巴里克黃金 (GOLD) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Barrick 2022 Third Quarter Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded, and a replay will be available on Barrick's website later today, November 3, 2022.

女士們，先生們，謝謝你們的支持。歡迎參加巴里克 2022 年第三季度業績電話會議。 （操作員說明）提醒一下，本次電話會議正在錄音，2022 年 11 月 3 日晚些時候將在 Barrick 的網站上提供重播。

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

我現在想將您轉交給首席執行官 Mark Bristow。請繼續，先生。

Thank you very much, and good afternoon, and good morning, ladies and gentlemen. And again, welcome to our presentation of the Q3 results today and we present for those who don't appreciate it, we are presenting from the London Stock Exchange today, and it's so nice to see those familiar faces and not so familiar faces. Yes, it brings back lots of memories for me being here. And also times like we are today, not always up, but also down. And so I look forward to getting some questions from the floor, and thank you very much for coming out in person today.

非常感謝你們，下午好，早上好，女士們，先生們。再次，歡迎來到我們今天對第三季度業績的介紹，我們為那些不欣賞它的人介紹，我們今天在倫敦證券交易所進行介紹，很高興看到那些熟悉的面孔和不那麼熟悉的面孔。是的，它給我帶來了很多在這裡的回憶。還有像我們今天這樣的時代，不總是向上，但也向下。因此，我期待著大家提出一些問題，非常感謝你今天親自出來。

As I've said many times before, the troubles that have been closing in on the global economy, including the mining sector tightened their grip in the last quarter. And Barrick, however, as I hope I'll be able to demonstrate once again, is well placed to contend with these challenges, thanks to the disciplined execution of our long-term value-creating strategy. We have and still are focused on maintaining a strong balance sheet.

正如我之前多次說過的，包括採礦業在內的全球經濟面臨的麻煩在上個季度加強了控制。然而，正如我希望我能夠再次證明的那樣，巴里克能夠很好地應對這些挑戰，這要歸功於我們長期的價值創造戰略的嚴格執行。我們已經並且仍然專注於維持強勁的資產負債表。

Our dividend policy is delivering sustainable returns, and we continue to extend our life of mine plans to ensure that our 10-year production profile remains intact. Our successful exploration programs are feeding high-quality prospects into an already bulging pipeline. And while our focus is on organic growth, we are also keeping an eye open for value-adding M&A opportunities, albeit that those capable of meeting our strict investment criteria remain few and far between.

我們的股息政策正在提供可持續的回報，我們繼續延長我們的礦山壽命計劃，以確保我們的 10 年生產狀況保持不變。我們成功的勘探計劃正在為已經膨脹的管道提供高質量的前景。雖然我們的重點是有機增長，但我們也密切關注增值併購機會，儘管能夠滿足我們嚴格投資標準的併購機會仍然很少。

Please take note of our cautionary statement. And for those who wish to study it in more detail, it's available on our website. We had a softer quarter in quarter 3, as I'm sure all of you noticed and we guided you to. And it was mainly due to a sequencing at Carlin and Cortez. But a grade uplift and some hard work in the fourth quarter should keep us on track to achieve our 2022 gold production guidance, albeit at the low end of the range.

請注意我們的警告聲明。對於那些希望更詳細地研究它的人，可以在我們的網站上找到它。正如我相信你們所有人都注意到的那樣，我們在第 3 季度有一個較軟的季度，我們指導你們這樣做。這主要是由於 Carlin 和 Cortez 的測序。但第四季度的品位提升和一些努力應該使我們能夠實現我們的 2022 年黃金生產指導，儘管處於該範圍的低端。

Our copper portfolio, on the other hand, performed well and is trending towards the midpoint of our guidance. Exploration, as I said in the introduction, continues to discover new opportunities as well as to expand our existing asset base, and we expect to grow our reserves for the group again, and that is net of depletion as we did last year.

另一方面，我們的銅投資組合表現良好，並趨向於我們指引的中點。正如我在介紹中所說，勘探繼續發現新的機會並擴大我們現有的資產基礎，我們預計將再次增加我們的集團儲備，這與我們去年所做的一樣，是在扣除消耗後的淨額。

Other highlights include the completion of the public comment stage in the Goldrush project and a continued progress with a massive Pueblo Viejo expansion project. with the submission of our environmental and social impact assessment for the new tailings storage facility.

其他亮點包括 Goldrush 項目的公眾評議階段的完成以及大規模 Pueblo Viejo 擴建項目的持續進展。提交我們對新尾礦儲存設施的環境和社會影響評估。

I should also point out that Barrick was serious about responsible tailings management long before recent calamities focused the industry's attention on this issue. And we have made excellent progress and are on track to comply with the new standards on time. And we've reviewed all our tailings facilities, both from the closed sites as well as our operating mines. I'll cover the financial results a little later.

我還應該指出，早在最近的災難將業界的注意力集中在這個問題上之前，巴里克就認真對待負責任的尾礦管理。我們已經取得了出色的進展，並有望按時遵守新標準。我們已經審查了我們所有的尾礦設施，包括關閉的場地和我們運營的礦山。稍後我將介紹財務結果。

Again, I've just given you a picture of our operating performance and how you can see the details. It's worth noting that higher energy-related input prices are having an impact on our cost structure. And so costs for the year are trending above the guidance range and inflationary pressures remain a challenge, which we are actively managing.

同樣，我剛剛向您展示了我們的運營績效以及您如何查看詳細信息。值得注意的是，與能源相關的投入價格上漲正在對我們的成本結構產生影響。因此，今年的成本趨勢高於指導範圍，通脹壓力仍然是一個挑戰，我們正在積極應對。

And I'd just point out that a lot of people just roll all up inflation, but there is inflation, and we're managing that, and that's easily managed in many cases. But we have the added impact of the geopolitical crisis and conflicts in Eastern Europe and other parts of the world, which are seriously impacting on the fuel costs and as a result, a number of our operations' electricity costs.

我只想指出，很多人只是把通貨膨脹捲起來，但有通貨膨脹，我們正在管理它，而且在很多情況下很容易管理。但是，東歐和世界其他地區的地緣政治危機和衝突也給我們帶來了額外的影響，這些都嚴重影響了燃料成本，從而影響了我們許多業務的電力成本。

Our drive to reduce greenhouse gas emissions by at least 30% by 2030 is also going to go a long way to mitigate the current impact of fuel prices. We have already seen the benefits of these investments and expect further reductions over the next 12 to 24 months.

我們到 2030 年將溫室氣體排放量減少至少 30% 的努力也將大大減輕當前燃料價格的影響。我們已經看到了這些投資的好處，並預計在未來 12 至 24 個月內將進一步減少。

This is a solid set of numbers with a strong operating cash flow of $758 million, plus the proceeds from ongoing sales of noncore royalty assets. Our robust balance sheet supports a $0.15 per share dividend made up of a $0.10 base dividend and a $0.05 performance enhancement.

這是一組可靠的數字，擁有 7.58 億美元的強勁運營現金流，以及持續出售非核心特許權使用費資產的收益。我們穩健的資產負債表支持每股 0.15 美元的股息，其中包括 0.10 美元的基本股息和 0.05 美元的業績提升。

And in addition to this, our $1 billion share buyback program has repurchased $322 million worth of shares to date. That's equivalent to 1% of Barrick's issued and outstanding shares at the time that the program was announced. And when you add those together, to year-to-date, we've returned just on $1.2 billion to shareholders. And we're on track when you look at our forecast for the rest of the year that it will exceed our record $1.4 billion return to shareholders of last year. So there's an extra component in returns with our commitment to continue to buy back shares when we feel that they're materially below their real value. And as you can imagine, after today, we're going to be buying back more, significantly more.

除此之外，我們 10 億美元的股票回購計劃迄今已回購了價值 3.22 億美元的股票。這相當於宣布該計劃時巴里克已發行和流通股的 1%。當你把這些加在一起時，到目前為止，我們只向股東返還了 12 億美元。當您查看我們對今年剩餘時間的預測時，我們正在走上正軌，它將超過我們去年創紀錄的 14 億美元的股東回報。因此，當我們認為股票遠低於其實際價值時，我們承諾繼續回購股票，這會帶來額外的回報。正如你可以想像的那樣，在今天之後，我們將回購更多，顯著更多。

Sustainability, as always, remains the cornerstone of Barrick's business. And again, I'd point out we practiced responsible mining long before ESG became the thing. We've adapted and adopted integrated holistic approach to sustainability because it's -- in its current form, ESG is skewed towards environmental concerns at the expense of social and governance, social and the upliftment and development of societies and countries that have been left behind by the developed world is a big -- is as big a global problem we would argue as climate change, and it should, in fact, be linked to it.

一如既往，可持續發展仍然是巴里克業務的基石。再一次，我要指出，早在 ESG 成為現實之前，我們就已經實施了負責任的採礦。我們已經調整併採用綜合的整體方法來實現可持續性，因為它 - 在目前的形式下，ESG 傾向於環境問題，以犧牲社會和治理、社會以及社會和國家的提升和發展為代價。發達國家是一個大世界——我們認為它與氣候變化一樣大，而且實際上應該與它聯繫起來。

Poverty is particularly a big issue in Africa, which hosts 2 of our Tier 1 mines and many of our prospects. Africa holds 17% of the world's population, but due to its developmental neglect accounts for only 3% to 4% of global carbon emissions. Unless the plan is to keep Africa poor forever, population growth and the fast pace of urbanization will cause this rate to rise and even dramatically rise.

貧困在非洲尤其是一個大問題，非洲擁有我們的 2 個一級礦山和我們的許多前景。非洲擁有世界 17% 的人口，但由於對其發展的忽視，僅佔全球碳排放量的 3% 至 4%。除非該計劃是讓非洲永遠貧窮，否則人口增長和快速的城市化步伐將導致這一比率上升甚至急劇上升。

We have invested heavily in clean energy at our African operations and the Kibali Gold Mine in the Democratic Republic of Congo is now largely powered by 3 hydropower stations which we built there, and a refurbished fourth station that provides energy to the community. We are also sponsoring major biodiversity initiatives designed to mitigate the climate change and nature loss risks posed by deforestation and the degradation of habitats. This risk is very real.

我們在非洲業務中大力投資清潔能源，剛果民主共和國的 Kibali 金礦現在主要由我們在那裡建造的 3 個水電站和一個翻新的為社區提供能源的第四個水電站供電。我們還贊助了旨在減輕因森林砍伐和棲息地退化而帶來的氣候變化和自然喪失風險的重大生物多樣性倡議。這種風險是非常真實的。

And just for -- just on that, our current cost, blended costs for the last 12 months at Kibali is just under $0.05 a kilowatt hour. So it's very much a mitigating investment. And our drive to 30% reduction by 2030, we will -- with that will continue in real terms, mitigating the increased cost of hydrocarbon fuel. And every 1 of our projects, investment projects for cleaner energy meets our 15% return hurdle rate. So it's a real investment. It's not just something to comply with regulators.

僅就這一點而言，我們當前的成本，過去 12 個月在 Kibali 的混合成本略低於每千瓦時 0.05 美元。因此，這是一項非常緩和的投資。我們的目標是到 2030 年減少 30%，我們將繼續實現這一目標，以減輕碳氫化合物燃料成本的增加。我們的每一個清潔能源投資項目都符合我們 15% 的回報率。所以這是一項真正的投資。這不僅僅是遵守監管機構的事情。

Last quarter, Barrick advanced its investment in -- it's a REDD+ program surrounding our Lumwana mine in Zambia. And for those who don't know, REDD+ is a UN-backed framework which covers the role of conservation. The sustainable management of forests and the enhancement of forest carbon stocks in developing countries through socioeconomic and biodiversity linked projects. In keeping with our holistic approach to sustainability, Barrick in quarter 3 alone also invested $8.7 million in community development.

上個季度，巴里克推進了對我們贊比亞 Lumwana 礦的 REDD+ 計劃的投資。對於那些不知道的人，REDD+ 是一個聯合國支持的框架，涵蓋了保護的作用。通過與社會經濟和生物多樣性相關的項目，可持續管理森林並增加發展中國家的森林碳儲量。按照我們對可持續發展的整體方法，巴里克僅在第三季度就在社區發展方面投資了 870 萬美元。

So these collective sustainability approaches implemented by Barrick, clean energy, community development and nature-based solutions through the REDD+ programs will aim to address a just transition throughout the developing world. And we recently started to started to engage with the Dominican Republic government on another similar REDD+ program as far as carbon credits go. And again, if those -- for those who don't appreciate it, if you want to invest in carbon credit, you have to do it in partnership with countries, with governments.

因此，巴里克通過 REDD+ 計劃實施的這些集體可持續發展方法、清潔能源、社區發展和基於自然的解決方案將旨在解決整個發展中國家的公正過渡。就碳信用額而言，我們最近開始與多米尼加共和國政府就另一個類似的 REDD+ 計劃進行接觸。再說一次，如果那些不欣賞它的人，如果你想投資碳信用，你必須與國家、政府合作。

Health and safety for our employees and the welfare of the communities around our mines are part of our sustainability strategy, and we continue to reduce the total recordable injury frequency rate and the lost time injury frequency rate at our mines. But I'm saddened to share with you that our journey to zero harm was marred by contractor fatality at Pueblo Viejo last quarter. Certainly, in any one of these events, there are lots of lessons to be learned. And again, we make it our job to ensure that those lessons are shared with all our operations across the globe.

我們員工的健康和安全以及我們礦山周圍社區的福利是我們可持續發展戰略的一部分，我們繼續降低我們礦山的總可記錄傷害頻率和誤工工傷頻率。但我很遺憾地與您分享，我們的零傷害之旅因上個季度 Pueblo Viejo 的承包商死亡事件而受損。當然，在這些事件中的任何一個事件中，都有很多教訓需要學習。同樣，我們的工作是確保與我們在全球的所有運營部門分享這些經驗教訓。

With the threat of COVID-19 still lingering, we are continuing to encourage our workforce to be vaccinated. And we're proud to share with you that 80% of our workforce across the world have been at least partially vaccinated to date.

由於 COVID-19 的威脅仍然揮之不去，我們將繼續鼓勵我們的員工接種疫苗。我們很自豪地與您分享，迄今為止，我們全球 80% 的員工至少部分接種了疫苗。

I'll start with the operational review -- I'll start the operational review as usual in North America and at Nevada Gold Mines, Barrick's Value Foundation. As far as the original objectives of the joint venture are concerned, I can safely say, mission accomplished. We have created a whole that is truly greater than the sum of its parts.

我將從運營審查開始——我將像往常一樣在北美和巴里克價值基金會的內華達金礦開始運營審查。就合資企業的最初目標而言，我可以肯定地說，任務完成了。我們創造了一個真正大於部分之和的整體。

From this sound base, Nevada Gold Mines can now exploit the wealth of opportunities in its ambit. And we have recruited a future-facing management team including a new North American Regional Chief Operating Officer and a new Nevada Gold Mines Executive Managing Director to lead the company into its new growth phase.

有了這個堅實的基礎，內華達金礦現在可以利用其範圍內的大量機會。我們還招募了一支面向未來的管理團隊，其中包括一名新的北美地區首席運營官和一名新的內華達金礦執行董事總經理，以帶領公司進入新的增長階段。

But back to last quarter when Nevada Gold Mines had to deal with some operational issues. At Carlin, production was impacted by a temporary fall of ground, while Cortez was in the process of transitioning from open-pit mining at pipeline to a new phase at the Crossroads Pit. For the fourth quarter, Carlin expects higher open pit grades from Goldstrike, while Cortez is anticipating the Crossroads will also deliver a grade improvement.

但回到上個季度，當內華達金礦不得不處理一些運營問題時。在 Carlin，生產受到了臨時塌陷的影響，而 Cortez 正在從管道露天採礦過渡到 Crossroads Pit 的新階段。對於第四季度，Carlin 預計 Goldstrike 的露天礦等級會更高，而 Cortez 預計 Crossroads 也將提供等級提升。

At Turquoise Ridge, the underground operations continue to make good progress, although production was down due to lower underground grades mined and lower autoclave recovery. The mine began commissioning its third shaft. And on the back of a change in management, we are starting to get through some of the maintenance and availability challenges that have impacted the Sage processing facility for some time.

在 Turquoise Ridge，地下作業繼續取得良好進展，但由於開采的地下品位較低和高壓釜回收率較低而導致產量下降。該礦開始調試第三個豎井。在管理變革的背景下，我們開始克服一些影響 Sage 處理設施一段時間的維護和可用性挑戰。

And this slide shows the substantial exploration and expansion targets and their potential to continue to grow the Nevada Gold Mines' reserve and resource base. NGM's greatly enhanced geological capacity has delivered an optimal balance between the search for long-term stand-alone deposits while extending and converting ounces around existing targets. At the same time, Barrick is also looking for new opportunities elsewhere in Nevada and North America as a whole.

這張幻燈片顯示了實質性的勘探和擴張目標以及它們繼續增加內華達金礦儲量和資源基礎的潛力。 NGM 大大增強的地質能力在尋找長期獨立礦床與圍繞現有目標擴展和轉換盎司之間實現了最佳平衡。與此同時，巴里克也在內華達州和整個北美的其他地方尋找新的機會。

So let's take greater North Leeville as just one example of how Nevada Gold Mines is increasing its growth footprint. Continuing exploration and producing some of the best intercepts in the history of the Carlin Complex. And for those geologists in this room, Carlin has produced some significant grade intercepts with lots more to come.

因此，讓我們以大北利維爾為例，說明內華達金礦如何增加其增長足跡。繼續探索並產生了卡林綜合體歷史上最好的一些截距。對於這個房間裡的地質學家，Carlin 已經產生了一些重要的品位截距，還有更多。

And this target clearly has a multi, multimillion ounce potential. And we're going to be sharing a lot of these projects with you at the Investor Day in 2 weeks' time. So this is just a teaser of what's to come in 2 weeks' time.

而這個目標顯然具有數百萬盎司的潛力。我們將在兩週後的投資者日與您分享許多此類項目。因此，這只是 2 週後將要發生的事情的預告片。

We then move on to -- further south to Latin America and a region where we had to take on many post-merger challenges. We've made enormous progress in minimizing inherited liabilities and maximizing assets with the Pueblo Viejo expansion project in the Dominican Republic as a shining example of the latter. This region also includes our Asia Pacific holdings, where the revival of Porgera in Papua New Guinea and the development of the Reko Diq project in Pakistan all go well for the future.

然後我們繼續向南移動到拉丁美洲和一個我們不得不承擔許多合併後挑戰的地區。我們以多米尼加共和國的 Pueblo Viejo 擴建項目作為後者的光輝典範，在最大限度地減少繼承負債和最大化資產方面取得了巨大進展。該地區還包括我們在亞太地區的控股公司，巴布亞新幾內亞 Porgera 的複興和巴基斯坦 Reko Diq 項目的發展都對未來發展順利。

And despite dealing with the expansion project, which is designed to extend its life beyond 2040 with an annual production rate of in excess of 800,000 ounces, Pueblo Viejo posted a stellar set of operating results, increasing production 15% quarter-on-quarter. Construction of the processing plant as part of the expansion is now 70% complete, and the environmental and social impact assessment, as I indicated in my introduction, for the new tailings storage facility has been completed in line with the government's terms of reference and has been submitted for approval.

儘管處理了擴建項目，該項目旨在將其壽命延長到 2040 年以後，年產量超過 800,000 盎司，但 Pueblo Viejo 公佈了一系列出色的經營業績，產量環比增長 15%。作為擴建的一部分，加工廠的建設現已完成 70%，正如我在介紹中指出的那樣，新尾礦儲存設施的環境和社會影響評估已按照政府的職權範圍完成，並已完成已提交審批。

And this -- our expectation is that this is going to convert a significant amount of resources already in the measured and indicated Category 2 reserves for this mine. And essentially, as we indicated when we started out, it's like a new mine. It adds way past 2040 to the life of the mine.

這 - 我們的預期是，這將轉化該礦已測量和指示的第 2 類儲量中的大量資源。本質上，正如我們在開始時指出的那樣，它就像一個新礦。它增加了 2040 年之後的礦山壽命。

In order to size the TCF property which we're currently busy with, we're busy with that pre-feasibility study. We have been evaluating opportunities within and nearby the Pueblo Viejo lease with some success. How you can see several new targets that the team has developed and which we are receiving follow-up work with encouraging results.

為了確定我們目前正忙於處理的 TCF 資產的規模，我們正忙於進行預可行性研究。我們一直在評估 Pueblo Viejo 租約內和附近的機會，並取得了一些成功。您如何看到團隊制定的幾個新目標以及我們正在接受後續工作並取得令人鼓舞的結果。

We cross now to Argentina, which continues to be a tough operating environment while the government struggles with currency crises and hyperinflation. Fortunately, the San Juan province, which hosts Veladero, has been very supportive, and the mine now is in much better shape than when we found it.

我們現在穿越到阿根廷，在政府與貨幣危機和惡性通貨膨脹作鬥爭的同時，阿根廷的經營環境仍然很艱難。幸運的是，擁有 Veladero 的聖胡安省一直非常支持，現在礦山的狀況比我們發現它時要好得多。

This is our first winter of operating on the new leach pad phase 6 facility. It is separate from the 1 -- the old 1 to 5 facilities, and we are still getting our heads around the geomet and leach dynamics, which we believe have also been exacerbated by the abnormally long winter and freezing of part of the pads. In the meantime, construction of the phase 7A leach pad continues to advance and work on 7B will start this quarter. And we hope to also see Veladero's long-awaited connection to the Chile power grid in the near term. Our restructured exploration teams has been progressing targets located across the continent and the region.

這是我們在新的浸出墊第 6 期設施上運行的第一個冬天。它與 1 - 舊的 1 到 5 設施是分開的，我們仍在了解幾何和浸出動態，我們認為異常漫長的冬季和部分墊子的凍結也加劇了這種情況。與此同時，7A 期浸出墊的建設繼續推進，7B 期工程將於本季度開始。我們還希望看到 Veladero 在短期內與智利電網的期待已久的連接。我們重組後的勘探團隊一直在推進位於整個非洲大陸和該地區的目標。

And then a quick update on Porgera. The new joint venture company has now been incorporated in September. In fact, and while there are still some conditions, precedents to be fulfilled, the path towards a restart is now clearer than when we last spoke at the last quarterly presentation.

然後是 Porgera 的快速更新。新的合資公司現已於 9 月註冊成立。事實上，儘管仍有一些條件和先例需要滿足，但現在重啟的道路比我們上次在上一個季度報告中發言時更加清晰。

In Pakistan, the definitive agreements for the Reko Diq joint venture have been finalized and the process has moved to its penultimate stage, legalization and closing. The feasibility study update is targeted for 2024, and production for late 2027 into 2028.

在巴基斯坦，Reko Diq 合資企業的最終協議已經敲定，進程已進入倒數第二個階段，即合法化和關閉。可行性研究更新的目標是 2024 年，生產時間為 2027 年末至 2028 年。

While I always referred to Nevada's Barrick's Value Foundation, our Africa and Middle East region is our most consistent producer of excellence performance on all fronts, as well as a rich store of gold and copper growth opportunities. Barrick's status as Africa's biggest gold miners underlined by the Loulo-Gounkoto complex, which routinely accounts for around 7% of Mali's GDP. It's been going strong for 18 years and its continued success in replacing depleted reserves gives it a lease on life of at least another 10 years at sustained levels of production.

雖然我總是提到內華達州的巴里克價值基金會，但我們的非洲和中東地區是我們在各方面表現最穩定的生產商，同時也蘊藏著豐富的黃金和銅增長機會。 Loulo-Gounkoto 綜合體突顯了巴里克作為非洲最大金礦商的地位，該綜合體通常佔馬里 GDP 的 7% 左右。 18 年來，它一直保持強勁勢頭，並且在替代枯竭儲量方面的持續成功使其在持續生產水平下的使用壽命至少再延長 10 年。

We've made -- we've been making a substantial investment in clean energy there and the expansion of the solar power plant by an additional 40 megawatts and 36-megawatt battery storage system is advancing steadily. This will replace another 23 million liters of heavy fuel when it's fully commissioned in 2024.

我們已經做出了——我們一直在那裡對清潔能源進行大量投資，並且太陽能發電廠的擴建 40 兆瓦和 36 兆瓦的電池存儲系統正在穩步推進。這將在 2024 年全面投入使用時替代另外 2300 萬升重質燃料。

When it comes to exploration success, the Loulo District remains one of our happy hunting grounds with a lot of discovery potential, as shown here. The Yalea deposit, which is hosted within its 72 kilometer-long mineralized district, still holds strong potential to add further ounces. And the open extensions we are exploring are key to our continuing and highly successful depletion replacement strategy.

在探索成功方面，Loulo 區仍然是我們快樂的狩獵場之一，具有很大的發現潛力，如圖所示。 Yalea 礦床位於其 72 公里長的礦化區內，仍然具有進一步增加產量的強大潛力。我們正在探索的開放式擴展是我們持續且非常成功的耗盡替代戰略的關鍵。

Kibali, Africa's largest gold mine produced another steady performance with improved costs across all matrix. Hydropower provides, as I said earlier, most of the mine's energy requirements, offsetting the impact of higher diesel prices. As I pointed out, it's average energy spend of just $0.045 per kilowatt hour makes it one of the industry's lowest cost producers.

非洲最大的金礦 Kibali 再次取得穩定的業績，所有矩陣的成本均有所提高。正如我之前所說，水電提供了礦山的大部分能源需求，抵消了柴油價格上漲的影響。正如我所指出的，它的平均能源支出僅為每千瓦時 0.045 美元，使其成為業內成本最低的生產商之一。

Like Loulo-Gounkoto, Kibali is on track to meet its 2022 production guidance despite the 21-day planned shutdown of the shaft to replace the winder. And in fact, that's been -- that's about to come up, I believe we started hoisting last night. So we're busy commissioning the new one as we speak. So I think that's the day, Simon, day earlier or 2 days earlier than what was planned. So a good job from the team.

與 Loulo-Gounkoto 一樣，Kibali 有望實現 2022 年的生產指導，儘管計劃關閉 21 天的軸以更換捲繞機。事實上，這已經 - 即將出現，我相信我們昨晚開始吊裝。因此，我們正在忙著調試新的。所以我認為那一天，西蒙，比計劃提前一天或兩天。所以團隊的工作做得很好。

Also, like Loulo, the Barrick's other Tier 1 asset in Africa, Kibali has many opportunities for reserve growth with the complex hosting many multiple targets. Our Tanzanian operations are, again, a great example of partnership in action. When we took over North Mara and Bulyanhulu, they were not only badly run but effectively closed. And we've settled their legacy issues in a joint venture deal with the government and transformed them into new mines capable of a combined annual production in excess of 500,000 ounces.

此外，與巴里克在非洲的其他一級資產 Loulo 一樣，Kibali 擁有許多儲備增長機會，該綜合體擁有許多多個目標。我們在坦桑尼亞的業務再次成為合作夥伴行動的典範。當我們接管北馬拉和布利安胡魯時，它們不僅經營不善，而且實際上已經關閉。我們已經通過與政府的合資協議解決了他們的遺留問題，並將它們轉變為年總產量超過 500,000 盎司的新礦山。

At North Mara, while it continues to ramp up its open pit operations. And Bulyanhulu's underground mine also continues to ramp up production, and we have a new fleet in the mine now, which has enabled a step-up of the development while we look to further mitigate the constraints imposed by the mines narrow ore bodies.

在北馬拉，它繼續擴大露天礦作業。 Bulyanhulu 的地下礦山也在繼續提高產量，我們現在在礦山擁有了一個新的車隊，這使得我們能夠加快開發步伐，同時我們希望進一步減輕礦山狹窄礦體所帶來的限制。

We turn now to our copper operations with Lumwana and Jabal Sayid, both delivering stellar results with exciting growth prospects while Zaldívar produces a consistent performance. Since 2019, we have extended Lumwana's life to 2042, and now have a real opportunity to increase its life of mine beyond 2060.

我們現在轉向 Lumwana 和 Jabal Sayid 的銅礦業務，這兩家公司都取得了令人振奮的增長前景，而 Zaldívar 的業績表現穩定。自 2019 年以來，我們將 Lumwana 的壽命延長至 2042 年，現在真正有機會將我的壽命延長至 2060 年以後。

Our success in drilling out the Lubwe target has provided the potential for a big pushback needed for the development of a super pit. And we've started work on a pre-feasibility study, which is scheduled for completion next year.

我們在 Lubwe 目標上的成功鑽探為開發超級坑所需的巨大阻力提供了潛力。我們已經開始進行預可行性研究，計劃於明年完成。

As you all know, Barrick's core belief is that the best assets managed by the best people will produce the best returns. I'd probably add the most consistent and best returns. Our sustainable dividend framework provides investors with an opportunity for enhanced performance-based rewards as well as financial flexibility and more importantly in a cyclical business, predictability.

眾所周知，巴里克的核心信念是，最好的人管理的最好的資產會產生最好的回報。我可能會添加最一致和最好的回報。我們的可持續股息框架為投資者提供了提高基於績效的回報和財務靈活性的機會，更重要的是在周期性業務中，可預測性。

For the third quarter, as I noted earlier, the $0.15 per share dividend comprises a base and a performance component and on an annualized basis equates to a peer-leading dividend yield. And when you combine this dividend with the share buyback, it points to a total shareholder return of year-to-date, as I said, at $1.2 billion, which sets it on track to beat the record $1.4 billion return of last year.

正如我之前提到的，對於第三季度，每股 0.15 美元的股息包括基礎和業績部分，按年計算相當於同行領先的股息收益率。正如我所說，當你將股息與股票回購結合起來時，它表明年初至今的股東總回報為 12 億美元，這使其有望超過去年創紀錄的 14 億美元的回報。

Ladies and gentlemen, in conclusion, we are successfully executing on our strategy of building the world's most valued gold and copper mining company as evidenced by these actions. With the industry's largest portfolio of Tier 1 gold assets and many growth opportunities that are within our grasp, we are confident in our continued ability to deliver on this strategy. Clearly, a compelling thesis for creating value.

女士們先生們，總而言之，我們正在成功地執行我們的戰略，即建設世界上最有價值的金銅礦業公司，這些行動證明了這一點。憑藉業內最大的一級黃金資產組合和我們掌握的許多增長機會，我們對我們繼續實施這一戰略的能力充滿信心。顯然，這是一個令人信服的創造價值的論點。

So I thank you for your attention, and we'll -- the team is here, and we'll be happy to take any questions you might have. And I would suggest that we start by...

所以我感謝你的關注，我們將 - 團隊在這裡，我們很樂意回答你可能有的任何問題。我建議我們從...開始

(technical difficulty)

（技術難度）

(technical difficulty) (Operator Instructions)

（技術難度）（操作說明）

(technical difficulty)

（技術難度）

[Station] is towards start up. And if you've got any color around whether or not that could be included into 2023 production guidance?

[站] 正在啟動。如果您對是否可以將其納入 2023 年生產指南有任何看法？

So Emily, Yes. This is Papua New Guinea, and I've learned not to stick my head out too far when it comes to forecasts. Right now, we are planning that start up in the end of the first quarter, so into April. But we've got a bit of time this year to get those boxes ticked and that's really the key to get that done. And we've still got quite a way to go. We've got some condition precedents that we need to deal with.

所以艾米麗，是的。這是巴布亞新幾內亞，我學會了在預測時不要把頭伸出太遠。現在，我們計劃在第一季度末開始，所以到四月。但是今年我們有一些時間來勾選這些框，而這確實是完成任務的關鍵。我們還有很長的路要走。我們有一些先決條件需要處理。

And then we've got to get the SML, the new special mining license applied for and delivered, and that's a process. There's nothing untoward in that. And then it's really, the operating agreement is just about complete. That's the final significant agreement. And then the critical thing is employment and getting, reemploying people. We've got, as we speak at the moment, just under 2,000 people on site, and we are employing, but we won't push that boat out until we get that SML in place.

然後我們必須獲得 SML，新的特殊採礦許可證申請並交付，這是一個過程。這沒有什麼不好的。然後真的，運營協議即將完成。這是最終的重要協議。然後關鍵的事情是就業和獲得，再就業。正如我們目前所說的那樣，我們在現場有不到 2,000 人，我們正在招聘，但在 SML 到位之前，我們不會把這艘船推出去。

So then that's the process. We have -- we are -- we've dry commissioned the processing plant. We've reviewed all the mobile fleet. We've got new mobile fleet inbound as we speak. And then we'll start the wet commissioning as soon as we're clear as to the start-up date. So that's where we are. And we've -- that put us in pretty good shape.

那麼這就是過程。我們已經 - 我們是 - 我們已經乾式委託加工廠。我們已經審查了所有的移動車隊。正如我們所說，我們有新的移動車隊入境。然後，我們將在確定啟動日期後立即開始濕調試。這就是我們所在的位置。而且我們 - 這讓我們處於非常好的狀態。

The underground is now clear of all the sludge and slurry, and so we in reasonable shape to be able to move towards reopening, official reopening. And that should take us sort of somewhere around 4 to 6 months to get it up to capacity.

地下現在已經清除了所有的污泥和泥漿，所以我們處於合理的狀態，能夠走向重新開放，正式重新開放。這應該需要我們大約 4 到 6 個月的時間才能達到容量。

Great. That's very clear. And just a quick follow-up around some of your operations in Africa there. Are you able to provide any color around what's happening in Mali around the government review of the mining licenses? And if the civil war and the DRC are impacting operations there at all?

偉大的。這很清楚。只需快速跟進您在非洲的一些業務。您能否就馬里政府對採礦許可證的審查提供任何顏色？如果內戰和剛果民主共和國影響了那裡的行動呢？

So in Mali, that's an audit. It's not a review. And we don't have mining licenses in Mali. They're decrees, they're law. So there's a confusion. You can't change the law. So -- but it is an audit. And we're participating with the auditors. We know them. They are topflight, highly skilled and experienced auditors from that part of West Africa. They know mining, we're comfortable with that process.

所以在馬里，這是一次審計。這不是評論。而且我們在馬里沒有採礦許可證。它們是法令，它們是法律。所以有一個混亂。你不能改變法律。所以——但這是一次審計。我們正在與審計員一起參與。我們認識他們。他們是來自西非那部分地區的一流、高技能和經驗豐富的審計師。他們知道採礦，我們對這個過程很滿意。

On the -- you're talking about the conflict near Rwanda border in Eastern DRC, that's a very long way from Kibali, and it has absolutely no impact on our supply routes or our operations.

關於——你說的是剛果民主共和國東部盧旺達邊境附近的衝突，那裡離基巴利很遠，它對我們的供應路線或我們的運營絕對沒有影響。

(Operator Instructions) The next question comes from Lawson Winder with Bank of America Securities.

（操作員說明）下一個問題來自美國銀行證券公司的 Lawson Winder。

Mark, nice to hear from you and thank you for the update. I wanted to ask about Turquoise Ridge, the unplanned maintenance and -- at the autoclave and then the lower underground tonnes mined. So just since the end of the quarter, how is the performance in Q4 at the underground at Turquoise? And then are there any additional autoclave maintenance expected or planned for Q4?

馬克，很高興收到您的來信，感謝您的更新。我想問一下 Turquoise Ridge、計劃外的維護以及 - 在高壓釜中，然後是較低的地下開採噸數。那麼從本季度末開始，Turquoise 在地下的 Q4 表現如何？那麼第四季度是否有任何額外的高壓滅菌器維護預期或計劃？

Lawson, so just to put it right, it's not lower production from underground, it's lower grade, and it's part of the plan. It's not a fault. It's -- that's what happens. You get -- as part of the schedule. So the issue really is that's driven Turquoise Ridge, if you remember, Twin Creeks, Turquoise Ridge had a joint venture where we -- Twin Creeks being the Newmont part of the partnership, where we the toll treating of the Turquoise Ridge underground ore, which is high grade, very high grade compared to Twin Creeks. And we -- Newmont managed us, and they had a 25% share in Turquoise Ridge. But they managed it and preferred their open pit ore first, which is lower grade. And so there was never any pressure on the Sage mill, the whole facility.

勞森，所以說得對，不是地下產量降低，而是品位較低，這是計劃的一部分。這不是錯。它是 - 這就是發生的事情。你得到 - 作為時間表的一部分。所以真正的問題是推動 Turquoise Ridge，如果你還記得的話，Twin Creeks，Turquoise Ridge 有一個合資企業，我們 - Twin Creeks 是 Newmont 合作夥伴的一部分，我們在那裡對 Turquoise Ridge 地下礦石進行收費處理，是高品位，與Twin Creeks相比非常高品位。而我們——紐蒙特管理我們，他們在綠松石嶺擁有 25% 的股份。但他們設法做到了，並優先選擇了他們的露天礦石，這是較低品位的礦石。因此，整個工廠的 Sage 工廠從未受到任何壓力。

When we took over, one of the exciting things in Turquoise Ridge is the ability to step up the production out of the what we call truck Turquoise Ridge underground, which we did. And when we -- and the other thing, remember, the deal was a hostile deal. So we didn't have a chance to do any due diligence. And the open pit resources at Twin Creeks were lower than what we expected. So we -- but it's got a big stockpile at much better grade than the -- so cut 40, you've heard us talk about cut 40. We've delayed that because we're just mining ore that we can't replace the stockpile grades with.

當我們接管時，Turquoise Ridge 令人興奮的事情之一就是能夠提高我們所謂的地下卡車 Turquoise Ridge 的生產，我們做到了。當我們——還有另一件事，記住，這筆交易是敵對的交易。所以我們沒有機會做任何盡職調查。 Twin Creeks 的露天礦資源低於我們的預期。所以我們——但它有一個比它更好的品位的大量庫存——所以削減 40，你聽說我們談論削減 40。我們推遲了這一點，因為我們只是在開採我們無法替代的礦石庫存等級與。

We're still mining a bit of underground from Twin Creeks. But the key here is, as we ramped up Turquoise Ridge, and it's going extremely well, the mining. We put pressure -- we pushed the Sage mill, and we kept failing equipment, particularly some of the valves around the autoclaves. So we've had to retrofit some of these, and it's been going on for a long time.

我們仍在從 Twin Creeks 開採一些地下資源。但這裡的關鍵是，隨著我們對 Turquoise Ridge 的擴建，採礦進展非常順利。我們施加了壓力——我們推動了 Sage 工廠，我們不斷地讓設備出現故障，尤其是高壓滅菌器周圍的一些閥門。所以我們不得不對其中一些進行改造，而且已經持續了很長時間。

And so what we did recently is we brought in some better skills to lead that process and the mine as well. So we've changed the whole management on the mine and we've set about a systematic upgrade of the mill. And again, we're seeing significant improvements in that process, just the discipline and maintenance.

所以我們最近所做的是我們引入了一些更好的技能來領導這個過程和礦山。因此，我們改變了礦山的整體管理，並著手對工廠進行系統升級。再一次，我們在這個過程中看到了顯著的改進，只是紀律和維護。

Again, we've had to work hard at the maintenance of the Newmont installations because the Newmont side of the operations were on a decline. So there's no pressure on the processing facilities. And with the merger, we've put pressure on the processing. So we're upgrading, as you know, the Carlin gold quarry roaster significantly. It's a $100 million upgrade. And we've had to really put a lot of focus back into the Sage mill to make sure that we can meet the production that we're targeting coming out of Turquoise Ridge.

同樣，我們不得不努力維護紐蒙特裝置，因為紐蒙特方面的運營正在下降。因此，加工設施沒有壓力。隨著合併，我們對處理施加了壓力。因此，如您所知，我們正在顯著升級 Carlin 黃金采石場烘焙機。這是1億美元的升級。我們必須真正將大量精力重新投入到 Sage 工廠，以確保我們能夠滿足從 Turquoise Ridge 生產的目標。

So again, it's an operational thing. It's not fatal. It's completely manageable. It has impacted on the last half of last 6 months of operations, but we're pretty comfortable we'll be on top of it as we go into towards the end of the year. And again, Lawson, you know being -- having followed this industry for so long, you can't have every quarter beating the other, and we had a soft quarter this quarter, and there are good reasons for it. Some of them we could have done better at as managers. But the good thing is that next quarter is definitely going to be a lot better than this quarter. And with it will come lower costs, et cetera.

再說一次，這是一個可操作的事情。這不是致命的。這是完全可以管理的。它影響了過去 6 個月運營的後半段，但我們很放心，隨著我們進入年底，我們將處於領先地位。再說一次，勞森，你知道 - 關注這個行業這麼久，你不可能每個季度都擊敗另一個季度，我們本季度的季度表現疲軟，這是有充分理由的。其中一些我們作為管理者本可以做得更好。但好在下個季度肯定會比這個季度好很多。隨之而來的是更低的成本，等等。

So -- and looking into next year and beyond, Nevada Gold Mines is in very good shape, certainly relative to any other gold complex in the world. What is the other question? Did you ask 2?

所以——展望明年及以後，內華達金礦的狀況非常好，當然相對於世界上任何其他黃金綜合體而言。另一個問題是什麼？你問2？

Yes, I wanted to ask you one more question, and thank you for your comments about the outlook for 2023. That would have been my natural follow-up. So I also just wanted to ask about your comments around Argentina, and your latest thoughts on whether or not you see any potential for improvement from here based on what you're seeing at both the state and federal level.

是的，我想再問你一個問題，並感謝你對 2023 年前景的評論。這本來是我很自然的後續行動。因此，我也只是想詢問您對阿根廷的評論，以及您對根據您在州和聯邦層面看到的情況是否認為這裡有任何改進潛力的最新想法。

Argentina is a very frustrating currency -- country on every aspect. It's got so much going for it. And it's just -- the politics is just crazy. And I'll just give you an example. If you look at our truck drivers, which are part of a union and the regulations behind adjustments, salary adjustments. And the Argentinians are managing this crisis like the South Africans used to manage sanctions. They've introduced an artificial exchange rate.

阿根廷是一個非常令人沮喪的貨幣——在各個方面都是一個國家。它有很多事情要做。只是——政治太瘋狂了。我只是給你一個例子。如果你看看我們的卡車司機，他們是工會的一部分，以及調整、工資調整背後的規定。阿根廷人正在管理這場危機，就像南非人過去管理制裁一樣。他們引入了人工匯率。

So we've increased over the last 12 months, our driver salaries by 50% in U.S. dollars. But the drivers are still earning the same in pesos. So that's how an unnatural and nonmarket exchange rate, when it's forced on to you. And that's the problem in Argentina as you're getting forced inflation or increase. It's price increase, it's not really inflation through regulations.

因此，在過去的 12 個月裡，我們的司機工資以美元計算增加了 50%。但司機的比索收入仍然相同。所以當它被強加給你時，這就是不自然和非市場的匯率。這就是阿根廷的問題，因為你正在被迫通貨膨脹或增加。這是價格上漲，而不是通過監管導致的真正通貨膨脹。

And again, and the government is obsessed about protecting dollars, but we make the dollars, and that's what we say to the central bank governor, we make the dollars. You should be working with us to get more dollars that you can settle your problems. And they've just introduced a regulation where when we [make] purchases, we have to -- we can only pay for the purchases 18 months after they arrive in country.

再說一次，政府痴迷於保護美元，但我們製造美元，這就是我們對中央銀行行長所說的，我們製造美元。您應該與我們合作以獲得更多的錢來解決您的問題。他們剛剛引入了一項規定，當我們 [進行] 購買時，我們必須 - 我們只能在他們到達國家後 18 個月支付購買費用。

So it's fine for Barrick because we've got a balance sheet between us and Shandong, we can finance that. But for smaller mining companies, it's very tough. And it's the same when we're looking to keep money offshore, we've got to pay dividends and we want to get some returns back and they will give us a 20% retention of the dollars offshore, but we are expected to prefinance the gold sales. So we do that because Barrick's got a big trading arm, and it's -- and we make money out of their trade. But again, if you don't have that capacity, it's hard to do business.

所以這對巴里克來說很好，因為我們和山東之間有一個資產負債表，我們可以為它提供資金。但對於較小的礦業公司來說，這是非常艱難的。當我們希望將資金留在海外時也是如此，我們必須支付股息，我們希望獲得一些回報，他們會給我們在海外保留 20% 的美元，但我們預計會預先融資黃金銷售。所以我們這樣做是因為巴里克有一個龐大的交易部門，而且我們從他們的交易中賺錢。但同樣，如果你沒有這種能力，就很難做生意。

So it's -- and we talk all the time to the central government, and they're very accommodating in the conversation, but they just can't get themselves to understand what needs to be done to unlock the hard currency component of their economy. And they've got plenty to deliver dollars. It's a great tourist attraction. It's got fantastic agriculture, some of the best wines in the world, and it's got mining. So it should be able to work it out.

所以它是 - 我們一直在與中央政府交談，他們在談話中非常樂於助人，但他們無法讓自己理解需要做些什麼來解鎖他們經濟中的硬通貨部分。他們有足夠的錢來提供美元。這是一個很棒的旅遊景點。它有極好的農業，世界上最好的一些葡萄酒，還有採礦。所以它應該能夠解決它。

And for some reason, the folks in Buenos Aires are struggling to get -- catch up with that economics 101. Does that answer your question?

出於某種原因，布宜諾斯艾利斯的人們正在努力趕上經濟 101。這是否回答了您的問題？

Yes, that's perfect. And if I could actually sneak in one more question. Maybe just on your comments on M&A activity in the sector. You mentioned that you continue to be on the sharp outlook for opportunities, but they're just not meeting your investment [kilters]. Can you maybe just refresh what those investment filters are and how important do you consider M&A to Barrick's sort of strategy going forward?

是的，這很完美。如果我真的可以再問一個問題。也許只是關於您對該行業併購活動的評論。你提到你繼續對機會保持敏銳的前景，但他們只是沒有滿足你的投資[失衡]。您能否刷新一下這些投資過濾器的含義以及您認為併購對巴里克未來戰略的重要性？

Should let me rephrase that because I don't seem to be able to get the message across. There's a scarcity of high-quality assets. And we coined the phrase Tier 1, which has been adulterated by most folks as far as the definition goes. And Tier 1 asset in gold means 0.5 million ounces for at least 10 years at the lower half of the cost curve.

應該讓我改寫一下，因為我似乎無法傳達信息。優質資產稀缺。我們創造了第 1 層這個短語，就定義而言，大多數人都摻入了這個短語。一級黃金資產意味著在成本曲線的下半部分至少有 10 年的 50 萬盎司。

And a Tier 1 asset for a copper project is more than million tonnes of contained copper or a 30-year life and also at the lower half of the cost curve. And that's simple. And when you do that, you make money. I can assure you make money. And we use -- we calculate those returns at our long-term strategic gold price.

銅項目的一級資產是含銅量超過百萬噸或使用壽命為 30 年，並且位於成本曲線的下半部分。這很簡單。當你這樣做時，你就賺錢了。我可以保證你賺錢。我們使用 - 我們以我們的長期戰略黃金價格計算這些回報。

So -- that's what -- and there's not many out there. And we've actually -- there's probably, in gold probably 12, 11 or 12. We've got 6 of those. So there's not 22. And so that's the challenge. And we've -- you've seen us play in the market on all the sales at the back end of last year, the beginning of this year and walk away from every asset because it doesn't fit our criteria.

所以——就是這樣——而且沒有多少。我們實際上 - 可能有 12、11 或 12 個黃金。我們有 6 個。所以沒有 22 個。所以這就是挑戰。而且我們 - 你已經看到我們在去年年底和今年年初的所有銷售中都在市場上進行交易，並且因為不符合我們的標準而放棄了每一項資產。

And a lot of those transactions were done at assumed prices above what the spot price is today and you've got the increase in costs. So it's not a healthy situation. And some folks in Canada seem to think that the only way to grow is through M&A. And I can tell you that's not the way you grow value for shareholders.

而且很多交易都是以高於今天現貨價格的假設價格完成的，而且成本增加了。所以這不是一個健康的情況。加拿大的一些人似乎認為，增長的唯一途徑是併購。我可以告訴你，這不是你為股東增加價值的方式。

The next question comes from Tanya Jakusconek with Scotiabank.

下一個問題來自豐業銀行的 Tanya Jakusconek。

I've got 3. I'll try to make them quick. The first one is just on Nevada Gold Mines. Mark, when we were there at the -- on the mine tour in September, we talked about Nevada Gold Mines' Q4 being about 1 million ounces of production coming for the quarter for Q4. Now that we're 1 month into the quarter, how does that outlook feel to you? Is it still doable with grade and throughput?

我有 3 個。我會盡量讓他們快點。第一個就在內華達金礦。馬克，當我們在 9 月份的礦山之旅中，我們談到內華達金礦第四季度的產量約為 100 萬盎司。現在我們已經進入本季度 1 個月，您對這種前景有何看法？品位和吞吐量仍然可行嗎？

So I'm not sure where you got the 1 million ounces. Not sure, Tanya, where you've got those 1 million

所以我不確定你從哪裡弄來的 100 萬盎司。不知道，坦尼婭，你從哪裡弄來的那一百萬

ounces from. But close, not 1 million, around 950,000 ounces, and we're on track for that. This is Nevada Gold Mines itself, not North America. North America gets close to that.

盎司從。但接近，而不是 100 萬盎司，大約 950,000 盎司，我們正朝著這個目標前進。這是內華達金礦本身，而不是北美。北美接近這一點。

Yes, Nevada Gold Mines. Okay. And you talked a little bit about growing your reserves at year-end 2022. So first off, I just wanted to confirm that you're thinking about that $1,300 gold price up from $1,200. And then when you talk about growing your reserves, just want to go around the world and think about the assets that are going to grow when we were at Nevada Gold Mines. I think we talked about reserves not being replaced this year at Nevada Gold Mines, but maybe we can go around the world and see where also we're replacing.

是的，內華達金礦。好的。您還談到了在 2022 年底增加儲備。所以首先，我只是想確認您正在考慮從 1,200 美元上漲到 1,300 美元的黃金價格。然後，當您談論增加儲量時，只想環遊世界，想想我們在內華達金礦時將要增長的資產。我想我們談到了今年在內華達金礦不會更換儲量，但也許我們可以環遊世界，看看我們也在哪裡更換。

And is this separate from you getting the permit in H1 of next year for Pueblo Viejo and having that huge chunk of resources move to reserves? So I just want to understand where it's coming from and is it separate from Pueblo Viejo's reserve increase should we get the permit?

這與您在明年上半年獲得 Pueblo Viejo 許可證並將大量資源轉移到儲備區是分開的嗎？所以我只想了解它的來源，如果我們獲得許可，它是否與 Pueblo Viejo 的儲備增加分開？

So you're right. Let me start with Nevada. You're right on that. It's about 50% we'll replace in reserves, but we're growing the resources. And Nevada given its size, it's a cyclical thing. So it takes a while to build up the resources and then you -- and we showed you those resource growth projects, which will ultimately transition back to reserves.

所以你是對的。讓我從內華達州開始。你是對的。我們將替換大約 50% 的儲備，但我們正在增加資源。鑑於內華達州的規模，這是一個週期性的事情。因此，建立資源需要一段時間，然後是你——我們向你展示了那些資源增長項目，這些項目最終將轉變為儲備。

And the reason for that -- for those who don't follow this closely like Tanya is we've got -- we drill them out first from surface, then we've got to develop to the resources and drill it out from underground. So this cycle is much longer than, for instance, our African assets, where in Africa, we should replace and add about 1 million ounces, Simon? About 1 million ounces, net increase in reserves, 3.5 or so -- no, it's -- the current production rate on a 100% basis and then about 1 million ounces of additional reserves. You okay?

原因——對於那些不像 Tanya 那樣密切關注的人，我們已經得到了——我們首先從地表鑽出來，然後我們必須開發資源並從地下鑽出來。所以這個週期比我們的非洲資產要長得多，在非洲，我們應該替換和增加大約 100 萬盎司，西蒙？大約 100 萬盎司，儲量淨增加 3.5 左右——不，它是——在 100% 基礎上的當前生產率，然後增加約 100 萬盎司的儲量。你還好嗎？

I said you're just ruining the Investor Day.

我說你只是在破壞投資者日。

No, I'm not because he's going to have it on a slide with the detail. And then on Dominican Republic,

不，我不是因為他要把它放在一張有細節的幻燈片上。然後在多米尼加共和國，

we've always pointed to 9 million ounces of potential conversion on a 100% basis. And that more than makes -- and again, we're still working on the final pit.

我們一直指出 900 萬盎司的潛在轉化率是 100%。這不僅使-而且，我們仍在研究最後一個坑。

We -- as I said, we're sizing that tailings facility, and that more than makes up for the rest. So there's some smaller additions in Veladero, but it covers the -- our share of 50% that isn't converted in Nevada, and it covers all of Lat Am, Asia Pacific. So that's really the broadly -- and we'll give you more detail as Graham says at the Investor Day.

我們 - 正如我所說，我們正在調整尾礦設施的規模，而這足以彌補其餘部分。所以 Veladero 有一些較小的增加，但它涵蓋了 - 我們在內華達州未轉換的 50% 的份額，它涵蓋了整個拉丁美洲和亞太地區。所以這確實是廣泛的 - 正如格雷厄姆在投資者日所說的那樣，我們將為您提供更多細節。

So -- and then I would add the $1,300. Again, just to put things in perspective, it's not about $1,300. It's about the input cost model we use to set long-term gold prices. And so more or less, the inflation -- our view of the long-term impact on input costs at this stage is around $100 an ounce.

所以 - 然後我會添加 1,300 美元。再一次，為了正確看待事情，這不是 1,300 美元左右。這是關於我們用來設定長期黃金價格的投入成本模型。或多或少，通貨膨脹——我們認為現階段對投入成本的長期影響約為每盎司 100 美元。

And so that's where we are indicating we might land with the new reserve long-term gold price. And on the copper side, it will be above $2.75, and we're busy working on that as well. And we use an input cost model to manage our long-term revenues rather than take a guess at the gold price.

這就是我們表明我們可能會以新的儲備長期黃金價格登陸的地方。在銅方面，它將高於 2.75 美元，我們也在忙於解決這個問題。我們使用投入成本模型來管理我們的長期收入，而不是猜測黃金價格。

Okay. So just so, from my own understanding, so when you do talk about the increase in your reserves at year-end 2022, it does include the Pueblo Viejo conversion from resources to reserves?

好的。所以就這樣，根據我自己的理解，所以當你談到 2022 年底儲備的增加時，它是否包括 Pueblo Viejo 從資源到儲備的轉換？

Exactly. That's always been the case. Yes. Tanya, to point out that -- remember, when we did the deal, DR was a real issue because it hadn't repaid its capital, its original capital. It paid out over $3 billion to the government, and it had more reserves locked up than it had to -- it could produce. I mean, it would -- we would have stopped some of the mining already this year. So that commitment and partnership we've built with both the communities around our mine to be able to establish and sign off publicly on new facility and the government is significant, and it effectively delivers a new plus 800 million ounces a year mine for Barrick.

確切地。情況一直如此。是的。 Tanya 指出——請記住，當我們進行交易時，DR 是一個真正的問題，因為它沒有償還其資本，它的原始資本。它向政府支付了超過 30 億美元，而且它鎖定的儲備比它必須的要多——它可以生產。我的意思是，它會 - 我們今年已經停止了一些採礦。因此，我們與礦山周圍的社區建立的承諾和合作夥伴關係能夠建立並公開簽署新設施和政府是重要的，它有效地為巴里克提供了一個新的超過 8 億盎司的礦山。

No, no, no, understood. And just my last question, if I could. I wanted just to ask about the inflationary pressures you're seeing. You mentioned electricity. Definitely, in that part -- your part of the world where you're operating, your power costs are high. Are you seeing any relief or maybe not as -- the momentum has declined, I guess, in the growth of inflationary pressures on labor and/or consumables?

不不不，明白了。如果可以的話，這只是我的最後一個問題。我只是想問問你所看到的通脹壓力。你提到了電。肯定地，在那個部分——你所在的世界的那一部分，你的電力成本很高。您是否看到任何緩解或可能沒有 - 我猜，在勞動力和/或消費品的通脹壓力增長方面，勢頭已經下降？

So I think we need to start -- there's inflation and then there's input cost increases related to the geopolitical situation, which has got nothing to do with inflation, particularly coming out of Eastern Europe. And that's more the cost of energy situation. But there's others, explosives, et cetera. So you fix that crisis in Ukraine, you take all of that away.

所以我認為我們需要開始 - 有通貨膨脹，然後是與地緣政治局勢相關的投入成本增加，這與通貨膨脹無關，特別是來自東歐。這更多的是能源成本的情況。但還有其他的，炸藥等等。所以你解決了烏克蘭的危機，你把這一切都帶走了。

But then there's inflation, which is a long-coming issue, and it's a product of excessive quantitative easing. And we have a world today that's the global debtors' multiples of global GDP. Just let me remind you, it started...

但是還有通貨膨脹，這是一個長期存在的問題，它是過度量化寬鬆的產物。我們今天的世界是全球債務國與全球 GDP 的倍數。讓我提醒你，它開始...

(technical difficulty)

（技術難度）

produced in South America. So it's a very crazy market. And that's why Graham says, "We're just not forecasting that." He said that a couple of times. We'll manage it as best we can, and we've got contracts in on gas. And we work hard on that, and we've upped the pace of investing in renewable energy. And we're way down the road on that, way ahead of most companies in achieving that, as I touched on some of them.

產於南美洲。所以這是一個非常瘋狂的市場。這就是為什麼格雷厄姆說，“我們只是沒有預測到這一點。”他說了幾次。我們將盡最大努力管理它，並且我們已經簽訂了天然氣合同。我們在這方面努力工作，我們加快了對可再生能源的投資步伐。我們在這方面走得很遠，在實現這一目標方面領先於大多數公司，正如我談到的其中一些公司一樣。

And we -- and the connection into the Chile grid is significant for costs in Veladero, for instance, because it just takes away that diesel generation. And likewise, Zambia, we've -- a lot of African countries have renewable energy in their grid, but the grids are unstable. So we've pivoted to investing in grid stabilization technology, so that we can access the grid. Whereas just 15 years ago, we were moving off the grid, particularly Barrick, because it was unstable and diesel was attractive. But we've gone -- we've reversed that trend.

而我們 - 例如，與智利電網的連接對於 Veladero 的成本來說意義重大，因為它只是帶走了柴油發電。同樣，贊比亞，我們 - 許多非洲國家的電網中都有可再生能源，但電網不穩定。所以我們已經轉向投資電網穩定技術，這樣我們就可以接入電網。而就在 15 年前，我們正在離開電網，尤其是 Barrick，因為它不穩定且柴油很有吸引力。但我們已經走了——我們已經扭轉了這一趨勢。

And I'll get Graham to comment on more on the cost. But the costs are -- the inflation costs, we, again, contractually, we are obsessed about commercial engagement. And we're working with each one of our suppliers. Through COVID, we increased the number of suppliers and the source of those consumables. So we have a lot of flexibility. We have built in competition already. We're not reliant on any 1 particular supplier, and our commercial team has done an excellent job in managing those cost pressures, and we'll continue to do that.

我會讓 Graham 就成本發表更多評論。但成本是——通貨膨脹成本，我們再次在合同上痴迷於商業參與。我們正在與每個供應商合作。通過 COVID，我們增加了供應商的數量和這些消耗品的來源。所以我們有很大的靈活性。我們已經建立了競爭。我們不依賴任何一個特定的供應商，我們的商業團隊在管理這些成本壓力方面做得非常出色，我們將繼續這樣做。

Do you want to add?

您要添加嗎？

Is this on? Tanya, I think Mark has covered most of the key points. Just to reiterate, as he said, the biggest driver of that inflationary pressure that we're seeing is energy prices. So at least half of that higher cost that we're seeing is related to energy prices.

這是開嗎？ Tanya，我認為 Mark 已經涵蓋了大部分關鍵點。正如他所說，重申一下，我們看到的通脹壓力的最大驅動因素是能源價格。因此，我們看到的高成本至少有一半與能源價格有關。

So to the extent that we have seen diesel gas prices start to come off from the high during the middle of this year. To the extent that, that continues, we will see some respite from that. But yes, there's a lot of other inflationary pressures on consumables, labor, other areas, which are not going to go away in a hurry. So it really just depends a lot on that energy outlook. And yes, I think that covers it.

因此，在某種程度上，我們已經看到柴油價格從今年年中的高位開始回落。如果這種情況繼續下去，我們將看到一些喘息的機會。但是，是的，消費品、勞動力和其他領域還有很多其他通脹壓力，這些壓力不會很快消失。因此，這在很大程度上取決於能源前景。是的，我認為這涵蓋了它。

And then finishing off on the labor inflation. There is some -- well, there's no -- we haven't seen any major out of the ordinary shift in labor costs around the world apart from Argentina. There is, of course, pressure building in the United States because the United States is an anomaly. It's supposedly the driver of all this inflation, but you're seeing embedded dollar inflation, which is not normal in a situation like this where you've got such a strong standout currency and it's in-country.

然後結束勞動力通脹。有一些——嗯，沒有——除了阿根廷，我們還沒有看到世界各地勞動力成本出現任何不尋常的重大轉變。當然，美國的壓力也在增加，因為美國是一個反常國家。它被認為是所有這些通脹的驅動因素，但你看到的是嵌入的美元通脹，這在這種情況下是不正常的，在這種情況下，你擁有如此強大的傑出貨幣並且它在國內。

And that's -- again, I think there's a lot of damage to the entire sort of balance -- consumptive in industrial balance across the globe that's going to take some time to work out. What we have seen is that the supply chains are improving, and they're more -- they're starting to operate. The problem during parts of COVID is that they weren't operational, apart from not being efficient. They were not operational, many of them.

這就是——再一次，我認為整個平衡受到了很大的破壞——全球工業平衡的消耗，這需要一些時間才能解決。我們所看到的是供應鏈正在改善，而且更多——它們開始運作。在部分 COVID 期間的問題是，除了效率不高之外，它們沒有運行。它們沒有運行，其中很多。

So we shift -- for instance, we bought steel balls from China, then Europe, then China and back to Europe. As we try to manage that -- those supply chains, and we do a lot of that today. And what we have done is built a global purchasing platform, so with multiple suppliers. So we can move around -- we've got a supply chain run by real supply chain executives, not retreaded mining people. And so our supply chain is much -- is very efficient in managing these challenges.

所以我們轉移了——例如，我們從中國購買鋼球，然後是歐洲，然後是中國，然後再回到歐洲。當我們試圖管理這些供應鏈時，我們今天做了很多。我們所做的是建立了一個全球採購平台，因此與多個供應商合作。所以我們可以四處走動——我們有一個由真正的供應鍊主管管理的供應鏈，而不是翻新的礦工。因此，我們的供應鏈在管理這些挑戰方面非常有效。

The next question comes from Anita Soni with CIBC World Markets.

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

I just wanted to get an idea as we go forward into 2023. And I think you've addressed it largely, and I think [Walt] can probably stay tuned into that for your Investor Day on November 18. But as you look at the production profile going into next year, obviously, you are going to be closer to the bottom end of the guidance range.

我只是想在我們進入 2023 年時得到一個想法。我認為你已經在很大程度上解決了這個問題，我認為 [Walt] 可能會在 11 月 18 日的投資者日繼續關注這個問題。但是當你看到進入明年的生產概況，顯然，你將更接近指導範圍的底端。

And if we carry that through into 2023, a similar kind of sort of performance versus the prior guidance, not really seeing a material -- a big increase in production that will lend itself to a cost sort of a volume benefit into next year. When we look at cost going into next year, year-over-year, is it fair to say that costs will remain at the current levels going into next year? Or would you expect some relief into the second half of the year?

如果我們將其持續到 2023 年，與之前的指導類似的表現，並沒有真正看到材料——產量的大幅增加，這將有助於明年的成本收益。當我們查看明年的成本時，與去年同期相比，是否可以公平地說成本將保持在明年的當前水平？或者你會期待在今年下半年有所緩解嗎？

Anita, look, this is like how long is a piece of string. I think -- well, I know that our policy right now, as we stand, is we'll work on the blended cost for 2022 into 2023 and then play it as we go. But that's -- so we've had a big -- the bell curve in 2022, and we'll use that as a base on which -- but we have -- our teams have designed cost guidance for the mines, looking specifically at each single consumable item and we'll share a little bit more with -- of that with you when we talk at the Investment Day.

安妮塔，你看，這就像一根繩子有多長。我認為 - 好吧，我知道我們現在的政策是，我們將在 2022 年到 2023 年的混合成本上工作，然後隨時進行。但那是——所以我們在 2022 年有了一個很大的鐘形曲線，我們將以此為基礎——但我們有——我們的團隊為礦山設計了成本指導，特別關注每個單一的消耗品，當我們在投資日談話時，我們將與您分享更多內容。

And on the Investor Day, just so I understand what you guys are going to be delivering, Will it be the detailed guidance for next year and something a little less detailed for the following years? Or will it be in chart form at this stage?

在投資者日，讓我了解你們將要交付的內容，是否會是明年的詳細指導，以及接下來幾年的詳細指導？或者在這個階段它會以圖表的形式出現嗎？

We're going to look at -- we're going to update our 5-year plans on the operations, and we're going to give you sort of big picture look at our 10-year plan, and we'll tidy it up further when we speak to you in February.

我們將著眼於——我們將更新我們的 5 年運營計劃，我們將為您提供對我們的 10 年計劃的總體看法，我們將對其進行整理當我們在 2 月份與您交談時，我們會進一步提高。

The next question comes from Jackie Przybylowski with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Jackie Przybylowski。

My first question, I guess, will be on the dividend. I know you have a pretty specific framework in mind, and we've seen a small decline in the dividend quarter-over-quarter because of that framework. Have you got any thoughts about maybe potentially modifying that framework to smooth the dividend out going forward? Or is this something you prefer to see sort of an accurate reflection of the current picture?

我想我的第一個問題是關於股息的。我知道您有一個非常具體的框架，並且由於該框架，我們已經看到股息季度環比小幅下降。您是否有任何想法可能會修改該框架以平滑未來的股息？或者這是你更喜歡看到的對當前畫面的準確反映？

And I'm just asking, I guess, because I mean we did see new share prices response has been fairly negative today, and I'm wondering if that's part of the reason why. So just wondering if you have any thoughts on how you might review that if you're thinking about it going forward?

我想我只是在問，因為我的意思是我們確實看到今天的新股價反應相當消極，我想知道這是否是部分原因。所以只是想知道你是否有任何想法，如果你正在考慮如何回顧它？

So Jackie, it's -- let me try and explain this to you. So we didn't go out and try and buy investors on the back of dividends right at the beginning out the blocks in 2019. We were very clear, we want to rebuild the balance sheet, strengthen it and we cleaned up $4.2 billion of debt. We're in our net cash position. We grew our dividend every quarter or kept it the same all the way until this last quarter.

所以傑基，這是 - 讓我試著向你解釋一下。因此，我們並沒有在 2019 年一開始就在分紅的背景下嘗試購買投資者。我們非常清楚，我們想要重建資產負債表，加強它，我們清理了 42 億美元的債務.我們處於淨現金狀況。我們每個季度都增加了股息，或者一直保持不變，直到最後一個季度。

We brought in this performance dividend as part of our policy, and we specifically explained because this is a resource industry. And there's a confusion about do you invest in your own future? Or do you keep giving the money away that you need to invest in? And we are organically driven -- we're an organically driven organization. We look to invest in our future. We don't believe fundamentally that the only way you can grow is through M&A. So it's terribly important.

我們把這個業績紅利作為我們政策的一部分，我們特別說明，因為這是一個資源行業。你是否對自己的未來進行投資？還是你一直把你需要投資的錢捐出去？我們是有機驅動的——我們是一個有機驅動的組織。我們期待投資於我們的未來。從根本上說，我們並不認為只有通過併購才能實現增長。所以這非常重要。

And the other thing is I've been around through these cycles before, and I've had plenty of soft quarters. The good thing about a soft quarter is the next quarter is always better. So -- but we're going into a completely uncharted territory. You've got a very strong yielding paper currency, investors all around the world are monetizing their investments.

另一件事是我以前經歷過這些週期，而且我有很多柔軟的地方。軟季度的好處是下一個季度總是更好。所以——但我們正在進入一個完全未知的領域。你有一種非常高收益的紙幣，世界各地的投資者都在將他們的投資貨幣化。

They are unsure where it's going. Is it a recession? Are we at sort of risk of a depression? And we've got more passive money in the public markets than we've ever had ever in the history of modern day markets. And we don't know how that passive money is going to react. What we do know is that already the active funds in the resource industry have dried up. And in fact, a lot of them have cashed up, and they're sitting with cash.

他們不確定它的去向。是衰退嗎？我們有患抑鬱症的風險嗎？我們在公開市場上獲得的被動資金比現代市場歷史上任何時候都多。而且我們不知道這種被動資金將如何反應。我們所知道的是，資源行業的活躍資金已經枯竭。事實上，他們中的很多人已經兌現了，他們坐在那裡拿著現金。

So -- and they're not sharing it with anyone. And they are [banging] the table demanding dividends. And that's an unhealthy situation to have. What we can assure you that is our major part of our register understand us, they are clear. They are clear about growth.

所以 - 他們不會與任何人分享它。他們正在[敲打]要求分紅的桌子。這是一個不健康的情況。我們可以向您保證，我們註冊的主要部分了解我們，他們很清楚。他們對增長很清楚。

They want us to do what we said we would do. And we don't want to ever get into a situation where we beholden on the market. We want to be able to invest in our own future. And we've got a plethora of opportunities. We are very well positioned to continue to deliver on our strategy organically, and our copper strategy is working as planned. So there's nothing that keeps me awake at night in Barrick. You want to add to that?

他們希望我們做我們說過我們會做的事情。而且我們不希望陷入依賴市場的境地。我們希望能夠投資於我們自己的未來。我們有很多機會。我們完全有能力繼續有機地實施我們的戰略，我們的銅戰略正在按計劃進行。所以在巴里克沒有什麼能讓我夜不能寐。你想補充嗎？

Yes. Is this on? Yes. So Jackie, just to sort of take that and simplify it. The formula that we put together was very purposefully done to deliver an additional dividend at times when our performance measured by our available cash resources was strong. But to give people absolute clarity on how that would be calculated, so that they have the visibility of that while still maintaining a dividend through the cycle.

是的。這是開嗎？是的。所以傑基，只是想把它簡化一下。我們制定的公式非常有目的地在我們可用現金資源衡量的表現強勁時提供額外的股息。但是要讓人們絕對清楚地知道如何計算，這樣他們就可以看到這一點，同時仍然在整個週期中保持紅利。

As Mark has pointed out, this is a cyclical industry, and therefore, perpetually increasing dividends is just is not a reality. So having a formula that is clear and that is linked to that cycle and -- but which is underpinned by a base dividend we think is a responsible way of moving forward, and it was deliberately put in place so that when the market corrected, which it has, investors would have a complete understanding of how that dividend would be determined. So in answer to your question, no, we have no intention of changing that formula.

正如馬克所指出的，這是一個週期性行業，因此，不斷增加股息是不現實的。因此，有一個明確的公式，並且與該週期相關，並且 - 但它以基礎股息為基礎，我們認為這是一種負責任的前進方式，並且它是故意實施的，以便當市場糾正時，有了它，投資者將完全了解如何確定股息。因此，在回答您的問題時，不，我們無意更改該公式。

And I think the added thing -- I mean this is really I find it's difficult to follow. We have a mark in an industry, it was at $1,800 and above dollars. People declare dividend policies of ratios, share of cash flows, et cetera which we refrain from doing or linked it to the gold price. The gold price is down $300. The cost side of that equation is up $100 plus. And people are still keeping the dividends the same in a resource industry. That's your -- where your revenue is, you've lost 40 -- not quite, 30% of your revenue and you're keeping your dividend the same, doesn't make sense, and you're paying out more than your cash flow. So that's crazy.

而且我認為增加的東西- 我的意思是這真的我覺得很難理解。我們在一個行業中有一個標記，它在 1,800 美元及以上。人們宣布股息政策的比率、現金流量份額等，我們避免這樣做或將其與黃金價格掛鉤。黃金價格下跌了 300 美元。該等式的成本方面增加了 100 美元以上。人們仍然在資源行業中保持相同的紅利。那是你的 - 你的收入在哪裡，你已經損失了 40 - 不完全是你收入的 30% 並且你保持股息不變，沒有意義，而且你支付的金額超過了你的現金流動。所以這很瘋狂。

And that's -- that's what the industry -- some of the fund managers are looking for. I'm absolutely sure that the investors behind those funds don't want to see that. They are investing in our business because we're a resource business, and they want full exposure of -- to the metals that we mine. So -- and we plan to be absolutely reliable in the way we run our business as we have done for the last 30 years, and it's going to be the same.

這就是 - 這就是行業 - 一些基金經理正在尋找的東西。我絕對確定這些基金背後的投資者不想看到這一點。他們正在投資我們的業務，因為我們是一家資源企業，他們希望充分接觸我們開采的金屬。所以——我們計劃像過去 30 年一樣，以絕對可靠的方式經營我們的業務，這將是一樣的。

That's very clear. Thanks for that answer. That's really helpful. If I could ask as a follow-up. You've mentioned growth opportunities. And I know Reko Diq has been a big one for you. I saw the comments in the MD&A, and I know you're still waiting for some, I guess events to happen on the sort of bureaucratic side in Pakistan before you can move forward with Reko Diq. But is there any way you can give us sort of a time frame for when you see that sort of coming together and when you might be able to close that agreement and start -- restart the feasibility study and the work that you're planning to do there?

這很清楚。謝謝你的回答。這真的很有幫助。如果我可以問作為後續行動。你提到了增長機會。我知道 Reko Diq 對你來說很重要。我在 MD&A 中看到了評論，我知道您仍在等待一些，我猜想在您與 Reko Diq 一起前進之前，巴基斯坦的官僚機構會發生一些事件。但是有什麼方法可以給我們一個時間框架，當你看到那種東西走到一起的時候，你什麼時候可以結束那個協議並開始——重新開始可行性研究和你計劃的工作有嗎？

We've set ourselves the end of the year for the closure. It's at the behest of one, the Supreme Court because this is something we believe in, we believe in managing risk responsibly, and we've passed it on through the President of the country to the Supreme Court for reference. Once that's done, it will go back to parliament to get certain legislation passed and it's an omnibus legislation focused on the whole industry, which we've negotiated. And once we've got that, we'll sign the documents. All of the documents are settled, all the agreements are settled, they're just waiting for that process.

我們已經為自己設定了年底的關閉時間。這是應最高法院的要求，因為這是我們所相信的，我們相信負責任地管理風險，我們已通過該國總統將其傳遞給最高法院以供參考。一旦完成，它將返回議會以通過某些立法，這是一項針對整個行業的綜合立法，我們已經進行了談判。一旦我們得到了，我們將簽署文件。所有的文件都解決了，所有的協議都解決了，他們只是在等待那個過程。

We have -- in the meantime, we are doing some work. We've completed the baseline study, the environmental baseline study. We need to get that in place because we need a couple of seasons to be able to refresh the 2011 environmental permitting because it's timed out. And -- but -- so we need some and we did that -- we're improving the infrastructure with the airstrip at site.

我們有——與此同時，我們正在做一些工作。我們已經完成了基線研究，環境基線研究。我們需要把它落實到位，因為我們需要幾個季節來更新 2011 年的環境許可，因為它已經超時了。而且 - 但是 - 所以我們需要一些並且我們做到了 - 我們正在改善現場的簡易機場的基礎設施。

And we've started to invest in education initiatives, potable water, and we've certainly done all the remodeling we can do in designing of the limited amount of drilling that we play into geotech. And so we've done all that design. We've engaged with the tendering for the drilling work that we plan to do, both water and the confirmation drilling of the main resources, and we're going to do some seismic work. So we also are busy with that final design on the seismic work focused on understanding the aquifers.

我們已經開始投資於教育計劃、飲用水，我們當然已經完成了我們可以做的所有改造，以設計我們在岩土工程中的有限鑽探。所以我們已經完成了所有的設計。我們已經參與了我們計劃進行的鑽井工作的招標，包括水和主要資源的確認鑽井，我們將做一些地震工作。所以我們也忙於地震工作的最終設計，重點是了解含水層。

We've, of course, as you would imagine, well down the road on infrastructure and logistics, planning and confirmation and designing the way we're going to manage access and -- in and out of the project. We're also building a project team, which will be located out of Dubai initially and ultimately migrate to the country. But in the design side of things, it's the most central place.

當然，正如您想像的那樣，我們已經在基礎設施和物流、規劃和確認以及設計我們將管理訪問和進出項目的方式方面做得很好。我們還在建立一個項目團隊，最初將位於迪拜以外，最終遷移到該國。但在設計方面，它是最核心的地方。

It's a short flight, and there are 4 flights a week into Keta, which is right next to the mine. And -- but we can get all the engineers and experts into Dubai one flight from anywhere in the world. So that's what -- that's the sort of preliminary work that we're doing ahead of any final closure of the of the agreements.

這是一個短途航班，每周有 4 班航班飛往靠近礦山的 Keta。而且——但我們可以讓所有工程師和專家從世界任何地方乘坐一次航班進入迪拜。所以這就是我們在最終結束協議之前所做的那種初步工作。

It sounds like next year is going to be super busy there.

聽起來明年那裡會非常忙碌。

Next year is going to be super busy in Barrick, as it always is. This year was very busy as well.

像往常一樣，明年巴里克將非常忙碌。這一年也很忙。

The next question comes from Cleve Rueckert with UBS.

下一個問題來自瑞銀的 Cleve Rueckert。

Just a few quick ones hopefully from us. In terms of the sequential increase in production, Mark, sorry if I missed it, but did you give us a sense of how much you expect the grades to increase? Is that production increase pretty much all grade? And then I guess, with that, I was just trying to figure out how much we could expect costs on a per ounce basis to come down with that increase in production?

希望我們提供一些快速的。關於產量的連續增長，馬克，如果我錯過了，很抱歉，但你有沒有告訴我們你期望等級會增加多少？產量增加幾乎所有等級？然後我想，有了這個，我只是想弄清楚我們可以預期每盎司成本會隨著產量的增加而下降多少？

Yes. I think it is slightly grade improving, and it's also oxide. So a bit of an increase in recovery because we use the mill 5, particularly at Crossroads. And there will be a drop in cost -- unit cost, that's per ounce cost on the back of an increasing production level. And I think that's a good enough bit of guidance at this time. I've got compliance standing in front of me sort of giving me faces.

是的。我認為它是稍微提高等級，它也是氧化物。由於我們使用了 5 號磨機，特別是在十字路口，因此恢復率有所提高。而且成本會下降——單位成本，即在生產水平提高的情況下每盎司的成本。我認為目前這是一個足夠好的指導。我有服從性站在我面前，有點給我面子。

All right. But it's great improvement not moving more tonnes.

好的。但不移動更多噸是很大的進步。

Look, in Nevada, there's always some tonne variation, but it's usually when we're mining through leachable material, and we put it on the leach pad. So that's -- and that's very important for us because it adds ounces without consuming capacity. But as far as the roasters go in the autoclaves, we're process constrained. So the way to change it is grade and all oxide ore through the oxide malls.

看，在內華達州，總有一些噸變化，但通常是當我們通過可浸出材料進行採礦時，我們將其放在浸出墊上。所以這對我們來說非常重要，因為它在不消耗容量的情況下增加了盎司。但就烘焙機進入高壓釜而言，我們受到工藝限制。所以改變它的方法是通過氧化物商城的品位和所有氧化物礦石。

Okay. All right. That's clear. And then I got to ask just a follow-up question on capital allocation. Look, the message about this industry being cyclical has not gone unnoticed, so I appreciate approach to it. But you did say earlier in the call that with the stock where it is, you're going to increase buybacks. And I mean that obviously has an effect on the cash balance. And I'm just curious how you're thinking about it, if you've got any feedback from your larger shareholders, whether there's a preference for buybacks today or kind of allow the cash balance to build and let the dividend do what it does on the back of that?

好的。好的。這很清楚。然後我只需要問一個關於資本配置的後續問題。看，關於這個行業周期性的信息並沒有被忽視，所以我很欣賞它的方法。但是您在電話會議的早些時候確實說過，隨著股票的位置，您將增加回購。我的意思是這顯然會對現金餘額產生影響。我只是好奇你是怎麼想的在那背後？

So we manage that all the time. And it's not about capital allocation, it's about returns to our shareholders and the ability to invest in our growth projects. And so when you look at our allocation, really, it's -- first, we -- it's absolutely the right thing to do when you get a share price sitting where it is today to buy it. It's the best use of funds because it's clearly, no one believes in it, and we do. And so we've continued to buy on a proper considered program every -- so we don't just go and buy a whole pile.

所以我們一直在管理它。這與資本分配無關，而是與股東的回報以及投資於我們的增長項目的能力有關。因此，當您查看我們的分配時，實際上，這是-首先，我們-當您以今天的股價買入時，這絕對是正確的做法。這是對資金的最佳利用，因為很明顯，沒有人相信它，我們也相信。所以我們繼續購買一個經過適當考慮的程序 - 所以我們不只是去買一大堆。

We manage the purchase -- the repurchase plan. Of course, we have committed to a base dividend. So we manage that in our cash flow, but the performance dividend is linked to cash on the balance sheet, and that is -- and it's designed that way, as Graham pointed out earlier. Because when we invest in a project, we'll drive that cost, that cash position down for a period.

我們管理採購——回購計劃。當然，我們已承諾提供基本股息。因此，我們在現金流中管理這一點，但績效紅利與資產負債表上的現金掛鉤，正如格雷厄姆早些時候指出的那樣，就是這樣設計的。因為當我們投資一個項目時，我們會在一段時間內降低成本和現金頭寸。

And so we'll -- and we know that we can -- our hurdle rates are so high that we beat most fund managers' growth performance in investing in our own projects. And that's what we have for. Otherwise, if the -- if our investors or the fund managers who are custodian of our investors' money feel they can do better, then they should sell the stock and invest that money elsewhere. But that's our business. That's our model, and that's why people buy our share. And if that -- I'm sure that makes sense to you.

因此，我們將——而且我們知道我們可以——我們的門檻率是如此之高，以至於我們在投資我們自己的項目時超過了大多數基金經理的增長表現。這就是我們的目的。否則，如果我們的投資者或託管我們投資者資金的基金經理認為他們可以做得更好，那麼他們應該出售股票並將這些資金投資於其他地方。但那是我們的事。這就是我們的模式，這就是人們購買我們股票的原因。如果那樣的話——我相信這對你來說是有意義的。

At this time, there are no more questions from the conference call.

目前，電話會議沒有更多問題。

Okay. Thank you, everyone back there. We are in this call now. Everybody got questions.

好的。謝謝大家回來。我們現在正在通話中。每個人都有問題。

I think than -- you just want to drink.

我認為比 - 你只是想喝酒。

You're not going to outbid the Canadians on questions. All right. Well, thank you, everyone, again, for coming. We're going to be outside. And so if you have questions that you too shy to ask in public, we're 100% available to answer them. The whole team has to got the explorers, the tax guys and the people involved in Pakistan and of course, the beanies, the chief beanie as well. So we'll see you outside. Thanks again. Thank you, everyone, who have phoned and appreciate your time. And we look forward to talking to you at our Investor Day. And we are on a road show, so we'll see some of you as we go around the world to get into New York in 2 weeks' time. So cheers.

你不會在問題上出價超過加拿大人。好的。嗯，再次感謝大家的到來。我們要去外面。因此，如果您有羞於公開提出的問題，我們可以 100% 回答。整個團隊必須找到探險家、稅務人員和巴基斯坦相關人員，當然還有帽子，首席帽子。所以我們會在外面見。再次感謝。謝謝大家，誰打電話並感謝您的時間。我們期待在投資者日與您交談。我們正在進行一場路演，所以我們會在兩週後環遊世界進入紐約時見到你們中的一些人。所以歡呼。