Teck Resources Ltd (TECK) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to Teck's third quarter 2025 earnings release conference call. (Operator Instructions) This conference call is being recorded on Wednesday, October 22, 2025.

感謝您的耐心等待。歡迎參加泰克公司2025年第三季財報電話會議。（操作員說明）本次電話會議於2025年10月22日星期三進行錄音。

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

現在我將把會議交給投資者關係副總裁艾瑪·查普曼。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for Teck's third quarter 2025 conference call. Today's call contains forward-looking statements. Actual results may vary due to various risks and uncertainties. Teck does not assume the obligation to update any forward-looking statements.

謝謝接線生。各位早安，感謝各位參加泰克公司2025年第三季電話會議。今天的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因素而有所不同。泰克公司不承擔更新任何前瞻性聲明的義務。

Please refer to slide 2 for the assumptions underlying our forward-looking statements. 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. On today's call, Jonathan Price, our CEO, will provide third quarter 2025 highlights. Crystal Prystai, our CFO, will follow with further details on the quarter.

有關我們前瞻性陳述所依據的假設，請參閱第 2 頁投影片。本次演示中我們將多次引用非GAAP財務指標。相關解釋和說明已發佈在我們的管理層討論與分析報告以及我們網站上的最新新聞稿中。在今天的電話會議上，我們的執行長喬納森·普萊斯將介紹 2025 年第三季的亮點。我們的財務長 Crystal Prystai 將隨後公佈本季的更多詳情。

Jonathan will then wrap up with closing remarks and an opportunity for Q&A. Over to you, Jonathan.

最後，喬納森將作總結發言，並留出問答環節。接下來就交給你了，喬納森。

Thank you, Emma, and good morning, everyone. Starting with highlights from our third quarter 2025 results on slide 4. The most significant highlight of the quarter was our September 8, announcement of a merger of equals agreement with Anglo American. This is a unique opportunity to create a global leader in critical minerals and a top five copper producer, and I could not be more excited about it, particularly about a substantial value creation that could be generated. Anglo Teck will have an industry-leading portfolio with more than 1.2 million tonnes of annual copper production underpinned by six world-class copper assets and outstanding future growth optionality.

謝謝你，艾瑪，大家早安。首先是投影片 4 中我們 2025 年第三季業績的亮點。本季最重大的亮點是我們在 9 月 8 日宣布與英美資源集團達成平等合併協議。這是一個打造全球關鍵礦產領導者和全球前五名銅生產商的絕佳機會，我對此感到無比興奮，尤其是對由此可能產生的巨大價值創造而言。英美資源集團將擁有業界領先的資產組合，年銅產量超過 120 萬噸，旗下擁有六座世界級銅礦資產，並具備卓越的未來成長潛力。

This will make Anglo Teck one of the world's leading investable copper opportunities, offering both scale and quality with over 70% copper exposure. This transformative combination will unlock significant value for shareholders through compelling adjacencies generated by integrating the resources and infrastructure of QB and neighboring Collahuasi and through meaningful corporate synergies.

這將使英美資源集團成為全球領先的銅礦投資機會之一，兼具規模和質量，銅礦持股佔比超過 70%。這項變革性的合併將透過整合 QB 和鄰近的 Collahuasi 的資源和基礎設施所產生的強大鄰近效應，以及有意義的企業協同效應，為股東釋放巨大的價值。

Anglo Teck will work with stakeholders to optimize the value of the adjacencies. We expect to produce 175,000 tonnes of incremental copper and generate an annual average underlying EBITDA uplift of at least USD1.4 billion per year for at least 20 years on a 100% basis. Working together as Anglo Teck will materially derisk and accelerate our ability to realize this value opportunity with aligned incentives on both the QB and Collahuasi sites.

英美資源集團將與各利害關係人合作，優化鄰近區域的價值。我們預計每年將新增銅產量 175,000 噸，並以 100% 的基準計算，在至少 20 年內每年平均產生至少 14 億美元的 EBITDA 增幅。作為英美資源集團，雙方攜手合作將大大降低風險，加快我們實現這一價值機會的速度，並在 QB 和 Collahuasi 兩個礦址實現利益一致。

Over USD800 million in recurring annual synergies have also been identified and we expect approximately 80% of that to be achieved by the end of the second year following completion. In addition, the combined company is expected to have a strong balance sheet supported by a larger, more diversified asset and cash flow base, including premium iron ore and zinc.

我們還確定了超過 8 億美元的年度經常性綜效，預計其中約 80% 將在專案完成後的第二年年底實現。此外，合併後的公司預計將擁有強勁的資產負債表，這得益於更大、更多元化的資產和現金流基礎，其中包括優質鐵礦石和鋅。

Anglo Teck's scale and balance sheet will expand the opportunity set as we optimize the approach to growth. through the combination of two significant project pipelines that will compete for capital based on risk-adjusted returns. Both Anglo American and Teck believe the merger will enhance portfolio quality, financial and operational resilience and strategic positioning, and it will be highly attractive for our respective shareholders and stakeholders. Another key highlight of the quarter was completion of our comprehensive operational review. The focus of our review is on improving performance through a detailed QB action plan and identifying opportunities to enhance operational practices across the portfolio.

隨著我們優化成長策略，英美資源集團的規模和資產負債表將擴大機會範圍，具體做法是將兩個重要的專案儲備結合起來，這兩個專案儲備將根據風險調整後的回報來競爭資金。英美資源集團和泰克公司都認為，此次合併將提升投資組合品質、財務和營運韌性以及策略地位，並且對我們各自的股東和利害關係人來說將極具吸引力。本季度另一個重要亮點是完成了全面的營運審查。本篇回顧的重點是透過詳細的品質保證行動計畫來提高績效，並找出機會來加強整個投資組合的營運實務。

This included a detailed assessment of operational plans for all our assets with review and input from third-party technical experts and independent advisers and with oversight by the safety, operations and projects Committee of our Board of Directors. As a result, we now have updated risk-adjusted operational plans that are reasonable, achievable and more conservative as we embed assumptions based on demonstrated performance rather than design rates.

這包括對我們所有資產的營運計劃進行詳細評估，並聽取第三方技術專家和獨立顧問的審查和意見，以及由我們董事會的安全、營運和專案委員會進行監督。因此，我們現在有了更新的風險調整營運計劃，這些計劃合理、可行且更加保守，因為我們納入了基於已證明的性能而不是設計速率的假設。

At QB, our revised operational plan reflects ongoing work on development of the tailings management facility, or TMF and the resulting constraint on our mill. In the QB action plan, our near-term priority remains enabling safe, unconstrained production by raising the crest of the dam and working on solutions to improve sand drainage towards design targets. We are confident that we have thoroughly assessed and understood the issues at QB, and we have a defined and measurable path forward.

在 QB，我們修訂後的營運計劃反映了尾礦管理設施 (TMF) 的持續開發工作以及由此對我們選礦廠造成的限制。在 QB 行動計劃中，我們近期的首要任務仍然是透過提高壩頂高度，實現安全、不受限制的生產，並努力尋找改善排水以達到設計目標的解決方案。我們有信心，我們已經徹底評估並了解了QB存在的問題，並且我們已經制定了明確且可衡量的前進方向。

And from the beginning of 2027 onwards, we expect that the TMF development work will no longer be a constraint on the mill. Overall, in the third quarter, our profitability improved compared to the same period last year to $1.2 billion of adjusted EBITDA. Our established operations performed well, particularly Red Dog & Trail, with Red Dog sales exceeding guidance and continued improvement in Trail's profitability. Performance also improved at Highland Valley and CdA compared with Q3 2024. Excluding QB, our copper production increased from the same period last year.

從 2027 年初開始，我們預計 TMF 開發工作將不再對工廠構成限制。整體而言，第三季我們的獲利能力較去年同期有所提高，調整後 EBITDA 達到 12 億美元。我們現有的業務表現良好，尤其是 Red Dog & Trail，Red Dog 的銷售額超過了預期，Trail 的獲利能力也持續提高。與 2024 年第三季相比，Highland Valley 和 CdA 的業績也有所提升。剔除QB的影響，我們的銅產量較去年同期成長。

Our balance sheet remains very strong with $9.5 billion of liquidity, including $5.3 billion in cash. And the Board sanctioned the Highland Valley mine life extension in July, which will extend production from a core asset to 2046.

我們的資產負債表仍然非常穩健，擁有 95 億美元的流動資金，其中包括 53 億美元的現金。董事會於 7 月批准了 Highland Valley 礦山壽命延長計劃，該計劃將把核心資產的生產延長至 2046 年。

Turning to safety and sustainability on slide 5. Year-to-date through September 30, our high potential incident frequency rate was 0.06 at Teck Controlled Operations. Safety performance is considered a key indicator of stable operating performance, and we have seen a strong improvement with our HPI rate trending 50% below the annual rate last year. And we were thrilled to see our Chilean operations reach 100% renewable power on October 1, when our long-term clean power agreement for QB's electricity supply came into effect. We signed that agreement some time ago when there was not enough renewable capacity in place in Chile to be able to make that switch. The agreement enabled our partner to put additional renewable capacity in place and it's great to see the benefit of that come to fruition.

第五張投影片將討論安全性和永續性。截至 9 月 30 日，今年以來，泰克控制營運部門的高潛在事故發生頻率為 0.06。安全績效被認為是穩定營運績效的關鍵指標，我們已經看到 HPI 率大幅提高，比去年的年平均水準降低了 50%。10 月 1 日，我們與 QB 簽訂的長期清潔能源電力供應協議生效，標誌著我們在智利的業務實現了 100% 使用可再生能源，我們對此感到非常興奮。我們簽署那項協議的時間比較早，當時智利的再生能源產能不足以實現這種轉變。該協議使我們的合作夥伴能夠增加再生能源產能，很高興看到其帶來的好處得以實現。

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

接下來，我將把麥克風交給克莉絲塔爾。

Thanks, Jonathan. Good morning, everyone. I will start with our third quarter 2025 financial performance on slide 7. Our adjusted EBITDA increased by 19% in the quarter compared to a year ago to $1.2 billion, driven by higher base metals prices, byproduct revenues and significantly stronger copper -- significantly lower copper smelter processing charges as well as strong performance across our established operations, most significantly in our zinc business.

謝謝你，喬納森。各位早安。我將從第 7 張投影片開始介紹我們 2025 年第三季的財務表現。本季度，我們調整後的 EBITDA 比去年同期增長 19%，達到 12 億美元，這主要得益於基本金屬價格上漲、副產品收入增加以及銅價大幅走強——銅冶煉廠加工費大幅降低，以及我們現有業務的強勁表現，尤其是鋅業務。

Red Dog, zinc sales and another profitable quarter from Trail operations drove an increase in our adjusted EBITDA, although this was partially offset by higher operating costs at QB. And while we completed a $144 million of share buybacks in July, we have not executed share buybacks since July 25 and will not be permitted to execute further buybacks through the closing of our proposed merger with Anglo American. Importantly, we will continue to return cash to shareholders through our annual base dividend of $0.50 per share, which is paid quarterly.

Red Dog 的銷售、鋅的銷售以及 Trail 業務的另一個盈利季度推動了我們調整後 EBITDA 的成長，儘管這被 QB 更高的營運成本部分抵消。雖然我們在 7 月完成了 1.44 億美元的股票回購，但自 7 月 25 日以來，我們沒有進行過股票回購，並且在我們與英美資源集團的擬議合併完成之前，我們將不允許進一步的回購。重要的是，我們將繼續透過每股 0.50 美元的年度基本股利（按季度支付）向股東返還現金。

Slide 8 summarizes the key drivers of our financial performance in the third quarter compared to the same period in 2024. Our adjusted EBITDA increased by $185 million to $1.2 billion. In Q3, we realized higher copper and zinc prices as well as higher byproduct revenue, lower smelter processing charges and an increase in sales volumes. This was partially offset by an increase in royalties at Red Dog due to strong profitability and higher operating costs at QB. Our Q3 2024 EBITDA was impacted by a post-tax impairment charge on Trail operations.

第 8 頁總結了我們第三季財務表現與 2024 年同期相比的關鍵驅動因素。調整後的 EBITDA 增加了 1.85 億美元，達到 12 億美元。第三季度，我們實現了銅鋅價格上漲、副產品收入增加、冶煉廠加工費降低以及銷售量成長。由於 Red Dog 獲利能力強勁，其版稅收入增加，而 QB 的營運成本較高，這部分抵消了上述損失。我們 2024 年第三季的 EBITDA 受到 Trail 業務稅後減損支出的影響。

Now looking at each of our reporting segments in greater detail and starting with copper on slide 9. In the third quarter, gross profit before depreciation and amortization from our copper segment improved 23% to $740 million compared with the same period last year, primarily due to higher base metals prices and lower smelter processing charges. QB production was constrained due to TMF development work, but we expect to see less downtime impacting performance in the fourth quarter.

現在讓我們更詳細地看一下每個報告部分，首先從第 9 頁的銅開始。第三季度，由於基本金屬價格上漲和冶煉加工費降低，我們銅業務部門的折舊和攤銷前毛利較去年同期成長 23%，達到 7.4 億美元。由於 TMF 開發工作，QB 的生產受到了限制，但我們預計第四季度停機時間將減少，對業績的影響也會降低。

Excluding QB, our production increased from Q3 2024, driven by higher throughput and grades at Highland Valley and higher grades and recoveries at Carmen de Andacollo. Antamina's production reflects a higher proportion of copper zinc ore this year as expected in the mine plan. Our copper net cash unit costs improved by USD0.16 per pound, despite higher operating costs at QB primarily due to lower smelter processing costs and increased byproduct credits, including QB molybdenum. Following board sanction of the Highland Valley mine life extension in July, the project has entered the execution phase. Engineering and procurement activities are well underway and site mobilization has begun.

除 QB 外，我們的產量從 2024 年第三季開始增加，這主要得益於 Highland Valley 礦區更高的產量和品位，以及 Carmen de Andacollo 礦區更高的品位和回收率。正如礦山計劃所預期的那樣，安塔米納礦今年的產量反映了銅鋅礦石比例的增加。儘管 QB 的營運成本較高，但由於冶煉廠加工成本降低和副產品收益增加（包括 QB 鉬），我們的銅淨現金單位成本每磅改善了 0.16 美元。繼董事會於 7 月批准高地谷礦山延壽計畫後，該計畫已進入執行階段。工程和採購活動正在順利進行，現場動員工作已經開始。

Our outlook for our copper segment is aligned with our October 7 news release. For 2025, we expect annual copper production of 415,000 to 465,000 tons and copper net cash unit costs of USD2.05 to USD2.30 per pound.

我們對銅業務的展望與10月7日發布的新聞稿一致。預計到 2025 年，銅年產量將達到 415,000 至 465,000 噸，銅淨現金單位成本為每磅 2.05 至 2.30 美元。

In the third quarter, gross profit before depreciation and amortization for our zinc segment improved 27% to $454 million compared to the same period last year. This was primarily due to higher byproduct revenues, higher zinc prices and lower zinc treatment charges, partially offset by higher adjusted cash cost of sales and higher royalties tied to Red Dog's profitability. Red Dog and Trail operations both had a strong quarter of performance.

第三季度，我們鋅業務部門的折舊和攤銷前毛利較去年同期成長 27%，達到 4.54 億美元。這主要是由於副產品收入增加、鋅價上漲和鋅處理費用降低，但部分被調整後的現金銷售成本增加和與 Red Dog 盈利能力相關的特許權使用費增加所抵消。Red Dog 和 Trail 兩家公司的季度業績均表現強勁。

At Red Dog, zinc sales of 273,000 tons were above our guidance range of 200,000 to 250,000 tons following a successful shipping season as we experienced favorable weather conditions. Production reflected lower grades as expected in our mine plan. In the third quarter, Red Dog inventories were drawn down by approximately USD200 million. However, this was more than offset by elevated trade receivables of USD570 million at quarter end, due to the volume of sales in Q3 and higher zinc prices. We expect Red Dog's trade receivables will be substantially reduced in the fourth quarter, providing a source of cash through the reduction in working capital.

在紅狗公司，由於天氣條件有利，發貨季順利，鋅銷量達到 273,000 噸，高於我們先前 20 萬至 25 萬噸的預期範圍。正如我們的礦山計劃所預期的那樣，產量反映了較低的礦石品位。第三季度，Red Dog的庫存減少了約2億美元。然而，由於第三季銷售大增和鋅價上漲，季末應收帳款高達 5.7 億美元，完全抵銷了上述損失。我們預計 Red Dog 的應收帳款將在第四季度大幅減少，從而透過減少營運資金提供現金來源。

As of October 21, approximately USD350 million of Red Dog receivables were collected, driving an increase in our cash balance post Q3. Our zinc net cash unit cost improved by USD0.08 per pound, driven by lower smelter processing charges and higher byproduct credits. We reported another quarter of profitability at Trail operations reflecting our focus on improving Trail's profitability and cash generation through prioritizing processing of residues over maximizing refined zinc production. Processing residues enables us to reduce concentrate purchases in the low treatment charge environment. Looking forward, we expect Red Dog zinc sales to be between 125,000 to 140,000 tons in the fourth quarter reflecting normal seasonality. Red Dog's shipping season commenced on July 11 and was completed yesterday.

截至 10 月 21 日，我們已收回約 3.5 億美元的 Red Dog 應收帳款，推動了第三季後現金餘額的增加。由於冶煉廠加工費降低和副產品收益增加，我們的鋅淨現金單位成本每磅降低了 0.08 美元。我們報告稱，Trail 業務又一個季度實現了盈利，這反映了我們專注於提高 Trail 的盈利能力和現金流，優先處理殘渣而不是最大限度地提高精煉鋅的產量。處理殘渣使我們能夠在低處理費用環境下減少精礦採購。展望未來，我們預計紅狗鋅礦第四季銷售將在 125,000 至 140,000 噸之間，反映出正常的季節性變化。紅狗航運公司的出貨季於7月11日開始，並於昨天結束。

Our outlook for our zinc segment is aligned with our October 7 news release. For 2025, as a result of Red Dog's strong year-to-date performance, we expect Red Dog's zinc production to come in towards the top end of our guidance range of 430,000 to 470,000 tonnes. We continue to expect our total zinc production to be 525,000 to 575,000 tonnes, including Antamina. We also expect to be at the high end of our annual refined zinc production guidance range for Trail operations. We continue to expect zinc net cash unit costs of USD0.45 to USD0.55 per pound. With Red Dog's strong performance, we continue to build the Nano Royalty Accrual, which is expected to be a source of working capital in Q4 and a use of working capital in Q1 2026 when paid.

我們對鋅業務的展望與10月7日發布的新聞稿一致。由於 Red Dog 今年迄今的強勁表現，我們預計 Red Dog 2025 年的鋅產量將接近我們 43 萬至 47 萬噸指導範圍的上限。我們仍然預計鋅總產量將達到 525,000 至 575,000 噸，其中包括安塔米納礦區。我們也預計，Trail 營運部門的年度精煉鋅產量將達到預期範圍的高端。我們繼續預計鋅的淨現金單位成本為每磅 0.45 美元至 0.55 美元。憑藉 Red Dog 的強勁表​​現，我們繼續累積 Nano Royalty Accurrial，預計該款項將在 2026 年 1 月 1 日支付時成為第四季度的營運資金來源和營運資金用途。

Turning to our balance sheet on slide 11. We have maintained a strong balance sheet and currently have liquidity of $9.5 billion, including $5.3 billion of cash. Our cash balance has increased by approximately $500 million in the month of October so far, particularly due to the collection of Red Dog receivables built in Q3. Our use of cash through the end of September reflects significant cash returns to shareholders of over $1.2 billion as well as the payment of taxes related to the sale of the steelmaking coal business and the advancement of our copper growth options, including the start of the execution of the Highland Valley mine life extension.

請看第 11 頁的資產負債表。我們維持了穩健的資產負債表，目前擁有95億美元的流動資金，其中包括53億美元的現金。截至目前，10 月我們的現金餘額增加了約 5 億美元，這主要得益於第三季 Red Dog 應收帳款的收回。截至 9 月底，我們的現金使用情況反映了向股東返還的超過 12 億美元的巨額現金，以及與出售煉鋼煤業務相關的稅款支付，以及推進我們的銅增長計劃，包括開始執行 Highland Valley 礦山延壽計劃。

And while we completed a $144 million of share buybacks in July, we have not executed buybacks since July 25, and will not be permitted to execute further buybacks through the closing of our proposed merger with Anglo American. Importantly, though, we will continue to return cash to shareholders through our annual base dividend of $0.50 per share, which is paid quarterly. Overall, our very strong balance sheet ensures we maintain our resilient position.

雖然我們在 7 月完成了 1.44 億美元的股票回購，但自 7 月 25 日以來我們沒有進行過回購，並且在我們與英美資源集團的擬議合併完成之前，我們將不允許進行進一步的回購。但重要的是，我們將繼續透過每股 0.50 美元的年度基本股利（按季度支付）向股東返還現金。總而言之，我們非常穩健的資產負債表確保我們保持穩健的市場地位。

Back to you, Jonathan.

喬納森，該你了。

Thanks, Crystal. Looking forward on slide 13, our priorities are disciplined execution across our operations and projects and on progressing our transformative merger of equals with Anglo American. We are advancing approvals for the transaction, and both Anglo American and Teck strongly believe it is a significant value creation opportunity for our respective shareholders and stakeholders. At the same time, we are laser-focused on delivering against our operational guidance provided following completion of the comprehensive operational review. This includes continuing to progress the QB action plan and the necessary work on QB's tailings management facility to complete the ramp-up of the operation.

謝謝你，克麗絲塔爾。展望第 13 頁，我們的優先事項是嚴格執行我們的營運和項目，並推動我們與英美資源集團的變革性平等合併。我們正在推動交易的審批流程，英美資源集團和泰克公司都堅信，這對我們各自的股東和利害關係人來說是一個重要的價值創造機會。同時，我們正全力以赴地落實全面營運審查完成後所製定的營運指引。這包括繼續推進 QB 行動計劃，以及對 QB 尾礦管理設施進行必要的改造工作，以完成營運的逐步恢復。

At QB, there are multiple paths to value and significant upside potential beyond our current guidance, and we aim to realize the full value of this Tier 1 asset. And finally, our Highland Valley mine life extension project to extend production from a core asset 2046 has moved into the execution phase, and we are progressing early works.

在 QB，實現價值的途徑有很多，而且在我們目前的指導之外還有很大的上漲潛力，我們的目標是充分發揮這一頂級資產的價值。最後，我們的 Highland Valley 礦山延壽計畫（旨在延長核心資產 2046 的生產）已進入執行階段，我們正在推進早期工作。

Turning to the outlook for QB on slide 14. Significant work has been undertaken to improve sand drainage times and complete the TMF development work. We have started the implementation of the new cyclone technology in one of the cyclone stations, and we are seeing positive early results. We have finished the construction of the new panic designs where we are also seeing improvements in sand drainage. Collectively, these results give us confidence that we are on the right track to finding solutions to improve sand drainage.

接下來請看第 14 頁關於四分衛前景的分析。為改善沙土排水時間和完成TMF開發工作，已進行了大量工作。我們已開始在其中一個氣旋站實施新的氣旋技術，並且我們看到了積極的初步結果。我們已經完成了新的緊急避難所設計，我們看到沙子的排水情況也有所改善。總的來說，這些結果讓我們確信，我們在尋找改善沙地排水的解決方案方面走在正確的道路上。

We currently expect to be well positioned to catch up on the construction of the sand dam, and we aim to install the permanent infrastructure that will hydraulically deposit tailings and sand, replacing the current mechanical process by the end of 2026. This will allow us to push QB to run at steady state from the beginning of 2027 onwards.

我們目前預計能夠趕上沙壩的建設進度，我們的目標是在 2026 年底前安裝永久性基礎設施，以水力方式沉積尾礦和沙子，取代目前的機械製程。這將使我們能夠從 2027 年初開始推動 QB 穩定運行。

QB remains a world-class Tier 1 asset. The foundation of QB's potential is its large long-life deposit with around 10 billion tonnes of reserves and resources. The operation has the advantage of a very low strip ratio, which enables competitive all-in sustaining costs. And QB has a tax stability agreement in place through 2037. QB has previously demonstrated that it is capable of operating at design recovery and throughput levels when there is no constraint on the mill. The design, construction and operational capability of the plant was previously validated by independent specialists through completion testing and found to be robust. Beyond our current guidance for QB, there is significant upside potential.

QB仍然是世界級的一流球員。QB油田潛力的基礎在於其儲量和資源量約100億噸的大型長壽命油田。此製程的優點在於剝料率非常低，因此能夠實現具有競爭力的綜合維持成本。QB公司與聯邦政府簽訂了稅收穩定協議，有效期至2037年。QB 先前已證明，當磨機沒有受到任何限制時，它能夠以設計回收率和吞吐量等級運作。該工廠的設計、建造和運作能力先前已由獨立專家通過竣工測試驗證，並被證明是可靠的。除了我們目前對四分衛的預期之外，還有很大的上漲空間。

Optimization and debottlenecking offers the potential for efficient near-term throughput uplift to at least 165,000 tonnes per day with a potential to go to 185,000 tonnes per day. We are working on improving recoveries towards our design recovery rates of 86% to 92% with more consistent plant online time and geometallurgical testing to optimize reagents and drive improvements in recovery rates. And while we expect 2028 to be impacted by transition ores, average grades are expected to improve on average for the five years thereafter.

優化和消除瓶頸預計在短期內有效提高吞吐量，至少達到每天 165,000 噸，並有可能達到每天 185,000 噸。我們正在努力提高回收率，使其達到我們設計回收率 86% 至 92%，透過更穩定的工廠線上時間和地質冶金測試來優化試劑並提高回收率。雖然我們預計 2028 年將受到過渡礦石的影響，但預計此後五年平均品位將有所提高。

Overall, we have multiple potential paths to create value for our shareholders through QB, including the potential adjacencies with neighboring Collahuasi and the value of QB continues to be validated by Anglo American through their due diligence for our merger of equals. We look forward to welcoming many of you to QB on November 3 and 4, and we are confident that you will see the significant progress that has already been made and that QB remains a world-class Tier 1 asset.

總的來說，我們透過 QB 為股東創造價值有多種潛在途徑，包括與鄰近的 Collahuasi 的潛在相鄰關係，而且 Anglo American 透過對我們平等合併的盡職調查，不斷驗證 QB 的價值。我們期待在 11 月 3 日和 4 日歡迎各位蒞臨 QB，我們相信您將會看到我們已經取得的重大進展，並且 QB 仍然是世界一流的一流資產。

I'll wrap up where I started with the merger of equals with Anglo American. The combination is truly compelling and will lead to significant value creation opportunities for shareholders. Together, we will become a leading critical minerals producer with a top five global copper portfolio. We will deliver tangible corporate synergies of USD800 million per year with a road map to unlock an additional USD1.4 billion of annual underlying EBITDA uplift from the substantial adjacencies between QB and Collahuasi.

我將以與英美資源集團的平等合併作為結尾。這一組合極具吸引力，將為股東帶來巨大的價值創造機會。我們將攜手成為領先的關鍵礦產生產商，擁有全球前五名的銅礦產品組合。我們將實現每年 8 億美元的實際企業協同效應，並製定路線圖，利用 QB 和 Collahuasi 之間的巨大鄰近性，釋放每年 14 億美元的潛在 EBITDA 成長。

And we will have the resilience and enhanced financial capacity to balance shareholder returns with valuable investment opportunities from this incredible suite of assets. The scale of the combined entity will increase the company's relevance in the global capital markets and could see a significant multiple rerating that will further increase the value generation of the combined Anglo Teck.

我們將擁有足夠的韌性和更強的財務實力，從這一系列卓越的資產中，平衡股東回報與寶貴的投資機會。合併後實體的規模將提升公司在全球資本市場的地位，並可能帶來顯著的估值倍數提升，這將進一步增加合併後英美資源集團的價值創造。

Slide 17 is a reminder of the expected time line and required approvals for the transaction. We expect completion within 12 to 18 months from announcement. Both boards support and recommend this merger and there will be concurrent separate votes by the shareholders of Teck and Anglo American on December 9.

第 17 頁提醒大家交易的預期時間表和所需審核事項。我們預計從宣布之日起 12 至 18 個月內完成。兩家公司的董事會均支持並推薦此次合併，泰克能源和英美資源集團的股東將於 12 月 9 日同時分別進行投票表決。

We expect to publish our circular in mid-November, and it will be available on our website at teck.com. The transaction will then be subject to regulatory approval and customary closing conditions, including approval under the Investment Canada Act to competition and antitrust approvals and various other applicable regulatory approvals globally. We are excited at the potential of Anglo Teck to create a global leader in critical minerals with substantial value creation opportunity for shareholders.

我們預計在11月中旬發布通函，屆時可在我們的網站teck.com上查閱。該交易隨後將獲得監管部門的批准並滿足慣例成交條件，包括根據《加拿大投資法》獲得競爭和反壟斷批准，以及獲得全球範圍內其他適用的監管批准。我們對英美資源集團（Anglo Teck）的潛力感到興奮，它有望成為關鍵礦產領域的全球領導者，並為股東創造巨大的價值機會。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Liam Fitzpatrick, Deutsche Bank.

利亞姆·菲茨帕特里克，德意志銀行。

Jonathan and team, I've got two questions. The first one is just on the deal and whether any preliminary discussions have started with Glencore over the JV of the two assets? And if not, any rough guidance on when that could begin?

喬納森和團隊，我有兩個問題。第一個問題是關於這筆交易，以及是否已與嘉能可就兩項資產的合資事宜展開初步討論？如果沒有，能否大致說明何時可以開始？

And the second question is just on the guidance or the updated guidance for 2025. It looks like you're tracking towards the low end across unit cost guidance and CapEx guidance. I just wanted to check if that's the case or whether there's something we should be looking out for in Q4?

第二個問題是關於 2025 年的指導方針或更新後的指導方針。看來你們的單位成本預期和資本支出預期都接近較低水準。我只是想確認一下情況是否如此，或者第四季度我們應該關注其他方面？

Thanks, Liam. It is indeed morning here in Vancouver. Starting with your first question, just on the QB Collahuasi synergies. Of course, with this being structured as a friendly deal between ourselves and Anglo American, it did give us significant ability to understand the capability of both assets and comprehensively assess the potential opportunities that could be generated from cooperation, both through the operations and of course, through the extensive infrastructure.

謝謝你，利亞姆。現在溫哥華的確是早上。先回答你的第一個問題，關於四分衛科拉瓦西的協同效應。當然，由於這是我們與英美資源集團之間的友好協議，這確實讓我們能夠充分了解雙方資產的能力，並全面評估合作可能產生的潛在機會，包括營運方面以及廣泛的基礎設施方面。

As we've said, much of that value comes from the processing of the higher-grade, softer Collahuasi ore through the QB plant, and it's a very capital-efficient way to add low-cost production into the combined portfolio. These synergies, of course, were also reviewed and validated by external advisers in order for them to be published. So there's a good deal of rigor that's been put around that.

正如我們所說，其中大部分價值來自於透過 QB 工廠加工品位較高、質地較軟的科拉瓦西礦石，這是一種非常有效率地將低成本生產納入綜合投資組合的方式。當然，這些綜效也經過了外部顧問的審查和驗證，才能發表。所以這方面已經投入了大量的嚴謹性工作。

But we think this will be the benefit to significant benefit of the owners of QB and of Collahuasi, and we expect all parties to be motivated to work together to generate this value for their shareholders. And of course, much of that work in terms of the commercial agreements and the structure of the agreements going forward remains ahead of us. But as I said, we think this is a compelling opportunity, and we do expect all shareholders to be engaged here to capture that value for their shareholders. Crystal, maybe if you'd just like to comment on Liam's second question in terms of where we're trending on the guidance?

但我們認為這將為 QB 和 Collahuasi 的所有者帶來巨大的利益，我們期望各方都能積極合作，為股東創造價值。當然，在商業協議和未來協議結構方面，還有很多工作要做。但正如我所說，我們認為這是一個極具吸引力的機會，我們也希望所有股東都能參與其中，為他們的股東創造價值。Crystal，你能不能就Liam的第二個問題，也就是我們目前的業績指引方向發表一下看法？

Yeah, sure. Liam, just in the context of CapEx first, I think the guidance ranges remain reasonable as we look at where we're trending with our growth capital as we continue to progress the HVC mine life extension program through the fourth quarter, I'd expect us to come in within that range. Similarly, on the capitalized stripping side of things. And then on the sustaining capital side of the guidance, we are obviously continuing to progress the work on the TMF and expect that spending to continue into the fourth quarter. So I would suggest you continue to use a midpoint on the CapEx aspects.

當然可以。利亞姆，首先就資本支出而言，我認為指導範圍仍然合理，因為我們將觀察增長資本的趨勢，並繼續推進 HVC 礦山壽命延長計劃，直至第四季度，我預計我們將達到該範圍。同樣，在大寫字母的剝離方面也是如此。至於維持性資本的指導，我們顯然正在繼續推進TMF項目，並預計該支出將持續到第四季度。所以我建議您繼續在資本支出方面採用中間值。

Similarly on unit costs for the copper business, I would expect us to come in towards the middle of the range. I would be using the low point. And for zinc, I think -- you're probably -- it's probably reasonable to be using somewhere between the low and the mid case just based on where we're tracking there. But there is different -- there isn't anything anomalous in those numbers.

同樣，就銅業務的單位成本而言，我預計我們的成本將處於該範圍的中位數。我會使用最低點。至於鋅，我認為——你可能也這麼認為——根據我們目前的追蹤情況，使用低價和中價之間的價格可能是合理的。但情況有所不同——這些數字並沒有什麼異常之處。

Okay. Jonathan, if I could briefly follow up, just point taking really the discussions are ahead of you. Should we be thinking about the discussions will get going post deal completion which is well into next year? Or is the plan to begin those earlier?

好的。喬納森，如果我可以簡單地跟進一下，只是想了解一下你前面討論的內容。我們是否應該考慮在交易完成後（也就是明年下半年）才開始進行相關討論？或計劃提前開始這些工作？

Look, there's nothing that requires the deal to be completed to enable discussions between QB and Collahuasi. I mean I think over the past couple of months since the announcement of the merger of equals with Anglo American, we've clearly surfaced the value here that's available to all of the owners of both QB and Collahuasi, and I think that creates a good platform for engagement.

你看，並沒有什麼需要完成這筆交易才能讓 QB 和 Collahuasi 進行討論的。我的意思是，自從幾個月前宣布與英美資源集團平等合併以來，我們已經清楚地看到了QB和Collahuasi所有所有者都能從中獲得的價值，我認為這為各方參與創造了一個很好的平台。

Myles Allsop, UBS.

Myles Allsop，瑞銀集團。

Great. Maybe just bring up slightly from Liam's question first on QB Collahuasi. I presume that all shareholders need to agree to the joint venture to be able to execute if Glencore or another shareholder gets difficult you can't force them into a joint venture?

偉大的。或許可以先稍微引出一下利亞姆關於四分衛科拉瓦西的問題。我猜想，所有股東都需要同意合資企業才能執行，如果嘉能可或其他股東刁難，你不能強迫他們成立合資企業？

No, there's no way of forcing anybody into a joint venture. I think it will require the agreement of all parties. Of course, Collahuasi isn't incorporated entity. So unlike QB, which is unincorporated where tech is clearly the operator and takes the lead. Collahuasi have to engage as a consolidated entity.

不，沒有任何辦法可以強迫任何人參與合資企業。我認為這需要各方達成一致。當然，Collahuasi 不是一家法人實體。因此，與 QB 不同，QB 是一家非公司製企業，技術顯然是營運商並佔據主導地位。Collahuasi必須作為一個整體參與其中。

As we've said before, we think there's a significant advantage from the cross ownership that will be created through this merger of equals with 60% of QB being owned by Anglo Teck and 44% of Collahuasi being owned by Anglo Teck, and we consider that to be a significant derisking and accelerating factor in capturing these synergies over time. But again, as I've just said, all shareholders of both assets should be highly motivated to work together to capture what we think is significant new value for our shareholders.

正如我們之前所說，我們認為透過此次平等合併產生的交叉持股將帶來顯著優勢，其中 QB 60% 的股份由 Anglo Teck 持有，Collahuasi 44% 的股份由 Anglo Teck 持有，我們認為這將顯著降低風險並加速實現這些協同效應。但是，正如我剛才所說，這兩項資產的所有股東都應該積極合作，為我們的股東創造我們認為的重大新價值。

Yeah. And it was not that long ago they were quite excited about it. Could you -- just on QB, where should we think -- like I guess it's hypothetical now, but when production normalizes in '27, '28, where will unit costs normalize? What's your best guess? Is it in the $1.50 or $1.52? What's the kind of new norm based on your current best estimate?

是的。不久前，他們還對此感到非常興奮。您能否就 QB 而言，我們應該如何考慮——我猜現在這只是假設，但當 2027 年、2028 年生產恢復正常時，單位成本會恢復到什麼水平？你覺得最有可能的答案是什麼？是1.50美元還是1.52美元？根據您目前的最佳估計，新的常態是什麼樣的？

So Myles, there's no structural change to the asset based on the guidance we've previously given for QB, of course, there's the impact of inflation that is across the whole of the industry at the moment. So we would expect that to develop over time. But structurally, we've said we see the asset capable of performing at the levels that we've used previously to define unit cost guidance. And I think that's probably the best indication I can give you at this stage.

所以邁爾斯，根據我們先前對QB的指導，該資產的結構性變化並不存在，當然，目前整個產業都受到了通貨膨脹的影響。因此，我們預計這種情況會隨著時間的推移而發展。但從結構上看，我們已經說過，我們認為該資產能夠達到我們先前用來定義單位成本指導的水平。我認為這可能是我現階段能給你的最好建議了。

What was the original normalized unit costs when you took the feasibility and stuff?

當初做可行性研究的時候，最初的標準化單位成本是多少？

So we were using USD140 to USD160 per pound previously. Obviously, that's predicated on the plant running at full capacity, on hitting the design recovery rates, on the full production of molybdenum and of course, operating the port through our ship loader, which is a situation we expect to return to in the first quarter of next year. And of course, as I mentioned before, they are unescalated numbers, as in they don't reflect the impact of inflation over the coming years.

所以之前我們用的是每磅140美元到160美元的價格。顯然，這以工廠滿載運轉、達到設計回收率、鉬的全面生產為前提，當然，還要透過我們的裝船機運營港口，我們預計這種情況將在明年第一季恢復。當然，正如我之前提到的，這些數字是未經調整的，也就是說，它們並沒有反映未來幾年通貨膨脹的影響。

Anita Soni, CIBC.

Anita Soni，加拿大帝國商業銀行。

The first one, I just wanted to -- if you could give us some more color in terms of the improvement in sand drainage rates? Could you quantify that? And I think previously it was like -- was thinking about seven days for the sand to drain, is that -- has that improved from -- did you quantify it in the number of days?

第一個問題，我只是想問一下——您能否詳細介紹一下沙子排水速度的改善情況？你能量化一下嗎？我覺得之前的情況是──我當時想的是沙子要七天才能排幹，現在情況有改善嗎？ ——你有沒有用天數來量化這個問題？

Anita, thanks for the question. I'll hand this over to Dale. We won't quantify that, but I can get Dale to give a description of the work that's ongoing and some of the progress that we have seen, particularly in the underlying drivers of sand drainage.

安妮塔，謝謝你的提問。我把這個交給戴爾。我們不會對此進行量化，但我可以請戴爾描述正在進行的工作以及我們看到的一些進展，特別是關於沙土排水的根本驅動因素。

Thank you very much, Jonathan, and thank you for the question. I think as Jonathan mentioned earlier, we've made a few changes to the operations since our start-up in October. One, we have started the replacement of cyclone technology. And with that change, we are starting to see improvements in sand drainage in the products. And that, at the same time, as was changing some of our operational practices and design of the products as well.

非常感謝喬納森，也感謝你的提問。我認為正如喬納森之前提到的那樣，自十月公司成立以來，我們對營運進行了一些調整。第一，我們已經開始更換旋風分離器技術。隨著這項改變，我們開始看到產品中的砂土排水性能有所改善。同時，我們也改變了一些營運方式和產品設計。

And those together indicating some good initial results. But it's still too early to tell in terms of what magnitude of improvement is other than we're on the right track, and that's giving us some confidence on the path for going forward -- where we sit today.

這些結果綜合起來表明，初步結果良好。但要說改進的幅度有多大還為時過早，除了我們走在正確的道路上之外，這讓我們對未來的發展方向有了一些信心——這就是我們目前所處的位置。

Yeah. And I would say, Anita, of course, there are some opportunity to see this up close in two weeks' time with far more detail around the work that's ongoing and how we see this developing.

是的。安妮塔，當然，兩週後我們將有機會近距離了解這項工作，屆時我們將有更多細節了解正在進行的工作以及我們對這項工作發展的看法。

Yeah. I will be attending the tour. And then my second question is with respect to the mill productivity rates. I think previously, you talked about -- well, I can't remember off the top of my head, but the utilization and the availability, could you put it in context of what you've seen over up to October, October to date in terms of when you provided the guidance for Q3 results, yeah, I think it was -- I don't want to say it correctly, but I think it was like 61% availability or/and 70% utilization. But can you just tell us what the old one was and what you've seen to date in October?

是的。我將參加這次參觀活動。我的第二個問題是關於工廠生產率的。我想之前您談過——嗯，我一時想不起來具體是什麼了——關於利用率和可用性，您能否結合您從10月份至今（也就是您給出第三季度業績指引的時候）的情況來談談？是的，我想當時是——我不想說得太準確，但我想當時的可用性是61%或/和利用率是70%。你能告訴我們舊版是什麼，以及你從十月至今看到了什麼嗎？

Yeah. So year-to-date, when we communicated a couple of weeks ago, we've seen 87% availability in the mill, but only 70% utilization because of the constraint put on the mill by the downtime associated with the TNF. Since starting up in early October, we've seen very good availabilities. I won't quantify that right now, but very strong.

是的。因此，截至目前，正如我們幾週前溝通時所說，工廠的可用率為 87%，但利用率僅為 70%，這是因為與 TNF 相關的停機時間限制了工廠的生產。自 10 月初開始以來，房源供應情況一直非常好。我現在還無法量化，但非常強。

Okay. And then am I correct in thinking when you're looking at the 87% and the 70%, you should be multiplying those to get to your total capacity? Is that correct?

好的。那麼，我的理解是，當你看到 87% 和 70% 時，你應該將它們相乘才能得到你的總容量，這種理解對嗎？是這樣嗎？

No, it doesn't quite work like that. I mean the utilization is a function ultimately of that availability, but we were only able to utilize the mill 70% of the time. Ultimately, you don't need to multiply the two things.

不，事情並非如此簡單。我的意思是，利用率最終取決於可用性，但我們只能在 70% 的時間內利用磨機。歸根究底，你不需要將這兩個數字相乘。

Lawson Winder, Bank of America Securities.

勞森·溫德，美國銀行證券。

Thank you for today's update. If I could come back to the merger. Can I ask to what extent Teck and/or Anglo American have engaged with Investment Canada on the transaction? And is there any indication that moving the combined head office is sufficient? And then just a follow-up to that, if you could address, what you would perceive as sort of the bottleneck from an antitrust and other approval point of view once the vote is done?

感謝您今天的更新。如果我能回到合併這件事上來就好了。請問泰克公司和/或英美資源集團在多大程度上與加拿大投資局就該交易進行了接洽？是否有任何跡象表明，搬遷合併後的總部就足夠了？那麼，能否就此追問一下，您認為投票結束後，從反壟斷和其他審批的角度來看，瓶頸會是什麼？

Yeah. Thanks, Lawson. Thanks for those questions. Look, we are engaging on an ongoing and collaborative basis with the Canadian government here. Those discussions have been frequent and productive. As we've said, we've put forward what we believe to be a very strong and comprehensive package of commitments to Canada, in particular. As you noted, a key element of that is Anglo Teck having its headquarters in Canada in perpetuity. And that's in addition to the significant capital spending commitments we've made of $4.5 billion over five years and other assurances and meaningful undertakings associated with the activities of the new company. So those conversations are ongoing and they're productive, and we're very pleased in the way that they're unfolding at the moment.

是的。謝謝你，勞森。謝謝您提出這些問題。你看，我們在這裡正與加拿大政府持續的合作。這些討論頻繁且有成效。正如我們所說，我們已經提出了我們認為非常強大且全面的承諾方案，特別是針對加拿大的承諾。正如你所指出的，其中一個關鍵因素是英美資源集團將永久把總部設在加拿大。此外，我們還承諾在五年內投入 45 億美元巨額資本支出，並就新公司的活動做出其他保證和有意義的承諾。所以這些對話仍在進行中，而且富有成效，我們對目前的進展非常滿意。

We don't see a particular bottleneck here, Lawson, necessarily. We'll work through the shareholder vote, of course, in early December. We'll continue in parallel to work with the Canadian government under the Investment Canada Act. And of course, then this week, we will complete all of our regulatory filings related to antitrust and competition regulators globally. And of course, then those processes will unfold in due course. So a lot of activity going on, a lot of engagements underway, and we hope to continue that in a very productive and to the extent possible expedited fashion.

勞森，我們並不認為這裡一定有什麼具體的瓶頸。當然，我們會在 12 月初進行股東投票表決。我們將繼續根據《加拿大投資法》與加拿大政府進行並行合作。當然，本週我們也將完成所有與全球反壟斷和競爭監管機構相關的監管文件。當然，這些過程也會在適當的時候展開。因此，目前有許多活動正在進行，許多專案正在進行中，我們希望以高效且盡可能快速的方式繼續推進這些活動和專案。

Chris LaFemina, Jefferies.

克里斯拉菲米納，傑富瑞集團。

Just wanted to follow up another question on the QB Collahuasi synergies. So the shareholder vote is going to be on December 9. But at that time, we won't know whether the JV is certainly going to happen, and we won't know what the economic split would be between Teck Anglo and your partners and those assets. And obviously, that JV is a big component of this deal. And my first question would be, whether you think it's a compelling merger even if you cannot get that JV down? I understand that it's compelling from all parties involved. But under the assumption that, that JV doesn't happen, it's still a very good deal for Teck? That's my first question. I have a follow-up as well.

我想就四分衛科拉瓦西的協同效應再問一個問題。因此，股東投票將於12月9日舉行。但到那時，我們還不知道合資企業是否一定會成立，也不知道泰克英美資源集團與你的合作夥伴以及這些資產之間的經濟分配會是什麼樣的。顯然，這家合資企業是這筆交易的重要組成部分。我的第一個問題是，即使無法達成合資協議，您是否認為這是一個有吸引力且值得進行的合併？我理解這對所有相關方來說都很有吸引力。但假設合資企業最終沒有成立，這對泰克公司來說仍然是一筆非常划算的交易？這是我的第一個問題。我還有一個後續問題。

Yeah. Thanks for that, Chris. So look, absolutely. I mean we think the creation of this new company, the fifth largest copper producer in the world, six world-class assets, 1.2 million tonnes of annual copper production, a company of both scale and quality. We expect this to trade very, very well in equity markets.

是的。謝謝你，克里斯。所以，沒錯。我的意思是，我們認為這家新公司的成立，使其成為世界第五大銅生產商，擁有六項世界級資產，年產銅120萬噸，是一家兼具規模和品質的公司。我們預計這隻股票在股票市場上的表現會非常非常好。

In addition to that, of course, we've got the $800 million of synergies that we will work through coming through the corporate combination coming from marketing, coming from procurement. In addition to that, of course, Teck shareholders will gain access to synergies being created through the agreement that Anglo American has put in place with Codelco for Los Sandina, et cetera. There are lots of sources of value creation here.

當然，除此之外，我們還有 8 億美元的綜效，這些綜效將透過公司合併，來自行銷和採購部門，我們將努力實現。當然，除此之外，泰克公司的股東還將受益於英美資源集團與西班牙國家石油公司就洛斯桑地納油田達成的協議所產生的協同效應等等。這裡有很多創造價值的方法。

We do think that the QB Collahuasi, of course, is a very meaningful component of the value creation here. And as I mentioned before, I would expect all of the owners of both QB and Collahuasi to be highly motivated on behalf of their shareholders to work collaboratively to capture that value that's ahead of us.

我們認為，四分衛科拉瓦西當然是球隊價值創造中非常重要的一環。正如我之前提到的，我希望 QB 和 Collahuasi 的所有所有者都能為了股東的利益而積極合作，共同創造我們面前的價值。

Right. That makes sense. And then in terms of a framework for how you value the split of the economics in that JV, have you had discussions with partners regarding just generally how to think about that? Because -- and obviously, each partner is going to want to maximize their cap for the economics. And I would assume that's going to be a sticking point. So how do you think about the framework to evaluate each partner involved?

正確的。這很有道理。那麼，在如何評估合資企業經濟利益分配的框架方面，您是否與合作夥伴討論過如何看待這個問題？因為——很顯然，每個合作夥伴都希望最大限度地提高其經濟利益。我估計這會是個棘手的問題。那麼，您認為評估每個參與者的框架是什麼？

Look, so that needs to be worked out, Chris, and that is part of the commercial agreements we have ahead of us. Of course, again, with Anglo Teck, it's 60% of QB and Anglo Teck at 44% of Collahuasi. You can see a win-win there on both sides of this transaction. We will get into the nuts and bolts of this in the period ahead of us. But again, I would expect all owners of both assets to be highly motivated to capture this value on behalf of their shareholders.

克里斯，這個問題需要解決，這也是我們即將簽署的商業協議的一部分。當然，再說一遍，Anglo Teck 持有 QB 60% 的股份，持有 Collahuasi 44% 的股份。你可以看出這筆交易對雙方來說都是雙贏的。接下來一段時間，我們將深入探討其中的細節。但我仍然認為，這兩項資產的所有所有者都會有很強的動力去為股東創造這一價值。

There being no further questions, I will now pass the call back to Jonathan for closing remarks. Please go ahead.

由於沒有其他問題，我現在將電話交還給喬納森，請他作總結發言。請繼續。

Thank you, operator, and thanks again to everyone for joining us today. As mentioned, we look forward to seeing many of you at our QB site visit and to many others joining us via webcast on November 3. Wish you all a good day. Thank you.

謝謝接線員，也再次感謝今天所有參與的朋友。如前所述，我們期待在 11 月 3 日的 QB 場地參觀活動中見到你們中的許多人，也期待其他人透過網路直播加入我們。祝大家今天過得愉快。謝謝。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有美好的一天。