力拓 (RIO) 2024 Q2 法說會逐字稿

Hello again to everyone in the room.

再次向房間裡的每個人問好。

And now welcome to those online to Rio Tinto's 2024 half-year results presentation.

現在歡迎線上觀看力拓 2024 年半年度業績發表會。

My name is Tom Gallop, and I'm the acting Head of Investor Relations.

我叫湯姆‧加洛普，是投資人關係代理主管。

We'll follow the normal proceedings today.

今天我們將按照正常程序進行。

Jacob and Peter will take you through introductory remarks for about 30 minutes, and we'll follow that with Q&A.

Jacob 和 Peter 將向您介紹大約 30 分鐘的介紹性言論，然後我們將進行問答。

And with that, Jacob, over to you.

雅各布，接下來就交給你了。

Good morning and thank you, Tom.

早上好，謝謝你，湯姆。

I also want to thank, Brendan, for a wonderful welcome to country.

我還要感謝布倫丹對我的熱情歡迎。

I acknowledge the Gadigal people of the Eora Nation on whose traditional lands we are gathered today.

我感謝歐拉民族的加迪加爾人民，我們今天聚集在他們的傳統土地上。

And I pay my respect to elders past and present.

我向過去和現在的長輩致以敬意。

I extend that respect to all indigenous people across the globe.

我向全球所有原住民致以敬意。

I acknowledge the important role that continues to play within communities and our business.

我承認在社區和我們的業務中繼續發揮的重要作用。

It's great to be in Sydney today.

今天來到悉尼真是太好了。

The first time Peter and I have reported our results from Australia, it's an excellent opportunity to highlight the strengths of our Australian operations, which are powerful drivers of our performance.

彼得和我第一次報告我們在澳洲的業績，這是一個很好的機會來強調我們澳洲業務的優勢，這些優勢是我們業績的強大驅動力。

The foundation for much of that strength can be traced long back, back to Sir Rod Carnegie, the former chief executive of CIA.

這種力量的基礎很大程度上可以追溯到中央情報局前執行長羅德·卡內基爵士。

Sir Rod, very sadly, passed away on July 14, and I want to recognize the impact he had on our business.

羅德爵士於 7 月 14 日不幸去世，我想認識到他對我們業務的影響。

He was a remarkable leader and a true pioneer of our industry.

他是一位傑出的領導者，也是我們這個行業的真正先驅。

When you look at Rio Tinto, you can see a clear and consistent growth.

當你觀察力拓時，你可以看到明顯且持續的成長。

We are profitable and we are growing.

我們正在獲利並且正在成長。

Growing, because we are improving the performance of our assets.

成長，因為我們正在改善資產的績效。

Growing organically, because we are investing with discipline in projects that will create significant value, not just in one or two decades time, but also in the near term.

有機成長，因為我們正在嚴格投資於那些將創造重大價值的項目，不僅在一二十年的時間內，而且在短期內。

And this growth is supported by strategic M&A.

這種成長得到了策略併購的支持。

We're executing this growth through a relentless focus on our four objectives.

我們透過不懈地關注我們的四個目標來實現這一增長。

They're enabling us to unlock value and find solutions to even the most complex challenges.

它們使我們能夠釋放價值並找到應對最複雜挑戰的解決方案。

There has already been a step change in our road to best operator.

我們通往最佳營運商的道路已經發生了一步改變。

This is amongst others clear in our bauxite business, where the safe production system have helped deliver a 10% boost to production in the first half.

這點在我們的鋁土礦業務中表現得特別明顯，安全生產體系幫助鋁土礦業務上半年產量增加了10%。

Meanwhile, we have taken a large and incremental steps to decarbonize while delivering materials for the energy transition.

同時，我們在為能源轉型提供材料的同時，也採取了大規模的漸進式脫碳措施。

This includes securing competitively priced renewable power for our assets.

這包括為我們的資產確保價格具有競爭力的再生能源。

And we are hitting milestones as we excel in development.

隨著我們在發展方面的出色表現，我們正在達到里程碑。

Simandou in Guinea received the full sanctioning earlier this month, a major moment for the largest greenfield mining and infrastructure project in the world.

幾內亞西芒杜本月稍早獲得了全面批准，這是世界上最大的綠地採礦和基礎設施項目的一個重要時刻。

We cannot operate unless we bring the local communities along with us and we want communities to benefit from our operations as we grow.

除非我們將當地社區納入我們的行列，否則我們就無法開展運營，並且我們希望社區隨著我們的發展而從我們的運營中受益。

That's why I emphasize the importance of having a deep social license and working in partnership.

這就是為什麼我強調擁有深厚的社會許可和合作關係的重要性。

For example, partnering with the Ngarluma Aboriginal Corporation.

例如，與 Ngarluma 原住民公司合作。

Together, we are progressing a solar farm to supply our Pilbara assets.

我們正在共同開發一個太陽能發電場，為我們的皮爾巴拉資產提供電力。

Ultimately, delivering our objectives in the right way will benefit our shareholders too.

最終，以正確的方式實現我們的目標也將使我們的股東受益。

By striving for impeccable ESG and a strong social license, we can unlock even more business opportunities.

透過努力實現無可挑剔的 ESG 和強大的社會許可，我們可以釋放更多商機。

We're solving complex challenges and executing profitable growth with the support of governments, customers, and communities.

在政府、客戶和社區的支持下，我們正在解決複雜的挑戰並實現獲利成長。

This is the meaning of our purpose, finding better ways to provide the materials the world needs.

這就是我們目的的意義，尋找更好的方法來提供世界所需的材料。

Our financials show we have a strong base from which to grow production further.

我們的財務數據表明，我們擁有進一步提高產量的堅實基礎。

In the first half, we deliver robust underlying earnings of $4.8 billion, a 1% increase year on year.

上半年，我們實現了 48 億美元的強勁基礎獲利，年增 1%。

Copper equivalent production has grown 2% and is accelerating.

銅當量產量增加了 2%，並且還在加速成長。

I'll elaborate on that future growth later.

稍後我將詳細闡述未來的成長。

As we step up capital expenditure to deliver our big projects, we are securing the profitability of our business well into the future.

隨著我們增加資本支出來交付大型項目，我們正在確保我們業務在未來的獲利能力。

We are achieving this, while maintaining a strong balance sheet and attractive returns to shareholders.

我們正在實現這一目標，同時保持強勁的資產負債表和對股東有吸引力的回報。

Once again, we will hand back $2.9 billion, a 50% dividend payout in line with our policy.

我們將再次返還 29 億美元，即符合我們政策的 50% 股息支付。

This is not just a growing half-year result.

這不僅僅是半年業績的成長。

This is stable, reliable growth.

這是穩定、可靠的成長。

We are confident executing significant projects, while building value.

我們有信心執行重大項目，同時創造價值。

Peter will now go into more details.

彼得現在將詳細介紹。

Thank you.

謝謝。

Very helpful.

很有幫助。

Thanks, Jakob.

謝謝，雅各。

It's great to be here in Sydney to present our interims.

很高興來到雪梨展示我們的中期成果。

We now have good stability at most of our assets.

現在我們的大部分資產都具有良好的穩定性。

We're strengthening our core business segments, creating value and options for the future, and have real momentum across the group.

我們正在加強我們的核心業務部門，為未來創造價值和選擇，並在整個集團中擁有真正的動力。

We're also solving some of our hardest challenges.

我們也正在解決一些最困難的挑戰。

For instance, the Simandou project where investment is now proceeding at pace, and the competitive power solutions announced for Boyne and NZAS.

例如，目前投資正在穩步推進的西芒杜項目，以及為Boyne和NZAS宣布的具有競爭力的電力解決方案。

We'll add 170,000 tonnes of aluminum metal, or 5% to our portfolio, when the transactions about our partners' interests complete.

當有關合作夥伴權益的交易完成後，我們將增加 17 萬噸鋁金屬，即我們的投資組合的 5%。

Our Pilbara operations are very consistent, delivering production above the five-year average in the first half.

我們的皮爾巴拉業務非常穩定，上半年的產量高於五年平均。

And the underground copper mine at Oyu Tolgoi continues to ramp up, in line with our long-term plan and will drive considerable free cash flow expansion over the next few years.

奧尤陶勒蓋的地下銅礦繼續開採，這符合我們的長期計劃，並將在未來幾年推動自由現金流的大幅擴張。

We saw a step change in Boyne site production and a very stable performance at our smelters.

我們看到博因工廠的生產發生了巨大變化，我們的冶煉廠表現非常穩定。

The safe production system is delivering results and unlocking value.

安全生產體係正在釋放成果、釋放價值。

Three sites set best throughput rates over a 90-day period during the half and more on that later.

三個站點在上半年及之後的 90 天內設定了最佳吞吐率。

But we can still realize much more from our existing assets through productivity improvements.

但我們仍然可以透過提高生產力從現有資產中獲得更多收益。

Kennecott remains the biggest challenge, but also a real opportunity to unlock value.

肯尼科特仍然是最大的挑戰，但也是釋放價值的真正機會。

So turning to the numbers, all in all, it was a very consistent financial performance.

因此，從數字來看，總而言之，這是一個非常一致的財務表現。

On a net-net basis, underlying EBITDA increased 3% to $12.1 billion, with our aluminum and copper divisions more than offsetting the lower, but still impressive, performance from iron ore.

以淨額計算，基本 EBITDA 成長了 3%，達到 121 億美元，我們的鋁和銅部門足以抵消鐵礦石較低但仍然令人印象深刻的業績。

Cash flow from operations was stable at $7.1 billion, and free cash flow of $2.8 billion reflected the rise in capital expenditure to $4 billion as we invest in growth to deliver enhanced future earnings.

營運現金流穩定在 71 億美元，自由現金流為 28 億美元，反映出我們投資於成長以提高未來收益，資本支出增加至 40 億美元。

Following payment of the 2023 final dividend and receipt of $400 million from our Simfer JV partner, CIOH, we ended the half with net debt of $5.1 billion.

在支付 2023 年末期股息並從我們的 Simfer 合資夥伴 CIOH 收到 4 億美元後，我們上半年的淨債務為 51 億美元。

Overall, we delivered a healthy return on capital employed of 19% on underlying earnings of $5.8 billion.

整體而言，我們的基本收益達到 58 億美元，資本回報率為 19%。

And as Jakob said, we've maintained our practice of paying out at 50% at the interims for the ordinary dividend, equating to $2.9 billion.

正如雅各所說，我們維持中期派發 50% 普通股息的做法，相當於 29 億美元。

Now, unusually, movements in commodity prices were not a significant driver of our financials.

現在，不同尋常的是，大宗商品價格的變動並不是我們財務狀況的重要驅動因素。

In fact, 62% iron ore index dropped 3%, LME copper rose 4%, and LME aluminum was up 1% compared with the first half of 2023.

事實上，與2023年上半年相比，62%鐵礦石指數下跌3%，LME銅上漲4%，LME鋁上漲1%。

The prices we are currently seeing reflect a global economy which is not firing on all cylinders.

我們目前看到的價格反映了全球經濟並未全速運轉。

Construction in all major markets is soft, although for different reasons.

儘管出於不同的原因，所有主要市場的建設都處於疲軟狀態。

Interest rates in the West and over capacity are still being managed down in China.

中國仍在控制西方國家的利率和過剩產能。

Steel demand from the Chinese property sector is now down by as much as 30% from its peak in 2020.

目前，中國房地產行業的鋼材需求較 2020 年的高峰下降了 30%。

However, manufacturing in China is strong with the energy transition at the heart of growth.

然而，中國製造業實力強勁，能源轉型是成長的核心。

The energy transition sectors accounted for nearly a third of Chinese GDP growth in 2023, and strong growth has continued in the first half of 2024.

2023年，能源轉型產業佔中國GDP成長的近三分之一，2024年上半年持續保持強勁成長。

Other drivers are performing okay.

其他司機表現良好。

So in summary, prices were below the average of the last 10 years when adjusted for inflation.

總而言之，根據通貨膨脹調整後的價格低於過去 10 年的平均值。

Focusing on iron ore.

專注於鐵礦石。

If we look back over the last five years, consensus has underestimated the price by about $22 a tonne on a one-year forward looks and averaged $39 a tonne on a two-year forward.

如果我們回顧過去五年，一年期的共識將價格低估了每噸約 22 美元，而兩年期的平均價格則低估了每噸 39 美元。

And over the last three years, iron ore has averaged around $120 a tonne, trading in a range of around $20 per tonne either side, highlighting the market's resilience.

過去三年，鐵礦石平均價格約為每噸 120 美元，雙方交易價格均在每噸 20 美元左右，凸顯了市場的韌性。

And if we look at the drivers, firstly, there's been a steepening of the cost curve with broad-based inflation affecting supply.

如果我們看看驅動因素，首先，成本曲線變得陡峭，廣泛的通貨膨脹影響了供應。

And the impact of this is heightened for the higher cost marginal producers, which has limited their ability to supply economically in this price environment.

對於邊際成本較高的生產者來說，這種影響更大，這限制了他們在這種價格環境下經濟供應的能力。

Secondly, the market has underestimated global iron ore consumption.

其次，市場低估了全球鐵礦石消費量。

And this is partly due to China's steel production outperforming expectations, supported by exports, and a shift to non-property sectors.

這在一定程度上是由於受出口支撐以及向非房地產行業的轉移，中國鋼鐵產量超出預期。

Also, due to scrap supply being less than predicted.

此外，由於廢鋼供應量低於預期。

Turning now to the EBITDA movement.

現在轉向 EBITDA 變動。

Overall, we've seen more modest variances this half, reflecting the consistent performance of our assets.

整體而言，今年上半年我們看到了較為溫和的差異，反映出我們資產的持續表現。

In aggregate, commodity prices and currency movements offset each other.

整體而言，大宗商品價格和貨幣走勢相互抵銷。

Likewise, lower market-linked prices for raw materials like caustic, pitch and coke, together with lower energy costs, offset the impact of 3.5% general inflation on our cost base.

同樣，苛性鹼、瀝青和焦炭等原材料的市場相關價格下降，加上能源成本下降，抵消了 3.5% 的整體通膨對我們成本基礎的影響。

In copper equivalent terms, our production was up 2%, a very positive outcome.

以銅當量計算，我們的產量增加了 2%，這是一個非常積極的結果。

But when it comes to the bridge, the fact that we had lower iron ore sales in the period, our highest margin with business, means the increase in our productive capacity has not yet flowed through to earnings.

但就橋樑而言，我們在此期間的鐵礦石銷售量較低，業務利潤率最高，這意味著我們生產能力的增加尚未轉化為利潤。

Turning to cash costs.

轉向現金成本。

We achieved broadly flat period on period outcomes except in the Pilbara and TIO2.

除皮爾巴拉和 TIO2 外，我們取得了與期間結果基本持平的結果。

Higher iron ore unit costs were driven by input price escalation and lower volumes.

鐵礦石單位成本上漲是由於投入價格上漲和產量減少所造成的。

And we also saw fixed cost inefficiencies that our TIO2 business, again, mainly volume-led from weak market conditions.

我們還發現，我們的 TIO2 業務的固定成本效率低下，這主要是由於市場狀況疲軟而導致銷售成長。

Overall, these pushed EBITDA down by some $400 million.

總體而言，這些因素使 EBITDA 減少了約 4 億美元。

With our iron ore volume set to rebound and our active focus on cost management, we would expect a more positive cost performance in the second half.

隨著我們的鐵礦石產量反彈以及我們積極關注成本管理，我們預計下半年的成本效益將更加積極。

Now, there were some one-off factors in 2023, such as the smelter shut and conveyor breakdown at Kennecott, the forest fires at IOC and the Kitimat restart.

現在，2023 年出現了一些一次性因素，例如肯尼科特 (Kennecott) 的冶煉廠關閉和輸送機故障、國際石油公司 (IOC) 的森林火災以及基蒂馬特 (Kitimat) 的重啟。

In addition, expiration and evaluation expense to the P&L was $200 million higher last year, as Simandou costs were not being capitalized.

此外，由於 Simandou 成本沒有資本化，去年損益表的到期和評估費用增加了 2 億美元。

In comparison, this half year has been very clean.

相比之下，這半年過得很乾淨。

So all in all this brings us to a strong underlying EBITDA of $12.1 billion, a 3% rise.

總而言之，我們的基本 EBITDA 強勁，達到 121 億美元，成長了 3%。

Turning now to our cash generation, as ever, this half, there were a number of factors impacting conversion of EBITDA to cash.

現在轉向我們的現金生成，與以往一樣，今年上半年有許多因素影響 EBITDA 轉換為現金。

Some are one-offs, some are seasonal.

有些是一次性的，有些是季節性的。

But overall, it was a very consistent, strong performance.

但整體而言，這是一場非常穩定、強勁的表現。

An increase in working capital of $700 million was mainly driven by movements in non-trade payables.

營運資金增加 7 億美元，主要是由於非貿易應付帳款的變動所致。

These included a drawdown of royalties and taxes, as prices fell from late 2023, along with seasonal movements in amounts due to our JV partners.

其中包括特許權使用費和稅收的減少，因為價格從 2023 年底開始下降，以及我們合資夥伴的金額季節性變化。

We'd expect most of this to reverse in the second half.

我們預計這種情況大部分會在下半年逆轉。

If I look at our working capital rises over the last five years, the main driver has been inventory.

如果我看看過去五年我們營運資本的成長，就會發現主要驅動力是庫存。

Now we've taken some decisions actively to increase inventory.

現在我們已經做出了一些積極增加庫存的決定。

For instance, around $400 million of iron ore held port side in China and around $900 million in our Pilbara supply chain, increasing overall system resilience.

例如，價值約 4 億美元的鐵礦石存放在中國港口，價值約 9 億美元的鐵礦石存放在我們的皮爾巴拉供應鏈中，從而提高了整體系統的彈性。

However, the biggest driver has been the flow through of inflation through costs to inventory over the period.

然而，最大的推動因素是在此期間通貨膨脹通過成本流向庫存。

We certainly have opportunities to reduce the capital invested in inventory, but a substantial proportion of the increase does reflect market drivers.

我們當然有機會減少庫存資本投入，但增加的很大一部分確實反映了市場驅動因素。

Onto product group performance.

關於產品組的表現。

Iron ore had a robust half, although EBITDA was down 10%, with some pricing impact, higher costs, as mentioned earlier, and lower shipments, which was still above the five-year average for the first half.

鐵礦石上半年表現強勁，儘管 EBITDA 下降了 10%，但受到一些定價影響、成本上升（如前所述）和出貨量下降（仍高於上半年的五年平均值）。

Now, we're on track for another 5 million tonnes from SPS, with 10 million tonne benefit from this year and last, delivering significant incremental value.

現在，我們預計從 SPS 獲得另外 500 萬噸產量，今年和去年將受益 1,000 萬噸，帶來顯著的增量價值。

Unit costs were at the top end of our guidance in the half with shipments weighted to the second half.

上半年單位成本處於我們指引的上限，而下半年的出貨量則有所增加。

Meanwhile, replacement mines are advancing with construction of western range now 70% complete.

同時，替換礦場正在推進，西部礦場建設現已完成 70%。

The performance of the aluminum business was strong and we're well positioned to take full advantage of better markets.

鋁業務的表現強勁，我們處於有利地位，可以充分利用更好的市場。

The 38% increase in EBITDA was driven by growing bauxite and aluminum production, a margin expansion as prices improved and input costs declined.

EBITDA 成長 38% 的推動因素是鋁土礦和鋁產量的成長，以及價格上漲和投入成本下降帶來的利潤率擴張。

Our copper business saw EBITDA rise by 67% driven by LME prices, the rise in output from the Oyu Tolgoi underground mine and the restart of the Kennecott smelter following completion of the major rebuild last year.

在 LME 價格、奧尤陶勒蓋地下礦產量增加以及肯尼科特冶煉廠去年完成重大重建後重新啟動的推動下，我們的銅業務 EBITDA 成長了 67%。

As I mentioned earlier, Kennecott remains a key focus, as recent changes to the mine plan to manage geotechnical risk have delayed access to higher grade ore in the pit.

正如我之前提到的，肯尼科特仍然是一個重點關注點，因為最近為管理岩土工程風險而對礦山計劃進行的更改推遲了礦坑中高品位礦石的開採。

The team is currently reworking the plan and we'd expect to update the market in our third quarter report.

該團隊目前正在重新制定計劃，我們預計會在第三季報告中更新市場。

Lastly, minerals, as I said, volumes were significantly down at our TIO2 business reflecting weak market conditions.

最後，正如我所說，礦物業務的 TIO2 業務銷售大幅下降，反映出市場狀況疲軟。

We saw a recovery at IOC with a further pick-up in volumes expected in the second half.

我們看到國際奧委會的復甦，預計下半年銷售將進一步回升。

And on lithium, the Rincon start plant is on track for first tons by year end, and we expect to complete the feasibility study for full-scale operations in the third quarter.

在鋰方面，Rincon 啟動工廠預計在年底前生產第一噸鋰，我們預計將在第三季完成全面營運的可行性研究。

Moving to the safe production system.

向安全生產系統邁進。

This is now being deployed at 26 assets, and we're deepening maturity at the initial sites.

目前，該技術已部署在 26 個資產上，並且我們正在加深初始站點的成熟度。

It's simply how we do business.

這就是我們開展業務的方式。

The early investment in the cultural journey is beginning to show results.

文化之旅的早期投資已開始顯現成效。

We set best throughput rates over a 90-day period across three assets during the half; Weipa, Tom Price and Rogue Valley.

我們在上半年為三種資產設定了 90 天內的最佳吞吐率；韋帕、湯姆·普萊斯和俠盜谷。

Using the Kaizen process, ideas from frontline team members helped increase plant feed rates at the Amrun Bauxite mine at Weipa by 9% and reduced scheduled loss time by nearly 10 days per year.

利用 Kaizen 流程，一線團隊成員的想法幫助將位於 Weipa 的 Amrun 鋁土礦礦的工廠進料率提高了 9%，並將計劃損失時間每年減少了近 10 天。

Moving on to capital allocation.

繼續進行資本配置。

Now you've seen this slide before many times.

現在您已經多次看過這張投影片了。

The key message today is nothing has changed with strict discipline remaining paramount.

今天的關鍵訊息是，一切都沒有改變，嚴格的紀律仍然至關重要。

Sustaining capital, high returning replacement projects, and decarbonization remain our priorities, with about $7 billion of spend per year unchanged from previous guidance.

維持資本、高回報替代方案和脫碳仍然是我們的優先事項，每年約 70 億美元的支出與先前的指導保持不變。

That's followed by the ordinary dividend and then compelling growth.

接下來是普通股息，然後是引人注目的成長。

Our guidance with Growth CapEx is also unchanged at $3 billion.

我們對成長資本支出的指引也維持在 30 億美元不變。

Now, as I have said many times before, we will remain very disciplined.

現在，正如我之前多次說過的，我們將保持非常自律。

Our investments in growth are highly dependent on the timing of commitments, but most importantly, by our ability to generate value.

我們對成長的投資很大程度上取決於承諾的時間，但最重要的是，取決於我們創造價值的能力。

Over the next few years, we will see the contribution from our growth projects take off, with our Oyu Tolgoi Underground ramping up significantly.

在接下來的幾年裡，我們將看到我們的成長項目的貢獻開始起飛，我們的奧尤陶勒蓋地下工程將大幅成長。

For next year, it will become free cash flow positive, as we complete the key infrastructure investments, building up the resilience of our cash flows.

明年，隨著我們完成關鍵基礎設施投資，增強現金流的彈性，自由現金流將變成正值。

Simindou is advancing at pace.

西明杜正在快速前進。

As you can see from these images, the team is making impressive progress.

從這些圖片中可以看出，該團隊正在取得令人矚目的進展。

At the end of May, we achieved nearly nine million hours with a Simfer workforce of nearly 9,000, more than 80% of whom are Ghanaians.

截至 5 月底，我們的 Simfer 員工人數接近 9,000 人，其中 80% 以上是加納人，工作時間接近 900 萬小時。

We're ramping rapidly up with more than 20,000 supporting the entire project when you're factoring contractors and those working for WCS, and this is set to peak at 50,000.

當您考慮承包商和 WCS 工作人員時，我們正在迅速增加超過 20,000 名支援整個專案的人員，預計將達到 50,000 名的峰值。

In June, we announced the completion of 327 bridge piles on our 70-kilometer rail spur.

6 月，我們宣佈在 70 公里長的鐵路支線上完成了 327 個橋樁的施工。

And these were completed six months ahead of schedule, forming the foundations of five bridges with a total length of 1.7 kilometers.

這些工程比原計劃提前六個月完工，為總長1.7公里的五座橋樑奠定了基礎。

The team achieved this operating safely, 24 hours a day, seven days a week.

該團隊實現了每週 7 天、每天 24 小時安全運作。

In summary, our scope and WSC's scope are on track.

總之，我們的範圍和 WSC 的範圍都步入正軌。

First store at the Simfer mine gate remains on track for 2025, together with the 30 month ramp up to 60 million tonnes per annum.

Simfer 礦門的第一家商店預計將於 2025 年建成，並在 30 個月內將年產量提高到 6,000 萬噸。

Turning now to Simandou's capital expenditure.

現在談談西芒杜的資本支出。

The majority of the full Simfer scope would impact our free cash flow under construction.

Simfer 整個範圍的大部分將影響我們正在建造的自由現金流。

With $5.1 billion of capex for the mine and $3.5 billion for the TSV port and rail spur reflected against free cash flow.

該礦場的資本支出為 51 億美元，TSV 港口和鐵路支線的資本支出為 35 億美元，這反映在自由現金流中。

Meanwhile, the cash contributions from CIOH are a financing activity and therefore fall outside of free cash flow.

同時，CIOH 的現金出資屬於融資活動，因此不屬於自由現金流範圍。

However, as the mine ramps up from 2025, it will become a significant cash contributor.

然而，隨著礦場從 2025 年開始逐漸發展，它將成為重要的現金貢獻者。

We saw $900 million invested in 2023, of which $500 million was our share, and $400 million has now been refunded by CIOH.

2023 年我們看到了 9 億美元的投資，其中 5 億美元是我們的份額，現在 CIOH 已經退還了 4 億美元。

In 2024, our share of expenditure remains at about $2 billion.

2024 年，我們的支出份額仍維持在 20 億美元左右。

And as is typical of large capital projects, this has started quite slowly with just $400 million invested in the first half.

正如典型的大型資本項目一樣，該項目的啟動速度相當緩慢，上半年僅投資了 4 億美元。

Now that we've received the funds from our partner, including a further $575 million in July, I'd expect to see the cash flow spend rise quickly.

現在我們已經收到了合作夥伴的資金，其中包括 7 月份的 5.75 億美元，我預計現金流支出將迅速增加。

In fact, just earlier this month, together with CIOH, we made our initial funding for investment into the WCS managed port and rail infrastructure, where our Chinese partners are making impressive progress.

事實上，就在本月早些時候，我們與 CIOH 一起為 WCS 管理的港口和鐵路基礎設施的投資提供了初始資金，我們的中國合作夥伴在這些基礎設施方面取得了令人矚目的進展。

Finally the dividend, in line with our usual practice, we've declared a 50% payout for the interim, which equates to $2.9 billion, consistent with our now eight-year-old shareholder returns policy.

最後是股息，按照我們通常的做法，我們宣布中期派息 50%，相當於 29 億美元，這與我們已有八年歷史的股東回報政策一致。

It's been another period in which we've proven that our financial strength we can decarbonize, reinvest for growth, and continue to pay attractive dividends through the cycle.

這是另一個時期，我們證明了我們的財務實力，我們可以脫碳、再投資以促進成長，並在整個週期中繼續支付有吸引力的股息。

With that, let me hand back to Jakob.

說到這裡，讓我把問題交還給雅各。

Yeah.

是的。

Thank you, Peter.

謝謝你，彼得。

When I tell you our growth is accelerating, I can say that with a level of certainty, because the ingredients are already in place.

當我告訴你我們的成長正在加速時，我可以肯定地說，因為要素已經就位。

There has been a step change in production, particularly from aluminum, while iron ore is proving resilient.

產量發生了巨大變化，尤其是鋁產量，而鐵礦石則表現出彈性。

There is a clear link between improved performance and the rollout of the safe production system, which is empowering our frontline employees to problem solve.

績效的提升與安全生產體系的推出有著明顯的聯繫，安全生產體系賦予了我們第一線員工解決問題的能力。

We're now getting real value out of SPS, and we will see more improvements as we deepen its maturity at existing sites.

我們現在正在從 SPS 中獲得真正的價值，並且隨著我們在現有站點上加深其成熟度，我們將看到更多改進。

We are only at the foothill of this mountain and there's so much more to come.

我們只是在這座山的山腳下，還有更多的事情要做。

Pilbara iron ore is on track for midterm capacity of 345 million to 360 million tonnes a year.

皮爾巴拉鐵礦石中期產能可望達到每年 3.45 億至 3.6 億噸。

This is subject of course to the delivery of the next tranches of replacement mines as we previously have set out.

當然，這取決於我們之前所規定的下一批替代地雷的交付。

We are comfortable delivering production growth of around 3% from 2024 to 2028.

我們有信心實現 2024 年至 2028 年產量增加 3% 左右。

This growth path is already embedded in our portfolio from our existing assets and organically from major projects in execution.

這種成長路徑已經從我們現有的資產和正在執行的主要項目中有機地嵌入到我們的投資組合中。

And we are growing in confidence that we can execute these projects well.

我們越來越有信心能夠很好地執行這些專案。

Oyu Tolgoi is ramping up to deliver half a million tonnes a year of copper from 2028 to 2036.

奧尤陶勒蓋 (Oyu Tolgoi) 計劃從 2028 年到 2036 年每年交付 50 萬噸銅。

At Simandou, we are on track for first iron ore production at the end of next year, ramping up to 60 million tonnes for blocks 3 and 4.

在西芒杜，我們預計在明年年底實現首次鐵礦石產量，將 3 號和 4 號區塊的鐵礦石產量增加至 6,000 萬噸。

Simandou is vast, complex, and difficult to lever, but we are progressing at pace.

西芒杜幅員遼闊、複雜且難以控制，但我們正在快速進步。

And while we do not depend on M&A to grow, strategic acquisitions have added value to our portfolio.

雖然我們不依賴併購來實現成長，但策略性收購為我們的投資組合增加了價值。

We moved quickly to close the Matalco joint venture for half a year.

我們迅速採取行動，關閉了 Matalco 合資企業，為期半年。

Now we have been able to tap into the growing market for recycled aluminum.

現在我們已經能夠進入不斷成長的再生鋁市場。

The ingredients for further growth are there, and they're coming together through our focus on the four objectives.

進一步成長的要素已經存在，而且它們是透過我們對四個目標的關注而聚集在一起的。

We are achieving this, while delivering attractive shareholder returns and maintaining a strong balance sheet.

我們正在實現這一目標，同時提供有吸引力的股東回報並保持強勁的資產負債表。

There's real momentum across the Rio and we are at an inflection point in our growth.

裡約熱內盧充滿了真正的動力，我們正處於成長的轉折點。

First, we stabilize the Pilbara iron ore business, in part by using the safe production system to spark a process of continuous improvement.

首先，我們穩定了皮爾巴拉鐵礦石業務，部分是透過使用安全生產系統來激發持續改進的過程。

Now we are replicating this step change in performance across the product groups.

現在，我們正在跨產品組複製這一性能的階躍變化。

In aluminum, we expect bauxite production towards the top end of guidance for the years.

在鋁方面，我們預計鋁土礦產量將達到多年來指引值的上限。

Thanks to improvements at sites such as Weipa, as Peter already mentioned.

正如彼得已經提到的，這要歸功於 Weipa 等網站的改進。

Those of you joining the site visit to the second in September will hear more about how we are improving asset health with investments such as the AP60 project and diversifying our offer through Matalco.

參加 9 月第二次現場訪問的人們將更多地了解我們如何透過 AP60 項目等投資來改善資產健康狀況，以及如何透過 Matalco 實現我們的產品多元化。

Aluminum has a great future.

鋁有廣闊的前景。

Production is stable and growing while the price environment is becoming more attractive.

產量穩定並成長，而價格環境變得更具吸引力。

Next, copper.

接下來是銅。

Progress at our Oyu Tolgoi underground has been exceptional, and we expect to complete our spend on the project by the end of 2025 as planned.

奧尤陶勒蓋地下工程的進展非常出色，我們預計在 2025 年底前按計劃完成該專案的支出。

The conveyor to surface is now 97% complete and commissioning is expected in September.

通往地面的輸送機現已完成 97%，預計 9 月投入使用。

The conveyor is critical to ramp up production, so it's really a turning point now for our copper business.

輸送機對於提高產量至關重要，因此現在對我們的銅業務來說確實是一個轉捩點。

Minerals is also at an inflection point as projects enter new phases, and soon you will see the results.

隨著項目進入新階段，礦物也處於拐點，很快您就會看到結果。

In March, I visited Rincon 3,000, our lithium starter plant, at 3,900 meters above sea level in Argentina.

3月份，我參觀了我們位於阿根廷海拔3,900公尺的鋰起始工廠Rincon 3,000。

I saw how the team is laying the groundwork for first production by the end of this year.

我看到了團隊如何為今年年底的首次生產奠定基礎。

They are leveraging the DLE technology to advance the project in a sustainable way, developing methods and improving processes, while considering environmental impacts.

他們利用 DLE 技術以永續的方式推進項目，開發方法和改進流程，同時考慮環境影響。

Lithium will soon change the shape of our portfolio.

鋰將很快改變我們的投資組合形式。

I believe in the future we can produce this critical mineral in Argentina and in Serbia.

我相信未來我們可以在阿根廷和塞爾維亞生產這種重要的礦物。

I've been encouraged by the change in conversations around the Jadar lithium project. 10 days ago I was in Belgrade at the Serbian Critical Raw Materials Summit where governments, customers, and European leaders endorsed the project.

圍繞 Jadar 鋰計畫的討論發生的變化讓我深受鼓舞。 10 天前，我在貝爾格萊德參加了塞爾維亞關鍵原料高峰會，各國政府、客戶和歐洲領導人都認可了這個計畫。

Jadar has huge potential as part of Europe's electrical vehicle value chain.

Jadar 作為歐洲電動車價值鏈的一部分擁有巨大的潛力。

Of course, we have experienced challenges this year and we still have more improvements to make across the business.

當然，今年我們遇到了挑戰，整個業務仍有更多改進要做。

But that means just that there are more opportunities to be realized.

但這僅僅意味著有更多的機會可以實現。

So with our operations improving and some of our major value creating projects just around the corner, you can expect a bigger step up in production across Rio Tinto.

因此，隨著我們營運的改善以及一些主要的價值創造項目即將到來，您可以預期力拓的生產將取得更大的進步。

As we grow in these materials, we are creating the building blocks for the global energy transition.

隨著我們在這些材料方面的發展，我們正在為全球能源轉型奠定基礎。

Decarbonization is at the heart of our strategy, both in terms of supporting the transition and in terms of reducing our own carbon footprint.

脫碳是我們策略的核心，無論是在支持轉型方面還是在減少我們自身的碳足跡方面。

There has been real momentum in the first half.

上半場的勢頭確實強勁。

Our targets are ambitious, but we are on track to halve our emissions by 2030.

我們的目標雄心勃勃，但我們預計在 2030 年之前將排放量減半。

We are delivering abatement projects in a technically and economically disciplined way, implementing commercial solutions to reduce emissions as soon as we can, while investing in innovation required to reach net zero for the longer term.

我們正在以技術和經濟上嚴格的方式實施減排項目，盡快實施商業解決方案以減少排放，同時投資長期實現淨零排放所需的創新。

We are re-powering our operations with renewable energy, including in Queensland, where we are working hard to create the conditions which deliver a competitive solution for our Pacific operations aluminum business.

我們正在利用再生能源為我們的業務重新提供動力，包括在昆士蘭州，我們正在努力創造條件，為我們的太平洋業務鋁業務提供有競爭力的解決方案。

Earlier this year, we signed two PPAs that make us Australia's largest off-taker of wind and solar generation.

今年早些時候，我們簽署了兩份購電協議，使我們成為澳洲最大的風能和太陽能發電承購商。

It was amazing to celebrate this milestone with the team at Boyne Smelters.

與博因冶煉廠團隊一起慶祝這一里程碑真是太棒了。

But this is only the first step in transitioning these assets, and more is required to position them as internationally competitive, as Australia is transitioning to its renewable energy future.

但這只是這些資產轉型的第一步，隨著澳洲正在向再生能源的未來轉型，還需要採取更多措施才能使它們具有國際競爭力。

We cannot solve all problems alone.

我們無法獨自解決所有問題。

That's why we are working in partnership with governments, customers, peers, and communities to understand how we can better deliver projects that meet our shared climate ambitions.

這就是為什麼我們與政府、客戶、同行和社區合作，以了解如何更好地交付滿足我們共同氣候目標的專案。

In the Pilbara, we are working closely with traditional owners to progress two solar projects.

在皮爾巴拉，我們正在與傳統業主密切合作，以推進兩個太陽能專案。

In New Zealand, we worked with stakeholders, including the government, to secure a 20-year renewable energy deal that extends the life of the NZAS smelter, supporting jobs and communities on the South Island.

在新西蘭，我們與包括政府在內的利益相關者合作，達成了一項為期 20 年的可再生能源協議，以延長 NZAS 冶煉廠的壽命，支持南島的就業和社區。

And we expect to soon own 100% of this great business.

我們預計很快就會擁有這家偉大企業 100% 的股份。

We are also driving technological breakthroughs that will have impact for our industry and beyond.

我們也正在推動技術突破，這將對我們的產業及其他產業產生影響。

We are collaborating on projects such as ELYSIS, potentially transforming decades-old industrial processes.

我們正在合作 ELYSIS 等項目，有可能改變已有數十年歷史的工業流程。

We are now proving we can scale up technology by installing 10 smelting pots at Avida in Quebec.

我們現在正在證明我們可以透過在魁北克省 Avida 安裝 10 個熔煉爐來擴大技術規模。

We are also very excited about Newton, our bio-leaching technology that represents opportunities to add copper volume in a more sustainable way.

我們對牛頓生物浸出技術也感到非常興奮，它代表了以更永續的方式增加銅量的機會。

And we are finding ways to decarbonize our value chains.

我們正在尋找使我們的價值鏈脫碳的方法。

For example, building a new research and development facility in Western Australia to pilot bio-iron, a potential solution for greener steelmaking using our Pilbara ores.

例如，在西澳大利亞州建立一個新的研發設施來試驗生物鐵，這是利用我們的皮爾巴拉礦石進行綠色煉鋼的潛在解決方案。

We are moving at pace with a largely value-accreted portfolio of projects and opportunities to truly transition our assets for a sustainable future.

我們正在緊鑼密鼓地推進一系列增值項目和機會，以真正實現我們的資產轉型，實現可持續的未來。

Yes, we still have a long way to go.

是的，我們還有很長的路要走。

The challenge is large, technical, complex, and requires us and society to move even more quickly.

挑戰是巨大的、技術性的、複雜的，需要我們和社會更快採取行動。

But by working together, we can achieve our ambitions.

但透過共同努力，我們可以實現我們的抱負。

There is huge value already embedded in Rio Tinto.

力拓已經蘊藏著巨大的價值。

We are profitable and our production is growing.

我們已經獲利，產量也在成長。

This is set to accelerate over the next few years.

這在未來幾年將會加速。

And through technology and partnership, we are finding solutions to the real complex challenges, including decarbonization.

透過技術和合作夥伴關係，我們正在尋找應對真正複雜挑戰的解決方案，包括脫碳。

Ultimately, we are deeply driven by our purpose, finding better ways to provide the materials of world's needs.

最終，我們的目標深深驅動著我們，尋找更好的方法來提供世界所需的材料。

This is delivering profitable growth today and in the future.

這將帶來今天和未來的獲利成長。

Thank you.

謝謝。

Thank you, Jakob and Peter.

謝謝雅各和彼得。

We'll now move to the Q&A session.

我們現在進入問答環節。

Also available in the room to answer questions is Mark Davies, Chief Technical Officer.

技術長 Mark Davies 也在房間裡回答問題。

(Event Instructions) Okay, first question.

（活動說明）好的，第一個問題。

Paul.

保羅.

Wait for a moment.

請稍等一下。

Thanks.

謝謝。

Paul Young here from Goldman Sachs.

來自高盛的保羅·楊。

Hi Jacob, Mark and Peter.

嗨，雅各、馬克和彼得。

A couple of questions on the copper growth and options there.

關於銅增長和那裡的選擇的幾個問題。

Can I start with Kennecott?

我可以從肯尼科特開始嗎？

Peter, you mentioned that this is a big challenge but a big opportunity at the moment.

Peter，你提到這是一個很大的挑戰，但目前也是一個很大的機會。

It seems to be two steps forward, one step back at Kennecott.

肯尼科特似乎向前兩步，又退了一步。

Got the geotech issues now, which is obviously not the first time we've experienced this.

現在遇到了岩土問題，這顯然不是我們第一次遇到這種情況。

Can you just talk through, first of all, the $1.1 billion second pushback, which is due to be completed in 2026?

您能否先談談將於 2026 年完成的 11 億美元第二次延後？

Can we talk about how the geotech issues impact that spend profile and then the access to that higher grade material?

我們可以談談岩土技術問題如何影響支出狀況以及獲得更高等級材料的機會嗎？

And really what we've been waiting for is that production uplift from Kennecott.

我們真正等待的是肯尼科特的產量提升。

Yeah, thank you, Paul.

是的，謝謝你，保羅。

Yes.

是的。

I just want to be sure before -- Yes.

我只是想先確定一下——是的。

Paul, thanks.

保羅，謝謝。

In there at Kennecott every year.

每年都在肯尼科特那裡。

I was there a couple of months ago.

幾個月前我去過那裡。

It's a massive asset.

這是一筆巨大的資產。

It's the world's biggest man-made pit.

這是世界上最大的人造坑。

And so [indiscernible] is just a given.

所以[音頻不清晰]只是一個給定的。

And therefore, you have to think about the future and understand that there will be some uncertainty on this road.

所以，你要考慮未來，要明白這條路上會有一些不確定性。

I'm very excited about the integrated side for a couple of reasons.

出於幾個原因，我對整合方面感到非常興奮。

First of all, the underground is going to deliver a lot of high-grade material.

首先，地下將會輸送大量的高級材料。

Secondly, we do believe and absolutely convinced we have world-class experience in geotech there.

其次，我們確實相信並絕對相信我們在岩土技術方面擁有世界一流的經驗。

We will continue from time to time to have geotech issues, but we know how to handle it.

我們會時不時地遇到岩土技術問題，但我們知道如何處理它。

We have a plan for how to unload the pressure where the biggest geotech issues are now.

我們有一個計劃來減輕目前最大的岩土技術問題所在的壓力。

But it is -- right now, we are reconfiguring the exact mine plan.

但現在，我們正在重新配置確切的採礦計畫。

So we will get -- so the pushback is high grade, but I can't give you exactly a time line for the production plan right now.

所以我們會得到——所以阻力是很高的，但我現在不能給你生產計劃的確切時間表。

Okay, thanks.

好的謝謝。

Okay.

好的。

And maybe another question actually on other copper growth options.

也許還有一個關於其他銅增長選擇的問題。

And can I talk about OT expansion versus resolution?

我可以談談 OT 擴充與解析度嗎？

First of all, resolution, we know nine circuit courts gone in your favor.

首先，關於決議，我們知道有九個巡迴法庭對你有利。

There will be an appeal.

將會提出上訴。

Feasibility study was due to be completed end of last year.

可行性研究預計於去年年底完成。

But we're edging towards and nudging towards potentially an FID on resolution at some stage, I would think, in the next 12 months.

但我認為，在未來 12 個月內的某個階段，我們正在逐步達成最終投資決定。

And then you've got IT, which is running fantastically well.

然後 IT 部門運作得非常好。

It's pretty clear in the site visit last year that you've got the potential to add a third milling line at some point.

從去年的現場考察中可以清楚地看出，您有可能在某個時候添加第三條銑削生產線。

I would have thought rolling the project team now into a third milling line.

我本來想將專案團隊現在投入第三條銑削生產線。

It just makes a lot of sense for a brownfields perspective.

從棕地的角度來看，這很有意義。

I know bold on this.

我知道這一點很大膽。

He's pretty upbeat about pushing even further OT.

他對於進一步加班非常樂觀。

So how do you rank future options?

那麼你如何對未來的選擇進行排名呢？

And maybe the market is not thinking about like a resolution greenfield versus another expansion -- a mill expansion.

也許市場並沒有考慮像解決綠地與另一次擴張（工廠擴張）這樣的問題。

Yeah, I actually don't necessarily rank them too much because we want to optimize OT.

是的，實際上我不一定對它們排名太高，因為我們想要優化 OT。

And as soon as we get progress approvals with resolution, we want to move forward.

一旦我們獲得進展批准和解決方案，我們就想繼續前進。

But resolution is complex.

但解析度很複雜。

We are making progress on the ground in consultation with First Nations people.

我們正在與原住民協商，在實地取得進展。

And as you rightly say so, we keep on winning in the courtroom, and we were not the one who wanted to be in the courtroom, but every time it goes to the courtroom we win unfortunately, others keep on appealing.

正如你所說的那樣，我們繼續在法庭上獲勝，我們不是那個想進入法庭的人，但不幸的是，每次進入法庭我們都會獲勝，其他人繼續上訴。

So it takes a while.

所以需要一段時間。

I'm absolutely convinced the US needs this and it will happen, but the question is when.

我絕對相信美國需要這一點並且它會發生，但問題是什麼時候。

We don't have a firm timeline about that.

我們對此沒有確定的時間表。

I think I can say, and Mark -- you know, Mark is here today because when the questions get really difficult, we'll send it to him.

我想我可以說，馬克 - 你知道，馬克今天在這裡是因為當問題變得非常困難時，我們會將其發送給他。

But I really believe that Mark's team have grown a lot, the major projects team.

但我確實相信馬克的團隊已經成長了很多，主要專案團隊。

They can deliver this project when we can start executing it.

當我們開始執行這個專案時，他們就可以交付這個專案。

And quite frankly, it has no impact if we could do more at Oyu Tolgoi.

坦白說，如果我們能在奧尤陶勒蓋做更多事情，那也沒有什麼影響。

You made some really good observations when you visit Oyu Tolgoi.

當您訪問奧尤陶勒蓋時，您得到了一些非常好的觀察。

We have discussed it a lot ever since we will try to push the boundary.

自從我們嘗試突破界限以來，我們已經對此進行了很多討論。

But right now at Oyu Tolgoi, we just want to get the conveyor to surface up and running because that will really accelerate the profile.

但現在在奧尤陶勒蓋，我們只想讓輸送機浮出水面並運行，因為這確實會加快剖面速度。

Thank you.

謝謝。

James?

詹姆士？

James Redfern from Bank of America.

美國銀行的詹姆斯‧雷德芬。

Two questions, please.

請教兩個問題。

I think you made some comments earlier that in terms of any potential M&A that the potential synergies need to exceed the potential premium paid, would you talk about difficult?

我想您之前曾發表過一些評論，就任何潛在的併購而言，潛在的協同效應需要超過所支付的潛在溢價，您會談論困難嗎？

I mean, if we take tech resources, for example, a couple of as ago, market capped $25 billion, a 5% premium would be $7.5 billion.

我的意思是，如果我們以科技資源為例，幾年前，市場上限為 250 億美元，那麼 5% 的溢價將是 75 億美元。

So could you potentially extract sites exceeding $7.5 billion in that case?

那麼在這種情況下，您是否有可能提取價值超過 75 億美元的網站？

I got a follow-up.

我得到了跟進。

Thank you.

謝謝。

Yes, that's a tough one, isn't it?

是的，這很困難，不是嗎？

The reality is, and I have spent my career in a number of different industries.

現實是，我的職業生涯曾在許多不同的行業度過。

And in some industries, you have a high percentage of synergies.

在某些產業中，協同效應的比例很高。

In some industries, you have a smaller percentage.

在某些行業，您所佔的比例較小。

My experience is that in mining, it's not often that you have a high percentage of synergies compared to enterprise value.

我的經驗是，在採礦業，與企業價值相比，綜效的比例並不高。

And that's why it's quite difficult actually to pay high premiums.

這就是為什麼實際上支付高額保費相當困難。

There are exceptional cases, but they have to be exceptional.

有例外的情況，但一定是例外的情況。

And yes, we're not afraid of M&A.

是的，我們不害怕併購。

We could look at things, and we wouldn't mind having more cover.

我們可以看看事情，我們不介意有更多的掩護。

But we also try to avoid being procyclical.

但我們也盡量避免順週期。

And it's a fairly hot market out there.

這是一個相當熱門的市場。

So it's not easy to make a couple of acquisition working right now.

因此，現在要讓幾筆收購發揮作用並不容易。

Thank you.

謝謝。

And just a follow-up, please.

請跟進。

Can you make some comments around the DLC?

您能對 DLC 發表一些評論嗎？

We recently reviewed the deal restructuring, decided it was more costly to class DLC.

我們最近審查了交易重組，認為 DLC 類的成本更高。

So I'm wondering, does the DLC limit reason to take a script-based M&A, given that the DLC shares are trading at 18% discount to Rio Limited.

所以我想知道，鑑於 DLC 股票的交易價格比 Rio Limited 低 18%，DLC 是否限制了進行基於腳本的併購的理由。

Yes.

是的。

Thank you.

謝謝。

Good question.

好問題。

We've got a new shareholder in plc, who has done some research and mentioned that further value could be unlocked from the company.

我們在 plc 有了一位新股東，他做了一些研究，並提到公司可以釋放更多價值。

And obviously, we are very aligned on that.

顯然，我們在這一點上非常一致。

So we immediately did a deep dive on is it still viable.

因此，我們立即深入研究了它是否仍然可行。

Our DLC, Peter and his team have done a lot of work.

我們的 DLC Peter 和他的團隊做了很多工作。

So I'll hand over to him to give you a full analysis and our conclusion.

所以我將交給他給你一個完整的分析和我們的結論。

But I'd just like to say we can absolutely do script deals out of the DLC.

但我想說的是，我們絕對可以透過 DLC 進行腳本交易。

It's a little bit more complex actually, we got optionality.

其實有點複雜，我們有選擇性。

We can buy from the DLC.

我們可以從DLC購買。

We can buy it from the plc, from the limited.

我們可以從 plc 那裡購買，從有限的那裡購買。

We can do a lot.

我們可以做很多事。

That is absolutely not an excuse for M&A, but the M&A, of course, have to make sense in itself, Peter?

這絕對不是併購的藉口，但併購本身必須有意義，彼得？

I mean really just four points to make on the DLC.

我的意思是，關於 DLC，實際上只有四點需要說明。

I mean one, absolutely, we've reviewed all our view on what would be the cost of unifying the DLC, in particular, the DLC Limited.

我的意思是，絕對，我們已經審查了關於統一 DLC（特別是 DLC Limited）的成本的所有觀點。

And the tax costs would be in the mid-single-digit billions of dollars.

稅收成本將達到數十億美元。

And we've actually had that reviewed with one of the big four firms just to validate our assumptions.

事實上，我們已經與四大公司之一進行了審查，只是為了驗證我們的假設。

So that is the first important point.

這是第一點。

I think the second thing is that when you think about how this would actually happen in practice, our view is probably you get down to a blend with the share prices that would form after unification.

我認為第二件事是，當你考慮這在實踐中如何實際發生時，我們的觀點可能是你要與統一後形成的股價進行混合。

And clearly, at the moment, it's a 77/23 DLC, with 77 being held through plc and international investors.

顯然，目前這是一個 77/23 DLC，其中 77 個是透過 plc 和國際投資者持有的。

That is an awful lot of investments come through in unification.

為了統一，需要進行大量投資。

At the moment, it's about 15% of our shareholders based in Australia, who would be enjoying the franking benefits that underpin that premium that we see in the market.

目前，我們大約有 15% 的澳洲股東將享受紅利，這支撐了我們在市場上看到的溢價。

I think the third thing we're sort of thoughtful on is long-term franking.

我認為我們考慮的第三件事是長期郵資。

I mean, after unification, 100% of your dividends have to be franked for shareholders to benefit.

我的意思是，統一後，你的股利必須100%免稅，股東才能受益。

And so when you think of our shareholder returns policy at 40% to 60% through the cycle and paying out at 60% over the last eight years, that means 60% of our earnings have to be in Australia to have the capacity to keep on fully franking.

因此，當你想到我們的股東回報政策在整個週期中為40% 至60%，並且在過去八年中支付率為60% 時，這意味著我們60% 的收入必須來自澳大利亞，才有能力繼續下去完全郵資蓋章。

So if you look at our growth, a lot of it is not in Australia at this moment in time.

因此，如果你看看我們的成長，你會發現目前很多成長並不在澳洲。

So again, that's -- you don't know how that will play through, but it's an important part of the equation.

再說一次，你不知道這將如何發揮作用，但它是方程式的重要組成部分。

And I think finally, just to echo Jakob's point, I mean, the DLC works for us, and we do have the ability around M&A and around raising capital.

我想最後，為了呼應雅各的觀點，我的意思是，DLC 對我們有用，而且我們確實有能力進行併購和籌集資金。

So I think that for all the reasons that the positives to offset those other variables that I've talked to.

因此，我認為出於所有原因，積極因素可以抵消我談到的其他變數。

Thanks.

謝謝。

Thanks, James.

謝謝，詹姆斯。

We'll take one question from online, please.

我們將從網路上回答一個問題。

(Operator Instructions) Lyndon Fagan, JPMorgan.

（操作員指令）Lyndon Fagan，摩根大通。

Look, my first question is just on the next tranche of Pilbara replacement mines.

看，我的第一個問題是關於下一批皮爾巴拉替代地雷。

Looks like we're still waiting on FID for a lot of these.

看起來我們仍在等待其中許多項目的最終投資決定。

I'm just wondering if you can give a bit more color on what's holding all of this up.

我只是想知道你是否可以對支撐這一切的原因給出更多的解釋。

Are we a little bit behind schedule here?

我們是不是有點落後於計劃了？

And really my follow-up is just while we're talking about the DLC, any update on the Chinalco date and asset swap idea?

事實上，我的後續行動是在我們談論 DLC 時，有關中鋁日期和資產互換想法的任何更新嗎？

I'm guessing it's a great opportunity to do a buyback in the UK at the moment, if you could.

我想如果可以的話，現在是在英國進行回購的絕佳機會。

So yeah, just any color on that.

所以是的，任何顏色都可以。

Thanks, Lyndon.

謝謝，林登。

I'll certainly take the first one.

我一定會選第一個。

In terms of the projects in the Pilbara, I mean the program remains pretty much absolutely in line with what we talked about late last year in the site visit in the Pilbara and at the Capital Markets Day.

就皮爾巴拉的項目而言，我的意思是該計劃與我們去年年底在皮爾巴拉實地考察和資本市場日所討論的內容幾乎完全一致。

So we do have Western Range right now, 70% complete.

所以我們現在確實有Western Range，已完成70%。

And then we've got four major projects over that -- completing in that '26, '27 and '28 period.

然後我們還有四個主要項目——在 26 年、27 年和 28 年期間完成。

Now clearly, all of those are subject to the timings around approvals, and that's the key sort of variable in delivering that.

現在顯然，所有這些都受到批准時間的限制，這是實現這一目標的關鍵變數。

But at the moment, broadly, that plan remains on track.

但目前，總體而言，該計劃仍在按計劃進行。

What's holding them up?

是什麼阻礙了他們？

So they're actually going in then through the approvals process of traditional owner engagement and engaging into the permitting process.

因此，他們實際上正在經歷傳統業主參與的審批流程並參與許可流程。

Thanks.

謝謝。

So on buyback, right now, it actually works quite well.

所以在回購方面，目前來看，它實際上運作得很好。

You can look at the balance of -- we have ramped up investments.

你可以看看我們增加了投資的餘額。

We are paying out, every year, 60% of our earnings.

我們每年支付 60% 的收入。

And we are remaining with a very strong balance sheet.

我們的資產負債表仍然非常強勁。

And we are not seeing growth in that, so it works.

我們沒有看到這方面的成長，所以它是有效的。

But you're right, you could argue that it would be good to make buybacks, particularly in plc, although you probably have seen that that the valuation difference between limited and plc have narrowed somewhat, and there's reasons why there is a difference with the franking credits.

但你是對的，你可能會說回購是件好事，尤其是在plc 中，儘管你可能已經看到，limited 和plc 之間的估值差異有所縮小，而且與plc 之間存在差異是有原因的。

I've always said I was going to Chinalco.

我一直說我要去中鋁。

But my priorities when I discussed this six months ago was about Simandou and we made great progress with Chinalco in the meantime, not least having settled all amounts and received like, what was it, $575 million here in July.

但六個月前，當我討論這個問題時，我的首要任務是西芒杜，與此同時，我們與中鋁的合作取得了巨大進展，尤其是已經結清了所有金額，並在7 月份收到了5.75 億美元。

So that is behind ourselves, but that discussion is ahead of us.

所以這已經是我們的過去了，但我們的討論還在前面。

So I'll take note of it.

所以我會注意它。

I certainly haven't forgot it.

我當然沒有忘記。

There are still opportunities there.

那裡仍然有機會。

Thank you.

謝謝。

Thank you.

謝謝。

I will now pass back to the room.

我現在要回房間了。

Rob?

搶？

Sorry, Rob Stein from Macquarie.

抱歉，麥格理的 Rob Stein。

Just a little bit more about cement.

關於水泥的更多資訊。

Can you give us a feel for how quickly the ramp-up will be across '26?

能為我們介紹一下 26 年的成長速度嗎？

We know the '25 first ore, but doubts around whether that's going to be fully railed and it's going to be hitting any sizable capacity in '25.

我們知道 25 年的第一批礦石，但懷疑它是否會完全被圍起來，以及它是否會在 25 年達到任何相當大的產能。

But '26, I guess, is the key year.

但我想，26 年是關鍵的一年。

Can you give us a feel for how rapid that could be?

您能讓我們感受一下這有多快嗎？

Yeah, sure.

好，當然。

So in '25, we expect to have first ore at the mine gate.

因此，在 25 年，我們預計在礦門口獲得第一批礦石。

And actually, the initial crushers on the water just landed in Guinea now to start processing that first ore.

事實上，最初的水上破碎機現在剛登陸幾內亞，開始加工第一批礦石。

And our rail is on schedule to complete at the end of '25.

我們的鐵路預計將於 25 年底完工。

And so then you've obviously got to ramp up the rail system, which is -- the first quarter of '26 would be the ramping up of the rail system.

因此，顯然你必須加強鐵路系統，也就是說，26 年第一季將是鐵路系統的加強。

And the initial year or so will go out through the WCS port, which would be capped at 60 million tonnes of capacity.

最初一年左右的時間將通過 WCS 港口發貨，該港口的吞吐量上限為 6000 萬噸。

But obviously, there's a ramp-up profile that would go with that.

但顯然，有一個與之相伴的斜坡上升概況。

Those details, obviously, CTG, which is a joint venture that will run that infrastructure.

顯然，這些細節是 CTG，這是一家將運行該基礎設施的合資企業。

We're standing up that joint venture now in terms of hiring people and putting it in place.

我們現在正在招募人員並將其落實到位，以建立該合資企業。

And we will have to work through what that ramp-up profile is, what the WCS port looks like.

我們必須弄清楚這個加速設定檔是什麼，WCS 連接埠是什麼樣的。

But that's suggested the rail will be completed at the end of '25, ramp up first quarter of '26, and then there will be a ramp-up during '26.

但據建議，該鐵路將於 25 年底完工，26 年第一季啟動，然後在 26 年期間啟動。

And then our book comes online early '27.

然後我們的書在 27 年初上線。

And then one on the sort of segment view.

然後是一種分段視圖。

You had the ROCE of each asset.

您擁有每項資產的 ROCE。

Iron ore stands out.

鐵礦石表現突出。

The others less so.

其他人則不然。

Do you have any ROCE sort of threshold across the portfolio around what you need for an asset to be Rio Tinto quality?

您在整個投資組合中是否有任何 ROCE 門檻，圍繞您需要的資產達到力拓品質的要求？

And similarly, are there assets currently in the portfolio that are underperforming?

同樣，投資組合中目前是否存在表現不佳的資產？

I mean I can find a few, but I'm interested in how you would view it and what you're going to do to temper that?

我的意思是我可以找到一些，但我感興趣的是你會如何看待它以及你將採取什麼措施來緩和這種情況？

Yes.

是的。

I want to pass it on to Peter, but I get a little bit excited so I have to start a bit.

我想把它傳遞給彼得，但我有點興奮，所以我必須開始一點。

First of all, if you look over the last 10 years, the return on capital employed on aluminum has not been high.

首先，如果你回顧過去10年，你會發現鋁的資本報酬率並不高。

But please look carefully at our results here.

但請仔細看看我們這裡的結果。

The operational performance of aluminum is really, really improving.

鋁的操作性能確實在改善。

And the price environment is also improving.

而且價格環境也在改善。

So the average profitability in the first six months of the year is not fantastic, but it's gone like this.

所以今年前六個月的平均獲利能力並不出色，但就這樣過去了。

And therefore, because it goes without saying a product group should have double-digit return on capital employed, absolutely.

因此，不言而喻，產品組的所用資本報酬率絕對應該達到兩位數。

And you can see aluminum getting there.

你可以看到鋁到達那裡。

Minerals is there.

礦物質就在那裡。

And you can also see copper getting there because we are just at the inflection point.

你還可以看到銅價上漲，因為我們正處於轉折點。

When we get the conveyor, so servers running in the third quarter, we are really going to produce much more from OT.

當我們獲得傳送帶並在第三季度運行伺服器時，我們確實將透過 OT 生產更多產品。

So that's the kind of things I would ask you to look through.

這就是我要求你們仔細研究的事情。

But Peter, do we have underperforming assets in the portfolio?

但彼得，我們的投資組合中是否有表現不佳的資產？

Yes, Jakob.

是的，雅各。

I think you put it very well.

我覺得你說得很好。

So there certainly are some.

所以肯定有一些。

I mean some of it's just market driven.

我的意思是其中一些只是市場驅動的。

I mean if you look at some of the markets around the minerals, it's just really very tough.

我的意思是，如果你看看礦物周圍的一些市場，你會發現情況真的非常艱難。

I mean very correlated with the sort of construction cycle at this moment in time.

我的意思是與此時此刻的施工週期非常相關。

That's just tough businesses.

這只是一門辛苦的生意。

But you just look at those businesses in terms of their position in the industry, and they're leading businesses in scale and the capabilities we have.

但你只要看看這些企業在產業中的地位，他們在規模和能力上都領先我們。

So I think you've just got to be very careful of kind of cyclical when businesses actually have a lot of competitive advantage for them when markets improve.

因此，我認為，當市場改善時，企業實際上擁有許多競爭優勢，因此您必須非常小心週期性。

To me, it's about actually looking at this as a fast full of having opportunity to drive more return on the asset base.

對我來說，實際上是將其視為一個充滿機會推動資產基礎回報的快速機會。

That's how we got it.

我們就是這樣得到的。

And maybe if I can take one because it's so obvious.

也許我可以選一個，因為它太明顯了。

You know that we have PacAl for sale under my CEOs.

你知道，在我的執行長領導下，我們有 PacAl 待售。

And we didn't sell it.

而且我們沒有賣掉它。

And I'm actually happy about that because look at it, how we take them asset by asset.

我實際上對此感到高興，因為看看我們如何逐項利用它們。

I think we have created a great asset in in New Zealand.

我認為我們在新西蘭創造了一筆巨大的資產。

And I can't wait later this week, I'll fly to New Zealand and meet the team and meet key stakeholders because we thought does it have a future, and now we have found a partnership there.

我等不及本週晚些時候，我將飛往紐西蘭，與團隊會面，並會見主要利益相關者，因為我們認為它有未來，現在我們已經在那裡找到了合作夥伴關係。

We have found a decent power contract, and we can see a very profitable future.

我們已經找到了一份像樣的電力合同，我們可以看到一個非常有利可圖的未來。

And then on top of that, Sumitomo has left.

然後最重要的是，住友離開了。

So we own 100% of that asset.

所以我們擁有該資產 100%。

So slowly but surely, assets that were marginal, we are actually turning them into becoming decent.

慢慢地，但可以肯定的是，我們實際上正在將那些邊際資產變成體面的資產。

I hope, and I believe, because we are really making a lot of progress on bond smelter as well.

我希望並且相信，因為我們在債券冶煉方面也確實取得了很大進展。

And that's how we go about it.

我們就是這樣做的。

You can say IOC is very, very unstable, but actually it's quite profitable.

你可以說IOC非常非常不穩定，但實際上它是非常賺錢的。

We just need to get more stability into it.

我們只需要讓它更加穩定。

And it's a bit the same thing with Kennecott, but I don't want to go over that again because Paul has already put that to pieces.

肯尼科特的情況有點相同，但我不想再重複這個問題，因為保羅已經把它搞砸了。

But it is really that trick up slowly but surely taking these assets, and then you get the best out of them.

但這確實是一種技巧，緩慢而堅定地獲取這些資產，然後你就能充分利用它們。

They're actually very profitable.

他們實際上非常有利可圖。

So sorry, just to maybe flesh out something just a little bit more.

很抱歉，只是為了充實一些內容。

When you look at the SPS and you think about how the impact of that is on returns, ROCE, is there an internal target that you guys are looking to around -- are you expecting a 500 basis point improvement across different assets?

當您查看 SPS 並思考其對回報、ROCE 的影響時，是否有一個您正在尋找的內部目標 - 您是否期望不同資產有 500 個基點的改善？

Like how should we think about in terms of production costs?

例如我們該如何考慮生產成本？

Yes.

是的。

And then it comes from me who has been a CFO for many years.

這句話來自我，一位擔任財務長多年的人。

I'm just not going to stop there.

我不會就此止步。

We completely burned our fingers when we implemented the so-called mine to market and talked about $5 billion and we didn't achieve that.

當我們將所謂的礦場推向市場並談論 50 億美元時，我們完全被燒傷了手指，但我們沒有實現這一目標。

This is not about financial numbers.

這與財務數字無關。

It is about changing practices, changing work cultures, doing things differently.

它涉及改變實踐、改變工作文化、以不同的方式做事。

And the things that I really focus on, I got Amrun.

我真正關注的事情是 Amrun。

Amrun is a great project, but it hasn't really performed that is best.

Amrun 是一個很棒的項目，但它並沒有真正發揮出最好的效果。

And in June, it consistently performed above nameplate.

6 月份，其表現始終高於銘牌。

And that's what I'm really looking at.

這就是我真正關注的。

Can we run our assets at nameplate, close to nameplate in this case, higher than nameplate?

我們能否在銘牌上運行我們的資產，在這種情況下接近銘牌，高於銘牌？

It's very difficult to just put it down to one number because against what.

很難將其歸結為一個數字，因為它與什麼相對。

Glyn?

格林？

Glyn Lawcock with Barrenjoey.

格林·勞科克與巴倫喬伊。

Yes, it's probably a little bit for you.

是的，這可能對你來說有點。

But if I think back over the last 6 months, 12 months and today, you said you've got 3% compound growth to '28.

但如果我回想過去 6 個月、12 個月和今天，您說到 28 年複合成長率為 3%。

Is that sufficient in a company?

在公司就夠了嗎？

I mean I know it's off a base, a big company.

我的意思是，我知道這是一家大公司，沒有基礎。

And you said earlier, you're not afraid of M&A.

你之前說過，你不害怕併購。

So it's still large-scale M&A off the agenda for you?

那麼大規模併購對您來說仍然不在議程上嗎？

Well, it has to make sense.

嗯，它必須有道理。

But the reason why it was absolutely off the table when I started as CEO was that we had a lot of work to do in terms of recovering social license in terms of shaping up some of our capabilities, et cetera.

但當我剛開始擔任執行長時，這個問題完全被排除在外，因為我們在恢復社會許可、塑造我們的一些能力等方面還有很多工作要做。

We're in a different place today.

今天我們在不同的地方。

So it's not that kind of completely given.

所以它不是那種完全給予的。

We can do it.

我們可以做到這一點。

But I also -- another question I got earlier.

但我也——我之前得到的另一個問題。

I just want to say it's not easy to justify big premiums, and we are definitely not in the M&A game in order to be bigger.

我只是想說，要證明高額溢價的合理性並不容易，而且我們絕對不是為了做大而參與併購遊戲。

We are only in the M&A game if we can create shareholder value.

只有能夠創造股東價值，我們才參與併購遊戲。

And can I follow up then on the lithium market?

那我可以跟進鋰市場嗎？

You talked about copper and things are expensive heated.

你談到了銅，加熱的東西很昂貴。

But lithium, I think if you look back 6, 12 months ago, supply has been more than we thought.

但是鋰，我認為如果你回顧 6、12 個月前，供應量已經超過我們的想像。

The demand has probably been a bit weaker.

需求可能有點疲軟。

Just as you said earlier, is it just the cyclicality that we're going through?

正如您之前所說，這只是我們正在經歷的周期性嗎？

Or is there something structural?

或是有什麼結構性的東西？

Just share your thoughts on hence you said 10 to 15 years.

請分享您對您所說的 10 到 15 年的想法。

No, and that's a very good point.

不，這是一個很好的觀點。

I mean, first of all, we are focusing on -- we're coming to an important investment decision of the full-scale Vincom.

我的意思是，首先，我們正在重點關注——我們正在對全面的 Vincom 做出重要的投資決定。

And hopefully, we can progress Jadar.

希望我們能夠讓賈達爾取得進步。

And then we already are well in.

然後我們就已經很順利了。

But we could look at all the lithium assets.

但我們可以看看所有的鋰資產。

We have a great exploration portfolio and it is actually something you can take from exploration to production much, much faster than, for example, copper.

我們擁有出色的勘探產品組合，實際上，您可以比銅等產品更快地從勘探到生產。

But we could also look at other assets.

但我們也可以看看其他資產。

It's fair to say that it's certainly cheaper than a year ago.

公平地說，它肯定比一年前便宜。

And in a way, it doesn't really matter what the lithium price is for us in the short term.

從某種程度上來說，短期內鋰的價格對我們來說並不重要。

We really have to think about what's going to be the average price over the next 10, 15, 20 years.

我們確實必須考慮未來 10 年、15 年、20 年的平均價格是多少。

I think it's fairly given that the world will need lithium because you do need lithium for at least high-performance batteries and the world needs more batteries.

我認為世界需要鋰是理所當然的，因為至少高性能電池確實需要鋰，而且世界需要更多電池。

So that's kind of the fundamentals is going our way, but it has to come down to individual assets.

所以這就是我們的基本面，但它必須歸結為個人資產。

If we should build up a portfolio of assets like Yara and Rincon, Rincon can become real Tier 1 asset.

如果我們建立像Yara和Rincon這樣的資產組合，Rincon可以成為真正的一級資產。

That's where we are at our best.

這就是我們的最佳狀態。

Thank you.

謝謝。

Rahul?

拉胡爾？

Rahul Anand, Morgan Stanley.

拉胡爾·阿南德，摩根士丹利。

Perhaps I'll start off one -- with one for you, Peter.

也許我會從一個開始──給你一個，彼得。

I just want to focus a bit on the cash generation in the business.

我只是想稍微關註一下業務的現金產生。

So you talked about building inventories, and I understand you've been trying to stabilize the business in terms of production performance, et cetera.

所以你談到了建立庫存，我知道你一直在努力穩定生產績效等方面的業務。

But if I look at since calendar year '21, calendar year '21 had a working capital build of about a bill. 20% was $400 million, then you had a $900 million build last year, and we started the year with another $700 million build.

但如果我看看自 21 日曆年以來，21 日曆年的營運資金建設約為一筆帳單。 20% 是 4 億美元，那麼去年你有 9 億美元的建設，今年我們又建了 7 億美元。

When do we see the second half actually give us back some of that cash?

我們什麼時候才能看到下半年真正為我們帶來一些現金？

Are we at the right level now?

我們現在處於正確的水平嗎？

Are we going to continue down this trajectory?

我們會繼續沿著這條軌跡走下去嗎？

That's the first one.

這是第一個。

It's a very good question.

這是一個非常好的問題。

I mean I think what we saw in the first half is what I would say just seasonal.

我的意思是，我認為我們在上半場看到的只是季節性的。

I mean it was mostly, as I said, sort of non-trade.

我的意思是，正如我所說，這主要是一種非貿易。

It was those aspects like royalties and taxes and JV partner payments.

這是特許權使用費、稅收以及合資夥伴付款等方面。

It's just come and go during the year.

它只是在一年中來來去去。

So they are sort of noise in the overall sort of long run, if you like.

因此，如果你願意的話，從長遠來看，它們是一種噪音。

If you look at most of what's happened since 2021, it has been inventory.

如果你看看 2021 年以來發生的大部分事情，你會發現都是庫存問題。

Most of it has been cost driven.

其中大部分是成本驅動的。

And then if you look at the raw materials going to aluminum, they're still much higher than they were back in 2020, 2021, and the same for a lot of other inputs to the business.

然後，如果你看看用於鋁的原料，它們仍然比 2020 年、2021 年高得多，對於企業的許多其他投入也是如此。

And a lot of the costs, I mean, costs have gone up in the industry.

我的意思是，這個行業的許多成本都上升了。

It's pretty much the same for us or others, and that directly flows from the cost base into the inventory to be then realized in the cash flow.

對於我們或其他人來說，這幾乎是一樣的，並且直接從成本基礎流入庫存，然後在現金流中實現。

Now having said all of that, we are carrying still some excess in some areas.

話雖如此，我們在某些​​領域仍然存在一些過剩。

So that we would not like to say is normalized.

所以我們不想說是常態化。

So Kennecott is still working down its inventory levels because it was a smelter shut last year.

因此，肯尼科特仍在努力降低庫存水平，因為它是去年關閉的冶煉廠。

It's actually got a concentrate on inventories that will be worked off for the rest of this year.

實際上，它的重點是庫存，這些庫存將在今年剩餘時間內處理。

So that's why the -- even though mine production is lower, Kennecott's cash flows this year will actually be pretty solid because it's all -- we're just melting the intermediate products.

因此，這就是為什麼——儘管礦山產量較低，但肯尼科特今年的現金流實際上將非常穩定，因為——我們只是在熔化中間產品。

Other areas we're still working down are probably TiO2.

我們仍在研究的其他領域可能是二氧化鈦。

We've kept on producing in TiO2.

我們一直在生產二氧化鈦。

We've got six furnaces at Sorel and three working at RBM, even though the market is pretty tough.

儘管市場情況相當嚴峻，但我們在 Sorel 擁有六台熔爐，在 RBM 擁有三台運行。

And again, that's so we're ready for a turnaround in the market and are well supplied.

再說一次，我們已經為市場好轉做好了準備，並且供應充足。

So there are some areas that we're certainly -- it's more than sort of inventory occurring than usual.

因此，我們肯定在某些領域——這不僅僅是庫存比平常發生的情況。

But we would expect that to be worked out of the system at the right time.

但我們希望系統能夠在正確的時間解決這個問題。

So stable levels of inventory from here on?

今後庫存水準會保持穩定嗎？

I think the inventory will not go up from here.

我認為庫存不會從這裡上升。

It's really stabilized.

確實穩定了。

Okay.

好的。

Perfect.

完美的。

One then perhaps for Jakob.

也許是給雅各的。

Jakob, we talk about the strategy a bit in terms of copper and otherwise, and you've obviously fleshed out that it's hard to find a good copper deal.

雅各布，我們從銅和其他方面討論了一些策略，你顯然已經充實了很難找到一筆好的銅交易。

But if you talk about Argentina, specifically the ROGI looks like it's getting passed.

但如果你談論阿根廷，特別是 ROGI 看起來它已經被超越了。

And you've had a peer as well build the trigger on one of their early-stage transactions.

您也有一個同行在他們的早期交易上建立了觸發器。

Now you've got an investment in Rincon, which you're probably going to expand on.

現在您已經對 Rincon 進行了投資，並且您可能會擴大投資。

But there are opportunities in Argentina still.

但阿根廷仍然有機會。

You've got one in terms of McEwan as well.

麥克尤恩也有一個。

How do you think about the market?

您如何看待市場？

Does that open a new frontier for you to perhaps get into a bit more greenfield and added value along those lines?

這是否為您打開了一個新的領域，也許可以進入更多的綠地並沿著這些方向增加價值？

Yeah.

是的。

Thank you.

謝謝。

You're asking a very good question.

你問了一個非常好的問題。

Can I just, first of all, complement you for drilling Peter a little bit on the working capital?

首先，我可以補充一下你對彼得的營運資金進行了一些訓練嗎？

We are very aligned on this.

我們在這一點上非常一致。

But to your question to your question, I think fundamentally, we tend to would like to invest more in Latin America and particularly Chile and Argentina.

但對於你的問題，我認為從根本上來說，我們傾向於在拉丁美洲，特別是智利和阿根廷進行更多投資。

And you've seen what we have in Chile with the Nuevo Cobre.

您已經看到了我們在智利的 Nuevo Cobre 的情況。

It's very, very interesting.

這非常非常有趣。

We are very happy.

我們很開心。

I've been in Los Azoles with McEwan.

我和麥克尤恩一起去過洛斯阿佐爾斯。

The economics of Rincon is much stronger after the new law has been passed through Senate.

新法在參議院獲得通過後，Rincon 的經濟效益變得更加強勁。

So it is interesting.

所以這很有趣。

But I will say to you, and I have lived in Argentina, there are still risks.

但我要告訴你的是，我在阿根廷生活過，風險仍然存在。

So we are very -- we are cautious, but I'm excited about the opportunities in Latin America.

所以我們非常謹慎，但我對拉丁美洲的機會感到興奮。

Thank you.

謝謝。

Can I just see if there's another question online?

我可以看看網路上是否還有其他問題嗎？

There's further questions lined up at the moment.

目前還有更多問題需要解答。

(Operator Instructions)

（操作員說明）

Paul?

保羅？

So here we are in New South Wales.

我們現在在新南威爾斯。

So I should -- we haven't talked about Tomago smelter, which is a big chunk of our electricity consumption.

所以我應該——我們還沒有談論托馬戈冶煉廠，它占我們電力消耗的很大一部分。

So you think you're making progress with Boeing for solution.

所以你認為你在與波音的解決方案上取得了進展。

Where do you think Tomago sits in that?

你認為 Tomago 坐在哪裡？

And conscious kind of clock ticking in terms of current power agreements.

並根據當前電力協議有意識地計時。

Let's not -- I mean Tomago is just much more difficult.

別這樣——我的意思是托馬哥要困難得多。

That's very clear.

這非常清楚。

But I will say to you what Mark's team is doing right now is building amazing skills because there's no one who has the skills and how do you actually get -- deliver firm renewable electricity to an aluminum smelter other than if you have a hydropower or a nuclear plant next door.

但我要告訴你的是，馬克的團隊現在正在做的是培養驚人的技能，因為沒有人擁有這種技能，而且你如何真正獲得——向鋁冶煉廠提供穩定的可再生電力，除非你有水力發電或電力隔壁的核電廠。

And that had to be built first.

這必須首先建立。

And what we are learning at smelter is absolutely amazing, but you can answer it yourself.

我們在冶煉廠學到的東西絕對令人驚奇，但你可以自己回答。

Are you going to fix Tomago as well?

你也要去修復Tomago嗎？

Well, as you said, yeah, Jakob.

嗯，正如你所說，是的，雅各。

It is actually quite a lot harder.

實際上要困難得多。

I mean one of the things that we are trying to do, if you think about an aluminum smelter, it's not a very flexible lot, but it's big.

我的意思是我們正在嘗試做的一件事，如果你考慮鋁冶煉廠，它不是一個非常靈活的工廠，但它很大。

And if you can make it more flexible, that creates lots of optionality.

如果你能讓它變得更靈活，那就可以創造很多選擇。

And that's really what we've utilized a BSL to work towards a solution.

這確實是我們利用 BSL 來尋求解決方案的原因。

If we can -- and actually, it's what works in New Zealand as well.

如果我們可以的話——事實上，這在新西蘭也行得通。

Being able to help the grid at times of need is a source of value for the group and how you get compensated for that is core to unlocking it.

能夠在需要時為電網提供幫助是團隊的價值來源，而如何獲得補償則是解鎖這一價值的核心。

So we're working through the options, but it is we're not anywhere near there yet, and it's a lot harder.

因此，我們正在研究各種選擇，但我們還遠遠沒有實現這一目標，而且難度要大得多。

It's a good point.

這是一個好點。

It's very, very important to equip with an aluminum smelter, and you can read very positive newspapers from New Zealand over the last 10 days that we are helping New Zealand because they don't have enough water in the reservoir.

配備鋁冶煉廠非常非常重要，您可以在過去 10 天看到來自紐西蘭的非常積極的報紙，我們正在幫助紐西蘭，因為他們的水庫沒有足夠的水。

But rest assured, that is also economically attractive for us.

但請放心，這對我們來說也具有經濟吸引力。

So it's a real win-win.

所以這是一個真正的雙贏。

Tim?

提姆？

[Tim Gerard, Janus Henderson].

[提姆傑拉德，詹納斯亨德森]。

Just a couple of questions, kind of maybe related maybe for Mark.

只是幾個問題，可能跟馬克有關。

SPS and maybe talk a little bit about iron ore company in Canada, when those programs might start there and why they haven't started to date.

SPS，或許還可以談談加拿大的鐵礦石公司，這些計劃何時可能開始，以及為什麼迄今為止還沒有開始。

And very difficult asset to decarbonize.

而且資產脫碳非常困難。

So just sort of the decarbonization of iron ore company of Canada, the first question.

第一個問題是加拿大鐵礦石公司的脫碳。

Okay.

好的。

So on SPS, it actually has started at IOC, but there is a process to ramp up.

所以在SPS上，它實際上已經在IOC開始了，但有一個上升的過程。

And if you look across our business, I think we're at 26 of the 39 assets we've deployed SPS at to some level, and 15 of them have it across the full value chain.

如果你縱觀我們的業務，我認為我們在 39 項資產中的 26 項已經在一定程度上部署了 SPS，其中 15 項在整個價值鏈中都部署了 SPS。

So it is one of the keys to success is actually buying and getting people really trying to utilize it as their tool for improvement to really owning it.

因此，成功的關鍵之一是實際購買並讓人們真正嘗試利用它作為改進工具，從而真正擁有它。

And so we're -- I was actually at IOC 1.5 months ago and sort of follow the shift starts all the way through to the department.

所以我們——實際上 1.5 個月前我就在國際奧委會，一直到部門都在跟踪輪班。

I spent the day following people in the field.

我花了一天時間追蹤該領域的人們。

And it is starting to make impact, but we've got a fair way to go to say the least.

它已經開始產生影響，但至少可以說，我們還有很長的路要走。

And actually, the thing is SPS at the minute is focused on sort of operational excellence, how do I have a great shift start, how do I engage my frontline.

事實上，SPS 目前的重點是卓越運營，我如何有一個良好的輪班開始，我如何參與我的前線。

But we actually have to also ramp up our ability to do mine planning better, the way that we do asset management better.

但實際上，我們也必須提高更好地進行礦場規劃的能力，就像我們更好地進行資產管理一樣。

And -- but we're working on all of those things with IOC.

而且——但我們正在與國際奧委會合作解決所有這些問題。

Now jumping over to decarbonizing, decarbonizing -- the positive is that you're in a region with lots of hydroelectricity.

現在跳到脫碳，脫碳——積極的一面是你所在的地區有大量的水力發電。

So if you can figure out ways to use electricity rather than fuel oil or coal, all the better.

因此，如果您能找到使用電力而不是燃油或煤炭的方法，那就更好了。

And we are installing actually electric boilers as we speak as a first step to help decarbonize there.

正如我們所說，我們實際上正在安裝電鍋爐，作為幫助那裡脫碳的第一步。

We're also -- our Technology Ventures Fund has invested in a company called [Amin], which is -- will create designer biochar, and that's also an option that we're exploring at IOC.

我們的技術創投基金也投資了一家名為[Amin]的公司，該公司將創造設計師生物炭，這也是我們在國際奧委會正在探索的選項。

I'm assuming nothing happened quickly there to decarbonize significantly.

我假設那裡沒有發生任何明顯脫碳的事情。

Look, I think all quick decarbonization will be switching to renewables.

看，我認為所有快速脫碳都將轉向再生能源。

That's the one thing that you can do today that's quick.

這是您今天可以快速完成的一件事。

And to the extent that you're already buying electricity, you can do that.

只要您已經購買了電力，您就可以這樣做。

Everything else is not quick.

其他一切都不快。

Like everything else, developing new process technology, capital is inherently slower.

與其他事物一樣，開發新製程技術的資本本質上速度較慢。

And a quick follow-up on

並快速跟進

(inaudible).

（聽不清楚）。

Are you still drilling there?

你還在那裡鑽嗎？

And maybe a couple of comments on the progress with the indigenous negotiations.

也許還有一些關於原住民談判進展的評論。

But the main question, is it scale?

但主要問題是規模嗎？

Is it a scale that's potentially of a lot of interest to you?

您可能對這個量表很有興趣嗎？

Or is it really one of these things you're looking for a path to exit?

或者這真的是你正在尋找退出途徑的事情之一嗎？

So I'll answer the first bit, and I'll leave it to my esteemed colleagues on the second bit.

所以我將回答第一點，第二點將留給我尊敬的同事。

But we're not -- no longer drilling.

但我們不再鑽探。

We've been actually focused on working our way through the Traditional Owner engagement and the permitting process.

實際上，我們一直專注於透過傳統所有者的參與和許可流程來開展工作。

And I think that's going very well.

我認為一切進展順利。

So I think the Traditional Owners are very core -- we've signed appropriate agreements and so it's literally just now going through the permitting process.

所以我認為傳統所有者是非常核心的——我們已經簽署了適當的協議，所以現在實際上剛剛經歷許可程序。

And we have a project.

我們有一個項目。

The question is just how big it is, and we want to learn about this and we need to have a pathway forward with the Traditional Owners not that we have much resistancy, but the Traditional Owners and in that part of the world is just not used to mining.

問題是它有多大，我們想了解這一點，我們需要與傳統所有者建立一條前進的道路，不是我們有太多阻力，而是傳統所有者在世界的那個地區沒有被使用去採礦。

So you don't -- you need to make them comfortable with what we're doing.

所以你不需要——你需要讓他們對我們正在做的事情感到滿意。

And then when we have a project that has the consent, we'll have to see the scale up.

然後，當我們有一個專案獲得許可時，我們就必須擴大規模。

It's -- there is a lot of copper, but we still haven't necessarily found the full, say, regional play there.

有大量的銅，但我們仍然沒有找到完整的區域銅礦。

Time will tell, but it's -- we're not spending too much money at it at the moment, and we are progressing it very well.

時間會證明一切，但目前我們並沒有在這方面投入太多資金，而且我們進展得很好。

Kaan?

卡恩？

Kaan Peker from RBC.

來自 RBC 的 Kaan Peker。

Just going back on Jakob's question -- or comment.

回到雅各的問題或評論。

You mentioned that you expect lithium to change the shape of the portfolio.

您提到您預計鋰將改變投資組合的形式。

So I just wanted to get an understanding of what percentage is it EBITDA production that you classified as a change to the portfolio.

因此，我只是想了解您將 EBITDA 產量歸類為投資組合變更的百分比是多少。

Yes, that's -- maybe it was a bit of a bold statement, but it's a fact that the only new material that we'll start producing this year is lithium, okay?

是的，也許這是一個有點大膽的聲明，但事實是我們今年開始生產的唯一新材料是鋰，好嗎？

So that changed the portfolio.

所以這改變了投資組合。

Of course, it doesn't materially change at this point in time.

當然，目前它並沒有實質改變。

But my point is just I hope and believe that Rincon starter will be followed by a Rincon full scale, will be followed by Jadar, and we actually have some good focus on exploration.

但我的觀點只是我希望並相信 Rincon 啟動器之後將是 Rincon 全尺寸，隨後是 Jadar，我們實際上對探索有一些很好的關注。

And if we might also add in a few other assets, then suddenly we have something of scale, something that is sizable at the group level.

如果我們還可以增加一些其他資產，那麼突然間我們就擁有了某種規模，在集團層面上具有相當大的規模。

Maybe not as big as our iron ore business, but it's difficult to match that one, but something that actually will provide meaningful diversification.

也許不像我們的鐵礦石業務那麼大，但很難與之匹敵，但實際上會提供有意義的多元化。

And this is important, don't forget, I mean we supply almost any industrial player with aluminum.

這很重要，不要忘記，我的意思是我們為幾乎所有工業企業提供鋁。

We are, by far, the biggest producer of aluminum.

迄今為止，我們是最大的鋁生產商。

And all those customers, automakers, they're screaming us, can't you also sell us lithium?

所有這些客戶、汽車製造商，他們都在向我們尖叫，難道你們就不能向我們出售鋰嗎？

So our value proposition to customers are changing.

因此，我們對客戶的價值主張正在改變。

Sure.

當然。

Maybe just starting on to that.

也許才剛開始。

Just on the infrastructure around Argentina, particularly around DOE.

就阿根廷周圍的基礎設施而言，尤其是能源部周圍。

It seems like cost of power and obviously water is key.

看來電力成本和水顯然是關鍵。

So what do you see as sort of the key infrastructure that's required to eventually commercialize DOE in Argentina?

那麼，您認為最終將能源部在阿根廷商業化所需的關鍵基礎設施是什麼？

Yeah.

是的。

First of all, I just don't think you have an alternative.

首先，我認為你沒有其他選擇。

The way you have done it in the past in Latin America with ponds takes up a lot of land.

過去在拉丁美洲建造池塘的方式佔用了大量土地。

And you can do that if it's small scale, but if you want to have lithium extraction in that scale, you're going to destroy the -- unless you find another technological solution.

如果規模較小，你可以做到這一點，但如果你想在這種規模下提取鋰，你就會破壞它——除非你找到另一種技術解決方案。

And in my view, DLE is the way forward.

在我看來，DLE 是前進的方向。

Ideally with reinjection as well because then you basically have no nature footprint other than your plan.

理想情況下也進行回注，因為這樣除了您的計劃之外，您基本上就沒有自然足跡了。

So it's kind of like I just think that's the future-proof way of doing it.

所以這有點像是我認為這是面向未來的做法。

And right here in Australia, we're doing an awful lot.

就在澳大利亞，我們做了很多事。

Maybe, Mark, you want to comment on it.

也許，馬克，你想對此發表評論。

Our research facilities in Bandura in Melbourne is leading edge on this.

我們位於墨爾本班杜拉的研究機構在這方面處於領先地位。

And the only very few players who actually can produce DLE right now.

而且目前真正能夠製作 DLE 的玩家也只有極少數。

And the game is exactly what you're saying.

而遊戲正是你所說的。

It's not about lithium.

這與鋰無關。

There's plenty of lithium.

那裡有大量的鋰。

It's about you only have so many liters of water.

這是關於你只有這麼多公升的水。

How can you, with that water, extract most lithium?

如何用這些水提取大部分鋰？

Anything to add?

有什麼要補充的嗎？

Look, you covered it well.

看，你覆蓋得很好。

But I would say for Argentina and particularly for Rincon, we have a 130 kV power line that we only need to add 5 or 6 kilometers to get to site.

但我想說，對於阿根廷，尤其是 Rincon，我們有一條 130 kV 電力線，只需增加 5 或 6 公里即可到達現場。

And there's a 400 kV line that runs Argentina to Chile actually over the site.

實際上，這裡有一條從阿根廷到智利的 400 kV 線路。

And that part of -- that part has some of the world's biggest solar farms today.

那部分——那部分擁有當今世界上最大的一些太陽能發電廠。

So there is a lot of -- the energy, I don't think is a constraint, but certainly for Rincon.

所以，我不認為能量是一種限制，但對 Rincon 來說確實如此。

And I think, as Jakob said, optimizing the water, that's actually a potential competitive advantage because the water is limited.

我認為，正如雅各所說，優化水實際上是一種潛在的競爭優勢，因為水是有限的。

And you can always go to full-on reverse osmosis and just recycle the brine, but that obviously costs you a lot of money.

你總是可以完全使用逆滲透並回收鹽水，但這顯然會花費你很多錢。

So how you actually produce lithium with the least possible fresh water to that washing stage is a real opportunity that we see we can bring unique competitive advantage.

因此，如何在洗滌階段用盡可能少的淡水生產鋰是一個真正的機會，我們認為我們可以帶來獨特的競爭優勢。

You mind if I just squeeze one?

你介意我擠一個嗎？

It was continuing on with Lyndon's question around the plant mines in the Pilbara.

林登關於皮爾巴拉植物礦的問題仍在繼續。

It seems like (inaudible) was a little bit delayed because of indigenous

似乎（聽不清楚）由於土著的原因有點延遲

[renewals].

[續訂]。

Just wondering, that's -- now does that sort of inhibit the Pilbara pushing ahead with -- or stretching their mine production given that mine constrained with approvals, I suppose, depending on a couple of replacement mines.

只是想知道，現在這是否會抑制皮爾巴拉推進或擴大他們的礦山生產，因為我想，鑑於該礦山受到批准的限制，這取決於幾個替代礦山。

Yeah.

是的。

So look, greater than Mondi is the heritage.

所以看，比Mondi更偉大的是傳承。

We have had some heritage delays.

我們的遺產有一些延誤。

And the key thing is there's a hall road -- main hall road there for greater than Mondi that we need to build.

關鍵是有一條大廳路——我們需要建造比蒙迪更大的主大廳路。

We are absolutely sitting down with the Traditional Owners, seeing how we can progress that.

我們絕對會與傳統所有者坐下來，看看我們如何才能取得進展。

We're just flagging at this stage it's a risk to

我們現階段只是警告這有風險

(inaudible).

（聽不清楚）。

Lachlan Shaw, UBS.

拉克蘭·肖，瑞銀。

A couple maybe to touch just on iron ore.

一對夫婦可能會接觸鐵礦石。

So the medium-term guidance, just to pick up from Kaan's question, medium-term guidance of 345 to 360, can you just remind us on what the depletion looks like from '25 to '28 in -- and then just when the four replacement projects, when you're hoping they'll be at nameplate run rate?

因此，中期指導，只是從 Kaan 的問題來看，345 到 360 的中期指導，你能否提醒我們從 25 到 28 年的消耗情況——然後就在 4 月份的時候？銘牌運轉速度時？

So I think depletion we talked about is about 90 million tonnes over the period to then.

所以我認為我們討論的消耗量大約是 9000 萬噸。

And they had about 120 million tonnes of capacity all in all those lines.

所有這些生產線的產能約為 1.2 億噸。

So I think those were the numbers we talked about when the visit to the Pilbara in October, and they're still the right numbers.

所以我認為這些是我們十月份訪問皮爾巴拉時討論的數字，而且它們仍然是正確的數字。

So just to clarify, is that a straight line?

所以想澄清一下，這是一條直線嗎？

Or does that vary over that time?

或者說這會隨著時間的推移而改變嗎？

So they come in on various states, I think, in the '27 and '28 period.

所以我認為，他們在 27 和 28 時期出現在不同的州。

The dates we put, I think there is still exactly the same.

我們放的日期，我想還是一模一樣的。

When we set them out, I think Simon had some slides we put up in Capital Markets Day.

當我們列出它們時，我認為西蒙有一些我們在資本市場日發布的幻燈片。

They're still the right thing to date.

到目前為止，它們仍然是正確的。

I mean as Mark flag, it's just that uncertainty on the mold.

我的意思是，正如馬克·弗拉格所說，這只是模具上的不確定性。

They're ramping up over those.

他們正在加緊努力。

I think the date we gave a first ore for those dates, if you look, I mean, how we ramped up, I mean it was done within 12 months.

我認為我們為這些日期提供第一個礦石的日期，如果你看一下，我的意思是，我們是如何加速的，我的意思是它是在 12 個月內完成的。

Okay.

好的。

Understood.

明白了。

Maybe second question, a little broader.

也許是第二個問題，範圍更廣一些。

That's the experience around permitting in WA.

這就是在西澳獲得許可的經驗。

You've got a situation where the state EPA and the federal EPA is starting to maybe get a little more forthright in terms of conditions on permitting approvals and operations.

現在的情況是，州環保局和聯邦環保局開始在許可批准和運營的條件方面變得更加直率。

What's your experience there?

你在那裡的經歷如何？

And how do you think about that dynamic in terms of the sort of medium and long-term mine plans and how you progress and sustain that production?

您如何看待中長期採礦計畫的動態以及如何推進和維持生產？

You're hitting on all the right things that are the constraining factors.

你正在尋找所有正確的限制因素。

I just think the team in Perth is doing an amazing job on engaging with the Traditional Owners.

我只是認為珀斯的團隊在與傳統業主互動方面做得非常出色。

That is the critical part, and that is the critical path for any iron ore producer.

這是關鍵部分，也是任何鐵礦石生產商的關鍵路徑。

And then you're talking about a new legislation on nature.

然後你正在談論一項關於自然的新立法。

And you might have seen in newspapers, there has been some discussions around that topic.

您可能在報紙上看到，圍繞該主題進行了一些討論。

Look, we are very aligned with the government.

看，我們與政府非常一致。

We have signed also ICMM's statements around being nature-positive by 2030.

我們也簽署了 ICMM 關於在 2030 年實現自然積極的聲明。

So our commitment independent of whether there's a law or not, we will deliver towards that.

因此，無論是否有法律，我們的承諾都將實現這一目標。

We have made comments about that the current last of the law is simply not practical.

我們曾評論說，目前的最後一項法律根本不切實際。

And it's been very difficult to engage with the relevant ministry, and that's why we are putting in writing our concerns.

與相關部門接觸非常困難，這就是我們以書面形式表達我們的擔憂的原因。

We think we have an obligation being part of society to make those points, but it's more about the efficiency of the law.

我們認為，作為社會的一部分，我們有義務提出這些觀點，但這更多的是關於法律的效率。

We are totally aligned with the intent.

我們完全符合其意圖。

And we just want to be sure the law achieves its intent.

我們只是想確保法律實現其目的。

We've got time for one more question.

我們還有時間再問一個問題。

I guess I go back a few years to listen to you Morgan talk about expansion of Olympic Dam being constrained by uranium.

我想我會回到幾年前聽摩根談論奧林匹克大壩的擴建受到鈾的限制。

I guess one thing we've seen in the last few years is that restoration of nuclear and more countries coming on board.

我想過去幾年我們看到的一件事是核能的恢復和更多國家的加入。

I don't expect you to comment in detail.

我不指望你詳細評論。

Feel free if you want to.

如果您願意，請隨意。

You had a bit of a shock last week at ERA.

上週你在 ERA 感到有點震驚。

I guess that's -- that was a potentially profitable source of uranium in the future, if you got Bruce as you've made clear.

我想，如果你得到了布魯斯，就像你已經明確表示的那樣，那是未來可能有利可圖的鈾來源。

And Reno's waxing over the last 20 years in uranium.

過去 20 年來，裡諾的鈾礦量不斷增加。

Where does that fit in your thought process in the next decade or two given that decarbonization?

考慮到脫碳，這在您未來一兩年的思考過程中處於什麼位置？

Yes.

是的。

Thank you.

謝謝。

Interestingly enough, after the Second World War, the British government asked Rio Tinto to go and look for uranium.

有趣的是，第二次世界大戰後，英國政府要求力拓公司去尋找鈾礦。

And within 10 years, we were the world's largest producer of uranium.

十年之內，我們成為全世界最大的鈾生產國。

It's been very good business for you.

這對你來說是一筆非常好的生意。

It has not been a fantastic business lately.

最近生意不太好。

And you saw us going out of Namibia.

你看到我們離開納米比亞。

We sold Roughrider last year.

我們去年賣掉了 Roughrider。

It was not because we didn't like uranium that we sold Roughrider.

我們出售 Roughrider 並不是因為我們不喜歡鈾。

We just -- we always look for is it a Tier 1 deposit, and it's not, and we will get good money for it.

我們只是——我們總是尋找是否是一級存款，如果不是，我們會從中得到很多錢。

So it was, in my view, a very good divestment.

因此，在我看來，這是一次非常好的撤資。

Now we have Luca.

現在我們有盧卡了。

Not only is the mere people against it, but it's in a world heritage area.

不僅人們反對它，而且它位於世界遺產地區。

I mean you just don't mine there.

我的意思是你只是不在那裡開採。

And I'm not sure it's that profitable.

我不確定它是否有那麼有利可圖。

For me, it's a clear cut thing, and I'm happy that we finally have taken all the noise out because that noise is only about minority shareholders of EIA trying to get a little bit of extortion here.

對我來說，這是一件明確的事情，我很高興我們終於消除了所有噪音，因為這些噪音只是關於 EIA 的少數股東試圖在這裡敲詐一點。

So look, for me, it's a clear cut thing.

所以看，對我來說，這是一個明確的事情。

Luka will never be in mind.

盧卡永遠不會放在心上。

And then you talk about uranium.

然後你談到鈾。

Yes, there is a future for uranium, but you have to take a step back here first.

是的，鈾是有未來的，但你必須先退後一步。

It's for every society to decide whether you want nuclear or not.

每個社會都可以決定是否想要核能。

Interesting enough, I come from Europe.

有趣的是，我來自歐洲。

My neighboring country from Denmark is Germany.

我的丹麥鄰國是德國。

They don't want the nuclear.

他們不要核。

France wants nuclear.

法國想要核能。

It's a societal choice.

這是一個社會選擇。

Our position as Rio Tinto, we need to decarbonize.

我們作為力拓的立場，我們需要脫碳。

That means we use all sources that are not -- doesn't have carbonization.

這意味著我們使用所有沒有碳化的來源。

There can be solar, wind, hydro.

可以有太陽能、風能、水力。

Or it could be nuclear.

或者它可能是核的。

So we are totally open towards that.

所以我們對此完全持開放態度。

But if the world starts doing more nuclear, you're talking 20 years down the road before you really get the consumption.

但如果世界開始發展更多的核能，那麼需要 20 年後才能真正達到消耗量。

It takes forever to get permit and to construct these things.

獲得許可並建造這些東西需要很長時間。

So it's not that there is a huge demand for uranium right now.

所以目前並不是對鈾有巨大的需求。

There might be two or three decades down the road.

未來可能還有兩三十年。

So it's not an urgent thing from our perspective.

所以從我們的角度來看這並不是一件緊急的事。

Thank you.

謝謝。

And I guess a supplementary question on the deals.

我想是關於交易的補充問題。

Is -- when you've looked at that split and you referenced the 60% of earnings.

是——當你查看該分配並引用了 60% 的收益時。

You've got a 77/23 split.

您的比例為 77/23。

Is there an index balance that goes into that, that you have to maintain certain balances, you wouldn't want to get past 60-40, London, Australia or -- and I'm just sort of thinking about how your buyback might perceive if you get certain opportunities.

是否存在指數平衡，你必須保持一定的平衡，你不想超過 60-40，倫敦，澳大利亞，或者——我只是在考慮你的回購可能會如何看待如果你得到某些機會。

Look, we are fully aware of that we have an absolutely amazing business here in Australia.

看，我們充分意識到我們在澳洲擁有絕對令人驚嘆的業務。

We wouldn't mind balancing it towards having a heavier share on the limited.

我們不介意平衡它以在有限的市場上獲得更大的份額。

Unfortunately, it just doesn't make economic sense to make unification.

不幸的是，統一沒有經濟意義。

The DLC structure is very efficient.

DLC結構非常有效率。

But it doesn't mean that we can't rebalancing it.

但這並不意味著我們不能重新平衡它。

And should we do rebalancing it, we will move it in that direction.

如果我們重新平衡它，我們就會朝這個方向發展。

Thank you.

謝謝。

We've reached the end of our time for the Q&A.

我們的問答時間已經結束。

Thanks, everyone, for joining online and in the room.

感謝大家在線上和會議室加入。

Hopefully, those in the room can join us for lunch after this.

希望房間裡的人可以在這之後和我們一起吃午餐。

Jakob, if you want to add anything as last words?

雅各布，您想添加什麼作為最後的話嗎？

No, yes.

不，是的。

Thank you.

謝謝。

It's really great to be here in Sydney today, and good to see you.

很高興今天來到悉尼，很高興見到你。

Let's make sure we keep the dialogue, and we will nurture our British stakeholders a little bit later today.

讓我們確保保持對話，今天晚些時候我們將培養我們的英國利益相關者。

So great to be here.

很高興來到這裡。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for participation.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。