巴里克黃金 (GOLD) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2022 First Quarter Results Conference Call.

女士們，先生們，謝謝你們的支持。這是會議接線員。歡迎來到巴里克 2022 年第一季度業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded, and a replay will be available on Barrick's website later today, May 4, 2022. I would now like to turn the conference over to Mark Bristow, Chief Executive Officer. Please go ahead, sir.

提醒一下，這次電話會議正在錄製中，今天晚些時候，即 2022 年 5 月 4 日，將在巴里克的網站上提供重播。我現在想把會議轉交給首席執行官馬克布里斯托。請繼續，先生。

Thank you, and very good morning and good afternoon, ladies and gentlemen. The world today is facing the greatest period of economic, social and geopolitical disruption it has experienced in more than a generation. Russia's war on the Ukraine and its expected larger ambitions could redraw the map of Europe, breaking down what everyone thought was a permanently settled order. This is already having a painful economic impact on many countries who are dependent on Russian oil and gas, but also on industries worldwide who are facing serious supply and logistics challenges in a rising inflation environment.

謝謝你們，女士們先生們，早上好，下午好。當今世界正面臨超過一代人以來經歷的最嚴重的經濟、社會和地緣政治動盪時期。俄羅斯對烏克蘭的戰爭及其預期的更大野心可能會重新繪製歐洲版圖，打破每個人都認為是永久穩定的秩序。這已經對許多依賴俄羅斯石油和天然氣的國家產生了痛苦的經濟影響，也對全球範圍內在通脹上升環境中面臨嚴重供應和物流挑戰的行業產生了痛苦的影響。

Meanwhile, over in China, COVID has come back in a big way, dispelling any nation that the worst of the pandemic was behind us. All in all, it's a time of radical change and no one knows how it's going to turn out.

與此同時，在中國，新冠病毒大肆捲土重來，讓任何國家都不再相信最嚴重的流行病已經過去。總而言之，這是一個徹底變革的時代，沒有人知道結果會如何。

As far as Barrick is concerned, however, scenario planning is an important part of our regular strategic reviews and they keep us prepared for all reasonably conceivable outcomes, including the worst case ones. Our global presence means that our risks are spread widely and the strength of our asset base, our balance sheet and our management gives us confidence in our ability to navigate the turbulence. Please take note of this cautionary statement, which is also available on the Barrick website. These are the salient features of the past quarter.

然而，就巴里克而言，情景規劃是我們定期戰略審查的重要組成部分，它們讓我們為所有可合理想像的結果做好準備，包括最壞的情況。我們的全球業務意味著我們的風險廣泛分佈，而我們強大的資產基礎、資產負債表和我們的管理讓我們對自己駕馭動蕩的能力充滿信心。請注意此警告聲明，該聲明也可在 Barrick 網站上找到。這些是過去一個季度的顯著特徵。

As we messaged, production was softer than the previous quarters for reasons I'll explain later. As planned, we expect that the second half of the year will be stronger, which should keep us on track to meet our annual guidance. Our best assets generally performed well with Loulo-Gounkoto delivering exceptionally good results. Other highlights of the quarter include the in-principle agreement with Pakistan for the restart of the Reko Diq copper-gold project, which we believe will be a Tier 1 asset by any measure. Also important was the progress we made with the permitting process of Pueblo Viejo's new tailing storage facility, which will transform what is already a Tier 1 mine by adding more than 20 years to its life and as much as 9 million new ounces to the reserves.

正如我們所傳達的那樣，由於我稍後將解釋的原因，生產比前幾個季度疲軟。按照計劃，我們預計今年下半年會更強勁，這應該會讓我們走上正軌，以實現我們的年度指導。我們最好的資產通常表現良好，Loulo-Gounkoto 提供了非常好的結果。本季度的其他亮點包括與巴基斯坦就重啟 Reko Diq 銅金項目達成的原則性協議，我們認為無論以何種標準衡量，該項目都將成為一級資產。同樣重要的是我們在 Pueblo Viejo 的新尾礦儲存設施的許可程序方面取得的進展，該設施將通過延長 20 多年的使用壽命和多達 900 萬新盎司的儲量來改變已經是一級礦山的礦山。

As we expected, as we expand globally, we continue to strengthen our management team through a number of senior appointments and effective succession planning has facilitated the smooth transition to new chief operating officers for our North American and African and Middle East regions.

正如我們預期的那樣，隨著我們在全球範圍內的擴張，我們通過一些高級任命和有效的繼任計劃繼續加強我們的管理團隊，促進了北美、非洲和中東地區向新首席運營官的順利過渡。

ESG, what we call Sustainability, remains high on management's priorities. And last month, we published our fourth annual sustainability report, which highlighted the importance of our integrated approach and updated our greenhouse gas reduction roadmap for the journey to net zero. We haven't seen the report -- if you haven't seen the report yet, I would suggest that it's well worth the read.

ESG，我們稱之為可持續性，仍然是管理層的首要任務。上個月，我們發布了第四份年度可持續發展報告，強調了我們綜合方法的重要性，並更新了我們實現淨零排放的溫室氣體減排路線圖。我們還沒有看到這份報告——如果您還沒有看到這份報告，我建議您讀一讀它。

So turning to the numbers. Robust operating and free cash flows and a net cash position again strengthens the balance sheet and supported Barrick's inaugural declaration under our new policy of a $0.10 per share performance dividend, which effectively doubles the $0.10 base dividend. It's also worth noting that Kibali has now paid out $1.2 billion on a 100% basis over the last 6 months, cleaning the backlog of a locked-up cash in that country. The past quarter's gold and copper production provided a base from which performance will improve steadily over the course of the year.

所以轉向數字。強勁的經營和自由現金流以及淨現金狀況再次加強了資產負債表，並支持巴里克根據我們的新政策首次宣布每股 0.10 美元的業績股息，這實際上是 0.10 美元的基本股息的兩倍。還值得注意的是，Kibali 在過去 6 個月中已按 100% 的比例支付了 12 億美元，清理了該國積壓的鎖定現金。上一季度的黃金和銅產量為全年業績穩步提高奠定了基礎。

We remain on track to deliver within our 2022 production guidance. Cost guidance may be at the higher end of the range, due mainly to the increase in global energy prices as well as the inflationary pressures across the global supply chain and the effect of a higher gold price on royalties.

我們仍有望在 2022 年生產指南範圍內交付。成本指導可能處於範圍的較高端，這主要是由於全球能源價格上漲以及全球供應鏈的通脹壓力以及金價上漲對特許權使用費的影響。

At the start of the year, we guided costs by about 5%. And with the recent increases in prices, we see this potentially adding around another 3% to costs. And on the financial side, our improved net cash position of $743 million was driven by operating cash flow of $1 billion with free cash flow of $393 million. The distributions received from Kibali and the continuing monetization of equity positions arising from the sale of non-core assets. Also worth noting is that during the quarter, S&P upgraded our long-term corporate credit rating to BBB+ from BBB with a stable outlook.

今年年初，我們將成本指導為 5% 左右。隨著近期價格上漲，我們認為這可能會使成本再增加 3% 左右。在財務方面，我們改善的 7.43 億美元淨現金狀況是由 10 億美元的運營現金流和 3.93 億美元的自由現金流推動的。從 Kibali 收到的分配和出售非核心資產產生的股權頭寸的持續貨幣化。同樣值得注意的是，在本季度，標準普爾將我們的長期企業信用評級從 BBB 上調至 BBB+，展望穩定。

We also published our first stand-alone tax contribution report, which highlights the significant contributions we make to the countries and economies where we operate. We continue our health and safety journey to Zero Harm that an otherwise credible record was sadly marred by 2 fatalities during the quarter. As you would expect, we take these events extremely seriously. And among other initiatives, we have increased the on-site engagement and visibility of operational leadership to ensure that these do not happen again.

我們還發布了第一份獨立的稅收貢獻報告，其中強調了我們對我們開展業務的國家和經濟體做出的重大貢獻。我們繼續我們的健康和安全之旅，以實現零傷害，本季度有 2 人死亡，令人遺憾地破壞了原本可信的記錄。如您所料，我們非常重視這些事件。除其他舉措外，我們還提高了運營領導的現場參與度和知名度，以確保此類事件不會再次發生。

By the end of the quarter, 67% of our entire workforce had been fully vaccinated and there were very few active cases on sites across the group. As recent events have shown, however, we can't afford to drop our guard. And so we're keeping our protocols in place and updating them on a regular basis. There were no Class 1 environmental incidents during the quarter, and we again improved our water use efficiency, which at 84% was ahead of the annual target of 80%. Greenhouse gas emissions also decreased by 9% quarter-on-quarter. As one of the group's many community initiatives, Nevada Gold Mines has provided a $30 million loan for the provision of a broadband Internet service to the surrounding towns. And elsewhere across the group, they've spent $4.9 million on community development projects.

到本季度末，我們全體員工中有 67% 已經接種了疫苗，並且整個集團的站點上的活躍病例非常少。然而，正如最近發生的事件所表明的那樣，我們不能放鬆警惕。因此，我們保持我們的協議到位並定期更新它們。本季度無一類環境事件發生，用水效率再次提升，達到84%，超額完成80%的年度目標。溫室氣體排放量亦按季減少 9%。作為該集團的眾多社區舉措之一，內華達金礦公司提供了 3000 萬美元的貸款，用於為周邊城鎮提供寬帶互聯網服務。在整個集團的其他地方，他們已經在社區發展項目上花費了 490 萬美元。

The sustainability report I mentioned earlier details our evolving approach to ESG management. It recognizes that global crisis, such as climate change, poverty, access to water and biodiversity loss are inextricably linked and should not be treated in isolation. We believe that it's only by integrating these challenges and approaching them holistically that we will be able to make a real difference.

我之前提到的可持續發展報告詳細介紹了我們不斷發展的 ESG 管理方法。它認識到全球危機，如氣候變化、貧困、水資源的獲取和生物多樣性的喪失，有著千絲萬縷的聯繫，不應孤立對待。我們相信，只有整合這些挑戰並從整體上應對它們，我們才能真正發揮作用。

Our 2019 sustainability scorecard was the first for the industry. And the 2022 edition, again, features a number of firsts, alignment with the reporting standards of the various ESG guidance frameworks, public disclosure of our Scope 3 emissions and a reduction roadmap, a report on social metrics not aligned to dollars spent and a biodiversity standard and water policy. It also updates the greenhouse gas roadmap that plots our course to net zero and the progress we're making on resolving legacy issues.

我們的 2019 年可持續發展計分卡是業內首創。 2022 年版再次創造了多項第一，符合各種 ESG 指導框架的報告標準，公開披露了我們的範圍 3 排放量和減排路線圖，一份關於與支出的美元和生物多樣性不一致的社會指標的報告標準和水政策。它還更新了溫室氣體路線圖，該路線圖描繪了我們實現淨零排放的路線以及我們在解決遺留問題方面取得的進展。

This year's report again updates our sustainability scorecard, which rates our performance across a wide range of key metrics. While noting many improvements, we achieved our third overall B grade, an honest acknowledgment that fatalities are not acceptable, and there is still a lot of work to be done with regards to our drive to Zero Harm.

今年的報告再次更新了我們的可持續發展記分卡，該記分卡根據廣泛的關鍵指標對我們的表現進行評分。在註意到許多改進的同時，我們獲得了第三個整體 B 級，這是對死亡是不可接受的誠實承認，而且在我們實現零傷害方面還有很多工作要做。

We start the operational report with the North American region, where Nevada is home to 3 of our Tier 1 mines as well as many of our more interesting future prospects. At the same time, we continue to progress the giant Donlin Gold project in Alaska with an intense winter drilling phase as we search for more opportunities to grow our business in the Americas.

我們從北美地區開始運營報告，內華達州是我們 3 個一級礦山以及我們許多更有趣的未來前景的所在地。與此同時，我們繼續推進位於阿拉斯加的大型 Donlin Gold 項目，冬季鑽探階段非常緊張，因為我們正在尋找更多機會來發展我們在美洲的業務。

These are the operating results for the Nevada Gold Mines. As expected, production was lower following the record quarter 4 performance driven by the processing of high grade stockpiled ore while the Goldstrike mill was being repaired. Plans are in place and KPIs are being monitored closely to ensure that the full year guidance will be met. In the meantime, Turquoise Ridge's third shaft is on track for completion this year, which will continue to support operational improvements there. Results from drilling across the Nevada projects continue to highlight the huge potential of these systems as new targets are developed and resources are expanded. At Turquoise Ridge, geological modeling of the BBT corridor to the South highlighted the potential for significant additional ounces, which are early -- with early drill results indicating via this opportunity. Drilling between and within the legacy Twin Creeks and Turquoise Ridge operations is transforming our understanding of this area, and we continue to make changes to the models with implications for exploration.

這些是內華達金礦的經營業績。正如預期的那樣，由於 Goldstrike 工廠正在維修，高品位庫存礦石的加工推動了創紀錄的第 4 季度業績，因此產量有所下降。計劃已到位，KPI 正在密切監控，以確保滿足全年指導目標。與此同時，Turquoise Ridge 的第三個豎井有望在今年完工，這將繼續支持那裡的運營改進。隨著新目標的開發和資源的擴展，在內華達州項目的鑽探結果繼續凸顯了這些系統的巨大潛力。在 Turquoise Ridge，南部 BBT 走廊的地質模型突出了顯著額外盎司的潛力，這是早期的 - 早期鑽探結果表明通過這個機會。在遺留的 Twin Creeks 和 Turquoise Ridge 作業之間和內部進行鑽探正在改變我們對該區域的理解，並且我們繼續對模型進行更改以對勘探產生影響。

One of the strongest untested geochemical anomalies in the district has been identified at the fence line target on the legacy boundary between the 2 operations and shallow drilling is in progress to define vectors for a deeper core drilling project later in the year.

該地區最強的未經測試的地球化學異常之一已在 2 個作業之間遺留邊界的圍欄線目標處確定，淺層鑽探正在進行中，以確定今年晚些時候更深的岩心鑽探項目的矢量。

North Leeville continues to grow as we step out around the maiden resource of 700,000 ounces declared at the end of last year. Resource delineation drilling is defining additional ounces, whilst further drilling is planned to test for open extensions of high-grade structures around the deposit. North Leeville remains one of our highest potential near-mine satellites in Nevada. And Ren is another expanding opportunity. Last year, we declared a maiden inferred resource of 1.2 million ounces and recent results have not only confirmed the model, but have continued to expand the JB zone resource to the South. Mineralization remains open at both JB and Corona Corridors. We have initiated various mining studies on the geotechnical ventilation and dewatering parameters to optimally design this part of the mine.

North Leeville 繼續增長，因為我們圍繞去年年底宣布的 700,000 盎司的首個資源走出去。資源劃界鑽探正在定義額外的盎司，同時計劃進一步鑽探以測試礦床周圍高品位結構的開放延伸。 North Leeville 仍然是我們在內華達州最具潛力的近地雷衛星之一。而 Ren 是另一個擴展的機會。去年，我們宣布首次推斷資源量為 120 萬盎司，最近的結果不僅證實了該模型，而且繼續將 JB 區資源擴展到南部。 JB 和 Corona Corridors 的礦化區仍然開放。我們已經啟動了各種岩土通風和排水參數的採礦研究，以優化設計這部分礦山。

Over now to Latin America and Asia Pacific, which ended the quarter having made significant progress with its growth projects. In PNG, we continue to get closer to reopening the mine following the passing by parliament of legislation necessary for our agreed fiscal arrangements. We expect to complete the remaining outstanding agreements in the next quarter, below our planned midyear restart is expected to be delayed by 1 more quarter.

現在是拉丁美洲和亞太地區，該地區在本季度結束時在其增長項目方面取得了重大進展。在巴布亞新幾內亞，在議會通過我們商定的財政安排所需的立法後，我們繼續接近重新開放礦山。我們預計將在下一季度完成剩餘的未完成協議，低於我們計劃的年中重啟預計將再推遲 1 個季度。

Pueblo Viejo, as I indicated earlier, is a solid Tier 1 asset, which delivered a plan regarding production and costs on the back of record throughput, which bodes well for the future long-term performance of the operation. The new tailings storage facility, a key part of the transformational upgrade and expansion project is continuing to advance down the development path with the EISA application expected to be filed in quarter 3. And at Veladero, the mine delivered on a planned lower production for the quarter despite being partially impacted by COVID-related absenteeism in January and the mine remains on track to meet the 2022 guidance. Construction of the Phase 7 lease pad also remained on track with the second phase expected to commence in the final quarter of this year.

正如我之前指出的那樣，Pueblo Viejo 是一項穩固的一級資產，它在創紀錄的吞吐量的基礎上交付了有關生產和成本的計劃，這預示著該業務未來的長期業績。新的尾礦儲存設施是轉型升級和擴建項目的關鍵部分，它正在繼續推進開發路徑，預計將在第 3 季度提交 EISA 申請。在 Veladero，該礦按計劃的較低產量交付儘管在 1 月份受到與 COVID 相關的曠工的部分影響，但該季度仍然有望達到 2022 年的指導目標。第 7 期租賃墊的建設也按計劃進行，第二階段預計將於今年最後一個季度開始。

You will have also seen the announcement of our agreement with the government of Pakistan and the province of Balochistan to reconstitute and restart the Reko Diq Project, which has been waiting in the wings for more than a decade. It's an extremely exciting project, up there with the best of the best copper deposits and with the added attraction of a significant gold endowment. Since the agreement was signed, there has been a change of government in Pakistan, but this is not expected to negatively impact the process.

您還會看到我們宣布與巴基斯坦政府和俾路支省達成協議，重組並重啟 Reko Diq 項目，該項目已等待十多年。這是一個非常令人興奮的項目，那裡擁有最好的銅礦床，並且還有大量黃金禀賦的額外吸引力。自協議簽署以來，巴基斯坦政府發生了更替，但這預計不會對該進程產生負面影響。

In fact, I'm due to meet the new Prime Minister later this month to review progress. Reko Diq is another good example of Barrick's partnership philosophy. We'll operate it, but it will be owned 50% by Barrick, 25% by well-established Pakistan state-owned enterprises and 25% by the province of Balochistan. The various underlying agreements are currently being finalized. And when that's done, we'll start to update the existing feasibility study, which should take around 24 months. As such, Reko Diq could be in production in 5 to 6 years, a very short-term -- short time frame for a mine of this size.

事實上，我將於本月晚些時候會見新總理以審查進展情況。 Reko Diq 是巴里克合作理念的另一個很好的例子。我們將經營它，但它將由巴里克擁有 50%，巴基斯坦知名國有企業擁有 25%，俾路支省擁有 25%。目前正在最後確定各種基礎協議。完成後，我們將開始更新現有的可行性研究，這大約需要 24 個月。因此，Reko Diq 可能會在 5 到 6 年內投產，對於這種規模的礦山來說，這是一個非常短的時間框架。

Turning now to Africa and the Middle East. This region finished the quarter ahead of its gold production plan on the back of the usual strong performance from the flagship Loulo-Gounkoto and Kibali operations. At Loulo-Gounkoto, the key production driver was higher grade per ounce, cost metrics were well managed despite the impact of higher energy prices and increased logistics costs from the continued sanctions and border closures imposed on Mali by ECOWAS, albeit operations at Loulo-Gounkoto remain unaffected. The Loulo District's key mineralized corridors continue to deliver exciting results. And Bambadji, across the border in Senegal, is one of the more prospective pieces of ground in our West African portfolio. And the team there is prioritizing large controls likely to host potential significant deposits. At Loulo, drilling north of the previously mined P129 satellite deposit has also defined mineralization over 600 meters with some high-grade intercepts while the results have also highlighted the potential to extend the Faraba complex satellite deposits.

現在轉向非洲和中東。在旗艦 Loulo-Gounkoto 和 Kibali 業務一如既往的強勁表現的支持下，該地區提前完成了其黃金生產計劃的季度。在 Loulo-Gounkoto，關鍵的生產驅動因素是更高的每盎司品位，成本指標得到了很好的管理，儘管能源價格上漲以及西非經共體對馬里實施的持續制裁和邊境關閉導致物流成本增加的影響，儘管在 Loulo-Gounkoto 運營不受影響。 Loulo 區的主要礦化走廊繼續取得令人振奮的成果。而橫跨塞內加爾邊境的班巴吉是我們西非投資組合中更有前景的一塊土地。那裡的團隊正在優先考慮可能承載潛在大量存款的大型控件。在 Loulo，在先前開采的 P129 衛星礦床以北鑽探也確定了超過 600 米的礦化帶一些高品位攔截，同時結果也突出了擴展 Faraba 複雜衛星礦床的潛力。

As we planned, production in Kibali was lower than the previous quarters due to planned maintenance and waste stripping. Production is expected to improve this quarter and this mine, like the others remain on track to achieve its annual guidance. Like Loulo, Kibali continues to maintain its record of replacing reserves depleted through mining. Resource conversion drilling from underground is successfully defining the potential for sustained growth over and above depletion for both 2022 and beyond.

正如我們計劃的那樣，由於計劃中的維護和廢料剝離，Kibali 的產量低於前幾個季度。預計本季度的產量將有所改善，而該礦山與其他礦山一樣，仍有望實現其年度目標。與 Loulo 一樣，Kibali 繼續保持著替代因採礦而耗盡的儲量的記錄。地下資源轉化鑽探成功地確定了 2022 年及以後持續增長的潛力。

And in Tanzania, both North Mara and Bulyanhulu are on track to meet their annual guidance. Their quarter 1 performance largely reflects the impact of planned maintenance at North Mara and the development of new headings plus the removal of legacy underground waste at Bulyanhulu.

在坦桑尼亞，North Mara 和 Bulyanhulu 都有望實現年度目標。他們第一季度的業績主要反映了 North Mara 計劃維護的影響、新航向的開發以及 Bulyanhulu 遺留地下廢物的清除。

North Mara's ramp-up of its open pit operations is on schedule, and the project is designed to further derisk the mine by providing it with another source of mill feed and improved production flexibility.

North Mara 的露天礦業務如期擴產，該項目旨在通過為其提供另一種工廠進料來源和提高生產靈活性來進一步降低礦山的風險。

A quick look at the copper portfolio. With Jabal Sayid and Zaldivar both delivered production and costs that were in line with or better than guidance. Zaldivar's chloride project was commissioned providing the infrastructure for enhancing future production. And as expected, waste stripping impacted on Lumwana's production, but its performance is forecast to improve steadily throughout the year. Exploration at Lumwana continues to access multiple targets in parallel, redefining the geological models for existing targets and identifying new projects. The overall aim is to get definition of alternate ore source that can provide production flexibility whilst the [Chimi] super pit pre-stripping and associated infrastructure upgrades are completed. Early results from ongoing drilling at the Lubwe target are encouraging and show the potential to extend the mineralization a further 1 kilometer to the North.

快速瀏覽一下銅投資組合。 Jabal Sayid 和 Zaldivar 的產量和成本都符合或優於指導。 Zaldivar 的氯化物項目已投產，為提高未來產量提供了基礎設施。正如預期的那樣，廢料剝離對 Lumwana 的生產產生了影響，但其業績預計將在全年穩步提高。 Lumwana 的勘探繼續並行訪問多個目標，重新定義現有目標的地質模型並確定新項目。總體目標是在 [Chimi] 超級礦坑預剝離和相關基礎設施升級完成的同時，確定可以提供生產靈活性的替代礦源的定義。 Lubwe 目標正在進行的鑽探的早期結果令人鼓舞，並顯示出將礦化區進一步向北延伸 1 公里的潛力。

So with gold prices remaining high, driven by global geopolitical and economic fears, it's worth noting the unparalleled leverage our portfolio of 6 Tier 1 gold mines gives Barrick. For every $100 per ounce rise in the gold price, the attributable free cash flow generation generated by our operations over a 5-year period, increases by around $1.5 billion. The same is true of our copper assets. For every $0.50 per pound increase in the copper price, the attributable free cash flow generated by those mines over 5 years rises by about $800 million. And strong cash flows generate peer-leading returns to shareholders as shown in this slide. The distribution policies inaugurated this quarter effectively doubled the dividend by adding a $0.10 per share performance element to the $0.10 per share base dividend.

因此，在全球地緣政治和經濟擔憂的推動下，金價居高不下，值得注意的是，我們的 6 個一級金礦組合為巴里克提供了無與倫比的槓桿作用。金價每上漲 100 美元，我們運營在 5 年期間產生的歸屬自由現金流量就會增加約 15 億美元。我們的銅資產也是如此。銅價每上漲 0.50 美元，這些礦山在 5 年內產生的應佔自由現金流量將增加約 8 億美元。如本幻燈片所示，強勁的現金流為股東帶來了同行領先的回報。本季度開始實施的分配政策通過在每股 0.10 美元的基本股息基礎上增加每股 0.10 美元的業績要素，有效地將股息翻了一番。

On an annualized basis, this equates to a yield of approximately 3.5%. The new formula also has the advantage of giving the market guidance on a potential future dividend streams. And while we don't believe our current share price fairly reflects its inherent value, it has performed respect respectively, against the spot gold price and the GDX has shown for these periods. And this leads me to what I believe is the compelling thesis for investing in Barrick. It includes the peerless quality of our asset base, our proven long-term strategy combined with reality-based implementation plans, our ability to more than replenish our reserves, and our long constantly replenished prospect pipeline, our approach to sustainability, characterized by tangible on-the-ground action and measurable results, and of course, the strength of our balance sheet. But perhaps the characteristic that most distinguishes Barrick from its peers is our focus on Tier 1 assets, selected against a set of very clear investment criteria and supported by our ability to operate in both developed and developing countries.

按年率計算，這相當於約 3.5% 的收益率。新公式還具有為市場提供未來潛在股息流指導的優勢。雖然我們認為我們目前的股價沒有公平地反映其內在價值，但它已經分別表現出對現貨黃金價格的尊重，並且 GDX 在這些時期已經顯示出來。這讓我想到了我認為投資巴里克的令人信服的論點。它包括我們無與倫比的資產基礎質量、我們久經考驗的長期戰略與基於現實的實施計劃相結合、我們不僅有能力補充我們的儲備，還有我們長期不斷補充的前景管道、我們的可持續發展方法，其特點是有形的-實地行動和可衡量的結果，當然還有我們資產負債表的實力。但也許 Barrick 與同行的最大區別在於我們專注於一級資產，根據一套非常明確的投資標准進行選擇，並得到我們在發達國家和發展中國家運營能力的支持。

There's an old saying that if you're looking for elephants, you have to go to elephant country. We've searched for and found Tier 1 assets in parts of the world that presented challenges that daunted other mining companies and then proceeded to successfully develop and operate them. Whilst we continue to invest in pursuing new Tier 1 opportunities across all 3 regions in which we operate, our next stop right now looks to be Pakistan, where we once again -- where once again perseverance, partnership and patience have put us on track to deliver one of the world's greatest mining opportunities to our shareholders, our partners and all our other key stakeholders.

有一句老話說，如果你要尋找大象，你必須去大像國家。我們在世界部分地區搜索並發現了令其他礦業公司望而生畏的挑戰的一級資產，然後成功開發和運營這些資產。在我們繼續投資於我們運營的所有 3 個地區尋求新的一級機會的同時，我們的下一站現在看起來是巴基斯坦，我們再次在那裡 - 再次堅持不懈，夥伴關係和耐心使我們走上正軌為我們的股東、合作夥伴和所有其他主要利益相關者提供世界上最大的採礦機會之一。

Ladies and gentlemen, thank you for your attention, and the team and I are happy to take any questions.

女士們，先生們，感謝你們的關注，我和我的團隊很樂意回答任何問題。

(Operator Instructions)

（操作員說明）

Our first question is from Greg Barnes with TD Securities.

我們的第一個問題來自道明證券的 Greg Barnes。

Mark, I just want to understand the timing around the permitting of the new tailings facility at Pueblo Viejo. You said you're going to file an EISA in Q3. So that would suggest you've picked the site. I was wondering how long it's going to take the government to approve that site. And then the site you've picked, is there going to be a significant delta in the capital cost for the PV expansion, depending on which site you do pick. How much will the CapEx potentially change, up or down?

馬克，我只想了解 Pueblo Viejo 的新尾礦設施獲得許可的時間安排。您說您將在第三季度提交 EISA。所以這表明您已經選擇了該站點。我想知道政府需要多長時間才能批准該網站。然後你選擇的地點，光伏擴張的資本成本是否會有很大的差異，這取決於你選擇的地點。資本支出可能會增加或減少多少？

Greg, just to take you through, I think we've shared this with you before. We've been through a lot of sites, more than 30, but we really got down and evaluated around 22 sites. We shortened that down to 5 sites, and then we passed all our assessments, we used 2 independent engineering firms to audit our process and pass it back to government. And as a consequence, the government then reviewed our selection criteria. We have, as the government announced, reached an agreement on a way forward for the final selection of the sites. We are looking at 2 sites at the moment, both in the same provinces which the mine is located. And we're currently doing invasive evaluation for the foundations of the walls and also making sure that we don't have any open aquifers that might put the storage of material at risk and whether we have to line it or not. And that work is -- we should be ready to file our -- make a final decision. And of course, we will file that application with the -- all the information with the government.

格雷格，只是為了讓你了解一下，我想我們之前已經和你分享過這個。我們已經訪問了很多站點，超過 30 個，但我們真正下來並評估了大約 22 個站點。我們將其減少到 5 個站點，然後我們通過了所有評估，我們使用了 2 個獨立的工程公司來審核我們的流程並將其返回給政府。因此，政府隨後審查了我們的選擇標準。正如政府宣布的那樣，我們已經就最終選址的前進方向達成協議。我們目前正在尋找 2 個地點，都在礦山所在的同一省份。我們目前正在對牆壁的基礎進行侵入性評估，並確保我們沒有任何可能使材料儲存處於危險之中的開放蓄水層，以及我們是否必須對其進行襯砌。這項工作是——我們應該準備好提交我們的——做出最終決定。當然，我們將向政府提交該申請——所有信息。

And on that basis, we will already have collected the key technical data, so that we are ready to make the application for the environmental permit. And that will -- we are forecasting to do that early Q3. And then it's a matter -- and we're working alongside the government in this process. And so we don't see any reason that, that process won't continue as it has in the last couple of quarters. And our plan is that we should certainly be in a position to determine that, that project is now approved as it's continuing exactly when we get the -- the final permit might be end of this year -- towards the end of this year or even early next year, but that doesn't -- that won't change the process.

在此基礎上，我們將已經收集到關鍵技術數據，以便我們準備申請環境許可證。這將 - 我們預計會在第三季度初做到這一點。然後這是一個問題——我們在這個過程中與政府合作。因此，我們沒有看到任何理由表明該過程不會像過去幾個季度那樣繼續下去。我們的計劃是，我們當然應該能夠確定，該項目現在已經獲得批准，因為它在我們獲得最終許可時正在繼續 - 最終許可可能會在今年年底 - 接近今年年底甚至明年年初，但這不會改變流程。

So that's the first part of your question. And we are engaged now in consultation. We have a couple of infrastructure to finalize. The first one is we're going to be moving the material on a conveyor belt. And so that requires consultation as far as people that will -- might be affected by that infrastructure. And then, of course, as part of our evaluation, we are also consulting with the communities that might be impacted by the final decision. And again, as we indicated originally, we're also looking at a buffer zone. So there are some common areas no matter what the final decision is, which will also involve relocation. And we've done the first round of consultation on that basis.

所以這是你問題的第一部分。我們現在正在進行磋商。我們有幾個基礎設施要完成。第一個是我們將在傳送帶上移動材料。因此，這需要就可能會受到該基礎設施影響的人們進行協商。然後，當然，作為我們評估的一部分，我們也在諮詢可能會受到最終決定影響的社區。同樣，正如我們最初指出的那樣，我們也在考慮緩衝區。所以不管最終決定是什麼，都有一些公共區域，這也會涉及到搬遷。我們已經在此基礎上進行了第一輪磋商。

On the cost side, the costs -- the original estimate is around $1.4 billion, $900 million for the expansion of the plant and that associated infrastructure. And then the rest looking to the tailings dam, I think between $800 and $900. So between $500 and $600 was earmarked for the tailings and waste rock storage. The final estimate will come with the final designs or the more advanced designs once we've got the foundation drilling done, particularly on the dam wall. As you know, this wall has to be like the current [power] wall, it's a seismic area. So it's a highly engineered bit of infrastructure. It will also, just to make it clear, we build the wall as we go. We don't build the wall complete right in the beginning. The facilities that we have shortlisted certainly cover the current forecast life beyond 2040 and some. And so the -- I'm walking around the capital estimate. We will update that capital estimate as we start finalizing at least the scope of the design, particularly the wall infrastructure.

在成本方面，成本——最初的估計約為 14 億美元，其中 9 億美元用於擴建工廠和相關基礎設施。然後剩下的看尾礦壩，我想在 800 到 900 美元之間。因此，500 到 600 美元被指定用於尾礦和廢石儲存。一旦我們完成了基礎鑽孔，特別是在大壩牆上，最終估算將與最終設計或更先進的設計一起出現。如你所知，這堵牆必須像現在的[權力]牆一樣，它是一個地震區。所以這是一個高度設計的基礎設施。它還將，只是為了清楚起見，我們邊走邊建牆。我們不會在一開始就把牆建好。我們入圍的設施肯定涵蓋了當前預測的 2040 年以後的壽命和一些。所以 - 我正在四處走動資本估算。當我們至少開始確定設計範圍，尤其是圍牆基礎設施時，我們將更新該資本估算。

And there are some offsets that we're looking at. We've got some opportunities to create quarries within or immediately adjacent to one of the sites, and that would impact materially the cost -- the long-term cost. And there are a number of other influences. I think we're very comfortable with our estimates on the relocation costs and we do have a very broad-based support for the sites that we've currently chosen. So we've got currently prioritized, I would add. So that's really where we are today.

我們正在研究一些補償。我們有一些機會在其中一個地點內或緊鄰其中一個地點建造採石場，這將對成本——長期成本——產生重大影響。還有許多其他影響。我認為我們對搬遷成本的估計非常滿意，而且我們確實對我們目前選擇的地點提供了非常廣泛的支持。所以我們目前已經確定了優先順序，我想補充一下。這就是我們今天所處的位置。

And Greg, the returns of this asset are significant. They certainly meet in any conceivable capital cost, where our 15% return based on $1,200 gold and [$2 75] copper. We don't -- we've got copper, we don't produce it at this stage in Pueblo Viejo, but it passes the test. So we're very comfortable about this project. It's a very significant project and it really realizes the original Pueblo Viejo investment back 10 years ago.

格雷格，這項資產的回報是巨大的。他們肯定會遇到任何可想像的資本成本，我們的 15% 回報率基於 1,200 美元的黃金和 [2 75 美元] 的銅。我們沒有——我們有銅，我們現階段不在 Pueblo Viejo 生產它，但它通過了測試。所以我們對這個項目非常滿意。這是一個非常重要的項目，它真正實現了 10 年前對 Pueblo Viejo 的原始投資。

Mark, how far away are the 2 sites from the plant and how many people have to be relocated approximately?

馬克，這兩個地點離工廠有多遠，大約需要搬遷多少人？

They're the closest of all the sites. Grant, do you want to comment on that?

它們是所有站點中最近的。格蘭特，你想對此發表評論嗎？

Yes. So as you said, the sites are fairly close to the mine and not too far from the existing tailings facility itself. I mean in terms of the numbers around the resettlement, that's something we still need to get to grips with and get on to the ground and start doing those surveys. So that's underway at the moment, and we'll have a clearer picture of the exact numbers in the next couple of months.

是的。正如你所說，這些地點離礦山很近，離現有的尾礦設施本身也不遠。我的意思是，就重新安置的數字而言，這是我們仍然需要掌握並著手開始進行這些調查的事情。所以目前正在進行中，我們將在接下來的幾個月內更清楚地了解確切數字。

And Greg, as soon as we've got it -- this is a process. As soon as we have definitive framework agreements, we'll share it with the market immediately.

格雷格，一旦我們得到它——這是一個過程。一旦我們有了明確的框架協議，我們就會立即與市場分享。

The next question is from Cleveland Rueckert with UBS.

下一個問題來自瑞銀的 Cleveland Rueckert。

I wanted to just zoom out a little bit and think kind of like big picture on what the guidance means. I think gold prices and copper prices, they're tracking maybe a little bit higher, about in line with where they were in Q1. Mark, you talked about, I think, production sort of rising and you should get some cost absorption there and costs fall. Is there any reason to think that free cash flow wouldn't be higher sequentially in the second quarter than what it was in the first quarter?

我想稍微縮小一點，想一想指南的含義。我認為金價和銅價可能會走高一點，與第一季度的水平基本一致。馬克，我認為你談到了產量上升，你應該在那裡吸收一些成本，成本下降。有什麼理由認為第二季度的自由現金流不會比第一季度的環比更高？

Sure. That's a fair observation. But let me -- this all is impacted by tax and when we pay tax. I'll pass it on to Graham, he'll be able to take you through that.

當然。這是一個公平的觀察。但是讓我——這一切都受到稅收和我們納稅時間的影響。我會把它轉達給格雷厄姆，他會帶你度過難關。

Yes, that's right, Mark. It's very important to note, the second quarter is traditionally our lowest cash flow quarter. And that's driven by 2 key factors. The first is that we pay interest on our bonds semiannually, so that's second quarter and the fourth quarter. And then the second quarter also has our highest cash tax payments. That's generally when we make the most significant payment. So when we look at our own internal forecast for cash flow, quarter 2 is noticeably lower. That said, we will see some benefits from some of the Kibali cash distributions that came through in the first part of the second quarter. So that will assist, but it is generally our lowest cash flow quarter.

是的，沒錯，馬克。值得注意的是，第二季度傳統上是我們現金流量最低的季度。這是由兩個關鍵因素驅動的。首先是我們每半年支付一次債券利息，所以這是第二季度和第四季度。然後第二季度也有我們最高的現金納稅額。這通常是我們進行最重要付款的時候。因此，當我們查看自己對現金流量的內部預測時，第二季度明顯較低。也就是說，我們將從第二季度第一部分的一些 Kibali 現金分配中看到一些好處。所以這會有所幫助，但這通常是我們現金流量最低的季度。

Okay. All right. That's helpful to understand. And then I guess, just sort of taking that one step further, sticking on the capital allocation theme. You didn't buy back any stock in Q1. I think at the pace you're going, you're very quickly going to be sort of up in the top level of the graduated dividend framework. If you sort of get to that top level where the dividend -- the special performance dividend is maxed out, would you think about raising it? I mean is that the point where you would start to buy back stock? Or should we think about the buyback maybe as more opportunistic relative to the share price?

好的。好的。這有助於理解。然後我想，只是更進一步，堅持資本配置主題。您在第一季度沒有回購任何股票。我認為按照你前進的速度，你很快就會達到分級紅利框架的最高水平。如果你有點達到股息的最高水平 - 特別績效股息最大化，你會考慮提高它嗎？我的意思是你會開始回購股票嗎？或者我們是否應該考慮回購相對於股價更具機會主義色彩？

The first -- last part of your question first, and that is if we get to that level, that's a high-class problem, and we'll manage it when we get there. I think the key about the ability to buy back stock was that last year, we got caught where the market -- our share price really got undervalued significantly. And we realized we didn't have a tool to deal with that. We had too many shorts in our stock and it would have been great to just go and buy up the stock and burn off the shorts. And so we now have that tool available. And that's exactly what it's for, is when we feel that on a relative basis our stock price is underperforming and there's sort of intervention or people impacting it, investment and strategies impacting it, we'll definitely buy back that stock. The current situation, as you know, is a very fluid situation, and we are monitoring the market and of course, the equity values almost on a daily basis.

首先是你問題的最後一部分，那就是如果我們達到那個級別，那就是一個高級問題，我們會在到達那裡時對其進行管理。我認為回購股票能力的關鍵在於去年，我們陷入了市場困境——我們的股價確實被嚴重低估了。我們意識到我們沒有工具來處理這個問題。我們的股票中有太多空頭，如果只是去買進股票並燒掉空頭，那就太好了。所以我們現在可以使用該工具。這正是它的目的，當我們覺得相對而言我們的股價表現不佳並且存在某種干預或影響它的人，影響它的投資和策略時，我們肯定會回購該股票。如您所知，目前的情況非常不穩定，我們幾乎每天都在監控市場，當然還有股票價值。

Okay. We'll just stay tuned on the dividend.

好的。我們將繼續關注股息。

You do that.

你做吧。

The next question is from Matthew Murphy with Barclays.

下一個問題來自巴克萊銀行的馬修墨菲。

Just had one on the gold unit cost guidance, $730 to $790 now headed to the higher end. Just wondering if you can break down some of the drivers, I guess, if you go from the midpoint to the high end, call it, $30 an ounce. Like, would half of that be your energy price assumption? That's the kind of breakdown I'm wondering about.

剛剛有一個關於黃金單位成本指導，730 美元到 790 美元現在走向更高端。只是想知道你是否可以打破一些驅動因素，我猜，如果你從中點到高端，稱之為每盎司 30 美元。比如，其中一半是您的能源價格假設嗎？這就是我想知道的那種故障。

So I'm going to pass this to Graham on the granular answer. But I just want to also point out, Matt, the lower production this quarter as we lift the production get back to guidance, we'll temper that unit cost profile. So this is not the base on which to work on just to give it some perspective. But again, Graham, do you want to pick on the detail?

所以我將把這個問題傳遞給 Graham 的詳細答案。但我只想指出，馬特，隨著我們將產量提高到指導水平，本季度產量下降，我們將調整單位成本概況。因此，這不是僅提供一些觀點的工作基礎。但是，格雷厄姆，你想挑剔細節嗎？

Yes. So Matt, you're right. The biggest chunk of that cost driver is very much energy prices, so both diesel and gas. We previously given sensitivities on that and where we're effectively guiding that for every $10 change in the barrel price of oil, that gives just about a 6% increase on our total cash costs. So when you look at energy prices from where we were previously looking at sort of $70 and now they're over $100, you can see that, that makes up the biggest chunk of that movement, and then gas on top of it as well. And then the rest is really, I would say, more specific commodities where we're seeing price pressure, things like ammonium nitrate, cyanide, steel balls, those sort of areas. And a lot of those have been specifically impacted through the Ukraine crisis where you've had suppliers, either in Russia or Ukraine that are no longer available. And therefore, you're seeing a bit of a squeeze on those markets or they are related to sort of petrochemical industry and therefore, same drivers as the underlying increase in the diesel price. So those are the biggest changes.

是的。所以馬特，你是對的。成本驅動因素中最大的一部分是能源價格，包括柴油和天然氣。我們之前對此給出了敏感度，並且我們有效地指導了每桶石油價格每變化 10 美元，這使我們的總現金成本增加了約 6%。因此，當您從我們之前看到的 70 美元到現在超過 100 美元的地方查看能源價格時，您可以看到，這構成了這一變動的最大部分，然後是天然氣價格。然後剩下的就是，我想說的是，我們看到價格壓力的更具體的商品，比如硝酸銨、氰化物、鋼球等領域。其中很多都受到了烏克蘭危機的具體影響，在烏克蘭危機中，俄羅斯或烏克蘭的供應商不再可用。因此，你會看到這些市場有點緊縮，或者它們與某種石化行業有關，因此，與柴油價格的潛在上漲相同的驅動因素。所以這些是最大的變化。

Got it. Okay. And then I saw you're trying to hire for Goldrush. Just wondering how you're seeing the Nevada labor market these days.

知道了。好的。然後我看到你正試圖為 Goldrush 招聘。只是想知道您最近如何看待內華達州的勞動力市場。

Sorry, Matt, just one thing, just a correction. I said 6%, but I meant $6 per ounce, just to be clear.

抱歉，馬特，只有一件事，只是更正。我說的是 6%，但我的意思是每盎司 6 美元，只是為了清楚起見。

So the labor market, that said, I think -- we've been restructuring the whole Barrick Human Resource, (inaudible) Graham. We want -- I've just finished a global engagement on all our operations with our executive teams looking at progressing our vision of much flatter structures, deeper reach into our organization, more accountability at levels, taking out management levels because -- and also, we have a very big commitment to education, both upskilling technical skills and educating right at the base from high school across the globe. And whilst there is a tightness in the supervision forma-based areas of Nevada, we've just -- so we replaced -- about 90% of the people we employed last year we've retained. So again, as we change the profile of our employment base, we're slightly higher on the turnover.

所以勞動力市場，也就是說，我認為 - 我們一直在重組整個巴里克人力資源，（聽不清）格雷厄姆。我們希望——我剛剛與我們的執行團隊完成了對我們所有業務的全球參與，以期推進我們的願景，即更扁平的結構、更深入地接觸我們的組織、更多的層級問責制、取消管理層，因為——而且，我們對教育有很大的承諾，既要提高技術技能，又要在全球各地的高中基礎上進行教育。雖然內華達州基於監管形式的領域存在緊張局勢，但我們只是——所以我們更換了——我們去年僱用的大約 90% 的人我們保留了下來。因此，隨著我們改變就業基礎的概況，我們的營業額略有提高。

But this year-to-date, we've replaced significantly more than what -- than the resignations or leaving. So I think for me, it's a challenge. But at the same time, it's a significant opportunity as we look to give people more accountability, pay people more, pay people differently and position, particularly in Nevada, for a more modern way of mining. And so we've done an enormous amount of work in Latin America. Mark Hill and the team were much more aligned with my vision of how we employ and how we pay. Africa has done extremely well. And as I pointed out in my presentation, too, we -- our succession efforts are really paying dividends. And you'll see as we progress and we've appointed senior executives, both through promotion or succession and from external sources. We've been able to do that without having to say, "so-and-so is retiring and we're waiting to fill that position." We've done it well within the time.

但今年迄今為止，我們更換的人數遠遠多於辭職或離職的人數。所以我認為對我來說，這是一個挑戰。但與此同時，這是一個重要的機會，因為我們希望賦予人們更多的責任感，給人們更多的薪水，以不同的方式支付給人們並定位，特別是在內華達州，採用更現代的採礦方式。因此，我們在拉丁美洲做了大量工作。馬克希爾和他的團隊更符合我對僱傭方式和薪酬方式的看法。非洲做得非常好。正如我在我的演講中指出的那樣，我們——我們的繼任努力確實帶來了回報。隨著我們的進步，您會看到我們通過晉升或繼任以及從外部來源任命了高級管理人員。我們已經能夠做到這一點，而不必說，“某某人退休了，我們正在等待填補那個職位。”我們在規定的時間內做得很好。

We've got good transition plans to ensure that we have continuity in our operations. And again, our focus has been to beef up on our senior, what we call big mine general managers, some of the more important skill set that are under pressure, investing in those. And so it is a place that we have to manage in the market. At the same time, as I said, it's an opportunity for us to redefine some of our management and leadership structures across the group.

我們制定了良好的過渡計劃，以確保我們的運營具有連續性。再一次，我們的重點一直是加強我們的高級，我們稱之為大礦總經理，一些承受壓力的更重要的技能組合，投資於這些。因此，這是我們必須在市場上管理的地方。與此同時，正如我所說，這是我們重新定義整個集團的一些管理和領導結構的機會。

The next question is from Anita Soni with CIBC.

下一個問題來自 CIBC 的 Anita Soni。

I just wanted to get a little bit of clarity on that cost number. You said it's headed towards the higher end of the $730 to $790 guidance range. And I think you said moving to the order of about 2% to 3% as a result of higher oil prices. So is that 2% to 3% over the $790? Or is that just the 2% to 3% that's getting you out of the midrange and towards the $790.

我只是想稍微弄清楚那個成本數字。你說它正朝著 730 美元至 790 美元指導範圍的高端發展。而且我認為你說由於油價上漲而移動到大約 2% 到 3% 的數量級。那是不是比 790 美元高了 2% 到 3%？或者僅僅是 2% 到 3% 就讓你脫離中間範圍並接近 790 美元。

The latter, Anita. It's the latter. But I need to point out that there's no magic in managing inflation. It is what it is. We've still got some -- we've been really focused on synergies and efficiencies. And we've just finished rolling out our a new global platform, data platform with all the bolt-ons. So we have real-time data. We can process from ore bodies to mine plans and our managers and operators have access to that real-time data. And all that is -- and we're -- there's no other mining company that's done that. And we've used the latest, latest technology to develop that platform. So that's very helpful.

後者，安妮塔。是後者。但我需要指出，管理通貨膨脹沒有魔法。就是這樣。我們還有一些——我們一直非常關注協同效應和效率。我們剛剛推出了一個新的全球平台，一個帶有所有附加功能的數據平台。所以我們有實時數據。我們可以處理從礦體到採礦計劃，我們的經理和操作員可以訪問該實時數據。所有這一切——我們是——沒有其他礦業公司做到過。我們已經使用最新、最新的技術來開發該平台。所以這非常有幫助。

As you know, Anita, we're very agile and obsessed about our numbers and the ability to respond intra-day to changes. And that's where our team is going. So yes, we've got inflation pressures, but we've also got opportunities -- synergy opportunities and continued improvements that will help mitigate that inflationary pressure. But as you've seen, we've adjusted it upward again at this presentation, and we're going to keep a very sharp focus on inflation and how we manage that.

如你所知，安妮塔，我們非常敏捷，並且痴迷於我們的數字以及在一天內響應變化的能力。這就是我們團隊的目標。所以是的，我們有通貨膨脹壓力，但我們也有機會 - 協同作用的機會和持續改進將有助於減輕通貨膨脹壓力。但正如您所見，我們在本次演講中再次將其向上調整，我們將非常關注通貨膨脹以及我們如何管理通貨膨脹。

Okay. That's a good answer. And then the second question was with regards to the CapEx. So I think I had -- you guys, you spent $611 million this quarter. And I think the guide was $1.9 billion to $2.2 billion. So it's a little over on a quarterly run rate, and it's actually kind of bucking the trend of what everyone else has done, which has been underspending. So good that you're finding people to do the work because that's a different problem if you can't do that. But does that mean that the -- you'll revert back towards the guidance of $1.9 billion to $2.2 billion? Or could we see this level of spending sustained?

好的。這是一個很好的答案。然後第二個問題是關於資本支出的。所以我想我 - 你們這個季度花費了 6.11 億美元。我認為指南是 19 億美元到 22 億美元。因此，它比季度運行率略高，實際上與其他人所做的趨勢背道而馳，即支出不足。太好了，你找到人來做這項工作，因為如果你不能這樣做，那就是一個不同的問題。但這是否意味著——您將回到 19 億美元至 22 億美元的指導方針？或者我們能否看到這種支出水平持續下去？

No, I think we're -- it's also where our big projects are. And remember, we're coming to the end of the #3 shaft and some of the big projects and ongoing capital, the PV expansion. So it's just the way it's profiled. And I'm glad you recognize that we are spending the capital. So that's important to any business to be able to deliver on the benefits of those expansion or efficiency projects.

不，我認為我們 - 這也是我們的大項目所在的地方。請記住，我們即將結束#3 豎井和一些大型項目和正在進行的資本，即光伏擴張。所以這就是它的描述方式。我很高興你認識到我們正在花錢。因此，對於任何企業來說，能夠實現這些擴展或效率項目的好處都是很重要的。

Otherwise, you have production problems later on.

否則，您以後會遇到生產問題。

Your next question is from Lawson Winder with Bank of America.

你的下一個問題來自美國銀行的 Lawson Winder。

Mark, thank you for today's update. Maybe at risk of putting too fine of a point on it, I'd like to just add quickly again about the buyback. So you have stated in the release that you'll acquire your shares when they're trading below what you consider intrinsic value. And you just recently -- earlier on the call, mentioned that you'll enter when it's relatively underperforming. And I guess it would just be kind of helpful for me anyway to sort of square those 2? Is intrinsic value perhaps then based on a bit of a moving gold price target?

馬克，謝謝你今天的更新。也許冒著說得太細的風險，我想再次快速補充一下回購。因此，您在新聞稿中聲明，當股票交易價格低於您認為的內在價值時，您將收購您的股票。而你最近 - 早些時候在電話會議上提到你會在表現相對不佳時進入。而且我想這對我來說無論如何都會對這 2 個平方有幫助嗎？那麼內在價值是否可能基於一點點移動的黃金價格目標？

Yes. I think there's many variables that impact that along with the actual market itself, Lawson. So I think you are putting too fine focus on this decision. I think what we don't want to do is get caught like we did last year and don't have any tools to deal with a very soft share price. So I think right now, we're -- it's an interesting time. I think also you need to put my strategy in perspective. When we set out to build this new value-focused organization, one of the key focuses was get rid of the debt, clean up and make sure we focus on the best people to run our top quality assets. But also what we -- this quarter, quarter 1, was a very significant quarter. We dealt with a lot of critical points, things that were worrying analysts and shareholders alike. But also, we strengthened -- the balance sheet is now makes us independent of the market.

是的。我認為有許多變量會影響實際市場本身，Lawson。所以我認為你過於關注這個決定。我認為我們不想做的是像去年那樣被抓住，並且沒有任何工具來應對非常疲軟的股價。所以我認為現在，我們 - 這是一個有趣的時刻。我認為您還需要正確看待我的策略。當我們著手建立這個以價值為中心的新組織時，其中一個關鍵重點是擺脫債務，清理並確保我們專注於最優秀的人才來運營我們最優質的資產。但我們 - 這個季度，第 1 季度也是一個非常重要的季度。我們處理了很多關鍵點，這些都是分析師和股東都擔心的事情。而且，我們加強了——資產負債表現在使我們獨立於市場。

And so we're a very different organization than we were just 3 years ago. And we've got an environment ahead of us that -- what I believe, is nobody listening to this call or probably very few, have been there before to see hyperinflation. And again, the de-globalization of those sort of stable years of the late -- the back end of last century. And so managing a situation like this, you need the balance sheet strength. Again, we didn't just transact and keep all the assets. We trimmed them down, making sure we keep those that can manage the cycle. So all that is a part of it. And the share buyback strategy is an integral part of that. We are completely focused on making sure that our shareholders are protected and benefit from our business in a material manner.

因此，我們是一個與 3 年前截然不同的組織。我們面前的環境是——我相信，沒有人聽過這個電話，或者可能很少有人見過惡性通貨膨脹。再一次，那些穩定年代的去全球化——上個世紀末。因此，要管理這樣的情況，您需要資產負債表的實力。同樣，我們不只是交易並保留所有資產。我們削減了它們，確保我們保留那些可以管理週期的。所以所有這些都是它的一部分。股票回購策略是其中不可或缺的一部分。我們完全專注於確保我們的股東受到保護並以物質方式從我們的業務中受益。

And if I may ask one more question. Just your latest thoughts on the potential to grow copper production in Zambia. And in particular, what do you see as the basis for growth there, whether it be an expansion at Lumwana or building a new mine or potentially acquiring existing assets.

如果我可以再問一個問題。只是您對贊比亞銅產量增長潛力的最新想法。特別是，您認為那裡的增長基礎是什麼，無論是在 Lumwana 的擴張、建設新礦山還是可能收購現有資產。

So the opportunities have to be all of what you point to. Right now, our focus is still delivering a more efficient, streamlined -- the mine that we are forecasting significant improvements in production in our life of mine plan. Just on Lumwana, I touched on the opportunity we've uncovered to build some more flexibility into the operation.

所以機會必須是你所指的一切。現在，我們的重點仍然是提供一個更高效、更精簡的——我們預測在我們的礦山計劃的生命週期中生產會顯著改善的礦山。就 Lumwana 而言，我談到了我們發現的為運營建立更多靈活性的機會。

Zambia is a country with a new government that's rarely business-friendly and so a lot of the conflicts in the industry, which led to investors and mining companies leaving and disposing of their assets, that's sort of gone away.

贊比亞是一個擁有新政府的國家，該政府很少對商業友好，因此該行業的許多衝突導致投資者和礦業公司離開並處置其資產，這在某種程度上已經消失了。

At the same time, as we keep reinforcing, we are very disciplined in looking for opportunities that are investment filters. And so again, right now in this phase of the market discovery is a good thing. And we have beefed up our exploration competency in the Central African copper belt, and we're definitely focused on building the models and making sure that we pursue opportunities. And of course, the Zambian government is very open and extremely willing to work with any long-term investor. And so we have built a strong relationship with them and particularly the President, and so let's see what it brings. And of course, again, there's some stranded infrastructure in Zambia, and Lumwana is a concentrate producer. So we look at everything. If it fits our criteria, we'll pursue it, if it doesn't -- one thing we can demonstrate is Zambia meets our long-term filters as we speak today, and it passes the investment test at $3.75 copper.

與此同時，隨著我們不斷加強，我們在尋找投資過濾器的機會方面非常有紀律。因此，現在在市場發現的這個階段是一件好事。我們已經加強了在中非銅帶的勘探能力，我們絕對專注於建立模型並確保我們尋求機會。當然，贊比亞政府非常開放，非常願意與任何長期投資者合作。因此，我們與他們，尤其是總統建立了牢固的關係，所以讓我們看看它會帶來什麼。當然，贊比亞也有一些擱淺的基礎設施，而 Lumwana 是精礦生產商。所以我們看一切。如果它符合我們的標準，我們就會追求它，如果它不符合——我們可以證明的一件事是讚比亞符合我們今天所說的長期過濾器，並且它通過了 3.75 美元銅價的投資測試。

The next question is from Tanya Jakusconek with Scotiabank.

下一個問題來自加拿大豐業銀行的 Tanya Jakusconek。

A lot of them have been answered, but I do have 3 remaining, 3 quick ones. The first one is just on -- and thank you for the quarterly guidance that you provided on the assets within your press release. Just though from a bigger picture, maybe Mark or Graham, can you guide us whether we are seeing progressive quarter-over-quarter improvement with a strong Q4? And sort of a portfolio, are we 45-55 production first half, second or are we sort of 48-52? I'm just trying to get a feel for the portfolio quarter-over-quarter and then first half, second half.

他們中的很多人都得到了回答，但我還剩下 3 個，3 個快速的。第一個剛剛開始——感謝您在新聞稿中提供的有關資產的季度指導。儘管從更大的角度來看，也許是馬克或格雷厄姆，你能否指導我們是否看到第四季度的強勁季度環比逐步改善？以及某種投資組合，我們是上半場、下半場 45-55 的生產還是我們 48-52 的生產？我只是想了解投資組合的季度環比，然後是上半年、下半年。

I would say, of course, what we do when you have these back-end weighted profiles, Tanya, to try and bring them forward. So that's the focus right now is bringing some of the quarter 4 production forward. And we've got big commissionings and ramp-ups, particularly at Turquoise Ridge. Goldrush, right at the end, there's an opportunity there because Turquoise has moved quite quickly up the value curve towards 1 million ounces starting next year. And so we want to get that up and running. Your 45-48, 52-55, somewhere between those ranges is probably realistic. Graham, do you want to add anything to that?

當然，我想說的是，Tanya，當您擁有這些後端加權配置文件時，我們會嘗試將它們提出來。因此，現在的重點是將第 4 季度的部分製作提前。我們已經進行了大量調試和擴產，特別是在 Turquoise Ridge。淘金潮，就在最後，那裡有機會，因為從明年開始，綠松石的價值曲線已經迅速上升到 100 萬盎司。因此，我們希望啟動並運行它。你的 45-48、52-55 介於這些範圍之間可能是現實的。格雷厄姆，你想補充什麼嗎？

Yes. No, I think that's right. I mean.

是的。不，我認為這是對的。我是說。

It'll be nice to be in the middle of those 2 ranges, but somewhere around there.

處於這 2 個範圍的中間會很好，但在附近的某個地方。

With quarter-over-quarter improvement?

環比改善？

Yes, that's right. Tanya, it's a progressive project.

恩，那就對了。 Tanya，這是一個進步的項目。

Perfect. That's the easy one. I wanted to come back just on the inflation. I know that about 40% of your cost structure is labor. So I just wanted to make sure on that front: one, if you are seeing any labor pressures; and two, if you are -- if you have any labor agreements that need to be renegotiated this year?

完美的。這是最簡單的。我只想回到通貨膨脹的問題上。我知道您的成本結構中約有 40% 是勞動力。所以我只想在這方面確保：第一，如果你看到任何勞動壓力；第二，如果你是 - 今年是否有任何需要重新談判的勞工協議？

So I think the team in Nevada has done an excellent job on negotiating with the 1 union team that we've got, that we inherited in the deal with Newmont and that's established and set for another year. And again, the labor engagements are mostly in South America and Africa, we're largely through them. And that's normal course of business. We're not seeing that sort of inflation across the other regions. It's really the United States. And again, we're managing it, Tanya. It's not -- it's difficult, but it's also what we're finding is that the -- when we [empower] people, we're not short of applications.

所以我認為內華達州的團隊在與我們擁有的 1 工會團隊的談判方面做得非常出色，我們在與紐蒙特的交易中繼承了這一點，並且已經建立並設定了下一年。再一次，勞務合同主要在南美和非洲，我們主要是通過它們。這是正常的業務過程。我們沒有在其他地區看到這種通貨膨脹。真的是美國。再一次，我們正在管理它，Tanya。這不是 - 這很困難，但我們發現的是 - 當我們[授權]人們時，我們並不缺少應用程序。

And when we were employing them -- and one of the things we really obsessed about is we want people to join us that are aligned with our vision and our DNA. And we don't see people as numbers that come and go. We are very focused on building that [staff] -- human capital foundation. So yes, and the U.S. has is really -- and it's the way that the U.S. labor market has responded to COVID and the alternative opportunities. And of course, you've got some new projects being developed and the juniors are promising mines and employing people. So all those -- that dynamic is real. But I wouldn't say that it's a that's why we run companies is that we manage people.

當我們僱用他們時——我們真正著迷的一件事是我們希望人們加入我們，他們符合我們的願景和我們的 DNA。我們不認為人是來來去去的數字。我們非常專注於建設[員工]——人力資本基礎。所以是的，美國確實如此——這就是美國勞動力市場對 COVID 和其他機會做出反應的方式。當然，你有一些正在開發的新項目，初級公司正在開發有前途的礦山和僱用人員。所以所有這些 - 這種動態是真實的。但我不會說這就是我們經營公司的原因是我們管理人員。

Okay. So that sounds like you don't have any contracts through this year.

好的。所以聽起來你今年沒有任何合同。

No, no, we've got no contracts that would risk our organization.

不，不，我們沒有任何會危及我們組織的合同。

And maybe it's the same on the supply chain contracts. Do you have any for renewal, like cyanide or anything like that?

也許供應鏈合同也是如此。你有更新的東西嗎，比如氰化物之類的？

No. We are very -- we've, again, taken out hundreds of millions of dollars out of the supply chain procurement costs in Barrick. And we still got some way to go before we're comfortable that we're super efficient. And we've -- Riaan Grobler and the team across the group have done a remarkable job managing -- we come from that background, very dynamic situation. And we've managed the COVID impacts. We managed the ECOWAS sanctioning of Mali, which brought some challenges on the logistics side. We're now managing the Eastern Europe crisis, along with what we've have not talked about, the impact of the COVID lockdowns in China.

不，我們非常 - 我們再次從 Barrick 的供應鏈採購成本中扣除了數億美元。在我們對自己的超級高效感到滿意之前，我們還有一段路要走。而且我們 - Riaan Grobler 和整個團隊的團隊在管理方面做得非常出色 - 我們來自那個背景，非常動態的情況。我們已經管理了 COVID 的影響。我們管理了西非經共體對馬里的製裁，這給物流方面帶來了一些挑戰。我們現在正在處理東歐危機，以及我們尚未討論的問題，即 COVID 封鎖對中國的影響。

And again, what we did is when we put the 2 companies together, we slimmed down our inventory, our store inventory down to a month because we needed to clean out all the working capital. When COVID reared its head, we jacked that up to 3 months. With the crisis unfolding and there was lots of warning that was coming, we were already running around and moving some of our Eastern European potential impacted consumables up to 5 months. And we're pretty much in that phase.

再一次，我們所做的是，當我們將兩家公司放在一起時，我們減少了我們的庫存，我們的商店庫存減少到一個月，因為我們需要清理所有的營運資金。當 COVID 抬頭時，我們將其延長了 3 個月。隨著危機的展開和即將到來的大量警告，我們已經四處奔走，將我們的一些東歐潛在受影響的消耗品轉移了長達 5 個月。我們幾乎處於那個階段。

On the contracts, we have long-term contracts. So that's the first thing we did is renegotiate and put in long-term contracts and work more on a partnership basis. But -- there's been times like this, there's the sort of knee-jerk reaction where people use the concept of inflation to widen their margin, particularly on the supply side, and there are others that work open box with us, and we will definitely work with them to make sure that they stay in business profitably. And so it's -- we don't look at it as just -- and that's why we've got a very effective supply chain partners. We will manage this because the one thing we don't want is our service providers to go out of business.

在合同方面，我們有長期合同。所以我們做的第一件事就是重新談判並簽訂長期合同，並在合作夥伴的基礎上開展更多工作。但是 - 曾經有過這樣的時候，人們使用通貨膨脹的概念來擴大他們的利潤率，特別是在供應方面，並且還有其他人與我們一起開箱工作，我們肯定會與他們合作，確保他們繼續盈利。所以它 - 我們不認為它只是 - 這就是為什麼我們有一個非常有效的供應鏈合作夥伴。我們會解決這個問題，因為我們不希望我們的服務提供商倒閉。

Okay. So [acting] there. And then just on the -- you mentioned in the beginning that you had in your guidance reflected a 5% inflation. And now you're seeing 3% more that puts you at 8% on the cost side, operating costs. Can you comment on the capital side? I mean, everyone's focusing on the operating costs, but we haven't heard much about what's happening. What are you seeing on the capital side as you continue some of your mind builds?

好的。所以[表演]在那裡。然後就在 - 你在開始時提到你的指導反映了 5% 的通貨膨脹率。現在你看到 3% 的成本增加了 8%，即運營成本。能否評論一下資本方面？我的意思是，每個人都在關注運營成本，但我們對正在發生的事情知之甚少。當你繼續你的一些思想建設時，你在資本方面看到了什麼？

And the big capital projects, as we've indicated before, the big pressure at the moment is steel costs, and we prepurchased most of our steel, certainly for PV and for the Turquoise Ridge #3 shaft. And again, we trade that quite actively. We are our owner representatives, so we manage that risk. There has been some impact on the timing in Pueblo Viejo, which we shared with you last quarter because of the logistics impact and getting some of the steel -- manufactured steel into Dominican Republic. But again, that's all baked into our forecast. So as we speak today, there's -- there's no material impact on our -- any of our capital projects. Graham?

正如我們之前指出的那樣，大型資本項目目前面臨的最大壓力是鋼材成本，我們預購了大部分鋼材，當然是用於 PV 和 Turquoise Ridge #3 豎井。再一次，我們非常積極地進行交易。我們是我們的業主代表，因此我們管理該風險。 Pueblo Viejo 的時間安排受到了一些影響，我們在上個季度與您分享了這一點，因為物流影響以及將一些鋼鐵——製造的鋼鐵運往多米尼加共和國。但同樣，這一切都包含在我們的預測中。因此，正如我們今天所說的那樣，我們的任何資本項目都沒有受到實質性影響。格雷厄姆？

No, not on the growth projects. I would just say on -- obviously, on the sustaining capital, quite a bit of the capital there is stripping, and clearly, that does have an energy component to it. So some small pressure there, but we don't expect to be going outside of our guidance on capital.

不，不是在增長項目上。我只想說 - 顯然，在維持資本方面，有相當多的資本正在剝離，而且很明顯，這確實有能源成分。所以那裡有一些小壓力，但我們預計不會超出我們對資本的指導。

Okay. And then my final question, if I could, was just on Porgera. Mark, I think you said that negotiations are going well, but it looks like we've slipped a quarter. So we're going into Q3 2022 for a start-up. Does that still give us -- does that still mean that it would be Q2 of 2023 that we saw -- I think it was 6 months, right, to ramp up to full capacity. So should I be thinking Q2 of 2023 as a full ramp-up stage for that operation?

好的。然後我的最後一個問題，如果可以的話，只是關於 Porgera。馬克，我想你說過談判進展順利，但看起來我們已經下滑了四分之一。因此，我們將在 2022 年第三季度啟動。這是否仍然給我們 - 這是否仍然意味著我們看到的是 2023 年第二季度 - 我認為這是 6 個月，對，以達到滿負荷運轉。那麼我是否應該將 2023 年第二季度視為該業務的全面升級階段？

Yes, that's a reasonable assumption. Of course, while we delay, we are still doing preparation work. So we can't do physical mining, but we can work on making sure our equipment is properly serviced and ready to operate, et cetera, et cetera. The big challenge is going to be employing the people. We've got about 1,000 people employed at the moment. We've got to go to -- I want to say 2,500. And then just to update you where we are, we've signed the PPCA, and most importantly, you would have seen ahead of the elections because parliament stops passing the legislation now out to the elections. We got the approval of all the related legislation that needs to endorse our framework agreement.

是的，這是一個合理的假設。當然，在我們推遲的同時，我們還在做準備工作。所以我們不能進行物理採礦，但我們可以努力確保我們的設備得到適當的服務並準備好運行，等等。最大的挑戰將是僱用人員。目前我們有大約 1,000 名員工。我們必須去——我想說 2,500。然後只是為了向您介紹我們的最新情況，我們已經簽署了 PPCA，最重要的是，您會在選舉前看到，因為議會現在停止通過立法到選舉中。我們獲得了所有需要認可我們的框架協議的相關立法的批准。

So that's all in place, which is very material for us. And we have one signature outstanding on the shareholders' agreement, which we need to incorporate the new Porgera company and the -- and with that apply for the SML, the Special Mining License. A sound SML, and that's part of our agreement. And as soon as we get that sorted out, we'll be able to then apply for the SML and then it's a procedural thing. We work with Mineral Resources Authority and we deal with the issues and we'll be moving forward. And we're saying we should be in a better place to formally start around October at this stage. There's elections now, too. So it's going to impact on our planning.

所以這一切都到位了，這對我們來說非常重要。我們在股東協議上有一個未完成的簽名，我們需要合併新的 Porgera 公司和 - 併申請 SML，特別採礦許可證。健全的 SML，這是我們協議的一部分。一旦我們解決了這個問題，我們就可以申請 SML，然後這是一個程序性的事情。我們與礦產資源管理局合作，我們處理這些問題，我們將繼續前進。我們說我們應該處於一個更好的位置，可以在這個階段於 10 月左右正式開始。現在也有選舉。所以它會影響我們的計劃。

Okay. So October, so 6 months after that, so mid-'23 for start-up.

好的。所以 10 月，在那之後的 6 個月，所以 23 年中期開始。

Yes.

是的。

The next question is from Mike Parkin with National Bank.

下一個問題來自國家銀行的 Mike Parkin。

With respect to PV, can you just remind us what your current tailings facility has in terms of capacity? And where -- is there a tight spot in terms of getting the new one approved and constructed and ready for initial deposits of tailings versus when the current one gets built up?

關於光伏，您能否簡單介紹一下您目前的尾礦設施在產能方面的情況？在哪裡 - 在獲得批准和建造新尾礦並準備好初始尾礦沉積與當前尾礦建立時是否存在緊張點？

So the -- we've got headroom out to 2027 with some additional investments. And we expect to be ready to process that long before that. I don't know, Grant, do you have -- are you on the call or John Steele, maybe you want to just give the detail.

所以 - 我們有一些額外投資的空間到 2027 年。我們希望在那之前很久就做好處理的準備。我不知道，格蘭特，你有沒有 - 你是在打電話還是約翰斯蒂爾，也許你只想提供細節。

Yes, you're right, Mark, 2027 in terms of the current design of the facility, at least what we have already built, is -- there is a buffer there where we could raise the walls further. But based on the schedule that we have now, we don't see that as necessary. But as I say, there is that effect while we construct the new (inaudible).

是的，你是對的，馬克，就設施的當前設計而言，2027 年，至少我們已經建造的是——那裡有一個緩衝區，我們可以在那裡進一步加高圍牆。但根據我們現在的時間表，我們認為沒有必要。但正如我所說，當我們構建新的（聽不清）時會產生這種影響。

John, is there anything you want to add?

約翰，你有什麼要補充的嗎？

No, that's correct, Grant. We've got the 5 years up until 265 meters. And we can grow an extra 3 meters on that facility with the redesign. So we're comfortable that we have the time on (inaudible) to allow us to get the next tier separated.

不，沒錯，格蘭特。我們有 5 年的時間，直到 265 米。通過重新設計，我們可以在該設施上額外增加 3 米。所以我們很高興我們有時間（聽不清）讓我們分開下一層。

Mike, does that answer your question?

邁克，這能回答你的問題嗎？

Yes. If you decide to exercise an additional 3-meter lift that doesn't require any government approval, that's all in the clear.

是的。如果您決定進行不需要任何政府批准的額外 3 米升降機，那一切都是顯而易見的。

Yes, it's capital. We prefer not to do it. And right now, there's nothing planned to do it.

是的，是資本。我們寧願不這樣做。而現在，沒有任何計劃去做。

The next question is from Jatinder Goel with BNP Paribas.

下一個問題來自法國巴黎銀行的 Jatinder Goel。

I got a question related to your record analogy, Mark. While acknowledging your experience of working in challenging jurisdiction, the question is more about risk assessment, which is how do you ensure that there aren't other potentially dangerous elements while looking for elephants. It's a country with no mining history, volatile in regime and difficult history of the project itself. So how do you add a safety net against the non-elephants that might come across in the future? And as an example, related put in a loan for Mongolian project, including international agencies, but that didn't prevent the government to renegotiate the contract, which got concluded earlier this year. So just trying to understand your approach to risk assessment. And presumably, you've used the same copper and gold prices that you use for other large-scale projects. Have you used a bigger risk premium to make the prior -- than hire for this project?

馬克，我有一個與你的唱片類比有關的問題。雖然承認您在具有挑戰性的司法管轄區工作的經驗，但問題更多是關於風險評估，即您如何確保在尋找大象時沒有其他潛在危險因素。這是一個沒有採礦歷史、政權動盪和項目本身艱難歷史的國家。那麼，您如何為未來可能遇到的非大象添加安全網呢？例如，相關機構為包括國際機構在內的蒙古項目提供貸款，但這並沒有阻止政府重新談判今年早些時候達成的合同。所以只是想了解你的風險評估方法。據推測，您使用的銅和金價格與您用於其他大型項目的價格相同。您是否使用了更大的風險溢價來進行先驗——而不是為該項目僱用？

So those project passes a hurdle rate of around 15% at $1,200 gold and $3.75 copper. It's -- we don't change that. And just to point out, risks are binary in mining. You either have a mine or you don't. And I would point out that it's unfair to suggest or blame the Mongolian government for the renegotiation of the Mongolian Rio Tinto investment. The reason was because Rio didn't deliver on the original plan and ran up a massive debt. So everyone -- every project has got a story. We have a very strong reputation of delivering on what we say. And that's the first trick in building strong license to operate. This is an asset that has been effectively there for Barrick for over a decade. It's been a matter of dispute between Barrick and the Pakistan government. And that dispute went to arbitration. It received award -- it was awarded against, but at the same time, as you know, in Barrick and myself, we believe in finding solutions, not really focusing on fighting with our host country. And so the product of this negotiation, which I must say, so it took an enormous amount of effort from our negotiating team, is a clear 50-50 as we've demonstrated -- is the right way to look at partnerships, both in Tanzania and more recently in Papua New Guinea.

因此，這些項目以 1,200 美元的黃金價格和 3.75 美元的銅價通過了約 15% 的障礙率。這是 - 我們不會改變這一點。需要指出的是，挖礦中的風險是二元的。你要么有地雷，要么沒有。我要指出，就蒙古力拓投資的重新談判建議或指責蒙古政府是不公平的。原因是力拓沒有按原計劃交付，欠下了巨額債務。所以每個人——每個項目都有一個故事。我們在言出必行方面享有盛譽。這是建立強有力的經營許可的第一個技巧。這是 Barrick 十多年來一直有效的資產。這一直是巴里克和巴基斯坦政府之間的爭議問題。那場爭端進入仲裁。它獲得了獎勵——它被授予了反對，但與此同時，正如你所知，在巴里克和我自己，我們相信找到解決方案，而不是真正專注於與我們的東道國作戰。所以這次談判的結果，我必須說，我們的談判團隊付出了巨大的努力，正如我們已經證明的那樣，是一個明確的 50-50 的結果 - 是看待合作夥伴關係的正確方式，無論是在坦桑尼亞和最近在巴布亞新幾內亞。

And on the same time, it's the first time that the Balochistan province has been recognized and will receive a substantial component of the benefits of this investment. And again, our commitment to ensure that we start investing in the community and particularly on upskilling the Baloch people ahead of the mining operations. And there's so many things that have been neglected there. And one of them, for instance, is just the accessibility to potable water, for instance. And in Barrick's sense, we have 3 primary pillars and our commitment to our communities: potable water, primary health and primary education, all of which need improvement in that region.

同時，這是俾路支省首次獲得認可，並將獲得這項投資收益的很大一部分。再一次，我們承諾確保我們開始對社區進行投資，特別是在採礦作業之前提高俾路支人的技能。那裡有很多東西被忽視了。例如，其中之一就是飲用水的可及性。在巴里克看來，我們有 3 個主要支柱和我們對社區的承諾：飲用水、初級保健和初級教育，所有這些都需要在該地區得到改善。

So we've worked in these sort of environments before. I've spent my entire life working in these sort of environments. This is a perfect opportunity for the mining industry to demonstrate what it can bring to the economy of a country as we've been able to demonstrate in many parts of the world. So that's -- I think this was a very fair deal, it's a deal in which the government of Pakistan are investing in.

所以我們以前在這些環境中工作過。我一生都在這種環境中工作。這是採礦業展示它可以為一個國家的經濟帶來什麼的絕好機會，正如我們已經能夠在世界許多地方展示的那樣。所以那是——我認為這是一項非常公平的交易，這是一項巴基斯坦政府正在投資的交易。

So again, a new way of looking at it. We are bringing the international agencies, and it's a very material -- it's the biggest single investment Pakistan's seen. And it has enormous social and economic impacts for the entire Pakistan country and then specifically, the Balochistan province. So I'm very comfortable. Of course, there are going to be challenges and bumps along the road. But so far, our experience -- despite starting with sort of a conflict situation, the State of Pakistan -- and we've been through many governments, just to remind you in this process, has always upheld our agreements. And I think that bodes well for a long-term successful partnership with the people of Pakistan.

再次，一種看待它的新方式。我們帶來了國際機構，這是一筆非常重要的投資——這是巴基斯坦見過的最大的一筆投資。它對整個巴基斯坦國家，尤其是俾路支省產生了巨大的社會和經濟影響。所以我很舒服。當然，一路上會有挑戰和顛簸。但到目前為止，我們的經驗——儘管從某種衝突局勢開始，巴基斯坦國——我們經歷了許多政府，在此過程中提醒你們，始終堅持我們的協議。我認為這預示著與巴基斯坦人民建立長期成功的伙伴關係。

Thanks, Mark, for the detailed explanation. Just to follow up briefly on the same project, is the decision to reactivate? Obviously, there is a long history and obviously, there was a dispute. But was there anything else competing against this project for capital as well, either organically or inorganically? Or is the quality of geology so attractive that other things just find it difficult to compete whatever is in your near-term time horizon?

馬克，謝謝你的詳細解釋。只是簡單跟進同一個項目，是否決定重新啟動？顯然，歷史悠久，顯然存在爭議。但是，是否還有其他任何東西與這個項目競爭資本，無論是有機的還是無機的？還是地質學的質量如此有吸引力，以至於其他事物很難與您近期時間範圍內的任何事物競爭？

So we've got another really big project in partnership with NovaGold in Alaska, which we're moving forward on. As I indicated last time, I spoke in a public forum and the question was asked, they are mutually exclusive projects. We can afford -- you've seen our balance sheet. In my lifetime, I've built 3 mines at a time. And definitely, Barrick and its executive team within the 3 regions, every one of those teams are quite capable of shepherding a new Tier 1 asset into our portfolio. So Reko Diq fits under the LatAm, Asia Pacific region. We've still got the African region and the North American region and Donlin fits in under the North American region. So we are we are never going to sequence world-class assets that meet our filters. We're going to invest and bring them to account.

因此，我們與阿拉斯加的 NovaGold 合作開展了另一個非常大的項目，我們正在推進該項目。正如我上次指出的那樣，我在一個公共論壇上發言並提出了問題，它們是相互排斥的項目。我們負擔得起——你已經看到了我們的資產負債表。在我的一生中，我一次建造了 3 個地雷。當然，巴里克及其在 3 個地區的執行團隊，這些團隊中的每一個都非常有能力將新的一級資產引入我們的投資組合。因此，Reko Diq 屬於亞太地區拉美地區。我們仍然有非洲地區和北美地區，Donlin 屬於北美地區。所以我們永遠不會對符合我們過濾器的世界級資產進行排序。我們將投資並讓他們承擔責任。

The next question is from Adam Josephson with KeyBanc.

下一個問題來自 Adam Josephson 和 KeyBanc。

Mark, you mentioned earlier just about your stock trading at a discount to what you consider to be at fair value. And on the last call, you talked about the discount to obviously Newmont. I'm just wondering how you think about -- you balance your desire to invest in Tier 1 assets, which you obviously have many of against some investors' perception that there's more riskiness here because of your willingness to invest in what they consider risky jurisdictions. And so you're trying to do the right thing, but balance that with whatever investor perceptions are about the riskiness of your portfolio. So how do you kind of balance those 2 things given your belief that you continue to trade at a discount to fair value, presumably in part because of these perceptions?

馬克，你之前提到過你的股票交易價格低於你認為的公允價值。在最後一次通話中，您顯然談到了對 Newmont 的折扣。我只是想知道你是怎麼想的——你平衡了你投資一級資產的願望，你顯然有很多這樣的資產，而一些投資者認為這裡有更多的風險，因為你願意投資他們認為有風險的司法管轄區.因此，您正在嘗試做正確的事情，但要平衡投資者對您投資組合風險的看法。那麼，鑑於您認為您繼續以低於公允價值的價格進行交易（可能部分是因為這些看法），您如何平衡這兩件事？

Okay. So let me try and deal with that quite complicated question. The first part to it is, remember, if you look at the second last slide, our performance against the GDX is at -- we're above the GDX performance whether you look at it over the last 12 months, 6 months or since we incorporated the joint venture or merged with Randgold. So we are performing in the market at the upper end. Of course, as you point out, Newmont recently has been higher than that. But this is a long-term game. And again, if you look at what we've come from a negative -- net debt of over $4 billion to a positive net debt of $700 million. So -- and when you look at our cash flow and you look at -- and we've paid out I mean, $3.5 billion of cash, both in the capital reduction, capital returns and the dividends to our shareholders over that 3 years.

好的。因此，讓我嘗試處理這個相當複雜的問題。它的第一部分是，請記住，如果你看倒數第二張幻燈片，我們對 GDX 的表現是——無論你是在過去 12 個月、6 個月還是自從我們看它以來，我們都高於 GDX 表現與 Randgold 成立合資公司或合併。所以我們在高端市場上表現出色。當然，正如您所指出的，紐蒙特最近的股價高於此水平。但這是一場長期博弈。再一次，如果你看看我們從負數——超過 40 億美元的淨債務到 7 億美元的正淨債務。所以 - 當你看看我們的現金流量時 - 我們已經支付了 35 億美元的現金，包括資本減少、資本回報和 3 年內給股東的股息。

So you've got to conclude that Barrick is a very much a sustainably profitable mining company. And if you stop -- and there are many examples of it. When you think I started Randgold with $10 million in 1995 and look where we've taken that, and now Barrick. And you look at the big companies that were there in the market with us back in 1995, so many of them have disappeared because mining is a consumptive industry. And risk is how you manage it. And we just have to look at Chile and Peru today. If you look at the dynamics, the tax dynamics within the United States. And how it changes from one government to another and you've seen us navigate their challenges in -- across Africa.

所以你必須得出結論，巴里克是一家非常可持續盈利的礦業公司。如果你停下來 - 有很多這樣的例子。當你認為我在 1995 年以 1000 萬美元創辦 Randgold 時，看看我們把它帶到了哪裡，現在是 Barrick。你看看 1995 年與我們一起進入市場的大公司，其中很多都消失了，因為採礦是一個消耗性行業。風險就是你如何管理它。我們只需要看看今天的智利和秘魯。如果你看一下動態，美國的稅收動態。以及它如何從一個政府轉變為另一個政府，你已經看到我們在整個非洲應對他們的挑戰。

And the point is people miss the real point of mining, and that is if you can partner with your host country, you create value and you deliver meaningful change and a contribution to the economy and the people of your host country. That's called license to operate, which we all look at as some sort of intangible tag. It's a genuinely important component of our business in Barrick. And so -- and if you're going to go -- a bad asset in a good country, it's still a bad asset. A good asset in any country is a good asset. And to bring back your point about Mongolia, is that it's how you exploit it and share the benefits of that exploitation that allows you to keep that asset or not. And I'd finish off by something I always say on that is, have you ever seen the landlord kick out a tenant that's paying full rental? That's really our philosophy on it. And we know because I know from experience, as we deliver on that, people will want to own our stock.

關鍵是人們錯過了挖礦的真正意義，那就是如果你可以與東道國合作，你就可以創造價值並帶來有意義的變化，並對東道國的經濟和人民做出貢獻。這就是所謂的經營許可，我們都將其視為某種無形標籤。這是我們在巴里克業務中真正重要的組成部分。所以——如果你打算去——一個好國家的壞資產，它仍然是壞資產。好資產在任何國家都是好資產。回到你關於蒙古的觀點，就是你如何利用它並分享這種剝削的好處，讓你能夠保留或不保留該資產。我會用我經常說的一句話作為結束，你有沒有見過房東把付了全額租金的房客趕出去？這確實是我們的理念。我們知道，因為我從經驗中知道，當我們做到這一點時，人們會想要擁有我們的股票。

I really appreciate the market. And just one other question. Newmont was asked this as well about there's all this discussion about inflation for understandable reasons. And that prompted a question on their call about potentially revisiting their gold price assumption for budgeting purposes. Is that something that you've considered and weighed the pros and cons of? And what is your thinking along those lines just given where gold is today.?

我真的很感激市場。還有一個問題。出於可以理解的原因，紐蒙特也被問到關於通貨膨脹的所有討論。這在他們的電話會議上提出了一個問題，即出於預算目的可能會重新審視他們的黃金價格假設。您是否考慮過並權衡過它的利弊？鑑於今天的金價，您是如何看待這些思路的？

Thing that we've said this is a market going back to 2001. We have a policy. It's a formulaic policy. We have -- that's why we've kept the gold price where it is. We don't make it up. We don't look at sort of who does what with the gold price, and we set the long-term gold price based on input costs. And we have a reference point going back to 1998 where we built the model, a specific model for exactly that reason. And we've used gold price -- our long-term gold price was $450 when the gold was priced at $260. And of course, as you know, in 2011 or 2010, when everyone chased the gold price up. And we stuck at $1,000. And so we've moved from $400, $450, $650 through the first decade of this century, stopped at $1,000 in 2010. And we moved up to $1,200 when we did the deal with Barrick. Because again, when you settle at the gold price without a cost impact, you impact your cutoff grade and also your production profile.

我們已經說過這是一個可以追溯到 2001 年的市場。我們有一項政策。這是一個公式化的政策。我們有 - 這就是為什麼我們將金價保持在原位。我們不彌補。我們不看誰對金價做了什麼，我們根據投入成本設定長期金價。我們有一個參考點可以追溯到 1998 年，我們在那裡建立了這個模型，一個特定的模型正是出於這個原因。我們使用了黃金價格——當黃金價格為 260 美元時，我們的長期黃金價格為 450 美元。當然，如您所知，在 2011 年或 2010 年，當時每個人都在追漲金價。我們停留在 1,000 美元。因此，在本世紀的第一個十年中，我們從 400 美元、450 美元、650 美元上漲，到 2010 年止於 1,000 美元。當我們與 Barrick 達成交易時，我們上漲至 1,200 美元。因為再一次，當您在沒有成本影響的情況下以黃金價格結算時，您會影響您的邊界等級以及您的生產概況。

And so yes, with inflation coming through on our costs, it makes sense that we will automatically and continue to review that. We do anyway because we run our reserves at $1,200 and our resources -- and we have full mine plans that support our resource estimates at $1,500. And we look at sensitivities all the time, right? [Quicken] is the group, that's their job. So there will be a time when the gold price will go down. And as there will be times when the gold price might -- the gold price we use might go down. So that's inevitable in an industry where the input costs are changing, and they're most definitely changing.

所以是的，隨著通貨膨脹對我們的成本產生影響，我們將自動並繼續審查它是有道理的。無論如何，我們這樣做是因為我們以 1,200 美元的價格運行我們的儲量和我們的資源 - 我們有完整的礦山計劃支持我們在 1,500 美元的資源估計。我們一直在關注敏感性，對吧？ [Quicken] 是團隊，這是他們的工作。所以總有一天金價會下跌。有時金價可能——我們使用的金價可能會下跌。因此，在一個投入成本不斷變化的行業中，這是不可避免的，而且它們肯定會發生變化。

No, I just want -- I appreciate that. Just one follow-up to that. When might -- if you were to change your gold price assumption, when do you think that might be? Would it be end of this year? Is there any kind of timeline you could give us?

不，我只是想——我很感激。只是一個後續行動。什麼時候可能——如果你要改變你的黃金價格假設，你認為那可能是什麼時候？會是今年年底嗎？你能給我們任何類型的時間表嗎？

So we review the -- our reserves and the assumptions every end of the year as part of our declaration of our resources and reserves. So -- we're very comfortable that we remain profitable at our assumptions throughout this year because we've set those plans, and they are designed to make money at $1,200. So we've got a fair margin. And as we do every year, we will relook at it when we come to reflect on our reserve statements for the end of this year.

因此，我們每年年底都會審查我們的儲量和假設，作為我們宣布資源和儲量的一部分。所以 - 我們很高興我們在今年全年保持我們的假設盈利，因為我們已經制定了這些計劃，並且它們旨在以 1,200 美元的價格賺錢。所以我們有一個公平的利潤。正如我們每年所做的那樣，當我們反思今年年底的儲備金報表時，我們將重新審視它。

The next question is from John Tumazos with John Tumazos Very Independent Research.

下一個問題來自 John Tumazos 和 John Tumazos Very Independent Research。

Mark, thank you very much for your cost breakdowns in great detail. I see that the Nevada cost per ton for open pit mining has risen 39.6% over 5 quarters. That's a very accurate measure of industry costs. It doesn't affect ore grade, doesn't involve ore grade. Your cash cost per ounce over 5 quarters have only risen 20.2%, and this was a bad quarter with low output, the next quarter should be lower.

馬克，非常感謝您提供詳細的成本明細。我看到內華達州每噸露天採礦的成本在 5 個季度內上漲了 39.6%。這是對行業成本的非常準確的衡量。不影響礦石品位，不涉及礦石品位。您在 5 個季度的每盎司現金成本僅上升了 20.2%，這是一個糟糕的季度，產量低，下個季度應該更低。

In the copper division, cash costs over 5 quarters have only risen 12.4%. I wish I was where you are and I could shine your shoes. How is the physics of your cost per ounce or cost per pound only rising 1/3 as much as mining cost per ton? It sounds like you're doing a great job of controlling costs.

在銅部門，5 個季度的現金成本僅上漲了 12.4%。我希望我在你所在的地方，我可以擦亮你的鞋子。您的每盎司成本或每磅成本的物理學如何僅上漲每噸採礦成本的 1/3？聽起來你在控製成本方面做得很好。

So we're obsessed about controlling costs, but I think you've sort of laid out a metric that we wrestle with all the time, and I'll try and deal with it. So the copper cost, we -- Lumwana, when we already got our teeth into it, was very inefficient, and we effectively halved the cost of mining in Lumwana. And we're now just putting a new fleet, so you're going to see even better efficiencies. And of course, we are working in an inflationary environment. And so there will be some cost creep on that. And that's the flow-through with Lumwana. The same goes for Jabal Sayid, which is really driven by our expansion of the mining -- the efficiencies of mining. So we've effectively increased the throughput or production by 50%. And as you know, in mining, the economies of scale are always win. And so we've dropped the grade in Jabal Sayid slightly, and -- but we've increased the efficiency with the same infrastructure. So we've increased the throughput on the copper production materially. And so that drives for copper, but copper was like a neglected part of our business. And so that's where the extra efficiency comes from.

所以我們痴迷於控製成本，但我認為你已經制定了一個我們一直在努力解決的指標，我會嘗試處理它。因此，銅成本，我們 - Lumwana，當我們已經深入研究時，效率非常低，我們有效地將 Lumwana 的採礦成本減半。我們現在只是在部署一個新機隊，所以你會看到更高的效率。當然，我們是在通貨膨脹的環境中工作。因此會有一些成本增加。這就是 Lumwana 的流程。 Jabal Sayid 也是如此，這實際上是由我們的採礦擴張——採礦效率推動的。因此，我們有效地將吞吐量或產量提高了 50%。如您所知，在採礦業中，規模經濟總是贏家。因此，我們略微降低了 Jabal Sayid 的等級，而且——但我們在相同的基礎設施下提高了效率。因此，我們實質上提高了銅生產的吞吐量。所以這推動了銅的發展，但銅就像是我們業務中被忽視的一部分。這就是額外效率的來源。

On Nevada, there's a big change in how we're managing. We've got some fleet that we have to use to shore up an old pits as part of our commitment to the First Nation. So that there's some inefficient mining there. We are also doing some big tailings upgrades. Again, we try and sequence that when we strip for mining purposes, so we can move the material to the tailings facility or the leach pads, when we build new leach pads.

在內華達州，我們的管理方式發生了巨大變化。作為我們對原住民承諾的一部分，我們有一些船隊必須用來支撐一個舊坑。所以那裡有一些低效的採礦。我們還在進行一些大型尾礦升級。同樣，當我們為採礦目的而剝離時，我們嘗試對其進行排序，以便在我們建造新的浸出墊時將材料移至尾礦設施或浸出墊。

And again, Greg and the team in Nevada have been looking at -- one of the next steps we've got an efficiency is looking across the Nevada group and saying, are we allocating our fleets, both underground and surface in the most appropriate manner? And still further breaking down the fences, so to speak, between our individuals, the 4 big operations we've got in Nevada. So again, you'll see that, that cost -- open cost will come down in Nevada. So those are really the drivers. We've got some additional cost pressure in -- in Veladero, you would have seen -- and also we operated, as you correctly pointed out, a lower production for the group and particularly for Veladero. We are investing in a new fleet or secondhand, but relatively new fleet in Argentina, and that's going to bring with it some efficiencies as well.

再一次，Greg 和內華達州的團隊一直在關注——我們提高效率的下一步措施之一是審視整個內華達集團並說，我們是否以最合適的方式分配我們的車隊，包括地下和地面？並且進一步打破圍欄，可以這麼說，在我們個人之間，我們在內華達州的 4 大行動。所以，你會再次看到，內華達州的開放成本將會下降。所以這些才是真正的驅動因素。我們有一些額外的成本壓力 - 在 Veladero，你會看到 - 正如你正確指出的那樣，我們經營的集團產量較低，特別是 Veladero。我們正在阿根廷投資新機隊或二手機隊，但相對較新的機隊，這也會帶來一些效率。

And then we are mobilizing fleet, which we haven't started yet, but we are mobilizing fleet for (inaudible), which will in itself also bring significant improvements in our costs. So that's why I say when we talk about costs, they're very variable. You can't blame it all on inflation. Some of it is efficiency, some of it is the age of the equipment and so on, but we really drive unit cost. That's how we run Barrick. We don't run per ounce, we run per tonne unit costs. I hope that answers your question.

然後我們正在調動車隊，我們還沒有開始，但我們正在為（聽不清）調動車隊，這本身也會顯著改善我們的成本。所以這就是為什麼我說當我們談論成本時，它們變化很大。你不能把這一切都歸咎於通貨膨脹。其中一些是效率，一些是設備的年齡等等，但我們真正推動的是單位成本。這就是我們經營巴里克的方式。我們不是按盎司計算，而是按噸單位成本計算。我希望這能回答你的問題。

If I could follow up. Several years ago, the Nevada cost per tonne for Barrick was as low as $1.40 per tonne and appeared to be as good as anybody in the world or pretty close. Do you think it's possible to get back under $2 a tonne. And those costs per tonne were before the Newmont merger and whatever the (expletive) that affected, improvement or otherwise. But do you think it's possible to get to $2 a tonne again.?

如果我能跟進的話。幾年前，巴里克的內華達每噸成本低至每噸 1.40 美元，似乎與世界上任何地方一樣好或非常接近。你認為有可能回到每噸 2 美元以下嗎？這些每噸成本是在 Newmont 合併之前，無論是（髒話）影響、改進還是其他方面。但你認為有可能再次達到每噸 2 美元嗎？

So $2, you need 300-tonne trucks and a big pit. And Nevada's open pits are quite far apart now. There is some efficiencies in the [colon] pit. So -- but that's the point I'm making. And the real cost now has changed a lot. I think you're talking about a decade and a half ago. I think long gone are the days where with a 300-tonne truck or a 170-tonne truck, which is most of the stuff that we use, you get down under $2. $2.20 in Zambia, we are close to that, sort of $2.20, $2.50, with big 300-tonne Komatsu.

所以 2 美元，你需要 300 噸的卡車和一個大坑。而內華達州的露天礦現在相距甚遠。 [冒號]坑中有一些效率。所以——但這就是我要表達的意思。而現在真正的成本已經發生了很大的變化。我想你說的是十五年前。我認為使用 300 噸卡車或 170 噸卡車（這是我們使用的大部分東西）的日子早已一去不復返了，你的價格不到 2 美元。贊比亞 2.20 美元，我們接近 2.20 美元，2.50 美元，擁有 300 噸重的小松。

There are no more questions on the conference call.

電話會議上沒有更多問題。

Well, thank you, everyone. That was quite an exhaustive set of questions. I appreciate the interest. We stayed the course to everyone how is sort of sweating under the lights, but appreciate your time and your interest. Again, we'll be seeing you -- some of you in Miami next week, hopefully. And again, we'll be at Endava for those who are going to Endava and then some of our team will also be PDAC in Toronto. And otherwise, please if you have any further questions, reach out to the team, we're always very committed to making sure that you get the right information.

嗯，謝謝大家。這是一組非常詳盡的問題。我很感激你的興趣。我們向每個人介紹了在燈光下如何出汗的過程，但感謝您的時間和興趣。再次，我們將再次見到你們——希望你們中的一些人下週在邁阿密。再一次，我們將在 Endava 為那些要去 Endava 的人提供幫助，然後我們團隊中的一些人也將成為多倫多的 PDAC。此外，如果您有任何其他問題，請聯繫團隊，我們始終致力於確保您獲得正確的信息。

So thanks again. Have a good day.

所以再次感謝。祝你有美好的一天。

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

今天的電話會議到此結束。如果您有任何其他問題，請聯繫 Barrick 投資者關係部。您現在可以斷開線路。感謝您的參與，祝您度過愉快的一天。