紐蒙特黃金公司 (NEM) 2024 Q4 法說會逐字稿

Hello, and welcome to Newmont's fourth quarter and full-year 2024 results conference call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加紐蒙特 2024 年第四季和全年業績電話會議。（操作員指示）請注意，此事件正在記錄中。

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

現在，我想將會議交給總裁兼執行長湯姆·帕爾默。請繼續。

Thank you, operator. Hello, everyone, and thank you for making the time to join our call. Today, I'm joined by Karyn Ovelmen, our Chief Financial Officer; and Natascha Viljoen, our Chief Operating Officer; along with the rest of my executive leadership team and will all be available to answer your questions, at the end of the call.

謝謝您，接線生。大家好，感謝您抽空參加我們的電話會議。今天，與我們一起出席的是我們的財務長 Karyn Ovelmen；以及我們的營運長 Natascha Viljoen；以及我的其他執行領導團隊成員，將在通話結束時回答您的問題。

Please note our cautionary statement and refer to our SEC filings, which can be found on our website.

請注意我們的警告聲明並參閱我們的 SEC 文件（可在我們的網站上找到）。

I would like to start by taking a moment to provide an update on our safety performance. Newmont is a values-driven organization and ensuring the health and safety of our workforce, is at the very heart of everything we do. We are working diligently to strengthen our safety performance and have been reviewing and refreshing key safety programs across our global business, centered around three key areas: culture, systems, and skill development.

首先，我想花點時間介紹一下我們的安全表現的最新情況。紐蒙特是一家以價值為導向的組織，確保員工的健康和安全是我們所做的一切的核心。我們正在努力加強我們的安全績效，並一直在審查和更新我們全球業務的關鍵安全計劃，圍繞三個關鍵領域：文化、系統和技能發展。

Maintaining and improving our culture of keeping everyone who works at Newmont always safe, relies on having simple well-governed systems and standards to guide safe operations, along with a process to identify and then implement ongoing improvements. We're also enhancing our frontline leadership capabilities by strengthening our asset management, team leadership and task assignment training and supporting it, with a fair consistent accountability framework. This improve of work will empower everyone at Newmont to confidently make decisions to drive safe, productive work each and every day.

維護和改善我們的文化，確保在紐蒙特工作的每個人始終安全，並依靠簡單、管理良好的系統和標準來指導安全操作，以及一個識別並實施持續改進的流程。我們還透過加強資產管理、團隊領導和任務分配培訓並提供支持，以公平一致的問責框架來提高我們一線的領導能力。此項工作的改進將使紐蒙特的每個人都能自信地做出決策，從而確保每天的工作安全、高效。

Turning now to our operational and financial performance last year. 2024 was a transformational year for Newmont. We took some very important steps to unlock the value of everything we have done so far on our journey to build a world-class company with an outstanding portfolio of assets that will generate value and long-term success for decades to come.

現在來談談我們去年的營運和財務表現。 2024 年對紐蒙特來說是轉型之年。我們採取了一些非常重要的舉措，以釋放我們迄今為止所做的一切的價值，從而打造一家擁有優秀資產組合的世界一流公司，並在未來幾十年創造價值和長期成功。

In 2024, we focused on three areas: first, to complete the integration of the acquired assets; second, the rationalization of our portfolio; and third, the stabilization of our business. Both operationally and financially at a time where there is excitement of the demand dynamics we are witnessing, especially in the Gold markets, but also at a time when Newmont and the broader mining industry have some challenges to work through.

2024年，我們專注於三個面向工作：第一，完成收購資產的整合；第二，我們的投資組合合理化；第三，我們的業務趨於穩定。無論從營運還是財務角度而言，我們都看到需求動態令人興奮，尤其是在黃金市場，但同時紐蒙特和更廣泛的採礦業也面臨一些挑戰。

Let me start with the integration of our new operations. As with any acquisition, this is large and complex work. We have run into a few specific hurdles that we will need to clear before the true potential of these assets becomes evident in both our production and financial results.

讓我先談談我們新業務的整合。與任何收購一樣，這是一項龐大而複雜的工作。我們遇到了一些特定的障礙，需要清除這些障礙，這些資產的真正潛力才能在我們的生產和財務結果中顯現出來。

Two challenges have been Cadia and Lihir, and we are addressing them in a way that will position these assets to thrive and deliver on their underlying multi-decade potential. As we address the challenges at both these assets, we are ensuring that we have robust operational and technical plans sitting behind the sustaining capital spend needed to get them up to a Newmont and Tier 1 level.

卡迪亞和利希爾是兩個挑戰，我們正在解決這兩個挑戰，以使這些資產蓬勃發展，並發揮其潛在的數十年潛力。在解決這兩項資產面臨的挑戰時，我們確保擁有強有力的營運和技術計劃，並為達到紐蒙特和一級水平所需的持續資本支出提供支援。

We acquired these assets with a view to creating value over a period of decades and the investments that we're making now will set us up to deliver on that objective. We are putting this work in motion with focus and confidence and over the next 12 to 24 months. We are deploying the full force of our operational and technical experience, including our sustainability leadership with a view to preserving and optimizing value for the long term.

我們收購這些資產是為了在未來幾十年中創造價值，而我們現在所做的投資將幫助我們實現這一目標。我們將在未來 12 到 24 個月內全神貫注、充滿信心地開展這項工作。我們正在充分利用我們的營運和技術經驗，包括我們的永續發展領導力，以期長期維持和優化價值。

Turning now to rationalization. Our divestment program over the last 12 months has been a resounding success. We have sold or reached definitive agreements to sell all six of our non-core operations, as part of the program we announced last February, and we have the potential to deliver up to $4.3 billion in pretax proceeds from this divestment program, which is expected to result in around $2.5 billion in cash proceeds in the first half of this year after taxes and closing costs.

現在來談談合理化。我們過去 12 個月的撤資計畫取得了巨大成功。作為我們去年二月宣布的計劃的一部分，我們已經出售或達成最終協議，出售我們的所有六個非核心業務，我們有可能從這項撤資計劃中獲得高達 43 億美元的稅前收益，預計今年上半年扣除稅款和交易成本後將產生約 25 億美元的現金收益。

Importantly, the transactions announced so far including Telfer are also expected to remove approximately $1.8 billion in closure liabilities from our balance sheet. This rationalization work is now positioning Newmont with a core set of Tier 1 assets that we see as being capable of capitalizing on the gold and copper cycles for several decades.

重要的是，迄今為止宣布的包括特爾弗在內的交易也有望從我們的資產負債表中消除約 18 億美元的關閉負債。這項合理化工作目前使紐蒙特擁有了一套核心一級資產，我們認為這些資產能夠在未來幾十年利用黃金和銅的周期。

In Canada with our work to integrate and rationalized our portfolio. We've also been working to stabilize production. As a result, we were able to exceed our production guidance by delivering 6.8 million ounces of gold and over 150,000 tons of copper last year, of which around 85% was produced from our go-forward core portfolio.

在加拿大，我們的工作是整合和合理化我們的投資組合。我們也一直在努力穩定生產。因此，我們去年交付了 680 萬盎司黃金和超過 15 萬噸銅，超出了我們的生產預期，其中約 85% 來自我們未來核心投資組合。

We generated $2.9 billion in free cash flow last year and record free cash flow for the fourth quarter of $1.6 billion, driven by strong gold prices, higher sales volumes and positive working capital movements. It is also worth pausing for a moment to acknowledge that our fourth quarter reflects the true financial performance potential that our go-forward core portfolio can achieve and the positive effect it can have on our all-in sustaining costs.

受金價強勁、銷售量增加和營運資本積極變動的推動，我們去年創造了 29 億美元的自由現金流，第四季的自由現金流達到 16 億美元。值得一提的是，我們的第四季反映了我們未來核心投資組合可以實現的真正財務業績潛力，以及它對我們的全部維持成本的正面影響。

Building on the three focus areas I've just covered, we've also continued to advance our capital allocation priorities in 2024. We returned $2.3 billion through regular dividends and share repurchases, demonstrates our commitment to rewarding our shareholders. And we maintained a strong and flexible investment-grade balance sheet, ending the year with more than $3.6 billion in cash and $7.7 million in liquidity.

基於我剛剛介紹的三個重點領域，我們也將繼續推進 2024 年的資本配置重點。我們透過定期股利和股票回購返還了 23 億美元，體現了我們回報股東的承諾。我們維持了強勁且靈活的投資等級資產負債表，年底的現金超過 36 億美元，流動資金超過 770 萬美元。

In addition to shareholder returns over the last 12 months, we further improved our financial position by retiring $1.4 billion in debt, reaching our target balance of below $8 billion. As we move forward, we still have plenty of work ahead of us to capture the returns and margin potential we see possible from our go-forward portfolio. And while we do not speculate where gold prices are heading, we do continue to see robust demand and strong pricing given the geopolitical environment and [Gold Place] as a long-term store of value, not only for individuals and professional investors, of the central banks as well. Turning to the next slide.

除了過去 12 個月的股東回報外，我們還透過償還 14 億美元的債務進一步改善了我們的財務狀況，達到了低於 80 億美元的目標餘額。隨著我們不斷前進，我們仍有大量工作要做，以獲取未來投資組合可能帶來的回報和利潤潛力。雖然我們不會猜測金價的走向，但考慮到地緣政治環境和[黃金市場]作為長期價值存儲手段，我們確實看到黃金需求強勁、定價強勁，不僅對個人和專業投資者如此，對各國央行也是如此。翻到下一張投影片。

As the world's leading gold producer, it is our responsibility to maximize the full value of the unique combination of our people, our assets, our projects and our culture to generate long-term shareholder value. With this in mind, combined with a clear line of sight of our go-forward portfolio, we are committed to making meaningful improvements to our safety, cost and productivity performance. The results of these efforts will drive stable and predictable production, allow us to better manage costs on a gold equivalent ounce basis to capture the incremental margins and cash flows we are seeing as a result of strong gold prices.

作為世界領先的黃金生產商，我們有責任最大限度地發揮我們的員工、資產、專案和文化的獨特組合的價值，以創造長期股東價值。考慮到這一點，結合我們未來產品組合的清晰前景，我們致力於在安全性、成本和生產力方面做出有意義的改進。這些努力的結果將推動穩定和可預測的生產，使我們能夠更好地以黃金當量盎司管理成本，以獲取因金價強勁而產生的增量利潤和現金流。

And to explain where we are going, it's important to first appreciate where we are today. Newmont's high-quality portfolio is a great platform for investors to gain exposure to gold and copper fundamentals while benefiting from the improvements we are making to drive operational performance. Our portfolio includes more than half of the world's Tier 1 gold operations. We have the largest scale, longest life and highest quality combination of assets, with the capacity to perform for decades and through commodity cycles.

要解釋我們要去哪裡，首先必須了解我們目前所處的位置。紐蒙特的優質投資組合為投資者提供了一個很好的平台，使他們能夠了解黃金和銅的基本面，同時受益於我們為提高營運績效而進行的改進。我們的投資組合涵蓋了全球一半以上的一級黃金業務。我們擁有規模最大、壽命最長、品質最高的資產組合，有能力持續數十年並經歷整個商品週期。

Another key characteristic of our business is the quality of the jurisdictions in which we operate. This is an advantage that helps reduce some of the geopolitical risks inherent in our industry. So with the right mix of assets, we now have a laser focus on safely improving costs and productivity at each of our managed operations so that our go-forward portfolio of Tier 1 assets operate with a Tier 1 cost structure.

我們業務的另一個主要特徵是我們經營所在地的司法管轄區的品質。這一優勢有助於降低我們行業固有的一些地緣政治風險。因此，透過正確的資產組合，我們現在可以集中精力安全地改善每個管理營運的成本和生產力，以便我們未來的一級資產組合能夠以一級成本結構運作。

Turning to the next slide. In our go-forward portfolio, we had 11 managed operations and three key projects in execution, strategically diversified across the world's most favorable mine jurisdictions. It is what we will deliver from this portfolio that will truly set us apart from our peers. Over the next decade, we expect that Newmont will produce roughly 6 million ounces of gold and around 150,000 tons of copper on average each year.

翻到下一張投影片。在我們的未來投資組合中，我們擁有 11 個管理業務和 3 個正在執行的重點項目，策略性地分散在全球最有利的礦山管轄區。我們透過該投資組合所提供的服務將真正使我們從同行中脫穎而出。未來十年，我們預計紐蒙特每年平均將生產約 600 萬盎司黃金和約 15 萬噸銅。

The investment cycle that we are currently in, combined with the cost and productivity improvement we are doing will help us maximize our margins, not only in a strong gold market like we see today, but also future commodity cycles, enabling us to generate the highest possible margins.

我們目前所處的投資週期，加上我們正在進行的成本和生產力改進，將幫助我們實現利潤最大化，不僅是在當今強勁的黃金市場，而且在未來的大宗商品週期中，都使我們能夠獲得最高的利潤。

As is typical with large, long-life mines, there will naturally be some periods with lower production and some with higher production. But overall, this unique combination of assets sets us up to deliver robust and sustainable production for the foreseeable future. And underpinning this portfolio with more than 40 years of high confidence reserve and resources with decades of upside from mineral inventory and our ongoing exploration of endowment.

對於大型、長壽命的礦井來說，自然會出現一些產量較低的時期，而有些時期產量較高。但總體而言，這種獨特的資產組合使我們能夠在可預見的未來實現強勁且可持續的生產。並且，我們擁有超過 40 年的高可信度儲備和資源，以及數十年來礦產庫存的上升空間和我們對儲量的持續探索，為這一投資組合提供支撐。

As announced today, our gold reserve base assets are at 134 million ounces and is supported by 170 million ounces of gold resources. In addition to the largest gold reserve resource base in the industry, we also have significant copper reserves and resources, providing organic opportunities to further diversify into the future. Our gold reserves for 2024 we declared using a $1,700 an ounce gold price, which was increased from $1,400 an ounce. This increase was paid following our standard annual review process. It takes into consideration the three-year trailing average price, analyst forecast and current economic conditions.

正如今天宣布的那樣，我們的黃金儲備基礎資產為 1.34 億盎司，並由 1.7 億盎司黃金資源支持。除了業界最大的黃金儲備資源基礎外，我們還擁有大量的銅儲備和資源，為未來進一步多元化提供了有機機會。我們宣布的 2024 年黃金儲備是按照每盎司 1,700 美元的黃金價格計算的，高於每盎司 1,400 美元。此筆增加的金額是按照我們的標準年度審查流程支付的。它考慮了三年的平均價格、分析師的預測和當前的經濟狀況。

With the long-life nature of our assets, combined with the maturity of our governance processes, we have full confidence that we will continue to develop optimal mine plans at these price assumptions.

由於我們資產的長壽命特性，加上我們治理流程的成熟度，我們完全有信心在這些價格假設下繼續制定最佳礦山計劃。

As demonstrated by no material reduction in the reserve gold grade due to the increased price. I'd also like to briefly note revisions we made to the reserves for two of our new assets, Lihir and Brucejack. These revisions were a result of applying Newmont governance and technical rigor and include appropriate updates to the final pit shell design of Lihir, as well as updates to the resource part of Brucejack to appropriately increase grade reliability. I'll now step through each of the large localized operations in our portfolio and the expectations for the year ahead, starting with Cadia.

事實證明，價格上漲並沒有導致儲備黃金品位大幅下降。我還想簡單介紹一下我們對兩項新資產 Lihir 和 Brucejack 的儲備所做的修改。這些修訂是應用 Newmont 治理和技術嚴謹性的結果，包括對 Lihir 最終礦坑外殼設計的適當更新，以及對 Brucejack 資源部分的更新，以適當提高品位可靠性。現在，我將逐步介紹我們投資組合中的每個大型在地化業務以及對未來一年的期望，從卡迪亞開始。

Cadia is one of Australia's largest gold copper mines and an industry leader in both block caving and automation. Block or panel caves cycle through natural periods of harvest and investment. When we assumed ownership, Cadia was just coming out of a harvest period phase, and Panel Cave-2 was beginning to ramp down from peak production.

卡迪亞是澳洲最大的金銅礦之一，也是塊體採礦和自動化領域的產業領導者。塊狀或面板狀洞穴經歷自然的收穫和投資週期。當我們接管時，Cadia 剛結束收穫期，而 Panel Cave-2 的產量也開始從高峰期下滑。

Today, we are transitioning to our next Panel Cave, PC2-3, building Panel Caves 1-2 and also catching up on a historical underinvestment in both tailings remediation and storage capacity. And as we progress this work, we are ensuring that we are optimizing capital intensity and the balance between tailing storage capacity and the mine and processing plant run rates.

今天，我們正在過渡到下一個面板洞穴 PC2-3，建造面板洞穴 1-2，同時彌補尾礦修復和儲存容量的歷史投資不足。隨著這項工作的進展，我們正在確保優化資本強度以及尾礦儲存容量與礦山和加工廠運行率之間的平衡。

Moving to the next slide, I'll cover another of the new assets in our portfolio. At Lihir, the focus remains on creating stability in both the mine and processing plant by addressing the critical issues that we have identified in both systems. We've optimized the mine plan, taking into consideration the significant cultural heritage site within the mine, the mine layout and sequence and equipment reliability to deliver a more sustainable long-term mine plans.

在下一張投影片中，我將介紹我們投資組合中的另一項新資產。在 Lihir，我們的重點仍然是透過解決我們在兩個系統中發現的關鍵問題來確保礦場和加工廠的穩定性。我們優化了礦山規劃，考慮了礦山內的重要文化遺產地、礦山佈局和順序以及設備的可靠性，以提供更永續的長期礦場規劃。

We have also established a run-of-mine stockpile de-coupling the mine and processing plan and ensuring that we can deliver stable and quality feed to the mill where asset reliability is our key focus. This work will result in stable production in '25 through to 2027 as we move waste in the Phase 14a layback in order to access higher grades. This will then result in an estimated 30% lift in production in 2028 and beyond.

我們還建立了原礦庫存，將礦山和加工計劃分開離開來，確保我們能夠向工廠提供穩定、優質的原料，資產可靠性是我們的重點關注點。這項工作將在 2025 年至 2027 年期間實現穩定生產，因為我們將第 14a 階段的廢料轉移到更高等級的礦石上。這將使 2028 年及以後的產量預計將提高 30%。

Touching briefly on Brucejack. The underground development and drilling work to improve our knowledge of this nuggety ore body and reduce grade variability is progressing very well. We're applying the lessons we learned a dozen years ago in Tanami with a similar ore body, by tightening our drilling density in order to improve the resource model and deliver steady and lasting value over the long term. Moving then to our legacy Newmont operations and starting with our large poly-metallic mine, Peñasquito.

簡單談談 Brucejack。地下開發和鑽探工作進展順利，提高了我們對該塊狀礦體的了解，並降低了品位的變異性。我們正在運用十多年前在塔奈米 (Tanami) 類似礦體中獲得的經驗教訓，透過提高鑽探密度來改善資源模型並在長期內提供穩定持久的價值。然後轉向我們傳統的紐蒙特業務，從我們的大型多金屬礦 Peñasquito 開始。

Following the successful stripping campaign in 2024, we will deliver higher gold grades for the Peñasco pit this year, resulting in a 30% increase in gold production compared to last year. 2026 will then see a higher proportion of silver lead and zinc content due to higher production for the Chile Colorado pit as per our normal mining sequence.

繼 2024 年成功剝離作業之後，我們今年將為 Peñasco 礦坑提供更高品位的黃金，從而使黃金產量比去年增加 30%。按照我們的正常採礦順序，由於智利科羅拉多礦坑的產量增加，2026 年銀鉛和鋅含量的比例將會更高。

At Boddington, our large gold and copper mine in Western Australia, the investment in stripping of planned laybacks in both the North and South pits, progresses well. Paving the way for higher grades to be accessed, 30% more gold to be delivered starting in 2027.

在我們位於西澳大利亞的大型金銅礦博丁頓，北坑和南坑的計劃退礦投資剝離工作進展順利。為獲取更高品位的黃金鋪平道路，從 2027 年開始交付的黃金將增加 30%。

At Ahafo complex, 2024 was a record production year in the 20-year life of our Ahafo South operation. This strong performance will continue through the first half of this year, at which stage the Subika open pit reaches the end of economic life, and we move across to mining lower grade ore from the Awonsu open pit -- driving a slight reduction in production compared to the record levels of last year. This reduction will be partially offset by our new Ahafo North Mine, which comes online in the second half of this year, enabling the Ahafo complex to continue to contribute around 750,000 ounces per year in 2026 and beyond.

在阿哈福綜合設施，2024 年是我們阿哈福南部業務 20 年歷史中創紀錄的產量年份。這種強勁的表現將持續到今年上半年，屆時 Subika 露天礦將達到經濟壽命的末期，我們將轉而從 Awonsu 露天礦開採品位較低的礦石——與去年的創紀錄水平相比，產量將略有下降。這項減幅將由我們新的阿哈福北礦部分抵消，該礦將於今年下半年投產，使阿哈福綜合礦區在 2026 年及以後繼續每年貢獻約 750,000 盎司的產量。

At Tanami, we expect production will remain consistent in 2025, that will be weighted around 60% for the second half of the year, driven by the higher grade stopes will access from both the Oron and Liberator ore bodies. We continue to advance the expansion project at Tanami, which will provide a meaningful reduction in operating costs and increased gold production by around 35% beginning in 2028.

在 Tanami，我們預計 2025 年產量將保持穩定，下半年產量將占到 60% 左右，這得益於 Oron 和 Liberator 礦體的高品位礦場。我們繼續推動 Tanami 的擴建項目，這將顯著降低營運成本，並從 2028 年開始提高黃金產量約 35%。

Finally, we expect that our production in 2025 will be further enhanced by around 1.4 million ounces of gold from our non-managed joint ventures. And in the medium term, our managing partner has indicated that they will deliver approximately 20% more gold in 2027 compared to last year. So as we look beyond 2025, we expect to add more than 10% of annual gold production by 2028, as we bring forward the high-quality low-cost ounces from the laybacks and projects that I've just described.

最後，我們預計，到 2025 年，我們的非管理合資企業黃金產量將進一步提高約 140 萬盎司。從中期來看，我們的執行合夥人表示，2027 年的黃金交付量將比去年增加約 20%。因此，展望 2025 年以後，我們預計到 2028 年黃金年產量將增加 10% 以上，因為我們將從我剛才描述的開採和項目中提前推出優質低成本的黃金。

Turning to the next slide. The three key projects we currently have in execution advanced substantially in '24, and I have full confidence that we'll continue building on that momentum this year. Beginning with Ahafo North, we made a notable shift from land access and clearing activities in 2023 to the construction of the mine of processing infrastructure, progressing the highway diversion and commencing stripping last year. With this solid progress, we remain on track for our first gold in the second half and declare commercial production towards the end of the this year.

翻到下一張投影片。我們目前正在執行的三個重點項目在'24年取得了實質進展，我完全有信心今年我們將繼續保持這一勢頭。從阿哈福北部開始，我們從 2023 年的土地使用和清理活動顯著轉向礦山加工基礎設施的建設，推進高速公路改道，並於去年開始剝離。憑藉這一堅實進展，我們預計在下半年獲得第一批黃金，並在今年年底宣布商業化生產。

Turning to the second expansion at Tanami. We made really solid progress last year achieving two important milestones. We completed the concrete lining of the top 1.3 kilometers of this 1.5 kilometer deep shaft pouring over 30,000 tons of concrete. And we successfully backfilled with concrete, the 160-meter section of over-break at the very bottom of the shaft, and it is now ready to be raised aboard.

談到 Tanami 的第二次擴建。去年我們取得了堅實的進展，實現了兩個重要的里程碑。我們完成了這個1.5公里深的豎井頂部1.3公里的混凝土襯砌，澆築了超過3萬噸混凝土。我們成功地用混凝土回填了井筒底部160公尺長的超挖段，現在可以將其吊上船了。

In 2025, our focus shifts to equipping the top 1.3 kilometer section with services once we raise for that bottom 160 meters in parallel. In conjunction with this critical path work, we'll also be progressing the construction of the underground crushing and materials handling infrastructure. along with the surface infrastructure. We continue to expect to declare commercial production in the second half of 2027 and significantly reduced operating costs in 2028, underpinning Tanami's future as a long-life, low-cost producer.

2025 年，我們將把重點轉移到為頂部 1.3 公里的路段配備服務，同時將底部 160 公尺的路段平行提升。結合這項關鍵路徑工作，我們也將推進地下破碎和材料處理基礎設施的建設。以及地面基礎設施。我們繼續預計將在 2027 年下半年宣布商業化生產，並在 2028 年大幅降低營運成本，為 Tanami 作為長壽命、低成本生產商的未來奠定基礎。

Moving to the Panel Caves Cadia, which I touched upon earlier. We reached some important milestones last year. In Panel Caves 2-3, we achieved cave assessment and have now delivered more than 1 million tons of ore on this new cave to our processing plant. At Panel Cave 1-2, we completed more than 12 kilometers of underground development. Combined, these two caves are expected to deliver more than 5 million ounces of gold and 1 million tons of copper and will position Cadia to continue operating to the middle of this century.

轉移到我之前提到的卡迪亞面板洞穴。去年我們達到了一些重要的里程碑。在 2-3 號面板洞穴中，我們完成了洞穴評估，目前已將這個新洞穴中的 100 多萬噸礦石運送到我們的加工廠。在1-2號洞室，我們完成了超過12公里的地下開發。預計這兩個洞穴合計將產出超過 500 萬盎司黃金和 100 萬噸銅，並將使卡迪亞能夠繼續運作到本世紀中葉。

Turning now to the impact from our investment cycle and the current gold price dynamics on our costs. 2025 has already proven to be an exciting year for a variety of reasons. Current gold prices are at near record levels, surpassing $2,900 an ounce more than $500 higher than the price we realized in 2024. While higher gold prices contribute to our free cash flow generation, and we'll continue benefiting our shareholders.

現在來談談我們的投資週期和當前黃金價格動態對我們的成本的影響。由於多種原因，2025 年已被證明是令人興奮的一年。目前金價接近歷史最高水平，超過每盎司 2,900 美元，比 2024 年實現的價格高出 500 多美元。金價上漲有助於我們產生自由現金流，我們將繼續為股東帶來利益。

I also want to be very transparent about the impact of both our current investment cycle and higher gold prices have on our unit costs.

我還希望非常透明地了解我們目前的投資週期和更高的金價對我們的單位成本的影響。

All-in sustaining costs for our core portfolio are expected to be around $1,620 an ounce in 2025. This increase is a result of a variety of factors, that can be split in two major drivers. Higher sustaining capital investment and macroeconomic factors.

預計 2025 年我們核心投資組合的全部維持成本將達到每盎司 1,620 美元左右。這種成長是多種因素共同作用的結果，主要可分為兩大驅動因素。更高的持續性資本投資和宏觀經濟因素。

First, we are estimating a $40 an ounce increase tied to the elevated sustaining capital spend at Cadia associated with the investment in both tailings remediation and storage capacity that I described earlier. Next, we are estimating a $35 an ounce increase of a higher proportion of the costs at our four poly-metallic mines being allocated to gold over other metals.

首先，我們估計金價將上漲 40 美元/盎司，這與我之前描述的卡迪亞尾礦修復和儲存容量的投資相關的持續資本支出增加有關。接下來，我們估計，在我們四個多金屬礦的成本中，分配給黃金的成本比例高於分配給其他金屬的成本比例，每盎司將增加 35 美元。

This non-cash impact to our gold all-in sustaining cost is due to the way we categorize co-product costs under US GAAP and driven by the increase in our gold reserve price compared to our reserve prices for copper, silver, lead and zinc.

這種對我們的黃金全部維持成本的非現金影響是由於我們根據美國公認會計準則對副產品成本進行分類的方式，以及由於我們的黃金儲備價格相對於銅、銀、鉛和鋅的儲備價格的增加而導致的。

Next, for 2025, we have assumed a $2,500 gold price. And for every $100 increase in gold price, we expect a $10 increase in our all-in sustaining costs due to taxes, royalties and profit sharing payments. And finally, we are forecasting a $44 an ounce increase linked to a 3% assumption for inflation this year compared to 2024. We recognize that our all-in sustaining costs are not where we want them to be.

接下來，我們假設 2025 年金價為 2,500 美元。而且，金價每上漲 100 美元，我們預計，由於稅收、特許權使用費和利潤分享支付，我們的全部維持成本就會增加 10 美元。最後，我們預測今年的通膨率將與 2024 年相比上升 3%，因此金價將上漲 44 美元/盎司。我們認識到我們的全部維持成本並未達到我們想要的水平。

So in addition to the work we are doing to bring on new low-cost ounces and normalize our sustaining capital spend over the next three years. My team and I are working to reduce costs and improve productivity across our go-forward managed portfolio.

因此，除了我們正在進行的工作之外，還要引入新的低成本盎司，並在未來三年內將我們的持續資本支出正常化。我和我的團隊正在努力降低成本並提高未來管理投資組合的生產力。

Over the last few years, Newmont has been on a journey to build the world's leading gold and copper company. And after doing the work to rationalize our portfolio, we are now firmly focused on improving costs and productivity across our entire organization. This is key to ensuring that our assets reliably and predictably generate the most profitable 6 million ounces of gold per year over the long term.

在過去幾年裡，紐蒙特一直致力於打造世界領先的黃金和銅公司。在完成產品組合合理化工作之後，我們現在堅定地致力於改善整個組織的成本和生產力。這是確保我們的資產長期可靠且可預測地每年產生最有利可圖的 600 萬盎司黃金的關鍵。

The program behind this cost and productivity work has three key components. Our G&A costs are too high for our go-forward portfolio. We have a laser focus on ensuring that these costs are reduced, as we transitioned from 17 to 11 managed operations over the course of this year.

這項成本和生產力工作背後的計畫有三個關鍵組成部分。對於我們未來的投資組合來說，我們的一般及行政開支太高了。我們全心全意致力於確保降低這些成本，今年我們的管理營運點從 17 個減少到 11 個。

Second, we are well into the process of evolving our commercial work at Newmont to ensure we have the capability to extract the full benefit of our scale, both in terms of our supply chain spend, as well as the revenue we received from doré and concentrate sales.

其次，我們已經進入了紐蒙特商業工作的改進階段，以確保我們有能力充分利用我們的規模效益，包括我們的供應鏈支出以及我們從金礦和精礦銷售中獲得的收入。

Third, with the clarity of our go-forward portfolio, we are applying the full force of our operating and technical capability to systematically improve productivity across all 11 of our managed operations, whilst achieving the industry-leading safety record that we demand. And I will provide further updates on this program as we progress and move forward through this year.

第三，隨著我們未來投資組合的明朗，我們正在充分利用我們的營運和技術能力，系統地提高我們管理的所有 11 個營運部門的生產效率，同時實現我們要求的行業領先的安全記錄。隨著我們今年的進展和前進，我將提供有關該計劃的進一步更新。

Bringing it all together, over last year, we have developed a much deeper understanding of our go-forward portfolio and the work ahead of us to deliver meaningful improvements, safety, costs and productivity this year. And while we progress this work, we are providing shorter-term and high confidence guidance for 2025. This year, we expect gold production from our go-forward Tier 1 portfolio to be around 5.6 million ounces and an all-in sustaining cost of $1,620 an ounce.

綜合起來，在過去的一年裡，我們對未來的產品組合和未來的工作有了更深入的了解，以便在今年實現有意義的改進、安全性、成本和生產力。在推動這項工作的同時，我們也為 2025 年提供了短期和高度可信的指導。今年，我們預計未來一級投資組合的黃金產量將達到約 560 萬盎司，總維持成本為每盎司 1,620 美元。

Our sustaining capital is expected to be $1.8 billion and will remain at this level over the next couple of years as we complete our current investment cycle on the tailings storage facilities at Cadia. And we will continue to maintain discipline with our development capital spend, holding our investment to $1.3 billion for 2025.

我們的維持資本預計為 18 億美元，並且隨著我們完成對卡迪亞尾礦儲存設施的當前投資週期，未來幾年將保持在這個水平。我們將繼續嚴格控制開發資本支出，將 2025 年的投資控制在 13 億美元。

We expect the production from our core Tier 1 portfolio will be around 52% weighted to the second half of this year, driven mainly by the timing of production from our non-managed operations. Taking this trend into account in the first quarter we expect to deliver around 23% of the forecast gold production from our core portfolio. This will then be supplemented by around $250,000 higher cost ounces from our non-core assets held for divestment.

我們預計，我們核心一級資產組合的產量將在今年下半年佔比約 52%，這主要由我們非管理業務的生產時間所驅動。考慮到第一季的這一趨勢，我們預計核心投資組合中的黃金產量將達到預測值的 23% 左右。然後，我們將從持有的非核心資產中剝離出約 25 萬美元的高成本盎司來補充這一成本。

Our unit costs will also be impacted by the timing of sustaining capital spend from both that managed and non-managed operational. And this is currently expected to be around 52% weighted to the first half of this year. So compared to the rest of the year, we anticipate that our all-in sustaining costs will be highest in the first quarter. As a consequence, we anticipate a notable decrease in our first quarter free cash flow compared to the fourth quarter of last year.

我們的單位成本也將受到管理和非管理營運維持資本支出時間的影響。目前預計今年上半年的權重約為 52%。因此，與今年其他時間相比，我們預計第一季的全部維持成本將最高。因此，我們預計第一季的自由現金流將與去年第四季相比大幅下降。

And looking ahead to the remainder of the year, we expect to generate sequentially higher free cash flow each quarter. And with the momentum, we'll be well positioned to deliver on our commitments in 2025 whilst also funding our capital allocation priorities and building a stable future for Newmont. Our capital allocation strategy remains unchanged and is driven by three key priorities.

展望今年剩餘時間，我們預計每季的自由現金流將持續增加。憑藉這一勢頭，我們將有能力在 2025 年履行我們的承諾，同時為我們的資本配置重點提供資金並為紐蒙特打造穩定的未來。我們的資本配置策略保持不變，並由三個主要優先事項驅動。

First, we've maintained financial strength and flexibility with cash above $3 billion and debt below $8 billion; second, to steadily reinvest in our business with the goal of generating long-term sustainable free cash flow; and third, to return capital to shareholders through our predictable $1 a share annual dividend, and our share repurchase program.

首先，我們保持了財務實力和靈活性，現金超過 30 億美元，債務低於 80 億美元；第二，穩步對我們的業務進行再投資，目標是產生長期可持續的自由現金流；第三，透過我們可預測的每股 1 美元的年度股利和股票回購計畫向股東返還資本。

In order to maintain consistent cash levels through this year, the timing of share repurchases is likely to be closely correlated with our projected free cash flow, along with the timing of proceeds from our non-core asset divestments. After a period of integration, rationalization and stabilization, our focus is now on our go-forward portfolio.

為了在今年全年保持穩定的現金水平，股票回購的時間可能與我們預計的自由現金流以及非核心資產剝離收益的時間密切相關。經過一段時間的整合、合理化和穩定，我們現在的重點是未來的投資組合。

Last year, we focused on integrating four new assets, divesting our six non-core assets and laying the foundations to delivering cost productivity improvements of a safe, productive and profitable future. With 2024 now behind us, we moved to strengthen our value proposition by leveraging the true potential of our assets and projects to improve our safety, cost and productivity performance, positioning Newmont to focus on margins and growing free cash flow for the benefit of our shareholders.

去年，我們重點整合了四項新資產，剝離了六個非核心資產，為提高成本生產力、實現安全、高效和獲利的未來奠定了基礎。2024年已經過去，我們開始透過利用資產和專案的真正潛力來加強我們的價值主張，以提高我們的安全性、成本和生產力績效，使紐蒙特專注於利潤率和增加自由現金流，從而造福股東。

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

最後，我感謝您今天的寶貴時間，現在請接線員開闢問答專線。

(Operator Instructions) Hugo Nicolaci, Goldman Sachs.

（操作員指示）高盛的 Hugo Nicolaci。

Congrats on the strong finish in 2024 and thanks for all the color already so far in the presentation. First one maybe for Karen. Just post the recent debt reduction and the divestments to come through, how should the market think about the gearing and debt targets going forward?

恭喜您在 2024 年取得圓滿成功，並感謝您在迄今為止的演示中展現的所有色彩。第一個可能是給 Karen 的。就在最近的債務削減和資產剝離之後，市場應該如何看待未來的負債比率和債務目標？

I appreciate you've talked to the $8 billion of debt and $5 billion of net debt. But with gold prices and cash generation where it is and where you're seeing it going and the number of strong projects able to start to come into that growth pipeline. Do you think something like the leverage ratio might be more appropriate in terms of being able to then look at accelerating some of those growth projects?

我很感激您談到 80 億美元的債務和 50 億美元的淨債務。但是，隨著金價和現金創造的現狀以及您看到其走向以及能夠開始進入此成長管道的強大項目數量。您是否認為，就加速某些成長項目而言，槓桿率之類的指標可能更為合適？

Thanks for the question, Hugo. Yes, right now, our capital allocation strategy remains unchanged. So maintaining that strong balance sheet with around $3 billion in cash on average over the year, debt below the $8 billion, as you said, and steadily funding those cash-generative capital projects. We've got $1.8 billion sustaining capital that's at an elevated level for the next few years with the Cadia tailings and then $1.3 billion with development capital. And then, of course, returning capital to shareholders.

謝謝你的提問，Hugo。是的，目前我們的資本配置策略保持不變。因此，保持強勁的資產負債表，全年平均現金約為 30 億美元，債務低於 80 億美元（正如您所說），並穩定地為那些產生現金的資本項目提供資金。我們擁有 18 億美元的維持資本，這些資本在未來幾年將隨著卡迪亞尾礦的開採而保持較高的水平，之後我們將獲得 13 億美元的開發資本。然後，當然是將資本回饋給股東。

So $1 annual dividend, no change there. And then continuing with our share repurchases as part of that $3 billion program that we have. We've executed on $1.2 billion and we have $1.8 billion remaining on that authorization. So no change to the financial policies.

因此，每年 1 美元的股息沒有變化。然後我們繼續進行股票回購，這是我們 30 億美元計劃的一部分。我們已經執行了 12 億美元，並且還剩餘 18 億美元的授權。因此財務政策沒有改變。

And then second one, maybe for both Tom and Natasha. Just looking beyond the current growth projects to that next phase of growth. Are you able to give us a bit more on what's needed to firm up the sequencing and timing of projects like Red Chris and Yanacocha in the sulfides? And is it studies and permitting, just given where you've already got significant capital invested in those projects, and when should we expect an update? And then just a tack on how many projects do you think is the right number to be progressing concurrently for the portfolio.

然後是第二個，也許對湯姆和娜塔莎來說都是如此。只要超越目前的成長項目，就能看到下一階段的成長。您能否向我們詳細介紹如何確定 Red Chris 和 Yanacocha 等硫化礦專案的順序和時間？鑑於您已經在這些項目上投入了大量資金，這是否需要研究和許可，我們什麼時候可以期待更新？然後，再簡單談談您認為在投資組合中同時推進的項目數量合適嗎？

Yes. Thanks, Hugo. Our focus is firmly on delivery, the three projects we've got in execution and a $1.3 billion spend for a portfolio of our size is a healthy amount of money to be investing back in the business. So delivering on those hitting commercial production improving the value from those projects is our firm focus hitting our milestones this year and then ensuring that they come through, that earns the right to be able to bring anything more through your project pipeline.

是的。謝謝，雨果。我們的重點是交付，我們正在執行的三個項目和對我們規模的投資組合的 13 億美元支出是一筆值得重新投資於業務的健康資金。因此，實現這些項目的商業化生產並提高其價值是我們今年堅定不移的重點，即實現我們的里程碑，然後確保它們順利完成，這樣我們就有權透過您的專案管道帶來更多的東西。

But we do have some exciting projects sitting there queuing up, looking to get access to that capital. Red Chris is -- we're working through its feasibility study this year. So two at Newmont standard, ensuring that we have not only the technical work done as part of the feasibility study, but as you've got the permits and the and the support of the Tahltan for that very, very long-life project.

但我們確實有一些令人興奮的項目正在排隊，希望獲得資金。Red Chris 是——我們今年正在進行可行性研究。因此，按照紐蒙特標準，這兩項要確保我們不僅完成了可行性研究的技術工作，而且還獲得了許可以及 Tahltan 對這個非常非常長壽命項目的支持。

At Yanacocha, the potential at Yanacocha we've been -- at Peru 40 years at Yanacocha mining for 30 years. We've produced 40 million ounces of gold out of Yanacocha -- is more -- we haven't even past halfway yet. So a very long life in front of Yanacocha. But we're at an inflection point. We moved from oxide operations to sulfides and other deposits that sit there.

在亞納科查，我們已經在秘魯開採了 40 年，在亞納科查開採了 30 年。我們已經從亞納科查礦開採了 4000 萬盎司黃金——甚至更多——但還未過半。因此，亞納科查的生存空間非常廣闊。但我們正處於一個轉折點。我們從氧化物作業轉向硫化物和其他沉積物作業。

The important piece of work for us to do now at Yanacocha is to build the water treatment plants to be able to capture the mine effect of border and discharge -- treat that and discharge safely, that then sets us up to be able to go to with its next chapter.

目前，我們在亞納科查要做的一項重要工作是建造水處理廠，以便能夠捕獲邊界和排放的礦井效應——對其進行處理並安全排放，然後我們才能進入下一個篇章。

We've got Wafi-Golpu in PNG that we continue to work with harmony and the PNG government on. We've got Nueva Union and Norte Abierto down in Chile, and we continue to understand where they might fit. And we've got Galore Creek up in British Columbia. So we continue to understand and work those projects first and foremost, Hugo -- is delivering on our projects. We've got an execution here and now, do that well, then we earn the right to bring on those next projects.

我們在巴布亞紐幾內亞擁有瓦菲-戈爾普項目，我們將繼續與哈姆瑞克和巴布亞紐幾內亞政府合作。我們在智利有 Nueva Union 和 Norte Abierto，並且我們繼續了解它們可能適合的位置。我們在不列顛哥倫比亞省有 Galore Creek。因此，我們首先會繼續了解和進行這些項目，而 Hugo 正在實施我們的項目。我們現在就執行，把它做好，然後我們就有資格進行下一個專案。

Daniel Morgan, Barrenjoey.

丹尼爾摩根，巴倫喬伊。

Tom and team, first question, just I know you've increased your reserve price assumption to USD 1,700 an ounce. Your 2025 ounce standing cost guidance of $1,620. Sorry to say that just strikes -- a little bit odd. It's an $80 an ounce margin. Does that imply that this year is peak costs and they come down? Can you just comment on that difference and how you set the reserve price assumption.

湯姆和團隊，第一個問題，我知道您已將底價假設提高至每盎司 1,700 美元。您的 2025 盎司固定成本指導價為 1,620 美元。很遺憾，這確實有點奇怪。每盎司的利潤為80美元。這是否意味著今年的成本將達到高峰並且會下降？您能否評論一下這種差異以及您如何設定底價假設？

Yes. Thanks, Daniel. When we look at it, there are two separate things. Our process being many, many years at Newmont, the team that works through our annual process to assess reserve pricing is looking at price, looking at the three-year trailing average looking at forward estimates, and making a judgment on price as to where our reserve price should be and then how that informs the work we do -- is in randomized, mine plans and the like.

是的。謝謝，丹尼爾。如果我們看一下它，就會發現它是兩件不同的事情。我們在紐蒙特已經使用這個流程很多年了，團隊通過年度流程來評估底價，查看價格，查看三年的過去平均值，查看前瞻性估計，並根據價格判斷我們的底價應該是多少，然後如何根據價格指導我們所做的工作——包括隨機的採礦計劃等。

Now on the other side of the coin, separate from that, we look at what our unit costs have to be for '25. There are $1,620 for 2025 because we've got some pretty -- one of the main drivers is we've got some pretty significant investment going back into Cadia to ensure that we've fixed that [The Copper Mark] facility to ensure those caves are able to realize their value.

現在從另一個角度來看，除此之外，我們還要看看 25 年我們的單位成本是多少。2025 年的投資額將達到 1,620 美元，因為我們已經獲得了一些相當可觀的投資——其中一個主要驅動力是我們在卡迪亞獲得了一些相當可觀的投資，以確保我們修好了 [銅標] 設施，確保這些洞穴能夠實現其價值。

So we separate those two things. $1,620, not happy with that number. It needs to come down. Our go-forward portfolio was generally in Q1, and we need to get our cost base down to Tier 1 levels. We need to get through this investment cycle to bring on those cost ounces, but we also need to improve our cost and productivity.

因此我們將這兩件事分開。 1,620 美元，對這個數字不滿意。它需要降下來。我們的未來投資組合通常在第一季度，我們需要將成本基礎降至一級水準。我們需要完成這個投資週期來實現這些成本，但我們也需要改善我們的成本和生產力。

But they are two separate strengths. We set our pricing through reserve price over here. through a rigorous process that's conducted every year. We manage our costs this year, and we need to get up to improving those costs going forward.

但他們是兩種不同的力量。我們在這裡透過底價來定價。透過每年進行的嚴格流程。我們今年管理了成本，我們需要努力在未來改善這些成本。

Separate question, Lihir. I know you've done a reserve update. You've done some optimization on the pits. Just curious, how much closer is your attempt to concluding what the go-forward plan is at that asset? I imagine they would also be a reinvestment plan to upgrade asset integrity and set it up well into the future. So when might that be concluded and when might you share that with us?

另外還有一個問題，利希爾。我知道你已經做了儲備更新。你對坑做了一些優化。只是好奇，您距離確定資產的未來計劃還有多遠？我想他們也會制定一個再投資計畫來提升資產完整性，並為未來做好準備。那麼什麼時候可以下結論？

Thanks, Daniel. So as you commented on the -- we've now done a Newmont standard final pit shell, which impacted the reserves. The other important work we did was to step out from lower rock to ensure that we had appropriate offset from that rock. And then how we set up that high wall to manage that Phase 14a layback. So we've done that mine planning work.

謝謝，丹尼爾。正如您所評論的——我們現在已經完成了紐蒙特標準的最終維修站外殼，這對儲備產生了影響。我們所做的另一項重要工作是從較低的岩石中走出來，以確保我們與該岩石有適當的偏移。然後我們如何設定高牆來管理第 14a 階段的後退。所以我們已經完成了礦山規劃工作。

Now it's about making sure that the roads are in good nick and then maintained, so that we can manage the equipment integrity, the trucks and diggers and other ancillary equipment running around that mine and work through that stripping campaign over the next two or three years, so we can move into the higher-grade ore from that Phase 14a layback. So that work is underway.

現在要做的就是確保道路狀況良好並進行維護，以便我們能夠管理設備的完整性、卡車、挖掘機和其他輔助設備在礦場周圍運行，並在未來兩三年內完成剝離活動，這樣我們就可以從第 14a 階段的開採中轉入更高品位的礦石。這項工作目前正在進行中。

Then setting up the skyway and having the wrong stockpile separate mine and processing plant now allows us to get greater reliability and quality of the feed going into the into the plant, which admittedly gives you greater confidence through the plant. And that then allows us to have more structure around our corrective and preventative maintenance program through that plan, which is part of the sustaining capital budget you have for a mine of that size.

然後設置天橋並將錯誤的庫存分開，礦山和加工廠現在使我們能夠獲得進入工廠的更高可靠性和品質的進料，這無疑會讓您透過工廠獲得更大的信心。這樣，我們就可以透過該計劃更好地建立我們的糾正和預防性維護計劃，該計劃是該規模礦山維持資本預算的一部分。

So those pieces are in place, and team is now getting after that. They know what they need to do. We need to deliver on what we said we're going to do this year, as indicated in my remarks, that as we work through that layback get into the 2028 period and Lihir will return to the historical levels that you've seen. And our plan is to maintain that into the future.

目前這些部分已經到位，團隊正在著手進行。他們知道自己該做什麼。我們需要兌現我們今年說過要做的事情，正如我在演講中所指出的，當我們度過這一衰退期並進入 2028 年時，Lihir 將回到你們所看到的歷史水平。我們的計劃是未來繼續保持這種狀態。

So we've got two or three years of getting that work done. And then Lihir is a long-term asset in the Newmont portfolio. I mean it's got the reserves and resources to a Newmont standard, north of 30 million ounces. It is by any measure of world-class asset. We're setting it up right over the next two or three years to deliver on the value, it's been looking for the last 30 years. Very pleased that it is in our portfolio.

因此我們還需要兩三年的時間來完成這項工作。那麼 Lihir 是 Newmont 投資組合中的長期資產。我的意思是，它的儲量和資源量達到了紐蒙特標準，超過 3000 萬盎司。無論以什麼標準衡量，它都是世界級的資產。我們將在未來兩三年內進行調整，以實現過去 30 年來我們一直在尋求的價值。非常高興它在我們的產品組合中。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Thank you for the update. I just wanted to ask your thinking around the provision of one-year guidance. And so I understood that you would consider maybe doing three years. And then as you look forward, is one year guidance what you anticipate continuing going forward? Or could we get back to potentially longer-term guidance?

感謝您的更新。我只是想問您對提供一年指導的看法。所以我明白您可能會考慮做三年。然後展望未來，您是否預計一年的指導將會持續下去？或者我們能否回到潛在的長期指導？

Thanks, Lawson. Massive transformation last year. I mean, I'm 35 years in the industry, worked in many different places, been fortunate enough to be involved in many transactions I haven't seen much more complicated than the work we've run through successfully last year in terms of being assets divestment program and coming out the other side. What's most important for us now is stabilizing this business, and focusing on a high confidence set of guidance that we can get after and safely deliver.

謝謝，勞森。去年發生了大規模的轉型。我的意思是，我在這個行業有 35 年的經驗，在許多不同的地方工作過，很幸運能夠參與許多交易，我從未見過比我們去年成功完成的資產剝離計劃和退出計劃更複雜的交易。對我們來說，現在最重要的是穩定業務，並專注於我們能夠獲得並安全交付的一套高信心的指導。

So our focus is not stabilizing the business in '25 and delivering on those numbers that we've committed to in our release today. As part of that work, we're getting after cost and productivity improvements and understanding what the potential is of this go-forward portfolio and had it for a midnight -- a New York minute rather. We've only had it for a second.

因此，我們的重點不是穩定25年的業務並實現我們今天發布的承諾數字。作為這項工作的一部分，我們正在追求成本和生產力的改進，並了解這個未來投資組合的潛力，並在午夜——更確切地說是紐約的一分鐘——完成了這項工作。我們只擁有了一秒鐘。

How do we actually understand what the true potential of this portfolio has? We're getting after that this year. We're going to take all of this year to understand that asset -- that portfolio of assets and build a plan for '26. And so our focus is on '25, delivering on our commitments and understanding what these assets might do as we work with them through the course of this year.

我們究竟要如何才能了解這個投資組合的真正潛力呢？我們今年就要實現這個目標。我們將用一整年的時間來了解該資產——該資產組合，並為26年制定計劃。因此，我們的重點是‘25’，履行我們的承諾，並了解這些資產今年與我們合作時可能發揮的作用。

Fantastic. Just a follow-up on the R&R gold price assumption of $1,700. You've kind of indicated that, that was how you're thinking about the business at least for 2025. And in the past, you've thought about the dividend with respect to gold price ranges as well. So previously, the $1,400 represented the base level dividend.

極好的。這只是對 R&R 黃金價格 1,700 美元的假設的後續。您似乎已經表明，這就是您對至少 2025 年業務的看法。過去，您也曾考慮過與黃金價格區間相關的股息。所以之前，1,400 美元代表的是基本水準的股利。

When we think about the current dividend as it was reset last year, is $1,700 per ounce, the gold price at which that is sustainable, or is that still a $1,400?

當我們考慮去年重置的當前股息時，每盎司 1,700 美元是可持續的金價嗎，還是仍然是 1,400 美元？

Thanks, Lawson. A big couple -- our dividend, our common dividend is $1 a share, full stock.

謝謝，勞森。一大筆錢——我們的股息，我們的普通股息是每股 1 美元，全股票。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

The first one, and maybe another theme on the three-year guidance. You you're suggesting a 10-year average of 6 million ounces. But when we look at the portfolio and the projects that you've run through and the grade profile at Boddington, et cetera, and the guidance from Barrick would suggest on the consensus and on kind of our numbers, you would be above that towards the end of the sort of three- to five-year period. Is that the wrong assumption? Are we missing something in the portfolio that would go backwards to prevent you getting above 6 million ounces on a three-year view?

第一個，也許是三年指導的另一個主題。您建議的 10 年平均值為 600 萬盎司。但是，當我們查看投資組合和您所執行的項目以及博丁頓的等級概況等時，以及巴里克根據共識和我們的數字所提出的指導意見時，您會在三到五年期末高於這一水平。這是錯誤的假設嗎？我們的投資組合中是否缺少了一些東西，以至於在三年內無法達到 600 萬盎司以上的水平？

Yes. Thanks, Daniel. You're seeing it correctly as we work through bringing on those -- both through those laybacks and bring on the new low-cost ounces. I think the comments I said 10% higher over that time frame. That will -- of what we've guided for our core portfolio over '25, and we'll certainly push you through and out the other side of '26.

是的。謝謝，丹尼爾。您看得對，我們正在努力實現這些目標——既透過這些後退，也透過帶來新的低成本盎司。我認為我所說的評論在這段時間內增加了 10%。這將是我們對 25 年核心投資組合的指導，我們一定會推動您度過 26 年。

Now roll forward, another three, another four, another five, this portfolio goes out decades. And they're big mines, and you'll move through periods of lower grade, you move through periods of were stripping. So if you will ebb and flow. So you'll have some years where you're above six; you'll have some years we're below six.

現在繼續前進，再過三年、四年、五年，這個投資組合將會持續數十年。它們都是大型礦井，你會經歷品位較低的時期，也會經歷剝離期。所以如果你會潮起潮落。所以有些年份你的年齡會超過六歲；有些年份我們會低於六歲。

If you get in the time machine and move forward 5, 10, 15 years, I look back at this Newmont portfolio, you're going to see on average about 6 million ounces of gold at 150,000 tons of copper. You're going to see a management team here that's going to focus on improving the margins in that not chasing volume. We're chasing margin. That's what we're going to be focusing on. But we will ebb and flow through the course of that very long life portfolio.

如果你搭乘時光機前進 5 年、10 年、15 年，回顧紐蒙特的投資組合，你會看到平均約有 600 萬盎司黃金和 15 萬噸銅。您將看到這裡的管理團隊將專注於提高利潤率，而不是追求數量。我們正在追逐利潤。這就是我們要關注的重點。但在這非常長的投資組合生命週期中，我們的業績將會時好時壞。

Dan, you haven't seen this before in the gold industry. This portfolio is like the likes of which has not been seen before.

丹，你以前在黃金行業從未見過這種情況。此類投資組合是以前從未見過的。

Okay. That's helpful. And then the second question is around the trajectory of your overhead costs to G&A, they've come up a lot, and they're going up even more in 2025, and that comes against you executing on significant synergies as a consequence of the Newcrest deal.

好的。這很有幫助。第二個問題是關於您的一般及行政管理費用的走勢，這些費用已經大幅上漲，到 2025 年還會進一步上漲，這不利於您實現 Newcrest 交易帶來的重大協同效應。

Why are they so high in 2025? My feeling would be that a lot of the costs associated with the divestments and the integration would be done but the G&A is going up further, what's the explanation? And how much might moderate in the medium term?

為什麼到 2025 年它們還會這麼高？我的感覺是，剝離和整合相關的大量成本都會被消除，但一般行政費用卻會進一步增加，這該如何解釋呢？中期來看，這種趨勢會緩和多少？

Yes. Thanks, Daniel. Good call out. We did see the G&A synergies that come from a transaction like the Newcrest acquisition, where you collapse two public companies into one. So that element that comes out.

是的。謝謝，丹尼爾。很好的呼聲。我們確實看到了 Newcrest 收購之類的交易帶來的一般及行政管理協同效應，在這種交易中，兩家上市公司合併為一家。所以這個元素就出現了。

But you're still seeing us carry unacceptably high G&A as we work through the divestment and the rationalization of our portfolio. So we're still -- we've closed out Telfer late last year, but we're still carrying five assets that are held for divestment, and that will work through closing out those transactions through this quarter and into next. And we're still doing work around integrating systems from bringing two companies together that carries out an elevated cost for a fixed period of time.

但在我們進行資產剝離和投資組合合理化的過程中，您仍然會看到我們承擔著不可接受的高額一般行政費用 (G&A)。因此，我們仍在——我們已經在去年年底關閉了 Telfer 的交易，但我們仍有五項資產等待剝離，這將透過在本季度和下個季度關閉這些交易來實現。我們仍在致力於將兩家公司合併在一起以在固定的時間內產生較高的成本。

The number we're guiding to is an unacceptably high number for our go-forward portfolio. And as we see the assets leave our portfolio, you should expect to see a glide path of the G&A cost coming down to match a go-forward portfolio of 11 managed operations. So we guide to the number we have because of the work we're doing. But we're getting after reducing the G&A cost down to a level that is more acceptable for our go-forward portfolio.

對於我們未來的投資組合來說，我們所預期的數字高得令人難以接受。當我們看到資產離開我們的投資組合時，您應該會看到 G&A 成本呈下滑趨勢，以匹配 11 個管理業務的未來投資組合。因此，我們會根據所從事的工作來指導我們擁有的數量。但我們在將 G&A 成本降低到未來投資組合更可接受的水平後，取得了進展。

Kate McCutcheon, Citi.

花旗銀行的凱特麥卡琴 (Kate McCutcheon)。

On the Newcrest integration. So last quarter, you reiterated the 5-million-pound synergy run rate had been achieved. But I can't see that in the 4Q release that I may have missed it. Can you just call out for me where I see these numbers in the financials? If I look, it seems like OpEx and expenses both look higher, not lower. So just trying to reconcile the synergies and where that maybe lives.

關於 Newcrest 整合。所以上個季度，您重申已經實現了 500 萬英鎊的綜效運行率。但我在第四季度的發布中沒有看到這一點，我可能錯過了它。可以告訴我在財務報表中哪裡看到這些數字嗎？如果我看一下，似乎營運支出和費用都看起來更高，而不是更低。因此，只是嘗試協調協同作用以及其可能存在的位置。

Yes. Thanks, Kate. Thanks for the question. So as we went through 2024, we had a run rate expectation coming out of 2024 -- the synergies, and we hit that run rate at the end of the year at a much accelerated pace than we had thought we would. So you'll see these synergies.

是的。謝謝，凱特。謝謝你的提問。因此，當我們進入 2024 年時，我們對 2024 年的運行率有一個預期——協同效應，我們在年底達到了這一運行率，速度比我們預想的要快得多。所以你會看到這些協同作用。

And although again, G&A, although it's high, because we got a lot of onetime costs in there as well as additional functional spend and consulting spend associated with some of the efficiency and productivity initiatives that you're seeing that we will see the benefit in future years. So those were -- had the synergies in there, but the cost of the accelerated cost overwhelm those synergies that were in G&A.

儘管 G&A 成本很高，但因為我們包含了許多一次性成本，以及與一些效率和生產力措施相關的額外職能支出和諮詢支出，我們將在未來幾年看到這些支出帶來的好處。因此，這些是有協同效應的，但加速成本的成本超過了 G&A 中的協同效應。

The supply chain, we did see the synergies. We captured those approximately $200 million during again, the was a run rate at the end of 2025 and then as well as for a productivity improvement -- potential across the board around $200 million in synergies. All of those, you don't necessarily see in the bottom line as we know our cost were elevated through 2024 and into 2025.

在供應鏈中，我們確實看到了協同效應。我們再次獲得了約 2 億美元的收益，這是 2025 年底的運行率，然後以及為了提高生產力——全面的協同效應潛力約為 2 億美元。所有這些，你不一定會在底線中看到，因為我們知道我們的成本在 2024 年至 2025 年期間會增加。

And that's where Tom was speaking in his prepared notes, we have to get after those costs.

這就是湯姆在準備好的筆記中所說的，我們必須扣除這些成本。

So we saw an acceleration in the cost. Again, some of that is a result of how we're looking at in terms of gold price escalation, normal escalation that you see year over year. But generally speaking, we had an overall increase in our cost structure, both in direct costs as well in G&A. And as a result, you don't see those synergies on a net basis in our bottom line.

因此我們看到成本加速上升。再次，其中部分原因是我們對金價上漲的看法，即金價逐年正常上漲。但整體而言，我們的成本結構總體增加，包括直接成本和一般行政費用。因此，您在我們的淨利潤中看不到這些協同效應。

Got it. And then on capital allocation, asset sales and free cash flow this quarter exceeded consensus expectations. You've got another $1.8 billion authorized under the buyback. It doesn't really look like much stock was repurchased over the past quarter -- yet the share price was not a lot higher, very certainly. It was not at a high. How do we think about the cadence of that buyback throughout the year?

知道了。然後在資本配置方面，本季的資產銷售和自由現金流超出了普遍預期。您已獲得回購計畫的另外 18 億美元授權。看起來上個季度並沒有回購太多股票——但股價肯定也沒有上漲很多。其程度並不高。我們如何看待全年回購的節奏？

Sure. So we ended the year with approximately $1.2 billion of buybacks. But at 12/31, our 1051 -- the expiration of the 10b5-1. So as you see in the beginning of 2025, there was just some -- effective settlements of some of those buybacks from 2024. So really no share buyback since the beginning of 2025, post the earnings release, we will be in a position where we can begin to execute on share buybacks as we go forward.

當然。因此，我們在年底的回購金額約為 12 億美元。但在 12 月 31 日，我們的 1051——10b5-1 到期。因此，正如您在 2025 年初看到的那樣，2024 年的一些回購得到了有效解決。因此，自 2025 年初以來實際上沒有股票回購，在發布收益報告後，我們將能夠開始執行股票回購。

The timing of those share buybacks that will be closely correlated with the free cash flow generation and the timing of the proceeds from the non-core divestitures. So right now, we're expecting net of cash around $2.5 billion in divestiture proceeds, about $1.6 billion in Q1 and $0.9 billion% in Q2. So all expected in the first half of 2025.

股票回購的時間將與自由現金流的產生以及非核心資產剝離收益的時間密切相關。因此目前，我們預計資產剝離收益的淨現金約為 25 億美元，第一季約為 16 億美元，第二季約為 9 億美元。因此所有預期都將在 2025 年上半年實現。

Josh Wolfson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Josh Wolfson。

I just wanted to go back to this discussion about some of the long-term expectations. I appreciate the disclosures earlier in the call, on changes over '26 and '27, but maybe back to some of the comments by Lawson and Daniel. I feel personally like we don't have a lot of information here on the long term or even the short-term outlook beyond 2025 for the company.

我只是想回到一些長期期望的討論。我很感謝早些時候在電話會議上披露的關於 26 年和 27 年變化的信息，但也許應該回到 Lawson 和 Daniel 的一些評論。我個人覺得，我們對該公司的長期前景，甚至是 2025 年以後的短期前景，並沒有太多的資訊。

And there's a large difference in this release versus what the company has issued previously. Should we expect to receive any substantive information beyond one year in future releases maybe in 2026?

此次發布的版本與該公司先前發布的版本有很大區別。我們是否應該期望在未來的版本（例如 2026 年）中收到一年以後的任何實質資訊？

Thanks, Josh, very deliberate this year, Josh, I should say, very deliberate after a year of transformation and to move our stabilization to firmly focus this organization on delivering on commitments, safely delivering on commitments in 2025 with high confidence guidance. That's our focus for delivering on safety costs and productivity and the projects.

謝謝，喬希，今年我們非常慎重，喬希，我應該說，經過一年的轉型後我們非常慎重，並將我們的穩定重點牢牢地放在讓本組織履行承諾上，在高度自信的指導下，在 2025 年安全地履行承諾。這是我們實現安全成本和生產力以及專案的重點。

And I think we signaled back well over the last many weeks and months, and that's what we're going to be doing with this release. And we've given you through the release and the comments today, a view as to how the investments and the laybacks and the investments in those three projects and execution will play out over the next three or four years.

我認為，我們在過去幾週和幾個月裡已經給出了很好的回應，而這次發布我們也將這麼做。透過今天的發布和評論，我們已經向您介紹了未來三、四年這三個項目的投資、支出和執行情況。

We're going to take every part of 2025 to get after cost of productivity improvements in our go-forward portfolio and understand where we might be able to take this essentially new portfolio for us and build that into a '26 business plan and will come out this time next year, with a set of numbers for 2026 that we'll commit to with high confidence, and we'll make some decisions through the course of this year as to whether it's 2026 only or whether based on the work we do this year whether we give a bit more color for years two or three. But that work is in front of us, Josh, and we've headed out to getting into it.

我們將利用 2025 年的每一部分來追求未來投資組合中生產力改進的成本，並了解我們可能在哪裡利用這個本質上對我們來說全新的投資組合，並將其納入 26 年商業計劃，並將在明年此時發布 2026 年的一組數字，我們將高度自信地致力於這些數字，並且我們將在今年做出一些決定，是否僅限於 2026 年所做的工作，2026 年第三年。但是這項工作就在我們面前，喬希，我們已經開始著手進行這項工作了。

Understood. Maybe with that level of disclosure in our minds, how should investors and analysts assess the success of the Newcrest acquisition, given the impact of production and costs so far as well as reserves and not a lot of perspective as to what the assets look like longer term?

明白了。也許，在我們心中有這種程度的資訊揭露的情況下，考慮到迄今為止的生產和成本以及儲量的影響，以及對資產長期前景的了解不多，投資者和分析師應該如何評估 Newcrest 收購的成功？

So Josh, I would look through the work we're doing this year to look at what we're doing to configure and fix Cadia for decades. We're building two caves, PC 2-3, PC 1-2 and we are considering whether PC 1-2 extends to pick up PC 1-3. You build those caves, you build the supporting product capacity, and you've got decades of ore coming out of that mine.

所以喬希，我會回顧我們今年所做的工作，看看我們幾十年來為配置和修復卡迪亞做了哪些工作。我們正在建造兩個洞穴，PC 2-3、PC 1-2，我們正在考慮 PC 1-2 是否延伸以接駁 PC 1-3。你建造了這些洞穴，建立了配套的產品產能，然後幾十年來你就可以從礦井中開採出礦石。

You've got to Lihir with a resource base of some 36 million ounces -- and we're setting up that mine to deliver on that long-term value. You've got Red Chris that we're doing the feasibility study on a magnificent underground mine with a huge endowment.

利希爾 (Lihir) 的黃金資源量約為 3,600 萬盎司，我們正在建造這座金礦以實現其長期價值。雷德克里斯，您說我們正在對一座蘊藏著巨額財富的宏偉地下礦場進行可行性研究。

And you've got Brucejack as we get the resource model to the Newmont standard, very long life. So we're doing the work this year to ensure that those assets can figure to deliver on their long-term potential, and we'll share stories on our progress as we go through each quarter.

而且我們擁有 Brucejack，因為我們將資源模型提升到了 Newmont 標準，壽命非常長。因此，我們今年的工作是為了確保這些資產能夠發揮其長期潛力，並且我們將在每個季度分享我們的進展。

Another way of answering your question is to look at the fourth quarter on the record free cash flow we generated. That's an insight into what the go-forward portfolio can do. As we get into it, fix it up, position, to make sure every asset understands what it needs to do, and we get after it. So that's another little signal as to what is put to strength of this portfolio.

回答你的問題的另一種方法是看看我們在第四季度產生的創紀錄的自由現金流。這是對未來投資組合所能發揮的作用的洞察。當我們進入該狀態、修復它、定位它時，確保每項資產都了解它需要做什麼，然後我們就會去實現它。所以這是關於這個投資組合的優勢的另一個小訊號。

Al Harvey, JPMorgan.

摩根大通的阿爾哈維 (Al Harvey)。

Just wanting to follow up on projects again. I suppose usually you have three execution at once. So I think afoot kind of coming towards the end -- by the end of the year. So I guess I just wanted to get a sense of whether or not we can expect a fairly rapid transit into the next project. And I suppose I want to get your thinking on which projects the most logical step kind of assume it's Red Chris if you've got the study to come later this year.

只是想再次跟進項目。我認為通常你會同時執行三次。所以我認為這一幕很快就會發生——在年底之前。所以我想我只是想了解我們是否能夠期待相當快速地過渡到下一個項目。我想聽聽你對哪些項目的想法，最合理的一步假設是 Red Chris，如果你有今年稍後要進行的研究的話。

But -- is that the most likely candidate? Or is there a chance to hold fire on FID-ing that project?

但是——這是最有可能的候選人嗎？或者是否有機會暫時擱置該專案的 FID？

I think it's important that we just don't have a conveyor belt of projects. We got to watch their phase. And sort of the fact we have three projects in execution, we want to make sure you hit commercial production, you still going to ramp -- half make sure it's delivering on the value we committed. So that takes you a good chunk in the 2026 to get that done.

我認為重要的是我們沒有專案傳送帶。我們必須觀察他們的表演。事實上，我們有三個項目正在執行，我們希望確保你們達到商業化生產，你們仍將加速生產——確保它能實現我們承諾的價值。所以你需要在 2026 年花費很大力氣才能完成這個目標。

You've got to watch to phase of your project execution -- is you need to manage, and you've got to make bloody sure, you've got a feasibility study that's well understood and it's got to deliver good returns. So doing the feasibility study for Red Chris at the moment.

你必須專注於專案執行的各個階段——你需要進行管理，你必須確保你的可行性研究得到充分理解，並且能夠帶來良好的回報。所以目前正在為 Red Chris 進行可行性研究。

And there's a number of moving parts, not just the technical piece to make sure you got in place. But I would say, as we think about next cab off the rank at Newmont, when we're ready, if the value is there, it's just Red Chris ought to lose.

還有許多活動部件，而不僅僅是技術部件，以確保您到位。但是我想說，當我們考慮在紐蒙特賽道下一場比賽時，當我們準備好時，如果價值在那裡，那麼紅克里斯就應該輸。

Great. And maybe just a quick follow-up, I suppose. Just beyond those next projects. I know your comments earlier about the copper options in the portfolio. So I just wanted to get a sense of how you're thinking about where you might be more inclined to invest on the gold side of the copper side?

偉大的。我想，也許只是一個快速的後續行動。就在那些接下來的項目之後。我知道您之前對投資組合中的銅期權的評論。所以我只是想知道您是如何考慮在黃金和銅方面您可能更傾向於投資哪裡的？

So I think about copper to be laybacks North-South -- pit at Boddington, we're going to swing back into high grade, that's golden-copper. We got some nice copper coming back there. PC 2-3 it becomes the main supplier of ore at Cadia. It's some nice copper coming back up through there. Move across to Red Chris, and that's the one -- listed earlier -- the previous question.

因此，我認為銅礦將由北向南分佈——在博丁頓礦坑，我們將回到高品位的金銅礦。我們在那裡得到了一些優質的銅。PC 2-3 它成為卡迪亞的主要礦石供應商。有一些漂亮的銅從那裡回來了。轉到 Red Chris，這是之前列出的上一個問題。

That's the one if it wins the race and it's washes its phase -- that's as much a copper mine as a gold mine. So it's the one that can give us not only the pathway to maintain that 150,000 ounces over the long term I talked about, but maybe even push through that.

如果它贏得了比賽並且洗清了它的階段——它既是一座銅礦，也是一座金礦。因此，它不僅可以為我們提供維持我所說的長期 150,000 盎司目標的途徑，甚至可能推動我們實現這一目標。

That concludes the Q&A session. I would like to turn the conference back over to Tom Palmer for closing remarks.

問答環節到此結束。我想將會議交還給湯姆·帕爾默，請他作最後發言。

Thank you, operator, and thank you, everyone, for making the time for the call today, and look forward to seeing or speaking to you soon. Thanks, everybody.

謝謝接線員，也謝謝大家今天抽空接聽電話，期待很快能見到您或與您通話。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。