Teck Resources Ltd (TECK) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Teck's Third Quarter 2022 Earnings Release Conference Call. (Operator Instructions). This conference call is being recorded today, Thursday, October 27, 2022. I would now like to turn the conference over to Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analysis. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎參加泰克 2022 年第三季度收益發布電話會議。 （操作員說明）。本次電話會議將於 2022 年 10 月 27 日星期四錄製。我現在想將會議轉交給投資者關係和戰略分析高級副總裁 Fraser Phillips。請繼續。

Thanks, Ariel. Good morning, everyone, and thank you for joining us for Teck's Third Quarter 2022 Results Conference Call. Please note today's call contains forward-looking statements. Various risks and uncertainties may cause actual results to vary. Teck does not assume the obligation to update any forward-looking statements.

謝謝，愛麗兒。大家早上好，感謝您參加 Teck 2022 年第三季度業績電話會議。請注意，今天的電話會議包含前瞻性陳述。各種風險和不確定性可能導致實際結果有所不同。 Teck 不承擔更新任何前瞻性陳述的義務。

Please refer to Slide 2 for the assumptions underlying our forward-looking statements. In addition, we will reference various non-GAAP measures throughout this call. Explanations and reconciliations regarding these measures can be found in our MD&A and the latest press release on our website. Jonathan Price, our CEO, will begin today's call with comments on the strategic focus and priorities. Red Conger, our President and Chief Operating Officer, will follow with operational highlights from the quarter, including a progress update on our flagship QB2 copper growth project in Chile; Crystal Prystai, our Interim CFO, will then provide additional color on financial and operational highlights. We will conclude today's session with a question-and-answer period to address any remaining questions. With that, I'll turn the call over to Jonathan.

有關我們前瞻性陳述的假設，請參閱幻燈片 2。此外，我們將在本次電話會議中參考各種非公認會計原則措施。有關這些措施的解釋和協調可以在我們的 MD&A 和我們網站上的最新新聞稿中找到。我們的首席執行官喬納森·普萊斯（Jonathan Price）將在今天的電話會議開始時就戰略重點和優先事項發表評論。我們的總裁兼首席運營官 Red Conger 將跟進本季度的運營亮點，包括我們在智利的旗艦 QB2 銅增長項目的最新進展；我們的臨時首席財務官 Crystal Prystai 將為財務和運營亮點提供額外的色彩。我們將以問答時間結束今天的會議，以解決任何剩餘的問題。有了這個，我會把電話轉給喬納森。

Thank you, Fraser, and good morning, everyone. It's a pleasure to address you today as the CEO of Teck. I'm excited by the opportunity as a head for Teck to build on our existing strong foundation and position the company for long-term success. In recent meetings with investors, I've been asked whether they should expect any changes to Teck strategy as I assume the role of CEO. Having been part of the development and articulation of the Teck strategy for the past 2 years, I can confidently say our current strategy is the right one to drive long-term sustainable shareholder value.

謝謝你，弗雷澤，大家早上好。很高興今天以 Teck 首席執行官的身份向您致辭。作為 Teck 的負責人，我很高興有機會在我們現有的強大基礎上再接再厲，為公司的長期成功做好準備。在最近與投資者的會面中，有人問我，在我擔任首席執行官一職時，他們是否應該期待泰克戰略的任何變化。在過去 2 年中參與了 Teck 戰略的製定和闡述，我可以自信地說，我們當前的戰略是推動長期可持續股東價值的正確戰略。

Now turning to Slide 4. The heart of our strategy is copper growth. We remain focused on generating value from our industry-leading copper growth profile. QB2 will double our consolidated copper production when it reaches full production next year. And together with the remainder of our portfolio of attractive growth options has the potential to add 5x the amount of our current copper equivalent production.

現在轉到幻燈片 4。我們戰略的核心是銅增長。我們仍然專注於從我們行業領先的銅增長概況中創造價值。 QB2 將在明年全面投產時使我們的綜合銅產量翻一番。再加上我們其他有吸引力的增長選擇組合，有可能使我們目前的銅當量產量增加 5 倍。

Secondly, we are rebalancing our portfolio of high-quality assets towards low-carbon metals, in particular, copper, where demand is expected to double by 2050, driven in large part by electrification and the low carbon transition. We intend to capitalize on this market opportunity while at the same time, reducing the proportion of carbon in our overall portfolio.

其次，我們正在重新平衡我們的優質資產組合，轉向低碳金屬，特別是銅，預計到 2050 年，銅的需求將翻一番，這在很大程度上是由電氣化和低碳轉型推動的。我們打算利用這一市場機會，同時降低我們整體投資組合中的碳比例。

Third, as we have demonstrated this year, we will balance our investment in growth against returning capital to our shareholders while maintaining a strong balance sheet. To this end, I remain fully committed to our capital allocation framework. By growing responsibly, I believe we can strike the right balance between growth and cash returns to shareholders while ensuring we are well-positioned to weather periods of market uncertainty and volatility. And finally, we will continue to build on our strong sustainability track record.

第三，正如我們今年所展示的那樣，我們將在增長投資與向股東返還資本之間取得平衡，同時保持強勁的資產負債表。為此，我仍然完全致力於我們的資本分配框架。通過負責任的增長，我相信我們可以在增長和股東現金回報之間取得適當的平衡，同時確保我們能夠很好地度過市場不確定性和波動的時期。最後，我們將繼續鞏固我們強大的可持續發展記錄。

Sustainability is core to our purpose and values, and we view it as a competitive advantage. Sustainability will continue to be fully integrated into our activities and business processes at all levels of our organization. Together with the entire Teck team, we are focused on the execution of this strategy as we navigate the backdrop of global economic uncertainty.

可持續性是我們宗旨和價值觀的核心，我們將其視為競爭優勢。可持續發展將繼續完全融入我們組織各個層面的活動和業務流程中。在全球經濟不確定的背景下，我們與整個泰克團隊一起專注於執行這一戰略。

Now recently, I've also been asked by investors about my priorities as CEO. As outlined on Slide 5, my top priority is to continue to advance our long-term copper growth strategy. Our immediate priority is completion and ramp-up of the QB2 project as we build capacity in the organization to advance our suite of high-quality copper projects. In doing so, we will rebalance our portfolio to low-carbon metals and reduce the overall proportion of carbon in our portfolio. Second, we remain laser-focused on operational excellence, including through the deployment of autonomy and digital technologies.

最近，投資者也向我詢問了我作為 CEO 的優先事項。如幻燈片 5 所述，我的首要任務是繼續推進我們的長期銅增長戰略。我們的當務之急是完成和擴大 QB2 項目，因為我們在組織中建立能力以推進我們的優質銅項目套件。在此過程中，我們將重新平衡我們的投資組合以使用低碳金屬，並降低我們投資組合中碳的總體比例。其次，我們仍然專注於卓越運營，包括通過部署自主和數字技術。

And finally, we're committed to maintaining our industry-leading sustainability performance as we work to deliver on our short- and long-term targets. And collectively, these priorities will position us to meet growing demand for copper driven by the global net zero transition while returning significant capital to our shareholders.

最後，我們致力於保持我們行業領先的可持續發展績效，同時努力實現我們的短期和長期目標。總的來說，這些優先事項將使我們能夠滿足全球淨零轉型推動的對銅不斷增長的需求，同時將大量資本返還給我們的股東。

Now to that end, we executed on a number of important transactions in the quarter. On July 20, we announced an agreement with PolyMet in which Glencore retains a majority equity interest to advance their NorthMet project and our Mesaba mineral deposit in Minnesota. And on September 16, we announced an agreement with Agnico Eagle to advance our San Nicolas copper zinc project in Zacatecas, Mexico. Agnico Eagle will subscribe for the first USD 580 million of shares in the Teck subsidiary, that's own the San Nicolas, giving Agnico Eagle a 50% effective interest in San Nicolas.

現在為此，我們在本季度執行了一些重要交易。 7 月 20 日，我們宣布與 PolyMet 達成協議，嘉能可保留多數股權，以推進其 NorthMet 項目和我們在明尼蘇達州的 Mesaba 礦床。 9 月 16 日，我們宣布與 Agnico Eagle 達成協議，推進我們在墨西哥薩卡特卡斯的 San Nicolas 銅鋅項目。 Agnico Eagle 將認購 Teck 子公司的首批 5.8 億美元股份，該子公司擁有 San Nicolas，使 Agnico Eagle 擁有 San Nicolas 50% 的實際權益。

Together, these transactions derisk our positions provide a pathway to development and will crystallize significant value from our copper growth pipeline. Closing is subject to customary closing conditions, including receipt of regulatory approvals.

總之，這些交易會降低我們的頭寸，為我們的發展提供了一條途徑，並將從我們的銅增長管道中結晶出巨大的價值。交割須遵守慣例交割條件，包括獲得監管部門的批准。

Further, just yesterday, we announced an agreement to sell our 21.3% interest in Fort Hills to Suncor, the gross proceeds of approximately $1 billion in cash. The sale of our energy assets advances our strategy of pursuing industry-leading copper growth and rebalancing our portfolio of high-quality assets to low-carbon metals. It is the culmination of an extensive process we undertook to evaluate all options to realize the highest value for our shareholders. The transaction value is consistent with the current outlook for the Fort Hills business reflected in the most recent in-depth review conducted by Suncor and the resulting long-range plan for the project and is in line with comparable transactions.

此外，就在昨天，我們宣布了一項協議，將我們在 Fort Hills 的 21.3% 股權出售給 Suncor，總收益約為 10 億美元現金。出售我們的能源資產推進了我們追求行業領先的銅增長以及將我們的優質資產組合重新平衡為低碳金屬的戰略。這是我們評估所有選項以實現股東最高價值的廣泛過程的結果。交易價值與 Suncor 最近進行的深入審查中反映的 Fort Hills 業務的當前前景以及由此產生的項目長期計劃一致，並且與可比交易一致。

As a result of the sales agreement, we recorded an after-tax noncash impairment charge of approximately $950 million in the third quarter. We will review the use of proceeds in accordance with our capital allocation framework in February of 2023. The sale agreement will be effective November 1. Closing is subject to customary conditions, including the receipt of regulatory approvals.

由於銷售協議，我們在第三季度記錄了約 9.5 億美元的稅後非現金減值費用。我們將在 2023 年 2 月根據我們的資本分配框架審查募集資金的使用情況。銷售協議將於 11 月 1 日生效。完成交易須符合慣例條件，包括獲得監管部門的批准。

Now turning to our third quarter results, starting with key highlights on Slide 6. Overall, our third quarter financial results remained strong, primarily due to the continued strength in commodity prices despite the overall economic slowdown. Gross profit before depreciation and amortization was $2.4 billion, a meaningful increase from $2.1 billion in Q3 of 2021. Adjusted EBITDA was $1.9 billion and adjusted profit attributable to shareholders was $923 million or $1.74 per share on a diluted basis. Year-to-date, we have returned $1.4 billion to shareholders through buybacks and $468 million through dividends, all the while paying down $1.2 billion of our debt outstanding.

現在轉向我們的第三季度業績，從幻燈片 6 的主要亮點開始。總體而言，我們的第三季度財務業績仍然強勁，這主要是由於儘管整體經濟放緩，大宗商品價格持續走強。折舊和攤銷前的毛利潤為 24 億美元，較 2021 年第三季度的 21 億美元顯著增加。調整後的 EBITDA 為 19 億美元，調整後的股東應占利潤為 9.23 億美元或攤薄後每股 1.74 美元。年初至今，我們通過回購向股東返還了 14 億美元，通過股息返還了 4.68 億美元，同時還清了 12 億美元的未償債務。

During the quarter, we achieved a number of important milestones at QB2, including commissioning of our power transmission system, significantly advancing commissioning of the desalination plant and beginning preoperational testing of the Line 1 grinding mills, all of which are on the critical path of first copper. Subsequent to the quarter, we announced plans to deploy 2 electric tug boats at our Neptune Terminal. Collaborating with transportation provided to develop green transportation corridors is part of our climate action strategy and supports our goal of net zero emissions by 2050. Crystal will provide a detailed run-through of our business performance and guidance updates in a few minutes.

本季度，我們在 QB2 實現了多個重要里程碑，包括我們的電力傳輸系統的調試，顯著推進海水淡化廠的調試以及開始 1 號線磨機的運行前測試，所有這些都處於第一個關鍵路徑上銅。本季度之後，我們宣布計劃在我們的海王星碼頭部署 2 艘電動拖船。與交通運輸部門合作開發綠色交通走廊是我們氣候行動戰略的一部分，並支持我們到 2050 年實現淨零排放的目標。Crystal 將在幾分鐘內詳細介紹我們的業務績效和指導更新。

However, I want to highlight 3 key changes on Slide 8. First, for QB2, we have revised our construction capital cost guidance to USD 7.4 billion to USD 7.75 billion. Based on our current foreign exchange assumptions cost pressures related to weather and subsurface conditions and other factors. This is an increase from our prior guidance of USD 6.9 billion to USD 7 billion. We continue to target first copper from line 1 late this year. However, if productivity impacts persist, this will be delayed into January 2023.

但是，我想強調幻燈片 8 的 3 個關鍵變化。首先，對於 QB2，我們已將建築資本成本指導從 74 億美元修改為 77.5 億美元。基於我們當前的外匯假設成本壓力與天氣和地下條件以及其他因素有關。這比我們之前指導的 69 億美元增加至 70 億美元。今年晚些時候，我們繼續瞄準 1 號線的第一批銅。但是，如果生產力影響持續存在，這將推遲到 2023 年 1 月。

First copper production is part of the continuous commissioning plan for mechanical completion of Line 1, which will be followed by mechanical completion of Line 2 and ramp up through 2023. Quebrada Blanca copper production is expected to ramp up over 2023 following commissioning of QB2. We now expect QB copper production to range between 170,000 and 300,000 tonnes per year in 2023 to 2025, and compared with the previous range of 245,000 to 300,000 tonnes per year with 2023 at the lower end of the guidance range.

第一個銅生產是 1 號線機械竣工的持續調試計劃的一部分，隨後將是 2 號線的機械竣工並在 2023 年之前增加。在 QB2 調試之後，克布拉達布蘭卡銅產量預計將在 2023 年增加。我們現在預計 2023 年至 2025 年 QB 銅產量將在每年 170,000 至 300,000 噸之間，而之前的範圍為每年 245,000 至 300,000 噸，而 2023 年處於指導範圍的下限。

Second, for steelmaking coal, we have updated our 3-year production guidance. Our steelmaking coal production capacity across our 4 operating mines in the Elk Valley is approximately 26 million to 27 million tonnes, and we had operated at those levels for most of the period between 2014 and 2019. However, over the past 3 years, external challenges largely out of our control and more recently, reliability challenges at our Elkview plant have impacted our ability to operate at those levels. These challenges include severe weather-related events including rain, flooding, extreme cold and wildfire events in 2021 as well as the COVID pandemic and the associated ongoing disruption to supply chains and labor availability.

其次，對於煉鋼煤，我們更新了我們的 3 年生產指導。我們在麋鹿谷的 4 個運營礦山的煉鋼煤產能約為 2600 萬至 2700 萬噸，在 2014 年至 2019 年的大部分時間裡，我們一直在這些水平上運營。然而，在過去 3 年中，外部挑戰很大程度上超出了我們的控制，最近，我們 Elkview 工廠的可靠性挑戰影響了我們在這些水平上運營的能力。這些挑戰包括與惡劣天氣相關的事件，包括 2021 年的降雨、洪水、極寒和野火事件，以及 COVID 大流行以及相關的供應鍊和勞動力供應持續中斷。

As a result, to better reflect the increasing frequency of these adverse events and associated risk of impacts to our operations, we have reduced our 3-year production guidance commencing in 2023 to 25 million to 26 million tonnes from 26 million to 27 million tonnes previously.

因此，為了更好地反映這些不利事件的頻率不斷增加以及對我們的運營產生影響的相關風險，我們已將我們從 2023 年開始的 3 年生產指導從之前的 2600 萬噸降低到 2600 萬噸至 2600 萬噸.

Third and finally, our outlook for 2023 CapEx. While we continue to expect our capital expenditures for 2023 to be lower than 2022, with the increase in QB2 capital guidance and continued inflationary pressures, we no longer anticipate a reduction of $2 billion as compared to 2022 projected spending levels. We will issue our 2023 capital expenditure guidance in February as usual.

第三也是最後一點，我們對 2023 年資本支出的展望。儘管我們繼續預計 2023 年的資本支出將低於 2022 年，但隨著 QB2 資本指引的增加和持續的通脹壓力，我們不再預計與 2022 年的預計支出水平相比減少 20 億美元。我們將照常在 2 月發布 2023 年資本支出指引。

Overall, thanks to our resilience and financial strength, we remain well-positioned to manage through any near-term pressures while staying focused on our copper growth strategy. With that, I will now pass it over to Red to provide some operational highlights from the third quarter.

總體而言，由於我們的韌性和財務實力，我們仍然處於有利地位，能夠應對任何短期壓力，同時繼續專注於我們的銅增長戰略。有了這個，我現在將把它交給 Red，以提供第三季度的一些運營亮點。

Thank you, Jonathan. It's a pleasure to address you today as President and COO of Teck. I want to give you an update today on the unplanned plant outage at Elkview, the inflationary pressures that we are seeing and what we are doing about them, building organizational capacity to deliver on our copper growth strategy; and our progress at QB2, including a (inaudible).

謝謝你，喬納森。很高興今天以 Teck 總裁兼首席運營官的身份向您致辭。今天我想向您介紹 Elkview 計劃外工廠停產的最新情況，我們看到的通脹壓力以及我們正在採取的措施，建立組織能力以實現我們的銅增長戰略；以及我們在 QB2 的進展，包括（聽不清）。

Moving to Slide 10. We announced a structural failure of the plant conveyor belt on September 20. While this has halted steelmaking coal processing at the site, mining activities have continued. Most importantly, there were no injuries as a result of this incident. A multidisciplinary team has been assembled from across the organization, and we have some of our best people working 24/7 on this (inaudible). We are well on our way to getting this plant back up and running. Demolition of the feed tube and supports is complete and access has been reinstated to all areas of the plant. We have substantially completed the sourcing of materials and labor to conduct a replacement.

轉到幻燈片 10。我們於 9 月 20 日宣布工廠傳送帶出現結構性故障。雖然這已經停止了現場的煉鋼煤加工，但採礦活動仍在繼續。最重要的是，這次事件沒有造成人員傷亡。整個組織已經組建了一個多學科團隊，我們有一些最優秀的人員 24/7 全天候工作（聽不清）。我們正在努力讓這家工廠恢復運轉。進料管和支架的拆除工作已經完成，工廠所有區域的通道都已恢復。我們已經基本完成了材料和勞動力的採購以進行更換。

The team was able to source a prefabricated conveyor tube [suctions] and all tube suctions have now been transported to a fabrication shop in Montana and are undergoing the necessary modifications. Delivery of the ore conveyor tube and support components is on schedule to take place over the next 2 weeks, and we are on schedule and plan to complete commissioning and restart production at the plant in late November. We continue to estimate the impact of steelmaking coal production to be a reduction of approximately 1.5 million tonnes in 2022.

該團隊能夠採購預製的輸送管 [抽吸]，並且所有管抽吸現已被運送到蒙大拿州的一家製造車間，並正在進行必要的修改。礦石輸送管和支撐部件的交付將在未來 2 週內按計劃進行，我們按計劃完成併計劃在 11 月下旬完成工廠調試並重新開始生產。我們繼續估計，到 2022 年煉鋼煤產量將減少約 150 萬噸。

Moving to Slide 11. We are -- like others in the industry, we continue to operate in a period of uncertainty. Across the business, inflationary pressures have increased our operating cost by 14% compared to the same period last year with similar and persistent pressures on our capital costs. While the rate of inflation appears to be slowing, we continue to experience significant inflation in the price of many of our key supplies when compared to the same period last year. Increases in the cost of key supplies, including mining equipment, explosives, grinding media are being driven largely by price increases for underlying commodities such as steel, crude oil and natural gas as well as rate increases for labor and transportation. While our underlying mining drivers remain relatively stable, inflationary pressures on diesel prices and other key input costs have increased our unit costs.

轉到幻燈片 11。我們 - 與業內其他人一樣，我們繼續在不確定的時期運營。在整個業務領域，通脹壓力使我們的運營成本與去年同期相比增加了 14%，而我們的資本成本也面臨類似且持續的壓力。雖然通貨膨脹率似乎正在放緩，但與去年同期相比，我們的許多主要供應品的價格繼續出現大幅上漲。包括採礦設備、炸藥、研磨介質在內的關鍵供應成本的上漲，主要是受到鋼鐵、原油和天然氣等基礎商品價格上漲以及勞動力和運輸費率上漲的推動。雖然我們的潛在採礦驅動因素保持相對穩定，但柴油價格和其他主要投入成本的通脹壓力增加了我們的單位成本。

As we adapt to higher input prices, we're keenly focused on managing our controllable costs. We have realized tangible results to date from our continuous improvement and RACE programs, reducing unit costs and increasing productivities in the mines and our processing plants across our business.

隨著我們適應更高的投入價格，我們非常專注於管理我們的可控成本。迄今為止，我們通過持續改進和 RACE 計劃實現了切實成果，降低了單位成本並提高了礦山和加工廠的生產力。

In our mines, we have successfully driven efficiencies through load and [haul] improvement initiatives, predictive maintenance initiatives by utilizing equipment sensors to reduce equipment downtime and operational interruptions and a cost savings initiative related to our drill and blast operations. From a logistical perspective, digital planning applications of [interconnect] operations with logistics teams has reduce costs and maximize throughput between Teck steelmaking coal operations at our Neptune Terminal.

在我們的礦山中，我們通過負載和 [運輸] 改進計劃、利用設備傳感器減少設備停機時間和操作中斷的預測性維護計劃以及與我們的鑽探和爆破操作相關的成本節約計劃成功地提高了效率。從物流的角度來看，與物流團隊進行 [互連] 運營的數字化規劃應用降低了成本，並最大限度地提高了我們海王星碼頭 Teck 煉鋼煤炭運營之間的吞吐量。

In addition, automated train loading at Fording River has increased [loading] per car by 2% and loading speed by 40%. Going forward, we will continue to drive further improvements, which will enable us to achieve our current and future production targets to reduce the impact of inflationary cost pressures and help keep our costs structurally stable for the long-term.

此外，福丁河的自動化列車裝載使每節車廂的[裝載量]提高了 2%，裝載速度提高了 40%。展望未來，我們將繼續推動進一步改進，這將使我們能夠實現我們當前和未來的生產目標，以減少通脹成本壓力的影響，並幫助我們長期保持成本結構穩定。

Turning to Slide #12. As we actively progress work to realize value from our suite of copper growth project. We are building organizational capacity ahead of the next wave of project delivery. To that end, we appointed Tyler Mitchelson as our Senior Vice President, Copper Growth, effective July 4. Tyler reports directly to me with (inaudible) Nick Hooper, our Senior Vice President of Corporate Development and Exploration. In this new role, Tyler has broad responsibility over the execution of Teck's worldwide copper development, he is responsible for prioritizing project execution, construction and commissioning of our copper gold assets as well as the expansion or mine life extension of existing operations. This new role and the experience that Tyler brings to it will be a key enabler to advance our copper growth strategy.

轉到幻燈片#12。隨著我們積極推進工作，從我們的銅增長項目套件中實現價值。在下一波項目交付之前，我們正在建設組織能力。為此，我們任命 Tyler Mitchelson 為我們的銅增長高級副總裁，自 7 月 4 日起生效。Tyler 與我們的企業發展和勘探高級副總裁（聽不清）Nick Hooper 直接向我匯報。在這個新職位上，Tyler 對 Teck 全球銅礦開發的執行負有廣泛責任，他負責優先考慮我們銅金資產的項目執行、建設和調試，以及現有業務的擴展或礦山壽命延長。泰勒帶來的這一新角色和經驗將成為推進我們銅增長戰略的關鍵推動力。

Turning to an update on QB2 starting on Slide 13. We are very proud of the steady progress we have made through the quarter and remain focused on system completion and handover. In terms of key milestones achieved, we have completed commissioning of the 220 kV transmission system and the final testing of the main substations switch gear at the concentrator. In terms of water, we are well advanced in commissioning of the pretreatment area and pre-ops testing of the reverse osmosis units in the desalinization plant, and we have completed the hydro testing of the water supply pipeline and the water pump stations, which is no small accomplishment 156 kilometers of pipeline have now been all hydro tested.

轉向從幻燈片 13 開始的 QB2 更新。我們對本季度取得的穩步進展感到非常自豪，並繼續專注於系統完成和移交。在實現的關鍵里程碑方面，我們已經完成了 220 kV 輸電系統的調試和集中器主變電站開關裝置的最終測試。水方面，我們在海水淡化廠預處理區調試和反滲透裝置的前期測試方面處於領先地位，完成了給水管道和水泵站的水壓測試，是不小的成就 156 公里的管道現已全部通過水力測試。

At the mine area all subsystems for Ball Mill No. 1 and SAG Mill No. 1 are in pre-operational testing, and we have completed the ore stockpile dome installation of all the in-plant conveyor belts and the 12-kilometer long tailings launder. Given the delay in completion of the jetty and shiploader seen here on the right, alternate concentrate shipping arrangements are well advanced as a temporary measure until the shiploader is commissioned. As Jonathan noted earlier, we have updated our capital cost guidance for the project, and we continue to target first copper from Line 1 in the latter part of this year, followed by completion of Line 2 and ramp up through 2023.

礦區一號球磨機和一號半自磨機所有子系統都處於試運行階段，完成廠內所有輸送帶和12公里長尾礦流槽的堆礦拱頂安裝.鑑於右圖所示碼頭和裝船機的完工延遲，替代的精礦運輸安排作為一項臨時措施得到了很好的推進，直到裝船機投入使用。正如 Jonathan 之前所說，我們已經更新了該項目的資本成本指導，我們將在今年下半年繼續將 1 號線的第一批銅作為目標，然後完成 2 號線並在 2023 年之前完成產能提升。

On slide 14, you see the pretreatment tanks at the desalinization plant where we continue the commissioning process.

在幻燈片 14 上，您可以看到我們繼續調試過程的海水淡化廠的預處理罐。

Slide 15 shows the overland conveyor that will transport ore from the primary pressures of the stockpile of the concentrator. Installations and splicing of the belts was completed during this last quarter.

幻燈片 15 顯示了陸上輸送機，它將從選礦廠的主要壓力堆中輸送礦石。皮帶的安裝和拼接在上個季度完成。

Slide 16 shows the concentrator area where the ore stacker is in the foreground with the stockpile dome then with the mill building and the grinding lines there on the left.

幻燈片 16 顯示了選礦廠區域，其中礦石堆垛機位於前景中，堆垛穹頂，然後是磨坊大樓和左側的磨礦線。

Slide 17 shows the grinding mills themselves, as we mentioned previously, all subsystems for Ball Mill No. 1 and SAG Mill No. 1 are in pre-operational testing.

幻燈片 17 顯示了磨機本身，正如我們之前提到的，1 號球磨機和 1 號半自磨機的所有子系統都處於運行前測試中。

Slide 18 shows the flotation area of the concentrator where we are focused on completing the piping and electrical systems.

幻燈片 18 顯示了選礦廠的浮選區域，我們專注於完成管道和電氣系統。

On Slide 19, you can see the concentrate thickeners, which are undergoing hydro testing as part of the pre-operational works.

在幻燈片 19 上，您可以看到濃縮濃縮機，它們正在作為預運營工作的一部分進行水壓測試。

Slide 20 shows the tailing launder that goes out to the tailings storage facility, 12 kilometers of that launder have now been completed and are ready to be used.

幻燈片 20 顯示了通往尾礦儲存設施的尾礦清洗槽，該清洗槽的 12 公里現已完成並可以使用。

On the -- on Slide 19, you can see the concentrate. So in summary, we continue to be very pleased with the progress we are making and are excited about building on our construction and commissioning success to date with a focus on delivering to the project's key milestones. I encourage you to visit the Investors section of our website to watch the latest progress video and view the most recent photo gallery.

在幻燈片 19 上，您可以看到濃縮物。因此，總而言之，我們繼續對我們取得的進展感到非常滿意，並對我們迄今為止的建設和調試成功感到興奮，重點是交付項目的關鍵里程碑。我鼓勵您訪問我們網站的投資者部分，觀看最新進展視頻並查看最新照片庫。

I will now pass it over to Crystal for additional color on financial and operating highlights.

我現在將把它傳遞給 Crystal 以獲得更多關於財務和運營亮點的顏色。

Thank you, Red. We've outlined the key drivers for our profitability in the third quarter on Slide 22, including our adjusted EBITDA of $1.9 billion in the quarter. The inflationary cost pressures discussed by Red increased our Q3 operating costs by 14% compared to last year, approximately half of the increase relates to diesel costs at our operations and in our transportation costs. The primary cost increases are not related to key mining drivers such as mine productivity and strip ratio, which remained relatively stable.

謝謝你，紅。我們在幻燈片 22 中概述了第三季度盈利的關鍵驅動因素，包括我們在本季度調整後的 EBITDA 為 19 億美元。 Red 討論的通脹成本壓力使我們的第三季度運營成本與去年相比增加了 14%，其中大約一半的增長與我們運營的柴油成本和運輸成本有關。主要成本增加與礦山生產力和剝採率等主要採礦驅動因素無關，後者保持相對穩定。

In fact, looking at the items that were under our control during the quarter, including production and operating costs, we generated a net positive impact on adjusted EBITDA compared to Q3 of 2021. We expect inflationary pressures on diesel prices and other key input costs as well as profit-based compensation and royalties to continue to put upward pressure on our unit cost guidance through the balance of the year and into next year and on our capital cost into next year.

事實上，從本季度我們控制的項目（包括生產和運營成本）來看，與 2021 年第三季度相比，我們對調整後的 EBITDA 產生了淨積極影響。我們預計柴油價格和其他關鍵投入成本的通脹壓力是以及基於利潤的薪酬和特許權使用費將繼續對我們的單位成本指導在今年餘下和明年以及我們明年的資本成本施加上行壓力。

Turning now to our operations and starting with our copper business unit on Slide 23. Gross profit in the third quarter decreased by 50% compared to last year, primarily driven by an 18% decline in realized copper prices and a 9,000 tonne reduction in sales volumes resulting from the timing of shipments. Realized copper prices decreased to USD 3.49 per pound from USD 4.28 per pound last year, but remain above historic averages.

現在轉向我們的運營，從幻燈片 23 中的銅業務部門開始。第三季度的毛利潤與去年相比下降了 50%，主要是由於實際銅價下降 18% 和銷量減少 9,000 噸發貨時間造成的。實際銅價從去年的每磅 4.28 美元降至每磅 3.49 美元，但仍高於歷史平均水平。

Production decreased by 6% to 66,000 tonnes compared to last year, primarily due to a significant precipitation event in July that reduced production at Carmen de Andacollo. This was partially offset by higher production from Antamina due to higher mill throughput.

與去年相比，產量下降了 6%，至 66,000 噸，主要是由於 7 月份的一次重大降水事件導致 Carmen de Andacollo 的產量減少。由於較高的軋機產量，這部分被 Antamina 的較高產量所抵消。

Total cash unit costs increased by $0.28 to $1.96 per pound. This was primarily driven by higher consumable costs particularly diesel, maintenance and repair costs and contractor expenses. Looking forward, our 2022 copper production guidance remains unchanged. We reduced our 3-year Highland Valley copper production guidance range to 110,000 to 170,000 tonnes per year as a result of delayed pre-stripping in the Lornex pit, which reflects maintenance-related issues and high rates of absenteeism, particularly in the skilled trades.

現金單位總成本增加了 0.28 美元，達到每磅 1.96 美元。這主要是由於較高的消耗品成本，尤其是柴油、維護和維修成本以及承包商費用。展望未來，我們的 2022 年銅產量指引保持不變。由於 Lornex 礦坑的預剝離延遲，我們將 3 年 Highland Valley 銅生產指導範圍降低至每年 110,000 至 170,000 噸，這反映了與維護相關的問題和高缺勤率，尤其是在技術行業。

Our 2022 net cash unit cost guidance for copper remains unchanged.

我們對銅的 2022 年淨現金單位成本指引保持不變。

Moving now to our zinc business unit on Slide 24. Gross profit increased by 9% from last year to $311 million. The increase was primarily driven by higher zinc prices and a 45% increase in zinc and concentrate sales volumes, which was partially offset by higher unit operating costs at our Red Dog operations. In the quarter, zinc concentrate production increased by 34% at Red Dog due to increased mill throughput and higher zinc grades. The 13% decrease in Q3 refined zinc production at our Trail operations, reflects major work underway to replace the KIVCET furnace hearth and zinc roaster dome. We expect the maintenance work, which started in September to be completed in November.

現在轉到幻燈片 24 上的鋅業務部門。毛利潤比去年增長 9%，達到 3.11 億美元。這一增長主要是由於鋅價上漲以及鋅和精礦銷量增長 45%，這部分被我們 Red Dog 業務的單位運營成本增加所抵消。本季度，Red Dog 的鋅精礦產量增加了 34%，原因是工廠吞吐量增加和鋅品位提高。我們 Trail 業務的第三季度精煉鋅產量下降了 13%，這反映了更換 KIVCET 爐膛和鋅焙燒爐圓頂的主要工作。我們預計 9 月開始的維修工作將於 11 月完成。

Finally, Total cash unit costs in our zinc business unit increased by $0.08 to $0.64 per pound. This increase is reflective of higher steel -- sorry, higher diesel and consumable costs, transportation costs as well as smelter processing charges. As we look forward, we have reduced our refined zinc production guidance to 257,000 to 276,000 tonnes due to extended plant maintenance and lower than planned production through the year. We expect Red Dog zinc in concentrate sales of 130,000 to 150,000 tonnes in Q4. Our 2022 net cash unit cost guidance for zinc remains unchanged.

最後，我們鋅業務部門的總現金單位成本增加了 0.08 美元，達到每磅 0.64 美元。這一增長反映了鋼材價格上漲——抱歉，柴油和消耗品成本、運輸成本以及冶煉廠加工費用上漲。展望未來，由於工廠維護延長和全年產量低於計劃，我們已將精煉鋅產量指導下調至 257,000 至 276,000 噸。我們預計第四季度 Red Dog 鋅精礦銷量為 130,000 至 150,000 噸。我們對鋅的 2022 年淨現金單位成本指引保持不變。

Turning now to Slide 25. Our steelmaking coal business unit delivered a strong quarter with gross profit increasing by 37% to $1.2 billion compared with $901 million last year. The increase was primarily driven by higher steelmaking coal prices and was partially offset by the effect of lower production and sales volumes and increased unit operating costs due to inflationary pressures.

現在轉到幻燈片 25。我們的煉鋼煤炭業務部門實現了強勁的季度業績，毛利潤從去年的 9.01 億美元增長 37% 至 12 億美元。這一增長主要受煉鋼煤價格上漲的推動，但部分被通脹壓力導致產銷量下降和單位運營成本增加的影響所抵消。

Notwithstanding a decline of 33% from the second quarter of this year, realized steelmaking coal prices increased by 28% to USD 304 per tonne compared to last year. FOB Australia price assessment for steelmaking coal averaged USD 287 per tonne in the third quarter after a record high of USD 527 per tonne in Q2 of this year. Sales to our customers in China are based on the CFR China price, which averaged USD 310 per tonne.

儘管較今年第二季度下降了 33%，但煉鋼煤實際價格較去年上漲了 28%，達到每噸 304 美元。在今年第二季度創下每噸 527 美元的歷史新高之後，第三季度煉鋼煤的 FOB 澳大利亞估價平均為每噸 287 美元。我們對中國客戶的銷售基於 CFR 中國價格，平均每噸 310 美元。

Third quarter steelmaking coal production decreased by 5% to 5.7 million tonnes compared to last year. The decrease was primarily driven by the Elkview plant outage outlined by Red earlier. Sales volumes decreased by 5% to 5.6 million tonnes, which was within our disclosed guidance range. The decrease was driven by the impact of the Elkview plant outage and the recently resolved labor disruption at Westshore Terminal.

第三季度煉鋼煤產量同比下降 5%至 570 萬噸。下降的主要原因是 Red 早些時候概述的 Elkview 工廠停工。銷量下降 5% 至 560 萬噸，在我們披露的指導範圍內。下降的原因是 Elkview 工廠停工的影響以及最近解決的 Westshore Terminal 勞動力中斷問題。

Our significant investment in the Neptune port materially reduced the impact that the Westshore Terminal shutdown would otherwise have had on our Q3 steelmaking coal sales volumes. Neptune operated at design capacity in the month of September.

我們在海王星港口的重大投資大大減少了西岸碼頭關閉對我們第三季度煉鋼煤銷量的影響。海王星在 9 月份以設計容量運行。

Compared to last year, adjusted site cash cost of sales increased by 46% to $92 per tonne from $63 per tonne due to lower production and inflationary cost pressures across all major operating cost input categories, a 30% increase in the WTI oil price accounted for 24% of our cost increase year-over-year. And finally, transportation costs increased to $48 per tonne from $46 per tonne last year due to higher rail fuel surcharges and partially offset by lower demurrage costs.

與去年相比，由於所有主要運營成本投入類別的生產和通脹成本壓力下降，調整後的現場現金銷售成本從每噸 63 美元增加 46% 至每噸 92 美元，其中 WTI 油價上漲 30%我們的成本同比增長 24%。最後，運輸成本從去年的每噸 46 美元增加到每噸 48 美元，原因是鐵路燃油附加費增加，部分被滯期費降低所抵消。

As we look forward, the Elkview outage is expected to impact production and sales in the fourth quarter. Our 2022 steelmaking coal production guidance has been decreased to 22 million to 22.5 million tonnes from 23.5 million to 24 million tonnes, and we expect Q4 sales of 5 million to 5.4 million tonnes. The Elkview plant outage is also expected to impact our site and transportation costs. We expect upward pressure on our full year guidance for adjusted site cash cost of sales of $87 to $92 per tonne, and we increased our transportation cost guidance to $46 to $49 per tonne due to the expected impact on volumes and demurrage costs. The Elkview plant is expected to restart production in late November and opportunistic plant maintenance is being completed during the outage.

正如我們所期待的那樣，Elkview 的停電預計將影響第四季度的生產和銷售。我們的 2022 年煉鋼煤產量指導已從 2,350 萬噸至 2,400 萬噸下調至 2,200 萬噸至 2,250 萬噸，我們預計第四季度的銷量為 500 萬噸至 540 萬噸。預計 Elkview 工廠停運也會影響我們的場地和運輸成本。我們預計，調整後的現場現金銷售成本為每噸 87 美元至 92 美元的全年指導將面臨上行壓力，由於對數量和滯期費成本的預期影響，我們將運輸成本指導提高至每噸 46 美元至 49 美元。 Elkview 工廠預計將在 11 月下旬重新開始生產，並在停電期間完成機會性工廠維護。

Turning now to Slide 26. Our Energy business unit delivered gross profit of $84 million in the quarter, up from a loss of $28 million a year ago. The increase was driven by significantly higher WCS prices, increased sales volumes and lower unit operating costs as a result of 2 trained production rates. As Jonathan noted earlier, we announced the sale of our interest in Fort Hills, for gross proceeds of approximately $1 billion in cash and recorded an after-tax noncash impairment charge of approximately $950 million in Q3. The sale agreement is expected to be effective November 1 and is subject to customary closing conditions and regulatory approvals. Our interest in Fort Hills will be reported as a discontinued operation beginning in the fourth quarter of 2022.

現在轉到幻燈片 26。我們的能源業務部門在本季度實現了 8400 萬美元的毛利潤，高於一年前的 2800 萬美元的虧損。這一增長是由於 WCS 價格顯著上漲、銷量增加以及由於 2 種受過培訓的生產率而降低的單位運營成本。正如喬納森早些時候指出的那樣，我們宣佈出售我們在 Fort Hills 的權益，總收益約為 10 億美元現金，並在第三季度記錄了約 9.5 億美元的稅後非現金減值費用。該銷售協議預計將於 11 月 1 日生效，並須符合慣例成交條件和監管批准。從 2022 年第四季度開始，我們對 Fort Hills 的興趣將被報告為停止運營。

Slide 27 outlines our updated guidance for capital investments. As a result of the revised QB2 capital cost guidance, we increased our 2022 capital guidance by $100 million to $200 million. And as Jonathan noted earlier, while we continue to expect our capital expenditures for 2023 to be lower than 2022, we no longer expect a reduction of $2 billion given the increase in QB2 capital and continued inflationary pressures across our business.

幻燈片 27 概述了我們更新的資本投資指南。由於修訂後的 QB2 資本成本指導，我們將 2022 年的資本指導增加了 1 億美元至 2 億美元。正如 Jonathan 早些時候指出的那樣，雖然我們繼續預計 2023 年的資本支出將低於 2022 年，但鑑於 QB2 資本的增加和整個業務的持續通脹壓力，我們不再預計減少 20 億美元。

Looking now at Slide 28. We continue to maintain our strong financial position. We currently have $8.3 billion of liquidity, including $2.9 billion of cash and an undrawn USD 4 billion sustainability-linked revolving credit facility. We have a net debt to adjusted EBITDA ratio of 0.5x, investment-grade credit ratings from all 4 credit rating agencies and no major debt maturities prior to 2030. We are very confident in our ability to complete QB2 while successfully weathering this period of macroeconomic uncertainty, given our balance sheet strength. And adhering to our disciplined capital allocation framework, Teck continues to uphold our track record of significant cash returns to shareholders as demonstrated by strong returns in the third quarter.

現在看幻燈片 28。我們繼續保持強勁的財務狀況。我們目前擁有 83 億美元的流動性，包括 29 億美元的現金和未提取的 40 億美元與可持續發展相關的循環信貸額度。我們的淨債務與調整後 EBITDA 的比率為 0.5 倍，所有 4 家信用評級機構的投資級信用評級，並且在 2030 年之前沒有重大債務到期。我們對完成 QB2 並成功度過這段宏觀經濟時期的能力充滿信心鑑於我們的資產負債表實力，不確定性。並堅持我們嚴格的資本分配框架，Teck 繼續保持我們為股東帶來可觀現金回報的往績記錄，第三季度的強勁回報證明了這一點。

With that, I'll turn it back to Jonathan for closing comments.

有了這個，我會把它轉回給 Jonathan 來結束評論。

Thank you, Crystal. Our continued investment in resource development and acquisition has resulted in an outstanding copper growth pipeline, which is something that many of our peers simply do not have.

謝謝你，水晶。我們對資源開發和收購的持續投資帶來了出色的銅增長管道，這是我們許多同行根本沒有的。

Turning to Slide 30. -- we have updated our copper growth pipeline to reflect recently announced transactions, which is subject to customary closing conditions, including receipt of regulatory approvals. Cumulatively, these projects have the potential to add new copper equivalent production of more than 1.5 million tonnes per year. QB2 is the first step in our transformational copper growth. The next phase of development of QB will be the Quebrada Blanca mill expansion.

轉到幻燈片 30。——我們更新了我們的銅增長管道，以反映最近宣布的交易，這些交易取決於慣例成交條件，包括收到監管部門的批准。累積起來，這些項目每年有可能增加超過 150 萬噸的新銅當量產量。 QB2 是我們轉型銅增長的第一步。 QB 的下一階段發展將是 Quebrada Blanca 工廠的擴建。

The QBME feasibility study, including all environmental baseline activities, is expected to be completed in 2023. QBME is expected to be a significant contributor to our near-term copper growth portfolio with first production targeted for 2026. We are also continuing to progress our other copper growth projects. At the NorthMet project, updated feasibility and detailed engineering is underway. At San Nicolas, we are targeting completion of the feasibility study work in Q1 2024 and first production in late 2026. And at Zafranal, the feasibility study was completed in mid-2019, and we are in the final stage of the permitting process. We will continue advancing Zafranal on a path to realizing value in 2023.

包括所有環境基線活動在內的 QBME 可行性研究預計將於 2023 年完成。QBME 預計將成為我們近期銅增長組合的重要貢獻者，首次生產目標為 2026 年。我們還將繼續推進其他銅增長項目。在 NorthMet 項目中，更新的可行性和詳細的工程正在進行中。在 San Nicolas，我們的目標是在 2024 年第一季度完成可行性研究工作，並在 2026 年底進行首次生產。在 Zafranal，可行性研究已於 2019 年年中完成，我們正處於許可程序的最後階段。我們將繼續推動 Zafranal 在 2023 年實現價值的道路上前進。

In closing, Teck is well-positioned to drive long-term, sustainable shareholder value. There are meaningful opportunities ahead as global growth and the transition to a lower carbon economy, drive new copper metal demand and we have a portfolio of high-quality copper growth options that is the envy of our peers. As we move forward, we'll continue to rebalance our portfolio to copper while reducing the proportion of carbon in our overall business. We will continue to follow our rigorous capital allocation framework, balancing growth and cash returns to shareholders. At the same time, we will maintain our leadership in responsible resource development, drive best practices in sustainability and share in the benefits of mining with our stakeholders. This is consistent with Teck's purpose and the very core of our strategy and vision, setting us up for an incredibly exciting future. Thank you. I will now turn the call back over to Fraser.

最後，泰克在推動長期、可持續的股東價值方面處於有利地位。隨著全球增長和向低碳經濟過渡，推動新的銅金屬需求，我們擁有令同行羨慕的高質量銅增長選擇組合，未來存在有意義的機遇。隨著我們的前進，我們將繼續重新平衡我們的銅投資組合，同時降低碳在我們整體業務中的比例。我們將繼續遵循我們嚴格的資本分配框架，平衡增長和股東的現金回報。與此同時，我們將保持我們在負責任的資源開發方面的領導地位，推動可持續發展的最佳實踐，並與我們的利益相關者分享採礦的好處。這與 Teck 的宗旨以及我們戰略和願景的核心是一致的，讓我們為一個令人難以置信的激動人心的未來做好準備。謝謝你。我現在將把電話轉回弗雷澤。

Thanks, Jonathan. Just before we go to Q&A, I just wanted to note for everyone if -- if we don't happen to get time on the call today, we have a fair amount of time left, but we don't happen to get to your questions. We're available, myself and my team afterwards too -- for any follow-ups that are required. With that, then, Ariel, I'll just hand it over to you to conduct question and answers.

謝謝，喬納森。就在我們進行問答之前，我只想提醒大家，如果我們今天沒有時間接聽電話，我們還有相當多的時間，但我們碰巧沒能找到你的問題。我們有空，我自己和我的團隊之後也有空 - 任何需要的後續行動。有了這個，愛麗兒，我就把它交給你進行問答。

(Operator Instructions) The first question comes from Greg Barnes of TD Securities.

（操作員說明）第一個問題來自道明證券的 Greg Barnes。

Jonathan, I just want to get a better handle on CapEx going forward, obviously, with a higher CapEx for QB2 coming into 2023. Sustaining capital, given the inflationary pressures that you've experienced over the past year or so. Should we be looking at a number that's somewhere between or as high as $2 billion on sustaining capital in Canadian dollar terms?

喬納森，我只是想更好地處理未來的資本支出，很明顯，到 2023 年 QB2 的資本支出會更高。鑑於您在過去一年左右經歷的通脹壓力，維持資本。我們是否應該考慮以加元計算的維持資本介於或高達 20 億美元之間的數字？

Thanks, Greg, for the question. I'll hand over to Crystal in a moment just to provide some more detail. Generally speaking, we discussed previously the step-down of $2 billion from circa just above $5 billion to just above $3 billion. Clearly, from the updated guidance we've given you for QB2, there's more capital to be spent in 2023 now on that project specifically.

謝謝，格雷格，這個問題。稍後我將移交給 Crystal，以提供更多詳細信息。一般來說，我們之前討論過將 20 億美元從略高於 50 億美元降至略高於 30 億美元。顯然，根據我們為 QB2 提供的最新指南，2023 年將有更多資金專門用於該項目。

To your question on inflation, broadly the same factors that have been driving inflation in our unit costs are driving inflation within our sustaining capital costs. These are the sort of factors that would be fuel, for example, or labor-related where that goes to sort of profit-linked costs. But let me just hand to Crystal to see if she has anything to add on our expectations for CapEx, which, as we said, we will guide to in the normal course in early 2023.

對於您關於通貨膨脹的問題，在我們的單位成本中推動通貨膨脹的因素大致相同，也在我們的持續資本成本中推動通貨膨脹。例如，這些是燃料或與勞動力相關的因素，而這些因素會成為與利潤相關的成本。但是，讓我來看看她是否對我們對資本支出的期望有什麼要補充的，正如我們所說，我們將在 2023 年初的正常課程中指導這一點。

Thank you, Greg, for your question. As Jonathan mentioned, we are working towards our guidance in February, consistent with our normal practices, and we are still making our way through our budgeting process. So I can't answer your specific question on where sustaining capital will be in 2023, but I can say across our capital portfolio for expenditures. We are still expecting it to be lower than where we came in for 2022, but we'll have to wait until we've finalized our guidance in February.

謝謝你，格雷格，你的問題。正如喬納森所說，我們正在努力按照我們的正常做法在 2 月份制定指導方針，並且我們仍在製定預算流程。因此，我無法回答您關於 2023 年維持資本將在哪裡的具體問題，但我可以說在我們的資本組合中用於支出。我們仍然預計它會低於 2022 年的水平，但我們將不得不等到 2 月份完成我們的指導。

Okay. I thought I'd give it a try. Just as a follow-on -- again, Jonathan, on the coal business, the reduction in the 3-year guidance to 25 million to 26 million tonnes. So have you permanently lost the ability to get to 26 million to 27 million tonnes given all of the issues that you've outlined in the M&A -- or do you think you can get back to that level at some point?

好的。我想我會試一試。作為後續行動 - 喬納森再次談到煤炭業務，將 3 年指導減少至 2500 萬噸至 2600 萬噸。那麼，考慮到您在併購中概述的所有問題，您是否永遠失去了達到 2600 萬至 2700 萬噸的能力——或者您認為您可以在某個時候恢復到那個水平？

So the -- certainly, the plants and the mines are capable of achieving 26 to 27. However, as mentioned over recent years, we've had a series of events, many of them external factors, which have caused us to produce below that level. And therefore, from a planning perspective and to assist the market in understanding a reasonable outlook for production expectations. We've started to factor that in to how we think about this business. Now if you had a year absent any sort of external events, then the 26 million to 27 million tonnes per annum remains achievable. But what I'll do is just hand over to Robin Sheremeta, the President of our Coal business. He will just give you a little bit more color on some of the factors that we've included in our thinking here and why we've decided to guide future production the way we have.

所以——當然，工廠和礦山能夠達到 26 到 27。然而，正如近年來所提到的，我們發生了一系列事件，其中許多是外部因素，導致我們的產量低於等級。因此，從規劃的角度來看，並幫助市場了解生產預期的合理前景。我們已經開始將這一點納入我們對這項業務的看法。現在，如果你有一年沒有任何外部事件，那麼每年 2600 萬噸到 2700 萬噸仍然可以實現。但我要做的只是交給我們煤炭業務總裁 Robin Sheremeta。他將就我們在此處考慮的一些因素以及為什麼我們決定以我們現有的方式指導未來生產的一些因素為您提供更多色彩。

Just, Greg, I kind of want to walk you back through, say, the last 3 years because I think it kind of gives you a sense of where we're at and maybe why that opportunity is not lost. But if you go back to 2020, obviously, COVID-19 was the headliner through that year. That -- we went through all the different issues with that. At the same time, we had a couple of environmental events. And really in 2020 was the start of what became higher absenteeism in the operations due to COVID and due to some of the steps we've taken.

只是，格雷格，我有點想帶你回顧過去 3 年，因為我認為這讓你了解我們所處的位置以及為什麼沒有失去這個機會。但如果你回到 2020 年，顯然，COVID-19 是那一年的頭條新聞。那 - 我們經歷了所有不同的問題。與此同時，我們還舉辦了幾場環保活動。實際上，在 2020 年，由於 COVID 和我們採取的一些措施，運營中的缺勤率開始上升。

In 2021, we had a lot of mitigation steps in place for COVID-19. We actually saw a strong rebound in our production and logistics performance compared to '20, despite having continued high absenteeism, which we also saw today, -- and so we were able to drive inventories down. We got our storage plant capacity prioritized, and we actually took advantage of a good strong market. And then we got taken out by the wildfire events in the summer, which took out logistics and a [small] production curtailments. And we're just recovering from the wildfires through the summer, and we got hit with the atmosphere river rain and flooding events in November and that again caused logistics and inventory-related production impacts. So those 2 years were fraught with things well out of our control.

2021 年，我們針對 COVID-19 採取了許多緩解措施。與 20 年相比，我們實際上看到了生產和物流業績的強勁反彈，儘管我們今天也看到了持續高缺勤率，因此我們能夠降低庫存。我們優先考慮了我們的存儲工廠容量，我們實際上利用了一個良好的強勁市場。然後我們被夏天的野火事件所摧毀，這導致物流和[小]減產。我們剛剛從整個夏天的野火中恢復過來，我們在 11 月遭遇了大氣河流降雨和洪水事件，這再次造成了物流和與庫存相關的生產影響。所以那兩年充滿了我們無法控制的事情。

Coming into '22, we ended up starting the year with maximum inventories again due to the rain event. And then early in the year, we had extreme freezing that caused additional production challenges. So we didn't get a strong start to the year.

進入 22 年，由於下雨事件，我們最終以最大的庫存開始了這一年。然後在今年年初，我們經歷了極度寒冷，導致了額外的生產挑戰。所以我們今年的開局並不好。

Now fortunately, for the most part, the remaining year has been less eventful from an environmental perspective, but we do continue to have challenges with labor. We're still trying to rebuild from 2 years of pandemic, and we're still trying to establish levels that help offset that. So that takes time. It takes time to train people, to attract people to the operations. And I will say we're seeing considerable improvement in that over the last couple of months. So I'm getting more and more confident that we've -- that we're able to rebuild the capacity that we had before. So -- and this latest issue with the Elkview plant, it's a one-off incident. We'll get through it. The team is working really hard to get that plant back. We've got most of the difficult pieces of the reconstruction, I guess, behind us, the foundations are going in now, and we've got some of the new tube arriving.

現在幸運的是，在大多數情況下，從環境角度來看，剩下的一年沒有那麼重要，但我們確實繼續面臨勞動力方面的挑戰。我們仍在努力從 2 年的大流行中重建，我們仍在努力建立有助於抵消這一影響的水平。所以這需要時間。培訓人員、吸引人員參與運營需要時間。我要說的是，在過去的幾個月裡，我們在這方面看到了相當大的進步。所以我越來越有信心我們已經 - 我們能夠重建我們以前擁有的能力。所以 - Elkview 工廠的最新一期是一次性事件。我們會度過難關的。該團隊正在努力使該工廠恢復原狀。我們已經完成了重建的大部分困難部分，我想，在我們身後，現在正在打地基，並且我們已經收到了一些新管。

So all that remains on track, and we should be back in good shape by the end of the month. So if you take all these things into account, many of which are pandemic related, we felt it was important to recommend a range that was more reflective of some of the uncertainty that happens around environmental conditions and things like that. If we have a year where the world doesn't conspire against us, I think we would be quite confident in hitting that upper historical levels of production. So the [plants] are capable. It's just a matter of -- you have a bit of luck on our side, I guess.

所以一切都在軌道上，我們應該在月底前恢復良好狀態。因此，如果您考慮到所有這些因素，其中許多都與大流行有關，我們認為推荐一個更能反映環境條件等周圍發生的一些不確定性的範圍很重要。如果我們有一年世界沒有陰謀反對我們，我認為我們對達到歷史上的生產水平很有信心。所以[植物]是有能力的。這只是一個問題——我猜你在我們這邊有點運氣。

Our next question comes from Orest Wowkodaw of Scotiabank.

我們的下一個問題來自豐業銀行的 Orest Wowkodaw。

Jonathan, your #2 priority seems to be rebalancing the portfolio to low carbon metals. I'm wondering if that -- if your strategy there is solely around growing the copper business, and i.e., diluting the coal business? Or do you see the potential for accelerating that transformation perhaps by either divesting some of the coal business?

喬納森，您的第二個優先事項似乎是將投資組合重新平衡為低碳金屬。我想知道是否——如果你的戰略完全圍繞著發展銅業務，即稀釋煤炭業務？或者您是否看到了通過剝離部分煤炭業務來加速轉型的潛力？

Orest, thanks for the question. There's a number of approaches that we've been taking to that. The first, as you've seen overnight is the announced divestment of Fort Hills. Clearly, oil sands, carbon an opportunity there to reduce weight in the portfolio through that divestment, something we're very pleased to have agreed and have gotten the way. Secondly, as you highlight, really, the key approach for us is the growth around copper with the doubling of copper production as we bring QB2 online next year. And then with the projects I mentioned being new range being San Nicolas, being the QB mill expansion or bring more copper units into the portfolio, which further swing us towards green metals and away from carbon.

奧雷斯特，謝謝你的問題。我們已經採取了許多方法來解決這個問題。第一個，正如您在一夜之間看到的那樣，宣布撤資 Fort Hills。顯然，油砂和碳是通過撤資來減輕投資組合重量的機會，我們很高興已經同意並取得了成功。其次，正如您所強調的那樣，對我們來說，真正的關鍵方法是圍繞銅的增長，隨著我們明年將 QB2 上線，銅產量翻番。然後我提到的項目是 San Nicolas 的新系列，QB 工廠擴建或將更多銅單元納入投資組合，這進一步使我們轉向綠色金屬並遠離碳。

As we've said before, we always remain very active and thoughtful in reviewing the shape of the portfolio and the composition of our portfolio. But right now, those factors I've mentioned are the key execution priorities, and that's what the team is focused on and that's what we're gearing up to deliver.

正如我們之前所說，在審查投資組合的形狀和投資組合的構成時，我們始終保持非常積極和深思熟慮。但現在，我提到的那些因素是關鍵的執行優先級，這就是團隊關注的重點，也是我們準備交付的。

Okay. And as a follow-up, a question for Red, probably here. Red, we've seen significant escalation on the CapEx for QB2 in the last 2 quarters in total, about USD 1.2 billion. I've been surprised just at the magnitude of that increase. Can you give us more color on what you're seeing there in terms of what's driving because I just can't be simply inflation.

好的。作為後續，Red 的問題可能就在這裡。紅色，我們看到 QB2 的資本支出在過去 2 個季度總計顯著上升，約為 12 億美元。我對這種增長幅度感到驚訝。你能給我們更多關於你在那裡看到的驅動因素的顏色嗎，因為我不能簡單地解釋通貨膨脹。

No. No, we're not attributing it to entirely to inflation. Orest, great to be on the line with you again. There's a variety of things that we've been dealing with. They're keeping you up to date on all of those quarter-to-quarter. First, I just want to emphasize, we've got a very robust system with capital where we track all of the trends, contractors and then everybody involved turn in what's happening to them, where costs are going, what are variances from the initial plans that we made.

不，不，我們並沒有將其完全歸因於通貨膨脹。奧雷斯特，很高興再次與您在線。我們一直在處理各種各樣的事情。他們讓您按季度了解所有這些情況。首先，我只想強調，我們有一個非常強大的資金系統，我們可以跟踪所有趨勢、承包商，然後每個參與的人都會了解發生在他們身上的事情、成本的去向、與最初計劃的差異我們做的。

And we bring -- we bring that forward every quarter, true it up. We do everything that we can to address issues that occur and don't just incur us, but what can we do to change the outcome. Here's an example of a cost that we incurred yet overall, it's going to be very financially advantageous for us. The 12 kilometers of tailing launder that I mentioned in the presentation, earlier this year, late last year, we were very concerned that the method of construction that the contractor was using was not going to allow that piece of the construction to be completed in time for us to get started here at the end of the year, which if that happens, it would be a huge cost impact.

我們帶來 - 我們每季度都會提出這一點，並做到這一點。我們盡我們所能來解決發生的問題，而不僅僅是招致我們，而是我們可以做些什麼來改變結果。這是我們產生的成本示例，但總體而言，這對我們來說在財務上是非常有利的。我在演講中提到的 12 公里尾礦清洗場，今年早些時候，去年年底，我們非常擔心承包商使用的施工方法無法及時完成那部分施工讓我們在年底開始，如果發生這種情況，這將是一個巨大的成本影響。

So we reviewed all of that with them, came up with a different method of construction, [redid] the financial terms of their contract in order to acknowledge the different construction approach. And now we have a tailing launder that's complete, ready to go. So good an outcome there. We're making adjustments like that here in the past quarter significantly. Another example would be -- on the Jetty, we've now put the electrical room for that on land instead of out on the peer. It's allowed us to accelerate commissioning of the desalinization plant, et cetera. And then throughout all of this, you've got all of the inefficiencies associated with COVID. I just want to remind everybody we're flying in 13,000 people in and out of this remote location every 2 weeks. We're running 5 charter planes a day to do that. And at 10% absentee rates and you don't have key employees showing up like crane operators, supervisors, whatever. You have to reconstitute your crews on the fly and do what you can with the skills and the craft that you have.

因此，我們與他們一起審查了所有這些，提出了一種不同的施工方法，[重新制定]了他們合同的財務條款，以承認不同的施工方法。現在我們有一個完整的尾礦清洗池，可以使用了。那裡的結果很好。我們在上個季度進行了類似的調整。另一個例子是——在 Jetty 上，我們現在已經把它的電氣室放在陸地上，而不是放在對等體上。它使我們能夠加快海水淡化廠的調試，等等。然後在所有這一切中，你已經得到了與 COVID 相關的所有低效率。我只想提醒大家，我們每兩週派出 13,000 人進出這個偏遠地區。為此，我們每天運營 5 架包機。在 10% 的缺勤率下，您不會有像起重機操作員、主管等關鍵員工出現。你必須在飛行中重組你的工作人員，並利用你所擁有的技能和工藝盡你所能。

So we've been adjusting and dealing with all of those things. And let me just end with I was there last week, Alex Christopher is now -- they're on site this week. It's really exciting to see this thing come together. I (inaudible) the entire critical path. You saw the pictures today. It's coming together. We've done it under extremely adverse circumstances the last couple of years, everybody stays in healthy doing it.

所以我們一直在調整和處理所有這些事情。讓我以我上週在那裡結束，亞歷克斯克里斯托弗現在 - 他們本週在現場。看到這件事走到一起真的很令人興奮。我（聽不清）整個關鍵路徑。你今天看到了照片。它正在走到一起。在過去的幾年裡，我們在極其不利的情況下做到了這一點，每個人都保持健康。

We now, for the first time in October, as all of our employees were on site where masks are optional. They don't have to wear a mask associated with virus protocols, et cetera. So first time I've seen people's faces up there in 2 years. And it's all very encouraging, and we're going to finish this thing strong and it will be up and running here by the end of the year.

我們現在是 10 月份的第一次，因為我們所有的員工都在現場，口罩是可選的。他們不必戴上與病毒協議等相關的口罩。所以兩年來我第一次看到人們的臉。這一切都非常令人鼓舞，我們將有力地完成這件事，它將在今年年底前在這裡啟動並運行。

Just finally, Red, what's your confidence level in this updated number, the $7.4 billion to $7.75 billion. Do you think this is it?

最後，瑞德，你對這個最新數字的信心水平是多少，從 74 億美元到 77.5 億美元。你覺得是這樣嗎？

Well, the qualifier is knowing what we know today, all trends everything that we know of today are included in that. And we've assumed that we continue to have this high absentee rate that we're incurring right now and the inefficiencies associated with that are all calculated in. So those -- everything we know of is in there and trended (inaudible) for the current what's happening on the ground today. So we're confident that it's a good number and a good estimate. .

好吧，預選賽是知道我們今天所知道的，我們今天所知道的所有趨勢都包含在其中。而且我們假設我們現在繼續保持如此高的缺勤率，並且與之相關的低效率都被計算在內。所以那些 - 我們所知道的一切都在那裡並且趨勢（聽不清）當前正在發生的事情。所以我們相信這是一個很好的數字和一個很好的估計。 .

Our next question comes from Lawson Winder of Bank of America Securities.

我們的下一個問題來自美國銀行證券的 Lawson Winder。

If I may, I'd like to ask about the alternate concentrate shipping options for QB2. If you could maybe discussed to the extent possible what those arrangements are, what they look like in terms of costs and what they look like in terms of capacity? So for example, if the processing facility were fully ramped up, would that alternate concentrate shipping arrangement be sufficient to handle that volume?

如果可以的話，我想問一下 QB2 的替代濃縮物運輸選項。如果您可以盡可能地討論這些安排是什麼，它們在成本方面的情況以及它們在容量方面的情況？因此，例如，如果加工設施全面提升，那麼替代的精礦運輸安排是否足以處理該數量？

Lawson, thanks for the question. I'll pass that to Réal Foley, our SVP of Marketing and Logistics.

勞森，謝謝你的提問。我會將其轉達給我們的營銷和物流高級副總裁 Réal Foley。

All right. Thanks, Lawson, for the question. Yes, we're working hard on those alternate shipping arrangements and we actually have (inaudible) in place there and they're actually containers with a lid for shipping via trucks to alternate ports. There are arrangements in place with alternate ports, working also with trucking companies in order to enable that. So we're confident that we have the capacity to ship the concentrate that will be reduced by QB during the year.

好的。謝謝，勞森，你的問題。是的，我們正在努力製定這些替代運輸安排，我們實際上已經（聽不清）在那裡，它們實際上是帶蓋的集裝箱，用於通過卡車運輸到替代港口。與備用港口有安排，還與貨運公司合作以實現這一點。因此，我們相信我們有能力運送年內將因 QB 減少的精礦。

We're also looking at domestic sales within Chile to the copper smelters that are in Chile. And transportation arrangements are also being worked on to get the concentrate to those concentrators.

我們也在關注智利國內對智利銅冶煉廠的銷售。運輸安排也正在製定中，以便將精礦送到這些選礦廠。

Yes. Thanks, Réal. The other thing I'd just add to that, Lawson, is some of these arrangements are very common in Chile, and they're used to handle supply chain disruptions and interruptions of ports due to weather events. So establishing some of this now will likely be advantageous for us anyway in the medium-term.

是的。謝謝，雷亞爾。勞森，我要補充的另一件事是，其中一些安排在智利非常普遍，它們用於處理供應鏈中斷和由於天氣事件導致的港口中斷。因此，從中期來看，現在建立其中的一些可能對我們有利。

Makes a lot of sense. And then just any indication as to the cost of this alternative versus the [port]?

很有意義。然後是否有任何跡象表明這種替代方案與 [端口] 相比的成本？

Yes, Lawson, I think it's early days for that. We'll provide guidance as we go into next year if this is something that we do give guidance on.

是的，勞森，我認為現在還為時尚早。如果我們確實提供指導，我們將在明年提供指導。

Okay. Fair. And then I also wanted to follow up on the oil sands sale. Congratulations on completing that now. So you're now effectively out of the business of operating oil sands or sharing an operating oil sands asset, but you still have a substantial oil sands project in the portfolio. Has there been any thought to the potential sale of Frontier, has there been any interest in -- from potential buyers and maybe purchasing that?

好的。公平的。然後我還想跟進油砂銷售。恭喜你現在完成了。因此，您現在實際上已退出經營油砂業務或共享經營油砂資產，但您的投資組合中仍有大量油砂項目。是否對 Frontier 的潛在出售有任何想法，是否有任何興趣——來自潛在買家並可能購買？

Yes. Lawson, I'll just make a couple of comments first on the divestment of Fort Hills. We have run a competitive process on that -- on our nonoperated interest in that for some time. We did have multiple parties actively bidding on the asset. The valuation we've achieved here, the $1 billion of cash from Suncor reflects the assumptions that underpin the long-range plan that were provided by the operator.

是的。勞森，我將首先對 Fort Hills 的撤資發表一些評論。我們已經對此進行了競爭性流程-一段時間以來，我們對此的非經營性興趣。我們確實有多方積極競標該資產。我們在這裡實現的估值，來自 Suncor 的 10 億美元現金反映了支撐運營商提供的長期計劃的假設。

And if you look at Suncor's press release, they will talk to some of the medium-term challenges associated with that asset as they're now understood, and they will give more detailed guidance at the end of November. So I think that will be helpful in getting a better understanding of the potential value of this asset now on a forward-looking basis, perhaps relative to prior expectations. The final thing I would say about that is the multiple that we've transacted at is actually competitive relative to recent precedent transactions for similar assets for oil sands assets.

如果您查看 Suncor 的新聞稿，他們將討論與該資產相關的一些中期挑戰，正如他們現在所了解的那樣，他們將在 11 月底提供更詳細的指導。因此，我認為這將有助於在前瞻性的基礎上更好地了解該資產的潛在價值，也許與之前的預期相關。我要說的最後一件事是，相對於最近油砂資產類似資產的先例交易，我們交易的倍數實際上具有競爭力。

So we're very satisfied with the valuation achieved here, and we think it's a good deal for our shareholders, we think it improves our investability because we know oil sands has been an overhang for us and it's consistent with our strategy of moving away from carbon towards green metals in the portfolio.

所以我們對這裡實現的估值非常滿意，我們認為這對我們的股東來說是一筆不錯的交易，我們認為它提高了我們的可投資性，因為我們知道油砂對我們來說是一個懸而未決的問題，這與我們遠離碳轉向投資組合中的綠色金屬。

Now to your specific question on Frontier and Lease 421. We do believe that they are valuable options. They are not options for us to execute and develop. As you highlight, we won't be operators in the energy sector and nor in oil sands specifically. And therefore, we will evaluate options to transact on those over time. Fort Hills though being an asset in operation was the priority for us and hence, we chose to deal with that upfront.

現在回答您關於 Frontier and Lease 421 的具體問題。我們相信它們是有價值的選擇。它們不是我們執行和開發的選項。正如您所強調的，我們不會成為能源領域的運營商，也不會專門從事油砂領域的運營。因此，我們將隨著時間的推移評估交易選項。 Fort Hills 雖然是運營中的資產是我們的首要任務，因此我們選擇提前處理。

Our next question comes from Jackie Prelovszky of BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Jackie Prelovszky。

My first question, I think, will be on -- to follow up on the question about Fort Hills. And Jonathan, I know you sort of alluded to this at the beginning of the call, but I would love to hear just some thoughts about what you're planning to do with the $1 billion that you'll be bringing in from that asset sale? And even just this really broadly, is that thought of as a potential for a fairly large onetime capital return to shareholders? Or do you require that for QB2 or other parts of the business? Or is there going to be some combination of those things?

我認為，我的第一個問題將是——跟進有關 Fort Hills 的問題。喬納森，我知道你在電話一開始就提到了這一點，但我很想听聽你打算如何處理你將從資產出售中獲得的 10 億美元的一些想法?即使只是這麼廣泛，這是否被認為是向股東提供相當大的一次性資本回報的潛力？或者您是否需要 QB2 或其他業務部分？還是會有這些東西的某種組合？

Yes. Great question, Jackie. The proceeds when we receive them upon the completion of the transaction, will be put towards the capital allocation framework. That's how we've talked about this previously. As you know, through the capital allocation framework, the first 30% of available cash flow is automatically returned to shareholders, and then we retain of course, based on consultation with our Board, the discretion to return additional amounts if we believe that's warranted based on other uses of cash at that point in time. So Key message there will be a return to shareholders as a result of this due to the operation of the capital allocation framework, minimum 30%, but potential for upside on that.

是的。好問題，傑基。交易完成後我們收到的收益將用於資本分配框架。這就是我們之前討論過的方式。如您所知，通過資本分配框架，可用現金流的前 30% 會自動返還給股東，然後我們當然會根據與董事會的協商，保留在我們認為有理由的情況下返還額外金額的酌處權關於當時現金的其他用途。因此，由於資本分配框架的運作，關鍵信息將給股東帶來回報，最低 30%，但有上漲的潛力。

And that would be -- just to be clear, that would be a special dividend? Or could it be a buyback? Or like do you have thoughts about sort of the format of that?

那將是 - 只是為了清楚，這將是特別股息？還是可以回購？或者你對這種格式有什麼想法嗎？

It could be either, Jackie. We make that determination at the time based on the share price, for example, based on discussions with our shareholders and any particular view on preferences at a point in time, but it could go either way.

也可以是，傑基。我們當時根據股價做出決定，例如，根據與股東的討論以及在某個時間點對偏好的任何特定觀點，但它可能會採取任何一種方式。

Understood. And maybe another question, just I noticed in the last couple of quarters, your MD&A has talked about income tax is going to be starting to be charged on Canadian assets starting in 2022 with maybe cash tax payments in 2023 and 2024. Can you give us a little bit of help -- modeling help. How should we expect to see your income statement change maybe in the beginning of 2023 as a result of that?

明白了。也許是另一個問題，只是我在過去幾個季度注意到，您的 MD&A 談到從 2022 年開始對加拿大資產徵收所得稅，可能在 2023 年和 2024 年支付現金稅。你能給我們一點幫助——建模幫助。我們應該如何期望您的損益表可能會因此而在 2023 年初發生變化？

Yes. Thanks. Good question. I'll hand that directly over to Crystal.

是的。謝謝。好問題。我會直接把它交給水晶。

Thanks, Jackie. That's a good question. You're correct. We are cash taxable on our 2022 earnings. However, we have -- with the tax installment rules and there are some income inclusion timing rules relating to our partnerships. That's where most of our Canadian coal and copper operations are held. That allows for us to defer the cash tax payments associated with the 2022 earnings into 2023 and the majority of which actually would be deferred into 2024.

謝謝，傑基。這是個好問題。你是對的。我們對 2022 年的收入應繳納現金稅。但是，我們有 - 稅收分期付款規則，並且有一些與我們的合作夥伴關係相關的收入包含時間規則。我們大部分的加拿大煤炭和銅礦業務都位於該處。這使我們能夠將與 2022 年收益相關的現金稅支付推遲到 2023 年，其中大部分實際上將推遲到 2024 年。

So the determination of the amount of those cash taxes will depend on our full year earnings for '22, and we would -- we can take offline the proportion to allocate. But I think you can assume the majority of it goes into 2024 in terms of the payment timing.

因此，確定這些現金稅的金額將取決於我們 22 年的全年收入，我們可以——我們可以離線分配比例。但我認為，就付款時間而言，您可以假設其中大部分進入 2024 年。

Okay. That's great. I might follow up with you online -- offline. And if I could just maybe sneak one last question. And hopefully, this is a quick one. I'm guessing it will be the revised budget that you've given us for QB2, can you -- can you give us any indication on how much there is contingency remaining in the budget for QB2 now that you've changed the bookends?

好的。那太棒了。我可能會在線跟進你——離線。如果我可以偷偷問最後一個問題。希望這是一個快速的。我猜這將是您為 QB2 提供給我們的修訂預算，您能否告訴我們，既然您已經更改了書擋，QB2 的預算中還有多少應急費用？

Crystal or Red, do you want to pick that one up?

水晶或紅色，你要挑那個嗎？

Yes, Jackie, the way I would characterize it is all known variances that we've faced and things going forward are all included in that estimate. We've also made an estimate on foreign exchange rate, et cetera. So I think I would tell you that all things that we know, all contingencies are covered at this point. .

是的，傑基，我描述它的方式是我們所面臨的所有已知差異以及未來的事情都包含在該估計中。我們還對外匯匯率等進行了估算。所以我想我會告訴你，我們所知道的所有事情，所有意外情況都在這一點上涵蓋。 .

Our next question comes from Brian MacArthur of Raymond James.

我們的下一個問題來自 Raymond James 的 Brian MacArthur。

Just 2 follow-ups. First, Red or Jonathan, for the QB numbers, when you say everything is in, does that include working capital build as well? Or is there another cash call for that as we go through 2023, given all the timing changes on this now?

只有2個後續。首先，Red 或 Jonathan，對於 QB 數字，當您說一切就緒時，這是否也包括營運資金建設？或者考慮到現在所有的時間變化，在我們經歷 2023 年時，是否還有另一個現金要求？

Red, have you got that?

紅，你有嗎？

Yes, Brian, there was -- when we talk about construction capital, there's no working capital built into that. We're budgeting on the operations side for the start-up of the mining operations and all that goes on there. That's where any working capital that are going to be accounted for.

是的，布賴恩，有 - 當我們談論建築資本時，其中沒有內置營運資金。我們正在為採礦業務的啟動以及那裡進行的所有活動制定運營方面的預算。這就是將要考慮的任何營運資金的地方。

That's how I thought you were doing it. Second question, you talked about on Fort Hills gross proceeds and back to the tax discussion that was out there. Is there a significant tax on that sale. What I'm trying to get at is, obviously, the potential proceeds available for capital return?

這就是我認為你正在這樣做的方式。第二個問題，你談到了 Fort Hills 的總收入，然後回到了那裡的稅收討論。該銷售是否有重大稅收。顯然，我想要了解的是可用於資本回報的潛在收益？

Crystal?

水晶？

Thanks, Brian. Great question. In short, the answer to that is there is no material tax impact. There is a small capital loss that we expect on the transaction, but it isn't material in nature in relation to the $1 billion.

謝謝，布賴恩。好問題。簡而言之，答案是沒有實質性的稅收影響。我們預計交易會出現少量資本損失，但與 10 億美元相比，這在本質上並不重要。

So I'm just going to say, yes, no capital gain, Brian, as Crystal highlighted.

所以我只想說，是的，沒有資本收益，Brian，正如 Crystal 強調的那樣。

Perfect. And my third question just relates -- and Jonathan, I think the long-term copper slide is great to show all your options. But you sort of have Zafarnal in there now. Is the -- are you still now maybe changing your view that you're maybe going to develop this as opposed to have a partner, which was maybe the way it was discussed before financing. Has anything changed there just given the divestiture of Fort Hills or anything? Is there any change in the strategy with Zafranal going forward?

完美的。我的第三個問題只是與喬納森有關，我認為長期銅幻燈片非常適合展示您的所有選擇。但你現在有點像紮法納爾了。是 - 你現在是否仍然可能改變你的觀點，即你可能會開發這個而不是擁有一個合作夥伴，這可能是在融資之前討論的方式。考慮到 Fort Hills 的剝離或其他任何事情，那裡有什麼變化嗎？ Zafranal 未來的戰略是否有任何變化？

We're still looking at the optimization of that. Brian, we have a number of options there, of course. You know in the past, we were looking to divest that. We've continued to ensure that, that is fully permitted with the feasibility study behind us, so it will be completely derisked. We could look at the introduction of another partner given we have Mitsubishi in there for 20% at the moment, and we have the balance of 80%. And we could just move ahead with the development on a 100% basis. It's -- all options are still on the table for us on that one.

我們仍在研究它的優化。布賴恩，當然，我們有很多選擇。你知道在過去，我們正在尋求剝離它。我們繼續確保，在我們背後的可行性研究中，這是完全允許的，因此它將被完全取消。我們可以考慮引入另一個合作夥伴，因為目前我們有 20% 的三菱在其中，我們還有 80% 的餘額。我們可以在 100% 的基礎上繼續開發。這是 - 所有選項仍然在我們的桌面上。

We have a lot else in the pipeline in that same timeframe to be grappling with. So I would say we are certainly long options in that period. And part of the determination we need to make is what is the right sequence of development here for these assets based on their risk and return profile. So all part of the optimization all still in the mix and all options on the table.

在同一時間範圍內，我們還有很多其他事情要處理。所以我會說我們在那個時期肯定是長期的選擇。我們需要做出的部分決定是，根據這些資產的風險和回報情況，這些資產的正確開發順序是什麼。因此，所有優化部分仍然在混合中，所有選項都擺在桌面上。

Great. .

偉大的。 .

This concludes the question-and-answer session. I will now hand back the call over to Mr. Price for closing remarks.

問答環節到此結束。我現在將把電話交回給普賴斯先生以作結束語。

I think we'll probably hand it to Mr. Phillips for closing remarks.

我想我們可能會把它交給菲利普斯先生做結束語。

Yes. Absolutely. So thanks, everybody, for joining us. If you didn't get your questions addressed, and I know there are some that did not, please let us know and we'll follow up and set something up so we can chat or do it over e-mail. Thanks again for joining us and look forward to speaking to everybody again a quarter from now.

是的。絕對地。所以，謝謝大家加入我們。如果您的問題沒有得到解決，而且我知道有些問題沒有得到解決，請告訴我們，我們會跟進並進行設置，以便我們可以聊天或通過電子郵件進行處理。再次感謝您加入我們，並期待在四分之一之後再次與大家交談。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。你可以斷開你的線路。感謝您的參與，祝您有愉快的一天。