Teck Resources Ltd (TECK) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to Teck's Q2 2024 earnings release and investors conference call.

歡迎參加 Teck 的 2024 年第二季財報發布和投資者電話會議。

(Operator Instructions) This conference call is being recorded on Wednesday, July 24, 2024.

（操作員說明）本次電話會議於 2024 年 7 月 24 日星期三錄製。

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

我現在想將會議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)。

Please go ahead.

請繼續。

Thanks, Kaylene.

謝謝，凱琳。

Good morning, everyone, and thank you for joining us for Teck's Second Quarter 2024 Conference Call.

大家早安，感謝您參加泰克資源 2024 年第二季電話會議。

Please note, today's call contains forward-looking statements.

請注意，今天的電話會議包含前瞻性陳述。

Various risks and uncertainties may cause actual results to vary.

各種風險和不確定性可能導致實際結果有所不同。

Teck does not assume the response -- the obligation, excuse me, to update any forward-looking statements, please refer to slide 2 for the assumptions underlying forward-looking statements.

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 以了解前瞻性陳述背後的假設。

In addition, we will reference various non-GAAP measures throughout this call.

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。

Explanations and reconciliations regarding these measures can be found in our MD&A in the latest press release on our website.

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。

Turning to the agenda on slide 3.

轉向幻燈片 3 上的議程。

Jonathan Price, our CEO, will begin today's call with highlights for our second quarter results.

我們的執行長喬納森·普萊斯 (Jonathan Price) 將在今天的電話會議中重點介紹我們第二季度的業績。

Mr. Prystai, our CFO, will follow with additional color on the quarter as well as the sale of our steelmaking coal business and the use of proceeds from that transaction.

我們的財務長 Prystai 先生將進一步介紹本季的情況以及我們煉鋼煤炭業務的出售以及該交易收益的用途。

Jonathan will then discuss the transformation of our portfolio and our value creation strategy.

然後，喬納森將討論我們的投資組合轉型和價值創造策略。

We'll then take your questions.

然後我們將回答您的問題。

With that, over to Jonathan.

接下來，交給喬納森。

Thank you, Fraser, and good morning, everyone.

謝謝弗雷澤，大家早安。

Starting with the highlights from our second quarter on slide 5.

從幻燈片 5 上第二季的亮點開始。

At the very top of our list of highlights is the close of the sale of the remaining interest in the steelmaking coal business on July 11.

我們最重要的亮點是 7 月 11 日結束了煉鋼煤炭業務剩餘權益的出售。

It's not every day that we received $7.3 billion in cash proceeds.

我們並不是每天都能收到 73 億美元的現金收益。

And this transaction marks an exciting new era for Teck as a company focused entirely on providing metals that are essential to global development and the energy transition.

作為一家完全專注於提供對全球發展和能源轉型至關重要的金屬的公司，此次交易標誌著泰克資源進入了令人興奮的新時代。

We believe that the copper market has strong fundamentals, and we continue to see ongoing urbanization and population growth driving increased copper intensity with additional demand driven by power generation, technology, data and increased electrification.

我們認為銅市場具有強勁的基本面，我們繼續看到持續的城市化和人口成長推動銅強度的增加，以及發電、技術、數據和電氣化程度提高帶來的額外需求。

The long-term outlook for copper is highly resilient.

銅的長期前景具有高度彈性。

And with the significant proceeds from this transaction, Teck is strongly positioned to capitalize on the growing demand for copper in our new era.

憑藉此次交易的巨額收益，泰克資源已做好充分利用新時代不斷增長的銅需求的準備。

With substantial funding retained for our near-term value-accretive projects, which provide us with a pathway to increase total copper production once QB is at full capacity by a further 30% starting as early as 2028.

我們為近期增值項目保留了大量資金，這為我們提供了一條途徑，一旦 QB 最早從 2028 年開始滿載生產，銅產量將進一步提高 30%。

With significant debt reductions further strengthening our resilient balance sheet and with the largest cash return to our shareholders in the company's history.

債務的大幅削減進一步增強了我們富有彈性的資產負債表，並為股東帶來了公司歷史上最大的現金回報。

Crystal will speak to the use of proceeds in greater detail shortly.

克里斯特爾很快將更詳細地討論收益的用途。

Beyond the transaction, there were several highlights from our strong operational and financial performance in the second quarter.

除了交易之外，我們第二季強勁的營運和財務表現還有幾個亮點。

We generated $1.7 billion of adjusted EBITDA, a 13% increase from the same period last year, reflecting record quarterly copper production driven primarily by the ramp-up of Quebrada Blanca or QB.

我們產生了 17 億美元的調整後 EBITDA，比去年同期增長 13%，反映出創紀錄的季度銅產量主要是由 Quebrada Blanca 或 QB 產量增加推動的。

It was also another strong quarter at Red Dog, and we had very strong production in the steelmaking coal business despite two major planned maintenance shutdowns.

這也是紅狗公司又一個強勁的季度，儘管有兩次重大的計劃維護停工，但我們煉鋼煤炭業務的產量非常強勁。

At the same time, we advanced our industry-leading copper growth portfolio having achieved several milestones in the permitting processes of the Highland Valley Mine Life Extension and for San Nicolás.

同時，我們推進了業界領先的銅礦成長投資組合，在高地谷礦山壽命延長和聖尼古拉斯的許可流程中實現了多個里程碑。

And we continue to focus on sustainability leadership, including improved safety performance.

我們持續專注於永續發展領導力，包括提高安全績效。

Our high potential incident frequency rate was 0.11 for the first half of the year, which is a 46% reduction in HPIs from the same period last year.

上半年我們的高潛在事件頻率為 0.11，HPI 比去年同期下降了 46%。

Now turning to the highlights from QB on slide 6.

現在轉向幻燈片 6 上 QB 的亮點。

We continue to advance the ramp-up during the second quarter.

我們在第二季持續推進產能提升。

QB copper production increased quarter-over-quarter to 51,300 tonnes from 43,300 tonnes.

QB 銅產量較上季成長，從 43,300 噸增至 51,300 噸。

Robust design and construction of the plant supports debottlenecking, and we remain focused on recovery and throughput.

工廠的穩健設計和建造有助於消除瓶頸，我們仍然專注於回收率和吞吐量。

We achieved first production and sales of molybdenum as planned and ramp-up of the molybdenum plant is progressing.

我們按計畫實現了鉬的首次生產和銷售，鉬廠的產能正在推進。

And our QB net cash unit costs were in line with our expectations.

我們的 QB 淨現金單位成本符合我們的預期。

QB is already starting to contribute to our strong financial results, with $284 million in gross profit before depreciation and amortization generated in the first half of the year, while still in ramp-up.

QB 已經開始為我們強勁的財務業績做出貢獻，上半年產生的折舊及攤銷前毛利為 2.84 億美元，同時仍在增長中。

Turning now to the outlook for QB on slide 7.

現在轉向幻燈片 7 上的 QB 前景。

We are seeing continuous improvements in throughput, which is now close to design rates.

我們看到吞吐量不斷提高，現已接近設計速率。

While we had recurring failures with a pully in a key overland conveyor, these have now largely been mitigated.

雖然我們在關鍵的陸上輸送機中經常出現滑輪故障，但這些故障現在已基本緩解。

At the same time, recoveries have improved and we adjusted clays in the transition ores and improved plant stability.

同時，回收率有所提高，我們調整了過渡礦石中的黏土並提高了工廠穩定性。

Our focus is on driving recoveries to design levels, and we are confident that we will achieve our target recoveries by year-end.

我們的重點是推動回收率達到設計水平，我們有信心在年底前實現回收率目標。

And most importantly, we continue to expect to reach full throughput rates at QB by year-end.

最重要的是，我們繼續預計 QB 到年底將達到滿產率。

However, slightly lower than planned ore grades in the second half of the year due to short-term mine access issues related to pit dewatering and a localized geotechnical issue have resulted in an update to our 2024 production guidance for copper and molybdenum.

然而，由於礦坑脫水相關的短期礦山准入問題和局部岩土工程問題，下半年礦石品位略低於計劃，導致我們更新了 2024 年銅和鉬生產指南。

We've revised our full year QB copper production guidance to 200,000 to 235,000 tonnes from 230,000 to 275,000 tonnes and revised our full-year QB molybdenum production guidance from 1,800 to 2,400 tonnes from 2,900 to 3,600 tonnes.

我們已將全年 QB 銅產量指引從 230,000 噸至 275,000 噸修訂為 200,000 至 235,000 噸，並將全年 QB 鉬產量指引從 1,800 噸至 2,400 噸，從 2,900 噸修訂 2,900 噸。

In line with our production guidance changes, we've revised our full-year net cash unit cost guidance for QB to USD2.25 per pound to USD2.55 per pound from USD1.95 per pound to USD2.25 per pound.

根據我們的生產指引變化，我們已將 QB 的全年淨現金單位成本指引從每磅 1.95 美元至每磅 2.25 美元修改為每磅 2.25 美元至每磅 2.55 美元。

And while second quarter sales for QB were impacted by a temporary filter plant issue with the port in June, it was resolved by quarter end, and we expect to make up the sale volumes over the balance of the year.

雖然 QB 第二季度的銷售受到 6 月份港口臨時過濾裝置問題的影響，但該問題在季度末得到了解決，我們預計將在今年餘下時間彌補銷量。

Production guidance for QB for 2025 to 2027 is unchanged.

2025 年至 2027 年 QB 的生產指引維持不變。

Once at full capacity, QB will double our copper production, and we expect our base metals operations to generate significant EBITDA.

一旦滿載生產，QB 將使我們的銅產量翻一番，我們預計我們的基本金屬業務將產生可觀的 EBITDA。

As shown on the slide, we have the potential to generate more than $5 billion of annual EBITDA, and with sustaining capital and capitalized stripping expected to be in a range of $1 billion to $1.2 billion per year, Teck's free cash flow generation potential is compelling.

如幻燈片所示，我們有潛力產生超過 50 億美元的年度 EBITDA，並且維持資本和資本化剝離預計每年在 10 億至 12 億美元之間，泰克的自由現金流產生潛力非常引人注目。

I'll now hand the call over to Crystal to provide further details.

我現在將把電話轉給克里斯託以提供更多詳細資訊。

Thanks, Jonathan.

謝謝，喬納森。

Good morning, everyone.

大家早安。

I'm going to start on slide 9 with our financial performance in the second quarter.

我將從第 9 投影片開始介紹我們第二季的財務表現。

Given final regulatory approval of the sale of Elk Valley Resources or EVR was not received until July 4, we continue to report EVR in our operating results in the second quarter.

鑑於直到 7 月 4 日才收到銷售 Elk Valley Resources 或 EVR 的最終監管批准，我們將繼續在第二季度的營運業績中報告 EVR。

Starting in the third quarter of 2024, EVR results will be presented as discontinued operations.

從 2024 年第三季開始，EVR 業績將作為已終止營運業務呈現。

There are a number of significant accounting and presentation items that impacted our first-quarter results, and these continue to impact our results in the second quarter.

有許多重要的會計和列報項目影響了我們第一季的業績，而這些項目將繼續影響我們第二季的業績。

Consistent with our reporting in Q1, our second quarter financial statements reflect the 23% minority ownership in EVR by NSC and POSCO, and we continue to consolidate 100% of EVR's production and sales volumes, revenue, gross profit and EBITDA given our controlling shareholding position.

與我們第一季的報告一致，我們第二季的財務報表反映了NSC 和POSCO 在EVR 中持有23% 的少數股權，鑑於我們的控股地位，我們將繼續鞏固EVR 100% 的產量和銷售、收入、毛利和EBITDA 。

Our profit attributable to shareholders is based on our 77% ownership of EVR, if the remainder of EVR profit attributable to non-controlling interests.

我們的股東應占利潤是基於我們對 EVR 77% 的所有權，如果 EVR 利潤的其餘部分歸屬於非控制權益。

This reduced our profit attributable to shareholders and related EPS compared to the same period last year.

與去年同期相比，這減少了我們的股東應占利潤和相關每股收益。

We continue to operate the steelmaking coal business in the second quarter and retain all cash flows from EVR until completion of the sale of our remaining 77% interest in EVR at Glencore on July 11, 2024.

我們在第二季度繼續經營煉鋼煤炭業務，並保留來自 EVR 的所有現金流，直至 2024 年 7 月 11 日完成出售嘉能可剩餘 77% 的 EVR 權益。

Our finance expense and depreciation and amortization expense have both increased compared to the same period last year as we are depreciating QB assets and no longer capitalizing interest on the projects starting in 2024.

由於我們正在對 QB 資產進行折舊，並且不再對 2024 年開始的項目進行利息資本化，因此我們的財務費用以及折舊和攤銷費用均較去年同期有所增加。

Our solid financial performance in the second quarter reflects record copper production and strong copper prices as well as strong steelmaking coal sales volumes, which were partially offset by higher depreciation, amortization and finance expense due to the QB ramp-up and the non-controlling interest resulting from the minority sale of EVR to NSC and POSCO, as I outlined earlier.

我們第二季穩健的財務業績反映了創紀錄的銅產量、強勁的銅價以及強勁的煉鋼煤炭銷量，但由於QB 增加和非控股權益導致的折舊、攤銷和財務費用增加，部分抵消了這些影響正如我之前概述的那樣，這是由於將 EVR 少數股權出售給 NSC 和 POSCO 造成的。

We returned a total of $346 million to shareholders in the quarter, including $282 million in share buybacks executed under the $500 million return previously authorized by the Board following receipt of the NSE proceeds, and we paid $64 million of quarterly base dividends.

本季我們總共向股東返還了 3.46 億美元，其中包括根據董事會先前在收到 NSE 收益後批准的 5 億美元回報執行的 2.82 億美元股票回購，我們還支付了 6,400 萬美元的季度基本股息。

Through the end of June, we had executed $363 million of the Board authorized $500 million share buyback.

截至 6 月底，我們已執行了董事會授權的 5 億美元股票回購中的 3.63 億美元。

Slide 10 summarizes the key drivers of our financial performance in the quarter.

投影片 10 總結了本季財務表現的主要驅動因素。

The increase in adjusted EBITDA in the quarter compared to the same period last year was primarily driven by higher pricing adjustments primarily for copper, but also for zinc, increased sales volumes for copper with record quarterly production as well as steelmaking coal sales volumes at the top end of our guidance range and the positive impact of a weaker Canadian dollar.

與去年同期相比，本季調整後 EBITDA 的成長主要是由於銅和鋅的定價調整較高、季度產量創紀錄的銅銷量增加以及煉鋼煤炭銷量居高不下。疲軟的正面影響。

These items were partially offset by higher operating costs across our business and lower steelmaking coal prices.

這些項目被我們業務營運成本上升和煉鋼煤炭價格下降部分抵消。

We remain highly focused on managing our controllable operating costs.

我們仍然高度關注管理可控的營運成本。

Higher overall operating costs in the quarter reflect elevated QB operating costs as well as inflation that is expected to persist throughout 2024 and was contemplated in our guidance for sustaining capital and unit costs.

本季整體營運成本上升反映了 QB 營運成本上升以及預計將持續到 2024 年的通貨膨脹，並且我們在維持資本和單位成本的指導中也考慮到了這一點。

As expected, QB costs were elevated in the first half of the year due to alternative shipping arrangements, ramp-up of the molybdenum plant and lower volumes as ramp-up of production continues.

正如預期的那樣，由於替代運輸安排、鉬廠產能增加以及產量持續增加導致產量下降，QB 成本在今年上半年有所上升。

Now turning to each of our business units in greater detail and starting with copper on slide 11.

現在更詳細地討論我們的每個業務部門，並從幻燈片 11 上的銅開始。

Overall, our gross profit before depreciation and amortization in copper increased 118% in the quarter compared with the same period last year, reflecting a significant increase in the copper price in the quarter and substantially higher sales volumes, partially offset by elevated QB operating cost, as production ramp-up continues.

總體而言，本季度我們的銅折舊及攤銷前毛利潤與去年同期相比增長了 118%，反映出本季度銅價大幅上漲以及銷量大幅增加，部分被 QB 運營成本上升所抵消，隨著產量的持續增加。

Spot copper prices hit a record high of USD4.92 per pound at the end of May and our realized copper price in the second quarter was USD4.44 per pound, up 17% compared to the same period last year.

5月底現貨銅價格創下歷史新高，達到4.92美元/磅，第二季實現銅價4.44美元/磅，較去年同期上漲17%。

The ramp-up of QB drove our record quarterly copper production up 71% from the same period last year.

QB 的增加推動我們創紀錄的季度銅產量比去年同期增長 71%。

And we also had higher production at Highland Valley and Antamina.

我們在高地山谷和安塔米納的產量也較高。

This was partially offset by lower production at Carmen de Andacollo due to water restrictions as a result of ongoing extreme drought conditions.

這被卡門德安達科洛 (Carmen de Andacollo) 產量下降部分抵消，原因是持續的極端乾旱條件導致用水限制。

The water restrictions improved during the second quarter and are expected to continue to improve in the second half of this year.

限水措施在第二季有所改善，預計今年下半年將持續改善。

As expected, our cost of sales was higher year over year, as QB operations ramp up, and we record depreciation of operating assets.

正如預期的那樣，隨著 QB 業務的增加，我們的銷售成本同比上升，並且我們記錄了營運資產的折舊。

Excluding QB, our net cash unit costs were USD1.82 per pound or USD0.10 per pound lower than the same period last year, as a result of lower US dollar-denominated operating costs and lower smelter processing charges, partly offset by reducing byproduct credits from Antamina.

不包括 QB，我們的淨現金單位成本比去年同期低 1.82 美元/磅或每磅 0.10 美元，這是由於以美元計價的運營成本降低和冶煉廠加工費用降低（部分被副產品減少所抵消）來自安塔米納的學分。

Looking ahead, as Jonathan outlined, we have updated our 2024 annual copper and molybdenum production guidance and our unit cost guidance for the full year, reflecting changes to QB guidance.

展望未來，正如 Jonathan 概述的那樣，我們更新了 2024 年年度銅和鉬生產指導以及全年單位成本指導，反映了 QB 指導的變化。

We've revised our copper production guidance to 435,000 to 500,000 tonnes from 465,000 to 540,000 tonnes, which still represents over 55% copper growth year over year at the midpoint.

我們已將銅產量指引從 465,000 噸至 540,000 噸修訂為 435,000 噸至 500,000 噸，這仍代表銅同比中位數增長超過 55%。

Our molybdenum production guidance is now 4,300 to 5,500 tonnes from 5,400 to 6,700 tonnes.

我們的鉬產量指引目前為 4,300 噸至 5,500 噸，從 5,400 噸至 6,700 噸。

And our net cash unit cost guidance has been revised to USD1.90 to USD2.30 per pound from USD1.85 to USD2.25 per pound, primarily as a result of lower molybdenum production as well as lower copper production volumes.

我們的淨現金單位成本指引已從每磅 1.85 美元至 2.25 美元修訂為每磅 1.90 美元至 2.30 美元，這主要是由於鉬產量下降以及銅產量下降。

Looking now at our zinc business on slide 12.

現在就來看看投影片 12 上我們的鋅業務。

We had another strong quarter at Red Dog with increased zinc and lead production, reflecting higher grade and recovery.

Red Dog 又經歷了一個強勁的季度，鋅和鉛產量增加，反映出更高的品味和復甦。

Zinc sales of 53,000 tonnes were in line with guidance for the second quarter.

鋅銷售量為 53,000 噸，符合第二季指引。

However, Red Dog's net cash unit costs were up USD0.04 per pound due to higher cost for consumables and an increase in smelter processing charges.

然而，由於消耗品成本上升以及冶煉廠加工費用增加，Red Dog 的淨現金單位成本上漲了 0.04 美元/磅。

At Trail, refined zinc production was impacted by unplanned maintenance and refined lead and byproduct production was significantly lower, reflecting the planned 70-day shutdown for the replacement of the KIVCET boiler.

Trail 的精煉鋅產量受到計劃外維護的影響，精煉鉛和副產品產量顯著下降，反映出計劃停工 70 天以更換 KIVCET 鍋爐。

The project was completed on time and on budget, and the boiler has been operating very well since the restart.

該項目按時、按預算完成，鍋爐自重啟以來一直運作良好。

Overall, our gross profit before depreciation and amortization in zinc decreased 53% in the quarter, primarily due to reduced refined metal sales and zinc premiums at Trail and lower zinc sales volumes for Red Dog compared to the same period last year.

總體而言，本季鋅的折舊及攤銷前毛利潤下降了 53%，主要是由於 Trail 的精煉金屬銷量和鋅溢價減少，以及 Red Dog 的鋅銷量與去年同期相比下降。

The shipping season at Red Dog commenced on July 12, and we expect Red Dog's zinc concentrate sales of 250,000 to 290,000 tonnes in the third quarter, reflecting our normal seasonality of sales.

Red Dog的運輸季節於7月12日開始，我們預計第三季Red Dog的鋅精礦銷售量為25萬噸至29萬噸，反映了我們正常的銷售季節性。

Our 2024 annual zinc and concentrate production guidance of 565,000 to 630,000 tonnes and our net cash unit cost guidance of USD0.55 to USD 0.65 per pound are both unchanged.

我們的 2024 年年度鋅和精礦產量指導為 565,000 至 630,000 噸，淨現金單位成本指導為每磅 0.55 美元至 0.65 美元，均保持不變。

At Trail operations, our 2024 annual refining production guidance is unchanged at 275,000 to 290,000 tonnes.

在 Trail 業務中，我們 2024 年的年度煉油產量指引維持在 275,000 至 290,000 噸不變。

Turning now to steelmaking coal on slide 13.

現在轉向幻燈片 13 上的煉鋼煤。

This marks our last full quarter of reporting on EVR, and we are finishing on a high note.

這是我們關於 EVR 的最後一個完整季度的報告，我們即將以高調結束。

Sales volumes in the quarter of 6.4 million tonnes were at the top end of our guidance range and steel making full prices decline, but they remain strong.

本季的銷售量為 640 萬噸，處於我們指引範圍的上限，鋼鐵生產全價有所下降，但仍保持強勁。

And despite two major planned maintenance shutdowns, we achieved very strong production across all of our plants.

儘管有兩次重大的計劃維護停工，我們所有工廠的生產仍然非常強勁。

Adjusted site cash cost of sales per tonne of CAD112 were higher than the same period last year, driven by higher spend on labor, contractors and diesel and less favorable mining drivers.

調整後的每噸現場現金銷售成本為 112 加元，高於去年同期，這是由於勞動力、承包商和柴油支出增加以及採礦司機不利所致。

Given the ongoing shortage of skilled trade labor, we continue to have increased reliance on contractors.

鑑於熟練貿易勞動力持續短缺，我們對承包商的依賴持續增加。

Transportation costs were CAD1 per tonne lower than the same period last year due to lower demurrage charges as a result of continued stable vessel queues.

由於船舶隊列持續穩定，滯期費降低，運輸成本每噸下降 1 加幣。

Overall, we generated $1.1 billion in gross profit before depreciation and amortization, reflecting lower realized ceiling and floor prices and higher unit operating costs, partially offset by higher sales volumes and the positive impact of a stronger US dollar.

總體而言，我們實現了 11 億美元的折舊和攤銷前毛利潤，反映出已實現的上限和底價較低以及單位運營成本較高，但部分被銷量增加和美元走強的積極影響所抵消。

Turning now to the sale of EVR and our use of proceeds from the transaction.

現在談談 EVR 的銷售以及我們對交易收益的使用。

Starting on slide 15.

從投影片 15 開始。

We completed the sale of the remaining 77% interest in EVR to Glencore on July 11 and received total transaction proceeds of USD7.3 billion subject to customary closing adjustments.

我們於 7 月 11 日完成了向嘉能可出售 EVR 剩餘 77% 權益的交易，根據慣例成交調整，獲得總交易收益 73 億美元。

This transaction is a catalyst to transform Teck into a pure-play energy transition metals company.

這項交易是泰克資源轉型為純粹的能源過渡金屬公司的催化劑。

The proceeds position Teck for our next phase of responsible growth and value creation.

所得收益為泰克生物的下一階段負責任的成長和價值創造奠定了基礎。

And as always, we remain committed to our disciplined capital allocation framework on slide 16.

像往常一樣，我們仍然致力於幻燈片 16 中嚴格的資本配置框架。

This guided our deployment of the proceeds from the transaction.

這指導了我們對交易收益的部署。

We have a disciplined approach to the deployment of capital, and we aim to balance our growth with cash returns to shareholders, while maintaining a strong balance sheet through the cycle.

我們對資本部署採取嚴格的方法，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。

Slide 17 summarizes how we are allocating transaction proceeds.

投影片 17 總結了我們如何分配交易收益。

We announced the largest return of cash to shareholders in Teck's history with approximately $3.5 billion in total share buybacks and dividends.

我們宣布向股東返還泰克集團史上最大的現金回報，股票回購和股利總額約 35 億美元。

The share buyback of up to $2.75 billion is in addition to the $500 million share buyback previously authorized following the minority sale of EVR to NSC and POSCO.

此次回購金額高達 27.5 億美元，是在先前將 EVR 少數股權出售給 NSC 和 POSCO 後授權的 5 億美元股票回購之外的。

And through the end of June, we had completed $363 million of the $500 million buyback.

截至 6 月底，我們已完成 5 億美元回購中的 3.63 億美元。

The Board also authorized a onetime supplemental dividend of $0.50 per share or approximately $250 million, which will be paid on September 27 in addition to our quarterly base dividend of $0.125 per share.

董事會還批准了每股 0.50 美元的一次性補充股息，約 2.5 億美元，該股息將於 9 月 27 日支付，此外我們還支付每股 0.125 美元的季度基本股息。

We announced a debt reduction program of up to USD2 billion and launched a cash tender offer of USD1.25 billion for our outstanding notes that was subsequently upsized.

我們宣布了高達 20 億美元的債務削減計劃，並對已發行票據發起了 12.5 億美元的現金要約收購，隨後擴大了規模。

On July 15, we completed the purchase of approximately USD1.4 billion of our public notes, and we are assessing further debt reduction opportunities.

7 月 15 日，我們完成了約 14 億美元公開票據的購買，目前我們正在評估進一步的債務削減機會。

We expect to pay costs and taxes related to the transaction of approximately USD750 million in early 2025.

我們預計到 2025 年初將支付約 7.5 億美元的交易相關成本和稅金。

The remaining net proceeds from the transaction will be retained to fund our near-term copper growth.

交易的剩餘淨收益將被保留，為我們的近期銅成長提供資金。

Once QB is at full capacity, we have a pathway to increase our copper production by a further 30% starting as early as 2028 through our near-term projects.

一旦 QB 達到滿載生產，我們就有機會通過近期項目，最早從 2028 年開始將銅產量進一步提高 30%。

These include the mine life extension at HVC, Zafranal, San Nicolas and QB optimization and anti-debottlenecking.

其中包括 HVC、Zafranal、San Nicolas 的礦山壽命延長以及 QB 優化和反瓶頸。

Our attributable capital cost for these projects is estimated to be USD3.3 billion to USD3.6 billion.

這些項目的資本成本預計為 33 億美元至 36 億美元。

Turning now to slide 18 and our resilient balance sheet.

現在轉向投影片 18 和我們富有彈性的資產負債表。

Following the close of EVR transaction, we are now in a net cash position, including $8.7 billion in cash as of today.

EVR 交易結束後，我們目前處於淨現金狀況，截至今天包括 87 億美元現金。

With the purchase of USD1.4 billion of our public notes on July 15 through the cash tender offer, we've decreased our outstanding term notes to USD1.1 billion.

7 月 15 日，我們透過現金要約收購了 14 億美元的公開票據，將未償還的定期票據減少至 11 億美元。

Our total debt outstanding following the cash tender offer is USD4.3 billion, and our net cash position is currently CAD2.9 million.

現金收購要約後我們的未償債務總額為 43 億美元，目前淨現金部位為 290 萬加元。

We remain focused on maintaining our investment-grade credit metrics supported by our resilient balance sheet.

我們仍然專注於維持由彈性資產負債表支持的投資等級信用指標。

And going forward, we expect to generate higher interest income by the additional cash that we're holding on the balance sheet.

展望未來，我們預計將透過資產負債表上持有的額外現金產生更高的利息收入。

At the same time, our annual requirements for sustaining capital and capitalized stripping have declined to $1 billion to $1.2 billion following the sale of EVR.

同時，在出售 EVR 後，我們每年維持資本和資本剝離的需求已下降至 10 億至 12 億美元。

QB is expected to generate significant additional EBITDA and free cash flow at full production, which will further build on the financial resilience.

QB 預計在全面投產時將產生大量額外的 EBITDA 和自由現金流，這將進一步增強財務彈性。

As demand for copper continues to rise and constraints on new supply persist, the value of high-quality, low-cost copper assets will only increase.

隨著銅需求的持續上升和新增供應的限制持續存在，優質、低成本的銅資產價值只會增加。

Overall, Teck is strongly positioned to execute on our strategy for responsible growth and value creation.

整體而言，泰克資源有能力執行我們負責任的成長和價值創造的策略。

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

這樣，我會將其轉回給喬納森。

Thanks, Crystal.

謝謝，水晶。

So going on to our portfolio transformation on slide 20.

接下來是投影片 20 上我們的投資組合轉型。

As I said earlier, Teck is now entirely focused on providing metals that are essential to global development and the energy transition.

正如我之前所說，泰克目前完全專注於提供對全球發展和能源轉型至關重要的金屬。

I would like to take a moment to reflect on some of the strategic developments that we executed on over the past couple of years to get to this point.

我想花點時間回顧一下我們在過去幾年中為實現這一目標而執行的一些策略發展。

Last year, we started to refocus our portfolio towards energy transition metals through the sale of our interest in Fort Hills, marking our exit from the oil sands business.

去年，我們透過出售 Fort Hills 的權益，開始將投資組合重新聚焦於能源過渡金屬，這標誌著我們退出油砂業務。

We also modernized our share structure with the introduction of a sunset for our Class A shares, reflecting our commitment to strong corporate governance and acting in the best interest of all shareholders.

我們也透過引入 A 類股票日落制度實現了股權結構的現代化，體現了我們對強而有力的公司治理和以所有股東的最佳利益為重的承諾。

At the same time, we continue to advance the projects in our industry-leading copper growth pipeline.

同時，我們繼續推進業界領先的銅生長管道中的專案。

Two key milestones were entering into joint ventures at NewRange, in partnership with PolyMet and at San Nicolás, in partnership with Agnico Eagle, which helped us to advance and derisk those projects.

兩個關鍵的里程碑是與 PolyMet 合作在 NewRange 建立合資企業，以及與 Agnico Eagle 合作在 San Nicolás 建立合資企業，這幫助我們推進了這些項目並降低了風險。

And this year, we completed construction of QB, which is the driver for our near-term growth.

今年，我們完成了 QB 的建設，這是我們近期成長的動力。

QB is a transformational Tier 1 asset for Teck with a long-life additive cost position and meaningful expansion opportunities.

QB 是泰克資源的轉型性一級資產，具有長壽命的附加成本地位和有意義的擴張機會。

And it will be a cornerstone of our copper portfolio for decades to come.

它將成為我們未來幾十年銅產品組合的基石。

And finally, we've completed the sale of our steelmaking coal business, transforming Teck into a pure-play energy transition metals company.

最後，我們完成了煉鋼煤炭業務的出售，將泰克資源轉變為純粹的能源過渡金屬公司。

As Crystal has just discussed, with a significant transaction proceeds in hand, we've announced significant cash returns to shareholders and taking steps to ensure that Teck is strongly positioned to capitalize on growing demand for copper.

正如 Crystal 剛剛討論的那樣，憑藉手中的大量交易收益，我們已宣布向股東提供大量現金回報，並採取措施確保泰克資源能夠充分利用不斷增長的銅需求。

We remain committed to balancing our growth with further cash returns to shareholders.

我們仍然致力於平衡我們的成長與股東的進一步現金回報。

All of this evidences our willingness to both set a bold strategy and critically execute against it always with a focus on value creation.

所有這些都證明我們願意制定大膽的策略，並嚴格執行該策略，始終專注於價值創造。

Moving on to our current portfolio on slide 21.

繼續投影片 21 上我們目前的投資組合。

With the strategic moves that we have made, our commodity mix is now 100% base levels.

透過我們採取的策略性舉措，我們的商品組合現已達到 100% 的基準水準。

We have a solid foundation of long-life producing copper and zinc assets that generate strong cash flow today, including Antamina in Peru, Highland Valley Copper in British Columbia and Red Dog in Alaska, and our Cornerstone QB assets in Chile, which will generate strong cash flow at full production.

我們擁有長壽命生產銅和鋅資產的堅實基礎，這些資產如今能產生強勁的現金流，包括秘魯的安塔米納、不列顛哥倫比亞省的高地谷銅礦和阿拉斯加的紅狗，以及我們在智利的基石QB 資產，這些資產將產生強勁的現金流滿載生產時的現金流。

We also have mine life extension opportunities to maintain this foundation, including at Highland Valley and Antamina in the near term.

我們也有延長礦山壽命的機會來維持這個基礎，包括近期在高地谷和安塔米納的礦場。

Importantly, while our portfolio mix has changed, our focus on maximizing long-term value for shareholders has not.

重要的是，雖然我們的投資組合發生了變化，但我們對股東長期價值最大化的關注卻沒有改變。

We remain committed to operational excellence, ensuring we deliver the full value from our premium base metals portfolio.

我們仍然致力於卓越運營，確保我們從優質基本金屬產品組合中實現全部價值。

Returning to our industry-leading copper growth on slide 22.

回到幻燈片 22 上領先業界的銅成長。

Over a decade ago, Teck recognized the value that could be created through a robust pipeline of copper projects.

十多年前，泰克資源就意識到透過強大的銅項目管道所能創造的價值。

As a result, we have created a highly valuable portfolio of actionable copper growth projects, diversified by jurisdiction and scale.

因此，我們創建了一個極具價值的、可操作的銅礦成長項目組合，並根據管轄範圍和規模進行多元化。

Each of these will be a low-cost operation with competitive capital intensities already derisked through strategic partnerships.

其中每一項都將是低成本運營，透過策略合作夥伴關係已經消除了具有競爭力的資本強度。

Teck is now on track to becoming a top 10 global copper producer, doubling copper production with the ramp-up of QB with a pathway to further increase production by 30% starting as early as 2028.

泰克資源目前有望成為全球十大銅生產商，隨著 QB 的增加，銅產量將增加一倍，並預計最早從 2028 年開始將產量進一步增加 30%。

Our near-term copper projects are high-quality, capital efficient and low operating cost projects, which should enable us to move down the cost curve and generate strong returns.

我們的近期銅項目是高品質、資本效率高且營運成本低的項目，這將使我們能夠降低成本曲線並產生豐厚的回報。

We are also exploring optimization of QB, increase production beyond design throughput capacity with minimal capital.

我們也正在探索 QB 的最佳化，以最少的資本提高超出設計吞吐量的產量。

And beyond this, by the end of the year, we will develop a definitive plan at near-term low capital intensity debottlenecking at QB.

除此之外，到今年年底，我們將製定一項明確的計劃，以消除 QB 的近期低資本密集度瓶頸。

We're progressing the life extension of Highland Valley to allow for continued production at this stable and profitable core asset for another 17 years.

我們正在努力延長 Highland Valley 的使用壽命，以便這穩定且獲利的核心資產能夠再持續生產 17 年。

Export will be reviewing the Zafranal project for sanction as early as the second half of 2025.

出口部最早將於 2025 年下半年審查 Zafranal 計畫是否獲得批准。

And this capital-efficient growth project is expected to have a rapid payback driven by high grades in the early years.

這個資本效率高的成長項目預計將在早期高評級的推動下獲得快速回報。

And at San Nicolás, we continue to progress feasibility study work in our permitting application to position us to deliver this low capital intensity project that we expect to generate industry-leading returns.

在聖尼古拉斯，我們繼續推進許可申請中的可行性研究工作，以使我們能夠交付這個低資本密集度的項目，我們預計將產生行業領先的回報。

At the same time, we continue to figure out our longer-dated projects to ensure that we retain a pipeline of future growth opportunities.

同時，我們繼續研究長期項目，以確保我們保留未來成長機會的管道。

Turning to slide 23. we're continuing to create value for shareholders by driving best-in-class, safe and sustainable operational performance from project delivery, including managing costs, incorporating learnings from the completed independent review of QB2 into our future projects, assessing value-accretive opportunities to expand and optimize our high-quality operating assets, ensuring we continue our disciplined capital allocation to generate strong returns, executing on our well-funded capital-efficient near-term copper growth projects, balancing growth with cash returns to shareholders.

轉向投影片23。評估擴大和優化我們優質營運資產的增值機會，確保我們繼續嚴格的資本配置以產生強勁的回報，執行我們資金充足、資本效率高的近期銅增長項目，平衡增長與股東現金回報。

Overall, I believe that Teck is uniquely positioned as a pure-play energy transition metals company with both a premium portfolio of long-life cash-generating assets in well-understood jurisdictions and industry-leading copper growth.

總體而言，我相信泰克資源作為一家純粹的能源過渡金屬公司擁有獨特的定位，在眾所周知的司法管轄區擁有優質的長壽命現金生成資產組合，並且擁有行業領先的銅增長。

We're working hard to unlock the full potential of both with a focus on value creation.

我們正在努力釋放兩者的全部潛力，並專注於價值創造。

I believe that there is incredible value inherent within Teck.

我相信泰克資源具有不可思議的內在價值。

Not just in terms of the quality of our assets and the depth of our copper growth pipeline, but also our responsible and ethical approach to resource development, which is critical to our ability to realize value.

不僅在於我們的資產品質和銅礦成長管道的深度，還在於我們負責任和道德的資源開發方法，這對我們實現價值的能力至關重要。

So to conclude on slide 24.

投影片 24 就結束了。

While we are entering an exciting new era as a pure-play energy transition metals company, we remain strongly committed to our purpose and values, which remain personal to me and to all of us at Teck.

作為一家純粹的能源過渡金屬公司，我們正在進入一個令人興奮的新時代，但我們仍然堅定地致力於我們的目標和價值觀，這對我和泰克的所有人來說仍然是個人的。

And we pursue responsible growth, always focused on value creation.

我們追求負責任的成長，始終專注於價值創造。

Our capital allocation framework continues to guide us in balancing that growth with cap returns to shareholders.

我們的資本配置框架繼續引導我們平衡成長與股東回報上限。

We are strongly positioned to capitalize on the growing demand for copper, and we look forward to continuing to unlock significant value upside for our shareholders.

我們有能力利用不斷增長的銅需求，我們期待繼續為股東釋放巨大的價值成長。

And with that, thank you, and operator, please open the line for questions.

謝謝您，接線生，請撥打電話提問。

(Operator Instructions)

（操作員說明）

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

Hi.

你好。

Good morning.

早安.

Nice to see the progress at QB2.

很高興看到 QB2 的進展。

I was wondering if you can give us some more color on this localized geotech issue.

我想知道您是否能為我們提供有關這個局部地質技術問題的更多資訊。

And specifically, what does it mean for grade profile for H2 on copper?

具體來說，對於銅材上的 H2 牌號分佈意味著什麼？

And then I'm also wondering if it will impact 2025 grade.

然後我也想知道這是否會影響2025年的成績。

Yeah.

是的。

Thanks, Orest.

謝謝，奧雷斯特。

We are very pleased with the ongoing progress at QB2.

我們對 QB2 的持續進展感到非常滿意。

The quarter-over-quarter improvement, again, as we said, is very encouraging.

正如我們所說，季度環比的改善非常令人鼓舞。

What I'm going to do is hand over to Shehzad Bharmal, our SVP of Operations.

我要做的就是將工作移交給我們的營運資深副總裁 Shehzad Bharmal。

He'll give you a bit of an overview as to where we are now and the outlook for the second half and beyond.

他將為您簡要介紹我們現在的情況以及下半年及以後的前景。

Thanks, Orest and perhaps best if I give a broad overview of the status and the accomplishments of QB to date.

謝謝，奧雷斯特，如果我對 QB 迄今為止的狀況和成就進行廣泛的概述，也許最好。

As we published, QB continued to have month-over-month improvement in performance and copper production over the last quarter.

正如我們所發表的，QB 上季度的業績和銅產量繼續逐月改善。

April was at 14,600 tonnes, May given at 17,300 tonnes and then June at 19,300 tonnes.

4 月產量為 14,600 噸，5 月產量為 17,300 噸，6 月產量為 19,300 噸。

And the operations design is robust, and no critical issues have been identified.

營運設計穩健，尚未發現任何關鍵問題。

Throughput, recovery and head grades are, of course, the three factors that drive copper production.

當然，吞吐量、回收率和麤品位是推動銅產量的三個因素。

And we have continued to make excellent products and throughput.

我們持續生產卓越的產品和產量。

And over the last while, we have run between 90% to 95% of design rates.

在過去一段時間裡，我們的設計率達到了 90% 到 95%。

So very confident of reaching full rate here over the next coming months.

因此非常有信心在接下來的幾個月內達到全額。

And focus here is really on stable operations with improved online time.

這裡的重點實際上是穩定的營運和改善的線上時間。

On recovery, we are managing through higher amounts of trace that are in the transition ores between the supergene and hypogene mineralization and we are making good progress.

在回收方面，我們正在透過表生礦化和下生礦化之間的過渡礦石中的大量微量進行管理，並且我們正在取得良好進展。

And this has been done with selecting different reagents, fine-tuning the dosing and, of course, modifying some other operating parameters.

這是透過選擇不同的試劑、微調劑量以及修改其他一些操作參數來完成的。

And as a result, we are a few points behind on recovery.

結果，我們在復甦方面落後了幾分。

But when the adjustments and more stable operations, which also contribute to recovery issues, we expect to hit target rates in the months ahead.

但當調整和更穩定的營運（這也有助於復甦問題）時，我們預計將在未來幾個月達到目標利率。

Talking about the head feed grade that you mentioned with this geotech issue.

談論您在這個岩土問題中提到的頭部進給等級。

But generally, the head feed grade is very consistent with our block model, and that is really the key point and very reassuring.

但總的來說，頭部進料等級與我們的塊模型非常一致，這確實是關鍵點，非常令人放心。

In the second half, we do expect to have lower than [5] feed head grades.

在下半年，我們預期進料頭等級將低於 [5]。

This temporary access issues were -- was in access to the higher-grade areas in the mine sequence as we had planned originally.

這個臨時通道問題是——正如我們最初計劃的那樣，進入礦井序列中的較高等級區域。

And this localized geotechnical issue is for the access ramp to these areas.

這個局部岩土工程問題是針對通往這些區域的坡道的。

And what we are doing is we're working through reorienting the access ramp a little bit and additional support in buttressing and thus it will take several months.

我們正在做的是，我們正在稍微重新調整通道坡道的方向，並在支撐方面提供額外的支持，因此這將需要幾個月的時間。

And we expect to complete this work late this year and a full access by early next year and actually in December, we plan to have -- we expect to have access to this.

我們預計將在今年年底完成這項工作，並在明年初實現全面訪問，實際上，我們計劃在 12 月——我們希望能夠訪問此內容。

So the implications for '25, '26 is very minimal.

因此，對 '25、'26 的影響非常小。

Some of this higher grade will lead into '25 and then we'll change the mine sequence and the balance of it will feed into 2026 as well.

其中一些較高品位將進入 25 年，然後我們將更改礦山順序，其餘部分也將進入 2026 年。

So overall, really not a meaningful impact into '25, '26, but a meaningful impact in Q3, in particular, in Q4 as well.

總的來說，這對 25 年、26 年確實沒有產生有意義的影響，但對第三季度，特別是第四季度產生了有意義的影響。

Thanks, Shehzad.

謝謝，謝赫扎德。

Can you actually give us a rough guide for the copper grade in H2?

您能為我們提供 H2 中銅牌號的粗略指導嗎？

Yeah.

是的。

We'll follow up with that -- Fraser will follow up with some of those details maybe offline, of course.

我們將跟進——當然，弗雷澤將跟進其中一些細節，可能會在線下進行。

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)、B. 萊利證券 (Riley Securities)。

Thank you very much, operator.

非常感謝您，接線生。

Good morning, everyone.

大家早安。

My first question is on slide 22, where you show your near-term growth projects.

我的第一個問題在投影片 22 上，您在其中展示了您的近期成長項目。

And I'm sure you're putting into a funnel.

我確信你正在進入一個漏斗。

And I wondered in which order would the projects kind of come out of the funnel?

我想知道這些項目會以什麼順序從漏斗中出來？

And what are the key attributes you're screening for as you decide the ranking.

在決定排名時，您要篩選的關鍵屬性是什麼。

Thank you very much.

非常感謝。

Yeah.

是的。

Morning, Lucas and thanks very much for that question.

早安，盧卡斯，非常感謝你提出這個問題。

Yeah, I mean we are managing this as a portfolio.

是的，我的意思是我們正在將其作為投資組合進行管理。

These projects all have different risk return characteristics as you would expect.

正如您所期望的，這些項目都有不同的風險回報特徵。

Of course, with QB and Highland Valley, these are both brownfield expansions and the QB in particular, there's a process there of optimization of the existing operation debottlenecking in that operation and then a potential expansion of that operation.

當然，對於 QB 和 Highland Valley，這些都是棕地擴張，特別是 QB，有一個優化現有業務、消除該業務瓶頸的過程，然後對該業務進行潛在的擴展。

Zafranal and San Nicolas, of course, our greenfield projects, both in jurisdictions where we don't currently operate.

當然，扎弗拉納爾和聖尼古拉斯是我們的綠地項目，這兩個項目都位於我們目前沒有運營的司法管轄區。

We have good experience in Peru, of course, through Antamina and at San Nicolas, bringing Agnico Eagle into that joint venture with their experience in Mexico significantly derisks our entry there.

當然，我們透過安塔米納和聖尼古拉斯在秘魯擁有良好的經驗，將 Agnico Eagle 引入該合資企業以及他們在墨西哥的經驗大大降低了我們進入那裡的風險。

So we evaluate all of these projects.

所以我們評估所有這些項目。

We're progressing them in parallel through the completion of studies through engineering and through the application for permits.

我們正在透過完成工程研究和申請許可證來並行推進這些工作。

We will evaluate the economics of each of these projects against the relative risk and make those decisions accordingly.

我們將根據相對風險評估每個項目的經濟性，並做出相應的決策。

The one project where, of course, we do have a particular timing considerations is the Highland Valley mine life extension.

當然，我們確實有一個特定的時間考慮因素的項目是高地谷礦山的壽命延長。

The current mine comes to end of life there around 2028 and we would like to see continuity of operations through the extension.

目前的礦場將於 2028 年左右結束使用壽命，我們希望看到透過擴建能夠維持營運的連續性。

So that's one that we very much expect to take forward to sanction next year, 2025.

因此，我們非常希望在明年（2025 年）實施這項制裁。

With Zafranal and San Nicolas, as I said, of course, it will be dependent on the outcome of those studies in engineering.

正如我所說，對於扎弗拉納爾和聖尼古拉斯，當然，這將取決於這些工程研究的結果。

But in the case of Zafranal, as you know, we already have a permit.

但就 Zafranal 而言，如您所知，我們已經獲得了許可證。

And that's one, again, that we have some confidence we'll be ready for sanction within the second half of 2025.

這再次表明，我們有信心在 2025 年下半年做好接受制裁的準備。

So it's great to have a portfolio like this, so we can think about the balance of risk and reward associated with each of these opportunities.

因此，擁有這樣的投資組合真是太好了，這樣我們就可以考慮與每個機會相關的風險和回報的平衡。

And as I said, we continue to work very hard to progress all of these opportunities in parallel today.

正如我所說，我們今天繼續非常努力地並行推進所有這些機會。

Thank you very much.

非常感謝。

A quick clarification question for slide 7 and a higher-level question as well.

針對投影片 7 的一個快速澄清問題以及一個更高層次的問題。

The capital requirements of $1 billion to $1.2 billion, I believe that's Canadian, in sustaining capital and capitalized stripping.

我認為加拿大的資本需求為 10 億至 12 億美元，用於維持資本和資本剝離。

I assume that would be too low for 2025 because there's always some spending on development CapEx.

我認為對於 2025 年來說這個數字太低了，因為開發資本支出總是有一些支出。

So if you kind of were to fully bake that the capital spending for 2025, what would be a reasonable ZIP code?

因此，如果您要完全考慮 2025 年的資本支出，那麼合理的郵遞區號是多少？

And then the higher-level question is that from this side of the quarter, it appeared that the approval of the EVR sale was somewhat grudging.

然後更高層次的問題是，從本季的這一方面來看，EVR 銷售的批准似乎有些勉強。

And I wonder if you could maybe speak on the industry's reaction and general appetite to invest in Canada, and if this could have any impact on future interest in Teck.

我想知道您是否可以談談該行業對加拿大投資的反應和整體興趣，以及這是否會對泰克未來的興趣產生任何影響。

Thank you very much for your perspective on that.

非常感謝您對此的看法。

Thanks, Lucas.

謝謝，盧卡斯。

You managed to sneak in a couple of questions there.

你設法偷偷地問了幾個問題。

Look, on the first one, the $1 billion to $1.2 billion is very much within our expectations for sustaining capital and capitalized stripping for the years ahead.

看，就第一個而言，10 億至 12 億美元非常符合我們對未來幾年維持資本和資本剝離的預期。

With the development work that we're doing on the projects that we just discussed, of course, we are incurring spend on studies on engineering and on permitting processes.

當然，在我們剛剛討論的專案的開發工作中，我們在工程和許可流程的研究上投入了資金。

This year, that's amounting to around $500 million in aggregate.

今年，這一數字總計約為 5 億美元。

And of course, projects where they are in the advanced stages of feasibility study and engineering, it tends to be where the highest pre-execution spend occurs.

當然，處於可行性研究和工程高級階段的專案往往是執行前支出最高的地方。

So while those projects remain in this phase, you could expect to see us spending at a similar rate through 2025 is probably the best way to articulate that at the moment.

因此，雖然這些項目仍處於這個階段，但您可以預期我們到 2025 年的支出速度將保持類似，這可能是目前闡明這一點的最佳方式。

Look, in terms of the Canadian government, we don't see any changes there from our perspective.

就加拿大政府而言，從我們的角度來看，我們沒有看到任何變化。

There's nothing in there that prevents us from executing this organic project portfolio, which, of course, is the key element of our strategy for Teck.

沒有任何東西可以阻止我們執行這個有機專案組合，這當然是我們泰克策略的關鍵要素。

We continue to invest both within Canada and outside of Canada, as you see here through commitments in Chile and also the potential for major investments in Peru and Mexico.

我們繼續在加拿大境內和境外進行投資，正如您在智利的承諾以及秘魯和墨西哥的重大投資潛力所看到的那樣。

And I think the execution of that strategy and our focus on creating value for all shareholders remains at the front and center of what we do.

我認為該策略的執行以及我們對為所有股東創造價值的關注仍然是我們工作的首要和核心。

So we don't see any immediate impacts of anything we've heard lately from the government here in Canada.

因此，我們認為最近從加拿大政府聽到的任何消息都不會產生任何直接影響。

Jackie Przybylowski, BMO Capital Markets.

Jackie Przybylowski，BMO 資本市場。

Thanks very much.

非常感謝。

My first question, I think I'd like to follow-up on Orest's question about the geotechnical issues at QB2.

我的第一個問題，我想我想跟進 Orest 關於 QB2 岩土工程問題的問題。

I understand that you have just given us like pretty rough guidance on the impact.

我知道您剛剛就影響向我們提供了相當粗略的指導。

I mean, first of all, just a comment, I would also like if you could follow up with me on those great profiles for the second half as well.

我的意思是，首先，只是一個評論，我也希望您能跟進我下半年的那些精彩簡介。

But my question is do you expect this geotechnical issues, anything serious faulting or anything that could impact mining operations going forward?

但我的問題是，您是否預計會出現岩土工程問題、任何嚴重的斷層或任何可能影響未來採礦作業的情況？

Thanks.

謝謝。

I'll pass that back to Shehzad again.

我會再次將其傳遞給 Shehzad。

The high-level answer is no, but I'll let Shehzad to provide a bit more color.

高層的答案是否定的，但我會讓 Shehzad 提供更多的色彩。

Jackie, this instability was -- has been an own instability.

傑基，這種不穩定是──一直是一種自身的不穩定。

So it didn't come out of the blue.

所以它並不是突然出現的。

It's just was a bit deeper than what we had planned.

只是比我們計劃的要深一些。

And as we are operating around that with blasting, we are taking extra precaution to make sure that we do buttress that right and reorient it for the longer term.

當我們透過爆破來解決這個問題時，我們正在採取額外的預防措施，以確保我們確實支持這一點，並從長遠來看重新調整它的方向。

So really normal operations, these things fine.

所以真的很正常的操作，這些事情都很好。

And it's early in the mine plan.

這還處於採礦計劃的早期階段。

And if it was an advance in mature mine, we will have other phases to be able to address this.

如果這是成熟礦山的進步，我們將有其他階段來解決這個問題。

These are pretty -- these are not abnormal instabilities that we haven't yet.

這些都很漂亮——這些都不是我們還沒經歷過的異常不穩定。

Okay.

好的。

I appreciate that, Shehzad.

我很感激，謝赫札德。

And as a follow-up, second question, maybe this one is for Crystal.

作為後續的第二個問題，也許這個問題是針對水晶的。

On the share buyback plan, I understand you guys have two plans on the go right now, the $500 million that was approved in January and then the new $2.75 billion plan.

關於股票回購計劃，我知道你們現在有兩個計劃正在進行中，一月份批准的 5 億美元計劃，然後是新的 27.5 億美元計劃。

Can you give us some color on when you expect the $500 million buyback to be completed?

您能否透露一下您預計 5 億美元的回購何時完成？

Should we assume that's completed in the third quarter and then the new buyback stores in the fourth quarter?

我們是否應該假設這在第三季完成，然後在第四季度開設新的回購商店？

And over -- or which period do you expect to do that $2.75 billion?

或者您預計在哪個時期完成這 27.5 億美元？

Is that like a multiyear program?

這就像一個多年計劃嗎？

Thanks.

謝謝。

Jackie.

傑基.

Welcome back.

歡迎回來。

Nice to hear from you.

很高興收到你的來信。

Good questions.

好問題。

I think just in relation to the buyback, we'll be back, obviously, executing on the $500 million.

我認為就回購而言，我們顯然會回來執行 5 億美元的資金。

I'd expect us to close out in the third quarter, obviously subject to valuation considerations, which are always -- what drives us when we're considering our buyback approach.

我預計我們將在第三季結束，這顯然會受到估值考量的影響，而當我們考慮回購方法時，估值因素始終是推動我們前進的動力。

In regards to the $2.75 billion, we're targeting 12 to 24 months to complete that.

對於 27.5 億美元，我們的目標是在 12 至 24 個月內完成。

But again, depends on valuation and market conditions.

但同樣，取決於估值和市場狀況。

So I think it's probably sooner than the fourth quarter in terms of us getting into starting to buy on that.

因此，我認為我們可能會比第四季更早開始購買。

And then obviously, we have to go through the ordinary course regulatory approval to renew our NCIB, which happens at the end of October.

顯然，我們必須通過常規監管部門的批准才能更新我們的 NCIB，這將在 10 月底進行。

So I think Jackie to add to that.

所以我認為傑基要補充這一點。

I don't need to think of those really as two separate authorizations anymore.

我不再需要將它們視為兩個單獨的授權。

That is the total capital that we have committed to buying back our shares, and we'll undertake that on a continuous basis.

這是我們承諾回購股票的總資本，我們將持續這樣做。

Liam Fitzpatrick, Deutsche Bank.

利亞姆·菲茨帕特里克，德意志銀行。

Good morning, everyone.

大家早安。

First question is just on the independent review.

第一個問題是關於獨立審查的。

That's been completed now at the -- or regarding the QB projects.

現在已經在 QB 項目上完成了。

Can you just share some of the key findings from that and how that's going to benefit project execution going forward?

您能否分享其中的一些主要發現以及這將如何有利於未來的專案執行？

And do you think you've now got the right people in place across the organization to begin this next phase of growth that you're now talking about?

您認為您現在在整個組織中是否已經找到了合適的人員來開始您現在正在談論的下一階段的成長？

Yeah.

是的。

Thanks very much for that, Liam.

非常感謝，利亞姆。

I'll just focus on the second question.

我只關注第二個問題。

The answer is yes, but we still will continue to build more depth and bench strength in the projects team here, of course, given the slate of activity we are ahead of us.

答案是肯定的，但當然，考慮到我們正在進行的一系列活動，我們仍然會繼續在這裡的專案團隊中建立更多的深度和後備力量。

We're going to be world-class project managers.

我們將成為世界一流的專案經理。

We have some of those to date assign for these projects, but we'll do more of them to execute the growth strategy going forward.

到目前為止，我們已經為這些項目分配了一些，但我們將做更多的工作來執行未來的成長策略。

But we're also building out other areas of the team that support those project managers.

但我們也在建立團隊的其他領域來支持這些專案經理。

So we have world class people now assigned to the project in the near term, but we'll continue to build that bench going forward.

因此，我們現在已經在短期內為該項目分配了世界級的人員，但我們將繼續建立這個長凳。

Talking of world-class people, I'm going to hand you on to our Head of Project, Karla Mills, who will talk a little bit about the results of the QB review and how we are applying those in your area.

談到世界一流的人才，我將把您交給我們的專案負責人卡拉·米爾斯 (Karla Mills)，她將談談 QB 審查的結果以及我們如何在您所在的領域應用這些結果。

Sure.

當然。

Thank you, Jonathan.

謝謝你，喬納森。

I think it's important to start with the fact that from the outset, we knew that QB2 was a complex and challenging project, especially given the attitude and scale of the project.

我認為重要的是，我們從一開始就知道 QB2 是一個複雜且具有挑戰性的項目，特別是考慮到該項目的態度和規模。

Along with those factors, the project review has highlighted additional areas for improvement and learnings, and we are taking them forward in our project execution.

除了這些因素之外，專案審查還強調了需要改進和學習的其他領域，我們正在專案執行中推動它們。

In a number of cases, it validated learnings we've already identified and have already been actioning over the last several months.

在許多情況下，它驗證了我們已經確定的經驗教訓，並且在過去幾個月中採取了行動。

As to offer maybe a few examples, highlights from our findings, one is the need for increased geotechnical drilling is impacting construction at the port, the tailings management facility and the pipeline.

舉幾個例子，我們的調查結果重點顯示，其中之一是增加岩土鑽探的需求正在影響港口、尾礦管理設施和管道的建設。

Also being more conservative in our assumptions around things like labor productivity estimates and inflationary pressures, which, of course, were exacerbated by COVID and supply chain globally became constrained.

我們對勞動生產力估計和通膨壓力等問題的假設也更加保守，當然，這些問題因新冠疫情而加劇，而且全球供應鏈受到限制。

And of course, enhancing oversight from our Teck owners team when we switched from a -- to a time in materials execution basis.

當然，當我們從材料執行基礎轉向時間基礎時，加強了我們 Teck 所有者團隊的監督。

We're taking a number of steps to ensure we are embedding all of the learnings and the best practices for our projects going forward.

我們正在採取一系列措施來確保我們將所有的經驗教訓和最佳實踐融入我們未來的專案中。

This includes what Jonathan has already highlighted, we do continue to build out our project teams with additional capacity and expertise.

這包括喬納森已經強調的內容，我們確實繼續建立具有額外能力和專業知識的專案團隊。

Teck's project team continues to grow, and we are, in fact, attracting more and more world-class talent that are really excited to work in and on our growth strategy.

泰克的專案團隊不斷壯大，事實上，我們正​​在吸引越來越多的世界級人才，他們非常樂意參與我們的成長策略。

We're also upgrading our project management systems.

我們也升級了我們的專案管理系統。

This is to better identify trends and risks to proactively analyze and interpret information, boost our efficiencies.

這是為了更好地識別趨勢和風險，主動分析和解釋訊息，提高我們的效率。

This will lead to more informed and faster decisions.

這將帶來更明智、更快的決策。

And we're enhancing our project readiness and assurance practices in areas specifically around engineering design and capital cost estimates.

我們正在加強工程設計和資本成本估算等領域的專案準備和保證實踐。

I think collectively, the improvement opportunities identified through this review will be baked into our projects moving forward and contribute to strengthening execution, as we advance our corporate growth strategy.

我認為，總的來說，透過這次審查確定的改進機會將融入我們前進的專案中，並有助於在我們推進企業成長策略的同時加強執行力。

Okay.

好的。

Thank you.

謝謝。

That was -- thank you for the detail there.

那是——謝謝你提供的細節。

Just as a quick follow-up on the debottlenecking at QB.

就像 QB 消除瓶頸的快速後續行動一樣。

Can you just remind us what additional permits you may need to get before you can progress with that?

您能否提醒我們您可能需要哪些額外許可才能取得進展？

Yeah.

是的。

Again, I'll ask Shehzad to talk to sort of the three phases we see going forward here and the associated permitting strategies that we required.

我將再次請 Shehzad 談談我們在此看到的三個階段以及我們所需的相關許可策略。

So as Jonathan mentioned, we are the three phases of optimization of debottlenecking, and then we will consider later after that, a more robust expansion project.

正如喬納森所提到的，我們正在三個階段進行去瓶頸優化，然後我們稍後會考慮一個更穩健的擴展項目。

For the optimization, we do not expect to need any permits that would be within our permitted ranges.

對於優化，我們預計不需要任何在我們允許範圍內的許可。

And we're talking 5% to 15% throughput increase, which would get to things like increasing redundancies to get better online times and some minor modifications of some equipment that might need a little bit throughput capacity.

我們正在談論 5% 到 15% 的吞吐量增加，這將涉及增加冗餘以獲得更好的在線時間以及對一些可能需要一點吞吐量的設備進行一些小的修改。

When we come to the debottleneck study, we will need to make some more meaningful modifications and some additional equipment.

當我們進行去瓶頸研究時，我們將需要進行一些更有意義的修改和一些額外的設備。

And that is things like repowering conveyors or -- and having bigger pumps as well to be able to handle higher capacities, whether it be of material -- flows or convening systems.

這包括重新為輸送機提供動力，或擁有更大的泵，以便能夠處理更高的容量，無論是物料流還是召集系統。

And this, of course, will be more capital -- very low capital intensity because most of the major infrastructure like decel, pipelines, transmission would not need any increases.

當然，這將需要更多的資本——資本強度非常低，因為大多數主要基礎設施，如減速、管道、傳輸，不需要任何增加。

And for that, we will need a permit, and we are developing the permit right now and expect to submit it before the end of the year.

為此，我們需要許可證，我們現在正在開發許可證，預計在今年年底之前提交。

And then once we receive that permit, we would continue with making those changes and achieve the higher throughput rates.

一旦我們獲得許可，我們將繼續進行這些更改並實現更高的吞吐率。

And for that, we're looking at somewhere between 10% to 15% increase -- further increase.

為此，我們正在考慮增加 10% 到 15% 之間——進一步增加。

Timna Tanners, Wolfe Research.

蒂姆納坦納斯，沃爾夫研究。

Yeah.

是的。

Hey, good morning.

嘿，早安。

Thanks for the detail.

謝謝你的詳細資料。

I wanted to clarify, please, on the guided USD3 billion to USD3.6 billion for copper growth.

我想澄清一下關於銅增長 30 億美元至 36 億美元的指導方針。

What exactly is in that?

那裡面到底是什麼？

Is that just been Nick and Zafranal and Highland Valley extension?

那是尼克和扎弗拉納爾以及高地山谷的延伸嗎？

And does that already include the revisiting of the total capital cost.

這是否已經包括重新審視總資本成本？

You had told us you were going to conduct or -- and then I guess along those same lines, when are we going to be updated costs, both on an operating basis and capital cost.

您告訴我們您將進行或 - 然後我想沿著同樣的思路，我們什麼時候會更新成本，包括營運基礎和資本成本。

Thanks.

謝謝。

Yeah.

是的。

Thanks, Timna.

謝謝，蒂姆納。

Essentially, that range, it does capture the projects that you mentioned.

本質上，這個範圍確實涵蓋了您提到的項目。

There's some allowance in there for QB.

QB有一些津貼。

Some of the work that Shehzad was just discussing as well.

Shehzad 也剛剛討論了一些工作。

They are our best estimates, I would say, at the moment, and I don't use estimates in the rigor of a project organization, but our best understanding of the forward capital costs associated with those projects, in aggregate, our attributable share, of course, taking account for the joint ventures that we have or partners that we have in these projects.

我想說，目前，它們是我們最好的估計，我不會在專案組織的嚴格性中使用估計，而是我們對與這些專案相關的遠期資本成本的最佳理解，總的來說，我們的應佔份額，當然，考慮到我們在這些項目中擁有的合資企業或合作夥伴。

Those capital costs will be finalized through the work we do in studies and engineering, of course, when we get to those definitive estimates.

當然，當我們得到這些明確的估計時，這些資本成本將透過我們在研究和工程方面所做的工作來最終確定。

But we've done this with a view forward as to our best understanding today as to where those costs are likely to land.

但我們這樣做的目的是為了更好地了解這些成本可能會落在哪裡。

Okay.

好的。

So thank you for that.

所以謝謝你。

And then I guess a follow-up is when do we expect the further detail on the adjusted go-forward cost of production?

然後我想後續行動是我們什麼時候期望獲得調整後的生產成本的進一步細節？

And also, can you remind us what additional volumes and when you would expect as a result of those investments?

另外，您能否提醒我們預計這些投資會帶來多少額外產量以及何時增加？

Thanks again.

再次感謝。

Yeah.

是的。

Thanks, Timna.

謝謝，蒂姆納。

I think you're just asking you kind of mixed up maybe operating capital.

我認為你只是問你有點混淆了營運資本。

So maybe can you just clarify whether you're referring to an update on operating cost or capital cost?

那麼您能否澄清一下您指的是營運成本還是資本成本的更新？

I was asking for all of the above, so sorry for the confusion.

我要求提供以上所有內容，很抱歉造成混亂。

It's okay.

沒關係。

So like as part of our normal process, we'll provide our guidance update in January, like we've done in recent years, and that will reflect our updated look at CapEx and OpEx for 2025, including a view on QBs, the cost once operations are ramped up at the end of the year.

因此，作為我們正常流程的一部分，我們將在1 月份提供指導更新，就像我們近年來所做的那樣，這將反映我們對2025 年資本支出和營運支出的最新看法，包括對QB 的看法、成本一旦年底營運量增加。

In regard to capital -- development capital updates to what Jonathan noted already, where we've provided that range based on the best information we have available as of today.

關於資本——開發資本更新了喬納森已經指出的內容，我們根據目前掌握的最佳資訊提供了該範圍。

So the timing of that will depend on when the engineering and study work is completed.

因此，具體時間將取決於工程和研究工作何時完成。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Hello, good morning.

你好早安。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Great.

偉大的。

Sorry, I was on mute.

抱歉，我當時處於靜音狀態。

Yeah, maybe a follow-up on the CapEx discussion.

是的，也許是資本支出討論的後續行動。

Do you have already a broad ballpark range of the CapEx per project, the four maybe that we have been discussing, QB expansion, Zafranal, San Nicolás and HVC life mine expansion?

您是否已經對每個項目的資本支出（我們可能一直在討論的四個項目）、QB 擴張、Zafranal、San Nicolás 和 HVC life 礦山擴張有了大致的了解？

Well, I mean, the short answer is yes, of course, that we use ranges associated with each of those projects to provide the range of aggregate guidance in terms of what we expected to spend over the years ahead.

嗯，我的意思是，簡短的答案是肯定的，當然，我們使用與每個項目相關的範圍來提供我們未來幾年預計支出的整體指導範圍。

As I said, we need to complete the work on studies, engineering and estimates, et cetera, to have more confidence in those ranges.

正如我所說，我們需要完成研究、工程和估算等工作，以便對這些範圍更有信心。

But in aggregate, that is the best understanding of the capital profile today.

但總的來說，這是對當今資本狀況的最佳理解。

Okay.

好的。

Yeah, we're looking forward to the breakdown when you can -- when you're ready to provide that.

是的，我們期待著當你可以的時候——當你準備好提供的時候——崩潰。

And then just on San Nicolás, have you received any confirmation or indication that this project, if you decide to go ahead would be able to be built and brought on, given the potential constitutional reform in the country that may ban open pit mining.

然後就在聖尼古拉斯，考慮到該國潛在的憲法改革可能會禁止露天採礦，您是否收到任何確認或指示，表明如果您決定繼續推進，該項目將能夠建設和實施。

So basically, the question is -- yeah, we are not sure if the ban will be on new operating concessions or -- but those that already have exploration permit and are under development in a way will be okay.

所以基本上，問題是——是的，我們不確定禁令是否會針對新的經營特許權——但那些已經擁有勘探許可證並正在以某種方式開發的特許經營權是可以的。

Yeah.

是的。

Look, we acknowledge the uncertainty, Carlos, with respect to San Nicolás and that permit.

看，我們承認卡洛斯，關於聖尼古拉斯和許可證的不確定性。

Our experience to date is that permit process continues to proceed as planned, and we got over a significant milestone recently with respect to that process.

到目前為止，我們的經驗是，許可流程繼續按計劃進行，我們最近在該流程方面取得了一個重要的里程碑。

So indications at that level are good.

所以這個水平的跡像是好的。

We'll have to see how things evolve more broadly in terms of legislation, including changes in the judiciary perhaps in the country.

我們必須看看立法方面的情況如何更廣泛地演變，包括該國司法機構的變化。

So there's a few things at play there.

所以有一些事情在起作用。

But from what we can see on the ground today and our experience opposite the regulator to date is positive.

但從我們今天所看到的情況以及我們迄今為止與監管機構的經驗來看，這是積極的。

So we continue to remain very engaged in that permitting process.

因此，我們將繼續積極參與許可流程。

We continue to work on closing out studies and bottoming out the capital estimate associated with that.

我們將繼續努力完成研究，並使與之相關的資本估算觸底。

And we're hopeful we can bring that to a point where we achieve the permits and take it for sanction.

我們希望能夠取得許可並獲得批准。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Yeah.

是的。

Hi.

你好。

Good morning and thanks for taking the questions.

早上好，感謝您提出問題。

I want to come back to QB2.

我想回到QB2。

So on this access issue, I guess can you provide a little bit extra color on the time frame initiated in this?

因此，在這個訪問問題上，我想您能否就在此啟動的時間範圍提供一些額外的資訊？

Does this have any impact, I guess, quarter to date?

我想這對本季迄今有什麼影響嗎？

And trying to think about the production rate through the remainder of the year.

並嘗試考慮今年剩餘時間內的生產率。

Should we think of it actually taking a slight step down in the third quarter before, I guess, improving in the fourth quarter to will it appear to be -- I think you said earlier, you hope to be at full production still around 25 kilotons.

我們是否應該考慮到它實際上在第三季度略有下降，我想，在第四季度會有所改善——我想你之前說過，你希望滿負荷生產仍然在 25 噸左右。

Just trying to get a sense for the trajectory here.

只是想了解這裡的軌跡。

Yeah.

是的。

Just at a high level, we expect to continue to see the quarter-over-quarter improvement continue through this year.

就高水準而言，我們預計今年將繼續看到季度環比的改善。

And by the end of the year, we expect the producing at full rates.

到今年年底，我們預計將實現全速生產。

But again, I hand to Shehzad to give a little bit more detail of the underlying issues associated with the geotechnical with grade and with the transitionals.

但我再次請 Shehzad 更詳細地介紹與岩土工程、坡度和過渡層相關的潛在問題。

Like I mentioned before, this was a known area of instability, and it was late in the quarter when we understood the implications for building a different access rather than just buttressing or reorienting the access and that would even to access for these higher-grade areas.

正如我之前提到的，這是一個已知的不穩定區域，直到本季度末，我們才了解了建造不同通道的影響，而不僅僅是支撐或重新定向通道，甚至是這些較高等級區域的通道。

And so really, it's an H2 issue mostly.

事實上，這主要是 H2 問題。

And as Jonathan mentioned, it's not to take a step down.

正如喬納森所提到的，這並不是退一步。

It's to continue the improvements that we've had in throughput, to continue the throughput rates, continue to improve on grade and just contained to plan to have a slightly lower grade.

這是為了繼續我們在吞吐量方面的改進，繼續提高吞吐量，繼續提高品位，並計劃稍微降低品位。

Ok. Thanks for that. to actually changes subject on zinc, just trying to get a sense for what you're seeing in the zinc markets considering where TC/RC are global smelter output, which appears to actually be contracting.

好的。謝謝你。實際上改變了關於鋅的話題，只是想了解你在鋅市場上看到的情況，考慮到 TC/RC 是全球冶煉廠的產量，而全球冶煉廠的產量似乎實際上正在收縮。

What are you assuming for supply-demand balances in the back half of the year and into next year?

您對今年下半年和明年的供需平衡有何假設？

Great, thanks.

太好了，謝謝。

Thanks for that question.

謝謝你提出這個問題。

But I'll hand you over to Ian Anderson, our Chief Commercial Officer.

但我會把你交給我們的首席商務官伊恩·安德森 (Ian Anderson)。

Hi, Bill.

嗨，比爾。

Thank you for the question.

謝謝你的提問。

So what we're seeing currently is that the zinc is definitely in deficit.

所以我們目前看到的是鋅肯定處於短缺狀態。

And the reason that is, of course, you saw not only the mine shutdowns that occurred as a result of lower zinc pricing last year, but also some disruptions this year.

當然，原因是，去年鋅價下跌導致礦場關閉，今年也出現了一些中斷。

There has been an initial start, for example, at Kupushi.

例如，在庫普什 (Kupushi)，已經有一個初步的開始。

We're expecting over the medium term restarted tar, for example.

例如，我們預計在中期重新啟動 tar。

And of course Ozenoi also predicted, but really, those don't come along this year.

當然，奧澤諾伊也做出了預測，但實際上，這些預測今年並沒有實現。

And so the reflecting that you're seeing in the very low TCs for zinc is as a result of that deficit.

因此，您在鋅的 TC 非常低的情況下看到的反映就是這種赤字的結果。

And just an interesting fact here, concentrate imports in China, for example, are down significantly this year, and that is attributable to lack of available feed.

一個有趣的事實是，例如，今年中國的精礦進口大幅下降，這是由於缺乏可用的飼料。

So we are seeing, of course, support pricing in the zinc market.

當然，我們看到鋅市場的定價受到支撐。

We're seeing conditions in finished metal really coming along and stable premiums there.

我們看到成品金屬的狀況確實在好轉，溢價也穩定。

And so we do anticipate there remain a slight deficit for this year and are expecting the same thing for the first half of 2025 as well.

因此，我們確實預計今年仍將出現輕微赤字，並預計 2025 年上半年也會出現同樣的情況。

Thanks for the question.

謝謝你的提問。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟，雷蒙德詹姆斯。

Thank you.

謝謝。

And thank you for taking my questions.

感謝您回答我的問題。

My first question, just I appreciate all the guidance for EBITDA and ongoing CapEx.

我的第一個問題是，我很感謝有關 EBITDA 和持續資本支出的所有指導。

But as I think about the jurisdictions you're getting cash flow earnings from in the future.

但當我想到你未來將從哪些司法管轄區獲得現金流收入時。

Can you give any guidance for one, A, tax rates going forward?

您能否為未來的一、A 稅率提供任何指引？

And B, I guess, cash tax rates as I try and figure out free cash flow which is kind of the missing part of the taxes in this equation?

B，我想，當我試圖計算自由現金流時，現金稅率是這個等式中稅收缺失的一部分？

I give it to Crystal.

我把它交給水晶。

Thanks, Brian, for the question.

謝謝布萊恩提出這個問題。

I think 2024 is going to be a bit of an anomalous year.

我認為 2024 年將是有點不尋常的一年。

We expect our overall effective tax rate on a continuing operations basis to be in that 41% to 43% range.

我們預計持續經營業務的整體有效稅率將在 41% 至 43% 的範圍內。

That obviously exclude the impact of the sale of full business and the [enamine] dividend.

這顯然排除了出售全部業務和[enamine]股息的影響。

Beyond 2024, we still continue to think that 41% to 43% is a reasonable guideline where we're profitable across all our business units, and we have aggregate operating margins that are relatively large in comparison to corporate costs and finance costs.

2024 年後，我們仍然認為 41% 至 43% 是一個合理的指導方針，我們所有業務部門都實現盈利，而且與企業成本和財務成本相比，我們的總營業利潤率相對較大。

I think that -- it doesn't necessarily build in our growth projects, and there will be some work that we have to do in that regard.

我認為——它不一定建立在我們的成長項目中，而且我們在這方面必須做一些工作。

But I think I would just encourage you to continue to use 41% to 43%, and we can provide more guidance what we have it.

但我想我只是鼓勵你繼續使用 41% 到 43%，我們可以提供更多我們現有的指導。

And obviously, Fraser can provide more, and team can provide more support offline on modeling assets.

顯然，Fraser 可以提供更多，團隊可以在建模資產上提供更多離線支援。

Great.

偉大的。

That's very helpful.

這非常有幫助。

And maybe if I just ask one more and maybe it's for Robin.

如果我再問一個問題，也許是為了羅賓。

Obviously, you highlight the whole business to pretty well this quarter at your run rates with two maintenance shutdowns.

顯然，您在本季度以兩次維護停機的運行率很好地突出了整個業務。

Can you maybe just go through what happened?

你能回顧一下發生的事情嗎？

And maybe a second question.

也許還有第二個問題。

Are the operations down in the state that they'll run at the 26 million tonnes a year?

在每年 2,600 萬噸的營運水準下，營運是否會減少？

And I guess, maybe a final question, I guess, with the coal business being sold, what Robin plans are next.

我想，也許最後一個問題是，隨著煤炭業務的出售，羅賓下一步計劃是什麼。

Yeah.

是的。

Thanks, Brian.

謝謝，布萊恩。

I'll hand you over to Robin in a moment.

我一會兒就把你交給羅賓。

We won't give any forward-looking guidance for the gold business as you might expect.

我們不會像您所期望的那樣對黃金業務提供任何前瞻性指導。

I'm just going to quickly make a comment on Robin.

我只想快速對羅賓發表評論。

Robin will be retiring from Teck in the coming months.

Robin 將於未來幾個月從 Teck 退休。

Robin's been with us for 36 years, most recently as our President of Coal.

Robin 在我們工作了 36 年，最近的職位是我們的煤炭業務總裁。

He has quite literally delivered us truckloads of cash over many years through his role.

多年來，他透過自己的角色為我們帶來了數卡車的現金。

And in addition to his leadership of the coal business, he's had a significant impact across all of Teck, particularly in respect of the safety leadership and the safety programs that he's established here over many years.

除了對煤炭業務的領導之外，他還對整個泰克資源產生了重大影響，特別是在安全領導力和他多年來在這裡建立的安全計劃方面。

So we just want to recognize and thank Robin for his incredible contributions to the company over many, many years.

因此，我們只想表彰並感謝羅賓多年來對公司做出的令人難以置信的貢獻。

And with that, Robin, I'll hand it over to you to discuss the quarter.

羅賓，接下來我將把這個季度的問題交給你來討論。

Thanks, Jonathan, and thanks for your question.

謝謝喬納森，也謝謝你的提問。

I didn't expect when this round.

沒想到這一輪的時候

I think what I'd say about the quarter is the coal business is operating as it was prepared to operate over many years, and we had a strong quarter because all the operations combined are in extraordinary good shape right now.

我認為，關於本季度，我想說的是，煤炭業務正在運營，因為它已經準備好運營多年，我們有一個強勁的季度，因為所有業務目前都處於非常良好的狀態。

So we're seeing the best sake to performance we've ever seen in history.

因此，我們看到了歷史上最好的清酒表現。

We've got our water treatment plants are all performing well.

我們的水處理廠都運作良好。

All the plants ran really well through the quarter, and this is really business as usual from my perspective.

所有工廠在整個季度都運作得非常好，從我的角度來看，這確實是一切如常。

So I'm proud of the team that got us to the point we are today, and it's up to the new owners now to take it forward, but the business is in an exceptionally good shape, and that was demonstrated in that quarter.

因此，我為使我們達到今天的水平的團隊感到自豪，現在由新所有者來推動它前進，但業務狀況非常好，這一點在該季度得到了證明。

Great.

偉大的。

Thanks very much, John, and good luck Robin, and good luck, Robin..

非常感謝，約翰，祝羅賓好運，祝羅賓好運。

Thank you, Brian , and thank you to everyone for joining us today, and thank you for all the questions.

謝謝你，布萊恩，謝謝大家今天加入我們，並感謝你們提出的所有問題。

Just to note, we are planning to hold a strategy day in Vancouver on November the fifth, followed by a site visit to Highland Valley following day.

需要注意的是，我們計劃於 11 月 5 日在溫哥華舉行戰略日，並在第二天對高地山谷進行實地考察。

So please watch out for a save the date notice which we expect to share -- send out shortly.

因此，請留意我們希望分享的保存日期通知——很快就會發出。

As ever, please reach out operator and the IR team if you have any further questions.

與以往一樣，如果您有任何其他問題，請聯絡操作員和 IR 團隊。

And with that, please enjoy the rest of your day.

就這樣，祝您有個愉快的一天。

This brings to a close to today's conference call.

今天的電話會議到此結束。

You may disconnect your lines.

您可以斷開線路。

Thank you for participating and have a pleasant day.

感謝您的參與並祝您有個愉快的一天。