紐蒙特黃金公司 (NEM) 2023 Q2 法說會逐字稿

Good morning, and welcome to Newmont's Second Quarter 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加紐蒙特 2023 年第二季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead.

我現在將會議交給總裁兼首席執行官湯姆·帕爾默 (Tom Palmer)。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining Newmont's second quarter earnings call. Today, I'm joined by my executive leadership team, including our Chief Operating Officer, Rob Atkinson, and we'll all be available to answer your questions at the end of the call. I'd also like to introduce our recently appointed Chief Financial Officer, Karyn Ovelmen. Karyn is a highly experienced financial professional who has held both CFO roles and Board seats in the resource and energy sectors. She brings a breadth of global experience, and we are very pleased that she has joined the Newmont team.

謝謝你，接線員。大家早上好，感謝您參加紐蒙特第二季度財報電話會議。今天，我的執行領導團隊（包括我們的首席運營官 Rob Atkinson）也將加入我的行列，我們都將在電話會議結束時回答您的問題。我還想介紹一下我們最近任命的首席財務官 Karyn Ovelmen。 Karyn 是一位經驗豐富的金融專業人士，曾擔任資源和能源行業的首席財務官和董事會席位。她帶來了廣泛的全球經驗，我們很高興她加入紐蒙特團隊。

Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website.

在開始之前，請注意我們的警告聲明並參考我們向 SEC 提交的文件，這些文件可以在我們的網站上找到。

Guided by a clear consistent strategy, our focus is on running a safe and sustainable mining business to generate long-term value. Our business is underpinned by a strong balance sheet and a global portfolio with the size and scale to make decisions that deliver on our strategy.

在明確一致的戰略指導下，我們的重點是運營安全且可持續的採礦業務，以創造長期價值。我們的業務以強大的資產負債表和全球投資組合為基礎，其規模和規模足以做出實現我們戰略的決策。

And while I'm not happy with our ultimate financial results for the second quarter, I am very comfortable with the prudent decisions that we made during the quarter to safeguard our workforce, protect long-term value and position Newmont to deliver strong performance in the second half of this year and beyond.

雖然我對第二季度的最終財務業績並不滿意，但我對我們在本季度做出的審慎決定感到非常滿意，這些決定旨在保護我們的員工隊伍、保護長期價值並使紐蒙特在該領域取得強勁業績今年下半年及以後。

During the second quarter, Newmont produced 1.2 million ounces of gold and 256,000 gold equivalent ounces from copper, silver, lead and zinc, generating nearly $1 billion in adjusted EBITDA and more than $650 million in cash from our continuing operations.

第二季度，紐蒙特生產了 120 萬盎司黃金，並從銅、銀、鉛和鋅中生產了 256,000 盎司黃金當量，調整後 EBITDA 近 10 億美元，持續經營業務產生超過 6.5 億美元現金。

There were 4 important decisions that we made during the second quarter. First, we decided to suspend operations at Peñasquito to focus on finding an appropriate and sustainable resolution to the current dispute with the union representing our workforce in Mexico. This dispute is associated with a profit-sharing agreement that we made with the union leadership only 12 months ago. And in May, we paid our employees their profit-sharing bonus for the 2022 year, calculated in strict accordance with this agreement. The union leadership are now demanding more than double the agreed amount and have taken strike action through the withdrawal of labor.

我們在第二季度做出了 4 個重要決定。首先，我們決定暫停 Peñasquito 的運營，專注於尋找適當且可持續的解決方案，解決當前與代表我們墨西哥勞動力的工會之間的爭端。這場糾紛與我們 12 個月前與工會領導層簽訂的利潤分享協議有關。 5月份，我們向員工發放了嚴格按照該協議計算的2022年度利潤分享獎金。工會領導層現在要求的金額是商定金額的兩倍以上，並通過撤工採取罷工行動。

At Newmont, Peñasquito sits within a strong, balanced global portfolio of operations, a portfolio that is supported by the industry's strongest balance sheet. During this important time for Peñasquito, we will remain firm in our resolve and continue to make decisions that protect the long-term value of the operation and benefit our employees, our contracting partners, our host communities, our customers and all of our stakeholders. We strongly encourage the union leadership up to and including Senator Napoleon Gomez to cease this strike action and return their members to work.

在紐蒙特，Peñasquito 擁有強大、平衡的全球業務組合，該組合得到了業界最強勁的資產負債表的支持。在 Peñasquito 的這一重要時刻，我們將堅定決心，繼續做出保護運營長期價值並造福於我們的員工、簽約合作夥伴、東道社區、客戶和所有利益相關者的決策。利益相關者。我們強烈鼓勵包括參議員拿破崙·戈麥斯在內的工會領導層停止罷工行動，讓其成員重返工作崗位。

The second decision we made during the quarter was associated with protecting our workforce at Éléonore from the unprecedented wildfires being experienced this summer in Canada, evacuating the mine and placing the operation on care and maintenance.

我們在本季度做出的第二個決定是為了保護我們在阿萊奧諾爾的員工免受今年夏天加拿大經歷的前所未有的野火的影響，疏散礦井並對運營進行維護和保養。

Third, at Cerro Negro, we made the decision to pause mining for 2 weeks and complete important safety inspections to ensure that we had the appropriate control environment in place at this remote underground mine and to protect the health and safety of our mining teams working there.

第三，在塞羅內格羅，我們決定暫停採礦兩週並完成重要的安全檢查，以確保我們在這個偏遠的地下礦山擁有適當的控制環境，並保護在那里工作的採礦團隊的健康和安全。

And finally, at Akyem, we made the decision to process lower-grade stockpiles that were originally planned for the fourth quarter in order to optimize the mine plan, ensuring that we are in a position to safely extract the maximum amount of ore as we complete the current layback in the gen pit over the next few months.

最後，在 Akyem，我們決定處理原計劃在第四季度進行的低品位庫存，以優化採礦計劃，確保我們能夠在完成後安全地提取最大數量的礦石目前在接下來的幾個月裡，發電站將陷入停滯狀態。

As planned, higher gold production is expected in the second half of the year, and will be driven by higher grades and tons mined from both Subika Underground and open pit at Ahafo. Higher grades and tons mined at Cerro Negro as the first wave of our district expansion comes online in the third quarter. Higher tons mined and processed at Tanami, where we will mine the highest grade for the year in the fourth quarter. Higher grade run-of-mine ore processed in the Akyem as we return and complete the current layback. And when combined with the higher production that we expect from our 2 non-managed joint ventures, Nevada Gold Mines and Pueblo Viejo, we remain on track to deliver on our full year guidance.

按照計劃，預計下半年黃金產量將增加，這將受到蘇比卡地下礦和阿哈福露天礦開采的更高品位和噸數的推動。隨著我們地區擴張的第一波浪潮在第三季度上線，Cerro Negro 的品位和開採量更高。塔納米 (Tanami) 開采和加工的噸數更高，我們將在第四季度開採全年最高品位。當我們返回並完成當前的休息時，在 Akyem 加工更高品位的原礦礦石。再加上我們預計我們的兩家非管理合資企業（內華達金礦和普韋布洛維耶霍）的更高產量，我們仍然有望實現全年指導。

We ended the quarter with $6.2 billion in total liquidity and maintained an investment-grade balance sheet, preserving financial flexibility as we continue through a period of meaningful reinvestment and return a stable dividend to our shareholders. Consistent with our 2023 dividend payout range, we declared a second quarter dividend of $0.40 per share, demonstrating both our ongoing commitment to shareholder returns and our confidence in the long-term strength of our business.

本季度結束時，我們的流動資金總額為 62 億美元，並維持了投資級資產負債表，在我們繼續進行有意義的再投資並向股東返還穩定股息的過程中保持了財務靈活性。與我們 2023 年的股息支付範圍一致，我們宣布第二季度股息為每股 0.40 美元，這表明我們對股東回報的持續承諾以及我們對業務長期實力的信心。

We remain on track to close on our acquisition of Newcrest in the fourth quarter and are leveraging the lessons we learned from the successful integration of Goldcorp 4 years ago as we build out our integration plans.

我們仍有望在第四季度完成對 Newcrest 的收購，並在製定整合計劃時藉鑑 4 年前成功整合 Goldcorp 的經驗教訓。

We have also commenced the portfolio optimization work associated with this transaction, backing the important decision in June to defer the Yanacocha Sulfides project. This is the first step in delivering significant value through portfolio optimization, and we will continue to evaluate opportunities to resequence project capital and rationalize the portfolio of the combined company over the next couple of years.

我們還開始了與本次交易相關的投資組合優化工作，支持 6 月份推遲 Yanacocha Sulfides 項目的重要決定。這是通過投資組合優化提供顯著價值的第一步，我們將在未來幾年繼續評估重新排序項目資本並合理化合併後公司的投資組合的機會。

At Newmont, we recognize that a strong, safety and sustainability culture is not only an indicator of a reliable well-run business. It is fundamental to delivering on our commitments to employees, contracted partners, host communities and all of our stakeholders. As we position ourselves to safely integrate Newcrest and enter this next chapter in Newmont's 102-year history, we made an important decision in the second quarter to further strengthen our commitment to responsible gold leadership and increase our focus on safety and sustainability.

在紐蒙特，我們認識到強大、安全和可持續發展的文化不僅是可靠、運營良好的企業的指標。這是履行我們對員工、簽約合作夥伴、所在社區和所有利益相關者的承諾的基礎。當我們定位於安全整合 Newcrest 並進入 Newmont 102 年曆史的新篇章時，我們在第二季度做出了一項重要決定，進一步加強我們對負責任的黃金領導力的承諾，並更加關注安全和可持續性。

In June, we promoted Suzy Retallack for the role of Chief Safety and Sustainability Officer, reporting directly to me. Suzy is an industry leader with more than 20 years of experience in driving value-based decisions. Over the last 5 years, as our Senior Vice President, Health, Safety and Security, Suzy has been instrumental in leading the delivery of a step change in Newmont's safety performance. In particular, in the area of fatality risk management. Suzy will apply the lessons we have learned from our significant improvement in health, safety and security to further improve our performance in the areas of environment and social responsibility. In this new role, Suzy will also support me and my leadership team in the work we need to do as a company and as an industry to create workplaces that are free from harassment, assault, bullying and discrimination.

6 月，我們提拔 Suzy Retallack 擔任首席安全和可持續發展官，直接向我匯報。 Suzy 是一位行業領導者，在推動基於價值的決策方面擁有 20 多年的經驗。在過去的 5 年裡，作為我們負責健康、安全和安保的高級副總裁，Suzy 在領導紐蒙特安全績效的重大變革方面發揮了重要作用。特別是在死亡風險管理領域。 Suzy 將運用我們在健康、安全和保障方面的重大改進中吸取的經驗教訓，進一步提高我們在環境和社會責任領域的表現。在這個新職位上，Suzy 還將支持我和我的領導團隊開展公司和行業所需的工作，以創建沒有騷擾、攻擊、欺凌和歧視的工作場所。

I'll now turn it over to Rob and then to Karyn to take us through each of our operations and projects, along with a review of our quarterly financial highlights. Over to you, Rob.

我現在將把它交給 Rob，然後交給 Karyn，讓他們帶領我們完成每項運營和項目，並回顧我們的季度財務亮點。交給你了，羅布。

Thank you, Tom, and good morning, everyone. Turning to the next slide, let's begin in Australia. Boddington delivered another strong performance in the second quarter, increasing both gold and copper production from sustained grades and improved mill throughput. As part of our multi-decade life of asset strategy for Boddington, we have increased our autonomous haulage fleet with 5 additional trucks as we increased the planned waste movement in both the North and the South pits. This investment into the next layback at Boddington will support stable gold and copper production for many years to come. We remain clearly on target to hit our 2023 production guidance, and we are well positioned to deliver more than 1 million gold equivalent ounces from this cornerstone asset.

謝謝你，湯姆，大家早上好。轉到下一張幻燈片，讓我們從澳大利亞開始。博丁頓在第二季度再次表現強勁，金礦和銅礦產量均保持穩定，並提高了工廠產量。作為博丁頓數十年資產戰略的一部分，我們增加了自動運輸車隊，增加了 5 輛卡車，同時增加了北坑和南坑的計劃廢物運輸。對博丁頓下一次停產的投資將在未來許多年支持穩定的黃金和銅生產。我們仍然明確目標是達到 2023 年的產量指導目標，並且我們有能力從這一基石資產中交付超過 100 萬盎司黃金當量。

Moving to Tanami, the site has recovered extremely well following the record wet weather and extensive flooding experienced in the Northern Territory during the first quarter. We doubled our quarterly gold production in the second quarter and remain firmly on track to land within our full year guidance ranges and will mine the year's highest grades in the fourth quarter.

搬到塔納米，在第一季度北領地經歷了創紀錄的潮濕天氣和大面積洪水之後，該地點已經恢復得非常好。我們第二季度的季度黃金產量翻了一番，並繼續堅定地落在全年指導範圍內，並將在第四季度開採年度最高品位。

In addition, we continue to progress the second expansion at Tanami with nearly 50% of the concrete lining of our 1.5 kilometer deep shaft installed. The lining and the furnishing of the shaft continue to be on the critical path as our project team works to deliver significant ounce and cost improvements to our Tier 1 operation in Tanami.

此外，我們繼續推進塔納米第二次擴建，1.5 公里深的豎井已安裝近 50% 的混凝土襯砌。隨著我們的項目團隊致力於為塔納米的一級運營提供顯著的盎司和成本改進，豎井的襯里和家具仍然是關鍵路徑。

Moving up to Africa. In June, I visited both the Ahafo South and Akyem as well as our Ahafo North project in Ghana. At Akyem, I spent time with the team as we work through the decision Tom covered earlier to prioritize safety, optimize the mine plan and maximize the ore extracted as we close out the current layback in the coming months.

移動到非洲。 6月，我參觀了加納的Ahafo South和Akyem以及我們的Ahafo North項目。在 Akyem，我與團隊一起制定了湯姆之前提到的決策，優先考慮安全，優化採礦計劃，並在未來幾個月結束目前的停滯狀態時最大限度地提取礦石。

As a consequence of this work, we expect grades to improve by 35% during the third quarter, positioning the site to deliver significantly higher production in the second half of the year and land within our 2023 guidance ranges.

通過這項工作，我們預計第三季度的品位將提高 35%，使該場地在下半年的產量顯著提高，並落在我們 2023 年的指導範圍內。

At Ahafo South, we delivered higher production as we access the third mining level and additional draw points in the Subika Underground ahead of plan. Fined with access to higher grades from the open pit, the Ahafo mill will process higher grade from both underground and surface in the second half. Ahafo is also on track to commission a replacement conveyor in the third quarter, and it remains on target to hit guidance for the year.

在阿哈福南部，我們提前進入了蘇比卡地下的第三個採礦層和額外的提貨點，從而實現了更高的產量。由於可以從露天礦開採更高品位的礦石，阿哈福工廠將在下半年從地下和地表加工更高品位的礦石。 Ahafo 也有望在第三季度調試更換輸送機，並且仍有望達到今年的指導目標。

And finally, it was great to see firsthand the progress we are making on the Ahafo North project. The highway relocation in bulk airports continue to progress very well. And with the new mining fleet in place, the project team is preparing to commence pre-stripping in the second half of the year.

最後，很高興親眼目睹我們在阿哈福北項目上取得的進展。大型機場高速公路搬遷工作繼續順利推進。隨著新採礦隊的到位，項目團隊正準備在今年下半年開始預剝離。

Moving across to North America. As Tom described, Canada has been impacted by unprecedented wildfires, with Quebec, particularly impacted during the second quarter. And in the second week of June, as the fire front approach the property, we made the swift and proactive decision to evacuate our workforce and place Éléonore on care and maintenance to protect our employees and contractors. During this time, our first priority was and will always be the safety and well-being of our workforce and local communities. We're now safely ramping up production activities as the forest fire threat continues to abate. And we will continue to monitor the situation in Quebec very closely as we work with the provincial government agencies to assess fire progress and air quality on a daily basis.

搬到北美。正如湯姆所描述的，加拿大受到了前所未有的野火的影響，其中魁北克在第二季度受到的影響尤其嚴重。六月的第二週，當火勢逼近該物業時，我們迅速、主動地決定疏散員工，並對阿萊奧諾爾進行護理和維護，以保護我們的員工和承包商。在此期間，我們的首要任務過去是、將來也永遠是我們員工和當地社區的安全和福祉。隨著森林火災威脅持續減弱，我們現在正在安全地增加生產活動。我們將繼續密切監測魁北克省的局勢，與省政府機構合作，每天評估火災進展和空氣質量。

Moving to Porcupine. We delivered another steady performance in the second quarter and remain well positioned to deliver improved production in the second half of the year driven by higher grades from the Hollinger pit in Q3 and from Borden Underground in Q4. We continue to progress the Pamour project and are preparing for a full funds investment decision later this year. We will complete commissioning of a new water treatment plant in the coming weeks, which will accelerate dewatering of the Pamour pit and allow us to commence pre-stripping during the fourth quarter with first ore expected in 2024.

搬到豪豬。我們在第二季度再次實現了穩定的業績，並且在第三季度 Hollinger 礦坑和第四季度 Borden Underground 更高品位的推動下，我們仍處於有利地位，可以在下半年提高產量。我們將繼續推進 Pamour 項目，並準備在今年晚些時候做出全額資金投資決定。我們將在未來幾週內完成新水處理廠的調試，這將加速 Pamour 礦坑的脫水，並使我們能夠在第四季度開始預剝離，預計在 2024 年獲得第一批礦石。

At Musselwhite, we delivered consistent gold production as we progress planned development activities that will increase stope availability in the second half of the year, including access to another double lift stope. As a consequence, we expect tonnes mined to increase by more than 30% and grades to increase by around 15%, supporting a strong third and fourth quarter.

在 Musselwhite，隨著我們推進計劃開發活動，我們實現了穩定的黃金產量，這些活動將增加下半年採場的可用性，包括進入另一個雙提升採場。因此，我們預計開採噸數將增加 30% 以上，品位將增加 15% 左右，支撐第三和第四季度的強勁表現。

And finally, Cripple Creek & Victor delivered solid results due to higher grade and strong recoveries from our heap leach facilities.

最後，Cripple Creek & Victor 憑藉我們的堆浸設施的更高品位和強勁回收率取得了堅實的成果。

And now moving down to South America. Yanacocha delivered a strong second quarter as we begin to realize the benefits from applying our injection leaching technology. At Merian, we continued the planned stripping of the next layback in the Merian pit and the site is on track to deliver 40% higher grade from the Maraba pit in the third quarter, putting Merian on target to hit full year guidance.

現在搬到南美洲。隨著我們開始意識到應用注射浸出技術的好處，Yanacocha 第二季度業績強勁。在 Merian，我們繼續計劃在 Merian 礦坑進行下一次剝離，該礦場有望在第三季度將 Maraba 礦坑的品位提高 40%，從而使 Merian 有望達到全年指導目標。

Moving to Cerro Negro. In the third quarter, tons mined is expected to increase nearly 30% as the underground ramps up to full productivity following the safety pause that Tom referred to, and grade is expected to increase by 50% as we begin to access the higher-grade stopes from San Marcos, the first of 6 new deposits associated with the exciting underground district expansion at Cerro Negro. San Marcos will continue to ramp up throughout the year and is expected to reach commercial production in late 2023.

搬到塞羅內格羅。第三季度，隨著湯姆提到的安全暫停後地下坡道達到滿負荷生產，開採噸數預計將增加近 30%，隨著我們開始進入更高品位的採場，品位預計將增加 50%來自聖馬科斯 (San Marcos)，這是與塞羅內格羅 (Cerro Negro) 令人興奮的地下區擴張相關的 6 個新礦床中的第一個。 San Marcos 全年產量將持續增加，預計將於 2023 年底實現商業化生產。

Finally, as Tom discussed, we made the decision to suspend operations at Peñasquito on June 7 as we focus on finding a resolution to the dispute with the union leadership. We have and will continue to abide by the fair and equitable agreement that is currently in place and that was importantly, fully agreed to only a year ago with the union. We will continue to communicate directly with our employees and engage with the union leaders and government officials to find a fair, appropriate and sustainable resolution to this very disappointing dispute. You can expect that we will provide a fulsome update to the market once an agreement has been reached, and we look forward to returning our focus to safe and sustainable mining at Peñasquito.

最後，正如 Tom 所討論的，我們決定於 6 月 7 日暫停 Peñasquito 的運營，因為我們專注於尋找與工會領導層的爭端的解決方案。我們已經並將繼續遵守目前已達成的公平、公正的協議，重要的是，該協議在一年前才與工會完全達成一致。我們將繼續與員工直接溝通，並與工會領導人和政府官員接觸，為這一令人非常失望的糾紛找到公平、適當和可持續的解決方案。您可以期待，一旦達成協議，我們將向市場提供全面的最新信息，我們期待著將重點重新放在佩尼亞斯基託的安全和可持續採礦上。

And now I'll wrap up on the next slide with our 2 non-managed joint ventures. Our share in Nevada Gold Mines and interest in Pueblo Viejo contributed 338,000 ounces of attributable gold production in the second quarter, and we look forward to both joint ventures delivering on their expected strong second half.

現在我將在下一張幻燈片中總結我們的兩家非託管合資企業。我們在內華達金礦的股份和在 Pueblo Viejo 的權益在第二季度貢獻了 338,000 盎司的權益黃金產量，我們期待兩家合資企業在下半年實現預期的強勁表現。

And with that, I'll pass it over to Karyn to cover our financial results.

接下來，我會將其轉交給 Karyn 報導我們的財務業績。

Thank you, Rob, and good morning, everyone. I'm happy to be joining the call today and look forward to presenting our second quarter financial results and answering any questions you might have.

謝謝你，羅布，大家早上好。我很高興參加今天的電話會議，並期待介紹我們第二季度的財務業績並回答您可能提出的任何問題。

Before I get started, I wanted to talk briefly about what brought me to Newmont. When I was doing my due diligence on Newmont, I was excited to learn about the company's clear and consistent strategy, leading approach to safety and sustainability, its global diverse portfolio of assets and deep project pipeline to position Newmont for long-term success.

在開始之前，我想簡單談談我來到紐蒙特的原因。當我對紐蒙特進行盡職調查時，我很高興了解到該公司明確而一致的戰略、領先的安全和可持續發展方法、其全球多樣化的資產組合以及深厚的項目管道，這些都使紐蒙特能夠取得長期成功。

Joining in May, I've had the pleasure to meet Newmont's senior leaders and the Board and spend time with my very talented finance team. And I can say that the strength of our people and capabilities have already far surpassed my initial expectations.

我於五月加入，很高興見到紐蒙特的高級領導和董事會，並與我非常有才華的財務團隊共度時光。我可以說，我們的人員實力和能力已經遠遠超出了我最初的預期。

Over the coming months, my team and I will be focused on building upon the strong foundation that we have today, partnering with the business to improve our overall financial performance and driving our disciplined capital allocation strategy, with a balance sheet that can support our strategic initiatives throughout the commodity cycle.

在接下來的幾個月裡，我和我的團隊將專注於建立我們今天擁有的堅實基礎，與業務部門合作以提高我們的整體財務業績，並推動我們嚴格的資本配置戰略，並製定能夠支持我們戰略的資產負債表。整個商品週期的舉措。

Turning to the next slide. Let's get started with a look at the financial highlights. In the second quarter, Newmont delivered $2.7 billion in revenue at a realized gold price of $1,965 per ounce, adjusted EBITDA of $910 million. Cash from operations of $656 million, which includes over $100 million of unfavorable working capital changes. Included in working capital changes were nearly $250 million in tax payments in the second quarter, partially offset by a draw on receivables. We would expect to draw on receivables to reverse in future quarters. The tax payments to decrease in the third and fourth quarter as they have in previous years.

轉到下一張幻燈片。讓我們首先看一下財務亮點。第二季度，紐蒙特公司以每盎司 1,965 美元的實際金價實現收入 27 億美元，調整後 EBITDA 為 9.1 億美元。運營現金為 6.56 億美元，其中包括超過 1 億美元的不利營運資金變動。第二季度營運資本變動中包括近 2.5 億美元的稅款，部分被應收賬款提取​​所抵消。我們預計將在未來幾個季度利用應收賬款進行扭轉。第三和第四季度的納稅額將與往年一樣減少。

In total, we generated $40 million of free cash flow for the quarter, which is net of more than $600 million of capital spend as we continue to progress our most profitable near-term projects and position the portfolio for growth, both in ounces and merchants in future years. We maintained a strong cash position with $3.2 billion and an attractive leverage ratio of 0.7x net debt to adjusted EBITDA. We also maintained solid margins in the second quarter, driven by higher realized gold prices and steady direct costs.

總的來說，我們本季度產生了 4000 萬美元的自由現金流，扣除超過 6 億美元的資本支出，因為我們繼續推進最賺錢的近期項目，並為投資組合的增長（以盎司和商戶計算）進行定位。未來幾年。我們保持著 32 億美元的強勁現金狀況，淨債務與調整後 EBITDA 的槓桿率為 0.7 倍，極具吸引力。在實現金價上漲和直接成本穩定的推動下，我們在第二季度也保持了穩健的利潤率。

Second quarter GAAP net income from continuing operations was $155 million or $0.19 per diluted share. Adjustments included $0.05 related to unrealized mark-to-market losses on equity investments, $0.03 related to transaction costs associated with our pending acquisition of Newcrest and $0.06 related to tax adjustments and other items.

第二季度持續經營業務的 GAAP 淨利潤為 1.55 億美元，或攤薄後每股收益 0.19 美元。調整包括與未實現的股權投資按市價計價損失相關的 0.05 美元、與我們即將收購 Newcrest 相關的交易成本相關的 0.03 美元以及與稅收調整和其他項目相關的 0.06 美元。

Taking these into account, we reported second quarter adjusted net income of $0.33 per diluted share. And it is also important to note that this number has not been adjusted for the $46 million in operating costs and depreciation at Peñasquito since the strike commenced and at Éléonore, while the site was proactively shut down due to the wildfires.

考慮到這些因素，我們報告第二季度調整後每股攤薄淨利潤為 0.33 美元。還需要注意的是，自罷工開始以來，佩尼亞斯基托和阿萊奧諾雷的運營成本和折舊為 4600 萬美元，但該數字並未進行調整，而該地點因野火而被主動關閉。

As Tom and Rob noted, Newmont remains well positioned to deliver a strong performance in the second half of the year and achieve our full year guidance. Second quarter, we declared a dividend of $0.40 per share or $1.60 per share on an annualized basis, consistent with the last 2 quarters and calibrated within our 2023 dividend payout range of $1.40 to $1.80 per share. We have now maintained a dividend yield above 3% for 11 consecutive quarters, and this continues to be the highest dividend per share in the gold sector.

正如湯姆和羅布指出的那樣，紐蒙特仍然處於有利地位，可以在下半年實現強勁的業績並實現我們的全年指導。第二季度，我們宣布派息每股 0.40 美元或按年化計算每股 1.60 美元，與過去兩個季度一致，並在 2023 年每股 1.40 美元至 1.80 美元的股息支付範圍內進行調整。目前，我們已連續 11 個季度將股息收益率維持在 3% 以上，這仍然是黃金行業中每股股息最高的。

With that, I'll turn it over to Tom for an update on the time line from today through to the close of our acquisition of Newcrest.

這樣，我將把它交給 Tom，了解從今天到我們收購 Newcrest 結束的時間線的最新情況。

Thanks, Karyn. Over the last 2 months since we announced the binding agreement to acquire Newcrest, my team and I have engaged with many of our important stakeholders, including employees, shareholders, local communities and government leaders. These conversations were aimed at listening to and answering questions whilst also ensuring that the benefits of the transaction and Newmont's strategic rationale were well understood.

謝謝，卡琳。自從我們宣布收購 Newcrest 的具有約束力的協議以來的過去兩個月裡，我和我的團隊與我們的許多重要利益相關者進行了接觸，包括員工、股東、當地社區和政府領導人。這些對話的目的是傾聽和回答問題，同時確保交易的好處和紐蒙特的戰略原理得到充分理解。

Over the next couple of months, we will continue to progress the various regulatory approvals ahead of closing the transaction, primarily in Australia and Papua New Guinea. And I'm pleased to advise we've already received clearance from the Canadian government.

在接下來的幾個月中，我們將在完成交易之前繼續推進各種監管審批，主要是在澳大利亞和巴布亞新幾內亞。我很高興地告訴您，我們已經獲得了加拿大政府的許可。

Earlier this month, I visited Papua New Guinea for the second time, meeting with various government officials including Prime Minister James Marape, Deputy Prime Minister John Russo and Mining Minister Sir Ano Pala. As we continue this engagement, we remain excited for the opportunity to operate Lihir, and develop the world-class Waihi gold boom project.

本月早些時候，我第二次訪問巴布亞新幾內亞，會見了巴布亞新幾內亞總理詹姆斯·馬拉佩、副總理約翰·拉索和礦業部長阿諾·帕拉爵士等多位政府官員。隨著我們繼續這種合作，我們仍然對有機會經營 Lihir 並開發世界級的 Waihi 黃金繁榮項目感到興奮。

We are diligently working towards launching a scheme booklet and filing a proxy statement this quarter with shareholder votes expected in October. We then expect to close the transaction in November and begin the important work to safely integrate the Newcrest teams and operations into our portfolio. Then be in a position to provide 2024 guidance for the combined company in February of next year, along with our fourth quarter and 2023 results.

我們正在努力爭取在本季度推出計劃手冊並提交委託書，預計將於 10 月進行股東投票。然後，我們預計將在 11 月完成交易，並開始重要的工作，將 Newcrest 團隊和運營安全地整合到我們的投資組合中。然後能夠在明年 2 月為合併後的公司提供 2024 年指導，以及我們的第四季度和 2023 年業績。

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

至此，我將感謝您今天抽出寶貴的時間，並將其轉交給接線員來解答問題。

(Operator Instructions) And the first question today goes to Greg Barnes of TD Securities.

（操作員說明）今天的第一個問題是向道明證券 (TD Securities) 的格雷格·巴恩斯 (Greg Barnes) 提出的。

Tom, I just wanted to ask about inflationary pressures and how you see them evolving into the second half of '23 and '24 ex any volume improvements you're going to get, which obviously will help on a gold per ounce basis.

湯姆，我只是想問一下通貨膨脹壓力，以及您如何看待它們在 23 年和 24 年下半年的演變，除了您將獲得的任何數量改善之外，這顯然會對每盎司黃金有所幫助。

Yes. Thanks, Greg. What we're seeing in our direct cost is largely consistent with what we expected as we guided this year, and I just step through that in a little bit more detail. About half our cost base is labor, about 50% is labor made up pretty evenly between employees and contractors. Employees largely stable and expect that to remain largely stable through the rest of this year and into next. Certainly seeing some settling down in Australia, Canada, United States.

是的。謝謝，格雷格。我們在直接成本中看到的情況與我們今年指導的預期基本一致，我只是更詳細地介紹了這一點。我們的成本基礎大約有一半是勞動力，大約 50% 是由員工和承包商平均分配的勞動力。員工基本穩定，預計今年剩餘時間和明年將保持基本穩定。當然看到一些人在澳大利亞、加拿大、美國定居。

Contracted services also have stabilized. So still at a higher cost that we saw with the inflation coming through last year but largely stabilized, maybe a little bit of easing into the second half of this year, but certainly seeing the volatility come out of that, and that's at 50%, that's a pretty important driver.

合同服務也趨於穩定。因此，我們去年看到的通貨膨脹成本仍然較高，但基本穩定，可能會在今年下半年有所緩解，但肯定會看到波動性隨之而來，即 50%，這是一個非常重要的驅動因素。

30% materials and consumables. So it's the various reagents, particularly cyanide, explosive, steel for grinding media and the like. We're seeing those largely consistent with what we expected. Natural gas prices have come off, which is then flowing through to the prices that we're seeing for both cyanide and explosives. So a little bit of relief tailwinds with those consumables and would expect that to flow through the second half of this year. We'll see supply of natural gas may be tighten a bit, which may put a bit more tension on those prices, but certainly expecting to see that stable or a little bit of an improvement and still pretty much holding its own as we look at the grinding [median to] remove around the place.

30% 材料和消耗品。所以是各種試劑，特別是氰化物、炸藥、研磨介質用鋼等。我們看到的結果與我們的預期基本一致。天然氣價格已經下跌，然後又影響到我們所看到的氰化物和爆炸物的價格。因此，這些消耗品會帶來一些緩解，預計這種情況將持續到今年下半年。我們將看到天然氣供應可能會稍微收緊，這可能會給價格帶來更多壓力，但我們肯定希望看到天然氣供應穩定或略有改善，並且在我們看來仍然基本保持不變將研磨[中位]去除周圍的地方。

And then the next big category is fuel and energy, 15%, and that's driven by diesel. And we've certainly seen some relief in oil prices relative to what we've assumed. And we would expect to see that carry on through the second half of this year, but a volatile commodity and one that we'll continue to be conservative as we think about our assumptions for that. So a few tailwinds, Greg, some stability and consistent with what we expected for 2023.

下一個大類是燃料和能源，佔 15%，由柴油驅動。我們確實看到油價相對於我們的假設有所緩解。我們預計這種情況會持續到今年下半年，但這是一種不穩定的商品，在我們考慮對此的假設時，我們將繼續保持保守。所以，格雷格，有一些順風，有一些穩定性，並且與我們對 2023 年的預期一致。

Great. That's very helpful, Tom. And just a follow-on. In the presentation, you talked about the guidance you're going to provide in February. I'm just wondering how detailed do you expect to be in February around Newcrest and your expectations for how that's going to fold into the company in '24?

偉大的。這非常有幫助，湯姆。這只是一個後續。在演講中，您談到了您將在二月份提供的指導。我只是想知道您預計二月份有關 Newcrest 的細節有多詳細，以及您對 24 年將如何融入公司的期望？

We're certainly working towards being in a position where we can give you a view of 2024 for the combined portfolio, which would include our view of the 5 Newcrest assets being folded into our operations. So if things continue to go to plan in terms of regulatory approvals, shareholder votes and close, integration planning busily being done. We'll receive the keys to the car so to speak in early November, I would hope, and that gives us time to work through those mine plans, apply the Newmont lens on those mine plans and the assumptions we make for some of the key input assumptions and certainly working towards being in a position to provide the 2024 guidance for the combined portfolio in the February time frame.

當然，我們正在努力為您提供 2024 年合併投資組合的展望，其中包括我們對將 Newcrest 的 5 項資產納入我們運營的看法。因此，如果監管部門批准、股東投票和交割等方面的事情繼續按計劃進行，那麼整合計劃就正在忙著完成。我希望，可以這麼說，我們將在 11 月初收到汽車鑰匙，這讓我們有時間完成這些採礦計劃，將紐蒙特鏡頭應用於這些採礦計劃以及我們對一些關鍵因素所做的假設輸入假設，當然也致力於在 2 月份的時間範圍內為合併投資組合提供 2024 年指導。

And what about the 3- to 5-year guidance beyond that, will that wait?

除此之外的 3 到 5 年指導怎麼樣，會等嗎？

We will monitor that. And see how those numbers come together. We'll certainly be looking in the 2024 time frame to provide as much information as we think appropriate, certainly for 2024 in that February time frame and then -- and look for a logical time for a Capital Markets Day to share some more information on the combined portfolio and maybe even look to try and include some sort of site visit with that. So that's still work in progress, Greg. But certainly, 2024 is in our side for that February timeframe.

我們將對此進行監控。看看這些數字是如何組合在一起的。我們當然會在 2024 年的時間範圍內提供我們認為適當的盡可能多的信息，當然是在 2024 年 2 月的時間範圍內，然後尋找資本市場日的合理時間來分享更多信息合併後的產品組合，甚至可能嘗試包含某種現場訪問。所以這項工作仍在進行中，格雷格。但可以肯定的是，2024 年 2 月的時間框架就在我們這邊。

(Operator Instructions) And our next question goes to Anita Soni of CIBC Markets.

（操作員說明）我們的下一個問題是 CIBC Markets 的 Anita Soni。

My first question with regards to the transaction, could you tell me, did the independent adviser or the independent expert for Newcrest reach that conclusion yet?

我關於交易的第一個問題，你能告訴我，Newcrest 的獨立顧問或獨立專家已經得出這個結論了嗎？

Anita, thank you for dialing in. I think that might be a little vacation period for you. So good to hear your voice, and hopefully, you can get off this call and back to some better years of time.

安妮塔，感謝您撥通電話。我想這對您來說可能是一個小假期。很高興聽到你的聲音，希望你能結束這次通話，回到美好的時光。

They're still working through that process. So that's their working -- it's in train working through, but not finished yet. So it's -- but it's on schedule in terms of when we need that information in order to be able to proceed for the time line we had in the deck.

他們仍在完成這個過程。這就是他們的工作——正在進行中，但尚未完成。所以它是 - 但就我們何時需要這些信息而言，它是按計劃進行的，以便能夠按照我們在甲板上的時間線進行。

Okay. And then the second question, and then I'll go back into the queue. I'm just trying to get some of the grades that Rob quickly went through in terms of -- so let's start with Musselwhite. I think they said 30% improvement in tons mined and then grades by 40%. Is that a Q3 or Q4? If I do that in Q3, I get well above your guide.

好的。然後是第二個問題，然後我將回到隊列中。我只是想了解羅布很快獲得的一些成績——所以讓我們從穆塞爾懷特開始。我認為他們說開採噸數提高了 30%，品位提高了 40%。這是Q3還是Q4？如果我在第三季度這樣做，我的成績將遠遠高於您的指導。

We're certainly starting to see a step-up in grade in both Q3 and Q4, pretty consistent across Q3 and Q4 for Musselwhite, Anita. We're opening up with a nice double lift stope coming on, which is going to give us both some improvement in grade and volume. And then we've got some stopes and some high-grade material also coming on as a result of the work in the first half. So pretty consistent grade, Rob, through the second half and certainly seeing a step-up in volume coming out. That will ramp up over the third and fourth quarter. So the highest volume through the mill in the fourth quarter rate pretty consistent.

我們當然開始看到第三季度和第四季度的成績都有所提高，Anita Musselwhite 在第三季度和第四季度的成績非常一致。我們即將啟用一個漂亮的雙提升採場，這將使我們的品位和產量有所提高。由於上半年的工作，我們也得到了一些採場和一些高級材料。羅布，下半場的成績相當穩定，而且肯定會看到數量的增加。這一數字將在第三和第四季度有所增加。因此，第四季度工廠的最高產量率相當一致。

Okay. And then just in terms of -- I think at Ahafo where you were talking -- or maybe it was Akyem, 35% uptick in grades in Q3. Is that correct?

好的。然後就——我想在你所說的 Ahafo——或者可能是 Akyem，第三季度的成績上升了 35%。那是對的嗎？

That's right, Anita. So in Akyem, we stepped out into stockpiles, got the -- I mean, if those of you who know Akyem, it's a long narrow pit and so is where as we're getting the last of the ore from the bottom of the pit and the current layback and wanting to bring down the next layback, we want to make sure that we maximize that also. We stepped out of the pit, made sure catch benches and the like rolling good shape. And swung into the stock -- the stockpiles we would have been in, in the fourth quarter. And now we're back in that ore. And so we basically got right of mine high-grade ore from the bottom of the pit coming through. You'll see most of that through the -- now you see a good portion of that through the build through the third and fourth quarter now. It's the highest grades in the fourth quarter, building up through the third.

沒錯，安妮塔。所以在 Akyem，我們走進庫存，得到了——我的意思是，如果你們這些人了解 Akyem，那是一個又長又窄的礦坑，我們從礦坑底部獲取最後的礦石的地方也是如此。以及當前的延遲並希望降低下一個延遲，我們希望確保我們也最大化這一點。我們走出坑，確保抓住長凳之類的滾動良好的形狀。然後轉向庫存——我們在第四季度本來應該持有的庫存。現在我們又回到了礦石中。所以我們基本上從礦坑底部開采了高品位礦石。您將通過第三季度和第四季度的構建看到其中的大部分內容。這是第四季度的最高成績，一直持續到第三季度。

Okay. And then lastly, at Cerro Negro. I just want to make sure I heard you correctly. So 30% increase in tons mined and 50% increase in grade. But I don't think Rob said which quarter it was. Is that -- does that start in Q3? Or is it Q4 weighted?

好的。最後，在塞羅內格羅。我只是想確保我沒聽錯。因此開採量增加 30%，品位增加 50%。但我認為羅布沒有說是哪個季度。那是——從第三季度開始嗎？還是Q4加權？

We see the step-up in grade at Cerro Negro pretty consistent through the third and fourth quarter at Cerro Negro. And then you'll actually see -- you see quite a step-up in tons mined as we've got more ability to access ore particularly as we start to extract ore from San Marcos for the first time. So pretty consistent second half across Q3 and Q4 in terms of material coming through the mill and the grades looking pretty consistent through those 2 quarters.

我們看到塞羅內格羅在第三和第四季度的成績提升相當穩定。然後你實際上會看到——你會看到開採量大幅增加，因為我們有更多的能力獲取礦石，特別是當我們第一次開始從聖馬科斯開採礦石時。因此，就通過工廠的材料而言，第三季度和第四季度的下半年相當一致，並且這兩個季度的等級看起來非常一致。

Anita, probably one other on Ahafo. We've got the -- we've got the stars really lining up in terms of the real sweet spot in the Subika open pit as well as now having the third level of Subika underground open more than 20 draw points open. So we've got both the combination of high grades and tons coming out of open pit and underground at Ahafo. So it's another important one to be thinking about as you think about second half of the year. But that's certainly fourth quarter weighted as that comes through building through the third or the fourth quarter is a strong one at Ahafo with the stars lining up in both open pit and underground with mine sequences.

安妮塔（Anita），可能是阿哈福島的另一位。我們已經在蘇比卡露天礦坑的真正最佳位置方面真正排上了明星，而且現在蘇比卡地下第三層開放了超過 20 個抽獎點。因此，我們在阿哈福的露天礦和地下礦都獲得了高品位和噸位的產品。因此，當你考慮今年下半年時，這是另一個需要考慮的重要問題。但這肯定是第四季度的加權，因為通過第三或第四季度的建設，在阿哈福的建設中表現強勁，露天礦和地下礦井中的星星都排列整齊。

The next question goes to Mike Parkin of National Bank.

下一個問題將問國家銀行的邁克·帕金。

Can you just give a bit more color in terms of the background on pausing at Cerro Negro in mining? And does it have with what you've kind of investigated and decided on a go-forward basis? Does it have any material impact on the cost structure of that asset going forward?

您能否就 Cerro Negro 採礦暫停的背景提供更多信息？它與您在未來的基礎上進行的調查和決定是否一致？它對該資產未來的成本結構是否有任何重大影響？

Mike, certainly, absolutely no impact on cost structure going forward. It was from time to time, certainly, my experience and Rob's experience you'll get an event, and we had a significant potential event in the underground mine and involved a loader that we weren't happy that we had the control environment in to be managing as the standard that we'd expect around -- basically, it was a piece of equipment involved in an incident. It's a remote mine.

邁克，當然，對未來的成本結構絕對沒有影響。當然，根據我的經驗和 Rob 的經驗，你會時不時地遇到一個事件，我們在地下礦井中發生了一個重大的潛在事件，並涉及到一個裝載機，我們對我們擁有控制環境感到不滿意按照我們期望的標准進行管理 - 基本上，它是涉及事件的一件設備。這是一個偏遠的礦井。

As you know, Cerro Negro is in a very remote part of Argentina and Patagonia. And we wanted to ensure that the standards that we expect, we're clear across the 4 crews that were there and that we went through the underground mine and did the appropriate inspections to make sure that equipment and conditions underground were well understood. You're obviously working underground in a remote location. So it's briefly important that we can be satisfied that the expectations are well understood and the conditions underground are well understood.

如您所知，塞羅內格羅位於阿根廷和巴塔哥尼亞的一個非常偏遠的地區。我們希望確保我們所期望的標準，我們在現場的 4 名工作人員都清楚，我們穿過地下礦井並進行了適當的檢查，以確保充分了解地下的設備和條件。顯然，您正在偏遠的地下工作。因此，讓我們確信我們的期望和地下條件得到充分理解是非常重要的。

We're also entering into a second half, which is a step-up in both grade and tons. So we're moving into a period of time where we're going to be asking the team to step up and be working more fronts. So we took the time to ensure that conditions were clear and expectations were set. There's nothing in terms of additional cost base. It's more about just ensuring that the leaders at all levels and their mining teams are understanding the standards that we expect and that we can confidently move forward with mining what will be a strong second half at Cerro Negro.

我們也進入了下半場，這在等級和數量上都有了提升。因此，我們正在進入一個時期，我們將要求團隊挺身而出，在更多方面開展工作。因此，我們花時間確保條件明確並設定期望。沒有任何額外的成本基礎。更重要的是確保各級領導及其採礦團隊了解我們期望的標準，並確保我們能夠自信地推進塞羅內格羅下半年的採礦工作。

Okay. Great. So pretty much to sum up, it's more kind of ensuring operational best practices of Newmont being executed at that site.

好的。偉大的。總而言之，這更像是確保紐蒙特的最佳運營實踐在該地點得到執行。

That's right, Mike. We will do that from time to time, in my experience there are times when you must always maintain a chronic needs with safety, and there will be events that come from time to time and part of maintaining solid safety performance is recognizing when you may need to just pause and ensure everyone's got their mind on the game, understand what's expected and then move forward with confidence. And so that's something we do from time to time. Certainly, Cerro Negro we cited that this needed a couple of weeks down.

沒錯，邁克。我們會時不時地這樣做，根據我的經驗，有時您必須始終保持長期的安全需求，並且時不時會發生一些事件，保持可靠的安全性能的一部分是認識到您何時可能需要暫停一下，確保每個人都專注於遊戲，了解預期內容，然後滿懷信心地前進。這就是我們時不時做的事情。當然，我們提到塞羅內格羅，這需要幾週的時間。

I'd expect as we do our integration planning for Newcrest and think about 5 new operations coming into our portfolio, think about the work we might do through November and December. That's certainly one of the debates we're having in terms of how do we ensure that the standards that we expect at Newmont are there in place in Day 1 of those new crystal operations. So it's something that certainly both Rob and I have done in our careers from time to time when we see a need to reset expectations.

我預計，當我們為 Newcrest 進行整合規劃並考慮將 5 個新業務納入我們的投資組合時，請考慮我們在 11 月和 12 月可能要做的工作。這當然是我們正在進行的辯論之一，即我們如何確保我們在紐蒙特所期望的標准在這些新晶體運營的第一天就到位。因此，當我們看到需要重新設定期望時，羅布和我在職業生涯中時不時就會這樣做。

Okay. Excellent. And just one question on Peñasquito. With respect to the stream, is there any minimum delivery of silver that you're tied to? Or are you fully free to shut down and not deliver silver when you're not producing?

好的。出色的。還有一個關於佩尼亞斯基託的問題。關於流，您所綁定的白銀交付是否有最低限額？或者當你不生產時，你是否完全可以自由地關閉而不交付白銀？

That's correct. That's my understanding, Mike, we'll get the team to just run that to ground. And it's different from that, we'll let you know, but that's our understanding.

這是正確的。這是我的理解，邁克，我們會讓團隊將其落實到位。情況有所不同，我們會讓你知道，但這是我們的理解。

The next question goes to Tanya Jakusconek of Scotiabank.

下一個問題將詢問豐業銀行的 Tanya Jakusconek。

I wanted to ask about Peñasquito, just to get some clarification just from so many news articles that keep coming out. I'm just trying to understand with the union being on June 8, I just want to make sure that I understood some of the articles that came out. Has the union gone to paying the workers? Because my understanding was the workers aren't being paid being on strike, that the union has gone in to pay the workers. Do we know if that's a correct statement from some of the papers I was reading?

我想詢問 Peñasquito 的情況，只是為了從不斷出現的新聞文章中得到一些澄清。我只是想了解 6 月 8 日的工會，我只是想確保我理解了發布的一些文章。工會給工人發工資了嗎？因為我的理解是工人在罷工時沒有得到工資，工會已經介入給工人支付工資。我們是否知道我正在閱讀的一些論文中的說法是否正確？

Tanya, that's correct. The members, the union members who are on strike are not being paid by the union that they're members of. And as part of our position at the negotiating table, we're not paying back pay.

塔尼婭，這是正確的。罷工的會員、工會會員並沒有得到他們所屬工會的工資。作為我們在談判桌上立場的一部分，我們不會償還工資。

Okay. So the union is not paying and you're not paying. So they haven't been paid since June 8.

好的。所以工會不付錢，你也不付錢。所以自 6 月 8 日起他們就沒有收到工資。

That's right. So workforce of some 2,000 people aren't being paid. You've got a much bigger contractor workforce that aren't being paid. You've got an extended community. There's some 28,000 people that rely upon those wages to see some benefits. They're not being paid. We're the biggest taxpayer in the state of Zacatecas. They're not getting taxes. And our contributions are close to $2 billion a year to the Mexican government through both taxes and royalties are not currently being paid. So our message to the union leadership is we have a fair and equitable agreement. We paid in accordance with that, and we strongly encourage them to get their members back to work so that we can start paying wages again.

這是正確的。因此，大約 2,000 名員工沒有拿到工資。你有更多的承包商勞動力沒有得到報酬。您擁有一個擴展的社區。大約有 28,000 人依靠這些工資來獲得一些福利。他們沒有得到報酬。我們是薩卡特卡斯州最大的納稅人。他們沒有納稅。我們每年通過稅收和特許權使用費向墨西哥政府捐款近 20 億美元，目前尚未支付。因此，我們向工會領導層傳達的信息是，我們達成了公平公正的協議。我們按照這個支付工資，我們強烈鼓勵他們讓其成員重返工作崗位，以便我們可以重新開始支付工資。

Okay. Yes, it's just there was an article, Tom, that's saying that the union leader -- the union was taking money from their coffers and paying the workers. I just wanted to clarify that.

好的。是的，湯姆，只是有一篇文章說工會領袖——工會從他們的金庫裡拿錢來支付工人工資。我只是想澄清這一點。

And just how should we think about the cost of the -- on a monthly basis, being on care and maintenance as we go into July, how should I think, number one, what sort of cost should I be thinking about you incurring on care and maintenance? And number two, would that be coming through the operating costs? Or would you take that out and put it under other?

我們應該如何考慮每月的護理和維護費用，進入 7 月份，我應該如何考慮，第一，我應該考慮您承擔護理費用和維護？第二，這會通過運營成本來實現嗎？或者你會把它拿出來放在其他的下面嗎？

Yes. So we -- you'll see -- and I'll get Daniel to catch up with you after the call, but we've got something in our earnings release. If you think about those costs through the month of June, at Peñasquito, we incurred $23 million of operating costs, another $15 million in depreciation due to the suspension of operations. So it's down for most of June. That's...

是的。所以我們——你會看到——我會讓丹尼爾在電話會議結束後與你聯繫，但我們在財報中已經發布了一些內容。如果你考慮一下 6 月份的這些成本，在 Peñasquito，我們產生了 2300 萬美元的運營成本，另外由於運營暫停而產生了 1500 萬美元的折舊。所以六月的大部分時間都是下降的。那是...

Is it out of operating costs into other items?

是否將運營成本轉入其他項目？

No, we don't plan to do that, Tanya. So what you described is how best to model it.

不，我們不打算這麼做，Tanya。所以你所描述的是如何最好地建模它。

Okay. And then if I could just go back to Anita's question on just the second half performance with some of the mines that I think Cerro Negro would be evenly distributed Ahafo and Mussel are going to get higher Q4. Is there any other operation that going to have a higher Q4 because when I look at the numbers, you're looking at a production profile of Q4 being significantly stronger than Q3. Is that how I should think about it?

好的。然後，如果我能回到安妮塔關於下半年表現的問題，我認為塞羅內格羅會均勻分佈，阿哈福和貽貝將在第四季度獲得更高的成績。是否有任何其他操作會在第四季度獲得更高的產量，因為當我查看這些數字時，您會發現第四季度的生產情況明顯強於第三季度。我應該這樣想嗎？

That's right, Tanya. We're building towards a strong fourth quarter. You've got -- you'll have across some of the parts of the world in which we operate, you tend to get a bit more wet weather in the third quarter. So you typically see us have those drier locations that really bring it home in the fourth quarter. Pueblo Viejo ramping up with 40% of Pueblo Viejo. That's an important part of H2, Nevada Gold Mines guiding to a strong second half. That's an important part of our H2. Tanami, we have got pretty consistent tons through the mill in the second half, but we move into our highest grade stopes in the fourth quarter. So that's an important story. And I think we probably covered the -- most of the Merian certainly got a stronger second pretty consistent across Q3 and Q4. So I think we've covered the sort of the key drivers of H1 versus H2 and where the higher fourth quarter would come from.

沒錯，塔尼婭。我們正在努力實現強勁的第四季度。在我們開展業務的世界某些地區，第三季度的天氣往往會更加潮濕。因此，您通常會看到我們擁有那些乾燥的地區，這些地區在第四季度才真正發揮作用。老普韋布洛 (Pueblo Viejo) 的人口占普韋布洛老城區 (Pueblo Viejo) 的 40%。這是下半年的重要組成部分，內華達金礦將在下半年取得強勁表現。這是我們 H2 的重要組成部分。 Tanami，我們下半年的產量相當穩定，但我們在第四季度進入了最高品位的採場。這是一個重要的故事。我認為我們可能涵蓋了——大多數梅里安肯定在第三季度和第四季度保持一致，獲得了更強的第二名。因此，我認為我們已經討論了上半年與下半年的關鍵驅動因素以及第四季度業績增長的來源。

Okay. No, I appreciate that. It's just when you look at the production profile, excluding Peñasquito depending on what happens there, it is looking at the fourth quarter is the one that is going to carry quite a bit of weight for your -- in order to get your guidance.

好的。不，我很欣賞這一點。只是當你查看生產概況時，不包括佩尼亞斯奎托，具體取決於那裡發生的情況，你會看到第四季度將對你產生相當大的影響——以便獲得你的指導。

That's right, Tanya.

沒錯，塔尼婭。

If I could just do one final question. Sorry?

如果我能做最後一個問題就好了。對不起？

Go ahead, Tanya.

繼續吧，塔尼婭。

Okay. Sorry, I cut you to say something else. Just another follow-up on Greg's questions on the inflationary release that you are seeing. I just wanted to confirm because some companies are not seeing exactly the same thing. Would be also fair to say that you are seeing cyanide pricing coming down relative to what you have. And I just kind of wonder in your agreement to restock your inventories on these lower level prices that are out there. Some contracts for some come up in 3 months, 6 months. I'm just wondering how -- when we are expecting you to renegotiate at these lower levels, so we can see when those would go through your cost structure.

好的。抱歉，打擾你說點別的了。這是格雷格關於您所看到的通脹釋放問題的另一個後續行動。我只是想確認一下，因為有些公司並沒有看到完全相同的事情。公平地說，您看到氰化物價格相對於您所擁有的價格有所下降。我只是想知道你們是否同意以較低的價格補充庫存。有些合同會在 3 個月、6 個月內到期。我只是想知道當我們期望您在這些較低的級別重新談判時，我們可以看到這些內容何時會通過您的成本結構。

So Tanya, we -- our supply chain strategy, particularly with our key commodities is to have strategic contracts that are long term based upon the size of our portfolio, and we built into those rise in full calculations. So we pretty much then become a price taker but at a competitive price. And then we -- and then we'll have flowed through the -- as you see prices go up and down, we have some relief in terms of the volatility about price increases or price decreases. And then with the inventories we have at sites, and it takes a little while for that to flow through.

因此，塔尼婭，我們的供應鏈戰略，特別是我們的關鍵商品，是根據我們的投資組合規模製定長期戰略合同，並且我們將這些增長納入全面的計算中。因此，我們幾乎成為價格接受者，但價格具有競爭力。然後我們——然後我們將經歷——當你看到價格上漲和下跌時，我們對價格上漲或價格下跌的波動性有了一些緩解。然後，我們在現場擁有庫存，需要一段時間才能流通。

So we are -- on the back of natural gas prices coming off, we are seeing ammonia prices down, caustic soda prices are also down and where we are seeing improvement in both cyanide cost and explosive costs. So that is flowing through and it's linked to click back to that key commodity price, and it's flowing through our contracts. It will wash through our inventories, and we just continue to, through those contracts, take the prices as we have agreed in those contracts, and that then takes normally a month or 2 or 3 to flow through our inventories.

因此，在天然氣價格下跌的背景下，我們看到氨價格下降，燒鹼價格也下降，並且我們看到氰化物成本和炸藥成本都有所改善。因此，它正在流動，它與點擊返回關鍵商品價格相關聯，並且它正在通過我們的合約流動。它將沖走我們的庫存，我們只是繼續通過這些合同，按照我們在這些合同中商定的價格，然後通常需要一個月或兩到三個月的時間來清理我們的庫存。

Okay. And so those you could see them coming in, in Q3 and into Q4?

好的。那麼您可以看到他們在第三季度和第四季度進入嗎？

Yes, yes, we'll see some of that benefit in Q3 and Q4, absolutely.

是的，是的，我們絕對會在第三季度和第四季度看到一些好處。

The next question goes to Brian MacArthur of Raymond James.

下一個問題將問雷蒙德·詹姆斯 (Raymond James) 的布萊恩·麥克阿瑟 (Brian MacArthur)。

Can I just follow up on Peñasquito. Tanya covered the ongoing cost, but where is the concentrate situation? Is there concentrate in transit that's off-site that's provisionally priced and you're going to have some sales in Q3 if nothing happens or I was looking at your sales versus your production, and I know it varies quarter-by-quarter and lead versus zinc. Where are we on that? Is there actually a cash inflow to you from concentrator? Is it all stuck at side? Or where is that situation at the moment?

我可以跟進 Peñasquito 的情況嗎？ Tanya 承擔了持續的成本，但集中情況在哪裡？是否有集中在場外的臨時定價的運輸，如果沒有任何反應，您將在第三季度有一些銷售，或者我正在查看您的銷售與生產，我知道它按季度變化，領先與鋅。我們在這方面的進展如何？集中器實際上有現金流入嗎？都卡在一邊了嗎？或者說現在的情況在哪裡？

Brian, so there's nothing left to put and all the sales being recognized in the second quarter. So there's nothing in the supply chain from the mine site to the smelters that hasn't been sold and recognized. And then we have a small amount of concentrate stockpile on site but not much. Sites been put into care and maintenance in very good neck and everything is safe and secure onsite. So the expectation that common sense prevails and we've got a workforce back at work. We can ramp up very quickly with a lot of experience in being able to ramp up from the pandemic days. So we know how to get that big mine back up and running and producing concentrate very quickly. So it's pretty clean in terms of where we sit with the concentrates.

布萊恩，所以沒有什麼可以投入的，所有銷售額都將在第二季度得到確認。因此，從礦場到冶煉廠的供應鏈中，沒有任何東西沒有被出售和認可。然後我們現場有少量精礦庫存，但不多。場地得到了很好的維護和保養，現場一切都很安全。因此，人們期望常識會佔上風，我們的員工會重返工作崗位。憑藉從大流行時期恢復過來的豐富經驗，我們可以非常迅速地提高速度。因此，我們知道如何使大型礦山恢復正常運行并快速生產精礦。因此，就我們放置濃縮物的位置而言，它是相當乾淨的。

We have a follow-up question from Anita Soni of CIBC Markets.

CIBC Markets 的 Anita Soni 向我們提出了後續問題。

So a few more questions in terms of the details. At Tanami, could you just go over what you're looking for in terms of grades and tons in the Q4, Q3?

那麼在細節方面還有幾個問題。在Tanami，您能回顧一下您在第四季度、第三季度的等級和噸數方面所尋找的內容嗎？

No problems, Tanya. The Q3...

沒問題，塔尼婭。第三季度...

Anita.

安妮塔。

Sorry. Sorry. That lives in the flow. Anita, yes. Daniel was writing me notes, Tanya, if you're still listening, my apologies, and I needed my apologies. Obviously, I need a holiday, sorry. The high grades are in the fourth quarter. You'll actually see a little bit of a step up in the third quarter from what we are able to see in the second -- and then we get into some nice high-grade stopes in the fourth quarter. So pretty consistent through the mill and a step-up in the third and fourth quarter as they're free and clear of some of the disruption from the weather in the first half. So you see a step-up in volumes through the mill but the real grades flow in the fourth quarter. Nothing outrageous. Certainly well within the grades that we've seen historically.

對不起。對不起。那生活在流動中。安妮塔，是的。丹尼爾正在給我寫筆記，塔尼婭，如果你還在聽的話，我很抱歉，我需要我的道歉。顯然，我需要休假，抱歉。高分是在第四季度。事實上，你會在第三季度看到比第二季度有所進步——然後我們在第四季度進入一些不錯的高級站點。工廠的生產非常穩定，第三季度和第四季度有所提高，因為他們沒有受到上半年天氣的影響。因此，您會看到工廠的產量有所增加，但實際品位在第四季度流動。沒什麼離譜的。當然符合我們歷史上看到的成績。

Okay. And then in terms of the project, I was noticing the spend at the different projects. And Tanami looks -- I mean I don't really -- we don't really have sort of like the -- or maybe I've lost track of the amount of time that it's going to take to build out these projects, we are in the process like a percentage just from a time standpoint. But Ahafo North, it seems like the spend is not -- it's got the same start-up at Tanami expansion and I only see about 30% of the spend and where Tanami's about has to spend. So could you just give us a little color on the time frame and the cadence of spending at both Tanami and Ahafo North?

好的。然後就項目而言，我注意到不同項目的支出。塔納米看起來——我的意思是我真的沒有——我們真的沒有類似的——或者也許我已經忘記了構建這些項目需要多少時間，我們從時間的角度來看，這個過程就像一個百分比。但阿哈福北 (Ahafo North) 的支出似乎不是——它在 Tanami 擴張中也有同樣的初創企業，我只看到大約 30% 的支出以及 Tanami 必須支出的地方。那麼您能否給我們介紹一下塔納米和阿哈福北的時間框架和消費節奏？

Sure. I'll start off Anita and Rob might want to build on this. But Ahafo North has really been a first half or a quarter of just getting the work fronts opened up. So a lot of clearing of land, bringing equipment in. And so gearing up with positioning ourselves to really get stuck into doing the pre-strip work and then the civil works will then start constructing the process plant and other infrastructure. So it's in a process of gearing up and then be able to accelerate up in terms of an open pit mine with a processing plant. Tanami, where is probably -- we're in that serious process of stepping through the shaft, doing those -- doing the concrete line and then bringing in the various facilities that get attached to that concrete wall. So that's in now starting to get a pretty steady state for that critical path item.

當然。我將從安妮塔開始，羅布可能想以此為基礎。但阿哈福北確實已經過了上半年或四分之一才開始開放工作。因此，需要大量清理土地，引進設備。因此，我們要做好準備，真正投入到剝離前的工作中，然后土建工程將開始建造加工廠和其他基礎設施。因此，它正處於準備階段，然後能夠在帶有加工廠的露天礦方面加速發展。塔納米，可能是——我們正在認真地穿過豎井，做這些——做混凝土線，然後引進連接到混凝土牆上的各種設施。因此，現在該關鍵路徑項目開始達到相當穩定的狀態。

The other thing that's largely the surface work in terms of most infrastructure is largely done. So clearly, there's a whole bunch of winding equipment to install at the appropriate time on surface and not completely done. But at Tanami, we've got the underground excavation, it's all done, but you're really in that process now mobilizing those construction crews underground to start building out the conveyors and the crushers and all the supporting infrastructure for that.

另一件主要是大多數基礎設施方面的表面工作已經基本完成。很明顯，有一大堆纏繞設備需要在適當的時間安裝在地面上，但尚未完全完成。但在塔納米，我們已經進行了地下挖掘，一切都已經完成，但你現在確實處於這個過程中，正在動員地下的施工人員開始建造輸送機、破碎機以及所有配套基礎設施。

So gearing up to get that work front really going ahead. So quite different projects in terms of infrastructure underground, shaft lining and then building an open pit mine and the associated infrastructure.

因此，要做好準備，讓這項工作真正向前推進。因此，在地下基礎設施、豎井襯砌以及建設露天礦和相關基礎設施方面的項目截然不同。

Rob, anything you add on that?

羅布，你還有什麼補充嗎？

Anita, I would just emphasize what Tom said, a number of fronts that we're actively working on at Tanami is far larger than Ahafo North. So every part of that project is getting worked on. And as Tom said, Ahafo North and seeing it just a month or so ago, the civil works is progressing very, very well. And in the coming months, that's when we will see significant spend, whether it be the contractors coming in. It's the steel getting erected. It's the hiring of cranes, it's the digging of tranches, et cetera, it's the construction of the tailings dams.

安妮塔，我只想強調湯姆所說的，我們在塔納米積極開展的許多工作遠遠大於阿哈福北。所以該項目的每個部分都在進行中。正如湯姆所說，阿哈福北，就在大約一個月前，土建工程進展得非常非常順利。在接下來的幾個月裡，我們將看到大量支出，無論是承包商的進來。還是鋼鐵的安裝。這是僱用起重機，是挖掘地段等等，是建造尾礦壩。

So as the next few months passes, the number of fronts that we start working on at Ahafo North significantly increases. And as such, we'll see that increase in spend as well.

因此，隨著接下來的幾個月的過去，我們在阿哈福北開始工作的戰線數量顯著增加。因此，我們也會看到支出的增加。

And then in terms of that work, how much has been sort of like, I guess, committed or how much of that work in the next -- in the back half of this year and early next year, do you have a visibility on the cost level?

然後就這項工作而言，我想，承諾了多少工作，或者在今年下半年和明年初，你對這項工作有多少了解？成本水平？

In terms of, Anita...

就安妮塔而言...

I guess I'm just trying to understand that if you haven't -- what I was trying to understand is if you haven't really started getting into the guts of it, how certain are you that the CapEx guidance range is still good?

我想我只是想了解，如果您還沒有——我想了解的是，如果您還沒有真正開始深入了解它的內部情況，那麼您對資本支出指導範圍仍然良好的確定程度如何？

The key thing, which I'd certainly see, Anita, is that on the procurement side of things that we have basically secured just about all the supplies for both the projects. And I think that protects us enormously. The engineering that we've also done on both projects is at a significant level as well. So we've got a large degree of confidence.

安妮塔，我當然會看到，關鍵的事情是，在採購方面，我們基本上已經確保了這兩個項目的幾乎所有供應。我認為這極大地保護了我們。我們在這兩個項目上所做的工程也達到了很高的水平。所以我們有很大的信心。

The biggest thing is always is with shaft building. We progressed down there. And at the moment, we're aligning that very well. We've got patches of overbreak, which we'll deal with. But at the moment, because of the engineering, the procurement, we're still very much on track.

最重要的事情始終是豎井建設。我們在那裡取得進展。目前，我們正在很好地協調這一點。我們遇到了一些超限情況，我們會處理的。但目前，由於工程、採購方面的原因，我們仍然處於正軌。

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。我想將會議轉回由湯姆·帕爾默（Tom Palmer）發表閉幕詞。

Thanks, operator. Just a quick one for Mike Parkin's question. Just confirm there's no minimum payment on the silver stream, Mike, if you're still listing on the call.

謝謝，接線員。簡單回答一下邁克·帕金的問題。邁克，如果您仍在通話中，請確認白銀流沒有最低付款額。

Thank you all for making the time for the call this quarter, and please enjoy the rest of your day, and thank you for your time. Thanks, everyone.

感謝大家本季度抽出時間撥打電話，祝您度過愉快的一天，感謝您抽出寶貴的時間。感謝大家。

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。