巴里克黃金 (GOLD) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the event operator. Welcome to Barrick's results presentation for the first quarter of 2025. (Operator Instructions) As a reminder, this event is being recorded, and a replay will be available on Barrick's website later today, May 7, 2025.

女士們、先生們，感謝你們的支持。這是事件運算子。歡迎觀看巴里克 2025 年第一季業績報告。（操作員指示）提醒一下，此事件正在被記錄，重播將於今天晚些時候（2025 年 5 月 7 日）在巴里克的網站上提供。

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

現在我想把麥克風交給巴里克總裁兼執行長馬克布里斯托。先生，請繼續。

Thank you very much, and good morning, ladies and gentlemen, and particularly the folks that have made an effort to get here this morning. Thank you for joining us today. There's a lot happening, as you are well aware in the world right now, volatility, instability and shifting global priorities. Our philosophy at Barrick has never been to manage our business for the short term.

非常感謝大家，女士們、先生們，大家早安，特別是那些今天早上努力來到這裡的人們。感謝您今天加入我們。正如你們所了解的，當今世界發生了很多事情，動盪、不穩定，全球優先事項不斷變化。巴里克的經營理念從來都不是著眼於短期利益來管理我們的業務。

While we are always ready to take advantage of high gold prices, we remain focused on building a business that can deliver sustainable profitability over the long term through the cycles, through challenges and through change. Just over six years ago, we set out to reposition and rebuild Barrick as the world's most valued gold and copper mining company. One that creates real long-term value, not just for investors, but for every stakeholder we work with. This past quarter was another busy one as we continued on that journey.

雖然我們隨時準備好利用高金價，但我們仍然專注於打造一個能夠在周期、挑戰和變化中實現長期可持續盈利的企業。就在六年多前，我們開始重新定位和重建巴里克，使其成為全球最有價值的黃金和銅礦開採公司。它不僅為投資者創造真正的長期價值，也為與我們合作的每位利害關係人創造真正的長期價值。過去的這個季度又是忙碌的一個季度，我們繼續著這段旅程。

You'll see today how we've progressed across every part of the business from operations and growth to sustainability and exploration. As part of this journey, we've also taken the step to change our name to Barrick Mining Corporation and our ticker on the New York Stock Exchange to the single letter B. It's a symbolic but important shift that reflects our strategic focus on a portfolio of long-life gold assets supported by a growing copper business. Before we begin, as usual, I'd like to draw your attention to the customary cautionary statement regarding forward-looking information. You can find the full details on our website, which you can review at your leisure if you so wish. Moving now to the group highlights.

今天您將看到我們在業務的各個方面取得了進步，從營運和成長到永續發展和探索。作為這一歷程的一部分，我們還將公司名稱更改為巴里克礦業公司，並將紐約證券交易所的股票代碼更改為單個字母“B”。這是一個具有像徵意義但意義重大的轉變，反映了我們對由不斷增長的銅業務支撐的長期黃金資產組合的戰略重點。在我們開始之前，像往常一樣，我想提請您注意有關前瞻性資訊的常規警告聲明。您可以在我們的網站上找到完整的詳細信息，如果您願意的話，可以隨時查看。現在轉到小組亮點。

I'm pleased to show you another positive set of results with all the arrows once again pointing in the right direction. Production was up at the top of the guidance, and we continue to forecast improvements throughout the year. We have maintained the dividend at $0.10 per share, reduced debt and continued with our share buyback program. We've also announced the $1 billion sale of Donlin, the first step in rationalizing our portfolio to focus squarely on our Tier 1 assets. And across the business, our growth projects continue to gain momentum with Pueblo Viejo ramping up Fourmile moving to prefeasibility, Lumwana and Reko Diq moving to construction and a new discovery already within the Reko Diq mining lease.

我很高興向你們展示另一組正面的結果，所有的箭頭再次指向正確的方向。產量達到了預期的最高水平，我們預測全年產量將繼續改善。我們將股息維持在每股 0.10 美元，減少債務，並繼續我們的股票回購計劃。我們還宣布以 10 億美元出售 Donlin，這是合理化我們的投資組合以專注於我們的一級資產的第一步。在整個業務範圍內，我們的成長項目繼續獲得發展勢頭，Pueblo Viejo 項目正在加緊推進，Fourmile 項目正在進入預可行性研究階段，Lumwana 和 Reko Diq 項目正在進入建設階段，並且在 Reko Diq 採礦租約範圍內已經有了新的發現。

Turning to our operational results. During the quarter, we completed significant projects at Pueblo Viejo, Nevada Gold Mines and Lumwana, positioning us well for the rest of the year and beyond. Copper had a great quarter, and we remain on track to meet our full year production targets for both gold and copper. Looking at the financial results. By all measures, this was a solid quarter reflecting the strength and resilience of the business we have built.

談到我們的經營成果。本季度，我們完成了 Pueblo Viejo、內華達金礦和 Lumwana 的重要項目，為我們在今年剩餘時間及以後的經營奠定了良好的基礎。銅本季表現優異，我們仍有望實現黃金和銅的全年生產目標。查看財務結果。從各方面來看，這都是一個穩健的季度，反映了我們所建立的業務的實力和韌性。

On a year-on-year basis, despite the temporary shutdown of Loulo-Gounkoto and the previously mentioned maintenance work, we delivered significant growth in operating cash flow, free cash flow and earnings, all supported by a higher gold price, of course. I'll point you to our realized gold price in quarter 1, which already looks conservative, given where the spot price is today.

與去年同期相比，儘管 Loulo-Gounkoto 暫時關閉，並進行了前面提到的維護工作，但我們的經營現金流、自由現金流和收益仍實現了顯著增長，當然，這一切都得益於金價上漲。我要向你指出我們第一季實現的黃金價格，考慮到今天的現貨價格，這個價格已經顯得保守了。

Capital is tracking in line with our plans with growth capital expected to increase over the year as our two major construction projects ramp up their activity. Sustainability, as I'm sure you're all aware by now, remains the cornerstone of how we operate. It's not separate from our business, it is our business. Mining must leave at least a lasting positive impact. And that's what we strive for across every one of our sites. This quarter, we made strong progress on our journey to zero with a big focus on managing by walking about.

資本正按照我們的計劃進行，隨著我們兩個主要建設項目的推進，預計成長資本將在今年增加。我相信大家現在都已經意識到，永續性仍然是我們營運的基石。這與我們的業務並無二致，這本身就是我們的業務。採礦必須至少留下持久的正面影響。這正是我們每個網站所追求的目標。本季度，我們在實現零排放的道路上取得了長足的進步，並專注於走動式管理。

We completed over 31,000 critical control verifications across the group, reinforcing leadership visibility and real-time risk management. We recorded improvements in the lost time injury frequency rate and total recordable injury frequency rate. No Class 1 or 2 environmental incidents and very importantly, our Class 3 events were down materially. Our water use efficiency remains above 80%, keeping us at the forefront of the industry.

我們在整個集團完成了超過 31,000 次關鍵控制驗證，增強了領導層的可視性和即時風險管理。我們記錄了損失工時傷害頻率和總可記錄傷害頻率的改善。沒有發生 1 級或 2 級環境事件，而且非常重要的是，3 級事件大幅減少。我們的用水效率始終維持在80%以上，並維持產業領先地位。

At Reko Diq, we secured environmental permits and both the Asian Development Bank and the International Finance Corporation have publicly disclosed the intended participation in Reko Diq financing. At PV, the first families have moved into new homes under our resettlement program, which is guided by the IFC Performance Standard 5. We've also rolled out our social metric tracker aligned to the UN sustainable development goals to track real impact at the site level.

在雷科迪克，我們獲得了環境許可證，亞洲開發銀行和國際金融公司都公開揭露了參與雷科迪克融資的意圖。在 PV，第一批家庭已經根據我們的重新安置計劃搬進了新家，該計劃以 IFC 績效標準 5 為指導。我們也推出了與聯合國永續發展目標一致的社會指標追蹤器，以追蹤站點層面的實際影響。

So moving to North America and our operations there. This remains Barrick's value foundation and continues to perform steadily. We've taken clear steps this quarter to sharpen our portfolio. As I indicated already, Donlin sale is an important move aligned with our strategy to focus on Tier 1 assets.

因此，我們將把業務轉移到北美並在那裡開展業務。這仍然是巴里克的價值基礎，並繼續表現穩定。本季我們已採取明確措施來完善我們的投資組合。正如我已經指出的，出售 Donlin 是一項重要舉措，符合我們專注於一級資產的策略。

In line with that, we have also launched a process to test the market for Hemlo. Let me be clear to everyone here today, particularly, this has no bearing on our commitment to Canada. On the contrary, we've launched a significant drill program in the southern Abitibi, which I will discuss later. We are also exploring in the US, in Nevada, both within the joint venture and on Barrick ground, as well as in Arizona, Idaho and Montana. These programs target both gold and copper and form a core part of our organic growth strategy. As again, I will touch on a little later. And in line with our investment in people, we've now rolled out the Barrick Academy at Nevada Gold Mines, giving frontline leaders the tools to drive performance, improve safety and build operational excellence.

同時，我們也啟動了 Hemlo 市場測試流程。今天，我要向在座的各位特別明確地指出，這與我們對加拿大的承諾無關。相反，我們在阿比蒂比南部啟動了一項重要的鑽探計劃，我稍後會討論。我們也在美國內華達州的合資企業和巴里克金礦區以及亞利桑那州、愛達荷州和蒙大拿州進行勘探。這些計劃針對黃金和銅，構成我們有機成長策略的核心部分。稍後我會再討論。為了配合我們對人才的投資，我們現在在內華達金礦推出了巴里克學院，為第一線領導提供提高績效、改善安全性和實現卓越營運的工具。

Turning to Nevada Gold Mines specifically, we had a solid quarter, although production was lower on the back of planned roaster maintenance at Carlin. Importantly, we are starting to see real efficiency gains from the new Komatsu open pit fleet and organizational optimization, which is already driving mining unit costs back down to levels we haven't seen since 2022. At Cortez, production was lower quarter-on-quarter due to fewer high-grade underground tons and lower-grade open pit ore stacked on the leach pads. At Turquoise Ridge, throughput increased quarter-on-quarter at the Sage autoclave, though lower grades offset the volume gains. Still, recovery performance was strong, helping support overall results. During April, we also completed the planned gold quarry roaster shutdown. So with the major maintenance behind us in Nevada Goldmines, we're well set for an improved quarter 2 and a better second half.

具體來說，就內華達金礦而言，儘管由於卡林計劃進行焙燒爐維護，產量有所下降，但我們本季業績表現穩健。重要的是，我們開始看到小松新露天礦車隊和組織優化帶來的真正效率提升，這已經將採礦單位成本推低至 2022 年以來從未見過的水平。在科爾特斯，由於地下高品位礦石噸數減少以及浸出墊上堆放的露天礦石品位較低，產量環比下降。在 Turquoise Ridge，Sage 高壓釜的產量環比增加，但較低的品位抵消了產量的成長。儘管如此，復甦表現強勁，有助於支撐整體業績。四月份，我們也完成了金礦焙燒爐的停產計畫。因此，隨著內華達金礦的主要維護工作完成，我們已為第二季的改善和下半年的更好發展做好了準備。

Moving to Fourmile. This is one of the most exciting projects, as I've mentioned before in our portfolio. We currently have 16 rigs turning with drill holes averaging over a kilometer in depth. As we've already disclosed, grades at Fourmile are more than double those at Goldrush. An early geotechnical data points to more competent rock strength, which can potentially support larger-scale stoping than that of our other Nevada operations. Combined with its proximity to existing infrastructure, this makes Fourmile a clear standout. We've now advanced the project into feasibility study with a focus on defining the full resource footprint. And evaluating the geometallurgy of the ore body and access options, all of which are critical for future development. We've already submitted the plan of operations for the potential portal disturbance and commenced with baseline studies for permitting. So this work is well underway.

搬到 Fourmile。正如我之前在我們的投資組合中提到的，這是最令人興奮的項目之一。我們目前有 16 台鑽孔機正在作業，鑽孔平均深度超過一公里。正如我們已經披露的，Fourmile 的成績是 Goldrush 的兩倍多。早期的岩土數據表明，岩石強度更高，可能比我們在內華達州的其他業務更能支持更大規模的採礦。加上其靠近現有基礎設施，這使得 Fourmile 脫穎而出。我們現在已經將專案推進到可行性研究階段，重點是確定完整的資源足跡。並評估礦體的地質冶金學和進入選項，所有這些對於未來的發展都至關重要。我們已經提交了針對潛在門戶幹擾的營運計劃，並開始進行許可基線研究。這項工作正在順利進行中。

When you consider the potential size and quality of the ore bodies located in a jurisdiction with multiple Tier 1 assets, it's clear that Fourmile has the potential to deliver unparalleled value for Barrick and Nevada. It also explains why we chose to divest Donlin, an asset that was not in a position to compete with Fourmile for capital in our portfolio. Canada, as I said earlier, remains a core destination for us. And we're fully committed to growing our presence here. As you can imagine, it's a highly competitive environment, especially with the recent uplift in gold prices. But we're focused on building a high-quality portfolio of targets that can support long-term value. We've just recently kicked off a drilling project at Norris, making a significant step in rebuilding our exploration pipeline in the region and continue to progress and evaluate other project opportunities. We're also busy with the permitting for the next drill phase at the Sturgeon Lake project.

當您考慮到位於擁有多個一級資產的司法管轄區內的礦體的潛在規模和質量時，很明顯 Fourmile 有潛力為巴里克和內華達州帶來無與倫比的價值。這也解釋了為什麼我們選擇剝離 Donlin，因為在我們的投資組合中，Donlin 無法與 Fourmile 競爭資本。正如我之前所說，加拿大仍然是我們的核心目的地。我們全力致力於擴大我們在這裡的影響力。正如您所想像的，這是一個競爭激烈的環境，尤其是最近金價上漲。但我們專注於建立能夠支持長期價值的高品質目標組合。我們最近剛在諾里斯啟動了一個鑽探項目，這為重建該地區的勘探管道邁出了重要一步，並將繼續推進和評估其他項目機會。我們也忙於為鱘魚湖計畫下一階段的鑽探申請許可。

Shifting to Latin America and Asia Pacific, we've seen stellar performance across the board this quarter. Our signature growth project, Pueblo Viejo made solid progress. Reko Diq, as I mentioned earlier, has officially moved into construction phase and is already showing an exciting early indicator of upside that comes with Tier 1 assets.

轉向拉丁美洲和亞太地區，我們看到本季各地區均表現出色。我們的標誌性成長項目 Pueblo Viejo 取得了紮實的進展。正如我之前提到的，雷科迪克 (Reko Diq) 已正式進入建設階段，並且已經顯示出一級資產帶來的令人興奮的早期上漲跡象。

Veladero delivered a standout performance yet again and development of Phase 8a of the leach pad is on track and the mine is set up for another strong year. At Porgera, the ramp-up continues and the operation commenced dividend payments this quarter. Moving specifically to Pueblo Viejo, this is a long-life operation with a planned mine life of over 20 years. And once the ramp-up is complete, we're targeting production of more than 800,000 ounces a year.

維拉德羅 (Veladero) 再次表現出色，浸出場第 8a 階段的開發工作進展順利，礦山將迎來另一個強勁的一年。波格拉 (Porgera) 的產量持續增加，本季開始派發股息。具體到 Pueblo Viejo，這是一項長期作業，計劃礦山壽命超過 20 年。一旦完成產能提升，我們的目標是年產量超過 80 萬盎司。

The plant was down for 35 days during the past quarter, as we completed a series of upgrades. These included improvements to the flash recycle system, deslime pump upgrades and a complete overhaul of the thickener center well. As expected, gold production was lower quarter-on-quarter, but we saw improvement throughput -- improved throughput in April. And the team continues to make good progress under our go-for-gold plan. We are on track to meet guidance this year, and our target is to produce more than 800,000 ounces in 2026.

由於我們完成了一系列升級，該工廠在上個季度停工 35 天。這些措施包括閃蒸循環系統的改進、脫泥泵的升級以及濃密機中心井的全面檢修。正如預期的那樣，黃金產量環比下降，但我們看到產量有所改善——4 月產量有所提高。在我們的奪金計劃下，球隊繼續取得良好進展。我們預計將實現今年的預期目標，我們的目標是到 2026 年生產超過 80 萬盎司。

This slide shows the key components of our expansion and ramp-up program at Pueblo Viejo. And as you can see, we're on track, and all major projects for the quarter were completed as planned. We remain confident that this expansion will unlock the full long-term potential of this asset. As part of the Pueblo Viejo expansion, we're developing the El Naranjo tailing storage facility, which requires the relocation of nearby communities.

這張投影片展示了我們在 Pueblo Viejo 的擴建和提升計畫的關鍵組成部分。如您所見，我們的進展一切順利，本季所有主要項目均按計劃完成。我們仍相信，此次擴張將充分釋放該資產的長期潛力。作為 Pueblo Viejo 擴建項目的一部分，我們正在開發 El Naranjo 尾礦儲存設施，這需要附近社區的搬遷。

As already mentioned, we are following IFC Performance Standard 5 to guide this process, and we're committed to ensuring that people are better off as a result of the relocation. The first 18 families have already moved into their new homes. And we're relocating more families every week. The new community, which we call New Horizons in Spanish, is a fully self-contained development that includes housing, schools, recreational facilities, potable water, electricity, roads and space for vegetable gardens and farming.

如同前面所提到的，我們遵循國際金融公司績效標準 5 來指導這個過程，並致力於確保人們在搬遷後過上更好的生活。首批18個家庭已經搬進新家。我們每週都會幫助更多的家庭搬遷。這個新社區，我們在西班牙語中稱之為“新視野”，是一個完全獨立的開發項目，包括住房、學校、娛樂設施、飲用水、電力、道路以及菜園和農業空間。

To date, 220 houses have been complete with a total of over 550 to be finished by the end of the year as the development continues on schedule. And at Reko Diq, this project is really taking shape now. You can see on the top right of the slide, a model of what the project will look like, and [it's all systems go.] We've begun mobilizing the first heavy equipment, and we've appointed Fluor as our lead engineering, procurement and construction management partner, working alongside the internal owners team and other partners. This is a world-class copper gold project that will deliver enormous value, not just for Barrick but equally for our partners in Pakistan and particularly in Balochistan.

截至目前，已有 220 棟房屋竣工，隨著開發工作按計劃進行，預計到今年年底將有超過 550 棟房屋竣工。在雷克迪克，這個項目現在已真正成形。您可以在投影片的右上角看到該項目的模型，並且[所有系統都已準備就緒。 ]我們已經開始調動第一批重型設備，並已任命 Fluor 作為我們的主要工程、採購和施工管理合作夥伴，與內部業主團隊和其他合作夥伴一起工作。這是一個世界級的銅金項目，它將帶來巨大的價值，不僅對巴里克，而且對我們在巴基斯坦，特別是俾路支省的合作夥伴也是如此。

It's one of the largest undeveloped porphyry copper gold systems in the world, and it's not yet reflected in our share price. While the total Phase 1 and 2 investment is expected to be around $10 billion, our share of the total equity contribution is estimated between $1.4 billion and $1.7 billion for Phase 1, excluding capitalized financing costs. At this stage, everything indicates that we'll be able to fund Phase 2 through the project itself.

這是世界上最大的未開發斑岩銅金系統之一，但尚未反映在我們的股價上。雖然第一階段和第二階段的總投資預計約為 100 億美元，但我們在第一階段的總股權貢獻份額估計在 14 億美元至 17 億美元之間，不包括資本化融資成本。現階段，一切都表明我們將能夠透過專案本身為第二階段提供資金。

It's important to understand that this is very much in line with how we've approached our early-stage investments in countries like originally Mali, way back in the 1990s and the DRC more recently, disciplined, [not betting the farm, phased] and with strong partnerships forged ahead of construction. On the last point, we have invested roughly $230 million to date with our partners in Pakistan, participating equally alongside us as disclosed in our financials for everyone tracking this progress.

重要的是要明白，這與我們在早期投資國家（例如 90 年代的馬裡，以及最近在剛果民主共和國）的方式非常一致，我們採取了紀律嚴明的措施（不孤單，分階段進行），並在建設前建立了牢固的合作夥伴關係。最後一點，迄今為止，我們已與巴基斯坦的合作夥伴投資了約 2.3 億美元，與我們平等參與，正如我們在財務報告中向所有跟踪這一進展的人披露的那樣。

While the Reko Diq feasibility study has defined a 37-year reserve life, and it's important to understand this is a reserve life rather than a life-of-mine estimate. And the real story is the potential to go well beyond that out to the end of the century. And this slide shows that even before we've started production, we are already adding life and value. One of the first new discoveries within the mining lease is just 4 kilometers north of the Western Porphyries, which is the main ore body that we've got in our life-of-mine reserve plan. It's called Bukit Pasir, and it's a clear indication of the quality and prospectivity of this region. The first few holes are delivering thick intervals of mineralization from surface and the numbers speak for themselves.

雖然雷科迪克可行性研究確定了 37 年的儲量壽命，但重要的是要理解這是一個儲量壽命，而不是礦山壽命估計。而真正的情況是，到本世紀末，這數字還有可能遠遠超過這個水準。這張投影片顯示，甚至在我們開始生產之前，我們就已經在增加生命和價值。採礦租約範圍內的首批新發現之一位於西部斑岩礦以北僅 4 公里處，這是我們礦山開採年限儲量計畫中的主要礦體。它被稱為武吉巴西爾，這清楚地表明了該地區的品質和前景。最初的幾個孔洞從地表發出厚厚的礦化層，這些數字說明了一切。

In Africa and Middle East region, that has been a major value contributor to Barrick over the past two decades, we're seeing some challenges in the broader environment. Africa remains, however, a highly prospective and a good destination to add value to our portfolio. So one of the few regions in the world where we consistently replace what we mine, and we expect the trend to continue this year. In Mali, operations at Loulo-Gounkoto remains suspended. But as disclosed in our previous press releases, we continue our engagement with the transitional government and are working hard to overcome these challenges and achieve a long-term solution that puts an end to the current impasse.

非洲和中東地區是巴里克黃金過去二十年的主要價值貢獻者，但我們在更廣泛的環境中看到了一些挑戰。然而，非洲仍然是一個非常有前景且可以為我們的投資組合增值的好目的地。因此，我們是世界上少數持續更新所開採資源的地區之一，我們預計今年這一趨勢將持續下去。在馬裡，Loulo-Gounkoto 的作業仍處於暫停狀態。但正如我們先前的新聞稿所披露的那樣，我們將繼續與過渡政府接觸，並努力克服這些挑戰，找到結束當前僵局的長期解決方案。

This has been a cornerstone asset for the country, and we are committed to finding a constructive way forward. On the copper side, Lumwana has now officially transitioned into the construction phase of its expansion project, and Jabal Sayid delivered a strong quarter, maintaining its momentum. At Kibali, production was lower this quarter, mainly due to lower ore grades from underground as scheduled in the mine plan. We expect throughput to improve over the course of the year with a stronger second half, in line with our guidance. We also have advanced work on the solar power installation, which, again, will reduce energy costs and further support our sustainability goals.

這是國家的基石資產，我們致力於尋找建設性的前進道路。銅方面，Lumwana銅礦目前已正式進入擴建工程建設階段，Jabal Sayid銅礦本季業績表現強勁，維持了成長動能。基巴利金礦本季產量較低，主要原因是礦場計畫中地下礦石品位較低。我們預計吞吐量將在全年有所改善，下半年將更加強勁，符合我們的預期。我們還在太陽能裝置方面取得了進展，這將再次降低能源成本並進一步支持我們的永續發展目標。

Importantly, Kibali has a track record of replacing the reserves at mines, and this year is no different. Also worth noting Kibali is trialing a fleet of EV trucks for rehandling material on the ROM pad. This slide zooms in on the ARK-KCD corridor, and it's worth emphasizing just how important this work is to the future of Kibali. The team has made great progress, not only extending the main KCD ore body down plunge, but also on the adjacent ARK target, which is a significant brownfields growth opportunity.

重要的是，基巴利有替換礦場儲量的紀錄，今年也不例外。同樣值得注意的是，基巴利正在試用一批電動卡車來重新處理 ROM 平台上的材料。這張幻燈片放大了 ARK-KCD 走廊，值得強調的是這項工作對基巴利的未來有多重要。團隊取得了巨大進展，不僅延伸了主要的 KCD 礦體下傾角，而且還延伸了相鄰的 ARK 目標，這是一個重要的棕地成長機會。

We're seeing high-grade intercepts with encouraging continuity, and this work is starting to build a coherent geological model across the corridor. The key question we are now testing is whether ARK and KCD connect. If that's the case, it could represent a material extension of the mineralized system and unlock meaningful new ounces from within the existing footprint. In Tanzania, both North Mara and Bulyanhulu had solid quarters, delivering in line with plan. There were some commissioning activity and lower grades at North Mara as scheduled in the mining sequence, but recoveries and efficiencies remain strong, and both sites are on track to meet full year guidance.

我們看到了具有令人鼓舞的連續性的高品位截距，這項工作開始在整個走廊建立一個連貫的地質模型。我們現在測試的關鍵問題是ARK和KCD是否連接。如果是這樣的話，它可能代表礦化系統的物質延伸，並從現有的足跡中解鎖有意義的新盎司。在坦尚尼亞，北馬拉和布里亞胡盧的季度表現穩健，交付情況符合計畫。按照採礦順序，北馬拉礦場進行了一些調試活動，品位也較低，但回收率和效率依然強勁，兩個礦場都有望達到全年預期。

Since 2020, we have built trust, stabilized the operations and restored Barrick's reputation as a long-term partner in the country. It's a powerful example of how responsible mining done right can rebuild the business and create lasting value for all stakeholders. Turning to Lumwana and Zambia. Q1 production reflected a planned mill reline and lower grades as noted in our guidance. We expect performance to improve in Q2 and strengthened further in the second half as these temporary factors roll off.

自 2020 年以來，我們建立了信任，穩定了運營，並恢復了巴里克作為該國長期合作夥伴的聲譽。這是一個有力的例子，說明如何透過負責任的採礦重建業務並為所有利益相關者創造持久的價值。轉向盧姆瓦納和尚比亞。正如我們的指導方針中指出的，第一季的產量反映了計劃中的工廠換線和較低的品位。隨著這些暫時性因素的消失，我們預期第二季業績將有所改善，下半年業績將進一步增強。

The Super Pit project will double production and is expected to come in line -- to come online in 2028. One of the key focus areas is power infrastructure, as you can imagine. And we're actively working to ensure we can manage this challenge as the expansion ramps up. The scale and value of Lumwana and the expansion in particular are still not like Reko Diq reflected in our share price. And we believe this project will be a major value driver for the group in the years ahead.

超級礦坑計畫將使產量翻一番，預計 2028 年投入使用。正如您所想像的，重點關注領域之一就是電力基礎設施。我們正在積極努力，確保在擴張過程中能夠應對這項挑戰。Lumwana 的規模和價值，尤其是擴張，仍然不像 Reko Diq 那樣反映在我們的股價上。我們相信，該項目將成為未來幾年集團的主要價值驅動力。

Africa and the Middle East continues to be one of our most prospective regions and this slide highlights the breadth of our exploration footprint across the continent. We've consistently delivered value here through exploration, development and partnerships. And we're well positioned to do so again. We're actively exploring across the Central African copper belt, including new permit areas in Zambia and the DRC as well as advancing greenfield work in Tanzania, Senegal and through our joint venture with Ma'aden in Saudi Arabia.

非洲和中東仍然是我們最有前景的地區之一，這張投影片重點介紹了我們在整個非洲大陸的勘探足跡的廣度。我們一直透過探索、開發和合作來創造價值。我們已經做好了再次這樣做的準備。我們正在積極探索中非銅礦帶，包括贊比亞和剛果民主共和國的新許可區域，以及在坦尚尼亞、塞內加爾和透過與沙烏地阿拉伯 Ma'aden 的合資企業推進綠地工作。

I have always said that the foundation of a real mining company lies in its reserve base. And this slide brings that into sharp focus. On the left, you can see the growth in our gold reserves per share since the merger. And on the right, the gold equivalent reserve base, again, per share, which now includes a material increase in copper and reflects the strength of our broader resource portfolio. We're proud that Barrick continues to lead the industry in replacing and growing reserves through the drill bit and not through overpriced M&A.

我一直說，真正的礦業公司的基礎在於其儲備基礎。這張投影片將這一點清晰地展現出來。在左側，您可以看到自合併以來我們每股黃金儲備的成長。右邊是每股黃金當量儲備基數，其中銅的含量大幅增加，反映了我們更廣泛的資源組合的實力。我們很自豪，巴里克繼續透過鑽頭而不是透過高價的併購來引領行業替代和增加儲量。

Since the merger, we've added 111 million gold equivalent ounces of reserves at a cost of just $10 per gold equivalent ounce compared to M&A deals in the sector averaging over $440 per ounce, and in some cases, more than double that. It's a disciplined strategy that underpins our growth plans and reinforces the long-term value of our business. So ladies and gentlemen, as we wrap up, it's worth highlighting something that really sets Barrick apart in the mining industry. Its ability to present a long-term rolling business plan. This isn't common in our sector. Most companies can only talk in one- to three-year snapshots. But at Barrick, we give our shareholders a clear road map, a long-term view of how we intend to deliver production, profitability and growth.

自合併以來，我們增加了 1.11 億盎司黃金當量儲備，每盎司黃金當量的成本僅為 10 美元，而該行業的併購交易平均每盎司成本超過 440 美元，在某些情況下甚至達到這一水平的兩倍以上。這是一項嚴謹的策略，它支撐著我們的成長計劃並增強了我們業務的長期價值。女士們、先生們，在我們結束演講時，值得強調的是巴里克在採礦業中真正與眾不同之處。其能夠提出長期滾動業務計劃。這在我們這個行業並不常見。大多數公司只能談論一到三年的概況。但在巴里克，我們為股東提供了清晰的路線圖，以及我們如何實現生產、獲利和成長的長期願景。

The visibility gives us confidence because it allows us to plan, prioritize and manage our portfolio in a disciplined way. We've also shown that over time our ability to replace the gold and copper, we mine while finding more, keeps changing that forward profile for the better. We are driven by a strategy that invests in the future. And as you can see here, there's significant organic growth built into the portfolio through to the end of the decade. And as we've shown in our 10-year plan more beyond that. Look at what we already have, Nevada Gold Mines, Pueblo Viejo, the Tier 1 assets in Africa, all with tangible brownfields upside. Add to that, Fourmile, the Lumwana expansion and the Reko Diq growth project, plus the new project pipeline our exploration team is pursuing. And you begin to see just how much potential is still ahead of us. This is a high-quality portfolio built by a high-quality team, operating in some of the world's most prospective regions.

這種可見性給了我們信心，因為它使我們能夠以有紀律的方式規劃、確定優先事項並管理我們的投資組合。我們還表明，隨著時間的推移，我們開採的黃金和銅的替代能力不斷增強，同時發現了更多的金和銅，使未來的前景越來越好。我們以投資未來策略為驅動力。正如您所看到的，到本世紀末，投資組合將實現顯著的有機成長。正如我們在十年計劃中所展示的，我們還有更多目標。看看我們已經擁有的，內華達金礦、普韋布洛維耶霍、非洲的一級資產，都具有切實的棕地優勢。除此之外，還有 Fourmile、Lumwana 擴建和 Reko Diq 成長項目，以及我們的勘探團隊正在尋求的新項目管道。你就會開始看到我們還有多少潛力可挖。這是一支高素質團隊打造的高品質投資組合，業務遍及全球一些最具前景的地區。

So Barrick is as it stands, a standout performer in our industry. It isn't just the quality of our assets or the strength of our pipeline. It's the way we build this company on a strategy grounded and long-life Tier 1 assets, supported by a growing copper portfolio, exceptional growth assets that don't require new debt or share dilution, a disciplined balance sheet, continuous reserve replacement and a global exploration engine that's active in every major mineral belt.

因此，巴里克黃金公司目前是我們行業中的佼佼者。這不僅僅是我們資產的品質或我們管道的實力。我們以策略為基礎、長壽命一級資產為基礎，透過不斷增長的銅組合、不需要新債務或股權稀釋的卓越成長資產、嚴格的資產負債表、持續的儲量替代和活躍於各主要礦帶的全球勘探引擎來建立這家公司。

It's also about our people. We've invested in our leaders, our teams and our culture. And that's why we are able to operate in the world's most prospective, but sometimes more challenging jurisdictions. And do so successfully, I might add, and sustainably. We're delivering returns today whilst also building this business for the long term. And we're focused on delivering value for all our stakeholders, not just in ounces or earnings, but in jobs, in partnerships and an opportunity. And importantly, we've done all this without issuing new equity. On the contrary, we continue to buy back our shares while investing in growth and strengthening their balance sheet. That's the Barrick difference.

這也與我們的人民有關。我們對我們的領導者、我們的團隊和我們的文化進行了投資。這就是為什麼我們能夠在世界上最具前景但有時更具挑戰性的司法管轄區開展業務。我想補充的是，這樣做是成功的，而且是可持續的。我們今天正在實現回報，同時也為長期發展而建立這項業務。我們致力於為所有利害關係人創造價值，不僅是產量或收益，還包括就業、合作夥伴關係和機會。重要的是，我們在沒有發行新股的情況下完成了所有這些工作。相反，我們在投資成長和加強資產負債表的同時繼續回購我們的股票。這就是巴里克的與眾不同之處。

And that's why we believe the best is yet to come. Thank you all for listening, and we'll be happy to take questions. And I think, [Claudia,] we're going to take from here first. Okay.

這就是為什麼我們相信最好的事情尚未到來。感謝大家的聆聽，我們很樂意回答問題。我認為，[克勞迪婭，]我們首先要從這裡開始。好的。

This is Ralph Profiti from Stifel. First one, you've talked about one of the rationales for the sale of Donlin being competing for capital against Fourmile. I'm wondering if there's a read-through on the valuation and how it pertains to Fourmile because there is a valuation and a market valuation anchor to how you're going to bring Fourmile into Nevada Gold Mines. And I'm wondering if there's a correlation between the two on valuation.

我是 Stifel 的 Ralph Profiti。首先，您談到了 Donlin 出售的原因之一，即與 Fourmile 爭奪資本。我想知道是否有關於估值的通讀以及它與 Fourmile 的關係，因為對於如何將 Fourmile 帶入內華達金礦，有一個估值和市場估值錨。我想知道這兩者在估值上是否有相關性。

No, I think there's no correlation between the two. I think Donlin is way out of the mining. And when you look at our development plans, it was way back -- at the back end of the -- of our development planning. And so it makes sense to realize that asset and focus on the assets that meet our Tier 1 definitions. And that's really the driver. And we saw the value of Donlin in the market is well set by NovaGold at the stage of the deal, the NovaGold market cap.

不，我認為兩者之間沒有關聯。我認為唐林已經遠離採礦業了。當你查看我們的開發計劃時，你會發現它已經回到了開發計劃的後端。因此，認識到該資產並專注於符合我們的一級定義的資產是有意義的。這才是真正的驅動力。我們看到，Donlin 在市場上的價值在交易階段由 NovaGold 決定，即 NovaGold 的市值。

So that was as close as we could get to a market-related value, and we were comfortable with it. And clearly so as NovaGold.

因此，這是我們能夠獲得的最接近市場相關價值的價值，我們對此感到滿意。NovaGold 顯然也是如此。

Understood. And then you did a presentation slide on Kibali and having some of the more new geology point you to more complex geological structure. And I'm just wondering how has -- how are you now thinking about perhaps changes to the processing side in order to bring that long-term potential into the fold?

明白了。然後，您做了一個關於基巴利的簡報幻燈片，其中的一些較新的地質情況向您指出了更複雜的地質結構。我只是想知道——您現在如何考慮改變處理方面，以便將這種長期潛力帶入其中？

Yes, Kibali has got a really good flow sheet. It's got first of all, the normal standard gold crushing, milling, but then it's got flotation and it's got ultrafine grind. So short of any roasters or autoclaves, which we don't need in that mine. It's got everything. So we don't see any change in the metallurgy of the new deposits. What's interesting is the ARK. So KCD is the first major ore body that we started in open pit, and it's now being mined down dip. It's a plunging series of cigar-shaped ore bodies.

是的，基巴利有一個非常好的流程圖。首先，它具有正常的標準黃金破碎、研磨，然後進行浮選和超細研磨。缺少焙燒爐或高壓釜，而我們在那個礦井裡不需要它們。它擁有一切。因此，我們沒有看到新礦床冶金學有任何變化。有趣的是 ARK。KCD 是我們在露天開採的第一個主要礦體，目前正在向下開採。這是一系列傾斜的雪茄形礦體。

And it's -- the reason they're in cigar is because it's tightly folded, so the mineralization picks out the hinges in the folds. And ARK is starting to look exactly like that, just subparallel. So no difference. It's associated with banded iron formations that are tightly folded, but the system is -- and we're starting to see significant continuity and some particularly high grades because that 3,000 lode, 5,000 lode of KCD is what made Kibali. So it's a completely new target, but right next door. So -- and the question is, is it part of the same tectonic or structural event as well as the mineralization event or is it separate? We think it's the former.

它們之所以呈雪茄狀，是因為它折疊緊密，所以礦化作用會在褶皺中找出鉸鏈。而 ARK 開始看起來完全一樣，只是亞平行。所以沒有差別。它與緊密摺疊的帶狀鐵建造有關，但該系統是 - 我們開始看到顯著的連續性和一些特別高的品位，因為 3,000 條礦脈、5,000 條 KCD 礦脈構成了基巴利。所以這是一個全新的目標，但就在隔壁。那麼——問題是，它是同一次構造事件和礦化事件的一部分，還是獨立的？我們認為是前者。

And -- but it's very different to the other satellite deposits that we've mined in Kibali. And we've still got more, and that's further away from the processing plant and the main mine. So it's not complicated -- it's complicated geologically. And Kibali has always been a challenging geological setting, but we've continued, as you know, to -- we've got double the reserves that we defined in the first feasibility study still, and we've mined for a long time already.

而且——但它與我們在基巴利開採的其他衛星礦床非常不同。我們還有更多，而且距離加工廠和主礦更遠。所以這並不複雜——只是從地質學角度來說很複雜。基巴利一直是個具有挑戰性的地質環境，但正如你所知，我們一直在繼續——我們的儲量仍然是第一次可行性研究中確定的兩倍，而且我們已經開採了很長時間。

Brian MacArthur, Raymond James. One of the things you highlighted in the report was how you're getting value added tailings with sulfur to be used in Nevada? And obviously, there's a huge benefit from sustainability. But can you just talk about the economics and how that helps the roasters in Nevada? And just how much it might actually be worth if you're willing to put a number on that?

布萊恩麥克阿瑟、雷蒙詹姆斯。您在報告中強調的一點是如何取得含硫的增值尾礦以供內華達州使用？顯然，永續性可以帶來巨大的好處。但是您能否談談經濟因素以及這對內華達州的烘焙商有何幫助？如果您願意給出一個數字，那麼它實際上值多少錢呢？

So the value is significant. Just to -- we've got two projects like this, it's Golden Sunlight, which is a closure site in Montana. And that's been -- we're busy ramping that up. It's had a few challenges and getting it fully ramped up, but it's a rehabilitation project essentially taking away the requirement for continuous water treatment and at the same time, delivering a very valuable product in the form of sulfide concentrate, which is a fuel in both our -- for our autoclaves and our roasters.

因此其價值十分重大。只是為了——我們有兩個這樣的項目，一個是金色陽光，它是蒙大拿州的一個封閉點。這就是——我們正忙於加強這一點。它面臨著一些挑戰並需要全面推進，但這是一個修復項目，本質上消除了對連續水處理的要求，同時以硫化物濃縮物的形式提供了一種非常有價值的產品，它是我們高壓釜和焙燒爐的燃料。

So with that knowledge, the team in Nevada out of Phoenix, looked at our tailings again, full of sulfide and we -- and did the feasibility study, and we built a concentrator in Phoenix. And that's going to produce more than Golden Sunlight, not enough to cover all the requirements, but still very significant and prill sulfur is very expensive. So again, we get rid of an environmental challenge, and we deliver low-cost fuel for roasters and autoclaves. I mean, Henri, have you got a view of the benefit, maybe a cost of the prill relative to your production cost or something?

因此，有了這些知識，內華達州鳳凰城的團隊再次查看了我們的尾礦，其中充滿了硫化物，我們進行了可行性研究，並在鳳凰城建造了一座濃縮廠。其產量將超過金色陽光，雖然不足以滿足所有需求，但仍然非常重要，而且顆粒硫磺非常昂貴。因此，我們再次擺脫了環境挑戰，並為焙燒爐和高壓釜提供了低成本的燃料。我的意思是，亨利，你對收益有什麼看法嗎，也許是相對於生產成本而言的顆粒成本，或是其他什麼？

The cost of the prill is variable, but right now we pay about $300 a ton for a ton of sulfur, and we're producing the sulfur concentrate at Phoenix for under -- delivered to the roasters for under $70 a ton.

顆粒的成本是可變的，但目前我們為每噸硫磺支付的價格約為每噸 300 美元，而我們在鳳凰城生產的硫磺精礦運送到焙燒廠的價格低於每噸 70 美元。

So there's the numbers.

這就是數字。

Sorry, can I just follow up and ask our -- begs the question, are there other tailings around at other sites in Nevada that you can do this with to add value over time. I get a Phoenix at a different stage than some of the others, but I was just curious.

抱歉，我能否跟進並詢問——內華達州其他地點是否還有其他尾礦可以利用，以便隨著時間的推移增加價值。我得到鳳凰的階段與其他人不同，但我只是好奇。

No, I think there's -- I mean, one of the things, just to twist your question a little bit further is what we are looking at is Nevada is multiple different ore bodies and big tailings facilities. And so what we are doing is the geology had a project of looking at what other metals are in those tailings, particularly rare earths and some of the more critical minor elements that don't -- you don't find geologically on their own. So that is something.

不，我認為有——我的意思是，其中一件事，只是為了進一步扭曲你的問題，我們正在關注的是內華達州有多個不同的礦體和大型尾礦設施。因此，我們正在進行的地質學計畫是研究這些尾礦中還含有哪些其他金屬，特別是稀土元素和一些更關鍵的微量元素——這些元素在地質學上是無法單獨發現的。所以這確實有點道理。

And certainly, we're very comfortable in being able to reprocess our tailings dams. If you remember, Morila, we mined that super high orebody. At the end of the mine, we re-mined the tailings dam and continue to make money all the way until we had no more anything left in the tailings dam. So we've done that before, and we constantly look at opportunities to realize that.

當然，我們非常樂意重新處理我們的尾礦壩。如果你還記得的話，莫里拉，我們開採了那個超高礦體。礦場開採完了，我們重新開採尾礦壩，一路繼續賺錢，直到尾礦壩裡什麼都沒有了。我們以前就這樣做過，我們不斷尋找機會來實現這一點。

Our big challenge in the mining industry at large is we need to worry more about how we deposit our tailings and in what form because historically, the mining industry created large liabilities because of continuous water treatment requirements. And the same goes for copper facilities as well. So we are very aware of that.

我們整個採礦業面臨的最大挑戰是，我們需要更加擔心如何以及以何種形式存放尾礦，因為從歷史上看，採礦業由於持續的水處理要求而產生了巨大的負債。銅設施也是如此。所以我們非常清楚這一點。

And our closure team is very focused on where we can exploit those hidden gems inside the tailings dam, we will take them out.

我們的封閉團隊非常專注於如何開發尾礦壩內隱藏的寶石，我們會將它們取出。

(Operator Instructions) Josh Wolfson, RBC Capital Markets.

（操作員指示）Josh Wolfson，RBC Capital Markets。

There's a lot of interesting headlines creating some conversations today. And I just want to sort of clarify what the company's views are on some items. The first question I had was, I think, Mark, you made some comments about gold-related M&A here at the top of the cycle being a risk. I just wanted to sort of maybe pivot on the other side.

今天有很多有趣的標題引發了一些討論。我只是想澄清一下公司對某些事項的看法。我的第一個問題是，馬克，我認為你對週期頂部的黃金相關併購存在風險發表了一些評論。我只是想從另一個角度來思考。

On the copper side for M&A, would you see there be any cyclical advantage to looking at opportunities today given where gold prices are relative to copper?

在銅的併購方面，考慮到黃金價格相對於銅的價格，您是否認為今天尋找機會具有週期性優勢？

Yes, Josh, that's a very good question. So the challenge we have in copper, the opportunity that's driving very much like 2011 is this perception that the gold price is just going to keep going up. I think from my point of view, there's definitely a base developing in the gold industry because one, there's a demand. You can't see any short-term fixes in the global economy. So there's a lot of reason and de-dollarization has become a reality. At the same time, we have just recently started to see a higher volatility in the gold price. And that's -- you would expect that for a while.

是的，喬希，這是一個非常好的問題。因此，我們在銅方面面臨的挑戰，以及與 2011 年非常相似的機遇，就是人們認為金價將繼續上漲。我認為，從我的角度來看，黃金產業肯定有一個發展基礎，因為首先，有需求。你看不到全球經濟有任何短期的解決方案。因此有許多理由，去美元化已經成為現實。同時，我們最近開始看到金價波動加劇。這就是——你會期待一段時間的。

And whether it stabilizes and sets a new base there or it builds a foundation and continues to grow. That's the gazillion dollar question. But I think the drivers in the market are very much entrenched and superficially the sort of political -- the geopolitical dynamics across the globe are accentuating that. But there's a fundamental concern around indebtedness across the entire global economy. On the copper side, it's slightly different in that -- and so -- sorry, just to finish on gold. So rising gold prices make ore bodies look more profitable or viable.

無論它是穩定下來並在那裡建立新的基礎，還是建立基礎並繼續成長。這是一個價值數不清的問題。但我認為，市場的驅動因素非常根深蒂固，從表面上看是政治因素——全球的地緣政治動態正在加劇這一點。但人們對整個全球經濟的債務問題存在根本擔憂。就銅而言，情況略有不同——所以——抱歉，我們只討論金。因此，金價上漲使得礦體看起來更有利可圖或更具可行性。

At the same time, people forget about costs and cost inflation and ultimately running out of reserves. And that's where our industry is -- today is that we've got very little inventory left ahead of us. We are constantly buying assets that just 1.5 years ago weren't viable and paying a premium for them. On the copper side, the challenge in copper has been that the inventory sitting in particularly the large copper miners as well as the diversified miners are of such a nature that they're not viable, certainly haven't been viable at the $4.20, $4.50 a pound copper price.

同時，人們忘記了成本和成本通膨以及最終耗盡儲備。這就是我們產業的現狀——今天我們剩下的庫存已經所剩無幾了。我們不斷購買一年半前還不可行的資產，並為其支付溢價。在銅方面，銅的挑戰在於，特別是大型銅礦商以及多元化礦商的庫存狀況如此之差，以至於它們無法生存，在每磅 4.20 美元或 4.50 美元的銅價下肯定無法生存。

And so you've got this inventory, but you've got no investments in capital. And in fact, what you've seen is the copper industry investing in brownfield's extensions, accepting higher operating costs because they can bring that copper production quickly and at lower capital or what people talk about today is lower capital intensity, in other words, thousands of dollars per producing ton or produced ton.

因此，您有庫存，但沒有資本投資。事實上，你所看到的是銅產業投資於棕地的擴建，接受更高的營運成本，因為他們可以快速地實現銅的生產，並且成本更低，或者人們今天談論的是較低的資本密集度，換句話說，每生產一噸或生產一噸可以節省數千美元。

The challenge is that, again, we haven't been exploring. And so the supply side of that inventory is not forthcoming. And so you need a higher copper price to really unlock it. And you need a copper price that goes high enough for the industry to be comfortable. It will stay there because building a copper mine takes time. That's what makes Lumwana and Reko Diq such a standout set of assets because it makes real capital requirements to do so. And Lumwana particularly has got a cash flow adjacent to the extra -- the second stream that we're building.

挑戰在於，我們還沒有進行探索。因此庫存的供應方尚未到位。因此，需要更高的銅價才能真正解鎖此潛力。而且銅價需要夠高，才能讓整個產業感到舒適。它會留在那裡，因為建造銅礦需要時間。這就是 Lumwana 和 Reko Diq 成為如此出色的資產組合的原因，因為這樣做需要真正的資本。而 Lumwana 尤其擁有與額外現金流相鄰的現金流——這是我們正在建立的第二個現金流。

What's interesting unlike gold is that recently, despite the global economic outlook, which is very fuzzy at the moment, the gold price -- I mean, the copper price has shown some strength. That's interesting because we've all -- recognized all of us, particularly you analysts have recognized that there's a tightening coming in the supply side. And so to see this move in copper against a softening unsure global economy is very interesting for us.

有趣的是，與黃金不同的是，最近，儘管全球經濟前景目前非常不明朗，但黃金價格——我的意思是銅價——卻表現出一定的強勢。這很有趣，因為我們都認識到，我們所有人，特別是你們分析師都認識到供應方面即將出現緊縮。因此，在全球經濟疲軟且不確定的背景下，看到銅價出現這種走勢對我們來說非常有趣。

And when we made the decision and took out our capital plans to our Board, and shared it with our colleagues in Pakistan, we pointed to the fact that this is the best time to build copper mines, if they are viable at the sort of lower copper prices because you bring the production in at a time when demand picks up. And Josh, you -- this is probably a little bit before your time, but that's how we built Randgold as we took that big bet when gold was $260 an ounce, and we really focused on every viable asset at that sort of gold price or above, we actually used $450. And we were able to build three new mines and capture that big spike in 2011.

當我們做出決定並向董事會提交資本計劃並與巴基斯坦的同事分享時，我們指出，現在是建造銅礦的最佳時機，如果它們在較低的銅價下可行，因為你在需求回升的時候開始生產。喬希，這可能有點超前了，但我們就是這樣建立蘭德黃金公司的，當金價為每盎司 260 美元時，我們下了大賭注，我們真正關注的是這種金價或以上的每一種可行資產，我們實際上使用了 450 美元。我們成功建造了三座新礦，並在 2011 年實現了產量大幅成長。

And we took debt on, which is what we're doing now. And we're able to pay it back on the spike. When everyone else was running around doing M&A, we were paying our debt back. And it's pretty much what we've been doing in the last couple of years is really keeping a close eye on our balance sheet and looking at ways to actually leverage our per share value through investments, cash investments rather than premium equity deals. So that's -- that would be my answer to that question.

我們承擔了債務，這就是我們現在正在做的事情。我們能夠立即償還。當其他人都在忙著併購時，我們正在償還債務。過去幾年我們一直在密切關注我們的資產負債表，並尋找透過投資、現金投資而不是溢價股權交易來實際利用每股價值的方法。這就是——這就是我對這個問題的回答。

Got it. The other sort of bigger headline today, I'm never sure if journalists and perhaps analysts in some situations are taking liberty. But there was an article talking about a Board formalized process to find a successor. I understand you're committed to stay until 2028. And I guess I just want to understand why would the Board be preparing for this three or four years in advance? And any sort of commentary on the succession planning?

知道了。今天另一個更大的頭條新聞是，我不確定記者和分析師在某些情況下是否隨意發表言論。但有一篇文章談到了董事會尋找繼任者的正規化流程。我知道您承諾任職至 2028 年。我只是想了解董事會為什麼要提前三、四年為此做準備？對於繼任計畫有什麼評論嗎？

So the Board -- the succession process is always Board -- there's always Board oversight. So to your point, everyone is desperate for a story. We've -- as you know, Randgold was very big on succession. It was a process that we worked with the Board to manage. And again, big succession plans need real consideration. And we've been talking about -- you've been asking about this for a long time, and I've been talking about it for a long time.

因此，董事會——繼任過程始終由董事會負責——始終存在董事會監督。所以正如你所說，每個人都渴望一個故事。我們——正如你所知，蘭德戈爾德非常重視繼任。這是我們與董事會合作管理的過程。再次強調，重大的繼任計畫需要認真考慮。我們一直在談論——你問這個問題很久了，我也談論這個問題很久了。

So if we -- and we've always -- I've always been very clear about succession and the importance of it. So it shouldn't be a surprise to anyone because all of you know me, know our philosophy, and we look at -- we reflect on risk and one of the risks is leadership, and we look at sort of an uncontrolled event and a normal managed transition. And that's why we were able to pick up a very challenging business in the form of Barrick from Randgold back in 2019 and be able to spread out and catch most of the issues immediately because we had that deeper succession plan already entrenched.

所以如果我們——我們一直——我一直非常清楚繼任及其重要性。所以這對任何人來說都不應該感到驚訝，因為你們都認識我，知道我們的理念，我們審視——我們反思風險，其中之一就是領導力，我們審視某種不受控制的事件和正常的管理過渡。這就是為什麼我們能夠在 2019 年從蘭德黃金公司手中接過巴里克這樣一項極具挑戰性的業務，並且能夠立即解決大部分問題，因為我們已經制定了更深層次的繼任計劃。

And we have -- our succession works on a 12-month rolling program. It's deep into the organization. As an executive group, we have got to know the top 300 potential high flyers in our organization across all three regions. We have that conversation with the Board, and we have an executive development program as an integral part of that succession program. So the Board is involved. So -- and let me tell you something, Josh, three years is not a long time. Not in a business like Barrick.

我們的繼任工作採用 12 個月的滾動計劃。它深入組織內部。作為一個執行團隊，我們已經了解了組織中三個地區最有潛力的 300 名高飛者。我們與董事會進行了對話，並且我們制定了高階主管發展計畫作為繼任計畫的一個組成部分。因此董事會也參與其中。所以——讓我告訴你，喬希，三年不是很長的時間。巴里克這樣的企業則不然。

Yes, if I can ask just one more question on the operations side. Are there any kind of insights you can provide in terms of how PV is performing post first quarter results and some of the action plans that were taken then?

是的，如果我可以再問一個關於營運方面的問題的話。您能否就光電第一季業績後的表現以及當時採取的一些行動計劃提供一些見解？

Yes. So as you know, the big step was -- there are a couple of things, but the very big step, the big downtime was the change out of the [NOL of the settler.] And that's a big project. At the same time, we upgraded the pressure cooling in the autoclaves, and we upgraded some of the big pumps. But it's really about the [set land] and been able to really pick up on the throughput. And it's -- when we expanded, we have a SAG-ball combination in the first phase and this -- the expansion we put in was just a really big single SAG mill.

是的。所以，正如你所知，最大的一步是——有幾件事，但最大的一步，最大的停機時間是 [定居者的 NOL] 的變化。這是一個大項目。同時，我們升級了高壓釜的壓力冷卻，並升級了一些大型泵浦。但這實際上與[設置土地]有關，並且能夠真正提高吞吐量。而且 — — 當我們進行擴建時，我們在第一階段就擁有了 SAG 球組合，而 — — 我們進行的擴建只是一個非常大的單一 SAG 磨機。

And we weren't clear about how we would -- whether we needed more settling capacity when we installed it. Very clearly, we did, so we had to retrofit it. It was an option. And so we've done that. And so, the throughput has now stepped up that graph that I've showed you, that's on track. It's not -- we haven't changed anything. April was a good month on throughput. We're -- it's a range as we settle down these throughput numbers, but we're definitely on average up there at the target for that bar. And we've -- we're already achieving in short runs the quarter 2 bar.

而且我們在安裝時也不清楚我們該如何做——是否需要更多的沉降容量。很明顯，我們確實這麼做了，所以我們必須對其進行改造。這是一個選擇。所以我們這麼做了。因此，吞吐量現在已經提高了，正如我向您展示的圖表所示，這是正常的。事實並非如此——我們沒有改變任何事情。四月是吞吐量不錯的一個月。當我們確定這些吞吐量數字時，這是一個範圍，但從平均值來看，我們肯定達到了該標準的目標。而且我們已經在短期內實現了第二季的目標。

So again, we're comfortable that, that installation is going to deliver what we planned, and that's what we're going to track and share with you as we go. And the big focus now this quarter is stabilize that throughput and with it, the recovery because we expect another 1% improvement in recovery by the time we get to the end of this quarter. And then we'll keep that recovery in quarter 3, and we'll have another step up and throughput.

因此，我們再次確信，該安裝將實現我們的計劃，並且我們將在安裝過程中追蹤並與您分享。本季的重點是穩定吞吐量並實現復甦，因為我們預計到本季末復甦將再提高 1%。然後，我們將在第三季保持復甦，並進一步提高產量。

And then we'll -- we should see the next step in recovery again. And we -- you'll recall a couple of quarters ago, we took you through -- that recovery will continue to step up out for the next six quarters, but it's really the throughput that drives the production, the first step up in production, which is what we focused on now.

然後我們將再次看到復甦的下一步。您可能還記得，幾個季度前我們曾向您介紹過，復甦將在未來六個季度繼續加強，但真正推動生產的是產量，是生產的第一步，這也是我們現在關注的重點。

Dan Major, UBS.

瑞銀集團的丹‧梅傑（Dan Major）。

Yes, first question, just on Mali. I see it consumed around $80 million of cash this quarter, like negative $64 million EBITDA and $14 million in the CapEx. As far as I'm aware, it has not been placed on care and maintenance while the negotiations continue. How long are you willing to keep in this status? And can you give us a reminder on what the care and maintenance cost would be if you move to a full care and maintenance scenario?

是的，第一個問題是關於馬裡的。我發現它本季消耗了大約 8000 萬美元的現金，例如負 6400 萬美元的 EBITDA 和 1400 萬美元的資本支出。據我所知，在談判繼續進行期間，它尚未得到維護和保養。你願意維持這種狀態多久？您能否提醒我們，如果轉向全面的護理和維護方案，護理和維護成本是多少？

So at the moment, we haven't moved to a full care and maintenance scenario. We don't intend to. I mean it'd have to be forced to do that. I think that -- and right now, we have been -- these are two independent companies located in Mali. So we've been utilizing their facilities -- in-country facilities to support their continued work, and they are -- in a mine like this, things -- as we go into like the rainy season now, we're going to have to manage that, and we want to keep all the infrastructure operating and the underground mines properly dewatered. So that's what we've been doing at this stage.

因此目前我們還沒有轉向全面的護理和維護方案。我們無意這麼做。我的意思是必須強迫它這麼做。我認為——目前，我們已經——這是兩家位於馬裡的獨立公司。因此，我們一直在利用他們的設施——國內設施來支持他們繼續工作，在這樣的礦井中，隨著我們現在進入雨季，我們必須管理好這一點，我們希望保持所有基礎設施的運轉，並使地下礦井得到適當的脫水。這就是我們現階段一直在做的事情。

And Graham, I don't know if you want to comment on the holding costs if we actually closed and go into care and maintenance.

格雷厄姆，如果我們真的關閉並進入維護和保養階段，我不知道您是否想評論持有成本。

Yes. So the current sort of run rate, Dan is around $15 million a month. But as Mark points to, we still have all of our staff on the payroll. We have relocated some of our expatriate staff elsewhere. And if we were to go to a, let's call it, a full care and maintenance scenario where we were literally just doing skeleton maintenance, you could expect to half that number.

是的。因此，目前的運行率，丹每月約為 1500 萬美元。但正如馬克指出的那樣，我們所有員工仍在工資單上。我們已將部分外籍員工調往其他地方。如果我們採取一種，我們稱之為全面護理和維護的方案，即我們實際上只是進行骨架維護，那麼預計這個數字將減半。

Okay, so less than $10 million a month. Okay. That's clear. And then, yes, next question, just on the portfolio. And I think -- and there are some positive moves in looking to divest some of the non-core assets, Donlin, and I see the press commentary around Hemlo. Any other comments you can make on Zaldivar. I know that's one that you've highlighted before? Is this process of considering the noncore assets sharpened the focus on that asset?

好的，所以每月不到 1000 萬美元。好的。這很清楚。是的，下一個問題是關於投資組合的。我認為——在尋求剝離部分非核心資產方面有一些積極的舉措，Donlin，我看到了有關 Hemlo 的媒體評論。您也可以對 Zaldivar 發表任何其他評論。我知道這是您之前強調過的一點？考慮非核心資產的過程是否會使人們更加關注該資產？

So Zaldivar, we got -- we're busy with the renewal of the mining license, and we're making good progress on that, and that's really the most important focus for that team, both on the Antofagasta side and our people who are involved in that process. So that's our focus at the moment for Zaldivar. I mean really, Tongon is one, Hemlo. As you know, on Hemlo, in 2019, it was already for sale. And we -- what we did is we stepped -- pulled it back because it really didn't have a plan.

所以 Zaldivar，我們正忙於更新採礦許可證，並且在這方面取得了良好的進展，這確實是該團隊最重要的關注點，無論是安託法加斯塔方面還是參與這一過程的人員。這就是我們目前對 Zaldivar 的關注重點。我的意思是，Tongon 是其中之一，Hemlo。如您所知，Hemlo 於 2019 年就已開始出售。我們所做的就是將其撤回，因為它確實沒有計劃。

And today, what we've done is we had three years of investment into the mine. The last two years, we've had a step-up in cash flow from the operation. We've completed the first run at the open pit expansion. We've got more work to do. We're drilling at the moment in the underground to be able to work to match the underground reserves with the open pit production profile. And that will take the -- it's already got a life-of-mine that's 10 years. It's got prospectivity. We are -- we have built additional footprint in the operation and prospectivity. It's a low production mine relative to our Tier 1 sort of hurdle.

如今，我們已經對該礦進行了三年的投資。過去兩年，我們的營運現金流有所增加。我們已經完成了露天礦擴建的首次運作。我們還有更多的工作要做。我們目前正在地下進行鑽探，以便能夠將地下儲量與露天開採的生產概況相匹配。這將需要——它的使用壽命已經是 10 年了。它具有前瞻性。我們－我們在營運和前景方面已經建立了額外的足跡。相對於我們的一級障礙而言，這是一個低產量的礦場。

But it's a good operation. It's always had prospectivity. It's one of those assets that if you work hard at it, it continues to deliver, and we think it will continue for a while. But it's at a stage where it makes -- we can defend its viability and it will be an attractive asset for a midsized mining company. So -- and that's the basis on -- but it's not -- it really is not for Barrick.

但這是一個很好的手術。它始終具有前瞻性。這是一項資產，只要你努力工作，它就會持續發揮作用，而且我們認為它會持續一段時間。但它正處於一個我們可以捍衛其生存能力的階段，對於一家中型礦業公司來說，它將是一項有吸引力的資產。所以 — — 這就是基礎 — — 但事實並非如此 — — 對巴里克來說，這確實不是。

And again, you ought to recall that in 2019, when we did the transaction, we -- immediately once we got everything visible, is we cleaned up the portfolio, sold KCGM, sold Lagunas Norte, sold Massawa in West Africa, and we tied up and distributed that capital gain, which everyone always forgets, but it was a real return to shareholders. And now that we've got real growth, we're looking at a 30% gold equivalent growth out to the end of the decade.

再說一次，你應該記得，2019 年，當我們進行交易時，一旦一切明朗，我們就立即清理投資組合，出售 KCGM、出售 Lagunas Norte、出售西非的 Massawa，然後我們捆綁並分配了資本收益，雖然每個人都會忘記這一點，但這對股東來說是真正的回報。現在我們已經實現了真正的成長，我們預計到本世紀末黃金當量將成長 30%。

What happens is -- and when you clip off the noncore very quickly, you see how you steepen up that growth curve. You certainly take -- allow management to focus on the quality assets. It hasn't got fundamental. It's not a drain on the overall value of the company. In fact, it enhances the value. And so it's a good time to do that. And I've always spoken on that basis that we -- noncore assets are well defined in Barrick as our Tier 1 assets, and we're excited about the next phase in Barrick because it really does bring real growth.

實際情況是——當你快速削減非核心業務時，你會看到成長曲線變得多麼陡峭。您當然會採取—讓管理層專注於優質資產。它沒有根本性。這不會損害公司的整體價值。事實上，它提高了價值。所以現在是做這件事的好時機。我一直以此為基礎說，非核心資產在巴里克黃金公司被明確定義為我們的一級資產，我們對巴里克黃金公司的下一階段感到興奮，因為它確實帶來了真正的成長。

And again, not too dissimilar to the Randgold situation, which I referred to in the 2009 to 2013 when we built out Loulo, Tongon and Kibali together, we ran up quite a lot of debt and then we really delivered that production into a rising gold price. And we funded it all with debt and internal proceeds. We didn't issue any equity in the construction.

這與蘭德黃金公司的情況並無太大區別，我曾提到，2009 年至 2013 年間，我們共同建立了 Loulo、Tongon 和 Kibali，我們欠下了很多債務，然後我們真的將這些產量轉化為了金價上漲。我們用債務和內部收益來資助這一切。我們沒有在建設中發行任何股權。

We issued a bit of equity if you'll recall, in the acquisition of Moto. And -- but it really added real value per share to the portfolio. And we've started today to give you that look, so the precursor to delivering value per shares to actually have the reserves per share starting to trend in the right direction. And so you can track that performance going forward.

如果您還記得的話，我們在收購 Moto 時發行了一些股權。而且——但它確實為投資組合增加了每股實際價值。我們今天就開始向您展示這一點，因此，實現每股價值的先決條件實際上是讓每股儲備開始朝著正確的方向發展。這樣您就可以追蹤未來的表現。

Great. And maybe I could just put one more in there on the portfolio and perhaps a bigger picture question. But I mean, when I look at asset values across the sector, there's been a widening gap between higher jurisdictional risk and lower jurisdictional risk regions. And you've previously shown the kind of discounted multiple of, for example, the Nevada assets within the Barrick portfolio.

偉大的。也許我可以在投資組合中再增加一個問題，或者提出一個更大的問題。但我的意思是，當我觀察整個產業的資產價值時，我發現高司法風險地區和低司法風險地區之間的差距正在擴大。您之前已經展示過巴里克投資組合中內華達資產的折現倍數。

I mean internally, is there any discussion about separating the higher and lower jurisdictional risk assets to realize what appears to be a trend amongst investors of willing to pay more for low-risk assets? Is that an internal discussion at all?

我的意思是，在內部，是否有關於區分高風險和低風險資產的討論，以實現投資者願意為低風險資產支付更多費用的趨勢？這真的是內部討論嗎？

Let me -- definitely not. So let me just correct you. That's your -- this is the echo chamber that's developed in the market. But what's driving the valuation in the so-called lower jurisdictions is harvesting. If you look at the assets that have really delivered big growth in equity is short-term delivery of strong cash flows and no one in the analyst fraternity looks at life of mine. You just look at the next quarter or the next year, and there's a lot of harvesting, a lot of dividend flow, and that's what the fund managers have been paying for.

讓我——絕對不是。所以讓我糾正一下你。這就是──這是市場上形成的回音室。但在所謂的較低管轄區，推動估值的因素是收穫。如果你看一下那些真正帶來股權大幅成長的資產，你會發現它們在短期內帶來了強勁的現金流，而分析師界中沒有人關注我的生活。你只要看看下個季度或明年，就會有大量的收穫，大量的股息流，這就是基金經理人一直在付出的。

And again, if you look through back over the last two decades, the real value comes with long-term delivery. And I mean already when you look at Barrick's yield, it's at the top end of yield. And that's not because we're paying big dividends, it's because of the equity cost. So when you buy that equity, if you have a long-term view, you get real returns and you can look at the long-term life-of-mine and the -- if you do a simple cash flow model, you get a steepening free cash flow very quickly.

再說一次，如果你回顧過去二十年，你會發現真正的價值在於長期交付。我的意思是，當你看到巴里克的收益率時，它已經處於收益率的最高端。這並不是因為我們支付了高額股息，而是因為股權成本。因此，當您購買該股權時，如果您有長遠的眼光，您將獲得真正的回報，並且您可以著眼於長期的礦山壽命——如果您採用簡單的現金流模型，您將很快獲得陡峭的自由現金流。

And we're replacing all the time. So again, when you're not replacing reserves, your sustaining capital comes off very quickly, and it looks good. But then you come -- and most of us in this -- I mean, some of you have been around less than I have. But most of us have been long enough to have experienced what happens when you come off on the production because you haven't got any alternate. And you can buy for so long, but that also runs out. And so I would argue very differently, it's landing as safe jurisdictions, but it's actually harvesting M&A transactions. And I would -- and again -- and it's worth understanding that if you don't know, I'm a big shareholder. And I support this longer-term strategy because ultimately, that's what makes real money as an investor, and certainly, our big value investors understand the same story.

我們一直在進行替換。所以，當你不補充儲備時，你的維持資本就會很快減少，這看起來很好。但是，當你來的時候——我們大多數人都是這樣的——我的意思是，你們中的一些人比我年輕。但是我們大多數人都經歷過因為沒有替代人選而退出製作時會發生什麼。而且你可以買那麼長時間，但也會用完。因此，我的觀點截然不同，它以安全管轄區的形式登陸，但實際上正在收穫併購交易。我會——再說一次——值得理解的是，如果你不知道，我是一個大股東。我支持這個長期策略，因為最終，這才是投資人真正賺錢的方法，當然，我們的大型價值投資者也明白同樣的事情。

So -- and again, it makes no sense when you look at -- it was the African assets that really allowed us to fix all the neglect in Nevada, and deliver Nevada as we see it today. And it's worth looking at the profile of Nevada when we put the two assets together, just the simple profile. You'll recall, we showed you that. And then look at the life of mine profile today. And that comes because of the broad global spread of assets. And you'll recall that we've been through some challenging times in Nevada on jurisdiction as well and royalties and things that are no different to some of the challenges we have elsewhere in the world.

所以——再說一遍，如果你仔細想想，就會發現這毫無道理——正是非洲的資產才真正讓我們能夠彌補內華達州的所有疏忽，並把內華達州建設成我們今天所看到的樣子。當我們將這兩項資產放在一起時，值得看看內華達州的概況，這只是一個簡單的概況。你會記得，我們​​曾經向你展示過這一點。然後看看我今天的生活概況。這是因為資產在全球範圍內廣泛分佈。你會記得，我們​​在內華達州也經歷過一些具有挑戰性的時期，包括管轄權、特許權使用費等，這些挑戰與我們在世界其他地方面臨的一些挑戰沒有什麼不同。

So I've always said a world-class -- if you want to be world class, you need to be global. And by the way, you've seen this. You've seen just in the short history, you've seen Rio go into Mongolia. You've seen Rio go into Guinea -- yes, actively into Guinea after a coup. You've seen Newmont buy into Papua New Guinea, both [growing] concerns and development projects. And you've seen everyone focusing in on Central African Republic because that's where the big copper and other critical minerals set. So I think we get hung up sometimes on or confused about short-term harvesting and jurisdiction.

所以我一直說，如果你想成為世界級的，你需要走向全球。順便說一句，你已經看到了這一點。你們已經看到，在短暫的歷史中，力拓進入了蒙古。你已經看到裡約熱內盧進入幾內亞——是的，在政變後積極進入幾內亞。您已經看到紐蒙特公司收購了巴布亞新幾內亞，包括[成長型]企業和開發專案。你已經看到每個人都把注意力集中在中非共和國，因為那裡盛產銅和其他重要礦產。所以我認為我們有時會對短期收穫和管轄權感到困惑或困惑。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Mark. Okay. So just maybe a couple of questions, and maybe I'll put the two asset ones upfront just to maybe be mindful of time, but you talk about long-term value and investments you've made in Nevada, and I think they're very commendable. One asset that really hasn't been emphasized to a large degree, particularly on the copper side is Phoenix, and there's a pretty significant copper portfolio or copper byproduct there.

標記。好的。所以也許只有幾個問題，也許我會把兩個資產問題放在前面只是為了注意時間，但你談到了你在內華達州的長期價值和投資，我認為它們非常值得稱讚。有一種資產實際上並沒有得到很大重視，特別是在銅方面，那就是菲尼克斯，那裡有相當重要的銅組合或銅副產品。

And when you think about that asset, is there some upside that the market is not thinking about with Phoenix? And in particular, with the US taking a look at some of the -- or strategic assets that have copper, things like the FAST-41 list so that would be one. And then second would just be on the Goldstrike roaster, how many days were actually lost to the planned maintenance at the Goldstrike roaster in Q1? And yes, just are there any other major planned roaster or autoclave maintenance this year in 2025?

當您考慮該資產時，Phoenix 是否還存在一些市場未曾想到的優勢？特別是，美國正在審查一些含有銅的戰略資產，例如 FAST-41 清單，這就是其中之一。其次是 Goldstrike 焙燒爐，第一季 Goldstrike 焙燒爐的計畫維護實際上損失了多少天？是的，那麼 2025 年還有其他重大的焙燒爐或高壓釜維護計畫嗎？

Yes. Okay. So Phoenix, just to answer that, it's now very much our focus, is understanding the full potential of Phoenix because remember, Phoenix has always been run as a gold mine taking the copper credits. But there's definitely potential at Phoenix, porphyry potential. There's -- we have defined targets within Phoenix that we're currently evaluating.

是的。好的。所以菲尼克斯，只是為了回答這個問題，現在我們的重點是了解菲尼克斯的全部潛力，因為請記住，菲尼克斯一直被當作一個獲取銅信用的金礦來運作。但菲尼克斯肯定有潛力，有斑岩礦的潛力。我們已經在 Phoenix 內部定義了一些目標，目前正在進行評估。

It's relatively early days. But Phoenix is a different business today than it was back in 2019. And in the fullness of time, ultimately, it is a real resource. We haven't really pushed the envelope on conversion yet because we're really understanding the geology, but to your point, it's good observation, Lawson.

現在還處於相對早期的階段。但如今的菲尼克斯與 2019 年相比已經發生了變化。隨著時間的推移，它最終將成為一種真正的資源。我們還沒有真正突破轉換的極限，因為我們真正了解的是地質情況，但就你的觀點而言，這是一個很好的觀察，勞森。

On the shutdown, I will give you a broad -- give -- Henri is in the audience here, and he can help with the detail. But really, there were two big shuts back-to-back, the Goldstrike roaster and then followed end of April with the gold quarry roaster and that sets us up. So we are guiding an improved production in Carlin and Nevada generally in quarter 2 and again, a better second half than the first half of the year. And it's because of our focus on getting those maintenance schedules behind us.

關於關閉的問題，我將向你們提供一個大致的了解——亨利就在現場，他可以幫忙處理細節問題。但實際上，有兩個大型焙燒爐連續關閉，Goldstrike 焙燒爐和隨後在四月底關閉的金礦焙燒爐，這為我們做好了準備。因此，我們預計卡林和內華達州的產量在第二季度將有所提高，而且下半年的產量將比上半年更好。這是因為我們專注於完成這些維護計劃。

And Henri, if you don't mind adding the sort of timing.

亨利，如果你不介意的話，請加入時間。

Yes, so the Goldstrike roaster was planned down for 21 days, and it was up after 20. And Goldstrike -- I'm sorry, Gold Quarry roaster went down for 28 days as planned in April. And then for the autoclaves, the Sage autoclave at TR, we take each autoclave stream down individually. So the plant stays running at 50% capacity, but the whole plant did go down for seven days as planned while the first phase or the first autoclave was down and the next one will go down in September for a planned maintenance job.

是的，Goldstrike 焙燒爐計畫停機 21 天，20 天後啟動。還有 Goldstrike——抱歉，Gold Quarry 焙燒爐按計劃在 4 月停駛了 28 天。然後對於高壓釜，TR 的 Sage 高壓釜，我們將每個高壓釜流單獨取出。因此，工廠保持 50% 的產能運行，但整個工廠確實按計劃停工七天，第一階段或第一個高壓釜停工，下一個高壓釜將於 9 月停工，進行計劃中的維護工作。

And Lawson, I would just add to that. We were talking about it yesterday actually, is -- the level of planned maintenance has really shifted to Henri's point about bringing down autoclaves just to check the brick competence. And it's for the first time, we are actually shifting the majority of downtime and planned maintenance. So the autoclaves were taking down just to ensure that the integrity of the bricks are in good shape and bringing them up again so that we don't wait until it busts. And so we're in a much better place as far as planned maintenance goes. That's why we are a lot more comfortable be able to manage our guidance.

勞森，我只想補充一點。實際上，我們昨天就討論過這個問題——計劃維護的水平實際上已經轉移到亨利的觀點上，即拆下高壓釜只是為了檢查磚的能力。這是我們第一次真正轉移大部分停機時間和計劃維護。因此，拆除高壓釜只是為了確保磚塊的完整性，然後再將其抬起，這樣我們就不會等到它破裂。因此，就計劃維護而言，我們的狀況要好得多。這就是為什麼我們能夠更輕鬆地管理我們的指導。

Yes. Great for that. Can I also ask you about the intended use of proceeds for the Donlin cash that you'll be receiving hopefully shortly?

是的。太好了。我還可以問一下您即將收到的 Donlin 現金收益的預期用途嗎？

Yes. So our use -- our capital allocation is very clear. And again, if you followed me through my career, we stick to our plans. So we've got -- we'd like to keep the balance sheet very healthy because we're going into this capital phase and the world is in a very sort of dynamic period to say the least. And so the way we manage it is that if we -- we've got ability to allocate and bring down the debt a bit. When we get between zero net debt and $500 million positive cash. We pay a special dividend.

是的。因此我們的用途－我們的資本配置非常明確。再說一次，如果你有在關注我的職業生涯，你就會知道我們會堅持我們的計畫。因此，我們希望保持資產負債表非常健康，因為我們正進入資本階段，而世界正處於一個非常動態的時期。因此，我們的管理方式是，如果我們有能力分配並稍微降低債務。當我們的淨債務達到零且現金流達到 5 億美元。我們支付特別股息。

And the way to manage that also is share buybacks and we are mindful, as you've seen us doing a very considered share buyback strategy as we -- and as we lean into rationalizing some of our productive assets, it's good to use some of the Donlin cash to buy back the stock. And the best investment we can do right now, it's accretive on every metric, is buy our stock. So that makes sense.

管理這個問題的方法也是股票回購，我們注意到，正如您所見，我們正在採取非常周全的股票回購策略——當我們傾向於合理化我們的一些生產性資產時，最好使用部分 Donlin 現金來回購股票。我們現在能做的最好的投資就是買進我們的股票，它在各方面都是增值的。所以這是有道理的。

At the same time, we recognize the importance of rewarding our shareholders with some additional dividend. And so that's the sort of -- that's the way Graham and I are thinking about it. It's the way the Board has guided us in managing this balance sheet, and we'll continue to do it that way.

同時，我們也意識到向股東發放額外股利的重要性。這就是葛拉漢和我對此的看法。這是董事會指導我們管理資產負債表的方式，我們將繼續這樣做。

And then just when you think about redomiciling -- potentially redomiciling to the US, there is the cost of losing the net operating loss tax benefit. What are the benefits you're seeing that would justify considering such a move?

然後，當您考慮遷冊——可能遷至美國時，就會有失去淨營業虧損稅收優惠的成本。您認為有哪些好處值得考慮採取這樣的措施？

So the point is -- I guess I'd underline your point about considering. Consideration to this has been an ongoing affair going back to even Peter Munk's days, you remember they used to call Barrick, American Barrick. So I think let's not get ahead of ourselves at this stage. Right now, the -- I think the structure is well structured. One of the issues is that the US assets are not efficiently held in the corporate structure, and it can be done better.

所以重點是──我想我會強調你關於考慮的觀點。對此問題的考慮一直持續到彼得·蒙克 (Peter Munk) 時代，你還記得他們曾經稱巴里克為「美國巴里克」。所以我認為我們現階段不要操之過急。現在，我認為結構很好。其中一個問題是，美國資產在公司結構中沒有有效持有，而這個問題可以做得更好。

And -- but again, on the accumulated losses and we've got both operation -- operating and capital losses. Those are always available. We're not planning to sort of do away with them at all. We're always looking at ways to use them if we can. And so they will be considered in the overall ongoing debate, and that's really where we are at this stage.

但同樣，就累積損失而言，我們既有營運損失，也有資本損失。這些始終可用。我們根本不打算徹底廢除它們。如果可以的話，我們一直在尋找利用它們的方法。因此，它們將在正在進行的整體辯論中被考慮，而這正是我們現階段所處的狀態。

I think one particular Canadian paper got ahead of themselves on rushing out a story. But it's been, as I said to that paper, we -- it's something we consider all the time. It's a regular debate in our Board, at least on an annual basis, and we'll continue to look at opportunities. And it needs a logic to drive it, and that's the big challenge.

我認為某家加拿大報紙急於發表報道。但正如我在那篇論文中所說的那樣，這是我們一直在考慮的事情。這是我們董事會每年都會定期進行的辯論，我們將繼續尋找機會。它需要邏輯來驅動，這是一個巨大的挑戰。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Mark, can I start back on the noncore assets now that Hemlo is on the block? And I look through your portfolio, I think on the previous conference call, you had mentioned both Zaldivar and Tongon as being noncore. Where does Pascua-Lama, Norte Abierto sit within that portfolio for you?

馬克，既然 Hemlo 已經掛牌出售，我可以重新開始處理非核心資產嗎？我查看了您的投資組合，我記得在上次電話會議上您曾提到 Zaldivar 和 Tongon 都是非核心資產。Pascua-Lama, Norte Abierto 在您的投資組合中處於什麼位置？

So Tongon, as you know, is far down the road on the process of realization. So we've started that process a while back. It's in the process. And Hemlo is just starting. Pascua is, right now, we've just applied for drilling permits to evaluate the preliminary economic assessment we referred to a while back on Pascua. It's an integral part of Lama, as you know, and always has been. And more importantly, we've sort of stepped back and looked at it with brought -- zoomed out and brought Veladero into that sort of picture.

因此，正如您所知，Tongon 在實現目標的道路上已經走了很遠。所以我們不久前就開始了這個過程。正在進行中。而 Hemlo 才剛起步。Pascua，現在，我們剛剛申請了鑽探許可證，以評估我們之前提到的關於 Pascua 的初步經濟評估。如你所知，它是 Lama 不可或缺的一部分，而且一直都是。更重要的是，我們退後一步，將視角拉遠，將貝拉德羅納入這樣的畫面。

And so it's got a bit of work to do before we get to the stage that this makes sense to define it as a noncore asset. And we're currently drilling targets adjacent to Veladero because Veladero, we've really transitioned to a good place at the moment. And as I say, we just made the first -- we've completed the community consultation and we've just lodged the initial notice on applying for drilling permits in -- within Pascua-Lama. We call it El Alto now Tanya, yes.

因此，在我們將其定義為非核心資產之前，我們還需要做一些工作。我們目前正在 Veladero 附近進行鑽探目標，因為 Veladero 目前確實已經轉移到了一個好地方。正如我所說，我們剛剛完成了第一次社區諮詢，並且剛剛提交了在 Pascua-Lama 申請鑽探許可證的初步通知。是的，我們現在稱它為 El Alto，Tanya。

Okay. Not southwest and other down there? Are those potential --

好的。不是西南部和其他地方嗎？這些是潛在的--

Sorry.

對不起。

The rest of some of the other assets that you have in South America.

您在南美洲擁有的其他一些資​​產。

We've realized most of El Indio, we've done -- we are -- Alturas is in a process at the moment. I think it's Alturas, the Chile one. So Norte Abierto is currently, we're busy with new Montana pre-feasibility study. We're doing a study on it. It's ongoing, we'll wait for the results of that study.

我們已經實現了 El Indio 的大部分目標，我們已經完成了 - 我們正在 - Alturas 目前正處於一個過程中。我認為是智利的阿爾圖拉斯。因此，Norte Abierto 目前正忙於新的蒙大拿州預可行性研究。我們正在對此進行研究。研究仍在進行中，我們將等待研究結果。

Okay. And then if I could come back, my second question is, Mark, on the succession planning. And again, from the article in the Financial Times, they made it sound that it's a more formal process now. I guess the way you answered it, it's just a normal Board process through the Governance Committee that you review succession planning quarterly or yearly. Is that a fair statement?

好的。然後如果我可以回來的話，我的第二個問題是關於繼任計劃的，馬克。再次，從《金融時報》的文章來看，他們現在聽起來這是一個更正式的流程。我想您回答的方式只是董事會透過治理委員會進行的正常流程，每季或每年審查繼任計畫。這是一個公平的說法嗎？

Yes. I think the -- I mean, remember, we went through this process and Randgold Resources. And how you -- I mean, Tanya, I spoke to the reporter that you're referring to. So you should take my word for it rather than the reporter's.

是的。我認為——我的意思是，記住，我們和 Randgold Resources 經歷了這個過程。還有你──我的意思是，塔妮婭，我和你提到的那位記者談過了。所以你應該相信我的話而不是記者的話。

Yes. No, no, that's what I was just trying to understand. It's just that --

是的。不，不，我只是想了解這一點。只是--

We've always spoken about it. It makes sense to develop people skills. We've got a very structured succession plan. And as we get closer to the end of the decade or the completion of Reko Diq or both, you will see a more formal process emerge. It makes sense.

我們一直在談論它。培養人際溝通能力是有意義的。我們有一個非常結構化的繼任計劃。隨著我們越來越接近這個十年的結束或雷克迪克大橋的竣工，或者兩者兼而有之，你會看到一個更正式的進程出現。這是有道理的。

Okay. And then my last question, if I could, was just on Mali, Maybe, Mark, just what are the next steps? Where are we? I know negotiations continue, but maybe some visibility on are there any time line -- not time line, but any next steps that we should be looking at? Or what are your next steps --

好的。我的最後一個問題（如果可以的話）是關於馬裡的，馬克，下一步是什麼？我們在哪裡？我知道談判仍在繼續，但也許可以預見是否有時間表——不是時間表，而是我們應該考慮的後續步驟？或者你的下一步計劃是什麼--

So I think the -- we've reached agreement three times with the Malians only for them to walk back the agreement. So -- and we're very clear about -- we've got a process that has commenced within the exit arbitration provisions. And that just to be clear, is based and founded on the agreement that we have in what is the appropriate dispute resolution mechanism, and we've agreed it, and we've used it before, there's precedence for it, and we would like to believe that, that's the focus. And right now, I can confirm that Mali is participating in that process.

所以我認為——我們已經與馬里人達成了三次協議，但他們違背了協議。因此——我們非常清楚——我們已經在退出仲裁條款內啟動了一個流程。需要明確的是，這是基於我們對適當的爭端解決機制的協議，我們已經同意了，我們以前也使用過它，它有先例，我們願意相信，這就是重點。現在，我可以確認馬裡正在參與這一進程。

But at the same time, as we've always done through the last couple of decades is it's better to -- and I have this conversation with a member of the Junta just over a year ago, and he agreed that it's always better to have a negotiated settlement than badly run legal fight. And so I'd like to believe that we -- what I can tell you is we're still very much engaged. And we're -- as we've always done, -- and Tanya, it's the same situation, remember, we found ourselves in after the transaction in 2019 that Tanzania was closed. Pakistan was nationalized. Papua New Guinea hadn't had its permit renewed.

但同時，正如我們過去幾十年來一直在做的那樣，最好是——一年多前，我與軍政府的一名成員進行了交談，他同意，透過談判解決問題總是比進行糟糕的法律鬥爭要好。因此，我想相信我們——我可以告訴你們的是，我們仍然非常投入。正如我們一直以來所做的那樣，Tanya，請記住，在 2019 年交易之後，我們發現自己處於同樣的境地，坦尚尼亞已經關閉。巴基斯坦被國有化。巴布亞新幾內亞尚未獲得續約許可證。

It was a couple of real challenging situations, which we diligently worked our way through and delivered significant results out of that and a new partnership. And it is more challenging in Mali because you're dealing with a forced change and one of the big challenges is the lack of professional advice on the Mali side, which would help a lot if we could sit around the table and really unpack the numbers.

這確實是一個具有挑戰性的情況，我們努力克服了這些情況並取得了顯著的成果，並建立了新的合作關係。在馬裡，挑戰更大，因為要應對強制性變革，而最大的挑戰之一是馬裡方面缺乏專業建議，如果我們能夠坐下來認真分析這些數字，將會大有幫助。

And the thing that really -- so I guess my attention and -- is the fact that we've got the unnecessary retention of our executive -- four of our executive teams, which is completely unacceptable. And so we're very mindful that we need to work on this diligently and that we need to find a lasting solution with the -- with proper due process and the protection of our rights, and that's what we're managing.

而真正讓我關注的是——我們不必要的保留了我們的四名高階主管團隊，這是完全不可接受的。因此，我們非常清楚，我們需要努力解決這個問題，我們需要找到一個持久的解決方案——透過適當的正當程序和保護我們的權利，這就是我們正在做的。

And can you just remind me what -- the arbitration would be held? Is it in France, I guess?

您能否提醒我一下－仲裁將會舉行嗎？我猜是在法國吧？

It's an exit process. Exactly where the actual arbitration committee will land is something that the process will define going forward. But it's a World Bank exit program.

這是一個退出過程。仲裁委員會的實際裁決將由後續程序決定。但這是世界銀行的退出計畫。

Josh Rales, RFI Associates.

Josh Rales，RFI Associates。

I have two questions. The first relates to your cost structure. I love your ownership orientation. I love the Barrick Academy. And I'm looking at how you train people and how you manage costs. And I was comparing Barrick's projected all-in sustaining costs for the year versus Agnico. And you're about $300 an ounce higher.

我有兩個問題。第一個與您的成本結構有關。我喜歡你的主人翁意識。我喜歡巴里克學院。我正在觀察你們如何培訓人員以及如何管理成本。我正在比較巴里克與阿格尼科今年預計的全部維持成本。每盎司價格高出約 300 美元。

And -- could you give a little bit of color on what the main factors are that you think drive those higher costs and whether it's a short-term thing that will converge over time or whether it's because you're all over the world and they're more concentrated in a jurisdiction. I'd love to get your thoughts about that to understand that.

您能否稍微解釋一下導致成本上升的主要因素是什麼，以及這是否是一個短期現象，會隨著時間的推移而趨於平緩，還是因為你們遍布世界各地，而且成本更集中在一個司法管轄區。我很想聽聽您的想法，以便理解這一點。

And the second?

第二個呢？

And the second one really relates to the excitement I feel for this -- for the industry and your company with -- when you look at the midpoint of your production and all-in sustaining cost guidance for '25, and if you take the run rate at the current gold price, it's about a $1,900 an ounce pretax margin. And I wanted to just kind of confirm that I'm thinking the right way and that kind of over a 12-month basis, if this is sustained, and we don't know if it will be, that's about a $6.3 billion pretax earnings run rate over 12 months. And you clarified how you would prioritize the use of the money.

第二個問題實際上與我對此的興奮感有關——對於這個行業和貴公司來說——當您查看 25 年的生產中點和全部維持成本指導時，如果按照當前黃金價格計算運行率，則稅前利潤率約為每盎司 1,900 美元。我只是想確認我的想法是否正確，如果這種狀況能夠持續下去，那麼在 12 個月內，12 個月內的稅前獲利運行率大約為 63 億美元，我們不知道是否會如此。您也闡明如何優先使用這筆資金。

But I wanted to ask you on top of that, if there was another exciting project besides Fourmile that if you had this kind of excess money, whether you would view your priorities a little bit different and maybe do something more in Canada or somewhere else with the funds or just stick to the special dividend and the buyback?

但除此之外，我還想問您，如果除了 Fourmile 之外還有其他令人興奮的項目，並且您有這麼多多餘的資金，您是否會以不同的方式看待您的優先事項，也許會用這些資金在加拿大或其他地方做更多的事情，或者只是堅持特別股息和回購？

So Josh, I'll start with the second one. I'll take you back to 2011 to 2015, where people used to complain that Randgold was ex growth because all we were doing was growing cash flow. And it went on all the way to 2015 when Barrick was the most valued gold company on the planet. And so growth comes in many different facets and the most exciting one is when you've got long-term growth, sustainability and you grow your profits, you grow your cash flow.

那麼喬希，我將從第二個開始。讓我帶你回顧 2011 年至 2015 年，當時人們常常抱怨 Randgold 不再成長，因為我們所做的只是增加現金流。這種情況一直持續到 2015 年，當時巴里克已成為全球市值最高的黃金公司。因此，成長體現在許多不同的方面，最令人興奮的是當你擁有長期成長、永續性並且增加利潤、增加現金流時。

So I mean, if you look at -- if you take today's spot, which is difficult to do because remember, there's a cost in it. And these costs change in an environment like we're dealing with today, and it's still going to come through. But if you take today's revenue side, you're absolutely right. And in fact, if the cost profile that we've got today stays, we won't go into debt at all. And we will grow revenues. And of course, what we have shown is that we don't lurch from one M&A transaction to another, but we are consistently investing in our future, which eventually pays off.

所以我的意思是，如果你看一下——如果你佔據今天的這個位置，這很難做到，因為記住，這是有成本的。在我們今天所處的環境中，這些成本會發生變化，而且還會持續存在。但如果你從今天的收入角度來看，你是完全正確的。事實上，如果我們今天的成本狀況保持不變，我們根本不會負債。我們的收入也會增加。當然，我們已經表明，我們不會從一個併購交易跳到另一個併購交易，而是始終如一地投資於我們的未來，最終會獲得回報。

On the actual cost and Agnico Eagle, one thing that everyone misses, and I would strongly recommend you do is just plot the depreciation of the Canadian dollar and the Australian dollar versus the US dollar because the US dollar is the benchmark. And inflation -- headline inflation in US dollars is real, and there's no depreciation of a currency. So -- and that is depending on the rate where you look to going backwards, but it's around 10%. And the Australian dollar is a bit more -- significantly larger than that.

關於實際成本和 Agnico Eagle，每個人都忽略了一件事，我強烈建議您做的就是繪製加幣和澳元兌美元的貶值情況，因為美元是基準。通貨膨脹－以美元計算的總體通貨膨脹是真實的，而且貨幣沒有貶值。所以——這取決於你預計倒退的速度，但它大約是 10%。而澳元則要稍微大一點——大很多。

So then you look at our forecast cash flow -- I mean, sorry, all-in sustaining costs and total cash cost because we run our business on both out to the end of the year, we're well within that range when you adjust for depreciation when we're talking specifically Agnico. But at the same time, we're not harvesting a transaction. We're investing in our future. So fixing up some of the challenges in Nevada and the same with Porgera and the same with Tanzania and is -- we showed you at the Investor Day that we're running about $150 or even a little bit more on a per -- I mean, shove back to this position, on a per ounce basis above what our normal sustaining capital is.

那麼你看看我們的預測現金流——抱歉，我的意思是，所有維持成本和總現金成本，因為我們到年底都在經營我們的業務，當你調整折舊時，我們完全在這個範圍內，特別是當我們談論 Agnico 時。但同時，我們並沒有收穫交易。我們正在投資我們的未來。因此，解決內華達州和波格拉金礦以及坦尚尼亞面臨的一些挑戰——我們在投資者日向你們展示了我們每盎司的營運成本約為 150 美元甚至更多——我的意思是，回到這個位置，按每盎司計算，高於我們正常的維持資本。

And so -- and we've shown how -- why, and we've -- particularly in Nevada, there was a significant neglect in planned maintenance. So we've had a catch-up on the planned maintenance, and we have a cost because we've rolled out the reserves and the life of mines organically rather than buying them. And that comes with a cost because we've scheduled an additional 110 million ounces in reserves, that's gold equivalent, so copper and gold life of mine schedules. And that comes with an additional cost on the cost side.

因此，我們已經說明了為什麼，特別是在內華達州，計劃維護有嚴重疏忽。因此，我們對計劃的維護進行了彌補，並且我們產生了成本，因為我們是有機地推出了儲備和礦山壽命，而不是購買它們。但這是有成本的，因為我們已經計劃了額外的 1.1 億盎司的儲備，這是黃金當量，所以銅和黃金礦山的壽命計劃。這會帶來成本方面的額外成本。

It does come down as we've pointed to. And the way it comes down is how successful are we in replacing and rolling our plans forward because that dampens that decline in all-in sustaining costs. We do get some benefit of currencies, but most of our operations around the world are dollar-based. They're not -- because we don't operate in a big delivery or big ounces in Canada or definitely not in Australia. So it's not -- you can't compare apples with pears. And that's really the driver.

正如我們所指出的那樣，它確實下降了。而最終的結果就是我們在替換和推進計劃方面有多成功，因為這會抑制整體維持成本的下降。我們確實從貨幣中獲得了一定的好處，但我們在世界各地的大部分業務都是以美元為基礎的。事實並非如此——因為我們在加拿大沒有大規模交付或大盎司業務，在澳洲肯定也沒有。所以，你不能拿蘋果和梨子來比較。這才是真正的驅動力。

I see Graham wants to add to that.

我看到格雷厄姆想要補充這一點。

Any other -- I think you've covered it well, Mark. The only other point I would make is, obviously, our forecast production is increasing over the next few years. And as that production goes up, we expect our costs to come down.

其他的——我認為你已經講得很好了，馬克。我唯一想說的另一點是，顯然，我們預測未來幾年產量將會增加。隨著產量的增加，我們預計成本將會下降。

So we'll -- well, this is enormously helpful. And thank you for just your great stewardship. The quality of these calls is amazing.

所以我們——嗯，這非常有幫助。感謝您出色的管理。這些通話的品質令人驚嘆。

Thank you for that, Josh. And as you know, we're always available if you call in to the team to help you get those models clear.

謝謝你，喬希。如您所知，如果您需要協助，我們隨時可以聯繫團隊，以協助您理清這些模型。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯 (John Tumazos)，約翰‧圖馬佐斯非常獨立的研究。

Could you explain the organizational benefits as you simplify without Donlin and potentially Hemlo, Tongon, Zaldivar, maybe you save $2 million a month of exploration costs without Donlin, that you free up exploration personnel, admin resources maybe reclamation personnel down the road, divesting the older mines. Just tell us how it makes your life easier.

您能否解釋一下，在沒有 Donlin 以及潛在的 Hemlo、Tongon、Zaldivar 的情況下進行簡化會帶來哪些組織上的好處？也許您在沒有 Donlin 的情況下每月可以節省 200 萬美元的勘探成本，您可以釋放勘探人員、管理資源，也許還可以釋放未來的複墾人員，從而剝離舊礦山。只需告訴我們它如何讓您的生活更輕鬆。

So the -- John nice to hear your voice and as usual, you're the last but not least, in the line. One of the things I've always done is we don't increase our exploration budget with an increasing gold price or a decreasing gold price. We're very clear about we have one number, the -- between the mineral resource management or brownfields teams and the exploration teams, they have to compete for those dollars.

所以——約翰，很高興聽到你的聲音，像往常一樣，你是隊伍中最後一個，但並非最不重要的。我一直以來的做法是，我們不會隨著金價上漲或下跌而增加勘探預算。我們非常清楚，我們有一個數字——礦產資源管理或棕地團隊和勘探團隊之間必須爭奪這些資金。

And so what it does is keep us very focused on the quality of our portfolio. And over the last couple of years, four years, we've really tidied up our exploration team. As you've heard, the last -- the ramp of the El Indio and some of the other exploration projects that have been around for decades have now closed or dealt. And we've got a new portfolio of targets, much more focused.

因此，它的作用是讓我們高度關注投資組合的品質。在過去的幾年，也就是四年裡，我們確實整頓了我們的勘探團隊。正如您所聽到的，最後一個——El Indio 斜坡和一些已經存在了幾十年的其他勘探項目現在已經關閉或處理。我們有了新的目標組合，更集中。

So what -- and Donlin has its own team. We managed the process or Christine and her team, along with the NOVAGOLD group. And what it does is it's -- I think Christine is looking forward to having more time to focus on North America and our portfolio of opportunities than be up there in Alaska.

那又怎樣——Donlin 有自己的團隊。我們與 NOVAGOLD 集團一起管理了 Christine 和她的團隊的流程。它的作用是——我認為克里斯汀希望有更多的時間關注北美和我們的機會組合，而不是留在阿拉斯加。

So that's a big release of executive time. And the same, Tongon, again, we will sell the asset with the team that runs the mine. As you know, we are diverse in our -- and flat in our structures, our mines have a full management team. So anyone buying it gets that team if they want it. We are planning to continue our exploration efforts in Ivory Coast. We've got some interesting new projects there on the other side of the country from Tongon.

因此，這大大節省了行政時間。同樣，Tongon，我們將與經營礦場的團隊一起出售資產。如您所知，我們的結構多元化且扁平，我們的礦場擁有完整的管理團隊。因此，任何購買它的人如果想要的話都可以得到該團隊。我們計劃繼續在科特迪瓦進行勘探工作。我們在該國另一端的 Tongon 有一些有趣的新項目。

And we have some real focused work, generative work in Chile, which we'll continue to focus on. And we've got emerging projects, both in Peru. I've spoken about Argentina and some new ones in Ecuador. So we've got lots to keep us busy with. I think it's the management time, the executive time that these smaller assets that are high cost. And that's something I haven't touched on is these assets we're disposing of are all at the high-cost end of our portfolio. And so we'd be bringing the cost down without really changing the production profile much. I hope that helps.

我們在智利有一些真正有重點的工作，即創造性工作，我們將繼續關注這些工作。我們在秘魯都有新興計畫。我已經談到了阿根廷和厄瓜多爾的一些新情況。所以我們有很多事情要忙。我認為這些較小資產的成本較高的是管理時間、執行時間。我還沒有談到的是，我們正在處置的這些資產都屬於我們投資組合中的高成本資產。因此，我們可以在不改變生產狀況的情況下降低成本。我希望這能有所幫助。

There currently are no further questions in the conference call.

目前電話會議中沒有其他問題。

Thank you. Can we wrap up? Thank you very much, everyone. Thank you, those on the line for taking the time. I know it's been a busy day with multiple presentations. And I appreciate those who have actually made the time to come in and visit. For those who are here, we've got some snacks, and you can catch up with the team next door. So feel free to stay on. Thank you again, and we'll be speaking to you -- most of you, I think, maybe in Barcelona next week. Cheers.

謝謝。我們可以結束了嗎？非常感謝大家。謝謝各位來電者抽出時間。我知道今天很忙，要做多個演講。我感謝那些真正抽出時間來參觀的人。對於在這裡的人，我們準備了一些小吃，您可以與隔壁的團隊見面。所以請隨意留下來。再次感謝你們，我想，我們將於下週在巴塞隆納與你們中的大多數人交談。乾杯。

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

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