Teck Resources Ltd (TECK) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Teck's Fourth Quarter 2023 Earnings Release Conference Call. (Operator Instructions) This conference call is being recorded on Thursday, February 22, 2024.

女士們先生們，謝謝你們的支持。歡迎參加泰克資源 2023 年第四季財報發布電話會議。 （操作員說明）本次電話會議於 2024 年 2 月 22 日星期四錄製。

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

我現在想將電話會議轉交給投資者關係和策略分析高級副總裁弗雷澤·菲利普斯 (Fraser Phillips)。請繼續。

Thanks, Ariel. Good morning, everyone, and thank you for joining us for Teck's Fourth 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，阿里爾。大家早安，感謝您參加泰克資源 2023 年第四季電話會議。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。請參閱投影片 2 以了解我們前瞻性陳述的假設。

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 in the latest press release on our website. Jonathan Price, our CEO, will begin today's call with highlights from our fourth quarter and full year results. Crystal Prystai, our CFO, will follow with additional color on the quarter. Jonathan will then conclude today's session with a brief update on our key priorities and copper growth strategy, which will be followed by a Q&A session.

此外，我們將在整個電話會議中參考各種非公認會計準則衡量標準。有關這些措施的解釋和調節可以在我們網站上最新新聞稿中的 MD&A 中找到。我們的執行長喬納森·普萊斯 (Jonathan Price) 將在今天的電話會議中介紹我們第四季度和全年業績的重點內容。我們的財務長 Crystal Prystai 隨後將對該季度進行更多介紹。喬納森將在今天的會議結束時簡要介紹我們的主要優先事項和銅成長策略，隨後將進行問答環節。

With that, I will 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. So starting on Slide 4. We had a strong fourth quarter performance across our business. We advanced the ramp-up of our QB operation, resulting in Teck's highest ever quarterly copper production. Adjusted EBITDA of $1.7 billion in Q4 and $6.4 billion for the year reflects robust prices for steelmaking coal and copper as well as high-end steelmaking coal sales volumes. Over the course of the year, strong profitability allowed us to return a total of $765 million to shareholders by paying $515 million in dividends and completing $250 million in share buybacks, while continuing to strengthen our balance sheet through the repayment of USD 294 million of the QB2 project finance facility.

謝謝弗雷澤，大家早安。從幻燈片 4 開始。第四季我們的業務表現強勁。我們推進了 QB 運營的提升，使 Teck 的銅季度產量達到了歷史最高水平。第四季調整後 EBITDA 為 17 億美元，全年調整後 EBITDA 為 64 億美元，反映了煉鋼煤炭和銅的強勁價格以及高端煉鋼煤炭銷售。在這一年中，強勁的獲利能力使我們能夠透過支付5.15 億美元的股息和完成2.5 億美元的股票回購，向股東返還總計7.65 億美元，同時透過償還2.94 億美元的股東權益繼續強化我們的資產負債表。 QB2 專案融資便利。

In addition, the Board has approved the payment of our quarterly base dividend of $0.125 per share on March 28. And following the receipt of USD 1.3 billion in proceeds on closing of the minority sales stake in our steelmaking coal business to Nippon Steel in January, the Board has authorized up to a $500 million share buyback. This extends our track record of strong cash returns to shareholders with nearly $4 billion returned through the last 5 years.

此外，董事會還於 3 月 28 日批准支付每股 0.125 美元的季度基本股息。在 1 月向新日鐵公司出售煉鋼煤炭業務的少數股權後收到 13 億美元的收益後，董事會已授權最多5 億美元的股票回購。這延續了我們向股東提供強勁現金回報的記錄，過去 5 年回報了近 40 億美元。

Now turning to our 2023 highlights on Slide 5. 2023 was a transformational year for Teck, as we continue to advance each of the 4 pillars of our value creation strategy. In addition to the strong EBITDA we delivered, we reported higher copper production and sales than the previous year, driven by the addition of QB operations. We also produced 23.7 million tonnes of steelmaking coal, above guidance and higher than the previous year.

現在轉向幻燈片 5 上的 2023 年亮點。2023 年對泰克資源來說是轉型的一年，我們將繼續推進價值創造策略的四大支柱。除了我們交付的強勁 EBITDA 之外，我們還報告稱，在 QB 業務增加的推動下，銅產量和銷售量均高於去年。我們也生產了 2,370 萬噸煉鋼煤，高於指引值並高於去年。

As we progress the full sale of the steelmaking coal business, we were pleased to announce the closing of the sale of a minority interest in EVR to Nippon Steel and POSCO on January 3. We progressed the ramp-up of our QB operations and advance the path to value for our industry-leading copper growth pipeline through joint partnerships with San Nicolás and NewRange Copper Nickel and the receipt of regulatory approval for Zafranal.

隨著我們全面出售煉鋼煤炭業務，我們很高興地宣布，已於 1 月 3 日完成向新日鐵和浦項製鐵出售 EVR 少數股權。透過與San Nicolás 和NewRange Copper Nickel 的聯合合作以及Zafranal獲得監管部門的批准，我們行業領先的銅生長管道實現了價值之路。

As mentioned earlier, we returned significant cash to shareholders in 2023, paying $515 million in dividends as well as completing the $250 million share buyback, acting opportunistically to utilize available free cash flow. Importantly, we have maintained a strong financial position with $7.9 billion of liquidity, including $2.5 billion in cash as of February 21.

如前所述，我們在 2023 年向股東返還了大量現金，支付了 5.15 億美元的股息，並完成了 2.5 億美元的股票回購，伺機利用可用的自由現金流。重要的是，截至 2 月 21 日，我們保持了強勁的財務狀況，擁有 79 億美元的流動性，其中包括 25 億美元的現金。

We continue to strive for sustainability leadership and make steady progress against our sustainability goals. Our reported high potential incident frequency for the full year 2023 remained low at a rate of 0.14. We've made a significant move in modernizing our governance structure by introducing the sunset clause for the dual-class share structure.

我們持續努力爭取永續發展領導地位，並在實現永續發展目標方面穩步取得進展。我們報告的 2023 年全年高潛在事件頻率仍然較低，為 0.14。透過引入雙層股權結構的日落條款，我們在治理結構現代化方面邁出了重大一步。

We're proud that all Teck-operated base metals operations have been awarded to Copper Mark or to Zinc Mark, and we've been named to the S&P Dow Jones Sustainability Index for the 14th consecutive year.

我們感到自豪的是，Teck 運營的所有基本金屬業務均獲得銅標誌或鋅標誌，並且我們已連續 14 年入選標準普爾道瓊斯可持續發展指數。

So turning to QB on Slide 6. We remain focused on achieving reliable and consistent operations at QB. However, production was lower than planned in the fourth quarter. Routine ramp-up activities continued along with planned maintenance shutdowns through the first quarter, and we have had multiple periods of operating at or above design throughput capacity. Throughout 2024, we expect to see progressively stronger production from QB and expect full year copper in concentrate production to be between 230,000 and 275,000 tonnes.

因此轉向幻燈片 6 上的 QB。我們仍然專注於在 QB 實現可靠且一致的運營。然而，第四季度的產量低於計劃。在第一季度，例行的產能提升活動以及計劃的維護停工仍在繼續，並且我們已經多次以達到或超過設計吞吐量的水平運行。在整個 2024 年，我們預計 QB 的產量將逐步增強，全年銅精礦產量將在 23 萬噸至 27.5 萬噸之間。

On the construction side, by the end of 2023, the molybdenum plant was substantially complete and commissioning is currently well underway. All in-water works at the ports have been successfully concluded, materially derisking our remaining construction. We are on track to finalize the construction of the offshore facilities at the port by the end of the first quarter, and ramp-up of the moly plant is expected to be completed by the end of the second quarter.

施工方面，到2023年底，鉬廠基本完工，目前調試工作正在順利進行中。港口的所有水下工程均已順利完成，大大消除了我們剩餘施工的風險。我們預計在第一季末完成港口海上設施的建設，預計鉬廠的產能提升將在第二季末完成。

As we look ahead, our QB2 project capital guidance of USD 8.6 billion to USD 8.8 billion remains in place. Our guidance for QB net cash costs is USD 1.95 to USD 2.25 per pound in 2024. QB unit costs are expected to remain elevated this year, particularly in the first half, and this is driven by the cost of alternative logistics, no molybdenum production in the first quarter as the plant is being commissioned, continued ramp-up and inflationary pressures, including increased Chilean energy costs. We will provide additional unit cost guidance when QB achieve steady-state operational performance.

展望未來，我們的 QB2 專案資本指引為 86 億美元至 88 億美元仍然有效。我們對2024 年QB 淨現金成本的指導為每磅1.95 美元至2.25 美元。今年QB 單位成本預計將保持在較高水平，特別是在上半年，這是由替代物流成本驅動的，因為2024 年沒有鉬生產。第一季度，隨著該工廠的投產，持續的產能提升和通膨壓力，包括智利能源成本的增加。當 QB 實現穩態營運績效時，我們將提供額外的單位成本指引。

And I will now hand it over to Crystal for additional color on the quarter.

現在，我將把它交給水晶，為該季度提供額外的顏色。

Thanks, Jonathan. Good morning, everyone, joining us today on the call. I'm going to start with the key drivers for our financial performance on Slide 8. Adjusted EBITDA in the fourth quarter increased compared to the same period last year, primarily driven by higher steelmaking coal sales volumes, which were partially offset by lower steelmaking coal and zinc prices as well as higher unit costs across our operations, including elevated costs at QB as production ramp-up continues. We continue to experience inflationary pressures in the cost of key supplies, including mining equipment and tires and labor and contractors as well as higher energy costs in Chile and changing diesel prices.

謝謝，喬納森。大家早安，今天就加入我們的電話會議。我將首先從幻燈片8 中我們財務業績的關鍵驅動因素開始。第四季度調整後EBITDA 與去年同期相比有所增加，主要是由於煉鋼煤炭銷量增加，而煉鋼煤炭銷量下降部分抵消了這一增長。鋅價格以及我們整個營運單位成本的上升，包括隨著產量的持續增加，QB 的成本上升。我們繼續面臨關鍵供應成本的通膨壓力，包括採礦設備、輪胎、勞動力和承包商，以及智利能源成本上漲和柴油價格變化。

These inflationary pressures impacted our unit cost in 2023, and we expect this to continue into 2024. As such, we have reflected inflation in our sustaining capital expenditures and our full year unit cost guidance ranges for 2024, which are unchanged. Our underlying mining drivers remain relatively stable, and we continue to be highly focused on managing our controllable operating expenditures. Our 2024 annual guidance that we disclosed in January is unchanged across our business.

這些通膨壓力影響了我們2023 年的單位成本，我們預計這種情況將持續到2024 年。因此，我們已在持續資本支出和2024 年全年單位成本指導範圍中反映了通貨膨脹，該指導範圍保持不變。我們的潛在採礦驅動力保持相對穩定，我們繼續高度專注於管理我們可控的營運支出。我們在 1 月披露的 2024 年年度指引在整個業務中沒有變化。

Now turning to each of our business units in more detail, and starting with copper on Slide 9. We achieved record copper production in the fourth quarter, which was 58% higher than last year. This increase was driven by the ramp-up of QB operations, adding 34,300 tonnes of copper in concentrate production, higher production from Highland Valley Copper as a result of increased mill throughput and higher production from Antamina due to higher grades.

現在更詳細地討論我們的每個業務部門，從幻燈片 9 上的銅開始。我們在第四季度實現了創紀錄的銅產量，比去年增加了 58%。這一成長是由 QB 業務的成長推動的，精礦產量增加了 34,300 噸銅，高地谷銅礦因工廠吞吐量增加而產量增加，安塔米納因品位提高而產量增加。

Cost of sales was higher year-over-year, primarily due to the inclusion of QB operations in the year with costs elevated as production ramp-up continued in the fourth quarter. As a result, gross profit before depreciation and amortization decreased compared to the prior year.

銷售成本同比較高，主要是由於今年納入了 QB 業務，隨著第四季度產量持續增加，成本上升。因此，折舊及攤銷前毛利較上年下降。

On the sustainability front, we are pleased to announce that our QB and Carmen de Andacollo operations were awarded to Copper Mark in recognition of their environmentally and socially responsible operating practices, joining Highland Valley, which was awarded to Copper Mark back in March of 2022.

在永續發展方面，我們很高興地宣布，我們的QB 和Carmen de Andacollo 業務被授予Copper Mark，以表彰其對環境和社會負責的營運實踐，加入Highland Valley 業務，後者於2022 年3 月被授予Copper Mark。

Looking ahead, copper production is expected to significantly increase in 2024 to between 465,000 to 540,000 tonnes as we expect increased production at QB and at Highland Valley Copper. Copper net cash unit costs are expected to be higher than 2023 as we incorporate QB costs, which are expected to be elevated in 2024, particularly in the first half of the year as ramp-up continues. We also faced ongoing inflationary impacts on the cost of certain key supplies, including mining equipment, tires, labor and contractors.

展望未來，由於我們預計 QB 和 Highland Valley Copper 的產量將增加，預計 2024 年銅產量將大幅增加至 465,000 至 540,000 噸。由於我們將 QB 成本納入考慮，銅淨現金單位成本預計將高於 2023 年，預計 2024 年 QB 成本將上升，特別是隨著產能持續增加，在今年上半年。我們也面臨對某些關鍵供應品成本的持續通膨影響，包括採礦設備、輪胎、勞動力和承包商。

Moving now to our zinc business on Slide 10. Despite lower year-over-year zinc prices, profitability in our zinc business unit was higher in the fourth quarter compared to a year ago. At Red Dog, zinc production increased by almost 30% and lead production increased by 41% from a year ago, both of which were driven by increased mill throughput and improved grades.

現在轉向幻燈片 10 上的鋅業務。儘管鋅價同比下降，但我們鋅業務部門在第四季度的盈利能力仍高於去年同期。 Red Dog 的鋅產量較上年同期增長了近 30%，鉛產量增長了 41%，這兩者均受到工廠產量增加和品位提高的推動。

We also saw improved results from our Trail operations as it returned to full production rates and benefited from higher contracted zinc premiums. These increases were largely offset by the 18% decrease in realized zinc prices and higher operating costs at our Red Dog operations, primarily due to higher energy costs. Increased operating costs at our Trail operations and at Red Dog were more than offset by substantially lower royalty costs at Red Dog.

我們也看到 Trail 業務的業績有所改善，因為它恢復了滿載生產，並受益於更高的合約鋅溢價。這些成長在很大程度上被實際鋅價下降 18% 以及我們的紅狗業務營運成本上升（主要是由於能源成本上升）所抵消。我們 Trail 業務和 Red Dog 營運成本的增加被 Red Dog 特許權使用費大幅降低所抵銷。

We were pleased to announce that Red Dog was awarded to Zinc Mark in recognition of its strong environmental and social performance, continuing to demonstrate our sustainability leadership. As we look forward, Red Dog zinc in concentrate sales are expected to be between 70,000 and 85,000 tonnes in the first quarter, reflecting normal seasonality of sales. Total zinc in concentrate production is expected to be between 565,000 and 630,000 tonnes in 2024.

我們很高興地宣布，Red Dog 被授予 Zinc Mark，以表彰其強大的環境和社會績效，繼續展示我們的永續發展領導力。我們預計，第一季 Red Dog 鋅精礦銷售量預計在 70,000 至 85,000 噸之間，反映了正常的銷售季節性。預計 2024 年鋅精礦總產量將在 56.5 萬噸至 63 萬噸之間。

Over the next 3 years, production is expected to decrease due to declining grades at Red Dog. Refined zinc production at Trail is expected to increase in 2024 as a result of improved concentrate availability. The KIVCET boiler replacement will impact our lead circuit in the second quarter of 2024, but is expected to have minimal impact on our zinc circuit. Zinc net cash unit costs in 2024 are expected to be higher than 2023 due to the ongoing inflationary impacts on the costs incurred certain key supplies, as noted previously.

未來 3 年，由於 Red Dog 的品級下降，產量預計將減少。由於精礦供應量的提高，Trail 的精煉鋅產量預計將在 2024 年增加。 KIVCET 鍋爐更換將在 2024 年第二季影響我們的主迴路，但預計對我們的鋅迴路影響最小。如前所述，由於持續的通貨膨脹對某些關鍵供應的成本產生影響，預計 2024 年的鋅淨現金單位成本將高於 2023 年。

Turning now to steelmaking coal on Slide 11. Gross profit before depreciation and amortization increased to $1.35 billion compared to just over $1 billion a year ago, primarily due to higher sales volumes and partially offset by lower steelmaking coal prices. While our realized prices in the quarter were 3% lower than the strong fourth quarter pricing last year, pricing remains robust and well above historical averages. Overall, plant reliability and performance were strong in the quarter, supported by improved plant availability at all sites and leading to production of 6.4 million tonnes in the quarter.

現在轉向幻燈片11 上的煉鋼煤。折舊和攤銷前的毛利從一年前的略高於10 億美元增至13.5 億美元，這主要是由於銷量增加，但部分被煉鋼煤價格下降所抵消。雖然我們本季的實際價格比去年第四季的強勁定價低 3%，但定價仍然強勁，遠高於歷史平均水平。總體而言，在所有工廠的工廠可用性提高的支持下，本季工廠的可靠性和性能表現強勁，導致本季度產量達到 640 萬噸。

Fourth quarter sales volume of 6.1 million tonnes were driven by the strong production rates and supported by logistics performance with the fourth quarter of 2022 impacted by a 2-month outage at our Elkview operations and extreme weather conditions. Adjusted site cash cost of sales per tonne of $100 was higher than the last year due to lower capitalized stripping at Elkview when compared to the fourth quarter of 2022.

第四季的銷售量為 610 萬噸，這得益於強勁的生產力和物流績效的支持，2022 年第四季受到我們的 Elkview 營運兩個月的停運和極端天氣條件的影響。由於與 2022 年第四季相比，Elkview 的資本剝離較低，調整後的每噸現場現金銷售成本為 100 美元，高於去年。

We were pleased to announce an agreement with shipping company, Oldendorff Carriers, to use wind propulsion technology intended to reduce CO2 emissions in shipping vessels and reduce Scope 3 emissions in our steelmaking coal supply chain, consistent with our focus on sustainability.

我們很高興地宣布與航運公司Oldendorff Carriers 達成協議，使用風力推進技術來減少航運船舶的二氧化碳排放，並減少我們煉鋼煤炭供應鏈中的範圍3 排放，這與我們對永續發展的關注相一致。

As we look at the year ahead, steelmaking coal sales are expected to be between 5.9 million tonnes to 6.3 million tonnes in the first quarter. Production is expected to be between 24 million tonnes and 26 million tonnes in 2024 and to remain at these levels throughout 2025 to 2027. We expect ongoing inflationary cost impacts on certain key supplies to persist into 2024, which will impact adjusted site cash cost of sales per tonne and is reflected in our guidance.

展望未來一年，預計第一季煉鋼用煤銷量將在590萬噸至630萬噸之間。預計2024 年產量將在2,400 萬噸至2,600 萬噸之間，並在2025 年至2027 年期間保持在這些水準。我們預計某些關鍵供應的持續通膨成本影響將持續到2024 年，這將影響調整後的現場現金銷售成本每噸並反映在我們的指導中。

Turning to Slide 12 and our capital allocation framework. Overall, our priority is to have a disciplined approach to the deployment of capital guided by our capital allocation framework. We aim to balance our growth with cash returns to shareholders while maintaining a strong balance sheet through the cycle. And I believe we can strike the right level of growth and returns to shareholders by consistently following this framework.

轉向投影片 12 和我們的資本配置架構。總體而言，我們的首要任務是在我們的資本配置框架的指導下採取嚴格的資本部署方法。我們的目標是在成長與股東現金回報之間取得平衡，同時在整個週期中保持強勁的資產負債表。我相信，透過始終遵循這個框架，我們可以實現適當的成長水準並為股東帶來回報。

We expect a meaningful decrease in our capital expenditures in 2024 with a reduction in committed growth capital as outlined on Slide 13. We expect a reduction in total capital expenditures of approximately $1.2 billion in 2024, as we see a significant step-down in QB2 development capital as the project nears completion. We will see a slight increase in sustaining capital as we complete the KIVCET boiler repairs at Trail and reach peak capital spending for the Elkview administration and maintenance complex project in our steelmaking coal business.

我們預計 2024 年的資本支出將大幅減少，承諾成長資本也會減少，如投影片 13 所示。我們預計 2024 年資本支出總額將減少約 12 億美元，因為我們看到 QB2 開發將大幅放緩項目接近完成時的資本。隨著我們完成 Trail 的 KIVCET 鍋爐維修，以及我們煉鋼煤炭業務的 Elkview 管理和維護綜合體項目的資本支出達到峰值，我們將看到維持資本略有增加。

Capitalized stripping costs in 2024 are expected to decrease from the peak in 2023. In 2024, growth capital, excluding QB2, will be prioritized on copper growth projects, particularly for HVC mine life extension, San Nicolás and Zafranal. As we have previously disclosed, we do not expect to make a sanction decision on any growth projects in 2024, and we are focused on advancing these near-term projects for possible sanctioning in 2025. Both projects are required to deliver an attractive risk-adjusted return and will compete for capital in line with our capital allocation framework.

預計 2024 年的資本化剝採成本將較 2023 年的峰值有所下降。2024 年，成長資本（不包括 QB2）將優先用於銅成長項目，特別是 HVC 礦山延長壽命、San Nicolás 和 Zafranal。正如我們之前所揭露的，我們預計不會在2024 年對任何成長項目做出製裁決定，我們的重點是推進這些近期項目，以便在2025 年可能獲得制裁。這兩個項目都需要提供有吸引力的風險調整後的回報回報並將根據我們的資本配置框架爭奪資本。

Turning now to our strong balance sheet and shareholder returns on Slide 14. As Jonathan mentioned earlier, we are in a strong financial position with $7.9 billion in liquidity, including $2.5 billion in cash. We ended the year with a net-debt-to-adjusted EBITDA ratio of 1.1x and we remain focused on maintaining our investment-grade credit metrics.

現在轉向幻燈片 14 上我們強勁的資產負債表和股東回報。正如喬納森之前提到的，我們的財務狀況強勁，擁有 79 億美元的流動性，其中包括 25 億美元的現金。截至年底，我們的淨債務與調整後 EBITDA 比率為 1.1 倍，並且我們仍然致力於維持我們的投資等級信用指標。

Over the last 5 years, we have completed $2.5 billion in share buybacks and paid dividends totaling $1.4 billion, demonstrating our commitment to balancing growth with returns to shareholders. The Board has approved further cash returns to shareholders this quarter, approving the quarterly base dividend of $0.125 per share, payable on March 28. And after receiving cash proceeds of USD 1.3 billion from the closing of the minority sale of our steelmaking coal business to NSC, the Board has approved -- has authorized a share buyback of up to $500 million.

在過去 5 年裡，我們完成了 25 億美元的股票回購，並支付了總計 14 億美元的股息，體現了我們平衡成長與股東回報的承諾。董事會已批准本季向股東進一步現金回報，批准每股0.125 美元的季度基本股息，將於3 月28 日支付。在完成向NSC 出售我們的煉鋼煤炭業務的少數股權後，獲得了13 億美元的現金收益，董事會已批准——已授權回購最多 5 億美元的股票。

Our capital allocation framework will inform how the Board will consider the proceeds from the sale of the steelmaking coal business, as outlined on Slide 15. In total, we are expecting to receive USD 9.6 billion in cash proceeds, which includes 100% of the steelmaking coal cash flows until the transaction closes, which is expected to be no later than Q3 of this year. As we have already noted, USD 1.3 billion was received from NSC in early January, with up to $500 million to be returned to shareholders via share buyback.

我們的資本配置框架將告知董事會將如何考慮出售煉鋼煤炭業務的收益，如幻燈片15 所示。總的來說，我們預計將獲得96 億美元的現金收益，其中包括100% 的煉鋼煤炭業務煤炭現金流將持續至交易完成，預計最晚於今年第三季完成。正如我們已經指出的，一月初從 NSC 收到了 13 億美元，其中高達 5 億美元將透過股票回購返還給股東。

With the remaining proceeds to be received, we will assess opportunities to reduce our gross debt and maintain or improve our credit metrics through the cycle, ensuring that we do that economically. We will also retain additional cash on the balance sheet to fund our near-term copper growth opportunities and generate strong returns. We will pay our cash income tax payments in respect of the 2022 and 2023 fiscal years, which total just over CAD 1.2 billion at the end of February of this year. And we will pay transaction-related taxes of approximately USD 750 million in early 2025.

利用剩餘的收益，我們將評估減少總債務並在整個週期中維持或改善我們的信用指標的機會，確保我們以經濟的方式做到這一點。我們還將在資產負債表上保留額外的現金，為我們的近期銅成長機會提供資金並產生強勁的回報。我們將繳納2022、2023財年的現金所得稅，截至今年2月底，總額略高於12億加幣。到2025年初，我們將繳納約7.5億美元的交易相關稅金。

And finally, as we've previously stated, we expect a significant return to shareholders. The Board will determine the amount, form and timing of these returns, which will be in addition to the $500 million buyback authorized by the Board in relation to the NSC proceeds. Overall, the significant cash proceeds from this transaction will strengthen our balance sheet and ensure we are well capitalized to unlock the full potential of our base metals business while delivering significant returns to shareholders.

最後，正如我們之前所說，我們期望為股東帶來可觀的回報。董事會將決定這些回報的金額、形式和時間，這將不包括董事會授權的與 NSC 收益相關的 5 億美元回購。整體而言，此交易的大量現金收益將增強我們的資產負債表，並確保我們擁有充足的資本來釋放基本金屬業務的全部潛力，同時為股東帶來可觀的回報。

I'll now turn the call back over to Jonathan.

我現在將把電話轉回給喬納森。

Thanks, Crystal. So turning to Slide 17 and our key priorities in 2024. As we mentioned, 2023 was a transformational year for Teck. And to ensure we can continue to demonstrate our focus on value creation, we have set up several key priorities for 2024. We were very excited to announce an agreement for the full sale of our steelmaking coal business in November. Glencore will acquire a 77% controlling interest in EVR and become the operator of the Elk Valley steelmaking coal lines. As we have discussed, we closed the sale of a minority interest in EVR to Nippon Steel and POSCO on January 3.

謝謝，水晶。現在轉向幻燈片 17 和我們 2024 年的關鍵優先事項。正如我們所提到的，2023 年對泰克來說是轉型的一年。為了確保我們能夠繼續展示我們對價值創造的關注，我們為 2024 年制定了幾項關鍵優先事項。我們非常高興地宣佈於 11 月達成全面出售煉鋼煤炭業務的協議。嘉能可將收購EVR 77%的控股權，並成為Elk Valley煉鋼煤線的營運商。正如我們所討論的，我們於 1 月 3 日完成了向新日鐵和浦項製鐵出售 EVR 少數股權的交易。

Completion of the sale of our steelmaking coal business is one of our key priorities for this year, and regulatory approvals are progressing. The significant cash proceeds from this transaction will strengthen our balance sheet and ensure we are well capitalized to unlock the full potential of our base metals business, while balancing significant returns to our shareholders. As I mentioned earlier, we are also driving safe operational performance across our portfolio, and we have embedded known risks into our guidance to ensure we build confidence in our ability to deliver on our market commitments.

完成煉鋼煤炭業務的出售是我們今年的重點工作之一，監管審批正在取得進展。此次交易的大量現金收益將增強我們的資產負債表，並確保我們擁有充足的資本來釋放基本金屬業務的全部潛力，同時平衡股東的豐厚回報。正如我之前提到的，我們也正在推動整個投資組合的安全營運績效，並且我們已將已知風險納入我們的指導中，以確保我們對履行市場承諾的能力建立信心。

At QB, we are pushing hard to complete construction of the port and commissioning of the molybdenum plant in the first half of the year and to achieve consistent operating performance at design capacity. At the same time, we are advancing the development projects in our industry-leading pipeline, which are foundational to our future growth. We will advance that growth in a disciplined way by following our capital allocation framework to ensure that our capital decisions are value maximizing for shareholders.

在QB，我們正在努力推動上半年完成港口建設和鉬廠調試，並在設計產能下實現穩定的營運績效。同時，我們正在推動領先業界的開發項目，這是我們未來成長的基礎。我們將遵循我們的資本配置框架，以有紀律的方式推動這一成長，以確保我們的資本決策為股東實現價值最大化。

Looking at Slide 18 and our priority to advance our copper growth in a disciplined way. This starts with completion of construction and ramp-up of QB and driving performance across all operations, and it continued the foundational technical work around our near-term development projects, completing feasibility studies, advancing engineering work and progressing project execution planning and permitting. We are adapting our approach to project development to leverage lessons learned. With no project sanction decisions until 2025, we are taking the opportunity to undertake a detailed review of the QB2 project, utilizing third-party expertise such that we can embed relevant learnings into future projects.

看看幻燈片 18 以及我們以有紀律的方式促進銅增長的首要任務。首先是完成 QB 的建設和提升，並推動所有業務的績效，並繼續圍繞我們的近期開發項目開展基礎技術工作，完成可行性研究，推進工程工作並推進項目執行規劃和許可。我們正在調整我們的專案開發方法，以利用吸取的經驗教訓。由於到 2025 年才會有專案批准決定，我們正在利用第三方專業知識對 QB2 專案進行詳細審查，以便我們可以將相關知識融入未來的專案中。

In the meantime, we are advancing the most important work in the near term to prepare for our potential sanctioning decisions in 2025. This means that all our projects must compete for capital with the rest of the business to ensure that we drive strong financial returns. And it is important to note that each of our near-term development options are significantly smaller in scope and less complex than QB2. Ultimately, we will follow our disciplined capital allocation framework, focused on generating strong returns for shareholders, balanced with growth and maintaining a robust balance sheet in line with investment-grade credit metrics.

同時，我們正在推動近期最重要的工作，為 2025 年可能的製裁決定做準備。這意味著我們所有的專案都必須與其他業務競爭資本，以確保我們帶來強勁的財務回報。值得注意的是，我們每個近期開發選項的範圍都比 QB2 小得多，而且複雜程度也低。最終，我們將遵循嚴格的資本配置框架，專注於為股東創造豐厚的回報，與成長相平衡，並根據投資等級信用指標維持穩健的資產負債表。

Slide 19 summarizes our near-term development options, which include San Nicolás, Zafranal, QB asset expansion and the mine life extension at Highland Valley. This represents a portfolio of both greenfield and brownfield projects in stable and well-understood jurisdictions. We continue to progress the optimal path to value for each of our assets.

投影片 19 總結了我們的近期開發選項，其中包括 San Nicolás、Zafranal、QB 資產擴張和 Highland Valley 礦山壽命延長。這代表了穩定且易於理解的司法管轄區的綠地和棕地計畫組合。我們持續為每項資產尋找最佳的價值路徑。

Significant work continues to advance each of these projects with a focus on derisking project delivery. We submitted the environmental permit for the HVC mine life extension to the British Columbia regulator in October 2023 and finalized the Mexican Environmental Impact Assessment for San Nicolás, which was submitted on January 25. And just last week, we received the Modification of Environmental Impact Assessment approval of the mine life expansion at Antamina. We're making progress across all our near-term copper growth options and setting Teck up to progress these projects at the right time to generate significant value.

重要的工作仍在繼續推進每個項目，重點是降低專案交付的風險。我們於 2023 年 10 月向不列顛哥倫比亞省監管機構提交了 HVC 礦山延長壽命的環境許可證，並於 1 月 25 日完成了墨西哥聖尼古拉斯環境影響評估。就在上週，我們收到了環境修改安塔米納礦山壽命延長影響評估獲得批准。我們正在所有近期銅成長方案上取得進展，並讓泰克資源在正確的時間推進這些項目，以產生巨大的價值。

Now moving to Slide 20. Teck remains committed to sustainability leadership. We continue to progress our sustainability strategy and are proving we can make a positive impact, demonstrated by a number of achievements this past year. We are proud to have received Copper Mark and Zinc Mark all Teck-operated base metal operations, an industry-leading achievement, highlighting our commitment to sustainability and transparency at our operations, verified through third-party insurers.

現在轉到幻燈片 20。泰克始終致力於可持續發展的領導地位。我們繼續推進我們的永續發展策略，並證明我們能夠產生積極的影響，去年的一系列成就證明了這一點。我們很自豪泰克集團運營的所有賤金屬業務都獲得了銅標誌和鋅標誌，這是一項行業領先的成就，突顯了我們對業務可持續性和透明度的承諾，並通過第三方保險公司進行了驗證。

We've received a number of accolades this year for our sustainability performance. As previously mentioned, including being named as a Constituent of the Dow Jones Sustainability Index. And we have modernized our governance structure through the introduction of the sunset clause for the dual-class share structure.

今年，我們的永續發展表現獲得了多項讚譽。如前所述，包括被命名為道瓊可持續發展指數成分股。我們透過引入雙層股權結構的日落條款實現了治理結構的現代化。

We also remain committed to our long-term goals of net-zero Scope 1 and 2 emissions by 2050, net nature-positive by 2030 and collaborating with our communities and indigenous peoples with a commitment to working to achieve free, prior and informed consent for our mining activities. Of note, we were one of the first mining companies to make a commitment to support the nature-positive future. We have implemented initiatives, including conserving and reclaiming at least 3 hectares for every 1 hectare we affect through mining, ensuring we protect and restore our landscapes and ecosystems for the benefit of all.

我們也繼續致力於實現到 2050 年範圍 1 和 2 淨零排放、到 2030 年實現淨自然積極的長期目標，並與我們的社區和原住民合作，致力於努力實現自由、事先和知情同意我們的採礦活動。值得注意的是，我們是首批承諾支持自然美好未來的礦業公司之一。我們已實施多項舉措，包括透過採礦影響每 1 公頃保護和復墾至少 3 公頃土地，確保我們保護和恢復我們的景觀和生態系統，造福所有人。

So in conclusion on Slide 21, Teck is committed to responsibly creating long-term value for our shareholders and stakeholders. As an industry-leading base metals producer with a strategy centered on copper growth, we are in a unique position to deliver significant value. We have current production from a premium portfolio of long-life, high-quality assets in stable, well-understood jurisdictions, and we are focused on execution, driving excellence in performance across our operations and project delivery to ensure that we consistently deliver against our market commitments.

因此，投影片 21 的結論是，泰克資源致力於負責任地為我們的股東和利害關係人創造長期價值。作為業界領先的賤金屬生產商，我們的策略以銅成長為中心，我們處於創造巨大價值的獨特地位。我們目前的生產來自於穩定、易於理解的司法管轄區的長壽命、高品質資產的優質投資組合，我們專注於執行，在我們的營運和專案交付中推動卓越績效，以確保我們始終如一地實現我們的目標市場承諾。

We have a major near-term copper growth through the ramp-up of our flagship operation, QB in Chile; at the same time, we seek to unlock the significant value upside potential from our industry-leading copper growth portfolio. Importantly, we will pursue our growth in a disciplined way, following our capital allocation framework, balancing growth with returns to shareholders and maintaining a strong balance sheet through the cycle. And sustainability is core to who we are. Our sustainability leadership position is a competitive advantage. This strategy will ensure we will continue to responsibly generate significant value for shareholders and all stakeholders.

透過我們位於智利的旗艦業務 QB 的擴張，我們的銅近期將實現大幅成長；同時，我們尋求釋放業界領先的銅成長投資組合的巨大價值上漲潛力。重要的是，我們將遵循我們的資本配置框架，以有紀律的方式追求成長，平衡成長與股東回報，並在整個週期中保持強勁的資產負債表。永續發展是我們的核心。我們的永續發展領導地位是一種競爭優勢。這項策略將確保我們繼續負責任地為股東和所有利害關係人創造巨大價值。

With that, thank you, and that concludes our presentation for today. Operator, please open the line for questions.

謝謝大家，我們今天的演講就到此結束。接線員，請開通提問線。

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

（操作員說明）第一個問題來自豐業銀行的Orest Wowkodaw。

With the quarter now more than half over, Jonathan, I'm wondering if you can give us an update on the first quarter operating performance at QB. Specifically, the mill, the plant, are we starting to see more consistent throughput, recoveries, et cetera? Can you give us an update?

喬納森，本季度已過半，我想知道您能否向我們介紹 QB 第一季營運業績的最新情況。具體來說，工廠、工廠，我們是否開始看到更一致的吞吐量、回收率等？您能給我們更新一下嗎？

Yes. Thanks, Orest. As I mentioned, we're working through the ramp-up phase for QB right now. It's in line with our expectations. We expect, of course, to progressively increase our copper production throughout the year to meet that guidance of 230,000 to 275,000 tonnes that we've previously communicated, and we're on track to do that. But I'll hand over to Sherhzad Bharmal, our SVP of Base Metals, who is responsible for the operations there, just to give you a little more color.

是的。謝謝，奧雷斯特。正如我所提到的，我們現在正在經歷 QB 的啟動階段。這符合我們的預期。當然，我們預計全年將逐步增加銅產量，以達到我們之前傳達的 230,000 至 275,000 噸的指導方針，而且我們正在努力做到這一點。但我將把工作交給我們的賤金屬高級副總裁謝赫扎德·巴馬爾 (Sherhzad Bharmal)，他負責那裡的運營，只是為了給大家提供更多資訊。

Thanks, Orest. We have worked through most of the issues that we had mentioned previously with respect to the conveyors and the pumps that we had mentioned previously, and we are currently operating at close to design throughput rates. We are [asked often] on certain days limited by some conveyor issues on 2 conveyors at the front end part of the plant near the primary crushers, and we are working through those issues and expect to have those results in the next month or so and get back to above design rates or at design rates.

謝謝，奧雷斯特。我們已經解決了先前提到的有關輸送機和泵浦的大部分問題，目前我們的運行速度接近設計吞吐量。我們[經常]在某些日子裡受到初級破碎機附近工廠前端部分 2 條輸送機上的一些輸送機問題的限制，我們正在解決這些問題，並預計在下個月左右得到這些結果，回到以上設計速率或設計速率。

On the recovery side, again, in January and February so far, we are close to design rates, so we are a little bit below. And we're actively working through this as we bring more stability to the front end of the plant. So the consistency that we have seen over the last month or so has helped us improve our recoveries, and we continue to work through that to get to our design rates.

在復甦方面，到目前為止，一月和二月，我們已經接近設計率，因此略低於設計率。我們正在積極解決這個問題，為工廠的前端帶來更多的穩定。因此，我們在過去一個月左右看到的一致性幫助我們提高了恢復率，我們將繼續努力達到我們的設計率。

Just as a follow-up, is the plan to basically have QB operating at consistent throughput recoveries, et cetera, call it, sort of some, I guess, midway through the second quarter? Is that the way to think about it?

作為後續行動，是否計劃基本上讓 QB 以一致的吞吐量恢復運行，等等，我猜，是在第二季度中期？是這樣思考的嗎？

I mean I think this is the ramp-up of the facilities. As I said, we will progressively deliver increased copper production throughout the course of the year. Of course, we're pursuing exactly what you're saying, that stability and operating at design throughput rates. But this is a ramp-up process. It will take some time to land, but we're confident in the guidance that we put forward and expect the delivery of copper to improve through the course of the year to deliver against that guidance.

我的意思是，我認為這是設施的升級。正如我所說，我們將在全年逐步增加銅產量。當然，我們正在追求您所說的穩定性和以設計吞吐率運行。但這是一個加速過程。這需要一些時間才能落地，但我們對我們提出的指導充滿信心，並預計銅的交付量將在今年有所改善，以兌現該指導。

Our next question comes from Liam Fitzpatrick of Deutsche Bank.

我們的下一個問題來自德意志銀行的利亞姆·菲茨帕特里克。

Liam Fitzpatrick from Deutsche Bank. So just the first one on the balance sheet structure post EVR. Just wondering if you could give us more of a steer in terms of what sort of balance sheet you're targeting as we move into 2025. I know you've mentioned this 1x EBITDA as a target level, but it seems unlikely that you're going to take leverage up that high. So is it a small net debt position? Is it a small net cash position? Any kind of guidance on that would be helpful.

德意志銀行的利亞姆·菲茨帕特里克。這只是 EVR 後資產負債表結構中的第一個。只是想知道，當我們進入2025 年時，您是否可以就您的目標資產負債表類型向我們提供更多指導。我知道您已經提到將1 倍EBITDA 作為目標水平，但您似乎不太可能這樣做。我們將把槓桿提高到那麼高。那麼這是一個小額淨債務部位嗎？淨現金部位是否較小？對此的任何指導都會有所幫助。

Yes. I'll hand you over to Crystal to talk to that. I mean the one thing I would remind is that, that is the sort of long-term position we're targeting here as we receive the proceeds and then how we allocate them in the subsequent years. But Crystal, if you want to provide some more color.

是的。我會把你交給克里斯托來討論這個問題。我的意思是，我要提醒的一件事是，這就是我們在收到收益時所瞄準的長期立場，以及我們在接下來的幾年中如何分配它們的方式。但是水晶，如果你想提供更多的顏色。

Yes, of course. Thank you. I think it's consistent with what we've been articulating in relation to reducing our gross debt levels from where they are today. I think there is an opportunity for us to do that. We will look across our debt stack when we think about that. We obviously want to do that in an economic way. So in relation to some of the public notes we have those make-whole premium, so we want to be deliberate in how we think about that. We are committed to that investment-grade credit metrics, as Jonathan said, through the cycle 1.0x net debt to adjusted EBITDA. We aren't necessarily focused on a set leverage level, but rather really focus on that ratio.

是的當然。謝謝。我認為這與我們一直以來就降低總債務水準所闡述的內容是一致的。我認為我們有機會這樣做。當我們考慮這個問題時，我們會審視我們的債務堆疊。我們顯然希望以經濟的方式做到這一點。因此，就一些公開票據而言，我們有這些整體溢價，因此我們希望仔細考慮如何看待這一點。正如喬納森所說，我們致力於投資等級信用指標，在調整後的 EBITDA 淨債務達到 1.0 倍的週期內。我們不一定關注設定的槓桿水平，而是真正關注該比率。

Okay. And if I could ask one follow-up just on potential M&A versus organic opportunities. So you clearly got a number of internal options that you think are very interesting that you're hoping to progress in 2025. Is that enough to keep you occupied? Or are you also on the lookout for potential external opportunities?

好的。我是否可以就潛在的併購與有機機會詢問一位後續行動。因此，您顯然有一些您認為非常有趣的內部選項，希望在 2025 年取得進展。這足以讓您忙碌嗎？或者您也在尋找潛在的外部機會嗎？

Yes. Liam, I mean, given what we have in the portfolio already, we're not sure of the things to do. As we just discussed, we're very focused on the ramp-up stabilization in full production from QB this year. We've got then a tranche of projects, which should be subject to engineering economics and permitting ready for sanction in 2025, including the HVC life extension, San Nicolás and Zafranal. So there's a lot to be getting on with there. And as we've always said, we want to balance that investment in growth with return of capital to shareholders. So we'll continue to focus on those things that are entirely within our control and delivering that future growth that we've been talking to.

是的。利亞姆，我的意思是，考慮到我們已經擁有的投資組合，我們不確定要做什麼。正如我們剛才討論的，我們非常關註今年 QB 全面生產的穩定成長。我們已經有了一批項目，這些項目應該受到工程經濟學的約束，並準備好在 2025 年獲得批准，包括 HVC 壽命延長、San Nicolás 和 Zafranal。所以還有很多事情要做。正如我們一直所說的，我們希望在成長投資與股東資本回報之間取得平衡。因此，我們將繼續專注於那些完全在我們控制範圍內的事情，並實現我們一直在談論的未來成長。

Our next question comes from Timna Tanners of Wolfe Research.

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

Are you on mute, Timna?

你是靜音嗎，提姆納？

No. I just didn't hear you. Can you hear me now? (technical difficulty)

不，我只是沒聽到你說話。你聽得到我嗎？ （技術難度）

Yes.

是的。

Okay. So I'm asking a little bit more about the expansion projects. I know at one point, you had a permit for further QB opportunities and just want to know the updated thinking there. And then regarding Zacatecas, San Nicolás, the leadership in Mexico is looking into banning open-pit mining. And just wondered how that affects that project or if -- how you're looking at that.

好的。所以我想多詢問一些有關擴建項目的問題。我知道在某一時刻，你獲得了進一步四分衛機會的許可，只是想知道那裡的最新想法。然後，關於薩卡特卡斯州、聖尼古拉斯州，墨西哥領導層正在考慮禁止露天採礦。只是想知道這會如何影響該項目，或者您如何看待它。

Yes. So starting with QB and future expansions of that facility, we have an incredible ore body there. It's very, very long life. It clearly will enable future expansions of capacity for QB and still something that we can run as a multigenerational asset. Our immediate priority, as I said, is getting the current plant fully ramped up and operating and then really exploring the full potential of that facility in terms of what additional capacity we can get through optimizing what we already have before we make a further commitment to any significant capital expenditure at the site.

是的。因此，從 QB 和該設施未來的擴建開始，我們在那裡擁有令人難以置信的礦體。它的壽命非常非常長。顯然，它將使 QB 未來的產能擴展成為可能，並且我們仍然可以將其作為多代資產運作。正如我所說，我們的當務之急是讓當前的工廠全面啟動並運營，然後真正探索該工廠的全部潛力，即在我們做出進一步承諾之前，通過優化現有工廠可以獲得哪些額外產能。現場的任何重大資本支出。

Medium term, very much expect us to continue to pursue larger-scale expansions of that operation. But with what we have at San Nicolás, Zafranal and the life extension of HVC, we have a fairly full [task card] in the immediate term. We'll focus on that in terms of our major capital deployment, but asset optimization studies for the medium and long term at QB are ongoing.

從中期來看，我們非常期望我們能夠繼續更大規模地擴張這項業務。但憑藉我們在聖尼古拉斯、扎弗拉納爾所擁有的以及 HVC 的壽命延長，我們在短期內擁有相當完整的[任務卡]。我們將重點放在我們的主要資本部署，但 QB 的中長期資產優化研究正在進行中。

For your second question, just around some of the moving pieces we've seen in Mexico of late really as they relate to the constitution, I'll hand you over to Tyler Mitchelson, who's our Senior Vice President, to cover it.

對於你的第二個問題，圍繞著我們最近在墨西哥看到的一些與憲法相關的動人事件，我將把你交給我們的高級副總裁泰勒·米切爾森來回答。

Yes, we're closely monitoring an assessment and assessing the proposed changes to the constitution. There's more than 20 proposed. Obviously, the ones around open-pit mining water consumption are the key ones. We've been working with our fellow industry players as well as CAMIMEX, the chamber of mines in Mexico to really understand what is the pathway forward.

是的，我們正在密切關註一項評估，並評估擬議的憲法修改。提案的有20多個。顯然，露天採礦用水是重點。我們一直在與業內同行以及墨西哥礦業協會 CAMIMEX 合作，以真正了解前進的道路。

Given where we are right now, it's 4 months to the main general election and the (inaudible) actually closes on April 30. So it's really too early to determine whether or not these will be approved in the time frame they're going to be approved and as well, what the ultimate impact will be as we go forward. You put it in the context of some of the largest mines in Mexico right now and some of the most successful mining companies to use open-pit mining. So it's obviously a very significant impact, but we're continuing to monitor through the next months.

鑑於我們現在所處的情況，距離主要大選還有4 個月時間，（聽不清楚）實際上將於4 月30 日結束。因此，現在確定這些法案是否會在預定的時間範圍內獲得批准還為時過早。獲得批准，以及我們前進的最終影響是什麼。您將其置於墨西哥目前一些最大的礦山和一些使用露天採礦的最成功的礦業公司的背景下。因此，這顯然是一個非常重大的影響，但我們將在接下來的幾個月中繼續監控。

Our next question comes from Dalton Baretto of Canaccord Genuity.

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

Jonathan, on the Glencore call, Gary was asked about synergies between Collahuasi and QB2. And in response, he talked about a number of work streams and he sort of alluded to billions in synergies. I'm just wondering if you can comment on sort of where those synergies are coming from, some of the work that's ongoing. And maybe when we can see an update on where QBME fits into all of that?

喬納森，在嘉能可電話會議上，加里被問及 Collahuasi 和 QB2 之間的協同效應。作為回應，他談到了一些工作流程，並提到了數十億美元的協同效應。我只是想知道您是否可以評論這些協同作用的來源以及正在進行的一些工作。也許我們什麼時候可以看到 QBME 適合所有這些的更新？

Yes. Thanks for the question, Dalton. We, along with the other parties here, are doing detailed technical evaluation of the potential synergies between QB and Collahuasi. We haven't quantified those yet. And those synergies could take a number of forms, all the way from being infrastructure related to optimizing across 2 very significant ore bodies in that area. It's complex. It will take time, in particular, because there's a large number of counterparties involved in this, but engagement is ongoing. We're working together to identify the opportunity here, and we'll update in due course as we get closer to landing that technical evaluation. And of course, if and when we get closer to agreeing terms with other parties.

是的。謝謝你的提問，道爾頓。我們與這裡的其他各方一起，正在對 QB 和 Collahuasi 之間的潛在協同效應進行詳細的技術評估。我們還沒有量化這些。這些協同效應可以採取多種形式，從與優化該地區兩個非常重要的礦體相關的基礎設施。這很複雜。這尤其需要時間，因為有大量交易對手參與其中，但參與仍在繼續。我們正在共同努力尋找機會，當我們接近完成技術評估時，我們將適時更新。當然，如果我們更接近與其他各方就條款達成一致的話。

As I mentioned before, the focus for us right now is and must be on the ramp-up of QB2 and optimizing the operation that we already have. The intersection with something like the QB mill expansion, as you referenced, as I said, we are looking at future asset optimization opportunities, which include debottlenecking in the short term and could include project expansions in the medium term.

正如我之前提到的，我們現在的重點是而且必須放在 QB2 的啟動和優化我們已有的營運上。正如您所提到的，與 QB 工廠擴建之類的交叉點，正如我所說，我們正在尋找未來的資產優化機會，其中包括短期內消除瓶頸，也可能包括中期項目擴張。

And of course, if there were to be any agreement or commercial arrangement between the parties, then that would have to factor in future expansion opportunities on both sides, of course, at QB2 and Collahuasi. But we're not at that point yet, Dalton. There's a lot of work to be done. These things are complicated, but we're committed to understanding the value potential there and working constructively and collaboratively with the other parties.

當然，如果雙方之間有任何協議或商業安排，那麼就必須考慮雙方未來的擴張機會，當然，包括 QB2 和 Collahuasi。但我們還沒到那個地步，道爾頓。還有很多工作要做。這些事情很複雜，但我們致力於了解那裡的價值潛力，並與其他各方進行建設性的合作。

Great. And then maybe if I can ask one more, just on the Glencore transaction in the coal business. Can you give us an update on where you're at in the regulatory approvals process and whether you've seen anything that gives you concern at all?

偉大的。也許我可以再問一個關於嘉能可煤炭業務交易的問題。您能否向我們介紹一下您在監管審批流程中的最新進展以及您是否發現了任何令您擔憂的情況？

Look, so our process is continuing. We expect that we will receive the required approvals, being both the Investment Canada approvals and the antitrust approvals. Nothing that gives us cause for concern, Dalton, that we're seeing. These things just take time. We're working through that process, and we still expect this to close no later than the third quarter of this year.

看，我們的過程仍在繼續。我們預計我們將獲得所需的批准，包括加拿大投資部的批准和反壟斷的批准。道爾頓，我們沒有看到任何值得我們擔心的事情。這些事情只是需要時間。我們正在完成該流程，我們仍然預計流程將在今年第三季之前完成。

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

我們的下一個問題來自摩根士丹利的卡洛斯·德阿爾巴。

So maybe I'll just follow up on the prior question. Any more specific color, Jonathan, that you can provide on what approvals you have already received and which ones are still pending for closing the deal, the coal transaction?

所以也許我會跟進之前的問題。喬納森，您可以提供更具體的顏色，說明您已收到哪些批准以及哪些批准仍在等待完成交易（煤炭交易）嗎？

So I mean, the -- one of the key ones here, of course, is the Investment Canada Act approval, and that remains outstanding with respect to these various antitrust approvals across a range of jurisdictions. We've received some of those, and some of those remain outstanding. So as I said, I think things are progressing in the normal course, and we remain confident that this close is no later than the third quarter.

所以我的意思是，這裡的關鍵之一當然是《加拿大投資法》的批准，而在一系列司法管轄區的這些各種反壟斷批准方面，這一點仍然懸而未決。我們已經收到了其中一些，其中一些仍然懸而未決。正如我所說，我認為事情正在正常進展，我們仍然有信心這筆交易不會晚於第三季。

All right. And then on QB2 cost trends, I understand that you're going to provide further guidance once the production is stabilized at a steady state. But how do you see at least from a current -- currently, how do you see the trends of the cost moving once you get the steady state? The cost guidance for the next 3 years is a little bit wide. Should we assume that you only expect to get to the lower end of that 3-year guidance, by the 3-year production guidance period? Or maybe that's just conservative that you could achieve a lower, more sustainable cost earlier than the third year of that period.

好的。然後，關於第二季度的成本趨勢，我知道一旦生產穩定在穩定狀態，您將提供進一步的指導。但至少從目前的情況來看，一旦達到穩定狀態，您如何看待成本變化的趨勢？未來 3 年的成本指導有點廣泛。我們是否應該假設您只期望在 3 年生產指導期內達到 3 年指導的下限？或者也許這只是保守的說法，您可以在該時期的第三年之前實現更低、更可持續的成本。

Yes. Carlos, look, I think there are a few things here that are clearly within our control, that should see us improve the unit cost profile at QB. And they are, of course, getting our own port up and running so we can move away from the temporary logistics arrangement to the permanent solution. Of course, there's also getting the molybdenum plant up and running at full production given the byproduct credits we will get from that. And of course then, there's getting the main circuit running at full production so we get that full dilution effect on costs. So all of those 3 things, as we progress, we'll see unit cost improve. So even as we move through this year, we would expect costs in the second half of the year to be better than in the first half of the year.

是的。卡洛斯，聽著，我認為這裡有一些事情顯然在我們的控制範圍之內，這應該會讓我們改善 QB 的單位成本狀況。當然，他們正在建立並運行我們自己的港口，這樣我們就可以從臨時的物流安排轉向永久性的解決方案。當然，考慮到我們將從中獲得的副產品信用，我們還需要讓鉬廠投入滿載生產。當然，然後，讓主電路滿載運行，這樣我們就可以充分稀釋成本。因此，隨著我們的進步，所有這三件事，我們都會看到單位成本有所改善。因此，即使我們今年過去了，我們預計下半年的成本也會比上半年好。

There are, of course, some factors that are less within our control. The inflationary environment is one of the impact that, that could have on labor costs. And the other part of that is just energy cost in Chile, which we've signaled is being higher than previously. And of course, we need to see how those things progress. So we do -- we put our guidance for 2024. That guidance reflects the phase of ramp-up that we're in today, and it reflects some of the areas that I just reflected, which we will resolve through the course of this year. So we expect lower cost in the future. But of course, we haven't guided to those yet, and we'll have a much clearer view of that once operations are stabilized.

當然，有些因素是我們無法控制的。通貨膨脹環境是可能對勞動成本的影響之一。另一部分是智利的能源成本，我們已經表示該成本比以前更高。當然，我們需要看看這些事情如何進展。因此，我們制定了 2024 年的指導方針。該指導方針反映了我們今天所處的加速階段，也反映了我剛才反映的一些領域，我們將在今年解決這些問題。因此我們預計未來成本會更低。當然，我們還沒有提供這些指導，一旦營運穩定下來，我們就會對此有更清晰的認識。

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

我們的下一個問題來自美國銀行證券公司的勞森溫德。

Great. Thank you for the update today, Jonathan and team. I wanted to ask about Antamina and then hopefully follow up on QB2. But on Antamina, given that Teck is just one partner of several in the JV, what is the risk that Teck will have to make an allocation decision on there prior to 2025? And what is driving the time line at Antamina in terms of an expansion decision -- or extension decision?

偉大的。感謝喬納森和團隊今天的更新。我想問有關 Antamina 的情況，然後希望能跟進 QB2。但在 Antamina 上，鑑於泰克只是合資企業中的幾個合作夥伴之一，泰克必須在 2025 年之前做出分配決定的風險有多大？是什麼推動了安塔米納的擴張決定或延期決定的時間表？

I'll hand over to Sherhzad on that one.

我會把那件事交給 Sherhzad。

Thanks, Lawson. So as you would have read that we didn't get the MEIA approval for the mine life extension from 2020 to 2036. And that is really expansion of waste facilities and tailings facilities in the location that they are. So between now and then 2036, that mine life extension, other permits are in place and some capital associated with this that will be spent over the next 8 years or so. Post-2036 extensions and expansions, all the parties that are looking at that right now, we are working on that. We're looking at permitting strategies for that. And that will be a few years before we'll have some definitive project definition on those. So at this point, we are focused on getting that to 2036 from 2028, which we were very happy to achieve the permit.

謝謝，勞森。正如您所讀到的那樣，我們沒有獲得 MEIA 批准將礦山壽命從 2020 年延長到 2036 年。這實際上是廢物設施和尾礦設施在其所在地的擴建。因此，從現在到 2036 年，礦山壽命延長、其他許可證都已到位，與此相關的一些資本將在未來 8 年左右的時間內花費。 2036 年後的延期和擴展，所有各方現在都在關注這個問題，我們正在努力解決這個問題。我們正在研究這方面的許可策略。幾年後我們才會對這些項目做出明確的定義。因此，目前我們的重點是從 2028 年到 2036 年，我們很高興獲得許可。

Okay. Yes, that's great. It's very clear. And then with QB2, I mean, you noted a very material increase in the copper resources at QB2. How does that influence the thinking on what the next expansion might be? Does it suggest that it could be something much bigger than the prior QBME mill expansion concept of a 50% increase?

好的。是的，那太好了。非常清楚。然後，對於 QB2，我的意思是，您注意到 QB2 的銅資源大幅增加。這對下一個擴充包的思考有何影響？這是否表明它可能比之前 QBME 工廠擴張概念（增加 50%）大得多？

Not necessarily, Lawson. I mean I think the resource there was always very, very large, and now it's very, very, very large. So it doesn't necessarily impact our short-term thinking around how we would expand this. We'll be very focused on the capital intensity of the next expansion here, where we looked at to maximize unutilized capacity in desalination in pipelines, et cetera. And what it means, of course, is we have far greater optionality in the long term, which is a fantastic position to be in, but it doesn't really change that short-term thinking. The focus on capital intensity and returns will be the front of mind for us.

不一定，勞森。我的意思是，我認為那裡的資源一直非常非常大，現在它非常非常非常大。因此，這並不一定會影響我們對如何擴展這項業務的短期思考。我們將非常關注下一次擴張的資本密集度，我們著眼於最大限度地提高管道海水淡化等方面的未利用能力。當然，這意味著從長遠來看，我們擁有更大的選擇權，這是一個絕佳的位置，但它並沒有真正改變短期思維。對資本強度和回報的關注將是我們首先考慮的問題。

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

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

My first question is on Slide 13 of the deck, which breaks out the CapEx over the last couple of years and into 2024, and sustaining capital and capitalized stripping in '23, '24 kind of a step-up from those 2020, 2022 averages. And trying to understand better what's going on here. Is that a catch-up from the pandemic? Is there something cyclical? Are there unique projects that have elevated this temporarily? Just trying to get a better sense of -- or is it mostly inflation? Would really appreciate to get a better sense of those drivers.

我的第一個問題是投影片 13，它詳細列出了過去幾年到 2024 年的資本支出，以及 23、24 年的維持資本和資本剝離，較 2020 年、2022 年的平均水平有所提高。並試圖更好地了解這裡發生的事情。這是疫情帶來的影響嗎？有什麼週期性的嗎？是否有一些獨特的項目可以暫時提升這一水平？只是想更了解——還是主要是通貨膨脹？非常感謝能夠更好地了解這些驅動程式。

Yes. Thanks, Lucas. I'll hand you to Crystal on that.

是的。謝謝，盧卡斯。我會把你交給克里斯托。

Thanks, Lucas. I think sort of primary driver that I would focus on would be inflation. I think there we did see from that sort of 2020 to sort of, I guess, really now, a significant increase in the underlying costs that were driving our sustaining capital as well as our operating costs. So I think that is a key piece. In relation to capitalized stripping, I would just say, in our coal business, we were moving into new mining areas in 2023. And you saw those costs being elevated in that year, I guess, '22 and '23, and that's coming off in our guidance for 2024. There are also a couple of projects that are larger. In the coal business, the Elkview administration and maintenance complex is a large project in -- started off in '23, the elevated cost in 2024 as we reach peak spending on that project.

謝謝，盧卡斯。我認為我關注的主要驅動因素是通貨膨脹。我認為，從 2020 年到現在，我們確實看到了基礎成本的顯著增加，這些成本推動了我們的維持資本和營運成本。所以我認為這是一個關鍵部分。關於資本化剝離，我只想說，在我們的煤炭業務中，我們將在2023 年進入新的礦區。我猜，22 年和23 年，你會看到這些成本在那一年上升，而且這種情況正在消失在我們 2024 年的指導中。還有一些規模更大的項目。在煤炭業務中，Elkview 管理和維護綜合體是一個大型項目，於 23 年開始，隨著我們在該項目上達到支出高峰，2024 年成本會上升。

And then I'd say the last point in what's included in sustaining capital is, obviously, we now have QB sustaining capital included in our figures. So those are some of the bigger items. But I think inflation would be probably one of the largest drivers. And we can get you a bit more granular detail if you give Fraser a call after.

然後我想說，維持資本中包含的最後一點是，顯然，我們現在將 QB 維持資本納入我們的數據中。這些是一些較大的項目。但我認為通膨可能是最大的驅動因素之一。如果您之後給弗雷澤打電話，我們可以為您提供更詳細的資訊。

That would be helpful. On Slide 24, you show the kind of copper production through 2027. And you anticipate a plateau in 2025 and the decline after that mostly really driven by Highland Valley. With the spending at Highland Valley today, is there any potential for a more sustained production level off of 2025? Or is that really the outlook through '27, the best base case even with the spending taking place today?

那會有幫助的。在投影片 24 上，您展示了到 2027 年的銅產量。您預計 2025 年將達到穩定水平，此後的下降主要是由高地谷推動的。根據目前 Highland Valley 的支出，到 2025 年是否有可能實現更持續的生產水準？或者這真的是 27 年的前景嗎？即使今天支出也是最好的基本情況？

Yes. I'd say not within that period, Lucas. This is how we see the current mine plan progressing the capital that we'll be putting work is subject to returns. Of course, for the life extension of HVC, we'll really see the production pick up in forward years, but I wouldn't expect to see any material impact on the guidance that we put out here.

是的。我想說不是在那段時間內，盧卡斯。這就是我們如何看待目前的採礦計劃，我們將投入的資金將受到回報。當然，為了延長 HVC 的使用壽命，我們確實會在未來幾年看到產量的回升，但我預計不會對我們在此發布的指導產生任何實質影響。

Our next question comes from Bill Peterson of JPMorgan.

我們的下一個問題來自摩根大通的比爾彼得森。

You've discussed just now actually, again, about the returns framework for the next stage of growth projects, including learnings from QB2. But I guess on the other side, I guess, how should we think about the demand and pricing environment necessary for type of sanction growth projects, especially considering what is looking -- increasingly looking like a tightening supply environment?

實際上，您剛才再次討論了下一階段成長專案的回報框架，包括 QB2 的經驗教訓。但我想，另一方面，我們應該如何考慮制裁成長項目類型所需的需求和定價環境，特別是考慮到看起來越來越緊張的供應環境？

Yes. Thanks, Bill. I mean we do see a tightening supply environment. And we think even as we progress during this year, the outlook for copper pricing could be very constructive. We've seen the shortness of concentrate and the impact that, that's had on TC/RCs and we expect at some point that to flow through into refined metal, and hence headline copper pricing. Of course, each of the projects will have its own unique economics based on the capital, the operating costs and the volumes associated with those mines. They will all need to compete for capital. We will be very returns focused in terms of the decisions that we take here. And of course, the copper price will be a key determinant of that. But as I said, we remain very confident in the copper price certainly in the medium term, but even now in the short term based on the dynamics we see playing out in the market.

是的。謝謝，比爾。我的意思是，我們確實看到供應環境趨緊。我們認為，即使今年取得進展，銅定價的前景也可能非常有建設性。我們已經看到了精礦的短缺及其對 TC/RC 的影響，我們預計在某個時候，這種影響將流入精煉金屬，從而影響銅的整體定價。當然，根據資本、營運成本和與這些礦山相關的產量，每個專案都有自己獨特的經濟效益。他們都需要爭奪資本。我們在這裡做出的決定將非常注重回報。當然，銅價將是其中的關鍵決定因素。但正如我所說，我們對中期銅價仍然非常有信心，但即使是現在，根據我們看到的市場動態，短期內也是如此。

Okay. And I guess on that coal, I guess, obviously, maybe only relevant for a few more quarters. But can you give us your thoughts on the outlook for that segment and latest developments you're seeing both on the supply and demand side globally?

好的。我想，對於煤炭，我想，顯然，可能只與接下來的幾季有關。但您能否告訴我們您對該細分市場前景的看法以及您在全球供需方面看到的最新發展？

Yes. I'll ask Ian Anderson, our Chief Commercial Officer, to talk to that.

是的。我會請我們的首席商務官伊恩·安德森（Ian Anderson）談談這個問題。

Thank you very much for the question, Bill. So I'd start just with where we're at in terms of overall steel consumption and production during the course of the year. Global steel production was flat at about 1.85 billion tonnes, really representing above where it was last year and really saw that taper off at the end of the year as a result of Chinese production. It rapidly dropped. We're not certain about that number. So that was one of the factors. At the same time, the Indian crude steel production went up by about 11.8%, and that was offset by some small declines in EU, Japan and South Korean markets.

非常感謝你提出這個問題，比爾。因此，我先從今年鋼鐵總消費和產量的情況開始。全球鋼鐵產量持平於 18.5 億噸左右，確實高於去年的水平，而且由於中國產量的原因，這一產量在年底確實有所下降。它迅速下降。我們不確定這個數字。這是因素之一。同時，印度粗鋼產量增加約11.8%，但被歐盟、日本和韓國市場的小幅下降所抵銷。

So overall, if we look back over the course of the year, the high-quality steel and coal price exceeded $295 per tonne. It really rose at the end of the year when we saw it up to about $315, and there's 2 factors that drove that. First of all, a tiny supply, mostly in Australia; and secondly, heightened demand from India and China primarily. So what we've seen in terms of Australian supply is key miners, including some of our peers there have adjusted their production guidance down in 2024.

所以總體來說，如果我們回顧這一年，優質鋼材和煤炭的價格超過了每噸295美元。它在年底確實上漲了，當時我們看到它達到了 315 美元左右，有兩個因素推動了這一增長。首先，供應量很小，主要在澳洲；其次，主要來自印度和中國的需求增加。因此，我們在澳洲供應方面看到的是，包括我們的一些同行在內的主要礦商已經下調了 2024 年的產量指引。

Chinese domestic production is, of course, going a bit deeper than it has in the past. And Russian coals, even though they've come in to fill the gap have been lower quality and not as good. So we've not really seen investment in terms of hard coking coal supply, and we think that really promises a future price increase.

當然，中國的國內生產比過去更深入。而俄羅斯的煤炭，儘管是為了填補這一空白，但品質較低，品質也不太好。因此，我們還沒有真正看到硬焦煤供應的投資，我們認為這確實預示著未來價格上漲。

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

現在，我將把電話轉回給喬納森·普萊斯 (Jonathan Price)，讓其發表結束語。

Yes. Thanks, operator, and thanks to everyone for joining us today. As we talked about, we're very excited about the prospects here for 2024 and beyond. We're looking forward to the completion of the transaction with Glencore. We're looking forward to updating you then on how we intend to allocate the proceeds, including shareholder returns, and we remain very focused on the ramp-up and stability of QB and progressing and derisking the future pipeline of projects that we have. As always, please reach out to Fraser and the IR team if you have any more detailed questions. But thank you all very much, and have a good day.

是的。謝謝操作員，也謝謝大家今天加入我們。正如我們所說，我們對 2024 年及以後的前景感到非常興奮。我們期待與嘉能可完成交易。我們期待向您通報我們打算如何分配收益（包括股東回報）的最新情況，我們仍然非常關注 QB 的成長和穩定性，以及我們未來專案的進展和消除風險。與往常一樣，如果您有任何更詳細的問題，請聯絡 Fraser 和 IR 團隊。但非常感謝大家，祝你有美好的一天。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。