Teck Resources Ltd (TECK) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Teck's second quarter 2025 earnings release conference call. (Operator Instructions) This conference call is being recorded on Thursday, July 24, 2025.

女士們、先生們，感謝你們的支持。歡迎參加 Teck 2025 年第二季財報發布電話會議。（操作員指示）本次電話會議於 2025 年 7 月 24 日星期四錄製。

I would now like to turn the conference over to Emma Chapman, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Emma Chapman。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for Teck's second quarter 2025 conference. This call contained forward-looking statements. Actual results may vary due to various risks and uncertainty. Teck does not assume the obligation to update any of statements. Please refer to slide 2 for the assumption underlying our forward-looking statement.

謝謝您，接線生。大家早安，感謝大家參加 Teck 2025 年第二季會議。這次電話會議包含前瞻性陳述。實際結果可能因各種風險和不確定性而有所不同。Teck 不承擔更新任何聲明的義務。請參閱投影片 2，以了解我們前瞻性聲明背後的假設。

We will reference non-GAAP measures throughout this presentation. Explanations and reconciliations are in our MD&A and the latest press release on our website.

我們將在整個演示過程中引用非公認會計準則衡量標準。我們的 MD&A 和我們網站上的最新新聞稿中提供了解釋和對帳。

On today's call, Jonathan Price, our CEO, will start with highlights from our second quarter. Crystal Prystai, our CFO, will follow with the financial and operational review of the quarter. Jonathan will then wrap up with closing remarks and a Q&A session.

在今天的電話會議上，我們的執行長喬納森·普萊斯將首先介紹我們第二季的亮點。我們的財務長 Crystal Prystai 將對本季的財務和營運進行回顧。喬納森將以結束語和問答環節結束演講。

With that, over to you, Jonathan.

現在，就交給你了，喬納森。

Okay. Thank you, Emma, and good morning, everyone. Now before we get into the quarter, I would like to take a moment to acknowledge the incident earlier on Tuesday at one of our peers' operations in the northwest of our home province of British Columbia. Our thoughts are with the three workers that remain in the underground work area, as well as their families, friends, and colleagues and the emergency response teams, and we hope for their safe and speedy rescue.

好的。謝謝你，艾瑪，大家早安。在我們進入本季度之前，我想花點時間來了解一下週二早些時候在我們家鄉不列顛哥倫比亞省西北部的一個同行工廠發生的事件。我們向仍留在井下作業區的三名工人、他們的家人、朋友、同事和緊急救援隊表示慰問，希望他們能夠安全、迅速獲救。

So turning to our second quarter 2025 results, starting with highlights on slide 4. Overall, we are advancing our strategy of copper growth while returning cash to shareholders. Our profitability improved compared to the same period last year, $722 million of adjusted EBITDA.

因此，讓我們來看看 2025 年第二季的業績，首先從投影片 4 上的重點開始。整體而言，我們正在推動銅成長策略，同時向股東返還現金。我們的獲利能力與去年同期相比有所提高，調整後的 EBITDA 為 7.22 億美元。

We have strong performance in our Zinc segment, with Red Dog sales above our guidance range and a significant improvement in our zinc net cash unit costs, as well as another quarter of profitability and cash generation and trail. Across our established operations, production is on track to meet our annual guidance.

我們的鋅業務表現強勁，其中 Red Dog 銷售額超出我們的預期範圍，鋅淨現金單位成本顯著改善，並且又一個季度盈利、現金產生和追蹤。在我們現有的業務中，生產情況可望達到我們的年度預期。

At QB, we had previously noted that we would be at the lower end of our guidance of around 230,000 tonnes for the year. While the team is working hard to achieve this, we acknowledge that there could be risk from possible external factors or of course, any delay from the CMF development work. As a result, we've revised our outlook for QB to 210,000 to 230,000 tonnes for the year, but continue to target design rates by year end.

在 QB，我們之前曾指出，今年我們的產量將處於指導值的下限，約 23 萬噸。雖然團隊正在努力實現這一目標，但我們承認，潛在的外部因素或 CMF 開發工作的延遲可能會帶來風險。因此，我們將 QB 的全年產量預期修改為 210,000 至 230,000 噸，但仍以年底的設計產量為目標。

Earlier today we announced that the Board has sanctioned the Highland Valley Copper Mine Life Extension project in British Columbia for construction. This is foundational to our strategy to double copper production by the end of the decade. Given the strong demand for copper as an energy transition metal, the project will generate compelling returns, with an IRR far surpassing our cost of capital and secure access to this critical mineral for the next two decades. The project extends the core asset to 2046 with average annual copper production of 132,000 tonnes over the life of mine.

今天早些時候，我們宣布董事會已批准在不列顛哥倫比亞省建設高地谷銅礦壽命延長項目。這是我們到本世紀末使銅產量翻倍的策略的基礎。鑑於對銅作為能源過渡金屬的強勁需求，該項目將產生可觀的回報，其內部收益率將遠遠超過我們的資本成本，並確保未來二十年對這種關鍵礦物的獲取。該項目將核心資產的使用壽命延長至2046年，礦山壽命期間年平均銅產量為132,000噸。

We are continuing to return significant cash to shareholders with elevated daily share buying levels in the quarter, resulting in a total of $487 million or 9.8 million Class B shares. Year to date, we have returned a total of $1.1 billion to our shareholders through dividends and share buybacks, and we have completed approximately 70% of our authorized $3.25 billion buyback, which is the equivalent of $2.2 billion.

本季度，我們繼續透過提高每日股票購買量向股東返還大量現金，總價值達 4.87 億美元，即 980 萬股 B 類股票。年初至今，我們已透過股利和股票回購向股東返還了總計 11 億美元，並已完成授權 32.5 億美元回購金額的約 70%，相當於 22 億美元。

Finally, we are maintaining the resilience of the business, including through our strong balance sheet, which enables us to navigate uncertainty and continue to create value. We currently have $8.9 billion in liquidity, including $4.8 billion in cash.

最後，我們正在保持業務的彈性，包括透過我們強大的資產負債表，這使我們能夠應對不確定性並繼續創造價值。我們目前擁有 89 億美元的流動資金，其中包括 48 億美元現金。

Turning to slide 5. We continue to be committed to safety and sustainability. Across the operations that we can control, a high potential incident frequency rate remained low in the first half of the year at 0.09, below our 2024 performance of 0.12.

翻到幻燈片 5。我們將繼續致力於安全和永續發展。在我們能夠控制的營運中，上半年高潛在事故頻率仍然較低，為 0.09，低於我們 2024 年的 0.12 的表現。

I would like to take a moment to acknowledge the fatality occurred on April 22 at Antamina, in which Teck holds a non-controlling interest. We are deeply saddened by this event and offer our condolences to the family, friends, and colleagues of the deceased. Teck fully participated in the investigation, which was led by the team at Antamina, and learnings will be shared across our company and across the sector.

我想花點時間了解 4 月 22 日在安塔米納礦發生的死亡事故，泰克資源在礦場持有非控制權益。我們對這起事件深感悲痛，並向死者的家人、朋友和同事表示哀悼。泰克公司全程參與了由安塔米納團隊領導的調查，並將調查結果與公司乃至整個行業分享。

We were honored to be named as one of Corporate Knights' 2025 Best 50 Corporate Citizens in Canada. It's the 19th consecutive year that we've received this recognition, which is based on an evaluation of up to 25 sustainability indicators, including for diversity, resource efficiency, financial management, sustainable revenue, and sustainable investment.

我們很榮幸被 Corporate Knights 評為 2025 年度加拿大 50 強企業公民之一。這是我們連續第 19 年獲得此項認可，該認可基於對多達 25 項永續發展指標的評估，包括多樣性、資源效率、財務管理、永續收入和永續投資。

So now turning to QB on slide 6. QB's second-quarter performance was impacted by the ongoing TMF development work. We're advancing multiple TMF development initiatives to improve sand drainage rates and accelerate mechanical movements of sand to achieve steady state operation. This work impacted mill online time in the quarter, as previously disclosed. The planned post QB2 construction pace of TMF development was based on design assumptions for sand drainage rates that have subsequently proven unachievable.

現在轉到投影片 6 上的 QB。QB 第二季度的業績受到正在進行的 TMF 開發工作的影響。我們正在推進多項 TMF 開發計劃，以提高排砂率並加速砂的機械運動，以實現穩定狀態運作。如前所述，這項工作影響了本季工廠的線上時間。TMF 開發計劃的 QB2 後建設進度是基於砂石排水率的設計假設，但後來證明這是無法實現的。

Modifications to cyclones alone, while showing an improvement in sand drainage rates, were not sufficient to allow us to fully catch up on TMF development work in the quarter. As a result, we are implementing a range of additional measures to improve sand drainage rates and accelerate the mechanical movement of sand, including enhanced sand placement techniques and optimization of the grind size concentrator.

僅對旋風器進行改造，雖然可以提高排砂率，但不足以讓我們在本季度完全趕上 TMF 開發工作。因此，我們正在實施一系列額外措施來提高砂的排水率並加速砂的機械運動，包括增強砂的放置技術和優化研磨尺寸濃縮器。

Importantly, the TMF development work and the transition from starter down to regular ongoing sand [rates] is a onetime milestone related to the ramp-up of the operation. When it is completed, the TMF development work will be behind us for the life of facility. While the TMF development work will continue in Q3, we continue to target design rates by the end of the year. Throughput increased from the prior quarter, and we expect to see consistent grades of approximately 0.61% in the second half of the year. Work is ongoing to improve recoveries by year-end, which will also be helped by more consistent mill run time.

重要的是，TMF 開發工作以及從初始砂率到常規持續砂率的過渡是與營運提升相關的一次性里程碑。一旦完工，TMF 開發工作將在設施的整個使用壽命內完成。雖然 TMF 開發工作將在第三季繼續進行，但我們仍將目標鎖定在年底前完成設計率。吞吐量較上一季增加，我們預計下半年吞吐量將維持在約 0.61% 的穩定水準。我們正在進行努力，以在年底前提高回收率，這也將得益於更穩定的工廠運作時間。

The outage of ship loader at QB's port facility announced on June 2 is expected to be extended into the first half of 2026. We have been successfully shipping concentrate through our alternative port arrangements and have maximized shipments to local customers, so there has been no production impact. Alternative sales logistics have had some incremental impact on our net cash unit costs, which is expected to be approximately USD0.10 per pound.

6 月 2 日宣布的 QB 港口設施裝船機停駛預計將延長至 2026 年上半年。我們已成功透過替代港口安排運輸精礦，並已最大限度地向當地客戶發貨，因此對生產沒有影響。替代銷售物流對我們的淨現金單位成本產生了一些增量影響，預計約為每磅 0.10 美元。

We had a good step-up in molybdenum production as a result of some key process improvement initiatives implemented during the quarter. We expect to continue to see molybdenum production improvements, and we continue to target design throughput and recoveries of the moly plant by year-end. Once we have completed the TMF development work, QB will be able to run in steady state, showcasing it as a Tier 1 asset that will be a cornerstone of Teck's portfolio for generations.

由於本季實施了一些關鍵的流程改善舉措，我們的鉬產量取得了良好的提升。我們期望看到鉬產量持續提高，並繼續在年底前實現鉬工廠的設計產量和回收率。一旦我們完成 TMF 開發工作，QB 將能夠穩定運行，並將其展示為一級資產，並將成為 Teck 幾代投資組合的基石。

We continue to work on defining the most capital efficient and value-accretive path for future growth of QB through optimization of the mill and low capital debottlenecking opportunities that could collectively increase throughput by a further 15% to 25%. The foundation of QB is its large long-life deposit that can support multiple expansions, and it offers multiple potential parts to create value for our shareholders, including assessing adjacencies or synergies with Collahuasi. The operation also has the advantage of a very low strip ratio, which enabled competitive all-in sustaining costs.

我們將繼續致力於透過優化工廠和低資本瓶頸機會為 QB 的未來成長確定最具資本效率和價值增值的路徑，這些途徑可以共同將產量進一步提高 15% 至 25%。QB 的基礎是其大型長壽命礦床，可以支援多次擴張，並且它提供了多個潛在部分來為我們的股東創造價值，包括評估與 Collahuasi 的相鄰性或協同作用。該作業還具有剝離率極低的優勢，這使得整體維持成本具有競爭力。

We successfully achieved completion testing requirement under QB's USD2.5 billion project finance facility earlier this year, which provides independent verification, confirming the robustness of design, construction, and operational capacity. And we have a tax stability agreement in place through 2037. Taking all these factors into account, we are well positioned to generate significant future cash flows from this Tier 1 asset for decades to come.

今年早些時候，我們成功實現了卡達銀行 25 億美元專案融資的竣工測試要求，該融資提供了獨立驗證，證實了設計、施工和營運能力的穩健性。我們已經達成了一項有效期至 2037 年的稅收穩定協議。考慮到所有這些因素，我們完全有能力在未來幾十年內從這項一級資產中產生可觀的未來現金流。

Turning to the mine life extension of Highland Valley on slide 7. Highland Valley is Canada's largest copper mine and a core asset in our portfolio, and we are excited to announce the sanction of the Highland Valley Copper Mine Life Extension, or HVC MLE project. This is a lower risk and lower complexity brownfield project that is 100% owned by Teck. The MLE is an extension of the operation to 2046 and is expected to produce 132,000 tonnes of copper per annum on average over the life of mine.

在第 7 張幻燈片上討論 Highland Valley 礦山的壽命延長。高地谷是加拿大最大的銅礦，也是我們投資組合中的核心資產，我們很高興地宣布批准高地谷銅礦壽命延長計畫（HVC MLE）。這是一個風險較低、複雜性較低的棕地項目，由 Teck 全資擁有。MLE 將礦場開採期限延長至 2046 年，預計礦場開採壽命內平均每年將生產 132,000 噸銅。

Based on additional technical and engineering work, we have (technical difficulty) the project. As a result, capital estimate sanction is CAD2.1 billion to CAD2.4 billion in nominal terms. Compared with our prior estimate of CAD1.8 billion to CAD2 billion, it now includes project-level contingencies, accounts for inflation, input cost escalation, and the impact of potential tariffs on construction materials and reflects the accelerated procurement of mobile equipment originally planned for later project phases. It also incorporates additional scope and indirect contract requirements identified through ongoing project requirements.

基於額外的技術和工程工作，我們完成了（技術難度）該專案。因此，資本估計批准額名義上為 21 億加元至 24 億加元。與我們先前估計的 18 億至 20 億加元相比，現在該數字包括項目級應急費用、通貨膨脹、投入成本上漲以及潛在關稅對建築材料的影響，並反映了原計劃在項目後期階段加速採購移動設備。它還包含透過正在進行的專案要求確定的額外範圍和間接合約要求。

The MLE project consists of development of site infrastructure and facilities, grinding circuit upgrades, increased tailings storage capacity, and enhancements for power and water systems, as well as the mine pushback that requires additional waste stripping to access high-quality resources within the valley pit. The project economics are attractive, including (technical difficulty) above our cost of capital and a project net present value using an 8% -- sorry, a positive net present value using an 8% discount rate.

MLE 專案包括開發場地基礎設施和設施、升級研磨迴路、增加尾礦儲存容量、增強電力和供水系統，以及需要額外剝離廢料以獲取谷坑內優質資源的礦山後推。該專案的經濟效益很有吸引力，包括（技術難度）高於我們的資本成本，以及使用 8% 的專案淨現值——抱歉，是使用 8% 折扣率的正淨現值。

The capital intensity of the project is expected to be low at USD11,500 to USD13,200 per tonne of copper on an annualized basis. Overall, we expect to generate significant EBITDA and cash flows over the life of mine.

預計該項目的資本密集度較低，以年率計算每噸銅為 11,500 美元至 13,200 美元。總體而言，我們預計在礦場開採期間將產生可觀的 EBITDA 和現金流。

We have operated Highland Valley for decades and have successfully executed several mine life extensions there. And importantly, project readiness for construction has been confirmed through independent assurance activities, including an external construction readiness assessment and a review of the technical scope, capital cost estimate, and execution strategy and planning. We are well positioned for solid project execution of the Highland Valley Mine Life Extension with a strong and experienced team in place, all major permitting complete, engineering nearly 70% complete, and all contracting and permitting well advanced. Construction mobilization is underway. We plan to start construction in a few weeks, and we look forward to delivering on this value-accretive project.

我們已運營 Highland Valley 數十年，並已成功實施了數次礦山壽命延長。重要的是，專案施工準備已透過獨立保證活動得到確認，包括外部施工準備評估以及技術範圍、資本成本估算和執行策略和規劃的審查。我們擁有一支強大且經驗豐富的團隊，能夠出色地執行 Highland Valley 礦山壽命延長項目，所有主要許可均已完成，工程已完成近 70%，所有承包和許可工作均已進展順利。施工動員進行中。我們計劃在幾週內開始施工，並期待完成這個增值項目。

We have summarized the changes to our guidance on slide 8. Production changes driven by the revised outlook for QB based on the TMF development work. We had previously noted that we would be at the lower end of our guidance of around 230,000 tonnes for the year. While this is still possible, we acknowledge that there could be risk from possible external factors or from any delay to the TMF development work. As a result, we have revised our outlook for QB to 210,000 tonnes to 230,000 tonnes for the year, but continue to target design rates by year-end.

我們在第 8 張投影片上總結了指南的變化。根據 TMF 開發工作對 QB 前景的修改推動了生產變化。我們先前曾指出，今年的產量將處於指導值的下限，約 23 萬噸。雖然這仍然是可能的，但我們承認，可能的外部因素或 TMF 開發工作的任何延遲都可能帶來風險。因此，我們將 QB 的全年產量預期修改為 210,000 噸至 230,000 噸，但仍以年底的設計產量為目標。

Production guidance for all other operations is maintained. As such, the impact of the revised QB outlook is the only driver of flow-through changes to total copper production, moly production and therefore, net unit cash costs. We have also incorporated the increase in copper production in 2028 and the start of the growth capital investment associated with the sanction of the Highland Valley Copper Mine Life Extension project. Please refer to the MD&A for further details.

所有其他操作的生產指導均保持不變。因此，修訂後的 QB 前景的影響是導致銅總產量、鉬產量以及淨單位現金成本發生流動變化的唯一驅動因素。我們還考慮到了 2028 年銅產量的增加以及與 Highland Valley 銅礦壽命延長項目批准相關的成長資本投資的開始。請參閱 MD&A 以了解更多詳情。

Turning to the near-term growth on slide 9. Our ongoing growth trajectory is underpinned by our established portfolio of operating mines. The sanction of the HVC MLE project is foundational to our copper growth strategy and a significant milestone in the growth of Teck's copper production in the future. Our high returning greenfield projects with Zafranal in Peru and San Nicolas in Mexico are progressing as planned, and we are targeting sanction readiness by year-end.

轉向幻燈片 9 上的近期成長。我們持續的成長軌跡由我們現有的營運礦山組合支撐。HVC MLE 專案的核准是我們銅礦成長策略的基礎，也是泰克未來銅礦產量成長的重要里程碑。我們與秘魯 Zafranal 和墨西哥 San Nicolas 合作的高回報綠地計畫正在按計劃進展，我們的目標是在年底前做好製裁準備。

Zafranal, we initiated advanced early works in May, following receipt of the advanced works permit in April. This will enable construction to start immediately following project sanction. We are targeting receipt of the construction permit of Stage A approval, first of two approvals required in Q3. And the earliest date for a potential sanction decision is late in 2025.

Zafranal，我們在四月收到提前工程許可後，於五月啟動了前期工程。這將使工程批准後立即開始施工。我們的目標是獲得 A 階段的施工許可證，這是第三季所需的兩個批准中的第一個。而最早可能做出製裁決定的日期是2025年末。

San Nicolas, engagement with government authorities and other stakeholders is ongoing to support our permit applications. We plan to complete the feasibility study in the fourth quarter, which is the earliest stage of the project to be positioned for a potential sanction decision following the receipt of necessary permits. These projects are significantly less complex and smaller in scope than QB with lower capital intensities, attractive project economics, and well-balanced risk return profiles.

聖尼古拉斯正在與政府當局和其他利益相關者接觸，以支持我們的許可證申請。我們計劃在第四季度完成可行性研究，這是該專案在收到必要許可後做出潛在批准決定的最早階段。這些項目比 QB 複雜得多，規模也小得多，資本密集度也較低，項目經濟效益頗具吸引力，風險回報狀況也十分均衡。

In addition, we are working to define the most capital efficient and value-accretive part of further growth of QB through optimization of the mill and low capital debottlenecking opportunities that could increase throughput by 15% to 25%. Our priority at QB remains completing the ramp-up, but optimization plans are also progressing. Detailed planning for debottlenecking is underway. This should enable us to submit the declaration of environmental impact on deferment application in the second half of the year.

此外，我們正在努力透過優化工廠和低資本瓶頸機會來確定 QB 進一步成長中最具資本效率和價值增值的部分，這可以將吞吐量提高 15% 至 25%。我們在 QB 的首要任務仍然是完成提升，但優化計劃也在進展中。消除瓶頸的詳細規劃正在進行中。這使我們能夠在下半年提交延期申請的環境影響聲明。

All of our growth projects must meet stringent criteria, delivering attractive risk-adjusted returns, and competing for capital in alignment with our capital allocation framework. Overall, we expect to be able to double copper production by the end of the decade with a path to annual copper production of up to 800,000 tonnes through these near-term projects.

我們所有的成長項目都必須滿足嚴格的標準，提供有吸引力的風險調整回報，並按照我們的資本配置框架競爭資本。總體而言，我們預計透過這些近期項目，到本世紀末，銅產量將翻倍，年銅產量將達到 80 萬噸。

With that, I will now hand the call over to Crystal.

說完這些，我現在將發言權交給 Crystal。

Thanks, Jonathan. Good morning, everyone. I will start with our second quarter 2025 financial performance on slide 11. Our adjusted EBITDA increased by 3% in the quarter compared to a year ago to $722 million, primarily due to another profitable quarter from Trail Operations, lower smelter processing charges, and reductions in corporate overhead costs, partially offset by lower copper and zinc prices and higher operating costs at Highland Valley due to increased production and at QB.

謝謝，喬納森。大家早安。我將從第 11 張投影片開始介紹我們的 2025 年第二季財務業績。本季度，我們的調整後 EBITDA 與去年同期相比增長了 3%，達到 7.22 億美元，這主要歸功於 Trail Operations 再次實現盈利、冶煉廠加工費用降低以及公司管理費用減少，但因產量增加導致 Highland Valley 和 QB 的銅和鋅價格下跌以及運營成本上升，部分抵消了這一影響。

The improved performance from Trail Operations reflects the implementation of initiatives to improve profitability and cash flows, including increasing byproduct revenue. While the current load smelter processing charges are a headwind for Trail, Teck, overall, has a net benefit from them. We successfully reduced our corporate overhead cost by 21%, reflecting our ongoing efforts to reduce costs across our business. We continue to expect lower annual corporate overhead costs compared to 2024.

Trail Operations 績效的改善反映了提高獲利能力和現金流措施的實施，包括增加副產品收入。儘管目前的冶煉廠加工費用對 Trail 來說是一個阻力，但總體而言，Teck 從中獲得了淨收益。我們成功地將公司管理費用降低了 21%，這反映了我們在整個業務範圍內持續努力降低成本。我們預計，與 2024 年相比，年度企業管理成本將持續下降。

Importantly, we continue to return cash to shareholders, with $548 million returned in the second quarter. This includes $61 million of base dividends and $487 million of share buybacks, which equates to 9.8 million shares and reflects elevated daily share buying levels through the quarter. Year to date, we have returned over $1.1 billion to our shareholders.

重要的是，我們繼續向股東返還現金，第二季返還了 5.48 億美元。其中包括 6,100 萬美元的基本股息和 4.87 億美元的股票回購，相當於 980 萬股，反映了本季每日股票購買水準的提高。今年迄今為止，我們已向股東返還超過 11 億美元。

Turning to slide 12, which summarizes the key drivers of our financial performance in the second quarter compared to the same period in 2024. Our adjusted EBITDA increased by $19 million to $722 million, driven by another profitable quarter from Trail Operations, lower smelter processing charges, reductions in corporate overhead costs, and lower royalties. It also reflects higher sales volume and an increase in commodity prices for our byproducts and positive foreign exchange impact.

翻到第 12 張投影片，它總結了與 2024 年同期相比，我們第二季財務表現的主要驅動因素。我們的調整後 EBITDA 增加了 1,900 萬美元，達到 7.22 億美元，這得益於 Trail Operations 再次實現盈利、冶煉廠加工費用降低、公司管理費用減少以及特許權使用費降低。這也反映了我們的副產品銷售量增加、商品價格上漲以及正面的外匯影響。

Trail's improved results reflect higher by-product production volumes, such as silver, germanium and indium and higher refined lead production as compared with a year ago. These factors were partially offset by a $91 million reduction in settlement pricing adjustments and higher operating costs at Highland Valley due to increased production and [QB].

Trail 績效的改善反映了與去年同期相比銀、鍺、銦等副產品產量的提高以及精煉鉛產量的提高。這些因素被結算價格調整減少 9,100 萬美元以及由於產量增加和[四分衛]。

Now looking at each of our reporting segments in greater detail, starting with Copper on slide 13. In the second quarter, gross profit before depreciation and amortization from our Copper segment declined by 3% to $673 million compared to the same period last year, primarily due to lower copper prices and higher operating costs, partially offset by increased coal product and byproduct revenues from zinc and molybdenum and lower smelter processing charges. Copper production remained similar to the same period last year at 109,000 tonnes.

現在更詳細地看一下我們的每個報告部分，從幻燈片 13 上的「銅」開始。第二季度，銅業務折舊攤銷前毛利與去年同期相比下降 3% 至 6.73 億美元，主要原因是銅價下跌和營運成本上升，但煤炭產品和鋅、鉬副產品收入增加以及冶煉廠加工費用下降部分抵消了這一影響。銅產量與去年同期持平，為10.9萬噸。

At QB, though online time was impacted by the TMF development work required to complete the ramp-up of the operation as expected. Our established operations are performing in line with guidance, and our outlook remains on track for the balance of the year. Production improved significantly at Highland Valley, driven by higher grades and mill throughput as we advance mining in the Lornex pit. Production at Antamina was lower, reflecting a shutdown of approximately one week due to the fatality, as well as the processing of a lower proportion of copper-only ore as expected in mine plan. The site returned to full production in June.

在 QB，儘管在線時間受到了按預期完成操作提升所需的 TMF 開發工作的影響。我們現有的業務表現符合預期，我們對今年剩餘時間的展望仍然正常。隨著我們在 Lornex 礦坑的開採不斷推進，礦場品位和工廠產量不斷提高，Highland Valley 的產量也顯著提高。安塔米納礦的產量較低，原因是由於事故發生導致礦場停工約一周，以及加工的純銅礦石比例低於礦山計劃預期。該工廠於六月恢復全面生產。

Carmen de Andacollo had higher production in the quarter, driven by higher grades and recoveries as water availability improved compared with the same period last year, which was impacted by drought conditions. The improved performance in Q2 of 2025 was despite maintenance at the SAG Mill for approximately one month for repairs. The operation has been running at full rate since it successfully restarted at the end of June.

卡門德安達科洛 (Carmen de Andacollo) 本季產量增加，原因是與受到乾旱影響的去年同期相比，水資源供應改善，礦藏品位提高，採收率提高。儘管 SAG Mill 進行了大約一個月的維修，但 2025 年第二季的業績仍有改善。該作業自6月底成功重啟以來一直全速運轉。

Our net cash unit costs improved by USD0.14 per pound to USD2.02 per pound. While cost of sales increased, particularly at QB and Highland Valley, this was more than offset by increased flat product credits, including significantly higher zinc revenue for [Antamina] and additional molybdenum revenue from Highland Valley and QB as well as much lower costs.

我們的淨現金單位成本改善了每磅 0.14 美元，達到每磅 2.02 美元。雖然銷售成本有所增加，尤其是在 QB 和 Highland Valley，但這被平板產品收入的增加所抵消，包括 [Antamina] 鋅收入的大幅增加、Highland Valley 和 QB 的鉬收入的增加以及成本的大幅降低。

In the quarter, we (technical difficulty) labor agreements at QB and Carmen de Andacollo. QB's third labor union provides a new three-year collective bargaining agreement in early April, completing all labor negotiations for QB's workforce and ensuring that labor agreements are now in place through 2028 across our QB operations. At CdA, both using contracts were ratified in June and July, with each covering a three-year period.

在本季度，我們（技術難度）與 QB 和 Carmen de Andacollo 達成了勞動協議。QB 的第三個工會於 4 月初提供了一份新的三年集體談判協議，完成了 QB 員工的所有勞資談判，並確保我們的 QB 業務的勞資協議一直有效到 2028 年。在 CdA，兩份使用合約均於 6 月和 7 月獲得批准，每份合約的期限為三年。

Looking forward, we continue to target design rates at QB by the end of this year. We also continue to expect higher quarterly copper production at Highland Valley through the balance of this year as we process increasing proportion of higher grade Lornex ore.

展望未來，我們將繼續以今年年底前達到 QB 的設計率為目標。隨著我們加工的 Lornex 高品位礦石比例不斷增加，我們也預計今年全年 Highland Valley 的季度銅產量將持續增加。

As mentioned earlier, we've updated our annual production and unit cost guidance based on our revised QB operational outlook. Copper production has been revised to 470,000 tonnes to 525,000 tonnes. And copper net cash unit costs have been revised to USD1.90 to USD2.05 per pound.

如前所述，我們根據修訂後的 QB 營運展望更新了年度生產和單位成本指引。銅產量已修正為470,000噸至525,000噸。銅淨現金單位成本已修正為每磅1.90美元至2.05美元。

Turning now to our Zinc segment on slide 14. Performance in our Zinc segment was very strong in the second quarter. Our profitability in Zinc improved substantially with a 137% increase in gross profit before depreciation and amortization compared with the same period last year to $159 million. This improvement was driven by higher byproduct revenues as a result of our updated operating strategy at Trail and lower operating costs.

現在轉到投影片 14 上的鋅部分。我們鋅業務部門第二季的表現非常強勁。我們的鋅業務獲利能力大幅提高，折舊及攤銷前毛利潤與去年同期相比成長了 137%，達到 1.59 億美元。這項改善是由於我們更新了 Trail 的營運策略並降低了營運成本而導致的副產品收入增加。

Red Dog performed well despite lower grades that we expected in the mine plan. Red Dog sales of [35 by 1,000 tonnes] were higher than our guidance range of 25,000 tonnes to 35,000 tonnes due to the timing of sales. Our net cash unit cost for zinc improved significantly, decreasing by USD0.20 per pound to USD0.49 per pound, primarily due to lower sulfur processing charges and higher byproduct credits.

儘管紅狗金礦的品位低於我們礦山計劃的預期，但其表現仍然良好。由於銷售時機的原因，Red Dog 的銷售量為 [35 x 1,000 噸]，高於我們 25,000 噸至 35,000 噸的指引範圍。我們的鋅淨現金單位成本大幅改善，從每磅 0.20 美元下降至每磅 0.49 美元，這主要是由於硫磺加工費用降低和副產品信用增加。

At Trail operations, profitability was strong in the quarter, reflecting our updated operating plan to improve profitability and cash flow generation in challenging smelter market conditions. We have curtailed our refined zinc production and increased production of byproducts such as silver, germanium, and other critical metals compared to the same period last year. We also implemented cost reductions in Q4 of 2024, the benefit of which continued into Q2.

在 Trail 營運方面，本季獲利能力強勁，反映了我們更新的營運計劃，以便在充滿挑戰的冶煉廠市場條件下提高獲利能力和現金流產生。與去年同期相比，我們減少了精煉鋅的產量，並增加了銀、鍺和其他關鍵金屬等副產品的產量。我們也在 2024 年第四季實施了成本削減措施，其效益延續到了第二季。

Overall, this strong performance led to a 13% improvement in our gross profit margin before depreciation and amortization for our Zinc segment, 28% compared to the same period last year. Looking forward to the third quarter, we expect zinc and concentrate sales from Red Dog of 200,000 tonnes to 250,000 tonnes. And with Red Dog shipping season commencing on July 11, we expect reductions in Red Dog inventory in the third quarter, reflecting the normal seasonality of sales.

總體而言，這一強勁表現使我們鋅部門的折舊和攤銷前毛利率提高了 13%，與去年同期相比提高了 28%。展望第三季度，我們預計 Red Dog 的鋅和精礦銷售將達到 20 萬噸至 25 萬噸。隨著 Red Dog 運輸季節於 7 月 11 日開始，我們預計第三季 Red Dog 庫存將減少，這反映了正常的銷售季節性。

Our annual production and unit cost guidance for our Zinc segment is unchanged, as they can concentrate production of 525,000 tonnes to 575,000 tonnes; refine zinc production of 190,000 tonnes to 230,000 tonnes and net cash unit cost of USD0.45 to USD0.55 per pound.

我們對鋅業務部門的年度產量和單位成本指引保持不變，因為他們可以生產 525,000 噸至 575,000 噸的精礦；精煉鋅產量為 190,000 噸至 230,000 噸，淨現金單位成本為每磅 0.45 美元至 0.55 美元。

Looking at our cash return to shareholders on slide 15. We continue to build on our strong history of cash return to shareholders. We have returned a total of approximately $6 billion since 2020. This includes over $1.1 billion year to date, reflecting elevated daily share buyback levels in the second quarter. We have now completed $2.2 billion or approximately 70% of our $3.25 billion authorized buyback, leaving approximately $1 billion remaining.

查看投影片 15 上我們向股東提供的現金回報。我們將繼續鞏固向股東提供現金回報的良好歷史。自 2020 年以來，我們總共歸還了約 60 億美元。其中今年迄今已回購超過 11 億美元，反映出第二季每日股票回購水準的提高。我們現在已經完成了 22 億美元，約占我們 32.5 億美元授權回購總額的 70%，還剩下約 10 億美元。

And with the strong cash flow generation potential of our business, we can see further cash returns to shareholders, in line with our capital allocation framework. We remain committed to returning between 30% and 100% of future available cash flows to our shareholders.

憑藉我們業務強大的現金流創造潛力，我們可以看到股東獲得進一步的現金回報，這符合我們的資本配置框架。我們仍致力於將未來可用現金流的 30% 至 100% 返還給股東。

Looking now at our balance sheet on slide 16. We remain focused on maintaining the resilience of our business, including the strength of our balance sheet. As of yesterday, our cash balance remained significant at $4.8 billion, and our liquidity is strong at $8.9 billion. We also continue to maintain investment-grade credit ratings. We have moved into a small net debt position in the quarter as we continued to deploy the proceeds from the sale of steelmaking coal business to shareholder return. But we do expect a release of working capital build of Red Dog inventory to unwind in the third quarter, reflecting the normal shipping season.

現在來看看投影片 16 上的資產負債表。我們仍致力於維持業務的彈性，包括資產負債表的實力。截至昨天，我們的現金餘額仍高達 48 億美元，流動性強勁，達到 89 億美元。我們也持續維持投資等級信用評等。由於我們繼續將出售煉鋼煤業務所得收益用於股東回報，本季我們的淨債務狀況已轉為較小。但我們確實預計，Red Dog 庫存的營運資本累積將在第三季釋放，以反映正常的航運季節。

Since 2024, we have reduced our debt by USD2 billion, and our USD1 billion outstanding term notes are long dated. We made a semi-annual repayment of USD147 million on the QB project finance facility in the quarter. And through these payments, we are further deleveraging our balance sheet on an ongoing basis. Our near-term growth projects, including the HVC MLE project remain well funded, and we are strongly positioned for continued value creation as we execute on our strategy.

自 2024 年以來，我們已減少了 20 億美元的債務，並且我們的 10 億美元未償還定期票據均為長期票據。我們在本季按半年償還了 QB 項目融資額 1.47 億美元。透過這些付款，我們正在持續進一步降低資產負債表的槓桿率。我們的近期成長項目（包括 HVC MLE 專案）仍然資金充足，我們在執行策略的過程中已做好充分準備以繼續創造價值。

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

說完這些，我就把話題轉回喬納森。

Thanks, Crystal. On slide 18, we remain focused on our priorities to create value for our shareholders: completing the TMF development work at QB and ramping up the operation, targeting design rates by year-end; driving operational excellence, including growing our copper production, reducing our unit costs and improving our margins; continuing to return cash to our shareholders through execution of our authorized share buyback program and through our base dividend; and progressing our value-accretive near-term copper projects to create options for our next phase of copper growth; and maintaining the resilience of our business, including our strong balance sheet. We are committed to continuing to balance investment and growth in copper with cash returns to shareholders.

謝謝，Crystal。在第 18 張投影片上，我們繼續專注於為股東創造價值的優先事項：完成 QB 的 TMF 開發工作並提高營運水平，目標是在年底前達到設計率；推動卓越運營，包括增加銅產量、降低單位成本和提高利潤率；繼續透過執行授權的股票回購計劃和基本彈性向股東的股利；我們致力於持續平衡銅的投資和成長與股東的現金回報。

Turning to slide 19. We can continue to significantly impact the accretive growth potential of our metrics on a per share basis. Last year, with the ramp-up of QB and with a significant portion of our $3.25 billion share buyback completed, we increased our copper production per share by 54% compared to the prior year. By 2026, our copper production per share could increase by a further 33% to 50% as we stabilize QB at full production while completing the remaining authorized share buyback. And our copper production per share could increase substantially beyond that as we bring on near-term value-accretive growth projects.

翻到第 19 張投影片。我們可以繼續顯著影響每股指標的增值成長潛力。去年，隨著 QB 的擴張以及 32.5 億美元股票回購的大部分完成，我們的每股銅產量較上年增加了 54%。到 2026 年，隨著我們穩定 QB 的滿載生產並完成剩餘的授權股票回購，我們的每股銅產量可能進一步增加 33% 至 50%。隨著我們推出近期增值成長項目，我們的每股銅產量可能會大幅增加。

And this does not consider the impact of any further share buybacks that could be authorized under our capital allocation framework, given the strong cash flow generation potential of our business. Our copper production has the potential to increase rapidly long term on a per share basis.

鑑於我們業務強大的現金流創造潛力，這還沒有考慮根據我們的資本配置框架可能授權的任何進一步股票回購的影響。我們的銅產量有潛力長期快速成長。

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

所以謝謝你。接線員，請打開熱線來回答問題。

(Operator Instructions) Orest Wowkodaw, Scotiabank.

（操作員指示）Orest Wowkodaw，豐業銀行。

Some questions on QB2, please. Firstly, the tailings issue that's limiting throughput and then the new investment required here, is there any knock-on impact to 2026? I mean, will tailings still be a constraint next year?

請問一下關於 QB2 的一些問題。首先，尾礦問題限制了產量，然後這裡需要新的投資，這會對 2026 年產生連鎖影響嗎？我的意思是，明年尾礦還會成為限制因素嗎？

Hi, Orest. Thank you for that question. Yes, as you point out in the current quarter and to some extent as well expected in Q3, the TMF development work has been limiting online time for QB. Actually, throughput at the plant and the recoveries of the plant have been good, considering these constraints, but online time is an issue.

你好，奧雷斯特。謝謝你的提問。是的，正如您在本季度指出的，並且在某種程度上也正如在第三季度所預期的那樣，TMF 開發工作一直在限制 QB 的線上時間。實際上，考慮到這些限制，工廠的產量和工廠的回收率一直很好，但在線時間是一個問題。

Our expectation here, Orest, is that we can work through the TMF development issue and to put that behind us so that it won't [deconstrain] operations on an ongoing basis. On that basis and based on what we see in terms of throughput and recoveries and grade, of course, the operation we have maintained our guidance for 2026. But of course, as we noted, we'll continue to monitor the progress of the TMF development work through the balance of this year.

奧雷斯特，我們的期望是，我們能夠解決 TMF 開發問題並將其拋諸腦後，這樣它就不會持續限制營運。在此基礎上，根據我們在吞吐量、回收率和等級方面看到的情況，我們當然維持了對 2026 年的指導。但當然，正如我們所指出的，我們將在今年餘下時間繼續監測 TMF 開發工作的進展。

Is there potentially more investment required in the tailings next year?

明年可能需要對尾礦進行更多投資？

At this point, we've guided to the capital -- incremental capital spend for this year. We don't expect additional investment next year. We expect normal operating conditions around the TMF and its ongoing development, but we don't expect to signal additional capital essentially as we have done in the current quarter.

至此，我們已經指導了今年的資本增量資本支出。我們預計明年不會有額外的投資。我們預計 TMF 的營運狀況及其持續發展將保持正常，但我們預計不會像本季那樣發出額外資本訊號。

Okay. And just -- I mean, given the state of the ramp-up, I mean, at this point, I'm having trouble understanding how realistic it is for QB to even reach the low end of its guidance for '26. I mean, that would imply monthly production required of 23,000 tonnes a month. The operation hasn't done that in a single month to date. At this point, what gives you confidence that you can exit the year anywhere close to that kind of run rate?

好的。而且——我的意思是，考慮到目前的狀況，我的意思是，在這一點上，我很難理解 QB 達到 26 年指導值的低端是否現實。我的意思是，這意味著每月需要生產 23,000 噸。迄今為止，該行動還沒有在一個月內完成這樣的行動。現在，是什麼讓您有信心在今年年底前實現這樣的業績成長？

Yes. So our view, Orest, is that when we can put the TMF issue behind us and we can therefore improve the online time at the plant that we see from the throughputs, recoveries, and grade perspective, the potential on the guidance for 2026. So these are assumptions that we are able to underpin by operating parameters that we have experienced and deliver at the plant. Of course, it requires us to run the operation consistently through the year to achieve those numbers. They're consistent with design, of course. And at the low end of the range, we have seen operating results already that give us confidence that those numbers are achievable.

是的。因此，Orest，我們的觀點是，當我們能夠解決 TMF 問題時，我們就可以改善工廠的線上時間，從吞吐量、回收率和等級的角度來看，2026 年的指導潛力是存在的。因此，這些都是我們能夠根據我們在工廠經歷和交付的運作參數來支持的假設。當然，這需要我們全年持續營運才能實現這些數字。當然，它們與設計一致。在該範圍的低端，我們已經看到了經營業績，這讓我們有信心這些數字是可以實現的。

As you can imagine, we continue to interrogate both the operational parameters at QB (technical difficulty) but this point in time, we don't see any (technical difficulty) period of consistent operation without the (technical difficulty).

正如你所想的，我們繼續詢問 QB 的運行參數（技術難度），但目前為止，我們沒有看到任何（技術難度）沒有持續運行的時期（技術難度）。

Okay. Thank you.

好的。謝謝。

Matthew Murphy, BMO Capital.

馬修·墨菲，BMO資本。

I have a question just -- so first half of the year (technical difficulty) that's growth and sustaining not including capitalized stripping. And then your guidance is around $2.4 billion, if I'm not mistaken, so to [$1.8 billion], call it, back half of the year. Am I thinking about that right?

我有一個問題──那麼今年上半年（技術難度）的成長和維持不包括資本化的剝離。如果我沒記錯的話，您的指導價是 24 億美元左右，所以可以稱之為下半年的 [18 億美元]。我這樣想對嗎？

Yes. I'll let Crystal speak to the details behind that. Of course, we have increased our capital guidance for the second half of the year in large part based on the sanctioning of HVC MLE, which goes to both capitalized stripping, but it also, of course, goes directly to the growth capital as well as some of the additional capital that we've just discussed for TMF development at the QB. But Crystal, over to you.

是的。我會讓 Crystal 講述背後的細節。當然，我們在很大程度上增加了下半年的資本指導，這基於 HVC MLE 的批准，這既用於資本剝離，也當然直接用於增長資本以及我們剛剛討論過的用於 QB 的 TMF 開發的一些額外資本。但 Crystal，交給你了。

Yes. Thanks, Matt, for the question. You're right. So year to date, we spent $700 million on capital expenditures, excluding capitalized stripping, and our total for the year is at the low end, $2.3 billion. So that's a reasonable run rate in terms of what you're thinking that would put us around $1.6 billion over the second half of the year.

是的。謝謝馬特提出這個問題。你說得對。因此，今年迄今為止，我們在資本支出上花費了 7 億美元（不包括資本剝離），而我們今年的總支出處於較低水平，為 23 億美元。所以，就您的想法而言，這是一個合理的運行率，這將使我們在今年下半年的營業額達到 16 億美元左右。

Again, a large portion of that is in relation to growth, and that number again has increased because it previously didn't include the sanction capital associated with the HVC MLE over the balance of the year. So we have now embedded that spending for the second half of the year. And that's why I think you're seeing that increase in the run rate. Of course, we also have embedded the TMF expected costs associated with that work is the plan, and you'll see some of that coming through in the third quarter as well.

同樣，其中很大一部分與成長有關，而且該數字再次增加，因為它之前沒有包括與今年餘額相關的 HVC MLE 相關的製裁資本。因此，我們現在已經將這筆支出納入下半年。我認為這就是您看到運行率上升的原因。當然，我們也將與這項工作相關的 TMF 預期成本嵌入了計劃中，您也會在第三季看到其中一些成本的實現。

Okay. Yes, it's just the magnitude of the step up. I mean, do you worry about being able to get that done this year? Or are there some big ticket items in there that you're confident you'll see that spend? And is a lot of the tailings spend, therefore, yet to come in the back half of the year?

好的。是的，這只是提升的幅度而已。我的意思是，您是否擔心今年能否完成此事？或者其中是否存在一些您確信會看到支出的高價商品？那麼，大量的尾礦是否還要到下半年才能消耗掉呢？

Yes. I think the run rate is reasonable. We've done a detailed scrub through the projects to understand exactly what is remaining, ongoing. We do have a few larger projects on the sustaining side that we expect to kick off, including the Antamina tailings lift associated with the mine life extension. We have the QB truck shops that we're continuing construction on. We also have some demobilization of facilities as we begin the next phase of mining there. So with that, in addition to HVC MLE, which, of course, we have a rigorous schedule associated with the project and the CapEx that we've articulated is in line with that schedule.

是的。我認為運行率是合理的。我們對專案進行了詳細的審查，以準確了解剩餘的、正在進行的專案。我們確實有一些較大的維持計畫即將啟動，包括與礦場壽命延長相關的安塔米納尾礦提升計畫。我們正在繼續建造 QB 卡車商店。隨著我們開始下一階段的採礦，我們也會拆除一些設施。因此，除了 HVC MLE 之外，我們當然還有與該專案相關的嚴格時間表，而我們所闡明的資本支出與該時間表一致。

And then in the context of TMF, we have spent cash today. We haven't disclosed what that figure is, but we can get out to folks as required, but do expect that spending to continue through the second half of the year. And really maybe to articulate a bit more about why that number is the number that it is. We did have spend associated with TMF embedded in our sustaining capital guidance this year. But the amount and distance of mechanical (inaudible) stand related to the TMF and the related cost of that work has increased that expected cost and hence, this is our guidance in relation to that.

然後在 TMF 的背景下，我們今天已經花了現金。我們尚未透露該數字是多少，但我們可以根據需要向人們公佈，但預計該支出將持續到今年下半年。也許真的可以更清楚地解釋為什麼這個數字是這樣的。我們今年的維持資本指導中確實包含了與 TMF 相關的支出。但是與 TMF 相關的機械（聽不清楚）支架的數量和距離以及該工作的相關成本增加了預期成本，因此，這是我們對此的指導。

Okay, thank you.

好的，謝謝。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Just on QB, could you please provide a little bit more comments around the ship loader repairs? How long would it take, if you have already started? And also if there is any -- maybe you mentioned this, but I may have missed it, if there is any impact on CapEx that are material because of the repairs?

就在 QB 上，您能否就船舶裝載機維修提供更多評論？如果已經開始的話，需要多長時間？另外，如果有的話——也許您提到了這一點，但我可能錯過了，維修是否會對資本支出產生重大影響？

Yes, Carlos, thank you for that question. As you know, we disclosed the challenge with the ship loader back in June of last year is essentially the cause for that was a brake failure on the shuttle, which cause an overextension of the ship loader and of course, some damage associated with that. It took some time to be able to access the ship loader. So we've even assessed the repair work, and that was because we were required to apply for and obtain some marine permits. The assessment of that damage is ongoing, and the repair plans are being finalized associated with that work as well.

是的，卡洛斯，謝謝你提出這個問題。如您所知，我們在去年 6 月披露了裝船機面臨的挑戰，其根本原因是太空梭的煞車失靈，導致裝船機過度伸展，當然也造成了一些損壞。需要花一些時間才能進入裝船機。因此我們甚至評估了修復工作，這是因為我們需要申請並獲得一些海事許可證。對損失的評估仍在進行中，與該工作相關的修復計劃也正在最終確定中。

As we've said, we do think that's going to be an extended shutdown now that will extend in the first half of 2026. We haven't got a finalized capital number for that repair at this point in time because that assessment is ongoing. Importantly, as we've said, the work on the ship loader and the downtime of the ship loader is not impacting our production here. As you'll recall, previously, we had in place trucking arrangements while we were awaiting the completion of the ship loader originally that was allowing us to move material to either smelters in Chile or to other ports in Chile. We've just reactivated that, and we have that trucking fleet operating daily. So no production constraints, and that's allowed us to minimize any buildup in inventory in the port.

正如我們所說，我們確實認為這將是一次延長的停工，並將持續到 2026 年上半年。由於評估仍在進行中，我們目前尚未確定該修復的最終資本金額。重要的是，正如我們所說，裝船機的工作和停機時間不會影響我們的生產。您可能還記得，此前，我們在等待裝船機完工時就已經制定了卡車運輸安排，這使我們能夠將材料運送到智利的冶煉廠或智利的其他港口。我們剛剛重新啟動了這項服務，我們的卡車車隊每天都在運作。因此沒有生產限制，這使我們能夠最大限度地減少港口庫存的累積。

All right. Fair enough. And then just if I may, a second question, just on the sequence of the projects for Zafranal and San Nicolas, well, both are likely to be sanctioned or may be sanctioned by the end of this year at the earliest. Is it fair to think that Zafranal probably is ahead and maybe will be developed earlier?

好的。很公平。然後，如果可以的話，我再問第二個問題，關於扎夫拉納爾和聖尼古拉斯計畫的順序，嗯，這兩個項目都有可能獲得批准，或者最早可能在今年年底獲得批准。認為 Zafranal 可能處於領先地位並可能更早開發是否公平？

I mean I think it's fair to say that Zafranal is more advanced in terms of the permitting status, in terms of the construction readiness of that team, for example. However, we consider both of those to be options while we're saying we would like to get them ready for sanction by the end of the year. Of course, those are decisions that are yet to be taken, and there's a range of factors that will play into those decisions.

我的意思是，我認為可以公平地說，扎夫拉納爾在許可狀態方面更先進，例如在團隊的施工準備方面。然而，我們認為這兩者都是選擇，同時我們表示希望在年底前為它們做好批准的準備。當然，這些決定尚未做出，而且還有一系列因素會影響這些決定。

So I wouldn't give any particular guidance now on the sequencing of those projects. Think of them as options that we have in the portfolio as we look to derisk and progress those options to the point that we could take sanction decisions when ready.

因此我現在不會對這些項目的順序給予任何特別的指導。把它們看作是我們投資組合中的選項，因為我們希望降低風險並推進這些選項，以便我們在準備好時可以做出製裁決定。

All right. Thank you very much, Jonathan. Bye.

好的。非常感謝，喬納森。再見。

Craig Hutchison, TD Cowen.

克雷格·哈奇森（Craig Hutchison），TD Cowen。

Just on the Highland Valley extension. Now that you guys have made a final investment decision, is there a plan to file a technical report? And just maybe as an interim, can you give me a sense of what throughput you're looking at to achieve that annual production rate of 132,000 tonnes a year?

就在 Highland Valley 延伸段上。現在你們已經做出了最終的投資決定，是否有計劃提交技術報告？也許只是暫時的，您能否告訴我，您需要多少產量才能達到每年 132,000 噸的產量？

Yes. So we will publish a technical report. We expect that to happen in August of this year. And of course, you'll get all the details associated with that. The throughput, the life of the future mine will be variable.

是的。因此我們將發布一份技術報告。我們預計這將在今年八月發生。當然，您將獲得與此相關的所有詳細資訊。未來礦井的產量和壽命將是可變的。

Of course, it's going to be a product of the ore mining. You'll see in our disclosure that we go through various phases here, where we're mining different pits. Of course, there's different ore harnesses associated with the ore coming from those pits. So there will be variable throughput is the answer and variable grade, of course, that goes with that.

當然，這將是礦石開採的產物。您會在我們的揭露中看到，我們經歷了不同的階段，挖掘不同的礦坑。當然，來自這些礦坑的礦石有不同的礦石運輸方式。因此答案是可變的吞吐量和可變的等級，當然，這是與之相伴的。

And Craig, we did disclose in our Investor Day in November what a production profile would look like for HVC MLE. So I just encourage you to go back and look at that as you think it shows the variability.

克雷格，我們確實在 11 月的投資者日上披露了 HVC MLE 的生產概況。因此我只是鼓勵你回去看看它，因為你認為它顯示了可變性。

Okay. I guess to get to the 132,000 tonnes per year, I would assume the throughput has to be materially higher just based on your reserve grade, unless I'm missing something.

好的。我想，要達到每年 132,000 噸的目標，我會假設吞吐量必須基於您的儲備等級大幅提高，除非我遺漏了什麼。

I mean, I think we are adding capacity to the circuit. We're adding mills there to increase the throughput of material and also to improve recoveries of material, I should say. I mean, last year, you saw our production at HVC come in just below 100,000 tonnes this year. Of course, that production guidance is materially higher in the sort of [140,000, 150,000] range. You see there, year-on-year, currently through the operations that HVC and that's been driven this year in the processing of additional Lornex ore.

我的意思是，我認為我們正在增加電路的容量。我們正在那裡增加磨機，以增加材料的吞吐量，同時也提高材料的回收率。我的意思是，去年，您看到我們 HVC 的產量今年略低於 100,000 噸。當然，該產量預期實際上要高得多，在 [140,000, 150,000] 的範圍內。您可以看到，與去年同期相比，目前透過 HVC 的運營，今年已經加工了更多的 Lornex 礦石。

And I think that's what you should expect going forward is variability depending on the ore type that's dominating mill feed at any point in time.

我認為，您應該預期，未來產量的變化將取決於在任何時間點主導磨機進料的礦石類型。

Okay. And then just on QB, how are the recoveries progressing? And are you guys -- do you feel like you'll be through the transitional ore this quarter? Or is that still kind of lagging into [Q4]?

好的。那麼就 QB 而言，恢復進展如何？你們覺得這個季度你們會度過過渡期嗎？或者說這仍然有點滯後於[問題4]？

Yes, I'll just ask Shehzad to talk about that in terms of the transition ore, where we are on recoveries and what we're doing there to continue to drive those higher.

是的，我只是請謝赫扎德從過渡礦石的角度談談這個問題，我們的復甦情況以及我們正在採取哪些措施來繼續推動產量上漲。

Thanks, Craig. Craig, as we had noted last year that we did expect lower recoveries in the first half as we were dealing with more transition ores. And our recovery performance was just slightly below what we had expected due to the inconsistency in the first half of the down [dates]. We do expect to have better quality ore in the second half with a high grade and higher recoveries. And the transition ores will be variable.

謝謝，克雷格。克雷格，正如我們去年指出的那樣，由於我們處理的是更多的過渡礦石，我們確實預計上半年的回收率會較低。由於前半段的不一致性，我們的復甦表現略低於預期[日期]。我們確實預期下半年礦石品質會更好，品位更高，回收率也會更高。並且過渡礦石將是可變的。

But yes, we expect [lot less] transition ore in the second half and in 2026.

但是的，我們預計下半年和 2026 年過渡礦石產量會大幅減少。

All right. Thanks, guys.

好的。謝謝大家。

Myles Allsop, UBS.

瑞銀集團的邁爾斯·奧爾索普。

Yes. Just a couple of questions. Maybe first on QB and Collahuasi, as mentioned in your presentation, it sounds like discussions are not happening at the moment. Is that right? Or is there any progress in terms of looking at that option seriously?

是的。僅有幾個問題。也許首先是關於 QB 和 Collahuasi，正如您在演示中提到的那樣，聽起來目前還沒有討論。是嗎？或在認真考慮該選擇方面有任何進展嗎？

Look, there are discussions regarding QB-Collahuasi. I'm not going to go into those because, of course, they're confidential in nature. But as we've said before, we recognize the potential of the opportunity there for synergies. We will always do what's in the best interest of our shareholders in that regard.

看，有關於 QB-Collahuasi 的討論。我不會深入討論這些，因為它們本質上是機密的。但正如我們之前所說，我們認識到協同效應的潛力。在這方面，我們將始終做最符合股東利益的事情。

As you can see, right now, we have our hands full with ramping QB up to steady state, which has to be our priority here to make sure we get stable production there and then the cash generation that this asset is capable of delivering. But as I mentioned, in parallel, we continue to think about, continue to discuss the potential synergies there, but I won't unpack discussions, given they're confidential.

正如您所看到的，現在，我們正忙於將 QB 提升到穩定狀態，這必須是我們的首要任務，以確保我們在那裡獲得穩定的生產，然後該資產能夠產生現金。但正如我所提到的，與此同時，我們繼續思考，繼續討論那裡的潛在協同效應，但考慮到這些討論是保密的，我不會透露。

That's fair. And then just going back to the two issues at QB, why is it taking a year to fix the ship loader if it's overextended? It's a new ship loader. Seems an awful long time. And obviously, there is a meaningful OpEx impact. And with the tailings, when will -- when are you hoping to get that complete? Is it right to assume that that will be sorted largely by the end of this year? Or is that going to drag?

這很公平。然後回到 QB 的兩個問題，如果船舶裝載機過度擴張，為什麼要花一年的時間來修復它？這是一台新型裝船機。看起來時間很長。顯然，這會對營運支出產生重大影響。至於尾礦，您希望什麼時候完成？是否可以假設這個問題將在今年年底前基本解決？或者說這會拖延下去嗎？

So I'll hand the ship loader question over to Ian Anderson in a moment. I'm just going to talk about tailings. I mean, of course, given the fact that we have maintained our guidance for 2026, our expectation is that we put the TMF issues behind us this year. And that's what we're providing for in our guidance. So as I mentioned, it's sort of a onetime event associated with ramp up.

因此，我稍後會將船舶裝載機問題交給伊恩·安德森。我只想談尾礦。我的意思是，當然，鑑於我們維持了 2026 年的指導方針，我們期望今年能夠解決 TMF 問題。這就是我們在指導中所提供的內容。正如我所提到的，這是一種與提升相關的一次性事件。

And when we get through that phase of work, we move into a steady state operation. So it's not something we expect to be plaguing this operation indefinitely at all. It's something we expect. It's a discrete piece of work, we'll get that resolved and move past it, and then we'll be able to (technical difficulty) online time essentially that we need from this operation. Ian, would you like to make some comments just on the ship loader outlook, please?

當我們完成該工作階段後，我們就會進入穩定狀態運作。因此，我們根本不認為這個問題會無限期地困擾這項行動。這是我們期待的事。這是一項獨立的工作，我們會解決這個問題並將其推進，然後我們就能（技術難題）從這項操作中獲得所需的線上時間。伊恩，您能否就船舶裝載機的前景發表一些評論？

Sure. Thank you very much, Myles, for the question. So despite the fact that we said it would conclude in the first half of 2026, that's not saying that it will, in fact, take a year. At this point, we're really carefully defining the nature of that (inaudible) the structural elements, make sure that that ship loader has returned safely. And similarly, do we complete all the work to get it back into great condition.

當然。非常感謝 Myles 提出這個問題。因此，儘管我們說它將在 2026 年上半年完成，但這並不意味著它實際上需要一年。此時，我們正在仔細定義（聽不清楚）結構元素的性質，確保裝船機安全返回。同樣，我們是否完成了所有工作以使其恢復良好狀態。

And so we'll progress that project as we go. Of course, we are dealing with maritime authority. That can cause permit delays. And we certainly want to be cautious about how we deal with that announcement. So want to make sure that that continues at pace, but at the same time, the nature of the incident demands (inaudible).

因此，我們會不斷推進該專案。當然，我們正在與海事當局打交道。這可能會導致許可證延遲。我們當然希望謹慎處理該聲明。所以要確保這種情況繼續下去，但同時，事件的性質要求（聽不清楚）。

Okay.

好的。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

On the higher CapEx guide for Highland Valley mine life extension relative to last year's strategy day, it looks they're around 15% to 20% [higher]. Can you provide a breakdown between materials inflation, contingencies you mentioned or any other factors? And then is there anything through for project sanctioning for Zafranal or San Nicolas, for example, should we expect a similar sort of double-digit increase at this stage just to be prudent? Or any read-through at all? Thanks

與去年戰略日相比，Highland Valley 礦山壽命延長的資本支出指南更高，看起來大約高出 15% 至 20%。您能否對材料通膨、您提到的意外事件或任何其他因素進行細分？那麼，對於扎夫拉納爾或聖尼古拉斯的計畫批准，有什麼辦法嗎？為了謹慎起見，我們是否應該預期現階段會出現類似的兩位數成長？或有任何讀過的內容嗎？謝謝

Yes. Look, so on the HVC piece, I mean, I won't specifically give that breakdown. But as I mentioned, there's a range of things in there. And this project level contingency, it's inflation, it's cost escalation, it's the potential for tariffs on construction materials, which we think is a real driver, of course, particularly in between the US and Canada. So that is something that we've reflected here.

是的。瞧，關於 HVC 部分，我的意思是，我不會具體給出細分。但正如我所提到的，這裡面有很多東西。而這個計畫層面的意外事件，包括通貨膨脹、成本上漲以及建築材料關稅的可能性，我們認為這些都是真正的驅動因素，尤其是在美國和加拿大之間。這就是我們在這裡反映的事情。

Importantly, as I mentioned, it's also the acceleration of the procurement of mobile equipment that we've brought forward from later project phases. And that materially derisks the project at the rate at which we'll be able to essentially access the valley pit for the long term. So those are important derisking elements in our view.

重要的是，正如我所提到的，這也是我們從專案後期階段提前進行的行動裝置採購的加速。從我們能夠長期進入山谷礦坑的速度來看，這實際上降低了專案的風險。因此，我們認為這些都是重要的降低風險的因素。

And I'll also ask Crystal just to comment on some of the process by which we looked at this capital spend through the investment approach here that we've taken and our determination to ensure that we give robust capital numbers that can be delivered.

我也會請 Crystal 就我們透過採取的投資方式審視資本支出的一些過程以及我們確保提供可實現的穩健資本數字的決心發表評論。

Sure, no problem. Thanks, Bill. Look, we've advanced this project through the final stages of our project delivery framework as well as through our governance processes, including through our investment committee. Those processes embed the final product requirements, the construction readiness, probabilistic modeling around various facets of the estimates involved as well. We had detailed independent assurance provided on many areas of the business plan as well as in the context of construction readiness.

當然，沒問題。謝謝，比爾。你看，我們已經透過專案交付框架的最後階段以及我們的治理流程（包括透過我們的投資委員會）推進了這個專案。這些流程嵌入了最終產品要求、施工準備以及涉及估算的各個方面的機率建模。我們對商業計劃的許多領域以及施工準備提供了詳細的獨立保證。

So all of those are learnings that we set from the key projects that we've committed to embedding as we go forward in into future projects, including in HVC MLE. And the conclusion of that work ahead of sanction has led to the capital range that we're disclosing, of course, in addition to the factors that Jon noted in the context of what's embedded in that range.

因此，所有這些都是我們從關鍵專案中學到的經驗教訓，我們致力於將這些經驗教訓融入未來的專案中，包括 HVC MLE。當然，除了喬恩在該範圍中所包含的因素之外，批准前完成的這項工作也導致了我們揭露的資本範圍。

Any read-through for future?

有任何未來要閱讀的內容嗎？

Yes. I was just going to pick up on that. Look, every project has its own characteristics. We will take the same approach with future projects Crystal just outlined in terms of using independent assurance, taking probabilistic modeling to ensure the full range of, obviously, economic outcomes associated with the project, but also the full range of potential input assumptions here, which goes in capital because we need to ensure that we are reflecting uncertainties or known unknowns in the project as we're setting forth the assumptions here.

是的。我正想談一下這一點。你看，每個項目都有自己的特色。對於未來的項目，我們將採取 Crystal 剛才概述的相同方法，即使用獨立保證，採用機率模型來確保與項目相關的所有經濟成果，以及所有潛在的輸入假設，這些假設都計入資本，因為我們需要確保在提出假設時反映出項目中的不確定性或已知的未知數。

But again, as I mentioned, these projects has its own unique characteristics. So I don't think you should take a direct read through from that. But what I can say if we will apply the same rigorous approach in Zafranal and San Nicolas that we've applied to HVC.

但正如我所提到的，這些項目都有其獨特的特點。所以我不認為你應該直接解讀這一點。但我可以說，如果我們在 Zafranal 和 San Nicolas 採取與 HVC 相同的嚴格方法。

Well understood. Thanks for that. My next question is not something the team's talked about recently, but new range, the potential project in the US. Just any update on where that project stands in terms of permitting, community engagement, and I guess, an opportunity to potentially move faster in what appears to be a pretty strong support within the US in terms of permitting and promoting domestic production?

很好理解。謝謝。我的下一個問題不是團隊最近談論的內容，而是新範圍，即美國的潛在項目。能否介紹一下該計畫在許可、社區參與方面的進度？我想，該計畫是否有可能在美國國內獲得相當強有力的許可和促進國內生產方面的支持，從而加快發展？

Yes. Look, I mean, that remains an interesting option for us. It's clearly further out than the Zafranal or San Nicolas here in the schedule. I think the key for us there is to define what is the right project, what is the configuration that will deliver the greatest value in the event that project developed, and that's the work that we're doing now. And of course, you have to define that before you can start to approach the permitting process in any detail.

是的。你看，我的意思是，這對我們來說仍然是一個有趣的選擇。按照時間表，它顯然比薩夫拉納爾或聖尼古拉斯更遠。我認為對我們來說關鍵是要確定什麼是正確的項目，什麼樣的配置能夠在專案開發時提供最大的價值，這就是我們現在正在做的工作。當然，您必須先定義這一點，然後才能開始詳細處理許可流程。

So I think that's a conversation for later, Bill. We have our hands full with other things right now, but we do continue to work that in parallel.

所以我認為這是以後的話題，比爾。我們目前正忙於其他事情，但我們會繼續同時進行這些工作。

Well understood. Thanks for your insights.

很好理解。感謝您的見解。

Chris LaFemina, Jefferies.

傑富瑞的克里斯拉菲米納 (Chris LaFemina)。

I just wanted to ask about, first, on the incremental CapEx for QB for the TMF. How do you decide whether you're going to include CapEx and the project CapEx or in sustaining? Because I would think if you're spending money to ramp the project to full capacity for whatever reason, that would have been part of the project CapEx. I understand it's really just a question of semantics, but when we think about the capital intensity of the project, why wouldn't that be a project CapEx rather than sustaining?

首先，我只是想問一下 TMF 的 QB 增量資本支出。您如何決定是否要將資本支出和項目資本支出納入或維持支出？因為我認為，無論出於何種原因，如果你花錢讓專案達到滿載運轉，那麼這應該是專案資本支出的一部分。我明白這其實只是一個語義問題，但是當我們考慮專案的資本強度時，為什麼這不是一個專案資本支出而不是維持支出？

I will hand over the semantics question over to Crystal.

我將把語意問題交給 Crystal。

Hi, Chris. Thanks for the question. In the context of TMF, when we thought about the growth capital for the project, of course, there was construction costs associated with that built into the project capital that we reported against in our results over [first years]. I think the pieces that I add to why it's sustaining, I mean, firstly, we're running the operation, and we're producing copper. So I think these things are no longer growth capital.

你好，克里斯。謝謝你的提問。在 TMF 的背景下，當我們考慮專案的成長資本時，當然，專案資本中也包含了與之相關的建造成本，我們在 2019 年的業績報告中也報告了這些成本。[第一年]。我認為它能夠持續下去的原因在於，首先，我們正在運營，我們正在生產銅。所以我認為這些東西不再是成長資本。

We did expect spend on the TMF. But that amount, as I mentioned, is more significant than we expected as we are now moving significantly more sand, further distances than we expected for mechanical movement, and the related cost of that is expected cost. And I think at this point, it doesn't make sense to extend growth capital and it becomes part of the sustaining capital (inaudible).

我們確實預計在 TMF 上花費。但正如我所提到的，這個數量比我們預期的要多得多，因為我們現在要移動的沙子比我們預期的機械移動要多得多，距離也比我們預期的要遠，而相關的成本就是預期成本。我認為，現在擴大成長資本是沒有意義的，它已經成為維持資本的一部分（聽不清楚）。

Okay. That's fair enough. And then secondly, just on the ship loader. Do you have any insurance related to the issues there? Or is it all on you? Thank you.

好的。這很公平。其次，就在裝船機上。您有與那裡的問題相關的保險嗎？還是這一切都是你的錯？謝謝。

Ian, do you want to comment on that as well?

伊恩，你也想對此發表評論嗎？

Yes. Certainly, we are investigating the root cause, and we'll understand based on that what the next steps will be in terms of insurance. So yes, we do have insurance coverage, and that includes interruptions.

是的。當然，我們正在調查根本原因，並在此基礎上了解保險方面的下一步措施。是的，我們確實有保險，其中包括中斷保險。

Okay. Great. Thanks.

好的。偉大的。謝謝。

Thank you. We are out of time for further questions. I will now hand the call back over to Jonathan Price for closing remarks. Please go ahead.

謝謝。我們沒有足夠的時間回答其他問題。現在我將把電話交還給喬納森·普萊斯，請他作最後發言。請繼續。

Thank you, operator, and thanks again to everyone for joining us today. We look forward to welcoming many of you to our QB site visit on November 3 and 4 of this year. Please reach out to Emma Chapman and our IR team for further information on the site visit or, of course, if you have any follow-up questions on the quarter. So thank you, and enjoy the rest of your day.

謝謝接線員，再次感謝大家今天的參與。我們期待今年 11 月 3 日和 4 日歡迎大家來參觀我們的 QB 現場。請聯繫 Emma Chapman 和我們的 IR 團隊以獲取有關現場訪問的更多信息，或者當然，如果您對本季度有任何後續問題。所以謝謝你，祝你今天過得愉快。

This concludes today's conference call.

今天的電話會議到此結束。