OceanaGold Corporation (OGDCF) 首席执行官 Mick Wilkes 于 2019年 第三季度业绩-收益电话抄本

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OceanaGold Corporation (OTCPK:OGDCF) Q3 2019 Results Earnings Conference Call October 31, 2019 5:00 PM ET

OceanaGold Corporation (OTCPK:OGDCF) Q3 2019 Results Earnings Conference Call October 31, 2019 5:00 PM ET

公司参与者

Mick Wilkes - President and Chief Executive Officer
Michael Holmes - Chief Operating Officer
Scott McQueen - Chief Financial Officer
A - Jim Whittaker

  • Mick Wilkes - President and Chief Executive Officer
  • Michael Holmes - Chief Operating Officer
  • Scott McQueen - Chief Financial Officer
  • A - Jim Whittaker

电话会议参与者

Michael Slifirski - Credit Suisse
Geordie Mark - Haywood Securities
Daniel Morgan - UBS
Chris Thompson - PI Financial
David Taylor - Taylor Asset Management

  • Michael Slifirski - Credit Suisse
  • Geordie Mark - Haywood Securities
  • Daniel Morgan - UBS
  • Chris Thompson - PI Financial
  • David Taylor - Taylor Asset Management

会议主持员

Good morning, and good afternoon, ladies and gentlemen, and welcome to the OceanaGold 2019 Third Quarter Results Webcast and Conference Call. (Operator Instructions) This call is being recorded on Thursday, October 31 at 5:00 p.m. Eastern time. I would now like to turn the conference over to Mick Wilkes. Please go ahead.

Good morning, and good afternoon, ladies and gentlemen, and welcome to the OceanaGold 2019 Third Quarter Results Webcast and Conference Call. (Operator Instructions) This call is being recorded on Thursday, October 31 at 5:00 p.m. Eastern time. I would now like to turn the conference over to Mick Wilkes. Please go ahead.

Mick Wilkes

Mick Wilkes

Thank you. Good morning and good evening everybody. Welcome to the OceanaGold Third Quarter 2019 Results Webcast and Conference Call. It's great to be with you today and we'll be discussing our operational and financial performance for the quarter.
I'm joined today by Michael Holmes, our Chief Operating Officer, who will discuss the performance in operations; and Scott McQueen, our Chief Financial officer, who will also discuss our financial results.
I'm also pleased to have Jim Whittaker, the Executive General Manager of the Haile operation on the call and he'll be available to answer questions around that operation.
Just moving to Slide 2, the cautionary statement to -- before read out -- before we proceed. Note that the references in this presentation adhere to International Financial Reporting Standards and all financial figures are denominated in U.S. dollars, unless stated otherwise. Also note that the presentation contains forward-looking statements, which, by their very nature, are subject to some degree of uncertainty. There can be no assurances that our forward-looking statements will prove to be accurate, as future results and events could differ materially. Please refer to the disclaimer on forward-looking statements in our presentation.
So Slide 3. Results overview. Our third quarter results were not without their challenges, particularly at the Didipio, where we continue to navigate the renewal process for our agreement with the Philippine Government.
We also continue to deal with what we believe is the unlawful order of the provincial governor, which has resulted in temporarily suspended underground operations and processing, due to a lack of supplies needed for our sustained operations.
On a consolidated basis, our operations produced approximately 362,000 ounces of gold and 10,000 tonnes of copper year to date. And in the third quarter, we producer over 107,000 ounces of gold and 2,300 tonnes of copper, which was lower than the prior quarter due to the processing of stockpile for Didipio.
The all-in costs were $1,087 per ounce on sales of approximately 341,000 ounces of gold and 6,900 tonnes of copper year to date. The higher quarter-on-quarter all-in sustaining costs was due to a decrease from the Didipio.
In the third quarter, Haile delivered significant operational improvements for the third consecutive quarter. Third quarter all-in sustaining costs at the site decreased 20% quarter-on-quarter and nearly 40% since the first quarter of the year. We continue to improve mine productivity, while continuing to up skill the workforce and are experiencing more stable turnover rates.
We're making strong progress moving materials and so material movement is up 36% from the previous quarter. We're also continuing to achieve higher throughput rates in the process plant much earlier than expected.
The financial performance this quarter was (inaudible) from the Didipio in third quarter. Revenue and EBITDA both decreased as a result of slightly higher average realized gold price through the year. These results translated to an adjusted net profit of negative $5 million and fully diluted adjusted earnings per share of negative $0.01.

谢谢。大家早上好,晚上好。欢迎访问OceanaGold 2019年第三季度业绩网络广播和电话会议。很高兴与您今天在一起,我们将讨论本季度的运营和财务表现。

今天,我们的首席运营官迈克尔·霍尔姆斯(Michael Holmes)也将与会,他将讨论运营绩效。以及我们的首席财务官Scott McQueen,他们还将讨论我们的财务业绩。

我也很高兴海尔行动的执行总经理吉姆•惠特克(Jim Whittaker)来电话,他将可以回答有关该行动的问题。

仅移至幻灯片2,告诫声明-在朗读之前-在我们继续之前。请注意,除非另有说明,否则本演示文稿中的参考文献均遵循国际财务报告准则,并且所有财务数据均以美元计值。还应注意,本演示文稿包含前瞻性陈述,就其本质而言,它们具有一定程度的不确定性。不能保证我们的前瞻性陈述将被证明是准确的,因为未来的结果和事件可能会出现重大差异。请参阅我们演示文稿中关于前瞻性声明的免责声明。

因此,幻灯片3。结果概述。我们第三季度的业绩并非没有挑战,尤其是在迪迪皮奥,我们将继续努力在与菲律宾政府达成协议的更新过程中进行努力。

我们还继续处理我们认为是省长的非法命令,由于缺乏我们的持续运营所需的物资,导致该省的地下运营和加工工作暂时暂停。

综合来看,迄今为止,我们的业务生产了约362,000盎司黄金和10,000吨铜。在第三季度,我们生产了107,000盎司的黄金和2300吨铜,比上一季度有所下降,这是由于Didipio的库存加工所致。

到目前为止,销售成本约为341,000盎司黄金和6,900吨铜,总成本为1,077美元/盎司。季度总维持成本较高是由于Didipio的减少。

在第三季度,Haile连续第三季度实现了显着的运营改进。第三季度该站点的总维护成本比上一季度下降了20%,比去年第一季度下降了近40%。我们将继续提高矿山生产率,同时继续提高员工技能,并实现更稳定的周转率。

我们在搬运物料方面取得了长足的进步,因此物料搬运比上一季度增长了36%。我们还将继续比预期的要早得多地实现加工厂的更高生产率。

第三季度的迪迪皮奥(听不清),本季度的财务业绩。由于全年平均已实现黄金平均价格略高,收入和EBITDA均下降。这些结果导致调整后的净利润为负500万美元,完全稀释后的调整后每股收益为负0.01美元。

With multiple operations in the portfolio, we continued to generate good cash flow year to date, resulting in a fully diluted cash flow per share before working capital of $0.26.
Our significant pipeline of organic growth opportunities continued to advance well. At Martha Underground, we completed nearly 900 meeting with mine development in the third quarter, while achieving exceptional drill results.
Our WKP prospect continues to yield promising results and over the next 12 months, we will complete an all-encompassing study from Waihi, the Waihi District, that will help to further quantify its potential.
Permitting the Horseshoe Underground at Haile continues to progress well and we expect to receive the permit early next year. We also expect to begin construction in the third quarter of next year.
On the ESG front, we're very proud of our ESG performance, which continues to be recognized across the operations. At Didipio, (inaudible) was awarded the top pollution control officer in the Philippines, highlighting the excellent environmental management being conducted at the mine.
Our safety performance continues to improve with reduced frequency of injuries, led by Macraes and Haile, with safety leadership and employee engagement has resulted in significant improvements.
Now, let me move onto the Didipio FTAA, Slide 4. I just wanted to take the opportunity to discuss what is happening on the ground in the Philippines. Didipio has long been recognized as the template for responsible mining, as you know, in the Philippines and we are honored to be a significant contributor to its host community in the provinces of Nueva Vizcaya and Quirino.
It is a world-class operation, one we're very proud of, and it's an operation that's run by world-class Filipino workforce. We directly employ over 1,500 workers comprised of 97% Philippine nationals, 59% of whom are from the local communities, and including over 300 women, many of whom are in leadership roles.
Our FTAA was the first one ever signed in the Philippines in 1994. It's going through the renewal process. So it's the first FTAA to go through a renewal. We don't yet have a timeline as to when the renewal process will be concluded but we continue to have a strong engagement with the national government and [regulada].
We recognize the impact of the uncertainty regarding the renewal has on our operating and financial results, the shareholders of our company, and importantly, the locals at Didipio that depend on the mine's ongoing operations to support themselves and their families.
We are working very hard and collaboratively with our government partners to renew the FTAA as soon as possible. While the renewal process continues, the national government, which is the authority over mining in the country, has permitted us to continue operations at Didipio. Unfortunately, some parties have seen this as an opportunity to challenge that directive, spreading misinformation and disrupting the operations at the mine.

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凭借投资组合中的多项业务,我们迄今为止一直保持良好的现金流,导致每股完全稀释的现金流(运营资本为0.26美元)。

我们重要的有机增长机会渠道继续取得良好进展。在Martha Underground,我们在第三季度完成了近900次矿山开发会议,同时取得了出色的钻探结果。

我们的WKP前景继续取得可喜的成果,在接下来的12个月中,我们将完成Waihi区Waihi的一项全面研究,这将有助于进一步量化其潜力。

Haile的Horseshoe Underground许可证的审批工作进展顺利,我们希望在明年初获得许可证。我们还预计将于明年第三季度开始建设。

在ESG方面,我们为我们的ESG绩效感到自豪,该绩效在整个运营中继续得到认可。在Didipio,(听不清)被授予菲律宾最高的污染控制官员,这突出说明了该矿场进行的出色的环境管理。

在Macraes和Haile的领导下,我们的安全绩效不断提高,受伤率有所降低,在安全领导和员工敬业度方面取得了显着进步。

现在,让我进入Didipio FTAA,幻灯片4。我只是想借此机会讨论菲律宾当地的情况。如您所知,Didipio长期以来一直被公认为是菲律宾负责任采矿的典范,我们很荣幸为Nueva Vizcaya和Quirino省的东道主社区做出了重要贡献。

这是世界一流的业务,我们对此感到非常自豪,它是由世界一流的菲律宾员工经营的业务。我们直接雇用了1500多名工人,其中97%是菲律宾国民,其中59%来自当地社区,其中包括300多名女性,其中许多人担任领导职务。

我们的FTAA是1994年在菲律宾签署的第一份协议。该协议正在续签过程中。因此,这是第一个通过续签的FTAA。关于续约过程何时结束,我们尚无时间表,但我们继续与中央政府和[regulada]保持密切合作。

我们认识到更新的不确定性对我们的运营和财务业绩,公司的股东以及重要的是迪迪皮奥当地人的影响,这些人依靠矿山的正在进行的业务来养活自己和家人。

我们正在与政府合作伙伴共同努力,尽快更新FTAA。在更新过程继续进行的同时,作为该国采矿主管部门的中央政府已允许我们在Didipio继续运营。不幸的是,一些政党将其视为挑战该指令,散布错误信息并破坏矿山运营的机会。

As previously shared, in July this year, the governor of Nueva Vizcaya issued an order directing local government units within his province to restrain any operations of the company, and thus the transport of consumables and (inaudible) products in and out of the mine was creased.
As a result, during the third quarter, underground mining operations were suspended due to the depletion of consumable mining supplies. Processing of ore from stockpiles continued and subsequent to the third quarter end, we ceased -- the processing ceased after completion of maintenance shutdown for the process plant, which was planned.
At this time, mining and milling [outside] is temporarily suspended and we have a critical activity to continue to ensure the safety of our employees and protection of the environment.
With that, I'll pass over to Michael to discuss the performance of our operations.

As previously shared, in July this year, the governor of Nueva Vizcaya issued an order directing local government units within his province to restrain any operations of the company, and thus the transport of consumables and (inaudible) products in and out of the mine was creased.

As a result, during the third quarter, underground mining operations were suspended due to the depletion of consumable mining supplies. Processing of ore from stockpiles continued and subsequent to the third quarter end, we ceased -- the processing ceased after completion of maintenance shutdown for the process plant, which was planned.

At this time, mining and milling [outside] is temporarily suspended and we have a critical activity to continue to ensure the safety of our employees and protection of the environment.

With that, I'll pass over to Michael to discuss the performance of our operations.

Michael Holmes

Michael Holmes

Thank you, Mick and hello everyone. Moving onto Slide 5 and before I begin reviewing our operational results, I would like to introduce Haile's new Executive General Manager, Jim Whittaker, who is joining us on the call today.
Jim brings more than 30 years of mining experience managing operations for Barrick and others in North and South America. Jim will be available for questions at the end of the webcast tonight.
Turning to Slide 6. Overall, the company continues to focus on enhancing our safety cultures through leadership and employee engagement. Didipio leads within our portfolio with a total injury frequency rate of 1.3 million hours worked, an improvement that Haile and Macraes have resulted in the company's total recordable injury frequency rate trending lower over the last 12 months, running at a total injury frequency rate of 3.7 per million hours worked as compared to 4.8 that was achieved in 2018.
Moving onto Slide 7 and the operational performance at Haile. As Mick mentioned, we had a significant improvement in the operational performance in the third quarter and this trend has continued into the fourth quarter. Haile produced about 37,000 ounces of gold, which is relatively in line with the previous quarter and slightly lower than we had originally expected due to a delay in accessing a higher-grade section at the bottom of the Snake Pit.
Unit cash costs were $898 per ounce in the third quarter, which compares to over $1,100 per ounce in the first quarter of the year. And while higher quarter-over-quarter, this still represents nearly a 20% improvement in unit cash costs over 2018. The quarter-on-quarter increase in cash costs related to the volume of material moved.
Mining costs of $3.42 were 10% lower quarter-on-quarter with better utilization of our existing fleet. Unit costs decreased with productivity improvements, as the first of our new equipment was put into action. The number of new tracks operating in the fourth quarter increased substantially as delivery and the build process progress more efficiently.
Total mining unit movements were up 36% quarter-on-quarter despite only one of the new 730E Komatsu haul trucks being operable in quarter 3. During the quarter, wet ground and combined mining conditions deferred some of the higher-grade material from the bottom of the Snake Pit from the third quarter to the fourth quarter. We expect these improvements to become less of a challenge as the mine plan progresses, with the completion of Snake Pit Phase 1 and stanchion of the other pits.
Third quarter all-in sustaining costs was $1,106 per ounce, representing a 20% decrease quarter-on-quarter, making a trend of continued improvement throughout the year. In terms of processing, we saw unit processing costs decrease 13% quarter-on-quarter and we continuously operated the process plant above the 3.5 million tonne per ounce.
We saw and continue to see the benefits of the de-bottlenecking processes at the process plant and the tie-in of the new [re-grinding stoker]. These efforts accumulated in record daily throughput rates, which have far exceeded our expectations and earlier than plan. And new additional (inaudible) known as the final piece of the process plant de-bottlenecking will accommodate the higher throughput target of 4.4 million tonnes per ounce, while supporting the ground size optimization.

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谢谢,米克,大家好。进入幻灯片5,在我开始回顾我们的运营结果之前,我想介绍Haile的新执行总经理Jim Whittaker,他今天已加入我们。

吉姆(Jim)在巴里克(Barrick)和其他北美和南美的其他地区拥有30多年的采矿管理经验。今晚在网络广播的结尾将向Jim提问。

转到幻灯片6。总体而言,公司将继续致力于通过领导和员工敬业度来增强我们的安全文化。 Didipio在我们的产品组合中以130万小时的总工伤频率率处于领导地位,这是Haile和Macraes的一项改进,导致过去12个月公司的可记录工伤率总趋势降低,总工伤率是3.7。每百万小时工作时间,而2018年则为4.8。

转到幻灯片7和Haile的运营绩效。正如米克所说,我们在第三季度的运营绩效有了显着改善,这一趋势一直持续到第四季度。海尔生产了约37,000盎司黄金,与上一季度基本持平,但略低于我们原先的预期,这是由于延迟进入蛇坑底部更高品位的部分所致。

第三季度的单位现金成本为898美元/盎司,而今年第一季度的单位现金成本则超过1100美元/盎司。尽管季度环比增长,但仍表示单位现金成本比2018年提高了近20%。现金成本环比增长与物料运输量有关。

采矿成本为$ 3.42,与上一季度相比下降了10%,这是由于我们现有船队的利用率得到了提高。随着我们第一台新设备的投入使用,单位成本随着生产率的提高而降低。随着交付和构建过程的进行更加有效,第四季度运营的新轨道数量大幅增加。

尽管只有一辆新的730E小松拖运卡车在第3季度投入运营,但采矿单位的总移动量却比上季度增长了36%。在该季度中,潮湿的地面和综合的采矿条件使一些较高等级的物料从底部推迟从第三季度到第四季度的蛇坑。我们预计,随着蛇计划的完成(蛇坑一期工程的完成)和其他矿井的立柱,这些改进将不再面临挑战。

第三季度的总维持成本为每盎司1106美元,较上一季度下降20%,这是全年持续改善的趋势。在加工方面,我们看到单位加工成本比上一季度下降了13%,我们继续以每吨350万吨以上的价格运营加工厂。

我们看到并继续看到在加工厂进行去瓶颈处理的好处以及与新的[重新研磨加料机]配套使用的好处。这些努力积累了创纪录的每日吞吐率,远远超出了我们的预期,而且比计划还早。而新的(听不清的)其他新方法(称为过程工厂瓶颈消除的最后一步)将满足440万吨/盎司的更高产量目标,同时支持地面尺寸的优化。

Construction, completion, and commissioning of this (inaudible) is expected in the fourth quarter and we expect recoveries in the fourth quarter to average in the low 80s, but at the long-term, we are targeting recoveries in the mid-80s.
Moving onto Slide 8 and the specific details on how the operations performed quarter-on-quarter. As you can see, Haile delivered its third consecutive quarter of operational improvements. The Haile mine plans for 2019 was always back end weighted and we continue to expect moderately higher production and similar costs in the fourth quarter.
We also anticipate continued operational improvement, including increased mine per tonne volume, and with the large mining fleet being brought online. We can also expect a similar production profile for 2020 and Haile was 1/3 of the production in the first half of the year and the remaining 2/3 in the second half of the year. Costs will also be skewed to reflect this production profile.
Moving onto Slide 9 and Didipio in the Philippines. As Mick has already stated, we've temporarily suspended underground mining operations in mid-June due to the depletion of mine consumables. Other underground activities, including pumping, has continued for safety and environmental reasons.
Processing of the low-grade stockpile ore continued through the third quarter and briefly into October, less a 24-day shutdown in September for planned maintenance.
Didipio was unable to transport (inaudible) and concentrate from the site for the duration of the third quarter due to the road blockages. Production from the third quarter remain (inaudible) and [assumed] copper prices of $2.60 per pound. The estimating all-in sustaining costs on an as produced basis was approximately $520 per ounce.
The operation remains in a state of readiness for restarting. The health and safety of our employees continues to be the top priority. When we have the FTAA renewed or if we receive a favorable outcome from the Philippine Court of Appeals, we expect to receive operations within 2 weeks.
Looking ahead, Didipio's fourth quarter outlook and beyond is now largely dependent on completion of the FTAA renewal process and we continue to proactively engage with our regulatory stakeholders.
Moving onto Waihi and Slide 10. Waihi's third quarter production of approximately 16,000 ounces was to plan with lower mining -- with mines of lower grade designs of Correnso, which are expected to be depleted in the first quarter of 2020.
With the Martha Underground under development, we expect to be back into production in Waihi in 2021 with an upgraded process plant. [Mark Kedzo [and his projects team are currently working on the study that will provide them with more details of the Waihi District Plan, including (inaudible) production costs and mining and processing discourse.
Exploration is ongoing in both underground drill [dries] and from the
Surface at Waihi. During the third quarter, we reported results from successful extensional drilling at Martha, including the exploration target to 8 million to 10 million tonnes at grades of between 4 and 6 grams per tonne. This exploration target is in addition to the current 331,000 ounces of indicated gold resulted in 667,000 ounces of inferred gold resources.

Construction, completion, and commissioning of this (inaudible) is expected in the fourth quarter and we expect recoveries in the fourth quarter to average in the low 80s, but at the long-term, we are targeting recoveries in the mid-80s.

Moving onto Slide 8 and the specific details on how the operations performed quarter-on-quarter. As you can see, Haile delivered its third consecutive quarter of operational improvements. The Haile mine plans for 2019 was always back end weighted and we continue to expect moderately higher production and similar costs in the fourth quarter.

We also anticipate continued operational improvement, including increased mine per tonne volume, and with the large mining fleet being brought online. We can also expect a similar production profile for 2020 and Haile was 1/3 of the production in the first half of the year and the remaining 2/3 in the second half of the year. Costs will also be skewed to reflect this production profile.

Moving onto Slide 9 and Didipio in the Philippines. As Mick has already stated, we've temporarily suspended underground mining operations in mid-June due to the depletion of mine consumables. Other underground activities, including pumping, has continued for safety and environmental reasons.

Processing of the low-grade stockpile ore continued through the third quarter and briefly into October, less a 24-day shutdown in September for planned maintenance.

Didipio was unable to transport (inaudible) and concentrate from the site for the duration of the third quarter due to the road blockages. Production from the third quarter remain (inaudible) and [assumed] copper prices of $2.60 per pound. The estimating all-in sustaining costs on an as produced basis was approximately $520 per ounce.

The operation remains in a state of readiness for restarting. The health and safety of our employees continues to be the top priority. When we have the FTAA renewed or if we receive a favorable outcome from the Philippine Court of Appeals, we expect to receive operations within 2 weeks.

Looking ahead, Didipio's fourth quarter outlook and beyond is now largely dependent on completion of the FTAA renewal process and we continue to proactively engage with our regulatory stakeholders.

Moving onto Waihi and Slide 10. Waihi's third quarter production of approximately 16,000 ounces was to plan with lower mining -- with mines of lower grade designs of Correnso, which are expected to be depleted in the first quarter of 2020.

With the Martha Underground under development, we expect to be back into production in Waihi in 2021 with an upgraded process plant. [Mark Kedzo [and his projects team are currently working on the study that will provide them with more details of the Waihi District Plan, including (inaudible) production costs and mining and processing discourse.

Exploration is ongoing in both underground drill [dries] and from the

Surface at Waihi. During the third quarter, we reported results from successful extensional drilling at Martha, including the exploration target to 8 million to 10 million tonnes at grades of between 4 and 6 grams per tonne. This exploration target is in addition to the current 331,000 ounces of indicated gold resulted in 667,000 ounces of inferred gold resources.

At our WKP prospect, located approximately 10 kilometers to the north of Waihi, we continue to explore exploration drilling from 2 (inaudible), which are yielding significant high-grade results.
Moving to Macraes and Slide 11. As expected, production for Macraes was similar quarter-on-quarter, as high grades from Coronation North were by a lower grade harder oil feed from Coronation Pit with slightly lower recoveries.
In the quarter, total mining movements decreased 10%, in line with the mining schedule, as equipment was utilized in multiple areas with the commencement of mining from the [Gate End] Pit. The company is currently pursuing opportunities to increase mine life at Macraes, including investment in exploration across multiple targets within the Macraes Goldfield.
Work continues on the second study for Golden Point, which is expected to replace the (inaudible) underground mine and extend the operations' mine life.
Looking ahead to the rest of the year at Macraes, we expect production in the fourth quarter to be higher on better grade and lower costs due to less stripping as oil is sourced from Coronation or -- Coronation and [Gapan] Pit. I will now turn the presentation over to Scott McQueen to discuss our financial performance. Thank you.

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在位于怀希以北约10公里处的WKP前景中,我们继续探索2(听不清)的勘探钻探,这些钻探正在产生重要的高品位成果。

转向Macraes和Slide11。正如预期的那样,Macraes的产量与上季度持平,因为来自Coronation North的高品位是来自Coronation Pit的较低品位的较硬油,回收率略低。

本季度,随着[Gate End]矿井开始开采,在多个地区使用了设备,总采矿运动下降了10%,与采矿时间表一致。该公司目前正在寻找机会增加Macraes的矿山寿命,包括对Macraes Goldfield内多个目标的勘探投资。

有关Golden Point的第二项研究工作仍在继续,该研究有望取代(听不清)地下矿井并延长矿场的使用寿命。

展望Macraes的今年剩余时间,我们预计第四季度的产量将更高,这归因于品位提高和成本降低,因为汽提量减少,原因是石油来自于Coronation或-Coronation和[Gapan] Pit。我现在将演示文稿交给Scott McQueen讨论我们的财务业绩。谢谢。

Scott McQueen

Scott McQueen

Thank you, Michael. Hello, everyone. The next few slides cover the key aspects of our third quarter and year to date financial performance. Turning to Slide 13. This provides a summary of our financial results for the quarter and the year to date.
The quarter-on-quarter reductions in both revenue and EBITDA primarily reflect the fact that Q3 included no gold or copper sales from Didipio. This reduction in sales volume was only partially offset by a 6% increase in the average gold price received in the third quarter. Third quarter production at Didipio, plus some of the Q2 production on hand at the end of last quarter remains in inventory and is available for immediate sale upon the restart of normal operations.
However, though, where production has ceased, cost associated with maintaining Didipio in a state of operational readiness are immediately expensed to the profit and loss account.
In the third quarter, Didipio's non-production costs are included in G&A and amounted to $7.6 million. This related mainly to maintaining the underground in a safe and environmentally compliant state post the suspension of mining, plus costs associated with the 24-day maintenance shut of the plant, as mentioned by Michael.
As a guide, we expect a similar level of non-production costs at Didipio in the fourth quarter, assuming the operations remain in a state of operational readiness and do not restart any earlier.
The reported impact for the third quarter, as Mick mentioned at the outset, was a loss of $22 million, which included unrealized losses of $17 million on New Zealand dollar gold hedges, which cover the balance of 2019 and also 2020. As shown in the table, the adjusted net profit, which excludes these unrealized non-cash hedge losses was a loss of $5 million or negative $0.01 per share fully diluted.
Moving down to the cash flow summary at the bottom of the slide. Operating cash flow for the quarter decreased $33 million -- to $33 million, sorry, or $0.05 per share with a minimal change in net working capital across the quarter.
Again, the primary driver for the reduction in the third quarter was the reduced sales at Didipio combined with the non-production costs incurred. Third quarter investing cash flow decreased 33% from the previous quarter with lower capital costs in most areas of the business, particularly pre-stripping at both Macraes and Haile, as was flagged in the previous quarter, the (inaudible) deferral of capital at Didipio, and in all other areas of the business where we've targeted reductions and deferrals.
Moving onto Slide 14, which includes some additional capital expenditure information. As outlined at the top of the table and just noted, total capital expenditure decreased 33% to approximately $55 million in the third quarter. For the first line of the table, there's been a reduction in general operating capital, which was lower across all operations, as we deferred all capital possible at Didipio, but also targeted capital reductions and deferrals across the rest of our operations.

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谢谢迈克尔。大家好。接下来的几张幻灯片介绍了我们第三季度和年初至今的财务业绩的关键方面。转到幻灯片13。这里提供了本季度和年初至今的财务业绩摘要。

收入和EBITDA的环比减少主要反映了以下事实:第三季度不包含来自Didipio的黄金或铜销售。销量的下降仅被第三季度收到的平均黄金价格上涨6%所部分抵消。 Didipio的第三季度产量以及上季度末现有的第二季度产量仍在库存中,可在正常运行重启后立即出售。

但是,尽管生产已经停止,但与Didipio保持处于运营就绪状态相关的成本会立即计入损益表。

第三季度,Didipio的非生产成本已计入G&A,总计760万美元。正如Michael提到的,这主要与在采矿暂停后将地下保持在安全且符合环境要求的状态有关,加上与关闭工厂24天维护相关的成本。

作为指导,我们假设Didipio的运营仍处于运营就绪状态,并且不会更早开始运营,因此预计其第四季度的非生产成本水平将保持不变。

正如Mick一开始所提到的,报告的第三季度影响为亏损2200万美元,其中包括纽西兰黄金套期交易的未实现亏损1700万美元,涵盖了2019年和2020年的余额。在表格中,调整后的净利润(不包括这些未实现的非现金对冲损失)为500万美元的亏损,或完全稀释后的负0.01美元。

下移到幻灯片底部的现金流量摘要。该季度的运营现金流减少了3,300万美元,至每股3,300万美元(对不起),即0.05美元,该季度净营运资金的变化很小。

同样,第三季度减少的主要原因是Didipio的销售减少以及所产生的非生产成本。第三季度的投资现金流量与上一季度相比下降了33%,这是因为该业务大部分领域的资本成本降低,尤其是Macraes和Haile的预剥离,如上一季度所标记的那样,Didipoio的(听不清)资本递延,以及我们针对减少和延期的所有其他业务领域。

转到幻灯片14,其中包括一些其他资本支出信息。就像表格顶部所概述的那样,第三季度总资本支出下降了33%,约为5500万美元。对于该表的第一行,由于我们将在Didipio的所有资本递延了下来,但在所有运营中,总的运营资本却有所减少,但在其他运营中也有针对性地进行了资本削减和递延。

Growth capital was also lower this quarter, again, partially due to the deferral of growth capital at Didipio. The main areas of investment during the quarter were the continued Haile expansion, which included the construction of water retention ponds and additional PAG storage capacity. However, in total terms, growth capital at Haile was lower quarter on quarter with the major capital investment in the regrind circuit upgrade, already behind us.
These reductions were partially offset by an increase in growth capital at Waihi, but as Mick mentioned earlier, Martha Underground development progress in the third quarter. Prestrip at both Haile and Macraes was reduced materially in the third quarter, as forecast. We did see an increase in exploration spend in the third quarter related to drilling the high value ops around Waihi.
We are trimming broader exploration spend in the fourth quarter and expect to come in lower in the full year, as illustrated in the revised guidance ranges noted. Moving to the updated guidance, we have increased our 2019 increased stripping capitalized mine forecast range. This reflects higher mining costs and contract support to accelerate waste movement at Haile, combined with an expectation of commencing pre-stripping at Ledbetter in Q4.
At the same time, we've also made reductions across other capital areas, consistent with changes in the operating assumptions at Didipio and to other capital plans expected across the fourth quarter. Naturally, we continue to invest strongly in exploration as a value creator, but we're primarily focused on efforts around Waihi given the positive progress at both Martha and WKP drilling. In total, we're now forecasting lower full year CapEx.
Moving onto Slide 15, which provides a snapshot of our balance sheet. As of September 30, our cash balance was $56 million, with immediately available liquidity of $106 million. Our net debt at September 30 was $140 million, an increase quarter-on-quarter given the lower operating cash flow and the progressive increase in capital equipment leases related to the Haile mining fleet upgrades.
Consistent with previously announced plans, we expect these capital leases to increase progressively as the rest of the new fleet arrives on site, engaging the service. We're comfortable with our ability to manage the balance sheet given our low level of gearing and the longstanding support and industry knowledge within our banking group, as we continue to balance the short-term challenges presented at Didipio, with continuing to run the rest of our assets successfully, and advancing our exciting organic growth opportunities.
I'll now hand back to Mick to wrap up the presentation.

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同样,本季度增长资本也有所下降,部分原因是Didipio增长资本的递延。本季度的主要投资领域是Haile的持续扩张,包括建造蓄水池和增加PAG储存能力。但是,总的来说,海尔的增长资本季度环比下降,而对再磨电路升级的大量资本投资已经落后于我们。

这些减少部分被Waihi的增长资本的增加所部分抵消,但是正如Mick先前所述,Martha Underground的开发在第三季度取得了进展。正如预测的那样,第三季度海尔和Macraes的预制带减少了。我们确实看到第三季度与在Waihi附近钻探高价值业务有关的勘探支出有所增加。

正如所指出的修订指导范围所示,我们正在削减第四季度更广泛的勘探支出,并预计全年会下降。转向最新指南,我们增加了2019年增加的剥离资本化矿山的预测范围。这反映出较高的采矿成本和合同支持,以加快Haile的废物运输,并预期在第四季度开始在Ledbetter进行预剥离。

同时,我们在其他资本领域也进行了削减,这与Didipio的运营假设以及第四季度预期的其他资本计划的变化相一致。自然,我们将继续作为价值创造者继续大力投资勘探,但鉴于玛莎和WKP钻探取得的积极进展,我们主要专注于Waihi方面的工作。总体而言,我们现在预测全年的资本支出会降低。

转到幻灯片15,该幻灯片提供了资产负债表的快照。截至9月30日,我们的现金余额为5600万美元,即时可用流动资金为1.06亿美元。截至9月30日,我们的净债务为1.4亿美元,由于运营现金流量减少以及与Haile采矿车队升级相关的资本设备租赁的逐步增加,季度环比增加。

与先前宣布的计划一致,我们预计随着其他新机队到达现场并使用该服务,这些资本租赁将逐渐增加。由于我们的资产负债率较低,并且在银行集团内部拥有长期支持和行业知识,因此我们对资产负债表的管理能力感到满意,因为我们将继续平衡在Didipio面临的短期挑战,并继续经营其余的挑战成功地开发我们的资产,并促进了我们令人兴奋的有机增长机会。

我现在将交回Mick进行总结。

Mick Wilkes

Mick Wilkes

Thanks, Scott. Thanks, Michael. Let me just say a few words to close it out. I'll just finish up with 2 more slides. Moving to Slide 17. We know the nature and future of Didipio is uncertain and as I've mentioned, we'll continue to work collaboratively with the national government to advance the FTAA renewal. And in the meantime, our other 3 operations are on track to deliver our revised guidance. We expect to do this through stronger production from Macraes and Haile, and steady production at Waihi.
Notwithstanding the current political challenges in the Philippines, we're currently going through, I'm pleased of the progress we've made at Haile and the commitment to advancing our substantial organic growth pipeline so far this year. And just lastly, turning to the Slide 18, the growth slide, the final slide for the presentation, I'd like to review our growth pipeline.
These projects are expected to deliver significant value to shareholders and further increase our production from top tier jurisdictions. The first is the Haile expansion through the high-grade Horseshoe deposit, which we will start next year, as we said, in the third quarter. We're tracking well with that and also excited at the potential of making additional high grade discoveries through exploration drilling from underground.
The growth in New Zealand is very exciting. The Martha Underground is advancing well but only one leg of the stool of growth for us is in the Waihi District. This is only one leg of the stool. WKP, which also represents an exceptional opportunity to transform the operation into a flagship asset, delivering significant cash flow to shareholders and significant socioeconomic for New Zealand.
Macraes has its share of projects as well that are mainly geared to expanding and extending the mine life. Specifically, we expect these projects to add more than 200,000 ounces of gold production to our portfolio over the next 5 years, while delivering margin growth and significant extensions to mine life.
So with that, that concludes the formal presentation segment of this webcast. I'll now take some questions over the phone and I'll turn the webcast over to the moderator to facilitate. Thank you.

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谢谢,斯科特。谢谢,迈克尔。让我说几句话来结束这一问题。我将再完成另外2张幻灯片。移至幻灯片17。我们知道Didipio的性质和未来是不确定的,正如我已经提到的那样,我们将继续与中央政府合作,推动FTAA的更新。同时,我们的其他3个运营部门也将按计划交付修订后的指南。我们希望通过Macraes和Haile的更强劲的产量以及Waihi的稳定产量来做到这一点。

尽管菲律宾当前面临政治挑战,但我们目前正在经历,但我对在海尔取得的进展以及今年到目前为止推动我们实质性有机增长渠道的承诺感到高兴。最后,转到幻灯片18,增长幻灯片,该演示文稿的最后一张幻灯片,我想回顾一下我们的增长渠道。

预计这些项目将为股东带来可观的价值,并进一步提高顶级司法管辖区的产量。首先是通过高档马蹄铁矿床进行的海尔扩建,正如我们所说,我们将于明年第三季度开始扩建。我们对此进行了很好的跟踪,并为通过地下勘探钻探获得更多高品位发现的潜力而感到兴奋。

新西兰的增长非常令人兴奋。玛莎(Martha)地铁进展顺利,但对我们而言,只有一小部分增长在怀希区。这只是大便的一条腿。 WKP,这也是将业务转变为旗舰资产的绝佳机会,可为股东带来可观的现金流,并为新西兰带来可观的社会经济效益。

Macraes也有其项目份额,主要是为了扩大和延长矿山寿命。具体来说,我们预计这些项目将在未来5年内为我们的投资组合增加200,000盎司的黄金产量,同时实现利润增长和矿山寿命的显着延长。

这样,到此结束了本网络广播的正式演示部分。现在,我将通过电话询问一些问题,并将网络广播移交给主持人以提供帮助。谢谢。

问答环节

[Operator Instructions] Your first question is from Michael Slifirski from Credit Suisse.

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[操作员说明]您的第一个问题来自瑞士信贷的Michael Slifirski。

Michael Slifirski

I've got a few. I'll start with Haile, if I might, please. First of all, when you revised group guidance, seemingly largely on Didipio, was there any adjustment to your expectation around Haile. I listened to your words about modest production growth for fourth quarter. Does that mean you achieved the bottom end of your guidance range for Haile or not?

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我有几个。 如果可以的话,我将从海尔开始。 首先,当您修改小组指南时,似乎主要针对Didipio,您对Haile的期望是否有任何调整。 我听了您关于第四季度产量温和增长的言论。 这是否意味着您达到了Haile指导范围的底端?

Mick Wilkes

Mick Wilkes

Yes, that's correct. We're expecting to achieve guidance at Haile set out in the start of the year. But with the update for the full year that was largely because of Didipio. We didn't adjust anything else.

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对,那是正确的。 我们希望在Haile上实现年初制定的指导。 但是由于全年更新,主要是因为Didipio。 我们没有其他调整。

Michael Slifirski

Secondly, with respect to Haile, recovery a little bit lower in the September quarter than the June quarter. Was that simply reflecting the lower grade treated, the reliance on low-grade stockpiles in the September month?

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其次,就海尔而言,9月季度的复苏略低于6月季度。 难道这仅仅是反映了低等级库存,即九月份对低等级库存的依赖吗?

Mick Wilkes

Mick Wilkes

Jim, could you answer that please?

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吉姆,你能回答吗?

Jim Whittaker

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吉姆·惠特克

Sure, Mick. Hi, Michael. How's it going? Yes, great question. As you know, we've been working on several projects through the mill facility to increase recovery. Currently, we're running at levels around 82% to 84%. The projects are going well. This fourth quarter, the last project to be developed is a pre-aeration thickener, which will help us to control the load into the new fine grinding circuit and we're expecting those improvement and recoveries to continue up into the next year.

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当然,米克。 嗨,迈克尔。 怎么样了? 是的,很好的问题。 如您所知,我们一直在通过工厂设施开展多个项目,以提高回收率。 目前,我们的运行水平约为82%至84%。 项目进展顺利。 第四季度,最后一个要开发的项目是预曝气增稠剂,它将帮助我们控制新细磨循环中的负荷,我们预计这些改进和回收将持续到明年。

Michael Slifirski

While I've got you, Jim, the Haile has been improving flexibility between the new fleet, the plant throughput and recovery, greater sort of operational flexibility as you get more pits developed. When does Haile really hit its straps? When are you at a point on the schedule where everything is tuned and can really deliver what you expect from it?

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Jim,当我找到您时,Haile一直在提高新车队,工厂产量和回收率之间的灵活性,并随着您开发更多矿井而提高操作灵活性。 海尔什么时候才能真正发挥作用? 您何时在时间表上的某个时刻进行了所有调整,并且可以真正实现您的期望?

Jim Whittaker

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吉姆·惠特克

Also a very good question. Of course, what we're doing here, the way this process is designed, the new facilities are actually very hungry right now. They're running at a very high rate and it's the mine that's having to catch up with the mill.
We currently have 5 of the E730s and 1 of the big shovels built and in the dirt. And so our program will continue to bring the second large PC 4000 and the remaining shovels up to 15 by about May of next year. So I would suggest somewhere around second quarter, we're really going to be hitting it with respect to feed going to the mill.

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也是一个很好的问题。 当然,我们在这里所做的事情,该过程的设计方式,新设备实际上现在都非常饿。 他们的运转速度非常快,这是矿山必须赶上工厂的步伐。

目前,我们有5台E730和1台大铁铲内置在泥土中。 因此,我们的计划将在明年5月左右继续将第二台大型PC 4000和其余的铲子推至15台。 因此,我建议在第二季度左右的某个时候,我们真的要达到将其送入工厂的目标。

Michael Slifirski

Moving onto Didipio, if the blockade continues, is there anything that can sort of challenge you? I'm thinking of critical spares like pumps and so on for underground, broken oil stocks, can they freeze in stopes? Is there any sort of time critical stuff there that could trip you up?

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如果继续进行封锁,那么进入迪迪皮奥,还有什么可以挑战您的吗? 我在考虑诸如地下等破碎石油库存的关键备件,它们是否可以在采场中冻结? 那里是否有任何时间紧迫的东西会让您绊倒?

Michael Holmes

Michael Holmes

Yes, it's Michael here. The things we sort of understood with the barricades. We basically emptied out all of our underground stock. So basically, everything is sitting [wide] and ready for it to start up. And we've -- as the consumables ran out, we sort of -- we took that opportunity to do that.
So most of our -- all the low-grade stocks are in stockpiles as you know. We have enough spares with regard to continuing the de-watering process. And the reason for staying in a position of business readiness with the workforce means that we can really start within 2 weeks of -- getting up to full production within 2 weeks of getting either the Court of Appeals or the FTAA renewal. So that's the decision we've made.
So everything gets checked daily as part of the routine that we have to ensure that the safety and the environmental compliance remains. We still have our orders by the NGB regulator. So we're still sort of on that track. So that's the state of readiness for Didipio at this point in time.

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是的,这里是迈克尔。我们在街垒上对事物有所了解。我们基本上清空了所有地下存货。因此,基本上,所有内容都已准备就绪,可以启动。而且,随着消耗品的用尽,我们已经有了一定的机会。

因此,正如您所知,我们大多数-所有低档库存都在库存中。关于继续进行脱水过程,我们有足够的备用资源。而保持与员工业务就绪状态的原因意味着,我们真的可以在上诉法院或FTAA续签后的2周内真正开始工作-在2周内达到全面生产。这就是我们做出的决定。

因此,作为日常工作的一部分,我们每天都要进行所有检查,以确保保持安全和环保。 NGB监管机构仍然有我们的订单。因此,我们仍处在这个轨道上。这就是Didipio在此刻准备就绪的状态。

Michael Slifirski

One for Scott with respect to the Didipio concentrate stock. I'm assuming that figure in inventory in the balance sheet, that's cost. If I do some simple math surrounding average gold price and copper price, looks like in terms of sort of net realized book value it's actually about -- a period on period change would be about $35 million.

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关于Didipio精矿库存,这是Scott的选择。 我假设资产负债表中库存中的数字即成本。 如果我围绕平均金价和铜价做一些简单的数学运算,那么就实际实现的账面净值而言,它实际上是大约-周期变化约为3500万美元。

Scott McQueen

Scott McQueen

It's higher than that, Michael. It includes -- there's also [dore] in addition to the concentrate on the (inaudible), but yes, it's a substantial amount. But we're not trying to draw too much attention to that.

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比那更高,迈克尔。 它包括-除了[听不清]以外,还有[dore],但是的,这是一个很大的数目。 但是,我们并不想吸引太多的注意力。

Michael Slifirski

And then finally, on the access to Martha, when are you in a position to see first ore from Martha? And then what's the ramp-up period to when we can see an improvement in the production profile with respect to Martha contributing?

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最后,在通往玛莎的通道上,您什么时候可以看到玛莎的第一块矿石? 然后,在玛莎的贡献方面,我们可以看到生产情况有所改善的加速期是多长?

Michael Holmes

Michael Holmes

Thanks, Michael. So as I mentioned sort of in (inaudible) the Correnso sort of oil body will be completed and we're just going through the budgeting process as the mines -- they sort of lock down the different mine plans. So we know it's going to be 2021 but we haven't locked down that timeframe at this point in time. We're going to be coming out with a study early next year.

www.

谢谢,迈克尔。 因此,正如我提到的那样(在听不清的情况下),Correnso类的石油机构将完工,而我们正处于矿山的预算编制过程中,它们会锁定不同的矿山计划。 因此,我们知道这将是2021年,但我们目前尚未锁定该时间范围。 明年年初我们将进行一项研究。

会议主持员

Your next question is from Daniel Morgan from UBS.

www.

您的下一个问题是来自瑞银的Daniel Morgan。

Daniel Morgan

www.

丹尼尔·摩根(Daniel Morgan)

Just another question regarding Didipio. I know you said a 2-week ramp up once -- or sorry, you can begin production in 2 weeks once you've received approvals to do so. Just wondering after that, how much further, how much longer is it to ramp up to full production, to go from beginning production to full run rate.

www.

关于Didipio的另一个问题。 我知道您说过一次要增加2周的时间-抱歉,您一旦获得批准就可以在2周内开始生产。 只是想知道之后,从开始生产到满负荷生产,要达到满负荷生产还需要多长时间?

Michael Holmes

Michael Holmes

It will take probably 2 weeks to get back up to full production. So we're looking at about a month to take it up. So the way it was left was the material that was taken out. So we've got stopes that are open, which just require further firing and put onto the deck, and then just getting the drilling fleet back up and running, and the production, and the development fleet back up to production. But we have stopes ready to be produced right away. So getting up to full production, I'm anticipating about a month.

www.

恢复到完全生产可能需要2周的时间。 因此,我们打算花大约一个月的时间来处理它。 因此,剩下的就是取出的材料。 因此,我们有开放的采场,仅需进一步射击并将其放到甲板上,然后就可以使钻井队恢复正常运行,并使生产和开发队恢复生产。 但是我们已经准备好立即生产采场。 因此,要开始全面生产,我预计大约一个月。

Daniel Morgan

www.

丹尼尔·摩根(Daniel Morgan)

Just moving to the Martha Underground and maybe a follow-up on Michael Slifirski's questions. With the end of Correnso, which is in Q1 next year, is there any gap or is there a production shortfall or drop from Correnso? Or do you go straight into Martha and there's steady production from Waihi after Correnso finishes I guess is what I'm trying to get at.

www.

只是搬到Martha Underground,也许是对Michael Slifirski的问题进行跟进。 在明年第一季度的科伦索(Correnso)结束时,科伦索(Correnso)是否存在任何缺口或产量短缺或下降? 还是您直接进入玛莎(Martha),而科伦索(Correnso)完成比赛后,怀希(Wahi)的产量将保持稳定,我想这就是我想要达到的目标。

Mick Wilkes

Mick Wilkes

As Michael said, we finished production from Correnso in the first quarter and there won't be any production from Waihi for the remainder of the year. And we're just finalizing our plans for when we would start up production in 2021. But it's likely to be early 2021.

www.

正如Michael所说,我们在第一季度完成了Correnso的生产,而在今年剩余的时间里,Waihi将没有任何生产。 而且我们只是在最后确定我们将于2021年开始生产的计划。但是可能会在2021年初。

会议主持员

Your next question is from Chris Thompson from PI Financial.

www.

您的下一个问题来自PI Financial的Chris Thompson。

Chris Thompson

www.

克里斯·汤普森(Chris Thompson)

Just a couple of quick questions. We'll start off with Haile here. I know you spoke a little bit about meeting I guess your production guidance. What about the cost guidance there? Were there any adjustments made in the cost guidance? Obviously, everything is tracking and in a good direction there but it seems to be a little bit of a stretch to meet the $850 to $900 an ounce AISC cost guidance.

www.

几个简单的问题。 我们将从这里开始。 我知道您说了一些有关见面的信息,我想您的生产指南。 那那里的成本指导呢? 费用指南中是否有任何调整? 显然,一切都在跟踪并朝着一个好的方向发展,但要达到每盎司850至900美元的AISC成本指导似乎有些困难。

Mick Wilkes

Mick Wilkes

Scott, could you speak to that please?

斯科特,你能不能这样说?

Scott McQueen

Scott McQueen

Sure, Mick. We expect to come in, as Michael and Mick said, towards the bottom of the production guidance. But no, we won't be hitting the individual guidance on Haile. It will be similar levels that we've seen in the current quarter. We didn't provide individual side-by-side updates given the uncertainty around Didipio and how that flows into the equation.

当然,米克。 正如Michael和Mick所说,我们期望将其引入生产指导的底部。 但是,不,我们不会在Haile上达成个别指导。 这将与我们在本季度看到的水平相似。 考虑到Didipio周围的不确定性以及它如何流入方程式,我们没有提供单独的并排更新。

Chris Thompson

www.

克里斯·汤普森(Chris Thompson)

And then just quickly, I mean obviously, the state of gold I think is to ramp up firstly to, what is it, 3.5 million tonne a year there. Got any sense when you're going to be able to achieve that? Obviously, you're beginning to achieve that right now. But what can we expect by way of steady state?

然后,我想是很快,我的意思是,我认为首先要增加到那里的每年350万吨的黄金状态。 当您能够实现目标时有任何意义吗? 显然,您现在就开始实现这一目标。 但是,通过稳态我们可以期望什么呢?

Mick Wilkes

Mick Wilkes

Jim, I'll pass to you.

吉姆,我会交给你。

Jim Whittaker

www.

吉姆·惠特克

Cheers, Mick. Yes, thanks for the question. We're already at a steady state. We're hitting that level now. Like I mentioned before, when Mike was asking me about the balance, it's also an issue of getting the mine to be able to adequately feed the plant on a regular basis. But it's getting better and better all the time.
And what we're looking at right now into the future is trying to see how we can blend your basic mine feed with -- and maybe taking in some lower grade stocks at an incremental cost and see what we can do to fully maximize the tonnage throughput on that plant. So that's where our heads are at right now looking into the future.

干杯,米克。 是的,谢谢你的提问。 我们已经处于稳定状态。 我们现在达到了这个水平。 就像我之前提到的那样,当迈克(Mike)问我有关平衡的问题时,这也是使矿山能够定期为工厂充饱粮食的问题。 但是它一直在变得越来越好。

我们现在正在考虑的是,尝试着看如何将您的基本矿山饲料与-也许以增加的成本购买一些低品位的库存,并了解我们可以做些什么来最大限度地增加吨位 该工厂的吞吐量。 因此,这就是我们现在负责未来的方向。

Chris Thompson

www.

克里斯·汤普森(Chris Thompson)

And finally, just over to Macraes quickly, I guess, or more specifically, Golden Point. Can you just remind us again where are we with the economic studies on that as far as timing as well?
So I think, yes, the studies for Golden Point will be done next year, probably finish around the second half of next year.
But we're starting obviously doing our budgeting process and getting, like, the mine plans together with some assumptions being made around that. The 43 one-on-ones will be updated second half of next year.

最后,我想或者更具体地说是Golden Point,很快就到了Macraes。 您能否再次提醒我们,就时间而言,我们在哪里进行经济研究?

因此,我认为,是的,Golden Point的研究将在明年完成,大概在明年下半年完成。

但是,显然,我们正在开始进行预算流程,并获得有关矿山的计划以及与此相关的一些假设。 明年下半年将对这43个一对一进行更新。

会议主持员

(Operator Instructions) Your next question is from David Taylor from Taylor Asset Management. David, please go ahead.

(操作员说明)您的下一个问题来自泰勒资产管理公司的戴维·泰勒。 大卫,请继续。

David Taylor

大卫·泰勒(David Taylor)

Hi there, Mick. To say the stock price underperformance is disappointing I think would be an understatement. One of the ways that us shareholders had some sort of insurance and protection from issues like this at Didipio in the Philippines was that you'd always espouses that the Philippines was a -- it was a land of laws, very much having a Constitutionally like the U.S. And yet, here we are. At the provincial level, we lost a court ruling, even though you had a letter from the Minister of Mines saying you had a permit to operate, even though your FTAA had expired.
Now, here we are waiting for the [field] ruling where we thought the ruling would come a lot sooner than it has. So I'm just wondering if there's something else going on here? So my question is this. After the Gina Lopez debacle, I'm just wondering what precautions the company took to protect itself from things like this? I'm wondering if the company has the proper people on the ground or representation at the local board level.
And then my question #2 is you didn't talk about any contingency plans. If we're here 6 months down the road and you still don't have an FTAA or you still haven't had an appeal ruling from the federal courts, what is the game plan?

嗨,米克。说股价表现不佳令人失望,我认为这是一种轻描淡写。我们的股东在菲律宾的迪迪皮奥(Dipipio)获得某种形式的保险和保护以免发生此类问题的方式之一是,您总是认为菲律宾是-这是法律之地,在很大程度上美国然而,我们来了。在省一级,即使您收到了矿业部长的来信,说即使您的FTAA已过期,您也获得了经营许可,但我们仍未作出法院裁决。

现在,我们在这里等待[现场]裁定,我们认为该裁定比其早得多。所以我想知道这里是否还有其他事情发生?所以我的问题是这个。吉娜·洛佩兹(Gina Lopez)破产后,我只是想知道公司采取了哪些预防措施来保护自己免受此类情况的侵害?我想知道公司是否在当地有合适的人选或当地董事会的代表。

然后我的第二个问题是您没有谈论任何应急计划。如果距离我们只有6个月的时间,而您仍然没有FTAA,或者您还没有收到联邦法院的上诉裁决,那么游戏计划是什么?

Mick Wilkes

Mick Wilkes

Look, we have, since the Gina Lopez incident, we have improved our capability, our capacity in dealing with these issues and we have had a team working on this for over 18 months. It is disappointing that the courts haven't been efficient, but it is still going through the motions with the Court of Appeals.
It wasn't surprising that the local court, the provincial court did not give us the injunction. Although, having said that, we were hopeful but it isn't surprising given the way those provincial courts work. The Court of Appeals is a [beast] and we're still going through that process.
I think it's important to remember that this is the first time that an FTAA has been renewed. We are very close to getting it renewed and we are confident that it will be. In terms of contingency plans, we're obviously -- the company can operate with the other 3 operations. We can fund our organic growth opportunities. We have a very strong debt banking syndicate and this is part of a journey. And when Didipio comes back online, then we'll be back to business as usual.
I sympathize. I empathize with you. It hurts me more than it hurts you, David, I can assure you, with respect to your frustration caused by what's going on with the government and the court system in the Philippines. But we do have good people on the ground. We do have good connections and we'll always uphold our values and operate responsibly in the Philippines as we do in every other country around the world.

看起来,自吉娜·洛佩兹(Gina Lopez)事件以来,我们已经提高了能力,处理这些问题的能力,并且已经有一个团队进行了超过18个月的研究。令人失望的是,法院效率不高,但仍在与上诉法院一起进行。

地方法院,省法院没有给我们该禁令也就不足为奇了。虽然如此,我们还是充满希望的,但是鉴于这些省级法院的工作方式,这也不足为奇。上诉法院是一个“野兽”,我们仍在继续这个过程。

我认为重要的是要记住,这是第一次更新FTAA。我们非常接近更新它,并且我们相信它将如此。就应急计划而言,我们显然可以-该公司可以与其他三个部门一起运作。我们可以为我们的有机增长机会提供资金。我们有一个非常强大的债务银行集团,这是旅程的一部分。当Didipio返回在线状态时,我们将照常营业。

我同情。我很同情你大卫,我可以向您保证,与菲律宾政府和法院系统所造成的挫败感相比,这对您的伤害要大于对您的伤害。但是我们确实有好人。我们确实有良好的联系,我们将一如既往地秉承我们的价值观,并在菲律宾像世界其他每个国家一样负责任地开展业务。

会议主持员

Your next question is from Geordie Mark with Haywood Securities.

您的下一个问题是来自Haywood Securities的Geordie Mark。

Geordie Mark

乔治·马克

Just maybe a quick one centered obviously on Didipio. Given the plant can operate, I guess, on a short-term basis well above the main type, and given the ramp-up decline, how long into, say, next year, would you sort of delay start or delay receipt of some approval process to still maintain your maximum sort of production or your ceiling sort of permanent production rate?

也许是一个快速的人,显然以Didipio为中心。 我认为,鉴于工厂可以在短期内正常运行,并且远高于主要类型,并且考虑到产量下降,那么您要推迟多长时间(例如明年),推迟启动或延迟获得一些批准 保持最大产量或最高永久产量上限的过程?

Mick Wilkes

Mick Wilkes

Geordie, we can't hear you. You're very, very faint. Can you repeat the question please?

哥迪,我们听不到您的声音。 你非常非常虚弱。 你可以重复这个问题吗?

Geordie Mark

乔治·马克

Yes I'll try and get a bit better. Just wondering given that you can produce at a faster rate on a short-term basis through the plant at Didipio than the 3.5 million tonne per annum capacity, just wondering what flexibility you have next year for a delayed start into next year to still get your 3.5 million tonnes throughput. What sort of flexibility do you have there?

是的,我会尽力而为。 只是想知道,您可以通过Didipio的工厂在短期内以比350万吨的年产能更快的速度生产,只是想知道明年您有什么灵活性,可以推迟到明年开始生产,这样仍然可以 350万吨吞吐量。 您在那里有什么样的灵活性?

Mick Wilkes

Mick Wilkes

Generally, it's one-month flexibility there. We know the plant can do probably 4 million ton per annum. So it's about a month, Geordie.

通常,这是一个月的灵活性。 我们知道该工厂每年可以处理约400万吨。 大概一个月了,Geordie。

会议主持员

Your next question is from John Tumazos, John Tumazos Very Independent Research.

您的下一个问题来自John Tumazos非常独立研究公司John Tumazos。

身份不明的分析师

I hate to ask this question again or a different way, but in the region of Didipio in the Philippines, is it a separatist movement or a region that the central government doesn't control? And are there nickel or other mining companies that haven't respected the environment as well as Oceana? I'm trying to understand frictions.

我不想再问这个问题或以其他方式问这个问题,但是在菲律宾的迪迪皮奥地区,这是分裂运动还是中央政府无法控制的地区? 还有像Oceana一样不尊重环境的镍或其他矿业公司吗? 我试图了解摩擦。

Mick Wilkes

Mick Wilkes

Thanks for that question. It's a provincial issue. We have the support of the national government and this is an issue just with the Province of Nueva Vizcaya. We do have 2 provinces that the mine overlaps and the Quirino province as well. We've had no problem with the Governor of Quirino and his (inaudible) Council. The issue is only with the Nueva Vizcaya government.
And there is another gold mine in Nueva Vizcaya, which continues to operate unaffected. So there are no other mines in the province.

谢谢你的问题。 这是省事。 我们得到了中央政府的支持,而这恰恰是新瓦比斯开省的问题。 我们确实有两个矿山重叠的省,还有奎里诺省。 我们与Quirino州长及其(听不清)理事会没有任何问题。 这个问题只存在于Nueva Vizcaya政府。

在Nueva Vizcaya还有另一个金矿,该金矿将继续运营而不受影响。 因此,该省没有其他地雷。

会议主持员

There are no more questions from the phone line.

电话线没有其他问题。

Mick Wilkes

Mick Wilkes

We'll pass over to Sam now. I think there might be some questions online.

我们现在交给山姆。 我认为在线上可能会有一些问题。

Geordie Mark

乔治·马克

There are no questions on the Q&A board here. So over to you, Mick, to conclude.

这里的问答板没有任何问题。 Mick,总结一下。

Mick Wilkes

Mick Wilkes

That concludes our webcast and our conference call. There will be a replay available on our website later today. On behalf of the team, Michael, Scott, Jim, and myself, thank you for joining. Bye for now.

我们的网络广播和电话会议到此结束。 今天晚些时候将在我们的网站上提供重播。 代表团队Michael,Scott,Jim和我本人,感谢您的加入。 暂时再见。

会议主持员

Ladies and gentlemen, this concludes your conference call today. We thank you for participating and ask that you please disconnect your lines.

女士们,先生们,今天您的电话会议到此结束。 感谢您的参与,并请断开连接。

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