巴里克黃金 (GOLD) 2023 Q3 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 Third 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, November 2, 2023.

女士們先生們，謝謝你們的支持。這是事件運算子。歡迎來到巴里克2023 年第三季業績演示。（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11 月2 日）在巴里克網站上提供重播。

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執行長馬克布里斯托 (Mark Bristow) 發言。請繼續，先生。

Thank you, operator, and good afternoon, and good morning, ladies and gentlemen. I'd start with the current globals -- global metals and minerals environment, which really reminds me of the past 20, 15 years when the mining industry stalled after a very good run, compounded this time by inflation pressures and a few or no new discoveries and a chaotic global order. Then as now, it is plagued by the obsessive short-termism of governments and investors alike, who demand instant gratification and reach for immediate solutions dismissing the long-term nature of mining, whether you're building a sustainable business or a better world, you need careful -- carefully considered strategies and practical plans to achieve one's goal.

謝謝接線員，女士們先生們，下午好，早安。我將從當前的全球環境開始——全球金屬和礦產環境，這確實讓我想起了過去20、15 年，當時採礦業在經歷了良好的運行後陷入停滯，而這一次由於通貨膨脹壓力和一些或沒有新的礦產資源而變得更加複雜。發現和混亂的全球秩序。當時和現在一樣，它受到政府和投資者的短期主義困擾，他們要求即時滿足並尋求立即解決方案，而忽視了採礦業的長期性質，無論您是在建設可持續發展的企業還是建設更美好的世界，你需要仔細考慮的策略和實際計劃來實現自己的目標。

Whether that's the global transition to renewable energy or a business that creates and delivers real value to all its stakeholders, wishful thinking won't get you there. That's why Barrick has a long-term vision of its future and a strategy, which as I'll show you in the course of this presentation, is organically designed to deliver value today and growth tomorrow by building real partnerships with our host countries and other stake -- key stakeholders.

無論是全球向再生能源的過渡，還是為所有利害關係人創造和提供真正價值的企業，一廂情願的想法都無法實現這一目標。這就是為什麼巴里克對其未來和戰略有著長期的願景，正如我將在本次演講中向您展示的那樣，該戰略經過有機設計，通過與我們的東道國和其他國家建立真正的伙伴關係，實現今天的價值和明天的成長。利害關係人—主要利害關係人。

As every quarter, today, I'll be making some forward-looking statements, so please take note of this cautionary statement, which is also available on our website.

與每個季度一樣，今天我將做出一些前瞻性聲明，因此請注意此警告聲明，該聲明也可以在我們的網站上找到。

As you can see from the KPIs, it has been a very busy quarter. Gold and copper production were both up on the previous quarter and have been up quarter 1 to quarter 2, quarter 2 to quarter 3. But we did have some setbacks, notably the slower ramp up of the expansion of Pueblo Viejo, our flagship organic growth project in the Dominican Republic. This is impacting on our ability to achieve our gold production guidance for the year. But as I've often said, mining is a long game and we don't manage Barrick quarter-by-quarter. Even though, with the slower ramp up at PV, we still expect that mine to exceed 800,000 ounces for 2024 and our group projection of a 30% growth in gold equivalent production by the end of this decade remains intact.

從 KPI 可以看出，這是一個非常繁忙的季度。黃金和銅產量均較上一季度有所上升，第一季至第二季、第二季至第三季均有所成長。但我們確實遇到了一些挫折，特別是我們旗艦有機成長普韋布洛維耶霍(Pueblo Viejo) 擴張速度放緩多明尼加共和國的計畫。這影響了我們實現今年黃金產量指引的能力。但正如我經常說的，採礦是一場漫長的遊戲，我們不會按季度管理巴里克。儘管如此，隨著光伏產量增長放緩，我們仍然預計 2024 年礦產量將超過 800,000 盎司，並且我們集團對到本十年末黃金當量產量增長 30% 的預測保持不變。

Otherwise, there is lot of good news during the quarter, particularly the progress we're making with our other growth projects, Lumwana and Reko Diq, and a strong financial performance. I'll tell you more about these and the other KPI's as we go through the presentation.

除此之外，本季還有很多好消息，特別是我們在其他成長項目 Lumwana 和 Reko Diq 方面取得的進展以及強勁的財務業績。在我們進行演示時，我將向您詳細介紹這些以及其他 KPI。

The operating results for the quarter were, as I've already said, an improvement on the previous quarter with higher gold and copper production at lower costs. We are expecting a further improvement in production in the fourth quarter, but as I pointed to the annual production is now expected to be marginally below the low end of the 4.2 million ounce to 4.6 million ounce range. Copper remains on track to achieve its guidance of 420 million pounds to 470 million pounds.

正如我已經說過的，本季的經營業績比上一季有所改善，黃金和銅的產量更高，成本更低。我們預計第四季度產量將進一步改善，但正如我所指出的，目前年產量預計將略低於 420 萬盎司至 460 萬盎司範圍的下限。銅仍有望實現 4.2 億英鎊至 4.7 億英鎊的指導目標。

As you can see here, the financial results were strong, with operating cash flows growing by 35% to more than $1 billion quarter-on-quarter. Free cash flow up significantly to $359 million, and a 26% increase in adjusted net earnings to $0.24 per share. Barrick's robust balance sheet secures our capacity to continue investing in our growth projects independent of the market, both new and existing, while we continue to reward our shareholders through dividends.

正如您在這裡看到的，財務表現強勁，營運現金流環比成長 35%，超過 10 億美元。自由現金流大幅增加至 3.59 億美元，調整後淨利成長 26% 至每股 0.24 美元。巴里克穩健的資產負債表確保我們有能力繼續投資於獨立於市場（無論是新的還是現有的）的成長項目，同時我們繼續透過股息回報股東。

While growing our business, we have also been driving a new safety culture, including a new set of standards and initiatives to keep improving this important part of our business. We call this the "Journey to Zero." Sadly, this key priority was impacted by 2 fatalities during the quarter, which are deeply disappointing for me and the company. We remain highly motivated to achieve these zero goals, and during the past quarter, we've developd and revised Fatal Risk Management program to help ensure that we stay on course with our Journey to Zero.

在發展業務的同時，我們也一直在推動新的安全文化，包括一套新的標準和舉措，以不斷改進我們業務的這一重要部分。我們稱之為「歸零之旅」。遺憾的是，這項關鍵優先事項在本季受到 2 人死亡的影響，這對我和公司來說都深感失望。我們仍然高度積極地實現這些零目標，在過去的季度中，我們制定和修訂了致命風險管理計劃，以幫助確保我們繼續朝著零目標邁進。

Barrick has continued the very pleasing trend of increasing the amount of water we reuse and recycle at our operations. And for quarter 3 recorded an 85% efficiency rate. We also continue to make good progress towards our Scope 1 and 2 emissions targets. And during the quarter, the Group, including our power plants, posted a 6% decrease in emissions compared to the same period in 2022.

巴里克繼續保持令人高興的趨勢，增加我們在營運中再利用和循環利用的水量。第三季的效率為 85%。我們也持續在實現範圍 1 和範圍 2 排放目標方面取得良好進展。在本季度，集團（包括我們的發電廠）的排放量與 2022 年同期相比減少了 6%。

A key milestone in the terms of Tailings Management was also achieved during the quarter, as Barrick confirm -- conformed to the Global Industry standard on Tailings Management and published its disclosure of all very high and extreme consequence facilities on the 4th of August. Our teams have already commenced work to fulfill the requirement of the standard for our remaining facilities by 2025.

正如巴里克所確認的那樣，本季度還實現了尾礦管理方面的一個重要里程碑——符合尾礦管理的全球行業標準，並於 8 月 4 日公佈了所有極高和極端後果設施的披露資訊。我們的團隊已經開始工作，力爭在 2025 年讓我們的剩餘設施達到標準要求。

Consistent with most gold companies, Barrick's Scope 3 emissions, which make up at least 40% of our total emissions, are mostly within Category 1, which is our suppliers; and Category 3, fuel and energy transmission. Through our extensive supplier engagement and data collection process over the past 3 years, we were able to set qualitative and quantitative targets that are achievable and measurable, as disclosed in this slide.

與大多數黃金公司一樣，巴里克的範圍 3 排放量至少占我們總排放量的 40%，大部分屬於類別 1，即我們的供應商；第 3 類，燃料和能源傳輸。透過過去 3 年廣泛的供應商參與和資料收集流程，我們能夠設定可實現和可衡量的定性和定量目標，如本投影片所示。

Turning now to the operational review in North America, already the largest gold miner in the United States, we are committed to expanding our continental footprint beyond our substantial base at Nevada Gold Mines, or NGM for short, into other prospective parts of the United States as well as Canada. And I'll also -- as I'll show you later, we're making significant progress with these endeavors.

現在轉向北美的營運審查，我們已經是美國最大的金礦開採商，我們致力於將我們的大陸足跡擴展到內華達金礦（簡稱 NGM）的重要基地之外，進入美國其他潛在地區還有加拿大。我還將 - 正如我稍後將向您展示的那樣，我們正在通過這些努力取得重大進展。

Nevada Gold Mines performance is led by Turquoise Ridge, where a successful turnaround exercise by its new management team has increased production by 14% against the same period in 2022, helped by the successful commissioning of the third shaft. The mine has one of the highest grade orebodies in the industry, but at the time of the merger was struggling to live up to its potential. It now once again fully justifies its Tier 1 status. The lessons learned at Turquoise Ridge, mainly about the critical importance of teamwork and plant maintenance are now being rolled out at the other NGM mines.

內華達金礦的業績表現以 Turquoise Ridge 為首，新管理團隊成功扭虧為盈，在第三豎井成功調試的幫助下，產量比 2022 年同期增加了 14%。該礦擁有業內品位最高的礦體之一，但在合併時正在努力發揮其潛力。現在，它再次充分證明了其一級地位。在 Turquoise Ridge 獲得的經驗教訓（主要是關於團隊合作和工廠維護的至關重要性）現在正在其他 NGM 礦場推廣。

As we often stress, NGM is rich in growth opportunities, and there's a strong exploration drive to replace reserves as well as to find the next big stand-alone discovery. It's delivering very promising results in the 3 trends shown here, notably Leeville in the Carlin trend, Goldrush in the Cortez trend and the extensions at Turquoise Ridge. Drilling results from across the NGM portfolio have already provided support for its 3-year reserve and resource replacement plan.

正如我們經常強調的那樣，NGM 擁有豐富的成長機會，並且有強大的勘探動力來取代儲量以及尋找下一個大型獨立發現。它在此處顯示的 3 個趨勢中提供了非常有希望的結果，特別是 Carlin 趨勢中的 Leeville、Cortez 趨勢中的 Goldrush 以及 Turquoise Ridge 的擴展。 NGM 產品組合的鑽探結果已為其三年儲量和資源替代計劃提供了支持。

The Barrick owned Fourmile project adjacent to Cortez's Goldrush, but not part of NGM merit special mention. Fourmile is by some distance the best undeveloped gold asset in its class, and we fully expect it to become a long life, high value mine. Conceptually, combined with Goldrush, it will be the largest gold mining operation in the Americas. The long wait for the government record of decision on Goldrush has been frustrating, but the notice of availability for the final environmental impact statement for Goldrush was published by the EPA on October the 27th, so we expect to receive the record of decision before the end of the year as previously guided.

Barrick 擁有毗鄰 Cortez Goldrush 的 Fourmile 項目，但不屬於 NGM 值得特別提及的部分。 Fourmile 是同類中最好的未開發黃金資產，我們完全期望它成為壽命長、高價值的礦山。從概念上講，與 Goldrush 合併後，它將成為美洲最大的金礦開採業務。政府對Goldrush決定記錄的漫長等待令人沮喪，但EPA於10月27日發布了Goldrush最終環境影響報告書的發布通知，因此我們預計在年底前收到決定記錄按照之前的指導，今年。

This is an overview of our expanding work and land consolidation across North America. As you can see, we have many growth opportunities beyond NGM, and as we work through this in the coming quarters, we'll give you more clarity on exactly where we're building those footprints. Across the U.S., our teams are hunting for and securing significant early stage opportunities to feed into our project pipeline. In Western Nevada, Phase 1 drilling has been completed at Pearl String, with Phase 2 scheduled to start soon.

這是我們在北美不斷擴展的工作和土地整合的概述。正如您所看到的，除了 NGM 之外，我們還有許多成長機會，當我們在未來幾季解決這個問題時，我們將讓您更清楚地了解我們正在何處建立這些足跡。在美國各地，我們的團隊正在尋找並確保重要的早期機會，以融入我們的專案管道。在內華達州西部，Pearl String 的第一階段鑽探已經完成，第二階段計劃很快就開始。

Further north, at the advanced Donlin project in Alaska, which boasts a very large resource, we are progressing key work streams to continue moving it up the value curve, as detailed in the slide. And in Canada, fieldwork was successfully conducted on 3 properties, building confidence and advancing each project towards testing priority target concepts.

再往北，在阿拉斯加先進的 Donlin 項目，該項目擁有非常龐大的資源，我們正在推進關鍵工作流程，以繼續推動其價值曲線上升，如幻燈片中詳述。在加拿大，我們成功地對 3 個房地產進行了實地考察，建立了信心並推動每個專案測試優先目標概念。

We moved now to Latin America and the Asia Pacific region, where we have been expanding our exploration portfolio. The main focus, however, has been, as I've mentioned in the introduction on the ramp up of the expanded Pueblo Viejo Mine and the updating of the Reko Diq feasibility study. At the time of the merger, the Tier 1 Pueblo Viejo asset was destined to stop mining this year and processing by 2030, constrained as it was by low grades and a lack of tailings capacity. A visionary expansion project has unlocked and optimized 20 million ounces of reserves, extending the mine's life well beyond 2040, at an average annual production rate in excess of 800,000 ounces.

我們現在轉移到拉丁美洲和亞太地區，在那裡我們一直在擴大我們的勘探投資組合。然而，正如我在簡介中提到的那樣，主要焦點是擴大 Pueblo Viejo 礦的產能和更新 Reko Diq 可行性研究。合併時，一級 Pueblo Viejo 資產注定會在今年停止採礦，並在 2030 年停止加工，原因是品位低且缺乏尾礦產能。一項富有遠見的擴建項目已釋放並優化了 2000 萬盎司的儲量，將礦山的使用壽命延長至 2040 年後，平均年產量超過 800,000 盎司。

A project of this size always comes with risks and challenges. And in the case of PV, it was the failure of the gearboxes for the flotation cells and more recently, the partial failure of the end of the new conveyor belt to the single-stage SAG mill. Long-term engineering solutions have been developed with the design engineers and original equipment manufacturers, and temporary fixes have been employed, including the use of mobile crushers. The equipment failures have restricted the scheduled commissioning and ramp-up, but the remedial measures taken by the team are allowing the work and production to continue and certainly the ramp-up, albeit at a slower pace.

如此規模的專案總是伴隨著風險和挑戰。就光電發電而言，浮選池齒輪箱故障，最近單級半自磨機的新傳送帶末端也出現部分故障。設計工程師和原始設備製造商已經制定了長期工程解決方案，並採用了臨時修復措施，包括使用移動式破碎機。設備故障限制了預定的調試和產能提升，但團隊採取的補救措施使工作和生產得以繼續，當然也能實現產能提升，儘管速度較慢。

Despite the challenges, as I mentioned at the beginning, we still expect PV to produce more than 800,000 ounces in 2024. In the meantime, the new tailing storage facility, a crucial part of this expansion has received the environmental permit and the resettlement of the project affected people from the site will start in 2024.

儘管面臨挑戰，正如我在開頭提到的，我們仍然預計2024 年光伏產量將超過800,000 盎司。與此同時，作為此次擴建的關鍵部分，新的尾礦儲存設施已獲得環境許可，並重新安置了該計畫將於 2024 年啟動，對現場受影響的人員進行安置。

At the beginning of the year, you might remember Veladero was a very stressed operation with a combination of operational and geopolitical challenges. We chose to cut back the mine plan and capital, while we consider the mine's future in the context of the risk. In the interim, the mine's new management team has done an excellent job operating in this environment, and Veladero is now set to achieve the above the top end of its annual production guidance.

今年年初，您可能還記得貝拉德羅是一個壓力很大的行動，面臨著營運和地緣政治挑戰。我們選擇削減礦山計劃和資金，同時我們在風險的背景下考慮礦山的未來。在此期間，該礦的新管理團隊在這種環境下表現出色，貝拉德羅現在有望實現年度生產指導的上限。

During the quarter, the mine increased production and reduced costs, and we expect it to be in a positive cash position by the end of the year and to post a positive outlook for 2024. The successful completion of its Phase 7A leach pad has encouraged us to start the construction of Phase 7B, which is scheduled for completion before the onset of winter in the Andes in mid 2024.

本季度，該礦產量增加，成本降低，我們預計到今年年底，該礦將擁有積極的現金狀況，並對 2024 年做出積極的展望。7A 期浸濾場的成功完成讓我們受到鼓舞啟動第7B 階段的建設，計劃於2024 年中期安第斯山脈冬季到來之前完工。

Across LATAM, we are looking at new opportunities in the Dominican Republic and Chile. We have recently secured a substantial land package in Ecuador and established a pipeline of permitted drilling targets in Peru. We're also working on extending Veladero's life by adding back some resources that were previously removed from the mine plan.

在拉丁美洲，我們正在多明尼加共和國和智利尋找新的機會。我們最近在厄瓜多爾獲得了大量土地，並在秘魯建立了一系列允許鑽探目標的管道。我們也致力於透過添加先前從採礦計劃中刪除的一些資源來延長 Veladero 的壽命。

And in Pakistan, the site infrastructure at Reko Diq is now in place, and we're making good progress with the update of the feasibility study scheduled for completion in the fourth quarter of next year, with Lycopodium having been appointed as our project engineering partner. Seismic surveys of aquifers in the area indicate potential to meet the mine's immediate water supply needs, and drilling has commenced to confirm the potential of these aquifers. Construction of the mine is scheduled to start in 2025 with 2028 targeted for first production. When it is fully operational, Reko Diq will rank among the world's top 10 largest copper mines.

在巴基斯坦，Reko Diq 的現場基礎設施​​現已到位，我們的可行性研究更新進展順利，計劃於明年第四季度完成，Lycopodium 已被任命為我們的專案工程合作夥伴。該地區含水層的地震調查顯示有可能滿足礦井當前的供水需求，並且已經開始鑽探以確認這些含水層的潛力。該礦山計劃於 2025 年開始建設，目標於 2028 年首次生產。在全面投產後，雷科迪克銅礦將躋身全球十大銅礦之列。

[Chah] as elsewhere, Barrick is very conscious of its social license to operate, and in line with our pledge to roll out benefits for the local community, well before mining started, we have delivered three primary schools, a health center and a mobile clinic to the surrounding villages. Last quarter, we also launched an International Graduate Program in Balochistan, with an initial intake of 9 outstanding graduates, 4 of them women. Our intention is to start cultivating a cadre of future experts and leaders for Pakistan's fledgling mining industry. And we also plan to start the training of future employees from the region targeting the first thousand by early 2025.

[Chah] 與其他地方一樣，巴里克非常清楚其運營的社會許可，並且根據我們為當地社區提供福利的承諾，早在採礦開始之前，我們就已經交付了三所小學、一個保健中心和一個流動中心到週邊村落開設診所。上季度，我們也在俾路支省啟動了國際研究生項目，首批招收了 9 名優秀畢業生，其中 4 名女性。我們的目的是開始為巴基斯坦新興的採礦業培養一群未來的專家和領導者。我們也計劃在 2025 年初開始培訓該地區的未來員工，目標是培訓前 1,000 名員工。

In Papua New Guinea, it's been a long and winding road towards the reopening of Porgera. But the end has finally been brought into sight by the granting of a new special mining license and the execution of the mining development contract and a fiscal stability agreement. We are engaging with the landowners to extend the current compensation agreements to enable restart before the end of the year. Detailed reopening and ramp-up plans are in place and we're taking all the preparatory steps to be ready for that day. It's been well worth our while to persist with Porgera, it's a significant asset with real Tier 1 potential.

在巴布亞紐幾內亞，波格拉重新開放是一條漫長而曲折的道路。但隨著新的特殊採礦許可證的發放以及採礦開發合約和財政穩定協議的執行，結局終於出現了。我們正在與土地所有者合作，延長目前的補償協議，以便在年底前重新啟動。詳細的重新開放和啟動計劃已經到位，我們正在採取所有準備措施，為這一天做好準備。我們非常值得堅持使用 Porgera，它是具有真正一級潛力的重要資產。

My introduction to the Africa and Middle East regions part of the presentation has been the same every quarter, and it's no different this quarter. The region has been Barrick's most consistent performer since the merger. It's also a highly prospective exploration destination and a core growth engine for the Group.

我在演講中對非洲和中東地區的介紹部分每季都是一樣的，本季也沒有什麼不同。自合併以來，該地區一直是巴里克表現最穩定的地區。它也是極具前景的勘探目的地和集團的核心成長引擎。

The Loulo-Gounkoto complex in Mali delivered its usual strong performance and fully deserves its place in our Tier 1 portfolio. It has an exemplary record of consistent reserve replacement and ongoing brownfield's exploration indicates that it's likely to sustain this. Deep framework drilling is currently testing for repetitions of the high grade Yalea system. And elsewhere on the site, new high impact targets have been identified, while a project-wide review has highlighted opportunities along strike in south of Yalea and at depth at Gounkoto and Baboto. The greening of the complex grid continues with Phase 2 of its solar farm scheduled for completion before the end of this year.

馬裡的 Loulo-Gounkoto 綜合體一如既往地表現強勁，完全值得在我們的一級投資組合中佔有一席之地。它擁有持續儲量替代的典範記錄，而正在進行的棕地勘探表明它很可能會維持這種狀態。深框架鑽探目前正在測試高品位 Yalea 系統的重複性。在該地點的其他地方，已經確定了新的高影響目標，同時全項目審查強調了耶魯南部以及貢科托和巴博托縱深的罷工機會。複雜電網的綠化工作仍在繼續，其太陽能發電場的第二階段計劃在今年年底前完成。

Barrick is Africa's largest gold miner and Kibali the continent's largest gold mine. It has recovered well from a slow start to this year and is on track to meet its guidance as well as to replace depleted reserves again. Kibali is a leader in automation and mining and a poster child for renewable energy. Since operations began, we have built 3 hydro power stations at Kibali. Together, these stations currently meet more than 70% of the mine's electricity needs. Once its 16-megawatt solar facility with battery storage is commissioned, the mine's electricity needs will be met entirely from renewable energy for 6 months of the year, reducing its greenhouse gas emissions by over 19,000 tonnes of CO2 equivalent annually.

巴里克是非洲最大的金礦商，基巴利是非洲大陸最大的金礦。今年以來，它已從緩慢的開局中恢復過來，並有望達到其指導方針並再次補充耗盡的儲備。基巴利是自動化和採礦領域的領導者，也是再生能源的典型代表。自營運以來，我們已在基巴利建造了 3 座水力發電廠。目前，這些電站總共滿足了礦場 70% 以上的電力需求。一旦配備電池儲存的 16 兆瓦太陽能設施投入使用，該礦一年中 6 個月的電力需求將完全由再生能源滿足，每年可減少超過 19,000 噸二氧化碳當量的溫室氣體排放。

The 2 Tanzanian mines production were lower than in the previous quarter, but this is in line with their plans, and they remain on track to meet their guidance for the year. In order to sustain their combine Tier 1 profile for decades to come, North Mara plans to extend its life through an optimized pit plan, while the strategy of brownfield's growth continues to deliver at both North Mara and the long life Bulyanhulu.

坦尚尼亞的兩個礦場產量低於上一季度，但這符合他們的計劃，並且仍有望實現今年的指導。為了在未來幾十年內維持其聯合收割機的 Tier 1 形象，North Mara 計劃通過優化的坑規劃來延長其使用壽命，而棕地的增長策略將繼續在 North Mara 和長壽命 Bulyanhulu 上發揮作用。

There's still great potential for world-class discoveries around our operations and further afield within the Africa and Middle East region. These are some of the many opportunities from Zambia in the South to Saudi Arabia in the North. With its wealth of resources and our strong partnerships there, Tanzania is a particularly strong candidate for our next million ounce discovery.

我們的業務周圍以及非洲和中東地區更遠的地方仍然有巨大的世界級發現潛力。這些只是從南部贊比亞到北部沙烏地阿拉伯的眾多機會中的一部分。坦尚尼亞擁有豐富的資源和我們在當地的強大合作關係，是我們下一個百萬盎司發現的有力候選人。

In Zambia, the expansion of Lumwana is along with the Reko Diq project, another of our key growth projects, and together they will make Barrick a major league copper producer, complementing our peerless Tier 1 gold portfolio. We've accelerated its feasibility study for completion towards the end of next year with construction starting in 2025 and 2026 targeted for first production mirroring Reko Diq's timetable.

在尚比亞，Lumwana 的擴張與我們的另一個關鍵成長項目 Reko Diq 項目一起進行，它們將使 Barrick 成為大聯盟銅生產商，補充我們無與倫比的一級黃金投資組合。我們加快了可行性研究，預計將於明年年底完成，並於 2025 年和 2026 年開始施工，目標是按照 Reko Diq 的時間表進行首次生產。

Lumwana's 50 million tonne per annum process plant expansion coupled with the planned Super Pit will lift copper production to some 240,000 tonnes of copper per year over a minimum of 36-year life of mine. And several additional targets are expected to extend this mine life further.

Lumwana 每年 5000 萬噸的選礦廠擴建加上計劃中的超級礦坑將使銅產量在至少 36 年的礦山壽命內每年提高到約 24 萬噸銅。預計還有幾個額外目標將進一步延長該礦山的壽命。

Our other copper mines, Jabal Sayid in Saudi Arabia and Zaldivar in Chile, both delivered consistent production. Jabal Sayid, a joint venture between Barrick and Ma'aden is serving as a springboard for expanding our very successful partnership. New permits around the mine are being brought to account and we're expanding our focus beyond the current Jabal Sayid catchment area and up to the Arabian-Nubian Shield, which we believe is poised to become a major new mining destination.

我們的其他銅礦，沙烏地阿拉伯的 Jabal Sayid 和智利的 Zaldivar 都實現了穩定的產量。 Jabal Sayid 是巴里克和 Ma'aden 之間的合資企業，它是擴大我們非常成功的合作夥伴關係的跳板。礦場周圍的新許可證正在考慮，我們正在將我們的關注範圍擴大到目前的Jabal Sayid 集水區，直至阿拉伯-努比亞地盾，我們相信該地區將成為一個主要的新採礦目的地。

Ladies and gentlemen, value today and growth tomorrow has been the theme of this presentation. And I believe we're equipped to deliver both on the back of our uniquely successful and sustained organic replacement of depleted reserves, coupled with a disciplined long-term growth strategy. As you can see here, since the merger in 2019, we've replaced 125% of our reserves. Looking to the future, as demonstrated, we expect reserve replacement and our organic growth projects to increase production by some 30% gold equivalent by the end of the decade.

女士們、先生們，珍惜今天、成長明天是本次演講的主題。我相信，憑藉我們對枯竭儲備的獨特成功和持續的有機替代，再加上嚴格的長期成長策略，我們有能力實現這兩點。正如您在這裡所看到的，自 2019 年合併以來，我們已經替換了 125% 的儲備金。展望未來，正如所展示的那樣，我們預計到本十年末，儲備替代和我們的有機成長項目將使黃金產量增加約 30%。

And so, thank you for your attention. And I'll hand you over back to the operator to manage questions, and we'll be starting high in London with the first question.

所以，感謝您的關注。我會將您交給接線員來處理問題，我們將在倫敦從第一個問題開始。

Dan Major from UBS. A couple of questions. First one just on the guidance for this year, you've obviously indicated [3 or so percent] below the bottom end of the range on production. Can you give us a steer on the cost trajectory in Q4 at a group level and where you expect to land for the year relative to the top end of the guidance?

瑞銀集團 (UBS) 的 Dan Major。有幾個問題。第一個關於今年的指導，您顯然表明[3％左右]低於生產範圍的下限。您能否向我們介紹一下第四季度集團層面的成本軌跡，以及您預計今年相對於指導上限的成本軌跡？

Yes, I think -- and so, the big driver in the growth that has been clipped back has been Pueblo Viejo expansion. That's still going to grow significantly in quarter 4. So, -- and again, the -- all the regions are growing and we expect our forecast for quarter 4 will be better than quarter 3. And with that will come an improved cost profile as well. So that trend continues as we set out to do for the quarter. The impact is in the actual expansion of PV. And I'll just explain a bit to you because I think people would like to know. And that is, when we commissioned the -- this is -- we commissioned the largest float cells ever built. And the OEM who supplied that -- those floats, we've used certainly my whole career. And they underdesigned the gearboxes and the shaft. So we've been able to retrofit and engineer a temporary solution. So those float cells are now working, but the supplier has agreed to send us completely new assemblages by the end of this year and they'll come in one at a time.

是的，我認為 - 因此，成長放緩的主要推動力是普韋布洛維耶霍的擴張。第四季仍將大幅成長。因此，所有地區都在成長，我們預計第四季度的預測將好於第三季。隨之而來的是成本狀況的改善，因為出色地。因此，正如我們本季計劃所做的那樣，這種趨勢仍在繼續。影響在於光電發電的實際擴張。我只是向你們解釋一下，因為我認為人們想知道。也就是說，當我們調試——這是——我們調試了有史以來最大的浮動電池。那些提供這些浮標的原始設備製造商，我們在我的整個職業生涯中都使用過這些浮標。他們對變速箱和軸的設計不足。因此，我們已經能夠改造和設計臨時解決方案。因此，這些浮式電池現在正在工作，但供應商已同意在今年年底前向我們發送全新的組件，並且一次會送一個。

And so by the end of the year, we'll have that problem properly put to bed. And the engineered solutions might last us 2 years to 5 years, but normally float cells will last decades. So we want to get it done properly. And at the same time, a bit like what happened in Loulo a couple of years ago, the end of the very large conveyor belt failed right at the end and that's the feed to the run of the crushed or stockpile for the single-stage SAG mill.

因此，到今年年底，我們將妥善解決這個問題。工程解決方案可能可以使用 2 年到 5 年，但通常浮動電池可以使用數十年。所以我們希望把它做好。同時，有點像幾年前在盧洛發生的事情，非常大的傳送帶的末端在最後發生故障，這就是單級 SAG 的破碎或庫存運行的進料磨。

We are experienced in this because as I pointed out, it happened with us before. And so we jumped around and installed a whole lot of mobile crushes to be able to manage that situation. And again, we have a series of conveyors that have arrived on site for our dolomite process upgrade. And we're going to use those -- we actually, as I speak, installing them, and we'll use those in the short term period, so the next 4-odd months, while we reconstruct that piece of the conveyor belt.

我們在這方面經驗豐富，因為正如我所指出的，我們以前也發生過這種情況。因此，我們四處尋找並安裝了許多移動粉碎機來應對這種情況。同樣，我們的一系列輸送機已抵達現場，用於白雲石製程升級。我們將使用這些——實際上，正如我所說，我們正在安裝它們，我們將在短期內使用它們，所以在接下來的四個多月內，同時我們重建那段傳送帶。

And so, we are expecting that production will range between 70% and 75% of planned throughput and we've now continuing with the ramp-up now. And this is a very complex flotation circuit. What we've effectively done, what we did with PV is that it had run into a part of the orebody, which is the rest of the orebody, 20 million ounces, which has got a grade of around 2.4 grams a tonne, and we needed to jack up the throughput. And so the way we did it, our process experts is we installed a very big float circuit in the front end of the plot and increased the whole combination part of that front end.

因此，我們預計產量將達到計劃吞吐量的 70% 至 75%，並且我們現在正在繼續提高產量。這是一個非常複雜的浮選迴路。我們對PV所做的有效工作是，它已經進入了礦體的一部分，即礦體的其餘部分，2000萬盎司，品位約為每噸2.4克，我們需要提高吞吐量。因此，我們的製程專家的做法是，我們在繪圖的前端安裝了一個非常大的浮動電路，並增加了該前端的整個組合部分。

So then, what the float does is it concentrates the gold and more importantly the sulfur, which allows the -- and we put in flash coolers into the autoclaves. And so, now we can go back from a 14 million tonne front end plant back to a 10 million tonnes rest of the process. We're putting in the same amount of gold. We dropped the costs materially because there's not a lot of processing in that circuit. And that unlocks the entire 20 million ounces.

那麼，浮子的作用是濃縮金，更重要的是濃縮硫，這使得──我們將閃蒸冷卻器放入高壓釜中。因此，現在我們可以從 1400 萬噸的前端工廠返回 1000 萬噸的剩餘流程。我們投入了相同數量的黃金。我們大幅降低了成本，因為該電路中沒有太多處理。這樣就解鎖了全部 2000 萬盎司。

And PV is a very low cost producer. We produce our own power. It's natural gas fired power station. And it's -- and it's a very efficient operation all around. It's very compact, the mining is efficient. And so we have a profile, it'll range between 800,000 ounces and 1 million ounces out to beyond 2040. And that's really the impact in the short-term this year. But the big driver of the increase from this quarter to next quarter is still that project.

光電發電是一種成本非常低的生產方式。我們生產自己的力量。這是天然氣發電站。這是一個非常有效率的運作。它非常緊湊，採礦效率很高。因此，我們有一個預測，到 2040 年以後，產量將在 80 萬盎司到 100 萬盎司之間。這確實是今年短期內的影響。但本季到下季成長的主要推動力仍然是該項目。

One more, if I might. Particularly prominent concerns in the industry around expropriation, nationalization elsewhere outside of your portfolio. If we go to Pakistan, obviously, there's been a checked history in this asset. Two questions. What gives you the confidence in the framework agreement that you're coming to now that a Cobre Panama situation is not going to occur down the line? And the second is, in the Randgold days, you was talked at 20%, IRR at 1,000. What's your hurdle rate against this backdrop for Reko Diq?

如果可以的話，再來一張。業界對您投資組合以外其他地方的徵用、國有化的擔憂尤其突出。如果我們去巴基斯坦，顯然，該資產的歷史記錄已經過檢查。兩個問題。是什麼讓您對現在達成的框架協議充滿信心，認為巴拿馬銅礦的情況不會發生？第二個是，在 Randgold 時代，你的利率是 20%，IRR 是 1,000。在這種背景下，你對 Reko Diq 的期望值是多少？

So, Daniel, after 40 years, I think I understand my way around the mining industry. And I would point out that when we did the merger with Rangold, the Barrick portfolio, my recognition was the high nature of the quality of the assets. But every single asset had a problem. Argentina was in trouble. Tanzania, both mines were closed by the government, and exactly what you reference what you're referencing.

所以，丹尼爾，40 年後，我想我了解了採礦業的方式。我想指出的是，當我們與 Barrick 投資組合 Rangold 合併時，我認識到資產品質的高品質。但每項資產都存在問題。阿根廷遇到麻煩了。坦尚尼亞，兩個礦井都被政府關閉了，正如你所提到的。

Porgera was ultimately cancelled the permit. Reko Diq had been nationalized. There was -- Nevada was an inefficient arrangement of assets because of Barrick and Newmont owning assets intertwined and which should have been managed together, which they are today. And you look back, you go fast forward to today and look back, we've dealt with all those issues.

波格拉最終被取消了許可證。雷科·迪克被國有化。內華達州的資產安排效率低下，因為巴里克和紐蒙特擁有的資產相互交織，本應共同管理，就像今天一樣。你回頭看，快進到今天，再回頭看，我們已經解決了所有這些問題。

The last challenge, which is also an opportunity, is the Pascua-Lama process. But what we did do is fix Veladero. And so it creates and it's not about your agreement. It's about your license to operate. You can have -- you can pen any agreements in this modern world, whether it's in a developed country or an emerging market country, you can do that.

最後一個挑戰，也是一個機遇，是帕斯誇-喇嘛進程。但我們所做的是修復貝拉德羅。所以它就產生了，這與你的同意無關。這是關於你的經營許可證。你可以——你可以在這個現代世界簽署任何協議，無論是在已開發國家還是新興市場國家，你都可以做到。

If you don't and that's what I've said for many years, and you know this. I've said, the most important stakeholder in a mining venture is your host country, not your shareholders, because if you get it wrong, your shareholders end up with nothing. And so for me, and it will be that for my whole career, very early on, that's how we built Rangold.

如果你不這樣做，這就是我多年來所說的，你也知道這一點。我說過，礦業企業最重要的利害關係人是你的東道國，而不是你的股東，因為如果你做錯了，你的股東最終會一無所有。對我來說，在我的整個職業生涯中，很早的時候，這就是我們建立 Rangold 的方式。

Focused on your license to operate. Make sure you share the benefits, the economic benefits with the host country and the people in that country. So employ locals, develop local management, and then you'll be able to manage most crises. But if you don't have a social license any as we're witnessing for the umpteenth time and it's not particular to just this last year. If you don't have a social license, you could have any agreement you like, it doesn't save the day. So I think we're -- and it doesn't mean it's all Utopia, you've seen the work we've had to put in Tanzania to get where we are. And today, we're a preferred partner. We're the biggest contributor to the economy in the entire nation, and that comes from accusations that we never gave anything.

專注於您的經營許可證。確保與東道國和該國人民分享利益、經濟利益。因此，僱用當地人，培養本地管理人員，然後你就能夠應對大多數危機。但如果你沒有任何社會許可證，正如我們無數次目睹的那樣，這並不是去年特有的情況。如果您沒有社會許可證，您可以簽署任何您喜歡的協議，但這並不能挽救局面。所以我認為我們——這並不意味著這一切都是烏托邦，你已經看到了我們在坦尚尼亞所做的工作才達到了現在的水平。如今，我們已成為首選合作夥伴。我們是整個國家經濟的最大貢獻者，而這來自於我們從未給予任何東西的指控。

And so, Mali, we've been through many challenges in Mali over the years. I think, I've been through 16 different governments and 3 crews. We're still operating, and we have a very strong social license in Mali. Doesn't mean to say we don't have challenges. And I think there's a message to the industry that, that is an important component of mining today. And mining today has got a lot of work to really establish its credentials to ensure that it can fulfill what the world needs from mining, because without mining, we will never have a world that's in good shape for future generations.

因此，馬裡，多年來我們在馬裡經歷了許多挑戰。我想，我經歷過16個不同的政府和3個工作人員。我們仍在運營，並且在馬裡擁有非常強大的社會許可。這並不意味著我們沒有挑戰。我認為這向業界傳達了一個訊息：這是當今採礦業的重要組成部分。今天的採礦業需要做很多工作才能真正建立其信譽，以確保它能夠滿足世界對採礦的需求，因為沒有採礦，我們永遠不會為子孫後代擁有一個狀況良好的世界。

Alan Spence, BNP Paribas Exane. I got 2 questions. I'll take them one at a time. The first one just on Carlin, the big drop in the open pit grade, that was the ore from Goldstrike stopping, taking more from the stockpiles. How do we think about that through '24 and the great progression?

艾倫·斯賓塞，法國巴黎銀行 Exane。我有 2 個問題。我會一次拿一個。第一個發生在卡林，露天礦品位大幅下降，來自 Goldstrike 的礦石停止供應，從庫存中奪取了更多礦石。我們如何看待24世紀以來的巨大進步？

Well, that's closed now. And so it's about, I mean, the big challenge in Carlin is -- and Goldstrike, what I've done with Goldstrike is we've put and it was -- it's always been a filler in our production and management try to make it a core business, and it's not. And so we've put that in a separate category and we'll manage that going forward. Leeville has done extremely well. The new remnant mining is a tough enterprise, as you know. So there are parts of our remnant mining, the old sections of Carlin that are still have a lot of new mining blocks we've been able to get ahead of the faces and drill out a future for them, but Goldstrike is not one of them.

嗯，現在已經關門了。所以，我的意思是，卡林面臨的巨大挑戰是——Goldstrike，我對 Goldstrike 所做的就是我們已經投入了——它一直是我們生產和管理中的一個填充物，試圖做到這一點核心業務，但事實並非如此。所以我們把它放在一個單獨的類別中，我們將繼續管理它。利維爾做得非常好。如您所知，新的殘餘物開採是一項艱鉅的事業。因此，我們的剩餘採礦區、卡林的舊區仍然有很多新的採礦區塊，我們已經能夠在工作面之前開採並為它們挖掘未來，但 Goldstrike 不是其中之一。

And then the open pits, we are transitioning from those open pits, but the core focus for us to is expanding into the north through Leeville. And there's a lot of gold in Leeville, and we are drilling brownfield extensions right along that Carlin trend today.

然後是露天礦坑，我們正在從那些露天礦坑過渡，但我們的核心重點是透過利維爾向北部擴張。利維爾有很多黃金，我們今天正在沿著卡林趨勢鑽探棕地延伸區。

And then on the portfolio, just one operating asset in Canada. I know you've talked about wanting to have more there. I'm just interested in, since the transaction when you're here taken over, why hasn't more been done there? Has it been the case that the opportunities you've looked at wouldn't compete on geology or valuation? Or is it something else?

然後在投資組合中，只有加拿大的一項營運資產。我知道你曾經說過想要在那裡擁有更多。我只是感興趣，自從你在這裡的交易被接管以來，為什麼那裡沒有做更多的事情？您所關注的機會是否在地質或估值方面無法競爭？還是別的什麼？

So there's been a lot of M&A in Canada, as you know, and a lot of -- and we've participated in just about everyone, and we've walked away from it. And what we have done is built a very significant portfolio now and we just referenced in the presentation the 3 key projects that we're taking now to drilling, and they're all in the right place. And our geological team there is as good as any of the teams we've got.

所以，正如你所知，加拿大進行了很多併購，我們幾乎參與了所有併購，但我們已經放棄了。我們現在所做的是建立了一個非常重要的投資組合，我們剛剛在演示中提到了我們現在正在進行鑽探的 3 個關鍵項目，它們都在正確的位置。我們的地質團隊與我們現有的任何團隊一樣優秀。

And I guess, from everyone in Canada, particularly have this view that we deserve to do M&A or should do M&A. And M&A is part of a business that as the market -- we we're talking about the other day, and Kevin made a very good point. Assets at some place in the market will always offer value. But in other stages of the market, they offer a serious risk. And we saw that in 2011, when the entire mining industry blew its brains out. Every one of them, even Glencore is selling assets to survive. And the reason I'm here with the Rangold team and along with the Barrick team, is because Barrick and the other big gold assets did the same.

我想，加拿大每個人都特別有這樣的觀點，即我們值得併購或應該進行併購。併購是市場業務的一部分——我們前幾天正在談論，凱文提出了一個非常好的觀點。市場上某個地方的資產總是會提供價值。但在市場的其他階段，它們帶來了嚴重的風險。我們在 2011 年就看到了這一點，當時整個採礦業都陷入了困境。他們每一個人，甚至嘉能可，都在出售資產以求生存。我之所以和蘭戈爾德團隊以及巴里克團隊一起來到這裡，是因為巴里克和其他大型黃金資產也做了同樣的事情。

So, it's -- and for us, we're business. It's all about business. We're not about being big for the sake of being big. We believe in relevance. And there will be times when we have an opportunity to create value through acquisition. And we started out the merger with 3 very aggressive acquisitions, all at market, all at market. And there will be another time when we get another opportunity to do exactly the same.

所以，對我們來說，我們就是生意。這都是關於生意的。我們不是為了做大而做大。我們相信相關性。有時我們有機會透過收購來創造價值。我們以 3 次非常積極的收購開始了合併，全部是在市場上，都是在市場上。總有一天我們會有另一個機會做同樣的事情。

In the meantime, we just didn't rely -- it's not a strategy to rely on M&A. And right now that's the mining industry, because it's ex growth. And Barrick is a standout, we have -- despite the fact that we didn't do those M&A transactions, we can show you 30% growth hasn't cost us any money, it's just cost us effort. And the gold portfolio has got a steady growth out to '27, '28, as we showed you in our Investor Day this recent one in 12th of September. And the copper profile is significant. And more importantly, we've got 5 years of actually planned replacement of gold. So we've got our brownfield exploration drilling way ahead of the face to be able to show that we will convert inventory to resources, resources to reserves over that 5 years. And of course, as the years roll forward, we do more on that.

同時，我們只是不依賴──這不是依賴併購的策略。現在這就是採礦業，因為它是前成長的。巴里克是一個傑出的公司，儘管事實上我們沒有進行這些併購交易，但我們可以向您展示 30% 的成長並沒有花費我們任何金錢，只是花費了我們的努力。正如我們在 9 月 12 日的投資者日向您展示的那樣，黃金投資組合到 27 年、28 年一直在穩定成長。銅的分佈也很重要。更重要的是，我們有 5 年的實際計劃來替代黃金。因此，我們的棕地勘探鑽探工作已經走在前面，能夠表明我們將在這 5 年內將庫存轉化為資源，將資源轉化為儲量。當然，隨著時間的推移，我們會在這方面做更多的事情。

And then we've got the new projects coming in. Lumwana is going to dump a whole lot of copper reserves, the Lumwana expansion into our portfolio and Reko Diq even more. And on top of that, about 15 million ounces of gold in our reserves. So not only are we replacing the reserves we mine in our current Tier 1 assets. And I would point out our Tier 1 assets are by definition rather than made up. And that growth that we're talking about is new growth and it's both gold and copper, because Reko Diq is that classic asset you want as a gold miner. It's got copper in it and it's got a lot of gold in it as well.

然後我們就會有新項目進來。Lumwana 將拋售大量的銅儲備，Lumwana 的擴張將進入我們的投資組合，而 Reko Diq 則更多。除此之外，我們的黃金儲備約為 1500 萬盎司。因此，我們不僅要替換目前一級資產中開採的儲備。我想指出的是，我們的一級資產是根據定義而不是虛構的。我們談論的成長是新的成長，它既是黃金又是銅，因為 Reko Diq 是您作為金礦商想要的經典資產。它含有銅，也含有大量金。

Mark, lovely to have you back in London. Just on this chart, with your growth from '22 to '29, can you just remind us the cost of that? And how the sort of capital spending comes over the next few years? And I see we're sort of growing our debt levels from below of a couple of years ago. What do you think peak debt might be in order for us to achieve this goal?

馬克，很高興你回到倫敦。就在這張圖表上，隨著你從 22 歲到 29 歲的成長，你能提醒我們這樣做的成本嗎？未來幾年的資本支出狀況如何？我發現我們的債務水平比幾年前有所上升。您認為債務高峰應該怎樣才能讓我們實現這一目標？

So, Justin, as you know, we come here every year by design to give this presentation in the LSE. If it wasn't for the stock exchange not requiring us to do a full IPO to continue our listing in London, we'd be listed here. So, just apropos of nothing.

所以，賈斯汀，如你所知，我們每年都會特意來到這裡，在倫敦經濟學院進行這次演講。如果不是證券交易所不要求我們進行全面的首次公開發行以繼續在倫敦上市，我們就會在這裡上市。所以，只是無緣無故。

On the capital side, so let's start with Lumwana, it's about $1.6 billion to $1.9 billion. We're still in with the feasibility study, but we'll be with around there. And that's -- and that's we should at market, at consensus prices, it's about $800 million, [Simon], that we would fund from Barrick. And so that's -- it's an easy project for us to do. Whatever you -- the copper prices up or down, we'll put a bit more in or a bit less.

在資本方面，我們從Lumwana開始，大約是16億到19億美元。我們仍在進行可行性研究，但我們會在那裡。那就是——這就是我們應該在市場上以一致價格計算的，[西蒙]，我們將從巴里克那裡資助約 8 億美元。所以這對我們來說是一個簡單的項目。無論銅價上漲或下跌，我們都會多投入一點或少一點。

But again, that's a -- and if I take you back to Randgold, we've got -- and we can talk about this a bit. We've got -- our gold assets are well stacked up and we've got long life assets now drilled out. So, in the scenario that you find us today, remember when we built our gold -- our gold mines out in Rangold in the early 2000s, gold prices was not very high. But as we built it, the gold price kept rising and we just delivered value for our owners. And so it's -- there's one good place to build copper mines, and that's when the copper price is low, and particularly right now, because I don't think any of us believe that the copper price is going to stay at this level. But we've got the gold strength to support that development. And also all our -- and then Reko Diq, it's about $5.5 billion for the first phase and 3.5% for the second phase, but that still needs refining because we are doing the work on it. And we've got some big opportunities to reduce that first phase of $5.5 billion. And that's on 100%, sorry.

但同樣，如果我帶你回到蘭德戈爾德，我們就可以討論這個問題。我們的黃金資產堆積如山，而且我們現在已經開採了長壽命資產。因此，在您今天看到的場景中，請記住，當我們在 2000 年代初在蘭戈爾德建造金礦時，金價並不是很高。但當我們建造它時，金價不斷上漲，而我們只是為我們的所有者創造了價值。所以，有一個建造銅礦的好地方，那就是銅價較低的時候，尤其是現在，因為我認為我們中沒有人相信銅價會保持在這個水平。但我們擁有黃金實力來支持這項發展。還有我們所有的——然後是 Reko Diq，第一階段約為 55 億美元，第二階段約為 3.5%，但這仍然需要改進，因為我們正在做這方面的工作。我們有一些重大機會可以減少第一階段 55 億美元的資金。抱歉，這是 100%。

And then we also, as we've disclosed, working to project finance half of the first phase. So for Barrick, it's very affordable. If you look at whatever gold price you use, and we have used a $3.75 -- $3 per pound copper price initially. And because of the gearing in the project finance, Reko Diq comfortably exceeds the 15% IRR. And so again, that's a project that's easily managed. We have -- Goldrush is a $1 billion investment. It's a high-grade mine. It's easy -- again, easy to fund. That's on a 100% basis. And the other big capital project is PV. And that was a $2 billion project, we have $1 billion into that. So those are the projects as they stand. I'll ask Graham to have -- to indicate to you the profile, our capital profile.

然後，正如我們所揭露的，我們也致力於為第一階段的一半提供專案融資。所以對於巴里克來說，這是非常實惠的。如果你看看你使用的黃金價格，我們最初使用的是每磅 3.75 美元到 3 美元的銅價。由於專案融資的槓桿作用，Reko Diq 輕鬆超過了 15% 的 IRR。再說一遍，這是一個易於管理的專案。我們有—Goldrush 是一項 10 億美元的投資。這是一個高級礦山。這很容易——再說一次，融資也很容易。這是在100%的基礎上。另一個大型資本項目是光電。那是一個 20 億美元的項目，我們投入了 10 億美元。這些就是目前的項目。我會請葛拉漢向您展示我們的資本概況。

But you talk about debt, we don't really go into tax of debt. And because, I would just point out, everyone in the industry listen to people like you, not you because you never do it. But most fund managers asking for more and more dividends in an industry where it's capital intensive if you're growing it. And you notice we didn't do that, although we distributed significant amounts of cash back to our shareholders, it was based on our P&L and our free -- available cash, not going into debt to pay dividends. So today, we've paid down the debt to almost 0 leverage. We've spent $7.5 billion-plus into our business. And we've dividend-ed out at around $6 billion with all cash returns. That's significant value we've created. And we're now -- and now we've got these projects where they all pass our filter of 15%.

但你談論債務，我們並沒有真正討論債務稅。因為，我想指出的是，這個行業的每個人都會聽像你這樣的人的意見，而不是你的意見，因為你從來沒有這樣做。但大多數基金經理人都要求在資本密集產業中獲得越來越多的股息，如果你要發展這個產業的話。你注意到我們沒有這樣做，儘管我們向股東分配了大量現金，但這是基於我們的損益表和我們的可用現金，而不是負債來支付股息。所以今天，我們已經將債務償還到幾乎為零的槓桿率。我們已經在業務上花費了超過 75 億美元。我們已經派發了約 60 億美元的股息，全部為現金回報。這是我們創造的重要價值。現在我們的這些項目都通過了 15% 的篩選。

We look at return on capital investors of around 10% and IRR of around 50%, depending on the project. But Reko Diq is exceptional because we believe we can gear it that it gives us that sort of return. So you want to finish my -- finish the question?

我們預計資本投資者回報率約為 10%，內部收益率約為 50%，具體取決於項目。但雷科·迪克 (Reko Diq) 非常出色，因為我們相信我們可以調整它，讓它為我們帶來這樣的回報。那你想完成我的問題嗎？

Yes. So Justin, I mean, as Mark has alluded to, we've got these 2 big capital projects that are on the horizon, and both of those are scheduled to really start ramping up in 2025. So the sort of peak years from a capital point of view or 2025 and 2026. So this year, we'll spend around $2.5 billion on an attributable basis for our capital. Next year, we'll see a little bit more, just as we start to spend some money on those sort of in advance of those feasibility studies being completed at the end of 2024. Then 2025, those are our peak years and then 2020 -- sorry, '25 and '26 are sort of peak years. And then 2027, it starts to come back down again as those projects roll off. So, the key point that Mark is making on those, even if we use commodity price assumptions below the current spot prices, so if you use consensus prices, which are -- you have a declining profile, we don't build debt through this period, the cash flow from our business funds all of that capital. So, we don't have any debt buildup on that basis.

是的。所以賈斯汀，我的意思是，正如馬克所提到的，我們有兩個即將到來的大型資本項目，這兩個項目都計劃在 2025 年真正開始加速。所以資本的高峰年從2025 年和2026 年的角度來看。所以今年，我們將在歸屬資本的基礎上支出約25 億美元。明年，我們會看到更多，就像我們開始在 2024 年底完成可行性研究之前花一些錢一樣。然後 2025 年，那些是我們的高峰年，然後是 2020 年 - - 抱歉，25 年和26 年是巔峰年份。然後到 2027 年，隨著這些項目的推進，它開始再次下降。因此，馬克在這些問題上提出的關鍵點是，即使我們使用低於當前現貨價格的商品價格假設，所以如果你使用共識價格，即你的形象正在下降，我們不會通過這種方式建立債務在此期間，我們業務的現金流為所有這些資本提供了資金。因此，在此基礎上我們沒有任何債務累積。

So, whichever way you cut it, Justin, you need to buy some more stock. Anybody else? Okay.

所以，無論你採取哪種方式，賈斯汀，你都需要買更多股票。其他人？好的。

Thank you. We will now begin the telephone question-and-answer session. (Operator Instructions)

謝謝。我們現在開始電話問答環節。 （操作員說明）

The first question comes from Lawson Winder with Bank of America Securities.

第一個問題來自美國銀行證券公司的勞森溫德。

Great, operator. Hello, Mark. It's very nice to hear from you. I would like to ask about Donlin. So in your project growth discussion in the MD&A, you mentioned exploring further partnership opportunities to unlock value. And I just wanted to check, is that to suggest that Barrick is seeking a sale of a portion of its interest in Donlin?

太棒了，接線生。你好，馬克。很高興收到你的來信。我想問一下唐林的狀況。因此，在 MD&A 的專案成長討論中，您提到探索進一步的合作機會以釋放價值。我只是想查一下，這是否表明巴里克正在尋求出售其在 Donlin 的部分股權？

I don't. I'm not following you. I don't think we say that with reference to Donlin. So, I've shown you this slide, I don't know if you can see it. But if you go back to the North American exploration slide, what we're busy doing. So let me explain to you when we closed the transaction, Donlin had a global resource. It didn't really have an ability to model where the gold deportment was. And so, we've advanced our understanding of the ore body over the last couple of years. And we've also really gotten into some details in the different phases, the different geological domains of the ore body and got to understand their variograms. And so we're now in a position where we are absolutely comfortable about the modeling and the ability to optimize our mining -- mine plans.

我不。我不跟著你。我認為我們這樣說並不是針對唐林。所以，我給你看了這張投影片，我不知道你是否能看到。但如果你回到北美勘探幻燈片，我們正在忙著做什麼。因此，讓我向您解釋一下，當我們完成交易時，Donlin 擁有全球資源。它實際上沒有能力模擬黃金的表現在哪裡。因此，在過去的幾年裡，我們加深了對礦體的了解。我們也真正了解了礦體不同階段、不同地質領域的一些細節，並了解了它們的變異函數。因此，我們現在對建模和優化採礦計劃的能力絕對滿意。

And that's -- we've got a little bit more drilling to drill out some of the gaps, and so the first bullet here is the continuation of our geology work to -- and we want to build in some measured resource. At the moment, we got most of the resource covered in an indicated category. And this will be able to now -- and we've done our preliminary mine plans and modeling and pit scheduling. But with this, we can really go and start optimizing it, and that's the next step. And at the same time, while we did that, we were able to collect more and more samples to continue with our metallurgical test work and processing trade-offs, and we've got some -- we got to build a lab scale testing facility to be able to simulate some of our metallurgical flow sheets.

那就是——我們需要進行更多的鑽探來鑽出一些間隙，所以這裡的第一個要點是繼續我們的地質工作——我們希望建立一些可測量的資源。目前，我們獲得了指定類別中涵蓋的大部分資源。現在就可以了——我們已經完成了初步的採礦計劃、建模和礦坑調度。但有了這個，我們就可以真正開始優化它，這就是下一步。同時，在我們這樣做的同時，我們能夠收集越來越多的樣品來繼續我們的冶金測試工作和加工權衡，並且我們已經得到了一些 - 我們必須建立一個實驗室規模的測試設施能夠模擬我們的一些冶金流程。

And then the next one is, one of the big things that have changed in the last few years is the cost profile and the capital cost, particularly. And so, we need to refresh all the capital estimates for that design. So once we get a real handle on that, and it's not far away, we'll be able to do that. And then the important other aspect is because power, power, cost, power generation, power strategy has all changed. And so, there's work to be done there to make sure that we have that part of the project, which is a critical part of this project well understood. And we've still got some permitting to complete, particularly around the storage -- tailing storage facility. And then you start getting to a stage where you can actually understand what -- at what gold price this project will be viable as an investment.

下一個是，過去幾年發生的重大變化之一是成本狀況和資本成本，尤其是。因此，我們需要刷新該設計的所有資本估算。因此，一旦我們真正掌握了這一點，並且距離不遠，我們就能夠做到這一點。然後另一個重要的面向是因為電力、電力、成本、發電量、電力策略都改變了。因此，我們還有很多工作要做，以確保我們能夠很好地理解該專案的這一部分，這是該專案的關鍵部分。我們仍然需要完成一些許可，特別是在尾礦儲存設施方面。然後你開始進入一個階段，你可以真正理解這個項目作為投資在什麼黃金價格下是可行的。

And for us, we're a very focused gold mining company that has an obsession about sustainability. And a big 32 million to 36 million ounce resource is important in our portfolio. And certainly, in my career, I've watched ore bodies go from unprofitable to significantly profitable over time. And if you just go back to '99, gold price was 260. Today, it's 2,000. And if you look at the average grade of the industry, it's been declining materially as people can use higher gold prices to make money. So that's -- and that's the way we look at it. I can honestly say there hasn't been a day we've considered putting it out in the market for sale.

對我們來說，我們是一家非常專注的金礦開採公司，對永續發展有著執著。 3,200 萬至 3,600 萬盎司的大型資源在我們的投資組合中非常重要。當然，在我的職業生涯中，我目睹了礦體隨著時間的推移從無利可圖變為可觀盈利。如果你回到 99 年，黃金價格是 260。今天，它是 2,000。如果你看看該行業的平均等級，你會發現它一直在大幅下降，因為人們可以利用更高的金價來賺錢。這就是我們看待它的方式。我可以誠實地說，我們從未考慮過將其投入市場出售。

Okay. Thank you. And then just on exploration, there is a discussion again of North Leeville. So it's great to see that exploration success there to-date. And I was just wondering, is there expected to be an additional maiden resource as of year-end 2023 for that Fallon Miramar gap? And then is there any expectation for any significant update on North Leeville resource in any way for this year-end update?

好的。謝謝。然後就在探索時，再次討論了北利維爾。因此，很高興看到迄今為止的勘探成功。我只是想知道，到 2023 年底，預計是否會有額外的首次資源來彌補 Fallon Miramar 的缺口？那麼，對於今年年底的更新，北利維爾資源是否會有任何重大更新？

Yes. I think we'll be updating our reserves and resources at the end of this year, as we always do. And with that will come some, we'll definitely point to some of these emerging projects. They're extensions, but they're material extensions. And so, let's -- we'll make a decision. I mean, we'll share that with you when we get there. And our objective has always been to replace the ounces that we're mining. But at the same time, we have guided that Nevada is on a 3-year rolling average that we look to replace the reserves.

是的。我認為我們將像往常一樣在今年年底更新我們的儲備和資源。隨之而來的是一些，我們肯定會指出其中一些新興項目。它們是延伸，但它們是物質的延伸。因此，我們將做出決定。我的意思是，當我們到達那裡時，我們會與您分享。我們的目標始終是取代我們正在開採的盎司。但同時，我們指導內華達州處於三年滾動平均水平，我們希望能夠取代儲備金。

And so we build -- because a lot of the ore bodies are deep. We build the inventory, then we -- and that's what we've been doing. We roll forward the resources and then there will be a period where you've got enough of a pipeline to keep on an annual basis, replacing the reserves. So we're getting there as far as North America goes, but you're going to see a big resource or inventory and resource growth going forward.

所以我們建造——因為很多礦體都很深。我們建立庫存，然後我們——這就是我們一直在做的事情。我們滾動資源，然後在一段時間內，您將有足夠的管道每年保持，替換儲備。因此，就北美而言，我們正在實現這一目標，但您將看到巨大的資源或庫存以及未來的資源成長。

And the next question comes from Martin Pradier with Veritas Investment Research.

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

My question is on Pueblo Viejo. I saw the recovery rate decline from 89% in Q2 to 70% in Q3. I'm wondering what I should expect for Q4? And if this is all related with the sales that you were talking? And the production in Pueblo Viejo was 79,000 ounces, if it would be materially higher in Q4? Or we have to wait until Q1 for that?

我的問題是關於普韋布洛維耶霍的。我看到恢復率從第二季的 89% 下降到第三季的 70%。我想知道第四季我該期待什麼？如果這一切都與您所說的銷售有關？ Pueblo Viejo 的產量為 79,000 盎司，第四季是否會大幅增加？或者我們必須等到第一季才能做到這一點？

So, the recovery is purely a result of the ramp-up. And that's -- as you feed these new processes or flow sheets, we've got to get everything balanced. And we did that, and we've been using a lower-quality stockpile ore on the commissioning side. As you can imagine, our intention is not to try and put as much gold as we can onto the tailings dam. We've got to try and make it land in the [gold drum]. So we've used a lower quality, less sulfur rich and lower grade ore to commission the mine and that impacts on recovery.

因此，復甦純粹是經濟成長的結果。那就是——當你提供這些新流程或流程圖時，我們必須讓一切保持平衡。我們做到了，並且在調試方面一直使用品質較低的庫存礦石。正如你可以想像的那樣，我們的目的並不是試圖將盡可能多的黃金投入尾礦壩。我們必須努力讓它落入[金鼓]。因此，我們使用了品質較低、硫含量較低和品位較低的礦石來調試礦山，這對回收率產生了影響。

Slowly, we will ramp that up and we're busy with that right now, the ramp-up, it was delayed because of those flotation [sale] challenges. And as we do that and we settle the process down, so we will shift back to better ore and we'll return back to the design recovery rate. Notwithstanding that, we expect to have an improved quarter 4 relative to quarter 3 in production-wise. And we should start seeing the recoveries improve. And then quarter 3 will be the same. We expect to be fully back at full operations at the -- during quarter 1 next year, and towards the back end of quarter 1 next year. But notwithstanding that, as I pointed out, the design profile for Pueblo Viejo is above 800,000 ounces. And certainly, from what we see today, we will get to above 800,000 ounces in 2024. So a softer start but a strong finish for the year.

慢慢地，我們將加大力度，我們現在正忙於加大力度，但由於上市[銷售]挑戰，它被推遲了。當我們這樣做並確定流程時，我們將轉向更好的礦石，我們將回到設計回收率。儘管如此，我們預計第四季的產量將比第三季有所改善。我們應該開始看到復甦情況有所改善。然後第三季將是相同的。我們預計將在明年第一季以及明年第一季末完全恢復全面營運。但儘管如此，正如我所指出的，Pueblo Viejo 的設計重量超過 800,000 盎司。當然，從我們今天看到的情況來看，2024 年我們的產量將達到 80 萬盎司以上。因此，今年的開局較為疲軟，但收尾強勁。

The next question comes from Tanya Jakusconek with Scotiabank.

下一個問題來自豐業銀行的 Tanya Jakusconek。

Great, and good afternoon, everyone. Maybe just on Pueblo Viejo. I'm just looking at your Investor Day presentation of November 2022 when you gave the production profile for Pueblo Viejo and 2024 mark was supposed to be a 1 million ounce year for this asset. So I'm just trying to understand from you as we've had these delays and pushouts and so forth, should I be thinking of moving that 1 million ounce production profile down to -- am I looking in the 900,000 ounce range and taking that differential and pushing it into 2025 where we had to get back down to about 900,000 ounces? So, I'm just trying to understand overall what 2024 looks like relative to what you provided for us in the Investor Day.

太好了，大家下午好。也許就在普韋布洛維耶霍。我只是在看您 2022 年 11 月的投資者日演示，當時您提供了 Pueblo Viejo 的生產概況，2024 年該資產的產量應該為 100 萬盎司。因此，我只是想向您了解，因為我們遇到了這些延遲和延期等問題，我是否應該考慮將 100 萬盎司的產量下調至 900,000 盎司的範圍並採取這一措施？差異並將其推到2025 年，我們必須回落至約90 萬盎司？因此，我只是想整體了解 2024 年相對於您在投資者日為我們提供的內容而言會是什麼樣子。

So Tanya, you must have a very sharp ruler.

所以塔妮婭，你一定有一把非常鋒利的尺子。

I do.

我願意。

Definitely -- so that's correct. The situation here is at this stage, what we can say with certainty is we'll break the 800,000 ounces. The ounces we don't make in next year will roll forward into the other years. So that's correct. But what we wanted to point out that despite the slower ramp up, our job is to get this mine complete and running. We'll still beat the design, the long-term design production. And could it be significantly above 800,000 ounces? Yes. Would it be 1 million? No. So it's somewhere between the 2. That's the way -- and we'll tidy that up, Tanya, with you when we speak to you in early February when we give the full guidance at that time. Maybe just felt that this is one that you need to be aware of.

絕對是——所以這是正確的。目前的情況是，我們可以肯定地說，我們會突破80萬盎司。我們明年沒有生產的盎司將滾動到其他年份。所以這是正確的。但我們想指出的是，儘管增速較慢，但我們的工作是讓這個礦井完工並運作。我們仍然會擊敗設計、長期設計生產。是否會遠高於 800,000 盎司？是的。會是100萬嗎？不。所以它介於兩者之間。就是這樣——Tanya，當我們在二月初與您交談時，我們將與您一起解決這個問題，屆時我們將提供全面的指導。也許只是覺得這是你需要注意的一個。

Yes. I just wanted to make sure that when you provide guidance for next year in February, I don't have this 1 million ounce production profile that...

是的。我只是想確保，當你們在二月提供明年的指導時，我沒有這 100 萬盎司的產量概況…

Yes. That's why we've given you that guidance.

是的。這就是我們為您提供該指導的原因。

Yes. Got it. I appreciate that. And should I be thinking because of the revision to the production profile for 2023 on lower production and higher costs and then sort of this push out of Pueblo Viejo. Should I be thinking that the capital returns should just mainly focus on dividends for the remaining part of this year and into next year versus share buybacks, even though your stock is relatively cheap? Should I be thinking in that way?

是的。知道了。我很感激。我是否應該考慮 2023 年產量概況的修訂，產量下降和成本上升，然後將其推出普韋布洛維耶霍。我是否應該認為資本回報應該主要集中在今年剩餘時間和明年的股息而不是股票回購上，即使你的股票相對便宜？我該這樣想嗎？

I don't think you should be thinking anything like that. Right now, we've got a dividend policy, and that is that as soon as we get cash -- net cash in the balance sheet, at the end of the quarter, we'll pay an extra dividend and it's very clear on our guidance. And Tanya, we've been very loyal to that strategy, unlike any of our peers.

我認為你不應該有這樣的想法。現在，我們有一項股息政策，那就是，一旦我們在季度末獲得現金——資產負債表中的淨現金，我們就會支付額外股息，這一點在我們的指導中。塔妮婭，與我們的任何同行不同，我們一直非常忠於這項策略。

At the same time, we can change that because if we buy back stock, then it will push the net cash position below 0, and we won't pay the dividend. So, we can do both. We can do one or the other. We can do both. It's exactly, but we need to get some -- we need to keep a strong balance sheet, because right now, as I pointed out, we are independent of the market. And so, and I've been there before in these stages and it's not in our interest to stress our balance sheet when as you heard from Graham, we've got some significant capital ahead of us, and that capital delivers real returns. And so, that's our focus.

同時，我們可以改變這一點，因為如果我們回購股票，那麼它會將淨現金部位推至0以下，我們將不會支付股利。所以，我們可以兩者兼得。我們可以選擇其中一個。我們可以兩者兼得。確實如此，但我們需要得到一些東西——我們需要保持強勁的資產負債表，因為正如我所指出的，我們現在獨立於市場。因此，我以前也經歷過這些階段，當你從格雷厄姆那裡聽到的時候，強調我們的資產負債表不符合我們的利益，我們前面有一些重要的資本，而且這些資本可以帶來真正的回報。所以，這就是我們的重點。

As we have always been in our whole career, we worry about creating value from mining world-class ore bodies are not trying to buy our stock by paying more and more dividends on the back of increasing debt.

正如我們在整個職業生涯中一直以來的那樣，我們擔心透過開採世界級礦體創造價值，而不是試圖透過在債務增加的情況下支付越來越多的股息來購買我們的股票。

Okay. The priority of dividend over share buyback is what I'm taken from this?

好的。我從中得到的啟示是股利優先於股票回購？

No, it's not. It's either-or.

不，這不對。這是非此即彼的。

No? Either-or.

不？兩者任一。

Yes.

是的。

And then my final question, if I could. I just wanted to come back to the health and safety. I'm just trying to understand, Mark, what's going on with health and safety with these fatalities. We talked a little bit about it on another conference call last year. We had quite a number of fatalities and then another 2. Can you just review with us is it that procedures aren't being followed, your procedures need to be updated? Like what exactly is occurring? I'm just trying to wrap my head around all of what I'm seeing.

然後是我的最後一個問題，如果可以的話。我只是想健康安全地回來。馬克，我只是想了解這些死亡事件的健康和安全。我們在去年的另一次電話會議上對此進行了一些討論。我們有相當多的人死亡，然後又有 2 人死亡。您能否與我們一起回顧一下是否沒有遵守程序，您的程序需要更新嗎？就像到底發生了什麼事？我只是想用我的頭腦去理解我所看到的一切。

So the one fatality still hasn't really been classified, the one in the United States. So that still needs a bit of work before we can talk in too much detail. But the fundamental aspect of this is operational excellence, Tanya. And when you get -- and it's the requirement to get people to concentrate and to be properly qualified to do the job and be aware of what they need to do before they embark on any work. And we've -- when you go through these stages, you've got to spend a lot of more time in making sure that we are training our people correctly and that they are able to deal with the challenges of work underground and work in a heavy industrial environment or heavy industry environment.

因此，美國的死亡事件仍然沒有真正被分類。因此，在我們可以詳細討論之前，還需要做一些工作。但這的根本在於卓越運營，Tanya。當你得到的時候——這就要求人們集中註意力，並有適當的資格來完成這項工作，並在開始任何工作之前了解他們需要做什麼。當你經歷這些階段時，你必須花更多的時間來確保我們正確地培訓我們的員工，確保他們能夠應對地下工作和地下工作的挑戰。重工業環境或重工業環境。

And like all accidents, there's some neglect in it, either not really doing a proper risk analysis before starting the work, or that you overlook procedures and standards. And the question -- and it's easy for us to blame that, but it's -- there's more to it than this when you manage health and safety. And just like you see our sustained -- our environmental strategy is starting to work. It takes time in a big organization to really make sure that every person who comes in the gate and every person who works in -- and walks into a specific environment within that heavy industry industry is qualified to be there and is capable of working safely, and that's our big focus right now.

與所有事故一樣，其中也存在一些疏忽，要么在開始工作之前沒有真正進行適當的風險分析，要么忽視了程序和標準。問題是——我們很容易責怪這一點，但事實上——當你管理健康和安全時，問題遠不止於此。正如您所看到的，我們持續的環境策略正在開始發揮作用。在一個大型組織中，需要時間來真正確保每個進入重工業大門的人和每個在其中工作並進入重工業特定環境的人都有資格在那裡並且能夠安全地工作，這是我們現在的重點。

Okay. So you've tightened your procedures I'm assuming in terms of once you have...

好的。所以你已經收緊了你的程序，我假設一旦你...

I've tightened our procedures. We've introduced training schools, proper training mines in Nevada because a lot of -- in America, you don't have this philosophy of a technical qualification, so we're doing it ourselves. We've partnered with the technical training institutions both in Northern and Southern Nevada. And in Africa, we've revisited that induction and making sure that our technicians...

我已經加強了我們的程序。我們在內華達州引入了培訓學校和適當的培訓礦山，因為在美國，你沒有這種技術資格理念，所以我們自己做。我們與內華達州北部和南部的技術培訓機構建立了合作夥伴關係。在非洲，我們重新審視了這項培訓並確保我們的技術人員...

All that, when I see you in person. I'll leave it here, and let someone else ask questions.

所有這一切，當我見到你本人時。我把它留在這裡，讓其他人提問。

The next question comes from Mike Parkin with National Bank.

下一個問題來自國家銀行的麥克·帕金。

Just a little bit of looking for some additional color on 2024 for PV. With respect to downturns, will there be kind of major downturns to get the conveyor fixed and up and running, get the new gearboxes and drive shafts replace at the more robust units on the leach tanks. And would that all kind of happen in Q1? Or I would imagine it's likely a bit of a back half weighted year for the asset. Just any kind of additional color you could provide would be fantastic?

只是為 2024 年的 PV 尋找一些額外的色彩。關於經濟衰退，是否會出現重大衰退來修復輸送機並啟動並運行，將新的變速箱和驅動軸更換為浸出罐上更堅固的裝置。這一切會在第一季發生嗎？或者我可以想像，今年該資產的權重​​可能會下降。您能提供任何類型的附加顏色都會很棒嗎？

So we can manage the downtimes in our current profile and all the leach tanks and the retrofits or the fitting of the new assemblages will happen before the end of the year. And then by that stage, we should be properly ramped up as far as process flow sheet, that sort of thing. And then we've got a lower throughput in the first quarter because we've engineered an interim solution, which gets us 70% to 75% of the way to our full design throughput. And that's independent of the current conveyor infrastructure. So to fix that and erect it, the new extension will not be impacted by our -- and certainly won't impact the operation. And then we'll switch over to the newly installed conveyor once it's all done, and dismantle the temporary conveyor system that we've put in its place.

因此，我們可以管理目前配置中的停機時間，所有浸出罐和新組件的改造或安裝將在今年年底之前進行。然後到了那個階段，我們應該適當地提高製程流程圖之類的東西。然後我們在第一季的吞吐量較低，因為我們設計了一個臨時解決方案，這使我們的總設計吞吐量達到了 70% 到 75%。這獨立於目前的輸送機基礎設施。因此，為了解決這個問題並安裝它，新的擴建將不會受到我們的影響，當然也不會影響營運。一切完成後，我們將切換到新安裝的傳送帶，並拆除我們放置在其位置的臨時傳送帶系統。

So that's why we're confident that we'll crack the 800,000 ounces next year. And if we get it done earlier, and we can -- we get the ramp up more efficient earlier, it all helps to the point that Tanya was talking about. So we would get more, not less above the 800,000 ounce forecast.

因此，我們有信心明年突破 80 萬盎司。如果我們更早完成它，我們可以——我們更早提高效率，這一切都有助於塔妮亞所說的這一點。因此，我們將獲得更多，而不是低於 800,000 盎司的預測產量。

A follow-up on that is just the work on the needed new tailings dam. Is that continuing to track well to plan from the May site tour? Or is there any delays in terms of getting final sign-off and permits to get that work underway? Or it's the relocation of some of the villages that I believe had to be moved out of the way. Is that all tracking to plan?

後續工作就是興建所需的新尾礦壩。五月的實地考察計畫是否繼續順利進行？或在獲得最終簽署和許可以開展該工作方面是否存在任何延誤？或是一些我認為必須搬走的村莊的搬遷。這就是所有追蹤計劃嗎？

Yes, it's all tracking to plan, and it's fully permitted. So the only -- the work we've got to finish for the actual design is we've got a couple more holes to finish on the main wall just to make sure that the -- because this is -- the Llagal dam, El Llagal dam, which we're using now is one of the most engineered tailings facilities in the world, and it survived seismic events. And so, this is a very highly engineered dam, foundations are critical in the way we engineer it. So we're busy with that work. And then -- but the dam itself is permitted, and we're far down the road on our consultation program with the community. And as I pointed out in my presentation, we'll start moving people.

是的，這一切都是按計劃進行的，而且是完全允許的。因此，我們在實際設計中必須完成的唯一工作是，我們在主牆上還有幾個孔需要完成，以確保 - 因為這是 - Llagal 大壩，El我們現在使用的拉加爾大壩是世界上設計最完善的尾礦設施之一，它在地震事件中倖存下來。因此，這是一座設計非常精良的大壩，地基對於我們的設計方式至關重要。所以我們正忙於這項工作。然後——但大壩本身是被允許的，而且我們在與社區的協商計劃上還遠遠沒有取得進展。正如我在演講中指出的，我們將開始感動人們。

And these are people, some of them are effectively squatters on state land or on other people's own land, but they have a right under the Dominican Republic law to that land because they've been living there for so long. And what we're doing is building new village infrastructure, so proper communal village living and with the infrastructure and all the services as well. So, it's been relatively easy to find the solutions and get the commitment to relocate, and we're busy with that. And as you know, we've done some of the biggest relocations in the world in Randgold and they've been all been successful.

這些人都是人，其中一些實際上是國有土地或其他人自己的土地上的擅自佔地者，但根據多明尼加共和國法律，他們對該土地擁有權利，因為他們已經在那裡生活了很長時間。我們正在做的是建造新的村莊基礎設施，以便提供適當的公共村莊生活以及基礎設施和所有服務。因此，找到解決方案並獲得搬遷承諾相對容易，我們正忙於此事。如你所知，我們在蘭德戈爾德進行了一些世界上最大的搬遷，而且都取得了成功。

(Operator Instructions) The next question comes from Anita Soni with CIBC World Markets.

（操作員說明）下一個問題來自 CIBC World Markets 的 Anita Soni。

Mark and team, first question is with regards to costs. I can see they came down this quarter and are trending more towards the guide that you put out at the beginning of the year. Can you talk about some of the areas where you've seen cost relief? And any implications that has to the CapEx number going into next year?

馬克和團隊，第一個問題是關於成本的。我可以看到他們在本季度有所下降，並且更傾向於您在年初發布的指南。能談談您看到成本減輕的一些領域嗎？這對明年的資本支出數字有何影響？

So Anita, nice to hear from you. I mean, we are forecasting another decline in costs along with a further increase in production in 20 -- I mean, in quarter four. The world is very dynamic, as you know. And oil and gas are one of the key drivers of our costs in many of our operations. So I think that's a good trend. I would prefer if you let us guide you on the costs for next year when we give you the full guidance. But that's really the trend at the moment. And you're right. We are getting back towards the guided costs, we're not quite -- we're not going to make it quite make it there because one of the drivers of the cost to, as Graham has said before, is the higher gold price on the royalties. So $100 is $5 on the cost, Graham. So $100 is $5 above our -- and remember, we planned at $650. $1,650, sorry. Yes.

安妮塔，很高興收到你的來信。我的意思是，我們預計 20 年（我是說，第四季）成本將再次下降，產量將進一步增加。如您所知，世界是非常動態的。石油和天然氣是我們許多業務成本的主要驅動因素之一。所以我認為這是一個好的趨勢。當我們為您提供全面指導時，我希望您能夠讓我們指導您明年的費用。但這確實是目前的趨勢。你是對的。我們正在回到指導成本，我們還沒有完全達到目標，因為正如格雷厄姆之前所說，成本的驅動因素之一是金價上漲。版稅。所以 100 美元相當於成本 5 美元，格雷厄姆。所以 100 美元比我們的計劃高出 5 美元——記住，我們計劃的價格是 650 美元。 1,650 美元，抱歉。是的。

The second question -- so my second question is with respect to the softer quarter -- sorry, softer years that you're going to see at Carlin and Cortez this year. So would it be safe to assume that next year, I think you were guiding to Nevada Gold Mines being a little bit weaker in 2024 originally, but with these kinds of delays in the production in 2023, could you see some of that pushed out into 2024, and maybe it's not as soft as you had previously guided?

第二個問題——所以我的第二個問題是關於疲軟的季度——抱歉，今年你將在卡林和科爾特斯看到疲軟的年份。因此，可以安全地假設明年，我認為您最初預計內華達金礦在 2024 年的產量會稍微疲軟，但由於 2023 年的生產出現此類延遲，您是否會看到其中一些被推遲到 2023 年？2024年，也許情況不像您之前指導的那麼溫和？

No. I think our guidance for 2024 that we last spoke about. And again, we were saying, one of the things just like I did in Argentina, we need to give this team a bit of a breather. It's really right at the edge all the time and it's just not getting on top of things. And so, that's the discussion you and Tanya and I and a couple of other analysts had when we were down together in PV. And we're mindful of that and we gave that indication of where things are going to land. And I think right now, that's where I'd like it to stay until -- but we'll tidy it up next year when we talk to you in February.

不，我想我們上次談到的 2024 年指導。我們再次說過，就像我在阿根廷所做的那樣，我們需要給這支球隊一點喘息的機會。它確實一直處於邊緣，只是無法掌控一切。這就是你、Tanya 和我以及其他幾位分析師在光電產業共事時所進行的討論。我們注意到了這一點，並給出了事情的進展方向。我想，現在，我希望它能一直保留下去，直到明年 2 月我們與您交談時，我們才會對其進行整理。

Okay. That's it from me and my questions.

好的。這就是我和我的問題。

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

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

Appreciate your time. My first question, I'm sure you've been asked this a lot, but maybe it would be helpful to ask you on the call. You've said before that you'd be looking at copper assets. I know, you've addressed this sort of indirectly today. But if you could just maybe be a bit more direct. When you were talking about buying Freeport, you said you would do it if you saw that a distressed discount, and that moment has obviously passed. You've also been linked in the media to potentially looking at buying First Quantum in the past.

珍惜您的時間。我的第一個問題，我確信您已經被問過很多次了，但也許在電話中問您會有所幫助。您之前曾說過您會關注銅資產。我知道，你今天已經間接地談到了這一點。但如果你可以更直接一點的話。當你在談論購買自由港時，你說如果你看到令人心疼的折扣你就會買，而那一刻顯然已經過去了。過去也有媒體報導您可能考慮收購第一量子。

I mean, I think everybody would agree that it looks like the stock price is a bit of a distressed discount at the moment. Does that change your view on acquiring First Quantum at this point?

我的意思是，我想每個人都會同意，目前股價似乎有點令人沮喪的折扣。這是否會改變您此時收購第一量子的看法？

So Anita (sic) [Jackie Przybylowski], right now, things are very fluid, as you can imagine, it must be a tough time for First Quantum. The press is not my investment banker. And so it would be -- I think it will just be ill advised for me to comment on that question. I think First Quantum needs to focus on its challenges and none of us like to see that sort of event in our industry.

所以安妮塔（原文如此）[Jackie Przybylowski]，現在，事情非常不穩定，正如你可以想像的那樣，這對第一個量子來說一定是一段艱難的時期。媒體不是我的投資銀行家。所以，我認為我對這個問題發表評論是不明智的。我認為第一量子需要關注其挑戰，我們誰都不希望在我們的行業中看到此類事件。

Absolutely. And it's Jackie, by the way.

絕對地。順便說一句，這是傑基。

Sorry.

對不起。

If I could ask on, that's okay. It was a tough question, so I understand the mistake. Like, on Reko Diq, there's been a lot of talk again in the media about potential partners at Reko Diq. And I think I actually asked you guys this last quarter. But since then, there's been more talk about whether it's the Saudis or Egyptian individuals. Can you just reiterate like how you expect the project to look from your side? Are you looking to retain your 50% stake in Reko Diq? Or would you entertain partners coming in terms of sharing the Barrick equity?

如果我能問一下就好了。這是一個很難回答的問題，所以我理解這個錯誤。就像 Reko Diq 一樣，媒體再次對 Reko Diq 的潛在合作夥伴進行了大量討論。我想我實際上在上個季度問過你們。但從那以後，關於到底是沙烏地阿拉伯人還是埃及人的討論越來越多。您能否重申一下您對這個專案的期望？您是否希望保留 Reko Diq 50% 的股份？或者您會招待合作夥伴分享巴里克股權嗎？

So Jackie,what I can tell you is -- again, I was asked this question by a report of [Red field], never spoken to him about it, and he's got about little or no chance, probably no chance of ever getting equity and Reko Diq, and I think he knows that.

所以傑基，我可以告訴你的是 - 再次，[Red field]的報道問了我這個問題，我從未和他談過這件事，他幾乎沒有機會，可能沒有機會獲得股權和雷科·迪克，我想他知道這一點。

That's very clear.

這非常清楚。

And that's no reflection on-- given, he is a great friend of mine, but we're not selling equity. It's not an equity sales. The conversation around Saudi and Pakistan and their equity as you know, Saudi was a big player in supporting the IMF rescue of Pakistan. It's a long-term friend, partner and supporter of Pakistan. And those conversations are being held in some form, but -- and we are there to support. And we are, as you know, strong partners of Saudi Arabia in Saudi Arabia, and we are very committed partners to Pakistan in Pakistan. And we're there to help wherever we can, but we're definitely not meddling in any conversation. And the one thing that is clear is our 50% is not for sale.

這並不是考慮到他是我的好朋友，但我們不會出售股權。這不是股權出售。圍繞著沙烏地阿拉伯和巴基斯坦及其公平的對話如你所知，沙烏地阿拉伯是支持國際貨幣基金組織救援巴基斯坦的重要參與者。它是巴基斯坦的長期朋友、合作夥伴和支持者。這些對話正在以某種形式進行，但是——我們會在那裡提供支持。如您所知，我們是沙烏地阿拉伯在沙烏地阿拉伯的強大合作夥伴，我們也是巴基斯坦在巴基斯坦的堅定合作夥伴。我們會盡我們所能提供幫助，但我們絕對不會干涉任何談話。有一件事是明確的，我們的 50% 是非賣品。

That's very helpful color.

這是非常有用的顏色。

I think that will probably help. If you ask me again next quarter, I'll give you the same answer, I promise.

我認為這可能會有所幫助。如果你下個季度再問我，我保證會給你同樣的答案。

I'll ask you to respond to the next media rumors. And I appreciate it. I appreciate it.

接下來請您對媒體傳聞做出回應。我很感激。我很感激。

And the next question comes from John Tumazos with John Tumazos Very Independent Research.

下一個問題來自 John Tumazos 和 John Tumazos Very Independent Research。

Mark, congratulations on everything. I hope I don't offend you, but I did a little spreadsheet comparing 56 companies and some of them were gold companies.

馬克，祝賀一切。我希望我沒有冒犯你，但我做了一個小電子表格，比較了 56 家公司，其中一些是黃金公司。

Yes.

是的。

And those 56 companies in the last 3 years bought back $73 billion worth of their stock. Every steel, every forest products and every fertilizer company, I looked at, bought back stock. The gold companies are different Mark, so I don't compare you to gold companies. There are actually 5 companies that bought back over $1 billion so far this year. And the biggest one was [Vale] that spent $14.5 billion on buybacks in the last 3 years so far. Last year, Barrick bought back stock. This year, you're not, how buybacks compared to extending Lumwana extending Pueblo Viejo, Reko Diq. Just walk us through how you make those choices.

這 56 家公司在過去 3 年回購了價值 730 億美元的股票。我查看了每家鋼鐵公司、每家林產品公司和每家化肥公司，都回購了股票。黃金公司是不同的，馬克，所以我不會將你與黃金公司進行比較。今年到目前為止，實際上有 5 家公司回購了超過 10 億美元。最大的一筆是[淡水河谷]，在過去 3 年迄今花費了 145 億美元進行回購。去年，巴里克回購了股票。今年，與延長 Lumwana、延長 Pueblo Viejo、Reko Diq 相比，回購力道不大。請向我們介紹您如何做出這些選擇。

So John, that's a good question, and thank you for the compliment. Well, I think it was a complement.

約翰，這是一個很好的問題，謝謝你的讚美。嗯，我認為這是一個補充。

Certainly, I compare you to real companies and not gold companies.

當然，我將你與真正的公司進行比較，而不是黃金公司。

Thank you. So again, as I pointed out earlier, one of the things, if you go back through my career, and most of my career has been with Graham and we have a very clear outlook on how we manage the balance sheet is that you need to have a capital allocation strategy and a policy, and we've got one. We work to one went right out the blocks in 2019. And then we've built one and shared it with you 18 months ago. And today, it stands at we don't -- we pay a base dividend of $0.10 a quarter anytime because our long-term business strategy delivers that base dividend no matter what the gold price is or what the most foreseeable gold price or minimum gold prices, and then once we get a net positive cash position, we add to that $0.10.

謝謝。所以，正如我之前指出的，其中一件事是，如果你回顧我的職業生涯，我的大部分職業生涯都是在格雷厄姆那裡度過的，我們對如何管理資產負債表有一個非常清晰的展望，那就是你需要有資本配置策略和政策，我們已經有了。我們致力於在 2019 年推出一款產品。然後我們在 18 個月前建造了一款並與您分享。今天，我們不會——我們隨時支付每季 0.10 美元的基本股息，因為我們的長期業務策略會提供基本股息，無論金價是多少，或者最可預見的金價或最低金價是多少價格，然後一旦我們獲得淨正現金頭寸，我們就增加0.10 美元。

Now the way we can manage that is -- and we want that because we're in a growth phase. And I've proven before, and I am determined to prove it again, if you keep investing into profitable assets, ultimately, you make more money than you need to reinvest in your future. And that's what happened in Randgold after 10 years, and we had 13 years of growing dividends no matter what the gold price was. And so, the way we can manage that buyback relative to dividend is when we see the trajectory going above net cash, we have a choice, buy back the stock or let it go past that point. And then at the end of the quarter, if we've got net cash, we -- it triggers our dividend policy. So that as management, we can manage that, and we never put the balance sheet at risk.

現在我們可以管理的方式是——我們希望如此，因為我們正處於成長階段。我以前已經證明過，而且我決心再次證明，如果你繼續投資於有利可圖的資產，最終你賺到的錢將多於你未來再投資所需的錢。這就是 Randgold 10 年後發生的事情，無論金價如何，我們的股息都有 13 年的成長。因此，我們管理相對於股利的回購的方式是，當我們看到股價軌跡高於淨現金時，我們可以選擇，回購股票或讓它超過該點。然後在季度末，如果我們有淨現金，我們就會觸發我們的股利政策。因此，作為管理層，我們可以管理這一點，並且我們永遠不會將資產負債表置於風險之中。

And I've always said, the one thing you need to know in mining is that when the market goes against you, you have no friends. And when you ask for money at that time, you get slaughtered. All the stock-buying will never help you. So I've always work to be independent of the market and shareholders like that. They might not like that in hot times. We've just been through a very hot time. But look, how suddenly the base metal companies have started having to cut back on expenditure, reduce staff, defer capital, lots of things because everyone thought that commodity prices continue to go up and up and never come down, and that's not the case.

我總是說，在採礦業你需要知道的一件事是，當市場對你不利時，你就沒有朋友了。到時候你要錢，你就會被宰。所有的股票購買永遠不會對你有幫助。所以我一直努力獨立於市場和股東。在炎熱的時候他們可能不喜歡這樣。我們剛剛經歷了一段非常炎熱的時期。但你看，賤金屬公司突然開始不得不削減開支、裁員、推遲資本等等，因為每個人都認為大宗商品價格會持續上漲，永遠不會下降，但事實並非如此。

So for us, that's the way we manage share buybacks. And at the time, as you know, we had a lot of cash flow. We were able to choose. We had to balance our returns to our shareholders. We've done that, but we also saw a significant weakness in our stock price. And more importantly, a relative weakness relative to the rest of the gold industry, which itself is weak. And so, we felt that taking some of that extra cash coming off our P&L and buying shares is the right thing to do.

所以對我們來說，這就是我們管理股票回購的方式。如你所知，當時我們有大量的現金流。我們能夠選擇。我們必須平衡股東的回報。我們已經做到了這一點，但我們也看到我們的股價顯著疲軟。更重要的是，相對於黃金產業的其他產業而言，黃金產業的相對疲軟，而黃金產業本身也很疲軟。因此，我們認為從損益表中取出一些額外現金併購買股票是正確的做法。

I've always felt as a mining industry and Barrick is in a particular place, it's got a lot of outstanding shares. It's hard to make a dent on them, but we will continue to do that. When we have an opportunity and we got free cash, we'll buy the stock back. If it goes too low, we'll buy it back as well. So -- but as -- we passed -- I believe we passed that real tough part in rebuilding Barrick. We've set a solid foundation. We've built a strong team. We know where we're going. We're not going to regret any of the decisions we've made because they've been well made. And we can afford our growth and not many mining companies that can show 30% organic growth ahead of them. And I think we're well positioned to benefit from the long-term bullish output on copper. And right now, I can't see much downside risk on gold, just because of the chaotic global environment we find ourselves in whether it's the global economy or just the geopolitical risk and everything else that goes with it.

我一直覺得作為一個採礦業，巴里克處於一個特殊的位置，它擁有很多流通股。想要對他們產生影響是很困難的，但我們會繼續這樣做。當我們有機會並且獲得自由現金時，我們會回購股票。如果價格太低，我們也會回購。所以——但是當——我們通過了——我相信我們已經通過了重建巴里克的真正艱難的部分。我們已經打下了堅實的基礎。我們已經建立了一支強大的團隊。我們知道我們要去哪裡。我們不會後悔我們所做的任何決定，因為它們做得很好。我們有能力承擔我們的成長，但沒有多少礦業公司能夠領先於他們實現 30% 的有機成長。我認為我們處於有利地位，可以從銅的長期看漲產量中受益。目前，我看不到黃金有太大的下行風險，因為我們所處的全球環境混亂，無論是全球經濟還是地緣政治風險以及隨之而來的其他一切。

So basically, the growth for Reko Diq is more valuable than buying back shares in your opinion?

所以基本上，您認為 Reko Diq 的成長比回購股票更有價值？

Yes. In the short term, because if you get caught in the market without money for a big project like Reko Diq, then you hurt the overall long-term reserves. And so that -- it's the choice of capital allocation, and we are not going to issue new stock. We are not going to put our shareholders at risk at all in the next 5 years, we can see it, it's banked. And ultimately, our share price will go up naturally because we're going to show people, we've got the discipline. People are still thinking we're going to do some crazy M&A transaction. That's not the case.

是的。從短期來看，因為如果你陷入市場，沒有資金去建造像 Reko Diq 這樣的大項目，那麼你就會損害整體的長期儲備。因此，這是資本配置的選擇，我們不會發行新股。在接下來的五年裡，我們不會讓我們的股東面臨任何風險，我們可以看到，它已經準備好了。最終，我們的股價會自然上漲，因為我們要向人們展示，我們有紀律。人們仍然認為我們將進行一些瘋狂的併購交易。事實並非如此。

We've demonstrated that, should the opportunity arise to create value through acquisitions, we'll take it even if we have to be aggressive. But right now, we're in good shape, and we don't have any regrets if you look back 5 years.

我們已經證明，如果出現透過收購創造價值的機會，即使我們必須積極進取，我們也會抓住它。但現在我們的狀態很好，五年後回顧我們也沒有任何遺憾。

Mark, I know this wasn't on your watch, but from '94 to '98, the stock was much higher than today. And even through the dog years when the Swiss were selling out their gold reserves '98-'99 -- and I know all the gold stocks are cheap today. The market gives no credit for all your successes in Tanzania, PNG, Pakistan, et cetera. So I guess we're just going to be patient and wait for the earnings to come in and for the market to recognize all the good things you're doing?

馬克，我知道這不是你的職責，但從 94 年到 98 年，股價比今天高得多。即使在98-99年瑞士人拋售黃金儲備的狗年裡——我知道今天所有的黃金股票都很便宜。市場不會對你在坦尚尼亞、巴布亞紐幾內亞、巴基斯坦等地的所有成功給予認可。所以我想我們只是要有耐心，等待收益的到來，等待市場認可你所做的所有好事？

Yes. I think, John, I don't have to nick to you on this. It takes one bad decision to damage a reputation. It takes years to rebuild it. And we literally had to rebuild the Barrick portfolio. I mean, piece by piece, as I pointed out earlier in the presentation. So -- and the '90s you're talking about, remember, I've modeled Randgold on the '90s Barrick, and that was a different company to what transpired in 2010, '11, '12 and '13, where effectively the company wrote down $20 billion of investments, and they were all U.S. dollar investments.

是的。我想，約翰，我沒必要在這件事上對你開玩笑。一個錯誤的決定就會損害聲譽。重建它需要數年時間。我們確實必須重建巴里克投資組合。我的意思是，正如我之前在演示中指出的那樣，一點一點地進行。所以，你所說的90 年代，請記住，我以90 年代的Barrick 為藍本，建立了Randgold 的模型，那是一家與2010 年、11 年、12 年和13 年發生的情況不同的公司，這些公司實際上公司減記了200億美元的投資，而且都是美元投資。

On top of that, there was the equity issues. So there was a -- it was in a very stressed situation at the time of our merger.

最重要的是，還有股權問題。因此，在我們合併時，它處於非常緊張的境地。

Congratulations and all the good work you've done, Mark.

馬克，祝賀你所做的一切出色的工作。

Coming from you, John. I'll take that as a real complement. Thank you.

來自你，約翰。我會把它當作一個真正的補充。謝謝。

There are currently no more questions from the conference call.

目前電話會議中沒有更多問題。

Well, thank you very much, ladies and gentlemen, both on the call and here in London. It's great to be back in London. Nice to make sure to reinforce the fact that the weather hasn't changed one bit. And I look forward to continuing to catch up with you virtually until we meet again in person in a year's time. Thank you very much.

非常感謝你們，女士們先生們，無論是在電話中還是在倫敦。很高興回到倫敦。很高興確保強調天氣沒有任何變化這一事實。我期待著繼續以虛擬方式與您聯繫，直到我們在一年後再次見面。非常感謝。