力拓 (RIO) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Rio Tinto Full Year 2020 Results Conference Call. (Operator Instructions) I must advise you that this conference is being recorded today.

女士們，先生們，感謝你們的支持，歡迎參加力拓 2020 年全年業績電話會議。 （操作員說明）我必須告訴您，今天正在錄製這次會議。

I would now like to hand the conference over to your speaker today, Mr. Menno Sanderse. Please go ahead.

我現在想把今天的會議交給你的發言人，Menno Sanderse 先生。請繼續。

Thank you, Alice. So good morning and good evening, everybody, and welcome to our 2020 full year results presentation. Due to ongoing restrictions as a result of the COVID pandemic, we are holding this presentation virtually.

謝謝你，愛麗絲。大家早上好，晚上好，歡迎來到我們的 2020 年全年業績發布會。由於 COVID 大流行導致的持續限制，我們以虛擬方式舉行此演示文稿。

As usual, there will be time at the end of the presentation for Q&A with Jakob, Peter and our Chairman, Simon Thompson.

像往常一樣，演講結束時將有時間與 Jakob、Peter 和我們的主席 Simon Thompson 進行問答。

Now I would like to take a few seconds to point you -- to draw your attention to the cautionary statement on Slide 2, which contains important information on the basis of which this presentation has been prepared.

現在我想花幾秒鐘時間向您指出——請您注意幻燈片 2 上的警示性聲明，其中包含準備本演示文稿的重要信息。

With that done, please let me hand over to Jakob and Peter. Jakob?

完成後，請讓我交給 Jakob 和 Peter。雅各布？

Good morning and good evening from Perth. I would like to first acknowledge the Traditional Owners of the land where I'm presenting from today, the Whadjuk Noongar people. I would also like to acknowledge and pay my respects to all Traditional Owners and indigenous people that host Rio Tinto operations around the world.

來自珀斯的早安和晚安。我想首先感謝我今天介紹的這片土地的傳統所有者，即 Whadjuk Noongar 人。我還要向在世界各地主持力拓業務的所有傳統所有者和原住民表示感謝和敬意。

2020 was, for Rio Tinto, a year of extremes, a year when each one of us have faced challenges on a personal and professional level. For Rio, not only did we have to learn to live with a global pandemic, but the events at Juukan Gorge was a terrible chapter in Rio Tinto's history. Today, let me reiterate. The rock shelters at Juukan should never have been touched. We should have dealt with the situation better. It was a dark day for Rio Tinto, for all our employees and for me personally. It rightly caused considerable damage to many of our relationships, but in particular, with the Puutu Kunti Kurrama and Pinikura people, PKKP, for whom it was a devastating breach of trust.

對於力拓來說，2020 年是極端的一年，我們每個人都在個人和專業層面面臨挑戰。對於力拓來說，我們不僅要學會應對全球流行病，而且 Juukan Gorge 發生的事件是力拓歷史上可怕的一章。今天，讓我重申一下。 Juukan 的岩石避難所不應該被觸及。我們應該更好地處理這種情況。對於力拓、我們所有的員工和我個人來說，這是黑暗的一天。它正確地對我們的許多關係造成了相當大的損害，但特別是與 Puutu Kunti Kurrama 和 Pinikura 人 PKKP 的關係，對他們來說，這是一次毀滅性的信任破壞。

Earlier this week, I visited Juukan Gorge with the Puutu Kunti Kurrama, PKK, elders and personally expressed my deep regret for the damage we caused. I witnessed firsthand the pain we had inflicted. It was a confronting experience and had a profound impact on me. I will never forget my visit to Juukan Gorge. I will never forget the hospitality of the Puutu Kunti Kurrama elders who hosted me and demonstrated a commitment to rebuild our partnership.

本週早些時候，我與 Puutu Kunti Kurrama、PKK、長老一起參觀了 Juukan 峽谷，並親自對我們造成的損害深表遺憾。我親眼目睹了我們所造成的痛苦。這是一次面對面的經歷，對我產生了深遠的影響。我永遠不會忘記我對 Juukan Gorge 的訪問。我永遠不會忘記接待我的 Puutu Kunti Kurrama 長老們的熱情好客，他們表現出重建我們夥伴關係的承諾。

The work we have to do at Juukan is beyond remediation at the site. I'm convinced that we must not only remediate the site but work in partnership with Traditional Owners on the development of our business for a shared future. It underlined that we must earn the right to become a trusted partner once more for Traditional Owners, indigenous people, host communities, governments and other stakeholders. It is going to take time and great effort, but you have my assurance, this remains a key priority for the Board and the executive team.

我們必須在 Juukan 做的工作超出了現場的補救措施。我深信，我們不僅要修復場地，還要與傳統業主合作，共同發展我們的業務，以實現共同的未來。它強調我們必須再次贏得成為傳統所有者、土著人民、東道社區、政府和其他利益相關者值得信賴的合作夥伴的權利。這將需要時間和巨大的努力，但我保證，這仍然是董事會和執行團隊的關鍵優先事項。

Turning to our 2020 operational performance. I want to thank and congratulate all employees on their agility, resilience and innovation, which enabled the business to manage the challenges of COVID-19. I'm very proud of how we adapted to the challenges thrown at us. The way we completely overhauled our fly-in, fly-out roster arrangements to keep our iron ore business in the Pilbara on track is just one example.

談到我們 2020 年的運營業績。我要感謝並祝賀所有員工的敏捷性、復原力和創新能力，這使企業能夠應對 COVID-19 的挑戰。我為我們如何適應擺在我們身上的挑戰而感到自豪。我們徹底改革了飛入、飛出名冊安排以保持我們在皮爾巴拉的鐵礦石業務走上正軌的方式只是一個例子。

In general, we were able to continue all our activities in a safe manner. As a result, we performed strongly. We continued to prioritize safety, and in 2020, we again achieved a fatality-free year. Nothing is more important than operating safely, and we will remain focused on safety every single shift, every single day.

總的來說，我們能夠以安全的方式繼續我們的所有活動。結果，我們表現強勁。我們繼續把安全放在首位，在 2020 年，我們再次實現了零死亡的一年。沒有什麼比安全運營更重要的了，我們將在每一個班次、每一天都專注於安全。

Turning to our financial performance. We achieved underlying EBITDA of $23.9 billion and a return on capital employed of 27%. We generated free cash flow of $9.4 billion. This was after paying $7.8 billion in taxes and royalties and investing $6.2 billion in growth and sustaining CapEx. From this, we returned $6.3 billion to our shareholders. And we did this against an extremely challenging economic backdrop as governments and businesses everywhere adapted to cope with the pandemic.

轉向我們的財務業績。我們實現了 239 億美元的基本 EBITDA 和 27% 的資本回報率。我們產生了 94 億美元的自由現金流。這是在支付 78 億美元的稅收和特許權使用費以及投資 62 億美元用於增長和維持資本支出之後。由此，我們向股東返還了 63 億美元。我們是在極具挑戰性的經濟背景下做到這一點的，因為各地的政府和企業都在適應這一流行病。

The main driver for Rio Tinto and the mining industry remains China. After some initial weaknesses in the early part of 2020, the Chinese economy has performed strongly, benefiting from targeted stimulus. This underpins strong commodity prices, particularly for iron ore.

力拓和採礦業的主要推動力仍然是中國。在經歷了 2020 年初的一些初步疲軟之後，中國經濟表現強勁，受益於有針對性的刺激措施。這支撐了強勁的大宗商品價格，尤其是鐵礦石價格。

As a company, we also benefited from our host governments recognizing mining as an essential business and allowing us to continue operating and delivering products to our customers. This meant people remained employed, suppliers had our business and taxes and royalties continued to be paid.

作為一家公司，我們還受益於東道國政府承認採礦是一項必不可少的業務，並允許我們繼續運營並向我們的客戶提供產品。這意味著人們仍然有工作，供應商有我們的業務，稅收和特許權使用費繼續支付。

Our balance sheet remains very strong, with net debt of less than $1 billion at year-end. This enabled us to declare a total dividend of $9 billion, representing a 72% payout ratios. This exceeds our policy and is in line with our practice during the last 5 years.

我們的資產負債表仍然非常強勁，年底的淨債務不到 10 億美元。這使我們能夠宣布總股息為 90 億美元，派息率為 72%。這超出了我們的政策，符合我們過去 5 年的做法。

During 2020, we also made further progress in addressing climate change. Mining and the products we produce are vital in the transition to a low-carbon economy, and Rio Tinto will be at the forefront. To underline our commitment, we have today set our first scope 3 goals. This builds on our existing climate commitments. We made genuine progress across a number of areas in 2020 and have a strong foundation to build on. But as I said earlier, we also need to improve in some areas.

2020年，我們在應對氣候變化方面也取得了進一步的進展。礦業和我們生產的產品對於向低碳經濟轉型至關重要，而力拓將走在前列。為了強調我們的承諾，我們今天設定了第一個範圍 3 目標。這建立在我們現有的氣候承諾之上。 2020 年，我們在多個領域取得了真正的進展，並擁有堅實的基礎。但正如我之前所說，我們還需要在某些方面進行改進。

I'll set out how in a moment but let me first hand over to Peter to run through the performance in more detail.

稍後我將說明如何，但讓我先讓彼得更詳細地介紹表演。

Thank you, Jakob. Good morning and good afternoon, everyone. I'm honored to be here as interim CFO. I've worked at Rio for the past 27 years across a number of roles, including Group Controller, Head of Health, Safety, Environment and Communities and Head of Investor Relations.

謝謝你，雅各布。大家早上好，下午好。我很榮幸擔任臨時首席財務官。在過去的 27 年裡，我在 Rio 擔任過多個職位，包括集團財務總監、健康、安全、環境和社區負責人以及投資者關係負責人。

Let me first turn to the market, starting with iron ore. Overall, global steel production fell by 1% in 2020. While China lifted its output to a new record of just over 1 billion tonnes, we witnessed a 9% decline in the rest of the world. This gave rise to solid growth in China's demand for seaborne iron ore which was exacerbated by disruption to the scrap market from the pandemic.

讓我先談談市場，從鐵礦石開始。總體而言，2020 年全球鋼鐵產量下降了 1%。雖然中國將產量提高到略高於 10 億噸的新紀錄，但我們看到世界其他地區下降了 9%。這導致中國對海運鐵礦石的需求穩健增長，而大流行對廢鋼市場的破壞加劇了這種需求。

At the same time, severe weather events constrained supply, although cumulative shipments from the majors actually increased by 2% or 25 million tonnes. Chinese domestic iron ore supply also expanded by just over 7% to around 290 million tonnes to meet the record demand. These factors led to a 17% increase in the delivered price of iron ore in 2020. And this has been sustained so far this year.

與此同時，惡劣的天氣事件限制了供應，儘管主要的累計出貨量實際上增加了 2% 或 2500 萬噸。中國國內鐵礦石供應量也增長了略高於 7%，達到約 2.9 億噸，以滿足創紀錄的需求。這些因素導致 2020 年鐵礦石交付價格上漲 17%，並且這一趨勢今年一直持續。

Turning to Slide 7. While our iron ore business has benefited from robust demand and resilient prices, other commodities have seen more volatility. But we did see a marked recovery in the second half of the year. Demand for primary aluminum declined by about 3% in 2020. COVID-19 severely impacted consumption, although with notable differences in regional recovery rates. This was gradual in the West, while China's was V-shaped, driving up prices in the second half.

轉到幻燈片 7。雖然我們的鐵礦石業務受益於強勁的需求和堅韌的價格，但其他商品的波動性更大。但我們確實在下半年看到了明顯的複蘇。 2020 年對原鋁的需求下降了約 3%。COVID-19 嚴重影響了消費，儘管區域回收率存在顯著差異。這在西方是漸進的，而中國是V形的，在下半年推高了價格。

The copper price fell to a low of USD 2.09 per pound in March, again due to COVID-19. The rebound was led once more by recovering Chinese demand, supply tightness and declining inventories. Prices reached a 7-year high of USD 3.61 per pound in December, chased up by net-long investor positions of around 2 million tonnes. Less than 12 months ago, these had been over 1.1 million tonnes net short. Underlying demand for titanium dioxide pigment fell sharply in the second quarter, leading to a deterioration of feedstock demand by the middle of the year. However, structural factors remain favorable for high-grade titanium dioxide feedstock and zircon supply.

由於 COVID-19，銅價在 3 月份跌至每磅 2.09 美元的低點。中國需求復蘇、供應緊張和庫存下降再次引領了反彈。價格在 12 月達到每磅 3.61 美元的 7 年高位，受到約 200 萬噸淨多頭頭寸的追捧。不到 12 個月前，這些淨空頭已超過 110 萬噸。二季度鈦白粉的潛在需求急劇下降，導致年中原料需求惡化。然而，結構性因素仍然有利於高品位二氧化鈦原料和鋯石供應。

Now on to our financial results for 2020, summarized on Slide 8. As Jakob already mentioned, we've announced a very resilient set of financials against the backdrop of unprecedented conditions stemming from the pandemic.

現在來看我們在幻燈片 8 中總結的 2020 年財務業績。正如 Jakob 已經提到的，在大流行引發的前所未有的情況下，我們宣布了一組非常有彈性的財務業績。

Starting with revenue. The 3% increase in revenue was mostly driven by price, in particular iron ore. Profitability increased further, lifting return on capital employed to 27% and underlying earnings to $12.4 billion. Net earnings reflect excluded items of $2.7 billion, most notably exchange losses and impairments in Aluminium and Diamonds. We've further strengthened our balance sheet with net debt of $700 million at year-end. The Board was, therefore, able to declare total dividends per share for the year of USD 5.57.

從收入開始。收入增長 3% 主要受價格推動，尤其是鐵礦石。盈利能力進一步提高，使所用資本回報率提高至 27%，基本收益提高至 124 億美元。淨收益反映了 27 億美元的排除項目，最顯著的是鋁和鑽石的匯兌損失和減值。我們進一步加強了資產負債表，年底淨債務為 7 億美元。因此，董事會能夠宣布年度每股股息總額為 5.57 美元。

Let's now take a closer look at underlying EBITDA and cash flow. As you can see on Slide 9, the biggest driver in 2020 was commodity prices. These boosted EBITDA by $3.4 billion in aggregate, nearly all of which was iron ore. Lower volumes were mainly from a reduction in gold grades at Oyu Tolgoi and reduced refined copper sales at Kennecott due to smelter maintenance. We also saw lower sales of value-added aluminum and titanium dioxide feedstock, both driven by market conditions.

現在讓我們仔細看看基本的 EBITDA 和現金流。正如您在幻燈片 9 中看到的那樣，2020 年最大的推動力是商品價格。這些使 EBITDA 總計增加了 34 億美元，幾乎所有這些都是鐵礦石。銷量下降主要是由於 Oyu Tolgoi 的黃金品位下降，以及由於冶煉廠維護導致 Kennecott 精煉銅銷售減少。我們還看到增值鋁和二氧化鈦原料的銷售下降，這兩者都受到市場狀況的推動。

Despite disruptions to operations and markets caused by COVID, our operational performance was strong, and we delivered production broadly in line with guidance. Our focus on cost control and productivity improvements continued throughout the year. Lower energy costs increased underlying EBITDA by $500 million, mainly from lower diesel prices and reduced coal prices for 2 of our PacAl smelters.

儘管 COVID 對運營和市場造成了乾擾，但我們的運營業績依然強勁，並且我們的生產大體上符合指導方針。我們全年持續關注成本控制和生產力改進。較低的能源成本使基本 EBITDA 增加了 5 億美元，主要是由於柴油價格下降和我們 2 家 PacAl 冶煉廠的煤炭價格下降。

We also benefited from continued respite on cost inflation for certain raw materials for our Aluminium business. However, this was outweighed by other cost pressures, notably fixed cost inefficiencies in our Copper business from the lower volumes. Overall, our higher unit cash costs, excluding energy and inflation, reduced underlying EBITDA by $450 million.

我們還受益於我們鋁業務的某些原材料成本持續上漲。然而，這被其他成本壓力所抵消，特別是我們的銅業務因產量下降而導致的固定成本效率低下。總體而言，我們較高的單位現金成本（不包括能源和通貨膨脹）使基本 EBITDA 減少了 4.5 億美元。

In addition, we incurred around $300 million of costs associated with tackling COVID-19 across our operations which we have included in Other. So all in all, a stable performance with EBITDA of $24 billion, up 13% on 2019.

此外，我們在我們的業務中產生了約 3 億美元與應對 COVID-19 相關的成本，這些成本已包含在“其他”中。總而言之，EBITDA 為 240 億美元，比 2019 年增長 13%，表現穩定。

Turning to Slide 10. In 2020, we further improved our return on invested capital to 27%. Our industry-leading profitability is an ongoing feature of our performance. For 19 of the past 20 years, we've delivered double-digit return on invested capital.

轉到幻燈片 10。2020 年，我們進一步將投資資本回報率提高到 27%。我們行業領先的盈利能力是我們業績的一個持續特徵。在過去 20 年中的 19 年中，我們實現了兩位數的投資資本回報。

Most importantly, as shown on Slide 11, we have a business model that turns earnings into cash. Ever since we amended our capital allocation framework back in 2013, we've delivered strong and stable free cash flow, averaging $6.8 billion over the last 8 years. And we did it again in 2020, generating $9.4 billion of free cash flow.

最重要的是，如幻燈片 11 所示，我們擁有將收益轉化為現金的商業模式。自從我們在 2013 年修改資本分配框架以來，我們已經提供了強勁而穩定的自由現金流，在過去 8 年中平均達到 68 億美元。我們在 2020 年再次做到了這一點，產生了 94 億美元的自由現金流。

Let's now take a closer look at our product groups, starting with iron ore. Before talking about our iron ore performance, I would like to echo Jakob's words about the deep regret we feel about the tragic events at Juukan Gorge. We've reassessed all our activities that have the potential to impact heritage sites. We'll continue to review mine plans to ensure protection of sites of exceptional cultural value and we've increased monitoring of operating activities. We've also integrated heritage management into our mining operations so that our iron ore business now has primary responsibility for communities and social performance. Jakob will come back to this.

現在讓我們仔細看看我們的產品組，從鐵礦石開始。在談論我們的鐵礦石業績之前，我想附和雅各布的話，我們對 Juukan Gorge 的悲慘事件深感遺憾。我們重新評估了我們所有可能影響遺產地的活動。我們將繼續審查礦山計劃，以確保保護具有特殊文化價值的遺址，並加強對運營活動的監控。我們還將遺產管理整合到我們的採礦業務中，因此我們的鐵礦石業務現在對社區和社會績效負有主要責任。雅各布將回到這一點。

In 2020, we increased our iron ore shipments by 1% and production by 2%. Improvements to our mine and asset health supported record total material moved, a solid performance considering weather disruption and strict measures to manage COVID-19. These COVID-19 procedures are now business as usual for us.

2020 年，我們的鐵礦石出貨量增加了 1%，產量增加了 2%。我們的礦山和資產健康狀況的改善支持了創紀錄的總材料移動，考慮到天氣乾擾和管理 COVID-19 的嚴格措施，表現穩健。這些 COVID-19 程序現在對我們來說一切正常。

This translated into underlying EBITDA of $18.8 billion, which was 17% higher than 2019. We did experience a rise in unit costs, and I'll unpack that later.

這轉化為 188 億美元的基本 EBITDA，比 2019 年高出 17%。我們確實經歷了單位成本的上升，我稍後會解開這一點。

Free cash flow of $10.2 billion was up 7% and included a near 70% increase in capital spend. This was mainly related to increased construction activity at Gudai-Darri, our new 43-million-tonne-per-year hub, which is due to ramp up in 2022.

102 億美元的自由現金流增長了 7%，其中包括近 70% 的資本支出增長。這主要與我們每年 4,300 萬噸的新樞紐 Gudai-Darri 的建設活動增加有關，該樞紐將於 2022 年增加。

2021 is set to be a key year as we tie in approximately 90 million tonnes of replacement mine capacity at our existing hubs in Robe Valley, West Angelas and Western Turner Syncline as well as Gudai-Darri. Our shipment guidance for 2021 takes into account the risks associated with this.

2021 年將是關鍵的一年，因為我們在 Robe Valley、West Angelas 和 Western Turner Syncline 以及 Gudai-Darri 的現有樞紐將新增約 9000 萬噸礦山產能。我們的 2021 年裝運指南考慮了與此相關的風險。

Let me now turn to look at our iron ore unit cash costs on Slide 13. Since 2015, these have been stable at between $13 and $15 a tonne. In 2020, we came in just above that at $15.40. Two factors account for the increment. COVID-19 costs were $0.60 per tonne due to controls we put in place to keep our people safe, such as additional cleaning and flights, screening and roster changes. We also experienced a higher monthly volatility in the iron ore price and a sharp appreciation in the Australian dollar at year-end. This triggered exchange effects, including losses on U.S. dollars receivables booked in our Australian-dollar entities. Importantly, our underlying cost performance was flat year-on-year.

現在讓我看看幻燈片 13 上我們的鐵礦石單位現金成本。自 2015 年以來，這些成本一直穩定在每噸 13 至 15 美元之間。 2020 年，我們的收入略高於 15.40 美元。兩個因素解釋了增量。由於我們為確保員工安全而採取的控制措施，例如額外的清潔和航班、篩查和名冊變更，因此 COVID-19 成本為每噸 0.60 美元。我們還經歷了鐵礦石價格的更高月度波動和年底澳元的大幅升值。這引發了匯率影響，包括以我們的澳元實體記賬的美元應收賬款的損失。重要的是，我們的基本成本表現與去年同期持平。

In 2021, we see unit cash costs rise to just over $17 a tonne, at the midpoint of our guidance. The biggest single effect is currency. For many years, we've benefited from a relatively weak Australian dollar but this has now reversed. We're assuming an exchange rate of $0.77, which adds about $1.60 or 12% to unit costs.

到 2021 年，我們預計單位現金成本將升至每噸略高於 17 美元，處於我們指導值的中點。最大的單一影響是貨幣。多年來，我們一直受益於相對疲軟的澳元，但現在情況發生了逆轉。我們假設匯率為 0.77 美元，這會使單位成本增加約 1.60 美元或 12%。

As I just mentioned, 2021 is an important year for the new replacement mines in Gudai-Darri. Commissioning costs with as yet limited production give rise to an extra $0.50 per tonne. Additional study costs for the next wave of replacement mines, including Gudai-Darri phase 2 and Western Range, along with other resource development costs add a further $0.30. And finally, other items such as underlying inflation and higher fuel, partially offset by efficiencies, add $0.40.

正如我剛才提到的，2021 年對於 Gudai-Darri 的新替代礦山來說是重要的一年。由於產量有限，調試成本增加了每噸 0.50 美元。下一波替代礦山的額外研究成本，包括 Gudai-Darri 2 期和 Western Range，以及其他資源開發成本進一步增加了 0.30 美元。最後，其他項目，如潛在通貨膨脹和更高的燃料，部分被效率所抵消，增加了 0.40 美元。

While we have not provided specific cost guidance beyond 2021, we will be entering 2022 in much better shape. There will be an impact from our continuing brownfield developments, which will include some longer hauls and steeper inclines. But these will be offset by the benefits from increased production capabilities at Gudai-Darri and the other replacement mines if market demand is there. We can also see further efficiency improvements from automation, including better use of our data.

雖然我們沒有提供 2021 年之後的具體成本指導，但我們將以更好的狀態進入 2022 年。我們持續的棕地開發將產生影響，其中包括一些更長的運輸和更陡峭的斜坡。但如果有市場需求，這些將被 Gudai-Darri 和其他替代礦山提高生產能力所帶來的好處所抵消。我們還可以看到自動化進一步提高效率，包括更好地利用我們的數據。

Moving on to Aluminium on Slide 14. Our financials demonstrate that this is the best-integrated aluminum business globally. Production was stable despite COVID-related impacts on our operations and also on our markets, which gave rise to lower sales prices and reduced demand for value-added product.

在幻燈片 14 上繼續討論鋁業。我們的財務數據表明，這是全球整合程度最高的鋁業企業。儘管 COVID 對我們的運營和市場產生了相關影響，但生產仍保持穩定，這導致銷售價格下降和對增值產品的需求減少。

Our focus on operational stability and cash flow generation, along with lower input pricing, enabled us to deliver a solid underlying EBITDA, just 6% lower, and $1.9 billion in operating cash flow. The 3% return on capital employed reflects the toughest market for the industry since 2015. Despite this, we actually increased free cash flow by 9% to $900 million. And profitability improved substantially in the fourth quarter, which augurs well for a better ROCE in 2021.

我們對運營穩定性和現金流生成的關注，以及較低的投入定價，使我們能夠提供堅實的基礎 EBITDA，僅降低 6%，運營現金流為 19 億美元。 3% 的資本回報率反映了該行業自 2015 年以來最艱難的市場。儘管如此，我們實際上將自由現金流增加了 9%，達到 9 億美元。第四季度盈利能力大幅提高，這預示著 2021 年 ROCE 會更好。

We continue to take action to address less competitive assets. On that front, we were very pleased to make 2 recent announcements. Last month, we reached agreement on a new electricity supply from Meridian Energy, which allows us to continue operating the Tiwai Point smelter in New Zealand until December 2024. And just this week, we reached an amended power agreement in Iceland that will allow ISAL to continue operating with an improved competitive position.

我們繼續採取行動解決競爭力較弱的資產。在這方面，我們很高興最近發布了 2 個公告。上個月，我們就 Meridian Energy 的新電力供應達成協議，這使我們能夠在 2024 年 12 月之前繼續運營新西蘭的 Tiwai Point 冶煉廠。就在本週，我們在冰島達成了一項經修訂的電力協議，這將使 ISAL 能夠繼續以更高的競爭地位運營。

Let's now take a look at our Copper & Diamonds group on Slide 15. 2020 started with weak market conditions, COVID-19 restrictions and a 5.7-magnitude earthquake in Utah. We also experienced delays in restarting the Kennecott smelter following a planned shutdown and a temporary reduction in grades at both Kennecott and Oyu Tolgoi. However, a strong recovery in the copper price and fully operational smelter by October, coupled with very tight cost control, led to a 5% increase in EBITDA to $2.2 billion, with margins ramping up to 47%.

現在讓我們看看幻燈片 15 上的銅和鑽石組。2020 年開始時市場條件疲軟、COVID-19 限制和猶他州發生 5.7 級地震。在肯尼科特冶煉廠計劃停產以及肯尼科特和奧尤陶勒蓋的品位暫時降低之後，我們還經歷了重新啟動肯尼科特冶煉廠的延誤。然而，銅價強勁回升，冶煉廠在 10 月份全面投產，再加上非常嚴格的成本控制，導致 EBITDA 增長 5% 至 22 億美元，利潤率上升至 47%。

The $600 million negative free cash flow reflected lower dividends from Escondida and a sustained level of investment of $1.7 billion. This mainly related to the Oyu Tolgoi underground project where we made significant progress, ending the year with a definitive estimate for Panel 0, in line with the ranges we first announced in July 2019.

6 億美元的負自由現金流反映了 Escondida 較低的股息和 17 億美元的持續投資水平。這主要與 Oyu Tolgoi 地下項目有關，我們在該項目中取得了重大進展，年底對 Panel 0 做出了明確估計，與我們在 2019 年 7 月首次宣布的範圍一致。

We were also careful not to slow any of our other projects, such as the south wall pushback at Kennecott. This sets us up well for 2021 as we gradually access higher grade. Jakob will talk more about OT shortly.

我們還小心翼翼地不放慢我們的任何其他項目，例如肯尼科特的南牆後推。隨著我們逐漸獲得更高的成績，這為我們在 2021 年做好了準備。 Jakob 稍後將更多地談論 OT。

Turning now to Energy & Minerals on Slide 16. The business was flexible and resilient from an operational perspective, while fully complying with significant COVID restrictions in the U.S., Canada and South Africa.

現在轉向幻燈片 16 上的能源和礦產。從運營角度來看，該業務具有靈活性和彈性，同時完全遵守美國、加拿大和南非的重大 COVID 限制。

At the Iron Ore Company of Canada, we took advantage of stronger market conditions in Asia in the first half of the year and switched our product mix, prioritizing concentrate over pellets and then returned to higher pellet production as European demand recovered.

在加拿大的鐵礦石公司，我們利用今年上半年亞洲更強勁的市場條件，改變了我們的產品組合，將精礦優先於球團礦，然後隨著歐洲需求的複蘇恢復到更高的球團產量。

Underlying EBITDA of $1.6 billion was 7% lower, with IOC shipping 8% higher volumes and benefiting from stronger prices, while Minerals was impacted by the COVID-19 restrictions and weaker market conditions.

基礎 EBITDA 為 16 億美元，下降 7%，IOC 的出貨量增加 8%，並受益於價格走強，而 Minerals 則受到 COVID-19 限制和疲軟市場條件的影響。

We progressed our evaluation projects with $200 million of funding approved for the Jadar lithium-borate feasibility study, which we expect to complete by the end of this year. Despite these challenges, Energy & Minerals recorded a very respectable 12% return on capital employed.

我們通過為 Jadar 硼酸鋰可行性研究批准的 2 億美元資金推進了我們的評估項目，我們預計該研究將在今年年底前完成。儘管存在這些挑戰，Energy & Minerals 錄得非常可觀的 12% 的資本回報率。

Now there is one thing that will not change at Rio Tinto, and that is our capital allocation framework, as shown on Slide 17. You will have seen this slide many times before, but it's important to point out we remain fully committed to it.

現在，力拓有一件事不會改變，那就是我們的資本分配框架，如幻燈片 17 所示。您之前可能已經多次看過這張幻燈片，但重要的是要指出我們仍然完全致力於它。

Sustaining capital is a priority, followed by the ordinary dividend. We then allocate between the balance sheet, replacement and growth opportunities and additional shareholder returns. We're convinced that growth has to be about value generation and returns for our shareholders. It is not about volume. It is about building sustainable cash flow.

維持資本是重中之重，其次是普通股息。然後，我們在資產負債表、替代和增長機會以及額外的股東回報之間進行分配。我們堅信，增長必須是為我們的股東創造價值和回報。這與音量無關。這是關於建立可持續的現金流。

Over the past few years, we have consistently talked about a disciplined ramp-up of our capital investments. This is exactly what we're doing. Slide 18 shows 2020 CapEx at $6.2 billion, 13% higher. COVID restrictions did slow the pace of spend in the first half. But while Zulti South remains on full suspension, we have not had to cancel any projects. We now expect to invest around $7.5 billion this year and next year, bringing the spend for 2020 to 2022 to around $21 billion, a $1 billion increase. This increase is totally related to currency effects. Around half of our CapEx is Australian dollar-denominated, and our guidance is based upon an exchange rate of $0.77 versus $0.68 when we first provided guidance in October 2019. We introduce 2023 guidance for the first time at $7.5 billion. This includes a substantial amount for yet-to-be-approved projects.

在過去的幾年裡，我們一直在談論有紀律地增加我們的資本投資。這正是我們正在做的。幻燈片 18 顯示 2020 年資本支出為 62 億美元，增長 13%。 COVID限制確實減緩了上半年的支出步伐。但是，儘管 Zulti South 仍處於完全暫停狀態，但我們不必取消任何項目。我們現在預計今年和明年將投資約 75 億美元，使 2020 年至 2022 年的支出達到約 210 億美元，增加 10 億美元。這種增長與貨幣效應完全相關。我們大約一半的資本支出以澳元計價，我們的指導基於 0.77 美元的匯率，而我們在 2019 年 10 月首次提供指導時為 0.68 美元。我們首次推出 2023 年指導，為 75 億美元。這包括大量尚未批准的項目。

As shown on Slide 19, our balance sheet remains very strong. Net debt dropped further to just $700 million or $1.5 billion on a pro forma basis when you include 2020 taxes paid in arrears.

如幻燈片 19 所示，我們的資產負債表仍然非常強勁。如果將 2020 年拖欠的稅款包括在內，淨債務進一步下降至僅 7 億美元或 15 億美元。

We also have high liquidity of over $20 billion and a long-dated finance portfolio with average maturity of liabilities of around 9 years. During uncertain times, our balance sheet strength ensures we're able to continue to invest in the business to provide superior returns to our shareholders and create optionality.

我們還擁有超過 200 億美元的高流動性和平均負債期限約為 9 年的長期融資組合。在不確定的時期，我們的資產負債表實力確保我們能夠繼續投資於業務，為我們的股東提供卓越的回報並創造選擇權。

Now on to shareholder returns on Slide 20. Our policy, which dates back to 2016, is to pay out 40% to 60% of underlying earnings on average through the cycle. Acknowledging the cyclical nature of our industry, the Board supplements the ordinary dividend with additional returns to shareholders in periods of strong earnings and cash generation.

現在談談幻燈片 20 的股東回報。我們的政策可以追溯到 2016 年，是在整個週期內平均支付 40% 到 60% 的基本收益。鑑於我們行業的周期性，董事會在盈利和現金產生強勁時期為股東提供額外回報，以補充普通股息。

As you can see from this chart, over the last 5 years, we have consistently exceeded our policy with an average payout ratio of around 73%. 2020 was no exception. Today, we announced a final ordinary dividend of $5 billion and a $1.5 billion special dividend, bringing the total payout ratio to 72%.

從這張圖表可以看出，在過去的 5 年中，我們始終以 73% 左右的平均支付率超過我們的保單。 2020年也不例外。今天，我們宣布派發 50 億美元的末期普通股息和 15 億美元的特別股息，使總派息率達到 72%。

On that note, I'll pass back to Jakob.

關於這一點，我將轉回給 Jakob。

Thanks, Peter. I think you very effectively demonstrated many of Rio's core strengths. Our foundation is fundamentally strong but there's also room for improvement.

謝謝，彼得。我認為你非常有效地展示了里約的許多核心優勢。我們的基礎基本穩固，但也有改進的餘地。

Our 2020 safety performance is the strongest in our 150 years' history. Safety must remain our first priority. One accident, however minor, is one too many.

我們 2020 年的安全表現是我們 150 年曆史上最強的。安全必須始終是我們的首要任務。一場事故，無論多麼輕微，都是太多了。

Our people and our world-class assets continue to deliver strong free cash flow, resilient in almost all market conditions. And when it comes to allocating cash, as Peter said, we are absolutely committed to maintaining the discipline that you've come to expect from Rio Tinto.

我們的員工和我們的世界級資產繼續提供強勁的自由現金流，在幾乎所有市場條件下都具有彈性。正如彼得所說，在分配現金方面，我們絕對致力於維護您對力拓所期望的紀律。

These qualities are, in my view, at the core of Rio Tinto's strong performance and must be maintained. In fact, we should build upon our strengths while also addressing the clear opportunities we have to do even better.

在我看來，這些品質是力拓強勁表現的核心，必須保持下去。事實上，我們應該在發揮我們的優勢的同時，抓住我們必須做得更好的明顯機會。

We will pursue this by focusing on 4 areas. Firstly, simply put: Rio Tinto must be the best operator. Our 2020 results demonstrate our operational strengths and improvements, especially with the additional challenges of COVID-19. But we can further sharpen the consistency of our performance. More than anything, this is about leadership and empowerment.

我們將通過關注 4 個領域來實現這一目標。首先，簡單地說：力拓一定是最好的運營商。我們 2020 年的業績證明了我們的運營優勢和改進，尤其是在 COVID-19 帶來的額外挑戰下。但是我們可以進一步提高我們表現的一致性。最重要的是，這與領導力和授權有關。

Secondly, I firmly believe that the foundation of our commercial success is impeccable ESG credentials. Our failure at Juukan Gorge highlights how much work we have to do. But you have my commitment that we will drive towards consistently high ESG performance.

其次，我堅信我們商業成功的基礎是無可挑剔的 ESG 證書。我們在 Juukan Gorge 的失敗凸顯了我們必須做的工作。但你有我的承諾，我們將朝著始終如一的高 ESG 績效邁進。

Thirdly, we must excel in development, from identifying opportunities to maturing and develop them in order to build the portfolio for the next decade and beyond. We will do this by using all our capabilities while maintaining an absolute commitment to capital discipline. However, we will only pursue opportunities that create value. We will not chase volume or commodities where there isn't value or the asset don't fit our portfolio.

第三，我們必須在發展方面表現出色，從發現機會到成熟和發展它們，以建立未來十年及以後的投資組合。我們將通過使用我們所有的能力來做到這一點，同時保持對資本紀律的絕對承諾。但是，我們只會追求創造價值的機會。我們不會追逐沒有價值或資產不適合我們投資組合的交易量或商品。

Finally, beyond performing in those areas, we must step up our external engagement, become a more outward-looking company, fully participating in the societies in which we operate. This is our social license to operate, and it is judged by others, and it is essential for our long-term success.

最後，除了在這些領域發揮作用外，我們還必須加強外部參與，成為一家更加外向的公司，充分參與我們經營所在的社會。這是我們經營的社會許可，由他人評判，對我們的長期成功至關重要。

Now my first task as Chief Executive was to carefully choose my leadership team. I fundamentally believe in teamwork. It will not be me taking all the decisions, and I'm certainly not the one who has all the answers. So setting the team was absolutely crucial.

現在我作為首席執行官的首要任務是仔細選擇我的領導團隊。我從根本上相信團隊合作。不會由我來做所有決定，我當然也不是擁有所有答案的人。因此，設置團隊絕對至關重要。

Three weeks ago, I announced our new leadership team, a major change, with almost everyone new in job. I decided to make these wide changes partly to ensure we had the best possible leader in each position, partly to ensure the best possible team dynamics and also to make the changes now so that we have a stable team that together can develop on the journey we have in the years to come.

三週前，我宣布了我們新的領導團隊，這是一個重大的變化，幾乎每個人都是新人。我決定進行這些廣泛的改變，部分是為了確保我們在每個職位上都有最好的領導者，部分是為了確保最好的團隊動力，同時也是現在就做出改變，這樣我們就有一個穩定的團隊，可以在我們的旅程中共同發展在未來的歲月裡。

As part of the evaluation process, it was particularly a highlight for me to learn how strong a leadership bench we have internally. I found exactly what I was looking for and I stand today in front of you very proud of the new leadership team. This is an experienced and very able team. They know Rio Tinto very well and are all committed to unleashing the company's full potential. I'm truly excited about what we can achieve together. The new executive leadership team will be effective only a few weeks from now, and then the real work starts.

作為評估過程的一部分，對我來說，了解我們內部的領導層有多強大對我來說尤其重要。我找到了我一直在尋找的東西，今天站在你們面前，我為新的領導團隊感到非常自豪。這是一支經驗豐富且非常有能力的團隊。他們非常了解力拓，都致力於釋放公司的全部潛力。我對我們可以共同實現的目標感到非常興奮。新的執行領導團隊將在幾週後生效，然後真正的工作開始。

Let me offer you a bit insight into the agenda that we will -- that we together will pursue. We have today announced a set of strong results, excellent financial performance and an improved operational performance in 2020 compared with 2019. But I believe there's room for improvement, and we will pursue this.

讓我為您提供一些關於我們將共同追求的議程的見解。我們今天宣布了一系列強勁的業績、出色的財務業績和與 2019 年相比在 2020 年有所改善的運營業績。但我相信還有改進的空間，我們會繼續努力。

To start, we must achieve operational excellence by unlocking real and sustainable improvements at each asset. This will be done by ensuring every single operation achieves the same high standard as our best-performing assets. We must empower our people to identify and apply ways of improving performance. We have some of the most talented people in the industry, truly experts in their fields. We must allow them to make the maximum contribution in unlocking excellence at every level of the organization.

首先，我們必須通過對每項資產進行真正和可持續的改進來實現卓越運營。這將通過確保每一項操作都達到與我們表現最佳的資產相同的高標準來實現。我們必須授權我們的員工識別和應用提高績效的方法。我們有一些業內最有才華的人，他們是各自領域的真正專家。我們必須讓他們為在組織的各個層面解鎖卓越做出最大貢獻。

Finally, the effort will be integrated into the Rio Tinto production system that will capture these improvements, embed them and sustain them for the long term.

最後，這項工作將整合到力拓的生產系統中，該系統將捕捉這些改進、嵌入它們並長期維持它們。

Arnaud, as the new Chief Operating Officer, is the right person to drive these improvements. He brings deep mining and processing know-how and operational experience gained over 30 years in industry. He has a proven track record of achieving operational excellence through sustainable productivity improvements and cost reductions in a global business. However, this will be about teamwork, with the Product Group Chief Executives and our Head of Technical and Safety all working together.

Arnaud 作為新任首席運營官，是推動這些改進的合適人選。他帶來了深厚的採礦和加工技術以及在行業中積累的 30 多年的運營經驗。他在通過可持續的生產力提高和全球業務降低成本實現卓越運營方面有著良好的記錄。然而，這將是關於團隊合作的，產品集團的首席執行官和我們的技術和安全負責人都將一起工作。

When I joined Rio Tinto 2 years ago, one of the attributes that attracted me to the company was a long-standing track record and commitment to how it operated, way beyond the financial performance. While the destruction of Juukan Gorge was understandably -- has understandably damaged our standing, I believe that Rio Tinto has sound ESG credentials. However, I see it as a core value, a foundation for our business, to have impeccable ESG credentials.

當我 2 年前加入力拓時，吸引我加入該公司的一個特點是長期的業績記錄和對其運營方式的承諾，遠遠超出了財務業績。雖然 Juukan Gorge 的破壞是可以理解的 - 損害了我們的地位是可以理解的，但我相信 Rio Tinto 擁有良好的 ESG 資質。然而，我認為擁有無可挑剔的 ESG 證書是我們業務的核心價值和基礎。

We are taking actions to increase the focus on how we work with communities, particularly the Traditional Owners. A vital step has been to enhance our governance in this space. We are modernizing and improving agreements, eliminating confidentiality clauses and being fully transparent when Traditional Owners agree.

我們正在採取行動，更加關注我們如何與社區合作，尤其是與傳統業主合作。一個重要的步驟是加強我們在這個領域的治理。我們正在對協議進行現代化和改進，取消保密條款，並在傳統所有者同意時保持完全透明。

We also have a critical role to play in transitioning to a more sustainable economic model. Our portfolio of high-quality iron ore, copper, aluminum and minerals are not easily substituted and are vital for a greener future.

在向更可持續的經濟模式過渡方面，我們也可以發揮關鍵作用。我們的優質鐵礦石、銅、鋁和礦物產品組合不易被替代，對於更環保的未來至關重要。

We exited coal in 2018, so today, we don't extract fossil fuels. Last year, we set clear 2030 CO2 emission targets and set an ambition of being net zero by 2050. Today, we set out our first scope 3 goals and a commitment to working with our customers and their customers to reduce emissions and decarbonize the production of certain metals. And we will include climate change targets in management incentive plans. And our TCFD-aligned climate change report will be put to an advisory vote at our 2022 Annual General Meetings. These are all significant changes that will drive behavior in our approach to tackling climate change.

我們在 2018 年退出了煤炭，所以今天，我們不提取化石燃料。去年，我們制定了明確的 2030 年二氧化碳排放目標，並設定了到 2050 年實現淨零排放的雄心。今天，我們制定了第一個範圍 3 目標，並承諾與我們的客戶及其客戶合作，減少排放和脫碳生產某些金屬。我們將把氣候變化目標納入管理激勵計劃。我們與 TCFD 一致的氣候變化報告將在我們的 2022 年年度股東大會上進行諮詢投票。這些都是將推動我們應對氣候變化方法的行為的重大變化。

Turning to our portfolio and how we renew it over time. We must double down on development to create the portfolio for the next decade and the decade beyond. We have time to do so. Our portfolio should not be seen through a quarterly lens but in terms of decades. Our history has demonstrated an ability to continue to renew our portfolio, and we must pursue this with excellence, daring to take some risks within our tight capital allocation framework.

轉向我們的投資組合以及我們如何隨著時間的推移對其進行更新。我們必須加倍發展，為下一個十年和未來十年創造投資組合。我們有時間這樣做。我們的投資組合不應該從季度的角度來看，而是從幾十年的角度來看。我們的歷史證明了我們有能力繼續更新我們的投資組合，我們必須追求卓越，敢於在我們嚴格的資本配置框架內承擔一些風險。

The list of projects are mostly known. There are important decisions to be taken in the next 12 months. We will, as a team, work them as hard as we can but also commit to make rational choices.

項目列表大多為人所知。在接下來的 12 個月裡，有一些重要的決定需要做出。作為一個團隊，我們將盡我們所能努力工作，但也承諾做出理性的選擇。

We have focused our major investment projects, including replacement mines in the Pilbara, where we remain on time and on budget to ramp up production at Gudai-Darri in early 2022, Oyu Tolgoi underground and the Kennecott pushback.

我們專注於我們的主要投資項目，包括 Pilbara 的替代礦山，我們在那裡按時並按預算在 2022 年初提高 Gudai-Darri 的產量、Oyu Tolgoi 地下和 Kennecott 的回擊。

At the Jadar project, we have advanced to the feasibility study stage and declared a maiden ore reserve. The study is expected to be complete by the end of this year, at which point, we will make a decision.

在 Jadar 項目，我們已進入可行性研究階段並宣布了處女礦儲量。該研究預計將在今年年底完成，屆時我們將做出決定。

We also continue to adapt our product -- project development and execution, sharpening our capabilities. For example, we're doing things differently at Winu with a more agile development pathway.

我們還繼續調整我們的產品——項目開發和執行，提高我們的能力。例如，我們在 Winu 以更敏捷的開發路徑做不同的事情。

We continue to work with our partners to optimize the Simandou project. We expect to complete the first phase of the technical optimization work of the infrastructure in the first half of 2021. Activity at the mine area has commenced and an update on the social and environmental impact assessment is underway.

我們將繼續與合作夥伴一起優化西芒杜項目。我們預計在 2021 年上半年完成基礎設施技術優化工作的第一階段。礦區的活動已經開始，社會和環境影響評估的更新正在進行中。

At Resolution Copper, the Final Environmental Impact Statement led by the U.S. Forest Service was published last month. This is an important step, although we are a number of years away from being in a position to considering sanctioning a full development.

在決議銅會上，由美國林務局牽頭的最終環境影響報告於上個月發布。這是重要的一步，儘管我們距離考慮批准全面開發還有幾年的時間。

Finally, we continue to strengthen our project pipeline through our sector-leading exploration activity.

最後，我們通過行業領先的勘探活動繼續加強我們的項目管道。

Oyu Tolgoi is an impressive mine. It started producing in 2014 and has already delivered over 1 million tonnes of copper. When fully ramped up, it will be the world's fourth-largest copper mine. The underground expansion is well progressed, and we have overcome various technical and geotechnical challenges. We have identified a clear pathway for the ongoing development of the underground, with target date for sustainable production for Panel 0 of October 2022. Safety and productivity at the mine are consistently at the top end of the entire Rio Tinto portfolio.

奧尤陶勒蓋是一個令人印象深刻的礦山。它於 2014 年開始生產，已交付超過 100 萬噸銅。全面提升後，它將成為世界第四大銅礦。地下擴建工程進展順利，我們克服了各種技術和岩土挑戰。我們為持續開發地下礦場確定了一條清晰的道路，可持續生產的目標日期為 2022 年 10 月的 Panel 0。礦山的安全性和生產力始終處於整個力拓產品組合的頂端。

Oyu Tolgoi is Mongolia's largest private-sector employer. More than 95% of the 12,000 employees are Mongolian. Oyu Tolgoi is a top-3 taxpayer in the country and the largest foreign direct investor. Since 2010, over $11 billion has been spent in Mongolia, including salaries, payment to Mongolian suppliers and almost $3 billion paid to the government. Although construction work has slowed due to the COVID-19 restrictions, we remain on track to make a decision on the undercut in 2021.

奧尤陶勒蓋是蒙古最大的私營部門雇主。 12,000 名員工中有 95% 以上是蒙古人。奧尤陶勒蓋是該國前三名的納稅人，也是最大的外國直接投資者。自 2010 年以來，蒙古已花費超過 110 億美元，包括工資、支付給蒙古供應商的款項以及支付給政府的近 30 億美元。儘管由於 COVID-19 的限制，建築工作已經放緩，但我們仍有望在 2021 年就底切做出決定。

We also continue to have constructive discussions with the Mongolian government about increasing the benefit of Oyu Tolgoi for all stakeholders. I'm in regular dialogue with all stakeholders. Bold Baatar has already set his team and they have commenced discussions with the government of Mongolia. I remain convinced that we will be able to find mutually acceptable solutions as the Oyu Tolgoi development is not only an impressive engineering achievement delivering the needed copper to the world, but it is fundamentally a development for the benefit of the Mongolian people.

我們還繼續與蒙古政府就增加奧尤陶勒蓋對所有利益相關者的利益進行建設性討論。我正在與所有利益相關者進行定期對話。 Bold Baatar 已經組建了他的團隊，他們已經開始與蒙古政府進行討論。我仍然相信，我們將能夠找到雙方都能接受的解決方案，因為奧尤陶勒蓋的開發不僅是一項令人印象深刻的工程成就，向世界提供所需的銅，而且從根本上說，它是一項造福於蒙古人民的發展。

I'd like to conclude with my fourth area of focus. To truly unleash the full potential as well as looking at how we can improve what we do internally, we need to be more outward-looking and earn and protect our social license.

我想以我的第四個重點領域結束。為了真正釋放全部潛力，並著眼於如何改進我們的內部工作，我們需要更加外向，贏得和保護我們的社會許可。

As I said earlier, we must understand our role in society and investing in building meaningful relationships and partnerships, giving back to society and thereby earn trust. It will be others who will judge our social license.

正如我之前所說，我們必須了解我們在社會中的角色，並投資於建立有意義的關係和夥伴關係，回饋社會，從而贏得信任。將由其他人來評判我們的社會許可。

Clearly, this must happen by all of us wherever we are in the world. However, given the significance of Australia to Rio Tinto, I've created the role of Chief Executive Australia, and Kellie Parker is the ideal person for that role. She's a proven operator with first-hand experience of building relationships with host communities, governments and other stakeholders. She will lead our efforts with stakeholders across Australia, working closely with me and other Australian-based Exco members.

顯然，無論我們身在何處，這都必鬚髮生在我們所有人身上。然而，鑑於澳大利亞對力拓的重要性，我創造了澳大利亞首席執行官的角色，而凱莉帕克是該角色的理想人選。她是一位久經考驗的運營商，在與東道社區、政府和其他利益相關者建立關係方面擁有第一手經驗。她將帶領我們與澳大利亞各地的利益相關者一起努力，與我和其他駐澳大利亞的 Exco 成員密切合作。

So let me summarize. We have again achieved a strong safety and financial performance in 2020. We have strong foundations to build upon and a clear path forward to become best operator, build impeccable ESG credentials and excel in development and with a clear focus on gaining a strong social license.

所以讓我總結一下。我們在 2020 年再次取得了強勁的安全和財務業績。我們有堅實的基礎和清晰的道路，可以成為最好的運營商，建立無可挑剔的 ESG 證書和卓越的發展，並明確專注於獲得強大的社會許可。

I'm looking forward to you meeting our new executive leadership team during the year and no later than at the Capital Markets Day in the second half. We now have a full agenda ahead, and I must say, I'm really looking forward to the work to progress the agenda, develop our executive team and make Rio Tinto even stronger and, over time, see our great company earn back its respect and credibility with all our stakeholders. In other words, Rio Tinto is very well placed but we can do better inside and outside the mine gate, and we will.

我期待著您在這一年中與我們新的執行領導團隊會面，最遲在下半年的資本市場日。我們現在有一個完整的議程，我必須說，我真的很期待推進議程的工作，發展我們的執行團隊，讓力拓變得更加強大，隨著時間的推移，看到我們偉大的公司重新贏得尊重和我們所有利益相關者的信譽。換句話說，力拓的位置很好，但我們可以在礦門內外做得更好，我們會的。

Thank you for listening in. We are now happy to answer questions you might have.

感謝您的收聽。我們現在很樂意回答您可能提出的問題。

Thank you, Jakob and Peter. Operator, Alice, we can now take questions. Thank you.

謝謝你，雅各布和彼得。接線員 Alice，我們現在可以提問了。謝謝你。

(Operator Instructions) And our first question comes from the line of Paul Young from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Paul Young。

Jakob, a few questions on your iron ore assets, and starting with the Pilbara, question on heritage and CapEx. On top of the 4 mines currently under construction, roughly how many additional replacement mines do you need to approve from 2021 to '23 to maintain current production beyond 2023?

Jakob，關於您的鐵礦石資產的幾個問題，從 Pilbara 開始，關於遺產和資本支出的問題。除了目前在建的 4 個礦山之外，從 2021 年到 23 年，您大約需要批准多少個額外的替代礦山才能維持 2023 年以後的當前產量？

Second question is on Simandou. It's fascinating to see that some minor work at the mine site has commenced. Can you confirm again that you are considering an infrastructure joint venture with the Northern Chinese consortium through this technical optimization work? And then also, can I ask a part b? How do you think or what scenario does the Simandou create value for shareholders, considering it will impact the value of the Pilbara?

第二個問題是關於西芒杜的。很高興看到礦場的一些小工作已經開始。您能否再次確認您正在考慮通過這項技術優化工作與中國北方財團建立基礎設施合資企業？然後，我可以問b部分嗎？考慮到西芒杜會影響皮爾巴拉的價值，您如何看待或在什麼情況下為股東創造價值？

Thank you, Paul. Let me start with your second question about Simandou. The -- I can confirm that we are doing as much work as possible in order to establish a project, and we have an open mindset on how the structure will be. It's not determined by our 2 consortiums, and how those 2 consortiums will work together, time will tell. It's our view, Paul, that we will

謝謝你，保羅。讓我從你關於西芒杜的第二個問題開始。 - 我可以確認，為了建立一個項目，我們正在做盡可能多的工作，並且我們對結構的方式持開放態度。這不是由我們的兩個財團決定的，這兩個財團將如何合作，時間會證明一切。保羅，我們的觀點是，我們將

(technical difficulty)

（技術難度）

That we are well placed to be part of that development. So it's too early to conclude anything.

我們完全有能力成為這一發展的一部分。所以現在下結論還為時過早。

I don't see that it's necessarily a negative for our Australian business, Paul, because the global airborne -- sorry, the seaborne iron ore market is 1.8 billion tonnes. And there is so much need for replacement mines in the decade to come that there is space for a Simandou development. But look, we need to first have a project and look at the profitability of it before we can determine a path forward.

我認為這對我們的澳大利亞業務來說不一定是負面的，保羅，因為全球空運——抱歉，海運鐵礦石市場為 18 億噸。未來十年對替代礦山的需求如此之大，因此有開發西芒杜的空間。但是看，我們需要先有一個項目，看看它的盈利能力，然後才能確定前進的道路。

Why don't I ask Peter to answer the CapEx question in the Pilbara?

為什麼我不讓彼得回答皮爾巴拉的資本支出問題？

Thanks, Jakob, and thanks for the question, Paul. So as I talked about, this year, we will bring in the 3 new mines related to our existing hubs in the Pilbara. And then Gudai-Darri comes in and ramps up in 2022. They're the core. So as we go into 2022, we go in there with a pretty sort of clear sort of set of assets and capacity there to -- which sort of is aligned with sort of our infrastructure.

謝謝，雅各布，謝謝你的問題，保羅。正如我所說，今年，我們將引進與我們在皮爾巴拉現有樞紐相關的 3 個新礦山。然後 Gudai-Darri 進入並在 2022 年加速發展。他們是核心。因此，當我們進入 2022 年時，我們會帶著一套非常清晰的資產和容量進入那裡——這與我們的基礎設施類型相一致。

What we will start then is sort of -- and have started already, is the next phase of studies. We've talked about Gudai-Darri phase 2. We've talked about Western Range. Those studies will progress. And they will start to sort of come in, in '23, '24. We've already built those into our sort of CapEx, given we've given guidance for '23. But you should expect the sort of next set of mines to come in, in that -- starting in that period. Thanks, Paul.

然後我們將開始的是——並且已經開始的是下一階段的研究。我們已經討論了 Gudai-Darri 階段 2。我們已經討論了 Western Range。這些研究將取得進展。他們將在 23 年、24 年開始進入。鑑於我們已經為 23 年提供了指導，我們已經將這些構建到了我們的資本支出中。但是你應該期待下一組地雷進來，在那 - 從那個時期開始。謝謝，保羅。

Our next question comes from the line of Jason Fairclough from Bank of America.

我們的下一個問題來自美國銀行的 Jason Fairclough。

So just a bit of a simple question on iron ore production targets. So once upon a time, we were told that your iron ore business had a nameplate capacity of 360 million tonnes a year. Lately, it seems to be more like 330 million tonnes, and that's even with some pressure on product quality. How should we think about this in the medium term?

所以只是一個關於鐵礦石生產目標的簡單問題。所以曾幾何時，我們被告知你們的鐵礦石業務的銘牌產能為每年 3.6 億噸。最近，它似乎更像是 3.3 億噸，這甚至對產品質量造成了一些壓力。從中期來看，我們應該如何看待這個問題？

Yes. Thank you, Jason. Look, I think, actually, what you see here is entirely consistent to our Capital Markets Day 1.5 years ago where we talked about where we were about our capacity, which is probably around 360 million tonnes. You've got slightly different capacity on the port where there is capacity. We have further improved the maintenance of the rail. So that's less of a restriction. But we did say 1.5 years ago that 2020 and 2021 would be tough for the mines.

是的。謝謝你，傑森。看，我認為，實際上，你在這裡看到的與 1.5 年前的資本市場日完全一致，我們在那裡談到了我們的產能，大概是 3.6 億噸左右。在有容量的端口上，您的容量略有不同。我們進一步改進了鐵路的維護。所以限制較少。但我們確實在 1.5 年前說過，2020 年和 2021 年對於礦山來說將是艱難的。

We will have to run the mines hard before Gudai-Darri goes onstream. And that's exactly what we're doing. And therefore, in a way, I'm very proud today to tell you that our production last year increased by 1% compared to previous year. And if you take the midpoint of our range for this year, there is further growth this year compared to last year. So I think we are faring exactly as we laid out at the Capital Markets Day. And yes, next year, when Gudai-Darri comes onstream, we have much more flexibility, but we're only guiding for one year. Thank you.

在 Gudai-Darri 投產之前，我們將不得不努力經營這些礦山。這正是我們正在做的。因此，在某種程度上，我今天很自豪地告訴你，我們去年的產量比去年增加了 1%。如果你取我們今年範圍的中點，今年與去年相比會有進一步的增長。因此，我認為我們的表現與我們在資本市場日所製定的完全一致。是的，明年，當 Gudai-Darri 投產時，我們有更大的靈活性，但我們只指導一年。謝謝你。

Sorry, Jakob, if I could just follow up. And in a way, this comes back to Paul's question. Do you think that there's a risk here that with the new focus on these heritage sites, that your production, and for that matter Pilbara production in general, struggles to stay flat, never mind grow?

對不起，雅各布，如果我能跟進的話。在某種程度上，這又回到了保羅的問題。您是否認為隨著對這些遺產地的新關注，您的生產以及皮爾巴拉的整體生產難以保持平穩，更不用說增長了，這是否存在風險？

Look, I cannot remove all risks here, and I don't know what would be the outcome of the new legislation in WA, of course. But I must say, and it's only 2 days ago, I was mine site at Brockman and visited Juukan Gorge. When I talk to people, when I talk to the Traditional Owners, when I talk to our people on site, still see lots of opportunities. We need to be -- to really develop the relationship, being really respectful, but there is a big opportunity for us to develop things together. So I remain optimistic. And I think, so far, we have proven that we have been able to continue to produce, and that's what we're indicating with the production guidance this year.

看，我無法消除這裡的所有風險，當然，我不知道西澳新立法的結果是什麼。但我必須說，就在 2 天前，我在布羅克曼的礦場參觀了 Juukan Gorge。當我與人交談時，當我與傳統業主交談時，當我與我們的現場人員交談時，仍然看到很多機會。我們需要——真正發展這種關係，真正尊重他人，但我們有很大的機會共同發展。所以我保持樂觀。而且我認為，到目前為止，我們已經證明我們能夠繼續生產，這就是我們在今年的生產指導中所表明的。

Our next question comes from the line of Hayden Bairstow from Macquarie.

我們的下一個問題來自麥格理的 Hayden Bairstow。

Jakob, just a question, I guess, more on the sort of management changes and just getting an understanding of your comments before about you think there's now the right people in the right roles. I mean are we expecting to see material changes to these divisions and the assets within them? Do you think that sort of the new sort of positions have been given license to do that? Or is it about sort of getting costs down and getting production consistency, as you said, and licenses to operate? I'm just interested in your thoughts around that.

Jakob，我想，只是一個問題，更多的是關於管理變化的類型，只是了解你之前的評論，你認為現在有合適的人擔任合適的角色。我的意思是，我們是否期望看到這些部門和其中的資產發生重大變化？你認為那種新的職位已經獲得了這樣做的許可嗎？還是如您所說，是為了降低成本並獲得生產一致性，並獲得運營許可？我只是對你的想法感興趣。

Yes. Thank you. Look, it's a matter of preserving all the good things of Rio Tinto and driving the 4 priorities I laid out in the presentation here. I'm very keen on making the big, significant change to the executive leadership team quickly and stabilize the organization, having as little change as possible. I gave it a full thought, should I change, for example, the product group structure? And I, together with consulting with the Board, we decided not to change that. So it's similar structure.

是的。謝謝你。看，這是保留力拓的所有優點並推動我在演示文稿中列出的 4 個優先事項的問題。我非常熱衷於快速對執行領導團隊進行重大的重大改變，並穩定組織，盡可能減少改變。我想了想，是否應該改變，例如產品組結構？我與董事會協商後，我們決定不改變這一點。所以是類似的結構。

There's a small little change. As you have seen, we have moved Diamonds to Minerals. So it's now Minerals and not Energy & Minerals. And Copper is purely copper. But we brought the Simandou project together with Copper. But these are small adjustments to your model. Otherwise, I want the same structure.

有一點小變化。如您所見，我們已將 Diamonds 移至 Minerals。所以現在是礦物而不是能源和礦物。而銅是純銅。但是我們把 Simandou 項目和 Copper 一起帶來了。但這些只是對您的模型的小調整。否則，我想要相同的結構。

Quite frankly, the worst thing you can do at this point in time, I think, is a big reorganization. We need now stability to pursue the agenda that I have laid out today. Thank you.

坦率地說，我認為此時你能做的最糟糕的事情就是大重組。我們現在需要穩定來執行我今天制定的議程。謝謝你。

Our next question comes from the line of Liam Fitzpatrick from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Liam Fitzpatrick。

Jakob, firstly, just to follow up on Simandou, just on the time line. Can you shed any light on when you will have to make or could have to make a major investment decision on the project or a decision not to participate? Is it this year? Or is it beyond 2021?

雅各布，首先，只是為了跟進西芒杜，就在時間線上。您能否說明您何時必須或可能必須對項目做出重大投資決定或決定不參與？是今年嗎？還是2021年以後？

And then secondly, on the climate front, you're clearly making tangible progress with the recent partnerships we've seen. But in the context of the results you've just announced, do you think Rio is spending enough on downstream initiatives? And could that $1 billion climate budget that you have, could that be revised higher in the near term?

其次，在氣候方面，您顯然正在通過我們最近看到的伙伴關係取得切實進展。但就您剛剛宣布的結果而言，您認為力拓在下游計劃上的支出是否足夠？您擁有的 10 億美元氣候預算能否在短期內提高？

Yes. Thank you. Look, we're not going to make a massive investment decision in Simandou this year, but I certainly expect the project to focus a lot and we should get much more clarity about how we would look like and how we will work together, et cetera. So it's full steam ahead, but it's a very big project.

是的。謝謝你。聽著，我們今年不會在西芒杜做出大規模投資決定，但我當然希望該項目能夠集中精力，我們應該更清楚地了解我們的樣子以及我們將如何合作等等.所以它正在全力以赴，但這是一個非常大的項目。

Going to climate change, yes, look, we are all-in on climate change. We are very committed, the Board, the executive team. I think you've seen our commitment for our own emissions last year and now with the scope 3. But we also have to be realistic. The world doesn't have all the answers yet, and you can only progress things that fast. So we could try to spend more money on research and development, but the risk is that we just burn money. I actually think it's very meaningful joint ventures and it's meaningful money we are spending here.

談到氣候變化，是的，看，我們全力以赴應對氣候變化。我們非常投入，董事會，執行團隊。我想你已經看到了我們去年和現在的範圍 3 對自己排放的承諾。但我們也必須現實。世界上還沒有所有的答案，你只能讓事情進展得那麼快。所以我們可以嘗試在研發上花更多的錢，但風險是我們只是燒錢。實際上，我認為這是非常有意義的合資企業，我們在這里花費的錢也很有意義。

And back to the $1 billion, really, so far, we have taken good investment decisions that reduce our carbon footprint and actually are also profitable. And as long as it meets both criteria, I see no reasons why we shouldn't be able to accelerate.

回到 10 億美元，真的，到目前為止，我們已經做出了很好的投資決策，減少了我們的碳足跡，實際上也是有利可圖的。只要它滿足這兩個標準，我認為我們沒有理由不能加速。

But again, it is difficult. It's a learning process and it's a ramp-up. We are all-in, and we are trying to do as much as we can. But I think we are no different from many others in this world that this is a big, big transition where we all have to learn a lot. So I think you've got the right guidance, and I think the numbers you are seeing here demonstrates a full commitment. Thank you.

但同樣，這很困難。這是一個學習的過程，也是一個提升。我們全力以赴，我們正在盡我們所能。但我認為我們與這個世界上的許多其他人沒有什麼不同，這是一個很大的轉變，我們都必須學習很多東西。所以我認為你得到了正確的指導，我認為你在這裡看到的數字表明了完全的承諾。謝謝你。

Our next question comes from the line of Lyndon Fagan from JPMorgan.

我們的下一個問題來自摩根大通的 Lyndon Fagan。

Look, the first question is just about the Pilbara. There's a comment in the release about the 90 million tonnes of capacity ramping up this year. That's a lot of capacity. I'm just wondering if we can unpack that a little bit and talk about some of the risks around production and how you're dealing with that. And I guess once that's done, are you prepared to sort of put out there that system capacity at the mine, port and rail would all be matched at 360 million tonnes?

看，第一個問題只是關於皮爾巴拉。新聞稿中有評論稱，今年將增加 9000 萬噸產能。這是很大的容量。我只是想知道我們是否可以將其解開一點，並談談生產方面的一些風險以及您如何處理這些風險。我想一旦完成，您是否準備好將礦山、港口和鐵路的系統容量全部匹配為 3.6 億噸？

The next question is just on Simandou. I guess before we learn what the sort of scope looks like, can we talk a bit about the community and heritage issues over there? There's a lot of communities within the centerline of the rail, and I'm just wondering, from an ESG perspective, is this a project that Rio can actually undertake? And would shareholders support a multibillion-dollar investment decision in Guinea?

下一個問題是關於西芒杜的。我想在我們了解範圍是什麼樣的之前，我們可以談談那裡的社區和遺產問題嗎？鐵路中心線內有很多社區，我只是想知道，從 ESG 的角度來看，這是否是力拓真正可以承擔的項目？股東會支持在幾內亞進行數十億美元的投資決定嗎？

Lyndon, I might take your first question there, just on the sort of 90 million tonnes of tie-in. So we have taken that into account in both our guidance on production and our guidance on unit costs, that we are doing those tie-ins this year.

林登，我可能會在那裡回答你的第一個問題，只是關於 9000 萬噸的搭配。因此，我們在生產指導和單位成本指導中都考慮到了這一點，我們今年正在做這些搭配。

It is a lot of capacity to bring into the system. And what you've got to remember effectively, they are -- this is tying in capacity to existing hubs where we're building new mines and then connecting them into those existing hubs. So they will come on progressively during the year at those 3 mines I think, but it's all been sort of, I think, proceeding to plan. Clearly, some risks, but all taken into account in guidance.

將大量容量帶入系統。你必須有效地記住，它們是——這將容量與我們正在建造新礦山的現有樞紐連接起來，然後將它們連接到那些現有的樞紐。因此，我認為他們將在年內在這 3 個礦山逐步開採，但我認為這一切都在進行計劃。顯然，有些風險，但在指導中都考慮到了。

In terms of looking forward to 2022, as Jakob said, we are pretty much exactly going into 2022 where we talked about at the Capital Markets Day in December 2019. But with Gudai-Darri in place, that lifts our mine capacity up. And if the market is there, we will have capacity to go higher in the mine and match that with ports and rail.

正如雅各布所說，就展望 2022 年而言，我們幾乎完全進入了 2022 年，我們在 2019 年 12 月的資本市場日上談到了這一點。但是有了 Gudai-Darri，這提高了我們的礦山產能。如果市場在那裡，我們將有能力在礦山中走得更高，並與港口和鐵路相匹配。

Thanks very much. And over to you, Jakob, I think on the second question.

非常感謝。雅各布，我想關於第二個問題。

Yes. Look, Simandou, let me take that one. I've been there, and it's a big learning experience to go there. It is going to be a very big infrastructure project, above anything. And the answer to your question is, I don't know what the answer is, but the ESG is a table stake for us. And that's one of the reasons we think we can add a lot of value to the development of Simandou.

是的。聽著，西芒杜，讓我拿走那個。我去過那裡，去那裡是一次重要的學習經歷。這將是一個非常大的基礎設施項目，最重要的是。你的問題的答案是，我不知道答案是什麼，但 ESG 對我們來說是一個賭注。這也是我們認為我們可以為 Simandou 的發展增加很多價值的原因之一。

And I also sensed in my conversations with the government of Guinea that they think as well -- as much on these matters as we do. So I see here is an area where we can make a contribution. But you can rest assured that we, I, the Board, are not going to take an investment decision that compromises our ESG credentials. Thank you.

在與幾內亞政府的對話中，我也感覺到他們的想法與我們一樣——在這些問題上的想法。所以我看到這是一個我們可以做出貢獻的領域。但您可以放心，我們，我，董事會，不會做出損害我們 ESG 資質的投資決定。謝謝你。

Our next question comes from the line of Alain Gabriel from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Alain Gabriel。

One question from my side is on capital allocation. So your balance sheet is nearly in a net cash position. You will probably generate in excess of $20 billion of free cash flow this year on spot with no obvious big-ticket items on the horizon. While you have been consistent with your strategy so far, do you think it is now time to revisit your capital allocation framework or introduce more flexibility on how you think about capital returns?

我這邊的一個問題是關於資本配置。因此，您的資產負債表幾乎處於淨現金狀態。今年你可能會在現場產生超過 200 億美元的自由現金流，而不會出現明顯的大件物品。雖然到目前為止您的策略一直保持一致，但您認為現在是時候重新審視您的資本分配框架或在您如何看待資本回報方面引入更多靈活性了嗎？

Yes. Look, we don't know how the iron ore price -- we know what the iron ore price is today, we don't know what it is tomorrow. So it's a bit of a theoretical calculation. But honestly, yes, the net debt is very low right now. And obviously, the stronger the balance sheet, the easier it becomes to allocate our cash. But I actually think that our capital allocation framework serves us also in a high-price scenario.

是的。看，我們不知道鐵礦石價格如何——我們知道今天的鐵礦石價格是多少，我們不知道明天的價格是多少。所以這是一個理論計算。但老實說，是的，現在的淨債務非常低。顯然，資產負債表越強大，分配我們的現金就越容易。但我實際上認為，我們的資本配置框架也在高價情況下為我們服務。

I think you already see here, if you look at what we have done here with the dividend adding up to $9 billion and our free cash flow last year was $9.4 billion, we are certainly not stingy on paying back dividends. And we are also, slowly but surely, as we have said over the last few years, ramping up our investments. So I think it works, and I think we have the balance right. Thank you.

我想你已經在這裡看到了，如果你看看我們在這裡所做的，股息總計 90 億美元，我們去年的自由現金流為 94 億美元，我們肯定不會吝嗇償還股息。正如我們在過去幾年所說的那樣，我們也在緩慢但肯定地增加我們的投資。所以我認為它有效，我認為我們的平衡是正確的。謝謝你。

Our next question comes from the line of Myles Allsop from UBS.

我們的下一個問題來自瑞銀的 Myles Allsop。

Great. Yes, just a couple of questions around Oyu Tolgoi and then the scope 3 goals that you've set out today. But first of all, with Oyu Tolgoi, are you prepared to put more money into Mongolia, buying out the government stake, increasing kind of your equity ownership one way or the other? And if these discussions don't progress to plan, what -- could you -- is it beyond the point now of freezing spend and stopping underground work? Are you prepared to scrap the Dubai agreement? So a little bit more color around the latest with Oyu Tolgoi and how that could evolve.

偉大的。是的，只是關於奧尤陶勒蓋的幾個問題，然後是你們今天提出的範圍 3 目標。但首先，對於奧尤陶勒蓋，您準備好向蒙古投入更多資金，購買政府股份，以某種方式增加您的股權嗎？如果這些討論沒有按計劃進行，你能不能——超出現在凍結支出和停止地下工作的程度？你準備好廢除迪拜協議了嗎？因此，在奧尤陶勒蓋的最新作品中增加了一點色彩，以及它是如何演變的。

And then with the scope 3 goals that are being set out, I mean, how are you going to measure the sort of achievement, 30% reduction in carbon sort of emissions or intensity of your customers? And is that going to be part of your -- you mentioned that the climate goals are part of management incentive. Is it going to be scope 3 or as well as scope 1 and 2 that will be part of the incentivization package?

然後，對於正在製定的範圍 3 目標，我的意思是，您將如何衡量成就，減少 30% 的碳排放或客戶的強度？這會成為你的一部分嗎？你提到氣候目標是管理激勵的一部分。是范圍 3 還是范圍 1 和 2 將成為激勵方案的一部分？

Yes. So first of all, on Oyu Tolgoi, we are very committed to it. And we are actually putting in more money every single day because we are investing in the underground development and it's progressing. But there's nothing in the cards that we should start buying out anyone here. We are very comfortable with the risk-sharing and the stake that we have in Oyu Tolgoi.

是的。所以首先，在奧尤陶勒蓋，我們非常投入。而且我們實際上每天都投入更多的錢，因為我們正在投資地下開發並且它正在取得進展。但是，我們不應該開始在這裡買斷任何人。我們對風險分擔和我們在奧尤陶勒蓋的股份感到非常滿意。

What it's all about right now is to have the right conversation and find the right solutions. And quite frankly, I don't know exactly what the solution is. We're just having a -- setting a new team here, a little bit of a reset, and we are working very hard on building relationships. As I said, we have constructive discussions. And the good news is that there is a big win-win here for both the country, the government of Mongolia and ourself.

現在要做的就是進行正確的對話並找到正確的解決方案。坦率地說，我不知道確切的解決方案是什麼。我們只是在這裡建立了一個新團隊，有點重新設置，我們正在努力建立關係。正如我所說，我們進行了建設性的討論。好消息是，這對國家、蒙古政府和我們自己來說都是雙贏的。

So I just remain convinced that we will find solutions. They're very complex topics. So I really don't know exactly what the solution is. But if the right -- if we both have an incentive to find solutions and we have the right relationship, I remain convinced we will get to solutions. So that's where we are on Oyu Tolgoi at this point in time.

所以我仍然堅信我們會找到解決方案。它們是非常複雜的話題。所以我真的不知道確切的解決方案是什麼。但如果是正確的——如果我們都有尋找解決方案的動力並且我們有正確的關係，我仍然相信我們會找到解決方案。這就是我們目前在奧尤陶勒蓋島的位置。

Scope 3, yes, we are just entering today. It's an important one. And I think the way you should look at it is a full commitment from our side to work on this. And I also think the world has changed quite a lot over the last 12 months. We now see a much more united world attacking the climate change agenda.

範圍3，是的，我們今天才進入。這是一個重要的。而且我認為你應該看待它的方式是我們方面對此做出的全面承諾。我也認為在過去的 12 個月裡，世界發生了很大的變化。我們現在看到一個更加團結的世界正在攻擊氣候變化議程。

We see -- I mean China is at the forefront with the latest commitment to be neutral in 2060, which is going to be a massive challenge given the magnitude of the industry in China. We see demands from our customers that we together work on solutions. So I will say to you, we don't know exactly how, but when we join forces and have -- everyone have the commitment, I'm sure we will find solutions.

我們看到——我的意思是中國處於最前沿，最近承諾在 2060 年保持中立，鑑於中國工業的規模，這將是一個巨大的挑戰。我們看到客戶要求我們共同研究解決方案。所以我要對你說，我們不知道具體怎麼做，但是當我們聯手並擁有——每個人都有承諾時，我相信我們會找到解決方案。

Our next question comes from the line of Glyn Lawcock from UBS.

我們的下一個問題來自瑞銀的 Glyn Lawcock。

Jakob, welcome to Australia.

雅各布，歡迎來到澳大利亞。

Thank you.

謝謝你。

Just on the Simandou project, I guess I'm just a little unclear. So you're doing the studies before you engage? Or have you engaged with the SMB-Winning consortium at least in the first place? Because they seem to be moving ahead fast. They've already started construction on the port and intend to start construction on the rail if we -- based on what we're hearing. Are you at risk of getting left behind? That's the first question.

只是關於 Simandou 項目，我想我只是有點不清楚。所以你在參與之前做研究？或者您是否至少一開始就與 SMB-Winning 財團合作？因為他們似乎在快速前進。他們已經開始在港口建設，並打算在我們聽到的情況下開始建設鐵路。你有被拋在後面的風險嗎？這是第一個問題。

And then the second one is just on dividends. If I look at it pro forma with what you've announced today, the tax catch-up and your net debt at year-end, it leaves you with pro forma net debt of about $8 billion. So should I think about it going forward, you mentioned you paid out almost 100% of free cash flows. Is that how I should think about it? I know your policy is unchanged but is that sort of how I should think about it? And dividends, not buybacks going forward?

然後第二個只是分紅。如果我從你今天宣布的內容、稅收追趕和你年底的淨債務來看，它給你留下了大約 80 億美元的備考淨債務。所以我應該考慮一下，你提到你支付了幾乎 100% 的自由現金流。我應該這樣想嗎？我知道你的政策沒有改變，但我應該這樣想嗎？還有股息，而不是未來的回購？

Thank you. Why don't you take the dividend? I'll come back on Simandou.

謝謝你。你為什麼不分紅？我會回到西芒杜。

Thanks, Jakob. Glyn, I think on the dividend, you really should just sort of just review what we've done within the context of our policy previously. It's been very, very consistent, the application of that policy, and I think it's served us extremely well over time. So it really is that 40% to 60% over the cycle of payouts, with additional payments as and when the overall settings are sort of conducive to do that. And I think that's exactly what we've done this year.

謝謝，雅各布。 Glyn，我認為關於股息，你真的應該只是回顧一下我們之前在政策範圍內所做的事情。該政策的應用非常非常一致，我認為隨著時間的推移它對我們的服務非常好。因此，在支付週期中確實是 40% 到 60%，並且在整體設置有利於這樣做時額外支付。我認為這正是我們今年所做的。

In terms of form, we'll review it each time. Different shareholders like -- have different preferences there. We're very aware of that. But we've gone for -- the Board has gone for a special dividend this time. And I think that's where we'll leave it.

形式上，我們每次都會檢討。不同的股東喜歡-在那裡有不同的偏好。我們非常清楚這一點。但我們已經選擇了——董事會這次選擇了特別股息。我認為這就是我們要離開的地方。

So thank you very much, Glyn. Jakob, back to you.

非常感謝你，格林。雅各布，回到你身邊。

Yes. Look, I'm maybe not very helpful on this one with Simandou. But as you probably can imagine, discussions and negotiations, you like to keep inside closed doors, but I would say that a lot of engagement is happening. And I think it becomes more and more clear how we best can contribute to the development. Looking forward to give you an update, but I'm not able to reveal much more at this point in time.

是的。聽著，我可能對 Simandou 的幫助不大。但正如你可能想像的那樣，討論和談判，你喜歡閉門造車，但我想說很多參與正在發生。我認為我們如何最好地為發展做出貢獻變得越來越清楚。期待為您提供更新，但目前我無法透露更多信息。

Thank you, Glyn.

謝謝你，格林。

Our next question comes from the line of Rahul Anand from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Rahul Anand。

I've got two. First one's on the Pilbara iron ore. Look, you had a small reserve cut today in the iron ore reserve statement. I just wanted to focus here a bit on the reasons for that. I take it, it was likely heritage issues and the mine plan for the next 12 to 24 months. So does this cut now derisk your production for the iron ore business at least for the next 24 months? And is there any future recalculation risk here to reserves from heritage issues? That's the first one.

我有兩個。第一個是在皮爾巴拉鐵礦石上。看，你今天在鐵礦石儲量聲明中減少了小幅儲量。我只是想在這裡稍微關註一下其中的原因。我認為，這可能是遺產問題和未來 12 到 24 個月的礦山計劃。那麼，此次減產是否會至少在未來 24 個月內使您的鐵礦石業務生產面臨風險？遺產問題的儲備在未來是否有任何重新計算的風險？那是第一個。

Second one's on Jadar. I understand a portion of that $200 million was budgeted for land acquisitions. How far down are you on that path? And also these direct land acquisitions, does this potentially add to the complexity in terms of royalties to landowners and then also perhaps the government?

第二個在 Jadar 上。據我了解，這 2 億美元的預算中有一部分用於土地收購。你在這條路上走多遠？還有這些直接的土地收購，這是否會增加對土地所有者以及政府的特許權使用費的複雜性？

And also, is there a framework in place with the Serbian government for the project?

此外，塞爾維亞政府是否為該項目制定了框架？

Thanks very much for the question. So in terms of Pilbara, yes, we took a small reserve write-down, 54 million tonnes, which we talked about in the release. I think that has to be put in the overall scale of the business. So when you compare that to the overall reserve position, especially then the resource position, it is a relatively small change.

非常感謝這個問題。因此，就皮爾巴拉而言，是的，我們進行了少量儲備減記，即 5400 萬噸，我們在新聞稿中談到了這一點。我認為這必須放在業務的整體規模中。因此，當您將其與整體儲備頭寸，特別是資源頭寸進行比較時，這是一個相對較小的變化。

I think what you're really seeing is now that we've really done a reset about our approach to heritage in the Pilbara. It's going to be a continual process of us working through this, engaging with our partners and Traditional Owners to make sure that we are absolutely sort of in the right place around ongoing heritage approvals.

我認為您現在真正看到的是，我們確實對我們在皮爾巴拉的遺產方式進行了重新設置。這將是我們不斷努力的過程，與我們的合作夥伴和傳統所有者合作，以確保我們在正在進行的遺產批准方面絕對處於正確的位置。

I think the only thing that clearly we haven't factored in there is the fact that the WA heritage laws that are under review. So we just don't know how that will flow through as well. So that's not factored in. But I think what you're seeing in the big picture is just the sheer scale of sort of the business and the options that we have, the ability to sort of internalize these challenges and just work through them over time and retaining a sort of very robust production base there. So thank you for the question.

我認為唯一明顯我們沒有考慮到的事實是正在審查的西澳遺產法。所以我們只是不知道這將如何通過。所以這沒有考慮在內。但我認為你在大局中看到的只是業務的絕對規模和我們擁有的選擇，以及將這些挑戰內化並隨著時間的推移而克服它們的能力並在那裡保留了一種非常強大的生產基地。所以謝謝你的問題。

In terms of Jadar, studies are progressing. Yes, there's a portion there of sort of land acquisitions that will be embedded and will be progressed this year as we go through. Probably just best to say, the study programs are progressing as we'd expect towards a decision at the end of this year. Probably that's the sort of best guidance we can give at this moment in time. So thank you very much.

在 Jadar 方面，研究正在取得進展。是的，有一部分土地收購將被嵌入，並將在今年進行。也許最好說，學習計劃正在按照我們預期的那樣在今年年底做出決定。這可能是我們目前可以及時提供的最佳指導。所以非常感謝。

Our next question comes from the line of Carsten Riek from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Carsten Riek。

A question from my side is on, I believe, on the potential removal of underperforming assets, because the announcement of the closure of your aluminum smelter JV, Aluchemie, in Netherlands early this week underpins the move of cutting out underperforming assets. Did you already identify all of the underperforming assets? And do you have a percentage of sales number for those business versus group sales you currently review? That would be quite helpful.

我認為，我認為有一個問題是關於可能移除表現不佳的資產，因為本週早些時候宣布關閉您在荷蘭的鋁冶煉廠 Aluchemie 的消息支持了削減表現不佳資產的舉措。您是否已經識別出所有表現不佳的資產？您是否有這些業務的銷售額與您目前審查的集團銷售額的百分比？那會很有幫助。

Yes. Thank you. Thanks for the question. I really felt that I -- you know that I joined 2, 2.5 years ago, and I felt that just before I came that a tremendously well piece of work was done. We sold assets for almost $15 billion and we sold them at good prices at a good time in the cycle. And that actually both simplified and purified our portfolio. So we don't have a lot of assets -- underperforming assets.

是的。謝謝你。謝謝你的問題。我真的覺得我——你知道我在 2、2.5 年前加入的，而且我覺得就在我來之前，我已經完成了一項非常出色的工作。我們以近 150 億美元的價格出售了資產，並且在周期的好時機以優惠的價格出售了它們。這實際上簡化並淨化了我們的投資組合。所以我們沒有很多資產——表現不佳的資產。

We have been through a very tough time, particularly for the aluminum smelters. And I'm particularly proud of -- you probably will remember around a year ago, we put 2 of our smelters up for strategic review. And recently, we -- over the last few weeks, we have just announced energy resets, both at our smelter in New Zealand and our smelter at Iceland which kind of secured employment and improved the competitiveness.

我們經歷了一段非常艱難的時期，特別是對於鋁冶煉廠而言。我特別自豪 - 你可能會記得大約一年前，我們將我們的 2 個冶煉廠進行戰略審查。最近，我們 - 在過去幾週內，我們剛剛宣佈在新西蘭的冶煉廠和冰島的冶煉廠進行能源重置，以確保就業並提高競爭力。

So yes, we are very committed to addressing underperforming assets, but that doesn't mean closure or it doesn't mean necessarily a sale. There are different ways as well. But rest assured, we are not kind of just accepting to have underperforming assets for the long haul in our portfolio. We still have some work to do on energy reset for particularly some of our Australian smelters. Thank you.

所以，是的，我們非常致力於解決表現不佳的資產，但這並不意味著關閉或不一定意味著出售。也有不同的方法。但請放心，我們不只是接受在我們的投資組合中長期表現不佳的資產。我們在能源重置方面仍有一些工作要做，尤其是我們的一些澳大利亞冶煉廠。謝謝你。

Our next question comes from the line of Dominic O'Kane from JPMorgan.

我們的下一個問題來自摩根大通的 Dominic O'Kane。

Just 2 questions. The first on the Pilbara and turning to costs. I wonder if you could just maybe unpack the unit cost guidance for 2021. The increase year-on-year is largely attributable to FX, but the top end of the range would look a little bit high versus our own forecasts just by FX alone. So I wonder if you could just talk about some of the cost pressures that you may be experiencing in the Pilbara, specifically around labor, haulage, the water table. And then with that incremental 90 million tonnes of capacity coming in over the next 2 years, can you confirm that we should be expecting unit costs to start to fall again?

就2個問題。第一個在 Pilbara 並轉向成本。我想知道您是否可以解開 2021 年的單位成本指導。同比增長主要歸因於外匯，但與我們自己僅通過外彙的預測相比，該範圍的上限看起來有點高。所以我想知道你是否可以談談你在皮爾巴拉可能遇到的一些成本壓力，特別是在勞動力、運輸和地下水位方面。然後隨著未來 2 年新增 9000 萬噸的產能，您能否確認我們應該預期單位成本會再次開始下降？

Second question is on Simandou. So we've got CapEx guidance of $7.5 billion out to 2020, 2023. Can you give us an indication of what the CapEx is in each of those years for Simandou?

第二個問題是關於西芒杜的。因此，到 2020 年和 2023 年，我們的資本支出指導為 75 億美元。您能否告訴我們 Simandou 在這些年的資本支出是多少？

Thanks very much. So I might take the first question there on Pilbara costs. In terms of the unit costs, I mean, as I said, most of that increase is driven by exchange. So it's the exchange that effectively resets us to about $16 when we use what is effectively the exchange rate in the market today at $0.77.

非常感謝。所以我可能會提出關於皮爾巴拉成本的第一個問題。就單位成本而言，正如我所說，大部分增長是由交換驅動的。因此，當我們使用當今市場上的有效匯率為 0.77 美元時，正是這種匯率有效地將我們重置為 16 美元左右。

From there though, we -- as I said, this year is a big transition year for bringing in those incremental tonnes into the system and also for the commissioning of Gudai-Darri and also for ramping up into the next phase of study. So we've highlighted there that we have study costs that are also increasing our overall cash unit cost as well.

儘管如此，我們 - 正如我所說的那樣，今年是一個重要的過渡年，將這些增量噸引入系統，同時也是 Gudai-Darri 的調試以及進入下一階段的研究。所以我們在那裡強調了我們的學習成本也增加了我們的整體現金單位成本。

What we see is when we get to the end of '21 into '22, we are in much better shape. Those sort of one-off costs are behind us. So I think when you think about the profile of unit costs, think of us going into 2022 with those costs sort of for commissioning in the 90 million tonnes then dealt with. And -- but at that sort of -- it's all guidance from there at the highest sort of exchange rate. I think that's probably the best guidance I can give.

我們看到的是，當我們到 21 年底到 22 年時，我們的狀態要好得多。這些一次性成本已經過去了。所以我認為，當你考慮單位成本的概況時，想想我們進入 2022 年，這些成本有點像當時處理的 9000 萬噸的調試成本。而且 - 但在那種情況下 - 這都是從那里以最高匯率的指導。我想這可能是我能給的最好的指導。

And I hand over to Jakob on Simandou.

我把西芒杜交給雅各布。

Yes. Look, I guess your question is how much we have in our CapEx guidance. And quite frankly, we don't disclose that because the way you should think about our CapEx guidance is that we risk a portfolio. And as you can imagine, every time you take a decision, it becomes a binary, either it's 100% or it's 0%. So there is a risk part for each of our projects. And that's what it constitutes of. So I'm afraid I can't help you much on that one. Thank you.

是的。看，我想你的問題是我們的資本支出指南中有多少。坦率地說，我們沒有透露這一點，因為您應該考慮我們的資本支出指導的方式是我們冒著投資組合的風險。正如您可以想像的那樣，每次您做出決定時，它都會變成二進製文件，要么是 100%，要么是 0%。因此，我們的每個項目都存在風險部分。這就是它的組成部分。所以我恐怕在那個問題上幫不了你太多。謝謝你。

Operator, we have time for one more question, please.

接線員，我們有時間再問一個問題。

Our final question comes from the line of Richard Hatch from Berenberg.

我們的最後一個問題來自 Berenberg 的 Richard Hatch。

Congrats on a good set of numbers. Two questions. First one, Oyu Tolgoi. As you look out into Panels 1 and 2 as the mine progresses, where is your head at in terms of having to subdivide those panels into separate subpanels for geotechnical stability? And what are the risks around that?

恭喜一組好數字。兩個問題。第一個，奧尤陶勒蓋。隨著礦山的進展，當您查看面板 1 和 2 時，您的頭在哪裡，必須將這些面板細分為單獨的子麵板以實現岩土穩定性？周圍的風險是什麼？

And the second one is, I appreciate I'm probably trying on something which you're not going to give, but are you able to give us any kind of ranges of CapEx for Jadar and Winu, please? Just because they're kind of near term and it would be useful to kind of have a handle on what kind of CapEx numbers that those projects are going to take.

第二個是，我很感激我可能正在嘗試一些你不會給出的東西，但是你能給我們 Jadar 和 Winu 的任何類型的資本支出範圍嗎？僅僅因為它們是短期的，並且掌握這些項目將採用什麼樣的資本支出數字會很有用。

Thanks very much for the question on that. So in terms of OT, the studies on Panels 1 and 2 are still ongoing. So we're not yet ready to sort of talk in detail about those designs because we still have a lot of work to do. We're very, very clear, as we've described to the market on Panel 0, and we've got the definitive estimate there, but the study is ongoing with Panels 1 and 2. So those 2, just sort of be a bit patient with us for that while we do the work.

非常感謝您提出的問題。所以在 OT 方面，Panel 1 和 Panel 2 的研究仍在進行中。所以我們還沒有準備好詳細討論這些設計，因為我們還有很多工作要做。我們非常非常清楚，正如我們在 Panel 0 上向市場描述的那樣，我們在那裡得到了明確的估計，但是對於 Panel 1 和 Panel 2 的研究正在進行中。所以這兩個，只是一個在我們做這項工作的時候，對我們有點耐心。

In terms of Winu and Jadar, again, we're not yet ready to give sort of guidance on capital. The work is continuing. And as we've said, that should come to an end near the end of this year when we will be sort of taking decisions on those projects. So just, again, sort of just ask your patience on those 2 as well. Thank you very much.

再說一次，就 Winu 和 Jadar 而言，我們還沒有準備好就資本提供某種指導。這項工作仍在繼續。正如我們所說，這應該會在今年年底附近結束，屆時我們將對這些項目做出決定。所以，再一次，只是問問你對這兩個的耐心。非常感謝。

Great, Peter and Jakob and Simon. Thank you very, very much. Everybody, thank you for joining this morning and this evening, and we'll hope to see you soon in the roundtables or in one-on-one meetings. Have a good day and a good evening. Thank you.

太好了，彼得、雅各布和西蒙。非常非常感謝你。大家，感謝你們今天早上和晚上的加入，我們希望很快能在圓桌會議或一對一會議上見到你們。祝你有美好的一天和一個美好的夜晚。謝謝你。

Thank you. Ladies and gentlemen, that does conclude your conference for today. Thank you for participating. You may now all disconnect. Thank you.

謝謝你。女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以全部斷開連接。謝謝你。