Teck Resources Ltd (TECK) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Teck's Fourth quarter 2022 Earnings Release Conference Call. (Operator Instructions) This conference call is being recorded Tuesday, February 21, 2023. I would now like to turn the conference call 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。歡迎來到泰克資源 2022 年第四季度收益發布電話會議。 （操作員說明）本次電話會議將於 2023 年 2 月 21 日星期二進行錄製。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 Fraser Phillips。請繼續。

Thanks, Ariel, and good morning or good afternoon, everyone. Thanks for joining us for Teck's Fourth Quarter 2022 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，Ariel，大家早上好或下午好。感謝您加入我們參加泰克 2022 年第四季度電話會議。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。泰克資源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.

請參閱幻燈片 2，了解我們前瞻性陳述所依據的假設。此外，我們將在整個電話會議中參考各種非 GAAP 措施。有關這些措施的解釋和調整可以在我們的 MD&A 和我們網站上的最新新聞稿中找到。

Now we know there is a great deal to digest this morning. We've got four -- issued four press releases, which we shouldn't now have. The first on the spin-off of the steelmaking business; second, on the sunset for the dual-class share structure; the third, on the dividend and share buyback that was announced; and finally, of course, on the Q4 results.

現在我們知道今天早上有很多事情要消化。我們有四份——發布了四份新聞稿，我們現在不應該這樣做。第一個分拆煉鋼業務；第二，關於雙重股權結構的日落；第三，關於已宣布的股息和股票回購；最後，當然是第四季度的結果。

In addition, there's a copy of our presentation to go with the releases. If you do not have all five documents that are available on our website, www.teck.com/separation.

此外，還有我們的演示文稿的副本與發布一起使用。如果您沒有我們網站 www.teck.com/separation 上提供的全部五份文件。

It's a lot of time to discuss the strategic announcements we issued this morning, Jonathan Price, our CEO, will begin today's call with a brief overview of the fourth quarter results. We'll then shift to the focus of the three strategic announcements and the separation of Teck into two independent publicly listed companies, related transactions with our steelmaking joint venture partners and major customers, Nippon and POSCO and the 6-year sunset Class A shares. We will then conclude today's session with a question-and-answer period.

討論我們今天早上發布的戰略公告的時間很長，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簡要概述第四季度業績。然後，我們將把重點轉移到三個戰略公告和 Teck 拆分為兩家獨立上市公司、與我們的煉鋼合資夥伴和主要客戶 Nippon 和 POSCO 的關聯交易以及 6 年日落 A 類股。然後，我們將以問答環節結束今天的會議。

With that, I will turn the call over to Jonathan.

有了這個，我會把電話轉給喬納森。

Thank you, Fraser, and good morning, everyone. Starting on Slide 5, we are pleased to have achieved several financial records in 2022 including a record $9.6 billion in adjusted EBITDA. This was driven by strong commodity prices, particularly steelmaking coal, which reached new heights during the year.

謝謝你，弗雷澤，大家早上好。從幻燈片 5 開始，我們很高興在 2022 年實現了多項財務記錄，包括創紀錄的 96 億美元的調整後 EBITDA。這是由大宗商品價格強勁推動的，尤其是煉鋼用煤價格在年內創下新高。

Each of our business units made substantial contributions to our profitability in 2022. In the fourth quarter, the resilience of our teams was demonstrated as we successfully managed through severe winter conditions and short-term production challenges, specifically in Elkview, Highland Valley Copper and (inaudible).

我們的每個業務部門都為我們在 2022 年的盈利能力做出了重大貢獻。在第四季度，我們成功地度過了嚴冬條件和短期生產挑戰，特別是在 Elkview、Highland Valley Copper 和 (聽不見）。

However, we did fall short consensus analyst estimates for fourth quarter adjusted EBITDA and EPS. Variance was driven by lower-than-consensus gross profit, which was partly because of the extended maintenance activities that trailed during the quarter, higher than consensus nonoperating expenses and the timing of the removal of Fort Hills from analyst model.

然而，我們確實沒有達到分析師對第四季度調整後 EBITDA 和 EPS 的普遍預期。差異是由低於共識的毛利潤驅動的，這部分是由於本季度延長的維護活動、高於共識的非運營支出以及從分析師模型中刪除 Fort Hills 的時間。

Importantly, strong profitability enabled us to deliver record cash returns to our shareholders in 2022, including $1.4 billion in share buybacks and $532 million in dividends, while continuing to strengthen our balance sheet through the repayment of $1.3 billion of debt during the year.

重要的是，強勁的盈利能力使我們能夠在 2022 年為股東帶來創紀錄的現金回報，包括 14 億美元的股票回購和 5.32 億美元的股息，同時通過年內償還 13 億美元的債務繼續加強我們的資產負債表。

And we are adding to this with our announcement that the Board has declared a dividend of $0.625 per share to be paid on March 31. This consists of our base quarterly dividend of $0.125 per share and a supplemental dividend of $0.50 per share. In addition, the board has authorized up to $250 million share buyback.

此外，我們還宣布董事會已宣布將於 3 月 31 日支付每股 0.625 美元的股息。這包括每股 0.125 美元的基本季度股息和每股 0.50 美元的補充股息。此外，董事會已授權高達 2.5 億美元的股票回購。

In total, these returns to shareholders include a distribution of 40% of the proceeds from the sale of BornHills received earlier this month in accordance with our capital allocation framework.

總的來說，這些股東回報包括根據我們的資本分配框架分配本月早些時候收到的 BornHills 出售收益的 40%。

In aggregate, these returns bring total approved returns of over $2.4 billion since the start of 2022. Now looking at Slide 6, we made significant progress against each of the four pillars of our common growth strategy in 2022.

總的來說，這些回報帶來了自 2022 年初以來超過 24 億美元的總批准回報。現在看幻燈片 6，我們在 2022 年共同增長戰略的四大支柱中的每一個方面都取得了重大進展。

We advanced our flagship QB2 copper growth projects despite COVID-related productivity impacts and challenging weather subsurface conditions. It is currently ramping up, and we look forward to doubling our consolidated copper production when its reaches full capacity by the end of 2023.

儘管 COVID 相關的生產力影響和具有挑戰性的地下天氣條件，我們仍推進了我們的旗艦 QB2 銅增長項目。它目前正在增加，我們期待在 2023 年底達到滿負荷時將我們的綜合銅產量翻一番。

We also advanced to pass the value for our industry-leading copper growth pipeline through joint partnerships at San Nicolás in Mexico and a new range of copper in Minnesota. I will come back to QB2 and our progress in copper growth in just a moment.

我們還通過墨西哥 San Nicolás 的聯合合作夥伴關係和明尼蘇達州的一系列新銅礦，推進了我們行業領先的銅增長管道的價值傳遞。我稍後會回到 QB2 和我們在銅增長方面的進展。

As I mentioned earlier, we closed the sale of Fort Hills in February. Our exit from the energy business provides a step change towards the rebalancing of our portfolio And we continue to balance copper growth and cash returns to shareholders, as demonstrated by our record cash returns in 2022.

正如我之前提到的，我們在 2 月份完成了 Fort Hills 的出售。我們退出能源業務為我們的投資組合重新平衡提供了一個步驟，我們將繼續平衡銅的增長和股東的現金回報，正如我們在 2022 年創紀錄的現金回報所證明的那樣。

As of February 20, we have $8.2 billion of liquidity, including $2.8 billion of cash. We also made significant progress against our sustainability goals during the year. We secured 100% clean renewable power at QB2 in 2025. And I'm especially proud that we recorded our lowest ever high potential incident frequency rate last year. Full details of our performance will be in our 2022 sustainability report, which will be released on March 16.

截至 2 月 20 日，我們擁有 82 億美元的流動資金，其中包括 28 億美元的現金。年內，我們在實現可持續發展目標方面也取得了重大進展。 2025 年，我們在 QB2 獲得了 100% 的清潔可再生能源。我特別自豪的是，我們去年記錄了有史以來最低的高潛在事故頻率。我們將在 3 月 16 日發布的 2022 年可持續發展報告中詳細介紹我們的表現。

Now coming back to our progress on copper growth on Slide 7. Our priority for 2023 will be the ramp-up of QB2. We are in commissioning of Line 1 at a concentrator and making final preparations for feast mill. Construction and commissioning are progressing across all areas of the project. Construction is essentially complete in the pipeline, power and mining areas.

現在回到我們在幻燈片 7 上關於銅增長的進展。我們 2023 年的首要任務將是 QB2 的提升。我們正在選礦廠調試 1 號線，並為 feast mill 做最後的準備。該項目的所有領域都在進行施工和調試。管道、電力、礦區建設基本完成。

We expect QB2 to reach full capacity by the end of 2023. Our CapEx guidance for the project remains unchanged to the previous disclosure. We expect QB copper production of 150,000 to 180,000 tonnes in 2023, increasing to a range of 285,000 to 315,000 tonnes between 2024 to 2026. It is important to note that recent changes to IFRS will impact unit costs for QB2 this year.

我們預計 QB2 將在 2023 年底達到滿負荷生產。我們對該項目的資本支出指引與之前的披露保持不變。我們預計 2023 年 QB 銅產量將達到 150,000 至 180,000 噸，並在 2024 年至 2026 年之間增加至 285,000 至 315,000 噸。值得注意的是，近期 IFRS 的變化將影響今年 QB2 的單位成本。

We are now required to recognize sales proceeds and related costs associated with products sold during the ramp-up in passion in Phase II earnings rather than capitalizing these amounts. Once QB2 is at full capacity, we expect average net cash unit costs of USD 1.40 to USD 1.60 per pound.

我們現在需要在第二階段的收益中確認銷售收入和與在熱情上升期間銷售的產品相關的相關成本，而不是將這些金額資本化。一旦 QB2 滿負荷運轉，我們預計平均淨現金單位成本為每磅 1.40 美元至 1.60 美元。

Turning to Slide 8. we are also making meaningful progress on other projects in our industry-leading copper growth pipeline. We initiated a feasibility study at San Nicolás last year and expect completion in early 2024. We are targeting submission of the EIA in the first half of this year.

轉到幻燈片 8。我們還在行業領先的銅增長管道中的其他項目上取得了有意義的進展。我們去年在 San Nicolás 啟動了一項可行性研究，預計在 2024 年初完成。我們的目標是在今年上半年提交 EIA。

The transaction with Agnico Eagle is expected to close in the second quarter of 2023. We are continuing to advance a feasibility study for QB mill expansion, representing a throughput increase of approximately 50% in QB. EIA permit application was submitted to the Chilean regulator in early 2023, and the feasibility study is expected to be completed later this year.

與 Agnico Eagle 的交易預計將於 2023 年第二季度完成。我們正在繼續推進 QB 工廠擴建的可行性研究，這意味著 QB 的產量增加了約 50%。環評許可申請已於 2023 年初提交給智利監管機構，預計可行性研究將於今年晚些時候完成。

At Zafranal, we successfully completed a comprehensive public participation session and responded to the SEIA observations last year. We are expecting receipt of the SEIA permit in the first half of this year. And just last week, we closed the new range, copper nickel LLC transaction with PolyMet to jointly advance both NorthMet and Mesaba. And at Galore Creek, completion of the pre-feasibility study is targeted for the second half of the year.

在 Zafranal，我們成功地完成了一次全面的公眾參與會議，並對去年的 SEIA 觀察結果做出了回應。我們預計在今年上半年收到 SEIA 許可證。就在上週，我們完成了與 PolyMet 的新範圍銅鎳 LLC 交易，共同推進 NorthMet 和 Mesaba。在 Galore Creek，預可行性研究的目標是在今年下半年完成。

Overall, our progress in 2022 positions us well for our very exciting next chapter. So with that, we'd like to move from the fourth quarter results and discuss the transaction we announced today, the spin-off Teck steelmaking coal business to shareholders and the creation of two world-class independent companies.

總的來說，我們在 2022 年取得的進展為我們激動人心的下一章做好了準備。因此，我們想從第四季度的業績開始，討論我們今天宣布的交易，將 Teck 煉鋼煤炭業務分拆給股東，以及創建兩家世界級的獨立公司。

Starting on Slide 10. This is a significant and exciting day for our company, our shareholders and our people. As we take a major step forward to unlock value to Teck shareholders, by establishing a path to separate our steelmaking coal and base metals businesses.

從幻燈片 10 開始。對於我們公司、我們的股東和我們的員工來說，這是重要而激動人心的一天。隨著我們邁出重要的一步，通過建立一條將我們的煉鋼煤炭和基本金屬業務分開的道路，為泰克資源的股東釋放價值。

As independent companies, Teck Metals and outvalue resources or EVR, will have simplified portfolios allowing for heightened strategic and financial focus and the ability to pursue their own tailored capital allocation strategy. We are confident this plan positions both companies with greater success, while supporting a sustainable future for the benefit of our employees, communities and indigenous peoples in the areas where we operate.

作為獨立公司，Teck Metals 和 outvalue resources 或 EVR 將擁有簡化的投資組合，從而提高戰略和財務重點，並有能力追求自己量身定制的資本配置戰略。我們相信，該計劃將使兩家公司取得更大的成功，同時支持可持續發展的未來，造福我們運營地區的員工、社區和土著人民。

Importantly, this separation will provide investors good choice for allocating their portfolios between two businesses and commodities with unique fundamentals and value proposition. We will realize our full potential at Teck Metals as a premier growth-oriented producer of critical metal essential for the energy transition.

重要的是，這種分離將為投資者提供在具有獨特基本面和價值主張的兩種業務和商品之間分配投資組合的良好選擇。我們將充分發揮 Teck Metals 作為能源轉型所必需的關鍵金屬的首要增長導向生產商的全部潛力。

And EVR will be a pure-play high-margin steelmaking coal producer. Teck Metals will retain a significant portion of the steelmaking coal cash flows during a transition period to fund our profit growth.

EVR 將成為一家純粹的高利潤煉鋼煤炭生產商。泰克金屬將在過渡期間保留很大一部分煉鋼煤炭現金流，為我們的利潤增長提供資金。

Concurrent with the separation, we announced agreements with two of our steelmaking coal joint venture partners and major customers to exchange their minority interest in the Elkview and Greenhills operations or interest in EVR. Notably, Nippon Steels $1 billion cash investment implies an $11.5 billion enterprise value for our steelmaking coal assets.

在分離的同時，我們宣布與兩家煉鋼煤炭合資企業合作夥伴和主要客戶達成協議，交換他們在 Elkview 和 Greenhills 業務中的少數股權或在 EVR 中的股權。值得注意的是，新日鐵 10 億美元的現金投資意味著我們煉鋼煤炭資產的企業價值為 115 億美元。

Lastly, we also announced today a sub debt dual-share structure which will modernize Teck Metal governance structure.

最後，我們今天還宣布了一種次級債務雙重股權結構，這將使 Teck Metal 治理結構現代化。

Now turning to Slide 11. I want to provide some context on the rationale for this transaction and why Teck is taking this step now. We recognize that the investment landscape has changed over the last 10 to 15 years. Previously, broad-based demand growth across all commodities to support global development drove investor preferences for miners with diversified strategy.

現在轉到幻燈片 11。我想提供一些有關此交易的理由以及 Teck 現在採取此步驟的原因的背景信息。我們認識到投資環境在過去 10 到 15 年中發生了變化。此前，為支持全球發展而對所有大宗商品的廣泛需求增長推動了投資者對採取多元化戰略的礦業公司的偏好。

So as a result, we're often rewarded with premium valuation. In recent years, the investor basis for base metals and steelmaking coal businesses have become increasingly divergent. This proposed separation responds to that changing landscape.

因此，我們經常獲得溢價估值。近年來，基本金屬和煉鋼煤業務的投資者基礎日趨分化。這一擬議的分離是對不斷變化的格局的回應。

It will allow investors to optimize their exposures to each of base metals and steelmaking coal through the creation of two world-class pure-play companies with compelling but different value propositions.

它將允許投資者通過創建兩個具有引人注目但不同價值主張的世界級純業務公司來優化他們對每種基本金屬和煉鋼煤的敞口。

critical role in electrification and the energy transition will drive continued demand growth and premium valuation. High-quality steelmaking coal will remain an essential input of steel production necessary for decarbonization infrastructure over the long term.

電氣化和能源轉型中的關鍵作用將推動持續的需求增長和溢價估值。從長遠來看，優質煉鋼煤仍將是脫碳基礎設施所需的鋼鐵生產的重要投入。

Turning to Slide 12. Following the separation, Teck Resources will become Teck Metals, a premier growth-oriented base metal company. Teck Metals is focused on copper growth, and we are well-positioned to capitalize on the strong demand generated by the accelerating transition to the low-carbon economy.

轉到幻燈片 12。分離後，Teck Resources 將成為 Teck Metals，一家主要以增長為導向的基本金屬公司。 Teck Metals 專注於銅的增長，我們有能力利用加速向低碳經濟轉型所產生的強勁需求。

Foundation of our portfolio is our high-quality, low-cost and long-life operations which are located in well-established mining jurisdictions in the Americas. And we have significant growth potential and resource optionality through our industry-leading pipeline of copper development projects anchored by QB2.

我們投資組合的基礎是我們位於美洲完善的採礦管轄區的高質量、低成本和長壽命的業務。通過我們以 QB2 為基礎的行業領先的銅開發項目管道，我們擁有巨大的增長潛力和資源選擇權。

With the ramp-up of QB2 this year, we expect our copper production to double in the near term. And the vast long-life deposit at Quebrada Blanca can support multiple expansions. We currently have a little over 8 billion tonnes of reserves and resources at QB, and the ore body is open in multiple directions for further potential increases.

隨著今年 QB2 的增加，我們預計我們的銅產量在短期內將翻一番。 Quebrada Blanca 巨大的長壽命礦床可以支持多次擴建。我們目前在 QB 的儲量和資源量略高於 80 億噸，礦體向多個方向開放，有進一步的潛在增長。

Beyond QB2, we have an attractive suite of additional projects diversified by geography, scale and time to development. We have the potential to add more than 1.5 million tonnes of annual copper equivalent production to our current portfolio.

除了 QB2 之外，我們還有一套極具吸引力的額外項目，這些項目在地理、規模和開發時間方面各不相同。我們有潛力為我們目前的投資組合增加超過 150 萬噸的年銅當量產量。

Teck Metals has the potential to become one of the top 10 copper producers in the world. Importantly, cash flow from the transitioned capital structure provides Teck Metals with continued funding to make prudent investments in growth, with disciplined returns to our shareholders and while maintaining our financial resilience.

泰克金屬有潛力成為世界十大銅生產商之一。重要的是，轉型後的資本結構產生的現金流為 Teck Metals 提供了持續的資金來進行審慎的增長投資，為我們的股東帶來嚴格的回報，同時保持我們的財務彈性。

This transaction will unlock the full potential of our industry-leading copper growth portfolio, which is significantly undervalued relative to our peers.

此項交易將釋放我們行業領先的銅增長組合的全部潛力，該組合相對於我們的同行被嚴重低估。

Turning to Slide 13. EVR will be a pure-play world-class Canadian steelmaking coal company, high-quality, long-life assets that are high-margin operations focused on long-term cash generation and providing cash returns to shareholders.

轉到幻燈片 13。EVR 將是一家純粹的世界級加拿大煉鋼煤炭公司，擁有高質量、長期資產、高利潤率業務，專注於長期現金生成並為股東提供現金回報。

The existing Elk Valley operating team will continue to lead EVR and ensure continuity of operating principles and responsible environmental and social stewardship. The team will be led by President and CEO, Robin Sheremeta, who is currently Teck's Senior Vice President of Coal.

現有的 Elk Valley 運營團隊將繼續領導 EVR 並確保運營原則和負責任的環境和社會管理的連續性。該團隊將由總裁兼首席執行官 Robin Sheremeta 領導，他目前是泰克資源的煤炭高級副總裁。

EVR will own four producing steelmaking coal operations in the Elk Valley of British Columbia and the recently expanded coal handling facilities at Neptune terminal in North Vancouver. Its high-quality, low-emissions coal product is sought after by the world's largest steelmakers as they work to reduce their own emissions.

EVR 將在不列顛哥倫比亞省的麋鹿谷擁有四個生產煉鋼的煤炭業務，並在北溫哥華的海王星碼頭擁有最近擴建的煤炭處理設施。其優質、低排放的煤炭產品受到世界上最大的鋼鐵製造商的追捧，因為它們正在努力減少自身的排放。

This is demonstrated by the agreement with Nippon Steel and POSCO we announced today. The significant participation by two of our major customers emphasizes the long-term and critical importance of high quality steelmaking coal. And as I mentioned earlier, the $1 billion investment by Nippon Steel implies an enterprise value of approximately $11.5 billion, further validating the EVR value proposition.

我們今天宣布的與 Nippon Steel 和 POSCO 的協議證明了這一點。我們的兩個主要客戶的重要參與強調了優質煉鋼煤的長期和關鍵重要性。正如我之前提到的，新日鐵 10 億美元的投資意味著企業價值約為 115 億美元，進一步驗證了 EVR 的價值主張。

Importantly, underpinned by an extensive reserve base with over 30 years of reserve life, EVR has significant equity value accretion potential as the transition structure is paid down, as shown in the graph at the bottom right.

重要的是，在儲備壽命超過 30 年的廣泛儲備基礎的支持下，隨著過渡結構的償還，EVR 具有顯著的股權價值增值潛力，如右下圖所示。

Now turning to details of the transaction on Slide 14. At the highest level, the separation is a spin-off of Teck steelmaking coal business to shareholders. Teck Metals will retain substantial access to steelmaking total cash flows in the form of a royalty and preferred shares.

現在轉向幻燈片 14 上的交易細節。在最高層面上，分離是將 Teck 煉鋼煤炭業務分拆給股東。 Teck Metals 將以特許權使用費和優先股的形式保留對煉鋼總現金流量的大量使用權。

The separation will be implemented by way of a distribution of the equity common shares of EVR to existing Teck shareholders. Shareholders will receive 1 common share of EVR for every 10 shares of Teck Resources, together with the share of a total cash distribution of $200 million.

分離將通過向現有 Teck 股東分配 EVR 普通股的方式實施。股東每 10 股 Teck Resources 將獲得 1 股 EVR 普通股，以及 2 億美元現金分配總額的份額。

Shareholders can elect to maximize the amount of cash or EVR common shares they receive subject to proration through a Dutch auction process. In consideration for the transfer of the steelmaking coal assets to EVR, EVR will issue a gross revenue royalty and preferred shares together called the transition capital structure in which Teck Metals will maintain an 87.5% interest.

股東可以選擇最大化他們收到的現金或 EVR 普通股的數量，但要通過荷蘭式拍賣程序按比例分配。作為將煉鋼煤資產轉讓給 EVR 的對價，EVR 將發行總收入特許權使用費和優先股，稱為過渡資本結構，其中 Teck Metals 將保持 87.5% 的權益。

Further, in exchange for their minority interest in the Elkview and Greenhills operations and an additional $1 billion cash investment by Nippon Steel, Nippon Steel and POSCO will own a combined 12.5% interest in both EVR common shares and the transition capital structure.

此外，為了換取他們在 Elkview 和 Greenhills 業務中的少數股權以及新日鐵額外的 10 億美元現金投資，新日鐵和 POSCO 將擁有 EVR 普通股和過渡資本結構的合計 12.5% 的權益。

Payable quarterly, the royalty will be based on steelmaking coal revenue, generally equivalent 90% of EVR's free cash flow and payable in later on an aggregate amount of $7 billion in royalty payments have been made or year-end 2028.

每季度支付一次，特許權使用費將基於煉鋼煤炭收入，通常相當於 EVR 自由現金流的 90%，並在已支付的特許權使用費總額達到 70 億美元後或 2028 年底支付。

EVR will also issue $4.4 billion with redeemable preference shares with a 6.5% cumulative dividend. Teck Metals will continue to be listed on the Toronto and New York Stock Exchanges. EVR has applied for a listing on the TSX.

EVR 還將發行 44 億美元的可贖回優先股，累計股息為 6.5%。泰克金屬將繼續在多倫多和紐約證券交易所上市。 EVR 已申請在 TSX 上市。

I'm looking at the planned capital structure for EVR in more detail on Slide 15. Cash flow from operations will be prioritized for use to ensure the resiliency of operations, including capital investments and fixed annual contributions to a new environmental viewership trust which will provide some long-term environmental obligations.

我正在幻燈片 15 上更詳細地查看 EVR 的計劃資本結構。將優先使用來自運營的現金流以確保運營的彈性，包括資本投資和對新環境收視率信託的固定年度捐款，這將提供一些長期的環境義務。

While the TCS is in place, 90% of free cash flow will go to the royalty and preferred share redemptions. Once the TCS is extinguished, 100% of free cash flow is retained by EVR. The remaining free cash flow will go towards an initial base dividend of $0.20 per share and supplemental shareholder returns by 50% of free cash flow after TCS payments.

當 TCS 到位時，90% 的自由現金流將用於特許權使用費和優先股贖回。一旦 TCS 消失，EVR 將保留 100% 的自由現金流。剩餘的自由現金流將用於每股 0.20 美元的初始基本股息和 TCS 付款後 50% 的自由現金流的補充股東回報。

Importantly, EVR will be well-capitalized at launch with $1 billion in cash and working capital and no debt. Teck Metals is expected to retain investment-grade credit rating based on preliminary indications.

重要的是，EVR 將在推出時資本充足，擁有 10 億美元的現金和營運資金，並且沒有債務。根據初步跡象，預計 Teck Metals 將保留投資級信用評級。

Slide 16 provides detail on the sensitivity on the proceeds from the transition capital structure to changes in steelmaking coal prices. TCS has leveraged the hard coking coal prices to provide flexibility and resiliency for EVR while also providing Teck Metals with continued access to steelmaking coal cash flows during the transition period.

幻燈片 16 詳細說明了轉型資本結構收益對煉鋼煤價格變化的敏感性。 TCS 利用硬焦煤價格為 EVR 提供了靈活性和彈性，同時還為 Teck Metals 提供了在過渡期間繼續獲得煉鋼煤現金流量的途徑。

This will allow Teck Metals to prudently invest in our industry-leading copper growth portfolio while delivering cash returns to shareholders. TCS is forecast to provide Teck Metals with not less than $12 billion pretax proceeds over time.

這將使 Teck Metals 能夠審慎地投資於我們行業領先的銅增長組合，同時為股東提供現金回報。隨著時間的推移，預計 TCS 將為 Teck Metals 提供不少於 120 億美元的稅前收益。

Because of the leverage to hard coking coal prices, a higher price environment will both accelerate payments and provide upside participation for Teck Metals through the royalty. Assuming a USD 185 per tonne long-term benchmark hard coking coal price at a Canadian-U.S. dollar exchange rate of 1.30, EPS should be fully paid in approximately 11 years.

由於硬焦煤價格的槓桿作用，更高的價格環境將加速付款並通過特許權使用費為 Teck Metals 提供上行參與。假設以加元兌美元匯率 1.30 計算的長期基準硬焦煤價格為每噸 185 美元，EPS 應在大約 11 年內全額支付。

If long-term prices stayed at current spot levels, TCS could be paid in only 7 years while providing $34 billion in combined royalty payments and preferred share redemptions on a 100% basis over that time.

如果長期價格保持在當前現貨水平，TCS 僅需 7 年即可支付，同時提供 340 億美元的特許權使用費和優先股贖回 100%。

Turning to Slide 17. Another important step announced today is the proposed 6-year subset for the multiple voting rights attached to the Class A shares of Teck. This will modernize Teck Metals governance and provide a simplified and competitive capital structure.

轉到幻燈片 17。今天宣布的另一個重要步驟是提議的 6 年子集，用於泰克 A 類股票附帶的多重投票權。這將使 Teck Metals 治理現代化，並提供簡化且具有競爭力的資本結構。

On the effective date, each Teck's Class A common share will be exchanged for 1 new Class A common share and 0.67 of a Class B subordinate voting share. In terms of the new Class A common shares, we'll provide that on the sixth anniversary of the effective date of the Dual Class Amendment. All new Class A common shares will be automatically exchanged for Class B subordinate voting shares which will be renamed common shares, at which point the Class A common shares carrying multiple voting rights will be eliminated.

自生效之日起，每股泰克資源的 A 類普通股將兌換 1 股新的 A 類普通股和 0.67 股 B 類從屬表決權股份。就新的 A 類普通股而言，我們將在雙重類別修正案生效六週年時提供。所有新的 A 類普通股將自動交換為 B 類從屬表決權股份，後者將更名為普通股，屆時具有多重投票權的 A 類普通股將被淘汰。

Based on the 7.8 million Class A common shares currently outstanding and the exchange premium, the additional Class B shares issued on the effective date of the amendment represents approximately 1% dilution. The separation transaction and the Dual Class Amendment are subject to [66-2/3%] approval by Class A and Class B shareholders voting separately by class.

根據目前已發行的 780 萬股 A 類普通股和交易所溢價，在修正案生效之日發行的額外 B 類股票代表約 1% 的稀釋。分離交易和雙重類別修正案須經按類別分別投票的 A 類和 B 類股東 [66-2/3%] 批准。

In addition, the Dual Class Amendment is subject to approval by a majority of Class B shareholders other than Temagami Mining Company, Sumitomo Metal Mining and Dr. Keevil. Those votes are expected to be held at Teck's Annual and Special Meeting of Shareholders on or about April 26, 2023.

此外，雙重類別修正案須經 Temagami Mining Company、Sumitomo Metal Mining 和 Dr. Keevil 以外的大多數 B 類股東批准。這些投票預計將於 2023 年 4 月 26 日前後在泰克資源的年度和特別股東大會上進行。

In addition to Teck shareholder and Board approvals, the separation is subject to customary conditions including approval by the TSX. We expect that the transaction will be completed in the second quarter of 2023, at which time Teck Metals and EVR will begin operating as separate companies.

除了 Teck 股東和董事會的批准外，分拆還需滿足慣例條件，包括 TSX 的批准。我們預計交易將在 2023 年第二季度完成，屆時 Teck Metals 和 EVR 將開始作為獨立的公司運營。

So before we turn to Q&A, I want to start where I began. We could not be more excited about this transformational transaction that will unlock significant value for our shareholders. We strongly believe this transaction is the best pathway to separate and realize the full potential of the two businesses.

所以在我們開始問答之前，我想從我開始的地方開始。我們對這項將為我們的股東釋放巨大價值的轉型交易感到無比興奮。我們堅信這項交易是分離和實現這兩項業務全部潛力的最佳途徑。

It will increase the strategic and financial focus for both organizations, allowing the two entities to pursue tailored growth and capital allocation strategies to realize their full potential. It will enable Teck Metals, to unlock the value of our world-class copper growth portfolio and capitalize on the opportunities created by the energy transition, funded by steelmaking coal cash flows during the transition period and position EVR as a pure-play, high-margin steelmaking coal producer with exposure to strong steel fundamentals and a significant equity value appreciation potential, fruition potential as the transition capital structure is paid.

它將增加兩個組織的戰略和財務重點，使兩個實體能夠追求量身定制的增長和資本配置戰略，以充分發揮其潛力。它將使 Teck Metals 能夠釋放我們世界級銅增長組合的價值，並利用能源轉型創造的機會，在轉型期間由煉鋼煤炭現金流提供資金，並將 EVR 定位為純業務、高-利潤率高的煉鋼煤炭生產商，擁有強勁的鋼鐵基本面和顯著的股權增值潛力，隨著資本結構的轉型而取得成果。

The separation will provide investors with the flexibility to optimize portfolio allocation between base metals and steelmaking coal, with each company providing exposure to different commodity fundamentals, capital return policies and value propositions.

分離將為投資者提供靈活性，以優化基本金屬和煉鋼用煤之間的投資組合配置，每家公司都提供不同的商品基本面、資本回報政策和價值主張。

Further, the dual class sunset will modernize Teck Metals governance structure. As we move forward, our purpose and values, which are deeply embedded will ensure health and safety and sustainability are at the forefront of everything we do across both businesses. This includes our unwavering commitment to become net-0 by 2050 and by 2030 and ongoing support for the people and communities where we operate for decades to come.

此外，雙重股權日落將使 Teck Metals 治理結構現代化。隨著我們向前邁進，我們根深蒂固的宗旨和價值觀將確保健康、安全和可持續發展處於我們在兩個業務中所做的一切的最前沿。這包括我們堅定不移地承諾到 2050 年和 2030 年實現 net-0，以及在未來幾十年對我們運營所在的人民和社區的持續支持。

With that, operator, please open the line for questions.

有了這個，接線員，請打開問題線路。

(Operator Instructions) The first question comes from Orest Wowkodaw of Scotiabank.

（操作員說明）第一個問題來自豐業銀行的 Orest Wowkodaw。

Congratulations on the proposed transaction. I'm wondering, Jonathan, if you can give us some color in terms of some of the options that were being evaluated and why ultimately the spin-out was the chosen, I guess, avenue to separate the business versus just an outright sale of the coal business?

祝賀擬議的交易。我想知道，喬納森，你是否可以根據正在評估的一些選項給我們一些顏色，以及為什麼最終選擇分拆，我猜，將業務與直接出售分開的途徑煤炭行業？

Yes, Orest, thanks very much for your question. This is something that's been under consideration by the Board of Directors at Teck for a number of years now. And we've worked very hard through a range of alternatives to get to this point that we're announcing today.

是的，Orest，非常感謝你的提問。這是 Teck 董事會多年來一直在考慮的事情。我們通過一系列替代方案非常努力地工作，以達到我們今天宣布的這一點。

Ultimately, we decided that a separation via a spin-out of steelmaking coal business to Teck shareholders was the optimal means of creating these two great companies, Teck Metals and Elk Valley Resources. It sets both companies under success for Teck Metals, of course, this allows us to continue to use cash flows from the coal business to fund our unrivaled copper growth portfolio and continues to go and deliver the copper that the world is going to need for electrification and decarbonization.

最終，我們決定通過將煉鋼煤炭業務分拆給 Teck 股東進行分離是創建 Teck Metals 和 Elk Valley Resources 這兩家偉大公司的最佳方式。這讓 Teck Metals 兩家公司都取得了成功，當然，這使我們能夠繼續利用煤炭業務的現金流來為我們無與倫比的銅增長投資組合提供資金，並繼續提供世界電氣化所需的銅和脫碳。

In the case of the steelmaking coal business or Elk Valley Resources, that will be a world-class stand-alone company with high margins, long-life reserves and producing a product that the world needs for decades to come to produce steel required for the infrastructure for decarbonization.

就煉鋼煤炭業務或 Elk Valley Resources 而言，這將是一家世界級的獨立公司，具有高利潤率、長壽命儲量，並生產世界未來幾十年生產鋼鐵所需的產品脫碳基礎設施。

Ultimately, the creation of these two separate companies, we believe will give investors a choice to allocate funds within their portfolios based on their priorities and based on the different strategies and capital allocation framework that these companies will have going forward. So Orest, it's been an extensive process, as you would imagine, conducted over an extended period of time with all alternatives on the table. But ultimately, the Board and the management team concluded that this was the optimal way forward.

最終，我們相信，這兩家獨立公司的成立將使投資者可以選擇根據他們的優先事項以及這些公司未來將採用的不同戰略和資本配置框架在其投資組合中分配資金。所以 Orest，正如您想像的那樣，這是一個廣泛的過程，在很長一段時間內進行，所有備選方案都擺在桌面上。但最終，董事會和管理團隊認為這是最佳的前進方式。

And as a follow-up, on your Slide 16 that talks about the illustrative sensitivities to the proceeds, how should we think about the sort of your OpEx and CapEx assumptions moving forward here? Does this assume kind of '23 guidance levels for both stay flattish moving forward? Or does this assume kind of, I guess, revision here to the norm with respect to CapEx and OpEx? I'm just wondering in terms of backing into the 11-year TCS payment on the base case.

作為後續行動，在你的幻燈片 16 上談到對收益的說明性敏感性，我們應該如何考慮你的 OpEx 和 CapEx 假設在這裡向前發展？這是否假設兩者都保持平穩的 23 指導水平？或者這是否假設，我猜，這裡對資本支出和運營支出的規范進行了修改？我只是想知道是否支持基本案例的 11 年 TCS 付款。

Yes. I think what you'll see in that, Orest, and I'll start with referencing the coal price that is used there that they reflect the consensus prices over the coming years, and then we make a long-term assumption that of USD 185 per tonne for hard coking coals. It would be fair to say that operating costs somewhat follow that profile.

是的。我想你會看到，Orest，我將從參考那裡使用的煤炭價格開始，它們反映了未來幾年的共識價格，然後我們做出長期假設 185 美元每噸硬焦煤。可以公平地說，運營成本在某種程度上遵循這種情況。

In the near years, they reflect elevated costs as a result of the inflationary environment that we're working in. And as we've said in our quarterly, we expect elevated costs to retain -- to remain through 2023 and of course, potentially into 2024. But beyond that, we would expect to see some reversion and reduction in unit cost in the steelmaking coal business, which, of course, is going to be required if we're going to see the sort of reversion in coal prices that we highlighted in the deck.

在近幾年，它們反映了我們所處的通貨膨脹環境導致的成本上升。正如我們在季度中所說的那樣，我們預計成本上升將持續到 2023 年，當然，有可能到 2024 年。但除此之外，我們預計煉鋼煤炭業務的單位成本會有所回落和下降，如果我們要看到煤炭價格出現那種回升，當然，這將是必需的我們在甲板上突出顯示。

From a capital expenditure perspective, we do expect elevated levels to remain through the current year and in the near years, in particular, as we continue to make heavy investments in water management and water treatment in the coal business. However, beyond that, the investments in water management treatment should decline, and we'd expect to see our sustaining capital revert back towards historical long-term levels.

從資本支出的角度來看，我們確實預計今年和近幾年的高水平將保持不變，特別是因為我們繼續對煤炭業務的水管理和水處理進行大量投資。然而，除此之外，對水資源管理的投資應該會下降，我們預計我們的持續資本將恢復到歷史長期水平。

So, Orest, that's a long answer, I know, but we do see some continued elevated unit costs and capital costs in the near years, but we do expect to see something of a reversion in the years beyond that.

所以，奧雷斯特，這是一個很長的答案，我知道，但我們確實看到近幾年單位成本和資本成本持續上升，但我們確實希望在這之後的幾年裡看到一些逆轉。

Our next question comes from Greg Barnes of TD Securities.

我們的下一個問題來自道明證券的格雷格巴恩斯。

Jonathan, can you talk about the timelines for all of this to really unwind and it's 7 to 11 years on the TCS and 6 years on the sunset on the Class As. Was there some reason you pushed them out that long or is it just maximizing the opportunity?

喬納森，你能談談所有這些真正放鬆的時間表嗎？在 TCS 上是 7 到 11 年，在 A 級日落時是 6 年。您將他們推遲那麼久是出於某種原因，還是只是為了最大化機會？

So starting with the TCS, Greg. What we've tried to achieve here is getting a balance between continuing to fund the copper growth portfolio for Teck Metals and of course, to realize the full value of the EVR business against the desire ultimately to separate the two companies, and that's a balance that I think struck well through the timelines here.

所以從 TCS 開始，Greg。我們在這裡試圖實現的目標是在繼續為 Teck Metals 的銅增長投資組合提供資金和實現 EVR 業務的全部價值與最終將兩家公司分開的願望之間取得平衡，這是一種平衡我認為通過這裡的時間線很受歡迎。

Of course, as you note, ultimately, that will be a function of predominantly hard coking coal prices, but also the underlying cash flow generation of the EVR business. With respect to the sunset provision of the Class A share, ultimately, that would be subject of a negotiation between the majority Class A shareholders and a special committee of Teck's Board of Directors.

當然，正如您所指出的，最終這將主要取決於硬焦煤價格，但也取決於 EVR 業務的潛在現金流量。關於 A 類股份的日落條款，最終將由大多數 A 類股東與泰克董事會的一個特別委員會進行協商。

We think that the 60th sunset provides Teck Metals with good cover to continue to deliver on our unrivaled copper growth pipeline, but ultimately provides a fixed timeline for a reversion to our capital government structure.

我們認為第 60 個日落為 Teck Metals 提供了良好的掩護，可以繼續實現我們無與倫比的銅增長管道，但最終為恢復我們的資本政府結構提供了一個固定的時間表。

And secondarily, both these transactions require votes from shareholders as either one of votes dependent on the other or they go ahead independently of each other?

其次，這兩項交易都需要股東的投票，因為它們要么相互依賴，要么相互獨立進行？

Yes. The votes for the separation, Greg, and for the changes to the A Class share structures are independent of one another.

是的。格雷格，分離和改變 A 類股份結構的投票是相互獨立的。

So one will go ahead if the other is not approved?

那麼，如果另一個未獲批准，一個會繼續嗎？

That's correct. Yes.

這是正確的。是的。

Our next question comes from Lucas Pipes of B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Lucas Pipes。

My first question is on the capital return profile of Teck Metals. You mentioned discipline. How do you envision balancing capital returns at Teck Metals with the desire to grow that business?

我的第一個問題是關於 Teck Metals 的資本回報情況。你提到紀律。您如何設想在 Teck Metals 的資本回報與發展該業務的願望之間取得平衡？

Yes. Thanks for the question, Lucas. And essentially, the approach to capital allocation will remain unchanged. At Teck Metals as it has been intact for the last number of years. We will continue to advance our copper growth pipeline, and we will continue to invest in the development of those poor projects throughout the Americas. However, we will continue to focus on balancing that investment in growth against strong cash in terms of shareholders as well as maintaining the foundation of a strong balance sheet.

是的。謝謝你的問題，盧卡斯。從本質上講，資本配置的方法將保持不變。在 Teck Metals，因為它在過去的幾年裡一直完好無損。我們將繼續推進我們的銅增長管道，我們將繼續投資於整個美洲那些貧困項目的開發。然而，我們將繼續專注於平衡增長投資與股東的強勁現金，以及維持穩健資產負債表的基礎。

I think that's something we did very well through 2022, where we invested significant capital in QB2 and then bringing that to a completion, whilst ultimately approving and announcing around $2.4 billion of returns to shareholders through a combination of dividends and buybacks.

我認為這是我們在 2022 年之前做得很好的事情，我們在 QB2 中投入了大量資金，然後將其完成，同時最終批准並宣布通過股息和回購相結合的方式向股東返還約 24 億美元。

And also buying back $1.3 billion of our debt to improve the balance sheet foundation that we have. So that will remain unchanged. Just as a reminder, the way the capital allocation framework operates is that the first 30% of available cash flow is automatically returned to shareholders by way of dividends and buybacks.

還回購了 13 億美元的債務，以改善我們現有的資產負債表基礎。所以這將保持不變。提醒一下，資本配置框架的運作方式是，可用現金流的前 30% 通過股息和回購的方式自動返還給股東。

And beyond that, the balance of 70% could also be returned to shareholders or could be allocated to the new growth options in the portfolio, and that will be the same allocation going forward.

除此之外，70% 的餘額也可以返還給股東，或者可以分配給投資組合中的新增長選項，這將是相同的分配方式。

That's very helpful. And then a quick follow-up on Nippon Steel and POSCO, respectively, well 10% and 2.5% of both the EVR and TCS gone on to separation. Is that right?

這很有幫助。然後對 Nippon Steel 和 POSCO 進行快速跟進，分別有 10% 和 2.5% 的 EVR 和 TCS 繼續分離。是對的嗎？

Yes. That's absolutely correct, Lucas. And look, we couldn't be more excited by the investments that we've had here from Nippon Steel and from POSCO, they are both world-class steelmakers. They have been long-term customers of our business. It's great to continue to have their involvement in the business here. In particular, the $1 billion of cash received from Nippon, I think, is such a strong endorsement, both for the quality and valuation of EVR equivalent to an enterprise value of $11.5 billion, but also the long-term outlook for the steelmaking coal business. So as I said, we couldn't be happy with the investments that we received.

是的。這是絕對正確的，盧卡斯。看，我們對新日鐵和浦項製鐵的投資感到非常興奮，他們都是世界級的鋼鐵製造商。他們一直是我們業務的長期客戶。很高興繼續讓他們參與這裡的業務。尤其是從Nippon那裡得到的10億美元現金，我認為是一個強有力的背書，無論是對相當於115億美元企業價值的EVR的質量和估值，還是對煉鋼煤炭業務的長期前景。 .所以正如我所說，我們對收到的投資不滿意。

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。

Can you just tell me what happened in this scenario? I realize it's a minimum 250 in the coal business, and I understand there's a sunset in 2028. But what happens if coal business has a really tough year go down to the 250, so you don't kick out anything for the quarter, then the coal price goes up a lot. Is there a catch-up mechanism to get back that cash flow in the quarter you missed or do you just play loose but because you tap out at the low end? Does that make sense to you, if you see what I'm saying?

你能告訴我在這種情況下發生了什麼嗎？我知道煤炭行業至少有 250 點，而且我知道 2028 年日落。但是，如果煤炭行業在今年非常艱難，下降到 250 點會發生什麼，所以你在這個季度什麼都不做，然後煤炭價格上漲很多。是否有一種追趕機制可以在你錯過的那個季度收回現金流，或者你只是玩得很鬆散，但因為你在低端挖掘？如果你明白我在說什麼，這對你有意義嗎？

Yes. I wasn't quite sure, Brian, about the 250 that you were referencing here. But essentially, there wouldn't be a catch-up in the quarter. The cash flows will flow to the TCS to Teck levels when available -- sorry, you mean the cash balance...

是的。布賴恩，我不太確定你在這裡提到的 250。但從本質上講，本季度不會出現追趕。現金流量將流向 TCS 到 Teck 級別（如果可用）——抱歉，你的意思是現金餘額……

Yes, the cash balance the 250. So 150, right, and technically, for a quarter, I guess I assume you pay the prep, but you don't pay the royalty. In the next quarter, your cash balance goes up because the coal price is volatile, do you actually make up that lost payment, I guess, is what my question is or is it just the time clock keeps moving to 2028 and then what -- or the $7 billion that you either make it or you don't make it?

是的，現金餘額為 250。所以 150，對，從技術上講，一個季度，我想我假設你支付了準備費用，但你不支付特許權使用費。在下個季度，您的現金餘額會增加，因為煤炭價格波動，您是否真的彌補了損失的付款，我想，我的問題是什麼，或者只是時間時鐘一直移動到 2028 年，然後 -或者你賺到或沒賺到的 70 億美元？

Absolutely, you would still operate on the $7 billion of royalty and the $4.4 billion of pref shares, they would be unchanged. So I guess in the scenario you're taking, it would just take slightly longer to recover those cash flows. Once the coal business has recovered, its cash position back could be $250 million. So there's no permanent loss of recovery of cash flows to Teck Metals, it really just extends the duration.

當然，您仍將使用 70 億美元的特許權使用費和 44 億美元的優先股進行運營，它們將保持不變。所以我想在你所採取的情況下，恢復這些現金流只需要稍微長一點的時間。一旦煤炭業務恢復，其現金頭寸可能達到 2.5 億美元。因此，Teck Metals 的現金流恢復不會造成永久性損失，它實際上只是延長了持續時間。

Perfect. And the second question, just to be very clear, on the A shares, you're spinning out these new shares in coal. They don't have As or Bs, right? They're just common shares in the new vehicle. So there's no protective right there.

完美的。第二個問題，非常清楚，關於 A 股，你正在分拆這些新的煤炭股。他們沒有 As 或 Bs，對吧？它們只是新車的普通股。所以那裡沒有保護措施。

That's exactly right. It'll just be a single class of common shares at EVR.

這是完全正確的。它只是 EVR 的一類普通股。

Our next question comes from Timna Tanners of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Timna Tanners。

One. Thanks for the detail. Just trying to process it all still, but I wondered on the coal spin, if you could talk a little bit more about could there be further partners, any offtake agreements or is this just purely a stake?

一。謝謝你的詳細信息。只是試圖處理這一切，但我想知道關於煤炭旋轉，你是否可以多談談是否有更多的合作夥伴，任何承購協議，或者這只是一個股份？

Why does Toronto listed. And is there any price embedded in the $11.5 billion or is that simply in the conclusion from the amount that was paid by -- or that will be paid by Nippon Steel?

為什麼多倫多上市。 115 億美元中是否包含任何價格，或者僅僅是根據已支付的金額或將由 Nippon Steel 支付的金額得出的結論？

Yes. Thanks for the questions, Tim. I mean it is just a straight spin of the coal business here. We don't have plans for further investment into that business, and we don't have plans for further offtake associated with that business. As I said, we're incredibly excited by the investments we have secured from Nippon and POSCO, but nothing in the words beyond that at this point in time.

是的。謝謝提姆的提問。我的意思是，這只是這裡煤炭業務的直接轉折。我們沒有對該業務進行進一步投資的計劃，也沒有與該業務相關的進一步承購計劃。正如我所說，我們對從 Nippon 和 POSCO 獲得的投資感到非常興奮，但目前除此之外沒有其他任何內容。

The $11.5 billion enterprise value, of course, reflects the long-term outlook for the business based on typical production, operating cost and capital assumptions. And of course, there is an embedded steelmaking coal price in that as well. We think it's an absolutely fair valuation for the business, and we were very happy to see Nippon Steel with their $1 billion investment for 9%.

當然，115 億美元的企業價值反映了基於典型生產、運營成本和資本假設的企業長期前景。當然，其中也有一個隱含的煉鋼煤價格。我們認為這對企業來說是一個絕對公平的估值，我們很高興看到新日鐵以 10 億美元的價格獲得 9% 的投資。

Okay. And just on the -- last question, just wondering if it would be just Toronto listed or why that decision? And the second question was just on QB2. Just to clarify, it sounds like there's really not any update on QB2 from when we heard from you last in terms of -- aside from the comment on the accounting for costs. Is there anything we're missing or is it exactly the same guidance as before in terms of volumes and cadence?

好的。關於最後一個問題，只是想知道它是否只在多倫多上市，或者為什麼做出這個決定？第二個問題只是關於 QB2。澄清一下，從我們上次收到您的來信時，聽起來 QB2 確實沒有任何更新——除了對成本核算的評論。是否有任何我們遺漏的東西，或者它在音量和節奏方面是否與以前完全相同？

Yes. Sorry, just -- yes, sorry, I missed your question on the TSX. Yes, EVR will be listed on the TSX. Only there's no magic behind that. That's just where we've elected to have that It's the Canadian company and whilst mining company and well on the TSX.

是的。對不起，只是 - 是的，對不起，我錯過了你在 TSX 上的問題。是的，EVR 將在 TSX 上市。只是這背後沒有魔法。這就是我們選擇擁有它的地方，它是加拿大公司，同時也是礦業公司，而且在 TSX 上。

With respect to QB2, that's in very good shape. We are in touching distance to this production. And I'm going to hand over to Red Conger briefly, who can just give you a slightly more data -- detailed update on status and when that production is expected.

關於 QB2，情況非常好。我們離這部作品很近。我將簡要地交給 Red Conger，他可以為您提供更多數據——詳細的狀態更新以及預計生產時間。

Yes, good morning, Timna. We're really in an exciting part of the project right now. We're commissioning all of the equipment from the seashore all the way up to the concentrator at elevation. We're really happy with the desalinization plant and how that's running and we're pushing water up the hill now to the concentrator.

是的，早上好，蒂姆納。我們現在確實處於該項目的激動人心的部分。我們正在調試從海邊一直到高程集中器的所有設備。我們對海水淡化廠及其運行方式非常滿意，我們現在正在將水推上山到濃縮器。

At the concentrator, we've run all of the motors, the big mills, a lot of those pieces and commissioning require lengthy runs of 8, 12 hours consistently. We've done all of those successfully. There were a couple of items with key conveyor belts where one, we're resplicing it, right now, we weren't happy with that configuration.

在選礦廠，我們已經運行了所有的電機，大型工廠，很多這樣的部件和調試需要持續 8、12 小時的長時間運行。我們已經成功地完成了所有這些。有幾個帶有關鍵傳送帶的項目，其中一個，我們正在重新拼接它，現在，我們對那個配置不滿意。

And another conveyor where we're doing a little extra work on the tensioning mechanism. So it's ready to go. We've already crushed rock in the primary crusher and we're -- it's imminent pushing rock through those grinding mills and getting all the rest of the equipment going. So very, very exciting time for us on the project.

還有另一個傳送帶，我們在張緊機構上做了一些額外的工作。所以它準備好了。我們已經在初級破碎機中破碎了岩石，我們 - 即將通過這些磨機推動岩石並讓所有其他設備運轉。對我們來說，這個項目是非常非常激動人心的時刻。

Our next question comes from Emily Chieng of Goldman Sachs.

我們的下一個問題來自高盛的 Emily Chieng。

My first is around the Teck Metals business. It sounds like there's going to be a lot of copper growth there in the portfolio. But how are you thinking about the zinc assets? They at some point become noncore or is there still investment there ahead?

我的第一篇文章是關於泰克金屬業務的。聽起來投資組合中的銅會有大量增長。但是您如何看待鋅資產？他們在某個時候成為非核心，或者未來是否還有投資？

Hi, Emily, thanks very much for that question. No, zinc remains absolutely core to Teck Metals going forward as it is today in the portfolio. What we've said about zinc is we don't expect that to be an area of growth to the same extent that we're focused on copper.

嗨，艾米麗，非常感謝你提出這個問題。不，鋅仍然是 Teck Metals 未來的絕對核心，就像今天在投資組合中一樣。我們對鋅的看法是，我們預計該領域不會像我們專注於銅那樣成為一個增長領域。

But certainly, we'd like to maintain our current levels of production there or thereabouts in Teck Metals going forward. Obviously, we have a large position in which we expect to continue to operate for a long time. Red Dog, as we've said before, the current open cut mine comes towards end of life in the early 2030s.

但可以肯定的是，我們希望 Teck Metals 繼續保持目前的生產水平。顯然，我們有一個很大的頭寸，我們希望在這個頭寸中繼續經營很長時間。 Red Dog，正如我們之前所說，目前的露天礦將在 2030 年代初接近使用壽命。

And we're working now on the extension beyond that, which would involve us going on the ground at Red Dog as that is something that looks very attractive given the quality of the resources that we have there.

我們現在正在努力進行擴展，這將涉及我們在 Red Dog 的實地工作，因為考慮到我們在那裡擁有的資源質量，這看起來非常有吸引力。

And we would fully intend to maintain the trail and refining operations that we have. So it will remain very much a core business for us. It's a very strong cash-generative business for us. Give or take, it's about $1 billion of EBITDA a year and don't consume a great dealer capital. So it's a solid contributor to the group and will continue to be a core part of Teck Metals going forward.

我們將完全打算維持我們擁有的追踪和精煉業務。因此，它仍將是我們的核心業務。對我們來說，這是一項非常強大的現金生成業務。給予或接受，每年約有 10 億美元的 EBITDA，並且不會消耗大量的經銷商資本。因此，它是該集團的堅實貢獻者，並將繼續成為 Teck Metals 前進的核心部分。

Great. That makes sense. And a follow-up is just around the Dual Class share structure collapse discussion there. During the sunset period, does this mean -- what does this mean for the voting rights of the Class A shareholders? Does this essentially preclude Teck from any M&A during this period?

偉大的。這就說得通了。後續就是圍繞雙層股權結構崩潰的討論。在日落期間，這對 A 類股東的投票權意味著什麼？這是否基本上排除了 Teck 在此期間進行任何併購？

So there will be no change to the voting rights until we ended the 6-year period. So -- as is today.

因此，在我們結束 6 年期間之前，投票權不會發生變化。所以——就像今天一樣。

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

我們的下一個問題來自美國銀行的 Lawson Winder。

Jonathan and team, thanks for the update and congratulations on an interesting transaction. I wanted to get your thoughts on the way that the Class A shares are being converted. So effectively, each class share being converted, plus you're getting 0.67% of Class B. And I'd love to hear your views on how that kind of valuation gets arrived at?

喬納森和團隊，感謝更新並祝賀一項有趣的交易。我想了解您對 A 類股票轉換方式的看法。如此有效，每一類股票都被轉換，再加上你得到 0.67% 的 B 類股票。我很想听聽你對這種估值是如何得出的看法？

Yes, look, ultimately, Lawson, that was a negotiation between the majority holders of the Class A shares and the special committee of the Board. It reflects consideration for valuable voting rights essentially that will be foregone through this sunset.

是的，看，最終，勞森，這是 A 類股的大股東與董事會特別委員會之間的談判。它反映了對有價值的投票權的考慮，這些投票權本質上將在這個日落之前被放棄。

But importantly, this represents only 1% dilution of Teck shares overall. So in that context, we think that the valuations struck here benchmarks very well against present.

但重要的是，這僅代表泰克資源整體股份的 1% 稀釋。因此，在這種情況下，我們認為這裡的估值與目前的基準相比非常好。

Okay. That's fair. Obviously, I understood that you can't say a lot there. And I also wanted to follow up on QB2 and just get an idea for how the ramp-up to first concentrate production might look. So the -- from when you feed first ore to the mill to when you have first concentrate, like how long will it take for that to flow through the process?

好的。這還算公平。顯然，我明白你不能在那裡說太多。而且我還想跟進 QB2，只是想了解一下首次精礦生產的增加情況。那麼 - 從您將第一批礦石餵入磨坊到您首次精礦時，比如它需要多長時間才能流過這個過程？

Sorry, the timing from first ore to the mill the first concentrate?

抱歉，從第一個礦石到磨出第一個精礦的時間？

Yes, exactly.

對，就是這樣。

Red, do you want to add a bit of color to that?

紅色，你想給它加點顏色嗎？

Yes, Lawson, think about the first half of this year is the ramp-up period and as we get towards the end of the year, the facility will be running at full speed and that guidance range that we provided would have copper production commensurate with that.

是的，Lawson，考慮一下今年上半年是增長期，當我們接近年底時，該設施將全速運行，我們提供的指導範圍將使銅產量與那。

Okay. So maybe I ask another way, do you expect to produce concentrate in Q1?

好的。所以也許我換個方式問，你預計在第一季度生產精礦嗎？

Yes. We'll make first copper in Q1, for sure.

是的。我們肯定會在第一季度生產第一批銅。

Our next question comes from Carlos De Alba of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Carlos De Alba。

Just on the transaction EVR given the potential environmental and remediation considerations of that business, does authorities in Canada have to approve the transaction or have you discussed with them this -- the spin-off plan so that they are aware and there's no potential issues down the road? And the second question is just to clarify, the EVR will start with no debt, right? So basically, debt-free going forward?

就交易 EVR 考慮到該企業的潛在環境和補救考慮，加拿大當局是否必須批准該交易，或者您是否與他們討論過分拆計劃，以便他們了解並且沒有潛在的問題馬路？第二個問題只是澄清一下，EVR 將在沒有債務的情況下開始，對嗎？所以基本上，未來沒有債務？

Yes. So I'll just address the second question. First, you're exactly right. EVR will be debt-free. Talking then just about the environmental and external approvals you asked about, there are no required approvals for the separation. There is an approval required for the TSX for the listing. For the size of our shareholder approval, we don't require anything from regulators or government.

是的。所以我只回答第二個問題。首先，你完全正確。 EVR 將是無債務的。那麼就您所詢問的環境和外部批准而言，分離不需要批准。上市需要 TSX 的批准。對於我們股東批准的規模，我們不要求監管機構或政府提供任何東西。

We have engaged with both provincial and federal government regarding this transaction, and we've also critically engaged with the indigenous groups who are present in the Elk Valley and very much involved with our steelmaking coal business there. We don't require approvals from them but of course, we will continue to maintain very strong and productive relationships with that going forward.

我們就此交易與省政府和聯邦政府進行了接觸，我們還與 Elk Valley 的土著群體進行了批判性接觸，他們與我們在那裡的煉鋼煤炭業務密切相關。我們不需要他們的批准，但當然，我們將繼續與未來保持非常牢固和富有成效的關係。

Our next question comes from Dalton Baretto of Canaccord.

我們的下一個問題來自 Canaccord 的 Dalton Baretto。

Congratulations. My first question is on the proceeds from EVR into Teck Metals. Jonathan, can you tell me if there are any restrictions on the use of proceeds in Teck Metals or do you have full carte blanche in how you use those margins?

恭喜。我的第一個問題是關於從 EVR 到 Teck Metals 的收益。喬納森，你能告訴我泰克金屬的收益使用是否有任何限制，或者你對如何使用這些利潤有完全的全權委託嗎？

Hi, Dalton, thanks for the question. No restriction at all on the use of proceeds that Teck Metals receives from EVR. As mentioned previously, our focus will be to deploy those to assist with the growth of our copper portfolio while balancing returns to shareholders and maintaining a strong balance sheet. So we will use those proceeds in a manner that's very consistent with our strategy.

嗨，道爾頓，謝謝你的提問。 Teck Metals 從 EVR 獲得的收益的使用沒有任何限制。如前所述，我們的重點將是部署這些資源以協助我們的銅投資組合增長，同時平衡股東回報和維持強勁的資產負債表。因此，我們將以與我們的戰略非常一致的方式使用這些收益。

Okay. And then when you're running Teck Metals, does the strategy remain the same or will you look to be more aggressive on things like M&A to accelerate the growth profile?

好的。然後，當您經營 Teck Metals 時，戰略是否保持不變，或者您是否會在併購等方面更加積極進取以加速增長？

So the strategy will remain the same, Dalton. The focus is on copper growth and the focus of our copper growth is through our organic pipeline of projects whilst returning cash to shareholders. So no change in that respect. And of course, we've maintained, for a number of years, what has been a key part of our strategy, which is to use cash flows from the steelmaking coal business to support that capital allocation strategy.

所以策略將保持不變，道爾頓。重點是銅的增長，我們銅增長的重點是通過我們的有機項目管道，同時向股東返還現金。所以在這方面沒有變化。當然，多年來，我們一直保持著我們戰略的關鍵部分，即利用煉鋼煤炭業務的現金流來支持該資本配置戰略。

Okay. And then maybe one last one. You're harvesting, call it, 90% of the free cash flow back into Teck Metals from EVR. So Teck Metals doesn't really look very different than the business today when you consider where those funds are coming from. So what kind of gives you comfort that you will rerate on the back of this?

好的。然後也許是最後一個。你正在收穫，稱之為，90% 的自由現金流從 EVR 返回到 Teck Metals。因此，當您考慮這些資金的來源時，Teck Metals 與今天的業務並沒有太大不同。那麼，什麼樣的安慰會讓你在這之後重新評價呢？

Just I mean one point of clarification there, whilst 90% of the free cash flow from EVR goes to the transition capital structure, 87.5% of that goes to Teck Metals and 12.5% goes there to Nippon and POSCO, just a clarification there.

我只是想澄清一點，雖然來自 EVR 的 90% 的自由現金流流向了轉型資本結構，其中 87.5% 流向了 Teck Metals，12.5% 流向了 Nippon 和 POSCO，這只是一個澄清。

Look, we are creating two entirely separate businesses here with separate listings, with separate management teams and separate Boards. We do recognize, of course, that through the transition capital structure, this is, as it's described, a transition, which will go on for a number of years until we see a complete separation or financial independence of the two companies. And of course, we think as that is paid down, then that will create value accretion or equity accretion for EVR and will increasingly have Teck Metals being as an entirely independent of base metals company.

看，我們正在這裡創建兩個完全獨立的業務，具有單獨的列表、單獨的管理團隊和單獨的董事會。當然，我們確實認識到，通過轉型資本結構，正如所描述的那樣，這將持續數年，直到我們看到兩家公司完全分離或財務獨立。當然，我們認為，隨著這筆錢的支付，這將為 EVR 創造價值增值或股權增值，並將越來越多地使 Teck Metals 成為一家完全獨立於基礎金屬的公司。

Our next question comes from Chris LaFemina of Jefferies.

我們的下一個問題來自 Jefferies 的 Chris LaFemina。

I have a couple of questions about change in control provisions. I think I read somewhere that in the case of EVR and a change of control, the royalty payment that Teck Metals would receive would increase from 90% to 92.5% of the free cash flow. What happens in the event that Teck Metals becomes a potential acquisition target?

我有幾個關於控制條款變更的問題。我想我在某處讀到，在 EVR 和控制權變更的情況下，Teck Metals 將收到的特許權使用費將從自由現金流的 90% 增加到 92.5%。如果 Teck Metals 成為潛在的收購目標，會發生什麼情況？

Is there any change of control around Teck's ownership in EVR? Any sort of poison pill there that would reduce the value to a potential buyer of Teck, if you would to be acquired? And then sorry, so first question is around, am I right about the change in control on EVR and then secondly, change your control on Teck if Teck were to be acquired?

泰克資源在 EVR 中的所有權是否有任何控制權變更？如果您要被收購，是否有任何類型的毒丸會降低 Teck 潛在買家的價值？然後抱歉，第一個問題是，我對 EVR 控制權的改變是否正確，然後，如果要收購 Teck，請改變你對 Teck 的控制權？

Yes, you're correct on both fronts. In the first instance, there is a step-up from 90% to 92.5%. And there would be no implications with respect to any acquisition or sale of the Teck Metals.

是的，你在兩個方面都是正確的。首先，從 90% 升至 92.5%。並且不會對 Teck Metals 的任何收購或出售產生任何影響。

Our next question is a follow-up from Orest Wowkodaw, Scotiabank.

我們的下一個問題是豐業銀行 Orest Wowkodaw 的跟進。

Jonathan, just curious, given the spin-out of the coal business, do you -- you obviously have a lot of copper growth options internally. Do you see advancing those -- some of those growth options quicker than you would have previously? I'm just wondering if given now you've got a very clear focus on coal cash flow coming into the business to fund copper, whether we should anticipate that you may bring forward some of those internal copper projects?

喬納森，只是好奇，鑑於煤炭業務的分拆，你 - 你顯然在內部有很多銅增長選擇。您是否看到推進這些 - 其中一些增長選項比您以前更快？我只是想知道，如果現在你已經非常明確地關注進入企業的煤炭現金流為銅提供資金，我們是否應該預期你可能會提出一些內部銅項目？

Orest, I mean, I think in one sense here, there's no real change to the strategy for Teck Metals, which is to develop that copper growth pipeline and this transaction per se doesn't signal a change or an acceleration of that. Of course, we're always looking at the optimal pace of development of the projects we have in the portfolio and the sequence of those projects, recognizing that we can't do everything at once.

Orest，我的意思是，我認為在某種意義上，Teck Metals 的戰略沒有真正的改變，即開發銅增長管道，而這項交易本身並不意味著改變或加速。當然，我們一直在關注投資組合中項目的最佳開發速度以及這些項目的順序，認識到我們無法一次完成所有事情。

As you know well, permitting could be one of the greatest restrictions in terms of the timing of the development, as I mentioned, that the top of the call, we're advanced focus on study that permit across a range of our projects here. And given the focus on critical minerals from a number of governments around the world, it could be that permitting timelines are reduced somewhat, but as I mentioned, this transaction in and of itself doesn't change the strategy because we've already been very focused on the development of copper projects in the portfolio.

如您所知，就開發時間而言，許可可能是最大的限制之一，正如我提到的那樣，最重要的是，我們將重點放在允許我們這裡的一系列項目的研究上。鑑於世界上許多政府對關鍵礦產的關注，許可的時間表可能會有所縮短，但正如我所提到的，這項交易本身並沒有改變戰略，因為我們已經非常專注於投資組合中銅項目的開發。

That's perfect. And can you just remind us what's your current plan for the timing of the QB mill expansion?

那很完美。您能否提醒我們您目前對 QB 工廠擴建時間的計劃是什麼？

So we have submitted a permit application this quarter, and we are in the process of completing a feasibility study, which will be done by the end of this year. And therefore, we said that there's some potential for an approval for the QB mill expansion in early 2024.

因此，我們在本季度提交了許可申請，並且正在完成可行性研究，該研究將於今年年底完成。因此，我們表示有可能在 2024 年初批准 QB 工廠擴建。

Our next question comes from Alex Terentiew of Stifel.

我們的下一個問題來自 Stifel 的 Alex Terentiew。

I know there's a lot of details in here, and I so appreciate you guys doing this call earlier today. But a question for you on the Teck coal spin-out, EVR. I know you mentioned that you expect Teck Metals to retain investment-grade credit rating.

我知道這裡有很多細節，我非常感謝你們今天早些時候打來的電話。但是關於 Teck 煤炭分拆 EVR 的問題。我知道您提到您希望 Teck Metals 保持投資級信用評級。

But how do we think about the -- or how will the cash flows from that be allocated to Teck? I'm just trying to think of in terms of EBITDA calculations and any covenants or any ratios that we could think of for Teck going forward?

但是我們如何考慮 - 或者現金流量將如何分配給 Teck？我只是想考慮 EBITDA 計算以及我們可以為泰克資源考慮的任何契約或任何比率？

Yes. I will invite our CFO, Crystal Prystai, to just talk a little bit about how those cash flows will be treated. We have had received preliminary indications from the three credit rating agencies that cover us, Fitch, Moody's and S&P and the preliminary indications are that we will maintain investment-grade ratings for Teck Metals, but I'll let Crystal will briefly explain how those cash flows will be treated.

是的。我將邀請我們的首席財務官 Crystal Prystai 談談如何處理這些現金流。我們已經收到涵蓋我們的三個信用評級機構惠譽、穆迪和標準普爾的初步跡象，初步跡像是我們將維持泰克金屬的投資級評級，但我會讓 Crystal 簡要解釋一下這些現金流量將被處理。

Alex, thanks for your question. Just in the context of the treatment on our financial statements, maybe that's the most important place to start. We will, in Teck Metals, deconsolidate our interest in the coal business unit on closing of the transaction.

亞歷克斯，謝謝你的問題。就我們財務報表的處理而言，也許這是最重要的起點。在交易完成後，我們將在 Teck Metals 中拆分我們在煤炭業務部門的權益。

So in our unadjusted profit figures, you won't see the results from the coal business unit reflected there. But given the recurring nature of the cash flows coming in to Teck Metals, we are planning to adjust our EBITDA for both the royalty and the structure dividends and redemption. So you should expect to see those coming through our adjusted EBITDA calculations as well as adjusted EPS, and you could model it that way.

因此，在我們未經調整的利潤數據中，您不會看到煤炭業務部門的業績反映在那裡。但鑑於流入 Teck Metals 的現金流的經常性性質，我們計劃針對特許權使用費和結構股息及贖回調整我們的 EBITDA。所以你應該期望看到那些通過我們調整後的 EBITDA 計算以及調整後的每股收益，你可以這樣建模。

Our next question comes from Lucas Pipes of B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Lucas Pipes。

I believe Nippon and POSCO are receiving rights to the coal. Is that in exchange for their prior interest? How should we think about the offtake rates?

我相信 Nippon 和 POSCO 正在獲得煤炭的使用權。那是為了換取他們先前的利益嗎？我們應該如何考慮承購率？

Yes. So both Nippon and POSCO have been joint venture partners in Elkview and POSCO as well in Greenhill so part of what's happened here is a conversion of those interests to their interests in equity and the transition capital structure here. They will retain off-take agreements, long-term off-take agreements with EVR.

是的。因此，Nippon 和 POSCO 都是 Elkview 和 POSCO 以及 Greenhill 的合資夥伴，所以這裡發生的部分事情是將這些利益轉換為他們在股權和過渡資本結構中的利益。他們將保留承購協議，與 EVR 簽訂的長期承購協議。

I want to talk about commercial in terms of those contracts, but substantially similar to the sort of agreements that we've had with that in the past. So no significant change there.

我想從這些合同的角度談談商業，但與我們過去達成的那種協議基本相似。所以那裡沒有重大變化。

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

問答環節到此結束。我現在將把電話轉回給菲利普斯先生作結束語。

Thanks, Ariel, and thanks, everyone. Just before I hand it over to Jonathan for his closing remarks, I just want to say that, again, lost to digest. I'm sure there will be plenty of other questions. Please reach out to me or Helen or indeed anybody on the IR team. We'll be happy to do our best to get in touch with you and have a conversation, and we will be delighted to help out. With that, Jonathan, over to you for any final remarks.

謝謝，Ariel，謝謝大家。在我將它交給 Jonathan 做他的結束語之前，我只想再說一遍，我沒法消化。我相信還會有很多其他問題。請聯繫我或海倫或 IR 團隊中的任何人。我們很樂意盡最大努力與您取得聯繫並進行對話，我們也很樂意提供幫助。說到這裡，Jonathan，請你發表最後的評論。

Yes. Thanks, Fraser, and thanks, everyone, for joining the call today and for the good questions. We, at Teck couldn't be more excited about this transformational transaction that we've announced today. We believe it will unlock significant value for our shareholders. And we do believe that this transaction structure is the best pathway to separate and realize the full potential of both of these great businesses.

是的。謝謝弗雷澤，也謝謝大家今天加入電話會議並提出了很好的問題。泰克資源的我們對今天宣布的這項轉型交易感到無比興奮。我們相信它將為我們的股東釋放巨大的價值。我們確實相信，這種交易結構是分離和實現這兩家偉大企業全部潛力的最佳途徑。

As I mentioned, it will increase strategic and financial focus from both organizations, allowing the two entities to pursue tailored growth and capital allocation strategies into the future. Teck Metals, this is about unlocking the value of the world-class copper growth portfolio and capitalizing on the opportunities presented by the energy transition, continuing to be funded by steelmaking coal cash flows through the transmission period.

正如我所提到的，它將增加兩個組織的戰略和財務重點，使兩個實體能夠在未來追求量身定制的增長和資本配置戰略。泰克金屬，這是關於釋放世界級銅增長組合的價值，並利用能源轉型帶來的機遇，在傳輸期內繼續由煉鋼煤炭現金流提供資金。

And of course, we set up EVR as a pure-play high-margin steelmaking coal producer exposed to strong long-term steel fundamentals, and we have the potential for strong equity value accretion as the capital structure is paid down. Critically, the separation provides our investors flexibility to choose and optimize their portfolio allocation between base metals and steelmaking coal given that both companies provide exposure to different commodity fundamentals and capital return policies.

當然，我們將 EVR 設立為一家純粹的高利潤煉鋼煤生產商，其長期鋼鐵基本面強勁，隨著資本結構的償還，我們有可能實現強勁的股權價值增值。至關重要的是，鑑於兩家公司都提供不同的大宗商品基本面和資本回報政策，分拆為我們的投資者提供了選擇和優化其在基本金屬和煉鋼用煤之間的投資組合配置的靈活性。

And finally, of course, the Dual Class Share sunset will modernize the Teck Metals governance structure. So with that, thank you very much. We look forward to following up this conversation with you beyond this call. And yes, once again, thank you, a very exciting day today.

最後，當然，雙重類別股份日落將使 Teck Metals 治理結構現代化。所以，非常感謝你。我們期待在本次電話會議之後跟進與您的對話。是的，再次感謝大家，今天是非常激動人心的一天。

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。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。