巴里克黃金 (GOLD) 2022 Q4 法說會逐字稿

Ladies and gentleman thank you for standing by. This is the event operator. Welcome to Barrick's Results Presentation for the Fourth Quarter and Full Year of 2022. (Operator Instructions)

女士們先生們感謝你們的支持。這是事件運算符。歡迎來到巴里克 2022 年第四季度和全年的業績報告。（操作員說明）

As a reminder, this event is being recorded and a replay will be available on Barrick's website later today, February 15, 2023. I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead, sir.

提醒一下，這一事件正在錄製中，重播將於今天晚些時候，即 2023 年 2 月 15 日在巴里克的網站上提供。現在我想把你轉交給巴里克總裁兼首席執行官馬克布里斯托。請繼續，先生。

Thank you very much, ma'am, and a very good morning and good afternoon, ladies and gentlemen, for those here in Toronto and elsewhere across the globe. As you know we are going to be talking about our quarter 4 and 2022 results today.

非常感謝，女士，女士們，先生們，早上好，下午好，對於在多倫多和全球其他地方的人們。如您所知，我們今天將討論我們的第 4 季度和 2022 年業績。

And looking back, the past year didn't turn out the way anyone expected. I'm sure you'll agree with me. But against the background of further geopolitical deterioration, there were some fundamental changes in our global financial landscape, which heralded I believe, the end of the easy money era and a new regime of high interest rates, high inflation and high risk. On a positive side and in response to this, gold was one of the better performing asset classes, and it was also good to see the copper price pick up. While gold has always been the world's most precious metal, copper has, I believe, become its most strategic.

回顧過去，過去的一年並沒有像任何人預期的那樣發展。我相信你會同意我的看法。但在地緣政治進一步惡化的背景下，我們的全球金融格局發生了一些根本性變化，我認為這預示著寬鬆貨幣時代的結束和高利率、高通脹和高風險的新制度。從積極的方面來看，作為對此的回應，黃金是表現較好的資產類別之一，而且很高興看到銅價回升。雖然黃金一直是世界上最貴重的金屬，但我相信銅已成為其最具戰略意義的金屬。

Barrick owns the industry's biggest and best gold portfolio. We are the largest producer in the United States and Africa, and we're steadily increasing our copper holdings. And as I plan to share with you today, our proven long-term strategy drives our ability to create and deliver value even in difficult times.

巴里克擁有業內最大和最好的黃金投資組合。我們是美國和非洲最大的生產商，我們正在穩步增加我們的銅持有量。正如我今天計劃與大家分享的那樣，即使在困難時期，我們經過驗證的長期戰略也能推動我們創造和交付價值的能力。

I draw your attention to the formal cautionary statement, which can be reviewed in full on our website.

我提請您注意正式的警告聲明，您可以在我們的網站上查看完整聲明。

In 2018, when John Thornton and I agreed on the merger of Barrick and Randgold, we spent a lot of time designing the strategy we would use to create a new industry leader. We wanted a company that would stand out from the crowd, driven by a fundamental promise to our stakeholders that we would do what we said we would do, and we have done exactly that. Since then, we have produced around 19 million ounces of gold and 1.7 billion pounds of copper. Gold reserves have increased to 76 million ounces. We have returned $4 billion to shareholders, and at the same time, invested $7.5 billion into our rolling 10-year business plans and significantly de-leveraged the company.

2018 年，當 John Thornton 和我就 Barrick 和 Randgold 的合併達成一致時，我們花了很多時間來設計我們將用來創建新的行業領導者的戰略。我們希望一家能夠脫穎而出的公司，受到對我們的利益相關者的基本承諾的驅動，即我們會做我們說過會做的事情，而我們也確實做到了。從那時起，我們已經生產了大約 1900 萬盎司黃金和 17 億磅銅。黃金儲備已增至 7600 萬盎司。我們已經向股東返還了 40 億美元，與此同時，我們向滾動的 10 年業務計劃投資了 75 億美元，並大幅降低了公司的槓桿率。

Just in 2022, our copper resource has increased by more than 124% year-over-year, and we've set the stage for our growing exposure to this critical future-facing metal. On the portfolio optimization front, we have achieved a $500 million of annual synergies at the Nevada Gold Mines joint venture and have transformed the legacy Acacia assets in Tanzania, which now produced gold at a level that meets Tier One production status as a combined complex. And finally, Moody's upgraded our long-term credit rating to A3 from Baa1, the highest credit rating in the gold mining industry with a stable outlook.

僅在 2022 年，我們的銅資源就同比增長了 124% 以上，我們已經為增加對這種面向未來的關鍵金屬的投資奠定了基礎。在投資組合優化方面，我們在內華達金礦合資企業實現了 5 億美元的年度協同效應，並改造了坦桑尼亞的遺留 Acacia 資產，該資產現在生產的黃金達到了作為綜合綜合體的一級生產水平。最後，穆迪將我們的長期信用評級從 Baa1 上調至 A3，這是黃金開採行業最高的信用評級，展望穩定。

Turning to the results. The highlight of a busy year was the significant increase in our gold reserves and resources. As I've said before, our ability over time to more than replace the ounces we mine is one of the attributes that sets us apart from our peers as it reinforces our sustainability and drives the growth of our 10-year production profile.

轉向結果。忙碌一年的亮點是我們的黃金儲備和資源顯著增加。正如我之前所說，隨著時間的推移，我們有能力取代我們開采的盎司，這是我們與同行區別開來的特性之一，因為它加強了我們的可持續性並推動了我們 10 年生產概況的增長。

In line with our strategy of increasing our exposure to copper, we've also more than doubled our copper resource base over the past year. Accordingly, we have started work on the reconstituted Reko Diq project in Pakistan, one of the world's largest and highest quality undeveloped copper-gold deposits. Added to this, our Pueblo Viejo gold mine in the Dominican Republic added approximately 11 million ounces of reserves and started with the commissioning of its plant expansion project.

根據我們增加銅業務的戰略，我們的銅資源基礎在過去一年也增加了一倍以上。因此，我們已開始在巴基斯坦開展重組 Reko Diq 項目，該項目是世界上最大、質量最高的未開發銅金礦床之一。此外，我們位於多米尼加共和國的 Pueblo Viejo 金礦增加了約 1,100 萬盎司的儲量，並開始了其工廠擴建項目的調試。

In Nevada, Goldrush advance to the next stage of its permitting process and Turquoise Ridge commissioned its Third Shaft. And on the organic growth front, our brownfields exploration continued to unlock potential around our existing assets, while greenfields work started to deliver some real future value. A standout was a very significant intersection at the Dorothy target at our Barrick's Fourmile project, which I'll tell you more about later.

在內華達州，Goldrush 進入許可程序的下一階段，Turquoise Ridge 委託其第三豎井。在有機增長方面，我們的棕地勘探繼續釋放我們現有資產的潛力，而綠地工作開始帶來一些真正的未來價值。在我們的 Barrick's Fourmile 項目中，Dorothy 目標的一個非常重要的十字路口非常引人注目，稍後我會詳細介紹。

Despite a strong fourth quarter and the usual solid contribution from the Africa and Middle East region, gold production ended around 1% below guidance, mainly due to the need to fix some of the infrastructure at Turquoise Ridge and lower tonnes processed from Cortez. Copper production was well within guidance with similar input prices expected in 2023, and a slightly better production profile, cost per ounce are expected to be at or slightly below our 2022 levels.

儘管第四季度表現強勁，而且非洲和中東地區一如既往的穩健貢獻，但黃金產量比預期低 1% 左右，這主要是由於需要修復 Turquoise Ridge 的部分基礎設施以及 Cortez 的加工噸數減少。銅產量完全在指導範圍內，預計 2023 年投入價格類似，生產狀況略好，每盎司成本預計將達到或略低於我們 2022 年的水平。

As I pointed out, Barrick post one of the strongest balance sheets in the industry even after the return of another record $1.6 billion to shareholders in 2022 through dividends and share buybacks.

正如我所指出的那樣，即使在 2022 年通過股息和股票回購向股東返還創紀錄的 16 億美元之後，巴里克仍擁有業內最強勁的資產負債表之一。

At Barrick, we believe that in mining, the greatest value creation opportunities comes from discovery and development. Our preferred strategy is to find our answers, and if we buy, there should be a real future potential to add to what we have been buying. Thanks to the continuing success of our exploration programs, we've again grown our gold reserves over and above the annual depletion, delivering 6.7 million ounces of reserve growth year-on-year. At the same time, attributable gold resources increased by 10%, and as I noted earlier, copper resources more than doubled.

在巴里克，我們相信在採礦業中，最大的價值創造機會來自發現和開發。我們的首選策略是找到我們的答案，如果我們購買，應該有真正的未來潛力來增加我們一直在購買的東西。由於我們的勘探計劃持續取得成功，我們的黃金儲量再次增長，超過了年度消耗量，實現了 670 萬盎司的同比儲量增長。與此同時，可歸屬的黃金資源增加了 10%，正如我之前提到的，銅資源增加了一倍多。

Despite the continuing improvement in the leading and lagging indicators, Barrick's safety record has been badly blemished by tragic fatalities in 2022 and the year-to-date. All of these have been thoroughly investigated and the lessons we learned are being applied throughout the group. Significantly, most of these fatalities were suffered by our contractors, showing that our oversight of their safety systems and protocols needs to be tightened up, which we have prioritized as part of our onboarding and ongoing interaction with our business partners.

儘管領先指標和滯後指標持續改善，但巴里克的安全記錄因 2022 年和年初至今的悲慘死亡事故而嚴重受損。所有這些都經過徹底調查，我們吸取的教訓正在整個團隊中得到應用。值得注意的是，這些死亡事故中的大多數都是我們的承包商造成的，這表明我們需要加強對他們的安全系統和協議的監督，我們已將其作為我們與業務合作夥伴的入職和持續互動的一部分。

Sustainability, ladies and gentlemen, is fundamental to Barrick's business. We believe that climate risks, poverty and biodiversity loss are inextricably linked and should be managed holistically. This approach is based on our commitment to supporting the socioeconomic development of our host countries and communities. Last year, we invested more than $35 million in community projects, decreased our greenhouse gas emissions by around 2%, in line with our plan, continued to expand our green energy sources and achieved a water use efficiency rate well above our target of 80%.

女士們先生們，可持續發展是巴里克業務的基礎。我們認為，氣候風險、貧困和生物多樣性喪失有著千絲萬縷的聯繫，應該進行整體管理。這種方法基於我們對支持東道國和社區社會經濟發展的承諾。去年，我們在社區項目上投資了超過 3500 萬美元，按照我們的計劃減少了約 2% 的溫室氣體排放，並繼續擴大我們的綠色能源來源，實現了遠高於我們 80% 目標的用水效率.

Delivering for Barrick, sustainability starts at the mine planning stage and begins well before the mine is constructed. And at Reko Diq, we plan to show how mining can be at the forefront of the achievement of the UN Sustainable Development Goals. This massive project is expected to have a transformative impact on the impoverished Chagai region in Balochistan, a province of Pakistan, creating thousands of jobs and stimulating the growth of the local economy as we have done in our other projects across the developing world. While first production is targeted for 2028, we've scheduled the disbursement of social development funds and advanced royalties to the Balochistan province well in advance of first production, ensuring that its people will get an early return on their share of this new partnership. We've also started employing a local workforce and recently appointed a Balochistan national as our country manager.

為 Barrick 交付，可持續性從礦山規劃階段開始，並在礦山建造之前就開始了。在 Reko Diq，我們計劃展示採礦業如何走在實現聯合國可持續發展目標的最前沿。這個龐大的項目預計將對巴基斯坦俾路支省貧困的查蓋地區產生變革性影響，創造數千個就業機會並刺激當地經濟增長，就像我們在發展中國家的其他項目所做的那樣。雖然首次生產的目標是在 2028 年，但我們已安排在首次生產之前就向俾路支省支付社會發展基金和預付特許權使用費，以確保其人民能夠早日從這一新夥伴關係中獲得回報。我們還開始僱用當地員工，最近還任命了一位來自俾路支省的人擔任我們的區域經理。

Moving on to our operational review. We'll start in North America as usual where the relatively new leaderships for the region and Nevada Gold Mines are focusing on teamwork and effectiveness with particular emphasis on agility, integration and rapid response to operational variations. As I noted earlier, Carlin, Cortez and Turquoise Ridge were impacted some -- by some unforeseen production issues, but staged a strong comeback in the fourth quarter. The commissioning of Turquoise Ridge Third Shaft is expected to deliver continued improved performance as the underground operation ramps up.

繼續我們的運營審查。我們將像往常一樣從北美開始，該地區和內華達金礦的相對較新的領導層專注於團隊合作和效率，特別強調敏捷性、整合性和對運營變化的快速反應。正如我之前提到的，Carlin、Cortez 和 Turquoise Ridge 受到一些不可預見的生產問題的影響，但在第四季度強勢回歸。 Turquoise Ridge Third Shaft 的調試預計將隨著地下作業的增加而提供持續改進的性能。

Nevada is Barrick's value foundation and the benefits of combining the assets in NGM are now becoming evident in the form of mineral resource growth and new discoveries, supporting future reserve conversion and adding to our rolling 10-year plan, some of which are shown on this map. The quality and prospectivity of this complex cannot be understated, and we are excited about the recent success we have achieved at Fourmile, Robertson and Carlin.

內華達州是巴里克的價值基礎，合併 NGM 資產的好處現在以礦產資源增長和新發現的形式變得明顯，支持未來的儲量轉換並增加我們的滾動 10 年計劃，其中一些顯示在這個地圖。這個綜合體的質量和前景不容低估，我們對最近在 Fourmile、Robertson 和 Carlin 取得的成功感到興奮。

At Robertson, a maiden reserve of 1.6 million ounces was declared with further expansion potential between existing deposits and along strike. Within Carlin, we grew last year's inaugural resource to 1 million ounces at North Leeville, while North Turf continues to expand towards North Leeville and Horsham is a new project is showing significant growth potential east of the Leeville fault.

在羅伯遜，宣布了 160 萬盎司的首次儲量，並在現有礦床和沿走向之間進一步擴大潛力。在 Carlin，我們在 North Leeville 將去年的首批資源增加到 100 萬盎司，而 North Turf 繼續向 North Leeville 擴張，而 Horsham 是一個新項目，在 Leeville 斷層以東顯示出巨大的增長潛力。

And at Ren drilling has added to the resource base and increase our understanding of the controls on mineralization. As I've already touched on, Dorothy is a particularly exciting target some 100 meters north of the Fourmile resource. Drill holes have returned some impressive intersections, pointing to a new discovery, a significantly -- and significantly increasing the potential of Fourmile as well as identifying further untested extensions to the mineralized trend that makes up both Goldrush and Fourmile resource and reserves to date.

在 Ren 鑽探增加了資源基礎並增加了我們對礦化控制的理解。正如我已經提到的，Dorothy 是 Fourmile 資源以北約 100 米處的一個特別令人興奮的目標。鑽孔已經返回了一些令人印象深刻的交叉點，指向一個新發現，顯著 - 顯著增加了 Fourmile 的潛力，並確定了迄今為止構成 Goldrush 和 Fourmile 資源和儲量的礦化趨勢的進一步未經測試的擴展。

These results represent some of the best intersections ever returned from the Fourmile/Goldrush trend and drilling will now focus on expanding the zone of high-grade mineralization. I have seen drawn steps like this before in my career, and they are what every exploration geologist lives for. As a reminder, when we formed Nevada joint venture with Newmont in 2019, the company agree that a number of assets would be retained by each company to be vended into the joint venture at a later date. On that point, Fourmile is 100% Barrick-owned asset. And when you look at the resource potential, at the moment, it looks like around 15 million ounces in Goldrush and about 4 -- and so certainly, these intersections bring us, if you combine the 2, with potential to go well over 20 million ounces. And that's the sort of -- and when you look at the size of these deposits, they're relatively small, as some of you all appreciate, in volume, but very big as far as ounces go. And so we're super excited about this recent development.

這些結果代表了 Fourmile/Goldrush 趨勢返回的一些最好的交叉點，鑽探現在將集中於擴大高品位礦化帶。在我的職業生涯中，我曾見過這樣的繪製步驟，這是每位勘探地質學家所追求的。提醒一下，當我們在 2019 年與紐蒙特成立內華達合資企業時，該公司同意每家公司保留一些資產，以便日後出售給合資企業。在這一點上，Fourmile 是巴里克 100% 擁有的資產。當您查看資源潛力時，目前，Goldrush 的資源潛力大約為 1500 萬盎司，而 Goldrush 的資源潛力約為 4——當然，如果將兩者結合起來，這些交叉點會給我們帶來超過 2000 萬盎司的潛力盎司。這就是 - 當您查看這些存款的規模時，它們相對較小，正如你們中的一些人所欣賞的那樣，在數量上，但就盎司而言非常大。因此，我們對最近的發展感到非常興奮。

The exploration team in the North American region has driven some significant changes in exploration strategy in the last 2 years with a strong mandate, as we shared with you at our Investor Day, to expand beyond Nevada and evaluate copper opportunities as well. We restarted Barrick's exploration in Canada, building a new team and portfolio, which has been a real success with our fifth option agreement near Hemlo being signed in the last quarter.

正如我們在投資者日與您分享的那樣，北美地區的勘探團隊在過去 2 年中推動了勘探戰略的一些重大變化，以擴展到內華達州以外並評估銅礦機會。我們重新啟動了巴里克在加拿大的探索，建立了一個新的團隊和投資組合，這取得了真正的成功，我們在上個季度在 Hemlo 附近簽署了第五份選擇權協議。

In the U.S., in addition to the exciting brownfields targets, I'll talk about next, the team has secured 3 further option agreements, both in the Great Basin area in Arizona and also in the Walker Lane epithermal district in Western Nevada, which are already returning early results. A dedicated new business team is actively evaluating all opportunities across the continent as always with a clear focus on our strategic filters.

在美國，除了令人興奮的棕地目標外，我接下來要談的是，該團隊還獲得了 3 個進一步的選擇權協議，分別位於亞利桑那州的大盆地地區和內華達州西部的 Walker Lane 淺熱熱區，它們是已經返回早期結果。一個專門的新業務團隊一如既往地積極評估整個非洲大陸的所有機會，並明確關注我們的戰略過濾器。

Moving south to Latin America, where full year production was within guidance, despite recovery issues at Veladero. Pueblo Viejo ended the year with a record throughput, a major achievement considering the plant downtime required for the expansion tie-ends. And the expansion project will extend the mine's Tier One status far into the future. Construction continues to advance and commissioning of the plant is currently underway. Meanwhile, permitting of the new tailings storage facility is expected to be completed around mid-year. The existing facility can handle tailings until the end of 2027, by which time we expect to have the new facility commissioned.

向南移至拉丁美洲，儘管 Veladero 出現恢復問題，但全年產量仍在指導範圍內。 Pueblo Viejo 以創紀錄的吞吐量結束了這一年，考慮到擴建連接結束所需的工廠停機時間，這是一項重大成就。擴建項目將使該礦的一級礦產地位延伸到很遠的未來。建設繼續推進，工廠的調試目前正在進行中。同時，新尾礦儲存設施的許可預計將在年中左右完成。現有設施可以處理尾礦到 2027 年底，屆時我們預計新設施將投入使用。

Veladero, which as you'll recall, is high up in the Andes, was impacted by an extended winter and low leach recovery, which we are still wrestling with, but significantly improved production in the latter part of the year. The long-awaited cross-border link to the Chilean power grid was switched on in December and will reduce the mine's energy costs as well as its carbon emissions. Veladero continues to suffer the effects of Argentina's enduring currency crisis, reflected in higher labor and local contractor costs. And we remain engaged with both the federal government and the provincial government to try and find solutions.

Veladero，正如您所記得的那樣，位於安第斯山脈的高處，受到冬季延長和浸出回收率低的影響，我們仍在努力解決這個問題，但今年下半年產量顯著提高。期待已久的與智利電網的跨境連接已於 12 月開通，這將降低該礦的能源成本和碳排放量。 Veladero 繼續受到阿根廷持久貨幣危機的影響，這反映在更高的勞動力和當地承包商成本上。我們將繼續與聯邦政府和省政府合作，努力尋找解決方案。

Our exploration team, on the other hand, has been developing our Latin American portfolio in line with our drive to expand our presence in this region, and we continue to progress a collection of early-stage projects. Specifically, in the Veladero district, geological work is focused on targets with the potential to add to the Veladero mines life. We have a portfolio of untested targets close to the mine with some exciting results being returned from the Morro Escondido target specifically, where drilling has confirmed and is extending a zone of strong mineralization near surface. We've also been looking closely at the prospective El Indio belt, which hosts Veladero and other mines. Having completed a large data compilation and reinterpretation exercise, we're now looking to evaluate the significant remaining target areas over the next 3 years.

另一方面，我們的勘探團隊一直在開發我們在拉丁美洲的投資組合，以配合我們擴大在該地區的影響力，並且我們繼續推進一系列早期項目。具體而言，在 Veladero 地區，地質工作的重點是有可能增加 Veladero 礦山壽命的目標。我們在礦山附近擁有一系列未經測試的目標，特別是從 Morro Escondido 目標返回的一些令人興奮的結果，鑽探已經證實並正在擴展近地表的強礦化帶。我們還一直在密切關注潛在的 El Indio 礦帶，該礦帶擁有 Veladero 和其他礦山。在完成大型數據彙編和重新解釋工作後，我們現在正在尋求評估未來 3 年剩餘的重要目標區域。

Moving across the world to Asia Pacific. Porgera continues its progress towards restart under a new ownership structure. We expect Porgera to reopen in 2023, but the asset remains excluded from our guidance until such time as we have finalized all the agreements and outstanding matters. In Pakistan, we've started the environmental and social baseline studies for Reko Diq, and our inventory -- in our introductory engagements with the local communities, I have been personally leading. Reko Diq is a fantastic example of the tremendous value that can be created by developing what is essentially a sound deposit rather than paying large acquisition costs and then having to fund future development obligations as is more common in today's mining industry.

跨越世界來到亞太地區。 Porgera 在新的所有權結構下繼續朝著重啟的方向前進。我們預計 Porgera 將於 2023 年重新開業，但在我們完成所有協議和未決事項之前，該資產仍不包括在我們的指導範圍內。在巴基斯坦，我們已經開始了 Reko Diq 的環境和社會基線研究，以及我們的清單——在我們與當地社區的介紹性接觸中，我一直親自領導。 Reko Diq 是一個很好的例子，它可以通過開發本質上是完好的礦床而不是支付大筆收購成本然後不得不為未來的開發義務提供資金來創造巨大價值，這在當今的採礦業中更為常見。

The Africa and Middle East region delivered its usual solid performance with both gold and copper production well within guidance. Its energetic new management team has been mitigating the impact of inflationary pressures, including through the ongoing solar expansion and battery installation projects at Loulo and Kibali. The Loulo-Gounkoto complex in Mali continues to improve production at lower per ounce costs. It's expanded solar power and battery plant will replace 23 million liters of heavy fuel and reduce greenhouse gas emissions by a further 62,000 tonnes, when it is fully commissioned.

非洲和中東地區一如既往的穩健表現，黃金和銅產量都在指導範圍內。其充滿活力的新管理團隊一直在減輕通貨膨脹壓力的影響，包括通過 Loulo 和 Kibali 正在進行的太陽能擴建和電池安裝項目。馬里的 Loulo-Gounkoto 綜合設施繼續以較低的每盎司成本提高產量。其擴建後的太陽能和電池廠在全面投入使用後將替代 2300 萬升重質燃料，並進一步減少 62,000 噸溫室氣體排放。

The Loulo district is still one of our happiest hunting grounds. Across the river in the Bambadji permit, in Senegal, we've defined the 26-kilometer long highly prospective trend. We call it the Bambadji Main Shear Zone and identified 9 key targets along which we will be drilling to test for Tier One scale systems. This is in line with our strategy of testing the major structures on the Mali side of the district, which has delivered so much success.

Loulo 區仍然是我們最快樂的狩獵場之一。在塞內加爾的 Bambadji 許可證河對岸，我們已經確定了 26 公里長的極具前景的趨勢。我們將其稱為 Bambadji 主剪切帶並確定了 9 個關鍵目標，我們將沿著這些目標進行鑽探以測試一級規模系統。這符合我們測試該地區馬里一側主要結構的戰略，該戰略取得了巨大成功。

Moving now to the Democratic Republic of Congo, Kibali's processing capacity was impacted by a rock winder change out, but that is now behind us. As already mentioned, the planned solar power and battery storage system will provide renewable backup during the dry season. Kibali's KZ zone continues to reveal exciting potential and multiple targets are being progressed. We're about to start testing the Western side of the KCD deposit, which could host additional high-grade mineralization shoots. Whilst the Oere Target shown on the long section here confirms the potential of the trend with high-grade mineralization being intersected.

現在轉到剛果民主共和國，Kibali 的加工能力受到岩石捲繞機更換的影響，但現在已經過去了。如前所述，計劃中的太陽能和電池存儲系統將在旱季提供可再生能源備份。 Kibali 的 KZ 帶繼續展現令人興奮的潛力，多個目標正在取得進展。我們即將開始測試 KCD 礦床的西側，那裡可以容納更多的高品位礦化芽。雖然此處長截面上顯示的 Oere Target 證實了與高品位礦化相交的趨勢的潛力。

Tanzania, as I pointed out in my introduction, is also a standout example of what Barrick is capable of achieving. And under 3.5 years, we've completely rebuilt the 2 derelict mines we took over from the previous operators to a point where their combined production is at a Tier One level. We've also resolved some of Barrick's most challenging legacy issues and regained our social license in a pioneering partnership with the government. You can see the results of our efforts here. We've got big plans for both mines as mining is scheduled to commence at the new Gena open pit later in quarter 1, and we'll leverage the investments made from our transition to owner mining. While the new underground fleet at Bulyanhulu continues to deliver on our ramp-up plans.

正如我在介紹中指出的那樣，坦桑尼亞也是巴里克能夠取得的成就的一個突出例子。在不到 3.5 年的時間裡，我們已經完全重建了我們從以前的運營商手中接管的 2 個廢棄礦山，使其綜合產量達到一級水平。我們還解決了 Barrick 的一些最具挑戰性的遺留問題，並通過與政府的開創性合作重新獲得了我們的社會許可。你可以在這裡看到我們努力的結果。我們為這兩個礦山制定了宏偉的計劃，因為採礦計劃於第一季度晚些時候在新的 Gena 露天礦開始，我們將利用從我們過渡到所有者採礦的投資。 Bulyanhulu 的新地下車隊繼續執行我們的升級計劃。

Turning now to our copper portfolio. The Lumwana mine in Zambia is another asset we've successfully revitalized and forms a key part of our growth plans. The past year's production was at the upper half of the guidance range and our ongoing transition to owner mining, including the investment in a brand-new fleet has positioned Lumwana well for potential expansion and significant mine life extensions. The team is busy with the pre-feasibility study, which is expected to bring the development of a new Super Pit into our business plan by the end of 2024.

現在轉向我們的銅投資組合。贊比亞的 Lumwana 礦是我們成功重振的另一項資產，是我們增長計劃的重要組成部分。去年的產量處於指導範圍的上半部分，我們正在進行的向所有者採礦的過渡，包括投資全新的車隊，使 Lumwana 處於潛在擴張和顯著延長礦山壽命的有利位置。該團隊正忙於進行預可行性研究，預計到 2024 年底將開發新的 Super Pit 納入我們的業務計劃。

Jabal Sayid in Saudi Arabia also delivered production and cost metrics that were within or better than guidance, together with reserve growth above depletion, adding another year to the mine life.

沙特阿拉伯的 Jabal Sayid 也提供了在指導範圍內或優於指導的生產和成本指標，以及高於枯竭的儲量增長，使礦山壽命又延長了一年。

Zaldivar in Chile produced a consistent performance. In Saudi Arabia, we're expanding our exploration pit presence in partnership with Ma'aden with 2 new greenfields projects, Jabal Sayid South and the Umm Ad Damar projects. Also at Jabal Sayid mine itself, strong results from deep drilling at Lode 1 are on track to support another year of reserve growth, while exploration results continue to confirm the further discovery potential within the mining lease.

智利的 Zaldivar 表現穩定。在沙特阿拉伯，我們正在與 Ma'aden 合作擴大我們的勘探坑業務，包括 2 個新的綠地項目，Jabal Sayid South 和 Umm Ad Damar 項目。同樣在 Jabal Sayid 礦本身，Lode 1 深鑽探的強勁結果有望支持又一年的儲量增長，而勘探結果繼續證實採礦租約內的進一步發現潛力。

Demonstrating our commitment to strong shareholder returns, our 2022 payout was, as I pointed out in my introduction, a record $1.6 billion and included $424 million in share buybacks. We have introduced a new share buyback program of up to $1 billion for the next 12 months. Our returns to shareholders have not been at the expense of organic growth, as can be seen from this profile. We continue to invest in and roll over our 10-year gold and copper plans, which demonstrates real organic growth in addition to a consistent base case production profile. Since the merger with Randgold, Barrick has consistently outperformed its peers in operational delivery and capital discipline.

正如我在介紹中指出的那樣，我們 2022 年的支出達到創紀錄的 16 億美元，其中包括 4.24 億美元的股票回購，這表明了我們對強勁股東回報的承諾。我們推出了未來 12 個月高達 10 億美元的新股票回購計劃。從該概況可以看出，我們對股東的回報並未以有機增長為代價。我們繼續投資並展期我們的 10 年黃金和銅計劃，這表明除了一致的基本案例生產情況外，還實現了真正的有機增長。自與 Randgold 合併以來，Barrick 在運營交付和資本紀律方面一直優於同行。

In line with our clear strategy, the delivery of our plans on the back of the quality of our portfolio means we are in the privileged position of being able to generate significant free cash flow into the future. This ensures we can continue to invest in our future and provide returns to our shareholders. Embedded in our existing portfolio is an unmatched pipeline of quality projects in which we are steadily unlocking value as we have done from the existing operating assets. The ability to grow without having to buy is a significant differentiator, and I believe that in time, this embedded value in our portfolio will be recognized.

根據我們明確的戰略，在我們投資組合質量的支持下交付我們的計劃意味著我們處於能夠為未來產生大量自由現金流的特權地位。這確保我們可以繼續投資於我們的未來並為我們的股東提供回報。我們現有的投資組合中嵌入了無與倫比的優質項目管道，正如我們從現有運營資產中所做的那樣，我們正在穩步釋放價值。無需購買即可增長的能力是一個重要的差異化因素，我相信隨著時間的推移，我們投資組合中的這種內在價值將得到認可。

Putting it all together, presents the powerful case for investment in Barrick. There is no other mining company that has our proven long-term strategy. Our quality assets, our growth projects, our world-class team and our social license to operate earned through our mutually beneficial partnerships with our host countries. Our existing copper portfolio is a differentiator both in terms of the significant contribution it is already making and the ability to grow it further with banks long-term plans firmly in place and a world-class team, we have the ability to ensure we will be sustainable into the future.

綜上所述，提出了投資巴里克的有力理由。沒有其他礦業公司擁有我們久經考驗的長期戰略。我們的優質資產、我們的增長項目、我們世界一流的團隊以及我們通過與東道國的互利夥伴關係獲得的社會運營許可。我們現有的銅投資組合在其已經做出的重大貢獻以及通過銀行長期計劃和世界一流團隊進一步發展的能力方面都是一個差異化因素，我們有能力確保我們將可持續發展到未來。

Thank you, ladies and gentlemen, for your attention. And we have a team here in Toronto, and we'll be happy to take any questions.

女士們先生們，謝謝你們的關注。我們在多倫多有一個團隊，我們很樂意回答任何問題。

(Operator Instructions) The first question comes from John Tumazos, a private investor.

（操作員說明）第一個問題來自私人投資者 John Tumazos。

Looking ahead to a year from now, which technical studies do you anticipate getting done in 2023 to permit large additions to reserves and resources comparable to the Reko Diq, Lumwana and Pueblo Viejo additions at year-end 2022 as those multiyear programs bore fruit?

展望一年後，您預計 2023 年將完成哪些技術研究，以便隨著這些多年計劃取得成果，在 2022 年底增加與 Reko Diq、Lumwana 和 Pueblo Viejo 相媲美的儲量和資源？

So thank you for that. I think the big focus for new growth is Nevada itself. That is more lumpy because we define sort of expansion resource inventory initially, then we drill it out to an inferred resource. But really, we only bank it when we get underground and drill from underground. And we've got a lot of development going in -- particularly in the Northern Leeville area, Horsham, as I pointed out. The Ren project has now got a development drive going in. We're excited about that. We think that's got potential to more than double its current mineable resource and converted all to reserves.

非常感謝你的幫忙。我認為新增長的重點是內華達州本身。這更不穩定，因為我們最初定義了某種擴展資源庫存，然後我們將其鑽取到推斷資源。但實際上，我們只有在進入地下並從地下鑽探時才將其存入銀行。正如我所指出的，我們正在進行很多開發工作——特別是在霍舍姆的北利維爾地區。 Ren 項目現在已經有了開發動力。我們對此感到很興奮。我們認為這有可能使其目前的可開採資源增加一倍以上，並將所有資源轉化為儲量。

The Robertson project itself has a lot of upside. We've just started drilling that out now, and again, we are drilling some of the gap areas like the fence line in between the old Twin Creeks and Turquoise Ridge. We've got some interesting work coming on the BBT corridor. As an interest, we call it BBT because it stands for Better Be There, and we've confirmed that it is there. So we're now developing towards that target.

羅伯遜項目本身有很多好處。我們現在才剛剛開始鑽探，而且我們正在鑽探一些空白區域，例如老雙溪和綠松石嶺之間的圍欄線。我們在 BBT 走廊上有一些有趣的工作。作為一種興趣，我們將其稱為 BBT，因為它代表 Better Be There，我們已經確認它在那裡。所以我們現在正在朝著這個目標發展。

So Nevada for us is really exciting. We've got some new exploration targets, which we'll be sharing with you in due course across the Americas, the Northern Americas, and we've opened up new exploration projects in Dominican Republic. I've shared the work that we're doing in around Veladero, which is important to ensure that we extend that life of mine. And then in Africa, we've got a significant opportunity that we're now focused in on in the joint venture with Ma'aden on the Umm Ad Damar project, which is a very real copper target. It's got mineralization on surface. And again, we think that we can -- well, we believe we can model the VMS surface geological surface that connects these targets together to the Jabal Sayid deposits, which are high-grade copper deposits.

所以內華達對我們來說真的很令人興奮。我們有一些新的勘探目標，我們將在適當的時候在美洲、北美洲與您分享，我們已經在多米尼加共和國開闢了新的勘探項目。我已經分享了我們在 Veladero 周圍所做的工作，這對於確保我們延長我的生命很重要。然後在非洲，我們有一個重要的機會，我們現在專注於與 Ma'aden 在 Umm Ad Damar 項目上的合資企業，這是一個非常真實的銅目標。它的表面有礦化作用。再一次，我們認為我們可以 - 好吧，我們相信我們可以模擬將這些目標連接在一起的 VMS 表面地質表面與 Jabal Sayid 礦床，這是高品位的銅礦床。

Our team has now started consolidating ground in Tanzania. And again, Tanzania, as you know, has been largely neglected by the industry for more than a decade, and so we're excited about that. We also have a big team focused in on Central African copper belt as well as the Eastern -- the whole eastern part from Kibali down into the Victoria Gold Fields. So if you look at that -- and that's a product of us investing over the last 4 years in really lifting the game and quality of our exploration teams. And I absolutely believe that we're there today.

我們的團隊現已開始鞏固在坦桑尼亞的地位。再一次，正如你所知，坦桑尼亞十多年來一直被該行業忽視，因此我們對此感到興奮。我們還有一個大團隊專注於中非銅礦帶和東部——從基巴利到維多利亞金礦的整個東部地區。因此，如果您看一下 - 這是我們在過去 4 年中投資於真正提升我們勘探團隊的遊戲和質量的產物。我絕對相信我們今天就在那裡。

And so we -- like in Africa, because of the history of our work there, we can show you how we're going to replace the reserves into this year, but we're not going to replace all the reserves every year. But over time, like if you look back to 2018 in the merger, we've produced 19 million ounces of gold, and we've replaced it all plus. So -- and that's the difference. That's why this industry, I've been repeatedly saying, doesn't invest in its future. And then it has to go to the last resort of buying assets at whatever it can get in the market. And in my career, I've spent my entire career building organic opportunities, which is the only real way you make -- you create value.

所以我們 - 就像在非洲一樣，由於我們在那里工作的歷史，我們可以向你展示我們將如何將儲備替換到今年，但我們不會每年替換所有儲備。但隨著時間的推移，如果你回顧 2018 年的合併，我們已經生產了 1900 萬盎司黃金，我們已經將其全部替換掉。所以——這就是區別。這就是為什麼這個行業，我一直在說，不投資於它的未來。然後，它必須採取最後手段，以市場上能買到的任何價格購買資產。在我的職業生涯中，我的整個職業生涯都在創造有機機會，這是你創造價值的唯一真實方式。

And that doesn't mean to say we're not shy of doing M&A. And if you go back to the history of both Barrick and Randgold, Barrick built its business on M&A, but more importantly, on the work after the acquisition and adding significant value through the drill bit and so did Randgold. So these 2 companies, now one, has a good memory on how to do this properly. And I think we -- you can say whatever you like, but the fact is, we've done it. We said we'd do it. We've done it, and we've now got a foundation on which to continue to deliver that value and that's really the difference. And we'll still look at opportunities when they arrive, but we don't have to force an opportunity just because we haven't been able to replace the gold we've mined.

這並不意味著我們不怕進行併購。如果你回顧一下 Barrick 和 Randgold 的歷史，Barrick 的業務建立在併購之上，但更重要的是，它是在收購後的工作上建立起來的，並通過鑽頭增加了重要的價值，Randgold 也是如此。所以這兩家公司，現在是一家，對如何正確地做到這一點記憶猶新。而且我認為我們 - 你可以隨心所欲地說，但事實是，我們已經做到了。我們說我們會做的。我們已經做到了，現在我們有了一個基礎，可以繼續提供這種價值，這才是真正的不同之處。我們仍然會在機會到來時尋找機會，但我們不必僅僅因為我們無法取代我們開采的黃金而強求機會。

The next question comes from Martin Pradier with Veritas Investment Research.

下一個問題來自 Veritas Investment Research 的 Martin Pradier。

I wonder on the cost of sales in Q4 was $1,324, up 8% versus $1,226 in Q3. And I wonder why was given that you had bigger volumes, which usually tend to imply lower cost.

我想知道第四季度的銷售成本為 1,324 美元，與第三季度的 1,226 美元相比增長了 8%。我想知道為什麼你有更大的數量，這通常意味著更低的成本。

Martin, I'm going to pass you to Graham.

馬丁，我要把你轉交給格雷厄姆。

Martin, it's Graham Shuttleworth here. Martin, the key driver there really was depreciation, and -- so there's 2 aspects to that. One is, when you have increased volumes, then you generally tend to have increased depreciation because it's linked to the production. And then also, when we do our annual tie-ins really for the purposes of the final financial audits, we do some adjustments that reflect the full year accounts, and so some of that comes through as additional depreciation in the fourth quarter.

Martin，我是Graham Shuttleworth。馬丁，那裡的關鍵驅動因素確實是貶值，而且 - 所以這有兩個方面。一是，當你的數量增加時，你通常會增加折舊，因為它與生產有關。然後，當我們真正為了最終財務審計的目的進行年度搭售時，我們會進行一些調整以反映全年賬目，因此其中一些會在第四季度作為額外折舊出現。

(Operator Instructions) The next question comes from Tanya Jakusconek with Scotiabank.

（操作員說明）下一個問題來自加拿大豐業銀行的 Tanya Jakusconek。

Can you hear me?

你能聽到我嗎？

Yes, Tanya.

是的，坦尼婭。

I have 3, if I could. The first one has to do with Porgera. I know I asked about Porgera all the time. Just, Mark, can you give us an update on where we are with Porgera? I know on our last conference call and on Investor Day, we talked about a potential startup maybe as early as the end of Q1. We're not too far off from there. So I just wondered if we've seen slippage? Or how should we be thinking about Porgera this year? I know it's not in your guidance, I'm just talking about the real...

如果可以的話，我有 3 個。第一個與 Porgera 有關。我知道我一直在問關於 Porgera 的事。只是，馬克，你能告訴我們關於 Porgera 的最新進展嗎？我知道在我們上次電話會議和投資者日，我們可能早在第一季度末就討論了一家潛在的初創公司。我們離那裡不遠了。所以我只是想知道我們是否看到滑點？或者我們應該如何看待今年的 Porgera？我知道這不在您的指導範圍內，我只是在談論真正的...

And the other two?

還有另外兩個？

Sorry. Then my second one is to do with health and safety. Just wanted to understand what exactly is happening? Because there's quite a number of fatalities in a very short period of time, and I'm just trying to understand like what changes have you implemented? And like what have you seen and what have you learned to move forward on this? And then my last one is to do with the copper side. Do you think, Mark, you have enough copper in your portfolio from what you have in your current portfolio for copper growth? Or do you see other opportunities on the M&A front in copper?

對不起。然後我的第二個問題是關於健康和安全的。只是想了解到底發生了什麼？因為在很短的時間內有相當多的人死亡，我只是想了解你們實施了哪些改變？就像你看到了什麼，你學到了什麼來推進這件事？然後我的最後一個是與銅面有關。馬克，你認為你的投資組合中有足夠的銅從你目前的投資組合中獲得銅增長嗎？還是您在銅業的併購前沿看到了其他機會？

So Tanya, thanks for that. I'll start at the -- with the last question. So we do not have enough copper, but we've certainly got visibility of where we want to go. And again, it's fundamentally driven by our exploration investment. And again, while everyone else has been talking about it, we've actually gotten to the field, and we've focused -- and as we shared with you in our Investment Day. Certainly, within the United States, that's a significant endowment, particularly in Arizona. And then also South America and they're along the Andes and particularly, the historical legacy permits are Barrick.

所以 Tanya，謝謝你。我將從最後一個問題開始。所以我們沒有足夠的銅，但我們肯定知道我們想去哪裡。再一次，它從根本上是由我們的勘探投資驅動的。再一次，當其他人都在談論它時，我們實際上已經進入了這個領域，並且我們已經專注——正如我們在投資日與您分享的那樣。當然，在美國，這是一筆可觀的捐贈，尤其是在亞利桑那州。然後還有南美洲，他們沿著安第斯山脈，特別是，歷史遺產許可證是巴里克。

And a big focus in on Central Africa copper belt. And as you know, we are well entrenched in Zambia, and we have a very strong long-term relationship with the DRC government. And again, that we believe puts us in a very strong position, and we organically led. So -- and that's what we can offer to governments is long-term value creation, not a sudden arrival with a short-term promise.

並重點關注中非銅帶。正如你所知，我們在讚比亞根深蒂固，我們與剛果民主共和國政府有著非常牢固的長期關係。再一次，我們相信這使我們處於非常有利的地位，並且我們有機地領先。所以——這就是我們可以為政府提供的是長期價值創造，而不是帶有短期承諾的突然到來。

And those countries are wanting to see that whether it's copper, cobalt or any other EV, we've got a gazillion people arriving in these prospective areas around the world. They're not miners. They have a lot to say, but very little expertise and how they can bring their claims to fruition in the form of value for their host countries.

這些國家希望看到，無論是銅、鈷還是任何其他電動汽車，我們都有數以百萬計的人抵達世界各地這些有前景的地區。他們不是礦工。他們有很多話要說，但缺乏專業知識，也不知道如何以對東道國有價值的形式實現他們的主張。

So copper is very much, as we said in 2018, when we put the 2 companies together, an integral part of our strategy. And by the way, that doesn't detract from our ongoing commitment to continue to grow our gold portfolio. And again, if you look at it, if you look at the size of our businesses, so Nevada speaks for itself. Kibali, so 6 Tier One assets, 500,000 ounces and more, significantly more in most cases beyond 10 years. When you look at Tanzania, that's 2 mines producing 500,000 ounces. So that takes it to 7. And then we've got the opportunity with Reko Diq. It's a Tier One copper asset that takes it to 8. And then we've got Lumwana that we're looking at, and that has real potential to be as big as far as production goes as our share of Reko Diq. That takes it to 9.

因此，正如我們在 2018 年所說，當我們將兩家公司放在一起時，銅是我們戰略不可或缺的一部分。順便說一下，這並不會影響我們繼續擴大黃金投資組合的承諾。再一次，如果你看看它，如果你看看我們的業務規模，那麼內華達州不言自明。 Kibali，因此 6 項一級資產，500,000 盎司甚至更多，在大多數情況下超過 10 年的數量要多得多。當你看坦桑尼亞時，有 2 個礦山生產 500,000 盎司。這樣就達到了 7。然後我們得到了 Reko Diq 的機會。這是一級銅資產，將其提升至 8。然後我們有我們正在關注的 Lumwana，就產量而言，它具有與我們在 Reko Diq 中的份額一樣大的真正潛力。這需要它到 9。

And so you see -- and then Porgera, which I'll come back to, that takes it to 10 because it's a plus 800,000 ounce producer. So then what our focus is, add those sort of chunky assets into our portfolio. And as you know, Tanya, there are not many around to go and buy. So it leaves us the challenge to be able to hunt those down, and that's really our focus.

所以你看 - 然後 Porgera，我會回來，它把它帶到 10，因為它是一個超過 800,000 盎司的生產商。那麼我們的重點是，將這些大塊資產添加到我們的投資組合中。正如你所知，Tanya，周圍沒有多少人可以去買。因此，這給我們帶來了挑戰，即能夠追捕這些人，而這正是我們的重點。

(inaudible)

（聽不清）

Health and safety, a very good question, and as you can imagine, I mean, this -- for me, personally, it's been a traumatic time. It's multiple -- multiples more than all the fatalities I've experienced in my 35-year career. And so as a team, as an executive, as a management team across the group, we've really had a lot of introspection, looked at these issues. We spent an hour with our Board yesterday working through what we've discovered, and the challenges that our lagging indicators have come down materially, as I showed and -- but we've had this sudden pickup in fatalities, largely with our contracting partners.

健康和安全，一個很好的問題，正如你想像的那樣，我的意思是，對我個人而言，這是一段痛苦的時期。這是多倍——比我 35 年職業生涯中經歷的所有死亡人數還要多。因此，作為一個團隊，作為一名高管，作為整個集團的管理團隊，我們真的進行了很多反省，研究了這些問題。昨天我們花了一個小時與我們的董事會討論我們發現的問題，以及我們的落後指標所面臨的挑戰，正如我所展示的那樣，而且 - 但我們的死亡人數突然增加，主要是與我們的簽約合作夥伴有關.

And the point is, my commentary is that what -- where I come from and what we've introduced in this group is a very flat structure. As you know, we embrace local-local. So we embraced the local partners in building capacity to invest our growth projects into the host country economy. And at the same time, in Africa, as you know, we've changed the management team considerably in Africa. And I believe that one of the drivers of this is the fact that we didn't invest enough time in getting to know our contractors, which was a traditional thing. When you're flat, you don't have that big corporate sort of weight. And so it's all about interaction on a personal basis, and particularly, when you bring in contractors that are not international in size and capacity. We've got to ensure that we instill that in them. And again, as we've changed and continue to change that culture across the Americas, both South and North, we see that we've got to invest more, and we've got to specifically look at our induction of our contractors, making sure that they have the systems that we expect to have and to spend more time engaged with them to ensure that they lift their game to the level that we expect anybody to have when they operate in our operations.

關鍵是，我的評論是——我來自哪里以及我們在這個小組中介紹的是一個非常扁平的結構。如您所知，我們擁抱本地本地。因此，我們支持當地合作夥伴建設能力，將我們的增長項目投資於東道國經濟。同時，如您所知，在非洲，我們對非洲的管理團隊進行了重大調整。而且我相信其中一個驅動因素是我們沒有投入足夠的時間來了解我們的承包商，這是傳統的事情。當你平坦時，你沒有那種大公司的重量。因此，這完全是基於個人的互動，尤其是當您引入規模和能力不符合國際標準的承包商時。我們必須確保將其灌輸給他們。再一次，隨著我們已經改變並繼續改變南美洲和北美洲的這種文化，我們看到我們必須投資更多，我們必須特別關注我們對承包商的入職培訓，使確保他們擁有我們期望擁有的系統，並花更多時間與他們接觸，以確保他們將他們的遊戲提升到我們期望任何人在我們的運營中擁有的水平。

And I think that apart from just making sure this is a very significant effort across the group I've spent a lot of time personally, our whole executive has spent time, we've really reinforced the responsibility of everyone to stop unsafe work. And again, we've moved it from being the right to the responsibility. And I'm pleased to say, we've had some significant examples of our people exercising that responsibility just in the recent weeks.

我認為，除了確保這是整個團隊的一項非常重要的工作外，我個人花了很多時間，我們的整個高管都花了時間，我們確實加強了每個人停止不安全工作的責任。而且，我們已經將其從權利轉變為責任。我很高興地說，就在最近幾週，我們有一些重要的例子表明我們的員工在履行這一責任。

So -- and this is -- like this, it's a tough thing because it's not very tangible, and I'm a person who likes to have absolute control of things. So it's been a big challenge for me personally, and the team has stepped up. And we -- this is more important to us than anything else, and I've got no doubt that we've as a team are absolutely committed to making sure that we get on top of this challenge.

所以——這就是——就像這樣，這是一件很難的事情，因為它不是很具體，而且我是一個喜歡對事物有絕對控制權的人。所以這對我個人來說是一個很大的挑戰，團隊已經加強了。而且我們 - 這對我們來說比其他任何事情都更重要，而且我毫不懷疑我們作為一個團隊絕對致力於確保我們能夠應對這一挑戰。

Then Porgera, one thing about operating in Papua New Guinea is, if you get your agreements right, then you can operate freely until they come up for renewal or renegotiation. And so that's our intention. It's a challenging environment to work in, extremely challenging. Probably, the most challenging environment I've worked in, and I, as you know, have worked in quite a few of those.

然後 Porgera，在巴布亞新幾內亞經營的一件事是，如果你的協議是正確的，那麼你可以自由經營，直到他們提出續籤或重新談判。這就是我們的意圖。這是一個充滿挑戰的工作環境，極具挑戰性。這可能是我工作過的最具挑戰性的環境，而且如你所知，我曾在其中的許多環境中工作過。

We have now incorporated a company that will be the vehicle that has the new ownership and will eventually end up with the special mining license. The steps we've got to go through to get there is, we've got to transfer the exploration license from BNL, which is the Barrick vehicle, into the new vehicle. And once we've done that, we can apply for the special mining license, and as part of that process, we start the consultation with the communities. We have agreements with the various landowner representatives, but we've still got to go in and consult under the auspices of the MRA, the government mining authority, and -- but we are moving in that direction. We are employing people. We have reviewed and as part of our care and maintenance responsibilities, make sure that we've inspected and ensured that our mobile fleet is operational. We're beefing up the spare parts. We are doing some maintenance. We're going to replace some of the tanks in the processing infrastructure. And so we are moving. It's not going to be a sort of a dead start. It's going to be a running start as we get there. And again, our team is progressing these agreements with the government and the other authorities. The state mining company, which is our major partner, has just had a big management change for the good, I might add. And so that's helped a lot in getting -- moving on with getting these agreements signed.

我們現在成立了一家公司，這家公司將成為擁有新所有權的工具，最終將獲得特別採礦許可證。我們必須完成的步驟是，我們必須將勘探許可證從 BNL（即 Barrick 車輛）轉移到新車輛中。一旦我們這樣做了，我們就可以申請特殊的採礦許可證，作為這個過程的一部分，我們開始與社區進行磋商。我們與各個土地所有者代表達成了協議，但我們仍然必須在 MRA、政府礦業當局的主持下進行磋商，而且——但我們正在朝著這個方向前進。我們正在僱用人員。我們已經審查並作為我們的維護和維護責任的一部分，確保我們已經檢查並確保我們的機動車隊正常運行。我們正在加強備件。我們正在做一些維護。我們將更換處理基礎設施中的一些儲罐。所以我們正在移動。這不會是一種死路一條。當我們到達那裡時，這將是一個良好的開端。同樣，我們的團隊正在推進與政府和其他當局的這些協議。作為我們的主要合作夥伴的國有礦業公司剛剛進行了一次重大的管理變革，我想補充一下。因此，這對繼續簽署這些協議有很大幫助。

So it's -- we're -- it's going to be this year, I believe, exactly when -- I think one thing I can tell you is, the Prime Minister and myself are equally motivated to get this mine started. So -- but as far as we're concerned, we're not prepared to take any shortcuts, and we'll get there.

所以它 - 我們 - 它將是今年，我相信，正是 - 我想我可以告訴你的一件事是，總理和我同樣有動力開始這個礦山。所以——但就我們而言，我們不准備走任何捷徑，我們會到達那裡。

As there are no more questions from the phone lines, at this time, this concludes the telephone question-and-answer session.

由於電話線沒有更多問題，此時，電話問答環節到此結束。

So are you going to go to the room now, ma'am?

那麼，女士，您現在要回房間嗎？

Okay. Fantastic. 2 questions. So first one, on the buyback. You commented earlier, I saw a press headline that you believe Barrick is undervalued to peers. Certainly, it's trading at a discount. That was also the case a year ago, though, and you had $1 billion buyback and only used $424 million of it. Will you be more active on it in 2023?

好的。極好的。 2 個問題。所以第一個，關於回購。你之前評論過，我看到一個新聞標題，你認為巴里克被同行低估了。當然，它以折扣價交易。不過，一年前也是如此，你有 10 億美元的回購，但只使用了其中的 4.24 億美元。您會在 2023 年更加積極地參與其中嗎？

So Lawson, it's a balance. So it's about allocation of capital. One of the things I'd go back in 2021, you remember, we had a short run on our stock, and we had no ability to stop it. And that's what motivated us to file for the authority to do buybacks. And so last year, we have -- Graham and I and Graham's team, we analyzed the register and the trade and at times when we believe it's fundamentally undervalued, we will by those shares, and we had a program to do it. And if you look at how we bought it, how we bought the shares last year, we did very well. We started at the right time. We stopped at the right time, and we were able to tighten up the market a little bit during those weak periods.

所以勞森，這是一種平衡。所以這是關於資本配置的。你記得，我在 2021 年要回顧的一件事是，我們的股票出現了短期運行，我們沒有能力阻止它。這就是促使我們申請授權進行回購的原因。所以去年，我們 - 格雷厄姆和我以及格雷厄姆的團隊，我們分析了寄存器和交易，有時當我們認為它從根本上被低估時，我們將通過這些股票，並且我們有一個程序來做到這一點。如果你看看我們是如何購買它的，我們去年是如何購買股票的，我們做得很好。我們在正確的時間開始了。我們在正確的時間停止了，我們能夠在那些疲軟的時期稍微收緊市場。

The reason we've requested authority again is that -- again, we just don't want to be caught without a way to stop a negative run on our stock. And we believe when you look at it, unlike some other companies who bought high and didn't buy low, we did. And so we see it as a tool to manage the fundamental value of our owners assets. And so that's the way we do it. I know it's not absolutely specific, but I can tell you that we spend a lot of time worrying about why we're buying it and under what circumstance. And then we also balance it against our own long-term capital allocation strategy. So last year, as you saw, that buyback impacted the dividend because we used up cash on the balance sheet. But at the same time, we still delivered value back to shareholders. So that's -- if that makes sense. Graham, do you want to add anything to that?

我們再次請求授權的原因是——再一次，我們只是不想在沒有辦法阻止我們的股票下跌的情況下被發現。我們相信，當你看它時，我們不像其他一些高價買入而不是低價買入的公司那樣。因此，我們將其視為管理所有者資產基本價值的工具。這就是我們的方式。我知道這不是絕對具體的，但我可以告訴你，我們花了很多時間擔心我們為什麼要購買它以及在什麼情況下購買它。然後我們還將其與我們自己的長期資本配置策略進行平衡。所以去年，正如你所看到的，回購影響了股息，因為我們用完了資產負債表上的現金。但與此同時，我們仍將價值回饋給股東。這就是——如果這有意義的話。格雷厄姆，你想補充什麼嗎？

Yes. I just reiterate the point that it's all about a balanced approach to using our capital. And as you saw, one of the opportunities we took advantage of in the fourth quarter was to buy back some of our debt very favorably and at a discount to par, which is saving us interest charges going forward. So it's all about a balance. And then at the end of it all, we're very focused on having a strong balance sheet because we think through the cycle, that's a differentiator. And so again, that's reflected in our current rating. So it's a balance.

是的。我只是重申一點，那就是要以平衡的方式使用我們的資金。正如你所看到的，我們在第四季度利用的機會之一是以非常優惠的價格和低於面值的價格回購我們的部分債務，這為我們節省了未來的利息費用。所以這一切都與平衡有關。最後，我們非常專注於擁有強大的資產負債表，因為我們考慮了整個週期，這是一個差異化因素。因此，這再次反映在我們目前的評級中。所以這是一個平衡。

And fundamentally, Lawson, we're business people. We're owners. We treat this company as a business, and so we run it as a business. We run the balance sheet properly. We look at the whole -- to Graham's point, the whole business profile and manage it accordingly, and we will continue to do that.

從根本上說，勞森，我們是商人。我們是業主。我們將這家公司視為一家企業，因此我們將其作為一家企業來經營。我們正確地運行資產負債表。我們著眼於整體 - 格雷厄姆的觀點，整個業務概況並相應地進行管理，我們將繼續這樣做。

Okay. That's fantastic. And then I wanted to ask about one of your favorite countries, Argentina and Veladero. Maybe if you could just speak a bit to the recovery issues occurring at Veladero and just what the plan is at this point to address those? And then a further comment on the CapEx being deferred from this year into next year. Do you have a number of how much that deferral was?

好的。這太妙了。然後我想問一下你最喜歡的國家之一，阿根廷和 Veladero。也許你可以談談 Veladero 發生的恢復問題，以及目前解決這些問題的計劃是什麼？然後進一步評論資本支出從今年推遲到明年。你有多少延期是多少？

So what we've done, first of all, let's just -- as you see, there's a softer outlook for this year. So as far as production goes, we've been conservative in the way we've treated this. The reason is that we've intersected -- we didn't get the drill rigs ahead of us during COVID. There was a real battle there. We did cover some of it, and we manage that mine on both bottle rolls and column leach test because the bottle roll doesn't always give you the right recovery.

所以我們所做的，首先，讓我們——正如你所看到的，今年的前景更加溫和。因此，就生產而言，我們在處理這個問題的方式上一直很保守。原因是我們已經相交了——在 COVID 期間我們沒有讓鑽機走在我們前面。那裡發生了一場真正的戰鬥。我們確實涵蓋了其中的一些，並且我們在瓶捲和柱浸出測試中管理了我的，因為瓶卷並不總能為您提供正確的回收率。

And there was historical periods of cover where we just had bottle rolls. So we had to make the best estimate, and there's different categories of ore in that ore body. Some, we call it T2, T1. We have different carriers. And some of them are more lower recoveries. Over time, you get the gold out, but the leach profile is a lot flatter. And we -- when we manage through this last winter with a new pad, it's a much more dynamic because there's no inventory in the pad. And we saw a slow, a very flat curve developing on the leach.

並且有歷史時期的封面，我們只是有瓶卷。所以我們必須做出最好的估計，而且那個礦體中有不同類別的礦石。有些，我們稱之為T2、T1。我們有不同的運營商。其中一些是更低的回收率。隨著時間的推移，您可以提取黃金，但浸出曲線會平坦很多。而我們——當我們在去年冬天用一個新的墊子管理時，它更有活力，因為墊子裡沒有庫存。我們看到在浸出物上形成了一條緩慢的、非常平坦的曲線。

We also saw -- recognize that some of the ore body is more silica-rich, which impacts the leach. So what we did is, we've reduced -- or we are in the process of reducing the manpower. We've delayed the second -- the [left is] phase 7.5 because we've got enough capacity, but we've shifted it out into next year. I mean it's -- again, to the point of managing it like a business.

我們還看到 - 認識到一些礦體富含二氧化矽，這會影響浸出。所以我們所做的是，我們已經減少了 - 或者我們正在減少人力。我們推遲了第二個——[左邊] 階段 7.5，因為我們有足夠的容量，但我們已經將它轉移到明年。我的意思是——再一次，到了像管理企業一樣管理它的地步。

We've mobilized the rigs now because we've got them, and we're drilling out the ore body. At the same time, we're chasing the exploration opportunities within trucking distance of the mine. And the view is, we didn't just want to keep barreling along without -- as you know, my whole being is around knowing your ore body. So we want to get that clearly understood. And there's no impact in the long-term opportunities at Veladero, but it's good practice to do what we're doing. And that's what -- that's the reason behind that slowdown this year. Of course, you've seen PV is picking up. Nevada is picking up. So we can cover that lower production out of Veladero.

我們現在已經動員了鑽井平台，因為我們已經有了它們，我們正在鑽探礦體。與此同時，我們正在礦山卡車運輸距離內尋找勘探機會。而且觀點是，我們不只是想在沒有的情況下繼續前進——如你所知，我的整個生命都圍繞著了解你的礦體。所以我們希望清楚地了解這一點。這對 Veladero 的長期機會沒有影響，但做我們正在做的事情是一種很好的做法。這就是 - 這就是今年經濟放緩背後的原因。當然，您已經看到 PV 正在回升。內華達州正在復蘇。所以我們可以彌補 Veladero 的低產量。

And again, from my career, when you're in these situations where it's completely artificial in Argentina because the exchange rate is artificial. So it doesn't make a whole lot of sense mining a lot of gold when you're not making a pile of money. So again, all around, it's a considered approach with -- we've debated it with our partners in Shandong, and we've also spent a lot of time with the province. And again, what we've done is, as is traditional in Argentina, all big capital projects come with a royalty that goes into a fund to support economic development, and what -- and we have a say in how it's spent. What we've agreed with the province is, we're going to use some of those funds to really focus in on employment generation outside the mining industry, which I think is a good thing. So all around, we've covered the basis to be able to manage this period.

再一次，從我的職業生涯來看，當你處於這些情況時，阿根廷完全是人為的，因為匯率是人為的。因此，當你賺不到一大筆錢時，開採大量黃金並沒有多大意義。因此，從各方面來說，這是一種經過深思熟慮的方法——我們已經與山東的合作夥伴就此進行了討論，我們也花了很多時間在該省。再一次，我們所做的是，就像阿根廷的傳統一樣，所有大型資本項目都附帶特許權使用費，這些特許權使用費將進入支持經濟發展的基金，以及什麼——我們對如何使用它有發言權。我們與該省達成的協議是，我們將使用其中一些資金真正專注於採礦業以外的就業創造，我認為這是一件好事。因此，我們已經涵蓋了能夠管理這一時期的基礎。

Greg Barnes from TD Securities. And I may as well open up the hornet's nest and ask you about M&A. With -- if the proposed deal between Newmont and Newcrest goes ahead, there will be market cap on the face that will be double you. Production will be double Barrick. Do you care strategically about that scale and how big they would become and probably, grab a lot of mind share globally from investors?

道明證券的格雷格巴恩斯。而且我還不如打開馬蜂窩問問你併購的事情。隨著 - 如果 Newmont 和 Newcrest 之間的擬議交易繼續進行，那麼市值將是你的兩倍。產量將是巴里克的兩倍。你是否在戰略上關心這個規模以及它們會變得多大，並且可能在全球範圍內從投資者那里奪取很多思想份額？

Well, I've never seen that logic work, by the way, because as you know, in mining, it sort of doesn't fit with this question of -- that used to be asked by you, too, haven't you got too many assets? So getting big for the sake of getting big doesn't make a whole lot of sense to me. Certainly with my money, and I believe our shareholders wouldn't like that either. Growing the business is absolutely our focus, and so we are obsessed about growing our business and growing the value so that you can take as a given. We can't see much strategic benefit in just getting big for big mistake, and we don't agree with you that, that builds a better company with more gravitas. In fact, I believe it's probably adds more risk. So that's really the way we look at it, and we're going to watch with interest how this thing progresses.

好吧，順便說一句，我從來沒有見過這種邏輯起作用，因為正如你所知，在採礦業中，它有點不適合這個問題——你也曾經問過這個問題，不是嗎？資產太多？因此，為了變大而變大對我來說沒有多大意義。當然是用我的錢，我相信我們的股東也不會喜歡這樣。發展業務絕對是我們的重點，因此我們痴迷於發展我們的業務和增加價值，以便您可以接受。我們看不到為大錯誤而變大的戰略利益，我們不同意你的觀點，那就是建立一個更莊重的更好的公司。事實上，我認為這可能會增加更多風險。所以這就是我們看待它的方式，我們將饒有興趣地觀察這件事的進展情況。

And if I listened to you correctly, during your -- what you were talking about on the copper side, you pick various areas of the world where you think you want to focus. Is that where you would be leaning towards more on the M&A front? Or is that going to be an exploration focus for you?

如果我沒聽錯的話，在你 - 你在銅方面談論的內容中，你選擇了世界上你認為你想要關注的各個領域。那是您在併購方面更傾向於的地方嗎？或者這將成為您的探索重點？

Both. I think the interesting thing, to your point -- well, to the point I made earlier and that is, that there's a whole lot of people running around promoting metals, new modern metals, including copper. The real geological and mining skill and knowledge associated with those promotions are quite thin.

兩個都。我認為有趣的事情，就你的觀點而言——好吧，就我之前提出的觀點而言，那就是，有很多人四處奔波推廣金屬，新的現代金屬，包括銅。與這些晉升相關的真正地質和採礦技能和知識非常薄弱。

So -- and like the gold industry, the copper industry is equally in a bad place when it comes to inventory, haven't invested in the future. You look again the results coming out now from these diversified huge amounts of money being made, but you can't take all that money and invest it in like with magic and find these big deposits. It takes time. And we have been working on it for 4 years.

所以——和黃金行業一樣，銅行業在庫存方面同樣處於不利地位，沒有對未來進行投資。你再看看現在從這些多元化的巨額資金中產生的結果，但你不能把所有的錢都拿去像變魔術一樣投資並找到這些大筆存款。這需要時間。我們已經為此努力了 4 年。

You'll see going through this year us pop up with new consolidated positions right in the heart of (inaudible) country. And so right now, the opportunity to grow organically, if I -- is certainly in our business sort of a preferred way because of the inventory rebuilding, but that doesn't say we won't pick up on an acquisition opportunity, if it arises. And again, we -- as you know, we're much more skilled as geologists and miners as most of our peers. And so we have a much better capacity to call a project early and take more risk on M&A then wait for the stuff to be tired and having produced a long time and everyone is running out of options so we run it up and buy them. So that's really -- that's the way we would position our strategy.

你會看到今年我們在（聽不清）國家的中心地帶出現了新的合併職位。所以現在，有機增長的機會，如果我——在我們的業務中肯定是一種首選方式，因為庫存重建，但這並不意味著我們不會抓住收購機會，如果它出現。再一次，我們——如你所知，我們作為地質學家和礦工比我們的大多數同行更熟練。因此，我們有更好的能力儘早調用一個項目並在併購上承擔更多風險，然後等待這些東西疲倦並且已經生產了很長時間並且每個人都沒有選擇權所以我們運行併購買它們。所以這真的 - 這就是我們定位戰略的方式。

Just one more question. Would you take that a step further. There are several big copper gold development projects in South America, Josemaria, for example. They need a joint venture partner. Would that be something Barrick would do?

還有一個問題。你能更進一步嗎？南美洲有幾個大型銅金開發項目，例如Josemaria。他們需要一個合資夥伴。那會是巴里克會做的事嗎？

Yes. Theoretically, absolutely. Destination is quite important. Even though I'd say asset quality overrides destination, but again, you've seen us exercise sometimes to the frustration of bankers to walk away from certain assets because we're not prepared to go beyond an already extraordinary premium. But absolutely, that's our preferred route, and we have ongoing conversations in Kevin's team on those opportunities all the time.

是的。理論上，絕對。目的地相當重要。儘管我會說資產質量高於目的地，但您再次看到我們有時會令銀行家感到沮喪，因為我們不准備超越已經非常高的溢價而放棄某些資產。但絕對是，這是我們的首選路線，我們一直在凱文的團隊中就這些機會進行持續的對話。

This is Ralph Profiti from Eight Capital. Mark, does the Dorothy discovery change your thinking on how that gets rolled into Fourmile and then present it into Nevada Gold Mines, right? Is this a -- does it push it back a little bit, prove up the value, which you want to sort of present that value proposition to Newmont? How does that discovery change that thing? Because I know that there's a structured approach on how that specific assets get rolled into NGM.

我是 Eight Capital 的 Ralph Profiti。馬克，Dorothy 的發現是否改變了您對它如何進入 Fourmile 然後將其呈現給內華達金礦的想法，對嗎？這是一個 - 它是否將它推回一點，證明你想要向紐蒙特展示該價值主張的價值？這個發現如何改變那件事？因為我知道有一個關於如何將特定資產整合到 NGM 中的結構化方法。

So it's a very simple approach, and it's very interesting, and we have open conversations with Newmont on these things. But -- so we have the final say and when it goes in, and it goes in on a formula. So if we don't meet that formula and with Fourmile, it's a simple formula because of the quality of those deposits.

所以這是一個非常簡單的方法，而且非常有趣，我們就這些事情與 Newmont 進行了公開對話。但是 - 所以我們有最終決定權，什麼時候進入，它進入一個公式。因此，如果我們不滿足該公式和 Fourmile，由於這些存款的質量，這是一個簡單的公式。

Once we roll it in from the start, we get everything back. So we split the whole cost of feasibility and all that, and then the value of that asset goes in at a market value, recognizing premier in the market and the whole gambit. So there's no real logic for anyone not to participate in developing the project because ultimately, it's in the best interest of the joint venture.

一旦我們從頭開始滾動它，我們就會把所有東西都拿回來。因此，我們分攤了可行性的全部成本和所有這些，然後該資產的價值以市場價值進入，承認市場和整個策略中的首要因素。因此，任何人不參與開發該項目都沒有真正的邏輯，因為最終這符合合資企業的最佳利益。

We can also carve up Fourmile. We can put in some, keep some out, whatever. The opportunity to evaluate these deposits -- the opportunity to value -- I don't know why everyone wants to see me, (inaudible) just tell me. So the opportunity to fully comprehensively evaluate these types of ore bodies, you have to get underground to drill in because it's a 1.5 kilometer stretch from the surface. So again, under the joint venture, we can share infrastructure and we can invest in infrastructure from established infrastructure in Goldrush to continue to evaluate these projects or we can come up with something else in agreement with our partners.

我們也可以瓜分 Fourmile。我們可以放入一些，保留一些，等等。評估這些存款的機會——價值的機會——我不知道為什麼每個人都想見我，（聽不清）告訴我。因此，要全面評估這些類型的礦體，您必須到地下鑽探，因為它距離地表有 1.5 公里。因此，再次，在合資企業下，我們可以共享基礎設施，我們可以從 Goldrush 已建立的基礎設施投資於基礎設施，以繼續評估這些項目，或者我們可以與我們的合作夥伴達成一致意見。

And then on top of that, the real opportunity in this Fourmile development is, if we continue -- if what we are seeing materializes into what we expected to do, we can access it from the other side, from the northern side. And again, we've learned a lot in developing Goldrush because if we accessed it, we had access with a long underground haulage that takes it out right at the smelter at the roaster.

然後最重要的是，這個 Fourmile 開發的真正機會是，如果我們繼續 - 如果我們看到的東西變成了我們期望做的事情，我們就可以從另一邊，從北邊進入它。再一次，我們在開發 Goldrush 的過程中學到了很多東西，因為如果我們訪問它，我們就可以通過很長的地下運輸通道將它運到焙燒爐的冶煉廠。

And so -- because getting it out in the mountains there like we do with Goldrush, you've still got to transport it somewhere. So we see that -- and that ability gives us -- it significantly changes our 15-year plan because it puts a whole slug of production at the back end of our 10-year plan, and it lifts everything up. So strategically, that's what we really -- this is early days, but it's -- for me, it's -- there are 2 things out of this. This is very significant. When you see those -- and we've got hits around there and some of them, they'll go, this is Carlin country, 1,000 grams a tonne. It's a real stuff, and it's all breccia. So Fourmile is much higher grade than Goldrush. It's the same structure, but it's -- there's a big intrusion and the aureole has sort of metamorphosed the rock, and so it's very brittle. So the mineralization is breaking it up. You've got these big breccias.

所以——因為像我們處理 Goldrush 一樣把它運到那裡的山上，你仍然需要把它運到某個地方。所以我們看到——這種能力給了我們——它顯著改變了我們的 15 年計劃，因為它在我們 10 年計劃的後端投入了大量的生產，並提升了一切。所以從戰略上講，這就是我們真正的 - 這是早期的，但它 - 對我來說，它是 - 有兩件事。這是非常重要的。當你看到那些 - 我們在那裡有一些命中，其中一些，他們會去，這是卡林國家，每噸 1,000 克。這是真材實料，全是角礫岩。所以 Fourmile 的等級比 Goldrush 高很多。它是相同的結構，但它——有一個很大的侵入，光環使岩石發生了某種變形，所以它非常脆。所以礦化正在分解它。你有這些大角礫岩。

And so the first thing is, our -- the fact that we've got the geologists to think like modeling and take these big decisions to drill these deep holes way ahead of where you found the lost one. And so this opens up and now we want to look across the intrusion as well -- big intrusion because that structure continues through. And then it also -- I've just been down there last week, what it does is, it motivate our geologists for other targets because we've got some significant targets that we're developing. And it's really -- this is a product of our -- the team's ability to vector these big geothermal halos and get into the heart of mineralization.

因此，第一件事是，我們 - 事實上，我們讓地質學家像建模一樣思考，並做出這些重大決定，在你找到丟失的地方之前鑽出這些深孔。因此，這打開了，現在我們也想查看整個入侵 - 大入侵，因為該結構繼續存在。然後它也——我上周剛去過那裡，它的作用是，它激勵我們的地質學家尋找其他目標，因為我們有一些正在開發的重要目標。這真的——這是我們的產品——團隊有能力引導這些大的地熱光暈並進入礦化中心。

So for me, as -- and again, you've seen us, we've been consolidating ground all around our already large landholding. So we're -- I mean, I'm super excited about the opportunity because fundamentally, Nevada hasn't seen real exploration for a long time. And you've seen us replace -- I mean we've mined 10 million ounces there, 9 million ounces since -- in the 4 years. We've paid out over $6 billion to shareholders, and we've replaced all the gold that we mined. So this is -- that doesn't happen often. And I think there's the common theme across Barrick is, look what we're doing. We haven't -- and when we put those 2 assets together, neither of them had a future. Barrick had better grade, but had no future plan, and Newmont's assets were on the decline. People have given up. We know that because we had to fix the infrastructure. They had completely given up.

所以對我來說，你已經看到我們了，我們一直在鞏固我們已經很大的土地周圍的土地。所以我們 - 我的意思是，我對這個機會感到非常興奮，因為從根本上說，內華達州已經很長時間沒有看到真正的勘探了。你已經看到我們更換了——我的意思是我們在那裡開采了 1000 萬盎司，自那以後——在 4 年裡開采了 900 萬盎司。我們已經向股東支付了超過 60 億美元，並且我們已經更換了我們開采的所有黃金。所以這是 - 這並不經常發生。我認為巴里克的共同主題是，看看我們在做什麼。我們還沒有——當我們將這兩項資產放在一起時，它們都沒有未來。巴里克的評級更高，但沒有未來計劃，紐蒙特的資產也在下降。人們已經放棄了。我們知道這一點，因為我們必須修復基礎設施。他們已經完全放棄了。

And I also want to ask you a question on Mali and the mining audit. What has come out of those discussions? What do you anticipate to come out of those discussions because you talked about Papua New Guinea in the context of jurisdiction. How are you thinking about Mali right now?

我還想問你一個關於馬里和採礦審計的問題。這些討論產生了什麼？由於您在管轄範圍內談到了巴布亞新幾內亞，因此您預計這些討論會產生什麼結果。您現在如何看待馬里？

I've always said -- people ask me, what's your riskiest jurisdiction in your portfolio. For my whole 30 years, I've said, Mali. But Mali has delivered more value than any other asset in any other country because we had Morila before. And -- so this audit has been run by people who we know really well. These are professional people. This is not a gauge attempt. People out of Senegal, who we know from our Senegal investments, and again, I gave a talk because the question has been asked by the current regime is, does gold glitter for all Malians? That's the question. And so it's up to us as miners and certainly, we're 10% of the GDP. So the conversation with the finance business is always very short, and we actually are a core component of the Malian budget every year, the Barrick investment. And so everyone's got a view and their whisper start, but right now, we don't see that at all. And we've been through 3 military regimes, a pile of incompetent civilian governments, but we've always come out because we pay big dividends and large amounts of tax, and we employ Malians. And we've got no expatriates in our executive team in Mali, either in the capital or on the mine.

我總是說——人們問我，在你的投資組合中，你最危險的司法管轄區是什麼。在我整整 30 年的時間裡，我一直在說，馬里。但馬里比任何其他國家的任何其他資產都創造了更多的價值，因為我們之前擁有莫里拉。而且 - 所以這次審計是由我們非常了解的人進行的。這些都是專業人士。這不是測量嘗試。塞內加爾以外的人，我們從塞內加爾的投資中認識他們，我再次發表演講，因為當前政權提出的問題是，所有馬里人都會發光嗎？這就是問題所在。所以這取決於我們作為礦工，當然，我們佔 GDP 的 10%。所以與金融業務的對話總是很短，我們實際上是每年馬里預算的核心組成部分，巴里克投資。所以每個人都看到了，他們的竊竊私語開始了，但現在，我們根本看不到。我們經歷了 3 個軍事政權，一堆無能的文職政府，但我們總是站出來，因為我們支付高額紅利和大量稅收，而且我們僱用馬里人。我們在馬里的執行團隊中沒有外籍人士，無論是在首都還是在礦山。

So we manage that -- and I was there just a couple of -- 2 weeks ago as part of my quarterly visit, met with everyone. We bring it up, and my encouragement is, if you look at what the mining has done, and there's no question about that amongst anyone, its contribution to developing that very poor country. So what about -- shouldn't we be thinking about all these revisions to the mining code and whether it's actually brought anything. And isn't it better to -- in the face of all the challenges reach out and encourage more investment because the one thing about Mali is the investment keeps coming in or has in the past because your money is considered safe because the Malians haven't changed the rules like other countries. But certainly, there's a determination to understand and measure the rules, and also there's a big mistrust between the junta and the past civilian governments and some of the transactions that were done in that regime.

所以我們設法做到了——兩週前我在那裡只是幾次——作為我季度訪問的一部分，我會見了所有人。我們提出來，我的鼓勵是，如果你看看採礦業的成就，毫無疑問，它對發展這個非常貧窮的國家的貢獻。那麼——我們不應該考慮對挖礦代碼的所有這些修改以及它是否真的帶來了什麼。面對所有的挑戰，鼓勵更多的投資，這不是更好嗎，因為馬里的一件事是投資不斷湧入或過去曾有過，因為你的錢被認為是安全的，因為馬里人沒有t 像其他國家一樣改變了規則。但當然，有理解和衡量規則的決心，而且軍政府與過去的文職政府之間存在很大的不信任，以及在該政權下進行的一些交易。

And so this is good -- if it's done for the right reasons, it's a good thing because it will uncover if there was any null administration. And otherwise, it will give something more fundamental, which we can share with the people of Mali about the contribution of the mining industry.

所以這很好——如果這樣做是出於正確的原因，這是一件好事，因為它會發現是否存在任何無效管理。否則，它將提供更基本的東西，我們可以與馬里人民分享採礦業的貢獻。

It's Anita Soni from CIBC. So Mark, 3 questions for you, increasingly more difficult. So the first one, I think you mentioned that the Lumwana Super Pit. You mentioned that were phrasing that by the end of 2024, was that just the feasibility study? Or would you have the Super Pit online by the end of 2024? Do you want...

我是 CIBC 的 Anita Soni。所以馬克，給你 3 個問題，越來越難。所以第一個，我想你提到了 Lumwana Super Pit。你提到說到 2024 年底，這只是可行性研究嗎？或者你會在 2024 年底之前讓 Super Pit 上線嗎？你想要...

I'm waiting for the next one.

我在等下一個。

You want the next questions too, okay. The capital for 2023 declined from the guidance you gave in November. I just wanted to understand what the deferral was. Was that what you referred to with Veladero that the majority of that, I think, about $250 million would have been a deferral Veladero? Or was there something else? And what number should we be adding on into 2024 instead?

你也想問下一個問題，好吧。 2023 年的資本低於您在 11 月給出的指導。我只是想了解延期是什麼。這就是你提到的 Veladero，我認為其中大部分，大約 2.5 億美元將是延期的 Veladero？或者還有其他事情？我們應該在 2024 年增加多少？

And the last one is just kicking that hornet's nest that Greg has already kicked once. So -- and I wanted to give you an opportunity to respond because there's been a lot of sort of conjecture about what your role would be in the recent M&A. And you've addressed sort of growth and just taking out things from a big picture perspective, but I think people are speculating whether or not you would be involved in any kind of break apart scenarios. And I just wanted to understand your view on that.

最後一個只是踢格雷格已經踢過一次的馬蜂窩。所以 - 我想給你一個回應的機會，因為關於你在最近的併購中的角色有很多猜測。你已經解決了某種增長問題，只是從大局的角度出發，但我認為人們正在猜測你是否會參與任何類型的分裂場景。我只是想了解您對此的看法。

Okay. So Anita, I'll take the most difficult one first and that is the capital, and Graham, answer it.

好的。所以安妮塔，我會先解決最困難的問題，那就是首都，格雷厄姆，回答這個問題。

Can I answer the easy one, which is the pre-feasibility study, which is going to be completed at the end of 2024. So to answer the first question. But on the capital, there were some areas where we managed to cut some capital, a little bit of capital in NGM. But really, I need to -- the truth be told, when we present to you in the November Investor Day, we kind of just showed you a bar, which you then kind of took your ruler and got your number. And then when we guide in -- with more detail as we do in 2023, we try and look at where we're actually going to spend. And the reality with capital is, there's often a bit of a lag between your ambition and what you actually get done in a year. And so we try and anticipate that in our guidance. So there isn't any real major change to what we -- what our target is, but we're really just trying to give you a little more clarity on what the likely outcome is.

我能回答一個簡單的問題嗎，即預可行性研究，它將在 2024 年底完成。所以回答第一個問題。但是在資本方面，我們在某些領域設法削減了一些資本，在 NGM 中削減了一點資本。但實際上，我需要 - 說實話，當我們在 11 月的投資者日向您展示時，我們只是向您展示了一個酒吧，然後您拿走了您的尺子並獲得了您的號碼。然後當我們進行指導時——像我們在 2023 年所做的那樣提供更多細節，我們會嘗試看看我們實際要花在哪裡。而資本的現實是，你的雄心壯志和你一年內實際完成的事情之間往往會有一點滯後。因此，我們在我們的指南中嘗試並預期這一點。因此，我們的目標沒有任何真正的重大變化，但我們實際上只是想讓您更清楚地了解可能的結果。

So can I just follow up with a question on the cost side of the equation. Those inched up a little bit from what was in November. So could you just talk about the key drivers for that?

那麼我可以跟進一個關於等式成本方面的問題嗎？與 11 月份相比略有上升。那麼你能談談這方面的關鍵驅動因素嗎？

Again, there's a little bit of swings and roundabouts. So you would have seen that there was slightly higher cash costs, slightly lower all-in sustaining costs. So there's a little bit of swings and roundabouts moving between sustaining capital and operating costs as we optimize some of the mine plans. So that's really all it is. It's mostly driven by that. Some areas, we still had some inflationary pressure where we were adjusting for the latest input prices in areas, for example, in AME. We've got some slightly higher fuel and explosive costs that are sort of lingering in those areas that we've adjusted in the model, but it's more about just the sequencing and the optimization.

同樣，這裡有一點鞦韆和環形交叉路口。所以你會看到現金成本略高，總維持成本略低。因此，在我們優化一些礦山計劃時，在維持資本和運營成本之間存在一些搖擺和迂迴。所以這就是全部。它主要受此驅動。在某些地區，我們仍然面臨一些通脹壓力，我們正在根據地區的最新投入價格進行調整，例如 AME。我們有一些略高的燃料和炸藥成本，這些成本在我們在模型中調整的那些區域中有些揮之不去，但更多的只是排序和優化。

One more follow-up on that one. As we go to 2024, I'm trying to remember what the 2024 cost structure. I remember the CapEx is pretty similar, but the cash costs, were they set to decline or similar? And should we be using sort of the level that we have now for 2023 into 2024.

關於那個的另一個後續行動。當我們進入 2024 年時，我試圖記住 2024 年的成本結構。我記得資本支出非常相似，但現金成本是否會下降或類似？我們是否應該使用 2023 年到 2024 年的現有水平？

So in our forecasting, we have declining costs in 2024, and that's really driven around our key assumptions around the input prices. So it's really driven around in particular oil and energy prices. So 2023, our key assumption around oil is $90 a barrel, which is very similar to the actual oil price for 2022. So our input prices for 2023 are very similar to 2022 in that sense. In 2024, in our forecasting, we're assuming oil drops down to $75 a barrel, and so that brings our cost down. And then on the flip side of that, if you look at our profile, it's increasing slightly. So if your costs are coming down and you're increasing your ounces slightly then you also get a little benefit on your cost per ounce.

因此，在我們的預測中，我們的成本將在 2024 年下降，而這實際上是圍繞我們對投入價格的關鍵假設推動的。因此，它確實受到石油和能源價格的影響。所以 2023 年，我們對石油的主要假設是每桶 90 美元，這與 2022 年的實際油價非常相似。因此，從這個意義上說，我們 2023 年的投入價格與 2022 年非常相似。在我們的預測中，我們假設 2024 年油價跌至每桶 75 美元，這樣我們的成本就會降低。另一方面，如果您查看我們的個人資料，它會略有增加。因此，如果您的成本正在下降並且您略微增加了盎司，那麼您也會從每盎司成本中獲得一點好處。

And you could add to that, Anita, the fact that remember, we're heavily investing in green energy and that brings a big saving. So the extra solo installation at Kibali -- Kibali's been fantastic. Imagine what Kibali would look like on diesel. And it's -- during the rainy season, it's 96% hydro now, and we want to try and keep that through the dryer season. That's why we're putting in solar to be able to support that. and batteries because we've learned a lot about batteries. And really, the battery is the one that make -- we've got a local grid there, it makes the grid. And so if we can feed the battery with solar and hydro, we stabilize the grid and we reduced the amount of -- and we're doing that across the group. We're adding more solar in Loulo. So we've learned a lot about managing micro grids with renewable energy, and that will also have a positive impact on our fuel bill going forward. And the easiest question of the lot is, I'm not going down that rabbit hole.

你還可以補充一點，安妮塔，請記住，我們正在大力投資綠色能源，這帶來了巨大的節省。所以在 Kibali 的額外獨奏裝置 -- Kibali 非常棒。想像一下 Kibali 在柴油機上會是什麼樣子。它是——在雨季，現在 96% 是水電，我們希望在旱季期間保持這種狀態。這就是為什麼我們要投入太陽能來支持它。和電池，因為我們已經了解了很多關於電池的知識。實際上，電池就是製造的——我們那裡有一個本地電網，它製造了電網。因此，如果我們可以用太陽能和水力為電池供電，我們就能穩定電網並減少數量——我們正在整個集團內這樣做。我們正在 Loulo 添加更多太陽能。因此，我們學到了很多關於使用可再生能源管理微電網的知識，這也將對我們未來的燃料費用產生積極影響。最簡單的問題是，我不會去那個兔子洞。

It's Jackie Przybylowski with BMO. I think most of the questions have been answered, and thanks for taking so much time with the answers. But I guess I'll just ask a quick one on Reko Diq. It sounds like you're moving forward at that and fairly quickly is the impression I'm getting from today's presentation. I know there's a feasibility study or a technical report coming up soon. Is there any other catalysts or news events or announcements that we should expect maybe in 2023 before we see that study come out?

我是 BMO 的 Jackie Przybylowski。我認為大部分問題都已得到解答，感謝您抽出如此多的時間來解答。但我想我只會問一個關於 Reko Diq 的問題。聽起來你在這方面取得了進展，而且我從今天的演講中得到的印象相當快。我知道很快就會有可行性研究或技術報告出爐。在我們看到該研究出來之前，我們是否應該在 2023 年期待任何其他催化劑或新聞事件或公告？

So just getting back to -- before I go there, Jackie, Anita, the -- we're going to finish the pre-feas on Lumwana this year. So you'll have a good handle and then with full feas into 2024. So we're really focused on being able to understand the decision-making sooner rather than later.

所以回到——在我去那里之前，Jackie、Anita——我們將在今年完成 Lumwana 的預演。所以你會有一個很好的處理，然後到 2024 年會有完整的 feas。所以我們真的專注於能夠儘早理解決策。

Reko Diq, we -- the plan is to get the feasibility complete by the end of next year, and really, it's around a couple of things. Power, people and water and infrastructure. Infrastructure, we got -- we believe we've got a strong initial plan, which is rail. And then it's about building infrastructure, north, south infrastructure over time. Water, we've started already, and we -- the plan is, we're going to map the entire Chagai basin, which is -- and the objective being that there's a lot of water aquifer of water in that basin, and we're mindful of not sort of poaching water from the farmers. And so we really want to understand the different deeper water systems in that area. Ultimately, long-term, we'll move to desalination over the long-term.

Reko Diq，我們 - 計劃是在明年年底之前完成可行性研究，實際上，它涉及幾件事。電力、人員、水和基礎設施。基礎設施，我們有——我們相信我們有一個強有力的初始計劃，那就是鐵路。然後是隨著時間的推移建設基礎設施，南北基礎設施。水，我們已經開始了，我們 - 計劃是，我們將繪製整個 Chagai 盆地的地圖，這是 - 目標是該盆地有很多水含水層，我們請注意不要從農民那裡偷獵水。所以我們真的很想了解該地區不同的深水系統。最終，從長遠來看，我們將長期轉向海水淡化。

And Power, there's an opportunity for geothermal power. So this place where we are, where Reko Diq is, is world headquarters for solar and wind. But as you know, that doesn't offer 24/7 power. So there is a younger but extinct volcano, but a very strong geothermal gradient, which we are currently, as we speak, mobilizing to drill it. We're busy with the permitting, et cetera. And then our partners, of course, these are in the oil and gas business. And also the opportunity to link to the grid, although the grid has challenges on stability. And so we -- that's part of the feasibility. We will -- so those 3 are really the focus. And of course, the baseline studies on environment and social, that's already well underway, and we had -- we started that even last year.

而電力，地熱發電有機會。所以我們所在的這個地方，Reko Diq 所在的地方，是太陽能和風能的世界總部。但如您所知，它不提供 24/7 全天候供電。因此，有一座更年輕但已死的火山，但地溫梯度非常強，我們目前正動員起來對其進行鑽探。我們正忙於許可等等。然後是我們的合作夥伴，當然，這些都是在石油和天然氣行業。還有機會連接到電網，儘管電網在穩定性方面存在挑戰。所以我們 - 這是可行性的一部分。我們會——所以這 3 個才是真正的重點。當然，關於環境和社會的基線研究已經在順利進行，而且我們甚至在去年就開始了。

On the technical side of things, we're pretty comfortable with the drilling the drilled-out resource. We've got to finish sort of tack in some geotech holes and we, of course, which is sort of our DNA, we're going to (inaudible) some of the holes just to make sure it's right. So -- and the geomet -- and again, the technology on flotation has changed materially since 2013 globally. And so we are looking at a big swath of test work on ground versus recovery and things like that and really looking at a much more modern approach to combination and managing the concentrate.

在技術方面，我們對鑽探資源非常滿意。我們必須完成一些地質技術漏洞的修復，當然，這是我們的 DNA，我們將（聽不清）一些漏洞只是為了確保它是正確的。因此 - 以及 geomet - 再一次，浮選技術自 2013 年以來在全球範圍內發生了重大變化。因此，我們正在研究地面與恢復等方面的大量測試工作，並真正在尋找一種更現代的方法來組合和管理濃縮物。

Sorry. I was just wondering if we're going to get any sort of update...

對不起。我只是想知道我們是否會得到任何更新...

Okay. So we'll update you as we go. And I don't -- we don't expect any bad surprises. But those are the only news really is, if there's something that develops that we haven't already anticipated. But we've shared with you a pretty solid concept, what somebody would call scoping as far as the economics and the development program, the intention is to be in development in 2025. It looks as though you want to say something.

好的。所以我們會隨時更新你。而且我不 - 我們不希望有任何意外。但這些是唯一的消息，如果有一些我們還沒有預料到的發展。但是我們已經與您分享了一個非常紮實的概念，有人將其稱為經濟學和發展計劃的範圍界定，目的是在 2025 年進行開發。您似乎想說些什麼。

I just wanted to clarify that it's the pre-feasibility study for the Lumwana will be completed in 2024, just to be clear.

我只是想澄清一下，Lumwana 的預可行性研究將於 2024 年完成，只是為了澄清一下。

Any more difficult questions? Any more easy questions? So there's a light lunch next door, some drinks. So please feel free to stay and continue your questioning with the team after this. Okay. Thank you. Thank you, everyone. Thanks to those on the call. Thank you for attending, and we look forward to seeing you in-person through the next couple of conferences. We're going to be at BMO and then back up here in PDAC. So we look forward to catching up with you. Thanks again.

還有更難的題嗎？還有更簡單的問題嗎？所以隔壁有一頓清淡的午餐，一些飲料。因此，在此之後，請隨時留下來繼續向團隊提問。好的。謝謝。謝謝大家。感謝那些接聽電話的人。感謝您的出席，我們期待在接下來的幾場會議中與您見面。我們將在 BMO，然後回到 PDAC。因此，我們期待與您會面。再次感謝。

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

今天的活動到此結束。如果您有其他問題，請聯繫 Barrick 投資者關係部。您現在可以斷開線路。感謝您的參與，祝您度過愉快的一天。