Alaska and to Donlin Gold, which is one of the largest undeveloped gold deposits in the world with a reserve potential of well over 30 million ounces within 1 single large open pit. Drilling this year is focused on understanding the geology and we aim to update our geological, geotechnical and resource models during the first half of 2022.

然後前往阿拉斯加和唐林金礦，這是世界上最大的未開發金礦之一，在一個大型露天礦坑內的儲量潛力超過 3000 萬盎司。今年的鑽探重點是了解地質情況，我們的目標是在 2022 年上半年更新我們的地質、岩土和資源模型。

And currently, the open pit models are still data constrained, and the Donlin Board has now approved on the back of the recent work, funding for additional drilling and study work into 2022 to prepare for further advancement of the project up the value curve. Staying in the Americas, but moving to Latin America, which is a region full of opportunities. But as you would have appreciated over the last few months, also some really significant challenges. We've made a number of solid strategic and investment decisions to maximize the former and minimize the latter. And the ramp-up of the new leach pad has driven up production at Veladero and the planned expansion of Pueblo Viejo will extend this Tier 1 mines life into the 2040s and beyond. And we expect to convert around 9 million ounces of measured and indicated resource to the mine's proven and probable reserve on the permitting of the new tailings facility.

目前，露天礦模型仍受數據限制，Donlin 董事會現已批准在近期工作的支持下，為到 2022 年的額外鑽探和研究工作提供資金，為項目在價值曲線上的進一步推進做好準備。留在美洲，但搬到拉丁美洲，這是一個充滿機遇的地區。但正如您在過去幾個月中所理解的那樣，還有一些非常重大的挑戰。我們已經做出了許多可靠的戰略和投資決策，以最大化前者並最小化後者。新浸出墊的增加推動了 Veladero 的生產，而 Pueblo Viejo 的計劃擴建將把這個一級礦山的壽命延長到 2040 年代及以後。我們預計，在新尾礦設施的許可下，大約 900 萬盎司的測量和指示資源將轉化為該礦的已探明和可能儲量。

And then the sale of Lagunas Norte has enabled a further rationalization of our portfolio in this region and again, realized value and removed some significant liabilities from a noncore asset. And these are the Pueblo Viejo operating results, which confirm that its 2021 production is trending well within guidance and costs towards the bottom of guidance. Construction of the processing plant expansion is progressing and completion is expected by the end of 2022. Although there has been, as I indicated in my introduction, some impact on the delivery schedule because of COVID-related issues. The mine is also negotiating additional tailings capacity, permitting with the government and local stakeholders.

然後，Lagunas Norte 的出售使我們在該地區的投資組合進一步合理化，並再次實現了價值並消除了非核心資產的一些重大負債。這些是 Pueblo Viejo 的運營結果，這證實了其 2021 年的產量在指導範圍內以及成本接近指導底部的趨勢。加工廠擴建的建設正在進行中，預計將於 2022 年底完成。儘管正如我在介紹中指出的那樣，由於與 COVID 相關的問題，對交付時間表產生了一些影響。該礦還在與政府和當地利益相關者協商增加尾礦產能。

The Dominican government and Pueblo Viejo have agreed on a government-led independent strategic environmental assessment of Pueblo Viejo's mine life extension project. The terms of reference for the assessment have already been published by the government and the 10 firms that have been invited have submitted their proposals, and we expect the selection of the successful bidder this week or next week.

多米尼加政府和 Pueblo Viejo 已就政府主導的 Pueblo Viejo 礦山壽命延長項目的獨立戰略環境評估達成一致。政府已經公佈了評估的職權範圍，受邀的10家公司已經提交了提案，我們預計本週或下週將選出中標者。

The updating of the PV District geological model earlier this year has also led to the definition of a series of structural corridors which have extended the potential between Zambrana, which is a very significant exploration target, and a new area called Arroyo del Rey. We have started drilling on that -- those new targets, and we expect to start getting results when we speak to you early next year. As I noted earlier, Veladero had a good quarter on the back of the new Phase 6 heap leach facility, which we commissioned in quarter 2. And the work has already started on Phase 7 expansion, which will further support its build back to its historical production levels.

今年早些時候對光伏區地質模型的更新也導致了一系列結構走廊的定義，這些走廊擴展了非常重要的勘探目標 Zambrana 和一個名為 Arroyo del Rey 的新區域之間的潛力。我們已經開始研究這些新目標，我們希望在明年初與您交談時開始取得成果。正如我之前提到的，Veladero 在新的第 6 階段堆浸設施的支持下取得了不錯的季度業績，我們在第 2 季度投入使用。第 7 階段的擴建工作已經開始，這將進一步支持其重建歷史生產水平。

And you would remember the objective of this is to reestablish a new infrastructure for the next 10-year life of Veladero. As you all recall, Veladero's connection to Chile's National Power Grid was delayed by COVID-19 restrictions. And construction has now finally been completed and commissioning is expected in quarter 4. This cheaper, cleaner energy source is expected, as you would have seen on the road map slide to reduce Veladero's greenhouse gas emissions by around 100,000 tonnes of carbon dioxide a year. Veladero is also scheduled to beat its guidance for 2021, which is a significant achievement when you consider the multitude of challenges we had as COVID was first impacted Argentina and the response by the Argentina government coinciding with the start of winter in Argentina. Again, a great tribute to the management -- our Argentinian management.

你會記得，這樣做的目的是為 Veladero 未來 10 年的生命重建一個新的基礎設施。眾所周知，Veladero 與智利國家電網的連接因 COVID-19 限製而延遲。現在終於完成了建設，預計將在第 4 季度投入使用。這種更便宜、更清潔的能源是預期的，正如您在路線圖幻燈片中看到的那樣，將 Veladero 的溫室氣體排放量每年減少約 100,000 噸二氧化碳。 Veladero 還計劃超越其 2021 年的指導方針，考慮到我們在 COVID 首次影響阿根廷時面臨的眾多挑戰以及阿根廷政府的反應恰逢阿根廷冬季的開始，這是一項重大成就。再次向管理層致敬——我們的阿根廷管理層。

The Pascua-Lama project straddles the border between Argentina and Chile, with Lama on the Argentinian side between Veladero and Pascua. And this project owns a partially built plant and infrastructure facility, which when complete, should be able to process a wide range of ore types. Pascua-Lama and its many geological targets and resource options is currently being reviewed from top to bottom, and we plan to be ready with a way forward at the back end of 2024. The project faces significant technical and environmental challenges as I'm sure you would have picked up in the press. But again, it has the potential for world-class status and we have options of how we can bring it to account. Whilst we continue to focus, and this will remain the case out to 2024, our exploration on the San Juan province and the Veladero, Pascua-Lama District, in addition to searching for more satellites for Veladero, we have also branched out across the El Indio belt of Chile and Argentina in our search for other world-class opportunities.

Pascua-Lama 項目橫跨阿根廷和智利之間的邊界，Lama 位於 Veladero 和 Pascua 之間的阿根廷一側。該項目擁有部分建成的工廠和基礎設施，建成後應該能夠處理各種礦石類型。 Pascua-Lama 及其眾多地質目標和資源選擇目前正在從上到下進行審查，我們計劃在 2024 年底為前進的道路做好準備。我確信該項目面臨著重大的技術和環境挑戰你會在媒體上看到的。但同樣，它具有世界級地位的潛力，我們可以選擇如何將其納入考慮範圍。雖然我們將繼續專注，直到 2024 年仍將如此，我們在聖胡安省和帕斯誇拉馬區的貝拉德羅進行探索，除了為貝拉德羅尋找更多衛星外，我們還跨過埃爾智利和阿根廷的印第奧帶在我們尋找其他世界級的機會。

We also recently extended our South American footprint to Guyana where we recently secured 63,000 hectares of prospective ground on a fertile structural corridor within the Caroni basin. A geological and geochemical screening program is currently in progress. The Caroni basin, for those who don't know it, is a well-known geological trend and it is very similar in geology to that of West Africa where, as you all know, we've been exploring successfully for many years. So it's fair and square in our comfort zone.

我們最近還將我們的南美足跡擴展到圭亞那，我們最近在卡羅尼盆地內肥沃的結構走廊上獲得了 63,000 公頃的潛在土地。目前正在進行地質和地球化學篩選計劃。 Caroni盆地，對於那些不知道的人來說，是一個眾所周知的地質趨勢，它在地質上與西非非常相似，眾所周知，我們已經成功探索了多年。所以它在我們的舒適區是公平的。

As you would have seen from all the press, and I think there's a lot of it, so I'm not going to repeat it all today. We continue to work hard to reopen the Porgera mine in Papua New Guinea, which as you know, has been on care and maintenance since April 2020, when the government declined to renew its special mining lease. The biggest focus now is to settle us on a sound SML, sound special mining lease. And that's a combined commitment both from the government and from B&L, which is a partnership between Zijin and Barrick, which Barrick leads. And we're all clear that we have to do.

正如你從所有媒體上看到的那樣，我認為其中有很多，所以我今天不打算重複所有內容。我們將繼續努力重新開放位於巴布亞新幾內亞的 Porgera 礦，如您所知，該礦自 2020 年 4 月政府拒絕續簽其特別採礦租約以來一直處於維護和保養狀態。現在最大的重點是讓我們找到一個健全的 SML，健全的特殊採礦租約。這是政府和 B&L 的共同承諾，這是紫金和巴里克領導的合作夥伴關係。我們都清楚我們必須做的。

It's a complicated process because as you know, Papua New Guinea's mining code has a big focus on the inclusion of landowners in the process. We're well down the road on that consultation process. And Barrick, as part of our proposal to the state, also had an agreement or has an agreement with the landowners which supports that the initiative of getting the mine back up and running. And I think we've got to that stage where everyone is very clear that this economy needs, which was and used to be the biggest driver of the PNG economy. And so we're very focused on getting it back on track.

這是一個複雜的過程，因為如您所知，巴布亞新幾內亞的採礦法規非常注重將土地所有者納入該過程。我們在協商過程中進展順利。作為我們向該州提出的提案的一部分，巴里克也與土地所有者達成了一項協議，或與支持讓礦山恢復運行的倡議的土地所有者達成了協議。我認為我們已經到了每個人都非常清楚這個經濟需要的階段，這曾經是並且過去是巴新經濟的最大推動力。所以我們非常專注於讓它重回正軌。

As I explained in my introduction, our African and Middle East operations again proved their steady performance status and continue to deliver a strong cash flow stream to Barrick as well as an abundance of new opportunities. And that was the logic behind the Barrick merger with Randgold was, we had a highly profitable portfolio, a very solid balance sheet, full of cash and Barrick had the world-class assets and the combination of those 2, we would unlock as you see, we're doing now, the significant value embedded in the Barrick portfolio.

正如我在介紹中解釋的那樣，我們的非洲和中東業務再次證明了他們穩定的業績狀態，並繼續為巴里克帶來強勁的現金流以及大量的新機會。這就是 Barrick 與 Randgold 合併背後的邏輯，我們有一個高利潤的投資組合，一個非常穩健的資產負債表，充滿現金，而 Barrick 擁有世界級的資產，而這兩者的結合，我們會如你所見，我們現在正在做巴里克投資組合中的重要價值。

In Mali, Loulo-Gounkoto is heading to the top end of its production guidance. And at the same time, it is maintaining its focus on efficient energy management, with the planned expansion of its very successful solar power plant installation and its battery storage project, which we've dragged across from Kibali, where we've really made a lot of progress in managing our power storage capacity with battery technology. We see this region as one of the world's most promising gold districts. And in a recent meeting with the country's Minister of Mines, he confirmed his commitment to Barrick as a partner, while I explained our interest in continuing to invest in exploration across Western and Southern Mali in our hunt for the next Loulo-Gounkoto mine.

在馬里，Loulo-Gounkoto 正朝著其生產指導的高端邁進。與此同時，它繼續專注於高效的能源管理，計劃擴建其非常成功的太陽能發電廠安裝和電池存儲項目，我們已經將其從 Kibali 拖過來，在那裡我們確實取得了成功。在使用電池技術管理我們的電力存儲容量方面取得了很大進展。我們認為該地區是世界上最有前途的黃金區之一。在最近與該國礦業部長的一次會面中，他確認了他作為合作夥伴巴里克的承諾，而我解釋了我們有興趣繼續投資於馬里西部和南部的勘探，以尋找下一個 Loulo-Gounkoto 礦。

At Bambadji, in Eastern Senegal, Kabewest is emerging as a significant gold system with exciting potential to move forward to discovery status. Higher grades have been confirmed to a depth of 200 meters and remain open at deeper levels and along both strike distances. We will continue to evaluate this project and the other related satellite targets during the current field season. And we're right in the middle of that field season as we speak.

在塞內加爾東部的 Bambadji，Kabewest 正在成為一個重要的黃金系統，具有令人興奮的發展潛力。更高的等級已被確認到 200 米的深度，並在更深的水平和兩個走向距離上保持開放。我們將在當前的野外季節繼續評估這個項目和其他相關的衛星目標。當我們說話時，我們正處於那個野外季節的中間。

In Tongon and Côte d'Ivoire, the mine produced a solid set of results for the quarter. Successful exploration and mineral resource management of the satellite pits at Tongon has extended its life by another year to 2024. And a pipeline of new targets along the prospective stabilo trend in proximity to the Tongon plant has been targeted for follow up this quarter. At the Seydou North target on the same trend, we've outlined a new inferred resource and started step-out drilling down plunge to trace this high-grade shoot of mineralization, which opens at depth. We're also looking at multiple targets on the adjacent Boundiali permit, which could feed ore by truck to Tongon.

在通貢和科特迪瓦，該礦在本季度取得了穩定的業績。通貢衛星坑的成功勘探和礦產資源管理已將其壽命再延長一年，至 2024 年。本季度，沿著通貢工廠附近的預期穩定趨勢的新目標管道已成為後續工作的目標。在 Seydou North 目標以相同的趨勢，我們已經勾勒出一個新的推斷資源，並開始逐步向下鑽探以追踪這個高品位的礦化芽，它在深處打開。我們還在研究相鄰的 Boundiali 許可證上的多個目標，這些目標可以通過卡車將礦石運送到通貢。

And in the Democratic Republic of Congo, Kibali is on track to deliver on its production guidance, and it continues to demonstrate significant upside potential. The past quarter saw a big cost improvement, thanks to higher grades and increased hydropower generation through the wet season. And as I'm sure you all would like to ask on the cash, we continue to have constructive discussions with the government about releasing the money currently held in DRC. When I say that, it's held in our account in U.S. dollars.

在剛果民主共和國，Kibali 有望實現其生產指導，並繼續顯示出巨大的上行潛力。由於更高的等級和在雨季增加的水力發電，過去一個季度的成本有了很大的改善。而且我相信你們都想就現金提出問題，我們將繼續與政府就釋放目前在剛果民主共和國持有的資金進行建設性討論。當我這麼說時，它是以美元存放在我們的賬戶中的。

And we now have agreements in principle on a way forward, including the approval to pay dividends, and we now wait the final approval on the repayment of loans. And the point here is that we are very focused on doing this properly. It was a situation that was caught up by the sudden move to pass a new mining code in 2018 and then the constipated political management system that followed until the recent appointment of a cabinet that was aligned with the leader, President Tshisekedi and had the support of Parliament. And since then, we've seen a new prominence to get appointed from the mining industry and the new governor of the Reserve Bank from the IMF.

我們現在原則上就前進的方向達成協議，包括批准支付股息，我們現在等待最終批准償還貸款。這裡的重點是我們非常專注於正確地做到這一點。 2018 年突然通過一項新的採礦法規，然後是僵化的政治管理體系，直到最近任命了一個與領導人齊塞克迪總統一致並得到支持的內閣議會。從那時起，我們看到了被任命為採礦業和國際貨幣基金組織新任儲備銀行行長的新聲望。

And we're very comfortable with the quality and the commitment of the new management team. And you would have seen they've been at the G20 and COP26 has been a big promotion, a re-promotion of the congo mining industry and really promoting new investments, something that hasn't happened since the 2018 code was initially passed. So we're very comfortable.

我們對新管理團隊的質量和承諾感到非常滿意。你會看到他們參加了 G20 和 COP26，這是一次重大的推廣，是對剛果採礦業的重新推廣，並真正促進了新的投資，這是自 2018 年代碼最初通過以來從未發生過的事情。所以我們很舒服。

And again, I've been like that the whole time, I'm comfortable, we will solve this problem. And by the way, we do have all the legal documentation that gives us the right to repatriate. In the Democratic Republic of Congo, we have a lot of prospective land positions in and around Kibali. And in the last 2 quarters, our geologists have really shifted the balance in our 10-year plan to a point where we have an equal amount of feed from open pittable material along with the higher grade underground resources and reserves. And so that's quite significant to keep that balance because it keeps the flexibility. And just to give you a background, Kibali is a 800,000 ounce producer. So it's one of the biggest gold mines in the world.

再說一次，我一直都是這樣，我很舒服，我們會解決這個問題。順便說一句，我們確實擁有賦予我們遣返權利的所有法律文件。在剛果民主共和國，我們在基巴利及其周邊地區有很多潛在的土地位置。在過去的兩個季度中，我們的地質學家已經真正改變了我們 10 年計劃的平衡，使我們能夠從露天開采的材料中獲得等量的飼料以及更高品位的地下資源和儲量。因此，保持這種平衡非常重要，因為它保持了靈活性。只是為了給你一個背景，Kibali 是一個 800,000 盎司的生產商。所以它是世界上最大的金礦之一。

Brownfields exploration has also continued at Kibali with the follow-up drilling underway at Kalimva which is a new target. And again, as you see, this target is really starting to show continuity, both a long strike and as well as down dip. And indications are that the grades could be sufficient to support both an extended open pit operation as well as support an underground one.

在 Kibali 繼續進行棕地勘探，在 Kalimva 進行後續鑽探，這是一個新目標。而且，正如你所看到的，這個目標真的開始顯示出連續性，無論是長期罷工還是下跌。並且有跡象表明，這些等級可能足以支持擴展的露天礦坑作業以及支持地下作業。

In Tanzania, North Mara increased production on the back of higher grades, better recovery rates and improved ore delivery from underground as we get this mine back on track. We've redesigned the interface between the Gokona underground mine and open pit and achieved a better balance between the 2 ore sources. And both Gokona and Rama cut backs are currently being evaluated and are on track to deliver robust extensions to the life of mine plan. The mine remains on track to achieve its production guidance.

在坦桑尼亞，隨著我們使該礦重回正軌，North Mara 憑藉更高的品位、更高的回收率和更好的地下礦石輸送增加了產量。我們重新設計了 Gokona 地下礦山和露天礦之間的界面，並在兩種礦石來源之間取得了更好的平衡。目前正在評估 Gokona 和 Rama 的削減計劃，並有望為礦山計劃的壽命提供強有力的擴展。該礦仍有望實現其生產指導。

In Bulyanhulu, one of our -- is one of our big success stories. 2 years ago, as you'll recall, it was a rundown tailings retreatment operation. But today, thanks to a major turnaround effort by the regional team, which included reestablishing the shaft and rehabilitating the plant. It is a real underground mine again. Ramping up to steady state, annual production of between 220,000 and 260,000 ounces of gold from next year. And the latest geological model indicates that its mine life could potentially extend to 2040 and beyond. Bulyanhulu is getting ready for an updated reserve declaration, which again, like all the other major assets in Barrick, expect to show strong growth in excess of depletion.

在 Bulyanhulu，我們的一個 - 是我們的重大成功案例之一。 2 年前，你還記得，那是一次破舊的尾礦再處理作業。但今天，由於區域團隊的重大轉變努力，其中包括重建豎井和修復工廠。它又是一個真正的地下礦井。從明年開始，黃金年產量將達到穩定狀態，年產量在 220,000 至 260,000 盎司之間。最新的地質模型表明，其礦山壽命可能會延長到 2040 年及以後。 Bulyanhulu 正在為更新的儲備申報做準備，這與巴里克的所有其他主要資產一樣，預計將顯示出強勁的增長，超過消耗。

And another success story is the Lumwana copper mine in Zambia. While we still need to unplug some processing bottlenecks, it is capitalizing effectively on higher grades to boost throughput. And the fourth quarter is likely to be its best quarter ever. You would have also seen the recent announcement from the Zambian government on allowing us to deduct royalty costs for income tax purposes, which will be a material benefit to our cash flows out of Lumwana. We have also recently established a significant exploration team at Lumwana to probe multiple opportunities to extend its life. A number of exciting targets, some with a potential for higher grades and better strip ratios have already been defined and we believe the mine has a good prospect of joining the premier league of African copper producers going forward.

另一個成功案例是讚比亞的 Lumwana 銅礦。雖然我們仍然需要消除一些加工瓶頸，但它正在有效地利用更高的等級來提高吞吐量。第四季度可能是有史以來最好的季度。您還會看到贊比亞政府最近宣布允許我們為所得稅目的扣除特許權使用費，這將對我們從 Lumwana 流出的現金流產生重大好處。我們最近還在 Lumwana 建立了一個重要的勘探團隊，以探索延長其壽命的多種機會。一些令人興奮的目標已經確定，其中一些具有更高品位和更好剝採率的潛力，我們相信該礦在未來有望加入非洲銅生產商的頂級聯盟。

As for our other copper operations, Jabal Sayid in Saudi Arabia and Zaldivar in Chile are consistent performance. They've continued to make a valuable contribution to Barrick's bottom line. At Jabal Sayid, Lode 1 and Lode 4 eastern extensions have been added to the life of mine and additional opportunities for near-mine growth have been identified. Zaldivar's Chloride Leach Project remains within budget and on track for completion in the first half of next year.

至於我們的其他銅業務，沙特阿拉伯的 Jabal Sayid 和智利的 Zaldivar 表現一致。他們繼續為巴里克的底線做出寶貴的貢獻。在 Jabal Sayid，礦脈 1 和礦脈 4 東部延伸已被添加到礦山的生命週期中，並且已經確定了在礦山附近生長的額外機會。 Zaldivar 的氯化物浸出項目仍在預算範圍內，並有望在明年上半年完成。

And in line with Barrick's strategy of expanding its global presence, we recently acquired 4 exploration blocks in Egypt, preparing the ground for exploration in a prospective, but under explored region of Africa. We have also now established a field work team in the country and have started remote data collection and interpretation of the geology over the permits.

根據巴里克擴大其全球影響力的戰略，我們最近在埃及收購了 4 個勘探區塊，為在非洲有前景但勘探不足的地區進行勘探奠定了基礎。我們現在還在該國建立了一個現場工作小組，並開始了遠程數據收集和許可證地質解釋。

As you know, Barrick has a single-minded purpose in the creation of value for all its stakeholders. And this bar chart shows our performance on this front since the merger. As you can see, we have succeeded by every measure, and we'll crown this year, as I noted earlier, with a record return to our shareholders. And even with that, we're still growing the significant strength of our balance sheet. But I would suggest that's already history. And our focus as always, is on the future. Mining is, I never tire of reminding people, is a long-term business and success -- and its success demands sustainability, hence, the constant search for and exploitation of new opportunities.

如您所知，巴里克的目標是為所有利益相關者創造價值。這張條形圖顯示了自合併以來我們在這方面的表現。正如你所看到的，我們在每一項措施上都取得了成功，正如我之前提到的，我們將在今年為我們的股東帶來創紀錄的回報。即便如此，我們仍在增強我們資產負債表的顯著實力。但我認為這已經是歷史了。我們一如既往地關注未來。我從不厭倦地提醒人們，採礦是一項長期的業務和成功——它的成功需要可持續性，因此，需要不斷尋找和利用新的機會。

At Barrick, we managed this process through our resource triangle. In this model, our exploration teams feed a frequently replenished stream of Greenfields and Brownfield targets into the base of the triangle. These are filtered through multiple evaluation layers with the ones that meet all our investment criteria, finally making it to the top of the triangle and a development stage. This is how our triangle looks at present, abundantly stopped and well balanced at every stage of the game.

在巴里克，我們通過資源三角管理這個流程。在這個模型中，我們的勘探團隊將經常補充的綠地和棕地目標流送入三角形的底部。這些通過多個評估層過濾，符合我們所有的投資標準，最終成為三角形的頂部和發展階段。這就是我們的三角形目前看起來的樣子，在遊戲的每個階段都非常停止並且平衡良好。

I think it's important for me to stress at the end of a presentation like that, that our people are the driving force behind our track record of achievements. Consequently, we see this as a key differentiator in our strategy and actively engaged in all areas of our human resource plan at all levels within the business. We believe, we provide a great place to work, where people are empowered as owners and are inspired to be the best that they can be.

我認為在這樣的演講結束時強調對我來說很重要，我們的員工是我們成就記錄背後的驅動力。因此，我們將其視為我們戰略中的一個關鍵差異化因素，並在業務的各個層面積極參與我們人力資源計劃的所有領域。我們相信，我們提供了一個很棒的工作場所，在這里人們被賦予了主人翁的權力，並被激勵成為最好的自己。

And so I end with a look at our 5-year production profile, which like all of our plans is firmly rooted in reality. We've added our gold equivalent ounces in relation to our copper production in response to interest from investors. And as normal, we will be updating the market with our detailed 2022 plans when we present our quarter 4 results in the new year. With the industry's best asset base as our foundation, exceptional leadership at all levels and the host of high-quality opportunities I have shown you, I believe Barrick is well placed to achieve its vision of becoming the world's most valued gold company. And with that, I thank you for your attention, and we will be happy to take any questions.

因此，我最後看一下我們的 5 年生產概況，就像我們所有的計劃一樣，它牢牢紮根於現實。為響應投資者的興趣，我們增加了與銅產量相關的黃金等值盎司。和往常一樣，當我們在新的一年展示我們的第四季度業績時，我們將向市場更新我們詳細的 2022 年計劃。憑藉業內最佳的資產基礎、各級卓越的領導力以及我向您展示的大量優質機會，我相信巴里克完全有能力實現其成為世界上最有價值的黃金公司的願景。有了這個，我感謝您的關注，我們很樂意回答任何問題。

And I think Lois has instructed me that I need to start here. Has somebody got a mic or we...

我認為 Lois 已經指示我需要從這裡開始。有人有麥克風還是我們...

I'm Paul Gait from Azvalor. Just one question on the project pipeline. When you sort of look at sort of North America, it's quite conspicuous. The number of projects that you've got there, where you've got reserve definition, but have not yet sort of moved into the pre-feasibility stage. So it sort of goes from 12 down to 3. And I was just wondering, sort of what is it that sort of defines that quite sharp sort of step in the number of opportunities there and what the potential could be to sort of get -- sort of that 12 number, sort of more -- just to see more of that -- those in that next category beyond...

我是來自 Azvalor 的 Paul Gait。只有一個關於項目管道的問題。當你看看北美的時候，它是相當顯眼的。您已經獲得的項目數量，您已經獲得了儲備定義，但還沒有進入預可行性階段。所以它從 12 下降到 3。我只是想知道，它是什麼定義了那裡機會數量的相當大的一步，以及獲得的潛力是什麼——有點像那 12 個數字，有點多——只是為了看到更多——那些在下一個類別之外的人……

Yes, it's a very insightful question. And again, a large part of that's to do with Nevada and the strange relationship between Barrick and Newmont. And I'm saying this as a complete outsider, I'm not taking sides here. But the boundaries, first of all, fences don't cut off ore bodies. And you had a situation where Newmont had the sort of infrastructure endowment and a rapidly declining resource, and not a focus at the future. And Barrick had high-quality deposits, very high grade, infrastructure that was in the wrong place to a degree and focused on paying down debt. So it was high grading its assets.

是的，這是一個非常有見地的問題。再一次，其中很大一部分與內華達州以及巴里克和紐蒙特之間的奇怪關係有關。我是作為一個完全的局外人說的，我在這裡不偏袒任何一方。但邊界，首先，柵欄不切斷礦體。你的情況是，紐蒙特擁有那種基礎設施禀賦和快速下降的資源，而不是對未來的關注。巴里克擁有高質量的存款，非常高的品位，基礎設施在一定程度上處於錯誤的位置，並專注於償還債務。因此，它對其資產進行了高評級。

And so when we got there, there was very little information base to work on. So the first thing we had to do was, first employ some geologists. Secondly, divide them in skills to focus on the actual operation in the form of mineral resource management to support the planning, the geotech, the geohydrology and extend -- the extensions of the ore bodies because they were short. And that's -- remember, we focused on the 10-year plan. We've done that now. We're now looking at 15 years.

因此，當我們到達那裡時，可以處理的信息庫非常少。所以我們要做的第一件事就是，首先聘請一些地質學家。其次，在技能上進行劃分，以礦產資源管理的形式關注實際操作，以支持規劃、岩土、地質水文和延伸——礦體的延伸，因為它們很短。那就是 - 請記住，我們專注於 10 年計劃。我們現在已經做到了。我們現在看到的是 15 年。

And once we started putting that together, we found a lot of opportunities. This Leeville opportunity, both Leeville North and Leeville -- the greater Leeville area was an extension of part of the Carlin operations -- the Newmont Carlin operations, where there have been a very wide space drilling program, but not a lot of focus in to model the geology. And that's what we're showing you now as a 5 million to 10 million-ounce target, in that area. And that's taken us some time to drill because these are deep holes. They have to be well thought through you.

一旦我們開始把它放在一起，我們就發現了很多機會。 Leeville North 和 Leeville 的這個 Leeville 機會——大 Leeville 地區是 Carlin 業務的一部分——Newmont Carlin 業務的延伸，那裡有一個非常廣泛的空間鑽探計劃，但沒有太多關注模擬地質。這就是我們現在向您展示的 500 萬至 1000 萬盎司的目標，在該地區。我們花了一些時間來鑽，因為這些是深孔。他們必須經過你的深思熟慮。

And the one thing about Carlin deposits is, it's very easy to vector in on them. It's that -- once if you find them, is the tough bet. So you get there and thereabouts. But when you do discover them, they're small, but high -- super high grade. So the answer is just balloon, and that's what you're seeing in that one. So -- and the same with Ren. It was right in the middle, and we've got 2 out of this, Rita K, upper and lower, also defined geological models, but no drill holes in them or very little. And also some had no geohydrology. So just to give you an idea, that is a significant reserve potential. We're not talking about even resources. But to get there, you have to drill them out. So -- It's taken us 2.5 years. Well, it's actually only 2 years in Nevada. And we're now at the stage where we've got -- made resource declarations.

關於卡林礦床的一件事是，很容易將其納入其中。就是這樣——一旦你找到它們，就是艱難的賭注。所以你到達那里和那裡。但是當你發現它們時，它們很小，但很高——超高品位。所以答案只是氣球，這就是你在那個氣球中看到的。所以——Ren也是如此。它就在中間，我們有兩個，Rita K，上下，也定義了地質模型，但沒有鑽孔或很少鑽孔。還有一些沒有地質水文。所以只是給你一個想法，這是一個重要的儲備潛力。我們不是在談論甚至資源。但要到達那裡，你必須把它們鑽出來。所以 - 我們花了 2.5 年的時間。嗯，實際上在內華達州只有 2 年。我們現在處於我們已經獲得的階段 - 進行資源聲明。

The same, Turquoise Ridge, which was owned by Barrick, a 25% ownership of Newmont and it was using the Twin Creeks processing facilities. Twin Creek preferred the ore, although it came from open pit, it was complex and was low grade. So Barrick had all this high-grade ore, but it was constrained by what Newmont allowed it to use in its capacity. So there was never ever any tension in the mine. We came along, took the fence away, and suddenly it was drinking out of a fire hose and we didn't have the geology right. We didn't have the geotech right. We just -- so you -- when you have a mine like that, and you have super high grades, people migrate to the high grades, but you get there and you've got the geotech wrong. So we've only just got to that stage in Turquoise Ridge, where we've got complete models now, and we can plan with comfort.

同樣，Turquoise Ridge 由 Barrick 擁有，Newmont 擁有 25% 的所有權，它正在使用 Twin Creeks 加工設施。 Twin Creek 更喜歡這種礦石，雖然它來自露天礦，但它複雜且品位低。所以巴里克擁有所有這些高品位礦石，但它受到紐蒙特允許其在其能力範圍內使用的限制。因此，礦井中從未有過任何緊張。我們來了，把柵欄拿走了，突然它從消防水龍里喝了水，我們沒有正確的地質。我們沒有地質技術的權利。我們只是 - 所以你 - 當你有這樣的礦山，並且你有超高等級時，人們會遷移到高等級，但是你到達那裡並且你弄錯了地質技術。所以我們才剛剛到達綠松石嶺的那個階段，我們現在已經有了完整的模型，我們可以放心地計劃。

And to be able to do that as well, remember, both companies were centrally controlled. So a lot of the planning was done on the demand from the CEO, rather than the quality and capability of the ore body. And we've moved that ownership back to the mines. And so now we have a lot more control through the mine of its exploitation of its own business plan. And then definitely no Greenfields exploration. And the one thing I can assure you that Carlin has still got, I -- my first 10 years as a geologist, I never saw a gold grade above like 1.5 grams and their size is bit wider front. And that was about 5,000 meters below surface. So -- The quality of geology now is exceptional. And I've just touched on 2 key Greenfields targets that we've gotten. But again, that's going to take at least 2 seasons for us to create.

為了能夠做到這一點，請記住，兩家公司都是集中控制的。因此，很多計劃都是根據 CEO 的要求進行的，而不是根據礦體的質量和能力。我們已經將所有權轉移回礦山。因此，現在我們通過礦山對其自身商業計劃的開發有了更多的控制權。然後絕對沒有Greenfields探索。我可以向你保證 Carlin 仍然擁有的一件事，我——我作為地質學家的前 10 年，我從未見過像 1.5 克這樣的黃金等級，而且它們的尺寸比前面更寬。那是在地表以下約 5,000 米處。所以——現在的地質質量非常好。我剛剛談到了我們已經獲得的 2 個關鍵的 Greenfields 目標。但同樣，我們至少需要 2 季的時間來創作。

This last year, and just to give you some idea, the hydrothermal geochemical footprints of Carlin deposits are significant. So you can poke a hole above the ore body and you'll see it. But then to vector into the actual ore body is quite difficult. And this Turquoise Ridge-Twin Creeks section, we think has really got some. Because we've already done a pattern of short hauls just to test and plot out the geochemical halo. And now we're starting to vector into the target. So it's genuine scientifically-led exploration, which is something that hasn't been done for a very long time in North America, generally. So that's where we are. And again, the portfolio covered in Canada was empty. And so we've had to generate our own portfolio there. And that's why North America so short of advanced targets, lots of potential resources. We've got to get them through that final filter. But they all have real potential to pass our investment filters, whereas in AME, in Africa, Middle East, remember, Randgold had that. We had -- we can tell you 3 years ahead our conversions because it's part of an integrated plan.

去年，為了給你一些想法，卡林礦床的熱液地球化學足跡非常重要。所以你可以在礦體上方戳一個洞，你會看到它。但隨後要矢量到實際的礦體是相當困難的。而這個綠松石嶺-雙溪部分，我們認為確實有一些。因為我們已經完成了一個短途模式，只是為了測試和繪製地球化學暈。現在我們開始進入目標。所以這是真正的以科學為主導的探索，一般來說，這是北美很長時間沒有做過的事情。這就是我們所在的位置。再一次，加拿大的投資組合是空的。所以我們不得不在那裡生成我們自己的投資組合。這就是為什麼北美如此缺乏先進目標和大量潛在資源的原因。我們必須讓他們通過最後的過濾器。但他們都有真正的潛力通過我們的投資過濾器，而在 AME，在非洲，中東，記住，蘭德戈爾德有這個。我們有 - 我們可以提前 3 年告訴您我們的轉換，因為它是綜合計劃的一部分。

Latin America was in the same boat. It was being sold off effectively because people had lost confidence in that. And also, relative to the stress on the balance sheet, it was better and makes sense. Of course, it made sense to stay with the North American Nevadan assets and look to sell off the -- and we walk that all back. And the other exciting thing is when you look at the global map, apart from the Russian and Chinese gold belts, we are covered. We can go -- we have geologists and mining engineers and lawyers and that in every gold province in the world. And that's what we're busy exploiting now. And I hope that answers your question. And we also, by the way, I didn't tell you, we've started now, we're building an Asia Pacific team. Geologists, mining engineers, legal people because that's our next big growth mode is around that area. Both the Asian part and Asia and the Pacific Rim.

拉丁美洲也在同一條船上。它被有效地出售了，因為人們對此失去了信心。而且，相對於資產負債表上的壓力，它更好，也很有意義。當然，留在北美內華達州的資產並尋求出售是有道理的——我們全都回去了。另一個令人興奮的事情是，當您查看全球地圖時，除了俄羅斯和中國的金帶外，我們都被覆蓋了。我們可以去——我們有地質學家、採礦工程師和律師，在世界上每個黃金省都有。這就是我們現在正忙於利用的東西。我希望這能回答你的問題。順便說一句，我們也沒有告訴你，我們現在已經開始，我們正在建立一個亞太團隊。地質學家、採礦工程師、法律人士，因為這是我們的下一個大增長模式，圍繞該地區。亞洲部分和亞洲及太平洋沿岸地區。

Mark, at a company level, your unit cost increase seem to have been remarkably well maintained at a good level, given all the inflationary pressures we're seeing. Can you perhaps shed some light in terms of how you've done that and how you see inflationary pressures in the short term and some of the sticky ones for the longer term?

馬克，在公司層面，考慮到我們看到的所有通脹壓力，您的單位成本增長似乎一直保持在一個良好的水平。您能否就您如何做到這一點以及您如何看待短期內的通脹壓力和長期內的一些粘性壓力提供一些啟示？

Yes. So I always -- I mean I've said this, Mike, many times. When you act like an owner, you are a lot more obsessed about the costs. And as you know, Barrick is by far a leader in how we -- as we did in Randgold, incentivize our executive and lower down leadership with equity participation. So we have a significant component of that. And we teach our people to act like owners. Well, we demand that they do. And so with that, if you look at -- we're also still taking out synergies, benefits from the merger in our discipline.

是的。所以我總是——我的意思是我已經說過很多次了，邁克。當您像所有者一樣行事時，您會更加痴迷於成本。如你所知，巴里克在我們如何——就像我們在蘭德戈爾德所做的那樣——通過股權參與激勵我們的高管和降低領導層方面，是迄今為止的領導者。所以我們有一個重要的組成部分。我們教我們的員工像主人一樣行事。好吧，我們要求他們這樣做。因此，如果你看一下 - 我們還在利用協同效應，從我們學科的合併中受益。

We've taken out about $200 million of direct savings out of the supply chain since we joined forces. And we've got about $100 million to go in the next -- by end of next year, right? Graham. So we still have that benefit. And to just give you an idea, we've just -- And we've really -- we have always focused on long-term contracts with dampened abilities for people to change the costs. So a whole process. We have multiple suppliers. We've just taken -- we've just reached an agreement with some of our key suppliers, which have resulted in 20% reduction in costs.

自從我們聯手以來，我們已經從供應鏈中直接節省了大約 2 億美元。明年我們有大約 1 億美元的資金——到明年年底，對吧？格雷厄姆。所以我們仍然有這個好處。只是給你一個想法，我們剛剛 - 而且我們真的 - 我們一直專注於長期合同，人們改變成本的能力受到抑制。所以一個完整的過程。我們有多個供應商。我們剛剛採取了——我們剛剛與我們的一些主要供應商達成協議，這導致成本降低了 20%。

We have a long-term standing partnership with all our principal equipment suppliers. And again, that goes down to the maintenance side of things. And we also have a real commitment to change the age profile of our business. So in Nevada, for instance, we've changed a lot. And older people with respect, Mike, are not as efficient as younger people. And they don't come as expensive. So you get more effective, more efficient, more modern thinking, a better appropriate engineering skills, et cetera. And we've seen a lot of that, and you're going to see more of that.

我們與所有主要設備供應商建立了長期的合作夥伴關係。再一次，這歸結為事情的維護方面。我們還真正致力於改變我們業務的年齡特徵。例如，在內華達州，我們發生了很大變化。邁克，受人尊敬的老年人並不像年輕人那樣有效率。而且它們並不昂貴。因此，您將獲得更有效、更高效、更現代的思維、更合適的工程技能等等。我們已經看到了很多，你會看到更多。

Also, we've moved away from expatriates towards national centric management and in particularly in LatAm America, you'll see a big difference. And also in Porgera, although that's not coming through yet. If you look at -- we've moved the -- Porgera was essentially a province of Australia. And everyone worked in Porgera out of Australia, we've changed that. Even the store -- and the store house was in Cairns, rather than in Port Moresby. So we've changed all that. And that's a common thread throughout. Lumwana, we've just about half the mining costs in Lumwana. Just because of focus on efficiency, run times, cycle times obsessed with the transport. And we've got, as I touched on in my presentation, a few more bottlenecks to come. So commercially, we still have some opportunities.

此外，我們已經從外派人員轉向以國家為中心的管理，特別是在拉丁美洲，您會看到很大的不同。還有在波格拉，雖然這還沒有實現。如果你看 - 我們已經移動了 - Porgera 本質上是澳大利亞的一個省。每個人都在澳大利亞以外的 Porgera 工作，我們已經改變了這一點。甚至商店——而且商店也在凱恩斯，而不是在莫爾茲比港。所以我們改變了這一切。這是貫穿始終的一個共同點。 Lumwana，我們的採礦成本只有 Lumwana 的一半左右。只是因為專注於效率、運行時間、循環時間而痴迷於運輸。正如我在演講中提到的那樣，我們還有一些瓶頸即將到來。所以在商業上，我們還是有一些機會的。

On the logistics side, again, we're just so much better than most. Miners are not good logistics people. But growing up in Africa, we learned very quickly. If you can't get the logistics right, you're done. And so things like consolidating freight has been a big boon for us through the COVID and also the ability, our relationship that we brought to the partnership is we have -- we can do multiple lines.

在物流方面，再一次，我們比大多數人都好得多。礦工不是好的物流人。但是在非洲長大，我們學得很快。如果你不能把物流搞好，你就完蛋了。因此，通過 COVID 和能力，合併貨運等事情對我們來說是一個巨大的福音，我們為合作夥伴關係帶來的關係是我們擁有的——我們可以做多條線路。

When we got to Nevada, the principal logistics company was DHL. And so it's very hard to move PC8000 shovel with DHL. You got to have one of those very big colorful boxes, you know. So -- and we've really gone local and again, a big success. So -- but there is pressure on it. I would just -- my cynical point of view, as we know in mining, a lot of price pressure comes from quality of ore body. And you've heard me say on many occasions, one of the things that this industry and I point specifically to our investors is doing a disservice is sucking out all the free cash and dividends and not encouraging reinvestment. And so you've got a higher gold price, the people are exploiting it. Everyone's focused on the cash margins and no one's focusing, as you saw us talk about it today, the replacement of the ounces, you mine with the same quality of ounces. And so those are all drivers of inflation. We would -- if you -- Graham will tell you that our inflation pressure outside of energy sector, is 2% to 3%. So there is -- at the same time, we are obsessed about mitigating that every day.

當我們到達內華達州時，主要的物流公司是 DHL。所以用 DHL 搬運 PC8000 電鏟非常困難。你必須有一個非常大的彩色盒子，你知道的。所以——我們真的一次又一次地走向本地，取得了巨大的成功。所以——但有壓力。我只是——我的憤世嫉俗的觀點，正如我們在採礦業中所知道的，很多價格壓力來自礦體的質量。你已經聽到我在很多場合說過，這個行業和我特別指出我們的投資者的一件事是在做壞事，就是吸走所有的自由現金和股息，而不是鼓勵再投資。所以你有一個更高的黃金價格，人們正在利用它。每個人都關注現金利潤，沒有人關注，正如您今天看到我們談論的那樣，更換盎司，您開采的盎司質量相同。所以這些都是通脹的驅動因素。我們會——如果你——格雷厄姆會告訴你，我們在能源部門之外的通脹壓力是 2% 到 3%。所以有 - 同時，我們每天都痴迷於減輕這種情況。

On the power side, it's a bit more. We have -- you know this power market, whether it's gas or diesel or heavy fuel or even just -- we're generating power for our host countries at the moment, because no one had anticipated the situation that we're currently experiencing. So that's a bit more dynamic. But again, we've got -- we are obsessed about long-term contracts. We have those that support us. In Africa, where we use more diesel, for instance. Again, those countries dampen the power, the diesel cost, for instance. When it goes down, you don't get the full benefit when it goes up, it's cushioned a bit. So again, those are helpful. And we've done a lot, as you saw on just changing our power generation towards renewable energy in a commercially beneficial way. Do you want to add anything?

在電源方面，它有點多。我們有 - 你知道這個電力市場，無論是天然氣、柴油還是重燃料，甚至只是 - 我們目前正在為我們的東道國發電，因為沒有人預料到我們目前正在經歷的情況。所以這有點動態。但同樣，我們有——我們痴迷於長期合同。我們有支持我們的人。例如，在非洲，我們使用更多的柴油。同樣，這些國家抑制了電力，例如柴油成本。當它下跌時，您不會在它上漲時獲得全部收益，它會有所緩衝。再說一次，這些很有幫助。我們已經做了很多，正如你所看到的，我們只是以一種商業上有益的方式將我們的發電轉變為可再生能源。你想添加什麼嗎？

The only other point I would make is just the impact of -- on royalties -- from royalties on our costs, obviously, both in the gold and copper space, we have seen an impact on our costs. From slightly higher gold price in 2021, we're using a $1,700 gold price. And obviously, we've had prices closer to $1,800. But particularly on the copper side, where we were using a [$2.75] copper price, and copper prices have averaged above $4. So that's another impact, which one has to take into account as well. It's a high-class problem.

我要說的唯一另一點就是——對特許權使用費——特許權使用費對我們成本的影響，顯然，在黃金和銅領域，我們已經看到了對我們成本的影響。從 2021 年略高的金價開始，我們使用 1,700 美元的金價。顯然，我們的價格接近 1,800 美元。但特別是在銅方面，我們使用的是 [2.75 美元] 的銅價，而銅價平均高於 4 美元。所以這是另一個影響，人們也必須考慮到這一點。這是一個高級問題。

That's what I meant -- so it just underscores the even better performance on an operational sense. Anyone else? Can we migrate then to global questions on the Chorus Call?

這就是我的意思——所以它只是強調了在操作意義上的更好的性能。還有誰？那麼我們可以遷移到合唱團的全球問題嗎？

Yes, for sure. Our first question from the phone is from Danielle Chigumira with Bernstein.

是肯定的。我們電話中的第一個問題來自 Danielle Chigumira 和 Bernstein。

So with the final tranche of the return of capital declared. When, if at all, would you give the market some guidance on the additional dividend that you could expect above the $0.09 a share? Is there a balance to be struck between returns and reinvestment? And do you think you're at that right balance at $0.09 a share?

因此，隨著資本回報的最後一部分宣布。如果有的話，你會在什麼時候給市場一些關於你可以預期高於每股 0.09 美元的額外股息的指導？回報和再投資之間是否需要取得平衡？你認為每股 0.09 美元的平衡是正確的嗎？

So Danielle, we promised the market. As you know, at the start of this year, we were unsure about -- we had a big task ahead of us. We had taken on this massive a combination of 3 different entities, significant entities. And we had -- and I've always been a great believer that dividends are driven by performance. What we found ourselves in the beginning of the year was a windfall cash balance because of our disposal of noncore assets, a total of $1.7 -- $1.4 billion, $1.5 billion. And we felt that, again, I've always said, because I'm a key shareholder is, when you make more than you plan to make, you should give some of it back to shareholders. And so we felt that it was a good idea to split that and give a $750 million back to shareholders. And as on that basis, we explained to the market, and we kept our core dividend of $0.09, which we had increased threefold from the time we did the deal. So -- and we've always promised the market we would come in with a more defined -- definitive dividend policy when we spoke to you with our 2021 results, and we plan to do that.

所以丹妮爾，我們承諾了市場。如您所知，在今年年初，我們不確定——我們面前有一項艱鉅的任務。我們承擔了 3 個不同實體、重要實體的大規模組合。我們有——而且我一直堅信股息是由業績驅動的。由於我們處置非核心資產，我們在年初發現自己的意外現金餘額，總計 1.7 美元、14 億美元、15 億美元。我們覺得，我一直說，因為我是一個關鍵股東，所以當你賺的比你計劃的多時，你應該把一部分還給股東。因此，我們認為將其拆分並向股東返還 7.5 億美元是個好主意。在此基礎上，我們向市場解釋，我們保持核心股息為 0.09 美元，比我們達成交易時增加了三倍。因此，當我們與您討論 2021 年的業績時，我們一直向市場承諾，我們將採用更明確的確定性股息政策，我們計劃這樣做。

That's very useful. If I can squeeze in one more. On the greenhouse gas emission, how actively are you considering the use of offset? As what was mentioned on the slide? And could you also give us a time line where you'd have more visibility on the decarbonizing pathway for mining equipment?

這非常有用。如果我能再擠一個。關於溫室氣體排放，您在考慮使用補償方面的積極程度如何？正如幻燈片上提到的那樣？您能否也給我們一個時間表，讓您對採礦設備的脫碳途徑有更多的了解？

Yes. So as I think, first of all, I'll just wait for you to give me a little bit of credit on showing you a road map to get 25% ticked off without drawing on any form of religion. And the 5%, I'm absolutely confident that we'll add to that taking us to 30% by 2030. That -- having said that, we're not -- as we pointed out with our BEVs on underground equipment. And we've got many other initiatives.

是的。所以我想，首先，我會等你給我一點信任，向你展示一張路線圖，在不依賴任何形式的宗教的情況下完成 25% 的工作。而 5%，我絕對有信心，到 2030 年，我們將增加到 30%。那——話雖如此，我們不是——正如我們在地下設備上的 BEV 中指出的那樣。我們還有許多其他舉措。

We've got a big initiative with major supplier of utility vehicles. And there's a swath or more. But I mean, just the experience with the Sandvik project, there's no technology yet that actually allows you to plan in confidence. So we're investing in that technology, whether it's drilling technology. And again, we think that's quite an important component, whether it's -- we're looking now at our whole transport technology. And every newspaper you open up has got hydrogen in it, but not too many hydrogen cars are driving around. And again, we've got a gap to go through. And we're invested in that thought process.

我們與主要的多功能車供應商達成了一項重大舉措。還有一條或更多條。但我的意思是，就山特維克項目的經驗而言，目前還沒有任何技術可以真正讓您自信地進行計劃。所以我們正在投資這項技術，無論是鑽井技術。再一次，我們認為這是一個非常重要的組成部分，無論是 - 我們現在正在研究我們的整個運輸技術。你打開的每份報紙都有氫氣，但沒有太多的氫氣汽車在周圍行駛。再一次，我們有一個差距要克服。我們投資於這個思考過程。

We're invested in carbon sinks. We're invested also in -- or investing in just the reduction of emissions, super-efficient traditional engines and energy generation. And there's an enormous amount to be had with that. a big migration to natural gas, which, again, is a significant reduction in greenhouse gas emissions. So definitely, you're right about vehicle efficiencies, that's where the technology needs to really land.

我們投資於碳匯。我們還投資——或僅投資於減少排放、超高效的傳統發動機和能源生產。並且有大量的東西。向天然氣的大規模遷移，這再次顯著減少了溫室氣體排放。因此，毫無疑問，您對車輛效率的看法是正確的，這就是技術真正需要落地的地方。

And just to reinforce, battery technology, how everyone has got battery, there are so many battery factories. But batteries are -- the big batteries available today, some of the technology is showing improvement, but basically, it's just a pack of small batteries. And so there's still a lot of work to go into batteries. And I must say our partnership with Sandvik, they've been putting a lot of think-thought and engineering and research into batteries. And again, batteries in a Tesla car and batteries in a 50-tonne truck underground, different environment. So we've got some way to go.

只是為了強調一下，電池技術，每個人都是如何獲得電池的，有這麼多電池工廠。但是電池是——今天可用的大電池，一些技術正在改進，但基本上，它只是一包小電池。所以在電池方面還有很多工作要做。我必須說我們與山特維克的合作夥伴關係，他們一直在對電池進行大量的思考、工程和研究。同樣，特斯拉汽車中的電池和地下 50 噸卡車中的電池，不同的環境。所以我們還有一段路要走。

But to give you confidence, we're fully invested in that. And the vehicle investment, too, is that's absolutely critical in our Scope 3 emissions because it's all about transport. And can we do it better? And again, on our minds, we've got some really exciting projects to take hydrocarbon transport out of the loop or reduce it materially. And that's a big focus for us as well. And what that does is, again, somebody asked me today, how much does this cost? The stuff that I showed you just now, that's all -- it improves the bottom line. It doesn't increase the bottom line. It's a very -- we have an obsession about making sure we use this in a properly sustainable way.

但為了給您信心，我們對此進行了充分的投資。車輛投資也對我們的範圍 3 排放至關重要，因為這完全與運輸有關。我們能做得更好嗎？再一次，在我們看來，我們有一些非常令人興奮的項目，可以將碳氫化合物運輸排除在外或大幅減少它。這也是我們關注的重點。而它的作用是，今天又有人問我，這要花多少錢？我剛才向你們展示的東西，僅此而已——它提高了底線。它不會增加底線。這是一個非常 - 我們痴迷於確保我們以適當的可持續方式使用它。

Next question from the conference call comes from the line of Tanya Jakusconek with Scotiabank.

電話會議的下一個問題來自豐業銀行的 Tanya Jakusconek。

Maybe if I could start just with Graham. Graham, just when you were talking about the inflationary pressures, and you did mention the higher gold price impact on costs and obviously, the Nevada tax that you mentioned also in the press release. Should I be thinking inflationary pressures of about 2% to 3%? Should I be thinking as we go into 2022 that the upper end of your cost guidance range would be an appropriate level to be at? Or should I be thinking about that, putting inflation on top of that?

也許如果我可以從格雷厄姆開始。格雷厄姆，就在你談到通脹壓力時，你確實提到了更高的金價對成本的影響，顯然還有你在新聞稿中提到的內華達州稅。我應該考慮大約 2% 到 3% 的通脹壓力嗎？當我們進入 2022 年時，我是否應該認為您的成本指導範圍的上限是合適的水平？還是我應該考慮這一點，把通貨膨脹放在首位？

Tanya, the -- I think you need to obviously look at that guidance and add that inflation to it. You also need to adjust for those different royalty environments and you need to adjust for the different power environments. So those are the -- those are really the 3 components that are going to drive that. And then as you say, the specific point that we've called out is the impact of the new Nevada education tax, which albeit is a tax, it comes through as a cost. So that has an impact on those things. So those are really the 4 things. So when you look at the current numbers, you've got to effectively add those to it.

Tanya，我認為您顯然需要查看該指南並將通貨膨脹添加到其中。您還需要針對那些不同的版稅環境進行調整，並且需要針對不同的電源環境進行調整。所以這些是 - 這些是真正驅動它的 3 個組件。然後正如你所說，我們提到的具體一點是新內華達州教育稅的影響，儘管它是一種稅，但它是一種成本。所以這對那些事情有影響。所以這真的是4件事。因此，當您查看當前數字時，您必須有效地將其添加到其中。

But having said that, obviously, as we look towards next year and we look towards our plans, we've talked about some of the challenges that we're dealing with in our business. Mark mentioned the slower ramp up at Hemlo and some of the other areas. So those things will also have an impact on our costs and on our planning. So it's a combination of all of that.

但是話雖如此，顯然，當我們展望明年並展望我們的計劃時，我們已經談到了我們在業務中面臨的一些挑戰。馬克提到了 Hemlo 和其他一些地區的緩慢增長。所以這些事情也會對我們的成本和我們的計劃產生影響。所以它是所有這些的組合。

Tanya, I'd add to that, too, and that is, if you take Hemlo out of our numbers and you accept the other impacts are already embedded in our numbers, our numbers are below 1 thousand, all-in sustaining costs. So again, when you're looking at the range, Hemlo is a slightly different animal. Again, we'll bring those costs down from where they are today. But the -- if you look at the run rate of our assets and then you've also got to consider the grades and the ore bodies that are going to be mined because we -- remember, we focus on dollar per tonne and a discipline on the ore body side with our $1,200 gold price reserve limit. So it's a complicated question to answer. And the best thing -- if you want some advice, the best thing is wait until February, and we'll tell you.

Tanya，我還要補充一點，也就是說，如果您將 Hemlo 從我們的人數中剔除，並且您接受其他影響已經嵌入我們的人數中，那麼我們的人數將低於 1000，全部維持成本。同樣，當您查看範圍時，Hemlo 是一種略有不同的動物。同樣，我們將把這些成本從現在的水平降低。但是 - 如果您查看我們資產的運行率，然後您還必須考慮將要開采的品位和礦體，因為我們 - 請記住，我們專注於每噸美元和紀律在礦體方面，我們的黃金價格儲備限制為 1,200 美元。所以這是一個複雜的問題要回答。最好的事情——如果你想要一些建議，最好的事情是等到二月，我們會告訴你的。

I'm not that patient, Mark.

我沒那麼耐心，馬克。

Now, just be careful. You might be wrong.

現在，小心點。你可能錯了。

I guess what I'm getting from you is that sort of a 3% to 5% inflationary environment as you get inventory that you have, et cetera, is sort of reasonable.

我想我從你那裡得到的是那種 3% 到 5% 的通貨膨脹環境，因為你獲得了你所擁有的庫存等等，這在某種程度上是合理的。

And where I said, as Graham says, take the range and jack it up. So it's still a range. It's not just taking the top end.

正如格雷厄姆所說，在我所說的地方，採取範圍並將其提升。所以它仍然是一個範圍。這不僅僅是佔據高端。

Yes. No, I understand. And maybe, Mark, if I have you, I would just like 2 other questions for you. One, I wanted to talk about just Nevada Gold Mines, you mentioned the vaccination rate of 32%, I think, in the U.S. And I mean, I just kind of think of that number and I think of the productivity, absenteeism with that number, what sort of impact are you seeing on absenteeism and productivity in Nevada Gold Mines? And yes, maybe start with that and how we get through and improve this vaccination rate?

是的。不，我明白。也許，馬克，如果我有你，我只想問你另外兩個問題。第一，我只想談談內華達金礦，你提到了美國 32% 的疫苗接種率，您認為內華達金礦的缺勤率和生產力會受到怎樣的影響？是的，也許從那開始，我們如何通過並提高疫苗接種率？

Yes. So again, a very pointed question and well-posed. The -- so Nevada Gold Mines led the fight against COVID and that first rail -- sort of infection rate around the world. We didn't miss a beat. We had -- as the infection came, we were already warning the governor of Nevada. He better pay attention. We were -- we had instituted protocols when Vegas came to a grinding halt. So the protocol process worked really well for us. And again, when the first round of vaccines, the first uptake was pretty good. But very quickly, the southern part of Nevada overtook us. And there's a big political and social issue relating to the vaccine.

是的。再說一次，一個非常尖銳的問題，而且提出的很好。 - 所以內華達金礦領導了與 COVID 和第一條鐵路的鬥爭 - 世界各地的感染率。我們沒有錯過任何一個節拍。我們有——隨著感染的到來，我們已經警告內華達州州長。他最好注意一下。當維加斯陷入停頓時，我們已經制定了協議。所以協議流程對我們來說非常有效。再一次，當第一輪疫苗時，第一次吸收是相當不錯的。但很快，內華達州南部就超過了我們。還有一個與疫苗有關的重大政治和社會問題。

What we have done is, we've got various incentives in place. We have very strict protocols in Nevada. So the deal is until we get a herd immunity, we are not prepared to put our workforce at risk. So you wear the masks. You do your hand cleaning, you keep your distance with everyone. So even the ones that are vaccined. And we did the same, Tanya, in Canada. Because, again, there was a big anti-vaccine movement in Canada for a while. But the government there helped us because it made it so difficult for you to even have a meal, go anywhere, watch a football game or a ice-hockey game. And so the population very quickly moved to embrace vaccination and then we mandated it. And we didn't do -- we didn't lead the mandate. And we were completely aligned with society in managing COVID. The same in Dominican Republic, we're 97% vaccinated. Again, that was the President who led the way -- it's a tourist destination, and he just -- he was way ahead of the rest of the world.

我們所做的是，我們制定了各種激勵措施。我們在內華達州有非常嚴格的協議。因此，在我們獲得群體免疫之前，我們不准備讓我們的員工處於危險之中。所以你戴上口罩。你做你的手清潔，你與每個人保持距離。所以即使是那些接種了疫苗的人。 Tanya，我們在加拿大也做了同樣的事情。因為，再一次，有一段時間在加拿大發生了一場大規模的反疫苗運動。但是那裡的政府幫助了我們，因為它讓你很難吃飯、去任何地方、看足球比賽或冰球比賽。因此，人們很快開始接受疫苗接種，然後我們強制要求接種。我們沒有這樣做——我們沒有領導任務。我們在管理 COVID 方面與社會完全一致。在多米尼加共和國也是如此，我們接種了 97% 的疫苗。再一次，那是帶路的總統——這是一個旅遊目的地，他只是——他領先於世界其他地方。

Argentina started very, very hesitantly, but it's also our operation. We haven't had a positive case up in Veladero for like 4 weeks now. And so the challenge here is -- and then we've just surveyed our workforce in Nevada. And one of the clear messages is, people don't want to be treated like children. And the whole American approach to this is like, no one really cares about the individual. If it's not coming out of CNN or Fox News or the White House, then it must be wrong. And people take offense to that.

阿根廷一開始非常非常猶豫，但這也是我們的行動。我們已經有 4 週時間在 Veladero 沒有出現陽性病例了。所以這裡的挑戰是——然後我們剛剛調查了我們在內華達州的員工隊伍。其中一個明確的信息是，人們不想被當作孩子對待。整個美國人對此的態度就像，沒有人真正關心個人。如果它不是來自 CNN、福克斯新聞或白宮，那麼它一定是錯的。人們對此感到不快。

So we've really engaged with our workforce. We've changed our approach to treat them like adults, which they are. We respect that. So first of all, we want people to ensure that they care about their fellow beings. And I don't think we see much disparity activity when it comes to that. That's not the intention. But -- and so we have had a recent fill up to get to the 32%, quite a significant -- I think it's about a 6% improvement. And we've really changed our approach. We have mobile vaccine clinics. We are doing it along with the normal seasonal flu vaccines. We've got a very big education program, and we'll just keep banging away at it. At this stage, we had another spike in line with everyone's fourth wave spike, but it's back down under control as we really pushed the protocols. And I've got every confidence that we'll get there. And again, we are talking about freedom of choice, we respect. At the same time, then you need to be able to not let your fellow workers pay for your medical insurance because you've decided to take on that risk yourself.

所以我們真的和我們的員工一起工作。我們改變了對待他們的方式，將他們視為成年人，他們就是這樣。我們尊重這一點。所以首先，我們希望人們確保他們關心他們的同胞。我認為在這方面我們並沒有看到太多的差異活動。那不是本意。但是——所以我們最近的填充率達到了 32%，相當顯著——我認為這大約提高了 6%。我們真的改變了我們的方法。我們有流動疫苗診所。我們正在與正常的季節性流感疫苗一起做。我們有一個非常大的教育計劃，我們將繼續努力。在這個階段，我們有另一個峰值與每個人的第四波峰值一致，但隨著我們真正推動協議，它又回到了控制之下。而且我完全有信心我們會到達那裡。再一次，我們談論的是選擇自由，我們尊重。同時，你需要能夠不讓你的同事為你的醫療保險買單，因為你已經決定自己承擔這個風險。

So those are the conversations we're having in an adult forum. And we certainly are seeing a difference. We have had a high degree of COVID cases without any symptoms. And so our -- we are building that immunity anyway in the community. The problem in Northern Nevada, too, is a lot of people with morbidities. And so this virus, that's the real -- it's a killer when you get -- pick this virus up and you've got any sort of untreated morbidity.

以上就是我們在成人論壇上的對話。我們當然看到了不同。我們有很多沒有任何症狀的 COVID 病例。所以我們——無論如何，我們正在社區中建立這種免疫力。內華達州北部的問題也是很多人患有疾病。所以這種病毒，那是真實的——當你感染它時，它是一個殺手——感染了這種病毒，你就會有任何未經治療的疾病。

So I think it's a very challenging social task that we have to do. We've done it around the world, and we've kept Africa safe and operating because the rest of the world neglected or denied Africa access to vaccines for a long time. And now we're getting them in and every time we get a batch and we distribute them immediately. So it's a challenge and the mining industry is grappling more than anyone because we need people to go to work. And I would suggest that Barrick's approach to this is so far, been the appropriate sort of measure to deal with it.

所以我認為這是我們必須完成的一項非常具有挑戰性的社會任務。我們在世界各地都這樣做了，我們保證了非洲的安全和運轉，因為世界其他地區長期以來忽視或拒絕非洲獲得疫苗。現在我們正在讓它們進入，每次我們收到一批並立即分發它們。所以這是一個挑戰，採礦業比任何人都更努力，因為我們需要人們去上班。而且我建議巴里克的方法到目前為止，是處理它的適當措施。

And have you seen the productivity impacts from this in Nevada?

你有沒有看到內華達州的生產力影響？

No, there is Greg on the line. He's the expert.

不，有格雷格在線。他是專家。

Yes, go ahead.

好，去吧。

I was going to say, can I chip in on it. Just some numbers for you. I just -- last week, we had 20 positive cases. We had over our 7,000 employees. We have 60 people off work. So you talked about the absentees and rates. That's about what we're looking at, so we're less than 1%. It does impact production as you get a cluster of people in a particular area, so you have a drill crew and the whole crew goes down. But there will be a short-term impact for up to 10 days or 14 days while they're clear and come back to work. So the impact has been -- there has been an impact, but it's very minimal from the production perspective. So they're the sort of numbers we're looking at. As Mark said, we peaked about 4 or 5 weeks ago, but the numbers have started to come down dramatically, and it's not impacting our production significantly.

我本來想說，我能不能插播一下。只是給你一些數字。我只是 - 上週，我們有 20 個陽性病例。我們有超過 7,000 名員工。我們有 60 人下班。所以你談到了缺勤率和費率。這就是我們所關注的，所以我們不到 1%。當您在特定區域聚集一群人時，它確實會影響生產，因此您有一個鑽探人員，而整個人員都倒下了。但在他們恢復正常並恢復工作時，將產生長達 10 天或 14 天的短期影響。所以影響已經 - 已經產生了影響，但從生產的角度來看，影響非常小。所以它們就是我們正在研究的那種數字。正如馬克所說，我們大約在 4 或 5 週前達到頂峰，但數字已經開始急劇下降，並且對我們的生產沒有顯著影響。

That's good to hear. And one last final question, if I can, for Mark. I'm just intrigued about -- you mentioned you're looking at your dividend policy for when you report your financials in Q1 of next year. I'm just trying to think about your thoughts. It's very cheap, and I'm trying to understand how you balance. And would you look at share buyback versus the dividend or a combination of both?

聽起來還不錯。最後一個問題，如果可以的話，問馬克。我只是很感興趣——你提到你正在研究你在明年第一季度報告財務狀況時的股息政策。我只是想想想你的想法。它很便宜，我想了解你是如何平衡的。你會看股票回購與股息還是兩者兼而有之？

So Tanya, we would look at anything. We, as you know, we look at this as a holistic measure. The most important job that we have is to ensure that we invest in our future. We have always, Graham and I, our whole career, have built our dividend policies or return to shareholders on what the company delivers as far as a P&L goes. So you need to afford your dividend, particularly in the gold mining industry.

所以 Tanya，我們會看任何東西。如您所知，我們將其視為一個整體衡量標準。我們最重要的工作是確保我們投資於我們的未來。格雷厄姆和我，在我們的整個職業生涯中，始終根據公司提供的損益表來製定股息政策或回報股東。因此，您需要支付股息，尤其是在金礦行業。

And buybacks have a role. We did the first compulsory buybacks in Randgold, in London ever. And there is ways to do that. And at the same time, there's a -- the market and analysts have a say in the valuation. And again, we see the value sitting in Barrick as a very attractive investment opportunity. And we've got no doubt that there are many people that have already started taking on that -- they're taking that opportunity.

回購也發揮了作用。我們在倫敦的蘭德戈爾德進行了第一次強制回購。有辦法做到這一點。同時，市場和分析師對估值有發言權。再一次，我們認為巴里克的價值是一個非常有吸引力的投資機會。毫無疑問，有很多人已經開始接受這一點——他們正在抓住這個機會。

So we never say never. There's definitely opportunities on share buybacks. But the one thing that we have absolute agreement in, and I do the same with my Board, is we do not try and manipulate. We don't believe that buying shares or dividends or anything is -- if you want to do it to manipulate your share price, we're not here to do that. We are definitely here to take opportunities when we see that our share prices significantly undervalued. At the same time, we are mindful that there are lots of owners that can do with a reliable dividend going forward. And to do either of those, you're still going to deliver a highly profitable business, and we've only been at this 2.5 years. We're competing with companies that have been around for a lot longer. So we're working on it.

所以我們從不說永遠。股票回購肯定有機會。但我們絕對同意的一件事是，我對我的董事會也是如此，那就是我們不會試圖操縱。我們不相信購買股票或股息或任何東西——如果你想這樣做來操縱你的股價，我們不會這樣做。當我們看到我們的股價被嚴重低估時，我們肯定會抓住機會。同時，我們注意到有很多所有者可以在未來獲得可靠的股息。要做到其中任何一個，您仍將提供高利潤的業務，而我們只有 2.5 年。我們正在與已經存在很長時間的公司競爭。所以我們正在努力。

I appreciate it. It's just -- if you trade below bullion value, your shares should be purchased.

我很感激。只是——如果你的交易價格低於金條，你的股票應該被購買。

I haven't seen too many analysts giving us sort of significant values that would suggest that we should be doing that. So...

我還沒有看到太多分析師給我們一些重要的價值，表明我們應該這樣做。所以...

Our next question from the conference call is from Jackie Przybylowski with BMO Capital Markets.

我們電話會議的下一個問題來自 BMO Capital Markets 的 Jackie Przybylowski。

I just wanted to follow up on a comment that you made earlier, Mark, about investing in Canada. And you mentioned prospective trends in Canada, which suggest to me that your thinking today is more on the Greenfield side. Can you maybe talk about how you're seeing the growth opportunities, maybe in Canada contrasted with the rest of the world? I know when I saw you in Denver, you mentioned Pakistan as well as being potentially interesting, and I know you've got a lot of other exploration initiatives on the goal. How would Canada fit in on that pecking order?

馬克，我只是想跟進你之前發表的關於投資加拿大的評論。你提到了加拿大的未來趨勢，這表明你今天的想法更多的是在綠地方面。您能否談談您如何看待增長機會，也許在加拿大與世界其他地區形成鮮明對比？我知道當我在丹佛見到你時，你提到了巴基斯坦以及潛在的有趣，而且我知道你有很多其他的探索計劃來實現這個目標。加拿大將如何適應這種優先順序？

So I think Canada is right up there with the most perspective. As I've learned about Canada, one of the things that I think I see is -- It's sort of the mineral industry and I would hate -- I wouldn't call it exploration, but the mineral opportunity industry goes from one bull market to the next. And most of it is managing a portfolio that sits on the shelf during the trough. And sure, in the trough, there's a little bit of additional addition to the inventory. But it lacks real exploration and it has done for a while. And so we -- as you will recall, Jackie, early before COVID, so late 2019, I was talking about exactly that and that we made a decision to go out and build a world-class exploration team in Canada. And we had enough legacy projects within Barrick to be able to have an appreciation of what is there. And we've done that. And at the same time, we've also participated in every single vending exercise in Canada. So that's taught us a lot as well.

所以我認為加拿大是最有前景的。正如我對加拿大的了解，我認為我看到的一件事是——它有點像礦產行業，我會討厭——我不會稱之為勘探，但礦產機會行業來自一個牛市到下一個。其中大部分是管理在低谷期間擱置的投資組合。當然，在低谷中，庫存還有一些額外的補充。但它缺乏真正的探索，並且已經做了一段時間。所以我們——你會記得，傑基，早在 COVID 之前，2019 年末，我就是在談論這個，我們決定走出去，在加拿大建立一個世界級的勘探團隊。我們在巴里克有足夠多的遺留項目，以便能夠了解那裡有什麼。我們已經做到了。同時，我們還參加了加拿大的每一次自動售貨活動。所以這也教會了我們很多。

And we don't dismiss opportunities to acquire things as long as we can deliver as we've always demonstrated value. At the same time, we see a lot of value in Canada. We have the absolute capability of one recognizing it and to evaluating or chasing it up the value curve. So that's -- it doesn't mean to say that we won't snatch an opportunity that arises. But if you look at my history, it's always been a grounded in organic growth. And I think at the same time, we're not scared of stepping into a ring when there's a quality price up for grabs. So -- and I don't think we'll change our strategy.

我們不會放棄獲得東西的機會，只要我們能夠交付，因為我們一直展示價值。與此同時，我們在加拿大看到了很多價值。我們絕對有能力識別它並評估或追逐價值曲線。所以這 - 這並不意味著我們不會抓住出現的機會。但如果你看看我的歷史，它總是以有機增長為基礎。同時我認為，當有質量價格可供爭奪時，我們並不害怕進入戒指。所以——而且我認為我們不會改變我們的策略。

Understood. I just -- I mean I was hoping to get a comment from you on Reko Diq. I know in September, you talked about that as being something you guys were potentially looking to get back into. Is that still the case? Or is that something that maybe we should think about as a much longer-dated opportunity?

明白了。我只是- 我的意思是我希望得到你對Reko Diq 的評論。我知道在 9 月份，你曾談到這是你們可能想要回歸的東西。還是這樣嗎？還是我們應該將其視為一個更長期的機會？

No, it's a very real opportunity. We work very hard at securing an award. And as you know, when I stepped into Barrick, there were a lot of conflicts with host countries, and we've slowly ticked them all off. In fact, converted them into a win-win situation, genuinely. Not sort of -- some sort of abstract win-win. And Reko Diq is a world-class asset. It's really there because of the investments that Barrick and Antofagasta made in the joint venture, and it sits in the upper echelon of quality assets.

不，這是一個非常真實的機會。我們非常努力地獲得獎項。如你所知，當我踏入巴里克時，與東道國發生了很多衝突，我們已經慢慢地把它們都解決了。事實上，真正地把它們變成了雙贏的局面。不是——某種抽象的雙贏。 Reko Diq 是世界級的資產。它之所以存在，是因為巴里克和安託法加斯塔在合資企業中的投資，它位於優質資產的上層。

We have an opportunity to develop it without having to pay for it because we've already got the award, because we already did the initial work. And at the same time, we earn our own award back and the host country gets the benefit alongside us and everyone wins. And in this modern world, to think you can go and risk of any upfront investment so that asset makes sense for us to look at. And we will -- we are looking at it. We will continue to engage with the host country government and other stakeholders to see if we can deliver it in a way where we manage the Barrick risk, investment risk and at the same time deliver real value for all stakeholders, as we do in all the countries we're working. So that's the way we look at it.

我們有機會開發它而無需支付費用，因為我們已經獲得了獎項，因為我們已經完成了初步工作。同時，我們贏回了自己的獎勵，東道國與我們一起受益，每個人都贏了。在這個現代世界中，認為你可以去承擔任何前期投資的風險，這樣資產對我們來說是有意義的。我們將——我們正在研究它。我們將繼續與東道國政府和其他利益相關者合作，看看我們是否能夠以一種我們管理巴里克風險、投資風險的方式來實現它，同時為所有利益相關者提供真正的價值，就像我們在所有我們正在工作的國家。這就是我們看待它的方式。

There are no further questions registered in the conference call, sir.

先生，電話會議中沒有其他問題。

All right. Well, thank you, everyone. I appreciate your time and look forward. And again, we are all available to take questions if you want to -- if you haven't thought of one yet and you do, please reach out to myself or the rest of the team or just get a hold of Lois or Kathy and ping us a question, we'll be back with an answer. Thank you very much again for those who made the effort to come in today. I appreciate it. Thank you.

好的。嗯，謝謝大家。我感謝您的時間並期待。再說一次，如果您願意，我們都可以回答問題——如果您還沒有想到而您已經想到了，請聯繫我自己或團隊的其他成員，或者直接聯繫 Lois 或 Kathy，然後ping我們一個問題，我們會回來回答。再次非常感謝今天努力進來的人。我很感激。謝謝你。