The Global Shortfall in Tin
The Global Shortfall in Tin
Elementos Limited (ASX:ELT) Managing Director Joe David provides an update on the company's tin projects in Tasmania and Spain.
Elementos Limited（澳大利亞證券交易所股票代碼：ELT）董事總經理喬·戴維介紹了該公司在塔斯馬尼亞和西班牙錫業項目的最新情況。
Paul Sanger: Hello. I'm Paul Sanger for the Finance News Network, and I'm at the IMARC conference here in Sydney, talking with Elementos (ASX:ELT) CEO Joe David. Joe, great to catch up with you again.
保羅·桑格：你好。我是財經新聞網的保羅·桑格，我正在悉尼參加IMARC會議，與Elementos（澳大利亞證券交易所代碼：ELT）首席執行官喬·戴維交談。Joe，很高興再次見到你。
Joe David: Yeah, good to see you, Paul. Thank you.
喬·戴維：是的，很高興見到你，保羅。謝謝。
Paul Sanger: Now, Joe, I always start with this question when we speak. I always say, "Why tin?" The news has been full of all the EV metals, such as lithium, graphite, nickel, but we both know tin is a special place to play in this space. Tell us why.
保羅·桑格：現在，喬，當我們說話時，我總是從這個問題開始。我總是說：“爲什麼是錫？”新聞中充斥着所有的電動汽車金屬，例如鋰、石墨、鎳，但我們都知道錫在這個領域是一個特殊的用武之地。告訴我們爲什麼。
Joe David: You're right. Tin flies under the radar and I think it's for a couple of reasons. Firstly, there's not many listed tin companies, right? There's only two listed producers, one in Canada, one in Australia, and there's a couple of us developers out there. But, really, it is a commodity that's been run by vertically integrated state-owned companies, and basically the world's running out of tin. So, there's huge deficits forecast. There's been an under-investment in the industry for 20-30 years, and certainly there's a place for a lot of developers like ourself to come in and fill that gap. We've got two tin projects. We're very excited to deliver them both in the back half of this decade and certainly play a significant role in filling that deficit.
Joe David：你說得對。錫在雷達下飛行，我認爲這是有兩個原因的。首先，上市錫業公司並不多，對吧？只有兩家上市生產商，一家在加拿大，一家在澳大利亞，還有幾家美國開發商。但是，實際上，這是一種由垂直整合的國有企業經營的大宗商品，基本上全世界的錫已經用完了。因此，預計將出現巨額赤字。20-30年來，該行業一直投資不足，當然，像我們這樣的許多開發人員都有空間來填補這一空白。我們有兩個錫制項目。我們很高興能在本十年的後半年實現這兩個目標，而且無疑在填補赤字方面發揮了重要作用。
Paul Sanger: So, Joe, let's just talk about the project, and you targeted for production some time in 2025. Is that still on target?
保羅·桑格：所以，喬，讓我們來談談這個項目，你的目標是在2025年的某個時候生產。那還在目標上嗎？
Joe David: Yeah, towards the end of 2025, but more likely probably towards the end of 2026 now. Yeah, coming online, post-commissioning, full production into 2026.
喬·戴維：是的，接近2025年底，但現在更有可能在2026年底。是的，上線，調試後，將全面生產到2026年。
Paul Sanger: Fantastic. And how is the ramp-up looking?
保羅·桑格：太棒了。那麼，坡道看起來怎麼樣？
Joe David: Yeah, so right now we're doing a DFS. Our DFS is about 90 per cent completed. We're making a few adjustments to a couple of the footprints of our waste dumps there to support our interaction with the government and the environmental authorities. So, very soon we'll be closing it out and hopefully have the DFS out by Q1 next year and then approvals at the back end of next year.
Joe David：是的，所以現在我們在做 DFS。我們的 DFS 已經完成了大約 90%。我們正在對那裏的垃圾場的幾個足跡進行一些調整，以支持我們與政府和環境當局的互動。因此，我們很快就會將其關閉，並希望在明年第一季度之前發佈DFS，然後在明年年底之前獲得批准。
Paul Sanger: And that'd be significant for the project, getting the DFS out there, then the reels really starting getting in motion, funding, and really taking the project forward.
Paul Sanger：這對於這個項目來說意義重大，讓 DFS 問世，然後真正開始動起來，籌集資金，真正推動項目向前發展。
Joe David: Yeah, absolutely, absolutely. So, the back half of last year's hopefully closing out the approvals, getting into FID, getting our financiers lined up, offtakers and all the other key aspects. So, we're obviously in conversation with all those key parties already, but in the back half of next year, we'll really be ramping that up.
Joe David：是的，絕對。因此，希望在去年的後半年完成審批、進入外國直接投資、安排金融家、承購以及所有其他關鍵方面。因此，我們顯然已經在與所有這些關鍵各方進行對話，但是在明年下半年，我們確實會加大對話力度。
Paul Sanger: So, you stole my next question. So offtakers already having conversations, checking you out, and lining you up for future tin production?
保羅·桑格：所以，你偷走了我的下一個問題。那麼承購者已經在聊天，檢查你了，爲將來的錫生產做好了準備？
Joe David: Yeah, absolutely. So, the tin industry is pretty much focused on the Asian smelters. So, we're obviously talking to all the major Asian smelters and all the traders that will move our product from Spain out that way. We are also looking at some strategic projects and potentially smelting within continental Europe. There's some real strategic benefits to us there, both from cost basis and it ticks a lot of the boxes for European, the EU's critical raw mineral supply. So, we're certainly looking at some of those options, but of course we're talking to everyone, and we'll make the right economic decision for our shareholders.
Joe David：是的，絕對可以。因此，錫業主要集中在亞洲的冶煉廠。因此，我們顯然是在與亞洲所有主要的冶煉廠以及所有將我們的產品從西班牙運出的貿易商進行交談。我們還在考慮一些戰略項目，並可能在歐洲大陸進行冶煉。我們在這方面有一些真正的戰略利益，既包括成本基礎，也符合歐盟關鍵的原礦供應的歐洲的許多條件。因此，我們當然在考慮其中的一些選擇，但我們當然是在與所有人交談，我們會爲股東做出正確的經濟決策。
Paul Sanger: Now, look, you obviously have assets in Spain, and for the Australian investors, when it comes to permitting and government relations and what have you, how is that in Spain compared to Australia?
保羅·桑格：現在，你看，你顯然在西班牙擁有資產，而對於澳大利亞投資者來說，在許可和政府關係方面，你有什麼，與澳大利亞相比，西班牙的情況如何？
Joe David: Yeah, so the difference in Spain is the Spanish regions are autonomous, so all our approvals are in the Andalusian region. And, yeah, no national-level approvals. So, that's a real difference to Australian projects. So, some ASX investors made have had experience with other ASX companies in other parts of Spain. There's been very few ASX-listed companies within Spain.
喬·戴維：是的，所以西班牙的不同之處在於西班牙的地區是自治的，所以我們所有的批准都在安達盧西亞地區。而且，是的，沒有國家級的批准。因此，這與澳大利亞的項目有真正的區別。因此，一些澳大利亞證券交易所的投資者曾在西班牙其他地區與其他澳大利亞證券交易所公司打過交道。西班牙很少有澳大利亞證券交易所上市的公司。
Obviously Sandfire (ASX:SFR) recently bought into the Matsa project last year within Andalucía. We think that's a big shot in the arm to show that a big Australian copper miner supports the mining industry in Andalucía. Hey, Spain's got a reputation historically. It swung quite anti-development, and mining was a hard thing to do. But in Andalucía right now they've got a very pro-industry, pro-mining government, and we're certainly seeing that support fly through. We are named as a state-significant project. We are in the Project Accelerator group in Andalucía. Only seven mining projects are a part of that, and our Oropesa project is named there, so we've got the political support and the support all the way through the government there.
顯然，Sandfire (ASX: SFR) 去年收購了安達盧西亞的Matsa項目。我們認爲，這是表明澳大利亞一家大型銅礦商支持安達盧西亞採礦業的重大舉措。嘿，西班牙在歷史上享有盛譽。這完全是反開發的，採礦是一件很難的事情。但是現在在安達盧西亞，他們有一個非常親產業、支持礦業的政府，我們肯定會看到這種支持得到廣泛支持。我們被命名爲國家重要項目。我們屬於安達盧西亞的加速器項目組。只有七個採礦項目參與其中，我們的奧羅佩薩項目就是在這裏命名的，因此我們得到了那裏政府的政治支持和支持。
Paul Sanger: And, look, we're also at the IMARC conference, as you can probably hear from the background noise. Plenty going on here. How has it been the last couple of days? I saw plenty of people at the booth when we turned up. How's it been?
保羅·桑格：而且，你看，我們也在參加IMARC會議，你可能會從背景噪音中聽見。這裏發生了很多事情。最近幾天過得怎麼樣？當我們出現時，我看到展位上有很多人。過得怎麼樣？
Joe David: Yeah, no, it's been fantastic. So, between visitors of the booth, the speaking opportunities, and also the private meetings that they facilitate at Mines and Money here and the IMARC, it's fantastic. We'll be in London later this year for the Mines and Money in London as well with promoting our Spanish project there. So the organisation's fantastic, and we're a big supporter of what they're doing.
Joe David：是的，不，太棒了。因此，在展位參觀者、演講機會以及他們在Mines and Money和IMARC主持的私人會議之間，真是太棒了。我們將在今年晚些時候前往倫敦參加 Mines and Money 項目，並在那裏推廣我們的西班牙項目。因此，該組織太棒了，我們大力支持他們的所作所爲。
Paul Sanger: Joe David, thanks for your time.
保羅·桑格：喬·戴維，感謝你抽出時間。
Joe David: Thank you, Paul.
喬·戴維：謝謝你，保羅。
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譯文內容由第三人軟體翻譯。