Southern Copper Corp (SCCO) 2023 Q3 法說會逐字稿

Good morning, and welcome to Southern Copper Corporation's Third Quarter 2023 Results Conference Call. With us this morning, we have Southern Copper Corporation, Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the company for the third quarter 2023. As well as answer any questions you may have.

早安，歡迎參加南方銅業公司 2023 年第三季業績電話會議。今天上午，南方銅業公司財務副總裁、財務主管兼財務長 Raul Jacob 先生將與我們一起討論該公司 2023 年第三季的業績。並回答您可能提出的任何問題。

The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions not to place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All results are expressed in full U.S. GAAP. Now I will pass the call on to Mr. Raul Jacob.

今天的電話會議討論的資訊可能包括有關公司業績和前景的前瞻性陳述，這些陳述存在風險和不確定性。實際結果可能存在重大差異，公司警告不要過度依賴這些前瞻性陳述。南方銅業公司不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。所有結果均以完整的美國公認會計原則表示。現在我將把電話轉給勞爾·雅各布先生。

Thank you very much, Carmen. Good morning, everyone, and welcome to Southern Copper's Third Quarter of 2023 Results Conference Call. Before we go into today's agenda, let me mention that on October 5 of this year, Southern Copper lost one of the pillars of our organization. Mr. Xavier Garcia de Quevedo Board member and Executive Vice President of Grupo Mexico passed away.

非常感謝你，卡門。大家早安，歡迎參加南方銅業 2023 年第三季業績電話會議。在進入今天的議程之前，我想提一下，今年 10 月 5 日，南方銅業失去了我們組織的支柱之一。墨西哥集團董事會成員兼執行副總裁 Xavier Garcia de Quevedo 先生去世。

Over a period of spanning 50 years Xavier, had steer the company with intelligence, sound judgment and hard work. He took great pleasure in shared knowledge, mentoring and developing talent. As well as supporting multiple generations of employees at our organization. We will miss him.

Xavier 在 50 年的時間裡，憑藉著智慧、正確的判斷力和勤奮工作領導了這家公司。他非常樂於分享知識、指導和培養人才。以及支持我們組織的多代員工。我們會想念他的。

At today's conference, I'm joined by Mr. Oscar Gonzalez Rocha, CEO of Southern Copper and Board member. As well as Mr. Leonardo Contreras, who is also a Board member. In today's call, we will begin with an update on our view of the copper market and then review Southern Copper's key results related to production, sales, operating costs, financial results, expansion projects and ESG.. After this, we will open the session for questions.

出席今天的會議的還有南方銅業公司執行長兼董事會成員 Oscar Gonzalez Rocha 先生。以及董事會成員 Leonardo Contreras 先生。在今天的電話會議中，我們將首先介紹我們對銅市場的最新看法，然後回顧南方銅業在生產、銷售、營運成本、財務業績、擴建項目和ESG 方面的主要業績。在此之後，我們將開始會議如有疑問。

Now let us focus on the copper market. In the first quarter of this year, the London Metal Exchange copper price increased 8% from an average of $3.51 per pound in the third quarter of last year, up to $2.79 this year. Even though this is a better price than what we had a year ago, we still see the market reflecting the uncertainty that involves basic metals due to a slow recovery of the Chinese economy, a recession in Europe and a soft landing or minor recession in the U.S.

現在讓我們關注銅市場。今年第一季度，倫敦金屬交易所銅價從去年第三季的平均每磅3.51美元上漲8%，今年上漲至2.79美元。儘管這個價格比一年前更好，但我們仍然看到市場反映了由於中國經濟緩慢復甦、歐洲衰退以及歐洲軟著陸或小幅衰退而涉及基本金屬的不確定性。我們。

At this point, we see the following factors affecting the copper market. The most relevant market intelligent houses for the copper market are now expecting a market in surplus of about 170,000 tons for this year. Even though copper inventories are still at a very low level, they have increased from 235,000 tons in June, up to 292,000 tons in September. This is a 24% increase. And what we're looking at is the some of the London Metal Exchange, the COMEX Exchange, Shanghai Exchange and the bonded warehouses in China.

至此，我們看到以下因素影響銅市場。銅市場最相關的市場專家目前預計今年市場過剩量約為17萬噸。儘管銅庫存仍處於非常低的水平，但已從6月的23.5萬噸增加至9月的29.2萬噸。這一增幅為 24%。我們關注的是倫敦金屬交易所、紐約商品交易所、上海交易所和中國的一些保稅倉庫。

On top of this, we are seeing stronger than expected U.S. dollar, which is reducing copper and other metal prices expressed in the (inaudible). It is important to emphasize that Copper plays a leading role in the global shift to clean energy, which correlates positively with our assertion that the underlying demand for copper, will be strong in the long term. In this scenario, we believe the current cycle of relatively low prices will be shortlist.

除此之外，我們看到美元強於預期，這正在降低銅和其他金屬的價格（聽不清楚）。需要強調的是，銅在全球向清潔能源轉型的過程中發揮著主導作用，這與我們關於銅的潛在需求從長遠來看將保持強勁的主張正相關。在這種情況下，我們認為當前週期的價格相對較低將入圍。

Now let's look at Southern Copper's production for the past quarter. Copper represented 75% of our sales in the third quarter of 2023. Copper production registered a decrease of 1.9% in the third quarter of this year in quarter-on-quarter terms to stand at 226,120 tons. Our quarterly result reflects a 2.1% decrease in production in Peru, driven by our Cuajone mine, which reported lower ore grades. This was partially offset by higher production at Toquepala due to better ore grade.

現在讓我們來看看南方銅業上一季的產量。 2023年第三季度，銅占我們銷售額的75%。今年第三季度，銅產量較上季下降1.9%，至226,120噸。我們的季度業績反映了秘魯產量下降 2.1%，原因是我們的 Cuajone 礦場報告礦石品位較低。由於礦石品位提高，托克帕拉產量增加，部分抵消了這種影響。

Production at our Mexican operations decreased 1.8% in a quarter-to-quarter terms, mainly due to lower production at our Buenavista mine. Compared to the second quarter of this year, copper production slightly decreased 0.6%, which was mainly attributable to a reduction in production at the Cuajone and Buenavista mines.

我們墨西哥業務的產量環比下降 1.8%，主要是由於布埃納維斯塔礦產量下降。與今年第二季相比，銅產量小幅下降0.6%，主要是由於Cuajone和Buenavista礦的產量減少。

For this year 2023, we expect to produce 917,000 tons -- 700 tons of copper, an increase of 2.6% over the 2022's final price. For molybdenum, it represented 40% of the company's sales value in the third quarter of this year and is currently our first by-product.

2023年，我們預計銅產量為91.7萬噸——700噸，比2022年最終價格增加2.6%。就鉬而言，它占公司今年第三季銷售額的 40%，目前是我們的第一個副產品。

Molybdenum prices averaged $23.59 per pound in the quarter compared to $16 in the third quarter of 2022. This represents an increase of 47.4% in the molybdenum price. Molybdenum production increased also by 12.6% in the third quarter of 2023. This was mainly driven by an increase in production at La Caridad, Toquepala and Buenavista mines due to higher ore grades, and these results were partially offset by lower production at the Cuajone mine.

本季鉬平均價格為每磅 23.59 美元，而 2022 年第三季為 16 美元。這意味著鉬價格上漲了 47.4%。 2023 年第三季鉬產量也增加了 12.6%。這主要是由於礦石品位較高導致 La Caridad、Toquepala 和 Buenavista 礦產量增加，而這些結果被 Cuajone 礦產量下降部分抵消。

For 2023, we expect to produce 25,900 tons of molybdenum. For the short term, we believe molybdenum prices will have good support due to a market deficit and higher demand coming from the aerospace and defense industries. Silver represented 4% of our sales value in the third quarter of 2023, with an average price of $23.60 per ounce in the quarter. This reflected an increase of 23.5% compared to the third quarter of 2022. Silver is currently our second by-product.

2023年，我們預計鉬產量為25,900噸。短期內，我們認為由於市場短缺以及航空航太和國防工業的需求增加，鉬價將受到良好支撐。白銀佔 2023 年第三季銷售額的 4%，該季度平均價格為每盎司 23.60 美元。與 2022 年第三季相比成長了 23.5%。白銀目前是我們的第二副產品。

Mined silver production decreased 10% in the third quarter, versus the same period of 2022, after production decreased at our operations with the sole exception of the Toquepala mine. Refined silver production fell by 11.4% quarter-over-quarter, which was mainly driven by a drop in production at our IMMSA refinery.

與 2022 年同期相比，第三季礦產白銀產量下降了 10%，原因是我們的業務產量下降（托克帕拉礦除外）。精煉銀產量環比下降 11.4%，這主要是由於我們的 IMMSA 精煉廠產量下降所致。

For commercial and operational reasons, the lead concentrate is now being sold to the market as concentrate instead of being processed in the refinery. In 2023, we expect to produce 19.3 million ounces of silver, an increase of 4% compared to 2022. Zinc represented 3% of our sales value in the third quarter of 2023, with an average price of $1.10 per pound in the quarter. This represents a 26% decrease with regard to the third quarter of 2022 figure.

出於商業和營運原因，鉛精礦現在作為精礦出售給市場，而不是在精煉廠進行加工。 2023 年，我們預計白銀產量為 1,930 萬盎司，比 2022 年成長 4%。鋅佔 2023 年第三季我們銷售額的 3%，該季度平均價格為每磅 1.10 美元。這比 2022 年第三季的數字下降了 26%。

Zinc mine production increased 9.4% quarter-on-quarter and total 16,281 tons. This was driven primarily by an increase in production at the Santa Barbara and Charcas mines. Which was partially offset by lower production at the San Martin mine. Refined zinc production decreased by 12% in the third quarter compared to the same period of 2022.

鋅礦產量較上季成長9.4%，總計16,281噸。這主要是由於聖塔芭芭拉和查卡斯礦山產量增加所致。聖馬丁礦產量下降部分抵消了這一影響。第三季精煉鋅產量較2022年同期下降12%。

For the year 2023, we expect to produce 64,200 tons of zinc, which represents an increase of 7% over our 2022 production levels. For our financial results, in the third quarter of 2023, sales were $2.5 billion. This is $348 million higher than sales for the third quarter of 2022, which is a 16% increase in sales.

2023 年，我們預計鋅產量為 64,200 噸，比 2022 年產量水準增加 7%。就我們的財務表現而言，2023 年第三季的銷售額為 25 億美元。這比 2022 年第三季的銷售額高出 3.48 億美元，增幅為 16%。

Copper sales volume decreased by 4.5%, while value increased 16% in a scenario of better prices for this metal. Regarding our main by-products, we had higher sales of molybdenum, that increased by 61% in the molybdenum sales, and this was due to a combination of better prices and higher volume. Silver sales increased 19% due mainly to better prices. On zinc, we had lower sales by 31%, mainly due to lower prices and volumes.

銅銷量下降 4.5%，而在銅價格上漲的情況下，價值則成長 16%。就我們的主要副產品而言，我們的鉬銷量較高，鉬銷量成長了 61%，這是由於價格更好和銷量增加所致。白銀銷量成長 19%，主要是因為價格上漲。在鋅方面，我們的銷售額下降了 31%，主要是因為價格和銷量下降。

Our total operating cost and expenses increased by $67 million or 5%, when compared to the third quarter of 2022. The main cost increases has been in repair materials, workers' participation, depreciation, sales expenses, operations contractors and other factors. These cost increases were partially compensated by lower energy costs and lower inventory consumption.

與 2022 年第三季相比，我們的總營運成本和費用增加了 6,700 萬美元，即 5%。主要成本增加來自維修材料、工人參與、折舊、銷售費用、營運承包商和其他因素。這些成本的增加部分被較低的能源成本和較低的庫存消耗所補償。

The third quarter of 2023 adjusted EBITDA was $1,291 million, which represented an increase of 27% with regard to the $1,018 million registered in the third quarter of last year. The adjusted EBITDA margin in the third quarter stood at 52% versus 47% in the same period of 2022. Adjusted EBITDA for the 9 months was $3,974 million. This is 7% higher than what we had in 2022 for the 9 months. The adjusted EBITDA margin in the 9 months of 2023 stood at 52%, which compares with 51% in the same period of 2022.

2023 年第三季調整後 EBITDA 為 12.91 億美元，較去年第三季的 10.18 億美元成長 27%。第三季調整後 EBITDA 利潤率為 52%，而 2022 年同期為 47%。前 9 個月調整後 EBITDA 為 39.74 億美元。這比 2022 年 9 個月的情況高出 7%。 2023 年 9 個月調整後 EBITDA 利潤率為 52%，而 2022 年同期為 51%。

Southern Copper operating cash cost, including the benefit of by-product credits, was $0.98 per pound in the third quarter of 2023. This cash cost was $0.14 lower than the cash cost of $1.12, that we had in the second quarter of this year. Operating cash cost per pound of copper before by-product credits was $2.24 per pound in the third quarter of this year. That is $0.05 higher than the value for the second quarter of 2023, which was a $2.19. This 3% increase in operating cash cost before credits is a result of higher cost per pound from production and administrative expenses and administrative expenses, these 2 increases in costs were partially compensated by lower treatment and refining charges and higher premiums.

2023 年第三季度，南方銅業的營運現金成本（包括副產品信貸的收益）為每磅 0.98 美元。這筆現金成本比今年第二季度的現金成本 1.12 美元低了 0.14 美元。今年第三季度，扣除副產品抵免前，每磅銅的營運現金成本為每磅 2.24 美元。這比 2023 年第二季的 2.19 美元高出 0.05 美元。信貸前營運現金成本增加 3% 是由於生產和管理費用以及行政費用的每磅成本增加，這兩項成本的增加部分被較低的處理和精煉費用以及較高的保費所補償。

Regarding by-products, we had a total credit of $604 million or $1.26 per pound in the third quarter of this year. These figures represent an 18% per pound increase in by-product credits, in compared to the credit that we have in 2022, which was $517 million in total credit or $1.07 per pound. That's for the second quarter of 2023.

關於副產品，今年第三季我們的信貸總額為 6.04 億美元，即每磅 1.26 美元。這些數字表明，與 2022 年的信貸總額 5.17 億美元或每磅 1.07 美元相比，每磅副產品信貸增加了 18%。這是 2023 年第二季的情況。

Total credits have increased for molybdenum, zinc and sulfuric acid and decreased for silver. For net income, net income in the third quarter of this year was $619.5 million, which represented a 19.4% increase, with regard to the $519 million registered in the third quarter of 2022.

鉬、鋅和硫酸的總積分增加，而銀的總積分則減少。淨利方面，今年第三季淨利為 6.195 億美元，較 2022 年第三季的 5.19 億美元成長 19.4%。

The net income margin was in the third quarter of this year, 24.7%, versus 24.1% in the third quarter of -- in the same period of 2022. These improvements were mainly driven by an increase in sales. Cash flow from operating activities in the 9 months of this year was $3,032 million, which represented an increase of 76% over the $1,720 million post in the 9 months of 2022.

今年第三季淨利潤率為 24.7%，而 2022 年第三季淨利潤率為 24.1%。這些改善主要是由銷售額成長推動的。今年前 9 個月的營運活動現金流為 30.32 億美元，比 2022 年前 9 個月的 17.2 億美元成長 76%。

For capital expenditures, our current capital investment program for this decade exceeds $15 billion and includes investments in the Buenavista Zinc, Pilares, El Pilar and El Arco projects in Mexico and in the Tia Maria, Los Chancas and Michiquillay projects in Peru. This capital forecast includes several infrastructure investments, including key investments to bolster the competitiveness of the El Arco Project.

對於資本支出，我們目前十年的資本投資計劃超過 150 億美元，包括對墨西哥的 Buenavista Zinc、Pilares、El Pilar 和 El Arco 項目以及秘魯的 Tia Maria、Los Chancas 和 Michiquillay 項目的投資。此資本預測包括多項基礎設施投資，其中包括用於增強 El Arco 專案競爭力的關鍵投資。

In the 9 months of the year, we spent $753 million on capital investments, which represent a 38% of net income and reflect a 14.5% uptick in capital expenses year-on-year. Since there is a short description of our main capital projects in SEC's press release, I'm going to update new developments for each.

今年前 9 個月，我們的資本投資支出為 7.53 億美元，佔淨利的 38%，反映出資本支出年增 14.5%。由於 SEC 的新聞稿中對我們的主要資本項目進行了簡短描述，因此我將更新每個項目的新進度。

For the Buenavista Zinc concentrator in Sonora, the capital budget for this project is $413 million, most of which has already been invested. Progress is 99%, and we have initiated the commissioning process. Ramping up of the plant, initially scheduled to conclude in this quarter has been pushed back to the first quarter of 2024. Given that the concentrator require some technical adjustments.

索諾拉州布埃納維斯塔鋅選礦廠的資本預算為4.13億美元，其中大部分已經投入。進度為 99%，我們已啟動調試流程。該廠的擴產工作原定於本季完成，現已推遲至 2024 年第一季。鑑於選礦廠需要進行一些技術調整。

For the Pilares project in Sonora, this is a project that has a value for value and $176 million, of which $144 million has been invested. Pilares is currently operating and delivering copper ore to the Caridad concentrator. We will report on Pilares one more time at the closing of 2023. And after that, we will remove it from the list of ongoing projects of the company. For the El Pilar project in Sonora, we are having already the results from experimental paths in the leaching process, that have confirmed adequate levels of copper recovery. And we're evaluating different options to improve the same. Basic engineering study has been completed and the company is engaging in project developing and on-site environmental activities.

對於索諾拉州的皮拉雷斯計畫來說，這是一個物超所值的項目，價值1.76億美元，其中已投資1.44億美元。 Pilares 目前正在運作並向 Caridad 選礦廠運送銅礦石。我們將在 2023 年底再次報告 Pilares。之後，我們會將其從公司正在進行的項目清單中刪除。對於索諾拉州的 El Pilar 項目，我們已經獲得了浸出過程中實驗路徑的結果，這些結果證實了銅的回收率達到了足夠的水平。我們正在評估不同的選項來改進相同的內容。基礎工程研究已經完成，公司正在從事專案開發和現場環保活動。

Project Engineering is being developed by an external engineering and technology company. Mine life of Buenavista is estimated at 13 years. For El Arco, the company has completed the environmental baseline study for the mine concentrator and after facilities and will proceed to submit the environmental impact statement in Spanish manifestation the impact on the (inaudible) to the Secretary of Environment and Natural Resources, SEMARNAT.

專案工程由外部工程和技術公司開發。 Buenavista 的礦場壽命估計為 13 年。對於El Arco，該公司已經完成了選礦廠和後續設施的環境基線研究，並將繼續向環境和自然資源部長SEMARNAT 提交西班牙語環境影響報告，顯示對（聽不清楚）的影響。

This respective environmental impact permit. The company is currently preparing studies for the port, power line, town site and auxiliary services. For the Peruvian project, we have the Tia Maria project in the Arequipa region in Peru. This is a greenfield project located in Arequipa, Peru, that will use a state-of-the-art SX-EW technology with the highest international environmental standards to produce 120,000 tons of SX-EW copper cathodes per year.

該相應的環境影響許可證。該公司目前正在準備港口、電力線、城鎮站點和輔助服務的研究。對於秘魯項目，我們在秘魯阿雷基帕地區有Tia Maria項目。這是位於秘魯阿雷基帕的綠地項目，將採用具有國際最高環保標準的最先進的SX-EW技術，每年生產12萬噸SX-EW陰極銅。

The estimated capital budget for this project is $1.4 billion. It's important to mention that the company is ready to undertake this project. We have national -- the resources as well as all the engineering ready to go for Tia Maria. Southern Copper has been consistently working to promote the welfare of the population of Islay province. As part of these efforts, we have implemented successful social programs in education, healthcare and productive development to improve the quality of life in the region.

該項目的預計資本預算為 14 億美元。值得一提的是，該公司已準備好承擔該專案。我們擁有國家資源以及所有工程技術，可以為蒂亞瑪麗亞做好準備。南方銅業一直致力於促進艾雷島省人民的福祉。作為這些努力的一部分，我們在教育、醫療保健和生產發展方面實施了成功的社會計劃，以改善該地區的生活品質。

We have also promoted agricultural and livestock activities in the Tambo Valley and supported growth in manufacturing, fishing and tourism in Islay. For Los Chancas in the Apurimac region of Peru, as of September 30 of this year, the company has held talks with representatives of the (inaudible) community, but require -- part of the land required for the project. Simultaneously, we continue to work with the Peruvian authorities to eliminate illegal mining activities at our concession. SEC will initiate hydrogeological and geotechnical studies soon, to gather additional information on the characteristics of the Los Chancas deposit.

我們也促進了坦博谷的農業和畜牧業活動，並支持艾雷島製造業、漁業和旅遊業的成長。對於秘魯阿普里馬克地區的Los Chancas，截至今年9月30日，該公司已與（聽不清楚）社區代表進行了會談，但要求——該項目所需的部分土地。同時，我們繼續與秘魯當局合作，消除我們特許權內的非法採礦活動。 SEC 將很快啟動水文地質和岩土工程研究，以收集有關 Los Chancas 礦床特徵的更多資訊。

The Michiquillay project in the Cajamarca region of Peru in 2023 in accordance with our social agreements with the Michiquillay [can [community, the company has hired unskilled labor and is paying for the use of surface land. We're also supporting social programs in both communities. Simultaneously, exploration activities are underway.

根據我們與 Michiquillay [can [社區的社會協議]，2023 年在秘魯卡哈馬卡地區的 Michiquillay 項目，公司已僱用非熟練勞動力並支付地表使用費。我們也支持這兩個社區的社會計畫。同時，勘探活動正在進行中。

As of September of this year, we have drilled 46,500 meters and obtained 14,282 core samples, which are currently under evaluation. Regarding environmental, social and corporate governance practices, ESG as it is known, while building drinking water infrastructure to remedy shortages in Cananea and Nacozari communities in Sonora in Mexico.

截至今年9月，我們已鑽探46500米，取得岩心樣本14282個，目前正在評估中。在環境、社會和公司治理實踐方面，即眾所周知的 ESG，同時建立飲用水基礎設施，以解決墨西哥索諾拉州 Cananea 和 Nacozari 社區的水資源短缺。

Approximately 75,000 residents will benefit from these initiatives. This effort is aligned with our policies and commitments for sustainable development and is part of the $77 million, that we have invested in Mexico and Peru over the last 5 years.

大約 75,000 名居民將從這些措施中受益。這項努力符合我們對永續發展的政策和承諾，並且是我們過去 5 年在墨西哥和秘魯投資的 7,700 萬美元的一部分。

We're doing some innovation in the use and efficiency of water. We are currently recovering about 6,000 cubic meters of water per day, through the new tailings filtering plant in Quebrada Honda in Peru. This is equivalent to 0.6 cubic meters of water per tonne of tailings. With a design capacity of 10,000 tonnes per day and an investment to date of $27 million, this dam filter is the largest tailings processing unit of its kind in the market.

我們正在水的利用和效率方面進行一些創新。目前，我們透過位於秘魯克布拉達宏達的新尾礦過濾廠每天回收約 6,000 立方公尺的水。這相當於每噸尾礦消耗 0.6 立方公尺的水。該水壩過濾器的設計能力為每天 10,000 噸，迄今投資額為 2,700 萬美元，是市場上同類中最大的尾礦處理裝置。

We're continuing with focus on prevention and risk management. In September of this year, our Buenavista Recovery Unit in Sonora received a safe and healthy work environment recognition from the Mexican government, after successfully passing an audit conducted by the Mexican Social Security Institute.

我們將繼續關注預防和風險管理。今年9月，我們位於索諾拉州的布埃納維斯塔康復中心在成功通過墨西哥社會保障研究所的審查後，獲得了墨西哥政府的安全健康工作環境認可。

All of our other Mexican units also hold this recognition, which is awarded to companies that implement effective strategies and preventive actions for operational health and safety. We continue to make progress with our critical risk registry and the performance levels of the controls in place to prevent or mitigate undesirable events have improved.

我們所有其他墨西哥單位也獲得了這項認可，該獎項授予那些為營運健康和安全實施有效策略和預防措施的公司。我們在關鍵風險登記方面繼續取得進展，並且預防或減輕不良事件的控制措施的性能水平也得到了提高。

To receive this, we have involved the head of each operating unit in the process, to establish and continuously monitor controls. All results are reported to managing executives on a monthly basis to facilitate supervision and subsequent monitoring by the Board of Directors.

為此，我們讓每個營運單位的負責人參與流程中，以建立並持續監控控制措施。所有結果每月向管理人員報告一次，以便於董事會的監督和後續監控。

Innovation in climate change mitigation. In September of this year also, Southern Peru received the 2023 National Mining Award in the mining economy category, within the framework of PERUMIN 36 Mining Convention held in the Arequipa region in Peru. The winning study, integration scenarios of renewable electricity generation systems in the mining sector of Peru by 2050, prepared by engineered Rolando Jesús Claros from the Power Systems area of Southern Peru proposes the use of clean and renewable energy sources as part of the global energy transition process.

減緩氣候變遷的創新。今年 9 月，在秘魯阿雷基帕地區舉行的 PERUMIN 36 礦業大會框架內，秘魯南部獲得了礦業經濟類別的 2023 年國家礦業獎。獲獎研究《到 2050 年秘魯採礦業可再生發電系統整合方案》由秘魯南部電力系統領域的工程師 Rolando Jesús Claros 編寫，提出使用清潔和可再生能源作為全球能源轉型的一部分過程。

Southern Copper aims to achieve net 0 emissions by 2050. For disclosure, transparency and accountability, to provide more clarity regarding Southern Copper's performance on ESG issues, we have published a supplement to the 2022 Sustainable Development Report and have also incorporated new topics on our Sustainable Development page to address biodiversity, our people, human rights and supply chain.

南方銅業的目標是到2050 年實現淨零排放。為了揭露、透明和問責，為了更清楚地了解南方銅業在ESG 議題上的表現，我們發布了2022 年永續發展報告的補充，並納入了關於永續發展的新主題解決生物多樣性、我們的人民、人權和供應鏈問題的開發頁面。

At the behest of our investors, we have expand our responses to the CVP questionnaires to include the forest questioner. This information components responses to our climate change and water security questioners that has been available, since 2016 and 2022 respectively.

應投資者的要求，我們擴大了對 CVP 問卷的答案範圍，並將森林提問者納入。這些資訊分別是自 2016 年和 2022 年以來對氣候變遷和水安全問題的回應。

From [last to me] a journey of environmental restoration. Year-to-date, we have reinforced 3x the area impact in the same period. We have restored 1,388 hectares, we planted versus 424 hectares impacted. Additionally, we have implemented the works to retain 10,722 tons of soil that will have otherwise been lost to erosion in the state of Sonora in Mexico.

從[最後對我來說]環境修復之旅。今年迄今為止，我們已加強了同期面積影響的三倍。我們已恢復種植了 1,388 公頃土地，而受影響面積為 424 公頃。此外，我們還實施了保留墨西哥索諾拉州 10,722 噸土壤的工程，否則這些土壤將因侵蝕而流失。

These actions are between the framework of our strategy to achieve zero net deforestation and generate a net positive impact on biodiversity, particularly in areas close to our operations. In having terms of the communities near our operations are highly active in future programs we offer. Thus far this year, we have recorded 170,000 participations in these programs, which is a 7% increase from the previous year.

這些行動屬於我們實現零淨森林砍伐並對生物多樣性產生淨正面影響的策略框架，特別是在我們業務附近的地區。就我們經營附近的社區而言，我們未來提供的計劃非常活躍。今年到目前為止，我們已經記錄了 17 萬人次參與這些計劃，比去年增加了 7%。

One of our most noteworthy efforts, the Youth Orchestra and Choirs program recently celebrated its fifth year and is now presenting in 11 communities with 1,596 students in Mexico and Peru. To date, 8 out of 10 of our alumni pursue a bachelor's degree with 2% choosing music as their lifestyle.

我們最值得關注的努力之一是青年管弦樂團和合唱團計畫最近慶祝了其第五個年頭，目前正在墨西哥和秘魯的 11 個社區與 1,596 名學生進行演出。迄今為止，十分之八的校友正在攻讀學士學位，其中 2% 選擇音樂作為他們的生活方式。

Changing subjects, regarding dividends, as you know, it is the company policy to review our cash position, expected cash flow generation from operations, capital investment plans and other financial needs in each Board meeting to determine the appropriate quarterly dividend. Accordingly, as announced to the market on October 19, the Board of Directors authorized a cash dividend of $1 per share of common stock, which will be payable on November 22 to shareholders of record at the close of business on November 8 of this year.

換個主題，關於股息，如您所知，公司政策是在每次董事會會議上審查我們的現金狀況、營運產生的預期現金流、資本投資計劃和其他財務需求，以確定適當的季度股息。因此，正如 10 月 19 日向市場宣布的那樣，董事會授權每股普通股 1 美元的現金股息，將於 11 月 22 日向今年 11 月 8 日收盤時在冊的股東支付。

Ladies and gentlemen, with these comments, we would like to end our presentation today. Thank you very much for joining us. And we would like now to open up the forum for questions.

女士們、先生們，我們以這些評論來結束今天的演講。非常感謝您加入我們。我們現在想開放提問論壇。

(Operator Instructions) And it's coming from the line of Gabriel Simoes with Godman Sachs.

（操作員說明）它來自 Gabriel Simoes 和 Godman Sachs 的血統。

I have 2 questions here. The first one is about capital allocation, right? So El Pilar was postponed a bit basically because of the new regulatory process, that you have to go through to get approved in Mexico. And some issues, we've seen some issues with the other projects advancing in the near term. So we're at the point that El Pilar is the last Board approved project.

我這裡有兩個問題。第一個是關於資本配置，對嗎？因此，El Pilar 被推遲了一點，主要是因為新的監管程序，您必須通過該程序才能在墨西哥獲得批准。對於一些問題，我們已經看到了短期內推進的其他專案的一些問題。因此，El Pilar 是董事會批准的最後一個項目。

So I just wanted to have an idea of what we should expect in terms in CapEx, and the capital allocation for the coming years? And when we should see new projects being taken to the Board given the advancements that you guys are making on the other projects that you have on the pipeline? And in the meantime, if you have any thoughts that you could share on dividend distribution, thinking about the future distributions. So that's the first question.

所以我只是想知道我們在資本支出方面應該期待什麼，以及未來幾年的資本配置？鑑於你們在其他項目上的進展，我們什麼時候應該看到新項目被提交給董事會？同時，如果您對股息分配有任何想法可以分享，請考慮未來的分配。這是第一個問題。

And then the second question here is about the costs in the mining division here for the company. So in the beginning of the year, if I'm not mistaken, we were in at $1.9 per pound, before by-product for the cost and we're running at a much higher level. So we just wanted to understand what was the main change this year versus the beginning of the year that would explain this difference and the fact that we're running at higher levels. I mean, how should we think about the cost for the fourth quarter and for 2024 and the main drivers for this in your opinion?

第二個問題是關於公司採礦部門的成本。所以在今年年初，如果我沒記錯的話，我們的價格是每磅 1.9 美元（扣除成本副產品之後），而且我們的運行水平要高得多。因此，我們只是想了解今年與年初相比的主要變化是什麼，這可以解釋這種差異以及我們運行在更高水平的事實。我的意思是，我們應該如何考慮第四季度和 2024 年的成本以及您認為的主要驅動因素？

Yes. Thank you for your question, Gabriel. Actually, you said 2 questions, but they are at least 4, but I'm glad that you made them.

是的。謝謝你的提問，加布里埃爾。實際上，你說了2個問題，但至少是4個問題，但我很高興你提出了它們。

Sorry about that.

對於那個很抱歉。

No, no, no problem at all. On capital allocation, well, we are working -- we're still doing some engineering work for (inaudible) some tests. We want to be sure on the recovery. And actually, what we would like to get is even an improvement of the current recovery rates that were -- that we have in the history, just to improve its profitability for the future. This is the time where you need to do this test, not when you have the whole facility design and already built.

不，不，完全沒問題。在資本配置方面，我們正在努力——我們仍在為（聽不清楚）一些測試做一些工程工作。我們希望確定復甦情況。實際上，我們甚至希望提高目前的回收率，這是我們歷史上的回收率，只是為了提高未來的獲利能力。這是您需要進行此測試的時間，而不是當您擁有整個設施設計並已經建成時。

On the other projects, basically, we will be informing to the market, as we undertake the different project that are in our pipeline. We can give you with a forecast of our CapEx, considering the development of the projects that I comment a few minutes ago, and I'll do that now.

對於其他項目，基本上，我們將在進行正在進行的不同項目時向市場通報情況。考慮到我幾分鐘前評論的項目的開發情況，我們可以為您提供資本支出預測，我現在就這樣做。

For this year, we're expecting to finish the year at about $1 billion in capital expenditures. For 2024, number will be $1.3 billion, for 2025 $1.7 billion, 2026, $2.1 billion and 2027 to $2.6 billion. Dividends, it's always up to the Board. The Board approved a dividend of $1 per share for the last quarter. And if you look at our track record, it's quite clear that the company will not hold cash. That has been our record, and we expect that to be the case for the future as well.

今年，我們預計全年資本支出約為 10 億美元。 2024 年，這一數字將為 13 億美元，2025 年為 17 億美元，2026 年為 21 億美元，2027 年為 26 億美元。股息，始終由董事會決定。董事會批准上一季每股 1 美元的股息。如果你看看我們的往績記錄，很明顯該公司不會持有現金。這是我們的記錄，我們預計未來也將如此。

Cash cost, we have some expenditures that were not considered in terms of our operating cost, and let me comment on that. As you may know, the Mexican exchange rate appreciated through the year, that impact our peso-denominated cost in the Peruvian case, we had no significant variance in the exchange rates. So we didn't have that much of an effect on that.

現金成本，我們有一些支出沒有考慮到我們的營運成本，讓我對此發表評論。如您所知，墨西哥匯率全年升值，這影響了我們以秘魯比索計價的成本，但匯率沒有顯著差異。所以我們對此並沒有產生太大的影響。

For for some costs, we are seeing now the reflect of inventory consumption. And a practical example is what has happened with the tariffs for mining trucks. When we have the beginning of the war or the invasion to be more proper of Russia to Ukraine, we have the right away an increase in fuel and some other materials like ammonia that was used for explosives. But certain costs, such as the one for tires were not impacted because we were consuming our stocks.

對於某些成本，我們現在看到的是庫存消耗的反映。一個實際的例子是礦用卡車關稅的變化。當戰爭開始或俄羅斯入侵烏克蘭時，我們會立即增加燃料和其他一些材料，例如用於炸藥的氨。但某些成本，例如輪胎成本，並未受到影響，因為我們正在消耗庫存。

Now we're replenishing the stocks for some of these materials, and that is somehow affecting our cash cost per pound, even though we are producing a little bit more copper than next year. But as I'm saying that, we're also seeing some reductions in some costs, particularly in 3 items. Fuel, where we have a small slight variance, explosive also some reductions in costs as well as still -- and what we are also doing is catching up in certain maintenance expenditures, that we could make in the -- through the COVID years and later on last year.

現在我們正在補充其中一些材料的庫存，這在某種程度上影響了我們每磅的現金成本，儘管我們生產的銅比明年多一點。但正如我所說，我們也看到一些成本下降，特別是在 3 個項目上。燃料方面，我們有一個微小的差異，爆炸性的成本也有一些降低，而且我們還在做的是趕上某些維護支出，我們可以在新冠疫情期間和以後的時間裡進行這些支出去年。

Regarding what we are expecting for cash cost for -- for this year, we believe we could close at about the level that we are now, we're slightly better because we will have a little bit more production in the fourth quarter. For 2024, about $1, very close to where we are now. And then it depends on how the new projects are kicking in into our production profile for the next few years.

關於我們今年的現金成本預期，我們相信我們可以接近現在的水平，我們的情況稍好一些，因為我們第四季的產量會增加一些。 2024 年，約為 1 美元，非常接近我們現在的水平。然後這取決於新項目如何融入我們未來幾年的生產概況。

That's very clear. I just wanted to do a follow-up basically on the cash cost. I just wanted to understand the -- if you have a guidance for the 4 byproduct costs as well. That would be helpful.

這非常清楚。我只是想對現金成本進行跟進。我只是想了解 - 如果您也有 4 種副產品成本的指導。那會有幫助的。

At above we are now in the last quarter. In the last quarter, it was $2.24 per pound. We believe it could be lower than that for the next few quarters. But for now, it will be a little bit more of $2.20.

如上所述，我們現在處於最後一個季度。上個季度，價格為每磅 2.24 美元。我們相信這一數字可能會低於未來幾季的水平。但目前，價格會稍高一些，為 2.20 美元。

All right. It comes from the line of Sofia Martin with (inaudible).

好的。它來自索菲亞·馬丁（Sofia Martin）的血統（聽不清楚）。

Congratulations on your results. I have 2 main questions. My first one is, could you give us any color on production for the rest of the year and 2024? And if you have any further guidance going forward? And my second question is related to copper prices and market dynamics. Do you have any color heading into 2024?

祝賀你的結果。我有兩個主要問題。我的第一個問題是，您能給我們透露今年剩餘時間和 2024 年的生產情況嗎？您是否有任何進一步的指導？我的第二個問題與銅價和市場動態有關。 2024 年你有什麼顏色嗎？

Thank you for your questions, Sofia. For this year, as I mentioned, we're expecting 918,000 tons, that's for 2023. For next year, we expect to increase it for a few reasons. Let me comment on that.

謝謝你的提問，索菲亞。正如我所提到的，我們預計今年的產量為 918,000 噸，即 2023 年的產量。明年，我們預計會增加產量，原因有幾個。讓我對此發表評論。

Our goal is 946,700 for next year. We will have the contribution at full speed of Pilares. Pilares this year, we're getting about 23,000 tons of copper from Pilares. And the reason for that is that at the beginning of the project, we had oxide that are -- that were sent to mineral in the form of oxides, that were sent to our SX-EW plant, and they take a little bit longer to process than the usual sulfuric mineral.

我們明年的目標是 946,700 人。我們將全速做出皮拉雷斯的貢獻。今年皮拉雷斯，我們從皮拉雷斯獲得了約 23,000 噸銅。原因是，在專案開始時，我們有氧化物，它們以氧化物的形式被送到礦物，被送到我們的 SX-EW 工廠，它們需要更長的時間才能完成。加工過程比通常的硫礦物要好。

For next year, we're expecting Pilares to increase from 23,000 tons of copper to 30,000 tonnes of copper. We will get the positive contribution of Buenavista Zinc for about 30,000 tons. And we will have improvement in the Toquepala and Cuajone ore grades, that will increase a little bit their production. In the case of Toquepala by 7,000, in the case of Caujone by 9,000. So you have some additions on that.

明年，我們預計 Pilares 銅產量將從 23,000 噸增加到 30,000 噸。我們將獲得布埃納維斯塔鋅礦約3萬噸的積極貢獻。我們將提高 Toquepala 和 Cuajone 礦石的品位，這將略微增加其產量。 Toquepala 的情況是 7,000，Caujone 的情況是 9,000。所以你對此有一些補充。

Later on, we will have for 2025, our expectation is 956,500, in that case, we are expecting the contribution of El Pilar, a partial contribution of El Pilar as well as Buenavista Zinc and Pilares copper production at full speed. For 2026, 985,400 and for 2027, 1 million tons of copper production.

稍後，我們預計到 2025 年，我們的預期是 956,500，在這種情況下，我們預計 El Pilar 的貢獻，El Pilar 的部分貢獻以及布埃納維斯塔鋅礦和 Pilares 銅礦的全速生產。 2026年銅產量98.54萬噸，2027年銅產量100萬噸。

For 2024, well, it's hard to say. We're looking at the market, as I mentioned, even though we had an 8% increase in prices, we're still seeing a market that stopped defining, its direction actually. For now, we are expecting prices in the range of where we are now, maybe a little bit better if China comes back consuming, more basic materials than what has had in the past through this year. That is hard to predict at this point.

對於 2024 年，這很難說。正如我所提到的，我們正在關注市場，儘管我們的價格上漲了 8%，但我們仍然看到市場實際上已經停止定義其方向。目前，我們預期價格在目前的範圍內，如果中國今年恢復消費比過去更多的基本材料，價格可能會好一點。目前還很難預測這一點。

Long term, we do see a very strong demand coming from the energy revolution that includes electric vehicles and some other important copper construction, consumption as transmission lines, Eolica energy and so on.

從長遠來看，我們確實看到能源革命帶來非常強勁的需求，包括電動車和其他一些重要的銅建築、輸電線路消耗、Eolica 能源等。

And it comes from the line of John Tumazos with Very Independent Research.

它來自 John Tumazos 的非常獨立研究的血統。

Thank you very much. The $1 quarterly dividends, thank you have been bigger than reported earnings in 2022 and 2023. And the 4 very big capital projects are delayed and distant. There is $7 billion of debt and lease, before cash balances and investments. The Board places a priority on perhaps reducing the debt, just in case when feasibility studies are updated, the capital cost rise. There's other companies or projects, where capital costs doubled. I know that won't happen in Southern Copper, but, you never know. Thank you.

非常感謝。謝謝，1 美元的季度股息比 2022 年和 2023 年報告的收益還要高。而且 4 個非常大的資本項目被推遲和遙遠。在扣除現金餘額和投資之前，有 70 億美元的債務和租賃。董事會可優先考慮減少債務，以防可行性研究更新後資本成本上升。還有其他公司或專案的資本成本翻了一番。我知道這不會發生在南銅礦，但是，你永遠不知道。謝謝。

Well, I think that the -- let me comment on our debt position. Currently, well, you indicated, John, that you're considering also lease included and as part of our debt. Actually, it's a long-term contract. It's a PPA that we have for power, for both the Peruvian and Mexican operations.

好吧，我認為——讓我評論一下我們的債務狀況。目前，約翰，您表示您正在考慮將租賃也包括在內並作為我們債務的一部分。事實上，這是一份長期合約。這是我們為秘魯和墨西哥業務提供電力的購電協議。

Accounting-wise, we have to register that as a lease, but actually it's a PPA, Pre-Purchase Agreement, Power Purchase Agreement. But our debt position, it's about $6.2 billion. The average rate is 6%. In the last few years, we did several bond issues that allow us to capture lower rates, and that has improved our debt profile. We will not have to pay for any principal up to 2025. When we have $500 million that are due. Last year, we paid $300 million.

從會計角度來看，我們必須將其註冊為租賃，但實際上它是 PPA、預購協議、購電協議。但我們的債務狀況約為 62 億美元。平均比率為6%。在過去幾年中，我們發行了幾筆債券，使我們能夠獲得較低的利率，從而改善了我們的債務狀況。到 2025 年，我們將無需支付任何本金。屆時我們將有 5 億美元到期。去年，我們支付了 3 億美元。

And for now, unless we have a project going on and getting into the construction phase, one of the main projects that I mentioned already. We believe that we will maintain the current cash position and debt position. For dividends, as I mentioned, it's a decision that always taken by the Board. But what we are seeing is that, generally speaking, the company is not holding any cash. And I think that, that will be our behavior in the next few quarters.

目前，除非我們有一個項目正在進行並進入施工階段，這是我已經提到的主要項目之一。我們相信我們將維持當前的現金狀況和債務狀況。對於股息，正如我所提到的，這始終是由董事會做出的決定。但我們看到的是，總的來說，該公司沒有持有任何現金。我認為，這將是我們未來幾季的行為。

(Operator Instructions) And it comes from the line of Timna Tanners with Wolfe Research.

（操作員說明）它來自 Timna Tanners 和 Wolfe Research 的產品線。

%I know one of the other large copper producer CEO has mentioned that at current copper prices, projects were no longer so attractive, especially given higher costs for start-ups. But I'd like your thoughts on that. I know you still have quite a few projects in your pipeline, but they have been delayed a bit. And I'm just wondering if you still find building attractive or if there's a different approach to building versus buying, if M&A is interesting, great to get your thoughts.

%我知道另一位大型銅生產商執行長曾提到，以目前的銅價，專案不再那麼有吸引力，特別是考慮到新創企業的成本較高。但我想聽聽你對此的想法。我知道你們還有不少項目正在進行中，但它們已經推遲了一些。我只是想知道您是否仍然認為建設有吸引力，或者建立與購買是否有不同的方法，併購是否有趣，很高興了解您的想法。

Thank you very much for your question, Timna. Okay. On our projects, the price the -- at current prices, say, [$260 million], even though costs have increased for both CapEx as well as OpEx, we see that they are attractive in terms of the returns that they are providing to the company. I think that as costs increase for operating purposes, we are seeing also an increase in the long-term price for the market.

非常感謝你的提問，蒂姆納。好的。在我們的項目中，價格——以當前價格計算，例如[2.6億美元]，儘管資本支出和運營支出的成本都增加了，但我們認為它們在為客戶提供的回報方面具有吸引力。公司。我認為，隨著營運成本的增加，我們也看到市場的長期價格上漲。

And let me explain what I mean. Usefully, long term -- a reasonable way to look at the long-term price will be the average industry cost plus maintenance capital for the current operations worldwide. As the long-term price used to be at about [$330 million] to promote the growth of our industry. Now you have to add to that, whatever inflation it's affecting both CapEx as well as OpEx. And considering that, I believe that we will be at about [$360 million] or even higher than that for the long run as a new price reference.

讓我解釋一下我的意思。有用的是，長期的——看待長期價格的合理方法是平均行業成本加上當前全球營運的維護資本。因為長期價格曾經在[3.3億美元]左右，以促進我們產業的成長。現在你必須補充一點，無論通膨如何，它都會影響資本支出和營運支出。考慮到這一點，我相信從長遠來看，我們將處於大約[3.6億美元]甚至更高的水平作為新的價格參考。

So I believe that the copper prices decreased further down from where they are, which is not our base case, but that may happen. We should see Again, what we have seen in some other copper price cycle, where supply is somehow affected by demand restriction.

因此，我認為銅價將進一步下跌，這不是我們的基本情況，但這種情況可能會發生。我們應該再次看到，我們在其他一些銅價格週期中看到的情況，其中供應在某種程度上受到需求限制的影響。

Now having said that, it seems important to me to consider that production coming from Chile and Peru has been affected by different circumstances in these 2 countries. And that has somehow slowed the development of new projects that should supply the copper for the future. So my view is that it's positive in the sense of midterm to long term, but we still have to pass through this strange fees that we're seeing nowadays.

話雖如此，對我來說，考慮到智利和秘魯的產量受到這兩個國家不同情況的影響似乎很重要。這在某種程度上減緩了為未來供應銅的新項目的開發。所以我的觀點是，從中長期來看，這是積極的，但我們仍然必須經歷我們現在看到的這種奇怪的費用。

That's helpful. I know there's also been some headlines around your Buenavista operations and some on blockages that have been reported in the local press, that have caused some concern. I think that wasn't a cause of any disruption, but it would be great to get your perspective on that or how you see that getting resolved?

這很有幫助。我知道當地媒體也報導了一些有關布埃納維斯塔業務的頭條新聞和一些有關堵塞的報道，引起了一些擔憂。我認為這並不是造成任何干擾的原因，但如果您能了解您對此的看法或您認為如何解決該問題，那就太好了？

Well, as you was mentioning it has not affected our operations. We are seeing some -- mainly related to the political campaign that, it's about to begin or it's already under course in Mexico. As you know, there is -- we have a significant change in unions regarding the Buenavista operation in the past decade. And I think that there are certain external forces or political forces, that would like to affect our operations. They are haven't had any success so far in these many years, and I believe that, that will be the case for the future as well.

嗯，正如你所提到的，這並沒有影響我們的營運。我們看到了一些——主要與即將開始或已經在墨西哥進行的政治運動有關。如您所知，在過去十年中，我們的工會在布埃納維斯塔行動方面發生了重大變化。我認為某些外在力量或政治力量會影響我們的運作。這麼多年到目前為止，他們還沒有任何成功，我相信，未來也將如此。

And it comes from the line of Alex Hacking with Citi.

它來自花旗銀行的 Alex Hacking 家族。

Raul, I just wanted to clarify on the guidance. And you said 946,000 tons next year. In my notes, I had that last quarter that, that guidance was 1,026,000 tons, which is a 80,000-ton cut to that guidance. Am I correct? And if so, I guess, what's driven that downgrade and expectation for next year?

勞爾，我只是想澄清一下指導意見。你說明年94.6萬噸。在我的筆記中，我發現上個季度的指導值為 1,026,000 噸，比該指導值減少了 80,000 噸。我對麼？如果是這樣，我想是什麼推動了明年的評級和預期下調？

Hold-on a sec please. The reference that you gave us, Alex, is correct. We have made an adjustment in our production for the current operations, particularly Buenavista and Buenavista Zinc. Those 2 has been -- has reduced their forecast for next year. This number is still under review. We will do a new set of forecast at the beginning of next year in our January conference. And currently, what we're considering is how are we going to improve the 946,000 tons, that I mentioned before.

請稍等一下。亞歷克斯，您給我們的參考資料是正確的。我們對目前業務的生產進行了調整，特別是布埃納維斯塔和布埃納維斯塔鋅。這兩家公司已經降低了明年的預測。該數字仍在審核中。我們將在明年初的一月會議上做出一組新的預測。目前我們考慮的是如何提高我之前提到的94.6萬噸。

And then just to follow-up with the issue there, obviously, there's a little bit of timing slippage right on Buenavista Zinc. But would the other -- would the main issue be great? Would that be the reason that like the grade is effectively going to be a little bit lower than this previously forecast?

然後，為了跟進那裡的問題，顯然，布埃納維斯塔鋅公司的時間有點延誤。但另一個——主要問題會很棒嗎？這是否是分數實際上會比之前的預測低一點的原因？

It's basically ore grade because the operations are at full speed, all the time, 24/7. So it's mainly ore grades or recoveries, depending on the different phases you are in the mines. That changes a little bit. And that plus the start-up of projects are the drivers of changes in production on the yearly basis.

它基本上是礦石品位，因為操作始終全速進行，24/7。因此，主要是礦石品位或回收率，取決於礦山所處的不同階段。這有一點變化。再加上專案的啟動是每年產量變化的驅動力。

And it comes from the line of Carlos De Alba with Morgan Stanley.

它來自卡洛斯·德阿爾巴（Carlos De Alba）和摩根士丹利（Morgan Stanley）的血統。

So Raul, any comments on how Southern Copper has taken the plan proposed by the Mexican government to remediate what they claim is still a contamination in river Sonora from this period in 2014.

勞爾，請問您對南方銅業公司如何採納墨西哥政府提出的計劃來修復他們聲稱的 2014 年這段時期索諾拉河中仍然存在的污染問題有什麼評論嗎？

Very straightforward answer is no, Carlos. We are looking at the information and we're studying it, and we'll answer that when within corresponds. But at this point, we have no comments on this.

非常簡單的答案是否定的，卡洛斯。我們正在查看資訊並正在研究它，我們會在相應的情況下回答這個問題。但目前我們對此沒有任何評論。

Okay. That's clear. Now just the company, if I understand correctly, has done several analyses throughout the years. And they don't show any contamination left. Is that fair?

好的。很清楚。如果我理解正確的話，現在只是該公司多年來已經進行了多次分析。而且它們沒有顯示出任何污染。這樣公平嗎？

That's our view on the matter, yes.

是的，這就是我們對此事的看法。

And I'm not showing any further questions in the queue.

我不會在隊列中顯示任何其他問題。

Okay. Thank you very much, Carmen. And this will conclude our Conference Call for the Third Quarter of 2023. We certainly appreciate your participation and hope to have you back with us, when we report the fourth quarter of this year and the end of the year results in January. Thank you very much, and have a nice day.

好的。非常感謝你，卡門。我們 2023 年第三季的電話會議到此結束。我們非常感謝您的參與，並希望在我們 1 月份報告今年第四季度和年終業績時，您能再次與我們在一起。非常感謝，祝您有愉快的一天。

Thank you all for participating, and you may now disconnect.

感謝大家的參與，現在您可以斷開連線了。