巴里克黃金 (GOLD) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2021 Fourth Quarter and Year-End Results Conference Call.

女士們，先生們，謝謝你們的支持。這是會議接線員。歡迎參加巴里克 2021 年第四季度和年終業績電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded, and a replay will be available on Barrick's website later today, February 16, 2022.

（操作員說明）提醒一下，本次電話會議正在錄音中，並將於今天晚些時候（2022 年 2 月 16 日）在 Barrick 的網站上提供重播。

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

我現在想將會議轉交給首席執行官 Mark Bristow。請繼續，先生。

Thank you very much, and a very good morning to everyone, and good afternoon to those on the other side. And again, welcome to Barrick's quarter 4 and year-end results presentation. It's been 3 years now since we started on this journey. And Barrick is clearly achieving its goal of industry-leading value creation and sustainable profitability as I'm sure you will agree with me when you review our results for 2021. By any measure you apply returns to shareholders, strength of balance sheet, peerless assets, prospect pipeline, a long record of exploration success and delivery on our commitments, Barrick is a leader in the sector. And the fact that our share price does not reflect this makes Barrick's case for investment even more compelling.

非常感謝大家，祝大家早上好，下午好。再次，歡迎來到巴里克的第四季度和年終業績報告。從我們開始這段旅程到現在已經 3 年了。巴里克顯然正在實現其行業領先的價值創造和可持續盈利的目標，我相信當您回顧我們 2021 年的業績時，您會同意我的看法。無論以何種標準衡量，您都將回報應用於股東、資產負債表的實力、無與倫比的資產，遠景管道，勘探成功和履行承諾的長期記錄，巴里克是該行業的領導者。我們的股價並未反映這一點，這一事實使巴里克的投資理由更加引人注目。

Please take note of this cautionary statement, which is also available on the Barrick website. So let's start by looking at last year's highlights, and you couldn't possibly get a better set of KPIs. We delivered on our production guidance for the third year in a row. Nevada Gold Mines confirmed that it is indisputably the world's #1 gold complex and achieved a quarterly production record for quarter 4. Copper's contribution to the bottom line is increasing.

請注意此警告聲明，該聲明也可在 Barrick 網站上找到。因此，讓我們從去年的亮點開始，您不可能獲得更好的 KPI 集。我們連續第三年交付了生產指導。 Nevada Gold Mines 確認它是無可爭議的世界第一黃金綜合體，並在第 4 季度創造了季度產量記錄。銅對利潤的貢獻正在增加。

All our operational sites maintained or achieved their ISO health and safety and environmental accreditations. We more than replaced our reserves net of depletion at a better grade. Our wealth of advanced exploration targets will support this replenishment and consequently, our business plans well into the future. And finally, we generated significant cash flow and materially increased returns to shareholders.

我們所有的運營場所都保持或獲得了 ISO 健康、安全和環境認證。我們以更好的品位取代了我們的儲備淨消耗。我們豐富的先進勘探目標將支持這種補充，因此，我們的未來業務計劃將很好。最後，我們產生了可觀的現金流並大幅增加了股東回報。

The operating results reflect a good all-round performance, including meeting production guidance for the third year in a row, notwithstanding some considerable headwinds during the year. And the financial results also show we did well against the leading and lagging indicators. Free cash flow for the quarter grew again. And despite cash returns of $1.4 billion to shareholders, we were net cash positive for the second year in a row.

經營業績反映了良好的全面表現，包括連續第三年達到生產指導，儘管年內有一些相當大的逆風。財務結果還表明，我們在領先和落後指標方面表現良好。本季度的自由現金流再次增長。儘管給股東帶來了 14 億美元的現金回報，但我們連續第二年實現了淨現金正數。

At the same time, we delivered strong per share growth with adjusted earnings for the quarter increasing by 46% versus quarter 3. This is our health and safety report, which tracks our journey to zero harm. We're particularly proud of our continued campaign against COVID. Almost 60% of our employees are now fully vaccinated, well above the average of the general populations in our host states and countries. We've also seen a meaningful decrease in our total recordable injury frequency rate year-on-year, which is pleasing. Sadly, however, a tragic fatality in January has set us back, and we are reengaging with all our workforce to realize our goals in this regard and to reinforce the importance of that journey to zero harm.

與此同時，我們實現了強勁的每股增長，本季度調整後的收益比第三季度增長了 46%。這是我們的健康和安全報告，它追踪了我們實現零傷害的旅程。我們為我們持續開展針對 COVID 的運動感到特別自豪。現在，我們近 60% 的員工已完全接種疫苗，遠高於我們所在州和所在國家一般人口的平均水平。我們還看到我們的總可記錄傷害頻率同比顯著下降，這是令人高興的。然而，令人遺憾的是，1 月份發生的悲慘死亡事件使我們倒退了，我們正在重新與所有員工合作，以實現我們在這方面的目標，並加強零傷害之旅的重要性。

We'll start, as normal, the operational overview in North America where Nevada Gold Mines is Barrick's real value foundation. We're building our presence there from this strong base, and we're looking at green and brownfield opportunities across the United States, where Donlin is a particularly interesting prospect. As well, of course, as in our home country, Canada.

我們將照常開始北美的運營概覽，內華達金礦是巴里克的真正價值基礎。我們正在這個強大的基礎上建立我們的業務，我們正在尋找美國各地的綠色和棕地機會，其中 Donlin 是一個特別有趣的前景。當然，在我們的祖國加拿大也是如此。

Nevada Gold Mines delivered a stellar performance crowned by a production record in quarter 4 as well as a strong free cash flow of more than $2.3 billion for the year. This was driven by the 3 Tier 1 mines: Carlin, Cortez and Turquoise Ridge and in the face of some operational challenges, proving again that assets of this size and quality can handle whatever you throw at them.

內華達金礦在第四季度創造了創紀錄的產量以及超過 23 億美元的強勁自由現金流，表現出色。這是由 3 個一級礦場推動的：Carlin、Cortez 和 Turquoise Ridge，並且在面臨一些運營挑戰時，再次證明這種規模和質量的資產可以處理您向他們投擲的任何東西。

The exploration team delivered real value for Nevada Gold Mines and increased reserves by 9.4 million ounces. Measured and indicated resources were increased by 7.4 million ounces, and inferred resources by 5.3 million ounces, and this is after disposals and acquisitions and before depletion. The additional reserves came from Goldrush, Turquoise Ridge and Leeville, and importantly, the resource growth came from Carlin and Turquoise Ridge.

勘探團隊為內華達金礦創造了實際價值，並增加了 940 萬盎司的儲量。測量和指示資源增加了 740 萬盎司，推斷資源增加了 530 萬盎司，這是在處置和收購之後、枯竭之前。額外的儲量來自 Goldrush、Turquoise Ridge 和 Leeville，重要的是，資源增長來自 Carlin 和 Turquoise Ridge。

And so as we build this -- our geology and mineral resource management, we're managing the replacement of our -- of the gold that we mine. An important component in a long-term sustainable mining business. There's still more to come from Goldrush in the short term. And longer-term prospects for the continued expansion of the complex asset base are very good.

所以當我們建立這個 - 我們的地質和礦產資源管理，我們正在管理我們 - 我們開采的黃金的替換。長期可持續採礦業務的重要組成部分。短期內，Goldrush 還會帶來更多成果。複雜資產基礎持續擴張的長期前景非常好。

As we all know, the environment in Latin America has become quite dynamic. And while we still have some legacy issues there, we are getting on the front foot in dealing with them. We've put a lot of effort into strengthening our presence, completing transforming Veladero and sending our exploration teams along the Andes across the full length of Argentina and Peru and into Guyana and Suriname to hunt for new opportunities. Negotiations around Porgera have progressed to the point where we envisage restarting the mine in July, but we have excluded production from our guidance for the time being and until we have everything agreed with the PNG government. We've also set up a new Asia Pacific team to broaden our horizons in this enlarged region, which we see as having significant growth potential.

眾所周知，拉丁美洲的環境已經變得非常活躍。雖然我們仍然存在一些遺留問題，但我們正在處理這些問題。我們付出了很多努力來加強我們的影響力，完成 Veladero 的改造，並派遣我們的勘探團隊沿著安第斯山脈穿越阿根廷和秘魯，進入圭亞那和蘇里南，以尋找新的機會。圍繞波格拉的談判已經進展到我們設想在 7 月重啟礦山的地步，但我們暫時將生產排除在我們的指導之外，直到我們與巴布亞新幾內亞政府達成一致為止。我們還成立了一個新的亞太團隊，以拓寬我們在這個擴大後的地區的視野，我們認為該地區具有巨大的增長潛力。

The Tier 1 Pueblo Viejo mine in the Dominican Republic was one of our star performers, achieving a record mill throughput for the third year in succession. Production and costs were in line with guidance for the year. The plant expansion and mine life extension project continues to make good progress, although as we previously flagged, supply chain disruptions have delayed the timing of the project completion from July to the end of this year.

位於多米尼加共和國的一級 Pueblo Viejo 礦山是我們的佼佼者之一，連續第三年實現了創紀錄的工廠吞吐量。生產和成本符合當年的指導。工廠擴建和礦山壽命延長項目繼續取得良好進展，儘管正如我們之前指出的那樣，供應鏈中斷已將項目完成時間從 7 月推遲到今年年底。

Consequently, we have updated our 2022 production and capital guidance to take this into account. In conjunction with the government, the selection and permitting process for the new tailings storage facility is underway. And once completed, and this is important, the project will deliver a super mine capable of producing more than 800,000 ounces of gold per year up and beyond, up to and beyond 2040. And in fact, most of that period, it's above 900,000 ounces a year, and we have 2 years where we go over 1 million ounces.

因此，我們更新了 2022 年的生產和資本指導以考慮到這一點。與政府一道，新尾礦儲存設施的選擇和許可程序正在進行中。一旦完成，這一點很重要，該項目將提供一個超級礦山，到 2040 年及以後，每年可生產超過 800,000 盎司黃金。事實上，那個時期的大部分時間，它都在 900,000 盎司以上一年，我們有 2 年的時間超過 100 萬盎司。

The transformation of Veladero in Argentina has probably been our biggest success in the region, where we have turned it from a struggler into a significant contributor with production forecast at around 460,000 ounces for this year. The Phase 6 heap leach facility was commissioned in 2021, and the first stage of Phase 7 is scheduled for completion middle of this year. The cross-border connection to the Chilean power grid was also completed last year. and it will be switched on when we get that final permit from the Argentinian government. This connection will not only cut Veladero's costs, but will be another important component of the group's clean energy drive.

Veladero 在阿根廷的轉型可能是我們在該地區取得的最大成功，我們已將其從掙扎者轉變為重要貢獻者，預計今年的產量約為 460,000 盎司。第 6 期堆浸設施於 2021 年投入使用，第 7 期的第一階段計劃於今年年中完成。與智利電網的跨境連接也於去年完成。當我們從阿根廷政府獲得最終許可時，它將被打開。這種聯繫不僅將降低 Veladero 的成本，而且將成為該集團清潔能源驅動的另一個重要組成部分。

Over now to Africa and the Middle East, which for the third year in a row, achieved the top end of production guidance. It also kept up its record of reserve replenishment replacing 165% of the ounces depleted by mining on a 100% basis. During the year, the region paid out just under $1 billion in dividends to its stakeholders.

現在到非洲和中東，連續第三年達到生產指導的高端。它還保持了儲備補充的記錄，以 100% 的基礎取代了 165% 的因採礦而耗盡的盎司。在這一年裡，該地區向其利益相關者支付了不到 10 億美元的股息。

And at Loulo-Gounkoto in Mali, production and costs were comfortably within the guidance ranges, demonstrating the value and step of Tier 1 assets. The complex continues to forecast a robust 5-year production plan and brownfields exploration across the 2 permits continues to show upside. Across the border in Senegal, we've doubled our land position and continue to generate robust results from the Bambadji joint venture.

在馬里的 Loulo-Gounkoto，生產和成本都在指導範圍內，證明了一級資產的價值和步驟。該綜合體繼續預測穩健的 5 年生產計劃，並且 2 個許可證的棕地勘探繼續顯示出上行空間。在塞內加爾邊境，我們的土地份額翻了一番，並繼續從 Bambadji 合資企業中取得強勁的成果。

Kibali also delivered a pleasing performance with all metrics within the guidance ranges and mineral reserves net of depletion, increased for the third successive year at this operation as well. The mine paid $200 million in dividends last year, this being the first step in a process of repatriating the cash to joint venture shareholders from the DRC. Like Loulo and Loulo-Gounkoto, Kibali continued to find new ore bodies within the main mining area all accessible from the existing infrastructure with multiple opportunities identified to add reserves in the future as highlighted in this slide.

Kibali 的所有指標都在指導範圍內，扣除枯竭後的礦產儲量也取得了令人滿意的表現，在該業務中也連續第三年增加。該礦去年支付了 2 億美元的股息，這是將現金從剛果民主共和國匯回合資企業股東的第一步。與 Loulo 和 Loulo-Gounkoto 一樣，Kibali 繼續在主要礦區內發現新的礦體，這些礦體都可以通過現有基礎設施進入，並確定了未來增加儲量的多種機會，如本幻燈片中所強調的那樣。

And in Tanzania, the 2 previously moribund mines we took over from Acacia have been transformed beyond recognition, last year, producing in excess of 500,000 ounces of gold together. North Mara is on track to become a new fully-integrated open pit and underground operation this year, and has the foundation for a 10-year plan with plenty of opportunities to expand on it. The ramp-up of Bulyanhulu's mining and processing operations has been completed, and the mine is set to produce well in excess of 200,000 ounces per annum for at least 20 more years.

在坦桑尼亞，我們從 Acacia 手中接手的 2 座之前瀕臨死亡的礦山已經面目全非，去年共生產了超過 500,000 盎司的黃金。北馬拉今年有望成為一個新的全集成露天礦和地下作業，並為 10 年計劃奠定了基礎，並有大量擴展機會。 Bulyanhulu 的採礦和加工業務的增產已經完成，該礦的年產量將超過 200,000 盎司，至少再持續 20 年。

Our copper operations remain a key differentiator and continue to make a real contribution to the group's bottom line. In quarter 4, this business produced 126 million pounds of copper and generated an all-in sustaining cost margin of around $200 million. Lumwana in Zambia is a long-life mine, which will be profitable at any realistically conceivable copper price.

我們的銅業務仍然是一個關鍵的差異化因素，並繼續為集團的底線做出真正的貢獻。在第 4 季度，該業務生產了 1.26 億磅銅，並產生了約 2 億美元的全部維持成本利潤率。贊比亞的 Lumwana 礦是一個壽命長的礦山，在任何實際可以想像的銅價下都可以盈利。

In Saudi Arabia, we're looking at expanding our presence along with Ma'aden, our joint venture partners at Jabal Sayid. On our own account, we're also investigating opportunities within the Nubian Shield in Egypt. And at Zaldívar in Chile, we achieved a production guidance and completed the Chloride Leach project which is scheduled for commissioning this quarter.

在沙特阿拉伯，我們正在考慮與我們在 Jabal Sayid 的合資夥伴 Ma'aden 一起擴大我們的業務。就我們自己而言，我們也在調查埃及努比亞之盾內的機會。在智利的 Zaldávar，我們實現了生產指導並完成了計劃於本季度投產的 Chloride Leach 項目。

Each of Barrick's global network of mines continue to invest in their social license to operate, which we work hard to maintain. Unlike Wall Street, we at Barrick didn't discover ESG just a few years ago. Sustainability is at the very heart of our business, and it's not a virtue signaling exercise. Of course, caring about the people and the environments impacted by our operations is a moral imperative, but it also makes good commercial sense as Barrick's partnership philosophy has proved time and again.

巴里克的每個全球礦山網絡都繼續投資於他們的社會經營許可，我們努力維護。與華爾街不同，我們巴里克在幾年前還沒有發現 ESG。可持續性是我們業務的核心，它不是一種美德信號練習。當然，關心受我們運營影響的人員和環境是道德上的當務之急，但這也具有良好的商業意義，因為巴里克的合作理念已經一次又一次地證明了這一點。

This year, we'll again be publishing a detailed sustainability report, which, among other things, objectively rates our performance against all critical ESG metrics. We also remain in the 95th percentile of the Dow Jones Sustainability World Index; and in the top 5% for environmental policy and management, mineral waste management, closure and social impact. We've also improved our CDP rating from a C to a B, and we will be one of the first in the industry to start reporting on forestry.

今年，我們將再次發布詳細的可持續發展報告，其中除其他外，根據所有關鍵 ESG 指標客觀地評估我們的表現。我們還保持在道瓊斯可持續發展世界指數的第 95 個百分位；在環境政策和管理、礦產廢物管理、關閉和社會影響方面排名前 5%。我們還將 CDP 評級從 C 提高到 B，我們將成為業內最早開始報告林業的公司之一。

One example of Barrick's sustainability commitment in action is our mine closure policy, which is designed to leave behind healthy, thriving communities when we end mining operations. We reclaim as we go along, last year restoring more than 700 hectares to their former state. Well-planned mine closure can even be a source of economic benefit. For example, the production of sulfide concentrate at the Golden Sunlight mine which was closed in 2019 not only removes a potential source of environmental contamination, but provides Nevada Gold Mines with sulfur fuel and pays for the rehabilitation of this mine.

巴里克可持續發展承諾的一個例子是我們的礦山關閉政策，該政策旨在在我們結束採礦作業時留下健康、繁榮的社區。我們邊走邊開墾，去年將 700 多公頃土地恢復到原來的狀態。精心策劃的礦山關閉甚至可以成為經濟利益的來源。例如，2019 年關閉的 Golden Sunlight 礦生產硫化物精礦不僅消除了潛在的環境污染源，而且為內華達金礦提供了硫燃料，並支付了該礦的修復費用。

An important component of our sustainability strategy is close alignment with our host communities. A notable instance of this partnership philosophy in action is how we turn the tailings mess we inherited at North Mara into a facility that meets international standards and is acceptable to the authorities and the communities surrounding there.

我們可持續發展戰略的一個重要組成部分是與我們所在社區的密切合作。這種夥伴關係理念的一個顯著實例是，我們如何將我們在北馬拉繼承的尾礦垃圾變成一個符合國際標準並為當局和周圍社區所接受的設施。

Sustainability is all about the future, whether it's our ESG commitments or ensuring we are sustainably profitable and invest properly in that future by consistently expanding our asset base. We published our annual reserve and resource declaration last week, attributable, proven and probable gold reserves and resources both grew net of depletion and at higher grades. And while copper showed a slight reduction, there are many opportunities already identified to reverse this. In both cases, upgraded geological models are supporting the group's rolling 10-year business plans.

可持續發展關乎未來，無論是我們的 ESG 承諾，還是通過不斷擴大我們的資產基礎來確保我們可持續盈利並在未來進行適當投資。我們上週發布了年度儲量和資源聲明，可歸屬的、已探明的和可能的黃金儲量和資源在扣除枯竭後均增長且品位更高。儘管銅價略有下降，但已經確定了許多扭轉這種局面的機會。在這兩種情況下，升級後的地質模型都支持該集團滾動的 10 年業務計劃。

These plans are also underpinned by our strong balance sheet. Prior to announcing the merger with Randgold in 2018, Barrick had a net debt burden greater than $4 billion. Since then, we have generated significant free cash flow and divested noncore assets. As at the end of 2021, in addition to being in a net cash position, we have also returned almost $2.5 billion in cash to shareholders over the past 3 years.

我們強大的資產負債表也為這些計劃提供了支持。在 2018 年宣布與 Randgold 合併之前，巴里克的淨債務負擔超過 40 億美元。從那時起，我們產生了大量的自由現金流並剝離了非核心資產。截至 2021 年底，除了淨現金狀況外，我們還在過去 3 年向股東返還了近 25 億美元的現金。

We also have a strong record of growing shareholder returns over the past 5 years, as shown in this slide. With this quarter 4 dividend, we are extending this track record and increasing the base payout to $0.10 per share, up $0.11 from quarter 3. To enable shareholders to anticipate future returns and as we promised, the Board has approved a performance-based dividend policy tied to the net cash available at the end of each quarter as shown in the table at the bottom of the slide. And at the same time, the Board has also approved a $1 billion share buyback program.

如這張幻燈片所示，我們在過去 5 年中也擁有不斷增長的股東回報的強勁記錄。憑藉本季度的第 4 季度股息，我們正在擴大這一業績記錄，並將基本派息增加到每股 0.10 美元，比第 3 季度增加 0.11 美元。為了使股東能夠預期未來的回報，正如我們所承諾的那樣，董事會批准了一項基於績效的股息政策與每季度末可用的淨現金掛鉤，如幻燈片底部的表格所示。同時，董事會還批准了一項 10 億美元的股票回購計劃。

As you can see from this slide, we expect our free cash flow from operating mines to increase over the next 5 years, no matter what commodity price one assumes. It's worth noting that every -- for every $100 per ounce increase in the gold price, the attributable free cash flow generated by our gold operations increases by around $1.5 billion, thanks to the operating leverage provided by our 6 Tier 1 assets. Similarly, for copper, for every $0.50 per pound increase, the attributable free cash flow increases by around $800 million.

正如您從這張幻燈片中看到的那樣，我們預計未來 5 年我們來自運營礦山的自由現金流將增加，無論商品價格如何。值得注意的是，由於我們的 6 個一級資產提供的經營槓桿，黃金價格每上漲 100 美元/盎司，我們的黃金業務產生的歸屬自由現金流就會增加約 15 億美元。同樣，對於銅，每增加 0.50 美元/磅，可歸屬的自由現金流增加約 8 億美元。

This is our 5-year gold production forecast based on a gold price of $1,700 per ounce and it incorporates the cost impact of royalties at higher forecast gold prices. Our declining capital investment and all-in sustaining costs should ensure a growing free cash flow at any reasonable foreseeable gold price. The same is true of copper, which is already contributing some 20% of our bottom line and is well set to improve on that. In particular, our investment this year and in 2023 at Lumwana for stripping and new mining equipment sets the stage for some significant production growth at this asset from 2024 onwards.

這是我們基於每盎司 1,700 美元黃金價格的 5 年黃金產量預測，其中包含了較高預測金價對特許權使用費的成本影響。我們不斷下降的資本投資和全部維持成本應確保在任何合理可預見的黃金價格下自由現金流不斷增長。銅也是如此，它已經為我們的底線貢獻了大約 20%，並且準備好在這一點上有所改善。特別是，我們今年和 2023 年在 Lumwana 對剝離和新採礦設備的投資為從 2024 年起該資產的一些顯著產量增長奠定了基礎。

And this is our 10-year gold production forecast. It's important to note that this is entirely based on our current operations and does not take into account the many real growth opportunities that are within our reach, including Porgera, Donlin, Nevada, our South American and African portfolios and the prospects consistently being uncovered by our exploration teams in and around our existing regions as well as our new frontiers.

這是我們對 10 年黃金產量的預測。需要注意的是，這完全基於我們目前的運營，並未考慮到我們能夠實現的許多實際增長機會，包括 Porgera、Donlin、Nevada、我們的南美和非洲投資組合以及由我們的勘探團隊在我們現有的地區以及我們的新領域內外。

And so ladies and gentlemen, getting back to our value-creating story that I started the presentation with. I believe Barrick offers the market a uniquely attractive investment opportunity. We have what is undoubtedly the best asset base in the business with 6 Tier 1 mines and more waiting in the wings. All our mines have a 10-year business plan, based not on wishful thinking, but on geological understanding, proper engineering and commercial reality. We have a significant and growing copper business, which is already providing meaningful free cash flow to the group.

女士們，先生們，讓我們回到我開始演講的那個創造價值的故事。我相信巴里克為市場提供了一個獨特而有吸引力的投資機會。我們擁有 6 座一級礦場和更多的礦場，無疑是業內最好的資產基礎。我們所有的礦山都有一個 10 年的商業計劃，不是基於一廂情願，而是基於地質理解、適當的工程和商業現實。我們擁有一項重要且不斷增長的銅業務，該業務已經為集團提供了可觀的自由現金流。

In an industry running out of raw material, we keep expanding our reserves. Our strong balance sheet will fund our investment in growth projects. We have a long record of exploration success and a high-quality target pipeline. Sustainability, as I said in the presentation, has long been a strategic business priority. And we have an industry-leading approach, which is entrenched in Barrick's DNA informing every decision we make.

在原材料枯竭的行業中，我們不斷擴大儲備。我們強勁的資產負債表將為我們對增長項目的投資提供資金。我們擁有長期的勘探成功記錄和高質量的目標管道。正如我在演講中所說，可持續發展長期以來一直是企業的戰略重點。我們擁有行業領先的方法，這種方法根植於巴里克的 DNA 中，為我們做出的每一個決定提供信息。

Compliance with standards, of course, remains important, however, it is now a natural byproduct of our strategy rather than the primary output of the team. And finally, we have delivered on our commitment in growing shareholder returns and have now established a clear framework on how this will evolve going forward.

當然，遵守標準仍然很重要，但是，它現在是我們戰略的自然副產品，而不是團隊的主要輸出。最後，我們已經兌現了提高股東回報的承諾，現在已經建立了一個明確的框架來說明這將如何發展。

So again, ladies and gentlemen, thank you for your attention. And before I pass back to the operator to take questions, I would also like to take this opportunity to introduce Christine Keener, who is our new Chief Operating Officer for North America. As you know, Catherine Raw left us at the end of last year. We're delighted to have Christine join our team. She has actually recently been with myself and the team out at Nevada. She's in the saddle. And Christine, we welcome you to the team. And I'm sure many of you will, in short shrift, have time to discuss matters with Christine going forward.

女士們，先生們，再次感謝你們的關注。在我轉回給運營商提問之前，我還想藉此機會介紹一下我們新任北美首席運營官 Christine Keener。如你所知，Catherine Raw 於去年年底離開了我們。我們很高興克里斯汀加入我們的團隊。實際上，她最近一直和我自己以及內華達州的團隊在一起。她在馬鞍上。克里斯汀，我們歡迎您加入團隊。我相信你們中的許多人都會有時間與克里斯汀討論未來的問題。

So with that, thank you for your attention. And again, the greater Barrick team, some of them are how with me in Toronto, are online where they are not in Toronto, and we'll be delighted to take questions should you have any.

因此，感謝您的關注。再一次，更大的巴里克團隊，其中一些是我在多倫多的情況，在他們不在多倫多的地方在線，如果您有任何問題，我們將很高興回答。

(Operator Instructions) Our first question is from Cleve Rueckert with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Cleve Rueckert。

Great. And congratulations on finalizing the dividend policy and a good set of results, Mark and team. I've got 2 questions. The first, Mark, just on the 10-year outlook on Slide 28. I appreciate you gave just a synopsis of a couple of the areas that could add to that forecast. Aside from Porgera, I don't know if you could give us a little bit more color on potential growth opportunities kind of before that 2027 time frame that's laid out there on the slide, where if you have any confidence in adding to that outlook kind of in the near term?

偉大的。並祝賀馬克和團隊最終確定了股息政策和一系列良好的結果。我有 2 個問題。第一個，馬克，只是關於幻燈片 28 的 10 年展望。我很感激你只是簡要介紹了可以增加該預測的幾個領域。除了 Porgera，我不知道您是否可以在幻燈片上列出的 2027 年時間框架之前給我們更多關於潛在增長機會的信息，如果您有信心增加這種前景類型在短期內？

Yes. So of course, in the near term, we've got some opportunities, some real opportunities, and you've touched on Porgera already. In Nevada, again, we've got some very exciting new targets, both adjacent to known infrastructure and projects that we have initiated like looking at the gap between Twin Creeks and Turquoise Ridge. And we've got some more new greenfields exploration across the Nevada complex.

是的。所以，當然，在短期內，我們有一些機會，一些真正的機會，你已經接觸到 Porgera。再次在內華達州，我們有一些非常令人興奮的新目標，它們都與已知的基礎設施和我們發起的項目相鄰，例如查看 Twin Creeks 和 Turquoise Ridge 之間的差距。我們在內華達州的綜合體進行了更多新的綠地探索。

We are looking to grow our opportunities in DRC at the moment. We have got some very interesting opportunities that we are evaluating. As I touched on, we've got some exciting exploration ground in Senegal, across the river from Loulo-Gounkoto.

目前，我們正在尋求增加在剛果民主共和國的機會。我們正在評估一些非常有趣的機會。正如我所提到的，我們在塞內加爾有一些令人興奮的勘探場，與 Loulo-Gounkoto 隔河相望。

We are continuing to work on the portfolio of projects that we have along the Andean trend. And again, our big focus is adding life to Veladero. And Veladero in itself is part of the Pascua-Lama infrastructure. And again, as I've said in previous presentations, we are working really hard at trying to define the resource base, particularly in the Lama side of the Pascua-Lama project, which is in the Argentinian side. And we have a target of 2024 to try and get our head around the prospectivity of the many targets that we inherited from the previous Barrick management.

我們將繼續致力於沿著安第斯趨勢開展的項目組合。同樣，我們的重點是為 Veladero 增添活力。 Veladero 本身就是 Pascua-Lama 基礎設施的一部分。同樣，正如我在之前的演講中所說，我們正在努力定義資源基礎，特別是在阿根廷方面的 Pascua-Lama 項目的 Lama 方面。我們有一個 2024 年的目標，試圖了解我們從前巴里克管理層繼承的許多目標的前景。

And so -- and then, of course, there's the challenge of realizing the arbitration award that we received in favor of the Reko Diq project in Pakistan, and that's something that is a key component to something that's not reflected in our share price. And at the same time, we've opened up new frontiers. As I've touched on, Egypt, we are busy working there. We are looking at expanding our partnership with Ma'aden in Saudi Arabia. We've got geologists now working in Guyana in South America and also Ecuador. So again, we've pushed out the boat.

所以 - 當然，還有實現我們收到的支持巴基斯坦 Reko Diq 項目的仲裁裁決的挑戰，這是我們股價中未反映的事情的關鍵組成部分。與此同時，我們開闢了新的領域。正如我所提到的，埃及，我們正忙著在那里工作。我們正在考慮擴大與沙特阿拉伯 Ma'aden 的合作夥伴關係。我們現在有地質學家在南美洲的圭亞那和厄瓜多爾工作。因此，我們再次推出了船。

I think the key for me to leave with you is when you look forward, we really get easily up to that 4.8 million ounce a year target. And we built it on really the big Tier 1 assets that we have. And I'll give you an example. Carlin will grow -- well, Carlin is a 1.6 million ounce producer, and it goes on for a long time. The key growth in Nevada is Cortez. And on the back of the record of decision we're expecting out of Goldrush, Cortez moves very quickly into the 900,000 ounce per year and then 1 million-ounce producer for that long 10-year period. So that is a big contributor to Nevada, and its contribution to the bottom line of Barrick, and of course, Newmont as well.

我認為讓我和你一起離開的關鍵是，當你向前看時，我們真的很容易達到每年 480 萬盎司的目標。我們將它建立在我們擁有的真正的大型一級資產之上。我會給你一個例子。卡林會成長——嗯，卡林是 160 萬盎司的生產商，而且會持續很長時間。內華達州的主要增長點是 Cortez。根據我們對 Goldrush 的預期決策記錄，Cortez 迅速進入每年 900,000 盎司的產量，然後在長達 10 年的時間裡生產 100 萬盎司。所以這是內華達州的一大貢獻，它對巴里克的底線做出了貢獻，當然還有紐蒙特。

And then Turquoise Ridge has got a steady ramp-up forecast for the next 5 years at least. And that takes it up to the sort of 700,000 -- 690 -- so 650,000 to 700,000 ounce production profile. We've got some exciting opportunities in Tanzania. We are very bullish about Tanzania and the opportunities there now that we've got those 2 big operating platforms. One is Bulyanhulu, which still has capacity in its processing facility. You would have seen that we've announced the expansion of the Bulyanhulu footprint just recently. And the challenge in Buly is we need another mining front, another set of faces to operate. And that -- to do that, we need to delineate and bank another vein system, which is the primary sort of ore body that we mine currently in 2 different ore bodies within the Bulyanhulu mining lease.

然後，Turquoise Ridge 至少在未來 5 年內獲得了穩定的增長預測。這使它達到了 700,000 - 690 - 所以 650,000 到 700,000 盎司的產量。我們在坦桑尼亞有一些令人興奮的機會。我們非常看好坦桑尼亞以及現在我們擁有這兩個大型運營平台的機會。一個是 Bulyanhulu，其加工設施仍有產能。您會看到我們最近剛剛宣布擴大 Bulyanhulu 的足跡。 Buly 面臨的挑戰是我們需要另一個採礦前沿，另一組面孔來運作。並且——為此，我們需要劃定另一個礦脈系統，這是我們目前在 Bulyanhulu 採礦租約內的 2 個不同礦體中開采的主要礦體。

Same with North Mara. We've now got North Mara properly balanced, a decent 10-year plan, made up of an integrated open pit and underground mining structure. And you would remember, North Mara was one of those mines that was either roast duck or no dinner. And what we've got now is a very consistent 300,000 ounce production profile for 10 years and a lot of upside that is not baked into our plans yet.

與北馬拉相同。我們現在已經得到了適當平衡的北馬拉，這是一個體面的 10 年計劃，由一個集成的露天礦和地下採礦結構組成。你會記得，北馬拉是那些要么是烤鴨要么沒有晚餐的礦山之一。我們現在得到的是 10 年來非常一致的 300,000 盎司產量配置文件，還有很多尚未納入我們計劃的上行空間。

And so -- and then Mark and his team are starting up our Asia Pacific focus, and we're excited about the opportunities to grow our footprint in that area. And again, South America is -- as you all know, is a challenging place right now to operate. But with it, as I've found in my career, that always brings opportunities. So -- we have a great team. We are expanding and improving our exploration groups, both in South America and across Africa. And we've built a very solid exploration team in North America, that's both Canada and the United States.

所以——然後馬克和他的團隊開始關注我們的亞太地區，我們很高興有機會擴大我們在該地區的足跡。再一次，南美洲——眾所周知，現在是一個充滿挑戰的地方。但正如我在職業生涯中發現的那樣，有了它，總會帶來機會。所以——我們有一個很棒的團隊。我們正在擴大和改進我們在南美洲和整個非洲的勘探團隊。我們在北美建立了一個非常穩固的勘探團隊，包括加拿大和美國。

So there's a lot to come organically. Of course, as you know, one big discovery changes everything. And that's where you really create value in a mining company.

所以有機會有很多東西。當然，如您所知，一項重大發現改變了一切。這就是你在礦業公司中真正創造價值的地方。

Right. Okay. And sort of switching gears a little bit, thinking more about capital allocation. I know you'd like to talk about M&A. You are sort of always assessing M&A. It seems like sort of the deal or at least the competition for deals has been somewhat intense over the last couple of years. I guess this presentation really focused a lot more on the organic growth opportunities, and now you're sort of reinforcing the buyback of the dividend. Has your -- I mean, has your thought process around M&A changed at all in the last couple of months or the last year?

對。好的。有點切換齒輪，更多地考慮資本配置。我知道你想談談併購。你總是在評估併購。在過去的幾年裡，似乎某種交易或至少交易的競爭有些激烈。我想這個演講真的更多地關注有機增長機會，現在你在某種程度上加強了股息的回購。你的——我的意思是，在過去幾個月或去年，你對併購的思考過程是否發生了變化？

Not at all. And as you know, I talk a lot about M&A and have done very little. But the M&A that we've done has been value creating, indisputably value creating. And I think I would point out the competition for M&A at the moment is a competition to survive. And so you get these very high priced deals, and we don't do deals like that. So -- people know that. We've been around, as you know, you've known me for a long time and some of the audience even longer.

一點也不。如你所知，我談了很多關於併購的事情，但做的很少。但我們所做的併購一直在創造價值，無可爭辯的價值創造。我想我會指出，目前的併購競爭是一場生存競爭。所以你得到了這些非常高價的交易，而我們不做這樣的交易。所以——人們知道這一點。正如你所知，我們一直在身邊，你認識我很久了，有些觀眾甚至更久了。

And so we look at -- we've got a very strict filter in the way we assess opportunities. And I think we were going reasonably well. I think ourselves with our deals and the acquisition by Newmont of Goldcorp created real value for this industry. I reflect on some of the recent transactions sort of brings back memories of 2012 and 2013. And we're not in that business. And we don't have to do those sort of transactions. We don't have to buy things to extend our life. We've got a solid platform, the same as we had in Randgold Resources. And our intention is to build on that value platform that we've created.

所以我們看 - 我們在評估機會的方式上有一個非常嚴格的過濾器。我認為我們進展得相當順利。我認為我們的交易以及 Newmont 對 Goldcorp 的收購為這個行業創造了真正的價值。我回顧了最近的一些交易，有點讓人想起 2012 年和 2013 年。而且我們不從事那個行業。而且我們不必進行此類交易。我們不必為了延長壽命而買東西。我們有一個穩固的平台，就像我們在 Randgold Resources 中的平台一樣。我們的目的是建立在我們創建的價值平台上。

And we set out to do that. In 2018, when we announced the merger with Randgold, we were very clear that our focus was high-quality assets run by the best people, focus on profitability and real sustainable returns to our shareholders, and that's what we intend to continue to drive at.

我們開始這樣做。 2018 年，當我們宣布與 Randgold 合併時，我們非常清楚我們的重點是由最優秀的人經營的優質資產，專注於盈利能力和真正可持續的股東回報，這就是我們打算繼續推動的目標.

Our next question is from Josh Wolfson with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Josh Wolfson。

So understandably, strategies and philosophies change over time and adapt to the market. Historically, for Randgold and Barrick, share buybacks have not been one of the primary factors for capital allocation. As part of the new strategy, it is something which is more prominent. Mark, could you perhaps walk us through perhaps what's changed and why this is the right move?

可以理解的是，戰略和理念會隨著時間的推移而變化並適應市場。從歷史上看，對於蘭德戈爾德和巴里克來說，股票回購併不是資本配置的主要因素之一。作為新戰略的一部分，它更加突出。馬克，您能否帶我們了解一下發生了什麼變化以及為什麼這是正確的舉措？

So Josh, for as long as I've known you, you've been trying to change my strategy. That strategy has been pretty focused and clear. And at the same time, we react to certain situations. And one of them is that we feel that the share price is not being properly valued. And so it makes sense to clear the opportunity, clear it with the market, the opportunity to buy back stock in a situation like this. So I can't -- I don't understand how you can say that's a change in strategy. I mean it makes sense. It's a provisional approval. We can do with it. We can use it for the right reasons, and we've been very clear about that.

所以喬希，自從我認識你以來，你就一直試圖改變我的策略。該策略非常集中和明確。同時，我們會對某些情況做出反應。其中之一是我們認為股價沒有被正確估值。因此，在這種情況下清除機會，清除市場，回購股票的機會是有意義的。所以我不能——我不明白你怎麼能說這是戰略的改變。我的意思是這很有意義。這是臨時批准。我們可以用它。我們可以出於正確的原因使用它，我們對此非常清楚。

At the same time, we are very focused. We've -- as I promised you and the rest of the crew 3 years ago, we have delivered a revised dividend policy based on the strength of our P&L, and that's always been the strategy. I don't believe in creating dividends or borrowing to pay dividends. We've always paid -- I've always paid dividends based on the strength of the P&L. And to be able to have a strong P&L, you have to have quality assets.

同時，我們非常專注。我們已經 - 正如我在 3 年前向你和其他工作人員承諾的那樣，我們已經根據我們的損益表的實力提供了修訂後的股息政策，這一直是我們的策略。我不相信創造股息或借貸來支付股息。我們一直支付 - 我一直根據損益表的強度支付股息。為了能夠擁有強大的損益，您必須擁有優質資產。

And so -- and you need to clear up your balance sheet and your debt structure, which we've done. So everything is ticking the boxes and 18th -- 2018, September, we very clearly said that's what we're going to do. Take out the debt, clean up the balance sheet, focus on high-quality assets and returns, real value creation on a sustainable basis for our shareholders and other stakeholders as well.

所以——你需要清理你的資產負債表和債務結構，我們已經這樣做了。所以一切都在打勾，18 日——2018 年 9 月，我們非常明確地說這就是我們要做的。消除債務，清理資產負債表，關注高質量的資產和回報，在可持續的基礎上為我們的股東和其他利益相關者創造真正的價值。

All right. I'll do my best to try to refrain from changing the company's strategy, but don't hold me to it. On the new sort of 5-year outlook, looking at the production, it looks -- and granted, we're working with our geometry sets here. It looks to touch lighter in maybe 100,000 ounces over the next couple of years. What would that be attributable to? Is that a function of PV? Or are there other factors in there?

好的。我會盡量避免改變公司的戰略，但不要強迫我。在新的 5 年展望中，著眼於生產，它看起來——當然，我們正在這裡使用我們的幾何設置。在接下來的幾年裡，它看起來可能會在 100,000 盎司內變得更輕。那會歸因於什麼？這是PV的功能嗎？還是裡面有其他因素？

So there's the -- this year, there is a change in the balance because of the expansion in Pueblo Viejo, which we've communicated some time back, and that drops the production by 100,000 ounces. It pulls back up immediately next year as we finish the completion of the expansion, and you know the background behind that.

所以有 - 今年，由於 Pueblo Viejo 的擴張，平衡發生了變化，我們已經在一段時間前進行了溝通，這使得產量下降了 100,000 盎司。隨著我們完成擴展，它會在明年立即恢復，你知道這背後的背景。

The growth side, so going from 4.4 to 4.8 is very clear. There's -- the other change has been the suspension of operations at Long Canyon. And again, for that asset, we're reviewing whether we keep it in our portfolio or not because, again, we're very focused on the quality of our assets and the longevity of the assets.

增長方面，因此從 4.4 到 4.8 非常明確。還有 - 另一個變化是 Long Canyon 的運營暫停。同樣，對於該資產，我們正在審查是否將其保留在我們的投資組合中，因為我們再次非常關注資產的質量和資產的壽命。

And the other one is -- will be Hemlo where we've reset the ramp-up. And so that's -- we've slowed that profile as we wrestle with getting that mine back on track. And that mine went through some challenges with COVID and the -- we made a commitment to bring in contract miners and then COVID blocked -- shut down the ability for the Australian teams to come into Canada. And so we're reassessing that operation. And those are the impacts on that profile. But the profile still is -- I don't know what sort of accuracy your ruler is, but it takes us back up to about the 4.8 million ounces. And remember, these are ounces and plans that we have, clear, they're not forecasts. They're actually plans, Josh.

另一個是 - 將是 Hemlo，我們已經重置了加速。所以這就是 - 我們已經放慢了這個配置文件，因為我們正在努力讓那個礦回到正軌。該礦在 COVID 方面遇到了一些挑戰，而且我們承諾引進合同礦工，然後 COVID 被封鎖——澳大利亞團隊無法進入加拿大。因此，我們正在重新評估該操作。這些就是對該配置文件的影響。但輪廓仍然是——我不知道你的尺子的精度是多少，但它讓我們回到了大約 480 萬盎司。請記住，這些是我們擁有的盎司和計劃，很明顯，它們不是預測。他們實際上是計劃，喬希。

Our next question is from Matthew Murphy with Barclays.

我們的下一個問題來自巴克萊銀行的 Matthew Murphy。

Similar question on the charts guidance outlook on CapEx, though, this time. The way I'm looking at it, it looks like CapEx is up around $200 million to $300 million a year. Do you disagree with that? And if it is up, what is the -- what are some of the drivers there?

不過，這一次關於資本支出圖表指導前景的類似問題。我的看法是，資本支出每年增加約 2 億至 3 億美元。你不同意嗎？如果它啟動了，那是什麼 - 那裡的一些驅動程序是什麼？

So yes, just for capital stake, one of the biggest drivers on capital is the decision to -- I mean, the whole focus on Lumwana. The fact that the Africa and Middle East team got their head around Lumwana, got the cost down, they halved the mining costs. We've -- there's a bigger investment in investing in their equipment. We've got some additions to make to like the crushing circuit and so on. That's a big change. The capital in Porgera -- in ramping up Porgera, that's not in the forecast, Graham, yet, the capital for Porgera? So then it's -- so I'll pass it on to Graham, he can finish the explanations.

所以是的，僅就資本股權而言，資本的最大驅動力之一是決定——我的意思是，將全部重點放在 Lumwana 上。事實上，非洲和中東團隊在 Lumwana 周圍投入了精力，降低了成本，他們將採礦成本減半。我們已經 - 對他們的設備進行了更大的投資。我們有一些添加來喜歡破碎電路等等。這是一個很大的變化。 Porgera 的首府——正在加速 Porgera，這不在預測中，Graham，但是，Porgera 的首府？那麼它是- 所以我會把它傳遞給格雷厄姆，他可以完成解釋。

So thanks, Matt. I mean the key drivers, as Mark has already touched on is, it's the -- some of the changes in the mine plans. We've obviously had some carryover of capital from 2021 into 2022 and a little bit beyond related to the delays in the PV expansion. That was our biggest growth capital project, and that's carried over a little into 2022 because of the supply chain -- global supply chain constraints that we've had there.

所以謝謝，馬特。我的意思是，正如馬克已經提到的那樣，關鍵驅動因素是——礦山計劃中的一些變化。從 2021 年到 2022 年，我們顯然有一些資本結轉，並且與光伏擴張的延遲有關。那是我們最大的增長資本項目，由於供應鏈——我們在那裡遇到的全球供應鏈限制，它已經延續到了 2022 年。

The other area where we are investing more is in the copper business in Lumwana where historically, that's a business that has been a little starved of capital, and we we're really investing in that business because we see a lot of growth opportunities. And you can see that in the profile of the Lumwana ramp-up over the next 5 years, where we've got new fleet and other initiatives that will increase our availabilities. So that's a big factor coming through as well.

我們投資更多的另一個領域是 Lumwana 的銅業務，從歷史上看，這是一個有點缺乏資本的業務，我們確實在投資該業務，因為我們看到了很多增長機會。您可以在 Lumwana 未來 5 年的增產概況中看到這一點，我們有新的機隊和其他舉措將增加我們的可用性。所以這也是一個很大的因素。

And Matthew, the most important thing is the -- next year is our last big capital year, and then it starts coming down. And that's the driver. When you look at Barrick and its 5-year plan and all you need to do at the end of the 5 years is continue those graphs for the 10-year plan. What you do see is a growth in cash flow, free cash flow because of that declining all-in sustaining cost. And so whatever gold price you run the model at, you get an increasing cash flow in the 10-year plan. And that's -- a lot of people say, this is a flat production profile. Yes, but it's long and it's exploiting a capital base that we will have completely invested in by the end of next year, early the following year, and then you can -- and you get the benefits of that over a long period. Graham?

馬修，最重要的是——明年是我們最後一個重要的資本年，然後它開始下降。這就是司機。當您查看巴里克及其 5 年計劃時，您需要在 5 年結束時做的就是繼續這些圖表以用於 10 年計劃。你所看到的是現金流的增長，自由現金流的增長是因為持續成本的下降。因此，無論您以何種黃金價格運行模型，您都會在 10 年計劃中獲得不斷增加的現金流。那就是——很多人說，這是一個扁平的生產配置文件。是的，但它很長，它正在利用我們將在明年年底，次年年初完全投資的資本基礎，然後你可以 - 你可以在很長一段時間內從中受益。格雷厄姆？

The only other point I was just going to make was just in the AME region where we have got a little more capital in Tanzania, which is related to the redevelopment of those plans that Mark has already talked about. So the ability for us to be able to ramp up that production following the completion of the feasibility study at Buly as well as the mine redesign at North Mara, where we've now got both the open pit and underground coming back into the plan. So there's a little more capital in there and then at Loulo, where we've got the expansion to our solar plant. So that's all linked into our GHG reduction plans where we're investing in solar capacity.

我要說的另一點只是在 AME 地區，我們在坦桑尼亞有更多的資本，這與馬克已經談到的那些計劃的重新開發有關。因此，在完成 Buly 的可行性研究以及 North Mara 的礦山重新設計之後，我們有能力提高產量，我們現在已經將露天礦和地下礦都重新納入計劃。所以那裡有更多的資金，然後在 Loulo，我們在那裡擴建了我們的太陽能發電廠。所以這一切都與我們投資太陽能發電的溫室氣體減排計劃有關。

And we've got the extra 200 megawatts in Nevada as well. And I would just point out, Matthew, those -- our program, our path to 30% reduction that we've detailed, all those projects are delivering 15% IRRs at $1,200 long-term gold price. So they're all -- as much as they knew and they're dealing with our greenhouse gas emission commitments, they do reduce the costs and deliver real returns as a business, as an investment.

我們在內華達州也有額外的 200 兆瓦。我只想指出，馬修，那些 - 我們的計劃，我們詳細說明的 30% 減排途徑，所有這些項目都以 1,200 美元的長期黃金價格提供 15% 的內部收益率。所以他們都是——正如他們所知道的那樣，他們正在處理我們的溫室氣體排放承諾，他們確實降低了成本，並作為一項業務、一項投資提供了真正的回報。

Mark, is that with a carbon price? Or is that just business as usual doing that?

馬克，這有碳價嗎？或者這只是照常做的事情？

It's just business as usual. And one of the things we stuck with is we didn't get caught up in this rental stuff. We waited until the solar technology and market was as such that you could own your own solar cells and install and derive the full benefit of solar energy. And again, Barrick, with the experience we've developed in Africa as well is that we've grown our knowledge and understanding of micro grids and power generation. And that road map to 30% reduction is a real engineered, modeled project processed investment. It's not a promise without a plan, it is the plan to support the promise.

這只是照常營業。我們堅持的一件事是我們沒有被這些出租的東西所困擾。我們一直等到太陽能技術和市場成熟，您可以擁有自己的太陽能電池並安裝並充分利用太陽能。再一次，巴里克，憑藉我們在非洲發展的經驗，我們增加了對微電網和發電的知識和理解。減少 30% 的路線圖是真正經過工程設計、建模的項目處理投資。這不是沒有計劃的承諾，而是支持承諾的計劃。

Our next question is from Jatinder Goel with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Jatinder Goel。

Couple of questions. One on dividend policy, it's good to see aligning it almost to a Randgold day than basing it on net cash. But just to understand, is there a maximum net cash balance that you want to keep in balance sheet and pay everything beyond that away? Or is $1 the maximum dividend that Barrick will pay in any given year and maybe any access gets funneled through buybacks if the share price allows that?

幾個問題。一個關於股息政策的，很高興看到它幾乎與蘭德黃金日一致，而不是基於淨現金。但只是為了理解，您是否想在資產負債表中保留最大的淨現金餘額並支付超出此範圍的所有費用？或者 1 美元是巴里克在任何給定年份支付的最大股息，如果股價允許，任何訪問都可能通過回購獲得？

So the concept here is that we want to grow this business. We set out when we did the deal with Randgold, we want to build a real business, a business that's relevant in the public markets. And so part of that is building a stronger, ever stronger balance sheet. At the same time, we want to have that commitment to our shareholders, where you can look at our plans and expect -- and know what sort of yield you'll get from the payout. So right now, we stop at -- it's $1 billion, $1 billion to $1.5 billion and that payout -- so that payout keeps going. Not to say that we wouldn't revise it, but that's a good start. We've got to get to the $1.5 billion net cash first.

所以這裡的概念是我們想要發展這項業務。當我們與 Randgold 達成交易時，我們開始著手，我們想要建立一個真正的業務，一個與公共市場相關的業務。因此，其中一部分是建立更強大、更強大的資產負債表。同時，我們希望對我們的股東做出這樣的承諾，您可以在其中查看我們的計劃並期望 - 並知道您將從支付中獲得什麼樣的收益。所以現在，我們停在 - 10 億美元，10 億美元到 15 億美元和支付 - 所以支付繼續。並不是說我們不會修改它，但這是一個好的開始。我們必須首先獲得 15 億美元的淨現金。

I think the point is it's a self-correcting formula. So every quarter, we look at where the cash is and we pay out accordingly. So to the extent that we do our cash this quarter, that cash is available for a performance dividend next quarter. So it -- that's how the formula works effectively. So provided we have net cash, we are looking to pay a performance dividend.

我認為關鍵是它是一個自我糾正的公式。所以每個季度，我們都會查看現金在哪裡，並相應地支付。因此，就我們本季度的現金支付而言，該現金可用於下個季度的業績紅利。所以它 - 這就是公式有效運作的方式。因此，如果我們有淨現金，我們希望支付業績紅利。

Okay. Just one on Porgera. It looks very ripe for an imminent restart. I understand why you would exclude it from the guidance, but are you able to provide any more color on the possible time line of restart? And how long will it take to get back to full capacity?

好的。只有一個在波格拉。對於即將重新啟動，它看起來非常成熟。我理解您為什麼將其排除在指南之外，但是您能否在可能的重啟時間線上提供更多顏色？恢復滿負荷需要多長時間？

So just let me explain to you where we are. So we signed a framework agreement, it was binding. We now recently signed the commencement of the Porgera Project Commencement Agreement, PPCA. And that sets the -- it takes the framework agreement and enhances that agreement gives us more surety on the investments we're going to make is -- it clarifies the rights of the various shareholders and opens the way for the incorporation of a new Porgera vehicle company.

所以讓我向你解釋一下我們在哪裡。所以我們簽署了一份框架協議，它具有約束力。我們現在最近簽署了 Porgera 項目啟動協議 PPCA 的啟動。這設定了——它採用了框架協議並加強了該協議，讓我們對我們將要進行的投資更有把握——它澄清了各個股東的權利，並為合併新的 Porgera 開闢了道路車輛公司。

And to do that, of course, we need shareholders' agreement and a constitution, a company constitutional. And so we've now settled those -- the terms of those agreements. We need to get it signed, and that's a step, it's a process because of the fact that there are more than one stakeholder on the Papua New Guinean side. Once we do that, we then have the ability to apply for the SML, the special mining license, and roll the exploration licenses and other permits from the old Porgera into the new Porgera. That's a process in itself.

當然，要做到這一點，我們需要股東協議和憲法，公司憲法。所以我們現在已經解決了這些協議的條款。我們需要簽署它，這是一個步驟，這是一個過程，因為巴布亞新幾內亞一方有不止一個利益相關者。一旦我們這樣做了，我們就有能力申請 SML，特別採礦許可證，並將舊 Porgera 的勘探許可證和其他許可證滾動到新的 Porgera。這本身就是一個過程。

And then we are -- but the negotiations and legal process is complete on that. And then we've got to settle the operators agreement. The framework of that is set in the framework agreement. And the other key process to be dealt with is the Development Forum, which is a provision under the PNG law, which -- whereby the various landowners and other interested groups get together and under the MRA stewardship and allocate to them amongst themselves, the equity that's been reserved for the landowners.

然後我們是 - 但談判和法律程序已經完成。然後我們必須解決運營商協議。框架協議中規定了該框架。另一個要處理的關鍵過程是發展論壇，這是巴布亞新幾內亞法律的一項規定，其中——各種土地所有者和其他感興趣的團體聚集在一起，在 MRA 的管理下，在他們之間分配股權這是為地主保留的。

And once that is done, we're ready to commence with the restart. What we have done in the interim, as part of care and maintenance is we've cleaned up the pit. We've cleaned up the underground, taking all the muck out of there. We've also reviewed and done some servicing on the mobile equipment. We're currently now working through the processing plant just to make sure that everything is operational. So we have done a little bit of operational readiness work ahead of the final proper restart. And again, the restart period will be around 6 months, depending on exactly when we start the restart and how much interim work we've had completed.

一旦完成，我們就可以開始重新啟動了。作為維護和保養的一部分，我們在此期間所做的是清理了坑。我們已經清理了地下，清除了那裡的所有泥土。我們還對移動設備進行了審查並進行了一些維修。我們目前正在通過加工廠工作，以確保一切正常。因此，我們在最終正確重啟之前做了一些操作準備工作。同樣，重啟期大約為 6 個月，具體取決於我們開始重啟的確切時間以及我們已經完成了多少臨時工作。

Our next question is from Anita Soni with CIBC World Markets.

我們的下一個問題來自 CIBC World Markets 的 Anita Soni。

So most of my questions have been asked and answered, but I just wanted to get a little bit better understanding on Lumwana and where exactly you are spending the -- in terms of sustaining capital and growth capital breakout, that would be the first question.

所以我的大部分問題都已經被問及並得到了回答，但我只是想更好地了解 Lumwana 以及你究竟在哪里花費 - 在維持資本和增長資本突破方面，這將是第一個問題。

So Anita, the -- as I said, a large -- we've got a new fleet. We've bought part of it. It's still coming. We're upgrading the whole fleet. The team, we went in there. We dropped the mining cost by nearly 50%, but the fleet was an old fleet. So that's one that I know we've still got more fleet to arrive. We've got some upgrades to some of the equipment that we'll keep. And then also, there's some work to be done on the crushing circuit as well. So -- and that really takes us to the sort of -- I'm wanting to say 350 million pounds of copper hey, Graham?

所以安妮塔，正如我所說的，一個大的——我們有一個新的艦隊。我們已經買了一部分。它還在來。我們正在升級整個機隊。團隊，我們進去了。我們將採礦成本降低了近 50%，但船隊是舊船隊。所以我知道我們還有更多的艦隊要到達。我們對一些我們將保留的設備進行了一些升級。此外，破碎迴路也有一些工作要做。所以——這真的把我們帶到了那種——我想說3.5億磅的銅，嘿，格雷厄姆？

Yes. 100%, yes.

是的。 100%，是的。

So that's the plan. And then there's an additional point to some of -- to add, not a large amount of money, but significant is -- some of the exploration we're doing, we've identified some new satellites. And -- under the current mine plan, 2026-ish, we've got to make a decision on a big super pushback. But some of the exploration work we're doing is indicating that we have -- we could be able to define some better grades and lower strip ratios that would delay that decision and extend the life. And the current super pit will go for 60 years. And if we can add more lower strip material into the plan, we will extend that decision until later. And Graham, do you want to add anything more?

所以這就是計劃。然後還有一點 - 補充一點，不是很多錢，但重要的是 - 我們正在進行的一些探索，我們已經確定了一些新的衛星。而且——根據目前的礦山計劃，2026 年左右，我們必須就一個巨大的超級阻力做出決定。但是我們正在做的一些勘探工作表明我們有——我們可以定義一些更好的品位和更低的剝採率，這會延遲這一決定並延長使用壽命。而現在的超級坑，還要用60年。如果我們可以在計劃中添加更多較低的帶材，我們將把這個決定延長到以後。還有格雷厄姆，你還想補充什麼嗎？

No, the only thing I would just say is it's all sustaining capital in -- it's basically plant upgrades, fleet upgrades. It's all about making sure that we can do all the tonnes, both the waste tonnes as well as the mining and make sure that we get the availability and the throughput through the plant and that will...

不，我唯一想說的是，這都是維持資本——基本上是工廠升級、機隊升級。這一切都是為了確保我們能夠完成所有噸位，包括廢物噸位和採礦，並確保我們通過工廠獲得可用性和吞吐量，這將......

And Anita, you know we -- at one stage, we were going to sell this asset. We couldn't get -- we knew the value at that time. But as the team in Africa got their head around this operation, we were very comfortable that they got it down to making money at $2.75 a pound and -- and so we shifted our strategy, and we're now reinvesting in this long life operation.

Anita，你知道我們 - 在某個階段，我們將出售這項資產。我們無法得到——我們當時就知道它的價值。但是當非洲的團隊開始關注這項業務時，我們很高興他們將其降低到每磅 2.75 美元的盈利，因此我們改變了策略，我們現在重新投資於這項長壽業務.

I was actually -- I was looking for Graham's short answer, but your answer actually leads into my next question, which was -- a lot of investors are looking for copper exposure. You've talked about copper as a strategic assets, previously talking about it in M&A context. Is it fair to -- I mean, I'm just trying to get an idea of what the copper -- like it doesn't really explicitly say in your 10-year profile what the copper production would look like. Should we expect that to grow beyond the 500 million pounds? It's sort of into the back half of the decade with these investments that you are making at Lumwana right now and could potentially make as you say, you might have to make a decision on the super pit. And then what would that super pit cost as well, ballpark number?

實際上，我一直在尋找格雷厄姆的簡短回答，但您的回答實際上引出了我的下一個問題，即很多投資者正在尋找銅風險敞口。您曾將銅視為一種戰略資產，之前曾在併購背景下討論過它。公平嗎——我的意思是，我只是想了解一下銅是什麼——就像它在你的 10 年概況中並沒有真正明確地說明銅產量會是什麼樣子一樣。我們是否應該期望它會增長到超過 5 億磅？您現在在 Lumwana 進行的這些投資已經進入了本世紀的後半期，並且可能如您所說，您可能必須在超級坑上做出決定。然後那個超級坑的成本是多少，球場號碼？

So the super pit is just cost of stripping. And again, exactly how we manage that strip is -- will be premised on what we do as far as exploration and adding additional resources. We're very comfortable that we're going to add some significant resources and reserves, both at Lumwana, which is a big operation and also at Jabal Sayid.

所以超級坑只是剝離成本。同樣，我們管理該地帶的確切方式是——將取決於我們在探索和添加額外資源方面所做的工作。我們很高興我們將增加一些重要的資源和儲備，既在 Lumwana，這是一個大型業務，也在 Jabal Sayid。

So for me, we have every intention of growing our business, both in copper and in gold -- or in gold and then in copper. And the principle behind Barrick's business philosophy is high-quality assets. That's our focus. And so that's what we're hunting, whether it's gold or copper. And by the way, as you know, Barrick has always had a copper portion of its business, unlike many of the gold miners.

所以對我來說，我們完全打算發展我們的業務，無論是銅還是黃金——或者是黃金，然後是銅。而巴里克經營理念背後的原則是優質資產。這是我們的重點。這就是我們正在尋找的東西，無論是黃金還是銅。順便說一句，如您所知，巴里克的業務中一直有銅部分，這與許多金礦商不同。

The point is that the copper business never made a real contribution to Barrick's bottom line. Today, it is, and it does so even at [$2.75] a pound. So that's all we've done. We haven't just shifted anything. We've just had a look at our business. We looked at selling it. We couldn't get the right price. The team felt they could do a better job than the past, and they certainly have and it's now a very significant assets in our portfolio. Do you want to add?

關鍵是銅業務從未對巴里克的利潤做出過真正的貢獻。今天，它確實如此，即使是每磅 [2.75 美元]。這就是我們所做的一切。我們沒有改變任何東西。我們剛剛了解了我們的業務。我們考慮賣掉它。我們無法得到合適的價格。團隊認為他們可以比過去做得更好，他們當然擁有，現在它是我們投資組合中非常重要的資產。您要添加嗎？

No, I'd just say, Anita, if you look at the copper graph, you'll see the growth over the 5-year period. And as Mark has alluded to, when you look further out within the 10-year period, you can see Lumwana getting up to 350 million pounds.

不，我只想說，安妮塔，如果你看一下銅圖，你會看到 5 年期間的增長。正如馬克所暗示的那樣，當你在 10 年內進一步觀察時，你可以看到 Lumwana 的收入高達 3.5 億英鎊。

And I think, Anita, at this stage, let's get our business settled on the copper side. We've got a lot of opportunities on the gold side, and we'll keep the market updated on new opportunities as we -- but what we have done, as I said, we've opened this new frontier in Asia Pacific. And we now have embedded copper expertise, additional expertise in our exploration teams, both in Africa, in the Central African copper belt region and also in our LatAm teams, our South American and Central American teams.

而且我認為，安妮塔，在這個階段，讓我們的業務解決在銅方面。我們在黃金方面有很多機會，我們會及時向市場通報新的機會——但正如我所說，我們已經在亞太地區開闢了這一新領域。現在，我們在非洲、中非銅礦帶地區以及我們的拉丁美洲團隊、南美和中美洲團隊的勘探團隊中都嵌入了銅專業知識和額外的專業知識。

Okay. And then a quick one on the record of decision you mentioned, I think it was at -- I hope I'm not mistaking it, Cortez, was that pertaining to Goldrush's record of decision? Or was it pertaining to the Cortez one where you can go deeper and below the water table?

好的。然後快速記錄一下你提到的決定記錄，我想它是在 - 我希望我沒有弄錯，Cortez，這與 Goldrush 的決定記錄有關嗎？或者它是否與 Cortez 有關，您可以在地下水位更深和下方？

The expansion I was talking about in Cortez is all about Goldrush at this stage. We have some very exciting exploration new models in Cortez underground that we're busy drilling. We touched on that if you read the MD&A that we're covering. But this is -- currently, it's the business plan. So it's -- it's what we've got in Cortez. We've got some other additional Robertson and pipeline that we're working on. And then really, it's the -- it's the post record of decision, Goldrush, which, as you know, we've signaled that it should be in place by the end of this year.

我在 Cortez 中談到的擴展在這個階段都是關於 Goldrush 的。我們在 Cortez 地下有一些非常令人興奮的勘探新模型，我們正忙於鑽探。如果您閱讀我們正在報導的 MD&A，我們會談到這一點。但這是 - 目前，這是商業計劃。所以它 - 這就是我們在 Cortez 中所擁有的。我們還有其他一些正在開發的 Robertson 和管道。然後真的，這是 - 這是決定的事後記錄，Goldrush，正如你所知，我們已經表示它應該在今年年底前到位。

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

我們的下一個問題來自 BMO Capital Markets 的 Jackie Przybylowski。

Also most of my questions have been answered already. I just maybe want to follow-up with what Jatinder was asking earlier and just ask you a little bit more explicitly, you have this buyback now for $1 billion. I know what we've seen from other companies, not Barrick, when they disclose a buyback, they sometimes complete it, execute it and sometimes, they don't. Can you talk a little bit about what your commitment to executing on the buyback is? Do you fully intend to finish the $1 billion by the end of the year? Or is this something that will be more discretionary?

我的大部分問題也已經得到解答。我只是想跟進 Jatinder 之前的要求，並更明確地問你，你現在有 10 億美元的回購。我知道我們從其他公司（而不是巴里克）那裡看到了什麼，當他們披露回購時，他們有時會完成、執行，有時卻不會。你能談談你對執行回購的承諾是什麼嗎？您是否完全打算在年底前完成 10 億美元？還是這會更加隨意？

So the best thing for you to do, Jackie, is to read the MD&A because it's very clear there. And again, this is about a view that we have about the value of our stock. And again, we might spend it all. We might spend a little part of it. It depends on the market and how the -- how we feel and -- about the value of our stock in the market against the other things that we can spend the money on.

所以，傑基，你最好的辦法就是閱讀 MD&A，因為那裡非常清楚。同樣，這是關於我們對股票價值的看法。再說一次，我們可能會花光所有的錢。我們可能會花掉其中的一小部分。這取決於市場以及我們的感受以及我們的股票在市場上的價值與我們可以花錢購買的其他事物的對比。

And just maybe following up on that. Is that -- that's your priority, that's your preference to be -- to continue to grow? I know you have mentioned that and I did read the MD&A. I know that growing the business is a priority. Is that first priority, and either the buyback or the special dividend, we should think would be kind of secondary to your growth opportunities?

也許只是跟進。那是 - 這是你的首要任務，這是你的偏好 - 繼續增長？我知道你提到過，我確實讀過 MD&A。我知道發展業務是當務之急。這是第一要務嗎，無論是回購還是特別股息，我們應該認為對你的增長機會來說是次要的？

Well, I think the dividends and the growth are not mutually exclusive. As I've always said, we focus on 15% returns at -- gold price is much lower than they are today. At the same time, and I've always believed and demonstrated, if you have that sort of filter and discipline, you should get to a point where you can do both, invest in your future and continue to make returns. And a classic example is last year, we returned $1.4 billion, a record return cash return to our shareholders ever. And at the same time, we continue to invest some significant capital. This is to really make sure that we've got a solid platform to deliver the 10-year-and-beyond plans that we have in our big operations.

好吧，我認為紅利和增長並不是相互排斥的。正如我一直說的那樣，我們專注於 15% 的回報——黃金價格比現在低得多。同時，我一直相信並證明，如果你有這樣的過濾器和紀律，你應該能夠做到這兩點，投資你的未來並繼續獲得回報。一個典型的例子是去年，我們向股東返還了 14 億美元，創歷史新高。與此同時，我們繼續投入大量資金。這是為了真正確保我們有一個堅實的平台來交付我們在大型運營中製定的 10 年及以後的計劃。

Our next question is from Greg Barnes with TD Securities.

我們的下一個問題來自道明證券的 Greg Barnes。

Mark, with the $200 million in dividends paid out of Kibali from the DRC in the second half of the last year, have you opened that avenue to get dividends out of the country formally now, the legacy $500 million is the progress we made on that as well?

馬克，去年下半年從剛果民主共和國從 Kibali 支付了 2 億美元的紅利，你現在有沒有開闢這條途徑來正式從該國獲得紅利，遺留的 5 億美元是我們在這方面取得的進展也？

Yes, we have. As I told you when I spoke at your conference, Greg. So we're expecting another $300 million imminently this month. And then that will be followed by another $300 million. And the deal that we've got is we will pay out the money for specifically to pay down the debt with the next $1 billion. And that's where you get your $500 million from because it gets divided between. It's just over $1 billion after the $200 million dividend payment. The dividend payment was the first step, as we pointed out in the announcements today.

是的我們有。正如我在你的會議上發言時告訴你的，格雷格。因此，我們預計本月即將再獲得 3 億美元。緊隨其後的是另外 3 億美元。我們達成的協議是，我們將支付這筆錢，專門用於用接下來的 10 億美元償還債務。這就是你從那裡獲得 5 億美元的地方，因為它被分配了。在支付 2 億美元的股息之後，它剛剛超過 10 億美元。正如我們在今天的公告中指出的那樣，股息支付是第一步。

And then we'll pay out the $1 billion just over $1 billion, everyone gets -- the 2 major shareholders get $500 million because it goes back to pay debt. And then going forward, we will pay 50-50, 50 to dividends and 50 for the continued reduction in debt. And it's important that people understand that it's -- this process, and we've done it in Mali as well, allows everyone to benefit. The government gets a foreign exchange fee on the loan repayments. It gets a withholding tax payment on the dividends.

然後我們將支付超過 10 億美元的 10 億美元，每個人都得到 - 兩個主要股東得到 5 億美元，因為它可以用來償還債務。然後向前發展，我們將支付 50-50、50 的股息和 50 的債務持續減少。重要的是，人們要明白，這個過程，我們也在馬里做過，讓每個人都受益。政府在償還貸款時收取外匯費用。它獲得股息的預扣稅。

Our partners, which is the state mining company, get dividend benefits going forward. And we don't wait for the end of the project for everyone to benefit. So that's the way we've been and we've never -- there's been an issue in the market about this money, but it's never been -- as you know, I haven't made a big fuss about it. It's never been under question. It's just when it should be paid. And so we've got to that point. And I explained to you in the past, the reasons for that. But we've got to that point now.

我們的合作夥伴，即國有礦業公司，將獲得未來的股息收益。我們不會等待項目結束讓每個人都受益。所以這就是我們一直以來的方式，我們從來沒有 - 市場上有關於這筆錢的問題，但從來沒有 - 如你所知，我沒有對此大驚小怪。它從來沒有受到質疑。只是應該支付的時候。所以我們已經到了這一點。我過去曾向您解釋過原因。但我們現在已經到了那個地步。

Fair enough. And just, Mark, a risk of going down the M&A question root again. But I think everyone agrees that paying the premiums on leasing assets makes a lot of sense, and we demonstrated that it works. But should the gold post be a bit wider when you're looking at the development project or an exploration-stage project to bring something that looks very attractive into your fold?

很公平。只是，馬克，有再次陷入併購問題的風險。但我認為每個人都同意支付租賃資產的溢價很有意義，我們證明了它是有效的。但是，當您查看開發項目或探索階段項目時，黃金職位是否應該更寬一些，以將看起來非常有吸引力的東西帶入您的圈子？

Sure. And that's a matter of what we agree. But to pay an infinite premium on an asset that's got no permits, no resources, nothing is not -- doesn't fit our criteria, and you might get lucky. But I've never gambled in the way I run our business. So we have a very solid technical team at the corporate level and supported by competent in-country skills. And again, we will pay a premium on something if we can see the benefit in the geological model or something that we feel we can unlock. We're not sort of blind to opportunities as we've demonstrated in the past, Greg.

當然。這是我們同意的問題。但是為沒有許可證、沒有資源、沒有任何東西的資產支付無限溢價——不符合我們的標準，你可能會走運。但我從未在經營業務的方式上賭博。因此，我們在企業層面擁有一支非常紮實的技術團隊，並得到有能力的國內技能的支持。再說一次，如果我們能看到地質模型的好處或我們認為可以解鎖的東西，我們將支付溢價。格雷格，我們並不像過去所展示的那樣對機會視而不見。

But just -- we -- some of these assets that were dealt last quarter, they've been around a long time. We, as an industry, all walked away from them at much lower gold prices. And one thing for sure, as you've been around nearly as long as me, $1,800 gold marks a lot of issues in an asset. And again, all these assets had too much soon-to-be-discovered opportunities baked into the value and then a premium on top of that. So we won't do it.

但只是——我們——上個季度交易的一些資產，它們已經存在了很長時間。作為一個行業，我們都以低得多的金價離開了它們。有一件事是肯定的，因為你幾乎和我一樣長，1,800 美元的黃金標誌著資產的很多問題。再一次，所有這些資產都有太多即將被發現的機會融入到價值中，然後是溢價。所以我們不會這樣做。

Our next question is from Patrick Peura with Allianz Investment Management.

我們的下一個問題來自安聯投資管理公司的 Patrick Peura。

Mark, thanks for your continued focus on sustainability topics, especially on today's call. We believe that this requirement is necessary in your sector, not as a competitive advantage, but as a competitive necessity. We're also looking forward to your sustainability report and appreciate the work by Grant Beringer there. With this in mind, on your 30% reduction for 2030, you have a road map laid out, which is primarily solar and natural gas conversions. Can you provide a little bit of color on the biggest additional projects that you have under investigation for this target?

馬克，感謝您繼續關注可持續發展主題，尤其是在今天的電話會議上。我們認為，這一要求在您的行業中是必要的，不是作為一種競爭優勢，而是作為一種競爭必要性。我們也期待您的可持續發展報告，並感謝 Grant Beringer 在那裡所做的工作。考慮到這一點，在 2030 年減少 30% 時，您制定了路線圖，主要是太陽能和天然氣轉換。您能否為您正在為此目標調查的最大的附加項目提供一點顏色？

So we've started way back already with a big conversion of gas -- of heavy fuel to gas and DR. We've built a lot of additional capacity to manage microgrids and DRC. We've installed a big battery in the DRC. We're going to put in more batteries now. And really, what it's designed to do is completely take out the spinning reserve, the thermal spinning reserve during the big water periods, the big high river periods. And the way it works is we originally tested the battery on managing the demand of the shaft, the hoist. And it was pulling lots of power, and we had to spin diesel engines to deliver that power when the demand was there. What we've done is put a battery in there. So the hydro then keeps the battery charged and the battery can react to that demand.

因此，我們已經開始進行大規模的天然氣轉化——從重質燃料到天然氣和 DR。我們已經建立了很多額外的容量來管理微電網和 DRC。我們在剛果民主共和國安裝了一塊大電池。我們現在要裝更多的電池。實際上，它的設計目的是完全取出旋轉儲備，大水期，大河期的熱旋轉儲備。它的工作方式是我們最初測試電池來管理井筒、提昇機的需求。它拉動了大量的動力，當有需求時，我們不得不旋轉柴油發動機來提供這種動力。我們所做的就是在裡面放一個電池。因此，水力發電會保持電池充電，電池可以對該需求做出反應。

What we're looking at now is expanding that battery capacity and making the battery form the grid and then making sure that the hydro keeps the batteries charged. And so it's a much more efficient way to manage the power. And it's a significant improvement. And then with that knowledge, we've transferred it back to Mali, where we don't have a grid at all, and we don't have access to hydro, but we have a lot of sun. And so we trialed a 20-megawatt solar. It's worked exceptionally well.

我們現在正在研究的是擴大電池容量並使電池形成電網，然後確保水力保持電池充電。因此，這是一種更有效的電源管理方式。這是一個顯著的改進。然後有了這些知識，我們將其轉移回馬里，我們根本沒有電網，也沒有水電，但我們有很多陽光。所以我們試用了一個 20 兆瓦的太陽能。它工作得非常好。

Now we're going to triple that, and we're going to add battery bases to it. And so what we do then is that we make that solar much more efficient. And the impact on the heavy fuel machines -- well, the first thing is we would want to retire the highest-spending diesel machines, and we've got these big heavy fuel baseload machines. And again, we will be able to manage that more efficiently.

現在我們要增加三倍，我們要為其添加電池底座。所以我們接下來要做的是讓太陽能變得更有效率。以及對重油機器的影響——嗯，第一件事是我們想要淘汰支出最高的柴油機器，我們已經有了這些大型重油基荷機器。同樣，我們將能夠更有效地管理它。

And then in Nevada, as you know, we've got a natural gas power station and we've got a coal power station. Our commitment immediately 2 years ago was to work to replace the coal with natural gas, and we're way down the road on that. And then with our knowledge and Nevada Grid is much bigger, and we've got access to the United States power grid. So that makes it a lot more efficient to have a very big solo power station. So we've committed to a 200-megawatt power plant. And we've got the property right next to our power station. And so that's a big step forward.

然後在內華達州，如你所知，我們有一個天然氣發電站和一個燃煤發電站。兩年前，我們立即承諾努力用天然氣代替煤炭，而我們正在努力實現這一目標。然後根據我們的知識，內華達州電網要大得多，我們可以訪問美國電網。因此，擁有一個非常大的獨立發電站會更有效率。因此，我們承諾建設一個 200 兆瓦的發電廠。我們的發電站旁邊就有這塊土地。這是向前邁出的一大步。

And then in Chile, and I mean in Argentina, what we've done is the old or the Pascua-Lama infrastructure was designed to use to access the Chilean national grid, and that's probably the greenest grid in the world. We've now got permission to do that. We've connected to the grid. We've also brought the infrastructure and tie it into the Pascua-Lama original infrastructure, and it's now accessible by Veladero. And that's a big saving and a big contribution to our emissions reduction.

然後在智利，我的意思是在阿根廷，我們所做的是舊的或 Pascua-Lama 基礎設施旨在用於接入智利國家電網，這可能是世界上最環保的電網。我們現在已經獲得了這樣做的許可。我們已經連接到電網。我們還引入了基礎設施並將其與 Pascua-Lama 原始基礎設施聯繫起來，現在 Veladero 可以訪問它。這是一個很大的節省，對我們的減排做出了很大的貢獻。

And we've got -- again, we've been working in Tanzania, linking the grids back because traditionally, miners built their own power stations -- diesel power stations, now it makes sense to go back to the -- and the grid in Tanzania largely renewable energy. And the problem with the Tanzanian Grid is its reliability. So we're currently investing in grid stabilizes, that sort of technology so that we can access the grid. We've just joined North Mara underground to the Tanzanian Grid. And again, we'll make it more reliable. It's a lot cheaper and it's renewable. And likewise, with Lumwana, we have the same opportunity because a lot of Zambian power comes from the Kariba hydro. And there are other opportunities as well. So I think I've walked through all the assets.

而且我們已經 - 再次，我們一直在坦桑尼亞工作，將電網連接起來，因為傳統上，礦工建造自己的發電站 - 柴油發電站，現在回到 - 和電網是有意義的在坦桑尼亞，主要是可再生能源。坦桑尼亞電網的問題在於它的可靠性。所以我們目前正在投資電網穩定器，這種技術，以便我們可以訪問電網。我們剛剛將北馬拉地下加入坦桑尼亞電網。再一次，我們將使它更可靠。它便宜得多，而且是可再生的。同樣，對於 Lumwana，我們也有同樣的機會，因為贊比亞的很多電力都來自卡里巴水電。還有其他機會。所以我想我已經瀏覽了所有資產。

Grant Beringer, are you on the call? Have I missed anything?

格蘭特·貝林杰，你在接電話嗎？我錯過了什麼嗎？

That's right, Mark. I think the only other one was probably the PV lime kiln. We're doing a field switch there from HFO to natural gas, and that will also give us around about 127,000 tonnes CO2 equivalent savings on an annual basis.

沒錯，馬克。我認為唯一的另一個可能是光伏石灰窯。我們正在那裡進行從 HFO 到天然氣的現場轉換，這也將為我們每年節省約 127,000 噸二氧化碳當量。

Okay. So Patrick, does that answer your question?

好的。那麼帕特里克，這能回答你的問題嗎？

Mark, I would say we're also initiating the solar part (inaudible) as well, that's one of the things we're looking into it.

馬克，我想說我們也在啟動太陽能部分（聽不清），這是我們正在研究的事情之一。

Patrick, are you happy with that?

帕特里克，你對此滿意嗎？

Yes. Maybe if we shift to 2050, so thinking longer term, what role or need do you see from quality regulatory and value chain support to make your and ICMM, all the peers that have committed to net 0 2050 become more viable or more achievable?

是的。也許如果我們轉移到 2050 年，那麼從長遠來看，您認為質量監管和價值鏈支持的作用或需求是什麼，以使您和 ICMM、所有致力於淨 0 2050 的同行變得更可行或更可實現？

Yes. I think, Patrick, one of the big dilemmas that we all have is the promise without a plan. And so we've never done that certainly in everything I've been involved in. And the big challenge is EVs and this expectation that they just magically we're going to deliver massive batteries that can hook up to a 300-tonne truck and it's going to be perfect. And likewise, with hydrogen fuel cell technology is quite a long way to go still. We are partnering with the -- our major equipment suppliers. We are investing ourselves in things like carbon capture.

是的。我認為，帕特里克，我們所有人面臨的最大困境之一就是沒有計劃的承諾。因此，在我參與的所有事情中，我們肯定從來沒有這樣做過。最大的挑戰是電動汽車，人們期望它們神奇地提供可以連接到 300 噸卡車的大型電池和這將是完美的。同樣，氫燃料電池技術還有很長的路要走。我們正在與我們的主要設備供應商合作。我們正在投資於碳捕獲等領域。

But the next big focus for us, and we are far down the road is dealing with Scope 3 emissions. Grant and his team have done a great job reaching out and understanding that. And we have set as our target for next year to be able to deliver a road map for that part. And again, it's a more challenging undertaking, but we are very clear that we want to work with our service providers, particularly our in-country service providers. And so -- and the focus has been for us is value-driven focus. So the big ticket items we're going to address first.

但對我們來說，下一個重點是處理範圍 3 排放，而且我們還很遙遠。格蘭特和他的團隊在接觸和理解這一點方面做得很好。我們已經將明年的目標設定為能夠為該部分提供路線圖。同樣，這是一項更具挑戰性的工作，但我們非常清楚我們希望與我們的服務提供商合作，尤其是我們的國內服務提供商。所以——對我們來說，重點是價值驅動的焦點。所以我們首先要解決的大件物品。

In the meantime, we have got people dedicated to evaluating and driving the opportunity to build out more capacity for further reduction. And the one filter that we have, and we've done it -- as I said earlier in the presentation, we've done all the whole road map we've shared with you, all of those projects deliver 15%. They meet our investment criteria as if it was another business. And we believe that that's what's going to get the world to the right place. Because when people work out that the commercial attraction of doing this sort of work delivers returns. And it's not just about trying to please some demand with a promise.

與此同時，我們有專門的人來評估和推動建立更多能力以進一步減少的機會。我們擁有的一個過濾器，我們已經做到了——正如我在演示文稿前面所說的，我們已經完成了我們與您分享的所有整個路線圖，所有這些項目都交付了 15%。它們符合我們的投資標準，就好像它是另一項業務一樣。我們相信，這將使世界走向正確的地方。因為當人們發現做這類工作的商業吸引力會帶來回報時。這不僅僅是試圖用承諾來滿足一些需求。

Our next question is from Adam Josephson with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Adam Josephson。

Mark and Graham, I appreciate you're doing so. Mark, can you talk about your gold cash cost and ASIC guidance for '22. You're expecting them to be up about 5%. I know you mentioned in the MD&A that it's the full year impact of the niobate mining tax and general cost inflation, specifically energy. But can you just talk about the buckets that are comprising that expected 5% inflation? And how much is energy, labor, materials, et cetera? And then why you expect those cash costs to decline year-over-year in '23, if I read that slide correctly?

馬克和格雷厄姆，我很感激你這樣做。馬克，你能談談你在 22 年的黃金現金成本和 ASIC 指導嗎？您預計它們將上漲約 5%。我知道您在 MD&A 中提到，這是鈮酸鹽採礦稅和一般成本通脹（特別是能源）的全年影響。但是你能談談構成預期 5% 通脹的桶嗎？能源、勞動力、材料等有多少？如果我沒看錯那張幻燈片，為什麼你預計這些現金成本會在 23 年同比下降？

Okay. I mean Graham is well equipped. He's done it so many times. I just want to point out that one of the key drivers on the cost is we've always forecast our 5-year plan at $1,200 gold. We've changed that this year. I mean it doesn't change the production profile or the picture, but what it changes is it adds at $24, Graham, $24 to the cost. And -- so when you take that and then the cost out of Nevada is about $0.08 -- $8, sorry, and then you've got the 3% to 5% inflation.

好的。我的意思是格雷厄姆裝備精良。他已經做過很多次了。我只想指出，成本的關鍵驅動因素之一是我們一直將我們的 5 年計劃預測為 1,200 美元的黃金。今年我們改變了這一點。我的意思是它不會改變生產資料或圖片，但它改變的是它增加了 24 美元，格雷厄姆，24 美元的成本。而且 - 所以當你把它計算在內華達州的成本約為 0.08 美元時 - 8 美元，對不起，然後你就會得到 3% 到 5% 的通貨膨脹率。

So when you back calculate everything, it all stacks up. And a lot of people look at it and they haven't done the arithmetic, and it works. And that's why we get close to what we say we're going to do and what we do or when we do it. So it's a real cost thing. Of course, there's ways to manage it. And again, the team -- we've taken $300 million out of our supply chain procurement business. We've got another $50 million to $80 million targeted this year in 2022. And again, we are -- that's what we do for a business is manage and mitigate costs focused on better efficiencies, invest in that efficiency drive.

因此，當您重新計算所有內容時，所有內容都會疊加起來。很多人看著它，他們還沒有做算術，它有效。這就是為什麼我們接近我們所說的我們將要做什麼以及我們做什麼或什麼時候做。所以這是一個真正的成本問題。當然，有辦法管理它。再說一次，團隊——我們從供應鏈採購業務中拿走了 3 億美元。到 2022 年，我們今年還有 5000 萬至 8000 萬美元的目標。而且，我們再次為企業做的是管理和降低成本，專注於提高效率，投資於提高效率。

And another aspect before I get Graham to touch on the [Minutia] is we've also, as you all remember, rolled out a brand-new data platform, layer data platform that integrates all the information across the group. We've got 2 more mines to do. Porgera, of course, because we haven't started it. And Jabal Sayid, which we're busy with. But all the other operations are on the same platform, interconnected, and it's fully integrated. And now what we're doing is rolling out those reporting systems and processes, which where we can use this real-time data to improve our business. And that's definitely going to bring further efficiencies. And I would argue that we're the only large mining company that has a brand-new platform, fully integrated, up to speed and modernized because it's new. So with that, I'll pass it to Graham and he can cut you the detail.

在我讓 Graham 談到 [Minutia] 之前，另一個方面是，正如你們都記得的那樣，我們還推出了一個全新的數據平台，即集成了整個集團所有信息的分層數據平台。我們還有 2 個地雷要做。 Porgera，當然，因為我們還沒有開始它。還有我們正在忙的 Jabal Sayid。但是所有其他操作都在同一個平台上，相互連接，並且完全集成。現在我們正在做的是推出那些報告系統和流程，我們可以在其中使用這些實時數據來改善我們的業務。這肯定會帶來進一步的效率。我認為我們是唯一一家擁有全新平台的大型礦業公司，完全集成，跟上速度並實現現代化，因為它是新的。所以有了這個，我會把它傳給格雷厄姆，他可以幫你剪掉細節。

Thanks, Adam. I think as you already touched on, and Mark has touched on, we have been guiding for about 5% inflation, which is made up of various different buckets. The biggest bucket of that really is on the energy side. Obviously, particularly oil, diesel, a big impact on our costs. So we estimate that for every $10 barrel change in the price of oil, it's about a $6 per ounce impact on our cash costs.

謝謝，亞當。我認為正如你已經談到的，馬克也談到了，我們一直在指導大約 5% 的通貨膨脹，這是由各種不同的桶組成的。其中最大的一桶確實是在能源方面。顯然，尤其是石油、柴油，對我們的成本影響很大。因此，我們估計，石油價格每變化 10 美元桶，就會對我們的現金成本產生大約 6 美元/盎司的影響。

Similarly, natural gas has a big impact on costs. So again, about a $1 change in the gas price has about a $3 impact on our cash costs. It's not as significant because we -- our biggest exposure to gas is really Nevada and PV and not really at our other operations. So that's the biggest factor. That's probably of that 5%. That's probably somewhere between 2% and 2.5% of that 5%. The rest is really made up of just cost price increases. One of the big factors that's been impacting us lately has been freight. So freight makes up about 5% of our landed cost.

同樣，天然氣對成本也有很大影響。同樣，汽油價格變化約 1 美元會對我們的現金成本產生約 3 美元的影響。這並不重要，因為我們——我們最大的天然氣敞口實際上是內華達州和光伏，而不是我們的其他業務。所以這是最大的因素。這大概就是那5%。這可能在 5% 的 2% 到 2.5% 之間。其餘的實際上只是成本價格上漲。最近影響我們的一大因素是貨運。因此，運費約占我們到岸成本的 5%。

So you can see that it's not a massive impact, but it certainly has been impacting us in the short term. We believe that the constraints within the global supply chain will normalize within the next 6 to 12 months. So we think that's more temporary than a long-term issue. But certainly, we have seen situations where we've seen rates tripling, for example. Against that, we've been working hard to manage that in terms of consolidating our shipping, hiring direct ships to mitigate the cost of containers and just consolidating our buying and our shipping.

所以你可以看到這不是一個巨大的影響，但它肯定在短期內影響了我們。我們認為，全球供應鏈內的限制將在未來 6 至 12 個月內恢復正常。所以我們認為這是一個暫時的問題，而不是一個長期的問題。但可以肯定的是，例如，我們已經看到了利率翻了三倍的情況。與此相反，我們一直在努力管理這一點，以整合我們的運輸、僱用直接船舶以降低集裝箱成本以及整合我們的採購和運輸。

The other one that Mark has already touched on is obviously royalties. And as he alluded to, the impact of the change in the gold price is about $5 an ounce for every $100 change in the gold price. So those are really the key buckets that I would point to. Mark already touched on the fact that we've taken around $300 million out of our annual supply chain spend over the last 3 years, in line with the targets that we set. And we have another $80 million that we want to achieve this year. Now that's not going to save us from all of the inflationary pressures that we are experiencing, but it certainly helps to mitigate some of those costs, particularly around energy materials. And of course, the other one is labor.

馬克已經提到的另一個顯然是版稅。正如他所暗示的那樣，金價每變化 100 美元，金價變化的影響約為每盎司 5 美元。所以這些確實是我要指出的關鍵部分。 Mark 已經談到了這樣一個事實，即我們在過去 3 年中從我們的年度供應鏈支出中提取了大約 3 億美元，這與我們設定的目標一致。我們今年還想實現 8000 萬美元。現在這不會讓我們擺脫我們正在經歷的所有通脹壓力，但它肯定有助於減輕其中一些成本，特別是在能源材料方面。當然，另一個是勞動力。

And just touching on labor, we are obviously exposed to the pressure that is being experienced across the mining industry. But I would say that we probably have less exposure to that pressure, just because of our strategy of employing national employees at all of our operations. So we have a lower proportion of expatriates, which is really where the pressure has been coming on, particularly in Australia, Canada, places like that. So our strategy of really developing our host national skills is paying dividends. So I think that probably covers it.

就勞動力而言，我們顯然面臨著整個採礦業正在經歷的壓力。但我要說的是，我們可能較少受到這種壓力的影響，這僅僅是因為我們在所有業務中都聘用了本國僱員的戰略。所以我們的外籍人士比例較低，這確實是壓力所在，尤其是在澳大利亞、加拿大等地。因此，我們真正發展東道國技能的戰略正在帶來回報。所以我認為這可能涵蓋了它。

And just one follow-up on that. So from '22 to '23 in terms of gold cash costs, you all have the royalty issue presumably. And then you won't have the impact of the Nevada mining tax. So you're thinking that you're cost savings efforts will more than offset any incremental energy, labor, freight, materials cost inflation. Is that the right way to think about it?

只有一個後續行動。因此，就黃金現金成本而言，從 22 年到 23 年，你們大概都有特許權使用費問題。這樣你就不會受到內華達州採礦稅的影響。所以你認為你的成本節約努力將抵消任何增加的能源、勞動力、貨運、材料成本膨脹。這是正確的思考方式嗎？

Yes. I think it's a combination of 2 things. It's partly to do with that -- those mitigants, but it's also -- when you look at the graph, a lot of the decline in cost is a function of increasing production. So we're effectively going from 4.4 million ounces to 4.8 million ounces. And so that increase in production, a large chunk of our costs are fixed. So that's what really gives you that reducing cost profile.

是的。我認為這是兩件事的結合。這部分與此有關-那些緩解措施，但也與-當您查看圖表時，成本的很多下降是產量增加的函數。所以我們實際上是從 440 萬盎司增加到 480 萬盎司。因此，產量的增加，我們的很大一部分成本是固定的。這就是真正為您提供降低成本的原因。

Yes. No, I appreciate that. And Mark, just one on -- following up on Josh's question from very early in the call about the authorization. I know you mentioned you be the shares as undervalued, and I appreciate that. You said you had similar comments on the call 3 months ago. You thought Barrick was a very attractive investment opportunity. But at the same time, you said, look, I'm not so sure. We're not in the business of trying to manipulate our share price, and they are perhaps better ways to return capital to shareholders than to buy back stock. And so have you changed your tune at all from what you were thinking 3 months ago? Does it seem like you view the stock just as attractive then as you do now?

是的。不，我很感激。馬克，只是一個人——在電話會議的早期就跟進喬希關於授權的問題。我知道你提到你的股票被低估了，我很感激。你說你在 3 個月前的電話會議上有類似的評論。你認為巴里克是一個非常有吸引力的投資機會。但與此同時，你說，看，我不太確定。我們不是在試圖操縱我們的股價，與回購股票相比，它們可能是向股東返還資本的更好方式。那麼你有沒有完全改變你三個月前的想法？看起來你當時認為股票和現在一樣有吸引力嗎？

No, we haven't. The point is that we've seen a big divergence from the -- some of -- well, one of our peers relative to the rest of the industry. And us against our peer group, excluding Newmont is, we've been in line with performance. So it is a complicated challenge. But at the end of the day, it is my responsibility to worry about the value of our stock. And the first point is we got to convince. The analysts that the stock is really valuable, we've delivered on what we've said. At the same time, we want to use all the leave that we can to address that. And what we've done is made sure that we have that -- because our stock went quite far down. And on a historic basis, it was relative -- even though according to consensus, it was undervalued. So we wanted to have the -- all the tools to deal with a lower stock price should prevail and should we see the opportunity to tidy up some of the sort of less well-held shares.

不，我們沒有。關鍵是，我們已經看到了與我們的同行之一——其中一些——相對於行業其他部分的巨大差異。而我們與我們的同行相比，除了紐蒙特之外，我們的表現一直保持一致。所以這是一個複雜的挑戰。但歸根結底，我有責任擔心我們股票的價值。第一點是我們必須說服。分析師認為這隻股票真的很有價值，我們已經兌現了我們所說的。同時，我們希望利用所有的假期來解決這個問題。我們所做的是確保我們擁有它——因為我們的股票下跌了很多。在歷史基礎上，它是相對的——儘管根據共識，它被低估了。因此，我們希望擁有應對較低股價的所有工具，並且我們應該看到有機會清理一些持有較少的股票。

And Mark, just on that divergence and valuations, is there anything that you would attribute that to? Do you think it's dividend policy? Do you think it's where you're domiciled, anything else that strikes you?

馬克，就這種分歧和估值而言，你有什麼可以歸因於的嗎？你認為這是股息政策嗎？你認為這是你的住所，還有什麼讓你印象深刻的地方嗎？

For me, look, you will recall, I have been through this exact same situation back in 2012 and 2013, where every time I stood up on the podium, people are banging the table saying, "You need to grow." And everyone was missing growth and everyone is running around buying anything that could. And we and Randgold, if you plot the Randgold share price, it lagged for a while until such time as these big deals didn't work because the gold price softened. And this way, we've got 2 ways to deal with that, inflation and the gold price cycle. And it's interesting from 2013, Randgold left the rest of the industry because we hadn't done any value-disruptive deal and we outperformed the industry all the way till the deal was Barrick in 2019. And we never -- you never close that margin.

對我來說，你會記得，我在 2012 年和 2013 年經歷過同樣的情況，每次我站在講台上，人們都在敲桌子說，“你需要成長。”每個人都錯過了增長，每個人都在四處奔波，購買任何可以購買的東西。我們和 Randgold，如果你繪製 Randgold 的股價，它會滯後一段時間，直到這些大交易因為金價走軟而不起作用。通過這種方式，我們有兩種方法來應對，通貨膨脹和黃金價格週期。有趣的是，從 2013 年開始，Randgold 離開了行業的其他部分，因為我們沒有進行任何價值顛覆性的交易，而且在 2019 年交易成為 Barrick 之前，我們的表現一直優於行業。而且我們從來沒有 - 你永遠不會關閉那個利潤.

And so -- and that also lies -- because again, the level of analysis in the gold industry at these sort of gold prices is the gold price is always proving the analysts wrong because it's moving in different ways and no one gets the gold price right. And so for me, there are lots of different influences on gold stocks at this time of the cycle. And it's worth going back and plotting equities and the gold price started 2005. It's a very interesting graph to look at. And again, we at Barrick, are really long term -- our focus is long-term value creation. It always has been. And so when we look at how we manage and communicate, we're looking at the long term.

所以——這也是謊言——因為再一次，在這種黃金價格下，黃金行業的分析水平是，黃金價格總是證明分析師是錯誤的，因為它以不同的方式變動，沒有人能得到黃金價格對。所以對我來說，在這個週期的這個時候，對黃金股有很多不同的影響。值得回顧並繪製 2005 年開始的股票和黃金價格。這是一個非常有趣的圖表。再說一次，我們在巴里克，真的是長期的——我們的重點是長期的價值創造。一直都是。因此，當我們著眼於我們的管理和溝通方式時，我們著眼於長遠。

It's been a -- it's been my whole -- I mean my life is invested in Barrick. I'm fully committed shareholder. And so most of my -- in fact, all my colleagues and the executive team, we're all owners. And in fact, I don't know if you know this, but you have to have 5x your salary in equity to be part of our executive team. And so for me, it's a complex situation. Our discussion with our board is -- and our shareholders is that some view that as -- that we shouldn't be sitting there watching our share price languish relative to anything else. And there are moments when it makes good sense to initiate some buybacks. And you can't do that a drop of a hat. You've got to have it approved. And so we made sure that we address that, that particular tool that we need in our toolbox.

這是一個 - 這是我的全部 - 我的意思是我的生命都投資於巴里克。我是全心全意的股東。所以我的大部分人——事實上，我所有的同事和執行團隊，我們都是所有者。事實上，我不知道你是否知道這一點，但你必須擁有 5 倍的薪水才能成為我們執行團隊的一員。所以對我來說，這是一個複雜的情況。我們與董事會的討論是——我們的股東認為——我們不應該坐在那裡看著我們的股價相對於其他任何事情都萎靡不振。有些時候發起一些回購是很有意義的。而且你不能做到這一點。你必須得到它的批准。所以我們確保我們解決了這個問題，我們需要在我們的工具箱中使用那個特定的工具。

Our next question is from Tanya Jakusconek with Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

Congrats on good end to the year and the shareholder return policies. I have 2 questions, if I could. I just need clarification on one. So my first question is on the DRC and the repatriation of your share of the $500 million. I just want to confirm that you have all of the necessary signatures in place to take the money out of the DRC. And if you do, just a mechanism of how we're going to take it out, please.

祝賀今年的良好結束和股東回報政策。如果可以的話，我有 2 個問題。我只需要澄清一個。所以我的第一個問題是關於剛果民主共和國和你在 5 億美元中的份額的匯回。我只是想確認您已準備好所有必要的簽名，可以將錢從剛果民主共和國取出。如果你這樣做，請只是我們將如何將其取出的機制。

Okay. So we don't need any signatures. It's a standard procedure. What -- as I explained to you, Tanya, a while back, there was this confusion between the 2018 code, which we're not legally required to follow. We developed and invested against the 2002 code. But at the same time, as you know, we're not a company that sort of sticks the post up as a last man standing at the top of the mountain. We -- the first step of the payment was at end of the third quarter last year. We paid out a $30 million dividend to just practice the process. And then another $170 million at the end of the year, again, as part of the process because there's a lot of money there, and it makes people anxious.

好的。所以我們不需要任何簽名。這是一個標準程序。什麼——正如我剛才向你解釋的，Tanya，2018 年的代碼之間存在這種混淆，我們在法律上沒有義務遵守。我們針對 2002 年的代碼進行開發和投資。但與此同時，如您所知，我們並不是一家像最後一個站在山頂上的人那樣堅守崗位的公司。我們 - 付款的第一步是在去年第三季度末。我們支付了 3000 萬美元的股息來練習這個過程。然後在年底再增加 1.7 億美元，再次作為流程的一部分，因為那裡有很多錢，這讓人們感到焦慮。

And the next one is we've agreed to pay it out originally, it was 90 days to just manage the banking system and give it a chance to manage that amount of money leaving the DRC. We've now settled on $300 million, $300 million. And then $400 million and we'll do it in sort of 1- to 3-week slots. That's the plan. I would also point out -- just so everyone understands this, we've never said that we take it out. I've always been very clear and it's never been a question with the (inaudible) government that it wasn't our money and that anyone was trying to keep it there.

下一個是我們最初同意支付它，它是 90 天來管理銀行系統並給它一個機會來管理離開剛果民主共和國的這筆錢。我們現在已經解決了 3 億美元，3 億美元。然後是 4 億美元，我們將在 1 到 3 週的時間內完成。這就是計劃。我還要指出——只是為了讓每個人都明白這一點，我們從來沒有說過我們會把它拿出來。我一直很清楚，（聽不清）政府從來沒有質疑過這不是我們的錢，任何人都試圖把它留在那裡。

We've had to go through a whole lot of processes, and it's only recently that we have a fully aligned cabinet that's aligned with the parliament to be able to address some of the requirements. We -- the other one is that 40% of all our revenues stay offshore. So when Kibali every time it sells gold, we keep 40% offshore, and that 40% goes to pay back the loans and other corporate costs like management fees and so on.

我們必須經歷很多流程，直到最近我們才擁有一個與議會完全一致的內閣，以便能夠滿足一些要求。我們 - 另一個是我們所有收入的 40% 都留在海外。因此，當 Kibali 每次出售黃金時，我們將 40% 留在海外，而這 40% 用於償還貸款和其他公司成本，如管理費等。

60%, we repatriate and we use it to pay bills and so -- and there's a residual amount. And as we've performed at Kibali, the amount of that repatriated portion of the revenues has grown. And with the Kabila government, it was a complicated process. And a normal approval from the Central Bank to transfer money was never denied, but it was never responded to. And to move dollars, because it's a dollar account, of the offshore effectively out of DRC. You do need a foreign exchange approval or a ForEx approval, which comes with a fee. And that's the process that we've been working through.

60%，我們遣返，我們用它來支付賬單等等——還有剩餘金額。正如我們在 Kibali 所做的那樣，被遣返的收入部分的金額已經增長。對於卡比拉政府來說，這是一個複雜的過程。中央銀行對轉賬的正常批准從未被拒絕，但從未得到回應。並且將美元，因為它是一個美元賬戶，有效地從剛果民主共和國轉移出離岸。您確實需要外匯審批或外匯審批，這需要收費。這就是我們一直在努力的過程。

And as you know, there was a recent change in the Central Bank government. And now with the new governor, it's been easier to deal with that because there's now a connection between the Ministry of Finance, the Prime Minister's Office and the governor of the Central Bank.

如您所知，中央銀行政府最近發生了變化。現在有了新的行長，處理這個問題就容易多了，因為現在財政部、總理辦公室和中央銀行行長之間有了聯繫。

So that's really where we are. And it's our -- the money you can't transfer money, just transfer it. You've got to pay out something. And there are 2 -- there are 3 things that we can use the money for, of course, paying costs; then repaying the debt until the debt is repaid; and after that, it's just dividends. So the important thing was to pay the first tranche of dividends. Why? Because the state mining company and the state got benefits in that transfer, and we demonstrated that. And then the second is to clear this $1 billion out on debt repayments and then move to a 50-50. And that's really the rationale behind us.

這就是我們真正的所在。這是我們的——你不能轉賬的錢，只能轉賬。你必須付出一些代價。還有兩件事——我們可以用這筆錢來做三件事，當然，支付費用；然後償還債務，直到債務還清；在那之後，它只是股息。所以重要的是支付第一筆股息。為什麼？因為國有礦業公司和國家在轉讓中得到了好處，我們證明了這一點。然後第二個是清除這 10 億美元的債務償還，然後轉向 50-50。這就是我們背後的理由。

And we have -- we don't have to seek approval. No one says you will do this, but we went through a fair -- a series of commissions to review the situation and the conflict in the -- in some of the legislation. We've also agreed with the President of the Parliament -- sorry, of the Senate to introduce some legislation to clean up these articles that might be misconstrued. And that will happen this year, it's part of the Senate process or parliament process.

而且我們有——我們不必尋求批准。沒有人說你會這樣做，但我們通過了一個公平的 - 一系列委員會來審查一些立法中的情況和衝突。我們還與議會主席達成一致——抱歉，參議院主席提出了一些立法來清理這些可能被誤解的條款。這將在今年發生，它是參議院程序或議會程序的一部分。

And so that's what it is. And I don't think there's anything more that we need to be able to transfer. We've actually put the instructions, the transfer instructions into the bank or we get it. I think it's probably today what was happened yesterday. But sometime this week, those transfers will go.

所以就是這樣。而且我認為我們不需要轉移任何東西。我們實際上已經將指令、轉賬指令存入銀行，或者我們得到了它。我想今天可能就是昨天發生的事情。但是本週的某個時候，這些轉會將會消失。

Okay. So when I look at here around financials at the end of March, so end of Q1, all of that $1 billion or $5 million your share will all have been removed out...

好的。因此，當我在 3 月底，即第一季度末查看財務數據時，所有 10 億美元或 500 萬美元的份額都將被剔除……

So probably $600 million of the $1 billion, it could be. But right now, if you look at every 2 weeks, there is a change that might be just at the beginning of the last tranche because originally, it was 90 days. But certainly, the next -- this quarter, we should have the first 2 tranches of $300 million. So $600 million, that's $300 million ours. But I think there's a real motivation for the government to get this thing settled because, Tanya, the -- all the time the money sits in our bank account and DRC, it attracts an 8% interest. So there's a big motivation to get this thing settled.

所以可能是 10 億美元中的 6 億美元。但是現在，如果您每 2 週查看一次，可能會在最後一批開始時發生變化，因為最初是 90 天。但可以肯定的是，下一個 - 本季度，我們應該有前兩筆 3 億美元。所以 6 億美元，那是我們的 3 億美元。但我認為政府有一個真正的動機來解決這個問題，因為，坦尼婭，這些錢一直存在於我們的銀行賬戶和剛果民主共和國，它吸引了 8% 的利息。所以有很大的動力來解決這個問題。

Okay. So $600 million in Q1 and the remaining $400 million on (inaudible) basis early Q2?

好的。那麼第一季度的 6 億美元和第二季度初（聽不清）的剩餘 4 億美元？

And we might surprise you, yes.

我們可能會讓你大吃一驚，是的。

That would be good, yes. And then just maybe still in the DRC, we did notice an export penalty claim. Can you just let us know what that's about?

那會很好，是的。然後可能還在剛果民主共和國，我們確實注意到了出口罰款索賠。你能告訴我們這是怎麼回事嗎？

Yes, that's a normal course of business. We have sometimes a little overenthusiastic customs people in the annual audits. And in fact, most of those claims are supported by documented approvals in how we manage our duties against, for instance, some of the explosive materials that we import also steel bars just as an example, where it has been interpreted as something else. And it's a normal course of process. We will engage, which we have. We've got all the comfort letters and the decrees that we need to deal with this challenge. And as we've stated in the MD&A, we don't believe that it's something that we should be providing for.

是的，這是正常的業務過程。在年度審計中，我們有時會有一些過於熱情的海關人員。事實上，這些聲明中的大多數都得到了我們如何管理我們的職責的書面批准的支持，例如，我們進口的一些爆炸性材料也只是作為一個例子，它被解釋為其他東西。這是一個正常的過程。我們將參與，我們擁有。我們已經收到了應對這一挑戰所需的所有安慰信和法令。正如我們在 MD&A 中所述，我們不認為這是我們應該提供的東西。

Okay. And just my last question, if I could, just on your copper strategy. Just wanted to understand a little bit how Reko Diq fits into that strategy and just where we are on this asset?

好的。如果可以的話，我的最後一個問題是關於你的銅策略。只是想稍微了解一下 Reko Diq 如何適應該策略以及我們在該資產上的位置？

So right now, the asset that we have is the arbitration award of which we share with Antofagasta and ourselves, Barrick. We are working and have been in its general knowledge in the spirit of Barrick philosophy of how we can convert that into something that's more meaningful. And that's something that doesn't end up with the Pakistan government having to write out a big check without any benefits. And Reko Diq is an opportunity that we've been working on whereby everyone will benefit. Our shareholders, of course, and same with the Balochistan government and the Pakistan government. And that's really where I would want to stop it because there's still a lot of work and water to flow under the bridge, but that's the tactic. And as I said, and I think I told Greg at this conference that it's a real asset. And we would like as miners to convert that into our mining asset. It's one of the better ones around. Otherwise, we end up in conflict and that's not a good thing to do with your host country or potential host country.

所以現在，我們擁有的資產是我們與安託法加斯塔和我們自己分享的仲裁裁決，巴里克。我們正在努力，並且一直本著巴里克哲學的精神，了解我們如何將其轉化為更有意義的東西。這不會導致巴基斯坦政府不得不開出一張沒有任何好處的大支票。 Reko Diq 是我們一直在努力的一個機會，每個人都會從中受益。當然，我們的股東，俾路支省政府和巴基斯坦政府也是如此。這就是我真正想要阻止它的地方，因為橋下還有很多工作和水要流，但這就是策略。正如我所說，我想我在這次會議上告訴格雷格，這是一項真正的資產。作為礦工，我們希望將其轉化為我們的採礦資產。這是周圍最好的之一。否則，我們最終會發生衝突，這對您的東道國或潛在的東道國來說不是一件好事。

Okay. So is it fair to say that this is a ways out in terms of fitting into your 10-year pipeline?

好的。那麼可以公平地說，這是一條適合您 10 年管道的出路嗎？

It would be fantastic in our 10-year pipeline. It's a real deal.

在我們的 10 年管道中，這將是非常棒的。這是一個真正的交易。

But it's not in our 10-year pipeline.

但這不在我們的 10 年計劃中。

But it's not in -- yes, sorry, it's not in our 10-year pipeline right now.

但它不在——是的，對不起，它現在不在我們的 10 年計劃中。

I understand that. But in terms of resolving everything and then probably having a feasibility study and other stuff in country, would you be able to even fit it into your 10-year pipeline?

我明白那個。但就解決所有問題，然後可能在國內進行可行性研究和其他工作而言，您甚至可以將其納入您的 10 年管道嗎？

Sure. Absolutely.

當然。絕對地。

Our next question is from Mike Parkin with National Bank Financial.

我們的下一個問題來自 National Bank Financial 的 Mike Parkin。

Congrats on the good quarter. Just a question with respect to the performance dividend. Does that indicate kind of a comfort level with carrying debt on the balance sheet? Or are you agnostic to where the debt is given that performance dividend is linked to the net cash position?

祝賀好季度。只是關於績效紅利的問題。這是否表明在資產負債表上承擔債務是一種舒適程度？或者您是否不知道由於績效紅利與淨現金頭寸相關的債務在哪裡？

So I think you've just answered your own question, Mark. Net cash means there's no net debt. And so the way it's designed is that if we have -- because what we've done initially is our debt to pay it all up is expensive. Hopefully, it gets cheaper and cheaper with the growing interest rates. But we've offset it. We've got cash balancing the debt. And what we've said is anything above 0. So from 0 to $500 million net cash payout of $0.05 dividend and then $500 million to $1 billion and $1 billion to $1.5 billion.

所以我想你剛剛回答了你自己的問題，馬克。淨現金意味著沒有淨債務。所以它的設計方式是，如果我們有 - 因為我們最初所做的是我們的債務來償還它是昂貴的。希望隨著利率的提高，它會變得越來越便宜。但我們已經抵消了它。我們有現金平衡債務。我們所說的是任何高於 0 的值。因此，從 0 到 5 億美元的淨現金支付為 0.05 美元的股息，然後是 5 億美元到 10 億美元和 10 億美元到 15 億美元。

And so that's -- and what it does is it's -- it really is -- it's a nonnegotiable process because if we're investing heavily in a big project, for example, and we drive -- we increased the net debt to fund that. Then we are investing our shareholders' money into that project. And given our return criteria, we think most -- in fact, more than most of our shareholders would support that. If we don't and we build cash on the balance sheet, we make sure that we don't create a easy balance sheet and that on a formulaic basis money goes back to shareholders.

所以這就是——它的作用是——它確實是——這是一個不可談判的過程，因為如果我們在一個大項目上投入巨資，例如，我們開車——我們增加了淨債務來為它提供資金.然後我們將股東的資金投入到該項目中。考慮到我們的回報標準，我們認為大多數——事實上，比我們的大多數股東更願意支持這一點。如果我們不這樣做並且我們在資產負債表上建立現金，我們確保我們不會創建一個簡單的資產負債表，並且在公式化的基礎上資金會回到股東手中。

Our next question is from Brian MacArthur with Raymond James.

我們的下一個問題來自 Brian MacArthur 和 Raymond James。

I just wanted to go back to the self-correcting mechanism on the dividend, like and you're just coming from the debt side, but what about the working capital side, I mean, we get variability? If you really built up you stuck to -- working capital down, you get a lot of cash, you're going to pay it out and then the next quarter rebalance it. Is that what that was to take mean? Or is there some mechanism where you just kind of smooth it over time because a lot of investors like a more smooth dividend and things jumping up and down?

我只是想回到股息的自我糾正機制，就像你剛剛來自債務方面，但營運資金方面呢，我的意思是，我們有可變性？如果你真的建立起來你堅持 - 營運資金下降，你會得到很多現金，你會支付它，然後在下個季度重新平衡它。這就是那個意思嗎？或者是否有某種機制可以讓你隨著時間的推移讓它變得平滑，因為很多投資者喜歡更平滑的股息，而且事情會上下波動？

No, I think over the year, as Graham says, it is self-balancing. I don't -- I think it worked really well in Randgold, this sort of approach. It's slightly more sophisticated because it's a much bigger company. But I think you'll see that it will work out just fine.

不，我認為這一年，正如格雷厄姆所說，這是自我平衡的。我不——我認為它在 Randgold 中非常有效，這種方法。它稍微複雜一些，因為它是一家更大的公司。但我想你會看到它會很好地工作。

Well, certainly, over time, you'll build it up anyway, so I get there's less risk about happening. Second question, just, Mark, the other thing I think is quite interesting that doesn't get talked about a lot is ability. So just on this Golden Sunlight deal, you effectively do reclamation, which is very, very good. You get a source of product, which I assume provides lower cost in Nevada, which is a win. But there's also a reversal in the financials also levering money from bonds and stuff by doing all this as well. So it's actually a three-pronged win yet?

好吧，當然，隨著時間的推移，無論如何你都會建立起來，所以我知道發生的風險會更小。第二個問題，馬克，另一個我認為很有趣但很少被談論的事情是能力。因此，僅在這筆 Golden Sunlight 交易中，您就可以有效地進行回收，這非常非常好。你得到了一個產品來源，我認為它在內華達州提供了更低的成本，這是一個勝利。但金融股也出現逆轉，也通過做這一切來利用債券和其他東西的資金。所以這實際上是一個三管齊下的勝利了嗎？

Yes. So when I started -- when we started 3 years ago, the bond was $150 million. It's now $90 million. And it's going down and it will eventually end up at 0. So that's the plan. And just as a broader strategy, we inherited -- we've got a number of closure sites, which actually sits at the most in North America under Christine. And when I sat down with the team back in 2019, what our challenge the team to do is to engineer -- these sites were being maintained and the can kicked down the road and was costing us hundreds of millions of dollars a year just to keep them compliant.

是的。所以當我開始時——當我們三年前開始時，債券是 1.5 億美元。現在是9000萬美元。它正在下降，最終會以 0 結束。所以這就是計劃。就像更廣泛的戰略一樣，我們繼承了 - 我們有許多關閉站點，實際上在克里斯汀的領導下，這些站點最多位於北美。當我在 2019 年與團隊坐下來時，我們團隊要做的挑戰是設計——這些站點正在維護中，罐子被踢掉了，每年要花費我們數億美元來維持他們合規。

And so what we challenged the team with is, let's engineer them to closure, not on 100 years of water treatment closure, but full closure. So get the best engineers, focus on rehabilitating the sites, making sure that we can sustainably manage the, for instance, the water balances. And the team has done an excellent job already. And already, we've more than half that cost. Patrick Malone, are you on the call? Great. Grant, you might want to comment. So we've driven that. And of course, with the higher gold price, we've disposed of some of those sites because they have resources and then they don't meet Barrick's criteria, but they certainly meet other mining -- miners' criteria.

所以我們向團隊提出的挑戰是，讓我們設計他們關閉，不是關閉 100 年的水處理關閉，而是完全關閉。所以請最好的工程師，專注於修復這些場地，確保我們能夠可持續地管理水平衡等問題。團隊已經做得非常出色了。而且，我們已經付出了一半以上的成本。帕特里克·馬龍，你在接電話嗎？偉大的。格蘭特，你可能想發表評論。所以我們已經推動了這一點。當然，隨著黃金價格的上漲，我們已經處置了其中一些站點，因為它們有資源，然後它們不符合巴里克的標準，但它們肯定符合其他採礦——礦工的標準。

And so we've really cleaned up that portfolio and continue to do so. And what it's done as well is it's growing Barrick's skills and technology and managing closure. And that's a real asset to have in the modern world is to deliver -- is to bring another skill when we go mining, and that is that we manage. And I think -- and Grant will reinforce this, one of the most neglected parts of ESG is not only the [SPAT] social side, but also the biodiversity and water. And it's a big issue for Barrick in our closure philosophy. Grant, do you want to add to that?

因此，我們確實清理了該投資組合併繼續這樣做。它所做的也是提高巴里克的技能和技術並管理關閉。在現代世界中，真正的資產是交付——當我們去採礦時帶來另一種技能，那就是我們管理。我認為——格蘭特會加強這一點，ESG 最被忽視的部分之一不僅是 [SPAT] 社會方面，還有生物多樣性和水。在我們的關閉理念中，這對巴里克來說是一個大問題。格蘭特，你想補充一下嗎？

Yes. I think you're right, Mark. In terms of the water aspects, that really was where we focused shortly after the merger because the strategy prior to that was just to treat water in perpetuity. So the liabilities were massive in terms of just water treatment. So that really has been our focus. I mean one of the key drivers for Golden Sunlight was removing that TSF which we needed to treat the seepage water from. And that, again, is going to be in perpetuity. So we've completely removed that liability. And the same for a number of the other sites that we've -- that we started looking at, we've removed that liability.

是的。我認為你是對的，馬克。在水方面，這確實是我們在合併後不久關注的領域，因為在此之前的戰略只是永久處理水。因此，僅就水處理而言，負債是巨大的。所以這確實是我們的重點。我的意思是 Golden Sunlight 的關鍵驅動因素之一是去除我們需要處理滲水的 TSF。而且，這將永遠存在。所以我們已經完全消除了這種責任。對於我們開始關注的許多其他網站也是如此，我們已經消除了這種責任。

So -- and then to the biodiversity point and Golden Sunlight is a classic example of this is, we're being -- we are able to restore that land back to its previous condition. And we've also purchased adjacent land, which we are now making available to the community as a conservation area. So really, it's come full circle on a lot of these closure sites. And at the same time, as you mentioned, reducing those liabilities significantly.

所以——然後到生物多樣性點，金色陽光就是一個典型的例子，我們正在——我們能夠將這片土地恢復到以前的狀態。我們還購買了相鄰的土地，現在我們將其作為保護區提供給社區。所以真的，它在很多這些關閉網站上都繞了一圈。同時，正如你所提到的，顯著減少了這些負債。

Great. Thanks, not an elegant solution. Just a final question, a quick one. Just as Long Canyon 2 in your 10-year plan?

偉大的。謝謝，不是一個優雅的解決方案。只是最後一個問題，一個快速的問題。就像您的 10 年計劃中的長峽谷 2 一樣？

Yes. But there's a big gap and it sort of winds down. It's -- the debate and the team has -- is it really a Barrick level asset. And we're actually looking at -- in conversation with our partners at possibly realizing that asset in the short term. So it is but it's a very small contributor.

是的。但有一個很大的差距，它有點風平浪靜。這是 - 辯論和團隊 - 它真的是巴里克級別的資產。我們實際上正在與我們的合作夥伴進行對話，以期在短期內實現這一資產。確實如此，但它是一個非常小的貢獻者。

Yes. So the -- for the next few years, we're obviously focused on the permitting and then it only kicks back in, in 2026 in terms of fresh rock. But yes, as Mark says, it's out for the -- to decide whether we keep it or not.

是的。所以——在接下來的幾年裡，我們顯然專注於許可，然後它只會在 2026 年重新開始，就新鮮搖滾而言。但是，是的，正如馬克所說，我們是否保留它是由 - 決定的。

Right. Would there be capital in '24 and '25?

對。 24 和 25 年會有資本嗎？

No, at this stage.

不，在這個階段。

There are no further questions registered at this time. I would like to turn the conference back over to Mark Bristow for any closing remarks. .

目前沒有登記其他問題。我想把會議轉回馬克布里斯托做任何閉幕詞。 .

Right. Well, this has been a marathon session. And hopefully, you would have recognized it wasn't my presentation this time, it was all the questions. So we're really focused on getting this message out. There's a lot of detail in our MD&A. We thank you for your questions. And again, if there are any further questions, as you know, we are always available to answer your questions.

對。嗯，這是一場馬拉鬆比賽。希望你能意識到這一次不是我的演講，而是所有的問題。因此，我們真正專注於傳達此信息。我們的 MD&A 中有很多細節。我們感謝您的提問。同樣，如您所知，如果還有其他問題，我們隨時可以回答您的問題。

So again, thank you for affording us all this time, and we'll see you soon, probably down in Florida, hopefully. So thanks again.

再次感謝您一直以來為我們提供的幫助，我們很快就會見到您，希望可能在佛羅里達州。所以再次感謝。