Nexa Resources SA (NEXA) 2024 Q2 法說會逐字稿

Good morning and welcome to Nexa Resources second-quarter 2024 Conference Call. (Operator Instructions) I would now like to turn the conference over to Mr. Rodrigo Cammarosano, Head of Investor Relations, for opening remarks. Please go ahead.

早安，歡迎參加 Nexa Resources 2024 年第二季電話會議。（操作員指示）我現在請投資者關係主管 Rodrigo Cammarosano 先生致開幕詞。請繼續。

Good morning, everyone, and welcome to Nexa Resources second quarter 2024 earnings conference call. Thanks for joining us today.

大家早安，歡迎參加 Nexa Resources 2024 年第二季財報電話會議。感謝您今天加入我們。

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 with this on-screen presentation through the webcast. Before we begin, I would like to draw your attention to slide number 2, where we will be making forward-looking statements about our business and we ask you to 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表現。我們鼓勵您透過網路廣播觀看螢幕演示。在我們開始之前，我想提請您注意第 2 號投影片，我們將在該投影片中對我們的業務做出前瞻性陳述，並請您參閱免責聲明以及圍繞這些陳述的條件。

It is now my pleasure to introduce our speakers. Joining us today is our CEO, Ignacio Rosado; our CFO, José Carlos del Valle; and our Senior Vice President of Mining Operations, 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演講者。今天加入我們的是我們的執行長 Ignacio Rosado；我們的財務長 José Carlos del Valle；以及我們的採礦營運資深副總裁 Leonardo Coelho。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 good morning to everyone. Thanks for joining us today to go over our second quarter results of 2024.

謝謝你，羅德里戈，祝大家早安。感謝您今天加入我們，回顧我們 2024 年第二季的業績。

Please let's move to slide number 3, where we will begin our presentation with the main highlights of the quarter. Let me start by saying that we had a strong second quarter results. We have been witnessing positive momentum from commodity prices from the end of the first quarter, which has been sustained throughout the second quarter.

請讓我們轉到第 3 張投影片，我們將在此處開始介紹本季的主要亮點。首先我要說的是，我們第二季的業績強勁。從第一季末開始，我們就看到了大宗商品價格的積極勢頭，並且這種勢頭一直持續到第二季​​。

Our solid operational performance and financial results reflect our commitment to our strategy and our focus on executing our priorities, as well as our efforts to optimize key investments and initiatives. The second quarter of 2024 consolidated net revenues were $736 million, up 27% quarter over quarter, mainly due to higher LME prices and increased smelting sales volume. Year over year, net revenues were up by 17%.

我們穩健的營運績效和財務表現反映了我們對策略的承諾、對執行優先事項的關注以及我們為優化關鍵投資和舉措所做的努力。2024 年第二季合併淨收入為 7.36 億美元，較上季成長 27%，主要由於 LME 價格上漲和冶煉銷售增加。淨收入年增 17%。

Adjusted EBITDA in the second quarter of this year was $200 million, 64% higher compared to the $123 million in the last quarter. This performance was attributed to higher byproduct contribution, higher zinc prices and increased smelting sales volume.

今年第二季調整後 EBITDA 為 2 億美元，比上一季的 1.23 億美元成長 64%。這一業績歸因於副產品貢獻增加、鋅價上漲以及冶煉銷售增加。

Compared to the second quarter of last year, adjusted EBITDA increased by 180% from $72 million. Our net leverage ratio in the second quarter of 2024 was 2.72 times versus 3.75 times in the first quarter of this year and 2.83 times in the second quarter of last year. These results reinforces our commitment to our strategy and our healthy and steady business fundamentals.

與去年第二季相比，調整後的 EBITDA 從 7,200 萬美元成長了 180%。我們2024年第二季的淨槓桿率為2.72倍，今年第一季為3.75倍，去年第二季為2.83倍。這些結果強化了我們對策略的承諾以及我們健康穩定的業務基礎。

Now let me talk about the operational performance of Aripuana. Throughout April, May and June, the plant increased utilization rates, delivered stable concentrate quality and improved metallurgical recoveries that contributed to a solid adjusted EBITDA.

現在我來說說Aripuana的營運表現。在整個 4 月、5 月和 6 月，該工廠提高了利用率，提供了穩定的精礦質量，提高了冶金回收率，從而實現了穩定的調整後 EBITDA。

In June, we achieved a positive operational cash flow generation. These factors confirm the transition of Aripuana to an ongoing operation. I will dive deeper in the key drivers of Aripuana later on in the presentation.

六月份，我們實現了正的營運現金流生成。這些因素證實了 Aripuana 已轉變為持續營運。稍後我將在演示中更深入地探討 Aripuana 的關鍵驅動因素。

Let me also emphasize that our Cerro Pasco integration project continues to advance on all fronts and we expect its approval in the upcoming months. Our brownfield exploration program in the second quarter advanced towards expanding our portfolio and aim to add increasing the life of our mines.

我還要強調，我們的塞羅帕斯科整合計畫繼續在各個方面取得進展，我們預計將在未來幾個月內獲得批准。我們第二季的棕地勘探計畫朝著擴大我們的投資組合的方向前進，旨在延長我們礦場的使用壽命。

That said, our drilling strategy for this year is on track. We are focused on near mine expansion, brownfield and infield drilling. As previously disclosed, we announced the divestment of our Morro Agudo operation at the beginning of April. And on July 1, we announced the closing of the sale transaction. Under these conditions, mining activities ceased at the end of April.

也就是說，我們今年的鑽探策略正步入正軌。我們專注於近礦擴建、棕地和內場鑽探。如同先前所揭露的，我們於 4 月初宣布撤資 Morro Agudo 業務。7 月 1 日，我們宣佈出售交易完成。在這種情況下，採礦活動於四月底停止。

The sale of Morro Agudo is an important step in our portfolio optimization, which is a central part of our strategy to improve cash flow generation and returns. This focus allows us to concentrate our efforts on our most attractive operations.

出售 Morro Agudo 是我們優化投資組合的重要一步，也是我們改善現金流產生和回報策略的核心部分。這種專注使我們能夠將精力集中在最具吸引力的業務上。

Additionally, in April, we concluded important transactions in line with our liability management strategy. These transactions included extending our debt profile through the issuance of new debentures and bonds as well as conducting tender offers. This strategy move allowed us to optimize our financial structure, diversify our funding sources and enhance our liquidity position.

此外，四月份，我們根據我們的負債管理策略完成了重要交易。這些交易包括透過發行新的債券和債券以及進行要約收購來擴大我們的債務規模。這項策略性舉措使我們能夠優化財務結構、多元化資金來源並增強流動性狀況。

José Carlos will provide more detail on this topic in his presentation.

José Carlos 將在他的演講中提供有關此主題的更多詳細資訊。

Now let's move to slide number 4 to discuss our operating performance. Regarding the operating performance of the mining segment, zinc production reached 83,000 tons in the second quarter of this year, up 2% year over year, primarily due to higher zinc average grades, particularly at Cerro Lindo.

現在讓我們轉到第四張投影片來討論我們的營運績效。就採礦板塊的經營業績而言，今年第二季鋅產量達到83,000噸，年增2%，主要是由於鋅平均品位較高，尤其是Cerro Lindo。

Compared to the first quarter of this year, zinc production decreased by 5% due to lower volumes from the Peruvian mines and the absence of contributions from Morro Agudo in May and June of this year following the sale of this asset. In terms of cash cost in the second quarter of this year, it decreased to $0.03 per pound compared to $0.37 per pound in the second quarter of last year.

與今年第一季相比，由於秘魯礦山產量下降以及今年 5 月和 6 月 Morro Agudo 出售該資產後沒有做出貢獻，鋅產量下降了 5%。就今年第二季的現金成本而言，與去年第二季的每磅0.37美元相比，下降至每磅0.03美元。

This decrease was mainly due to higher byproduct contribution, driven by higher copper and lead prices and lower treatment charges in the period. Compared to the first quarter of 2024, mining cash cost decreased by $0.24 per pound, impacted by lower treatment charges and higher byproduct contribution.

這一下降主要是由於銅和鉛價格上漲以及處理費用降低導致副產品貢獻增加。與 2024 年第一季相比，受處理費用降低和副產品貢獻增加的影響，每磅採礦現金成本下降了 0.24 美元。

The cash cost in the first half of this year performed below the lower range of our guidance. The cost per run-of-mine for the quarter was $49 per ton, up 10% year over year due to lower treated ore volumes and up 7% quarter over quarter, mainly explained by higher third-party services and higher personnel costs. The cost per run-of-mine in the first half of this year was within our guidance.

今年上半年的現金成本低於我們指引的下限。本季原礦成本為每噸 49 美元，由於處理礦石量減少，年增 10%，季增 7%，主要原因是第三方服務增加和人員成本增加。今年上半年的原礦成本在我們的指引範圍內。

Now moving to slide number 5. Regarding the operating performance of the smelting segment, metal sales totaled 148,000 tons in the second quarter of this year, down 1% from the second quarter of last year. Compared to the first quarter of this year, metal sales increased by 7%, driven by higher production volumes at Cajamarquilla and Juiz de Fora.

現在轉到第 5 張投影片。從冶煉板塊經營績效來看，今年第二季金屬銷量總計14.8萬噸，較去年第二季下降1%。與今年第一季相比，由於 Cajamarquilla 和 Juiz de Fora 產量增加，金屬銷售額增加了 7%。

Smelting cash cost in the second quarter of this year was $1.19 per pound compared to $1.12 per pound in the second quarter of last year. This increase is mainly attributed to higher raw material costs due to higher zinc prices and lower treatment charges.

今年第二季的冶煉現金成本為每磅 1.19 美元，去年第二季為每磅 1.12 美元。這一增長主要歸因於鋅價上漲和處理費用降低導致原材料成本上漲。

Compared to the first quarter of this year, cash costs rose by 21%, also impacted by higher zinc prices and lower TCs. Our conversion cost was $0.30 per pound compared to the $0.32 per pound in the second quarter of last year due to improved operational efficiency in the period.

與今年第一季相比，現金成本上升了 21%，這也是受到鋅價上漲和 TC 下降的影響。由於同期營運效率提高，我們的轉換成本為每磅 0.30 美元，而去年第二季為每磅 0.32 美元。

Compared to the first quarter of this year, the conversion cost was relatively flat. I would like to highlight that both cash costs and conversion costs in the first half of this year performed within our guidance.

與今年第一季相比，轉換成本相對持平。我想強調的是，今年上半年的現金成本和轉換成本都在我們的指導範圍內。

Now moving to slide number 6, where we will start talking about Aripuana. The solid operational performance of Aripuana and its improved financials marked an important advance in the second quarter. Our efforts focused on plant stabilization, continuous improved of feed and utilization rates, enhancing metallurgical recoveries and concentrate quality as well as reducing downtime hours.

現在轉到第 6 張投影片，我們將開始討論 Aripuana。Aripuana 穩健的營運表現及其改善的財務狀況標誌著第二季的重要進步。我們的工作重點是穩定工廠、不斷提高進料和利用率、提高冶金回收率和精礦品質以及減少停機時間。

In June, the average utilization rate was 81%, with many days operating above 90%. Treated ore improved significantly by the end of the quarter reaching 133,000 tons, a 32% increase compared to March. In July, we expect to treat more than 140,000 tons of ore and we aim to achieve a target capacity of 160,000 tons per month by September.

6月份平均使用率為81%，多天營運率在90%以上。季度末處理礦石量顯著改善，達到 13.3 萬噸，較 3 月增加 32%。7月，我們預計處理礦石量超過14萬噸，目標是到9月實現每月16萬噸的目標產能。

At current treatment levels and with improved grades from the Link and Ambrex orebodies, we anticipate further production improvements that will continue to improve our margins.

根據目前的處理水準以及 Link 和 Ambrex 礦體品位的提高，我們預計產量將進一步提高，這將繼續提高我們的利潤率。

Regarding Aripuana's financial performance, we noted a significant improvement in this quarter with positive adjusted EBITDA for the second consecutive quarter and positive operating cash flow in June. These are key milestones that reaffirm the assets solid progress.

關於 Aripuana 的財務業績，我們注意到本季顯著改善，調整後 EBITDA 連續第二季為正值，6 月營運現金流量為正值。這些都是重要的里程碑，重申了資產的紮實進展。

Looking ahead, we expect further increases in plant feed and throughput rates, improved concentrate grades, higher metal recoveries and cost reductions. In the next slide, we will provide more details on Aripuana's operational performance for the quarter.

展望未來，我們預期工廠進料和吞吐率將進一步提高，精礦品位將進一步提高，金屬回收率將進一步提高，成本將進一步降低。在下一張投影片中，我們將提供有關 Aripuana 本季營運表現的更多詳細資訊。

Now moving to slide number 7. Starting with the capacity utilization in the upper left side, we noted that it performed at 81% in June based on the design capacity. When considering the 90th percentile for the month, the performance was 86%, indicating solid progress in plant reliability. In the upper right side, which shows plant downtime measured in days of corrective maintenance, we noted a significant decrease. This indicates also an important improvement in plant stabilization.

現在轉到第 7 張投影片。從左上角的產能利用率開始，我們注意到，根據設計產能，6 月的產能利用率為 81%。當考慮本月的第 90 個百分位時，性能為 86%，表明工廠可靠性取得了紮實進展。在右上側，顯示了以糾正性維護天數衡量的工廠停機時間，我們注意到顯著減少。這也顯示植物穩定性的重要改進。

At the bottom of the slide, both metallurgical recoveries and concentrate grades are performing at or near target levels, and in some cases, surpassing those levels. As mentioned earlier, this solid operational performance and improved financial results confirm the full transition to an ongoing operation and mark an important milestone in Aripuana.

在幻燈片底部，冶金回收率和精礦品位均達到或接近目標水平，在某些情況下甚至超過了這些水平。如前所述，這種穩健的營運績效和改善的財務表現證實了向持續營運的全面過渡，並標誌著 Aripuana 的一個重要里程碑。

Now moving to slide number 8. On this slide, I would like to highlight our progress with the advanced technical studies for the Cerro Pasco integration project. As we have discussed in previous calls, this project has the potential to unlock significant value for Nexa. We have made substantial progress across the four key work fronts, completing important steps such as engineering for the underground mine connection and the El Porvenir shaft upgrade.

現在轉到第 8 張投影片。在這張投影片上，我想強調我們在塞羅帕斯科整合計畫的高級技術研究方面取得的進展。正如我們在之前的電話會議中討論的那樣，該項目有潛力為 Nexa 釋放巨大價值。我們在四個關鍵工作領域取得了實質進展，完成了地下礦井連接工程和 El Porvenir 豎井升級等重要步驟。

Additionally, we have advanced the engineering studies of the tailings pumping system, which will allow us to pump tailings from El Porvenir to Atacocha. Significant progress has also been executed on the plant's engineering assessment, which represents opportunities to enhance processing capacity. Support activities, including technical reviews and environmental studies and permits are also advancing as expected.

此外，我們還推進了尾礦泵送系統的工程研究，這將使我們能夠將尾礦從埃爾波韋尼爾泵送到阿塔科查。該工廠的工程評估也取得了重大進展，這代表著提高處理能力的機會。包括技術審查、環境研究和許可在內的支援活動也在按預期推進。

In March, we issued a technical report on the joint operations of El Porvenir and Atacocha, reflecting some of the benefits of the integration project and resulting in an increase in the reserve base of the Cerro Pasco complex. We are moving forward with a project closely monitoring market conditions and expect to submit its approval in the coming months.

3月份，我們發布了關於El Porvenir和Atacocha聯合運營的技術報告，反映了整合項目的一些好處，並導致Cerro Pasco綜合體的儲備基礎增加。我們正在推動一個項目，密切關注市場狀況，並預計在未來幾個月內提交批准。

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

現在我將把電話轉給我們的財務長 José Carlos del Valle，他將介紹我們的財務表現。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 second quarter increased by 17% year over year. This increase was primarily driven by higher LME metal prices and increased mining sales volumes, partially offset by lower net premiums and slightly lower smelting sales volume.

謝謝你，伊格納西奧。大家早安。我將繼續幻燈片 9。正如您所看到的，從左上角的圖表開始，第二季的合併淨收入總額年增了 17%。這一增長主要是由於 LME 金屬價格上漲和採礦銷量增加推動的，但淨溢價下降和冶煉銷量小幅下降部分抵消了這一增長。

Compared to the first quarter of 2024, net revenues increased by 27%, driven by higher LME metal prices and increased smelting sales volume. For the first six months of 2024, net revenues totaled $1.3 billion, up by 2% from the same period a year ago.

與 2024 年第一季相比，受 LME 金屬價格上漲和冶煉銷量增加的推動，淨收入成長 27%。2024 年前 6 個月，淨收入總計 13 億美元，比去年同期成長 2%。

In terms of profitability, consolidated adjusted EBITDA in the second quarter of 2024 was $200 million compared to $72 million a year ago. This improvement was mainly explained by higher mining sales volumes, improved performance in our Aripuana operation, higher byproduct contribution, lower variable costs and higher zinc prices.

就獲利能力而言，2024 年第二季綜合調整後 EBITDA 為 2 億美元，而去年同期為 7,200 萬美元。這項改善主要是由於採礦銷售增加、Aripuana 業務績效改善、副產品貢獻增加、變動成本降低和鋅價上漲。

Compared to the first quarter of 2024, adjusted EBITDA increased by 64%, driven by higher byproduct contribution, higher zinc prices and increased smelting sales volume. In the first half of 2024, adjusted EBITDA reached $323 million, up by 58% compared to the same period a year ago.

與 2024 年第一季相比，由於副產品貢獻增加、鋅價上漲和冶煉銷售量增加，調整後的 EBITDA 成長了 64%。2024年上半年，調整後EBITDA達3.23億美元，年增58%。

Finally, it's worth noting that our consolidated adjusted EBITDA margin increased to 27% in the second quarter of 2024, representing a 16 basis point improvement compared to the second quarter of 2023 and a 6 basis point improvement compared to the first quarter of 2024.

最後，值得注意的是，我們的綜合調整後EBITDA 利潤率在2024 年第二季增至27%，與2023 年第二季相比提高了16 個基點，與2024 年第一季相比提高了6 個基點。

Now let's move to slide number 10. On the top left of the slide, we can see that in the first six months of 2024, we invested $138 million in CapEx, with nearly all of this amount directed towards sustaining activities, including mining development and tailing storage facilities. In line with this, our 2024 CapEx guidance for the year remains unchanged at $311 million.

現在讓我們轉到第 10 號投影片。在幻燈片的左上角，我們可以看到，在 2024 年前六個月，我們在資本支出上投資了 1.38 億美元，其中幾乎所有金額都用於維持活動，包括採礦開發和尾礦儲存設施。與此一致，我們的 2024 年資本支出指引維持在 3.11 億美元不變。

With respect to mineral exploration and project evaluation, we invested a total of $29 million with $17 million allocated to mineral exploration and mine development to support our exploration activities. Following the typical pattern that we see every year, we expect our investments in these areas to accelerate in the second half of 2024. And thus, we are maintaining our 2024 guidance for exploration and project evaluation at $72 million.

在礦產勘探和專案評估方面，我們總共投資了 2,900 萬美元，其中 1,700 萬美元用於礦產勘探和礦山開發，以支持我們的勘探活動。按照我們每年看到的典型模式，我們預計在這些領域的投資將在 2024 年下半年加速。因此，我們將 2024 年勘探和專案評估指引維持在 7,200 萬美元。

Now, let's move on to the next slide where I will discuss our cash flow generation for the quarter. Starting from the $200 million of adjusted EBITDA, net of non-operational items, we can see that we generated a solid cash flow from operations before working capital variations at $133 million in the quarter. We then paid $36 million related to interest and taxes and spent $67 million in total CapEx for our operations.

現在，讓我們轉到下一張投影片，我將討論本季的現金流產生。從扣除非營運項目的 2 億美元調整後 EBITDA 開始，我們可以看到，本季我們在未計營運資本變動之前從營運中產生了穩定的現金流，達到 1.33 億美元。然後，我們支付了 3,600 萬美元的利息和稅費，並為我們的營運支出了 6,700 萬美元的資本支出。

Additionally, as part of our liability management strategy, we can see that loans and investments had a positive net impact of $146 million. This resulted from our new bond offering of $600 million, a debenture issuance of approximately $130 million and a BNDES credit line of approximately $40 million. These were partially offset by loans and financing payments, including cash tenders for part of our bonds maturing in 2027 and 2028. Furthermore, we paid $4 million of contractual dividends to non-controlling interests.

此外，作為我們負債管理策略的一部分，我們可以看到貸款和投資產生了 1.46 億美元的正面淨影響。這是由於我們發行了 6 億美元的新債券、發行了約 1.3 億美元的債券以及約 4000 萬美元的 BNDES 信貸額度。這些部分被貸款和融資支付所抵消，包括對 2027 年和 2028 年到期的部分債券進行現金投標。此外，我們也向非控股股東支付了 400 萬美元的合約股利。

Then we had a negative impact of $6 million from foreign exchange variations in our cash and cash equivalents, driven by the depreciation of the Brazilian real against the US dollars during the period. Finally, in line with typical annual trends, we saw a negative effect of $17 million related to working capital, a significant improvement from the negative $125 million in the first quarter.

然後，由於巴西雷亞爾兌美元在此期間貶值，我們的現金和現金等價物的匯率變化給我們帶來了 600 萬美元的負面影響。最後，與典型的年度趨勢一致，我們看到與營運資本相關的 1,700 萬美元的負面影響，比第一季 1.25 億美元的負面影響有了顯著改善。

As in 2023, we expect this working capital effect to be reversed positively throughout the second half of the year. Combining all these effects, our free cash flow generation in the second quarter of 2024 was $149 million.

與 2023 年一樣，我們預計這種營運資金效應將在下半年出現正向逆轉。綜合所有這些影響，我們 2024 年第二季的自由現金流量為 1.49 億美元。

Now moving to slide number 12. In this slide, you can see that our liquidity remains healthy and we continue to present a sound balance sheet with an improved and extended debt maturity profile. At the end of the second quarter of 2024, our available liquidity was approximately $794 million, including our undrawn sustainability-linked revolving credit facility of $320 million.

現在轉到第 12 號投影片。在這張投影片中，您可以看到我們的流動性保持健康，我們繼續提供穩健的資產負債表，並改善和延長債務期限。截至 2024 年第二季末，我們可用的流動資金約為 7.94 億美元，其中包括未提取的與永續發展相關的循環信貸額度 3.2 億美元。

Regarding our overall debt profile, the average debt maturity in the second quarter of 2024 was 5.9 years, an increase from the 3.7 years reported in the first quarter of 2024. In line with our proactive approach to liability management, you may remember that we successfully extended our debt maturity profile at the beginning of the second quarter.

就我們的整體債務狀況而言，2024年第二季的平均債務期限為5.9年，比2024年第一季報告的3.7年有所增加。根據我們積極主動的負債管理方法，您可能還記得我們在第二季初成功延長了債務期限。

This was achieved through the issuance of a new 10-year bond funding a cash tender offer for part of our existing notes that were due in 2027 and in 2028, while obtaining a six-year term ESG-linked debenture of approximately $130 million and a new credit line from BNDES of approximately $40 million for an eight-year term.

這是透過發行新的 10 年期債券，為 2027 年和 2028 年到期的部分現有票據提供現金要約收購資金，同時獲得約 1.3 億美元的六年期 ESG 相關債券和BNDES 提供的新信貸額度約4000 萬美元，為期八年。

As Ignacio mentioned at the beginning of his presentation, these transactions marked a significant milestone for the company. As a result, we now carry an average cost of debt of 6.61%. It is important to mention that as of June 30, our total cash position is sufficient to cover the payment of all obligations maturing over the next four years. In terms of leverage, as measured by the net debt to adjusted EBITDA ratio, this measure decreased from 3.7 times to 2.7 times quarter over quarter.

正如伊格納西奧在演講開始時提到的那樣，這些交易標誌著公司的一個重要里程碑。因此，我們現在的平均債務成本為 6.61%。值得一提的是，截至 6 月 30 日，我們的現金總額足以支付未來四年到期的所有債務。在槓桿方面，以淨負債與調整後 EBITDA 比率衡量，該指標環比從 3.7 倍下降至 2.7 倍。

This substantial decrease is primarily due to the increase in adjusted EBITDA over the last 12 months and to a reduction in net debt. These strategic moves have allowed us to optimize our financial structure, diversify our funding sources and enhance our liquidity position. The extension of our debt profile is part of our ongoing optimization effort and reflects our commitment to prudent financial management and our confidence in the long-term prospects of our business.

這一大幅下降主要是由於過去 12 個月調整後 EBITDA 的增加以及淨債務的減少。這些策略舉措使我們能夠優化我們的財務結構、多元化我們的資金來源並增強我們的流動性狀況。擴大債務規模是我們持續優化工作的一部分，反映了我們對審慎財務管理的承諾以及對業務長期前景的信心。

Following these transactions, we will remain attentive to market conditions and we continuously evaluate options to maintain a maturity profile that is in line with the long life of our assets and at the most competitive costs.

在這些交易之後，我們將繼續關注市場狀況，並不斷評估各種選擇，以保持符合我們資產的長壽命和最具競爭力的成本的成熟度。

Moving now to slide 13. Regarding market fundamentals, it is noteworthy that in the second quarter of 2024, LME zinc price averaged $2,833 per tonne, up 12% from the second quarter of 2023 and 16% from the first quarter of 2024. This increase is primarily due to macroeconomic factors such as expectations of lower US interest rates and expectations of Chinese government stimulus and fundamental factors such as tight concentrate market and low zinc inventories.

現在轉到投影片 13。市場基本面方面，值得注意的是，2024年第二季度，LME鋅均價為每噸2,833美元，較2023年第二季上漲12%，較2024年第一季上漲16%。這一增長主要是由於美國降息預期和中國政府刺激預期等宏觀經濟因素以及精礦市場吃緊和鋅庫存低等基本面因素所致。

The LME copper price averaged $9,753 per tonne in the second quarter of 2024, up 15% from the second quarter of 2023 and 16% from the first quarter of 2024, mainly attributed to bullish fund manager investments in addition to the macroeconomic factors mentioned a moment ago.

2024年第二季LME銅價平均為9,753美元/噸，較2023年第二季上漲15%，較2024年第一季上漲16%，除了剛才提到的宏觀經濟因素外，主要歸因於基金經理的看漲投資前。

Looking ahead, zinc prices are expected to remain positively supported by US monetary policy, economic stimulus in China and the current tight zinc concentrate market. In the mid to long-term, the fundamental outlook for both zinc and copper prices remain positive.

展望未來，預計鋅價將繼續受到美國貨幣政策、中國經濟刺激以及當前緊張的鋅精礦市場的積極支撐。中長期來看，鋅價和銅價的基本面前景依然樂觀。

Moreover, investments in construction, infrastructure and the automotive sectors are anticipated to continue to positively impact demand expectations for base metals, while growth in supply is expected to remain relatively limited.

此外，建築、基礎設施和汽車行業的投資預計將繼續對基本金屬的需求預期產生正面影響，而供應成長預計仍相對有限。

Now I will hand over the presentation back to Ignacio for his final remarks.

現在我將把簡報交還給伊格納西奧，讓他作最後的發言。

Thank you, José Carlos. I would like to conclude this presentation by sharing some important news in our sustainability agenda. As part of Nexa's circular economy initiatives, we completed our first commercial sale transaction in May, involving 26.4 tonnes of waste material from our Tres Marias smelter. This project aims to sell significant amounts of waste from our smelter by developing partnerships and evaluating viable technologies and trade routes for these materials.

謝謝你，何塞·卡洛斯。我想透過分享我們永續發展議程中的一些重要新聞來結束本次演講。作為 Nexa 循環經濟計劃的一部分，我們於 5 月完成了第一筆商業銷售交易，涉及來自 Tres Marias 冶煉廠的 26.4 噸廢料。該項目旨在透過發展合作夥伴關係並評估這些材料的可行技術和貿易路線，出售我們冶煉廠產生的大量廢物。

Additionally, in collaboration with the Brazilian Agricultural Research and the Brazilian Micro and Small Business Support Service makes a partner to expand the Rural Practices Project in Vazante, Brazil. This initiative aims to enhance the income of 40 selected farmers by introducing new agricultural techniques and market strategies. This project demonstrates Nexa's commitment to improve local agricultural practices and supporting community development.

此外，與巴西農業研究中心和巴西微型和小型企業支援服務機構合作，建立了合作夥伴，以擴大巴西瓦桑特的農村實踐計畫。該措施旨在透過引進新的農業技術和市場策略來提高 40 名選定農民的收入。該計畫體現了 Nexa 對改善當地農業實踐和支持社區發展的承諾。

Another notable achievement is that Nexa Peru was recognized for the third consecutive year as one of the 16 leading companies in sustainable practices by the Peruvian Stock Exchange for the 2024, 2025 period. This recognition reflects Nexa's ongoing commitment to integrating ESG strategies into its operations and advancing responsible mining practices.

另一項值得注意的成就是，Nexa Peru 連續第三年被秘魯證券交易所評為 2024 年和 2025 年期間可持續實踐的 16 家領先公司之一。這項認可反映了 Nexa 持續致力於將 ESG 策略融入其營運並推動負責任的採礦實踐。

These highlights underscore our commitment to operational excellence and transparency as well as our dedication to creating sustainable value for our shareholders and the communities where we operate.

這些亮點強調了我們對卓越營運和透明度的承諾，以及我們致力於為股東和我們經營所在社區創造永續價值的奉獻精神。

Looking at the remainder of the year, we will continue to focus on enhancing productivity, efficiency and performance across operations and corporate areas, while also prioritizing the safety of our people. We will maintain our disciplined focus on our priorities, including the further improvement of Aripuana's performance, the development of the Cerro Pasco integration project, delivering on guidance, extending the life of our mines and consistently improving our cash generation.

展望今年剩餘時間，我們將繼續專注於提高營運和企業領域的生產力、效率和績效，同時優先考慮員工的安全。我們將繼續嚴格關注我們的優先事項，包括進一步提高 Aripuana 的表現、開發 Cerro Pasco 整合項目、提供指導、延長我們礦山的壽命以及持續提高我們的現金生成能力。

We believe that Nexa is well-positioned to maintain positive momentum. We have an established business with a proven track record and unwavering commitment to stakeholder value creation. This concludes our remarks.

我們相信 Nexa 處於有利地位，可以保持積極的勢頭。我們擁有成熟的業務，擁有良好的業績記錄和對利害關係人價值創造的堅定承諾。我們的發言到此結束。

Thank you for your support. Operator, we are ready to open for questions.

感謝您的支持。接線員，我們準備好接受提問。

(Operator Instructions) Lawson Winder, Bank of America Securities.

（操作員指示）Lawson Winder，美國銀行證券公司。

Thank you, Operator, and good morning Ignacio and team. Thank you for the update as always. I wanted to just start off with your thoughts on the zinc market. So that was really helpful the color you provided. But just ask in particular about some new production coming on in Central Africa and in Congo, there's new production. And just your thoughts on whether or not that would be a concern of yours as you look out to the second half of this year and then 2025 as that asset starts to hit run rate capacity.

謝謝您，操作員，早上好，伊格納西奧和團隊。一如既往地感謝您的更新。我想先談談您對鋅市場的看法。所以你提供的顏色真的很有幫助。但只要特別詢問中非和剛果即將推出的一些新產品，就會有新產品。當您展望今年下半年和 2025 年，隨著該資產開始達到運行率產能時，您是否會擔心這是否會成為您所關心的問題。

Okay. Lawson, it's Rodrigo here. Thank you so much for your question. Yes, I mean, we expect -- we have been following the possible new productions very closely. We know that some mines are about to put more concentrate in the market in the coming months, including Aripuana, our mine in Aripuana.

好的。勞森，我是羅德里哥。非常感謝你的提問。是的，我的意思是，我們期望——我們一直在非常密切地關注可能的新作品。我們知道，一些礦山將在未來幾個月向市場投放更多精礦，其中包括我們位於 Aripuana 的 Aripuana 礦場。

But we are -- we keep our view that this is not going to be enough to somehow offset the tight concentrate market that we are seeing right now. So as a consequence, we may still see in terms of fundamentals based on the supply/demand rationale, we may see a positive support for zinc pricing in the following months.

但我們仍然認為，這不足以在某種程度上抵消我們目前所看到的緊張的精礦市場。因此，從基於供需原理的基本面來看，我們可能仍會看到未來幾個月對鋅價的正面支撐。

Of course, just like we said, Ignacio mentioned in the -- sorry, José Carlos mentioned in the presentation, we may see some volatility, especially driven by the US elections and the expectations on Fed rates cut. But we keep our review. We are very confident on the fundamentals of zinc, not only in the short-term, but also in the mid, long-term.

當然，正如我們所說，伊格納西奧在演講中提到——抱歉，何塞·卡洛斯在演講中提到，我們可能會看到一些波動，特別是受到美國大選和美聯儲降息預期的推動。但我們保留我們的評論。我們對鋅的基本面非常有信心，不僅是短期，而且是中長期。

And we will keep following this possible new production that should come as well as monitoring the Chinese market very closely. So as everybody knows, China is another important player in the zinc industry and it's important to understand what's happened in terms of the production and the consumption of zinc concentrate in China.

我們將繼續關注這項可能的新作品，並密切關注中國市場。眾所周知，中國是鋅產業的另一個重要參與者，了解中國鋅精礦的生產和消費情況非常重要。

Yes. And just to add to what Cammarosano is saying, Lawson. Regarding the smelters, you know that this is -- that TCs are so low now that in some cases, we have negative TCs and the premiums as well that most smelters are not making money. In our case, we are in privileged markets. We are in Peru and in Brazil.

是的。勞森，我想補充卡馬羅薩諾所說的內容。關於冶煉廠，你知道，現在 TC 如此之低，以至於在某些情況下，我們的 TC 和溢價也為負，以至於大多數冶煉廠都沒有賺錢。就我們而言，我們處於特權市場。我們在秘魯和巴西。

So we are very close to the producers of concentrate, but it's a very tight market. And in the cycle, when you see that, you see that this couldn't last many months. So we know that some smelters are making money and are trying to keep up with the market, but this is not sustainable. So we believe that zinc prices have to go up because otherwise, scarcity of metal will come in the coming months.

因此，我們與精礦生產商非常接近，但市場非常緊張。在這個循環中，當你看到這一點時，你會發現這不會持續幾個月。所以我們知道一些冶煉廠正在賺錢並且正在努力跟上市場的步伐，但這是不可持續的。因此我們認為鋅價必須上漲，否則未來幾個月將出現金屬短缺。

Okay. All very helpful. If I might, I'd like to also ask about capital allocation and how you guys are thinking about making a decision on investments in the Cerro Pasco expansion versus paying down debt and the continued ramp-up of Aripuana. I guess Aripuana, you're now expecting that to be EBITDA positive going forward. So does that now provide some additional flexibility with capital return? And then what's the timing of decision around Cerro Pasco?

好的。一切都非常有幫助。如果可以的話，我還想問一下資本配置的問題，以及你們如何考慮對 Cerro Pasco 擴建項目的投資與償還債務和 Aripuana 項目的持續擴張做出投資決定。我想 Aripuana，您現在預計未來 EBITDA 會為正值。那麼現在這是否為資本回報提供了一些額外的彈性？那麼關於 Cerro Pasco 的決定的時間是什麼時候？

Yes. So very good questions. Aripuana is starting to make some money for the rest of the year. As we were saying, throughput capacity is going to be 80%, 90% of our target. And with the production that we have based on stable recoveries and good quality of concentrates, we will start accumulating cash in Aripuana.

是的。非常好的問題。Aripuana 在今年剩餘的時間裡開始賺錢。正如我們所說，吞吐量將達到我們目標的 80%、90%。憑藉我們基於穩定回收率和優質精礦的生產，我們將開始在 Aripuana 累積現金。

So it will no longer be a cash deficit mine. However, building Aripuana was really difficult because we spent a lot of money in this project and part of that has been translated into a very high gross debt. So part of the capital allocation that we want is that our priority is to reduce this gross debt. We believe that in the second half of this year and starting 2025, we will start bringing more cash flow. And part of that cash flow is going to go to pay down debt, okay?

因此，它將不再是一個現金赤字礦場。然而，建造 Aripuana 確實很困難，因為我們在這個項目上花了很多錢，其中一部分已經轉化為非常高的總債務。因此，我們想要的資本配置的一部分是我們的首要任務是減少總債務。我們相信，從今年下半年到 2025 年，我們將開始帶來更多現金流。部分現金流將用於償還債務，好嗎？

Part is going to go to pay dividends as well because we are a company that pay dividends. It might not be the case this year or probably the first quarter or last year. But long-term, we paid dividends. And then we will invest in growth. Pasco is the most advanced project that we have. Our two operations -- we have two operations there.

部分也將用於支付股息，因為我們是一家支付股息的公司。今年或第一季或去年可能不會出現這種情況。但從長遠來看，我們支付了紅利。然後我們將投資於成長。Pasco 是我們擁有的最先進的項目。我們的兩個業務——我們在那裡有兩個業務。

So it's a no-brainer because, as we said before, there is a lot of potential in the intersection of the two mines and we will unlock potential of Atacocha that today has resources cannot be converted into reserves because we cannot access them. And by using the infrastructure of El Porvenir, we will access that. The CapEx for a -- this is $150 million. We will approve this in the coming months.

所以這是理所當然的，因為正如我們之前所說，兩個礦山的交叉點有很大的潛力，我們將釋放阿塔科查的潛力，今天的資源無法轉化為儲備，因為我們無法獲得它們。透過使用 El Porvenir 的基礎設施，我們將訪問它。資本支出為 1.5 億美元。我們將在未來幾個月內批准這一點。

I'm trying to say that probably before the year-end. And probably the bottleneck here is that the pumping system that we pump tailings from El Porvenir to Atacocha. So we extend life of mine of the dam, yes, is probably the first bottleneck and we will have to approve equipments to buy because the lead times are long.

我想可能在年底前說這句話。這裡的瓶頸可能是我們將尾礦從埃爾波韋尼爾泵送到阿塔科查的泵送系統。因此，我們延長了大壩礦井的壽命，是的，可能是第一個瓶頸，我們必須批准購買設備，因為交貨時間很長。

We will approve that in the last quarter of this year and finishing engineering of the shaft, finishing engineering of these tailings dam facility and advancing with the permits will help us approve on an official basis, this project in the next four months. But the idea is that with this $150 million is going to be fund with our own cash.

我們將在今年最後一個季度批准該項目，完成豎井工程、完成這些尾礦壩設施的工程以及推進許可證將有助於我們在未來四個月內正式批准該項目。但我們的想法是，這 1.5 億美元將由我們自己的現金提供。

We have some possibilities of advancing sales of lead, et cetera, et cetera. We will communicate that. But -- so in summary, bringing down the debt, paying some dividends going forward once the cash flow is accumulated and bring Pasco in the next -- I mean, approve that in the next months. These projects last three -- two to three years, but is the most important project that we have to bring more cash flow later on. So that's more or less where we are today.

我們有一些促進鉛銷售的可能性，等等。我們將就此進行溝通。但是——總而言之，減少債務，一旦現金流積累起來就支付一些股息，並在接下來的幾個月裡將帕斯科帶入——我的意思是，在接下來的幾個月裡批准這一點。這些項目持續三年——兩到三年，但它們是最重要的項目，我們必須在以後帶來更多的現金流。這或多或少就是我們今天的處境。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Good morning, Ignacio, Carlos and Rodrigo. Just maybe following on Cerro Pasco before I ask a question on Aripuana. So just to confirm, the $150 million CapEx that you mentioned is for the entire project or just for the first stage?

早安，伊格納西奧、卡洛斯和羅德里戈。在我問關於阿利普阿納的問題之前，也許先關注帕斯科山。那麼請確認一下，您提到的 1.5 億美元資本支出是用於整個專案還是僅用於第一階段？

Yes.

是的。

Okay. And --

好的。和--

No, no. No, it's the entire project because I can give you color on that, if you want, but please go ahead.

不，不。不，這是整個項目，因為如果您願意，我可以給您顏色，但請繼續。

Yes. Can you talk a little bit about the CapEx for Cerro Pasco integration project in total? And if there are different stages, if you can add color to that and the pace of the disbursement because I think you mentioned that it could take potentially three years to complete the project. So if you can give us a little bit of color on the total CapEx and maybe the pace of disbursements in those three years, that'd be great.

是的。您能談談 Cerro Pasco 整合項目的資本支出總額嗎？如果有不同的階段，如果您可以為其添加色彩和支付速度，因為我認為您提到可能需要三年才能完成該專案。因此，如果您能為我們提供一些關於總資本支出以及這三年的支出速度的信息，那就太好了。

Perfect. So the three years has two components. One is permits because we need a modification of studies for the integration of the two mines. The two mines are now connected, but we will have to connect them at a lower level. It's a 2-kilometer and we will have to extract the mineral from Atacocha through the Porvenir shaft. So that will take time. That takes at least two years. So that is our restriction. The other restriction is the pumping system, no? We have four components in this project.

完美的。所以這三年有兩個組成部分。一是許可證，因為我們需要修改兩個礦山整合的研究。兩個礦井現在已連接，但我們必須在較低的層級將它們連接起來。這條礦井全長 2 公里，我們必須透過波韋尼爾礦井從阿​​塔科查開採礦物。所以需要時間。這至少需要兩年的時間。這就是我們的限制。另一個限制是泵浦系統，不是嗎？我們這個專案有四個組成部分。

The pumping system that pumps tailings from El Porvenir to Atacocha is key. Why? Because El Porvenir tailings dam will finish in three years. So we -- to continue exploiting El Porvenir, we will have to pull the tailings into Atacocha. The engineering of that project takes us to probably $80 million.

將尾礦從埃爾波韋尼爾泵送到阿塔科查的泵送系統是關鍵。為什麼？因為埃爾波韋尼爾尾礦壩將在三年內完工。因此，為了繼續開採 El Porvenir，我們必須將尾礦拉入阿塔科查。該項目的工程費用約為 8000 萬美元。

We are finishing that and we will need to start buying the equipment because they are long lead time. That project itself is $80 million. It's going to probably demand two years, those $80 million. So it's 40-40, '24 and '25, okay? Then we will have to upgrade the shaft.

我們正在完成這項工作，我們將需要開始購買設備，因為它們的交貨時間很長。該項目本身耗資 8000 萬美元。這可能需要兩年的時間，即 8000 萬美元。所以是 40-40、24 和 25，好嗎？那我們就必須升級軸。

The shaft of El Porvenir is a very efficient one. We don't need to upgrade all the shafts. There are some parts that are in good conditions and are very reliable. So we are assessing that. And that might cost between $15 million to $20 million, okay?

El Porvenir 的桿身是一種非常有效率的桿身。我們不需要升級所有的軸。有些零件狀況良好且非常可靠。所以我們正在評估這一點。這可能要花費 1500 萬到 2000 萬美元，好嗎？

Then we have to build a water management plant because close to the tailings that could cost -- in Atacocha, especially that could cost us between $20 million and $25 million. And the rest is the integration. The integration of the two mines, yes. And all the development of the mines to, let's say, extract the mineral is sustaining CapEx that is not considered in this project. So $80 million for the pumping, $20 million for the water management, $15 million, $20 million for the shaft and then the remaining for -- to integrate the two mines.

然後我們必須建造一個水管理廠，因為靠近尾礦可能會造成成本 - 在阿塔科查，尤其是這可能會花費我們 2000 萬至 2500 萬美元。剩下的就是整合了。兩個礦場的整合，是的。比如說，為了開採礦物而進行的所有礦場開發都在維持資本支出，而本計畫並未考慮這一點。因此，8000 萬美元用於抽水，2000 萬美元用於水管理，1500 萬美元，2000 萬美元用於豎井，然後剩下的用於整合兩個礦井。

But there is a lot more CapEx than is sustaining CapEx, okay? So this is more or less -- it's a very straightforward project. And what is the beauty of this -- the NSR of El Porvenir today has an NSR of $100, $110 per tonne, okay? So by extracting Atacocha, the idea is that we extract mineral and that's in resources, so it has a lot of certainty, of $150. So our mix is going to give us a higher NSR.

但資本支出比維持資本支出多得多，好嗎？所以這或多或少是一個非常簡單的項目。這有什麼好處——El Porvenir 的 NSR 今天的 NSR 為每噸 100 美元、110 美元，好嗎？因此，透過提取阿塔科查，我們的想法是提取礦物，這是資源，所以它有很大的確定性，150 美元。所以我們的混合將為我們帶來更高的 NSR。

But the most important part is that in the integration, we have a lot of potential with grades and mineral that the NSR is above $200, okay? We don't have even resources there, it's only potential.

但最重要的是，在整合中，我們的品味和礦物潛力巨大，NSR 超過 200 美元，好嗎？我們那裡甚至沒有資源，只有潛力。

So once we build all these four components and in parallel, and we will communicate that probably next year, we will start drilling this intersection, so we can bring all of these high-grade mineral and change the mine of the plant to have a more positive NAV. This is more or less where we are finishing engineering.

因此，一旦我們並行建造了所有這四個部分，我們將傳達可能明年，我們將開始鑽探這個交叉點，這樣我們就可以帶來所有這些高品位礦物並改變工廠的礦山以擁有更多正資產淨值。這或多或少是我們正在完成工程的地方。

And I guess, towards the end of the year, we will announce probably before the pumping system. And I will say at the beginning of the next year, we will announce all the components of the project and how we're going to treat them. So this is more or less the context of this several Cerro Pasco Complex.

我想，到今年年底，我們可能會在泵浦系統之前宣布。我會說，在明年初，我們將宣布該項目的所有組成部分以及我們將如何對待它們。這或多或少就是這幾個帕斯科山綜合體的背景。

And so the total CapEx is indeed $150 million, right?

那麼總資本支出確實是 1.​​5 億美元，對嗎？

Yes. It's a total CapEx. I mean it might change a little bit probably because of the engineering, but it won't be material. It won't be material.

是的。這是總資本支出。我的意思是，可能由於工程原因，它可能會發生一些變化，但不會是實質的。這不會是物質的。

Right. Okay. And then moving on to Aripuana, sorry. So now that the operation of the mine has graduated to an operating mine, would you start disclosing cost for Aripuana and stop making the adjustment on the EBITDA for the ramp-up expenses?

正確的。好的。然後轉向阿利普阿納，抱歉。那麼既然礦山的營運已經升級為營運礦山，您是否會開始披露 Aripuana 的成本並停止對 EBITDA 進行調整以提高費用？

Yes. That's the idea. That's the idea. We have now moved to an operation and we will need to start disclosing that as well. Yes. That's the way it has to be from now on.

是的。就是這個想法。就是這個想法。我們現在已經開始行動，我們也需要開始揭露這一點。是的。從現在開始就必須如此。

And would that start in the next quarter or until 2025?

是從下個季度開始還是到 2025 年？

No, no, next quarter. The idea is that third quarter, we'll start doing that.

不，不，下個季度。我們的想法是第三季度，我們將開始這樣做。

Okay. Any color that you can -- any advance that you can give us now? Or should we just wait until you report the third quarter?

好的。你可以提供任何顏色——你現在可以給我們任何預付款嗎？或者我們應該等到你報告第三季？

I think we have to wait. I think we have to wait because -- yes, we don't know prices.

我想我們必須等待。我認為我們必須等待，因為——是的，我們不知道價格。

Camilla Barder, Bradesco BBI.

卡米拉·巴德，布拉德斯科 BBI。

Just two quick questions on my side. First, on CapEx. Maybe still early to say, but could you talk about your expectations for CapEx next year? And secondly, your guidance for costs this year unchanged, but it would be great to hear if you could provide some more color on how you see costs evolving through the second semester.

我這邊只有兩個簡單的問題。首先，關於資本支出。也許現在說還為時過早，但您能談談您對明年資本支出的預期嗎？其次，您今年的成本指導沒有變化，但如果您能提供更多關於您對第二學期成本變化的看法，那就太好了。

Camilla, Jose Carlos here. I'm not sure if I heard everything well, but I'll try to give it a shot. The first one was in relation to CapEx for next year, if I heard correctly. We were obviously always looking beyond the current year and we have an expectation of what CapEx should be. We're finalizing or fine-tuning the projects, the numbers of all the different priorities that we have.

卡米拉，何塞卡洛斯在這裡。我不確定我是否聽清楚了所有內容，但我會嘗試一下。如果我沒聽錯的話，第一個與明年的資本支出有關。顯然，我們總是著眼於今年以外的情況，並且我們對資本支出應該是多少有一個預期。我們正在最終確定或微調項目以及我們擁有的所有不同優先事項的數量。

So we don't expect a significant reduction in CapEx. I think it should be somewhere around where we are today for 2024, somewhere between -- in the low [400s]. So I don't expect a significant variation on that. We have a number of projects and investments that we have to make mostly sustaining but things that have to happen in 2025.

因此，我們預計資本支出不會大幅減少。我認為到 2024 年，它應該在我們今天所處的位置附近，介於兩者之間——在低點[400秒]。所以我預計不會有重大變動。我們有許多項目和投資，大部分都必須維持下去，但這些事情必須在 2025 年發生。

Can you please repeat the second question you mentioned? I think it was related to cost, but I don't know if there was a specific question. I just heard cost, but if you could please clarify.

您能重複一下您提到的第二個問題嗎？我認為這與成本有關，但我不知道是否有具體問題。我剛剛聽說了費用，但如果你能澄清一下。

It was cost for the second half.

這是下半年的成本。

Cost for the second half, okay. Sure. As we mentioned in the earnings release, and I think we mentioned in the presentation as well, I mean we feel good about the cost levels that we are having mostly within guidance. So we -- for now, we're keeping our cost guidance and we don't expect that -- we're not expecting right now that we will make a change. Obviously, things can change.

下半年的費用，還可以。當然。正如我們在收益發布中提到的，我想我們在簡報中也提到過，我的意思是我們對大部分在指導範圍內的成本水準感到滿意。所以我們——目前，我們保持我們的成本指導，我們不期望——我們現在不期望我們會做出改變。顯然，事情可能會改變。

But we feel comfortable that we are being able to be within the guidance that we provided, mitigate the impact of inflation that is still there in all of our operations, so always finding ways in which we can compensate for the pressure that we see in some of the inputs and in third-party services. So for now, we're keeping things the way they are and we expect that we will be within the guidance.

但我們感到放心的是，我們能夠在我們提供的指導範圍內，減輕我們所有業務中仍然存在的通貨膨脹的影響，因此我們總是想辦法補償我們在某些​​業務中看到的壓力。第三方服務。因此，目前我們保持現狀，並預期我們將在指導範圍內。

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

Two questions. Sorry, could you just clarify, did you say that we should anticipate CapEx for 2025 around $400 million, mostly sustaining? Did I hear that correct?

兩個問題。抱歉，您能否澄清一下，您是否說過我們應該預期 2025 年的資本支出約為 4 億美元，大部分是可持續的？我沒聽錯吧？

No. What I said was that we shouldn't expect a significant variation from what we have in 2024. And the guidance we have for 2024 is $412 million, so something in that same range.

不。我所說的是，我們不應期望 2024 年的情況會出現重大變化。我們對 2024 年的指導是 4.12 億美元，所以在同一範圍內。

Jose -- I'm sorry, Orest, just to clarify because we -- in this calculation that Jose is mentioning, we consider the CapEx, which our guidance for this year is $311 million, mostly sustaining. We expect this level to be the same next year. The difference for the $400 million because José Carlos is also including the -- some of the expenses that we consider together when evaluating the total CapEx internally here at Nexa.

Jose——我很抱歉，Orest，只是為了澄清一下，因為我們——在 Jose 提到的計算中，我們考慮了資本支出，我們今年的指導為 3.11 億美元，大部分是維持的。我們預計明年這一水平將保持不變。4 億美元的差異是因為 José Carlos 還包括我們在 Nexa 內部評估總資本支出時一起考慮的一些費用。

But in terms of the CapEx, to compare with the guidance for this year, it's $311 million and we expect the level to be the same next year, also considering a scenario which is pretty much what we have right now. But if we approve, say, with the past integration project, we may increase this -- the total CapEx because we're going to include the investment that we have to do in Cerro Pasco next year according to what Ignacio explained.

但就資本支出而言，與今年的指導相比，該數字為 3.11 億美元，我們預計明年的水平將保持不變，同時考慮到我們目前所面臨的情況。但如果我們批准過去的整合項目，我們可能會增加總資本支出，因為根據伊格納西奧的解釋，我們將包括明年必須在塞羅帕斯科進行的投資。

So this $400 million is a combination of the CapEx plus some operational expenses that we have not -- sorry, operational expenditures that we have that internally we consider as CapEx. Just to clarify and make sure that there is no misunderstanding, okay.

因此，這 4 億美元是資本支出加上我們沒有的一些營運支出的組合 - 抱歉，我們內部認為營運支出為資本支出。只是為了澄清並確保沒有誤會，好嗎？

And just secondly, I'm just wondering, we previously heard some discussion about trying to diversify into copper and potentially looking at some copper acquisitions. Is that still on the table from a strategy perspective?

其次，我只是想知道，我們之前聽過一些關於嘗試多元化進入銅業並可能考慮收購一些銅業的討論。從戰略角度來看，這仍然存在嗎？

Yes. Yes, that's on the table. And the reason behind is that we are, let's say, a very competitive company in terms of the underground mining. We believe ourselves -- that one of our competitive advantages is underground mining. And we already have some copper in our portfolio. We have copper in Cerro Lindo and now in Aripuana.

是的。是的，那是在桌子上。背後的原因是，就地下採礦而言，我們是一家非常有競爭力的公司。我們相信自己—我們的競爭優勢之一是地下採礦。我們的投資組合中已經有一些銅。我們在 Cerro Lindo 擁有銅礦，現在在 Aripuana。

So we are looking for projects that are similar to those that have a higher copper content. Why is that? Because we have the advantage of exploiting that type of deposits, but copper is more resilient than zinc for certainty. I mean if you look at the volatility on copper, it's much lower than zinc.

因此，我們正在尋找與銅含量較高的項目類似的項目。這是為什麼？因為我們擁有開採此類礦藏的優勢，但銅的彈性肯定比鋅更強。我的意思是，如果你看看銅的波動性，你會發現它比鋅低得多。

And given our advantage, if we focus more on copper, our cash flow volatility is going to be lower as well. The fundamentals of copper are very important as the -- same as the zinc one. So yes. Yes, the idea is that we bring more copper into our portfolio for the coming years.

鑑於我們的優勢，如果我們更關注銅，我們的現金流波動性也會更低。銅的基本面與鋅的基本面一樣非常重要。所以是的。是的，我們的想法是在未來幾年將更多的銅納入我們的投資組合中。

There are no further questions from the phone. I will now transfer it over to Mr. Rodrigo to read questions from the webcast.

電話裡沒有再提出任何問題。我現在將其轉交給羅德里戈先生閱讀網路廣播中的問題。

Okay. Thank you, operator. We have a couple of questions from the audience in the webcast. So I'm going to start with a question from [Mr. Luis Ordenez]. The question is, do our expectations that higher production levels and metal price would continue in the coming quarters? Ignacio, can you jump in on this one?

好的。謝謝你，接線生。網路廣播中的觀眾向我們提出了幾個問題。所以我將從一個問題開始[先生。路易斯·奧爾德內斯]。問題是，我們對未來幾季產量水準和金屬價格上漲的預期是否會持續？伊格納西奧，你能參與其中嗎？

Yes. What we try to focus is on reliable production, reliable controlling of costs and reliable controlling of CapEx. So I can tell you that we are on track to achieving that for the second half of the year in the guidance that we gave. The levels of EBITDA are influenced by prices.

是的。我們努力關注的是可靠的生產、可靠的成本控制和可靠的資本支出控制。因此，我可以告訴您，根據我們給予的指導，我們預計在今年下半年實現這一目標。EBITDA 水準受價格影響。

Our view is that prices are going to remain similar to those of the second quarter. But volatility is there and we don't know. If prices remain, it might be the case that we might have these current levels of EBITDA, but we don't know that. But what we can confirm is that we are committed to our targets on production costs and CapEx that are the main components of the EBITDA.

我們的觀點是價格將與第二季度保持相似。但波動性確實存在，但我們不知道。如果價格保持不變，我們可能會擁有當前的 EBITDA 水平，但我們不知道這一點。但我們可以確認的是，我們致力於實現生產成本和資本支出目標，這是 EBITDA 的主要組成部分。

Thank you, Ignacio. Following up the question from Luis, we also have another question from Luis. Do you -- does Nexa have a guidance of target or a target for the net leverage? I assume this is by the end of this year.

謝謝你，伊格納西奧。繼路易斯的問題之後，我們還有路易斯的另一個問題。Nexa 有目標指導或淨槓桿目標嗎？我認為這是在今年年底。

Yes. Thank you, Rodrigo, and thank you, Luis, for the question. I will talk in general because we have mentioned this before. We have a conservative approach to this. And obviously, in a mining company that has to go through the different cycles, you are subject to changes in some factors that you don't control.

是的。謝謝羅德里戈，也謝謝路易斯提出的問題。我會籠統地談談，因為我們之前已經提到過這一點。我們對此採取保守的態度。顯然，在一家必須經歷不同周期的礦業公司中，你會受到一些你無法控制的因素的變化。

So you have to take that into consideration. We're setting a target. In the first quarter, we had a high leverage exactly because of that because prices were low. And in the last 12 months, our EBITDA had suffered because of these low prices.

所以你必須考慮到這一點。我們正在設定一個目標。在第一季度，我們的槓桿率很高，正是因為價格低。在過去 12 個月中，我們的 EBITDA 由於價格低廉而受到影響。

As Aripuana starts contributing to our results and we have prices that are more in line with fundamentals, this leverage level is already coming down in a material way. And as Ignacio mentioned, one of our main objectives is to bring down the gross debt in as much as we accumulate cash, we will focus on bringing down the gross debt.

隨著 Aripuana 開始為我們的業績做出貢獻，並且我們的價格更符合基本面，這一槓桿水平已經大幅下降。正如伊格納西奧所提到的，我們的主要目標之一是降低總債務，只要我們累積現金，我們將專注於降低總債務。

So the combination of that will help us continue to reduce our leverage until we bring it down to levels below 1.5 times, which is something that we feel more comfortable with. And if our short to medium-term target is to have it back below 1.5 times.

因此，這兩者的結合將幫助我們繼續降低槓桿率，直到將其降至 1.5 倍以下的水平，這是我們感到更舒適的水平。如果我們的中短期目標是使其回到 1.5 倍以下。

Yes. Those were the questions from the audience. So we are -- operator, we're all set here. I would like to thank you so much and hand over to Ignacio.

是的。這些都是觀眾提出的問題。所以我們——操作員，我們都準備好了。我非常感謝你，並將工作交給伊格納西奧。

Okay. Thank you very much for the time. Again, in this quarter, I just want to reiterate that we are very focused on achieving guidance on production cost, CapEx and trying to start reducing our gross debt. We are very happy with the advances on Aripuana. Aripuana has been a very, very difficult project to get.

好的。非常感謝您抽出時間。再次，在本季度，我只想重申，我們非常注重實現生產成本、資本支出的指導，並努力開始減少我們的總債務。我們對 Aripuana 的進展感到非常高興。Aripuana 是一個非常非常難以取得的專案。

And now we are towards the end of the ramp-up and started making cash flow. Aripuana is a mine that is going to give us very good surprises in the coming years because it's a long-life asset with very good net smelting return.

現在我們已經接近尾聲並開始產生現金流。Aripuana 礦場將在未來幾年為我們帶來非常好的驚喜，因為它是一項長壽命資產，具有非常好的淨冶煉回報。

We are very confident that Pasco is coming in the next three years. So with all of our mines, Pasco Aripuana, Cerro Lindo, and Vazante, the priority is to extend the life of the mine and have stable cash flows going forward given our operational guidance. In the case of the smelters, given the location and given the market that we face, there are stable smelters, even in these difficult situations, we are making money.

我們對帕斯科在未來三年的到來充滿信心。因此，對於我們所有的礦場（Pasco Aripuana、Cerro Lindo 和 Vazante），首要任務是根據我們的營運指導延長礦場的壽命並保持穩定的現金流。就冶煉廠而言，考慮到我們面臨的位置和市場，有穩定的冶煉廠，即使在這些困難的情況下，我們也在賺錢。

So the idea is to keep that going forward. Thank you very much, and we will speak to you soon in the next three months. Have a good day.

所以我們的想法是讓這種情況繼續下去。非常感謝您，我們將在接下來的三個月內與您聯繫。祝你有美好的一天。

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。