紐蒙特黃金公司 (NEM) 2019 Q3 法說會逐字稿

Good morning, and welcome to the Newmont Goldcorp's Third Quarter 2019 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Jessica Largent, Vice President of Investor Relations. Please go ahead.

早上好，歡迎來到 Newmont Goldcorp 2019 年第三季度財報電話會議。（操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Jessica Largent。請繼續。

Thank you, and good morning, everyone. Welcome to Newmont Goldcorp's Third Quarter 2019 Earnings Conference Call. Joining us on the call today are Tom Palmer, President and Chief Executive Officer; Rob Atkinson, Chief Operating Officer; and Nancy Buese, Chief Financial Officer. They will be available to answer questions at the end of the call along with other members of our executive team.

謝謝大家，早上好。歡迎來到 Newmont Goldcorp 2019 年第三季度收益電話會議。今天與我們一起參加電話會議的有總裁兼首席執行官 Tom Palmer； Rob Atkinson，首席運營官；和首席財務官 Nancy Buese。他們將在電話會議結束時與我們執行團隊的其他成員一起回答問題。

Turning to Slide 2. Please take a moment to review the cautionary statements shown here and refer to our SEC filings, which can be found on our website at newmontgoldcorp.com. And now I'll turn it over to Tom on Slide 3.

轉到幻燈片 2。請花點時間查看此處顯示的警告聲明，並參考我們向 SEC 提交的文件，這些文件可在我們的網站 newmontgoldcorp.com 上找到。現在我將在幻燈片 3 上將其交給 Tom。

Thanks, Jess, and thank you all for joining our call. It has been just over a month since I moved into the CEO role, and I'm very honored to be only the tenth CEO in Newmont Goldcorp's almost 100-year history. And I am very excited about the strength of our portfolio, the capability of our people and the opportunities we have in front of us to safely deliver superior value for all our stakeholders.

謝謝 Jess，也感謝大家加入我們的電話會議。我接任 CEO 一職才一個多月，我很榮幸成為 Newmont Goldcorp 近 100 年曆史上的第十位 CEO。我對我們產品組合的實力、我們員工的能力以及我們面前的機會感到非常興奮，這些機會可以安全地為我們所有的利益相關者提供卓越的價值。

Turning to the third quarter. We delivered solid performance and have made excellent progress in delivering on the value we promised to establish Newmont Goldcorp as the world's leading gold business. Recent highlights include completing 3 profitable projects on schedule and within budget; exceeding our commitments of value delivery from the Goldcorp acquisition through an acceleration of synergies and full potential improvements; closing the Nevada Gold Mines joint venture and contributing our Newmont Nevada assets in good order, and continuing to improve our safety performance in advancing our reputation for sustainability.

轉到第三季度。我們提供了穩健的業績，並在實現我們承諾的將 Newmont Goldcorp 打造為世界領先的黃金企業的價值方面取得了長足的進步。最近的亮點包括按時並在預算內完成 3 個盈利項目；通過加速協同效應和全面的潛在改進，超越我們對 Goldcorp 收購的價值交付承諾；關閉內華達金礦合資企業並以良好的秩序貢獻我們的紐蒙特內華達資產，並繼續提高我們的安全績效以提升我們在可持續發展方面的聲譽。

Turning to the details on Slide 4. In the third quarter, we produced 1.6 million ounces of gold and all-in sustaining cost of $987 per ounce, generating $1.1 billion in adjusted EBITDA and $365 million in free cash flow.

轉到幻燈片 4 的詳細信息。第三季度，我們生產了 160 萬盎司黃金，總維持成本為每盎司 987 美元，產生了 11 億美元的調整後 EBITDA 和 3.65 億美元的自由現金流。

We completed site visits to support the sales process for our Red Lake operation. We commissioned 3 projects in Borden, the 0.5 million expansion in Quecher Main, and we approved the Tanami Expansion 2 project.

我們完成了實地考察，以支持我們紅湖業務的銷售流程。我們在 Borden 委託了 3 個項目，在 Quecher Main 進行了 50 萬美元的擴建，並批准了 Tanami 擴建 2 項目。

I'm pleased to report that we are exceeding our synergy targets from the Goldcorp acquisition with run rate improvements expected to reach $240 million by the end of this year including $60 million in quick wins from Peñasquito and Cerro Negro alone. We also continue to lead the gold sector in stewardship. We declared a quarterly dividend of $0.14 per share, putting us on course to return approximately $900 million to shareholders this year.

我很高興地向大家報告，我們正在超額完成收購 Goldcorp 的協同效應目標，預計到今年年底運行率提高將達到 2.4 億美元，其中僅來自 Peñasquito 和 Cerro Negro 的快速盈利就達到了 6000 萬美元。我們還繼續領導黃金行業的管理工作。我們宣布派發每股 0.14 美元的季度股息，這使我們有望在今年向股東返還約 9 億美元。

We maintain a strong balance sheet with over $5 billion of liquidity, and we were recognized as the top gold miner by the Dow Jones Sustainability Index for our leading ESG performance. Leading mining companies have at their core an unwavering commitment to safety and sustainability.

我們擁有超過 50 億美元的流動資金，擁有強勁的資產負債表，我們憑藉領先的 ESG 表現被道瓊斯可持續發展指數評為頂級金礦商。領先的礦業公司的核心是堅定不移地致力於安全和可持續發展。

Turning to Slide 5. As Chief Executive Officer, you can expect from me a relentless focus on ensuring that everyone who works in our business can do so safely through our leadership and through the systems and processes we put in place to manage risk. There is nothing more important.

轉到幻燈片 5。作為首席執行官，您可以期待我不懈地關注確保在我們業務中工作的每個人都能通過我們的領導和我們為管理風險而製定的系統和流程安全地工作。沒有什麼比這更重要了。

My expectation is that everyone who works in our business understand the fatality risks associated with their work and are ensuring that the critical controls that are required to manage them are in place at all times. A robust safety culture is one that constantly reinforces key systems, safe behavior and actively shares lessons learned from serious incidents. This is fundamental to the well-being of our people and underpins our operating performance.

我的期望是，在我們公司工作的每個人都了解與其工作相關的死亡風險，並確保管理這些風險所需的關鍵控制措施始終到位。穩健的安全文化是一種不斷強化關鍵系統、安全行為並積極分享從嚴重事故中吸取的教訓的文化。這是我們員工福祉的基礎，也是我們經營業績的基礎。

Turning to a look at our global portfolio on Slide 6. We have the strongest and most sustainable portfolio in the industry. Our assets are located in the most balanced and favorable jurisdictions in the world with 14 operated mines and 2 nonoperated joint ventures. With more than 90% of our reserves in the Americas and Australia, our global position provides an unmatched platform for near-mine brownfields and greenfield exploration.

看看我們在幻燈片 6 上的全球投資組合。我們擁有業內最強大、最可持續的投資組合。我們的資產位於世界上最平衡和最有利的司法管轄區，擁有 14 個經營礦山和 2 個非經營合資企業。我們 90% 以上的儲量位於美洲和澳大利亞，我們的全球地位為近礦棕地和綠地勘探提供了無與倫比的平台。

As announced in September, we have initiated a sales process for Red Lake, and interested parties have now completed their site visits. We have also divested our position in the Nimba iron ore project in Guinea and are strategically reviewing our equity investment portfolio.

正如 9 月份宣布的那樣，我們已經啟動了 Red Lake 的銷售流程，感興趣的各方現已完成實地考察。我們還剝離了我們在幾內亞寧巴鐵礦石項目的頭寸，並正在戰略性地審查我們的股權投資組合。

Turning to our industry-leading project pipeline on Slide 7. We had the deepest pipeline of world-class projects in the gold industry, giving us significant project sequencing flexibility. We will continue to apply a disciplined and rigorous approach to optimize these projects and advance them through our investment system. Consistent project delivery and disciplined operational execution remain the cornerstones of our business and are central to creating long-term shareholder value.

轉到幻燈片 7 上我們行業領先的項目管道。我們擁有黃金行業最深的世界級項目管道，為我們提供了顯著的項目排序靈活性。我們將繼續採用紀律嚴明的方法來優化這些項目，並通過我們的投資系統推進它們。一致的項目交付和嚴格的運營執行仍然是我們業務的基石，也是創造長期股東價值的核心。

This year, we have successfully delivered 4 projects on 4 continents. And in the past month alone, declared commercial production for 3 of these projects: Quecher Main, the Ahafo Mill Expansion and Borden.

今年，我們在四大洲成功交付了四個項目。僅在過去一個月，其中 3 個項目就宣布商業化生產：Quecher Main、Ahafo Mill Expansion 和 Borden。

Quecher Main was safely delivered on schedule and under budget and is on track to generate an internal rate of return of 15%, an improvement from 10% when we approved the project just 2 years ago. Our Ahafo Mill Expansion was also brought online within budget for approximately $175 million, increasing mill capacity to nearly 10 million tonnes per annum whilst adding 75,000 to 100,000 ounces per year of annual gold production from 2020 to 2024.

Quecher Main 在預算內按時安全交付，有望實現 15% 的內部回報率，比我們 2 年前批准該項目時的 10% 有所提高。我們的 Ahafo 磨坊擴建也在預算範圍內上線，耗資約 1.75 億美元，將磨坊產能提高到每年近 1000 萬噸，同時從 2020 年到 2024 年每年增加 75,000 至 100,000 盎司黃金產量。

And at Borden, we are extending the life of the Porcupine complex and leading the advancement of safe and sustainable underground mining globally through state-of-the-art health and safety controls, digital mining technologies and processes, and low-carbon emission vehicles.

在 Borden，我們正在延長 Porcupine 綜合體的壽命，並通過最先進的健康和安全控制、數字採礦技術和流程以及低碳排放車輛引領全球安全和可持續地下採礦的進步。

We have also continued to advance profitable growth. Last month, our Board unanimously approved moving the Tanami Expansion 2 project into the execution phase. We are very excited about this project's ability to extend life beyond 2040 at our world-class Tanami Mine in our core Newmont region. This project also provides a platform for us to further explore our prolific mineral endowment at Tanami. We will provide further details on this project in the context of our long-term guidance at our webcast in December.

我們還繼續推進盈利增長。上個月，我們的董事會一致批准將 Tanami Expansion 2 項目移至執行階段。我們對這個項目能夠將我們位於紐蒙特核心地區的世界級 Tanami 礦的壽命延長到 2040 年以後感到非常興奮。該項目還為我們提供了一個平台，可以進一步探索我們在 Tanami 豐富的礦產資源。我們將在 12 月的網絡廣播中根據我們的長期指導提供有關該項目的更多詳細信息。

For our 2 midterm projects, Yanacocha Sulfides and Ahafo North, we continue to advance and optimize them through our definitive feasibility study work.

對於我們的 2 個中期項目，Yanacocha Sulfides 和 Ahafo North，我們通過最終的可行性研究工作繼續推進和優化它們。

Finally, looking in -- at the earlier stage projects in our pipeline, we are taking a patient and deliberate approach to optimizing and sequencing our larger projects including Nueva Unión, Galore Creek and Norte Abierto. These projects will compete for future capital investment that we are proactively engaging with our joint venture partners to ensure that the projects only advance after specific hurdles are achieved.

最後，看看我們管道中的早期項目，我們正在採取耐心和深思熟慮的方法來優化和排序我們的大型項目，包括 Nueva Unión、Galore Creek 和 Norte Abierto。這些項目將爭奪我們正在積極與合資夥伴合作的未來資本投資，以確保項目只有在達到特定障礙後才能推進。

Our robust project pipeline is a key differentiator in the gold industry and provides us with a solid pathway to steady production and cash flow generation for decades to come.

我們強大的項目管道是黃金行業的關鍵差異化因素，為我們在未來幾十年穩定生產和產生現金流提供了堅實的途徑。

Turning to Slide 8 for a look at progress on the Goldcorp integration. I'm very pleased with the pace at which we are delivering value from this acquisition. On the G&A front, we have both accelerated and increased the total synergies to $120 million per annum. This is $35 million and more than 40% higher than our initial $85 million commitment.

轉到幻燈片 8 查看 Goldcorp 整合的進展。我對我們通過此次收購創造價值的速度感到非常滿意。在 G&A 方面，我們已經加速並將總協同效應增加到每年 1.2 億美元。這是 3500 萬美元，比我們最初的 8500 萬美元承諾高出 40% 以上。

For supply chain, our team is actively targeting value across several fronts including quick wins through the extension of best pricing and rebates and leveraging our increased scale and volume to reduce our input costs. Our world-class exploration team has identified over $25 million of annual program efficiencies, a figure that wasn't considered in our initial commitment.

對於供應鏈，我們的團隊正積極瞄準多個方面的價值，包括通過擴大最佳定價和回扣來快速取勝，並利用我們增加的規模和數量來降低我們的投入成本。我們世界一流的勘探團隊已經確定了超過 2500 萬美元的年度項目效率，我們最初的承諾中沒有考慮這個數字。

Our full potential program is well and truly underway at the former Goldcorp operations. We are seeing the same opportunities at these new operations to those that we have delivered from Newmont's assets over the last 7 years, and we are able to accelerate value delivery by leveraging this experience.

我們的全部潛力計劃正在前 Goldcorp 運營中順利進行。我們在這些新業務中看到了與我們在過去 7 年中從 Newmont 資產中交付的機會相同的機會，並且我們能夠通過利用這一經驗來加速價值交付。

We launched Full Potential at Peñasquito at the start of June and have had Newmont's strongest team on the ground supporting the site during a diagnose-and-design work. We have made excellent progress, and the site is tracking to achieve $50 million in quick win improvements this year alone. Full Potential has now moved into the deliver phase at Peñasquito.

我們於 6 月初在 Peñasquito 啟動了 Full Potential，並在診斷和設計工作期間擁有 Newmont 最強大的實地團隊支持該站點。我們取得了長足的進步，該網站正在跟踪僅今年一年就實現了 5000 萬美元的速贏改進。Full Potential 現已進入 Peñasquito 的交付階段。

At Cerro Negro, Full Potential was kicked off in July and the site is tracking to achieve $10 million in improvements that we also expect to achieve this year. In just 6 months since we acquired Goldcorp, we are exceeding our commitments and are tracking towards delivering $240 million in annual run rate improvements by the end of this year. This is 2/3 of the commitment we made for the end of 2021 after only 6 months.

在 Cerro Negro，Full Potential 於 7 月啟動，該網站正在跟踪實現 1000 萬美元的改進，我們也希望在今年實現這一目標。在我們收購 Goldcorp 後的短短 6 個月內，我們就超額完成了我們的承諾，並有望在今年年底前實現 2.4 億美元的年度運行率改進。這是我們僅在 6 個月後就 2021 年底做出的承諾的 2/3。

With that, I'll turn it over to our Chief Operating Officer, Rob Atkinson, on Slide 9 to review our operational performance.

有了這個，我將把它交給我們的首席運營官 Rob Atkinson，在幻燈片 9 上審查我們的運營績效。

Thanks, Tom. Since June, I've had the opportunity to visit all of our sites, and the observations and discussions I had as a result have informed my immediate priorities. My highest priority is a renewed and relentless focus on safety, followed by ensuring that we are demonstrating a high level of visible and felt leadership in the field.

謝謝，湯姆。自 6 月以來，我有機會訪問了我們所有的站點，因此我的觀察和討論讓我了解了我的當務之急。我的首要任務是重新堅定不移地關注安全，然後確保我們在該領域展現出高水平的可見和可感知的領導力。

Secondly, it will be about focusing on the basics to ensure we not only hit our plan, but we better it. Thirdly, we need to collaborate more across our regions to learn from each other as the whole is worth more than the sum of the parts. And finally, a strong focus on improving productivity day in and day out.

其次，這將是關於專注於基礎知識，以確保我們不僅達到我們的計劃，而且我們做得更好。第三，我們需要加強跨區域合作，相互學習，整體大於部分之和。最後，日復一日地專注於提高生產力。

As COO, I'm very much looking forward to investing in our people and local communities and raising our performance to drive greater value from what I believe to be an exceptional asset base.

作為首席運營官，我非常期待投資於我們的員工和當地社區並提高我們的績效，以從我認為是卓越的資產基礎中獲得更大的價值。

Before reviewing our third quarter operational performance I'd like to congratulate Dan Janney, our new Regional Senior Vice President of the North America region. Dan is an accomplished miner with 27 years of global mining operations experience and most recently was a key Newmont leader in Nevada. He has successfully led teams to deliver step-change improvements in safety, efficiency and productivity, and his appointment reflects our intention to safely improve costs and accelerate operational and efficiency improvements at our 6 mines in North America.

在回顧我們第三季度的運營業績之前，我想祝賀我們新任北美地區高級副總裁 Dan Janney。Dan 是一位成就卓著的礦工，擁有 27 年的全球採礦運營經驗，最近擔任內華達州 Newmont 的主要領導人。他成功地領導團隊在安全、效率和生產力方面實現了階躍式改進，他的任命反映了我們在北美 6 個礦山安全地降低成本並加速運營和效率改進的意圖。

I'll now provide an overview of the North America sites on Slide 10. In North America, our teams are focusing on safety and operational execution. As we work to overcome headwinds and deliver a strong end to 2019 and importantly, to set ourselves up for long-term success.

我現在將在幻燈片 10 上提供北美網站的概覽。在北美，我們的團隊專注於安全和運營執行。在我們努力克服逆風並以強勁的勢頭結束 2019 年之際，更重要的是，我們要為長期成功做好準備。

At Peñasquito, an illegal blockade began on September 14, resulting in a third quarter production shortfall of 11,000 gold ounces and 51,000 gold equivalent ounces from silver, lead and zinc. The blockade was lifted on October 8, and we started shipping concentrate immediately after the blockade was lifted.

Peñasquito 的非法封鎖於 9 月 14 日開始，導致第三季度銀、鉛和鋅的產量短缺 11,000 盎司黃金和 51,000 黃金當量盎司。10月8日解封，解封後我們第一時間開始出貨。

I'm pleased to say progress has been made with both the federal and state governments to help ensure the rule of law is upheld to enable a sustainable operating environment.

我很高興地說，聯邦政府和州政府在幫助確保維護法治以實現可持續經營環境方面取得了進展。

On October 22, we began restarting operations. And yesterday, we also restarted government-sponsored discussions with members of the Cedros community exclusively, and I look forward to reaching a sustainable and long-term win-win solution to this local issue.

10 月 22 日，我們開始重新開始運營。而昨天，我們也重啟了與 Cedros 社區成員的獨家政府贊助討論，我期待就這個地方問題達成一個可持續的、長期的雙贏解決方案。

The site is now safely back to full operation. The stripping campaign in the main Peñasco pit is nearing completion, and we expect to maintain higher grades in the fourth quarter and into 2020. As Tom mentioned, our Full Potential work at Peñasquito has firmly moved into the deliver phase with the $50 million of quick win improvements. I'm very excited about the team's work to progress the incremental $200 million of cost and productivity initiatives. Similar to Boddington 6 years ago, the majority of the improvements are expected to come from the mill with a focus on increasing throughput and reducing maintenance downtime.

該網站現已安全恢復全面運營。Peñasco 主礦坑的剝離作業即將完成，我們預計第四季度和 2020 年將保持較高品位。正如 Tom 所提到的，我們在 Peñasquito 的 Full Potential 工作已經穩步進入交付階段，並進行了 5000 萬美元的速贏改進。我對團隊為推進 2 億美元的增量成本和生產力計劃所做的工作感到非常興奮。與 6 年前的 Boddington 類似，預計大部分改進將來自工廠，重點是提高產量和減少維護停機時間。

At Porcupine, we achieved commercial production at the Borden underground mine on October 1. Ore from Borden is processed at the existing Porcupine mill and will extend profitable production at the mining complex in Timmins, Ontario. We also see exploration upside at Borden as the deposit remains open at depth.

在 Porcupine，我們於 10 月 1 日在 Borden 地下礦實現了商業生產。來自 Borden 的礦石在現有的 Porcupine 工廠加工，並將在安大略省蒂明斯的採礦綜合體擴大盈利生產。我們還看到了 Borden 的勘探潛力，因為該礦床在深處仍處於開放狀態。

At Musselwhite, rehabilitation work is nearing completion, and we recently executed contracts for engineering, construction and the installation of the new conveyor system. Whilst the replacement of the conveyor is underway, we are getting ahead on development and building inventory to sustainable levels.

在 Musselwhite，修復工作即將完成，我們最近執行了新輸送系統的工程、施工和安裝合同。在更換輸送機的同時，我們在開發和建立庫存方面取得了進展，達到了可持續的水平。

As we head into next year, we plan to have 3 or 4 stopes available at any one time. And going forward, very importantly, our plan is to be 18 months ahead on development work. Musselwhite is currently operating in a mining area halfway down the mine, as we also continue to push the main decline and exploration drift at the bottom of the mine in order to improve and ensure mining and [ore] flexibility in the future.

進入明年時，我們計劃隨時提供 3 或 4 個採場。展望未來，非常重要的是，我們的計劃是在開發工作上提前 18 個月。Musselwhite目前在礦山中部的礦區作業，我們也在繼續推進礦山底部的主斜坡和勘探巷道，以改善和確保未來的開采和[礦石]靈活性。

We expect to begin recognizing production and sales in the second quarter of 2020 once the mill is processing the stockpile material we are currently trucking to surface, and we will be back to normal operations in early October when we bring the conveyor back online.

一旦工廠開始處理我們目前用卡車運到地面的庫存材料，我們預計將在 2020 年第二季度開始確認生產和銷售，並且我們將在 10 月初讓輸送機重新上線時恢復正常運營。

The Musselwhite Materials Handling project is tracking to be fully operational by mid-2020 with the shaft installation nearing completion and dry commissioning of the new crushing and conveyor systems well underway.

Musselwhite Materials Handling 項目預計將在 2020 年年中全面投入運營，豎井安裝接近完成，新破碎和輸送系統的干式調試也在順利進行。

At Éléonore, mining continues in Horizon 5, and we expect to reach higher grades in the fourth quarter. However, third quarter production was slightly lower than expected due to mine sequence. The operation is developing an integrated geotechnical and mine planning system to determine the optimal approach for safely and sustainably progressing through the lower zones to minimize mining-induced stresses.

在 Éléonore，Horizon 5 的開採仍在繼續，我們預計第四季度將達到更高品位。然而，由於礦井順序，第三季度產量略低於預期。該業務正在開發一個集成的岩土工程和礦山規劃系統，以確定安全和可持續地通過較低區域的最佳方法，以最大限度地減少採礦引起的壓力。

Full Potential has now commenced at Éléonore, and we are progressing the key diagnose phase of this program, and we are leveraging our experience from all of our other underground mines to identify the highest-value improvement opportunities.

Full Potential 現已在 Éléonore 開始，我們正在推進該計劃的關鍵診斷階段，我們正在利用我們從所有其他地下礦山獲得的經驗來確定價值最高的改進機會。

At Red Lake, operations fully resumed in October after we completed work to install additional safety controls at lower levels of the mine, and we recently recommenced mining of Cochenour. As the sales process progresses, we continue to focus on the safe and efficient operation of this mine.

在紅湖，我們完成了在礦山較低層安裝額外安全控制裝置的工作後，於 10 月全面恢復運營，並且我們最近重新開始了 Cochenour 的開採。隨著銷售進程的推進，我們將繼續關注該礦的安全高效運營。

Finally, at CC&V, we expect to finish the year strongly as we recovered the [faired] ounces from the VLF1 leach pad.

最後，在 CC&V，我們希望在今年結束時表現出色，因為我們從 VLF1 浸出墊中回收了 [平整] 盎司。

Now to discuss our South America operations on Slide 11. At Merian, we delivered steady third quarter performance with sustained improvements in mine productivity and mill performance. We're now transitioning into harder rock, which will present higher grade and improved mine productivity.

現在討論我們在幻燈片 11 上的南美業務。在 Merian，我們在第三季度實現了穩定的業績，並持續提高了礦山生產率和工廠業績。我們現在正在過渡到更硬的岩石，這將帶來更高的品位和更高的礦山生產率。

Yanacocha delivered solid production with the drawdown of ounces from our existing La Quinuan leach pad. With Quecher Main, reaching commercial production in October, we expect to see recovery of ounces from the new Carachugo leach pad in 2020. I'd like to congratulate our South America team for safely delivering this important project that will sustain Yanacocha's mine life and serve as a bridge to the future growth opportunities in the years ahead.

Yanacocha 從我們現有的 La Quinuan 浸出墊中減少了盎司，從而實現了穩定的生產。隨著 Quecher Main 在 10 月實現商業生產，我們預計 2020 年將從新的 Carachugo 浸出墊回收盎司。我要祝賀我們的南美團隊安全地交付了這個重要的項目，該項目將維持 Yanacocha 的礦山壽命，並成為通向未來幾年未來增長機會的橋樑。

At Cerro Negro, we kicked off our Full Potential process, which has been in full swing since July, and our team has identified $10 million of quick wins mainly from improving mine development rates while setting a course to design and implement opportunities such as shift optimization, maintenance scheduling and basic operational improvements. And I'm looking forward to providing an update on our progress during our guidance webcast.

在 Cerro Negro，我們啟動了自 7 月以來一直如火如荼的全潛能流程，我們的團隊已經確定了 1000 萬美元的速贏，主要是通過提高礦山開發速度，同時制定課程來設計和實施輪班優化等機會、維護計劃和基本操作改進。我期待在我們的指導網絡廣播中提供有關我們進展的最新信息。

We are tracking to a strong fourth quarter as we mine an average grade of 3 -- 13.8 grams per tonne.

我們正在追踪強勁的第四季度，因為我們開采的平均品位為 3 - 13.8 克每噸。

Turning now to our Australia operations on Slide 12. At Tanami, we delivered another solid quarter and expect the fourth quarter to reflect the operation's lowest costs and highest production for the year as we access higher-grade stopes.

現在轉到我們在幻燈片 12 上的澳大利亞業務。在 Tanami，我們又交付了一個穩定的季度，預計第四季度將反映出該年度最低的運營成本和最高的產量，因為我們進入了更高品位的採場。

At Boddington, our planned stripping campaign in the South Pit is progressing very well and during the third quarter, we safely completed mill-maintenance activities. Unit costs have improved with higher ore tonnes mined and a favorable foreign exchange rate.

在博丁頓，我們計劃在南坑進行的剝離活動進展順利，在第三季度，我們安全地完成了工廠維護活動。隨著開采的礦石噸數增加和有利的匯率，單位成本有所改善。

And at KCGM, we continued to strongly focus on increasing mine productivity whilst managing within the constraints of current geotechnical challenges and the associated remediation work in the Fimiston Pit. We are optimizing mill recoveries as the Morrison Starter Pit starts to present higher-grade ore.

在 KCGM，我們繼續專注於提高礦山生產力，同時在 Fimiston 礦坑當前岩土工程挑戰和相關修復工作的限制下進行管理。隨著 Morrison Starter Pit 開始出產更高品位的礦石，我們正在優化磨機回收率。

As a result of the exclusion zones we put in place to safely manage the East and the West walls of the pit, 2019 production will be impacted by 40,000 ounces, and we have adjusted our regional outlook accordingly.

由於我們設置了禁區以安全管理礦坑的東壁和西壁，2019 年的產量將受到 40,000 盎司的影響，我們相應地調整了區域前景。

But above all else, we will always ensure that our workforce is safe whilst we proactively manage through these geotechnical challenges with pragmatic mine plans and a high level of monitoring of all of our high walls. We also continue to determine the most appropriate design for a layback to further manage risk and access the gold ounces, which remain in the pit.

但最重要的是，我們將始終確保我們的員工安全，同時我們通過務實的礦山計劃和對我們所有高牆的高水平監控來積極應對這些岩土工程挑戰。我們還繼續確定最合適的後退設計，以進一步管理風險並獲取留在礦坑中的黃金盎司。

Underground operations are progressing well. On the project front, we are excited that Tanami expansion 2 is unanimously approved by our Board for execution. The team is progressing development work and shaft sinking has advanced beyond 210 meters, and we expect to commence raise boring in quarter 1 2020. This is a terrific project, which will deliver significant value, increased mine life and provide a platform for further exploration.

地下作業進展順利。在項目方面，我們很高興 Tanami 擴展 2 獲得董事會一致批准執行。該團隊正在進行開發工作，豎井掘進已超過 210 米，我們預計將在 2020 年第一季度開始反井鑽孔。這是一個了不起的項目，它將帶來巨大的價值，延長礦山壽命並為進一步勘探提供平台。

Now to our Africa operations on Slide 13. Ahafo delivered another quarter of solid performance as we continued mining higher grades from Subika open pit and realized initial benefits from the successful ramp-up of the Ahafo Mill Expansion project. The expansion accelerates efficient processing of ore from stockpiles and the Subika Underground Mine as well as harder, lower-grade ore from Ahafo's existing pits. Successful project execution has positioned the operation to generate a strong fourth quarter and a record 2019.

現在到幻燈片 13 上的非洲業務。隨著我們繼續從 Subika 露天礦開採更高品位並從 Ahafo Mill Expansion 項目的成功提升中實現初步收益，Ahafo 又交付了四分之一的穩健業績。此次擴建加快了對來自庫存和 Subika 地下礦山的礦石以及來自 Ahafo 現有礦坑的較硬、較低品位礦石的高效加工。成功的項目執行使該業務在第四季度取得了強勁的業績，並在 2019 年創下了歷史新高。

At Akyem, we also delivered yet another solid quarter and are pleased to have recently connected both our Africa operations to our operations support hub in Perth. The process control staff are now remotely analyzing real-time data from Akyem and collaborating with the site to deliver Sag mill improvements. We've identified approximately $20 million to $25 million of annual opportunities at Akyem and Ahafo from throughput and recovery improvements that will be implemented over 3 years. This is a great example of the value that can be generated from operating as one fully connected global mining business.

在 Akyem，我們還交付了另一個穩定的季度，並且很高興最近將我們的非洲業務連接到我們在珀斯的運營支持中心。過程控制人員現在正在遠程分析來自 Akyem 的實時數據，並與現場合作以改進流槽磨機。我們已經在 Akyem 和 Ahafo 確定了大約 2000 萬到 2500 萬美元的年度機會，這些機會來自將在 3 年內實施的吞吐量和恢復改進。這是一個很好的例子，說明作為一個完全連接的全球採礦企業運營可以產生的價值。

Looking forward, we have now established a solid platform to further evaluate growth from this prospective district. As we continue progressing our underground exploration, I'm excited by the potential at Subika and adjacent ore bodies and are actively evaluating and prioritizing these growth opportunities on a value-versus-risk basis.

展望未來，我們現在已經建立了一個堅實的平台來進一步評估這個有前景的地區的增長。隨著我們繼續推進地下勘探，我對 Subika 和鄰近礦體的潛力感到興奮，並在價值與風險的基礎上積極評估和優先考慮這些增長機會。

Wrapping up with our 2019 operational outlook on Slide 14. Our full year outlook now incorporates Nevada Gold Mines from July 1, which lowered our production by 45,000 ounces, improved our overall unit cost and lowered our exploration and advanced project spend by approximately $35 million. We also updated the North America and Australia regions to include the impacts of the last Peñasquito blockade and current mining constraints at KCGM. These have been partially offset by improved unit costs at Boddington.

總結我們在幻燈片 14 上的 2019 年運營展望。我們的全年展望現在包括從 7 月 1 日開始的內華達金礦，這將我們的產量降低了 45,000 盎司，提高了我們的整體單位成本，並將我們的勘探和高級項目支出降低了約 3500 萬美元。我們還更新了北美和澳大利亞地區，以包括上次 Peñasquito 封鎖的影響和 KCGM 當前的採礦限制。這些已被博丁頓改善的單位成本部分抵消。

Our development capital outlook has been lowered to $550 million as increases for Nevada Gold Mines and Ahafo are offset by lower spend in North and South America.

我們的開發資本前景已下調至 5.5 億美元，因為內華達金礦和 Ahafo 的增長被北美和南美的支出減少所抵消。

In summary, we expect to deliver approximately 6.3 million attributable ounces of gold and deliver all-in sustaining costs of approximately $965 per ounce in 2019. We remain fully focused on safely improving productivity and lowering costs to generate sustainable long-term value, and we'll provide an update on our progress at our guidance webcast on December 2.

總之，我們預計 2019 年將交付約 630 萬盎司黃金，並交付約 965 美元/盎司的全部維持成本。我們仍然完全專注於安全地提高生產力和降低成本以產生可持續的長期價值，我們將在 12 月 2 日的指導網絡廣播中提供最新進展。

With that, I'll hand it over to Nancy on Slide 15.

有了這個，我將在幻燈片 15 上將其交給 Nancy。

Thanks, Rob. Turning to Slide 16 for the financial highlights. In the third quarter, we delivered revenue of more than $2.7 billion, which increased 57% over the prior year quarter with the additional sales from the Goldcorp assets and higher gold prices; adjusted net income of $292 million or $0.36 per diluted share; and adjusted EBITDA of nearly $1.1 billion, a 70% increase over the prior year quarter. Cash from continuing operations was $793 million, an increase of 85%, driven by higher adjusted EBITDA. Free cash flow of $365 million increased more than $200 million over the prior year quarter; free cash flow per share of $0.44, of which we paid $0.14 per share in dividends.

謝謝，羅布。轉到幻燈片 16 了解財務亮點。第三季度，我們實現了超過 27 億美元的收入，比上年同期增長 57%，這得益於 Goldcorp 資產的額外銷售和更高的金價；調整後的淨收入為 2.92 億美元或每股攤薄收益 0.36 美元；調整後的 EBITDA 接近 11 億美元，比去年同期增長 70%。來自持續經營業務的現金為 7.93 億美元，增長 85%，這主要是由於更高的調整後 EBITDA。自由現金流為 3.65 億美元，比上一季度增加了 2 億多美元；每股自由現金流為 0.44 美元，其中我們支付了每股 0.14 美元的股息。

As a reminder, our third quarter results proportionately consolidated the company's ownership interest in Nevada Gold Mines. For the third quarter, our 38.5% of the Nevada Gold Mines joint venture contributed 334,000 ounces and generated $234 million of EBITDA.

提醒一下，我們第三季度的業績按比例合併了公司在內華達金礦的所有權權益。第三季度，我們 38.5% 的內華達金礦合資企業貢獻了 334,000 盎司，產生了 2.34 億美元的 EBITDA。

Turning to Slide 17 for a review of earnings per share in more detail. Third quarter GAAP net income from continuing operations was $2.2 billion or $2.71 per share. The primary adjustment was a $2.88 gain related to the creation of Nevada Gold Mines. The gain represents the difference between the fair value of Newmont's 38.5% ownership interest in Nevada Gold Mines and the carrying value of the Newmont Nevada assets contributed to the joint venture.

轉到幻燈片 17 以更詳細地回顧每股收益。第三季度來自持續經營業務的 GAAP 淨收入為 22 億美元或每股 2.71 美元。主要調整是與內華達金礦的創建相關的 2.88 美元收益。收益代表紐蒙特在內華達金礦 38.5% 所有權權益的公允價值與紐蒙特內華達資產向合資企業提供的賬面價值之間的差額。

Other adjustments included $0.49 related to valuation allowances and other tax impacts, $0.03 related to transaction and integration costs and $0.01 of other charges.

其他調整包括與估值津貼和其他稅收影響相關的 0.49 美元、與交易和整合成本相關的 0.03 美元以及其他費用 0.01 美元。

Taking these adjustments into account, we reported adjusted net income of $0.36 per diluted share.

考慮到這些調整，我們報告的調整後淨收益為每股攤薄收益 0.36 美元。

Turning to Slide 18. We remain well positioned to execute our capital priorities, including maintaining an investment-grade balance sheet, investing in the next-generation of mines to improve margins and build a stronger reserve base, and returning cash to shareholders through our sustainable quarterly dividend of $0.14 per share. We have one of the strongest balance sheets in the gold sector.

轉到幻燈片 18。我們仍然有能力執行我們的資本優先事項，包括維持投資級資產負債表、投資下一代礦山以提高利潤率和建立更強大的儲備基礎，以及通過我們可持續的每股 0.14 美元的季度股息向股東返還現金分享。我們擁有黃金行業最強大的資產負債表之一。

In September, we issued $700 million of debt at a rate of 2.8%, which was the lowest 10 years metal and mining coupon ever and is a testament to our leading financial position. Before using the proceeds to pay off $626 million of debt due on October 1, we ended the quarter with a cash balance of $2.7 billion.

9 月，我們以 2.8% 的利率發行了 7 億美元的債券，這是 10 年來最低的金屬和採礦票息，證明了我們領先的財務狀況。在使用所得款項償還 10 月 1 日到期的 6.26 億美元債務之前，我們在本季度末的現金餘額為 27 億美元。

Looking forward, we are well positioned to continue a trajectory of industry-leading financial performance by executing our capital priorities and staying focused on long-term value creation.

展望未來，我們有能力通過執行我們的資本優先事項並專注於長期價值創造，繼續保持行業領先的財務業績。

And now I'll hand it back to Tom to wrap up on Slide 19.

現在我將把它交還給湯姆，讓他在幻燈片 19 上結束。

Thanks, Nancy. Turning to Slide 20. We are building momentum to deliver a strong fourth quarter and ensuring we are taking the necessary steps to position our business for long-term success. We remain focused on the 5 foundational principles of our strategy: Keeping our people safe with a relentless commitment to our safety culture and systems; growing margins through the application of our operating, technical and exploration discipline; leveraging our exploration program and unmatched portfolio to grow reserves and resources; optimizing our world-class project pipeline and maintaining discipline around capital allocation.

謝謝，南希。轉到幻燈片 20。我們正在蓄勢待發，以實現強勁的第四季度，並確保我們正在採取必要的步驟來定位我們的業務以取得長期成功。我們仍然專注於我們戰略的 5 項基本原則：通過應用我們的運營、技術和勘探學科來增加利潤；利用我們的勘探計劃和無與倫比的投資組合來增加儲量和資源；優化我們的世界級項目管道並保持資本分配的紀律。

Thank you for your time. With that, I'll turn it over to the operator to open the line for questions.

感謝您的時間。有了這個，我會把它交給接線員打開問題熱線。

(Operator Instructions) And our first question comes from Mike Parkin of National Bank.

（操作員說明）我們的第一個問題來自國家銀行的邁克帕金。

Looking back at Slide 8, where you're showing where your initial, kind of, target on synergies was and where you've transitioned to today, it looks like the G&A savings are -- if that right-hand bars chart is proportional, has grown substantially. Just trying to get an idea of what has benefited from your initial kind of look to where you are today?

回顧幻燈片 8，在那裡你展示了你最初的協同效應目標，以及你已經過渡到今天的地方，看起來 G&A 節省是——如果右邊的條形圖是成比例的，大幅增長。只是想了解從您最初的外觀到今天的位置有什麼好處？

And then also, if you could provide any kind of sense of what the breakdown in that G&A savings would be, just ballpark on a percentage basis on a corporate-versus-a-site base.

然後，如果你能提供任何一種關於 G&A 節省的細目分類的感覺，只需在公司與站點基礎上按百分比計算即可。

Thanks, Mark. It's Tom here. So the G&A number is $120 million that you see on the right-hand side, which is an increase from the initial commitment we made of $85 million. That value comes from collapsing 2 companies into one. So it's the value that comes from no longer having a corporate headquarters in Vancouver and starting to run Newmont Goldcorp like we ran Newmont before we acquired Goldcorp.

謝謝，馬克。我是湯姆。因此，您在右側看到的 G&A 數字是 1.2 億美元，比我們最初承諾的 8500 萬美元有所增加。該價值來自於將 2 家公司合二為一。因此，它的價值來自不再在溫哥華設立公司總部，而是開始像我們在收購 Goldcorp 之前經營 Newmont 一樣經營 Newmont Goldcorp。

So that -- the vast majority of that value is coming from corporate costs. And it's about the focus we have had on driving down our overhead costs so that we're running this business as efficiently as we can.

因此，該價值的絕大部分來自企業成本。這是關於我們一直專注於降低間接費用，以便我們盡可能高效地經營這項業務。

And from my position, we're not finished yet. I think there's still more work for us to do to set this business up to run efficiently. And as we move into 2020, you can expect to hear more from me on that.

從我的立場來看，我們還沒有完成。我認為我們還有更多工作要做，才能讓這項業務高效運行。隨著我們進入 2020 年，您可以期待從我這裡聽到更多關於這方面的信息。

Our next question comes from Matthew Murphy of Barclays.

我們的下一個問題來自巴克萊銀行的馬修墨菲。

Just had a question on the ramp-up at Musselwhite. So when you're talking about rebuilding inventories, those are underground inventory? Or it's stope availability? Or it's actual? Or at surface?

剛剛對 Musselwhite 的升級有疑問。所以當你談論重建庫存時，那些是地下庫存？還是採場可用性？或者它是實際的？還是在表面？

Thanks, Matthew. I'll pass microphone across to Rob Atkinson to answer your question.

謝謝，馬修。我會把話筒交給 Rob Atkinson 來回答你的問題。

Thanks, Matthew. Very simply, it's material that we are currently trucking up from underground to the surface. And when those stopes get to the sufficient level, we'll restart the plant next year. But it is ore that's currently being mined halfway down the mine.

謝謝，馬修。很簡單，這是我們目前從地下運到地面的材料。當這些採場達到足夠的水平時，我們將在明年重新啟動工廠。但目前正在礦山中途開采的是礦石。

Okay. And then the reason for not starting the mill until later is just it's going to be insufficient quantities until then. Is that right?

好的。然後直到晚些時候才開始工廠的原因只是到那時它的數量會不足。是對的嗎？

That's correct. The best way to run a mill is flat out or not at all. And we want to make sure that we're in a position of not starting and stopping.

這是正確的。經營工廠的最佳方式是全力以赴或根本不經營。我們要確保我們處於不啟動和停止的位置。

Sure. Okay. And so is this progress in line with what you had previously guided on Musselwhite?

當然。好的。那麼，這一進展是否與您之前對 Musselwhite 的指導一致？

It very much is. And certainly, I was up there a couple of weeks ago. I saw the operation firsthand, the team is making great progress. And I mentioned in the discussion that we've awarded the contracts. So [segmentation] are on board. And we really are pushing that project to bring it on by early October next year. So very good progress.

確實如此。當然，幾週前我就在那裡。我親眼看到了操作，團隊正在取得長足的進步。我在討論中提到我們已經授予合同。所以[細分]在船上。我們確實在推動該項目在明年 10 月初之前完成。所以進展非常好。

Okay. And then just the last one related to Musselwhite, is -- those insurance proceeds looks like $45 million since the fire. Do you expect to get more proceeds there? Or is there a cap on what you can get?

好的。最後一個與 Musselwhite 相關的是——自火災以來，這些保險收益看起來是 4500 萬美元。您希望在那裡獲得更多收益嗎？或者你能得到什麼有上限嗎？

We do. There is a cap, and we have not previously disclosed that. But suffice it to say, we're working with the carriers and the underwriters now to settle that claim and our hope is to try to wrap that up by the end of the fourth quarter.

我們的確是。有一個上限，我們之前沒有透露過。但足以說明的是，我們現在正在與承運人和承銷商合作解決這一索賠，我們希望在第四季度末結束。

Our next question comes from Chris Terry of Deutsche Bank.

我們的下一個問題來自德意志銀行的克里斯特里。

A few questions from me. Maybe we could just started Peñasquito, so a lot of moving parts there. Just wondering if you could comment on the last technical report you had out versus how we should expect the run rate from here. I think you mentioned higher throughputs, $50 million Full Potential savings. So I just wanted to sort of think about how that asset is shaping up in forward periods.

我有幾個問題。也許我們可以開始 Peñasquito，那裡有很多活動部件。只是想知道您是否可以評論您發布的上一份技術報告以及我們應該如何從這裡預期運行率。我想你提到了更高的吞吐量，5000 萬美元的全部潛力節省。所以我只是想考慮一下該資產在遠期是如何形成的。

Chris, I'll pick up that one and maybe pass across to Rob to add any color. The $50 million quick wins comes from some very straightforward things, parking up 14 pieces of mining equipment that are excess to requirements, parking up an overland waste conveyor that's not required and taking our team from Boddington and tuning those Sag mills so it runs efficiently, and a bit of work around how we design a polygon on the mine and then how we dig to the polygon. So as Rob talks about some really basic things that we're doing at Peñasquito.

克里斯，我會拿起那個，也許會傳給羅布添加任何顏色。5000 萬美元的速贏來自於一些非常簡單的事情，停放了 14 台超出要求的採礦設備，停放了一個不需要的陸上垃圾輸送機，並讓我們的團隊從博丁頓調過來調整這些 Sag 磨機，使其高效運行，以及關於我們如何在礦井上設計多邊形以及如何挖掘多邊形的一些工作。因此，當 Rob 談論我們在 Peñasquito 所做的一些非常基本的事情時。

The thing that gets me really excited about Peñasquito and the value that it can deliver are the parallels between Peñasquito and Boddington.

讓我對 Peñasquito 和它可以提供的價值感到非常興奮的是 Peñasquito 和 Boddington 之間的相似之處。

And I'd led the turnaround of Boddington over the last 6 or 7 years, and I can see the same story at Peñasquito and the opportunity for us to improve throughput particularly at the front end of that mill by taking all of that experience from Boddington and rapidly applying it to Peñasquito is what gets me very excited about the value and the upside that we can deliver from Peñasquito.

在過去的 6 或 7 年裡，我領導了 Boddington 的轉型，我可以在 Peñasquito 看到同樣的故事，並且我們有機會通過借鑒 Boddington 的所有經驗來提高產量，特別是在該工廠的前端並迅速將其應用於 Peñasquito 讓我對我們可以從 Peñasquito 帶來的價值和優勢感到非常興奮。

In terms of long-term view, in less than 4 weeks, we're providing our guidance out for 5 years, and that's probably the best way to give you a summary of how Peñasquito is going to shape up over the next 5 years or so.

從長遠來看，在不到 4 週的時間裡，我們將提供 5 年的指導，這可能是總結 Peñasquito 在未來 5 年或所以。

Okay, okay. And then maybe just to ask a question on the slide going through the synergies another way, of the $40 million that you've added, the $240 million, just wondered if you could comment on what we should see of that actually flowing through to the cash line. So actually, on the operating line?

好吧好吧。然後也許只是在幻燈片上問一個問題，以另一種方式討論協同效應，在你增加的 4000 萬美元中，2.4 億美元，只是想知道你是否可以評論我們應該看到的實際流向現金線。那麼實際上，在運營線上？

Yes. The -- you'll start to see that flowing through. I'm going to pass across to Nancy to -- she's probably better placed to answer that question.

是的。- 你會開始看到它流過。我要轉交給南希——她可能更適合回答這個問題。

Yes. So you'll see, as we recognize some of the Full Potential benefits, you'll see those in a variety of ways. You'll see them in an improved cost structure. You may see them in terms of improved production and productivity and a few other places. So I would say it's a balance between cost and production probably swayed significantly more towards costs, and we will continue to refine those numbers as we present them to you over the quarters and recognizing folks want to understand how this is actually flowing through AISC and how will it will flow through production.

是的。所以你會看到，當我們認識到一些完全潛在的好處時，你會以各種方式看到這些好處。您會在改進的成本結構中看到它們。您可能會在提高生產和生產力以及其他一些地方看到它們。所以我想說成本和生產之間的平衡可能更傾向於成本，我們將繼續完善這些數字，因為我們在幾個季度向您展示這些數字，並認識到人們想了解這實際上是如何通過 AISC 流動的，以及如何它會流經生產嗎？

And again, as Tom mentioned, you'll see most of that represented in our December guidance, and that will be the best benchmark for how to understand those savings.

再一次，正如湯姆提到的，您會在我們 12 月的指南中看到大部分內容，這將是了解這些節省的最佳基準。

But we get the ask, and we'll continue to provide transparency on that as we move forward.

但我們收到了請求，並且在我們前進的過程中將繼續提供透明度。

Okay. And then in terms of -- just following up on the cost as well. Just at Tanami, I just wondered if you could comment, thinking about the expansion, the second phase and where that asset is at. I just wondered if you could comment a little bit on what you've seen on the cost reduction from the pipeline versus your original expectations and whether the benefits are coming through there.

好的。然後就 - 也只是跟進成本。就在塔納米，我只是想知道你是否可以發表評論，考慮一下擴張、第二階段以及資產所在的位置。我只是想知道您是否可以就您所看到的管道成本降低與您最初的預期相比發表一些評論，以及收益是否正在通過那裡獲得。

Yes. Thanks, Chris. Again, we'll provide some more detail to build upon the information we have provided previously in a few weeks' time with our long-term guidance. But that project continues to meet our internal rates of return. So it continues to present as a very profitable mine, and I'd expect that we'll be able to show you the -- some good cost improvements and a story that continues from the one that we've shared with you over the last 12 months for that expansion of that operation.

是的。謝謝，克里斯。同樣，我們將在幾週後根據我們之前提供的信息提供更多詳細信息，並提供長期指導。但該項目繼續滿足我們的內部回報率。因此，它繼續作為一個非常有利可圖的礦山出現，我希望我們能夠向您展示 - 一些很好的成本改進和一個延續我們上次與您分享的故事的故事該操作的擴展需要 12 個月。

The last one for me. Just in terms of the guidance going forward, and maybe you'll have more color in the next month or so, but are you going to be guiding on an asset-by-asset basis or going to more of a regional approach like you have in this release?

最後一個給我。就未來的指導而言，也許你會在下個月左右有更多的顏色，但你是要在逐個資產的基礎上進行指導，還是像你那樣採用更多的區域方法在這個版本中？

Chris, you'll see the same asset-by-asset approach for Newmont Goldcorp going forward that you had from Newmont in the past. So for the next 12 months, you'll see asset-by-asset. You'll see 3 years by region. You'll see 5 years for the portfolio. Same as we have done for a number of years now.

克里斯，你會看到 Newmont Goldcorp 未來採用與過去從 Newmont 獲得的相同的逐項資產方法。因此，在接下來的 12 個月裡，您將看到逐個資產。您會按地區看到 3 年。您將看到投資組合的 5 年。就像我們多年來所做的一樣。

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。

Rob, in your comments at Peñasquito, the discussions you have in there, you specifically said you're talking to the Cedros community only. I'm wondering where the trucking company and their issues lie now.

Rob，在你在 Peñasquito 的評論中，你在那裡進行的討論中，你明確表示你只與 Cedros 社區交談。我想知道貨運公司及其問題現在在哪裡。

It's a good question. And going back to what I said, the key relationship we have is with the communities, and that's where it's got to start and finish. The CAVA trucking live some in that community, others elsewhere. But very simply, that our discussions are with that community, and that's what we've got to solve.

這是個好問題。回到我剛才所說的，我們與社區的關鍵關係，這就是它必須開始和結束的地方。CAVA 卡車運輸一些人住在那個社區，其他人住在其他地方。但非常簡單，我們的討論是與該社群進行的，這就是我們必須解決的問題。

With the government, both state and federal, that we're having other discussions to make sure that the Cedros community is first and foremost, and that's where our discussions lie and that's where we are absolutely targeting to deliver long-term, sustainable future.

我們正在與州政府和聯邦政府進行其他討論，以確保 Cedros 社區是首要的，這就是我們的討論所在，也是我們絕對致力於實現長期、可持續未來的地方。

So certainly, our priority is with Cedros community. At CAVA, we have to manage on an ongoing basis, but focus, again, is with Cedros.

當然，我們的首要任務是 Cedros 社區。在 CAVA，我們必須在持續的基礎上進行管理，但重點還是放在 Cedros 身上。

Is it mostly the water issues that you are dealing with there?

您在那里處理的主要是水問題嗎？

Very much. The water is the key part. The other thing is that we want to have an ongoing relationship. Relationship shouldn't be transactional, and we want to make sure that the Cedros community is benefiting the presence of our operation there. But a large part of that is to have reliable, predictable and a high-quality source of water. So that forms a large part of the discussions, but it's certainly not the only part.

非常。水是關鍵部分。另一件事是我們希望保持持續的關係。關係不應該是交易性的，我們希望確保 Cedros 社區對我們在那裡的運營有益。但其中很大一部分是為了擁有可靠、可預測和高質量的水源。所以這構成了討論的很大一部分，但肯定不是唯一的部分。

And Tom, the Q4 is shaping up to be a very good quarter, north of 1.8 million ounces, I guess, from what your guidance suggests. I guess the only issue there is that Goldcorp had a history of loading everything up into the fourth quarter and then there was a bit of a pullback after that. Is Q4 more of a run rate? Or is it a one-hit wonder and then things pull back? How do you see things moving forward?

湯姆，根據您的指導意見，我猜第四季度將是一個非常好的季度，超過 180 萬盎司。我想唯一的問題是 Goldcorp 有將所有東西都加載到第四季度的歷史，然後在那之後出現了一些回調。Q4更多的是運行率嗎？或者它是一擊奇觀，然後事情就倒退了？你如何看待事情的進展？

Well, there are a number of factors driving our strong fourth quarter, and they're not all from former Goldcorp assets. You've got Ahafo Mill Expansion that's going to have a full quarter of run rate. You're moving at a high-grade ore at KCGM, you're moving into higher-grade ore at Tanami. So there are a number of former Newmont assets that are contributing to that fourth quarter. So it's a factor of mine sequence.

好吧，有許多因素推動了我們強勁的第四季度，而且它們並非全部來自前 Goldcorp 資產。您擁有 Ahafo Mill Expansion，它的運行速度將達到四分之一。你在 KCGM 搬進高品位礦石，你在 Tanami 搬進高品位礦石。因此，有許多前紐蒙特資產為第四季度做出了貢獻。所以這是我順序的一個因素。

And when our mines are reaching some of the higher-grade ore, that's driving a higher fourth quarter this year. And when we guide in December, we'll give you some indication through our guidance as to how 2020 is shaping up in terms of a year -- half-year-on-half-year or quarter-on-quarter performance.

當我們的礦山達到一些更高品位的礦石時，這將推動今年第四季度的增長。當我們在 12 月發布指南時，我們將通過我們的指南向您提供一些關於 2020 年一年的情況——半年對半年或季度環比表現的指示。

And I think, Tom, if I could also just add that one of the key things that we are doing next year is to make sure that we're well set up for the long-term future. And as an example of that at Éléonore, and we're working very closely to make sure that our stoping sequence is, right, that we've got that flexibility. And also the work that we're doing at Musselwhite to make sure that we're no longer in that one-stope position that we were just 12 months ago, that we've actually got several stopes.

我想，湯姆，如果我還可以補充一點，我們明年要做的一件關鍵事情就是確保我們為長期的未來做好準備。作為 Éléonore 的一個例子，我們正在密切合作，以確保我們的停止順序是正確的，我們有這種靈活性。還有我們在 Musselwhite 所做的工作，以確保我們不再處於 12 個月前的那種單採場位置，我們實際上有幾個採場。

So all the work that we are doing is very much focused on the long term, and we're setting the mines up as such.

因此，我們正在做的所有工作都非常注重長期，我們正在這樣設置地雷。

Does the gold have more of a consistent production profile through the year?

黃金全年的生產情況是否更加一致？

Greg, it's about following the mine sequence and how the grade presents through a portfolio of 13 or 14 operations. So we don't try and optimize to get smooth, quarter-on-quarter. We look to optimize on what's the best value and then let those mine plans, those mine sequence follow in good order.

格雷格，這是關於遵循礦井順序以及等級如何通過 13 或 14 個操作的組合呈現的。所以我們不會嘗試優化以獲得平穩的季度環比。我們希望優化最佳價值，然後讓那些礦山計劃、那些礦山順序井然有序。

Our next question comes from Carey MacRury of Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Carey MacRury。

I just had a question on Éléonore and Porcupine. I guess when the Goldcorp deal was first done, those were deemed as potentially noncore. Now that you've had them for almost 2 quarters, I'm just wondering what you're thinking on those 2 assets are.

我剛剛有一個關於 Éléonore 和 Porcupine 的問題。我想當 Goldcorp 交易首次完成時，這些被視為潛在的非核心。現在您已經擁有它們將近兩個季度了，我只是想知道您對這兩項資產的看法。

Yes. Just to clarify, Carey, we never said Éléonore was a potential optimization asset. It's a core asset in our business and the exploration potential around Éléonore is first class. And it's a region that we are very happy to have our foot on. So I don't know where that story has come from, but that's never been the case.

是的。澄清一下，Carey，我們從未說過 Éléonore 是一個潛在的優化資產。這是我們業務的核心資產，Éléonore 周圍的勘探潛力是一流的。這是一個我們很高興踏足的地區。所以我不知道這個故事是從哪裡來的，但從來沒有這樣。

Porcupine, some really good opportunities around Porcupine to optimize that operation particularly as we look to bring in Borden and the contribution from Borden and the upside from Borden, so our focus with Porcupine is on optimizing the value from that asset.

Porcupine，圍繞 Porcupine 的一些非常好的機會來優化該操作，特別是當我們希望引入 Borden 和 Borden 的貢獻以及 Borden 的優勢時，所以我們對 Porcupine 的關注是優化該資產的價值。

Okay. And then maybe on the 2020 guidance, I think your preliminary numbers are about 7.4 million ounces. Given the blockade at Peñasquito and what's happening with Musselwhite and potentially KCGM, are those the 3 items that you would have had that we should potentially be taking our 2020 numbers down a bit by? Or are there other items that should offset those when we think about 2020? I know you're in the middle of your guidance process.

好的。然後也許在 2020 年的指導中，我認為你的初步數字約為 740 萬盎司。考慮到 Peñasquito 的封鎖以及 Musselwhite 和潛在的 KCGM 發生的情況，這 3 個項目是不是我們應該將 2020 年的數字降低一點點？或者當我們考慮 2020 年時，是否還有其他項目可以抵消這些項目？我知道您正處於指導過程中。

Yes. It's a bit of apples-to-oranges when you start to compare from that March guidance to what we'll present in 2020. You've got -- since March, we've formed a joint venture in Nevada. So you'll see the impact of production and costs from that joint venture that we'll talk to in the -- in that first week of December. You've got a potential divestment of Red Lake that comes into that equation. You've got a different mining sequence from Peñasquito as you flagged in terms of when ore might present. So there are a number of factors that come into play.

是的。當您開始將 3 月份的指南與我們將在 2020 年發布的指南進行比較時，這有點像蘋果對橘子。你有 - 自三月以來，我們在內華達州成立了一家合資企業。所以你會看到我們將在 12 月的第一周討論的那個合資企業的生產和成本的影響。你有一個潛在的紅湖撤資進入這個等式。正如您根據礦石可能出現的時間所標記的那樣，您的採礦順序與 Peñasquito 不同。因此，有許多因素在起作用。

At Ahafo, we move into a different mining method next year as we mine the Subika underground mine with a sub-level shrinkage measured -- method that wasn't there back in March 4. So there are a number of factors that will be different from March 4 to what we presented in the first week of December, but we'll provide clear explanation of that when we provide our long-term guidance.

在 Ahafo，我們明年將採用不同的採礦方法，因為我們在 Subika 地下礦山開採時會測量分段收縮——這種方法在 3 月 4 日還沒有出現。所以有很多因素會有所不同從 3 月 4 日到我們在 12 月的第一周展示的內容，但我們會在提供長期指導時對此做出明確的解釋。

Our next question comes from Tanya Jakusconek of Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

Maybe for Tom. Congratulations on the Full Potential that you're seeing. You're ahead of budget there. Wanted to ask about 2020. I know that we talked previously that 80% of your expected synergies are going to be captured in 2020 and you would be exiting the year at 100%. But since you've been doing better than anticipated, is that something that we think you're going to be doing better than that 80%? [Have] you changed that target at all?

也許是為了湯姆。祝賀您看到的全部潛力。你在那裡超出了預算。想問一下2020年。我知道我們之前談過，80% 的預期協同效應將在 2020 年實現，而您將以 100% 的比例結束這一年。但是既然你的表現比預期的要好，我們認為你會比那 80% 做得更好嗎？[有沒有]你改變了那個目標？

Thanks, Tanya. It's Tom here. It's -- well, 40% run rate by the end of this year, 80% by the end of 2020 and 100% by the end of 2021 was the initial commitment that we made, but we're now sitting at essentially 66% of that run rate at the end of 2020.

謝謝，坦尼婭。我是湯姆。這是——好吧，到今年年底 40% 的運行率，到 2020 年底 80% 和 2021 年底 100% 是我們最初的承諾，但我們現在基本上是 66%到 2020 年底的運行率。

As part of our long-term guidance again in 4 weeks' time, we'll give you an update in terms of how we're tracking based upon that guidance against that initial commitment that we made.

作為我們在 4 週後再次提供長期指導的一部分，我們將根據該指導與我們做出的最初承諾進行跟踪，向您提供最新情況。

Okay. All right. I look forward to hearing more about that. And maybe just on your divestiture. You mentioned Red Lake potentially not being in the 2020 guidance. Does it look like something could close before year-end?

好的。好的。我期待聽到更多相關信息。也許只是你的資產剝離。您提到 Red Lake 可能不在 2020 年指南中。看起來有些東西可能會在年底前關閉嗎？

We're on track with the process we're running. We've just completed the site visits. So we remain on track.

我們正在按照我們正在運行的流程走上正軌。我們剛剛完成實地考察。所以我們保持在正軌上。

Our next question comes from Anita Soni of CIBC.

我們的下一個問題來自 CIBC 的 Anita Soni。

So my question is with regards to Éléonore. Could you just talk about the grade, the lower grades that you had this quarter and how you see that playing out over the next little while?

所以我的問題是關於 Éléonore 的。您能否談談成績，本季度的較低成績以及您如何看待接下來的一段時間？

Thanks, Anita. I'll pass the microphone across to Rob Atkinson to take you through that.

謝謝，安妮塔。我會把麥克風遞給羅布·阿特金森，讓您了解一下。

No Problem. Anita, it's really very simple that we've been working hard to get the stopes back into a good sequence so that we're minimizing all the mining stresses that we are looking at certainly higher grade coming into the quarter 4.

沒問題。Anita，這真的很簡單，我們一直在努力讓採場恢復到良好的順序，以便我們將所有採礦壓力降到最低，我們正在尋找進入第 4 季度的更高品位。

So very, very simply, it's those 2 issues that I think we're getting back into a better sequence. And the stopes which are presenting are of a higher grade. So that's all there is to it.

所以非常非常簡單，我認為我們正在恢復更好的順序的就是這兩個問題。呈現的採場等級更高。所以這就是它的全部。

All right. And then similarly, on Cerro Negro lower grades, I think you're citing Eureka and Mariana Norte has higher grades in the fourth quarter. But as I recall, Eureka grades weren't all that high. So I'm just -- I think you had 10-gram per tonne overall this quarter. And I think what I know of Eureka, what was left was about 10-gram per tonne material. So was there some pod that you had not mined yet that was higher grade?

好的。然後類似地，在 Cerro Negro 較低的等級上，我認為你是在引用 Eureka 和 Mariana Norte 在第四季度的等級較高。但我記得，尤里卡的成績並沒有那麼高。所以我只是 - 我認為你本季度的總重量為每噸 10 克。而且我想我對尤里卡的了解，剩下的是每噸材料大約 10 克。那麼，是否有一些您尚未開采的等級更高的豆莢？

I'm not 100% sure, to be honest, but certainly, we've -- at Cerro Negro, we've just been progressing the plan. We're certain it's a very high-grade moving forward this next quarter, but perhaps, Tom?

老實說，我不是 100% 確定，但可以肯定的是，在 Cerro Negro，我們一直在推進計劃。我們確信下個季度將取得非常好的進展，但也許，湯姆？

Year. I think, Anita, why don't we get Jess to pick up with you after the call, and she can take you through the detail of that question.

年。我想，安妮塔，為什麼我們不讓傑西在通話後接你，她可以帶你了解這個問題的細節。

Sure. And then just in terms of the debt issuance and then repaying the debt on October 1. I'm just curious why you didn't use cash balances to just pay off that debt and move on. I know that your net debt-to-EBITDA is around 1 at the $1,500 gold that we just experienced, but closer to about 1.5 if you use the prior quarter's run rate on EBITDA.

當然。然後就債務發行而言，然後在 10 月 1 日償還債務。我很好奇你為什麼不使用現金餘額來償還債務並繼續前進。我知道在我們剛剛經歷的 1,500 美元黃金時，您的淨債務與 EBITDA 的比率約為 1，但如果您使用上一季度的 EBITDA 運行率，則接近 1.5 左右。

Yes, Anita, a great question. And what we really wanted to do is, as we take on both the acquisition of the Goldcorp assets and the JV, we wanted to ensure we had maximum financial flexibility. So we had an opportunity at an unbelievable coupon to just refinance that for now, but that's one thing we've really continued to think about. At today's higher gold prices, debt repayment will be a significant priority. We just wanted to give ourselves some flexibility as we're taking on what Newmont looks like today.

是的，安妮塔，一個很好的問題。我們真正想做的是，在我們同時收購 Goldcorp 資產和合資企業時，我們希望確保我們擁有最大的財務靈活性。所以我們有機會以令人難以置信的優惠券暫時再融資，但這是我們真正繼續考慮的一件事。在今天較高的金價下，償還債務將是一個重要的優先事項。我們只是想給自己一些靈活性，因為我們正在接受紐蒙特今天的樣子。

But you can certainly anticipate, as we are experiencing these prices, a significant amount of those dollars will be pointed towards debt reduction of those '21 through '23 debt towers.

但你當然可以預見，當我們經歷這些價格時，這些美元中的很大一部分將用於減少那些 '21 到 '23 債務塔的債務。

And then last one, just a little bit more on the -- trying to get you to reveal something as everyone else has on the guidance coming up. The -- in terms of Musselwhite, when you put out the 7.4 million ounces, I think that was in June of -- it was with Q2 results when you put out 7.4 million. Did that incorporate the impact of the Musselwhite fire, which I think happened in the first -- at the end of the first quarter?

然後是最後一個，再多一點——試圖讓你透露一些其他人對即將到來的指導的看法。- 就 Musselwhite 而言，當你推出 740 萬盎司時，我認為那是在 6 月份 - 當你推出 740 萬盎司時，這是第二季度的結果。這是否包含了 Musselwhite 大火的影響，我認為這發生在第一季度末？

Yes, the numbers you're quoting there, Anita, go back to our guidance from early March. But don't incorporate the impact of the Musselwhite fire that happened in late March.

是的，你在那裡引用的數字，安妮塔，可以追溯到我們 3 月初的指導。但不要將 3 月下旬發生的 Musselwhite 大火的影響考慮在內。

All right. So this would probably have been more like the annualized run rate prefire would have been in that 7.4 million ounces?

好的。所以這可能更像是 740 萬盎司的年化預燒率？

Yes. That's a good judgment to make.

是的。這是一個很好的判斷。

Our next question comes from Andrew Kaip of BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Andrew Kaip。

Look, just a little bit more on Musselwhite. Early October is when you're guiding towards commercial production. Wondering if you can walk us through the steps and what the critical path there is that's determining early October. Is it the completion of the conveyance system? Or is it material handling system isn't going to be commercial by that time? So just a bit more clarity would be...

看，更多關於 Musselwhite 的信息。十月初是您指導商業生產的時候。想知道您是否可以引導我們完成這些步驟，以及決定 10 月初的關鍵路徑是什麼。傳送系統完成了嗎？還是到那時物料搬運系統不會商業化？所以只是更清晰一點......

Thanks, Andrew. It's not linked to the materials handling system. It's the replacement conveyor, and I'll get Rob to take you through some detail on that.

謝謝，安德魯。它沒有鏈接到材料處理系統。這是替換傳送帶，我會讓 Rob 為您詳細介紹一下。

No problem. Thanks, Andrew. And again, this is a sequence of events. So really, the -- what we've been working hard on at the moment is the rehabilitation and the dewatering. That had to be done to be completed. We've got one more area, which is the transfer point to demolish and the -- and salvage some of the old gear, and that will be done over the coming months.

沒問題。謝謝，安德魯。同樣，這是一系列事件。所以真的，我們目前一直在努力的是修復和脫水。必須這樣做才能完成。我們還有一個區域，即要拆除的轉運點，以及——並搶救一些舊設備，這將在未來幾個月內完成。

The contract in place to get a suitably qualified, experienced contractor was also a part, and that's been awarded. And we expect full site mobilization to be completed by early January.

為獲得合格的、有經驗的承包商而簽訂的合同也是其中的一部分，並且已經授予。我們預計將在 1 月初完成全部站點動員。

Now as Tom mentioned, the materials handling, it's a very important part. If you remember, that we've got a shaft and we've got conveyor and a crusher. That's being commissioned, and we're expecting that to be fully commissioned around about the end of the first quarter. The mechanical completion of the belt, we are expecting to be somewhere towards the end of the second, early third quarter. And then that's where we can do the practical completion, the technical support and the ramp-up to allow us to get to October.

正如湯姆提到的，材料處理是一個非常重要的部分。如果你還記得的話，我們有一根豎井，還有傳送帶和一台破碎機。正在調試中，我們預計將在第一季度末左右全面調試。傳送帶的機械完成，我們預計將在第二季度末、第三季度初的某個時間完成。然後我們可以在那裡進行實際的完成、技術支持和升級，讓我們能夠到 10 月。

So certainly, whilst it's not the material handling system, the material handling system only comes into its own with the belt running, and that's when we can get the true efficiencies. So we're going to get a double whammy that when the belt comes back, it's going to be a lot more efficient [domain] in general with the materials handling system as well. But that's the sequence of event that we're looking at over the next 9 months -- 9 or 10 months.

所以當然，雖然它不是材料處理系統，但材料處理系統只有在皮帶運行時才會發揮作用，那時我們才能獲得真正的效率。因此，當傳送帶恢復時，我們將受到雙重打擊，一般來說，材料處理系統也會變得更加高效[領域]。但這就是我們在接下來的 9 個月——9 個月或 10 個月內關注的事件順序。

All right. And then when we think about Musselwhite on a go-forward basis full production, how many stopes are you thinking that you have available -- or to be able to meet the production expectations in guidance and give you that flexibility that you can look out efficiently?

好的。然後，當我們在全面生產的基礎上考慮 Musselwhite 時，您認為您有多少採場 - 或者能夠滿足指導中的生產預期並為您提供可以有效查看的靈活性？

I think a good rule of thumb is for -- if we aim for that and certainly, I think we'll be comfortable for the couple of reasons is it gives us the flexibility if there's any challenges with stopes. It also gives us the flexibility with grade. And the key to all that is making sure that our development is well ahead, that whether it's at Musselwhite or any of our other mines, keeping that 18 months in advance is so key. But a good rule of thumb we are aiming at is to have at least 4. And just another comment I'd make, Andrew, on putting -- keeping Musselwhite as an important mine in our portfolio of 14. Given the context of our portfolio, we can manage through this issue. But it's at that scale compared to our portfolio.

我認為一個好的經驗法則是——如果我們以此為目標，當然，我認為我們會感到舒服，原因有兩個，如果採場有任何挑戰，它會給我們帶來靈活性。它還為我們提供了評分的靈活性。所有這一切的關鍵是確保我們的發展遙遙領先，無論是在 Musselwhite 還是我們任何其他礦山，保持提前 18 個月都是如此關鍵。但我們的目標是至少擁有 4 個良好的經驗法則。安德魯，我要發表的另一個評論是——將 Musselwhite 作為我們 14 個投資組合中的一個重要礦山。鑑於我們投資組合的背景，我們可以解決這個問題。但與我們的投資組合相比，它處於那種規模。

Okay. And then just one final question just on Peñasquito, you had indicated that grades would be stepping up in the fourth quarter from where they are currently. I'm just wondering what kind of step up can we expect. There's a fairly significant rate difference between what was previously forecasted for 2019 and then what 2020 was and that's moved. So I'm just wondering how much of a step-up should we be expecting.

好的。然後是關於 Peñasquito 的最後一個問題，你曾表示成績將在第四季度從目前的水平提高。我只是想知道我們可以期待什麼樣的進步。之前預測的 2019 年與 2020 年的預測之間存在相當大的差異。所以我只是想知道我們應該期待多少提升。

Again, Andrew, I'll get Rob to take you through some of that detail.

再一次，安德魯，我會讓羅布向您介紹一些細節。

Yes. The grades, we are about to hit some good material in the mine after the pre-stripping that's been done. So we are going to have a sustained period where the grade is going to be higher. I think a good rule of thumb is about 0.5 gram per tonne is where we're typically sitting for the final quarter.

是的。等級，在完成預剝離後，我們將在礦山中開採一些優質材料。所以我們將有一個持續的時期，等級會更高。我認為一個好的經驗法則是每噸 0.5 克左右是我們通常在最後一個季度坐下來的地方。

Our next question comes from John Tumazos of John Tumazos Very Independent Research.

我們的下一個問題來自 John Tumazos Very Independent Research 的 John Tumazos。

Could you elaborate a little bit? There was a sentence or 2 towards the end of the presentation that mentioned Galore Creek, Norte Abierto and Nueva Unión. Are those projects that you're optimistic about because they're very large or because the pending data that might be developed over the next couple of years, as Newmont does their work, may improve the project or because of the existing data on the project or because you expect higher copper and gold prices to improve the returns?

你能詳細說明一下嗎？在演示結束時有一兩句話提到了 Galore Creek、Norte Abierto 和 Nueva Unión。您對那些項目持樂觀態度是因為它們非常大，還是因為在未來幾年內可能開發的待定數據，就像紐蒙特公司所做的那樣，可能會改進項目，或者因為項目的現有數據還是因為您預計更高的銅價和金價會提高回報率？

Thanks, John. It's Tom here. What we like about those 3 projects that we have sitting at prefeasibility stage is the very long life that they present, and they can underpin an investment thesis for Newmont Goldcorp that presents very long life that can go out through the next 2 or 3 decades or beyond.

謝謝，約翰。我是湯姆。我們喜歡我們處於預可行性階段的這 3 個項目的原因是它們呈現出非常長的壽命，它們可以支持 Newmont Goldcorp 的投資論點，該論點呈現出非常長的壽命，可以在未來 2 或 3 年或超過。

And where those projects hit all 3 of them in prefeasibility study phase is it gives us, in conjunction with our joint venture partners, the opportunity to really work on and optimize those projects to get good competition for capital going so that the -- that they present in the second half of next decade as the first project that may come on to extend the life of our business.

這些項目在預可行性研究階段觸及了所有 3 個項目，這讓我們有機會與我們的合資夥伴一起真正致力於和優化這些項目，以獲得良好的資本競爭，以便 - 他們作為第一個可能會延長我們業務壽命的項目，將在下個十年的下半年推出。

We look at those projects as doing them in series, not parallel. So when you look at those 3 projects, the opportunity to optimize them and then sequence them, you can have 3 projects come on through the latter part of the 2020s into the 2030s and into the 2040s and really underpinning long life for our business.

我們將這些項目視為串聯進行，而不是並行進行。因此，當您查看這 3 個項目時，有機會優化它們，然後對它們進行排序，您可以在 2020 年代後期到 2030 年代和 2040 年代進行 3 個項目，並真正為我們的業務的長壽奠定基礎。

Our next question is a follow-up from Anita Soni of CIBC.

我們的下一個問題是來自 CIBC 的 Anita Soni 的跟進。

So I was just wondering, when you do the December 2 guidance and outlook, will you address reserves at the acquired assets at that point? Or will that be a February Q4 phenomenon?

所以我只是想知道，當你做 12 月 2 日的指導和展望時，你會在那個時候處理收購資產的準備金嗎？或者這會是 2 月第 4 季度的現象嗎？

Anita, it's Tom here. It will be February, and we'll make sure that we bring that information out. Typically, we drop a press release. But I think for next year, we'll make sure we signal that and take you through that information as that's ready. But it's a -- into the new year exercise for us to complete all that work.

安妮塔，我是湯姆。那將是二月，我們將確保我們提供這些信息。通常，我們會發布新聞稿。但我認為明年，我們將確保我們發出信號並在準備好時帶您瀏覽這些信息。但這是我們完成所有工作的新年練習。

And will it incorporate, I mean, your assumptions on where the cost could go? Or will it just sort of benchmark to where you are now?

它會包含，我的意思是，你對成本可能去向的假設嗎？或者它只是你現在所處位置的基準？

You're talking -- you're asking the question in terms of reserve pricing.

你在說——你在問底價方面的問題。

Yes, reserve. Yes, reserve pricing. I mean on one side of the equation where the reserve is the costs associated with it, so.

是的，保留。是的，底價。我的意思是在等式的一側，儲備是與之相關的成本，所以。

Yes. I wouldn't expect our reserve pricing to change from $1,200.

是的。我預計我們的底價不會從 1,200 美元起發生變化。

But I mean, the unit cost assumptions that are used on the other side of the equation to say, "Okay, well, we're mining at $90 a ton at Éléonore versus, say, $110, " which is -- I'm just pulling numbers out of the air. But I'm just wondering, will it include sort of the benchmarking of what's actually happening at the asset right now or some future projection of what you think you can deliver?

但我的意思是，在等式的另一邊使用的單位成本假設說，“好吧，好吧，我們在 Éléonore 以每噸 90 美元的價格開採，而比方說，110 美元，”這是——我只是從空中拉出數字。但我只是想知道，它是否會包括對資產目前實際發生的事情進行基準測試，或者對您認為自己可以交付的東西進行一些未來預測？

Yes. For the operating assets, it will be underpinned by the mine plans that underpin our business. So it will be the assumptions we have used.

是的。對於經營資產，它將以支撐我們業務的礦山計劃為基礎。所以這將是我們使用的假設。

And our next question is a follow-up from Carey MacRury of Canaccord Genuity.

我們的下一個問題是來自 Canaccord Genuity 的 Carey MacRury 的跟進。

Just one more question on -- just wondering if you could touch on the Coffee project. I know you've pushed it back in the development pipeline. Just wondering what the work plan there looks like going forward.

還有一個問題——只是想知道您是否可以談談 Coffee 項目。我知道您已將其推遲到開發流程中。只是想知道未來的工作計劃是什麼樣的。

Thanks, Carey. It's -- we have pushed that back prefeasibility because we think there's exploration upside potential there that we want to better understand. Marcelo Godoy, our Head of Exploration, particularly excited about the opportunity around Coffee. But what we're looking at is the doing the drilling program to better define that resource and keep that project in prefeasibility stage until we can better understand that, optimize that project and then bring it forward in competition with the other project. It sits alongside in prefeas.

謝謝，凱里。這是 - 我們已經推遲了預可行性，因為我們認為那裡有我們想要更好地理解的勘探上行潛力。我們的勘探主管 Marcelo Godoy 對圍繞咖啡的機會特別興奮。但我們正在研究的是進行鑽井計劃，以更好地定義該資源，並將該項目保持在預可行性階段，直到我們能夠更好地理解這一點，優化該項目，然後將其與其他項目競爭。它與prefeas並排。

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

問答環節到此結束。我想將會議轉回給 Tom Palmer 作閉幕詞。

Thank you, operator, and thank you, everyone, for joining us, and thank you for your continued interest in Newmont Goldcorp. Thank you.

感謝運營商，感謝大家加入我們，感謝您對 Newmont Goldcorp 的持續關注。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。