Teck Resources Ltd (TECK) 2022 Q2 法說會逐字稿

All participants, thank you for standing by. Welcome to Teck's Second Quarter 2022 Earnings Release Conference Call. (Operator Instructions) This conference call is being recorded on Wednesday, July 27, 2022.

所有參與者，感謝您的支持。歡迎參加泰克 2022 年第二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 7 月 27 日星期三錄製。

I would now like to turn the conference call over to Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analysis. Please go ahead.

我現在想將電話會議轉交給投資者關係和戰略分析高級副總裁弗雷澤菲利普斯。請繼續。

Thanks, Patrick. Good morning, everyone, and thank you for joining us for Teck's Second 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. Please refer to Slide 2 for the assumptions underlying our forward-looking statements.

謝謝，帕特里克。大家早上好，感謝您參加 Teck 2022 年第二季度業績電話會議。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。有關我們前瞻性陳述的假設，請參閱幻燈片 2。

In addition, we will reference various non-GAAP measures throughout this call. Explanations and reconciliations regarding these measures could be found in our MD&A, the latest press release on our website.

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調整可以在我們網站上的最新新聞稿中找到我們的 MD&A。

Today's conference call is not quite an ordinary call, not only have we reported our fourth consecutive quarter of record-setting profitability. As you know, we've announced President and CEO succession. So our format will be slightly different today. To begin, Don and then Jonathan will make some opening comments.

今天的電話會議不是一次普通的電話會議，我們不僅報告了我們連續第四個季度創紀錄的盈利能力。如您所知，我們已經宣布了總裁兼首席執行官的繼任人選。所以我們今天的格式會略有不同。首先，Don 和 Jonathan 將發表一些開場白。

They will then take us through our regular quarterly results presentation, followed by Q&A. We'll then end with Don's closing remarks. With that, for 1 last time, I will hand the call over to Don Lindsay, our President and CEO.

然後，他們將帶領我們完成我們定期的季度業績報告，然後是問答環節。然後，我們將以 Don 的結束語結束。最後一次，我將把電話轉給我們的總裁兼首席執行官 Don Lindsay。

Well, thank you very much, Fraser, and good morning, everyone. Welcome to the second quarter call. As I guess you all know, yesterday, I announced my retirement from Teck. This will officially be the 71st quarterly earnings call that I've led since 2005 and my final 1 would Teck. And as such, I'm going to make a few opening comments about my decision and the transition and then a little bit of reflection of about my last 17-plus years in the industry and the Teck.

好的，非常感謝弗雷澤，大家早上好。歡迎來到第二季度的電話。我想你們都知道，昨天，我宣布從 Teck 退休。這將正式成為我自 2005 年以來領導的第 71 個季度財報電話會議，而我的最後一個電話會議將是 Teck。因此，我將就我的決定和過渡發表一些開場評論，然後對我在該行業和 Teck 的過去 17 年多的時間進行一些反思。

And then I'll turn it over to Jonathan Price, our new CEO elect, for him to make some remarks. And when we get to the Q&A today, since this is my last time, you're welcome to ask me anything. This is your asking me anything moment, and I will try to answer, though, as you will understand, I may be precluded from answering some questions.

然後我將把它交給我們新當選的首席執行官喬納森·普賴斯 (Jonathan Price)，讓他發表一些意見。當我們今天進行問答時，由於這是我最後一次，歡迎您問我任何問題。這是你在問我任何事情的時候，我會盡力回答，不過，正如你所理解的，我可能無法回答一些問題。

So it's tough to say goodbye to a company and to a team that you've been a part of this long and that you admire so much. And there is no perfect time. The fact is a lot of planning and preparation, if all add up to this point, the Board, in fact, established a succession committee 2.5 years ago. And as you know, from a big picture point of view, at Teck, we are reshaping and rebalancing our portfolio to have a bigger focus on copper and less on carbon.

所以很難告別一家公司和一個團隊，你一直是其中的一員，你非常欽佩。而且沒有完美的時間。事實上是很多計劃和準備，如果所有這些加起來，董事會實際上在 2.5 年前就成立了一個繼任委員會。如您所知，從大局的角度來看，在 Teck，我們正在重塑和重新平衡我們的投資組合，以更加關注銅，減少對碳的關注。

And with that shift to a new phase of growth for Teck, it is important to shareholders, in particular, that the strategy is owned and led by the CEO, who will be around and accountable for it in the longer term and I clearly wasn't going to be the one to be around.

隨著 Teck 進入新的增長階段，對股東來說尤其重要的是，該戰略由 CEO 擁有和領導，從長遠來看，CEO 將負責並負責，我顯然不是不會是周圍的人。

I will be 64 later this year. So I knew that this was the right time to make this decision to get the new team in place and to just get on with it. Board and I have been working closely together on transition planning for several years with the goal of having a seamless transition as possible. We're also, of course, drawing close to completion of QB2 and first copper.

今年晚些時候我將 64 歲。所以我知道現在是做出這個決定讓新團隊就位並繼續前進的正確時機。多年來，董事會和我一直在密切合作制定過渡計劃，目標是盡可能實現無縫過渡。當然，我們也接近完成 QB2 和第一個銅。

We're all very excited about it. And that marks a major shift in Teck's trajectory towards becoming a major global copper player. And it isn't just QB2. We have not 1, not 2, but 4 projects that could be in production as early as 2026.

我們都對此感到非常興奮。這標誌著泰克在成為全球主要銅業者的道路上發生了重大轉變。而且不僅僅是QB2。我們有可能最早在 2026 年投入生產的項目不是 1 個，也不是 2 個，而是 4 個。

This announcement also comes, as we mark our fourth consecutive record-setting quarter in a row, $3.3 billion in EBITDA, $1.8 billion in adjusted earnings, and in the last 12 months, we reported $5.7 billion in earnings. And these results really speak to the strength of not just Teck's assets and certainly commodity prices were a big contributor, but also to the strength of the incredible team of people that we have here.

這一公告也發布了，因為我們連續第四個季度創下歷史新高，EBITDA 為 33 億美元，調整後收益為 18 億美元，在過去 12 個月中，我們報告了 57 億美元的收益。這些結果不僅說明了泰克的資產實力，當然還有大宗商品價格是一個很大的貢獻者，也說明了我們在這裡擁有的令人難以置信的團隊的力量。

Now looking back, when I joined Teck on January 1, 2005, my initial focus was on rejuvenating our resource base to ensure that we could maintain production over the long term and to position us for future growth. We were, I would say, at the time, resource challenged. In fact, Highland Valley Copper was scheduled to close forever in 2008, just as an example.

現在回想起來，當我在 2005 年 1 月 1 日加入泰克時，我最初的重點是振興我們的資源基礎，以確保我們能夠長期維持生產並為未來的增長做好準備。我想說，當時我們面臨資源挑戰。事實上，Highland Valley Copper 計劃於 2008 年永久關閉，僅作為一個例子。

So the early years, we're all about getting a hold of resources. We delivered on that through some key acquisitions such as ore resources, global copper, Fort Hills and ultimately, the full ownership of the Fording Coal Trust, in addition to investing year in and year out in exploration.

所以早年，我們都是為了掌握資源。除了年復一年地投資於勘探之外，我們還通過一些重要的收購來實現這一目標，例如礦石資源、全球銅、Fort Hills，並最終獲得了 Fording Coal Trust 的全部所有權。

And ore resources, of course, gave us QB. In QB at the time, we knew about 8 deep drill holes (inaudible) suggested that sulfides would be there. But they might not have been. It was a bit of a risk. But by the end of this year, we are on track to report 11 billion tonnes of resources. And that is 1 of the top 10 resources in the world.

當然，礦石資源給了我們QB。當時在 QB，我們知道大約有 8 個深鑽孔（聽不清）表明硫化物存在。但他們可能不是。這有點冒險。但到今年年底，我們有望報告 110 億噸資源。這是世界十大資源之一。

And as a result, Teck's total resources -- reserves and resources across all commodities, on a copper equivalent basis, have increased over 3.5x since 2005. So today, we are resource-rich, and the new team has a lot to work with.

因此，泰克的總資源——所有商品的儲量和資源，以銅當量計算，自 2005 年以來增長了 3.5 倍以上。所以今天，我們資源豐富，新團隊有很多工作要做.

Next, we transitioned into converting those resources into production and cash flow to realize that potential through the construction of key projects like the Highland Valley mill optimization, which combined with various pushbacks have to extend the life out to 2027, and we'll extend it again out past 2040.

接下來，我們轉變為將這些資源轉化為生產和現金流，通過建設高地谷工廠優化等關鍵項目來實現這一潛力，結合各種阻力，必須將壽命延長到 2027 年，我們將延長它再次超過 2040 年。

The VIP2 project at Red Dog, which meant that instead of the production dropping from 550,000 tonnes to something starting with the 3, it stayed over 500,000. So it was like building a whole new zinc mine. There was the construction of Fort Hills. We're building key assets to trail the 2 asset plants, which were so important and helped actually increase production.

Red Dog 的 VIP2 項目，這意味著產量不會從 550,000 噸下降到從 3 開始的水平，而是保持在 500,000 以上。所以這就像建造一個全新的鋅礦。有堡壘山的建設。我們正在建設關鍵資產來跟踪這兩個資產工廠，這兩個資產工廠非常重要並有助於實際增加產量。

There was rejuvenating the Elk Valley steelmaking coal operations to drop them from the high third quartile, in fact, edging into the fourth quartile on the cost curve right down to the second quartile.

麋鹿谷煉鋼煤炭業務正在恢復活力，使其從高位的第三四分位下降，事實上，在成本曲線上逐漸進入第四個四分位，一直到第二個四分位。

And then, of course, commencing construction of QB2. With the upcoming completion of QB2, consolidated copper production capacity will double, and we are uniquely positioned to double again. And that includes the planned QB mill expansion, which could add a further 150,000 tonnes of production, and we have numerous other assets through Project Satellite, including the advanced Zafranal, San Nicolás projects and our recently announced Mesaba, PolyMet Mining venture with PolyMet backed by Glencore.

然後，當然，開始建造 QB2。隨著QB2即將竣工，綜合銅產能將翻一番，我們有得天獨厚的優勢再翻一番。這包括計劃中的 QB 工廠擴建，這可能會增加 150,000 噸的產量，而且我們通過 Project Satellite 擁有許多其他資產，包括先進的 Zafranal、San Nicolás 項目以及我們最近宣布的 Mesaba，PolyMet Mining 與 PolyMet 支持的合資企業嘉能可。

Together, these projects could add 5x the amount of our current copper equivalent production and make Teck a very significant copper producer. At the same time, as we did all this, we worked hard to foster a culture of safety and sustainability in every corner of the company, including reducing total recordable injury frequency by 80% compared to 2005 and reducing high-potential incident frequency by 90% since 2010.

這些項目加起來可以使我們目前的銅當量產量增加 5 倍，並使泰克成為一家非常重要的銅生產商。與此同時，我們努力在公司的每一個角落培養一種安全和可持續發展的文化，包括與 2005 年相比將總可記錄傷害頻率降低 80%，將高潛在事故頻率降低 90自 2010 年以來的百分比。

Our people really live those values day in and day out, demonstrating that it truly is possible to provide essential metals and minerals with the smallest footprint possible all the while creating jobs and prosperity for people and communities.

我們的人民日復一日地真正踐行這些價值觀，這表明確實有可能以盡可能小的足跡提供基本金屬和礦物，同時為人們和社區創造就業機會和繁榮。

I am very proud of how far we've come and where this company is today. Teck is in an enviable position in our industry with unparalleled copper growth optionality, strong production for world-class operations, leading sustainability performance and a purpose and values-driven employee culture that is second to none. I'm looking forward to supporting the transition to Jonathan and Red's leadership over the next few months.

我為我們取得的成就以及這家公司今天所處的位置感到非常自豪。泰克在我們的行業中處於令人羨慕的地位，擁有無與倫比的銅增長選擇、世界級運營的強勁生產、領先的可持續發展績效以及首屈一指的目標和價值觀驅動的員工文化。我期待在接下來的幾個月內支持向 Jonathan 和 Red 的領導過渡。

I'll also be staying on to support them in an advisory capacity in the role of Executive Vice Chair into the second quarter of 2023. But most of all, I'm very much looking forward to seeing Teck transition into this next phase of growth and value creation and very importantly, listen carefully and returning substantial capital to shareholders.

在 2023 年第二季度，我還將繼續擔任執行副主席，以顧問身份支持他們。但最重要的是，我非常期待看到 Teck 過渡到下一個增長階段和價值創造，非常重要的是，仔細傾聽並向股東返還大量資本。

With that, I'll pass it to Jonathan for comment, and then we'll move on to the actual earnings presentation and Q&A. Jonathan, over to you.

有了這個，我會將它傳遞給喬納森以徵求意見，然後我們將繼續進行實際的收益演示和問答。喬納森，交給你。

Thanks, Don. First, I would like to recognize Don's exceptional leadership of Teck for more than 17 years. As mentioned, we've just announced our fourth consecutive set of record financial results, an outcome, which is the product of many years of building a great team and a great culture, both of which were central to what attracted me to Teck. Second, I want to reinforce the strength of Teck's strategy and growth foundation.

謝謝，唐。首先，我要感謝 Don 在 17 年多來對 Teck 的卓越領導。如前所述，我們剛剛宣布了我們連續第四次創紀錄的財務業績，這是多年來建立一支優秀團隊和優秀文化的產物，這兩者都是吸引我加入 Teck 的核心。其次，我想加強泰克的戰略實力和增長基礎。

We have a portfolio comprising some of the industry's best mining assets and we have a track record of operational excellence and leadership, as a responsible and sustainable miner. And we're continually striving to improve through innovation and the deployment of digital technologies.

我們的投資組合包括一些業內最好的採礦資產，並且作為負責任和可持續的礦工，我們擁有卓越運營和領導力的往績記錄。我們不斷努力通過創新和數字技術的部署來改進。

We also have a suite of copper growth options without parallel amongst our peers.

我們還有一整套銅增長選擇，在我們的同行中是獨一無二的。

This is all the product of long-term strategic thinking, a clear eye to focus on value and creative commercial deal making. As Don has indicated, and this is important, there is tremendous additional value to be unlocked in our portfolio. And I and my team are fully committed to working to realize that value for shareholders.

這都是長期戰略思維的產物，清晰的眼光專注於價值和創造性的商業交易。正如 Don 所指出的，這很重要，我們的投資組合中有巨大的附加價值可以釋放。我和我的團隊完全致力於為股東實現這一價值。

Finally, I want to personally thank Don for the trust he has placed in me over the past 2 years. He has been generous in the time he has spent helping to build my knowledge and appreciation of Teck's legacy, our values and the opportunities we have ahead of us. And it is a great honor to be appointed as Teck's next CEO.

最後，我要親自感謝 Don 在過去 2 年中對我的信任。在幫助我建立對 Teck 的遺產、我們的價值觀和我們面前的機會的認識和欣賞方面，他一直很慷慨。很榮幸被任命為泰克的下一任首席執行官。

Of course, I'm also very fortunate to have Red Conger working closely with me in the role of President and COO. And I know his leadership track record and depth of industry experience will be invaluable. I'm very excited for the opportunities ahead and to be leading Teck through the next chapter. Now back to Don to take us through the quarterly results presentation.

當然，我也很幸運有 Red Conger 與我密切合作，擔任總裁兼首席運營官。我知道他的領導記錄和深厚的行業經驗將是無價的。我對未來的機會感到非常興奮，並能帶領泰克度過下一章。現在回到唐，帶我們完成季度業績報告。

Okay. Thank you very much, Jonathan. So I'll now turn to Slide 4 on the presentation, and we'll go through the highlights. We're pleased to report our second quarter 2020 results, which marked Teck's fourth consecutive quarter of record-setting EBITDA and profitability. We delivered record adjusted profit attributable to shareholders of $1.8 billion, which is more than 5x higher than Q2 last year and record adjusted EBITDA of $3.3 billion driven by strong profitability across each of our businesses.

好的。非常感謝，喬納森。因此，我現在將轉到演示文稿的幻燈片 4，我們將介紹重點。我們很高興地報告我們 2020 年第二季度的業績，這標誌著泰克連續第四個季度創下 EBITDA 和盈利能力的紀錄。我們實現了創紀錄的調整後股東應占利潤 18 億美元，比去年第二季度高出 5 倍以上，調整後的 EBITDA 達到創紀錄的 33 億美元，這得益於我們每項業務的強勁盈利能力。

At QB2, we achieved a number of exciting milestones during the second quarter, including the completion of construction of our transmission system, getting the starter dam to its design elevation and beginning the flow of seawater into the pretreatment area of the desal plant, which is on the critical path for First copper.

在 QB2，我們在第二季度實現了許多激動人心的里程碑，包括完成輸電系統的建設、將啟動壩達到其設計標高以及開始海水流入海水淡化廠的預處理區，這是First Copper 的關鍵路徑。

And while we execute on this transformational growth, our strong financial performance in the quarter enabled us to further strengthen our balance sheet and returned significant cash to shareholders.

在我們實現這一轉型增長的同時，我們本季度強勁的財務業績使我們能夠進一步加強我們的資產負債表，並向股東返還大量現金。

During Q2, we redeemed USD 650 million of outstanding term notes. We paid $67 million in dividends and we completed $572 million in share buybacks. Yesterday, we declared a $0.125 per share dividend, and we authorized a further USD 500 million in share buybacks. And this brings our total authorized share buyback program to approximately CAD 1.4 billion year-to-date.

在第二季度，我們贖回了 6.5 億美元的未償定期票據。我們支付了 6700 萬美元的股息，完成了 5.72 億美元的股票回購。昨天，我們宣布派發每股 0.125 美元的股息，並授權另外 5 億美元的股票回購。這使我們今年迄今為止的總授權股票回購計劃達到約 14 億加元。

I'm pleased with our commitment to and continued progress in safety and sustainability leadership. Year-to-date, our high potential injury frequency remained low at 0.1 and building on our long-standing commitment to biodiversity, Teck became the first mining company to set an ambitious goal of becoming a nature-positive company by 2030.

我對我們在安全和可持續發展領導力方面的承諾和持續進步感到高興。年初至今，我們的高潛在傷害頻率保持在 0.1 的低水平，基於我們對生物多樣性的長期承諾，Teck 成為第一家設定到 2030 年成為一家對自然有利的公司的宏偉目標的礦業公司。

Our sustainability efforts reflect the passion of our employees for caring for the land where they live and work. We are proud of the ongoing recognition by the outside industry. We were named to the best 50 corporate systems in Canada for the 16th consecutive year. Overall, our solid operational performance and strong balance sheet put Teck on a very strong footing, as we manage through the current inflationary pressures and the slowdown in the global economy.

我們在可持續發展方面所做的努力反映了我們員工關心他們生活和工作的土地的熱情。我們為外部行業的持續認可感到自豪。我們連續第 16 年被評為加拿大最佳 50 家企業系統。總體而言，我們穩健的運營業績和強勁的資產負債表使泰克處於非常穩固的地位，因為我們能夠應對當前的通脹壓力和全球經濟放緩。

Turning to Slide 5. As stated earlier, we delivered record adjusted EBITDA of $3.3 billion, which was more than 3x higher than Q2 of 2021. Our results reflect meaningful contributions from each 1 of our business units particularly steelmaking coal, of course, which delivered record EBITDA of $2.7 billion in the quarter. Not unlike others in the industry, persistent global inflationary pressures increased our overall Q2 operating costs by 14% compared to last year, and half of that is attributable to the price of diesel.

轉到幻燈片 5。如前所述，我們實現了創紀錄的 33 億美元的調整後 EBITDA，比 2021 年第二季度高出 3 倍以上。我們的結果反映了我們每個業務部門的有意義的貢獻，當然，煉鋼煤實現了本季度 EBITDA 達到創紀錄的 27 億美元。與業內其他公司不同，持續的全球通脹壓力使我們第二季度的整體運營成本比去年增加了 14%，其中一半歸因於柴油價格。

Turning to our operations, starting with the copper business on Slide 7. Gross profit in the second quarter increased by 5% compared to last year, driven by a 10,000-tonne increase in sales that shifted forward from the third quarter as production remained flat year-over-year. This was partially offset by higher consumables, particularly diesel and transportation costs.

談到我們的運營，從幻燈片 7 中的銅業務開始。第二季度的毛利潤與去年相比增長了 5%，原因是由於產量與去年持平，銷售額從第三季度向前轉移了 10,000 噸- 超過一年。這部分被較高的消耗品所抵消，特別是柴油和運輸成本。

Our total cash unit costs increased by USD 0.23 to $2.03 per pound. Q2 EBITDA of $210 million included a $251 million negative settlement pricing adjustment resulting from the decline in copper price towards the end of the quarter.

我們的現金單位總成本增加了 0.23 美元，達到每磅 2.03 美元。第二季度 EBITDA 為 2.10 億美元，其中包括由於本季度末銅價下跌導致的 2.51 億美元負結算定價調整。

Notwithstanding that, copper prices in Q2 remained well above historic averages at USD 4.32 per pound. During the quarter, we signed a new 3-year collective agreement at Carmen de Andacollo, and looking forward, our 2022 copper production guidance remains unchanged. We increased our 2022 net cash unit cost guidance for copper to $1.48 to $1.58 per pound from the $1.40 to $1.50 we were before, primarily due to inflationary cost pressures and lower byproduct price forecasts.

儘管如此，第二季度的銅價仍遠高於每磅 4.32 美元的歷史平均水平。本季度，我們在 Carmen de Andacollo 簽署了一份新的 3 年集體協議，展望未來，我們 2022 年的銅生產指導保持不變。我們將 2022 年銅的淨現金單位成本指引從之前的 1.40 美元至 1.50 美元上調至每磅 1.48 美元至 1.58 美元，這主要是由於通脹成本壓力和副產品價格預測降低。

Moving on to zinc on Slide 8. EBITDA on our zinc business tripled compared to Q2 last year, to $236 million. The increase was primarily due to substantially higher zinc prices, a 40% increase in zinc and concentrate sales and higher byproduct contributions. Q2 total cash unit costs are $0.13 or 21% lower compared to last year, largely due to lower smelter processing charges, which more than offset the inflationary cost pressures on consumables and labor.

在幻燈片 8 上繼續討論鋅。與去年第二季度相比，我們鋅業務的 EBITDA 增長了兩倍，達到 2.36 億美元。這一增長主要是由於鋅價格大幅上漲、鋅和精礦銷售增長 40% 以及副產品貢獻增加。與去年相比，第二季度總現金單位成本下降了 0.13 美元或 21%，這主要是由於冶煉廠加工費用降低，這抵消了消耗品和勞動力的通脹成本壓力。

At Trail, the increase in Q2 refined zinc production reflects the zinc roaster maintenance in 2021, but we also recorded a $32 million inventory write-down due to the decrease in zinc prices at the end of the quarter. Subsequent to quarter end, on July 8, we reached a new 5-year collective agreement at Trail.

在 Trail，第二季度精煉鋅產量的增加反映了 2021 年鋅焙燒爐的維護，但由於本季度末鋅價下跌，我們還記錄了 3200 萬美元的庫存減記。在 7 月 8 日季度末之後，我們在 Trail 達成了一項新的 5 年集體協議。

Looking ahead, the Red Dog shipping season commenced on July 4, and we expect sales of Red Dog zinc and concentrate to be 215,000 to 240,000 tonnes in Q3, reflecting the normal seasonal pattern. Major maintenance activities are planned in Trail from September to November, which will impact production. Our 2022 zinc production guidance remains unchanged.

展望未來，Red Dog 出貨旺季於 7 月 4 日開始，我們預計第三季度 Red Dog 鋅和精礦的銷量為 215,000 至 240,000 噸，反映了正常的季節性模式。 Trail 計劃從 9 月到 11 月進行重大維護活動，這將影響生產。我們的 2022 年鋅產量指引保持不變。

We increased our 2022 net cash unit cost guidance from [mine zinc] to $0.37 to $0.43 per pound from $0.32 to $0.38 per pound previously. The increase is primarily due to higher smelter processing charges expected in the second half of the year as well as higher diesel prices and increased profit-based compensation.

我們將 2022 年淨現金單位成本指引從 [礦鋅] 上調至每磅 0.37 至 0.43 美元，從之前的每磅 0.32 美元至 0.38 美元。增加的主要原因是預計下半年冶煉廠加工費用增加以及柴油價格上漲和基於利潤的補償增加。

On Slide 9, our steelmaking coal business unit delivered yet another record quarter with gross profit of $2.5 billion, surpassing the record set last quarter at $1.8 billion. Steelmaking coal EBITDA was $2.7 billion, which was a sixfold increase compared to $435 million last year. FOB Australia price assessments for steelmaking coal hit a record high of USD 527 per tonne in the quarter. While prices pulled back in May to exit the quarter at $300 per tonne, they remain higher than historical averages.

在幻燈片 9 上，我們的煉鋼煤炭業務部門又一個創紀錄的季度實現了 25 億美元的毛利潤，超過了上一季度創下的 18 億美元的紀錄。煉鋼煤 EBITDA 為 27 億美元，與去年的 4.35 億美元相比增長了六倍。本季度煉鋼煤的 FOB 澳大利亞估價創下每噸 527 美元的歷史新高。雖然價格在 5 月份回落至本季度每噸 300 美元，但仍高於歷史平均水平。

Sales to our customers in China are based on the CFR China price, which averaged $461 per tonne in Q2. As a result of strong prices, our realized price reached a record high of USD 453 per tonne more than triple Q2 of last year. Production of 5.3 million tonnes was lower than a year ago due to planned maintenance shutdowns and some plant reliability challenges. Sales were 6.3 million tonnes in the quarter, which were within guidance.

我們對中國客戶的銷售基於 CFR 中國價格，第二季度的平均價格為每噸 461 美元。由於價格強勁，我們的實際價格達到了每噸 453 美元的歷史新高，是去年第二季度的三倍多。由於計劃中的維護停機和一些工廠可靠性挑戰，產量為 530 萬噸，低於一年前。本季度的銷量為 630 萬噸，在指導範圍內。

Importantly, our upgraded rail infrastructure and Neptune Terminal performed very well through the quarter and demonstrated their value by reducing mine inventories to near historic low levels, enabling us to capitalize on high steelmaking coal prices in the quarter.

重要的是，我們升級後的鐵路基礎設施和海王星碼頭在本季度表現非常出色，並通過將礦山庫存減少至接近歷史低位來展示其價值，使我們能夠利用本季度高企的煉鋼煤價格。

Looking forward, we expect sales of 5.8 million to 6.2 million tonnes in the third quarter to closely match production, as mine coal inventories at record low levels. Given the plant reliability and workforce challenges, we lowered our full year production guidance to 23.5 million to 24 million tonnes from 24.5 million to 25.5 million tonnes previously.

展望未來，我們預計第三季度的銷量為 580 萬噸至 620 萬噸，與產量接近，因為礦山煤炭庫存處於歷史最低水平。鑑於工廠可靠性和勞動力挑戰，我們將全年產量指導從之前的 2450 萬噸降低至 2550 萬噸，降至 2350 萬噸至 2400 萬噸。

We increased our adjusted site cash cost sales guidance for the full year to $87 to $92 per tonne from $79 to $83 per tonne as a result of reduced annual production and higher inflationary cost pressures.

由於年產量減少和通脹成本壓力增加，我們將調整後的全年現場現金成本銷售指導從每噸 79 美元至 83 美元提高至每噸 87 美元至 92 美元。

Transportation unit costs are expected to decline in the second half of the year, and our full year guidance though remains unchanged. Our 2022 sustaining capital guidance for steelmaking coal was reduced by $100 million due largely to a shift in timing of water project spending.

運輸單位成本預計將在下半年下降，但我們的全年指導保持不變。我們對煉鋼煤的 2022 年持續資本指導減少了 1 億美元，這主要是由於水項目支出時間的變化。

Turning to Slide 10. Our energy business generated $174 million of EBITDA in the second quarter, driven by strong Western Canadian Select prices, and higher sales. Realized blended bitumen prices in the second quarter averaged USD 98.42 per barrel, which was a 72% increase compared to last year. Sales were 3.1 million barrels in the quarter compared to 1.6 million last year when Fort Hills operated on 1 train only.

轉到幻燈片 10。我們的能源業務在第二季度產生了 1.74 億美元的 EBITDA，這得益於強勁的加拿大西部精選價格和更高的銷售額。第二季度實現的混合瀝青平均價格為每桶 98.42 美元，與去年相比上漲了 72%。該季度的銷量為 310 萬桶，而去年福特山僅在 1 列火車上運營時為 160 萬桶。

The ramp-up to a 2 train operation in Fort Hills drove increased production and lowered unit operating costs compared to last year. Further, a planned 20-day maintenance outage was successfully completed in the quarter, and in addition to its positive contribution to the bottom line, Fort Hills provides us with a natural hedge against increasing WTI and diesel prices.

與去年相比，Fort Hills 增至 2 列火車運營推動了產量增加並降低了單位運營成本。此外，本季度成功完成了計劃中的 20 天維護中斷，除了對利潤做出積極貢獻外，Fort Hills 還為我們提供了對 WTI 和柴油價格上漲的自然對沖。

Looking forward, adjusted operating cost guidance for the full year increased to $33 to $36 per barrel from $28 to $32 per barrel previously due to higher natural gas and diesel input costs as well as an increase in contractor costs, but production guidance remains unchanged.

展望未來，由於天然氣和柴油投入成本增加以及承包商成本增加，全年調整後的運營成本指導從每桶 28 美元至 32 美元增加到每桶 33 美元至 36 美元，但生產指導保持不變。

Moving on to Slide 11. At QB2, we now have approximately 13,000 workers on the project, and we are proud of the steady progress that we have made through the quarter. In terms of key milestones achieved, we have completed construction of the 220 kV transmission system and are sequentially energizing the electrical substation. In terms of water, we began pumping seawater into the pretreatment area for commissioning. We are 50% complete the hydrotesting of the water supply pipeline and pump stations.

繼續幻燈片 11。在 QB2，我們現在有大約 13,000 名工人參與該項目，我們為我們在本季度取得的穩步進展感到自豪。在實現的關鍵里程碑方面，我們已經完成了 220 kV 輸電系統的建設，並正在依次為變電站供電。水方面，我們開始將海水抽入預處理區進行調試。我們完成了 50% 的供水管道和泵站的水壓測試。

At the mine, we completed the starter dam to its design elevation. We began system turnovers to preoperational testing at the concentrator. We transferred the truck shop to operations. Our capital cost guidance remains unchanged, while our COVID-related costs have increased to $1.4 billion to $1.5 billion due to the impact of inflation on labor costs, the ultimate impacts of the Omicron wave that we experienced in Q1 and ongoing inefficiencies, including as a result of COVID-19 related absenteeism, which continues to run at approximately 10% levels.

在礦山，我們完成了啟動壩的設計標高。我們開始在選礦廠進行系統周轉以進行運行前測試。我們將卡車車間轉移到運營中。我們的資本成本指導保持不變，而由於通貨膨脹對勞動力成本的影響、我們在第一季度經歷的 Omicron 浪潮的最終影響以及持續的低效率，包括作為COVID-19 相關缺勤的結果，該缺勤率繼續保持在大約 10% 的水平。

We continue to target first copper from Line 1 in the latter part of this year with a focus on system completion and handover. However, if COVID-19 absenteeism and related vendor specialty craft availability continues into the fourth quarter, this may be delayed into January of 2023.

今年下半年，我們將繼續瞄準 1 號線的第一批銅，重點是系統完成和移交。但是，如果 COVID-19 缺勤和相關供應商專業工藝的可用性持續到第四季度，這可能會推遲到 2023 年 1 月。

Slide 12 shows the progress on the main Jetty where we continue to advance the piling and deck construction. They will support the ship loader. Construction progress here has been impacted by marine weather and subsurface conditions, necessitating alternate concentrate shipping arrangements until the ship loader is commissioned in the first half of 2023.

幻燈片 12 顯示了我們繼續推進打樁和甲板建設的主要碼頭的進展情況。他們將支持裝船機。這裡的施工進度受到海洋天氣和地下條件的影響，在 2023 年上半年裝船機投入使用之前，需要進行其他集中運輸安排。

On Slide 13, you can see the desalination plant in the foreground where we are completing the high-pressure testing. In the background, you can see the pretreatment area, where we have introduced seawater for commissioning activities. Slide 14 shows the completed truck shop that was transferred to operations in the quarter.

在幻燈片 13 上，您可以在前景中看到我們正在完成高壓測試的海水淡化廠。在背景中，您可以看到預處理區，我們在此處引入了海水進行調試活動。幻燈片 14 顯示了在本季度轉移到運營的已完工卡車車間。

Slide 15 shows the gas-insulated switchgear inside 1 of the completed electrical substations that are being sequentially energized, and this substation provides power to water supply Pump Station 3 one of the key systems that's needed for first copper.

幻燈片 15 顯示了已完成的變電站 1 內部的氣體絕緣開關設備，這些變電站正在按順序通電，該變電站為供水泵站 3 供電，這是第一個銅所需的關鍵系統之一。

Slide 16 shows the completed power transmission lines and the water supply Pump Station 5, which is 1 of the stations for pumping water up from the desal plant to the concentrator. We've now completed more than 50% of the pipeline of Pump Station hydrotesting that's required to advance the system into commissioning.

幻燈片 16 顯示了已完成的輸電線路和供水泵站 5，該泵站是從海水淡化廠抽水到濃縮器的站之一。我們現在已經完成了超過 50% 的泵站水壓測試管道，這是推進系統進入調試所需的。

On Slide 17, you can see a photo from May of the stockpile dome assembly and as of today, it is almost fully enclosed. On Slide 18, you can see an overall view of the concentrator area, but the grinding building on the right and the flotation area on the left. The focus in this area is on completion of Line 1 in preparation for first copper. And in the quarter, we began turnover of key systems in this area to preoperational testing.

在幻燈片 17 上，您可以看到 5 月的庫存圓頂組件照片，截至今天，它幾乎完全封閉。在幻燈片 18 上，您可以看到選礦區的整體視圖，但右側是磨礦大樓，左側是浮選區。該領域的重點是完成 1 號線，為第一銅做準備。並且在本季度，我們開始將該領域的關鍵系統周轉至運行前測試。

On Slide 19, you can see the installation of the liners inside of SAG Mill at the grinding building. The Slide 20 shows a portion of the tailings launder, which is a concrete channel that conveys the tailings from the concentrated area to the tailings facility.

在幻燈片 19 上，您可以看到 SAG Mill 內襯板安裝在研磨大樓內。幻燈片 20 展示了尾礦流槽的一部分，這是一個混凝土通道，將尾礦從集中區輸送到尾礦設施。

Finally, Slide 21 shows the starter dam, where we completed all of the earthworks and associated concrete works to bring the dam to its design height. So in summary, we continue to be very pleased with the progress that we are making, we're excited about building on our construction successes 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.

最後，幻燈片 21 展示了啟動壩，我們在那裡完成了所有的土方工程和相關的混凝土工程，以使大壩達到其設計高度。總而言之，我們繼續對我們正在取得的進展感到非常滿意，我們很高興能夠在迄今為止的建設成功基礎上再接再厲，專注於實現項目的關鍵里程碑。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。

With that, I'll now pass it over to Jonathan to discuss our financial results.

有了這個，我現在將把它交給喬納森來討論我們的財務業績。

Thanks, Don. As illustrated on Slide 23, strong commodity prices drove Teck's fourth consecutive quarter of record EBITDA and profitability in Q2. Record high realized steelmaking coal prices increased by nearly $100 per tonne quarter-over-quarter to $453 per tonne in the second quarter. While prices have weakened since May, both the FOB Australia and CFR China prices remain above historical averages.

謝謝，唐。如幻燈片 23 所示，強勁的商品價格推動了泰克公司連續第四個季度創紀錄的 EBITDA 和第二季度的盈利能力。第二季度實現煉鋼煤價格創歷史新高，環比上漲近 100 美元/噸，達到 453 美元/噸。雖然自 5 月以來價格有所走弱，但 FOB 澳大利亞和 CFR 中國價格仍高於歷史平均水平。

Western Canadian Select, the heavy oil benchmark price averaged $96 per barrel in Q2 up 20% quarter-over-quarter and 75% year-over-year. Zinc prices increased by $0.08 to an average of $1.78 per pound in Q2 compared to Q1. And while copper prices declined from the all-time quarterly average record of $4.53 per pound in Q1, they remain well above historic averages with an average of $4.32 per pound in the second quarter. We've outlined the key drivers for our record profitability on Slide 24.

加拿大西部精選，第二季度重油基準價格平均為每桶 96 美元，環比上漲 20%，同比上漲 75%。與第一季度相比，第二季度鋅價上漲 0.08 美元至平均每磅 1.78 美元。儘管銅價從第一季度每磅 4.53 美元的歷史季度平均記錄下跌，但仍遠高於第二季度平均每磅 4.32 美元的歷史平均水平。我們在幻燈片 24 上概述了我們創紀錄的盈利能力的關鍵驅動因素。

Adjusted EBITDA of $3.3 billion in the quarter represents an increase of $2.3 billion compared to last year, largely attributable to the strong commodity prices I mentioned. Like others in the industry, we continue to face inflationary cost pressures, which increased our Q2 operating cost by 14% compared to last year.

本季度調整後的 EBITDA 為 33 億美元，與去年相比增加了 23 億美元，這主要歸功於我提到的強勁的商品價格。與業內其他公司一樣，我們繼續面臨通脹成本壓力，這使我們的第二季度運營成本比去年增加了 14%。

The 75% increase in diesel prices over the same period drove approximately half of the increase. Additionally, increases in the cost of a number of our key suppliers, including mining equipment, fuel, tires and explosives continue to be driven by price increases in underlying commodities, such as steel, crude oil and natural gas.

同期柴油價格上漲了 75%，推動了大約一半的漲幅。此外，我們的一些主要供應商（包括採礦設備、燃料、輪胎和炸藥）的成本增加繼續受到鋼鐵、原油和天然氣等基礎商品價格上漲的推動。

It's important to note that the primary cost increases are not related to our key mining drivers, such as mine productivity and strip ratios, which remained relatively stable. In fact, looking at those items that were under our control during the quarter, production and operating costs, we generated a net positive impact on adjusted EBITDA versus Q2 2021.

重要的是要注意，主要成本增加與我們的主要採礦驅動因素無關，例如礦山生產力和剝採率，它們保持相對穩定。事實上，從本季度我們控制的那些項目、生產和運營成本來看，與 2021 年第二季度相比，我們對調整後的 EBITDA 產生了淨積極影響。

However, inflationary pressures on diesel prices and other key input costs as well as profit-based compensation and royalties continue to put upward pressure on our unit cost guidance through 2022. Now moving to Slide 25. In the second quarter, we generated significant cash flow from operations of $2.9 billion compared with $575 million a year ago, driven by record steelmaking coal prices. Our capital investments totaled $1.1 billion, including $819 million for QB2 and $212 million in sustaining capital.

然而，柴油價格和其他關鍵投入成本以及基於利潤的薪酬和特許權使用費的通脹壓力繼續對我們到 2022 年的單位成本指導構成上行壓力。現在轉到幻燈片 25。在第二季度，我們產生了可觀的現金流在創紀錄的煉鋼煤價格的推動下，營業額為 29 億美元，而一年前為 5.75 億美元。我們的資本投資總額為 11 億美元，其中 QB2 為 8.19 億美元，維持資本為 2.12 億美元。

We also incurred $255 million for capitalized stripping, primarily related to the advancements of pits for future production at our steelmaking coal operations. Once again, higher diesel prices were the main driver of higher-than-planned capitalized stripping expenditure. Importantly, as Don outlined earlier, our record financial performance enabled us to strengthen our balance sheet and return significant cash to shareholders during the quarter.

我們還為資本化剝離產生了 2.55 億美元，主要與我們煉鋼煤炭業務未來生產的坑的進步有關。再次，較高的柴油價格是高於計劃的資本化剝離支出的主要驅動力。重要的是，正如 Don 之前所述，我們創紀錄的財務業績使我們能夠在本季度加強資產負債表並向股東返還大量現金。

We reduced our debt outstanding by USD 650 million through a waterfall tender of our 2035, 2040 and 2041 notes further ensuring our ability to maintain solid investment-grade ratings through the cycle and reducing our annual debt interest expense by approximately USD 40 million on a pretax basis. We completed $572 million in share buybacks through the purchase of a total of 11.5 million Class B shares under our normal course issuer bid.

通過 2035、2040 和 2041 年票據的瀑布式招標，我們將未償債務減少了 6.5 億美元，進一步確保了我們在整個週期內保持穩健的投資級評級的能力，並將每年的稅前債務利息支出減少了約 4000 萬美元基礎。我們通過按照正常發行人出價購買總計 1150 萬股 B 類股票完成了 5.72 億美元的股票回購。

And we paid our regular base quarterly dividend of $0.125 per share, totaling $67 million. We ended the quarter with a strong cash position of $2.7 billion and as of the date of reporting, this now stands at $3.3 billion.

我們支付了每股 0.125 美元的常規基本季度股息，總計 6700 萬美元。我們在本季度結束時擁有 27 億美元的強勁現金頭寸，截至報告日，這一數字為 33 億美元。

Now looking at Slide 26, we are pleased to have enhanced our already strong financial position. We have $8.4 billion of liquidity with a net debt to adjusted EBITDA ratio of 0.4x. Investment-grade credit ratings from all 4 credit rating agencies and no significant debt maturities due prior to 2030. We are very confident in our ability to complete QB2, while successfully weathering this period of macroeconomic uncertainty.

現在看看幻燈片 26，我們很高興能夠增強我們已經強大的財務狀況。我們擁有 84 億美元的流動性，淨債務與調整後 EBITDA 的比率為 0.4 倍。來自所有 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 的能力非常有信心，同時成功度過這段宏觀經濟不確定性時期。

Adhering to our disciplined capital allocation framework, Teck continues to uphold our track record of significant cash returns to shareholders. Year-to-date to June 30, we returned to shareholders a total of $404 million in dividends and $662 million in share buybacks, while paying down $1.2 billion of our debt outstanding.

秉承我們嚴格的資本分配框架，泰克繼續保持我們為股東帶來可觀現金回報的往績記錄。年初至今，截至 6 月 30 日，我們向股東返還了總計 4.04 億美元的股息和 6.62 億美元的股票回購，同時償還了 12 億美元的未償債務。

And as Don noted earlier, further to our previously announced CAD 100 million and USD 500 million in Class B share buybacks, we announced an additional USD 500 million share buyback program yesterday. This demonstrates both our confidence in the long-term outlook for our business and our commitment to balance growth with shareholder returns.

正如 Don 之前指出的，除了我們之前宣布的 1 億加元和 5 億美元的 B 類股票回購之外，我們昨天還宣布了一項額外的 5 億美元股票回購計劃。這既表明了我們對業務長期前景的信心，也表明了我們平衡增長與股東回報的承諾。

Slide 27 outlines our updated guidance for capital investment. For 2022, we have increased CapEx for QB2 by approximately $200 million to a range of $2.7 billion to $2.9 billion from $2.5 billion to $2.7 billion previously. At the same time, we have reduced our steelmaking coal sustaining CapEx guidance by $100 million.

幻燈片 27 概述了我們更新的資本投資指南。到 2022 年，我們將 QB2 的資本支出增加了約 2 億美元，從之前的 25 億美元到 27 億美元增加到 27 億美元到 29 億美元。同時，我們將煉鋼煤維持資本支出指引減少了 1 億美元。

With the completion of QB2, 2022 is expected to be the high watermark in our capital spend profile. We continue to expect a significant decrease in capital investments in 2023 with a reduction of approximately $2 billion. The decrease is driven by significantly lower QB2 CapEx. With first copper from QB2 now only months away in the operation, then ramping up to full capacity, we are approaching a major cash flow inflection point where we shift from a period of significant capital investment to a period of significant cash generation.

隨著 QB2 的完成，預計 2022 年將成為我們資本支出概況的高水位線。我們繼續預計 2023 年資本投資將大幅減少，減少約 20 億美元。下降的原因是 QB2 資本支出顯著降低。隨著 QB2 的第一批銅現在距離投產只有幾個月的時間，然後逐漸達到滿負荷生產，我們正接近一個主要的現金流拐點，從一個重要的資本投資時期轉向一個重要的現金產生時期。

With that, I will now pass it back to Don for closing remarks.

有了這個，我現在將把它傳回給 Don 做結束語。

Thanks, Jonathan. Despite the short-term volatility and uncertainty related to the macroeconomic environment, we are confident in the long-term outlook for Teck and our key commodities. The COVID-19 pandemic has accelerated demand for metals and minerals that are essential for a low-carbon world, including copper, zinc and steelmaking coal.

謝謝，喬納森。儘管存在與宏觀經濟環境相關的短期波動和不確定性，但我們對 Teck 及其主要商品的長期前景充滿信心。 COVID-19 大流行加速了對低碳世界必不可少的金屬和礦物的需求，包括銅、鋅和煉鋼煤。

Let's take a look at renewable power as an example. Each megawatt of installed generation capacity for an offshore wind turbine requires up to 9.6 tonnes of copper, 0.5 tonne of zinc and 50 tonnes of steelmaking coal. Each megawatt requires that. So each of today's largest 13-megawatt offshore wind turbines with rotor diameters spanning 200 meters and up to 260 meters in height, they require approximately 125 tonnes of copper, 7 tonnes of zinc and 700 tonnes of steelmaking coal.

讓我們以可再生能源為例。海上風力渦輪機的每兆瓦發電裝機容量需要多達 9.6 噸銅、0.5 噸鋅和 50 噸煉鋼煤。每兆瓦都需要這個。因此，當今最大的 13 兆瓦海上風力渦輪機的轉子直徑跨越 200 米，高度高達 260 米，它們需要大約 125 噸銅、7 噸鋅和 700 噸煉鋼煤。

So you can really look at Teck as the procurement arm for the clean energy wind power companies. Teck is uniquely positioned, as a major supplier of these critical materials required for the development of wind power and also for other renewable energy technologies.

因此，您可以真正將泰克視為清潔能源風電公司的採購部門。泰克具有獨特的定位，作為風電開發和其他可再生能源技術所需的這些關鍵材料的主要供應商。

In closing, 2022 is a transformational year for Teck and our strong performance year-to-date has set us on a very strong footing, as we manage through the inflationary pressures and a slowdown in the global economy. In the near term, our growth is being driven by QB2, which is months away from producing first copper and is expected to double our consolidated copper production by next year.

最後，2022 年對 Teck 來說是轉型的一年，我們年初至今的強勁表現為我們奠定了非常穩固的基礎，因為我們能夠應對通脹壓力和全球經濟放緩。在短期內，我們的增長受到 QB2 的推動，距離生產第一批銅還有幾個月的時間，預計到明年我們的綜合銅產量將翻一番。

As we bring on QB2 and advance our copper growth strategy, we will rebalance our portfolio and reduce the proportion of carbon in our overall business. And all of this is in combination with our track record as an industry leader in sustainability and it positions Teck to deliver meaningful long-term value to shareholders.

隨著我們引入 QB2 並推進我們的銅增長戰略，我們將重新平衡我們的投資組合併降低碳在我們整體業務中的比例。所有這一切都與我們作為可持續發展行業領導者的往績相結合，使 Teck 能夠為股東提供有意義的長期價值。

And with that, I'll turn the call over to the operator to open it up for questions.

有了這個，我會把電話轉給接線員，讓他們來提問。

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

（操作員說明）第一個問題來自道明證券的 Greg Barnes。

First off, Don, I just want to commend you on -- the track record at Teck over the past 17 years has been quite a ride. And secondly, how you positioned the company heading into the QB2 construction, I think you did a great job on that front.

首先，Don，我只想表揚你——過去 17 年在 Teck 的業績記錄相當不錯。其次，你如何定位公司進入 QB2 建設，我認為你在這方面做得很好。

My question for you is the long-term outlook from your perspective for the coal business -- the steelmaking coal business within Teck. As you highlighted, this is a key element of the decarbonization drive and clearly, supply is going down, demand is going up, it looks like a pretty attractive business over the long term?

我的問題是從您的角度來看煤炭業務的長期前景——泰克公司的煉鋼煤炭業務。正如您所強調的，這是脫碳驅動的一個關鍵因素，很明顯，供應正在下降，需求正在上升，從長遠來看，這看起來是一個非常有吸引力的業務？

Yes. No, I very much agree with you. And let me say congratulations on getting to ask the first question, Greg. The supply-demand situation, you're quite right. I think that supply is going to be constrained that there aren't that many players, who want to invest in new capacity and even if they did, it's very difficult to finance it or to get it permitted.

是的。不，我非常同意你的看法。讓我祝賀你問第一個問題，格雷格。供需情況，你說的很對。我認為供應將受到限制，因為沒有那麼多參與者想要投資新產能，即使他們這樣做了，也很難融資或獲得許可。

So I think in the longer term, supply will be challenged, whereas really demand for steelmaking coal will continue to grow, as the steel industry continues to grow, reflecting the growth in the overall global population, mostly in developing markets, which will mostly get their steel from blast furnaces. The new green steel technologies are quite a few years away and we were talking decades.

所以我認為從長遠來看，供應將受到挑戰，而煉鋼煤的真正需求將繼續增長，因為鋼鐵行業繼續增長，這反映了全球總人口的增長，主要是在發展中市場，這將主要獲得他們的鋼來自高爐。新的綠色鋼鐵技術還需要幾年的時間，而我們談論的是幾十年。

So I think the outlook for the business is pretty good from that point of view. That said, there's no doubt that assets under management of something like $40 trillion have declared policies about investing companies that produce coal. And while more and more people are starting to realize that steelmaking coal is absolutely required for a low-carbon future. More and more people are realizing that, but still there's some restrictions out there, and the Board has to be cognizant of that.

所以我認為從這個角度來看，該業務的前景非常好。也就是說，毫無疑問，管理著 40 萬億美元左右的資產已經宣布了有關投資煤炭生產公司的政策。雖然越來越多的人開始意識到煉鋼煤是低碳未來的絕對必要條件。越來越多的人意識到這一點，但仍然存在一些限制，董事會必須認識到這一點。

As I said before, the Board has studied this issue intensely for a couple of years now on how best to reshape the portfolio. And that's happening on its own with the growth in copper. And we have a lot of growth in copper. It takes a few years for that to occur, but somewhere in there will be the right answer, and I'll leave that to the Board to decide.

正如我之前所說，董事會已經對這個問題進行了幾年的深入研究，以了解如何最好地重塑投資組合。隨著銅的增長，這本身就會發生。我們在銅方面有很大的增長。這需要幾年的時間，但在某個地方會有正確的答案，我將把它留給董事會來決定。

The next question is from Orest Wowkodaw from Scotiabank. Looks like we can't hear you. Orest Wowkodaw from Scotiabank?

下一個問題來自豐業銀行的 Orest Wowkodaw。好像我們聽不到你的聲音。來自豐業銀行的 Orest Wowkodaw？

We'll go to the next question from Dalton Baretto from Canaccord Genuity.

我們將回答來自 Canaccord Genuity 的 Dalton Baretto 的下一個問題。

And Don, Jonathan and Red all the best to you guys as you go forward. My first question, I guess, is for Jonathan. I'm just wondering what might change in terms of the strategy going forward, particularly as it relates to things like portfolio construction, M&A and capital allocation?

在你們前進的過程中，Don、Jonathan 和 Red 祝你們一切順利。我猜我的第一個問題是針對喬納森的。我只是想知道未來的戰略可能會發生什麼變化，尤其是與投資組合構建、併購和資本配置等相關的事情？

Yes. Thanks for the question, Dalton. Look, the strategy that Teck has put together now over many years is an incredibly robust one. And it's a strategy that's not built on hope, it's a strategy that's built on the resources that have been put together in this company over many years.

是的。謝謝你的問題，道爾頓。看，泰克多年來製定的戰略是一個非常強大的戰略。這是一個不是建立在希望之上的戰略，它是建立在這家公司多年來匯集的資源之上的戰略。

And as you know, it's a strategy centered on copper growth. We are incredibly committed to that. As Don has just discussed, we continue to contemplate the balance and the shape of the portfolio overall and the direction remains moving that towards the metals required for decarbonization.

如您所知，這是一項以銅增長為中心的戰略。我們非常致力於這一點。正如 Don 剛剛討論的那樣，我們繼續考慮整體投資組合的平衡和形狀，並且方向仍然朝著脫碳所需的金屬發展。

Finally, your point on -- your question on capital allocation. Again, that's unchanged. We are determined to strike a balance of growing our copper business while returning significant cash to shareholders and maintaining a foundation of a strong balance sheet. So all of those elements, Dalton, remain very much intact. The focus of this team going forward will be continuing to execute on that strategy.

最後，您的觀點是關於資本分配的問題。同樣，這沒有改變。我們決心在發展我們的銅業務、向股東返還大量現金和保持穩健的資產負債表基礎之間取得平衡。所以所有這些元素，道爾頓，都保持完好無損。該團隊未來的重點將是繼續執行該戰略。

Okay. Great. And then just maybe an operational question or 2. You've announced 2 separate labor agreements here. And I'm just wondering, given the current cost of living environment globally, are you at liberty to discuss what kind of increases are being demanded and what this means for your other operations?

好的。偉大的。然後可能只是一個操作問題或 2 個。您在這裡宣布了 2 個單獨的勞動協議。我只是想知道，鑑於目前全球的生活成本，您是否可以自由討論需要增加什麼樣的費用以及這對您的其他業務意味著什麼？

Well, we generally don't disclose the details of those contracts. I can say that we're pleased with the resolution, a tough negotiation as they always are, but it provides us with labor stability going forward. So -- and we're very fortunate in that last year at our 2 largest operations -- our 3 largest operations, Highland Valley, Fording River and Elkview all settled long-term 5 and, in some cases, 6-year contracts. So generally, for the core of the operations of the company, we have labor stability at regional agreements going forward. Red Conger?

嗯，我們一般不會透露這些合同的細節。我可以說我們對決議感到滿意，這是一次艱難的談判，一如既往，但它為我們提供了未來的勞工穩定性。所以 - 去年我們非常幸運，在我們最大的 2 個業務中 - 我們的 3 個最大業務，Highland Valley、Fording River 和 Elkview 都簽訂了長期 5 合同，在某些情況下，簽訂了 6 年合同。因此，一般而言，對於公司的核心業務，我們在未來的區域協議中具有勞工穩定性。紅康格？

Dalton, if I could just add 1 thing. This is actually completes the cycle of all of our labor agreements. So we've been through the whole raft of them in the last several years. In my experience to settle for maximum contract durations, like Don mentioned, 5 years, 6 years is a real testimony to the working relationship that this company has with the union, with the workforce. So it sets us up very well for the future.

道爾頓，如果我可以添加一件事。這實際上完成了我們所有勞動協議的循環。因此，在過去的幾年中，我們經歷了整個過程。根據我解決最長合同期限的經驗，就像 Don 提到的那樣，5 年、6 年是這家公司與工會、員工隊伍之間工作關係的真實證明。因此，它為我們的未來奠定了良好的基礎。

That's great to hear. And maybe if I can squeeze 1 last 1 in. With the decline in the Chilean peso, is there an opportunity to hedge over the next 12 months as you finish QB2 and ramp it up?

聽到這個消息我很高興。也許如果我能在最後 1 中擠入 1。隨著智利比索的下跌，在您完成 QB2 並提高價格後，是否有機會在接下來的 12 個月內進行對沖？

Dalton, I'll make an open comment and then turn it to Jonathan. But I just want to tell you, we discussed this probably every hour of every day. So -- and that's all I'm going to say. You go, Jonathan.

Dalton，我會發表一個公開評論，然後轉給 Jonathan。但我只想告訴你，我們可能每天每個小時都在討論這個問題。所以——這就是我要說的。你去，喬納森。

Yes. Dalton, it's something we're very much alive to. If you can tell us with some conviction, which way the Chilean peso is going to go next, would be welcome to get that feedback. Look, it's something we're comfortable to keep floating, as we do with all of our commodity price exposures as well as our foreign exchange exposures. There's a lot of uncertainty still in Chile with respect to the constitution and the process that will play out in the months ahead.

是的。道爾頓，這是我們非常熱衷的事情。如果您能堅定地告訴我們，智利比索下一步將走向何方，歡迎您獲得反饋。看，我們很樂意保持浮動，就像我們對所有商品價格敞口和外匯敞口一樣。在憲法和未來幾個月將要進行的進程方面，智利仍然存在很多不確定性。

And therefore, it's very difficult to get a good read on which way the peso will go in the medium term. Right now, of course, that's a tailwind for us with respect to both operating costs in Chile and construction costs in Chile, but no hedging action at this point in time.

因此，很難很好地了解比索在中期的走勢。當然，就智利的運營成本和智利的建築成本而言，目前這對我們來說是一個順風，但目前還沒有對沖行動。

Next question is from Lawson Winder from Bank of America.

下一個問題來自美國銀行的 Lawson Winder。

Thank you for update. Don, congratulations on a remarkable tenure at Teck and Jonathan and Red congratulations on your new roles. I would like to ask 2 questions. So first would be about the QB2, COVID-19 CapEx increase. So it sounds as though there are some non-COVID-19 elements included in the explanation for the higher CapEx estimate for QB2.

謝謝你的更新。唐，祝賀您在 Teck 和 Jonathan 的非凡任期，並祝賀您擔任新職務。我想問2個問題。首先是關於 QB2、COVID-19 資本支出的增加。所以聽起來好像有一些非 COVID-19 元素包含在對 QB2 較高資本支出估計的解釋中。

So namely inflation on labor costs. And I'd just be curious to know what proportion of the increase would be the sort of like non-COVID-specific related costs. And then looking forward, what is that sort of non-COVID inflation component imply for QBME CapEx expectations?

這就是勞動力成本的通貨膨脹。而且我只是想知道增加的比例是非 COVID 特定的相關成本。然後展望未來，這種非 COVID 通脹成分對 QBME 資本支出預期意味著什麼？

Yes, I appreciate the question, Lawson. Just let me just hit on a couple of the highlight points before I answer your question directly. We're really excited about, first of all, being able to get our employment levels up to roughly 13,000 per shift. That's quite an accomplishment after COVID and gives us lots of optimism about getting this thing built and completed this year. A lot of those are key crafts that we need at this point, welders and electricians. We continue to have world-class health and safety performance on the project.

是的，我很欣賞這個問題，勞森。在我直接回答你的問題之前，讓我先談談幾個重點。首先，我們非常高興能夠將我們的就業水平提高到每班大約 13,000 人。在 COVID 之後，這是一項相當大的成就，讓我們對今年建造和完成這件事感到非常樂觀。其中很多是我們目前需要的關鍵工藝，焊工和電工。我們繼續在該項目上保持世界一流的健康和安全績效。

And of course, that's a big contributor to our success as well. When Don talks about milestone of first energization of the transmission line, there's a whole lot behind that. I mean, we've been commissioning parts of the desal plant using temporary power portable gen sets.

當然，這也是我們成功的重要因素。當唐談到輸電線路首次通電的里程碑時，背後有很多東西。我的意思是，我們一直在使用臨時動力便攜式發電機組調試部分海水淡化廠。

We now have the substation actually officially on the Chilean grid. So it's thoroughly checked out 100% functional, and that gives us a step change in ability and performance right now. We have all of the electrical rooms now outside of all of the electrical rooms that we need to not only make desalinated water at the port, but push it all the way up to 14,500 elevation. All of those electrical rooms are actually set in place. Cabling is being pulled and terminated for all of those.

我們現在的變電站實際上正式在智利電網上運行。因此，它已經過 100% 的功能性徹底檢查，這讓我們現在的能力和性能有了很大的改變。我們現在擁有所有電氣室之外的所有電氣室，我們不僅需要在港口生產淡化水，還要將其一直推到海拔 14,500 處。所有這些電氣室實際上都已安裝到位。所有這些電纜都被拉出並終止。

So those are huge milestones for us that that have been achieved in this last quarter, 145 weeks of construction to complete the starter dam to its ultimate height. We're now hydrotesting throughout the system. We've got the pipeline from the coast up to the concentrator divided into about 10 logical sections where we do the hydrotesting. We've completed 4 of those. We actually have water in flotation cells up at the concentrator now testing -- hydrotesting vessels like flotation cells, other water tanks, et cetera.

因此，這些對我們來說是巨大的里程碑，在上個季度已經實現了，145 週的建設完成了啟動壩的最終高度。我們現在正在整個系統中進行水壓測試。我們已經把從海岸到選礦廠的管道分成了大約 10 個邏輯部分，我們在這些部分進行水壓測試。我們已經完成了其中的 4 個。實際上，我們現在在選礦廠測試的浮選槽中有水——水壓測試容器，如浮選槽、其他水箱等。

So we're really proud of the team making all that progress in the face of these challenges that you mentioned. So to specifically go at your question, the increases have come in several different categories, one of which has been this labor inflation that you mentioned. When we look at that specifically that's a Chilean labor practice that's reporting the law. At midyear, you adjust based on CPI, et cetera, but for these delays that we've been talking about the last 1.5 years, we wouldn't even be here with doing construction right now.

因此，我們為團隊在面對您提到的這些挑戰時取得的所有進展感到非常自豪。因此，專門針對您的問題，增長分為幾個不同的類別，其中之一就是您提到的勞動力通脹。當我們具體研究時，這是智利的勞工實踐，它正在報告法律。在年中，您會根據 CPI 等進行調整，但是對於我們在過去 1.5 年一直在談論的這些延誤，我們現在甚至不會在這裡進行建設。

So the inefficiencies that have happened, the social distancing, all the things that we've had to do to keep people safe and healthy on the job have caused this thing to run much longer time wise, and that is related to the pandemic, and that's the way we've called that. So as we go forward, we're doing a myriad of things to manage the current situations.

因此，已經發生的低效率、社會疏遠，以及我們為確保人們在工作中的安全和健康而必須做的所有事情，導致這件事運行時間更長，這與大流行有關，並且這就是我們所說的方式。因此，在我們前進的過程中，我們正在做很多事情來管理當前的情況。

We now have the opportunity to take Teck personnel that we've hired to run and maintain the operations. They're now participating in commissioning efforts. We've seconded some of them to Bechtel to help with the field supervision, productivity oversight those kinds of things.

我們現在有機會聘請我們僱用的 Teck 人員來運行和維護業務。他們現在正在參與調試工作。我們已將其中一些人借調到柏克德，以幫助進行現場監督、生產力監督等工作。

So we're being very creative, very collaborative with all entities to mitigate these things that we're dealing with and continue to get this thing built. And the biggest thing to preventing cost overruns is to get it built and get the contractors of the project, and that's what we're focusing on.

所以我們非常有創意，與所有實體非常合作，以減輕我們正在處理的這些事情，並繼續構建這個東西。防止成本超支的最重要的事情是建造它並獲得項目的承包商，這就是我們關注的重點。

The next question is from Carlos De Alba from Morgan Stanley.

下一個問題來自摩根士丹利的 Carlos De Alba。

Don, congratulations. Jonathan and Red all the best in the new positions. Maybe the question I have is if you could give us an update on the latest thinking about the oil sands energy business within Teck? And also, any update that you may have in the cooper Project Satellite and different process that you are pursuing there?

唐，恭喜。喬納森和瑞德在新職位上一切順利。也許我的問題是，您能否向我們提供有關泰克公司油砂能源業務的最新想法的最新信息？此外，您在 cooper Project Satellite 中可能有任何更新以及您在那裡追求的不同流程？

Okay. Sure. We're very pleased with how Fort Hills is running now with his 2 trains up and running, and it has been performing above plan on many days and weeks. So it's good to see that, that happening and that will only get better from here and continue to drop the costs. As we've said for a couple of years now, once we headed up at full production, we would consider a transaction where it would be held differently so shareholders could choose whether they want to continue to participate in the energy cycle or not.

好的。當然。我們對 Fort Hills 的 2 列火車現在的運行情況感到非常滿意，並且它在許多天和幾週內的表現都超出了計劃。因此，很高興看到這種情況發生，並且只會從這裡變得更好並繼續降低成本。正如我們幾年前所說的那樣，一旦我們開始全面生產，我們會考慮一項交易，該交易將以不同的方式進行，以便股東可以選擇是否繼續參與能源循環。

We're conscious that there are quite a few investors that cannot buy Teck when we have a certain proportion of our revenues coming from oil sands. And so that suggests that it should be held in a different way outside of the Teck resources portfolio. We are working on that. And I think you just have to stand by and see what evolves in due course.

我們意識到當我們有一定比例的收入來自油砂時，有相當多的投資者無法購買 Teck。這表明它應該在 Teck 資源組合之外以不同的方式持有。我們正在努力。我認為你只需要袖手旁觀，看看在適當的時候會發生什麼。

In terms of Project Satellite, we announced a deal last week on Mesaba, our project in Minnesota, joint venture with PolyMet, which is backed by Glencore. So we're very pleased with that. And we continue to advance Zafranal through the permitting process, and we continue to have detailed discussions with partners -- potential partners on San Nicolás, and I expect something to evolve on that in the balance of this year.

在衛星項目方面，我們上周宣布了一項與我們在明尼蘇達州的項目 Mesaba 的交易，該項目是與嘉能可支持的 PolyMet 的合資企業。所以我們對此非常滿意。我們繼續通過許可程序推進 Zafranal，我們繼續與合作夥伴進行詳細的討論——聖尼古拉斯的潛在合作夥伴，我預計在今年餘下時間會有所進展。

And then, of course, QBME is advancing, and we're all very excited about that one, and we'll be able to announce something related to sort of a combined pre-feasibility and feasibility study effort that's going on now, and I think in December, we'll have something to say about that.

然後，當然，QBME 正在推進，我們都對此感到非常興奮，我們將能夠宣布一些與目前正在進行的預可行性和可行性研究相結合的工作，我想想 12 月，我們會有話要說。

The next question is from Matthew Murphy from Barclays.

下一個問題來自巴克萊銀行的 Matthew Murphy。

Congrats Don, Jonathan, Red. I have a question on met coal. Just wondering maybe Réal can share some thoughts on what he's seeing. This unusual dynamic of thermal coal prices being so much higher than that? And what you're seeing with steel markets slowing down in China? Would there ever be a strategy to divert some sales to thermal applications or are you pretty much set for the foreseeable outlook with your current customers?

恭喜唐、喬納森、瑞德。我有一個關於煤的問題。只是想知道也許 Réal 可以分享一些關於他所看到的想法。這種不尋常的動力煤價格動態比這高得多？在中國鋼鐵市場放緩的情況下，您看到了什麼？是否有策略將一些銷售轉移到熱應用，或者您是否已經為當前客戶的可預見前景做好了準備？

Yes. Thanks for the question, Matthew. Maybe start with the end of your questions first. So when we look at thermal, I mean, there are technical and operational limits as to using steelmaking coal for power generation. So typically, our coals are high coking properties. So they're not so suitable for thermal application. We do sell a little bit of oxidized met coal -- steelmaking coal into thermal applications, but that is usually less than 0.5 million tonnes a year.

是的。謝謝你的問題，馬修。也許先從問題的結尾開始。因此，當我們關注熱能時，我的意思是，使用煉鋼煤發電存在技術和運營限制。因此，通常情況下，我們的煤具有高焦化特性。所以它們不太適合熱應用。我們確實出售了一點氧化煤——煉鋼煤，用於熱能應用，但通常每年不到 50 萬噸。

Now with respect to what is happening in the overall market, if you look at the steel and the hot metal production overall, it is still up -- granted, it's a drop year-over-year compared to 2021 that was running very high. But it is still higher than when we were in 2019.

現在關於整個市場的情況，如果你看一下鋼鐵和鐵水的整體產量，它仍然在上升——當然，與運行非常高的 2021 年相比，它同比下降。但它仍然高於我們在 2019 年的時候。

So when you look at exact numbers, the crude steel production and hot metal production versus 2019 on an annualized basis year-to-date is still running around 70 million tonnes higher for crude steel and 50 million tonnes higher for hot metal production. At the same time, the steelmaking coal exports year-to-date for the major exporters is down around 31 million tonnes versus 2019.

因此，當您查看確切數字時，與 2019 年相比，年初至今粗鋼產量和鐵水產量仍比 2019 年高出約 7000 萬噸，而鐵水產量仍高出 5000 萬噸。與此同時，今年迄今為止，主要出口國的煉鋼煤出口量較 2019 年減少了約 3100 萬噸。

So availability continues to be tight despite the demand slowdown that we're seeing on the steel side. And then when you look at overall, what has happened in the first half of this year. With the record high prices, miners were focused on getting sales to market just like we did. So there is little inventories out there. So the expectations from those low inventories and continuing high thermal prices is as soon as demand improves on the steelmaking coal side, we will see the price turn up again.

因此，儘管我們在鋼鐵方面看到需求放緩，但供應仍然緊張。然後從整體上看，今年上半年發生了什麼。由於價格創歷史新高，礦工們像我們一樣專注於將銷售推向市場。所以庫存很少。因此，這些低庫存和持續高熱價格的預期是，一旦煉鋼煤方面的需求改善，我們將看到價格再次上漲。

Got it. Okay. Maybe just as a follow-up second question. Don, I can't resist to ask me anything window here. Just having gone through the construction of QB2, obviously, it's not done yet, but it seems to me the sort of most challenging thing in this industry right now is investor dislike of major projects. And so I guess I'm wondering any reflections on how this industry deals with sort of a current slowdown, but an awareness that there's got to be more production growth in copper when you look at capital markets that don't necessarily like these projects.

知道了。好的。也許只是作為後續的第二個問題。唐，我忍不住要在這裡問我任何事情。剛剛完成了QB2的建設，顯然還沒有完成，但在我看來，這個行業目前最具挑戰性的事情就是投資者不喜歡重大項目。所以我想我想知道關於這個行業如何應對當前放緩的任何思考，但是當你看到不一定喜歡這些項目的資本市場時，我意識到銅的產量必須有更多的增長。

Yes, the classic buy versus build question, and it gets debated internally and amongst our industry colleagues frequently. I share your observation that it's getting tougher and tougher to build anything anywhere and different jurisdictions get the spotlight from time to time. But you can look in Canada -- you look within Canada different provinces; you go to the United States, you can look at Chile, Peru, you look in the Congo, Mongolia, any jurisdiction is getting tougher, not easier.

是的，經典的購買與構建問題，在內部和我們的行業同事之間經常進行辯論。我同意您的觀察，即在任何地方建造任何東西都變得越來越困難，而且不同的司法管轄區不時受到關注。但是你可以看看加拿大——你可以看看加拿大不同的省份；你去美國，你可以看看智利、秘魯，你看看剛果、蒙古，任何司法管轄區都變得越來越強硬，而不是更容易。

And I'd also say that the management teams that allocate to capital are less willing to engage in that long-term adventure or a misadventure I was trying to build something. QB2 will be 15 years from when we bought our resources, knowing there 8 deep drill holes, now there had to be a lot of drilling done and so on between -- from the start to finish is 15 full years. That's a long time.

而且我還要說，分配給資本的管理團隊不太願意參與我試圖建立一些東西的長期冒險或不幸事件。 QB2 將是我們購買資源後的 15 年，知道有 8 個深鑽孔，現在必須完成大量鑽孔，等等 - 從開始到結束是 15 年。那是很長一段時間。

And I think the willingness of teams to do that is not that high. And the barriers to doing that are getting higher and higher. So what that means in the long term, of course, is that demand will exceed supply and pricing will be good for those that have recurrent assets, they should do well.

而且我認為團隊這樣做的意願並不高。這樣做的障礙越來越高。因此，從長遠來看，當然，這意味著需求將超過供應，而定價將有利於那些擁有經常性資產的人，他們應該做得很好。

I have sense to shift partly related to the pandemic, partly related to the tragic war -- Russia-Ukraine war that people -- the highest levels of government are starting to recognize the critical minerals that really are critical and they are needed and they are scarce supply and that they have to change their policies and their attitude to encourage the mining industry to go on and develop more production. Pretty significant shift in Ottawa, positive, very positive. But that takes a long time to have an effect, long time.

我有理由轉變，部分與大流行有關，部分與悲慘的戰爭有關——俄羅斯與烏克蘭的戰爭——人民——政府的最高級別開始認識到真正至關重要的關鍵礦物，它們是必需的，它們是供應稀缺，他們必須改變政策和態度，以鼓勵採礦業繼續發展並發展更多生產。渥太華髮生了相當大的轉變，積極的，非常積極的。但這需要很長時間才能產生效果，很長時間。

So the projects that are already underway, like our QB2 (inaudible) ramping up. They'll come on, but if you look 2 years out after that. I don't see much. But the world will fix itself in terms of global recession, those sort of things and demand will come back, and there just won't be enough supply available.

所以已經在進行的項目，比如我們的 QB2（聽不清）正在加速。他們會來的，但如果你在那之後再看 2 年。我看的不多。但世界將在全球衰退方面自我修復，這類事情和需求會回來，而供應將不足。

So that's how I see it. If it's a classic build versus buy, I think most of us would rather buy because like the day deal closes, you're starting getting cash returned right away and it's difficult to buy well. You always want to buy it to low and never quite can. But I think most of the industry has a bias to do that. Those are just some thoughts to share.

所以我就是這麼看的。如果這是一個經典的構建而不是購買，我認為我們大多數人寧願購買，因為就像交易結束的那一天一樣，你會立即開始獲得現金返還，而且很難買到好東西。你總是想把它買低，而且永遠不可能。但我認為大多數行業都有這樣做的偏見。這些只是一些分享的想法。

The next question is from Orest Wowkodaw from Scotiabank. If you on mute, can you unmute your line please?

下一個問題來自豐業銀行的 Orest Wowkodaw。如果你靜音，你能取消靜音嗎？

We cannot hear you Mr. Wowkodaw from Scotiabank. Can you unmute please?

我們聽不到豐業銀行的 Wowkodaw 先生。請問可以取消靜音嗎？

Orest, we're worried about you.

奧雷斯特，我們很擔心你。

We can't have a quarterly call without a question from Orest. So Orest, if you can hear me, maybe he can text on to you.

如果沒有來自 Orest 的問題，我們就無法進行季度電話會議。所以奧雷斯特，如果你能聽到我的話，也許他可以給你發短信。

You could do that -- Orest, you could do that if you'd like, if you want to send me an e-mail or text. Orest has been trying for a while to get on and can't whatever reason.

你可以這樣做——Orest，如果你願意，如果你想給我發電子郵件或短信，你可以這樣做。 Orest 已經嘗試了一段時間，但無論什麼原因都不能。

All right. Let's move on to the next question.

好的。讓我們繼續下一個問題。

Next question is from Emily Chieng from Goldman Sachs.

下一個問題來自高盛的 Emily Chieng。

Don, congratulations on your time and to Jonathan and Red on your new roles here today. My first question is just around perhaps getting the latest update on the changing fiscal regime in Chile and what you're seeing there, as it relates to both the mining royalty and also the constitution rewrite?

唐，祝賀你的時間，並祝賀喬納森和雷德今天在這裡擔任新角色。我的第一個問題可能是獲取有關智利不斷變化的財政制度的最新更新以及您在那裡看到的情況，因為它與採礦特許權使用費和憲法改寫有關？

We have Amparo on the line, who could answer that question, please, Amparo.

我們有 Amparo 在線，請誰可以回答這個問題，Amparo。

Well, as you may be aware, the government of Chile introduced some changes in the mining royalty bill that was being discussed at the Senate. There has been some comments about these changes and this proposal of the government. It is important to mention that now the process will continue. This is a discussion that will take place at the Senate. We have shared in the last days that the Minister of Finance has indicated that the government is so open to listen to the industry and potentially introduce some changes into this dealing.

好吧，您可能知道，智利政府對參議院正在討論的採礦特許權法案進行了一些修改。對於這些變化和政府的這項提議，已經有一些評論。值得一提的是，現在該過程將繼續進行。這是將在參議院進行的討論。我們在過去幾天分享了財政部長表示政府非常願意聽取行業的意見，並可能在這筆交易中引入一些變化。

So basically, this is a process that has not yet finished and will continue a discussion, and we hope that the industry will be part of that conversation. Nevertheless, it is important to reinforce that we do have stability agreements for QB2 and also for CDA. And those stability agreements are not at risk, and there are no indications that this could take. So in relation with the constitutional process, the commission that was preparing the constitution, presented the constitution to the President early in July.

所以基本上，這是一個尚未完成的過程，將繼續討論，我們希望行業能夠參與到對話中。儘管如此，重要的是要強調我們確實有 QB2 和 CDA 的穩定性協議。這些穩定協議沒有風險，也沒有跡象表明這可能會發生。因此，就憲法進程而言，起草憲法的委員會於 7 月初向總統提交了憲法。

Today, there is a very open process of dialogue and campaigns and sharing different positions from people that would like the new constitution to be approved and those that have concerns and don't want that process to be approved. What most of analysts are seeing today in Chile is that despite the result, the discussion on the constitution will continue.

今天，有一個非常開放的對話和運動過程，並從希望新憲法獲得批准的人們和那些有顧慮但不希望該過程獲得批准的人們分享不同的立場。大多數分析師今天在智利看到的是，儘管有結果，關於憲法的討論仍將繼續。

It is highly possible that changes will be made if the new constitution is approved and also, if it's not approved, there is the intention to also conduct reforms. So we believe that Chile will continue a disciplined process of discussion and institutional process in order to approve and to change the constitution in the future.

如果新憲法獲得通過，很有可能會發生變化，如果不通過，也有進行改革的打算。因此，我們相信智利將繼續進行有紀律的討論和製度進程，以便在未來批准和修改憲法。

So in regards with the mining industry, at this moment, we don't see any additional levels of concern. If the current draft is approved, a lot of discussion will need to continue at the Senate level. So we will continue having this institutional discussion in the short-term in Chile.

因此，關於採礦業，目前我們沒有看到任何額外的擔憂。如果當前的草案獲得批准，參議院層面將需要繼續進行大量討論。因此，我們將在短期內繼續在智利進行這種制度性討論。

Great. That's very clear. My follow-up question is just around CapEx and more focused on sustaining CapEx and what that could potentially look like in 2023. It looks like though have been about $100 million of sustaining CapEx from the coal segment, may be reduced or potentially deferred into 2022, but any early reads on what that number could potentially look like? And also what sort of the water treatment CapEx could look like for '23 as well?

偉大的。這很清楚。我的後續問題只是圍繞資本支出，更側重於維持資本支出以及 2023 年可能出現的情況。看起來雖然維持煤炭部門的資本支出約為 1 億美元，但可能會減少或可能推遲到 2022 年，但是任何關於這個數字可能是什麼樣子的早期閱讀？以及 23 年的水處理資本支出是什麼樣的？

Yes. Emily, we haven't guided specifically to sustaining capital for 2023 at this point. We did communicate in the last quarter that we expected to see sustaining capital trend back down towards long-term levels and give or take, including in future sustaining capital for QB2. We said that would be around the $1 billion mark annually.

是的。艾米麗，我們目前還沒有具體指導 2023 年維持資本。我們確實在上個季度進行了溝通，我們預計維持資本趨勢會回落至長期水平並給予或接受，包括未來 QB2 的維持資本。我們說這將是每年 10 億美元左右。

In the short term, we do still have some water treatment capital commitments. Over the next 2 to 3 years, they reduce over time, which is what helps bring us back into that $1 billion range. But we'll communicate the specifics for 2023 in due course.

短期內，我們仍有一些水處理資本承諾。在接下來的 2 到 3 年，它們會隨著時間的推移而減少，這有助於我們回到 10 億美元的範圍內。但我們將在適當的時候傳達 2023 年的具體細節。

Patrick, it's Fraser. I think -- we're going to have to just take 1 more question, and I did get it actually on the e-mail from Orest Wowkodaw.

帕特里克，是弗雷澤。我想-- 我們將不得不再回答1 個問題，我確實從Orest Wowkodaw 的電子郵件中得到了它。

Orest -- sorry, I get rid of these pop-ups. He says my question is on the coal business. Q3 production sales guidance of 5.8 million -- 6.2 million tonnes is only 24.8 million tonnes annualized on the high end. What gives you confidence that the business can still yield 26 million to 27 million tonnes moving forward as per your 3-year guidance? Coal hasn't produced above 26 million tonnes since 2018.

Orest——對不起，我擺脫了這些彈出窗口。他說我的問題是關於煤炭業務的。第三季度的生產銷售指導為 580 萬噸——620 萬噸，僅是高端年化 2480 萬噸。是什麼讓您有信心按照您的 3 年指導方針，該業務仍能產生 2600 萬至 2700 萬噸的產量？自 2018 年以來，煤炭的產量從未超過 2600 萬噸。

So I think we'll turn that over to Robin Sheremeta to start. And Red, if you want to add any comments as well. Robin?

所以我認為我們將把它交給 Robin Sheremeta 來開始。 Red，如果您還想添加任何評論。羅賓？

Thanks, Orest. There's been a number of things that have occurred over the last couple of years for sure, not the least of which has been the COVID pandemic, and that's certainly stressed the business. And then more recently, we've gone through a number of plant challenges here through the first half.

謝謝，奧雷斯特。過去幾年肯定發生了很多事情，其中最重要的是 COVID 大流行，這無疑給企業帶來了壓力。最近，我們在上半年經歷了許多工廠挑戰。

So Nicholas spoke about that in the last quarter, I believe. But we took our 2 largest operations down for plant maintenance here in the second quarter. So going forward, we are pretty confident that they're going to be back up to normal reliability -- normal reliability situation. But the single biggest thing that's affecting us right now, and it's going across pretty much all aspects of the business is just the shortage of labor that we have, which isn't any different really than any of our peers are facing in both our industry and any other industry right now.

所以尼古拉斯在上個季度談到了這一點，我相信。但我們在第二季度將我們的 2 個最大的工廠維修業務停工。因此，展望未來，我們非常有信心他們將恢復正常的可靠性——正常的可靠性情況。但是，目前影響我們的最大的事情，它幾乎涉及業務的所有方面，就是我們所擁有的勞動力短缺，這與我們行業中的任何同行所面臨的並沒有什麼不同以及現在的任何其他行業。

So again, we're seeing the impact of COVID with higher absenteeism. We've got higher turnover, limited availability of new skilled hires and all that put constraints on our production capacity in the short term. And we have to work through that. We are seeing increasing success in hiring. So we've ramped up our efforts significantly, and we're starting to see uptake in that. But again, it takes time. We have to train and integrate those new employees into the operations.

因此，我們再次看到 COVID 對缺勤率的影響。我們的營業額更高，新的熟練員工數量有限，所有這些都在短期內限制了我們的生產能力。我們必須解決這個問題。我們看到招聘越來越成功。因此，我們已經大大加強了我們的努力，並且我們開始看到這方面的吸收。但同樣，這需要時間。我們必須培訓這些新員工並將其融入運營。

All that said, we still have an extraordinary resource. We've got all the capacity established for that 26 million to 27 million at our plants and our operations, and we really just need to get the labor force in place to deliver on that. We've got enough equipment. We've got, again, good plant facility. So it's really just a matter of getting the labor reestablished here to get back up to those levels.

儘管如此，我們仍然擁有非凡的資源。在我們的工廠和運營中，我們已經為 2600 萬到 2700 萬人建立了所有產能，我們真的只需要讓勞動力到位來實現這一目標。我們有足夠的設備。我們再次擁有良好的工廠設施。所以這真的只是讓這裡的勞動力恢復到這些水平的問題。

That's great. Thanks, Robin and thanks for the question Orest. Back to Don for closing remarks.

那太棒了。謝謝，羅賓，感謝奧雷斯特的問題。回到唐結束髮言。

Okay. Well, thank you, everyone, for joining our second quarter call, my 71st call and final one. I want to close today with some important thank yous. Nobody gets anywhere working alone. I've had a lot of support from a lot of wonderful people, and I'm going to take the risk of naming some of them, which always carries the danger that -- I might forget someone and I apologize in advance to whatever that might be.

好的。好吧，謝謝大家加入我們的第二季度電話會議，這是我的第 71 次電話會議，也是最後一次電話會議。我想以一些重要的謝謝結束今天。沒有人可以獨自工作。我得到了很多很棒的人的大力支持，我將冒著為其中一些人命名的風險，這總是帶來危險——我可能會忘記某人，我提前向任何人道歉可能。

I want to start with Dr. Norman B. Keevil, without whom I would never have had the job in the first place. And more importantly, thank him for his support in November 2008 in the midst of the global financial crisis, without which I would never have been able to launch the 12-step plan to work our way out the challenging situation following the Fording Coal acquisition.

我想從 Norman B. Keevil 博士開始，如果沒有他，我一開始就不會得到這份工作。更重要的是，感謝他在 2008 年 11 月在全球金融危機中的支持，沒有他的支持，我將永遠無法啟動 12 步計劃，以解決收購福丁煤業後的嚴峻形勢。

Fortunately, since that acquisition, the steelmaking coal business has generated about $34 billion in aggregate EBITDA and about $22 billion of free cash flow which allowed us to build our base metals business and finance QB2.

幸運的是，自那次收購以來，煉鋼煤炭業務已產生約 340 億美元的 EBITDA 總額和約 220 億美元的自由現金流，這使我們能夠建立基本金屬業務並為 QB2 融資。

I also want to thank Norman B. Keevil III, who is Vice Chair of our Board and 1 of the most decent people I know and a huge support of the business. I also have a special place in my heart for everyone in Sumitomo Metal Mining that I've ever dealt with. This is 1 of the class acts in the global mining industry. And every leader, I've had the privilege to work with and every Board member who's joined us has contributed and done nothing but be helpful and professional.

我還要感謝 Norman B. Keevil III，他是我們的董事會副主席，也是我認識的最正派的人之一，他對公司的大力支持。在我的心中，我也為住友金屬礦業的每個人都留有一個特殊的位置。這是全球採礦業中的一類行為之一。每一位領導者，我都有幸與之共事，每一位加入我們的董事會成員都做出了貢獻，除了提供幫助和專業外，什麼也沒做。

A quick thank you to 2 of the longest serving analysts, Orest and Greg very much appreciate all of your insights and questions and Orest, I have to say that you being the first question for so many calls and always kind of fun to have Greg first, and you were last. So see your fitting for some reason.

快速感謝兩位任職時間最長的分析師，Orest 和 Greg 非常感謝您的所有見解和問題，Orest，我不得不說，您是這麼多電話的第一個問題，並且總是讓 Greg 第一個很有趣，而你是最後一個。因此，出於某種原因，請查看您的配件。

I want to say some thank yous to the Global Mining team at CIBC, which I was the founder, and I did that with a very special partner name, Warren Gilman. I wish him well as he builds up his own investment business. And I mentioned Andy Quinn, Neil Johnson, David Scott and Paul Stacker, who are all incredible professionals and great partners, and John Hunkin, who is Chairman and CEO of the bank and a great mentor of mine and from whom so many of us learned about inspiring leadership.

我想對 CIBC 的 Global Mining 團隊表示感謝，我是該團隊的創始人，為此我使用了一個非常特別的合作夥伴名稱 Warren Gilman。我祝他一切順利，因為他建立了自己的投資業務。我提到了安迪·奎因、尼爾·約翰遜、大衛·斯科特和保羅·斯塔克，他們都是令人難以置信的專業人士和偉大的合作夥伴，還有約翰·亨金，他是該銀行的董事長兼首席執行官，也是我的一位偉大導師，我們很多人都向他學習關於鼓舞人心的領導。

And back to Teck, and it's so hard as there are so many to recognize, but I'll name a few names from the past, Doug Horswill, Greg Waller, Ron Vance. Ron Millos and Dale Andres, who have retired over the years, but made tremendous contributions to the company. Some of the past and present Board members, Bob Wright, who is 90 years old, who I heard from last night and who was originally involved in recruiting me in the first place. Jack Cockwell, who is a very, very important mentor of mine. Warren Seyffert, who was Vice Chair of the Board. And the hardest working directors, we currently have had Timothy Snider and Sheila Murray. Thank you to all.

回到泰克，很難認出這麼多，但我會說出過去的幾個名字，道格·霍斯威爾、格雷格·沃勒、羅恩·萬斯。 Ron Millos 和 Dale Andres，他們已經退休多年，但為公司做出了巨大貢獻。一些過去和現在的董事會成員，90 歲的 Bob Wright，我昨晚聽說過他，他最初參與了招募我的工作。 Jack Cockwell，他是我非常非常重要的導師。 Warren Seyffert，曾任董事會副主席。而最努力的導演，我們目前有 Timothy Snider 和 Sheila Murray。謝謝你們。

I want to acknowledge my team because, boy, what a team, we've got. I gave them all copper pens last year saying best team, everybody (inaudible). But current teammate members from operations are probably Robin Sheremeta, Shehzad Bharmal, Kieron McFadyen running our metals and coal and energy divisions. Alex Christopher on Projects; Andrew Milner on our whole TDS and RACE21. On the corporate side, some pretty special people, Dean Winsor, who I've worked with so closely on putting the team together, so much appreciate your support. Marcia M. Smith, we wouldn't be #1 in ESG without her team and everything she's done for us. Peter Rozee, he has been there through thick and thin through everything, all the transactions, all the issues that we've had to deal with.

我想感謝我的團隊，因為，男孩，我們擁有多麼強大的團隊。去年我給了他們所有的銅筆，說最好的團隊，每個人（聽不清）。但目前運營部門的隊友可能是負責我們金屬、煤炭和能源部門的 Robin Sheremeta、Shehzad Bharmal、Kieron McFadyen。亞歷克斯克里斯托弗關於項目； Andrew Milner 談我們的整個 TDS 和 RACE21。在公司方面，一些非常特別的人，Dean Winsor，我曾與他密切合作，共同組建團隊，非常感謝您的支持。 Marcia M. Smith，如果沒有她的團隊以及她為我們所做的一切，我們就不會成為 ESG 的第一名。 Peter Rozee，他經歷了一切，所有的交易，所有我們必須處理的問題，都經歷了風風雨雨。

Nick Hooper, a whole new brain trust in our company now looking at all things going on in the world. Réal Foley who has become like the guru of commodities, commodities for the whole street. And it's just been great working with you. Fraser Phillips, whose wisdom and understanding of shareholders just second to none. Ralph Lutes, 1 of my great partners, who's done so much for us in Asia and now in China.

Nick Hooper，我們公司的全新智囊團，現在正在研究世界上正在發生的所有事情。 Réal Foley 已經成為商品的大師，整條街的商品。和你一起工作真是太好了。 Fraser Phillips，其對股東的智慧和理解是首屈一指的。 Ralph Lutes，我的一位偉大合作夥伴，他為我們在亞洲以及現在在中國做了這麼多。

And of course, my support team, (inaudible) over the last 22 years, I wouldn't have been able to survive without them. And (inaudible) for the third time now here to help out. I have a special gratitude to them for sure.

當然，我的支持團隊（聽不清）在過去的 22 年裡，如果沒有他們，我將無法生存。並且（聽不清）現在第三次來這裡幫忙。我當然特別感謝他們。

Finally, I want to wish Jonathan Price and Red Conger, nothing but the greatest success. They are both tremendously capable individuals with complementary experiences and skills. And I know that they will be focused on creating tremendous new value and taking the company to even greater heights. So believe me when I say under this team, the best is yet to come. Thank you all. Over and out.

最後，我想祝 Jonathan Price 和 Red Conger 取得最大的成功。他們都是非常有能力的人，擁有互補的經驗和技能。我知道他們將專注於創造巨大的新價值，並將公司推向更高的高度。所以相信我，當我說在這支球隊下，最好的還沒有到來。謝謝你們。完了，走吧。

The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

會議現已結束。此時請斷開您的線路，我們感謝您的參與。