Teck Resources Ltd (TECK) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Teck's First Quarter 2023 Earnings Release Conference Call. (Operator Instructions) This conference call is being recorded on Wednesday, April 26, 2023. I would now like to turn the conference call over to Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analyst. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎來到泰克資源 2023 年第一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 4 月 26 日星期三進行錄製。我現在想將電話會議轉交給投資者關係高級副總裁兼戰略分析師 Fraser Phillips。請繼續。

Thanks, (inaudible). Good morning, everyone, and thanks for joining us this morning for our quarterly 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，（聽不清）。大家早上好，感謝今天早上加入我們的季度電話會議。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。請參閱幻燈片 2，了解我們前瞻性陳述所依據的假設。

In addition, we will reference various non-GAAP measures throughout this call. Explanations and reconciliations regarding these measures can be found in our MD&A and the latest press release on our website. Jonathan Price, our CEO, will begin today's call with some comments on this morning's announcement. Crystal Prystai, our CFO, will follow with our first quarter 2023 results. Then we'll conclude the call with a question-and-answer period. With that, I will turn the call over to you, Jonathan.

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。我們的首席執行官喬納森·普萊斯 (Jonathan Price) 將在今天的電話會議開始時就今天上午的公告發表一些評論。我們的首席財務官 Crystal Prystai 將公佈我們 2023 年第一季度的業績。然後我們將以問答環節結束通話。有了這個，我會把電話轉給你，喬納森。

Thank you, Fraser, and good morning, everyone. Before we get into the Q1 results, I want to start by speaking to our announcement this morning that we have withdrawn the separation proposal that was to be considered by shareholders at our annual and special meeting today. That proposal was the result of a detailed process undertaken by a special committee of the board to review all the options and identify the best path forward for our shareholders and company.

謝謝你，弗雷澤，大家早上好。在我們進入第一季度業績之前，我想首先談談我們今天早上的公告，我們已經撤回了股東在今天的年度和特別會議上審議的分離提案。該提案是董事會特別委員會審查所有選項並為我們的股東和公司確定最佳前進道路的詳細流程的結果。

From the outset, we've been clear that the focus of that work by our Board, our senior management team and myself, was maximizing value for our shareholders. And that work firmly identified that separating base metals and steelmaking coal was the best way to achieve that goal. There is no doubt in my mind or the minds of our board and management team that there is greater value and optionality in having a stand-alone pure-play metals business separate from the steelmaking coal business, and we are confident from our discussions with shareholders that a substantial majority of shareholders support the strategy of separating Teck Metals and EVR.

從一開始，我們就很清楚，董事會、高級管理團隊和我本人的工作重點是為股東實現價值最大化。這項工作堅定地表明，分離賤金屬和煉鋼用煤是實現該目標的最佳方式。毫無疑問，在我或我們的董事會和管理團隊看來，將獨立的純金屬業務與煉鋼煤炭業務分開會帶來更大的價值和選擇權，我們對與股東的討論充滿信心絕大多數股東支持分離 Teck Metals 和 EVR 的戰略。

At the same time, we've also heard very clearly that some shareholders would prefer a more direct approach for that separation. So our plan going forward is to evaluate alternatives for a responsible separation of our businesses, taking into account the feedback we've received. Our goal will be to pursue a simpler and more direct separation, which is the best path to unlock the full value of Teck for shareholders. My job is about responsibly creating value for our shareholders and all stakeholders.

與此同時，我們也清楚地聽到一些股東更願意採用更直接的方式進行分離。因此，我們未來的計劃是評估我們業務負責任分離的備選方案，同時考慮到我們收到的反饋。我們的目標將是追求更簡單、更直接的分離，這是為股東釋放泰克資源全部價值的最佳途徑。我的工作是負責任地為我們的股東和所有利益相關者創造價值。

We're driving intrinsic value organically through the development of best-in-class projects and executing on our growth strategy. There is real value in being a good (inaudible) with good business practices and the approach to doing business has made Teck a partner of choice, minimizing disruptions to our operations and creating opportunities for our business and our stakeholders.

我們正在通過開發一流的項目和執行我們的增長戰略來有機地推動內在價值。擁有良好商業實踐的良好（聽不清）具有真正的價值，開展業務的方法使泰克資源成為首選合作夥伴，最大限度地減少對我們運營的干擾，並為我們的業務和我們的利益相關者創造機會。

Teck is a fantastic company with a strong future. We have the right assets, the right partners and the right people to capture the opportunities created by the energy transition, which we are well positioned to realize in the near term. And we have a number of near-term value creation milestones ahead of us. Those include the ramp-up of our flagship QB2 copper project. Demonstrating QB2's ability to operate consistently to plan is a key area of focus for us and a major value inflection point. Importantly, even beyond QB2, we have a portfolio of high-quality cornerstone assets in stable mining jurisdictions as well as a number of copper growth projects in our portfolio.

泰克資源是一家出色的公司，前途光明。我們擁有合適的資產、合適的合作夥伴和合適的人員來抓住能源轉型帶來的機遇，我們有能力在短期內實現這一目標。我們還有許多近期的價值創造里程碑。其中包括我們的旗艦 QB2 銅項目的擴產。展示 QB2 始終如一地按照計劃運營的能力是我們關注的一個關鍵領域，也是一個主要的價值轉折點。重要的是，即使在 QB2 之外，我們在穩定的採礦管轄區內也擁有優質基石資產組合，以及我們投資組合中的許多銅增長項目。

And this is a copper growth pipeline that is the envy of the industry and in an advanced state of readiness, thanks to years of strategic and deliberate pre-investment. We will be in a position to double copper production in the near term and double it again by the end of the decade. At the same time, our steelmaking coal business is best-in-class, underpinned by an extensive reserve base with high margins, and it will be positioned to capitalize on the developing global supply gap from existing mine depletion and lack of new projects coming into production.

由於多年的戰略和深思熟慮的前期投資，這是一條令業界羨慕的銅增長管道，並且處於先進的準備狀態。我們將能夠在短期內將銅產量翻一番，並在本世紀末再次翻番。同時，我們的煉鋼用煤業務是一流的，以廣泛的高利潤率儲備基地為支撐，它將能夠利用現有礦山枯竭和缺乏新項目進入的全球供應缺口生產。

Long-term shareholder value can be created in a variety of ways. And today, we are focused on a three-pronged approach to value creation. Firstly, through a separation of resources to unlock the value of an exceptional high-growth base metals business. Secondly, through the development of our portfolio of copper projects, to create substantial new intrinsic value. Thirdly, and all the while, retaining our focus on strong cash returns to our shareholders.

可以通過多種方式創造長期股東價值。今天，我們專注於一種三管齊下的價值創造方法。首先，通過資源分離，釋放卓越的高增長有色金屬業務的價值。其次，通過開發我們的銅項目組合，創造可觀的新內在價值。第三，一直以來，我們都將重點放在為股東提供豐厚的現金回報上。

Beyond this focused approach, M&A can also play a role in creating value when done at the right price with the right partner at the right time. We have premium businesses. And when it comes to M&A, we firmly believe that competition for assets drives value. In M&A, you have to carefully evaluate both risk to value and timing and value. It is important to understand the consideration you would receive and the timing of when you would receive it.

除了這種專注的方法，併購還可以在正確的時間與正確的合作夥伴以正確的價格進行時在創造價值方面發揮作用。我們有優質的業務。在併購方面，我們堅信資產競爭會驅動價值。在併購中，您必須仔細評估風險與價值以及時機和價值。重要的是要了解您將收到的報酬以及收到報酬的時間。

All of these factors inform our thinking as to how and when Teck should contemplate a transaction with anyone. Management and the Board take their duties incredibly seriously, but will not engage on something that is a distraction from our mandate to create the greatest value with the greater certainty for our shareholders. I want to emphasize that we have greatly appreciated the engagement that we have had with our shareholders leading up to today and the very strong support shown for the goal of separation to unlock value.

所有這些因素都讓我們思考泰克資源應該如何以及何時考慮與任何人進行交易。管理層和董事會非常認真地對待他們的職責，但不會從事會分散我們為股東創造最大價值和更大確定性的使命的事情。我想強調的是，我們非常感謝直到今天我們與股東的互動，以及對分離以釋放價值的目標所表現出的強烈支持。

And we look forward to working to execute on a separation approach that reflects their considered feedback and ensure we maximize the value and opportunity it creates for all of our stakeholders. So thank you. And with that, I will turn it over to Crystal to discuss our Q1 results.

我們期待著努力執行一種反映他們考慮過的反饋的分離方法，並確保我們最大限度地利用它為所有利益相關者創造的價值和機會。所以謝謝。有了這個，我將把它交給 Crystal 來討論我們的第一季度結果。

Thanks, Jonathan. Starting with our financial results for Q1 on Slide 8. We're pleased with the positive start to the year. We delivered strong financial performance in the quarter with strong commodity prices and steelmaking coal sales volumes. Adjusted EBITDA was $2 billion and adjusted profit attributable to shareholders was $930 million, or $1.78 per share on a diluted basis. We paid dividends of $0.625 per share in the quarter, representing a quarterly base dividend of $0.125 and a supplemental dividend of $0.50 per share. Additionally, in February, the Board authorized the purchase of up to $250 million of outstanding Class B shares.

謝謝，喬納森。從幻燈片 8 的第一季度財務業績開始。我們對今年的積極開端感到滿意。由於大宗商品價格和煉鋼煤銷量強勁，我們在本季度實現了強勁的財務業績。調整後的 EBITDA 為 20 億美元，調整後的股東應占利潤為 9.3 億美元，或攤薄後每股 1.78 美元。我們在本季度支付了每股 0.625 美元的股息，相當於 0.125 美元的季度基本股息和每股 0.50 美元的補充股息。此外，2 月份，董事會授權購買高達 2.5 億美元的已發行 B 類股票。

Turning now to Slide 9. During the quarter, we significantly advanced our comparable strategy with the production of first bulk copper concentrate at QB2. We are just getting started on unlocking the tremendous value from QB, which is truly a world-class mine. We achieved a number of significant milestones in the quarter in the QB2 ramp-up. The desalination plant is operational and producing water, which is being delivered to the concentrator through the water pipeline.

現在轉到幻燈片 9。在本季度，我們通過在 QB2 生產第一批散裝銅精礦，顯著推進了我們的可比戰略。我們才剛剛開始釋放 QB 的巨大價值，它是真正的世界級礦山。我們在本季度的 QB2 升級中取得了許多重要的里程碑。海水淡化廠正在運行並生產水，這些水通過輸水管道輸送到濃縮器。

The primary crusher and conveyors are delivering ore to the stockpile. Commissioning of the grinding and flotation systems on Line 1 are ongoing. The tailings facility has received tailings from commissioning activities and the concentrate transport system is in pre-commissioning. We continue to expect to double our consolidated copper production in 2024 as QB2 is expected to reach full production rates at the end of this year.

初級破碎機和輸送機正在將礦石運送到堆場。 1 號線磨礦和浮選系統的調試正在進行中。尾礦設施已收到調試活動產生的尾礦，精礦運輸系統正在進行預調試。我們繼續預計到 2024 年我們的綜合銅產量將翻一番，因為 QB2 預計將在今年年底達到滿負荷生產。

However, the result of the delay in the start-up of Line 1 and recent foreign exchange impacts have put pressure on our project capital cost guidance. Significant efforts are ongoing to alleviate these cost pressures. However, total capital cost for the project could increase to USD 8 billion to USD 8.2 billion. Over 30% of the increase from our previously disclosed guidance relates to noncontrollable foreign exchange impacts.

然而，1 號線延遲啟動的結果和近期的外匯影響給我們的項目資本成本指導帶來了壓力。正在努力減輕這些成本壓力。然而，該項目的總資本成本可能會增加到 80 億美元至 82 億美元。我們之前披露的指南中超過 30% 的增長與不可控的外匯影響有關。

Turning now to Slide 10 with the key highlights from our first quarter. We highlight the achievements on Slide 10 across all 4 pillars of our copper growth strategy in the first quarter. First, in addition to production of first copper at QB2, we meaningfully advanced the path to value for our other copper growth projects in our portfolio. In particular, we successfully closed 2 significant transactions relating to the joint venture partnerships for NewRange and San Nicolas.

現在轉到幻燈片 10，其中包含我們第一季度的主要亮點。我們在第一季度的銅增長戰略的所有 4 個支柱中強調了幻燈片 10 所取得的成就。首先，除了在 QB2 生產第一批銅礦外，我們還有意義地推進了我們投資組合中其他銅礦增長項目的價值之路。特別是，我們成功完成了 2 項與 NewRange 和 San Nicolas 的合資夥伴關係相關的重大交易。

At the same time, we marked a step change towards the rebalancing of our portfolio of high-quality assets to low-carbon commodities with the closing of our previously announced sales of Quintette and our interest in Fort Hills. The latter completes our successful exit from the oil business. Third, and as I mentioned previously, we returned significant cash to shareholders through dividends and have authorization for $250 million of share buybacks. This reflects a distribution of 40% of the Fort Hills proceeds received in the first quarter.

與此同時，隨著我們之前宣布的 Quintette 出售和我們在 Fort Hills 的權益的結束，我們標誌著我們朝著將我們的優質資產組合重新平衡為低碳商品的方向邁出了一步。後者完成了我們從石油業務的成功退出。第三，正如我之前提到的，我們通過股息向股東返還了大量現金，並獲得了 2.5 億美元的股票回購授權。這反映了第一季度收到的 Fort Hills 收益的 40% 的分配。

We continue to maintain a strong balance sheet with liquidity of $8 billion, including $2.6 billion of cash. And finally, we continue to build on our strong sustainability track record. We were honored to be recognized as one of the Global 100 Most Sustainable Corporations by Corporate Knights for the fifth consecutive year, and we are pleased to be named to the Bloomberg Gender-Equality Index for the sixth consecutive year.

我們繼續保持強勁的資產負債表，流動性為 80 億美元，其中包括 26 億美元現金。最後，我們繼續鞏固我們強大的可持續發展記錄。我們很榮幸連續第五年被 Corporate Knights 評為全球最具可持續性的 100 家公司之一，我們很高興連續第六年入選彭博社性別平等指數。

We've outlined the key drivers for our profitability on Slide 11. Adjusted EBITDA was $2 billion in the quarter and lower than the same period last year as a result of lower prices for our principal products. To a lesser extent, lower sales volumes for copper and zinc, and inflationary pressures on our unit costs also impacted EBITDA as compared to Q1 of last year.

我們在幻燈片 11 中概述了我們盈利能力的主要驅動因素。由於我們的主要產品價格較低，本季度調整後的 EBITDA 為 20 億美元，低於去年同期。與去年第一季度相比，銅和鋅的銷量下降以及單位成本的通脹壓力也在較小程度上影響了 EBITDA。

Inflationary cost pressures have moderated but continued to have an impact across our business units in the first quarter, as we expected would be the case when developing our 2023 annual cost guidance. Inflation impacted our operating cost by 6% when comparing to the same period last year. It is important to note that the primary drivers of cost increases are not related to key mining drivers such as mine productivity and strip ratio, which both remain relatively stable.

通脹成本壓力有所緩和，但在第一季度繼續對我們的業務部門產生影響，正如我們在製定 2023 年年度成本指南時所預期的那樣。與去年同期相比，通貨膨脹對我們的運營成本產生了 6% 的影響。值得注意的是，成本增加的主要驅動因素與礦山生產率和剝採率等關鍵採礦驅動因素無關，兩者都保持相對穩定。

We remain highly focused on managing our controllable operating expenditures, and our unit cost guidance is unchanged across our business units from our previously disclosed ranges for 2023. Looking now at each of our business units in more detail and starting with copper on Slide 12.

我們仍然高度專注於管理我們可控的運營支出，我們的單位成本指導在我們之前披露的 2023 年範圍內沒有變化。現在更詳細地查看我們的每個業務部門，並從幻燈片 12 上的銅開始。

Copper prices remained elevated despite the decline in the quarter, reflecting the continuing strong underlying market fundamentals. Copper production was lower than the same quarter last year, primarily due to harder ore and lower grades at Highland Valley and lower grades at Antamina as anticipated. An unexpected 5-day suspension of operations at Antamina due to severe weather in late March, impacted our Q1 production.

儘管本季度有所下跌，但銅價仍處於高位，反映出持續強勁的潛在市場基本面。銅產量低於去年同期，這主要是由於 Highland Valley 的礦石較硬且品位較低，而 Antamina 的品位也低於預期。由於 3 月下旬的惡劣天氣，Antamina 意外停產 5 天，影響了我們第一季度的生產。

Overall, full year production and unit cost guidance remain unchanged. Turning to zinc on Slide 13. During the quarter, severe weather events impacted zinc concentrate production at Red Dog and refined zinc production at Trail. Additionally, Trail was impacted by unplanned maintenance as well as a 22-day shutdown for KIVCET boiler repairs. Both Red Dog and Trail have returned to stable operations by the end of the quarter.

總體而言，全年產量和單位成本指引保持不變。轉到幻燈片 13 上的鋅。在本季度，惡劣的天氣事件影響了 Red Dog 的鋅精礦生產和 Trail 的精煉鋅生產。此外，Trail 還受到計劃外維護以及 KIVCET 鍋爐維修停工 22 天的影響。截至本季度末，Red Dog 和 Trail 均已恢復穩定運營。

And looking forward, we expect Red Dog zinc in concentrate sales of 45,000 to 55,000 tonnes in the second quarter, reflecting the normal seasonality of our sales. Turning now to steelmaking coal on Slide 14. Prices remained well above historic averages despite the decline in the quarter. Sales were 6.2 million tonnes, within our guidance range and above the same quarter last year.

展望未來，我們預計第二季度 Red Dog 鋅精礦銷量為 45,000 至 55,000 噸，反映了我們銷售的正常季節性。現在轉向幻燈片 14 上的煉鋼用煤。儘管本季度價格有所下降，但價格仍遠高於歷史平均水平。銷售額為 620 萬噸，在我們的指導範圍內，高於去年同期。

Logistics chain performance continued to be impacted by the weather-related disruptions from the fourth quarter of last year but had substantially recovered by the end of the first quarter. Our transportation costs in Q1 reflect higher rail rates and port costs as a result of increased utilization of third-party terminals.

自去年第四季度以來，物流鏈績效繼續受到與天氣相關的中斷的影響，但到第一季度末已大幅恢復。我們在第一季度的運輸成本反映了由於第三方碼頭的利用率增加而導致的更高的鐵路運費和港口成本。

We expect transportation costs to normalize throughout the balance of the year, and our transportation unit cost guidance is unchanged for 2023. Looking forward, we expect Q2 sales of 6.2 million to 6.6 million tonnes as we complete the balance of deferred sales from the fourth quarter and reduce our clean coal inventories to normal levels.

我們預計運輸成本將在今年餘下時間正常化，我們的運輸單位成本指導在 2023 年保持不變。展望未來，隨著我們完成第四季度的遞延銷售餘額，我們預計第二季度的銷量將達到 620 萬噸至 660 萬噸並將我們的精煤庫存減少到正常水平。

As illustrated on Slide 15, our financial position remains very strong. Our liquidity is currently $8 billion, including $2.6 billion of cash. In the first quarter, we returned $321 million to shareholders through dividends and we reduced our debt levels by $144 million with the redemption of notes upon maturity in February.

如幻燈片 15 所示，我們的財務狀況仍然非常強勁。我們的流動資金目前為 80 億美元，其中包括 26 億美元現金。第一季度，我們通過股息向股東返還了 3.21 億美元，並通過在 2 月到期時贖回票據將債務水平降低了 1.44 億美元。

Our Board also authorized $250 million of share buybacks in February under our normal course issuer bid. Looking ahead, in accordance with our capital allocation framework, we remain focused on balancing our investment in growth against returning capital to shareholders, while maintaining a strong balance sheet. And with that, I'll turn it back over to Jonathan.

我們的董事會還在 2 月份根據正常的發行人出價授權了 2.5 億美元的股票回購。展望未來，根據我們的資本配置框架，我們將繼續專注於平衡增長投資與向股東返還資本，同時保持穩健的資產負債表。有了這個，我會把它轉回給喬納森。

Thanks, Crystal. Now on Slide 17, I want to close by reiterating that our plan going forward is to evaluate alternatives for a responsible separation of our businesses. Taking into account feedback we've received, our goal will be to pursue a simpler and more direct separation, which is the best path to unlock the full value of Teck for shareholders. At the same time, we will continue to execute our copper growth strategy. We will advance our copper growth portfolio, which is the envy of our peers. Commissioning and ramp-up of QB2 will, of course, be a key focus. We will rebalance our portfolio to copper, while reducing the proportion of carbon in our overall business. And we will continue to follow our rigorous capital allocation framework, balancing growth and cash returns to shareholders.

謝謝，水晶。現在在幻燈片 17 上，我想在結束時重申，我們未來的計劃是評估替代方案，以負責任地分離我們的業務。考慮到我們收到的反饋，我們的目標是尋求更簡單、更直接的分離，這是為股東釋放 Teck 全部價值的最佳途徑。同時，我們將繼續執行我們的銅增長戰略。我們將推進我們的銅增長組合，這讓我們的同行羨慕不已。當然，QB2 的調試和量產將成為重點。我們將重新平衡我們的投資組合以銅為主，同時降低碳在我們整體業務中的比例。我們將繼續遵循我們嚴格的資本配置框架，平衡增長和股東現金回報。

And at the same time, we will maintain our leadership in responsible resource development, drive best practices in sustainability and share in the benefits of mining with our stakeholders. Overall, Teck is very well positioned to drive long-term sustainable shareholder value. So thank you. And operator, please open the line for questions.

與此同時，我們將保持我們在負責任的資源開發方面的領導地位，推動可持續發展的最佳實踐，並與我們的利益相關者分享採礦的好處。總體而言，泰克資源處於推動長期可持續股東價值的有利位置。所以謝謝。接線員，請打開問題線路。

(Operator Instructions)

（操作員說明）

The first question comes from Greg Barnes with TD Securities.

第一個問題來自道明證券的 Greg Barnes。

Jonathan, now that you've been through this process, do you think investors recognize the value in the coal business and are willing to take on our largest share individually of that coal business rather than, obviously, with the complicated transition capital structure now something that's cleaner and more direct. After you've got 2, I guess, independent valuations on that business of around CAD 11 billion. So that's what the market is telling you it's worth. Do you think investors will be willing to accept that valuation directly?

喬納森，既然你已經經歷了這個過程，你認為投資者是否認識到煤炭業務的價值，並願意單獨承擔我們在該煤炭業務中的最大份額，而不是顯然現在復雜的轉型資本結構？那更乾淨，更直接。在你有 2 個之後，我猜，該業務的獨立估值約為 110 億加元。這就是市場告訴你的價值。你認為投資者會願意直接接受這樣的估值嗎？

Thanks for the question, Greg. Look, the first thing I would say is it's very clear that the market recognizes the value of the businesses that comprise Teck resources today. One of the benefits through the engagement we've had with investors over the last few months is it has (inaudible) on the quality of the business we have today, but also the quality of the growth projects we have before us. The other thing we've heard clearly from our shareholders through this process is they do see the value in a separation of Elk Valley Resources and Teck Metals as being the most value-creative path in terms of shareholder value.

謝謝你的問題，格雷格。聽著，我要說的第一件事是，市場非常清楚地認識到當今構成 Teck 資源的企業的價值。過去幾個月我們與投資者接觸的好處之一是（聽不清）我們今天的業務質量，以及我們面前的增長項目的質量。在此過程中，我們從股東那裡清楚地聽到的另一件事是，他們確實認為 Elk Valley Resources 和 Teck Metals 的分離價值是股東價值方面最具價值創造的途徑。

But what we've heard, as you just referenced, is that they would like to see a simpler and more direct separation. And that's exactly what we will now go away and study. We'll look at a range of alternatives there with a focus on maximizing shareholder value and work through those details. I think there's no doubt, Greg, that through this process, the quality of Teck steelmaking coal business or Elk Valley Resources has been very, very well recognized in terms of the quality of the products that we produce, in terms of the high margins at which that business operates and the cash flow that's generated.

但正如您剛才提到的，我們聽到的是，他們希望看到更簡單、更直接的分離。而這正是我們現在要離開並研究的內容。我們將在那裡研究一系列備選方案，重點是最大化股東價值並研究這些細節。我認為毫無疑問，格雷格，通過這個過程，泰克煉鋼煤炭業務或麋鹿谷資源的質量在我們生產的產品質量方面得到了非常非常好的認可，就高利潤率而言該企業經營的業務以及產生的現金流量。

So yes, there is clearly now a far enhanced understanding of the value of that business. And again, we continue to believe that the best path to unlock value is the separation of that business from Teck Metals.

所以是的，現在顯然對該業務的價值有了更深入的了解。同樣，我們仍然相信釋放價值的最佳途徑是將該業務與 Teck Metals 分離。

And the next question comes from Orest Wowkodaw with Scotiabank.

下一個問題來自豐業銀行的 Orest Wowkodaw。

Jonathan, just following up on Greg's questions. In terms of separating the business, can you run through the possible alternatives that you're considering? And would they include potentially a full spinout of the coal business to shareholders or is another alternative of sale of the business?

Jonathan，我只是在跟進Greg 的問題。在分離業務方面，您能否介紹一下您正在考慮的可能替代方案？他們是否會包括將煤炭業務完全分拆給股東，或者是出售業務的另一種選擇？

Thanks for that question, Orest. Look, I won't run through all of the options available to us today. But suffice to say, we will look very broadly at the full suite of options that would satisfy both the simpler and more direct separation of these businesses. Of course, that work has to be undertaken by the management team and with the Board and that is the focus, as I've said now going forward. And of course, when that work is advanced and concluded, we will say more about that. I think what's really important to note is that we will continue to work with our shareholders to get their perspectives and understand their feedback as that work progresses.

謝謝你提出這個問題，Orest。聽著，我不會一一列舉今天提供給我們的所有選項。但可以說，我們將非常廣泛地研究全套選項，以滿足這些業務的更簡單和更直接的分離。當然，這項工作必須由管理團隊和董事會共同承擔，這是重點，正如我現在所說的那樣。當然，當這項工作推進和結束時，我們會更多地談論它。我認為真正需要注意的是，隨著工作的進展，我們將繼續與股東合作，了解他們的觀點並了解他們的反饋。

Can you -- just as a follow-up, can you give us an expected time line on how long you think the Board and management needs to review and come up with a new separation strategy?

作為後續行動，您能否給我們一個預期的時間表，說明您認為董事會和管理層需要多長時間來審查並提出新的分離戰略？

As I said, we look at a range of alternatives, Orest. I won't put a fixed date on that right now in terms of when we will communicate more about that. As you can imagine, this work will be a priority for us, but we need to ensure we take the time to engage with shareholders to understand their perspectives and come back with a proposal that meets those needs and is focused on maximizing shareholder value through unlocking that value with the separation of EVR and Teck Metals.

正如我所說，我們正在研究一系列替代方案，Orest。關於我們何時就此進行更多溝通，我現在不會確定具體日期。可以想像，這項工作將是我們的首要任務，但我們需要確保我們花時間與股東接觸以了解他們的觀點，並提出滿足這些需求的提案，並專注於通過解鎖來最大化股東價值EVR 和 Teck Metals 分離後的價值。

Okay. And just one more, if I could. Given the public separation plan that's been in front of shareholders, have you been approached at all by another party to buy the coal assets? Can you give us any sort of color there? Has there been interest in the market?

好的。還有一個，如果可以的話。鑑於已經擺在股東面前的公開分離計劃，你有沒有被另一方接洽購買煤炭資產？你能給我們任何顏色嗎？市場有興趣嗎？

So look, I won't speculate in any detail on that, Orest, as you would expect. But again, suffice to say that the process we've been through over the last 2 months, which, of course, has been a very public one has a significant interest in both businesses, EVR and Teck Metals. And it's very clear that the value of those businesses is well recognized. And hence, the value of Teck Resources is very well recognized. So we've been greatly encouraged by that, and it really has thrown a spotlight on the quality of the business that we have here as well as the growth options that we have ahead of us.

所以看，我不會像你期望的那樣詳細推測，Orest。但同樣，足以說明我們在過去 2 個月中經歷的過程，當然，這是一個非常公開的過程，對 EVR 和 Teck Metals 這兩家公司都有很大的興趣。很明顯，這些業務的價值得到了很好的認可。因此，泰克資源的價值得到了很好的認可。因此，我們對此感到非常鼓舞，它確實讓人們關注了我們在這裡的業務質量以及我們面前的增長選擇。

The next question comes from Emily Chieng with Goldman Sachs.

下一個問題來自高盛的 Emily Chieng。

My question is around a follow-up on the separation that has been proposed. I guess is there a sense of urgency in getting a separation done this year? Or could you wait until QB2 becomes more free cash flow generative and you've got further deleveraging at the corporate level before you could approach that next restructuring process?

我的問題是關於已提議的分離的後續行動。我想今年完成分居是否有緊迫感？或者你能等到 QB2 變得更能產生自由現金流並且你在公司層面進一步去槓桿化之後才能進行下一個重組過程嗎？

Yes. Thanks for that question, Emily. As we look through the alternatives here that we will have for a simpler and more direct separation, of course, one of the things we will consider is timing as part of that proposal in terms of what would be optimal to maximize shareholder value. Again, as I mentioned, with respect to Orest's question, I won't give any more details now on exactly what that timing would look like. But to your point, we will consider timing as a key factor here in terms of how to maximize value for our shareholders.

是的。謝謝你提出這個問題，艾米麗。當我們在這裡審視我們將擁有的更簡單、更直接的分離的備選方案時，當然，我們將考慮的一件事是作為該提案的一部分的時間安排，以最大化股東價值的最佳方式。同樣，正如我提到的，關於 Orest 的問題，我現在不會提供更多關於具體時間安排的詳細信息。但就你的觀點而言，就如何為我們的股東實現價值最大化而言，我們將把時間視為一個關鍵因素。

Great. And then a follow-up on QB2 actually. I was curious around the update around (inaudible) construction and when we should expect to see that come online and therefore, when we would expect logistical costs start ticking down for that asset?

偉大的。然後實際上是對 QB2 的跟進。我很好奇圍繞（聽不清）建設的更新，以及我們什麼時候應該看到它上線，因此，我們什麼時候會期望該資產的物流成本開始下降？

Yes. Thanks, Emily. On that point, I'll hand over to Red Conger, our Chief Operating Officer, to make some comments.

是的。謝謝，艾米麗。關於這一點，我將交給我們的首席運營官 Red Conger 發表一些評論。

Yes. Thanks, Emily. The (inaudible) itself is the longest critical path to be completed later this year. Our logistics team has come up with a really creative way to sell our concentrate up until that construction is completed. So we will be able to ship and sell concentrate starting later this quarter for the remainder of the year until (inaudible) completed.

是的。謝謝，艾米麗。 （聽不清）本身是今年晚些時候要完成的最長的關鍵路徑。我們的物流團隊想出了一種非常有創意的方式來銷售我們的精礦，直到施工完成。因此，我們將能夠從本季度晚些時候開始在今年剩餘時間內運送和銷售精礦，直到（聽不清）完成。

The next question comes from Carlos Alba with Morgan Stanley.

下一個問題來自摩根士丹利的 Carlos Alba。

The question I had is on QB2 CapEx increase. I just wanted to go back and check what are the FX assumptions that are underneath the original CapEx (inaudible) we have been above that level and my understanding was that a weaker peso would favor the company. So yes, if you could provide maybe a little bit more color around that, that would be great.

我的問題是 QB2 資本支出增加。我只是想回去檢查我們已經高於該水平的原始資本支出（聽不清）下的外匯假設是什麼，我的理解是較弱的比索將有利於公司。所以是的，如果你能提供更多的顏色，那就太好了。

Thanks for the question, Carlos. I'll hand you over to Crystal for that one.

謝謝你的問題，卡洛斯。我會把你交給水晶。

Carlos, thanks for the question. Just in relation to the (inaudible) that you're referencing, that was an old FX assumption. When we updated our guidance in the third quarter, we used a range of 900 to 975 and the new estimate of CapEx is based on 800 to 850. So you're seeing actually a strengthening of the peso, not a weakening, and that's the result of the -- or the impact is the CapEx increase.

卡洛斯，謝謝你的提問。就您所引用的（聽不清）而言，這是一個舊的 FX 假設。當我們在第三季度更新我們的指引時，我們使用了 900 到 975 的範圍，而新的資本支出估計是基於 800 到 850。所以你實際上看到比索在走強，而不是走弱，這就是結果 - 或者影響是資本支出增加。

That's very clear. And just a follow-up, any color on the timing of the remaining disbursement?

這很清楚。只是後續行動，關於剩餘支付時間的任何顏色？

Yes. I mean it will be spent over the remainder of the year that -- and probably a little bit into the next year (inaudible) capital based on that updated guidance range is USD 800 million to USD 1 billion. So you can expect that to be spent over the rest of the year and probably some of that will move into 2024 as we finalize.

是的。我的意思是，根據更新後的指導範圍為 8 億美元至 10 億美元，這將在今年剩餘時間里花費——並且可能會在明年（聽不清）資本中花費一點點。因此，您可以預計這筆錢將在今年餘下的時間里花費，其中一些可能會在我們最終確定時進入 2024 年。

The next question comes from Brian MacArthur with Raymond James.

下一個問題來自 Brian MacArthur 和 Raymond James。

As you look at potential options going forward for the coal, obviously, shareholder opinion is very important, but you also have partners at the end of the day. Is there anything -- and one of the unique things about EVR is you kind of restructured the coal and made it a lot simpler.

當你考慮煤炭的潛在選擇時，顯然，股東的意見非常重要，但最終你也有合作夥伴。有什麼——關於 EVR 的獨特之處之一是你對煤炭進行了某種重組並使其變得更簡單。

Is there anything you see that will be a challenge going forward in your partners as you go down this route? I mean, you talked about shareholders who want a clean split? Do your partners want a clean split, too? Or can you comment on that?

當你沿著這條路走下去時，你看到有什麼會成為你的合作夥伴前進的挑戰嗎？我的意思是，你談到了想要乾淨利落的股東？您的合作夥伴也想要乾淨利落嗎？或者你能對此發表評論嗎？

Yes. Thanks for the question, Brian. Look, we have a very good relationship with both POSCO and NSC and of course, we worked with them for many years and including through the recent proposal that we put to shareholders. We'll continue to engage with them and have been doing so.

是的。謝謝你的問題，布賴恩。看，我們與 POSCO 和 NSC 的關係非常好，當然，我們與他們合作多年，包括我們最近向股東提出的提案。我們將繼續與他們合作，並且一直在這樣做。

Of course, we expect them to remain very supportive of the business. And of course, we'd like to have them remain involved going forward. And those conversations, of course, will evolve as we work our way through the range of alternatives for the separation of steelmaking coal from base metals.

當然，我們希望他們繼續非常支持這項業務。當然，我們希望他們繼續參與進來。當然，隨著我們研究將煉鋼煤與基本金屬分離的一系列替代方案，這些對話將會不斷發展。

The next question comes from Shane Nagle with National Bank Financial.

下一個問題來自 National Bank Financial 的 Shane Nagle。

Just to confirm on the QB2 with the capital cost increase. Now that the concentrate is up and running, is any other further delays or cost creep going to be classified under (inaudible) this point? Or can you provide any color on maybe where things are at with condition in the second line and how you may anticipate those costs going forward?

只是為了確認資本成本增加的 QB2。現在精礦已經啟動並運行，是否有任何其他進一步的延遲或成本攀升將歸類在（聽不清）這一點下？或者，您能否在第二行中提供任何顏色，說明事情的狀況以及您如何預測這些成本？

Thanks, Shane. That's a good question for Crystal.

謝謝，謝恩。這對 Crystal 來說是個好問題。

I will probably pass the line to Red, but I'll take your first part of your question. We do have to continue to consider costs as whether they are operating costs versus capital costs.

我可能會把電話轉給 Red，但我會回答你問題的第一部分。我們確實必須繼續考慮成本，因為它們是運營成本還是資本成本。

Project capital guidance is based on what we've disclosed and the operating costs will just -- it depends on how the ramp-up goes and our allocation of those costs to the inventory that's being sold, and we haven't provided guidance on that. So maybe I'll turn it to Red to give you an update on the line to ramp-up timing.

項目資本指導基於我們所披露的內容，而運營成本將只是 - 它取決於增加的方式以及我們將這些成本分配給正在出售的庫存，我們還沒有提供指導.因此，也許我會把它轉給 Red，為您提供有關升級時間的最新信息。

Yes. Shane, so where we're at right now, we've just completed run (inaudible). It now requires (inaudible) ready to run long term. So that (inaudible) project shutdown here to do that work and various other maintenance things that we've identified running Line 1. So when that comes up, in a week or so, Line 1 is ready to run (inaudible) commissioned and running will be going into cleaner flotation and essentially moving that construction workforce off of Line 1 substantially and on the Line 2 and be working diligently completing line to the remainder of this quarter.

是的。 Shane，所以我們現在所處的位置，我們剛剛完成運行（聽不清）。它現在需要（聽不清）準備好長期運行。因此，（聽不清）項目在這里關閉以完成我們已經確定的運行 1 號線的工作和各種其他維護工作。所以當它出現時，大約一周後，1 號線準備好運行（聽不清）調試和運行將進入更清潔的漂浮狀態，並從根本上將建築工人從 1 號線轉移到 2 號線，並努力完成本季度剩餘時間的工作。

Okay. Great. And then just one more maybe just on the separation (inaudible) Dual Class Sunset. I just want to confirm that that's going to be disclosed a little bit later as well.

好的。偉大的。然後還有一個可能只是關於分離（聽不清）雙級日落。我只想確認這也將在稍後披露。

Yes. That vote will proceed, and then (inaudible) annual general and special meeting.

是的。投票將繼續進行，然後是（聽不清）年度股東大會和特別會議。

The next question comes from Lawson Winder with Bank of America Securities.

下一個問題來自美國銀行證券公司的 Lawson Winder。

I just wanted to follow up on some comments you made in your prepared remarks, Jonathan, on value coming from a competitive process. And clearly, you indicated that you prefer that process to come after a spin. But I guess I would just ask you the question is, why couldn't that process create the most value prior to a coal separation, like potentially, there's a buyer that could actually address the coal separation more effectively?

喬納森，我只是想跟進你在準備好的評論中就競爭過程帶來的價值發表的一些評論。很明顯，您表示您更喜歡在旋轉之後進行該過程。但我想我只想問你一個問題，為什麼這個過程不能在煤分離之前創造最大的價值，就像潛在的那樣，有一個買家實際上可以更有效地解決煤分離問題？

Thanks for the question, Lawson. I mean I think we've always been clear here that there will be more options to create value post the separation than pre. And that is a function of competition. As we see the situation today, of course, we have had one proposal that we have considered that we considered to be flawed with material execution risks for shareholders. That doesn't represent a competitive environment, and that doesn't, of course, therefore, represent an opportunity to create the most value for our shareholders. As I said, we continue to believe there will be more options to enhance value post separation. That's why we continue to look through the range of alternatives to conduct a separation in a simpler and more direct fashion.

謝謝你的問題，勞森。我的意思是我認為我們在這裡一直很清楚，與分離前相比，分離後創造價值的選擇更多。這是競爭的一個功能。正如我們今天所看到的情況，當然，我們有一項提案，我們認為該提案存在缺陷，會給股東帶來重大執行風險。這並不代表競爭環境，當然，這也不代表為我們的股東創造最大價值的機會。正如我所說，我們仍然相信會有更多的選擇來提高分離後的價值。這就是為什麼我們繼續研究各種備選方案，以更簡單、更直接的方式進行分離。

Okay. Maybe I'll just sort of follow up on that and get one sort of a different way, which is, is it the case then that there was only one proposal on the table prior to (inaudible)?

好的。或許我會繼續跟進並獲得一種不同的方式，也就是說，在（聽不清）之前桌面上是否只有一個提案？

As you've seen in our communications, there is one proposal that we have received, evaluated and rejected due to the flaws contained in that proposal. As we have discussed previously, we expect there would be significantly more interest in the businesses on a stand-alone basis than as combined today. And that is one of the reasons we continue to believe that separation is the right path forward here. And more importantly, we think there is value to be created through the separation as we can unlock the full potential of Teck Metals, in particular, with respect to the pipeline of copper growth projects that, that business contains.

正如您在我們的溝通中看到的那樣，我們已經收到、評估並拒絕了一項提案，因為該提案中存在缺陷。正如我們之前所討論的那樣，我們預計在獨立的基礎上對這些業務的興趣會比今天的合併要大得多。這就是我們繼續相信分離是正確的前進道路的原因之一。更重要的是，我們認為通過分離可以創造價值，因為我們可以釋放 Teck Metals 的全部潛力，特別是在該業務包含的銅增長項目管道方面。

Fantastic. That's super helpful. And if I could just ask one simple sort of like accounting question. What is the CLP assumption on OpEx for the QB2 guidance for long term?

極好的。這非常有幫助。如果我可以問一個簡單的會計問題。 CLP 對 QB2 長期指導的 OpEx 假設是什麼？

Lawson, we'll have to follow up with you separately on that one. I don't have that one on my fingertips.

勞森，我們將不得不單獨跟進你的那件事。我的指尖上沒有那個。

The next question comes from Lucas Pipes with B. Riley Securities.

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

Jonathan, my first question is also on the separation. I'm sure that before you went down the path with the TCS and EVR as you have proposed, you carefully evaluated like a clean spin where you would separate the coal business without cash flow, royalty, preferred equity structures, et cetera. What were the reasons you chose not to do that at that time? Would really appreciate your perspective on that.

喬納森，我的第一個問題也是關於分居的。我敢肯定，在您按照您的提議走上 TCS 和 EVR 的道路之前，您會像乾淨的旋轉一樣仔細評估，您將在沒有現金流、特許權使用費、優先股結構等的情況下分離煤炭業務。當時您選擇不這樣做的原因是什麼？非常感謝您對此的看法。

Yes. Thanks, Lucas. I mean I think as we've communicated over the past couple of months since announcing the proposed separation, we were trying to balance a number of competing factors here, which included the resilience of the valuation of the coal business and ensuring that was reflected and protected, looking for mechanisms to fund the very exciting pipeline of copper growth projects that we have in the base metals business, undertaking a separation in a responsible way.

是的。謝謝，盧卡斯。我的意思是，我認為自從宣布擬議的分離以來，我們在過去幾個月一直在溝通，我們試圖在這里平衡許多競爭因素，其中包括煤炭業務估值的彈性，並確保這一點得到反映和保護，尋找機制來資助我們在基礎金屬業務中非常令人興奮的銅增長項目管道，以負責任的方式進行分離。

And of course, all the time with a focus on maximizing our value creation for our shareholders. When we looked at that proposal, we believe that the separation as we proposed back on the 21st of February, provided an optimal balance of those competing factors to unlock that value long term.

當然，我們始終專注於為股東創造最大價值。當我們查看該提案時，我們認為我們在 2 月 21 日提出的分拆提供了這些競爭因素的最佳平衡，以長期釋放該價值。

Now clearly, in the engagement we've had with our shareholders and in listening to our shareholders, they have been strongly supportive of the path forward to separate EVR from Teck Metals but they have told us that they would like to see a simpler and more direct structure to achieve that. So we take that feedback on board, and we will work that through to come forward with alternative proposals in due course.

現在很明顯，在我們與股東的接觸和聽取股東的意見時，他們一直強烈支持將 EVR 從 Teck Metals 分離出來的前進道路，但他們告訴我們，他們希望看到一個更簡單、更直接結構來實現這一點。因此，我們採納了這些反饋，我們將努力解決這個問題，以便在適當的時候提出替代提案。

That's very helpful. And then turning to operations for a moment. You mentioned in the release that the workforce in the Elk Valley is still a priority. And I wondered if you could touch a little bit on the staffing levels today and what has been an impediment to reach full staffing levels to date?

這很有幫助。然後暫時轉向運營。你在新聞稿中提到，麋鹿谷的勞動力仍然是一個優先事項。我想知道您是否可以談談今天的人員配置水平，以及迄今為止達到完整人員配置水平的障礙是什麼？

Thanks, Lucas. I'll hand you over to Robin Sheremeta, the SVP of our Coal Business.

謝謝，盧卡斯。我會把你交給我們煤炭業務的高級副總裁 Robin Sheremeta。

Yes, thanks. We've -- we've been actually on a pretty good track to bring our operating workforce back up to the full complement. So we've got enough operators, enough staff. I think the area that we're probably the most exposed right now is on the heavy-duty mechanics, so a very specific trade area, and we're working hard on that and making some progress. But that's probably the biggest risk we have (inaudible) it's just simply the heavy-duty mechanics side to production in the future. So we supplement that with contractors, so we have some options, but that's really our biggest risk right now.

對了謝謝。我們已經 - 我們實際上已經走上了一條很好的軌道，可以使我們的運營員工隊伍恢復到完整的水平。所以我們有足夠的操作員，足夠的員工。我認為我們現在最容易受到影響的領域可能是重型機械，這是一個非常具體的貿易領域，我們正在努力解決這個問題並取得一些進展。但這可能是我們面臨的最大風險（聽不清），它只是未來生產的重型機械方面。所以我們用承包商來補充，所以我們有一些選擇，但這確實是我們現在最大的風險。

And the next question comes from Alex Terentiew with Stifel.

下一個問題來自 Stifel 的 Alex Terentiew。

Look, I just wanted to go back to the separation question a bit once more. And maybe just ask a different way here. Now that you've gone through this process, really, what are your -- I understand maximizing shareholder value is key. But with that in mind, what are your objectives for separation? I mean obviously, the (inaudible) still had 90% of free cash flow from the coal business going to the TCS and that was going to be there to fund the growth of the copper business.

看，我只是想再次回到分離問題。也許只是在這裡問一個不同的方式。現在你已經完成了這個過程，真的，你的 - 我明白最大化股東價值是關鍵。但考慮到這一點，您的分離目標是什麼？我的意思是，很明顯，（聽不清）仍有 90% 的煤炭業務自由現金流流向 TCS，這將用於為銅業務的增長提供資金。

I'm just trying to think of going forward, what is kind of the main objective that you and the key shareholders that you've spoken to have decided upon would be a better alternative? And the second question, with the separation now off the table, the EST or the original plan off the table, the Environmental Stewardship Trust that was in the prior plan, which was up to $2 billion or so in payments over the next many years and the Nippon investment. Are those -- I just want to confirm where those stand?

我只是想考慮一下，您和您所談過的主要股東決定的主要目標是什麼是更好的選擇？第二個問題，隨著分離現在被取消，EST 或最初的計劃被取消，之前計劃中的環境管理信託基金，在接下來的許多年裡支付高達 20 億美元左右，日本投資。這些是——我只是想確認它們的位置嗎？

Thanks, Alex, for those questions. So to your first point with respect to the objectives here, it boils down to maximizing shareholder value. And there are, of course, as I mentioned before, a number of competing factors with respect to that, and it's about reevaluating that balance to ensure that any separation is progressed in a more simple and direct manner. The other thing, of course, that we'll always factor into our considerations around the structured separation, will be to do that in a responsible way that is taking care of all stakeholders associated with our business. So they will remain front and center, and we will look broadly at a range of alternatives that meet those criteria. With -- to the Nippon investment and the creation of the EST, they were specific components of the proposal that we put forward on February 21.

亞歷克斯，謝謝你提出這些問題。因此，關於這裡的目標，你的第一點歸結為股東價值最大化。當然，正如我之前提到的那樣，存在許多與此相關的競爭因素，這是關於重新評估這種平衡以確保任何分離都以更簡單和直接的方式進行的。當然，我們將始終考慮圍繞結構化分離考慮的另一件事是以負責任的方式做到這一點，即照顧與我們業務相關的所有利益相關者。因此，它們將保持前沿和中心地位，我們將廣泛研究滿足這些標準的一系列替代方案。對於日本投資和 EST 的創建，它們是我們在 2 月 21 日提出的提案的具體組成部分。

As we undertake a review of a simpler and more direct approach to a separation here, then, of course, we will have to take those factors into account and determine what is most appropriate in a future separation.

當我們在這裡對更簡單、更直接的分離方法進行審查時，當然，我們將不得不考慮這些因素，並確定在未來的分離中什麼是最合適的。

Okay. And then just I'm going to ask this question to see if I can get an answer. But you noted at the beginning, you noticed substantially majority of the shareholders voted -- or sorry, were in favor of a separation. Any -- are you willing to kind of give us a few details on what the vote was looking like. Obviously, that is now not going to be completed, but curious if there's any indication where you can give us kind of what shareholders were saying before today.

好的。然後我要問這個問題，看看我是否能得到答案。但你在一開始就注意到，你注意到絕大多數股東投票 - 或者抱歉，支持分離。任何-- 你願意向我們提供一些關於投票結果的細節嗎？顯然，現在還沒有完成，但很好奇是否有任何跡象表明你可以告訴我們股東們在今天之前所說的話。

Look, so we didn't proceed with the vote, so we won't have final numbers on a voting result, but our tracking showed that we weren't going to achieve the 66 and 2/3 threshold that we needed for approval in this instance. Of course, I won't comment on the voting positions of individual shareholders through this process.

看，所以我們沒有繼續投票，所以我們不會有投票結果的最終數字，但我們的跟踪顯示我們不會達到批准所需的 66 和 2/3 門檻這個例子。當然，我不會通過這個過程評論個人股東的投票立場。

However, overwhelmingly, the feedback that we've received is a separation of EVR and Teck Metals was favored as a mechanism to create value for shareholders and hence, why we've elected to go back and figure out the best way to do that through a lens of doing this in a simpler and more direct way.

然而，絕大多數情況下，我們收到的反饋是 EVR 和 Teck Metals 的分離被認為是為股東創造價值的機制，因此，為什麼我們選擇回過頭來找出最好的方法來做到這一點以更簡單、更直接的方式做到這一點的鏡頭。

The next question comes from Timna Tanners with Wolfe Research.

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

Wanted to ask regarding the discussion of new mining laws in (inaudible) through your copper growth portfolio. The last version I saw had it first in line. So would love to hear the implications or your thoughts on any factor there.

想通過您的銅增長投資組合詢問有關（聽不清）新採礦法的討論。我看到的最後一個版本排在第一位。所以很想听聽其中的任何因素的影響或您的想法。

Thanks, Timna. I'm going to pass you over to Tyler Mitchelson, who's our SVP of Copper Growth (inaudible).

謝謝，蒂姆納。我要把你交給泰勒米切爾森，他是我們的銅增長高級副總裁（聽不清）。

Look, we continue to review the proposed legislation. Right now, it's gone through the lower house, and there's been a number of changes from the original proposal. Right now, based on our preliminary estimates, it's not going to have a material impact on the development of San Nicolas itself, but we'll continue to work through the details to understand what the implications could be.

看，我們繼續審查擬議的立法。現在，它已經通過了下議院，與最初的提案相比有了一些變化。目前，根據我們的初步估計，它不會對聖尼古拉斯本身的發展產生實質性影響，但我們將繼續研究細節以了解可能產生的影響。

So sorry, did I understand not expecting it to change your pipeline or your timing, but maybe the returns might be different? I'm sorry if I didn't understand your answer.

很抱歉，我是否理解不期望它會改變您的管道或您的時間安排，但也許回報可能會有所不同？如果我不明白你的回答，我很抱歉。

No. Right now, we don't anticipate it changing any of the timing or the impacts of the returns. There's no financial implications to the proposed changes in the legislation. And we believe the fact that we've got a concession already, there won't be any implications going forward.

不會。目前，我們預計它不會改變任何回報的時間或影響。擬議的立法變更沒有財務影響。我們相信我們已經做出讓步這一事實不會對未來產生任何影響。

Got it. Just want to ask kind of a simple high-level question. On the coal split, but clearly, unfortunate timing with regard to what the coal price was doing while you were in negotiations or pitching the split. How much do you think that was a factor? And what coal price do you think investors are looking at relative to where it's been historically?

知道了。只想問一個簡單的高級問題。關於煤炭分裂，但很明顯，在談判或提出分裂時，煤炭價格的走勢很不幸。你認為這是一個因素有多大？您認為投資者關注的煤炭價格相對於歷史水平是多少？

Timna, based on the feedback we've received, I don't think the coal price has had any impact on those discussions. The focus, as I've said, has been around supporting a separation but a desire to see that done in a simpler and more direct manner. Coal prices, as we know, will move up and down, and it hasn't been part of the conversation that we've had here over weeks and months.

Timna，根據我們收到的反饋，我認為煤炭價格對這些討論沒有任何影響。正如我所說，重點是支持分離，但希望看到分離以更簡單、更直接的方式完成。正如我們所知，煤炭價格會上下波動，而且這還沒有成為我們數周和數月來在這裡進行的對話的一部分。

The next question comes from Dalton Baretto with Canaccord Genuity.

下一個問題來自 Dalton Baretto 和 Canaccord Genuity。

I want to start again by asking about the separation. This range of alternatives that you're going to work through, is this a subset of the range you've already looked at? Or did something fall through the cracks that you're going to start evaluating right now?

我想從問分居的事重新開始。您將要研究的這一系列備選方案是否是您已經查看的範圍的子集？還是您現在要開始評估的漏洞？

Look, we looked extensively around the best mechanism to optimize the portfolio and to create value for shareholders, and that was work done with the Board over the last 2 to 3 years. There were a number of options evaluated there. We will relook at those options again to see if they meet the criteria of doing this in a simpler and more direct manner.

看，我們廣泛研究了優化投資組合和為股東創造價值的最佳機制，這是過去 2 到 3 年與董事會一起完成的工作。那裡評估了許多選項。我們將再次重新審視這些選項，看看它們是否符合以更簡單、更直接的方式執行此操作的標準。

We'll also look though to see if there are other opportunities that weren't considered previously, perhaps in light of a change in market conditions or whatever that might be. But the key driver, Dalton, behind this evaluation and the work that we will do is the feedback that we've received here from our shareholders. And we look forward to continuing to engage with our shareholders here. We'll continue to listen to their feedback and we will incorporate that into the work that we have ahead of us.

我們還將查看是否有其他以前沒有考慮過的機會，也許是根據市場條件的變化或任何可能發生的變化。但道爾頓，這項評估和我們將要做的工作背後的關鍵驅動因素是我們從股東那裡收到的反饋。我們期待在這裡繼續與我們的股東接觸。我們將繼續聽取他們的反饋，並將其納入我們即將開展的工作中。

Okay. And then maybe just following up on a previous question there and kind of in the same vein here. How important now is managing Teck Metals balance sheet and capital allocation framework as you work through this range of criteria?

好的。然後也許只是跟進那裡的前一個問題，這裡也有同樣的問題。在您處理這一系列標準時，現在管理 Teck Metals 資產負債表和資本配置框架有多重要？

Look, I mean I think it's always important, of course, the right balance sheet to underpin a growth portfolio. And it's always important to make sure we can continue to return cash to shareholders on an ongoing basis to reward them for their ownership in the company. So those things will remain a priority for us here as we look to build out and realize substantial intrinsic value from the pipeline of projects that we have in the portfolio.

看，我的意思是我認為它總是很重要，當然，正確的資產負債表來支持增長組合。確保我們能夠持續不斷地向股東返還現金以獎勵他們在公司的所有權始終很重要。因此，當我們希望從我們投資組合中的項目管道中構建並實現可觀的內在價值時，這些事情仍然是我們的優先事項。

And maybe just one last one for me. On the assumption that you come up with a structure that passes the vote. Can you maybe speak to the appetite of the Board and the Class As to look at bids immediately post separation versus kind of waiting for a period until your growth pipeline progresses?

也許對我來說只是最後一個。假設您提出了一個通過投票的結構。你能否談談董事會和 As 類的胃口，即在分離後立即查看出價，而不是等待一段時間，直到你的增長管道取得進展？

Yes. I'm not going to speculate on that, Dalton. Our focus is to find a way to work through (inaudible) maximize value for all shareholders. As I've mentioned before, the priority with Teck Metals is the development of that unrivaled suite of copper projects that we have with QB2, ramping up to full capacity this year, doubling our copper output and then a range of projects, including the QB Mill Expansion, San Nicolas, Zafranal, hot on the heels of that to allow for investment and high-returning growth projects. So that's the focus here, Dalton, and I can't speculate on what may or may not happen beyond that.

是的。我不打算對此進行推測，道爾頓。我們的重點是找到一種方法，通過（聽不清）為所有股東實現價值最大化。正如我之前提到的，Teck Metals 的首要任務是開發我們與 QB2 一起擁有的無與倫比的銅項目組合，今年將滿負荷生產，將我們的銅產量翻一番，然後是一系列項目，包括 QB Mill Expansion、San Nicolas、Zafranal 緊隨其後，以允許投資和高回報增長項目。所以這就是這裡的重點，道爾頓，我無法推測除此之外可能會發生什麼，也可能不會發生什麼。

I will now hand the call back over to Mr. Price for closing remarks.

我現在將把電話轉回給普賴斯先生以作結束語。

I'm just going to make a few brief closing comments here. This process we've undertaken over recent months has really shown a bright light on the tremendous value of Teck, both for our shareholders and other stakeholders. It's shown a light on world-class operations, an industry-leading copper growth pipeline and our focus on responsible and ethical ESG performance, all of which contribute to an incredible value proposition and a bright future ahead. I will just close then by reiterating that our plan forward is to evaluate alternatives for a responsible separation of the business, taking into account the extensive feedback that we've received from our investors and feedback that we're very appreciative of. Our goal will be to do this in a simpler and more direct way, which we believe is the best path to unlock full value for Teck shareholders. Thank you very much.

我只想在這裡做一些簡短的結束評論。我們在最近幾個月開展的這一過程確實向我們的股東和其他利益相關者展示了泰克資源的巨大價值。它展示了世界一流的運營、行業領先的銅增長管道以及我們對負責任和道德的 ESG 績效的關注，所有這些都有助於實現令人難以置信的價值主張和光明的未來。最後，我將重申，我們的未來計劃是評估負責任的業務分離的備選方案，同時考慮到我們從投資者那裡收到的廣泛反饋以及我們非常感激的反饋。我們的目標是以更簡單、更直接的方式實現這一目標，我們認為這是為泰克資源股東釋放全部價值的最佳途徑。非常感謝。

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。