巴里克黃金 (GOLD) 2024 Q1 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 First Quarter of 2024. Following today's presentation, a question-and-answer session will be conducted. (Operator Instructions) As a reminder, this event is being recorded and a replay will be available on Barrick’s website later today, May 1, 2024.

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 2024 年第一季的業績發表會。 （操作員說明）謹此提醒，我們正在記錄此事件，並且將於今天（2024 年 5 月 1 日）晚些時候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.

現在我想請巴里克總裁兼執行長馬克布里斯托 (Mark Bristow) 發言。

Thank you very much. And just before we start, let's just check the sound because there's a feedback on it. How are we doing? Are you sure? Can somebody confirm that? Okay. With that, very good morning and good afternoon, ladies and gentlemen and particularly for those who've made an effort to come out and join us in person. Thank you very much for coming out.

非常感謝。在開始之前，我們先檢查一下聲音，因為有回饋。我們怎麼樣？你確定嗎？有人可以證實嗎？好的。女士們、先生們，早安，下午好，特別是那些努力親自參加我們的人們。非常感謝你能出來。

I thought, I'd start today looking across the world, where we've witnessed change accelerating, uncertainty becoming more permanent and chaotic events a lot more common. The global pursuit of renewable energy has boosted the demand for copper and with it, the price up 15% in the first quarter of this year. Unprecedented conflicts plus economic uncertainty have driven the gold price up 15% last year and by the same margin, so far this year to record heights. Confirming once again the metal status as the ultimate safe haven asset. Disappointingly, Barrick's share price like those of its peers is lagging the gold price, which raises the question. If you believe in gold, why not invest in the producers? The investment thesis as far as Barrick is concerned is that, our embedded ability to grow our copper and gold production will amplify our profitability in a rising commodity market, as I'll show you in the course of this presentation. As this presentation will include some forward-looking statements, I draw your attention to the customary cautionary statement, which can also be found on our website.

我想，我應該從今天開始環顧世界，我們目睹了變化的加速，不確定性變得更加持久，混亂的事件更加普遍。全球對再生能源的追求增加了對銅的需求，今年第一季銅價上漲了15%。前所未有的衝突加上經濟的不確定性，推動金價去年上漲了 15%，今年迄今漲幅也達到了歷史新高。再次確認金屬作為終極避險資產的地位。令人失望的是，巴里克的股價與同業一樣落後於金價，這引發了問題。如果您相信黃金，為什麼不投資於生產商呢？就巴里克而言，投資論點是，我們增加銅和黃金產量的內在能力將增強我們在不斷上漲的商品市場中的盈利能力，正如我將在本次演講中向您展示的那樣。由於本簡報將包含一些前瞻性陳述，我提請您注意慣常的警告聲明，該聲明也可以在我們的網站上找到。

Barrick currently directly and indirectly, employs more than 50,000 people across our operations and their health and safety are our primary concern, which is why, I start the presentation with a report on our past quarter's performance on this front. Tragically, our African mines had two fatalities in January, as we announced at the time of our quarter four results. This has intensified our ready laser focus on eliminating fatalities as the critical component of our journey to zero and a carefully considered fatal risk management program has been rolled out worldwide. This has been receiving an enormous amount of focus over the past 18 months, and we as an executive team are determined to achieve our goal of zero fatalities in our operations. On a more positive note, our various injury frequency rates continued to decrease significantly against the same period last year. This last quarter, 10 of our sites were lost time injury free. The Latin America and Asia Pacific region has had a particularly good run and safety record, having just completed 14 consecutive months with no lost time injuries.

巴里克目前在我們的業務中直接和間接僱用了超過50,000 名員工，他們的健康和安全是我們最關心的問題，這就是為什麼我以一份關於我們上個季度在這方面的表現的報告開始演講。不幸的是，正如我們在第四季度業績公佈時所宣布的那樣，我們的非洲礦山在一月份發生了兩人死亡事件。這加強了我們對消除死亡的高度重視，將其作為我們實現零死亡之旅的關鍵組成部分，並且經過仔細考慮的致命風險管理計劃已在全球範圍內推出。在過去 18 個月裡，這個問題受到了廣泛關注，作為執行團隊，我們決心實現營運中零死亡的目標。更積極的一面是，我們的各種傷害頻率比去年同期持續大幅下降。上個季度，我們的 10 個站點沒有誤工受傷。拉丁美洲和亞太地區的跑步和安全記錄特別好，剛剛連續 14 個月沒有失時受傷。

Closely allied to health and safety is our complete commitment to sustainability in its broadest sense. Sustainability was the DNA of our business long before what is now called ESG. It's long before that ESG became an investment metric. Our distinct holistic approach grounded on the concepts of partnership and stakeholder recognition has earned us our critically important social license wherever we operate. Some of the past quarters' achievements are listed here and we'll give you a flavor of the tangible results we are achieving. You will find a comprehensive account of our performance and targets in our Annual Sustainability Report scheduled for publication later this month. I urge you to look it up on our website. We turn now to the overall highlights of the past quarter. As guided, it was a similar start to the year as last year. Gold production was in line with plan but down on the previous quarter, as I'll explain in the next slide. We remain on track to meet our full year guidance. Copper production was also in line with last year and like gold is forecast to grow through the year. I'll also deal with the improved financial results, compared to this time last year a little later. Success saw brownfields exploration, the very engine that drives Barrick's unparalleled ability to replace its mined reserves continue to deliver and the greenfields programs are expanding our portfolio and opportunities around the globe.

與健康和安全密切相關的是我們對最廣泛意義上的永續發展的全面承諾。早在現在的 ESG 出現之前，永續發展就已成為我們業務的 DNA。 ESG 成為投資指標很久以前了。我們基於合作夥伴關係和利害關係人認可概念的獨特整體方法為我們贏得了至關重要的社會許可，無論我們在哪裡開展業務。這裡列出了過去幾季所取得的一些成就，我們將向您介紹我們正在取得的實際成果。您可以在我們定於本月稍後發布的年度永續發展報告中找到有關我們績效和目標的全面說明。我強烈建議您在我們的網站上查找。現在我們來看看上個季度的整體亮點。根據指導，今年的開局與去年相似。黃金產量符合計劃，但比上一季下降，我將在下一張幻燈片中解釋。我們仍有望達到全年指導目標。銅產量也與去年持平，並且與黃金一樣預計全年都會成長。我還將討論與去年同期相比有所改善的財務表現。棕地勘探取得了成功，正是推動巴里克繼續發揮其無與倫比的能力來取代其開採儲量的引擎，而綠地項目正在擴大我們在全球的投資組合和機會。

These are the operating results. As anticipated, seasonal maintenance, the most important being Pueblo Viejo conveyor rebuild and mine plan sequencing resulted in lower gold production, which in turn increased our cost per ounce. The commissioning of PV's replacement conveyor is now complete and the resumption of mining and processing at Porgera will also support the gold production ramp up we have planned for the rest of the year. The lower production offset by higher gold price and supported improved financial results, when compared with the same period last year. Year-on-year net earnings per share increased by 143% for the quarter, while adjusted net earnings per share grew by 36%. At $0.19 per share, we were ahead of consensus for the quarter. The attributable EBITDA margin rose by 5% to 41% and the operating cash flows remained strong at $760 million. The quarter dividend was maintained at $0.10 per share and it's worth noting that at a time when both the gold and copper sectors are ex growth, Barrick's strong balance sheet supports its organic growth projects, enabling it to project a significant rising production profile for the next five years and beyond.

這些是營運結果。正如預期的那樣，季節性維護（最重要的是 Pueblo Viejo 輸送機重建和採礦計劃排序）導致黃金產量下降，進而增加了我們的每盎司成本。 PV 替換輸送機的調試現已完成，波格拉採礦和加工的恢復也將支持我們計劃在今年剩餘時間內提高黃金產量。與去年同期相比，產量下降被金價上漲所抵消，並支持財務表現的改善。本季每股淨利年增 143%，調整後每股淨利成長 36%。以每股 0.19 美元的價格計算，我們超越了本季的共識。歸屬 EBITDA 利潤率成長 5%，達到 41%，營運現金流依然強勁，達到 7.6 億美元。季度股息維持在每股0.10 美元，值得注意的是，在黃金和銅行業都處於除增長狀態之際，巴里克強勁的資產負債表支持了其有機增長項目，使其能夠預測下一個季度產量將大幅成長。

We start the operational review in North America as usual with the ramp up of the Goldrush underground mine now well underway at Nevada Gold Mines. Our focus has also shifted to the nearby Barrick owned advanced Fourmile target with its world class potential. The successful permitting of Goldrush will accelerate Fourmile's progress up the value curve and a significant evaluation drill program has commenced this month, testing the large inventory base and growing the mineral resources to inform a pre-feasibility study decision expected by the end of this year. In other news from Nevada, the continued greening of Barrick's global grid advanced with the commissioning of the first 100 megawatts of the TS solar power plants, which is expected to have the second 100-megawatt phase commissioned in the second quarter of this year. As guided, Nevada Gold Mines made a softer start to the year. Cortez came in ahead of plan, in fact significantly ahead of plan. Carlin was on track on a run rate through for the whole year and Turquoise Ridge is expecting a significant improvement as it addresses its back full and development backlog following a planned shutdown in the quarter.

我們像往常一樣開始在北美進行營運審查，內華達金礦的 Goldrush 地下礦的擴建工作正在順利進行中。我們的重點也轉移到附近巴里克擁有的先進的 Fourmile 目標，該目標具有世界級的潛力。 Goldrush 的成功獲得許可將加速Fourmile 在價值曲線上的進步，一項重要的評估鑽探計劃已於本月開始，測試龐大的庫存基礎並增加礦產資源，為預計在今年年底做出的預可行性研究決定提供資訊。來自內華達州的其他消息稱，隨著首批 100 兆瓦 TS 太陽能發電廠的投產，巴里克全球電網的持續綠化取得了進展，預計第二個 100 兆瓦階段將在今年第二季度投產。根據指引，內華達金礦今年開局較為疲軟。科爾特斯提前了計劃，實際上大大提前了。 Carlin 全年的運行率都步入正軌，而 Turquoise Ridge 預計將有顯著改善，因為它在本季度計劃關閉後解決了其背部和開發積壓問題。

For a supposedly mature gold district, Nevada remains a highly prospective Tier 1 terrain for our exploration team. The many substantial brownfields targets shown on this map will support its five year reserve replacement program and the team is advancing a pipeline of exciting greenfields targets. Meanwhile, continued work on our ore body models have highlighted some significant untested potential. I've spoken to you about the greater legal before, but another example of this work is shown in these before and after cross sections of the Turquoise Ridge deposit, demonstrating how the updating of geological models can drive growth. It's early days but this process of remodeling has generated some exciting new targets as highlighted in those red circles on the right hand section. I anticipate that these will result in substantial additions to the already high-grade Turquoise Ridge endowment. We move now down to the Latin America and Asia Pacific region, which had a very good quarter all around. Highlights included the progress at Pueblo Viejo which I've already referred to, another strong performance from Veladero and the restart of operations at Porgera. Reko Diq's feasibility study is on track for completion by year-end with first production scheduled in 2028.

對於一個被認為是成熟的金礦區來說，內華達州對於我們的勘探團隊來說仍然是一個極具前景的一級地形。這張地圖上顯示的許多重要的棕地目標將支持其五年儲備替代計劃，並且該團隊正在推進一系列令人興奮的綠地目標。同時，我們對礦體模型的持續研究凸顯了一些未經測試的重大潛力。我之前已經和你們談過更大的法律，但這項工作的另一個例子是綠松石嶺礦床前後的橫截面，展示了地質模型的更新如何推動增長。現在還處於早期階段，但這個改造過程已經產生了一些令人興奮的新目標，如右側部分的紅色圓圈所示。我預計這些將為已經很高品味的綠松石嶺捐贈帶來實質增加。我們現在轉向拉丁美洲和亞太地區，該地區的季度業績非常好。亮點包括我已經提到的 Pueblo Viejo 的進展、Veladero 的另一個強勁表現以及 Porgera 的營運重啟。 Reko Diq 的可行性研究預計將於年底完成，並計劃於 2028 年進行首次生產。

Pueblo Viejo processed lower grades while its new conveyor was being rebuilt and this impacted production for the quarter, which also affected costs. The replacement conveyor has now been commissioned and the plant is expected to ramp up during the second quarter. As production increases, we expect costs to come down. With the plant expansion now substantially complete, the focus has shifted to the related new tailing storage facility where work is progressing as planned and the feasibility study is expected to be completed in quarter three. I referred to the Pueblo Viejo expansion earlier as our flagship organic growth project and this is why. It will increase and sustain gold production at or above 800,000 ounces for at least 20 years. It's worth remembering that, Pueblo Viejo was on the verge of closure five years ago, when the new Barrick team figured out how to unlock its vast reserve and secure its long-term future as a Tier 1 gold mine. Shown here is a graphic illustrating the impact equipment failures had on the project last year and more importantly, where we're headed now with the new structure having been rebuilt and commissionedIn Africa and the Middle East, Loulo-Gounkoto produced its usual steady Tier 1 performance. The feasibility for the Lumwana super pit expansion remains on track for completion by the end of the year and the infrastructure for mining, the Jabal Sayid Copper Mines Lode 1 was completed. Continuing transition to renewable energy at Loulo-Gounkoto and Kibali also delivered significant savings.

Pueblo Viejo 在重建新輸送機時處理了較低的品位，這影響了本季的產量，也影響了成本。替換輸送機現已投入使用，預計工廠將在第二季擴大產能。隨著產量的增加，我們預計成本會下降。隨著工廠擴建現已基本完成，重點已轉移到相關的新尾礦儲存設施，該設施的工作正在按計劃進行，可行性研究預計將在第三季完成。我之前將 Pueblo Viejo 擴建項目稱為我們的旗艦有機增長項目，這就是原因。它將增加黃金產量並將其維持在 800,000 盎司或以上至少 20 年。值得記住的是，五年前，Pueblo Viejo 正處於關閉的邊緣，當時新的巴里克團隊想出瞭如何釋放其巨大的儲備並確保其作為一級金礦的長期未來。這裡顯示的圖表說明了去年設備故障對專案的影響，更重要的是，我們現在正朝著新結構重建和調試的方向前進。 。 Lumwana 超級礦坑擴建的可行性仍有望在今年底前完成，Jabal Sayid 銅礦 Lode 1 採礦基礎設施也已完工。 Loulo-Gounkoto 和 Kibali 持續向再生能源轉型也帶來了顯著的節約。

Loulo-Gounkoto increased production and kept costs tightly controlled. Its second solar plant was commissioned during the quarter, replacing heavy fuel oil with solar power as an energy source, delivering a cost saving of some $6 million just this last quarter. While on Mali, we are aware of press speculation originally reported in Africa last year and recently picked up by the Canadian media about the government's so called intention to expropriate the Loulo-Gounkoto complex. As we have previously disclosed, we have been in ongoing dialogue with the Government of Mali on several matters that impact our operations. As part of our engagement, the government has recently confirmed to us that they do not intend to expropriate the complex. Like any government, Mali wishes to maximize their benefits from mining and Barrick remains committed to an equitable sharing of those economic benefits with our host country, while protecting our shareholder rights.

Loulo-Gunkoto 增加了產量並嚴格控製成本。其第二座太陽能發電廠於本季投入運行，以太陽能取代重燃油作為能源，光是上個季度就節省了約 600 萬美元的成本。在馬裡，我們注意到媒體猜測去年最初在非洲報道，加拿大媒體最近也報道了政府所謂的徵用盧洛-貢科托綜合體的意圖。正如我們之前所揭露的，我們一直在與馬利政府就影響我們營運的幾個問題進行持續對話。作為我們參與的一部分，政府最近向我們確認，他們無意徵用建築群。與任何政府一樣，馬利希望從採礦中獲得最大利益，巴里克仍然致力於與我們的東道國公平分享這些經濟利益，同時保護我們的股東權利。

Our engagement with the government is continuing on that basis. The Loulo district remains highly prospective. Deep framework drilling is targeting the potential for the large-scale extensions on repetitions of the main high grade Yalea system. Results confirm that the system is still open with high grade mineralization present at depth, while shallower drilling to the south is returning encouraging intersections from main Yalea structure. And at Kibali, production was down in line with lower grades from planned waste stripping at two open pits. The mine is expected to show much improved results on the back of higher grades in the second half of the year, as we complete that stripping. Exploration during the quarter around Kibali further defined a significant high grade trend immediately adjacent and similar to the massive KCD deposit, on which Kibali was built. We are modeling numerous high grade intersections and potential load shapes, which could deliver a substantial satellite project.

我們將在此基礎上繼續與政府接觸。 Loulo 區仍然極具前景。深層框架鑽探的目標是在主要高品位耶萊亞系統的重複上進行大規模擴展的潛力。結果證實，該系統仍然是開放的，深度存在高品位礦化，而南部較淺的鑽探正在從主要耶萊構造返回令人鼓舞的交叉點。在基巴利，由於計劃在兩個露天礦場進行廢物剝離，產量下降，品位下降。隨著我們完成剝離工作，預計礦場將在今年下半年因品位提高而顯著改善。本季 Kibali 周圍的勘探進一步確定了緊鄰並類似於 Kibali 所在的大規模 KCD 礦床的顯著高品位趨勢。我們正在對許多高等級交叉口和潛在的荷載形狀進行建模，這可以提供大量的衛星專案。

In Tanzania, North Mara's production was lower quarter-on-quarter, in line with its mine plan. Lower production meant higher costs. Bulyanhulu production was flat with higher tonnes processed offsetting lower grades. The lower grades with the higher tonnes were reflected in the increase in cost for the quarter, but again we're expecting that to come down over the next three quarters. A globally significant organic copper growth project, the Lumwana Copper Mine Super Pit Expansion is on track for first production in 2028. The accelerated feasibility study is scheduled for completion by the end of this year with construction works expected to start in 2025. The expansion will transform Lumwana into a major copper mine with a life of more than 30 years. A planned shutdown and lower grades reduced production in quarter one, but again higher grades going forward will deliver improvements through the year.

在坦尚尼亞，North Mara 的產量環比下降，與其礦山計劃相符。產量下降意味著成本上升。 Bulyanhulu 產量持平，加工噸數增加抵消了品位下降的影響。較高噸位的較低品位反映在本季度成本的增加中，但我們再次預計這一成本將在未來三個季度下降。 Lumwana 銅礦超級礦坑擴建項目是全球重要的有機銅成長項目，預計將於 2028 年首次投產。超過30 年的大型銅礦。計劃中的停產和較低等級的產量減少了第一季的產量，但未來較高等級的產量將在全年帶來改善。

Barrick also on the back of all the rumors in the market continues to work with Cisco to alleviate pressure on the Zambian power grid and we do not expect any power shortages to impact production. We are in the process of finalizing a power supply agreement with Cisco, which will secure off-take from Mozambique. And in addition to this, we have implemented a cogeneration program using our diesel standby generators. This will provide alternative sources of power of some 29 megawatts, which is more than 50% of the Lumwana's current demand. I've often said that exploration is to a mining company what R&D is to the pharmaceutical industry. Discovery and development are the only true drivers of value creation in the mining industry. Our teams continue their search for Tier 1 opportunities across the world's gold and copper regions as shown on this map. In the United States, we continue to advance our Nevada portfolio both in the joint venture as well as in Barrick's name itself, along with developing opportunities in a number of other prospective states.

巴里克也針對市場上的所有謠言繼續與思科合作，以減輕贊比亞電網的壓力，我們預計任何電力短缺都不會影響生產。我們正在與思科敲定一份電力供應協議，該協議將確保莫三比克的承購權。除此之外，我們也利用柴油備用發電機實施了熱電聯產計畫。這將提供約 29 兆瓦的替代電力來源，超過 Lumwana 當前需求的 50%。我常說，勘探對於礦業公司來說就像研發對製藥業一樣。發現和開發是採礦業價值創造的唯一真正驅動力。我們的團隊繼續在全球金礦和銅礦地區尋找一級機會，如下圖所示。在美國，我們繼續以合資企業和巴里克名義推進內華達州的投資組合，並在其他一些有潛力的州開發機會。

In Canada, we're developing our growing portfolio of projects across the superior pattern. And in Latin America, we're testing priority targets around Veladero, Pueblo Viejo, Ecuador, Peru, and more recently, Jamaica. And in Africa, I mentioned the high potential targets around Loulo-Gounkoto and Kibali earlier and we're increasing our ground holding in many of the countries where we operate. And in Pakistan, our geologists are focused on unlocking the maximum value of the multiple known porphyries within the Reko Diq project area as well as looking for new near mine discoveries. And in Saudi Arabia, we've agreed with our partner, Ma'aden, to add additional ground around Jabal Sayid and Umm ad Damar and beyond to the joint venture.As I touched on earlier, our transition to clean energy is making steady progress and not only propels us towards our goal of a 30% reduction in greenhouse gas emissions by 2030 but also drives efficiency and cuts costs. Another object of key importance to us is ensuring we have a minimum impact on our environment today and for future generations. Our support of the Grumman National Park and the DRC and the protection of the sage grouse population in Nevada are just two examples of our approach to biodiversity.

在加拿大，我們正在跨優越模式開發不斷成長的專案組合。在拉丁美洲，我們正在測試貝拉德羅、普韋布洛維耶霍、厄瓜多、秘魯以及最近的牙買加周圍的優先目標。在非洲，我早些時候提到了 Loulo-Gounkoto 和 Kibali 周圍的高潛力目標，我們正在擴大在我們開展業務的許多國家的地位。在巴基斯坦，我們的地質學家致力於釋放 Reko Diq 計畫區域內多個已知斑岩的最大價值，並尋找新的近礦發現。在沙烏地阿拉伯，我們已與我們的合作夥伴Ma'aden 達成協議，在Jabal Sayid 和Umm ad Damar 周圍及其他地區增加合資企業的面積。進展不僅推動我們實現在 2030 年將溫室氣體排放量減少 30% 的目標，而且還提高了效率並降低了成本。對我們來說另一個至關重要的目標是確保我們對當今環境和子孫後代的影響降到最低。我們對格魯曼國家公園和剛果民主共和國的支持以及對內華達州鼠尾草族群的保護只是我們生物多樣性方法的兩個例子。

Ladies and gentlemen, to wrap up my presentation today, I thought it was worth recapping all the reasons why Barrick represents a standout investment opportunity. How you can see, there are many great reasons, which differentiate us from our peers including our unrivaled reserve replacement track record, high-quality asset portfolio and industry-leading balance sheet, which will ensure, we can afford our future growth and deliver more value to our shareholders.

女士們先生們，在結束我今天的演講時，我認為有必要回顧一下巴里克代表著傑出投資機會的所有原因。您可以看到，有很多重要原因使我們與同行區分開來，包括我們無與倫比的儲備替代記錄、高品質的資產組合和行業領先的資產負債表，這將確保我們有能力承擔未來的成長並提供更多為我們的股東創造價值。

Today, we are the most undervalued major gold and copper mining company in the industry. But as we deliver on our operational plans and growth projects, I have no doubt that will change. Included in our portfolio is a copper business, which is already a significant contributor and positioned to grow. We have all seen the excitement around the latest BHP bid for Anglo American and it's clear that the driver of this bid is Anglo's significant copper portfolio. You might be interested to know that, when we have finished the Lumwana expansion and the Reko Diq project construction, our copper production will be on a par with Anglo's copper portfolio today. That's certainly not valued in our stock currently.

如今，我們是業界最被低估的主要金礦和銅礦開採公司。但隨著我們實施營運計劃和成長項目，我毫不懷疑這種情況將會改變。我們的投資組合中包括銅業務，該業務已經是重要的貢獻者，並且有望成長。我們都看到了必和必拓最新收購英美資源集團的興奮之情，很明顯，此次收購的驅動力是英美資源集團重要的銅投資組合。您可能有興趣知道，當我們完成 Lumwana 擴建和 Reko Diq 專案建設後，我們的銅產量將與英美資源集團今天的銅產量持平。目前我們的庫存肯定不重視這一點。

On that note, I will end my presentation and we would be happy to take questions starting here in Toronto with the audience and before going to those connected through the webcast.

就此而言，我將結束我的演講，我們很樂意在多倫多開始向觀眾提出問題，然後再透過網路廣播聯繫到那些人。

Thank you very much for the presentation, Mark. Lawson Winder from Bank of America Securities. I wanted to ask two questions. First would be, just about the commentary on the 2024 outlook around the royalty. I just wanted to understand, if you guys are concerned at meeting that cash cost guidance in the event that the gold price averages above $2,100 per ounce?

非常感謝你的介紹，馬克。美國銀行證券公司的勞森溫德。我想問兩個問題。首先是關於 2024 年特許權使用費前景的評論。我只是想了解，如果金價平均價格高於每盎司 2,100 美元，你們是否擔心滿足現金成本指引？

I mean, Lawson, it's all in the models and the plans going forward. As I said to you, if you look at -- I'll step you through it. Nevada is at a place now where we are absolutely clear about our cost and our production challenges and opportunities. I've been really working on flattening that structure and getting ownership at the mind site for those that have visited to our minds recently. And the big driver if you look at it in Carlin is slightly softer as per the overall grade that we're forecasting for this year, a slightly softer quarter on Carlin, because of the grade, but a bigger throughput. So we managed to get our gold production but the grade starts lifting up. And so we have an opportunity to drive down the costs. And so that's a big driver.

我的意思是，勞森，一切都在模型和未來的計劃中。正如我對你說的，如果你看——我會引導你完成它。內華達州現在處於這樣一個位置，我們絕對清楚我們的成本以及我們的生產挑戰和機會。我一直在努力扁平化這種結構，並為那些最近訪問過我們思想的人獲得思想網站的所有權。如果你看看卡林的主要推動力，根據我們今年預測的整體等級，卡林的季度會稍微疲軟，因為等級，但吞吐量更大。因此，我們設法獲得了黃金產量，但品味開始上升。因此我們有機會降低成本。所以這是一個很大的驅動力。

There are two big drivers in Nevada that one and Turquoise Ridge. And Turquoise Ridge is all about backfill and making sure that the infrastructure to support our backfill, because Turquoise Ridge is a high grade mine, low cost, but it's geotech is challenging. So you've got to manage the extraction with backfill. And we needed to really put some more redundancy into our backfill infrastructure to make sure we can meet our plans. And that's what we did at the same time we went down for a big planned maintenance on the Sage Mill.

內華達州有兩個大司機，一個是綠松石嶺。 Turquoise Ridge 的重點是回填，並確保支持我們回填的基礎設施，因為 Turquoise Ridge 是一個高品位礦山，成本低廉，但其岩土技術具有挑戰性。因此，您必須透過回填來管理提取。我們確實需要在回填基礎設施中投入更多冗餘，以確保我們能夠滿足我們的計劃。這就是我們在對聖人磨坊進行大規模計劃維護的同時所做的事情。

And so those two drivers are the ones that catch us up on the guidance and bring the cost down because they are the Turquoise Ridge is more tonnes higher grade and so is Carlin for different reasons. And that's helped as you know that's the best way to deal with costs on a cost per ounce base. I would point out that the team has been really focused. As you know, I've always really been focused on and that is the unit cost per tonne. So we're much more comfortable that we're on top of that game on our unit cost per tonne in Nevada, which is really the thing that ultimately drives the overall cost per ounce.

因此，這兩位車手是我們趕上指導並降低成本的人，因為他們是綠松石山脊的等級更高，卡林也是如此，出於不同的原因。如您所知，這是處理每盎司成本的最佳方法，這很有幫助。我想指出的是，團隊非常專注。如你所知，我一直非常關注的是每噸的單位成本。因此，我們更放心的是，我們在內華達州的每噸單位成本方面處於領先地位，這實際上是最終推動每盎司總成本的因素。

In Latin America and Asia Pacific, the key is Veladero. And again, we would have made our guidance last year if Veladero had got the ramp up right, but we had the conveyor belt infrastructure collapse --sorry, PV. Thank you for that. So we would have made our guidance if we had got PV right, but we had that collapse right in the fourth quarter.

在拉丁美洲和亞太地區，關鍵是 Veladero。再說一遍，如果 Veladero 的增速正確的話，我們去年就會做出指導，但我們的傳送帶基礎設施崩潰了——對不起，光伏。謝謝你。因此，如果我們的光伏發電正確的話，我們就會制定指導方針，但我們在第四季度就遭遇了崩潰。

And what I said last time we spoke is that's an engineering challenge, which we've actually addressed now. We've rebuilt it, commissioned. So now we're ramping up the tonnes, which you saw. And with that comes the fine tuning of the flotation circuit. And we need the full throughput to be able to get that flotation circuit finely tuned.

我上次講話時說過，這是一個工程挑戰，我們現在其實已經解決了。我們已經重建並投入使用。所以現在我們正在增加噸數，正如你所看到的。隨之而來的是浮選電路的微調。我們需要最大的吞吐量才能對浮選電路微調。

That's really the driver of the overall cost, because it picks up the recovery, the grades there. It's not a high grade mine but a concentration, the flotation concentrates the grade. And PV is a low cost producer naturally. Because a lot of this the feed we're using is stockpiled already, it's already mined. So that's the other driver. And then the final driver was Kibali. And again, that's a mine plan driven process. If you look at the run rates and the other mines, we're in good shape. But Kibali we had to do those push backs on the two pits because Kibali, it's always relied on the flexibility that the open pits give to utilize the excess throughput capacity in the plant and we needed to get those pits we needed to get those pits open.

這確實是整體成本的驅動因素，因為它提高了復甦和成績。它不是高品位礦而是濃縮物，浮選濃縮了品位。而光電發電自然是低成本生產者。因為我們使用的大部分飼料已經儲存起來，並且已經被開採出來。這就是另一位司機。最後的車手是基巴利。再說一次，這是一個採礦計畫驅動的過程。如果你看看運行率和其他礦山，我們的狀況良好。但是基巴利，我們必須對兩個礦坑進行這些推遲，因為基巴利，它始終依賴於露天礦坑提供的靈活性來利用工廠的過剩產能，我們需要獲得我們需要的那些礦坑來開放這些礦坑。

And so that impacted the production for quarter one and quarter two there's a big lift in both grade and throughput. And then we're at the run rate on the production profile. Loulo is going to be more of the same for the next three quarters. The other one is North Mara. Again, we've introduced open pits into North Mara. As you know, we spoke about it last year a couple of times. We've got the underground now working and it's about optimizing that. Again, there was some scheduled work to be done in North Mara, which impacted on. Again, we'll see a small pickup in grade this quarter two and then quite a big pickup in grade going out on the back half of this year.

因此，這影響了第一季和第二季的生產，品位和吞吐量都有很大提升。然後我們就可以看到生產設定檔的運行率。在接下來的三個季度中，盧洛的情況將會更加相似。另一個是北馬拉。我們再次在北馬拉引進了露天礦坑。如您所知，我們去年曾多次討論過這個問題。我們的地鐵現在已經投入使用，接下來就是對其進行優化。同樣，北馬拉有一些預定的工作要做，這對我們產生了影響。同樣，我們將在第二季度看到成績的小幅上升，然後在今年下半年出現相當大的上升。

Really that's -- you have me articulating the profile. And so, whereas, in the beginning of last year, we had a catch-up whereas this year we're on plan and it's very clear to us. Of course, the one thing that's good about, where we are is that, we've been diligently working to get that what's the right word, inflection point on the production. It was going to be last year, but with the PV hesitation we pushed that into this year. But we're really at that stage. I always say to the team, the difference between a good and great company is a great company can leave good luck. When you look at the expanding margins with the higher gold price, we've got that to help us and we've got the costs coming down. We're in a reasonable position going forward to expand our margin, which is what we work for every day, to answer your question.

確實如此——你讓我闡明了個人資料。因此，去年年初，我們進行了追趕，而今年我們正在按計劃進行，這對我們來說非常明確。當然，我們目前的優點是，我們一直在努力尋找正確的詞，即製作的轉折點。本來是去年的事，但由於光伏方面的猶豫，我們把它推遲到了今年。但我們確實正處於那個階段。我總是對團隊說，好的公司和偉大的公司之間的差異在於偉大的公司能否留下好運氣。當你看到隨著金價上漲而不斷擴大的利潤時，你會發現這對我們有幫助，而且我們的成本也有所下降。我們處於合理的位置，可以繼續擴大我們的利潤，這是我們每天努力的目標，可以回答您的問題。

It was hard not to notice in your presentation slides, a major focus on some of the exploration success and the huge amount of exploration targets that you guys have. I mean, it is a great part of the story. Maybe this is a little early in the year to be asking, but I'll try anyway. But what are your thoughts on reserve replacement this year in gold?

在你們的簡報幻燈片中很難不注意到，主要關注的是你們的一些探索成功和大量的探索目標。我的意思是，這是故事的重要部分。也許現在問這個問題有點早，但無論如何我都會嘗試。但您對今年黃金儲備替代有何看法？

I think for the first time, Nevada is going to get close, if not achieve it, Simon. In Nevada we've got to a five year plan now, which is a big step forward. We've got some very exciting stuff. We've got stuff that's still working. The extensions to the greater legal is real and that's not all in baked into our plans. The new modeling that we've done in Turquoise Ridge, if that is a duplication on those folds, below the main horizon which is in the reserves, that's an exciting development. We haven't quantified it yet, but it's significant. Do you want to add anything else, Simon? Just speak up.

我認為內華達州將第一次接近這個目標，即使沒有實現，西蒙。在內華達州，我們現在已經制定了五年計劃，這是向前邁出的一大步。我們有一些非常令人興奮的東西。我們有一些仍在發揮作用的東西。更大範圍法律的擴展是真實存在的，但這並沒有全部納入我們的計劃中。我們在綠松石山脊所做的新建模，如果這是在保護區主地平線以下的那些褶皺上的重複，那是一個令人興奮的發展。我們還沒有量化它，但它很重要。西蒙，你還想補充什麼嗎？只要說出來。

Pakistan will also bring a substantial contribution.

巴基斯坦也將做出實質貢獻。

Okay. Yes. That I'll do that. Once we finish the feasibility in Pakistan, it's like 15 million ounces of gold. How much?

好的。是的。我會這樣做。一旦我們在巴基斯坦完成可行性研究，就相當於1500萬盎司黃金。多少？

13.

13.

13 million ounces of gold and a whole bundle of copper. So we really show a big step up in our reserves going forward. And I think Loulo, Kibali, they are the same, just adding the answers they might.

1300萬盎司黃金和一整捆銅。因此，我們的儲備確實向前邁出了一大步。我認為 Loulo、Kibali，他們是一樣的，只是添加了他們可能的答案。

Mark, it's Greg Barnes from TD. A couple of questions. One on PV. You've got the ramp up slide in terms of tonnes throughput, I think that's what it is without my glasses. In terms of grade, well, I mean, in terms of recovery, when do you think you get that optimized? Is that through the course of the year and by 2025 you have full run rates there both on throughput and grade and recovery?

馬克，我是 TD 的格雷格·巴恩斯。有幾個問題。一張PV。就噸吞吐量而言，你已經看到了斜坡上升的幻燈片，我想這就是不戴眼鏡時的情況。就成績而言，我的意思是，就恢復而言，你認為你什麼時候會得到優化？在這一年中，到 2025 年，您在吞吐量、品位和回收率方面是否都達到了滿載率？

So the grade in PV is around 2.4 plus or minus a gram and a half either side. And we blend the ore out of the pit with stockpiles, that's what we're doing. And we concentrate that into the autoclaves. And one of the things that we did in the ramp up last year is that just to remind you, we built this new flow sheet and what it did is it added fuel to the autoclaves. So we put the autoclaves into a higher temperature regime. And so we added a technology, a flash cooling vessel effectively, a flash point, so we could flash off the heat when it got hot. But with this stumbling last year, we had to go back to run of mine feed on the autoclave.

因此，PV 等級約為 2.4，兩邊各加或減一克半。我們將礦坑中的礦石與庫存混合在一起，這就是我們正在做的事情。我們將其集中到高壓滅菌器中。我們去年在升級過程中所做的一件事就是提醒您，我們建立了這個新的流程圖，它的作用是為高壓滅菌器添加燃料。因此，我們將高壓滅菌器置於更高的溫度狀態。因此我們添加了一項技術，一個有效的閃蒸冷卻容器，一個閃點，這樣我們就可以在溫度變熱時閃蒸掉熱量。但由於去年的這個絆腳石，我們不得不重新開始在高壓釜中使用我的飼料。

So we ended up having in two of our autoclaves having the ability to do both. So to take run a mine feed and to take the higher concentrate, high sulfur feed, which is much more efficient because it's at a higher temperature. So we've got a much more flexible flow sheet. We are now at that stage, to your point, Greg, running up the throughput. We need that throughput to get to the sort of nameplate to be able to optimize the float circuit. We are getting the float up already then that's the recovery. And we've had pretty much every expert operational and metallurgical from the Barrick Group and some outside help just to manage that reagent suite, because that's the trick. We've done all the test work, we test all the time, we're comfortable with the targets, we've just got to settle the throughput run rate. And that's what you see in the slide is that during that buildup there's still a little bit of dynamic in the feed, but we are getting there.

因此，我們最終在兩個高壓滅菌器中實現了這兩種功能。因此，採用礦山飼料並採用較高精礦、高硫飼料，效率更高，因為溫度較高。所以我們有一個更有彈性的流程圖。格雷格，我們現在正處於那個階段，正在提高吞吐量。我們需要這種吞吐量來達到銘牌上的要求，以便能夠優化浮子電路。我們已經讓浮子上升了，這就是恢復。我們幾乎擁有巴里克集團的所有營運和冶金專家以及一些外部幫助來管理試劑套件，因為這就是訣竅。我們已經完成了所有的測試工作，我們一直在測試，我們對目標感到滿意，我們只需解決吞吐量運行率。這就是您在幻燈片中看到的，在累積過程中，提要中仍然存在一些動態，但我們正在實現這一目標。

So second question is around Mali. How far apart are you? Because I know the government has approached you with new demands. Is this a wide gap or is it something you think you can resolve very quickly or is this going to be a situation that drags on for some time?

第二個問題是關於馬裡的。你們相距多遠？因為我知道政府已經向你們提出了新的要求。這是一個巨大的差距，還是您認為可以很快解決的問題，還是這種情況會持續一段時間？

So I think, I've spent a lot of time there and Sebastiaan Bock who runs Africa, Middle East has spent more. So we spent a lot of time engaging. And what happened was like any sort of revolution inverted commas, because it was effectively a very uncomfortable situation between the population and the civilian government which was less than sort of efficient, just to say it politely. And so it drove this change as we've seen before in Mali. Bock seen before in Mali. And so, immediately the transitional government which was formed headed by the [Junta] was looking for ways to get more out of the mining industry, because that's the only lever to pull. They did an audit, which again we supported. We're never shy of supporting orders.

所以我想，我在那裡花了很多時間，負責非洲和中東的塞巴斯蒂安·博克（Sebastiaan Bock）花了更多時間。所以我們花了很多時間參與。所發生的事情就像任何類型的革命引號一樣，因為這實際上是民眾和文職政府之間非常不舒服的局面，禮貌地說，這種局面效率較低。正如我們之前在馬利看到的那樣，它推動了這一變化。博克之前在馬裡見過。因此，以軍政府為首的過渡政府立即開始尋找從採礦業中獲得更多收益的方法，因為這是唯一可以拉動的槓桿。他們進行了審計，我們再次支持。我們從不羞於支持訂單。

But the objective of that audit initially was to try and find fault, rather than look for opportunities to build a better industry, which is what we all agreed we would do including the people in authority. Anyway, it took them a long time to release that report, which we have now. We've been able to respond to it and sit down with the Ministry of Finance at this stage. More recently, there's a Minister of Mines that is engaging with us. That's where we are with the engagement. We have, just to try and explain, Mali's government organs are largely intact. You have got the Junta with a sort of executive that they've appointed over over-arching the normal organs of government. Mali is quite a bureaucratic structure -- a bureaucratic government. We know all the people and we've got to know the new people in power.

但審計最初的目的是試圖找出錯誤，而不是尋找機會建立一個更好的行業，這是我們所有人（包括權威人士）都同意要做的事情。不管怎樣，他們花了很長時間才發布這份報告，我們現在已經有了。現階段我們已經能夠對此做出回應並與財政部坐下來。最近，一位礦業部長正在與我們接觸。這就是我們訂婚的地方。我們只是想解釋一下，馬裡的政府機構基本上完好無損。軍政府任命了一位主管政府正常機構的行政人員。馬裡是一個相當官僚的結構──一個官僚政府。我們認識所有人，我們必須認識新掌權者。

My natural reaction is, if you're coming up with claims you should have a model, a basis on which it is raised. You should share it with us and of course we've got a model so we can put the two together and we can work out, who's right and who's wrong or where it is and find a way forward. As you know, I've always preferred to engage and that's I've already had that conversation. Should we be looking to find a solution together or should we be fighting, because we know arbitration and get a competent authority, again as we've done in the past in Mali. Both parties agree, it's much more constructive to engage. That's where we are.

我的自然反應是，如果你提出主張，你應該有一個模型，一個提出它的基礎。你應該與我們分享它，當然我們有一個模型，這樣我們就可以將兩者放在一起，我們可以找出誰是對的，誰是錯的，或者它在哪裡，並找到前進的方向。如你所知，我一直更喜歡參與，而且我已經進行過這樣的對話。我們應該共同尋找解決方案還是應該戰鬥，因為我們了解仲裁併得到主管當局的支持，就像我們過去在馬利所做的那樣。雙方都同意，參與更具建設性。這就是我們現在的情況。

The 2023 Mining Code, which has been approved now and we're waiting for all the regulations, specifically provides for an old order right to coin a phrase, to accept the 2023 code, when the permits come up for renewal. We haven't come up for renewal, we've got two different permits, they're quite far apart as far as times go. But again, like we've done in all our countries, we would prefer to debate it and we did it with actually the civilian government beforehand and engage ahead of time. Our position is, where we find good reason for us to be able to improve things like that were never in our 1991 code because the current convention is now, it's morphed from the 91 code, because we've accepted changes as we go. That's the debate. Of course, we're dealing with people that are not particularly competent in the mining industry.

2023 年採礦法現已獲得批准，我們正在等待所有法規的出台，其中特別規定了舊秩序有權創造一個短語，以在許可證更新時接受 2023 年法。我們還沒有來續簽，我們有兩個不同的許可證，就時間而言，它們相距甚遠。但同樣，就像我們在所有國家所做的那樣，我們更願意對此進行辯論，並且我們實際上事先與文職政府進行了辯論，並提前進行了接觸。我們的立場是，我們找到充分的理由能夠改進 1991 年代碼中從未出現過的事情，因為目前的慣例是從 91 代碼演變而來，因為我們已經接受了我們所做的更改。這就是爭論。當然，我們面對的人在採礦業並不是特別有能力。

Our argument is be careful you don't compromise the benefits to Mali. By taking too much and eroding the value of the ore body that we’ve defined. And it's a complicated debate. And for me to say it's going to be easy, look, we've had some very engaging conversations in Mali over the last 28 years, and that's where we are. But one thing I can tell you is that we've challenged the authority about these rumors, and they have very clearly said to us in writing that they have no intention of expropriating their assets. And that's all I can tell you at the moment. But it is dynamic, it is a very stressed economy we are dealing with the all the five of the G7 countries have full embassies in the country. Everyone's concerned about taking this country forward, particularly the western powers. And definitely the Malian authorities are clear that they want to do something that's good for Mali. They're not trying to sort of take Mali. And well, that's certainly what they've told me directly. So, you know, I'm sorry I can't give you more granularity but I'm actually, as I usually do, I'm just giving you the lie of the land.

我們的觀點是要小心，不要損害馬裡的利益。開採過多並侵蝕了我們定義的礦體的價值。這是一場複雜的辯論。對我來說，這很容易，看，過去 28 年我們在馬利進行了一些非常有趣的對話，而這就是我們現在的處境。但我可以告訴你的一件事是，我們對這些謠言向權威提出了質疑，他們也非常明確地以書面形式向我們表示，他們無意徵用他們的資產。這就是我現在能告訴你的。但它是充滿活力的，我們正在面對的是一個壓力很大的經濟體，七國集團的所有五個國家都在該國設有完整的大使館。每個人都關心推動國家前進，尤其是西方列強。馬裡當局顯然很清楚，他們想做一些對馬利有利的事情。他們並不是想奪取馬裡。嗯，這當然是他們直接告訴我的。所以，你知道，很抱歉我不能給你更多的細節，但實際上，就像我通常做的那樣，我只是告訴你事實真相。

Hey Mark, it's Jackie Przybylowski at BMO. Maybe just to dig into that a little bit more, if you could talk about the government in Mali and the stability. I'm just not familiar with the structure of a military juncture. Like, how stable is that? And do you expect any kind of change to the structure of that government over time?

嘿，馬克，我是 BMO 的 Jackie Przybylowski。如果你能談談馬裡的政府和穩定的話，也許只是為了更深入地探討這一點。我只是不熟悉軍事要地的結構。例如，它有多穩定？您預計該政府的結構隨著時間的推移會發生任何變化嗎？

Well, I think you're asking me to say something that I'm not prepared to say. So this is the third military leadership the country's had. The one was very short lived. The overall intention and by its very self-definition, it's defined itself as a transitional government. The intention is moving to reintroduce normal civilian government going forward. And as you know, there's a lot of stress in that region. We've seen Niger move to a military government. So is Guinea, where there are big investments going on in the iron ore part. So that whole region is a challenging environment. And the enemy is ISIS, the radical Muslim movement in the Sahil. So it's very complicated, and none of them are particularly in doubt apart from Guinea.

嗯，我想你是在要求我說一些我不准備說的話。這是該國第三次軍事領導。這事件的壽命非常短暫。整體意圖及其自我定義，將自己定義為過渡政府。其目的是今後重新引入正常的文職政府。如您所知，該地區壓力很大。我們已經看到尼日爾轉向軍政府。幾內亞也是如此，鐵礦石領域正在進行大量投資。因此整個地區都是一個充滿挑戰的環境。敵人是伊斯蘭國，薩赫勒地區的激進穆斯林運動。所以這是非常複雜的，除了幾內亞之外，沒有一個國家特別值得懷疑。

Sorry, I didn't mean to try and catch you on something. On another topic, can you maybe talk about Porgera and how this startup is going there? Just given the mine has been down for a while.

抱歉，我並不是故意要抓住你的東西。在另一個話題上，您能談談 Porgera 以及這家新創公司的發展嗎？考慮到礦井已經關閉了一段時間。

The only thing I would say is going surprisingly well. It's like a bit sometimes like running in the dock. You don't particularly know what next challenge you're going to get. But since we moved to the official startup, and then we engaged with the Halla province on restarting the gas powered power stations, which are in the next door province re-erecting the pylons that carry the power through to the mine. We've done all that. We've commissioned the generation facility and we're feeding the mine. So, you know, and we're ramping up and we did a lot of pre-work on ramping up, but so far it's going well. So far we're ahead of plan.

我唯一想說的是進展出奇的順利。有時有點像在碼頭上跑步。你並不特別知道下一個挑戰是什麼。但自從我們正式啟動以來，我們與漢拿省合作重啟燃氣發電站，這些發電站位於隔壁省份，重新架設將電力輸送到礦井的塔架。我們已經做到了這一切。我們已經調試了發電設施，正在為礦井供電。所以，你知道，我們正在加速，我們做了很多準備工作，但到目前為止進展順利。到目前為止，我們比計劃提前了。

Mark. This is Ralph Profiti from Eight Capital. I'm just wondering as you move to this feasibility study at PV coming in Q3, is a lot of that going to be sort of recalibration and retooling of the equipment that's happened over the past few months? And can you talk a little bit about some of the tailings facility management changes that have been going on and that are going to go into that study?

標記。我是八資本的拉爾夫·普羅菲蒂。我只是想知道，當您在第三季度開始進行光伏可行性研究時，其中許多內容是否是對過去幾個月發生的設備的重新校準和重組？您能否談談正在進行的以及將納入該研究的一些尾礦設施管理變革？

So as far as the expansion of the processing facility, it's done. The feasibility I'm referring to is for the tailings position. We've got the permit on the back of a pre-feasibility and it will be finalized with the final feasibility study. And it's all about the geotechnical test work on the wall and making sure that the design is as per required in a seismically active region as where PV is.

就加工設施的擴建而言，已經完成了。我所說的可行性是針對尾礦庫位置的。我們已經在預可行性研究的基礎上獲得了許可，並將透過最終的可行性研究來完成。這一切都與牆上的岩土工程測試工作有關，並確保設計符合光伏發電所在地地震活躍地區的要求。

And of course, we have the original tailings facility, which was equally well designed as a reference. In the meantime, we are -- we have so to achieve that pre-feasibility, we did all the consultations and we've way down the road on engagement with the community on relocation. I was there just a few weeks ago. We are busy building the new towns and they are substantial towns. I mean, they are particularly impressive towns. And then we'll start the relocation. Some of the first relocations will happen this year. So we are progressing. We have no reason to believe that we will not complete the feasibility study. And we are progressing in all the engagements and the social plans and all that sort of stuff, as well as the technical investigation to confirm the final design of the actual retaining infrastructure.

當然，我們還有原來的尾礦設施，它的設計也同樣很好，可以作為參考。同時，我們已經完成了預可行性，我們進行了所有協商，並且在與社區就搬遷問題進行接觸方面已經取得了進展。幾週前我還在那裡。我們正忙於建造新城鎮，它們都是重要的城鎮。我的意思是，它們是特別令人印象深刻的城鎮。然後我們就開始搬遷。部分首批搬遷將於今年進行。所以我們正在進步。我們沒有理由相信我們不會完成可行性研究。我們正在所有的參與和社會計劃以及所有類似的事情以及技術調查方面取得進展，以確認實際保留基礎設施的最終設計。

And then secondly, can you just talk about delivering the pre-feasibility study at formal and how the Newmont negotiations, discussions and bringing that into NGM would then kind of follow on from that?

其次，您能否談談正式提供預可行性研究，以及紐蒙特談判、討論並將其納入 NGM 的後續工作？

You know, right now with the -- and I must say it's worth just reinforcing. I don't think people appreciate the importance of permitting gold rush and I mean, the team did an excellent job when you think of, you know, we started the process in 2018 and we completed it in 2023 effectively. So it's a particularly good piece of work. All the consultation everything, as you know, it's not easy to permit mining projects in the United States.

你知道，現在 - 我必須說它值得加強。我認為人們並沒有意識到允許淘金熱的重要性，我的意思是，當你想到我們在 2018 年開始這一過程並在 2023 年有效地完成時，團隊做得非常出色。所以這是一個特別好的作品。所有的諮詢一切，如你所知，在美國批准採礦項目並不容易。

And we had the support of both sides of the aisle from our Senators and Congress people. That's the federal Senate and Congress out of Nevada, as well as the Nevada Governor and the legislature in Nevada. So it was -- and I -- we cut the ribbon with the governor of the state last week. So it's officially open. Fourmile is an extension of that. But a different style of mineralization in that you're moving the classic Carlin style mineralization into a metamorphosed, much more brittle rock. So you get the big breccias, which have been the heart of some of the famous super high grades in Carlin over the years. And so, you get much bigger size ore bodies and at a better grade. And so under the joint venture, we are -- if we complete a feasibility study that proves viability, we can put it to Newmont. And there's a formula. And as soon as we pass the filter on the formula, we put it. And there's a process of getting, calculating a market value. So not an NPV, but a market value.

我們得到了參議員和國會議員兩黨的支持。這是內華達州的聯邦參議院和國會，以及內華達州州長和立法機構。所以上週我們和州州長一起剪綵。那就正式開放了。四英里是其延伸。但是，這是一種不同類型的礦化，即將經典的卡林型礦化轉變為變質的、更脆的岩石。因此，你會看到巨大的角礫岩，這些角礫岩多年來一直是卡林一些著名的超高等級角礫岩的核心。因此，您可以獲得更大尺寸和更高品位的礦體。因此，在合資企業中，如果我們完成了證明可行性的可行性研究，我們可以將其交給紐蒙特公司。並且有一個公式。一旦我們通過了公式的過濾器，我們就將其輸入。還有一個獲取、計算市場價值的過程。所以不是淨現值，而是市場價值。

And also -- and once that is done, Newmont are obliged to either buy their share in cash and reimburse us on all the costs that it's taken us to get there or dilute. That's the option. And again, as you know me, I've always been one that engages, because this is a really a real asset. We have a good relationship with Newmont in Nevada. We've worked well together as a partnership. And so we haven't. We are open with the conversation and the progress with our partners. We haven't agreed, sorry, I'm out of the. So we haven't agreed on a specific way forward, but we have agreed that we will have at the appropriate time a conversation to investigate options, because it's in everyone's interest to do that. And Newmont has some excluded ground as well, under the -- because remember, this was a hostile engagement and we had agreed that we would value the deal on the basis of the market. And there were some assets, like formal that wasn't valued by the market and same on their side. So we've got some lower grade options that are sitting in the excluded assets. But as you know, in the fullness of time in mining, these are real assets. They come into play with a rising oil price.

而且，一旦完成，紐蒙特公司有義務要么以現金購買他們的份額，並向我們償還我們到達那裡或稀釋所花費的所有成本。這就是選擇。再說一次，正如你所了解的，我一直是一個積極參與的人，因為這確實是一項真正的資產。我們與內華達州紐蒙特公司有著良好的關係。我們作為夥伴關係合作得很好。所以我們還沒有。我們對與合作夥伴的對話和進展持開放態度。我們還沒達成一致，抱歉，我退出了。因此，我們尚未就具體的前進方向達成一致，但我們同意我們將在適當的時間進行對話以研究各種選擇，因為這樣做符合每個人的利益。紐蒙特公司也有一些排除的理由，因為記住，這是一次敵對的接觸，我們同意我們將根據市場評估這筆交易。還有一些資產，例如正式的資產，沒有被市場重視，但他們也是如此。因此，我們有一些較低等級的選擇權位於排除資產中。但如您所知，在採礦成熟時，這些都是真實資產。它們隨著油價上漲而發揮作用。

In terms of formal, do you have a permit or do you have to start like Goldrush all the permitting?

就正式而言，您是否有許可證，還是必須像 Goldrush 一樣開始獲得所有許可？

There will be some permitting, but Goldrush helps in that permitting because of the infrastructure. We can access it's an underground mine. We can access it from already permitted positions. And of course, we have the under the joint venture agreement, we can also use the installed Nevada infrastructure. And right now, we need to drill it out. So what we're doing in the moment is Simon's got us, we've got a focused Barrick team looking at its infrastructure layout, drilling a number of holes from surface about a $42 million project for this year. To be able to scope the project and get our head around what it's going to entail to get a pre-feasibility study done, that's what we do.

會有一些許可，但 Goldrush 由於基礎設施的原因有助於獲得許可。我們可以進入一個地下礦井。我們可以從已經允許的位置存取它。當然，根據合資協議，我們也可以使用已安裝的內華達基礎設施。現在，我們需要把它鑽出來。因此，我們目前正在做的是西蒙帶領我們，我們有一個專注的巴里克團隊正在研究其基礎設施佈局，從地面鑽出許多孔，今年的項目價值約為 4200 萬美元。為了能夠確定專案範圍並了解完成預可行性研究所需的內容，這就是我們所做的。

And in terms of Pueblo Viejo, besides what -- is there any other problem that we might have or is everything good to go and now it's just an issue of ramping it up?

就普韋布洛維耶霍而言，除此之外，我們可能還會遇到其他問題嗎？

How long have you been in the mining industry? Nothing is perfect. But as we stand today, I mean, we set out to put this expansion in back in 2019, when we would have closed the mine in 2021. And against all opposition or doubt, we've done that, and we're busy rolling that out.

您從事採礦業多久了？沒有什麼是完美的。但就我們今天的立場而言，我的意思是，我們計劃在2019 年進行擴建，當時我們本應在2021 年關閉該礦。忙著滾動那個出來了。

So to give you an idea, up until 2020, the average contribution that Pueblo Viero made to the corporate tax of Dominican Republic was 18%. So we dipped in the last two years because we had to manage with stockpiles and we didn't have access to the expanded processing plot. But now that we have and we drive that cost down back above 800,000 ounces for a very long time, we go back to that very privileged or heavy contribution to the Dominican Republic.

因此，給您一個想法，截至 2020 年，Pueblo Viero 對多明尼加共和國企業稅的平均貢獻為 18%。因此，我們在過去兩年有所下降，因為我們必須管理庫存，而且我們無法使用擴大的加工場地。但現在我們已經在很長一段時間內將成本降低到 800,000 盎司以上，我們又回到了對多明尼加共和國的非常特權或沉重的貢獻。

And I would add that PV is the very foundation of the power infrastructure for the whole country and a big taxpayer and a big employer. It's changed the whole province, the province in which PV is located. So it is a very big. And this construction, when we did the big construction expansion, what we did is we had to bring in external partners, but we also partnered those external partners with local business partners. So we really did support the economy during the whole COVID period as well. So we've built a very strong license to operate in that country.

我還要補充一點，光電是整個國家電力基礎設施的基礎，也是納稅大戶和雇主大戶。改變了整個省份，光電所在的省份。所以它是一個非常大的。而這個建設，當我們進行大規模建設擴建時，我們所做的是我們必須引入外部合作夥伴，但我們也將這些外部合作夥伴與當地業務合作夥伴合作。因此，在整個新冠疫情期間，我們確實也確實支持了經濟。因此，我們已經在該國家/地區建立了非常強大的營運許可證。

Okay, let's go. Can we move to the telephone participants, please?

好吧，我們走吧。我們可以轉向電話參與者嗎？

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

（操作員說明）第一個問題來自 UBS 的 Daniel Major。

A couple of questions. The first one and slightly higher level one, obviously, M&A hot topic in the sector at the moment. One of the discussions around valuation comes around complexity of portfolios, lots of assets, lots of minority interests, good gold price environment. Are you looking at the portfolio and thinking of any assets you could use to streamline and recycle that capital into your expansion projects?

有幾個問題。第一個，也是級別稍高的一個，顯然是目前該行業的併購熱門話題。圍繞估值的討論之一涉及投資組合的複雜性、大量資產、大量少數股東權益、良好的金價環境。您是否正在查看投資組合併考慮可用於簡化資本並將其回收到擴展項目中的任何資產？

We have a couple that you could argue are non-core. Tongan is one. The others are strategic in the form of Hemlo, and we've put a lot of effort into repositioning Hemlo, and you'll see that. And right now, it's an important component of our business because it's our only asset in Canada and whilst we are investing heavily in Canada, we don't think it's wise for us to have to step away from Canada. We want to grow our Canadian footprint profitably. The Veladero asset is managed by Antofagasta, but again I mean, sorry, the Zaldivar asset is managed by Antofagasta and again, the copper price is important. Our copper strategy is important. So at this stage that's where we are. And we've got some work in progress in Chile which we're quite excited about. And that's it. The rest are Tier 1 assets fitting snugly into our strategy. So we will at the appropriate time as we've demonstrated, but I think the key that I would answer you with is at the time of our transactions, the joint venture, the consolidation of Barrick and Randgold as one company, we sold the non-core assets. When we looked at additional opportunities and the Nevada joint venture, we dealt with the challenging assets in the form of Long Canyon and the things that were disappointing as part of the consolidation of those joint ventures.

我們有一些你可能會認為不是核心的東西。東加就是其中之一。其他的以 Hemlo 的形式具有戰略意義，我們投入了大量的精力來重新定位 Hemlo，你會看到這一點。目前，它是我們業務的重要組成部分，因為它是我們在加拿大的唯一資產，雖然我們在加拿大大力投資，但我們認為離開加拿大並不明智。我們希望擴大我們在加拿大的業務並實現盈利。 Veladero 資產由安託法加斯塔管理，但我的意思是，抱歉，Zaldivar 資產由安託法加斯塔管理，銅價也很重要。我們的銅戰略很重要。所以在這個階段，這就是我們所處的情況。我們在智利正在進行一些工作，對此我們感到非常興奮。就是這樣。其餘的都是一級資產，非常適合我們的策略。因此，我們將在適當的時間，正如我們已經展示的那樣，但我認為我要回答你的關鍵是在我們交易、合資、將巴里克和蘭德黃金合併為一家公司時，我們出售了非-核心資產。當我們考慮其他機會和內華達州合資企業時，我們處理了長峽谷形式的具有挑戰性的資產以及作為這些合資企業合併的一部分而令人失望的事情。

And so we don't -- some people are still dragging assets with them after big premium transactions. We don't have that problem. So Dan, I can't see, no, that's my answer. Right now, we've got really fantastic world class assets as I said in my presentation. A reference point is just look at what BHPs suggested they could pay for Anglo American's copper assets. Arguably, there's a bit of other stuff with it, but it's still a big tag and we've got it organically. So that's our focus. And we've got our growth that's in Nevada and surrounds the rest of our portfolio, particularly PV. And then it's the exploration group that's starting to present significant footholds in the major gold copper regions of the world. And we believe that's the future of Barrick right now.

所以我們不這樣做——有些人在進行大額溢價交易後仍然拖著資產。我們沒有這個問題。所以丹，我看不到，不，這就是我的答案。正如我在演講中所說，現在我們擁有非常出色的世界級資產。一個參考點就是看看必和必拓建議他們可以為英美資源集團的銅資產支付的費用。可以說，它還有一些其他的東西，但它仍然是一個大標籤，我們有機地得到了它。這就是我們的重點。我們在內華達州實現了成長，並圍繞著我們的其他投資組合，特別是光伏業務。然後，勘探集團開始在世界主要金銅礦區取得重要立足點。我們相信這就是巴里克現在的未來。

And then just one other, if I may. It looks like in Reko Diq, there's a deal approaching on the other side of the 50%. Does that impact your funding and kind of how you're looking at financing the project?

如果可以的話，然後再講另一個。看起來在 Reko Diq，50% 的另一邊有一筆交易正在逼近。這是否會影響您的資金以及您為該專案融資的方式？

No, not at all.

一點都不。

The next question comes from Tanya Jakusconek with Scotiabank.

下一個問題來自豐業銀行的 Tanya Jakusconek。

Mark, can I just ask about the elections in the Dominican Republic, given everything at the high gold price and everything else going on in the world? How are those going? Are there any thing we should know about with respect to changes in royalties, taxation, anything else that would impact Pueblo Viejo?

馬克，考慮到金價高企以及世界上正在發生的一切，我可以問一下多明尼加共和國的選舉嗎？那些進展如何？關於特許權使用費、稅收或其他任何會影響普韋布洛維耶霍的事情的變化，我們是否應該了解任何事情？

Every indication at the moment is that the President -- the current President will be -- he will have a second term. When he was elected he wasn't expecting COVID. As a leader goes, he probably managed that crisis better than any leader in any country that we have investments in. He's steered a very good ship. He's dealt with some of the challenges and he's had the next door neighbor challenge on top of that. That's been a challenge, but I mean, we're not expecting the opinion polls that at least indicate that he's more than likely to be the successful candidate. If he is -- he's shown and highlighted the importance of investment in that economy and I don't believe, there's going to be -- well there's certainly not going to be any aggressive engagement with the private sector. I think there's going to be real focus to it to build it, the private sector going forward.

目前的一切跡像都表明，總統——現任總統——將獲得第二個任期。當他當選時，他並沒有預料到會出現新冠病毒。作為一名領導人，他可能比我們投資的任何國家的任何領導人都更好地處理了這場危機。他已經解決了一些挑戰，除此之外，他還面臨隔壁鄰居的挑戰。這是一個挑戰，但我的意思是，我們並不期望民意調查至少表明他很有可能成為成功的候選人。如果他是——他已經展示並強調了投資對經濟的重要性，我不相信，那麼肯定不會有任何與私營部門的積極接觸。我認為未來將真正關注私部門的建設。

If I could ask another question just from the actually maybe Graham would be best to answer this one. Graham, just on that remind me in Chile with Pascua-Lama, the 430 million if we don't have that mine up and running and paying by 2026, we have to pay it back. Can you remind me what you can do to push that out? Any work that you're doing on Pascua-Lama now and I know you discussed in EA. Is that -- would that be work that can help push this out? Just remind me, I forget how the procedure goes there?

如果我能從實際出發問另一個問題，也許格雷厄姆最好回答這個問題。格雷厄姆，剛才提醒我在智利的帕斯卡-拉馬，如果我們沒有在 2026 年之前啟動並運行該礦並支付 4.3 億美元，我們就必須償還。你能提醒我你可以做些什麼來推動它嗎？我知道你現在在《Pascua-Lama》上所做的任何工作都在 EA 中討論過。那是不是可以幫助推動這個議題的工作？請提醒我，我忘記了那裡的程序是如何進行的？

Tanya this really two aspects to this. The first is obviously that date has previously been pushed out from its original date, so that can always be negotiated. But more importantly, actually, when we installed the electricity line from Chile across, we actually started exporting power. And that, for us, is important because it helps us with that VAT refund because it effectively meets the requirements for production in a sense. That has actually really sort of dissipated the risk associated with that claim.

坦妮亞這確實有兩個面向。第一個顯然是該日期之前已從原來的日期推遲，因此始終可以協商。但更重要的是，實際上，當我們從智利安裝了電力線路時，我們實際上就開始輸出電力。這對我們來說很重要，因為它可以幫助我們退稅，因為它在某種意義上有效地滿足了生產要求。這實際上確實消除了與該主張相關的風險。

My final question for my thoughts to understand and thank you, Mark for the details on how the assets are going to perform for 2024. But, can I assume that we have a similar division between first half and second half of last year so that 45% from the first half production and 55% from second with a strong Q4. Is that a way I should think about your production profile?

我的最後一個問題是為了讓我理解並感謝您，馬克，請提供有關 2024 年資產表現的詳細信息。上半年產量佔%，下半年產量佔55%，第四季表現強勁。我應該這樣考慮你的生產資料嗎？

Yes, Tanya. That's a pretty good read on it. Maybe it's 46/54 or something like that but it's there or thereabouts. It's definitely, as we've said in our guidance, it's going to be increasing production through the year, strong finish to the year. Yes, that's a fair read.

是的，塔妮亞。這是一本很好的讀物。也許是 46/54 或類似的東西，但它就在那裡或附近。正如我們在指導中所說，毫無疑問，今年的產量將會增加，今年的收官將會很強勁。是的，這是一個公平的閱讀。

Copper as well?

銅也可以嗎？

Copper is a little more second half weighted relative to the gold.

相對於黃金，銅的下半年權重稍高。

And then lastly, sorry one more. Just some companies are seeing inflation pressures come back and steel and cyanide, labor seems to have widened down. Is that what you're seeing as well? I'm just trying to understand what you're seeing in parts of the world you operate?

最後，再次抱歉。只是一些公司看到通膨壓力捲土重來，鋼鐵和氰化物、勞動力似乎已經擴大。這也是你所看到的嗎？我只是想了解您在您經營的世界各地所看到的情況？

That's relatively consistent. I wouldn't say we are seeing any continuing inflation. It's more a case of some of those key commodities like you mentioned, the steel balls, cyanide, explosives where we've been trying to wrestle those prices back down to 2021 prices. So in a lot of other areas, we are back down to 2021 prices, but there are a few of those that have remained sticky and we need to bring them down. It's not necessarily across the whole group, tends to be more regional. So North America, we have more pressure than we do in other parts of the business. And then as you say, labor is not the same pressure that there was a year or two ago.

這是比較一致的。我不會說我們會看到任何持續的通貨膨脹。這更多的是像你提到的一些關鍵商品的情況，例如鋼球、氰化物、炸藥，我們一直在努力將這些價格回落到 2021 年的價格。因此，在許多其他領域，我們都回到了 2021 年的價格，但其中一些價格仍然保持黏性，我們需要將其降低。它不一定遍及整個群體，往往更具區域性。因此，在北美，我們比其他業務部門面臨更大的壓力。正如你所說，勞動力的壓力與一兩年前不同。

Thank you so much. I'll leave it to someone else to ask but appreciate you taking my question.

太感謝了。我會將其留給其他人來詢問，但感謝您提出我的問題。

I think just one thing on the labor in North America is, as you know, we've invested heavily in improving the skills of our workforce in Nevada, and we're starting to see those signs. And so the opportunity is to lift the -- it's an expensive commodity, absolutely critical asset and our approach is which and the team's done exceptionally well in driving, the skill base so that we can improve the efficiencies and offset the cost. And so that's been our focus over the last couple of years.

我認為關於北美勞動力的一件事是，如您所知，我們投入了大量資金來提高內華達州勞動力的技能，我們開始看到這些跡象。因此，機會是提升——這是一種昂貴的商品，絕對重要的資產，我們的方法是，團隊在駕駛和技能基礎方面做得非常好，這樣我們就可以提高效率並抵消成本。所以這是我們過去幾年的重點。

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

下一個問題來自 CIBC 全球市場的 Anita Soni。

So a few questions mostly following on what Tanya was asking. So firstly, Lumwana, why did the grades that were processed so much lower than what was mined? Are you pulling from stockpiles and when will that end?

所以有幾個問題主要是圍繞著塔妮亞的問題提出的。首先，Lumwana，為什麼加工的品位比開採的品位低這麼多？您是否正在從庫存中撤出庫存，這種情況何時結束？

I'll let Simon answer.

我會讓西蒙回答。

No, it's just a function of where we are in the pit. We're just outside the high grade shoots and so with the stripping at the moment we'll open up the higher grade later in the year.

不，這只是我們所處位置的函數。我們就在高等級芽的外面，所以隨著目前的剝離，我們將在今年晚些時候開放更高等級的芽。

Yes, I guess the question was why not feed that directly for the mill? I thought the mine grades were much higher than the process grid grade.

是的，我想問題是為什麼不直接將其餵入工廠？我認為礦山品位比工藝網格品位高得多。

No, I think the second just to comment the second half of the grade to Simon's point because of the schedule of mining does lift up. And remember, we are building the base for a big expansion and so we don't want to end up sort of diving down on the ore body. We need to manage this as a long-term investment. And we'll manage that as we go and including growing some of our stockpiles. But that's what it is. It's going to be a back weighted year in Lumwana particularly and that's what drives the point that Graham pointed out is the Lumwana much stronger back half of the year in the copper side of our business.

不，我認為第二個只是為了評論西蒙的觀點的後半部分，因為採礦時間表確實有所提升。請記住，我們正在為大規模擴張建造基地，因此我們不想最終陷入礦體。我們需要將其作為長期投資來管理。我們將邊做邊管理，包括增加一些庫存。但事實就是如此。今年將是盧姆瓦納 (Lumwana) 的反向加權年，格雷厄姆指出，今年下半年盧姆瓦納 (Lumwana) 在我們業務的銅方面表現強勁。

So then moving to PV, I need to get some disclosure around the about the tonnes that would be expected over the course of the year. Can you give a little bit of color on what kind of grades, is it pretty steady grades at 2.3 gram or will that rise or fall over the course of the year?

因此，接下來轉向光伏，我需要披露一些有關今年預計產量的資訊。您能透露一下什麼樣的等級嗎？

Yes, we've got, again the second half of the year and this is, so the average grade for the year is about just over 2.4. It puts it in perspective.

是的，我們又到了下半年，所以今年的平均成績大約是 2.4 多一點。它把它放在了正確的位置。

And then another very detailed question, at Turquoise Ridge you mentioned the backfill situation, is that and how long will that take to put right? I mean, it's obviously impacting the mining costs, underground mining costs and I'm reading through maybe the autoclave process costs as well. But, I'm just wondering when those unit costs will start to trend down.

然後是另一個非常詳細的問題，在綠松石嶺，您提到了回填情況，是這樣的嗎？我的意思是，這顯然會影響採礦成本、地下採礦成本，我正在閱讀也許高壓釜製程成本。但是，我只是想知道這些單位成本什麼時候會開始下降。

We expect to be back up at plan at the rolling plan at the end of quarter three. But we're working. Now we're ahead of the plan as far as backfill goes catching up and we will get close but not quite on budget by the middle of the year but quarter three will take us to that point.

我們預計在第三季末滾動計劃將恢復原計劃。但我們正在工作。現在，就回填進度而言，我們已經領先於計劃，到今年年中我們將接近計劃，但還沒有完全達到預算，但第三季將讓我們達到這一目標。

And then lastly a similar question on Carlin, what can we expect in terms of sort of a grade increases over the course of the year? I think that's another one where you said your grades were low in the first quarter and will rebound over the course of the year?

最後還有一個關於卡林的類似問題，我們對這一年的成績成長有何預期？我認為這也是您所說的第一季成績較低並且會在一年中反彈的另一個例子？

Grades are going to be a little lower and so they are low in the first quarter and I'll take you to this. We're looking at a grade around 4.3 for the year. But it goes -- again this is a very big mine. Next quarter will be better grades and then I think the following quarters again good grade and then we have a back to sort of 4 grams on the quarter four. It's a little bit bumpy, but on average, there's 10,000 ounces to 20,000 ounces different between H1 and H2. With Carlin's a big beast, you try and keep it as close to the running average as you can and that's what it looks like on the profile.

成績會有點低，所以第一季的成績很低，我會帶你去看看。我們預計今年的成績約為 4.3。但事實是──這又是一個非常大的礦井。下個季度將會有更好的成績，然後我認為接下來的幾季會再次取得好成績，然後我們將在第四季度恢復到 4 克。雖然有點坎坷，但平均而言，H1 和 H2 之間存在 10,000 盎司到 20,000 盎司的差異。卡林是一頭大野獸，你要盡力讓它接近運行平均值，這就是它在個人資料上的樣子。

All right. And then last and final question, any other mill maintenance shutdowns that we should be aware of over the course of the year?

好的。最後一個也是最後一個問題，我們在這一年應該注意的其他工廠維護停工？

Yes. We got the big shutdown with the Gold Quarry roaster in July, which is -- we tie in the expansion. And so post that, we will ramp up and we're forecasting this year for that back end of the year. The last half and one quarter will be up at around somewhere between 15% and 20% higher throughput in Gold Quarry roaster, depending how quickly we ramp it up. And that's a big shutdown. We are upgrading the converter, we're doing a whole lot of extra stuff that's really been impacting our efficiencies there and we expect to bring the cost down substantially on the back of that expansion, both because we got more throughput, but more importantly because we've actually addressed some of the challenges within the ancillary equipment in that roster.

是的。 7 月份，我們的 Gold Quarry 烘焙機大規模停產，這就是——我們配合擴張。因此，發布後，我們將加大力度，並預測今年年底的情況。後半個季度，Gold Quarry 烘焙機的吞吐量將增加 15% 至 20% 左右，具體取決於我們提高速度的速度。這是一次大規模的停工。我們正在升級轉換器，我們正在做很多額外的事情，這些事情確實影響了我們的效率，我們希望在擴展的支援下大幅降低成本，這既是因為我們獲得了更多的吞吐量，但更重要的是因為我們實際上已經解決了該名冊中輔助設備中的一些挑戰。

The next question comes from Josh Rales with RFI Associates.

下一個問題來自 RFI Associates 的 Josh Rales。

I was wondering if you could comment on the Donlin deposit in the Alaska. I heard a presentation by Thomas Kaplan talking about the very high grades there and it's just an amazing resource and assets and you haven't really said much about that and does the higher gold price accelerate that potential in your mine. And then the second quick question is you mentioned that you think Barrick is the cheapest gold most undervalued gold company in the world, and I was wondering if you could point to a metric or two that you look at to reach that conclusion that you could share with us?

我想知道您是否可以對阿拉斯加的唐林礦床發表評論。我聽到托馬斯·卡普蘭(Thomas Kaplan) 的演講，談到那裡的品味非常高，這是一種令人驚嘆的資源和資產，但您並沒有真正談論這一點，以及更高的金價是否會加速您礦山的潛力。然後第二個問題是你提到你認為巴里克是世界上最便宜的黃金最被低估的黃金公司，我想知道你是否可以指出一個或兩個你所觀察的指標來得出你可以分享的結論和我們？

Yes, sure. So if you look at consensus on NAV multiples were under one time. So depending on who you follow, it's around, it's anywhere between 0.89 and 0.93 times NAV. And of course as the gold price goes above the consensus prices as with the copper and the copper is the real driver as well is that discount expands.So that's an easy answer. On Donlin, we've always recognized it as Tom does, a very large resource. It is refractory, so it's a call in a very geographically challenged area, not geopolitical, but geographical. So it's a Carlin deposit at 2.4 somewhere around there grams a tonne. So infrastructure is the challenge and getting it to deliver a return that meets our investment criteria has been our focus and we've been working hand in glove with the NOVAGOLD team, really trying to sweat every line item in the capital schedule.

是的，當然。因此，如果你看看對資產淨值的共識，倍數低於一倍。因此，根據您關注的人，它大約是資產淨值的 0.89 到 0.93 倍之間。當然，隨著金價與銅一樣高於共識價格，銅也是折扣擴大的真正驅動力。在唐林上，我們一直像湯姆一樣認識到它是一個非常大的資源。它是難以控制的，所以這是在地理上非常困難的地區發出的呼籲，不是地緣政治，而是地理。所以卡林礦床的價格約為每噸 2.4 克。因此，基礎設施是一項挑戰，而讓它提供符合我們投資標準的回報一直是我們的重點，我們一直與 NOVAGOLD 團隊密切合作，真正努力做好資本計畫中的每一個項目。

And your final note, of course, rising gold prices float these types of boats. And there will be a time when NOVAGOLD would be an investment. So that's our view. It's an inventory. It's part of our global inventory. It's a valuable asset in our inventory and so you know and we've never said anything otherwise. Do you want to say something, Graham?

當然，最後要注意的是，金價上漲使這些類型的船漂浮起來。總有一天 NOVAGOLD 會成為一項投資。這就是我們的觀點。這是一個庫存。它是我們全球庫存的一部分。這是我們庫存中的寶貴資產，所以您知道，我們從未說過任何其他話。你想說些什麼嗎，葛拉漢？

No, you said NOVAGOLD, but you meant Donlin.

不，你說的是 NOVAGOLD，但你指的是 Donlin。

I mean, Donlin. Yes, but NOVAGOLD is the other part of Donlin.

我是說，唐林。是的，但 NOVAGOLD 是 Donlin 的另一部分。

Yes, absolutely. But you were referring to Donlin. It will be developed.

是的，一點沒錯。但你指的是唐林。將會被開發出來。

It will be developed, yes.

它將被開發，是的。

And it is a valuable asset.

這是一筆寶貴的資產。

But not anytime soon, this is way out in the future.

但短期內不會，這是未來的出路。

You try and predict the gold price. If the gold price is up 15, it's up 30, nearly 30, in the last 18 months. So, yes.

您嘗試預測黃金價格。如果金價上漲了 15，那麼在過去 18 個月裡它就上漲了 30，接近 30。所以，是的。

Does it work at these levels if it stays if the gold price stays here?

如果金價保持在這個水平，它會在這些水平上發揮作用嗎？

I think it's starting to get closer.

我認為它開始越來越近了。

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。

In a similar vein, you have three or four potential projects in Chile and copper has rebounded along with gold as well as in Alaska as well as the Fourmile and Dorothy and other extensions at Cortez and Nevada Gold JV. As you evaluate these projects, do you assume that industry cost will rise half as much as the gold and copper prices? Or will you estimate that three quarters of the incremental revenue comes home to the project or how do you evaluate these economics and the rising gold and copper price climate, Mark?

同樣，智利有三到四個潛在項目，銅價與黃金一起反彈，阿拉斯加、Fourmile 和 Dorothy 以及 Cortez 和內華達州黃金合資公司的其他延伸項目也是如此。當您評估這些項目時，您是否認為產業成本的上漲幅度將是金價和銅價的一半？或者你會估計增量收入的四分之三都來自該項目，或者你如何評估這些經濟狀況以及金價和銅價上漲的環境，馬克？

John, let me answer that in sort of presenting a scenario. Go back to 2020 -- 2008, 2006 with the run up in the gold price from $450 it was in 2005 to about $1,000 in 2009 and $1,800 in 2011. And if you recall, very similar to the last 24 months, you've seen, where the market has done some big deals on a rapidly rising gold price and paid significant premium. That's what happened then. The difference was everyone did it because there were more majors than there are today. And then the gold price came off, and there was inflation from 2005, from the time that China joined the global economy, it drove that inflation, the oil price went up, everything went up. But the commodity prices routinely outperformed. It wasn't like we've seen now where we had inflation, without the rising gold price and a big fill up, as we've witnessed over the last 18 months.

約翰，讓我用一個場景來回答這個問題。回到2020 年——2008 年、2006 年，金價從2005 年的450 美元上漲到2009 年的約1,000 美元和2011 年的1,800 美元。到，市場在金價快速上漲的情況下完成了一些大宗交易，並支付了可觀的溢價。這就是當時發生的事情。不同的是，每個人都這麼做了，因為當時的專業比現在更多。然後金價下跌，從2005年開始出現通貨膨脹，從中國加入全球經濟開始，它推動了通貨膨脹，油價上漲，一切都上漲。但大宗商品價格通常跑贏大盤。過去 18 個月我們所目睹的情況並不像我們現在看到的那樣，在沒有金價上漲和大量填滿的情況下出現通貨膨脹。

The question is, and sure, that marginality that you can make money on the margin is a real, has always traditionally been an attraction in the gold industry. But you are the expert. The problem with the mining industry has taken that margin with the gold price to keep its shareholders believing that they're adding reserves, but they haven't really. That's a challenge for our industry. It's an equal challenge for the copper industry. And so what we have worked to position Barrick as a contrarian to that approach and that we've focused in on the right assets, we've invested in them and we've made sure that we've replaced the gold. We've mined with the same quality reserve. We do have that marginal flexibility, because of our discipline on the $1,300 gold.

問題是，可以肯定的是，你可以透過保證金賺錢的邊際性是真實存在的，傳統上一直是黃金產業的吸引力。但你是專家。採礦業的問題已經影響了金價的利潤，讓股東相信他們正在增加儲備，但事實並非如此。這對我們的行業來說是一個挑戰。對銅工業來說，這也是一個同樣的挑戰。因此，我們努力將巴里克定位為這種方法的逆向投資者，我們專注於正確的資產，我們對它們進行了投資，並確保我們已經取代了黃金。我們以相同的品質儲備進行開採。由於我們對 1,300 美元黃金的嚴格控制，我們確實具有邊際靈活性。

So if you take some of our assets, not all of them because a lot of them are constrained geologically within the 1,300 envelope, but there are some that have lower grade halos around the 1,300 envelope. We take that. When there's a high gold price, we'll take that because it comes in at a very similar margin because of the infrastructure. If you have got a $1,000 margin and you're developing the infrastructure on a $1,300 model, you can take marginal in our definition, not in anyone else's, gold on that basis and it's good business. So we do that. We've done it. We did it back in 2011. We pushed back the Loulo pit and took a whole pile of high-grade low recovery ore and it was -- and we could do that.

因此，如果您選擇我們的一些資產，則不是全部，因為其中許多資產在地質上受到 1,300 範圍內的限制，但也有一些資產在 1,300 範圍內具有較低品位的光環。我們接受這一點。當金價很高時，我們會接受它，因為由於基礎設施的原因，它的利潤率非常相似。如果你有1,000 美元的利潤，並且正在以1,300 美元的模型開發基礎設施，那麼你可以在我們的定義中獲取邊際，而不是在其他任何人的定義中，在此基礎上獲取黃金，這是一筆好生意。所以我們就這麼做了。我們已經做到了。我們早在 2011 年就做到了。

So we do that and Donlin is a very different asset to Fourmile. Fourmile is a Tier 1 world-class opportunity and it will make money in any gold price you can forecast realistically. It's a matter of banking it, which we do again diligently. We're not going to take a risk on that. On the Chile side, the copper prices certainly helped on Zaldivar. The Veladero mine is I think we fixed that rather than got saved by the gold price. It's a gold mine, it's not a copper mine. Pascua-Lama, we are working on a preliminary economic model for Pascua. It's also really it's a gold and silver mine of which there's a big silver stream as you know. But we don't hedge, so we would have to see, we'd have to be comfortable and we set our reserve gold price based on input costs. We don't set it against the spot gold price. We'll exploit, if it makes sense, John, we'll exploit a high gold price in our mining plans, but we won't change our reserves on that basis.

所以我們就這麼做了，Donlin 是一個與 Fourmile 截然不同的資產。 Fourmile 是一個一級世界級的機會，它可以在您可以實際預測的任何黃金價格上賺錢。這是一個將其存入銀行的問題，我們再次努力做到這一點。我們不會為此冒險。在智利方面，銅價無疑對扎爾迪瓦爾有利。我認為我們解決了貝拉德羅礦的問題，而不是被金價拯救了。這是金礦，不是銅礦。帕斯卡-拉馬，我們正在為帕斯卡製定初步的經濟模型。如你所知，它實際上也是一個金銀礦，其中有一條大銀流。但我們不進行對沖，所以我們必須看看，我們必須感到舒適，我們根據投入成本設定儲備黃金價格。我們不會根據現貨黃金價格來設定它。約翰，如果有意義的話，我們將利用我們的採礦計劃中的高金價，但我們不會在此基礎上改變我們的儲備。

So for us, the opportunities for us are the expansion in Loulo, the whole Carlin, the expansion in Turquoise Ridge, the Goldrush ramp up which is already there. There is an expansion opportunity more complex than Fourmile. We've got some very exciting upside in Kibali and Loulo-Gounkoto. PV is about delivering 20 years, so any further additions is last rather than profile. And it's a 800 to a 1 million ounce producer. And then the real excitement is some of our copper plays in our new jurisdictions. And as we go through this year, I'm confident we'll be able to share more with you as we grow it. We're still consolidating some of the titles in those areas. And then of course the gold play and our very solid relationships in Zambia and DRC offer us significant opportunities again which we are cautiously optimistic we're going to grow those positions. I hope that answers your question.

因此，對我們來說，我們的機會是在 Loulo 的擴張，整個 Carlin，在 Turquoise Ridge 的擴張，以及已經存在的 Goldrush 斜坡。有一個比 Fourmile 更複雜的擴張機會。我們在基巴利和盧洛-貢科託有一些非常令人興奮的優勢。 PV 大約要交付 20 年，因此任何進一步的添加都是最後的而不是配置文件。這是一個 8 至 100 萬盎司的生產商。真正令人興奮的是我們在新司法管轄區的一些銅礦開採活動。當我們度過今年時，我相信隨著我們的發展，我們將能夠與您分享更多。我們仍在整合這些領域的一些頭銜。當然，黃金市場以及我們在尚比亞和剛果民主共和國的牢固關係再次為我們提供了重要的機會，我們對擴大這些頭寸持謹慎樂觀的態度。我希望這能回答你的問題。

Some of your projects have been in hand over 10 years and they're rigorously analyzed and engineered by Barrick. If, for example, Fourmile is at the head of the pack or something else is at the head of the pack and there's other companies that don't have enough projects, they're willing to pay premiums, would you let somebody pay you a premium and buy one of your projects from you and pay you a $1 billion or more?

您的一些項目已經進行了 10 年以上，並且經過 Barrick 的嚴格分析和設計。例如，如果 Fourmile 處於領先地位，或者其他公司處於領先地位，而其他公司沒有足夠的項目，他們願意支付溢價，那麼您會讓別人向您支付費用嗎？向您支付10 億美元或更多？

So we would be very happy to sell somebody, an asset if they're going to pay us more than we think it's worth. But our business fundamentally is mining. As you see, if you take Loulo, we started at million ounces. It's now got, what Simon, 7 million of reserves still today after more than 10 years of mining or 2005, so that's 15 -- 22 years of mining. When you are in these Tier 1 jurisdictions with these big assets, they last for a long time and we're in that. Nevada is an exciting place. When you find assets in Nevada like Fourmile, they are massive assets. We're not in this game for the short-term. It's a long game and it's been good for our shareholders over time. I think if you look at the Randgold shareholders, they've done very well out of this deal. If you look at the Barrick shareholders, we've still got some work to do to deliver them value, those that are still in from back in 2018. But we are building a great company with capable of delivering value and we've paid a lot of dividends out and other capital returns to our shareholders already while we fix the business.

因此，如果他們願意向我們支付高於我們認為其價值的價格，我們會非常樂意出售某人或一項資產。但我們的業務本質上是採礦。正如你所看到的，如果你以 Loulo 為例，我們的起始產量為 100 萬盎司。西蒙，經過 10 多年的開採（即 2005 年），現在仍有 700 萬儲量，所以這是 15 - 22 年的開採。當您在這些擁有這些大型資產的一級司法管轄區時，它們會持續很長時間，而我們也在其中。內華達州是一個令人興奮的地方。當你在內華達州找到像 Fourmile 這樣的資產時，它們都是巨大的資產。我們參與這場遊戲並不是短期的。這是一場漫長的遊戲，隨著時間的推移，這對我們的股東來說是有好處的。我認為如果你看看 Randgold 的股東，他們在這筆交易中做得很好。如果你看看巴里克股東，我們仍然有一些工作要做，為他們提供價值，那些從 2018 年開始就仍然存在的工作。我們修復業務時，大量股利和其他資本已經返還給我們的股東。

There are currently no more questions from the conference call.

目前電話會議中沒有更多問題。

Thank you very much everyone. Appreciate the questions and thank you again for those, who came to join us on a one-on-one basis. We're -- as you know always available to take questions. Going forward, we look forward to talking to you again. We are having an analyst visit into our Kibali and Tanzania mines starting on Monday. We will be releasing the presentations and that on the website. I urge you to follow the trip virtually and we're always available to help you out if you've got any questions. Thanks again.

非常感謝大家。感謝您提出的問題，並再次感謝那些前來參加我們一對一交流的人們。如您所知，我們隨時可以回答問題。展望未來，我們期待再次與您交談。我們將於週一開始對我們的基巴利和坦尚尼亞礦山進行分析師訪問。我們將在網站上發布簡報。我強烈建議您以虛擬方式追蹤這次旅行，如果您有任何疑問，我們隨時可以為您提供協助。再次感謝。

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

今天的活動到此結束。如果您還有其他問題，請聯絡巴里克投資者關係部門。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。