紐蒙特黃金公司 (NEM) 2024 Q3 法說會逐字稿

Good morning, and welcome to Newmont's third-quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加紐蒙特 2024 年第三季財報電話會議。（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。

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

謝謝你，接線生。大家早安，感謝您加入我們的通話。今天，我的執行領導團隊成員包括 Natascha Viljoen 和 Karyn Ovelmen，我們都將在電話會議結束時回答您的問題。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）。

Before we discuss our third quarter performance, I would like to take a moment to remember Antoine Fortin, who tragically lost his life at (inaudible) operation late last month. We recognized that this is our fifth fatality in less than a year. And we are working diligently to strengthen and improve our safety systems, along with the key safety tools that we use in the field. We are fully committed to understanding the factors that contributed to this tragedy.

在我們討論第三季的業績之前，我想花點時間紀念安托萬·福廷（Antoine Fortin），他在上個月末的（聽不清）手術中不幸喪生。我們認識到這是我們在不到一年的時間內第五次死亡。我們正在努力加強和改進我們的安全系統以及我們在現場使用的關鍵安全工具。我們完全致力於了解造成這場悲劇的因素。

And are taking decisive action to improve our safety culture with a clear focus on effectively controlling all of the risks that could lead to a fatality. We will also continue to transparently share the lessons we learn from the investigation with our peers in the industry to help improve the safety performance of our sector.

我們正在採取果斷行動來改善我們的安全文化，重點是有效控制所有可能導致死亡的風險。我們也將繼續與業內同行透明地分享我們從調查中學到的教訓，以幫助提高我們行業的安全績效。

At Newmont, we know that a strong safety culture is fundamental to sustainably delivering on our commitments, and it is our accountability to ensure that everyone working at Newmont returns home safely after each and every shift.

在紐蒙特，我們知道強大的安全文化是可持續履行我們承諾的基礎，我們有責任確保在紐蒙特工作的每個人在每次輪班後安全返回家中。

Turning now to a summary of our third quarter. I'm honored to have recently been appointed as the next Chair of the International Council of Mining and Metals or by ICMM. I look forward to playing an even greater role in advancing sustainability and responsible mining practices, both at Newmont and across our industry.

現在轉向第三季的總結。我很榮幸最近被任命為國際礦業和金屬理事會或 ICMM 的下一任主席。我期待在紐蒙特和整個行業推動永續發展和負責任的採礦實踐方面發揮更大的作用。

During my term as Chair, one of my key priorities will be building support for the Consolidated Mining Standard Initiative. An effort we have strongly supported and actively engaged in over the last few months. These consolidated standards will be essential for strengthening the industry's reputation and providing stakeholders with confidence that the commodities we produced are mined responsibly.

在我擔任主席期間，我的主要優先事項之一是為統一採礦標準倡議提供支援。在過去的幾個月裡，我們大力支持並積極參與這項工作。這些統一標準對於加強行業聲譽以及讓利害關係人相信我們生產的商品是負責任開採的至關重要。

Last week, we announced that we have partnered with MKS PAMP to launch our first mine-to-market trace book gold bar for sale in the United States, making Newmont's gold directly accessible to consumers and demonstrating our commitment through transparent sourcing. Shifting to our world class portfolio of Tier 1 and emerging Tier 1 operations and districts.

上週，我們宣布與 MKS PAMP 合作推出第一款在美國銷售的從礦山到市場的追蹤記錄金條，讓消費者可以直接接觸到紐蒙特黃金，並透過透明採購展示了我們的承諾。轉向我們世界一流的一級和新興一級運營和地區組合。

In the third quarter, we produced nearly 1.7 million ounces of gold and 430,000 gold equivalent ounces from copper, silver, lead and zinc. And notably, this included 37,000 tons of copper. We generated $1.6 billion of cash flow from operations and $760 million in free cash flow. Our non-core divestment program has advanced meaningfully since our last earnings call with the two recently announced transactions expected to deliver up to $1.5 billion in combined gross proceeds.

第三季度，我們生產了近 170 萬盎司黃金以及 43 萬盎司黃金當量的銅、銀、鉛和鋅。值得注意的是，其中包括 37,000 噸銅。我們產生了 16 億美元的營運現金流和 7.6 億美元的自由現金流。自上次財報電話會議以來，我們的非核心撤資計畫取得了重大進展，最近宣布的兩項交易預計將帶來高達 15 億美元的總收益。

The first announcement was a definitive agreement to divest the Telfer mine and our 70% interest of Havieron project in Western Australia for total proceeds of up to $475 million. We continue to progress the closing conditions and expect to complete the transaction this quarter.

第一份公告是一項最終協議，剝離 Telfer 礦場和我們在西澳大利亞 Havieron 項目 70% 的權益，總收益高達 4.75 億美元。我們將繼續推進成交條件，預計本季完成交易。

The second announcement was a definitive agreement to sell the Akyem mine in Ghana for up to $1 billion in cash consideration. And we also expect to close this transaction towards the end of the year. With this solid progress, we remain firmly on track to realize our commitment to generate at least $2 billion in gross proceeds from the divestment of our non-core assets.

第二項公告是最終協議，以高達 10 億美元的現金代價出售加納的 Akyem 礦場。我們也預計在今年年底完成這項交易。憑藉這一紮實進展，我們仍然堅定地致力於實現我們的承諾，即從非核心資產剝離中獲得至少 20 億美元的總收益。

It is also important to note that this is in addition to the $527 million in cash proceeds that we have already received this year for the Lundin Gold Batu Hijau transactions. Our divestment progress and strong free cash flow generation have positioned us to be able to continue reducing debt and returning capital to shareholders.

還需要注意的是，這還不包括我們今年已經收到的 Lundin Gold Batu Hijau 交易的 5.27 億美元現金收益。我們的撤資進展和強勁的自由現金流產生使我們能夠繼續減少債務並向股東返還資本。

Since our last earnings call, we have retired $233 million in debt and returned $786 million to our shareholders through share repurchases and quarterly dividends. We also approved an additional $2 billion share repurchase program, bringing our total authorization to $3 billion. In addition, we continue to safely advance the three projects we have in execution. The second expansion at Tanami, our new mine Ahafo North and Panel Caves at Cadia.

自上次財報電話會議以來，我們已經償還了 2.33 億美元的債務，並透過股票回購和季度股息向股東返還了 7.86 億美元。我們還批准了額外 20 億美元的股票回購計劃，使我們的授權總額達到 30 億美元。此外，我們繼續安全地推進正在執行的三個項目。塔奈米 (Tanami) 的第二次擴建，我們的新礦場阿哈福北 (Ahafo North) 和卡迪亞的面板洞穴 (Panel Caves)。

And finally, turning to synergies. When we announced our decision to acquire Newcrest, we committed to delivering $500 million in synergies from three areas, G&A, supply chain and our full potential program. And as of today, we have achieved that $500 million synergy run rate. Starting with G&A, a $100 million synergy run rate was achieved through labor rationalization, and reductions in both insurance costs and contractor spend.

最後，轉向協同效應。當我們宣布決定收購 Newcrest 時，我們承諾從三個領域提供 5 億美元的協同效應：一般管理費用、供應鏈和我們的全部潛力計劃。截至今天，我們已經實現了 5 億美元的協同運作率。從 G&A 開始，透過勞動力合理化以及保險成本和承包商支出的減少，實現了 1 億美元的協同運作率。

Moving to supply chain. Our team has been leveraging the scale of our combined company to achieve improved commercial outcomes that have already brought our synergy run rate from this area to $200 million.

轉向供應鏈。我們的團隊一直在利用合併後公司的規模來改善商業成果，並已使我們在該領域的協同運作率達到 2 億美元。

And finally, we have begun to realize significant value from our full potential program, and are in the delivery stage of our initiatives at Cadia, Red Chris and Lihir. From this work, we have successfully surpassed a $200 million synergy run rate with potential upside to be realized in future years. The majority of the value realized so far has been attributed to Cadia due to the work we've been doing more efficiently move stockpile material and to optimize the output from our high pressure grinding roll system in the mill, an initiative that I touched on last quarter.

最後，我們已經開始從我們的全部潛力計劃中實現重大價值，而我們在卡迪亞、Red Chris 和 Lihir 的計劃正處於交付階段。透過這項工作，我們已成功超越 2 億美元的協同運作率，並在未來幾年實現潛在的成長。The majority of the value realized so far has been attributed to Cadia due to the work we've been doing more efficiently move stockpile material and to optimize the output from our high pressure grinding roll system in the mill, an initiative that I touched on last四分之一.

And the remaining volume has come from Red Chris and Lihir. At Red Chris, we're improving gold and copper recoveries from the optimization of both the grinding and flotation circuits while also increasing throughput by delivering a more consistent ore feed to the mill.

剩下的一卷來自 Red Chris 和 Lihir。在 Red Chris，我們透過優化研磨和浮選迴路來提高金和銅的回收率，同時透過向磨機提供更一致的礦石進料來提高產量。

And at Lihir, we are focused on improving efficiency by debottlenecking the materials handling and crushing circuits, as we mentioned on our first quarter earnings call. With our synergy commitment now met and our divestment program well advanced, we are now focused on the sustainable value that we will deliver from our go forward portfolio of 11 managed large long life operations.

正如我們在第一季財報電話會議上提到的，在 Lihir，我們專注於透過消除材料處理和破碎迴路的瓶頸來提高效率。隨著我們的協同承諾現已得到滿足，並且我們的撤資計劃也已順利推進，我們現在專注於我們將從我們的 11 個託管大型長壽命業務的未來投資組合中提供的可持續價值。

So with that, I'll now turn it over to Natascha for an operational update and then to Karyn to take us through our financial performance for the quarter. Over to you, to Natascha.

因此，我現在將把它交給 Natascha 進行營運更新，然後交給 Karyn 讓我們了解本季的財務表現。交給你了，交給娜塔莎。

Thank you, Tom. As we enter the final quarter of 2024, I'd like to start by reemphasizing the operational priorities as highlighted at the beginning of the year. Our focus remains on three key objectives. First is making sure that every person walking through a Newmont gate is fully equipped and authorized to do their work safely.

謝謝你，湯姆。當我們進入 2024 年最後一個季度時，我想先再次強調年初強調的營運優先事項。我們的重點仍然是三個關鍵目標。首先是確保每個走進紐蒙特大門的人都配備齊全並有權安全地進行工作。

Second is continuing to deliver strong performance from our managed assets, whilst also guiding our non-core assets through a respectful and productive process for divestment.

其次是繼續透過我們管理的資產提供強勁的業績，同時引導我們的非核心資產通過尊重且富有成效的撤資流程。

And last is enhancing long-term productivity at every one of our 11 managed Tier 1 and emerging Tier 1 operations. Turning to the next slide, and let's begin with an operational overview.

最後是提高我們 11 個託管的一級和新興一級營運機構中每一個的長期生產力。轉到下一張投影片，讓我們從操作概述開始。

In the third quarter, our managed portfolio delivered a meaningful step up in production as planned, producing 4% more gold than the second quarter and building momentum for a strong finish to the year with an anticipated 1.8 million ounces of gold in the fourth quarter or an approximately 8% increase over the third quarter.

第三季度，我們管理的投資組合按計劃實現了產量的有意義的提高，黃金產量比第二季度增加了4%，並為今年的強勁收官奠定了動力，預計第四季度或第四季度黃金產量將達到180 萬盎司。

This performance has been largely driven by our six managed Tier 1 operations, which I now will touch on in more detail, and I will start with Tanami. We began accessing higher grades from the liberator ore body and remain on track to deliver this year's strongest grades in the fourth quarter.

這一業績很大程度上是由我們的六個託管一級營運部門推動的，我現在將更詳細地討論這些營運部門，我將從 Tanami 開始。我們開始從解放者礦體中獲取更高的品位，並預計在第四季度提供今年最高的品位。

At Boddington, we continue stripping in the north and south pits as planned, which is expected to continue through 2025, and will bring forward strong gold and copper grades starting in 2026. Moving to (inaudible). We delivered steady gold, silver, lead and zinc production in the third quarter from the Chile Colorado pit and commenced mining ore in the higher gold grade (inaudible) pit, well ahead of plan due to efficient stripping.

在博丁頓，我們繼續按計劃在南北礦坑進行剝採，預計將持續到 2025 年，並​​將從 2026 年開始提高金和銅品位。搬遷至（聽不清楚）。第三季度，我們從智利科羅拉多礦坑交付了穩定的金、銀、鉛和鋅產量，並開始在金品位較高（聽不清）的礦坑中開採礦石，由於有效剝採，遠遠提前於計劃。

This will result in an increase in gold production in the fourth quarter and into 2025. And importantly, we have signed a new collective bargaining agreement with the union at (inaudible), which safeguards the rights of all workers and provides a solid foundation for operations at (inaudible) through 2026.

這將導致第四季和 2025 年黃金產量增加。重要的是，我們已於（聽不清楚）與工會簽署了新的集體談判協議，該協議保障了所有工人的權利，並為（聽不清楚）到 2026 年的運作奠定了堅實的基礎。

Turning now to Cadia. As factored in our guidance, growth at Cadia are expected to continue declining in the fourth quarter as we transition to and ramp up Panel Cave two, three. We are progressing integrated studies to align cave development with life of mine tailings capacity, setting up Cadia for the next three decades of ore feed. Our focus for tailings is maximizing capacity in the current input storage facility, repairing the southern wall of the northern facility that slumped in 2018, and then raising the wall of the Southern facility.

現在轉向卡迪亞。根據我們的指導，隨著我們過渡到第二、三號面板並擴大其規模，卡迪亞的成長預計將在第四季度繼續下降。我們正在推動綜合研究，使洞穴開發與礦山尾礦容量壽命一致，為卡迪亞未來三十年的礦石供應奠定基礎。我們尾礦處理的重點是最大限度地提高目前投入儲存設施的容量，修復 2018 年倒塌的北部設施的南牆，然後加高南部設施的牆。

These events are expected to contribute to a period of increased sustaining capital spend at Cadia over the next few years, as we make the necessary, but disciplined investment to remedy and expand the current tailings facilities.

預計這些事件將有助於在未來幾年內增加卡迪亞的持續資本支出，因為我們將進行必要但嚴格的投資來修復和擴大目前的尾礦設施。

At Lihir, we continue to progress the planned shutdown of the primary autoclave which remains on track to deliver an approximate 30% step-up in gold production in the fourth quarter of 2024, compared to the third quarter. As we look ahead to 2025, our operational focus at Lihir will remain on reducing complexity to deliver more sustainable and predictable results at this Tier 1 operation.

在 Lihir，我們繼續推進主高壓釜的計畫關閉工作，與第三季相比，該高壓釜仍有望在 2024 年第四季將黃金產量提高約 30%。展望 2025 年，我們在 Lihir 的營運重點仍將是降低複雜性，以便在這一一級營運中提供更永續和可預測的結果。

In the short term, these efforts will result in lower than initially anticipated production next year due to lower throughput to allow for asset reliability improvement work and changes to the mine sequencing, including the establishment of wider ramps to manage surface water and repositioning all roads to be more effective and efficient.

從短期來看，這些努力將導致明年的產量低於最初預期，因為吞吐量較低，以便進行資產可靠性改進工作和改變礦山排序，包括建立更寬的坡道來管理地表水和重新定位所有道路更有效和有效率。

Whilst we complete this work, we will be processing a higher proportion of lower grade stockpiles in 2025. And we anticipate that gold production next year from Lihir will be largely consistent with this year's and around 250,000 ounces lower than our initial guidance for 2025 that we provided back in February. Importantly, this work will simplify and improve operations at Lihir for the long term, establishing it as a more consistent contributor as one of the 11 managed operations in our go forward portfolio.

在我們完成這項工作的同時，我們將在 2025 年處理更高比例的低品位庫存。我們預計明年 Lihir 的黃金產量將與今年基本一致，並且比我們 2 月提供的 2025 年初步指導低約 250,000 盎司。重要的是，從長遠來看，這項工作將簡化和改善 Lihir 的運營，使其成為我們未來投資組合中 11 個託管營運機構之一，成為更穩定的貢獻者。

Similarly, at Brucejack, we have taken a step back this year to do the development and drilling work to ensure that we improve our knowledge of this nuggety ore body. We continue to experience periods of exceptional high grades, including a one day average of 52 grams per ton last month and an average of over 20 grams per ton in the same week.

同樣，在 Brucejack，我們今年退一步進行開發和鑽探工作，以確保我們提高對這種塊狀礦體的了解。我們繼續經歷異常高品位的時期，包括上個月單日平均每噸 52 克，同周平均每噸超過 20 克。

As a result of the work we are doing, we anticipate that the gold production next year from Brucejack will also be largely consistent with this year, all around 100,000 ounces lower than our initial guidance for 2025 that we provided back in February.

根據我們正在進行的工作，我們預計明年 Brucejack 的黃金產量也將與今年基本一致，比我們 2 月提供的 2025 年初步指引低約 10 萬盎司。

Moving to Ahafo South. In the third quarter, we achieved a significant increase in gold production of nearly 15% over the second quarter, driven by higher mill throughput following the successful girth gear replacement in April and strong grades from our Subika open pit and underground mines.

搬到阿哈福南。第三季度，我們的黃金產量比第二季度大幅增加了近 15%，這得益於 4 月成功更換大齒輪後磨機吞吐量的提高以及蘇比卡露天礦和地下礦的高品位。

Looking ahead, we expect Ahafo south to maintain consistent production levels in the fourth quarter and into next year before declining in the second half of 2025, when we complete mining activities at the Subika open pit as planned.

展望未來，我們預計阿哈福南部將在第四季度和明年保持穩定的產量水平，然後在 2025 年下半年按計劃完成蘇比卡露天礦的採礦活動後產量下降。

And finally, during the fourth quarter, we expect to commence mining activities at Ahafo North and will stockpile ore to be used to commission the mill next year. This will be an essential milestone for our African business unit as Akyem is divested, and production is replaced with new low-cost ounces from Ahafo North towards the end of 2025. Continuing with Ahafo North, we have made notable shift from land clearing and earthworks to constructing the infrastructure for this new mine.

最後，我們預計在第四季開始在阿哈福北進行採礦活動，並將儲存礦石用於明年工廠的調試。這將是我們非洲業務部門的一個重要里程碑，因為 Akyem 將被剝離，生產將在 2025 年底被來自 Ahafo North 的新的低成本盎司所取代。繼續阿哈福北，我們已經從土地清理和土方工程轉向為這個新礦建設基礎設施。

The carbon and leach tanks are complete, and we continue constructing the crushing, conveying and mill infrastructure, which you can see in the photo in our presentation. We recently completed the lining of the tailing storage facility and are establishing the haul roads to be in stripping at this new mine in the fourth quarter.

碳罐和浸出罐已完成，我們將繼續建造破碎、輸送和研磨基礎設施，您可以在我們演示的照片中看到。我們最近完成了尾礦儲存設施的襯砌，並正在建造運輸道路，以便在第四季度在這個新礦場進行剝離。

At the second expansion at Tanami, our focus remains on the concrete lining of the shaft. And we have completed more than a kilometer of this 1.5 kilometer deep production shaft. As you can see in the photo, the winder building is now largely complete, and we are preparing to install the Wisting machinery, which will be used to raise and lower our people, equipment and ore within the mine shaft once complete.

在塔納米的第二次擴建中，我們的重點仍然是豎井的混凝土襯砌。這個1.5公里深的生產井我們已經完成了一公里多。正如您在照片中看到的，卷揚機大樓現已基本完工，我們正在準備安裝 Wisting 機械，一旦完工，它將用於在礦井內升降我們的人員、設備和礦石。

Our Cadia Panel Caves project is progressing well. At Panel Cave 2-3 we have achieved cave establishment, meaning that the intended fracturing has begun, and gravity is now playing an important role in the mining process.

我們的卡迪亞面板洞穴計畫進展順利。在Panel Cave 2-3，我們已經實現了洞穴的建立，這意味著預定的壓裂已經開始，重力現在在採礦過程中發揮著重要作用。

This is a significant milestone for this multiyear project, and we are successfully processing gold and copper ore from this cave. Over the next decade, Panel Cave 2-3 is expected to deliver 1 million ounces of gold and more than 400,000 tons of copper and is anticipated to ramp up to an average of 400,000 gold equivalent ounces between 2027 and 2032.

這是這個多年計畫的一個重要里程碑，我們正在成功加工來自這個洞穴的金礦和銅礦。未來十年，Panel Cave 2-3預計將產出100萬盎司黃金和超過40萬噸銅，並預計在2027年至2032年間平均產量將增加至40萬盎司黃金當量。

At Panel Cave 1-2, we continue to advance underground development and the construction of the materials handling system. As a much larger cave, Panel Cave 1-2 is expected to deliver nearly 4 million ounces of gold and more than 700,000 tons of copper over 15 year cave life. And it is anticipated to ramp up to an average of 525,000 gold equivalent ounces between 2030 and 2040.

在Panel Cave 1-2，我們繼續推進地下開發和物料搬運系統的建設。作為一個更大的洞穴，Panel Cave 1-2 預計在 15 年的洞穴壽命期間將產出近 400 萬盎司黃金和超過 70 萬噸銅。預計 2030 年至 2040 年間，黃金產量平均將增加至 52.5 萬盎司。

And with that, I'll turn it over to Karyn.

這樣，我就把它交給 Karyn。

Thank you, Natascha. Turning to the next slide. I'll begin with an overview of our financial performance for the quarter. Building upon Tom and Natascha's remarks, Newmont delivered strong third quarter results. We reported adjusted EBITDA of $2 billion, driven by sustained gold prices and strong quarterly production. And we recorded adjusted net income of $0.81 per diluted share, an increase of $0.09 compared to the second quarter.

謝謝你，娜塔莎。轉到下一張投影片。我將首先概述我們本季的財務表現。基於湯姆和娜塔莎的言論，紐蒙特公司第三季業績強勁。在金價持續上漲和季度產量強勁的推動下，我們報告調整後 EBITDA 為 20 億美元。我們記錄的調整後每股攤薄淨利潤為 0.81 美元，較第二季增加 0.09 美元。

We also generated $1.6 billion cash flow from operations and $760 million of free cash flow, which does not include the approximately $300 million in cash payments received during the third quarter from the sale of the Lundin Gold financing facilities and Batu Hijau contingent payments announced earlier this year.

我們還產生了16 億美元的營運現金流和7.6 億美元的自由現金流，其中不包括第三季度因出售Lundin Gold 融資設施和今年早些時候宣布的Batu Hijau 或有付款而收到的約3億美元現金付款年。

Free cash flow for the quarter includes $209 million of unfavorable working capital changes, largely due to a build in stockpiles of $202 million, mainly at Lihir and Telfer and $107 million of reclamation spend primarily related to the construction of the Yanacocha water treatment facilities.

本季的自由現金流包括2.09 億美元的不利營運資金變化，這主要是由於Lihir 和Telfer 的庫存增加了2.02 億美元，以及主要與亞納科查水處理設施建設有關的1.07 億美元的填海支出。

With $273 million in reclamation spent to date, we anticipate an approximate $225 million to be spent next quarter. These unfavorable working capital changes were partially offset by the favorable timing of accrued liability payments.

迄今為止，填海費用已達 2.73 億美元，我們預計下季將花費約 2.25 億美元。這些不利的營運資金變動被應計負債支付的有利時機部分抵銷。

Looking ahead, we expect to reach the year's strongest production volumes in the fourth quarter, positioning us to deliver strong free cash flows and to continue returning capital to shareholders. As Tom mentioned, the divestitures announced to date from our non-core portfolio are expected to generate up to $1.5 billion in gross proceeds on top of the nearly $530 million in cash proceeds received from other investment sales in 2024.

展望未來，我們預計第四季將達到今年最強勁的產量，使我們能夠提供強勁的自由現金流並繼續向股東返還資本。正如 Tom 所提到的，迄今為止宣布的非核心投資組合剝離預計將產生高達 15 億美元的總收益，此外，2024 年其他投資銷售將帶來近 5.3 億美元的現金收益。

And as we committed to earlier this year, we have been using the proceeds to create long-term value for our shareholders by strengthening our balance sheet and repurchasing shares. Since our last earnings call, we repurchased 9.4 million shares at an average price of $53.16 per share for a total cost of $500 million, including $198 million repurchased during the third quarter and $302 million in October.

正如我們今年稍早所承諾的那樣，我們一直利用所得收益透過加強我們的資產負債表和回購股票來為股東創造長期價值。自上次財報電話會議以來，我們以每股53.16 美元的平均價格回購了940 萬股股票，總成本為5 億美元，其中包括第三季回購的1.98 億美元和10 月回購的3.02億美元。

And with $250 million remaining in the current program, Newmont's Board authorized an additional $2 billion share repurchase program to be executed over the next 24 months, bringing our total authorization to $3 billion.

目前計劃還剩 2.5 億美元，紐蒙特董事會授權在未來 24 個月內執行額外 20 億美元的股票回購計劃，使我們的授權總額達到 30 億美元。

To date, we've now completed $750 million of our $3 billion authorization. Additionally, we declared a fixed common third quarter dividend of $0.25 per share, consistent with the dividend declared for the past three quarters.

迄今為止，我們已完成 30 億美元授權的 7.5 億美元。此外，我們宣布第三季固定股息為每股 0.25 美元，與過去三個季度宣布的股息一致。

And we purchased $233 million in nominal debt for $210 million or around $0.90 on the dollar, of which $150 million was purchased during the third quarter and $83 million was purchased in October. To date, we've now retired nearly $500 million for the year. We maintained an investment grade balance sheet and ended the quarter with $7.1 billion in total liquidity. Our gross debt now stands at $8.5 billion compared to our target of $8 billion.

我們以 2.1 億美元（約 0.90 美元）購買了 2.33 億美元的名義債務，其中 1.5 億美元是在第三季購買的，8,300 萬美元是在 10 月購買的。迄今為止，我們今年已經退休了近 5 億美元。我們維持投資等級資產負債表，本季末流動性總額為 71 億美元。我們的總債務目前為 85 億美元，而我們的目標是 80 億美元。

In line with our balanced capital allocation strategy, we continue to focus on maintaining a strong balance sheet, steadily funding value accretive capital projects and returning capital to shareholders. Looking ahead, we expect approximately 1.8 million ounces of gold production in the fourth quarter as planned. Production from our managed Tier 1 assets continues to drive our strong operational performance and we remain on track to meet our full year production guidance.

根據我們平衡的資本配置策略，我們繼續致力於維持強勁的資產負債表、穩定地為增值資本項目提供資金以及向股東返還資本。展望未來，我們預計第四季黃金產量將按計畫約180萬盎司。我們管理的一級資產的生產繼續推動我們強勁的營運業績，並且我們仍有望實現全年生產指導。

As signaled by our joint venture partner, production from Nevada Gold Mines and Pueblo Viejo is expected to significantly increase in the fourth quarter, which is crucial as these sites comprise just over 20% of our attributable gold production for 2024.

正如我們的合資夥伴所表示的那樣，內華達金礦和普韋布洛維耶霍的產量預計將在第四季度大幅增加，這一點至關重要，因為這些地點占我們2024 年權益黃金產量的20 % 以上。

All in sustaining costs for the fourth quarter are expected to be approximately $1,475 an ounce, which represents an 8% reduction compared to the third quarter. This favorable decline is expected to be driven by higher gold production volumes and will be slightly offset by higher sustaining capital reinvestment, primarily anticipated at Nevada Gold Mines based on the run rate through the third quarter, and Cadia to remedy and expand the current tailings facilities, as Natascha described. Increased production taxes and royalties from higher gold price environment and slightly higher G&A spend largely due to an increase in contracted labor.

第四季的所有維持成本預計約為每盎司 1,475 美元，比第三季下降 8%。這種有利的下降預計將受到黃金產量增加的推動，並將被持續性資本再投資的增加所略微抵消，根據第三季度的運行率，主要預計內華達金礦和卡迪亞將修復和擴大現有的尾礦設施正如娜塔莎所描述的。金價上漲環境導致生產稅和特許權使用費增加，一般管理費用略有增加，這主要是由於合約工的增加。

Turning to development capital, we expect to spend $320 million during the fourth quarter, keeping us on track to meet our full year guidance estimates for earlier this year. And we continue to expect to invest an average of $1.3 billion per year into projects that will generate the highest returns.

談到開發資本，我們預計第四季將支出 3.2 億美元，使我們有望實現今年稍早的全年指導預期。我們仍然期望每年平均投資 13 億美元到能夠產生最高回報的項目上。

With that, I'll pass it back to Tom for closing remarks.

這樣，我會將其傳回給 Tom 進行結束語。

Thanks, Karyn. We remain confident in the long-term strength of the go forward portfolio we have assembled, and continue to make solid progress on the four key commitments we made at the start of the year to our shareholders.

謝謝，卡琳。我們對我們所組成的未來投資組合的長期實力仍然充滿信心，並繼續在我們年初向股東做出的四項關鍵承諾方面取得紮實進展。

Since our last earnings call, we continue to diligently implement the lessons learned from our recent fatalities and are working to strengthen and improve our safety and risk management systems. We delivered higher production as planned, keeping us firmly on track to meet our full year production guidance.

自從上次財報電話會議以來，我們繼續努力吸取最近死亡事件中學到的教訓，並努力加強和改進我們的安全和風險管理系統。我們按計劃實現了更高的產量，使我們堅定地實現全年生產目標。

We generated $1.6 billion in cash flow from operations and $760 million in free cash flow. We made meaningful progress on our portfolio rationalization with the announced divestments of Telfer, Havieron and Akyem. We achieved our synergy run rate target of $500 million. We've demonstrated our commitment to shareholder returns, delivering $786 million from both regular dividends and share repurchases.

我們產生了 16 億美元的營運現金流和 7.6 億美元的自由現金流。隨著宣布撤資 Telfer、Havieron 和 Akyem，我們在投資組合合理化方面取得了有意義的進展。我們實現了 5 億美元的協同運作率目標。我們已經兌現了對股東回報的承諾，透過定期股息和股票回購實現了 7.86 億美元的回報。

We strengthened our balance sheet with $233 million in debt reductions, and we approved an additional $2 billion share repurchase program, bringing our total authorization to $3 billion. Having now gained almost a year of experience working with our new operations, we have developed a much deeper understanding of their long-term contribution to our core portfolio and the work needed to create consistent and lasting value for our shareholders.

我們透過削減 2.33 億美元的債務來強化資產負債表，並額外批准了 20 億美元的股票回購計劃，使我們的授權總額達到 30 億美元。現在，我們在新業務方面獲得了近一年的工作經驗，我們對它們對我們核心投資組合的長期貢獻以及為股東創造一致和持久價值所需的工作有了更深入的了解。

Looking ahead to 2025, we expect gold production from our go forward Tier 1 portfolio to remain largely consistent with this year, driven by the lower than previously expected production from two of our new operations in Lihir and Brucejack.

展望 2025 年，我們預計未來一級投資組合的黃金產量將與今年基本保持一致，這是由於我們位於利希爾和布魯斯傑克的兩個新工廠的產量低於先前的預期。

We expect unit costs for our core portfolio in 2025 to align with the trends we are observing this year. We also remain committed to the critical tailings work in Cadia, which may result in an annual sustaining capital spend of around $1.8 billion from our core portfolio over the next few years.

我們預計 2025 年核心投資組合的單位成本將與我們今年觀察到的趨勢保持一致。我們也繼續致力於卡迪亞的關鍵尾礦工作，這可能會導致未來幾年我們的核心投資組合每年持續資本支出約 18 億美元。

And we continue to see higher previously expected direct costs and G&A spend. But with the clarity of our go forward portfolio, we are now working to manage. With this context, my leadership team and I have a laser focus on the work we need to do to optimize our go forward portfolio of 11 managed operations and three projects in execution.

我們繼續看到先前預期的直接成本和一般管理支出更高。但隨著我們未來投資組合的明確性，我們現在正在努力進行管理。在此背景下，我和我的領導團隊將重點放在我們需要做的工作上，以優化我們的 11 個託管業務和三個正在執行的專案組合。

Whilst we do anticipate production growth over time, our focus is firmly on expanding margins, generating a strong return on capital invested and creating value versus chasing volume. We are taking a critical look at our organic project pipeline and spending time to ensure that any reinvestment we make into our portfolio is both disciplined and deliberate.

雖然我們確實預期產量會隨著時間的推移而成長，但我們的重點是擴大利潤、產生強勁的資本投資回報以及創造價值而不是追逐數量。我們正在認真審視我們的有機項目管道，並花時間確保我們對投資組合進行的任何再投資都是有紀律和深思熟慮的。

And we are applying an economic lens to the long-term decisions we are making today, ensuring that we deliver on Newmont's purpose to create value and improve lives through sustainable, responsible mining for decades to come.

我們正在將經濟視角應用於今天做出的長期決策，確保我們實現紐蒙特公司的目標，即在未來幾十年透過可持續、負責任的採礦來創造價值並改善生活。

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

在此，我感謝您今天抽出寶貴的時間，並將其轉回給接線員以開通提問線路。

(Operator Instructions) Daniel Major, UBS.

（操作員說明）Daniel Major，UBS。

Hi there. Can you hear me okay?

你好呀。你聽得到我說話嗎？

(inaudible)

（聽不清楚）

Great, thanks. Yes, sort of two parts to the question. I mean the first one is perhaps a kind of reflection on the industry as well. But when I look back to February and you look at your cost profile in medium term, like many in the gold industry, you've got costs coming down over time over the next few years, yet this year, all-in sustaining costs are $100 higher than you saw in February. Is it realistic and credible to actually assume that unit costs will moderate over time? Or should we rather be assuming the best case outcome is limiting inflation?

太好了，謝謝。是的，這個問題分為兩個部分。我的意思是，第一個可能也是對產業的一種反思。但是，當我回顧 2 月時，你會看到中期成本狀況，就像黃金產業的許多公司一樣，未來幾年成本會隨著時間的推移而下降，但今年，整體維持成本是比2 月高出100 美元。實際假設單位成本會隨著時間的推移而減少是否現實且可信？或者我們應該假設最好的結果是限制通貨膨脹？

Thanks, Daniel. I'll kick that off and Karyn might want to jump in as well. Certainly, if I think about the gold industry, there's always been a strong correlation between gold price and the cost of producing an ounce of gold, given that inflation is one of those key structural elements behind the gold price. So as you look forward, if gold price eases, then you'd expect the cost of producing an ounce to ease.

謝謝，丹尼爾。我會開始，卡琳可能也想加入。當然，如果我考慮黃金產業，金價與生產一盎司黃金的成本之間始終存在著強烈的相關性，因為通貨膨脹是金價背後的關鍵結構性因素之一。因此，展望未來，如果金價下跌，那麼您預期每盎司的生產成本也會下降。

And obviously, you're going to see some tracking between the cost per ounce and the gold price. Our focus is on what we're putting in place is that we have 11 managed operations going forward where we're going to be in a position to be looking over the long term and strengthening and growing those margins.

顯然，您將看到每盎司成本和黃金價格之間的一些追蹤。我們的重點是我們正在實施的措施是我們未來將有 11 個託管業務，我們將能夠著眼於長期並加強和提高這些利潤。

The other comment I'd make before I pass to Karyn, if you wanted to build on that, is when you look at the out year numbers that we had provided back in February, that assumed zero escalation. And so when you think about any forward-looking numbers, there's no escalation.

如果你想以此為基礎，我在轉給 Karyn 之前要說的另一條評論是，當你查看我們在 2 月提供的年度數據時，假設升級為零。因此，當你考慮任何前瞻性數字時，都不會出現升級。

And obviously, what we're seeing as we are closer to 2025, the run rates we're seeing as we close out this year and that is going to flow into next year as we understand the cost for the next 12 to 15 months. Karyn, anything you'd build on that?

顯然，隨著我們接近 2025 年，我們所看到的運行率將在今年結束時看到，隨著我們了解未來 12 到 15 個月的成本，這將流入明年。Karyn，你會在此基礎上做些什麼嗎？

No, I think that's right, Tom. Just to emphasize those out years, as you mentioned, don't have an escalation in those. Generally speaking, as we indicated, the cost that we're seeing here in 2024, we do expect those to trend into 2025.

不，我認為是對的，湯姆。只是強調一下，正如您所提到的，這些年來並沒有升級。一般來說，正如我們所指出的，我們在 2024 年看到的成本確實預計會持續到 2025 年。

Costs were higher, driven by higher direct costs, primarily. If you think about contracted labor, which is 50% of our cost structure, we've seen those increase into the third quarter and through the year. And so we expect that, that's been built in now into our cost estimates as we head into 2025.

成本較高，主要是直接成本較高所致。如果你考慮一下合約工，它占我們成本結構的 50%，我們已經看到這些合約工在第三季和全年都有所增加。因此，我們預計，隨著我們進入 2025 年，這一點現已納入我們的成本估算中。

Thanks, Karyn. The second part to your question.

謝謝，卡琳。你的問題的第二部分。

Yes, I had a second, if that's okay. Yes, just again, just thinking about your guidance comments for 2025. You previously looked at in February around 6 million ounces from the core portfolio in terms of gold. You highlight in the comments, 250,000 ounces lower than your previous plans at Lihir and 100 at Brucejack. So is it fair to then assume 350,000 off the 6 million is the new base when we look into 2025?

是的，如果可以的話，我還有一點時間。是的，再說一次，只是想一下您對 2025 年的指導。您之前查看過 2 月核心投資組合中大約有 600 萬盎司黃金。您在評論中強調，Lihir 的產量比您之前的計劃低 250,000 盎司，Brucejack 的產量比您之前的計劃低 100 盎司。那麼，當我們展望 2025 年時，假設 600 萬中的 35 萬是新基數是否公平？

Yes. Thanks, Dan. Certainly, the two movers in terms of our managed portfolio, and as I think as Natascha said in her remarks, and I followed up with the drivers behind that mine sequence at Lihir and getting in front of understanding the resource definition of Brucejack and the development work and the drilling you need to do for that.

是的。謝謝，丹。當然，就我們管理的投資組合而言，這兩個推動者，正如 Natascha 在她的演講中所說，我跟踪了 Lihir 礦山序列背後的驅動因素，並了解了 Brucejack 的資源定義和開發工作以及為此需要進行的鑽探。

Both of those are progressing well, but it's the ounces for next year reflect that important work. I think the numbers, if you then look at the rest of the portfolio on those trends coming through from '24 flowing into '25 the number is more like [5.6] as you think about this portfolio for 2025, the core portfolio of the 2025.

這兩項工作都進展順利，但明年的盎司量反映了這項重要的工作。我認為，如果你看看投資組合的其餘部分，從 24 年流入到 25 年的趨勢，當你考慮 2025 年的這個投資組合時，這個數字更像是 [5.6]，即 2025 年的核心投資組合。

Obviously, we've got some divestments to close out and still got some more work to do on that front. Some of that will flow into 2025, as we complete that divestment work, but that core portfolio, 5.6% is about their gold production number for next year.

顯然，我們已經完成了一些撤資工作，並且在這方面還有更多工作要做。其中一些將流入 2025 年，當我們完成撤資工作時，但核心投資組合中的 5.6% 大約是明年的黃金產量。

Okay, thanks. So yes, it's sort of broadly flat production and costs into next year is the message. Okay. Thanks.

好的，謝謝。所以，是的，明年的產量和成本基本上都持平，這就是資訊。好的。謝謝。

Thanks, Dan. That's correct.

謝謝，丹。這是正確的。

Joshua Wolfson, RBC Capital Markets.

約書亞·沃爾夫森，加拿大皇家銀行資本市場。

Hi, thanks very much. I'm trying to wrap my head around the change, the significant change in sort of cost expectations and to some degree production expectations going forward versus what we had been hearing about previously.

你好，非常感謝。我正在努力思考這項變化，與我們之前聽到的相比，成本預期以及某種程度的生產預期發生了重大變化。

And I guess, there's sort of two different aspects, at least that I can understand. One is despite the synergy targets being achieved, it sounds like there's some larger integration issues, given the challenges or higher costs mentioned across Brucejack, Lihir and Cadia.

我想，有兩個不同的方面，至少我可以理解。一是儘管已經實現了協同目標，但考慮到 Brucejack、Lihir 和 Cadia 所面臨的挑戰或更高的成本，聽起來似乎還存在一些更大的整合問題。

And then on the other hand, we're hearing significant and unexpected inflation expectation changes, which I guess would be a larger industry related item. I just want to sort of clarify how should we be thinking about these things? And am I sort of assessing this appropriately? Thank you.

另一方面，我們聽到了重大且意想不到的通膨預期變化，我想這將是一個更大的行業相關項目。我只是想澄清一下我們應該如何考慮這些事情？我對此的評估是否恰當？謝謝。

Thanks, Joshua. Let me kick off, and I think Karyn, you might want to jump in. So maybe pick it up in a few parts. I think the commentary around Lihir, Cadia, Cerro Negro, I think you mentioned is really the Q3 cost story.

謝謝，約書亞。讓我開始吧，我想卡琳，你可能會想加入。所以也許可以把它分成幾個部分。我認為圍繞著利希爾、卡迪亞、塞羅內格羅的評論，我認為你提到的確實是第三季的成本故事。

So it's around Lihir, we had some costs that we had assumed would be in the fourth quarter for the large autoclave shutdown specialist labor in the remote part of the world moving into Q3. So that's one of the drivers there.

因此，在 Lihir 周圍，我們預計第四季將出現一些成本，因為世界偏遠地區的大型高壓釜關閉專業勞動力將進入第三季。這就是那裡的司機之一。

Cadia was power, where a higher power cost coming off our contract for price taker. Cerro Negro, it was more around ramping up following the tragedy earlier this year and making sure we're focused on doing that work safely, some productivity impacts.

卡迪亞是電力，我們的價格接受者合約中的電力成本更高。塞羅內格羅，更多的是在今年早些時候的悲劇發生後加大力度，確保我們專注於安全地完成這項工作，對生產力產生一些影響。

And then the other factor in the third quarter was we had some concentrate sales at (inaudible) didn't get away at the end of the third quarter due to some weather impacts there that obviously flowed into the fourth quarter.

第三季的另一個因素是，由於天氣影響，我們的一些集中銷售（聽不清楚）在第三季末並未消失，這些影響顯然已流入第四季。

So that's sort of bit of a ramp up of the third quarter cost story. When I look at '24 flowing into '25, so there's two impacts, the volume impact we just talked about with Dan and the Lihir and Brucejack work next year linked to that. And then the cost impact is sustaining capital and particularly around the work we're putting into the tailings facilities at Cadia.

所以這有點像是第三季成本故事的成長。當我看到 '24 流入 '25 時，有兩個影響，我們剛剛與 Dan 討論過的數量影響以及明年與此相關的 Lihir 和 Brucejack 工作。然後成本影響是維持資本，特別是圍繞我們在卡迪亞尾礦設施投入的工作。

Cadia has got a 30-plus year life, several Panel Caves from come on. And there's work we need to do to ensure that Telfer capacity is matched to the volumes coming out of those Panel Caves. So that story is around volume for those couple of key drivers and then sustaining capital. Karyn or Natascha, anything to build on the back of that?

卡迪亞已經有30多年的壽命了，還有幾個面板洞穴。我們需要做一些工作來確保 Telfer 的容量與這些面板洞穴的容量相符。因此，這個故事圍繞著這幾個關鍵驅動因素的數量以及維持資本。Karyn 或 Natascha，有什麼可以在此基礎上建造的嗎？

Sure. Just a little more granularity in terms of 2024. So about one-third of that is increased due to that lower sales volume, including impacts from Telfer, Lihir and Brucejack. Another one-third relates to that higher sustaining capital that we've been talking about largely driven by Nevada. And then the remaining one-third, half of that is by royalties due to higher gold price and half associated with the G&A.

當然。只是 2024 年的粒度更細一些。因此，其中約三分之一的成長是由於銷量下降，包括 Telfer、Lihir 和 Brucejack 的影響。另外三分之一與我們一直在談論的主​​要由內華達州推動的更高的維持資本有關。然後剩下的三分之一，其中一半是由於金價上漲而產生的特許權使用費，一半與一般行政費用有關。

So our run rate synergies are driven by the targeted benefits at Cadia, Red Chris and Lihir. However, we've also had performance challenges within the business, including the Telfer tailings as well as the non-management of underperformed expectations.

因此，我們的運行率協同效應是由 Cadia、Red Chris 和 Lihir 的目標效益所驅動的。然而，我們在業務中也遇到了績效挑戰，包括 Telfer 尾礦以及對錶現不佳的預期的非管理。

But, and I think further to that supply chain, G&A benefits have been impacted by our need to invest in the future of this combined Tier 1 portfolio with a key focus in areas with the integration from Newcrest to new mines as needed. But we're not happy with where we're at, and we're working to reduce these costs.

但是，我認為，就供應鏈而言，一般行政費用效益受到了我們需要投資於這一合併後的一級投資組合的未來的影響，重點關注根據需要從 Newcrest 到新礦山的整合領域。但我們對目前的狀況並不滿意，我們正在努力降低這些成本。

And if I can add sort of a follow-up question. Just sort of understanding if there's a quantum that can be provided in terms of maybe what the inflation trends is the company is seeing something that we can think about for modeling forecasts on operating costs or capital costs? Is there sort of any initial impressions you have on what inflation rates are running at currently?

如果我可以新增一個後續問題。只是想了解一下，是否可以提供一個關於通貨膨脹趨勢的量，公司正在看到一些我們可以考慮對營運成本或資本成本進行建模預測的東西？您對目前的通貨膨脹率有什麼初步印象嗎？

Yes, Josh, we're seeing in terms of input costs around consumables, fuel, materials, that's largely in line with what the (inaudible) is seeing. So there's nothing particularly surprising for us there. It's the labor costs where we're seeing that escalation, particularly the contracted labor, where we're seeing some of those escalations come through and then incorporating that in our, in the sort of the commentary or the steer we're giving for what flows into next year.

是的，喬什，我們看到消耗品、燃料、材料的投入成本，這在很大程度上與（聽不清楚）所看到的相符。所以對我們來說沒有什麼特別令人驚訝的。我們看到勞動力成本不斷升級，特別是合約工成本，我們看到其中一些升級，然後將其納入我們的評論或指導中。

Matthew Murphy, Jefferies.

馬修‧墨菲，傑弗里斯。

Hi. I'm wondering if you can elaborate a little more on what this outlook for 2025 means going forward in terms of those initial graphical kind of indications you'd put out had production growing over 6 million ounces, costs falling to, call it, the mid-1,200s an ounce. I mean, should we be doing, thinking about 2025 continuing in 2026 and beyond? Is this a 5.5 million ounce a year 1,500 AISC type company that we're going to see going forward?

你好。我想知道您是否可以更詳細地闡述 2025 年的前景意味著什麼，如果產量增加超過 600 萬盎司，成本下降到（稱之為）每盎司 1,200 左右。我的意思是，我們應該考慮 2025 年的情況在 2026 年及以後繼續嗎？這是一家年產量 550 萬盎司、AISC 類型為 1,500 的公司嗎？

Good morning, Matt, I think if I look at costs, you're certainly going to, in the outlook we've given in February, there was no escalation there. So as you make assumptions about what escalation inflation may do linked to what gold price might do and there's a key link between gold producers and gold price, then that's going to be a pretty significant driver of the cost of producing an ounce of gold between Newmont and any other gold mining company.

早安，馬特，我想如果我看看成本，你肯定會發現，在我們二月給出的前景中，那裡沒有升級。因此，當你假設通貨膨脹升級可能與金價可能發生的變化有關，並且黃金生產商和金價之間存在關鍵聯繫時，那麼這將成為紐蒙特之間生產一盎司黃金成本的一個相當重要的驅動因素。

So that's one trend that will flow through. And obviously, gold price softens and those costs come off. We see a portfolio as we complete our divestment work in the first part of next year, really start focusing on our 11 managed operations and the three projects that we've got in execution.

所以這是一個將會流行的趨勢。顯然，金價走軟，這些成本就會下降。當我們在明年上半年完成撤資工作時，我們會看到一個投資組合，真正開始關注我們的 11 個託管業務和我們正在執行的三個項目。

Those projects in execution will start to deliver new ounces in the latter part of next year and then that flows through to '26 and '27. So we do have some new lower cost ounces coming on, and that will help us have a portfolio of operations that, over the long term are around or about that 6 million ounce run rate and about 150,000 tons of copper. We're not going to chase volume for volume's sake. Where our focus is going to be on driving margins and ensuring that we're getting the best value, the best return on that capital that's invested.

這些正在執行的項目將在明年下半年開始交付新的盎司，然後持續到「26」和「27」。因此，我們確實有一些新的成本較低的盎司即將推出，這將有助於我們擁有一個業務組合，從長遠來看，產能約為 600 萬盎司和約 15 萬噸銅。我們不會為了數量而追逐數量。我們的重點是提高利潤率並確保我們獲得最大的價值，投資資本的最佳回報。

Another driver of our all-in sustaining cost is the important work we're putting into tailings facilities and ensuring that we have a set of tailing facilities that have the appropriate capacity and structure to support these very long life operations.

我們整體維持成本的另一個驅動因素是我們在尾礦設施方面投入的重要工作，並確保我們擁有一套具有適當容量和結構的尾礦設施來支援這些超長壽命的運作。

So we have some of that spend, which is not spend that's consistent over the whole time, but there are periods of elevated spend in sustaining capital in any mining company as you ensure your tailings facilities are up to scratch. So that's another factor in terms of our 2025 and 2026 story.

因此，我們有一些支出，這些支出並不是始終一致的，但任何礦業公司在維持資本方面都會有一段時間的支出增加，因為你要確保你的尾礦設施達到標準。這是我們 2025 年和 2026 年故事中的另一個因素。

Okay (multiple speakers)

好的（多個發言者）

If I can probably just--

如果我可以的話——

Go ahead, sorry.

繼續吧，抱歉。

I wanted to build a little bit on Tom's point on the 6 million run rate. And just as a reminder, Boddington is in two years of high stripping and lower than-normal ounces. So Boddington will get back to its normal production. (inaudible) , we will start to see coming back in the new year. Cadia, we have been predicting all along that we will see lower grades coming through.

我想在 Tom 的 600 萬運行率觀點的基礎上進一步闡述。提醒一下，博丁頓已經經歷了兩年的高剝離和低於正常盎司的情況。因此博丁頓將恢復正常生產。 （聽不清楚），我們將開始看到新的一年的回歸。卡迪亞，我們一直預測我們會看到較低的成績。

But as PC2-3 comes in during the next two years, we'll see Cadia production step up as well. And then Lihir is also two years of high investment, and we'll start to get back into higher grade ores in the near term. And that's to just build a little bit of granularity on Tom's point.

但隨著 PC2-3 在未來兩年內投入使用，我們也將看到 Cadia 的生產量不斷增加。然後利希爾也是兩年的高投資，我們將在短期內開始重新開採更高品位的礦石。這只是為了在湯姆的觀點上建立一點粒度。

Particularly, if we get more ounces out of the shaft, Tanami it gets commissioned in the '27, '28, you got Ahafo North start to produce gold in the second half of next year. So we've got that reinvestment back in the business, brings ounces on that complement the numbers we're talking about for this year and next year.

特別是，如果我們從井中獲得更多盎司，Tanami 將於 27 年、28 年投入使用，Ahafo North 將在明年下半年開始生產黃金。因此，我們已經對業務進行了再投資，帶來了補充我們今年和明年討論的數字。

Okay. And is there a time line where you're thinking you'll be able to provide more formal asset by asset, multiyear guidance? Is that the plan maybe early next year?

好的。您是否認為能夠提供更正式的逐項資產多年指導的時間表？這是明年初的計畫嗎？

It will be in due course, Matt, into next year, we'll certainly be focusing on giving greater granularity on the 2025 numbers in February. We're busy still and that we're still in this, nearing the end of the second phase of the divestment of our North American assets, and that work is progressing well, but we need to close out that work.

Matt，到了明年，我們一定會在適當的時候專注於在 2 月提供更詳細的 2025 年數字。我們仍然很忙，而且我們仍然處於這個階段，北美資產剝離的第二階段即將結束，這項工作進展順利，但我們需要結束這項工作。

And as we've got that clear line of sight to completing that divestment program, focusing on our 11 managed operations going forward around those three projects in execution. And with that, if that clarity, we'll look to come back with some more color on our go-forward portfolio into next year.

由於我們對完成撤資計畫有了清晰的認識，因此我們將專注於圍繞這三個正在執行的項目開展的 11 個託管業務。有了這個，如果清楚了，我們將期待在明年的前進投資組合中提供更多的色彩。

Anita Soni, CIBC.

安妮塔·索尼，CIBC。

Yes. One of the questions that I guess are the questions I had were all very detail oriented, but don't seem not relevant anymore. Can I just ask you in terms of, I guess, longer-term Cadia, the dust emissions. Like when do you expect to get approvals for that? And that's what gets you to 35 million tons per annum, right?

是的。我猜想的問題之一是我提出的問題都非常注重細節，但似乎不再相關。我可以問你關於卡迪亞長期粉塵排放的問題嗎？例如你預計什麼時候才能獲得批准？這就是每年 3500 萬噸的原因，對吧？

Sorry, Anita, I'm not sure if you, if I just for clarity, dust emission emissions. I just want to make sure that I understand your question.

抱歉，安妮塔，我不確定你是否，如果我只是為了清楚起見，粉塵排放。我只是想確保我理解你的問題。

Sorry, on Cadia, the original goal or target was to get to, I think, 35 million tons per annum. Is that still valid? And what kind of approvals do you need? And when do you expect those?

抱歉，在卡迪亞，我認為最初的目標是達到每年 3500 萬噸。這仍然有效嗎？您需要什麼樣的批准？你什麼時候期待這些？

Yes. Okay. Thank you. I just wanted to make sure that because the dust is not necessarily directly related to their tailings dam approvals. There's a couple of things that needs to happen around the tailings dam that is all underway.

是的。好的。謝謝。我只是想確定一下，因為灰塵不一定與他們的尾礦壩批准直接相關。正在建設中的尾礦壩周圍有一些事情需要發生。

The first thing, as I've mentioned is the repair of the southern wall of the northern dam. And then there's further expansions that is underway. There's a number of permit applications that's in place and underway. And we are balancing the permitting requirements, the expansion of the tailings dam and the Cadia Cave or the Panel Cave development to make sure that we've got optimal capital efficiency.

首先，正如我所提到的，是修復北壩南牆。此外，進一步的擴張正在進行中。有許多許可證申請已經到位並正在進行中。我們正在平衡許可要求、尾礦壩擴建和卡迪亞洞穴或面板洞穴開發，以確保我們獲得最佳資本效率。

Okay. Cerro Negro original target, I think, was around 3.5 million ton per annum. I think you're doing, you're significantly under that right now and have been for a while. When do you think you'll get that asset up to the original target? Or is that still valid?

好的。我認為，Cerro Negro 最初的目標是每年約 350 萬噸。我認為你正在做，你現在明顯低於這個水平，並且已經有一段時間了。您認為什麼時候該資產才能達到最初的目標？或者說這仍然有效嗎？

Cerro Negro, our largest focus area for Cerro Negro is in productivity and making sure that we, the baseline operation gets back to where we need it to be from a productivity point of view. We've got all of the mining areas available. We have all of the equipment available. So the focus is 100% on productivity to bring us back to where we need to be.

Cerro Negro，我們對 Cerro Negro 最大的關注領域是生產力，並確保我們的基準營運從生產力的角度回到我們需要的水平。我們已經擁有所有可用的礦區。我們擁有所有可用的設備。因此，重點是 100% 提高生產力，讓我們回到我們需要的地方。

Thanks, Anita.

謝謝，安妮塔。

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

Thank you, guys. Congrats on getting the synergy target achieved. Of the $500 million, how much of that flows through OpEx?

謝謝你們，夥計們。祝賀實現協同目標。在 5 億美元中，有多少流向營運支出？

Good morning, Mike. Yes, obviously, the G&A component of that is part of your OpEx. The supply chain is a combination between improving costs and opportunity to get to productivity and volume. A lot of the full potential work is around volume. So you get some more productivity with current gold price, you get that benefit flowing through.

早上好，麥克。是的，顯然，其中的一般行政費用部分是您的營運支出的一部分。供應鏈是提高成本和提高生產力和產量的機會的結合。很多潛在的工作都圍繞著體積。因此，以當前的金價，您可以獲得更高的生產力，您將獲得收益。

So probably of the amount of that delivery, it's probably less than half has come from that an operational exit the soft improvements as opposed to the productivity and volume improvements and the free cash flow that you get coming through.

因此，在交付量中，可能不到一半來自營運退出、軟性改進，而不是生產力和數量的改進以及您獲得的自由現金流。

And if I look through that, if I look at where we sit is one of the earlier questions, as we're closing out the integration and the important part of closing out the integration is completing our divestments and having a clear line of sight to 11 managed operations, three projects in execution.

如果我仔細看一下，如果我看看我們所處的位置是早期的問題之一，因為我們正在結束整合，而結束整合的重要部分是完成我們的撤資，並有一個清晰的視線11 個託管業務，3 個項目正在執行。

I'm not happy with the G&A that we have that go-forward business. And that's an area that we're going to be focusing on to get that number down to match the go-forward business. And that's a little bit of that higher cost to carry as you work through that transition.

我對我們開展這項業務的一般行政費用並不滿意。這是我們將重點關注的一個領域，以降低該數字以適應未來的業務。當你完成這個轉變時，這只是一點點更高的成本。

But as we get that clarity on the remaining divestments going out the door, we need to ensure that our G&A is matching the size of the go-forward business and expect to see some, we'll be working hard to get some improvement in that area in the months ahead.

但是，當我們清楚地了解剩餘的撤資情況時，我們需要確保我們的一般管理費用與未來業務的規模相匹配，並期望看到一些，我們將努力在這方面取得一些改進未來幾個月的地區。

Okay. And just a follow-up on that. Because you've achieved that, is that fully reflected in your Q3 numbers? I'm just wondering like you look at your quarter-over-quarter OpEx, you're up about 7% quarter-over-quarter. So trying to understand how, where the savings come in with the fourth quarter guidance, if all the synergies have already been realized? Or is it a bit of a deferral in terms of when they start to flow through the financials?

好的。這只是後續行動。因為您已經實現了這一目標，這是否充分反映在您的第三季數據中？我只是想知道，如果您查看季度環比營運支出，您會發現環比增長了約 7%。那麼，如果所有協同效應都已經實現，那麼試圖了解第四季度指導中的節省是如何實現的？或者在它們開始流向財務方面是否有點延遲？

Yes, I think you'll see certainly those that impact the cost base there, and they're in our direct costs. I think what you're going to, I think the key driver that's going to flow through in the fourth quarter is a very strong gold production quarter. And we're certainly well set up to be delivering on those commitments through the fourth quarter.

是的，我認為您肯定會看到那些影響那裡的成本基礎的因素，它們包含在我們的直接成本中。我認為第四季的關鍵驅動因素是非常強勁的黃金生產季度。我們當然已經準備好在第四季兌現這些承諾。

So that's perhaps what you're going to see drive that improvement in the fourth quarter is that higher production, getting the sales matching that production to ensure that the unit costs are coming to the levels that we have guided to for the fourth quarter.

因此，您可能會看到推動第四季度改善的因素是更高的產量，使銷售與產量相匹配，以確保單位成本達到我們為第四季度指導的水平。

Lawson Winder, Bank of America.

勞森·溫德，美國銀行。

Thank you, operator. Good morning to all the team, and thank you for the update. I just wanted to ask about capital allocation and in the context of a new story that the Prime Minister of PNG recently called on all stakeholders involved in Wafi to finalize the special mining lease and the mine development contracts, sort of ASAP.

謝謝你，接線生。所有團隊早上好，感謝您的更新。我只是想問有關資本分配的問題，在一個新故事的背景下，巴布亞新幾內亞總理最近呼籲瓦菲的所有利益相關者盡快敲定特別採礦租賃和礦山開發合約。

I think you actually set a deadline of line of like December of this year. And so that got me thinking in terms of capital allocation, is that a sign that Wafi might be taking precedent as a preferred project in the portfolio over some of the other options?

我認為您實際上設定了今年 12 月這樣的截止日期。因此，這讓我開始思考資本配置方面的問題，這是否表明 Wafi 可能會優先成為投資組合中比其他一些選項更受歡迎的項目？

Hey, good morning, Lawson. We continue to work very closely with our joint venture partners, Harmony and the PNG government on those negotiations to convert what is a very robust and competitive framework MOU through to a mineral development contract and ultimately, a special mining lease that would then move into a process of starting to understand updates to feasibility studies and a whole bunch of study work that would come once you've reached that conclusion of those negotiations. So important work and working very, very constructively with all of the parties around the table.

嘿，早安，勞森。我們將繼續與我們的合資夥伴、Harmony 和巴布亞新幾內亞政府密切合作，進行談判，將一份非常穩健且具有競爭力的框架諒解備忘錄轉化為礦產開發合同，並最終將一份特殊採礦租賃轉為一份特別採礦租賃合約。這是非常重要的工作，並且與所有各方進行非常非常有建設性的工作。

Any project in our pipeline is competing for capital, and we are going to be very disciplined in terms of any project that we take into execution going to have confidence in terms of the cost to build, the time to deliver and the returns on that invested capital. Our plate is full with three projects in execution, Tanami expansion to Ahafo North and the Panel Caves at Cadia.

我們管道中的任何項目都在爭奪資本，我們將嚴格執行任何項目，對建設成本、交付時間和投資回報充滿信心首都。我們的工作已經完成，三個項目正在執行，Tanami 擴展到阿哈福北，以及卡迪亞的面板洞穴。

We're going to ensure that we properly deliver on our commitments on those projects and then, and only then, will we bring on our next project and Wafi-Golpu sits there in the pipeline with five other very interesting projects to compete for capital.

我們將確保正確履行對這些項目的承諾，只有到那時，我們才會開展下一個項目，瓦菲-戈爾普 (Wafi-Golpu) 正在與其他五個非常有趣的項目一起爭奪資本。

Okay. Thanks very much for that context. And then just as a follow-up on some of the earlier questions on the labor inflation that drove the costs a little higher in the quarter. I believe yourselves and some of your peers budgeted approximately 4% labor inflation for 2024.

好的。非常感謝這種背景。然後，作為先前有關勞動力通膨的一些問題的後續行動，勞動力通膨導致本季成本略有上升。我相信你們自己和你們的一些同行對 2024 年勞動力通膨率的預算約為 4%。

I mean it would be helpful to kind of put some numbers around that in terms of what's the realized experience in terms of labor inflation so far this year or you expected versus that 4% that seems to be the industry standard at the start of the year?

我的意思是，根據今年迄今為止勞動力通膨方面的實際經驗或您預期的與年初似乎是行業標準的 4% 相比，給出一些數字會有所幫助。

Thanks, Lawson. In our direct costs, half the cost is labor. About half of that is our employee base, and that's the 4%. So when you think about the people who work for Newmont, across nine countries when you average out, aggregate the wage escalation is about 4%.

謝謝，勞森。在我們的直接成本中，一半成本是勞動力。其中大約一半是我們的員工基礎，也就是 4%。因此，當你考慮在紐蒙特公司工作的員工時，你會發現，在九個國家，平均薪資上漲幅度約為 4%。

The other cost base is the cost to, for all the contracted services we use, whether that be maintenance shutdowns, maintenance that you use supplement your workforce, cost of running camps, cost of flying people to and from all of those sorts of costs. That's where we're seeing some escalation beyond what we'd assumed at the start of the year. And as we look into 2025, then that's what we're guiding to today in terms of how we're seeing those costs flow through.

另一個成本基礎是我們使用的所有合約服務的成本，無論是維護停機、用於補充勞動力的維護、運營營地的成本、人員往返的飛行成本等等。這就是我們看到的升級程度超出了我們年初的預期。當我們展望 2025 年時，這就是我們今天所指導的如何看待這些成本的流動。

So obviously, those costs have escalated over the course of this year and looking to capture that level of escalation that we see flowing through next year in terms of that broader unit cost for Newmont in 2025.

顯然，這些成本在今年期間有所上升，並希望在 2025 年紐蒙特公司更廣泛的單位成本方面捕捉明年我們看到的上升水平。

Alex Hacking, Citigroup.

亞歷克斯哈金，花旗集團。

Yeah, thanks. I just wanted to clarify some of the guidance commentary from earlier. So on next year, production from Tier 1 mines is going to be flattish. What assumption is embedded in that on Nevada Gold Mines? Thanks.

是的，謝謝。我只是想澄清之前的一些指導評論。因此，明年，一級礦場的產量將持平。內華達金礦的假設包含什麼？謝謝。

Yes. Thanks, Alex. To answer that question, we gave you, we provide granularity on Lihir and Brucejack in terms of pretty significant movers in our managed portfolio. The rest of the operations in our core portfolio going forward, we're assuming that the run rates you're seeing through the course of this year will flow through 2025.

是的。謝謝，亞歷克斯。為了回答這個問題，我們向您提供了 Lihir 和 Brucejack 在我們管理的投資組合中相當重要的推動者的詳細資訊。未來我們核心投資組合中的其餘業務，我們假設您今年看到的運行率將持續到 2025 年。

So just to clarify, Nevada Gold Mines is flat next year?

澄清一下，內華達金礦明年會持平嗎？

Alex, I'm answering that question in terms of the rest of our portfolio without getting specific.

亞歷克斯，我正在根據我們投資組合的其餘部分回答這個問題，但沒有具體說明。

Okay. And then on the, following up on Matt's question on the midterm outlook. It sounds like 6.7 million ounces in 2028 is under review, let's say. But did I hear you say, Tom, that 6 million ounces is kind of a midterm target? Or did I mishear that? Thanks.

好的。然後，跟進馬特關於中期前景的問題。比方說，聽起來 2028 年 670 萬盎司的產量正在審查中。但湯姆，我是否聽到你說過 600 萬盎司是中期目標？還是我聽錯了？謝謝。

Thanks, Alex. When I look at our 11 managed operations and the three projects we've got in execution that will deliver ounces over the next three to five years into that portfolio of operations that remains 11 managed operations because they're all essentially brownfield expansions. And the long life, I mean, each of those ore bodies underneath those 11 managed operations have got several decades in front of them.

謝謝，亞歷克斯。當我查看我們的11 個託管業務以及我們正在執行的三個項目時，這些項目將在未來三到五年內為該業務組合提供盎司，但仍然是11 個託管業務，因為它們本質上都是棕地擴張。我的意思是，這 11 個託管作業項目下的每個礦體都有很長的使用壽命。

I look at that portfolio and say it can produce over the long term, an average around 6 million ounces of gold, about 150,000 tons of copper. You might have some years where you push north of six and there will be other years where you're south of six, but over the long term, that's what, that's how we think about this portfolio we've assembled. 11 plus (inaudible) in margins where we focus our time. Thanks, Alex.

我看著這個投資組合，說它可以長期生產平均約 600 萬盎司黃金，約 15 萬噸銅。可能有些年份你會超過六歲，也有一些年份你會低於六歲，但從長遠來看，這就是我們對我們組裝的這個投資組合的看法。 11+（聽不清楚）在我們集中時間的邊緣。謝謝，亞歷克斯。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Great. Good morning, everyone. Thank you so much for taking my questions. Just wanted to come back to the costs. So just so that we understand what is Newmont related and what is industry related. Just want to make sure, Tom and Natascha, I understand that what's Newmont related in these costs have to do with your particular operations on volumes, which you've given us on lower volumes at Lihir and Brucejack.

偉大的。大家早安。非常感謝您回答我的問題。只是想回到成本。這樣我們就可以了解什麼是紐蒙特相關的以及什麼是與產業相關的。湯姆和娜塔莎，我只是想確定一下，我知道紐蒙特在這些成本中的相關內容與你們對產量的特定操作有關，你們在利希爾和布魯斯傑克的較低產量上向我們提供了這些操作。

And then you've given the additional sustaining capital that you have at some of your, in Cadia on your tailings and Nevada Gold Mines some other stuff there. You mentioned G&A as well on your all-in sustaining. Is it fair to assume that the only industry related costs is the, is your labor, which pertains to the contractors, which is half year, 50% your labor cost and 50% of that is contractors.

然後你給了你在卡迪亞的尾礦和內華達金礦的一些其他東西上擁有的額外維持資本。您還提到了 G&A 以及您的全力支持。公平地說，唯一與產業相關的成本是你的勞動力，它屬於承包商，即半年，你的勞動成本的 50%，其中 50% 是承包商。

If that's the case, Tom, I remember you mentioning that contractor inflation was like 12% or 14%, if I can remember correctly. Can you just maybe share with us where you are seeing this contract or inflation? Is it related in Australia? Is it in the US? I'm just trying to understand if it's also, so that's my first question. Just I'm trying to understand if I understand that correctly.

如果是這樣的話，湯姆，如果我沒記錯的話，我記得你提到過承包商的通貨膨脹率約為 12% 或 14%。您能否與我們分享您在哪裡看到這份合約或通貨膨脹？跟澳洲有關係嗎？是在美國嗎？我只是想了解是否也是如此，所以這是我的第一個問題。只是我想了解我是否理解正確。

Thanks, Tanya. Good morning. And just clarifying, you're talking about '25 versus '24 as you're looking at your numbers?

謝謝，塔妮亞。早安.澄清一下，當您查看數據時，您正在談論“25”與“24”？

Yes.

是的。

Yes, I think the, certainly, the '24 to '25 story is the volume story and the sustaining capital story. Largely, what you're seeing is the cost we're seeing this year for labor, whether it be employees or contracted labor, staying about the same going into next year. And it's, the driver is lower volume and the sustaining capital of '24 and '25.

是的，我認為「24 至 25」的故事當然是卷的故事和持續的資本故事。在很大程度上，您所看到的是今年的勞動力成本，無論是僱員還是合約工，到明年都將保持大致相同。事實上，驅動因素是銷售下降以及 24 和 25 年的持續資本。

But this labor that contractors, am I correct to seek to have that 12% to 14% inflation in your contractors? Has that not changed? I'm just trying to understand if that's still the case?

但是承包商的勞動力，我尋求讓承包商的通貨膨脹率達到 12% 到 14% 的做法正確嗎？那沒有改變嗎？我只是想了解情況是否仍然如此？

I think about answering it this way, Tanya, in terms of what's in our cost run rate as we close out '24 is flowing into '25. And we're seeing a step-up of the sort of percentages you're talking about, the rate of our costs as we close out the year, we're seeing that flow into '25.

我想這樣回答這個問題，Tanya，就我們的成本運行率而言，當我們結束“24 年”流入“25 年”時。我們看到你所說的百分比有所上升，當我們結束這一年時，我們的成本率會上升，我們會看到這種情況會流入 25 年。

Okay. All right. Okay. Maybe I'll ask my second question then. Maybe just on, Natascha, you mentioned that as we look into next year and the year after, next two years, we're going to have the Cadia's production decline from about this 370,000 ounce level. Could you kind of just share with us where I should think about the decline before we start back up again when the other case then?

好的。好的。好的。也許我會問第二個問題。也許剛剛，Natascha，您提到，當我們展望明年和後年、未來兩年時，我們的 Cadia 產量將從大約 370,000 盎司的水平下降。您能否與我們分享一下，在我們再次開始恢復之前，當其他情況發生時，我應該在哪裡考慮下降？

I think, yes, that's right, Tanya. And you will remember, we have been saying that as PC1 and PC2 come to the end of their lives of its life, we see lower grades coming through, and we have been predicting that we'll continue to see that going into next year.

我想，是的，沒錯，塔妮亞。您會記得，我們​​一直在說，隨著 PC1 和 PC2 的生命週期結束，我們會看到較低的成績，並且我們一直預測明年將繼續看到這種情況。

At the same time, PC2-3 is now ramping up. So we've seen that caves actually cave and we will slowly ramp that up over the next two years to full production. And PC2-3 will then start to replace the lower production from PC1 and PC2. And then PC1-2 is only targeted towards the end of the decade.

與此同時，PC2-3 正在加速。因此，我們已經看到洞穴實際上正在塌陷，我們將在未來兩年內慢慢提高產量，直到全面生產為止。然後，PC2-3 將開始取代 PC1 和 PC2 的較低產量。然後 PC1-2 僅針對本世紀末。

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。

Thank you, operator, and thank you, everyone, for joining us this morning and have a good rest of your day. Thank you.

謝謝接線員，也謝謝大家今天早上加入我們，祝您今天休息愉快。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。