巴里克黃金 (GOLD) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2020 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 18, 2021.

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 2020 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，重播將於今天稍晚（即 2021 年 2 月 18 日）在巴里克網站上提供。

I would now like to turn you over to Mark Bristow, Chief Executive Officer. Please go ahead, sir.

現在我想把您交給執行長馬克布里斯托 (Mark Bristow)。請繼續，先生。

Thank you very much. And good morning and good afternoon, ladies and gentlemen, and welcome again to our presentation of Barrick '20 and Q4 results.

非常感謝。女士們、先生們，早上好，下午好，歡迎再次觀看我們對巴里克 '20 和第四季度業績的介紹。

The past year has been one of delivery and [development]. In the face of unprecedented challenges, we delivered on our production guidance, and at the same time, we continued to [progress] our key projects, [including] Pueblo Viejo expansion plan, the Turquoise Ridge [third shaft], the Goldrush exploration declines and the underground mine at Gounkoto. We improved our understanding of our orebodies by putting geology front and center, and we can now optimize our mine plans on firm foundations.

過去的一年是交付和[開發]的一年。面對前所未有的挑戰，我們在落實生產指引的同時，繼續推進重點項目，包括Pueblo Viejo擴建計劃、Turquoise Ridge（第三礦井）、Goldrush勘探衰退以及 Gunkoto 的地下礦井。透過將地質學放在首位和中心位置，我們提高了對礦體的了解，現在我們可以在堅實的基礎上優化我們的採礦計劃。

The sale of noncore assets generated the $1.5 billion we promised, and by cleaning up our portfolio, we aligned it with our strategic focus of Tier 1 mines. A world-class business needs a global presence [to operate] Tier 1 assets in any jurisdiction, which means that some of our operations are located in [more challenging] geopolitical domains. In addition to the coronavirus pandemic, last year, we also had to deal with the Argentina financial crisis, a coup in Mali, the major impact of political [power movement] in the DRC and the closure of Porgera in Papua New Guinea. Barrick has clearly demonstrated that it can manage risks across a broad range of assets with a leadership capable not only of running a large and complex business but also of recognizing and realizing new opportunities.

非核心資產的出售產生了我們承諾的 15 億美元，透過清理我們的投資組合，我們將其與一級礦場的戰略重點結合起來。世界級企業需要在任何司法管轄區開展全球業務[營運]一級資產，這意味著我們的一些業務位於[更具挑戰性的]地緣政治領域。除了新冠疫情外，去年我們還應對阿根廷金融危機、馬利政變、剛果民主共和國政治（權力運動）重大影響、巴布亞紐幾內亞波爾格拉關閉等議題。巴里克已經清楚地表明，它可以管理廣泛資產的風險，其領導層不僅能夠經營大型而複雜的業務，而且能夠識別和實現新的機會。

Please take note of this cautionary statement. And for those who need more time to review, it is available on our website.

請注意此警告聲明。對於那些需要更多時間進行審核的人，可以在我們的網站上找到。

Key in the past year's performance was the effectiveness of our ESG strategy, which is powered at all levels by a long-established partnership philosophy and our close relationship to all our stakeholders, from investors to host communities. This was evident in Barrick's successful COVID containment programs, which buffered the impact of the pandemic on our businesses and our people and also enabled us to provide much-needed and welcome support to our host countries.

去年業績的關鍵在於我們 ESG 策略的有效性，該策略在各個層面上得到了長期確立的合作夥伴理念以及我們與從投資者到東道社區等所有利益相關者的密切關係的推動。巴里克成功的新冠病毒遏制計劃證明了這一點，該計劃緩衝了這一流行病對我們企業和人民的影響，也使我們能夠向東道國提供急需和受歡迎的支持。

E in ESG has been getting most of the attention recently. But I would argue that its social dimension is as important. I am particularly concerned that the issue of poverty, arguably the greatest problem facing mankind, is not more prominently on the agenda. The world's poorest people live in [the poorest countries], and easing their lives will require (technical difficulty) and not just (technical difficulty). This is not to say that we should underestimate the gravity of the environmental challenge. Barrick has a clear road map for the reduction of greenhouse gas emission, which is based on [climate science] and operational realities rather than wishful thinking or long-dated aspirations.

ESG 中的 E 最近最受關注。但我認為它的社會向度同樣重要。我特別擔心的是，貧窮問題，可以說是人類面臨的最大問題，卻沒有在議程上更加突出。世界上最貧窮的人生活在[最貧窮的國家]，要減輕他們的生活需要（技術難度）而不僅僅是（技術難度）。這並不是說我們應該低估環境挑戰的嚴重性。巴里克有一個明確的減少溫室氣體排放的路線圖，該路線圖基於[氣候科學]和實際操作，而不是一廂情願或長期願望。

Our landmark targets listed here are under constant review. All our operations have practical plans for transitioning to cleaner and more efficient energy sources and water management, and we are cognizant of the necessity to innovate new power plants for our future mines. In short, Barrick aspires to be an industry leader in ESG as in other things.

我們在此列出的具有里程碑意義的目標正在不斷接受審查。我們所有的營運部門都制定了向更清潔、更有效率的能源和水資源管理過渡的實際計劃，並且我們認識到有必要為未來的礦場創新新的發電廠。簡而言之，巴里克渴望成為 ESG 領域和其他領域的行業領導者。

This is our health and safety scorecard for 2020. And as you can see, there was a significant improvement, with both lost time and total recordable injuries decreasing by big margins. Unfortunately, as previously disclosed, an otherwise impeccable record was [blemished] by a tragic fatality at Kibali in November of 2020. There were no high-severity environmental incidents across the group during the year, and the number of medium-severity events declined.

這是我們 2020 年的健康和安全記分卡。不幸的是，正如先前披露的那樣，原本無可挑剔的記錄因2020 年11 月在基巴利發生的悲慘死亡事件而受到[玷污]。中等嚴重性事件的數量也有所下降。

As these numbers show, we continue to reduce our emissions and improve our water usage and recycling rates. (technical difficulty) water we return is in better shape than the water we received. The photographs on the right show one example of the difference we've made since taking over North Mara, where one of our priorities was [to implement a better] water management plan.

正如這些數字所示，我們繼續減少排放並提高用水量和回收率。 （技術難度）我們返回的水比我們收到的水的狀況更好。右邊的照片展示了我們自接管北馬拉以來所取得的變化的一個例子，我們的首要任務之一是[實施更好的]水管理計劃。

Our social license to operate requires the goodwill of our host communities and is closely aligned with our partnership philosophy. During 2020, fully functional community development committees were established at all our operational sites, and they were instrumental in deciding how best to invest the more than $26 million we spent on quality-of-life projects in the course of the year.

我們的社會運作許可需要我們所在社區的善意，並且與我們的合作夥伴理念緊密結合。 2020 年，我們在所有營運地點都成立了功​​能齊全的社區發展委員會，它們在決定如何最好地投資我們在這一年中花費在生活品質項目上的超過2600 萬美元方面發揮了重要作用。

Last year, we set ourselves very specific objectives. As you can see here, we ticked all those boxes. We met our production target, delivered on our business plans and fully capitalized on the higher gold price and copper prices. We increased free cash flow to an annual record of $3.4 billion against a 27% rise in the gold price, and we achieved our goal of 0 net debt by the end of the year. It's worth calling that as recently as 2013, Barrick was burdened by debt of more than $13 billion.

去年，我們為自己設定了非常具體的目標。正如您在這裡所看到的，我們勾選了所有這些方塊。我們實現了生產目標，實現了業務計劃，並充分利用了金價和銅價的上漲。在金價上漲 27% 的情況下，我們將自由現金流增加至 34 億美元的年度紀錄，並在年底實現了淨債務為零的目標。值得一提的是，就在2013年，巴里克還背負著超過130億美元的債務。

The quarterly dividend has also tripled since the merger with Randgold. And since it was announced more than 2 years ago, we've, as I said, tripled the quarterly dividend. And in addition to the [quarterly] dividend, as you all have read today, we are proposing a capital return to shareholders of $750 million to be paid in 3 tranches through this year. This return is sourced from the proceeds of the sale of our stake in Kalgoorlie as well as other noncore asset since [2019], in line with our policy of returning surplus funds to our shareholders.

自與 Randgold 合併以來，季度股息也增加了兩倍。正如我所說，自從兩年多前宣布以來，我們已將季度股息增加了兩倍。除了[季度]股息之外，正如大家今天所讀到的那樣，我們還提議在今年分三期向股東提供 7.5 億美元的資本回報。此回報來自[2019]以來出售我們在卡爾古利的股份以及其他非核心資產的收益，符合我們向股東返還盈餘資金的政策。

The solid operating results were driven by another [strong] performance from Pueblo Viejo in the Dominican Republic, the [ramp-up] of Bulyanhulu in Tanzania and the continued improvement at the Turquoise Ridge complex in Nevada. As I noted earlier, production was at the midpoint of guidance, and total cash costs and all-in sustaining costs were within the guidance despite higher royalties due to the gold price.

多明尼加共和國 Pueblo Viejo 的另一項[強勁]業績、坦尚尼亞 Bulyanhulu 的[產能提升]以及內華達州 Turquoise Ridge 綜合體的持續改善推動了穩健的經營業績。正如我之前指出的，儘管金價導致特許權使用費上漲，但產量處於指導值的中點，總現金成本和總體維持成本都在指導值範圍內。

Our record free cash flow and 0 net debt are particularly gratifying features of the numbers, as are the very significant returns we delivered to our shareholders. It's also [worth] noting that Moody's has upgraded our [credit rating to Baa1, which is in line [with the best] in the gold sector. It's my view that the consolidation of the gold industry is not yet complete, and as these numbers show, Barrick is well equipped to play a big part in future developments.

我們創紀錄的自由現金流和零淨債務是這些數字中特別令人欣喜的特徵，我們為股東帶來了非常可觀的回報。另外[值得注意]的是，穆迪已將我們的[信用評級提升至Baa1，這與黃金行業的[最佳]一致。我認為黃金產業的整合尚未完成，正如這些數字所示，巴里克完全有能力在未來的發展中發揮重要作用。

Now to North America and our operations there. We start with a 5-year outlook for that region. We going forward are advancing our orebody knowledge, [deep production] profile and managing all-in sustaining costs. This is consistent with our November Investor Day with some [capital shifting] from 2020 into both 2021 and 2022. There are also some opportunities to [improve on this] that I will touch on in the next few slides.

現在來看看北美和我們在那裡的業務。我們首先對該地區進行五年展望。未來我們將提升我們的礦體知識、[深層生產]概況並管理整體維持成本。這與我們的11 月投資者日一致，從2020 年到2021 年和2022 年都有一些[資本轉移]。中談到。

In Nevada, the best potential for near- to medium-term life-of-mine [additions] are at North Leeville, Fourmile and Goldrush as well as the Ren project at Goldstrike. The best [opportunity] for significant new discoveries are in the area between Turquoise Ridge and Twin Creeks; between Pipeline and Robertson; and at the Cortez complex in Carlin Basin, south of Gold Quarry.

在內華達州，近中期礦場壽命[增建]的最佳潛力位於 North Leeville、Fourmile 和 Goldrush 以及 Goldstrike 的 Ren 專案。重大新發現的最佳[機會]位於綠松石嶺和雙溪之間的地區； Pipeline 與 Robertson 之間；以及金礦場以南卡林盆地的科爾特斯綜合體。

I have great expectations for the North Leeville area, and the team is currently prioritizing the improvement of the geological model and drilling to accelerate the delivery of ounces into the Carlin mining plan. Results to date from 5 of 7 drill holes have confirmed at least 2 emerging high-grade areas, above the average reserve grade at Leeville. Drilling closer to the existing mine infrastructure continues to extend the Turf orebody to the north and the west.

我對北利維爾地區抱有很大的期望，團隊目前正在優先考慮地質模型和鑽探的改進，以加速將盎司交付到卡林採礦計畫中。迄今為止，7 個鑽孔中的 5 個的結果已證實至少有 2 個新興高品位區域，高於 Leeville 的平均儲備品位。靠近現有礦山基礎設施的鑽探繼續將 Turf 礦體向北部和西部延伸。

The Carlin complex is richly endowed with gold deposits, and this flagship asset has some very exciting opportunities not only for resource expansion but also for new world-class discoveries. In 2020, the Carlin complex delivered at the midpoint of its production guidance and also kept costs well within the guidance range. This year and the next, we'll see substantial investment in the future. In addition to growing ounces through exploration at North Leeville, Rita K and Ren, the introduction of improvements to increase processing options as well as lower costs are also on the agenda.

卡林礦區蘊藏著豐富的金礦，這項旗艦資產不僅為資源擴張提供了一些非常令人興奮的機會，也為新的世界級發現提供了一些非常令人興奮的機會。 2020 年，Carlin 工廠的交付量達到了生產指導值的中位數，並且成本也保持在指導值範圍內。今年和明年，我們將看到未來的大量投資。除了透過北利維爾 (North Leeville)、麗塔 K (Rita K) 和倫 (Ren) 的勘探來增加盎司量外，引入改進以增加加工選項以及降低成本也已提上日程。

Like Carlin, the Cortez complex has a wealth of opportunities for expansion and [growth]. The Goldrush and Fourmile discoveries are good examples of our policy of first understanding the geological framework and then building the exploration programs around that. At Fourmile, the improved confidence in our geological understanding is demonstrated by our first declaration of an indicated resource just under 0.5 million ounces at around [10 grams per tonne] while still growing the inferred resource to 2.3 million ounces at around 11 grams per tonne by including Sophia. I have no doubt that this resource will grow once we drive the development from Goldrush and infill drill the Fourmile project.

與卡林一樣，科爾特斯綜合體擁有大量的擴張和[成長]機會。 Goldrush 和 Fourmile 的發現很好地體現了我們的政策：首先了解地質框架，然後圍繞該框架制定勘探計劃。在Fourmile，我們對地質認識的信心有所提高，這體現在我們首次宣布指示資源量略低於50 萬盎司（約為每噸10 克），同時仍將推斷資源量增加至230 萬盎司（約為每噸11 克）。我毫不懷疑，一旦我們推動 Goldrush 和 Fourmile 計畫的加密鑽探的開發，這項資源將會成長。

Still in the Cortez complex, Pipeline crossroads is a world-class legacy deposit, and we continue to grow the resources at the Robertson deposit. We are also progressing the feasibility work at Robertson while taking a closer look at what lies between them.

仍在科爾特斯綜合體中，管道十字路口是一個世界級的遺留礦床，我們將繼續增加羅伯遜礦床的資源。我們也正在推動羅伯​​森的可行性工作，同時仔細研究它們之間的關係。

Cortez itself exceeded the top end of its production guidance last year. The Goldrush project is on track to expose its first ore in the first half of this year, and the government's record of decision is now expected in the first quarter of 2022 rather than the [fourth quarter] of this year. This, however, will not impact the mine plan with a focus now on better understanding of the orebody as we open it up while we finish the underground feasibility study for the stand-alone Goldrush portion.

去年，Cortez 本身就超出了其生產指導的上限。 Goldrush 計畫預計將在今年上半年露出第一批礦石，政府的決定記錄預計將在 2022 年第一季而不是今年（第四季）公佈。然而，這不會影響採礦計劃，現在我們的重點是更好地了解礦體，同時完成獨立 Goldrush 部分的地下可行性研究。

We're exploring the possibility, as I indicated earlier, of reducing the cost and timing of drilling at Fourmile through underground access from Goldrush. Once Goldrush and Fourmile are up and running, they will boost the Cortez complex' annual production and ensure its Tier 1 status for years to come.

正如我之前指出的，我們正在探索透過 Goldrush 的地下通道來降低 Fourmile 鑽探成本和時間的可能性。一旦 Goldrush 和 Fourmile 建成並運行，它們將提高 Cortez 綜合體的年產量，並確保其在未來幾年的一級地位。

Turquoises Ridge had the highest grades in the industry but was developed as a low tonnage high-grade mine and not based on a proper geological model. This project and mine represents a significant opportunity for improvement. It has 2 huge deposits at either end of an 8-kilometer trend, both with a historically poor geological understanding and a lot of potentially prospective ground between them. We've done a great deal of work on this since the formation of Nevada Gold Mines, and we're starting to generate new targets in what was thought to be a maturing district.

Turquoises Ridge 擁有業內最高品位，但它是作為低噸位高品位礦山開發的，並非基於適當的地質模型。這個專案和我的專案代表了一個重要的改進機會。它在 8 公里走向的兩端都有兩個巨大的礦床，歷史上人們對這兩個礦床的地質認識都很差，而且它們之間有很多潛在的前景。自從內華達金礦成立以來，我們在這方面做了大量的工作，我們開始在這個被認為是成熟的地區設定新的目標。

As shown in the section, the newly discovered midway fault between Turquoise Ridge and Twin Creeks could be an important district-scale mineralization control. The Turquoise Ridge complex has been struggling, and production for the year fell short of guidance. There was a marked turnaround, however, in the fourth quarter, and ongoing optimization should deliver further improvements for this year, including a ramp-up in underground development.

如剖面圖所示，綠松石嶺和雙溪之間新發現的中斷層可能是一個重要的區域規模礦化控制。 Turquoise Ridge 綜合體一直在苦苦掙扎，今年的產量未達預期。然而，第四季出現了明顯的轉變，持續的優化應該會在今年帶來進一步的改進，包括地下開發的增加。

Construction of the third shaft remains on schedule and within budget, with commissioning planned for late 2022. The shaft is designed to be able to increase hoisting capacity, improve ventilation and shorten haulage distances for that operation.

第三個豎井的建設仍按計劃並在預算之內，計劃於 2022 年底進行調試。

Still in Nevada, Phoenix and Long Canyon are small but very efficient low-cost operations, both exceeding the top end of production guidance and delivering exceptional margins. North of the border in our home country Canada, Hemlo has made a remarkable journey from survival mode to a potential Tier 2 mine. At the time of the merger, we doubted whether it was actually a profitable asset. But after unpacking the geology and rebuilding the models, we found many opportunities not only to turn it into an efficient underground operation but also to build its reserves and extend its life. Most notably, recent drilling has indicated the potential for a discrete parallel mineralized structure to the west of the main C Zone. Further drilling is planned in [2021] to improve the geological understanding of this area.

仍然在內華達州，菲尼克斯和長峽谷雖然規模較小，但非常高效的低成本運營，都超出了生產指導的上限，並提供了可觀的利潤。在我們祖國加拿大邊境以北，Hemlo 經歷了從生存模式到潛在的 2 級礦場的非凡旅程。在合併時，我們懷疑它是否真的是一項有利可圖的資產。但在解開地質情況並重建模型後，我們發現了許多機會，不僅可以將其轉變為高效的地下作業，還可以建立其儲量並延長其壽命。最值得注意的是，最近的鑽探表明在主 C 區以西可能存在離散的平行礦化結構。計劃於 [2021] 進行進一步鑽探，以提高對該地區的地質認識。

Last year, Hemlo beat the top end of its production guidance. And this year, a separate portal development will access its upper C Zone, providing a third mining front and increased flexibility. Mining there is expected to begin in the second half of this year.

去年，Hemlo 超出了其生產指導的上限。今年，一個單獨的門戶開發項目將進入其上部 C 區，提供第三個採礦前沿並提高靈活性。那裡的採礦預計將於今年下半年開始。

Latin America is a region with many challenges, mainly legacy issues that impact on our social license to operate, but also an abundance of opportunities. We've put a lot of work into fixing our businesses and relationships there. And last year, I personally visited the region 4 times with Mark Hill, who leads that region of Barrick, to review progress at our operations and also to meet with governments and community levers -- leaders and really invest in our new management teams across that region.

拉丁美洲是一個面臨許多挑戰的地區，主要是影響我們社會經營許可的遺留問題，但也存在大量機會。我們投入了大量的工作來修復我們在那裡的業務和關係。去年，我親自與領導巴里克地區的馬克·希爾(Mark Hill) 一起訪問了該地區4 次，回顧我們的運營進展，並與政府和社區領導人會面，並真正投資於我們在該地區的新管理團隊。

All the [problems] have been or are being addressed, and even the situation in Papua New Guinea is progressing to what I trust will be a reasonable and acceptable resolution to Barrick as well as the government. In the meantime, we have left Porgera out of our guidance and intend to add it back once we are able to reach an agreement with the various stakeholders in Papua New Guinea, including government and the landowners.

所有[問題]都已經或正在解決，甚至巴布亞新幾內亞的局勢也正在取得進展，我相信這將是巴里克和政府合理且可接受的解決方案。同時，我們已將波格拉排除在我們的指導範圍之外，並打算在我們能夠與巴布亞新幾內亞的各個利益相關者（包括政府和土地所有者）達成協議後將其重新添加回來。

I would also point to the reduced production forecast at Veladero compared to what we shared with you at our November Investor Day. This is mainly due to the transition plan to the new phase 6 to 10 projects from the old valley leaching facility they have only recently finalized with the government. We have a new exploration and new business team for the region and as a result, are working to expand our footprint and open up new opportunities across South America. I also refer you to Tuesday's announcement on the sale of Lagunas Norte, which is -- this is in Peru, which is part of our continued rationalization of our portfolio that does not fit with our long-term investment strategy.

我還想指出，與我們在 11 月投資者日與您分享的情況相比，Veladero 的產量預測有所下降。這主要是由於他們最近才與政府敲定了從舊山谷浸出設施到新的第 6 至 10 期項目的過渡計劃。我們在該地區擁有了新的勘探和新的業務團隊，因此，我們正在努力擴大我們的足跡，並在整個南美洲開闢新的機會。我還請您參考週二關於出售 Lagunas Norte 的公告，該項目位於秘魯，這是我們持續合理化投資組合的一部分，但不符合我們的長期投資策略。

At Pueblo Viejo, new targets have been identified and a particularly interesting one is being developed south of the Moore pits within the joint venture mining lease. Also, our recently established Pueblo Grande project immediately adjacent to the PV tenements has secured a strategically important parcel of land, which is critical for PV's expansion plan. Pueblo Viejo staged a great second half recovery, posting a mill throughput record for the second straight year to achieve its production guidance. The expansion project will realize the operations full potential by unlocking just over 9 million ounces of gold currently excluded from reserves due to the lack of adequate tailings and storage facility.

在 Pueblo Viejo，已經確定了新的目標，並且正在合資採礦租約內的摩爾礦坑以南開發一個特別有趣的目標。此外，我們最近建立的緊鄰光伏礦權的 Pueblo Grande 專案已經獲得了一塊具有重要戰略意義的土地，這對於光伏發電的擴張計劃至關重要。 Pueblo Viejo 下半年實現了巨大復甦，連續第二年創下工廠吞吐量記錄，實現了生產目標。該擴建項目將釋放超過 900 萬盎司的黃金，從而充分發揮業務潛力，目前由於缺乏足夠的尾礦和儲存設施，這些黃金被排除在儲備之外。

The plant is being upgraded to handle throughput of 14 million tonnes per annum. And as a consequence, we are planning to process more stockpile material there this year. This is the reason for slightly lower production guidance compared to 2020 and is in line with the forecast disclosed at our November Investor Day.

該工廠正在進行升級，以實現每年 1400 萬噸的吞吐量。因此，我們計劃今年在那裡處理更多庫存材料。這是產量指引略低於 2020 年的原因，並且與我們在 11 月投資者日揭露的預測一致。

The team is continuing its work with the new government and the community to secure land for the new TSF. The work associated with the TSF geotechnical and feasibility study is expected to be completed this year.

該團隊正在繼續與新政府和社區合作，為新的 TSF 爭取土地。 TSF岩土工程和可行性研究相關工作預計今年完成。

In Veladero, Pascua-Lama District, a drilling program to test the link between the underlying deposit, geology and metallurgical characteristics is underway. Around Veladero, there are still a number of untested opportunities to expand the resource and reserve base of both Lama and Veladero. Drilling to extend Veladero pit shell was also limited due to the impact of the pandemic, and we expect to catch up with that during this summer in 2021. In the El Indio region, short of a new greenfields discovery, our strategy is to build a critical mass of smaller deposits to create a mining complex capable of meeting our criteria.

在帕斯卡-拉馬區的維拉德羅，一項旨在測試底層礦床、地質和冶金特徵之間聯繫的鑽探計劃正在進行中。在貝拉德羅周圍，仍有許多未經檢驗的機會來擴大拉馬和貝拉德羅的資源和儲備基地。由於大流行的影響，擴大 Veladero 礦坑外殼的鑽探工作也受到限制，我們預計將在 2021 年夏天趕上這一點。我們標準的採礦綜合體的臨界質量的較小礦床。

As we reported earlier, Veladero's production was impacted by the pandemic-related quarantine and movement restrictions imposed by the Argentine government. This also temporarily delayed the mine's transition to the new phase 6 heap leach facility, which is on track for completion now by the end of the first half of this year. As agreed upon with the government, heap leach processing will be reduced during the transition, impacting production. However, the mine's performance is expected to improve in the second half of the year after the new facility has been commissioned. Veladero's connection to Chile's power Grid and Pascua-Lama should be completed by the end of this year as well, which will also reduce unit costs for the operation.

正如我們之前報導的，貝拉德羅的生產受到阿根廷政府實施的與大流行相關的檢疫和行動限制的影響。這也暫時推遲了該礦場向新的第六期堆浸設施的過渡，該設施目前預計將在今年上半年年底完工。根據與政府達成的協議，過渡期間將減少堆浸處理，進而影響生產。然而，新設施投入使用後，預計該礦的業績將在下半年有所改善。貝拉德羅與智利電網和帕斯誇拉馬的連接也應在今年底完成，這也將降低營運的單位成本。

In Papua New Guinea, we have been engaging the government in discussions to seek a mutually acceptable way forward for the reopening of the Porgera mine, which, as you know, has been in maintenance since the government refused to renew its special mining lease in April 2020. I am, in fact, speaking to you from the capital Port Moresby today, where the discussions are occurring. If all goes well, Porgera should reopen this year, but for the time being, as I said in my introduction, we have excluded it from Barrick's 2021 guidance.

在巴布亞新幾內亞，我們一直在與政府進行討論，以尋求雙方都能接受的方式來重新開放波格拉礦，正如你所知，自從政府四月份拒絕續簽其特殊採礦租約以來，該礦一直處於維護狀態2020 年。如果一切順利，波格拉今年應該會重新開業，但正如我在介紹中所說，目前我們已將其排除在巴里克 2021 年指引之外。

The Africa and Middle East region has largely, as expected, driven the post-merger repositioning and reinvigoration of Barrick. Its 5-year plan remains intact and steady with cost and CapEx coming down, and there are plenty of opportunities to drive this performance beyond the time frame you see here. Our immediate objective for that region is to either extend the life of mine of Tongon or replace its production after 2023.

正如預期的那樣，非洲和中東地區在很大程度上推動了巴里克合併後的重新定位和重振。隨著成本和資本支出的下降，其 5 年計劃保持完整和穩定，並且有很多機會推動這一業績超出您在此看到的時間範圍。我們對該地區的近期目標是延長 Tongon 礦山的壽命或在 2023 年後更換其生產。

The Loulo district in Mali is still a prolific generator of new ounces. Loulo-Gounkoto, again, more than replace depleted reserves last year, and there are big opportunities for more in both the Loulo and Gounkoto mining leases. Despite the political unrest in Mali, the complex exceeded the top end of its production guidance, highlighting again the importance of our strong in-country partnerships and the agility of its management. Its 10-year outlook is enhanced by the complex' third underground mine below the very profitable Guonkoto pit, which is on track to deliver its 4 -- first ore development tonnes in quarter 2. And studies for a potential fourth underground mine at Loulo 3 are progressing. Our exploration group is also making good progress on advancing the targets across Senegal on our Bambadji joint venture.

馬裡的盧洛地區仍然是新盎司的多產地。 Loulo-Gounkoto 再次不僅可以取代去年耗盡的儲量，而且在 Loulo 和 Gounkoto 採礦租約中都存在巨大的機會。儘管馬里政局動盪，該綜合體仍超出了其生產指導的上限，再次凸顯了我們強大的國內合作夥伴關係及其管理敏捷性的重要性。該綜合體位於利潤豐厚的Guonkoto 礦坑下方的第三個地下礦井增強了其10 年前景，該礦井預計將在第二季度交付其第4 噸礦石開發噸。礦井正在進步。我們的勘探團隊在推動塞內加爾 Bambadji 合資企業的目標方面也取得了良好進展。

In Côte d'Ivoire, brownfields exploration has added 3 years to Tongon's life, and a recent review identified 11 follow-up targets with the potential to meet our criteria and extend the life of mine further. Situated 15 kilometers from Tongon, the Mercator target is scheduled for resource definition and resource reserve -- and reverse -- reserve conversion. Côte d'Ivoire remains an attractive destination because of its prospectivity and relatively sophisticated infrastructure, and we continue our generative opportunities throughout the country with the aim of increasing our new ground holdings.

在科特迪瓦，棕地勘探使 Tongon 的壽命延長了 3 年，最近的一項審查確定了 11 個後續目標，這些目標有可能滿足我們的標準並進一步延長礦山的壽命。墨卡托目標距離湯貢 15 公里，計劃用於資源定義和資源儲備以及反向儲備轉換。由於其前景和相對完善的基礎設施，科特迪瓦仍然是一個有吸引力的目的地，我們繼續在全國範圍內創造機會，以增加我們的新土地持有量。

For reasons beyond its control, Tongon has led a troubled life, but it has always managed to be very profitable. And last year, it exceeded its budgeted production for the first time in its history. Its extended life of mine plan has been supported by additional exploration optionality in exchange for a lower production profile at slightly higher costs.

由於無法控制的原因，Tongon 的生活陷入困境，但它始終能夠盈利。去年，它的產量歷史上首次超出了預算。其延長的礦山計劃壽命得到了額外勘探選擇的支持，以換取較低的產量和略高的成本。

Kibali grew its total reserves net of depletion for the successive year. Kibali was initially planned to progress to underground early mining, but the discovery of a series of significant open-pit deposits has allowed us to gain processing flexibility by balancing the ore feed over the mine's 10-year plan. The updated plan increases the mine's gold production to more than 750,000 ounces a year, sustained throughout the current plan and given Kibali's strong target pipeline, likely beyond that.

基巴利 (Kibali) 扣除枯竭後的總儲量連續一年增長。 Kibali 最初計劃進行地下早期採礦，但一系列重要露天礦床的發現使我們能夠透過在礦山 10 年計劃中平衡礦石供應來獲得加工靈活性。更新後的計劃將該礦的黃金產量提高到每年 750,000 盎司以上，在整個當前計劃中保持不變，並且考慮到 Kibali 的強勁目標管道，很可能會超出這一目標。

Kibali produced near the top end of its guidance range in 2020 while total cash costs and all-in sustaining costs were at or below the bottom end of that range. Kibali is the most highly automated underground mine in the Barrick group and a global leader in this field, which enables it to maximize its opportunities as well as its efficiencies. Its 3 hydropower stations keep its energy costs down, and the recent introduction of a battery-driven power performance system offers a further reduction of diesel-generated power.

Kibali 2020 年的產量接近其指導範圍的上限，而總現金成本和總體維持成本則等於或低於該範圍的下限。 Kibali 是巴里克集團自動化程度最高的地下礦山，也是該領域的全球領導者，使其能夠最大限度地提高機會和效率。其 3 個水力發電廠降低了能源成本，最近引入的電池驅動電力性能係統進一步減少了柴油發電。

Turning now to Tanzania. We've achieved a great deal in this country since taking over the operations of the Acacia mines there. On the exploration front, the focus on getting a proper understanding of the geology is delivering exceptional results, with North Mara increasing its mineral reserves net of depletion in 2020, while a substantial growth of resources indicates a significant potential for extending its life of mine.

現在轉向坦尚尼亞。自從接管金合歡礦的運作以來，我們在這個國家取得了巨大的成就。在勘探方面，對地質情況的正確了解的重點正在取得非凡的成果，北馬拉的礦產儲量在 2020 年增加了淨枯竭，而資源的大幅增長表明延長其礦山壽命的巨大潛力。

Operationally, North Mara continues to improve, achieving production at the upper end of its guidance. There's still a lot to do to realize this mine's full potential, starting with the new oxygen plant and an upgrade of the cyclone cluster to increase recovery rate. I believe once we brought North Mara and Bulyanhulu into the lower half of the cost curve, we'll be able to deliver another Tier 1 complex in Barrick's portfolio.

North Mara 的營運持續改善，產量達到指導上限。要充分發揮礦的潛力，還有很多工作要做，首先是新建制氧廠和升級旋風分離器集群以提高回收率。我相信，一旦我們將 North Mara 和 Bulyanhulu 納入成本曲線的下半部分，我們將能夠在巴里克的投資組合中交付另一個一級綜合體。

Exploration at Bulyanhulu is producing some very encouraging results. And as our understanding of that orebody improves, it's becoming clear that it's of world-class proportions with a measured and indicated resource of some 4.3 million ounces and an inferred resource of 8.3 million ounces and still lots to do to achieve profitable conversion to reserves. The ramp-up of the underground mining and processing at Bulyanhulu is on track and will continue through the first half of the year, reaching steady state annualized production into 2022. In the meantime, the feasibility study for an optimized mine plan is being progressed. Our third Tanzanian mine, Buzwagi, is scheduled to enter care and maintenance on its way to closure starting in the third quarter of this year.

Bulyanhulu 的勘探正在取得一些非常令人鼓舞的成果。隨著我們對該礦體了解的加深，我們越來越清楚地認識到，該礦體具有世界一流的規模，測量和指示資源量約為430 萬盎司，推斷資源量為830 萬盎司，要實現有利可圖的儲量轉換，仍有許多工作要做。 Bulyanhulu 地下採礦和加工的提速工作正在按計劃進行，並將持續到今年上半年，到 2022 年將達到穩定的年產量。我們在坦尚尼亞的第三座礦場布茲瓦吉 (Buzwagi) 計劃進入保養和維護階段，並於今年第三季開始關閉。

Armed by the introduction of on-site mineral resource management and an intensified focus on geology, we've spent the 2 years since the merger improving our knowledge of the legacy Barrick orebodies. We've made significant progress in developing life-of-mine optimizations based on high-confidence geological models as well as new operating plans, ounce profiles and cost forecasts. When excluding the impact of the disposal of Massawa, our total resources grew in 2020 as expected off the back of increasing inferred resources while 76% of reserves were replaced net of depletion.

透過引入現場礦產資源管理和加強對地質學的關注，自合併以來我們花了兩年的時間來提高我們對遺留巴里克礦體的了解。我們在基於高可信度地質模型以及新的營運計劃、盎司概況和成本預測的礦山壽命優化開發方面取得了重大進展。當排除馬薩瓦處置的影響時，我們的總資源量在 2020 年因推斷資源量增加而增長，符合預期，同時 76% 的儲量在扣除枯竭後被替換。

This was also done while maintaining our above-industry average resource and reserve grade and is a testament to our focus on orebody quality, which differentiates us from the rest of our industry. As our understanding of the orebodies increases and as our drilling coverage improves, the potential for resource conversion to reserves will grow, but it will take some time for the group to reach the replacement levels of the Africa and Middle East region. It's also worth noting that we have continued to clean up our portfolio with a focus on assets and opportunities that meet our specific strategic objectives and investment filters. This is in line with our commitment to look to attract the best people to work with us to develop and mine the best assets in order to deliver long-term sustainably profitable results.

這也是在保持我們高於行業平均水平的資源和儲量品位的情況下完成的，這證明了我們對礦體品質的關注，這使我們與行業其他公司區分開來。隨著我們對礦體認識的加深和鑽探覆蓋範圍的提高，資源轉化為儲量的潛力將會增加，但要達到非洲和中東地區的替代水平還需要一段時間。還值得注意的是，我們繼續清理我們的投資組合，並專注於滿足我們特定策略目標和投資過濾器的資產和機會。這符合我們的承諾，即吸引最優秀的人才與我們合作開發和開採最好的資產，以實現長期可持續的獲利結果。

Our 10-year guidance is an important tool to manage our sustainable profitability strategy. This year's production, as I've indicated, will be impacted by the continued closure of Porgera and the heap leach transition at Veladero. But there are significant opportunities ahead for improvement, and as I noted earlier, we have reason to believe that the Porgera issue could still be resolved positively.

我們 10 年的指導是管理我們永續獲利策略的重要工具。正如我所指出的，今年的產量將受到波格拉工廠的持續關閉和貝拉德羅工廠的堆浸過渡的影響。但前方還有重大的改進機會，正如我先前指出的，我們有理由相信波格拉問題仍能被積極解決。

The 5-year outlook for copper is also positive with all the trends, as you see on this slide, heading in the right direction. Our copper portfolio made another significant contribution to the group's bottom line last year. Though the advancement of Zaldivar's chloride leach project was impacted by COVID-19 restrictions in Chile, Lumwana in Zambia produced near the top end of its guidance and Jabal Sayid exceeded its guidance.

銅的 5 年前景也是樂觀的，正如您在這張投影片中看到的，所有趨勢都在朝著正確的方向發展。去年，我們的銅投資組合為集團的獲利做出了另一項重大貢獻。儘管 Zaldivar 的氯化物浸出計畫的進展受到智利 COVID-19 限制的影響，但贊比亞的 Lumwana 產量接近其指導上限，Jabal Sayid 超出了其指導。

Costs for the overall copper portfolio were better or at the bottom of their guidance ranges. The change of copper reserves year-on-year principally reflect depletion through mining. With Lumwana now operationally stable, there is significant exploration potential to grow resources and reserves on the property while extensions on Lode 1 at Jabal Sayid are progressing through pre-feasibility and should soon add to its reserves.

整體銅投資組合的成本較好或在指導範圍的底部。銅儲量同比變化主要反映開採消耗。隨著 Lumwana 目前營運穩定，礦區具有巨大的勘探潛力，可以增加資源和儲量，而 Jabal Sayid 的 Lode 1 延伸項目正在透過預可行性工作，很快就會增加其儲量。

As many of you know, Lumwana has a colorful history, starting with its acquisition as part of the Equinox deal and followed by years of operational disappointments. What the African and Middle East team has done with this asset is quite remarkable and summarized on this slide. Through diligent operational stewardship focused on people, efficiencies cost discipline and sound geological and grade control practices, this mine now boasts a long life and significant future cash flow generation potential.

正如許多人所知，Lumwana 有著豐富多彩的歷史，從作為 Equinox 交易的一部分被收購開始，到隨後多年的運營令人失望。非洲和中東團隊利用該資產所做的工作非常出色，並在這張投影片中進行了總結。透過以人員為中心的勤勉營運管理、效率成本紀律以及健全的地質和品位控制實踐，該礦現在擁有較長的使用壽命和巨大的未來現金流產生潛力。

Over the space of just 2 years, production has increased by 23%. Costs have been reduced by 25%. And at around $3.50 copper price, which is a little below where it is today, the mine could produce in excess of $250 million in free cash flow per annum for many years to come, a real testimony to the Barrick operating philosophy.

短短 2 年內，產量增加了 23%。成本降低了 25%。以 3.50 美元左右的銅價（略低於目前的價格）計算，該礦在未來多年內每年可產生超過 2.5 億美元的自由現金流，這是巴里克營運理念的真實證明。

The new Barrick's foundational objective was to build a business capable of delivering the industry's best returns. 2 years on, we've made considerable progress towards that goal. The dividend has tripled, cash flows have increased to record levels, and the once crippling debt burden has been lifted. These achievements were produced on the foundation of a great asset base, a fit-for-purpose corporate structure and a lean and agile leadership who have more than lived up to our best people mantra.

新巴里克的基本目標是建立一家能夠提供業界最佳回報的企業。兩年過去了，我們在實現這一目標方面取得了長足進展。股息增加了兩倍，現金流增加到創紀錄的水平，曾經嚴重的債務負擔也得到了緩解。這些成就是在龐大的資產基礎、適合目標的公司結構以及精乾而敏捷的領導層的基礎上取得的，他們不辜負了我們最優秀的人才的口號。

We've had our fair [share] of challenges, of course, and then some, but we've overcome them. We've found or created new opportunities to support our sustainable profitability strategy, and we're more than ready to exploit the openings that will be offered by the dynamics of the gold industry.

當然，我們也遇到過不少挑戰，但我們已經克服了這些挑戰。我們已經發現或創造了新的機會來支持我們的永續獲利策略，並且我們已經準備好利用黃金產業的動態所提供的機會。

And finally, as is customary, how would I look back on our performance since the merger? While I firmly believe there is significant value left in our share price before any further improvements or growth prospects, we have already demonstrated clear outperformance. As can be seen from this chart, Barrick's share price has outperformed for the past 30 months. A shareholder in either Randgold or Barrick at the time of the merger would now be some 30% ahead of the GDX. Importantly, we are just at the beginning of an exciting and value-creating journey.

最後，按照慣例，我將如何回顧合併以來我們的業績？雖然我堅信，在進一步改善或成長前景之前，我們的股價還有很大的價值，但我們已經表現出了明顯的優異表現。從這張圖表可以看出，巴里克的股價在過去30個月裡一直跑贏大盤。合併時 Randgold 或 Barrick 的股東現在將比 GDX 領先約 30%。重要的是，我們才剛開始一段令人興奮且創造價值的旅程。

Thank you, everyone, for listening, and thank you for your attention. I've got a good spread of executives on the call to assist me in any questions, so we'd be happy to pass back to the operator and take questions.

謝謝大家的聆聽，也謝謝大家的關注。有很多高管在電話中幫助我解決任何問題，因此我們很樂意轉回給接線員並回答問題。

(Operator Instructions) Our first question comes from Josh Wolfson of RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Josh Wolfson。

Mark, I noticed there are a couple of headlines today on the topic of M&A and consolidation and the company sort of reiterating its interest in being part of those discussions as well as some views on copper. Could you sort of, I guess, update us with what the views are more specifically, I guess, in terms of Barrick's own copper portfolio and then maybe how you look at these opportunities in the context of the market today, with there being a pretty material difference in how copper prices have performed versus gold?

馬克，我注意到今天有幾個關於併購和整合主題的頭條新聞，該公司重申了其參與這些討論的興趣以及對銅的一些看法。我想，您能否向我們介紹一下關於巴里克自己的銅投資組合的更具體的觀點，然後也許您如何在當今市場的背景下看待這些機會，因為有一個相當不錯的市場。表現有何重大差異？

Josh, so I think the best way for me to answer that question, which is pretty broad, is to take you back to 2008, '09, '10 and '11. We're in a very similar place today, and it was a transformational period for Randgold Resources at that time, an increasing gold price. Notwithstanding that, we did do a very critical deal right in the middle of a big bull market in acquiring Moto, and ultimately, that led to the Kibali mine of today.

喬希，所以我認為回答這個問題的最佳方法是讓你回到 2008 年、09 年、10 年和 11 年。今天我們處於非常相似的境地，當時對於 Randgold Resources 來說是一個轉型時期，金價不斷上漲。儘管如此，我們確實在大牛市中完成了一項非常關鍵的交易，收購了 Moto，並最終促成了今天的 Kibali 礦場。

At the same time, we had a big capital program. We were building out on Tongon as well. And so we used that opportunity not only to expand our business but also to pay down our debt. And you've seen the same focus this time around.

同時，我們有一個龐大的資本計劃。我們也在 Tongon 上進行建造。因此，我們利用這個機會不僅擴大了我們的業務，還償還了我們的債務。這次您也看到了同樣的焦點。

We've brought the debt down. We have no net debt now. And we've started a dividend policy already before the gold price started moving. This has allowed us to return more to our shareholders as we did in the 2009, '10; in fact, it started, in 2008, a 13-year successive increase in the dividends we paid despite the ups and downs of the gold price.

我們已經降低了債務。我們現在沒有淨債務。在金價開始波動之前，我們就已經開始實施股利政策。這使我們能夠像 2009 年 10 月那樣向股東回報更多。事實上，從2008年開始，我們支付的股息連續13年增加，儘管金價起伏不定。

And Barrick is at that point. We've got -- we have committed to returning about a 3.6% yield on the share price of a couple of days ago with the proposed $750 million capital return that we shared with you today. And at the same time, we're not putting the company into any sort of debt, net debt. We've got lots of liquidity. We've built out our exploration teams in all 3 regions, very solid leadership. I think we've demonstrated that our mineral resource management and our planning capabilities are now well entrenched. And our executive teams led by Catherine, Mark and Willem certainly can all take on an extra asset or in the case of Latin and Asia Pacific, probably more than one, Mark would say.

巴里克正處於這一點。我們已經承諾，按照我們今天與大家分享的建議的 7.5 億美元資本回報率，以幾天前的股價回報約 3.6% 的收益率。同時，我們不會讓公司承擔任何形式的債務，也就是淨債務。我們有大量的流動資金。我們在所有 3 個地區都建立了勘探團隊，領導層非常穩固。我認為我們已經證明我們的礦產資源管理和規劃能力現在已經根深蒂固。馬克會說，我們由凱瑟琳、馬克和威廉領導的管理團隊當然都可以承擔額外的資產，或者就拉丁和亞太地區而言，可能不只一項。

So we're well positioned. We've got the strongest balance sheet in the industry. It's still growing. And so now it's about making sure that we deliver it -- deliver that value to our shareholders in a proper and considered basis.

所以我們處於有利位置。我們擁有業界最強勁的資產負債表。它仍在增長。因此，現在的重點是確保我們能夠實現這一目標——在適當且經過深思熟慮的基礎上向我們的股東提供價值。

And again, the question I would ask is, in this bull market that we find [ourselves in] and everyone's paying for more and more money to be returned to the shareholders, very few people are investing in their own future, everyone harvesting. And this is a cyclical business. We're up there near the top of the cycle, and managing this, it requires some conservatism and considered decisions. And we think that we've certainly experienced in this. We've got good memories particularly Graham and I and the other executives in my team.

再說一次，我要問的問題是，在我們發現的這個牛市中，每個人都在付出越來越多的錢來回報股東，很少有人投資自己的未來，每個人都在收穫。這是一個週期性業務。我們正處於週期的頂部附近，要管理好這一點，需要一些保守主義和深思熟慮的決定。我們認為我們確實在這方面經歷過。我們有美好的回憶，特別是葛拉漢和我以及我團隊中的其他高階主管。

And so now -- and there are lots of lots of -- as you know, Josh, there are lots and lots of businesses, whether that's copper or gold, that just 3 years ago, certainly were on the watch list. And suddenly, they are -- there's no risk and stress anymore. And so with that comes opportunity. As you know, the discussions between Barrick and Randgold started in late 2015 and took some time to find a deal which really delivered real benefits for all the owners of both companies.

所以現在——有很多很多——正如你所知，喬什，有很多很多的企業，無論是銅還是黃金，就在三年前，肯定還在觀察名單上。突然之間，他們就不再有風險和壓力了。隨之而來的是機會。如您所知，Barrick 和 Randgold 之間的討論於 2015 年底開始，並花了一些時間找到一項真正為兩家公司所有所有者帶來真正利益的交易。

And so we are not -- everyone -- as you see in the market today, everyone -- every time you wake up, there's a different opinion that's considered to be the only opinion on where the markets are going to go and what's going to happen to gold and where you should be putting your money. And we're back in the great financial crisis as well. We believe that the short- or near-term to midterm outlook on global markets are not clear. We believe that the technical support for a stronger gold price is still very well embedded in the market, and we certainly haven't seen the consequence of this unprecedented quantitative easing that we've witnessed in the last 9 months, orders of magnitude of what we saw over the 5-year plan. So that's, first of all, the way we frame our business.

所以我們不是——每個人——就像你在今天的市場上看到的那樣，每個人——每次你醒來時，都會有不同的觀點，這被認為是關於市場將走向何方以及將會發生什麼的唯一觀點。我們也再次陷入了巨大的金融危機。我們認為，全球市場的短期或近中期前景尚不清楚。我們認為，金價走強的技術支撐仍然很好地植根於市場，而且我們當然還沒有看到過去 9 個月所目睹的史無前例的量化寬鬆的後果，其數量級是多少？ 我們看到了五年計劃。首先，這就是我們建立業務的方式。

Now you look at how you grow. The best way to grow in times like this, of course, is organically. And one of the things that I hope I shared with you through this presentation is every single core asset in Barrick has real upside that you can demonstrate, both -- and in particular, most of them new discoveries as well as brownfields extensions.

現在你看看你如何成長。當然，在這樣的時代，最好的成長方式就是有機成長。我希望透過這次演講與大家分享的一件事是，巴里克的每項核心資產都具有您可以展示的真正優勢，特別是其中大多數是新發現以及棕地擴建。

So that's the core component of our business. And of course, there are and going to be further consolidation opportunities. And we believe that the challenge of doing those transactions is going to not only be commercial but also the ability to be able to deliver a more aligned, more modern comfort to the owners, the long-term owners of these companies. And so again, I started out with the sharing of our ESG strategy, which I believe that ultimately is going to become a key driver in one's ability to transact going forward. I mean to your -- so that's gold side, and that's our core business.

這是我們業務的核心組成部分。當然，現在並且將會有進一步的整合機會。我們相信，進行這些交易的挑戰不僅是商業方面的，而且是能夠為業主（這些公司的長期所有者）提供更一致、更現代的舒適感的能力。再次，我首先分享了我們的 ESG 策略，我相信該策略最終將成為一個人未來交易能力的關鍵驅動力。我的意思是，這就是黃金方面，也是我們的核心業務。

On the copper side, again, we've demonstrated that we're capable of managing and delivering real value in the copper space. Lumwana has got a long history of poor performance. We've been able to rebuild it and position it.

在銅方面，我們再次證明了我們有能力在銅領域管理和提供真正的價值。 Lumwana 長期以來表現不佳。我們已經能夠重建它並定位它。

And we've always said our focus on copper is first prize if copper comes with gold and younger gold/copper geological terrains; and secondly, that we would pursue copper assets where they are located in countries where we have and can demonstrate a competitive advantage over the traditional copper mines. And we believe that sort of central African copper province offers that opportunity for us. At the same time, down in South America, there's lots of copper potential that comes with gold in the gold/copper porphyries. And again, our exploration teams out into the Asia Pacific are also pursuing opportunities where, again, that geological association is clear.

我們總是說，如果銅伴隨著金和較年輕的金/銅地質地形，那麼我們對銅的關注是頭等獎；其次，我們將在我們擁有並且能夠展現出相對於傳統銅礦的競爭優勢的國家中尋求銅資產。我們相信，中非銅礦省為我們提供了這樣的機會。同時，在南美洲，金/銅斑岩礦中蘊藏大量的銅礦潛力。同樣，我們進入亞太地區的勘探團隊也在尋找地質關聯明確的機會。

So we're not -- I think the market responds as though -- just because we talk about growth and we talk about the importance and significance of -- for Barrick to remain relevant in the industry, it needs to broaden into copper, as being that we're going to sort of go out there and just buy the first copper asset or company regardless of the opportunity to deliver value to both the target owners as well as our own. So we're not going to do that. You've walked this path with me for a long time, Josh. We've got too many checks and balances in my executive team to go out there and do something stupid. So watch the space, give us time. We'll keep building our business in a considered way.

因此，我們並不是——我認為市場的反應是——僅僅因為我們談論成長，我們談論其重要性和意義——為了讓巴里克在行業中保持重要地位，它需要擴展到銅領域，因為我們將直接購買第一個銅資產或公司，而不管是否有機會為目標所有者和我們自己創造價值。所以我們不會那樣做。喬什，你和我一起在這條路上走了很長時間。我們的執行團隊有太多的製衡機制，無法去做一些愚蠢的事情。所以注意空間，給我們時間。我們將繼續以深思熟慮的方式發展我們的業務。

Our next question comes from Mike Parkin of National Bank.

我們的下一個問題來自國家銀行的麥克·帕金。

One I had was -- we're seeing quite a cold snap come down through the U.S. And I was wondering if there's been any negative impact to the Nevada gold mines operations due to that cold? Or is it anything that you would expect to maybe drive a bit of a soft Q1? Or it's something that would probably bounce back with the resumption of kind of normal temperatures?

我遇到的一個問題是——我們看到一股寒流席捲美國，我想知道這種寒冷是否會對內華達金礦的運作產生任何負面影響？或者你希望它能驅動 Q1 的一些軟性？或者隨著氣溫恢復到正常水平，這種情況可能會反彈？

Mike, I would just say that where our operations are located in Nevada, it's flipping cold this time of the year regardless of whether there are cold snaps. We don't notice the cold snap. It was just cold. We look forward to the odd sunny day.

麥克，我只想說，我們的業務所在地在內華達州，無論是否有寒潮，每年的這個時候都會變得寒冷。我們沒有註意到寒潮。只是天氣很冷。我們期待著奇怪的晴天。

So it's a bit like West Africa when you have 3 months of rain where you get 1 meter dumped on you. We don't see it appropriate to use weather to explain why we can't run our mines. So our team is well equipped to manage weather in northern Nevada, just like we are in the Andes in South America. So you definitely won't see anyone using it as an excuse, cold weather.

這有點像西非，連續 3 個月都下雨，你身上就會被倒 1 公尺高的水。我們認為用天氣來解釋為什麼我們無法開採礦山是不合適的。因此，我們的團隊裝備精良，可以管理內華達州北部的天氣，就像我們在南美洲的安第斯山脈一樣。所以你絕對不會看到有人以此為藉口，寒冷的天氣。

Okay. And one last question on COVID. Do you see any potential to implement a company kind of sponsored vaccine clinic to get vaccines to your employees at a faster rate than government programs? Or are you looking at it to just leave it with the governments of your respective host countries and go that route?

好的。最後一個問題是關於新冠肺炎的。您是否認為有可能建立一種公司贊助的疫苗診所，以比政府計劃更快的速度為您的員工提供疫苗？或者您打算將其留給各自東道國政府並走這條路？

Well, what we are able to do is partner with our host countries and in the case of Nevada, our host state on combating COVID and its impact. And by 2 operations, we now have COVID partnership-led PCR laboratories, which support our protocols in that we can turn around accurate tests in a couple of hours. And that's been very helpful. We've got 2 more to really roll out a laboratory in Tanzania, which we're working on; and one in Zambia. Now we've just put one into Hemlo as well. So -- or into the town of Marathon.

嗯，我們能夠做的是與我們的東道國合作，就我們的東道國內華達州而言，我們可以與新冠病毒及其影響作鬥爭。透過兩次操作，我們現在擁有了由新冠肺炎合作夥伴主導的 PCR 實驗室，它們支援我們的協議，因為我們可以在幾個小時內完成準確的測試。這非常有幫助。我們還有兩個計畫可以真正在坦尚尼亞建立一個實驗室，我們正在努力建造這個實驗室；還有一個在尚比亞。現在我們也剛剛將一個放入 Hemlo 中。所以——或者進入馬拉松鎮。

So that's -- and again, in all our countries, we are very much part of the COVID task force. And our senior executives have now been included in the vaccine logistics and sort of management structures in our various regions and host counties or provinces. Catherine is very much part of that initiative in Canada as well as in Nevada, as is Greg in the immediate part of our Elko, Winnemucca region in Northern Nevada.

所以，再說一次，在我們所有國家，我們都是新冠病毒特別工作小組的重要成員。我們的高階主管現在已經納入我們各個地區和所在縣或省的疫苗物流和管理結構中。凱瑟琳是加拿大和內華達州這項倡議的重要組成部分，格雷格也是內華達州北部溫尼馬卡地區埃爾科地區的一部分。

And in Africa, we're part of the whole African union initiative to source and support the rollout of vaccines. It's a little more complicated there. But there's been some movement recently, and we've seen the first Johnson & Johnson vaccines coming into South Africa. And we look forward to be able to manage that into the -- across the nations, across the countries in which we operate in Africa.

在非洲，我們是整個非洲聯盟倡議的一部分，旨在採購和支持疫苗的推廣。那裡的情況稍微複雜一些。但最近發生了一些變化，我們看到第一批強生疫苗進入南非。我們期待能夠將這一點擴展到我們在非洲開展業務的各個國家。

South America, we were only partners with the Dominican Republic in setting up structures to purchase and order vaccines and get them into the country. We've got a very strong relationship and worked extremely well. It's one of our most responsive COVID initiatives, as being -- as you know, Dominican Republic being a holiday destination got hit very hard in the early days of COVID. And then we are working, again, with the Argentinian government on sourcing vaccines. Again, all the emerging and developing world are slightly behind the developed economies as far as rolling out that vaccine.

在南美洲，我們只是與多明尼加共和國建立了採購和訂購疫苗並將其運送到該國的結構的合作夥伴。我們的關係非常牢固並且合作得非常好。這是我們響應最迅速的新冠疫情舉措之一，正如您所知，多明尼加共和國作為一個度假勝地，在新冠疫情初期受到了嚴重打擊。然後我們再次與阿根廷政府合作購買疫苗。同樣，在疫苗的推出方面，所有新興國家和發展中國家都略微落後於已開發經濟體。

It's absolutely critical for the [world] to manage a global solution on the vaccine rollout. And so we are part of it. At this stage, it is not possible for private enterprises to purchase vaccines themselves, but we are partnering with our host countries. And already -- for instance, in Nevada, we're talking about rolling out some of the vaccines to the critical support staff within the mining industry as well as other industries. So it's a very collaborative initiative.

對世界來說，管理疫苗推廣的全球解決方案絕對至關重要。所以我們是其中的一部分。現階段，私人企業還不可能自己購買疫苗，但我們正在與東道國合作。例如，在內華達州，我們已經在討論向採礦業和其他行業的關鍵支援人員提供一些疫苗。所以這是一個非常協作的舉措。

And we're -- I mean it's been an impressive partnership across all 13 of our host countries. And I'm optimistic of bringing this pandemic under control in the medium term. It's definitely not going to happen as quickly as everyone would have liked, and so it's very important we all continue to exercise discipline and respect the protocols of social distancing, et cetera, until such time as we get herd immunity entrenched in our populations.

我的意思是，我們在所有 13 個東道國之間建立了令人印象深刻的夥伴關係。我對在中期控制住這場流行病持樂觀態度。這絕對不會像每個人希望的那樣快發生，因此，我們所有人繼續遵守紀律並尊重社交距離等協議非常重要，直到我們在人群中根深蒂固地實現群體免疫。

And all the best in the negotiations with Porgera.

祝福與波格拉的談判一切順利。

Thanks, Mike.

謝謝，麥克。

Our next question comes from Danielle Chigumira of Bernstein.

我們的下一個問題來自伯恩斯坦的丹妮爾·奇古米拉。

My first question is on your climate targets. So they seem significantly more ambitious than those set at the Investor Day. And so could you give us any color on specific projects or specific actions that you're planning which will lead to those higher reductions in greenhouse gases?

我的第一個問題是關於你們的氣候目標。因此，他們看起來比投資者日設定的目標更有野心。那麼您能否向我們介紹您正在計劃的具體項目或具體行動，這些項目或具體行動將導致溫室氣體排放量進一步減少？

So Danielle, we are ambitious. I mean we are very clear that our target is to achieve a 30% reduction by 2030. And I think the net 0 target out to 2050 is a bit academic at the moment because I don't think it's -- I know there's no gold mining company that goes to 2050 in the current plans.

所以丹妮爾，我們雄心勃勃。我的意思是，我們非常明確，我們的目標是到 2030 年實現減排 30%。到2050 年的礦業公司。

But what's important is that we, I and my team, my enlarged team now, have always been absolutely clear that we manage our business on tangible plans. So there's a target. Everyone's been under pressure to accept that they're targeting X, Y and Z. That doesn't mean anything if you don't have a real plan against which you can measure yourself.

但重要的是，我們、我和我的團隊，我現在擴大的團隊，始終非常清楚，我們按照切實的計劃來管理我們的業務。所以有一個目標。每個人都承受著壓力，承認他們的目標是 X、Y 和 Z。

And so we started out with a plan to deliver a 10% reduction last year in our 2019 sustainability report. We've now increased that to 15% reduction. We've got a serious plan. Every single one of our operations has got a very specific greenhouse gas strategy, whether it's Veladero where we're rolling out the connection with the -- to the Chilean power grid, which is the -- has more sustainable power component to it than any other power [utility in the world]. And so that really does take away significant emissions and also drops our costs materially in Veladero.

因此，我們在 2019 年永續發展報告中製定了去年減少 10% 的計畫。我們現在已將其減少至 15%。我們有一個嚴肅的計劃。我們的每一項業務都制定了非常具體的溫室氣體戰略，無論是在貝拉德羅，我們正在推出與智利電網的連接，這比任何地方都具有更可持續的電力成分其他力量[世界上的效用]。因此，這確實減少了大量排放，也大大降低了我們在貝拉德羅的成本。

In Dominican Republic, we are the leader in that country with the conversion from heavy fuel to natural gas, driving big turbines, very efficient, very low emissions and not only for our [mine] at PV, but also for the nation. In Nevada, we bought, with the joint venture, the Newmont coal power station. We're already well down the road on converting that to natural gas. And also, we are busy permitting a 200-megawatt solar power station, which will be linked to that natural gas power facility. And we've got a second one as well.

在多明尼加共和國，我們是該國從重燃料轉換為天然氣的領導者，驅動大型渦輪機，非常高效，排放量非常低，不僅對我們的光伏[礦山]，而且對國家而言。在內華達州，我們與合資企業一起購買了紐蒙特燃煤發電廠。我們已經在將其轉化為天然氣方面取得了進展。此外，我們正忙於批准一座 200 兆瓦的太陽能發電站，該發電廠將與該天然氣發電設施連結。我們還有第二個。

In Kibali, which is our youngest mine in the group that we built on the back of hydropower installations, and recently, as I mentioned in my speech, we've added a big battery to that. And we've learned so much about how to form a grid, a mini grid in a remote place like the jungle in DRC. And that battery technology has proved to be invaluable, and we're now looking at changing around the whole construction of our grid and using the battery as the formation -- to form the grid and the power -- the hydropower to actually keep the batteries charged. And Kibali is unique in that it's got a big hoist and it's constantly drawing large amounts of power from the grid.

在基巴利，這是我們在水力發電設施的支持下建造的集團中最年輕的礦場，最近，正如我在演講中提到的，我們為其添加了一個大電池。我們已經學到了很多關於如何在剛果民主共和國叢林等偏遠地區形成網格、迷你網格的知識。事實證明，電池技術的價值是無價的，我們現在正在考慮改變整個電網的結構，並使用電池作為地層——形成電網和電力——水力發電來真正保留電池。 Kibali 的獨特之處在於它有一個大型起重機，並且不斷從電網吸取大量電力。

But what we've learned there, we've just commissioned a 20-megawatt solar power station in Morila, in Western Mali. And we know that there's an opportunity to install similar battery technology in -- sorry, not Morila, in Loulo-Gounkoto, and be able to form the grid and use the solar to keep those batteries powered and therefore, do away with a lot more of the diesel and heavy fuel power component of our power station there. So -- and then the opportunities in -- Porgera has natural gas power, and there's more and more opportunities now as people start investing in hydro in Papua New Guinea, which has got some very exciting potential sites for hydropower, particularly in our -- up in the highlands.

但據我們所知，我們剛剛在馬利西部的莫里拉啟用了一座 20 兆瓦的太陽能發電廠。我們知道，有機會在 Loulo-Gounkoto 的地方安裝類似的電池技術，抱歉，不是 Morila，並且能夠形成電網並使用太陽能來為這些電池供電，因此可以消除更多的能源我們發電站的柴油和重燃料動力組件。因此，然後是波格拉擁有天然氣發電的機會，隨著人們開始在巴布亞新幾內亞投資水力發電，現在有越來越多的機會，巴布亞新幾內亞有一些非常令人興奮的潛在水力發電地點，特別是在我們的——在高地。

So when you walk through our portfolio, I've just given you a quick brush of what -- and what was -- you can't just say I'm going to reduce power. You've got to be able to plan to do it. And one of the things that Barrick is investing in is that technology to ensure that the next new mine we build has even more efficiency built into it as far as generation goes compared to, for instance, Kibali. So we're learning every day. And I believe that if we continue with that focus, then every single general manager, senior executive in Barrick is an owner of this commitment to our stakeholders. I hope that answers your question.

因此，當您瀏覽我們的產品組合時，我只是讓您快速了解了什麼以及曾經是什麼，您不能只是說我要減少電力。你必須能夠計劃去做。巴里克正在投資的技術之一是確保我們建造的下一個新礦場的發電效率比 Kibali 等礦場更高的發電效率。所以我們每天都在學習。我相信，如果我們繼續關注這一重點，那麼巴里克的每一位總經理、高階主管都是對利害關係人的這項承諾的所有者。我希望這能回答你的問題。

Yes. That's very useful color. Just one more for me. On Tanzania, you talked about making North Mara plus Buly a Tier 1 mine, and I'm trying to conceptualize how that happens. Is it the case that some of the geological upside results in a different way of operating those mines, like in a broader complex? How should I be thinking about that?

是的。這是非常有用的顏色。只給我一個。在坦尚尼亞，您談到將北馬拉和布利建設為一級礦山，我正在嘗試概念化這是如何發生的。某些地質優勢是否會導致這些礦山以不同的方式運營，例如在更廣泛的綜合體中？我該如何思考這個問題？

The 300,000 ounces out of North Mara and more than -- about 250,000 ounces out of Bulyanhulu, you add them together, that's 550,000 ounces. And if North Mara is a moderate-grade mine, Buly is a high-grade mine, we drive the cost down to the bottom half of the cost curve and you've got a Tier 1 complex, combined, in the country. And they both have more than 10 years life, substantially more than 10 years life.

北馬拉生產的 300,000 盎司，以及 Bulyanhulu 生產的約 250,000 盎司，將它們加在一起，就是 550,000 盎司。如果 North Mara 是一個中等品位的礦山，Buly 是一個高品位的礦山，我們將成本降低到成本曲線的下半部分，這樣您就在該國擁有了一個 1 級綜合體。而且它們都有超過10年的壽命，實質上超過10年的壽命。

So that's really our focus. And what -- North Mara has got a bit of a way to get to that low end of the cost curve, but we'll get it there because it's got so much upside. We've still got to lift the production. Buly is helped significantly by the grade of that ore.

這確實是我們的重點。北瑪拉有一些方法可以達到成本曲線的低端，但我們會到達那裡，因為它有很大的上升空間。我們仍然需要提高產量。該礦石的品位對 Buly 有很大幫助。

Our next question comes from Mike Jalonen of Bank of America.

我們的下一個問題來自美國銀行的麥克·賈洛寧。

I hope all as well and you're not facing a cold snap in Port Moresby. Just moving to -- I have a question on Hemlo. The -- intrigued by the steady state, 1.9 million tonnes per annum production. What are the -- how much tonnes will come from each of the mining fronts to get to that production level? And what will that mean to the mine production?

我希望一切順利，您在莫爾茲比港不會遇到寒流。剛剛轉到 -- 我有一個關於 Hemlo 的問題。 ——年產量 190 萬噸的穩定狀態令人感興趣。為了達到該生產水平，每個採礦前緣需要生產多少噸？這對礦山生產意味著什麼？

Right now, Mike, there's no chance of a cold snap here in Port Moresby, I can assure you; buckets of water, yes. About the coldest you get is when you turn the air conditioner down to about 16 centigrade.

現在，麥克，我可以向你保證，莫爾茲比港不會出現寒流；一桶水，是的。最冷的時候是把冷氣溫度調低到攝氏 16 度左右。

The Hemlo is -- our outlook this year is about 210,000 ounces, and the plan is to get it up to about 250,000 ounces from underground. And that's why we need that extra access in the upper C Zone, which we're developing now. And I mean you can do the math, just work it back.

Hemlo 今年的產量預計約為 210,000 盎司，計劃是從地下開採到約 250,000 盎司。這就是為什麼我們需要在上部 C 區提供額外的通道，我們現在正在開發該區域。我的意思是你可以做數學計算，只需將其返回即可。

But it's really -- it's a 2 -- I mean our first prize would be to get it up to 250,000 ounces. As we improve the infrastructure, the hoisting, the ventilation, one of the big challenges is getting a lot of the waste out of the mine to improve our logistics and ore movement. Right now, all that is constraining.

但它確實是——它是 2——我的意思是我們的一等獎將是達到 250,000 盎司。隨著我們改善基礎設施、提升、通風，最大的挑戰之一是從礦井中清除大量廢物，以改善我們的物流和礦石運輸。現在，所有這些都受到限制。

We've still got to develop more long-haul open-stope opportunities. We've got to improve our backfill, and we've still got quite a bit of remnant mining that we're doing in this next year and perhaps the year, call it, 2022. But -- and at the same time, we're drilling and building that reserve base to support a plus 10-year, plus 250,000 ounce producer, which makes it a substantial Canadian gold mine.

我們仍然需要開發更多的長途露天採場機會。我們必須改善我們的回填，並且我們仍然有相當多的剩餘採礦工作，我們將在明年，也許是 2022 年進行。的生產商，這使其成為加拿大一個重要的金礦。

Okay. Well, good luck there.

好的。好吧，祝你好運。

You know that mine well, don't you, Mike?

你很了解我的，不是嗎，麥克？

Saw it in 1980 -- no, 1988 with Corona.

1980 年看過——不，是 1988 年的《Corona》。

That's it. And it's still got legs.

就是這樣。而且它還有腿。

Yes, it does.

是的，它確實。

Our next question comes from Anita Soni of CIBC World Markets.

我們的下一個問題來自 CIBC 全球市場的 Anita Soni。

So my question is with regards to reserve replacement. So I saw some strong reserve replacement at pretty good grades. But I'm going to ask you about the question -- the areas that lagged a little bit, particularly at Nevada Gold Mines. And you guys have mentioned that it's going to take a few years to fully see the results, to get it up to where you are in Africa in terms of reserve replacement. So can you give us a little bit of color on the plan forward in the next year or 2 in terms of getting that -- those grades and those ounces back up?

所以我的問題是關於儲備更換的。所以我看到了一些實力相當不錯的儲備替代品。但我要問你這個問題——有些滯後的領域，特別是內華達金礦。你們已經提到，需要幾年的時間才能完全看到結果，才能達到非洲在儲備替代品上的水準。那麼，您能否為我們介紹未來一兩年的計劃，以實現這些成績和盎司的恢復？

Yes. So Anita, just trying to explain -- I'm not sure about what you're talking about there because the -- if you look at North America, we went from 31 million ounces in 2019, this is reserves at 2.68 grams a tonne, to 29 million ounces at 2.8 grams a tonne. So the -- if you look at Africa, of course, we've grown certainly on the back of the Loulo-Gounkoto and Kibali and North Mara replacements. Tongon is a tougher nut to crack because it is in decline. And Bulyanhulu, the big growth will come as we complete the underground feasibility study.

是的。所以，安妮塔，我只是想解釋一下——我不確定你在說什麼，因為——如果你看看北美，我們的儲量從 2019 年的 3100 萬盎司增加到每噸 2.68 克。盎司（每噸2.8 克）。所以，如果你看看非洲，當然，我們肯定是在盧洛-貢科托、基巴利和北馬拉替代者的支持下發展起來的。通貢是一個更難破解的難題，因為它正在衰落。 Bulyanhulu，隨著我們完成地下可行性研究，巨大的成長將會到來。

So -- and North America is in good shape. It's -- first of all, you've got to build the resource profile, and we're very disciplined on the grade. And so we've done that. And hopefully, Anita, you would have seen in my presentation me pointing to further resource expansion. And you've got to build that front ahead of the mining phases in this -- in inventory first, then in inferred. Ultimately, it gets into measured and indicated, which results in reserve. And it's going to take some time. But 76% replacement right now with more than 100% replacement on the resource category bodes well for us to get all our assets delivering reserve replacement over time.

因此，北美的狀況良好。首先，你必須建立資源檔案，我們對等級非常嚴格。所以我們已經做到了。希望安妮塔，您會在我的演講中看到我指出進一步的資源擴展。你必須在採礦階段之前建立這個前沿——首先是庫存，然後是推斷。最終，它被測量和顯示，從而產生儲備。這需要一些時間。但目前 76% 的替代率以及超過 100% 的資源類別替代率預示著我們的所有資產隨著時間的推移將實現儲量替代。

And I'll just take you through it. As I pointed out, PV is a simple case of significant reserve growth. Veladero, we didn't get the drilling done, we wanted to, in 2020 because of the restrictions of COVID. So a lot of that drilling has been rolled over to this year. And again, we expect to make significant progress in the skinners], the 4 quarters expansion of the current Veladero pit.

我將帶您完成它。正如我所指出的，光伏發電是儲備大幅增長的一個簡單例子。 Veladero，由於新冠疫情的限制，我們本來想在 2020 年完成鑽探，但未能完成。因此，許多鑽探工作已延期至今年。我們再次期望在剝皮機方面取得重大進展，即當前 Veladero 礦坑的 4 個季度的擴建。

And then we've pointed to North Leeville, some significant upside potential. Rita K, we're busy drilling out. We've got the lower part of Rita K now coming into the mine plan and reserve conversion. In the upper part, we're still dealing with the water table and making sure that it's accessible, which means you can bank it.

然後我們指出了北利維爾（North Leeville）的一些巨大的上升潛力。 Rita K，我們正忙著鑽探。 Rita K 的下部現已進入採礦計劃和儲備轉換。在上半部分，我們仍在處理地下水位並確保它可以訪問，這意味著您可以將其存入銀行。

Ren, we've got some into our mine plan in reserves, but still quite a lot more outstanding. There's still work to do in both Turquoise Ridge underground as well as Twin Creeks. And then Cortez, as we develop and deliver on the feasibility study for Goldrush, you'll see some significant ounces flowing into that complex.

任先生，我們的採礦計畫中已經有一些儲備，但還有很多尚未完成。綠松石嶺地下和雙溪地區仍有工作要做。然後，Cortez，當我們開發並交付 Goldrush 的可行性研究時，您會看到一些大量的資金流入該綜合體。

So I'm really very comfortable about where we are as far as understanding our geology and being able to with some -- when I go to the mines now, just like I go -- get in Kibali and Loulo, the MRM team have a plan to convert, so it's part of our business. And I mean we even added ounces in Porgera just before this close. So -- and that's got some significant upside, and that's what comes with Tier 1 assets. So I hope that gives you some comfort. That -- and the most important thing is that the quality of our resource/reserve is still intact. We haven't allowed anything to deteriorate on the back of a higher gold price. We've kept the $1,200 discipline.

因此，我對我們在了解地質方面的進展感到非常滿意，並且能夠與一些人一起——當我現在去礦山時，就像我去的那樣——進入 Kibali 和 Loulo，MRM 團隊有一個計劃轉換，所以這是我們業務的一部分。我的意思是，我們甚至在收盤前增加了波格拉的盎司量。所以——這有一些顯著的好處，這就是一級資產帶來的好處。所以我希望這能給你一些安慰。最重要的是，我們的資源/儲備的品質仍然完好無損。我們不允許任何事情因金價上漲而惡化。我們遵守 1,200 美元的紀律。

Yes. No, I did notice the grades were maintained or if not, improved at most of the assets. I was just drilling into some of the Long Canyon, Phoenix, Carlin and Turquoise that didn't quite keep pace with the rest of the assets, but thanks for explanation. And then...

是的。不，我確實注意到大多數資產的成績都得到了維持，或者如果沒有的話，也得到了改善。我剛剛鑽探了一些 Long Canyon、Phoenix、Carlin 和 Turquoise，這些資源與其他資產不太同步，但感謝您的解釋。進而...

If you are worried about Long Canyon, remember, we've stalled Long Canyon as we recut our permitting. And so that's looking for the second phase expansion of the life of mine, and that would also impact our reserves. At the moment, we don't have a permit so it's not coming into the reserve, that part of Long Canyon.

如果您擔心 Long Canyon，請記住，我們在重新批准許可時已經停止了 Long Canyon 的建設。因此，我們正在尋求延長礦山壽命的第二階段，這也會影響我們的儲量。目前，我們沒有許可證，因此它不會進入長峽谷的保護區。

Okay. And then my second and final question, I guess, is a long one. But you've talked about industry consolidation in the gold space. And I just wanted to understand what exactly it is that catches your eye so much with the assets that are out there. And if you could give us some parameters on what exactly you're looking for and how that competes with your internal projects.

好的。我想我的第二個問題也是最後一個問題是一個很長的問題。但您談到了黃金領域的產業整合。我只是想了解到底是什麼讓現有的資產如此吸引您的眼球。如果您能給我們一些參數，說明您到底在尋找什麼以及它如何與您的內部專案競爭。

Okay. So I guess the best way is to wind back everything to 2017, early 2018. And you -- and your portfolio of companies you're covering, a lot of them were very stressed. And then suddenly, everything is utopic with a higher gold price. That doesn't change the long-term profitability of our industry. And then we've got a couple of single-asset companies that have struggled to deliver against their feasibility study but being kept alive by a higher gold price.

好的。所以我想最好的方法就是把一切都回溯到 2017 年、2018 年初。然後突然間，金價上漲，一切都變得烏托邦。這不會改變我們行業的長期獲利能力。然後，我們有幾家單一資產公司，它們一直在努力完成可行性研究，但由於金價上漲而得以生存。

And our industry is right now at a place where it's not worried about its future, and I'd point this to both the fund managers who are keeping -- demanding cash returns, not worrying about how you package -- use this higher gold price to package -- repackage our industry, which is required to create a relevant industry as allocation of capital becomes more -- sort of larger and more clumsy going forward because the funds are just getting bigger and bigger, and they need the [dollar] to be moved more.

我們的行業現在正處於一個不擔心未來的地方，我想向基金經理指出這一點，他們一直要求現金回報，而不擔心如何打包——利用更高的金價包裝——重新包裝我們的行業，隨著資本配置變得越來越大、越來越笨拙，這是創建一個相關產業所必需的，因為資金越來越大，他們需要[美元]來更加感動。

And so -- and at the same time, we've got management teams that are just hanging on to this opportunity, using the COVID and the higher gold price to prevent the conversation around consolidation. So -- but it's not going to be like that forever. We've seen the market respond on softening gold price, albeit that it's way above the sort of average. And that's why it's important for Barrick to be -- to have the strength, financial and management bench strength to be able to force some of these opportunities.

因此，與此同時，我們的管理團隊抓住了這個機會，利用新冠疫情和金價上漲來阻止圍繞整合的討論。所以——但情況不會永遠這樣。我們已經看到市場對金價疲軟的反應，儘管遠高於平均值。這就是為什麼巴里克擁有足夠的實力、財務和管理實力來抓住其中一些機會很重要。

On the criteria, we've been very clear. We look at 2 categories of opportunities: Tier 1, which is plus 500,000 ounces, at the bottom half of the cost curve -- or within the bottom half of the cost curve; and Tier 2, which is sort of above 250,000 ounces, at the bottom half of the cost curve and both having at least 10-year life-of-mine potential.

關於標準，我們已經非常明確了。我們著眼於兩類機會： 第 1 級，即 500,000 盎司以上，位於成本曲線的下半部—或在成本曲線的下半部內；二級礦區的產量在 250,000 盎司以上，位於成本曲線的下半部分，並且兩者都具有至少 10 年的礦山壽命潛力。

So -- and in times like this, as I touched on in my presentation, is -- Moto acquisition we made in 2009 in the middle of the crisis, a very solid, well-structured bull market in the gold price, and we did that acquisition. It was a world-class acquisition. We read it right, and it has delivered enormous value to our business.

因此，正如我在演講中提到的那樣，在這樣的時期，我們在 2009 年危機期間收購了 Moto，這是一個非常穩固、結構良好的金價牛市，我們做到了那個收購。這是一場世界級的收購。我們沒看錯，它為我們的業務帶來了巨大的價值。

And so the key here is not to buy. And I would -- and it's a conversation that should be had because just sucking money out of the gold industry doesn't do anyone any favors. But this industry is -- was very precarious in 2017, early 2018. It hasn't changed. It's just you can't see it because of the higher margins.

所以這裡的關鍵就是不買。我會——這是一場應該進行的對話，因為僅僅從黃金行業吸走資金並不會給任何人帶來任何好處。但這個產業在 2017 年、2018 年初非常不穩定。只是你看不到它，因為利潤更高。

And so I think it's important that we -- and that's why I keep bashing that drum -- or beating that drum, in that I think we need to do it. And notwithstanding that, as you've seen, Barrick has rarely invested in its organic opportunities, both brown and greenfield, and we'll continue to do that as well.

所以我認為重要的是我們——這就是為什麼我不斷敲鼓——或者說敲鼓，因為我認為我們需要這樣做。儘管如此，正如您所看到的，巴里克很少投資於其有機機會，無論是棕色還是綠地，我們也將繼續這樣做。

Okay. Just wanted to close up by congratulating you on your cost control. Those are -- that's pretty good results considering the past year and the year going forward.

好的。最後我想祝賀您的成本控制。考慮到過去的一年和未來的一年，這些都是相當不錯的結果。

Thank you, and I appreciate that coming from you.

謝謝你，我很感謝你的來信。

Our next question comes from Matthew Murphy of Barclays.

我們的下一個問題來自巴克萊銀行的馬修·墨菲。

Just wondering if you're still expecting to formalize a dividend payout policy this year. I thought it might have come with this quarter. Or is it something you're looking to do early this year?

只是想知道您是否仍期望今年正式製定股息支付政策。我認為它可能會在本季出現。還是這是您今年年初想要做的事情？

Matt, yes, yes. I think it's important -- and I touched on this in another answer, is that a lot of debate at the Board and amongst our executive team on how we manage this. Again, if you wind back to 2008, '09 and '10, the way we managed that return of capital to shareholders and our dividend strategy, they are very similar this time around. We have no visibility of how the short- to medium-term economy or our market looks like.

馬特，是的，是的。我認為這很重要——我在另一個答案中談到了這一點，董事會和我們的執行團隊就如何管理這個問題進行了很多辯論。再說一次，如果你回顧一下 2008 年、09 年和 10 年，我們管理股東資本回報的方式以及我們的股息策略，這次它們非常相似。我們不知道中短期經濟或我們的市場是什麼樣子。

And I think we definitely -- I mean we realized noncore assets, we believe, it's important to return -- makes logical sense to return that -- part of that to our shareholders, which I've always done my whole career. We've used the cash generated by our business to bring down our net debt and cover ourselves and so that we are completely independent of the capital markets and are able to run our business without interference. So that's done, and I'm very happy with that. We will continue to build the cash portion of our balance sheet through this year if the gold price stays above $1,700. And so -- and we believe that this whole unprecedented scenario is unclear and extremely dynamic, and I'm pretty confident to be able to bet you that the current analyst outlook on what it's going to look like in 12 months' time is all wrong.

我認為我們肯定——我的意思是我們實現了非核心資產，我們相信，回報很重要——將其回報給我們的股東是合乎邏輯的——其中一部分是我整個職業生涯一直在做的。我們利用業務產生的現金來降低我們的淨債務並覆蓋我們自己，這樣我們就完全獨立於資本市場，並且能夠在不受干擾的情況下經營我們的業務。這樣就完成了，我對此感到非常高興。如果金價保持在 1,700 美元以上，我們今年將繼續增加資產負債表的現金部分。因此，我們相信這整個史無前例的情況是不明確的，而且非常動態，而且我非常有信心能夠向您打賭，當前分析師對 12 個月後的情況的展望是完全錯誤的。

And so our Board and debate with our management team have landed on the fact that it's better to return this. It's a significant return. Added to our $0.09 a quarter, delivers about a 3.6% yield at current gold -- share prices, actually a bit higher than today. And then we'll reassess things next year, where I'm sure things will be a lot clearer to everyone.

因此，我們的董事會以及與管理團隊的辯論最終得出了這樣一個事實：最好將其退回。這是一個巨大的回報。加上我們每季 0.09 美元的收益，以當前黃金股價計算，收益率約為 3.6%，實際上比今天要高一些。然後我們明年將重新評估事情，我相信每個人都會更清楚。

There are no more questions from the conference call. This concludes today's conference.

電話會議中沒有更多問題。今天的會議到此結束。

Thank you very much. Sorry, thank you. I'd just like to say to everyone thank you very much for making the time today. Very pleased that we got through this presentation. A lot of people put enormous amount of effort into the communications, and everyone was really concerned that we might break our communication through this process.

非常感謝。抱歉，謝謝。我想對大家說，非常感謝你們今天抽出時間。非常高興我們完成了這次演講。很多人在溝通上投入了大量的精力，每個人都非常擔心我們可能會在這個過程中破壞我們的溝通。

So thanks to everyone that put effort. And again, thank you for making the time to join us, and we'll speak to you soon.

感謝所有付出努力的人。再次感謝您抽出時間加入我們，我們很快就會與您聯繫。

This concludes today's conference call. Should you have additional questions, please contact he Barrick Investor Relations department.

今天的電話會議到此結束。如果您還有其他問題，請聯絡巴里克投資者關係部門。

You may now disconnect your lines. Thank you for participating, and have a pleasant day.

現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。