巴里克黃金 (GOLD) 2023 Q4 法說會逐字稿

Thank you for standing by. This is the event operator. Welcome to Barrick's Results Presentation for Fourth 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, February 14, 2024.

謝謝你的支持。這是事件運算子。歡迎來到巴里克2023 年第四季度業績演示。（操作員說明）謹此提醒，我們正在記錄此事件，重播將於今天晚些時候（即2024 年2 月14 日）在巴里克網站上提供。

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

我現在想將電話轉給巴里克總裁兼執行長馬克布里斯托 (Mark Bristow)。請繼續，先生。

Thank you very much, and a very good morning and good afternoon to everyone today. I want to start this presentation with some reflection back to the time of the merger, where we committed to a clear strategy for building the new Barrick into the world's most valued mining company. And move on now to today, 5 years on, it's clear that we've come a long way in realizing that objective. As I'll show you through my presentation, our focus on Tier One assets has delivered a peerless gold portfolio with meaningful potential for further growth, matched only by the significant ramp-up of our copper business over the next 4 years.

非常感謝大家，今天大家早安，下午好。我想在本次演講開始時回顧一下合併時的情況，當時我們致力於制定明確的策略，將新巴里克打造成世界上最有價值的礦業公司。從現在到今天，五年過去了，很明顯，我們在實現這一目標方面已經取得了長足進步。正如我將在演講中向您展示的那樣，我們對一級資產的關注提供了無與倫比的黃金投資組合，具有進一步增長的巨大潛力，只有與我們銅業務在未來 4 年的顯著增長相匹配。

Maintaining Barrick's unique record for replenishing our asset base, we have placed more than -- we have replaced more than 140% of our gold reserves since 2019 and more importantly, at the same grade, which is critical. In Tanzania, our Twiga joint venture success has demonstrated the power of our partnership approach. And we are aiming to replicate that at many of our other operations, including Porgera and Reko Diq.

為了保持巴里克在補充資產基礎方面的獨特記錄，自 2019 年以來，我們已經更換了超過 140% 的黃金儲備，更重要的是，處於同一級別，這一點至關重要。在坦尚尼亞，我們 Twiga 合資企業的成功證明了我們合作關係的力量。我們的目標是在我們的許多其他業務中複製這一點，包括 Porgera 和 Reko Diq。

Our belief that combining the best assets with the best people will yield the best returns has produced an industry-leading production profile, backed by a strong balance sheet and sustainable dividend and capital return policy. Under every heading, asset quality, operational excellence, peerless people and sustainable profitability. We have now ticked virtually every box on our report card.

我們相信，將最好的資產與最好的人才相結合將產生最好的回報，這在強大的資產負債表以及可持續的股息和資本回報政策的支持下，產生了行業領先的生產狀況。在每一個標題下，資產品質、卓越營運、無與倫比的人才和可持續的獲利能力。現在，我們幾乎已經勾選了成績單上的所有方框。

As this presentation includes some forward-looking information, I'll start with the usual cautionary statement, which if you are so inclined, you can read it at your leisure on the website.

由於本簡報包含一些前瞻性訊息，因此我將從通常的警告聲明開始，如果您願意，可以在網站上閒暇時閱讀。

Protecting the health and safety of our people is Barrick's top priority. And last year, we made tangible progress in what we call our Journey to Zero, posting the best results since the merger. As you can see here, both lagging indicators, the lost time injury frequency rate and the total recordable injury rate continued to come down.

保護人民的健康和安全是巴里克的首要任務。去年，我們在所謂的「歸零之旅」中取得了實際進展，並取得了合併以來的最佳業績。正如您在這裡所看到的，兩個滯後指標，損失時間工傷頻率和總可記錄工傷率都持續下降。

There is, however, a lot more work to do on eliminating fatalities. Clearly, a subject where there is no room for complacency. Our focus remains fixed on the zero goal and the enormous progress made by our Lat Am America and Asia Pacific region shows that this is well within our global reach.

然而，在消除死亡人數方面還有很多工作要做。顯然，這是一個不容自滿的主題。我們的重點仍然集中在零目標上，拉丁美洲和亞太地區取得的巨大進展表明，這完全在我們的全球範圍內。

In 2023, we were able to progress our sustainability strategy significantly. Our commitment to real sustainability has long been the bedrock of our business, and it's based on a holistic approach, which integrates all aspects of our environmental and community responsibilities as distinct from the siloed ESG model. The numbers you can see here show the tangible benefits this strategy is delivering.

2023 年，我們的永續發展策略取得了顯著進展。長期以來，我們對真正永續發展的承諾一直是我們業務的基石，它基於整體方法，整合了我們環境和社區責任的各個方面，有別於孤立的 ESG 模型。您在此處看到的數字顯示了該策略所帶來的實際好處。

As you all know, we had a slow start to the year with the operational issues at NGM and Kibali. And then towards the end of the year, the commissioning setbacks with Pueblo Viejo's plant expansion impacting on production. Notwithstanding that, we delivered a steady quarter-on-quarter improvement through the year. And despite another good fourth quarter, we fell fractionally short of our gold guidance, while copper met its guidance.

眾所周知，由於 NGM 和 Kibali 的營運問題，我們今年開局緩慢。然後到了年底，Pueblo Viejo 工廠擴建導致調試受挫，影響了生產。儘管如此，我們全年的季度環比穩步改善。儘管第四季又表現良好，但我們仍略低於黃金指引，而銅則達到了指引。

Highlights of the year were our sustained and an industry-leading golden copper reserve replacement, which is one of the key differentiators between Barrick and its peers. Another consistent performance from the AME region and a strong financial performance, admittedly with the wind of a record gold price at our backs.

今年的亮點是我們持續且業界領先的金銅儲備替代，這是巴里克與同行的主要區別之一。非洲、中東和非洲地區再次表現穩定，財務表現強勁，無可否認，金價創歷史新高是我們的後盾。

Our strong balance sheet reflected by our investment-grade rating also stands us in good stead as we navigate these uncertain times. The results for the fourth quarter reflect the improved performances from Cortez, Phoenix and Pueblo Viejo where we have now resolved the equipment issues in the flotation circuit. Costs were slightly higher than the previous quarter mainly due to lower grade stockpile feed processed at Loulo-Gounkoto as a result of a pit wall failure at the Gounkoto open pit.

我們的投資等級反映了我們強大的資產負債表，這也使我們在度過這些不確定的時期時處於有利地位。第四季度的結果反映了 Cortez、Phoenix 和 Pueblo Viejo 的性能改善，我們現在已經解決了浮選迴路中的設備問題。成本略高於上一季度，主要是由於 Gounkoto 露天礦坑的坑壁故障導致在 Loulo-Gunkoto 加工的庫存飼料品位較低。

Lower grades processed at Carlin, extra commissioning costs and the impact of the tropical storm event at Pueblo Viejo rather than -- and this is rather than what people jump to a structural shift in inflation.

卡林處理的等級較低，額外的調試成本以及普韋布洛維耶霍熱帶風暴事件的影響，而不是——這不是人們跳到通貨膨脹結構性轉變的原因。

I'll touch on all these as I go through the presentation. The financial numbers speak for themselves, but it's worth pointing out that year-on-year operating cash flow increased by 7% and free cash flow grew by 50%. Furthermore, adjusted net earnings per share increased by 12% and the quarterly dividend was maintained at $0.10 per share, in line with our policy.

我將在進行演示時觸及所有這些內容。財務數據不言而喻，但值得指出的是，經營現金流年增7%，自由現金流成長50%。此外，調整後每股淨利潤成長了 12%，季度股息維持在每股 0.10 美元，符合我們的政策。

We, as usual, will start with review in North America, which is still a work in progress, but on a much firmer foundation and under new leadership that is aligned with Barrick's DNA.

像往常一樣，我們將從北美地區的審查開始，這項工作仍在進行中，但基礎更加堅實，並在符合巴里克 DNA 的新領導層的領導下。

At NGM, the long-awaited record of decision enabled Cortez to advance the Goldrush development late in the fourth quarter. In 2024, we are ramping up drilling and the evaluation of Barrick's 100% owned Fourmile project with a view to commencing a pre-feasibility study by the end of the year, and I'll cover that in more detail a little later.

在 NGM，期待已久的決策記錄使 Cortez 能夠在第四季末推進 Goldrush 的開發。 2024 年，我們將增加對巴里克 100% 擁有的 Fourmile 專案的鑽探和評估，以期在年底前開始預可行性研究，稍後我將對此進行更詳細的介紹。

And in line with Barrick's continued group-wide investment in accessing skills that are in short supply in the industry, NGM has established 3 early learning centers to increase childcare facilities in the region. And we've also progressed our mine education system, our trial mine training centers as we call them in South Africa to make sure that everyone that joins us goes through a proper induction and make sure that we -- they really understand and are skilled enough to do the job. And it's an integral part of our focus on safety. Because that is a big issue. Everyone talks about all sorts of safety procedures, but we've landed on the view that operational excellence is really the foundation of a safe environment when people know what to do and they do it properly.

為了配合 Barrick 在整個團體範圍內持續投資以獲取行業短缺的技能，NGM 建立了 3 個早期學習中心，以增加該地區的兒童保育設施。我們還改進了我們的礦山教育系統，我們在南非的試驗礦山培訓中心，以確保加入我們的每個人都經過適當的入職培訓，並確保我們——他們真正理解並具備足夠的技能做這項工作。這是我們關注安全的一個組成部分。因為這是一個大問題。每個人都在談論各種安全程序，但我們已經認識到，當人們知道該做什麼並且做得正確時，卓越運作確實是安全環境的基礎。

As elsewhere in the group, the transition to renewable energy gathered pace with the commissioning of the substation and the first 100-megawatt solar farm in Nevada with the second 100 megawatts to be switched on later this year.

與該集團的其他部門一樣，隨著變電站和內華達州第一個100 兆瓦太陽能發電場的投產，向再生能源的過渡加快了步伐，第二個100 兆瓦太陽能發電場將於今年晚點時候投入使用。

This is a closer look at NGM, and the details are in the MD&A. For those who want to get into the details, where the highlights include a near record fourth quarter production from Cortez and the acceleration of the Goldrush development, which is forecast to produce 100,000 ounces and 130,000 ounces in 2024, growing to around 400,000 ounces by 2028. All in all, we see an exciting future for Cortez. And then looking forward to 2024, we are also stepping up our planned underground development and grade control drilling efforts across both open pit and underground as part of our production delivery assurance program at our Tier One operations, and that does impact on the cost this year.

這是對 NGM 的更深入的了解，詳細資訊在 MD&A 中。對於那些想了解細節的人來說，亮點包括 Cortez 第四季度的產量接近創紀錄，以及 Goldrush 開發的加速，預計 2024 年產量將達到 100,000 盎司和 130,000 盎司，到 2028 年將增至約 400,000 盎司，我們看到了Cortez 令人興奮的未來。展望 2024 年，我們還將加強計劃中的露天和地下地下開發和品位控制鑽探工作，作為我們一級業務生產交付保證計劃的一部分，這確實會影響今年的成本。

Another noteworthy improvement during the year was the step-up in performance at Turquoise Ridge following the commissioning of its third shaft and improved performance at the Sage autoclave. We've still got some work to do on the Sage autoclave, but we're now very clear about what we have to do to really return that processing facility back to where we expect it to operate as far as availabilities go.

今年另一個值得注意的改進是 Turquoise Ridge 在第三個豎井調試後性能得到提升，並且 Sage 高壓釜的性能得到改善。我們在 Sage 高壓滅菌器上還有一些工作要做，但我們現在非常清楚我們必須做什麼才能真正使該處理設施恢復到我們預期的運作狀態（只要可用）。

Turquoise Ridge because of that is beginning to live up to its full Tier One potential. Costs for the complex were a little higher quarter-on-quarter, owing to the mix of production, including higher cost stockpile material as well as some additional maintenance costs. I always refer to our Nevada Gold Mines complex as our value foundation and how you can see why. Far from being a mature destination, it is a world-class gold field, which we've successfully exploring for both greenfields and brownfields growth opportunities.

因此，綠松石嶺開始充分發揮其一級潛力。由於生產混合，該綜合體的成本環比略高，包括成本較高的庫存材料以及一些額外的維護成本。我總是將我們的內華達金礦綜合體稱為我們的價值基礎以及您如何理解其中的原因。它遠遠不是一個成熟的目的地，而是一個世界級的金礦，我們已經成功地探索了綠地和棕地的成長機會。

We now have a 5-year outlook on reserve replacement. And that's quite important. We've built that foundation. And now we can -- like we do in AME and Lat Am, we can point to what we have to do to continue to convert over the next 5 years. And the other point is that -- this year, we're going to be spending quite a bit more of our budget, same budget, but a little bit more -- not a little bit, a substantial amount more on greenfields targets because we built the models, and we're excited about the fact that in our view, this is not a mature gold field. There's lots of upside in it.

我們現在對儲備替代品進行了 5 年展望。這非常重要。我們已經建立了這個基礎。現在我們可以——就像我們在非洲和中東地區和拉丁美洲所做的那樣，我們可以指出我們必須做什麼才能在未來 5 年內繼續轉型。另一點是——今年，我們將在綠地目標上花費更多的預算，同樣的預算，但更多一點——不是一點點，而是更多，因為我們建立了模型，我們感到興奮的是，在我們看來，這不是一個成熟的黃金領域。它有很多好處。

And one of those is the recent Robertson discovery where step-out drilling is confirming upside potential. And the importance of Robertson is it comes with the additional advantage of mostly non-refractory oxide ore. And then, of course, at Carlin, the Greater Leeville hosts multiple opportunities, which we expect to continue to support our reserve replacement.

其中之一是羅伯遜最近的發現，其中步出鑽探證實了上行潛力。羅伯森的重要性在於它具有主要為非難熔氧化礦石的額外優勢。當然，在卡林，大利維爾擁有多種機會，我們希望這些機會能繼續支持我們的後備替補。

As I indicated earlier, I'm just going to focus a little bit on Fourmile and share the fact that we've decided to expand the drilling and other valuation work streams at this 100% Barrick-owned project with a view to starting a pre-feasibility study at the end of 2024. And this year, we're actually budgeting $40 million on this project, $25 million for drilling, and the rest will be other work streams to ensure that we are at a stage where we can take this towards a pre-feasibility study at the end of the year.

正如我之前指出的，我將稍微關注 Fourmile 並分享這樣一個事實：我們已決定擴大這個 100% 巴里克擁有的項目的鑽探和其他評估工作流程，以期啟動預評估工作。- 2024 年底進行可行性研究。今年，我們實際上為這個項目預算了4000 萬美元，2500 萬美元用於鑽探，其餘的將用於其他工作流程，以確保我們處於可以採取這一行動的階段爭取年底進行預可行性研究。

We believe that this drilling will outline the potential to more than triple the existing mineral resource base with mineralization hosted in rock units that can potentially support large-scale, long-haul open stoping. Another key aspect of this year's program includes the evaluation of the access portal locations to support development along the strike of the ore body, which would initially be used for conversion drilling and then later be reused for mine haulage in support of a potential Tier One production profile.

我們相信，此次鑽探將有可能使現有礦產資源基礎增加三倍以上，其中岩石單元中的礦化有可能支持大規模、長途露天採礦。今年計劃的另一個關鍵方麵包括評估入口位置，以支持沿礦體走向的開發，該入口最初將用於轉換鑽探，然後再用於礦山運輸，以支持潛在的一級生產輪廓。

Outside Nevada, Barrick is actively expanding in North America. And through generative work and land consolidation we believe we'll now be able to start sharing with you the detail of our specific targets across the U.S. And the reason we haven't got all the detail anyhow is we're still working on consolidating some of the ground. As you know, we are also partners in the Donlin project in Alaska, which is -- which were systematically driving up the value curve.

在內華達州以外，巴里克正在北美積極擴張。透過創意工作和土地整合，我們相信我們現在能夠開始與您分享我們在美國各地的具體目標的細節。無論如何，我們還沒有獲得所有細節的原因是我們仍在努力整合一些目標。地面的。如您所知，我們也是阿拉斯加 Donlin 計畫的合作夥伴，該計畫正在系統性地推動價值曲線上升。

And as I've said many times before, I also believe we're underinvested in our home country, Canada, where we're examining opportunities in the prospective Sturgeon Lake and Patris projects through grassroots district scale exploration programs. And finally, at our existing Hemlo mine, we continue to advance the open pit project study.

正如我之前多次說過的，我也相信我們在祖國加拿大的投資不足，我們正在透過基層地區規模的勘探計劃來研究潛在的 Sturgeon Lake 和 Patris 項目的機會。最後，在我們現有的 Hemlo 礦場，我們繼續推進露天礦計畫研究。

We moved now down south to what started as Latin America region but has since expanded to encompass Asia and the Pacific. In Argentina, Veladero something special -- delivered something special in the shape of a performance that beat its production and cost guidance. And we've been struggling with that mine. And last year, we said, let's stop, cut it back a bit, reestablish it, bring in fresh set of eyes as far as leadership goes. And really, the team did an excellent job in beating its guidance, both on production and on costs.

我們現在向南移動，最初是拉丁美洲地區，但後來擴展到亞洲和太平洋地區。在阿根廷，Veladero 做出了一些特別的事情——以超越其生產和成本指導的性能形式交付了一些特別的東西。我們一直在與那個礦井作鬥爭。去年，我們說，讓我們停下來，稍微削減一點，重新建立它，就領導力而言，引入新的視角。事實上，該團隊在生產和成本方面都出色地超越了指導方針。

And in fact, as a product of that we've added back about 2 years of mining to the pit because we're much more comfortable about our ability to deliver value from that asset. And of course, we're all waiting for the new government to start delivering on their promises to be a lot more business-friendly. Elsewhere in the region, you'll have seen the years of negotiation with the government finally delivered a revived Porgera in Papua New Guinea, and the mine is scheduled to start pouring gold again this quarter.

事實上，作為其結果，我們已經增加了大約 2 年的採礦時間，因為我們對自己從該資產中創造價值的能力更加滿意。當然，我們都在等待新政府開始兌現對商業更友善的承諾。在該地區的其他地方，您會看到與政府進行多年的談判終於在巴布亞新幾內亞交付了復興的波格拉礦，該礦計劃於本季度再次開始開採黃金。

And in Pakistan, the massive Reko Diq copper gold project continues to advance steadily towards first production in 2028.

在巴基斯坦，大型 Reko Diq 銅金計畫繼續穩步推進，預計將於 2028 年首次投產。

Our flagship growth project, the expansion of Pueblo Viejo in the Dominican Republic, as I shared with you last time, suffered some setbacks in the pro forma of premature failure of flotation gearboxes and the collapse of the new crushed ore stockpile conveyor structure. And our highly committed and tenacious team overcame the challenges to deliver an improved performance in quarter 4, notwithstanding in addition to these 2 events, a 1 in 500-year tropical storm.

正如我上次與大家分享的那樣，我們的旗艦增長項目，多明尼加共和國的 Pueblo Viejo 擴建項目，在浮選齒輪箱過早失效和新碎礦石儲存輸送機結構倒塌等方面遭受了一些挫折。儘管除了這兩起事件之外，我們還遇到了 500 年一遇的熱帶風暴，但我們高度投入和頑強的團隊克服了挑戰，在第四季度取得了更好的業績。

And I think it's important that when we -- back in 2019, we had some focus on managing the water and particularly ensuring that it stays within the footprint of the mine. And we were able to manage this massive storm event and not have any major environmental incidents. So a real tribute to the management.

我認為重要的是，當我們回到 2019 年時，我們專注於水的管理，特別是確保水留在礦井的佔地面積內。我們能夠應對這場大規模風暴事件，沒有發生任何重大環境事件。因此，對管理層表示真正的敬意。

Just to remind you, this project is designed to sustain average annual production in excess of 800,000 ounces of a life-of-mine beyond 2040. And we will have, as I said earlier, we expect to have this conveyor structure reinstalled later this quarter, at the end of the quarter, in fact.

只是提醒您，該項目的設計目標是在 2040 年之後維持超過 800,000 盎司的平均年產量。正如我之前所說，我們預計將在本季度晚些時候重新安裝該輸送機結構事實上，在季度末。

And then we'll ramp up -- we are currently working on the ramp-up, and I thought I'd show you this slide, which is you can see the progress following the repetitive failures of the new flotation gearboxes, which had to be redesigned, manufactured and reinstalled. And this, I can confirm, as I indicated last quarter, has been completed and was completed at the end of December. And then the replacement of the crushed ore stockpile conveyor is underway, and we are busy operating under temporary installations and feeding the SAG mill, the second SAG mill, albeit at a reduced throughput. And that ramp up will accelerate, as I said, after we install the replacement conveyor infrastructure at the end of this quarter.

然後我們會加速——我們目前正在努力加速，我想我應該給你們看這張投影片，你可以看到在新的浮選變速箱反覆出現故障後所取得的進展，這必須重新設計、製造和重新安裝。我可以確認，正如我在上個季度指出的那樣，這項工作已經完成，並於 12 月底完成。然後破碎礦石堆料輸送機的更換正在進行中，我們正忙於在臨時設施下運行，並為第二個 SAG 磨機供料，儘管吞吐量有所下降。正如我所說，在我們在本季末安裝替代輸送機基礎設施後，這種成長將會加速。

Elsewhere in the region, we continued to expand the Barrick footprint. And again, in Lat Am, we've really cleaned up our portfolio, really refocused the exploration efforts on potential targets that have potential to meet our Tier One ambitions. And as part of that, we've opened a new frontier in Ecuador and secured a high-quality portfolio together with an exciting advanced project in Peru. And in the Veladero District, fieldworkers defining drill-ready targets. And up in Dominican Republic, exploration continues both within the Pueblo Viejo joint venture lease area as well as across the country. And again, I'm excited that we'll be able to show you some good results in the next couple of quarters arising from that work.

在該地區的其他地方，我們繼續擴大巴里克的足跡。再次，在拉丁美洲，我們確實清理了我們的投資組合，真正將勘探工作重新集中在有潛力實現我們一級目標的潛在目標上。作為其中的一部分，我們在厄瓜多爾開闢了一個新領域，並在秘魯獲得了高品質的產品組合和令人興奮的先進項目。在貝拉德羅區，現場工作人員正在確定鑽探準備目標。在多明尼加共和國，普韋布洛維耶霍合資租賃區以及全國範圍內的勘探工作仍在繼續。再次，我很高興我們能夠在接下來的幾個季度向您展示這項工作帶來的一些良好成果。

For the fifth consecutive year, as I said in my introduction, in fact, ever since the merger, the Africa and Middle East region delivered on its guidance and replaced its mined reserves. It has also become a host to some of Barrick's most exciting organic growth prospects, notably the Lumwana copper mines expansion.

正如我在介紹中所說，事實上，自合併以來，非洲和中東地區連續第五年兌現了其指導方針並更換了其開採儲量。它也成為巴里克一些最令人興奮的有機成長前景的所在地，特別是盧姆瓦納銅礦的擴建。

We start at Loulo-Gounkoto, where the results speak for themselves. Production was a little lower, as I indicated earlier, and costs higher quarter-on-quarter on the back of lower grades in line with the revised plan following the Gounkoto pit wall failure.

我們從 Loulo-Gounkoto 開始，這裡的結果不言自明。正如我之前指出的，產量略有下降，並且由於品位較低，與 Gounkoto 坑壁故障後修訂的計劃一致，季度成本較高。

As elsewhere at Barrick, the complex is transitioning to renewable energy and its second solar project 40-megawatts solar farm with a 36-megawatt battery energy storage system commissioned ahead of time and below the original capital cost estimates this last quarter.

與巴里克的其他地方一樣，該綜合體正在向再生能源過渡，其第二個太陽能專案是40 兆瓦太陽能發電廠，配備36 兆瓦電池儲能係統，提前投入使用，且低於上個季度的原始資本成本估計。

Kibali is Africa's largest gold mine and a leader in automation and clean energy. Much of the energy that drives Kibali is already supplied by it's 3 hydropower stations. And when the mine's new 16-megawatt solar power plant and battery storage system are commissioned in 2025, it will increase its overall renewable energy penetration from 79% to 88%. And for 6 months of the year, its electricity demand will be met entirely from renewables.

基巴利是非洲最大的金礦，也是自動化和清潔能源的領導者。驅動基巴利的大部分能源已經由其 3 個水力發電廠提供。當該礦新的 16 兆瓦太陽能發電廠和電池儲存系統於 2025 年投入運作時，其整體再生能源滲透率將從 79% 提高到 88%。一年中的 6 個月，其電力需求將完全由再生能源滿足。

And in Tanzania, our transformative Twiga partnership with the government continues to deliver exceptional results with North Mara and Bulyanhulu achieving the high end of their production guidance for the year. And we're also expanding our footprint in the country in the hunt for new world-class discoveries.

在坦尚尼亞，我們與政府的變革性 Twiga 合作夥伴關係繼續取得卓越成果，North Mara 和 Bulyanhulu 實現了今年的生產指導上限。我們也擴大了在該國的足跡，尋找新的世界級發現。

Our strategic decision to invest in the expansion of our copper portfolio has led to the Super Pit expansion project at Lumwana in Zambia, and this will transform Lumwana into one of the world's major copper mines with projected annual production of 240,000 tonnes per year over a 30-plus year life-of-mine.

我們投資擴大銅礦組合的戰略決策促成了贊比亞 Lumwana 的 Super Pit 擴建項目，這將使 Lumwana 成為世界主要銅礦之一，預計在 30 年內年產量將達到 240,000 噸。-我的壽命多了一年。

And it is a key component of the Zambian government's drive to revive the country's copper industry over the next 10 years. The estimated cost of the project, as I've already indicated before, is around $1.9 billion, and construction is scheduled to start early next year with 2028 targeted for first production. The project has been fast tracked with the completion of the pre-feasibility study, and we project to start ordering long lead items towards the end of this year.

它是讚比亞政府未來十年振興該國銅工業的重要組成部分。正如我之前所指出的，該項目的估計成本約為 19 億美元，計劃於明年初開始建設，目標是 2028 年首次生產。隨著預可行性研究的完成，該專案已快速推進，我們計劃在今年年底開始訂購長週期專案。

And how you can see our many brownfields and greenfields growth opportunities across the region. of particular interest is our growing presence in Egypt and Saudi Arabia, where our partners at the Jabal Sayid copper mine, where with our partners at the Jabal Sayid copper mine, we are rapidly progressing exploration on the very promising Umm Ad Damar permit. And we've already intersected significant VMS-style mineralization at 4 prospects within this property.

以及您如何了解該地區眾多棕地和綠地的成長機會。特別令人感興趣的是我們在埃及和沙烏地阿拉伯的業務不斷增長，我們在Jabal Sayid 銅礦的合作夥伴正在與我們在Jabal Sayid 銅礦的合作夥伴一起，快速推進非常有前景的Umm Ad Damar 許可證的勘探工作。我們已經在該礦區的 4 個礦區發現了重要的 VMS 型礦化。

I've always said, ladies and gentlemen, to be world-class, you have to be global. And Barrick's presence now extends across all the world's major gold and copper districts outside Russia and China. And we've also, as I said, also rationalized our exploration portfolio. So we really have what's left is targets that have the potential to meet our investment criteria. This is a solid foundation in which we can grow our production and our value and is directed by our proven strategy and supported by the broad spectrum of skills we have developed to build a modern mining business.

我總是說，女士們、先生們，要成為世界一流的，就必須全球化。巴里克的業務現已遍及俄羅斯和中國以外的全球所有主要黃金和銅產區。正如我所說，我們也合理化了我們的勘探組合。因此，我們真正剩下的是有潛力滿足我們投資標準的目標。這是我們提高產量和價值的堅實基礎，並以我們行之有效的策略為指導，並以我們為建立現代採礦業務而開發的廣泛技能為支援。

What are the key qualities that differentiates Barrick from its peers, as I noted earlier, is our ability to replace our reserves organically. And since 2019, we've replaced 140% of the gold we've mined. Adding on a 100% basis, 44 million ounces of proven and probable reserves across our managed assets. And in last year, we did it again.

正如我之前指出的，巴里克與同行的區別在於我們有能力有機地取代我們的儲備。自 2019 年以來，我們已經更換了 140% 的開採黃金。在我們管理的資產中，以 100% 計算，已探明和概算儲量增加了 4,400 萬盎司。去年，我們又這麼做了。

And I think people underestimate that, you know how I talk about M&A. And when you do the same thing all the time over and over again and expect a different outcome, there's a definition for that. And paying 50% premiums for assets and not realizing the only way you can deliver is either find more or wait for the commodity price to lift your revenue line, finding particularly brownfields reserves really does sweat the assets, sweat your capital. And again, I've demonstrated this many times throughout my career. And I have no doubt that our focus will deliver again. And we, I think, have some examples developing on which we can prove our strategy.

我認為人們低估了這一點，你知道我如何談論併購。當你一遍又一遍地做同樣的事情並期望不同的結果時，就有了一個定義。為資產支付 50% 的溢價，卻沒有意識到唯一的交付方式是要么找到更多資產，要么等待大宗商品價格提升您的收入線，尤其是尋找棕地儲備確實會消耗資產、消耗資本。在我的職業生涯中，我已經多次證明了這一點。我毫不懷疑我們的重點將再次實現。我認為，我們已經有了一些例子，可以用來證明我們的策略。

So that's why Barrick is not forced to buy its growth. And it's -- this growth is organically embedded in our business. And our 10-year plan, which very few mining companies present, is not there to brag about our profile, but it's to give the market a clear understanding that our focus goes beyond next year and that we are able to see challenges way ahead of down on -- down in our runway and address them. And that's always been our model.

這就是為什麼巴里克沒有被迫購買其增長。這種成長有機地融入了我們的業務。我們的十年計劃（很少有礦業公司提出）並不是為了吹噓我們的形象，而是為了讓市場清楚地了解我們的重點不僅僅是明年，我們能夠提前看到挑戰在我們的跑道上向他們講話。這一直是我們的模式。

And again, I think the key here is that we're still working on the back end, as I indicated, of this profile to fill in the gaps. And based on our long track record, I have no doubt we will do it in the fullness of time. And Nevada is a very good example because we're starting to get to a point where we are able to look, as I said, forward a few years and know where the transition is -- the replacement is coming from. And again, we've got a long tail in Nevada and the big challenge is how we bring it forward. And one of the big focuses this year is going to be how we schedule the development of the Greater Leeville area, all those different mining sections in Northern Carlin.

再說一遍，我認為這裡的關鍵是，正如我所指出的，我們仍在該配置文件的後端工作，以填補空白。根據我們長期的記錄，我毫不懷疑我們會在時機成熟時做到這一點。內華達州是一個很好的例子，因為正如我所說，我們已經開始能夠展望未來幾年，並知道過渡在哪裡——替代者來自哪裡。再說一遍，我們在內華達州有一條長尾巴，最大的挑戰是我們如何推動它向前發展。今年的一大焦點是我們如何安排大利維爾地區的開發，以及北卡林的所有不同採礦區。

And to support this 10-year plan, how's our detailed 5-year production and cost outlook, looking at the next 5 years, there are a few aspects to note. An increasing production profile, which always brings the cost down; an increase in capital expenditure over the next 3 years as we have now included the capital estimates for the Reko Diq and Lumwana Super Pit projects, after which capital starts to decline; and gold per ounce costs are flat year-on-year in 2024 and then start declining in line with the increasing production.

為了支持這個10年計劃，我們詳細的5年生產和成本前景如何，展望未來5年，有幾個方面需要注意。不斷增加的生產規模總是會降低成本；未來 3 年資本支出增加，因為我們現在已納入 Reko Diq 和 Lumwana Super Pit 項目的資本估算，此後資本開始下降；到 2024 年，每盎司黃金成本將同比持平，然後隨著產量的增加而開始下降。

Also, as previously flagged production in 2024 is a little lower than our previous estimate primarily due to the delay in the Record of Decision at Goldrush and the slower ramp up of the expansion project at Pueblo Viejo. And NGM was always going to be a softer year in 2024. So the delay in the Record of Decision for Goldrush has exacerbated this.

此外，由於先前標記的 2024 年產量略低於我們先前的估計，這主要是由於 Goldrush 決策記錄的延遲以及 Pueblo Viejo 擴建項目的放緩。 2024 年 NGM 總是比較疲軟的一年。因此 Goldrush 決策記錄的延遲加劇了這種情況。

Our track record of replacing reserves gives us the confidence to know we can deliver on this outlook without the need for dilutionary or delusionary acquisitions.

我們更換儲備的記錄讓我們有信心知道我們可以實現這一前景，而無需稀釋或妄想性收購。

And importantly, we have the balance sheet strength and operating cash flows to fund this growth, while still maintaining our industry-leading credit rating. As I've often said, mining is a long game, and that should not be measured by quarters. I have no doubt that our strategy and partnership approach, together with the quality of our assets and most importantly, our people. We'll deliver real and sustainable long-term value for our shareholders and our stakeholders.

重要的是，我們擁有強大的資產負債表實力和營運現金流來為這一增長提供資金，同時仍保持行業領先的信用評級。正如我經常說的，挖礦是一場漫長的遊戲，不應該以季度來衡量。我毫不懷疑我們的策略和合作方式，以及我們的資產質量，最重要的是我們的員工。我們將為股東和利害關係人提供真正且可持續的長期價值。

Thank you, ladies and gentlemen, for your attention, and we'll be happy to take questions. Operator, over to you. What are we going to do? We're going to do the room first, okay? There's Greg's hands up.

女士們、先生們，謝謝你們的關注，我們很樂意回答問題。接線員，交給你了。我們會做什麼？我們先把房間收拾一下，好嗎？格雷格舉起了手。

Greg Barnes from TD. Just a couple of questions. One, there's been some political turmoil in Pakistan over the past week. Do you see that having any impact on your schedule on Reko Diq with the sort of change in government? I'm not quite sure what's going on.

來自TD的格雷格·巴恩斯。只是幾個問題。第一，過去一周巴基斯坦發生了一些政治動盪。您認為政府的這種變化對您在雷科迪克的日程安排有什麼影響嗎？我不太確定發生了什麼事。

So yes, I mean -- so let me try to explain the situation. When we initiated the recommencement of Reko Diq following the arbitration award, it was with Imran Khan. And he's the person who actually brought it back into play along with us. And then that -- then the government changed to the Sharif government. And so -- but we signed the framework agreement with Imran's government. And we've signed the final agreement with the Sharif's government, which was no different. There's no change on the principles that were captured in the framework agreement. And then we had that whole process endorsed by their Supreme Court.

所以是的，我的意思是——所以讓我嘗試解釋一下情況。當我們在仲裁裁決後發起重新啟動 Reko Diq 時，是與伊姆蘭汗 (Imran Khan) 一起發起的。他是真正與我們一起重新發揮作用的人。然後政府就變成謝里夫政府了。所以，我們與伊姆蘭政府簽署了框架協議。我們已經與謝里夫政府簽署了最終協議，這沒有什麼不同。框架協議中規定的原則沒有改變。然後我們的整個過程得到了最高法院的認可。

So those are the 3 sort of legs of government. And a lot of people -- it's an interesting political situation in Pakistan because there was a lot of speculation about what would happen in elections. And unlike many other emerging markets, everyone was encouraged to go and vote. And they did. So no one tried to boycott the elections. And the outcome was interesting in that it was sort of almost -- it was almost perfectly balanced amongst the 3 big political entities for want of a better word.

這就是政府的三條腿。對許多人來說，巴基斯坦的政治局勢很有趣，因為人們對選舉中會發生什麼事有很多猜測。與許多其他新興市場不同的是，每個人都被鼓勵去投票。他們做到了。因此沒有人試圖抵制選舉。結果很有趣，因為沒有更好的詞彙來形容，三大政治實體之間幾乎達到了完美的平衡。

So now the -- as you can imagine, there's lots of energy being put into trying to form a government. And the key is that whichever coalition forms and it has to be a coalition, whatever happens and whichever government is -- arises from this process, any government that's formed will have a very strong opposition. As far as Reko Diq goes, there's a bipartisan support for that project. And we've never been parters in anything we do. It's a bad strategy in emerging markets.

所以現在——正如你可以想像的那樣，人們投入了大量的精力來組建政府。關鍵是，無論形成哪個聯盟，它都必須是一個聯盟，無論發生什麼，無論哪個政府——在這個過程中產生，任何形成的政府都會遭到非常強烈的反對。就雷科·迪克而言，該計畫得到了兩黨的支持。而且我們從來沒有參與過我們所做的任何事情。在新興市場，這是一個糟糕的策略。

So we're working, we're continuing as usual. I mean some of the best progress that we've shown and it's across the board, but has been with our local social programs and investment and working with the community. So right now as it stands -- and not only is it the federal government but also the provinces of voting and there's new expected new chief ministers, which is essentially the provincial head of government, which is important for mining because a lot of the legislation is within the province rather than at the center. So right now, we'll continue as we do in most other countries.

所以我們正在工作，我們像往常一樣繼續。我的意思是，我們已經展示了一些最好的進展，而且是全面的，但一直是我們當地的社會計劃和投資以及與社區的合作。因此，就目前情況而言，不僅是聯邦政府，還有投票省份，並且預計將有新的首席部長，基本上是省級政府首腦，這對採礦業很重要，因為許多立法位於省內而不是中心。因此，現在我們將繼續像在大多數其他國家所做的那樣。

Second question is around Nevada. And you can see in the final chart, there is a pickup in '25. Is there a broader turnaround happening there? Mark? Or is that just Goldrush finally kicking in?

第二個問題是關於內華達州的。您可以在最終圖表中看到，25 年有所回升。那裡是否正在發生更廣泛的轉變？標記？或者這只是淘金熱終於開始了？

No. There's -- the Nevada team is now really starting to make progress. And we put a lot of effort in there. It was a big merger with 2 very distinct cultures. And then we had COVID. And then you have this big turnover that we saw right across the United States economy where -- and effectively, what people refer to as skill shortage. And we really had to invest in. And then you had the lithium miners or promoters, and we're the biggest miner in the U.S. We're a supplier of people to any promotional effort, but we've brought that turnover down materially in Nevada.

不，內華達團隊現在確實開始取得進展。我們在那裡付出了很多努力。這是兩種截然不同的文化的重大合併。然後我們就感染了新冠病毒。然後，我們在整個美國經濟中看到了巨大的人員流動，實際上，這就是人們所說的技能短缺。我們確實必須投資。然後你有鋰礦商或促銷員，我們是美國最大的礦商。我們是任何促銷活動的人員供應商，但我們已經大幅降低了營業額內華達州。

We've got a new management team. It's much more caring because that's the way we are. We might be tough on standards, but we're soft on people. And I'll just give you some examples. If you look at the roasters performance in the last 2 quarters of last year, back to where we had them right in the beginning. And the gold quarry roaster, which we've had to spend a lot of time and money on, really starting to live up to better efficiencies. We've got the final leg in its expansion now in the middle of this year, and then we'll have that like 20% increase in throughput.

我們有一個新的管理團隊。這更貼心，因為我們就是這樣。我們可能對標準很嚴格，但對人卻很溫和。我只舉一些例子。如果你看看去年最後兩季烘焙商的表現，回到我們一開始的情況。我們花了大量時間和金錢的金礦烘焙機，確實開始達到更高的效率。今年年中，我們已經完成了擴張的最後一步，然後我們的吞吐量將增加 20%。

And we've spent a lot of time on the Sage mills, the whole Sage infrastructure. We're now getting that back to where we want it to be, and that is very core to our -- to Turquoise Ridge, which is one of the major high-grade deposits, long-life deposits within the complex. And actually, I was down there last week, Saturday -- this last Saturday. And for me, it was really encouraging how we're managing the rock mechanics and our -- the way we're mining, and we're doing now in Turquoise Ridge open stoping, backfill, and also cut and fill, but on a much larger scale than they used to do it, and we're doing it safely and very efficiently.

我們在 Sage 工廠和整個 Sage 基礎設施上花費了大量時間。我們現在正在將其恢復到我們想要的位置，這對於綠松石山脊來說是非常核心的，它是該綜合體內主要的高品位礦床、長壽命礦床之一。事實上，我上週、週六——這最後一個週六就在那裡。對我來說，我們如何管理岩石力學和我們的採礦方式，以及我們現在在 Turquoise Ridge 進行的露天採礦、回填以及切割和填充的方式，確實令人鼓舞，但在規模比以前大得多，而且我們的做法安全且非常有效率。

So I'm very confident that you'll start seeing those costs come down because it's an 11-gram ore body. And so it's got a lot going for it. And if we can get that -- the order claims working, and we've got one more big change to do in the flow sheet of the autoclaves in Sage. And what we've done, Greg, is we've put -- we've formed a team of autoclave experts. Barrick is the biggest operator of autoclaves in the world.

因此，我非常有信心您會開始看到這些成本下降，因為它是一個 11 克的礦體。所以它有很多好處。如果我們能做到這一點——該訂單聲稱有效，並且我們還需要對 Sage 高壓滅菌器的流程圖進行重大更改。格雷格，我們所做的就是──我們組建了一個高壓滅菌器專家團隊。巴里克是世界上最大的高壓滅菌器營運商。

And what we've done is we've got them all around the world, and we've put a group of process engineers together to look at all our autoclave installations and see how we can really learn from each other and lift the game to best practice. And we've really uncovered some bottlenecks in the in the Sage mill that we've been depressurizing the autoclaves too frequently, largely around valves -- the longevity of valves. And the reason is that we haven't got -- we're missing a component of being able to normalize the pressure across the valve when we turn it off and on.

我們所做的是，我們在世界各地都有他們，我們把一群工藝工程師聚集在一起，檢查我們所有的高壓滅菌器安裝，看看我們如何才能真正互相學習，並將遊戲提升到最佳實踐。我們確實發現了 Sage 工廠的一些瓶頸，即我們過於頻繁地對高壓釜進行減壓，主要是圍繞閥門——閥門的壽命。原因是我們沒有——我們缺少一個能夠在關閉和打開閥門時使閥門壓力正常化的組件。

And so that's a big step forward, which we just -- it's not a large expense. We're just about finished the design because we've got many examples, and we'll put that in place. And for me, that's a key step forward. And we've done a lot in the Sage. And we've got a team now working on process optimization and automation as far as process controls go. And so we're really at this stage where we're the operators and the management are now up to speed. And the next step is you can use the automation because putting an automation without a competent operating team is not an efficient way to get to increase throughputs.

所以這是向前邁出的一大步，但我們只是——這並不是一筆很大的開銷。我們即將完成設計，因為我們有很多範例，我們會將其落實到位。對我來說，這是向前邁出的關鍵一步。我們在 Sage 中做了很多工作。我們現在有一個團隊致力於流程控制的流程最佳化和自動化。因此，我們確實處於這個階段，我們是營運商，管理層現在已經跟上進度了。下一步是您可以使用自動化，因為在沒有稱職的營運團隊的情況下實施自動化並不是提高吞吐量的有效方法。

And so -- and we are the same in the -- we've got a completely new team in the roasters at Carlin. And again, we are now performing above our KPIs, which has been a long time since we've done that. So all around -- I mean, your commentary is real, and I'm excited about improvements on that.

因此，我們也是一樣，我們在 Carlin 的烘焙廠中擁有一支全新的團隊。再說一次，我們現在的表現超越了我們的關鍵績效指標，距離我們這樣做已經很久了。所以總的來說——我的意思是，你的評論是真實的，我對這方面的改進感到很興奮。

What is dampening our costs at the moment is that we made a decision to bring in some contractors to get ahead of our development because on the double refractory ore, which comes from our big high-grade deposits, we're process constrained as far as the roaster -- or nearly processed or not quite because we've improved the efficiency. And so the flexibility in your mind, this is a big mine that should have flexibility. It's a big mining complex. When you're producing 3.3 million ounces a year, you shouldn't be worried about catching up 1,000 ounces or 2,000 ounces here and there. And so -- but what we found is that we were through lack of flexibility underground because we're moving the whole business underground is that our development -- and you know this better than anyone, you get behind on development, you constrain your mining flexibility and then you've got problems because you can't deal with the fall of ground or sort of operational issue.

目前降低我們成本的是，我們決定引入一些承包商來搶先我們的開發，因為對於來自我們大型高品位礦床的雙耐火礦石，我們的工藝受到限制烘焙機——或接近加工或未完全加工，因為我們提高了效率。所以你心裡要有彈性，這是大礦，應該要有彈性。這是一個大型採礦綜合體。當您每年生產 330 萬盎司時，您不必擔心會不時趕上 1,000 盎司或 2,000 盎司。所以 - 但我們發現，我們缺乏地下靈活性，因為我們正在將整個業務轉移到地下，這就是我們的發展 - 你比任何人都更了解這一點，你會落後於發展，你會限制你的採礦靈活性，然後你就會遇到問題，因為你無法處理地面塌陷或某種操作問題。

So we -- in all our underground mines, we brought in contractors to just help the team get ahead, and it will be a 12- to 18-month program. And that does impact the costs because it's an extra cost. And then we'll take it back from the contractors in the fullness of time. So all around Nevada is in a better spot. And I think you'll see in last year, we had a bad start, but we increased our performance every quarter. We didn't quite catch up, but we did -- and that will continue in this year, you'll see the performance improve through the year and -- and I believe that we are building. And as I said last year, we largely complete with the merger challenges. It's now about focusing on efficiencies and delivery.

因此，我們在所有地下礦場中都聘請了承包商來幫助團隊取得進展，這將是一個為期 12 至 18 個月的計畫。這確實會影響成本，因為這是額外的成本。然後我們會在適當的時候從承包商那裡收回它。所以內華達州周圍的情況都比較好。我想你會看到去年我們有一個糟糕的開局，但我們每季的業績都有所提升。我們沒有完全趕上，但我們做到了——今年這種情況將繼續下去，你會看到這一年的業績有所改善——而且我相信我們正在建設。正如我去年所說，我們基本上完成了合併挑戰。現在的重點是效率和交貨。

Lawson Winder from Bank of America. I love this chart that you have up of the 5-year production and gold cost forecast and in particularly, the cash costs. Effectively, this chart is showing here all-in sustaining cost declining from the $1,300 range down to the $1,200 range. And my question would be, I mean, is Barrick's objective over the next 5 years to move from the $1,300 per ounce that you use today for reserves and for planning to $1,200 per ounce in 5 years? And then as a follow-up, I would ask what inflation assumptions are built in here for '24 and then '25 to 2028?

美國銀行的勞森·溫德。我喜歡這張圖表，其中顯示了 5 年產量和黃金成本預測，特別是現金成本。實際上，該圖表顯示了總體維持成本從 1,300 美元範圍下降到 1,200 美元範圍。我的問題是，我的意思是，巴里克未來 5 年的目標是否是從您今天使用的儲備金每盎司 1,300 美元轉向 5 年內計劃的每盎司 1,200 美元？然後，作為後續行動，我想問一下，這裡針對 24 年、25 年到 2028 年建立了哪些通膨假設？

So the all-in sustaining costs come down to $1,000, just to correct you. So -- and that -- and so you can see the flat year-on-year, I'll let Graham comment on the way we manage our inputs on this model. But that's exactly right. And the point here is -- not to tell you how to do your work. But no one ever looks at grade. Some -- I think some analysts do, but a lot of people don't. They just look at the cost. And this industry is high grading. And when you look at Barrick's grade, it's not high grading at all. Our grades in the next 5 years are almost flat.

因此，總的維持成本降至 1,000 美元，只是為了糾正您的說法。因此，您可以看到同比持平，我將讓格雷厄姆評論我們管理此模型投入的方式。但這是完全正確的。這裡的重點是──不是告訴你如何做你的工作。但沒有人重視成績。有些——我認為有些分析師這樣做，但很多人不這樣做。他們只看成本。而且這個行業的檔次很高。當你看巴里克的評級時，你會發現它根本不是高評級。我們未來5年的成績幾乎持平。

And so we manage optimization of our ore bodies. And sure, there are times when we sort of look a little different to the market. But that's why we put these charts up and we're not different to the market. We have some cost drivers, and let me tell you what they are in there. The first one is PV. And PV is a low-cost operator. So even with its current challenges, as 2024 is going to be one of our lowest cost mines, but it's going to come down even further as we steady out at above 800,000 ounces.

因此，我們對礦體進行最佳化。當然，有時我們看起來與市場有些不同。但這就是為什麼我們把這些圖表放出來，我們與市場沒有什麼不同。我們有一些成本驅動因素，讓我告訴你它們的內容。第一個是PV。而且光電發電是低成本營運商。因此，即使面臨當前的挑戰，2024 年也將成為我們成本最低的礦場之一，但隨著我們穩定在 80 萬盎司以上，成本還會進一步下降。

Goldrush, we're now focused on development, which we haven't been able to do for the last 3 years. And -- and that comes with costs. So the Goldrush cost profile is higher in these next 2 years as we ramp up the -- and put the infrastructure and get the ventilation up to standard and things like that, which is -- that's the big challenge there. And then Porgera sits at $1,900 an ounce in this model because it's a ramp-up. And so that's not what it's long -- it's also a low-cost producer.

Goldrush，我們現在專注於開發，這是我們過去 3 年一直未能做到的。而且——這會帶來成本。因此，在接下來的兩年裡，隨著我們增加基礎建設、使通風達到標準等，淘金熱的成本會更高，這就是巨大的挑戰。然後，在這個模型中，波格拉 (Porgera) 的價格為每盎司 1,900 美元，因為它是一個爬坡階段。所以這並不是它的長處——它也是一個低成本的生產商。

So those are the drivers. And Carlin has -- we had the Crossroads challenge where we had a large chunk of the -- what we had modeled as high grade that was faltered out. So we need to work that through and get those costs down because the way that Carlin was structured, and it's a big ship. So it takes a bit of time to turn. But again, we're on it. And you'll see Carlin grades are sort of 4.3, 4.4, so high grade, and it's got open pits embedded in that. So there's nothing here that -- and well, let me rephrase it. There's -- we can explain these costs, and they're not systemic in our operation operating cost. They're driven by specific decisions and events. Do you want to explain the assumptions?

這些就是驅動因素。卡林——我們有十字路口的挑戰，我們有很大一部分——我們建模為高等級的東西已經被淘汰了。因此，我們需要解決這個問題並降低成本，因為卡林號的結構方式是一艘大船。所以轉動起來需要一點時間。但我們再次強調。你會看到 Carlin 的等級大約是 4.3、4.4，等級很高，裡面嵌入了露天礦坑。所以這裡沒有任何內容——好吧，讓我重新表達一下。我們可以解釋這些成本，但它們在我們的營運成本中並不是系統性的。它們由特定的決策和事件驅動。您想解釋一下這些假設嗎？

Yes, sure. So the key thing here, Lawson, is the as always, with cost is energy. We always say that around 20% of our cost is energy directly. But indirectly, when you look at energy, in terms of the way it impacts our reagents and other consumables in terms of the way it impacts the supply chain and knock on costs on just our suppliers and their input costs, it's probably more like 50% when you look at the real impact of energy across the group. So that's always going to be a key driver.

是的，當然。所以，勞森，這裡的關鍵是一如既往，成本是能源。我們總是說，我們成本的 20% 左右是直接能源。但間接地，當你考慮能源時，就其影響我們的試劑和其他消耗品的方式而言，就其影響供應鏈的方式而言，以及對我們的供應商及其投入成本造成的影響，它可能更像是50%當你看到能量對整個團隊的真正影響。因此，這始終是一個關鍵驅動因素。

We're using $85 Brent as our assumption for this year. So that's pretty close to spot. I think spots at about $82 at the moment. And that's a little higher than what the average was for 2023. But we're looking at where it is today. Long term, we bring that down to about $75 for our long-term planning beyond 2024. The other key area of input price pressure is on labor. So labor makes up around 35% to 40% of our direct costs. And there, we're seeing an inflationary pressure year-on-year of around 4%. So that has a small impact on costs.

我們使用 85 美元的布蘭特原油價格作為今年的假設。所以這非常接近現場。我認為目前的價格約為 82 美元。這比 2023 年的平均水平略高。但我們正在關註今天的情況。從長遠來看，我們在 2024 年以後的長期規劃中將這一數字降低至 75 美元左右。投入價格壓力的另一個關鍵領域是勞動力。因此，勞動力約占我們直接成本的 35% 至 40%。在那裡，我們看到年比通膨壓力約為 4%。所以對成本影響很小。

Other than that, most of the other input costs are relatively similar to 2023, and we were able to bring down a lot of the costs in 2023 compared to 2022. There are some areas where it's still sticky, particularly regionally in North America, things like cement, lime, explosives, steel. There's still a little bit of inflationary pressure in those areas, which we're working on to bring down. But we've made a lot of progress.

除此之外，大多數其他投入成本與 2023 年相對相似，與 2022 年相比，我們能夠在 2023 年降低很多成本。有些地區仍然存在黏性，特別是在北美地區，事情如水泥、石灰、炸藥、鋼鐵。這些地區仍然存在一些通膨壓力，我們正在努力降低這種壓力。但我們已經取得了很大進展。

So it's really -- those are the key drivers.

所以這確實是關鍵驅動因素。

Just in terms of your first question, which was really about, are we planning to reduce our long-term planning price? Answer to that is no. The $1,300 is where we'll continue to plan. As we've said in the past, we always look at input costs, and that's what we use for determining our long-term planning prices, and those are certainly not going lower. So $1,300 is where we'll be. It's just we'll make a lot more money, and we'll lock in that profitability.

就你的第一個問題而言，我們是否計劃降低長期規劃價格？答案是否定的。 1,300 美元是我們將繼續計劃的地方。正如我們過去所說，我們總是專注於投入成本，這就是我們用來決定長期規劃價格的依據，而這些成本絕對不會降低。所以我們的價格是 1,300 美元。只是我們會賺更多的錢，我們會鎖定獲利能力。

This is Ralph Profiti from Eight Capital. You spent some time talking about Nevada Gold Mines. I wanted to address the reserve replacement where you've done a lot of work on this sort of 5-year plan. Do you think you're in a position to have enough data and outlook that year-over-year reserve replacement will be consistent at the similar grade? Or is the profile going to look a little bit more latent where operating mines diminish and some of these more towards the later end of that guidance period, we see the pickup?

我是八資本的拉爾夫·普羅菲蒂。您花了一些時間談論內華達金礦。我想談談儲備金替代問題，你們在這類五年計畫中做了很多工作。您認為您是否能夠獲得足夠的數據並展望同比儲量替代量將與相似等級保持一致？或者，在營運礦場減少的情況下，這種情況是否會顯得更加潛在，並且其中一些在指導期後期會增加，我們會看到回升？

So we're now modeling it -- we had a budgeted 50% replacement in Nevada this year -- North America, and we beat that replacement just because we were more efficient with our drilling. But when we -- as we go into the next 5 years, it is still lumpy because Nevada, a lot of our reserves are underground. So we build a resource inventory and then there's a conversion behind that. But we now, as I pointed out, able to point to you a 5-year program over those 5 years in Nevada, we'll replace all the gold we mine. So it's -- the inventory is a lot more reliable. And then we move it through inferred, indicated and measured.

所以我們現在正在對其進行建模 - 今年我們在內華達州（北美）預算了 50% 的更換，我們擊敗了該更換只是因為我們的鑽探效率更高。但當我們進入未來五年時，情況仍然不穩定，因為內華達州，我們的許多儲備都在地下。因此，我們建立了一個資源庫存，然後進行轉換。但正如我所指出的，我們現在能夠向您指出一個在內華達州這 5 年裡的 5 年計劃，我們將更換我們開採的所有黃金。所以，庫存可靠得多。然後我們透過推斷、指示和測量來移動它。

And that model is -- and a large -- like Leeville has been a work in process. But -- and the key here is the reason we can shift some of our capital to more greenfields targets as we now that systematic -- we've caught up with the drilling. And we -- well, we are catching up because this year is quite a big expense on drilling.

這個模型在很大程度上就像 Leeville 一樣是一個正在進行的工作。但是——這裡的關鍵是我們可以將部分資本轉移到更多綠地目標的原因，因為我們現在已經系統化了——我們已經趕上了鑽探。我們——嗯，我們正在迎頭趕上，因為今年的鑽探費用相當大。

And with the development getting ahead, we can cover the reserves and the grade control confidence because that's all a part of good underground mining practice. But we've been able to reallocate some of that budget to more greenfields targets. And we've got a lot. We have a number of greenfields targets. And this is -- when you look at Fourmile and you look at the way we've managed that, that is exactly 1 mile away from Cortez. And it's a multimillion ounce. It's 14 million ounces in Goldrush and there's substantially more and it's higher grade because we go into [breaches] from more flatter sort of planar ore bodies because we go into a big brittle halo around and intrusive. So the rock is behaving differently, and it gives those really chunky grades, (inaudible) ore bodies.

隨著開發的進展，我們可以涵蓋儲量和品位控制信心，因為這是良好地下採礦實踐的一部分。但我們已經能夠將部分預算重新分配給更多綠地目標的目標。我們有很多。我們有許多未開發的目標。這是——當你看看 Fourmile 並看看我們的管理方式時，你會發現它距離 Cortez 正好 1 英里。這是數百萬盎司。 Goldrush 中有 1400 萬盎司，而且數量要多得多，品位也更高，因為我們從更平坦的平面礦體中進入[裂口]，因為我們進入了周圍一個巨大的脆性光環並侵入。因此，岩石的行為有所不同，它給出了那些非常厚實的品位，（聽不清楚）礦體。

So -- and the question is how many more of those are there. And I'll give you an example, we shared with you a drill hole last quarter in the Mega pit in Turquoise Ridge, the old Twin Creeks. We drilled a hole down there. The Mega pit is the only Tier One ore body in the Carlin area, the whole Carlin region, where no one's ever found the feeder. And we know the feeders are the ones that really deliver the value in the Carlin system. And so we drilled that hole. It was significant, 70 meters at ore grade. And so we are slowly getting enough data to vector in just to really test that concept. So we got that. We got the whole a little bolder basin. We've got the north and southern extensions now of the Turquoise Ridge underground mine. We're back in looking at Getchell because our confidence in being able to manage the rock mechanics. We now have rock mechanics everywhere. When we got there, there were none.

所以——問題是還有多少這樣的人。我舉個例子，上個季度我們在老雙溪的綠松石嶺的巨型礦坑中與您分享了一個鑽孔。我們在那裡鑽了一個洞。巨型礦坑是卡林地區唯一的一級礦體，整個卡林地區從來沒有人發現過饋線。我們知道，饋線是卡林系統中真正提供價值的部分。所以我們鑽了那個洞。其礦石品位為 70 米，意義重大。因此，我們正在慢慢獲得足夠的數據來進行引導，以真正測試這個概念。所以我們得到了。我們得到了整個更大膽的盆地。我們現在已經有了綠松石嶺地下礦的北部和南部延伸。我們再次關注 Getchell，因為我們對能夠管理岩石力學充滿信心。現在我們到處都有岩石力學。當我們到達那裡時，沒有人。

And so our underground controls and being able to mine safely without really getting impacted by poor ground conditions, gives us much more confidence to go back into Getchell. And then we've got -- there's an extension further north in the Leeville, what we call the Greater Leeville. The geologists have come up with like 4 different names. But in my mind, it's the Greater Leeville area. And then north of that, we've got another new target that we've shared, it's on the map.

因此，我們的地下控制裝置以及能夠安全採礦而不會真正受到惡劣地面條件的影響，使我們更有信心返回格切爾。然後我們得到了——利維爾河向北延伸，我們稱之為大利維爾河。地質學家想出了四個不同的名字。但在我看來，這是大利維爾地區。然後在那以北，我們有另一個我們共享的新目標，它在地圖上。

And then trying to model the Goldrush Fourmile trend because it's another Carlin trend and look for duplications, structural duplications is the big focus on our team now. So I had said to the geology team. And again, when we got there, there were no -- exploration was like its own silo and there was no MRM. And today, we've got an integrated team that really understands what it's doing. And I challenged them to drill I said like 15% of your budget needs to be drill holes where there's no other drill holes within 3 miles. And they said, "Look, we've got like 40 of that. We're already there ahead of what I was pushing." So I think there's real opportunity. And then there's more opportunity outside the joint venture area as well in Nevada that we're chasing.

然後嘗試對 Goldrush Fourmile 趨勢進行建模，因為它是另一個 Carlin 趨勢，並尋找重複，結構重複是我們團隊現在的重點。我對地質團隊也是這麼說的。再說一遍，當我們到達那裡時，沒有——探索就像它自己的筒倉，也沒有 MRM。今天，我們擁有一支真正了解自己在做什麼的綜合團隊。我要求他們鑽孔，我說你的預算的 15% 需要用於在 3 英里內沒有其他鑽孔的地方鑽孔。他們說：“看，我們已經有大約 40 個了。我們已經領先於我所推動的目標了。”所以我認為這是真正的機會。然後，我們正在尋找合資企業以外的地區以及內華達州的更多機會。

Mark, it's Anita from CIBC. Just a couple of quick questions. The first one, just on Kibali. I think you said you guys -- sorry, it was Loulo that had a pit wall failure. Is that cleaned up now? Or is that -- so it shouldn't impact grades going into this year?

馬克，我是 CIBC 的安妮塔。只是幾個簡單的問題。第一個，就在基巴利。我想你們說過──抱歉，是盧洛的坑壁發生了故障。現在清理乾淨了嗎？或者說——所以它不應該影響今年的成績？

No, no. I mean it's impacting the profile because we're still putting the ramp down, but it's -- we knew it would slide. We just didn't expect it to go all the way to the bottom. I mean we -- as you know, in open pit mining, we monitor pit walls all the time and from time to time, they do fail and it's best that you know about it so that no one gets injured. And we've got very focused controls on pit wall stability. So we see it coming.

不，不。我的意思是，它正在影響概況，因為我們仍在降低坡道，但我們知道它會下滑。我們只是沒想到它會一路跌到谷底。我的意思是，正如您所知，在露天採礦中，我們一直監控坑壁，有時它們確實會發生故障，最好您了解這一點，以免有人受傷。我們對坑壁穩定性進行了非常集中的控制。所以我們看到它的到來。

Okay. And then secondly, I was going to ask about Fourmile and you went into that a little bit. But could you just give us an idea of how much of Fourmile is in the resource? And what would be expect -- what would we expect to be included in the PFS in terms of like the base that you'd be working with?

好的。其次，我要問有關四英里的問題，你對此進行了一些討論。但您能否讓我們了解一下資源中有多少 Fourmile？預期會發生什麼事——就您將要使用的基地而言，我們預計 PFS 中會包含什麼？

So let me just answer the first one differently, and that is Fourmile is now just starting to come into our 10-year plan because we've rolled it forward a year. So just for your information. And as you know, under the deal, we can put Fourmile to Newmont as our partner if we get a feasibility study and it meets certain criteria. And Newmont needs to pay up or dilute. That's the agreement we have.

因此，讓我以不同的方式回答第一個問題，那就是 Fourmile 現在剛開始進入我們的 10 年計劃，因為我們已經將其向前推進了一年。所以僅供您參考。如您所知，根據協議，如果我們獲得可行性研究並且符合某些標準，我們可以將 Fourmile to Newmont 作為我們的合作夥伴。紐蒙特公司需要償還或稀釋。這就是我們的協議。

I mean, we have a good relationship with Newmont at the Nevada joint venture level. And our view is that we need to continue to show prospectivity. And I think, currently, the reserves, I can't recall about 3 million ounces -- Simon, do you want to take Anita through that?

我的意思是，我們在內華達州合資企業層級與紐蒙特公司有著良好的關係。我們的觀點是，我們需要繼續展現前景。我想，目前的儲備量，我不記得大約有 300 萬盎司——西蒙，你想帶安妮塔經歷這件事嗎？

Yes. So currently, we've got 2.7 million ounces in inferred, and we've got a small amount in indicator. So the resource base that we are expecting to define by the end of this year it will support the initial pre-feasibility study. That pre-feasibility study, we see being the first of several incremental studies as we continue to expand the orebody. Because through the course of this year as well as defining the resource base, we'll still be defining significant additional inventory, which we expect to outline the growth of Fourmile through the next 10 years.

是的。目前，我們的推論量為 270 萬盎司，且我們的指標量很少。因此，我們預計在今年年底前確定的資源基礎將支持初步的預可行性研究。我們認為，隨著我們繼續擴大礦體，這項預可行性研究是多項增量研究中的第一個。因為在今年以及確定資源基礎的過程中，我們仍將確定大量的額外庫存，我們預計這些庫存將概述 Fourmile 未來 10 年的成長。

Follow-up on that. So 2.7 million ounces of inferred will be the base. And what grades are that at?

對此進行後續跟進。因此，推斷的 270 萬盎司將作為基礎。那是幾年級的？

No, that's our current resources. By the end of this year...

不，這是我們目前的資源。到今年底...

Yes, what's the grade?

是的，什麼等級？

By the end of this year...

到今年底...

What's the grade?

等級是多少？

So it was 10 grams.

所以是10克。

Jackie Przybylowski at BMO. I just had another question about Fourmile. So I hope you don't mind. You mentioned in the MD&A that you're considering a service portal to decouple the project from Goldrush. And then you -- and then I think the wording you used is, but to ultimately complement the Goldrush development. Can you talk a little bit about what that means? Would you consider keeping it outside of the joint venture? Or is it still within the joint venture just operating separately, but processed through the same mill and infrastructure is that so what you mean?

BMO 的 Jackie Przybylowski。我剛剛還有一個關於四英里的問題。所以我希望你不要介意。您在 MD&A 中提到您正在考慮建立一個服務入口網站來將該項目與 Goldrush 分開。然後你——然後我認為你使用的措辭是，但最終是為了補充 Goldrush 的開發。你能談談這意味著什麼嗎？您會考慮將其保留在合資企業之外嗎？或者它仍然在合資企業內單獨運營，但透過同一工廠和基礎設施進行加工，這就是您的意思嗎？

Well, I'll answer that first.

嗯，我先回答一下。

So Graham's clearly scared of what I'm going to say. So there's a process that I've just touched on to get it into the joint venture. And we've got to demonstrate viability. At the same time, there's always negotiable options as we do it. But the key is when you look at Goldrush, it's not the optimal access because we access it on the 20 clients and they come out on the hill and then you've got to get the ore to the processing facility. So what we're looking at is there's 2 other accesses. The one that's the most attractive is the northern access, which is a 6-kilometer drive, but it brings out the ore in the valley close to the processing facility. So that makes good sense on just logistics.

所以格雷厄姆顯然害怕我要說的話。我剛剛談到了將其納入合資企業的流程。我們必須證明可行性。同時，我們在做事時總是有可以協商的選擇。但關鍵是，當您查看 Goldrush 時，您會發現這並不是最佳訪問方式，因為我們在 20 個客戶端上訪問它，他們從山上出來，然後您必須將礦石運送至加工設施。所以我們正在尋找的是另外兩個訪問。最吸引人的是北部通道，雖然有 6 公里的車程，但它可以將礦石帶出靠近加工設施的山谷中。因此，這對於物流來說很有意義。

At the same time, if you drive a drive through that strike, you open up the entire area for infill drilling, and it will be easy to move it from -- because trying to bank these -- all these ore bodies from the surface is a very expensive exercise. Just to give you an idea, if you just take the section from Rose to Sophia, and we can access that through the twin drives from Goldrush and the intention is to do that. Under our agreement, we can use Nevada joint venture infrastructure. So we can access that -- if you drill out that area, we would save about $500 million. So that's how the difference in trying to draw close base holes from surface.

同時，如果你開車穿過那個罷工，你就打開了整個區域進行加密鑽探，並且很容易將其從地表移走 - 因為試圖將這些礦體堆積起來 - 所有這些礦體都來自地表這是一項非常昂貴的練習。只是為了給您一個想法，如果您只選擇從羅斯到索菲亞的部分，我們可以透過 Goldrush 的雙驅動器存取該部分，我們的目的就是這樣做。根據我們的協議，我們可以使用內華達州合資基礎設施。因此我們可以訪問該區域 - 如果您鑽探該區域，我們將節省約 5 億美元。這就是嘗試從表面拉近底座孔的差異。

So that -- so where we're going with Simon is what we want to do is show the viability and the pre-feasibility. And then the question that we've got to decide is, do we take part of this or all of this or to feasibility and pass the test or do we sit down with Newmont and structure a more reasonable way of bringing this asset, which is absolutely critical for the long-term profile of Nevada Gold Mines in some form. But we've had very high level conversations about the concept, but we're not -- we haven't engaged in any formal discussions.

因此，我們與西蒙一起要做的就是展示可行性和預可行性。然後我們必須決定的問題是，我們是否參與其中或全部，或者為了可行性並通過測試，還是我們與紐蒙特坐下來，構建一種更合理的方式來引入該資產，即在某種程度上，這對內華達金礦的長期形象絕對至關重要。但我們已經就這個概念進行了非常高層的對話，但我們沒有——我們還沒有參與任何正式的討論。

But from our point of view, -- it's very important for us to demonstrate to our shareholders the value of this world-class asset. And so we -- and we've allocated part of our global exploration budget to doing this work this year. And it's a 3-year program to get this done.

但從我們的角度來看，向股東展示這項世界級資產的價值對我們來說非常重要。因此，我們今年已經分配了部分全球勘探預算來進行這項工作。這是一個為期三年的計劃來完成這個任務。

And just to be crystal clear, Jackie, the intention would always be that it would come into the joint venture. So that's not what we're saying. We're just saying we could access it from a separate access.

傑基，要明確的是，我們的意圖始終是它將進入合資企業。所以這不是我們要說的。我們只是說我們可以透過單獨的訪問來訪問它。

No, I appreciate that. And one other question on a different topic. If you don't mind walking us through maybe the process of restarting Porgera. Just some modeling help I would expect as the year goes on, they'll be more and more ramped up. But if you could maybe give us some color in terms of like what Q1 might look like would be helpful.

不，我很欣賞這一點。還有一個關於不同主題的問題。如果您不介意向我們介紹重啟波格拉的過程。只是一些建模幫助，我希望隨著時間的推移，它們會越來越多。但如果你能給我們一些關於 Q1 可能會是什麼樣子的信息，將會有所幫助。

This is Papua New Guinea, Jackie. So we've got 60,000 ounces in our guidance attributable this year. I think we've spent a bit of time with all of you on explaining to you that. We -- what we do start doing as soon as we start generating revenues, even at these high costs, we start paying back our care and maintenance costs. So we sweep all the non-land owner equity that we don't own to start repaying. So the cash flows start moving fairly quickly.

這是巴布亞新幾內亞，傑基。因此，我們今年的指導中有 60,000 盎司。我想我們已經花了一些時間向大家解釋這一點。我們一旦開始產生收入，就開始做我們所做的事情，即使成本很高，我們也開始償還我們的照護和維護成本。因此，我們將所有不屬於我們的非土地所有者權益全部清空，開始償還。因此現金流開始相當快地流​​動。

I'll give you the hurdles. And by the end of this quarter, we'll have a better sort of better granularity for you. But -- so the -- we've commissioned the plant now, and we've run non-gold material through it. And we're now starting to gear up to put gold contained material into the process we applied. It won't be our best. And we can do that and produce gold with certain -- so oxide material, but we need the power supply to switch on the autoclaves. So that's the next step.

我會給你障礙。到本季末，我們將為您提供更好的粒度。但是——所以——我們現在已經委託該工廠，我們已經在其中使用非金材料。我們現在開始準備將含金材料放入我們應用的製程。這不會是我們最好的。我們可以做到這一點，並用某些氧化物材料生產黃金，但我們需要電源來打開高壓釜。這就是下一步。

And right now, we've just deployed a -- we just secured a helicopter, which can work with our team to erect the, I think there's 3 or 4 pylons that have been toppled to put them back in place. And we are working with the community and the Hela Governor, which is a different province to where we operate, to make sure we secure the gas-fired power supply to the mine because we need that to be able to run the mine properly. And that's all built into this year's ramp-up. So I think by the end of the quarter, we'll have a much better outlook for you on the granularity of where we're going.

現在，我們剛剛部署了一架直升機，它可以與我們的團隊一起架設，我認為有 3 或 4 個塔架已被推倒，以將其放回原位。我們正在與社區和埃拉省省長（與我們營運所在地不同的省份）合作，確保我們能夠確保礦井的燃氣供電，因為我們需要它才能正常運作礦井。這一切都融入了今年的成長中。因此，我認為到本季末，我們將對您的發展方向有一個更好的展望。

Yes, I'd just say it's very much a second half of the year profile, Jackie. We will produce some gold in the first half, but it's really about the second half where we expect to produce the majority of that guidance that Mark spoke about.

是的，我只想說這基本上是下半年的簡介，傑基。我們將在上半年生產一些黃金，但實際上我們預計在下半年生產馬克談到的大部分指導。

And we -- I mean, we're well on track. We've done better than we expected on employing people and ramping up the employment. We've still got security issues that we're dealing with. As you -- I mean, I don't know how close you follow Papua New Guinea, but they had those riots in Port Moresby the other day and the security capacity of the government is under pressure. But we are working -- And the one thing is everyone appreciates, I mean, after all these couple of years, there's no doubt about the importance of Porgera to the economy of Papua New Guinea because it is a very profitable business. So it does deliver real value to the economy.

我們——我的意思是，我們已經步入正軌。在用人、擴大就業方面，我們的成績比預期好。我們仍有安全問題需要處理。至於你——我的意思是，我不知道你對巴布亞新幾內亞的關注有多密切，但前幾天莫爾茲比港發生了騷亂，政府的安全能力面臨壓力。但我們正在努力 - 有一件事是每個人都欣賞，我的意思是，經過這幾年，毫無疑問波格拉對巴布亞新幾內亞經濟的重要性，因為它是一項非常有利可圖的業務。因此，它確實為經濟帶來了真正的價值。

It's Martin Pradier from Veritas Investment Research. Just a question here on Lumwana. We were expecting some cost reduction going forward. I know that cost has been increasing a lot this year. Can you give us more detail on that?

我是來自 Veritas Investment Research 的 Martin Pradier。只是關於 Lumwana 的問題。我們預計未來成本會降低。我知道今年成本增加了很多。您能給我們更多細節嗎？

So most definitely, you'll see a short -- some reduction in costs for the year and our guidance, you'll see it. The big focus at the moment is we're still pre-stripping the -- what we call the 2042 plan, which is the plan before the Super Pit. But Martin, to your point, the mining costs are critical. The mining efficiencies and mining costs are the real driver on this expansion.

因此，毫無疑問，您會看到今年的成本有所下降，而我們的指導，您將看到這一點。目前最重要的焦點是我們仍在預先剝離我們所說的 2042 年計劃，即超級坑之前的計劃。但馬丁，就你的觀點而言，採礦成本至關重要。採礦效率和採礦成本是這種擴張的真正驅動力。

So you will see those costs come down as we mobilize those machines and make sure that we start mining because the big thing first was to establish the pit so that we can mine efficiently. Simon, do you want to add to that?

因此，當我們調動這些機器並確保我們開始採礦時，您會看到這些成本下降，因為最重要的是建立礦坑，以便我們可以有效地採礦。西蒙，你想補充嗎？

Yes, I would just say you're right, from 2025, there's a big step down in costs as we get those efficiencies.

是的，我只想說你是對的，從 2025 年開始，隨著我們提高效率，成本將大幅下降。

Simon, do you want to comment?

西蒙，你想發表評論嗎？

Yes. So I mean, obviously, those efficiencies also come with scale as we expand. So with the expansion, we're currently mining at an annual run rate of about 130 million tonnes will be moved incrementally over the course of about 4 to 5 years and stepping up to 250 million tonnes per annum.

是的。所以我的意思是，顯然，隨著我們的擴張，這些效率也會隨著規模的擴大而提高。因此，隨著擴張，我們目前的年開採量約為 1.3 億噸，將在大約 4 至 5 年內逐步增加，並逐步增加至每年 2.5 億噸。

So with that step up, obviously, with scale of economy, we'll also be shifting to a much larger fleet in line with the new fleet that we've been gradually bringing into Lumwana and just started to come online at the end of last year.

因此，顯然，隨著經濟規模的擴大，我們也將轉向更大的機隊，與我們逐步引入盧姆瓦納並於去年年底剛開始上線的新機隊保持一致。年。

So there's your answer. So you're right.

這就是你的答案。所以你是對的。

So 2025, should I be thinking that you'd be like 10% or 20% lower in cost? Or is that too much to ask?

那麼到 2025 年，我是否應該考慮成本降低 10% 或 20% 左右？還是要求太多了？

I'm not sure. Simon, do you have that number in your head?

我不知道。西蒙，你腦子裡有這個數字嗎？

That's not unreasonable.

這並非沒有道理。

Yes. Okay.

是的。好的。

Yes, it's in the range.

是的，在範圍之內。

Okay. All Right. Do you want to move to -- operator, can we move to the people online, please?

好的。好的。您想移至 -- 接線員，我們可以移至線上人員嗎？

(Operator Instructions) The first question comes from Daniel Major with UBS.

（操作員說明）第一個問題來自 UBS 的 Daniel Major。

Can you hear me okay?

你聽得到我說話嗎？

Yes. perfectly. Thanks, Daniel.

是的。完美。謝謝，丹尼爾。

Yes, a couple of questions. Yes, the first one -- a couple around on CapEx. First one, kind of reasonably simple one. How much of the guidance within your guidance story is included for early development spend on Lumwana and Reko Diq?

是的，有幾個問題。是的，第一個——資本支出方面有幾個。第一個，相當簡單。您的指導故事包含多少關於 Lumwana 和 Reko Diq 早期開發支出的指導？

Do you want to answer that?

你想回答這個問題嗎？

So for Reko Diq, the capital guidance for 2024 is $140 million on -- for our share, is that right, please? $280 million for the project. And for Lumwana, our capital spend is $100 million.

因此，對於 Reko Diq 來說，2024 年的資本指引為 1.4 億美元——我們的份額，對嗎？該項目2.8億美元。對於 Lumwana，我們的資本支出為 1 億美元。

Okay. Very clear. And then just second one on -- when I look at the slide on the 5-year forecast, you see -- your CapEx coming out to about $3.5 billion. As we head towards the sort of finalization of the budgets for both kind of major projects, how are you feeling in terms of the range of CapEx previously given (inaudible) continued inflation since those estimates are given, are these still the right kind of ballpark? Or should we expect the CapEx to edge up from the previous ranges you gave for both Reko Diq and Lumwana?

好的。非常清楚。然後是第二個 - 當我查看 5 年預測的幻燈片時，你會看到 - 你的資本支出約為 35 億美元。當我們即將敲定這兩個主要項目的預算時，您對先前給出的（聽不清楚）持續通貨膨脹的資本支出範圍有何感受，因為這些估計已經給出，這些仍然是正確的大致情況嗎？ ？或者我們應該預期資本支出會比您之前為 Reko Diq 和 Lumwana 給出的範圍有所上升？

So I can answer that. So based on the pre-feas, the numbers are there and thereabouts. But remember, we're moving towards feasibility study, proper design, and so we'll expect to tidy up on those capital estimates towards the end of the year. But right now, we've got no reason to change the numbers.

所以我可以回答這個問題。因此，根據預研，數字就在那裡。但請記住，我們正在進行可行性研究和適當的設計，因此我們預計將在年底前整理這些資本估算。但現在，我們沒有理由改變這些數字。

Yes, that's right. I mean, I think, Dan, the key is there's a lot of trade-off studies going on at the moment. So as you would imagine, that involves potentially putting in more CapEx, but then getting OpEx benefits for it. And that's what the team is busy with. So when they finish that work, we'll have the updated numbers. And with that, will come the operating costs as well. But yes, we're still in the same ballpark.

恩，那就對了。我的意思是，丹，我認為關鍵是目前正在進行大量的權衡研究。正如您所想像的那樣，這可能涉及投入更多的資本支出，但隨後會從中獲得營運支出收益。這就是團隊正在忙碌的事情。因此，當他們完成這項工作時，我們將獲得更新的數字。隨之而來的是營運成本。但是，是的，我們仍然處於同一水平。

And Dan, just to build on that, it's worth noting that Lumwana is going to be one step ahead of Reko Diq because it's an expansion. But the same Lycopodium partners are working with our -- both teams. So we're really looking for -- to lever our purchasing power, the way we design things. So you have duplication and designs. There's a lot of benefits in running -- it's like running a mega mine development. So we expect to see some efficiencies or benefits on that.

Dan，在此基礎上，值得注意的是，Lumwana 將比 Reko Diq 領先一步，因為它是一個擴充包。但同樣的石松合作夥伴正在與我們的兩個團隊合作。因此，我們真正在尋找的是——利用我們的購買力，以及我們設計事物的方式。所以你有重複和設計。跑步有很多好處——就像進行大型礦場開發一樣。因此，我們期望看到一些效率或好處。

Great. And just one more, if I could. Just on your reserve assumptions, Graham, you mentioned you're sticking with $1,300 on the gold side. $3 is pretty conservative on the copper front. And I know, as a management team over the years, you've been conservative on these assumptions for good reasons. But is that a number that is going to stay? And if you were to move that higher, would that change in any way your design of your copper expansions?

偉大的。如果可以的話，就再多一個吧。格雷厄姆，就您的儲備金假設而言，您提到您將堅持黃金 1,300 美元。 3 美元對於銅價來說相當保守。我知道，身為管理團隊多年來，你們對這些假設持保守態度是有充分理由的。但這是一個會保留的數字嗎？如果您要移動到更高的位置，這會以任何方式改變您的銅擴展設計嗎？

So I think, Dan, this is a strategy question really. And what you'll find is that the numbers, the $1,300, particularly if you look at the gold -- our gold deposits, we've got a few outliers as you've seen in the MD&A, particularly Tongon, where you've got full capital repayment and your sustaining capital is as low as it is in Tongon will adjust because we don't want to leave any gold in the ground towards the end of the mine.

所以我認為，丹，這確實是一個策略問題。你會發現這些數字，1,300 美元，特別是如果你看一下黃金——我們的金礦，我們有一些異常值，正如你在 MD&A 中看到的那樣，特別是 Tongon，你在那裡獲得全額資本償還，並且您的維持資本與Tongon 一樣低，我們將進行調整，因為我們不想在礦井盡頭留下任何黃金。

But generally, if you look at Barrick's ore bodies, if you change the $1,300, all you do is add waste at very low grade because the ore body shapes are still within the $1,300 envelope, if you follow what I'm saying. And similarly, for copper, so -- we, of course, will look at marginal opportunities at higher copper prices as we've always done. Even when we used $1,000 like you all remember or maybe you won't, the big pit at Yalea, we took our -- the gold price went up to $1,800 in 2011, and we took a whole lot of gold. It was high grade, but low recoveries, and we took it because we could push it back in 6 months and we could access the gold.

但一般來說，如果你看看巴里克的礦體，如果你改變1,300 美元，你所做的就是添加非常低品位的廢物，因為礦體形狀仍然在1,300 美元的範圍內，如果你遵循我所說的。同樣，對於銅來說，我們當然會像往常一樣，在銅價上漲時尋找邊際機會。即使我們像你們都記得或可能不會那樣使用 1,000 美元，耶魯大學的大坑，我們也拿走了——2011 年金價上漲到 1,800 美元，我們拿走了很多黃金。它的品位很高，但回收率很低，我們接受它是因為我們可以在 6 個月內推遲它，這樣我們就可以獲得黃金。

And once we had paid for the strip, it was really good business. So we do have -- we will manage the flexibility inherent in a specific ore body. But right now, the $1,300 on the gold deposits really defines the geological boundary store and $3 on the copper projects. As we grow our understanding in Reko Diq, we'll be reconsidering that. But right now, we don't have to do that.

一旦我們支付了連環畫的費用，這真是一筆好生意。所以我們確實有——我們將管理特定礦體固有的靈活性。但目前，金礦計畫的 1,300 美元真正定義了地質邊界存儲，銅礦計畫的 3 美元則真正定義了地質邊界儲存。隨著我們對 Reko Diq 的了解不斷加深，我們將重新考慮這一點。但現在，我們不必這樣做。

And even -- I've spent a lot of time with Simon on the Yamana stuff because we -- again, that $3, it's tight, but we get the whole economic ore body, the geology into that $3 envelope. Simon, do you want to add to that?

甚至 - 我花了很多時間和 Simon 一起研究 Yamana 的事情，因為我們 - 再說一遍，3 美元，它很緊張，但我們把整個經濟礦體、地質情況都放進了 3 美元的信封裡。西蒙，你想補充嗎？

No, I think you've covered it well, okay?

不，我認為你已經涵蓋得很好了，好嗎？

The only other thing I would point to, Dan, is that we did lift the resource price for our copper resources this year to $4 to reflect, I guess, the point that you're making, which is that the risk on copper seems to be on the upside, and we wanted to make sure that we weren't sterilizing assets and opportunities. So certainly, we take on board your point that copper prices could go a lot higher.

Dan，我唯一要指出的另一件事是，我們今年確實將銅資源的資源價格提高到了 4 美元，我想這反映了您所提出的觀點，即銅的風險似乎是好的，我們希望確保我們沒有放棄資產和機會。因此，我們當然同意您的觀點，即銅價可能會大幅上漲。

And just -- the fundamental reason for that is it's the same as we use a $1,700 resource is we want to keep the infrastructure away from the ore body. So that's our resource. And certainly, $4 is not a ambitious number. But again, when you look at the payability of even the porphyries at Reko Diq, we just want to make sure that we don't put infrastructure. And a good example is go to Escondido and Zaldivar, and you find infrastructure all over the pit that shouldn't have been there. And it's expensive to move like (inaudible) and things like that.

只是 - 其根本原因是，就像我們使用 1,700 美元的資源一樣，我們希望將基礎設施遠離礦體。這就是我們的資源。當然，4 美元並不是一個雄心勃勃的數字。但同樣，當你看看雷科迪克斑岩礦的支付能力時，我們只是想確保我們不放置基礎設施。一個很好的例子是去埃斯孔迪多和扎爾迪瓦爾，你會發現坑裡到處都是不應該在那裡的基礎設施。像（聽不清楚）之類的移動是昂貴的。

The next question comes from Bob Brackett with Bernstein Research.

下一個問題來自伯恩斯坦研究公司的鮑伯‧布拉克特。

You mentioned adjectives assigned to M&A that included the dilutionary and delusionary. What would the opposite of those adjectives look like to you?

您提到了用於併購的形容詞，其中包括稀釋性和妄想性。對你來說，這些形容詞的反義詞是什麼樣的呢？

How do you mean? Explain that.

你是什​​麼意思？解釋一下。

Yes. So what M&A would be neither dilutionary to Barrick or delusionary to you as a team that you would contemplate? And I can throw out an option if you need further idea.

是的。那麼，什麼樣的併購既不會稀釋巴里克的股權，也不會讓您作為一個團隊產生幻想呢？如果您需要進一步的想法，我可以放棄一個選項。

So -- no, no. I got it. So let's go back in history. So we acquired BHP's assets in Mali to start Randgold. That was a very accretionary acquisition. We then acquired Moto in a hostile takeover. That was equally [accretory].

所以——不，不。我得到了它。那麼讓我們回顧一下歷史。因此，我們收購了必和必拓在馬利的資產，並創辦了 Randgold。這是一次非常增值的收購。然後我們透過敵意收購收購了 Moto。這同樣是[增生]。

Which is Kibali.

這是基巴利。

Yes, which is Kibali. And then the Randgold-Barrick merger was definitely a value-creating exercise and it's a long-term platform. And most other companies that did M&A around that time and paid premium for it, I think it's not possible to show a long-term new foundation for those transactions. And then we did Acacia takeout, which again has been a spectacular investment. And of course, although we didn't issue paper for the Nevada joint venture, certainly, the sum of the hole is substantially more valuable than the sum of the individual parts.

是的，這就是基巴利。蘭德黃金與巴里克的合併絕對是一項創造價值的活動，也是一個長期平台。大多數其他公司在當時進行了併購並為此支付了溢價，我認為不可能為這些交易展示長期的新基礎。然後我們做了金合歡外賣，這又是一筆驚人的投資。當然，儘管我們沒有為內華達合資企業發行文件，但當然，漏洞的總和比各個部分的總和更有價值。

So those are the only transactions I've been involved in, and they all worked. And I speak on behalf of myself and the team at Barrick. So those are value-added transactions. And they've all come with -- they're all at market and all had organic growth embedded in the asset as well. So -- and we -- that's what we'd like to do. That's -- those are the opportunities that we look for.

所以這些是我參與過的唯一交易，而且它們都有效。我代表我自己和巴里克團隊發言。所以這些都是增值交易。它們都在市場上，並且都在資產中嵌入了有機成長。所以——我們——這就是我們想做的。那就是——這些就是我們正在尋找的機會。

Very clear. I take the point on organic growth with whatever you might acquire as being critical.

非常清楚。我認為有機成長以及你可能獲得的任何東西都是至關重要的。

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

（操作員說明）下一個問題來自豐業銀行的 Tanya Jakusconek。

I just wanted to ask Graham. In the capital for Porgera, can you just give me an idea of what we need to spend this year to get this mine up and running?

我只是想問格雷厄姆。在波爾格拉的首都，您能否告訴我今年我們需要花多少錢來啟動和運行這個礦坑？

Do you want to me answer it, Graham?

格雷厄姆，你想讓我回答嗎？

Tanya, it's approximately $70 million our share.

塔尼婭，我們的份額大約是 7000 萬美元。

Okay. Okay. And then Mark, I have two questions for you on Nevada Gold Mine. I just wanted to ask the Cortez where you are going to be seeing lower production in '24 over '23 due to the Crossroad resource model change and reducing off-site mill. Can you just explain to me what's exactly happening at Crossroads?

好的。好的。然後馬克，我有兩個關於內華達金礦的問題想問你。我只是想問 Cortez，由於 Crossroad 資源模型的變化和場外工廠的減少，您將在 24 年看到比 23 年產量更低的情況。你能向我解釋一下十字路口到底發生了什麼事嗎？

So at Crossroads, we had -- what we've been doing since 2019 is spinning our wheels to bank the deposits. And I'll just give you the -- on the Newmont side, most of the models, the business plans were 12 or 18 months old. And on Barrick's side, it was almost current because Barrick was focused on high grading and Newmont was focused on survival. And so when we put the 2 together, as we pointed out at the time, there was a lot of -- there wasn't a mineral resource management department even is we had a catch up. And we have caught up a lot. We're still catching up a bit because with the pressure on accessing people, we brought in the contracts because we just weren't getting on top of the development. We had pushed it ahead, but not enough.

因此，在 Crossroads，我們自 2019 年以來一直在努力將存款存入銀行。我只想告訴你——在紐蒙特方面，大多數模型、商業計劃都是 12 或 18 個月的。而在巴里克方面，這幾乎是最新的，因為巴里克專注於高評級，而紐蒙特專注於生存。因此，當我們將兩者放在一起時，正如我們當時指出的那樣，即使我們趕上了，也沒有礦產資源管理部門。我們已經趕上了很多。我們仍在追趕，因為在接觸人員的壓力下，我們引入了合同，因為我們只是沒有掌握開發的進展。我們已經推動了它，但還不夠。

And so Crossroads, when we -- as we drilled it out, there was a high grade -- when we were there, the analysts on the last visit, we were right in the high grade of the ore body. But what we hadn't seen is a fault that sliced part of that high grade ore at depth. So when we went down another bench when we had drilled the holes, we ended up modeling a fault, which cut off the ore body, which reduced the volume of high-grade material.

所以十字路口，當我們——當我們鑽探它時，有一個高品位——當我們在那裡時，分析師上次訪問時，我們就處於礦體的高品位。但我們沒有看到的是一個斷層，它在深處切開了部分高品位礦石。因此，當我們鑽完孔後走下另一條長凳時，我們最終模擬了一個斷層，它切斷了礦體，從而減少了高品位材料的體積。

And if you recall, there was always a bit of a spark in production in Cortez in our forecast. So that's the reason. We've now drilled the ore body out this -- we -- what we're doing now is pushing back the Crossroads pit and it will come back in to the schedule next year, but not at the grade that we were expecting. And -- but on top of that, the team has also been able to add other oxide material from some of the other pits and the expansions to those pits, which will help us feed, but not at the grade that we had originally planned. That's the story for the oxide drop in this year.

如果你還記得的話，在我們的預測中，科爾特斯的生產總是會出現一些火花。這就是原因。我們現在已經把礦體鑽出來了——我們——我們現在正在做的就是推遲 Crossroads 礦坑，它將在明年重新回到計劃中，但不會達到我們預期的品位。而且 - 但最重要的是，團隊還能夠從其他一些礦坑和這些礦坑的擴展中添加其他氧化物材料，這將幫助我們進料，但達不到我們最初計劃的等級。這就是今年氧化物下降的故事。

Okay. So did we lose ounces at Crossroads is that what it is with the fault?

好的。那麼，我們在十字路口損失了多少盎司，這就是問題所在嗎？

Yes. Yes.

是的。是的。

And then maybe just one last one...

然後也許只是最後一個......

So Tanya, just to complete that, we lost ounces and the delay on the Rod because once we got the Record of Decision, we really had to refocus Goldrush to ramp up. So we have to get the ventilation shafts in place. We've got -- there's a whole lot of infrastructure that we need to put in place to be able to get that long-term ramp up in the mine. So those are -- both those impacted on 2024.

所以，Tanya，為了完成這個任務，我們損失了盎司和桿上的延遲，因為一旦我們獲得了決策記錄，我們真的必須重新集中精力淘金以提高速度。所以我們必須把通風井安裝到位。我們需要建立大量的基礎設施，才能實現礦井的長期產能提升。這些都是 2024 年受影響的。

Okay. And maybe I could just ask on just Nevada Gold Mines in general. There's a lot of work that you're doing there. And I just am trying to understand the labor. You mentioned that the turnover has decreased. Can you just give me an idea of what the turnover rate is right now in Nevada Gold Mines that I know when we were there that you were looking for a lot of positions to be filled, like where are we on that and where the training program is going for these underground mine, just trying to get an understanding (inaudible)

好的。也許我可以只詢問內華達金礦的整體情況。你在那裡做很多工作。我只是想了解勞動。您提到營業額下降了。您能否告訴我內華達金礦目前的流動率是多少，我知道當我們在那裡時您正在尋找很多職位需要填補，比如我們在哪里以及培訓計劃在哪裡要去這些地下礦井，只是想了解一下（聽不清楚）

We're below 15% turnover now, which is substantial. What's it? 14. So we are below 14%. And it's interesting, our training mines, people that go through the training mines, so far, we haven't got a lot of data, but they stay, they generally stay because now we've got properly skilled people, and there's no stress in their lives. They know what to do.

我們現在的營業額低於 15%，這個數字相當可觀。那是什麼？ 14. 所以我們低於 14%。有趣的是，我們的訓練礦井，經歷過訓練礦井的人，到目前為止，我們還沒有得到很多數據，但他們留下來，他們通常留下來，因為現在我們有了熟練的人員，而且沒有壓力在他們的生活中。他們知道該怎麼做。

And the other thing too is the first phase of putting these 2 mines together, and it's important this conversation about people because you can go and smash 2 different cultures together and force it for a while.

另一件事也是將這兩個地雷放在一起的第一階段，關於人的對話很重要，因為你可以去粉碎兩個不同的文化，並強制它一段時間。

But if you're building a business and our mining industry doesn't have that. If you look across the mining industry and you look at the executive groups, there's no executive group in the mining industry that is entrenched as much as the Barrick team. And -- because we've put an enormous amount of time and effort into our skill base. And so that's -- so what we -- first one under Greg Walker's, we need to get everyone together and iron out the discrepancies and disparities and all that sort of stuff and bring the union in because there's a unionized workforce embedded in the call and open cost side of the business.

但如果你正在建立一家企業，而我們的採礦業卻沒有這樣的條件。如果你放眼整個採礦業，看看高階主管團隊，你會發現採礦業中沒有哪個高階主管團隊像巴里克團隊一樣根深蒂固。而且——因為我們在我們的技能基礎上投入了大量的時間和精力。所以這就是——所以我們——格雷格·沃克領導下的第一個，我們需要讓每個人聚集在一起，消除差異和差異以及所有類似的事情，並讓工會參與進來，因為在呼籲中嵌入了工會勞動力，業務的開放成本面。

And then in 2023, you remember -- end of 2022 when Greg left, it was specifically designed to change the culture another step, and that is we moved the ownership from Alcoa back to the operations. Because when you're transitioning, you've got to have more control. And we changed all the general managers in the end of 2022. And we shifted the control back reduced and we're still reducing that Alcoa footprint. And we brought in some new senior management to lead the team.

然後到了 2023 年，你還記得，2022 年底格雷格離開時，我們專門將文化又向前改變了一步，那就是我們將所有權從美鋁移回營運部門。因為當你轉型時，你必須有更多的控制權。我們在 2022 年底更換了所有總經理。我們將控制權移回減少，並且我們仍在減少美鋁的足跡。我們也引進了一些新的高階主管來領導團隊。

And that management was not -- it didn't come from Barrick. We brought it from outside.

而這種管理並不是來自巴里克。我們從外面帶來的。

And so the results that you see, and I've got no doubt you're going to continue to see it is a product of that human capital engineering effectively, to get it, as I say, in the MD&A and in my presentation, really to align it with the Barrick DNA. And I've spent a lot of personal time there leading this process because it's people. And I'm more comfortable today than I've ever been that we're making real progress with the people.

所以你看到的結果，我毫不懷疑你會繼續看到它是有效的人力資本工程的產物，正如我在 MD&A 和我的演講中所說的那樣，真正使其與巴里克 DNA 保持一致。我花了很多個人時間來領導這個過程，因為這是人。今天我比以往任何時候都感到更加放心，因為我們正在與人民一起取得真正的進展。

And that's always -- if you want a sustainable change, you've got to get people aligned. I mean it's like this -- when you look at this head office, (inaudible) this corporate office, 48 people. If you take out the big wings, it's probably 38.

如果你想要永續的改變，你必須讓人們保持一致。我的意思是，事情是這樣的——當你看看這個總部，（聽不清楚）這個公司辦公室，有 48 名員工。如果去掉大翅膀的話，大概是38。

And it does double the amount of work than 3x the people did before. They're young, very energetic, super efficient in what they do, and they're fully plugged into our organization. And in fact, we have rotations now with these young folk here into our operations. And they -- our analysts because we've got financial analysts, this is financial as in analyzing our efficiencies embedded here under Bruce and I mean it's a very efficient -- we're using our data platforms so that we're fully connected across the organization around the world. And we can consolidate -- when I ask questions now, we can consolidate the financials, even income statements across the group, distill them or look at benchmarking and measure the way the one company will run, particularly like Lumwana now with our drive to get these costs down on the big plant.

它所做的工作量是人們以前所做的三倍的兩倍。他們很年輕，精力充沛，工作效率極高，完全融入我們的組織。事實上，我們現在讓這些年輕人輪流參與我們的營運。他們——我們的分析師，因為我們有財務分析師，這是財務方面的，因為在布魯斯的領導下分析我們嵌入的效率，我的意思是這是非常高效的——我們正在使用我們的數據平台，以便我們在各個領域完全連接該組織遍布世界各地。我們可以整合——當我現在提出問題時，我們可以整合整個集團的財務數據，甚至損益表，進行提煉，或者查看基準並衡量一家公司的運營方式，特別是像 Lumwana 現在，我們致力於獲得大工廠的這些成本下降了。

So it really is a motivating thing to get people aligned with the business rather than just coming in to do a task.

因此，讓人們與業務保持一致而不是僅僅參與執行任務確實是一件激勵人心的事情。

Okay. I'm just trying to benchmark, Mark, how is 14% -- is that an average for Nevada itself? That seems a bit high. So I'm just trying to benchmark the turnover.

好的。我只是想進行基準測試，馬克，14% 是多少——這是內華達州本身的平均值嗎？這似乎有點高了。所以我只是想對營業額進行基準測試。

No, that -- I mean in America -- a view of American, that's low, very low. And we're going to get it lower. The point is when you tip this -- when you create the trust between the workforce and the leadership, you tip it and then you become a winning team. When you become a winning team, everyone gets bonuses. We -- it becomes -- it feeds on itself. And otherwise, you always have it. And Tanya, the first time in my entire career, 40 years, the first time I found people scared of being fired was in Nevada. There was fear because it was a style of management, which was very nonconfrontational but quite tough and didn't all go well for inclusivity. And Barrick is a caring organization. We care about our people and our team. And you do that, you start getting the benefits and we're seeing that.

不，我的意思是在美國，美國人的看法是很低的，非常低的。我們要把它降得更低。關鍵是當你提出這一點時——當你在員工和領導層之間建立信任時，你提出了這一點，然後你就成為了一個獲勝的團隊。當您成為獲勝團隊時，每個人都會獲得獎金。我們——它變成了——它以自身為食。否則，你總是擁有它。 Tanya，在我整個職業生涯 40 年來，我第一次發現人們害怕被解僱是在內華達州。人們之所以感到恐懼，是因為這是一種非常非對抗性的管理方式，但也相當強硬，在包容性方面並不順利。巴里克是一個充滿愛心的組織。我們關心我們的員工和團隊。當你這樣做時，你就會開始獲得好處，我們也看到了這一點。

There are no more questions.

沒有更多問題了。

Well, thank you very much, everyone. Thanks for coming, and those particularly made the effort to come out here. I think we've got some snacks and -- so join us next door if you wish, you're welcome. And for those on the call, sorry about that, but bon appetit, wherever you are. Thank you.

嗯，非常感謝大家。感謝你們的到來，以及那些特別努力來到這裡的人。我想我們有一些小吃——所以如果你願意的話可以到隔壁來加入我們，不客氣。對於那些打電話的人，對此深表歉意，但祝你胃口好，無論你身在何處。謝謝。

This concludes today's call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。