紐蒙特黃金公司 (NEM) 2023 Q4 法說會逐字稿

Good morning, and welcome to Newmont's Fourth Quarter 2023 Earnings and 2024 Guidance Call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎來到紐蒙特 2023 年第四季財報和 2024 年指導電話會議。 （操作員說明）請注意此事件正在被記錄。

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執行長湯姆·帕爾默 (Tom Palmer)。請繼續。

Good morning, everyone, and thank you for joining our call today. Please note our cautionary statement and refer to our SEC filings, which can be found on our website.

大家早安，感謝您今天加入我們的電話會議。請注意我們的警告聲明並參閱我們向 SEC 提交的文件（可在我們的網站上找到）。

Today, I'm joined by my executive leadership team, including Natascha Viljoen and Karyn Ovelmen, and we'll all be available to answer your questions at the end of the call. I'd also like to take a moment to acknowledge our friend and colleague, Rob Atkinson, our Chief Operating Officer for the past 5 years, Rob will leave Newmont in early May, although his legacy will endure. Through his visible self-leadership, Rob has driven our fatality risk management program, achieving 5 years fatality-free performance.

今天，我的執行領導團隊（包括 Natascha Viljoen 和 Karyn Ovelmen）也加入了我的行列，我們都將在通話結束時回答您的問題。我還想花點時間向我們的朋友和同事 Rob Atkinson 表示感謝，他是我們過去 5 年的首席營運官，Rob 將於 5 月初離開紐蒙特，儘管他的遺產將持續下去。透過他明顯的自我領導能力，Rob 推動了我們的死亡風險管理計劃，實現了 5 年零死亡績效。

Throughout the pandemic, Rob navigated our operations through challenges, including periods of care and maintenance, order closures and vaccine implementation. Rob also represented the very best of our values when he guided Peñasquito through 2 major challenges: resolving a community blockade in 2019 and an unjustified strike last year. In both situations, Rob found sustainable solutions that protected a long-term value of Newmont.

在整個大流行期間，羅布帶​​領我們的營運應對挑戰，包括護理和維護期、訂單關閉和疫苗實施。 Rob 也代表了我們最好的價值觀，他指導 Peñasquito 克服了兩項重大挑戰：解決 2019 年的社區封鎖和去年的無理罷工。在這兩種情況下，羅布都找到了保護紐蒙特長期價值的永續解決方案。

Over the last 5 months, Rob and Natascha have conducted a thorough handover of accountabilities and Rob will remain with us to support (inaudible) before finishing up and heading back to the U.K. to spend more time with family.

在過去的 5 個月裡，Rob 和 Natascha 進行了徹底的職責交接，Rob 將繼續與我們一起提供支持（聽不清楚），然後完成工作並返回英國與家人共度更多時間。

Before we get started, it is with great sadness that I share the tragic news regarding a fatal incident at our recently acquired Brucejack operation on December 20 last year. I'd like to take a moment to remember our colleague Adam Kennedy. Adam was only 44 years old. He was a partner, a son, a brother, and uncle, a best friend and a valued colleague. Our condolences go out to Adams loved ones during this difficult time, and we are again reminded how important it is to maintain a sense of chronic unease when it comes to the safety of everyone who works at Newmont.

在我們開始之前，我懷著極大的悲傷向大家分享去年 12 月 20 日我們最近收購的 Brucejack 工廠發生致命事故的悲慘消息。我想花點時間紀念我們的同事亞當甘迺迪。亞當年僅 44 歲。他是一個合夥人、一個兒子、一個兄弟、一個叔叔、一個最好的朋友和一個有價值的同事。在這個困難時期，我們向亞當斯的親人表示哀悼，並再次提醒我們，在紐蒙特工作的每個人的安全方面，保持長期的不安感是多麼重要。

(inaudible) fatality is totally unacceptable. We fully understand the fatality risk in our industry and the critical controls that need to be in place at all times to manage them. So we have been taking the time to conduct a safety reset across all Newmont sites, not just the 5 new Newmont operations with a laser focus on the implementation of our fatality risk management system.

（聽不清楚）死亡是完全不可接受的。我們完全了解我們行業的死亡風險以及需要隨時實施的關鍵控制措施來管理這些風險。因此，我們一直在花時間對所有紐蒙特工廠（而不僅僅是紐蒙特工廠的 5 個新工廠）進行安全重置，重點關注死亡風險管理系統的實施。

This reset work includes training delivered by our line leaders, our managing directors, our general managers and our senior health and safety leaders. Training on our fatality risk management standards, and our critical control verification process. We are also concluding our thorough investigation into this tragic incident which is being led by David Thornton, the Managing Director of our Africa business unit. We are applying the lessons learned from this investigation at all of our managed operations globally and we will share them widely with our mining industry peers.

這項重置工作包括由我們的直線領導、董事總經理、總經理以及高級健康和安全領導者提供的培訓。有關我們的死亡風險管理標準和關鍵控制驗證流程的培訓。我們也正在結束對這起悲劇的徹底調查，該調查由非洲業務部門董事總經理 David Thornton 領導。我們正在將此次調查中汲取的經驗教訓應用於我們在全球範圍內管理的所有業務，並將與採礦業​​同行廣泛分享。

Nothing is more important that our commitment to the health and safety of our workforce, and we are determined to create an environment with every person working at Newmont across all locations return home safe and well to their families and loved ones at the end of each and every shift.

沒有什麼比我們對員工健康和安全的承諾更重要的了，我們決心創造一個環境，​​讓在紐蒙特各地工作的每個人在每個工作結束時都能安全、健康地回家與家人和親人團聚。

Turning to our performance in 2023. Newmont finished the year with a solid fourth quarter, putting us in line with the revised stand-alone outlook that we issued following the resolution of the strike at Peñasquito. In summary, we produced 5.5 million ounces of gold at all-in sustaining costs of $1,444 an ounce. In addition to gold, we produced nearly 900,000 gold equivalent ounces from copper, silver, lead and zinc over the course of the year. This performance enabled us to deliver $4.2 billion in adjusted EBITDA returned the $1.4 million to shareholders and end the year with liquidity above $6 billion. In a few minutes Natascha and I will explain on how we expect to improve upon this performance in 2024 and beyond, with a focus of delivering meaningful value to our shareholders.

談到我們 2023 年的業績。總之，我們以每盎司 1,444 美元的總維持成本生產了 550 萬盎司黃金。除了黃金之外，我們在這一年中還利用銅、銀、鉛和鋅生產了近 90 萬盎司黃金當量。這項業績使我們能夠實現 42 億美元的調整後 EBITDA，向股東返還 140 萬美元，並在年底實現超過 60 億美元的流動性。幾分鐘後，Natascha 和我將解釋我們預計如何在 2024 年及以後改善這一業績，重點是為股東提供有意義的價值。

But before we do that, I would like to describe how we're transforming our business into a unique collection of the world's best gold and copper operations and projects following last year's transaction. When we announced our binding agreement to acquire Newcrest in May last year, we outlined a powerful value proposition built around 4 key commitments. First, to set the new sustainability standard and strengthened Newmont's position as the gold sector recognize sustainability leader.

但在此之前，我想介紹一下繼去年的交易之後，我們如何將我們的業務轉變為世界上最好的黃金和銅業務和項目的獨特集合。去年 5 月，當我們宣布收購 Newcrest 的具有約束力的協議時，我們概述了圍繞 4 項關鍵承諾構建的強大價值主張。首先，制定新的永續發展標準並鞏固紐蒙特作為黃金產業公認的永續發展領導者的地位。

Second, to create the industry's strongest portfolio of world-class gold and copper assets in the most favorable mining jurisdictions. Third, to deliver $500 million of annual synergies and realize over $2 billion in cash from portfolio optimization. And finally, to continue driving a disciplined, balanced approach to capital allocation.

其次，在最有利的採礦管轄區創造業界最強大的世界級黃金和銅資產組合。第三，實現每年 5 億美元的綜效，並透過投資組合優化實現超過 20 億美元的現金。最後，繼續推行嚴格、平衡的資本配置方法。

After closing the transaction on November 6 last year, the integration of the 5 new operations into our Newmont operating model has been progressing very well. And as we enter this critically important year of integration and transformation, I'll be holding myself and my executive leadership team accountable for delivering on these commitments and this will be our key focus in 2024.

去年 11 月 6 日完成交易後，將 5 個新業務整合到我們的紐蒙特營運模式中進展順利。當我們進入這個至關重要的整合和轉型之年時，我將要求自己和我的執行領導團隊負責兌現這些承諾，這將是我們 2024 年的重點。

To support this work, earlier today, we announced 4 key actions that together will enhance our ability to deliver on our clear and consistent strategy. First, we plan to divest 6 high-quality but noncore assets this year. From this point forward, our world-class portfolio will consist entirely of Tier 1, an emerging Tier 1 operations and districts. And it will have a significant exposure to growth in copper and gold from our industry-leading organic project pipeline. Second, we provided our 2024 and 5-year outlook, getting a clear picture of the work we're doing today to expand margins and appropriately sequence our projects to deliver sustainable value.

為了支持這項工作，今天早些時候，我們宣布了 4 項關鍵行動，這些行動將增強我們實施清晰一致策略的能力。首先，我們計劃今年剝離6項優質非核心資產。從現在開始，我們的世界級投資組合將完全由一級、新興的一級營運和地區組成。我們行業領先的有機項目管道將極大地促進銅和金的成長。其次，我們提供了 2024 年和 5 年展望，清楚地了解了我們今天為擴大利潤所做的工作，並適當地安排了我們的專案順序，以實現永續價值。

Third, with the clarity, simplicity and focus that our Tier 1 portfolio provides, we have committed to deliver a further $500 million in cost and productivity improvements across the entire portfolio. And these improvements are over and above our synergy commitment from the Newcrest acquisition. We expect to hit this $500 million annual run rate of improvement by the end of 2025. And finally, we announced a balanced shareholder return framework, consisting of $1 per share annualized base dividend and a new $1 billion share repurchase program.

第三，憑藉我們的一級產品組合提供的清晰度、簡單性和重點，我們承諾在整個產品組合中再實現 5 億美元的成本和生產力改進。這些改進超出了我們對 Newcrest 收購的協同承諾。我們預計到 2025 年底，年運行率將達到 5 億美元。

Our go-forward Newmont portfolio is focused on Tier 1, gold and copper, operations and projects located in the world's most favorable mining jurisdictions. And it has 4 key features. First, it contains 10 Tier 1 operations, representing all the half of the world Tier 1 guidelines in the Newmont portfolio. Second, it has 3 emerging Tier 1 operations that each has a clear path for growth. And we have the opportunity to create a Tier 1 district in British Columbia, a district in which Newmont will be operating for at least the next (inaudible). And third, it has an unmatched organic development pipeline with 6 large-scale top of gold projects. And fourth, underpinning our Tier 1 portfolio, is the industry's most robust foundation of reserves and resources.

我們前瞻性的紐蒙特投資組合專注於位於世界上最有利的採礦管轄區的一級黃金和銅業務和項目。它有 4 個關鍵特性。首先，它包含 10 個一級業務，代表紐蒙特投資組合中全球一半的一級業務。其次，它擁有 3 個新興的一級業務，每個業務都有明確的成長路徑。我們有機會在不列顛哥倫比亞省創建一個一級地區，紐蒙特公司至少在未來將在該地區運作（聽不清楚）。第三，它擁有無與倫比的有機開發管道，擁有 6 個大型頂級黃金項目。第四，支撐我們的一級投資組合的是業界最強大的儲備和資源基礎。

Going forward, Newmont has the industry's largest gold resource base and we also have the largest base of copper resources in the gold industry. To put these numbers into perspective, Newmont has an almost 30% large gold reserve resource base than our nearest peer. And we have a 40% larger copper reserve resource base than our nearest gold peer. No other gold producing in the world can offer the depth and quality that Newmont's Tier 1 portfolio can today.

展望未來，紐蒙特擁有業界最大的黃金資源基地，我們也擁有黃金產業最大的銅資源基地。從這些數字來看，紐蒙特的黃金儲備資源基礎比我們最接近的同業高出近 30%。我們的銅儲備資源基礎比最接近的黃金同行多 40%。世界上沒有其他黃金生產商能夠提供紐蒙特目前一級投資組合的深度和品質。

Later on, I'll provide a little bit more color about Newmont's longer-term outlook and the exciting gold, copper opportunities ahead of us. But first, I'd like to step back and give some insight into how we are framing the year ahead.

稍後，我將進一步介紹紐蒙特公司的長期前景以及我們面前令人興奮的黃金、銅機會。但首先，我想退後一步，談談我們如何規劃未來的一年。

2023 brought with a number of unique challenges, which are now certainly behind us. The 120-day labor dispute at Peñasquito, asset integrity issues that were inherent in the original design of equipment at Ahafo and wildfires in Canada impacting Éléonore. Those 3 events, mean that our final production number did not reflect the full capability of our assets.

2023 年帶來了許多獨特的挑戰，但現在這些挑戰肯定已經過去了。 Peñasquito 為期 120 天的勞資糾紛、Ahafo 設備原始設計中固有的資產完整性問題以及影響 Éléonore 的加拿大野火。這三個事件意味著我們的最終產量數字並未反映我們資產的全部能力。

As we emerge on the other side of these events, I am proud of the decisions that we took to protect the long-term interest of our company rather than looking to seek short-term experience solutions. However, I'm also not happy with the underlying level of our operating performance. We have the opportunity to improve our compliance to mine plants to improve our fixed and mobile equipment reliability and to improve our mill throughputs and recoveries. So our focus to '24 will be on safely integrating new teams, new operations in our Newmont operating model and culture, transforming our portfolio, underlying the groundwork for sustainable operating performance, margin expansion and strong returns.

當我們站在這些事件的另一邊時，我為我們為保護公司的長期利益而不是尋求短期體驗解決方案所做的決定感到自豪。然而，我對我們的經營業績的基本水準也不滿意。我們有機會提高對礦山工廠的合規性，以提高固定和移動設備的可靠性，並提高工廠的產量和回收率。因此，我們 24 世紀的重點將是安全地整合新團隊、新業務到我們的紐蒙特營運模式和文化中，轉變我們的投資組合，為永續營運績效、利潤擴張和強勁回報奠定基礎。

Finally, this morning, we also announced that we have extended the completion date and increased the project capital cost for our Tanami 2 expansion project. In the second half of last year, we completed the concrete lining of the top half or 700 meters of this 1.5 kilometer deep production shaft. This milestone gave us the opportunity to assess the condition of the known overbreak and ground conditions at the very bottom of the shaft as well as incorporate the lessons learned providing the top half of the shaft into the cost and schedule for the run home. We have critically assessed a number of options to safely address the line overbreak and line the lower section of the shaft. This work included key third-party reviews before we landed on a method. And it was this methodology and subsequent decision that an informed the cost and schedule update we provided today.

最後，今天早上，我們還宣布延長 Tanami 2 擴建項目的竣工日期並增加專案資本成本。去年下半年，我們完成了這個1.5公里深生產井的上半部或700公尺的混凝土襯砌。這一里程碑使我們有機會評估已知的超挖情況和豎井最底部的地面條件，並將提供豎井上半部分的經驗教訓納入運行回家的成本和時間表中。我們嚴格評估了多種方案，以安全地解決線路超挖問題並為豎井下部鋪設線路。在我們確定方法之前，這項工作包括關鍵的第三方審查。正是這種方法和隨後的決定為我們今天提供的成本和進度更新提供了資訊。

Although I'm not happy with the extension of time and cost, I am confident that we have chosen a method that is safe and will ensure the shaft construction is of the quality necessary to rely with service Tanami prolific ore body for many, many years to come.

雖然我對時間和成本的延長並不滿意，但我相信我們選擇了一種安全的方法，並將確保豎井施工具有多年依賴塔波多產礦體服務所必需的品質來。

So with that, I'll hand it over to Natascha to walk you through our operational priorities in 2024 and what we are doing to ensure that we deliver on our commitments this year. Over to you, Natascha.

因此，我將把它交給 Natascha，向您介紹我們 2024 年的營運優先事項以及我們為確保今年兌現承諾而採取的措施。交給你了，娜塔莎。

Thank you, Tom, and good morning. Since joining Newmont in October, I have visited 14 of Newmont's 17 managed operations. And I've been really impressed by the quality of the assets, the dedication of our people and the commitment from our operational leaders to drive safe and profitable production.

謝謝你，湯姆，早安。自從 10 月加入紐蒙特以來，我參觀了紐蒙特 17 個託管營運機構中的 14 個。資產的品質、員工的奉獻精神以及營運領導者對推動安全和獲利生產的承諾給我留下了深刻的印象。

Now before I begin, I'd like to provide a brief introduction to the operational team focused on integration and value delivery in 2024. As mentioned last quarter, within our global operating model, we have 6 regional business units, each headed up by a world-class experienced Newmont leader where you can see on this slide. This scalable integrated operating model enables alignment across our operating leadership team while also empowering our managing directors to apply the extensive local and technical knowledge and draw on the global functional expertise to lead each unique operation.

在開始之前，我想簡要介紹一下專注於2024 年整合和價值交付的營運團隊。名您可以在這張投影片上看到世界級經驗豐富的紐蒙特領導者。這種可擴展的綜合營運模式使我們的營運領導團隊能夠保持一致，同時也使我們的董事總經理能夠應用廣泛的本地和技術知識，並利用全球職能專業知識來領導每項獨特的營運。

To support our operations from the project execution side, we have a dedicated restructured project delivery team. This team of subject matter experts is working across the full spectrum of our organic pipeline, including studies, project development, construction and commissioning of projects. By strengthen our operating model with block driving capability and an understanding of industry-leading practices in project development.

為了從專案執行方面支援我們的運營，我們擁有一支專門的重組專案交付團隊。這個主題專家團隊正在我們有機管道的各個方面開展工作，包括研究、專案開發、專案建立和調試。透過區塊驅動能力和對專案開發行業領先實踐的理解來加強我們的營運模式。

This year, we will have a laser focus on the performance of our 11 managed operations in our go-forward portfolio, while also guiding our 6 noncore assets through a safe and productive process for divestment. As we work to deliver efficiency and reliability from our global portfolio, we are committed to progressing our 4 key projects in execution and keeping them on track in 2024.

今年，我們將重點放在未來投資組合中 11 項託管業務的績效，同時指導我們的 6 項非核心資產通過安全且高效的剝離流程。在我們努力提高全球產品組合的效率和可靠性的同時，我們致力於推進正在執行的 4 個關鍵項目，並使其在 2024 年步入正軌。

As a result, we are entering the year with a strong focus on integration and the safe delivery of our targets. Our success in 2024 will be largely determined by the performance of our 6 managed Tier 1 operations, Boddington, Tanami, Penasquito, Ahafo, Lihir and Cadia, not underestimating the significant impact of the delivery from the full portfolio of operating assets.

因此，進入新的一年，我們將專注於整合和安全實現我們的目標。我們 2024 年的成功將在很大程度上取決於我們 6 個託管一級業務（Boddington、Tanami、Penasquito、Ahafo、Lihir 和 Cadia）的業績，不要低估整個營運資產組合交付的重大影響。

I will also separately touch on telephone and how we are ensuring (inaudible) integrity at this new to Newmont operation. We're very clear on the key priorities to integrate and deliver 2024 and how this set up operations in the next 5 years. And I will touch on some of these in each of the Tier 1 managed operations.

我還將單獨談及電話以及我們如何確保紐蒙特公司這一新業務​​的（聽不清楚）誠信。我們非常清楚整合和交付 2024 年的關鍵優先事項以及如何在未來 5 年內開展營運。我將在每個一級託管運營中討論其中的一些內容。

At Boddington, we are progressing the stripping of the current laybacks in the North and South pits as planned, with improved productivity from our fully autonomous (inaudible) fleet. At our poly metallic mine Peñasquito, our focus is on delivering strong silver, lead and zinc from the Chile Colorado pit, and continuing wide stripping in the Peñasco pit to deliver higher gold grade in 2025. At Ahafo, we remain on track to replacement girth gear in the second quarter to maximize (inaudible) rates.

在博丁頓，我們正在按計劃推進南北維修站目前的停工，並提高我們完全自主（聽不清楚）車隊的生產力。在我們的Peñasquito 多金屬礦山，我們的重點是從智利Colorado 礦坑輸送高品質的銀、鉛和鋅，並在Peñasco 礦坑繼續進行大範圍剝離，以便在2025 年產出更高的金品位。 Ahafo，我們仍然致力於追蹤在第二季度更換大齒輪以最大化（聽不清楚）率。

At Tanami, we are improving material movement through the decline as we progress deeper underground. (inaudible) team will be focused on simplifying the mine plan and improving asset reliability. And at our other Newmont operation Cadia, we are commissioning the next block cave and progressing some important tailings rectification and expansion work to sync up for the next decade of all feed. We have full potential teams on the ground at coherent Cadia, actively working through our diagnosis phase and designing the initiatives to extract value and deliver the opportunities identified.

在塔奈米，隨著我們深入地下，我們正在改善物質運輸。 （聽不清楚）團隊將專注於簡化採礦計劃和提高資產可靠性。在我們的另一個紐蒙特工廠卡迪亞，我們正在調試下一個區塊洞穴，並進行一些重要的尾礦整治和擴建工作，以便與未來十年的所有飼料同步。我們在相干的卡迪亞擁有完整的潛在團隊，他們在診斷階段積極工作，並設計舉措來提取價值並提供所識別的機會。

So taking these key priorities into account, we anticipate that the production will be around 53% weighted towards the second half of the year as we return to full pricing rates at Ahafo, reach higher grades for the liberator ore body at Tanami and site integrated due to Newmont sites into the Newmont operating model.

因此，考慮到這些關鍵優先事項，我們預計，隨著我們在阿哈福恢復完全定價、塔納米解放者礦體達到更高品位以及由於場地整合，今年下半年產量將佔到 53% 左右。紐蒙特工廠納入紐蒙特營運模式。

I'm touching briefly on Telfer, a noncore operation in Australia. We are focused on remediating (inaudible) and fracs detected at the tailing storage facility in December, where we stopped the mill to complete the first phase of remediation work. In early February, we temporarily restarted the plant while evaluating options for further remediation of an (inaudible) tailing facility and we'll provide an update on that work on our first quarter earnings call. And with a focus on fatality risk management, we expect that work and full potential implies, we remind fairly on track to deliver on our commitments this year.

我簡單介紹一下 Telfer，這是一家位於澳洲的非核心業務。我們的重點是修復（聽不清楚）和 12 月在尾礦儲存設施中檢測到的壓裂，我們在那裡停止了工廠以完成第一階段的修復工作。 2 月初，我們暫時重啟了該工廠，同時評估了進一步修復（聽不清楚）尾礦設施的方案，我們將在第一季財報電話會議上提供該工作的最新情況。以死亡風險管理為重點，我們預計工作和全部潛力意味著我們今年將按計劃兌現我們的承諾。

On top of delevering in 2024 operationally, we are working to bring forward new low-cost ounces from the 4 key projects we have in execution. These projects include the second expansion at Tanami, as Tom just covered. Our focus is on slightly aligning the lower section of the shaft and continuing to construct and crushing and combined infrastructure underground. Two block cave projects at Cadia to recover both gold and copper, where we have just let first ore as we ramp up the first of these caves. And our new mine, Ahafo North, where we are making good progress on the construction of the (inaudible) and other supporting infrastructure, along with wire stripping to allow us to start accessing the ore for stockpiling.

除了 2024 年營運上的去槓桿化之外，我們正在努力從我們正在執行的 4 個關鍵項目中推出新的低成本盎司。這些項目包括塔納米的第二次擴建，正如湯姆剛剛報導的那樣。我們的重點是稍微調整豎井的下部部分，並繼續建造、破碎和組合地下基礎設施。卡迪亞的兩個區塊洞穴項目旨在開採金和銅，我們剛剛在擴建第一個洞穴時開採了第一批礦石。我們的新礦場阿哈福北 (Ahafo North) 的建設（聽不清）和其他配套基礎設施以及剝線工作都取得了良好進展，以便我們能夠開始獲取礦石進行儲存。

When this new and very exciting mine is combined with the underground potential of Subika, Apensu and Awonsu, we have a Tier 1 Ahafo district and we'll be capable of producing around 850,000 ounces of gold per year out to and beyond 2015, which would make it one of the world's top gold mining districts by any measure.

當這個令人興奮的新礦與 Subika、Apensu 和 Awonsu 的地下潛力相結合時，我們就擁有了 1 級 Ahafo 區，到 2015 年及以後，我們將能夠每年生產約 850,000 盎司黃金，這將無論以何種標準衡量，都使其成為世界頂級金礦區之一。

Now bringing all of this together, as we focus on the integration and size delivering this year, we expect our Tier 1 portfolio to produce around 5.6 million ounces of gold and an all-in sustaining cost of $1,300 per ounce. Combined with the very significant 1.9 million gold equivalent ounces from copper, silver, lead, zinc and molybdenum. Our unit costs are expected to improve compared to 2023 due to steady production of net volumes and the delivery of synergies and full potential improvements with the lowest unit cost coming from Newmont's managed Tier 1 portfolio.

現在，將所有這些結合在一起，由於我們今年專注於整合和規模交付，我們預計我們的一級投資組合將生產約 560 萬盎司黃金，總維持成本為每盎司 1,300 美元。再加上銅、銀、鉛、鋅和鉬的 190 萬盎司黃金當量。與 2023 年相比，我們的單位成本預計將有所改善，原因是淨產量穩定、協同效應的發揮以及紐蒙特管理的一級投資組合帶來的單位成本最低的全面潛在改進。

Our capital reinvestments remains in line with the pre-acquisition spending levels as we continue to focus our disciplined delivery and a balanced approach to capital allocation. And with a stable reduction and structured reinvestment, we are strongly positioned to integrate and deliver on our commitments in 2024, setting the stage to future proof these world-class assets with benchmark performance and meaningful growth in 2025 and beyond.

我們的資本再投資仍與收購前的支出水準保持一致，因為我們繼續專注於嚴格的交付和平衡的資本配置方法。透過穩定的削減和結構化的再投資，我們有能力在 2024 年整合並兌現我們的承諾，為這些世界級資產在 2025 年及以後的基準表現和有意義的成長奠定基礎。

And with that, I'll turn it back to Tom.

說到這裡，我會把它轉回給湯姆。

Thanks, Natascha. Moving up to foundation we are establishing in 2024 that Natascha just covered. I'd now like to provide a bit of color around the opportunities that we are seeing from our go-forward portfolio.

謝謝，娜塔莎。我們將在 2024 年成立基金會，Natascha 剛剛介紹過。我現在想就我們從未來的投資組合中看到的機會提供一些色彩。

We will continue to optimize the performance of our mature Tier 1 operations and our new to Newmont assets. At Boddington, the stripping that we are doing today will bring forward strong gold and copper grades starting in 2026, all supported by the gold industry's only fully autonomous whole fleet. At Tanami, the completion of the second expansion will provide efficient access to ore at depth and open up this prolific underground ore body in 2027 and beyond. At Penasquito, the stripping that we are currently doing will bring forward a harder proportion of gold ounces from the Penasco pit, balancing with the strong production of silver, lead and zinc from the Chile Colorado pit. At Ahafo, we are building out district potential with new low-cost ounces from both underground and open pit at Ahafo South, and our new mine, Ahafo North coming online in 2025.

我們將繼續優化我們成熟的一級業務和紐蒙特新資產的績效。在博丁頓，我們今天正在進行的剝採將從 2026 年開始帶來強勁的金和銅品位，所有這一切都得到黃金行業唯一完全自主的整個車隊的支持。在 Tanami，第二次擴建的完成將為深入開採礦石提供高效的通道，並在 2027 年及以後開闢這個多產的地下礦體。在佩納斯基托，我們目前正在進行的剝離將從佩納斯科礦坑中提取出更多的金盎司，以與智利科羅拉多礦坑中銀、鉛和鋅的強勁生產相平衡。在阿哈福，我們正在利用來自阿哈福南地下和露天礦坑的新低成本盎司來開發該地區的潛力，而我們的新礦場阿哈福北將於 2025 年上線。

At Cadia, we will commission our second block cave in this time frame bringing forward higher gold and copper grades whilst in parallel, leveraging our full potential program to improve their reliability and throughput. And finally, simplifying the (inaudible) mine plan is expected to deliver a strong improvement in gold production as we reach higher grades from Phase 14a.

在卡迪亞，我們將在這段時間內調試我們的第二個區塊洞穴，同時提高黃金和銅品位，利用我們的全部潛力計劃來提高其可靠性和吞吐量。最後，隨著我們從第 14a 階段達到更高的品位，簡化（聽不清楚）採礦計畫預計將大幅提高黃金產量。

As I mentioned earlier, with a clear line of sight into the Tier 1 managed operations in our portfolio, we have identified $500 million of additional cost and productivity improvements over and above our synergy commitments. So taking everything into account. Over the next 5 years, we expect to deliver growing gold production driven by the completion of the laybacks at both Boddington and Peñasquito, the new ounces from Ahafo North, the completion of the second expansion at Tanami and both block caves at Cadia and binding improvements combined with higher grades (inaudible).

正如我之前提到的，透過對我們投資組合中的一級管理營運進行清晰的了解，我們已經確定了除我們的協同承諾之外的 5 億美元的額外成本和生產力改進。所以要考慮到一切。未來5 年，我們預計黃金產量將持續成長，這主要得益於博丁頓(Boddington) 和佩尼亞斯基托(Peñasquito) 黃金儲備的完成、阿哈福北(Ahafo North) 的新盎司、塔奈米(Tanami) 第二次擴建以及卡迪亞(Cadia) 和卡迪亞(Cadia) 的兩個區塊洞穴的完成。

And on top of this improving gold production, Newmont will produce a significant amount of copper, along with silver, lead, zinc and molybdenum with our global diversified Tier 1 portfolio. Driven by this high metal production and with a focus on improving costs, we expect to deliver all-in sustaining costs bringing our go-forward portfolio down to $1,150 per ounce by 2027.

除了黃金產量不斷提高之外，紐蒙特還將透過我們的全球多元化一級投資組合生產大量銅、銀、鉛、鋅和鉬。在這種高金屬產量的推動下，並專注於改善成本，我們預計到 2027 年，我們將實現全面的維持成本，使我們的未來投資組合降至每盎司 1,150 美元。

For development capital, we are applying a pragmatic and methodical approach to our project work to ensure we are efficiently bringing forward opportunities that are aligned with our strategy, also remaining disciplined with our capital allocation priorities. We expect to spend an average of $1.3 billion per year on development capital, driving healthy competition for investment has been closed out all large projects we have in execution and bring forward the next wave of profitable production from our organic project pipeline.

對於發展資本，我們在專案工作中採用務實、有條不紊的方法，以確保我們有效地提供符合我們策略的機會，同時遵守我們的資本分配優先事項。我們預計每年平均花費 13 億美元用於開發資本，推動投資良性競爭，已結束我們正在執行的所有大型項目，並透過我們的有機項目管道推動下一波盈利生產。

Newmont is supported by the deepest and best project pipeline in the gold industry and we will manage it with discipline and rigor to ensure that the most value-accretive opportunities are advanced at the right time and to the right order. We have 3 world-class copper, gold projects in our pipeline ramped up behind the 4 projects we have currently in execution.

紐蒙特擁有黃金行業最深入、最好的項目儲備的支持，我們將嚴格遵守紀律進行管理，以確保在正確的時間以正確的順序推進最增值價值的機會。我們正在籌備的 3 個世界級銅、金項目比我們目前正在執行的 4 個項目還要多。

Moving underground with the block cave at Red Chris developing the (inaudible) block cave and processing the sulfide ore at Yanacocha. And then when we look beyond those projects, we have 3 exciting long-term opportunities to further diversify into copper, Galore Creek, Pueblo Viejo and Norte Abierto. Over the next 10 years, the amount of copper is expected to increase significantly. And based on current copper production trends, the world can expect to experience around a 10 million tonne shortfall on this critical metal by 2035.

與 Red Chris 的塊狀洞穴一起進入地下，開發（聽不清）塊​​狀洞穴並在 Yanacocha 加工硫化物礦石。然後，當我們超越這些項目時，我們有 3 個令人興奮的長期機會，進一步實現銅礦、Galore Creek、Pueblo Viejo 和 Norte Abierto 的多元化發展。未來10年，銅的用量預計將大幅增加。根據目前的銅產量趨勢，預計到 2035 年，全球這種關鍵金屬將出現約 1,000 萬噸的短缺。

Bridging this gap will require significantly more copper mines, copper recycling and enhanced copper hedging processes, creating an exciting opportunity to Newmont to help meet this demand with the organic copper exposure we have in our portfolio, whilst continuing to provide unparalleled exposure to gold and its enduring value.

彌補這一差距將需要更多的銅礦、銅回收和增強的銅對沖流程，這為紐蒙特創造了一個令人興奮的機會，透過我們投資組合中的有機銅敞口幫助滿足這一需求，同時繼續提供無與倫比的黃金及其黃金敞口。

And with that, I'll hand it over to Karyn to talk through our balanced capital allocation strategy.

接下來，我將把它交給 Karyn，讓他討論我們的平衡資本配置策略。

Thank you, Tom. Our capital allocation strategy is underpinned by 3 priorities: working in (inaudible), these priorities maintain the financial flexibility necessary to reinvest in our business with the goal of generating long-term sustainable free cash flow, in turn, positioning us to return capital to shareholders through our balanced shareholder return framework.

謝謝你，湯姆。我們的資本配置策略以三個優先事項為基礎：在（聽不清楚）工作，這些優先事項保持了對我們的業務進行再投資所需的財務靈活性，以產生長期可持續的自由現金流為目標，反過來，使我們能夠將資本返還給股東通過我們平衡的股東回報框架。

Beginning with financial flexibility, the first of our 3 priorities. We intend to maintain an investment-grade balance sheet with gross debt of up to $8 million and liquidity of $7 billion, including approximately $3 billion of cash. And by maintaining a strong balance sheet, we can ensure we have the ability to steadily fund cash-generative capital projects, all while returning capital to shareholders.

從財務靈活性開始，這是我們三個優先事項中的第一個。我們打算維持投資等級資產負債表，債務總額高達 800 萬美元，流動性為 70 億美元，其中包括約 30 億美元的現金。透過維持強勁的資產負債表，我們可以確保我們有能力穩定地為產生現金的資本項目提供資金，同時向股東返還資本。

As announced this morning, we have 6 assets currently classified as non-core. The anticipated proceeds from these divestments, along with free cash flow from operations, will cycle through our capital allocation priorities beginning with enhancing our financial strength and flexibility. Divestiture proceeds will first be allocated to maintaining our minimum cash balance of approximately $3 billion and will then be applied to reducing debt to $8 million or below. Our initial debt target of $8 billion is to achieve return -- we intend to return both free cash flow from operations and divestiture proceeds to our shareholders, which I will touch on in more detail in a minute.

正如今天早上所宣布的，我們目前有 6 項資產被歸類為非核心資產。這些撤資的預期收益以及營運產生的自由現金流將循環貫穿我們的資本配置優先事項，首先是增強我們的財務實力和靈活性。剝離收益將首先用於維持約 30 億美元的最低現金餘額，然後用於將債務減少至 800 萬美元或以下。我們最初的 80 億美元債務目標是為了實現回報——我們打算將營運產生的自由現金流和剝離收益返還給我們的股東，我將在稍後詳細討論這一點。

Moving to sustainable investments. As Tom and Natascha mentioned, over the next 5 years, we expect meaningful production growth from a volume wise, low-cost operations as we invest an average of $1.3 billion of development capital into projects that will generate the highest returns.

轉向永續投資。正如 Tom 和 Natascha 所提到的，在未來 5 年中，我們預計將透過批量、低成本營運實現有意義的產量成長，因為我們將平均 13 億美元的開發資本投資於將產生最高回報的項目。

The third priority of our capital allocation approach is a balanced shareholder return framework designed to return capital to shareholders through our base dividend and share repurchases. To be clear, we are not yet where we want to be in terms of generating free cash flow to return to our shareholders, but I believe we have the right framework in place to return an increasing amount of capital as our operational and financial performance improves. Our balanced shareholder return framework begins with an annualized base dividend of $1 per share, an amount that will remain fixed and currently equates to a quarterly dividend of $0.25 per share.

我們資本配置方法的第三個優先事項是平衡的股東回報框架，旨在透過基本股利和股票回購向股東返還資本。需要明確的是，在產生自由現金流以回報股東方面，我們尚未達到我們想要的目標，但我相信，隨著我們的營運和財務表現改善，我們擁有正確的框架來回報越來越多的資本。我們的平衡股東回報框架始於每股 1 美元的年化基本股息，該金額將保持固定，目前相當於每股 0.25 美元的季度股息。

We expect to be able to pay the base dividend from free cash flow over time. Our dividend is subject to approval from our Board of Directors on a quarterly basis. Historically, our free cash flow generation has been weighted towards the back end of the year, and we expect that will be the case in 2024 as our production profile and synergy realization is expected to be higher in the second half of the year than in the first half of the year.

我們預計隨著時間的推移，能夠透過自由現金流支付基本股息。我們的股利每季須經董事會批准。從歷史上看，我們的自由現金流生成一直在年底進行加權，我們預計 2024 年也會出現這種情況，因為我們下半年的生產狀況和協同效應實現預計將高於 2024 年。

In addition, free cash flow generation in the first quarter of 2024 will be impacted by the payment of safe duty tax related to the acquisition of Newcrest. Stamp duty was accrued in the fourth quarter and paid in February.

此外，2024 年第一季的自由現金流產生將受到與收購 Newcrest 相關的安全關稅的影響。印花稅於第四季提列並於二月支付。

As necessary, we will use the flexibility of our balance sheet from the base dividend through the quarters with the annualized $1 per share dividend expected to be ultimately funded with free cash flow. Additionally, our Board has authorized $1 billion share repurchase program.

如有必要，我們將利用資產負債表的靈活性，從基本股息到各季度的每股年化股息 1 美元，預計最終將由自由現金流提供資金。此外，我們的董事會也批准了 10 億美元的股票回購計畫。

As the liquidity and debt parameters I defined earlier are satisfied, we intend to repurchase shares in line with our free cash flow and asset sale proceeds. To reiterate, our free cash flow and proceeds from divestments will be prioritized as follows. The first dollar will be allocated to maintaining our minimum cash balance, the second will be applying to reducing debt to $8 billion, and the third will go towards share repurchases.

由於我先前定義的流動性和債務參數已滿足，我們打算根據我們的自由現金流和資產出售收益回購股票。重申一下，我們的自由現金流和撤資收益將優先考慮如下。第一美元將用於維持我們的最低現金餘額，第二美元將用於將債務減少至 80 億美元，第三美元將用於股票回購。

Our goal portfolio positioned us to improve margins and performance over time, funding our capital allocation priorities and allowing us to reward our shareholders directly with returns of capital. And we believe reducing debt and returning capital to shareholders creates attractive value proposition for (inaudible) existing investors while also improving the company's financial position over the long term.

我們的目標組合使我們能夠隨著時間的推移提高利潤率和業績，為我們的資本配置優先事項提供資金，並使我們能夠直接以資本回報回報股東。我們相信，減少債務和向股東返還資本可以為（聽不清楚）現有投資者創造有吸引力的價值主張，同時也可以改善公司的長期財務狀況。

I'll now turn it back to Tom for closing remarks.

現在我將把它轉回給湯姆做總結發言。

Thanks, Karyn. Newmont go forward Tier 1 portfolio sets the new standard for gold and copper mining and provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector, located in the most favorable mining jurisdictions, and with improving cost profile to maximize margins and generate strong free cash flow. The industry-leading growth optionality in copper and gold through disciplined reinvestment and project execution and a balanced shareholder return framework.

謝謝，卡琳。紐蒙特前進的一級投資組合為黃金和銅礦開採設定了新標準，並為我們的股東提供了該行業最集中的一級資產的投資機會，這些資產位於最有利的採礦管轄區，並改善了成本狀況，以最大限度地提高利潤和產生強勁的自由現金流。透過嚴格的再投資和專案執行以及平衡的股東回報框架，銅和黃金產業領先的成長選擇。

As we look forward to this very important year of integration and transformation, I am very confident in the quality of our assets and the capability of our team to deliver on our commitments and justify our position as the benchmark gold equity. This year, we'll also be continuing to work on transforming our go-forward portfolio and importantly, building out the strategic and life-of-mine plans for each of our managed sections. And I look forward to updating you on the longer-term potential of this world-class portfolio at our Capital Market Days in the second half of this year.

當我們期待這非常重要的整合和轉型之年時，我對我們的資產品質和我們團隊兌現承諾並證明我們作為基準黃金股票的地位的能力非常有信心。今年，我們也將繼續努力改變我們的未來投資組合，重要的是，為我們每個管理部門制定策略和礦場壽命計劃。我期待在今年下半年的資本市場日上向您介紹這個世界級投資組合的長期潛力。

And with that, I'll turn it over to the operator to open the line for questions.

然後，我會將其轉交給接線員以開通提問線路。

(Operator Instructions) Our first question today is from the line of Josh Wolfson of RBC.

（操作員說明）我們今天的第一個問題來自 RBC 的 Josh Wolfson。

Thank you very much, operator. I guess I'll limit my questions to just the single one. On the Newcrest reserve front, it looks like the overall totals for gold declined by about 1/3. And I understand the differences were primarily due to reporting changes under SEC guidelines. I'm wondering how we should be thinking about the prior reserves that were there and whether the company would expect to incorporate these as part of their reserve base in the future or if this is something different than that?

非常感謝您，接線生。我想我會把我的問題限制在一個問題上。在 Newcrest 儲備方面，黃金總量似乎下降了約 1/3。據我了解，差異主要是由於根據 SEC 準則報告的變化造成的。我想知道我們應該如何考慮先前的儲備金，以及公司是否希望將來將這些儲備金納入其儲備金基礎的一部分，或者這是否有所不同？

Yes. Thanks, Josh, and good morning. As we did the work to bring the Newcrest reserves and resources into the Newmont standards. We obviously have a tighter set of rules in terms of what makes a Newmont reserve and a Newmont resource. As the numbers came together, once we have the full transparency in the reserves of resources that were very consistent to what we assumed when we did our due diligence back in April and May.

是的。謝謝，喬什，早安。我們所做的工作是將紐克雷斯特儲量和資源納入紐蒙特標準。顯然，我們對於紐蒙特儲備和紐蒙特資源的構成有一套更嚴格的規則。隨著數據的匯總，我們對資源儲備有了完全的透明度，這與我們在 4 月和 5 月進行盡職調查時的假設非常一致。

There's a number of moving parts to it, Josh, and talking to the team over the last couple of days and reflecting back on what we did with Goldcorp 5 years ago. I think giving each of you the opportunity to sit down in a more detailed session where we can have our IR team, along with Don Doe, who governs that old process, we can take you through some of those detailed questions and ensure that we're able to adequately answer where you might be seeing most differences. But we -- the works starts, we've obviously debate that statement. So I'd certainly look for our Investor Relations team to set those meetings up and we can spend some quick time taking you through that if that's okay.

Josh，其中有很多變化的部分，過去幾天與團隊進行了交談，並回顧了 5 年前我們在 Goldcorp 所做的事情。我認為，讓你們每個人都有機會坐下來參加更詳細的會議，我們可以讓我們的 IR 團隊以及管理舊流程的 Don Doe 一起，我們可以引導你們解決其中一些詳細問題，並確保我們我們能夠充分回答您可能發現最大差異的地方。但我們——工作開始了，我們顯然已經就這一說法進行了辯論。因此，我當然會尋找我們的投資者關係團隊來安排這些會議，如果可以的話，我們可以花一些時間引導您完成這些會議。

Our next question is from the line of Lawson Winder of Bank of America.

我們的下一個問題來自美國銀行的勞森溫德。

Thank you very much, operator. And thank you all for the update today. Could I ask about the capital return and how you thought about that? And essentially, what it looks like you've done to me is you shift the capital from dividends to share buybacks. So what drove that decision to make that transfer of capital return?

非常感謝您，接線生。感謝大家今天的更新。我可以問一下資本回報率以及您對此有何看法嗎？從本質上講，你對我所做的就是將資本從股息轉移到股票回購。那麼是什麼促使我們決定進行資本轉移回饋呢？

Thanks, Lawson. I'll kick off, and I get Karyn to build. When you look at we're transformed (inaudible) with the acquisition of Newcrest. So as we shaped the Newmont go-forward portfolio. So that Tier 1 portfolio is very different from what Newmont was before. So once we determine that go-forward portfolio then we step back to look at the appropriate capital allocation approach or strategy in the context of a portfolio of Tier 1 assets with a very long life.

謝謝，勞森。我會開始，然後我讓卡琳去建造。當你看到我們因收購 Newcrest 而發生了轉變（聽不清楚）。因此，我們塑造了紐蒙特的前進投資組合。因此，一級投資組合與紐蒙特以前的投資組合有很大不同。因此，一旦我們確定了前瞻性投資組合，我們就會退後一步，在壽命很長的一級資產投資組合的背景下考慮適當的資本配置方法或策略。

We looked at our balance sheet in terms of the debt that we brought on board following the transaction. We looked at the number of shares that we issued to do this transaction, and they are important factors when you sit down and look at our capital allocation framework. So you step back from that, first and foremost, is ensuring that we are putting money on the balance sheet. We're getting the cash to the parameters that Karyn talked about, building that cash up in order to pay down debt, the targets we're going to really important step that we do need.

我們根據交易後帶來的債務來審視我們的資產負債表。我們研究了為進行此交易而發行的股票數量，當您坐下來查看我們的資本配置框架時，它們是重要因素。因此，首先也是最重要的是，確保我們將資金計入資產負債表。我們正在將現金達到卡林談到的參數，累積現金以償還債務，這是我們確實需要的非常重要的一步的目標。

We're really clear in terms of amount of money we'll put towards reinvestment in the business and seeing that average of $1.3 billion and a $1 per share based dividend is something that is fixed, and you put in the bank in terms of what you're going to expect from Newmont.

我們非常清楚我們將投入業務再投資的金額，並且看到平均 13 億美元和每股 1 美元的股息是固定的，並且您存入銀行的金額是多少您將對紐蒙特充滿期待。

So then it becomes what do we do with any dollar over and above having met those requirements with cash proceeds coming in and any net free cash flow that we generate in the context of us having reissued shares and a $1 billion share buyback gives us the vehicle to return any variable component or additional free cash flow. So it was very much in the context of looking at the portfolio that we have transformed to and where we want to take that, that portfolio too in terms of its capital allocation settings.

那麼，除了滿足這些要求之外，我們還可以用現金收益做什麼，以及我們在重新發行股票的情況下產生的任何淨自由現金流，以及 10 億美元的股票回購為我們提供了工具返回任何可變部分或額外的自由現金流。因此，這在很大程度上是在考慮我們已經轉變的投資組合以及我們想要採取的投資組合的背景下，該投資組合也在其資本配置設定方面。

Karyn, do you want to build on that?

Karyn，你想以此為基礎嗎？

Sure. Just a follow on to that. And then also, as we looked at this portfolio, it's linking the return of capital directly to our free cash flow realization. And then also just in terms of consistency, in terms of where we were with 2023 from the absolute dollar amount of the dividend, the base dividend that we paid at $1.60. It was around $1.4 billion. So our base dividend today going forward, (inaudible) with a new share count is around 1.2 billion. We believe that's the right level for our free cash flow generation as we're going forward. As we couple that with a variable portion of the return now that will be a part of a share repurchase, which is consistent with the new equity that we just issued in terms of our ability to start to bring that down as well.

當然。只是後續。然後，當我們審視這個投資組合時，它將資本回報直接與我們的自由現金流實現聯繫起來。然後，就一致性而言，就 2023 年股息的絕對金額而言，我們支付的基本股息為 1.60 美元。金額約為 14 億美元。因此，我們今天的基本股利（聽不清楚）加上新股數量約為 12 億股。我們相信，隨著我們的發展，這是我們自由現金流產生的正確水準。當我們將其與現在回報的可變部分結合起來時，這將成為股票回購的一部分，這與我們剛剛發行的新股本一致，因為我們也有能力開始降低迴報。

Our next question today is from the line of Anita Soni of CIBC.

今天我們的下一個問題來自 CIBC 的 Anita Soni。

Tom, Karyn and Natascha. So my first question is with respect to the metallurgical changes at Peñasquito. Could you talk about that? And what exactly happened there? What years does it impact? And I noticed there was a reduction in reserves at Peñasquito on gold and silver. And I just wanted to seek more clarity on that.

湯姆、卡琳和娜塔莎。所以我的第一個問題是關於佩尼亞斯基託的冶金變化。你能談談這個嗎？那裡究竟發生了什麼事？影響幾年？我注意到佩尼亞斯基託的黃金和白銀儲備減少。我只是想更清楚地了解這一點。

I'll kick off and then Karyn also here with Natascha and Rob, if you want to chip in folks.

我先開始了，如果大家想幫忙的話，Karyn 和 Natascha 以及 Rob 也在這裡。

I think probably a couple of factors there, Anita. I think we've drilled some 40 kilometers of infill drilling across Peñasquito over the last period of time and then looking at the impacts that may have in terms of reserves and resources. And there a layback in the Peñasco pit is cut back 10. It's scheduled out into the 2030s. But as we did that infill drilling, didn't see the level of metal that we issued this week as we got that great entity of drilling. And so you see that reflected in terms of reserve and resource numbers.

我認為可能有幾個因素，安妮塔。我想我們在過去一段時間裡已經在 Peñasquito 進行了約 40 公里的加密鑽探，然後研究了可能對儲量和資源產生的影響。 Peñasco 礦坑的休息時間減少了 10 小時。但當我們進行填充鑽探時，沒有看到我們本週發布的金屬水平，因為我們得到了那個偉大的鑽探實體。所以你會看到這反映在儲量和資源數量。

It doesn't mean that we can't get that layback into the system. And our real focus of Peñasquito is curing that we roll up our leads tighten our focus and look to improve the operational efficiencies at that big mine. And I think there's still plenty of upside there. So I think about the time frame out in front of us and the opportunities to improve cost of productivity in Peñasquito, I could say pathways to bring those ounces back in again as we focus on that challenge with a good decade out in front of us.

這並不意味著我們不能在系統中實現這種放鬆。 Peñasquito 的真正重點是鞏固我們的領先地位，加強我們的重點，並尋求提高大礦的營運效率。我認為那裡仍然有很多好處。因此，我考慮了我們面前的時間框架以及提高 Peñasquito 生產力成本的機會，我可以說，當我們專注於這一挑戰時，我們可以說，在未來十年的美好時光中，重新恢復這些盎司的途徑我們。

The second area, (inaudible) as we looked at the block models and reconciliations over the last period of time, we'll see reconciliations for silver, lead, zinc sitting between 5% and 10% over, so 105% to 110%. Gold was coming in at around 90%, 95%. So as we've updated our mine plans, we incorporated the reconciliations that we've been seeing within our block model. So you're seeing some of that affect (inaudible) as well.

第二個領域（聽不清楚）當我們查看過去一段時間的區塊模型和調節時，我們將看到銀、鉛、鋅的調節超出 5% 到 10% 之間，即 105% 到 110%。黃金的價格約為 90%、95%。因此，當我們更新採礦計劃時，我們將我們在區塊模型中看到的調節納入其中。所以你也看到了一些影響（聽不清楚）。

The governance of that block model we managed separately, it's governed separately from the development of the mine plans. So as we looked at those reconciliations, we may do private updates to the block models.

我們單獨管理該區塊模型的治理，它與礦山計劃的開發分開管理。因此，當我們查看這些調節時，我們可能會對區塊模型進行私人更新。

Okay. And then my other question is also on operational technical in nature. I'm not quite sure what underbreak and overbreak means. Can you just explain it in layman's terms? What's happening at Tanami? I mean, my understanding, I think it looks like it looks there was an issue with -- when you were drilling the shaft, and there was I guess, collapsed a little bit? Or is that a mistaken assumption, like what's going on at Tanami?

好的。我的另一個問題本質上也是關於操作技術的。我不太清楚underbreak和overbreak是什麼意思。能用通俗的話解釋一下嗎？塔奈米發生了什麼事？我的意思是，我的理解是，我認為看起來有一個問題——當你鑽豎井時，我猜有一點塌陷？或者這是一個錯誤的假設，就像塔納米發生的事情一樣？

Yes. Thanks, Anita. So maybe with the Tanami production shaft in a little bit of perspective is 1.5 kilometers deep. And the overbreak, which is the predominant challenge we're working through is at the very bottom of that shaft. So it's at the bottom a couple of hundred meters. To throw out -- we throw out a 1.5 kilometer deep shaft is 3 (inaudible) towers top-to-tail underground at middle to Northern (inaudible). So there's that very bottom of the shaft that we've seen the overbreak.

是的。謝謝，安妮塔。因此，從一點點角度來看，塔納米生產井可能有 1.5 公里深。而超挖是我們正在解決的主要挑戰，它位於該豎井的最底部。所以它在底部幾百公尺處。為了拋出——我們拋出一個 1.5 公里深的豎井，是從中到北（聽不清楚）的地下 3 個（聽不清楚）塔樓。所以我們就在豎井的最底部看到了超挖。

As we raise board versus the shaft, it's a 6-meter diameter shaft as we've baseboard shaft and you're leaving that parent through rock sitting there, actually they come from the top and line down at the very bottom of the shaft within some broken ground. So you do get some raveling and some ground breaking off into the very bottom of the shaft. And as that relaxed that has broken out in areas to in some areas, double the diameter of that shaft at the very bottom. It's the nature of underground mining and shaft sinking that you'll hit pockets of ground that's got some poor conditions. And so we've seen that what we call overbreak, which means that with the shaft is wider, then you can safely reach out to do rock bolting, (inaudible) creating and the like to be able to then put the lining on.

當我們將木板相對於軸升高時，它是一個直徑為6 公尺的軸，因為我們有底板軸，您將通過坐在那裡的岩石離開父母，實際上它們來自頂部並在軸的最底部排列下來一些破損的地面。因此，在豎井的最底部確實會出現一些鬆散和一些地面破裂的現象。隨著在某些區域爆發的放鬆，將底部軸的直徑加倍。地下採礦和豎井鑿井的本質是，您會遇到一些條件較差的地面。因此，我們已經看到了所謂的超挖，這意味著隨著豎井更寬，您就可以安全地伸手進行岩石錨桿支護、（聽不清楚）施工等操作，然後才能放置襯砌。

So as we stepped through that 10 years ago, if you were doing that work, in the shaft sinking industry, there would have been some very unsafe practices to be able to fill in that area in order to be able to bring back into 6-meter diameter and then line that shaft. We're not prepared to do that. So we first understood the level of overbreak and then developed a range of different methodologies for how we could safely rectify that, had them assessed by third parties and then landed on the one that we believe we can send (inaudible) down back depth to that location to do that work.

因此，當我們 10 年前經歷過這個問題時，如果您在鑿井行業從事這項工作，就會有一些非常不安全的做法能夠填補該領域，以便能夠恢復到 6-米直徑，然後排列該軸。我們不准備這樣做。因此，我們首先了解了超載的程度，然後開發了一系列不同的方法來安全地糾正這種情況，讓第三方對它們進行評估，然後找到我們認為可以發送（聽不清楚）深入到該位置的方法。

So we have a methodology now that will involve safe rock bolting from a galloway, safe shaft creating from the galloway and then we'll fill that bottom section of the shaft. That's a couple of hundred meters with concrete and then we'll (inaudible) that bottom section and then we'll come down and line that section alongside the rest of the shaft. And we will have a shaft that will be assembled safely to the appropriate quality to then run for decades to service the ore body at depth. So that's the process we've been through to determine how to appropriately fill the overbreak areas. So hopefully, that gives you some clarity.

因此，我們現在有一種方法，涉及從加洛韋安全岩石錨桿，從加洛韋創建安全豎井，然後我們將填充豎井的底部部分。這是幾百公尺的混凝土，然後我們將（聽不清楚）底部部分，然後我們將下來並將該部分與豎井的其餘部分一起排列。我們將擁有一個豎井，該豎井將安全地組裝成適當的質量，然後運行數十年以服務於礦體深處。這就是我們確定如何適當填充超限區域的過程。希望這能讓你明白一些。

It does. I -- that part is what I thought. That's typical when someone hears a word overbreak. It's the phrase underbreak that you also used, which -- that's what confused me. Yes. Could you explain that...

確實如此。我——這部分是我的想法。當有人聽到「overbreak」這個字時，這是典型的情況。你也用過「underbreak」這個詞，這就是讓我困惑的地方。是的。你能解釋一下嗎...

There's not a huge part of that shaft. There are certain areas where the (inaudible) has moved past in hard rock or whatever it might be and you've got a bit of material protruding into the diameter of where you want to line the shaft. So it's really coming through and that being able to clean back break back to the 6-meter diameters. So you've got the appropriate dimension and tolerance about (inaudible) poor concrete to perform the wall. So there are certain sense where you haven't been able to read out the full 6 (inaudible) diameter. And so you have to do some rectification both...

該軸的大部分並不大。在某些區域（聽不清楚）已經在堅硬的岩石或任何可能的東西中移動過去，並且您有一些材料突出到您想要排列軸的直徑中。所以它確實成功了，並且能夠將後斷恢復到 6 公尺直徑。因此，您已經獲得了適當的尺寸和公差（聽不清楚）劣質混凝土來建造牆壁。因此，從某種意義上說，您無法讀出完整的 6（聽不清楚）直徑。所以你必須做一些糾正......

Our next question today is from the line of Daniel Major of UBS.

今天我們的下一個問題來自瑞銀集團的 Daniel Major。

Questions around some of the Newcrest assets observing, I guess, from a distance company for quite a long time. Two things, the Lihir asset has been a perennial underperformer ever since Newcrest barter, why do you think you're going to be able to deliver better results and more consistent results at Lihir than the Newcrest were able to over the last 10 years or so?

我猜想，關於紐克雷斯特的一些資產的問題是從一家遠端公司觀察了很長時間的。有兩件事，自從 Newcrest 以物易物以來，Lihir 資產一直表現不佳，為什麼你認為你能夠在 Lihir 取得比 Newcrest 在過去 10 年左右的時間更好、更一致的結果？

Daniel, it's probably it is morning to you, I suspect. Lihir is a big asset developed by, (inaudible) Mining and then Newcrest picked it up kind of a dozen years ago. A big mine like Lihir is best placed in a big Tier 1 portfolio, we were able to balance out the ebbs and flows of a large complex mine.

丹尼爾，我懷疑對你來說現在可能是早上。 Lihir 是一項由（聽不清楚）礦業開發的大型資產，然後 Newcrest 在十多年前收購了它。像 Lihir 這樣的大型礦場最好放置在大型一級投資組合中，我們能夠平衡大型複雜礦場的潮起潮落。

So first and foremost, you can with Lihir in a balanced portfolio with 9 other Tier 1 operations, you can develop strategic life of mine plans to optimize the value and allow the ebb and flow of gold production that flows from that as you were through the mining cycle to be appropriately managed. That'd be my first observation.

因此，首先也是最重要的是，您可以將Lihir 與其他9 家一級運營商建立一個平衡的投資組合，您可以製定礦山計劃的戰略壽命，以優化價值，並允許黃金產量的潮起潮落，就像您經歷的那樣採礦週期得到適當管理。這是我的第一個觀察。

A second observation that (inaudible) suffered from being a cash-generating asset in a small portfolio. Therefore, there haven't been the appropriate time and attention on equipment reliability, base fixed and mobile. We're getting after that this year. There's also complexity in that mine plan that we believe can be simplified as we think about how we present the different types of ore and (inaudible) the materials handling that all through a complex processing plan (inaudible). And we see real opportunities there as well.

第二個觀察結果是（聽不清楚）作為小型投資組合中的現金產生資產而受到影響。因此，對於設備的可靠性、基礎固定式和移動式還沒有給予適當的時間和關注。今年我們會努力做到這一點。這個採礦計劃也很複雜，我們認為可以簡化，因為我們考慮如何透過複雜的加工計劃（聽不清楚）呈現不同類型的礦石和（聽不清楚）材料處理。我們也在那裡看到了真正的機會。

And one data point, Daniel, that I'd put out there for you One (inaudible) doesn't make a spring. But as we are in the 3 months that we've had Lihir in the Newmont portfolio, and we've worked with the team there, the dedication of our (inaudible) or on the ground Managing Director to build a 2024 mine plan and budget that they can get after. The Lihir in the month of January, better plan for the first time in 4 years. And the cultural change and the moral that comes to be able to set a time to get after that feeds on itself, and we see a real opportunity to set the Lihir, so stretching the (inaudible) targets for them to hit the marks and they get the confidence that they can do things because they set in Newmont portfolio and they were able to give it the support and attention that it deserves. And so hopefully that gives you some color for how we're thinking about the year.

丹尼爾，我為您提供的一個數據點（聽不清楚）不會產生彈簧。但正如我們在紐蒙特投資組合中引入 Lihir 的 3 個月，並且我們與那裡的團隊合作一樣，我們的（聽不清）或現場總經理致力於製定 2024 年礦山計劃和預算他們可以追趕。一月份的利希爾，四年來第一次更好的計劃。文化變革和道德能夠設定一個時間來實現這一目標，我們看到了設定 Lihir 的真正機會，因此延長了（聽不清楚）目標，讓他們達到目標，他們獲得他們能夠做事的信心，因為他們設定了紐蒙特投資組合，並且能夠給予它應有的支持和關注。希望這能讓您對我們如何看待這一年有所了解。

That's great. And then the second question is slightly similar, again, for asset that some had lots of potential, but not move forward, particularly as Wafi-Golpu. How much money are you spending on at the moment? And where from a timing perspective, do you see it kind of fitting into the growth pipeline, particularly kind of referencing Slide 21 of your presentation where you've got your various longer-term growth options?

那太棒了。第二個問題又有點類似，對於一些有很大潛力但沒有向前發展的資產，特別是瓦菲-戈爾普。您目前花多少錢？從時機的角度來看，您認為它是否適合成長管道，特別是參考您簡報的第 21 張投影片，其中您有各種長期成長選擇？

Thanks, Daniel. Wafi-Golpu is one of the great untapped copper resources in the world in a very prolific rig (inaudible), it's a wonderful part of the world -- to be looking for and mining copper and gold. It's still the study phase. So there's not a significant amount of money being spent on that project. A lot of the focus is working with Harmony, our joint venture partners and the PNG government to work through the necessary negotiations to ensure that you ultimately have an investment regime that you can consider the level of investment over the time frame you (inaudible) mine to be a secure financial framework. And so that's the main focus with what we're going through at the moment.

謝謝，丹尼爾。瓦菲-戈爾普(Wafi-Golpu) 是世界上未開發的巨大銅資源之一，擁有非常多產的鑽井平台（聽不清楚），這是世界上一個美妙的地方——尋找和開採銅和金。現在還是學習階段。因此，該項目並沒有投入大量資金。重點是與 Harmony、我們的合資夥伴和巴布亞新幾內亞政府合作，進行必要的談判，以確保您最終擁有一個投資制度，您可以在您（聽不清）開採的時間範圍內考慮投資水平成為一個安全的金融框架。這就是我們目前正在經歷的主要焦點。

It sits there alongside (inaudible) the Red Chris and the ability to build up pressure oxidation circuit at Yanacocha process the sulfide ores has 3 great copper gold projects. It's a great problem to have. It's an embracement of riches in terms of the projects that line up to complete the capital behind the 4 projects we have in execution. So Wafi-Golpu is going to be a really, really important mine to contribute to the world's need for copper over the next several decades. So -- but you need to have the appropriate investment environment, you then will need to go back in and do the appropriate level of drilling and study work to understand ultimately what the cost of returns will be.

它位於（聽不清楚）Red Chris 旁邊，並且能夠在 Yanacocha 處理硫化礦石時建立壓力氧化迴路，擁有 3 個大型銅金項目。這是一個很大的問題。這是對我們正在執行的 4 個項目背後的資本的項目的擁抱。因此，瓦菲-戈爾普將成為一個非常非常重要的礦山，可以在未來幾十年內滿足世界對銅的需求。所以，但是你需要有適當的投資環境，然後你需要回去進行適當程度的鑽探和研究工作，以了解最終的回報成本是多少。

Wafi-Golpu and Red Chris are both block cave mines. We've got that technology in our portfolio. We've got that capability in our portfolio. The block cave mines to invest all of the capital on front before you get a return. So its pretty important that you understand the ore body and you understand the development costs before you (inaudible). So that's going to be an important part of Red Chris and Wafi-Golpu for new mine as we make a decision about which projects follow Tanami 2, Ahafo North the 2 block caves at Cadia.

瓦菲-戈爾普 (Wafi-Golpu) 和紅克里斯 (Red Chris) 都是塊狀洞穴礦場。我們的產品組合中已包含此技術。我們的產品組合中已經具備這種能力。在獲得回報之前，塊洞穴礦場需要投入所有的資金。因此，了解礦體並了解開發成本非常重要（聽不清楚）。因此，這將成為 Red Chris 和 Wafi-Golpu 新礦場的重要組成部分，因為我們將決定哪些項目位於 Tanami 2、Ahafo North 和 Cadia 的 2 個區塊洞穴之後。

Our next question today is from the line of Greg Barnes of TD Securities.

今天我們的下一個問題來自道明證券 (TD Securities) 的 Greg Barnes。

Yes. Thank you. Just on the dividend, returning to that again, I understand, obviously, your base dividend and the share buyback program. But as you bring costs down and production up, do you see yourself transitioning to a dividend policy, there's more progressive, i.e. you raised the dividend year after year, which some of your peers who have been more success on this front, that's the approach they've taken. Is that where you see this going?

是的。謝謝。就股息而言，再次回到這一點，我顯然理解您的基本股息和股票回購計劃。但是，當你降低成本和提高產量時，你是否會看到自己過渡到股息政策，有更先進的政策，即你年復一年地提高股息，你的一些同行在這方面取得了更大的成功，這就是方法他們已經採取了。您認為這會發生什麼事嗎？

Greg, I think about how to model (inaudible) returns. I'd put a fixed $1 a share dividend in the model and just run it forward. Any additional cash that we generate over and once we set the parameters on cash debt, were likely that variable component is likely to come through share buybacks. Just then through a major transaction, we have increased our share count and we would look to bring that share count back down again. So for the foreseeable future, bank on $1 share dividend and any variable components of share buyback.

格雷格，我考慮如何對（聽不清楚）回報進行建模。我在模型中設定了每股 1 美元的固定股息，然後繼續運行。一旦我們設定了現金債務的參數，我們產生的任何額外現金，可變部分很可能會透過股票回購來實現。就在那時，透過一項重大交易，我們增加了股票數量，我們希望再次減少股票數量。因此，在可預見的未來，我們將寄望於 1 美元的股票股利和股票回購的任何可變部分。

Our next question today is from the line of Carey MacRury of Canaccord.

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

Just a question on the balance sheet, the $5 billion of net debt target. Are there debt metrics you're specifically targeting behind that?

只是資產負債表上的一個問題，即 50 億美元的淨債務目標。背後是否有您專門針對的債務指標？

Yes. Essentially, our goal is always to have a financial flexibility on balance sheet and to maintain our investment-grade rating that we currently have today. So that is absolute (inaudible) yes, in terms of the main metric, looking at a 1x net debt EBITDA ratio as we go forward.

是的。從本質上講，我們的目標始終是在資產負債表上保持財務靈活性，並維持我們目前的投資等級評級。因此，就主要指標而言，這是絕對的（聽不清楚），隨著我們的前進，我們會看到 1 倍的淨債務 EBITDA 比率。

That's helpful. And then maybe one other question, if I can. During the transaction, as you guys talked about the potential in the Golden Triangle area, no plan set out here, but can you talk a little bit about how you see that? How that region evolves over the next few years?

這很有幫助。如果可以的話，也許還有一個問題。在交易過程中，你們談到金三角地區的潛力，這裡沒有製定任何計劃，但是您能談談您是如何看待這一點的嗎？該地區未來幾年將如何發展？

Yes. Thanks, Carey. Just a little bit so I'm pretty sure I heard to say how do we set the gold trial opening up over the next few years. That's just -- I actually have a couple of trips up there sadly over the last couple of months. Real potential at Brucejack to get a really solid understanding of that ore body in life and they have a contributing nice cash for quite some time to come from a nice ore body and exploration potential around that Valley of the Kings area. So a really nice, really nice gold opportunity there.

是的。謝謝，凱裡。只是一點點，所以我很確定我聽說過我們如何在未來幾年內開放黃金試驗。只是——在過去的幾個月裡，我實際上有過幾次遺憾的旅行。 Brucejack 確實有潛力對生活中的礦體有真正深入的了解，並且他們在相當長的一段時間內從帝王谷地區周圍的良好礦體和勘探潛力中貢獻了可觀的現金。所以這是一個非常非常好的黃金機會。

As you then swing across Red Chris really important -- that spending some time in the call shot at Red Chris and again to appreciate the size and quality of that ore body. It is going to be an amazing block cave mine. So it's really going to be about ensuring that we work to understand how to build that mine to a high-quality, understand the cost, I understand the schedule, understand the various approvals to come with that and develop that line because that line will run for decades. The original can then the other opportunities around them. So that is going to be a real focus in terms of copper in that investment.

當您穿越紅克里斯時，這一點非常重要——花一些時間在紅克里斯的指揮中，並再次欣賞該礦體的大小和質量。這將是一個令人驚嘆的塊狀洞穴礦井。因此，這實際上是為了確保我們努力了解如何以高品質建造該礦山，了解成本，了解時間表，了解隨之而來的各種批准並開發該生產線，因為該生產線將運行幾十年來。原來可以然後他們周圍的其他機會。因此，這將成為銅投資的真正焦點。

And then we bridge off that up to the Galore Creek and the work we'll do with tech to go off. We increased (inaudible) Creek and then ultimately develop Galore Creek as another great copper mines. So that it will be (inaudible) potential the condition for both (inaudible) underground that we really opened up the decades of Red Chris and then pivot off that into Galore Creek.

然後我們將其連接到加洛爾溪，我們將利用科技進行工作。我們增加了（聽不清楚）Creek，然後最終將 Galore Creek 開發為另一個大型銅礦。因此，這將成為（聽不清楚）地下兩個（聽不清楚）的潛在條件，我們真正開闢了紅克里斯的數十年，然後將其轉向加洛爾溪。

Natascha, did you want to...

娜塔莎，你想...

No, I think that (inaudible).

不，我認為（聽不清楚）。

Our next question today is from the line of Tanya Jakusconek of Scotiabank.

今天我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

Great. Just wanted to come back to just a lot of information has come out today, and I'm sort of looking out to what else is coming out above and beyond what you put out? It looks like at your Investor Day, you mentioned new life of mine plans. We've got some Cadia news, Block Cadia news coming out in the second half of the year. Am I to assume that all of the reserves, Tom, are now done to your standard on the Newcrest assets, the life of mine plans are just going to be based on these new reserves? And will we get more information than just the chart that you've put out on the 2 charts on the 5-year production and cost for your Tier 1 assets? What are we getting beyond the (inaudible) at this Investor Day?

偉大的。只是想回到今天發布的大量信息，我想看看除了您發布的信息之外還有什麼信息？看起來在你的投資者日，你提到了我的新生活計畫。我們有一些卡迪亞新聞，下半年將發布有關卡迪亞的消息。湯姆，我是否可以假設所有儲備金現在都按照您對紐克雷斯特資產的標準進行，礦山計劃的壽命將僅基於這些新儲備金？除了您在 2 個圖表上列出的關於您的一級資產的 5 年產量和成本的圖表之外，我們還會獲得更多資訊嗎？在這個投資者日，我們除了（聽不清楚）之外還能得到什麼？

The reserves and resources are set to Newmont standard. I'm looking across the road (inaudible) he's breathing aside relief because he saw a significant lift from November 6 to a few weeks ago to get that through our processes. So that's (inaudible) new outstanding. And you're right, what we're doing now is doing the -- so (inaudible), is great Head of our Mineral Resource Management Group is now running strategic mine plans and life of mine plans on top of those reserve resource statements to build out potential of that got forward portfolio on top of that 5-year outlook.

儲量和資源量設定為紐蒙特標準。我看著馬路對面（聽不清楚），他鬆了一口氣，因為他看到從 11 月 6 日到幾週前我們的流程取得了顯著的進展。這就是（聽不清楚）新的傑出表現。你是對的，我們現在正在做的事情是——所以（聽不清楚），很棒，我們礦產資源管理小組的負責人現在正在這些儲備資源報表的基礎上運行戰略礦山計劃和礦山壽命計劃，以在五年展望的基礎上，挖掘遠期投資組合的潛力。

We'll work that over the course -- over the months ahead. We've got an important strategy day with our Board in June. Our Annual Strategy Day is always in June and we'll spend some time with our Board looking at that longer-term potential, debating that and understanding that to then build towards an Investor Day in the second half. We will start to show you and share with you a picture beyond the 5 years what we see is the potential for this Newmont upgraded portfolio over the next 5, 10, 15, 20-plus years.

我們將在整個過程中——在未來的幾個月裡——努力做到這一點。六月，我們與董事會舉行了一個重要的戰略日。我們的年度策略日總是在六月，我們將花一些時間與董事會一起研究長期潛力，進行辯論並理解這一點，然後為下半年的投資者日做好準備。我們將開始向您展示並與您分享 5 年後的情況，我們看到紐蒙特升級後的產品組合在未來 5、10、15、20 多年的潛力。

We're still debating the time frame for that, but the current thinking is we refer to our normal time frame, which is typically leading around that November time frame that we have our Capital Markets Day and also talking about doing one in New York and one in Australia, so we pick up both sides of our markets. But that's the work in front of us this year is to really get after the strategic lifeline plan. So we give you that -- with confidence to give you that longer-term story for this portfolio.

我們仍在爭論這個時間框架，但目前的想法是我們指的是我們的正常時間框架，通常是在 11 月的時間框架內，我們有資本市場日，並且還討論在紐約和一個在澳大利亞，所以我們兼顧了雙方市場。但今年擺在我們面前的工作是真正落實戰略生命線計畫。因此，我們充滿信心地為您提供該投資組合的長期故事。

Okay. So what I'm understanding from you is that we are going to get above and beyond just the 5 years that you've provided for us here, so we would have a visibility for maybe 10 years plus in your Investor Day?

好的。所以我從你那裡了解到的是，我們將超越你在這裡為我們提供的 5 年，所以我們在你的投資者日可能會有 10 年以上的知名度？

That's correct, Tanya.

沒錯，塔妮亞。

Okay. And then my second question, I just wanted to understand, I think, Tom, you mentioned that your certain that our 6 operating assets are going to be sold the noncore one in 2024. Does that mean that we are going to be seeing your financials going forward of having discontinued assets from Q1 onwards on all of these 6 assets?

好的。然後是我的第二個問題，我只是想了解一下，湯姆，您提到您確信我們的 6 項營運資產將在 2024 年出售非核心資產。第一季起停止所有這6 項資產的資產是否會持續下去？

Tanya, the expectation is at the end of the first quarter, 2024, that these 6 assets will be held as assets held for sale.

Tanya，預計到 2024 年第一季末，這 6 項資產將作為待售資產持有。

Okay. All right. So then you're reporting on your operating assets and the other ones will change a little bit as we look at what you're reporting on production costs, et cetera?

好的。好的。那麼，當您報告您的營運資產時，當我們查看您報告的生產成本等內容時，其他資產會發生一些變化？

Correct.

正確的。

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

問答環節到此結束。我想將會議轉回給湯姆·帕爾默（Tom Palmer）做一些總結演講。

Thanks, operator, and thank you all for your time, and I look forward to catching up with you soon. Thanks, everyone.

謝謝接線員，也感謝大家抽出寶貴的時間，我期待盡快與您聯繫。謝謝大家。

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。您現在可以斷開連線。