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Pan American Silver Corporation (NASDAQ:PAAS) Q2 2019 Earnings Conference Call August 8, 2019 11:00 AM ET
Siren Fisekci – Vice President of Investor Relations
Michael Steinmann – President and Chief Executive Officer
Steve Busby – Chief Operating Officer
Rob Doyle – Chief Financial Officer
- Siren Fisekci - 投资者关系副总裁
- Michael Steinmann - 总裁兼首席执行官
- Steve Busby - 首席运营官
- Rob Doyle - 首席财务官
Chris Terry – Deutsche Bank
Cosmos Chiu – CIBC
Chris Thompson – PI Financial
Lawson Winder – Bank of America Merrill Lynch
- 克里斯特里 - 德意志银行
- Cosmos Chiu - CIBC
- 克里斯汤普森 - PI Financial
- Lawson Winder - 美国银行美林证券
Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver Second Quarter 2019 Results Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions]
I would now like to turn the conference over to Siren Fisekci, VP of Investor Relations. Please, go ahead.
谢谢你的支持。 这是会议运营商。 欢迎来到泛美银牌2019年第二季度业绩电话会议。 [操作员说明]正在录制会议。 [操作说明]
我现在想把会议转交给投资者关系副总裁Siren Fisekci。 请继续。
Thank you, operator, and welcome everyone to Pan American Silver's Second Quarter 2019 Conference Call. We released our results after yesterday's market close, and a copy of the news release and presentation slides for today's call are available on our website.
In a few moments, I will turn the call over to Pan American's President and CEO, Michael Steinmann, who will provide a brief review of our results. We will then open the call to questions and answers.
Joining us for the Q&A portion are Pan American's Chief Operating Officer, Steve Busby; Chief Financial Officer, Rob Doyle; Senior VP, Project Development, George Greer; Senior VP, Technical Services and Process Optimization, Martin Wafforn; and VP of Business Development and Geology, Chris Emerson.
I'd like to remind everyone that our news release and certain statements and information in this call constitute forward-looking statements and information. Please review the cautionary statements included in our news release and presentation as well as the risk factors described in our most recent Form 40-F and Annual Information Form. Media and other participants on the call are invited to participate in listen-only mode. I will now turn the call over to Michael.
加入我们的问答部分是泛美的首席运营官史蒂夫巴斯比;首席财务官Rob Doyle;项目开发高级副总裁，George Greer;技术服务和流程优化高级副总裁Martin Wafforn;和业务发展与地质副总裁Chris Emerson。
Thank you, Siren. Welcome everyone joining us today to discuss our results for the second quarter of 2019. Revenue in Q2 2019 was roughly $283 million, up 31% from Q2 2018, driven by higher quantities of metal salt except copper. This number excludes revenue of $57.5 million from our Timmins mines, which are classified as assets held for sale. Gold volumes more than doubled quarter-over-quarter, reflecting the strong contribution from our new La Arena and Shahuindo mines in Peru, as well as the Bell Creek and Timmins West Mines in Canada.
Partially offsetting the higher quantity sold, where lower metal prices for silver and base metals compared to Q2 2018 and increased higher direct selling costs due to increased treatment and re refining costs for concentrates and the temporary export tax in Argentina. Net earnings for the quarter were $18.5 million or $0.09 per share. Adjusted earnings were $9 million or $0.04 per share.
The primary adjustments made to earnings were the removal of earnings from Timmins mines and removal of NRV adjustments at Dolores. Net cash generated from operations in Q2 was $83.5 million. Strong operational cash flow was more than sufficient to cover our sustaining capital taxes, interests, dividends and project capital while adding $17 million to our cash and short-term investment balance, which was about $139 million at June 30.
Working capital at the end of Q2 was $793 million, which includes $376 million relating to the Timmins mines. Total debt was $378.8 million, comprised of $43.8 million of lease liabilities and $335 million drawn in our credit facility. We continued to have $165 million available under the credit facility and total liquidity of $304 million.
We produced 6.5 million ounces of silver and 154,600 ounces of gold in Q2, consolidated cash cost were negative $4.19 per ounce and all-in sustaining costs were $6.12 per ounce. Consolidated the cost metrics are calculated on silver sold basis with all byproduct metal sales including the gold revenues as a credit-to-costs. Cost for silver segment operations and our gold segment operations are detailed in our Q2 report.
For the first half of the year cost we're tracking below guidance, together with expectations for the remainder of the year, we have revised our annual 2019 cost guidance. Consolidated silver cash costs are now expected to be between negative $3.30 and negative and $1.80 per ounce. All-in sustaining cost guidance has been reduced to between $7 and $9 per ounce. Again, the detail on segmented basis is available in our Q2 report.
We are reducing our guidance for annual 2019 silver and gold production slightly, because of the postponement of commercial production from the COSE and Joaquin projects in Argentina by about three months. Silver production in 2019 is now expected to be between 25.3 million ounces and 26.3 million ounces, gold production between 550,000 and 600,000 ounces. After a tragic grand fall accident in June, we are now conducting an extensive evaluation of alternative mining methods, best suited for the ground conditions, we are now experiencing at COSE.
谢谢，Siren。欢迎大家今天加入我们，讨论我们2019年第二季度的业绩。2019年第二季度的收入约为2.83亿美元，比2018年第二季度增长31％，这主要得益于铜以外的金属盐含量增加。这个数字不包括我们的Timmins矿场的5750万美元的收入，这些矿场被归类为待售资产。由于我们在秘鲁新建的La Arena和Shahuindo矿山以及加拿大的Bell Creek和Timmins West Mines的巨大贡献，黄金产量环比增长了一倍多。
A slight delay in the development of COSE and Joaquin increases our guidance for project capital expenditure by about $5 million to a total of $45 million. Guidance for sustaining capital expenditures remains at $203 million to $213 million for 2019. Operations resumed at Manantial Espejo on June 23rd after a thorough safety assessment and additional safety training. And we expect development of the working project to resume over the next couple of weeks. The Manantial Espejo COSE Joaquin assets are not material within Pan America’s large diversified portfolio and we don't expect a significant impact from the slight delay to our 2019 financial performance.
Turning to Guatemala. Our activities are limited to the care and maintenance of the Escobal mine, as the Guatemalan government continues with the ILO 169 consultation process. We will fully support and participate in this government lead consultation process, and we will continue to put forth our best efforts, silver to establishing peaceful dialogue with the communities near the Escobal property.
Before we move into the Q&A portion, I would like to touch on the recent drill results from our La Colorada skarn discovery, which we provide in the news release on August 1st. Those results included the best skarn drill intersects so far. Drill hole 51 returned 140 meters at 109 grams per ton silver, 1.66% lead and 3.8% zinc, and hole 46 intersected 126 meters at 55 grams of ton silver, 3.8% lead and 6.55% zinc, just to mention two of the outstanding results.
We are continuing to drill this exciting discovery with seven drill rigs with the plan to release a first resource estimation at the end of the year. The potential of the La Colorada discovery is one significant catalyst within a solid well capitalized company that is delivering strong operational and financial performance. The integration of the former Tahoe operations is going very well and the associated transaction cost should now be substantially behind us. Process metal prices have strengthened considerably since the end of Q2, which points to strong financial performance in the second half of the year.
That wraps up my formal comments, and I'd like now to open the lines for questions.
COSE和Joaquin的发展略有延迟，使我们对项目资本支出的指导增加了约500万美元，总计达到4500万美元。 2019年，维持资本支出的指导意见仍为2.03亿美元至2.13亿美元。经过全面的安全评估和额外的安全培训后，6月23日在Manantial Espejo恢复了业务。我们预计工作项目的开发将在未来几周内恢复。 Manantial Espejo COSE Joaquin资产在泛美的大型多元化投资组合中并不重要，我们预计不会对2019年的财务表现造成重大影响。
在我们进入Q＆A部分之前，我想谈谈我们在8月1日新闻发布时提供的La Colorada skarn发现的最新演练结果。这些结果包括迄今为止最好的矽卡钻。钻孔51返回140米，每吨银109克，铅1.66％，锌3.8％，46孔交叉126米，55克吨银，3.8％铅和6.55％锌，仅举两个优秀结果。
我们正在继续用七个钻机钻探这一激动人心的发现，计划在年底发布第一个资源估算。 La Colorada发现的潜力是一家资金雄厚的公司中的一个重要催化剂，该公司正在提供强大的运营和财务业绩。前Tahoe业务的整合进展顺利，相关的交易成本现在应该大大落后于我们。自二季度末以来，工艺金属价格大幅上涨，这表明下半年财务表现强劲。
[Operator Instructions] Your first question comes from Chris Terry with Deutsche Bank. Please go ahead.
[操作员说明]您的第一个问题来自德意志银行的Chris Terry。 请继续。
Hi, Michael and team. Yes, few questions from me. Just the first one divestments, I think previously you've said that you were pretty close on the Timmins sale and you were doing the D-Day with some potential buyers. Just wondering if you could give a timeline on your latest thinking on the assets you may divest and when that might occur? Thank you.
嗨，迈克尔和团队。 是的，我的问题很少。 只是第一次撤资，我想以前你已经说过你在Timmins的销售上非常接近，你和一些潜在买家一起做了D日。 只是想知道你是否可以给出关于你可能剥离的资产的最新想法的时间表以及可能发生的时间？ 谢谢。
Yes. Look I don't have obviously for things like that, there is no fixed timeline as you understand. As I indicated from the beginning on, the idea is to divest non-core assets. I think they are pretty well defined now with obviously Timmins, La Arena 2 that are refined as a big copper porphyry that is not a good fit for us. I also indicated our ownership in the large Shalipayco zinc deposit in Peru that we had in our portfolio. And then there are a few smaller assets from the Pan American side.
So a lot of fronts we work on, as you can imagine with a lot of changes in metal prices over the last, what is it now, a couple months – 1.5 month, a lot changed. And I think people have to regroup, we have to regroup and see how to move forward, I was very clear that we are not in a hurry at all to sell these assets, you have seen the results on Timmins for example, which have been very positive, even at considerable lower prices actually in Q2 that what we see actually right now. So we will be very patient here and obviously, on this all these assets, if we get the right value for our shareholders. So, stay tuned and as I said we’ll see how it advances over the next few months.
是。看起来我没有这样的事情，你没有固定的时间表。正如我从一开始所指出的，其想法是剥离非核心资产。我认为它们现在已经很明确了，明显的Timmins，La Arena 2被精炼成一个不适合我们的大型铜斑岩。我还表示我们拥有秘鲁大型Shalipayco锌矿床的所有权。然后泛美方面有一些较小的资产。
Thanks, Michael. That makes sense. And then just in terms of the great success you've had at La Colorada, I think you said you were expecting a upset resource at the end of the year. Can you talk a little bit more about the ways you're looking at to best monetize that success? Just whatever framework you can provide. Thank you.
谢谢，迈克尔。 那讲得通。 然后就你在La Colorada取得的巨大成功而言，我认为你说你期待在今年年底有一个不安的资源。 您能谈谈您正在寻找的最佳货币化方式吗？ 您可以提供的任何框架。 谢谢。
Sure. It's a great discovery, it's probably quite a bit early to talk about how we monetize it right away, I mean, you've seen the results that [indiscernible] drilling with seven rigs on it, it’s obviously a very important project for us, I think it's a very fascinating, discovered very wide intersects and high grades and you can hear here speaking the geologist that of me, being very excited about this large discovery. Just a few notes on this, keep in mind that this is separate from the – really from the silver side of La Colorada, so – La Colorada, very important and very strong silver producer and cash flow generator for the company, that will happen over a long, long time, we have long – very long resource and very long resource life at that asset.
The skarn is a little bit on the side and there will be separate treatment obviously, everybody saw that, the silver grades are a bit lower, although there are some very fascinating intersects and there is obviously some high grade silver veins as well cutting this carne [ph] cross-cutting it, that's – if you look at the press release that we put out last week, you see there some more narrow, very high grade silver veins, the narrow intersects are obviously the veins that cross-cutting this carne. But very wide intersects are very interesting, it will need obviously a separate – different mining method is completely a different wide ore body, not what we mine at La Colorada right now, we’ll require different treatments, we did not think yet about size of plant or location, et cetera, et cetera.
All we do right now is be fascinated about the results, keep drilling, they keep coming and they are very, very wide. And as we indicated towards the end of the year, we come out with a maiden resource on it. I think to drill it fully, that too will take a time, it’s a very, very large discovery.
当然。这是一个伟大的发现，谈论我们如何立即将其货币化可能还为时尚早，我的意思是，你已经看到了[音频不清晰]钻探七个钻机的结果，这对我们来说显然是一个非常重要的项目，我认为这是一个非常迷人的，发现非常宽的交叉和高等级，你可以在这里听到地质学家说我，对这个大型发现感到非常兴奋。关于这一点的几点注意事项，请记住，这与La Colorada的银色方面是分开的，所以 - La Colorada，非常重要且非常强大的白银生产商和公司的现金流发生器，将会发生很长很长一段时间，我们拥有很长的资源和非常长的资源寿命。
矽卡岩有点侧面，显然会有单独的处理，大家都看到了，银等级有点低，虽然有一些非常迷人的交叉点，显然有一些高品位的银色静脉以及切割这个carne [ph]横切它，那就是 - 如果你看看我们上周发布的新闻稿，你会看到一些更狭窄，非常高品位的银色静脉，狭窄的交叉点显然是横切这个carne的静脉。但非常宽的交叉点非常有趣，它显然需要一个单独的 - 不同的采矿方法完全是一个不同的宽矿体，而不是我们现在在La Colorada开采的，我们需要不同的处理，我们还没有想到尺寸植物或地点，等等。
Great. Thanks Michael. All the best.
非常好。 谢谢迈克尔。 祝一切顺利。
The next question comes from Cosmos Chiu with CIBC. Please go ahead.
接下来的问题来自CMIC的Cosmos Chiu。 请继续。
Hi, thanks, Michael and team. Maybe my first question is on COSE and Joaquin. And maybe if you can give us – elaborate a little bit more on the ground condition issues here at COSE. I recall two years ago at the Analyst Day, I asked the question on Q-value and also RDQ of COSE or either COSE or Joaquin, and that number turned out to be pretty low. So I would imagine you had some thoughts in terms of you have to be careful in terms of how your mind the two assets here. But what is it, is it just more fractured than you had expected, a certain type of mineral that's causing you issues.
And in terms of fixing it, is as simple as more ground support or maybe even a faster cycle time, if you can give us a bit more color that'd be great.
嗨，谢谢，迈克尔和团队。 也许我的第一个问题是关于COSE和Joaquin。 也许如果你能给我们 - 详细说明COSE的地面条件问题。 我记得两年前的分析师日，我问过Q值以及COSE的RDQ或COSE或Joaquin的问题，而且这个数字相当低。 因此，我想你会有一些想法，你必须要小心这两个资产在这里。 但它是什么，它是否比你预期的更加破碎，某种类型的矿物质会引起你的问题。
Yes. Thank you, Cosmos, this is Steve.
Hi. Yes, obviously we did encounter ground conditions that were a little bit more trickier than we had anticipated. We did anticipate bad ground, the RTDs were quite high. I mean there were broken up material we knew that. We didn't recognize some of the structure, some of the fault features in there. And we ended up opening up an area a little bit bigger than we were hoping to open up. And unfortunately that's the area that came down.
In terms of our mitigation plan to get back in there, we're looking at ways of mining that structure to where we don't open up as much if we do have to open up as much, obviously we're going to much more elaborate support systems possibly rebar bolting, cable bolting, getting a lot more length into the wall. So that's kind of what we're focused on. The delay that we have and doing this is going to be probably a few months as we look at the engineering of that, which means we'll start support production towards the end of the year.
We have been producing a bit of development mark as we got into that structure, which looked pretty good. I mean we already have 1,500 tons on the ground, that's great and 2.6 kilos of silver and 33 grams of gold. So the structure is there, it's broken up, there are ways we know we can mine it, it's just a matter of getting all the design properly done and then training our miners on how to properly use that new ground support systems.
And then in terms of 2019 guidance, the update at 2019 guidance, I guess you mentioned that it includes only development or coming from COSE in 2019. Can you remind us anything coming in from Joaquin in terms of that guidance?
Yes. I don’t have that number right in front of me, Cosmo, but yes, it's – we've also reduced that back a little bit because we have decided to do a little bit more work on the ground control methods in that mine as well, it won't be as big a delay as we're seeing that at COSE, but there will be about a month delay there compared to what we originally planned. So we did trim that guidance down a little bit too, I don't have it broken out by those two different assets, so…
是。 我没有那个数字就在我面前，Cosmo，但是，是的 - 我们也已经减少了一点，因为我们决定在该矿的地面控制方法上做更多的工作 好吧，它不会像我们在COSE那样看到那么大的延迟，但与我们原先的计划相比，那里会有一个月的延迟。 所以我们确实将这个指导略微调整了一下，我没有将它们分成两个不同的资产，所以...
So – but as you mentioned, Steve, that's been factored into your updated 2019 guidance.
所以 - 但正如你所提到的，史蒂夫，这已被纳入你更新的2019指南中。
That's correct, it is.
And then in terms of the issue we just talked about, is it confined to COSE or? As you mentioned, you're looking at some of the grand support systems at Joaquin as well, but it's not as sensitive –I don't even know what the word is, is it – does that translate – are you seeing the same thing at Joaquin?
然后就我们刚才谈到的问题而言，它仅限于COSE还是？ 正如你所提到的那样，你也在看Joaquin的一些大型支持系统，但它并不那么敏感 - 我甚至不知道这个词是什么，是不是 - 这是否转换 - 你是否看到同样的事情 在华金？
No. The issue at Joaquin, we saw in the development ramp in the waste rock, it wasn't in the ore zone at all. And we saw some interesting clay zones and covered zones in the waste that we didn't expect. We did elaborate on the ground support systems as we got into that area, it looks pretty solid. But given what happened at COSE, we decided, we need a – we're bringing in a lot of geotechnical experts to look at COSE, we thought we’d take advantage for that and look at Joaquin at the same time. So we're just being extra cautious given the nature of the accident that occurred, but that’s not in the ore zone and we're not anticipating any change in our understanding the ore of Joaquin as we get into
不是。华金的问题，我们在废石的开发坡道上看到，它根本不在矿区。 我们在垃圾中看到了一些有趣的粘土区和覆盖区，这是我们没想到的。 当我们进入该区域时，我们确实详细说明了地面支撑系统，它看起来非常坚固。 但考虑到在COSE发生的事情，我们决定，我们需要一个 - 我们带来了很多岩土专家来看COSE，我们认为我们会利用它同时看看Joaquin。 因此，考虑到发生事故的性质，我们只是格外谨慎，但这不在矿区，我们也没有预料到我们对Joaquin矿石的理解有任何改变
Great. As Michael mentioned at least for 2019 COSE and Joaquin’s production, isn't exactly material to the company. And from that perspective, as you kind of find out more about a COSE and Joaquin and learning about the potential additional costs, is there any possibility that COSE and Joaquin might just never come in, in terms of production?
非常好。 正如迈克尔至少提到2019年COSE和华金的作品一样，这对公司来说并不完全重要。 从这个角度来看，当你有更多关于COSE和Joaquin的信息并了解潜在的额外成本时，COSE和Joaquin在生产方面是否有可能永远不会进入？
I don't believe so, Cosmo, I think we see some real benefits in keeping that asset moving down there Manantial Espejo, keeping people gainfully employed and it is providing some limited value, but it keeps our Argentine business kind of established – well established, well respected within the community down there. So we feel some importance to that. Although this mines by themselves are not material, I think that overall operation, we see some strategic value and as we look forward.
我不相信，Cosmo，我认为我们看到了一些真正的好处，可以保持资产在Manantial Espejo下移动，保持人们有收益的工作，并提供一些有限的价值，但它使我们的阿根廷业务保持成熟 - 完善 ，在那里的社区内受到尊重。 所以我们觉得这很重要。 虽然这个地雷本身并不重要，但我认为整体运作，我们看到了一些战略价值并且我们期待。
Of course. Maybe switching gears a little bit in terms of Dolores, Q2 costs were still fairly high and tracking to higher than your 2019 all-in sustaining cost guidance. Could you give us a sense in terms of what we should be expecting in terms of improvements in the second half? And in terms of the pulp agglomeration plant, how is that working out? And I guess last year, there were some setbacks in terms of mining in Mexico, has that been fully resolved?
当然。 也许在多洛雷斯方面稍微改变一下，第二季度的成本仍然相当高，并且跟踪到高于2019年的全部持续成本指导。 你能否从下半年的改进方面给出一个我们应该期待什么的感觉？ 就纸浆凝聚厂而言，这是如何运作的？ 而且我想去年墨西哥的采矿方面有一些挫折，这已经完全解决了吗？
Let me start with the second part there first. The mining is running quite smoothly, the operation is running well, we still have the support of local law enforcement escorts on the access road, all that's working incredibly well for us. So the mine is operating very smoothly, we're very happy with that, we don't anticipate any changes to that going forward. Relative to the cost at COSE during the first half, great question. Actually, during the first half of the year, we moved just under 3 million tons of spent ore that was sitting on pad 1. Pad 1 was the old pad that mine finders had originally built, that had failed.
And we are now approaching the point of the leach pad development at Dolores, where we want to expand into that pad 1 area and repair and upgrade what was there originally, so in order to do that, we have to remove that spent ore. There is actually some value in that spent ore, so we're removing it, like I say it took about 3 million tons out during the first half. And the team at the site, actually collaboratively, they were able to re–anticipated some production out of that ore, based on the grades and the recovery projections we had on that, they went through some pretty extensive testing and proved that by better cyanide management, better ph management, we could actually enhance the recoveries of that material.
So a lot of those costs that you see in H1 is additional reagents that we use during the bad pad 1 relocation. As we move into H2 of 2019, that's going to drop way off. We slowed that way down, we just needed enough room to start or do technical work in repairing that [indiscernible] of pad 1 during the first half of the year. We're now – there we're building on that pad as we speak, so we’ve slowed that rate of movement of that spent ore way down, there is about 2 million tons left and we – it may take us as much as a year to move that next 2 million tons.
So you won't see that cost impact moving into the second half that we had in the first half. Relative to the pulp agglomeration plant, we have now got the third set of filter expansion kits on, the plants running really well, we're consistently achieving about 5,000 tons a day through it, just under 5,000 tons a day, recoveries are at what we expected. The site really likes it because we get that recovery immediately versus out on the pad. As you know, we've got quite long leach cycles out there. So as we start to move into high-grade ores later in the year, we're really excited about that pulp agglomeration plant delivering returns right away for us.
因此，您在H1中看到的很多成本是我们在坏垫1重新定位期间使用的其他试剂。当我们进入2019年的H2时，那将会逐渐消失。我们放慢了速度，我们只需要足够的空间来开始或做技术工作来修复上半年垫1的[音频不清晰]。我们现在 - 在我们说话的时候我们正在那个垫子上建造，所以我们放慢了那个用过的矿石的运动速度，剩下大约200万吨我们 - 它可能需要我们一年下移200万吨。
Maybe a question for Michael here, Michael earlier this month at Escobal or in Guatemala or in the BC Courts, the case against or with Garcia was settled. Should we read into any kind of positive read-through and I'll ask this question anyways in terms of timing for Escobal, likely you can't answer me at this point in time, but I'll ask.
Sure. Look, I mean you shouldn't read more or less into it than what we had in the press release, on the Garcia you had there, my statement as well as I thought it was important to us to resolve that. We really hope that this is a step forward in repairing some of the relationships with the project communities in Guatemala. I don't think so that you should read more or less into that.
Timing, I’d stay my core selflessly on the timing side as I said this will take time. I don't have the timing for it. So, stay tuned on this. As I – since November last year indicated, this will take a while and we'll get take the time to get this done, right. So you have to be patient. I think meanwhile you see what the other assets that we purchased in the site of Guatemala are capable to do, even at quite lower metal prices than what we see right now. So I’d say all starts with – interesting here looking forward, but we know that the government has to lead this through ILO 169 indigenous consultation process. And as I said, we will continue to put forth our best efforts towards establishing a peaceful dialogue with the communities. And that's probably all I have right now.
时间安排，我会在时间方面无私地保持我的核心，因为我说这需要时间。我没有时间。所以，请继续关注这一点。正如我 - 自去年11月所表明的那样，这需要一段时间，我们会花时间来完成这项工作，对吧。所以你必须要有耐心。我认为同时你会看到我们在危地马拉的网站上购买的其他资产能够做到什么，即使金属价格比我们现在看到的要低得多。所以我想说一切都在这里开始 - 这里很有意思，但是我们知道政府必须通过国际劳工组织169的土着咨询程序来引导这一点。正如我所说，我们将继续尽最大努力与社区建立和平对话。这可能就是我现在所拥有的一切。
Yes. Thank. Thanks Michael. And I have one more question, falling up under divestitures of some of the non-core assets here. Maybe I'll ask the question a little bit differently with the, commodity prices being more robust in Q3, does that help in terms of interest in those assets? Have you seen an increased interest in those assets based on what's happening to the gold price?
是。 谢谢。 谢谢迈克尔。 我还有一个问题，就是在这里剥离一些非核心资产。 也许我会问这个问题有点不同，商品价格在第三季度更加强劲，这对这些资产的兴趣是否有帮助？ 根据黄金价格的变化，您是否看到对这些资产的兴趣增加？
I think that was always quite a good interest in it, it's just, as I said I want to be patient to get the right value for our shareholders out of it. I don't think so that everybody just – because of what is the – that’s aside a month, a month and a half of higher prices and that happened probably in most people summer vacation. So I think people will get back from vacation in September, look at the second half or last part of the year and probably update some of their price assumptions and we'll see what happens, what happens by then.
我认为这一直是一个很好的兴趣，它只是，正如我所说，我希望耐心为我们的股东获得正确的价值。 我不这么认为每个人都只是 - 因为什么是 - 一个月，一个半月的价格上涨，这可能发生在大多数人的暑假。 因此，我认为人们会在9月份休假，看看今年下半年或最后一部分，并可能更新一些价格假设，我们会看到会发生什么，当时会发生什么。
Great. Thanks Michael and Steve, those are all the questions I have.
Thank you, Cosmos.
The next question comes from Chris Thompson with PI Financial. Please go ahead.
下一个问题来自PI Financial的Chris Thompson。 请继续。
Hi. Good morning guys. Thanks for hosting the call. Couple of quick questions, more specifically I guess – let's just look at Dolores. I am wondering if you could just maybe just unpack the components that make up the operation. I know that Cosmos asked the question relating to the agglomeration there, but what do you, what's the production rate on the underground right now?
你好。 早上好家伙。 感谢您主持电话会议。 一些快速问题，更具体地说我猜 - 让我们看看多洛雷斯。 我想知道你是否可以只是打开构成操作的组件。 我知道宇宙在那里问了一个关于聚集的问题，但你是什么，现在地下的生产率是多少？
Yes, we're – the last probably three or four months, Chris, we've been running about 1,000 tons a day out of the underground. We're still ramping that up. Our goal is to get to 1,500 tons a day towards the end of the year. It's ramping up well, costs are looking good. We're down below $50 a ton all-in costs and that includes all our development that's going underway right now. So we're very pleased with the ramp up. We're finally there to where it's ramping up quite nicely. Grades are coming in reasonably well. We're seeing above 2 gram gold equivalent type grades coming through. So overall it's performing well and we expect it to deliver according to our plans.
是的，我们 - 最后大概三四个月，克里斯，我们每天从地下运行大约1000吨。 我们仍在提升这一点。 我们的目标是在年底前每天达到1500吨。 它正在好转，成本看起来不错。 我们的全部成本低于每吨50美元，包括我们目前正在进行的所有开发。 所以我们对加速感到非常满意。 我们终于可以在那里很好地提升了。 成绩相当不错。 我们看到超过2克黄金当量类型等级通过。 总体而言，它表现良好，我们希望它能按照我们的计划交付。
Great. Thanks for that Steve. So just remind me, the goal I guess was 20,000 ton a day of stacking rates on the pads. You are little short obviously this quarter, would that be the makeup you're looking for by the year-end or from the underground?
非常好。 谢谢史蒂夫。 所以只是提醒我，我的目标是每天在垫上堆叠率为20,000吨。 你这个季度显然是短暂的，这将是你在年底或地下寻找的化妆品吗？
Yes, I mean a big part of that shortfall in stacking rates during the first half of the year is really the ore coming out of the pit. We're in that big stripping phase of that open pit Phase 8 and it's just – we're just not seeing, we didn't expect it. We're not seeing the order flow in the smooth, high-grade ore flow, it's just that periods of time of the stripping sequence. So as we moved towards later part of the year, I do expect we'll see us getting up to that 20,000 tons of days stacking rate again. And that'll include the 1,500 tons a day coming out of the underground.
是的，我的意思是，今年上半年堆积率不足的一大部分原因是矿石从矿井中流出。 我们正处于那个露天矿场第8阶段的大剥离阶段，它只是 - 我们只是没有看到，我们没想到它。 我们没有看到顺利，高品位矿石流中的订单流，它只是剥离序列的一段时间。 因此，当我们走向今年晚些时候，我确实会看到我们再次达到20,000吨的堆叠率。 这包括每天从地下出来的1500吨。
Great. Thanks for that Steve. Just, I guess moving over to the other heap leach operation in the Shahuindo here. Again – can you just give us a little info on the agglomeration there, the component what do you – puts putting through the agglomeration plant right now? What's running in mind? How that's working out for you?
非常好。 谢谢史蒂夫。 只是，我想在这里转移到Shahuindo的另一个堆浸操作。 再说一次 - 你能不能给我们一些关于那里聚集的信息，这个组件你现在正在通过聚集工厂投入什么？ 想到了什么？ 这对你有用吗？
Yes. Right now we are not operating the crushing and agglomeration circuit at Shahuindo. We are processing all ores run a mine. We just simply are not seeing yet the high-grade ore that requires a crushing agglomeration. We expect that in the future. We're still revising our geologic models to try to better understand that distribution. But as I mentioned, I think last quarter, all of this year and probably most of next year, we're not really anticipating much to start that plant up. So the plants are idle, we haven't really staffed it, we're not really putting any costs to it. We're running all run a mine. We're very pleased with that operation. We're building leach pads. The waste dumps are coming together well. And I think, I still feel there are some decent upsides at the moment.
是。 目前我们还没有在Shahuindo经营破碎和集聚环路。 我们正在处理矿山的所有矿石。 我们只是还没有看到需要破碎聚集的高品位矿石。 我们期待在未来。 我们仍在修改我们的地质模型，以便更好地了解这种分布。 但正如我所提到的，我认为，上一季度，今年全年，可能是明年的大部分时间，我们并没有真正期待开始建设这个工厂。 因此，工厂闲置，我们没有真正配备人员，我们并没有真正为此付出任何代价。 我们正在运行一个矿井。 我们对这项行动感到非常满意。 我们正在建造浸出垫。 废物堆放在一起很好。 而且我认为，我仍然认为目前有一些不错的好处。
Yes and definitely. And then just quickly moving on to La Arena, again a little light I guess on the tons placed there. I think historically, you're looking at about what's 30,000 ton a day operation here. Are we going to see that sort of improve or what's your sense there?
是的，当然。 然后我就快速前往La Arena，再一点点亮，我想放在那里的吨。 我认为从历史上看，你在看这里每天3万吨的运作情况。 我们是否会看到那种改善或者你有什么感觉？
Yes, absolutely. Chris, another one, we have to hit Dolores and La Arena at the same time and as stripping sequence. So this is effect of that Phase 7 stripping and it's simply because it's run of mine leaching all the ore of that mine goes directly to leach pad. So that's just the ore flow that's coming out as we strip that Phase 7. So towards the end of the year we've actually, I don't know if you recall, but actually, the life that had increased the permit levels to 45,000 tons a day. I think as we moved through the rest of the year, you're going to see that ore flow once we get back into that ore, in the next couple of months jump up to the 45,000 tons a day rate.
是的，一点没错。 克里斯，另一个，我们必须同时击中多洛雷斯和拉竞技场以及剥离序列。 所以这就是第7阶段剥离的效果，而这仅仅是因为它的矿井浸出矿山的所有矿石直接进入浸出垫。 所以这就是当我们剥离第7阶段时出现的矿石流量。所以到年底我们实际上，我不知道你是否记得，但实际上，生活已经将许可证水平增加到45,000 一天吨。 我认为，当我们在今年余下的时间里搬迁时，一旦我们回到矿石中，您将会看到矿石流量，在接下来的几个月里，我们将达到每天45,000吨的价格。
That'd be great. Okay. And then just – yes excellent. And then just I guess finally here on Huaron and Morococha*,* little light on the grade front, expecting about one 150 are we going to see it move higher on silver grades there?
那简直太好了。 好的。 然后就是 - 非常好。 然后我最后想到的是Huaron和Morococha*，*等级前面的小亮点，预计大约150个，我们会看到它在那里的银牌上升了吗？
Yes. Good question, Chris, as I've mentioned before both Huaron and Morococha, we're doing nearly 25 kilometers of underground development every year. These mines require a massive amount of development and some of those developments have got many, many phases going at one time and some are exceeding plans, some are not meeting plan. And unfortunately into some of the higher silver grade ores of La Colorada[ph] we're short on that development and we didn't get into the higher grade silver ores we had planned for this year. So to offset that we've moved to ores where we've had better results in underground development and those ore have higher zinc grade but lower silver.
Unfortunately I think that's going to remain that way for the rest of the year and that also was factored into our new guidance when we put in the new guidance.
是。 好问题，克里斯，正如我在华隆和摩洛哥之前提到的那样，我们每年都要进行近25公里的地下开发。 这些地雷需要大量的开发，其中一些开发项目有很多很多阶段一次进行，有些阶段超出计划，有些阶段不符合计划。 不幸的是，在La Colorada [ph]的一些较高级别的银矿石中，我们缺乏这种开发，我们没有进入我们今年计划的更高等级的银矿石。 因此，为了抵消我们已经迁移到我们在地下开发中取得更好结果的矿石，那些矿石具有更高的锌等级但是更低的银。
Got it. Steve, thank you very much for your comprehensive answers to my questions. Thanks guys.
得到它了。 史蒂夫，非常感谢你对我的问题的全面回答。 多谢你们。
Thank you. [Operator Instructions] The next question comes from Lawson Winder with Bank of America Merrill Lynch. Please go ahead.
谢谢。 [操作员说明]下一个问题来自Lawson Winder和美国银行美林公司。 请继续。
Hi everybody. Thanks so much for taking my questions. Just two for me, one first on La Colorada, the cash cost guidance of 250 to 350. I'm just going to work into those numbers. I mean the implication is that in H2 the cost per ton is going to go up quite materially, but I mean that just doesn't make a lot of sense to me, is there a reason why that might be happening or is it something else where perhaps it's just that byproduct production is anticipated to go down a lot? Thanks.
大家好。 非常感谢您提出我的问题。 对我来说只有两个，一个是La Colorada的第一个，250到350的现金成本指导。我只是想研究这些数字。 我的意思是暗示在H2中，每吨的成本会大幅上升，但我的意思是，这对我来说没有多大意义，是否有可能发生这种情况的原因还是其他原因 或许只是副产品生产预计会下降很多？ 谢谢。
Yes. Lawson, this is Steve and I think you're getting close to where we're at there, but the real issue is the base metal prices, we're projecting lower base metal prices moving into the second half. So it's that byproduct credit due to pricing not due to production. Our unit cost per ton, we're not anticipating any change really from H1.
是。 劳森，这是史蒂夫，我认为你已经接近我们所处的地方了，但真正的问题是基本金属价格，我们预计下半年的基本金属价格会下降。 因此，由于定价不是由于生产导致的副产品信贷。 我们的每吨单位成本，我们预计H1不会有任何变化。
Okay. That's very helpful. Thanks Steve. And then, just my other question was on the depreciation, there was a lot of movement in the depreciation per ounce at several of the mines in Q2 versus Q1. I'm just curious you guys are expecting to see any substantial moves at any of the assets into the second half versus Q2. And that's it for me. Thanks.
好的。 这非常有帮助。 谢谢Steve。 然后，就我的另一个问题是贬值，第二季度的几个矿山与第一季度相比，每盎司贬值有很多变动。 我只是好奇你们预计在下半场与第二季度相比任何资产都会有任何重大举措。 这就是我的意思。 谢谢。
Hi Lawson, Rob Doyle here, we don't anticipate any changes from Q2. Obviously we're going through the purchase price allocation process for the Tahoe assets that we've just bought onto the balance sheet. So as we finalize that process, there may be some change in carrying values which would impact depreciation, but nothing material anticipated there.
So I think what's important to bear in mind is sales volumes, that's a key driver for the depreciation that we recognize. Obviously it's all triggered by revenue recognition. So, just make sure that you're looking at sales volumes as opposed to production volumes when you're doing that calculation.
嗨Lawson，Rob Doyle在这里，我们预计Q2不会有任何变化。 显然，我们正在通过我们刚刚在资产负债表上购买的Tahoe资产的购买价格分配流程。 因此，当我们最终确定这一过程时，可能会影响折旧的账面价值发生一些变化，但那里没有任何重要的预期。
所以我认为重要的是销售量，这是我们认识到的折旧的关键驱动因素。 显然，这一切都是由收入确认引发的。 因此，只需确保在进行计算时，您正在查看销售量而不是生产量。
Yes, definitely. Okay. So I mean, Q2 can be taken then as a fairly sensible a run rate?
当然是。 好的。 所以我的意思是，Q2可以作为一个相当明智的运行率？
It should be a good proxy going forward. Yes.
Okay. That's very helpful. And I know I said I ask only two questions, you guys wouldn't mind asking one more, just with Shahuindo, how are the grades reconciling versus your models?
好的。 这非常有帮助。 而且我知道我说过我只问两个问题，你们不介意再问一个问题，就像Shahuindo一样，这些成绩与你的模特相比如何调和？
Yes, thanks Lawson. Yes, very solidly. I mean we're still outperforming our model where we got our teams, our Geologic Teams Chris and his group looking very hard with it along with Martin, as we go to build our new reserve. Like I said, I think this reserve is going to capture some of the upsides we'd been seeing. As we open up the Phase 2 of that pit, we're just opening it up here in the last couple of months. It's too early to really call if it's going to carry through to Phase 2 yet, but I would say year-to-date, we're still running about 15% ahead of the reserve amount of silver. We're optimistic looking forward.
是的，谢谢劳森。 是的，非常稳固。 我的意思是我们仍然超越了我们的模型，我们的团队，我们的地质团队克里斯和他的团队与马丁一起非常努力，因为我们要建立新的保护区。 就像我说的那样，我认为这个储备会抓住我们一直看到的一些好处。 当我们打开那个坑的第二阶段时，我们只是在过去几个月里打开它。 如果它还要继续进入第二阶段，那么真的要打电话还为时过早，但我想说今年到目前为止，我们仍然比预备金量提前了约15％。 我们乐观地期待着。
Thanks so much.
This concludes the question-and-answer session. I would like to turn the conference back over to Michael Steinmann, President and CEO for any closing remarks.
Thank you, Operator. And thank you very much for calling in today. I'm looking forward to give you an update on Q3 in November, that's already. Enjoy the rest of the summer everybody and talk to you soon. Thank you very much, bye.
谢谢运营商。 非常感谢你今天的来电。 我期待着在11月份给你一个关于Q3的更新，那已经是。 享受夏天剩下的每个人，并尽快与您交谈。 非常感谢，再见。
Thank you. This concludes today’s conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
谢谢。 今天的电话会议结束了。 你可以断开你的线路。 感谢您的参与，祝您度过愉快的一天。
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