巴里克黃金 (GOLD) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the event operator, welcome to Barrick's results presentation for the second quarter of 2024. (Operator Instructions) As a reminder, this event is being recorded and a replay will be available on Barrick's website later today, August 12, 2024.

女士們先生們，謝謝你們的支持。我是活動運營商，歡迎來到巴里克2024 年第二季度的業績演示。在巴里克網站上提供重播。

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

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

Thank you very much and very good morning and good afternoon, to those here at Barrick corporate office and across the globe. Welcome to the quarter two, results presentation. So at the halfway mark of 2024, it's gratifying to report that our performance has been picking up as we work to meet our production guidance for the year. As important as our operations is the progress we are making in advancing our major growth projects.

非常感謝巴里克公司辦公室和全球各地的人們，早上好，下午好。歡迎來到第二季的業績展示。因此，在 2024 年已過半時，我們很高興地報告說，隨著我們努力實現今年的生產指導，我們的業績一直在回升。與我們的營運同樣重要的是我們在推動主要成長項目方面所取得的進展。

As I'll show you during this presentation, a new potential Tier One gold mine, 100% owned by Barrick is taking shape in Nevada. Our copper business is on track for a transformation -- transformative expansion and enlarge and upgraded Pueblo Viejo is getting into its stride. For a new 20-year stretch as a world class producer.

正如我將在本次演講中向您展示的那樣，巴里克 100% 擁有的一個新的潛在一級金礦正在內華達州形成。我們的銅業務正步入轉型之路—轉型擴張、擴大和升級普韋布洛維耶霍正在大步前進。邁向新的 20 年世界級生產商之路。

These mines will be delivering new gold and copper into the market at a highly opportune time, demonstrating the value of Barrick's long-term planning and investment strategy as well as the enormous upside optionality embedded in our asset base. This is the customary cautionary notice regarding forward-looking information and for those who wants to study it further, you'll find it in full on our website.

這些礦場將在一個非常好的時機向市場提供新的黃金和銅，展示了巴里克長期規劃和投資策略的價值以及我們資產基礎中蘊含的巨大上行選擇權。這是有關前瞻性資訊的慣例警告通知，對於想要進一步研究它的人，您可以在我們的網站上找到完整的內容。

Starting with the group highlights. The safety, financial and operational results for the past quarter, all point to the right direction, reflecting a business that is delivering across the Board. Rising production and increasing margins provide the foundation for a strong second half, while the financials all go well for our ability to fund our growth and sort of sustained delivery of value to our shareholders.

從小組亮點開始。上一季的安全、財務和營運績效都指向正確的方向，反映出業務正在全面交付。產量的增加和利潤的增加為下半年的強勁成長奠定了基礎，而財務狀況一切順利，我們有能力為我們的成長提供資金，並為股東持續提供價值。

Here is a closer look at the financials, particularly significant are the increase in attributable EBITDA margin to 48% and a substantial free cash flow growth gold margins were up 39% quarter-on-quarter, while copper margins rose by 124%.

以下是對財務數據的仔細觀察，特別顯著的是應得 EBITDA 利潤率增長至 48%，自由現金流大幅增長，黃金利潤率環比增長 39%，而銅利潤率增長 124%。

Adjusted net earnings per share were 68% higher quarter-on-quarter and debt net of cash was reduced by 12%, and the share buyback program was restarted and the quarterly dividend and maintain that $0.10 per share.

調整後每股淨利季增68%，扣除現金的負債減少12%，股票回購計畫重新啟動，季股利維持每股0.10美元。

Operationally, gold production increased slightly quarter-on-quarter, slightly higher costs were a function of higher royalties, but for all intents and purposes, the costs were flat. And the drivers of the costs were really is set with PV as we ramp it up and then the pushbacks in Carlin and Cortez. Copper production increased with costs falling, thanks to a higher grades and mining fleet upgrades and looking ahead we expect materially higher production from PV, Turquoise Ridge and Lumwana into the second half of the year.

從營運角度來看，黃金產量較上季略有成長，成本略有上升是特許權使用費增加的結果，但從所有意圖和目的來看，成本持平。成本的驅動因素實際上是由光伏發電決定的，因為我們增加了光伏發電的力度，然後是卡林和科爾特斯的阻力。由於品位提高和採礦隊升級，銅產量增加，成本下降，展望未來，我們預計下半年光伏、Turquoise Ridge 和 Lumwana 的產量將大幅增加。

If you look at our detailed health and safety report, it's very pleasing to show you how the performance continues to trend positively as we pursue our Zero Harm goal, our approach to sustainability has always been holistic and embedded in our business.

如果您查看我們詳細的健康和安全報告，您會很高興地向您展示，在我們追求零傷害目標的過程中，業績如何繼續呈積極趨勢，我們的可持續發展方法始終是全面的，並融入到我們的業務。

It is a differentiated approach focused on the long term and the understanding that all environmental and social aspects are interconnected and integrated. Our approach is always based on science and it needs to be measurable. This is why we developed the industry first sustainability scorecard to track and disclose our sustainability performance.

這是一種著眼於長期的差異化方法，並認識到所有環境和社會方面都是相互關聯和整合的。我們的方法始終基於科學，並且需要可測量。這就是為什麼我們開發了業界第一個永續發展記分卡來追蹤和揭露我們的永續發展績效。

We also link our targets and report to the UN Global Compact and the UN Sustainable Development Goals or SDGs, which itself calls for an approach to sustainability that resonates with our strategy. And that is why we have developed and launched our own comprehensive biodiversity assessment tool during the past quarter.

我們也將我們的目標和報告與聯合國全球契約和聯合國永續發展目標或永續發展目標連結起來，這些目標本身就要求採取與我們的策略一致的永續發展方法。這就是為什麼我們在上個季度開發並推出了自己的綜合生物多樣性評估工具。

It is designed to measure our impacts on nature and inform actionable conservation strategies and in time to come targets to measure against while maintaining a human focused lens for the development of our host communities and our goal to alleviate poverty.

它旨在衡量我們對自然的影響，並為可行的保護策略和及時制定的衡量目標提供信息，同時保持以人為本的視角，促進我們所在社區的發展和我們的減貧目標。

Integrated approach extends to our climate change strategy and the addition of 200 megawatts of renewable solar energy at the TS power plant in Nevada is another contributor. So we start the operational review as usual in North America. Where in Nevada Gold Mines, host three of our Tier One mines with another in the making at the adjacent 100% Barrick owned Fourmile project.

綜合方法延伸到我們的氣候變遷策略，內華達州 TS 發電廠增加 200 兆瓦的再生太陽能是另一個貢獻者。因此，我們像往常一樣在北美開始營運審查。在內華達金礦，我們有三個一級礦山，另一個礦山位於鄰近的巴里克 100% 擁有的 Fourmile 專案中。

Fourmile is a particularly exciting prospect. The more we learn about it, the more it looks like it could be the largest undeveloped high-grade gold deposit in the world today, directly adjacent to Nevada Gold Mines existing infrastructure, in one of the world's best mining jurisdictions.

四英里是一個特別令人興奮的前景。我們對它了解得越多，就越覺得它可能是當今世界上最大的未開發高品位金礦，緊鄰內華達金礦現有基礎設施，位於世界上最好的採礦管轄區之一。

Following the completion of the Sage autoclave maintenance shutdown in the first quarter, Turquoise Ridge increased in production by 16% while Carlin focused on underground development to improve its operational flexibility to offset the Gold Quarry pit redesign following the pit wall failure in Q1 and Goldrush continued to ramp-up at Cortez.

第一季完成Sage 高壓釜維護停工後，Turquoise Ridge 的產量增加了16%，而Carlin 則專注於地下開發，以提高其營運靈活性，以抵消第一季度礦坑牆故障後金礦礦坑的重新設計和Goldrush 繼續進行的影響在科爾特斯加速。

With that, let's look at -- take a closer look at Fourmile, which is adjacent to the gold rush, but as I said, in the previous slide is 100% own Barrick. I'm going to pause here, so that you can digest very significant intersections by the 10 diamond core drill rigs currently on site.

有了這個，讓我們仔細看看 Fourmile，它毗鄰淘金熱，但正如我所說，在上一張幻燈片中，巴里克 100% 擁有。我將在這裡暫停，以便您可以了解現場當前 10 台鑽石岩心鑽機的非常重要的交叉點。

If you look at these drill rigs, drill intersections, they really remind one of yesterday the gold strikes, the Carlin, the big discoveries and many are in the two ounce per ton category. Really Fourmile reminds me of those company making call in deposits of the past, a world-class project in every sense.

如果你看看這些鑽孔機、鑽探交叉點，它們真的會讓你想起昨天的金礦開採、卡林礦、重大發現，而且許多都屬於每噸兩盎司類別。真正的Fourmile讓我想起了過去那些催收存款的公司，從任何意義上來說都是世界一流的專案。

As we shared with you last quarter, we're planning to have an updated mineral resource towards end of the year, when we'll make a decision about the pre-feasibility options. But as I said, this is really one of those assets, that geologist dream about.

正如我們上季度與您分享的那樣，我們計劃在年底前更新礦產資源，屆時我們將對預可行性方案做出決定。但正如我所說，這確實是地質學家夢想的資產之一。

In the fullness of time, I believe this asset has the potential to be as valuable to Barrick has our current stake in Nevada Gold Mines, and that's before our geologist far more of those call and elephants that I keep talking about. And that takes me to the 14 million ounce level project, which lagged Goldrush is developing into another major growth driver, with a pit potential to double or triple current reserves extending Collins last beyond 2045.

在時間成熟的情況下，我相信這項資產有潛力對巴里克擁有我們目前在內華達金礦的股份一樣有價值，而這比我們的地質學家更多的電話和我一直在談論的大象更有價值。這讓我想到了1400 萬盎司級別的項目，該項目落後於Goldrush，正在發展成為另一個主要增長動力，其潛在儲量將現有儲量增加一倍或三倍，將柯林斯的最後期限延長到2045 年之後。

And I think this is significant just to dwell a little bit further out. And when you look at what we're dealing with today, we did a number of trained transactions in 2019, 2020. We never paid a premium for any of them embedded in those transactions are these types of ore bodies. And what we're doing now is bringing them to the fore and working to get them into our production profile. And you'll see more of this as you go, but just to before I leave, North America and Nevada in particular. So we got gold rush driving Cortez complex. We've got the emerging label expansion driving Carlin.

我認為這一點對於稍微深入一點來說很重要。當你看看我們今天處理的事情時，我們在 2019 年、2020 年進行了許多訓練有素的交易。我們現在正在做的就是將它們帶到前台，並努力將它們納入我們的生產資料中。當你去的時候，你會看到更多這樣的事情，但就在我離開之前，特別是北美和內華達州。所以我們迎來了驅動科爾特斯綜合體的淘金熱。我們有新興品牌的擴張推動 Carlin。

And of course, Turquoise Ridge stands on its own has a higher cost, low -- high grade low cost producer. And really that is the future of Nevada. And then when you you see the sort of quality coming out of Fourmile, you've got to believe that there's more opportunities to make new discoveries in this region. And that's our focus.

當然，Turquoise Ridge 本身就有一家成本較高、低品位的低成本生產商。這確實是內華達州的未來。然後，當您看到四英里的品質時，您必須相信該地區有更多的機會進行新發現。這就是我們的重點。

So leaving the North America as we move down to Latin America and Asia Pacific region warehouse flagship growth projects at Pueblo Viejo, plant expansion and mine extension is up and running again. In Papua New Guinea, the recently restarted pulled reminders ramping up to commercial production while in Pakistan, the Reko Diq feasibility study is on track for completion this year.

因此，離開北美，我們前往拉丁美洲和亞太地區普韋布洛維耶霍的倉庫旗艦增長項目，工廠擴建和礦山擴建再次啟動並運行。在巴布亞紐幾內亞，最近重新啟動的拉提醒計畫正在加速商業化生產，而在巴基斯坦，雷科迪克可行性研究預計今年完成。

Work has already started on the construction of what we term early works infrastructure, while our recruitment drive focused on employees from the Balochistan province, which is at the very foundation of one on what we can build Reko Diq.

我們所說的早期工程基礎設施的建設工作已經開始，而我們的招募活動重點是來自俾路支省的員工，這是我們建造 Reko Diq 的基礎。

Just a reminder, and that's the Pueblo Viejo project is designed to increase annual production sustainably above 800,000 ounces for 20 plus years. After the failure of the conveyor infrastructure last year, it is now being rebuilt and the focus over the past three months has been on throughput. For the third quarter, attention is now on grinding flotation and recovery ramping to achieve design output parameters.

提醒一下，Pueblo Viejo 專案的目的是在 20 多年內將年產量可持續提高到 800,000 盎司以上。去年輸送機基礎設施發生故障後，目前正在重建，過去三個月的重點是吞吐量。第三季度，現在的注意力集中在磨礦浮選和回收率提升上，以實現設計輸出參數。

In the meantime, work on the new out on the roadshow tailing storage facility is advancing as planned. How you can see how the project has advanced over the past 12 months and the outlook for the remainder of the year.

同時，路演尾礦儲存設施的新建工作正在按計畫進行。您如何了解該專案在過去 12 個月中的進展以及今年剩餘時間的前景。

Now to Africa and Middle East region, which delivered its usual reliable performance with steady production and well contained costs. These are the highlights, and I'll tell you more about them as we go along. Another steady quarter for Loulo-Gounkoto, with cash costs well contained and all-in sustaining cost impacted by additional stripping for the yearly pit pushback. Positive results from ongoing brownfields exploration point to further life of mine extension opportunities.

現在非洲和中東地區展現了一貫的可靠性能、穩定的生產和良好的成本控制。這些是重點，我將在討論過程中向您介紹更多相關資訊。 Loulo-Gounkoto 又迎來了一個穩定的季度，現金成本得到了很好的控制，總體維持成本受到了年度礦坑推遲額外剝離的影響。正在進行的棕地勘探所取得的積極成果顯示了礦山延伸機會的進一步壽命。

And as we indicated last quarter, we continued to engage with the government of Mali on their desire to increase their benefits from the mining industry, while protecting our rights and the economic viability of the Loulo-Gounkoto complex going forward. In the north of the Loulo permit draw results from the Baboto targrt have identified a large-scale well endowed system with high-grade intercepts.

正如我們上季度所表示的那樣，我們繼續與馬利政府接觸，滿足他們增加採礦業收益的願望，同時保護我們的權利和 Loulo-Gunkoto 綜合體未來的經濟可行性。在 Loulo 的北部，Baboto targrt 的許可證抽籤結果已經確定了一個具有高品位攔截的大型資源豐富的系統。

This along with other near mine targets, augurs well for Loulo Gounkoto to again replace the gold mine this year. And across to the DLC, where Kibali picked up speed after a slow start to the year with waste stripping providing access to higher grade open pit ore.

這與其他鄰近礦區目標一起，預示著 Loulo Gounkoto 今年將再次取代金礦。到了 DLC，基巴利在今年開局緩慢後加快了速度，透過廢物剝離提供了更高品位的露天礦石。

Meanwhile, next year's planned commissioning of its solar power and battery storage facility will complement the minus three hydro power plants, increasing the renewable component of its energy use to 85%. And in fact, for six months of the year, we'll have 100% renewable energy driving our power delivery.

同時，計劃於明年投入使用的太陽能和電池儲存設施將補充負三座水力發電廠，將其能源使用中的再生能源部分提高到 85%。事實上，一年中的六個月，我們將使用 100% 再生能源來驅動我們的電力傳輸。

As at Loulo-Gounkoto brownfields exploration continues to deliver further potential for growth with high-grade results from the Agbarabo-Rhino-Kombokolo targets pointing to a significant deposit within just four kilometers of the plant.

與 Loulo-Gunkoto 棕地一樣，Agbarabo-Rhino-Kombokolo 目標的高品位結果表明，距工廠僅 4 公里範圍內就有大量礦床，勘探繼續帶來進一步的增長潛力。

The prolific KCD trend is also producing new opportunities for reserve additions. And therein lies the quality that what we know everyone is sort of created a definition of Tier 1 assets, but real Tier One assets come with enormous upside opportunity, as you see in Loulo-Gounkoto and Kibali and significantly in Nevada.

多產的 KCD 趨勢也​​為增加儲備創造了新的機會。其中，我們知道每個人都在某種程度上創建了一級資產的定義，但真正的一級資產具有巨大的上升機會，正如您在 Loulo-Gounkoto 和 Kibali 以及在內華達州看到的那樣。

In Tanzania, North Mara and Bulyanhulu, both increased production while driving down costs, and the resuscitation of these mines is one of our major success stories, as is the concept of formal beneficial -- benefit sharing partnerships with host countries, which we successfully pioneered with the Tanzanian government.

在坦尚尼亞、北馬拉和Bulyanhulu，都在降低成本的同時提高了產量，這些礦山的復甦是我們的主要成功故事之一，我們成功開創了與東道國建立正式的惠益分享夥伴關係的概念也是如此與坦尚尼亞政府。

The Lumwana copper mine in Zambia delivered a higher production at lower costs in-line with plan and has set for an even stronger second half of the year. The mine is also on the threshold of it's super pit expansion, which will increase production to some 240,000 tonnes of copper and extend the operations last by more than 30 years. First production of this project is expected -- from this project is expected in 2028.

贊比亞的 Lumwana 銅礦按照計劃以更低的成本實現了更高的產量，並預計下半年產量將更加強勁。該礦也即將進行超級礦坑擴建，銅產量將增加約 24 萬噸，並將營運期限延長 30 年以上。該項目預計將於 2028 年首次投產。

The Lumwana Super Pit and Reko Diq are two of the organic growth projects are referred to at the start of the presentation and which are recapture here. together, they will provide powerful support for Barrick drive to grow our gold equivalent production designed to produce 400,000 tonnes of copper on an annual basis and 500,000 ounces of gold per year in Phase 2 of its development.

Lumwana Super Pit 和 Reko Diq 是示範開始時提到的兩個有機成長項目，在此重新介紹。他們將為巴里克推動提高黃金當量產量提供強有力的支持，旨在在其開發的第二階段中每年生產 40 萬噸銅和 50 萬盎司黃金。

Add to that, the ramp-up of basically two new mines Goldrush, NPV to be followed by a potential brand-new mine in Fourmile, of which Barrick owns 100% and which can utilize the existing Nevada Gold Mines, infrastructure and processing facilities. Barrick has an unmatched gross portfolio that separates us from the industry with prospects of even more to come from our ongoing exploration initiatives.

除此之外，Goldrush、NPV 兩個新礦山的產能增加，隨後還有位於Fourmile 的潛在全新礦山的建設，巴里克擁有其中100% 的股份，並且可以利用現有的內華達金礦、基礎設施和加工設施。巴里克擁有無與倫比的總投資組合，使我們在行業中脫穎而出，並且我們正在進行的勘探計劃有望帶來更多收益。

So this brings me to a subject. I have been flagging for some time, and that is how undervalued Barrick shares are today. So to my -- to end my presentation, I wanted to take you through some research based on consensus net asset value of our assets. On this slide, we highlight two of our key businesses. On the left of the slide, you have Nevada Gold Mines, which is by far the best gold assets in the world's most mining friendly jurisdiction.

這讓我想到一個主題。我已經情緒低落有一段時間了，這就是巴里克股票今天被低估的程度。因此，在我的演講結束時，我想帶大家進行一些基於我們資產的共識淨資產價值的研究。在這張投影片上，我們重點介紹了我們的兩項關鍵業務。幻燈片左側是內華達金礦，這是迄今為止世界上最適合採礦的司法管轄區中最好的黃金資產。

The right side shows our growing copper business is well on track to becoming world-class amongst peers. Some of which have recently attracted international attention. Moving one step further, this table identifies the unrealized value embedded in Barrick's -- within Barrick's portfolio. Nevada Gold Mines on its own should command the industry's highest valuation. On net basis, this analysis conservatively assumes the priced to nav have multiple equivalent to that of Agnico Eagle, although arguably MGM would be higher rated given its size and quality.

右側顯示我們不斷成長的銅業務正在穩步成為同行中的世界級企業。其中一些最近引起了國際關注。更進一步，表格確定了巴里克投資組合中嵌入巴里克的未實現價值。內華達金礦本身的估值應該是業界最高的。在淨值基礎上，本分析保守地假設淨資產價格與 Agnico Eagle 相當，儘管鑑於其規模和質量，可以說米高梅的評級會更高。

The analysis supplies similarly conservative market multiple to our copper assets in-line with copper peers. Although again, I would note that the recent BHP London transaction scrubbed significantly higher multiples to those undeveloped copper assets in Argentina.

該分析為我們的銅資產提供了與銅同業一致的保守市場倍數。儘管如此，我還是要指出，最近的必和必拓倫敦交易大幅提高了阿根廷未開發銅資產的本益比。

Again, the analysis is based on the current analyst consensus nerves, but we expect these nerves to increase as we will be publishing updated feasibility studies on our two key growth projects at the end of the year.

同樣，該分析是基於當前分析師的共識緊張情緒，但我們預計這些緊張情緒將會加劇，因為我們將在年底發布關於我們兩個關鍵成長項目的最新可行性研究。

As you can see from the table, on the basis of the analysis, the value of just our interest in the Nevada Gold Mines and our copper portfolio alone exceeds our current market cap. In fact, according to the current market value of our shares, the rest of our business has a negative value of $1.2 billion.

從表中可以看出，根據分析，光是我們在內華達金礦的權益和銅投資組合的價值就超過了我們目前的市值。事實上，根據我們股票目前的市值，我們其餘業務的價值為負12億美元。

This includes our interest in three Tier One gold mines outside Nevada, the world-class Fourmile project, other gold mines and development projects still in the pipeline and our exploration teams unparalleled success and covering in uncovering nuances.

這包括我們在內華達州以外的三個一級金礦、世界級的Fourmile 項目、其他金礦和仍在籌備中的開發項目的權益，以及我們的勘探團隊在發現細微差別方面取得的無與倫比的成功和覆蓋。

In short, I would submit that when you buy Barrick today, we get a lot for free. We set out in 2019 to build a sustainably profitable double gold and copper mining company, focused on world-class assets. We did not have to buy them at a premium, as I indicated in my introduction. They were embedded in the combined portfolio that we put together at market and just required identification, evaluation development and delivery, which is where we are today.

簡而言之，我認為當你今天購買巴里克時，我們免費獲得了很多東西。我們於2019年著手打造一家可持續獲利的金銅雙採公司，專注於世界級資產。正如我在介紹中指出的那樣，我們不必花高價購買它們。它們被嵌入到我們在市場上整合的組合產品組合中，只需要識別、評估開發和交付，這就是我們今天的處境。

On top of that, we have replaced all the answers, we have mined and repair our balance sheet to be industry-leading and capable of supporting our dividend policy and growth plans. Clearly very correct, represents an investment opportunity unmatched in our sector. And I hope you'll leave the presentation with a clearer understanding of why the case for such an investment is so compelling.

最重要的是，我們已經更換了所有答案，我們已經挖掘並修復了我們的資產負債表，使其成為行業領先的並能夠支持我們的股息政策和成長計劃。顯然非常正確，代表了我們行業無與倫比的投資機會。我希望您在結束演講時能夠更清楚地理解為何此類投資如此引人注目。

Thank you all for your attention, and we'll be happy to take questions as usual.

感謝大家的關注，我們很樂意像往常一樣回答問題。

Mark, thanks very much of the presentation. It's Lawson Winder from Bank of America.

馬克，非常感謝您的演講。我是美國銀行的勞森溫德。

I wanted to start on the copper and I just ask about Lumwana. So two questions on that particular assets. One, the power situation in the country. I mean, currently, there's been a reduction of 20% initially and now 40% for electricity availability.

我想從銅開始，我只是詢問 Lumwana 的情況。關於該特定資產的兩個問題。一、國家電力狀況。我的意思是，目前，電力供應量最初減少了 20%，現在減少了 40%。

Do you anticipate that we'll continue to improve going forward? Is there any risk that that could be reduced further? And then secondly, when you think about the Lumwana project ramping up and first production in 2028, what is the latest thinking on a power solution for that asset?

您預計我們未來會繼續改進嗎？是否有進一步減少的風險？其次，當您考慮 Lumwana 專案將於 2028 年加速並首次投產時，對該資產的電源解決方案的最新想法是什麼？

So there are -- Lawson, there are some plans to put extra infrastructure power infrastructure into Zambia. We have already been awarded the capacity required to bring in the expansion in Zambia. So technically, we're cleared for to draw off the grid. As the country itself looks to expand its infrastructure. At the same time, Barrick has recently completed a study of the entire Zambian tower infrastructure and potential.

勞森，有一些計劃將額外的基礎設施電力基礎設施投入贊比亞。我們已經獲得了在尚比亞擴張所需的產能。所以從技術上來說，我們已經可以脫離電網了。由於該國本身希望擴大其基礎設施。同時，巴里克最近完成了對整個贊比亞塔基礎設施和潛力的研究。

And of course, we share that with the authorities. And then as far as the short term issues go, we -- we're at 40% is now the rationing. But we have got a back-to-back agreement with the utility to be able to purchase power -- third party power from outside Zambia at a discount to the cost of it of generating diesel power, and we've got full backup diesel power on site as well.

當然，我們與當局分享這一點。就短期問題而言，我們現在的配給率是 40%。但我們與公用事業公司達成了一項背對背協議，能夠以柴油發電成本的折扣價格從贊比亞境外購買第三方電力，而且我們擁有完整的備用柴油電力也在現場。

So having said that, and so we saw this coming, we invested in our own insurance. We then work with the government to make sure that we can access additional external third party power it at a lower price to what we purchase of what we generate ourselves. But at the same time, we brought in additional infrastructure and generating equipment to be able to support ourselves.

話雖如此，我們看到了這一點，所以我們投資了自己的保險。然後，我們與政府合作，確保我們能夠以低於我們購買自己發電的價格獲得額外的外部第三方電力。但同時，我們引進了額外的基礎設施和發電設備，以便能夠養活自己。

And as part of that, we've also reached agreement on co-generation, so we can generate power ourselves and feed it through the grid. So we've done pretty much -- I mean, we grew up in West Africa where you have to rely on your own self-developed supply power. And so and the EMEA team is very equipped to deal with this stuff. Having said that is, of course, challenges in every now and then we get the thing, the power delivery, I'm saying, can we have to pick up on that we've got, but we're getting much better at being able to do that.

作為其中的一部分，我們也就熱電聯產達成了協議，這樣我們就可以自己發電並透過電網供電。所以我們已經做了很多事——我的意思是，我們在西非長大，在那裡你必須依靠自己開發的供電能力。因此，歐洲、中東和非洲團隊非常有能力處理這些問題。話雖如此，當然，我們時不時地會遇到挑戰，電力輸送，我是說，我們是否必須接受我們已經擁有的東西，但我們在這方面做得越來越好能夠做到這一點。

And so at this stage, we don't believe that in the medium to long term, that is a risk, but we will continue to look at solutions. And of course, as you know, we've just commissioned the TS solar power plant in Nevada, that's 200 megawatts.

因此，在現階段，我們認為從中長期來看，這不是一個風險，但我們將繼續尋找解決方案。當然，如您所知，我們剛剛調試了內華達州的 TS 太陽能發電廠，發電量為 200 兆瓦。

So if you look back to our experience going back to Randgold days, we started with generating diesel, then we went into heavy fuel now a gas turbines, solar. So we have a very good under technical capability of managing power.

因此，如果你回顧我們在蘭德戈爾德時代的經歷，我們從生產柴油開始，然後我們進入重燃料領域，現在是燃氣渦輪機、太陽能。所以我們有非常好的電源管理技術能力。

And the first thing is to do work with the utility to make sure that one they understand the opportunities and the infrastructure because it's no good just dumping and power like you saw in Pakistan where they've got lots of power, but they can't get it anyway because the infrastructures unreliable.

第一件事是與公用事業公司合作，確保他們了解機會和基礎設施，因為像你在巴基斯坦看到的那樣，僅僅傾銷和電力是沒有好處的，他們擁有大量電力，但他們不能無論如何都要得到它，因為基礎設施不可靠。

So that was our first investment alongside or on behalf of the Zambian government. So we're very aware of it. We are not we are not dismissing it. We recognize it as a risk. But once the -- once you understand it, then you can work to mitigate it.

這是我們與尚比亞政府一起或代表贊比亞政府進行的第一筆投資。所以我們非常清楚這一點。我們不是，我們不會否認它。我們認為這是一種風險。但一旦你理解了它，你就可以努力減輕它。

Josh Wolfson at RBC. Mark, if I can ask you a question on capital allocation. I think historically you've talked about prioritizing or wanting to prioritize financial liquidity for some of the copper growth portfolio, development capital. The company now started a little bit of a buyback. Is it reasonable to assume that this could continue from here, or is this sort of a one-off thing?

加拿大皇家銀行 (RBC) 的 Josh Wolfson。馬克，我可以問你一個關於資本配置的問題嗎？我認為歷史上您曾談到優先考慮或希望優先考慮某些銅增長投資組合、發展資本的金融流動性。該公司現在開始進行一點回購。假設這種情況可以從這裡繼續下去是否合理，或者這是一次性的事情？

No. First of all, Josh, just to correct you on your report this morning, we put in the buyback approvals, so that we can manage shorts in the market and any softness in the stock. So our discipline is real, and you've seen that through my whole career. I don't say one thing and do another.

不。所以我們的紀律是真實的，你在我的整個職業生涯中都看到了這一點。我不會說一套，做另一套。

And so managing capital allocation is core to us. And so the way our model works, which we've shared with our investors, is when we get extra cash net off debt, we will pay that as a dividend. As management, we've got the flexibility as we go towards that point of using that money to buy back stock, and so then you delay the dividend.

因此，管理資本配置是我們的核心。因此，我們與投資者分享的模型的運作方式是，當我們獲得扣除債務的額外現金時，我們將把它作為股息支付。身為管理階層，我們可以靈活地使用這筆錢回購股票，然後就可以延後股利。

And we will manage it against how we deem the value of this of the shares and right now there's no question that the shares are a good buy and so we got through some of our challenges at the earlier part of this year.

我們將根據我們如何看待這些股票的價值來管理它，毫無疑問，這些股票現在是一個很好的選擇，所以我們在今年早些時候克服了一些挑戰。

We had some extra cash. We had a window, because remember, we have closed periods where we can't buy. And again, what we said in the press release is we restarted our share purchase. And we'll do that within that guidance that we've shared with the market.

我們有一些額外的現金。我們有一個窗口，因為請記住，我們有關閉期間，我們無法購買。再說一次，我們在新聞稿中所說的是我們重新啟動了股票購買。我們將在我們與市場分享的指導範圍內做到這一點。

And I would also point out if you look at Barrick and its returns through dividends, share buybacks, return of capital, we're not out of kilter with our peers and we still got a very strong balance sheet.

我還想指出，如果你看看巴里克及其透過股息、股票回購、資本回報獲得的回報，我們與同業並沒有失衡，而且我們仍然擁有非常強勁的資產負債表。

And so if you look at the returns particularly given the current share price, the returns are quite healthy against the equity. But our objective will be, first of all, get the share price up, that's the real focus.

因此，如果你看一下回報率，特別是考慮到目前的股價，你會發現回報率相對於股票來說是相當健康的。但我們的目標首先是提高股價，這才是真正的重點。

And in the long-term, we'll pay the dividends as we did as I did in Randgold Resources and we fundamentally believe that dividends should come from the P&L in a mining company like Barrick, and you shouldn't be borrowing to pay dividends, and that's the way we've always run our businesses and that's the way we plan to continue.

從長遠來看，我們將像我在蘭德黃金資源公司那樣支付股息，我們從根本上認為股息應該來自像巴里克這樣的礦業公司的損益表，你不應該借錢來支付股息，這就是我們一直以來經營業務的方式，也是我們計畫繼續下去的方式。

And just probably another bit of color, this quarter is good because you see the costs are flat. Okay, on the swings and roundabouts there are a couple of assets that still have a way to go and there are other assets that are ahead of the curve, like PV's got some way to go and Turquoise Ridge as well.

也許還有一點色彩，這個季度很好，因為你看到成本持平。好吧，在波動和環島方面，有一些資產還有很長的路要走，還有其他資產走在曲線前面，例如 PV 和 Turquoise Ridge 也有很長的路要走。

But largely we're at that point where we're now starting to, we've caught up with a lot of the development. We're starting to transition to our own teams, back to our own teams from the contractors on the development, particularly in Nevada, to catch up and build that flexibility in the underground operations.

但基本上我們正處於現在開始的階段，我們已經趕上了很多發展。我們開始過渡到我們自己的團隊，從開發承包商那裡回到我們自己的團隊，特別是在內華達州，以趕上並建立地下作業的靈活性。

And a lot of that supporting capital, the sustaining capital you call it, that starts coming off as we forecast now for a while. And that, and it gets replaced by a growing growth capital as we go into the expansion of Lumwana and the reconstruction of Reko Diq.

正如我們現在預測的那樣，許多支持性資本，即所謂的維持性資本，開始消失。當我們開始 Lumwana 的擴張和 Reko Diq 的重建時，它就會被不斷增長的成長資本所取代。

And then of course, Fourmile is a brand new asset. It's still at that pre-feasibility stage. And we need to get our head around that, but you can see how quickly the geology started to link together. And so that's another opportunity. And then the remaining capital in Pueblo Viejo is all about the tailings facility. The capital itself for the expansion is largely spent.

當然，Fourmile 是一項全新的資產。目前仍處於預可行性階段。我們需要解決這個問題，但你可以看到地質學開始連結在一起的速度有多快。這是另一個機會。 Pueblo Viejo 的剩餘資本全部用於尾礦設施。用於擴張的資本本身大部分已被花掉。

One more question on sort of the same train of thinking you were reviewing. I do like the slide you had that demonstrates the value proposition with the stock here and sort of the real core value drivers.

還有一個問題與您正在審查的同一思路有關。我確實喜歡你的幻燈片，它展示了這裡股票的價值主張以及真正的核心價值驅動因素。

I'm wondering, in the event that shareholders, investors don't recognize that, would the company ever consider spinning out some assets or divesting some of these non-core positions to try to realize the value on a quicker time frame?

我想知道，如果股東、投資者不認識到這一點，公司是否會考慮剝離一些資產或剝離一些非核心職位，以試圖在更快的時間內實現價值？

Well first of all, have you ever seen that work? Getting rid of non-core assets, absolutely, very logical. But moving high quality assets out of a portfolio makes no sense. First of all, the mining industry has got too many companies with not enough management as it is.

首先，你有看過這樣的作品嗎？擺脫非核心資產，絕對是非常合乎邏輯的。但將優質資產從投資組合中移出是沒有意義的。首先，採礦業企業太多，管理不夠。

And breaking these companies up without a third-party acquisition by competent management is a challenge to deliver value. And that's a short-term opportunity, it's like people saying, so why don't you delay the capital development of your assets and give us the dividend?

在沒有由有能力的管理層進行第三方收購的情況下拆分這些公司對於創造價值來說是一個挑戰。就像人們說的那樣，這是一個短期機會，那麼為什麼不推遲資產的資本開發並給我們分紅呢？

So how do we build the company, because it's a consumptive industry, you've got to replace what you mine. And I will take you back to two examples. We went through the same debate with the market in 2011 in the Randgold.

那我們如何建立公司，因為它是一個消耗性產業，你必須更換你所開採的東西。我將帶大家回顧兩個例子。 2011 年，我們在 Randgold 市場上也經歷過同樣的爭論。

We ended up at over 2 times NAV, trading at over 2 times NAV, eventually, as we delivered on those assets. Another really good example is Freeport. We try to convince Freeport to merge with us when they were $10 billion market cap.

最終，當我們交付這些資產時，我們的資產淨值達到了超過 2 倍，交易價格也超過了資產淨值的 2 倍。另一個很好的例子是自由港。當 Freeport 的市值達到 100 億美元時，我們試圖說服他們與我們合併。

They were resolute about their value of their company and the importance of investing in Grasberg’s underground infrastructure. It took them years to get there. And they languished around the bottom end of value or under this value.

他們堅信自己公司的價值以及投資格拉斯伯格地下基礎設施的重要性。他們花了很多年才到達那裡。它們在價值的底端附近或低於該價值徘徊。

But look where they're trading today. They delivered on that plan and the markets recognize them having been very negative to that decision to invest in that country in Indonesia. So if you look at all the, if you look at what grew BHP, it was those last century investments in high risk developments,

但看看他們今天的交易情況。他們兌現了該計劃，市場認識到他們對投資印尼的決定非常消極。因此，如果你看看所有的，如果你看看必和必拓的成長因素，那就是上個世紀對高風險開發的投資，

Escondida, the oil and gas, that really -- the iron ore, that really built that company into what it is today. And that's what drove Rio to get where it is, and then it had a bad patch, and it's now reflecting on how does it get back there, but it still made some big decision in Mongolia it's now in West Africa and so this world has moved that way.

Escondida，石油和天然氣，實際上是鐵礦石，真正使該公司成為今天的樣子。這就是推動裡約達到目前水平的原因，然後它經歷了一段糟糕的時期，現在它正在反思如何回到那裡，但它仍然在蒙古做出了一些重大決定，現在在西非，所以這個世界已經朝那個方向移動。

And if you want to play in the mining industry and we've transitioned out of the mid-cap lower cap instant gratification model. We're in there for the long-term, we create a lot of value and we know that this value delivers significant value for all our stakeholders.

如果你想涉足採礦業，我們已經擺脫了中盤小盤即時滿足模式。我們是長期的，我們創造了很多價值，我們知道這種價值為我們所有的利害關係人帶來了巨大的價值。

So that's the game that we've signed up and to take this company back to where, to the individual parts would not make any sense to certainly me. And I don't believe when you look at our register, our main investors are all still very much intact from 2019.

這就是我們已經簽署的遊戲，並將這家公司帶回原來的位置，回到各個部分對我來說肯定沒有任何意義。我不相信當你查看我們的登記冊時，我們的主要投資者自 2019 年以來仍然完好無損。

Good morning, Brian MacArthur, Raymond James. So Mark, you've highlighted how exciting Fourmile might be, but can you just go over and review, because I expect the devil's in the details now, how it gets vended in to NGM?

早安，布萊恩·麥克阿瑟，雷蒙德·詹姆斯。那麼馬克，你已經強調了 Fourmile 可能是多麼令人興奮，但是你能過去回顧一下嗎？

And I guess the question really here is I know you have to do a study, but technically what type of study does it have to be? Can Newmont force you to do that study? Who controls the time horizon on that? Maybe just how you think about this going forward.

我想這裡真正的問題是我知道你必須進行一項研究，但從技術上講它必須是什麼類型的研究？紐蒙特可以強迫你做這項研究嗎？誰控制這方面的時間範圍？也許只是你對未來的看法。

So let me cover the strategy and then Graham, who actually negotiated the deal I'll pass the detail to him. But there's nobody can force anyone to do anything in this life and certainly not under this agreement.

因此，讓我介紹一下策略，然後介紹格雷厄姆，他實際上是談判了這筆交易的，我會將細節傳遞給他。但沒有人可以強迫任何人在這一生中做任何事情，當然不能根據這個協議。

The point is as you know we have a partnership with Newmont in Nevada and we have the right to access and utilize Nevada Goldmine's infrastructure, as does Newmont. And so at the end of the day there's an opportunity to find a way to develop it for the in the best interests of both sets of shareholders, which is what we should be doing as custodians of these assets.

如您所知，關鍵是我們與內華達州的紐蒙特公司有合作夥伴關係，我們有權訪問和利用內華達金礦的基礎設施，紐蒙特公司也是如此。因此，歸根結底，我們有機會找到一種方法來開發它，以符合雙方股東的最佳利益，這就是我們作為這些資產的託管人應該做的事情。

At the same time, our responsibility as all the time that Fourmile remains 100% asset is to maximize the asset for our shareholders. And so thus the work we're doing now is that we're doing, we've got 10 rigs on site, you go there it looks like the old days in Carlin.

同時，Fourmile 始終保持 100% 資產，我們的責任是為股東最大化資產。因此，我們現在正在做的工作是，我們在現場有 10 台鑽孔機，你去那裡看起來就像卡林的過去一樣。

You got just seed rigs and trucks everywhere. And every intersection, as you see, is multi-ounce intersections. And we're talking very thick, Breachier-style ore bodies. And so our work this year is ready to get a feel of what it is. We don't make any secret of it. It's information we share freely both with the market, our shareholders and of course Newmont.

到處都是播種機和卡車。正如您所看到的，每個交叉點都是多盎司交叉點。我們談論的是非常厚的、Breachier 型礦體。因此，我們今年的工作已經準備好感受一下它是什麼。我們對此毫不隱瞞。我們與市場、我們的股東，當然還有紐蒙特自由分享這些資訊。

And then once we've got that we'll be able to have a better view on our options. And there is a way to develop Fourmile on a standalone basis. There's definitely a way to do it. But again, that's all in the optionality going forward and how we'll choose it but getting back to the actual legal basis on which we can manage this, I'll pass it to Graham.

一旦我們了解了這一點，我們就能更了解我們的選擇。並且有一種方法可以獨立開發 Fourmile。肯定有辦法做到這一點。但同樣，這都是未來的可選性以及我們將如何選擇它，但回到我們可以管理這個問題的實際法律基礎，我會將其傳遞給格雷厄姆。

Thanks, Mark and yeah, so the joint venture agreement has specific provisions that deal with this. First and foremost, in terms of bringing the asset into the joint venture, provided that the joint venture meets a minimum return hurdle rate, it goes into the joint venture, and that would be on the back of a feasibility study.

謝謝，馬克，是的，合資協議有處理這個問題的具體條款。首先，在將資產引入合資企業方面，只要合資企業滿足最低報酬率，資產就會進入合資企業，而這將是在可行性研究的基礎上進行的。

In terms of determining the value of the asset for the purposes of going into the joint venture, that is determined based on market valuation. So effectively it would be consensus gold prices, a combination of consensus spot and recent history gold prices.

就確定進入合資企業的資產價值而言，這是根據市場估值確定的。因此，這其實是共識金價，即共識現貨價和近期歷史金價的組合。

And then importantly, market multiples for the appropriate asset. So it's very much a market-based valuation. And then on top of that, in terms of determining its value, it gets the benefit of all of the infrastructure that's already embedded.

然後重要的是，適當資產的市場倍數。因此，這在很大程度上是基於市場的估值。除此之外，在確定其價值方面，它還可以從所有已嵌入的基礎設施中受益。

So effectively, the feasibility study doesn't carry any of the existing infrastructure. It simply looks at what the cost would be on a go-forward basis for that asset. So effectively in the case of Fourmile, it would benefit from all of the Gold Rush infrastructure that's already pre-developed.

因此，可行性研究實際上並不涉及任何現有的基礎設施。它只是著眼於該資產的未來成本是多少。就 Fourmile 而言，它非常有效，它將受益於所有已經預先開發的淘金熱基礎設施。

And then the cost of the feasibility study itself is also something that is part of the compensation, so in other words, on top of that market valuation. So that's the key aspects of it

然後可行性研究本身的成本也是補償的一部分，換句話說，是在市場估值之上的。這就是它的關鍵方面

So just to clarify that there's not much that's left behind in how everyone, you pay full value for bringing it to feasibility and then the value on the basis of the feasibility.

因此，我想澄清的是，每個人都為實現可行性付出全部價值，然後在可行性的基礎上支付價值，沒有留下太多的內容。

Hi, Mark. Anita Soni at CIBC. Good morning. My question is with regards to Pueblo Viejo. So you've got, thanks for the slide where it shows the recovery rates into the end of the year. I think you have a rebound of 79% and then 80% in Q3 and Q4 respectively. Could you just talk about how that evolves over 2025 as well? I think the targeted rates are around 92%, if I'm correct?

嗨，馬克。 CIBC 的安妮塔索尼。早安.我的問題是關於普韋布洛維耶霍的。所以，謝謝您提供的幻燈片，其中顯示了到年底的恢復率。我認為第三季和第四季分別反彈 79% 和 80%。您能否談談 2025 年情況將如何演變？我認為目標率約為 92%，如果我是對的？

No, I think it's all just above 80%. Is that correct? The final targeted recovery. Simon, are you on the call?

不，我認為都在80%以上。這是正確的嗎？最終有針對性的恢復。西蒙，你在打電話嗎？

I’m here.

我在這兒。

What’s the targeted recovery rate for PV ultimately Mark Hill?

Mark Hill 最終光電發電的目標回收率是多少？

So with -- it’s an incremental over the next couple of years, we lifted 79% and then [inaudible]

因此，隨著未來幾年的增量，我們提高了 79%，然後[聽不清楚]

Yeah, anything is 92%. But Mark are you, Mark Hill are you on the call? Not on the hill, John Steele? John Steele?

是的，任何事情都是92%。但是馬克是你嗎，馬克希爾你在打電話嗎？約翰‧史蒂爾，不在山上嗎？約翰·斯蒂爾？

Hi Mark, I don't have the exact number in my head, but going up through mid-80s, 85 next year, I'm not sure of the exact number, but I'll have to look that up and get back to you.

嗨，馬克，我腦子裡沒有確切的數字，但是從 80 年代中期到明年 85 歲，我不確定確切的數字，但我必須檢查並返回你。

So that's the number I have in my head, the sort of mid-80s. And we're targeting, as you see, end of this year at 80%, then 82%, and the sort of 85%, 86%. And Anita, the focus at the moment is, like I'm sure you've listened to this sort of line before many times in the mining industry, this is a single sag mill and then the original sag mill or the ball mill and getting those mills to optimize the grind, to optimize the float, to optimize the recovery.

這就是我腦子裡的數字，大約是 80 年代中期的數字。正如你所看到的，我們的目標是今年年底達到 80%，然後是 82%，甚至是 85%、86%。安妮塔，目前的焦點是，我相信您在採礦業中已經多次聽過這種說法，這是一個單一的懸掛磨機，然後是原始的懸掛磨機或球磨機，然後得到這些磨機優化研磨、優化浮選、優化回收率。

That's the focus that we're in right now is balancing that. We've got -- we're comfortable with the throughput, we're comfortable with the front end of the plant, it's now making sure that we, and we've got the process control into the flow sheet and now it's really teaching the process control to be able to optimize that balance between grind and not gritting up the circuit and the flotation.

這就是我們現在的重點是平衡這一點。我們對吞吐量感到滿意，對工廠的前端感到滿意，現在它正在確保我們，我們已經將過程控制納入流程圖，現在它確實在教學過程控制能夠優化研磨和不磨砂迴路以及浮選之間的平衡。

And I was there just the other day and all the float cells are working. Everything's working now, just optimizing that balance. So the big focus was get the throughput to a point where we are comfortable with the ability to make that throughput and now we're working on the optimization of the actual design criteria, which is recovery and flow and grant size, or grand -- the grand bracket and not overgrinding it or undergrinding it.

前幾天我在那裡，所有的浮動電池都在工作。現在一切正常，只是優化平衡。因此，重點是讓吞吐量達到我們對實現該吞吐量的能力感到滿意的程度，現在我們正在努力優化實際設計標準，即恢復、流量和撥款規模，或宏偉——大支架，不要過度研磨或研磨不足。

Second question, both for Carlin and Cortez, the stripping rates picked up at Cortez and I noticed in the MD&A it said it would be largely complete in mid-2025, so the rates that you're at, at about I think it's [13 to 1] is that going to continue until Q2 of 2025? Is that the case?

第二個問題，對於Carlin 和Cortez 來說，Cortez 的剝離率有所上升，我在MD&A 中註意到，它說它將在2025 年中期基本完成，所以你所處的比率，我認為大約是[ 13到 1] 這種情況會持續到 2025 年第二季嗎？是這樣嗎？

Yeah, it'll come down we -- so look Cortez's former Crossroads and Arturo and that's the big focus on getting particularly Crossroads sorted out and then in -- and we're on top of that. The team has done an excellent job on getting their head around the crossroads challenges, which were largely variations in the actual ore body between oxide and sulphide or refractory ore.

是的，我們會下來的 - 所以看看科爾特斯的前十字路口和阿圖羅，這是重點關注特別是十字路口的整理然後加入 - 我們是最重要的。團隊在應對十字路口挑戰方面做得非常出色，這些挑戰主要是氧化物和硫化物或難熔礦石之間實際礦體的差異。

And so yes, it'll come off a little bit, but Cortez's in my mind is in good shape. The 7C failure in Gold Quarry pit is the one that we're wrestling with at the moment.

所以，是的，它會有所下降，但在我看來，科爾特斯的狀態很好。金採石場 7C 故障是我們目前正在努力解決的問題。

And that's a pit with a history of failures and you remember I think the 2009 failure which was the sort of clay white spot of the pit, which they used to call, I think, the Phase 6. So right now we've got a pile of geotechs and really you've got to go to the geotechs from Arizona and around there not the geotechs from here, because it's completely different rocks young a lot of clay, a lot of water in the pit sidewalls higher hydrostatic pressure.

那是一個有著失敗歷史的坑，你記得我認為 2009 年的失敗是坑的那種粘土白點，我認為他們過去稱之為第六階段。你必須去亞利桑那州和附近的岩土工程，而不是這裡的岩土工程，因為它是完全不同的岩石，有很多粘土，坑側壁有很多水，靜水壓力較高。

So we're busy working with that now to redesign that pit. Short-term is to be able to get back into the pit at the 7C position and longer term is how does that pit look in the longer term life of mine and how much do you have to lay it back or can you design those sidewalls differently by dewatering the pit. And that's what we're looking at the moment. And so that will update you more on when we get to the end of the year.

所以我們現在正忙著重新設計那個坑。短期是能夠回到 7C 位置的坑，長期是這個坑在我的長期壽命中看起來如何，你需要將其放回多少，或者你可以以不同的方式設計這些側壁通過對坑進行脫水。這就是我們目前正在關注的。因此，到年底時，我們將向您提供更多最新資訊。

So to round out the top five, Turquoise Ridge, could you just give us a little bit more color on how the rest of the year evolves there? I did notice that the grades in the autoclave dropped and I'm just not sure why that happened with the grades in the underground ramping up?

那麼，為了躋身前五名，綠松石嶺，您能否給我們更多關於今年剩下的時間裡那裡的發展情況？我確實注意到高壓滅菌器中的等級下降了，我只是不確定為什麼會發生這種情況而地下的等級卻上升？

So Turquoise Ridge is all about backfill and putting in that infrastructure. So we made a conscious decision to slow down the mining and processing rate. We've got lots of stockpiles, so that's what you see, and getting on top of the backfill infrastructure, which we've done now. And now it's a case of catching up on the backfill, so that we build full flexibility in the Turquoise Ridge mine plan.

因此，Turquoise Ridge 的重點是回填並安裝基礎設施。因此我們有意識地決定放慢採礦和加工速度。我們有很多庫存，所以這就是你所看到的，我們現在已經完成了回填基礎設施的建設。現在是趕上回填的情況，因此我們在 Turquoise Ridge 礦山計劃中建立了充分的靈活性。

And the plan is that we will improve all the way up to the end of the year. That infrastructure catch-up plan is working and we measure it weekly. And so I'm confident that we'll get back there by the end of the year. We'll have caught up the plan.

計劃是我們將一直改進到今年年底。基礎設施追趕計劃正在發揮作用，我們每週都會對其進行衡量。因此，我有信心我們將在今年年底前回到那裡。我們會趕上計劃的。

And that's really the big, and Turquoise Ridge is a very high grade ore body. It's got some upside opportunities in it, but if you don't keep your backfill up to speed right on the face, you have problems geotechnically. So -- and that brings safety issues as well as flexibility and mining. So that's really the driver behind Turquoise Ridge.

這確實是一個很大的礦體，綠松石嶺是一個品位非常高的礦體。它有一些上升的機會，但如果你不保持正面的回填速度，你就會遇到岩土工程問題。因此，這帶來了安全問題以及靈活性和採礦問題。這就是 Turquoise Ridge 背後的真正推動者。

Good morning. Thanks, Mark. This is Ralph Profiti, Eight Capital.

早安.謝謝，馬克。我是八資本的拉爾夫·普羅菲蒂。

I have two questions. Firstly, can you bring us up to date on your discussions with the Mali government? It seems like some of the peers are inching closer towards something that's more definitive in a positive way. Can you bring us up to date on that?

我有兩個問題。首先，您能否向我們介紹一下您與馬利政府討論的最新情況？似乎有些同行正在以積極的方式朝著更明確的方向邁進。能為我們介紹一下最新情況嗎？

And then secondly, you had talked about utilizing Nevada infrastructure on Fourmile and can you specifically address labor? How have you done in sort of the near term on addressing some of those constraints? And then eventually, when Fourmile does come into production. How does your long-term studies look on the labor constraints?

其次，您談到了在 Fourmile 上利用內華達州的基礎設施，您能具體解決勞動力問題嗎？您近期在解決其中一些限制方面做得如何？最終，當 Fourmile 投入生產。您對勞動力限制的長期研究如何看待？

Okay, -- As we've as we believe in, I'm sharing the economic benefits of the nation's asset that has mine as we mine no matter how you own it. And my belief is that it's all national assets. And so when John took over, there was a view that its Mali should benefit more from its mining industry. And as there's no other industry that makes bigger contribution to the Mali economy than the mining industry.

好吧，正如我們所相信的那樣，我正在分享國家資產的經濟利益，無論你如何擁有它，我們都擁有它。我相信這都是國家資產。因此，當約翰接任時，有人認為馬利應該從其採礦業中受益更多。沒有其他產業比採礦業對馬利經濟的貢獻更大。

I've been in it since the very beginning. And of course, we're saying that's fine. We would be very happy to do that. We need to get down to the nitty-gritty and look at the models, we are still paying dividends. We paid a dividend two weeks ago, 10 days ago, and we are the biggest contributor into the Mali treasury.

我從一開始就參與其中。當然，我們說那很好。我們很樂意這樣做。我們需要腳踏實地，看看模型，我們仍然在支付紅利。我們兩週前、十天前支付了股息，我們是馬裡國庫的最大捐款者。

So the question that we have is we are happy to do that on a percentage basis. So slightly more than 50%, for example, that's a good place to be for a government. And also it has to be and it has to be affordable by the company that's Loulo-Gounkoto as a company and what we are, we are anxious about is we don't see any merit in paying huge amounts of future cash now because it just makes the future more difficult to manage.

所以我們的問題是我們很樂意按照百分比來做到這一點。例如，略高於 50%，這對政府來說是一個不錯的選擇。而且它必須是，而且必須是 Loulo-Gounkoto 作為一家公司能夠負擔得起的，我們擔心的是，我們認為現在支付大量未來現金沒有任何好處，因為它只是使未來更加難以管理。

So we need to work it in a transparent way. Our team is engaged with the President's office plus the Ministry of Finance and Ministry of Mines, and we're working constructively to find and a way forward that's really all I can say at this stage, and we have been doing so for quite a while now.

因此，我們需要以透明的方式進行工作。我們的團隊正在與總統辦公室、財政部和礦業部合作，我們正在建設性地努力尋找前進的道路，這就是我現階段所能說的，而且我們已經這樣做了很長一段時間了現在。

On the on the question around Fourmile, just remind me. So we put a lot of effort into labor. Labor is critical areas of waste today in mining. And we again, we've just been through a restructuring. We took a whole level of management out of out of Nevada and we are looking at further automation reposition.

關於四英里的問題，請提醒我。所以我們在勞動上投入了大量的精力。勞動力是當今採礦業浪費的關鍵領域。再說一遍，我們剛剛經歷了重組。我們將整個管理水平從內華達州撤出，我們正在考慮進一步的自動化重新定位。

And the other thing, as you know, is you saw us buy or invest in a whole lot of new equipment, mobile equipment, particularly we are we are running a trial on automation, which we will then roll out into across the complex. And we've also challenged the management on I'm talking up equipment because every time you have and you don't use the equipment efficiently, you end up with two operators or and that means to operate I mean, six operators.

另一件事，如您所知，您看到我們購買或投資了大量新設備、行動設備，特別是我們正在進行自動化試驗，然後我們將在整個綜合體中推廣。我們也對我正在談論的設備的管理提出了挑戰，因為每次你擁有但沒有有效地使用設備時，你最終都會有兩名操作員，或者這意味著要操作我的意思是，六名操作員。

And so you take out a piece of equipment and suddenly you have that requirement and you can really allocate those people to be different positions. So we have a training mine now for underground miners for open pit miners and for some processes processing. And we are still we could do with a little more capacity, which we are investing and we're expanding that capability, because in the US, the concept of our technical skills is not the same as in Europe and the Colony, so ex Colony's stock, South Africa and Australia.

所以你拿出一件設備，突然你有了這個要求，你真的可以將這些人分配到不同的職位。所以我們現在有一個訓練礦山，用於地下礦工、露天礦工和一些流程加工。我們仍然可以用更多的能力來做，我們正在投資，我們正在擴大這種能力，因為在美國，我們的技術技能的概念與歐洲和殖民地不同，所以前殖民地的股票，南非和澳大利亞。

And so what we're doing is building that skill into the workforce. And we've during COVID, we got to have 25% turnover rate we way back down now. And again, as we've rotated out people, some people are retention of the workers that go through the training mines are very high in the '90's because as you can imagine, you go into a big operation like Nevada, and you don't you're not fully trained to operate in these big underground mines. Have these huge open pits it's a hard to do.

因此，我們正在做的就是將這種技能培養到員工隊伍中。在新冠疫情期間，我們的員工流動率必須達到 25%，但現在已經下降。再說一遍，當我們輪換人員時，有些人對經過礦山培訓的工人的保留率在 90 年代非常高，因為正如你可以想像的那樣，你進入像內華達這樣的大型企業，但你不這樣做你是否沒有接受過在這些大型地下礦井中操作的充分訓練。擁有這些巨大的露天礦坑是很難做到的。

Yes. And in between you know, what I do and you well trained in the job is much easier. So our investment in people has been and we and the other thing I mean is the lithium market now collapse. It is because we are remember, we also the source of all highly qualified miners in the USA because we are the biggest miner in the USA so that pressure has come off.

是的。你知道，在我所做的和你在工作中訓練有素的工作之間要容易得多。因此，我們對人員的投資一直是，我的意思是鋰市場現在崩潰了。這是因為我們記住，我們也是美國所有高素質礦工的來源，因為我們是美國最大的礦工，所以壓力已經減輕了。

And I think as you see and as we got have gotten Nevada to perform, of course, you keep people then to people don't leave when you starting to perform. So all around Nevada is in a very different place and it has been changing all the time as we work to make it then own a lead it stopped that style of business rather than a corporation, which would used to be.

我認為正如你所看到的，正如我們已經讓內華達州表演一樣，當然，你要留住人們，這樣當你開始表演時人們就不會離開。因此，內華達州周圍是一個非常不同的地方，它一直在變化，因為我們努力使它成為一個領導者，它停止了這種商業風格，而不是過去的公司。

Mark. Steve Green, TD Securities.

標記。史蒂夫·格林，道明證券。

I'm just to stay on Fourmile. You mentioned that you intend to be in a position to give pre-feas options by year end or have pre-feas options. Does that mean you intend to update the market with pre-feas level numbers like CapEx and the size therefor?

我只想留在四英里。您提到您打算在年底前提供預可行性研究選項或擁有預可行性研究選項。這是否意味著您打算用資本支出等預可行性水準數字及其規模來更新市場？

Sure, more options now right now as access, because you know, the one thing about gold rushes So accessibility, those twin declines were exploration declines that you made into operational declines now and that, daylight halfway up the hill. And what you want is if you're going to put in access to two ore bodies that are underneath a mountain, you should trying to get it at the value level.

當然，現在有更多的選擇作為進入，因為你知道，關於淘金熱的一件事所以可及性，那些雙重下降是勘探下降，你現在將其轉化為運營下降，而在半山腰的白天。你想要的是，如果你要進入山下的兩個礦體，你應該努力讓它達到價值水準。

And so we're looking at different options. Can we Acsis come from Cortez itself is an option there we can we access it from the north where the metallurgical infrastructure is and what is it? What's the most optimum way to integrate four miles infrastructure with gold rushes in infrastructure because it's a continuation of the same ore body.

所以我們正在考慮不同的選擇。我們可以從科爾特斯本身獲得Acsis嗎？將四英里基礎設施與淘金熱基礎設施整合的最佳方式是什麼，因為它是同一礦體的延續。

What make Fourmile is that in a big metamorphosis, highly. So it's brittle. And so the style of mineralization has changed to a break here. The classic Carlin bridge area, which is big and bulky are higher grade. It's interesting. Some of We also are getting some of these flat plane.

Fourmile之所以成為Fourmile，是因為它在一次大的蛻變中，高度。所以它很脆。因此這裡的礦化方式發生了斷裂。經典的卡林橋區，又大又笨重，檔次更高。這很有趣。我們還得到了一些這樣的平面。

Our ore bodies occurring as well, which is what we didn't expect. But it's a it's okay, very interesting for me, even watching it evolve. When you look at that section, that that section ready does tell you how connected the geology has become as we've drilled all these holes. So it's a really exciting orebody, not to be underestimated at all.

我們的礦體也出現了，這是我們沒有想到的。但這沒關係，對我來說非常有趣，甚至看著它的演變。當您查看該部分時，準備好的部分確實會告訴您當我們鑽出所有這些孔時，地質學已變得如何相互聯繫。所以這是一個非常令人興奮的礦體，根本不容小覷。

So because presumably, you'll want to let this play out for a while before making a decision on vending in.

因為想必，在做出是否要販售的決定之前，你會想讓這個現像先持續一段時間。

Yes. I mean, I I've always, as I'm a very open, transparent person. So we own it, as Graham says, it makes sense for -- actually. And it has there are two in Nevada infrastructure and the conversation will continue in a transparent way. And when we feel that we get to something if we do, that's our value proper value, we'll make that decision. But to your point, we've got a way to go before we get there. And the first thing is just trying to get a grip of exactly how big this prospector.

是的。我的意思是，我一直都是這樣，因為我是一個非常開放、透明的人。因此，正如格雷厄姆所說，我們擁有它，這實際上是有道理的。內華達州有兩個基礎設施，對話將以透明的方式繼續。當我們覺得如果我們這樣做就能得到某件事，那就是我們的價值，我們就會做出這個決定。但就你的觀點而言，我們還有很長的路要走。第一件事就是試圖了解這個探礦者到底有多大。

Thanks.

謝謝。

Anita. Again, you made a comment when you were talking about the Fourmile vent and that as long as the joint venture meets our return on invested capital. Do you mean the Fourmile meaning the return on invested capital or the joint venture itself?

安妮塔。再次，您在談論四英里通風口時發表了評論，只要合資企業滿足我們的投資資本回報率。您指的是「四英哩」是指投資資本報酬率還是合資本身？

The whole Nevada Gold Mines, not just the Fourmile, and that's some that's a specific number. It's a blended number Quadrem index number.

整個內華達金礦，不只是四英里金礦，還有一些是具體數字。它是一個混合數 Quadrem 索引數。

The IRR is 15% --

內部報酬率為15%——

IRR of 15% better effectively using your coal prices backward looking combination of a two-year history, spot and consensus, it will not struggle to meet that. I promise you can we leave this room and move to the call.

15% 的 IRR 更有效地利用兩年歷史、現貨和共識的煤炭價格回顧組合，將不難實現這一目標。我向你保證我們可以離開這個房間去接電話。

Okay. Operator, over to you.

好的。接線員，交給你了。

(Operator instructions)

（操作員說明）

Daniel Edward Major, UBS.

丹尼爾·愛德華·梅傑，瑞銀集團。

Hey Mark. Hey Graham, can hear me.

嘿馬克。嘿格雷厄姆，能聽到我說話嗎？

Okay, Hello. Danielle Edward.

好的，你好。丹妮爾·愛德華.

Yes, thanks for the questions. Couple of questions on the first one on the cost profile in Nevada, it's been a number of questions on already, but just to be clear is the main delta in Turquoise Ridge. It looks like that unit cost needs to come down a lot. But is that the main delta to get towards your back into the guidance range as you've completed the autoclave maintenance and the backfill infrastructure. Is that the main moving parts?

是的，謝謝您的提問。關於內華達州成本概況的第一個問題有幾個問題，已經有很多問題了，但需要澄清的是綠松石嶺的主要三角洲。看來單位成本需要大幅下降。但這是您完成高壓滅菌器維護和回填基礎設施後回到指導範圍的主要增量。這是主要的運動部件嗎？

Yes, I think we are in Turquoise Ridge, autoclave maintenance is in good shape. Now the process is good. I think the all-in sustaining cost drivers are still extra infrastructure and backfill that we're putting in right now sustaining capital spend.

是的，我認為我們在綠松石嶺，高壓滅菌器的維護狀況良好。現在這個過程很好。我認為整體的維持成本驅動因素仍然是我們現在投入的額外基礎設施和回填，以維持資本支出。

And so that will come off and you're right, once we get that mining rate done and that's Turquoise Ridge got a big, you'd just do the math, the numbers that need to the production increase is quite high and that will definitely drive the unit cost down. And so that's really the big driver in Turquoise Ridge.

所以這將會實現，你是對的，一旦我們完成了採礦率，綠松石嶺就變得很大，你只需做數學計算，產量增加所需的數字相當高，這肯定會降低單位成本。所以這確實是 Turquoise Ridge 的主要推動力。

Perfect. Thanks.

完美的。謝謝。

Yes.

是的。

Just then, -- to add something just to confirm, you said that the key assets account on Turquoise Ridge and of course, public a year ago, that's also another key driver cost for the year.

就在那時，補充一些內容只是為了確認一下，您說綠松石嶺的關鍵資產帳戶，當然，一年前公開的，這也是今年的另一個關鍵驅動成本。

Well, thanks and a second question on tax. You recognize and $37 million. So tax adjustment around proposed settlements in Chile. Are they expected to convert into a cash payment at some point or just give us any cash implications around that tax charge you recognize?

好的，謝謝，還有關於稅收的第二個問題。你認識，還有 3700 萬美元。因此，圍繞智利擬議的和解方案進行稅收調整。他們是否預計會在某個時候轉換為現金支付，或者只是給我們帶來與您所認識的稅費相關的現金影響？

Yes. Thanks, Dan. Yes, that's correct. Yes. So these are as it relates to the sale of the zone of our asset in 2015. And as we've disclosed for some time now, we have been in discussions with the government there on the interpretation that they had, which was for a claim and that was significantly higher.

是的。謝謝，丹。是的，這是正確的。是的。這些與 2015 年我們資產區域的出售有關。

We've now reached a in-principle agreement to settle that. We're busy finalizing that agreement, which we expect to get done in the third quarter so yes, that should translate into a cash payment this year.

我們現在已經達成原則協議來解決這個問題。我們忙於敲定該協議，我們預計將在第三季完成，所以是的，這應該轉化為今年的現金付款。

And that I think is a very good point you make where you know, if you go back to 2019, we when we looked at this business, it had lots of challenges and to it and Tanzania wasn't operating. Argentina was under threat. Papua New Guinea was I've tried to get at renewals. Derik Adecco is an arbitration. We had Chile, and then we had a pile of closure assets as well.

我認為這是一個非常好的觀點，如果你回到 2019 年，當我們審視這項業務時，它面臨著很多挑戰，而坦尚尼亞並沒有運作。阿根廷受到威脅。巴布亞紐幾內亞是我嘗試續約的地方。 Derik Adecco 是一名仲裁員。我們有智利，然後我們也有一堆關閉資產。

That we're just being kicked down the road and then where we are today is that we've, as I've always done in my career, I deal with the liabilities and then you free up and there's no better time to deal with our liabilities when you run big commodity process. So we really focused on those liabilities and we are on top of them. We've done our first two safe closure tailings facilities or closure sites.

我們只是被踢到了路上，然後我們今天的處境是，正如我在職業生涯中一直所做的那樣，我處理了負債，然後你就解放了，沒有比這更好的時間來處理了當您運行大型商品流程時，我們的責任。因此，我們確實專注於這些負債，並且我們已經解決了它們。我們已經完成了前兩個尾礦設施或關閉場地的安全關閉。

We're going to do another eight this year or that's a target six to eight closed, decide safe closure. And we Purina comes to full closure early next year, and we've engineered that. And so one of the last focuses is the nonoperating costs within the organization, and we're driving those costs down. And that really drives the margin.

今年我們將再進行八次，或者目標是關閉六到八次，然後決定安全關閉。我們普瑞納將於明年初全面關閉，我們已經設計了這一點。因此，最後的焦點之一是組織內的非營運成本，我們正在降低這些成本。這確實提高了利潤率。

And we have and I took that position that we're not going to kick that down. The can down the road. And when you step up Berwick two's its peers, we are on the road on the trajectory to have very little our liabilities associated with non-operating assets. And that's a focus that we've always had.

我們和我都採取了這樣的立場：我們不會放棄這一點。罐子就在路邊。當你把伯威克二號的同業提升到更高水準時，我們正走在與非經營資產相關的負債很少的軌道上。這是我們一直在關注的焦點。

So again, in the mix. Let me just remind you, we didn't pay a premium for any of the assets we've talked about today. We've got very significant assets, which I've shared with you. Again, we've got operating assets on top of that which are significant with life of mine end and margin opportunity. We have dealt with the challenges.

再次，在混合中。讓我提醒您，我們沒有為今天討論的任何資產支付溢價。我們擁有非常重要的資產，我已經與你們分享了。同樣，我們擁有最重要的營運資產，這對礦井壽命和利潤機會具有重要意義。我們已經應對了挑戰。

We've got all the mines up and running full gross return on the last of the autoclaves last week. So all autoclaves, operating and Porgera and them. We've got a couple of noncore assets that we might or might not bring to account over the next short while and then we have been dealing with these liabilities.

上週，我們已經啟動了所有礦山，並在最後一個高壓滅菌器上實現了全額總回報。所以所有的高壓滅菌器都在操作，波格拉和他們。我們有一些非核心資產，我們可能會或可能不會在接下來的一段時間內考慮這些資產，然後我們一直在處理這些負債。

Chile, of course, and Chile is rapidly becoming coming and opportunity as we deal with those legacy issues, both in the form of Pascua-Lama and Zelle DevOps and then and Peru, that Purina, that's a big chunk of non-operating costs that will come out of our cash flow of our cash flow and so and our.

當然，智利正在迅速成為機會和機遇，因為我們處理這些遺留問題，無論是 Pascua-Lama 和 Zelle DevOps 的形式，還是秘魯的 Purina，這是很大一部分非營運成本，將來自我們的現金流，我們的現金流等等。

My view is that into next year, we are a different company, again, as we were from '23 to '24 and very quickly go and that's why this quarter so significant because you've got a flat cost and we caught all the margin in the commodity price, which is what that's the first step.

我的觀點是，進入明年，我們又是一家不同的公司，就像我們從23 年到24 年一樣，很快就過去了，這就是為什麼這個季度如此重要，因為你的成本是固定的，我們抓住了所有的利潤商品價格，這是第一步。

Now our future strategy in that is to sweat these assets. And as soon as you get on top of that, you can manage that the investment in as closure side. So you can we are compliant with GISTM, we have got no nothing that's dangerous in our portfolio. And so we can start managing a non-operating cost. As we go forward. So that's where the company is today.

現在我們未來的策略是利用這些資產。一旦你掌握了這一點，你就可以將投資作為關閉方面進行管理。所以我們符合 GISTM，我們的產品組合中沒有任何危險的東西。這樣我們就可以開始管理非營運成本。當我們前進時。這就是公司今天的處境。

Well, thanks. And just one more if I could. And just coming back to the discussion on the buyback and the dividend. Clearly understand the opportunistic logic of the 50 million ounces. But if we look at go-forward basis, um, should we just assume that you're going to be opportunistic, but from a modeling standpoint that you run the balance sheet down towards a net cash position before factoring any kind of meaningful additional buybacks in the second half.

嗯，謝謝。如果可以的話，就再多一個吧。回到關於回購和股利的討論。清楚地理解了5000萬盎司的機會主義邏輯。但如果我們著眼於未來，嗯，我們是否應該假設你會投機取巧，但從建模的角度來看，你在考慮任何有意義的額外回購之前將資產負債表向下調整為淨現金頭寸在下半場。

Now we are going to be buying back on a considered fashion building on what we did last quarter. And so we'll manage it. Graham, and I'll manage it. We are we have got we share that strategy with our Board. Everyone's happy with what our plans are. And at the same time, we're mindful of demand as we go into a capital-intensive phase.

現在，我們將在上個季度所做的基礎上回購經過深思熟慮的時尚產品。所以我們會處理它。格雷厄姆，我會處理好的。我們已經與董事會分享了這項策略。每個人都對我們的計劃感到滿意。同時，當我們進入資本密集階段時，我們會專注於需求。

And again, we can manage all that within our balance sheet. So we don't want to get to. And the one thing, Dan, that we've always done, is stuck to our own rules as some of our peers don't do that. They say one thing to another, but we are very clear about how we allocate capital as a management team.

再說一遍，我們可以在資產負債表內管理所有這些。所以我們不想去。丹，我們一直在做的一件事就是遵守我們自己的規則，因為我們的一些同行並沒有這樣做。他們說的是另一回事，但我們作為管理團隊如何分配資本非常清楚。

We reflect on it every week. We look at ways to build it and intervene when the when and through my career, I've had to deal with a number of short positions in the stock. And I don't think they're not too many people who take a big, short position in Barrick today. You want to add to that then?

我們每週都會反思它。我們會尋找建立它的方法，並在我的職業生涯中不得不處理該股票的一些空頭部位時進行幹預。我認為，今天持有巴里克大量空頭部位的人並不多。那你想補充一下嗎？

Yes. I mean, I'm just, Dan, just to reiterate, we have an exceptionally strong balance sheet notwithstanding that. Yes, we've got these big capital growth projects ahead of us, and that's a position we like to maintain. But even if we do continue to buy back shares, as Mark says on an on a measured basis.

是的。我的意思是，丹，我只是重申一下，儘管如此，我們的資產負債表卻異常強勁。是的，我們前面有這些大型資本成長項目，這是我們希望維持的地位。但即使我們確實繼續回購股票，正如馬克所說，有一定的基礎。

We'll continue to have very low debt to EBITDA ratios by any metric. So we are afforded the opportunity to take advantage of what we see as exceptionally good value in the stock and but still on a very measured basis.

無論以何種標準衡量，我們的債務與 EBITDA 比率都將繼續保持在非常低的水平。因此，我們有機會利用我們認為具有極高價值的股票，但仍然是在非常謹慎的基礎上。

Okay. Thanks a lot.

好的。多謝。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

Morning. Just a couple of questions related to the feasibility studies that we're looking forward to seeing by the end of the year. Anything you can tease on those feasibility studies in the MD&A, you talked about the approximately 2 billion. We have CapEx around Lumwana at 50 million ounces of processing, anything to say around record date.

早晨。只有幾個與我們期待在今年年底看到的可行性研究相關的問題。您可以在 MD&A 中的可行性研究中調侃任何內容，您談到了大約 20 億美元。我們在 Lumwana 附近的資本支出為 5000 萬盎司，在記錄日期前後可以說。

And what are the things that you're that that would worry you between now and the release, the feasibility studies in terms of moving these projects forward?

從現在到發布，推進這些專案的可行性研究中，哪些事情會讓您擔心？

I would say if you don't worry about capital projects, they always go wrong. So many times, have you worry about it and do nothing, then they also got Rob. So that the mine is in a good place, um, and life of mine and washes its face at the expansion. That's $3 it upon. So there are not many copper assets that do that.

我想說的是，如果你不擔心資本項目，它們總是會出錯。很多時候，你有擔心卻什麼都不做，然後他們也得到了羅布。這樣礦井就在一個好地方，嗯，我的生活，在擴張時洗臉。那是 3 美元。因此，這樣做的銅資產並不多。

And as the copper industry has been saying, Jack, they've got a copper price up and we'll develop the assets. And so that's an expansion. It's because we've got one circuit. We're effectively duplicating that circuit. And so we don't see the big focus on the miner is the fleet and the efficiency of mining and the cost of mining. That's our focus. And we've got a new fleet will be expanding that fleet and everything that we've we monitoring at the moment, we're comfortable with our assumptions.

正如銅業一直在說的，傑克，他們的銅價上漲了，我們將開發這些資產。這是一個擴充。這是因為我們只有一個電路。我們正在有效地複製該電路。因此，我們認為礦工最關注的不是車隊、採礦效率和採礦成本。這是我們的重點。我們已經有了一支新的機隊，將擴大該機隊，我們目前監控的一切，我們對我們的假設感到滿意。

And then on Reko Diq, yes, right now, we are in the final negotiations of long-lead items looking at numbers and there's no material change in our original estimate. And by the way, we're going to do a webinar on Lumwana in September 11, to share sort of some color on the Mana as we did with Reko Diq, and that will that will free us up to spend a little bit more time on Reko Diq at the Investor Day in November.

然後，關於雷科·迪克，是的，現在，我們正在進行長期項目的最後談判，著眼於數字，我們最初的估計沒有重大變化。順便說一句，我們將在9 月11 日舉辦一場有關Lumwana 的網路研討會，分享有關Mana 的一些色彩，就像我們與Reko Diq 所做的那樣，這將使我們能夠騰出更多時間來度過11 月投資者日的 Reko Diq 上。

So it's been on Reko Diq as to is there's been swings and roundabouts, and we've made very good progress with our water strategy. Our infrastructural, our strategy Graham is on progressing the financing options. I think everything is there's nothing there that's not in line with our original assumptions that we shared with you going forward.

因此，雷科·迪克（Reko Diq）一直存在搖擺和迂迴的情況，我們在水戰略方面取得了非常好的進展。我們的基礎設施、我們的策略性格雷厄姆正在推進融資方案。我認為一切都沒有不符合我們與您分享的最初假設。

Do you want to add to that.

你想補充一下嗎？

I think that's a good summary. I mean, there are some what I would call design changes that have come through the feasibility as you would expect. So for example, yes, we are compared to the original feasibility, we're anticipating using rail. And so there is infrastructure associated with that.

我認為這是一個很好的總結。我的意思是，有一些我所說的設計變更已經通過了可行性，正如您所期望的那樣。例如，是的，我們與最初的可行性進行了比較，我們預計使用鐵路。所以有與之相關的基礎設施。

But there are also benefits of that coming through in the financial model. So all of that will be we'll be showcased at the end of the year when we complete the feasibility study.

但財務模式也帶來了好處。因此，所有這些都將在今年年底完成可行性研究時展示。

But we are doing a good update in September, you'll get some color around.

但我們在九月做了一次很好的更新，你會得到一些顏色。

Yes.

是的。

I'm sorry.

對不起。

That's in Illinois will be September. And then obviously with the Investor Day in November, there will be some more color there and the final feasibility will come out in the beginning of the new year.

那是在伊利諾州，時間是九月。顯然，隨著 11 月的投資者日的到來，那裡將會有更多的色彩，最終的可行性將在新年伊始揭曉。

As a follow-up on format, what kind of drill density are you looking for to get to the indicated and inferred categories by year end.

作為格式的後續行動，您希望在年底前達到指定和推斷的類別的鑽探密度。

But we're not done every day by year end. So we'll be some of the way there, but not Well I'm not sure we can answer that question yet. Simon, do you want to add to that? What drove density? I think we know where we've got to get to, but that's still some time off. That's a free.

但到年底我們還沒有完成每一天的工作。所以我們會在一定程度上實現這一點，但不會。西蒙，你想補充嗎？是什麼推動了密度？我想我們知道我們必須到達哪裡，但這仍然需要一段時間。那是免費的。

I was not we know what we're targeting So indicated we'd be targeting in the region of 70 to 75 meters based on the current geological models, but that's being reviewed through the course of the preliminary economic assessment at the moment. And the update we're targeting for the year end will really be an inferred resource update and a view on the larger potential of the project with as well as narrowing down, as Mark was alluding to earlier, some of the different options that we will focus on within a few frees ability study.

我不知道我們的目標是什麼，所以表示根據目前的地質模型，我們的目標是 70 到 75 公尺的區域，但目前正在透過初步經濟評估過程進行審查。我們計劃在年底進行的更新實際上將是推斷的資源更新，以及對項目更大潛力的看法，並縮小範圍，正如馬克早些時候提到的那樣，我們將採取一些不同的選擇專注於少數自由能力的學習。

Yes, anybody else on the telephone, Timo?

是的，蒂莫，還有其他人在打電話嗎？

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

Hi, guys. Thanks for taking my question and congrats on the good quarter. Had a question on the table, the whole relocation work, it seems like everything's off to a good start, but quite a few things going on. Could you just remind us what is the critical path there?

嗨，大家好。感謝您提出我的問題，並祝賀這個季度的良好表現。有一個問題擺在桌面上，整個搬遷工作，似乎一切都有一個好的開端，但也發生了很多事情。您能否提醒我們其中的關鍵路徑是什麼？

Is that finishing the town in relocating the Peoples? Or is there something else that's kind of the main items at this stage and to add on.

遷移人民就完成了這個城鎮嗎？或者是否有其他東西是現階段的主要項目並需要添加。

So of course, the preference is to relocate to key communities upfront so that you don't end up. I'm trying to do it heavy. It works and have communities moving through it all around the footprint. And so I was it just the other day. We've got a couple of hundred houses now in construction and they and we are adding to them all the time we are working with the communities, and we'll relocate the communities on a priority basis.

因此，當然，首選是提前搬遷到關鍵社區，這樣你就不會結束。我正在嘗試做重的。它有效並且讓社區在其足跡周圍移動。前幾天我也是這樣。我們現在有幾百棟房屋正在建設中，我們在與社區合作的過程中一直在增加這些房屋，我們將優先重新安置這些社區。

And that's really moving people from sort of rural areas into an urban situation and with it comes food security. And so it's quite a complex and it comes with schools and communities is and everything else that goes in the integrated community, the geotech, the next step in this process is the completion of the feasibility of the dam itself, and that's due this quarter.

這確實使人們從農村轉移到城市，隨之而來的是糧食安全。所以這是一個相當複雜的項目，它包括學校和社區，以及綜合社區、岩土技術中的其他一切，這個過程的下一步是完成大壩本身的可行性，這將在本季度完成。

So that will be the next big step right now, we're expecting to bring them the dam into production at the back end of 2027, early 2028. So that's a yes, it's still well within our plans. And right now, there's no emerging critical path. I think everything is as in this phase of a capital project, everything assumed critical.

因此，這將是現在的下一個重大步驟，我們預計將在 2027 年底、2028 年初將大壩投入生產。目前，還沒有出現關鍵路徑。我認為一切都像資本項目的這個階段一樣，一切都被假設為至關重要。

And are you having any issues with and suddenly new regional residence and trying to capitalize on getting a new house, like we've heard in the past, the other certain situations, mostly in Africa, any kind of activity there. You guys have a pretty good sense of I do some sort of paperwork to note we have to deal with versus some other people trying to be strategically advantageous of the situation.

您是否對突然的新地區居住有任何問題，並試圖利用獲得新房子的機會，就像我們過去聽說的那樣，其他某些情況，主要是在非洲，那裡的任何類型的活動。你們很清楚我做了一些文書工作來說明我們必須與其他一些試圖在策略上佔優勢的人打交道。

So Mike, we always have that you have and people to exploit the opportunity nowadays, satellite imagery is very helpful in that in managing who was there and who wasn't it's pretty hard to allow that to deny a picture, I think, but it's part of the whole social engagement is dealing with some people who to exploit the situation and who take the opportunity to sort of claim things.

所以麥克，我們總是有你和人們利用現在的機會，衛星圖像非常有幫助，因為它可以管理誰在場、誰不在場，我認為很難讓它否認照片，但它是整個社會參與的一部分就是與一些利用這種情況並利用機會索取東西的人打交道。

And we work with that all the time. And so this is a community we want to live with for a very long time. And so we manage that. So the positive side of some of where we are today, as we went through a very extensive process to select the site with government with a with civil society with the Catholic Church.

我們一直在努力做到這一點。因此，這是一個我們希望長期共存的社區。所以我們做到了。因此，我們今天所取得的一些進展有積極的一面，因為我們經歷了一個非常廣泛的過程，與政府、民間社會和天主教會一起選擇地點。

The whole community and under the lease agreement that that we operate on Pablo Viracocha and is the response of the government has a responsibility to participate in the relocation and payment thereof.

整個社區以及根據我們在 Pablo Viracocha 經營的租賃協議以及政府的回應，都有責任參與搬遷和付款。

So it's an it's joint process, but right now, it's our community of people that all are working with the relocation committees that are set up for each community and then various other authorities. And from time to time from Tom, as you pointed out, either people who are likely to participate in the benefits.

所以這是一個聯合過程，但現在，我們的社區所有人都在與為每個社區設立的搬遷委員會以及其他各個當局合作。正如您所指出的，湯姆時不時地邀請那些可能參與福利的人。

All right. Thanks very much.

好的。非常感謝。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Well, Gary, thank you for taking my question. Good afternoon, everyone.

好吧，加里，謝謝你回答我的問題。大家下午好。

Hello, Tanya.

你好，塔妮亞。

And back to just how the rest of the year it evolves, and I just wanted to make sure I understood that correctly. Just on the Nevada Gold Mine, which is going to be driven by Carlin. It's better grade and Turquoise Ridge as well with better grades mined to us.

回到今年剩下的時間它是如何演變的，我只是想確保我理解正確。就在卡林將要駕駛的內華達金礦上。它是更好的品位，綠松石山脊也為我們開採了更好的品味。

The volume is going to come by you processing those higher-grade stockpiles at Turquoise Ridge, as you work from me, it's now in the underground. And then the cost reduction also comes in not only volume? Is it the elimination of the contract occurs as you go into South mining? Is that a correct understanding broadly?

這些量將由你在綠松石嶺加工那些更高品位的庫存來獲得，當你在我這裡工作時，它現在在地下。那麼成本的降低不僅體現在體積上？當您進入南方採礦業時，合約是否會被取消？從廣義上講，這是正確的理解嗎？

Yes, yes. Broadly, the throughput is not you know, it gets tempered because what drives the grade is underground and unless open pit ore so that that impacts the throughput numbers as well. But broadly, you're right, is it's really a grade inventory about Carlin and Turquoise Ridge in particular.

是的，是的。從廣義上講，吞吐量是你不知道的，它會受到影響，因為推動品位的因素是地下的，除非是露天礦石，否則這也會影響吞吐量。但總的來說，你是對的，這確實是關於卡林和綠松石嶺的等級清單。

Okay. And have you seen that pickup because it's a month and a half now enter wondering to Q3, have you seen a pickup in the gray.

好的。您是否看到過那輛皮卡，因為現在已經一個半月了，現在進入第三季度，您是否看到過灰色的皮卡。

Sure.

當然。

Okay. Thank you for that. And just similarly at Pueblo Viejo, I just want to make sure I understand we and thank you so much for that slide with the 78% recovery, I'm just looking at it right and sorry, 79% into Q2, three and then 80% into Q4. As you said, you've got the throughput where you need it to be and you're just working on the question and the recovery again, a month and a half into the quarter.

好的。謝謝你。同樣，在普韋布洛維耶霍，我只是想確保我理解我們，非常感謝你們那張恢復率為78% 的幻燈片，我只是看對了，抱歉，79% 進入第二季度，第三季度，然後是80% % 進入第四季度。正如您所說，您已經獲得了所需的吞吐量，並且您只是在本季度一個半月後再次處理問題和恢復。

Are you seeing that recovery is I think I would say that, Tanya, as we're seeing it more than we're not seeing it. So it's still very much part of this is a refinement. I think that's what we got to get across. This is not a Magic Box. This is a this is SAG milling at its most challenging. We've got a very big single SAG mill.

Tanya，我想我會這麼說，你是否看到了復甦，因為我們看到的復甦比我們沒有看到的要多。所以這仍然是其中很大一部分是改進。我想這就是我們必須理解的。這不是魔法盒。這是最具挑戰性的 SAG 銑削。我們有一個非常大的單一半自磨機。

Let's join the SAG ball mill flow sheet. And we've just settled with the construction of the new conveyor belt. So we've got the extra crushing capacity and now it's about making sure that we get the grind parameters, right? And when we get the grind right, we get the flow draw to when we get the flow drought, we can feed the autoclaves appropriately and the whole flowsheet logic of [PVS] to increase the sulfur content of the feed into the autoclaves, which is really drives the fuel content and that drives the oxidation and what we have done in the interim, which I shared last time, we did create a variance to that.

讓我們加入 SAG 球磨流程圖。我們剛剛解決了新傳送帶的建造問題。所以我們已經有了額外的破碎能力，現在要確保我們獲得研磨參數，對吧？當我們進行正確的研磨時，我們會得到流量，當我們遇到流量乾旱時，我們可以適當地給高壓釜供料，並且[PVS] 的整個流程圖邏輯可以增加進入高壓釜的進料的硫含量，即確實推動了燃料含量並推動了氧化，而我們在過渡期間所做的事情（我上次分享的）確實對此產生了差異。

So we can still feed run of mine ore into some of the autoclaves, we can reconfigure them to take run-of-mine mine ore. And but it's really about the grind size that that we've got. We work harder on, and that's all about the control and the processing control that we've put into the milling and screening side of the flowsheet. So it's really technical bedding down the operation.

因此，我們仍然可以將原礦礦石餵入一些高壓釜，我們可以重新配置它們以獲取原礦礦石。但這實際上與我們所擁有的研磨尺寸有關。我們更加努力地工作，這就是我們在流程的銑削和篩選方面進行的控制和加工控制。所以這確實是為操作奠定基礎的技術。

But what we can tell you is that we've certainly had runs where everything works and we get right up there on a on a unit per hour basis that we need to get. So on a consistent basis and then real meta objectives. And without a doubt on my whole career, I've been through these our process is a frustrating and stressful. But at the end of the day, we get to where we want to get to --

但我們可以告訴您的是，我們確實已經進行了一切正常的運行，並且我們在每小時單位的基礎上達到了我們需要的水平。因此，在一致的基礎上，然後是真正的元目標。毫無疑問，在我的整個職業生涯中，我經歷過這些，我們的過程是令人沮喪和有壓力的。但最終，我們到達了我們想要到達的地方——

Anita has mentioned, the 92%, what can Ray and I know that, you know, you're correct it up from the 86%, but I was under the assumption as well that we were getting to 92%. I'm just wondering if it's just our recollection from the mine four or something. Just some clarity on that would be great. Thank you.

安妮塔提到，92%，雷和我知道什麼，你知道，你從 86% 修正了它，但我也假設我們達到了 92%。我只是想知道這是否只是我們對礦井四人的回憶或其他什麼。如果能澄清這一點就太好了。謝謝。

Hey Tanya, it's Graham, and you are correct that in the feasibility [4103] 43-101, we do go up to that. The '90's, it's just it's a graduated process. So and yes, it takes us a while to get out there.

嘿，Tanya，我是 Graham，你說得對，在可行性 [4103] 43-101 中，我們確實做到了這一點。 90年代，這只是一個漸進的過程。所以，是的，我們需要一段時間才能走出去。

Okay. So the and Graham is so sick, it's just not really over the next few years is static?

好的。那麼格雷厄姆病得太厲害了，這在接下來的幾年裡不是真的是靜態的嗎？

Yes, definitely not this year as we pointed out.

是的，正如我們指出的那樣，今年肯定不會。

Do we get there next year?

明年我們能到達那裡嗎？

No, the following year.

不，是第二年。

Okay. Thank you on that. And if I could ask about Mark, I always have asked about reserve replace. I would like to know what somehow we look going forward. So as you know, you're eight months into the year. How does reserve replacement well for you this year? So look from a mine site perspective versus resource? And then that's the critical question. As with this gold price at 2,400, is that the thought of having to change your reserve and resource pricing.

好的。謝謝你。如果我可以詢問馬克的情況，我總是詢問有關儲備更換的問題。我想知道我們對未來有何展望。如您所知，今年已經過去八個月了。今年您的儲備更換狀況如何？那麼從礦場和資源的角度來看呢？這就是關鍵問題。與 2,400 的金價一樣，這是必須改變儲備和資源定價的想法。

So I'll answer the easy part of that question and then pass on to Simon bottoms to do the detail the where we are at the moment is with the two big feasibility studies, we more than replace our reserves and resources. These are big numbers, both in gold and copper coming out of record they can and Lumwana Super.

因此，我將回答該問題的簡單部分，然後轉交給西蒙底部，以詳細說明我們目前在兩項大型可行性研究中所處的位置，我們不僅僅是更換我們的儲備和資源。這些都是巨大的數字，無論是黃金、銅還是 Lumwana Super。

But having said that, the Kibali Loulo-Gounkoto also in good shape to replace PV is slightly PRPVA., we added that we took their reserves to 21 million ounces last year. So that's a big number. And although the geologists are pointing to additional opportunities, it's not going to come in and the big focus right now on in Papua New Guinea is really getting the mine up and running.

但話雖如此，Kibali Loulo-Gounkoto 也處於良好狀態，可以取代 PV 略為 PRPVA。所以這是一個很大的數字。儘管地質學家指出了更多的機會，但它不會出現，巴布亞新幾內亞目前的重點實際上是讓礦場啟動並運行。

We've got a 10-year life of mine. There's work to do to be able to and additional reserves to that life of mine. And so those just on a broad level, that's sort of the way we look at it. Simon, do you want to pick up on that?

我們還有10年的壽命。我還有很多工作要做，才能為我的生活做更多的儲備。所以這些只是在廣泛的層面上，這就是我們看待它的方式。西蒙，你想了解一下嗎？

Yes, sure. So as an offset and so for the year, Africa-Middle East is looking positive to replace it overall, regional depletions. And again, as we've already pointed out in some of the releases is really driven by those core Tier 1 assets like Republic. And but we're still seeing strong indications that we will be able to continue that fight in Tanzania as well.

是的，當然。因此，作為今年的補償，非洲-中東地區可望積極取代整體區域資源消耗。再次強調，正如我們在某些​​版本中已經指出的那樣，實際上是由 Republic 等核心一級資產所驅動的。但我們仍然看到強烈的跡象表明我們也將能夠在坦尚尼亞繼續這場戰鬥。

Latin America region, the assets are all forecasts of a fully replaced depletion this year with the addition of Reko Diq, as Mark already said, that is forecasted. Mike a substantial growth of that region within North America for Nevada Gold Mines, again, where we're currently working through the models, but we are forecasting to replace our depletion and within NGM, particularly on that with updates to the open pit studies and particularly in Hamburg.

拉丁美洲地區的資產預計將在今年隨著 Reko Diq 的加入而完全替代枯竭，正如馬克已經說過的那樣，這是預測的。麥克，內華達金礦在北美地區的大幅成長，我們目前正在研究這些模型，但我們預計將在 NGM 內取代我們的枯竭，特別是在露天礦研究和更新方面。

Then first, with that pricing, we are where we are seeing some cost pressure. We're looking at. But the pricing at the moment, we're doing the studies and we will we will be look, we'll be looking we'll have to announce later in the year where we stand with that, our intention has always been is to maintain the quality of our mine plans and because a lot of our mine plans are more geologically constrained, whereby we actually even with the current reserve price, we even mine the majority of the high quality, high grade material.

首先，透過這個定價，我們面臨一些成本壓力。我們正在看。但目前的定價，我們正在做研究，我們會觀察，我們會觀察，我們必須在今年晚些時候宣布我們的立場，我們的目的一直是維持我們的採礦計劃的質量，而且因為我們的許多採礦計劃都受到更多的地質限制，實際上，即使以當前的底價，我們甚至開採了大部分高品質、高品位的材料。

So when you lift that reserve price, you inherently just add marginal material. And so therefore, we evaluate it on a asset-by-asset basis and to ensure that any increases in or change in reserve price would add material that would actually drive value and not just bring extra capital requirements through additional plant process, plant expansion requests and resource pricing. I think we reviewed our resource price kind of a comparable half year, and that's still very much in line with long-term consensus at the moment, and I'd expect we'll be looking at our long-term resource price.

因此，當你提高底價時，你本質上只是增加了邊際材料。因此，我們在逐個資產的基礎上對其進行評估，並確保底價的任何增加或變化都會增加實際推動價值的材料，而不僅僅是通過額外的工廠流程、工廠擴建請求帶來額外的資本要求和資源定價。我認為我們審查了可比較半年的資源價格，這仍然非常符合目前的長期共識，我預計我們將關注我們的長期資源價格。

Thanks, Simon, and I really appreciate that.

謝謝，西蒙，我真的很感激。

Thank you very much for taking my question.

非常感謝您回答我的問題。

Pleasure --.

樂趣 - 。

Daniel Major, UBS.

丹尼爾梅傑，瑞銀集團。

Hi. Thanks for the follow up. Just a couple of quick ones. Small modeling dynamics looks like G&A perhaps expirations running a little bit below your guidance of, say good result. If you're pulling the G&A down, how should we be thinking about that? Should we expect big step-up in the second half? Are you undershooting [$180 million], particularly on the G&A and some of the question on the exploration and project.

你好。感謝您的跟進。只是幾個快速的。小模型動態看起來像 G&A 也許到期運行比你的指導低一點，說好的結果。如果你降低一般行政費用，我們該如何考慮？我們是否應該期待下半年的大幅提升？您的預算是否低於[1.8 億美元]，特別是在一般管理費用以及有關勘探和專案的一些問題上。

So we do pride ourselves in being the most efficient operators of mining company on this planet when it comes to G&A, and we continue to look at amazing our corporate and oversight is as efficient as possible and we will continue to do that. So that trend is a good trend.

因此，在一般行政費用方面，我們確實為自己是地球上最高效的礦業公司運營商而感到自豪，我們將繼續關注我們的企業和監督盡可能高效，我們將繼續這樣做。所以這個趨勢是一個好的趨勢。

And it's and it's interesting what you see what we do with twice the size of the company and with less people, but super-efficient systems, that's what we stand for. So that trend is right.

有趣的是，你看到我們用兩倍的公司規模和更少的人員所做的事情，但是超級有效率的系統，這就是我們所代表的。所以這個趨勢是正確的。

And then, Dan, I have tightened up on the expiration of it this year. Just we had got to a stage where there, you know, my resource triangle, we were getting sloppy with the resource triangle. We need to tighten up people's priorities and not just lumped in more and more targets into the resource triangle and needed to be properly tested. And so we tightened up on the budget and said, the budgets available, but you got to pass some filters to get more and it just needed that discipline.

然後，丹，我今年對它的到期日收緊了。只是我們已經到了一個階段，你知道，我的資源三角，我們對資源三角變得草率了。我們需要加強人們的優先事項，而不僅僅是將越來越多的目標集中到資源三角中並需要進行適當的測試。因此，我們收緊了預算，並表示，預算可用，但你必須通過一些過濾器才能獲得更多，而這只是需要這種紀律。

And that's what we did so again, you've picked up very smartly a little tightening. And in the way we allocating exploration dollars, we've got a lot of opportunities. We've got to get the geologists and the evaluators to be a little bit more focused on pumping moving the portfolio up through towards feasibility study. And that's the reason that we've just tightened up.

我們又這麼做了，你非常聰明地採取了一點收緊措施。在我們分配勘探資金的方式中，我們有很多機會。我們必須讓地質學家和評估人員更重視將投資組合推進可行性研究。這就是我們剛剛收緊政策的原因。

Thanks very much.

非常感謝。

Anita, you got --

安妮塔，你有——

Yeah, it was a follow-up on the reserve gold price question. So I recognize that you don't want to run erode your margins on the one side. But on the other side, of the equation, I think you can your inflation is obviously persistent. One of the reasons why we have a gold price that's at $2,400 gold. So I mean, would you consider raising it to make sure that you're capturing all the value given the current cost?

是的，這是儲備金價格問題的後續行動。所以我體認到，一方面你不想侵蝕你的利潤。但另一方面，我認為通貨膨脹顯然是持續存在的。我們的金價達到 2,400 美元的原因之一。所以我的意思是，您是否會考慮提高它以確保在當前成本的情況下獲得所有價值？

So services? So it's a very interesting topic, and I'm trying to keep it short. So first of all, the gold prices up because the wells in MS are not because of inflation. Inflation is part of that mix. So and so we worry about that long term. That's why keep discipline on the reserve front.

那麼服務呢？這是一個非常有趣的話題，我試著保持簡短。所以首先，金價上漲是因為MS的井不是因為通貨膨脹。通貨膨脹是其中的一部分。我們某某人擔心這個長期問題。這就是為什麼要在後備戰線上保持紀律。

And there is a time when you start eroding your orebodies with the gold price because I'm because of the cost issue. And that's when we move when we move to $1,300. That was the reason we found the right balance between Barrick and Randgold assets. And to Simon's point, we looked at the ore body shapes.

有一段時間，你開始用金價侵蝕你的礦體，因為我是因為成本問題。當我們移動到 1,300 美元時，我們就會移動。這就是我們在巴里克和蘭德黃金資產之間找到適當平衡的原因。對西蒙來說，我們觀察了礦體形狀。

So when you when you take a higher gold price into an old and we mine quality ore body. So when you take a take Turquoise Ridge you go in and new Jack, there is the gold price up. You start mining waste. You start mining very marginal or putting it in into the mill. That means to keep the same production you've got in larger mill and so and thereby you increase your costs and your value of your asset goes down.

所以當你以更高的金價進入老而我們開採的優質礦體時。因此，當您選擇綠松石嶺時，您會進入新的傑克，金價就會上漲。你開始開採廢物。你開始開採非常微不足道的礦石或將其放入工廠。這意味著要保持與大型工廠相同的產量，因此您的成本會增加，資產的價值也會下降。

So all of mine management every year they have to deliver an NAV equation on their business and why they think they should be doing something different if it detracts from the inherent value of the operation. And we have very few assets. That means that a higher gold is a logic for a small increase in the gold price, which effectively keeps your grade.

因此，所有礦山管理層每年都必須提供有關其業務的資產淨值方程，以及為什麼他們認為自己應該做一些不同的事情，如果這有損於營運的內在價值。而且我們的資產很少。這意味著更高的金價是金價小幅上漲的邏輯，這可以有效地保持你的等級。

So it keeps your orebodies intact because the last thing you want to do is start slashing a piece of your natural boundary of your ore body of -- and the other side of it is, for instance, to Tangon you will see we changed that or a gold price that we looked at Tongon because it's closing mine and we don't want to leave value behind.

所以它可以保持你的礦體完好無損，因為你想做的最後一件事就是開始砍掉你的礦體的自然邊界——而它的另一邊，例如，到Tangon，你會看到我們改變了這一點或我們關注 Tongon 的黃金價格，因為它正在關閉我的礦場，我們不想留下價值。

And the orebodies are such that we've started building capacity in the processing facility, so it can take that marginal oil and still make money out of it. So each one of our operations, we assess independently and Simon's absolutely right. What we did do on the $1,700 gold price is we looked at again at the orebodies, particularly the low grade pits and that and we said we don't want to compromise our shareholders' future potential by putting infrastructure on the ore body.

由於礦體如此豐富，我們已經開始建造加工設施的產能，因此它可以利用邊際石油並仍然從中賺錢。因此，我們的每一項業務都是獨立評估的，西蒙的說法絕對正確。我們對 1,700 美元的金價所做的就是再次審視礦體，特別是低品位礦坑，我們表示我們不想因為在礦體上建設基礎設施而損害股東的未來潛力。

So we use $1,700, $1,700 pretty well MinDOC our resorts. And so that's the logic for a big gap. It's quite interesting now $2,400. So the $1,700 actually looks quite attractive, but the capital to take that forward, as you know, is high. Certainly the oxides we are taking already. We will take oxides on the margin, particularly in Nevada because we've got capacity. So just to give you a feel of how we manage our portfolio.

所以我們使用 1,700 美元，1,700 美元相當不錯 MinDOC 我們的度假村。這就是巨大差距的邏輯。現在2,400美元很有趣。因此，1,700 美元實際上看起來相當有吸引力，但如您所知，實現這一目標的資本很高。當然我們已經採取了氧化物。我們將少量生產氧化物，特別是在內華達州，因為我們有產能。只是為了讓您了解我們如何管理我們的投資組合。

Graham wants to say something.

格雷厄姆想說點什麼。

And I was just going to add that yes, effectively, and we do take cognizant of that inflationary impact. And obviously, if we see it as a sustained increase in costs. And that's and as Mark says, it's going to erode the core value of those ore bodies and then we would adjust for it. So it's something we look at.

我只是想補充一點，是的，實際上，我們確實意識到了通貨膨脹的影響。顯然，如果我們將其視為成本的持續增加。正如馬克所說，這將侵蝕這些礦體的核心價值，然後我們將對此進行調整。所以這是我們所關注的。

We keep it under. The teams are busy with that work, as you would expect now, and we'll see whether it's necessary or not. But And right now, we're pretty close to where we need to be else.

我們把它保留在下面。正如您現在所期望的那樣，團隊正忙於這項工作，我們將看看是否有必要。但現在，我們已經非常接近我們需要達到的目標了。

But ladies and gentlemen.

但是女士們先生們。

No more questions.

沒有更多問題了。

Okay. Operator, good your side.

好的。接線員，你好。

Yes, there are no credit, no more questions.

是的，沒有信用，沒有更多的問題。

So thank you very much. Thank you, operator, for managing us. And thank you, everyone, for coming. This some snacks next door. For those you want to hang around. And now we're just say, yes, there were some detailed questions coming out. We sort of did a bit of a modeling session here.

非常感謝。謝謝運營商對我們的管理。謝謝大家的到來。這是隔壁的一些小吃。對於那些你想閒逛的人。現在我們只是說，是的，出現了一些詳細的問題。我們在這裡進行了一些建模會議。

You are always welcome to reach out to our team whoever you feel comfortable reaching out to. So we're always there to share the detail with you and get you on the right track. So please feel free to reach out after that. Thank you again for making the time.

無論您願意與誰聯繫，我們都隨時歡迎您與我們的團隊聯繫。因此，我們始終會與您分享細節，以幫助您走上正確的道路。因此，請在此之後隨時與我們聯繫。再次感謝您抽出時間。

This concludes today's event. Should you have additional questions, please contact our Investor Relations department. You may now disconnect your line. Thank you for watching.

今天的活動到此結束。如果您還有其他問題，請聯絡我們的投資者關係部門。現在您可以斷開線路。感謝您的觀看。