巴里克黃金 (GOLD) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Barrick's results presentation for the first quarter of 2023. Following today's presentation, a question-and-answer session will be conducted. (Operator Instructions). As a reminder, this event is being recorded, and a replay will be available on Barrick's website later today, May 5, 2023. I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead, sir.

女士們，先生們，謝謝你們的支持。歡迎來到巴里克 2023 年第一季度的業績報告。在今天的報告之後，將進行問答環節。（操作員說明）。提醒一下，此事件正在錄製中，重播將於今天晚些時候，即 2023 年 5 月 5 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, and ladies and gentlemen, a very good morning to those here in Toronto and, of course, a good day to those around the globe. As you know, we're going to be talking about our results for Q1 2023 today. And I thought I'd start off by just pointing to the fact that as the different global powers seek to extricate the world from the many challenges and indeed, crisis, we currently have to contend with, we have a lot of talking, but don't see much action. Instead of fantasizing about some post-industrial idyllic state, the world's political and business leaders should perhaps be considering a better future for all, not just for the wealthy countries. 

女士們先生們，非常感謝你們，多倫多的人們早上好，當然，全球各地的人們也度過了美好的一天。如您所知，我們今天將討論 2023 年第一季度的業績。我想我首先要指出一個事實，即隨著不同的全球大國尋求使世界擺脫我們目前必須應對的許多挑戰和危機，我們談了很多，但不要看到很多動作。與其幻想一些後工業時代的田園詩般的國家，世界政界和商界領袖或許應該考慮為所有人創造一個更美好的未來，而不僅僅是富裕國家。

This requires, of course, investment in the development of sustainable enterprises driven by cleaner energy and extending to the many parts of the world. In fact, most of it, which have been left behind by the West's economics advances. Mining has historically been the catalyst for economic growth in underdeveloped countries. And I would argue that the case for investment in mining in those countries is stronger than ever, particularly as many are rich in the resources required to make the world a better place for all. 

當然，這需要投資發展由清潔能源驅動並延伸到世界許多地方的可持續企業。事實上，其中大部分已被西方經濟進步所遺忘。礦業歷來是欠發達國家經濟增長的催化劑。我認為，在這些國家投資礦業的理由比以往任何時候都更有力，特別是因為許多國家擁有豐富的資源，可以讓世界變得更美好。

At Barrick, we have always been committed to investing in the future. And in the process, we have created some remarkable value for our broad base of stakeholders. I'll share a few instances of those with you in the course of this presentation. This is the usual cautionary statement, a copy of which can be found on our website, should you wish to study it more closely. 

在巴里克，我們一直致力於投資未來。在此過程中，我們為廣泛的利益相關者群體創造了一些非凡的價值。在本次演示過程中，我將與您分享其中的一些實例。這是通常的警告聲明，如果您想更仔細地研究它，可以在我們的網站上找到其副本。

As guided at the start of the year, Q1 was a softer production quarter due mainly to the major planned maintenance exercises at Nevada Gold Mines and mine sequencing at Kibali. Free cash flow increased despite the lower production, while adjusted net earnings per share also increased to $0.14. Operational highlights included the near completion of the massive Pueblo Veaco expansion project, which I'll tell you more about later, a robust performance from Turquoise Ridge, and the delivery of the first production stopes ahead of schedule from the new Goncato underground mine. 

按照年初的指導，第一季度是一個疲軟的生產季度，主要是由於內華達金礦的主要計劃維護活動和基巴利的礦井排序。儘管產量下降，但自由現金流有所增加，而調整後的每股淨收益也增加至 0.14 美元。運營亮點包括即將完成的大型 Pueblo Veaco 擴建項目（稍後我將詳細介紹）、Turquoise Ridge 的強勁表現，以及新 Goncato 地下礦提前交付的第一個生產採場。

All in all, we're in good shape to ramp up our performance throughout the year. And I would point out that we are not forecasting a hockey stick end but a stepwise move through the year. We also recently published our annual sustainability report. And if you haven't seen it yet, it's well worth a look, and it's on our website. Group operating results. This is a summary of those operating results, which lists the factors that impacted on production in quarter 1 and those that are expected to drive performance through the latter half of the year. This should ensure we achieve our gold and copper production within guidance as well as the cost guidance we provided at the start of the year. 

總而言之，我們處於良好的狀態，可以提高全年的業績。我要指出的是，我們並不是在預測曲棍球棒的終結，而是在這一年中逐步推進。我們最近還發布了年度可持續發展報告。如果您還沒有看過它，那麼它非常值得一看，它在我們的網站上。集團經營業績。這是這些運營結果的摘要，其中列出了影響第一季度生產的因素以及預計將推動下半年業績的因素。這應該確保我們在指導以及我們在年初提供的成本指導範圍內實現黃金和銅的生產。

Despite the lower production, our high-quality asset portfolio increased free cash flow and allowed us to maintain a $0.10 quarterly dividend, in line with our performance dividend policy. Our tax contribution report was also published last month, which highlights our significant contributions to the countries where we operate. As shared with you last quarter, we experienced 3 tragic fatalities in January. We've taken a long hard look at our safety protocols and practices. And during a weeklong group-wide workshop, we evolved a new approach, which we have called the Journey to Zero. Every one of our corporate and regional leadership teams have spent time at the operations, reinforcing our organizational values captured in our DNA and reminding ourselves that safety comes with caring and committed partnerships where we call on unsafe practices and stop work until we have a safe way to continue. 

儘管產量較低，但我們的優質資產組合增加了自由現金流，並使我們能夠維持 0.10 美元的季度股息，這符合我們的業績股息政策。我們的稅收貢獻報告也於上個月發布，其中突出了我們對我們經營所在國家/地區的重大貢獻。正如上個季度與您分享的那樣，我們在 1 月份經歷了 3 起悲慘的死亡事件。我們對我們的安全規程和實踐進行了長期認真的審視。在為期一周的全集團研討會中，我們開發了一種新方法，我們稱之為“歸零之旅”。我們的每個公司和區域領導團隊都在運營中投入時間，強化我們 DNA 中的組織價值觀，並提醒自己，安全來自於關懷和忠誠的伙伴關係，我們呼籲不安全的做法並停止工作，直到我們找到安全的方法繼續。

Subsequently, we have seen an encouraging decrease in the number as well as the severity of work-related injuries. But as I said, this is a journey we have just commenced and to which we are fully committed to achieving. And it's actually quite encouraging today, to the North American teams, including Nevada, they had their first injury-free April. So that's a good step forward. We've mapped that road to 0, and how you can see the very specific steps we're taking toward achieving that goal. This has been the single biggest focus for the entire company and remains our top priority, with a particular focus on creating a culture where everyone has the responsibility to stop unsafe work practices. 

隨後，我們看到工傷的數量和嚴重程度都有令人鼓舞的下降。但正如我所說，這是我們剛剛開始的旅程，我們將全力實現這一目標。今天，對於包括內華達在內的北美球隊來說，這實際上是非常令人鼓舞的，他們迎來了他們的第一個無傷病四月。所以這是向前邁出的一大步。我們已經將這條道路映射到 0，以及您如何看到我們為實現該目標而採取的非常具體的步驟。這一直是整個公司最大的關注點，並且仍然是我們的首要任務，特別注重營造一種文化，讓每個人都有責任制止不安全的工作做法。

On the environment front, there was no Class 1 environmental impacts during the quarter. Our water use efficiency rate was again above the 80% target, and our greenhouse gas emissions decreased by 18% quarter-on-quarter. We have continued investing in our communities through our community development committees and embarked on an educational partnership journey with Tanzania, amongst others. On the biodiversity front, the first white rhinos are expected to arrive in the Democratic Republic of Congo soon as part of our mission to restock the species in the country's Garamba National Park, a UNESCO-world heritage site, which we've long supported. As I mentioned earlier, we've just published our 2022 sustainability report, and you can see some of its highlights here. It's worth noting that during the year, we spent $6 billion on goods and services with local suppliers and invested some ZAR 36 million in community development projects in line with our philosophy of partnering with our host countries. 

在環境方面，本季度沒有發生一級環境影響。我們的用水效率再次超過80%的目標，溫室氣體排放量環比下降18%。我們通過我們的社區發展委員會繼續投資於我們的社區，並開始與坦桑尼亞等國建立教育合作夥伴關係。在生物多樣性方面，第一批白犀牛預計將很快抵達剛果民主共和國，這是我們在該國的加蘭巴國家公園重新放養該物種的使命的一部分，加蘭巴國家公園是聯合國教科文組織世界遺產，我們長期以來一直支持該公園。正如我之前提到的，我們剛剛發布了 2022 年可持續發展報告，您可以在此處查看其中的一些亮點。值得注意的是，在這一年裡，我們在與當地供應商的商品和服務上花費了 60 億美元，並根據我們與東道國合作的理念投資了約 3600 萬南非蘭特用於社區發展項目。

Moving to the operations. As usual, I'll start the operational review with North America, which, as I've said before, we regard as our value foundation. From our base in Nevada, we've started looking at the potential Tier 1 hosting regions elsewhere in the United States as well as in Canada, with the complex work of combining 2 sets of assets and people accomplished a new leadership in place and a bankable 15-year business plan, the vision we had for Nevada Gold Mines can now be fully realized. 

轉到操作。像往常一樣，我將開始對北美進行運營審查，正如我之前所說，我們將其視為我們的價值基礎。從我們在內華達州的基地開始，我們已經開始尋找美國其他地方和加拿大的潛在一級託管區域，通過結合兩套資產和人員的複雜工作，實現了新的領導地位和可融資的15 年商業計劃，我們對內華達金礦的願景現在可以完全實現。

In Q1, production at Carlin was impacted, as I've already said, by the planned conversion of the autoclave through a carbon and leach process, plus the planned maintenance of the Goldstrike roaster. The focus is now on improving stability and throughput. At Cortez, the emphasis remains on ramping up the Goldrush project, where the record of the decision is now expected in the second half of this year. There is no significant impact anticipated for 2023 production, and the potential impact to 2024 and onwards is being reviewed. 

在第一季度，Carlin 的生產受到了影響，正如我已經說過的那樣，計劃通過碳和浸出過程對高壓釜進行轉換，以及計劃維護 Goldstrike 焙燒爐。現在的重點是提高穩定性和吞吐量。在 Cortez，重點仍然是加快 Goldrush 項目，該項目的決定預計將在今年下半年公佈。預計不會對 2023 年的生產產生重大影響，並且正在審查對 2024 年及以後的潛在影響。

Turquoise Ridge's performance continued to improve on the back of the first full quarter of production from its recently commissioned third shaft. In Nevada, the safe and efficient drilling ramp-up this quarter returned robust intercepts across all the Tier 1 districts, delivering further resource growth in support of our 15-year plan. With slow receding from the higher ground and a very long winter, we are planning to build on our success at Fourmile by stepping out around the recent Dorothy discovery. As I said last quarter, this is a very exciting area where we continue to discover thick and continuous high-grade mineralization, which we expect will materially enhance the existing Fourmile resource. 

Turquoise Ridge 的業績在其最近投產的第三個豎井的第一個完整季度的生產支持下繼續改善。在內華達州，本季度安全高效的鑽探增加在所有一級地區帶來了強勁的攔截，為支持我們的 15 年計劃提供了進一步的資源增長。隨著從高地緩慢後退和漫長的冬天，我們計劃在 Fourmile 的成功基礎上再接再厲，圍繞最近發現的 Dorothy 展開。正如我上個季度所說，這是一個非常令人興奮的區域，我們繼續發現厚而連續的高品位礦化，我們預計這將大大增加現有的 Fourmile 資源。

At Turquoise Ridge, drilling continues on extensions of the BBT resource as well as testing between the megapit and the hunt for our high-grade feeder. And on the Carlin trend, bold step-out drilling between Level and Goldstrike is intersecting strong and continuous alteration and local high-grade mineralization worthy of follow-up. Elsewhere, as I pointed out in the beginning, in North America, our exploration is opening up new frontiers, and we've started building a significant presence there. In Western Nevada's Walker Lane mineral belt, we've secured the Pearl String property through an exploration agreement and additional claims taking. 

在 Turquoise Ridge，鑽探繼續擴展 BBT 資源，並在 megapit 和尋找我們的高級進料器之間進行測試。在 Carlin 趨勢上，Level 和 Goldstrike 之間大膽的步進鑽探與強烈連續的蝕變和值得跟進的局部高品位礦化相交。在其他地方，正如我一開始所指出的，在北美，我們的探索正在開闢新的領域，我們已經開始在那裡建立重要的影響力。在內華達州西部的 Walker Lane 礦產帶，我們通過勘探協議和額外索賠獲得了 Pearl String 資產。

In Montana, we've staked 100 square kilometers of claims where we've identified a potential target area for both copper and gold. And we are working on other opportunities in other prospective regions in the Western United States. In Canada, we are progressing the PEC project near Hemlo, relogging its historical core to guide modeling and targeting. Also in Canada, we've signed a binding term sheet with Midland Exploration to earn up to 75% of the purchased property in Southern Abitibi. 

在蒙大拿州，我們已經對 100 平方公里的礦區進行了勘探，並確定了銅和金的潛在目標區域。我們正在美國西部其他潛在地區尋找其他機會。在加拿大，我們正在 Hemlo 附近推進 PEC 項目，重新記錄其歷史核心以指導建模和定位。同樣在加拿大，我們與 Midland Exploration 簽署了一份具有約束力的條款清單，以獲得在 Southern Abitibi 購買的房產中高達 75% 的收益。

We move now south to our Latin American and Asia Pacific region, which had a busy quarter highlighted by the progress at Pueblo Viejo, a prime example of successful value creation by Barrick. And of course, the exciting new Reko Diq project is starting to take shape, which I'll touch on in a little more detail, and I'll update you on our stepwise move towards restarting the Porgera project. At the time of the merger in 2019, you would recall, Pueblo Viejo, a Tier 1 mine, was rapidly nearing the end of its life despite its enormous resources. It simply didn't have the tailings storage capacity to process him. 

我們現在向南移動到我們的拉丁美洲和亞太地區，該地區有一個繁忙的季度，Pueblo Viejo 的進展突顯了這一點，這是 Barrick 成功創造價值的典型例子。當然，令人興奮的新 Reko Diq 項目開始成形，我將更詳細地介紹這一點，並向您介紹我們逐步重啟 Porgera 項目的最新進展。在 2019 年合併時，您會記得，Pueblo Viejo 是一個一級礦山，儘管資源豐富，但它的壽命很快就接近尾聲。它根本沒有處理他的尾礦存儲能力。

We are investing around $2 billion on a 100% basis in expanding and upgrading the operation. And after a long and considered engagement with the Dominican government and the community around the mine, we have identified a site for a new tailings storage facility. The new plant was more than 90% complete at the end of the quarter, and we've started an aggressive commissioning program in April targeted to be fully complete in line with our plan during July. 

我們將在 100% 的基礎上投資約 20 億美元用於擴大和升級業務。在與多米尼加政府和礦山周圍社區進行長期深思熟慮的接觸後，我們已經確定了新尾礦儲存設施的地點。新工廠在本季度末完成了 90% 以上，我們在 4 月份開始了一項積極的調試計劃，目標是在 7 月份完全按照我們的計劃完成。

As a reminder of what I have said in the past, the existing storage facility can cope with the tailings until 2027, when the new one will have been completed. The project will extend Pueblo Viejo's Tier 1 life by at least 20 years at an average annual production rate of more than 800,000 ounces per year. And its success is a tribute to the partnership between management, our host country, and the surrounding communities. Management also deserves credit for keeping the mine operating efficiently despite the inevitable disruptions caused by construction and the tie-ins. 

提醒一下我過去說過的話，現有的儲存設施可以應付尾礦，直到 2027 年新的儲存設施完工。該項目將使 Pueblo Viejo 的 Tier 1 壽命至少延長 20 年，年平均產量超過 800,000 盎司。它的成功歸功於管理層、東道國和周邊社區之間的伙伴關係。儘管施工和搭售造成不可避免的中斷，但管理層仍保持礦山高效運營也值得讚揚。

Veladero made a promising start to the year, but as I'm sure you all appreciate, Argentina has a worsening currency crisis and import restrictions, a change in fiscal policies almost monthly. And as a result, the operating environment is becoming increasingly difficult. We continue to work constructively with the San Juan provincial governor and his government to try and find solutions for the longer term. Our planned headcount optimization and the higher gold price have somewhat mitigated the operation's negative projections for this year, but there's still a lot of work to be done on the cost profile and the resource expansion to ensure Veladero's long-term success. We have had some recent success with our exploration programs around the operation, most notably at the Morro Escondido target, and we continue to extend the system through drilling. 

貝拉德羅今年開局不錯，但我相信你們都明白，阿根廷的貨幣危機和進口限制正在惡化，財政政策幾乎每月都在變化。結果，操作環境變得越來越困難。我們將繼續與聖胡安省省長及其政府進行建設性合作，努力尋找長期解決方案。我們計劃的人員優化和較高的金價在一定程度上減輕了今年業務的負面預測，但在成本概況和資源擴張方面仍有許多工作要做，以確保 Veladero 的長期成功。我們最近在圍繞作業的勘探計劃中取得了一些成功，最顯著的是在 Morro Escondido 目標，我們將繼續通過鑽探擴展系統。

A generative exploration review of Central and South America continues to refine key focus areas where ground consolidation is progressing as planned. 5 drill-ready targets in the Austral project in Peru are moving up our resource triangle. And as I've mentioned, we're testing some targets around Veladero as part of our life of mine extension strategy. A high-level project study on the Pascua-Lama project is also scheduled for completion later this year. 

對中美洲和南美洲的生成性勘探審查繼續完善按計劃進行地面整合的關鍵重點區域。秘魯 Austral 項目中的 5 個鑽探目標正在向我們的資源三角區上移。正如我所提到的，我們正在測試 Veladero 周圍的一些目標，作為我們礦山擴展戰略的一部分。一項關於 Pascua-Lama 項目的高級項目研究也計劃於今年晚些時候完成。

Moving across the globe. In Pakistan, the updated feasibility study on the Reko Diq project is scheduled for completion by the end of next year, with the first production expected in 2028. In the meantime, our social investment program has started with the rollout of the first Community Development Committee and a drive to bring schooling to the region. The first school was inaugurated at the Hami Village, which will provide education for children from the community. And we're also very proud of the fact that the enrollment of the first students was done on a 50% (inaudible) and 50% goal basis, which is a significant step forward in that region. The reconstruction of the runway at the site, which is now complete, will improve access and reduce the need for road transport. 

在全球範圍內移動。在巴基斯坦，Reko Diq 項目的最新可行性研究計劃於明年年底完成，預計將於 2028 年首次投產。與此同時，我們的社會投資計劃已啟動，首個社區發展委員會也已啟動以及將學校教育帶到該地區的動力。第一所學校在哈密村落成，為社區兒童提供教育。我們也感到非常自豪的是，第一批學生的註冊是在 50%（聽不清）和 50% 的目標基礎上完成的，這是該地區向前邁出的重要一步。現場跑道的重建現已完成，將改善交通並減少對公路運輸的需求。

And the selection of a project engineering partner for the project, both for the feasibility study and later on design and construction, is nearing completion, and some key definition studies are now up and running. As I indicated earlier, and as you may have seen in the press, a new progress agreement was signed in March between Barrick New Guinea Limited, the Papua New Guinea government, and New Porgera Limited. New Porgera Limited has initiated the steps to apply for a new special mining lease, which is a key step to the reopening of the mine. There's currently a lot happening as we progress towards getting this mine up and running.

為該項目選擇項目工程合作夥伴，包括可行性研究和後來的設計和施工，已接近完成，一些關鍵的定義研究現已啟動並正在進行。正如我之前指出的，您可能已經在媒體上看到，Barrick New Guinea Limited、巴布亞新幾內亞政府和 New Porgera Limited 於 3 月簽署了一項新的進展協議。 New Porgera Limited 已啟動申請新的特殊採礦租約的步驟，這是礦山重新開放的關鍵一步。隨著我們逐步啟動和運行該礦，目前發生了很多事情。

Back across to Africa and the Middle East. This region finished well ahead of planned gold production for the quarter, setting the scene for another year of strong delivery. As I've said before, if North America is our value foundation, then Africa and the Middle East region is foundational to Barrick's performance. In Mali, Loulo-Gounkoto produced its usual robust performance with the new Gounkoto underground mine, making its first contribution ahead of schedule. Loulo's 40-megawatt solar power expansion project continues to advance, with the commissioning of the first phase expected by the end of this year. And when complete, it is slated to reduce carbon emissions further by a further 63,000 tonnes of carbon dioxide equivalent. 

回到非洲和中東。該地區本季度的黃金產量遠超計劃，為又一年的強勁交付奠定了基礎。正如我之前所說，如果北美是我們的價值基礎，那麼非洲和中東地區就是巴里克業績的基礎。在馬里，Loulo-Gounkoto 新建的 Gounkoto 地下礦山一如既往地表現強勁，提前做出了第一筆貢獻。 Loulo 的 40 兆瓦太陽能擴建項目繼續推進，第一階段預計將於今年年底投產。完成後，它將進一步減少 63,000 噸二氧化碳當量的碳排放量。

The Loulo Flame district, which straddles the border between Mali and Senegal, remains highly prospective, and all key structural corridors in the region are being reviewed in the search for the next world-class discovery. At Bambadji and Senegal, drilling has started on priority targets along the 26-kilometer main share zone. And at Loulo, initial drilling on the Gare West corridor has confirmed the potential for a significant but largely untested mineralized structure. 

橫跨馬里和塞內加爾邊界的 Loulo Flame 區仍然具有很高的前景，該地區的所有主要構造走廊都在審查中，以尋找下一個世界級發現。在 Bambadji 和塞內加爾，已經開始在 26 公里的主要共享區沿線的優先目標進行鑽探。在 Loulo，Gare West 走廊的初步鑽探證實了存在重要但基本上未經測試的礦化結構的潛力。

Across the continent, in the DRC at Kibali, production was in line with planned sequencing and planned maintenance. Grades are forecast to improve from this quarter as development opens up access to new stopping fronts, improving underground flexibility. Like Loulo-Gounkoto, Kibali has a high potential for major discoveries, as has been shown in the past. Exploration continues along the principal mineralized corridor, which still hosts multiple opportunities. Targets currently being advanced include potential underground satellites at Mengu Hill and Warren and new mineralized systems between the KCD Garamba and the Kombokolo Ore bodies. 

在整個非洲大陸，在基巴利的剛果民主共和國，生產符合計劃的順序和計劃的維護。隨著開發開闢新的停車前沿，提高地下靈活性，預計本季度的品位將有所提高。正如過去所顯示的那樣，與 Loulo-Gounkoto 一樣，Kibali 具有重大發現的巨大潛力。沿著主要礦化走廊繼續進行勘探，該走廊仍然蘊藏著多種機會。目前推進的目標包括 Mengu Hill 和 Warren 的潛在地下衛星以及 KCD Garamba 和 Kombokolo 礦體之間的新礦化系統。

And in Tanzania, we have another success story. You may recall that when we took over there a few years ago, these mines were derelict, burdened by major social and environmental liabilities, and with operators despised by the entire country. In very short order, we reinvented the mines, which now between them deliver a Tier 1 production profile, formed a groundbreaking benefit-sharing partnership with the government, and settled the legacy issues. The potency of Barrick's Stakeholder Relations and impact is demonstrated by our recent commitment to invest $30 million in partnership with the government to extend and improve the country's educational infrastructure. 

在坦桑尼亞，我們還有另一個成功的故事。大家可能還記得，幾年前我們接手的時候，這些礦山都是廢棄的，背負著重大的社會和環境責任，經營者被全國鄙視。在很短的時間內，我們對礦山進行了改造，現在它們之間提供了一級生產概況，與政府形成了開創性的利益共享夥伴關係，並解決了遺留問題。巴里克利益相關者關係的效力和影響體現在我們最近承諾投資 3000 萬美元與政府合作，以擴展和改善國家的教育基礎設施。

Also during the past quarter, our growth initiatives in the Africa and Middle East region focused on expanding our footprint in all its Tier 1 districts, as shown on this map, and optimizing our exploration to deliver high-impact discoveries within our existing portfolio. We are reviewing new operational frontiers in West Africa, delivering new projects in Saudi Arabia, and we are developing multiple exploration opportunities across East and Central Africa for both gold and copper. 

同樣在上個季度，我們在非洲和中東地區的增長計劃側重於擴大我們在其所有一級地區的足跡，如本圖所示，並優化我們的勘探以在我們現有的投資組合中提供具有高影響力的發現。我們正在審查西非的新業務前沿，在沙特阿拉伯開展新項目，我們正在東非和中非開發多個黃金和銅勘探機會。

Talking about copper, I turn now to our copper operations, which, as you are aware, we are on track to deliver significant expansions. At the time of the merger, Lumwana in Zambia was a doubtful starter. But like PV and the Tanzanian mines, we have transformed it almost beyond recognition. The Super Pit pre-feasibility study, which includes a potential new mill expansion and tailings storage facility, is advancing and scheduled for completion next year. This project could extend the mine's life into the 2050s and elevated to Tier 1 status. In the meantime, we've also reinvigorated our copper belt exploration leadership and begun the transition to an owner-operator fleet for waste stripping at Lumwana, which should deliver a significant cost reduction. 

談到銅，我現在轉向我們的銅業務，如您所知，我們有望實現重大擴張。在合併之時，贊比亞的盧姆瓦納是一個令人懷疑的首發。但就像 PV 和坦桑尼亞的礦山一樣，我們幾乎把它改造得面目全非。 Super Pit 預可行性研究，包括一個潛在的新工廠擴建和尾礦儲存設施，正在推進併計劃於明年完成。該項目可以將礦山的壽命延長至 2050 年代，並提升至一級礦山地位。與此同時，我們還重振了我們在銅礦帶勘探方面的領導地位，並開始向 Lumwana 的廢物剝離業主運營商車隊過渡，這應該會顯著降低成本。

In Saudi Arabia, in conjunction with our joint venture partners, Ma'aden and the Kingdom of Saudi Arabia, we have received an exploration license for the nearby Uma Demar permit in addition to the Jabal side South permit, and initial field work has started on both these prospects. The 2019 merger was designed to create a business that would deliver sector-leading returns. And as you can see from this comparison with the GDX and spot gold, we've outperformed these benchmarks. Step by step, we have worked to deliver on our strategy that we shared with the market back in September 2018, with just about every objective we outlined then having been fulfilled. 

在沙特阿拉伯，與我們的合資夥伴 Ma'aden 和沙特阿拉伯王國一起，除了 Jabal side South 許可證外，我們還獲得了附近 Uma Demar 許可證的勘探許可證，初步現場工作已經開始這兩個前景。 2019 年的合併旨在創建一個能夠帶來行業領先回報的業務。從與 GDX 和現貨黃金的比較中可以看出，我們的表現優於這些基準。一步一步地，我們努力實現我們在 2018 年 9 月與市場分享的戰略，我們當時概述的幾乎所有目標都已實現。

Today, I'm immensely proud of where we have got to, although we still have a lot more to do with the proven ability to replace the reserves we are mining, we are not reliant on M&A to grow. Our new projects on the horizon should see us grow our production profile, and this affords us the luxury of focusing on our organic initiatives while being able to choose external opportunities when they arise. I believe we have passed an important milestone this quarter on our journey to become the world's most valued gold and copper miner. As I've often said, mining is a long-term game, and the foundation we have laid will ultimately be reflected in the full value of the company. 

今天，我為我們所取得的成就感到無比自豪，儘管我們還有很多工作要做，以證明我們有能力取代我們正在開采的儲量，但我們並不依賴併購來實現增長。我們即將開展的新項目應該會讓我們的生產狀況得到改善，這使我們能夠專注於我們的有機計劃，同時能夠在外部機會出現時選擇它們。我相信我們在本季度成為世界上最有價值的金礦和銅礦商的旅程中已經跨過了一個重要的里程碑。正如我常說的，挖礦是一場長期的遊戲，我們打下的基礎最終將體現在公司的全部價值上。

So ladies and gentlemen, to finish off my presentation, how some of the key reasons for investing in Barrick. We own what are indisputably the best assets in the business. We have a clear and proven long-term strategy, which we execute with disciplined effectiveness. We consistently invest in our future. Our existing mines support a 10-plus-year production profile, which our organic growth projects will enhance. Our reserves are constantly replenished by our successful exploration programs, which include exploring worldwide for our next major discovery. And finally, we are a leader in sustainability, and our actions in this field produce measurable results that benefit all our stakeholders. In short, at Barrick, we do as we say, and I thank you for your attention, and we'll be happy to take questions starting, I believe, with this people in this room. Thank you, Las.

女士們先生們，結束我的演講後，投資巴里克的一些關鍵原因是什麼。我們擁有業內無可爭議的最佳資產。我們有一個明確且行之有效的長期戰略，我們以嚴格的效率執行該戰略。我們始終如一地投資於我們的未來。我們現有的礦山支持 10 多年的生產狀況，我們的有機增長項目將加強這一狀況。我們成功的勘探計劃不斷補充我們的儲量，其中包括在全球範圍內探索我們的下一個重大發現。最後，我們是可持續發展的領導者，我們在這一領域的行動產生了可衡量的結果，使我們所有的利益相關者受益。簡而言之，在巴里克，我們言出必行，感謝您的關注，我相信，我們很樂意從這個房間裡的這些人開始回答問題。謝謝你，拉斯。

Mark, thank you so much for the presentation today. Nice to see you. I wanted to ask you about some statements you made in an article interview from back in March. I was with S&P. And you made the comment that M&A should only be pursued if the target is stressed. And I wanted to get your idea as to what that stressed means. And further to that point, what type of M&A makes sense to Barrick today?

馬克，非常感謝你今天的演講。很高興見到你。我想問你關於你在三月份的一篇文章採訪中發表的一些言論。我在標準普爾。您曾評論說，只有在強調目標的情況下才應進行併購。我想了解您對強調的含義的看法。更進一步說，什麼樣的併購對今天的巴里克來說有意義？

Yes. So I can't remember that. I'd want to admit about, but it makes sense. So we ever said it. But the point is that, I've always said there are 2 reasons you buy companies. And that is if they're really good assets or they are -- it's a company that has those really good assets and is badly run or inefficiently run. And as you know, and you've seen repeatedly during these times of higher commodity prices and less options, any asset that's half decent gets a big multiple on it. So then you start making a decision not against the asset but your view of the gold price or the assumption the gold price is going to continue going upwards. I mean, everyone in this audience knows that doesn't happen. The gold price goes up and down, not necessarily in that order. 

是的。所以我不記得了。我想承認，但這是有道理的。所以我們曾經說過。但關鍵是，我一直說你購買公司有兩個原因。那就是如果它們真的是很好的資產，或者它們是 - 這是一家擁有這些非常好的資產但經營不善或經營效率低下的公司。正如你所知，在大宗商品價格上漲和選擇權減少的這些時期，你已經多次看到，任何資產的一半體面都會得到很大的倍數。因此，您開始做出的決定不是針對資產，而是您對金價的看法或金價將繼續上漲的假設。我的意思是，聽眾中的每個人都知道這不會發生。黃金價格漲跌，不一定按這個順序。

And so it does get them down to the synergies and whether you have the ability to add to the opportunity that you're pursuing. And there's an interesting graph we were talking with the exploration team yesterday. If you take -- and I've shown this before, and we can share to you still on our website. But if you look at Barrick in its hay days, its early days, and Randgold Resources, through its entire life, all the M&A we did, and we both did M&A, came with a significant increase in reserves, material expansion on the drill bit and a classic one is Kibali, which had 5 million ounces. We've mined 10, and we've got 10 left. I mean, that's value creation. We bought Loulo with 0.5 million ounces and we've delivered -- we've mined also around 10, and we've got 10 left or more than 10. So 22 million ounces on the back of that first 0.5 million ounces. 

因此，它確實讓他們了解了協同效應，以及你是否有能力增加你正在追求的機會。昨天我們與勘探團隊討論了一張有趣的圖表。如果你接受——我之前已經展示過這個，我們仍然可以在我們的網站上與你分享。但是如果你看看 Barrick 在它的繁榮時期，它的早期，以及 Randgold Resources，在它的整個生命週期中，我們所做的所有併購，我們都進行了併購，伴隨著儲量的顯著增加，鑽頭上的材料膨脹經典的是 Kibali，它有 500 萬盎司。我們已經開采了 10 個，還剩下 10 個。我的意思是，這就是價值創造。我們購買了 50 萬盎司的 Loulo，我們已經交付了——我們還開采了大約 10 盎司，我們還剩下 10 盎司或超過 10 盎司。所以在最初的 50 萬盎司之後有 2200 萬盎司。

Tongon, we discovered, Morila, discovered. And the classic one is Goldstrike. When Barrick bought Goldstrike, I think they bought like 3 million ounces, and it's produced 33 million ounces. So those are the debates that we have. And if you're really looking to create value rather than gamble, that's the opportunity. And as you know, there's different views in Canada about how to create value. Some people say you can only grow through M&A. And I very clearly say you create value -- the way you create values through the drill bit, adding ounces. Buying them doesn't create value. It might increase your production. And again, if you take some of our peers and you listen to their messaging, and you take my messaging, it's all about sustainable profitability, so then it's about how do you -- what's the acquisition target and what does it do to your profitability? 

Tongon，我們發現了，Morila，發現了。經典的是Goldstrike。當 Barrick 購買 Goldstrike 時，我認為他們購買了大約 300 萬盎司，它生產了 3300 萬盎司。所以這些就是我們的辯論。如果你真的想創造價值而不是賭博，那就是機會。如您所知，在加拿大對於如何創造價值有不同的看法。有人說你只能通過併購來發展。我非常清楚地說你創造價值——你通過鑽頭創造價值的方式，增加盎司。購買它們不會創造價值。它可能會增加你的產量。再說一次，如果你讓我們的一些同行聽取他們的信息，然後你聽取我的信息，這都是關於可持續盈利能力的，那麼這就是關於你如何——收購目標是什麼，它對你的盈利能力有什麼影響？A

Because that's our focus, grow value and not just growth. And a classic example is if you look at our series of transactions in 2019, they were very strategic, driven off the back of a 2.5-year engagement, thorough due diligence, we came out in September 2018 with a clear set of deliverables, including people. If you take Newmont's acquisition of Goldcorp, it was purely opportunistic. And so that's the difference. And I'm not trying to pick on anyone, but there's a different strategy or there's a different business philosophy in one, and there's a very clear business strategy when it comes to Barrick. And so when it comes to M&A, as you know, we have worked and looked at everything that's been put in the market. And we've also looked at many that haven't been put in the market. And we haven't very recently done any. But when you look at the Tanzanian deal and the Nevada deal, that happened very quickly because they fitted all our filters easily. 

因為這是我們的重點，增加價值而不僅僅是增長。一個典型的例子是，如果你看看我們在 2019 年的一系列交易，它們非常具有戰略意義，在 2.5 年的參與、徹底的盡職調查的支持下，我們在 2018 年 9 月推出了一套明確的可交付成果，包括人們。如果你拿 Newmont 收購 Goldcorp 來說，那純粹是投機取巧。這就是區別。我並不是要挑剔任何人，但有一種不同的戰略，或者有一種不同的經營理念，當談到巴里克時，有一個非常明確的經營戰略。因此，如您所知，在併購方面，我們已經研究並研究了已投放市場的所有產品。我們還研究了許多尚未投放市場的產品。我們最近沒有做任何事情。但是當你看看坦桑尼亞的交易和內華達的交易時，這發生得很快，因為它們很容易安裝我們所有的過濾器。

And that's the way we'll continue to do it. And very clearly, as you go like -- and this is like 2011. Gold price up, no one's invested. No one's got exploration teams, and so you have to buy. And the people who make the money are the sellers. And so we're -- that sort of doesn't fit our business. You can go to the second one.

這就是我們將繼續這樣做的方式。很明顯，就像你走的那樣——這就像 2011 年。金價上漲，沒有人投資。沒有人有勘探隊，所以你必須買。而賺錢的人就是賣家。所以我們 - 這有點不適合我們的業務。你可以去第二個。

Yes. I was going to ask one follow-up, and it's Lawson Winder from BofA Securities, by the way. Around the same time, you made a comment that you wanted to see copper grow to 30% of the profitability of the business. I think it's sub-20% right now. So I'd also love to get your thoughts on what are the elements that drive that potentially beyond just the Lumwana super pit.

是的。我正要問一個後續問題，順便說一句，他是美國銀行證券公司的勞森溫德。大約在同一時間，您發表評論說您希望看到銅在業務利潤中的佔比增長到 30%。我認為現在低於 20%。因此，我也很想听聽您的想法，了解哪些因素可能會超越 Lumwana 超級礦坑。

So again, that's a -- thank you for that question because if you go back in in 2018, we were very clear that if you want to be relevant in this public market of mining, as a gold miner, you're going to have to grow and include copper in your portfolio. And we didn't do it because it's suddenly a fad and somebody is trying to make lots of batteries. We identified it as a very strategic method, as strategic as gold is precious. And so we set out to build that. And the growth sits in Jabal Sayid. We've increased the production there by 50%. It's a completely different mine to what it was in 2019. We've grown its footprint materially with these last 2 deals in a real partnership with Saudi Arabia, where it's 50-50, and we are the operators in a formal structure. And that's not common in Saudi. And of course, you've seen us working with Saudi, and we've spoken a lot about the opportunities that that partnership will bring further into South Asia. 

所以，再次感謝你提出這個問題，因為如果你回到 2018 年，我們非常清楚，如果你想在這個公開的採礦市場中發揮作用，作為一名金礦商，你將擁有發展並將銅納入您的投資組合。我們沒有這樣做，因為它突然成為一種時尚，有人試圖製造大量電池。我們將其確定為一種非常具有戰略意義的方法，就像黃金一樣具有戰略意義。因此，我們著手構建它。增長位於 Jabal Sayid。我們在那裡的產量增加了 50%。這是一個與 2019 年完全不同的礦山。通過與沙特阿拉伯的真正合作夥伴關係，我們通過最近兩筆交易大幅擴大了其足跡，沙特阿拉伯的合作夥伴關係為 50-50，我們是正式結構中的運營商。這在沙特並不常見。當然，您已經看到我們與沙特阿拉伯的合作，我們已經談了很多關於這種夥伴關係將為進一步進入南亞帶來的機會。

And then Lumwana, we looked to sell it initially. By the time we had our first look at it very quickly, I mean, we dropped the mining cost by 50%. And we found a whole lot more pounds in satellite deposits. And what those do is they slightly hire very low strip ratio, they allow us to keep building the profile and strip back the main ore bodies, the 2 main ore bodies. And so that's the sexy part of Lumwana, and that you can keep the money -- you can finance that big expansion rather than go into another negative capital debt. And then, of course, you've got Reko Diq. And Reko Diq is a world-class deposit. It brings both gold and copper production in an organic way. We haven't bought it. It was paid for a long time ago as an early-stage project by Barrick and Antofagasta. But we've now got 50% instead of less than that because it was a shared asset. We're partnering with the country. It's opening up a whole new exploration frontier for us. 

然後是 Lumwana，我們最初打算出售它。當我們很快第一次看到它時，我的意思是，我們將挖礦成本降低了 50%。我們在衛星礦床中發現了更多的磅數。那些人所做的是他們略微採用非常低的剝離率，它們使我們能夠繼續構建剖面並剝離主要礦體，即 2 個主要礦體。這就是 Lumwana 的性感之處，你可以保留這筆錢——你可以為大規模擴張提供資金，而不是陷入另一個負資本債務。然後，當然，你有 Reko Diq。 Reko Diq 是世界級的礦床。它以有機的方式帶來了黃金和銅的生產。我們沒有買。很久以前，巴里克和安託法加斯塔作為早期項目支付了費用。但我們現在有 50% 而不是更少，因為它是一項共享資產。我們正在與國家合作。它為我們開闢了一個全新的探索前沿。

So when you just take that and Lumwana, Lumwana will be the equivalent of our 50% share of the 2 phases of Reko Diq as far as contribution. Lumwana, of course, we have 100%. So you take that, and you take our projects in Saudi Arabia, those are all very attractive and make a big contribution taking us towards that. And if you go back and blend it as a gold equivalent, by the time we get to the end of this decade, just on what we've got, not on what we could get. We increased our gold equivalent production by 20%. And so that's material in this mining industry organically. And as you've seen, we have more ounces today than we started with when we did the first combination, 3 combinations in 2019. 

因此，當您只考慮那個和 Lumwana 時，就貢獻而言，Lumwana 將相當於我們在 Reko Diq 兩個階段的 50% 份額。 Lumwana，當然，我們有 100%。所以你接受它，你接受我們在沙特阿拉伯的項目，這些都非常有吸引力，並為我們朝著這個目標做出了巨大貢獻。如果你回去把它作為黃金等價物來混合，到這個十年結束的時候，只是我們已經得到的，而不是我們能得到的。我們將黃金當量產量提高了 20%。這就是這個採礦業有機的材料。正如您所見，我們今天的盎司比我們在 2019 年進行第一個組合時的 3 種組合要多。

And that is significant as well in that we are not forced to buy our future production. We've been able to sustain it. We've got more than a 10-year horizon. And again, the geologists were working through us this week, and we've got -- we can show granularity of replacement of the total resource we mine out 5 years now as we've extended our knowledge of our known ore bodies. And all we need -- and we run the risk of finding something now because our geologists are well embedded in these regions. And I would finish by saying on top of that, exploration, which very few people in our mining industry really comprehend anymore, is also a key for mineral intelligence in proper organically driven M&A because you've now got people -- Barrick has 700 geologists, Joel? 200 geologists across the group, that's just exploration, not MRM. 

這也很重要，因為我們不會被迫購買我們未來的產品。我們已經能夠維持它。我們有超過 10 年的展望。再一次，地質學家本周正在研究我們，我們已經 - 我們可以展示我們現在開採 5 年的總資源的替代粒度，因為我們已經擴展了對已知礦體的了解。我們所需要的一切——我們現在冒著找到東西的風險，因為我們的地質學家深入這些地區。最後我要說的是，在我們的採礦業中很少有人真正理解的勘探也是在適當的有機驅動的併購中獲得礦物情報的關鍵，因為你現在有人——巴里克有 700 名地質學家，喬爾？整個團隊有 200 名地質學家，這只是勘探，而不是 MRM。

And in the field, they are highly skilled, they're commercially savvy, and that's another strategic advantage which will materialize with time because it takes time to build that intellectual capital, which is effectively what exploration is. Do you want to say something?

在該領域，他們技術精湛，精通商業，這是另一個戰略優勢，隨著時間的推移會實現，因為建立智力資本需要時間，而這實際上就是探索。你想說點什麼嗎？

Yes. Just to reiterate what we said at our Investor Day in November, we get to 30% copper organically through those 2 projects that Mark talked about in terms of the super pit and Reko Diq by the end of the decade. So we get there without doing M&A.

是的。重申一下我們在 11 月的投資者日所說的話，我們通過 Mark 在本世紀末談到的 super pit 和 Reko Diq 這兩個項目有機地實現了 30% 的銅。所以我們沒有進行併購就到達了那裡。

Marcus Greg Barnes from TD Securities.

道明證券的馬庫斯格雷格巴恩斯。

You've talked a lot about Argentina and how difficult it is to operate there. And you did mention your comments in your presentation that you're trying to work with the government to help things along. What kind of initiatives can you actually move forward there to.

你已經談了很多關於阿根廷的事情，以及在那裡經營有多麼困難。你確實在你的演講中提到了你正在嘗試與政府合作來幫助事情進展的評論。您實際上可以向那裡推進什麼樣的舉措。

So in the governor's office in San Juan, I think we've really built a strong relationship. And as you can imagine, it's been difficult because the Argentinian political structure at the moment is completely modeled, and so we've got that stability, but he still relies on (inaudible) for the allocation of dollars. And so we spend an audit amount of time with like the governor of the Central Bank, trying to explain to him, so governor, do you need dollars? "Yes, that's exactly what we need." So we actually print dollars for you. So that loop hasn't completed yet, because what happens is he agrees, but the problem is the central bank is not independent in Argentina. So then some politician in the federal government makes decisions. And it's all about -- and we've seen -- I mean, I'm in Africa, and I've lived through these crises. I mean, Zimbabwe is probably the best, but we've lived through a number of these. And so when you get into that spiral, and I always say, actually, Argentina would do well without the government because it's got all the ingredients of a significant economy. It's got a massive agricultural industry. It's got a mining industry and some oil, and it's got tourism, all dollar-based. 

所以在聖胡安的州長辦公室，我認為我們真的建立了牢固的關係。正如你可以想像的那樣，這很困難，因為目前阿根廷的政治結構是完全模仿的，所以我們有這種穩定性，但他仍然依賴（聽不清）來分配美元。因此，我們花了很多時間與中央銀行行長進行審計，試圖向他解釋，所以行長，你需要美元嗎？ “是的，這正是我們所需要的。”所以我們實際上是為你印美元。所以這個循環還沒有完成，因為他同意了，但問題是中央銀行在阿根廷並不獨立。因此，聯邦政府中的一些政客會做出決定。這一切都是關於——我們已經看到——我的意思是，我在非洲，我經歷過這些危機。我的意思是，津巴布韋可能是最好的，但我們已經經歷了其中的一些。因此，當你陷入這種惡性循環時，我總是說，事實上，阿根廷沒有政府也會做得很好，因為它擁有重要經濟體的所有要素。它有一個龐大的農業產業。它有採礦業和一些石油，還有旅遊業，都是以美元為基礎的。

But for some reason, people -- and so this is a year of electioneering. What we've done, as you've seen, is we've cut back Veladero. We've cut back on people. We've worked with the governor of the province to create employment positions. So we just haven't arbitrarily cut back, but we've taken nearly 2,000 people out of Veladero. We've delayed the capital into next year. And at the same time, through our construction royalty programs, we've worked with the province to ensure employment on provincial infrastructure programs. So we've been constructive, and the business -- and we've, of course, invested in people, we continue to do that. And it's a different place today, and it's running the risk of being cash flow positive this year because we made those decisions. 

但出於某種原因，人們——所以今年是競選活動的一年。正如您所見，我們所做的是削減 Veladero。我們已經削減了人員。我們與該省省長合作創造就業崗位。所以我們只是沒有任意削減，但我們已經從 Veladero 撤出了近 2,000 人。我們已將首都推遲到明年。同時，通過我們的建築特許權使用費計劃，我們與該省合作確保省級基礎設施項目的就業。因此，我們一直具有建設性，而業務——當然，我們已經投資於人，我們將繼續這樣做。今天情況不同了，由於我們做出了這些決定，今年它正面臨現金流為正的風險。

And so we keep -- we haven't got and mined in an irresponsible way. You remember Julian Barry used to say, "If you can't mine gold at a profit, leave it in the ground." And so that's really our philosophy in Veladero. We're mining the gold in a proper disciplined way, in a profitable way. We are continuing -- we haven't stopped exploring because that's the future and the value creation. And again, I go there off in every quarter. And the frustration is at such a great country with really good people. It's got all these ingredients. And politically, it's just in a mess.

所以我們繼續——我們沒有以不負責任的方式獲取和開採。您還記得朱利安·巴里 (Julian Barry) 曾經說過的話：“如果您不能通過開採黃金獲利，就把它留在地下吧。”所以這真的是我們在 Veladero 的理念。我們正在以一種有利可圖的方式以適當的紀律方式開採黃金。我們正在繼續——我們沒有停止探索，因為那是未來和價值創造。再一次，我每個季度都會去那裡。令人沮喪的是，在這樣一個擁有真正優秀人民的偉大國家。它有所有這些成分。在政治上，它只是一團糟。

Maybe a question for Graham. Can you get cash out of Argentina currently?

也許是格雷厄姆的問題。你現在可以從阿根廷取出現金嗎？

I can answer that, yes. So we do, and we can, and we negotiate that. But I'll give you an example. And also, as you've noticed, we keep gold in this bulk. So we manage the gold because you don't want to sell the gold and end up with passos that you can't spend. So we really use gold as the ultimate currency. And with the approval of the government, but that in itself doesn't really get anyone out of trouble. And then on top of that, I'll just give you some of the latest regulation is when you buy something offshore, you can only pay for it 180 days later. Now for small companies, that's toxic. For Barrick, we've got a big balance sheet. We've got strong partnerships on the supply side. We can manage that working capital pipeline. But inevitably, it's going to really strangle the mining industry in Argentina.

我可以回答，是的。所以我們這樣做了，我們可以，並且我們就此進行了談判。但我會給你舉個例子。而且，正如您所注意到的，我們將黃金存放在這批散貨中。所以我們管理黃金，因為你不想賣掉黃金，最後得到你不能花的錢。所以我們真的使用黃金作為最終貨幣。並且得到了政府的批准，但這本身並不能真正讓任何人擺脫困境。然後最重要的是，我會給你一些最新的規定，當你在海外購買東西時，你只能在 180 天后付款。現在對於小公司來說，這是有毒的。對於巴里克，我們的資產負債表很大。我們在供應方面建立了牢固的合作夥伴關係。我們可以管理營運資金管道。但不可避免地，它將真正扼殺阿根廷的採礦業。

Just a question taking on to Lawson's, and you have quoted this morning about not being interested in Tech Metals but is the competition for copper resources, copper mining companies just too intense and not something that you can compete in?

只是勞森的一個問題，你今天早上引用了對 Tech Metals 不感興趣的說法，但銅資源、銅礦開採公司的競爭是否過於激烈，而不是你可以參與的競爭？

I think we've got lots of competitive advantages, Greg, as you know, particularly in emerging markets. But again, every potential transaction to Lawson's first point is different. And Tech is not a super producer, but it does have some assets. It's got a really good stake in a partnership in Peru. It's got old legacy assets here in Canada. It's got the new, what's it? QB2 in Chile, and it's got coal. And it's got a lot of debt. So when you look at that structure and Glencore's of intervention, there has been interesting because what Glencore offers that we don't have is synergies, opportunities to really create value. And so I think -- well, I know, from our side, given the current situation, there is no logic for us to get involved in anything like that because we don't have coal. We don't like that, and the synergies in Chile with the Glencore Anglo assets are very real. We don't have anything to offer. But at the same time, we're finding it very interesting to follow the debate because it really is indicating where our industry has got to, given that we haven't invested in our future. Anybody else want to ask a question? Can you ask the post to explain the track to ask questions?

我認為我們有很多競爭優勢，格雷格，正如你所知，特別是在新興市場。但同樣，對於勞森的第一點來說，每筆潛在交易都是不同的。 Tech 不是超級生產商，但它確實有一些資產。它在秘魯的合作夥伴關係中擁有非常好的股份。它在加拿大這裡有舊的遺留資產。有新的，是什麼？智利的 QB2，它有煤。它有很多債務。因此，當您查看該結構和 Glencore 的干預時，就會很有趣，因為 Glencore 提供的是我們所沒有的協同效應，即真正創造價值的機會。所以我認為 - 嗯，我知道，從我們這邊來看，鑑於目前的情況，我們沒有理由參與這樣的事情，因為我們沒有煤炭。我們不喜歡這樣，智利與 Glencore Anglo 資產的協同效應非常真實。我們沒有什麼可以提供的。但與此同時，我們發現關注這場辯論非常有趣，因為它確實表明了我們行業的發展方向，因為我們還沒有為未來投資。還有人想問問題嗎？能不能求帖子解說track問問題？

We will now begin the telephone question-and-answer session. (Operator Instructions) The first question comes from Cleve Rickert with UBS.

我們現在將開始電話問答環節。（操作員說明）第一個問題來自瑞銀的 Cleve Rickert。

Mark, I just wanted to go back. I know you always sort of take the long view, and we appreciate the long-term sort of multi-decade managerial focus. But I really noticed in the press release the -- sort of a little bit of a tilt towards some of the near-term operational work that you're doing on the assets and the improvement that I think you talked about that step-wise increase on quarterly production volumes now throughout the year as the result of the work that you did in the first quarter. And I'm just wondering if -- as we look into 2024 and 2025, there is growth in the plan for both of those years. Should we expect now just that step-wise improvement in volumes to continue through 2025? Or will there continue to be some seasonality in the business as you take maintenance opportunistically or cloud plan?

馬克，我只是想回去。我知道你總是有點長遠眼光，我們很欣賞這種長期的、數十年的管理重點。但我在新聞稿中確實注意到 - 有點傾向於您正在對資產進行的一些近期運營工作以及我認為您談到的逐步增加的改進由於您在第一季度所做的工作，現在全年的季度產量。我只是想知道，當我們展望 2024 年和 2025 年時，這兩年的計劃是否都有增長。我們現在是否應該期望銷量的逐步改善會持續到 2025 年？或者當您採取機會主義的維護或云計劃時，業務中是否會繼續存在一些季節性？

So let's just deal with the first this year. This year, we're looking at roughly 45, 55. If you take the 4.4 million ounces attributable production first half, second half, roughly. The drivers of that are -- and there's no sudden finish in quarter 4. And I'll just take you through the drivers. So Carlin, we expect to step up in quarter 2. Cortez will be -- you saw a proven quarter-on-quarter. It will be similar in quarter 3. All the rest are already at run rate in Nevada. And then quarter 3 and quarter 4, Carlin and Cortez will be really at a good place operationally. And also, I think a lot of you will understand this. When you do these big transactions, particularly big multiple assets. And we have to get the people right first. And also, remember, it's partly unionized, and we've just done -- we just completed a big CBA negotiation, which is, again, just tells you we bring a different philosophy to these things because the union is working alongside nonunion people. That's a big step in the United States because it's very clearly understood they work for us, but they're represented by their union. 

因此，讓我們只處理今年的第一個問題。今年，我們的目標是大約 45、55。如果你把上半年 440 萬盎司的歸屬產量計算在內，下半年大致如此。驅動因素是——而且第 4 季度沒有突然結束。我將帶您了解驅動因素。因此，Carlin，我們希望在第二季度加強。Cortez 將會——你看到了一個經過驗證的季度環比。第 3 季度將與此類似。內華達州的所有其餘部分都已達到運行速度。然後是第 3 季度和第 4 季度，Carlin 和 Cortez 將在運營上真正處於有利位置。而且，我想你們中的很多人都會理解這一點。當你做這些大交易時，特別是大的多重資產。我們必須先把人弄好。而且，請記住，它是部分工會化的，我們剛剛完成了——我們剛剛完成了一項大型 CBA 談判，這再次告訴你，我們為這些事情帶來了不同的理念，因為工會與非工會人員一起工作。這是美國邁出的一大步，因為人們非常清楚他們為我們工作，但他們的工會代表他們。

And also, we've changed management because we've moved from a more controlled strategy as we've merged the organization. And remember, it was 4-day weeks for management in Newmont. The Newmont assets were behind on their plans. Barrick was obsessed with cash flow and high grading. So culturally, they were different, and also, operational culture was different. And so we brought all that back. And now it's a case -- and I've done this so many times, and when you're climbing the hill, it's like it's tiring. And you have challenges. And slowly, you build a habit, and then you get the habit right. And then you'll see it becomes -- and I mean you guys will -- some of you have worked through it with Kibali when we ramped it up, Loulo as well. None of the mines we started had sort of straight out the block perfect.

而且，我們已經改變了管理，因為我們在合併組織時已經放棄了一個更受控制的戰略。請記住，紐蒙特的管理層每週工作 4 天。 Newmont 資產落後於他們的計劃。巴里克痴迷於現金流和高評級。所以在文化上，它們是不同的，而且運營文化也不同。所以我們把這一切都帶回來了。現在是個案——我已經做過很多次了，當你爬山的時候，感覺很累。你有挑戰。慢慢地，你養成了一個習慣，然後你就把這個習慣改正了。然後你會看到它變成了——我的意思是你們會——當我們提高它的時候，你們中的一些人已經和 Kibali 一起完成了它，Loulo 也是。我們開辦的礦山沒有一個是完美的。

And so we're at that stage now, and we've now changed the management as per the Barrick or stroke Randgold model in that we flattened that GMs run the mines, not somebody in the corporate. We build strong people around them. We've got very good GMs now in Nevada. And it's taken some time to build some capacity around. And they are in their own right back. So running it centrally is not -- and I don't like doing that anyway. So now we've got a much better flatter structure. And also, we've had to deal with neglected capital and maintenance. And remember, it was a hostile transaction. So we took it as it came. And we're getting to the point now where we're comfortable with our processing facility. It's still process constrained. Because as we go underground, we go more to double refractory ore. So we're expanding the gold quarry roaster, which was the highest cost, most inefficient of the 2 roasters. 

所以我們現在正處於那個階段，我們現在已經按照 Barrick 或 stroke Randgold 模型改變了管理層，因為我們扁平化了 GMs 經營礦山，而不是公司中的某個人。我們圍繞他們培養堅強的人。我們現在在內華達州有非常優秀的總經理。建立一些能力需要一些時間。他們在自己的右後衛。所以集中運行它不是——而且我也不喜歡這樣做。所以現在我們有了一個更好的扁平化結構。而且，我們不得不處理被忽視的資本和維護問題。請記住，這是一次惡意交易。所以我們接受了它。我們現在已經到了對我們的加工設施感到滿意的地步。它仍然受到過程限制。因為越往地下走，我們越往雙耐火礦石走。所以我們正在擴建採石場烘焙機，這是兩個烘焙機中成本最高、效率最低的。

And so with that, that really grows our profile, as you point out, in Nevada over the next couple of years, gently, but it's an improving profile. And then PV is a big step up back to above 800,000 ounces. And we go straight there almost this year. And what's nice is the front end of -- just to remind you, what we've done there is we've expanded the front end, jacked up our -- put in a concentrator. And really, on that basis, we've kept the autoclave feed the same. But we've changed the whole temperature management in the autoclave, so it can take higher fuel. And we're definitely seeing sort of a 10%, 12% increase in throughput in the autoclaves. And the SAG mill we've put in is enormous. So we've built some flexibility into that operation to be able to -- it's a bit like Kibali, where you can catch up. 

因此，正如您所指出的那樣，在接下來的幾年裡，這確實增加了我們在內華達州的知名度，但這是一個不斷改善的形象。然後 PV 又回到了 800,000 盎司以上。我們幾乎今年就直接去了那裡。好的是前端 - 只是提醒你，我們在那裡所做的是我們已經擴展了前端，抬高了我們的 - 放入集中器。實際上，在此基礎上，我們一直保持高壓滅菌器進料不變。但是我們改變了高壓滅菌器中的整個溫度管理，因此它可以消耗更多的燃料。我們肯定會看到高壓滅菌器的吞吐量增加了 10%、12%。我們投入的半自磨機非常巨大。所以我們在該操作中建立了一些靈活性，以便能夠 - 它有點像 Kibali，在那裡你可以趕上。

Whereas in Nevada, it's always, unless we've got oxide ore, or heap leach, or the refractory flow sheets is really your bottleneck. And the way we're building flexibility for Nevada now with the new team is we're building some extra flexibility underground because that's the way you do it. And so you open up some ore stocks underground with a little bit more grade in it. And then you manage that so that when you have an unplanned shutdown, you can start up and feed high-grade ore for a while and tidy it up. But then you need to invest in, and that's what we've been doing is putting in that extra flexibility. So those are the drivers that take us to the better second half. And Kibali was the other soft producer this quarter. And that was because we -- at the end of last quarter, remember that quarter 4 was a higher production quarter, and we fed on our stockpile, the high-grade stockpiles from Kibali. So we're building that backup. And then you'll have a very steady run rate for the last part of the year for the last 3 quarters. And when I say it's a different profile to what you've seen this previous couple of years as we stabilize the organization. And AME, as you know, as I said, it's pretty flat.

而在內華達州，它總是，除非我們有氧化礦，或堆浸，或者耐火流程表確實是你的瓶頸。我們現在與新團隊一起為內華達州建立靈活性的方式是我們在地下建立一些額外的靈活性，因為這就是你做事的方式。因此，您在地下開闢了一些品位更高的礦石庫存。然後你管理它，這樣當你有一個計劃外的停機時，你可以啟動並供給高品位礦石一段時間並整理它。但是你需要投資，這就是我們一直在做的就是增加額外的靈活性。所以這些是讓我們進入更好的下半場的驅動力。 Kibali 是本季度的另一位軟製作人。那是因為我們 - 在上個季度末，請記住第 4 季度是一個更高的生產季度，我們以我們的庫存為食，來自 Kibali 的高級庫存。所以我們正在建立備份。然後你將在過去 3 個季度的最後一部分獲得非常穩定的運行率。當我說這與你在過去幾年穩定組織時所看到的情況不同。正如你所知，正如我所說，AME 非常平坦。

Yes, that makes sense. And I would say that the work that you've been doing over the last 3 years, maybe it's not clear to everyone and you're getting tired of talking about it, but we're looking forward to...

是的，這是有道理的。我想說的是，你在過去 3 年裡所做的工作，也許每個人都不清楚，你也厭倦了談論它，但我們期待著……

No, no. I never get tired of talking about it because that's what makes -- and I'll just add a little bit you hadn't asked the question, but again, you look at our policy around dividends, everyone, I mean these last 3 years, we've had the market calling for dividends, Everyone's been paying dividends and then suddenly what. And now you see people still paying dividends outside their dividend policy because the markets being in the table saying, I want some dividends, and we didn't get caught up in that sort of vogue. And our balance sheet is in good shape. And the dividends there, as we promised, and we can afford it. And we'll pay it, and we bought shares back when the share price was down, not when the share price was relatively high, like some of our colleagues or our peers. So you can see the difference in the way we run our business compared to a lot of others in this industry. And that's because we are owners, first of all, as management. And if you -- and I don't have to try and make people owners because they are. So it's a different approach. And we do have a long-term horizon. And I tell you, we will get opportunities. And one thing you can be sure about is when the right opportunity arises, it will happen.

不，不。我從不厭倦談論它，因為這就是 - 我只是補充一點你沒有問過這個問題，但是再一次，你看看我們關於股息的政策，大家，我的意思是過去 3 年，我們有市場要求分紅，每個人都在分紅，然後突然什麼。現在你看到人們仍然在他們的股息政策之外支付股息，因為市場在表中說，我想要一些股息，而我們沒有陷入那種時尚。我們的資產負債表狀況良好。正如我們承諾的那樣，那裡的紅利是我們負擔得起的。我們會付錢，我們會在股價下跌時買回股票，而不是像我們的一些同事或同行那樣在股價相對較高的時候買回股票。所以你可以看到我們經營業務的方式與這個行業的許多其他公司相比的不同之處。那是因為我們是所有者，首先是管理層。如果你 - 我不必嘗試讓人們成為主人，因為他們是。所以這是一種不同的方法。我們確實有長遠的眼光。我告訴你，我們會得到機會。你可以確定的一件事是，當合適的機會出現時，它就會發生。

I wanted to ask just one quick follow-up on Porgera. And I appreciate that you are waiting for the mine lease to get approved. What happens after that? I mean, what are -- just quickly, what are the key milestones? Do you have an export license in place? What needs to happen to get Porgera sort of back into guidance and up and running?

我只想問一個關於 Porgera 的快速跟進。我很感激您正在等待礦山租約獲得批准。之後會發生什麼？我的意思是，什麼是 - 很快，關鍵的里程碑是什麼？你們有出口許可證嗎？需要做些什麼才能讓 Porgera 重新進入指導並啟動並運行？

So the big one knows ASML, that's what was taken away and issued to Kumon back 3 years ago. But we've all got our head around what needs to be done, and that's the process. We will start the mine up on thermal power as the backup power. We are working with the Hella province to restart the gas power station and hello, that's really what makes -- Porgera is a low-cost high production when it comes to gold project. And apart from that, we have still -- so we have agreed the scope of the shareholding that the landowners get. That has to be ratified through a development forum, but it's not -- it doesn't hold the production up. 

所以大的知道 ASML，這就是 3 年前拿走並發給 Kumon 的東西。但是我們都在思考需要做什麼，這就是過程。我們將使用熱能作為備用電源啟動礦山。我們正在與海拉省合作重啟天然氣發電站，你好，這真的是 - 就黃金項目而言，Porgera 是一個低成本高產量的項目。除此之外，我們仍然 - 所以我們已經同意土地所有者獲得的股權範圍。這必須通過一個發展論壇來批准，但事實並非如此——它不會阻礙生產。

The production -- the restart is all around the SML. The operator agreement, which we've got, I think, 3 points left on it. And there are a couple of the mine development agreements, is it Mine Development Contract, I think it's called MDC. That's also a document that has to be completed. And we are now working towards -- we've done all the sort of review of all the mobile fleet so that they're operational because we can -- we've cleaned out all the mud from the mine. We're continuing to do that. We have a fleet of trucks in Australia that are sort of very secondhand, but close to new, that we have kept offshore, which we'll bring onshore as we finalize the structure. And that will help with the mining. And then we're doing some rehab on the tankage, the CIL tankage and slowly inching our way to be operationally ready when the SML is approved and get the fine. 

生產——重啟是圍繞 SML 展開的。運營商協議，我認為，我們還剩下 3 點。還有一些礦山開發協議，是礦山開發合同嗎，我認為它叫做 MDC。這也是一份必須完成的文件。我們現在正在努力——我們已經對所有機動車隊進行了各種審查，以便它們能夠正常運行——我們已經清理了礦井中的所有泥漿。我們將繼續這樣做。我們在澳大利亞有一支卡車車隊，這些卡車非常二手，但接近於新貨，我們一直在海上，我們將在完成結構時將其運回岸上。這將有助於採礦。然後我們正在對儲罐、CIL 儲罐進行一些修復，並在 SML 獲得批准並獲得罰款時慢慢地準備好操作。

And we're working hand in glove with the government and the MRA, the Mineral Resources Authority. And the other big thing is we're just over 1,000 people unemployed now, we are employing people, and that's one of the big critical parts is getting enough people and up to run it. And dealing with the security around the mine, which is a government thing, and I think we've all landed on that now. But Papua New Guinea is a tough place to operate.

我們正在與政府和礦產資源管理局 (MRA) 密切合作。另一件大事是我們現在有 1000 多人失業，我們正在僱用人員，其中一個重要的關鍵部分是獲得足夠的人並開始運營它。處理礦山周圍的安全問題，這是政府的事情，我想我們現在都已經著手解決了。但巴布亞新幾內亞是一個難以經營的地方。

The next question comes from Tanya Jakusconek with Scotiabank.

下一個問題來自加拿大豐業銀行的 Tanya Jakusconek。

Mark, can you just give me an update as to what's happening with the Goldrush permit? It seems to be getting delayed quarter-over-quarter. So I'm just trying to understand what exactly is keeping up the delay. And then just looking at the mine tour that we did in September, I thought Nevada, that portion of Nevada's old mine production. I think Goldrush was going to be about 100,000 ounces this year on 100% and moving higher to commercial production in 2026. I thought it was about 400,000 ounces or thereabouts. Can you kind of give me an idea of, A, what's happening with the obtaining the permit and B, what sort of production profile was scheduled to come in '24-'25 that could potentially be impacted?

馬克，你能告訴我淘金許可證的最新情況嗎？它似乎每個季度都在延遲。所以我只是想了解到底是什麼導致了延遲。然後看看我們在 9 月份進行的礦山之旅，我想到了內華達州，這是內華達州舊礦山生產的一部分。我認為 Goldrush 今年將以 100% 的速度達到約 100,000 盎司，並在 2026 年提高到商業生產。我認為它大約是 400,000 盎司左右。你能不能給我一個想法，A，獲得許可證的情況和 B，計劃在 24-25 年可能會受到影響的生產概況是什麼？

Yes. So this is the challenge of doing business in the United States, a lots of good things about it, but permitting is not one of them. And so there's been some 9-circuate court decisions around permitting just recently. We are not impacted by that in any legal fashion. But again, the BLM have slowed the process down. What I can say is that we've got a very good constructive working relationship with them. We're back on engaged and the EIA is right at a point where it's nearly ready to go to Washington, if it hasn't already got there at the moment, but that is delayed. 

是的。所以這是在美國做生意的挑戰，有很多好處，但許可不是其中之一。因此，最近有一些關於允許的 9 循環法院判決。我們不受任何法律方式的影響。但是，BLM 又一次放慢了這個過程。我能說的是，我們與他們建立了非常良好的建設性工作關係。我們重新開始參與，EIA 正處於幾乎準備好前往華盛頓的地步，如果它目前還沒有到達那裡，但那是延遲的。

And as I said in my speech, right now, the delay we can manage. We're still guiding around 1 million ounces, 950 to just over 1 million ounces for Cortez. And Goldrush is embedded and in Cortez, and we manage it that way. And we are looking at whether, if this goes beyond this year, we have had some relief under our hiccup permit, which is the project exploration permit under which we're doing trial mining at the moment. And so that's -- right now, we're looking at where is the critical path and how can we manage and not compromise the infrastructural development and be able to deliver on our long-term plan for Cortez and Goldrush is embedded in that plan, Tanya. So as I said, we are looking at it, we'll let you know. But right now, we have enough flexibility in our operations. And I think that as I've touched on earlier, that's the big thing that I see in Nevada, that it's taken time to put the working capital in to build the flexibility. 

正如我在演講中所說，現在，我們可以控制延遲。我們仍在為 Cortez 指導約 100 萬盎司，950 至略高於 100 萬盎司。 Goldrush 嵌入在 Cortez 中，我們以這種方式進行管理。我們正在研究，如果這種情況超過今年，我們的打嗝許可證是否會有所緩解，這是我們目前正在進行試采的項目勘探許可證。所以這就是——現在，我們正在研究關鍵路徑在哪裡，我們如何管理而不損害基礎設施的發展，並能夠實現我們對 Cortez 的長期計劃，而 Goldrush 就包含在該計劃中，譚雅。所以正如我所說，我們正在研究它，我們會讓你知道。但現在，我們的運營有足夠的靈活性。而且我認為正如我之前提到的那樣，這是我在內華達州看到的一件大事，需要時間投入營運資金來建立靈活性。

Kibali is a 750,000 ounce producer. It's got lots of flexibility because it's embedded in the business. Same with Loulo, but Nevada never had that, and we are doing that. And I think the fact that we're saying to you the rod is delayed. We're not sure exactly when we do expect it to be this year. But at this stage, we've got flexibility to manage it. That's a new development in Nevada.

Kibali 是一個 750,000 盎司的生產商。它具有很大的靈活性，因為它嵌入到業務中。與 Loulo 一樣，但內華達州從未有過這種情況，而我們正在這樣做。而且我認為我們對你說的事實被延遲了。我們不確定我們預計今年會是什麼時候。但在這個階段，我們可以靈活地管理它。這是內華達州的一個新發展。

Okay. And so am I correct to think of that $950 million to 1 million ounces at 10,000 of it is Goldrush?

好的。因此，我認為其中 10,000 美元的 9.5 億至 100 萬盎司是 Goldrush 是正確的嗎？

No. It's variable. I think Goldrush will slowly grow to your 400,000 ounces and maybe even higher as we develop it. But we're still learning about those breaches. But right now, the 1 million ounce profile for Cortez is built on what we have banked in the Goldrush project. But we're still exploring. We're still expanding. We're still learning as we drill out the ore bodies. And the nice thing about this is Carlin at $1.5 billion to $1.6 billion, quarters, I mean, it should settle out above 1 million ounces, which is a big shift. You can see. It's never been there. It was there a long time ago, but not recently. And then you've got 500 going to 600, maybe a little bit higher in Turquoise Ridge and then you've got Phoenix. So that's what grows our profile gently over the next 2, 3 years in Nevada, as we've shown you.

不，它是可變的。我認為 Goldrush 會慢慢增長到您的 400,000 盎司，甚至可能隨著我們的開發而增加。但我們仍在了解這些違規行為。但現在，Cortez 的 100 萬盎司配置文件是建立在我們在 Goldrush 項目中所存入的資源之上的。但我們仍在探索。我們還在擴張。我們在鑽探礦體時仍在學習。好消息是 Carlin 在 15 億到 16 億美元之間，季度，我的意思是，它應該穩定在 100 萬盎司以上，這是一個很大的轉變。你可以看到。它從來沒有去過那裡。很久以前就在那裡，但不是最近。然後你有 500 到 600，在 Turquoise Ridge 可能高一點，然後你有 Phoenix。這就是我們在接下來的 2、3 年內在內華達州逐漸增長的形象，正如我們所展示的你。

Okay. I think I'll move off that. And just I've got 2 other projects. I just wanted to ask an update on if you could, Mark, can you give us an update on what's happening at Donlin Gold in terms of what you're seeing there and what your focus is for this year and longer term?

好的。我想我會離開那個。我還有另外兩個項目。我只是想問一下最新情況，馬克，你能不能向我們介紹一下 Donlin Gold 的最新情況，比如你在那裡看到的情況，以及你今年和長期的重點是什麼？

So we focused on what we shared with you in quarter 4. Actually, it was quarter 3 last year after our annual September trip. And that is very specific work streams on revisiting and optimizing certain work streams. And one is, of course, the water management and ensuring that we address the issue around protecting the fish in the water way. The second one is the trade-offs that we on power because currently, the plan is to bring gas from a gas field that really hasn't been developed on a gas pipeline that doesn't have a road next to it. So there's work to do on that trade-off. We are doing a series of metallurgical tests and trade-offs on the flow sheet because it's a double refractory ore and whether we can improve the recoveries. 

因此，我們專注於我們在第 4 季度與您分享的內容。實際上，那是在我們一年一度的 9 月旅行之後的去年第 3 季度。這是關於重新訪問和優化某些工作流的非常具體的工作流。當然，其中之一是水資源管理，並確保我們解決保護水域魚類的問題。第二個是我們在電力方面的權衡，因為目前，計劃是從一個真正沒有開發的氣田中抽出天然氣，用一條沒有道路的天然氣管道輸送天然氣。因此，在權衡取捨方面還有很多工作要做。我們正在對流程表進行一系列的冶金測試和權衡，因為它是一種雙難處理的礦石，以及我們是否可以提高回收率。

And is there another way to process this also? That's part of the trade-off. We've gone back to the mining and the mine schedule as we've improved our knowledge of the ore bodies and now looking at bench heights and equipment sizing and then we can get our head around the costs. And another one is limestone because as you know, when you've got autoclaves, you need limestone. And there's always been talk of calcium carbonate rocks in the area that we need to just check if they are actually usable or where is the closest source of limestone. So there's a couple of these things that could materially change the project. We have also worked hard with our partners because remember, this is owned by the native Alaskans. And both the people who own the surface rights and the mineral rights, but also the whole of all the native Alaskans will benefit from this project. So that's where we are. We are working towards the next review workshop in September again. And after that, we'll be able to update the market. But I just want to assure you that we see this as a significant resource, and we are putting the necessary effort into it to try and get it into a reserve on Barrick's set of filters.

還有另一種方法來處理這個嗎？這是權衡的一部分。隨著我們提高了對礦體的了解，我們又回到了採礦和礦山時間表，現在正在研究台階高度和設備尺寸，然後我們可以了解成本。另一種是石灰石，因為如你所知，當你有高壓滅菌器時，你需要石灰石。一直有人談論該地區的碳酸鈣岩石，我們只需要檢查它們是否真的可用，或者最近的石灰石來源在哪裡。所以有一些事情可以實質性地改變項目。我們還與我們的合作夥伴一起努力工作，因為請記住，這是阿拉斯加原住民所有的。擁有地上權和採礦權的人，還有所有阿拉斯加原住民都將從這個項目中受益。這就是我們的處境。我們正在為 9 月份的下一次審查研討會而努力。之後，我們將能夠更新市場。但我只想向你保證，我們將其視為重要資源，我們正在投入必要的努力，試圖將其納入 Barrick 過濾器組的儲備。

And you can get that as a reserve when Mark, do you think?

當馬克時，你可以把它作為儲備，你覺得呢？

I don't know. I'm still working on it, Tanya.

我不知道。我還在努力，坦尼婭。

Okay. We'll wait for the update then later this year on all of those factors that you're looking at. And if I could just ask, you mentioned high level study coming at the end of the year on Paspalama. Can you just remind me what's happening there, sort of...

好的。我們將在今年晚些時候等待您正在查看的所有這些因素的更新。如果我可以問一下，你提到年底將對 Paspalama 進行高水平研究。你能不能提醒我那裡發生了什麼，有點...

So we were instructed to -- basically, the project that was originally conceptualized and designed had a lot of issues, critical issues the way it was designed, et cetera, and also social issues. And when I assumed the role here in Barrick, we went to the government, and we said, let's deal with this because we were lighting up for a fight. And so we agreed to go down and put that permit to beg, just the construction permit. So a lot of the stuff like trenches that put the water or expose the water, some of the stockpiles that were being blown all over the place, and there's a whole lot of other infrastructure. And so we are busy closing those. We're very close to completing that. 

所以我們被指示 - 基本上，最初概念化和設計的項目有很多問題，設計方式的關鍵問題等等，還有社會問題。當我在巴里克擔任這個角色時，我們去了政府，我們說，讓我們來處理這個問題，因為我們正在為一場戰鬥而點燃。所以我們同意下去申請許可證，只是施工許可證。所以很多東西，比如放水或暴露水的溝渠，一些被炸得到處都是的庫存，還有很多其他基礎設施。因此，我們正忙於關閉這些。我們非常接近完成那個。

At the same time, the exploration permit is still very much intact. And so what we've done is we've embarked, and we did some drilling last year, and we've shown that a substantial part of the resource can be processed through standard leaching and/or agitated leach. And so we can do that. We can change the circuit that's already built in the Lama infrastructure. So that's what we've been looking at. And we want to take it to a point where we can demonstrate a potentially viable project, which we can then take back to the governments of the Chile and Argentina and point out the opportunity and then work to get a permitting process going to be able to drill out the model and take it from there. That's where we're going. And I think it's our responsibility to do that to ensure that those countries understand there's value in this, both infrastructure and the resources.

與此同時，勘探許可證仍然完好無損。所以我們所做的就是我們已經開始，去年我們進行了一些鑽探，我們已經證明大部分資源可以通過標準浸出和/或攪拌浸出進行處理。所以我們可以做到。我們可以更改已經構建在 Lama 基礎設施中的電路。這就是我們一直在關注的。我們想把它帶到一個可以展示一個潛在可行項目的地步，然後我們可以將其帶回智利和阿根廷政府並指出機會，然後努力獲得許可程序能夠鑽出模型並從那裡取出它。那就是我們要去的地方。我認為我們有責任這樣做，以確保這些國家了解基礎設施和資源的價值。

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 want to know, when I look at the cost increases that you have this quarter, there was 16% year-on-year on gold and over 40% on copper. So what gives you confidence? What are the 2, 3 things that give you confidence that you will be able to maintain the cost flat year-on-year?

我想知道，當我查看本季度的成本增長時，黃金同比增長 16%，銅同比增長 40% 以上。那麼是什麼讓你有信心呢？有哪 2、3 件事讓您有信心能夠保持成本同比持平？

So Martin, it's all in the production, as you know. So we had a soft quarter, so the costs were up because the production was down. And on a unit basis, that drives all-in-sustaining costs. With the pickup, as I pointed out, if you've got 45% of this sort of 4.4 million ounces, middle of guidance. And then you're going to increase your production to 55% of that. It drives costs, and that's really the biggest driver. Do you want to add to that, Graham?

馬丁，正如你所知，這一切都在製作中。所以我們有一個疲軟的季度，所以成本上升是因為產量下降了。在單位基礎上，這會增加所有維持成本。正如我所指出的那樣，如果你有這種 440 萬盎司中的 45%，那麼在指導中間。然後你要把你的產量提高到 55%。它推動了成本，而這確實是最大的驅動因素。你想補充一下嗎，格雷厄姆？

No, that's spot on. I mean, if you look at the delta in production from Q4 to Q1, you were down about 15%, and costs were up 15%. So there's a very strong correlation there.

不，那是現場。我的意思是，如果你看一下從第四季度到第一季度的生產增量，你會下降大約 15%，成本上升 15%。所以那裡有很強的相關性。

You get that, Martin?

你明白了嗎，馬丁？

Yes. If you look at the volumes, we're down 9% compared to Q1 last year.

是的。如果你看一下銷量，我們比去年第一季度下降了 9%。

Back forward quarter 1.

後退第 1 節。

So you can't really look at Q1 last year because that was pre the inflationary pressure that we were experiencing post the Ukraine crisis. So if you remember, last year, we started the year with a $65 oil price assumption. 2022 landed up being close to $100 of actual oil price, and that drove significant inflation through the business last year. This year, when we look at our assumptions for some of those key inputs, we're using assumptions that are based on prices that are very similar to what we actually experienced in 2022. So really, the Q1 of last year isn't a relevant comparison quarter.

所以你不能真正看去年第一季度，因為那是在烏克蘭危機後我們經歷的通脹壓力之前。所以如果你還記得，去年，我們以 65 美元的油價假設開始了這一年。 2022 年實際油價接近 100 美元，這在去年推動了該行業的大幅通貨膨脹。今年，當我們審視對其中一些關鍵投入的假設時，我們使用的假設是基於與我們在 2022 年實際經歷的價格非常相似的價格。所以說真的，去年第一季度不是相關比較季度。

Okay. But you would say that this is in line with what you're expecting, the cost of the Q1 or it was higher than expected.

好的。但是你會說這符合你的預期，Q1 的成本或者它比預期的要高。

Yes. So it's in line because as we indicated at the start of the year, we expected this first quarter to be the weakest quarter, and so we expected costs to be highest in this first quarter. And then as the production steps up, we expect the costs to come down. And as we've reiterated, we expect to meet both our production and cost guidance metrics for the year.

是的。所以這是一致的，因為正如我們在年初所指出的那樣，我們預計第一季度將是最疲軟的季度，因此我們預計第一季度的成本最高。然後隨著生產的增加，我們預計成本會下降。正如我們重申的那樣，我們希望達到今年的生產和成本指導指標。

The next question comes from Mike Parkin with National Bank Financial.

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

Most of them asked and answered, but just a follow-up on Nevada. It sounds like you're doing a lot of good things in terms of getting the management in place that you want. In terms of the more general labor force, how are you tracking relative to filling jobbing and just any kind of overall commentary around the Nevada Gold Mines employment scenario. Is it still a bit challenging like it is in some of the other areas of the world? Are you finding it easing and you're getting closer to 4 employment plans?

他們中的大多數人都問了也回答了，但只是對內華達州的跟進。聽起來你在讓管理到位方面做了很多好事。就更一般的勞動力而言，你如何追踪相對於填補就業以及圍繞內華達金礦就業情景的任何一種整體評論。它是否仍然像在世界其他一些地區一樣具有挑戰性？您是否發現它正在放鬆並且您正在接近 4 個就業計劃？

So I mean, we made, as you know, a while back, made a strategic decision to not continue to chase ever-decreasing ever aging traditional mining skill pool and to go and invest in younger engineers and skills. And we've been extremely successful in that endeavor. And we've started a focused process, multiple set of processes to ensure that we give those young people the skills and the experience that is needed to go into the workforce. And part of that is I think we had -- they are in 50 job phase or job engagements. What do you call them? 110 this last year or this last quarter? Quarter. Yes. We had 50 job fairs this last quarter. And it's interesting, nearly 50% of young graduates that have joined us this last quarter have never -- didn't know what mining was about until they came for an experience at Nevada. 

所以我的意思是，正如你所知，我們不久前做出了一個戰略決定，即不再繼續追逐不斷減少、不斷老化的傳統採礦技能庫，而是去投資於年輕的工程師和技能。我們在這方面取得了極大的成功。我們已經啟動了一個重點流程，多套流程，以確保我們為這些年輕人提供進入勞動力市場所需的技能和經驗。其中一部分是我認為我們有 - 他們處於 50 個工作階段或工作約定。你怎麼稱呼他們？ 110 是去年還是上個季度？四分之一。是的。上個季度我們舉辦了 50 場招聘會。有趣的是，在上個季度加入我們的年輕畢業生中，近 50% 的人從來沒有——不知道採礦是什麼，直到他們來內華達州體驗。

At the same time, we've enhanced our Compass program for like geologists and mineral resource managers and planners and that sort of thing. We now have 3 mining schools or mining training centers. We train for underground. We train for open pit and we're training process. So because United States doesn't have a trade type mentality. So a lot of our skilled people come from the army or have just learned sort of a diesel mechanic skill, but they don't actually -- they're not trained. And so when we bring in those people, we can train them. And it's also part of our initiative to standardize all standard operating procedures across the Nevada business. And I was there just 10 days ago, I spent just over a week there, and we visited these schools. 

同時，我們為地質學家、礦產資源經理和規劃師等增強了 Compass 計劃。我們現在有 3 個礦業學校或礦業培訓中心。我們訓練地下。我們為露天礦進行培訓，我們正在培訓過程中。所以因為美國沒有貿易類型的心態。所以我們的很多技術人員來自軍隊，或者剛剛學會了某種柴油機械技能，但他們實際上並沒有——他們沒有受過訓練。因此，當我們引進這些人時，我們可以培訓他們。這也是我們對內華達州業務的所有標準操作程序進行標準化的舉措的一部分。我 10 天前才到那裡，我在那里呆了一個多星期，我們參觀了這些學校。

And the other thing that struck me for the first time, you're getting 35-year-old, 40-year-old new recruits coming back to work. They're from another industry. So the first signs we're seeing of a tightening labor market. Those are different to the people we're actually targeting, which is the young skills. And again, we've gone all engineers, all financial people. We don't try and go to a mining school because you get a good civil engineer, and we've been extremely successful in attracting young people. I think we've employed about 100 young graduates per month the last 3 months. So just in Nevada. So -- and again, the way we've slowly changed our organogram within Nevada, we are now refreshing our planned headcount because -- so I can tell you that the turnover has reduced materially like, I want to say, 20% Yes. 

另一件讓我第一次感到震驚的事情是，你讓 35 歲、40 歲的新員工重返工作崗位。他們來自另一個行業。因此，我們看到勞動力市場趨緊的最初跡象。這些與我們實際針對的人不同，這是年輕的技能。再一次，我們離開了所有工程師，所有財務人員。我們不會因為你有優秀的土木工程師就去礦業學校，而且我們在吸引年輕人方面非常成功。我認為過去 3 個月我們每月僱用大約 100 名年輕畢業生。所以就在內華達州。所以 - 再一次，我們在內華達州慢慢改變我們的組織結構圖的方式，我們現在正在更新我們計劃的員工人數，因為 - 所以我可以告訴你營業額已經大幅減少，我想說，20% 是的。 A

And also, now we're saying, okay, we've been operating at plan for a long time as we change the way we operate and how we manage people and more efficient. I mean, we've done some interesting things like introduced childcare from 4:00 in the morning to 8:00 at night. We're looking at multiple people for one job, particularly in the driving side. We're looking at being innovative because -- and it's driven by our commitment to be Nevadan focused as far as employment goes. And again, our percentage of Nevadans and our workforce are significantly up. And I would just -- and so is our local purchase. I mean 80% of all our purchases are now Nevada-based. When I first arrived here, there was like 20%.

而且，現在我們說，好吧，隨著我們改變運營方式和管理人員的方式以及提高效率，我們已經按計劃運營了很長時間。我的意思是，我們做了一些有趣的事情，比如從早上 4:00 到晚上 8:00 引入托兒服務。我們正在為一份工作尋找多人，尤其是在駕駛方面。我們正在尋求創新，因為 - 它是由我們承諾就就業而言以內華達州為中心的承諾所推動的。再一次，我們的內華達人和我們的勞動力比例顯著上升。我只是——我們在當地的採購也是如此。我的意思是我們現在 80% 的採購都是在內華達州進行的。當我剛到這裡時，大約有 20%。

So a lot of effort in that. I'm not answering it in real numbers, but as we progress this, but we've certainly got all the arrows pointing in the right directions. And one thing I can tell you is that people that say that young 22-year olds to 26-year-olds haven't got ambition is untrue. And we've got -- and there's a lot -- I mean, we've just employed some of the top students out of the British Columbian universities for Nevada because we went and got them. And so we are seeing and we're excited about that potential because that also will change the way we operate. because that -- I'll give you an example. You take a 50-year-old mining civil engineer or an electrical engineer and ask him to do AI or data lytics. He struggles. Get a 24-year-old young graduate in any one of the engineering fields that they've, it's part of their cost. They're good at it. So that's where this world is going. And just accessing the data points on a big 300-tonne tracked, we've been able to improve our efficiencies. And it's not just about being AR-savvy. You've got to have the full engineering skill to be able to apply it in our industry anyway.

所以在這方面付出了很多努力。我不是用實際數字來回答這個問題，但隨著我們的進展，但我們肯定已經把所有的箭頭都指向了正確的方向。我可以告訴你的一件事是，那些說 22 歲到 26 歲的年輕人沒有野心的人是不正確的。我們已經——而且有很多——我的意思是，我們剛剛從不列顛哥倫比亞省的大學中為內華達州聘請了一些頂尖學生，因為我們去得到了他們。因此，我們看到了這種潛力，我們對此感到興奮，因為這也將改變我們的運營方式。因為那——我給你舉個例子。你讓一位 50 歲的採礦土木工程師或電氣工程師讓他做人工智能或數據分析。他掙扎。在他們擁有的任何一個工程領域獲得一名 24 歲的年輕畢業生，這是他們成本的一部分。他們很擅長。這就是這個世界的發展方向。只需訪問重達 300 噸的大型履帶車上的數據點，我們就能夠提高效率。這不僅僅是精通 AR。無論如何，您必須具備完整的工程技能才能將其應用到我們的行業中。

There are no more questions from the conference call.

電話會議中沒有更多問題。

All right. Thank you very much, everyone. Great seeing you again. And we'll be catching up with some of you during the next while. And again, I'd just say the team is always available. We are going to see some of you down in Dominican Republic, I believe. So we look forward to that. And again, if they've got any questions, we haven't given you time to ask the teams around and we're all in at the end of the phone. So thank you very much again.

好的。非常感謝大家。很高興再次見到你。在接下來的一段時間裡，我們將與你們中的一些人會面。再一次，我只想說團隊隨時可用。我相信我們會在多米尼加共和國見到你們中的一些人。所以我們對此充滿期待。再一次，如果他們有任何問題，我們沒有給你時間詢問周圍的團隊，我們都在電話結束時參與。所以再次非常感謝你。

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。