Sibanye Stillwater Ltd (SBSW) 2024 Q2 法說會逐字稿

adies and gentlemen, good afternoon and good morning. On behalf of the C-suite, welcome and thank you for taking time out of your busy schedules. At our 2023 year end results in February, we made a commitment to focus on our balance sheet. Today, I hope you will recognize the tremendous effort from the Sibanye Stillwater team in doing just that.

女士們、先生們，下午好，早安。我謹代表最高管理層歡迎並感謝您在百忙之中抽出時間。在 2 月公佈 2023 年年終業績時，我們承諾將重點放在資產負債表。今天，我希望您能認識到 Sibanye Stillwater 團隊為此付出的巨大努力。

And hence the theme of the H1 2024 presentation is reflected in the presentation title, and let me read it. It says, delivering on our commitment to strengthen the balance sheet while also increasing liquidity. Please take note of our Safe Harbor statement. The agenda for today includes a brief strategic context.

因此，2024 年上半年演示的主題就體現在演示標題中，讓我讀。它表示，履行我們加強資產負債表的承諾，同時增加流動性。請注意我們的安全港聲明。今天的議程包括簡要的戰略背景。

That will be led by myself and essentially it all starts and ends in the market. And you will see what I'm referring to when we get into that. I will also cover the salient features for the first half of 2024. Charl Keyter, our CFO, will then complete the financial review, after which he will hand over to our Chief Regional Officers who will each cover their regions.

這將由我自己領導，基本上一切都始於市場，終於市場。當我們討論這個問題時，你就會明白我指的是什麼。我也會介紹 2024 年上半年的顯著特徵。然後，我們的財務長 Charl Keyter 將完成財務審查，之後他將移交給我們的首席區域官，他們將負責各自的區域。

We have Richard Stewart doing the South African region. We have Mika Seitovirta doing the European region; Charles Carter will do the US region; and Robert Van Niekerk who's also our Chief Technical and Innovation Officer is also the Chief Regional Officer for Australia and he will cover the Australian region.

我們請理查德‧史都華 (Richard Stewart) 負責南非地區的工作。我們有 Mika Seitovirta 負責歐洲地區；查爾斯·卡特（Charles Carter）將負責美國地區； Robert Van Niekerk 是我們的首席技術和創新官，也是澳洲的首席區域官，他將負責澳洲地區的業務。

So our 3D strategy is well known to the market. There's just a few points that I want to make, and I'm not going to go through all the detail on the slide.

所以我們的3D策略是為市場所熟知的。我只想闡述幾點，我不會在投影片上詳細介紹所有細節。

Our Board, together with the executive, have recently been through an extensive strategic review. And we remain confident that our strategy is relevant and delivering on shared value remains a keen focus for us. Our focus however remains on the strategic essentials, especially through the current commodity price cycle. There are two other things that I want to mention that I think are relevant to the discussion today.

我們的董事會與高階主管最近進行了廣泛的策略審查。我們仍然相信我們的策略具有相關性，並且實現共享價值仍然是我們的重點。然而，我們的重點仍然是策略要點，特別是在當前的大宗商品價格週期中。我想提一下另外兩件事，我認為它們與今天的討論有關。

Despite the noise that is creeping into the debate regarding the relevance of ESG, we as a company remain steadfast in our view regarding the importance and the relevance of ESG. We believe it's a good business practice and it will remain embedded as the way we do business. I also read much around the issues of diversity with suggestions that if you go work, you go broke. And again, I think that's such nonsense.

儘管關於 ESG 相關性的爭論不斷出現，但我們作為一家公司仍然堅定地認為 ESG 的重要性和相關性。我們相信這是一種良好的商業實踐，並將繼續成為我們開展業務的方式。我還讀了很多有關多元化問題的文章，其中有這樣的建議：如果你去工作，你就會破產。再說一次，我認為這真是無稽之談。

We will continue to drive inclusivity, diversity, and belonging as we believe it creates a competitive advantage for a company like ourselves. Just moving on to the strategic context, I want to say that in terms of the metals that we have exposure to, understanding mobility or probably more particularly the evolution of mobility is important to understanding how the green metals could well be used in the future.

我們將繼續推動包容性、多元化和歸屬感，因為我們相信這將為像我們這樣的公司創造競爭優勢。就策略背景而言，我想說，就我們所接觸的金屬而言，了解流動性或更具體地說流動性的演變對於了解綠色金屬在未來的使用方式非常重要。

I think, it's important to note that electric powertrains are technologically smart and will certainly be the powertrains of the future. Within a short period of time, the issues around constraints and negative views of battery electric vehicles will be addressed and there is no doubt in my mind that battery electric vehicles will remain a very significant part of the future global car pool.

我認為，值得注意的是，電動動力系統在技術上是智慧的，並且肯定會成為未來的動力系統。在短時間內，有關電動車的限制和負面看法的問題將得到解決，毫無疑問，電動車仍將是未來全球汽車市場的重要組成部分。

I think it's also important to note that legislation on its own cannot drive what policy is being implemented in many countries. Consumer preferences and societal patterns will also influence the market and the way cars and power trains are utilized.

我認為還需要注意的是，立法本身並不能推動許多國家正在實施的政策。消費者偏好和社會模式也將影響市場以及汽車和動力系統的使用方式。

I think as such, and it's well noted on this slide, power trains will be an evolving mix of technologies, and it will include internal combustion engines for a long period of time still, hybrids, fuel cells, and pure battery electric vehicles. Hydrogen will certainly play a role in power trains both in fuel cells as well as in direct combustion engines.

因此，我認為，正如這張幻燈片中所指出的那樣，動力傳動系統將是一種不斷發展的技術組合，並且在很長一段時間內將包括內燃機、混合動力車、燃料電池和純電動車。氫氣肯定會在燃料電池和直燃引擎的動力系統中發揮作用。

Synthetic fuels have the potential to extend the era of vehicles with pure internal combustion engines. Our views in this regard have been very consistent and it's amazing to me how the pendulum swings from extreme positivity of battery electric vehicles to negative views and the same regarding internal combustion engines and PGMs. I think the bottom line is that you need to be on the right side of technology and we have, I believe, good exposure to all the evolving technologies from our metals point of view.

合成燃料有可能延長純內燃機車輛的時代。我們在這方面的觀點非常一致，令我驚訝的是，鐘擺如何從對純電動車的極端積極態度轉變為消極觀點，對於內燃機和鉑族金屬也是如此。我認為最重要的是，你需要站在技術的正確一邊，而且我相信，從金屬的角度來看，我們對所有不斷發展的技術都有很好的了解。

We will now move on to just talk a little bit about the markets, specifically PGMs and lithium.

我們現在將繼續討論一些市場，特別是鉑族金屬和鋰。

Within our C-suite, we have dedicated commodity champions whose responsibility it is to stay abreast of market trends and developments that relate to their metals and to develop our house views. Richard Stewart is our commodity champion for PGMs and Mika Seitovirta is our commodity champion for battery metals.

在我們的最高管理層中，我們有專門的大宗商品冠軍，他們的責任是隨時了解與其金屬相關的市場趨勢和發展，並發展我們的內部觀點。Richard Stewart 是我們的鉑族金屬商品冠軍，Mika Seitovirta 是我們的電池金屬商品冠軍。

So at this point, I'm going to hand over to Richard to take us through our house view on PGMs, more specifically platinum and palladium, And after that I'll ask Richard to hand over directly to Mika to cover the lithium market. Thank you, Richard, over to you.

因此，在這一點上，我將請理查德向我們介紹我們對鉑族金屬（更具體地說是鉑和鈀）的看法，之後我將請理查德直接將其交給米卡來負責鋰市場。謝謝你，理查德，交給你了。

hank you very much, Neal, and good afternoon ladies and gentlemen. Discussing commodity markets at the moment, I guess many are asking many questions about where these markets are going, and PGMs are certainly no exception.

非常感謝你，尼爾，女士們先生們下午好。目前在討論大宗商品市場時，我想很多人都會問這些市場的走向，鉑族金屬當然也不例外。

And the way we look at the markets at the moment to drive our business is really across three different time periods. So we look at a short term, generally less than two years, tactically how do we respond to the current market. We look at a medium term, generally after about 10 years, where I think we have some confidence in terms of the way we forecast.

我們目前看待市場以推動業務發展的方式實際上跨越了三個不同的時期。所以我們著眼於短期，一般不到兩年，戰術上我們如何應對目前的市場。我們著眼於中期，通常是大約 10 年後，我認為我們對我們的預測方式有一定的信心。

And then slightly more speculative beyond 10 years. So certainly our view in terms of the short term and what we're seeing is that there has been a distinct dislocation between the fundamentals that we see. Fundamentally we believe the 3E, metals, PGMs are very much in deficit. And the price trends that we've seen, which of course have been falling a lot faster and a lot further than I think many imagined.

10 年後則更具投機性。因此，我們對短期和我們所看到的情況的看法肯定是，我們所看到的基本面之間存在明顯的脫節。從根本上講，我們認為 3E、金屬、鉑族金屬嚴重短缺。我們所看到的價格趨勢，當然，其下降速度比我認為許多人想像的要快得多，幅度也大得多。

Of course, the question is, why is that the case? We don't see a silver bullet or a single reason for this. It really has been a coming together of multitudes of factors. We have mentioned in the past things like de-stocking, several OEMs did build up stocks post-COVID, and that has been coming out over the last few years, although we do think that that is declining. We have also seen in the market some significant disruptions to supply chains and changes to supply chains, in particular, a lot more Russian metal finding its way into China.

當然，問題是，為什麼會這樣呢？我們沒有看到靈丹妙藥或單一原因。這確實是多種因素綜合作用的結果。我們過去曾提到過諸如去庫存之類的事情，一些原始設備製造商確實在新冠疫情后增加了庫存，而且這種情況在過去幾年中一直在出現，儘管我們確實認為庫存正在下降。我們也在市場上看到了供應鏈的一些重大中斷和供應鏈的變化，特別是更多的俄羅斯金屬進入中國。

And then we have some in the PGM market, probably about 80% of the metal trades as physical metal under long-term supply agreements with a very small portion trading in the spot market that ultimately sets the price.

然後我們在 PGM 市場上也有一些，大約 80% 的金屬根據長期供應協議以實體金屬的形式進行交易，只有極小部分在現貨市場上進行交易，最終確定價格。

And of course, when you have disruptions to supply chains and take some spot buyers out of the market, that does have a significant impact. Combine all of that with some negative sentiments around global macroeconomics, BEV growth rates, and essentially, what you end up is a highly dislocated market between, let's call it paper trading, and ultimate fundamental or physical trading. When we've seen this in the past, that does tend to come together again.

當然，當供應鏈中斷並使一些現貨買家退出市場時，這確實會產生重大影響。將所有這些與圍繞全球宏觀經濟、BEV 成長率的一些負面情緒結合起來，本質上，你最終會看到一個高度錯位的市場，我們稱之為紙面交易，與最終的基本面或實物交易之間。當我們過去看到過這種情況時，這種情況確實會再次出現。

And the more extended the dislocation, the more severe the correction. So our view is that for next for the short term, we do still expect volatility, but ultimately we think the fundamentals will come through and therefore there is risk upside for some very rapid reactions and price appreciation as markets continue to tighten.

而且錯位越延伸，矯正越嚴重。因此，我們的觀點是，短期內，我們仍然預期會出現波動，但最終我們認為基本面將會顯現，因此，隨著市場繼續收緊，一些非常快速的反應和價格升值存在上行風險。

But certainly, we are planning for a volatile short-term period. In terms of the medium term, we have in fact, I think, become more robust given what we've seen happening over the last 18 months. Our view on the markets has not materially changed. But because of the lower price environments we've seen, the primary supply coming out of particularly South Africa and North America has in fact declined more than what we originally forecast, and we don't see much growth coming out of Russian supply.

但可以肯定的是，我們正在為一個不穩定的短期時期做好準備。就中期而言，我認為，鑑於過去 18 個月所發生的情況，我們實際上變得更加穩健。我們對市場的看法沒有重大變化。但由於我們看到的價格環境較低，來自特別是南非和北美的主要供應實際上下降幅度超過了我們最初的預測，而且我們沒有看到來自俄羅斯供應的太多增長。

Similarly, secondary supply we think is going to remain constrained because of both margin pressure as well as supply chain disruptions. And as we've seen demand for in terms of the rates of which BEVs are growing, and they will continue to grow, but just that rate has been moderated.

同樣，由於利潤壓力和供應鏈中斷，我們認為二級供應仍將受到限制。正如我們所看到的，對純電動車的需求正在成長，而且它們將繼續成長，但只是這個速度已經放緩。

And we think that gap will be filled by ICE hybrid vehicles, which is good for both PGMs and battery metals, and taking a combination of that supply pressure and demand moderation in the medium term, we actually think the PGM market remains pretty robust, a view that we have held for an extended period of time.

我們認為，內燃機混合動力車將填補這一空白，這對鉑族金屬和電池金屬都有好處，考慮到中期內的供應壓力和需求放緩，我們實際上認為鉑族金屬市場仍然相當強勁，我們長期以來一直持有的觀點。

Over the long term, it does become a bit more speculative and we do see structural changes occurring. Today, PGM demand, about two-thirds of it is underpinned by auto catalysts, and we see that declining to about 50% out to 2040. The difference in demand will be made up by industrial applications, a significant portion of which will be associated with the hydrogen economy.

從長遠來看，它確實變得更具投機性，我們確實看到結構性變化正在發生。如今，鉑族金屬需求中約三分之二是由汽車催化劑支撐的，我們預計到 2040 年，這項需求將下降至 50% 左右。需求差異將由工業應用來彌補，其中很大一部分將與氫經濟相關。

But of course, there are still many factors that we need to understand and understand how these technologies develop and are taken up before we can get confidence in that forecast. And that drives our long-term market development strategy around securing sticky industrial applications to replace largely auto-capitalist demand for the decades to come.

但當然，在我們對這項預測充滿信心之前，我們仍然需要了解許多因素，以了解這些技術是如何發展和採用的。這推動了我們圍繞確保黏性工業應用的長期市場開發策略，以取代未來幾十年的汽車資本主義需求。

So just looking at our overall view of that market, we do model it as a 2E basket, being platinum and palladium, given that they are substitutable. And what you can see in the white bars is almost an average of various market research houses, which would suggest that we still have deficits up to about 2027 and then moving into surpluses.

因此，只要看看我們對該市場的整體看法，我們就會將其建模為 2E 籃子，即鉑金和鈀金，因為它們是可替代的。你在白條中看到的幾乎是各個市場研究機構的平均值，這表明我們在 2027 年左右仍然存在赤字，然後會出現盈餘。

For the factors that we've mentioned above, the supply constraints, as well as a moderation in terms of battery electric vehicle penetration, we in fact see deficits for the balance of this decade, only then moving into slight surpluses early in the following decade. So overall, a robust view for the medium term for PGMs.

對於我們上面提到的因素，供應限制以及純電動車普及率的放緩，我們實際上看到這十年的剩餘時間出現赤字，只有在下一個十年初期才會出現輕微盈餘。整體而言，對鉑族金屬的中期前景持樂觀態度。

I'll now hand over to Mika, who will discuss lithium markets. Thank you.

我現在將交給 Mika，他將討論鋰市場。謝謝。

hank you, Richard. A few words about lithium supply and demand balance and the outlook, how we see that. First of all, behind there is obviously the growth of the electric vehicles. Many of us have revised downwards the forecasts and the volumes of the EVs and so have we.

謝謝你，理查。關於鋰的供需平衡和前景，我們如何看待這一點。首先，背後明顯的是電動車的成長。我們中的許多人都下調了電動車的預測和銷量，我們也是如此。

Even in the downwards scenario though we believe that during the next five years, by 2030, the volumes are going to be double against today's volumes. This is obviously something that is going to impact the lithium demand a lot.

即使在下行的情況下，我們相信在未來五年內，到 2030 年，銷量將是今天的兩倍。這顯然會對鋰需求產生很大影響。

So despite of the short-term surplus in the market, we see a very strong outlook long term for lithium demand. Meaning that actually during the next five years, consequently we believe that lithium demand is going to double as well. It is also to be noted that the deficit starts 2026, 2027, which is a perfect timing for our Keliber project when we start to commissioning with our own ore.

因此，儘管市場存在短期過剩，但我們認為鋰需求的長期前景非常強勁。這意味著實際上在未來五年內，我們相信鋰需求也將增加一倍。另外值得注意的是，赤字從 2026 年、2027 年開始，這對我們的 Keliber 計畫來說是一個完美的時機，當時我們開始使用自己的礦石進行調試。

Over to you, Neal.

交給你了，尼爾。

hank you, Mika, and Richard. Let's now move ahead with the salient features for the first half of 2024. So the picture on the right-hand side of the slide is actually the first slide in the year-end presentation which was delivered in February of this year. As I mentioned in my introduction today, we committed at that point in time to focusing on our balance sheet.

謝謝你們，米卡和理查德。現在讓我們繼續了解 2024 年上半年的顯著特徵。所以投影片右側的圖片其實是今年二月發布的年終簡報中的第一張投影片。正如我在今天的介紹中提到的，我們當時致力於專注於我們的資產負債表。

And the piggy bank was also used to reflect the cost savings we intended to achieve from the large amounts of operational restructuring that we intended undertaking and had undertaken to preserve our margins through this lower-price commodity downturn. I am particularly pleased with what we have achieved to date on both of these. Richard will cover the cost benefits of our operational restructuring in his section. But let me start with the impact that we've made on the balance sheet.

存錢筒也被用來反映我們打算透過大量的營運重組來實現成本節約，這些重組是我們打算進行的，也是為了在這次低價大宗商品低迷時期保持我們的利潤而進行的。我對我們迄今為止在這兩方面所取得的成就感到特別滿意。理查德將在他的部分介紹我們營運重組的成本效益。但讓我先談談我們對資產負債表所產生的影響。

So I'm very pleased to advise that we've increased our balance sheet strength and liquidity by more than ZAR25 billion or USD1.4 billion. And we will in the following slide show you how that amount has been calculated. But first of all, what did we do? And the H1 balance sheet initiatives are listed there, and I intend to go through them in some detail. We announced the uplifted agreements we had on our covenants.

因此，我很高興地告訴您，我們的資產負債表實力和流動性已增加超過 250 億蘭特或 14 億美元。我們將在下面的幻燈片中向您展示該金額是如何計算的。但首先，我們做了什麼？上半年的資產負債表措施已列出，我打算詳細介紹一下。我們宣布了我們在契約上達成的升級協議。

The debt covenants have been uplifted to 3.5 times until June 2025 and 3 times until December 2025. We have a currency geared collar that we've implemented at our South African PGM operations to protect the margin in a strengthening ZAR environment. That was done on the basis that we could see the potential of an improving climate in South Africa. And I dare say the appointment of a government of national unity is a first very important step in that and we believe the rand will continue to strengthen and that is a protection on the downside.

至2025年6月，債務契約已提高至3.5倍，至2025年12月，債務契約已提高至3倍。我們在南非 PGM 業務中實施了貨幣槓桿環，以在南非蘭特走強的環境中保護利潤。這樣做的基礎是我們可以看到南非改善氣候的潛力。我敢說，民族團結政府的任命是其中非常重要的第一步，我們相信蘭特將繼續走強，這是對下行的保護。

Our convertible bond derivative was reclassified as equity following the Sibanye Stillwater shareholder approval. The ZAR6 billion RCF refinancing and upsizing was completed. We entered into post June 30, in fact in August, a ZAR1.8 billion gold prepay that is currently being implemented. The Keliber Lithium project was separately financed to the tune of EUR500 million through a green financing.

在 Sibanye Stillwater 股東批准後，我們的可轉換債券衍生性商品被重新分類為股權。60億南非蘭特的RCF再融資和擴容已完成。我們在 6 月 30 日之後（實際上是在 8 月）簽訂了目前正在實施的 18 億南非蘭特黃金預付款。Keliber Lithium計畫透過綠色融資單獨融資5億歐元。

And then of course, operationally, we benefited from improved adjusted free cash flow compared to the second half of 2023, following some of the operational restructuring starting to impact. Very pleasingly, and I've highlighted it in dark black, is that our net debt to adjust the EBITDA is currently at 1.43 times and I want to point out that does not include the gold prepay and I will give you a pro forma indication of what that looks like with the gold prepay.

當然，在營運方面，與 2023 年下半年相比，在一些營運重組開始產生影響後，我們受益於調整後自由現金流的改善。非常令人高興的是，我用深黑色強調了這一點，我們調整 EBITDA 的淨債務目前為 1.43 倍，我想指出，這不包括黃金預付款，我會給你一個預計的指示黃金預付款是什麼樣子的。

As I say, a very pleasing result and certainly the expectations I think of the sell-side analysts that we would be resorting to some form of deeply discounted rights offer must now be moot. So I did indicate that in the following slide, which you can now see, we would indicate what we have completed and the value ascribed to each one of those initiatives.

正如我所說，一個非常令人高興的結果，當然，我認為賣方分析師對我們將訴諸某種形式的大幅折扣供股要約的期望現在必須毫無意義。因此，我確實指出，在您現在可以看到的下一張投影片中，我們將指出我們已經完成的工作以及賦予每項措施的價值。

The covenant uplift gives us a turn of 1 times and assuming our adjusted EBITDA for a year is about ZAR13 billion at this point in time, that's a ZAR13 billion benefit. The currency hedging and geared collar is on the slide, the prepay, the refinancing, the green loan, and all of that totals up to just over ZAR25 billion or as I said USD1.4 billion.

契約提升使我們翻了 1 倍，假設此時我們一年的調整後 EBITDA 約為 130 億蘭特，那就是 130 億蘭特的收益。貨幣對沖和槓桿環正在下滑，預付款、再融資、綠色貸款，所有這些總計剛剛超過 250 億南非蘭特，或者正如我所說的 14 億美元。

What we still have in the pipeline is another USD600 million to USD700 million of streams and other prepays that we are working on. So we are looking forward to an estimated pro forma total of increasing the balance sheet strength and liquidity in excess of ZAR36 billion or about USD2 billion. And as I've said, any suggestions that we're going to have to revert to equity to strengthen our balance sheet must be somewhat moot now.

我們仍在準備的是另外 6 億至 7 億美元的串流媒體和我們正在處理的其他預付款。因此，我們預計資產負債表實力和流動性預計將增加超過 360 億南非蘭特（約 20 億美元）。正如我所說，任何關於我們必須恢復股本以加強我們的資產負債表的建議現在都毫無意義。

There is one area where we still have some work to do. The polygons on the left indicate a number of techs, areas where we've completed restructuring, or in Sandouville's case, we've terminated what we believe was an onerous contract, the covenant uplifts, the convertible bond, and the gold prepay are all done. The one area where we still plagued with losses in our business is in the US.

在一個領域我們還有一些工作要做。左邊的多邊形表示我們已經完成重組的一些技術、領域，或者在桑杜維爾的例子中，我們已經終止了我們認為是繁重的合同，契約提升、可轉換債券和黃金預付款都是完畢。我們的業務仍然遭受虧損的一個地區是美國。

And with the announcement today, we have initiated what I believe will hopefully be the last phase of restructuring and I think it's quite material and quite significant. So let me talk you through it. And when Charles covers the US region, he will provide more detail.

隨著今天的宣布，我們已經開始了我認為有望成為重組的最後階段的工作，我認為這是非常重要且非常重要的。那麼就讓我來跟你講講吧。當查爾斯報道美國地區時，他將提供更多細節。

But we are now entering a final phase where we will be restructuring the US business for a 2E PGM basket price below USD1,000 per 2E ounce. How are we going to do that? We are terminating high-cost production of about 200,000 2E ounces from the US PGM operations.

但我們現在正進入最後階段，我們將重組美國業務，使 2E 鉑族金屬籃子價格低於每 2E 盎司 1,000 美元。我們要怎麼做呢？我們將終止美國 PGM 工廠約 200,000 2E 盎司的高成本生產。

Stillwater mine will be put on care and maintenance. We will increase productions slightly from our higher-grade Stillwater East operations, which has lower-cost infrastructure and more efficient infrastructure. We will also reduce production from East Boulder and that will essentially improve the cost performance but also defer expansion capital. Unfortunately, it does result in a further headcount reduction of approximately 800 employees and contractors.

斯蒂爾沃特礦將進行維護和保養。我們將小幅增加更高等級的斯蒂爾沃特東工廠的產量，該工廠擁有成本更低的基礎設施和更有效率的基礎設施。我們還將減少東博爾德的產量，這將本質上提高成本效益，但也會推遲擴張資本。不幸的是，這確實導致員工和承包商人數進一步減少約 800 名。

The net result is that we will still ensure a sufficient scale of operation to maintain our very important recycling operations and to leverage off the recent Reldan acquisition. Probably more importantly with a high-quality ore body of this nature, we retain mining optionality for a higher 2E basket price environment. We certainly did look at putting the entire business on care and maintenance. That is a much higher-cost option than what we have set out here, but I will leave it to Charles to talk us through that detail.

最終結果是，我們仍將確保足夠的營運規模，以維持我們非常重要的回收業務，並利用最近收購的 Reldan。或許更重要的是，憑藉這種性質的優質礦體，我們保留了採礦選擇權，以適應更高的 2E 籃子價格環境。我們確實考慮過對整個業務進行維護和保養。這是一個比我們在這裡提出的成本高得多的選擇，但我將讓查爾斯來與我們討論這個細節。

As we always do, we are sharing with you our gearing and this is a graph of adjusted EBITDA and of course net debt to adjusted EBITDA multiples reflected in the red dotted line. Pleasingly, and as I've said, without the gold prepay, our net debt to adjust at EBITDA as of 30 June comes out at 1.43 times. If we include the gold prepay, that number is actually 1.29 times. You would remember that we have said around 1 times is a net debt to adjust at EBITDA multiple that we are comfortable with.

一如既往，我們與您分享我們的槓桿率，這是調整後 EBITDA 的圖表，當然還有紅色虛線反映的淨債務與調整後 EBITDA 倍數的關係。令人高興的是，正如我所說，如果沒有黃金預付，截至 6 月 30 日，我們的淨債務按 EBITDA 調整為 1.43 倍。如果我們包括黃金預付款，這個數字實際上是 1.29 倍。您可能還記得，我們​​說過大約 1 倍是按我們滿意的 EBITDA 倍數調整的淨債務。

So again, I think very pleasing from our point of view under these circumstances to be operating at those sort of levels. So we've covered protecting the balance sheet. Let's now move on to some of the other salient features in terms of embedding ESG in our business. Very pleasingly, we are achieving record group safety performance and I will leave it to Richard to talk in more detail about that.

再說一次，我認為從我們的角度來看，在這種情況下以這樣的水平運作是非常令人高興的。所以我們已經討論了保護資產負債表。現在讓我們繼續討論將 ESG 融入我們業務的其他一些顯著特徵。非常令人高興的是，我們正在實現創紀錄的集團安全績效，我將讓理查德更詳細地談論這一點。

We are advancing our green metal strategy and growing our secondary and urban mining platform that is inherently environmentally friendly and responsible. Our journey to net zero continues with 407 megawatts of renewable energy PPAs projects under construction.

我們正在推進我們的綠色金屬策略，並發展我們本質上環保且負責任的二級和城市採礦平台。我們的淨零之旅仍在繼續，407 兆瓦的再生能源購電協議項目正在建設中。

And in addressing the Marikana massacre, which was not during our ownership of those assets, we have implemented the Marikana renewal process, and that is resulting in significant collaboration from those impacted and affected communities, and it's resulting in positive change. And I'm sure you may have seen some of the media commentary on that at the anniversary.

在解決馬里卡納大屠殺（不在我們擁有這些資產期間）的過程中，我們實施了馬里卡納更新流程，這導致了那些受影響和受影響社區的重大合作，並帶來了積極的變化。我相信您可能在周年紀念日上看到了一些媒體對此的評論。

In terms of delivering on operational improvements and operational sustainability, very pleasingly, the South African PGM business had a solid operational performance, benefiting from the proactive restructuring done earlier this year.

在實現營運改善和營運永續性方面，非常令人高興的是，受益於今年稍早進行的積極重組，南非鉑族金屬業務擁有穩健的營運績效。

Our gold business had a disappointing operational performance mainly due to seismicity and of course any restructuring is disruptive, but we certainly look forward to improve performance for the second half of 2024. Our US PGM business had a solid operational first half and continued to build on the good results of the restructuring later last year, but because of low palladium prices it remains loss making and hence the restructuring that I referred to in the previous slide.

我們的黃金業務的營運表現令人失望，主要是由於地震，當然任何重組都會造成破壞，但我們當然期待 2024 年下半年的業績有所改善。我們的美國鉑族金屬業務上半年運營穩健，並繼續在去年晚些時候重組的良好業績基礎上繼續發展，但由於鈀金價格較低，該業務仍然虧損，因此我在上一張幻燈片中提到了重組。

Our US recycling business generates positive earnings and cashflow. Sandouville also generated an improved performance, but of course, because of the structural change in the low, in the nickel market and the low nickel prices, that we brought forward the conclusion or the termination of the nickel supply contract that we had with Boliden.

我們的美國回收業務產生正收益和現金流。Sandouville 的表現也有所改善，但當然，由於鎳市場低位的結構性變化以及鎳價較低，我們提前簽訂或終止了與 Boliden 簽訂的鎳供應合約。

The Keliber Lithium project continues well and in line with our expectations and pleasingly the Century zinc retreatment operation is on track for a profitable 2024.

Keliber Lithium 專案進展順利，符合我們的預期，令人高興的是 Century 鋅再處理業務預計在 2024 年獲利。

I'm not going to go through all the financial numbers. Charl will cover that in the financial review. But just to say, clearly, earnings and cash flow impacted by a significant decline in the PGM basket price. We made a basic loss of ZAR7.5 billion.

我不會列出所有的財務數據。查爾將在財務審查中涵蓋這一點。但要明確的是，收益和現金流受到鉑族金屬籃子價格大幅下跌的影響。我們的基本虧損為 75 億南非蘭特。

We did have headline earnings of ZAR137 million. There was a ZAR7.5 billion impairment of the US PGM operations and you can see that basic loss is basically the impairment. Our gross debt of ZAR34.2 billion is actually 9% lower than at 31 December, 2023. And we ended up with cash and cash equivalents of just over ZAR15.5 billion.

我們的整體收入確實為 1.37 億南非蘭特。美國鉑族金屬業務有75億蘭特的減損，你可以看到基本損失基本上就是減損。我們的總債務為 342 億南非蘭特，實際上比 2023 年 12 月 31 日減少了 9%。我們最終獲得的現金和現金等價物剛剛超過 155 億南非蘭特。

I would like to just talk a little bit about unlocking the latent value potential as the last slide in this section. There are a number of areas where the significant value that we are in the process of unlocking. Our South African uranium assets and strategy has good direction, especially with the appointment of Greg Cochran to lead this part of our business.

作為本節最後一張投影片，我想談談釋放潛在價值潛力。我們正在釋放許多領域的重要價值。我們的南非鈾資產和策略有良好的方向，特別是任命 Greg Cochran 來領導我們的這部分業務。

In terms of the Cook tailings resource, we've completed a review. We will complete a further feasibility study in 2025. I think important to note that it's near to midterm potential from a uranium production point of view, plus it has the benefit of gold byproduct credits. It's an opportunity to use this asset to build a uranium business leveraging of cook's low technical risk development.

就庫克尾礦資源而言，我們已經完成了審查。我們將於2025年完成進一步的可行性研究。我認為值得注意的是，從鈾生產的角度來看，它接近中期潛力，而且它還具有黃金副產品信用的好處。這是利用這項資產利用庫克的低技術風險開發建立鈾業務的機會。

The Beisa uranium mine also has significant U308 resources and there's significant potential to unlock value through a partnership or sale to third parties where we are in discussion. In terms of the Century operations, very pleasingly, we are now starting to assess opportunities to leverage the existing infrastructure, which is the port, the concentrator, the pipeline.

Beisa 鈾礦也擁有大量 U308 資源，透過合作或出售給我們正在討論的第三方，具有釋放價值的巨大潛力。就世紀營運而言，非常令人高興的是，我們現在開始評估利用現有基礎設施的機會，即港口、選礦廠和管道。

By looking at phosphate deposits within that region, we have a number of our own phosphate deposits, but the region is well endowed with some very good phosphate deposits. So that will be receiving some attention and we look forward to providing you with more information in due course.

透過觀察該地區的磷酸鹽礦床，我們擁有許多自己的磷酸鹽礦床，但該地區擁有一些非常好的磷酸鹽礦床。因此，這將受到一些關注，我們期待在適當的時候為您提供更多資訊。

We completed the Class 3 feasibility study on Mount Lyell during the first half of this year and we have decided that it warrants taking the feasibility study to a Class 2 estimate and we expect that being completed in 2025.

我們在今年上半年完成了萊爾山的 3 級可行性研究，並決定將可行性研究納入 2 級估算，預計於 2025 年完成。

Rhyolite Ridge, there's a decision pending once we have the environmental permit record of decision and the Class 2 feasibility results. So we look forward to receiving those and applying our minds. Reldan has very significant future recycling growth potential in Mexico and India. And it's not just through electronic waste. This business is being very complementary to our autocat recycling business in Columbus.

流紋岩嶺，一旦我們獲得了環境許可決定記錄和二級可行性結果，就會有待決定。因此，我們期待收到這些資訊並運用我們的想法。Reldan 在墨西哥和印度未來的回收成長潛力非常巨大。這不僅僅是透過電子垃圾造成的。這項業務與我們在哥倫布的汽車回收業務非常互補。

So I would like to at this point hand over to Charl Keyter to take us through the financial reviews. Thanks, Charl, over to you.

因此，我現在想請 Charl Keyter 帶領我們完成財務審查。謝謝，查爾，交給你了。

hank you, Neal. Good morning and good afternoon to all participants. Starting with the financial performance for half one 2024, revenue was down 9% due to significantly lower PGM prices. Although production volumes were up at the SA and US.

謝謝你，尼爾。各位與會者早安、下午好。從 2024 年上半年的財務表現來看，由於鉑族金屬價格大幅下降，收入下降了 9%。儘管南非和美國的產量增加。

PGM operations, the 4E and 2E basket price were down 28% respectively, and the 3E basket price was down 53% for our US PGM recycling operation. Pleasingly, the gold price was up 18%, but this was almost fully offset by lower volumes.

PGM 業務中，我們美國 PGM 回收業務的 4E 和 2E 一籃子價格分別下降了 28%，3E 一攬子價格下降了 53%。令人高興的是，金價上漲了 18%，但這幾乎完全被成交量下降所抵消。

Cost of sales increased period over period, but this half-year includes six months for the new Century operations compared to four months in the previous period and it includes the newly acquired Reldan operation from 15 March, 2024.

銷售成本逐年增加，但這半年包括新世紀業務的六個月，而上一期為四個月，還包括自 2024 年 3 月 15 日起新收購的 Reldan 業務。

Normalizing for the Reldan acquisition, costs in absolute terms only went up by 2%. Adjusted EBITDA came in at just over ZAR6.6 million, almost half the number for the same period in the previous year, and this was predominantly driven by lower revenues.

Reldan 收購正常化後，絕對成本僅增加了 2%。調整後 EBITDA 略高於 660 萬南非蘭特，幾乎是去年同期數字的一半，主要是由於收入下降所致。

During this period, we also reperformed our impairment assessment and based on consensus low of future Palladium prices, an impairment of $400 million was recognized at our US PGM operations. The loss for the period was ZAR7.2 billion, but after backing out the US impairment and the associated taxes, the profit would have been approximately ZAR550 million rand. In line with our dividend policy, no dividend was declared. This slide shows our debt maturities and liquidity.

在此期間，我們也重新進行了減損評估，根據未來鈀金價格的共識低點，我們的美國 PGM 業務確認了 4 億美元的減損。該期間虧損為 72 億蘭特，但在扣除美國減損和相關稅項後，利潤約為 5.5 億蘭特。根據我們的股利政策，沒有宣派股利。這張投影片顯示了我們的債務期限和流動性。

Net debt at the end of the period was ZAR18.7 billion, and the repayment profile following the refinancing of our rand revolving credit facility remains very manageable, with the 2026 bonds being our first significant maturity. Liquidity headroom is just under ZAR40 billion, which is roughly 2.5 times our requirement. And that is having two months of operational and capital expenditure in available headroom. Liquidity headroom was extended through the refinancing and upsizing of the rand revolving credit facility, the conclusion of the Keliber EUR500 million green financing and the execution of a ZAR1.8 billion gold prepay.

期末淨債務為 187 億南非蘭特，蘭特循環信貸安排再融資後的還款情況仍然非常可控，2026 年債券是我們的第一個重要到期日。流動性空間略低於 400 億南非蘭特，大約是我們要求的 2.5 倍。這就是兩個月的營運和資本支出的可用空間。透過再融資和擴大蘭特循環信貸額度、完成 Keliber 5 億歐元綠色融資以及執行 18 億南非蘭特黃金預付款，擴大了流動性空間。

Just a few words on the cyber-attack that we experienced post half one 2024 and also the reason for the delay in results. In July, we experienced a cyber-attack that impacted our global ICT systems. On discovery, the group ICT team acted swiftly to isolate our networks and systems across all regions and business units. The operational impact was limited but I think very importantly, safety of our employees were prioritized in all instances.

簡單介紹一下 2024 年上半年後我們經歷的網路攻擊以及結果延遲的原因。7 月，我們經歷了網路攻擊，影響了我們的全球 ICT 系統。發現後，集團 ICT 團隊迅速採取行動，隔離了我們在所有地區和業務部門的網路和系統。營運影響有限，但我認為非常重要的是，在所有情況下我們員工的安全都是優先考慮的。

The biggest impact was at our US metallurgical complex impacting smelting and recycling processes that resulted in increased stockpiles that will be processed over the rest of 2024. All credit has to go to our ICT team that restored the majority of our ICT environment in just over three weeks.

影響最大的是我們美國的冶金聯合體，影響了冶煉和回收流程，導致庫存增加，這些庫存將在 2024 年剩餘時間內處理。所有功勞都歸功於我們的 ICT 團隊，他們在短短三週多的時間內恢復了我們大部分的 ICT 環境。

I will now hand over to Richard Stewart to take you through the results of the SA region. Thank you.

現在我將請理查德·斯圖爾特（Richard Stewart）帶您了解南澳地區的結果。謝謝。

hank you very much, Charl. And again, good afternoon, ladies, and gentlemen. We'll work through the regional operating updates. Thank you.

非常感謝你，查爾。女士們、先生們，午安。我們將完成區域營運更新。謝謝。

I guess just to kick off with our first and last priority is safety. I think it's been very pleasing over the last few years as we have shared with the market we implemented a Fatal elimination strategy in 2022. And I think it's been very pleasing over the last few years to see the positive impact the strategy has had in reducing risk across our operations.

我想首先也是最後一個優先事項是安全。我認為過去幾年的情況非常令人高興，因為我們與市場分享了我們在 2022 年實施的致命消除策略。我認為在過去幾年中看到該策略對降低我們營運風險所產生的正面影響是非常令人高興的。

Over the current period, we saw our best ever serious injury frequency rate and a continued decline in the high-potential incidents that we measure across our operations. These are all leading and lagging indicators that suggest that high-energy incidents, which can result in fatal accidents, are being mitigated and reduced on a sustainable basis.

在當前時期，我們看到了有史以來最好的嚴重傷害頻率，並且我們在整個營運中衡量的高潛在事件持續下降。這些都是領先和滯後指標，顯示可能導致致命事故的高能量事故正在可持續地緩解和減少。

Despite that, tragically, we did have a significant improvement year-on-year, but tragically still lost three colleagues during the reporting period. We lost a colleague at Beatrix Operations, Kloof Operations, and Bathopele. And on behalf of the management team and Board, our sincere condolences go to our lost colleagues.

儘管如此，不幸的是，我們確實同比取得了顯著進步，但不幸的是在報告期內仍然失去了三名同事。我們失去了 Beatrix Operations、Kloof Operations 和 Bathopele 的一位同事。我謹代表管理團隊和董事會，向失去的同事表達誠摯的哀悼。

Over the past 18 months, and in particular in the South African region, we have undertaken a significant amount of restructuring of our operations, specifically to position ourselves for sustainability in the current price environment we find ourselves in. Across South Africa, that's included the closure of unprofitable operations. That's included four shafts that we've closed and two processing plants. We've also restructured operations that were marginal.

在過去 18 個月中，特別是在南非地區，我們對業務進行了大量重組，特別是為了在當前的價格環境中實現永續發展。在整個南非，這包括關閉不獲利的業務。其中包括我們關閉的四個豎井和兩個加工廠。我們也重組了邊緣業務。

That included the Marikana Rowland shaft and the Rustenburg Siphumelele shaft. And then to meet that downgrade in terms of production or restructured production, we also have restructured our regional overheads and services to align with that new operating footprint.

其中包括 Marikana Rowland 軸和 Rustenburg Sipumelele 軸。然後，為了滿足生產或重組生產方面的降級，我們也重組了我們的區域管理費用和服務，以適應新的營運足跡。

We use the opportunity of the restructuring to introduce a new operating model for services in the region. We no longer have separate team servicing gold at PGMs, but rather a single central services team providing services to all our operations in the region, which we certainly believe will introduce increased efficiency and effectiveness to our operations, bringing revenue benefits.

我們利用重組的機會，為該地區的服務引入新的營運模式。我們不再有單獨的團隊為鉑族金屬提供黃金服務，而是由一個中央服務團隊為我們在該地區的所有業務提供服務，我們當然相信這將為我們的業務帶來更高的效率和效益，帶來收入收益。

This has been a significant restructuring. In total, since the beginning of last year, we've seen our total employee base, which includes contractors, declining from about 82,000 employees to just under 70,000. That is a total reduction of about 15% and in line with the reduced operating footprint as a result of the restructured shafts. Of course this restructuring has been highly disruptive to operations and does come with a cost.

這是一次重大重組。總的來說，自去年年初以來，我們的員工總數（包括承包商）從約 82,000 人減少到略低於 70,000 人。總共減少了約 15%，與井道重組導致的營運佔地面積減少一致。當然，這種重組對營運造成了很大的破壞，並且確實帶來了成本。

Most of those costs have been incurred now with the final costs to be incurred during the third quarter of this year and we then look forward to seeing the full benefits coming through in the years to come. The estimated savings from the restructuring in the South African region is about ZAR3.5 billion per annum, and that's measured against the cost base of 2022.

大部分成本現已產生，最終成本將在今年第三季產生，我們期待在未來幾年看到全部效益。南非地區的重組預計每年可節省約 35 億南非蘭特，這是根據 2022 年的成本基礎計算的。

And we expect to see the full costs from the final restructuring that was completed in June of this year coming through by the end of the year. We have also undertaken significant capital reviews and in that regard have made a decision to delay the Burnstone capital and place that project essentially on care and maintenance in the current environment.

我們預計今年 6 月完成的最終重組的全部成本將在年底前支付。我們還進行了重大的資本審查，並在這方面做出了推遲 Burnstone 資本的決定，並將該項目主要放在當前環境下的維護和維護上。

The table on the right, we have presented something similar before and this reflects updated numbers based on the actual savings realized. And as can be seen, gross savings from operational restructuring is currently sitting at just under ZAR5 billion per annum. And when we consider the capital deferrals that are included in that on an annual basis, we're looking at a total saving of close to ZAR7.5 billion per annum.

在右表中，我們之前已經介紹過類似的內容，這反映了根據實際實現的節省而更新的數字。可以看出，營運重組帶來的總節省目前每年略低於 50 億南非蘭特。當我們考慮其中包含的每年資本遞延時，我們發現每年節省的總金額接近 75 億南非蘭特。

I think despite those significant disruptions through that restructuring, the South African PGM operations delivered a solid and steady performance. Total production for the half year came in at just under 880,000 ounces, which is 4% higher than the equivalent period last year.

我認為，儘管重組造成了重大干擾，南非鉑族金屬業務仍表現穩健。上半年總產量略低於 88 萬盎司，比去年同期成長 4%。

And you might -- will recall, we acquired 50% of Kroondal from Anglo during the fourth quarter of last year, and that added just under 70,000 ounces for the current reporting period, and more than offset the losses from restructuring and shaft closures across the rest of the PGM footprint.

您可能還記得，我們​​在去年第四季度從 Anglo 手中收購了 Kroondal 50% 的股份，這為當前報告期增加了近 70,000 盎司的產量，遠遠抵消了重組和關閉井筒帶來的損失。 PGM 足跡。

Our production was negatively affected by a shaft bin failure that we suffered at Siphumelele that put that shaft out for almost two months. And then the legal industrial action that we had at Kroondal, specifically at our K6 and Kwezi shafts.

我們的生產因 Sipumelele 的軸倉故障而受到負面影響，該故障使該軸停運了近兩個月。然後是我們在 Kroondal 採取的合法罷工行動，特別是在我們的 K6 和 Kwezi 礦井。

Adjusted EBITDA came in at just under ZAR5 billion. And although that is a significant decline year-on-year, that is primarily driven due to the much less than 28% drop in the total basket price. But I think pleasing is that we have maintained our capital investment into our operations year-on-year with a total of ZAR2.55 billion being spent during the current reporting period, and I think testament to our sustained investment in our assets for the future.

調整後 EBITDA 略低於 50 億南非蘭特。儘管同比大幅下降，但這主要是由於籃子總價下降幅度遠小於 28%。但我認為令人高興的是，我們比去年同期保持了對營運的資本投資，在本報告期內總共花費了 25.5 億南非蘭特，我認為這證明了我們對未來資產的持續投資。

All-in sustaining cost increase was disappointing at 9%. Much of that driven by the one-off costs associated with the restructuring, as well as the closure of the Klipfontein open cast at Kroondal. Taking off the one-off adjustments, what we tend to see is an increase of about 6% to 7% in the fundamental underlying costs, which is broadly in line with inflation year on year.

整體維持成本成長 9%，令人失望。其中很大一部分原因是與重組相關的一次性成本，以及克倫達爾克利普方丹 (Klipfontein) 露天演出的關閉。剔除一次性調整後，我們往往會看到基本成本增加約6%至7%，與通膨年增一致。

I think worthy just to highlight that Kroondal did deliver its last ounces into the purchase of concentrate agreement with Anglo during August. And as from the 1 September, that means Kroondal will now be on a toll processing agreement similar to Rustenburg. This will result in Kroondal's costs increasing, but also the total revenue increasing in terms of getting 100% of basket prices.

我認為值得強調的是，Kroondal 在 8 月確實交付了與 Anglo 簽訂的精礦購買協議中的最後一盎司。從 9 月 1 日起，這意味著 Kroondal 現在將簽署類似於勒斯滕堡的收費加工協議。這將導致 Kroondal 的成本增加，但就獲得 100% 的籃子價格而言，總收入也會增加。

Net-net, that does give us a positive margin gain for Kroondal as we move from a -- to a total agreement. Gold operational output was a little bit disappointing. Overall, we saw a decline of about 17% year-on-year to just over 10.7 tons of gold produced.

Net-net，隨著我們從達成協議轉向完全協議，這確實為 Kroondal 帶來了積極的利潤收益。黃金營運產出有點令人失望。整體而言，黃金產量年減約 17%，略高於 10.7 噸。

A significant portion of this was due to the closure of Kloof 4 shaft, which was finally closed earlier this year, and that did account for about 7% of the total decline. We did experience some increased size of seismicity specifically at Kloof and Driefontein and in addition we did suspend some wide reef mining operations at Beatrix where we suffered a fall of ground in a back area where we stopped production to investigate the mode of that and understand the implications going forward.

其中很大一部分原因是 Kloof 4 豎井的關閉，該豎井最終在今年稍早關閉，這確實佔總跌幅的 7% 左右。我們確實經歷了一些更大的地震活動，特別是在克盧夫和德里方丹，此外，我們還暫停了貝阿特麗克斯的一些大範圍的珊瑚礁採礦作業，我們在後面的區域遭受了地面塌陷，我們停止了生產，以調查其模式並了解情況未來的影響。

I think very pleasing is that Driefontein returned to normal production during the half and by June was back at expected levels. Driefontein has significant flexibility to deal with seismicity and we are looking forward to that sustained production into the second half of the year.

我認為非常令人高興的是，Driefontein 在上半年恢復了正常生產，到 6 月又恢復到了預期水準。德里方丹在應對地震方面具有顯著的靈活性，我們期待下半年的持續生產。

At Beatrix, we have instituted a new mining method for the wide reef areas and by the end of the first half, two-thirds of those had been brought back online, and we expect the last portion to be brought back online during Q3. So we look to Beatrix to return to steady state levels by the end of Q4.

在Beatrix，我們為廣闊的珊瑚礁區域制定了一種新的採礦方法，到上半年末，其中三分之二已恢復上線，我們預計最後一部分將在第三季度恢復上線。因此，我們預計 Beatrix 在第四季度末恢復到穩定狀態水平。

At our Kloof operations, with the closure of Kloof 4 shaft, we have had a reduction in terms of the total flexibility, so the seismic impact there was significantly greater. In order to address this, we are increasing flexibility and opening up mining areas on secondary reefs, lower-grade reefs, the Kloof reef, as well as investigating other high-grade areas.

在我們的 Kloof 作業中，隨著 Kloof 4 豎井的關閉，我們的整體靈活性有所下降，因此那裡的地震影響明顯更大。為了解決這個問題，我們正在提高靈活性，在次生珊瑚礁、低品位珊瑚礁、克魯夫珊瑚礁上開闢採礦區，並調查其他高品位區域。

And this will be a process that's undertaken during the course of this year. We do, however, expect Kloof to maintain current levels and therefore below optimal output for the balance of this year. As a result of the decline in production, all-in-sustaining unit costs were 18% higher. That is driven by volume.

這將是今年內進行的一個過程。然而，我們確實預計克盧夫將維持目前的水平，因此低於今年剩餘時間的最佳產量。由於產量下降，整體維持單位成本增加了 18%。這是由數量驅動的。

Our total absolute cost base at gold had in fact decreased by 3% with the restructuring initiatives, which year on year taking into account inflation is about a 10% real discount in terms of those costs. Adjusted EBITDA, despite the challenges, came in at ZAR2.2 billion.

事實上，透過重組舉措，我們的黃金總絕對成本基礎下降了 3%，考慮到通貨膨脹，這些成本比去年同期實際折扣約為 10%。儘管面臨挑戰，調整後 EBITDA 仍達到 22 億南非蘭特。

This accounts for almost a third of the group EBITDA and I think is testament to the benefit of having gold in the portfolio during these macroeconomic challenging times. DRD contributed just under 2.5 tons of gold to the total output at an all-in-sustaining cost of about ZAR930 per kilogram.

這幾乎佔集團 EBITDA 的三分之一，我認為這證明了在宏觀經濟充滿挑戰的時期將黃金納入投資組合的好處。DRD 的黃金總產量略低於 2.5 噸，總維持成本約為每公斤 930 南非蘭特。

And finally, our gold wage agreements that expired toward the end of June of this year, and we are currently in final negotiations with organized labor across our gold operations.

最後，我們的黃金工資協議已於今年 6 月底到期，目前我們正在與整個黃金業務的有組織勞工進行最終談判。

Thank you. And I'll now hand over to Mika.

謝謝。現在我將把任務交給 Mika。

hank you, Richard. In Sandouville, we have had focus on two things mainly. First of all, reducing the losses. Secondly, building up the future through our GalliCam project. We have been rather successful in reducing the losses in Sandouville. H1 is clearly less losses than it was last year. There is a 57% improvement. However, we are still loss making.

謝謝你，理查。在桑杜維爾，我們主要關注兩件事。首先，減少損失。其次，透過我們的 GalliCam 專案建構未來。我們在減少桑杜維爾的損失方面相當成功。上半年的損失明顯少於去年。改善了 57%。然而，我們仍然處於虧損狀態。

And therefore, we have also decided that with the current feed and with the current products, we are going to stop the production. It means that there will be no more feed after the year-end and we are ramping down consequently Q1 2025.

因此，我們也決定，根據目前的飼料和目前的產品，我們將停止生產。這意味著年底後將不再提供飼料，因此我們將在 2025 年第一季減少飼料供應。

GalliCam is moving forward and it is a project which is now in the pre-feasibility study phase. And we believe that we are going to finalize that by the year-end. And then we are going to do the decisions about the definitive feasibility study and a possible demo plant in Sandouville. Provided that the results are as encouraging as they have been so far.

GalliCam 正在向前推進，該計畫目前正處於預可行性研究階段。我們相信我們將在年底前完成這項工作。然後我們將做出有關最終可行性研究和桑杜維爾可能的示範工廠的決定。前提是結果與迄今為止一樣令人鼓舞。

The good news are that we have actually produced pCAM in our lab, and our innovation is working through the chlorine route. Secondly, we have also patented this one to protect ourselves. So we see a good future for GalliCam process and the next time we can tell you more about it is definitely when we have the results out of the pre-feasibility study.

好消息是，我們實際上已經在實驗室生產了 pCAM，我們的創新正在透過氯途徑進行。其次，我們也為此申請了專利以保護自己。因此，我們看到 GalliCam 製程的美好未來，下次我們可以告訴您更多相關資訊時，肯定是當我們獲得預可行性研究的結果時。

Coming to Keliber, Keliber is moving forward and there are no changes when it comes to commissioning the refinery H2, 2025. You can see from our CapEx number the latest forecast for this year. It has been changed from EUR360 million to EUR300 million and we are in some of the installations a bit late which means that the CapEx is going to be spent on the next year's site instead of this year's site, but the commissioning of the unit H2 2025 is still valid.

Keliber 正在向前邁進，在 2025 年 H2 煉油廠調試方面沒有任何變化。您可以從我們的資本支出數字中看到今年的最新預測。它已從3.6 億歐元更改為3 億歐元，而且我們在某些​​安裝方面有點晚了，這意味著資本支出將用於明年的場地而不是今年的場地，但該裝置的調試將在2025 年下半年進行仍然有效。

Some milestones, our project is now fully funded. So we have EUR500 million green loans secured in August. And we got very good support from the European Investment Bank, Finnvera, and a consortium of leading banks and it confirms to all of us the strategic importance of this project not only for Sibanye Stillwater but also for the European Union and European customers as such.

一些里程碑，我們的計畫現在已獲得全額資助。因此，我們在 8 月獲得了 5 億歐元的綠色貸款。我們得到了歐洲投資銀行 Finnvera 和領先銀行財團的大力支持，這向我們所有人證實了該項目的戰略重要性，不僅對 Sibanye Stillwater，而且對歐盟和歐洲客戶也具有戰略重要性。

For the future, we have also done exploration. So we have some really good results on that one. And obviously long term, we all want to see growth. And we know that there is a strong demand of lithium. So we continue that work in parallel with the construction of the sites.

對於未來，我們也做了探索。所以我們在這方面取得了一些非常好的結果。顯然從長遠來看，我們都希望看到成長。我們知道鋰的需求強勁。因此，我們在建設站點的同時繼續進行這項工作。

Now, I want to show you some very beautiful pictures from Finland. You can see on the left-hand side, you can see two pictures of the refinery in Kokkola. That construction is the most advanced of the three places where we are doing the construction. You can also see that actually in Paivaneva, the concentrator is moving forward as well.

現在，我想向您展示一些來自芬蘭的非常美麗的照片。您可以在左側看到科科拉煉油廠的兩張照片。該建設是我們正在進行的三個地方中最先進的。您也可以看到，實際上在 Paivaneva，集中器也在向前推進。

And even the Syvajarvi open pit mine site has started well and really ready for first of all with the external spodumene feed starting the commissioning for the refinery H2 2025, but with our own or during toward the very end of 2026.

甚至 Syvajarvi 露天礦場也已經開始良好，並真正做好了準備，首先，外部鋰輝石進料開始為煉油廠 2025 年下半年進行調試，但我們自己的或在 2026 年底期間開始調試。

And over to you, Robert.

接下來就交給你了，羅伯特。

hank you, Mika, and hello everybody. The Century operations again had a very tough start to the year. They received about 1,100 millimetres of rain in the first three months of the year, as compared to a historic average of about 550 millimetres of rain. That said, I'm pleased to say that the lessons learnt from last year and the rain protection precautions that team put in place will enable them to produce 16,000 tons of payable zinc in quarter one.

謝謝你，米卡，大家好。世紀公司今年的開局再次非常艱難。今年前三個月的降雨量約為 1,100 毫米，而歷史平均降雨量約為 550 毫米。儘管如此，我很高興地說，根據去年的經驗教訓以及團隊採取的防雨預防措施，他們將能夠在第一季生產 16,000 噸應付鋅。

The operations recovered very nicely in the second quarter of the year. They produced 26, 000 tons of zinc. So all in, we have produced 42,000 tons of zinc for H1 2024. It's very difficult to compare the first half of this year to the first half of last year as we didn't own these operations for the whole of the first half of last year but I can tell you that quarter two this year, the production was substantially better than quarter two last year.

今年第二季的業務恢復得非常好。他們生產了 26, 000 噸鋅。總而言之，2024 年上半年我們生產了 42,000 噸鋅。很難將今年上半年與去年上半年進行比較，因為去年上半年我們並沒有擁有這些業務，但我可以告訴你，今年第二季的產量是明顯好於去年第二季。

Our all-in-sustaining costs improved by 8% to USD2,228 per ton of zinc compared to the same period last year. This is largely due to improved production, but also in part due to very tight cost control measures the team on the operations have introduced.

與去年同期相比，我們的整體維持成本下降了 8%，達到每噸鋅 2,228 美元。這主要是由於產量的提高，但也有部分原因是由於營運團隊採取了非常嚴格的成本控制措施。

Our EBITDA loss has reduced from USD28 million in H1 last year to USD19 million in H1 this year. A substantial portion of that USD19 million is directly due to the five-year maintenance of our transshipment vessel. I can confidently report though that all of our deliveries will be filled before the end of this year.

我們的 EBITDA 虧損從去年上半年的 2,800 萬美元減少到今年上半年的 1,900 萬美元。這 1900 萬美元中的很大一部分直接歸功於我們轉運船的五年維護。我可以自信地報告說，我們所有的交貨都將在今年年底前完成。

In conclusion, I am looking forward to a good finish to the end of this year. I'm looking forward to a good H2 2024. And in fact, I'm looking forward to a good 2025 as well. In part assisted by two tailwinds at the moment, the first being metal prices are substantially more than we anticipated and better than what we budgeted for.

總之，我期待今年底有一個好的收尾。我期待 2024 年下半年的美好表現。事實上，我也期待著美好的 2025 年。部分原因是目前有兩個有利因素，第一個是金屬價格大大高於我們的預期，也比我們的預算好。

And spot treatment costs are also lower than the current benchmark spot treatment costs. You can see on the slide that we have hedged approximately 20% of our production for the next 18 months. So that is about 2,000 tons per month of playable zinc from July of this year through to December next year.

且現場處理成本也低於目前基準現場處理成本。您可以在幻燈片中看到，我們已對未來 18 個月約 20% 的產量進行了對沖。因此，從今年 7 月到明年 12 月，每月可開採鋅量約 2,000 噸。

So I think I will leave it there and hand over to Charles. Thank you very much.

所以我想我會把它留在那裡並交給查爾斯。非常感謝。

hank you, Robert. As we turn to the Americas region, what you'll see in these results are the benefits of the restructuring we did late last year. We had a 16% increase in mine PGM production to 238,139 2E ounces, which is the highest production rate since H2 2021. We also had a 23% decline in all-in-sustaining costs to $1,343 an ounce.

謝謝你，羅伯特。當我們轉向美洲地區時，您將在這些結果中看到我們在去年年底進行的重組的好處。我們的礦場 PGM 產量增加了 16%，達到 238,139 2E 盎司，這是自 2021 年下半年以來的最高產量。我們的整體維持成本也下降了 23%，至每盎司 1,343 美元。

Operating unit costs remain stable at $1,067 an ounce despite inflation year-on-year, which was due to improved production. Both production and costs were ahead of plan and I want to recognize our operating teams for that strong performance. All-reserve development was 42% lower at $65 million and sustaining capital 51% lower at $21 million, a combined saving of $68 million. Project capital declined by 63% to $8 million.

儘管由於產量提高而出現同比通膨，但營運單位成本仍穩定在每盎司 1,067 美元。生產和成本都超出了計劃，我想對我們的營運團隊的出色表現表示認可。全儲備開發減少了 42%，為 6,500 萬美元，維持資本減少了 51%，為 2,100 萬美元，總共節省了 6,800 萬美元。專案資本下降 63% 至 800 萬美元。

However, during this period, the average 2E PGM basket price declined 30% to $977 an ounce, which has now led us to take more significant restructuring steps that I'll talk to in a moment. Adjusted EBITDA of $27 million, as you are aware, includes USD43 million insurance payout from the 2022 flood.

然而，在此期間，2E PGM 籃子平均價格下降了 30%，至每盎司 977 美元，這促使我們採取了更重大的重組措施，我稍後將討論這些措施。如您所知，調整後 EBITDA 為 2,700 萬美元，其中包括 2022 年洪水的 4,300 萬美元保險賠償。

As Neal has outlined with a with a PGM basket price below $1,000 an ounce, we are now needing to do further restructuring in our Montana business. This will see us reducing next year's production by approximately 200,000 ounces or some 44% of current run rates.

正如 Neal 所概述的，PGM 一籃子價格低於每盎司 1,000 美元，我們現在需要對蒙大拿州業務進行進一步重組。這將使我們明年的產量減少約 20 萬盎司，即目前產量的 44% 左右。

We are doing this by placing the Stillwater West mine on care and maintenance while keeping Stillwater East going where we intend to increase production to approximately 130,000 ounces next year. At East Boulder, mine production will be reduced to 135,000 ounces. We will be mining four ramps instead of the current six, which in turn allows us to defer expansion capital in the tailings and rock dump facilities. We are also reducing fleet at both operations, which will have a number of costs and resourcing benefits.

為此，我們對斯蒂爾沃特西礦山進行保養和維護，同時保持斯蒂爾沃特東礦山繼續運營，我們計劃明年將產量提高到約 130,000 盎司。在東博爾德，礦山產量將減少至 135,000 盎司。我們將開採四個坡道，而不是目前的六個，這反過來又使我們能夠推遲尾礦和岩石堆放設施的擴張資本。我們也減少了這兩個業務部門的機隊數量，這將帶來許多成本和資源優勢。

This reduction in mine ounces should see us reducing absolute dollar all-in-sustaining costs by some 41% or approximately $385 million on current projections. Our total capital for next year will more than halve to some $29 million.

礦盎司的減少將使我們將絕對美元全部維持成本減少約 41%，即目前的預測約為 3.85 億美元。我們明年的總資本將減少一半以上，達到約 2,900 萬美元。

Neal has highlighted the significant reduction in headcount, which will see our employees' numbers reduced by almost 40% as we align hourly and salaried employees with the revised production profile. As part of this restructuring, we are collapsing our current dual management structure across two mines into one new structure, reducing some layers and moving select management functions to the center to service all business units.

Neal 強調了員工人數的大幅減少，這將使我們的員工人數減少近 40%，因為我們將小時工和受薪員工與修訂後的生產情況保持一致。作為重組的一部分，我們將把目前跨兩個礦場的雙重管理結構瓦解為一個新的結構，減少一些層級，並將精選的管理職能轉移到中心，為所有業務部門提供服務。

We will also further reduce our contractors and backfill these roles with our own employees where possible. We will also make a number of changes on our met complex, but retain sufficient scale to support our PGM recycling operations.

我們還將進一步減少承包商，並在可能的情況下用我們自己的員工來填補這些職位。我們也將對我們的冶金綜合體進行一些改造，但保留足夠的規模來支持我們的鉑族金屬回收業務。

Importantly, at all business units, we will retain the optionality to return to higher production as prices permit. This restructuring is not just about reducing volumes and people, but critically, it's also about improving operating efficiencies, ongoing cost reduction, and throughout preserving the optionality of these high-quality long-life ore bodies at both mines.

重要的是，在所有業務部門，我們將保留在價格允許的情況下恢復更高產量的選擇權。此次重組不僅是為了減少數量和人員，更重要的是，它還為了提高營運效率、持續降低成本，並始終保留兩個礦場這些優質長壽命礦體的選擇性。

With this restructuring, we are also initiating a new vision to drive toward a sustainable business through the price cycle for the long term. Let me characterize key aspects of this vision for our Montana business. First, a key foundation for all the changes required to create this vision are engaged employees committed to delivering world-class outcomes. Obviously, with the restriction of the scale, we run the risk of losing significant talent and undermining team morale.

透過這次重組，我們也啟動了一個新的願景，以推動長期價格週期內的永續業務。讓我來描述一下我們蒙大拿州業務這個願景的關鍵方面。首先，實現這一願景所需的所有變革的關鍵基礎是致力於交付世界一流成果的敬業員工。顯然，由於規模的限制，我們面臨失去重要人才和削弱團隊士氣的風險。

But I do believe that as we deliver the necessary changes to make this profitable, we can make these operations a rewarding place to work for the long term. Second, we want to continue our best-in-class ESG performance.

但我確實相信，當我們進行必要的改變以實現盈利時，我們可以使這些業務成為長期有益的工作場所。其次，我們希望繼續保持一流的 ESG 表現。

An example of this is that we have just received the record of decision for a dual federal and state environmental impact statement for our East Boulder tailings and rock storage expansion. This follows a three year, nine month process with no legal challenges and with the final decision issued with no objections, both of which are unprecedented in mining permitting processes in the US.

一個例子是，我們剛剛收到了關於東博爾德尾礦和岩石儲存擴建的聯邦和州雙重環境影響聲明的決定記錄。經過三年零九個月的過程，沒有遇到任何法律挑戰，最終決定也沒有提出異議，這在美國採礦許可程序中是史無前例的。

today. This speaks to the integrity of our stakeholder engagement and our collaborative relationships with environmental and community NGOs. It's also a testament to robust regulatory structure in Montana where an independent review panel must sign off on all new tailings facilities. Last but not least, it talks to an exceptional environmental planning and permitting team in our Montana business.

今天。這說明了我們利害關係人參與的完整性以及我們與環境和社區非政府組織的合作關係。這也證明了蒙大拿州健全的監管結構，所有新的尾礦設施都必須由獨立審查小組批准。最後但並非最不重要的一點是，它與我們蒙大拿州業務中出色的環境規劃和許可團隊進行了交談。

Obviously, with the significant restructuring announced today, many of these relationships with our diverse local and regional stakeholders will likely be stressed, but I believe that the integrity with which we conduct these engagements will ultimately prevail. And the test of any partnership is to be able to have open and honest conversations, especially in challenging times.

顯然，隨著今天宣布的重大重組，我們與不同的當地和區域利益相關者的許多關係可能會受到壓力，但我相信我們進行這些合作的誠信最終將佔上風。任何夥伴關係的考驗都是能否進行公開和誠實的對話，尤其是在充滿挑戰的時期。

Another key aspect of our vision for this business is to drive our all-in sustaining costs to $1,000 an ounce, which we believe we can achieve over the next three years, primarily with a focus on ongoing cost optimization. We will focus on optimizing and resource loading the current mining front while introducing task mining as appropriate.

我們對該業務願景的另一個關鍵方面是將我們的整體維持成本降低至每盎司 1,000 美元，我們相信我們可以在未來三年內實現這一目標，主要關注持續的成本優化。我們將重點放在當前挖掘前沿的優化和資源加載，同時酌情引入任務挖掘。

On mining methods, we want to fully mechanize cut and fill and convert to sub-level extraction where possible at both operations. As mentioned, we will fully optimize feature requirements. And we also intend to improve shift, execution, and blast cycles, which will be a key parameter to get better efficiencies and cost outcomes. Throughout this process we are introducing a digital trend for enhanced planning and more strategic look at how to optimize these operations.

在採礦方法方面，我們希望在這兩種作業中都實現完全機械化的切割和填充，並盡可能轉換為分段開採。如前所述，我們將全面優化功能需求。我們還打算改善班次、執行和拋丸週期，這將是獲得更好效率和成本結果的關鍵參數。在整個過程中，我們引入了數位化趨勢，以加強規劃並更具策略性地審視如何優化這些營運。

While scaling back production in the short term, we believe that we can also use this time to properly reposition these operations for improved future performance. This is especially true at Stillwater West, which as noted, we are placing on care and maintenance.

在短期內縮減產量的同時，我們相信我們也可以利用這段時間適當地重新定位這些業務，以提高未來的績效。在斯蒂爾沃特西區尤其如此，正如我們所指出的，我們正在對其進行護理和維護。

But we have work to do here to ensure that when that operation restarts, it does so with improved underground infrastructure and efficiencies. On all of this transformative repositioning work, we will need to work collaboratively with the United Steelworkers to find new pathways to improve deficiencies in operating flexibility.

但我們還有很多工作要做，以確保當作業重新啟動時，地下基礎設施和效率都會得到改善。在所有這些變革性的重新定位工作中，我們需要與美國鋼鐵工人聯合會合作，尋找新的途徑來改善營運彈性的缺陷。

This is an important partner for us who we firmly believe can help us create a long-term sustainable mining business that is world competitive. In concluding, let me note that we are uniquely positioned as a leading US critical minerals, PGM miner, and recycler. The steps we are taking today will position this business for a sustainable long-term future that is important to the US critical mineral self-sufficiency agenda.

這是我們的重要合作夥伴，我們堅信可以幫助我們創造具有世界競爭力的長期永續採礦業務。最後，我要指出的是，我們作為美國領先的關鍵礦物、鉑族金屬開採商和回收商擁有獨特的地位。我們今天採取的步驟將使該業務實現可持續的長期未來，這對美國關鍵的礦產自給自足議程非常重要。

As I hand over the Grant to take you through recycling, let me just note how proud I am of the work that he and the Reldan team have done to integrate this e- and industrial scrap business into our Americas platform in a very short period of time.

當我遞交贈款以指導您進行回收時，請允許我指出，我對他和 Reldan 團隊在很短的時間內將電子和工業廢料業務整合到我們的美洲平台所做的工作感到非常自豪。

You will see the first glimpses of this impact in these results as we now introduce gold, silver, and copper to America's business. But I also know that the embedded growth potential of this enlarged metals recycling platform is significant and it is only a matter of time before US owners and analysts will start to recognize this in Sibanye Stillwater's valuation. Thank you and let me hand over to Grant.

當我們現在將黃金、白銀和銅引入美國業務時，您將在這些結果中首先看到這種影響。但我也知道，這個擴大的金屬回收平台的內在增長潛力是巨大的，美國業主和分析師開始在 Sibanye Stillwater 的估值中認識到這一點只是時間問題。謝謝你，讓我把任務交給格蘭特。

Thanks very much, Charles, and good day to you all. Yes, important to note that the Columbus recycle business remains largely unimpacted by the restructure. We will continue to receive material and differentiate ourselves in the market through our positioned approach to responsible sourcing, our strong assay turnaround, time capability, and our long-term relationships built on experience, knowledge, and trust.

非常感謝，查爾斯，祝大家有美好的一天。是的，值得注意的是，哥倫布回收業務基本上沒有受到重組的影響。我們將繼續接收材料，並透過我們負責任的採購定位方法、強大的檢測週轉時間、時間能力以及建立在經驗、知識和信任基礎上的長期關係，使我們在市場上脫穎而出。

Despite the sustained macroeconomic pressures on spent autocat volumes, the US PGM recycling business remains solid with volumes stabilizing around 155,000 3E ounces. Gross margins have remained stable at between 4% to 5%, despite the 54% decline in 3E prices from the first half of 2023 to the $1,252 that we have received this year.

儘管廢車催化劑銷量面臨持續的宏觀經濟壓力，但美國鉑族金屬回收業務依然穩健，銷量穩定在 155,000 3E 盎司左右。儘管 3E 價格較 2023 年上半年下降 54% 至今年我們收到的 1,252 美元，但毛利率仍穩定在 4% 至 5% 之間。

The PGM recycling segment contributed a solid $8 million, that's ZAR147 million in adjusted EBITDA for the first half of 2024, again, underscoring the strength and stability of our operations. In mid-March of this year, we also concluded the Reldan transaction, marking a strategic milestone in our recycling strategy beyond our traditional focus on PGMs from autocats.

PGM 回收部門貢獻了 800 萬美元的穩定收入，即 2024 年上半年調整後 EBITDA 為 1.47 億南非蘭特，再次凸顯了我們營運的實力和穩定性。今年 3 月中旬，我們也完成了 Reldan 交易，這標誌著我們回收策略的一個戰略里程碑，超越了我們傳統上對汽車催化劑中鉑族金屬的關注。

We have expanded beyond solely relying on PGMs from spent autocats and tapped into high-margin industrial waste streams, which open up new avenues for growth. Reldan specializes in processing industrial and electronic waste, offering a significantly less capital intensive alternative to traditional mining operations for producing a suite of green metals.

我們不再僅僅依賴廢棄汽車催化劑中的鉑族金屬，而是利用高利潤的工業廢物流，這開闢了新的成長途徑。Reldan 專注於處理工業和電子廢棄物，為生產一系列綠色金屬提供比傳統採礦作業資本密集程度低得多的替代方案。

From March to June 2024, Reldan processed 6 million pounds of mixed scrap and sold 42,000 ounces of gold, 850,000 ounces of silver, just under 15,000 ounces of platinum palladium and 1.1 million pounds of copper. The resulting combination of Columbus and Reldan industrial and precious metal suites presents a natural hedge reinforcing the sustainability of our business model.

從 2024 年 3 月到 2024 年 6 月，Reldan 加工了 600 萬磅混合廢料，並出售了 42,000 盎司黃金、850,000 盎司白銀、近 15,000 盎司鉑鈀和 110 萬磅銅。由此產生的哥倫布和瑞爾丹工業和貴金屬套件的組合提供了自然對沖，增強了我們業務模式的可持續性。

The acquisition further enables us to leverage Reldan's network sales team and metal logistics routes to capitalize on existing territories and relationships within the US, Mexico and India for the benefit of the Columbus Met Complex.

此次收購進一步使我們能夠利用 Reldan 的網路銷售團隊和金屬物流路線，利用美國、墨西哥和印度的現有領土和關係，為哥倫布大都會綜合大樓帶來利益。

Reldan's strong early performance contributed $300,000 in the adjusted EBITDA and adjusted free cash flow of $9 million for the initial four months under our ownership. Having recently visited both operations within Mexico and India, I'm deeply excited about the growth prospects in both of these regions, so please watch this space. Neal, over to you for the conclusion. Thanks.

Reldan 強勁的早期業績在我們擁有的最初四個月內為調整後 EBITDA 貢獻了 30 萬美元，調整後自由現金流為 900 萬美元。最近參觀了墨西哥和印度的兩家工廠，我對這兩個地區的成長前景深感興奮，所以請關注這個空間。尼爾，結論交給你了。謝謝。

Thanks, Grant. And two slides in the conclusion. The first slide is really about guidance. And let me say, other than our South African gold operations which have been severely disrupted through the restructuring and seismicity, we are having to adjust gardens unfortunately on that.

謝謝，格蘭特。結論部分還有兩張投影片。第一張投影片其實是關於指導的。讓我說，除了我們的南非黃金業務因重組和地震活動而受到嚴重干擾外，不幸的是，我們還不得不調整花園。

The Keliber lithium project, we won't quite spend all the capital we intended this year, so the revision is really a revision in spending. There's no other revisions to that project to date. We are not changing the US guidance, but I do want to say we should expect significant, well there's the potential for disruptions due to the restructuring that we hope to have completed by the end of the year, but I think that is just a bit of a warning or a heads up.

Keliber鋰項目，我們不會完全花掉今年計劃的所有資金，所以這次修訂實際上是支出的修訂。迄今為止，該項目沒有其他修訂。我們不會改變美國的指導方針，但我確實想說，我們應該期待重大的，因為我們希望在今年年底完成的重組可能會造成乾擾，但我認為這只是一點點警告或提醒。

So the anti-fragility journey continues. And in my mind, the key aspects of becoming anti-fragile are the bullet points set out below. So first of all, let's recognize the record safety performance that has been achieved with a continuous focus on eliminating fatalities and reducing high potential incidents. As I mentioned right at the beginning of the presentation, ESG will remain embedded in the way we do business.

因此，反脆弱性之旅仍在繼續。在我看來，變得反脆弱的關鍵方面是下面列出的要點。首先，讓我們認識到透過持續關註消除死亡和減少高潛在事故而取得的創紀錄的安全績效。正如我在演講開始時提到的，ESG 將繼續融入我們經營業務的方式。

We think it's appropriate and it leads to sustainability. As I also mentioned right at the beginning, diversity, equity, inclusion, and belonging will remain an integral part of our strategic differentiation. The fundamentals as elaborated on by Richard and Mika indicates that from the metals we produce, we have exposure, we remain positive regarding that exposure.

我們認為這是適當的，並且可以帶來可持續性。正如我在一開始也提到的，多元化、公平、包容性和歸屬感仍將是我們策略差異化不可或缺的一部分。理查德和米卡闡述的基本面表明，從我們生產的金屬來看，我們有風險敞口，我們對該風險敞口保持樂觀。

We've also shared with you significant strengthening of the balance sheet with more non-debt initiatives well advanced and we look forward to including those when we deliver our year-end results. We have sufficient liquidity to ride out an extended depressed commodity price environment and progress our key projects should that depressed commodity price environment occur.

我們還與您分享了資產負債表的顯著強化以及更多非債務計劃的順利推進，我們期待在交付年終業績時將這些計劃包括在內。我們有足夠的流動性來度過長期低迷的大宗商品價格環境，並在出現低迷的大宗商品價格環境時推進我們的關鍵項目。

We've taken decisive steps to optimize our operations for the short and medium term and Richard shared with you the very impressive amount of savings that we are looking forward to from that. There was a strong performance from our South African PGM operations. There are operational improvements expected from South African gold in the second half of this year and clearly we hope that's sustainable into 2025.

我們已採取果斷措施來優化短期和中期的運營，理查德與您分享了我們期待由此帶來的令人印象深刻的節省金額。我們的南非鉑族金屬業務表現強勁。預計今年下半年南非黃金的營運將有所改善，顯然我們希望這種情況能持續到 2025 年。

Unfortunately, the US PGM operations enter a new phase of restructuring for the current lower price environment to reduce the cash outflows and preserve optionality. Again, I want to say it means we are taking 200,000 ounces out of the market over 2025 and that will probably be ongoing. We are working toward a cost structure of $1,000 an ounce over a two- to three-year period.

不幸的是，美國鉑族金屬業務進入了針對當前較低價格環境的重組新階段，以減少現金流出並保留選擇性。我想說，這意味著我們將在 2025 年從市場上撤出 20 萬盎司，而且這種情況可能會持續下去。我們正在努力在兩到三年內將成本結構控制在每盎司 1,000 美元。

And our integrated global recycling footprint, which spans autocat's industrial and electronic waste is very well-positioned for growth in key regions being the US, Mexico, and India. So bottom line, we exposed to the right metals and ecosystems, very importantly, at the right time. And we look forward to a much better future in terms of improving commodity prices and profitability. With that, I will hand over to James to pick up any questions.

我們的全球綜合回收足跡涵蓋 autocat 的工業廢棄物和電子廢棄物，非常有利於美國、墨西哥和印度等關鍵地區的成長。因此，最重要的是，我們在正確的時間接觸了正確的金屬和生態系統，這非常重要。我們期待在商品價格和盈利能力提高方面擁有更美好的未來。這樣，我將把任何問題交給詹姆斯來回答。

Thank you, James. Over to you.

謝謝你，詹姆斯。交給你了。

Thank you, Neal. The first question comes from Andre Luis Alves Catenani asking about the company's outlook on increasing allocation of gold assets, specifically in terms of expanding gold share of the total asset portfolio through investment in additional mines.

謝謝你，尼爾。第一個問題來自安德烈·路易斯·阿爾維斯·卡泰納尼(Andre Luis Alves Catenani)，他詢問該公司對增加黃金資產配置的前景，特別是通過投資更多礦山來擴大黃金在總資產組合中的份額。

Let me pick that up, James. I think, as we've said previously, we like gold. We still think gold has got quite a bit of upside, but we are not focused on external growth at the moment. I thought I made it clear right at the beginning that our focus is on the strategic essentials, focusing on the balance sheet and of course delivering good operational results.

讓我來接一下，詹姆斯。我認為，正如我們之前所說，我們喜歡黃金。我們仍然認為黃金有相當大的上漲空間，但我們目前並不關注外部成長。我想我一開始就明確表示，我們的重點是策略要點、資產負債表，當然還有良好的營運績效。

So perhaps sometime in the future but certainly not right now.

所以也許在未來的某個時候，但肯定不是現在。

Thanks, Neal. Then a series of questions from Arnold Van Graan from Nedbank. You've proactively and prudently shored up the balance sheet to ride out the storm, which should be commended. How much time has this given you? And in other words, how long can you run at current metal prices before further action is needed?

謝謝，尼爾。然後來自萊利銀行的 Arnold Van Graan 提出了一系列問題。你們積極穩妥地支撐資產負債表渡過難關，值得讚揚。這給了你多少時間？換句話說，在需要採取進一步行動之前，您能以當前金屬價格運行多久？

Well, certainly I'd like to ask Charl to give his view as well, but in my view, as long as the commodity prices stay the same and Arnold you made it clear at current metal prices together with the restructuring that we've done and the additional strengthening that we're going to still follow through with, I think we can run a very long time, whether that's three years, five years or 10 years, we certainly will not consume our balance sheet and all our debt. We will get to a breakeven position and then have sufficient reserves in our balance sheet. Charl, I don't know if you want to add to that.

嗯，當然我也想請查爾發表他的看法，但在我看來，只要大宗商品價格保持不變，阿諾德你就目前的金屬價格以及我們所做的重組明確表示了這一點我們仍將繼續進行額外的強化，我認為我們可以運行很長一段時間，無論是三年、五年還是十年，我們當然不會消耗我們的資產負債表和所有債務。我們將達到損益平衡，然後在我們的資產負債表中擁有足夠的準備金。查爾，我不知道你是否想補充這一點。

Yeah. Thank you, Neal. And, Arnold, I mean, to answer your question is, we always had a three-year hump ahead of us, which was associated with (technical difficulty) so it was the occurrence of the debt and the financing and then building the project and once that started ramping up, our forecasts showed that we would be in an equal and even financial position, in other words operating well below our covenants. So effectively what we did was just to be proactive in this process and to make sure that we can get over this three-year hump.

是的。謝謝你，尼爾。而且，阿諾德，我的意思是，回答你的問題是，我們面前總是有一個三年的駝峰，這與（技術困難）有關，所以這是債務和融資的發生，然後是建設項目和一旦這種情況開始增加，我們的預測顯示我們將處於平等甚至財務狀況，換句話說，我們的營運遠低於我們的契約。因此，我們所做的實際上就是在這個過程中採取主動，並確保我們能夠克服這三年的困難。

So I'm saying we -- it sounds like we bought three years, but it's really a hump that sorts itself out from '27 onwards.

所以我是說，我們——聽起來像是我們買了三年，但這確實是一個從 27 年開始就自行解決的難題。

Thanks, Charl. Again on the debt, you referred to the possibility of adding a further $600 million to $700 million in non-debt financing to the balance sheet. Is there not a risk that you're paying way too much of the future upside and value with these alternative funding structures, the tenure and impact of which invariably outlast the down cycle? Equity dilution is never great, but isn't it cheaper than some of these alternative deals? Neal?

謝謝，查爾。關於債務，您提到了在資產負債表上再增加 6 億至 7 億美元非債務融資的可能性。是否有這樣的風險：您為這些替代性融資結構支付了過多的未來收益和價值，而其期限和影響總是比下行週期更持久？股權稀釋從來都不是很好，但它不是比其中一些替代交易便宜嗎？尼爾？

I think yeah. So did Arnold ask that question?

我想是的。那麼阿諾德問過這個問題嗎？

Yeah.

是的。

So, Arnold, listen, we're very aware of, let's call it the long-term impact of a stream arrangement as an example. But I can assure you that, first of all, we don't stream primary products. There might be very small streams on primary products. Secondary products actually have very little value or they attract very little in terms of valuations by analysts.

所以，阿諾德，聽著，我們非常清楚，讓我們以流安排的長期影響為例。但我可以向你保證，首先，我們不直播初級產品。初級產品的流量可能非常小。二級產品其實沒有什麼價值，或者說它們對分析師的估值吸引力很小。

So as long as you're streaming a secondary product and as long as you're streaming a byproduct at a significant high in the price cycle, I think it's smart. We are very well aware of the cost of capital related to equity and the cost of a stream. So we don't go blindly into streams, but the work we're doing on it at the moment, we are quite comfortable that it's the right decision.

因此，只要您在串流媒體二級產品，並且只要您在價格週期中以相當高的價格串流副產品，我認為這是明智的。我們非常清楚與股權相關的資本成本和流的成本。因此，我們不會盲目地進入串流，但就我們目前正在做的工作而言，我們非常確信這是正確的決定。

Thanks, Neal. I think these two will be for Charl. Does the Keliber green funding loan have recourse to the Sibanye balance sheet or is it ring-fenced to the project first of all and then what concessions did we have to make to the lenders for the covenant uplift?

謝謝，尼爾。我認為這兩個適合查爾。Keliber 綠色融資貸款是否可以追索 Sibanye 資產負債表，或者是否先對專案進行限制，然後我們必須向貸方做出哪些讓步才能提高契約？

Thanks, James. So in terms of the Keliber green financing, yes it has recourse to the balance sheet to the extent that it's drawn. So obviously Keliber being a very important part of the company going forward, they signed up as a borrower and a guarantor under our facilities and hence the reason why they will be included. But I'd just like to make the point that to the extent that it's drawn, that amount will be included.

謝謝，詹姆斯。因此，就 Keliber 綠色融資而言，是的，它在所提取的範圍內可以訴諸資產負債表。顯然，Keliber 是公司未來發展的一個非常重要的組成部分，他們在我們的設施下註冊為借款人和擔保人，因此他們將被納入。但我想指出的是，在提取的範圍內，這筆金額將被包括在內。

So fast concessions to the lenders. It was a voluntary concession that we as a company offered, but it's effectively 20 basis points or 0.2% at the top end. So should we go over three times leverage, there's a 20% basis point additional on the margin. So no major concessions or any restrictions from our lender side.

如此快速地向貸款人讓步。這是我們作為一家公司自願做出的讓步，但實際上最高是 20 個基點或 0.2%。因此，如果我們的槓桿超過三倍，則保證金會增加 20% 的基點。因此，我們的貸方沒有做出重大讓步或任何限制。

Thank you, Charl. There's a couple of questions on the US PGM restructuring. I think we've answered most of them. Looking at 2024, we haven't changed guidance. So obviously what we look at is the 200,000-ounce reduction in production coming through in 2025.

謝謝你，查爾。關於美國鉑族金屬重組存在幾個問題。我想我們已經回答了其中的大部分問題。展望 2024 年，我們沒有改變指導方針。顯然，我們關注的是 2025 年產量減少 20 萬盎司。

In terms of all-in-sustaining costs, I think that was covered as well. It won't be immediately down to 1,000 but certainly, we will be working to get costs down to 1,000 per ounce is the target. I think the specific questions which may be of interest is, and Neal or Charl, how quickly would we be able to reopen Stillwater West should prices recover? And what kind of prices would drive that decision?

就整體維持成本而言，我認為這也已涵蓋在內。它不會立即降至 1,000，但我們的目標肯定是努力將成本降至每盎司 1,000。我認為尼爾或查爾可能感興趣的具體問題是，如果價格回升，我們能夠多快重新開放斯蒂爾沃特西區？什麼樣的價格會推動這個決定？

So I think reopening any mine is probably a six to nine-month sort of process. But, Charles, would you like to come in on that?

因此，我認為重新開放任何礦場可能需要六到九個月的過程。但是，查爾斯，你願意參與嗎？

Yeah. Thanks, Neal. Look, we're not in a rush to do that because we've got work to do, as I alluded to, on the underground infrastructure at Stillwater West mine that particularly relates to the haulage systems. We have multiple handling at the moment.

是的。謝謝，尼爾。看，我們並不急於這樣做，因為正如我所提到的，我們還有工作要做，涉及斯蒂爾沃特西礦井的地下基礎設施，特別是與運輸系統相關的工作。目前我們有多種處理方式。

It's not cost effective. So we've got to look carefully at that and we've got to look at the infrastructure around our shaft just on some upgrades, etc. So you certainly need higher prices, but we just need a bit more time to work on improved efficiencies because it's a very spread out mine. It's old infrastructure.

這不符合成本效益。因此，我們必須仔細研究這一點，我們必須研究井周圍的基礎設施，只是進行一些升級等。分散的礦井。這是舊的基礎設施。

It's long travel times. And that doesn't change, but within that we have work to do. And we're not rushing to do that spend through '25, but we are going to be doing the planning and the thinking and the optimization trade-offs. So I've got no doubt we will get higher pricing through 2025, but this is not an on-off switch that you trigger very quickly, but so it's more about the work to do.

旅行時間很長。這並沒有改變，但我們還有工作要做。我們並不急於在 25 年之前進行這筆支出，但我們將進行規劃、思考和優化權衡。因此，我毫不懷疑到 2025 年我們將獲得更高的定價，但這不是一個可以很快觸發的開關，而是更多關於要做的工作。

And then, once we have the efficiencies identified and the mining cost efficiencies daylighted, then we would make that decision. I think the other parameter that's not an on-off switch is simply getting labor back. So this takes time. And we'll have to work that in.

然後，一旦我們確定了效率並公開了採礦成本效率，我們就會做出決定。我認為另一個不是開關的參數只是恢復勞動力。所以需要時間。我們必須解決這個問題。

So I don't see this as a 2025 option realistically but I do think it's incumbent on us to keep the option developing, work on the underlying issues, that means that when it comes back, it's a much more productive operation with a better cost profile. Thank you.

因此，我實際上並不認為這是2025 年的選擇，但我確實認為我們有責任繼續發展該選擇，解決根本問題，這意味著當它回來時，這是一個更俱生產力、成本更低的操作輪廓。謝謝。

Further to that one from Arnold Van Graan, just you mentioned that you would be increasing output at Stillwater East and East Boulder and increasing grades. Is this akin to high grading and what impact would this have on the flexibility of these operations in future?

除了阿諾德·範·格拉恩(Arnold Van Graan) 的那句話之外，您剛剛提到，您將增加斯蒂爾沃特東(Stillwater East) 和東博爾德(East Boulder) 的產量並提高品味。這是否類似於高評級？

Yeah. It's not -- sorry, go ahead.

是的。這不是——抱歉，繼續吧。

Yeah. Go ahead, Charles.

是的。繼續吧，查爾斯。

No. It's not about high grading. So what, as I've just mentioned, why are we putting the West mine on care and maintenance, which has good grades in patchy areas, is the underlying infrastructural cost issues, handling issues and constraints around that. On Stillwater East, we have good grades.

不。這不是高分的問題。那麼，正如我剛才提到的，我們為什麼要對西礦進行維護和保養，該礦在不完善的地區表現良好，是潛在的基礎設施成本問題、處理問題和與之相關的限制。在斯蒂爾沃特東，我們成績很好。

We are selective because of ground conditions on those grades, but we've got very new infrastructure. And we've got very clean haulage systems and handling systems and very efficient systems. So the grade switch is really just a function again of infrastructure and modern infrastructure. And we've opened up a very good set of options there that we can just continue to leverage going forward.

我們會根據這些等級的地面條件進行選擇性，但我們擁有非常新的基礎設施。我們擁有非常乾淨的運輸系統和裝卸系統以及非常有效率的系統。因此，等級轉換實際上只是基礎設施和現代化基礎設施的功能。我們在那裡開闢了一套非常好的選擇，我們可以繼續利用這些選擇。

So that's not about high grading. That's just about the quality of the infrastructure and the ore body. And within that, we've got selectivity, but again, not driven by grade. It's more driven by ground conditions at the moment.

所以這不是高分的問題。這與基礎設施和礦體的品質有關。其中，我們有選擇性，但同樣，不是由成績驅動的。目前它更多地受到地面條件的驅動。

But as we solve for that, that new East mine has significant leverage long term. And then at East Boulder, again, it's not about high grading, the decision to go from six ramps to four, within which we are selective on those ramps on the base of cost and efficiency is more about the fact that if we go flat out on the current six ramps, which we can do, we then accelerate the spend on the enhanced tailings facility and the extended rock dump facility. And that means a big capital spend in '25. So we have the latitude to push that out of it.

但當我們解決這個問題時，新的東礦具有長期的重要影響力。然後，在東博爾德，這與高等級無關，決定從六個坡道增加到四個，其中我們根據成本和效率對這些坡道進行選擇性，更多的是這樣一個事實：如果我們全力以赴在目前我們可以做到的六個坡道上，我們隨後加快了增強尾礦設施和擴大岩石傾倒設施的支出。這意味著 25 年需要大量的資本支出。因此，我們有自由度將其排除在外。

And that's why we are reducing volumes. We are favoring the volumes at East Boulder on more efficient stopes and better cost profiles. Again, not high grading. So those are some of the trade-offs we've been doing.

這就是我們減少產量的原因。我們看好東博爾德的產量，因為採場效率更高，成本狀況也更好。再說一遍，評分不高。這些是我們一直在做的一些權衡。

And I think it solves for multiple things, but it allows us at any point to switch back to bringing that, now that we've got the permitting on all of that expansion, we've got the time to decide when we trigger and that'll be driven by decisions around capital spend timing and I mean that gives us choice. So I think the flexibility is in our hands there. Thank you.

我認為它解決了很多問題，但它允許我們在任何時候切換回來，既然我們已經獲得了所有擴展的許可，我們就有時間來決定何時觸發，並且將由有關資本支出時機的決策驅動，我的意思是這給了我們選擇。所以我認為靈活性掌握在我們手中。謝謝。

Thank you. I think this one is for Richard Stewart. I think some market participants are now saying that PGM loadings in China have fallen over the last two to three years more than previously expected and thus current deficits are overestimated, hence the low prices. What's your view on that?

謝謝。我認為這是給理查德·斯圖爾特的。我認為一些市場參與者現在表示，過去兩到三年中國的鉑族金屬裝載量下降幅度超出了先前的預期，因此當前的赤字被高估了，因此價格較低。您對此有何看法？

Thanks very much, James. I think there's no doubt that the Chinese sort of loading in terms of their vehicles has been lower and has been declining over the last couple of years relative to Western markets. So I think that's quite well known. I also think that is built into the existing deficits and current deficits that have been forecast.

非常感謝，詹姆斯。我認為毫無疑問，與西方市場相比，中國的車輛裝載量一直較低，並且在過去幾年中一直在下降。所以我認為這是眾所周知的。我還認為，這已納入現有赤字和預測的當前赤字中。

I don't think there's much of an impact on current. The reason for those lower loadings is largely driven by less stringent controls, less stringent testing that needs to be done, specifically real world driving testing. So the real question I think that needs to be asked, the current deficits I don't think are impacted, it's well-modeled, but what does that mean going forward?

我認為對當前影響不大。負載較低的原因主要是由於控制不那麼嚴格，需要進行的測試不那麼嚴格，特別是現實世界的駕駛測試。因此，我認為需要提出的真正問題是，我認為當前的赤字沒有受到影響，它的模型很好，但這意味著什麼？

One of the concerns that's been raised is if Chinese OEMs start getting an increasing market share relative to Western OEM companies in the rest of the world, would that result in an overall lower PGM loading globally? I think that's more the concern that's been raised. I think it's important to recognize those, that if you are going to be selling cars into global markets, they would have to meet with the requirements in those markets.

人們提出的擔憂之一是，如果中國原始設備製造商相對於西方原始設備製造商在世界其他地區的市場份額開始增加，是否會導致全球鉑族金屬裝載量整體下降？我認為這才是人們更關心的問題。我認為認識到這一點很重要，如果您要將汽車銷售到全球市場，它們就必須滿足這些市場的要求。

So we have looked at the lower loadings, particularly in China, we've built that into our models and our forecasts, and quite comfortable that the deficits we're forecasting have got that in account. So well-known number, I think it's in a lot of the numbers already. I don't think it's a huge surprise.

因此，我們研究了較低的負荷，特別是在中國，我們已將其納入我們的模型和預測中，並且很滿意我們預測的赤字已考慮到這一點。如此眾所周知的數字，我想它已經出現在許多數字中了。我不認為這是一個巨大的驚喜。

Thanks, Richard. We'll ask one more question then go to the phone lines if that's OK. Neal, I think this is definitely for you from Arnold Van Graan. Is your business not spread too wide? Lots of moving parts, businesses at different life cycles, markets, commodities, and capital cycles.

謝謝，理查。如果可以的話，我們會再問一個問題，然後撥打電話。尼爾，我認為這絕對是阿諾德·範·格拉恩 (Arnold Van Graan) 為您準備的。您的業務範圍還不夠廣泛嗎？許多移動部件、處於不同生命週期的企業、市場、商品和資本週期。

Sounds like he's quite confused. Can you really manage this effectively?

聽起來他很困惑。你真的能有效管理嗎？

Yes. Arnold, it sounds like you and I are having one discussion today. Absolutely, we can manage it effectively. I think what you see today through the presentation is Chief Regional Officers totally in control of their regions and actually making positive impacts.

是的。阿諾德，聽起來你和我今天正在討論一場。當然，我們可以有效地管理它。我認為您今天透過演示看到的是首席區域官完全控制了自己的區域並實際上產生了積極的影響。

It is complex, but we thrive on the complexity and we certainly have the skills base to deal with it. I would also say that certainly it provides a platform and we probably haven't made this as clear in this presentation, other than saying we're in the right metals in the right ecosystems.

它很複雜，但我們在複雜性中茁壯成長，我們當然擁有處理它的技能基礎。我還想說，它當然提供了一個平台，除了說我們在正確的生態系統中擁有正確的金屬之外，我們可能沒有在本次演示中明確說明這一點。

We are very well produced to work through this commodity cycle in PGMs, which is affecting probably 90% of our revenue at the moment. But as Keliber come on stream, as we move from zinc into phosphates in Australia, as we develop Mount Lyell, as we increase our exposure into other metals, we become a very different company.

我們已經做好了應對鉑族金屬商品週期的準備，目前這可能影響到我們 90% 的收入。但隨著 Keliber 投產，隨著我們在澳洲從鋅轉向磷酸鹽，隨著我們開發萊爾山，隨著我們增加對其他金屬的投資，我們成為一家截然不同的公司。

The environmental credentials and the business opportunities from secondary mining and recycling are just fantastic. We are unique in that combination and very well-positioned to create value in the long term. The one thing that is very certain to me is this company will not become a dinosaur. So you can see I'm certainly very well aware and our board continuously checks with us that we have the capacity and competency to manage a business like this and we certainly do.

二次採礦和回收帶來的環境資格和商機非常棒。我們在這種組合中是獨一無二的，並且非常有能力創造長期價值。對我來說非常確定的一件事是這家公司不會成為恐龍。所以你可以看到，我當然非常清楚，我們的董事會不斷與我們核實，我們是否有能力和能力來管理這樣的業務，我們當然也這樣做。

So I remain very positive about our exposure and the breadth of the business. Thank you.

因此，我對我們的曝光率和業務廣度仍然非常樂觀。謝謝。

Thank you. Operator, could we now take a couple of calls from the course call line, please?

謝謝。接線員，我們現在可以透過課程呼叫熱線接幾通電話嗎？

Thank you, sir. Chris Nicholson, RMB Morgan Stanley.

謝謝您，先生。克里斯‧尼克森 (Chris Nicholson)，人民幣摩根士丹利。

Hi. Good afternoon, Neal, James, and team. Thanks so much. I'll limit my questions to two please. Could we, first question is on the US PGM assets. So it looks like obviously you've reduced production there from around 450,000 to about 250,000 ounces. So it's about a 40%, 45% cut to production.

你好。下午好，尼爾、詹姆斯和團隊。非常感謝。我將我的問題限制為兩個。第一個問題是關於美國鉑族金屬資產。因此，顯然您已將那裡的產量從大約 450,000 盎司減少到大約 250,000 盎司。所以產量大約減少了 40%、45%。

I got the comment there from Charles that you cut some capex by more than 50%. So I guess my key and I think you gave a number, I might have missed that. But my key question is how long can you actually maintain that current production run rate at that reduced level of capital spend?

我從 Charles 那裡得到評論說你們削減了 50% 以上的資本支出。所以我猜我的鑰匙，我想你給了一個號碼，我可能錯過了。但我的關鍵問題是，在資本支出減少的情況下，您實際上能夠將當前的生產運作率維持多久？

Should we expect that you still have a life of mine out to 2040, 2050 at 250,000 ounces, or does production start dropping off below 200,000, say, by the end of the decade? So that's the first question. Then the second question, just going back to a question, I think, Charl answered earlier, I mean earlier this year you talked to on your plans to having maybe a free cash outflow somewhere between ZAR8 billion to ZAR9 billion this year.

我們是否應該預期到 2040 年、2050 年我的產量仍為 250,000 盎司，或者產量是否會在本世紀末開始下降到 200,000 盎司以下？這是第一個問題。然後，第二個問題，我想，回到一個問題，查爾早些時候回答過，我的意思是，今年早些時候，您談到了今年自由現金流出可能在80 億至90 億南非蘭特之間的計劃。

I see that your free cash outflow was ZAR7.3 billion in the first half of this year. So obviously, probably pretty disappointing maybe against your own plans there. Just from the comments, clearly you're taking action in the US, you're taking action at Sandouville. Can you get this business to free cash flow breakeven by 2025? It just seems that the way you talk about the capex hump that maybe it's only '26 or '27 that we only get to free cash flow breakeven under current prices.

我看到你們今年上半年的自由現金流出是73億南非蘭特。顯然，與您自己的計劃相比，可能會非常令人失望。僅從評論來看，顯然您正在美國採取行動，您正在桑杜維爾採取行動。您能讓這家企業在 2025 年實現自由現金流損益平衡嗎？看起來你談論資本支出駝峰的方式可能只有'26或'27我們才能在當前價格下實現自由現金流盈虧平衡。

Thank you.

謝謝。

All right. So, Chris, I'm going to ask Charles and Charl to comment directly to your questions, but we have to get to free cash flow breakeven. It's not just about a capital hump and certainly, I don't think it's just about cutting capital in the US. It's about deferring capital just to make it clear.

好的。所以，克里斯，我要請查爾斯和查爾直接對你的問題發表評論，但我們必須實現自由現金流盈虧平衡。這不僅僅是資本駝峰的問題，當然，我認為這不僅僅是削減美國資本的問題。這是關於推遲資本只是為了澄清這一點。

The plan to get to $1,000 an ounce is a plan that is sustainable in the US. There's no doubt that our South African business will be cash flow, at least cash flow neutral, if not positive, and our Australian business will be cash flow positive. Europe, post the Keliber construction, will of course also move into a cash flow positive status. So listen, the cash outflow this year is recognized.

達到每盎司 1,000 美元的計劃在美國是可持續的。毫無疑問，我們的南非業務將實現現金流，至少是中性現金流（如果不是正現金流），而我們的澳洲業務將實現正現金流。Keliber 建設完成後，歐洲當然也將進入現金流正向狀態。所以聽著，今年的現金流出是認可的。

I do think it will be less than doubling what you saw in the first quarter. But let me first ask Charles to come in on your US PGM question. And then Charles, if you can just hand over to Charl to deal with the cash outflow.

我確實認為這一數字將不到第一季的兩倍。但首先讓我請 Charles 回答您關於美國 PGM 的問題。然後是查爾斯，如果你能把現金流交給查爾處理的話。

Yeah. Thanks, Neal. So what we've been talking to today is really the 2025 plan that's work in progress, which has a lot of moving pieces that I think we've touched on to give you a sense of the significant shift. With year-end and early next year when the company guides to the full planning cycle, we will be talking also to the three-year plan which we're busy working on.

是的。謝謝，尼爾。所以我們今天討論的實際上是正在進行中的 2025 年計劃，其中有很多令人感動的部分，我認為我們已經觸及這些部分，讓您感受到這一重大轉變。年底明年初，當公司指導整個規劃週期時，我們也將討論我們正在忙於制定的三年計畫。

So it's not that we've backed ourselves into a corner and now it's cut, cut, cut and then there's nowhere to go. We have made, I think, some very good choices around constraints facing us right now that we are taking head on and the flexibility we need to retain as we move forward.

所以這並不是說我們已經把自己逼到了牆角，現在已經被砍了，砍了，砍了，然後就無處可去了。我認為，圍繞著我們目前面臨的限制，我們已經做出了一些非常好的選擇，我們正在迎頭趕上，並在前進過程中保持靈活性。

So we've -- the development pullback, the capital pullback is to match the current production run rates which we replace with development. The capital, as Neal said, and I've illustrated is about short-term deferral that doesn't back you into a corner but we do have sizable capital in the three to five year window.

所以我們——開發縮減、資本縮減是為了與我們用開發取代的當前生產運行率相符。正如尼爾所說，資本是關於短期延期的，這不會讓你陷入困境，但我們在三到五年的窗口內確實擁有大量資本。

So those are the choices which would have otherwise been triggered if we were going full bore on current run rates, we would be triggering that next year. So we've freed up next year to do a lot of work on costs, a lot of work on asset optimization and we expect in that three year window.

因此，如果我們全力以赴當前的運行率，這些選擇本來會被觸發，我們將在明年觸發。因此，我們明年將騰出時間來在成本方面做大量工作，在資產優化方面做大量工作，我們預計在這三年內會實現這一目標。

So to bring it to $1,000 an ounce is not simply about lifting the ounces, it's about lifting the efficiencies. And we believe as we get that right, we then can lever up really good free cash flow and then we have the flexibility to decide on volume.

因此，將其提高到每盎司 1,000 美元不僅僅是為了增加盎司，而是為了提高效率。我們相信，當我們做到這一點時，我們就可以充分利用真正良好的自由現金流，然後我們可以靈活地決定交易量。

So East Boulder you can switch back to six ramps very quickly. They're there, they develop, they're active. We are doing the development to protect all of that. Stillwater East, as I've illustrated, it's new infrastructure. We can further develop, which we're doing. We can further open up. We've got significant leverage there. Both of that protects reserves and it protects life.

因此，在東博爾德，您可以很快切換回六個坡道。他們在那裡，他們發展，他們活躍。我們正在進行開發以保護這一切。正如我所闡述的，斯蒂爾沃特東區是新的基礎設施。我們可以進一步發展，我們正在這樣做。我們可以進一步開放。我們在那裡擁有巨大的影響力。這既保護了儲備，也保護了生命。

And then Stillwater West, it's care and maintenance for now, which I see going through next year. We will do the work during that year to decide when we bring it back. That'll be as much about price as it will be about infrastructure optimization and getting it set up properly. So I don't see any impact on life.

然後是斯蒂爾沃特西區，目前是保養和維護，我預計明年會完成。我們將在那一年進行工作，以決定何時將其恢復。這既與價格有關，也與基礎設施優化和正確設置有關。所以我認為對生活沒有任何影響。

I don't see any impact on reserves. I don't see any impact on flexibility to lift this game when we decide to. And that'll be very much free cash flow driven as a decision point. So I think we're setting out the store for next year and you should have comfort in what that looks like.

我認為對儲備沒有任何影響。當我們決定取消這場比賽時，我認為不會對靈活性產生任何影響。這將是非常自由的現金流驅動的決策點。所以我認為我們正在規劃明年的商店，您應該對它的外觀感到放心。

Year-end, we'll be setting out the store for the medium term. I'm actually quite excited about what that starts to look like. Thank you.

年底，我們將對商店進行中期規劃。事實上，我對它開始的樣子感到非常興奮。謝謝。

Thanks, Chris. And, yeah, to Neal's point, there's definitely, if we look at 2025, if we look at current commodity prices, because I think that's a big determinant in whether we will be cash, free cash flow neutral. But definitely, looking at our operations, South African gold, SA PGM, Australian zinc retreatment, I mean, clearly there we will be at a cash flow breakeven position and I would even go as far as to say that we would be putting some money in the tool. There are two outliers.

謝謝，克里斯。是的，就尼爾的觀點而言，如果我們看看 2025 年，如果我們看看當前的大宗商品價格，因為我認為這是我們是否會實現現金、自由現金流中性的一個重要決定因素。但可以肯定的是，看看我們的業務，南非黃金、南非鉑族金屬、澳大利亞鋅再處理，我的意思是，顯然我們將處於現金流盈虧平衡的位置，我甚至可以說我們將投入一些資金在工具中。有兩個異常值。

Clearly, Stillwater needs a slightly or Stillwater US operations needs a slightly higher 2E price. So based on current estimations, albeit a much significantly lower cash outflow, there will still be a moderate cash outflow for 2025. And then Keliber is the other big outlier.

顯然，斯蒂爾沃特需要稍高的價格，或者斯蒂爾沃特美國業務需要略高的 2E 價格。因此，根據目前的估計，儘管現金流出大幅減少，但 2025 年仍將出現適度的現金流出。Keliber 是另一個大的異常值。

We need to spend about $600 million in CapEx there, roughly $300 million this year, $300 million next year. So those would be the two that would be consuming cash over that period. But the operations themselves will fully fund themselves and as I said, will put some money back into the bank.

我們需要在那裡花費約 6 億美元的資本支出，今年大約 3 億美元，明年 3 億美元。因此，這兩家公司將在這段時間內消耗現金。但業務本身將完全為自己提供資金，正如我所說，將把一些錢存回銀行。

Thanks. Just maybe point out to Chris as well, if you look at that cash flow statement or cash flow, free cash flow table, the SA gold operations show H1 2023 free cash outflow of ZAR1.25 billion. And then it increases to ZAR2.4 billion for H1 in 2024. But remember that we consolidate DRDGOLD as well and DRDGOLD's capex has gone from ZAR657 million in H1 2023 to ZAR2.5 billion in H1 2024.

謝謝。也許也要向克里斯指出，如果你查看現金流量表或現金流、自由現金流表，SA 黃金業務顯示 2023 年上半年自由現金流出 12.5 億南非蘭特。到 2024 年上半年，這一數字將增加至 24 億南非蘭特。但請記住，我們也合併了 DRDGOLD，DRDGOLD 的資本支出已從 2023 年上半年的 6.57 億南非蘭特增至 2024 年上半年的 25 億南非蘭特。

So that's about a ZAR1.8 billion impact on the free cash flow, and that does explain quite a bit of the increase in the free cash outflow from the gold operations. Could we have another call from the line, please?

因此，這對自由現金流產生了約 18 億南非蘭特的影響，這確實在很大程度上解釋了黃金業務自由現金流出的增加。請再給我們打個電話好嗎？

Thank you. Adrian Hammond, SBG Securities.

謝謝。阿德里安·哈蒙德，SBG 證券公司。

Yeah. Thanks, operator. Hi, Neal. So firstly, I'd like to know about mobile levers you can pull should you have to continue to fund the balance sheet, would you consider selling assets such as your interest in DRD, which is very cash generative, right, quite a valuable asset or any other opportunities you can cough? Or are you prepared to keep cutting costs off the business to fund your offshore strategy? That's the first one.

是的。謝謝，接線生。嗨，尼爾。首先，我想知道如果您必須繼續為資產負債表提供資金，您可以使用哪些行動槓桿，您是否會考慮出售資產，例如您在DRD 中的權益，這是非常能產生現金的，對吧，相當有價值的資產或還有什麼其他機會可以咳嗽嗎？或者您準備好繼續削減業務成本來為您的離岸策略提供資金嗎？這是第一個。

Perhaps for Charl, an indication of what we should be modeling for the restructuring costs for Stillwater this year. And I do notice you sold a lot more metal than you produced out of SA PGM business. Do you have quite a bit of stock there? Could you give us a bit more color as to how much you might draw down for 2H?

也許對查爾來說，這表明我們應該為斯蒂爾沃特今年的重組成本建模。我確實注意到你們銷售的金屬比 SA PGM 業務生產的金屬多得多。你們那裡有很多庫存嗎？您能告訴我們更多關於 2H 可以提取多少資金嗎？

And then just maybe for Richard, you've obviously got quite an insight into recycling. I noticed that the flows there are quite weak still, yet the market seems quite optimistic about a recovery. But, could you perhaps share some insights there? Thanks.

也許對理查德來說，你顯然對回收有相當深入的了解。我注意到那裡的資金流動仍然相當疲軟，但市場似乎對復甦相當樂觀。但是，您能否分享一些見解？謝謝。

Yeah. Thanks, Adrian. And clearly, Charl and Richard will pick up the relevant portions. We're not anti-selling assets.

是的。謝謝，阿德里安。顯然，查爾和理查德會挑選相關部分。我們不是反出售資產。

In fact, our uranium strategy specifically includes considerations like that. I also want to say there's a limit to cost cutting. And I know you can always cut costs further, but at a point it does cause damage. I personally am a lot more upbeat about the restructuring flowing through in the right way, and 2025 will hopefully be a year where there's no negative impacts from restructuring and reorganization.

事實上，我們的鈾策略特別包括這樣的考量。我還想說，削減成本是有限制的。我知道你總是可以進一步削減成本，但在某種程度上它確實會造成傷害。我個人對重組以正確的方式進行更加樂觀，預計 2025 年將是重組和改組不會產生負面影響的一年。

And as Charl said, as long as commodity prices continue at this sort of level and let me also be clear that we do want to complete the balance that we refer to of the $600 million to $700 million of balance sheet strengthening which is non-debt and non-equity just to be clear.

正如查爾所說，只要大宗商品價格繼續保持在這種水平，我還要明確表示，我們確實希望完成我們提到的 6 億至 7 億美元資產負債表強化的平衡，這是非債務的需要明確的是，非股權。

Once that's in place and commodity prices remain roughly where they are together with the savings that we've already shared with you and that flowing through into 2025, I think we are well-positioned with the current projects. I'm not talking about new projects, but our current projects. And we will be prudent.

一旦落實到位，大宗商品價格大致保持在當前水平，再加上我們已經與您分享的節省費用以及持續到 2025 年的節省費用，我認為我們在當前項目中處於有利地位。我不是說新項目，而是我們目前的項目。我們會謹慎行事。

We are really very negatively disposed toward using equity. As I said earlier, we know the cost of that and it's not something that we're going to resort to and I don't think we have to resort to it, even over a two to three year period. So Adrian, we'll keep a balanced view, but I don't know that post the additional streaming and prepay that we're intending to do that we'll actually need to do anything more. Thanks.

我們對於使用股權確實非常消極。正如我之前所說，我們知道這樣做的成本，而且我們不會採取這種措施，而且我認為我們不必採取這種措施，即使在兩到三年的時間內。所以阿德里安，我們會保持平衡的觀點，但我不知道發布額外的串流媒體和預付費我們打算這樣做，我們實際上需要做更多的事情。謝謝。

Charl, will you go next and then Rich, you can follow Charl.

查爾，你接下來可以嗎？

Thanks, Adrian. So, Adrian, the retrenchment costs to be modelled I would say is in the order of about $12 million to $15 million dollars. That's by our own calculations the number. So not a big or massive outflow from a restructuring perspective.

謝謝，阿德里安。因此，阿德里安，我想說要建模的裁員成本約為 1200 萬至 1500 萬美元。這是我們自己計算的數字。因此，從重組的角度來看，這並不是大規模的資金外流。

On the stock buildup, I'll also take that question. So we had a furnace rebuilt at our PGM refineries, and that has resulted in us building up additional stock at the end of 2023. Clearly, we take a very keen eye on working capital, and we asked the team to work that through the process, and a lot of that came through in quarter one of this year.

關於庫存積累，我也會回答這個問題。因此，我們在 PGM 煉油廠重建了一座熔爐，這導致我們在 2023 年底增加了庫存。顯然，我們非常關注營運資金，我們要求團隊在整個過程中解決這個問題，其中許多工作在今年第一季就完成了。

And that's why you'll see a higher metal sold than a metal produced. But I would say we are now back to historical averages. So there's not a lot of metal that we can accelerate through the process. Thanks. Rich?

這就是為什麼您會看到金屬銷售高於產量。但我想說，我們現在回到了歷史平均。因此，我們可以加速這個過程的金屬並不多。謝謝。富有的？

Thanks very much. And yeah, hi, Adrian. Just in terms of the recycling I guess, the reason why we are possibly a little bit more bearish on the recycling I guess is three things. So firstly, we do think that recycling is impacted by margins.

非常感謝。是的，嗨，阿德里安。就回收而言，我想，我們可能對回收更加悲觀的原因是三件事。首先，我們確實認為回收受到利潤的影響。

We often hear recycling is a fixed margin business, so it's price inelastic, but at low prices even fixed margins become less money. A big part of recycling is obviously how you finance it, so it's working capital. So a combination of small markets and high financing costs where we're sitting at the moment definitely impacts on those businesses. And then the final one is spare capacity.

我們經常聽到回收是一項固定利潤業務，因此價格缺乏彈性，但在價格低廉的情況下，即使是固定利潤也會變得更少。顯然，回收的一個重要部分是融資方式，所以它是營運資金。因此，我們目前所處的小市場和高融資成本的結合肯定會對這些企業產生影響。最後一項是閒置產能。

So over the last four or five years we've seen a significant amount of spare capacity, processing capacity for recycled materials being built up during the high cycle. A lot of those facilities are running well below where they should be or designed to be, and that increases unit costs.

因此，在過去的四、五年裡，我們看到大量的閒置產能，以及在高週期期間建立的回收材料加工能力。其中許多設施的運作情況遠低於應有或設計的水平，這增加了單位成本。

So overall, the recycling market is currently under a lot of pressure, and we need to see that changing. I think importantly, what do we put into our models? So when we showed our sort of house view, what our model is based on is, we look at history, how much of the metal that went into automobiles ultimately finds its way back in terms of recycling.

所以總的來說，回收市場目前面臨很大的壓力，我們需要看到這種情況的改變。我認為重要的是，我們在模型中加入了什麼？因此，當我們展示我們的房屋視圖時，我們的模型所基於的是，我們回顧歷史，有多少進入汽車的金屬最終會被回收而回歸。

And when you look over an extended period of time, that number is actually pretty consistent over the last sort of decade or so. So it becomes quite a good benchmark to use going forward. Yep, you might get volatility in the short term, but overall that should be the metal we see coming back and that's what we've built into our models with some short-term pressure. So, Adrian, that's how we get to our numbers, thanks.

當你觀察很長一段時間時，這個數字實際上在過去十年左右的時間裡相當一致。因此，它成為未來使用的一個非常好的基準。是的，短期內可能會出現波動，但總體而言，這應該是我們看到的回歸金屬，這就是我們在模型中建立的具有一定短期壓力的金屬。所以，阿德里安，這就是我們得到數據的方法，謝謝。

Hope that helps.

希望有幫助。

Next caller from the lines, please.

請下一位撥打電話的人。

Thank you. Rene Hochreiter, Sieberana Research, NOAH Capital.

謝謝。Rene Hochreiter，Sieberana Research，諾亞資本。

Hi, everybody. Thanks for taking my question. Just two quick questions from me. How much did Chrome contribute to revenue at your SA PGM ops, just in percentage terms or in rand billions or whatever? And then in terms of the Keliber project, what long term lithium price are you using for the valuation of Keliber and is it giving you a decent IRR at current lithium prices?

大家好。感謝您提出我的問題。我只想問兩個簡單的問題。Chrome 為您的 SA PGM 營運部門的收入貢獻了多少（僅以百分比或以十億蘭特或其他形式計算）？然後就 Keliber 專案而言，您使用什麼長期鋰價格來對 Keliber 進行估值？

Thanks, Rene. And I'll ask Mika to go first just to comment on the assumptions regarding the lithium prices and then Charl or Richard if you can just pick up the Chrome question. Thanks Rene.

謝謝，雷內。我會請 Mika 首先對鋰價格的假設發表評論，然後請 Charl 或 Richard 來回答 Chrome 的問題。謝謝雷內。

Thank you very much for (technical difficulty) Thanks, Neal. We are actually not disclosing the prices we are using in our financial model, but I can assure you that our prices are very moderate, they are flat, and they have been there since the definitive feasibility study and we have kept them the same.

非常感謝（技術難度）謝謝，尼爾。實際上，我們並沒有透露我們在財務模型中使用的價格，但我可以向您保證，我們的價格非常適中，持平，並且自最終可行性研究以來一直存在，並且我們一直保持不變。

So we feel that we are quite safe actually against the forecast that we showed a bit earlier in this presentation, where we can clearly see that if you take whatever consensus forecast, you can see that they go right toward 30,000, reaching first 20,000 probably during the next five years.

因此，我們認為，實際上我們對本次演示中早些時候展示的預測是相當安全的，我們可以清楚地看到，如果您採用任何共識預測，您可以看到它們會直接向30,000 移動，可能在未來五年。

And against that picture, we are sure that we can keep our costs and breakeven levels well below those levels. So we are confident that we are on the right side of that. Thank you.

相對於這種情況，我們確信我們可以將成本和損益平衡水準保持在遠低於這些水準。所以我們有信心我們站在正確的一邊。謝謝。

Thanks very much, Rene. So Just on the Chrome side, for the half year, the revenue was about ZAR3 billion. So full year annualized closer to ZAR6 billion at current prices. That's about at the moment running at about 7% to 8% of the total revenue basket for the South African PGM operations.

非常感謝，雷內。僅就 Chrome 而言，半年的收入約為 30 億南非蘭特。因此，以當前價格計算，全年年化接近 60 億南非蘭特。目前，該收入約佔南非 PGM 業務總收入的 7% 至 8%。

So in that sort of ballpark and that's about 1.3 million tons that we see coming through there. So that is significant portion of the total revenue basket.

因此，在這個範圍內，我們看到大約有 130 萬噸通過那裡。因此，這是總收入籃子的很大一部分。

Thank you. Next caller please from the lines.

謝謝。下一位來電者請從線路接聽。

Thank you. Nkateko Mathonsi, Investec Bank.

謝謝。Nkateko Mathonsi，天達銀行。

Good afternoon. Thank you for taking my call. My first question is on Stillwater and the restructuring all-in sustaining cost of about $1000 to 2E. And I mean, I think Charl did say that at current prices or at current environment, you need higher prices to actually generate positive free cash out of that operation.

午安.感謝您接聽我的電話。我的第一個問題是關於斯蒂爾沃特和 2E 大約 1000 美元的重組總體維持成本。我的意思是，我認為查爾確實說過，在當前價格或當前環境下，你需要更高的價格才能真正從該業務中產生正的自由現金。

And then based on your supply demand numbers that you presented, maybe in the medium term, we do get those higher prices, but longer term as some of the commodities actually move into a balance and surplus, we may not have those higher prices.

然後根據您提供的供需數據，也許在中期，我們確實會得到更高的價格，但從長遠來看，隨著某些商品實際上進入平衡和過剩狀態，我們可能不會有更高的價格。

So my question is, and I think Neal talked about, said you consider the full closure of this operation. And my question is, why is the restructuring the most optimal solution versus a full closure when you consider the long-term headwind as far as a commodity like palladium is concerned?

所以我的問題是，我想尼爾談過，你考慮完全關閉這個操作。我的問題是，當考慮到像鈀這樣的大宗商品的長期阻力時，為什麼重組是最佳解決方案，而不是完全關閉？

And then my second question on the gold side of things, Burnstone, you put it on care and maintenance at these record prices. Why not closure or is the care and maintenance the first stage before you actually go for a full closure of that operation? And then also still on gold, seismicity seems to have increased quite a bit.

然後我關於黃金方面的第二個問題，伯恩斯通，你以創紀錄的價格對其進行保養和維護。為什麼不關閉或保養和維護是您真正完全關閉該操作之前的第一階段？然後還是黃金，地震活動似乎增加了不少。

Is it fair to say as far as the cost structure of your gold operation is concerned, you've made a step change on the cost curve as far as positioning is concerned? I'm going to leave it there and yeah.

就你們黃金業務的成本結構而言，就定位而言，你們已經在成本曲線上做出了一步改變，這樣說是否公平？我會把它留在那裡，是的。

OK. Thanks, Nkateko, and I'll try and just lead into the Stillwater and palladium question and then Charles come in afterwards. In terms of, these are not just commercial decisions. We employ people and there's a balance in our decision making looking after social impacts as well.

好的。謝謝，Nkateko，我會嘗試引入斯蒂爾沃特和鈀的問題，然後查爾斯進來。就而言，這些不僅僅是商業決策。我們僱用員工，並且在決策時保持平衡，同時考慮社會影響。

So it's not simple we close and we displace, in this case, 1,500 or 1,600 employees. That's not the sort of company we are. However, let me say we're also very commercial. And putting the operations on care and maintenance is actually a higher cost option.

因此，我們關閉並解僱 1,500 或 1,600 名員工並不簡單。我們不是這樣的公司。然而，我想說的是，我們也非常商業化。將營運放在維護和維護上實際上是一個成本更高的選擇。

You have a continuous negative cash flow with no possibility of recovering those costs. Now, your point, Nkateko, of in the longer term, current indications are that palladium will face headwinds, but if you look a little bit deeper into our market development strategy, there are lots of initiatives that are focused on the market development for palladium.

您的現金流持續為負，不可能收回這些成本。現在，Nkateko，您的觀點是，從長遠來看，目前的跡象表明鈀金將面臨逆風，但如果您更深入地研究我們的市場發展策略，就會發現有很多舉措專注於鈀金的市場開發。

But also, I would suggest that the reason we produce a 2E graph that shows what it shows is because of the almost the ability to substitute platinum with palladium. So yeah, we have a slightly different view of the market and the long term.

而且，我建議我們製作 2E 圖表來顯示其所顯示的內容的原因是因為幾乎可以用鈀取代鉑。所以，是的，我們對市場和長期的看法略有不同。

I just want to make a point on Burnstone as well. Burnstone is not a project that, well, let me say the reasons for what we're doing with Burnstone is to preserve capital now. And it's a good project. And when we have spare capital, we will certainly develop it.

我也想談談伯恩斯通的觀點。Burnstone 不是一個項目，好吧，讓我說，我們現在對 Burnstone 所做的事情的原因是為了保存資本。這是一個好項目。當我們有閒置資金時，我們一定會開發它。

And, Rich, you may want to say more when you answer the gold question. But let me just see if Charles, if you want to add anything to the decision-making around Stillwater, and then we can hand over to Richard to deal with gold as well.

而且，Rich，當你回答黃金問題時，你可能會想說更多。但讓我看看查爾斯是否想在斯蒂爾沃特周圍的決策中添加任何內容，然後我們也可以將黃金問題交給理查德處理。

Yeah, Neal, not much to add to what you said, which I think captures it all. But just to reinforce, we made lots of trade-off analyses and looked long and hard at the best outcomes. And I think the takeaway should be that this is a world-class ore body. The geology is exceptional, but it's not easy.

是的，尼爾，你所說的沒什麼好補充的，我認為你已經概括了一切。但為了強化這一點，我們進行了大量的權衡分析，並長期努力地尋找最佳結果。我認為重點應該是這是一個世界級的礦體。地質條件得天獨厚，但這並不容易。

It's very fickle. It's not a linear reef pattern. It requires quite an adept mining approach. And over the last couple of years, we've been working hard to improve efficiencies around that.

這是非常善變的。它不是線性的珊瑚礁圖案。它需要相當熟練的採礦方法。在過去的幾年裡，我們一直在努力提高這方面的效率。

Now, I think we're in the game of getting that right. And as we get that right, and we bring that cost structure down, and we bring the optimization up, you have a very levered option here, and you still have choice. Care and maintenance might remain for a while. It allows you to bring it back, it allows you to later on say, on balance, we have a long-term bearish outlook and therefore we make a choice.

現在，我認為我們正在努力做到這一點。當我們做對了，我們降低了成本結構，我們提高了優化，你在這裡有一個非常槓桿的選擇，你仍然有選擇。保養和維護可能會持續一段時間。它允許你把它帶回來，它允許你稍後說，總的來說，我們有長期看跌的前景，因此我們做出選擇。

We don't have that outlook by the way, and I think Neal's made that very clear, as has Richard. So you want to protect optionality here and you want to protect a world-class long life asset that in anyone's portfolio is a Tier 1 asset when optimized and when mined efficiently. So I think we have all of those choices on the plate. And we have a game plan for getting it right through next year.

順便說一句，我們沒有這樣的前景，我認為尼爾和理查德都已經說得很清楚了。因此，您希望保護這裡的選擇性，並且您希望保護世界級的長壽命資產，在優化和有效開採時，該資產在任何人的投資組合中都是一級資產。所以我認為我們有所有這些選擇。我們制定了一個計劃，以確保明年能夠順利完成這項任務。

And then we have a game plan that gives us optionality beyond that. Choices can be made either way as market circumstances dictate. Thank you.

然後我們有一個遊戲計劃，為我們提供除此之外的選擇。根據市場情況，可以採取任何一種選擇。謝謝。

Thanks very much. I think just maybe just to comment on Burnstone, I think, Neal said the crux of it. It's a project we like very much. It's a good project. A lot of the capital has been spent and it's really now about the ramp up. Yes, it's a high gold price environment now, but clearly that is still a project that needs to ramp up.

非常感謝。我想也許只是為了評論伯恩斯通，我想，尼爾說出了問題的癥結所在。這是我們非常喜歡的一個項目。這是一個好項目。大量資金已經投入，現在真正的重點是擴大規模。是的，現在是一個高金價環境，但顯然這仍然是一個需要加速的項目。

Those sort of profiles are obviously long-term decisions we make as opposed to where we think the gold price is going to be 6 to 12 months and it is about looking at the region as a whole. So we do look at the capital we've got, what can we turn off or slow down now that doesn't have a big impact on the rest of the business and turn back on again at the right time.

這些類型的概況顯然是我們做出的長期決策，而不是我們認為金價將持續 6 至 12 個月的情況，而且是從整個地區的角度來看待。因此，我們確實會考慮我們擁有的資本，現在我們可以關閉或放慢哪些不會對其他業務產生重大影響的內容，並在適當的時間再次打開。

So it's a combination of factors, but certainly Burnstone is not a project we would put into full closure given where it is and certainly the value of the project that we still see there. So that would be that reason I think just to add to Neal's comments. In terms of the gold costs, I think important to recognize obviously the gold operations we've got are very operationally geared and what I mean by that is it is a high fixed cost base. These are assets that originally were expected to close more than five years ago and we've still got 10 years' worth of reserves on it.

所以這是多種因素綜合作用的結果，但考慮到 Burnstone 的位置以及我們仍然看到的項目價值，我們肯定不會完全關閉 Burnstone 項目。所以這就是我想補充尼爾評論的原因。就黃金成本而言，我認為重要的是要認識到我們擁有的黃金業務顯然是非常適合運營的，我的意思是它是一個很高的固定成本基礎。這些資產最初預計在五年多前關閉，但我們仍然有 10 年的儲備。

But that means it needs to be carefully managed. And there are two ways to manage that. The one is obviously volume and output. And the other way is managing fixed costs, which is a lot of the restructuring we've done, predominantly through infrastructure and overheads.

但這意味著需要謹慎管理。有兩種方法可以解決這個問題。第一個顯然是數量和產量。另一種方法是管理固定成本，這是我們所做的大量重組，主要是透過基礎設施和管理費用。

So where do we see this business based on where we've got it right now? I think our outlook for a steady state in terms of the big three operations, Kloof, Beatrix and Driefontein, so I'm excluding DRD, is probably somewhere in the region of about 550,000 to 600,000 ounces per annum.

那麼，根據我們目前的情況，我們如何看待這項業務？我認為，就克盧夫(Kloof)、比阿特麗克斯(Beatrix) 和德里方丹(Driefontein) 三大業務而言，我們對穩定狀態的展望（因此我不包括DRD）可能約為每年550,000 至600,000 盎司。

That's where we see the current steady state. And that would be off a cost base of between ZAR1 million and ZAR1.1 million per kilogram at those sort of output levels. Today, Driefontein is operating there. Beatrix, we expect to see getting there toward the end of the current half. And then of course, as I mentioned, Kloof, we needed a bit of opening up to get that flexibility.

這就是我們看到當前穩定狀態的地方。在這樣的產量水準下，每公斤 100 萬蘭特至 110 萬蘭特的成本基礎。如今，Driefontein 在那裡運作。比阿特麗克斯，我們預計會在本半場結束時看到這一點。當然，正如我所提到的，克魯夫，我們需要一點開放才能獲得這種靈活性。

So if you translate that into a dollar per ounce number at those output levels, it's in the region of about $1,800 to $1,900 per ounce, which is roughly the cost structure we would see for these operations. Thanks.

因此，如果將其換算為這些產量水平下的每盎司美元數，則約為每盎司 1,800 至 1,900 美元，這大致是我們在這些業務中看到的成本結構。謝謝。

We're getting short of time now, so could we just take the last two calls on the line, please? First caller.

我們現在時間不夠了，所以我們可以接聽最後兩通電話嗎？第一個來電者。

Leroy Mnguni, HSBC.

勒羅伊·姆古尼，匯豐銀行。

Hi. Good afternoon, Neal, and team. I'd like to ask about the fixed costs in your US PGM business. So you've got a business that was by design, sort of designed to cater for 750,000 ounces to maybe a bit more and a much bigger recycling business as well compared to what it's delivering at the moment. You're now cutting that to about 250,000 in terms of the mining side.

你好。下午好，尼爾和團隊。我想詢問一下你們美國鉑族金屬業務的固定成本。因此，您的業務是經過設計的，旨在滿足 750,000 盎司的需求，與目前提供的業務相比，可能還要多一點，規模要大得多。現在，就採礦方面而言，您將其削減至約 250,000。

How are you ensuring that you can take out the fixed costs so that it doesn't drown your unit costs at your reduced production rate?

您如何確保可以消除固定成本，以免因生產力降低而淹沒單位成本？

Yeah. Thanks, Leroy, and a very good question which we apply all the time when we go through a restructuring, especially on the basis of reduced outputs. There's a very significant cost reduction based on taking out 800 employees.

是的。謝謝勒羅伊，這是一個非常好的問題，我們在進行重組時一直都會提出這個問題，特別是在產量減少的基礎上。減少 800 名員工可以大幅降低成本。

Some of those you may argue are variable because they are production people, but as Charles explained, simplifying the management structure to one GM across the entire operations effectively taking out a whole level addresses your question and certainly we can give you some more detail on that but it has been addressed.

您可能會認為其中一些人是可變的，因為他們是生產人員，但正如查爾斯解釋的那樣，將整個運營的管理結構簡化為一名總經理，有效地解決了您的問題，當然我們可以為您提供更多詳細資訊但這個問題已經解決。

Charles, do you want to add anything to that?

查爾斯，你想補充什麼嗎？

Yeah. I think, putting Stillwater West on care and maintenance had a significant fixed cost component because of the aged infrastructure and the travel times and the shaft setup and everything else. So that is a big swing on getting a lower operating cost structure for the rest of the business. And then the met obviously has a higher fixed cost component.

是的。我認為，由於基礎設施老化、行駛時間、豎井設置以及其他一切因素，對斯蒂爾沃特西部進行維護和保養會產生很大的固定成本。因此，這對於其他業務獲得更低的營運成本結構來說是一個巨大的轉變。然後，大都會顯然有更高的固定成本部分。

But the met also has flexibility. So we are currently running one furnace. We have two furnaces available. You can scale up or down and you have the backup furnace as needed.

但會議也有彈性。所以我們目前正在運行一台熔爐。我們有兩個熔爐可供使用。您可以擴大或縮小規模，並根據需要擁有備用爐。

But that gives you a residual fixed cost structure that really needs this kind of operating profile and that operating profile also protects your recycling profile. And we have some upside on that recycling volume as it currently sits at the met. So you've got to get the mix right and I think this plan that we put in on the table today does that. Obviously, as you get volumes up at the right times, your unit costs drop and your cash flow opens up significantly.

但這為您提供了真正需要這種營運概況的剩餘固定成本結構，而該營運概況還可以保護您的回收概況。目前大都會的回收量有一些優點。所以你必須正確地進行組合，我認為我們今天提出的這個計劃可以做到這一點。顯然，當你在正確的時間增加產量時，你的單位成本就會下降，你的現金流也會顯著增加。

But I think we're moving now to a place where we've made some very hard decisions on the organizational structure. And talent in the US is very expensive. So -- but for good reason, because we pay prevailing wages, we are well regulated.

但我認為我們現在正在對組織結構做出一些非常艱難的決定。美國的人才非常昂貴。所以——但有充分的理由，因為我們支付現行工資，所以我們受到良好的監管。

We have exceptional ESG, environmental, and other performance, which is very costly. So we're running the business now on a scale down basis that protects all of that, but that gives us optionality going forward. And I think the mix of the mining and the recycling and the grain recycling platform and the grain mix within the metals and the sourcing, etc., that's a very interesting business long term and that's the one we're protecting right now.

我們擁有卓越的 ESG、環境和其他績效，這是非常昂貴的。因此，我們現在正在縮小規模來經營業務，以保護所有這些，但這給了我們前進的選擇。我認為採礦和回收以及穀物回收平台的混合以及金屬和採購等中的穀物混合，從長遠來看這是一項非常有趣的業務，這也是我們現在正在保護的業務。

Thank you very much and I'm afraid we've run out of time. We do have details of the people who have sent other questions in. So we'll make sure that we respond to you by email most likely. So we will try and deal with all outstanding questions.

非常感謝，恐怕我們已經沒有時間了。我們確實有發送其他問題的人員的詳細資訊。因此，我們將確保最有可能透過電子郵件回覆您。因此，我們將嘗試解決所有懸而未決的問題。

Neal, if I can hand over to you for a last word please.

尼爾，請讓我給你說最後一句話。

Yeah. Thanks, James, and thank you, everybody, for attending and those that asked questions, I hope we answered them in a way that was understandable. And yeah, look, I think I want to say we've worked very hard. This has been a tough six months for us.

是的。謝謝詹姆斯，謝謝大家的出席和提出問題的人，我希望我們以可以理解的方式回答他們。是的，聽著，我想我想說我們已經非常努力了。這對我們來說是艱難的六個月。

We did commit to address our balance sheet, which I think is the issue that has caused the most concern more recently. And I dare say we've done a good job of doing that. And there's more in the pipeline, and I'm pretty confident we will close it out before the end of the year. In addition to that, what can go very badly wrong in a phase like this is the restructuring and the wheels coming off your operational engine room.

我們確實承諾解決我們的資產負債表問題，我認為這是最近引起最關注的問題。我敢說我們在這方面做得很好。還有更多正在醞釀中，我非常有信心我們將在今年年底之前完成它。除此之外，在這樣的階段可能會出現非常嚴重的錯誤，那就是重組和運作機房的輪子脫落。

And of course that just depletes the balance sheet in a much quicker way. I'm again very pleased with the regions in delivering the results they've delivered. Clearly there are some areas of disappointment. We're well aware of that, but I think if you look through those, there are lots of good results.

當然，這只會更快耗盡資產負債表。我再次對各地區的成果感到非常滿意。顯然，有些地方令人失望。我們很清楚這一點，但我認為如果你仔細研究這些，你會發現很多好的結果。

And if you understand and see the cost savings that are going to come through with the restructuring, you see a business that even in a low price environment is going to be essentially sustainable. So very pleasing achievements which I do believe will lead to the creation of value.

如果您了解並看到重組將帶來的成本節約，您會發現即使在低價環境下業務也基本上是可持續的。非常令人高興的成就，我相信這將帶來價值的創造。

In addition to that, I think we have a wonderful strategy, we're in the right metals at the right time and certainly in the ecosystems that we participate in, we are well supported. So this company is actually very well-positioned and I think we can look forward to a rerating now from the bottom.

除此之外，我認為我們有一個很棒的策略，我們在正確的時間擁有正確的金屬，當然在我們參與的生態系統中，我們得到了很好的支持。所以這家公司實際上處於非常有利的位置，我認為我們現在可以期待從底部重新評級。

So thank you again all for your time and we look forward to sharing our year-end results with you early next year. Thank you very much.

再次感謝大家抽出寶貴的時間，我們期待明年初與您分享我們的年終成果。非常感謝。