巴里克黃金 (GOLD) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2022 Second Quarter Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded, and a replay will be available on Barrick's website later today, August 8, 2022. I would now like to turn the conference over to Mark Bristow, Chief Executive Officer. Please go ahead, sir.

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 2022 年第二季度業績電話會議。 （操作員說明）提醒一下，本次電話會議正在錄音，並將於今天晚些時候（2022 年 8 月 8 日）在 Barrick 的網站上提供重播。我現在想將會議轉交給首席執行官 Mark Bristow。請繼續，先生。

Thank you very much, and good morning, and good afternoon, ladies and gentlemen. And welcome to our quarter 2 results update. At the halfway mark of the year, Barrick's performance and prospects continue to show the steady progress we envisaged at the time of the strategic merger. When we radically changed its trajectory and started the journey towards a future-forward business.

非常感謝，女士們，先生們，早上好，下午好。歡迎來到我們的第二季度業績更新。今年年中，巴里克的業績和前景繼續顯示出我們在戰略合併時所設想的穩步進展。當我們從根本上改變了它的軌跡並開始了邁向未來業務的旅程。

We have built a team and a structure capable of dealing with a range of global economic, social and political challenges that are getting increasingly complex. We drove ownership of our ore bodies at the mine site and rationalized our portfolio to focus on world-class assets. We've shaken off the debt burden, strengthened the balance sheet and introduced a dividend policy supported by our sustainably profitable strategy.

我們已經建立了一個團隊和結構，能夠應對日益複雜的一系列全球經濟、社會和政治挑戰。我們推動了對礦場礦體的所有權，並合理化了我們的投資組合，專注於世界級資產。我們已經擺脫了債務負擔，加強了資產負債表，並推出了由我們的可持續盈利戰略支持的股息政策。

Our exploration teams continue to replenish reserves depleted by mining and in pursuit of our new Tier 1 discoveries and our growth opportunities. We've expanded our footprint across all -- nearly all the world's major gold and copper regions. On every front, we're closing in on our goal of becoming the world's most valued mining company.

我們的勘探團隊繼續補充因採礦而枯竭的儲量，並尋求我們的新一級發現和我們的增長機會。我們已將足跡擴展到幾乎所有世界主要的黃金和銅產區。在各個方面，我們都在接近成為世界上最有價值的礦業公司的目標。

At this point, I draw your attention to the usual cautionary statement shown here and is also available on our website. And now we can get to -- get on to the results for the quarter. In a testing operating environment, the team produced a stronger performance across the portfolio to keep us on track to meet our production guidance for the year.

在這一點上，我提請您注意此處顯示的常見警告聲明，也可以在我們的網站上找到。現在我們可以得到 - 了解本季度的結果。在測試操作環境中，該團隊在整個產品組合中取得了更強勁的表現，以使我們保持在軌道上，以滿足我們當年的生產指導。

At the same time, we've made significant progress in advancing our major capital projects, notably the massive expansion of Pueblo Viejo in the Dominican Republic and the start of the public comment stage on the Goldrush development in Nevada. The prospectivity of our copper portfolio is growing, and our energized brownfields and greenfields exploration continues to deliver results. Earnings were ahead of market consensus, and we maintain the quarterly dividend.

與此同時，我們在推進主要資本項目方面取得了重大進展，特別是多米尼加共和國 Pueblo Viejo 的大規模擴張以及內華達州 Goldrush 開發項目的公眾意見徵詢階段的開始。我們的銅產品組合的前景正在增長，我們充滿活力的棕地和綠地勘探繼續取得成果。盈利高於市場預期，我們維持季度股息。

Operationally, there were improvements across the board and particularly at Carlin and Turquoise Ridge in Nevada, Veladero in Argentina, Bulyanhulu and North Mara in Tanzania and Lumwana in Zambia, with strong gold production expected from Cortez in quarter 4 and copper production likely to be slightly up in the second half.

運營方面，尤其是在內華達州的 Carlin 和 Turquoise Ridge、阿根廷的 Veladero、坦桑尼亞的 Bulyanhulu 和 North Mara 以及贊比亞的 Lumwana 等地區，整體情況有所改善，預計第四季度 Cortez 的黃金產量將強勁，銅產量可能會略有下降下半場上升。

We are still forecasting to be within annual production guidance. Due to higher energy prices, which flowed through to the cost of consumables and global supply challenges, both provoked by the crisis in Ukraine, costs are expected to be at or above the top end of our guidance, depending on how energy prices play out in the second half of the year.

我們仍預測將在年度生產指導範圍內。由於能源價格上漲，導致消耗品成本和全球供應挑戰，均由烏克蘭危機引發，預計成本將達到或高於我們指導的上限，具體取決於能源價格在下半年。

We're also now anticipating some slight project development delays of up to 3 months at Pueblo Viejo and up to 6 months at Goldrush versus previous market guidance, which I'll discuss later in my presentation. These are the numbers. And as you can see, healthy cash flows and a solid net cash position continue to support a robust return to shareholders.

我們現在還預計，與之前的市場指導相比，Pueblo Viejo 的項目開發延遲最多 3 個月，Goldrush 的項目開發延遲最多 6 個月，我將在稍後的演示文稿中討論。這些是數字。正如您所看到的，健康的現金流和穩健的淨現金狀況繼續為股東帶來強勁的回報。

We've repurchased $182 million worth of shares under our $1 billion share buyback program, and we paid out Kibali's remaining cash surplus from the Democratic Republic of Congo. It's worth noting that Q2 is traditionally our highest tax payment quarter as well as when we make most of our semiannual interest payments on our bonds.

我們根據 10 億美元的股票回購計劃回購了價值 1.82 億美元的股票，並支付了 Kibali 剩餘的來自剛果民主共和國的現金盈餘。值得注意的是，第二季度傳統上是我們納稅最高的季度，也是我們為債券支付大部分半年利息的時候。

Sustainability remains a key focus in every aspect of our business. And to support our drive to net zero emissions, we have quantified our Scope 3 emissions. Those produced by our value chain to get a full picture of our carbon footprint. This exercise has shown that Scope 3 emissions from our Tier 1 assets accounts for some 40% of the group's total greenhouse gas emissions, mainly from purchased goods and services, capital goods, fuel and energy use and transport and distribution.

可持續發展仍然是我們業務各個方面的重點。為了支持我們實現淨零排放，我們量化了我們的範圍 3 排放量。那些由我們的價值鏈產生的，以全面了解我們的碳足跡。這項工作表明，我們的一級資產的範圍 3 排放約佔集團溫室氣體排放總量的 40%，主要來自購買的商品和服務、資本貨物、燃料和能源的使用以及運輸和分銷。

We are now engaging with all our suppliers to help them set and achieve their own reduction targets. On the health and safety front, the Latin America and Asia Pacific region has maintained its impressive record, reducing its total recordable injury rate for the year-to-date by 41% compared to the same period of 2021.

我們現在正與所有供應商合作，幫助他們制定並實現自己的減排目標。在健康和安全方面，拉丁美洲和亞太地區保持了令人印象深刻的記錄，與 2021 年同期相比，今年迄今為止的總可記錄傷害率降低了 41%。

And this, I might add, at a time when we have 3,500 contractors added to the Pueblo Viejo's permanent workforce of 2,700 employees as part of our expansion project. Africa and the Middle East achieved a comparable reduction, but North America still needs to improve and we'll continue to work on this. Despite the delay in energizing the Veladero power line, which will plug the mine into neighboring Chile's greener grid, we maintained our carbon dioxide equivalent emissions at the quarter 1 level.

作為我們擴建項目的一部分，我可能會補充說，當我們有 3,500 名承包商加入 Pueblo Viejo 的 2,700 名永久員工時。非洲和中東實現了可比的減少，但北美仍需要改進，我們將繼續努力。儘管 Veladero 電力線的供電出現延遲，該電力線將把礦山接入鄰近的智利更環保的電網，但我們將二氧化碳當量排放量保持在第一季度的水平。

Average water use efficiency was again at 83%, ahead of the 80% target. We invested $7.5 million in community projects through the mines community development committees, bringing our year-to-date spend to almost $12.5 million. We also completed the public carrying engagements for Pueblo Viejo new tailings storage facility and Nevada Gold Mines renewed its partnership with Discovery Education and the State's Department of Education.

平均用水效率再次達到 83%，超過了 80% 的目標。我們通過礦山社區發展委員會在社區項目上投資了 750 萬美元，使我們年初至今的支出達到近 1250 萬美元。我們還完成了 Pueblo Viejo 新尾礦儲存設施的公共運輸項目，內華達金礦與 Discovery Education 和州教育部續簽了合作夥伴關係。

Moving on to the operational section. We start our operational review in North America, where the management team has been strengthened by the appointment of Christine Keener as the region's Chief Operating Officer; and Peter Richardson as the incoming Executive Managing Director of Nevada Gold Mines. A new North American organizational structure incorporating Nevada Gold Mines has been designed to integrate operational and project leadership to drive continued performance improvements and regional growth beyond Nevada and Hemlo.

進入操作部分。我們從北美開始我們的運營審查，任命 Christine Keener 為該地區的首席運營官，從而加強了管理團隊；和彼得理查森作為即將上任的內華達金礦執行董事總經理。一個包含內華達金礦的新北美組織結構旨在整合運營和項目領導力，以推動內華達州和 Hemlo 以外的持續績效改進和區域增長。

Nevada Gold Mines had a good second quarter and is set up for further improvement in quarter 3 and quarter 4. The complex is a core part of our portfolio. And following its creation 3 years ago has produced 10.1 million ounces of gold and increased its premerger life substantially through an increased understanding of the ore bodies. It has also distributed $6.5 billion to its JV partners. For the quarter, Nevada Gold Mines posted an improved operational performance at all its sites apart from Cortez, which is transitioning from pipeline, that's the open cast pipeline project to the next phase of Crossroads and is expected to start contributing its high-grade oxide ore in quarter 4.

內華達金礦第二季度表現良好，並準備在第三季度和第四季度進一步改善。該綜合體是我們投資組合的核心部分。自 3 年前創建以來，已生產了 1010 萬盎司黃金，並通過加深對礦體的了解，大大延長了其合併前的壽命。它還向其合資夥伴分配了 65 億美元。本季度，Nevada Gold Mines 公佈其除 Cortez 之外的所有站點的運營業績均有所改善，Cortez 正在從管道（即露天管道項目）過渡到 Crossroads 的下一階段，預計將開始提供其高品位氧化礦石在第 4 季度。

The notice of availability for the Goldrush project, as I indicated earlier, was published at the end of the quarter, which triggered the public comment period. But given the delay, we now expect the record of decision in the first half of 2023. We are working on the impact of this delay, and we'll update you when we release our 2023 guidance.

正如我之前所指出的，Goldrush 項目的可用性通知是在本季度末發布的，這引發了公眾意見徵詢期。但鑑於延遲，我們現在預計將在 2023 年上半年做出決定。我們正在研究這種延遲的影響，我們會在發布 2023 年指導時向您更新。

Brownfields exploration is rapidly replacing reserves depleted by mining as well as identifying new targets. As you can see on this map, we have a wealth of quality prospects in Nevada. So let's take a look at just 2 of them by example. A 700,000-ounce maiden inferred resource has been identified at North Leeville. And both there and at the nearby North Turf, there is a high potential for further resource additions.

棕地勘探正在迅速取代因採礦而枯竭的儲量並確定新目標。正如您在這張地圖上看到的，我們在內華達州擁有豐富的優質前景。因此，讓我們通過示例來看看其中的 2 個。已在北利維爾發現了 700,000 盎司的首次推斷資源。在那里和附近的北草坪，進一步增加資源的潛力很大。

North Turf continues to expand towards North Leeville with multiple high-grade intercepts, underground drilling from exploration declines is expected to reach North Leeville late this year when the 2 projects should be able to be combined.

North Turf 繼續向 North Leeville 擴展，有多個高品位攔截，預計勘探下降的地下鑽探將在今年年底到達 North Leeville，屆時這兩個項目應該能夠合併。

Staying on the Carlin trend, the REN project is showing resource growth as well, where we have identified a new Western mineralized corridor, Corona, just 250 meters from the existing infrastructure. This new corridor, together with the JV corridor, will drive resource additions to REN's maiden inferred resource of 1.2 million ounces, allowing us to advance this particular project to feasibility.

緊跟 Carlin 趨勢，REN 項目也顯示出資源增長，我們在那裡確定了一條新的西部礦化走廊 Corona，距離現有基礎設施僅 250 米。這條新走廊與合資走廊一起，將推動 REN 首次推斷的 120 萬盎司資源的資源增加，使我們能夠推進這個特定項目的可行性。

I've indicated before that we want to expand our presence in both the United States and in particular, Canada. Canada, which is, in addition to being Barrick's home is a highly prospective region with a mining-friendly jurisdiction. We've established a strong new business team there, which has been evaluating multiple M&A and earn-in exploration opportunities to expand our portfolio. 4 projects are already under option.

我之前曾表示，我們希望擴大我們在美國，特別是加拿大的影響力。加拿大除了是巴里克的故鄉外，還是一個極具發展前景的地區，擁有適合採礦的司法管轄區。我們在那裡建立了一個強大的新業務團隊，該團隊一直在評估多項併購和盈利探索機會，以擴大我們的投資組合。 4個項目已經在選擇中。

Hemlo, our Canadian operation, which was badly hit by the pandemic has received significant attention as we work to rescope it. We have been completely remodeling the mine. And as part of this are considering a restart of the open pit.

我們在加拿大的業務 Hemlo 受到大流行的嚴重打擊，在我們努力對其進行重新調整時受到了極大的關注。我們一直在徹底改造礦山。作為其中的一部分，正在考慮重啟露天礦。

Down South, the Latin America and Asia Pacific region had a very busy quarter with the expansion of Pueblo Viejo and an intensified exploration drive, led by a new team around our existing sites and well beyond them in new destinations. And then there's Reko Diq in Pakistan, which is a very exciting project that I'll tell you more about later.

在南部，拉丁美洲和亞太地區的季度非常繁忙，隨著 Pueblo Viejo 的擴張和加強的勘探活動，由圍繞我們現有站點的新團隊領導，並在新的目的地遠遠超出它們。然後是巴基斯坦的 Reko Diq，這是一個非常令人興奮的項目，我稍後會告訴你更多。

In Papa New Guinea, Porgera's progress towards reopening has been delayed by the country's election. However, we are optimistic that we can get operations restarted by the end of this year. Pueblo Viejo had a good quarter and is well positioned to achieve its production guidance. Meanwhile, its conversion into a long-life mine is progressing and the location of a new tailings facility site has now been settled. Detailed engineering and updated costing of the new TSF should be completed in the second half of the year.

在巴巴新幾內亞，波格拉重新開放的進程因該國的選舉而被推遲。但是，我們樂觀地認為我們可以在今年年底前重新開始運營。 Pueblo Viejo 有一個良好的季度，並且有能力實現其生產指導。同時，其向長壽命礦山的改造正在進行中，新尾礦設施場地的位置現已確定。新 TSF 的詳細工程和更新成本計算應在今年下半年完成。

As you may recall, the mine was heading for closure because its vast resources could not be converted to reserves due to limitations on its tailings storage capacity. The plant expansion and new tailings facility will extend its life to 2040 and beyond with an average annual production forecast at above 800,000 ounces.

您可能還記得，該礦即將關閉，因為其巨大的資源由於其尾礦儲存能力的限製而無法轉化為儲量。工廠擴建和新的尾礦設施將其壽命延長至 2040 年及以後，平均年產量預測將超過 800,000 盎司。

Running a big mine while developing the massive expansion project is another demonstration of our various management's ability to handle complex challenges. That said, the global supply chain constraints have impacted the timing of delivery of some key components, which is putting pressure on the completion date. We now expect to be substantially complete by the end of this year, with commissioning commencing early into the new year.

在開發大規模擴建項目的同時經營大型礦山是我們各種管理層應對複雜挑戰的能力的又一證明。儘管如此，全球供應鏈的限制已經影響了一些關鍵部件的交付時間，這給完成日期帶來了壓力。我們現在預計到今年年底將基本完成，調試將在新的一年早些時候開始。

At the same time, Barrick's exploration team is looking for growth opportunities within the permit and the surrounding concessions along with a full revaluation of the district, drilling programs to test both the Arroyo del Rey and Zambrana Norte targets are being finalized, and will evaluate their potential to provide high-grade ore to the mine plan.

與此同時，巴里克的勘探團隊正在尋找許可證和周邊特許權內的增長機會，同時對該地區進行全面重估，測試 Arroyo del Rey 和 Zambrana Norte 目標的鑽探計劃正在敲定，並將評估他們的為礦山計劃提供高品位礦石的潛力。

As you know, Argentina has been going through some tough times, but Veladero, nevertheless, continues to improve its performance. With its fourth quarter traditionally a good one, the mine is still positioned to achieve its annual production guidance, although there are risks. Construction of the first stage of its Phase 7 heap leach treatment facility has been completed and construction of the final stage of Phase 7 is expected to start towards the end of the year.

如您所知，阿根廷經歷了一些艱難時期，但維拉德羅仍然在不斷提高其表現。第四季度傳統上是一個不錯的季度，儘管存在風險，但該礦仍有望實現其年度生產指導。其第7期堆浸處理設施的第一階段的建設已經完成，第7期的最後階段的建設預計將在今年年底開始。

And exploration across the LatAm region is now being driven by 1 of 3 new exploration managers in the group, who is working closely with a dedicated growth manager to evaluate opportunities. While the LatAm exploration programs and priorities are being refreshed, work continued across the continent with encouraging results this quarter from Veladero, where the team is developing several early-stage near-mine targets.

整個拉美地區的勘探現在由該集團 3 名新勘探經理中的 1 名推動，他們正在與專門的增長經理密切合作以評估機會。在更新拉美勘探計劃和優先事項的同時，整個非洲大陸的工作仍在繼續，本季度 Veladero 取得了令人鼓舞的成果，該團隊正在開發幾個早期的近地礦目標。

The LatAm region is prospective for world-class copper and gold discoveries. And we certainly have the teams with the required skills and experience to deliver them.

拉美地區有望發現世界級的銅和金礦。我們當然擁有具備所需技能和經驗的團隊來交付它們。

Turning now to Reko Diq which is one of the world's largest undeveloped copper gold deposits. In terms of the framework agreement between Barrick and the government of Pakistan, the project, which has been on hold since 2011, will be reconstituted and restarted. The mine will be operated by Barrick and in line with our philosophy of partnering with our host countries, it will be owned 50% by Barrick, 25% by the Balochistan provincial government and 25% by Pakistan state-owned enterprises.

現在轉向 Reko Diq，它是世界上最大的未開發銅金礦床之一。根據巴里克與巴基斯坦政府的框架協議，該項目自2011年以來一直處於暫停狀態，將重組並重啟。該礦將由巴里克運營，並根據我們與東道國合作的理念，巴里克將擁有 50%、俾路支省政府和巴基斯坦國有企業 25% 的股份。

This is an exciting opportunity for Barrick but equally for the country and the province. And we've been received with great enthusiasm and support by all the local stakeholders. This is Reko Diq's anticipated time line. Pakistan has an efficient administration, and we're currently working with all parties to finalize the underlying definitive agreements. There is also a legislative process to be completed. Once all of this is done, we will update the existing feasibility study currently scheduled for completion in 2024.

這對巴里克來說是一個激動人心的機會，對國家和全省來說也是如此。我們得到了當地所有利益相關者的極大熱情和支持。這是 Reko Diq 的預期時間表。巴基斯坦有一個高效的政府，我們目前正在與各方合作，以敲定基本的最終協議。還有一個立法程序需要完成。一旦完成所有這些，我們將更新目前計劃於 2024 年完成的現有可行性研究。

Production could start in 2027 or 2028. With its unique combination of large-scale, low strip and good grades, Reko Diq will be a multigenerational mine with a life of at least 40 years.

生產可在 2027 年或 2028 年開始。憑藉其獨特的大規模、低帶鋼和良好品位的組合，Reko Diq 將成為一個具有至少 40 年壽命的多代礦山。

Turning now to Africa and the Middle East. The region continues to excel on all fronts with a standout performance from the Tanzanian mines. Virtually at a standstill, when we took over their management 3 years ago, they have been completely redesigned and reengineered, creating what are, in fact, 2 completely new mines with the potential as a combined complex to achieve Tier 1 status in the Barrick portfolio. In Mali, Loulo-Gounkoto delivered its usual strong performance and is firmly on track to achieve its annual production guidance.

現在轉向非洲和中東。該地區繼續在各個方面表現出色，坦桑尼亞礦山表現出色。幾乎處於停滯狀態，當我們 3 年前接管他們的管理時，他們已經完全重新設計和重新設計，實際上創建了 2 個全新的礦山，有可能成為一個綜合綜合體，以在 Barrick 投資組合中獲得一級地位.在馬里，Loulo-Gounkoto 表現出一貫的強勁表現，並有望實現其年度生產指導。

All of our operations -- of all our operations, this complex is the most exposed to higher fuel prices, but we're in the process of trebling its solar power plants capacity which will improve its energy source profile. On the exploration front, the Loulo district in Mali and across the river in Senegal is the gift that keeps giving. Brownfields exploration is likely to replace Loulo-Gounkoto's depleted ounces against this year.

我們所有的業務——在我們所有的業務中，這個綜合體最容易受到更高的燃料價格的影響，但我們正在將其太陽能發電廠的產能提高三倍，這將改善其能源狀況。在探索前沿，馬里的 Loulo 區和河對岸的塞內加爾是不斷給予的禮物。今年，棕地勘探很可能會取代 Loulo-Gounkoto 耗盡的盎司。

Just across the border in Senegal, our Bambadji and Dalema permits host multiple targets with stand-alone potential. And in Central Africa, Kibali boosted production in quarter 2, with throughput rising after the first quarter's planned mill maintenance. We now expect the replacement of the shaft winder in quarter 4, which may impact slightly on production, but the mine remains on track to achieve production within guidance.

就在塞內加爾邊境，我們的 Bambadji 和 Dalema 允許託管多個具有獨立潛力的目標。在中非，Kibali 在第二季度提高了產量，在第一季度計劃的工廠維護之後，產量增加了。我們現在預計在第 4 季度更換捲筒機，這可能會對生產產生輕微影響，但該礦仍有望在指導範圍內實現生產。

Kibali is Barrick's leader in renewable energy, thanks to its 3 hydropower stations, which are shielding it from the full effect of higher fuel prices and exploration continues to replenish the reserve base while also looking for new discoveries. In Tanzania, as I pointed out in the intro to our Africa Middle East section, both mines hit their steady state run rate in quarter 2, with North Mara increasing production by 18% and Bulyanhulu posting a 20% improvement.

Kibali 是巴里克在可再生能源領域的領導者，這要歸功於其 3 個水電站，這些水電站使其免受燃料價格上漲的全面影響，並且勘探繼續補充儲備基地，同時也在尋找新的發現。在坦桑尼亞，正如我在非洲中東部分的介紹中所指出的那樣，兩個礦山在第二季度都達到了穩定的運行率，北馬拉的產量增加了 18%，布利安胡魯的產量增加了 20%。

Bulyanhulu now has a life of more than 20 years, and continues to deliver significant growth in reserves. Development of its new Deep West extension is scheduled to start this quarter.

Bulyanhulu 現在的壽命已超過 20 年，並且儲量繼續顯著增長。其新的深西部擴展計劃於本季度開始開發。

North Mara. North Mara's Rama open pit has been successfully ramped up, and the new Gena pushback is scheduled for the second half of this year. While continuing to replace resources depleted by mining, we are also targeting new opportunities within the North Mara district. We've expanded our footprint around Bulyanhulu through the acquisition of 6 highly prospective licenses, and we are also updating our geological models and generating targets, as I pointed out in the North Mara region.

北馬拉。 North Mara 的 Rama 露天礦已成功增產，新的 Gena 回擊計劃於今年下半年進行。在繼續替換因採礦而枯竭的資源的同時，我們還瞄準了北馬拉地區的新機遇。正如我在北馬拉地區所指出的，我們通過收購 6 個極具前景的許可證擴大了我們在 Bulyanhulu 周圍的足跡，並且我們還在更新我們的地質模型和生成目標。

Turning now to our copper operations. In Zambia, Lumwana increased its Q2 production by 32%, thanks to higher grades and improved mill availability. Jabal Sayid in Saudi Arabia produced a consistent production performance and in line with Barrick's policy of recruiting host country nationals, has appointed its first Saudi General Manager. Production at Zaldívar in Chile was also consistent.

現在轉向我們的銅業務。在讚比亞，Lumwana 將其第二季度的產量提高了 32%，這得益於更高的等級和提高的工廠可用性。沙特阿拉伯的 Jabal Sayid 取得了穩定的生產業績，並根據巴里克招聘東道國國民的政策，任命了其首位沙特總經理。智利 Zaldívar 的產量也很穩定。

Strong exploration results at Jabal Sayid have identified multiple growth opportunities with ore body expansion potential, both at depth and along strike, adding significantly to the life of mine. Major intersects shown here include one with an eye-watering 54 meters at over 15% copper. And in Zambia, Lumwana has been targeting near-surface satellite deposits to support the conceptual pushback for the Chimi super Pit, which will unlock the operations full potential and extend its life to beyond 2060.

Jabal Sayid 的強勁勘探結果已經確定了具有礦體擴張潛力的多個增長機會，無論是在深度還是沿走向，都大大延長了礦山的壽命。這裡顯示的主要交叉點包括一個令人眼花繚亂的 54 米，銅含量超過 15%。在讚比亞，Lumwana 一直在瞄準近地表衛星礦床，以支持 Chimi 超級坑的概念性回擊，這將釋放運營的全部潛力並將其壽命延長至 2060 年以後。

We are working on this and expect to commence a pre-feasibility study next year. Ladies and gentlemen, that covers my review of the operations. Now I want to go back to the dividend to demonstrate Barrick's commitment to shareholder returns. The $0.20 dividend comprises a $0.10 base dividend and a $0.10 performance dividend governed by the amount of cash net of debt on our balance sheet at the end of each quarter.

我們正在為此努力，預計明年開始進行預可行性研究。女士們，先生們，這涵蓋了我對操作的審查。現在我想回到股息來證明巴里克對股東回報的承諾。 0.20 美元的股息包括 0.10 美元的基本股息和 0.10 美元的業績股息，由每個季度末資產負債表上扣除債務的現金金額決定。

On an annualized basis, this equates to a peer-leading dividend yield of approximately 5%. Not only does our dividend framework deliver enhanced returns to our shareholders, it also provides them with flexibility and predictability throughout the financial cycle and to be used opportunistically when our shares do not reflect the value of our assets and prospects.

按年計算，這相當於同行領先的股息收益率約為 5%。我們的股息框架不僅為我們的股東帶來更高的回報，它還為他們在整個金融週期中提供了靈活性和可預測性，並在我們的股票不能反映我們的資產和前景價值時被機會主義地使用。

We, as I pointed out earlier, introduced a $1 billion share buyback program, which we utilized for the first time this past quarter. And to finish my presentation, I thought it would be useful to wrap up the previous slides and summarize how this is creating value for our investors. We have the industry's largest portfolio of world-class gold and copper assets, and it's still growing. All our mines have reality-based tenure business plans, in some cases, being rolled out to 15 years and beyond, with no significant production dips. We do not need to call our new projects to maintain our 10-year plans.

正如我之前指出的，我們推出了 10 億美元的股票回購計劃，這是我們在上個季度首次使用的。為了完成我的演講，我認為總結之前的幻燈片並總結這如何為我們的投資者創造價值會很有用。我們擁有業內最大的世界級黃金和銅資產組合，並且還在不斷增長。我們所有的礦山都有基於現實的任期業務計劃，在某些情況下，將推廣到 15 年甚至更長時間，而且產量沒有顯著下降。我們不需要調用我們的新項目來維持我們的 10 年計劃。

New projects, on the other hand, build on that solid production foundation we already have. In fact, our growth projects such as Pueblo Viejo and Reko Diq will boost our current long-term sustainability. Future growth is supported by Barrick's substantial project portfolio, which includes Donlin and Pascua-Lama, our growing near-mine opportunities that I've touched on in this presentation, along with a strong record of exploration success and reserve replenishment.

另一方面，新項目建立在我們已有的堅實生產基礎之上。事實上，我們的 Pueblo Viejo 和 Reko Diq 等增長項目將促進我們目前的長期可持續性。巴里克的大量項目組合支持未來的增長，其中包括我在本次演講中談到的不斷增長的近礦機會，以及勘探成功和儲量補充的良好記錄。

Our sustainability policies and practices ingrained in Barrick's long before ESG became a thing, deliver measurable results that benefit all our stakeholders. And all of this is underpinned by disciplined shareholder returns. So let me end with this question. Where can you find a better investment case? Thank you for your attention, and we are available to take answers.

早在 ESG 成為現實之前，我們的可持續發展政策和實踐就在巴里克根深蒂固，交付可衡量的結果，使我們所有的利益相關者受益。所有這一切都以嚴格的股東回報為基礎。所以讓我以這個問題結束。在哪裡可以找到更好的投資案例？感謝您的關注，我們可以為您解答。

(Operator Instructions)

（操作員說明）

Our first question comes from Greg Barnes of TD Securities.

我們的第一個問題來自道明證券的 Greg Barnes。

Mark, a couple of questions. First on Goldrush's contribution over the next several years to Cortez. We only have, I guess, consolidated guidance for Cortez and we don't know how much Goldrush contributes to that in 2023, 2024. Can you give us some idea of what the amount is.

馬克，幾個問題。首先是 Goldrush 在接下來的幾年中對 Cortez 的貢獻。我猜，我們只有對 Cortez 的綜合指導，我們不知道 Goldrush 在 2023 年和 2024 年對此做出了多少貢獻。你能給我們一些關於金額的想法嗎？

So Greg, we haven't really given much detail on that guidance, except that it really does take Cortez as a complex over 1 million ounces. And that will come as we define the project and conclude the feasibility study, then we'll be able to update that. We did give you a heads up last year, and I think that stands at this stage. And you've got a 5-year and 10-year profile. That's -- it's an integral part of the Cortez project.

所以格雷格，我們並沒有真正提供關於該指導的太多細節，只是它確實將科爾特斯作為一個超過 100 萬盎司的複合體。這將在我們定義項目並完成可行性研究時出現，然後我們將能夠對其進行更新。去年我們確實給了你一個提示，我認為這就是現階段。你有一個 5 年和 10 年的檔案。那是——它是 Cortez 項目不可分割的一部分。

A second question then on Pueblo Viejo. You've picked a new TSF site for it. Has the government signed off on that as well? Do you have buy-in from them for that new site?

然後是關於 Pueblo Viejo 的第二個問題。您已經為它選擇了一個新的 TSF 站點。政府也同意了嗎？你有他們為那個新網站買單嗎？

Yes, absolutely, Greg. We have -- the government has released a press release confirming that. It's all subject, of course, to the environmental license being awarded. But we're comfortable. We've got the terms of reference agreed with the government, and we're busy with that. We expect to lodge that application towards the end of this quarter.

是的，絕對是，格雷格。我們已經 - 政府發布了一份新聞稿，證實了這一點。當然，這一切都取決於頒發的環境許可證。但我們很舒服。我們已經與政府商定了職權範圍，我們正忙於解決這個問題。我們預計將在本季度末提交該申請。

I believe, Mark, the government had a third-party review of independent experts reviewing these sites. They've signed off on all the 2 asset, given what you just said.

我相信，馬克，政府對審查這些網站的獨立專家進行了第三方審查。鑑於您剛才所說，他們已經簽署了所有 2 資產。

Yes. We've been working closely with the government. As you know, we started off with some challenges, but we've certainly found an agreeable way forward, acceptable way forward. And in fact, you will see in the releases today that we've completed the public participation and consultation process as part of that. And I would just add, Greg, they were successfully completed.

是的。我們一直在與政府密切合作。如您所知，我們從一些挑戰開始，但我們確實找到了一個令人愉快的前進方式，可以接受的前進方式。事實上，您將在今天的發布中看到，我們已經完成了公眾參與和諮詢流程，這是其中的一部分。我只想補充一點，格雷格，他們已經成功完成了。

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

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

Just a couple of operations that I -- you've read through some of the ones that would improve in the second half of the year. So just wanted to touch upon Cortez, Turquoise Ridge and also on, sorry, it was -- which one is the lower one. I believe it was...

只是我的一些操作 - 你已經閱讀了一些將在下半年改進的操作。所以只是想談談 Cortez、Turquoise Ridge 以及關於，對不起，它是——哪一個是較低的。我相信那是...

Cortez.

科爾特斯。

So it was Cortez. you can start with Turquoise Ridge.

所以是科爾特斯。你可以從綠松石嶺開始。

So Anita, you're right. The 2 big improvements are an improvement in Turquoise Ridge. And I might add Turquoise Ridge is really doing well now as far as Turquoise Ridge underground goes. And the challenges are with the throughput and the processing facility and also Twin Creeks, the grade of some of the open pit material. But we're comfortable that Turquoise Ridge is ramping up as per the plan, particularly the most important part of that business, which is the Turquoise Ridge underground.

所以安妮塔，你是對的。兩大改進是對 Turquoise Ridge 的改進。我可能會補充說，就 Turquoise Ridge 地下的情況而言，Turquoise Ridge 現在真的做得很好。挑戰在於吞吐量和加工設施以及 Twin Creeks，一些露天礦材料的等級。但我們很滿意 Turquoise Ridge 正在按照計劃加速發展，特別是該業務中最重要的部分，即地下 Turquoise Ridge。

And as we bring the Shaft 3 into production, we also have a development that's going out towards what we call BVT target, which is near the old (inaudible) pit, but it's an underground target. And again, we expect to continue to ramp up our underground operations there. The big fill up is the -- is out of Cortez. We've been processing much lower grade open pit ore from pipeline and we're busy transitioning to the next phase of Crossroads. And there's a very high-grade oxide portion of Crossroads that's in this year's mining plan.

當我們將 Shaft 3 投入生產時，我們還有一個開發項目正在朝著我們所說的 BVT 目標方向發展，該目標位於舊（聽不清）坑附近，但它是一個地下目標。再一次，我們希望繼續加強我們在那裡的地下業務。最大的補充是 - 來自科爾特斯。我們一直在處理來自管道的低品位露天礦石，我們正忙於過渡到 Crossroads 的下一階段。在今年的採礦計劃中，Crossroads 有一個非常高品位的氧化物部分。

And we only get to it at the beginning of the fourth quarter, and that's a big step up. It's not changing throughput or anything like this. We use the oxide mill. It's got capacity. It's just about grade. And we've spent a lot of time focusing in on the reserve model and it's great. And we're comfortable as long as we can keep the mining rate where it is today that we'll get access to that, and you'll see it come through at the back end of the year. Those are the 2 big improvements if you look at it year-on-year, as I said, PV is pretty much on track.

我們只是在第四季度開始時才做到這一點，這是一個很大的進步。它不會改變吞吐量或類似的東西。我們使用氧化磨機。它有容量。這只是關於等級。我們花了很多時間專注於儲備模型，這很棒。只要我們能夠將採礦率保持在今天的水平，我們就會感到很自在，我們可以訪問它，你會看到它在今年年底實現。正如我所說，如果您逐年查看，這是兩個重大改進，PV 幾乎步入正軌。

We keep the similar run rate as quarter 2. Veladero, the same. Loulo-Gounkoto is bang on the run rate. Kibali, as I pointed out in my presentation is, seeks a better -- a slightly better increase in production, both in quarter 3 and quarter 4. And North Mara is at the run rate, same with Bulyanhulu.

我們保持與第 2 季度相似的運行率。 Veladero，相同。 Loulo-Gounkoto 的運行速度非常出色。正如我在演示文稿中指出的那樣，Kibali 尋求更好的——第三季度和第四季度的產量略有增加。而 North Mara 的運行速度與 Bulyanhulu 相同。

Yes. I guess my second question was going to be on Veladero. It's running under. But you had a slight improvement over the course of the year.

是的。我想我的第二個問題是關於 Veladero。它正在運行。但是你在這一年中略有改善。

Yes. Veladero is always -- I mean, we're really starting to understand the leach dynamics in Veladero because of the -- no one's really focused in on what that dynamic is. We've been building the next leach infrastructure. But now that we've got that infrastructure working Phase 6, and we're moving on to Phase 7, the big focus now is understanding the leach dynamics how we manage through the winter months. And we expect that there should be an improvement in leach kinetics as we go into the summer. And so again, we're forecasting an improved back last quarter of this year as we go into summer.

是的。 Veladero 總是 - 我的意思是，我們真的開始了解 Veladero 的浸出動態，因為 - 沒有人真正關注這種動態是什麼。我們一直在建設下一個浸出基礎設施。但是現在我們已經讓基礎設施在第 6 階段工作，並且我們正在進入第 7 階段，現在的重點是了解我們如何在冬季管理的浸出動態。我們預計，隨著我們進入夏季，浸出動力學應該會有所改善。因此，我們再次預測，隨著我們進入夏季，今年最後一個季度會有所改善。

Okay. And then my second and last question relates to CapEx. I think you're running a little over 50% for the year. And I'm just wondering if your comments on cost being at or above the high end of the guidance range, does that also apply to the CapEx number? Should we be a little higher on the CapEx numbers...

好的。然後我的第二個也是最後一個問題與資本支出有關。我認為你今年的運行率略高於 50%。我只是想知道您對成本是否處於或高於指導範圍的高端的評論，這是否也適用於資本支出數字？我們是否應該在資本支出數字上再高一點……

They're interconnected as you know. And some of the -- it's a big strip year and so with the higher fuel price, there's potential that -- and if we get our full strip done, there's -- depending on the fuel price, and that's driving our overall cost profile. But that -- you've picked up on it that capital -- sustaining capital does have an impact on all-in sustaining costs. So we are managing it. I think the point that I make to everyone is, these things are important. We don't try and -- we have assets that support whatever gold price you come up with. And we are -- and some assets are delivering strong cash flow.

如您所知，它們是相互關聯的。其中一些 - 這是一個重要的脫衣舞年，因此隨著燃料價格的上漲，有可能 - 如果我們完成整個脫衣舞，則有 - 取決於燃料價格，這推動了我們的整體成本狀況。但是——你已經明白了資本——維持資本確實會對全部維持成本產生影響。所以我們正在管理它。我想我對每個人的觀點是，這些事情很重要。我們不會嘗試——我們擁有支持您提出的任何黃金價格的資產。我們是 - 一些資產正在提供強勁的現金流。

Others are requiring sustaining capital investments. But they all our assets survive at any accept sort of imaginable gold and copper price, and they designed to manage through the cycles in a profitable manner.

其他人則需要持續的資本投資。但是我們所有的資產都可以在任何可以想像的黃金和銅價下生存，並且它們旨在以盈利的方式管理週期。

Our next question comes from Jackie Przybylowski of BMO Capital Markets.

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

Maybe I'll ask the first question just to circle back with something you mentioned in the introductory remarks on Canada. Can you give us a little bit more color? I know -- there's been a number of transactions that have come and gone in Canada, both on M&A and on exploration. What are your current thoughts? Or what are you currently seeing in the landscape out there today in Canada.

也許我會問第一個問題，只是回想一下你在關於加拿大的介紹性發言中提到的一些事情。你能給我們多一點顏色嗎？我知道——在加拿大有很多交易來來去去，無論是併購還是勘探。你目前的想法是什麼？或者你目前在加拿大的風景中看到了什麼。

Well, Jackie, there are 2 things. First of all, as I've said on many occasions, we are very disciplined in how we look to grow. And when opportunities come and they are not able to meet our investment criteria, we don't transact. And that's what's happened in Canada recently. That doesn't mean to say that we're not committed to still growing in Canada. And I often say, if we can't buy it, we'll find it. And that's really been our focus overall because, otherwise, if you just rearrange the assets in our industry, you don't create any value as we've seen over the years. So that's where our real focus is. We've got a great team in Canada. We are slowly building portfolios.

好吧，傑基，有兩件事。首先，正如我在很多場合所說的那樣，我們在如何成長方面非常自律。當機會來臨時，他們無法滿足我們的投資標準，我們不會進行交易。這就是最近在加拿大發生的事情。這並不意味著我們不致力於在加拿大繼續發展。我經常說，如果我們買不到它，我們會找到它。這確實是我們整體關注的重點，否則，如果你只是重新安排我們行業的資產，你不會創造任何價值，正如我們多年來所看到的那樣。所以這才是我們真正關注的地方。我們在加拿大有一支很棒的團隊。我們正在慢慢建立投資組合。

We have 4 different projects that we're focusing in on at the moment. And in the fullness of time, you'll see that. At the same time, in times like this where you get a sudden pressure on the industry and particularly the market itself, that puts the junior market under stress. And again, that makes sense for us to exploit, and we do that. I think I would end up with the fact that we've never bought any exploration project at full value, and we don't intend to start.

我們目前專注於 4 個不同的項目。隨著時間的推移，你會看到這一點。同時，在這種情況下，您會突然對行業，尤其是市場本身施加壓力，這會使初級市場承受壓力。再一次，這對我們來說是有意義的，我們這樣做了。我想我最終會得出這樣一個事實，即我們從未以全價購買任何勘探項目，我們也不打算開始。

No. That's a fair comment. And you guys have definitely been disciplined on that. For my second question, maybe I'll ask you for an update on the process at Porgera. It sounds like you've come to an agreement and you're just going through a public notice process. Can you maybe talk a little bit about how long you expect that might take and when you might be able to put Porgera back into your guidance if you have an idea on that?

不，這是一個公平的評論。你們肯定在這方面受到紀律處分。對於我的第二個問題，也許我會向您詢問有關 Porgera 流程的最新信息。聽起來您已經達成協議，而您正在經歷一個公告過程。您能否談談您預計這可能需要多長時間，以及如果您對此有想法，何時可以將 Porgera 重新納入您的指導？

Yes. So we were going along -- we've had this conflict with a structure that in the old Porgera held 5% equity. And again, it held it for the benefit of the key SML landowners. And so those landowners have now signed up for the new transaction and the management of that particular vehicle is resisting following the guidance of their own shareholders. So that's a process that we're dealing with.

是的。所以我們一直在進行 - 我們與舊 Porgera 持有 5% 股權的結構發生了衝突。再一次，它持有它是為了 SML 主要土地所有者的利益。因此，這些土地所有者現在已經簽署了新交易，該特定車輛的管理層拒絕遵循其股東的指導。這是我們正在處理的一個過程。

At the same time, the elections, as you know, have been rather complicated. We expect the -- and we have a -- we're in the process, the electioneering process is now in a program, which should result in the person who -- or the party being designated to form a government. It will be invited by the Governor General. And we're right in that process as we speak today. And so we expect during this week to have a good feel of who's going to be leading the next government.

與此同時，如你所知，選舉相當複雜。我們期待——而且我們有——我們正在這個過程中，競選過程現在處於一個計劃中，這應該會導致被指定組建政府的人或政黨。它將由總督邀請。正如我們今天所說的那樣，我們在這個過程中是正確的。因此，我們希望在本週能夠很好地了解誰將領導下一屆政府。

And once that's done, we will be -- we feel that we'll be able to get on and close out because that's all we need is we need a shareholders agreement. We have agreement amongst the key stakeholders, the landowners, the provincial government of Enga and the other landowners and everyone that was included in the framework agreement as beneficiaries. And so then it's about finalizing the shareholder agreement of the new Porgera, applying for the SML special mining license, which will then allow us to move towards reopening the mine.

一旦完成，我們將 - 我們認為我們將能夠繼續前進並關閉，因為這就是我們所需要的，我們需要一份股東協議。我們在主要利益相關者、土地所有者、恩加省政府和其他土地所有者以及框架協議中作為受益人的每個人之間達成了協議。然後是關於敲定新 Porgera 的股東協議，申請 SML 特殊採礦許可證，這將使我們能夠重新開放礦山。

And that's the process. And right now, what we -- I was there a couple of weeks ago. We met with the Prime Minister of that time. We are now in a period where there is no Prime Minister for a couple of days, and then we'll see the new Prime Minister's appointment this week, and we'll be able to get back to progressing this project.

這就是過程。現在，我們 - 幾週前我在那裡。我們會見了當時的首相。我們現在處於幾天沒有總理的時期，然後我們將在本週看到新總理的任命，我們將能夠重新開始推進這個項目。

So sorry, it sounds like there's a lot going on. But do you think that it's reasonable to assume it will restart for 2023?

很抱歉，聽起來好像發生了很多事情。但是您認為假設它將在 2023 年重啟是否合理？

So one thing I'm becoming used to is that Papua New Guinea is not always -- doesn't always work as a reasonable state. So we'll keep working on it. But I think our relationships and our confidence that everyone that is anyone in that process has got to a point where we understand where we want to get to, and it's going through the process. And of course, as you know, we've always respected the various stakeholders in any one of our businesses. And this is another one of those groundbreaking transactions. But the gold is still in the ground. And we're very comfortable that once we get the rules right, the agreements in place, we'll be able to operate comfortably back in Porgera.

所以我已經習慣的一件事是巴布亞新幾內亞並不總是——並不總是作為一個合理的國家運作。所以我們會繼續努力。但我認為我們的關係和我們的信心，即在這個過程中的每個人都已經達到了我們理解我們想要到達的地方的程度，並且它正在經歷這個過程。當然，如您所知，我們一直尊重我們任何一項業務中的各種利益相關者。這是另一項突破性交易。但是金子還在地下。我們很高興，一旦我們制定了正確的規則，協議到位，我們將能夠在波格拉舒適地運營。

Our next question comes from Lawson Winder of Bank of America Securities.

我們的下一個問題來自美國銀行證券的 Lawson Winder。

Mark, nice to hear from you. Thank you for the update. I wanted to come back to Pueblo Viejo, the CapEx. So in the MD&A, you guys flagged the potential for a material increase in CapEx depending on various factors. Can you maybe just speak to what are some of the factors driving that potential increase? And to what extent is the delay factoring in?

馬克，很高興收到你的來信。謝謝你的更新。我想回到資本支出 Pueblo Viejo。因此，在 MD&A 中，你們指出了資本支出實質性增長的潛力，具體取決於各種因素。您能否談談推動潛在增長的一些因素？延遲在多大程度上受到影響？

Yes. So we need to finalize the feasibility study. We had an initial site, which created all the controversy. We have moved that site. And the new site, as we flagged when we moved it and we had different choices, and the driver is really volumes. So the volume of the key for the walls of the dam and also the total volume to build the walls. And if you remember, right in the beginning, we talked about the 2 different sites and the variations as far as being able to build those tailings facilities. At the same time, the new site also comes with more volume. So and that's what we're busy doing now.

是的。所以我們需要完成可行性研究。我們有一個最初的網站，它引起了所有的爭議。我們已經移動了那個網站。而新站點，正如我們在移動它時標記的那樣，我們有不同的選擇，而且驅動程序確實是體積。因此，大壩牆壁的鑰匙的體積以及建造牆壁的總體積。如果你還記得，一開始，我們談到了 2 個不同的地點以及能夠建造這些尾礦設施的變化。同時，新網站的體積也更大。這就是我們現在忙於做的事情。

We're well ahead of that program to drill out the foundations to ensure how much we have to excavate and what's the size and components of the key that we have to put in for the wall and then we'll be able to share that with you. But what I can tell you is that the economics are still very robust, Lawson.

我們遠遠領先於該計劃，以鑽出地基，以確保我們必須挖掘多少，以及我們必須為牆放置的鑰匙的尺寸和組件，然後我們將能夠與你。但我可以告訴你的是，經濟仍然非常強勁，勞森。

Okay. That's helpful. And maybe just to be a little bit more clear. If I'm hearing you correctly, it sounds like there is going to be some increase from the $1.4 billion estimate and you guys just need time to figure out how large that's going to be or how material it is. Is that fair?

好的。這很有幫助。也許只是為了更清楚一點。如果我沒聽錯的話，這聽起來會比 14 億美元的估計有所增加，你們只需要時間來弄清楚它會有多大或有多重要。這公平嗎？

That's exactly right, yes. And it's a whole package. So we want to get that settled. We want to apply for the -- we've got a plan for the permit. We'll have a pre-feasibility sort of level estimate at the end of this quarter and then we'll share it with the market.

完全正確，是的。這是一個完整的包裹。所以我們想要解決這個問題。我們想申請——我們有一個許可證計劃。我們將在本季度末進行預可行性水平估計，然後我們將與市場分享。

Great. Can I also ask you about your new Asia Pacific team. Could that team -- and I believe it's based in Perth. Could that be interpreted as a desire for Barrick to reenter Australia after exiting a few years ago? And if so, is M&A, something that might be part of that reentry strategy?

偉大的。我還可以問一下您的新亞太團隊嗎？那個團隊可以嗎？我相信它位於珀斯。這是否可以解釋為巴里克希望在幾年前退出澳大利亞後重新進入澳大利亞？如果是這樣，併購是否可能成為再進入戰略的一部分？

So the focus for that team is, by the way, that team is not running Porgera because there was sort of a rumor that we're going to run Porgera remotely. We're not going to do that. Our intention and we've already got it full Porgera team in Port Moresby. So we've still got some infrastructure in Cairns and we're going to -- we will move all the significant leadership roles for Porgera to Porgera and Port Moresby as in line with our commitment to be host country based. The Perth team is really charged with it's currently working with the team in Pakistan. So that leadership structure will support our Pakistan project as we build the capacity, and we've already started employing people for that project.

因此，該團隊的重點是，順便說一下，該團隊沒有運行 Porgera，因為有傳言說我們將遠程運行 Porgera。我們不會那樣做。我們的意圖和我們已經在莫爾茲比港得到了完整的 Porgera 團隊。因此，我們在凱恩斯仍有一些基礎設施，我們將根據我們作為東道國的承諾，將 Porgera 的所有重要領導角色轉移到 Porgera 和莫爾茲比港。珀斯團隊目前正與巴基斯坦團隊合作。因此，當我們建立能力時，領導結構將支持我們的巴基斯坦項目，我們已經開始為該項目僱用人員。

And then as to look at the entire part of from Pakistan, South and East, all the way to Papa New Guinea. And theoretically, there's nothing stopping us going back into Australia, provided that we can find things that fit our criteria. And as you know, Australia is quite a mature destination for exploration. M&A, my experience in Australia is -- it's not the place to go hunting bargains.

然後再看看從巴基斯坦，南部和東部，一直到巴巴新幾內亞的整個部分。從理論上講，只要我們能找到符合我們標準的東西，就沒有什麼能阻止我們回到澳大利亞。如您所知，澳大利亞是一個相當成熟的探險目的地。併購，我在澳大利亞的經驗是——這裡不是討價還價的地方。

Our next question comes from Josh Wolfson of 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。

Just following on Lawson's question about Pueblo Viejo Capital. I understand there's a range of possible options for the tailings dam and the volumes and energy prices associated with that. But if you have to sort of provide some sort of goalpost for us to think about in terms of what a material change would be for the capital. Is there a percentage we should be thinking about or any information you can provide there?

只是跟隨勞森關於 Pueblo Viejo Capital 的問題。我知道尾礦壩以及與之相關的數量和能源價格有一系列可能的選擇。但是，如果您必須為我們提供某種目標，讓我們從資本的重大變化方面考慮。是否有我們應該考慮的百分比或您可以提供的任何信息？

So Josh, it's got nothing to do with power. I just explained to Lawson. It's got to do with the volume of material we have to move. We're busy going through that process of designing and calculating that. And I think it's appropriate for us. First of all, we need to share it with the government when we get to that point, and then we'll share it with the market. But I think it is substantial. But at the same time, it still delivers very robust economics. And this is a project that goes way beyond 2040. And by all accounts is going to deliver production above 800,000 ounces a year. We're busy with that feasibility study. When we're there, we'll let you know what it is.

所以喬希，這與權力無關。我只是向勞森解釋。這與我們必須移動的材料量有關。我們正忙於進行設計和計算的過程。我認為這對我們來說是合適的。首先，到了那個時候我們要跟政府分享，然後再跟市場分享。但我認為這是實質性的。但與此同時，它仍然提供了非常強勁的經濟性。這是一個遠遠超出 2040 年的項目。從各方面來看，每年的產量都將超過 800,000 盎司。我們正忙於可行性研究。當我們在那裡時，我們會讓你知道它是什麼。

Okay. And then looking at the time lines for the project or for the expansion there. When would you expect to be at a steady state run rate of that 800,000 ounces or higher? And then looking at the changes with the commissioning sort of time lines, how does that affect the 2023 production numbers?

好的。然後查看項目的時間線或那裡的擴展。您預計何時會達到 800,000 盎司或更高的穩定運行速度？然後看看調試時間線的變化，這對 2023 年的生產數量有何影響？

So the guidance for the expansion, they're not directly linked. The tailings facility. What we had to manage was if we weren't going to get the tailings facility, it had a significant impact on the operation. And so the whole profile was going to change. We would have had to stop mining. And so we had to manage that because otherwise, we end up with nowhere to put the waste and it's asset generating waste. And so that's now clear, so we can move ahead. And in the meantime, with the endorsement from the government, we continued with the expansion program once we were cleared with the -- in obtaining a footprint to build the new tailings facility.

因此，對於擴展的指導，它們沒有直接聯繫。尾礦設施。我們必須管理的是，如果我們不打算獲得尾礦設施，它將對運營產生重大影響。所以整個配置文件將會改變。我們將不得不停止採礦。所以我們必須管理它，否則，我們最終無處可放廢物，而且它是資產產生的廢物。現在很清楚了，所以我們可以繼續前進。與此同時，在政府的支持下，一旦我們獲得了建造新尾礦設施的足跡，我們就會繼續進行擴建計劃。

So that expansion program is the one that we're referring to as being delayed. It was originally forecast to be quarter 3. And we're now saying that it will be substantially complete at the end of the year, and we'll commission starting in the New Year. And that is -- to remind you that really changes the front end of the plant from 9 million tonnes a year feed to 14 million tonnes. And what it does is that we reduce it in a float circuit.

因此，擴展計劃就是我們所說的被延遲的計劃。最初預計在第 3 季度。我們現在說它將在今年年底基本完成，我們將從新年開始進行調試。那就是 - 提醒您，真正將工廠的前端從每年 900 萬噸飼料改為 1400 萬噸。它的作用是我們在浮動電路中減少它。

And so the back end of the plant is still has a capacity of around 9 million tonnes. And so by doing that, we continue the run rate, gold production rate from the past and slightly better if we can, and we keep the cost low. So that's the process. And now that we've got -- and we've got capacity to store material. Now that we know that we can continue at ramping up the new expansion. And so next year will be a better year, of course, and then we should get at towards the sort of planned run rate towards the end of next year or the back half of next year. So 2024 will be back in those high production profiles.

因此，該工廠的後端仍有約 900 萬噸的產能。因此，通過這樣做，我們可以保持過去的運行速度和黃金生產速度，如果可以的話，會稍微提高一點，並且我們保持低成本。所以這就是過程。現在我們有了——而且我們有了存儲材料的能力。現在我們知道我們可以繼續擴大新的擴張。所以明年當然會是更好的一年，然後我們應該在明年年底或明年下半年達到計劃的運行速度。因此，2024 年將回到那些高產量的情況。

Okay. And then maybe just speaking about the impact of the steps for the remainder of the year and the project completion. Is there any kind of interruptions we should expect to see towards maybe the year-end with the commissioning process or with the construction activity.

好的。然後也許只是談論這些步驟對今年剩餘時間和項目完成的影響。在調試過程或建築活動中，我們是否應該期望在年底看到任何類型的中斷。

So that's what I pointed out in the presentation. We've got -- we're running multiple construction streams in parallel with the operation. So when you see the performance of this mine, it's spectacular. It's absolutely spectacular. And we've got 3,500 extra people. I don't know if you've ever been there, Josh, but it's quite a small footprint. And on top of that, this is our best safety site as well. So all around it -- and we've already done some tie-ins and we'll continue. We've been very focused on the tie-ins. We're very comfortable that the team understands exactly what it needs to do to deliver. And again, this is -- like many of our businesses, we're building long-term value.

這就是我在演講中指出的。我們已經 - 我們正在運行多個與操作並行的構造流。所以當你看到這個礦山的表現時，它是壯觀的。這絕對是壯觀的。我們還有 3,500 人。我不知道你是否去過那裡，喬希，但它的足跡很小。最重要的是，這也是我們最好的安全場所。所以在它周圍 - 我們已經做了一些搭配，我們將繼續。我們一直非常關注搭配。我們很高興團隊確切地了解它需要做什麼才能交付。再一次，這是 - 就像我們的許多業務一樣，我們正在建立長期價值。

So our focus is ensuring that we deliver that solid foundation on which we can operate for the next 20, 30 years. And so experience has certainly taught me focusing on making sure it's done properly and the rest will come.

因此，我們的重點是確保我們為未來 20 年、30 年的運營奠定堅實的基礎。因此，經驗當然教會了我專注於確保它正確完成，其餘的都會來。

Our next question comes from Tanya Jakusconek of Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

Maybe just on some of the development projects. I'm just going to circle back and finish off on Pueblo Viejo. So I understand the time line, Mark, from you. So we are working on a pre-feasibility study that is going to be completed in Q3. So will we be getting an update with Q3 results on your findings on the prefeasibility study then?

也許只是在一些開發項目上。我只是要繞回來並在 Pueblo Viejo 上結束。所以我從你那裡了解時間線，馬克。因此，我們正在進行一項預可行性研究，該研究將在第三季度完成。那麼，我們是否會獲得關於您對預可行性研究結果的第三季度結果的更新？

So Tanya, all it is, is the cost of the tailings facility, and we'll release that once we've got a good idea of what that number is. And we need to bring it -- we need to deliver it to the government as well because remember, this is all part of our agreement with the government on a big expansion. But it doesn't really -- once -- it doesn't impact now the program of ramping up the expansion. The expansion is different to the tailings facility.

因此，Tanya 就是尾礦設施的成本，一旦我們對這個數字有了很好的了解，我們就會發布它。我們需要把它帶來——我們也需要把它交給政府，因為請記住，這是我們與政府就大規模擴張達成的協議的一部分。但它並沒有——曾經——它現在不會影響加速擴張的計劃。擴建不同於尾礦設施。

Yes. No, I appreciate that. So sometime Q3, maybe Q4, we will get a new costing number for the tailings. Is that...

是的。不，我很感激。所以在第三季度，也許是第四季度的某個時候，我們將獲得一個新的尾礦成本計算數字。就是它...

That's a fair assumption. And of course, it's in our interest to give it to the market as soon as we can.

這是一個公平的假設。當然，盡快將其投放市場符合我們的利益。

Okay. And then the permit, which you are going to be filing in Q3 2022, when are you expecting the permit to be granted to you?

好的。然後是您將在 2022 年第三季度提交的許可證，您希望何時獲得許可證？

Yes. It's a project that's been going on in parallel -- in consultation with the government. So there's -- I mean, Grant's on the call. Grant Beringer, do you want to have a crack at that? Do you know how long it takes?

是的。這是一個平行進行的項目——與政府協商。所以有 - 我的意思是，格蘭特在電話中。格蘭特·貝林杰，你想嘗試一下嗎？你知道需要多長時間嗎？

Yes. So it is dependent on the government review. We intend in submitting ESIA towards the end of this month in September. And they obviously need to do their review, the government that is. But we are expecting it in the first half of next year.

是的。因此，它取決於政府的審查。我們打算在本月底於 9 月提交 ESIA。他們顯然需要進行審查，即政府。但我們預計在明年上半年。

Okay. And is it when you are granted this permit that we would look at that resource to reserve conversion in your reserve statements?

好的。當您獲得此許可時，我們是否會在您的儲備聲明中查看該資源以保留轉換？

No. It's -- Rod, do you want to comment on that? It's once we are clear and we're comfortable that we'll deliver.

不，是——羅德，你想對此發表評論嗎？一旦我們清楚並且我們很舒服，我們就會交付。

Yes, once we are clear that we're going to get the permit then we're happy to sign off on the reserve increase. So we don't necessarily need to have the terms in hand. We just need to be confident that there's nothing that's going to impede that granting of the permits. So once the ESIA is done, we're happy and we engage with governments, then we're happy to declare their reserve increase. So still expecting that reserve increase this year, Tanya.

是的，一旦我們清楚我們將獲得許可，我們很樂意簽署增加儲備金。因此，我們不一定需要掌握這些條款。我們只需要確信沒有什麼會阻礙授予許可。因此，一旦 ESIA 完成，我們很高興並與政府接觸，然後我們很高興宣布他們的儲備增加。所以仍然期待今年的儲備增加，Tanya。

Okay. So we could get it this year, so with your year-end financials. And then just so -- just for clarity, with the plant expansion and all of the tie-ins that we may need to do at the end of this year, is it safe to assume that Q4 might be slightly weaker than Q3 because of these tie-ins?

好的。所以我們今年可以得到它，所以你的年終財務狀況也是如此。然後就是這樣 - 只是為了清楚起見，隨著工廠擴建和我們在今年年底可能需要做的所有搭配，是否可以安全地假設第四季度可能會因為這些原因而略弱於第三季度搭檔？

Sort of within plan, and it's going to be there and thereabouts, Tanya. No, we don't expect any significant variation. Of course, we would like to bring any production a little bit more into Q3 to ensure that we have that flexibility you referred to. But right now, it's not -- we're not looking to go beyond the sort of run rate that -- for quarter 4, the run rate that we've had in the first 2 quarters of this year are still achievable.

有點在計劃之內，它會在那里和附近，Tanya。不，我們預計不會有任何顯著變化。當然，我們希望將任何生產都帶入第三季度，以確保我們具有您提到的靈活性。但現在，我們不希望超越第四季度的運行率，我們在今年前兩個季度的運行率仍然可以實現。

Okay. And then when we come to this CapEx number for the tailings, Mark, I remember, I think from the previous conference call that -- of the $1.4 billion, I think $500 million to $600 million was the previous tailings facility. So is it safe to assume that whatever CapEx increases are going to occur, it would be on the $500 million to $600 million separate from the remaining $1.4 billion plus, obviously, we've got 3 months delay. So there's a bit of costing on that. Is that a safe assumption?

好的。然後，當我們談到尾礦的資本支出數字時，馬克，我記得，我認為在之前的電話會議中 - 在 14 億美元中，我認為 5 億到 6 億美元是之前的尾礦設施。因此可以安全地假設，無論資本支出增加多少，它都將在 5 億至 6 億美元之間，與剩餘的 14 億美元分開，而且顯然，我們有 3 個月的延遲。因此，這需要一些成本。這是一個安全的假設嗎？

There are some increases as we point to in the expansion project. That's within the guidance. And then we will redefine the tailings facility, capital estimates along with the new plan when -- once we've done the drilling. And Tanya, it's really about the drilling, the estimates on volumes. So how deep do we have to dig the key to tie it in? Because remember, this mine sits in a seismic active zone. Our current [gold] tailings facility is probably the best constructed tailings facility in the world today. And we have absolutely committed to ensure that this tailings dam is designed like that one, if not better, to ensure the safety and competency of the facility itself.

正如我們在擴展項目中指出的那樣，有一些增加。這在指導範圍內。然後，一旦我們完成鑽探，我們將重新定義尾礦設施、資本估算以及新計劃。 Tanya，這真的是關於鑽探，對數量的估計。那麼我們要挖多深才能把它綁起來呢？因為請記住，這個礦山位於地震活躍區。我們目前的[黃金]尾礦設施可能是當今世界上建造最好的尾礦設施。而且我們絕對致力於確保這個尾礦壩的設計即使不是更好，也能確保設施本身的安全性和能力。

No, no, I appreciate it.

不，不，我很感激。

Yes, your assumption is correct.

是的，你的假設是正確的。

Would it be that whatever CapEx increase we have, I should look at it based on the $500 million, $600 million compared to the tailings.

是不是無論我們有多少資本支出增加，我都應該根據 5 億美元、6 億美元與尾礦相比來看待它。

Yes, it will be in addition to that.

是的，除此之外。

That's correct.

這是正確的。

Okay. Maybe I'm just going to leave Pueblo Viejo, if I could. And I just want to come back to just Nevada, just 2 things on Nevada. Just the delays on the Goldrush. You started the public hearings. Maybe just an update on how that's going. Is it because we're having issues on the public hearing side that we slipped 6 months. So maybe just a little bit more detail on the slippage there.

好的。如果可以的話，也許我會離開 Pueblo Viejo。我只想回到內華達州，內華達州只有兩件事。只是 Goldrush 的延誤。你開始了公開聽證會。也許只是關於進展情況的更新。是不是因為我們在公開聽證會方面遇到了問題，所以我們推遲了 6 個月。所以也許只是關於那裡的滑點的更多細節。

No. We're not having any delays as you can -- as you know, in the United States, permitting takes time, and you need to consult. And so we are in that consulting process. I might add that there was slippage on the record of availability, but the BLM and the Department of [Ontario] worked very hard, and we were able to bring that forward after some slippage. So that's encouraging.

不。我們不會有任何延誤——如你所知，在美國，許可需要時間，你需要諮詢。所以我們處於諮詢過程中。我可能會補充說，可用性記錄存在滑點，但 BLM 和 [安大略省] 部門工作非常努力，我們能夠在一些滑點後將其推進。所以這是令人鼓舞的。

Our teams are completely engaged along with the BLM and the external consultants that are working with the BLM to progress the permitting of this asset. So Tanya, that's the -- and again, the impact of this has in the long term on Cortez is enormous. It really takes Cortez as a complex over 1 million ounces. So it becomes -- so you've got Carlin at 1.5 million to 1.6 million ounces, you're going to have Cortez at over 1 million ounces. And then Turquoise Ridge at the sort of 600,000 ounce mark. And those are 3 world-class assets that really are the foundation to Barrick's production profile.

我們的團隊與 BLM 以及與 BLM 合作以推進該資產許可的外部顧問完全參與其中。所以 Tanya，這就是 - 再一次，從長遠來看，這對 Cortez 的影響是巨大的。它真的把科爾特斯當作一個超過 100 萬盎司的複合體。所以它變成了 - 所以你有 150 萬到 160 萬盎司的卡林，你將有超過 100 萬盎司的科爾特斯。然後是 600,000 盎司大關的綠松石嶺。這些是真正成為巴里克生產資料的基礎的 3 項世界級資產。

And I would suggest it's equally important to our partners in Newmont to ensure that we build that foundation properly. So this is going to go on for a very long time. Goldrush then Fourmile. We've got some very exciting projects. We touched on North Leeville and the REN project, but we've got numerous other projects across the Carlin portfolio that have potential to continue to deliver opportunities as we go more and more underground.

我建議，對於我們在紐蒙特的合作夥伴來說，確保我們正確地建立這個基礎同樣重要。所以這將持續很長時間。 Goldrush 然後是 Fourmile。我們有一些非常令人興奮的項目。我們談到了 North Leeville 和 REN 項目，但我們在 Carlin 投資組合中還有許多其他項目，隨著我們越來越多地進入地下，這些項目有可能繼續提供機會。

And then we've got those greenfields projects that we've touched on in previous quarters, and we'll update you again towards the end of the year, which is the ones that sort of taking down the fence have created. And I'm talking specifically the gap between Turquoise Ridge and Twin Creeks, and then South Carlin and then, of course, more opportunities around the Cortez complex as well. So I'm super excited about the potential at both the brownfields potential adding life and the greenfields potential that our exploration teams are now starting to identify.

然後我們得到了我們在前幾個季度提到的那些綠地項目，我們將在今年年底再次向您更新，這是拆除圍欄所創造的那些。我具體說的是綠松石嶺和雙溪之間的差距，然後是南卡林，當然還有更多的科爾特斯綜合體周圍的機會。因此，我對我們的勘探團隊現在開始識別的棕地潛力增加生命和綠地潛力感到非常興奮。

Okay. So I was just trying to understand whether there was any issues with the, I guess, the local...

好的。所以我只是想了解當地是否有任何問題......

No, not at this stage, of course, we're going to have lots of detractors. And we're going to have to engage in a robust way to keep this project moving along. But at this stage, we do not have any concerns about the process or the arguments for and against.

不，不是在這個階段，當然，我們會有很多批評者。我們將不得不採取一種強有力的方式來保持這個項目的進展。但在現階段，我們對過程或贊成和反對的論點沒有任何顧慮。

Okay. And if I could, my last question is just on Long Canyon. I see that it's no longer for sale. You've took that off. I'm just wondering what's the change there? Do you see something different for this asset? Maybe the underground potential, maybe what's changed there?

好的。如果可以的話，我的最後一個問題是關於長峽谷的。我看到它不再出售了。你已經把它取下來了。我只是想知道那裡有什麼變化？你覺得這個資產有什麼不同嗎？也許是地下潛力，也許那裡發生了什麼變化？

So this asset was one of those that the market -- and remember, when we did the deal with Newmont, it was a hostile deal. And so we had to trust the market and the market didn't get it right in some of the assets. And so we -- the next phase of Long Canyon hadn't been permitted. It's been a great asset to date. It's got resources. And so our view was that it didn't really fit. It's an outlier within our portfolio in Nevada.

因此，這項資產是市場上的資產之一——請記住，當我們與紐蒙特進行交易時，這是一項敵意交易。所以我們必須相信市場，而市場在某些資產中並沒有得到正確的結果。所以我們 - 長峽谷的下一階段沒有被允許。迄今為止，這是一筆巨大的財富。它有資源。所以我們的觀點是它並不適合。這是我們在內華達州投資組合中的一個異常值。

And we felt that, that was an opportunity to see if there was anybody else who wanted to take this project on. The interest that was shown on that project, just like, by the way, Tanya remember, Lumwana when we put on the market and then people felt this was somewhere you could bargain hunt. Well, we're not prepared to do that, and we couldn't get anyone that we felt was -- had the capacity to ensure that our model of responsible mining would be respected in Long Canyon. So it's still got some residual leach potential, and our team is now refreshing the process of continuing to license the project. And we're comfortable that we'll manage that. And on top of that, the sale process got caught up with a sudden drop in the gold price sentiment turned lots of things. And we definitely are not in a frame of mind of a fire sale in Long Canyon. So it's back in our portfolio.

我們認為，這是一個機會，看看是否還有其他人想接手這個項目。對那個項目表現出的興趣，順便說一下，Tanya 記得，當我們將 Lumwana 投放市場時，人們覺得這是你可以討價還價的地方。好吧，我們不准備這樣做，我們無法找到任何我們認為有能力確保我們的負責任採礦模式在長峽谷受到尊重的人。所以它仍然有一些殘留的浸出潛力，我們的團隊現在正在更新繼續許可該項目的過程。我們很高興我們能做到這一點。最重要的是，銷售過程趕上了黃金價格情緒的突然下跌，這改變了很多事情。而且我們絕對不會考慮在長峽谷進行大甩賣。所以它又回到了我們的投資組合中。

And so now you're recircling back and looking at permitting and maybe looking at the underground.

因此，現在您正在重新循環並查看許可，也許還會查看地下。

Exactly.

確切地。

Our next question comes from Jatinder Goel of BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Jatinder Goel。

First question on Cortez and Fourmile royalty that's Rio Tinto sold to Royal Gold. Was there any interest from your perspective, Mark, to acquire that royalty stream or at the JV level at NGM or did it not make financial sense?

關於 Cortez 和 Fourmile 版稅的第一個問題是 Rio Tinto 賣給了 Royal Gold。馬克，從你的角度來看，是否有興趣收購 NGM 的特許權使用費或合資企業級別，或者這在財務上沒有意義嗎？

So Jatinder, as everyone recognized, it's quite a big price tag, the -- what was paid for that royalty. Of course, we're always interested. I think it would be incorrect of me to disclose our corporate considerations and strategy around that.

所以 Jatinder，每個人都知道，這是一個相當大的價格標籤，即 - 為該版稅支付的費用。當然，我們總是很感興趣。我認為披露我們的公司考慮和戰略是不正確的。

But I think one thing that's important is it's a real endorsement on the capacity of both Nevada Gold Mines management and its ability to grow that resource. And I think that's what's in the price is that belief that we can continue to grow that resource. From Nevada Goldmines point of view, our focus is to grow our resources. And so we'd rather spend money, particularly at that sort of level back in our ore bodies. And I hope that explains your question adequately, Jatinder.

但我認為重要的一件事是，它真正認可了內華達金礦管理層的能力及其發展該資源的能力。我認為這就是我們可以繼續增長這種資源的信念的代價。從 Nevada Goldmines 的角度來看，我們的重點是增加我們的資源。所以我們寧願花錢，尤其是在我們礦體的那種水平上。我希望這能充分解釋你的問題，Jatinder。

Just to follow up on that. I mean you run the asset. So no one else can know about the reserve resource and potential production and cost situation better than you, especially sitting outside whoever is evaluating that. So from that perspective, is it a difference in gold price assumption that would result in a different valuation? Or was it a question of you trying to put your money at better place, as you said, on exploration rather than trying to buy back the royalty stream.

只是為了跟進。我的意思是你經營資產。因此，沒有人能比您更了解儲備資源、潛在生產和成本情況，尤其是坐在評估這些情況的人之外。那麼從這個角度來看，黃金價格假設的差異會導致不同的估值嗎？或者，正如你所說，這是一個你試圖把錢放在更好的地方的問題，而不是試圖買回版稅流。

Yes. I think you've answered your own question, Jatinder.

是的。我想你已經回答了你自己的問題，Jatinder。

Okay. That's very clear then. Just one more on cash flow modeling perspective. From Kibali, is it going to be once a quarter with like one quarter lag type of cash inflow or repatriation just to see the consistency of that cash coming through? Or can it still be subject to different timings in terms of how it comes into Barrick?

好的。那就很清楚了。再談一談現金流建模的觀點。從 Kibali 來看，是否會每季度進行一次類似季度滯後類型的現金流入或匯回，只是為了查看現金流入的一致性？還是就它進入巴里克的方式而言，它是否仍會受到不同的時間限制？

So we are busy progressing that the agreement that we have with the government is that we will split the cash flow more or less 50% towards repaying the debt, outstanding debt and 50% towards dividends. That way, everyone gets a bit of the slice of the cake, particularly our partners, (inaudible). They get the dividends, the government gets -- withholding tax on the dividends and we see a continual wind down of the outstanding debt. So that's the plan. Whether we do it each quarter or by annually, that's something we'll make a decision and we'll certainly inform the market.

因此，我們正忙於推進與政府達成的協議，即我們將把現金流或多或少 50% 用於償還債務、未償債務和 50% 用於股息。這樣，每個人，尤其是我們的合作夥伴，都能分得一杯羹（聽不清）。他們得到紅利，政府得到——對紅利徵收預扣稅，我們看到未償債務不斷減少。所以這就是計劃。無論我們是每季度還是每年都這樣做，這是我們將做出的決定，我們肯定會通知市場。

Our next question comes from Brian MacArthur of Raymond James.

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

Most of my questions have been answered. But I just wanted to follow up on a comment, Mark, you made about Bulyanhulu. You talked about 20 years now. You've sort of rebuilt the whole mine. A number of years ago, there was talk that this could be a much bigger mine than it currently is. Now that you've got it figured out the new mine, you've got a long reserve life. Is there any possibility of going towards those 500,000 ounces a year numbers that were talked about maybe 15 years ago?

我的大部分問題都已得到解答。但我只是想跟進評論，馬克，你對布利安胡魯的看法。你現在談了20年。你已經重建了整個礦山。幾年前，有人說這可能是一個比現在大得多的礦山。既然你已經找到了新礦，你就有了很長的儲備壽命。是否有可能達到 15 年前談論的每年 500,000 盎司的數字？

So the best way to explain that Brian, is there's no chance and probably no other chance. So because let me explain you that was what kept failing Bulyanhulu is, this is an ore body about 250,000 ounces between 200,000 and 250,000 ounces a year. And it's a narrow ore body, high grade. Every time you push the tonnage, you reduce the feed grade and you just can't make it work. And so the only way we will get that increase is to open up new working front, so new faces. And to do that, you need additional ore bodies. And that's why we did the deal and expanded that footprint around Bulyanhulu because our geologists feel that there's certainly potential for additional ore bodies and that perhaps is a bit more folding than people in the past understood and so if we could open up additional working areas and not rely on one, the current infrastructure on its own and to trying to mine at any faster rate given the size of the ore body, then we could add to it.

所以解釋布賴恩的最好方法是沒有機會，可能也沒有其他機會。因此，因為讓我向您解釋一下，Bulyanhulu 一直失敗的原因是，這是一個大約 250,000 盎司的礦體，年產量在 200,000 到 250,000 盎司之間。礦體狹窄，品位高。每次你推噸位，你降低飼料等級，你就是不能讓它發揮作用。因此，我們獲得這種增長的唯一方法就是開闢新的工作陣線，開闢新的面孔。為此，您需要額外的礦體。這就是我們達成交易並在布利安胡魯周圍擴大足蹟的原因，因為我們的地質學家認為肯定存在額外礦體的潛力，而且這可能比過去人們所理解的要折疊一些，所以如果我們可以開闢更多的工作區和不依賴於一個，現有的基礎設施本身，並且考慮到礦體的大小，嘗試以更快的速度開採，然後我們可以添加它。

So that's why at this stage, the life of the mine just gets bigger and bigger. And so North Mara is about 300, a little bit more, maybe depending on grade producer and Bulyanhulu is just over the 200,000, maybe up to 230,000, 240,000 ounces a year. And if you add them together, there's the 500,000 ounces. They're both good cost mines. And Buly has got a longer life than North Mara, but North Mara has equally got more untested prospectivity today than Buly has.

所以這就是為什麼在這個階段，礦山的壽命越來越大。因此，North Mara 大約有 300 顆，多一點，可能取決於等級生產商，而 Bulyanhulu 則剛剛超過 200,000 顆，可能高達 230,000 盎司，每年 240,000 盎司。如果你把它們加在一起，就有 500,000 盎司。他們都是很好的成本礦。 Buly 的壽命比 North Mara 長，但如今，North Mara 的未測試前景也比 Buly 多。

Great. That's what I thought, but I just thought I'd check with you.

偉大的。我就是這麼想的，但我只是想和你核實一下。

(Operator Instructions) Our next question comes from Adam Josephson of KeyBanc.

（操作員說明）我們的下一個問題來自 KeyBanc 的 Adam Josephson。

Kind of a 2-part question about costs for either of you. Can you talk about what assumptions are embedded in your thinking that gold cash cost will be at the high end or perhaps slightly above your full year range, bearing in mind that global commodity prices, as you know, have been falling quite precipitously in recent weeks.

關於你們兩個人的成本的兩部分問題。您能否談談您認為黃金現金成本將處於高端或可能略高於全年範圍的想法中包含哪些假設，請記住，如您所知，最近幾周全球大宗商品價格一直在急劇下跌.

And then if, in fact, you end up at that the high end or slightly above the high end, what do you think a reasonable expectation is for next year in terms of cash cost per ounce. I know you've said that -- you've indicated you expect production to be up to some extent next year. With that in mind, again, at this early stage, what do you think is the most -- is the most reasonable expectation for what the year-over-year change might be, if any?

然後，事實上，如果你最終達到高端或略高於高端，你認為明年每盎司現金成本的合理預期是多少。我知道你說過——你已經表示你預計明年的產量會達到一定程度。再次考慮到這一點，在這個早期階段，您認為對同比變化可能是最合理的預期是什麼，如果有的話？

So I'm going to try and just talk to the operations, and I'll let Graham fill in the gaps.

所以我會試著和運營部門談談，我會讓格雷厄姆填補空白。

So Adam, the point here is one minute, we're talking about high gold prices and how that's going to change the world and then everyone has seizures over the costs. At the end of the day, they are what they are, and you've got to manage them. And one of the things that we're absolutely in is inflationary times. And we can wish that away, but it's not going to happen until somebody does something about it. So we are dealing with costs. And on top of that, we've got the Eastern European crisis -- Europe crisis, which has brought a very stressed fuel market to bear. And that's both oil or diesel and gas.

所以亞當，這裡的重點是一分鐘，我們談論的是高金價以及這將如何改變世界，然後每個人都對成本進行了扣押。歸根結底，它們就是它們，你必須管理它們。我們絕對身處其中的一件事就是通貨膨脹時期。我們可以希望它消失，但除非有人對此採取行動，否則它不會發生。所以我們正在處理成本問題。最重要的是，我們遇到了東歐危機——歐洲危機，這給燃料市場帶來了壓力。那是石油或柴油和天然氣。

And the gas markets are moving around, the amount of gas being exported out of the U.S., for instance, where we rely and are growing our capacity to take on more gas power generation. Those are all complex situations. So you can't just look at the commodity price and say that's going to be what -- that's going to be able to be imputed through to the costs.

天然氣市場正在發生變化，例如從美國出口的天然氣量，我們依賴美國，並且正在增加我們的能力以進行更多的天然氣發電。這些都是複雜的情況。所以你不能只看商品價格就說這將是什麼 - 這將能夠被歸入成本。

And on top of that, Barrick at the moment has a number of big sustaining capital programs, particularly strips in our pits. And again, that comes with extra cost and extra fuel costs will impact on those 2. So we're just giving you the numbers. And this doesn't put us at risk. I mean, that's the good thing about having world-class assets as it doesn't put us at risk.

最重要的是，巴里克目前有許多大型維持資本計劃，尤其是我們的礦井中的地帶。再一次，這會帶來額外的成本，額外的燃料成本會影響這兩個。所以我們只是給你數字。這並不會讓我們處於危險之中。我的意思是，這是擁有世界級資產的好處，因為它不會讓我們處於危險之中。

And it certainly doesn't impact on the way we allocate capital. And it's -- our job as managers to manage that impact. And absolutely right now, we don't want to compromise any of our commitments as far as capital goes, whether it's growth capital or sustaining capital because we've got -- we're probably the only gold company and copper business that doesn't rely on a new project to deliver our 5-year plan and our 10-year plan.

它當然不會影響我們分配資本的方式。這就是我們作為管理者的工作來管理這種影響。絕對現在，就資本而言，我們不想妥協我們的任何承諾，無論是增長資本還是維持資本，因為我們已經擁有——我們可能是唯一一家不這樣做的黃金公司和銅業務。 t 依靠新項目來實現我們的 5 年計劃和 10 年計劃。

We're absolutely comfortable with our ability to manage the cyclicality of the commodities that we mine. And so of course, we constant -- and we've taken about $500 million out of Barrick's logistics, supply chain and procurement. And in fact, we've got budgeted improvements again this year that will offset the inflation pressure, whichever inflation it is.

我們對管理我們開采的商品的周期性的能力非常滿意。所以當然，我們一直保持不變——我們已經從巴里克的物流、供應鍊和採購中拿走了大約 5 億美元。事實上，我們今年再次進行了預算改進，這將抵消通脹壓力，無論是哪種通脹。

The issue around Eastern Europe or just general embedded inflation, which is something that you can see everywhere at the moment. And everyone still denies that it's a real issue for our global economy. With that, I'll pass it on to Graham. He can give you some additional color on how we look at the capital, I mean, how we look at the cost.

圍繞東歐的問題或只是普遍的嵌入式通貨膨脹，這是你現在隨處可見的問題。每個人仍然否認這對我們的全球經濟來說是一個真正的問題。有了這個，我會把它傳遞給格雷厄姆。他可以給你一些關於我們如何看待資本的額外色彩，我的意思是，我們如何看待成本。

Mark. I mean I think you've really addressed the question quite well, and it is very tricky to be forecasting costs in the current environment. I will just say that the current guidance for 2022 in terms of this is at or slightly above our previous guidance is a function of an expectation of $110 oil. And as you will have seen, a few weeks ago, we were trading over $120, then we dropped below $100. So it's moving around all over the place. It's difficult to predict, and that's why we're reluctant to be drawn on a particular number. And as we look to 2023, as Mark has indicated, it's -- so much depends on the global economic environment when we get there. So I think that's something we'll give you guidance on at the end of the year, as we always do.

標記。我的意思是我認為您確實很好地解決了這個問題，在當前環境下預測成本非常棘手。我只想說，目前對 2022 年的指導與我們之前的指導相當或略高於我們之前的指導，這是對 110 美元油價預期的函數。正如您將看到的，幾週前，我們的交易價格超過 120 美元，然後跌至 100 美元以下。所以它到處走動。這很難預測，這就是為什麼我們不願意被某個特定數字所吸引。正如馬克所指出的那樣，展望 2023 年，這在很大程度上取決於我們到達那裡時的全球經濟環境。所以我認為這是我們將在年底為您提供指導的事情，就像我們一直做的那樣。

Yes. Mark, just back to what you were saying about we look at some of these commodity prices falling hard. And as you said, some people are quick to assume that inflation is going to dissipate, go away, whatever the case may be. But what you're saying is that that's just not the way it's looking at all that supply chains are still quite problem. Can you just go into what you're seeing, Mark, in terms of supply chain, et cetera, and how that's affecting the inflation that you're dealing with and presumably affecting what you think will be the persistence of that inflation?

是的。馬克，回到你剛才所說的，我們看到其中一些商品價格大幅下跌。正如你所說，有些人很快就認為通脹將會消散，消失，不管是什麼情況。但你的意思是，它並不是這樣看待供應鏈仍然存在很大問題的。馬克，你能否談談你所看到的供應鍊等方面的情況，以及這如何影響你正在處理的通脹，並可能影響你認為通脹的持續性？

Yes. So supply chains, it's -- one is the cost. The other is the ability to manage it. I think the latter we've got our head around it. We managed COVID extremely well. The team did. I often use the example that we moved our purchases for steel balls from China to Europe back to China back to Europe. We have the flexibility of multiple suppliers.

是的。所以供應鏈，它是 - 一個是成本。另一個是管理它的能力。我認為後者我們已經了解它。我們對 COVID 的管理非常好。團隊做到了。我經常舉一個例子，我們把鋼球的採購從中國轉移到歐洲，再從中國轉移到歐洲。我們擁有多個供應商的靈活性。

We've beefed up our inventory to beyond 3 months and even a little bit more and some of the core assets that are under threat because of the Ukraine crisis. But there are a number of crises developing at the moment. We're not sure exactly. You've got the USA-China issue recently been sort of exacerbated by what happened around Thailand (sic) [Taiwan]. So a number of issues developed. The way we manage that is ensuring when we have partnership relationships. We are very significantly contracted and we've got excellent supply infrastructure now and ability to procure.

我們已將庫存增加至 3 個月以上，甚至更多一些，以及一些因烏克蘭危機而受到威脅的核心資產。但目前有許多危機正在發展。我們不確定。泰國（原文如此）[台灣]周圍發生的事情最近使美中問題有些惡化。於是產生了很多問題。我們管理的方式是確保我們何時建立夥伴關係。我們簽訂了非常重要的合同，我們現在擁有出色的供應基礎設施和採購能力。

I'll give you an example. In PV, we had some real stress on some key components on the expansion. And what we've been able to do is move steel into the country, and we are building a manufacturing industry there. And we've been able to manufacture a lot of our equipment for Pueblo Viejo without hurting it too much on the delay because otherwise, we would have had a situation where you don't have control of the delivery.

我給你舉個例子。在 PV 方面，我們對擴張的一些關鍵組成部分有一些真正的壓力。我們能夠做的是把鋼鐵運到這個國家，我們正在那裡建立一個製造業。而且我們已經能夠為 Pueblo Viejo 製造很多設備，而不會因延遲而對其造成太大傷害，因為否則，我們會遇到您無法控制交付的情況。

So my personal view is like every crises and particularly every big inflation period or global economic crisis that I've lived through, it's always worse than it seems, and it takes longer to come out of. And we, as the global economy have -- very few people are around that understand inflation. And I certainly lived through the last significant inflation period.

所以我個人的看法就像我經歷過的每一次危機，尤其是每一次大通脹時期或全球經濟危機，總是比看起來更糟糕，而且需要更長的時間才能擺脫。而我們，就像全球經濟一樣——周圍很少有人了解通貨膨脹。我當然經歷了最後一個顯著的通貨膨脹時期。

And again, it requires diligence. It definitely requires world-class assets, and you will get through it. And it's agility, innovation and most importantly, the skill profile of your employees, and then we'll get through it. And I think Barrick boasts all those components required to manage this situation.

再次，它需要勤奮。它絕對需要世界級的資產，你會度過難關的。它是敏捷性、創新性，最重要的是，您的員工的技能概況，然後我們會克服它。我認為巴里克擁有管理這種情況所需的所有組件。

I think just to finish, Adam, if I may, I often point out that this world is it's so muddled. And we went from COP 26 where everything was going to be green and clean to a situation where all that was thrown out the window, and now look at where we are. We're burning coal and every other bit of fossil fuel we can. And just like COVID, there's no global coordination. There's a lot of sort of disengagement.

我想結束，亞當，如果可以的話，我經常指出這個世界是如此混亂。我們從 COP 26 開始，一切都將是綠色和清潔的，現在一切都被扔出窗外，現在看看我們在哪裡。我們正在燃燒煤炭和我們能燃燒的所有其他化石燃料。就像 COVID 一樣，沒有全球協調。有很多脫離接觸。

What I referred to the issues we dealt within COVID as COVID nationalism. And you're seeing the same again. And so -- and on top of that, no one is caring about the emerging markets. And then when you look at the drive behind some of these ESG strategies, none of them seem to be sustainable and sustainable is the real focus when you talk ESG is how do you build sustainable industry, a sustainable global economy. And you can't do that without investing in the developing world, which has largely been neglected.

我將我們在 COVID 內部處理的問題稱為 COVID 民族主義。你又看到了同樣的情況。所以——最重要的是，沒有人關心新興市場。然後，當您查看其中一些 ESG 戰略背後的驅動力時，它們似乎都不是可持續的，而當您談論 ESG 是如何建立可持續發展的行業和可持續的全球經濟時，可持續發展才是真正的焦點。如果不投資在很大程度上被忽視的發展中國家，你就無法做到這一點。

And even last night in the United States Senate, they passed this big bill, but no one even mentioned the emerging markets and the developing world and what is needed there to bring them along. And we all know that this will -- there's no island on this world. You can't do things in isolation but more and more, we see evidence of that happening. And at the same time, all this requires more and more mining, more and more responsible mining if we're going to get it right. So what we and Barrick are very clear about our core focus is sustainability. We look at high-quality assets. We look to develop them wherever they are in the world, and we benefit our host country stakeholders as much as we benefit our own shareholders.

甚至昨晚在美國參議院，他們也通過了這項大法案，但沒有人提到新興市場和發展中世界以及那裡需要什麼來推動它們。我們都知道這將——這個世界上沒有孤島。你不能孤立地做事，但我們越來越多地看到了這種情況發生的證據。同時，所有這一切都需要越來越多的挖礦，越來越負責任的挖礦，如果我們要做到這一點的話。因此，我們和巴里克非常清楚我們的核心重點是可持續性。我們著眼於優質資產。我們希望在世界任何地方開發它們，我們使東道國利益相關者受益，就像我們使自己的股東受益一樣。

And just one on the buyback, if I may. Obviously, last quarter, inflation was intensifying and gold prices fell from 2050 all the way down to 1,700. And I assume that's what caused the dislocation in your stock that you were thinking about. Can you -- was the dislocation in your mind more about the gold price having gone to $1,700? Or what specifically was the dislocation in your mind? And relatedly, did you expect these buybacks to be ongoing? Or should they be -- should we not assume or expect level of such buybacks in subsequent quarters for whatever reason?

如果可以的話，只有一個回購。顯然，上個季度，通貨膨脹加劇，金價從 2050 年一路下跌至 1,700 點。我認為這就是導致您正在考慮的股票錯位的原因。你能 - 你腦海中的混亂更多的是關於金價已經達到 1,700 美元嗎？或者你心中的錯位具體是什麼？與此相關的是，您是否預計這些回購會持續進行？或者他們應該是——我們不應該假設或期望在隨後的幾個季度出現這種回購水平，無論出於何種原因？

So we were very clear that we're going to use this facility to buy back our stock when we feel that it's trading at a discount to what we feel is fair and tighten up the market when we can. And that's what happened last quarter.

因此，我們非常清楚，當我們認為股票的交易價格低於我們認為公平的價格時，我們將使用該工具回購我們的股票，並在可能的情況下收緊市場。這就是上個季度發生的事情。

As you pointed out, the share price showed a lot of weakness and we were -- went into the market in a considered way, we're not planning to buy back all our shares. But in a considered way, we were active in the market. And again, today, we feel the same applies, and we will continue with this buyback strategy that we shared with the market. And again, in a considered way, all the time we feel that it's in the interest of our genuine long-term shareholders to take out some of the softness in the market when we can.

正如你所指出的，股價表現出很大的疲軟，我們以深思熟慮的方式進入市場，我們不打算回購我們所有的股票。但經過深思熟慮，我們在市場上很活躍。同樣，今天，我們認為同樣適用，我們將繼續採用我們與市場共享的回購策略。再一次，以深思熟慮的方式，我們一直認為，在可能的情況下消除市場的一些疲軟符合我們真正的長期股東的利益。

There are no more questions from the conference call.

電話會議沒有更多問題。

Well, again, ladies and gentlemen, thank you very much for your time. It was an efficient use of your time, I'm sure. So again, and thanks for the questions. And as is usual, if there's anybody out there who failed to think of something to say or ask or didn't want to ask it in this public forum, we're always available to take your questions as a management team. You know us all and just reach out to us or reach out to Lois or Kathy or any of our investor team, and we'll make sure that you get the answer. So again, thank you very much and enjoy the summer for those in the Northern Hemisphere, and we'll speak to you soon.

好吧，女士們，先生們，非常感謝您抽出寶貴的時間。我敢肯定，這是對您時間的有效利用。再次感謝您的提問。和往常一樣，如果有人在這個公共論壇上沒有想到要說或要問的事情，或者不想在這個公共論壇上提問，我們總是可以作為管理團隊來回答您的問題。您了解我們所有人，只需聯繫我們或聯繫 Lois 或 Kathy 或我們的任何投資者團隊，我們將確保您得到答案。再次感謝你們，讓北半球的人們享受這個夏天，我們很快就會與你們交談。

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

今天的電話會議到此結束。如果您有任何其他問題，請聯繫巴里克投資者關係部。您現在可以斷開線路。感謝您的參與，祝您有愉快的一天。