Hudbay Minerals Inc (HBM) 2023 Q2 法說會逐字稿

Good morning ladies and gentlemen. Thank you for standing by. Welcome to the Hudbay Minerals Inc. Second Quarter 2023 Results Conference Call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded today, August 9, 2023, at 8:30 a.m. Eastern Time. I will now turn the conference over to Candace Brule, Vice President Investor Relations. Please go ahead.

早上好，女士們，先生們。謝謝你的支持。歡迎參加 Hudbay Minerals Inc. 2023 年第二季度業績電話會議。 （操作員說明）我想提醒大家，本次電話會議是在東部時間今天（2023 年 8 月 9 日）上午 8:30 錄製的。我現在將會議交給投資者關係副總裁坎迪斯·布魯爾 (Candace Brule)。請繼續。

Thank you, operator. Good morning and welcome to Hudbay 2023 Second Quarter Results Conference Call. Hudbay's financial results were issued yesterday and are available on our website at www.hudbay.com. A corresponding PowerPoint presentation is available in the investor events section of our website and we encourage you to refer to it during this call.

謝謝你，接線員。早上好，歡迎來到 Hudbay 2023 年第二季度業績電話會議。 Hudbay 的財務業績於昨天發布，可在我們的網站 www.hudbay.com 上查閱。我們網站的投資者活動部分提供了相應的 PowerPoint 演示文稿，我們鼓勵您在本次電話會議期間參考它。

Our presenter today is Peter Kukielski, Hudbay's President and Chief Executive Officer. Accompanying Peter for the Q&A portion of the call will be Eugene Lei, our Chief Financial Officer; and Andre Lauzon, our Chief Operating Officer.

今天我們的主講人是 Hudbay 總裁兼首席執行官 Peter Kukielski。陪同 Peter 參加電話問答部分的是我們的首席財務官 Eugene Lei；以及我們的首席運營官 Andre Lauzon。

Please note that comments made on today's call may contain forward-looking information and this information by its nature is subject to risks and uncertainties and as such, actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings on SEDAR and EDGAR. These documents are also available on our website. As a reminder, all amounts discussed on today's call are in U.S. dollars unless otherwise noted.

請注意，對今天電話會議的評論可能包含前瞻性信息，這些信息本質上會受到風險和不確定性的影響，因此，實際結果可能與今天表達的觀點存在重大差異。有關這些風險和不確定性的更多信息，請查閱該公司在 SEDAR 和 EDGAR 上的相關文件。這些文件也可以在我們的網站上找到。提醒一下，除非另有說明，今天電話會議中討論的所有金額均以美元為單位。

And now I'll pass the call over to Peter Kukielski.

現在我將把電話轉給 Peter Kukielski。

Thank you, Candace. And good morning, everyone. Thank you for joining us. In today's presentation I will discuss our second quarter results, touch on the operating and financial performance of the business and provide insight into recent strategic initiatives and corporate achievements.

謝謝你，坎迪斯。大家早上好。感謝您加入我們。在今天的演講中，我將討論我們第二季度的業績，涉及業務的運營和財務業績，並深入了解最近的戰略舉措和公司成就。

Second quarter was one of transition and expansion for Hudbay. We took many meaningful steps across the business to enhance our operating platform, deliver production and cash flow growth and create opportunities for potential mine life extension.

第二季度是 Hudbay 的轉型和擴張時期。我們在整個業務範圍內採取了許多有意義的步驟，以增強我們的運營平台，實現產量和現金流的增長，並為潛在的礦山壽命延長創造機會。

The integration of our newly acquired Copper Mountain Mine in British Columbia has transformed our organization into a premier America's focused copper mining company with 3 long-life mines in Tier 1 jurisdictions, steady 150,000 tons per year copper production levels and a world class pipeline of organic copper growth projects.

我們新收購的不列顛哥倫比亞省銅山礦的整合使我們的組織轉變為美國首屈一指的專注於銅礦開采的公司，在一級管轄區擁有3 個長壽命礦山，穩定的每年15 萬噸銅產量水平以及世界一流的有機銅礦管道銅增長項目。

The combined company makes Hudbay the third largest copper producer in Canada. In Peru, operations performed in line with our expectations as we completed the plant highest stripping period at Pampacancha to allow us to access higher grades starting the third quarter of 2023. And we have achieved those higher grades in July, with 1.6 million tons of ore mined from Pampacancha and impressive grades of point 0.63% copper and 0.31 grams per ton of gold.

合併後的公司使 Hudbay 成為加拿大第三大銅生產商。在秘魯，運營表現符合我們的預期，我們在Pampacancha 完成了工廠最高的剝離期，使我們能夠從2023 年第三季度開始獲得更高的品位。我們在7 月份實現了這些更高的品位，產出了160 萬噸礦石從 Pampacancha 開採，銅品位高達 0.63%，金品位為每噸 0.31 克。

In Manitoba, we completed the implementation of the first phase of the stall recovery improvement program to deliver higher copper and gold recoveries had stalled in the second half of this year. We discovered new mineralized zones near Lalor and expanded our long-term growth opportunities through the consolidation of highly prospective land in the Snow Lake region.

在馬尼托巴省，我們完成了第一階段的失速回收改善計劃的實施，以實現今年下半年停滯的銅和金回收率的提高。我們在拉勒爾附近發現了新的礦化帶，並通過整合雪湖地區極具前景的土地擴大了我們的長期增長機會。

We also entered into a framework for a potential exploration partnership in Flin Flon with Marubeni to explore priority targets on our mineral properties within close proximity to our idled Flin Flon processing infrastructure. We remain on track to meet our 2023 guidance levels as we completed many transitional activities in the second quarter that position us for strong production, improved costs and higher free cash flow generation in the second half of 2023.

我們還與 Marubeni 就 Flin Flon 的潛在勘探合作夥伴關係建立了框架，以探索靠近閒置 Flin Flon 加工基礎設施的礦產的優先目標。我們仍有望達到 2023 年的指導水平，因為我們在第二季度完成了許多過渡活動，這使我們能夠在 2023 年下半年實現強勁的生產、改善的成本和更高的自由現金流生成。

With our now larger and more resilient operating platform, we are well-positioned to deliver diversified cash flows to prudently advance our leading organic pipeline of brownfield expansion and greenfield exploration and development opportunities across our portfolio.

憑藉我們現在規模更大、更具彈性的運營平台，我們有能力提供多元化的現金流，以審慎推進我們整個投資組合中領先的棕地擴張和綠地勘探和開發機會的有機管道。

Jumping into our second quarter results on Slide 4, consolidated copper production was 22,000 tons, a slight decrease compared to the first quarter as we completed the plant high stripping program at Pampacancha and the scheduled mill maintenance program at Constancia, which was partially offset by a 10-day stop period of production from the newly acquired Copper Mountain Mine.

跳到幻燈片4 上的第二季度業績，綜合銅產量為22,000 噸，與第一季度相比略有下降，因為我們完成了潘帕坎查工廠的高剝離計劃和康斯坦西亞的預定工廠維護計劃，該計劃被部分抵消新收購的銅山礦停產10天。

Consolidated gold production was 49,000 ounces, a 4% increase due to slightly higher gold grades and higher gold recoveries in Peru. Consolidated zinc production was 9,000 tons, an 11% decline due to lower throughput and zinc head grades at stall.

黃金綜合產量為 49,000 盎司，增長 4%，原因是秘魯黃金品位略有提高以及黃金回收率提高。由於產量下降和鋅頭品位停滯，綜合鋅產量為 9,000 噸，下降 11%。

Consolidated copper cash costs were $1.60 per pound compared to $0.85 in the prior quarter. This increase was mainly the result of higher mining, milling and treatment and refining costs and lower copper production.

綜合銅現金成本為每磅 1.60 美元，而上一季度為每磅 0.85 美元。這一增長主要是由於採礦、銑削、處理和精煉成本上升以及銅產量下降。

The cash costs for the first 6 months of the year came in above 2023 guidance ranges, but remained in line with quarterly cadence expectations. We reaffirm our consolidated cash cost guidance as we expect cash costs to significantly decline in the second half of 2023. Similarly, copper sustaining cash costs increased to $2.73 per pound, primarily due to the same reasons affecting cash costs.

今年前 6 個月的現金成本高於 2023 年指導範圍，但仍符合季度節奏預期。我們重申綜合現金成本指引，因為我們預計現金成本將在 2023 年下半年大幅下降。同樣，銅的維持現金成本增加至每磅 2.73 美元，主要是由於影響現金成本的相同原因。

Second quarter operating cash flow before changes in noncash working capital was $56 million and adjusted EBITDA was $81 million, both impacted by higher operating costs in Peru associated with a scheduled mill maintenance program and higher plant stripping activities at Pampacancha which offset higher revenue from an increase in sales volumes.

第二季度非現金營運資本變動前的運營現金流為5600 萬美元，調整後的EBITDA 為8100 萬美元，兩者均受到秘魯與計劃工廠維護計劃相關的運營成本上升以及潘帕坎查工廠剝離活動增加的影響，抵消了增長帶來的收入增加在銷量方面。

At the end of the second quarter, our liquidity included $180 million in cash and $184 million in undrawn availability under our revolving credit facilities. Following quarter end, we drew $90 million from our credit facilities to finance the redemption of a portion of Copper Mountain's Nordic bonds, which reduced the aggregate amount of the bonds outstanding to $60 million. This also improves our ability to deleverage and repay debt sooner than the 2026 bond maturity.

截至第二季度末，我們的流動資金包括 1.8 億美元現金和 1.84 億美元循環信貸額度下的未提取可用資金。接下來的季度末，我們從信貸額度中提取了 9000 萬美元，用於為贖回銅山北歐債券的一部分提供資金，從而將未償債券總額減少到 6000 萬美元。這也提高了我們去槓桿和早於2026年債券到期償還債務的能力。

Based on the expected free cash flow generation in the second half of this year, we continue to expect to make progress on our deleveraging targets as outlined in our three P plan for sanctioning Copper World.

根據今年下半年預計的自由現金流生成情況，我們繼續預計製裁銅世界的 3P 計劃中概述的去槓桿目標將取得進展。

We are on track to deliver annual discretionary spending reduction targets for 2023 with lower growth capital and exploration expenditures compared to 2022. As a result of a continued focus on discretionary spending reductions, total capital expenses for 2023 are expected to be approximately $15 million lower than guidance levels, representing approximately 5% of our total CapEx guidance for 2023.

我們有望實現2023 年年度可自由支配支出削減目標，與2022 年相比，增長資本和勘探支出較低。由於持續關注可自由支配支出削減，預計2023 年總資本支出將比2022 年減少約1500 萬美元。指導水平，約占我們 2023 年資本支出指導總額的 5%。

There are no major capital expenditures expected in the second half of 2023, which together with the expected increase in production across the business will significantly improve our free cash flow generation in the second half.

預計 2023 年下半年不會有重大資本支出，加上整個業務產量的預期增長，將顯著改善我們下半年的自由現金流生成。

The completion of the Copper Mountain acquisition on June 20 and the first shipment of copper concentrate under our ownership on July the 23rd, our second quarter results were not materially affected by Copper Mountain's operations, with no revenues or corresponding cost of sales recorded during the 10-day period in the second quarter.

6 月20 日完成了銅山收購，並於7 月23 日完成了我們擁有的第一批銅精礦的發貨，我們第二季度的業績並未受到銅山運營的重大影響，在10 年期間沒有記錄任何收入或相應的銷售成本。第二季度的 日期間。

Moving to Slide 5, as I mentioned earlier, our Peru operations performed in line with our expectations this quarter. Constancia produced 18,000 tons of copper, 13,000 ounces of gold, 420,000 ounces of silver, and 414 tons of molybdenum. With a period of higher plant stripping activities in the Pampacancha pit completed in June and the achievement of significantly higher grade ore mine from Pampacancha in July, the company is on track to achieve the higher expected production in the second half of the year in line with the full year production guidance ranges.

轉向幻燈片 5，正如我之前提到的，我們的秘魯業務本季度的表現符合我們的預期。康斯坦西亞生產了 18,000 噸銅、13,000 盎司黃金、420,000 盎司銀和 414 噸鉬。隨著 6 月在 Pampacancha 礦坑完成一段較高的植物剝採活動，以及 7 月從 Pampacancha 開采出明顯更高品位的礦石，該公司有望在今年下半年實現更高的預期產量。全年生產指導範圍。

Total ore mined increased by 41% compared to the first quarter as mining activities returned to normal after we reduced mining activities to conserve fuel in response to logistical constraints caused by civil unrest in the first quarter. Ore milled was 6% lower than the first quarter due to a scheduled plant maintenance shutdown. Copper grades were slightly lower than last quarter, with the continued processing of lower grade ore from stockpiles as we completed the higher plant stripping activities at Pampacancha in June.

為應對第一季度內亂造成的物流限制，我們減少了採礦活動以節省燃料，採礦活動恢復正常，開採礦石總量較第一季度增加了 41%。由於工廠計劃停工維護，礦石磨碎量比第一季度下降 6%。銅品位略低於上季度，隨著我們六月份在潘帕坎查完成了較高品位的工廠剝離活動，我們繼續從庫存中加工低品位礦石。

Recoveries of copper in the second quarter remained at low levels, as expected due to higher levels of impurities in the stockpiled ore. Recoveries for gold and silver were higher due to higher gold grades and lower zinc content and impurities in ore processed.

由於庫存礦石中雜質含量較高，第二季度銅回收率仍處於較低水平，符合預期。由於加工礦石中金品位較高、鋅含量和雜質較低，金和銀的回收率較高。

Second quarter combined units operating costs were 23% higher than the first quarter primarily due to higher costs associated with a scheduled shutdown and lower milled ore throughput. Peru's cash costs were $2.14 per pound in the second quarter. However, cash costs are expected to decline meaningfully in the second half of 2023. And the full year cash cost is expected to remain within the 2023 guidance range. Sustaining cash costs were $3.06 per pound higher than in the first quarter due to the same factors affecting cash costs.

第二季度的聯合裝置運營成本比第一季度高出 23%，主要是由於與計劃停產相關的成本增加和磨礦產量下降。第二季度秘魯的現金成本為每磅 2.14 美元。不過，現金成本預計將在 2023 年下半年大幅下降。全年現金成本預計將保持在 2023 年指導範圍內。由於影響現金成本的因素相同，維持現金成本比第一季度每磅高出 3.06 美元。

Looking at Slide 6, our Manitoba operations produced 35,000 ounces of gold, roughly 9,000 tons of zinc, 3,000 tons of copper, and 181,000 ounces of silver. Production of copper and silver was higher than the first quarter due to higher grades and recoveries. Production of gold and zinc was lower due to lower recoveries and lower zinc grades partially offset by higher gold grades.

看幻燈片 6，我們的曼尼托巴工廠生產了 35,000 盎司黃金、大約 9,000 噸鋅、3,000 噸銅和 181,000 盎司白銀。由於品位和回收率提高，銅和銀的產量高於第一季度。由於回收率較低和鋅品位較低，金和鋅產量較低，但金品位較高部分抵消了這一影響。

We completed a number of key initiatives aimed to continue to support higher production levels at Lalor. Improved metal recoveries at the mills and prioritized the mining of higher gold grade zones at Lalor in the second half of 2023 as planned. As such full year production of all metals in Manitoba remains on track to achieve guidance ranges, however, with a slow ramp up of gold recovery associated with stall phase 1 recovery improvement project in the second quarter, gold production is trending towards the lower end of 2023 guidance range for Manitoba while zinc and copper production is trending towards the higher end of the production guidance ranges.

我們完成了多項關鍵舉措，旨在繼續支持拉勒更高的生產水平。提高了工廠的金屬回收率，並按計劃於 2023 年下半年優先開採 Lalor 的較高金品位區域。由於曼尼托巴省所有金屬的全年產量仍有望達到指導範圍，然而，隨著第二季度第一階段回收改善項目相關的黃金回收率緩慢上升，黃金產量正趨向於下限馬尼托巴省2023 年指導範圍，而鋅和銅產量正趨向生產指導範圍的高端。

On the stall recovery improvement program, the first phase of the project was completed during the second quarter. Commissioning of the circuits quickly achieved targeted copper and zinc concentrate grades, while gold recovery improvements progress slower than planned. Changes to optimize the circuit are underway and we expect to achieve higher gold recoveries in the second half of 2023.

在失速恢復改善計劃方面，第一階段工程已於第二季度完成。線路的調試很快就達到了目標銅和鋅精礦品位，而黃金回收率的提高進度卻慢於計劃。優化線路的改變正在進行中，我們預計在 2023 年下半年實現更高的黃金回收率。

Significant progress has been made at the Lalor mine in optimizing the development drift size, improving soft availability and implementing changes to achieve better stope mark fragmentation, which eliminated inefficient tracking of water surface via the ramp relate in the second quarter.

Lalor 礦在優化開發巷道尺寸、提高軟可用性和實施​​變革以實現更好的採場標記破碎方面取得了重大進展，從而消除了第二季度通過坡道相關的低效水面跟踪。

We also implemented tailings deposition improvements that are expected to maximize the Anderson facility tailings capacity and defer incremental dam construction activities to future years. We completed planned maintenance at Lalor during the second quarter. Despite this planned maintenance program, ore mined from Lalor increased by 11% from the prior quarter, averaging over 4,500 tons per day. Lalor continues to implement improvements to reduce costs and target higher production levels with a focus on equipment feed availability and building of long haul inventory.

我們還實施了尾礦沉積改進措施，預計將最大限度地提高安德森設施的尾礦處理能力，並將增量大壩建設活動推遲到未來幾年。我們在第二季度完成了 Lalor 的計劃維護工作。儘管有這項計劃維護計劃，Lalor 開采的礦石仍比上一季度增加了 11%，平均每天超過 4,500 噸。 Lalor 繼續實施改進以降低成本並以更高的生產水平為目標，重點關注設備飼料可用性和建立長途庫存。

Grades in the second quarter were consistent with the mine plan with gold, copper, and silver grades increasing by 3%, 42%, and 28% respectively and zinc grades decreasing by 5%. Stall mill process similar levels of ore compared to the first quarter, used downtime to complete the phase 1 recovery improvement project and the commissioning of new Jamieson cells.

第二季度品位與礦山計劃一致，金、銅、銀品位分別增加3%、42%和28%，鋅品位下降5%。與第一季度相比，攤磨機處理的礦石水平相似，利用停機時間完成了第一階段回收改進項目和新 Jamieson 槽的調試。

As a result, there was a buildup of approximately 30,000 tons of stockpiled base metal ore above normal levels at the end of the second quarter that will be milled during the second half of 2023.

因此，到第二季度末，基本金屬礦石庫存量增加了約 30,000 噸，高於正常水平，這些礦石將在 2023 年下半年進行銑削。

The new Britannia mill continue to achieve consistent production averaging approximately 1,560 tons per day. There was a buildup of 15,000 tons of gold ore stockpiles which will be milled during the second half of 2023. We continue to advance improvement initiatives at new Britannia requiring minimal capital outlays with a focus on reducing reagents and grinding media consumption while further improving overall metal recoveries and copper concentrate grades.

新的 Britannia 工廠繼續實現平均每天約 1,560 噸的穩定產量。目前已積累了15,000 噸金礦石庫存，將在2023 年下半年進行研磨。我們繼續在新不列顛尼亞推進改進舉措，要求將資本支出降至最低，重點是減少試劑和研磨介質消耗，同時進一步改善整體金屬回收率和銅精礦品位。

Combined unit operating costs in the second quarter slightly increased reflecting lower mill throughput and the surface ore stockpile build up.

第二季度的綜合單位運營成本略有增加，反映出工廠吞吐量下降和地表礦石庫存增加。

Manitoba's gold cash costs were $1,097 per ounce, higher than the first quarter driven by higher mining costs, treatment and refining charges and low gold production. Gold cash costs are expected to decline in the second half of 2023. And the full year cash cost is expected to remain within the '23 guidance range. Gold sustaining cash costs were $1,521 per ounce in the second quarter.

馬尼托巴省的黃金現金成本為每盎司 1,097 美元，高於第一季度，原因是採礦成本、處理和精煉費用增加以及黃金產量較低。預計2023年下半年黃金現金成本將下降。全年現金成本預計將保持在'23指導範圍內。第二季度黃金維持現金成本為每盎司 1,521 美元。

Now turning to Slide 7. The Copper Mountain integration activities are progressing in line with our expectations and over 50% of the targeted annualized corporate and tax synergies have already been achieved to-date. Moving forward, we will continue to advance our plans to stabilize the operations, including opening up the mine by adding additional mining phases and remobilizing idle haul trucks, optimizing the ore feed to the plant and implementing plant improvement initiatives.

現在轉向幻燈片 7。銅山整合活動的進展符合我們的預期，迄今為止已經實現了超過 50% 的年度企業和稅務協同效應目標。展望未來，我們將繼續推進穩定運營的計劃，包括通過增加額外的採礦階段和重新調動閒置運輸卡車來開放礦山，優化工廠的礦石供給以及實施工廠改進舉措。

We will provide further plans in a technical report including an updated mine plan, revised mineral reserve and resource estimates and updated annual production and cost estimates for Copper Mountain in the fourth quarter.

我們將在技術報告中提供進一步的計劃，包括更新的採礦計劃、修訂後的礦產儲量和資源估算以及銅山第四季度更新的年產量和成本估算。

Turning to Slide 8. In July we announced positive results from our 2023 winter drill program in Snow Lake Manitoba. The program included the testing of a geophysical anomaly located northwest of Lalor within 500 meters of our existing underground infrastructure.

轉向幻燈片 8。7 月，我們宣布了 2023 年馬尼托巴雪湖冬季演習計劃取得的積極成果。該計劃包括對位於拉勒爾西北部距我們現有地下基礎設施 500 米範圍內的地球物理異常進行測試。

All holes intersected an alteration zone that is known to host the Lalor mineralization with certain holes intersecting several sulfide horizons with zinc and copper, gold, silver mineralization. One of the holes intersected a high grade zone with 3.5 meters of 3.81% copper, 3.75 grams per ton of gold and 104.5 grams per ton of silver.

所有孔洞均與已知存在 Lalor 礦化的蝕變帶相交，某些孔洞與鋅、銅、金、銀礦化的多個硫化物層相交。其中一個洞與高品位帶相交，高品位帶長 3.5 米，銅品位 3.81%，金品位 3.75 克/噸，銀品位 104.5 克/噸。

The drilling program also included testing of the (inaudible) copper gold extensions of the Lalor deposit, the first drilling in the deeper zones at Lalor since the initial discovery. This initial campaign consisted of 8 widely spaced drill holes over 2 kilometers and all holes intersected the zone of strong alteration known to host the Lalor mineralization and have shown the potential of higher grade copper gold feeder zones. These initial results are a very encouraging indication that the rocks hosting the rich copper gold mineralization are consistent with Lalor.

鑽探計劃還包括測試 Lalor 礦床的（聽不清）銅金延伸部分，這是自最初發現以來在 Lalor 更深區域的首次鑽探。最初的勘探活動包括 8 個超過 2 公里、間距較遠的鑽孔，所有鑽孔均與已知存在 Lalor 礦化的強烈蝕變帶相交，並顯示出存在更高品位銅金供給帶的潛力。這些初步結果是一個非常令人鼓舞的跡象，表明富含銅金礦化的岩石與 Lalor 一致。

This quarter we entered into agreements to significantly consolidate our land holdings in Snow Lake through several transactions, increasing our holdings by more than 250% in the region. We intend to explore these claims with the aim of finding a new anchor deposit to maximize and extend the life of Hudbay's Snow Lake operations beyond 2038.

本季度，我們簽訂了多項協議，通過多項交易大幅整合我們在雪湖的土地持有量，使我們在該地區的土地持有量增加了 250% 以上。我們打算探索這些主張，目的是找到新的錨定礦床，以最大限度地延長 Hudbay 雪湖運營的壽命並延長到 2038 年以後。

We completed the acquisition of the Cook Lake properties from Glencore in late June and as shown on Slide 9, Cook Lake properties are located within 10 kilometers of the Lalor mine and have the potential to host a new discovery at depth. The properties include the Cook Lake North and South properties, which are within 30 kilometers of our stall in new Britannia mills. We receive data regarding approximately 60,000 meters of historical drilling that was completed over 10 years ago, at a fraction of Lalor's current known depth.

我們於6 月下旬完成了對嘉能可(Glencore) 庫克湖(Cook Lake) 礦區的收購，如幻燈片9 所示，庫克湖(Cook Lake) 礦區距離Lalor 礦不到10 公里，有潛力在深處發現新的礦藏。這些房產包括庫克湖北區和南區的房產，距離我們位於新 Britannia 工廠的攤位不到 30 公里。我們收到的數據涉及 10 多年前完成的大約 60,000 米的歷史鑽探，其深度僅為 Lalor 目前已知深度的一小部分。

The mineralization indicates that there is a potential for new deposits in the same favorable mineralized horizons as many known deposits in the area, including the Lalor 1901 and chisel deposits. The Cook Lake properties are untested by modern deep geophysics, which was the discovery method for the Lalor mine.

礦化情況表明，與該地區許多已知礦床（包括 Lalor 1901 和鑿子礦床）相同的有利礦化層中存在新礦床的潛力。庫克湖的礦產未經現代深層地球物理學的測試，而現代深層地球物理學是拉勒礦的發現方法。

In June we also announced an agreement to acquire Rockcliff Metals Corp. The enterprise value to Hudbay net of Rockcliff's cash is approximately $13 million. As shown on Slide 10, the acquisition would add more than 1,800 square kilometers to our land holdings across the Snow Lake area. It will consolidate our ownership of the Talbot deposit and add perspective land adjacent to our [Pin 2] deposit in addition to other exploration properties in the vicinity of the stall in new Britannia mills.

6 月，我們還宣布了收購 Rockcliff Metals Corp 的協議。扣除 Rockcliff 現金後，Hudbay 的企業價值約為 1,300 萬美元。如幻燈片 10 所示，此次收購將使我們在雪湖地區的土地持有量增加 1,800 多平方公里。它將鞏固我們對 Talbot 礦床的所有權，並在新 Britannia 工廠附近的其他勘探資產之外，增加與我們的 [Pin 2] 礦床相鄰的遠景土地。

Completion of the Rockcliff transaction is contingent upon court approval and Rockcliff shareholder approval. The transaction is expected to close in the third quarter.

Rockcliff 交易的完成取決於法院的批准和 Rockcliff 股東的批准。該交易預計將於第三季度完成。

Moving on to Slide 11. We continue to work towards derisking the Copper World project and we expect to receive our 2 outstanding state permits by early 2024. In May we received a favorable ruling from the U.S. Court of Appeals for the Ninth Circuit that reversed the U.S. Fish and Wildlife Services designation of the area near Copper World and the former Rosemont project as jaguar critical habitat.

轉到幻燈片11。我們繼續努力降低Copper World 項目的風險，預計到2024 年初收到2 份未完成的州許可證。5 月，我們收到了美國第九巡迴上訴法院的一項有利裁決，推翻了美國魚類和野生動物管理局將銅世界附近的地區和前羅斯蒙特項目指定為美洲虎關鍵棲息地。

While this ruling doesn't impact the state permitting process for phase 1 of Copper World, it is expected to simplify the federal permitting process for phase 2 of the Copper World project. Furthermore, we're encouraged by the U.S. Department of Energy's recent addition of copper to the critical minerals list.

雖然這一裁決不會影響銅世界項目第一階段的州許可程序，但預計將簡化銅世界項目第二階段的聯邦許可程序。此外，美國能源部最近將銅添加到關鍵礦物清單中，令我們感到鼓舞。

Feasibility activities for phase 1 are well-advanced and a pre-feasibility study is expected to be released in the third quarter of 2023. We intend to initiate the process of establishing a minority joint venture partner prior to commencing a definitive feasibility study, which will allow the potential joint venture partner to participate in the funding of the definitive feasibility study activities in 2024 as well as in the final project design for Copper World.

第一階段的可行性活動進展順利，預可行性研究預計將於 2023 年第三季度發布。我們打算在開始最終可行性研究之前啟動建立少數合資夥伴的流程，這將允許潛在的合資夥伴參與2024年最終可行性研究活動的融資以及銅世界的最終項目設計。

During the second quarter, we were proud to have launched our company's purpose statement, which is shown on Slide 12. Our company enjoys a rich history that grounds us and the purpose that leads to a bright future. Our purpose, we care about our people, our communities and our planet, embodies how we plan to provide the metals the world needs, work sustainably, transform lives and create better futures for communities.

在第二季度，我們很自豪地發布了公司的宗旨聲明，如幻燈片 12 所示。我們公司擁有豐富的歷史，為我們奠定了堅實的基礎，其宗旨也引領著光明的未來。我們關心我們的人民、社區和地球，這一宗旨體現了我們計劃如何提供世界所需的金屬、可持續工作、改變生活並為社區創造更美好的未來。

We are committed to finding and producing copper and other critical metals needed to support a more sustainable future while operating responsibly, minimizing the environmental footprint, ensuring our activities benefit the communities near our operations and delivering dependable value for our stakeholders.

我們致力於尋找和生產支持更可持續的未來所需的銅和其他關鍵金屬，同時負責任地運營，最大限度地減少環境足跡，確保我們的活動造福於我們業務附近的社區，並為我們的利益相關者提供可靠的價值。

I'll conclude the conference call presentation on Slide 13 and 14, which detail our enhanced copper production platform of 3 operating mines in Tier 1 jurisdictions providing near term production growth and free cash flow generation along with leading organic growth.

我將在幻燈片13 和14 上結束電話會議演示，其中詳細介紹了我們增強的銅生產平台，該平台由位於1 級管轄區的3 個運營礦山組成，提供近期產量增長和自由現金流生成以及領先的有機增長。

After completing a transitional second quarter with a Copper Mountain Mine acquisition, a successful Pampacancha stepping period and completion of the stall recovery improvement project, we are well-positioned to deliver strong production growth and significant free cash flow generation in the second half of 2023.

在完成了過渡性的第二季度銅山礦收購、成功的Pampacancha 過渡期以及完成失速恢復改進項目後，我們已做好準備，能夠在2023 年下半年實現強勁的產量增長和顯著的自由現金流生成。

Of note, Copper Mountain integration and mine stabilization are progressing as planned. And Constancia has already delivered higher copper and gold grades in July in line with our production and cash flow cadence as projected for 2023.

值得注意的是，銅山整合和礦山穩定正在按計劃進行。 Constancia 已於 7 月交付了更高品位的銅和金，符合我們 2023 年預計的生產和現金流節奏。

This medium-term production growth and diversified free cash flow generation will enable us to pursue a longer-term investment opportunities in our leading organic growth pipeline at Copper World for Constancia satellite properties as well as potential mine life extensions in Snow lake and Copper Mountain, which provide unparalleled copper and gold optionality for investors.

這種中期產量增長和多元化的自由現金流生成將使我們能夠在銅世界康斯坦西亞衛星資產的領先有機增長管道中尋求長期投資機會，以及雪湖和銅山潛在的礦山壽命延長，為投資者提供無與倫比的銅和黃金選擇。

We continue to believe that copper has the best long-term supply-demand fundamentals with the growing demands from global decarbonization initiatives. Hudbay is uniquely positioned to benefit from the strong outlook for copper with an attractive copper production growth profile. Hudbay offers investors the highest near-term free cash flow yields, coupled with significant long-term upside through our leading copper mineral resource base.

我們仍然認為，隨著全球脫碳倡議不斷增長的需求，銅具有最佳的長期供需基本面。 Hudbay 處於獨特的地位，可以從銅的強勁前景中受益，銅產量增長前景具有吸引力。 Hudbay 為投資者提供最高的近期自由現金流收益率，並通過我們領先的銅礦資源基礎提供顯著的長期上漲空間。

And with that, we're pleased to take your questions.

因此，我們很高興回答您的問題。

(Operator Instructions). Our first question comes from Orest Wowkodaw of Scotiabank.

（操作員說明）。我們的第一個問題來自豐業銀行的 Orest Wowkodaw。

Wanted to talk about the balance sheet and some of the strategic directions of the company. I was surprised to see that net debt increased as much as it did quarter-over-quarter. I think about $265 million, largely from the Copper Mountain transaction. But I'm curious, given the optionality that you have at Copper Mountain with, I guess, for stabilizing that asset and then potentially growing it, can you just remind us, have the criteria changed at all for the development of Copper World? And I believe one of the previous criteria was a minimum cash balance of $600 million. I'm just wondering if any of these metrics have changed given Copper Mountain is now within the portfolio?

想談談公司的資產負債表和一些戰略方向。我驚訝地發現淨債務環比增長如此之多。我認為大約有 2.65 億美元，主要來自銅山交易。但我很好奇，考慮到您在銅山擁有的選擇權，我猜，為了穩定該資產，然後潛在地增長它，您能否提醒我們，銅世界的開發標準是否發生了變化？我認為之前的標準之一是現金餘額至少為 6 億美元。我只是想知道鑑於銅山現在已在投資組合內，這些指標是否發生了變化？

This is Eugene Lei here. No, the criteria has not changed. In fact, as Peter mentioned in his remarks, the addition of Copper Mountain enhances our ability to unlock the pipeline, including Copper World. So yes, the net debt did increase during the quarter. We assumed $145 million of the Nordic bonds with Copper Mountain. That's a short-term increase. And obviously, there were some transaction costs related to it.

我是尤金·雷。不，標準沒有改變。事實上，正如Peter在發言中提到的，Copper Mountain的加入增強了我們解鎖包括Copper World在內的管道的能力。所以，是的，本季度淨債務確實增加了。我們假設 Nordic 與 Copper Mountain 的債券金額為 1.45 億美元。這是短期的增長。顯然，存在一些與之相關的交易成本。

So we are on track to meet our deleveraging target progress toward that 3P plan. So this would be the high point in our net debt and our net debt-to-EBITDA ratio and we expect to actually make meaningful progress towards that 1.2x leverage ratio even this year. So -- and beyond that, this year, obviously, Copper Mountain will provide a stable platform of copper production and free cash flow through to the end of the decade and that would enhance our ability to deliver Copper World when that time comes.

因此，我們有望實現 3P 計劃的去槓桿化目標。因此，這將是我們的淨債務和淨債務與 EBITDA 比率的最高點，我們預計即使在今年，也能在實現 1.2 倍槓桿率方面取得有意義的進展。因此，除此之外，今年，銅山顯然將提供一個穩定的銅生產平台和自由現金流，直至本世紀末，這將增強我們在那時交付銅世界的能力。

Okay, Eugene, but just as a follow-up, does this push out the potential development time line for Copper World, just given it's going to take you longer to reach those debt metrics?

好的，尤金，但作為後續行動，這是否會延長 Copper World 的潛在開發時間線，因為您需要更長的時間才能達到這些債務指標？

No, it does not push out time lines for Copper World. It actually enhances our ability to do so. So we expect to get to the 1.2x net debt-to-EBITDA and the $600 million minimum cash amount in the time lines that we outlined and we think this is a stronger platform during the build period for Copper World.

不，它不會推遲銅世界的時間表。它實際上增強了我們這樣做的能力。因此，我們預計將在我們概述的時間內達到 1.2 倍的淨債務與 EBITDA 和 6 億美元的最低現金金額，我們認為這是 Copper World 構建期間更強大的平台。

Okay. And then just shifting gears quickly, Peter, can you remind us when we could start to see some exploration results coming out of the satellite deposits near Constancia?

好的。然後快速換檔，彼得，你能提醒我們什麼時候可以開始看到康斯坦西亞附近衛星礦床的一些勘探結果嗎？

Yes, certainly, Orest. I think that -- I mean, I think the first comment that I would make is the process in the – the turning process in Peru is fairly complex. And it's difficult to put a time line on to it. So we have completed all the technical activities that are required to submit the application for the exploration permit. And we're effectively now in the hands of the government. But it could take up to a year to get those -- to get the permit. It could also take much less.

是的，當然，奧雷斯特。我認為——我的意思是，我想我要發表的第一條評論是——秘魯的車削過程相當複雜。而且很難為其設定時間表。因此，我們已經完成了提交勘探許可證申請所需的所有技術活動。我們現在實際上掌握在政府手中。但可能需要長達一年的時間才能獲得這些許可。它也可能需要更少的時間。

Sorry, Peter, do you say it could take up to a year to get the permits?

抱歉，彼得，你是說獲得許可證可能需要一年的時間嗎？

It would take up to a year to get permits. That's correct.

獲得許可證最多需要一年的時間。這是正確的。

Our next question comes from Ralph Profiti of Eight Capital.

我們的下一個問題來自八資本的拉爾夫·普羅菲蒂。

I want to come back to this Marubeni agreement. And just wondering what allows Hudbay to execute its strategy with Marubeni that you could not have done yourselves, right? And just sort of can you kind of show us and give us a path to kind of like the strategic rationale there on why a joint venture is the best way forward for this particular -- for this particular strategy if an agreement were to come through?

我想回到丸紅協議。只是想知道是什麼讓 Hudbay 能夠執行與 Marubeni 的戰略，而您自己卻無法做到，對嗎？您能否向我們展示並為我們提供一條類似於戰略原理的路徑，即為什麼合資企業是這一特定戰略的最佳前進方式——如果達成協議的話？

Thanks for the question. Look, I think a couple of things. One is that I actually -- my personal experience with joint ventures has been very good and I like working with partners who are motivated to get results. In this specific case, Marubeni is pretty excited about the Flin Flon area and Marubeni is prepared to fund the activities associated with the initial exploration program.

謝謝你的提問。聽著，我想到了幾件事。一是我個人在合資企業方面的經驗非常好，我喜歡與有動力取得成果的合作夥伴一起工作。在這個具體案例中，丸紅對 Flin Flon 地區非常興奮，丸紅準備資助與初始勘探計劃相關的活動。

So rather than us dishing out cash during a period when you really are trying to increase our cash balance and move towards the targets that Eugene just outlined, somebody else gets to spend the money at this point. And we have very, very close alignment with these guys and they would, of course, be potential partners for us in other initiatives.

因此，當你真正試圖增加我們的現金餘額並實現尤金剛剛概述的目標時，我們不會發放現金，而是其他人在此時花錢。我們與這些人有著非常非常密切的合作，他們當然會成為我們在其他計劃中的潛在合作夥伴。

Okay. Yes, fair. The original agreement did outline a $10 million to $15 million investment or up to that for exploration. I'm just wondering, is that an annual figure? And could we infer anything that when you proportionalize that against sort of the Manitoba $15 million of exploration that Hudbay's spending on a stand-alone basis, that's something like a 50-50 is sort of in the range of what you could possibly see out of this JV?

好的。是的，公平。最初的協議確實概述了 1000 萬至 1500 萬美元的勘探投資。我只是想知道，這是每年的數字嗎？我們能否推斷出，當您將 Hudbay 單獨支出的馬尼托巴省 1500 萬美元勘探費用按比例計算時，大約 50-50 的比例在您可能看到的範圍內這個合資企業？

Yes, I think it's early days. So the commitment that they're indicating is a onetime commitment. And I guess depending on the results, we'll take it from there.

是的，我認為現在還為時尚早。因此，他們所表明的承諾是一次性的承諾。我想根據結果，我們將從那裡開始。

Our next question comes from Lawson Winder of Bank of America.

我們的下一個問題來自美國銀行的勞森·溫德。

I just wanted to touch base on Copper Mountain. So you did not mention the guidance from the prior owners, but did mention that you'd update that in Q4. I'm just wondering if you can give us an early look on what you're thinking around that guidance and whether or not the production is achievable for 2023, particularly with respect to comments you've made prior that the owners previously were high-grading that mine?

我只是想接觸一下銅山。因此，您沒有提及前任所有者的指導，但確實提到您將在第四季度進行更新。我只是想知道您是否可以讓我們儘早了解一下您對這一指導的想法以及生產是否可以在 2023 年實現，特別是關於您之前發表的評論，即業主之前的態度很高——給我的那個評分？

Look, we expect Cooper Mountain to perform better in the second half of the year versus the first half with stronger expected throughput levels. But the mine may not have met the previous guidance issued by Copper Mountain mining company. I would say that we're still finalizing our detailed plans, which will be in our updated technical report in the fourth quarter of the year and we expect to provide 2023 guidance for the Copper Mountain mine with our third quarter results.

看，我們預計庫珀山下半年的表現將好於上半年，預期吞吐​​量水平更高。但該礦可能不符合銅山礦業公司此前發布的指導意見。我想說的是，我們仍在敲定詳細計劃，這些計劃將包含在今年第四季度更新的技術報告中，我們預計將通過第三季度業績為銅山礦提供 2023 年指導。

That's fine. And then -- but I wanted to ask about balance sheet strength and whether or not just to -- I mean, you ventured into some copper hedges. You've deferred some additional CapEx this quarter in addition to some from prior quarters. I'm just curious, are there any other things you're sort of considering to help sort of conserve cash and accelerate that balance sheet strengthening process?

沒關係。然後 - 但我想問一下資產負債表的強度以及是否 - 我的意思是，你冒險進入了一些銅對沖。除了前幾個季度的一些資本支出之外，本季度您還推遲了一些額外的資本支出。我只是好奇，您是否正在考慮其他任何事情來幫助節省現金並加速資產負債表強化過程？

It's Eugene here again. The expected free cash flow in the second half of this year is very strong. So if you look at our production profile, we're expecting copper production to be in the second half to be pretty much double what our copper production was in the first half. And given the margins in Peru in particular, the high grade, the free cash flow generation is going to be significantly back-end weighted.

尤金又來了。預計今年下半年的自由現金流非常強勁。因此，如果您查看我們的生產概況，我們預計下半年的銅產量將幾乎是上半年的兩倍。考慮到秘魯的利潤率特別高，自由現金流的產生將受到後端加權。

So we -- as I mentioned to Orest though, we expect the second half of this year to be very strong in production and free cash flow. We did do some hedges in the first quarter for the second half of this year. With that in mind that it was back-end weighted and want to make sure that we protected some of that cash flow and those hedges still exist at the collar between $395 million and $428 million and as well as some forwards that we got -- that we put in for the Copper Mountain Mine with our JV partner, again, to ensure that we realize strong cash flow.

因此，正如我向奧雷斯特提到的，我們預計今年下半年的生產和自由現金流將非常強勁。我們在今年下半年第一季度確實做了一些對沖。考慮到這一點，它是後端加權的，並希望確保我們保護部分現金流，並且這些對沖仍然存在於 3.95 億美元至 4.28 億美元之間的範圍內，以及我們獲得的一些遠期——我們再次與合資夥伴共同投資銅山礦，以確保我們實現強勁的現金流。

So we expect to be in a very -- in a stronger cash position by the end of the year. We expect to have meaningfully made progress on the net debt-to-EBITDA ratio with the inclusion of Copper Mountain in the second half of the year. And so we're pretty pleased with the sort of this -- the starting point. And as Peter mentioned, this is really the very significant inflection point in our production and free cash flow generation.

因此，我們預計到今年年底，現金狀況將非常強勁。我們預計，隨著今年下半年銅山的納入，淨債務與 EBITDA 比率將取得有意義的進展。所以我們對這樣的起點非常滿意。正如彼得所提到的，這確實是我們生產和自由現金流產生的非常重要的拐點。

Okay. Great. And just maybe one final question for me on copper, rather on Copper World with the study anticipated quite soon. So I mean, my sense from your comments is that the PFS will feature either an elimination of the sulfide leach or a consideration for delaying the sulfide leach. And my guess is that saves you roughly $400 million to $500 million. So the question is, I mean, is that accurate? I mean could you -- is that kind of the scope of CapEx reduction we'd be talking about if you could eliminate the sulfide leach? And then what is your thinking on that versus -- on elimination versus deferral?

好的。偉大的。也許對我來說最後一個問題是關於銅的，而不是關於銅世界的，預計很快就會有這項研究。所以我的意思是，從您的評論中我感覺到，PFS 將要么消除硫化物浸出，要么考慮延遲硫化物浸出。我的猜測是，這可以為您節省大約 4 億至 5 億美元。所以問題是，我的意思是，這準確嗎？我的意思是，如果您可以消除硫化物浸出，這就是我們所討論的資本支出削減範圍嗎？那麼您對此有何看法——淘汰與推遲？

Lawson, I would say you're -- in general, you're right. That's certainly what we are contemplating. The question that we really -- so the technical work has been completed for the PFS. Really, what we're considering at this point is what sulfide leaching looks like in terms of time line. I would say that the copper's inclusion by the Department of Energy in the critical minerals list also may influence the timing associated with when we would build a sulfide or a concentrate leaching facility.

勞森，我想說你——總的來說，你是對的。這當然是我們正在考慮的。我們的問題是，PFS 的技術工作已經完成。實際上，我們現在考慮的是硫化物浸出在時間軸上的情況。我想說，能源部將銅列入關鍵礦物清單也可能會影響我們建造硫化物或精礦浸出設施的時間。

But we haven't taken the decision that it's not fully baked yet, but you can expect it to be fully baked by the time we release the PFS. Andre, would you add anything to that? No, I think.

但我們還沒有決定它尚未完全烘焙，但您可以期望在我們發布 PFS 時它會完全烘焙。安德烈，你能補充點什麼嗎？不，我想。

Our next question comes from Greg Barnes of TD Securities.

我們的下一個問題來自道明證券的格雷格·巴恩斯。

Just sticking with the Copper World on -- noted the state permits have slipped into early 2024 now when do you expect to get them from, I think, mid-2023? Just some background behind what's going on there?

繼續關注銅世界——注意到國家許可證已經推遲到 2024 年初，我想你預計什麼時候能從 2023 年中期獲得許可證？只是那裡發生的事情背後的一些背景？

Hi, Greg, thanks for that. If I -- you could also -- it's -- I view it in marginally positive light in a sense. So as you know, the state permits are technically driven permits. And we've been working very closely with Arizona Department of Environmental Quality to ensure that they have all the data that they need. So based on several productive interactions with the ADEQ, the review process is progressing well. Both parties are focused on ensuring that the permits are robust and defendable.

嗨，格雷格，謝謝你。如果我——你也可以——它是——我在某種意義上以略微積極的角度看待它。如您所知，國家許可證是技術驅動的許可證。我們一直與亞利桑那州環境質量部密切合作，以確保他們擁有所需的所有數據。因此，根據與 ADEQ 的多次富有成效的互動，審核過程進展順利。雙方都致力於確保許可證的有效性和可辯護性。

But in that respect, Arizona -- the ADEQ asked for additional geotechnical data, which actually required us to do some additional drilling. So the process is expected to stretch out a little bit longer, but it doesn't impact our time lines as we won't be able to be in a position to sanction the project until 2025 at the earliest, in any case, based on our 3P plan for sanctioning Copper World. But I would say it is -- it's not a negative reflection on -- by any stretch of the imagination. I would say it is more positive because of the continued close collaboration with ADEQ.

但在這方面，亞利桑那州 - ADEQ 要求提供額外的岩土工程數據，這實際上要求我們進行一些額外的鑽探。因此，這個過程預計會延長一點，但這不會影響我們的時間表，因為無論如何，我們最早要到 2025 年才能批准該項目，基於我們制裁 Copper World 的 3P 計劃。但我想說的是，無論怎麼想，這都不是負面的反映。我想說，由於與 ADEQ 的持續密切合作，這更加積極。

And Eugene, on these Nordic bonds, the Copper Mountain bonds, is the plan to pay off the balance to basically $60 million in the second half of the year with the free cash flow that you will generate? And then the amount that you put on to your own credit facility, would you pay that back too in the second half of the year?

尤金，對於這些北歐債券，銅山債券，是否計劃在下半年用你將產生的自由現金流償還基本上 6000 萬美元的餘額？然後，您存入自己的信貸額度的金額，您也會在下半年償還嗎？

Thanks for that question. Yes, we took on the bonds as part of the transaction. They had a change of control put that was exercisable within 20 days of the transaction. That's why these were classified as a current liability. Since that date, we've taken $86 million of that, redeemed that and put that on our revolver, which really increases our financial flexibility to pay those off before the 2026 maturity. So this gets to our deleveraging targets. And so with the free cash flow generation that we expect in the second half of this year, I think we would be in a position to certainly do that well before 2026.

謝謝你提出這個問題。是的，我們接受了這些債券作為交易的一部分。他們擁有可在交易後 20 天內行使的控制權變更看跌期權。這就是為什麼這些被歸類為流動負債的原因。從那天起，我們已經提取了其中的 8600 萬美元，將其贖回並將其放入我們的左輪手槍中，這確實提高了我們在 2026 年到期之前還清這些債務的財務靈活性。這樣就達到了我們的去槓桿目標。因此，隨著我們預計今年下半年將產生自由現金流，我認為我們肯定能夠在 2026 年之前實現這一目標。

With respect to the remaining bonds that are not on the revolver, the $59 million, we'll take our time, the call price is 104 starting in October. So we'll be patient with that and redeem those at the appropriate time, but no decision has been made on those ones yet. I think we'll deal with the $90 million that we take on in the short term to be -- to sort of deleverage and reduce that cash balance or reduce that debt balance certainly sooner than the maturity date.

至於剩下的不在左輪手槍上的債券，即 5900 萬美元，我們會慢慢來，從 10 月份開始，贖回價格為 104。因此，我們將對此保持耐心，並在適當的時間贖回這些內容，但尚未就這些內容做出決定。我認為我們將處理短期內承擔的 9000 萬美元資金，以某種程度的去槓桿化並減少現金餘額或在到期日之前減少債務餘額。

Our next question comes from Bryce Adams of CIBC.

我們的下一個問題來自 CIBC 的布萊斯·亞當斯 (Bryce Adams)。

I wanted to go back to Copper Mountain. Eugene, you mentioned the small forward sales there. Sorry if I missed it, but why were those added? And given that it's only 2,000 tons, does the volume go higher in the near term?

我想回到銅山。尤金，你提到了那裡的小額遠期銷售。抱歉，如果我錯過了，但為什麼要添加這些呢？鑑於只有2000噸，短期內銷量會更高嗎？

Yes, it represents approximately 10% of the production in the second half of the year as originally projected. It's -- you may recall that Copper Mountain previously had collars. I think it was 360 floors in the collar. And so given the production in the second half of this year with our partner, the joint decision to ensure that there was strong free cash flow generation while we stabilize the mine. So 386 is the average price, and it's done -- the 2,000 tons are in equal amounts from August till December on a monthly basis.

是的，這相當於最初預計的下半年產量的 10% 左右。你可能還記得，銅山以前有項圈。我想那是360層樓的領子。因此，考慮到今年下半年的生產情況，我們與合作夥伴共同決定確保在穩定礦山的同時產生強勁的自由現金流。所以386是平均價格，就這樣了——從8月到12月，每月2000噸都是等量的。

Okay. So you don't expect to add any more there?

好的。那麼您不希望在那裡添加更多內容嗎？

Opportunistically, we could look at that. But the plan at the moment is that there's just a bit of insurance again to ensure that we have stable cash flows while we destabilize the mine.

機會主義地，我們可以看看這一點。但目前的計劃是再次提供一點保險，以確保我們在破壞礦山穩定的同時擁有穩定的現金流。

Okay. And then maybe for Andre, for the expansion potential at Copper Mountain, prior management had looked at 65,000 tons per day. They looked at other trade-offs up to 100,000 tons a day. How are you guys thinking about the expansion scenarios there?

好的。也許對於 Andre 來說，對於 Copper Mountain 的擴張潛力，之前的管理層曾考慮過每天 65,000 噸。他們考慮了每天最多 10 萬噸的其他權衡。你們如何看待那裡的擴展場景？

Good question. So in the short term, like Eugene had mentioned, our plan is to stabilize the operation and get it to the established infrastructure at site, which is around the 45,000 tons per day. And we'll look at -- there's lots of optionality to increase production. The current permit is up to 50,000 tons per day and so we'll look for opportunities with improvements to increase to that.

好問題。因此，在短期內，正如尤金所提到的，我們的計劃是穩定運營並將其轉移到現場已建立的基礎設施上，即每天約 45,000 噸。我們會看看——有很多增加產量的選擇。目前的許可證上限為每天 50,000 噸，因此我們將尋找改進機會來增加這一數量。

Any further expansions which are possible, they would have to compete for capital in our pipeline across the overall business. And so we're not ruling it out at the moment, but we see stabilizing, getting it to the 45,000, potentially getting it to the target of the current permit limit as the sort of the near midterm focus for us at the time.

任何可能的進一步擴張，他們都必須在我們整個業務的管道中爭奪資本。因此，我們目前不排除這種可能性，但我們認為穩定，使其達到 45,000，有可能達到當前許可證限制的目標，這是我們當時的近期中期重點。

Okay. So it sounds like expansions above the current permit level for Copper Mountain would be on the other side of Copper World?

好的。那麼聽起來銅山當前許可水平以上的擴建將在銅世界的另一邊進行嗎？

Lots of things can happen, right? So with the project, it gives us all kinds of optionality within our portfolio. As things change, it could be accelerated or it could be after. But right now the main focus is just to make it a strong cash flow generator that could help enhance the 3P plan that Eugene and Peter mentioned in their remarks.

很多事情都可能發生，對嗎？因此，通過該項目，它為我們的投資組合提供了各種選擇。隨著事情的變化，它可能會加速，也可能會推遲。但目前的主要焦點只是使其成為強大的現金流發生器，以幫助加強尤金和彼得在講話中提到的3P計劃。

Our next question comes from Alex Terentiew of Stifel.

我們的下一個問題來自 Stifel 的 Alex Terentiew。

I just wanted -- first question, just to circle back on earlier question about drilling -- exploration drilling in Peru. I just wanted to clarify, have the permits for drilling at Maria Reyna and (inaudible), have they been submitted now? I just want to get some clarity on the up to a year time line. So I just -- so that's the first question.

我只是想——第一個問題，只是回到之前有關秘魯鑽探的問題——勘探鑽探。我只是想澄清一下，瑪麗亞·雷納 (Maria Reyna) 的鑽探許可證已經獲得了嗎？（聽不清）現在已經提交了嗎？我只是想澄清一下長達一年的時間線。所以我只是——這是第一個問題。

Hi, Alex. So the short answer is the permit applications have not been submitted yet. They are ready to be submitted. The technical work underpinning those permit applications has been submitted. But the -- we're working with the community to optimize the time line associated with submission of them because we want to make sure that we have full community support as we move into that process.

嗨，亞歷克斯。所以簡短的回答是許可證申請尚未提交。他們已準備好提交。支持這些許可證申請的技術工作已經提交。但是，我們正在與社區合作，優化與提交相關的時間線，因為我們希望確保在進入該流程時得到社區的全面支持。

And I'm not suggesting we don't have community support, but we recently had a community election and there's a new leader in the community, we want to make sure that everybody is on sides. So I would say that submission is imminent, but it has not formally been made yet.

我並不是說我們沒有社區支持，但我們最近舉行了社區選舉，社區中有一位新領導人，我們希望確保每個人都站在一邊。所以我想說提交迫在眉睫，但還沒有正式提交。

Okay. Great. And my second question, on operating costs, both Peru and Manitoba, cost per ton were higher than I expected and you guys have noted some reasons there. So -- but I'm just wondering, can you walk us through how you see cost per ton evolving over the rest of 2023? Obviously, I expect them to come down a little bit as you guys have made some comments here, but just a little bit more color on that would be appreciated.

好的。偉大的。我的第二個問題，關於運營成本，秘魯和馬尼托巴的每噸成本高於我的預期，你們已經註意到了一些原因。所以，但我只是想知道，您能否向我們介紹一下您認為 2023 年剩餘時間內每噸成本的變化情況？顯然，我希望它們能有所下降，因為你們在這裡發表了一些評論，但如果能提供更多的顏色，我們將不勝感激。

Sure, it's Andre. The big driver, particularly is around Peru. And as you recall from early on in the year when we are on a, call it a, restricted operation and conserving fuel, we have a -- we deferred a little bit of the Pampacancha strip. And to get to the high grade where we are now, over the last quarter, we've had to strip very heavily at Pampacancha and less at Constancia. And so Constancia stripping is generally capitalized. It's much longer term where Pampacancha is not, as it is short term in nature.

當然，這是安德烈。最大的推動力，尤其是在秘魯周邊地區。正如你所記得的那樣，今年年初，當我們進行限制性運營和節省燃料時，我們推遲了一部分潘帕坎查地帶的建設。為了達到我們現在的高水平，在上個季度，我們不得不在潘帕坎查進行大量的剝離，而在康斯坦西亞則要減少。所以康斯坦西亞剝離一般都是大寫的。它是長期的，而潘帕坎查則不然，因為它本質上是短期的。

And so what you're seeing is less capitalized stripping against our unit cost per ton as we went into this heavy phase. And now that will start winding down a bit as well on a cost per pound basis. The metal units are going to increase drastically as Eugene said, as we go into the second half of the year. We've already seen it.

因此，當我們進入這個重載階段時，您所看到的是相對於我們每噸單位成本的資本剝離較少。現在，每磅成本也將開始逐漸減少。正如尤金所說，隨著進入今年下半年，金屬單位將大幅增加。我們已經看到了。

In Manitoba, it's not quite the same story, is we're ramping up. And so we've seen an increase in production quarter-over-quarter from Lalor mine and we expect that to grow. The mine's been debottlenecking a number of processes. We've been successful at the operation around the elimination of hoisting, I mean, trucking rock and ore to surface. And so that was around 600 tons a day before. Now with the increased tonnage that we've been producing, all of that's going up the shaft. And so we're seeing benefits on that that will improve over time.

在馬尼托巴省，情況則不太一樣，我們正在加速發展。因此，我們看到 Lalor 礦的產量逐季增加，並且我們預計這一產量將會增長。該礦已經消除了許多流程的瓶頸。我們在消除吊裝方面取得了成功，我的意思是，用卡車將岩石和礦石運到地面。之前一天的產量約為 600 噸。現在，隨著我們生產的噸位增加，所有這些都將上升到豎井。因此，我們看到隨著時間的推移，這方面的好處將會改善。

(Operator Instructions) Our next question comes from Jackie Przybylowski of BMO Capital Markets.

（操作員說明）我們的下一個問題來自 BMO 資本市場的 Jackie Przybylowski。

I just have a few quick ones, if you don't mind. First one, if you can maybe give us some color on where you see stripping at Pampacancha going from here? I think this last stripping that we saw through Q1 and Q2 kind of maybe at least took me off guard, caught me off guard. Are we expecting any more periods of major stripping in the next -- well, I guess, over the life of Pampacancha?

如果你不介意的話，我只有一些快速的。第一個，您是否可以給我們一些信息，告訴我們您認為潘帕坎查的脫衣舞活動將如何發展？我認為我們在第一季度和第二季度看到的最後一次剝離可能至少讓我措手不及，讓我措手不及。我們是否預計接下來會出現更多的重大剝離——嗯，我想，在潘帕坎查的一生中？

There will be continued stripping, but what you saw in the last quarter was us catching up, right? So when we were in fuel conservation mode, we were not stripping at all and we were just heavily focused on using all of our fuel to feed the -- grab from the stockpile and feed the mills. And so this was a bit of an unusual peak. And so it should stabilize in the coming quarters.

剝離將會繼續，但你在上個季度看到的是我們正在迎頭趕上，對嗎？因此，當我們處於燃料節約模式時，我們根本不進行剝離，我們只是專注於使用所有燃料來供給——從庫存中抓取並供給工廠。所以這是一個有點不尋常的高峰。因此，未來幾個季度它應該會穩定下來。

Okay. That's great. And staying in Peru, maybe just another quick question. Just looking through some old notes of mine that said that the collective bargaining agreement with the union in Constancia expires later this year. I think I've got November written down. Is that still the case? And have you guys started negotiations with the union yet?

好的。那太棒了。留在秘魯，也許只是另一個簡單的問題。翻閱我的一些舊筆記，上面寫著與康斯坦西亞工會的集體談判協議將於今年晚些時候到期。我想我已經把十一月寫下來了。現在還是這樣嗎？你們已經開始與工會談判了嗎？

Yes. So the teams are actively working with our employees and negotiating with also the community agreements as well and they're all on track. There's nothing unusual to note at the moment.

是的。因此，團隊正在積極與我們的員工合作，並與社區協議進行談判，一切都步入正軌。目前沒有什麼異常值得注意的。

Okay. And maybe just one last one on Manitoba. I know Peter mentioned at the beginning of the call, the Marubeni agreement in Flin Flon and the Rockcliff transaction at Snow Lake. Can you guys talk a little bit about where you see throughput through, I guess, specifically the Snow Lake Mills in the future? I know your plans now are to use the shaft at Lalor and not the ramps. But do you see a opportunity for those mills to get pushed a little harder with external feed, whether it's still properties that I mentioned or other properties that you guys have in your portfolio? Or should we expect that the shaft capacity at Lalor is basically the throughput constraint for the medium term?

好的。也許只是曼尼托巴省的最後一件事。我知道彼得在電話開始時提到了弗林弗倫的丸紅協議和雪湖的羅克利夫交易。你們能談談你們在哪裡看到的吞吐量嗎，我想，特別是未來的雪湖工廠？我知道你現在的計劃是使用拉勒的豎井而不是坡道。但是，您是否認為這些工廠有機會通過外部飼料進一步推動，無論是我提到的資產還是你們投資組合中的其他資產？或者我們是否應該預期拉勒爾的豎井容量基本上是中期的吞吐量限制？

That's a good question, Jackie. So like the history of Hudbay and Manitoba has been mining a lot of these satellite deposits, which we just recently acquired through Rockcliff. I think we've had 4 very large -- call them anchor, we call them anchor deposits, main mine 777 trade in Lalor. And those are the really big ones.

這是個好問題，傑基。就像哈德貝和曼尼托巴省的歷史一樣，我們最近剛剛通過 Rockcliff 獲得了許多衛星礦床。我認為我們有 4 個非常大的礦場——稱之為錨定礦床，我們稱之為錨定礦床，主礦 777 貿易位於拉洛爾。這些才是真正的大人物。

But of the 28 or 29 mines that we've mined in our history, the remaining were all less than 3 million tons. And so with the acquisition of Rockcliff and the Cook Lake properties, it brings 5 or so of these smaller deposits that have the potential to be supplemental feed to stall mill.

但我們歷史上開採過的28、29座礦山中，剩下的都不足300萬噸。因此，通過收購 Rockcliff 和 Cook Lake 地產，它帶來了 5 個左右的小型礦床，這些礦床有潛力成為畜欄磨坊的補充飼料。

There's about 1,000 tons a day capacity at stall today. The Marubeni, before I jump to the Marubeni, that whole Cook Lake area is really, really attractive. It's an exciting -- there's many more deposits all around the area from Penn to the [Balmer Zone] to the Cook -- there's a Cook Lake deposit at Rainbow One. There's mineralization everywhere in this and a range of copper, zinc and gold mineralization. So it's perfect for our mills.

今天攤位每天的產能約為 1,000 噸。丸紅，在我跳到丸紅之前，整個庫克湖地區真的非常非常有吸引力。這是令人興奮的——從賓夕法尼亞州到[巴爾默區]再到庫克地區，還有更多的礦床——彩虹一號有一個庫克湖礦床。這裡到處都有礦化，還有一系列銅、鋅和金礦化。所以它非常適合我們的工廠。

And so there's so much to explore in the Snow Lake area. It just makes sense like with the Marubeni deal in the Flin Flon area, those properties are more focused to the potential reactivation of the Flin Flon mill which is on care and maintenance. And so there's 6,000 tons a day capacity there. And so the goal is to try to put together enough in that vicinity for that mill that's not utilized today. So it remains an opportunity.

因此，雪湖地區有很多值得探索的地方。這就像丸紅在 Flin Flon 地區的交易一樣，這些資產更注重 Flin Flon 工廠的潛在重新啟動，而該工廠的維護和保養是有道理的。因此那裡每天的產能為 6,000 噸。因此，我們的目標是嘗試在該附近為目前尚未使用的工廠籌集足夠的資金。所以這仍然是一個機會。

This concludes the question-and-answer session. I would like to turn the conference back over to Candace Brule for any closing remarks.

問答環節到此結束。我想將會議轉回坎迪斯·布魯爾（Candace Brule）發表閉幕詞。

Thank you, operator, and thank you, everyone, for joining today. If you have any further questions, please feel free to reach out to our Investor Relations team. Thank you.

謝謝運營商，也謝謝大家今天的加入。如果您還有任何疑問，請隨時聯繫我們的投資者關係團隊。謝謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您度過愉快的一天。