Teck Resources Ltd (TECK) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Teck's Second Quarter 2023 Earnings Release Conference Call. (Operator Instructions) This conference, this call is being recorded on Thursday, July 27, 2023.

女士們先生們，感謝你們的支持。歡迎參加泰克資源 2023 年第二季度收益發布電話會議。 （操作員說明）本次會議、本次通話錄音時間為 2023 年 7 月 27 日星期四。

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

我現在想將會議交給投資者關係和戰略分析高級副總裁弗雷澤·菲利普斯 (Fraser Phillips)。請繼續。

Thanks, Galene. Good morning, everyone, and thank you for joining us for Teck's Second Quarter 2023 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，蓋琳。大家早上好，感謝您參加泰克資源 2023 年第二季度電話會議。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的假設。

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

此外，我們將在整個電話會議中引用各種非公認會計原則措施，有關這些措施的解釋和調節可以在我們的 MD&A 和我們網站上的最新新聞稿中找到。

Jonathan Price, our CEO, will begin today's call with highlights from our second quarter results. Crystal Prystai, our CFO, will follow with additional color on the quarter. And then Jonathan will conclude the call today with an update on our copper growth strategy. And of course, we will then open the lines to questions.

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中介紹我們第二季度業績的重點內容。我們的首席財務官 Crystal Prystai 隨後將對該季度進行更多介紹。然後喬納森將在今天結束電話會議時介紹我們的銅增長戰略的最新情況。當然，我們隨後將開放提問。

With that, I'll turn the call over to Jonathan.

這樣，我會將電話轉給喬納森。

Thank you, Fraser, and good morning, everyone. Now before we get into the second quarter results, I'd like to begin by taking a moment to say that we are deeply saddened by the fatality that occurred in May 2023 at our Quebrada Blanca operations. Health and safety is a core value at Teck, and we are focused on our goal of every single person going home to their families safe and healthy each and every day. We undertook a thorough investigation and learnings from the investigation are being shared across Teck and with our industry peers to help prevent future incidents.

謝謝弗雷澤，大家早上好。現在，在我們公佈第二季度業績之前，我首先想花一點時間表示，我們對 2023 年 5 月在克夫拉達布蘭卡工廠發生的死亡事件深感悲痛。健康和安全是泰克資源的核心價值觀，我們致力於實現每個人每天安全健康回家的目標。我們進行了徹底的調查，並且正在與泰克資源以及我們的行業同行分享調查結果，以幫助防止未來發生此類事件。

So moving now to the highlights for the second quarter on Slide 4. Overall, we maintained positive momentum through the second quarter with achievements across all 4 pillars of our value creation strategy. First, we made significant investments in copper growth. We achieved a major milestone at QB2 with the first sale of copper concentrate, and we are advancing ramp up towards full production rates later this year.

現在轉到幻燈片 4 上第二季度的亮點。總體而言，我們在第二季度保持了積極的勢頭，在價值創造戰略的所有 4 個支柱上都取得了成就。首先，我們對銅的增長進行了大量投資。通過首次銷售銅精礦，我們在 QB2 上實現了一個重要的里程碑，並且我們正在推進今年晚些時候的全面生產率提升。

We also continue to progress our copper growth pipeline, and we achieved another major milestone with the receipt of regulatory approval from the Peruvian Environmental Authority for our Zafranal project. The team did a fantastic job throughout the process, and we are very pleased to have the permit in hand. And for San Nicolas in Mexico, we closed the joint venture transaction with Agnico Eagle in the quarter, and the new project management team finalized the EIA permit application in June.

我們還繼續推進我們的銅生產管道，我們的 Zafranal 項目獲得了秘魯環境局的監管批准，實現了另一個重要里程碑。該團隊在整個過程中做得非常出色，我們很高興拿到了許可證。對於墨西哥的聖尼古拉斯，我們在本季度完成了與 Agnico Eagle 的合資交易，新的項目管理團隊於 6 月完成了 EIA 許可證申請。

Second, our continued focus on execution on our operations drove strong financial performance. We generated $1.5 billion in adjusted EBITDA and ended the quarter with $7 billion of liquidity.

其次，我們持續關注運營執行力，推動了強勁的財務業績。我們產生了 15 億美元的調整後 EBITDA，本季度結束時流動資金為 70 億美元。

Third, our strong financial performance enabled us to return cash to shareholders while continuing to strengthen our balance sheet. We paid our quarterly base dividend, repurchased $85 million of Class B shares through the NCIB and repaid the first biannual installment on the QB2 project finance facility. And finally, we advanced our governance and sustainability initiatives.

第三，我們強勁的財務業績使我們能夠向股東返還現金，同時繼續強化我們的資產負債表。我們支付了季度基本股息，通過 NCIB 回購了 8500 萬美元的 B 類股票，並償還了 QB2 項目融資機制的第一期半年期付款。最後，我們推進了治理和可持續發展舉措。

We made a step change in the advancement of our governance structure with the completion of the plan of arrangement to implement the sunset of the multiple voting rights attached to the Class A common shares. We also marked the 1-year anniversary of Teck becoming the first mining company globally to commit to the goal of becoming nature-positive by 2030 with a $10 million donation to the Chilean Nature Fund. This will help protect a critical global biodiversity area.

我們完成了A類普通股多重投票權取消安排計劃，治理結構取得了階段性變革。我們還向智利自然基金會捐贈了 1000 萬美元，以紀念泰克成為全球第一家致力於到 2030 年實現對自然有益的目標的礦業公司一周年。這將有助於保護重要的全球生物多樣性區域。

Since the launch of our Nature Positive program, I am particularly proud that Teck has helped conserve over 51,500 hectares, which is equivalent to 4.5x the size of the city of Vancouver. Further, we are pleased that Trail became the first stand-alone zinc processing site globally to be awarded the Zinc Mark based on 32 responsible production criteria, including GHG emissions, community health and respect for indigenous people's rights. And we were honored to be named one of Corporate Knights Best Corporate Citizens in Canada for the 17th consecutive year.

自我們的 Nature Positive 計劃啟動以來，我感到特別自豪的是，泰克資源已幫助保護了超過 51,500 公頃的土地，相當於溫哥華市面積的 4.5 倍。此外，我們很高興 Trail 成為全球第一個根據 32 項負責任的生產標準（包括溫室氣體排放、社區健康和尊重原住民權利）獲得鋅標誌的獨立鋅加工廠。我們很榮幸連續 17 年被評為加拿大企業騎士最佳企業公民之一。

Now looking at our progress at QB2 on Slide 5. As noted earlier, we achieved a major milestone at QB2 with the first shipment and sale of copper concentrate in the second quarter. Line 1 is operating well as per our expectations and Line 2 is now in commissioning. The concentrate pipeline, concentrate filter plant and storage systems at the port are now in operation.

現在看看我們在幻燈片 5 上 QB2 的進展。如前所述，我們在 QB2 上實現了一個重要里程碑，在第二季度首次發貨和銷售銅精礦。 1號線運行良好，符合我們的預期，2號線現已投入調試。港口精礦管道、精礦過濾廠和儲存系統現已投入運行。

Due to delays in construction and commissioning, we have updated our QB2 2023 production guidance to 80,000 to 100,000 tonnes, but continue to expect to be operating at full production rates by the end of the year. So total QB 2023 production guidance has been revised to 90,000 to 110,000 tonnes, which includes 10,000 tonnes of cathode. Our project capital cost guidance of USD 8 billion to USD 8.2 billion remains unchanged. And with that, I will hand it over to Crystal for additional color on the quarter.

由於建設和調試的延誤，我們已將 2023 年第二季度的產量指引更新為 80,000 至 100,000 噸，但仍預計到年底將滿負荷運行。因此，2023 年 QB 總產量指導值已修訂為 90,000 至 110,000 噸，其中包括 10,000 噸陰極。我們的項目資本成本指導為 80 億美元至 82 億美元，保持不變。有了這個，我將把它交給水晶，為該季度提供額外的顏色。

Thank you, Jonathan. I'm going to start on Slide 7 with our financial results for the quarter. As Jonathan noted, we delivered solid financial performance in the quarter, driven by robust commodity prices and steelmaking coal sales.

謝謝你，喬納森。我將從幻燈片 7 開始介紹我們本季度的財務業績。正如喬納森指出的那樣，在強勁的大宗商品價格和煉鋼煤炭銷售的推動下，我們在本季度實現了穩健的財務業績。

Overall, adjusted EBITDA was $1.5 billion, and adjusted profit attributable to shareholders was $643 million or $1.22 per share on a diluted basis. We paid $65 million in quarterly base dividends, completed $85 million in share buybacks and reduced our debt through the first semiannual repayment on our QB2 project finance facility of USD 147 million.

總體而言，調整後 EBITDA 為 15 億美元，調整後股東應占利潤為 6.43 億美元，或稀釋後每股 1.22 美元。我們支付了 6500 萬美元的季度基本股息，完成了 8500 萬美元的股票回購，並通過 QB2 項目融資額度的首次半年度償還 1.47 億美元減少了債務。

We've outlined the key drivers of our profitability on Slide 8. Adjusted EBITDA was $1.5 billion in the second quarter. Compared to the same period in 2022, the decrease was primarily driven by lower prices for our principal products, which were at historically high levels last year, particularly for steelmaking coal. Lower prices were partially offset by a weaker Canadian dollar.

我們在幻燈片 8 中概述了我們盈利能力的主要驅動因素。第二季度調整後的 EBITDA 為 15 億美元。與2022年同期相比，下降的主要原因是我們的主要產品價格下降，去年的價格處於歷史高位，特別是煉鋼用煤。加元走軟部分抵消了價格下跌的影響。

Lower copper sales volumes, continued inflationary pressures on our unit costs and the sale of Fort Hills also had a negative impact on our QB2 EBITDA compared to last year. Looking ahead, we remain highly focused on managing our controllable operating expenditures. While diesel and other fuel costs have materially declined from last year, we continue to experience inflationary pressures in the cost of key supplies, including mining equipment, tires and contractors.

與去年相比，銅銷量下降、單位成本持續通脹壓力以及 Fort Hills 的出售也對我們第二季度 EBITDA 產生了負面影響。展望未來，我們仍然高度關注管理可控運營支出。儘管柴油和其他燃料成本較去年大幅下降，但我們繼續面臨關鍵供應品成本的通脹壓力，包括採礦設備、輪胎和承包商。

Our underlying mining drivers remain relatively stable and the continued pressures on certain input costs are already reflected in our 2023 sustaining capital and annual unit cost guidance, which are unchanged. Looking now at each of our business units in more detail and starting with copper on Slide 9. Copper production of 64,000 tonnes was 10% lower than the same period last year, reflecting expected lower grades as well as unplanned maintenance at Highland Valley and reduced milling rates in response to cyclone impacts at Antamina.

我們的基本採礦驅動因素保持相對穩定，某些投入成本的持續壓力已經反映在我們的 2023 年持續資本和年度單位成本指導中，該指導保持不變。現在更詳細地審視我們的每個業務部門，從幻燈片 9 上的銅開始。銅產量為 64,000 噸，比去年同期下降 10%，反映出預期品位較低以及 Highland Valley 的計劃外維護和銑削減少安塔米納應對氣旋影響的速率。

Copper production in the second half of the year is expected to be strong, with our annual copper production guidance, excluding QB2 unchanged. Net cash unit costs were higher than the same quarter last year due to lower production and higher consumable costs, particularly for power as well as higher maintenance costs. We expect copper unit costs to be within our annual cost guidance range with higher production in the second half of the year.

預計下半年銅產量將強勁，我們的年度銅產量指引（不包括 QB2）保持不變。由於產量下降和消耗品成本上升（特別是電力成本）以及維護成本上升，淨現金單位成本高於去年同期。我們預計銅的單位成本將在我們的年度成本指導範圍內，下半年產量將會增加。

Importantly, we achieved the first sale of copper concentrate at QB2 in the quarter. Looking forward, as Jonathan mentioned earlier, Line 1 is operating well and Line 2 is in commissioning. We continue to expect to QB2 to reach full production rates by the end of 2023. However, recent changes to IFRS require us to recognize sales proceeds and related costs associated with products sold during ramp-up and commissioning through our earnings. Historically, we and others in the industry would have capitalized these amounts during ramp-up through to commercial production. We expect this change in accounting treatment to increase our unit operating costs for QB2 during ramp-up.

重要的是，我們在本季度以 QB2 實現了首次銅精礦銷售。展望未來，正如喬納森之前提到的，1號線運營良好，2號線正在調試中。我們仍然預計 QB2 將於 2023 年底達到滿產率。然而，國際財務報告準則的最新變化要求我們通過我們的收益確認與在產能增加和調試期間銷售的產品相關的銷售收入和相關成本。從歷史上看，我們和業內其他人會在商業生產的過程中將這些金額資本化。我們預計會計處理的這一變化將增加 QB2 在啟動期間的單位運營成本。

As a result, we do not anticipate generating significant gross profit from QB2 in the third quarter despite the expected ramp-up in production rates. As Jonathan noted earlier, we updated our full year production guidance for QB2 to 80,000 to 100,000 tonnes from 140,000 to 170,000 tonnes. As a result, our total annual copper guidance has been updated to 330,000 to 375,000 from 390,000 to 445,000 tonnes. Our previously disclosed QB2 production guidance for 2024 to 2026 is unchanged.

因此，儘管生產率預計會有所上升，但我們預計第三季度 QB2 不會產生顯著的毛利潤。正如喬納森早些時候指出的，我們將 QB2 的全年產量指導從 140,000 至 170,000 噸更新為 80,000 至 100,000 噸。因此，我們的年度銅產量指導總量已從 390,000 至 445,000 噸更新至 330,000 至 375,000 噸。我們之前披露的 2024 年至 2026 年 QB2 生產指引沒有變化。

Turning now to zinc on Slide 10. Red Dog zinc production of 134,000 tonnes decreased by 7% compared to last year as a result of lower grades as expected in the mine plan as well as reduced power system availability. Red Dog zinc production is expected to improve in the second half of the year.

現在轉向幻燈片 10 上的鋅。Red Dog 鋅產量為 134,000 噸，與去年相比下降了 7%，原因是礦山計劃中預期的品位較低以及電力系統可用性的降低。 Red Dog鋅產量預計下半年將有所改善。

At Trail, refined zinc production was impacted by the planned roaster shutdown and the commissioning of the automated circuit to produce zinc. Refined lead production was impacted by unplanned KIVCET boiler repairs.

Trail 的精煉鋅產量受到計劃中的焙燒爐停工和鋅生產自動化迴路的調試的影響。精煉鉛生產受到計劃外 KIVCET 鍋爐維修的影響。

Net cash unit costs were higher than the same period last year and above our annual guidance range for 2023, primarily due to the timing of sales. Our annual unit cost guidance for the year is unchanged. Red Dog shipping season commenced on July 4 and looking forward, we expect Red Dog zinc and concentrate sales of 240,000 to 280,000 tonnes in Q3, reflecting the normal seasonality of our sales.

淨現金單位成本高於去年同期，也高於我們 2023 年的年度指導範圍，這主要是由於銷售時機的原因。我們今年的年度單位成本指導保持不變。 Red Dog 運輸季節於 7 月 4 日開始，展望未來，我們預計第三季度 Red Dog 鋅和精礦銷量為 240,000 至 280,000 噸，反映了我們銷售的正常季節性。

For the full year, we have updated our guidance for lead production at Red Dog to 95,000 to 110,000 tonnes from 110,000 to 125,000 tonnes. As a result of our decision to advance the KIVCET boiler replacement at Trail from 2026 into 2024, we expect lower byproduct production and related profitability next year.

對於全年，我們將 Red Dog 鉛產量指引從 110,000 至 125,000 噸更新為 95,000 至 110,000 噸。由於我們決定將 Trail 的 KIVCET 鍋爐更換時間從 2026 年提前到 2024 年，因此我們預計明年副產品產量和相關盈利能力將會下降。

Turning now to Slide 11. Strong performance and cash flow generation from our high-margin steelmaking coal operations in the second quarter further reinforce the inherent value of this business. While prices decreased from all-time record highs in QB2 last year, they remain strong and significantly above the long-term average. Production of 5.8 million tonnes was 9% higher than the same period last year, reflecting the timing of maintenance outages and improvements in productivity and reliability, despite intermittent plant reliability challenges in the quarter.

現在轉向幻燈片 11。第二季度我們的高利潤煉鋼煤炭業務的強勁業績和現金流量進一步增強了該業務的內在價值。儘管價格較去年第二季度的歷史高位有所下降，但仍保持強勁並明顯高於長期平均水平。儘管本季度工廠可靠性面臨間歇性挑戰，但產量仍達到 580 萬噸，比去年同期增長 9%，反映出維護停運的時間以及生產率和可靠性的提高。

The logistics chain performed well during the second quarter, drawing down steelmaking coal inventories to low levels as anticipated. Second quarter sales volumes were 6.2 million tonnes, within our guidance range and similar to last year. We were pleased to enter into a long-term rail agreement with Canadian Pacific, Kansas City Limited to support the efficient movement of our high-quality, low emission steelmaking coal to global customers through 2026. We also announced jointly a unique collaboration to pioneer hydrogen locomotive technology which supports our climate action plan and the objective of achieving net 0 by 2050.

第二季度物流鍊錶現良好，將煉鋼煤炭庫存降至預期的低水平。第二季度銷量為 620 萬噸，在我們的指導範圍內，與去年相似。我們很高興與 Canadian Pacific, Kansas City Limited 簽訂長期鐵路協議，以支持到 2026 年將我們的優質、低排放煉鋼用煤高效運輸給全球客戶。我們還聯合宣布了一項獨特的合作，以開拓氫能支持我們的氣候行動計劃和到 2050 年實現淨零排放目標的機車技術。

Looking forward, we expect Q3 sales of 5.6 million to 6 million tonnes reflecting planned shutdowns at 2 of our operations and our low inventory levels. We expect slightly elevated transportation costs in the third quarter, reflecting the utilization of alternate port capacity to minimize the impact of the BC port worker strike in July. Nonetheless, we anticipate transportation costs to decline in the second half of the year due to lower demurrage costs.

展望未來，我們預計第三季度銷量為 560 萬噸至 600 萬噸，反映出我們計劃關閉 2 個工廠，且庫存水平較低。我們預計第三季度運輸成本將略有上升，反映出利用替代港口能力以盡量減少 7 月份 BC 省港口工人罷工的影響。儘管如此，由於滯期費降低，我們預計下半年運輸成本將下降。

As a result, our annual transportation cost guidance is unchanged. We expect our annual production to be at the lower end of our previously disclosed guidance range of 24 million to 26 million tonnes.

因此，我們的年度運輸成本指導保持不變。我們預計我們的年產量將處於之前披露的 2400 萬噸至 2600 萬噸指導範圍的下限。

Moving now to Slide 12. Our financial position remains strong. Our liquidity is currently $7 billion, including $1.7 billion of cash. In QB2, we purchased approximately 1.6 million Class B shares for $85 million and paid our quarterly base dividend of $0.125 per share. We also reduced our debt through the first semiannual repayment of USD 147 million on the QB2 project finance facility. We continue to maintain investment-grade credit ratings from S&P, Moody's and Fitch. 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.

現在轉到幻燈片 12。我們的財務狀況依然強勁。目前我們的流動性為 70 億美元，其中包括 17 億美元現金。在第二季度，我們以 8500 萬美元的價格購買了約 160 萬股 B 類股票，並支付了每股 0.125 美元的季度基本股息。我們還通過 QB2 項目融資貸款半年度償還 1.47 億美元減少了債務。我們繼續維持標準普爾、穆迪和惠譽的投資級信用評級。展望未來，根據我們的資本配置框架，我們仍然致力於平衡增長投資與向股東返還資本，同時保持強勁的資產負債表。

And with that, I'll turn it back over to Jonathan.

這樣，我會將其轉回給喬納森。

Thanks, Crystal. I would like to take a moment to touch on our progress on advancing our strategy to create value for shareholders. First and foremost, the Board and senior management remains focused on delivering the tremendous value inherent in our base metals and steelmaking coal businesses.

謝謝，水晶。我想花點時間談談我們在推進為股東創造價值的戰略方面取得的進展。首先也是最重要的是，董事會和高級管理層仍然專注於提供我們的基本金屬和煉鋼煤炭業務固有的巨大價值。

The exciting potential we see is a testament to the incredible work our teams have done to position each business for sustainable long-term success. The Board continues to evaluate paths to unlock the full potential of our unparalleled copper growth pipeline and creates significant value and opportunity for our shareholders and all stakeholders.

我們看到的令人興奮的潛力證明了我們的團隊為使每項業務取得可持續的長期成功所做的令人難以置信的工作。董事會繼續評估釋放我們無與倫比的銅增長管道的全部潛力的途徑，並為我們的股東和所有利益相關者創造巨大的價值和機會。

As previously announced, Teck continues to engage with a number of parties that have expressed interest in our steelmaking coal business. These expressions of interest demonstrate the broad recognition of the quality of Teck's high-margin, long-life steelmaking coal assets. The Board and special committee are pleased with the progress we have been making to date. As we continue to move through this comprehensive and competitive review, we are focused on arriving at an outcome that maximizes value for shareholders and ensures a sustainable future for the benefit of our employees, local communities and indigenous peoples.

正如之前宣布的那樣，泰克資源將繼續與對我們的煉鋼煤炭業務表示興趣的多個各方進行接觸。這些意向表明泰克資源的高利潤、長壽命煉鋼煤炭資產的質量得到了廣泛認可。董事會和特別委員會對我們迄今為止所取得的進展感到滿意。在我們繼續進行全面和競爭性審查的過程中，我們致力於實現股東價值最大化的結果，並確保為我們的員工、當地社區和原住民造福的可持續未來。

Our steelmaking coal business is best-in-class underpinned by a high-quality reserve base with top quartile margins and a record of free cash flow generation through various commodity cycles. This business is positioned to capitalize on the global supply gap from existing mine depletion and a lack of new projects coming into production. The core business fundamentals are robust. I highlight this only to underscore our commitment to delivering the right value for our highly profitable and resilient steelmaking coal operations. We will transact only if the benefits to our shareholders and other stakeholders are clear.

我們的煉鋼煤炭業務是一流的，其基礎是高質量的儲備基礎，具有最高的四分之一利潤率以及在各種商品週期中創造自由現金流的記錄。該業務旨在利用現有礦山枯竭和缺乏新投產項目造成的全球供應缺口。核心業務基礎穩健。我強調這一點只是為了強調我們致力於為我們的高利潤和有彈性的煉鋼煤炭業務提供正確的價值。只有當我們的股東和其他利益相關者的利益明確時，我們才會進行交易。

Now we don't intend to provide any other detail regarding the ongoing review at this time, but we'll continue to provide updates as appropriate.

目前，我們不打算提供有關正在進行的審核的任何其他詳細信息，但我們將繼續酌情提供更新。

So turning to Slide 15. Driving organic growth through development of our copper project pipeline remains critical to our value creation journey. As I mentioned earlier, we continue to ramp up our flagship QB2 project demonstrating its ability to operate consistently to plan and significantly accelerating our copper production profile.

因此，轉向幻燈片 15。通過開發我們的銅項目管道來推動有機增長對於我們的價值創造之旅仍然至關重要。正如我之前提到的，我們繼續加大我們的旗艦 QB2 項目的力度，展示其持續運營的能力，以規劃並顯著加快我們的銅產量。

Our pipeline of additional projects is full of high-quality assets in stable jurisdictions, and the portfolio is at an advanced state of readiness given our deliberate pre-investment. We have the opportunity to double copper production in the near term and double it again by the end of the decade to drive substantial new intrinsic value. But we will always remain disciplined in balancing the pursuit of growth with returning capital to investors in line with our capital allocation framework.

我們的其他項目管道充滿了穩定司法管轄區的優質資產，並且由於我們經過深思熟慮的預投資，該投資組合處於高級準備狀態。我們有機會在短期內將銅產量翻一番，並在本世紀末再次翻番，以推動大量新的內在價值。但我們將始終保持紀律，在追求增長與根據我們的資本配置框架向投資者返還資本之間取得平衡。

Now looking at our near-term copper projects in more detail on -- we have 5 significant near-term projects to drive additional copper-focused growth, all located in well-established mining juris. San Nicolas, QBME, Zafranal, NewRange and Galore Creek. These are diversified by jurisdiction and scale with all projects significantly less complex than QB2. In addition, they are forecasted to be low-cost operations and in many cases, already derisked through strategic partnerships. As I mentioned earlier, we significantly advanced these projects in the second quarter with the receipt of regulatory approval for Zafranal and close of the JV with Agnico Eagle and finalize the permit documentation for submission for San Nicolas.

現在更詳細地審視我們的近期銅項目——我們有 5 個重要的近期項目來推動以銅為重點的額外增長，所有這些項目都位於成熟的採礦法中。聖尼古拉斯、QBME、扎弗拉納爾、NewRange 和 Galore Creek。這些項目根據管轄範圍和規模而多樣化，所有項目的複雜性都明顯低於 QB2。此外，預計它們將是低成本運營，並且在許多情況下，已經通過戰略合作夥伴關係消除了風險。正如我之前提到的，我們在第二季度顯著推進了這些項目，Zafranal 獲得了監管部門的批准，與 Agnico Eagle 的合資企業結束，並最終確定了聖尼古拉斯提交的許可證文件。

On Slide 17, Teck is pursuing an active portfolio management approach to our growth pipeline, maximizing optionality and value. With numerous sanction windows within the next 3 years, we'll be in a position to drive substantial additional growth from these development projects before the end of the decade.

在幻燈片 17 中，泰克資源正在對我們的增長渠道採取積極的投資組合管理方法，最大限度地提高選擇性和價值。憑藉未來三年內的眾多製裁窗口，我們將能夠在本十年結束之前推動這些開發項目的大幅額外增長。

For each of these projects, we have significant work underway to advance development, including resource definition, engineering and design and permitting and [social] engagement. We are progressing projects towards the earliest possible sanction date. We have derisked product delivery financially and operationally through a partnership approach, such as our approach for the development of QB.

對於每個項目，我們都正在進行大量工作來推進開發，包括資源定義、工程和設計以及許可和[社會]參與。我們正在推進項目，爭取儘早實現制裁日期。我們通過合作夥伴方式（例如我們開發 QB 的方法）在財務和運營上降低了產品交付的風險。

It is important to note that this is an unconstrained view of our copper growth. In prioritizing our growth options, we will consider multiple investment criteria, including financial returns, balance sheet capacity and financing options, project readiness, project development capacity and the social, political and environmental context.

值得注意的是，這是我們對銅增長的不受限制的看法。在優先考慮我們的增長選擇時，我們將考慮多種投資標準，包括財務回報、資產負債表能力和融資選擇、項目準備情況、項目開發能力以及社會、政治和環境背景。

Importantly, each of these projects will have to compete for capital with the rest of the business and demonstrate and generate strong returns. While permitting is a major gating factor in determining potential sanction dates, we are largely in control of project timing. We will continue to apply our disciplined capital allocation framework that balances growth with returns to shareholders. Overall, Teck's copper growth pipeline is well positioned to maximize optionality and value.

重要的是，這些項目中的每一個都必須與其他業務競爭資本，並展示和產生豐厚的回報。雖然許可是確定潛在製裁日期的主要控制因素，但我們在很大程度上控制著項目時間。我們將繼續應用嚴格的資本配置框架，以平衡增長與股東回報。總體而言，泰克資源的銅生長管道處於有利地位，可以最大限度地提高選擇性和價值。

In closing, on Slide 18, I want to reiterate our objective to responsibly create value for shareholders. That is my job, first and foremost. And if there is 1 conclusion that I hope our shareholders will take away from this call, it is that everything we do at Teck is designed to further that goal of responsible value creation. This is our North Star as we explore a range of options to unlock the full potential of our world-class base metals business and evaluate any transaction for our high-margin steelmaking coal business. It is also our focus as we continue to execute against our copper growth strategy while continuing to balance growth with cash returns to shareholders. And we remain strongly committed to our purpose and values and to being a responsible corporate actor with good business practices. We are steadfast in our belief that behaving responsibly and thoughtfully enhances value.

最後，在幻燈片 18 上，我想重申我們的目標：負責任地為股東創造價值。這首先是我的工作。如果我希望我們的股東從這次電話會議中得出一個結論，那就是我們在泰克所做的一切都是為了進一步實現負責任的價值創造這一目標。這是我們的北極星，因為我們正在探索一系列選擇，以釋放我們世界​​級基本金屬業務的全部潛力，並評估我們高利潤煉鋼煤炭業務的任何交易。這也是我們繼續執行銅增長戰略、同時繼續平衡增長與股東現金回報的重點。我們仍然堅定地致力於我們的宗旨和價值觀，並致力於成為具有良好商業實踐的負責任的企業參與者。我們堅信，負責任且深思熟慮的行為可以提升價值。

Operating the right way makes Teck a partner of choice minimizes disruptions to our operations and opens new opportunities for our company and our stakeholders. Teck is a fantastic company with an incredibly bright future. There is undoubtedly more work to do, and we remain both confident and excited about the potential for Teck in the future.

以正確的方式運營使泰克成為首選合作夥伴，最大限度地減少對我們運營的干擾，並為我們的公司和利益相關者帶來新的機會。泰克是一家出色的公司，擁有令人難以置信的光明未來。毫無疑問，還有更多的工作要做，我們對泰克未來的潛力仍然充滿信心和興奮。

Thank you. Operator, please open the line for questions.

謝謝。接線員，請開通提問線路。

(Operator Instructions) The first question is from Orest Wowkodaw with Scotiabank.

（操作員說明）第一個問題來自豐業銀行的 Orest Wowkodaw。

I was wondering if we can get some more color on the QB2 progress. We saw you disclosed production of only 3,000 tonnes in Q2, yet the comment was made in the presentation that Line 1 is operating well per expectations. Can you give us an update on what the status of Line 1 is and sort of what the issues have been?

我想知道我們是否可以對 QB2 的進展有更多的了解。我們看到你們披露的第二季度產量僅為 3,000 噸，但在演示中卻評論說 1 號線運行良好，符合預期。您能否向我們介紹 1 號線的最新狀態以及出現的問題？

Yes. Thanks very much for the question, Orest. I'm going to hand that over to Red.

是的。非常感謝您的提問，奧雷斯特。我要把它交給 Red。

Orest. We've had some delays in construction and commissioning in the second quarter that we've addressed; things like the required rework, some adjustments and modifications not uncommon. And as you know, we've been building and commissioning this thing all along with the thought in mind of long-term reliable performance. So we've addressed things rather than patch them.

奧雷斯特。我們已經解決了第二季度施工和調試方面的一些延誤問題；諸如所需的返工、一些調整和修改之類的事情並不罕見。如您所知，我們一直在構建和調試此產品時始終考慮到長期可靠的性能。所以我們解決了問題而不是修補它們。

And so now that we've got actually up and running strong in June and sending concentrate down to the port, getting it filtered, getting it off to market, we have all of those things in place now. And those adjustments and modifications that we made on Line 1 have all been made on Line 2. So we're commissioning Line 2 now with the full knowledge of everything that we addressed on Line 1, and that is going very smooth, very positive for us. So we're in a situation now where the second half of the year, the productions are going to be heavier weighted towards the fourth quarter than the third quarter. But very confident that we'll be at full production rates by the end of the year.

因此，現在我們已經在 6 月真正啟動並運行強勁，並將濃縮物運送到港口，進行過濾，然後投放市場，我們現在所有這些事情都已就位。我們在 1 號線上所做的調整和修改都在 2 號線上進行了。因此，我們現在正在調試 2 號線，充分了解我們在 1 號線上解決的所有問題，進展非常順利，對我們。因此，我們現在面臨的情況是，今年下半年，第四季度的生產比重將比第三季度更大。但我們非常有信心在今年年底前達到滿負荷生產。

Just on that Red, can you give us an idea of where throughput is right now on Line 1 in terms of tonnes per day?

就紅色而言，您能否向我們介紹一下 1 號線目前的吞吐量（每天噸數）？

Yes. No, we've hit design capacities for periods of time. So as you commission all of this equipment like the concentrate pipeline and the filter plant, we have to adjust throughput as we're commissioning those components. We don't have a lot of storage space either at altitude or at the port. So the throttle as we commission these other components is throughput, but when everything is wide open and running it, it runs very strong according to design, and we're very excited about the performance plan.

是的。不，我們已經達到設計能力一段時間了。因此，當您調試所有這些設備（例如濃縮物管道和過濾設備）時，我們必須在調試這些組件時調整吞吐量。無論是在高空還是在港口，我們都沒有太多的存儲空間。因此，當我們委託這些其他組件時，節流閥是吞吐量，但是當一切都完全開放並運行它時，它根據設計運行得非常強勁，我們對性能計劃感到非常興奮。

These adjustments that we made in the second quarter, not uncommon, there were no fatal flaws, everything was sized appropriately, and powered appropriately. So those are all significant checks for us that give us the confidence that this thing will perform as designed. We've seen it for periods of time performing as designed. And as we get everything else commissioned, you'll just have more and more of those days strong together, and that's how our forecast is built.

我們在第二季度所做的這些調整併不少見，沒有致命的缺陷，一切都大小合適，動力也合適。因此，這些對我們來說都是重要的檢查，讓我們有信心這個東西會按設計運行。我們已經看到它按設計運行一段時間了。當我們把其他一切都投入使用時，你將會有越來越多的日子在一起，這就是我們的預測的建立方式。

And just finally, Red, what gives you the confidence, though, that -- I mean, since things are delayed and you've cut guidance for this year, what gives you the confidence of the 2024 guidance which I assume it's the low end of that 3-year of 285,000 tonnes. Like are you seeing any constraints that will impact the ramp-up next year?

最後，Red，是什麼給了你信心——我的意思是，由於事情被推遲了，而且你已經削減了今年的指導，是什麼給了你對 2024 年指導的信心，我認為這是低端的其中 3 年產量為 285,000 噸。您是否看到任何會影響明年增長的限制？

No, not at all. If we did see constraints for us, we'd be flagging those, signaling those. Again, I want to repeat the plant is very well designed. It performs as designed. We've made a lot of adjustments that are for the long-term benefit of the operation. We're not patching things or leaving things to be modified in the future where we identified them in the second quarter, addressed them and the run of Line 1 in June and July indicates that all of that is very strong, very sound, very solid.

一點都不。如果我們確實看到了限制，我們就會標記這些限制，並發出信號。我想再次重申，該工廠設計得非常好。它按照設計執行。我們做了很多調整，都是為了運營的長期利益。我們不會修補問題或讓未來進行修改，我們在第二季度發現了這些問題，解決了這些問題，6 月和 7 月 1 號線的運行表明，所有這些都非常強大、非常健全、非常可靠。

Yes. Thanks, Red. And Orest, just to reiterate, overall, the reduction in guidance that we've communicated today is due to delays in construction and commissioning, not ramp-up. It's that, that gives us the confidence that we will achieve full rates of production before the end of this year. And that, again, is why we don't expect any impact or carryover into 2024 and why we've retained that guidance.

是的。謝謝，紅。奧雷斯特，我想重申一下，總體而言，我們今天傳達的指導意見的減少是由於施工和調試的延遲，而不是產能的增加。正是這一點讓我們有信心在今年年底前實現滿負荷生產。這也是我們預計 2024 年不會產生任何影響或延續的原因，也是我們保留這一指導的原因。

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

下一個問題來自摩根士丹利的卡洛斯·德阿爾巴。

Just on QB2, also -- when do you expect the operation to turn profitable given everything that was discussed in the previous question?

就 QB2 而言，考慮到上一個問題中討論的所有內容，您預計該業務何時能夠盈利？

Yes, Carlos, thanks very much for that question. I'll turn that one over to Crystal, please.

是的，卡洛斯，非常感謝你提出這個問題。請我把那一份轉給克里斯托。

Carlos, thanks for the question. I think as we've indicated, as a result of the change in accounting treatment where we have to record the results through our earnings right from sort of get go rather than waiting until we've achieved commercial production has an impact on the profitability. We haven't really commented on or guided to what that may look like. I think we do expect QB2 to be up to those full production rates by the end of the year and expect to be generating free cash flow into 2024, but that accounting treatment is really going to preclude us from generating substantial profitability in 2023.

卡洛斯，謝謝你的提問。我認為，正如我們所指出的，由於會計處理方式的變化，我們必須從一開始就通過我們的收益來記錄結果，而不是等到我們實現商業生產，這會對盈利能力產生影響。我們還沒有真正評論或指導它可能是什麼樣子。我認為我們確實預計 QB2 將在今年年底前達到完全生產率，並預計在 2024 年之前產生自由現金流，但這種會計處理確實會妨礙我們在 2023 年產生可觀的盈利能力。

Understood. Crystal. And so on the expansion of QB2 now, the mill expansion, given the recent changes that haven't become law yet, but might become law soon that increased the tax royalty for copper operations in Chile. Have you now under this new paradigm, this new scenario analyzed the possibility of moving ahead with this operation or with this expansion. I'm not so sure and if you could remind us, that would be great if the tax stability agreement that you have for QB2 also applies to this expansion or it doesn't?

明白了。水晶。鑑於最近的變化尚未成為法律，但現在可能會成為增加智利銅業務特許權使用費的法律，因此 QB2 的擴張、工廠的擴張。您現在是否在這個新範式下，這個新場景分析了繼續進行此操作或擴展的可能性。我不太確定，如果您能提醒我們，如果 QB2 的稅收穩定協議也適用於此次擴張，那就太好了，或者不適用？

Yes, good question, Carlos. We assume that the bill that's been announced will be passed into law. And therefore, of course, we've modeled the impact on that across all of our operations and future projects in Chile.

是的，好問題，卡洛斯。我們假設已宣布的法案將被通過成為法律。因此，當然，我們已經對我們在智利的所有業務和未來項目的影響進行了建模。

We have a stability agreement in place at Carmen de Andacollo, which runs through to 2027. And as you know, we have a 15-year stability agreement for QB2. Now the design for the QB Mill Expansion or QBME is designed to be an expansion of QB2, not a separate project. And for that reason, we think it should achieve the same tax stability protection as QB2. That will ultimately be definitively tested through our engagement with government.

我們在 Carmen de Andacollo 簽訂了一份穩定協議，該協議將持續到 2027 年。如您所知，我們為 QB2 簽訂了一份為期 15 年的穩定協議。現在，QB Mill Expansion 或 QBME 的設計是 QB2 的擴展，而不是一個單獨的項目。出於這個原因，我們認為它應該實現與 QB2 相同的稅收穩定性保護。這最終將通過我們與政府的接觸得到明確的檢驗。

But either way, Carlos, as we look at the economics of QBME with or without the stability agreement, it looks attractive. Of course, it looks more attractive if we have the cover of that agreement. And that's something we're working through now. The permit application that we submitted in the first quarter of this year for QBME is running along very well. And we've had questions and queries from the relevant authorities that we've reverted on, and we see that moving along exactly as we would expect. So very pleased with progress there so far.

但卡洛斯，無論哪種方式，當我們審視有或沒有穩定協議的 QBME 的經濟學時，它看起來都很有吸引力。當然，如果我們有該協議的封面，看起來會更有吸引力。這就是我們現在正在努力解決的問題。我們今年第一季度向 QBME 提交的許可證申請進展順利。我們已經回復了有關當局的問題和疑問，我們看到事情的進展完全符合我們的預期。到目前為止，我們對進展非常滿意。

And if I may squeeze just 1 more on QB2. Any comments on the port and jetty and when would you expect that part of the project to be ready for you to ship the concentrate out of the country?

如果我可以在 QB2 上再擠 1 塊的話。對港口和碼頭有什麼評論嗎？您預計該項目的這一部分何時準備好，以便您將精礦運出該國？

Yes. Let me pass that one back to Red.

是的。讓我把這個傳回給 Red。

Yes. Carlos, first of all, just a nod to our marketing and logistics team. They've got a great set of alternate programs for us to truck concentrate out of the port. We've already proved that up. It's working well. And so we've got a strong sales mechanism in place in the interim. The Jetty work is progressing. We're wrestling away this construction project from the Wild Pacific Ocean and it's been quite an interesting project for all of us to work, we're making progress and should be shipping concentrate out of our own port facility by the end of the year.

是的。卡洛斯，首先，我向我們的營銷和物流團隊致意。他們為我們提供了一套很棒的替代方案，可以用卡車將精礦運出港口。我們已經證明了這一點。運作良好。因此，我們在此期間建立了強大的銷售機制。碼頭工作正在取得進展。我們正在從狂野的太平洋上爭取這個建設項目，這對我們所有人來說都是一個非常有趣的項目，我們正在取得進展，應該在今年年底前將濃縮物從我們自己的港口設施中運出。

Next question is from Lucas Pipes with B. Riley Securities.

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

Jonathan, I really appreciated your comments on the strategic side earlier today. And I know there is a process, but I just wondered if you could maybe frame up preference on the steelmaking coal side, a partial sale, where would that fit in strategically, would that solve the objectives that you've laid out?

喬納森，我非常感謝您今天早些時候在戰略方面的評論。我知道有一個過程，但我只是想知道您是否可以在煉鋼煤炭方面製定優先權，部分出售，這在戰略上適合哪裡，這會解決您制定的目標嗎？

Yes. Thanks for the question, Lucas. As we said previously, we were looking for a separation here of coal from the metals business, something that would be considered simpler and more direct. We have a range of parties engaged right now who have expressed interest in the steelmaking coal business. And of course, they have a range of proposed transactions that they're bringing forward. It's a good confirmation, as I mentioned before, of the value of that business.

是的。謝謝你的提問，盧卡斯。正如我們之前所說，我們正在尋求將煤炭與金屬業務分開，這將被認為更簡單、更直接。我們目前有一系列參與方都表達了對煉鋼煤炭業務的興趣。當然，他們正在提出一系列擬議的交易。正如我之前提到的，這是對該業務價值的一個很好的確認。

And it's great that we have a competitive process that's running into course here. Our focus will be to maximize value for shareholders, of course, while also ensuring a sustainable future for the benefit of employees, communities, indigenous groups, et cetera. There will be a range of considerations that we have to bring to the table here as we make those decisions to ensure we are taking care of all of those stakeholder groups appropriately. And that is something that we're working through right now. So we have deliberately sought to keep a very open mind here with respect to what will create the greatest value. We do that through the lens of the perspectives of our shareholders, and we look forward to speaking to them again in the coming days, post the quarter, and I'm sure we'll learn more about their views in that regard.

很高興我們有一個正在這裡運行的競爭流程。當然，我們的重點是為股東創造最大價值，同時確保員工、社區、土著群體等利益的可持續未來。在做出這些決定時，我們必須考慮一系列因素，以確保我們適當地照顧所有這些利益相關者群體。這就是我們現在正在努力解決的問題。因此，我們特意尋求對創造最大價值的事物保持非常開放的態度。我們從股東的角度來做到這一點，我們期待在未來幾天再次與他們交談，發布季度報告，我相信我們會更多地了解他們在這方面的觀點。

But look, we're working very diligently through this process. I don't want to say anything now to sort of prejudge or preempt what the outcome might be. We'll take the time to get this right and do the very best we can for our shareholders, but needless to say, we're not sitting on our hands, and we're progressing this as quickly as we can.

但是看，我們在這個過程中非常努力地工作。我現在不想說什麼來預先判斷或先發製人可能的結果。我們將花時間把這件事做好，並為我們的股東盡最大努力，但不用說，我們不會袖手旁觀，我們正在盡快取得進展。

Thank you very much for that perspective. I have a market-related question on the coking coal side, is Real on the call as well.

非常感謝您的觀點。我有一個關於煉焦煤方面的市場相關問題，Real 也參加了電話會議。

Yes, Lucas. I mean we made a change, as you know, recently in the organization; Real, after many, many, many years of phenomenal contribution here at Teck seeked retirement. And we appointed Ian Anderson as our new Chief Commercial Officer.

是的，盧卡斯。我的意思是，正如你所知，我們最近在組織中做出了改變；雷亞爾在泰克公司做出了許多、許多、許多年的傑出貢獻後，尋求退休。我們任命伊恩·安德森 (Ian Anderson) 為新任首席商務官。

But Real is on the line, and I'm sure we'd love to talk to you about the current status and outlook for the met coal market. So Real with that, over to you, please.

但 Real 已上線，我相信我們很樂意與您討論冶金煤炭市場的現狀和前景。真的，請交給你。

I will miss your comments very much, and I wish you all the best in your retirement.

我會非常想念你的評論，祝你退休後一切順利。

Well, thanks, bunch, Lucas, we appreciate your comments. So just to give you a short insight into our outlook for steelmaking coal. I guess, at a high level, if you look at the demand side, this is what is happening with coal production, hot metal production is up 60 million tonnes when you compare it to 2019, pre-pandemic.

嗯，謝謝，盧卡斯，我們感謝您的評論。只是為了讓您簡要了解我們對煉鋼煤炭的前景。我想，從高水平來看，如果你從需求​​方面來看，煤炭生產正在發生這種情況，與2019年大流行前相比，鐵水產量增加了6000萬噸。

And when you do the same comparison for coal from the key exporters, it's actually down 35 million tonnes. So that kind of puts in perspective the level of tightness that we're seeing in the market. Now more specifically steel prices are improving compared to the lows of last year. That's in response to better demand from various sectors.

當你對主要出口國的煤炭進行同樣的比較時，你會發現實際上減少了​​ 3500 萬噸。因此，這可以讓我們正確地了解我們在市場上看到的緊張程度。更具體地說，與去年的低點相比，鋼材價格正在上漲。這是為了響應各個行業更好的需求。

We are seeing some indications from China as well, and we are looking at policies to support the economy. In India, steel production is also continuing to increase towards the government's target of reaching 300 million tonnes of installed capacity by 2030, 2031. And then on the coal supply side, supply is still struggling. It's still down compared to last year. That's the fourth consecutive year of reduction in terms of seaborne exports. So it remains overall a tight market. And as a result, pricing is continuing to be substantially above the long-term average going back to 2010.

我們也看到了來自中國的一些跡象，我們正在研究支持經濟的政策。在印度，鋼鐵產量也在持續增長，以實現政府到2030年、2031年裝機容量達到3億噸的目標。而在煤炭供應方面，供應仍然陷入困境。與去年相比仍然有所下降。這是海運出口連續第四年減少。因此，總體而言，市場仍然緊張。因此，定價繼續大幅高於 2010 年以來的長期平均水平。

Real, I really appreciate that, and I hope you keep an eye on the coking coal markets even after October, again, best of luck in retirement.

真的，我真的很感激，我希望您即使在十月之後也能繼續關注煉焦煤市場，再次祝您退休好運。

Thanks a bunch, Lucas.

非常感謝，盧卡斯。

The next question is from Liam Fitzpatrick with Deutsche Bank.

下一個問題來自德意志銀行的利亞姆·菲茨帕特里克。

Just 1 quick 1 from myself. Just on the EVR sale process. I appreciate it's difficult to give much color, but there's a lot of interest in this at the moment. In terms of timing, is it your hope or your expectation that before the next set of numbers in October that we could get a fuller update in terms of your next steps on this business.

只是我自己的 1 快 1。只是關於 EVR 銷售流程。我知道很難給出太多的色彩，但目前人們對此很感興趣。就時間而言，您希望或期望在 10 月份的下一組數據之前，我們可以得到有關您對該業務的後續步驟的更全面的更新信息。

Yes. Thanks for the question, Liam. We are working on this very actively. Right now, we're engaged with multiple counterparties, as you would imagine, there's a detailed data room and due diligence process that's working its way through, which we will run to its conclusion.

是的。謝謝你的提問，利亞姆。我們正在非常積極地致力於此。目前，我們正在與多個交易對手進行合作，正如您所想像的那樣，有一個詳細的數據室和盡職調查流程正在進行中，我們將得出結論。

As I said before, we're not sort of sitting on our hands here. We're taking a very active and diligent approach to moving this forward as quickly as we can, but also ensuring that we take time as we need it to deliver the best outcome here for shareholders and stakeholders. So I won't commit right now to timing, Liam, because, of course, that's also a function of the counterparties on the other side of this process. But suffice to say, we've been very active and continue to be very active in this work.

正如我之前所說，我們不會袖手旁觀。我們正在採取非常積極和勤奮的方法，盡快推動這一進程，同時確保我們在需要時花時間為股東和利益相關者提供最佳結果。因此，利亞姆，我現在不會承諾時間安排，因為當然，這也是該流程另一方交易對手的職能。但可以說，我們在這項工作中一直非常積極，並將繼續非常積極。

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

下一個問題來自美國銀行證券公司的勞森·溫德。

Jonathan, Red, Crystal and hello Real, and also congratulations on your retirement. I just wanted to hopefully ask a follow-up on the coal separation again. Just based on your conversations with potential interested minority interest, is it getting to the point where the minority interest could actually add up to a majority stake in coal?

喬納森、雷德、克麗絲特爾，你們好，雷亞爾，也祝賀你們退休。我只是想再次詢問煤炭分離的後續情況。僅根據您與潛在感興趣的少數股東的對話，少數股東實際上是否可以加起來成為煤炭的多數股權？

Yes. Thanks for the question, Lawson. There is a lot of interest, whether that's for the whole of the business or for components of the business. As you know, previously, with the transaction we announced earlier in the year for separation, Nippon Steel, we're active and keen at that point in time with respect to their interest. Again, there are a number of structures that we're looking at here and a number of different forms of transaction that we will have to compare and trade off against one another.

是的。謝謝你的提問，勞森。無論是對整個業務還是對業務的組成部分，都有很多興趣。如您所知，此前，隨著我們在今年早些時候宣布的分離新日鐵的交易，我們當時對他們的利益表現出積極和熱衷。同樣，我們在這裡研究了多種結構以及多種不同形式的交易，我們必須對它們進行相互比較和權衡。

I'm not going to preempt that now by sort of commenting on what will be more or less attractive because, of course, there's far more to it than just evaluation, as you know, in these circumstances, the allocation of risk and there's the long-term implications for the business beyond the transaction, all of which we have to be cognizant of in the decision-making process. But suffice to say, there is significant interest and it's broad-based in terms of where that interest is coming from.

我現在不會通過評論什麼會更具吸引力或更少吸引力來搶占先機，因為當然，這不僅僅是評估，正如你所知，在這種情況下，風險的分配以及交易之外對業務的長期影響，我們在決策過程中必須認識到所有這些影響。但可以說，人們有很大的興趣，而且就興趣的來源而言，興趣是廣泛的。

Okay. And then maybe just my follow-up would be on Chile. So you've highlighted again that the QBME feasibility study is expected to be completed in the second half. And so my question that would be, would you expect that to be released with Q3 '23 results? And then assuming the economics are as compelling as you currently believe they are, is the regulatory environment in Chile. Are you sufficiently comfortable with that to move ahead, whether or not you have the same tax benefits as the existing agreement with QB2.

好的。然後也許我的後續行動就是關於智利。所以您再次強調QBME可行性研究預計將在下半年完成。所以我的問題是，您是否期望該結果與 23 年第三季度的結果一起發布？然後假設經濟狀況如您目前所認為的那樣引人注目，那就是智利的監管環境。無論您是否享有與 QB2 現有協議相同的稅收優惠，您對此是否足夠滿意並繼續前進。

Yes, Lawson, we are working through the completion of that feasibility study, which we hope to have done in the second half of this year. So -- it certainly will be done by the end of the year. In parallel, of course, we need to get the permit or the amendment to the existing permit to allow us to construct this project. So those 2 things are outstanding before we would make any sanction decision. I'm actually going to hand over to Amparo just to give you a bit of a lay of the land with respect to the regulatory environment right now. Amparo is our Vice President covering South America. At the highest level, I would just say we're pretty comfortable with it based on what we see. But let me invite Amparo to add some color to that.

是的，勞森，我們正在努力完成可行性研究，我們希望在今年下半年完成。所以——這肯定會在今年年底完成。當然，與此同時，我們需要獲得許可證或對現有許可證的修改，以便我們能夠建設這個項目。因此，在我們做出任何制裁決定之前，這兩件事都是突出的。實際上，我將把工作交給 Amparo，只是為了讓您了解目前監管環境的一些情況。安帕羅是我們負責南美業務的副總裁。在最高層面上，我只想說，根據我們所看到的情況，我們對此感到非常滿意。但讓我邀請安帕羅為這一點增添一些色彩。

Okay. Good morning, everybody. And yes, as Jonathan said, the regulatory process of the DIA, which is Declaration of Impact study is growing underway. The process has been smooth. We are now preparing the second round of answers. So we don't foresee any issues impacting the approval of that DIA.

好的。大家早上好。是的，正如喬納森所說，DIA 的監管流程，即影響研究宣言，正在不斷推進。過程很順利。我們現在正在準備第二輪答案。因此，我們預計不會出現任何影響 DIA 批准的問題。

The next question is from Chris LaFemina with Jefferies.

下一個問題來自 Jefferies 的 Chris LaFemina。

I have actually a couple of questions on QB2. One is just maybe more of an accounting question. In the -- so the CapEx budget or guidance for the project is unchanged at $18.2 billion. In your investing activities table in the earnings release, you showed QB2 project CapEx and you showed the ramp-up CapEx. Does the CapEx for the project include the ramp-up CapEx. That's my first question.

我實際上有幾個關於 QB2 的問題。其中一個可能更多的是一個會計問題。因此，該項目的資本支出預算或指導保持在 182 億美元不變。在收益發布的投資活動表中，您顯示了 QB2 項目資本支出，並顯示了上升資本支出。項目的資本支出是否包括提升資本支出。這是我的第一個問題。

Crystal, that is one for you.

水晶，那是適合你的。

Yes. Thanks Jonathan. Thank you, Chris. There is a portion of project capital that is related to ramp-up, but that separate bucket of capital that we've categorized there is really in relation to the accounting treatment and how we have to look at those costs that we're incurring during that sort of commissioning phase and breaking those out between what goes into inventory versus what goes into cost of sales and what should continue to go into capital.

是的。謝謝喬納森。謝謝你，克里斯。項目資本的一部分與產能擴張有關，但我們分類的那部分單獨的資本實際上與會計處理以及我們如何看待我們在項目期間產生的成本有關。這種調試階段，並在哪些進入庫存、哪些進入銷售成本以及哪些應該繼續進入資本之間進行劃分。

So those aren't included in the project piece. But when we develop that project capital budget, there is obviously some capital associated with ramp-up that was built into that. But this is really in relation to the accounting treatment.

所以這些不包含在項目部分中。但是，當我們制定項目資本預算時，顯然有一些與增加相關的資本被納入其中。但這確實與會計處理有關。

Okay. So the ramp up CapEx, I mean, obviously, we're very close to commissioning. But if the ramp-up takes longer than you expect today, ramp up CapEx would obviously continue to rise. But we should not look at that as being additive to the project CapEx. In other words, that's just basically pre-commercial production operating costs that are being capitalized...(44:41)

好的。因此，資本支出的增加，我的意思是，顯然，我們非常接近調試。但如果提升所需的時間比您今天預期的時間長，那麼提升資本支出顯然會繼續上升。但我們不應將其視為項目資本支出的補充。換句話說，這基本上只是商業化前的生產運營成本，正在資本化......(44:41)

That's -- yes, that's the right way to think about it. And we don't guide to that number, but I don't expect that number to be substantially higher than what we've incurred already given, as you know, we're largely through the ramp-up phase.

那是——是的，這是正確的思考方式。我們不會提供這個數字，但我預計這個數字不會比我們已經發生的數字高很多，正如你所知，我們基本上已經度過了加速階段。

Got it. I'm sorry, I wasn't sure exactly how that worked. My second question is if we look at QB2 in its entirety, and we consider the delays in some of the CapEx increases over the life of the project. With the project -- assuming that you hit all your targets going forward in terms of production, operating cost and CapEx going forward, would it meet your hurdle rate based on your capital price assumptions? Or do you need the mill expansion now, which is obviously a much higher returning project, for the project in its entirety to actually meet your hurdle rate. So does QB2 in and of itself meet your hurdle rate based on what you've built so far and will you expect to happen going forward?

知道了。抱歉，我不確定它到底是如何工作的。我的第二個問題是，我們是否從整體上看待 QB2，並考慮項目生命週期中一些資本支出增加的延遲。對於該項目，假設您在生產、運營成本和資本支出方面實現了所有目標，它是否能滿足基於您的資本價格假設的最低預期回報率？或者您現在是否需要工廠擴建，這顯然是一個回報率更高的項目，以使整個項目真正滿足您的最低要求。那麼，根據您迄今為止所構建的內容，QB2 本身是否滿足您的最低門檻，以及您預計未來會發生什麼？

Yes. Thanks, Chris. Of course, one of the major changes that occurred since we started building the project is the long-term outlook for copper prices. When this was sanctioned and based on the returns we communicated at the time we were using $3.15 for the long-term copper price here.

是的。謝謝，克里斯。當然，自我們開始建設該項目以來發生的重大變化之一是銅價的長期前景。當這一點被批准時，根據我們當時傳達的回報，我們使用 3.15 美元作為長期銅價。

Now there's a range of views as to what that price should be in the future, but I think everybody recognizes that, that wouldn't be sufficient to incentivize the capacity that we're going to need to even go some way to filling the expected gap between supply and demand a few years out.

現在對於未來的價格應該是多少有各種各樣的觀點，但我認為每個人都認識到，這不足以激勵我們甚至需要以某種方式來滿足預期的產能幾年後供需缺口。

So that's a long way of saying, if you look at the additional CapEx that we've incurred, if you factor in some inflation in unit costs, which we, of course, have communicated as we updated our own unit costs for the market, you can still get a very strong return on QB2 using quite a reasonable copper price. So the answer is yes. But in addition to seeing inflation in operating costs, exceedances in CapEx, you have to adjust the copper price assumption commensurately to go with that. But it is still a project that looks good in its own right and doesn't require the mill expansion to make the economics work.

所以，如果你看看我們產生的額外資本支出，如果你考慮到單位成本的一些通貨膨脹，那麼這就是一個很長的說法，當然，我們在更新市場單位成本時已經傳達了這一點，使用相當合理的銅價，您仍然可以獲得 QB2 非常強勁的回報。所以答案是肯定的。但除了運營成本上漲、資本支出超額之外，您還必須相應調整銅價假設以與之相適應。但這仍然是一個本身看起來不錯的項目，不需要擴建工廠來實現經濟效益。

The next question is from Bryce Adams with CIBC.

下一個問題來自 CIBC 的布萊斯·亞當斯 (Bryce Adams)。

I wanted to ask on NewRange listed as a copper growth opportunity on a few slides. So just an update on the permitting process. I think the water permit was revoked in May, but was that an air permit as well? A rundown on the permits that would be appreciated.

我想詢問幾張幻燈片上將 NewRange 列為銅增長機會的問題。所以只是關於許可流程的更新。我認為水許可證在五月份被吊銷了，但這也是航空許可證嗎？許可證的概要，我們將不勝感激。

And then if permitting is a current hurdle, should NewRange be moved from a near-term to a longer-term opportunity?

那麼，如果許可是當前的障礙，NewRange 是否應該從近期機會轉向長期機會？

Yes. Thanks for that, Bryce, I'm going to hand you over to Tyler Mitchelson, who's our SVP of Copper Growth and of course, is very close to that situation with the permit that you're referring to.

是的。謝謝你，布萊斯，我將把你交給泰勒·米切爾森，他是我們的銅增長高級副總裁，當然，他非常接近你提到的許可證的情況。

Thanks for the question. Yes, the 404 permit was the wetland permit, which is essentially the water discharge permit and it was being contested in court. And in the end, we got the decision in May that, that was revoked by the Army Corps of Engineers.

謝謝你的提問。是的，404許可證是濕地許可證，本質上是排污許可證，並且正在法庭上受到爭議。最終，我們在五月份做出了決定，陸軍工程兵團撤銷了該決定。

So right now, taking a bit of a step back to understand what is the pathway forward to get that permit reinstated. So there's multiple approach to that, including engagement with stakeholders, particularly the First Nations groups there as well as the EPA and the Army Corps of Engineering and state and federal regulators to understand what is our pathway forward from that. So we don't have the definitive answer, but it is a critical permit for us to be able to move forward with the project.

因此，現在退後一步，了解恢復許可證的前進途徑是什麼。因此，有多種方法可以解決這個問題，包括與利益相關者，特別是那裡的原住民團體以及美國環保署和陸軍工程兵團以及州和聯邦監管機構進行接觸，以了解我們的前進道路。所以我們沒有明確的答案，但這是我們能夠推進該項目的關鍵許可。

So putting it all together, do you think that it would be -- that asset could be in production this decade? Or is it going to the next decade?

因此，將所有這些放在一起，您認為該資產可以在本十年內投入生產嗎？還是會持續到下一個十年？

Very difficult to say at this point in time. As this, as stated by a number of people, this is a bit unprecedented in the U.S. to actually revoke a permit in the context of no violations to the permit conditions or anything. We're in a bit of uncharted territory right now. So over the next few months, we're going to work through what is the pathway forward, and we'll be able to have a much better sense for what the timeline is on the project.

目前很難說。因此，正如一些人所說，在沒有違反許可證條件或其他任何情況的情況下，實際撤銷許可證在美國有點史無前例。我們現在正處於一個未知的領域。因此，在接下來的幾個月中，我們將研究前進的道路，並且我們將能夠更好地了解該項目的時間表。

Okay. And sorry if I was...

好的。抱歉，如果我...

No, I was just going to say, Bryce, I mean I think similar to many of the projects we have. And this is common across every operator in the industry is that the permitting piece is one of the greatest uncertainties that to a certain extent is beyond our control. It's an advantage, therefore, to have multiple projects because of those time lines, as you identify, we're therefore very happy to have the Zafranal permit in hand. We will submit the permit for San Nicolas shortly.

不，我只是想說，布萊斯，我的意思是我的想法與我們的許多項目類似。業內每個運營商的共同點是，許可是最大的不確定因素之一，在某種程度上超出了我們的控制範圍。因此，由於時間限制，擁有多個項目是一個優勢，正如您所指出的，因此我們非常高興擁有 Zafranal 許可證。我們將很快提交聖尼古拉斯的許可證。

And of course, we have the QBME permit in Trail, as Amparo described and is moving along well. Ultimately, even with permits in hand, we still then have to look at how we optimize the development of capital in such a way that it leaves space for return to shareholders and that we're directing the organization's project capacity, project construction capacity and those things that will generate the highest returns. So just having a permit per se does not necessarily guarantee that any project would be the first cab off the rank because we will always take a portfolio perspective to the way we deliver the greatest value.

當然，正如 Amparo 所描述的那樣，我們在 Trail 擁有 QBME 許可證，並且進展順利。最終，即使有了許可，我們還是要考慮如何優化資本的發展，為股東留下回報的空間，並引導組織的項目能力、項目建設能力和這些能力。會產生最高回報的事情。因此，僅僅擁有許可證本身並不一定能保證任何項目都會成為第一個項目，因為我們始終會從投資組合的角度來看待我們提供最大價值的方式。

Okay. Maybe just a last one, a follow-up on these projects. But on that waterfall chart in Slide 15, how do you see -- like when you're preparing that chart, which one you put on the left, is that like the most probable project to be advanced? Or is it just more random?

好的。也許只是最後一個，這些項目的後續。但是在幻燈片 15 中的瀑布圖上，您如何看待 - 就像當您準備該圖表時，您將哪一個放在左側，這是否是最有可能推進的項目？或者只是更隨機？

Yes. I mean I wouldn't read into it necessarily in that first phase where you see those 5 projects of San Nick, QB Mill Expansions, Zafranal, et cetera, because, of course, Zafranal is the 1 where we have a permit, but it's Zafranal we're redoing feasibility and we've got some engineering to be done.

是的。我的意思是，在第一階段，我不一定會讀到它，你會看到 San Nick、QB Mill Expansions、Zafranal 等 5 個項目，因為，當然，Zafranal 是我們擁有許可證的第一個項目，但它是Zafranal，我們正在重新進行可行性研究，並且還有一些工程需要完成。

San Nicolas, we haven't yet put in the application for the permit and QB Mill Expansion, of course, we're somewhere between the 2. So I wouldn't read into that too definitively in terms of the sequence in which these things happen. The point we're trying to communicate here is all of these things are in the mix in what we would call the near term here from a project development capability and delivery. And we will look at that on a portfolio basis across some of the range of factors I referenced in my remarks earlier.

聖尼古拉斯，我們還沒有申請許可證和 QB 工廠擴建，當然，我們介於兩者之間。所以我不會太明確地解讀這些事情的順序發生。我們在這裡試圖傳達的一點是，所有這些事情都混合在一起，我們稱之為項目開發能力和交付的近期內容。我們將在投資組合的基礎上考慮我之前在講話中提到的一些因素。

But it's a great position to be in because of the risk of things like permitting, having multiple projects here that we can accept one moving back in time because there'll be others that still exist in that close timeframe gives us the option to continue to invest in growth, whereas if we were a single project operator or even a 2-project operator, that might be a very difficult thing to achieve.

但這是一個很好的位置，因為存在諸如許可之類的風險，這裡有多個項目，我們可以接受一個回到過去的項目，因為在那個接近的時間範圍內仍然存在其他項目，這使我們可以選擇繼續投資於增長，而如果我們是單個項目運營商，甚至是兩個項目運營商，這可能是一件非常難以實現的事情。

The next question is from Timna Tanners with Wolfe Research.

下一個問題來自沃爾夫研究公司的 Timna Tanners。

I wanted to follow up on that last question, just to understand Slide 16 on those cash costs. If you could just remind us when they were last updated and if it wasn't that recently, like what you think they might look like roughly, if you were to update them just high level?

我想跟進最後一個問題，只是為了了解幻燈片 16 中有關現金成本的內容。如果您能提醒我們它們上次更新的時間，如果不是最近，就像您認為它們可能看起來大概的樣子，如果您只是高級別更新它們？

Yes. Thanks, Timna. Tyler, do you want to comment on those?

是的。謝謝，蒂姆納。泰勒，你想對此發表評論嗎？

Yes, those cash costs, they are from the most recent studies that we have done. Now some of those are dated. And as we're moving through, as Jonathan saying, we're moving through feasibility updates and for the majority of these projects, and we'll update those as we complete the final feasibility numbers. But as noted, you are seeing inflationary impacts across the board. So we anticipate those will go up, but I can't tell you what they are at this point in time. But we'll have much better information as we work through the feasibility and the study process and update.

是的，這些現金成本來自我們最近所做的研究。現在其中一些已經過時了。正如喬納森所說，隨著我們的進展，我們正在對大多數項目進行可行性更新，我們將在完成最終可行性數據後更新這些項目。但如前所述，您會看到全面的通脹影響。因此，我們預計這些數字將會上升，但我目前無法告訴您具體數字。但是，當我們完成可行性、研究過程和更新時，我們將獲得更好的信息。

Okay. Fair enough. And other question is just for Crystal. I wanted you to touch base on the working capital just because it continues to see pretty high inventories. And just I'm assuming, of course, that has to do with the QB2 ramp-up. But how do we think about the cadence of that normalizing because the working capital use haven't reversed as much as we might have expected. So any timing guidance there would be great.

好的。很公平。其他問題只針對水晶。我希望您了解一下營運資金，因為庫存仍然很高。當然，我只是假設這與 QB2 的提升有關。但我們如何看待這種正常化的節奏，因為營運資金的使用並沒有像我們預期的那樣逆轉。因此，任何時間指導都會很棒。

Thanks, Timna, for your question. You're correct. There is a build in working capital in relation to QB. So I think you can expect that to come down over time thought the rest of the year.

謝謝蒂姆納的提問。你是對的。 QB 的營運資金有所增加。因此，我認為您可以預期，隨著時間的推移，今年剩餘時間這一數字將會下降。

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萊斯先生做總結髮言。

Thank you, and thanks to everyone for joining us today. As ever, if you need further details or context here, please reach out to the IR team. They will be very happy to help. And we look forward to seeing you all soon. So thank you very much, and have a good day.

謝謝你們，也感謝大家今天加入我們。與以往一樣，如果您需要此處的更多詳細信息或背景信息，請聯繫 IR 團隊。他們會很樂意提供幫助。我們期待很快見到大家。非常感謝您，祝您有美好的一天。

This concludes today's conference call. You may disconnect your lines. Thank you. 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。謝謝。感謝您的參與，祝您度過愉快的一天。