巴里克黃金 (GOLD) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the event operator. Welcome to Barrick's results presentation for the third quarter of 2024. Following today's presentation, a question-and-answer session will be conducted. (Operator Instructions)

女士們先生們，謝謝你們的支持。這是事件運算子。歡迎觀看巴里克 2024 年第三季的業績演示。 （操作員說明）

As a reminder, this event is being recorded, and a replay will be available on Barrick's website later today, November 7, 2024. I would now like to turn you over to Mark Bristow, president and CEO of Barrick. Please go ahead, sir.

提醒一下，這一事件正在被記錄，並且將於今天晚些時候，即2024 年11 月7 日在巴里克的網站上提供重播。 (Mark Bristow)。請繼續，先生。

Thank you very much and good morning and good afternoon, ladies and gentlemen, and, in particular, a very warm welcome to all of you who have made the effort to join us in person here in Barrick Gold Corp today. As the gold price continues to be driven up to record highs, it's prudent to reflect on the cyclical nature of markets and the fact that mining, in particular, is a long game.

非常感謝你們，早安，下午好，女士們、先生們，特別是熱烈歡迎今天努力親自加入巴里克黃金公司的所有人。隨著金價繼續上漲至歷史新高，謹慎地反思市場的周期性本質以及採礦業是一場漫長的遊戲。

Barrick's continuing investment in its future and its ability to uncover and unlock the value opportunities embedded in its global asset portfolio has positioned us ideally both to capitalize on the current market fundamentals, as well as to continue to thrive throughout the future cycles, which are inevitable. I will also reinforce how we are building a business that will grow profitably without the need for mergers or acquisitions and, therefore, which has the luxury of us looking at external opportunities for the few that may meet our strict value investment criteria.

巴里克對其未來的持續投資，以及發現和釋放其全球資產組合中蘊含的價值機會的能力，使我們能夠充分利用當前的市場基本面，並在未來的周期中繼續蓬勃發展，這是不可避免的。我還將強調我們如何建立一個無需合併或收購即可實現盈利增長的業務，因此，我們可以為少數可能符合我們嚴格的價值投資標準的外部機會尋找外部機會。

This is the customary cautionary notice regarding forward-looking information. And for those who want to study it further, it is available on our website. As I'm sure you'll all appreciate, 2024 has been a challenging year in many ways, but we, nevertheless, continue to make good progress across all fronts, as the results for quarter-three show.

這是有關前瞻性資訊的慣例警告通知。對於那些想進一步研究它的人，可以在我們的網站上找到它。我相信你們都會意識到，2024 年在許多方面都是充滿挑戰的一年，但正如第三季的結果所顯示的那樣，我們在各個方面繼續取得良好進展。

As you can see, the performance arrows point in the right direction, and we believe a foundation has been laid for a strong fourth quarter, which should enable us to end the year within our group gold and copper production guidance ranges, albeit at the lower end of that range.

正如您所看到的，業績箭頭指向正確的方向，我們相信第四季度的強勁表現已經奠定了基礎，這將使我們能夠在年底前將黃金和銅的產量控制在集團黃金和銅的產量指導範圍內，儘管產量處於較低水平該範圍的末端。

Special highlights were the higher margins in our gold operations, driven by the higher gold price and cost discipline. This is in addition to the ongoing investments in infrastructure in Nevada Gold Mines, in particular ongoing plant ramp-up at our flagship growth project, Pueblo Viejo. And the progress that we are making with the new generation of value creators, notably Lumwana and Reko Diq.

特別值得關注的是，在金價上漲和成本控制的推動下，我們的黃金業務利潤率更高。這是對內華達金礦基礎設施的持續投資的補充，特別是我們旗艦增長項目普韋布洛維耶霍 (Pueblo Viejo) 正在進行的工廠擴建。以及我們與新一代價值創造者（尤其是 Lumwana 和 Reko Diq）一起的進步。

Adjusted net earnings per share rose by 33%, the quarterly dividend was maintained at $0.10, and we repurchased $95 million of shares through buybacks. This is a special snapshot of our operating results. Gold production was in line with that of the previous quarter, while the increase in cost per ounce was a function of planned maintenance and royalties on higher gold prices, partially offset by disciplined sustaining capital spend to get a stable all-in sustaining costs.

調整後每股淨利成長了33%，季度股利維持在0.10美元，我們透過回購回購了9,500萬美元的股票。這是我們經營業績的特殊快照。黃金產量與上一季持平，而每盎司成本的增加是由於金價上漲而導致的計劃維護和特許權使用費的增加，部分被嚴格的維持資本支出所抵消，以獲得穩定的總體維持成本。

Copper production was up 12% quarter on quarter, and costs were reduced. Our operations continue to deliver robust cash flows, generating $1.18 billion for the quarter. Free cash flow was up 24% year on year to $444 million, the highest since the first quarter of 2021. The 33% increase year-on-year net earnings per share and the 25% increase in adjusted net earnings per share compared favorably to the rise in the realized gold price over the same period.

銅產量較上季成長12%，成本下降。我們的業務繼續提供強勁的現金流，本季產生 11.8 億美元。自由現金流年增24%，達4.44億美元，為2021年第一季以來的最高水準。已實現黃金價格的上漲。

Debt net of cash was reduced by 27% quarter on quarter to $500 million, ensuring that our balance sheet retains its sector-leading status and the flexibility, most importantly, to fund our future growth projects. On the safety front, our journey to zero, which I am personally leading, was regrettably impacted by a fatality at Kibali. This has reinforced our determination to achieve our goal of zero.

現金債務淨額環比減少 27%，達到 5 億美元，確保我們的資產負債表保持行業領先地位和靈活性，最重要的是，為我們未來的成長項目提供資金。在安全方面，由我親自領導的我們的零排放之旅不幸受到基巴利事故的影響。這更加堅定了我們實現零目標的決心。

The fact that we otherwise recorded four lost time injury-free months for the first time since the merger and that the injury rates keep coming down are encouraging indicators of progress. We remain committed to operational excellence, with a continuing focus of embedding a strong safety culture across all our operations.

事實上，自合併以來，我們首次記錄了四個無傷病損失時間的月份，而且受傷率不斷下降，這些都是令人鼓舞的進展指標。我們仍然致力於卓越運營，並持續致力於在所有營運中融入強大的安全文化。

Barrick's holistic approach to our business encompasses managing the many mine closure liabilities we have accumulated along the way. We are methodically moving to nonoperating tailings storage facilities, with the largest liabilities to safe closure. By the end of the year, we will have safely closed seven facilities, with five more planned for next year, and we are rolling out a plan for the remaining 27.

巴里克對我們業務的整體方法包括管理我們一路上累積的許多礦場關閉負債。我們正在有條不紊地轉向非營運尾礦儲存設施，其中安全關閉的責任最大。到今年年底，我們將安全關閉 7 個設施，並計劃明年再關閉 5 個設施，並且我們正在針對其餘 27 個設施推出一項計劃。

It's worth putting this into perspective because we have already reduced the associated closure liabilities for Barrick by more than $1 billion, which represents a 36% reduction in this liability. Barrick's sustainable mine closure is a key part of our plan to create long-lasting value. As the industry's reclamation costs and liabilities are projected to grow significantly in the coming years, our proactive effort to mitigate closure risks is differentiating Barrick from its peers.

值得正確看待這一點，因為我們已經將巴里克的相關關閉負債減少了超過 10 億美元，這意味著負債減少了 36%。巴里克可持續關閉礦山是我們創造長期價值計劃的關鍵部分。由於該行業的回收成本和負債預計在未來幾年將大幅增長，我們積極主動地降低關閉風險的努力將使巴里克在同行中脫穎而出。

On the operational side, we start with our North American operational review at Nevada, where a substantial investment in replacing equipment and restoring infrastructure is effectively recapitalizing the Nevada Gold Mines conflict for the -- complex for the next 10-plus years. New rolling plans for all the mines are keeping development ahead of operational stopes, and brownfields exploration aims to replace this year around 75% of reserves depleted by mining.

在營運方面，我們首先在內華達州進行北美營運審查，在那裡更換設備和恢復基礎設施的大量投資正在有效地為未來十多年的內華達金礦衝突進行資本重組。所有礦山的新滾動計劃都使開發領先於營運採場，棕地勘探的目標是今年取代因採礦而耗盡的約 75% 的儲量。

The second phase of the Gold Quarry roaster expansion was successfully completed, and both roasters are now operating at full capacity. The new Goldrush mine, which was just a concept at the time of the merger, is also continuing to ramp up production. Barrick's existing Fourmile project deserves a slide to itself, and so I'll talk about that a little later.

Gold Quarry 烘焙機擴建二期工程已順利完成，兩台烘焙機現已滿載運轉。新的 Goldrush 礦在合併時只是一個概念，現在也持續提高產量。巴里克現有的 Fourmile 專案值得單獨介紹一下，所以我稍後會討論這個問題。

These are the operating results for Nevada's four operating mines, all tracking for a strong fourth quarter, and Nevada Gold Mines aims to achieve its guidance for the year, albeit, as I said in the introduction, at the lower end. It is worth noting that we are able to optimize the combined gold production from Carlin and Cortez by treating the two entities as a complex.

這些是內華達州四個營運礦場的經營業績，所有這些都在第四季度表現強勁，內華達金礦公司的目標是實現今年的指導，儘管正如我在介紹中所說，處於較低水平。值得注意的是，我們能夠透過將 Carlin 和 Cortez 兩個實體視為一個綜合體來優化這兩個實體的聯合黃金產量。

For example, as -- at times, it is possible to increase production with additional high-grade refractory ore from Cortez processed at the newly expanded Gold Quarry roaster, which, in de facto, will replace feed from the lower-grade Carlin stockpiles. At Turquoise Ridge, the team is targeting higher production on the back of Quarter three productivity gains and improved reliability of the backfill infrastructure and the autoclave.

例如，有時，可以透過在新擴建的 Gold Quarry 焙燒爐中加工的來自 Cortez 的額外高品位難熔礦石來提高產量，這實際上將取代來自較低品位 Carlin 庫存的飼料。在 Turquoise Ridge，團隊的目標是在第三季生產力提高以及回填基礎設施和高壓釜的可靠性提高的情況下提高產量。

Nevada, as I've often said, is Barrick's value foundation. And here, you can see why. Near-mine exploration continues to identify and grow exciting expansion opportunities close to existing infrastructure, as well as larger step-outs, with the potential to yield the next generation of Tier 1 discoveries.

正如我常說的，內華達州是巴里克的價值基礎。在這裡，您可以看到原因。近礦勘探繼續在現有基礎設施附近發現並增加令人興奮的擴張機會，以及更大的擴展，有可能產生下一代一級發現。

The 14 million-ounce Greater Leeville project is developing into a major growth driver that could double or triple Carlin's reserves, extending its life well beyond 2045. New growth prospects defined in the Greater Leeville area will be followed by -- followed up by aggressive drilling next year. And recent drilling at Hanson within the Cortez district has confirmed along-strike potential over 1.2 kilometers from the well-defined Heart of Hanson's ore body. And deposit model upgrades at Turquoise Ridge have led to the definition of several new mine targets, with the potential to add to the 11 years of mine reserves.

1400 萬盎司的Greater Leeville 計畫正在發展成為一個主要的成長動力，可以使Carlin 的儲量增加一倍或三倍，並將其壽命延長到2045 年之後。來——隨後是積極的鑽探明年。最近在 Cortez 地區的 Hanson 進行的鑽探已經證實，距離明確的 Hanson 礦體中心超過 1.2 公里的沿走向潛力。 Turquoise Ridge 的礦床模型升級確定了幾個新的礦場目標，有可能增加 11 年的礦場儲量。

Notably, since it was created five years ago, Nevada Gold Mines has replaced all the gold that it has mined during that period, and our current reserve grade is higher than when we started, and largely because we've recut the Gold Quarry pit and left out some of the lower-grade reserves.

值得注意的是，自從五年前創建以來，內華達金礦已經更換了在此期間開採的所有黃金，我們目前的儲備品位比我們開始時要高，這很大程度上是因為我們重新開採了金礦坑並遺漏了一些較低品位的儲備。

Turning now to Barrick's 100% owned Fourmile project. We kept -- as you know, we kept it out of the Nevada merger because it was clear, at the time, that the market didn't recognize our view of its value. Since then, our work on the project has confirmed that it is a world-class asset, with grades more than double those of Goldrush. And potentially, this project has this value which is bigger than our entire 61.5% holding in the Nevada Gold Mines joint venture.

現在轉向巴里克 100% 擁有的 Fourmile 專案。如你所知，我們將其排除在內華達州合併之外，因為當時很明顯，市場不認可我們對其價值的看法。從那時起，我們對該計畫的工作已證實它是世界級資產，其等級是 Goldrush 的兩倍多。這個項目的價值可能比我們在內華達金礦合資企業中持有的 61.5% 的股份還要大。

As you can see here, there's potential to significantly increase the extent of the current ore body model. We are now drill testing potential access development to the main ore bodies, and this is all designed to be able to help us with the scoping work for how we proceed with the pre-feasibility study, which is scheduled -- the scoping work will finish this year, and then we'll move toward a feasibility study program starting next year.

正如您在這裡所看到的，目前礦體模型的範圍有可能顯著增加。我們現在正在鑽探測試主要礦體的潛在開發通道，這一切都是為了幫助我們進行範圍界定工作，以便我們如何進行預定的預可行性研究——範圍界定工作將完成今年，然後我們將從明年開始實施可行性研究計劃。

Leaving North America and back -- down to Latin America and Asia-Pacific. Over now to this region where the ramp-up of the Pueblo Viejo plant expansion delivered a 23% increase in quarterly production and reduced unit costs, while Veladero continued its steady performance. That's important as -- when you look at that because -- and I'll show you that just now -- because that's really the driver of value for that part of the world.

離開北美並返回—拉丁美洲和亞太地區。目前，在該地區，Pueblo Viejo 工廠擴建的加速使季度產量增加了 23%，並降低了單位成本，而 Veladero 則繼續保持穩定的業績。這很重要——當你看到這一點時，因為——我現在將向你展示這一點——因為這確實是世界該地區價值的驅動力。

The Porgera team also deserves a special mention for revitalizing the long mothballed mine and achieving a 64% quarter-on-quarter production increase in Q3 in the face of enormous challenges, including national -- natural disasters and ongoing tribal conflicts in Papua New Guinea.

值得一提的是，Porgera 團隊在面臨國家自然災害和巴布亞紐幾內亞持續部落衝突等巨大挑戰的情況下，重振了長期封存的礦山，並在第三季度實現了 64% 的季度產量增長。

Just as a reminder that Pueblo Viejo, which had an uncertain future at the time of the merger, has been completely reinvented and is now in -- on track to sustain gold production at an annual average of more than 800,000 ounces to 2024 -- 2040 and beyond.

提醒大家的是，合併時前途未卜的普韋布洛維耶霍 (Pueblo Viejo) 已被徹底改造，現在預計在 2024 年至 2040 年期間將年均黃金產量維持在 800,000 盎司以上以及更遠的地方。

Clearly, significant improvements in production, recovery, and costs, as you can see here. This $2 billion-plus project is still a work in progress as we are fine-tuning the plant and advancing the new tailings storage facility. As we show you every quarter, here, you can see a timeline of what's been done and what remains to be done to achieve our target of an 80% recovery rate for this year. Had the commissioning not been plagued by major equipment failures and, in particular, the collapse of the new crushing conveyor structure, we would have reached that goal much sooner.

顯然，正如您在此處所看到的，產量、回收率和成本都得到了顯著改善。這個耗資超過 20 億美元的項目仍在進行中，我們正在對工廠進行微調並推進新的尾礦儲存設施。正如我們每個季度向您展示的那樣，您可以在此處看到為實現今年 80% 的恢復率目標而完成的工作和尚未完成的工作的時間表。如果調試沒有受到重大設備故障的困擾，特別是新破碎輸送機結構倒塌的影響，我們本來可以更快地實現這一目標。

In Latin America, we have also rationalized our historical portfolio, with a focus on quality prospects, with Tier 1 potential, which is being progressed rapidly by drill testing. We've effectively wiped the slate clean and started afresh in South America. Two large systems, one gold and one copper, have been defined in Peru, where drilling permitting is progressing. And an excellent set of opportunities are emerging in Ecuador.

在拉丁美洲，我們也合理化了我們的歷史投資組合，重點是具有一級潛力的品質前景，這一潛力正在透過鑽探測試迅速取得進展。我們已經有效地清除了過去的記錄，並在南美洲重新開始。秘魯已經確定了兩個大型系統，一是金系統，一是銅系統，目前正在取得鑽探許可。厄瓜多爾正在出現一系列絕佳的機會。

In the Dominican Republic, drill-ready targets have been defined around Pueblo Viejo and regional greenfields programs are progressing in the district. Whilst, in Argentina, our focus remains around Veladero, looking for high-grade targets, and in particular, a standout target right now is defined as the Ortiga Trend.

在多明尼加共和國，普韋布洛維耶霍周圍已經確定了鑽探準備目標，並且該地區的區域綠地計劃正在取得進展。而在阿根廷，我們的重點仍然是 Veladero，尋找高品味目標，特別是目前一個突出的目標被定義為 Ortiga 趨勢。

Over in Pakistan, the Reko Diq copper-gold project, another hidden gem we uncovered in the Barrick portfolio, is on track for delivery of its feasibility study by the end of this year. In the meantime, the project management and construction teams are being recruited, long-lead items are being ordered, and the infrastructure is being prepared for the transition from the study phase to the execution of the early works.

在巴基斯坦，雷科迪克銅金計畫是我們在巴里克投資組合中發現的另一個隱藏的瑰寶，預計在今年年底前交付其可行性研究。同時，專案管理和施工團隊正在招募，長期專案正在訂購，基礎設施正在準備從研究階段過渡到早期工程的執行。

When it goes into production in 2028, this multigenerational mine will be one of the largest of its kind in the world, and it remains a mystery to me why the market still doesn't recognize the enormous value it will bring to both Barrick, as well as the Balochistan and Pakistan economies.

當它在2028 年投入生產時，這座多代礦山將成為世界上同類礦山中最大的礦山之一，但對我來說，為什麼市場仍然沒有認識到它將為巴里克和巴里克帶來的巨大價值仍然是個謎。

We move now to the African and Middle East region, which delivered its usual reliable performance. How to? It was only after the merger that the potential value of the closed mines in Tanzania were unlocked. Lumwana in Zambia, which hadn't made a profit since its acquisition in 2012, was also recognized as a new value creator. They now rank among our greatest success stories and largest cash generators of the group.

我們現在轉向非洲和中東地區，該地區表現一如既往的可靠。怎樣做？合併後，坦尚尼亞已關閉礦場的潛在價值得以釋放。贊比亞的Lumwana自2012年收購以來一直沒有獲利，也被認為是新的價值創造者。他們現在是我們最成功的案例之一，也是集團最大的現金來源。

In Mali, the Loulo-Gounkoto complex increased production by 5% quarter on quarter, and we expect that full year production will be at the top end of its guidance range. You will all be aware that we are engaged with the country's transitional government about ways of giving the country more of a share of the economic benefits generated by the complex while ensuring its sustainability.

在馬裡，Lulo-Gounkoto 綜合體產量較上季成長 5%，我們預計全年產量將達到指導範圍的上限。你們都知道，我們正在與該國過渡政府合作，探討如何讓該國更多地分享該綜合體產生的經濟利益，同時確保其永續性。

For more than 30 years, Barrick and, before it, Randgold have had productive partnerships with the Malian state, which weathered many changes of government, including previous coup d'etats, and a range of differences which had to be overcome from time to time. We are committed partners, and we are working hard to produce a mutually acceptable outcome.

30多年來，巴里克和之前的蘭德戈爾德與馬利政府建立了富有成效的合作夥伴關係，馬利國家經歷了許多政府更迭，包括先前的政變，以及一系列必須不時克服的分歧。我們是忠誠的合作夥伴，我們正在努力產生雙方都能接受的結果。

We return now to Kibali, Africa's largest gold mine and Barrick's leader in renewable energy, thanks to its three hydropower stations. Its new solar and battery storage plant designed to complement the hydropower supply will be commissioned next year. And when it will -- and when it is in commission, it will increase the renewable component of Kibali's energy requirements from 81% to 85%.

我們現在回到非洲最大的金礦基巴利，由於其三個水力發電廠，巴里克在再生能源領域處於領先地位。旨在補充水力發電的新太陽能和電池儲存廠將於明年投入運作。當它投入使用時，它將把 Kibali 能源需求中的可再生能源部分從 81% 增加到 85%。

And in fact, six months of the year, the renewable portion of our power generation will be 100%. Despite the lower grades in quarter three, Kibali's cost profile is still one of the lowest in the industry, and this will improve further with the higher grades and production ramp-up forecast for quarter four.

事實上，一年中的六個月，我們發電的再生能源部分將達到 100%。儘管第三季的品級較低，但 Kibali 的成本狀況仍然是行業中最低的之一，隨著第四季度品級的提高和產量的增長預測，這種情況將進一步改善。

In our ongoing quest to uncover new open pit and underground opportunities around the mine, brownfields exploration work continues to develop the arc target area, where drilling is identifying additional mineralized lodes, further confirming its potential to host a high-grade deposit less than four kilometers from the Kibali plant, as well as returning significant intercepts along Kibali's foundational KCD ore body.

在我們不斷尋求發現礦山周圍新的露天礦和地下機會的過程中，棕地勘探工作繼續開發弧形目標區域，在那裡鑽探正在識別更多的礦化礦脈，進一步確認其擁有不到四公里高品位礦床的潛力來自 Kibali 工廠，以及沿著 Kibali 基礎 KCD 礦體返回大量截獲物。

As I've already pointed out, Tanzania has also been a real value contributor to Barrick, as well as the Tanzanian government. Two mines that weren't operational at the time of the merger have now been transformed into significant contributors to our bottom line, showing what the right people with the right strategy can achieve.

正如我已經指出的，坦尚尼亞也是巴里克以及坦尚尼亞政府的真正價值貢獻者。合併時尚未運作的兩個礦場現已轉變為對我們利潤的重要貢獻者，展示了正確的人員和正確的策略可以實現的目標。

It was here that we first formalized our partnership with the government through the establishment of Twiga, a benefit-sharing joint venture, which we have since replicated at Porgera. The Lumwana copper mine in Zambia is another asset that was first restored to profitability and is now being groomed as a world-class operation through its Super Pit expansion project. Its feasibility study is scheduled for completion by the end of the year, and it is expected to go into production in 2028, the same year as Reko Diq, achieving our strategic objective of becoming a significant copper producer.

正是在這裡，我們透過建立利益共享合資企業 Twiga 首次正式與政府建立了合作夥伴關係，此後我們又在波格拉複製了這個模式。贊比亞的 Lumwana 銅礦是另一項首先恢復盈利的資產，目前正透過其 Super Pit 擴建項目將其打造成世界一流的礦場。其可行性研究計畫於今年底完成，預計於2028年（與Reko Diq同年）投產，以實現我們成為重要銅生產商的戰略目標。

The project was launched with a groundbreaking ceremony recently attended by the Zambian president. And meanwhile, there are lots of preparatory activities, as listed on this slide. As I already shared with you, Barrick is projecting a 30% growth in the production of gold equivalent ounces from its existing assets as we continue to advance our growth projects and unlock the many other value-adding opportunities still embedded in our portfolio.

該計畫最近舉行了奠基儀式，尚比亞總統出席了奠基儀式。同時，還有許多準備活動，如本投影片所列。正如我已經與您分享的那樣，隨著我們繼續推進增長項目並釋放我們投資組合中仍然存在的許多其他增值機會，巴里克預計其現有資產的黃金當量盎司產量將增長 30%。

In addition, Barrick continues to lead the industry in ore body expansion and has more than replaced the reserves that mined over the past five years and is forecasting to substantially grow both its gold reserves and copper reserves again this year. Significantly, the ounces that we have been avid were at the same or better grade than the reserves that we mined.

此外，巴里克在礦體擴張方面繼續引領該行業，並超過了過去五年開採的儲量，預計今年其黃金儲量和銅儲量將再次大幅增長。值得注意的是，我們一直熱衷的盎司品位與我們開採的儲量相同或更好。

Since the merger in 2019, Barrick has organically built an industry-leading balance sheet through reducing debt by $3.5 billion while, at the same time, investing $11.2 billion in developing long-life mine plans and return more than $5 billion to shareholders.

自 2019 年合併以來，巴里克透過減少 35 億美元的債務，有機地建立了行業領先的資產負債表，同時投資 112 億美元用於開發長期礦山計劃，並向股東回報超過 50 億美元。

Despite the multiple increases in the gold price over this period, the global gold demand is again projected to reach record levels for this year on the back of the return of Western investors into the metal via the gold ETFs. Gold equities, on the other hand, continue to underperform the gold price, and that is the opportunity for both us and our investors.

儘管金價在此期間多次上漲，但由於西方投資者透過黃金 ETF 回歸黃金，今年全球黃金需求預計將再次達到創紀錄水平。另一方面，黃金股票的表現繼續落後於金價，這對我們和我們的投資者來說都是一個機會。

With our disciplined business approach and solid growth prospects, Barrick is a stock that offers real upside in both value and returns. And as importantly, we have the world-class teams to be able to deliver on our ambitions.

憑藉我們嚴格的業務方法和穩健的成長前景，巴里克股票在價值和回報方面都具有真正的上升空間。同樣重要的是，我們擁有世界一流的團隊來實現我們的抱負。

Thank you, ladies and gentlemen, for your attention, and we will stand by for questions. And we've got pretty much the whole team here today to be able to support the questions. And we'll start here in this room.

謝謝女士們、先生們的關注，我們將隨時準備回答問題。今天我們幾乎整個團隊都聚集在這裡來支持這些問題。我們將從這個房間開始。

So, any questions from the room? Yup, there we are.

那麼，房間裡還有什麼問題嗎？是的，我們就在那裡。

Hi. Dan Major from UBS. Yeah, a couple of questions. First one, so it's high level, you've indicated you would be tracking toward the lower end of production guidance. And in your materials, you highlight the spot gold price implies about $25 delta on the costs.

你好。瑞銀集團 (UBS) 的 Dan Major。是的，有幾個問題。第一個，所以它是高水平的，你已經表示你將追蹤生產指導的低端。在您的材料中，您強調現貨黃金價格意味著大約 25 美元的成本增量。

If we think about the outlook into next year and with a focus on NGM and PV, in particular, is it fair to assume the exit rate from this year from a production perspective and a cost perspective implies some moderate downside to the previous guidance you gave for 2025?

如果我們考慮明年的前景，特別是關注 NGM 和光伏，那麼從生產角度和成本角度假設今年的退出率意味著您之前給出的指導會出現一些適度的下行，這是否公平2025 年？

Yeah. So, Dan, if you look at our report, our MD&A, the guidance is that PV is still ramping up into next year, and we went through that last quarter with -- particularly on the recovery side. And the big work stream we've got going at the moment is the Gold Quarry pit, which I touched on in the introduction, which is -- we had the big sidewall failure on the Gold Quarry pit. And what we've done there is we're replanning that pit, and we don't have a good understanding of exactly what that profile is going to be.

是的。所以，丹，如果你看看我們的報告，我們的 MD&A，你會發現，明年的光伏發電量仍在增長，我們在上個季度經歷了這一過程——特別是在復甦方面。我們目前正在進行的大型工作流程是金採石場，我在介紹中提到過，我們的金採石場發生了嚴重的側壁故障。我們所做的就是重新規劃這個坑，但我們並沒有很好地理解該配置文件到底是什麼。

But what we have done with the team -- and we have a new team in Nevada, a new executive team -- is that we've really guided them to leave some of the low-grade material that was always in that plan out, and we're doing it. And my our guidance to the operating team in Nevada is we'd rather people focus on margins and profit -- long-term profitability than gold production.

但我們對團隊所做的——我們在內華達州有一個新團隊，一個新的執行團隊——我們確實引導他們留下了一些總是在該計劃中的低級材料，我們正在這樣做。我對內華達州營運團隊的指導是，我們寧願人們專注於利潤和利潤——長期獲利能力，而不是黃金產量。

But we will update the market in some detail at our Investor Day presentations on the November 22, and we hope to have our two plans on that together. I think the other drivers, and really that you saw that with PV, you get the production up, you get the cost down.

但我們將在 11 月 22 日的投資者日演講中詳細更新市場狀況，我們希望將這兩個計劃結合起來。我認為其他驅動因素，實際上你看到了光伏發電，你可以提高產量，降低成本。

The cost control in LatAm is very good. I mean, we -- we're going to make guidance on costs and not on production, but that's how tight the cost control is. And Veladero has done much better. It's going to be above its guidance.

拉美的成本控制非常好。我的意思是，我們將針對成本而不是生產制定指導，但這就是成本控制的嚴格程度。貝拉德羅做得更好。它將高於其指導。

But that really shows you the leverage on the costs in PV, which is one of our low-cost producers. On the other side, Turquoise Ridge now is again making progress, and it has the same dynamic as PV. So, that -- again, Turquoise Ridge will come in at the bottom of its guidance, maybe a little bit below. But if you do the math, it's still a significant growth for quarter 4.

但這確實向您展示了光伏成本的槓桿作用，而光伏是我們的低成本生產商之一。另一方面，Turquoise Ridge 現在再次取得進展，並且具有與 PV 相同的動力。因此，綠松石嶺將再次位於其指引的底部，也許略低於一點。但如果你算一下，第四季仍然有顯著成長。

And so, we'll see the benefit of that, and you'll start to really see -- I mean, you can see it already. It's a high-grade mine. You get the production right. And we had this -- we stopped that in quarter 2 and had to really catch up on the backfill infrastructure.

所以，我們會看到這樣做的好處，你會開始真正看到——我的意思是，你已經可以看到它了。這是一個高級礦山。你得到了正確的生產。我們有這個 - 我們在第二季度停止了這個，並且必須真正趕上回填基礎設施。

And we've had ongoing challenges in the Sage mill. Autoclave, we've rebuilt the entire CIL circuit. You know, we've had to do a lot of backfill investment. And we carry that in all-in sustaining costs because the production is not increasing.

我們在 Sage 工廠一直面臨挑戰。高壓滅菌器，我們重建了整個 CIL 電路。你知道，我們必須進行大量回填投資。我們將其計入總體維持成本，因為產量沒有增加。

So, that's our protocol. We don't sort of try and bluff its growth capital. And you'll see, at the end of the day, we have -- we've had the same conversation, and you were around 2011, when everyone got confused what cash costs were -- remember that -- and they've made their own definitions. Well, at the end of the day, we're very disciplined in the way we define our costs.

這就是我們的協議。我們不會試圖虛張聲勢地欺騙它的成長資本。你會看到，歸根結底，我們進行了同樣的對話，那是在 2011 年左右，當時每個人都對現金成本是什麼感到困惑，記住這一點，他們已經做了自己的定義。好吧，歸根結底，我們在定義成本的方式上非常嚴格。

So, that's another driver. And then Cortez is also going to be -- in fact, it's looking like it's going to be above its guidance, but that's because of what I explained to you. Cortez, as we ramp up, we have access to higher-grade refractory ore, and a lot of the feed in our plan at the moment is stockpiles out of Carlin. And so, we offset that, and we're managing that.

所以，那是另一個司機。然後 Cortez 也會——事實上，它看起來會超出其指導，但那是因為我向你解釋的。科爾特斯，隨著我們的發展，我們可以獲得更高品位的難熔礦石，目前我們計劃中的許多原料都是卡林的庫存。因此，我們抵消了這一點，並且我們正在對此進行管理。

And that's the -- that is the -- that's what we said right in the beginning. And remember, we didn't have the Long Canyon out of our portfolio then. You know, it was prematurely closed given what we expected it to be. And so, we are moving underground.

這就是——這就是——這就是我們一開始所說的。請記住，當時我們的投資組合中還沒有長峽谷。你知道，考慮到我們的預期，它過早關閉了。所以，我們正在轉入地下。

We are moving to more and more refractory ore, and that's why the Gold Quarry expansion was important, and that's also sustaining capital because it's part of that transition to higher-grade underground ore. So, those are the drivers. And Kibali, as I mentioned, is another high -- it's got a much better grade profile for Quarter 4. So, that's also going to drive our production.

我們正在轉向越來越多的難熔礦石，這就是為什麼金礦擴建很重要，這也是維持資本的原因，因為它是向更高品位地下礦石過渡的一部分。所以，這些就是驅動因素。正如我所提到的，Kibali 是另一個高點 - 第四季度的品味狀況要好得多。

Thanks. Just a follow-up on that and the subject of sustaining CapEx, I see it's coming down in NGM sequentially and quarter on quarter, but could you just walk us through the profile, the key projects? And then when we look out in the next couple of years, what's the delta on sustaining CapEx in NGM as you attack some of these issues?

謝謝。只是對此和維持資本支出主題的後續行動，我看到它在 NGM 中連續、逐季下降，但您能否向我們介紹一下概況和關鍵項目？然後，當我們展望未來幾年時，當您解決其中一些問題時，維持 NGM 資本支出的增量是多少？

Well, we're going to spend a bit of time on the Investor Day detail because if you look at the underinvestment in capital both in Barrick and in -- particularly in Newmont, it was material, and we'll show you that through a graph. The driver was Barrick was, you know, single-mindedly focused on paying down its debt. So, it was high grading the asset. And so, when we got there, there was no developed reserves ahead.

好吧，我們將花一些時間討論投資者日的細節，因為如果你看看巴里克和紐蒙特的資本投資不足，這是很重要的，我們將通過圖形。你知道，司機是巴里克，他一心一意專注於償還債務。因此，該資產的評級很高。因此，當我們到達那裡時，前方沒有開發儲量。

And the Newmont assets had effectively -- and I'm sure, if you guys had spoken to some of the Newmont people, certainly the ones that were there at the time, they would have told you that, you know, they weren't investing in Nevada. And so, when we got there, the mine plans were 18 -- 12 to 18 months behind. That's what we've been catching up. And the investments we've made are Sage mill, that's the whole mill.

紐蒙特公司的資產有效地——我相信，如果你們和紐蒙特公司的一些人交談過，當然是當時在場的人，他們會告訴你，你知道，他們不是投資內華達州。因此，當我們到達那裡時，採礦計劃落後了 18 至 12 至 18 個月。這就是我們一直在追趕的。我們所做的投資是 Sage 工廠，這就是整個工廠。

So, from retrofitting most of the components of -- around the autoclave, the GEHO pumps, and every -- all the big valves it was -- and Barrick runs the biggest portfolio of autoclaves in the world. And so, we definitely didn't have an autoclave setup that was best practice.

因此，透過改造高壓釜、GEHO 泵以及所有大型閥門的大部分組件，巴里克經營著世界上最大的高壓釜產品組合。因此，我們絕對沒有最佳實踐的高壓滅菌器設定。

And the same with the Gold Quarry roaster, it was ineffective, it was high cost, and it was -- we needed to do that. And the way we upgraded that was that we did it in two shutdowns. So, we've just finished the second shutdown to be able to get it. And now, it's up at its name -- its new nameplate. And the same with Goldstrike. We had to do some catch-up and new -- in Goldstrike because, again, that's a world-class roaster.

與 Gold Quarry 烘焙機一樣，它效率低下，成本高，而且我們需要這樣做。我們升級的方式是在兩次停機中完成的。所以，我們剛剛完成第二次關閉才能得到它。現在，它的名字出現了——它的新銘牌。 Goldstrike 也是如此。我們必須在 Goldstrike 中進行一些追趕和創新，因為這又是一家世界一流的烘焙商。

It's the lowest-cost roaster in the gold mining industry. But it -- you know, people had neglected things like process controls, et cetera, and we've been retrofitting or bringing those back up to speed. We're still busy with that. And then it's mobile fleet, both open-cast mobile fleet and also underground fleet.

它是金礦開採行業中成本最低的烘焙機。但是，你知道，人們忽略了流程控制等事情，而我們一直在進行改造或使這些事情恢復正常。我們還在忙這件事。然後是移動車隊，既有露天移動車隊，也有地下移動車隊。

And so, we've done -- we've got a program. It's still ongoing, and it'll -- we are scheduling them out. We're also scheduling rebuilds. And we have been doing this for the last couple of years as well.

所以，我們已經完成了——我們已經有了一個計劃。它仍在進行中，而且我們正在安排它們。我們也在安排重建。過去幾年我們也一直在做這件事。

And there are some -- there's a number of -- I think 71 trucks are the first sort of tranche of replacement. And so, those are the drivers -- the primary drivers. And then the other component is the development, in other words, catching up to make sure -- because as we go underground, we become money-constrained. We are process-constrained now.

還有一些——有很多——我認為 71 輛卡車是第一批替代品。因此，這些就是驅動因素——主要驅動因素。然後另一個組成部分是發展，換句話說，趕上以確保——因為當我們轉入地下時，我們就會受到資金的限制。我們現在受到流程限制。

But as we move underground -- and the way to keep the flexibility in Nevada is to build that flexibility underground because the cost of extra roasters, we're not there yet where we can motivate an extra roaster. So, we need the flexibility so that we can sit with options so when the roaster goes down, we have access to higher-grade feed so that we can catch up, and we'll get back into the forecast. And so, that's really the focus. And those are -- that's really -- and then on top of that, it's people. And again, you will appreciate, I have always invested in people.

但當我們轉向地下時，保持內華達州靈活性的方法就是在地下建立這種靈活性，因為額外的烘焙機的成本很高，我們還沒有達到可以激勵額外烘焙機的程度。因此，我們需要靈活性，以便我們可以做出選擇，以便當烘焙機出現故障時，我們可以獲得更高等級的飼料，以便我們能夠趕上，並且我們將重新進行預測。所以，這才是真正的焦點。這些是──確實是──然後最重要的是人。再說一次，你會感激的，我一直對人進行投資。

(Inaudible - microphone inaccessible) more turnover rates. The big focus now is automation because of the cost of labor in the US. And so, we've got a big focus on that across the board. And that's where we will start those, particularly on automated vehicles.

（聽不清楚 - 麥克風無法存取）人員流動率較高。由於美國的勞動成本，現在的重點是自動化。因此，我們全面關注這一點。這就是我們開始的地方，特別是在自動駕駛汽車上。

And then -- and at the same time, it's worth pointing out that we've beefed up the skill base in PV to be able to support this expanded project, and we're building the tailings dam, which is a plus-billion dollar investment on its own. And then we've got -- we've staffed up for Lumwana, and we're largely finished with the staffing up on the leadership of Lumwana. The labor will still come, but we've -- we are already building those accommodation units. And we're close to complete on the leadership on the Reko Diq construction team.

然後，同時，值得指出的是，我們已經加強了光伏技術基礎，以便能夠支持這個擴大的項目，並且我們正在建造尾礦壩，這是一個超過十億美元的項目自行投資。然後我們已經為 Lumwana 配備了人員，我們基本上已經完成了 Lumwana 領導層的人員配備。勞動力仍然會來，但我們已經——我們已經在建造這些住宿單位了。我們即將完成 Reko Diq 施工團隊的領導。

There's a lot of work to do in Reko Diq as far as training the labor, and we've got all that in place now, and we're training, you know, from junior school to technical training colleges to universities. And then we're building an international -- what we call our international student group, which is all Balochistan graduates out of various universities, which will become the leadership in Reko Diq when we start the commissioning. So, a lot of people investment, a lot of foundational investment on building that next foundation. And it's on that basis that, when we forecast, we'll bring the all-in sustaining costs down.

就培訓勞動力而言，雷科迪克還有很多工作要做，我們現在已經把所有這些都準備好了，你知道，我們正在培訓，從初中到技術培訓學院再到大學。然後我們正在建立一個國際——我們所說的國際學生團體，由俾路支省各大學的畢業生組成，當我們開始調試時，他們將成為雷科迪克的領導層。因此，許多人投入了大量的基礎投資來建立下一個基礎。正是在此基礎上，當我們進行預測時，我們將降低整體維持成本。

And right now, we've got -- you know, all-in sustaining costs, depending on the mine, is somewhere between just under 1,000 to 1,150. And then on top of that, the -- a normal sustaining number is about $250 an ounce. I'm talking about per ounce now. And we've got another $200 on top of that, which is really rebuilding some of the infrastructure. And I'm speaking broadly. Each mine is slightly different because of its overall base costs.

現在，我們的總維持成本（根據礦場的不同）大約在 1,000 到 1,150 之間。除此之外，正常的持續價格約為每盎司 250 美元。我現在談論的是每盎司。除此之外，我們還有另外 200 美元，用於重建一些基礎設施。我說的是廣泛的。每個礦場因其整體基本成本而略有不同。

Okay. So, medium term, there'll be about a $200 delta reduction in sustaining CapEx once you've finished?

好的。那麼，從中期來看，一旦完成，維持資本支出的增量將減少約 200 美元？

Yeah, that's -- we're forecasting that by '27. We'll work it through. And again, in our Investor Day, we'll unpack that and show you it.

是的，我們預測到 27 年。我們會解決這個問題的。再次，在我們的投資者日，我們將拆開它並向您展示。

Thanks. I'll let someone else have a go.

謝謝。我會讓別人去嘗試。

Hi, Mark. Alan Spence, BNP Paribas Exane. A few from mine. Just first one on CapEx guidance. It implies a -- quite a big pickup in the Q4 spend. Is that all allocated or have you been maybe a bit more efficient year to date and that could be a bit lighter than what we're seeing?

嗨，馬克。艾倫·斯賓塞，法國巴黎銀行 Exane。一些來自我的。這只是關於資本支出指導的第一個。這意味著第四季的支出將出現相當大的回升。這些是否都已分配，或者您今年迄今為止的效率是否更高，並且可能比我們看到的要輕一些？

Let me ask Graham.

讓我問問格雷厄姆。

Yeah. Is this on? Is this on? It's -- well, as you can tell, we are guiding to be within guidance. As always with capital, there are some swings and roundabouts. So, there are some -- there's going to be some expenditure in there which is slightly different to what we would have planned in 2024, and there's going to be some expenditure that was planned in 2024 which will inevitably roll over into 2025. But invariably, that just means we kind of, yeah, manage that longer-term capital profile over the life of those assets.

是的。這個開了嗎？這個開了嗎？正如你所知，我們正在引導我們保持在指導範圍內。與資本一樣，總是會有一些波動和迂迴。因此，其中會有一些支出與我們在 2024 年計劃的支出略有不同，並且 2024 年計劃的一些支出將不可避免地延續到 2025 年。生命週期內管理長期資本狀況。

So, yeah, we're comfortable with that guidance as it stands at the moment. And obviously, that will reflect in our guidance on our all-in sustaining costs as well, where we've indicated we still believe we'll be within the range that we provided at the start of the year, albeit adjusted for that higher gold price impact.

所以，是的，我們對目前的指導感到滿意。顯然，這也將反映在我們對整體維持成本的指導中，我們已經表示，我們仍然相信我們將處於年初提供的範圍內，儘管針對更高的黃金進行了調整價格影響。

Okay. On reserve replenishment, in the release this morning, it notes confidence in a strong replenishment, net of depletion, including big contributions from Lumwana and Reko Diq. If you just looked at the operating assets, would it be a similar view, you're looking at net increases, and maybe which mines are you seeing the best opportunity?

好的。關於儲備補充，在今天早上的發布中，它指出了對扣除消耗後的強勁補充的信心，其中包括 Lumwana 和 Reko Diq 的巨大貢獻。如果您只查看營運資產，是否會有類似的觀點，您正在查看淨成長，也許您認為哪些礦場是最好的機會？

Are you ready for this?

你準備好了嗎？

Yeah. So, as Mark said earlier, for North America, we're currently tracking at about 75% replacement of all of the net depletion. Africa, overall, is looking at a net positive at the moment. And then LatAm, different -- between the different assets, there are some potential positive metrics being unlocked at PV through the ongoing TSF expansion work.

是的。因此，正如馬克之前所說，對於北美，我們目前正在追蹤所有淨消耗的約 75% 的替代率。整體而言，非洲目前呈現淨正態勢。然後是拉丁美洲，不同的是，在不同的資產之間，透過正在進行的 TSF 擴張工作，PV 釋放了一些潛在的積極指標。

Whereas, Porgera, we're -- we've got some quite significant updates in the mine plan, particularly on the open pit, which will be as we're bringing -- unlocking some of that Wangima pushback that we've been talking about for quite some time. We've started that drilling. We've been drilling through the course of the year. And so, the first portions of those open pits will be starting to come into our reserves.

然而，Porgera，我們在採礦計劃中進行了一些相當重要的更新，特別是在露天礦坑方面，這將是我們正在帶來的，解鎖我們一直在談論的一些 Wangima 阻力大約有一段時間了。我們已經開始鑽探了。這一年我們一直在鑽研。因此，這些露天礦坑的第一部分將開始進入我們的儲備。

And then just on the Reko Diq and Lumwana, those are big step-ups, and those are the additions. So, copper both and about -- how many million ounces of gold in Reko Diq for our account?

然後就 Reko Diq 和 Lumwana 而言，這些都是巨大的進步，這些都是新增功能。那麼，我們的帳戶中 Reko Diq 中的銅和大約有多少百萬盎司黃金？

For our account, about 13.

對於我們的帳戶來說，大約是13。

13 million ounces.

1300萬盎司。

But again, we'll be giving a lot more detail at the Investor Day coming up.

但同樣，我們將在即將到來的投資者日提供更多細節。

Okay. Last one from me, just a quick one. The environmental rehab provisions, it's been impressive, how much the reduction has been there. Is it all kind of what you would consider best in class now or is there may be more opportunity to further reduce?

好的。我的最後一篇，只是一個快速的。環境恢復規定令人印象深刻，減少了多少。這是您現在認為課堂上最好的方式嗎？

So, according to the international tailings standards, of which we're a founding member, we have a safe closure definition, which is the sign-off of a facility by independent experts. And Barrick has always had a -- it's a -- it's an industry leader in its oversight of tailings dams. It has an independent tailings board that oversees our tailings rehab and our designs and our continued in compliance of our -- of all our tailings dams.

因此，根據我們作為創始成員的國際尾礦標準，我們有一個安全關閉定義，即由獨立專家簽署設施。巴里克在尾礦壩監管方面一直處於行業領先地位。它有一個獨立的尾礦委員會，負責監督我們的尾礦修復和設計，以及我們對所有尾礦壩的持續遵守。

And so -- and when I got to Barrick. Barrick did -- people always miss the liabilities you buy when you do M&A. No one ever does that work. And so, we ended up with significant number of tailings dams, sometimes with having bought assets that we never ever mined. I've got the most expensive hat in the world called Homestake. But maybe Grant, who leads that, our sustainability side, can just comment on our philosophy.

所以——當我到達巴里克時。巴里克做到了——人們總是懷念你在併購時購買的負債。從來沒有人做過這項工作。因此，我們最終建立了大量的尾礦壩，有時也購買了我們從未開採過的資產。我有全世界最昂貴的帽子，叫做 Homestake。但也許領導我們永續發展的格蘭特可以對我們的理念發表評論。

Yeah. I mean, I think you talk about being industry-leading. I think we certainly are. I think the approach that we took after the merger was that we weren't going to kick the can down the road in terms of closure. We're going to proactively manage it. And I think you've seen it in the numbers. I think one of the biggest focuses for me and the team has been long-term water management.

是的。我的意思是，我認為你談論的是行業領先。我想我們當然。我認為合併後我們採取的方法是，我們不會在關閉方面拖延時間。我們將積極主動地進行管理。我想你已經從數字中看到了這一點。我認為我和團隊最關注的焦點之一是長期的水資源管理。

We don't believe that water treatment in perpetuity is a closure option. So, we've really looked at those, seen what alternatives we have in terms of passive water treatment or eliminating the need for water treatment so that we can safely close those sites. There's still work to be done. But as you can see, we've made a lot of headway. And I think it is that proactive management of those closed sites, but then also our concurrent rehabilitation of those operational sites.

我們不認為永久水處理是一種關閉選擇。因此，我們確實研究了這些，了解了在被動水處理或消除水處理需求方面我們有哪些替代方案，以便我們可以安全地關閉這些場所。還有工作要做。但正如您所看到的，我們已經取得了很大進展。我認為這是對那些關閉的站點的主動管理，同時也是我們對這些營運站點的恢復。

We've got targets that we've set for each of the sites roll up into a regional level and then group. And, you know, we review those on a monthly basis, and we're tracking well ahead of those. And that's also key to reducing our liabilities while we mine.

我們為每個站點設定了目標，將其匯總到區域級別，然後進行分組。而且，您知道，我們每月都會審查這些內容，並且我們將遠遠領先於這些內容。這也是減少採礦負債的關鍵。

And one of the big drivers of our margin is managing that nonproduction cost, which is related largely to this. We've got sort of a bundle called interest and then -- and we get some interest back on that because we've got a cash position, and then the closure liabilities, and we've brought that down substantially.

我們利潤率的一大驅動因素是管理非生產成本，這在很大程度上與此相關。我們有一種叫做利息的捆綁，然後我們得到了一些利息，因為我們有現金頭寸，然後是關閉負債，我們已經大幅降低了負債。

And this year, we -- we've -- we will take Pierina to a place where there's a big step down in ongoing costs, and then we start heading toward closure. And the same with the Pascua Lama, we've brought that cost down because the challenge that I gave the team is we're going to engineer the closure.

今年，我們——我們——我們將把 Pierina 帶到一個持續成本大幅下降的地方，然後我們開始走向關閉。就像帕斯誇喇嘛一樣，我們降低了成本，因為我給團隊帶來的挑戰是我們要設計封閉裝置。

So, instead of just maintaining the sites, we're going to engineer the closure. So, we've got a full closure team. And so, that nonoperating cost component of our closure teams have -- is reducing all the time, and that hits the bottom line as we progress. And we'll get out of that quite quickly. I mean, we've got lots of older dams, but they are not at risk, and it's a matter of just closing them properly.

因此，我們不僅要維護站點，還要設計關閉站點。所以，我們有一個完整的關閉團隊。因此，我們關閉團隊的非營運成本部分一直在減少，隨著我們的進展，這將觸及底線。我們很快就會擺脫這個困境。我的意思是，我們有很多老舊的水壩，但它們並沒有面臨風險，只需正確關閉它們即可。

Thank you.

謝謝。

Anybody else? Shall we move to the people on the call?

還有其他人嗎？我們要轉向正在通話的人嗎？

(Operator Instructions) Lawson Winder with Bank of America Securities.

（操作員指示）Lawson Winder 與美國銀行證券公司。

Thanks very much, operator, and hello, Mark and team. Thank you for today's update. Can I get an idea from you guys? I suspect we'll get some of this at the Investor Day, but I thought just maybe an early hint as to what you're thinking about for 2025 CapEx directionally. So, 2025 total CapEx versus 2024. And then any thoughts on which direction sustaining would be going and growth separately?

非常感謝，操作員，你好，馬克和團隊。感謝您今天的更新。我可以從你們那裡得到一個想法嗎？我懷疑我們會在投資者日得到一些信息，但我認為這可能是您對 2025 年資本支出方向的思考的早期暗示。那麼，2025 年的總資本支出與 2024 年的比較。 那麼對於維持和成長分別朝哪個方向發展有什麼想法嗎？

So, Lawson, I think the -- as I said, there's a lot of work in progress at the moment. We are -- we have some specific projects that materially impact those numbers. We've given you some guidance in the MD&A. A heads-up, we gave you guidance last quarter.

所以，勞森，我認為——正如我所說，目前有很多工作正在進行中。我們有一些具體項目會對這些數字產生重大影響。我們在 MD&A 方面為您提供了一些指導。請注意，我們上季度為您提供了指導。

We need to finish the work. And so, the intention is to give you that directional steer at the Investor Day, and that'll be ahead of our final guidance, which we'll give you at the quarter 4 meeting. So, I think I'll stick with that. Do you want to say something?

我們需要完成工作。因此，我們的目的是在投資者日為您提供方向性指導，這將先於我們將在第四季度會議上向您提供的最終指導。所以，我想我會堅持下去。你想說些什麼嗎？

Yeah. okay

是的。好的

Graham is going to say something.

格雷厄姆要說些什麼。

The only thing I would add, Lawson, is as we've guided, we've got two big projects that are scheduled to start next year. So, directionally, CapEx is going to be up.

勞森，我唯一要補充的是，正如我們所指導的那樣，我們有兩個大型項目計劃在明年啟動。因此，從方向來看，資本支出將會上升。

But that's growth CapEx.

但這是成長資本支出。

But that's all -- yeah.

但僅此而已——是的。

That's growth CapEx. I mean, Lawson, was asking for the sustaining capital. And again, you know, we -- the big thing here is, is this industry making real money out of mining its own reserves? And that's where we're driving Barrick. That's our absolute focus is -- and so moving -- allocating sustaining capital to growth capital is like it defeats that object.

這就是成長資本支出。我的意思是，勞森要求維持資金。再說一次，你知道，我們 - 這裡最重要的是，這個行業是否透過開採自己的儲量賺到了真正的錢？這就是我們推動巴里克的方向。這就是我們的絕對焦點——而且如此感人——將維持性資本分配給成長資本就好像它擊敗了這個目標。

Yeah, very fair point, and thank you for that color, both of you. I also wanted to touch back on the reserve and resource update. So, you discussed Fourmile, that the you are in the progress of -- process of updating the model and looking to revise the current Fourmile resource estimate from last year, including a disclosure on an updated PEA. Is that something we can expect to be complete for the year-end 2024 R&R update?

是的，非常公平，謝謝你們兩個的顏色。我還想談談儲備和資源更新。因此，您討論了 Fourmile，您正在進行更新模型的過程，並希望修訂去年的當前 Fourmile 資源估算，包括揭露更新的 PEA。這是我們期望在 2024 年底 R&R 更新中完成的事情嗎？

Yes. The answer is yes.

是的。答案是肯定的。

I like short answers. Thank you. And then just on the R&R update, is the plan right now to stick with the $1,300 per ounce gold price assumption? And then how does that then correlate with your ultimate budgeting gold price assumption for next year? I mean, certainly looking at spot pricing versus the $1,300 per ounce, that is a really yawning gap, and it would seem that that probably needs to narrow at some point. I'd just love to get your thoughts on that.

我喜歡簡短的答案。謝謝。然後，就 R&R 更新而言，目前的計劃是否會堅持每盎司 1,300 美元的黃金價格假設？那麼這與您明年的最終預算金價假設有何關聯？我的意思是，當然看看現貨價格與每盎司 1,300 美元的價格差距，這確實是一個巨大的差距，而且似乎在某個時候可能需要縮小。我很想聽聽你對此的想法。

So, we are forecasting around $1,400. The inflation is -- basic inflation CPI over the last three years is substantial in the 20s. And mining has been higher. So -- and we've -- and on top of that, we've dropped the grade from the grades that were mined in a lot of the Barrick mines when we took over.

因此，我們預測價格約為 1,400 美元。通貨膨脹是－過去三年的基本通貨膨脹CPI在20多歲左右。採礦業也更高。因此，我們已經——最重要的是，我們已經降低了我們接管時在許多巴里克礦山開採的品位。

So, we've squeezed that margin and delivered more efficiency, and that's the optimum way to manage ore bodies. And so, for us -- and when you look at it -- and I'll pass it on to Simon to explain briefly. But again, we're going to spend a lot of time on this in the Investor Day. But at $1,400, we deal on all our major deposits.

因此，我們壓縮了利潤並提高了效率，這是管理礦體的最佳方式。因此，對我們來說——當你看到它時——我會將其傳遞給西蒙來簡要解釋。但同樣，我們將在投資者日花費大量時間在這方面。但我們以 1,400 美元的價格處理所有主要存款。

We can manage it. And it delivers real returns over the whole life of those reserves. And that's the way we test it. So, you mustn't confuse -- so we have always stuck to the reserve price that delivers our ore bodies, our world-class ore bodies.

我們可以管理它。它在這些儲備的整個生命週期中提供真正的回報。這就是我們測試它的方式。所以，你一定不要混淆——所以我們一直堅持交付我們的礦體的底價，我們世界級的礦體。

If you go higher in all our major ore bodies, so Nevada, PV, Kibali, Loulo-Gounkoto, Porgera, all the big deposits, Veladero, we would move out of the ore body and you dilute the grade. And so, you -- when you do that, you dilute the NPV, the value of the asset. And so, we manage that. And when we run our budgets, we always use the reserve grade, and -- because why? It highlights the gaps and the issues.

如果你在我們所有的主要礦體中走得更高，例如內華達、PV、基巴利、盧洛-貢科托、波格拉、所有大型礦床、維拉德羅，我們就會移出礦體，你就會稀釋品位。所以，當你這樣做時，你就稀釋了淨現值（NPV），也就是資產的價值。所以，我們做到了。當我們管理預算時，我們總是使用儲備等級，並且——因為為什麼？它突出了差距和問題。

Whereas, if you run our mines at 1,900, you can't see what's good and bad. And then we lift that price, the commodity price, whether it's gold or copper, to -- closer to the spot for the next year. That's the way we run it. And we use consensus on the long term on the valuations.

然而，如果你以 1,900 的價格運行我們的礦場，你就看不出什麼是好什麼是壞。然後我們將商品價格（無論是黃金還是銅）提高到接近明年的現貨價格。這就是我們運行它的方式。我們對估值採用長期共識。

So, that's how we manage our business. There's a lot more to it, and we'll -- and copper is slightly different because both feasibility studies are being run at $3 and all our mines work at $3. In a year's time, we might well adjust that because we know that that will still keep the ore bodies intact and it won't push us outside the ore body.

這就是我們管理業務的方式。還有更多的內容，我們會 - 銅略有不同，因為兩項可行性研究的價格都是 3 美元，而我們所有礦山的營運價格都是 3 美元。一年後，我們很可能會對此進行調整，因為我們知道這仍然會保持礦體完好無損，並且不會將我們推到礦體之外。

And if you do -- if you follow the strict science and you overstate the gold price, what you do is you need to put in extra capital to be able to deliver the same production profile. So, that -- as a high level, that's just explains where we are. I think the rest, I'll leave to Simon to take you through in some detail at our Investor Day.

如果你這樣做——如果你遵循嚴格的科學並且誇大了黃金價格，你所做的就是需要投入額外的資本才能提供相同的生產概況。所以，作為一個高水平，這只是解釋了我們所處的位置。我想剩下的事情，我將由西蒙在我們的投資者日向您詳細介紹。

Okay. Thank you very much, Mark.

好的。非常感謝你，馬克。

Anita Soni with CIBC World Markets.

CIBC 世界市場的安妮塔索尼 (Anita Soni)。

Hi. Good morning, Mark and team. I -- my question was around Nevada Gold Mines. I think 2024 was a bit of a dip year on grades. Are you still expecting an uptick into 2025 on the grade front, and specifically which assets? I'm assuming it was Carlin because Carlin was down this year.

你好。早安，馬克和團隊。我——我的問題是關於內華達金礦的。我認為 2024 年是成績下降的一年。您是否仍預期 2025 年評級會有所上升，特別是哪些資產？我猜是卡林，因為卡林今年表現不佳。

So, you know, Anita, the -- certainly, Turquoise Ridge is going to drive grade, and Cortez as well as we ramp up. The big sort of variance is what we do with Gold Quarry open pit and the other open pits. And that's the focus of Simon and the team as we finalize our guidance going forward. And again that will change to the overall feed grade, but -- and that's our focus.

所以，你知道，安妮塔，綠松石嶺肯定會提高等級，而科爾特斯和我們也會提高。最大的差異是我們對金礦露天礦和其他露天礦場的處理方式。這是西蒙和團隊在最終確定未來指導方針時的焦點。這將再次改變整體飼料等級，但是——這就是我們的重點。

We want to build a profitable business in Nevada, and that's our -- and then -- and we'll share that with you on the Investor Day. The key is Turquoise Ridge is a world-class -- it's one of the highest-grade deposits in the world. And so, we need to get that right, and getting that right does lots of things. It brings down the costs, and it delivers production growth.

我們希望在內華達州建立一個盈利的業務，這就是我們的目標，然後我們將在投資者日與您分享這一點。關鍵是綠松石嶺是世界級的——它是世界上品位最高的礦床之一。因此，我們需要做好這件事，做好這件事可以做很多事。它降低了成本，並實現了產量成長。

And likewise with the ramp-up in Cortez. And then we've got the other opportunities that we -- we're looking at both in the Goldrush and I mentioned Hanson and the work that we're doing there. And that's going to also impact the flexibility of Cortez. And Carlin is the one that we really have to spend more time on.

科爾特斯的擴張也是如此。然後我們還有其他機會，我們正在淘金熱中尋找機會，我提到了漢森和我們在那裡所做的工作。這也會影響 Cortez 的靈活性。卡林是我們真正需要花更多時間的人。

We've got the Crossroads open pit, I think, clearly understood. We're busy still scheduling the mine plans, but we now really understand that deposit. And we -- we've got a big focus on the open pit mines for the next life of mine updates.

我想，我們已經清楚地了解了十字路口的露天礦坑。我們仍在忙著安排採礦計劃，但我們現在真正了解了礦床。我們 - 我們非常關注露天礦，以進行下一次礦山更新。

Okay. And then could you just clarify again to me what your -- the struggles you're having at Turquoise? I assumed it was pace backfill as the issue or are there other --

好的。然後你能再次向我澄清一下你在 Turquoise 遇到的困難嗎？我認為這是速度回填的問題還是還有其他問題——

So, it's just backfill infrastructure. And I mean, to be frank, it was backfill infrastructure process reliability and some management issues. We've fixed the management issues. We are pretty much on top of the backfill.

所以，這只是回填基礎設施。我的意思是，坦白說，這是回填基礎設施流程的可靠性和一些管理問題。我們已經解決了管理問題。我們幾乎已經完成了回填工作。

And we're close to getting -- I mean, the reliability of that processing plant is now totally different to what it was, and I'll give you an example. Three years ago, we were worried whether we would lose part of the CIL tanks. They had worn so thin. And so, we've now at a position where we know we're through that.

我們即將得到——我的意思是，該加工廠的可靠性現在與以前完全不同，我會給你一個例子。三年前，我們擔心是否會失去部分CIL坦克。他們穿得太瘦了。因此，我們現在知道我們已經度過了難關。

I think we got one more tank to go. I think one more tank to go. And we've upgraded all the tanks. So -- and then the GEHO and the autoclaves, we've got a bit more to do on upgrading some of the pumps in the sequence.

我想我們還有一輛坦克車要出發。我想還需要一輛坦克車。我們已經升級了所有坦克。因此，然後是 GEHO 和高壓滅菌器，我們還有更多工作要做來升級序列中的一些幫浦。

But again, I think we're out of the woods there. The other final thing is the electrical infrastructure that we've been working on. And again, we've made a lot of progress there, and we'll -- we're pretty comfortable that we'll be on top of that out to the back of this year.

但我想我們已經走出困境了。最後一件事是我們一直在研究的電力基礎設施。再說一次，我們已經在這方面取得了很大進展，而且我們非常滿意，我們將在今年年底取得進展。

My last -- all right. Last question is with respect to inflationary pressures you're seeing. Obviously, with Newmont's results, people are a little focused on cost. On just outside of the grade changes, what kind of headwinds and tailwinds are you seeing on the cost side going into 2025?

我的最後一次——好吧。最後一個問題是關於您所看到的通膨壓力。顯然，根據紐蒙特的結果，人們有點關注成本。除了等級變化之外，您認為 2025 年成本方面會出現哪些不利因素和有利因素？

So, our job is to manage costs, and I'm not sure where the sort of singling out of contract cost comes from. It's not from us. I mean, the cost pressure in labor is there. Everyone knows it.

因此，我們的工作是管理成本，但我不確定合約成本的分類從何而來。這不是我們發出的。我的意思是，勞動成本壓力是存在的。每個人都知道。

And if you're in the United States, we didn't have the luxury of having to offset it with softer currencies. So, we've managed that. And again the big focus is on -- and we're still not as efficient in Nevada as we are in some of our African mines, but we're getting there.

如果你在美國，我們就沒有辦法用較軟的貨幣來抵銷它。所以，我們已經做到了。再次，重點是——我們在內華達州的效率仍然不如我們在非洲的一些礦山，但我們正在實現這一目標。

And then, as I touched on, it's about managing down those costs because they're there, and the way to do that is, one, more -- better efficiency, which means more skills, better skills, invest in skills, and the other is automation and more machine control, electronic IT sort of type machine control.

然後，正如我談到的，這是關於管理降低這些成本，因為它們就在那裡，而做到這一點的方法是，一，更高的效率，這意味著更多的技能，更好的技能，投資於技能，以及另一種是自動化和更多的機器控制，電子IT類型的機器控制。

And so we are -- again, we don't -- I find it quite strange that people the inflation is real. When you look at the average total cash costs of the mining companies in four years ago or three years ago and then you look now, something is different. Most of the time, it's grade, higher grade. And higher grade means shorter lives, unless you find more ounces.

所以我們——再說一遍，我們沒有——我覺得通貨膨脹是真的，這很奇怪。當你看看四年前或三年前礦業公司的平均總現金成本，然後再看看現在，情況有所不同。大多數時候，它是等級，更高等級。等級越高意味著壽命越短，除非你找到更多盎司。

And so, that's our focus. And I -- the inflation is what we've explained. We are managing it, and we've adjusted our mine plans to use $1,400 gold because we see that's embedded in cost increase after everything we've done. And then some of the higher costs in our all-in sustaining costs is not inflation-driven.

所以，這就是我們的重點。我——通貨膨脹就是我們所解釋的。我們正在管理它，並且我們已經調整了採礦計劃以使用 1,400 美元的黃金，因為我們發現在我們所做的一切之後，這已經包含在成本增加中。然後，我們的整體維持成本中的一些較高成本並不是由通貨膨脹所驅動的。

It's capital-driven, it's infrastructure-driven, and we'll get over that. So, that's why we don't use higher costs for those short years because we get through it. And that's the -- that's very useful with the gold price as it is today.

它是資本驅動的，是基礎設施驅動的，我們會克服這個問題的。因此，這就是為什麼我們不會在短短幾年內使用更高的成本，因為我們已經度過了難關。這對於今天的金價來說非常有用。

All right. Thanks. That's it for my questions.

好的。謝謝。我的問題就這樣。

Thank you.

謝謝。

Tanya Jakusconek with Scotiabank.

豐業銀行的 Tanya Jakusconek。

Great. Good morning, everyone. Thank you for taking my questions. Just maybe wanted to come back to Pueblo Viejo, if I could. Mark, you gave us the recovery. Thank you for that. Looking forward to getting to that higher recovery.

偉大的。大家早安。感謝您回答我的問題。如果可以的話，也許我想回到普韋布洛維耶霍。馬克，你讓我們康復了。謝謝你。期待獲得更高的恢復。

When do you think you will be in -- when do you think you will get to your nameplate capacity now? You know, when do we look for 14 million tonnes per annum?

你認為什麼時候會達到現在的銘牌容量？你知道，我們什麼時候需要每年 1400 萬噸？

Dennis Mark Bristow -- President, Chief Executive Officer, and Director

丹尼斯·馬克·布里斯托——總裁、執行長兼董事

So we have this debate last time, Tanya, which you led. So, we're going to make our 80% recovery by this year, and we're targeting 85% next year. And the following year, we'll be -- at the end of the following year -- at this stage. But, we've -- we -- on days and over couples of days, even today, now, we are getting runs that exceed our nameplate and get up in the recoveries, and that's part of this commissioning.

塔妮婭，我們上次進行了這場辯論，是你主持的。因此，我們今年將實現 80% 的復甦，明年的目標是 85%。接下來的一年，我們將在第二年年底進入這個階段。但是，我們已經——我們——幾天甚至幾天，甚至今天，現在，我們的運行次數超出了我們的銘牌，並開始恢復，這是這次調試的一部分。

We've got two SAG mills, one single SAG mill, one ball mill, and a very complex flotation process, and that's what we're busy managing. And so the target, Graham, is real -- 2026 is when we go into above 800,000 ounces. That's what I -- that's the best I can do for guidance now. And in November 22, we'll give you a little bit more color.

我們有兩台半自磨機、一台半自磨機、一台球磨機，以及非常複雜的浮選工藝，這就是我們正在忙於管理的內容。因此，格雷厄姆，目標是真實的——2026 年我們的產量將達到 800,000 盎司以上。這就是我現在能做的最好的指導。 11 月 22 日，我們將為您帶來更多色彩。

Okay. And that would be when you're assuming that 14 million tonnes?

好的。那是當你假設 1400 萬噸？

No, we'll get -- that'll come out over the part of the -- yeah, 2026 is when we will get to that throughput, yes.

不，我們會得到——這將在——是的，2026 年我們將達到這個吞吐量，是的。

Okay. Helpful. Thank you. And then just maybe a higher-level question for Nevada Gold Mines. With all of these changes, and I appreciate you're, getting Turquoise Ridge fixed, you're changing mine plans at Carlin, you've got Fourmile growing, but we'll leave that one out for now.

好的。有幫助。謝謝。然後可能是內華達金礦的一個更高級別的問題。有了所有這些變化，我很感激你修復了綠松石嶺，你改變了卡林的我的計劃，你已經讓四英里成長了，但我們暫時把它排除在外。

I think previous guidance had been that this complex could get on 100% basis up to about that 3.5 million ounces. I think we're just under 3million, 2.8-ish million , or whatever we are for 2024. Long term, do you -- have you changed your view on what this complex can deliver, excluding Fourmile?

我認為之前的指導是，這個綜合體可以 100% 達到大約 350 萬盎司。我認為到 2024 年，我們的人口數量將略低於 300 萬、280 萬左右。

No. Long term, no. But remember, there's -- these -- this is a massive operation. It's the biggest gold mining producer in the world by a long -- bigger than, -- it's certainly the third biggest gold producer in the world, by the way, if you put Barrick and Newmont aside.

不，從長遠來看，不。但請記住，這是一項大規模的行動。順便說一句，如果你把巴里克和紐蒙特放在一邊，它是世界上最大的黃金開採生產商，其規模遠遠超過——它肯定是世界第三大黃金生產商。

So, for us, absolutely, long term. The question is how do we get there? And then the opportunity is still immense, because we're now on top of our development ahead of the phase. And now, we're starting to look at opportunities, and I just touched on some in my presentation, which have -- and so and the bottom line here, which I think people should appreciate, is that both the two previous owners, that if they had continued, we wouldn't have Nevada Gold Mines. I mean, that's a fact.

所以，對我們來說，絕對是長期的。問題是我們要如何到達那裡？而且機會仍然是巨大的，因為我們現在處於領先階段的發展之上。現在，我們開始尋找機會，我剛剛在演講中談到了一些機會，我認為人們應該欣賞的底線是，兩位前所有者，如果他們繼續下去，我們就不會有內華達金礦了。我的意思是，這是事實。

And today, we've got a serious asset. And I would point out that neither Newmont or Barrick issued a single share for their holding in this business. And it's certainly a whole lot better than it was, and it's going to continue to improve, both -- and the big focus for us is cost, is getting those costs out.

今天，我們擁有一筆寶貴的資產。我要指出的是，紐蒙特公司和巴里克公司都沒有發行他們在該業務中持有的任何股份。它肯定比以前好多了，而且還會繼續改進——我們最關注的是成本，就是消除這些成本。

So, one of them is obviously getting the volume up to help you get those costs down.

因此，其中之一顯然是提高銷量以幫助您降低成本。

We -- just -- let me just set you right there. We're constrained on amount of refractory ore we can process. And so, the linkage -- and we told this to the market. The -- there's another issue about the open cost, which is a great flexible add-on, which is Long Canyon.

我們——只是——讓我把你安排在那裡。我們能夠加工的難熔礦石數量受到限制。因此，我們向市場傳達了這種連結。還有一個關於開放成本的問題，這是一個非常靈活的附加組件，那就是 Long Canyon。

But there wasn't the reserves that people thought and there wasn't the reserves that analysts had modeled. And we bought this asset, remember, based on analysts' consensus. We didn't do any due diligence if you recall. So, we are constrained by production.

但並沒有人們想像的儲備，也沒有分析師建模的儲備。請記住，我們是根據分析師的共識購買了這項資產。如果您還記得的話，我們沒有進行任何盡職調查。所以，我們受到生產的限制。

And the way that we can manage it, as I pointed out, is how do we manage underground in a more flexible way. How do we -- how are we smarter because, right now -- well, last year, in particular, we didn't have the flexibility -- less of the flexibility of the open pits. This year, we've got even less flexibility from open pits and a lot more feed, and the roasters we've expanded now, and that's it. That's it.

正如我所指出的，我們可以管理它的方式是我們如何以更靈活的方式管理地下。我們如何——我們如何變得更聰明，因為，現在——嗯，去年，特別是，我們沒有靈活性——露天礦的靈活性更少。今年，我們從露天礦場和更多的飼料中獲得的靈活性甚至更低，而且我們現在擴大了烘焙機，僅此而已。就是這樣。

So, when we have a roaster go down, the way to catch up the guide -- to guidance is to be able to access higher-grade ore. And so, to be able to do that, we've got to have flexibility with available higher-grade ore to make up the difference.

因此，當我們的烘焙機出現故障時，趕上指南的方法是能夠獲取更高品位的礦石。因此，為了做到這一點，我們必須靈活地利用可用的高品位礦石來彌補差異。

And I'll give you an example. You know, both Loulo-Gounkoto and Kibali are now at that stage, where the way we maintain our guidance is the flexibility in mining. And we need to get Nevada to that point. And we're a whole lot better, as you'll see this quarter 4. You'll see some of those results.

我給你舉個例子。你知道，Loulo-Gounkoto 和 Kibali 現在都處於這個階段，我們維持指導的方式是採礦的靈活性。我們需要讓內華達州達到這一點。正如您將在第四季度看到的那樣，我們已經好多了。

So, how -- when do you think -- when do you think, Mark, you'll get there, to where you put all that time and energy into the other mines and you got there? Do you think we're a year away, two years away?

那麼，馬克，你認為什麼時候你會到達那裡，到達你將所有時間和精力投入到其他礦井中並到達那裡的地方？你認為我們還有一年、兩年嗎？

Well, I think we're probably -- well, we've told you, we're two years away on the costs, but we'll see the costs starting to come down. And the only way we can increase throughput is to build another roaster or find some oxide material that we can feed into our leach pads or into the oxide mills. And we've got plenty of capacity in oxide mills. At this stage, we're transitioning in the autoclaves, but we've still got capacity there as well.

好吧，我認為我們可能——好吧，我們已經告訴過你，我們還需要兩年的時間才能降低成本，但我們會看到成本開始下降。我們提高產量的唯一方法是建造另一個焙燒爐或找到一些氧化物材料，我們可以將其送入浸出墊或氧化物磨機中。我們的氧化物工廠擁有充足的產能。在這個階段，我們正在高壓滅菌器中進行過渡，但我們仍然有產能。

All right. Maybe one other question for you, and then I do have one confirmation question just for Graham. Just, for myself, Mali, lots of information and press releases on yourself and the government. I'm just confused as to where we are on this.

好的。也許還有一個問題要問你，然後我有一個確認問題要問葛拉漢。只是，對於我自己，馬裡，有很多關於您自己和政府的資訊和新聞稿。我只是對我們在這方面的進展感到困惑。

I thought an agreement had been put in place. You paid -- made a payment. And then we have a press release saying that, the government may not renew the contract or contract of work. Mark, where are we on that?

我以為已經達成協議了。你付了錢——付了錢。然後我們有一份新聞稿稱，政府可能不會續約或工作合約。馬克，我們現在進展到哪一步了？

So, you're referring to the press release the government made, and then there was a subsequent press release that we made, which was very clear about where we are. And, Tanya, you would understand, it's not my intention to debate this issue publicly. We are engaged with the transitional government of Mali, and we have indicated that we are committed to finding a way to share the benefits, as we've done in Tanzania and Papua New Guinea and as we do everywhere. And we're prepared to give more to the Malian government than 50%.

所以，你指的是政府發布的新聞稿，然後我們發布了後續的新聞稿，非常清楚地說明了我們的情況。而且，塔妮婭，你會明白，我無意公開辯論這個問題。我們正在與馬利過渡政府接觸，我們已經表示，我們致力於尋找一種分享利益的方法，就像我們在坦尚尼亞和巴布亞紐幾內亞以及我們在其他地方所做的那樣。我們準備向馬利政府提供超過50%的資金。

And that's the negotiation. And at the end of the day, we are very clear that, you know, we are the major flywheel in the economy of Mali. There's no other entity that makes a bigger contribution to the Treasury. At the same time, we're also mindful that our job is to ensure that the national assets are properly unlocked for the benefit of all stakeholders.

這就是談判。歸根究底，我們非常清楚，我們是馬利經濟的主要飛輪。沒有其他實體可以為財政部做出更大的貢獻。同時，我們也注意到，我們的工作是確保國家資產得到適當釋放，以造福所有利害關係人。

And again, you know, just not having this conversation, if you're a partner with a host country, you should have this conversation because, otherwise, you allow a situation where the costs are increased abnormally and all the -- the only remedies we have as miners is to increase the grade and shorten the life of the mine. And we've been very clear about that in all our public statements. And so -- and that's our intention. And we have absolute confidence that we can demonstrate that.

再說一次，你知道，只是不進行這種對話，如果你是東道國的合作夥伴，你應該進行這種對話，因為否則，你會允許成本異常增加的情況以及所有唯一的補救措施我們作為礦工就是為了提高礦井的品位而縮短壽命。我們在所有公開聲明中都非常明確地表達了這一點。所以——這就是我們的意圖。我們絕對有信心能夠證明這一點。

The value benefit to Mali and its people are best done around a model, around a table, understanding exactly what Loulo-Gounkoto look like. And we are engaged and we will continue to engage until we work out a plan because we are definitely the right people to deliver that value for the benefit of Mali, as we have done for the past 30 years.

馬利及其人民的價值利益最好是圍繞著模型、圍繞桌子、準確了解 Loulo-Gounkoto 的外觀來實現。我們正在參與，並將繼續參與，直到製定計劃，因為我們絕對是為馬裡的利益提供這一價值的合適人選，正如我們在過去 30 年所做的那樣。

Look forward to concluding something on that soon. Maybe my final question for you, Graham, I just need to confirm, 40% of your costs, I think, is labor. Just on the inflation -- wage inflation that's going on globally, would it be fair to assume that you're within that 3% to 5% on wage inflation as we look into 2025?

期待盡快就此得出結論。也許我要問你的最後一個問題，格雷厄姆，我只需要確認，我認為，你的成本的 40% 是勞動力。就通膨而言－全球正在發生的薪資通膨，假設我們展望 2025 年薪資通膨率在 3% 到 5% 之內是否公平？

Yeah, Tanya, that's a reasonable range to say we're in. Obviously, in different areas, you've got different pressures, but that's a reasonable range.

是的，Tanya，我們所處的範圍是合理的。

Okay. Thank you so much for taking.

好的。非常感謝您的採納。

Mr. Bristow, there are no further questions from the conference call.

布里斯托先生，電話會議中沒有其他問題。

Any questions back in this room? Okay. Well, thank you, everyone. It's nice to be back in London. I wish you a good Christmas and a Happy New Year and look forward to catching up. We are on a road show now. We'll be meeting some of you again this evening.

回到這個房間還有什麼問題嗎？好的。嗯，謝謝大家。很高興回到倫敦。祝您聖誕節快樂，新年快樂，並期待著能趕上。我們現在正在進行路演。今晚我們將再次見到你們中的一些人。

And as I always say, for you here in the room and those on the call, we're always available. If you have any questions that you've forgot to answer now, if you want to reach out to the team, we're always available. So, again, thanks for coming and see you all soon.

正如我常說的，對於在場的您和通話中的您，我們隨時為您服務。如果您有任何現在忘記回答的問題，如果您想聯絡我們的團隊，我們隨時為您服務。再次感謝您的到來並很快與大家見面。