使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Unidentified Participant
Unidentified Participant
The past.
過去。
Okay.
好的。
That makes sense.
這是有道理的。
Okay.
好的。
Hello.
你好。
As part of that for Barrick.
作為巴里克的一部分。
Okay.
好的。
Okay.
好的。
Okay.
好的。
Okay.
好的。
Okay.
好的。
Yes.
是的。
Okay.
好的。
Got it factors.
明白了因素。
No.
不。
Yes, thanks.
是的，謝謝。
Or no, no Bye.
或者不，不再見。
No, no, there are no.
不，不，沒有。
Okay.
好的。
No.
不。
No, Bill.
不，比爾。
Ladies and gentlemen, thank you for standing by.
女士們先生們，謝謝你們的支持。
Welcome to Tech Third Quarter 2024 earnings release conference call.
歡迎參加 Tech 2024 年第三季財報發布電話會議。
At this time, all participants are in listen-only mode.
此時，所有參與者都處於只聽模式。
Later, we will conduct a question and answer session.
隨後，我們將進行問答環節。
Can join the question queue, press star then one on foam.
可以加入問題佇列，按星號，然後按泡棉上的一個。
Should anyone need assistance during the conference call, they may signal an operator by pressing star then zero.
如果有人在電話會議期間需要幫助，他們可以按星號然後按零向操作員發出信號。
This conference call is being recorded on Thursday, October 24th, 2024.
本次電話會議於 2024 年 10 月 24 日星期四錄製。
I would now like to turn the conference over to Fraser Phillips, Senior Vice President, Investor Relations 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。
Good morning, everyone, and thank you for joining us for Teck's Third Quarter 2024 conference call.
大家早安，感謝您參加我們的泰克資源 2024 年第三季電話會議。
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。
Direct does not assume any obligation to update.
Direct 不承擔任何更新義務。
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。
Press release, operations and reconciliations regarding these measures can be found in our MD&A.
有關這些措施的新聞稿、營運和對帳可在我們的 MD&A 中找到。
The latest press release on our website, Jonathan Price or CDO, will begin today's call with an overview of our third-quarter results.
我們網站上的最新新聞稿喬納森·普萊斯（Jonathan Price）或 CDO 將在今天的電話會議上概述我們的第三季業績。
Crystal preferable will follow with additional color on the quarter synergize and will conclude today's social closing remarks, followed by Q&A session.
Crystal Preferred 將隨後對本季度的協同效應進行更多闡述，並結束今天的社交閉幕致辭，隨後進行問答環節。
With that over the age of.
隨著年齡的增長。
Thank you, Theresa, and good morning, everyone.
謝謝你，特蕾莎，大家早安。
Starting on Slide 5, our shift to a pure-play energy transition metals come off was exposed to the safety of our remaining interest in steelmaking coal business on July 11th.
從投影片 5 開始，我們轉向純能源過渡金屬的轉變暴露於 7 月 11 日我們對煉鋼煤炭業務剩餘權益的安全性。
At that time, we received U.S. $7.3 billion in cash and a nice outside of proceeds, including the largest packages Shell was in there company's history of through the remainder of the third quarter.
當時，我們收到了 73 億美元現金和可觀的外部收益，其中包括殼牌公司歷史上第三季剩餘時間裡最大的一攬子計劃。
We progressed deployments of those proceeds as we returned $720 through dividends.
我們透過股息返還了 720 美元，並推進了這些收益的部署。
Share buybacks in the quarter with over EUR1.3 billion in returns to shareholders this year to date has yesterday and retain funding for our volume accretiveness in process.
今年迄今為止，本季的股票回購為股東帶來了超過 13 億歐元的回報，並為我們正在進行的銷售成長保留了資金。
It's a preparation for our next phase of growth.
這是為我們下一階段的成長做準備。
We also achieved operational highlights for the quarter.
我們也實現了本季的營運亮點。
We continue to grow.
我們不斷成長。
Our copper production has set another consecutive record quarter.
我們的銅產量又連續創下季度紀錄。
Corporate production is QB continues to ramp up on our operational focus resulted in higher safety concentrate production of Red Oak compared to the same period last year.
公司產量是 QB 繼續提高我們的營運重點，導致紅橡的安全精礦產量比去年同期更高。
We are now nearing the final stage.
我們現在已接近最後階段。
So frequently, the QB2 project in the quarter and demobilize the construction workforce substantially all of our capital guidance range of US 8.6 to 8.8 billion, I'd say, continues to progress.
我想說，本季度的 QB2 項目和遣散建築工人的情況如此頻繁，我們 860 至 88 億美元的資本指導範圍基本上都在繼續取得進展。
Well funded capital efficient copper growth portfolio moving us towards potential sanction in 2025.
資金充足、資本高效的銅成長投資組合使我們預計在 2025 年受到製裁。
Overall, we made significant progress in the delivery of all on either strategy.
總體而言，我們在這兩種策略的所有實施方面都取得了重大進展。
On Slide 6, we continue our focus on safety, health and sustainability leadership.
在投影片 6 中，我們持續關注安全、健康和永續發展的領導力。
We are deeply SAP quite inflate the talent, the 800 and me are Gary container assembly, the warehouse area on July 24th, the joint venture management team at 90 million, supported by the joint venture partners, including conducted a thorough investigation to identify root causes and implement any required actions under share learnings across the industry.
我們深感SAP的人才相當膨脹，我和800都是加里貨櫃組裝的，7月24日倉庫區，合資管理團隊9000萬，在合資夥伴的支持下，包括進行了徹底的調查，找出根本原因並在整個行業分享經驗的情況下實施任何必要的行動。
Over the third quarter, our high-potential incident frequency rate remains low at 0.10, which is a 33% reduction from the same period last year.
第三季度，我們的高潛在事件頻率維持在0.10的低位，比去年同期下降了33%。
We continue to progress and rollouts with mental health first day training for frontline leaders across our operations towards our target of 50% completion by year end, closing by the end of next year.
我們繼續推進並推出針對業務一線領導者的心理健康首日培訓，以實現到年底完成 50% 的目標，並於明年底完成。
Earlier this month, we were recognized on the Forbes list World's Best Employers 2020 for a meaningful position in for certain ranking of multinational companies and institutions from over 50 countries worldwide.
本月早些時候，我們在福布斯 2020 年全球最佳雇主排行榜上獲得認可，因為我們在來自全球 50 多個國家的跨國公司和機構的某些排名中佔據了重要位置。
Turning now to an update on the ramp-up of QB operations on slide set for production at QB improved quarter over quarter to 52,500 tons.
現在來談談 QB 滑梯生產量增加的最新情況，QB 的產量逐季提高至 52,500 噸。
Power production was impacted by Ray or mine as expected, following the geotechnical issue, the restricted our access to higher growth material integrated being consistent with prior quarters, a 0.58% for localized geotechnical issue that we had identified and disclosed last quarter has now been resolved controls in place and we're continuing to advance the mine plan.
電力生產如預期受到雷或礦山的影響，在岩土工程問題之後，我們獲得更高增長材料的限制與前幾個季度一致，我們上季度發現和披露的局部岩土工程問題0.58% 現已得到解決控制措施到位，我們正在繼續推進採礦計劃。
We expect higher grades in the fourth quarter and going forward, normal growth are expected to be a difficult period.
我們預計第四季度的成績會更高，展望未來，正常成長預計將是一個困難時期。
Mill throughput rates increased quarter over quarter, confirming the robustness of our cloud business.
工廠吞吐量逐季成長，證實了我們雲端業務的穩健性。
As you can see in the chart on, the less throughput has been ramping up steadily quarter ever closer towards nameplate capacity and is currently near design throughput rates we expect to with throughput rates by the end of this year.
正如您在圖表中看到的，較少的吞吐量一直在穩步增長，越來越接近銘牌容量，目前接近我們預計到今年年底的吞吐量的設計吞吐量。
We've also seen evidence of our ability to operate above design throughput rates.
我們也看到了我們有能力以高於設計吞吐率運行的證據。
Recovery is also continued to improve, showing the chart on the right with an increase quarter over quarter and increasing stability.
復甦也在持續改善，如右圖所示，環比增長且穩定性增強。
However, our monthly copper production did the September primarily the result of additional planned and unplanned maintenance.
然而，我們 9 月的月度銅產量主要是由於額外的計劃內和計劃外維護的結果。
We proactively taking downsizing the revenue for planned test work on the grinding and flotation to ensure improved continuity during the test period.
我們積極縮減磨礦和浮選計畫測試工作的收入，以確保提高測試期間的連續性。
So successful.
如此成功。
And we've seen improved growing size, coupled with selective re-agents city, in-house processing of ore zone between Mitsubishi and hypogene mineralization, which has higher clay content.
我們已經看到了生長規模的改善，加上選擇性試劑城市、三菱和淺近成礦區之間礦石區的內部加工，該礦區具有更高的黏土含量。
As a result, we expect improved recovery going forward.
因此，我們預計未來復甦將會有所改善。
We also had unplanned downtime on a secular trend that you're facing by reducing our funds.
我們也因長期趨勢而出現意外停機，您因減少資金而面臨這種情況。
No.
不。
Our focus remains on improving recovery and increasing online side, we expect to see progress following the completion of the test work a lot with minor equipment modifications to improve reliability scheduled for the first half of 2025 is expected to gradually improve molybdenum recovery, comparable cost of equipment reliability through the first half of 2012.
我們的重點仍然是提高回收率和增加在線側，我們預計在完成大量測試工作後會看到進展，並進行少量設備修改以提高可靠性，計劃於2025 年上半年預計將逐步提高鉬回收率，可比較成本2012 年上半年的設備可靠性。
By overall as we close out the QB2 project until towards completing the ramp-up of QBE operations to design throughput rates, we expect to generate significant cash flows in 2025 and beyond.
總體而言，隨著我們關閉 QB2 項目，直到完成 QBE 業務的提升以設計吞吐率，我們預計將在 2025 年及以後產生大量現金流。
We have updated guidance targets for 2024, which is summarized on Slide 8.
我們更新了 2024 年的指導目標，投影片 8 對此進行了總結。
In saying, we have improved our net cash unit cost guidance range by $0.1 per pound to 45 to $0.55 per pound, reflecting the results of strong operational performance threat of fortunate.
也就是說，我們將淨現金單位成本指導範圍提高了每磅 0.1 美元，至每磅 45 至 0.55 美元，反映了幸運的強大營運績效威脅的結果。
This reduction was driven by improved operating costs, which allowed us to also improve our total cash unit cost presented by $0.05 per pound to $0.65 $0.05 per pound.
這一減少是由於營運成本的改善而推動的，這使我們能夠將總現金單位成本從每磅 0.05 美元提高到每磅 0.65 美元。
We've lowered our volumes grew by solidifying the sales guidance for dry operations to to 50,000 tons.
我們透過將乾作業的銷售指導鞏固至 50,000 噸，降低了銷售成長。
Fusion localized fire at one of the units in the Electrolytic Zinc plant in late September.
9 月底，Fusion 電解鋅廠的一個裝置發生局部火災。
We are looking at operating the other sections in a manner that would allow us to recover some of the production loss.
我們正在考慮以一種能夠彌補部分生產損失的方式來運作其他部分。
However, this evaluation is still underway in copper, our total production guidance range was lowered and narrowed.
然而，銅的評估仍在進行中，我們下調並縮小了總產量指引範圍。
The bottom end of the rains reduced by 15,000 tons due to lower expected production from home.
由於國內預期產量下降，降雨量最終減少了 15,000 噸。
About our revised guidance is now for 24 55,000 tons from four 35 to 500,000 tonnes per day.
我們修訂後的指導方針現在為 24 日 55,000 噸，從 4 日日產量為 35 至 50 萬噸。
Obviously, here, we have narrowed our QB production guidance to 200 to 210,000 tons for 2024 from 200 to $2.35.
顯然，我們已將 2024 年 QB 產量指引從 200 至 2.35 美元縮小至 200 至 21 萬噸。
Further, we've revised our 2025 production guidance range for QB to 240 to 283,000 tons from 282 hundred and 10,000 tons reflecting and activities through improved copper recovery and equipment reliability scheduled to run through the first half of 2025.
此外，我們還將 2025 年 QB 產量指引範圍從 28,200 萬噸修訂為 240 至 283,000 噸，以反映計劃在 2025 年上半年透過提高銅回收率和設備可靠性開展的活動。
Food production at Highland Valley is now expected to be between 97 to 105,000 tons from 120 to 125,000 tons due to the delay in accessing the high end raised launch hit in Q3.
由於第三季高端產量的延遲，預計高地谷的糧食產量將從 120 至 125,000 噸增至 97 至 105,000 噸。
Our production guidance is reduced to 3 to 4,000 tons from 4.3 to 5,500 tons.
我們的產量指引從4.3至5,500噸減少至3至4,000噸。
In line with the changes to our copper production guidance, we have reduced our QV. molybdenum production guidance to 0.8 to 1,200 tons for 2024 and six 4 to 5,500 tons for 2025 from 1.8 to 2,400 tons from five to 6,400 tons, respectively.
根據我們銅產量指引的變化，我們降低了 QV。鉬產量指引分別為2024年0.8噸至1,200噸及2025年6噸4至5,500噸，2025年分別從1.8噸至2,400噸從5噸至6,400噸。
Despite the lower total male.
儘管男性總數較低。
And because the production guidance by photocopy unit cost guidance is unchanged, demonstrating our focus on managing costs across our operations as we continue to progress on the Asia in copper project list of potential sanctioning in 2025, subjects, permitting and other works to be a ramp-up continues, and we are progressing the work on defining near-term opportunities for ultimately de-bottlenecking of the existing assets.
由於影印單位成本指導的生產指導沒有變化，這表明我們在繼續推進 2025 年潛在製裁的亞洲銅礦項目清單上對整個運營成本管理的關注，主題、許可和其他工作將逐步推進-up 仍在繼續，我們正在推進確定近期機會的工作，以最終消除現有資產的瓶頸。
Highland Valley, our revised environmental assessments and permit that negotiate the mine life extension was accepted in July for we continue to progress through the process.
Highland Valley，我們修訂後的環境評估和談判延長礦山壽命的許可證已於 7 月獲得接受，我們將繼續推進這一進程。
We expect substantial completion of engineering and project execution planning in Q2 2025, and the project could be ready for sanction decision.
我們預計工程和專案執行計劃將在 2025 年第二季基本完成，並且該專案可以準備好做出批准決定。
And at that time, permits are received.
那時，就會收到許可證。
The joint venture.
合資企業。
San Nicolás continue to perfect application process and engagement with government stakeholders is ongoing.
聖尼古拉斯繼續完善申請流程，並與政府利害關係人接觸。
Project sanction decision is anticipated to following completion of the feasibility study and receipt of necessary permits in the second half of 2025.
預計專案批准決定將在 2025 年下半年完成可行性研究並獲得必要的許可後做出。
Of course, we are closely monitoring the evolving political situation in Mexico separate, I felt we could receive the main environmental permit required.
當然，我們正在密切關注墨西哥不斷變化的政治局勢，我覺得我們可以獲得所需的主要環境許可。
We are being disciplined in advancing works and progressing detailed engineer receives more clarity on construction and associated capital before we sanctioned the project, we continue with the construction permit application development through for Q3 2025 foot project sanctioning in late 2025, following receipt of construction permits and completion of the detailed engineering we go forward.
在我們批准專案之前，我們在推進工程方面受到紀律處分，並且進展詳細的工程師對施工和相關資本有了更清晰的了解，在收到施工許可證和批准後，我們將繼續進行施工許可證申請開發，直至2025 年第三季專案批准。
First through the promotional intensity, high-returning copper.
一是透過促銷力度，高額返銅。
I'll now hand over the course of the capital to provide further details on our third-quarter results.
我現在將移交資金的使用情況，以提供有關我們第三季度業績的更多詳細資訊。
Thanks, Jonathan, and good morning, everyone.
謝謝喬納森，大家早安。
On slide 11 with our financial performance in the second quarter of 2024, As Jonathan noted, we began to deploy the proceeds received from the sale of our remaining interest in steelmaking coal data through significant traffic trends and by reducing debt and strengthening our balance sheet.
在投影片11 中，我們介紹了2024 年第二季的財務業績，正如喬納森指出的那樣，我們開始透過顯著的交通趨勢以及減少債務和加強資產負債表來部署出售煉鋼煤炭數據剩餘權益所獲得的收益。
We returned a total of 720 million to shareholders in the quarter include a 322 million in dividends and 398 million of share buybacks.
本季我們總共向股東返還了 7.2 億美元，其中包括 3.22 億美元的股息和 3.98 億美元的股票回購。
In total, we have returned over 1.3 billion already added yesterday, and we continue to execute our previously announced share buyback program of 3.25 billion as a result of the completion of the sale of our remaining interest in the steelmaking tenor, EDR results have been presented as discontinued operations for all periods reported in our Q3 financial statements and MD&A, we have strong financial performance in the quarter.
昨天我們總共返還了超過13億美元，由於完成了我們在煉鋼期限內的剩餘權益的出售，我們繼續執行之前宣布的32.5億美元的股票回購計劃，EDR結果已經公佈由於我們第三季度財務報表和MD&A 中報告的所有期間均已終止運營，因此我們本季的財務業績強勁。
Our adjusted EBITDA more than doubling our adjusted EPS nearly quadrupling compared to the same period in the previous year due to strong copper and zinc prices and a copper sales volumes for flat from the benefit of the ramp-up of key the operations in Q3, we had higher finance expense and amortization expense compared to the same period last year.
由於銅和鋅價格強勁，以及受益於第三季度關鍵業務的增長，銅銷量持平，我們調整後的 EBITDA 比上年同期增長了一倍多，調整後的每股收益幾乎翻了兩番，我們財務費用和攤銷費用較上年同期增加。
As most of the key, the assets were considered us at the end of 2023 and depreciation starting in 2024.
與大多數關鍵一樣，這些資產在 2023 年底被視為我們的資產，並從 2024 年開始折舊。
And we are no longer capitalizing interest on the QB2 project.
我們不再將 QB2 項目的利息資本化。
Our third quarter financial results were also impacted by non-cash after-tax impairment charge of $828 million on our trail operations.
我們第三季的財務表現也受到試營運中 8.28 億美元非現金稅後減損費用的影響。
As required under IFRS, we regularly assess whether impairment indicators are President and Karen testing is required the apparent as a result of the challenging environment for treatment due to a low price of zinc concentrate from continued operating losses combined with the recent fire and the Electrolytic Zinc plant, which would you expect it to us fourth quarter operations.
根據國際財務報告準則的要求，我們定期評估減損指標是否明顯，因為持續的經營虧損以及最近的火災和電解鋅導致鋅精礦價格低廉，因此處理環境充滿挑戰。第四季的營運產生影響。
Importantly, we remain committed to our shale operations as a core piece of providing critical minerals, particularly given its strong integration of rent-up.
重要的是，我們仍然致力於將頁岩業務作為提供關鍵礦物的核心部分，特別是考慮到其與租金的緊密結合。
Trail remains an important asset in our portfolio, and we remain highly focused on improving its profitability, cash generation through a range of initiatives that are currently being deployed.
Trail 仍然是我們投資組合中的重要資產，我們仍然高度關注透過目前正在部署的一系列舉措來提高其盈利能力和現金生成能力。
Overall, excluding the impairment charge, we saw significant improvement in our financial performance in the third quarter compared with the same period last year.
整體而言，剔除減損費用後，我們第三季的財務表現與去年同期相比有了顯著改善。
Slide 5 summarizes the key drivers of our financial performance in the third quarter and the increase in adjusted EBITDA in the quarter compared to the same period last year was primarily driven by strong pricing as well as higher copper sales volumes.
投影片 5 總結了我們第三季財務業績的主要驅動因素，與去年同期相比，本季調整後 EBITDA 的成長主要是由強勁的定價以及更高的銅銷售推動的。
Operating costs increased due to the inclusion of the operating cost this year in Q3 last year, Q2 costs were generally included capitalized rest, we continue to focus on managing our controllable costs across our business.
由於去年第三季將今年的營運成本納入其中，營運成本增加，第二季的成本一般已計入資本化剩餘部分，我們繼續專注於管理整個業務的可控成本。
Now looking at each of our reporting segments in greater detail and starting on copper on Slide 13.
現在更詳細地查看我們的每個報告部分，並從幻燈片 13 上的銅開始。
Our gross profit before depreciation and amortization from our corporate segment more than doubled compared to same period last year to 604 million.
我們企業部門的折舊及攤銷前毛利比去年同期成長了一倍多，達到 6.04 億。
Increase was driven by higher sales volumes, higher integration byproduct credits, and partially offset by the inclusion of keep the operating costs this year.
成長是由更高的銷售、更高的整合副產品信用推動的，並被今年的維持營運成本所部分抵銷。
We want to another consecutive record quarter with increased production across all our operations.
我們希望所有業務的產量都能連續第三季創紀錄。
Qb ramp-up continues to support increased quarterly copper production.
季度產量的增加繼續支持季度銅產量的增加。
Higher copper production at El Nino was driven by increased copper only or as expected in the mine plan while higher mill recoveries, water availability at Parmesan player and fruits, resulting in higher mill throughput and production.
厄爾尼諾現象的銅產量增加是由銅產量增加或按照礦山計劃的預期推動的，而工廠回收率、帕爾馬乾酪和水果的可用水量增加，導致工廠吞吐量和產量增加。
And while Highland Valley production also increased and was lower than expected due to delays and accessing the lower net debt plus hybrids, the delay was attributable to lower our haul truck availability and challenge just with labor availability and the autonomous system of new mantra has been largely resolved, and we expect to process more or less or in the fourth quarter.
雖然高地谷產量也有所增加，但由於延誤和獲得較低的淨債務加上混合動力車而低於預期，延誤的原因是我們的運輸卡車可用性降低以及勞動力可用性和新咒語的自主系統所面臨的挑戰。
Cost of sales was higher year-over-year as expected and reflects the ramp-up of QT depreciation on its operating assets.
銷售成本如預期同比較高，反映了其營運資產的 QT 折舊增加。
Excluding net cash unit costs remain the same and as a Q3 last year at U.S. or $1.87 per pound.
不包括淨現金的單位成本與去年第三季相同，為每磅 1.87 美元。
As Jonathan outlined, we have updated our annual copper production guidance to 425 or 55,000 tons from 435 to 500,000 tons higher total molybdenum production day to 3.0 to 4,010 times from 4.3 to 5.5 cap.
正如喬納森所概述的那樣，我們已將銅年產量指引從 435 噸至 50 萬噸更新至 425 噸或 55,000 噸，鉬日總產量從 4.3 至 5.5 上限提高至 3.0 至 4,010 倍。
Despite the reduction in our annual copper and molybdenum production guidance, our copper net cash unit cost guidance remains unchanged.
儘管我們降低了年度銅和鉬產量指導，但我們的銅淨現金單位成本指導保持不變。
Turning now to our segment on slide slide 14.
現在轉到投影片 14 上的部分。
Overall, our gross profit before depreciation and amortization from our paint segment was 358.9% in the quarter compared to same quarter last year, reflecting higher zinc prices and substantially higher silver and lead byproduct revenues.
總體而言，與去年同期相比，本季我們塗料業務的折舊和攤銷前毛利潤為 358.9%，反映出鋅價上漲以及銀和鉛副產品收入大幅增加。
Lower treatment charges for I've had another very strong quarter of operating profit.
較低的治療費用是因為我又獲得了非常強勁的季度營業利潤。
Financing and Lead production was driven by higher mill throughput, reflecting our operational focus to improve mill availability and minimize unplanned maintenance.
融資和鉛生產是由更高的工廠吞吐量推動的，反映了我們的營運重點是提高工廠可用性和最大限度地減少計劃外維護。
Big sales volumes were strong and in line with our guidance.
銷量強勁，符合我們的指導。
Despite difficult weather conditions.
儘管天氣條件惡劣。
In September, we achieved a monthly record for quarterly loaded onto vessels, reflecting the full integration between our operations and commercial teams initiated for the fourth quarter with shipments dependent upon weather conditions, and we expect to complete our shipping season and as planned, our net cash unit cost per unit compared to the same period last year, reflecting strong operating performance, seltzer processing charges and higher silver and byproduct credits at Trail operations.
9月份，我們實現了季度裝船量的月度記錄，反映出我們的營運和商業團隊在第四季度啟動的全面整合，發貨量取決於天氣條件，我們預計將完成我們的運輸季節並按計劃，我們的淨運輸量單位現金單位成本與去年同期相比，反映出強勁的經營業績、蘇打水加工費用以及 Trail 業務更高的白銀和副產品信用額。
While we did record an impairment in the third quarter since that point are operating well and achieved near-record online time and throughput power.
雖然我們在第三季確實出現了減值，但自那時以來，我們運作良好，並實現了接近創紀錄的線上時間和吞吐量。
Our refined zinc production was impacted by the fire and elect electrolytic same plant in September.
我們的精煉鋅生產受到 9 月同一工廠火災和電解廠的火災影響。
Looking forward, we expect thinking concentrate sales from Red Dog of 155 to 185,000 tons in the fourth quarter, reflecting a normal seasonal pattern guidance range was a net cash unit cost USD5 per pound to U.S. 45 to $0.55 per pound from U.S. 55 to 50 bucks.
展望未來，我們預計第四季Red Dog 精礦銷量為155 至185,000 噸，反映了正常的季節性模式指引範圍，淨現金單位成本為每磅5 美元至45 美元至0.55 美元每磅至55 至50美元。
A portion of this reduction is driven by improved operating costs as a result of improved as a total cash unit cost guidance by $0.05 U.S. per pound to U.S. to $0.75 per pound from U.S. 70 to $0.8 per pound.
這一減少的部分原因是營運成本改善，因為總現金單位成本指引從每磅 70 美元提高到每磅 0.8 美元，從每磅 70 美元提高到每磅 0.05 美元到 0.75 美元。
Our guidance for making concentrate production is unchanged and our guidance for revised Refined zinc production was lowered to 240 to 250,000 tons.
我們對精礦產量的指導不變，而我們對修訂後的精煉鋅產量的指導則下調至 240 至 25 萬噸。
Frontier Turner 90,000 plant due to the fire and electrolytic take place at trap.
Frontier Turner 90,000 工廠因火災和電解發生陷阱。
Turning now to Slide 15 and our resilient balance sheet.
現在轉向投影片 15 和我們富有彈性的資產負債表。
Since the close of the EDR transaction.
自 EDR 交易結束以來。
On July 11th, we've made significant progress in the planning of the transaction proceeds to the balance sheet and to shareholders.
7 月 11 日，我們在資產負債表和股東的交易收益規劃方面取得了重大進展。
We've reduced our debt by 1.5 billion aggregate, including a cash tender offer for U.S., 1.4 billion of our outstanding term note repayments of U.S. 120 million of short-term loans that farming and file and open-market repurchase image of an additional $9 million left of terminals.
我們總共減少了 15 億美元的債務，包括對美國的現金要約收購、償還 14 億美元的未償定期票據、償還 1.2 億美元的短期貸款以及額外 9 美元的公開市場回購。
Overall, we strengthened our now even in the third quarter and year and a net cash position of CAD1.8 million as at September 30th.
總體而言，我們在第三季和今年加強了現在的實力，截至 9 月 30 日的淨現金部位為 180 萬加元。
Our financing on some important due to interest earned on our higher cash balance, which is currently Canadian 7.8, done the quality of our balance sheet, along with confidence in our business outlook and a focus on lowering our financing costs, resulting in us reducing the size of our sustainability-linked credit facility by $1 billion US last week to U.S. 3.0 billion third quarter, we returned significant cash to shareholders through the payment of our regular at a supplemental dividend of $0.5 per share for a total of $322 million and the purchase of 6.3 million Class B shares for three or $98 million under our normal course issuer bid, we have currently have returned over 1.3 billion to shareholders year-to-date, including the purchase of 13.6 million Class B shares.
我們對一些重要的融資是由於我們較高的現金餘額（目前為加元7.8）賺取的利息，保證了我們資產負債表的質量，加上對我們業務前景的信心以及對降低融資成本的關注，導致我們減少了上週，我們與永續發展相關的信貸額度規模增加了10 億美元，達到第三季的30 億美元，我們透過定期支付每股0.5 美元的補充股息（總計3.22 億美元）和收購，向股東返還了大量現金根據我們正常發行人的出價，我們以3 股或9,800 萬美元的價格購買了630 萬股B 類股票，今年迄今我們已向股東返還了超過13 億股，其中包括購買了1,360 萬股B 類股票。
This builds on our strong track record of shareholder returns, which total over $5 billion since 2019.
這是建立在我們良好的股東回報記錄之上的，自 2019 年以來，股東回報總額超過 50 億美元。
With our resilient balance sheet, we are strongly positioned to execute on our growth strategy and create value for our shareholders.
憑藉我們富有彈性的資產負債表，我們有能力執行我們的成長策略並為股東創造價值。
With that, I'll turn it back over to Jonathan.
這樣，我會將其轉回給喬納森。
Thanks, wrestled, faster ramp up starting with Slide 17.
謝謝，摔跤，從幻燈片 17 開始更快的提升。
As we shift to a pure-play energy transition metals company.
當我們轉向一家純粹的能源過渡金屬公司。
We remain true to our purpose and values guided by our capital allocation framework that balances growth could share with our strategy is focused around four key pillars, which drove office use of the responses.
我們仍然忠於我們的宗旨和價值觀，以平衡成長的資本分配框架為指導，我們的策略重點圍繞著四個關鍵支柱，這推動了辦公室對應對措施的使用。
The growth, the value creation, completing the sale of EVER means that we now have a portfolio that is 100% energy transition advantage.
EVER 的成長、價值創造和完成銷售意味著我們現在擁有 100% 能源轉型優勢的投資組合。
We continue to focus on driving operational performance.
我們繼續專注於提高營運績效。
Production continues to grow.
產量持續成長。
We expose those the QB2 project and are progressing towards the final phase of the ramp-up of QB operations on our focus on operational performance and reduction in our full year guidance range.
我們公開了 QB2 項目，並正在邁向 QB 業務提升的最後階段，重點是營運績效和全年指導範圍的縮減。
For Z net cash unit costs.
對於 Z 淨現金單位成本。
We continue to balance cash returns to shareholders without finding the competitive global growth opportunities.
我們持續平衡股東的現金回報，但沒有找到有競爭力的全球成長機會。
So far, we've returned over $1.3 billion to shareholders and deployed $302 million towards advancing our portfolio of growth, Providence, and we significantly strengthened in the third quarter Presidio proceeds.
到目前為止，我們已向股東返還超過 13 億美元，並部署了 3.02 億美元來推進我們的成長投資組合普羅維登斯，並且我們在第三季度顯著增強了 Presidio 的收益。
We paid down USD1.5 billion debt.
我們還清了 15 億美元的債務。
We had a net cash, the 1.8 billion as at September 30th.
截至 9 月 30 日，我們的淨現金為 18 億。
To conclude with Slide 19.
以投影片 19 結束。
As an orderly transition metals company, our focus remains on creating value for our shareholders.
作為一家有序的過渡金屬公司，我們的重點仍然是為股東創造價值。
We will drive strong operational and financial performance by our focus on core exports by pushing hard towards the final stage, the QB Runbook, which should set us up and strong cash generation to financial performance.
我們將透過專注於核心出口來推動強勁的營運和財務業績，並努力推動最後階段，即 QB 運作手冊，這將為我們的財務業績和強勁的現金生成奠定基礎。
We are maintaining the balance between growth and shareholder suits.
我們正在保持成長和股東訴訟之間的平衡。
We continue to progress our record returns to shareholders $3.25 billion authorized by the board this year.
今年，我們繼續向董事會授權的股東回報創紀錄的 32.5 億美元。
And with our resilient balance sheet, we are well-positioned to continue to progress well from the capital efficient Neogen copper projects.
憑藉我們富有彈性的資產負債表，我們處於有利位置，可以繼續從資本高效的 Neogen 銅專案中取得良好進展。
Thank you.
謝謝。
With that, operator, please open the lines for questions.
那麼，接線員，請打開提問線路。
Certainly you can join the question queue.
當然，您可以加入問題隊列。
Please press star then one on your touch tone telephone.
請按您的按鍵式電話上的星號，然後按一號。
Through a tone acknowledging your request, we ask that you please limit yourself to one question and one follow up, which they're using a speakerphone, please pick up.
透過確認您的請求的聲音，我們要求您將自己限制在一個問題和一個後續問題上，他們正在使用免持電話，請接聽。
If you wish to remove yourself from the question queue, please press star then first question is from Orest Wowkodaw with Scotiabank.
如果您希望將自己從問題佇列中刪除，請按星號，然後第一個問題來自豐業銀行的 Orest Wowkodaw。
Since go ahead.
既然繼續。
Qb2.
Qb2。
So second consecutive quarter of guidance cut here for 24, and you've now cut 25 one.
因此，連續第二個季度的指導值下調了 24 個，而現在您已經下調了 25 個。
Can you share what gives you any confidence that these numbers are achievable in 25?
您能分享一下是什麼讓您對 25 年內可以實現這些數字充滿信心嗎？
And I'm curious also what you're anticipating in terms of that guidance range for 25?
我也很好奇您對 25 的指導範圍有何預期？
How much of that is improvement over 24 is driven side, I'm wondering or assays so for the quarter, and this is just to sell them a little bit of context around the 2024 and the reduction to guidance.
我想知道 24 日的改進有多少是驅動方面的，我想知道或對本季度進行分析，這只是為了向他們介紹 2024 年的一些背景資訊以及指導意見的減少。
And then I'll go on to your all your question around 2025.
然後我將在 2025 年左右繼續回答您的所有問題。
As I said, applause designed to be as robust, and we have continued to make good progress on the throughput.
正如我所說，掌聲旨在保持強勁，我們在吞吐量方面繼續取得良好進展。
And you can see that from a quarter over quarter, and we do expect to be operating at design throughput rates by the end of 24.
從季度來看，我們確實預計到 24 年底將達到設計吞吐率。
And the key for us here is to ensure that we achieved these design rates more consistently through maximizing our online site or recovery.
我們的關鍵是透過最大化我們的線上站點或復原來確保我們更一致地實現這些設計率。
We expect these and challenging due to three years.
我們預計這些和挑戰是三年來的。
We worked through higher modes of play.
我們嘗試了更高的遊戲模式。
Please note transitionals between supergene and find the genes that we did make some progress through higher recovery rates.
請注意超基因之間的過渡，並找到我們透過更高的恢復率確實取得了一些進展的基因。
Quarter over quarter I mentioned we have completed testing new dosage and reagent mixes, which have shown both improved recoveries and better stability in the plants.
我提到我們已經完成了新劑量和試劑混合物的測試，這表明植物的回收率有所提高，穩定性也更好。
Out of work will be ongoing yet in that regard, both through the fourth quarter of this year and into 2025.
從今年第四季到 2025 年，這方面的工作仍將持續。
The other component, of course, aside from throughput in February on grade, and we're seeing a group level of accuracy in grade of material weak volume versus what we expected our plans, we have expected loan growth to three years.
當然，除了 2 月的吞吐量之外，另一個組成部分是，我們看到材料等級的準確度與我們計劃的預期相比較低，我們預計貸款將增長至三年。
We said, and we do expect an improvement in Q4.
我們說過，我們確實預期第四季會有所改善。
And as I mentioned, if all else being equal and as we have the same grade into three as we go have in Q1 and Q2 and we operate because the throughput and recoveries that we did in the third quarter, we would have produced 56,000 tons rather fits into.
正如我所提到的，如果其他條件相同，並且我們在第一季度和第二季度擁有相同的三級品位，並且我們根據第三季度的吞吐量和回收率進行運營，那麼我們將生產56,000 噸，而不是適合。
So great being the big driver of lower production in Q3 relative to expectations.
與預期相比，第三季產量下降的主要推動因素是如此之大。
Come.
來。
Also important to note that we discuss this in the law for the geotechnical issue between Caribbean is under control, and it gives us confidence to results in mind bladder.
同樣重要的是要注意，我們在加勒比海之間的岩土工程問題的法律中討論了這一點，這使我們對結果充滿信心。
And so we are happy with the progress we're making on throughput and recoveries are very much a work with test.
因此，我們對在吞吐量和回收率方面取得的進展感到滿意，這在很大程度上是一項測試工作。
We're continuing to bounce back fee standing to tie down in 2020 by some of the work we have plenty to do are already Orion dosing, but then also some of the work that has to be done on the platforms will go through the first half life.
我們將繼續反彈 2020 年的費用，因為我們有很多工作要做，這些工作已經在 Orion 上完成，但平台上必須完成的一些工作也將在上半年完成生活。
So that will involve some additional downtime in 2025 to drive those improvements in the first half from.
因此，到 2025 年，這將涉及一些額外的停機時間，以推動上半年的這些改進。
We do expect that to translate into a much stronger and more consistent recovery before it's through the balance of the year.
我們確實預計，在今年餘下的時間裡，這將轉化為更強勁、更持續的復甦。
The throughput we owe that we do see periods where we are operating above nameplate.
我們所欠的吞吐量確實看到了我們在銘牌上運行的時期。
And as I mentioned, that's all about driving more consistency in the uptime and online time associated with the plans.
正如我所提到的，這一切都是為了提高與計劃相關的正常運行時間和線上時間的一致性。
And again, there are some modifications that will be made to areas of the plant through the back end of this year, but also during the first half of 2020.
同樣，今年年底以及 2020 年上半年，工廠的各個區域都將進行一些修改。
But so far, if we look very hard at all, we all the operational performance drove this year.
但到目前為止，如果我們仔細觀察的話，我們會發現今年所有的營運績效都受到了推動。
We believe that the 25 is very much achievable with your notes.
我們相信，透過您的筆記，25 是可以實現的。
You know, in the range that we've put around that would lead to a decent growth in the broader than that after reflects some level of ongoing uncertainty associated with an asset that is still within the ramp-up phase.
你知道，在我們設定的範圍內，這將導致更廣泛的經濟體面的成長，反映出與仍處於上升階段的資產相關的某種程度的持續不確定性。
Just as a follow up in your presentation slide, page 7, you show design recoveries of 86% to 92% is a revised life of mine assumptions.
正如第 7 頁簡報投影片中的後續內容一樣，您展示了 86% 至 92% 的設計回收率是我的假設的修訂壽命。
And are you still think you can get to 91 on a consistent basis?
您仍然認為自己能夠持續達到 91 分嗎？
Yes, there's no revision that virus that that has been designed and we certainly think that that's achievable here.
是的，病毒的設計沒有任何修改，我們當然認為這是可以實現的。
Leverage has resolved to talk about that in just a moment to say as we benchmark our performance to the ramp-up of QBE against other major ramp ups that have occurred and we are buying in line with the ramp-up periods or in pumps to throughput recovery is the area where, as I mentioned, we have more work to do, but even so we're not in tempering some of the recovery issues that some other projects have encountered over time.
Leverage 決定稍後討論這個問題，因為我們將 QBE 的增長與其他已發生的主要增長進行比較，我們正在根據增長週期或吞吐量進行購買正如我所提到的，恢復是我們還有更多工作要做的領域，但即便如此，我們也沒有緩和其他一些項目隨著時間的推移遇到的一些恢復問題。
So again, that's what gives us the confidence to continue to push higher.
再次強調，這讓我們有信心繼續走得更高。
That I'll hand off Chief Operating Officer, who's that would give us a bit more color on recoveries specifically because that's a very important point.
我將移交給首席營運官，他將為我們帶來更多關於復甦的信息，因為這是非常重要的一點。
Thanks, Sean Silva.
謝謝，肖恩·席爾瓦。
So so we have achieved pretty decent recoveries than we have with our typical or types, but have struggled with some of the transitional ores, which has a higher.
因此，與我們的典型或類型相比，我們取得了相當不錯的回收率，但在一些過渡礦石方面卻遇到了困難，這些礦石的回收率更高。
And I think our performance has been the 3% to 84% over the last quarters, and we are seeing better numbers now.
我認為過去幾季我們的表現一直在 3% 到 84% 之間，現在我們看到了更好的數字。
But the motion important part is as we introduced the Polish market as well, that had some impact as well.
但該動議的重要部分是，我們也引入了波蘭市場，這也產生了一些影響。
And that tends to have that Jonathan mentioned has given us a good resolution on one of the three regions to use, and that is being implemented here in late October, early November.
喬納森提到的這往往為我們提供了關於要使用的三個區域之一的良好解決方案，該解決方案將於 10 月底、11 月初在這裡實施。
And we will fine tune that well into the into the first half of 2025 in the range that you mentioned of 86, too early to say it depends on water pipes are being sent, and we do expect some transition or as well into the first half of 2025.
我們將在您提到的 86 個範圍內將其微調到 2025 年上半年，現在說這取決於水管的發送還為時過早，我們確實預計會出現一些過渡或進入上半年2025 年。
So we won't get to those numbers are 92% in the first half and hence some of the impact on the 2025 on the 2020s.
因此，我們不會在上半年得到 92% 的數字，因此對 2025 年的一些影響是在 2020 年代。
And of course, the 86 or 90 doors over a longer term period rather than any quarter or any or so over the life of mine.
當然，86 或 90 扇門是在較長時期內，而不是在我的生命週期中的任何一個季度或任何一個左右。
So you'll see variability of that swap.
所以你會看到該交換的可變性。
Thank you.
謝謝。
The next question is from Bryce Adams with CIBC.
下一個問題來自 CIBC 的布萊斯亞當斯 (Bryce Adams)。
Please go ahead.
請繼續。
Thank you all.
謝謝大家。
Appreciate the presentations from.
欣賞來自的演示。
I wanted to ask on San Nicolás and open pit mining in Mexico.
我想詢問有關墨西哥聖尼古拉斯和露天採礦的情況。
Jonathan, I think you've made to the comments that you're monitoring the situation thing that you can add to that frequently.
喬納森，我認為您已經發表了您正在監視情況的評論，您可以經常添加該內容。
It looks like the tone has shifted towards being more positive view.
看來基調已經轉向更積極的觀點。
Would you agree with that?
你同意嗎？
And could that be reconsidered has an underground operation?
是否可以重新考慮是否有地下行動？
Right.
正確的。
Thanks very much for the question.
非常感謝您的提問。
As mentioned, we are still monitoring the situation in Mexico.
如前所述，我們仍在監測墨西哥的局勢。
I think it's fair to say that there's still a level of uncertainty there.
我認為可以公平地說，那裡仍然存在一定程度的不確定性。
But I would agree with your assertion that the tone has moved to a slightly more positive position for alternative net debt position, depending on how you look back and we've done a lot of work on what is the optimal powerful development that this asset.
但我同意你的說法，即替代淨債務頭寸的基調已經轉向稍微積極的位置，這取決於你如何回顧，我們已經做了很多工作來研究該資產的最佳強大發展是什麼。
I think your question is, is geared around trying to avoid the CO2 issue on.
我認為你的問題是圍繞著試圖避免二氧化碳問題而展開的。
We still think that the open cut mine is going to deliver the best experience and associated with our assets.
我們仍然認為露天礦將提供最佳體驗並與我們的資產相關。
And we continue on the purchasing process on that basis.
我們在此基礎上繼續進行採購流程。
And we continue our feasibility study and engineering work on that basis.
我們在此基礎上繼續進行可行性研究和工程工作。
And we are hopeful of a resolution for open cut mining in the context of San Nicolás in due course.
我們希望能夠在適當的時候就聖尼古拉斯的露天採礦問題達成解決方案。
But I think we have to be realistic and note that there is uncertainty in regards to that are still in the environment today.
但我認為我們必須現實一點，並注意到當今環境中仍然存在不確定性。
Okay, thanks.
好的，謝謝。
That's all from me.
這就是我的全部。
Appreciate that.
很欣賞這一點。
And then the extra color just in the last few minutes to.
然後在最後幾分鐘添加額外的顏色。
Thank you.
謝謝。
The next question is from Chris Brown with Morgan Stanley.
下一個問題來自摩根士丹利的克里斯布朗。
Please go ahead.
請繼續。
Yes.
是的。
Thank you very much.
非常感謝。
Good morning.
早安.
two questions, one on the SME clients and I know on QB cyclical as maybe just a follow up, John, I think it can you remind us if you already have a open-pit mining concession for for the project?
有兩個問題，一個是關於中小企業客戶的問題，我知道 QB 週期性可能只是一個後續問題，約翰，我想您可以提醒我們，您是否已經擁有該專案的露天採礦特許權？
Or do you have only annex realizes what exactly do you have yesterday?
還是你只有附件才知道你昨天到底有什麼？
one of the biggest, the local market, copper producers, I mentioned that full one of their projects, they are not worried about any changes indicated in the regulation because they already have the concession.
最大的市場之一，當地市場，銅生產商，我提到他們的整個項目之一，他們並不擔心法規中表明的任何變化，因為他們已經擁有特許權。
And so I just wondered, is it going one to understand exactly what do you have seen it yet, but we believe that we do have some protection on the concession that we are costs associated with them, whether or not that through this consideration around the future of open cut mining that converts into will permit for development as it is really the open questions presence.
所以我只是想知道，是否會準確地理解您所看到的內容，但我們相信，我們確實對與它們相關的成本的讓步有一定的保護，無論是否通過圍繞露天採礦的未來將允許發展，因為這確實是一個懸而未決的問題。
So the extent to which there is a grandfathering of those prior rights into the into the current situation is something we still have to work our way through and good engagement by the San Nicolás JV and also both downtown and weaker ruble with the with the Mexican authorities as we tried to figure out of the appropriate path forward.
因此，在當前情況下，這些優先權在多大程度上受到尊重，是我們仍然需要努力解決的問題，並且聖尼古拉斯合資企業以及市中心和盧布疲軟的良好參與墨西哥當局正試圖找出適當的前進道路。
Olivier for projects.
奧利維爾的項目。
So I think that makes total sense.
所以我認為這是完全合理的。
And then on and we pay to how much or how many days in September I was the operation down for the maintenance that you mentioned in the release that the yield was taken.
然後，我們支付 9 月我因維護而停機的時間或天數，正如您在新聞稿中提到的那樣，收益已被拿走。
And I think I heard there's going to be also some downtime.
我想我聽說還會有一些停機時間。
Can you maybe provide a bit more color what month do kind of a sense of how many days in those months the bridge to be down?
您能否提供更多信息，說明哪一個月橋樑會倒塌？
Yes.
是的。
I'll policy to reside on that.
我將制定政策以解決這一問題。
As you know, we have of that came into kind of major shutdown quarter.
如您所知，我們已經進入了主要的停工季度。
And then in addition to that, there is some physician, more opportunistic shutdown that we've taken on specific areas of plant equipment such as out as maybe you can call it some comments on September and then is thinking on that.
除此之外，還有一些醫生，我們對工廠設備的特定領域進行了更多機會主義的關閉，例如，也許你可以在 9 月發表一些評論，然後正在考慮這一點。
You saw in September, we took an extra three days to do.
你看，九月的時候，我們多花了三天時間做。
Some of the work was well done changes and now some of the minor changes and we need to do ahead of the test work.
一些工作做得很好的改變，現在一些小的改變，我們需要提前做好測試工作。
And then also, as Jonathan mentioned, particularly issues that we had where we did were the mills were down, but they were running a little bit limited, great because I thought because of wireless shoots of recovery from the taking their shelf.
然後，正如喬納森所提到的，我們遇到的特別問題是工廠關閉了，但它們的運行有點有限，這很好，因為我認為因為無線拍攝可以從貨架上恢復過來。
So it's not just a matter of downtime that at some of the limitations of swap with those issues have been resolved.
因此，這些問題的一些交換限制已解決，這不僅僅是停機問題。
Of the partners and then continuing to address issues as well.
合作夥伴，然後繼續解決問題。
We found that our tunnel on a on our mills weren't having device that we that we were expecting.
我們發現我們工廠的隧道沒有我們期望的設備。
So we went around and change the design changes in material and those have been installed.
所以我們四處尋找並改變了材料的設計變化，這些已經安裝了。
Some of our build.
我們的一些構建。
The building itself did nicely material and the design of that to get.
建築本身的材料和設計都做得很好。
So these are the types of things that you encounter, the startup that that that we are addressing in the Q. one of downtime, the extra downtime we are used to address the items that we have identified just doing increase the design life of those components of the equipment.
因此，這些是您遇到的事情類型，我們在停機問題一中要解決的啟動問題，我們使用額外的停機時間來解決我們已經確定的項目，這會增加這些組件的設計壽命的設備。
So no fatal flaw.
所以沒有致命的缺陷。
It's just a matter of fact, we are improving the reliability of some of the components.
事實上，我們正在提高一些組件的可靠性。
So the Q1 numbers that are a few percentage points below our target on availability in London and some in Q2 as well as the patent.
因此，第一季的數字比我們在倫敦的可用性目標低幾個百分點，第二季的數字以及專利也比我們的目標低幾個百分點。
Next question is from less than a with Jefferies.
下一個問題是由 Jefferies 提出的。
Please go ahead.
請繼續。
Thanks, Aubrey enhanced crystal permanent.
謝謝，奧布里增強水晶永久。
Thank you all for taking my question and thanks for the incremental costs and how that's going to flow through the P&L and the cash flow statement in 2025.
感謝大家回答我的問題，也感謝增量成本以及這些增量成本將如何流經 2025 年的損益表和現金流量表。
So having said that, project CapEx is basically done with production guidance now for 2025 being lower and talked about the additional work that you need to do to get to full capacity.
話雖如此，專案資本支出基本上是在 2025 年的生產指導值較低的情況下完成的，並討論了要達到滿載生產所需的額外工作。
When I hear work in mining, I think costs.
當我聽到採礦工作時，我想到的是成本。
So how do we think about the kind of the cost impact in 2025?
那我們該如何看待 2025 年的成本影響呢？
And just also wanted to confirm, is project CapEx now dinosaurs, everything, just kind of kind of asset level these operating expenses and CapEx or are we think one thing that earlier?
我還想確認一下，專案資本支出現在是否已經過時了，一切，只是資產層級的一種，這些營運費用和資本支出還是我們之前認為的一件事？
Thank you.
謝謝。
five VSP.
五個VSP。
The project CapEx is done non-US from 8.6 to 8.8 weeks falling in that range.
該項目在美國以外地區的資本支出為 8.6 至 8.8 週，在該範圍內。
And as said, well, there are some claims outstanding, but they will be accrued for and are captured in you mobilize.
正如所說，嗯，有一些未決的索賠，但它們將在您的動員中累積並捕獲。
So we consider review mirror.
所以我們考慮回顧鏡子。
Now, things are you're unlikely to have been in our cost.
現在，事情是你不太可能在我們的成本之內。
Essentially you have aggressive maintenance or minor improvement work.
本質上，您需要進行積極的維護或細微的改進工作。
It will be doing around the site services.
它將圍繞站點服務進行。
I don't see that there's any significant additional CapEx capital cost burden.
我認為沒有任何重大的額外資本支出負擔。
And to your final point now, obviously with the with the project closed and all of these expenditures now will will run through the the operation, of course, weather spend on on sustaining work.
現在到最後一點，顯然隨著專案的結束，所有這些支出現在都將貫穿整個運營，當然，天氣支出用於維持工作。
Those things will be capitalized, but other operating costs in the normal course will run through the P&L.
這些東西將被資本化，但正常情況下的其他營運成本將計入損益表。
I don't know if there's anything you wanted to ask about.
不知道你有沒有想問的。
You know, I think going I guess I would say is we've reiterated our comp guidance for for the copper business as well as for QB for for 2020 for display, seen some reduction in our our production guidance.
你知道，我想我想說的是，我們重申了我們對銅業務以及 2020 年顯示器 QB 的比較指導，我們的生產指導有所減少。
I think that is really reiterates the point about our focus on ARC, and we're working to demobilize contractors, and we've seen some success in that as well.
我認為這確實重申了我們對 ARC 的關注，我們正在努力遣散承包商，我們在這方面也取得了一些成功。
So turning to the tune of 2025, a reduction in production will be associated with an increase in cost rate that we should expect.
因此，展望 2025 年，產量減少將與我們預期的成本率上升有關。
All else equal, unit costs in Q2 will be higher for 2025 because you volumes and lower the very least.
在其他條件相同的情況下，2025 年第二季的單位成本將會更高，因為您的銷售量至少會降低。
Yes, we haven't guided yet, Chris versus 2025.
是的，我們還沒有指導克里斯與 2025 年的情況。
Obviously, if you wish assumed on operating costs at the same as you apply a lower production cost of that, then all else being equal to get a higher operating costs, of course.
顯然，如果您希望假設營運成本與應用較低的生產成本相同，那麼當然，在其他條件相同的情況下，可以獲得更高的營運成本。
But we need to assess what those costs are up for next year.
但我們需要評估明年這些成本的上升。
We'll go to the budget goes.
我們會去預算去。
And I guess the key, Jonathan, like you said, I mean, it's not like there's a lot of additional CapEx as a matter of ramping this thing up.
我想關鍵是，喬納森，就像你說的，我的意思是，隨著這件事的推進，並沒有太多額外的資本支出。
And you haven't done that for any questions.
而且您還沒有針對任何問題這樣做。
You might have been high in the first half of the year, but there's nothing else than we have to really worry about.
今年上半年你可能會很興奮，但我們沒有什麼值得擔心的。
And I guess the follow-up to that, as you've talked in the past about kind of waiting until 2025 before sanction new projects.
我想這是後續行動，正如您過去談到的，要等到 2025 年才批准新專案。
And I think part of the reason for that was the I wanted to get the QB2 up to full capacity.
我認為部分原因是我想讓 QB2 發揮全部能力。
So to the extent that this is being delayed in terms of the ramp to that person kind of sanctioning of other projects, or is it still possible we see some of those sanction projects come through in the second half next year?
那麼，就對其他項目的批准而言，這被推遲了，或者我們是否仍有可能看到其中一些制裁項目在明年下半年完成？
Thank you.
謝謝。
Below-the-line.
線下。
I said, Chris, just critical.
我說，克里斯，只是批評。
Is there anything else you wanted to say on the unit cost basis to close that out?
關於單位成本，您還有什麼想說的嗎？
You can increase?
可以增加嗎？
We had just to really confirm.
我們只需要真正確認一下。
We haven't put out our guidance for unit costs were 25.
我們尚未公佈單位成本為 25 的指引。
I would expect them to be lower than 2024 because we had in obviously, the factors with the ramp-up with using altered and it should be arrangements.
我預計它們會低於 2024 年，因為顯然，使用量增加的因素已經改變，應該有所安排。
We've had lower moly production, which has an impact Tamale credit.
我們的鉬產量較低，這對玉米粉蒸肉的信用產生了影響。
So those things that we should see those resolved in 2025, and we'll put out our guys normally demand in January restaurant.
因此，我們應該在 2025 年解決這些問題，我們將在一月的餐廳安排我們的員工通常需要的食物。
Thanks, Crystal.
謝謝，水晶。
And then a difficulty hearing the project sanction, the remaining work we have to do on QB, as I've mentioned, is very much in the first half of next year as we look to optimize conditions, reagents for better online top line and improve recoveries there.
然後，很難聽到專案批准，正如我所提到的，我們在QB 上要做的剩餘工作很大程度上是在明年上半年，因為我們希望優化條件、試劑以實現更好的線上營收並提高在那裡康復。
The two things we're focused on.
我們重點關注的兩件事。
We expect to have that suddenly in the first half.
我們預計上半場會突然出現這種情況。
And even if we achieve all of the permits on the final thing, we're working to complete our studies as positive with the capital cost of the projects, we wouldn't be sanctioning anything before the second half of next year in in any event.
即使我們獲得了最後一件事的所有許可，我們也會努力完成我們的研究，與專案的資本成本保持積極的關係，無論如何，我們不會在明年下半年之前批准任何事情。
So we room confidence in sort of full ramp-up of the QB Phase one, and we'll look at them.
因此，我們對 QB 第一階段的全面啟動充滿信心，我們會關注它們。
We look at other projects, and I'm talking about greenfield projects crossing the second half of the SHBC. tension being a brownfield, of course, is one that we will pursue as quickly as possible.
我們看看其他項目，我說的是跨越 SHBC 後半段的綠地計畫。當然，我們將盡快解決棕地緊張問題。
But again, I think that roses.
但我再次認為玫瑰。
Thank you.
謝謝。
Did I hear that.
我聽到了嗎。
Great.
偉大的。
Thank you and good markets.
謝謝你和良好的市場。
Thanks, Chris.
謝謝，克里斯。
Jonathan.
喬納森.
First one, just on production guidance, which I clarify whether the update today and updates for your other assets in terms of 2025 guidance or will we be getting further revisions to those in in December or January?
第一個，只是關於生產指南，我澄清今天的更新以及您的其他資產是否根據 2025 年指南進行更新，或者我們是否會對 12 月或 1 月的指南進行進一步修訂？
Yes, is the only update we've made to 2025 ones we communicate today.
是的，這是我們對今天傳達的 2025 年更新所做的唯一更新。
And of course, that just relates to where and for the issues we've identified, we understood clearly today, you will never be a change to the prior guidance for next year.
當然，這僅與我們已經確定的問題的地點和問題有關，我們今天清楚地了解，您永遠不會改變明年的先前指導。
And all other assets as we went through the planning process and their associated guidance will be updated in the north anyway.
無論如何，我們完成規劃過程時的所有其他資產及其相關指南都將在北方進行更新。
And then on the on the growth strategy, I mean, it's clearly not alone in terms of the challenges in building and ramping up topper assets.
然後，關於成長策略，我的意思是，在建立和擴大頂級資產方面，這顯然不是唯一的挑戰。
You still convinced that going ahead with other greenfields further down the line is the right strategy to check?
您仍然堅信繼續推進其他綠地開發是值得檢查的正確策略嗎？
We are Liam for us for a number of reasons.
由於多種原因，我們成為利亞姆。
I mean, firstly, the projects that we have in the pipelines, we are significantly smaller in scale, so not much lower complexities in the QB.
我的意思是，首先，我們正在籌備的專案規模明顯較小，因此 QB 的複雜性並沒有降低很多。
So we are also doing a significantly more work around the riskier projects prior to a prior to sanction here in terms of the level of engineering that will be undertaking.
因此，在此處進行製裁之前，就將要進行的工程水平而言，我們還在圍繞風險較高的項目做更多的工作。
For example, which will give us greater certainty as to capital spend schedules and execution pathways.
例如，這將使我們對資本支出計劃和執行路徑有更大的確定性。
And we believe that the low capital, relatively low capital intensity of these greenfield projects down and offer very good returns to to our shareholders, as you know to us certainly looks like the more attractive than M&A where a great deal of those the upside can be paid to Western premiums to acquire assets.
我們相信，這些綠地項目的資本較低，資本密集度相對較低，並為我們的股東提供非常好的回報，正如您所知，我們看起來肯定比併購更具吸引力，其中許多好處都可以實現向西方支付保費以收購資產。
So we do think you see the right strategy, of course, through going through something like a Q me in terms of the major construction and development as asset that and now the ramp-up process that we're working through vs. retained earnings from glass and build enormous organizational capability that we can take forward onto on future projects, socially.
因此，我們確實認為您看到了正確的策略，當然，透過像 Q me 這樣的問題，將主要建設和開發作為資產，以及現在我們正在經歷的上升過程與留存收益的對比玻璃並建立巨大的組織能力，我們可以將其用於未來的社會項目。
And we do think it's the right way forward in the projects that are not simple, but we're working very hard on building the capability, capacity systems processes inside the organization to under excessive future project development.
我們確實認為這是在並不簡單的專案中前進的正確方法，但我們正在非常努力地在組織內部建立能力、能力系統流程，以應對未來過度的專案開發。
Thank you.
謝謝。
And my last quick one, if I may.
如果可以的話，這是我的最後一個快速的。
Just on working capital.
僅靠營運資金。
So those are reasonably big build in Q three about 500,000,000.0.
因此，第三季的建造規模相當大，約為 500,000,000.0。
Any color on for guidance on how and when that will unwind in the court said, thank you, and we'll have a lot of that for some of that, at least relates to QB.
任何關於如何以及何時在法庭上展開的指導的顏色都說，謝謝，我們將有很多關於其中的一些內容，至少與 QB 相關。
So I'll pass over to Gerry Anderson, our Chief Commercial Officer, who can explain a little bit about the production versus sales profile that we see the operation.
因此，我將請我們的首席商務官格里·安德森（Gerry Anderson）解釋一下我們所看到的生產與銷售情況。
Yes.
是的。
Thank you very much for the question, William, maybe important, just to stay at the beginning, of course, sales and production don't always match that can occur for a variety of reasons, including cut offs, were the reporting period, our game system in in-transit inventory, vessel scheduling, loading windows, things like that.
非常感謝你的問題，威廉，也許很重要，只是停留在一開始，當然，銷售和生產並不總是匹配，這可能會由於各種原因而發生，包括停產，如果是報告期，我們的遊戲系統包括在途庫存、船舶調度、裝載窗口等。
So for example, our you know, we currently have just a couple of holes and cargo at the port and those are scheduled to close imminently and there's really no excess inventory.
舉例來說，我們目前在港口只有幾個空位和貨物，這些空位和貨物預計即將關閉，而且實際上沒有多餘的庫存。
In terms of the working capital question, I know that we do see in the disclosure is attributable to material this at the mines and that builds up during the transition.
就營運資金問題而言，我知道我們確實在披露中看到，這歸因於礦山的材料以及過渡期間積累的材料。
Okay.
好的。
Materials challenge that we refer to and disclosure.
我們提到和揭露的材料挑戰。
So material is being transferred now with filtration, plant and support, and we'll go out for loading and for sales.
因此，材料現在正在透過過濾、設備和支援進行轉移，我們將出去裝載和銷售。
So on that basis, the volumes will reconcile over time.
因此，在此基礎上，數量將隨著時間的推移而協調一致。
But important just to back to the fact that core sales production work and and I certainly want to clarify, I just add on in relation to timing of sales, we did a very strong both copper and zinc sales in the month of September.
但重要的是要回到核心銷售生產工作這一事實，我當然想澄清一下，我只是補充一下銷售時間，我們在 9 月的銅和鋅銷售都非常強勁。
And so you see some of that's built into the ARR, which will be collected in the normal addresses back into Q4.
因此，您會看到其中一些內容內建於 ARR 中，這些內容將在正常地址中收集回 Q4。
Okay.
好的。
The next question is from Myles Allsop, UBS consistency in it.
下一個問題來自邁爾斯·奧爾索普（Myles Allsop），瑞銀的一致性。
So thanks for the opportunity.
所以感謝你給我這個機會。
So first of all, maybe on the buyback, could you just give us a sense, are you maxing out with the buyback during Q3?
首先，也許在回購方面，您能否給我們一個感覺，您在第三季的回購是否已達到極限？
Should we assume that a similar rate it can be achieved in Q4 and during 2025, around $4 billion a quarter.
我們是否應該假設第四季和 2025 年期間可以實現類似的速度，即每季約 40 億美元。
So that while we're not back, there's a lot of being a value-driven in the way we execute with as low share prices, we're buying back more shares net of higher share prices with pre-buying by glass.
因此，雖然我們沒有回來，但我們以低股價執行的方式有很多是價值驅動的，我們透過玻璃預購回購了更多扣除較高股價後的股票。
And there's nothing is also indicate that we can continue growing at the same rate in Q4 to be did in Q3, in fact, would be certainly accelerated begins in July period.
也沒有任何跡象表明我們可以繼續以第四季度與第三季度相同的速度成長，事實上，從 7 月開始肯定會加速成長。
We will in buying back shares.
我們將回購股票。
So we will expect and again, all else being equal to buy back more shares in Q4 we did in Q3, but kind of a nuisance.
因此，我們將再次期望，所有其他條件都等於我們在第三季回購更多股票，但有點麻煩。
And just to QB, I'm sorry.
向 QB 表示抱歉。
So obviously, the key question.
很明顯，這是關鍵問題。
Obviously, we talked a bit about automation and optimization and de-bottlenecking, which is not in the guidance.
顯然，我們討論了一些關於自動化、優化和消除瓶頸的內容，這不在指南中。
That would be some upside medium term.
從中期來看，這將是一些上行趨勢。
When will we get clarity on this?
我們什麼時候才能澄清這一點？
When will you start building it in the guidance is going to be end of next year when steady-state or how should that should we start factoring in throughput above 143,000 tonnes a day for should reach sticker one 43 given the track record over recent quarters?
當您明年年底達到穩定狀態時，您什麼時候開始在指導中建造它？
Yes, good questions of all, say that at our on our Investor Day, a couple of weeks from now, we'll talk about this path forward for the QB assays in some more details on, I think for the time being our best to see the nameplate capacity because, you know, our focus is that consistently by getting the online side and where it needs to date, we have communicated, we think there is an opportunity to optimize above that.
是的，所有問題都很好，在幾週後的投資者日上，我們將更詳細地討論 QB 檢測的前進道路，我認為目前我們最好查看銘牌容量，因為，您知道，我們的重點是始終如一地透過獲取線上方面及其需要的日期，我們已經進行了溝通，我們認為有機會在此之上進行優化。
And we talked about optimization being 10% increase in throughput, which can be accommodated by our existing permits.
我們談到優化是吞吐量增加 10%，這可以透過我們現有的授權來滿足。
Beyond that on any additional or closing, the plant would really come through more of a de-bottlenecking growth, which would require certifications that upgrade certain plausibly equipment and that could potentially with over another 15% of upside in terms of both.
除此之外，在任何額外或關閉的情況下，該工廠實際上將經歷更多的去瓶頸增長，這將需要升級某些看似合理的設備的認證，並且這可能會在兩者方面再帶來超過15% 的上漲空間。
And by the studies associated with that are underway, we expect to have a much better line of sight into the powerful and by the end of the year.
透過正在進行的相關研究，我們預計到今年年底將對權力有更好的了解。
But we will and communicate information and talk about this in some more detail in a couple of weeks' time in the Investor Day.
但我們將在幾週後的投資者日上傳達訊息並更詳細地討論這個問題。
The next question is from Lucas Pipes with B. Riley.
下一個問題是 Lucas Pipes 和 B. Riley 提出的。
Go ahead.
前進。
Thank you very much, operator.
非常感謝您，接線生。
Thank you very much for taking my question.
非常感謝您回答我的問題。
And Jonathan, I when you have your site to at Highland Valley play on November fifth and still at labor needs, I might be tempted to fill out the job applications sellout.
喬納森，當你在 11 月 5 日在高地谷比賽時，我仍然需要勞動力，我可能會忍不住填寫工作申請表。
Please remind me of that.
請提醒我這一點。
But all in all, joking aside, I wanted to touch on on trail for for for a moment in the range of initiatives that you're looking at to improve the operational CapEx Life Time wise to to to to improve the performance there.
但總而言之，開個玩笑，我想暫時談談您正在考慮的一系列舉措，這些舉措旨在提高營運資本支出生命週期，以提高績效。
And thank you.
謝謝你。
Thinking of processing your drove application now and we missed the asset you are referring to.
現在考慮處理您的驅動應用程序，我們錯過了您所指的資產。
Could you just repeat that, please?
請您重複一遍好嗎？
And that is a trail trial, Cogo funding.
這是一項試驗，由 Cogo 資助。
But we are and we've seen a recent improvements in the performance of the trial.
但我們確實做到了，我們已經看到試驗性能最近有所改善。
Absolutely.
絕對地。
We broadly think you said boy, back online has performing very well and we are looking at a cost reduction approaches that further improve.
我們普遍認為你說的男孩，回到線上表現非常好，我們正在尋找進一步改進的降低成本的方法。
But I'll just get this resolved to give you a little bit more color on some of the work that we are doing in front of.
但我會解決這個問題，以便讓您對我們正在做的一些工作有更多的了解。
So look, you know, we have made some recent leadership changes there as well.
所以，你知道，我們最近也在那裡進行了一些領導層變動。
And with the renewed focus on cash generation, as Chris mentioned earlier, hedging field product margins and cost reductions, and particularly in the maintenance of the non-routine work area, we we are going through a lot of metallurgical work as well in order to improve recoveries from the residues in which the drilling goods such as right now.
正如克里斯之前提到的，隨著對現金產生的重新關注，對沖現場產品利潤和成本降低，特別是在非常規工作區域的維護方面，我們也正在進行大量冶金工作，以便提高目前鑽探產品中殘渣的回收率。
And that will help us to be able to take different fields while maintaining the margins from those fields with improved recoveries.
這將有助於我們能夠進入不同的油田，同時保持那些採收率提高的油田的利潤。
And of course, coupled that with with a strong focus on cost reductions to get us back to profitability.
當然，再加上對降低成本的大力關注，以使我們恢復盈利。
Thank you.
謝謝。
And CapEx wise, any any any ballpark figures to take?
就資本支出而言，有什麼大概的數據可供參考嗎？
No major CapEx associated with these changes.
沒有與這些變化相關的重大資本支出。
Thank you very much.
非常感謝。
I wanted to touch on the balance sheet really quickly.
我想盡快談談資產負債表。
Crystal, can you remind us how much more you are you looking to allocate towards capital returns?
Crystal，您能提醒我們您希望為資本回報分配多少資金嗎？
How much more you looking to allocate towards debt reduction to forward?
您希望為減少債務進一步分配多少資金？
And just a bigger picture, what do you think you need in terms of cash to run the business?
從更大的角度來看，您認為您需要什麼現金來經營業務？
And also be prepared for it for growth.
並為它的成長做好準備。
So if you could comment on that, I would I would appreciate the color.
所以如果你能對此發表評論，我會很欣賞這個顏色。
Thank you.
謝謝。
Yes.
是的。
No problem.
沒問題。
Thank you, Lucas.
謝謝你，盧卡斯。
I think in terms of maybe I'll start with the count reduction, a piece of it.
我想也許我會從減少計數開始，其中一部分。
When we announced the use of proceeds, we had allocated at 2 billion up to that.
當我們宣布募集資金用途時，我們已經分配了20億。
And to date, we've completed over 1.5 billion with the combination of the on the buyback, a reduction in EBITDA, the short term loan, and secondly, around 84 hundred million U.S. remaining are earmarked for for debt reduction.
迄今為止，我們已經完成了超過 15 億美元的回購、減少 EBITDA、短期貸款，其次，大約 84 億美元的剩餘資金被指定用於債務削減。
And we're continuing to review how we need to point out.
我們正在繼續審查我們需要如何指出。
The options obviously were related to the project financing for TV as well as some leasing that we have on the balance sheet.
這些選擇顯然與電視項目融資以及我們資產負債表上的一些租賃有關。
First slowing a little bit more fine for us to active skewed because we obviously have partners and I think to to resolve in that regard.
首先，我們要放慢一點，積極傾斜，因為我們顯然有合作夥伴，我認為要解決這方面的問題。
And then in terms of the of the shareholder return.
然後就股東回報而言。
And so we've obviously we pay the supplemental dividend to $0.5 a share.
因此，我們顯然支付了每股 0.5 美元的補充股息。
In September.
九月。
The Board had authorized 3.25 billion.
董事會已授權32.5億美元。
If you also include the 5 million from Astra earlier in the year through yesterday, we had executed 882 million of that.
如果你還包括今年早些時候從 Astra 到昨天的 500 萬美元，我們已經執行了其中的 8.82 億美元。
So we'll have the remainder to execute.
這樣我們就可以執行剩下的部分了。
I think it will take us through a 12 to took longer to to improve that.
我認為我們需要經過 12 年的時間才能改善這一點。
And as Jonathan noted, that will depend on obviously the price of our shares and with consideration of up value as announced on the buyback.
正如喬納森指出的那樣，這顯然取決於我們股票的價格，並考慮到回購時宣布的增值。
And then in terms of the growth projects he had when we issued the use of proceeds, again, we had disclosed a range of capital for those projects and S&R exporter from.
然後，就他的成長項目而言，當我們發行收益用途時，我們再次揭露了這些項目和 S&R 出口商的一系列資本。
And we are we're continuing to review new build CapEx numbers and SaaS does as we go through the detailed engineering work and conclude the studies.
當我們完成詳細的工程工作並得出研究結論時，我們將繼續審查新構建的資本支出數字和 SaaS 的情況。
And Phil will provide updates in due course.
菲爾將在適當的時候提供更新。
But I think you can refer back.
但我想你可以回頭參考一下。
I don't have a number at hand, but in the US, 3.3%, the 3.6 to 4.3, you can double second, July and freezer can follow-up off line.
我手邊沒有數字，但是在美國，3.3%，3.6到4.3，可以翻一倍，7月和冰櫃可以離線跟進。
But and so that started in regard to growth and Lihir, March proceeds for that.
但是，就成長和利希爾而言，三月就開始了。
And we're holding it as significant cash flow as we get up to the full production and and into 2025.
當我們達到全面生產並持續到 2025 年時，我們將保持大量現金流。
And we as per our catalog mark, if we generate cash in excess of our needs, we would return to shareholders.
根據我們的目錄標記，如果我們產生的現金超過我們的需求，我們將回報股東。
And our patient framework enables us to do that.
我們的患者框架使我們能夠做到這一點。
Not minimum 30% of available cash returned to think about it.
考慮一下，至少要返還 30% 的可用現金。
And if you have, I guess follow-up questions, happy to take that.
如果您有後續問題，我想很樂意接受。
Can you in November?
11月份可以嗎？
Thank you.
謝謝。
I guess we'll see another.
我想我們還會看到另一個。
The next question is from Timna Tanners with Wolfe Research.
下一個問題來自沃爾夫研究公司的 Timna Tanners。
Please go ahead.
請繼續。
Hey, good morning.
嘿，早安。
Thanks for squeezing us.
謝謝你壓榨我們。
In addition to that, I hadn't heard addressed if I missed them.
除此之外，如果我錯過了他們，我也沒有聽到任何地址。
And one is just on the and updated economics as you can make any sense for now and it's been awhile since I've seen at least the C1 cost at the net and pre-COVID and besides the ethanol, that will that be something we can you hear about in November?
一個只是關於最新的經濟學，因為你現在可以理解，自從我至少在網路上看到C1 成本和新冠疫情之前的C1 成本以來已經有一段時間了，除了乙醇之外，這將是我們可以做的事情你聽說十一月嗎？
Or can you timing of any update there?
或者你能告訴我更新的時間嗎？
Yes.
是的。
Thanks for the question.
謝謝你的提問。
So no, yes, we will provide more updates on those projects in November, I will say can.
所以不，是的，我們將在 11 月提供這些項目的更多更新，我會說可以。
And then my other question, I just want to be appropriate to pin you on the zinc market because in as much as we all talk about copper and other commodities.
然後是我的另一個問題，我只是想適當地向您介紹鋅市場，因為我們都在談論銅和其他大宗商品。
I think it's been one of the biggest high flyers that we've followed and a one and article I read attributed to higher maybe to some of those banks.
我認為這是我們所關注的最大的飛人之一，我讀過的一篇文章和一篇文章將其歸功於其中一些銀行。
But any color on your in your outlook of how sticky the best and thank my base would be great.
但是任何顏色在你的外觀上有多粘最好，謝謝我的基地會很棒。
Thanks.
謝謝。
Fair enough.
很公平。
Thanks for off in oh two.
謝謝你在哦兩點。
Thank you for the question.
謝謝你的提問。
Tumor.
瘤。
Interestingly enough, both zinc and copper concentrate market to speak, structural deficits and concentrate.
有趣的是，鋅和銅都集中市場說話，結構性赤字集中。
I would differentiate those two.
我會區分這兩者。
And in zinc, what we see is actually a chronic shortage and on investment in terms of mines and then challenge, of course, both by disruptions that have occurred, third, our within the last couple of years and shutdowns as a result of the previously low price.
在鋅方面，我們看到的實際上是長期短缺和礦山投資，然後是挑戰，當然，這既是由於過去幾年發生的中斷，也是由於之前的停產造成的。
So looking forward, you are really relying on three mines coming online in order to improve that concentrate picture pushy, other noise and Tara completion, of course, has been a bit slow to ramp up Dave into Q3 treats and have revised our guidance.
因此，展望未來，您實際上依賴上線的三個礦井來改善精礦圖片的緊迫性、其他噪音和塔拉完成度，當然，將戴夫提升到第三季度的速度有點慢，並修改了我們的指導。
Also, Norway are uncertain and the condition of that in the future.
此外，挪威及其未來的狀況也不確定。
And that material, of course, because crusher will go to China and then go even Taro began a few three and have begun with a smaller staffing and look likely not to return to the same production levels that they had previously solve.
當然，因為破碎機將運往中國，然後甚至太郎開始了幾個三，並且開始以較小的人員配備，所以這些材料可能不會恢復到他們之前解決的相同生產水平。
That speaks to us about a chronic shortage of concentrate.
這告訴我們長期缺乏濃縮物。
You're seeing that reflected in their record low PCs that are occurring.
您會看到這一點反映在他們的個人電腦數量創歷史新低的情況。
And certainly the major research houses are looking forward to that.
當然，各大研究機構都對此充滿期待。
The PUC in 2025, I'm expecting it to be a significant goals possible you could recognize.
2025 年的 PUC，我希望這將是您可能意識到的一個重要目標。
So I think that's why you're seeing zinc response.
所以我認為這就是為什麼你會看到鋅的反應。
The way that it has in terms of finished metal price are finished.
就成品金屬價格而言，它的方式已經完成。
Metal prices in North America at least have come up a little bit in the last but not in the last while.
北美的金屬價格至少在過去有所上漲，但最近一段時間沒有上漲。
And that's positive.
這是積極的。
So we were looking to save costs were a bright future of 2020 plus.
因此，我們希望節省成本，這是 2020 年以後的光明未來。
Thanks for your questions.
感謝您的提問。
I will now hand the call back over to John for closing remarks.
我現在將把電話轉回給約翰，讓他發表結束語。
Thank you, operator, and thanks again to everyone for joining us today.
謝謝運營商，再次感謝大家今天加入我們。
We look forward to seeing many of you in person in Vancouver had a couple of weeks for our Strategy Day and the Highland Valley site visit.
我們期待在溫哥華見到你們中的許多人，並花幾週時間參加我們的戰略日和高地山谷實地考察。
All of those presentations will be posted to our website at sec.com shortly events.
所有這些簡報都將在不久的活動中發佈到我們的網站 sec.com。
So thank you once again as ever.
一如既往地再次感謝您。
If you have any further questions, please reach out to price to enjoy the rest of you that.
如果您還有任何其他問題，請聯絡價格，以便其他人享受。
This concludes 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.
謝謝。