Nexa Resources SA (NEXA) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Nexa Resources First Quarter 2023 Conference Call. (Operator Instructions)

早上好，歡迎來到 Nexa Resources 2023 年第一季度電話會議。 （操作員說明）

This event is being recorded and is also being broadcast via webcast, and may be accessed through Nexa's Investors Relations website where the presentation is also available.

此事件正在錄製中，也正在通過網絡廣播進行廣播，並且可以通過 Nexa 的投資者關係網站訪問，該網站也提供演示文稿。

(Operator Instructions)

（操作員說明）

I will now like to turn the conference over to Mr. Rodrigo Cammarosano, Head of Investor Relations, for opening remarks. Please go ahead.

我現在想將會議轉交給投資者關係主管 Rodrigo Cammarosano 先生致開幕詞。請繼續。

Pardon me, Rodrigo, your line may be on mute. Pardon me, Rodrigo, your line may be on mute. Please hold for one moment as I reconnect the speaker line. Thank you.

對不起，Rodrigo，您的線路可能處於靜音狀態。對不起，Rodrigo，您的線路可能處於靜音狀態。請稍等片刻，我會重新連接揚聲器線路。謝謝。

Okay. I've reconnected the line. Okay. I would now like to turn the conference to Mr. Rodrigo Cammarosano, Head of Investor Relations, for opening remarks. Please go ahead.

好的。我已經重新連接了線路。好的。我現在想請投資者關係主管 Rodrigo Cammarosano 先生在會議上致開幕詞。請繼續。

Good morning, everyone, and welcome to Nexa Resources First Quarter 2023 Earnings Conference Call. Thanks for joining us today. This is my first conference call with the financial community since I was appointed Head of Investor Relations and Treasurer.

大家早上好，歡迎來到 Nexa Resources 2023 年第一季度收益電話會議。感謝您今天加入我們。自從我被任命為投資者關係主管和財務主管以來，這是我第一次與金融界舉行電話會議。

I want to thank Nexa's leadership team for their trust and for this opportunity, and say that I'm very excited about this new role. I would also like to thank Roberta Varella, for her contributions to Nexa's Investor Relations area over the past few years.

我要感謝 Nexa 領導團隊的信任和這次機會，我對這個新角色感到非常興奮。我還要感謝 Roberta Varella，感謝她在過去幾年中對 Nexa 投資者關係領域的貢獻。

During the call, we will be discussing the company's performance as per the earnings release that we issued yesterday. We encourage you to follow along this on-screen presentation through the webcast. Before we begin, I would like to draw your attention to the Slide #2, as we will be making forward-looking statements about our business, and we just ask that you refer to the disclaimer and the conditions surrounding those statements.

在電話會議期間，我們將根據昨天發布的收益報告討論公司的業績。我們鼓勵您通過網絡廣播關注這個屏幕演示。在我們開始之前，我想提請您注意幻燈片 #2，因為我們將對我們的業務做出前瞻性陳述，我們只要求您參考免責聲明和這些陳述的條件。

It is now my pleasure to introduce our speakers. Joining us today is our CEO, Ignacio Rosado; our CFO, Jose Carlos del Valle; and our Senior Vice President of Mining, Leonardo Coelho. So now I will turn the call over to Ignacio for his comments. Ignacio, please go ahead.

現在我很高興介紹我們的發言人。今天加入我們的是我們的首席執行官 Ignacio Rosado；我們的首席財務官 Jose Carlos del Valle；以及我們的礦業高級副總裁 Leonardo Coelho。所以現在我將把電話轉給伊格納西奧徵求他的意見。伊格納西奧，請繼續。

Thank you, Rodrigo, and thanks to everyone for joining us this morning. Please let's move now to Slide #3, where we will begin our presentation.

謝謝羅德里戈，感謝大家今天早上加入我們。請讓我們現在轉到幻燈片 #3，我們將在這裡開始我們的演示。

Let me begin by saying that despite a still challenging environment, with significant volatility in commodity prices, persisting inflationary pressures and some unexpected events in Cerro Lindo, we generated solid results in the first quarter of 2023.

首先讓我說，儘管環境仍然充滿挑戰，商品價格大幅波動，通脹壓力持續存在，而且 Cerro Lindo 發生了一些意外事件，但我們在 2023 年第一季度取得了穩健的業績。

In mid-March, we experienced unusual heavy rains in Peru, which affected our Cerro Lindo mine. Nevertheless, we were able to resume the operation at normal level capacity at the end of March, ensuring all protocols and the safety of our employees.

3 月中旬，我們在秘魯經歷了不尋常的大雨，影響了我們的 Cerro Lindo 礦山。儘管如此，我們還是能夠在 3 月底恢復正常水平的運營，確保所有規程和員工的安全。

Our net revenue for the quarter reached $667 million, 8% down year-over-year, mainly explained by lower metal prices, but partially improved by mining production and metal sales over the period. Our adjusted EBITDA was $133 million, 39% lower year-over-year, impacted by lower LME prices and byproducts contribution.

我們本季度的淨收入達到 6.67 億美元，同比下降 8%，這主要是由於金屬價格下降，但部分是由於同期採礦生產和金屬銷售有所改善。受 LME 價格下降和副產品貢獻的影響，我們調整後的 EBITDA 為 1.33 億美元，同比下降 39%。

When compared to the fourth quarter of 2022, our adjusted EBITDA increased by 11%. In our new mine, Aripuanã, the ramp-up continues to progress. Our core focus is on plant stabilization, increasing throughput rates and improving concentrates rates and quality. We are aiming to reach nameplate capacity in the second half of this year.

與 2022 年第四季度相比，我們調整後的 EBITDA 增長了 11%。在我們的新礦山 Aripuanã，產能提升繼續取得進展。我們的核心重點是穩定工廠、提高吞吐率以及提高精礦率和質量。我們的目標是在今年下半年達到銘牌產能。

In terms of exploration activities in our mines, we look with optimism to the initial results we had in the first quarter of 2023, especially in Aripuanã and Vazante, revealing results with high-grade thick intersections.

就我們礦山的勘探活動而言，我們對 2023 年第一季度的初步結果持樂觀態度，尤其是在 Aripuanã 和 Vazante，揭示了高品位厚交叉點的結果。

I would also like to emphasize our balance sheet, which remains solid despite the investment cycle we have gone through in the past years and the temporary pressure on working capital affecting our cash flow in the first quarter.

我還想強調一下我們的資產負債表，儘管我們在過去幾年經歷了投資週期，而且營運資金的暫時壓力影響了我們第一季度的現金流，但它仍然穩健。

Finally, I want to highlight that we are advancing in the studies related to the integration project of the Cerro Pasco complex. This is a project with a strong potential to transform the underground Atacocha and El Porvenir operations into a flagship combined mine, not only through production increase, but by extending the life of the 2 assets. Finally, we maintain an optimistic view for the year, and we remain confident about the long-term fundamentals of our industry and our business.

最後，我想強調的是，我們正在推進與塞羅帕斯科綜合體整合項目相關的研究。該項目具有將地下 Atacocha 和 El Porvenir 業務轉變為旗艦聯合礦山的巨大潛力，不僅可以通過提高產量，還可以延長這兩項資產的使用壽命。最後，我們對今年保持樂觀看法，我們對我們行業和業務的長期基本面仍然充滿信心。

Now moving to Slide #4. In Slide #4, regarding the operating performance of the Mining segment, you can see that zinc production in the first quarter increased to 75,000 tons up 13% year-over-year, mainly explained by an increase in treated ore volume and higher lead zinc average rates. Compared to the fourth quarter of 2022, zinc production was relatively flat. About the cash cost, even though we are keeping under control, our cash cost per ton of run of mine, our cash cost per pound in the first quarter of '23 increased to $0.43 compared to the $0.19 per pound in the first quarter of '22 and $0.20 per pound in the fourth quarter of last year. In both cases, the increase was mainly explained by lower byproducts contribution due to lower LME prices and the effects of the Cerro Lindo operation suspension.

現在轉到幻燈片 #4。在幻燈片 #4 中，關於礦業部門的經營業績，您可以看到第一季度鋅產量增加到 75,000 噸，同比增長 13%，主要是由於處理礦石量增加和鉛鋅增加平均利率。與 2022 年第四季度相比，鋅產量相對持平。關於現金成本，即使我們保持在控制之下，我們每噸礦山的現金成本，我們在 23 年第一季度的每磅現金成本增加到 0.43 美元，而 2019 年第一季度為每磅 0.19 美元去年第四季度每磅 22 美元和 0.20 美元。在這兩種情況下，增加的主要原因是 LME 價格較低導致副產品貢獻減少以及 Cerro Lindo 運營暫停的影響。

Now moving to Slide #5. In Slide #5, regarding the operating performance of the Smelting segment, metal sales totaled 144,000 tons in the first quarter, down 14% from the fourth quarter of '22, mainly due to the lower comparable quarterly production and sales seasonality. Compared to the same period of last year, we were up 7%. About the cash cost per pound in the first quarter of this year, smelting cash cost decreased to $1.25 per pound compared to the $1.26 per pound in the first quarter of '22.

現在轉到幻燈片 #5。在幻燈片 #5 中，關於冶煉部門的經營業績，第一季度金屬銷量總計 144,000 噸，比 22 年第四季度下降 14%，這主要是由於較低的可比季度生產和銷售季節性。與去年同期相比，我們上漲了 7%。關於今年第一季度的每磅現金成本，與 22 年第一季度的每磅 1.26 美元相比，冶煉現金成本降至每磅 1.25 美元。

This slight decrease was mainly driven by lower raw material costs due to lower LME prices. When we compare the first quarter of '23 to the fourth quarter of '22, cash costs increased by 4% due to lower byproducts contribution and lower LME metal prices.

這一小幅下降主要是由於 LME 價格下跌導致原材料成本下降。當我們將 23 年第一季度與 22 年第四季度進行比較時，由於副產品貢獻減少和 LME 金屬價格下降，現金成本增加了 4%。

Now moving to Slide #6. Ramp-up activities at the Aripuanã mine continued to progress, and we are currently focused on steadily increasing the plant throughput rate, asset reliability and stability of concentrate grades and quality. During March, we had a planned stoppage at the plant to adjust some bottlenecks, such as pumping and piping system, and improve the drainage configuration, which presented limitations after the rainy season. These measures are contributing to the overall performance of the asset and, consequently, the stabilization of production, aiming to reach nameplate capacity in the second half of this year.

現在轉到幻燈片 #6。 Aripuanã 礦的擴產活動繼續取得進展，我們目前的重點是穩步提高工廠吞吐率、資產可靠性以及精礦品位和質量的穩定性。 3 月份，我們計劃停工，以調整一些瓶頸，例如泵送和管道系統，並改善排水配置，這在雨季過後出現了局限性。這些措施有助於資產的整體表現，從而穩定生產，目標是在今年下半年達到銘牌產能。

During the quarter, treated ore volume was 277,000 tons and zinc production reached 2,500 tons. Sustaining CapEx during the quarter was $15 million, mainly related to mining development and infrastructure. In our exploration activities in 2022 we added 8.3 million tons of mineral reserves, extending the life of Aripuanã by 3 years. In the first quarter of this year, these activities were focused on the Northwest extension of the Babaçu area with very positive results.

本季度處理礦量27.7萬噸，鋅產量2500噸。本季度維持資本支出為 1500 萬美元，主要與礦業開發和基礎設施有關。在我們 2022 年的勘探活動中，我們增加了 830 萬噸礦產儲量，將 Aripuanã 的壽命延長了 3 年。今年第一季度，這些活動集中在 Babaçu 地區的西北延伸，取得了非常積極的成果。

Now moving to Slide #7. In the first quarter of 2023, we executed over 12,000 meters of exploratory drilling in all of our mines and projects. Over 12,000 meters of infill drilling and over 2,000 meters from earlier-stage exploration projects drilled in Peru. At Cerro Lindo, the Pucasalla mineralized body continued to be extended to the Southeast. At Vazante, brownfield exploratory drilling in the extreme north area convinced mineralization with continuity at depth, which provides a good indication of the potential around the main infrastructure.

現在轉到幻燈片 #7。 2023 年第一季度，我們在所有礦山和項目中進行了超過 12,000 米的勘探鑽探。在秘魯鑽探了 12,000 多米的加密鑽孔和 2,000 多米的早期勘探項目。在 Cerro Lindo，Pucasalla 礦化體繼續向東南延伸。在 Vazante，在極北地區的棕地勘探鑽探證實礦化在深度上具有連續性，這很好地表明了主要基礎設施周圍的潛力。

At Aripuanã, exploratory drilling has been focused on the Northwest extension of Babaçu where new drilling continues to confirm high-grade mineralization and exploration infill drilling at the Ambrex orebody is being successful for resource classification upgrade. Regarding the Pasco complex, exploration activities continue to focus on the extensions of mine bodies like Porvenir Sul and integration at El Porvenir, highlighted by high-grade new intersections.

在 Aripuanã，勘探鑽探一直集中在 Babaçu 的西北延伸部分，新鑽探繼續確認高品位礦化，Ambrex 礦體的勘探加密鑽探正在成功實現資源分類升級。關於 Pasco 複合體，勘探活動繼續集中在 Porvenir Sul 等礦體的延伸和 El Porvenir 的整合，以高品位的新交叉點為重點。

Now moving to Slide #8. As I mentioned earlier, we are moving forward with the integration studies of the Atacocha and El Porvenir underground mines to create a robust strategic organic option for Nexa. The scope of the project included a sequence of investments with an emphasis on upgrading the Porvenir shaft, developing the integration of both the Atacocha and El Porvenir underground infrastructure and increasing the capacity of the Porvenir plant and Atacocha tailings dam. We are very confident in the potential of this project, and we expect to complete the studies in the second half of this year with submission for Board approval at the end of this year.

現在轉到幻燈片#8。正如我之前提到的，我們正在推進 Atacocha 和 El Porvenir 地下礦山的整合研究，為 Nexa 創造一個強大的戰略有機選擇。該項目的範圍包括一系列投資，重點是升級 Porvenir 礦井、開發 Atacocha 和 El Porvenir 地下基礎設施的整合，以及提高 Porvenir 工廠和 Atacocha 尾礦壩的容量。我們對這個項目的潛力非常有信心，我們希望在今年下半年完成研究，並在今年年底提交董事會批准。

Now I would like to turn over the call to Jose Carlos del Valle, our CFO, who will present our financial results. Jose, please go ahead.

現在我想把電話轉給我們的首席財務官 Jose Carlos del Valle，他將介紹我們的財務結果。何塞，請繼續。

Thank you, Ignacio. Good morning to everyone. I will continue on Slide 9. As you can see, beginning with the chart on your upper left, total consolidated net revenues for the first quarter decreased by 8% year-over-year, due mainly to lower LME metal prices. Compared to the fourth quarter of 2022, net revenues decreased by 14%, mainly as a result of lower metal sales volumes and impact of the Cerro Lindo temporary suspension. This was partially offset by higher LME metal prices.

謝謝你，伊格納西奧。各位早上好。我將繼續幻燈片 9。如您所見，從左上角的圖表開始，第一季度綜合淨收入總額同比下降 8%，這主要是由於 LME 金屬價格下跌。與 2022 年第四季度相比，淨收入下降了 14%，這主要是由於金屬銷量下降以及 Cerro Lindo 臨時停產的影響。這部分被 LME 金屬價格上漲所抵消。

In terms of adjusted EBITDA, consolidated adjusted EBITDA in the first quarter of 2023 was $133 million, compared to $217 million in the first quarter of 2022 and to $120 million in the last quarter of last year.

在調整後的 EBITDA 方面，2023 年第一季度的綜合調整後 EBITDA 為 1.33 億美元，而 2022 年第一季度為 2.17 億美元，去年最後一個季度為 1.2 億美元。

We now move to Slide 10, where I will explain our results in further detail. In the Mining segment, net revenues for the first quarter of 2023 totaled $268 million, down 17% versus the same period of last year. This is explained mainly by the decrease in metal prices, lower sales volumes of copper concentrate and the higher TCs paid by our mines. These negative effects were partially offset by higher zinc, lead and silver sales volumes.

我們現在轉到幻燈片 10，我將在其中更詳細地解釋我們的結果。在礦業領域，2023 年第一季度淨收入總計 2.68 億美元，同比下降 17%。這主要是由於金屬價格下跌、銅精礦銷量下降以及我們的礦山支付的 TC 較高。這些負面影響被較高的鋅、鉛和白銀銷量部分抵消。

Regarding adjusted EBITDA, on your upper right, first quarter adjusted EBITDA for the Mining segment was $42 million, a reduction of 70% year-over-year. mainly driven by lower prices and higher TCs and the negative impact related to Aripuanã's higher unit costs during the ramp-up phase.

關於調整後的 EBITDA，在右上角，採礦部門第一季度調整後的 EBITDA 為 4200 萬美元，同比下降 70%。主要受較低的價格和較高的 TC 以及與 Aripuanã 在產能提升階段較高的單位成本相關的負面影響所推動。

Compared to the fourth quarter of 2022, adjusted EBITDA decreased by 47%. This was mainly driven by lower sales volumes in Cerro Lindo, which, as you already know, was affected by severe weather during early March, lower by total contribution and higher operational costs in Aripuanã, partially offset by an increase in Aripuanã's sales volumes.

與 2022 年第四季度相比，調整後的 EBITDA 下降了 47%。這主要是由於 Cerro Lindo 的銷量下降所致，正如您所知，該銷量受到 3 月初惡劣天氣的影響，Aripuanã 的總貢獻減少和運營成本增加，部分被 Aripuanã 的銷量增加所抵消。

Switching over to the Smelting segment. Net revenues in the first quarter of 2023 totaled $543 million, a decrease of 3% versus the first quarter of 2022, mainly driven by lower metal prices, offset by higher sales volumes. Compared to the fourth quarter of 2022, net revenues decreased by 10%, mainly due to lower sales volumes, partially offset by higher LME metal prices.

切換到冶煉部分。 2023 年第一季度的淨收入總計 5.43 億美元，比 2022 年第一季度下降 3%，這主要是受金屬價格下降的推動，但被銷量增加所抵消。與 2022 年第四季度相比，淨收入下降了 10%，這主要是由於銷量下降，部分被 LME 金屬價格上漲所抵消。

The Smelting segment's adjusted EBITDA for the first quarter of 2023 totaled $89 million, up 9% from the first quarter of 2022. This is explained mainly by higher sales volumes, a positive impact of $26 million related to changes in market prices, which resulted in positive quotation period adjustments, which were partially offset by a decrease in byproduct contribution that was mainly explained by lower sulfuric acid prices and higher energy prices in Cajamarquilla.

冶煉部門 2023 年第一季度調整後的 EBITDA 總計 8900 萬美元，比 2022 年第一季度增長 9%。這主要是由於銷量增加，與市場價格變化相關的 2600 萬美元的積極影響導致正報價期調整，這部分被副產品貢獻的減少所抵消，副產品貢獻的減少主要是由於 Cajamarquilla 的硫酸價格較低和能源價格較高。

Compared to the fourth quarter of 2022, adjusted EBITDA for the Smelting segment increased by $43 million, mainly as a result of a positive price effect of $37 million related to changes in market prices that resulted in positive quotation period adjustments, the positive effect of variation in mark-to-market of inventories and higher LME metal prices, partially offset by lower byproduct contribution and lower sales volumes.

與 2022 年第四季度相比，冶煉部門調整後的 EBITDA 增加了 4300 萬美元，這主要是由於與市場價格變化相關的 3700 萬美元的積極價格效應導致積極的報價期調整，變化的積極影響庫存和倫敦金屬交易所金屬價格上漲，部分被較低的副產品貢獻和較低的銷量所抵消。

Now moving to Slide #11. On the top left of the slide, we can see that in the first quarter, we invested $56 million in CapEx, of which 100% was related to sustaining investments, including $15 million in Aripuanã. We expect disbursements for investments to accelerate in the upcoming quarters. And based on our projections for the year, we believe we will comply with the 2023 CapEx guidance of $310 million.

現在轉到幻燈片#11。在幻燈片的左上角，我們可以看到，在第一季度，我們在資本支出上投入了 5600 萬美元，其中 100% 與持續投資有關，其中包括在 Aripuanã 的 1500 萬美元。我們預計未來幾個季度的投資支出將加速。根據我們對今年的預測，我們相信我們將遵守 2023 年 3.1 億美元的資本支出指導。

With regards to mineral exploration and project evaluation, we invested a total of $21 million in the first quarter, of which almost $12 million were related to mineral exploration and mine development. I would like to emphasize that as part of our long-term strategy, we are focusing our efforts on replacing and increasing mineral reserves and resources, supporting our organic growth. In this regard, it is important to mention that we are maintaining our guidance on the investment category, expecting to finish 2023 at about $110 million.

在礦產勘探和項目評估方面，我們在第一季度總共投資了 2100 萬美元，其中近 1200 萬美元與礦產勘探和礦產開發有關。我想強調的是，作為我們長期戰略的一部分，我們正在集中精力替代和增加礦產儲量和資源，以支持我們的有機增長。在這方面，值得一提的是，我們維持對投資類別的指導，預計到 2023 年將達到約 1.1 億美元。

Let's move on to Slide 12. For the first quarter of 2023, and starting from our $133 million of adjusted EBITDA, we can see that cash flow provided by operations before working capital changes was $106 million. We then paid $57 million related to interest and taxes and $56 million in total CapEx for our current operations. We also paid dividends of $25 million to our shareholders. Additionally, there was a $6 million combined positive effect of loans and investments and FX impact. And finally, there was a working capital variation of $105 million, mainly due to the combined impacts of the Aripuanã ramp-up and the decrease in trade and confirming payables driven by higher payment volumes in the period.

讓我們轉到幻燈片 12。對於 2023 年第一季度，從我們 1.33 億美元的調整後 EBITDA 開始，我們可以看到運營資本變化前運營提供的現金流為 1.06 億美元。然後，我們為當前運營支付了 5700 萬美元的利息和稅款以及 5600 萬美元的資本支出總額。我們還向股東支付了 2500 萬美元的股息。此外，貸款和投資以及外匯影響產生了 600 萬美元的綜合積極影響。最後，營運資金變動為 1.05 億美元，這主要是由於 Aripuanã 產能增加以及同期支付量增加導致貿易和確認應付賬款減少的綜合影響。

We expect this to be reversed positively throughout the year. As a result of these effects, free cash flow in the first quarter of 2023 was negative in $132 million. We are confident that throughout 2023, with the completion of the Aripuanã ramp-up, and our ongoing efforts to be more productive and efficient, we will positively contribute to the company's free cash flow generation in 2023.

我們預計這一情況將在全年得到積極扭轉。由於這些影響，2023 年第一季度的自由現金流為負值 1.32 億美元。我們有信心，在整個 2023 年，隨著 Aripuanã 產能提升的完成，以及我們為提高生產力和效率所做的持續努力，我們將為公司 2023 年的自由現金流產生做出積極貢獻。

Now moving to Slide #13. In this slide, you can see that our liquidity remains robust, and we continue to report a sound balance sheet with an extended debt profile. By the end of the first quarter of 2023, our current available liquidity was approximately $675 million, including our undrawn revolving credit facility of $300 million. It is important to mention that as of March 31, the average maturity of our total debt was 4.4 years, with a 5.5% average cost of debt. Finally, our leverage, measured by net debt to adjusted EBITDA, was 1.9x compared with 1.5x at the end of the fourth quarter and to 1.4x a year ago.

現在轉到幻燈片 #13。在這張幻燈片中，您可以看到我們的流動性依然強勁，我們繼續報告具有擴展債務狀況的良好資產負債表。到 2023 年第一季度末，我們目前的可用流動資金約為 6.75 億美元，其中包括我們未提取的 3 億美元循環信貸額度。值得一提的是，截至 3 月 31 日，我們總債務的平均期限為 4.4 年，平均債務成本為 5.5%。最後，我們的槓桿率（以淨債務與調整後 EBITDA 之比衡量）為 1.9 倍，而第四季度末為 1.5 倍，一年前為 1.4 倍。

Going to my last slide before I turn it over to Ignacio. In this slide, we show that in the first quarter of 2023, LME zinc price averaged $3,124 per ton, down 17% compared to the same period a year ago. We believe zinc demand remains positive in the mid and long term, driven by investments in infrastructure, in construction, in renewable energy and in auto sector, now boosted by sales of electric vehicles. On the supply side, a lack of feasible projects to fulfill demand requirements will continue to put positive pressure on prices.

在我將它交給 Ignacio 之前轉到我的最後一張幻燈片。在這張幻燈片中，我們顯示 2023 年第一季度，LME 鋅價平均為每噸 3,124 美元，與去年同期相比下跌 17%。我們認為，在基礎設施、建築、可再生能源和汽車行業投資的推動下，鋅需求在中長期內仍保持正增長，目前電動汽車的銷售也推動了這一領域的發展。在供應方面，缺乏滿足需求需求的可行項目將繼續對價格產生積極壓力。

Regarding copper, the LME price was down 11% compared to the first quarter of 2022 and up 12% compared to the fourth quarter of 2022. Copper prices like those of other metals have benefited from a weaker U.S. dollar and optimism of a Chinese economic recovery. In terms of demand, the metal will play a key role in the energy transition. On the supply side, volumes from greenfield and brownfield projects will materialize in 2024 and 2025, contributing to a mild temporary surplus in the market with long-term additional supply facing important challenges. Overall, the outlook for zinc and copper in the mid- to long term remains positive and supported by solid market fundamentals.

銅方面，LME 價格較 2022 年第一季度下跌 11%，較 2022 年第四季度上漲 12%。與其他金屬一樣，銅價受益於美元走軟和對中國經濟復甦的樂觀情緒.就需求而言，金屬將在能源轉型中發揮關鍵作用。在供應方面，綠地和棕地項目的產量將在 2024 年和 2025 年實現，導致市場出現溫和的暫時過剩，而長期額外供應面臨重大挑戰。總體而言，鋅和銅的中長期前景依然樂觀，並受到穩固的市場基本面的支撐。

I now turn it over to Ignacio.

我現在把它交給 Ignacio。

I would like to close this presentation by reinforcing our priorities for 2023 and our short-term strategy. We are progressing with the ramp-up of Aripuanã. Currently, we are performing at a higher running rate capacity and both zinc and copper concentrate grades and quality are improving in line with our projections.

我想通過強調我們 2023 年的優先事項和我們的短期戰略來結束本次演講。我們正在推進 Aripuanã 的升級。目前，我們以更高的產能運行，鋅和銅精礦的品位和質量都在提高，符合我們的預期。

Looking ahead, the Pasco complex integration project has the potential to be a robust organic strategic option for Nexa. We will keep executing our exploration program in our current operations and key projects. We continue to have very encouraging results in the first quarter of this year. I would like to point out that we are moving forward with our ESG strategy, and we intend to release our annual sustainability report in May. We will remain focused on optimizing costs, OpEx and CapEx, and once again, we remain confident on the long-term dynamics for our industry.

展望未來，Pasco 綜合體整合項目有可能成為 Nexa 強大的有機戰略選擇。我們將繼續在我們當前的業務和重點項目中執行我們的勘探計劃。我們在今年第一季度繼續取得非常令人鼓舞的成果。我想指出，我們正在推進我們的 ESG 戰略，我們打算在 5 月份發布年度可持續發展報告。我們將繼續專注於優化成本、運營支出和資本支出，我們再次對我們行業的長期發展充滿信心。

Thank you all for attending this presentation. With that, we will be happy to take your questions.

感謝大家參加本次演講。這樣，我們將很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Our first question will come from Lawson Winder with Bank of America Merrill Lynch.

我們的第一個問題將來自美銀美林的 Lawson Winder。

Yes. Just 2 questions for me. One, I wanted to just get a little bit more detail on the expected ramp at Aripuanã and then a little bit more detail on the issues that you experienced at the plant.

是的。只問我兩個問題。第一，我想更詳細地了解 Aripuanã 的預期坡道，然後再詳細了解您在工廠遇到的問題。

So if I understood it correctly, it's really just the plant, the mining is fine. And then -- yes, actually, I'll leave it at that and then I'll follow up with my second question after you address that.

所以如果我沒理解錯的話，真的只是植物，採礦沒問題。然後 - 是的，實際上，我會把它留在那裡，然後在你解決之後我會跟進我的第二個問題。

Okay. Lawson, thank you. No, Aripuanã is going as planned. We had an unplanned (inaudible) in March because of the rainy season, it was very heavy. And we -- as we said in the presentation, we were working on the piping system and the pumping system and also on the drainage system.

好的。勞森，謝謝你。不，Aripuanã 會按計劃進行。由於雨季，我們在 3 月有一個計劃外的（聽不清），它非常沉重。我們 - 正如我們在演示中所說，我們正在研究管道系統和泵送系統以及排水系統。

In April, and this is not in the call, throughput is around 70% to 75%, and quality of concentrate is very high and is ready to go to our Tres Marias (inaudible) . So -- the second half -- the second quarter, you will see a major improvement compared to the first quarter, and this was always in the plan. And as I was saying, we are aiming to reach nameplate capacity in the second half, hopefully sooner than later.

4 月，這不在通話中，吞吐量約為 70% 至 75%，精礦質量非常高，已準備好進入我們的 Tres Marias（聽不清）。所以 - 下半年 - 第二季度，與第一季度相比，你會看到一個重大改進，這一直在計劃中。正如我所說，我們的目標是在下半年達到銘牌容量，希望早點。

So the guidance on production, even if we are behind in this part of the year because -- I mean, it's a ramp-up, we believe that in the second half, we're going to catch up, and we will achieve a guidance. The other part that is important is that we want to make sure that on a monthly basis, we stop losing cash flow. At the ramp-up, always the sales that you have are below the CapEx and the OpEx of month.

所以關於生產的指導，即使我們在今年的這個時候落後了，因為——我的意思是，這是一個增長，我們相信在下半年，我們會迎頭趕上，我們將實現指導。另一部分重要的是，我們要確保每月停止損失現金流。在加速階段，您的銷售額始終低於每月的資本支出和運營支出。

So part of the problem that we face for this cash flow of all the mining business was because Aripuanã, we invested $40 million in Aripuanã in the first quarter. And the second is going to be much less. And hopefully, the second part is going to be positive. And all the benefits of Aripuanã will come in, in 2024.

因此，我們在所有採礦業務的現金流方面面臨的部分問題是因為 Aripuanã，我們在第一季度向 Aripuanã 投資了 4000 萬美元。第二個會少得多。希望第二部分是積極的。 Aripuanã 的所有好處都將在 2024 年到來。

Okay. Second question I wanted to ask was just on the exploration results you put out earlier in the week. There was (inaudible) was spectacular, it was very (inaudible). So my questions would be, what is the distance of that strike from the existing inferred resource? What is the distance of that from the existing underground infrastructure. So how much development would it take to get there? And could you be accessing that in 2024, for example? And then finally, is it on land, subject to the silver stream?

好的。我想問的第二個問題是關於你在本週早些時候發布的探索結果。有（聽不清）很壯觀，非常（聽不清）。所以我的問題是，該罷工與現有推斷資源的距離是多少？它與現有地下基礎設施的距離是多少？那麼需要多少發展才能到達那裡？例如，您能否在 2024 年訪問它？最後，它是在陸地上，受銀流影響嗎？

Yes. No. No, this is a very good question. We -- these drill calls that we are doing at surface in Pucasalla are 3 kilometers away of the main infrastructure. So it is not connected, okay? The Cerro Lindo mine today has 8 years of life of mine in the main infrastructure. And as you can see, we have (inaudible) that year-over-year. So the Pucasalla and all the surrounding areas that we are finding that we are saying that it's open and it's helping us, this area is to develop the new Cerro Lindo, which is coming later on.

是的。不，不，這是一個很好的問題。我們 - 我們在 Pucasalla 地面上進行的這些鑽探呼叫距離主要基礎設施 3 公里。所以它沒有連接，好嗎？今天的 Cerro Lindo 礦在主要基礎設施中的礦山壽命為 8 年。正如您所看到的，我們（聽不清）同比增長。因此，我們發現 Pucasalla 和所有周邊地區都說它是開放的並且對我們有幫助，這個地區是為了開發新的 Cerro Lindo，它稍後會出現。

So I would say, during this year and next year, we will delineate what we have in that area. And because of that, we will plan to connect these 3 kilometers in the coming years. So this is more the second wave growth of Cerro Lindo.

所以我想說，在今年和明年，我們將描述我們在該領域的成果。因此，我們計劃在未來幾年內連接這 3 公里。所以這更多是 Cerro Lindo 的第二波增長。

Okay. Clear on Pucasalla, I was actually asking about OB-8.

好的。清楚 Pucasalla，我實際上是在詢問 OB-8。

Yes, that's -- I mean, the OB-8, we are -- this is a part of the main infrastructure. And I was saying, we are replacing that. The mineral is opened, all the mineralized zones and the bodies are open in the in the -- I mean, in the depth of the mine. So this is good opportunities to still replace what we consume over the years. Regarding the silver stream, if I understood correctly, the silver stream is only in the current infrastructure in the OB and all these infrastructures are in that (inaudible), the idea of Pucasalla is not involved in that silver stream. And to remind that the silver stream, the percentage that we give up is going down in the coming years.

是的，那是——我的意思是，我們是 OB-8——這是主要基礎設施的一部分。我是說，我們正在取代它。礦物被打開，所有礦化帶和物體都在 - 我的意思是在礦井深處打開。所以這是一個很好的機會來取代我們多年來消耗的東西。關於 silver stream，如果我理解正確的話，silver stream 僅存在於 OB 的當前基礎設施中，所有這些基礎設施都在其中（聽不清），Pucasalla 的想法不涉及該 silver stream。提醒一下，白銀流，我們放棄的百分比在未來幾年會下降。

Our next question will come from [Pedro Nunez] with Banco Financial.

我們的下一個問題將來自 [Pedro Nunez] 和 Banco Financial。

So wanted to ask a question on your smelting EBITDA and on the $26 million positive impact of mark-to-market. Could you please give some detail as to what was the reason for the positive impact? Is this based on observable market prices that are higher than you expected? So I wanted to get more detail on that.

所以想問一個關於您的冶煉 EBITDA 和按市值計價的 2600 萬美元積極影響的問題。您能否詳細說明產生積極影響的原因是什麼？這是基於高於您預期的可觀察市場價格嗎？所以我想了解更多細節。

Yes. The -- well, the central EBITDA is very stable, yes? As a reminder, we -- the Smelting business is very straightforward. We have 4 sources of revenue. And the first one is the 15% of zinc, that (inaudible) from the (inaudible) value wise, and that's linked to prices. The second one is the pieces that we get. And that this is the year higher than previous years, yes? The benchmark is around $280 per ton. The third one is the premiums that also are higher this year because of the shortage of the smelters in Europe, given the energy prices, some of them are rolling back, but some of them are not. So the premiums are -- seen high today.

是的。嗯，中央 EBITDA 非常穩定，是嗎？提醒一下，我們——冶煉業務非常簡單。我們有 4 個收入來源。第一個是 15% 的鋅，從（聽不清）價值的角度來看（聽不清），這與價格有關。第二個是我們得到的碎片。這是比往年更高的一年，是嗎？基準價格約為每噸 280 美元。第三個是今年的保費也更高，因為歐洲冶煉廠短缺，考慮到能源價格，有些正在回落，但有些沒有。因此，今天的保費很高。

And the fourth is our byproducts that, in our case, is mainly in sulfuric acid in Cajamarquilla. So because of this, we got very positive results in the smelting, yes? And you were talking about $26 million, Carlos ?

第四個是我們的副產品，在我們的例子中，主要是卡哈馬基亞的硫酸。因此，我們在冶煉方面取得了非常積極的成果，是嗎？你說的是 2600 萬美元，卡洛斯？

Yes. There's additional impact related to higher prices, which have 2 effects really. One related to the cost of the inventory because those concentrates were bought at lower prices. And also due to the higher prices due to mark-to-market every -- at the end of every month. So that also has a benefit on the result of the company. The mark-to-market is based on the latest prices on the -- at the end of each month. And that also contributed to better results that are shown in the EBITDA.

是的。還有與更高價格相關的額外影響，這實際上有兩個影響。其中之一與庫存成本有關，因為這些精礦是以較低的價格購買的。而且由於每個月末按市值計價導致價格上漲。因此，這對公司的業績也有好處。按市值計價是基於每個月底的最新價格。這也有助於在 EBITDA 中顯示更好的結果。

I would now like to turn it over to Rodrigo Cammarosano for questions from the webcast.

我現在想把它轉交給 Rodrigo Cammarosano 來回答網絡廣播中的問題。

Thank you, operator. We have a question from Matias Moreira from Bradesco BBI. Actually, there are 2 questions. The first one, if you could provide a bit more color on zinc and copper demand fundamentals for 2023? And then the second question would be about Aripuanã. What is the current capacity that -- I mean, the running rate capacity of Aripuanã currently?

謝謝你，運營商。來自 Bradesco BBI 的 Matias Moreira 向我們提出了一個問題。實際上，有2個問題。第一個問題，您能否提供更多有關 2023 年鋅和銅需求基本面的信息？然後第二個問題是關於 Aripuanã 的。目前的容量是多少——我的意思是，Aripuanã 目前的運行率容量是多少？

I'll start with the second question, which is very straightforward. Current capacity at Aripuanã is between 60% and 70%. And we're looking optimistically at the evolution of the stability of the plant. In regards to the first question, as I mentioned during the presentation, we believe that there's very strong fundamentals, both for copper and zinc. Definitely, copper more visibility and it's more talked out. But zinc is also a very important metal, obviously, in relation to infrastructure, just as copper, but also in the energy transition, as it is used for energy storage for solar power, for wind power.

我將從第二個問題開始，這個問題非常簡單。 Aripuanã 目前的產能在 60% 到 70% 之間。我們正在樂觀地看待工廠穩定性的演變。關於第一個問題，正如我在演講中提到的，我們認為銅和鋅的基本面都非常強勁。毫無疑問，銅的知名度更高，討論也更多。但鋅也是一種非常重要的金屬，顯然，在基礎設施方面，就像銅一樣，而且在能源轉型方面，因為它用於太陽能、風能的儲能。

So it's more under-the-radar metal that is also very important in the energy transition, together with copper. On the demand side, therefore, there are very strong fundamental. And on the supply side, as you know, copper grades continue to decline in general. It takes longer to bring up a new mining operation, whether it's copper or zinc due to environmental standards, social consultation that has to be carried out ahead of time. So it takes longer. It's more costly because prices -- or the costs have gone up as well.

因此，與銅一起，在能源轉換中也非常重要的是更不為人知的金屬。因此，在需求方面，存在非常強勁的基本面。在供應方面，如您所知，銅品位總體上繼續下降。由於環境標準、必須提前進行的社會協商，無論是銅礦還是鋅礦，都需要更長的時間來進行新的採礦作業。所以需要更長的時間。它的成本更高，因為價格——或者說成本也上漲了。

So you require higher prices to have the right incentives to invest in new projects. So taking all those into consideration, we continue to believe that these are very strong fundamentals. Obviously, there can be temporary volatility. But overall, the medium to long term, we are very comfortable.

因此，您需要更高的價格才能獲得投資新項目的正確激勵。因此，考慮到所有這些因素，我們仍然相信這些是非常強大的基本面。顯然，可能會出現暫時的波動。但總的來說，從中長期來看，我們非常滿意。

Yes. Just to add to what Jose Carlos was saying, from a practical point of view, you know that we sell 600,000 tons of zinc -- of metal in the market, 45% that goes into the Brazilian and Latin American markets. And the rest is going to Europe, Asia and the U.S. The -- what we see in that specific front is that demand is weaker, but it's not that weaker. It's still strong.

是的。補充一下 Jose Carlos 所說的，從實際的角度來看，你知道我們在市場上銷售 600,000 噸鋅金屬，其中 45% 進入巴西和拉丁美洲市場。其餘的將流向歐洲、亞洲和美國——我們在這一特定方面看到的是需求減弱，但並沒有那麼弱。它仍然很強大。

So my comment is around that in terms of fundamentals, the demand and supply, we are -- the fundamentals are very strong -- are still strong. The problem is that all this noise that the economy because around the China, the Ukraine and Russia crisis and the recessions in Europe and in the States and what's going to happen in the States with the increasing rates of power, et cetera. So the fundamental value short term is strong. And we see this on a monthly basis. So hopefully, during the coming months, that is going to reflect on prices. Today, you can see that the zinc prices are low. And we are waiting to see the evolution -- the positive evolution of that in the coming months.

所以我的評論是圍繞基本面，需求和供應，我們 - 基本面非常強勁 - 仍然強勁。問題是，所有這些關於經濟的噪音都是因為圍繞著中國、烏克蘭和俄羅斯的危機以及歐洲和美國的經濟衰退以及隨著電力增長等因素，美國將會發生什麼。因此，短期的基本價值是強勁的。我們每月都會看到這一點。因此，希望在未來幾個月內，這將反映在價格上。今天，您可以看到鋅價處於低位。我們正在等待看到演變——未來幾個月的積極演變。

Okay. Thank you for the questions. Now we will have a question from [Orlando Barigga] from CrediCorp Capital. Can you please provide an update regarding the new mining tax in Mato Grosso state?

好的。謝謝你的問題。現在我們將有來自 CrediCorp Capital 的 [Orlando Barigga] 的問題。您能否提供有關馬托格羅索州新礦業稅的最新信息？

Yes. I guess this is a new tax in Mato Grosso. It doesn't have a lot of exposure in terms of mining. And the -- this tax that we have been -- that has been provided in the last 2 months is new, new to us. And I can say that is -- the rate is much higher than the average in the industry in Brazil. So we are trying to stick to the government of Mato Grosso to make sure that we are -- we face market practices there.

是的。我想這是馬托格羅索州的一項新稅種。它在採礦方面沒有太多曝光。在過去兩個月中提供的——我們一直在繳納的稅——對我們來說是新的、新的。我可以說——這個比率遠高於巴西行業的平均水平。因此，我們正努力堅持馬托格羅索州政府，以確保我們——我們在那裡面對市場慣例。

Having said that, in the short term, there's nothing we can do. We have to pay the tax. It's around -- our calculations are around $3 million or $4 million per year. And we expect that to evolve to the market practices in the coming months or years, but this is work in progress.

話雖如此，在短期內，我們無能為力。我們必須繳稅。它大約是——我們的計算是每年大約 300 萬或 400 萬美元。我們預計這將在未來幾個月或幾年內演變為市場慣例，但這項工作正在進行中。

Okay. Now we have a question also from the webcast from [Jose Maria Suva] from BTG Pactual. Should we expect a reversal of the working capital negative effect in the coming quarters? And what would drive that working capital reversal?

好的。現在我們還有一個來自 BTG Pactual 的 [Jose Maria Suva] 網絡廣播的問題。我們是否應該期待未來幾個季度營運資本的負面影響會出現逆轉？什麼會推動營運資金逆轉？

Yes. Here, this negative working capital variation in the first quarter is something that we planned. It has to do with the seasonality. Typically, there are a lot of expenses and cash disbursements towards the end of the year -- sorry, there are a lot of accounts payable at the end of the year, which are paid in the first quarter. So that makes the accounts payable and confirming payables to go down, representing a negative impact on working capital.

是的。在這裡，第一季度的負營運資本變化是我們計劃好的。這與季節性有關。通常，到年底會有很多費用和現金支出——抱歉，年底有很多應付賬款，是在第一季度支付的。因此，這使得應付賬款和確認應付賬款下降，對營運資金產生負面影響。

Additionally, there has been an increase in accounts receivable related to a higher sales and higher LME prices, which also have a negative impact on the working capital variation. This is seasonal, and it's in line with what we planned for the first quarter. So this will gradually reverse throughout the year.

此外，與更高的銷售額和更高的 LME 價格相關的應收賬款有所增加，這也對營運資金變化產生了負面影響。這是季節性的，符合我們第一季度的計劃。因此，這將在全年逐漸逆轉。

Okay. Now we have another question. It's a follow-up question from Matias Moreira from Bradesco BBI. In terms of capital allocation, is the company looking for any zinc opportunities through M&A or the focus remain on ramping up Aripuanã?

好的。現在我們有另一個問題。這是來自 Bradesco BBI 的 Matias Moreira 提出的後續問題。在資本配置方面，公司是通過併購尋找任何鋅機會，還是專注於提高 Aripuanã？

I guess, the priority in the short term is ramping up Aripuanã. This is a reality. It's only going to the process of the ramp-up. And Aripuanã is going to be a reality (inaudible). I would like to mention also in Aripuanã that we are drilling heavily because we want to make sure that we have a long life mine for Aripuanã. That is a new mine, so we create more opportunities to put it more profitable in the coming year. So today, we have 11 years, today we have 14. And hopefully, towards the end of this year, it's going to be much high. So this is a priority for the short term.

我想，短期內的首要任務是增加 Aripuanã。這是現實。它只會進入提升的過程。 Aripuanã 將成為現實（聽不清）。我還想在 Aripuanã 提一下，我們正在大量鑽探，因為我們想確保 Aripuanã 的礦山使用壽命長。那是一個新礦，所以我們創造更多機會，讓它在來年獲得更多利潤。所以今天，我們有 11 年，今天我們有 14 年。希望到今年年底，它會高得多。所以這是短期的優先事項。

The second one is, as I was mentioning, Cerro Pasco. And Cerro Pasco really presents an opportunity for us because if we connect the 2 mines underground, we will be able to recover some inventory of resources, especially in Atacocha that are going to give us a long life of mine. Why do we not recover these resources? Because if you do it through the restructure of Atacocha, it won't pay. So by levering the infrastructure of El Porvenir, we will be able to do that and to create a combined asset that is going to be robust and for the long term.

第二個是，正如我提到的，Cerro Pasco。 Cerro Pasco 確實為我們提供了一個機會，因為如果我們將這兩個礦山連接到地下，我們將能夠恢復一些資源庫存，特別是在 Atacocha，這將使我們的礦山壽命更長。為什麼我們不回收這些資源？因為如果你通過 Atacocha 的重組來做到這一點，它就不會付出代價。因此，通過利用 El Porvenir 的基礎設施，我們將能夠做到這一點，並創建一個長期穩健的組合資產。

So these are the priority for short term. From an M&A point of view and capital allocation, we are looking for opportunities. We have some early-stage projects that we are working right now. And we are active in the market for looking for zinc and copper opportunities. So we explained that before, and this is still the case. The market is not easy to win. But we are optimistic that probably in the next 12 to 14 months, we will be able to find something that is similar to the mines that we have. We want sizes such as Cerro Lindo, Vazante, Aripuanã. So we are active on that front as well.

所以這些是短期的優先事項。從併購和資本配置的角度來看，我們正在尋找機會。我們有一些我們現在正在進行的早期項目。我們在市場上積極尋找鋅和銅的機會。所以我們之前解釋過，現在仍然是這樣。市場來之不易。但我們樂觀地認為，可能在未來 12 到 14 個月內，我們將能夠找到與我們擁有的地雷類似的東西。我們想要 Cerro Lindo、Vazante、Aripuanã 等尺寸。所以我們在這方面也很活躍。

Okay. We have one question from the phone. (inaudible).

好的。我們有一個電話問題。 （聽不清）。

Yes. Ignacio, I just had a question, maybe it's a little bit of extension to working capital question that was asked before. How do you see the progression of the free cash flow? Because in most of the last several quarters, it has been negative? And I understand that Aripuanã obviously had an impact on this. But it would be interesting to see if now that Aripuanã is ramping up, despite potentially lower commodity prices and a stronger BRL, if you expect positive free cash flow to show up in the coming months or in the coming months or quarters?

是的。伊格納西奧，我剛剛有一個問題，也許這是對之前提出的營運資金問題的一點延伸。您如何看待自由現金流的進展？因為在過去幾個季度的大部分時間裡，它都是負面的？我知道 Aripuanã 顯然對此產生了影響。但有趣的是，儘管大宗商品價格可能下跌且巴西雷亞爾走強，現在 Aripuanã 是否正在加速增長，如果您預計未來幾個月或未來幾個月或幾個季度會出現正的自由現金流？

Yes. No, that is very important And thank you for the question and (inaudible) important and you're right. I would like to start first by saying that if you see a cash flow of the mining in the Smelting segment. The Smelting is very stable, as I was saying before, because of these sources of revenue.

是的。不，這很重要，謝謝你提出的問題，（聽不清）很重要，你是對的。我想首先說，如果你看到冶煉部門的採礦現金流。正如我之前所說，由於這些收入來源，冶煉非常穩定。

But in terms of mining, it was low. It was low because -- 2 factors. One is Cerro Lindo, (inaudible) of the Cerro Lindo has an impact on the cash flow and Cerro Lindo is big mine and very profitable. And the second one Aripuanã. Aripuanã and Cerro Lindo, combined, were a sort of cash flow more or less of $45 million to $48 million in the quarter. The reason behind Aripuanã is that when we are ramping up, the only production that we had in the quarter was 2,500 tons. And this is changing positively in the second quarter and we will start breakeven in the next quarter. So we -- depending on prices, yes? But if we use an average price of last year, the Mining segment, we will be able to make cash towards the end of the year, including Aripuanã and including the fact that Aripuanã has been ramping up.

但在採礦方面，它很低。它很低，因為 - 2 個因素。一個是 Cerro Lindo，（聽不清）Cerro Lindo 對現金流有影響，Cerro Lindo 是大礦山，利潤非常豐厚。第二個是 Aripuanã。 Aripuanã 和 Cerro Lindo 加在一起，本季度的現金流大約在 4500 萬到 4800 萬美元之間。 Aripuanã 背後的原因是，當我們提高產量時，我們在本季度的唯一產量是 2,500 噸。這在第二季度正在發生積極變化，我們將在下一季度開始收支平衡。所以我們——取決於價格，是嗎？但如果我們使用去年的平均價格，即礦業部門，我們將能夠在年底前賺到現金，包括 Aripuanã 以及 Aripuanã 一直在增加的事實。

The question around why are we not having cash flow, and this is a reflect of the previous years, the answer is Aripuanã. Because even if the CapEx of Aripuanã had been $625 million, which we informed last year, Aripuanã has working capital, has free operating expenses, has a lot of additional expenses that create a more -- a bigger amount that is linked to this line.

關於為什麼我們沒有現金流的問題，這是前幾年的反映，答案是 Aripuanã。因為即使我們去年告知的 Aripuanã 的資本支出為 6.25 億美元，Aripuanã 也有營運資金，有免費的運營費用，還有很多額外費用創造了更多 - 與這條線相關的更大數額。

So to give you an idea, last year, we said that it was $290 million allocated to Aripuanã, part in CapEx, part in operating expenses, et cetera. So once we is up and running, and we have the rest of the mines in positive cash flow, we don't see why the cash flow profile of the company is going to be much better and substantially better. That's mainly the view that I can give you now.

所以為了給你一個想法，去年，我們說這是分配給 Aripuanã 的 2.9 億美元，一部分用於資本支出，一部分用於運營費用，等等。因此，一旦我們啟動並運行，並且其餘礦山的現金流量為正，我們就看不出為什麼公司的現金流量狀況會好得多，而且會好得多。這主要是我現在可以給你的觀點。

We have another question from the webcast. This question comes from Omar (inaudible) from (inaudible). What is the expected CapEx for the Porvenir and Atacocha integration? And the second question would be, when do you expect to deploy this investment?

我們還有另一個來自網絡廣播的問題。這個問題來自奧馬爾（聽不清）來自（聽不清）。 Porvenir 和 Atacocha 整合的預期資本支出是多少？第二個問題是，您預計什麼時候部署這項投資？

Yes. I guess, it's in early stage today, as we were saying, we have 4 projects that are advancing in (inaudible) analysis. The number that we have -- I can give you a range between $160 million to $200 million. And this is going to be deployed between '24 and '27. So part of the idea that we have is that we deploy this -- these are very specific investments. So we deploy this while running the mine. So the idea is that with our cash flow of Porvenir and Atacocha, we finance this.

是的。我想，正如我們所說，它今天處於早期階段，我們有 4 個項目正在推進（聽不清）分析。我們擁有的數字——我可以給你一個介於 1.6 億美元到 2 億美元之間的範圍。這將在 24 和 27 之間部署。因此，我們的部分想法是部署它——這些是非常具體的投資。所以我們在運行礦山時部署它。所以我們的想法是，我們用 Porvenir 和 Atacocha 的現金流來資助這個。

And we are working towards that result. And as I was saying before, I would say towards the end of third quarter, beginning of fourth quarter, all this study will be ready. We will have a technical report on this as well, and we will submit this proposal to the Board for the approval, and we will be more specific in investments and in timetables once this is approved.

我們正在努力實現這一結果。正如我之前所說，我會說在第三季度末、第四季度初，所有這些研究都將準備就緒。我們也將對此進行技術報告，我們會將此提案提交給董事會批准，一旦獲得批准，我們將在投資和時間表上更加具體。

Okay. So we don't have any other questions. Thank you very much, as always, to attend the call. And as you know, we have -- I would like to say that we would like to thank you, Roberta for these 5 years working with us in Investor Relations. She's a fantastic professional, and she -- we appreciate very much the work that she has done.

好的。所以我們沒有任何其他問題。非常感謝您一如既往地參加電話會議。正如你所知，我們 - 我想說，我們要感謝你，羅伯塔這 5 年來與我們在投資者關係方面的合作。她是一位了不起的專業人士，我們非常感謝她所做的工作。

Rodrigo Cammarosano, our new Investor Relations Manager, is available for you to take -- to make calls to team after this. And we look forward to speaking to you in the next quarter. Hopefully, a stabilized and follow demand and supply. And hopefully, we have better signals from the macroeconomic environment in the world, so we can benefit from the cash flow that we can generate a higher price. Okay. Thank you very much, and have a good weekend.

我們新的投資者關係經理羅德里戈·卡馬羅薩諾 (Rodrigo Cammarosano) 可供您接聽——在此之後給團隊打電話。我們期待在下個季度與您交談。希望穩定並遵循需求和供應。希望我們從世界宏觀經濟環境中得到更好的信號，這樣我們就可以從現金流中獲益，從而產生更高的價格。好的。非常感謝，祝週末愉快。

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。您現在可以斷開連接。