紐蒙特黃金公司 (NEM) 2025 Q1 法說會逐字稿

Hello, and welcome to the Newmont first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加紐蒙特 2025 年第一季財報電話會議。（操作員指示）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.

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 joining our call.

謝謝您，接線生。大家好，感謝您參加我們的電話會議。

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 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.

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。通話結束時，我們將隨時回答您的問題。請注意我們的警告聲明並參閱我們向美國證券交易委員會提交的文件，該文件可在我們的網站上找到。

We have begun the year with a strong operational performance, which in turn has driven a robust financial performance. These results enabled us to generate record first quarter free cash flow and have kept us on track to deliver on our full year commitments.

我們以強勁的營運表現開啟了新的一年，這反過來又推動了強勁的財務表現。這些結果使我們能夠在第一季產生創紀錄的自由現金流，並使我們有望兌現全年承諾。

And last week, we also reached an important milestone for Newmont with the completion of our divestment program, positioning us to continue to strengthen our balance sheet, return capital to shareholders and apply our full attention to our go-forward portfolio.

上週，隨著資產剝離計畫的完成，紐蒙特也達到了一個重要的里程碑，這使我們能夠繼續加強資產負債表，向股東返還資本，並全力關注未來的投資組合。

With the first quarter and our divestment program now under our belt, Newmont's priorities for 2025 remain clear and unchanged: first, to strengthen our safety culture; second, to stabilize our 11 managed operations; and third, to execute on capital returns.

隨著第一季和我們資產剝離計畫的實施，紐蒙特 2025 年的優先事項依然明確且不變：首先，加強我們的安全文化；第二，穩定我們的11個管理業務；第三，執行資本回報。

Starting with our safety culture. For every person who works at Newmont, safety is more than a priority, it is a core value, one that is fundamental to who we are and how we operate. In the first quarter, we saw a notable decrease in the frequency of significant potential events that we are experiencing across our business, a key lagging indicator for safety performance.

從我們的安全文化開始。對於在紐蒙特工作的每一位員工來說，安全不僅僅是首要任務，更是我們的核心價值，也是我們身分和運作方式的根本。在第一季度，我們發現整個業務中發生的重大潛在事件的頻率明顯下降，這是安全績效的關鍵滯後指標。

This improvement was driven by visible felt leadership in the field, a more consistent application of our safety systems and an increased focus on learning from incidents and implementing corrective actions. Over the last year, we have been diligently undertaking a refresh of our safety work. And with the completion of our divestment program, and the clarity of our go-forward portfolio.

這項改進得益於該領域明顯的領導力、我們安全系統的更一致應用以及更加重視從事故中學習並實施糾正措施。在過去的一年裡，我們一直在努力更新我們的安全工作。隨著我們資產剝離計劃的完成以及未來投資組合的清晰化。

This month, we launched Always safe, our reinvigorated safety program focused on delivering a set of prioritized improvements across our portfolio of managed operations and projects as well as our exploration and legacy sites.

本月，我們啟動了「始終安全」計劃，這是我們重新振興的安全計劃，重點是在我們管理的營運和專案組合以及我們的勘探和遺留站點中提供一系列優先改進。

Moving to our operations. During the first quarter, we produced 1.5 million ounces of gold and 35,000 tonnes of copper, in line with our full year guidance and the indications we provided on our last earnings call. And as a consequence, we generated $2 billion of cash flow from operations and $1.2 billion in free cash flow, both first quarter records.

轉向我們的營運。第一季度，我們生產了 150 萬盎司黃金和 35,000 噸銅，符合我們的全年預期和上次收益電話會議上提供的指示。結果，我們產生了 20 億美元的營運現金流和 12 億美元的自由現金流，這兩項都創下了第一季的最高紀錄。

On the back of safe and stable operating performance, these results were favorably impacted by the rise in gold price in recent months, driven by unprecedented volatility in our global financial and commodity markets. And although it is still early days, we are closely monitoring the evolving tariff situation and are very much focused on managing the variables that are within our control.

在安全穩定的經營績效支撐下，近幾個月來全球金融和商品市場前所未有的波動導致金價上漲，這對這些業績產生了正面影響。儘管現在還處於早期階段，但我們正在密切關注不斷變化的關稅形勢，並非常注重管理我們能夠控制的變數。

I'm really pleased that we have successfully completed the divestment of all six of our high-quality noncore operations through the program we announced early last year. At the end of February, we finalized the sale of Musselwhite and Eleonore in Canada and Cripple Creek & Victor here in the United States. And last week, we completed the sale of Porcupine in Canada, and Akyem in Ghana.

我很高興我們透過去年年初宣布的計劃成功完成了所有六個高品質非核心業務的剝離。二月底，我們完成了加拿大 Musselwhite 和 Eleonore 以及美國 Cripple Creek 和 Victor 的出售。上週，我們完成了加拿大 Porcupine 和加納 Akyem 的銷售。

From these five transactions, we have now received more than $2.5 billion in after-tax cash proceeds this year. And when you combine these proceeds with those from the sale of Telfer and our other investments last year, we have generated a total of $3.2 billion in after-tax cash proceeds.

透過這五筆交易，我們今年已獲得超過 25 億美元的稅後現金收益。如果將這些收益與去年出售 Telfer 和我們其他投資所得的收益加在一起，我們總共獲得了 32 億美元的稅後現金收益。

And on top of that, when valued at today's prices, we have -- we now have nearly $1.2 billion in both equity and deferred consideration. This is a significant milestone for Newmont as the completion of this divestment program over the last year has enabled us to sharpen our focus on safely improving the performance of our go-forward portfolio of 11 managed operations and three projects in execution.

除此之外，以今天的價格計算，我們現在擁有近 12 億美元的股權和遞延對價。這對紐蒙特來說是一個重要的里程碑，因為去年完成的這項撤資計畫使我們能夠更加專注於安全地提高我們未來 11 個管理業務和 3 個執行中專案組合的績效。

To further strengthen our balance sheet with $1.5 billion in debt retired over the last 12 months, including $1 billion repaid since the start of this year and to deliver on our third priority, capital returns, we have now completed approximately $2 billion in share repurchases and from our $3 billion program, including $755 million so far this year.

為了進一步加強我們的資產負債表，在過去 12 個月內償還了 15 億美元的債務，其中包括今年年初以來償還的 10 億美元，並實現我們的第三大優先事項——資本回報，我們現在已經完成了約 20 億美元的股票回購，其中包括 30 億美元的計劃中的 7.55 億美元，今年迄今為止。

Building upon our solid performance year-to-date and looking ahead to the rest of the year, we remain on track to achieve our 2025 commitments and progress our disciplined capital allocation priorities. As we move into the second quarter, we will continue to focus on safely generating industry-leading free cash flow, maintaining a strong financial position and investment-grade balance sheet and returning capital to shareholders with predictable dividends and ongoing share repurchases.

基於今年迄今的穩健表現並展望今年剩餘時間，我們仍有望實現 2025 年的承諾並推進我們嚴謹的資本配置優先事項。進入第二季度，我們將繼續專注於安全地產生業界領先的自由現金流，保持強勁的財務狀況和投資級資產負債表，並透過可預測的股息和持續的股票回購向股東返還資本。

With that, I'll now turn it to Natascha to take you through our operational performance and then Karyn to take you through our financial results and capital allocation achieved. Over to you, Natascha.

現在，我將請 Natascha 向您介紹我們的營運業績，然後請 Karyn 向您介紹我們的財務業績和實現的資本配置。交給你了，娜塔莎。

Thank you, Tom. Our first-quarter operational results were in line with our previous indications, and we remain on track to meet our full year guidance. With this in mind, from an operational standpoint, we are focused on two simple but very important objectives.

謝謝你，湯姆。我們第一季的營運業績與我們先前的預期一致，並且我們仍有望實現全年預期。考慮到這一點，從營運的角度來看，我們專注於兩個簡單但非常重要的目標。

First and foremost, is continuing to strengthen our safety culture, as Tom covered at the start of his remarks. And second is executing with consistency and focus to deliver on our performance metrics.

首先，正如湯姆在演講開始時所說的那樣，我們正在繼續加強我們的安全文化。第二是堅持一致性和專注性，以實現我們的績效指標。

I will now step through the progress we made during the last quarter at each of the large long-life assets in our portfolio, starting with our Tier 1 copper gold operation, Cadia. In the first quarter, Cadia delivered consistent production whilst also successfully completing planned maintenance activities at our mall. We are continuing the transition to our new panel cave PC2-3 and expect gold and copper production to be approximately 60% weighted towards the first half of the year.

現在，我將逐步介紹我們投資組合中每個大型長期資產在上個季度的進展，首先是我們的一級銅金業務 Cadia。第一季度，Cadia 實現了穩定的生產，同時也成功完成了我們購物中心的計劃維護活動。我們正在繼續向新的面板洞穴 PC2-3 過渡，預計今年上半年黃金和銅產量將佔比約 60%。

As factored into our guidance, we expect to continue delivering lower growth until the panel cave is fully ramped up, and the last store bell is fired in the second half of 2026. In tending to this, we are progressing the underground development for PC1-2, and we are also continuing to catch up on the historical underinvestment in both tailings remediation and storage capacity as mentioned during our last earnings call.

正如我們指導意見中所考慮的，我們預計將繼續實現較低的增長，直到面板洞穴完全升溫，並且最後的商店鐘聲在 2026 年下半年敲響。為了實現這一目標，我們正在推進 PC1-2 的地下開發，我們也正在繼續彌補上次收益電話會議上提到的尾礦修復和儲存容量的歷史投資不足問題。

At Tanami, we focused on underground development as planned. As a direct result, we continue to expect to access higher grade stopes in the third quarter and deliver more than 30% step up in production in the second half of the year.

在塔納米，我們按計劃專注於地下開發。直接的結果是，我們繼續預計在第三季獲得更高品位的礦場，並在下半年實現產量增加 30% 以上。

In addition, we are also advancing the expansion project at Tanami, with the completion of the shaft and underground materials handling systems remaining on schedule. We completed the installation of expenses or in shaft barrier, which is a significant milestone for the project. The pentice allows us to isolate the lower part of the shaft from work happening in the upper portion.

此外，我們也正在推動塔奈米 (Tanami) 的擴建項目，豎井和地下物料處理系統的完工進度正按計畫進行。我們完成了費用或豎井屏障的安裝，這是該專案的一個重要里程碑。懺悔室使我們能夠將豎井的下部與上部正在進行的工作隔離。

With this barrier in place, we are able to raise for the bottom 160 meters of the shaft while concurrently fitting out the top portion with services and infrastructure without risk of harm to the people below. This is just one example of the innovative work our team is doing to safely and efficiently advance this project. Due to these efforts, we remain on track to begin commissioning of our 1.5 kilometers shaft in the first half of 2027 and reach commercial production by the second half of that year.

有了這個屏障，我們能夠將豎井底部提升 160 米，同時為頂部提供服務和基礎設施，而不會對下面的人員造成傷害。這只是我們團隊為安全有效地推進該專案所做的創新工作的一個例子。由於這些努力，我們預計在 2027 年上半年開始調試 1.5 公里長的豎井，並在同年下半年實現商業生產。

At Boddington, we completed our scheduled plant shutdown for maintenance and primarily process lower grade stockpiles in the first quarter. We continued stripping laybacks in both the North and South pits, which is expected to continue through early next year.

在博丁頓，我們完成了計劃的工廠停工維護，並在第一季主要處理低品位庫存。我們繼續在北坑和南坑進行剝離作業，預計這項工作將持續到明年年初。

However, by the fourth quarter, we expect to start adding higher grade gold ore from the mine to our mill feed. As a result, we anticipate a strong finish to the year from Boddington with gold production approximately 53% weighted to the second half of the year.

然而，到第四季度，我們預計將開始將礦山中品位更高的金礦石添加到我們的磨礦原料中。因此，我們預計博丁頓今年的黃金產量將強勁成長，下半年的黃金產量將佔總產量的約 53%。

Shifting now to Lihir. We delivered solid gold production in the first quarter and successfully completed a total plant shutdown for maintenance, building upon two auto glide rebuilds last year. We expect to maintain this production momentum into the second quarter. We saw production decline slightly in the second half of the year when we begin processing lower-grade material as part of our planned mine segments.

現在轉到 Lihir。我們在第一季實現了純金產量，並在去年兩次自動滑行重建的基礎上，成功完成了整個工廠的停工維護。我們預計這一生產勢頭將在第二季度保持下去。當我們開始按照計畫的礦場部分加工低品位材料時，下半年產量略有下降。

Moving to Peñasquito. In March, we achieved a new daily record with 10,000 gold equivalent ounces produced in a single day. In the first quarter, we continued to deliver strong gold production and steady co-product production from high grades in the Peñasco pit.

搬到 Peñasquito。3月份，我們創造了單日黃金產量10,000盎司當量的新紀錄。第一季度，我們繼續在 Peñasco 礦坑實現高品位黃金產量和穩定的副產品產量。

Gold production levels are expected to remain relatively steady through the second quarter before beginning to shift to a higher proportion of silver, lead, and zinc content through the third and fourth quarters and a lower proportion of gold as planned.

預計第二季黃金產量將保持相對穩定，然後按計劃在第三季和第四季開始轉向更高比例的銀、鉛和鋅含量，並降低黃金比例。

At our Ahafo Complex, Ahafo South continued to deliver strong gold production from both the Subika open pit and underground operations. We expect this trend to continue through the second quarter before we move to mining lower grade ore from the one sub bit.

在我們的阿哈福綜合體中，阿哈福南部繼續從蘇比卡露天礦場和地下作業中獲得強勁的黃金產量。我們預計這一趨勢將持續到第二季​​度，之後我們將轉向從一個子鑽頭開採低品位礦石。

As we mine the last ore and complete the final size of the Subika open pit during the second quarter, we are closely monitoring and safely managing the interaction between the open pit and Subika underground mining activities beneath it.

隨著我們在第二季度開採出最後一批礦石並完成 Subika 露天礦的最終規模，我們正在密切監測並安全地管理露天礦場與其下方 Subika 地下採礦活動之間的相互作用。

And as production from our Ahafo sales declines in the second quarter -- apologies in the second half of the year. we expect new low-cost ounces to come in from a half a North project later this year. During the first quarter, we completed the highway diversion and are preparing to commence the commissioning of the mill and processing facilities next month.

由於我們 Ahafo 的銷售量在第二季下降——下半年產量將下降。我們預計今年稍後半個北方項目將產出新的低成本金礦。第一季度，我們完成了高速公路改道工程，並準備在下個月開始工廠和加工設施的調試。

We expect to pour our first gold in the second half of the year, and we look forward to declaring commercial production towards the end of the year.

我們預計在今年下半年產出第一批黃金，並期待在今年年底前宣布商業化生產。

Finally, I want to touch on two of the emerging Tier 1 assets in our portfolio. At Cerro Negro, our focus remains on strengthening safety performance and culture at this underground mine. And although there were temporary pauses in milling during the first quarter as part of our focused efforts to improve safety, the team did an excellent job stockpiling the ore mined and positioning Cerro Negro to ramp up production in the second quarter.

最後，我想談談我們投資組合中的兩種新興一級資產。在塞羅內格羅，我們的重點仍然是加強這座地下礦場的安全性能和文化。儘管我們在第一季為了集中精力提高安全性而暫停了選礦作業，但團隊在儲存開採的礦石方面做得非常出色，並為塞羅內格羅在第二季度提高產量做好了準備。

Yanacocha has remained a strong performer, increasing production volumes by 13% over the last quarter, and we expect to maintain this momentum through the rest of the year, as we continue to recover ounces from the leach pads with the application of our patented injection leaching technology.

亞納科查礦持續保持強勁表現，上一季產量增加了 13%，我們預計今年剩餘時間仍將保持這一勢頭，因為我們將繼續應用專利注入浸出技術從浸出墊中回收黃金。

Taking all of these factors into account and including the ounces from our non-managed assets, we continue to expect that gold production from our core portfolio will remain around 52% weighted towards the second half of the year, with approximately 24% of this year production volumes expected in the second quarter.

考慮到所有這些因素，並包括我們非管理資產的產量，我們仍然預計，我們核心投資組合的黃金產量將在今年下半年保持約 52% 的權重，預計今年第二季度的產量將佔今年產量的約 24%。

We also continue to anticipate that capital spend from our core portfolio will remain first half weighted as indicated. And with lower-than-planned capital expenditures for the first quarter we expect sustaining capital spend at several of our global managed operations to increase in the second quarter, particularly at Cadia, where we are investing in a tailings strategy to support cave development and extend mine life, as mentioned in our last earnings call.

我們也繼續預計，核心投資組合的資本支出將維持上半年的權重。由於第一季的資本支出低於計劃，我們預計第二季度我們在全球管理的幾項業務的資本支出將持續增加，特別是在卡迪亞，我們正在投資尾礦戰略以支持洞穴開發和延長礦山壽命，正如我們在上次收益電話會議上提到的那樣。

I will now turn it over to Karyn for a review of our financial priorities and performance. Over to you, Karyn.

現在我將把審查權交給卡琳 (Karyn)，讓她審查我們的財務重點和績效。交給你了，卡琳。

Thanks, Natascha. Let's turn to the next slide and get started with our first quarter results. As Tom mentioned, Newmont reported strong financial results in the first quarter driven by robust production volumes and a supportive gold price environment.

謝謝，娜塔莎。讓我們翻到下一張投影片，開始了解第一季的業績。正如湯姆所提到的，紐蒙特公司第一季報告了強勁的財務業績，這得益於強勁的產量和有利的金價環境。

And gold all-in sustaining costs remained in line with our full year guidance at $1,651 per ounce for the first quarter. Taking this into account, Newmont delivered adjusted EBITDA of $2.6 billion and adjusted net income of $1.25 per diluted share.

第一季黃金總維持成本與我們的全年預期一致，為每盎司 1,651 美元。考慮到這一點，紐蒙特的調整後 EBITDA 為 26 億美元，調整後每股淨收入為 1.25 美元。

The most significant adjustments to net income for the quarter were $0.25, primarily related to a gain from the sale of noncore assets as part of the successful completion of our divestiture program that Tom mentioned previously and $0.25 related to non-realized mark-to-market gains on equity investments and options primarily driven by an appreciation in the shares received from the sale of our Telfer operation and interest in the Havieron project.

本季淨收入最重要的調整是 0.25 美元，主要與出售非核心資產的收益有關，這是湯姆之前提到的我們成功完成資產剝離計劃的一部分，0.25 美元與未實現的按市價計價的股權投資和期權收益有關，這主要是由於出售我們的 Telfer 業務和 Havieron 項目的權益所獲得的股票升值。

But most noteworthy, we generated $2 billion of cash flow from operations. and $1.2 billion in free cash flow, setting a new record for first quarter cash flow performance at Newmont. And these results are exclusive of the $1.7 billion in after-tax proceeds received from the divestitures completed in the first quarter and the approximate $850 million received in April.

但最值得注意的是，我們從營運中產生了 20 億美元的現金流。以及12億美元的自由現金流，創下了紐蒙特第一季現金流表現的新紀錄。這些結果還不包括第一季完成的資產剝離所獲得的 17 億美元稅後收益和 4 月收到的約 8.5 億美元。

However, as we look ahead to the second quarter, we expect working capital to be adversely impacted by the regular timing of cash tax payments, which are typically highest in the second quarter, and the timing of interest payments, which are typically highest in the second and fourth quarters.

然而，展望第二季度，我們預計營運資本將受到現金稅款支付時間（通常在第二季度最高）和利息支付時間（通常在第二季度和第四季度最高）的不利影響。

Additionally, we expect to pay approximately $200 million in cash taxes related to the finalization of our noncore divestments. Although the proceeds are recorded as investing activities on the statement of cash flows, these tax payments will come through as working capital adjustments.

此外，我們預計將支付與完成非核心資產剝離相關的約 2 億美元現金稅。儘管收益在現金流量表中被記錄為投資活動，但這些稅款將作為營運資本調整。

Also impacting working capital, we expect to continue ramping up spending for the water treatment plants at Yonacocha which was significantly lower than planned during the first quarter. Additionally, we expect our sustaining and development capital to increase into the second quarter compared to the first quarter, as Natascha just mentioned.

同樣影響營運資金的是，我們預計將繼續增加對 Yonacocha 水處理廠的支出，該支出在第一季大幅低於計畫。此外，正如 Natascha 剛才提到的，我們預計第二季我們的維持和發展資本將比第一季增加。

And with the recent completion of our divestiture program, our financial results will no longer include the production and associated free cash flow from our noncore operating assets, which was approximately $200 million in the first quarter.

隨著我們最近完成的資產剝離計劃，我們的財務表現將不再包括非核心營運資產的生產和相關的自由現金流，第一季該金額約為 2 億美元。

While we are pleased with our record cash flow performance during the first quarter and the strong cash flows we expect to generate in future quarters we realize that we still have work to do to improve our margins and leverage the full strength of our portfolio for the benefit of our shareholders.

雖然我們對第一季創紀錄的現金流表現以及預計未來幾季將產生的強勁現金流感到滿意，但我們意識到，我們仍有工作要做，以提高利潤率，並充分利用我們投資組合的全部優勢，為股東謀福利。

As we look ahead to the remainder of the year, we remain committed to our shareholder-focused capital allocation strategy, which includes maintaining a strong balance sheet, steadily funding cash-generative capital projects, and returning capital to shareholders.

展望今年剩餘時間，我們將繼續致力於以股東為中心的資本配置策略，包括保持強勁的資產負債表、穩定地為現金生成資本項目提供資金以及向股東返還資本。

Beginning with our first commitment, we maintained a strong and flexible balance sheet and ended the quarter with $4.7 billion in cash, above our target average of $3 billion.

從我們的第一筆承諾開始，我們就保持了強勁而靈活的資產負債表，並在本季末擁有 47 億美元的現金，高於我們 30 億美元的目標平均值。

And it's worth noting that, in addition to our cash balance, following the successful completion of our divestiture program, our equity stakes in Greatland Gold, Discovery Silver, and our existing position in Orla Mining are now valued at over $1 billion.

值得注意的是，除了我們的現金餘額外，在我們的資產剝離計劃成功完成後，我們在 Greatland Gold、Discovery Silver 的股權以及我們在 Orla Mining 的現有持股現在價值超過 10 億美元。

As Tom mentioned, the proceeds generated from our noncore divestiture program have more than exceeded the initial commitment we made to the market when we announced the binding agreement to acquire Newcrest in May of 2023. As a result, we achieved our debt target of up to $8 billion faster than originally anticipated, and we reached an outstanding principal balance of $7.8 billion as of March 31.

正如湯姆所提到的，我們非核心資產剝離計劃產生的收益已經超過了我們在 2023 年 5 月宣布收購 Newcrest 的具有約束力的協議時對市場做出的初步承諾。結果，我們比最初預期更快實現了高達 80 億美元的債務目標，截至 3 月 31 日，我們的未償還本金餘額已達到 78 億美元。

Taking into account the strong gold price environment we are benefiting from today and the feedback we have received from our investors, we are continuing to assess opportunities to further reduce our outstanding debt. proactively creating a flexible and resilient balance sheet that is able to navigate the commodity price fluctuations.

考慮到我們今天受益的強勁金價環境以及我們從投資者那裡收到的反饋，我們將繼續評估進一步減少未償債務的機會。積極創建靈活且有彈性的資產負債表，以應對大宗商品價格波動。

Moving to the second commitment in our capital allocation strategy. We continued to steadily reinvest in our business with the goal of generating robust free cash flow over the long term. And in the first quarter, we incurred $459 million in sustaining capital. and $323 million in development capital as we continue to advance our highest return projects from our deep organic pipeline. And as we look ahead, we expect capital spend at several of our managed operations to ramp up in the second quarter, as I just mentioned.

轉向我們資本配置策略中的第二項承諾。我們繼續穩定地對我們的業務進行再投資，目標是長期產生強勁的自由現金流。第一季度，我們的維持資本支出為 4.59 億美元。以及 3.23 億美元的開發資本，我們將繼續推動深度有機管道中回報最高的項目。展望未來，正如我剛才提到的，我們預計我們管理的幾項業務的資本支出將在第二季增加。

And finally, moving to our third commitment, we continue to return capital to shareholders. We declared a fixed common first quarter dividend of $0.25 per share, consistent with the past six quarters. And we repurchased $755 million in shares so far in 2025.

最後，談到我們的第三項承諾，我們將繼續向股東返還資本。我們宣布第一季固定普通股股息為每股 0.25 美元，與過去六個季度一致。到 2025 年為止，我們已回購了價值 7.55 億美元的股票。

And as we continue to generate free cash flow from our unmatched portfolio of Tier 1 operations, we remain well positioned to reward our shareholders with predictable dividends and ongoing share repurchases in 2025 and beyond.

隨著我們繼續從無與倫比的一級業務組合中產生自由現金流，我們仍然能夠以可預測的股息和在 2025 年及以後持續的股票回購來回報我們的股東。

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

說完這些，我就把話題轉回給湯姆。

Thanks, Karyn. To bring it all together, we have had a safe and strong start to the year, producing 1.5 million ounces of gold, 35,000 tonnes of copper as well as 6 million ounces of silver and 59,000 tonnes of zinc, generating record first quarter free cash flow of $1.2 billion, adjusted EBITDA of $2.6 billion and we remain on track to achieve our 2025 guidance.

謝謝，Karyn。總而言之，我們今年開局安全而強勁，生產了 150 萬盎司黃金、35,000 噸銅以及 600 萬盎司白銀和 59,000 噸鋅，創造了第一季創紀錄的 12 億美元自由現金流，調整後的 EBITDA 為 26 億美元，我們仍有望實現 2025 年的預期。

We also completed our divestment program, receiving more than $2.5 billion in net cash proceeds this year. And we continue to advance our disciplined capital allocation strategy, strengthening our balance sheet with $1 billion in debt reduction as well as delivering $1 billion in shareholder returns through our predictable dividend, and ongoing share repurchases so far this year.

我們也完成了資產剝離計劃，今年獲得了超過 25 億美元的淨現金收益。我們將繼續推進嚴謹的資本配置策略，透過削減 10 億美元的債務來增強資產負債表，並透過可預測的股息和今年迄今持續的股票回購為股東帶來 10 億美元的回報。

And we are very focused on ensuring that we carry this momentum into the second quarter and the remainder for 2025.

我們非常注重確保將這一勢頭延續到第二季​​度以及 2025 年剩餘時間。

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

最後，感謝您抽出時間，現在請接線生開設問答專線。

(Operator Instructions) Matthew Murph, BMO Capital Markets.

（操作員指示） Matthew Murph，BMO 資本市場。

Hi. Congrats on the strong start to the year. Maybe just getting right into an operational question, looking through the details on the quarter, Lihir cash costs dropped a lot, and I know you're focused on running it for margin. How should we think about the cash cost profile there? And how is that program on mining for margin? Are you being surprised at all on the cost levels you're achieving?

你好。恭喜您今年取得了良好的開端。也許只是直接進入營運問題，查看本季的細節，Lihir 的現金成本下降了很多，我知道您專注於提高利潤率。我們該如何看待那裡的現金成本狀況？那麼該計劃對於保證金挖礦的效果如何？您對所達到的成本水準感到驚訝嗎？

Yeah. I'll pick it up and then, Matt, and then pass across to Karyn to build. Specifically, our focus in Lihir is very much about configuring the mine to sustainably work through, particularly Phase 14A. So our focus very much we got through some big shutdowns last year will rebuild the autoclave, excluding the large one, autoclave 4, which is 40% of the throughput capacity.

是的。我會把它撿起來，然後，馬特，再把它傳給卡琳去建造。具體來說，我們在利希爾的重點是配置礦山以實現永續生產，特別是第 14A 階段。因此，我們去年的重點是重建高壓釜，但不包括大型高壓釜 4，其生產能力佔 40%。

We took that back to the shell and then built it back out again. So a lot of activity in the second part of last year getting the plant set up with a couple of those big shutdowns and then configuring the mine to ensure we've got the rates of an appropriate size within propria drainage.

我們把它帶回外殼，然後重新建造它。因此，去年下半年我們進行了大量活動，建立了工廠，進行了幾次大規模停工，然後配置了礦井，以確保我們在固有排水系統中擁有適當規模的產量。

You'll see that step-up in sustaining capital in the second quarter associated with continuing some of that work. So from a Lihir operations perspective, very much about setting both the mine and the processing plan, stable, reliable performance.

您將看到，第二季維持資本的增加與繼續進行部分工作有關。因此，從 Lihir 營運的角度來看，非常注重製定礦山和加工計劃，以及穩定、可靠的性能。

Karyn, do you want to pick up the specifics of Matt's question?

Karyn，你想了解 Matt 問題的具體內容嗎？

Yes. Matt, in terms of the cost. So Lihir, there's approximately $100 million impact from inventory adjustments in the quarter. This represents noncash impact to cash. And so that will normalize over time through the year. So the expectation is that here will meet its full year cost guidance.

是的。馬特，就成本而言。因此，Lihir，本季庫存調整的影響約為 1 億美元。這代表非現金對現金的影響。因此，這種情況將在一年內逐漸正常化。因此預計這裡將達到其全年成本指引。

Okay. Okay. Thanks. And then as a second question, just you've been very active on the buyback in April. And I think you noted it would be related to the asset divestitures. But can you give any commentary about how you think about the pace of buyback?

好的。好的。謝謝。第二個問題是，您在四月的回購活動中非常活躍。我認為您已經注意到這與資產剝離有關。但是您能否就您對回購步伐的看法發表一些評論？

Like will it be a front half of the year weighted capital return because you've got more proceeds coming in? Or do you look at maybe going a slower pace over the rest of the year?

例如，由於您有更多的收益，這是否會是上半年的加權資本回報？或者您是否考慮在今年剩餘時間內放慢步伐？

Thanks, Matt. Look, we're continuing to do the share buyback. We do have a build in cash. And as you pointed out, we do have the divestitures that came in and -- the proceeds came in, in April. So That, coupled with our outlook in terms of the gold price elevated gold price.

謝謝，馬特。你看，我們正在繼續進行股票回購。我們確實有現金。正如您所指出的，我們確實在四月進行了資產剝離，並獲得了收益。因此，再加上我們對黃金價格的展望，黃金價格上漲。

So we will continue to do the share buyback as the cash flow comes in. And obviously, it's been a very robust share buyback program with the overperformance on the divestitures. And so the proceeds from that, we're continuing to do share buybacks with. And then, of course, with the elevated gold price, we'll continue to do share buybacks through the remainder of the year and into next year.

因此，隨著現金流的流入，我們將繼續進行股票回購。顯然，這是一個非常強勁的股票回購計劃，資產剝離表現優異。因此，我們將繼續以這些收益進行股票回購。當然，隨著金價上漲，我們將在今年剩餘時間和明年繼續回購股票。

Okay. Thank you.

好的。謝謝。

Thanks, Matt.

謝謝，馬特。

Daniel Morgan, Barrenjoey.

丹尼爾摩根，巴倫喬伊。

Hi, Tom and team. Philosophical question. The gold price is near record high is higher than I think any of us anticipated. What does this mean for how you manage your business if anything? Thank you.

嗨，湯姆和他的團隊。哲學問題。金價接近歷史高點，我認為比我們任何人預期的都要高。這對您如何管理業務意味著什麼？謝謝。

Hey, Dan. Thanks for the question. We've been through a pretty significant transformation acquiring in Newcrest, integrating those operations reconfiguring some of those new operations to deliver their long-term potential and completing a pretty ambitious divestment program over the last 12 months.

嘿，丹。謝謝你的提問。我們經歷了相當重大的轉型，收購了 Newcrest，整合了這些業務，重新配置了一些新業務以發揮其長期潛力，並在過去 12 個月中完成了一項相當雄心勃勃的撤資計劃。

So literally, last week, we've got a hands on our go-forward portfolio. and we're in an investment cycle. So we've got a unit costs that are higher where they should be for a portfolio than the quality of the one we've assembled.

因此，實際上，上週我們已經開始著手製定未來的投資組合。我們正處於投資週期。因此，我們的單位成本高於投資組合應有的水平，而低於我們組成的投資組合的品質。

So we are very, very focused on delivering the safety, cost and productivity performance that this portfolio deserves irrespective of the gold price. So we'll enjoy the benefit of the of the gold prices.

因此，無論金價如何，我們都非常注重提供該投資組合應有的安全性、成本和生產力表現。因此我們將享受金價上漲的好處。

But our focus is on delivering the potential of the 11 managed operations that we are currently operating, commissioning a half on North later this year, completed the shaft conditional that in continuing to build our Panel Cave 2-3 through the course of this year and into next and ultimately bringing in 1-2 in the years after that. So a very sober focus on what we control. Thanks, Dan.

但我們的重點是充分發揮我們目前正在運營的 11 個管理業務的潛力，今年晚些時候在北部投入一半的運營，完成豎井建設，條件是在今年和明年繼續建造我們的 Panel Cave 2-3，並最終在那之後的幾年內引入 1-2 個。因此，我們要非常清醒地專注於我們所控制的事情。謝謝，丹。

Thank you. And then maybe just turning to growth. Could you just opine on which projects might be come into consideration to the board level or what the time line are, what the major projects that you might be considering over the next 12 months or more to sanction for investment?

謝謝。然後也許就會轉向成長。您能否就哪些項目可能會被董事會考慮或時間表是什麼發表意見，在未來 12 個月或更長時間內您可能會考慮批准投資哪些主要項目？

Thanks, Dan. The starting point, so linked to your first question is very robust view on the amount of capital that we allocate towards development capital, $1.3 billion is fully consumed at the moment with half a North, the Tanami expansion and the block caves at Cadia.

謝謝，丹。與您的第一個問題相關的出發點是，我們對分配給開發資本的資本數額有著非常樂觀的看法，目前，北部地區、塔納米 (Tanami) 擴建和卡迪亞 (Cadia) 的塊狀洞穴工程已全部消耗了 13 億美元。

But as we commission a half or the second half of this year, and importantly, as it ramps up and it hit its straps in 2026. They got an opportunity to think about whether there is a project that deserves capital going forward.

但隨著我們在今年下半年投入使用，重要的是，隨著它的加速發展，它將在 2026 年達到頂峰。他們有機會思考是否有一個項目值得在未來獲得資本支持。

When I look at our project pipeline, I would argue that Red Chris is in prime position and it's spot to lose. But we've got work we're doing this year to build out a feasibility study to a year-long standard. There's quite a bit of work happening this year on that study. And we continue to do some underground development work to continue to develop out some of the early works in that game.

當我查看我們的專案管道時，我認為 Red Chris 處於最佳位置並且是容易失敗的位置。但我們今年的工作是製定一項為期一年的可行性研究。今年針對該項研究進行了相當多的工作。我們繼續進行一些地下開發工作，以繼續開發該遊戲的一些早期作品。

And it's important that we engage with Downtown and the British Columbian government to ensure we've got the permits in place so that when ultimately if the project washes its face that we've got all processes in place to build out that blockade.

重要的是，我們要與市中心和不列顛哥倫比亞省政府合作，確保我們獲得許可證，這樣，當專案最終順利進行時，我們就可以準備好所有流程來消除封鎖。

But as I look at our project pipeline and look at where we sit with Red Chris and the quality of that ore body, we've got another Cadia with multiple blockades ready to bring on. And I think it's Red Chris block caves spot to lose in terms of the next project that we sanctioned.

但是，當我查看我們的專案管道並查看 Red Chris 的現狀和礦體的品質時，我們又遇到了另一個卡迪亞，並且準備好設置多個封鎖線。我認為，就我們批准的下一個項目而言，Red Chris 塊洞穴項目將會失敗。

Thanks so much, Tom.

非常感謝，湯姆。

Thanks, Dan.

謝謝，丹。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Great. Thank you very much for taking my question. Just wanted to ask about the tariffs, Tom. Sorry, I have a cold. I just wanted to ask about your initial work, and I understand that this tariff situation is quite fluid, but I'm trying to understand from a very high level, when you look at your cost structure, I'm interested in what part of your cost structure do you think will be greatly -- would be impacted by the addition of tariffs.

偉大的。非常感謝您回答我的問題。只是想問一下關稅問題，湯姆。對不起，我感冒了。我只是想問你最初的工作，我知道這種關稅情況相當不穩定，但我試圖從非常高的層面來理解，當你看你的成本結構時，我感興趣的是你認為你的成本結構的哪一部分會受到很大的影響——會受到關稅增加的影響。

So I'm going to start first with the consumable side, which is about 30% of your cost structure. Maybe you can talk a little bit about what consumables would you see being impacted?

因此，我將首先從消耗品方面開始，這約佔成本結構的 30%。也許您可以稍微談談哪些消耗品會受到影響？

And then the second portion of the cost structure, obviously, is labor, which is a significant portion that would come with inflation. And then I'm assuming another portion would be any sustaining capital that would involve new equipped and fleet, et cetera. So I'm interested if you have any new fleet replacement or other that's happening this year. Thank you.

成本結構的第二部分顯然是勞動力，這是通貨膨脹帶來的一個重要部分。然後我假設另一部分將是涉及新裝備和車隊等的維持資本。因此，如果您知道今年有任何新的車隊更換或其他事項，我很感興趣。謝謝。

Thanks, Tanya, and well done for getting through that with managing a cold. Obviously, as you say, lots of moving parts at the moment that we're monitoring closely. I'd also say that one of the benefits of having a global formally diverse portfolio is we can manage these sorts of risks across our global business. So we're well placed from that perspective.

謝謝，Tanya，恭喜你戰勝了感冒。顯然，正如您所說，目前正在密切監視許多活動部件。我還想說，擁有全球形式多元化投資組合的好處之一是，我們可以在全球業務中管理這些風險。因此從這個角度來看，我們處於有利地位。

Maybe just stepping through the different categories, as you talked about, as I said, labor represents half of our cost base, the direct cost base. So what we're seeing in terms of labor, both our employees and the contractor services, and we enter into long-term relationships with the various contractors is consistent with what we're seeing in our budgeted amount. So we're seeing no particular impacts in half of our cost base around some of the tariff volatility.

也許只是跨越不同的類別，正如你所說的，勞動力占我們成本基礎的一半，即直接成本基礎。因此，我們在勞動力方面看到的情況，包括我們的員工和承包商服務，以及我們與各個承包商建立的長期關係，與我們在預算金額中看到的一致。因此，我們認為關稅波動不會對我們一半的成本基礎產生特別的影響。

If I look at that 30% of materials and consumables and the different components that sit underneath that grinding media is heavily exposed to steel prices. So we are seeing a bit of upward pressure on grinding media. But again, we source that from a number of different locations.

如果我看一下，30% 的材料和消耗品以及研磨介質下面的不同組件都嚴重受到鋼鐵價格的影響。因此，我們看到研磨介質面臨一些上行壓力。但同樣，我們從許多不同的地方獲取這些資訊。

We have both supply chains with our operations around the globe. Ammonia and cyanide mix trends, primarily is being influenced by regional natural gas price fluctuations, and we're actually seeing some reduced natural gas prices in Europe. We're seeing some volatile natural gas cost in the US. So a bit of a mixed bag when it comes to ammonia and cyanide.

我們擁有兩條供應鏈，業務遍佈全球。氨和氰化物混合趨勢主要受到區域天然氣價格波動的影響，我們實際上看到歐洲的天然氣價格下降。我們看到美國天然氣成本有些波動。因此，當涉及氨和氰化物時，情況就有點複雜了。

You look at explosives at this point in time, it's looking pretty flat, and we'll keep monitoring that. And again, we continue to actively monitor particularly that materials and consumables area. We've got a global supply chain team A lot of those arrangements are long-term, strategic in nature and those relationships are robust.

此時，你看一下爆炸物，它看起來相當平穩，我們會繼續監測。我們將繼續積極監控特別是材料和消耗品領域。我們擁有一支全球供應鏈團隊，其中許多安排都是長期的、策略性的，而且關係十分穩固。

15% of our cost is energy. And if anything, we're seeing some tailwinds in the AGI price based upon what oil is doing. So we're getting a little bit of a benefit from that.

我們的成本中有 15% 是能源。如果有的話，根據石油的走勢，我們會看到 AGI 價格出現一些順風。因此我們從中獲得了一點好處。

So lots of moving parts, monitoring closely, but at this stage, what we're seeing is consistent with what we assumed for this year. So hopefully, that provides some color for you, Tanya.

因此有很多活動部件需要密切監控，但在這個階段，我們所看到的情況與我們對今年的假設一致。所以希望這能帶給你一些啟發，Tanya。

Maybe just a follow-up on my sustaining capital question as well. Are you having to replace any significant fleet trucks at the operations this year that could be impacted?

也許也只是對我的持續資本問題的後續關注。今年您是否需要更換可能受到影響的重要車隊卡車？

Nothing specific for us, Tanya, with the new mine up and also their fleet there now has been there for some time. And then if I look across the rest of our business, there's nothing in terms of fleet change out for our managed operations through the course of this year. you're then looking at rotables that may be more parts that you're buying that may come from different parts of the world.

對於我們來說沒有什麼特別的，Tanya，新礦場已經建成，而且他們的車隊已經在那裡停泊了一段時間了。然後，如果我回顧我們其餘的業務，就會發現今年我們管理的營運中沒有任何車隊更換的情況。然後，您會看到可旋轉件，其中可能包括您購買的更多零件，這些零件可能來自世界各地。

And the two operations -- the two areas that may start to see some tariff pressure would be Peñasquito with some parts in the north part of the US or Red Chris and Brucejack that might buy some parts of the US. But we're monitoring that closely, but in the overall scheme of things, nothing material.

這兩個業務——可能開始面臨關稅壓力的兩個領域是 Peñasquito 和其在美國北部的部分地區，以及 Red Chris 和 Brucejack，它們可能會收購美國的部分地區。但我們正在密切關注，但從整體情況來看，沒有什麼實質進展。

Okay. And no labor contracts are expiring this year?

好的。今年沒有勞動合約到期嗎？

In terms of labor agreements, we've got a -- we've got an interesting one at Cadia, which is essentially on Australian workplace, law, you've got some underpinning agreements that underpin our staff contracts. So we're going through a negotiation with our team at Cadia.

在勞動協議方面，我們在卡迪亞有一個有趣的協議，它主要涉及澳洲工作場所法律，有一些支撐我們員工合約的基礎協議。因此我們正在與卡迪亞的團隊進行談判。

There's nothing particularly of no deal when it comes to tariff volatility. We have just completed by Peñasquito in recent times, and we're working through one at Merian. So again, I would describe those negotiations is pretty standard fair and nothing around tariff volatility that's part of those discussions. There are more domestic issues in terms of ship rosters and the like.

當談到關稅波動時，沒有什麼特別的協議。我們最近剛完成了 Peñasquito 的項目，並且正在 Merian 進行一項工作。因此，我再次強調，這些談判是相當標準的公平，沒有涉及關稅波動這一討論內容。船舶名冊等方面的國內問題較多。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Thank you very much, operator, and hello, Tom and team. Nice quarterly results, and thank you for today's update. Can I ask about half North key project for Newmont? Could you maybe describe the progress in 2025 to date and how it's tracking to your expectations in terms of development ramp-up spend? And then have there been any surprises, whether positive or negative?

非常感謝，接線員，你好，湯姆和他的團隊。季度業績不錯，感謝您今天的更新。我可以問一下紐蒙特的半北重點項目嗎？您能否描述一下 2025 年迄今的進展情況，以及在開發提升支出方面與您的預期如何？那麼，有沒有什麼驚喜，無論是正面的還是負面的？

And then I mean the question I really want to get to is when you turn to 2026 and you think about the progress to date, is that run rate production level of 275,000 to 325,000 ounces expected to be achieved in that year? Thank you.

然後我的意思是，我真正想問的問題是，當你轉向 2026 年並考慮迄今為止的進展時，預計當年的運行生產水平是否能達到 275,000 至 325,000 盎司？謝謝。

I'll like to pick up the second part and get the cash to -- it's a pretty exciting time for Ahafo North as you see everything come out of the ground. The blueprint for Ahafo North is essentially the same flow sheet as Merian and Akyem and Ahafo South. So bringing on that mine and the processing facility is something is in our wheelhouse. It's something we know well and lots of people have got experience of commissioning that type of ore through that plan.

我想接手第二部分並拿到現金——對於阿哈福北部來說，這是一個非常令人興奮的時刻，因為你會看到一切都從地下冒出來。阿哈福北部的藍圖與梅里安、阿基姆和阿哈福南部的流程圖基本相同。因此，建造該礦山和加工設施是我們所能建造的。這是我們非常了解的事情，很多人都有透過該計劃開採此類礦石的經驗。

So what we've got in our guidance for next year and the ramp up to those numbers is consistent with getting to commercial production towards the end of this year and then going through our paces to get up to that level. It's -- I wouldn't say North, there's upside to that. I think it's a robust view of bringing on a mine or a flowsheet that we know well through 2026.

因此，我們對明年的指導和這些數字的成長與今年年底實現商業化生產以及隨後逐步達到這一水平是一致的。這是——我不會說北方，但這也有好處。我認為這是一個強有力的觀點，即在 2026 年之前引入我們熟知的礦場或流程圖。

But Natascha, do you want to step back and talk about how the projects going here and now?

但是娜塔莎，你想退一步談談目前專案進度如何嗎？

Yeah, I can probably high roll just going to a little bit more of the details of what we've completed this year so far. I think the project is really tracking well. The first thing that's important for us considering that we did use a colleague lost [Kirby] last year is, of course, safety. So there's a material amount of focus.

是的，我可以稍微詳細地介紹一下我們今年迄今為止所完成的工作。我認為該專案進展確實順利。考慮到我們確實使用了去年失去的同事 [Kirby]，對我們來說最重要的事情當然是安全。因此，需要重點關注。

We have -- it's the high construction period that we're in now. We have high numbers of people on site and making sure that the concurrent work multiples of contractors on site are being done safely.

我們現在正處於建設高峰期。我們在現場有大量人員，並確保現場承包商的並行工作能夠安全完成。

A critical milestone for us to really start the -- or continue the stripping and complete the tailings that was the diversion of -- the highway diversion. That was completed. So we've managed to really get into tailings done and continue the stripping off the mine. Power lines with HT voltage switch yard completed, sag and ball mill completed and our [CIL tag] corrected. Currently underway is really that last bit of the plant we into piping into electrical cabling.

對我們來說，一個關鍵的里程碑是真正開始——或者繼續剝離並完成尾礦的轉移——高速公路轉移。那就完成了。因此，我們確實成功進入尾礦庫並繼續進行礦山剝離工作。帶有高壓開關場的電力線已完工，下垂和球磨機已完工，並且我們的 [CIL 標籤] 已更正。目前正在進行的實際上是工廠的最後一部分，即管道和電纜的鋪設。

So quite a bit of cabling coming in now. And the critical part is absolutely on the plant, cabling and piping to get ready for commissioning of the processing facilities. I think tracking well good focus from a safety point of view, and we're all looking forward to the first gold for.

現在有相當多的電纜接入。而關鍵部分絕對是在工廠、電纜和管道上，為加工設施的調試做好準備。我認為從安全角度來看追蹤效果很好，我們都期待著獲得第一枚金牌。

Fantastic. Thank you for that, Natascha. If I could ask my follow-up question on Lihir. With the benefit of another quarter, what are you thinking now as a long-term sustainable level of gold production for that asset? You did 800,000 ounces last year.

極好的。謝謝你，娜塔莎。可以問一下關於 Lihir 的後續問題嗎？鑑於另一個季度的收益，您現在認為該資產的長期可持續黃金產量水準是多少？去年你們生產了 80 萬盎司。

Obviously, we know you've got to 600,000 this year is something in the middle like $700,000 a good through-the-cycle average number to think of?

顯然，我們知道今年你已經獲得了 60 萬美元，那麼中間的數字，例如 70 萬美元，是一個不錯的周期平均數字嗎？

Yeah. I think also, if you look at Lihir, we're basically getting that picture to the size mine that it is and ensure we're not been processing plan in good neck in terms of availability and reliability. And as we configure that mine and build out baseball, we're in the lower grade of ore for the next couple of years.

是的。我還認為，如果你看一下 Lihir，我們基本上就能了解礦場的規模，並確保我們在可用性和可靠性方面沒有遇到良好的處理計劃。當我們配置礦場並建造棒球場時，未來幾年我們的礦石品位將處於較低水平。

So you're in that period of contributing that mine and moving waste and therefore, processing more low-grade ore and stockpiles. I think as I indicated on -- in the February call that we come out of that come that stripping campaign in the 2020 timeframe. So you're going to be relatively consistent with where we are now.

因此，您正處於貢獻礦山和移動廢物的時期，因此可以處理更多的低品位礦石和庫存。我認為，正如我在 2 月的電話會議上指出的那樣，我們將在 2020 年的計劃中推出這項剝離活動。因此，您將與我們現在的狀況保持相對一致。

But as you step out of that out of that stripping campaign and get into the higher grade just start to get into the production in mine at high 2s in terms of grams per tonne, then you're looking at about a 30% increase in gold production that should come through that.

但是，當您走出剝離活動並進入更高品位時，開始以每噸 2 克的高位進入礦井生產，那麼您會看到黃金產量增加約 30%。

And then our expectation will be is that how do you then start to ensure that you can maintain those production levels because we've got the mine appropriately configured going forward. So take the time to configure that pit properly, step away from the engine are around air and do a more traditional layback. And then as we've indicated, plus 30% increase production on 2024 levels kicking in from about 2028.

然後我們的期望是，您如何開始確保您能夠維持這些生產水平，因為我們已經對礦井進行了適當的配置。因此，請花點時間正確配置維修站，遠離引擎周圍的空氣並進行更傳統的後仰。然後，正如我們所指出的，從 2028 年左右開始，產量將在 2024 年的水平上增加 30%。

Thanks, Lawson.

謝謝，勞森。

Hugo Nicolaci, Goldman Sachs.

高盛的 Hugo Nicolaci。

Hi, Tom, Natascha, and Karyn. Congrats on a strong start to the year? First, I just wanted to follow up on costs and the timing of cost moving into the second quarter. I appreciate this is largely on timing, but is there anything to call out in terms of work completions or equipment delivery that we should think about in terms of the tangible impacts to production into the second quarter?

嗨，湯姆、娜塔莎和卡琳。恭喜您今年有個好的開始？首先，我只是想跟進成本以及成本進入第二季的時間。我知道這主要與時間有關，但就工作完成情況或設備交付而言，我們是否應該考慮對第二季生產產生的實際影響？

No, it's pretty vanilla, Hugo. Productions Q1, Q2 to look very similar. Sustaining capital is the one I think was in our prepared remarks. So a bit lighter in the first quarter. And then as we get into some find or weather in different parts of the world, some increased spend on Cadia, it's more standard in Lihir around roads and drainage.

不，這很普通，雨果。Q1、Q2 的製作看起來非常相似。我認為維持資本是我們準備好的發言中的一個主題。因此第一季會輕鬆一些。然後，當我們了解到世界不同地區的一些發現或天氣情況時，在卡迪亞的支出有所增加，利希爾的道路和排水系統也變得更加標準化。

Brucejack, Red Chris, as you get into the better weather some greater spend then with in the 52% weighted sustaining capital in the first half of the year versus the second. So it's that balance gap, you'll see higher sustaining capital spend in the in the second quarter, but everything is tracking with what we would expect. So no particular callout for all.

布魯斯傑克、雷德克里斯，隨著天氣轉好，上半年與下半年相比，52% 加權維持資本的支出將會更大。因此，存在平衡差距，您會看到第二季維持資本支出更高，但一切都符合我們的預期。因此，無需特別標註所有資訊。

Great. Thanks for clarifying, Tom. And then just the second one, picking up on Karyn's comments around the opportunities to repay debt early. How should we think about the objectives there? I mean, is it debt levels or flexibility or interest costs just because if I look at the debt facility you have in place at the moment, other than the 2039 notes, most still have pretty compelling rates in today's environment and your liquidity continues to grow organically on the capital management framework. So I guess the crust of the question is with gold already is, what do you think you need that flexibility for?

偉大的。謝謝你的澄清，湯姆。然後是第二個，接著 Karyn 關於提前償還債務的機會的評論。我們該如何看待那裡的目標？我的意思是，是債務水平還是靈活性或利息成本，因為如果我看一下您目前的債務安排，除了 2039 年票據之外，大多數在當今環境下仍然具有相當有吸引力的利率，並且您的流動性在資本管理框架上繼續有機增長。所以我猜問題的核心在於，對於黃金來說，你認為你需要這種彈性來做什麼？

Sure. No specific intent at this time. But as we move through the cycle price environment, coupled with a very uncertain economic time. We will look for opportunities to further buffer the balance sheet, right? So while we're continuing this reinvestment in the business and returning capital to shareholders with a predictable dividend, coupled with the continued share buyback if there's opportunities for us to continue to buffer that balance sheet, we'll look to do that.

當然。目前沒有具體意圖。但隨著我們經歷週期性價格環境，再加上非常不確定的經濟時期。我們會尋找機會進一步緩衝資產負債表，對嗎？因此，在我們繼續對業務進行再投資並以可預測的股息向股東返還資本的同時，再加上持續的股票回購，如果我們有機會繼續緩衝資產負債表，我們就會考慮這樣做。

Again, we've got a robust share buyback program in place as a result of the gold price as well as the divestiture proceeds. And of course, we've got the dividend is where it needs to be from a fixed predictable dividend that we believe the market will ascribe value to. So again, I think we have an opportunity here as we go forward to continue to shore up the balance sheet, but no specific intent at this point.

再次，由於金價以及資產剝離收益，我們制定了強而有力的股票回購計劃。當然，我們的股利是根據固定的、可預測的股利計算出來的，我們相信市場會賦予其價值。因此，我認為我們有機會繼續鞏固資產負債表，但目前還沒有具體的意圖。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

Yes, thanks very much for the questions. The first one, well done on the execution in the divestments so far. When you look at the portfolio now, I know you've done what you've targeted, is it still optimal? Is there anything else in the portfolio you think could be monetized, I'm thinking specifically like Merian, Cerro Negro still relatively higher cost and smaller scale. Why do they sit in the core portfolio?

是的，非常感謝您的提問。第一個，到目前為止，撤資的執行情況很好。當您現在查看投資組合時，我知道您已經完成了您的目標，它仍然是最佳的嗎？您認為投資組合中還有其他東西可以貨幣化嗎？我特別想到的是 Merian、Cerro Negro，它們的成本相對較高，規模也較小。為什麼它們位於核心投資組合中？

Yes. Thanks, Daniel. I mean it's been a significant body of work for us over the last three years to integrate and rationalize. And the most important thing for us to do now is bed down our go-forward portfolio. We literally had the go-forward portfolio for seven days.

是的。謝謝，丹尼爾。我的意思是，過去三年來，我們進行了大量的整合和合理化工作。我們現在要做的最重要的事情就是確定我們的未來投資組合。我們實際上已經擁有了七天的前進投資組合。

And ensuring that we're focused on safety, cost and productivity delivering on the potential of the elephants in that portfolio, that's big Tier 1 assets and then realizing the potential of those emerging Tier 1 assets and having a red hot go of realizing the potential of those merger tier assets.

並確保我們專注於安全、成本和生產力，發揮投資組合中最重要的資產（即大型一級資產）的潛力，然後實現這些新興一級資產的潛力，並全力實現這些合併級資產的潛力。

And at the end of the day, if we can't see a pathway to Tier 1, then that's a decision down the track. But we're literally seven days into our go-forward portfolio with the full bandwidth of this leadership team. So our focus is getting after delivering on the potential of the Tier 1s and proving up the potential of the emerging Tier 1. So that's very much our focus.

最終，如果我們看不到通往第一層級的道路，那麼這就是一個未來的決定。但實際上，在領導團隊的全力支持下，我們已經花了七天時間制定了未來的投資組合。因此，我們的重點是發揮一級供應商的潛力並證明新興一級供應商的潛力。這就是我們的重點。

Okay. And my follow-up on the cash returns, you clearly indicated the intention to obviously return the divestment proceeds. But at this gold price environment, you're generating meaningful additional cash flow above that level. I mean, would we -- could we expect buybacks to significantly exceed the divestment proceeds this year if the gold price stays at this level?

好的。關於現金回報的後續問題，您明確表示了返還撤資收益的意圖。但在目前的金價環境下，您將產生高於該水平的有意義的額外現金流。我的意思是，如果金價保持在這個水平，我們是否可以預期今年的回購額將大大超過撤資收益？

Right. So no change to our financial policies, right? So we've talked about holding an average of $3 billion of cash on the balance sheet at quarter end, so that will be a higher balance just in terms of the timing of our cash needs. But generally speaking, that's where our cash flow be. We've always said up to $8 billion. Like I said, we'll continue to look at maybe some opportunities to bring that down a bit.

正確的。那麼我們的財務政策就沒有改變，對嗎？因此，我們談到在季度末資產負債表上平均持有 30 億美元現金，因此，就我們的現金需求時間而言，這將是一個更高的餘額。但一般來說，這就是我們的現金流所在。我們一直說最多 80 億美元。就像我說的，我們會繼續尋找機會將這一數字稍微降低一些。

Our debt cap and our sustaining capital are set. And so beyond that, we've got the dividend that's also set. It's a fixed dollar dividend. So beyond that, any free cash flow that we're generating, the expectation is we will continue to return that capital via share buybacks.

我們的債務上限和維持資本已經設定。除此之外，我們也設定了股利。這是固定美元股息。除此之外，我們預期產生的任何自由現金流都將繼續透過股票回購返還資本。

Anita Soni, CIBC.

加拿大帝國商業銀行 (CIBC) 的安妮塔·索尼 (Anita Soni)。

Hi, Tom. Congratulations on the solid start to the year. Everyone has asked a lot of questions on capital allocation and probably had asked most of the questions I would ask about on asked about tariffs. I guess now at the point where it could you go through just from a geopolitical standpoint, the regions that you operate in, any of the -- is there anything that you're thinking about or concerned about with not just tariffs, but more of a as foreign direct investment at foreign aid is pulled from various areas. Are there any regions where you're concerned about your investments or changes in government stance on royalties and taxes and things like that?

你好，湯姆。恭喜您今年取得了良好的開端。每個人都問了很多關於資本配置的問題，並且可能已經問了我想問的關於關稅的大多數問題。我想現在您可以從地緣政治的角度來看一下，您所經營的地區，任何——您是否考慮或擔心什麼，不僅僅是關稅，還有更多的外國直接投資和外國援助從各個地區撤出。您是否擔心某些地區的投資或政府對特許權使用費和稅收等問題的立場變化？

Thanks, Anita. I guess my initial reaction to that question is, where do you want chooses to operate it's always been very deliberate. So we look to be the jurisdictions we are able to have respect for the rule of law, a stability or investment agreement is in place and respected and the relationships we build with the government's strategic and long term.

謝謝，安妮塔。我想我對這個問題的第一個反應是，你想選擇在哪裡運營，這一直是非常謹慎的。因此，我們希望司法管轄區能夠尊重法治，並穩定或投資協議得到製定和尊重，並且我們與政府建立的關係具有戰略性和長期性。

And that's been very much part of the has been for a long time and very much part of how we shape our go-forward portfolio, which is globally diverse, which helps balance out some of those risks.

長期以來，這一直是我們塑造未來投資組合的重要組成部分，該投資組合具有全球多樣性，有助於平衡其中的一些風險。

But I think about the different locations that we're in, whether that be Australia, Papua New Guinea, Ghana Canada, Mexico, Suriname, Peru, and Argentina, they are all very robust jurisdictions and seeing -- it's certainly something we'll continue to monitor, but we certainly think about the length of time of been in those jurisdictions, the relationships we have going to continue to manage those relationships constructively, but seeing no particular risks as we see the world in front of us.

但我認為，我們所處的不同地區，無論是澳洲、巴布亞紐幾內亞、加納、加拿大、墨西哥、蘇利南、秘魯或阿根廷，它們都是非常強大的司法管轄區，而且我們肯定會繼續關注這一點，但我們肯定會考慮在這些司法管轄區的時間長度，我們將繼續建設性地管理這些關係，但就我們眼前的世界而言，我們沒有看到任何特別的風險。

Okay. And then just another follow-up, I guess, on capital allocation. You've done a pass of obviously, divestments and someone else just asked about was there further rationalization of the portfolio. But are there any areas where you think you might want to improve your exposure, I guess, is the best way to put that. I'm just trying to understand with the cash balance that's obviously going to grow at these gold prices.

好的。然後我想這只是關於資本配置的另一個後續問題。顯然，您已經完成了資產剝離，剛才有人問到投資組合是否進一步合理化。但是，您是否認為在哪些方面可能需要提高曝光度，我想這是最好的說法。我只是想知道，在這樣的金價下，現金餘額顯然會成長。

Is there -- are you looking to perhaps invest in some smaller-scale projects or improve your the JV portfolio or things like that?

您是否希望投資一些規模較小的專案或改善您的合資企業投資組合或諸如此類的事情？

I think we're pretty clear that work we've done to arrive at the portfolio we have discipline around the capital allocation to the development projects and ensuring that we stick to that $1.3 billion discipline. And it's as much about the cash to allocate to that as is core execution risk no changes on that front.

我認為我們非常清楚，我們為實現投資組合所做的工作對開發項目的資本分配有紀律，並確保我們遵守 13 億美元的紀律。這與分配給該資金的現金以及核心執行風險有關，在這方面沒有變化。

And I think I was saying to one of the earlier questions. We've been through two or three years of pretty significant transformational change or a week where we've had our hands on our go-forward portfolio projects, operations, and our joint ventures, and I think very much focused on stability and safely delivering our commitments from that portfolio.

我想我是在回答之前的一個問題。我們經歷了兩三年相當重大的轉型變革，或者說，在一周的時間裡，我們已經著手開展未來的投資組合項目、營運和合資企業，我認為我們非常注重穩定性和安全地履行我們對該投資組合的承諾。

Andrew Bowler, Macquarie.

麥格理銀行的安德魯·鮑勒。

Good day, Tom and team. Thanks for not going on Anzac Day like last year. But just a question on the pipeline. I mean, obviously, loud and clear, it sounds like Brucejack -- sorry, Red Chris is still the next one curb off the rank. But where's the (inaudible), can you just give us an update as to how that's going. Any discussions you've had recently with the government or very loose time lines on that project, please?

大家好，湯姆和團隊。感謝您不像去年那樣在澳新軍團日那天去。但這只是關於管道的一個問題。我的意思是，顯然，這聽起來像 Brucejack——抱歉，Red Chris 仍然是下一個被淘汰的人。但是（聽不清楚）在哪裡，您能否向我們介紹最新進展。請問您最近與政府就該項目進行過任何討論嗎？或者您有非常寬鬆的時間表嗎？

Thanks, Andrew. The process with the (inaudible), obviously, is a joint venture with Harmony. We've had a framework MAU that shapes what are a very competitive basis for ultimately a mineral development contract that can then be converted into a special mining lease and we continue to work constructively with the PNG government and work very well with Harmony as our joint venture partners.

謝謝，安德魯。顯然，（聽不清楚）的流程是與 Harmony 的合資專案。我們有一個框架性的 MAU，它為最終的礦產開發合約奠定了非常有競爭力的基礎，然後可以轉換為特殊的採礦租約，我們將繼續與巴布亞新幾內亞政府進行建設性合作，並與 Harmony 公司作為我們的合資夥伴進行良好的合作。

We're very clear on the boundaries of which we're prepared to negotiate. We continue to have robust discussions. We continue to have regular engagement with the PNG government up to and including the Prime Minister.

我們非常清楚我們準備談判的界線。我們繼續進行深入的討論。我們繼續與巴布亞紐幾內亞政府直至總理保持定期接觸。

And we look forward to continuing to have constructive engagement and to be able to convert, which I think is a very robust competitive ever and of understanding into a mineral development contract and a special mining lease.

我們期待繼續進行建設性接觸，並能夠將這種競爭非常激烈的諒解轉化為礦產開發合約和特殊採礦租約。

But we're prepared to set the table and negotiate and take a take the time needed to ensure that we have an agreement in place that ensures the capital intensity for a project of this size can get a return on that investment at a time.

但我們已準備好進行談判，並花費必要的時間來確保我們達成協議，確保這種規模的項目的資本強度能夠一次性獲得投資回報。

Okay. Yeah. So long story short, you're just at a stage where you're trying to hammer out a deal in terms of an economic share arrangement with the government essentially. Is that a good way to summarize?

好的。是的。長話短說，您目前正處於試圖與政府就經濟份額安排達成協議的階段。這是很好的總結方式嗎？

Yes, that is a good way to summarize it, Andrew, and it's really important to get those agreements in place at the start before we start making big commitments. So that we'll put the time and effort.

是的，安德魯，這是一個很好的總結，在我們開始做出重大承諾之前，一開始就達成這些協議非常重要。這樣我們就會投入時間和精力。

Al Harvey, JPMorgan.

摩根大通的艾爾哈維。

Yeah. Good morning. Also just a quick follow-up on the divestments. You did mention you've still got some value there in the equity stakes in Greatland and Discovery. So just wanted to get a sense of the option for these and just remind us of any lockup periods on those stakes?

是的。早安.另外，也要對資產剝離的情況進行快速跟進。您確實提到過，您在 Greatland 和 Discovery 的股權中仍然具有一定的價值。所以只是想了解這些選擇，並提醒我們這些股票是否有鎖定期？

Yeah. Thanks, Al. There is some lockup periods on those different agreements. I don't actually have that at the tip of my fingers. I'm looking across the talkers in the room, who can maybe talk to both of those, but Discovery's definitely going to lock up on the order of 12 months. We just closed that transaction in the last week.

是的。謝謝，艾爾。這些不同的協定有一些鎖定期。我實際上並沒有做到這一點。我看著房間裡的談話者，他們也許可以和這兩個人交談，但發現號肯定會在 12 個月的時間內鎖定時間。我們上週剛完成了這項交易。

And then Greatland was linked to their listing on the ASX. And obviously, that's getting a little bit of video coverage in Australia as they gear up for that in the June timeframe. And then the ability to think about what that holding might look like and how we might transact that. So there are some lockups and also some listings on the ASX to to happen now.

然後 Greatland 就與他們在 ASX 的上市掛鉤了。顯然，澳洲已經對此進行了一些視訊報道，他們正在為 6 月的活動做準備。然後思考持有的資產可能會是什麼樣子以及我們如何進行交易。因此，現在 ASX 上有一些鎖定期和一些上市活動。

Sure. Thanks, Tom.

當然。謝謝，湯姆。

Thanks, man.

謝謝，老兄。

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。我想將會議交還給湯姆·帕爾默，請他致閉幕詞。

Thank you, operator. Thank you, everyone, for making the time to join this call, and for the Australians on the call, I hope you get some time off for Anzac day and a time to reflect upon the sacrifices that others have made. And otherwise, enjoy the rest of your day or evening. Thanks, everyone.

謝謝您，接線生。感謝大家抽出時間參加這次電話會議，對於參加電話會議的澳洲人，我希望你們能抽出一些時間慶祝澳新軍團日，並反思其他人所做的犧牲。否則，請享受您剩餘的一天或晚上。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。