巴里克黃金 (GOLD) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the event operator. Welcome to Barrick's Results Presentation for the Second Quarter of 2023. (Operator Instructions) As a reminder, this event is being recorded and a replay will be available on Barrick's website later today, August 8, 2023.

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2023 年第二季度的業績演示。（操作員說明）謹此提醒，我們正在記錄此事件，並將於今天晚些時候（2023 年8 月8 日）在巴里克的網站上提供重播。

I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead, sir.

現在我想請巴里克總裁兼首席執行官馬克·布里斯托 (Mark Bristow) 發言。請繼續，先生。

Thank you very much and so we're controlling this. Welcome, everyone. Good afternoon for those across the Atlantic and good morning for those this side of the Atlantic and a special welcome to all of you who have given up some of the sunny weather outside to join us personally. Thank you for coming. Appreciate it.

非常感謝您，所以我們正在控制這一點。歡迎大家。大西洋彼岸的人們下午好，大西洋彼岸的人們早上好，特別歡迎你們所有人放棄陽光明媚的天氣親自加入我們。謝謝你的到來。欣賞它。

I think I felt I should start on a good news story. And that is that -- and I'm sure you all know this, certainly, those sitting in the hall here, that we saw the average gold price for the last quarter at an all-time high. And it's interesting, a lot of people are suggesting that the gold price is not performing, it's performing extremely well.

我想我覺得我應該從一個好消息開始。這就是——我相信坐在大廳裡的你們都知道這一點，我們看到上個季度的平均金價創下歷史新高。有趣的是，很多人都認為金價表現不佳，實際上表現得非常好。

And for me, the more interesting part is that some see this is driven by a forecast decline in interest rates. And certainly, having recently traveled right around the world, I really believe it's more about a risk on situation as we wrestled with the global economy and its -- deglobalization of the world as a whole.

對我來說，更有趣的是，有些人認為這是由利率預測下降推動的。當然，在最近環遊世界之後，我真的相信，當我們與全球經濟及其整個世界的去全球化作鬥爭時，這更多的是一種局勢風險。

And the fact that China is not -- I don't believe, going to get back to where it was. It's certainly going to recover, but not back to where it was. And again, our supply chains and general investment in the economy and upliftment into -- of some of those more challenged economies are going to hurt if we don't stop and invest in it.

事實上，我不相信中國會回到原來的狀態。它肯定會恢復，但不會回到原來的狀態。再說一次，如果我們不停止投資，我們的供應鍊和對經濟的總體投資以及一些面臨更大挑戰的經濟體的振興將會受到損害。

And so otherwise, all we're going to do is create a future where the rich continue to get richer and the poor get even poorer. And so we held a mining summit in Islamabad last weekend. And it was very interesting for me to see the realization from Pakistan that things needed to change. And there were comments about; it's been 70 years of mistakes.

否則，我們要做的就是創造一個富人愈富、窮人愈窮的未來。因此，我們上週末在伊斯蘭堡舉行了礦業峰會。對我來說，看到巴基斯坦意識到事情需要改變是非常有趣的。還有評論： 70年來一直有錯誤。

And this country has everything that it needs to get on top of things. But -- and what it's got the people by far, but it needs to care about them. And I'm drawing from the leadership that spoke at the opening of the mining summit. It needs to focus on development and not just exploitation. And finally, it needs to attract foreign investments. And in fact, the Minister of Petroleum pointed out that their strategy was to turn red tape into a red carpet for investors and that is very interesting. That's a massive transition, as you know, that country has got many challenges.

這個國家擁有一切所需的一切。但是——到目前為止，它已經為人們帶來了一切，但它需要關心他們。我引用了在礦業峰會開幕式上發言的領導層的發言。它需要關注發展而不僅僅是剝削。最後，它需要吸引外國投資。事實上，石油部長指出，他們的策略是將繁文縟節變成投資者的紅地毯，這非常有趣。正如你所知，這是一個巨大的轉變，該國面臨著許多挑戰。

And I think we've seen West Africa, what happens when we neglect these developing countries. And we've spoken many times to some of the major economies in the world about West Africa and the importance of staying there and engaging in conversation and working on investment instead of just lecturing.

我認為我們已經看到了西非，當我們忽視這些發展中國家時會發生什麼。我們已經多次與世界上一些主要經濟體談論西非以及留在那裡進行對話和投資而不僅僅是說教的重要性。

And again, the elected governments' right across that region have failed. And we don't seem to want to do anything about it except lecture. And so there's a big need for the world to relook at how it manages its business. And again, as far as the policy towards mining and metals in the United States goes, it has to reflect on how important it is just to exploit other peoples' natural resources rather than develop some of its own and engage and support and build a real mining industry because that's what's required if we're going to have a better world ahead of us.

民選政府在該地區的權利再次失敗。除了講座之外，我們似乎不想做任何事情。因此，世界迫切需要重新審視其業務管理方式。再說一遍，就美國的採礦和金屬政策而言，它必須反思僅僅開發其他國家人民的自然資源而不是開發自己的自然資源以及參與、支持和建立一個真正的自然資源是多麼重要。採礦業，因為如果我們要擁有一個更美好的世界，就需要採礦業。

And so I think that -- and there certainly is conversation starting around those topics. And as you know, I've spoken a lot about the importance of partnerships and development across the world. And Barrick is -- hopefully, I'll share with you today what we've done and now the real results that are starting to materialize in our policy of driving partnerships with our host countries around the world.

所以我認為——而且肯定會圍繞這些話題開始對話。如您所知，我已經多次談到世界範圍內夥伴關係和發展的重要性。巴里克希望我今天能與大家分享我們所做的事情，以及現在在我們推動與世界各地東道國夥伴關係的政策中開始實現的真正成果。

And so -- and I'm also going to spend a little time today on focusing in on exploration, because this ongoing debate of you only grow it through M&A. And we've put a lot of effort in the last 4 years and one fixing our assets; and two, building that bench strength in exploration. And we've got some initial pointers now starting to materialize, which we'll share with you. And we're super excited about being able to actually support some of these early results with real borehole results by the end of this current quarter.

所以，今天我也將花一點時間專注於探索，因為關於你們的持續辯論只會通過併購來發展它。在過去 4 年裡，我們付出了很多努力，其中之一是修復我們的資產；第二，在探索中建立後備力量。我們已經有了一些初步的建議，現在開始具體化，我們將與您分享。我們非常高興能夠在本季度末之前用真實的鑽孔結果來實際支持其中一些早期結果。

So that's the sort of outline of my messaging I want to get across today. And I would start first with just a quick look at -- before I'd go further, as usual, presentation is preceded by a quarterly statement. As you see here on the slide, it's also available on our website, should you want to study it in more detail.

這就是我今天想要傳達的信息概要。我首先會快速瀏覽一下，然後像往常一樣，在進一步介紹之前先發布季度聲明。正如您在幻燈片上看到的那樣，如果您想更詳細地研究它，也可以在我們的網站上找到它。

And then moving on to our KPIs for this past quarter, at the beginning of the year, we guided that our results will be weighted roughly 45-55 in favor of the second half. And certainly, as you can see, the trend is already evident in quarter 2.

然後轉向我們上個季度的 KPI，在今年年初，我們指導我們的業績將在下半年進行大約 45-55 的權重。當然，正如您所看到的，這一趨勢在第二季度就已經很明顯了。

The improvements over quarter 1 was largely due to the completion of scheduled maintenance on Carlin's processing facilities, which boosted NGM's performance, as you see -- we'll see in the number. I'll touch on it just now and the strong contributions from our Tanzanian mines and Kibali in particular.

第一季度的改進主要歸功於 Carlin 處理設施的定期維護的完成，這提高了 NGM 的性能，正如您所看到的 - 我們將在數字中看到。我現在將談到這一點，特別是我們的坦桑尼亞礦山和基巴利礦山的巨大貢獻。

And of course, you would have seen too Veladero had a good quarter, better than planned. As always, I will highlight the key aspects of our operations as I take you through the presentation. And this time, I am, as I said, to point to the progress we're making on all fronts as far as exploration goes.

當然，您也會看到貝拉德羅也有一個不錯的季度，比計劃的要好。與往常一樣，我將在向您介紹演示時重點介紹我們運營的關鍵方面。正如我所說，這一次我要指出的是，就探索而言，我們在各個方面都取得了進展。

So looking ahead, despite some equipment challenges relating to PV ramp up, we remained on track to meet our gold and copper production guidance for 2023. And they will -- should drive the costs back down towards guidance. And Nevada is expected to build on last quarter's post-maintenance improvement. PV will continue to ramp up throughput as it expands the plant.

因此，展望未來，儘管存在與光伏產能提升相關的一些設備挑戰，但我們仍有望達到 2023 年黃金和銅產量指導目標。而且它們將推動成本回落到指導水平。內華達州預計將在上季度維護後的改善基礎上再接再厲。隨著工廠擴建，光伏發電將繼續提高產量。

We have finished the commissioning. But we've got stuck in the ramp-up. And in Zambia, the Lumwana copper mines, new fleet is expected to improve mining productivity and throughput. And we land in better grades in the main pit in the back half of this year.

我們已經完成了調試。但我們陷入了困境。在讚比亞的 Lumwana 銅礦，新船隊預計將提高采礦生產率和吞吐量。今年下半年，我們在主坑取得了更好的成績。

As far as the financial results go, increased production helped by the all-time average quarterly gold price, which I just referred to, delivered a 7% increase in operating cash flow and an increase in adjusted net earnings to $0.19 per share.

就財務業績而言，我剛才提到的歷史平均季度金價幫助產量增加，運營現金流增加了 7%，調整後淨利潤增加至每股 0.19 美元。

On the back of this, the quarterly dividend was maintained at $0.10 per share. And it's important that I'll point out the fact that we are managing this company for the long term. And we're not -- we are very diligent about we thought carefully about our dividend policy. We are respecting that policy and not disregarding it.

在此背景下，季度股息維持在每股0.10美元。重要的是我要指出這樣一個事實：我們正在長期管理這家公司。我們不是——我們非常勤奮地仔細考慮了我們的股息政策。我們尊重這一政策，而不是忽視它。

We remained the strongest balance sheet in the industry. And as we build back on the back half of this year, we will build up our cash balance again materially. At the beginning of the year, we launched our new safety drive, as you all know, and we call it Journey to Zero.

我們仍然是業內最強勁的資產負債表。隨著我們在今年下半年的基礎上再接再厲，我們將再次大幅增加現金餘額。眾所周知，今年年初，我們推出了新的安全舉措，我們稱之為“零之旅”。

And it went -- we specifically led it across the entire group. And it certainly started to produce results. If you look at the lagging indicators, which is not what we're using to manage against, we have the injury frequency rate down 38% quarter-on-quarter. But what's key is, for the first time, North America region, the whole North American region reported an injury free April. And so that's a key step in our commitment to getting operations back where we expect them to operate as far as safety goes.

事情就這樣發生了——我們專門在整個團隊中進行了領導。它確實開始產生成果。如果你看一下滯後指標（這不是我們用來管理的指標），我們的受傷頻率環比下降了 38%。但關鍵是，北美地區，整個北美地區四月份首次報告無傷病。因此，這是我們致力於使運營恢復到我們期望的安全運營水平的關鍵一步。

And LatAm and the Pacific region also recorded zero lost time injuries for the entire quarter. So those are key more important than the lagging indicator trend. We've methodically tracked our Journey to Zero. And following a full review, we've developed the new fatal risks and associated standards as shown here, along with critical controls of each of the 10 fatal risks.

拉丁美洲和太平洋地區整個季度的損失工傷事故也為零。因此，這些比滯後指標趨勢更重要。我們有條不紊地追踪了我們的“歸零之旅”。經過全面審查後，我們制定了新的致命風險和相關標準，如下所示，以及對 10 種致命風險中每一種的關鍵控制。

And part of our risk management overview, we also reviewed and updated our field level risk assessment tool that is standard throughout the organization now. And really, the big driver is to get every one of us, particularly the leadership, completely embracing this Journey to Zero.

作為我們風險管理概述的一部分，我們還審查並更新了我們的現場級風險評估工具，該工具現在已成為整個組織的標準。事實上，最大的推動力是讓我們每個人，特別是領導層，完全接受這一“歸零之旅”。

Sustainability, as you all know, is central to Barrick's strategies and practices. And it is what secures our crucially important social license to operate. And there were no significant environmental incidents during the quarter and the year-to-date. And our average water use efficiency for quarter 2 was 82% and for the half year, 83% and again beating our 80% target.

眾所周知，可持續發展是巴里克戰略和實踐的核心。這也是我們至關重要的社會運營許可的保障。本季度和年初至今未發生重大環境事件。第二季度的平均用水效率為 82%，半年的平均用水效率為 83%，再次超過了 80% 的目標。

Also, our greenhouse gas emissions were down 5% quarter-on-quarter and 12% against the same period last year. And as you see in this slide, our commitment to biodiversity takes many forms, but was exemplified last quarter by the Barrick reintroduction of white rhinos to the Garamba National Park in North Eastern part of the Democratic Republic of Congo. And Garamba National Park, we've been supporting since from Randgold days back in 2009.

此外，我們的溫室氣體排放量環比下降了 5%，比去年同期下降了 12%。正如您在這張幻燈片中看到的，我們對生物多樣性的承諾有多種形式，但上個季度巴里克將白犀牛重新引入剛果民主共和國東北部的加蘭巴國家公園就體現了這一點。還有加蘭巴國家公園，我們從 2009 年蘭德戈爾德時代起就一直在支持。

And it's also -- it's a personal goal of mine to see this happen and it comes with another message. And that is when we arrived in Kibali, then Moto gold mines back in 2009, the Lord Resistance Army was all over the place. And today, the fact that we can put rider back in that park means we've really got on top of the security. So it's a massive sort of symbol of what mining can bring to these conflict zones.

這也是我的個人目標，希望看到這種情況發生，它還帶來了另一個信息。 2009 年，當我們到達基巴利（Kibali），也就是莫托金礦時，上帝抵抗軍已經遍布各處。今天，我們可以讓騎手回到那個公園，這意味著我們真正掌握了安全措施。因此，它是採礦業可以給這些衝突地區帶來什麼的巨大象徵。

And having just come back from Pakistan, I'm absolutely convinced that if we do the Reko Diq right, we're going to see the same sort of effects, if not better, more tangible in that part -- the part of Balochistan, where Reko Diq is going to be built.

剛從巴基斯坦回來，我絕對相信，如果我們正確對待雷科迪克，我們將在俾路支省的部分地區看到同樣的效果，甚至更好、更明顯。 Reko Diq 將在那裡建造。

Another key point and I'm not sure all of you are aware of this, but staying with sustainability. Also very pleased to announce that we've achieved full conformance with the recently formulated global industry standard on tailings management and you would have seen an announcement on Friday with the disclosure of information on our website as per principal 15 of the standard for our very high and extreme consequence facilities.

另一個關鍵點，我不確定你們所有人都意識到這一點，但要堅持可持續性。我們還非常高興地宣布，我們已經完全符合最近制定的尾礦管理全球行業標準，並且您會在周五看到我們網站上的公告，根據我們非常高的標準的原則 15 披露信息。和極端后果設施。

And I'll just point out that Barrick has long been a leader in the responsible management of tailings storage facilities. And we welcome the additional disclosure, which is part of the new standard.

我只想指出，巴里克長期以來一直是尾礦儲存設施負責任管理的領導者。我們歡迎額外的披露，這是新標準的一部分。

Over now to the operations and we start as usual with North America, where we continue to build our value foundation in Nevada Gold Mines. Already far more than the sum of the parts that were combined in the merger and NGM is on the cusp of entering a new growth phase, as I hope to show you in some of the exploration slides.

現在開始運營，我們像往常一樣從北美開始，繼續在內華達金礦建立我們的價值基礎。正如我希望在一些探索幻燈片中向您展示的那樣，NGM 已經遠遠超過了合併中合併的部分的總和，並且正處於進入新的增長階段的風口浪尖。

The knowledge gained from a better understanding of the orebodies is generating new targets and discoveries as well as new concepts designed to deliver life of mine extensions and potentially the next wave of Tier 1 assets in one of the world's most prolific gold districts.

通過更好地了解礦體而獲得的知識正在產生新的目標和發現以及新的概念，旨在延長礦山的壽命，並可能在世界上最多產的金礦區之一實現下一波一級資產的發展。

These are the Nevada Gold Mine's operating results with production, as I referred to in the introduction, up 11% quarter-on-quarter. And it remains on track to deliver on its 2023 production plans. The higher production delivered a meaningful drop in all-in sustaining costs, as you can see from the slide.

這些是內華達金礦的經營業績，正如我在介紹中提到的，產量環比增長 11%。該公司仍有望實現 2023 年的生產計劃。正如您從幻燈片中看到的那樣，更高的產量使總體維持成本顯著下降。

And this is a trend we expect to continue into the second half of the year. Since creating Nevada Gold Mines, it's worth noting that we've replaced 16.5 million reserve ounces depleted by mining. And as you can see, how we still have a wealth of opportunities with the potential to be big value drivers and are confident that exploration or sustained reserve replacement and deliver an inventory that will secure a 15-year planning horizon and beyond. And I'll come back to that replacement strategy because as we had in Randgold, we're now developing a plan to replace our reserves through the advancement from inventory to resources and then to reserves. And in Nevada, we're starting to see that plan as well.

我們預計這一趨勢將持續到今年下半年。值得注意的是，自創建內華達金礦以來，我們已經補充了因採礦而耗盡的 1650 萬盎司儲備金。正如您所看到的，我們仍然擁有大量機會，有可能成為巨大的價值驅動因素，並且有信心進行勘探或持續儲量替代，並提供可確保 15 年及以後規劃期限的庫存。我將回到替換策略，因為正如我們在蘭德戈爾德那樣，我們現在正在製定一項計劃，通過從庫存到資源再到儲備的進步來替換我們的儲備。在內華達州，我們也開始看到這個計劃。

There's no better place to start on the slide at the top right this review then at the Carlin trend, which is the gift that keeps on giving. We continue to intersect and this is quite important. You'll see at the bottom that '23-001 intersection that we continue -- these are Carlin-type grades and in our quiz to expand Carlin and the Greater Leeville complex.

沒有比 Carlin 趨勢更好的地方來開始這篇評論右上角的幻燈片了，這是不斷給予的禮物。我們繼續相交，這一點非常重要。您將在底部看到我們繼續的 '23-001 交叉點 - 這些是卡林型等級，在我們的測驗中擴展卡林和大利維爾綜合體。

And we continue to consolidate the ground around this. And we're talking multi-multimillion ounce opportunities. And we're starting to see that definition. And we're expecting to be able to share some of the holes that we've drilled now, but we're still waiting for the verified assets.

我們將繼續鞏固這一基礎。我們正在談論數百萬盎司的機會。我們開始看到這個定義。我們希望能夠分享我們現在鑽出的一些漏洞，但我們仍在等待經過驗證的資產。

But the one thing I've always said, to many of you is that when you hit world-class orebodies, you don't have to send the assays, the logs to the assay lab to work it out. So we're super excited about this potential.

但我一直對你們許多人說的一件事是，當您發現世界一流的礦體時，您不必將化驗、日誌發送到化驗實驗室來解決問題。所以我們對這種潛力感到非常興奮。

At Cortez, the Barrick-owned Fourmile discovery is well on its way to Tier 1 status. We shared some of these results with you last quarter. These are big numbers. Every intersection now we're starting to show more opportunity. And the most recent of these discoveries is the Dorothy Brecher, which you see referenced in the slide.

在 Cortez，巴里克 (Barrick) 擁有的 Fourmile 油田正在順利進入一級礦區。上季度我們與您分享了其中一些結果。這些都是很大的數字。現在我們開始在每個十字路口展示更多的機會。這些發現中最新的發現是 Dorothy Brecher，您可以在幻燈片中看到它的引用。

But these intersections add significant ounces every time we drill a hole. That's where we are in the orebody today. Strong drilling results staying with Cortez complex from Robertson, which show the potential to grow into a multimillion ounce asset and this is -- it's very important, Robertson. It's still going to be permitted. We are in the process of permitting it, but it's a multimillion ounce oxide deposit.

但每次我們鑽孔時，這些交叉點都會增加大量的重量。這就是我們今天所在的礦體。羅伯遜的科爾特斯綜合體取得了強勁的鑽探結果，這表明它有潛力發展成數百萬盎司的資產，這非常重要，羅伯遜。它仍然會被允許。我們正在批准它，但這是一個數百萬盎司的氧化物沉積物。

And that's important for Nevada, because we've got capacity in our oxide mills. And you'll remember that Newmont, we're going to close down the oxide mill even before we did the deal and we've kept them alive. And this is a very key asset. And we're still looking to expand this footprint. It's been a very successful exploration project.

這對內華達州很重要，因為我們的氧化物工廠有產能。你會記得紐蒙特，我們甚至在完成交易之前就關閉了氧化物工廠，並讓它們保持活力。這是一項非常重要的資產。我們仍在尋求擴大這一足跡。這是一個非常成功的勘探項目。

And finally, at Turquoise Ridge, we've now opened the main, what we call Turquoise Ridge underground orebody to the north, west and the Southeast and as you see here, and again, significant intersections. And that really and this is the least developed of all the world-class orebodies in the known Nevada operations.

最後，在綠松石嶺，我們現在已經在北部、西部和東南部開放了主要的、我們稱之為綠松石嶺地下礦體，正如你在這裡看到的，還有重要的交叉點。這確實是內華達州已知礦體中所有世界級礦體中最不發達的。

And I just pause there for a minute and just point out that the Greater Leeville area and certainly the extension, as you see on the slide. That's a completely parallel world-class target that's running parallel to the Goldstrike Meikle trend, which is what made Carlin so famous.

我在這裡暫停一分鐘，只是指出大利維爾地區，當然還有延伸區，正如您在幻燈片上看到的那樣。這是一個完全平行的世界級目標，與 Goldstrike Meikle 趨勢並行，這也是 Carlin 如此出名的原因。

And we are really at a stage of developing a sub-parallel target along really key -- one of the key faults which will parallel that world-class trend that, as I said, has made so many mining companies wealthy.

我們確實正處於沿著真正關鍵的方向制定次平行目標的階段——關鍵的缺陷之一將與世界級趨勢相平行，正如我所說，這種趨勢使許多礦業公司變得富有。

Barrick also, in addition to our Nevada joint venture continues to expand its North American footprint and drilling is confirming significant discovery potential across the multiple targets in Nevada away from Nevada Gold Mines. And Framework drilling has started on our Pearl String project as well. And ongoing generative work in ground consolidation is progressing across the Western United States. Again, we've got some developing opportunities, which hopefully we'll be able to share with you in -- during the next quarter.

除了我們的內華達合資企業之外，巴里克還繼續擴大其在北美的足跡，鑽探正在確認內華達州遠離內華達金礦的多個目標具有重大發現潛力。我們的珍珠串項目的框架鑽探也已開始。美國西部地區正在進行的地面加固工作正在取得進展。同樣，我們有一些發展機會，希望我們能夠在下個季度與您分享。

And in Canada, mapping and sampling at the Pic project near Hemlo has identified some interesting mineralized structures. Our geologists have also started work on the new Sturgeon Lake project. And we've signed an agreement to earn up to 75% on the Patris project, which is just northwest along the same trend as --.

在加拿大，赫姆洛附近的 Pic 項目測繪和採樣已經發現了一些有趣的礦化結構。我們的地質學家也開始了新的鱘魚湖項目的工作。我們還簽署了一項協議，獲得 Patris 項目高達 75% 的收益，該項目位於西北部，趨勢與——相同。

So again, we're in the right place and we're super excited. And we tried, as you know, to look at opportunities to go through M&A. But our geologists are starting to point to some real opportunities to expand our business here in Canada.

再說一次，我們來對地方了，我們非常興奮。如您所知，我們嘗試尋找進行併購的機會。但我們的地質學家開始指出一些真正的機會來擴展我們在加拿大的業務。

Moving then on to Latin America and Asia Pacific region. The team is doing a great job, particularly the exploration team. We are busy rationalizing a large historical land portfolio now as well as and particularly along the Andean trend. And we also are moving to secure new opportunities.

然後轉向拉丁美洲和亞太地區。該團隊做得很好，尤其是勘探團隊。我們現在正忙於合理化龐大的歷史土地組合，特別是沿著安第斯趨勢。我們也在努力爭取新的機會。

We've expanded our footprint in Chile, the Dominican Republic and Peru, where we've made some exciting early-stage progress, particularly in Southern Peru at our Austral project. This region also covers Porgera and Papua New Guinea and Reko Diq in Pakistan, where there have been some very positive developments during the quarter, which I'll take you through.

我們擴大了在智利、多米尼加共和國和秘魯的足跡，並取得了一些令人興奮的早期進展，特別是在秘魯南部的 Austral 項目。該地區還包括波格拉和巴布亞新幾內亞以及巴基斯坦的雷科迪克，這些地區在本季度取得了一些非常積極的進展，我將向您介紹這些情況。

So starting with PV. Commissioning, as I said in the intro of the expanded plant was impacted by ongoing equipment failures relating to the flotation and mill circuit pumps. And we are working with FLSmidth to address these issues and rectify some design floors. And I just explained. We've installed the biggest floatation cells ever. We'll certainly have the biggest at FLSmidth supplied. And we've had some issues with some of the shafts and the gearboxes. And we've had to retro-engineer them. And they have also rebuilt some new ones and sent them.

所以從PV開始。正如我在擴建工廠的介紹中所說，調試受到與浮选和磨機迴路泵相關的持續設備故障的影響。我們正在與 FLSmidth 合作解決這些問題並糾正一些設計平台。我剛剛解釋過。我們安裝了有史以來最大的浮選機。我們肯定會在 FLSmidth 提供最大的產品。我們的一些軸和變速箱出現了一些問題。我們不得不對它們進行逆向設計。而且他們還重建了一些新的並發送了。

And so we are busy working with them. And until we get that settled, we're running all the circuits. But we're going to take some time to ramp it up to full production. We are still expecting a much stronger second half than the first half. And the expansion project, we are confident will achieve its full capacity at the end of this quarter, maybe early next quarter.

所以我們正忙於與他們合作。在我們解決這個問題之前，我們將運行所有電路。但我們需要一些時間才能全面投入生產。我們仍然預計下半年會比上半年強勁得多。對於擴建項目，我們有信心將在本季度末或下季度初達到全部產能。

Once completed, the plant inspection and mine life extension have been designed to support an annual production of above 800,000 ounces to way beyond 2040. And this really does make PV a standout Tier 1 mine. And we've got 6 of those and we've got a couple in the making.

一旦完成，工廠檢查和礦山壽命延長旨在支持 2040 年之後年產量超過 800,000 盎司。這確實使 PV 成為傑出的一級礦山。我們已經有了 6 個，還有幾個正在製作中。

And we are very clear about how we define Tier 1 assets. And just to remind you, when we did the merger, PV was if we didn't get a solution on the tailings facility, it was going to close in 2021. So we've now got the permits in place. And we're good to go as far as the expansion goes.

我們非常清楚如何定義一級資產。只是提醒您一下，當我們進行合併時，PV 是如果我們沒有找到尾礦設施的解決方案，該設施將於 2021 年關閉。所以我們現在已經獲得了許可證。我們很高興能夠繼續擴展。

And that's -- when you try and put a value on that, it's like a very big discovery. There's a 22 million ounce prospect as ---. As I mentioned, Argentina, Veladero exceeded its planned production, which is particularly commendable considering the very difficult operating environment. Argentina's ongoing currency crisis has created strong drilling results from the Morro Escondido target pointed -- point to its potential as a satellite to Veladero. We're busy doing that modeling right now. And exploration is also focused on those other targets immediately around Veladero.

那就是——當你嘗試評估它的價值時，這就像一個非常大的發現。預計產量為 2200 萬盎司——。正如我提到的，阿根廷貝拉德羅工廠超出了計劃產量，考慮到非常困難的運營環境，這一點尤其值得稱讚。阿根廷持續的貨幣危機為莫羅埃斯孔迪多目標帶來了強勁的鑽探成果——表明其作為貝拉德羅衛星的潛力。我們現在正忙著建模。勘探的重點還集中在貝拉德羅周圍的其他目標。

I think the team is now fully motivated having achieved some success with Morro Escondido. And again, you would recall we cut back on Veladero, delayed some of the capital into end of next year. This is a very dynamic year in addition to the currency crisis and election year. It's an election year that's been spread over the whole year.

我認為，在莫羅·埃斯孔迪多取得了一些成功後，團隊現在充滿了動力。再說一次，你可能還記得我們削減了貝拉德羅的資金，將一些資金推遲到明年年底。除了貨幣危機和選舉年之外，今年也是非常充滿活力的一年。這是一個貫穿全年的選舉年。

And so we know now who our governor is in San Juan. But we've still got to go through that rock and roll process to get the federal government in place and elected President. So as I noted again earlier, we're rationalizing our exploration portfolio in Latin America and prioritizing our portfolio.

所以我們現在知道我們的聖胡安州長是誰了。但我們仍然必須經歷這個艱難的過程才能組建聯邦政府並選舉總統。正如我之前再次指出的，我們正在合理化我們在拉丁美洲的勘探投資組合，並優先考慮我們的投資組合。

So getting our resource triangle, people know me -- know exactly what means in order. And we continue to secure more ground in that area. There is a quick snapshot of where we are looking. And we've certainly are excited about the prospects and we've got a completely new team. It's taken a couple of years now to get that team to start really understanding what we want and where to go and we're now starting to get those results.

因此，有了我們的資源三角，人們就了解我了——確切地知道順序意味著什麼。我們將繼續在該領域取得更多進展。這是我們正在尋找的地方的快速快照。我們當然對前景感到興奮，並且我們擁有一支全新的團隊。現在我們花了幾年的時間才讓團隊開始真正了解我們想要什麼以及要去哪裡，現在我們已經開始得到這些結果。

And then flipping across to Pakistan, the feasibility study at Reko Diq made material progress this last quarter and is still scheduled for completion by the end of next year with 2028 targeted for first production of concentrate.

然後轉向巴基斯坦，Reko Diq 的可行性研究在上個季度取得了實質性進展，仍計劃於明年年底完成，目標是 2028 年首次生產精礦。

Infrastructure development is underway. And the refurbishment, which is a key thing of the airstrip, has been approved for flights with a weekly charter now going to flat to site. And in line with our commitment, as you see in this inset to early benefit sharing with the people of Balochistan, we've already established 2 primary schools as part of our community investment as proposed by the newly formed community development committees.

基礎設施建設正在進行中。翻新工程是機場的關鍵工程，已獲得批准用於每週包機的航班，現在將平飛至現場。根據我們的承諾，正如您在插圖中看到的那樣，與俾路支省人民儘早分享利益，我們已經建立了兩所小學，作為新成立的社區發展委員會提議的社區投資的一部分。

So this is something that's in partnership with our communities. And by the way, I personally, along with the Senior Executive, Barrick, have been to all those communities. And it's worth noting -- when you look at the African story and you look at this story and the Baloch people are across in Afghanistan and in Balochistan of Pakistan.

所以這是與我們社區合作的事情。順便說一句，我個人和高級管理人員巴里克都去過所有這些社區。值得注意的是——當你看非洲的故事時，你看這個故事，俾路支人就在阿富汗和巴基斯坦的俾路支省。

And you see the school and you see that there are more or less 50-50 boys and girls. It's quite an achievement. And I'll tell you a little bit about Balochistan, particularly around Reko Diq. There is no economic activity. And so when you give people a chance to earn money, it's amazing what happens. And it's the only place in the world where I've seen more schools than kids. In fact, all the schools are empty and so why, because there's such poverty that the children have to work to survive.

你看看學校，你會發現大約有 50-50 名男孩和女孩。這是一項相當大的成就。我將向您介紹一些有關俾路支省的信息，特別是雷科迪克周圍的情況。沒有經濟活動。因此，當你給人們一個賺錢的機會時，會發生令人驚奇的事情。這是世界上唯一一個我見過的學校比孩子還多的地方。事實上，所有的學校都空了，為什麼呢？因為那裡太窮了，孩子們必須工作才能生存。

And so us coming there and supporting the children, giving them square meal, getting them to school is the only way they can get educated. And this is part of a program that we did very well in Kibali. And that is educating the future operators of the mine ahead of the mine. So we've done it. We started with -- this is a multi-generational mine. So we've started with junior school.

所以我們來到那裡支持孩子們，給他們一頓豐盛的飯菜，送他們上學是他們接受教育的唯一途徑。這是我們在基巴利做得很好的項目的一部分。這就是在礦山開采之前對未來的礦山經營者進行教育。所以我們已經做到了。我們從——這是一個多代人的礦山開始。所以我們從初中開始。

We've also looked at vocational training of those young teens. And then we've got a broad and looked across the universities for Baloch people who are -- have already finished or about to finish their degrees and particularly in engineering, but engineering some economics and processing.

我們還研究了這些青少年的職業培訓。然後我們對大學進行了廣泛的調查，尋找已經完成或即將完成學位的俾路支人，特別是工程學位，但也從事一些經濟學和加工工程。

And so the first bunch we've now contracted. And they will be moved to our operations around the world. And they'll start working with us with intention that they will be the leaders of the operation when we turn it on in a few years' time.

我們現在已經簽約了第一批。他們將被轉移到我們在世界各地的運營中。他們將開始與我們合作，並打算在幾年後我們啟動該行動時，他們將成為該行動的領導者。

So and again, that's -- we commissioned Kibali with local people. So every day, most of our workers go home into the villages around the mine. And so the community is, are our workers, and that's our intention in Reko Diq as well.

一次又一次，我們委託當地人一起建造 Kibali。所以每天，我們的大多數工人都會回到礦井周圍的村莊回家。社區也是如此，我們的員工也是如此，這也是我們在 Reko Diq 中的意圖。

You would have seen some announcements on Porgera recently. We're at last nearing the end of the long road towards the mines reopening. And the key one is we've applied for the special mining lease, which is the one that was removed as you recall, at the end of the last lease period.

您最近可能會在 Porgera 上看到一些公告。我們終於接近了礦山重新開放的漫長道路的盡頭。關鍵是我們已經申請了特殊採礦租約，正如您所記得的，在上一個租賃期結束時，該租約已被刪除。

And for that process to close, we needed to have a number of regulatory procedures. First one is what they call (inaudible) [00:33:04] that's happened in all the different selected regions. And we've had a security forum led by the key ministers and the Prime Minister himself.

為了結束這個過程，我們需要製定一些監管程序。第一個是他們所說的（聽不清）[00:33:04]，這發生在所有不同的選定區域。我們還舉辦了一個由主要部長和總理本人領導的安全論壇。

And during that forum, the Minister of Mines formally opened the development forum, which is the critical process where everyone has a chance to engage and discuss and share what they want. And it will ultimately culminate in the -- it might not culminate in a full mutual agreement across every aspect because the negotiating tactics in Papua New Guinea has started 120% and see where you land.

在那次論壇期間，礦業部長正式宣布發展論壇開幕，這是每個人都有機會參與、討論和分享他們想要的東西的關鍵過程。它最終可能不會在各個方面達成全面的相互協議，因為巴布亞新幾內亞的談判策略已經開始 120%，看看你會在哪裡。

But it is a serious engagement. And it will; during this process, the government will get to a point where it will finalize its own review of our applications for the SML and then we'll get that awarded.

但這是一次嚴肅的訂婚。它會的；在此過程中，政府將最終完成對我們 SML 申請的審查，然後我們將獲得批准。

On the back of that, we've started the preparation of the mobile fleet. As after all this time, we've had to upgrade some of the tanks, tankage in the processing facility. We have a new crusher on order and we're getting ready to start up. And our expectation is that we should be able to start and get pour our first bar of gold this year.

在此基礎上，我們開始了移動車隊的準備工作。畢竟這段時間以來，我們不得不升級加工設施中的一些儲罐和儲罐。我們訂購了一台新破碎機，正準備啟動。我們的期望是，我們應該能夠在今年開始並倒出我們的第一塊金條。

And every time I say that, people say, don't you have, any more granularity; on that and I say no. But in the fullness of time, we will. And all I can say is that everyone wants the mine started now. So you will see the updates as we get closer to that day.

每次我這麼說時，人們都會說，你沒有更細化的粒度嗎？對此我說不。但當時間成熟時，我們會的。我只能說，每個人都希望現在就開始開採礦山。因此，當我們臨近那一天時，您將看到更新。

So with that, we move across to Africa and the Middle East. And this -- remind you is by far the most consistent performer in our portfolio. And it's not only a reliable contributor to the bottom line, but also a host to a wealth of gold and copper opportunities. The Loulo-Gounkoto complex delivered its usual strong performance and is on track to achieve its 2023 guidance as it continues to invest in greening its power supply grid as well as replenishing its reserves and looking for more.

就這樣，我們轉向非洲和中東。提醒您，這是迄今為止我們投資組合中表現最穩定的。它不僅是盈利的可靠貢獻者，而且還提供了大量的黃金和銅機會。 Loulo-Gounkoto 綜合設施一如既往地表現強勁，並有望實現其 2023 年指導目標，因為它繼續投資於綠色供電網絡、補充儲備並尋求更多。

And again, this has been a spectacular asset. It would be remiss of me not to point out that Mali is not without its challenges. And I would add it has never been without these challenges.

再說一遍，這是一筆驚人的資產。如果我不指出馬里並非沒有挑戰，那就是我的失職。我想補充一點，這些挑戰從來都存在。

We have been operating there for 26 years. And in that time, Loulo, we built Loulo-Gounkoto and into one of the world's 10 largest gold mining complexes as well as the country's largest taxpayer and employer, certainly largest employer outside government.

我們已經在那裡運營了 26 年。那時，Loulo，我們將 Loulo-Gounkoto 建成了世界十大金礦綜合體之一，同時也是該國最大的納稅人和雇主，當然也是政府以外最大的雇主。

We've had a constructive relationship with successive governments through some very turbulent times. And in recent weeks, I've personally engaged with the key members of the current leadership about their proposed new mining code. And I'm very optimistic that as in the past, we'll find a mutually acceptable way to keep gold shining for Mali.

在一些非常動蕩的時期，我們與歷屆政府都保持著建設性的關係。最近幾週，我親自與現任領導層的主要成員就他們提議的新挖礦代碼進行了接觸。我非常樂觀地認為，像過去一樣，我們將找到一種雙方都能接受的方式，讓馬里的金子閃閃發光。

In West Africa, there's, a lot of opportunities I pointed out. It's a very dynamic place right now, as you would have read in the newspaper with the latest --. And but staying with Loulo, we continue to define wide high-grade intersections on the extensions along the big structures that host the multiple world-class assets around and within the Loulo-Gounkoto leases.

我指出，在西非有很多機會。現在這是一個非常充滿活力的地方，正如您在報紙上讀到的最新消息一樣。但與 Loulo 保持一致，我們繼續在大型結構的延伸部分定義廣泛的高級交叉點，這些大型結構在 Loulo-Gunkoto 租賃周圍和內部擁有多個世界級資產。

While also across the border in Senegal, we continue to evaluate the dilemma joint venture, in particular. And we've got the Bambadji joint venture. And we are continuing to expand our footprint in Eastern Senegal. And in Cote d'Ivoire, we're assessing the Fonondara satellite deposits and other high priority targets. The team has been extremely successful in adding to the life of mine of Tongon.

在越過塞內加爾邊境的同時，我們繼續評估合資企業的困境。我們還有 Bambadji 合資企業。我們正在繼續擴大我們在塞內加爾東部的足跡。在科特迪瓦，我們正在評估福農達拉衛星礦床和其他高度優先目標。該團隊非常成功地延長了 Tongon 礦山的壽命。

Moving across to the Democratic Republic of Congo and Kibali; again, Kibali overcame its first quarter challenges to deliver a substantial improvement, as you can see here, in production for quarter 2. And it's -- that has its back on it's -- this has really set it back on course to achieve its full year guidance.

前往剛果民主共和國和基巴利；正如您在此處看到的那樣，Kibali 再次克服了第一季度的挑戰，在第二季度的生產方面取得了實質性進展。這確實使其回到了實現全面目標的軌道上。年指導。

And we're also really focusing on our underground development to build additional flexibility and be able to support the new 10-year mine plan. And ongoing exploration really as highlighted immediately to the west of the KCD main series of deposits, the potential for more of the same. And we're quite excited about this recent development.

我們還真正專注於地下開發，以建立額外的靈活性並能夠支持新的 10 年採礦計劃。正在進行的勘探確實突出了緊鄰 KCD 主要係列礦床以西的潛力，有更多相同的礦床。我們對最近的進展感到非常興奮。

And in Tanzania, which is a real success story, our Twiga joint venture with the Tanzanian government is a poster child for my thesis that mining can be the force that makes undeveloped countries investable. And there's no better example than Tanzania. And it's great to see BHP putting its toe in the water in Tanzania on the nickel project.

在坦桑尼亞，這是一個真正的成功故事，我們與坦桑尼亞政府的 Twiga 合資企業是我的論文的典型代表，即採礦業可以成為使不發達國家變得可投資的力量。沒有比坦桑尼亞更好的例子了。很高興看到必和必拓涉足坦桑尼亞的鎳項目。

After Barrick took control of North Mara and Bulyanhulu in 2019, it transformed them into operations capable of producing a combined 0.5 million ounces annually, other words, a Tier 1 production profile. And we have also shown that we can achieve this and what you can achieve when a mining company and its host country work together to develop its natural resource endowment.

巴里克於 2019 年控制 North Mara 和 Bulyanhulu 後，將其轉變為每年能夠生產總計 50 萬盎司的業務，換句話說，達到一級生產規模。我們還表明，當礦業公司與其東道國共同開發其自然資源禀賦時，我們可以實現這一目標，也可以實現這一目標。

And last quarter, conversion drilling at North Mara replaced all the reserves depleted from mining. And we mined the first ore from the Gena pit and additional opportunities for resource conversion. Buly has got a very long life nearly and well into the 20s.

上個季度，北馬拉的轉換鑽探取代了因採礦而耗盡的所有儲量。我們從 Gena 礦坑開采了第一批礦石，並獲得了額外的資源轉換機會。布利的壽命很長，已經快二十多歲了。

North Mara is just over 10 years, so a big, focus there. And it's worth having a look at this slide. And that is we have 3 Tier 1 terrains in our Central and East African holdings. The Kibali I very covered a new exploration footprint south of Bulyanhulu and higher priority permits along the Gokona corridor, which I've just referred to.

北瑪拉 (North Mara) 距今僅 10 年多一點，所以這裡是一個很大的焦點。這張幻燈片值得一看。也就是說，我們在中非和東非擁有 3 個一級地形。 Kibali I 非常涵蓋了 Bulyanhulu 以南的新勘探足跡，以及我剛才提到的 Gokona 走廊沿線的更高優先級許可證。

And again, this Gokona corridor is an exciting opportunity. When we were in Randgold Resources, we're always trying to get out hands on those extensions. And it's taken us a while to secure the permits, because they were lapsed. They lapsed under the Acacia time. And so we've now got them. And we're starting to evaluate them.

再說一次，戈科納走廊是一個令人興奮的機會。當我們在 Randgold Resources 工作時，我們總是試圖獲得這些擴展。我們花了一段時間才獲得許可證，因為它們已經失效了。他們在相思時間下逝去。現在我們已經得到了它們。我們開始評估它們。

And we're super excited about the opportunity to extend North Mara's life of mine on the back of that. We also have a very significant intersection beneath the (inaudible) [00:41:46] pit, as you see here and it's really got everyone's attention. We're not sure about how it actually fits into the orebodies at the moment, but it's a recently confirmed intersection.

我們對有機會延長我的北瑪拉的生命感到非常興奮。我們在（聽不清）[00:41:46]坑下面還有一個非常重要的交叉點，正如你在這裡看到的，它確實引起了每個人的注意。目前我們還不確定它實際上是如何融入礦體的，但這是最近確認的一個交叉點。

Moving across into Zambia. And generally, our copper operations, as I pointed out; Lumwana is well set to achieve its guidance for the year. It really is going to have a strong second half and with the implementation of its own a mine strategy and the commissioning of the rival and commissioning of the new fleet where we replaced a contractor, which was very expensive.

移居贊比亞。一般來說，正如我所指出的，我們的銅業務； Lumwana 已做好充分準備來實現今年的指導目標。它確實會有一個強勁的下半年，隨著自己的礦山戰略的實施、競爭對手的調試以及新車隊的調試，我們更換了承包商，這是非常昂貴的。

We've already seen a reduction in costs, as you can see here on the slide and excited about the prospects of Lumwana. Lumwana has the potential based on our preliminary economic assessment to be equivalent to our share of the Reko Diq investment. That's how significant it is.

我們已經看到成本的降低，正如您在幻燈片上看到的那樣，並對 Lumwana 的前景感到興奮。根據我們的初步經濟評估，Lumwana 有潛力相當於我們在 Reko Diq 投資中所佔的份額。這就是它的重要性。

So I'd point out that at the time of the merger, no one believed in Lumwana. It was a high-cost producer, making no money. And its subsequent transformation into a potential Tier 1 asset in our copper portfolio is another one of Barrick's big success stories. And we're talking about significant reserve conversion on the back of the feasibility study we're busy with.

所以我要指出的是，在合併時，沒有人相信 Lumwana。這是一個高成本的生產商，不賺錢。隨後其轉變為我們銅投資組合中潛在的一級資產，這是巴里克的另一個重大成功故事。我們正在討論在我們正在進行的可行性研究的背景下進行的重大儲備轉換。

And the projected expansion on the back of this new super pit, as I pointed out, will add significantly to its production and take the mine life to beyond 2060. And so we're on track to complete that next year. And we've scheduled preconstruction starting in 2025.

正如我所指出的，這個新超級礦坑背面的預計擴建將大大增加其產量，並將礦山壽命延長到 2060 年以後。因此，我們有望在明年完成這一任務。我們計劃於 2025 年開始預施工。

And our forecast at the moment would bring that expansion from Lumwana ahead of the Reko Diq delivery on its first concentrate. We've got some and we'll be detailing this on the back of the final studies on both projects.

我們目前的預測是，Lumwana 的擴張將先於 Reko Diq 交付其第一批精礦。我們已經有了一些，我們將在這兩個項目的最終研究的後面詳細介紹這一點。

In Saudi Arabia, Jabal Sayid said maintained its consistent production and kept its cost below the guidance ranges and early results from our new property, Umm Ad Damar are exciting. And really, it's a start of something I believe that's significant. And what's more? It's been the foundation of us growing our relationship with the Kingdom of Saudi Arabia.

Jabal Sayid 表示，在沙特阿拉伯，保持了穩定的生產，並將成本控制在指導範圍以下，我們的新礦 Umm Ad Damar 的早期結果令人興奮。事實上，這是我認為意義重大的事情的開始。還有什麼？這是我們與沙特阿拉伯王國發展關係的基礎。

Before I just touch on -- and the last one is Chile and Zaldivar, which is largely more of the same. I would just point out that really, it's Lumwana and Kibali that are key for the second half delivery for AME as a whole. But all the AME operations are on track, on target to meet their guidance.

在我剛剛談到之前，最後一個是智利和扎爾迪瓦爾，它們在很大程度上是相同的。我只想指出，實際上，盧姆瓦納和基巴利是整個 AME 下半年交付的關鍵。但 AME 的所有業務均步入正軌，目標達到了他們的指導方針。

And then 2 more slides, the one that I referred to right in my introduction and that is if there's one thing more than any other that sets Barrick apart. And I know it's not snazzy and it doesn't require M&A and all that other stuff. It's been our ability to deliver sustained and significant growth in reserves since the merger.

然後還有兩張幻燈片，就是我在介紹中提到的那張幻燈片，那就是是否有一件事情比其他任何事情都讓巴里克與眾不同。我知道這並不時髦，也不需要併購和所有其他東西。自合併以來，我們有能力實現儲備持續大幅增長。

And remember, we were all in the same boat before that in 2019. And we've replaced 125% of the gold that we've mined or the gold equivalent that we mined, including the copper since the time we started out on our new venture.

請記住，2019 年之前我們都在同一條船上。自從我們開始新的開採以來，我們已經更換了 125% 的黃金或我們開采的黃金等價物，包括銅。冒險。

And again, we will be sharing with the market our strategy of a 3-year rolling replacement model because we do have some very big assets. So you'll see the inventory build and then you'll get a big kick in the resources and they'll get the conversions.

再次，我們將與市場分享我們的三年滾動更新模型的策略，因為我們確實擁有一些非常大的資產。因此，您將看到庫存的建立，然後您將獲得資源的巨大支持，並且他們將獲得轉化。

And over 3 years, we're very comfortable. And slowly, we will build it into a shorter-term cycle. Of course, it goes without saying that the contributions we're going to make to our copper reserves and resources are significant on the back of the work that we are doing both in Pakistan and also Lumwana and Zambia.

三年多來，我們過得很舒服。慢慢地，我們將把它構建成一個較短的周期。當然，不言而喻，在我們在巴基斯坦、盧姆瓦納和讚比亞所做的工作的支持下，我們將為我們的銅儲量和資源做出重大貢獻。

We continue our work not only to hunt those world-class gold deposits but also copper in all the big copper terrains in the world today, apart from Russia. But otherwise, we're very knowledgeable about what's going on in the copper, big copper fields of the world as we are with the gold.

我們不僅繼續努力尋找世界級的金礦，而且還在當今世界除俄羅斯​​以外的所有大型銅礦區尋找銅。但除此之外，我們對銅礦、世界上大型銅礦區的情況非常了解，就像我們對黃金的了解一樣。

And again, our view is growth for Barrick going forward is based on asset quality. And I think that's really -- when you look at our portfolio today, we've got 6 Tier 1 proper Tier 1 assets. We've got a whole pile, 5 world-class assets. Porgera is one of them. It's a 500,000-plus ounce going to 800,000, it close to 1 million in some years. We shared the economics on just about a 50-50 basis with P&G Inc. So it's a significant share of value for Barrick.

再次強調，我們認為巴里克未來的增長取決於資產質量。我認為，當你今天看看我們的投資組合時，我們確實擁有 6 項 1 級適當的 1 級資產。我們擁有一大堆、5 項世界級資產。波格拉就是其中之一。從 500,000 多盎司到 800,000 盎司，有些年份接近 100 萬盎司。我們與寶潔公司以大約 50-50 的比例分享經濟數據。因此，這對巴里克來說是一個重要的價值份額。

We've got, of course, the Veladero which is no small asset in partnership with San Juan. Right now, we're managing the situation politically. We've got Lumwana coming on and that's without -- if we can prove it, which we have no doubt we will, is definitely a Tier 1 copper asset.

當然，我們還有 Veladero，這是與聖胡安合作的不小的資產。目前，我們正在政治上處理局勢。我們已經有了 Lumwana，但如果我們能夠證明這一點（我們毫不懷疑我們會證明這一點），那麼它絕對是一級銅資產。

And of course, Reko Diq, once we get through the start and convince everyone this is a real value asset that's right up there with the top 5 in the world. So when you look at our portfolio, Tongon is the one that's the least as far as when you look at it. But it's a very good cash producer, because it's built so well that our sustaining capital is so small. And you'll see the cost relative to its total cash cost that's all-in sustaining costs, so not as high as other mines.

當然，Reko Diq，一旦我們完成了開始並讓所有人相信，這是一項真正的價值資產，可以躋身世界前 5 名。因此，當您查看我們的投資組合時，Tongon 是您查看的最少的一個。但它是一個非常好的現金生產者，因為它的建設如此之好，以至於我們的維持資本如此之小。您會看到相對於總現金成本的成本，即全部維持成本，因此不像其他礦山那麼高。

And it's just about can we find more. And at the end of the day, to close it will cost us around $30 million. So it's not a big risk in our portfolio. And so Zaldivar is a partnership, as you know, with Antofagasta, and then, the last asset in our portfolio.

這只是我們能否找到更多。最終，關閉該項目將花費我們約 3000 萬美元。因此，這在我們的投資組合中並不是一個很大的風險。因此，如您所知，Zaldivar 是與安託法加斯塔的合作夥伴關係，也是我們投資組合中的最後一項資產。

So we don't have a long tail in our portfolio. We sold the tail at every time we did a transaction. And the only one that we have to deal with is Hemlo. And we've got some real plans to do that. We're looking at pushing back that pit again with the higher gold price. And we've done a lot of work and picked the peak projects just up the road. That's important for us.

所以我們的投資組合中沒有長尾。每次我們進行交易時，我們都會賣掉尾巴。我們唯一要對付的就是Hemlo。我們有一些真正的計劃來做到這一點。我們正在考慮通過更高的金價再次推回這個坑。我們已經做了很多工作，並挑選了即將到來的高峰項目。這對我們來說很重要。

So I'm actually there for the weekend with the team looking at strategies as far as Hemlo goes. So another differentiator in this sort of haul of M&A is the fact that we have a clear path to increasing our gold equivalent ounces by 25% towards the end of the 2029.

所以我實際上週末和團隊一起研究 Hemlo 的策略。因此，此類併購的另一個區別在於，我們有一條明確的路徑，可以在 2029 年底將黃金當量盎司增加 25%。

And that is a very significant and a standout point because, as you know, many of our peers have been forced into M&A because they just haven't been able to replace the ounces that they've mined. And I would finish, ladies and gentlemen, with the fact that we certainly celebrate for the first time that on a consensus basis, the analysts are showing that Barrick has more value than Newmont.

這是一個非常重要和突出的一點，因為如您所知，我們的許多同行被迫進行併購，因為他們無法替代他們開采的盎司。最後，女士們、先生們，我們確實第一次慶祝這一事實：在共識的基礎上，分析師們表明巴里克比紐蒙特更具價值。

The challenges were still at a discount to that valuation. So our focus now that we've got our business clear, we've got our teams in good shape is that we're going to be working really hard to get us up there where I certainly come from and that is a good premium to our underlying value.

挑戰仍低於該估值。因此，我們現在的重點是，我們的業務已經明確，我們的團隊狀況良好，我們將非常努力地工作，讓我們到達我肯定來自的地方，這是一個很好的溢價我們的根本價值。

And we've got some big things to work on. Of course, there's a big delta with Reko Diq. There's another delta with Lumwana. There's another big delta with Porgera as we bring that on. So -- and again, there's a big delta in Nevada Gold Mines. And as we not only within the whole joint venture, but when you add in the prospects of Fourmile, it's a significant asset for us, and as I'm sure it is for our partners.

我們還有一些重大事情要做。當然，與雷科·迪克有很大的差距。還有另一個與盧姆瓦納 (Lumwana) 的三角洲。當我們繼續這樣做時，波格拉還有另一個大三角洲。所以——再一次，內華達金礦有一個大三角洲。因為我們不僅在整個合資企業中，而且當你考慮到 Fourmile 的前景時，它對我們來說是一筆重要的資產，而且我確信這對我們的合作夥伴來說也是如此。

So with that, thank you for listening. We'll be happy to take questions. We do have some of our team members online and we're going to take a first. And Graham, of course, is here and a couple of other executives are in the audience here in Canada. So over to you, operator, to manage, no, we'll take questions here. So we'll manage this process going forward.

那麼，謝謝您的聆聽。我們很樂意回答問題。我們確實有一些團隊成員在線，我們將採取第一個行動。當然，格雷厄姆也在這裡，其他幾位高管也在加拿大的觀眾席上。所以，操作員，你來管理，不，我們將在這裡回答問題。因此，我們將繼續管理這個流程。

It's Jackie Przybylowski from BMO. Mark, can you talk a little bit about your plans at Zaldivar. I know you've mentioned in the MD&A that it's now classified as noncore. Do you have plans to divest that at some point?

我是來自 BMO 的 Jackie Przybylowski。馬克，你能談談你在 Zaldivar 的計劃嗎？我知道您在 MD&A 中提到它現在被歸類為非核心。您有計劃在某個時候剝離它嗎？

I think at some point, maybe. Right now, we've just applied for the -- with Antofagasta with the -- an extension of the life of mine and the permitting, which we're dealing with at the moment, which shows a much bigger, longer life of mine than we currently have.

我想也許在某個時候。現在，我們剛剛與安託法加斯塔一起申請了延長我的壽命和許可，我們目前正在處理這個問題，這表明我的壽命比我們目前有。

The reason we say that is that just in reporting, it's a steady, small operation. It's managed by Anto. We have an active role in that management as a joint venture partner. As you can imagine, we're not very good at standing back.

我們這麼說的原因是，僅就報告而言，這是一項穩定的小型業務。它由安託管理。我們作為合資夥伴在該管理中發揮著積極的作用。正如你所想像的，我們不太擅長退縮。

But that's the basis on which we've put it in that category. And again, you know, better than me. Despite the fact that the copper market is in absolute short supply and you just have to go a little away and then there's nothing. There's softness in the price. So at the end of the day, we'll manage that strategically.

但這就是我們將其歸入該類別的基礎。再說一次，你知道，比我更好。儘管事實上銅市場絕對供不應求，你只要走開一點，然後就什麼都沒有了。價格有軟性。因此，最終我們將進行戰略性管理。

Can I ask one follow-up as well on Porgera. Can you talk a little bit about the process from here and what needs to be done for you restart?

我可以詢問有關波格拉的後續行動嗎？您能從這裡談談這個過程以及重新啟動時需要做什麼嗎？

So really, it's the special mining license, which we are waiting for, which will -- we've done all the other regulatory work. We've got everything in place. We need that special mining license, which means that we have all the communities signed off.

所以實際上，我們正在等待特殊採礦許可證，我們已經完成了所有其他監管工作。我們已經把一切都準備好了。我們需要特殊的採礦許可證，這意味著我們已經獲得所有社區的批准。

And once we can do that, and I had a very good town hall with all our key landowners when I was last there 2 weeks ago. And so there's no doubt everyone wants this mine opened. And it's a very significant deal, because never have the landowners, had the potential to earn so much from a gold mine or any mine in Papua New Guinea.

一旦我們能夠做到這一點，兩週前我最後一次去那裡時，我就會與我們所有的主要土地所有者一起度過一個非常好的市政廳。因此，毫無疑問，每個人都希望打開這個礦井。這是一筆非常重要的交易，因為從來沒有土地所有者有潛力從金礦或巴布亞新幾內亞的任何礦山賺取如此多的收入。

So I think there's, lots of drivers. Of course, there's the -- also the obsession with being able to negotiate the terms, which we've already settled. But that's the good thing about Papa New Guinea is frustrating as it is a full consultation before that special mining license is issued.

所以我認為有很多司機。當然，還有對能夠協商我們已經解決的條款的痴迷。但這就是巴新幾內亞令人沮喪的好處，因為在頒發特殊採礦許可證之前需要進行全面磋商。

And we know Barrick Plaza and then Barrick had 30 years of no issue, because they got that process right. And we're very mindful that it is a litigious society. And you've got to do this thing to the book to make sure that we can mine for another 30 years.

我們知道巴里克廣場和巴里克 30 年來沒有出現任何問題，因為他們的流程是正確的。我們非常清楚這是一個愛訴訟的社會。你必須對這本書做這件事，以確保我們可以再開採 30 年。

Mark, you made a couple of comments about the fundamental outlook of the company being very constructive based on the gold price, based on the growth outlook and then the valuation of the stock where it is.

馬克，你對公司的基本面前景發表了一些評論，這些評論基於金價、增長前景以及股票的估值，非常具有建設性。

I'm wondering what your thoughts are on using some capital towards the buyback going forward.

我想知道您對使用一些資金進行未來的回購有何想法。

Yes. Josh, that is entertains us, Graham and I, almost every day. We have bought back in the past. And we -- I think we -- again, we don't want to risk our balance sheet right now.

是的。喬什，這幾乎每天都讓我們格雷厄姆和我很開心。我們以前也買回來過。我們——我想我們——再說一遍，我們現在不想拿我們的資產負債表冒險。

We are very well positioned. We have an extremely strong balance sheet. We are forecasting a growth in cash. And that will trigger a net cash position. And as we approach that, the one option, which is the preferred option is to buy your stock back because we absolutely -- we are completely in agreement with consensus.

我們處於非常有利的位置。我們擁有極其強勁的資產負債表。我們預計現金將會增長。這將引發淨現金頭寸。當我們接近這個目標時，一個選擇，也是首選的選擇，就是回購你的股票，因為我們絕對——我們完全同意共識。

And that is we're trading below what we should be trading and it makes sense to buy. So there's no risk in buying our stock back. It's just how we manage our balance sheet towards that.

也就是說，我們的交易價格低於我們應該交易的價格，因此買入是有意義的。因此，回購我們的股票沒有風險。這就是我們為此管理資產負債表的方式。

One more question. You made a statement about Porgera being a world-class Tier 1 asset and with some comments about bringing up analyst expectations. Could you maybe remind us what you think the potential economics of this asset looked like? Meaning, what's the initial capital to get this to Tier 1 status and then what the production and cost structure would be.

還有一個問題。您發表了關於波格拉是世界級一級資產的聲明，並發表了一些關於提高分析師預期的評論。您能否提醒我們您認為該資產的潛在經濟效益是什麼樣的？意思是，達到一級狀態的初始資本是多少，然後生產和成本結構是怎樣的。

So the -- it's a low-cost producer, because it's relatively high grade. It's single refractory or also autoclave, mill, crusher mill, simple process, know it well. If you look at consensus, the valuation is around $6 billion to $7 billion on consensus' prices. 5% discount, Graham?

因此，它是一家低成本生產商，因為它的品位相對較高。是單一的耐火材料，也可以是高壓釜、磨粉機、破碎機磨粉機，工藝簡單，熟悉即可。如果你看一下共識，你會發現，按照共識價格計算，估值約為 60 億至 70 億美元。 5% 折扣，格雷厄姆？

Yes.

是的。

And so -- and it's about $1 billion of capital over the next 10 years, slightly front-end loaded. But again, we've got a bit of work to do on that. A lot of it depends on how we treat the Wangima pit, which is not in reserve yet.

因此，未來 10 年大約需要 10 億美元的資本，稍微前端加載。但同樣，我們在這方面還有一些工作要做。這在很大程度上取決於我們如何對待旺吉瑪礦坑，該礦坑尚未被保留。

So I'm talking about total resource now. 10 years, we've got banked. And that's important for us, because we get to the 50-50 sharing of economics. And our intention is that we will create so much value for everyone. No one else will want to -- the government and Barrick will be partners forever. That's the intention.

所以我現在談論的是總資源。 10年了，我們已經有錢了。這對我們來說很重要，因為我們實現了 50-50 的經濟共享。我們的目的是為每個人創造如此多的價值。沒有人會願意——政府和巴里克將永遠成為合作夥伴。這就是目的。

So -- and there's a big push-back on the western wall of the main pit that we've got to address. And that's what we're busy with at the moment is designing, doing that, as I say, in the press release. We are designing that pushback at the moment.

所以——我們必須解決主坑西牆上的一個很大的後退問題。這就是我們目前正忙於設計的事情，正如我在新聞稿中所說的那樣。我們目前正在設計這種阻力。

I think that I can say the underground is in better condition than we expected. So we're happy with that. We've had this constant slopping of the western wall, which has always been a challenge at Porgera. And we need to cut it back and put some remedial work into that wall.

我想我可以說地下的狀況比我們預期的要好。所以我們對此感到滿意。我們的西牆不斷傾斜，這在波格拉一直是一個挑戰。我們需要削減它並對那堵牆進行一些補救工作。

The traction is that there's quite a lot of ore on that pushback. And what we hope is that we'll be able to pay for that pushback. And then, you've got the Wangima pit, which is really brings a whole lot of additional resources into the mine plan and potentially takes it to 20 years, which gives you that big number if you look at it.

牽引力在於，在這種推力上有相當多的礦石。我們希望我們能夠為這種阻力付出代價。然後，還有 Wangima 礦坑，它確實為採礦計劃帶來了大量額外資源，並且可能需要 20 年，如果你仔細觀察的話，你會發現這個數字很大。

And we're using just -- that's a broad rough valuation on using consensus prices. But the key for us is, but in 10 years, we more than get to the so 53-47 split economic split. And remember, we sweep all our costs that we've incurred to date from the government equity to equalize and once we get there, then everyone else benefits.

我們只是使用——這是使用共識價格的廣泛粗略估值。但對我們來說關鍵是，在 10 年內，我們不僅能實現 53-47 的經濟分割。請記住，我們將迄今為止所產生的所有成本都從政府股權中扣除以實現均衡，一旦我們實現了這一目標，那麼其他所有人都會受益。

What's important is that the landowners and the province benefit preferentially. So it's carried equity. Just to explain. Graham, do you want to add to that?

重要的是，土地所有者和省份優先受益。所以它是持有權益。只是為了解釋一下。格雷厄姆，你想補充一下嗎？

I think you've done a good job there. I mean the key point, Josh, really is that when you look at our economic interest there and you contrast it to the equity interest, the economic interest is almost double the equity interest because of the way that the cash flow split works.

我認為你在那裡做得很好。我的意思是，喬什，關鍵的一點是，當你看看我們的經濟利益並將其與股權進行對比時，由於現金流量分割的運作方式，經濟利益幾乎是股權的兩倍。

If you compare it to what you would get in a normal situation, if you were paying corporate taxes in a 3% royalty. So the combination of that economic splitting of the cash flows, combined with what Mark just referred to, which is the sweep of the cash that we've already spent means that our economic interest is considerably effectively double the value of what the equity interest would imply.

如果你把它與正常情況下你會得到的東西進行比較，如果你以 3% 的特許權使用費繳納公司稅。因此，現金流的經濟分割，再加上馬克剛才提到的，即我們已經花費的現金的掃蕩，意味著我們的經濟利益實際上是股權價值的兩倍意味著。

And Josh, is this goes back to the Tanzanian deal that we made. And the point that I've been making all along, is the problem of the mining industry is they go and invest and promise the world. And then they don't make the money because they don't deliver on the plan.

喬什，這可以追溯到我們在坦桑尼亞達成的協議。我一直在強調的一點是，採礦業的問題是他們去投資並向世界做出承諾。然後他們就賺不到錢，因為他們沒有實現計劃。

So the government gets nothing because all they rely on its taxes. So what we did in Tanzania is we took the economic interest and split it down the middle. We true it up every year. That's a bit complicated, but we do. So the government gets the tax amount.

所以政府什麼也得不到，因為他們全靠稅收。因此，我們在坦桑尼亞所做的就是獲取經濟利益並將其一分為二。我們每年都會兌現這一點。這有點複雜，但我們做到了。所以政府得到了稅收金額。

But if we do not pay tax, they still get 50%. So it's a much fairer way of doing it. And again, Papua New Guinea hasn't -- Porgera was a special example. And ironically, it paid the foreign currency crisis in Papua New Guinea is directly because we're not expecting importing gold from Porgera, because it's the biggest producer and the biggest -- the most profitable company in Papua New Guinea.

但如果我們不繳稅，他們仍然會得到50%。所以這是一種更公平的方式。再說一次，巴布亞新幾內亞沒有——波格拉是一個特殊的例子。具有諷刺意味的是，它直接支付了巴布亞新幾內亞的外匯危機，因為我們不期望從波格拉進口黃金，因為它是巴布亞新幾內亞最大的生產商和最大的——最賺錢的公司。

So that's the same thesis is that the Prime Minister wanted 51%, which I was very happy to give. I mean after 30 years, he wanted a different deal. He wanted to make sure that he could get all his legal taxes. And he wanted to participate in the equity if we delivered on what we planned.

所以，同樣的論點是，總理想要 51%，我很樂意給予。我的意思是，30 年後，他想要一份不同的協議。他想確保他能夠獲得所有合法稅款。如果我們按照計劃實現目標，他希望參與股權投資。

And if we didn't, he wanted still half of the production. So that's what we've agreed to do. And it's a great way of doing business, I believe. And one thing -- the only risk is you have to be absolutely convinced you can deliver on your mine and the models that you shared.

如果我們不這樣做，他還想要一半的產量。這就是我們同意做的事情。我相信，這是一種很好的經營方式。一件事 - 唯一的風險是您必須絕對相信您可以交付您的礦山和您共享的模型。

And we've done a very similar model in Reko Diq as well, slightly more skewed than Reko Diq is a much bigger asset. But -- and also, the government are taking a lot of risk themselves through their state-owned enterprises. And we're gearing it with equity with the global funding package.

我們也在 Reko Diq 中做了一個非常相似的模型，稍微比 Reko Diq 的資產更大。但是，而且政府本身也通過國有企業承擔了很多風險。我們正在通過全球融資計劃來平衡它。

With debt.

帶著債務。

With debt, sorry, we are gearing it with debt. Sorry, not equity with the global funding package.

對於債務，抱歉，我們正在用債務來調整它。抱歉，不是全球融資計劃的股權。

Mark, Lawson Winder from Bank of America. Thank you for the presentation and nice to see you today and the team. I wanted to touch on reserve replacement. So you spoke to the importance of reserve replacement to the value of Barrick.

來自美國銀行的馬克·勞森·溫德 (Mark Lawson Winder)。感謝您的演講，很高興今天見到您和團隊。我想談談儲備替換。所以你談到了儲備替代對巴里克價值的重要性。

What is the outlook for this year? And which assets do you see driving that outlook?

今年的前景如何？您認為哪些資產推動了這一前景？

So Africa will replace all of its gold and copper that it's mining. The one that won't, will be LatAm, but it's going to bring a whole lot in with Porgera and Reko Diq that fits in that region.

因此，非洲將取代其正在開采的所有黃金和銅。不會的，將是拉丁美洲，但它將帶來很多適合該地區的波格拉和雷科·迪克。

And we've got this new series of projects in around Veladero. And we've got some super exciting projects, Southern Peru, in particular, and other parts of South America, which we'll share with you in the next quarter or 2.

我們在貝拉德羅周圍開展了一系列新項目。我們有一些超級令人興奮的項目，特別是秘魯南部，以及南美洲的其他地區，我們將在下一季度或第二季度與您分享。

Nevada Gold Mines will add about between 50% and 60% of its current -- it's in this year's production. But then it has a big year next year and the following year. And so that's why what we've said is there's -- on a 3-year rolling average, we'll continue to replace ounces.

內華達金礦今年的產量將增加約 50% 至 60%。但明年和後年將是重要的一年。這就是為什麼我們所說的——根據三年滾動平均值，我們將繼續更換盎司。

And we'll get Nevada. We're just about there with Nevada, like we have in Africa. And again, Lawson, so much so that we're engaged in conversation because in Randgold, we used to -- some of our incentives were based on reserve replacement, at least to serve resource replacement.

我們會得到內華達州。我們在內華達州就在那裡，就像我們在非洲一樣。勞森，我們再次進行對話，因為在蘭德戈爾德，我們過去——我們的一些激勵措施是基於儲備替代，至少是為了服務於資源替代。

And I believe that's a very good metric in any mining company to remunerate management on. So that's how significant we believe in the importance of organic growth, because it makes -- particularly when you look at -- because we've got really big assets.

我相信，對於任何礦業公司來說，這都是一個非常好的衡量管理層薪酬的指標。這就是我們相信有機增長的重要性，因為它使得——特別是當你看到——因為我們擁有非常大的資產。

And we've now closed to have completed the recapitalization because the Barrick side of our assets were run down and both sides of Nevada Gold Mine were run down. Barrick side was high-graded. The Newmont side was just run down.

我們現在已經接近完成資本重組，因為我們的資產巴里克一側已經耗盡，內華達金礦兩側也都耗盡了。巴里克方面的評級很高。紐蒙特隊剛剛崩潰。

And we've recapitalized that. We've now got a resource base on the top of that. And so if you add to it, your returns are significant. They become infinite because you're adding ounces on a capital base. And that's the game. That's the game about big mining assets is if you've got big orebodies and you've built the mine properly, it produces a long -- the copper miners are good at that. That's what makes them so valuable.

我們已經對其進行了資本重組。我們現在已經有了一個在此之上的資源庫。因此，如果您添加它，您的回報將是巨大的。它們變得無限，因為您在資本基礎上增加了盎司。這就是遊戲。這就是關於大型採礦資產的遊戲，如果你擁有大型礦體並且正確建造了礦山，它就會產生長期銅礦開採商的優勢。這就是它們如此有價值的原因。

I wanted to follow up on a comment you made about the value of Barrick's assets, but then the multiple discount in the market. And I mean, I think you make a case here for why the assets are strong, why the asset should be strong going forward with the reserve growth.

我想跟進您對巴里克資產價值的評論，以及市場上的多重折扣。我的意思是，我認為你在這裡提出了為什麼資產強勁，為什麼隨著儲備增長資產應該強勁。

What is the market missing? Or has market missed over the last 2 years in your view, that's led to that discount?

市場缺少什麼？或者您認為過去兩年市場是否出現了下滑，從而導致了折扣？

Well, I would start with the fact that perhaps it starts with the analysts and the management and that we haven't had that conversation. And so it's pleasing to see that valuation coming through on a blended consensus basis.

好吧，我首先要說的是，這可能是從分析師和管理層開始的，但我們還沒有進行過這樣的對話。因此，很高興看到估值是在混合共識的基礎上實現的。

So that's a good thing. And we are very mindful. And I said this right in 2019. We had a job to do. And you don't build great mining companies easily today, particularly not gold companies. They're tough things to build. I've built one myself, and now this is the second.

所以這是一件好事。我們非常用心。我在 2019 年就說過這句話。我們有工作要做。如今，建立偉大的礦業公司並不容易，尤其是黃金公司。它們是很難建造的。我自己建造了一個，現在這是第二個。

And so it's -- and again, we are mindful that we have to be able to -- I mean, we've always -- I've always been that sort of person. I'd like to support -- I'd like to have that argument as just a firm. But I'd like to do it on the back of something that's tangible.

所以，我們再次意識到，我們必須能夠——我的意思是，我們一直——我一直都是那樣的人。我願意支持——我願意作為一家公司來支持這一論點。但我想在有形的東西的背後做這件事。

And I think we really are there today. And the first step is it's very helpful when the analysts' group are recognizing value. And it's even more exciting when there's still headroom, which I've just pointed to.

我認為我們今天確實做到了這一點。第一步是，當分析師團隊認識到價值時，這會非常有幫助。當我剛才指出的仍然有空間時，那就更令人興奮了。

And by far, if you look at our performance, what we say, what we do, how we manage our balance sheet, what we've promised the market? We've been consistent, like we always are. So I don't think there's any doubt in the minds of anyone.

到目前為止，如果你看看我們的表現，我們說什麼，我們做什麼，我們如何管理我們的資產負債表，我們向市場承諾了什麼？我們一直保持一致，一如既往。所以我認為任何人心裡都沒有任何疑問。

Of course, there's -- some people are a little nervous about where we've gone. They were the same when we went into the DRC. But today, when you look at the portfolio of assets, around the world, the risks are very similar, different, but similar or the same.

當然，有些人對我們去的地方有點緊張。當我們進入剛果民主共和國時，情況是一樣的。但今天，當你觀察世界各地的資產組合時，你會發現風險非常相似、不同，但又相似或相同。

And what we've shown is big assets work if you pay rent. If they're big enough and they're valuable enough to deliver value to our host country, it's a -- I'm sure, Lawson, you followed United States mining law and the debate in Rosemont and all that.

我們已經證明，如果你支付租金，大資產就能發揮作用。如果它們足夠大並且足夠有價值，可以為我們的東道國帶來價值，那麼我確信，勞森，您遵循了美國採礦法和羅斯蒙特的辯論等等。

Our work is hard with the team in the U.S. as I do in Pakistan and West Africa. It's -- and gone are the days where you can run mining companies from a 16-floor office block in the developed world. You have to be out there. And again, getting back to how we manage our reserve resource replacement and that is we moved that ownership out to the mines.

正如我在巴基斯坦和西非所做的那樣，我們與美國團隊的工作非常艱苦。在發達國家，你可以在 16 層辦公大樓裡經營礦業公司的日子已經一去不復返了。你必須到外面去。再次回到我們如何管理我們的儲備資源替代，那就是我們將所有權轉移到礦山。

We've changed the management to be real business people who lead our minds. And they own those assets. They've got quality scientists, processing engineers. It's not -- we don't remote control our business from a central corporate office. We do hold them accountable.

我們已經改變了管理層，讓他們成為真正的商業人士來引導我們的思想。他們擁有這些資產。他們有質量科學家、加工工程師。事實並非如此——我們不會從公司中央辦公室遠程控制我們的業務。我們確實追究他們的責任。

And we're always there. I always say to the team, if you go off pissed, you start seeing us. If you really get off pissed, you see us all the time until we get you back on track, and that's the way we run Barrick.

我們一直都在那裡。我總是對團隊說，如果你生氣了，你就會開始見到我們。如果你真的很生氣，你會一直看到我們，直到我們讓你回到正軌，這就是我們經營巴里克的方式。

Okay. So operator, can we move this?

好的。那麼操作員，我們可以移動它嗎？

Sorry, so maybe to follow up, sorry, Brian MacArthur at Raymond James. I mean probably one of your hidden values that you're starting to highlight is the super pit. I mean this thing could be you on its own, one of the better copper mines out there in the world, plus you have a gold credit.

抱歉，所以也許要跟進，抱歉，雷蒙德·詹姆斯的布萊恩·麥克阿瑟。我的意思是，你開始強調的隱藏價值觀之一可能就是超級坑。我的意思是，這個東西可能就是你自己，世界上最好的銅礦之一，而且你還有黃金信用。

Does it make sense to be -- have all the copper and Barrick going forward, given how big a good a copper company you're going to have? Second thing, without -- you probably can't give me everything on the PFS. But through to 2060, is that a pretty stable production profile out of the super pit. So again, it's basically duration forever.

考慮到您將擁有一家規模龐大的優秀銅業公司，讓所有銅業和巴里克繼續前進是否有意義？第二件事，如果沒有——你可能無法向我提供 PFS 上的所有內容。但到 2060 年，超級礦坑中的生產狀況會相當穩定。再說一次，它基本上是永遠的。

It's a big low-grade pit. And what happened is the Chimi pit it got segregated because people -- Barrick was in a position trying to make money. So it dived down and it chased the grade. And it's a challenge to chase grade in a low-grade blended sedimentary-hosted copper deposit.

這是一個低品大坑。所發生的事情是 Chimi 礦坑被隔離，因為巴里克（Barrick）處於試圖賺錢的位置。於是它一頭紮下去，追逐著坡度。在低品位混合沉積銅礦床中追求品位是一項挑戰。

And what we've done is just go back to geology. And there are a couple of satellite pits that are genuinely higher grade and lower strip ratio. And the exciting thing about Lumwana is that we run the risk of doing the whole pushback for the super pit without going negative cash flow, because we have these satellite pits that can -- so we mine the same strip ratio on a copper waste basis.

我們所做的只是回到地質學。還有幾個衛星礦坑的品位確實較高，剝採率較低。 Lumwana 令人興奮的事情是，我們冒著在不產生負現金流的情況下對超級礦坑進行全部推回的風險，因為我們有這些衛星礦坑，因此我們在銅廢料的基礎上開採相同的剝離率。

And so that really -- and that's our team. That's what they -- once we got the cost down, so we got the cost down right in the beginning. We understood, got to know those orebodies and that. And then we looked at the other satellites.

確實如此——這就是我們的團隊。這就是他們的做法——一旦我們降低了成本，我們一開始就降低了成本。我們了解了，了解了那些礦體等等。然後我們觀察了其他衛星。

Again, a bit like West Africa, they were known in the form of anomalies, but no one ever stuck a hole in them. So that's what we've been doing. And we're far down the road on that process.

再次，有點像西非，它們以異常的形式為人所知，但沒有人在它們身上鑽過洞。這就是我們一直在做的事情。我們在這個過程中還很遙遠。

So we're confident enough that we've got enough copper in those satellite pits that will support. Right now, we are mining and we're going to hit some higher grade zones in Lumwana pit, Chimi pit now.

因此，我們有足夠的信心，我們在那些衛星礦坑中擁有足夠的銅來支撐。現在，我們正在採礦，我們將在 Lumwana 礦坑和 Chimi 礦坑中開採一些更高品位的區域。

And at the same time, we've replaced the contract miner with a new fleet of Komatsu 100-ton trucks. And we've dropped the cost by $2 a ton. And that is really changing. And you can see it's in the numbers already in this quarter, this last quarter.

與此同時，我們用新的小松 100 噸卡車車隊取代了合同礦工。我們已將每噸成本降低了 2 美元。這確實正在改變。您可以在本季度、上個季度的數據中看到這一點。

And so that -- so we will manage that pit to a point where we've got it open on strike and then that big push-back to create the super pit, we will use the satellite pits to do that. We are right in the middle of permitting the new tailings facility.

因此，我們將管理該礦坑，使其在罷工時打開，然後進行大推力以創建超級礦坑，我們將使用衛星礦坑來做到這一點。我們正處於批准新尾礦設施建設的過程中。

It's largely a negotiation with the tribal system of the region, which we've had a long-standing relationship with. As far as the authorities go, we've got support on that.

這主要是與該地區部落體系的談判，我們與該地區有著長期的關係。就當局而言，我們在這方面得到了支持。

So if I look at the slide there, 2029, I mean you've got Jabal Sayid in there, and you've got Zaldivar in there, but you don't have Reko Diq 2, right? So you're going to have like, a 5-year thing at that slide.

因此，如果我看一下 2029 年的幻燈片，我的意思是那裡有 Jabal Sayid，那裡有 Zaldivar，但沒有 Reko Diq 2，對吧？所以你會在這張幻燈片上看到五年的事情。

And we're actively hunting in the main copper belts. We're in all the copper belts of the United States. And let me tell you, there's, some significant opportunities still within the U.S. as I showed in that slide broadly.

我們正在主要的銅礦帶積極狩獵。我們位於美國所有的銅礦帶中。讓我告訴你，正如我在幻燈片中廣泛展示的那樣，美國境內仍然存在一些重大機會。

And so we're -- and again, we believe that if you believe in the numbers which I've always worked on. The U.S. is going to have to change the way it manages mining. And we have taken that bet to get out there ahead of the -- and again, we're the biggest miners in the United States already. And we're probably the biggest explorer, sorry, I stepped out of the box. We're probably the biggest explorer right now in the U.S. as well.

所以我們——再一次，如果你相信我一直在研究的數字，我們相信這一點。美國將不得不改變其管理採礦的方式。我們已經下了這個賭注，要領先於——再說一遍，我們已經是美國最大的礦商了。我們可能是最大的探險家，抱歉，我打破了常規。我們現在可能也是美國最大的探險家。

Anyone else? Okay. Operator, we pass it back to you for any questions from the callers.

還有誰？好的。接線員，如果呼叫者有任何問題，我們會將其傳回給您。

(Operator Instructions) The first question comes from Cleve Rueckert with UBS.

（操作員說明）第一個問題來自 UBS 的 Cleve Rueckert。

Can you hear me okay?

你能聽到我說話嗎？

Yes, perfectly, Steve.

是的，完美，史蒂夫。

We've got a little bit of technical difficulties on the line. So I apologize if the question is redundant. But I think in the prepared materials, you called that Cortez, PV and Turquoise Ridge as some of the assets where there was some maintenance.

我們遇到了一些技術困難。因此，如果這個問題是多餘的，我深表歉意。但我認為在準備的材料中，您將 Cortez、PV 和 Turquoise Ridge 稱為進行了一些維護的一些資產。

There was some investment done in the first half. And then you expect that increased production run rate into the second half. I asked a similar question last quarter. Do you expect that second half run rate to continue into 2024? Like have you done the bulk of the kind of bigger work that you need to do with those mines in order to sustain production at that second half run rate?

上半年有一些投資。然後您預計下半年的生產運行率會增加。上個季度我問了類似的問題。您預計下半年的運行速度會持續到 2024 年嗎？比如，為了維持下半年的生產速度，您是否已經完成了需要對這些礦山進行的大量工作？

Yes, absolutely. And look, let me just take one at a time. So the Cortez maintenance is really development. And the main -- it's not really, actual like processing maintenance. Turquoise Ridge was a premature hotspot on one of the outer players. And we brought it forward. It was going to be in quarter 3 normal planned maintenance. Again, we brought it forward. We changed a lot. We used the opportunity to change a whole lot of gear pumps and tied it up. We've got quite a bit of work to do to get Turquoise Ridge to where we want it to be.

是的，一點沒錯。聽著，讓我一次只取一個。所以 Cortez 的維護實際上就是開發。主要的是——它並不像處理維護那樣實際。綠松石嶺是外圍玩家之一的過早熱點。我們把它提前了。這將是在第三季度的正常計劃維護中。我們再次將其提前。我們改變了很多。我們利用這個機會更換了很多齒輪泵並將其捆綁起來。為了讓 Turquoise Ridge 達到我們想要的目標，我們還有大量工作要做。

The roaster maintenance was a big maintenance, scheduled maintenance on the Goldstrike roaster. More importantly, it was the shutdown on the gold quarry roaster and also we used that shutdown to tie in the -- on the expansion project. So we've got one more shutdown to do next year. I think its second quarter scheduled. And we'll finish the expansion of the gold quarry roaster. So not only do we maintain the run rate, we lift our throughput capacity in the gold quarry roaster by between 15% and 20%.

烘焙機維護是 Goldstrike 烘焙機的一項大型維護、定期維護。更重要的是，這是金礦烘焙廠的關閉，我們也利用這次關閉來配合擴建項目。所以明年我們還要再關閉一次。我認為第二季度已定。我們將完成金礦烘焙廠的擴建。因此，我們不僅保持了運行率，還將金礦烘焙機的吞吐量提高了 15% 至 20%。

And so we bring down the costs. And so we add production capacity, because right now, Nevada Gold Mines is constrained on double refractory ore processing capacity. And we've spent a lot of time on planned maintenance to the point that a lot of the planned maintenance was planned because it was neglected.

因此我們降低了成本。因此我們增加了產能，因為目前內華達金礦的雙難選礦石加工能力受到限制。我們在計劃維護上花費了大量時間，以至於很多計劃維護之所以被計劃，是因為它被忽視了。

And so we are getting back to a proper plan maintenance, which is scheduled maintenance, which is a normal course of business, which is baked into our forecast anyway. But to answer your question in simple words, yes. You'll see the throughput maintained at a higher rate, largely because we add more capacity next year.

因此，我們將回到適當的計劃維護，即定期維護，這是正常的業務過程，無論如何，這都已納入我們的預測中。但用簡單的話回答你的問題，是的。您會看到吞吐量保持在較高的速度，這主要是因為我們明年增加了更多容量。

That's very, very clear. And then one just quick follow-up. The Goldrush record of decision is something that continues to come up in sort of our conversations. And I see that you're expecting it now I think, in Q4. But there was also a little bit of discussion around some modifications to DLM.

這非常非常清楚。然後是快速跟進。淘金熱的決策記錄在我們的談話中不斷出現。我認為您現在正在期待它，在第四季度。但也圍繞 DLM 的一些修改進行了一些討論。

I'm wondering if that record of decision is restricting development there at all or if these small modifications are allowing sort of timely development to continue?

我想知道該決策記錄是否限制了那裡的開發，或者這些小的修改是否允許及時的開發繼續進行？

So on the development side, we're continuing. It does start impeding production because we need to get ventilation up ahead of where we are. And so if it carries on much further, it will impact production. We've guided that we are looking at the specific impacts. At this stage, this is all about Rosemont and Department of Ontario and we've been engaged with them all the time and again, this issue about permitting un-mineralized claims.

因此，在開發方面，我們正在繼續。它確實開始阻礙生產，因為我們需要提前通風。因此，如果這種情況繼續下去，將會影響生產。我們表示正在研究具體影響。在這個階段，這一切都與羅斯蒙特和安大略省有關，我們一直在一次又一次地與他們接觸，討論有關允許非礦化索賠的問題。

And the fact of them there's, 2 things. Goldrush doesn't need a tailings dam. It doesn't -- it's mineralized everywhere underneath in where we are working. It's got a very small footprint because we're using already permitted infrastructure.

事實上，有兩件事。 Goldrush 不需要尾礦壩。事實並非如此——在我們工作的地方，它到處都礦化了。它的佔地面積非常小，因為我們使用的是已經允許的基礎設施。

So it doesn't fit in even if you wanted to, you can't put it into a sort of Rosemont argument. And it's taken a little while for us to get BLM, the state and particularly the federal part of it to care it. So they have cleared it now.

因此，即使你願意，它也不適合，你不能將其放入羅斯蒙特論證中。我們花了一段時間才讓土地管理局、州政府，特別是聯邦部門來關心這個問題。所以他們現在已經清除了。

So that's why we are pointing to a specific period. But it's a little bit like Porgera. We are talking all the time. And we're working towards it. We have got permission to extend the development under the exploration permit in Goldrush.

這就是為什麼我們指出一個特定時期。但它有點像波格拉。我們一直在說話。我們正在努力實現這一目標。我們已獲准根據 Goldrush 的勘探許可證擴大開發範圍。

So we can run into next year and still get the flexibility in place. But we need -- sooner we start having to put the raise bars up to get the ventilation cleared to be able to ramp up the ore production. So that's really where we are.

因此，我們可以在明年繼續保持靈活性。但我們需要——盡快開始安裝提升桿以清理通風，以便能夠提高礦石產量。這就是我們現在的處境。

And every indication is now that it's been cleared to finalize the EIS, the first step. And then that goes to the -- once that's finalized, the record of decision follow shortly. And so that's why we've got -- and we make these forecasts in conversation with our local BLM team.

現在一切跡像都表明，第一步已完成 EIS 的最終確定。然後，一旦最終確定，決策記錄很快就會出現。這就是我們與當地 BLM 團隊對話時做出這些預測的原因。

The next question comes from Alan Spence with BNP Paribas Exane.

下一個問題來自法國巴黎銀行 (BNP Paribas Exane) 的艾倫·斯賓塞 (Alan Spence)。

I've got 2 and I'll just take them one at the time. The first one on Turquoise Ridge, there's some unplanned maintenance events in the underground.

我有2個，當時我就只拿1個。第一個發生在綠松石嶺，地下發生了一些計劃外的維護活動。

Can you just expand on what that was and if that's carried into the third quarter?

您能否詳細說明一下具體情況以及是否會延續到第三季度？

Yes. So we had a fall of ground and part of the development in Turquoise Ridge. Again, it's part of our design and changing the design, which we had to step back and deal with.

是的。因此，我們在綠松石嶺進行了土地開發和部分開發。再說一遍，這是我們設計和改變設計的一部分，我們必須退後一步來處理。

We had a further shutdown on the shaft on some of the safety arrangements in the shaft that we needed to fix and we did that. The main impact was really the autoclave hotspot, which we had to take the autoclave down and fix it.

我們對豎井中的一些安全裝置進行了進一步關閉，我們需要修復這些安全裝置，我們做到了。主要影響實際上是高壓滅菌器熱點，我們不得不拆下高壓滅菌器並進行修復。

We were scheduled to do that, as I said, in quarter 3. We brought it forward. So on balance across the year, it doesn't impact on our production. That's really the most important of the unplanned maintenance. It was planned, but not then.

正如我所說，我們計劃在第三季度這樣做。我們提前了。因此，從全年來看，這不會影響我們的生產。這確實是最重要的計劃外維護。這是計劃好的，但當時沒有。

And then one probably for Graham. Just could you talk a little bit about cost expectations into the second half? How you've seen the development of labor, consumables?

然後可能是格雷厄姆的。您能談談下半年的成本預期嗎？您如何看待勞動力、消耗品的發展？

Yes. So you wanted to know about inflation and our outlook on that.

是的。所以你想了解通貨膨脹以及我們對此的展望。

Yes, into the second half, please?

是的，請進入下半場，好嗎？

So I'll answer, Graham has got a technical challenge here. So we certainly see costs flattening off some sort of softening a little bit. We're forecasting a sticky sort of inflation around where it is today.

所以我會回答，格雷厄姆在這裡遇到了技術挑戰。因此，我們當然會看到成本在某種程度的軟化中趨於平緩。我們預測目前的情況會出現粘性通脹。

We have some higher costs, which are still Ukraine-related ammonium and cyanide and things like that. The big driver is in the second half is increased production or bring down our costs, as I pointed out in our guidance.

我們有一些更高的成本，仍然是與烏克蘭有關的銨和氰化物之類的東西。正如我在我們的指導中指出的那樣，下半年的主要推動力是增加產量或降低成本。

And we do believe that the costs will come down, but not all the way down in the short term. And that's the way we're managing. But there's -- as you, I will tell you from years of experience, hit your numbers on the production costs always look better.

我們確實相信成本會下降，但短期內不會完全下降。這就是我們的管理方式。但是，正如您一樣，我會根據多年的經驗告訴您，在生產成本上達到您的數字總是看起來更好。

We're certainly not facing inflationary costs right now. We've got a couple. But we've got some plans like we're much more able to manage the cost and logistics and AME. The U.S. has got restrictions on imports and other tariffs and so on, so that -- we manage that differently. But Yes, I think -- I don't know, Graham, now that you've got the mark.

我們現在當然沒有面臨通貨膨脹成本。我們有一對。但我們有一些計劃，比如我們更有能力管理成本、物流和 AME。美國對進口和其他關稅等有限制，因此我們的管理方式有所不同。但是，是的，我想——我不知道，格雷厄姆，既然你已經達到目標了。

I think you've got it covered there, Mark. I mean in terms of the inputs, we're comfortable with the assumptions that we were using for 2023. There's, some swings and roundabouts, but generally, we're in line.

我想你已經明白了，馬克。我的意思是，就輸入而言，我們對 2023 年使用的假設感到滿意。雖然存在一些波動和迂迴，但總的來說，我們是一致的。

So the costs are expected to come down in the second half as the production ramps up. And that's how we get down there. The other point, just to reiterate is that our cost guidance is obviously based on a gold price assumption.

因此，隨著產量的增加，預計下半年成本將會下降。這就是我們到達那裡的方式。需要重申的另一點是，我們的成本指導顯然是基於金價假設。

In 2023, we were using $16.50. And we've also guided that for every $100 change in the gold price that has about a $5 impact on our cost per ounce. So based on where we are at the moment, that's about $15 of additional costs compared to the base case assumption. So I think that's important to take into consideration as well.

2023 年，我們使用的是 16.50 美元。我們還指出，金價每變動 100 美元，就會對我們的每盎司成本產生約 5 美元的影響。因此，根據我們目前的情況，與基本情況假設相比，大約需要 15 美元的額外成本。所以我認為考慮這一點也很重要。

The audio managed to come back at the end. I missed most of that, but I'll read the transcript for your full description.

音頻最終成功恢復。我錯過了大部分內容，但我會閱讀文字記錄以獲取完整的描述。

The next question comes from Yiu with Haitong International Securities.

下一個問題來自海通國際證券的姚先生。

Mark, I'm Lisa from Haitong International Securities. And I have 2 more questions. The first one is about the Porgera project. How well is the tax issues are taken by Barrick or jointly with the Mining?

馬克，我是海通國際證券的麗莎。我還有兩個問題。第一個是關於 Porgera 項目的。巴里克或與礦業公司聯合處理稅務問題的情況如何？

So jointly with Shinjin Mining. So we split at 60-40. So there was some -- it was a negotiated settlement. So it was quite a tough thing to sort of a sign. But we worked very closely with Shinjin and Chairman Chen and myself sat down and worked through and allocated some to Barrick passed because the settlement included all the way to the new Porgera start-up.

因此與新金礦業合作。所以我們以 60-40 的比分平局。所以有一些——這是一個通過談判達成的解決方案。因此，對標誌進行分類是一件非常困難的事情。但我們與 Shinjin 密切合作，陳董事長和我本人坐下來進行了協商，並分配了一些給巴里克通過，因為和解協議包括一直到新的 Porgera 初創公司。

So we didn't leave any residual tax assessments behind. We cleared the whole thing. And so there was some tax that was future based, some tax that was specific to the assessment, which was done just before they closed the mine and then some related to the past before Shinjin was part of the project.

所以我們沒有留下任何剩餘稅款評估。我們清理了整個事情。因此，有一些稅收是基於未來的，有一些稅收是針對評估的，是在他們關閉礦井之前完成的，還有一些稅收與 Shinjin 參與該項目之前的過去有關。

So we worked through that and basically settled as per the ounces on a 60-40 basis. So we shared the tax.

所以我們解決了這個問題，基本上按照 60-40 盎司進行結算。所以我們分擔了稅。

And my second question is, I noticed that our future focus will be on copper. And currently, many copper mining companies has encountered many problems such as declining grade and water shortage, where we encountered the problem of increasing copper costs in the future?

我的第二個問題是，我注意到我們未來的重點將是銅。而目前很多銅礦開採企業都遇到了品位下降、缺水等諸多問題，未來銅價上漲的問題在哪裡呢？

So the one thing -- that's a very important point you make. And that is a lot of the copper produced today is from old mines, which started out as new mines decades ago, like 50 years ago. And so that is a challenge.

所以有一件事——這是你提出的非常重要的一點。今天生產的很多銅都來自老礦山，這些老礦山是幾十年前（比如 50 年前）作為新礦山開始的。所以這是一個挑戰。

And of course, if you're talking Chile, water has become a big issue in Chile and the copper mining. On the assets that we've got -- we are in a better league, because of grades generally. Reko Diq comes with gold, which makes it more attractive and blends the risk of it.

當然，如果你談論的是智利，水已經成為智利和銅礦開采的一個大問題。就我們所擁有的資產而言——我們處於一個更好的聯盟，因為總體成績。 Reko Diq 帶有黃金，這使其更具吸引力並融合了它的風險。

And on the water aspect on Reko Diq, that's one of the critical deliverables on our feasibility study. And we're very focused on that. As I said, we're going to be doing the first real in-depth water study for that whole part of Pakistan and stroke Balochistan.

在雷科迪克的水方面，這是我們可行性研究的關鍵交付成果之一。我們非常關注這一點。正如我所說，我們將對巴基斯坦整個地區和俾路支省進行第一次真正的深入水研究。

But the work that we've already done, we're comfortable that certainly for the first 10 years, there's -- we can draw water without impacting those aquifers. And there's a lot more that we've sort of certainly can point to at this stage, but it needs a lot of work.

但就我們已經完成的工作而言，我們確信在前 10 年裡，我們可以在不影響含水層的情況下取水。在這個階段，我們當然可以指出更多的東西，但這需要大量的工作。

Ultimately, there are further options. I mean, as that area that whole then -- belt gets developed, this is going to be a region where infrastructure and particularly desalination is going to have to be part of the bigger developments going forward.

最終，還有更多選擇。我的意思是，隨著整個地區的發展，該地區的基礎設施，特別是海水淡化將成為未來更大發展的一部分。

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

下一個問題來自 CIBC 全球市場的 Anita Soni。

So I just have one left and I think it's about PV. And my apologies to background noise here. But I had the opportunity to visit the asset 3 months ago and it's definitely an impressive asset.

所以我只剩下一篇了，我認為它是關於光伏的。我對這裡的背景噪音表示歉意。但三個月前我有機會參觀了該資產，它絕對是一項令人印象深刻的資產。

But you were just talking about some issues that you were having with some of the FLSmidth pieces of equipment. Can you talk about how you see that evolving in Q3? And did -- I know you said you would be ramped up in Q4, but can you tell us how it's going this quarter and what we should be expecting in terms of throughput for this quarter.

但您剛才談到了 FLSmidth 的一些設備遇到的一些問題。您能談談您如何看待第三季度的發展嗎？我知道您說過會在第四季度增加產量，但您能否告訴我們本季度的進展情況以及我們對本季度吞吐量的預期。

So Anita, you would imagine everyone's in PV, John Steele, all our engineers from other parts of the world. We are commissioning experts FLSmidth subject matter experts. This is a new piece of equipment. And we've had challenges with the shafts and the gearboxes. We have replaced them already.

所以安妮塔，你可以想像光伏行業的每個人，約翰·斯蒂爾，我們所有的工程師都來自世界其他地區。我們是委託專家 FLSmidth 主題專家。這是一件新設備。我們在軸和變速箱方面遇到了挑戰。我們已經更換了它們。

We are reengineering some of the design issues out as we speak and manufacturing some additional pieces of equipment, so we've got back up. So we're working on it. I mean, for me, I don't have a feel right now because these sorts of start-ups that can happen in a flash.

我們正在重新設計一些設計問題，並製造一些額外的設備，所以我們已經恢復了。所以我們正在努力。我的意思是，對我來說，我現在沒有任何感覺，因為這些初創企業可能會在一瞬間發生。

Well, they can -- you can work them out over a couple of weeks. But we are waiting for a final plan, actual schedule of how we're going to get them back to. So we've got -- we're able to engineer and replaced parts and engineered a little pieces and that will get them running. But we need to get this thing to full capacity.

嗯，他們可以——你可以在幾週內解決它們。但我們正在等待最終計劃，即我們將如何讓他們返回的實際時間表。所以我們——我們能夠設計和更換零件，並設計一些小部件，這將使它們運行。但我們需要讓這件事充分發揮作用。

And it would be remiss of me to not point out that this is a big asset that's going to run for 20-plus years. We are dealing with it. Certainly, when I sat with the team, and I've just come from there, we're still going to have a substantially better second half than first half at PV.

如果我不指出這是一項將運行 20 多年的巨大資產，那就太失職了。我們正在處理它。當然，當我和球隊坐在一起時，我剛剛從那裡回來，我們的下半場在PV上仍然會比上半場好得多。

And that's that -- and as of today, we are still planning to be within the guidance.

就是這樣——截至今天，我們仍然計劃遵守指導方針。

The next question comes from Tanya Jakusconek with Scotiabank.

下一個問題來自豐業銀行的 Tanya Jakusconek。

I apologize if this has already been said that there's a lot of technical issues on this call today. Just wanted to circle back to Porgera, if I could.

如果已經說過今天的電話會議存在很多技術問題，我深表歉意。如果可以的話，我只想繞回波格拉。

Just want to confirm that, Mark, what you said was that we're just waiting for the special mining license, that's on the critical path for us to start up.

只是想確認一下，馬克，你所說的是我們正在等待特殊採礦許可證，這是我們啟動的關鍵路徑。

And I just wanted to confirm that you said that local communities have all signed off. Are those 2 comments correct?

我只是想確認一下你所說的當地社區都已經簽署了。這2條評論正確嗎？

So we are waiting for the special mining lease which is the same thing, effectively. But that's what it's termed. And the landowners' agreement, as you know, we disclosed that way back when there was this conflict between us and government. The landowners are aligned with us and reinforcing the importance of Porgera and getting it back online.

因此，我們正在等待特殊的採礦租約，這實際上是同樣的事情。但這就是它的術語。正如你所知，土地所有者協議，我們早在我們和政府之間發生衝突時就披露了這一點。土地所有者與我們保持一致，強調了波格拉的重要性並使其重新上線。

So that's -- so the equity split is 10% to landowners, of which 2.5% go to what we call the LMP landowners and 7.5% to the SML landowners, the main owners of the land on which the mine operates and 5% goes to the Enga province. And that's the split.

所以，股權分割為 10% 歸土地所有者，其中 2.5% 歸我們所謂的 LMP 土地所有者，7.5% 歸 SML 土地所有者，即礦山經營的土地的主要所有者，5% 歸我們所有。恩加省。這就是分裂。

Of course, the conversation in the development forum evolved around that and also other contracts that are always in place. People like -- the people living down the river, people on other concessions like dollar made concessions and other various concessions that we work with and all of that is part of that.

當然，開發論壇中的對話是圍繞這一點以及其他始終存在的合同展開的。人們喜歡——住在河下游的人們，那些在美元等其他讓步上做出讓步的人，以及與我們合作的其他各種讓步，所有這些都是其中的一部分。

And of course, the government is also committed to investing back into Porgera and the Porgera Valley like schooling. And we have been talking about some tax offsets even because there's a real realization how significant Porgera is to the economy of Papua New Guinea.

當然，政府還致力於對波格拉和波格拉山谷進行投資，例如學校教育。我們一直在談論一些稅收抵免，因為人們真正意識到波格拉對巴布亞新幾內亞經濟的重要性。

So the answer is yes and no, because this is a process. Of course, there's always a fall-back because we have agreements. But this is a process of consultation which is prescribed by the law.

所以答案是肯定的，也不是，因為這是一個過程。當然，總會有後退的情況，因為我們有協議。但這是法律規定的協商過程。

The first one is the wardens powering. And that is really defined for the government through the warden in the MRA to Mineral Resource Authority or the Mining Department to sit and listen to all interested and affected parties and how their issues, proposals, whatever and record them.

第一個是典獄長供電。這實際上是由政府通過礦產資源局或礦業部 MRA 中的負責人坐下來傾聽所有感興趣和受影響的各方以及他們的問題、建議等的意見並記錄下來的。

And that is an obligation. And then, following that, the development forum, which is more of a proper engagement. And it doesn't have to be completed straight away. But once it's -- the process is far enough advanced, the government will make the decision at a point in time on issuing the SML.

這是一項義務。接下來是發展論壇，這更像是一次適當的參與。而且它不必立即完成。但一旦該過程足夠先進，政府將在發布 SML 的某個時間點做出決定。

And when we get this SML, can we still assume a 6-month ramp up? Is that still the case for this mine to get to full capacity?

當我們得到這個 SML 時，我們還能假設 6 個月的增長嗎？現在這個礦井還能滿負荷生產嗎？

Yes. I think that once we move on to the site, 6 months is a good target, yes. We'll, of course, produce gold before that, but getting it ramped up, that's a good assumption.

是的。我認為，一旦我們進入該網站，6 個月是一個不錯的目標，是的。當然，我們會在此之前生產黃金，但提高產量，這是一個很好的假設。

And should I still be envisioning this mine to produce on a 100% basis about 500,000 ounces. Total cash cost of $900 million and all-in sustaining costs of $1,200. Is that still a reasonable number?

我是否仍應設想該礦 100% 生產約 500,000 盎司。總現金成本為 9 億美元，總維持成本為 1,200 美元。這仍然是一個合理的數字嗎？

That's a fair guess at this stage. We'll update it as we go.

在現階段這是一個合理的猜測。我們會隨時更新。

I think, Tanya, once we're up and running, we'll share some updated numbers with you.

我想，Tanya，一旦我們啟動並運行，我們將與您分享一些更新的數字。

And we'll get -- once we get the start-up plan, which is what we're working on, we will guide you. But we've got this guidance out. And they will stick until we change them.

一旦我們制定了啟動計劃（這就是我們正在製定的計劃），我們就會為您提供指導。但我們已經得到了這個指導。它們會一直存在，直到我們改變它們為止。

And the ramp-up is -- goes ahead of that. So working on 500,000 ounces as a first crack is reasonable on a 100% basis. Of course, it goes a lot higher than that within a couple of years.

加速是在這之前的。因此，在 100% 的基礎上，使用 500,000 盎司作為第一道裂縫是合理的。當然，它比幾年內要高得多。

I'll wait for that new mine plan, which would that be coming -- once we get this up, would it be reasonable to assume, hopefully, like with your guidance and?

我會等待新的採礦計劃，該計劃即將到來——一旦我們制定了這個計劃，希望像您的指導一樣，假設是否合理？

Yes, we'll give it to you when we announce that we're actually properly starting up the mine. I've got Graham here trying to sort of dodge the bullet.

是的，當我們宣布我們實際上已經正確啟動礦山時，我們會將其提供給您。我讓格雷厄姆在這裡試圖躲避子彈。

I think Tanya, all things going according to plan in February when we do our normal annual guidance is probably the best guess.

我認為 Tanya，當我們在二月份進行正常的年度指導時，所有事情都按計劃進行可能是最好的猜測。

And just on the reserve replacement because, again, of technical issues, I just wanted to understand as a company overall, did I correctly understand that this year, we would likely see more increases to resources and not necessarily reserves. Was that a fair statement?

就儲備替換而言，再次因為技術問題，我只是想了解作為一家公司的整體情況，我是否正確理解今年，我們可能會看到更多的資源增加，而不一定是儲備增加。這是一個公平的說法嗎？

That is correct. Yes.

那是對的。是的。

And that reserve replacement, you can see occurring in Africa on both gold and copper and not in LatAm. Was that also?

您可以看到，這種儲備替代發生在非洲的黃金和銅上，而不是發生在拉丁美洲。那也是嗎？

That's correct. And -- but you'll see that rolling up next year?

這是正確的。而且——但是明年你會看到這種情況不斷增加嗎？

So that's helpful. And then just lastly, just on the overall resources for the company. Would that has been an increase in gold and copper for both?

所以這很有幫助。最後，關於公司的整體資源。這會導致黃金和銅的增加嗎？

Yes. Yes, it's mined copper and gold. You're talking about the last -- second to last slide?

是的。是的，它是開采的銅和金。您是在談論最後一張倒數第二張幻燈片嗎？

Yes.

是的。

Yes.

是的。

Our final question comes from Martin Pradier with Veritas Investment Research.

我們的最後一個問題來自 Veritas Investment Research 的 Martin Pradier。

I have 2 questions. The first one on Lumwana. Can you maintain -- are you talking about much high grade in second half compared to Q2. Can you give us some idea of what you mean in terms of higher grade in the second half?

我有 2 個問題。第一個是在 Lumwana 上。您能否堅持——您是否在談論下半年與第二季度相比更高的成績。你能給我們一些關於下半年更高成績的意思嗎？

Look, higher grade in Lumwana is low grade anywhere else. So it's not a lot. But it's more consistent and slightly higher grade. I mean I can actually...

看，盧姆瓦納的高品位在其他地方都是低品位的。所以數量並不多。但它更加一致，檔次也稍高一些。我的意思是我實際上可以...

Compared to Q2, are we talking 10% or 15% higher in the second half?

與第二季度相比，下半年是增長 10% 還是 15%？

Sort of 10% is a good number.

10% 是一個不錯的數字。

That's fair. That's fair. And in Kibali, you had a good recovery. Can you maintain or improve production in second half compared to Q2?

這還算公平。這還算公平。在基巴利，你康復得很好。與第二季度相比，下半年產量能否保持或提高？

We've got a good second half for Kibali. It's good overall. The second half…

基巴利下半場表現出色。總體來說還是不錯的下半場……

Yes, it's really consistent with quarter 2. So that's the kind of run rate that we expect for the rest of the year.

是的，這確實與第二季度一致。這就是我們預計今年剩餘時間的運行率。

There are no more questions from the conference call.

電話會議中沒有更多問題。

Thank you very much. Thanks, ladies and gentlemen, those of you who are here. I think we're -- and would like to invite you for a snack and a glass of wine we thought. We'd break the tradition here, New Barrick. So join us. Thank you, everyone.

非常感謝。謝謝各位在座的女士們、先生們。我想我們想邀請您吃點小吃，喝一杯我們認為的葡萄酒。我們要打破這裡的傳統，新巴里克。所以加入我們吧。謝謝大家。

That concludes today's event. Thank you, and have a pleasant day.

今天的活動到此結束。謝謝您，祝您有愉快的一天。