DRDGOLD Ltd (DRD) 2024 Q2 法說會逐字稿

The webinar will begin shortly. Please remain on the line. The broadcast is now starting. All attendees are in listen-only mode.

網路研討會即將開始。請保持通話。廣播現在開始。所有與會者均為僅聽模式。

(technical difficulty) Officer. There is nothing different to the format this time. We’ll be using very similar information or a very similar format to that, which we used in the past.

（技術難度）軍官。這次的格式沒有什麼不同。我們將使用與我們過去使用的非常相似的資訊或非常相似的格式。

There are a number of themes that will emerge, though, that we’ll pay some additional attention to. And those themes are going to be volume throughput, it’s quite a lot that we want to say about that, our cost make-up for the six months, what’s happening to electricity now and going forward, the social dynamic that is starting to also have its impact or that had an impact and how that’s being managed, and then also one or two things maybe about the political and regulatory reality within which we function. But let’s jump into the presentation itself and go to the key features for the six months.

不過，我們將額外關註一些即將出現的主題。這些主題將是吞吐量，對此我們想說的很多，我們六個月的成本構成，電力現在和未來的情況，社會動態這也開始產生影響，或者產生影響以及如何管理影響，然後還有一兩件事可能與我們運作的政治和監管現實有關。但讓我們直接進入演示本身並了解六個月的主要功能。

So the gold price has been very, very good. And that, I think, has brought some welcome color into these results. It’s enabled us to, for the 17th consecutive year, pay an interim dividend. This dividend matches the one of last year’s half year dividend, ZAR0.20. That’s on the back of strong revenues of just under ZAR3 billion, 12% increase; operating profit, increase of 15% to ZAR909 million. I would have loved to be in a position to say around about a ZAR1 billion. So I think that is a number we -- internally, we’re thinking what may have been, what could have been. Production was down by roughly 7%, and I’ll elaborate on that as I go through the segmental analysis.

所以金價一直都非常非常好。我認為，這為這些結果帶來了一些受歡迎的色彩。這使我們能夠連續第 17 年派發中期股息。該股息與去年的半年股息一致，即 0.20 南非蘭特。這是基於近 30 億南非蘭特的強勁收入，成長了 12%；營業利潤成長 15%，達到 9.09 億南非蘭特。我希望能夠說大約 10 億南非蘭特。所以我認為這是一個我們內部正在考慮的數字，我們正在考慮可能是什麼，本來可以是什麼。產量下降了大約 7%，我將在進行分段分析時詳細說明這一點。

Headline earnings on the back of both revenues and the increase in operating profit have gone up by 10%. And I think because of positive headline earnings, it’s just all the more compelling to again declare that dividend that informs the -- to an extent, it’s one of the considerations when it comes to the decision whether or not to declare a dividend. We again played our part into the (technical difficulty) with ZAR127 million going to revenue services in pay as you earn. You’ll also see in the detailed analysis, the tax position, we are paying income tax. All-in sustaining cost margin of roughly 19.4%. So the book price did help us there.

在營收和營業利潤成長的推動下，整體獲利成長了 10%。我認為，由於整體獲利積極，再次宣布股息就更加引人注目——在某種程度上，這是決定是否發放股息時的考慮因素之一宣布股息。我們再次在（技術難題）中發揮了自己的作用，將 1.27 億南非蘭特用於按收入付費的收入服務。您還會在詳細分析中看到，稅務狀況，我們正在繳納所得稅。整體維持成本利潤率約為 19.4%。所以書價確實對我們有幫助。

And then pretty much right in the middle of the page, the main feature is being in a position to take advantage, not to the full extent of the potential advantage, but being in a position to take advantage of a very attractive gold price with a 22% increase in the gold price receivable, just under ZAR1.2 million per kilo for this year. For last year rather, was my 20th year with DRDGOLD, and I remember when I joined DRDGOLD, gold price was hovering around ZAR60,000 a kilo.

然後幾乎就在頁面的中間，主要特徵是能夠利用，不是充分利用潛在優勢，而是能夠利用非常有吸引力的黃金價格，並以今年應收黃金價格上漲22%，接近每公斤120 萬南非蘭特。去年，是我加入DRDGOLD的第20個年頭，我記得當我加入DRDGOLD時，金價徘徊在每公斤60,000南非蘭特左右。

So it’s a long time since then, lots of things have changed. I think the gold price is definitely now rebased and recoupled relative to a number of different dynamics that inform it. And we’ll talk a little bit about that as well later on if there’s time.

從那時起已經過了很長一段時間，很多事情都改變了。我認為，相對於許多不同的動態，金價現在肯定已經重新調整和重新耦合。如果有時間的話，我們稍後也會討論一下這個問題。

Because our operations are by and large in the city, the amount of dust that comes off our various reclamation and deposition sites are important. We measure those very, very closely with -- if I’m not mistaken, just over 290 monitoring sites and the exceedances that we saw there and those are exceedances in terms of the stipulated regulatory thresholds, those exceedances came down to 0.6% of the number of samples taken. So less than 1% of the samples that we took registered an exceedance of the dust standard and by a larger relatively margin exceedance as well.

由於我們的業務基本上都在城市進行，因此各個回收和沈積場地產生的灰塵量非常重要。我們非常非常密切地測量這些數據——如果我沒記錯的話，我們在290 多個監測點進行了非常非常密切的測量，我們在那裡看到了超標情況，這些超標情況是按照規定的監管閾值計算的，這些超標情況已降至0.6%。因此，我們採集的樣本中，只有不到 1% 的粉塵超標，而且超標幅度相對較大。

So the fact of the matter is that DRD is putting very little dust into its surrounding communities. You no longer -- if you live next to one of our tailings dams, you no longer have to wash your curtains twice a month as was the case I think 15 years ago when we started these programs to vegetate the permanent tailings deposition facilities and so forth. So it’s an important parameter for us as well.

事實上，DRD 向周圍社區排放的灰塵很少。如果你住在我們的一座尾礦壩旁邊，你就不再需要每個月洗兩次窗簾，就像15 年前的情況一樣，當時我們開始了這些項目，為永久性尾礦沉積設施種植綠化，所以向前。因此，它對我們來說也是一個重要參數。

Looking at the operating trends, and here, we’ll elaborate a little bit more on some of the impacts that we dealt with during the course of the half year. So as you could see, just looking at Ergo’s operating volume trend from half year '23 to half year '24, see that volumes are quite a bit down. And that’s, by and large, a function of the fact that two large sites that we had wanted to commission during the course of last year already were delayed for a variety of reasons, and those only started early this year.

看看營運趨勢，在這裡，我們將詳細闡述我們在半年期間處理的一些影響。正如您所看到的，只要看看 Ergo 從 2023 年半年到 24 年半年的營業額趨勢，就會發現營業額下降了很多。總的來說，這是因為我們去年想要委託的兩個大型網站由於各種原因而被推遲，而這些網站今年年初才開始。

Now in the past, including second part of '23, we were in a position -- in fact, the bulk of half year 1 as well, we were in a position to make up tons from a number of legacy and cleanup sites. We spoke about that in the past, where we had between six and seven legacy and cleanup sites at any given point in time where we systematically started working through those sites to take them to a point where they could be handed back for use, so where they were restored, cleared of all remaining mine waste.

現在，在過去，包括 23 年的後半段，我們處於一個有利的位置——事實上，在第一年半年的大部分時間裡，我們都能夠從許多遺留和清理站點中彌補大量的不足。我們過去談到過這一點，在任何給定的時間點，我們都有六到七個遺留和清理站點，我們系統地開始處理這些站點，將它們帶到可以交還使用的地步，所以在哪裡它們已修復，清除了所有剩餘的礦山廢物。

Now that process had to be accelerated when it became apparent that the overlap between sites that had become depleted and new sites that were supposed to come online at Ergo where that time schedule had become distorted because of these delays.

現在，當發現已耗盡的站點與本應在爾格上線的新站點之間存在重疊時，必須加快這一過程，而由於這些延誤，時間表已被扭曲。

So up until roughly October of last year, we were in a position to source quite a lot of material to make up for the lost times from those two sites. And the shortfall or the call from those two sites, roughly 500,000 tons a month, which we couldn’t source. So there was quite a big gap to fill with mechanical lifting and transportation and so forth. All of that ran out by the end of October. Those sites are clean. They’re down to what was referred to in the past as down to (technical difficulty). Now we just say down to red earth.

因此，直到去年 10 月左右，我們才能夠從這兩個站點獲取大量材料來彌補損失的時間。還有這兩個地點的缺口或需求，每月約 50 萬噸，但我們無法找到來源。所以機械起重運輸等方面還有很大的空白需要填補。到十月底，所有這些都用完了。這些網站都很乾淨。它們取決於過去所說的“down to”（技術難度）。現在我們只說紅土。

And there was two-month gap while we were waiting for the two sites in particular to come online before we could resume full volume production. We’re in the process of ramping up production from these two new sites. And those two months were November and December. You’ll see in the letter that I wrote, we talk about how we managed to keep up and do quite well up until early in November when those sites have just been cleaned up.

在我們恢復全面量產之前，我們特別等待這兩個站點上線，中間有兩個月的時間間隔。我們正在提高這兩個新工廠的產量。那兩個月是十一月和十二月。您會在我寫的信中看到，我們談論了我們如何設法跟上並做得很好，直到 11 月初這些網站剛剛清理完畢。

Now of course, the advantage is that cleanup work with earthmoving equipment that was due next year and the year after, that’s all now being brought forward. The other advantage -- I suppose, if one wants to see the silver lining here, the other advantage is that quite a lot of ounces that form part of our resource, our mineral resource, have simply not been mined because these ounces do not form part of that resource. So they certainly didn’t feature in our life of mine plan.

當然，現在的優勢在於，原定於明年和後年進行的土方設備清理工作，現在全部都提早了。另一個優勢——我想，如果有人想看到這裡的一線希望，另一個優勢是，構成我們資源、礦產資源一部分的相當多的盎司根本沒有被開採，因為這些盎司沒有形成該資源的一部分。所以它們肯定沒有出現在我們的人生計畫中。

So you had substitute ounces that were unplanned. It’s now filled the place of ounces that we’re supposed to have come in earlier. And then would then have the effect that they are going to be mined later. They are not lost, they’re just going to be mined later, and they’re going to be hopefully sold at a time when the gold price is even more favorable. So huge frustration not being able to stick to the plan.

所以你有計劃外的替代盎司。現在它已經填滿了我們應該早先到達的盎司位置。然後就會產生稍後將被開採的效果。它們並沒有丟失，只是稍後會被開採，並且有望在金價更加有利的時候出售。無法堅持計劃的巨大挫敗感。

But then at the same time, it’s not all bad. These aren’t perishable goods, gold doesn’t weather. So if you don’t mine it now, you’re going to mine it at some point into the future. And that will also obviously play a bit of an impact, will have a role on the TRS and we’ll update that as we go along.

但同時，情況也不全然是壞事。這些不是易腐壞的商品，黃金也不會風化。因此，如果你現在不開採它，你就會在未來的某個時候開採它。顯然，這也會產生一些影響，將對 TRS 產生影響，我們將在進展過程中更新這一點。

But just to illustrate that the stock difference in how high-grade material from cleanup sites had offset the lower volume. So whilst belt production is down 7%, the volume throughput numbers were down by 13%. So there’s a bit of disproportionality in the two, which indicates to you the extent to which there was a reliance on sites that didn’t form part of the life of mine.

但這只是為了說明來自清理地點的高品位材料的庫存差異如何抵消了較低的數量。因此，雖然皮帶產量下降了 7%，但吞吐量卻下降了 13%。因此，兩者之間存在一些不相稱，這向您表明了對不屬於我生活一部分的網站的依賴程度。

But we’re through that and we very relieved that we are, and we can now look forward to stabilizing these new sites. And you’ll also see that the guidance on costs, for example, is slightly lower than what the unit cost per kilo were for the half year. So we do believe that there’s going to be a slightly softening in impact.

但我們已經度過了這一切，對此我們感到非常欣慰，現在我們可以期待穩定這些新站點。例如，您還會看到成本指引略低於半年每公斤的單位成本。因此，我們確實相信影響力將會略為減弱。

So moving on -- sorry, that was a bit of a mouthful, but moving on, yield was also slightly down. The reason being that we did start mining one of the high-volume sites, so there were four sites that were supposed to come online as part of this transition. The first one did come online in November of 2022, the second in July of 2023, that was a very low volume site, thanks to Rooikraal and the other two only later on.

所以繼續——抱歉，這有點拗口，但繼續前進，收益率也略有下降。原因是我們確實開始挖掘其中一個高流量站點，因此作為此過渡的一部分，應該有四個站點上線。第一個網站確實在 2022 年 11 月上線，第二個網站於 2023 年 7 月上線，這是一個流量非常低的網站，這要歸功於 Rooikraal 和其他兩個網站後來才上線。

And the slight dip in recovered grade was the impact of the high-volume lower grade coming in from Rooipoort. And also, obviously, the mix and match from these various sites, but still a fairly good yield, slightly higher than planned, and that helped to offset the lower tons as I spoke about earlier.

回收品位略有下降是由於來自 Rooipoort 的大量較低品位的影響。而且，顯然，這些不同地點的混合和匹配，但產量仍然相當不錯，略高於計劃，這有助於抵消我之前談到的較低噸數。

Production over the last three periods illustrated there, relatively flat. And this is where what could have been comes into the equation. We went far away from matching last year. If either the sites had come online or if we didn’t run out when we did in October, we would have been within spitting distance of half year '23, but it is what it is. And as I said earlier, the gold price has been very good to help close that gap that had opened up in that regard.

如圖所示，過去三個時期的產量相對持平。這就是本來可以考慮的地方。去年我們距離配對還差得很遠。如果這些網站已經上線，或者我們沒有在 10 月用完，那麼我們距離 23 年半年就已經很近了，但事實就是如此。正如我之前所說，金價非常有助於縮小在這方面出現的差距。

Far West Gold had now also mined through the first half of its mine dams, the number-5 dam, which was the first of the dams that it started mining, a stone’s throw from the plant. That dam’s been substantively depleted, that’s the correct term. And there’s only a bit of floor cleanup that’s taking place there as well. Obviously, that adds to the cost, but these aren’t loss making tons, they still make a contribution. But that obviously has had the impact that its cost per ton has gone up slightly.

Far West Gold 現在也已經開採了其前半部分礦壩，即 5 號礦壩，這是該公司開始開採的第一座礦壩，距離工廠僅一箭之遙。那個大壩已經嚴重枯竭，這是正確的說法。而且那裡也只進行了一些地板清理工作。顯然，這增加了成本，但這些並沒有造成大量損失，它們仍然做出了貢獻。但這顯然會導致每噸成本略有上升。

But Driefontein number-3 dam, which is the new site that it’s mining and it’s a high volume site, that one is coming along quite well. It’s achieving throughput with relative ease. The plant is running slightly below full throughput capacity because we don’t want to put more than 0.5 million tons of material onto the number-4 tailings deposition facility in order to just make sure that we have deposition space for as long as we require before RTSF comes online.

但德里方丹三號水壩是該公司正在開採的新礦點，也是高容量礦點，進展順利。它相對容易地實現吞吐量。該工廠的運行速度略低於滿載生產能力，因為我們不想將超過 50 萬噸的材料放入 4 號尾礦沉積設施中，以確保只要我們需要，我們就有沉積空間在 RTSF 上線之前。

So the volume trend there is encouraging and it’s going along nicely. The initial recoveries from Driefontein were slightly lower head grades as the topper sections were being opened up and face established in those sections were slightly lower. You would have seen in earlier communications, though, that we talk about the high shear agitator that’s now been launched or commissioned rather, it uses a bit of power, which also contributes to cost. But the impact of that, we believe, and based on early results, is actually quite good. We’re seeing some very nice improvements in recovery efficiency there.

因此，那裡的銷售趨勢令人鼓舞，而且進展順利。德里方丹的最初回收率略低，因為頂部部分被打開，並且在這些部分中建立的工作面略低。不過，您可能在先前的通訊中看到，我們談論的是現已推出或調試的高剪切攪拌器，它使用一點電力，這也會增加成本。但我們相信，基於早期結果，其影響其實相當不錯。我們看到恢復效率有了一些非常好的改進。

And the way it basically means is introducing a lot of energy into the slurry mix during cyanidation, it improves cyanidation bleaching and (technical difficulty) has an explanation for those of you that are technical, that goes into the kinetics of the whole process and so forth. You’re more than welcome to ask him about that.

它的基本意思是在氰化過程中向漿料混合物中引入大量能量，它改善了氰化漂白，並且（技術難度）為技術人員提供了解釋，涉及整個過程的動力學等等。我們非常歡迎您向他詢問此事。

Basically what it means is that more of the gold that’s in the mix now gets released, finds its way into solution and ultimately onto carbon. So production there was good, back to 663 kilos for the half year, up from the previous six months.

基本上，這意味著混合物中更多的黃金現在被釋放，進入溶液並最終進入碳。因此，產量良好，半年產量恢復至 663 公斤，高於前六個月。

So then looking at the group operating trends, sharp dip in volume between the first six months and the -- rather the last six months of -- correction, the first six months of the calendar year and the period preceding that, and then a slight recovery with, as I said earlier, two of the sites coming on stream at ERGO. Also in the yield, I think, has been explained, still pretty good. The fact that we can get that recovery out, and that’s testimony both to the high grades from these reclamation sites, these cleanup sites, but also plants that are running well.

因此，然後看看集團的營運趨勢，前六個月和調整（而不是最後六個月）之間的交易量急劇下降，日曆年的前六個月和之前的時期，然後略有下降正如我之前所說，ERGO 的兩個站點已投入運作。另外在收益率上，我想，已經解釋過了，還是不錯的。事實上，我們能夠實現回收，這既證明了這些填海場、這些清理場的高品位，也證明了工廠運作良好。

Our plants are being managed really well. Their efficiency factors are good, and I think the way that information is being managed is also assisting to keep them at relative stable state. So looking at production, pretty flat, half year-on-half year, but as I said earlier, 7% down relative to the comparative period of '23.

我們的工廠管理得非常好。他們的效率因素很好，我認為資訊管理方式也有助於使他們保持相對穩定的狀態。因此，從產量來看，與去年同期相比相當持平，但正如我之前所說，相對於 23 年同期下降了 7%。

So now the financial review and I’ll hand you over to Riaan to take you through some of the numbers. Thank you.

現在是財務審查，我將把您交給 Riaan，讓您了解一些數字。謝謝。

Thank you very much, Niel. Good morning, everyone. As always, my privilege to take you through the financial numbers. Just to provide some, again, context from my side. It’s really an exciting period for DRD as we’re building our gold growth story. And always when I talk about DRD, I get excited because we’re very sure of what we want to achieve in the long run with our purpose being reversing the environmental legacy of mining. And every time I look at the results and every period that passes, I can see a little bit more of that. And for me that is the theme. And you’ll see it through in the property plant equipment numbers, you’ll see it in the cash flow and I’ll emphasize that in the presentation.

非常感謝你，尼爾。大家，早安。一如既往，我很榮幸向您介紹財務數據。只是再次提供一些我這邊的背景資訊。對於 DRD 來說，這確實是一個令人興奮的時期，因為我們正在建立我們的黃金成長故事。當我談論 DRD 時，我總是感到興奮，因為我們非常確定從長遠來看我們想要實現什麼，我們的目標是扭轉採礦業對環境的影響。每次我查看結果和每個時期的過去，我都能看到更多的東西。對我來說這就是主題。您將在房地產工廠設備數字中看到它，您將在現金流中看到它，我將在演示中強調這一點。

And then while we do that, while we’re setting up for the future, we’re also operating. And Niel provided that context. And just a big thank you from my side to an exceptional operational team that runs the business 24 hours a day, 365 days a year. That’s amazing to see, when there’s challenges, how the team reacts. And that’s become part of the DRD story, which I’m very proud of and also ably assisted to on the financial reporting side by an exceptional team. So thank you very much for that.

然後，在我們這樣做的同時，在為未來做好準備的同時，我們也在運作。尼爾提供了這樣的背景。我非常感謝一支出色的營運團隊，他們一年 365 天、每天 24 小時經營我們的業務。當遇到挑戰時，團隊的反應令人驚訝。這成為了 DRD 故事的一部分，我對此感到非常自豪，並且在財務報告方面也得到了一支傑出團隊的大力協助。非常感謝您。

As Niel has mentioned, we always present these results taking the first six months of our financial year in comparison to the first six months of last year. Because as everyone knows, we do have seasonal changes -- well, seasonal rain and no rain, the winter, but also, for example, around the winter tariff that we pay in the winter months for electricity. So we always use that as a base. But it’s good to look through all the various periods to understand it. Niel alluded to our booklet, which is always prepared with great care. So I encourage you, other than just this presentation, to have a look.

正如尼爾所提到的，我們總是將本財政年度的前六個月與去年的前六個月進行比較來呈現這些結果。因為眾所周知，我們確實有季節變化——嗯，有季節性的雨和無雨的冬天，而且，例如，我們在冬季支付的電費也有冬季的變化。所以我們總是以此為基礎。但最好回顧一下所有不同的時期來理解它。尼爾提到了我們的小冊子，它總是經過精心準備的。因此，除了本次演示之外，我鼓勵您也看看。

Then looking at the overall financial results with the context that Niel provided. And again, I’m generally comparing the first six months of our financial year '23 with the period that’s just passed, so December 31, 2023. If you look at revenue up 12%, assisted, as Niel mentioned, by a 22% increase in the average rand gold price to ZAR1.173 million per kilogram. And in the context of the ERGO results, with tonnages down, gold sold was 8% lower than the comparable period in 2023.

然後根據 Niel 提供的背景查看整體財務結果。再說一遍，我通常會將 23 財年的前六個月與剛過去的時期（即 2023 年 12 月 31 日）進行比較。如果你看看收入成長了 12%，正如 Niel 所提到的，蘭特黃金平均價格上漲了 22%，達到每公斤 117.3 萬南非蘭特。從 ERGO 的結果來看，隨著噸位下降，黃金銷售量比 2023 年同期下降了 8%。

Then cash operating costs, as Niel alluded and just to recap, so continued reclamation of legacy and cleanup sites, together with double-digit increases in machine hire and contract reclamation costs, at resulted in a period-on-period increase of 12% in costs. And then with some gold inventory adjustments, leaves us with an operating profit, up 29% period-on-period to just over ZAR431 million, which again is a very solid contribution.

然後，正如 Niel 所提到的，回顧一下，現金運營成本、遺留和清理場地的持續回收，以及機器租賃和合約回收成本的兩位數增長，導致了 12% 的同比增長。然後，透過一些黃金庫存調整，我們的營業利潤年增 29%，達到略高於 4.31 億南非蘭特，這又是一個非常可觀的貢獻。

And as Niel put it, and more-and-more, we look at it this way, this is just the financial profit number, which is very important. But together with that, we saw massive environmental cleanup. So if the environment had a profit number or a value number, that’s definitely a tick or a green block in that vast areas, where clean to red earth, as Niel mentioned, which is a great win and solid results from ERGO, with the 6 months looking ahead, as we communicated, large volume sites up and running, which is our sustainable business, large volume that we want to focus.

正如尼爾所說，我們越來越多地以這種方式看待它，這只是財務利潤數字，這非常重要。但同時，我們也看到了大規模的環境清理工作。因此，如果環境有利潤數字或價值數字，那麼在廣闊的區域中，這絕對是一個勾號或一個綠色塊，這些區域從清潔到紅土，正如尼爾提到的，這是ERGO 的巨大勝利和堅實成果，正如我們所傳達的，展望未來 6 個月，大容量站點將啟動並運行，這是我們的可持續業務，我們希望專注於大容量業務。

On the Far West Gold Recoveries site, very similar revenue numbers in that gold sold was down by 8% period-on-period and also assisted by the same rand gold price increase of 22%, leaves revenue up 12%, up period-on-period for Far West Gold Recoveries. Cash operating costs looks more severe at face value, but very good reasons for it. So, up 24% period-on-period, with specific increase in reagent use, particularly slime and steel balls, and dealing with the increased acidity and coarser material coming from the Driefontein 3 site.

在 Far West Gold Recoveries 網站上，收入數據非常相似，黃金銷售量同比下降 8%，同樣蘭特的黃金價格上漲 22%，使得收入同比增長 12% -遠西黃金回收期。從表面上看，現金營運成本看起來更加嚴重，但這是有充分理由的。因此，與上期相比增長了 24%，具體增加了試劑的使用，特別是粘液和鋼球，以及處理來自 Driefontein 3 站點的酸度增加和較粗的材料。

And then obviously, the electricity costs relating to Driefontein 3 is more than in comparison to Driefontein 5 in the comparative period. Niel mentioned the installation of the high shear agitators adding to costs, but in a good way that it will look to release more gold for us, which is why we’re after that kind of technology and then also for Far West, similar to ERGO, still continuous cleanup of the Driefontein 5 site, with (technical difficulty) and diesel also contributing to that increase.

顯然，與比較期間的 Driefontein 3 相關的電力成本高於 Driefontein 5 的電力成本。Niel 提到安裝高剪切攪拌器會增加成本，但從一個好的方面來說，它會為我們釋放更多的黃金，這就是為什麼我們追求這種技術，然後也追求遠西，類似於ERGO仍在持續清理Driefontein 5 場地，（技術難度）和柴油也促成了這一增長。

So then looking at the operating profit, obviously with that higher cash operating cost increase, the operating profit up just 4%, period-on-period, still very impressive for the size of the operation and what the team is busy doing there still to contribute just under ZAR0.5 billion. Very impressive results overall.

那麼，再看看營業利潤，顯然，隨著現金營運成本的增加，營業利潤同比僅增長了 4％，但對於營運規模以及團隊仍在忙著做的事情來說，仍然非常令人印象深刻。貢獻了近5 億南非蘭特。總體而言，結果非常令人印象深刻。

Then looking at the group financial trends, yes, operating margin, we see margin creep there, which is something that we manage on a daily basis and also in our long-term model is something that we look at closely. Obviously, we’re a price taker. We don’t generally hedge or fix the price of gold. So this is something that we continuously manage, but to have the margin still 30% is very healthy. And then the operating margin flows into the all-in sustaining cost margin, with our sustaining CapEx down 14% period-on-period, with that margin close to 20%, which is still very healthy for us.

然後看看集團的財務趨勢，是的，營業利潤率，我們看到利潤率不斷攀升，這是我們每天管理的事情，也是我們長期模型中我們密切關注的事情。顯然，我們是價格接受者。我們一般不會對沖或固定黃金價格。所以這是我們持續管理的事情，但維持 30% 的利潤率是非常健康的。然後，營業利潤率流入全部維持成本利潤率，我們的維持資本支出年減 14%，利潤率接近 20%，這對我們來說仍然非常健康。

Then the highlight for me, as I’ve mentioned at the start of the presentation, and it may look negative, the free cash flow that we’ve generated for this 6 months ending -- that ended December 2023. There’s such a good and exciting story behind it, and the main reason for that, and we’ll obviously talk to the cash flow in a while, was our capital expenditure, our increasing property, plant and equipment, up by ZAR687 million or 177% to almost ZAR1.1 billion.

然後對我來說最重要的是，正如我在演示開始時提到的那樣，它可能看起來是負面的，即我們在截至 2023 年 12 月的 6 個月內產生的自由現金流。這背後有一個如此美好而令人興奮的故事，其主要原因，顯然我們稍後會討論現金流，是我們的資本支出，我們不斷增加的財產、廠房和設備，增加了6.87 億蘭特，即177%，達到近11 億蘭特。

So what we’re doing with our cash and both the ZAR2.5 billion that we had at the start of this period, but also cash that we generate, is to set up that growth CapEx. And at the moment, that’s very exciting for us. Don’t think at the same time, but really exciting to see the business set up for decades to come. And then headline earnings per share, obviously, we still operate while we’re building our future business still a very solid ZAR0.68 per share and very much comparable to the 6-month period ending December 2022.

因此，我們正在利用我們的現金、本期初擁有的 25 億南非蘭特以及我們產生的現金來建立成長資本支出。目前，這對我們來說非常令人興奮。不要同時思考，但看到業務在未來幾十年內建立起來確實令人興奮。然後，顯然，我們在建立未來業務的同時仍在運營，每股總體收益仍然非常穩定，每股收益為 0.68 蘭特，與截至 2022 年 12 月的 6 個月期間非常相似。

And moving on to the income statement, the statement of profit and loss, as it’s called, hopefully, all of this will make sense now in the context that Niel sketched around operations and also the financial trends for both ERGO and Far West. Yes, obviously, revenue follows that trend, up by 12%, gold price up 22%, gold sold, down 8%. Cost of sales with the cost increases, as we explained, up 11%, period-on-period, leaving us with gross profit from operating activities of just over ZAR762 million.

接下來是損益表，即所謂的損益表，希望所有這些現在在 Niel 概述的營運以及安顧和遠西的財務趨勢的背景下都有意義。是的，顯然，收入遵循這一趨勢，增長了 12%，金價上漲了 22%，黃金銷量下降了 8%。正如我們所解釋的，隨著成本增加，銷售成本年增 11%，使我們的經營活動毛利略高於 7.62 億南非蘭特。

Admin costs, some increases the on human capital spend, and also IT expenditures. Finance income in line with the previous 6 months still high cash balances that we carry and also growth in our environmental funds and some dividends received making up that balance and then income tax.

管理成本，有些增加了人力資本支出，還有 IT 支出。財務收入與前 6 個月一致，我們持有的現金餘額仍然很高，我們的環境基金也有所增長，收到的一些股息彌補了該餘額，然後是所得稅。

Niel alluded to it, although this wasn’t a high and cash paying period for us from an income tax point of view. Based on the profit that the 6 months generated, there’s definitely an income tax number, changes in deferred tax as well, going through that line. And there’s also an income tax payable on our balance sheet, leaving us with profit for the period, up 10% to ZAR589.3 million.

尼爾提到了這一點，儘管從所得稅的角度來看，這對我們來說並不是一個高現金支付時期。根據這 6 個月產生的利潤，肯定有一個所得稅數字，以及遞延稅的變化，透過這條線。我們的資產負債表上還有應付所得稅，這使得我們當期利潤成長 10%，達到 5.893 億南非蘭特。

Moving on to the balance sheet with the statement of financial position, as it is now called. Again, I want to emphasize that first line. So, from a sustainability and long-term business planning point of view, for me, that is excellent reading, so more than ZAR1 billion increase, period-on-period, to that ZAR4.4 billion as presented. And that’s really encouraging to see. Non-current investments and other assets, next slide just shows our contribution still any rehabilitation growth, and also mainly our investment in (technical difficulty), reflected at fair value.

接下來是資產負債表和財務狀況表（現在稱為財務狀況表）。我想再次強調第一行。因此，從永續性和長期業務規劃的角度來看，對我來說，這是極好的讀物，因此同比增長超過 10 億蘭特，達到所提出的 44 億蘭特。這確實令人鼓舞。非流動投資和其他資產，下一張投影片僅顯示我們的貢獻仍是任何恢復成長，也主要是我們對（技術難度）的投資，以公允價值反映。

Cash and cash equivalents, yes, we’re using our cash, which is part of the plan. So that’s down period on period. But I’ll color that in with the cash flow statement. On the next slide and other current assets, just to explain that big increase, so that includes ZAR610 million prepayment towards our solar project obviously, as we order that, and it’s being manufactured specifically on the battery side, obviously as soon as we commission those and bring them into use, that will move up to the property plant and equipment line. But it’s all part of our capital expansion that we’re executing. Equity, nice increase period-on-period, provision for rehab. Obviously, we don’t go through full rehabilitation re-estimates at all tiers. It’s very much the unwinding sits there.

現金和現金等價物，是的，我們正在使用現金，這是計劃的一部分。所以這是一個時期以來的下降。但我會將其與現金流量表一起著色。在下一張幻燈片和其他流動資產中，只是為了解釋這一大幅增長，因此這顯然包括我們太陽能項目的6.1 億南非蘭特預付款，正如我們訂購的那樣，而且它是專門在電池方面製造的，顯然一旦我們委託這些項目並將其投入使用，這將轉移到地產工廠和設備生產線。但這都是我們正在執行的資本擴張的一部分。股權、較去年同期大幅成長、復健準備。顯然，我們不會對所有層級進行全面的恢復重新評估。正是在那裡放鬆身心。

Deferred tax liability will grow as we claim capital allowances. So it creates that temporary difference. And then current liabilities, the increase in increasing trade and other payables. And as I’ve mentioned, a current tax liability also recorded. So current ratio, so yes, not at the 5.4 previously but still a very, very healthy 3.7, as you can see on the slide.

隨著我們索取資本免稅額，遞延所得稅負債將會增加。所以它創造了暫時的差異。然後是流動負債、貿易和其他應付款項的增加。正如我所提到的，也記錄了目前的納稅義務。流動比率，是的，不是之前的 5.4，但仍然是非常非常健康的 3.7，正如您在幻燈片上看到的那樣。

Then the statement of cash flows. I always say, for me, the most relevant, because ultimately we need cash to pay our employees, to pay taxes, to add to our property, plant and equipment, to pay dividends to shareholders, and very much forms the backbone of our reward structure on a short-term basis at DRDGOLD as well. So it is the most relevant for me and the one that is what it is, if I can put it like that, where other measures sometimes in accounting may be criticized. Cash flow is, I believe, as pure as you can get.

然後是現金流量表。我總是說，對我來說，最相關的，因為最終我們需要現金來支付員工工資，納稅，增加我們的財產、廠房和設備，向股東支付股息，並且在很大程度上構成了我們獎勵的支柱DRDGOLD 也採用短期結構。因此，它對我來說是最相關的，如果我可以這樣說的話，它就是它的本質，而會計中的其他措施有時可能會受到批評。我相信，現金流是最純淨的。

Just briefly talking through that. Then cash generated from operations, stable period-on-period at ZAR600 million. Finance income received, yes, we still do carry large cash balance so that’s the finance income on our own. Cash dividends, as I’ve mentioned, mostly from Rand Refinery, very small finance expense paid. The bigger finance expense and income statement relates to the unwinding of the discount on our rehab liabilities mostly. And then, as I’ve mentioned, not a big income tax paying period from a provisional tax point of view. Obviously, that’s based on our 12-month forecast. We obviously look towards the end of June to revisit that position.

只是簡單地談論一下。然後經營產生的現金，年比穩定在6億南非蘭特。收到的財務收入，是的，我們仍然持有大量現金餘額，因此這就是我們自己的財務收入。正如我所提到的，現金股利大部分來自蘭德煉油廠，支付的財務費用非常少。較大的財務費用和損益表主要與我們的復健負債折扣的解除有關。然後，正如我所提到的，從暫繳稅的角度來看，所得稅納稅期間並不長。顯然，這是基於我們 12 個月的預測。顯然，我們期待在六月底重新審視這個立場。

And then again, to emphasize from my point of view, one of the highlights, so that we added, to property, plant and equipment in this period, more than ZAR1 billion setting up around our major projects. Mostly that’s relating to the solar. Then other big line item there is dividends that is reflected. There is our final dividend of ZAR0.65 that we paid in September as a part of this period. And, yes, so an overall net decrease in cash, with most of that being contributed to property, plant and equipment, or a big part of that, as you can see, leaving us with a closing cash and cash equivalent, still very healthy ZAR1.5 billion at December 31, 2023.

再次強調，從我的角度來看，其中一個亮點是，我們在這段時期圍繞著我們的主要項目增加了超過 10 億南非蘭特的財產、廠房和設備。這主要與太陽有關。然後其他大行項目就有反映的股利。作為這段期間的一部分，我們在 9 月支付了 0.65 南非蘭特的末期股息。是的，現金總體淨減少，其中大部分用於房地產、廠房和設備，或其中很大一部分，如您所見，使我們的期末現金和現金等價物仍然非常健康截至2023 年12 月31 日為15億南非蘭特。

So, yes, moving on to the handover slide, before I hand over to Niel, share price, we had an exceptional 6 months of the calendar year last year. So up until May, June, with not as impressive second 6 months of the calendar year very much reacting to trends that we see in the gold index. But at this point, Niel, I’m going to hand over to you to please take us through the rest of the presentation.

所以，是的，在我將股價交給 Niel 之前，繼續看交接幻燈片，去年我們度過了一個特別的 6 個月。因此，直到 5 月、6 月，日曆年的後 6 個月對我們在黃金指數中看到的趨勢的反應並不那麼令人印象深刻。但現在，尼爾，我將把工作交給你，請你帶領我們完成演示的其餘部分。

Thanks, Riaan. Yes, not as impressive is a nice way of putting it, but then I think that was pretty much the same for all of the gold producers. The markets were not kind to the gold stocks in the last six months of 2023. And interestingly, that notwithstanding the fact that the gold price held up quite nicely, and it was suggested to me during conversation that there is a new dynamic -- a different dynamic that impacts this, firstly, the gold price, and secondly, the share price.

謝謝，瑞安。是的，不太令人印象深刻是一個很好的表達方式，但我認為這對所有黃金生產商來說幾乎都是一樣的。2023 年最後六個月，市場對黃金股並不友善。有趣的是，儘管金價保持得相當不錯，但在談話中有人向我暗示，存在一種新的動態——一種不同的動態，首先影響金價，其次影響股價。

In the past, when the West lost interest in gold because of higher interest rates and they started selling gold, there was no safety in it, nobody bought it, and it was in free fall. Now, whenever the West does that, there are a whole lot of institutions, there are several governments outside of that trading block, so to speak, or that alliance, so to speak, that are keen to reduce their foreign currency holdings in dollar, their dollar position and their foreign currency holdings, and they have been accumulating gold at a steady state.

過去，當西方國家因為利率上升而對黃金失去興趣並開始拋售黃金時，黃金沒有安全感，沒有人買，黃金就直線下跌。現在，每當西方這樣做時，就會有很多機構，可以說，在那個貿易集團或那個聯盟之外，有幾個政府熱衷於減少其美元外幣持有量，他們的美元頭寸和外幣持有量，並且他們一直在穩定地積累黃金。

So gold price is determined, by and large, by or influenced to a very large degree by appetite for gold outside of the West, outside of London and New York. Whereas the price of commodity or the price of stocks, the gold shares, is very much determined by market sentiment in the West.

因此，金價總體上是由西方以外、倫敦和紐約以外的黃金需求決定或在很大程度上受到影響的。而大宗商品的價格或股票（黃金股）的價格很大程度取決於西方的市場情緒。

And perhaps that’s the reason for the very significant disparity between what gold companies are producing in terms of profits and revenue and margin and so forth, and their share price. Compare that to some of the technology stocks, because that’s where appetite now lies in the West, especially with the seven large companies, Amazon, Tesla, Google, Meta, Nvidia and so forth, they have cobbled up a big chunk of investor capital.

也許這就是黃金公司的利潤、收入和利潤率等與其股價之間存在巨大差異的原因。與一些科技股相比，因為這就是西方現在的胃口，尤其是亞馬遜、特斯拉、谷歌、Meta、英偉達等七家大公司，他們已經拼湊了一大塊投資者資本。

And as a consequence, because sentiment with regards to gold is bearish in the West, those shares are traded -- those shares are disposed off or dumped, and notwithstanding the fact that they are trading at significantly better multiples to earnings, to EBITDA, to all the earnings that you can think of compared to the technology stocks. We’re not complaining though. We think that it’s probably a period for accumulation. At some point or another, it’s going to turn. I don’t think there is going to be a massive collapse. And sorry, I’m not the expert, but sort of just my own opinion.

結果，由於西方對黃金的情緒看跌，這些股票被交易——這些股票被處置或傾銷，儘管事實上它們的交易市盈率、稅息折舊及攤銷前利潤 (EBITDA) 的倍數要高得多。科技股相比，你能想到的所有收益。但我們並沒有抱怨。我們認為這可能是累積時期。在某個時刻，情況將會發生轉變。我認為不會出現大規模崩潰。抱歉，我不是專家，只是我自己的觀點。

You go to these gold conferences and you listen to these profits of doom and profits of gold, and there is always talk about this massive inflation and fiat currencies collapsing and so forth. Maybe, maybe not. Fact of the matter is, doesn’t really have to be a significant swing. It’ll be a relatively marginal swing in market sentiment.

你去參加這些黃金會議，聽聽這些末日利潤和黃金利潤，總是有人談論大規模的通貨膨脹和法定貨幣崩潰等等。也許，也許不是。事實是，不一定需要大幅波動。市場情緒的波動相對較小。

And then you start seeing some of the outcomes that we saw in the first 6 months of 2023, where DRDGOLD was not just the best performing stock on the Johannesburg Stock Exchange between January and June, but also came second over 5 years, losing out to Gold Fields, which makes it bearable. It’s another gold producer that is a very well run company, and I think Martin and his team did exceptionally well and it’s well deserved, the place that they got.

然後你開始看到我們在 2023 年前 6 個月看到的一些結果，其中 DRDGOLD 不僅是 1 月至 6 月期間約翰內斯堡證券交易所表現最好的股票，而且在 5 年來排名第二，輸給了金田，這使它可以忍受。這是另一家經營良好的黃金生產商，我認為馬丁和他的團隊做得非常好，他們獲得的位置是當之無愧的。

Would have been nice to see Harmony and Pan in three and four and maybe next year. I think we offer very, very good value as a gold industry in South Africa. And depending on what sort of risk appetite you have, what your expectations are from your investment, you could really pick any one of those four stocks and they won’t disappoint, not with the quality of management that they offer -- that they present.

很高興看到哈莫尼和潘在三級和四級，也許明年。我認為，作為南非的黃金產業，我們提供了非常非常好的價值。根據您的風險偏好、您對投資的期望，您實際上可以選擇這四隻股票中的任何一隻，它們不會令人失望，因為它們提供的管理品質不會令人失望。

So, moving on to the next slide, to our environmental social governance slide. It is a big part of our makeup, it’s a big part of how we think strategically. Simply said, this is a 100x in the past, you cannot do business in South Africa without being very aware of your environment, being very aware of society. You know we’ve been dealing with a whole host of issues in the last few years, including security, including logistics, including electricity and so forth and so forth.

那麼，轉到下一張投影片，也就是我們的環境社會治理投影片。這是我們構成的重要部分，也是我們策略思考方式的重要組成部分。簡單來說，這是過去的 100 倍，如果您不非常了解您的環境、非常了解社會，您就無法在南非開展業務。你知道，過去幾年我們一直在處理一系列問題，包括安全、物流、電力等等。

And I think what the private sector has done exceptionally well is closed the gap where services started failing or collapsing in many, many instances. We see private sector now also stepping into the Transnet logistics gap and hopefully we will have a solution for that. A very, very significant contribution in terms of renewable power over the last few years, while government acted only towards its own convenience, not adding 1 megawatt of power to the national grid.

我認為私營部門做得非常好，彌補了服務在許多情況下開始失敗或崩潰的差距。我們看到私營部門現在也進入了 Transnet 物流缺口，希望我們能找到解決方案。過去幾年裡，在再生能源方面做出了非常非常重大的貢獻，而政府只是為了自己的方便而採取行動，沒有為國家電網增加 1 兆瓦的電力。

I don’t think I would be wrong in suggesting that the only development in that regard was generators at the house of the ministers. Private sector added 4 gigawatt of renewable power, that is now systematically also being introduced into the grid. So that’s how the private sector has responded to the situation.

我認為我認為這方面唯一的發展是部長官邸的發電機是正確的。私營部門增加了 4 吉瓦的再生能源電力，目前也正在系統性地引入電網。這就是私營部門對這種情況的反應。

Now the next big challenge for South Africa, I believe, is going to be water. I think we are one drought away from a very serious issue with regards to drinking water, with regards to potable water. And in that situation or against that premise, I’m really, really pleased to see that we managed to decrease our potable water consumption by close to 60%. It will be a little bit higher in this period.

我認為，現在南非面臨的下一個重大挑戰將是水。我認為，在一場乾旱之後，我們將面臨關於飲用水的非常嚴重的問題。在這種情況下或在這個前提下，我真的非常非常高興地看到我們成功地將飲用水消耗量減少了近 60%。這段時間會稍微高一點。

I mean there are reasons for that, but we had set out quite a number of years ago to systematically reduce our usage of potable water, setting the not-particularly-scientific goal of reducing it by 10% every year to the point now where more than 95% of all of our water and most of our processed water, if not all processed water, is in fact recycled and gray. And we need to look after the sources of that gray water that curdled water. There might be some competition in that regard going forward when the taps and tanks starts running dry. So that’s very much part of our, let’s put it, our broader value pursuit and our interpretation of our risk environment and their initiatives in that regard as well.

我的意思是這是有原因的，但我們在很多年前就已經開始系統地減少飲用水的使用，設定了每年減少 10% 的不特別科學的目標，到現在為止，我們超過95% 的水和大部分的加工水（如果不是全部加工水）實際上都是回收和灰色的。我們需要照顧凝結水的灰水的來源。當水龍頭和水箱開始枯竭時，這方面可能會出現一些競爭。因此，這在很大程度上是我們更廣泛的價值追求以及我們對風險環境及其在這方面的舉措的解釋的一部分。

I spoke about dust emissions earlier on. Also rehabilitation, we mine -- our mining is rehabilitation. So this sort of rehabilitation is really to do with final stages of rehabilitation. A big chunk of future rehabilitation, as I mentioned earlier, has now been taken care of with the lifting of -- the floor cleaning of a number of legacy sites that are now clean. The vegetation of tailings deposition sites is also going along, Brakpan in particular, which is the larger one with an approaching urban sprawl. So there a lot of attention is going into making sure that we contain dust.

我早些時候談到了粉塵排放。我們也進行康復，我們採礦──我們的採礦就是康復。所以這種復健其實與復健的最後階段有關。正如我之前提到的，未來修復工作的很大一部分現在已經通過對一些現在已經乾淨的遺留場地進行地板清潔來完成。尾礦沉積場的植被也不斷發展，特別是布拉克潘，這是一個較大的場域，正在接近城市擴張。因此，我們需要花很多精力來確保我們不含灰塵。

The dam is also lifting as we speak. It’s an active dam. Obviously, quite a bit of attention there in and around the West of Central Rand. We think we’ve got dust under control. It’s been a long, long time since we’ve had a complaint in that regard. And if we do, it’s typically because of either an open road or because of a construction site nearby, something to that effect. So compared to where we were a decade ago, there is been a massive change in terms of quality of life, one which I do believe the outcome has been very, very favorable and in-line with what we had set out to achieve.

就在我們說話的時候，大壩也在升水。這是一座活躍的大壩。顯然，中蘭德西部及其周邊地區受到了相當多的關注。我們認為灰塵已經得到控制。我們已經很久很久沒有收到這方面的投訴了。如果我們這樣做，通常是因為道路暢通或附近有建築工地，類似的原因。因此，與十年前相比，生活品質發生了巨大變化，我確實相信結果非常非常有利，並且符合我們設定的目標。

So moving on to the next slide in terms of environmental value-add. It’s going to be interesting to see where that second line is going to be. Obviously, the consumption will remain pretty flat, but the carbon emission component is likely to start coming down over the next few months to the point where it could potentially almost halve with the solar plant coming on systematically. We’re pulling 14-megawatt off that plant as we speak. We are throttling back a little bit because we’re not in a position yet to feed back into the grid.

因此，請轉到下一張關於環境附加價值的投影片。看看第二條線會在哪裡會很有趣。顯然，消耗量將保持相當平穩，但碳排放量可能在未來幾個月內開始下降，隨著太陽能發電廠的系統啟動，碳排放量可能幾乎減半。就在我們說話的時候，我們正在從工廠發電 14 兆瓦。我們正在稍微節流，因為我們還無法回饋到電網中。

There is an 88 kV line that will link up the solar plant with the Brakpan tailings, and then going into a series of substations from there into the Eskom grid. So we will have the full advantage of the 60 megawatts of solar power. We will be in a position to start taking full advantage of that from roughly the end of March, when we anticipate the construction of the solar plant will be done. And then, as I say, if the line is up and running at that stage and we can get billing sorted out, then we will have the full benefit of the 60-megawatt.

有一條 88 kV 線路將太陽能發電廠與 Brakpan 尾礦連接起來，然後從那裡進入一系列變電站並進入 Eskom 電網。這樣我們就可以充分利用60兆瓦的太陽能。我們將能夠從大約三月底開始充分利用這一點，屆時我們預計太陽能發電廠的建設將完成。然後，正如我所說，如果線路在該階段啟動並運行，並且我們可以解決計費問題，那麼我們將充分享受 60 兆瓦的優勢。

The battery energy storage system, BES system, that is also now going to come in systematically, bit by bit. It should be finished by the end of October, but it’s not wait until the end of October and then we switch it on. It is also a modular system and it gets installed in chunks of a third each. So we will keep the market informed in that regard as well. But this slide is going to be an interesting slide, and its significance will not only be the consumption patterns, but also the impact that it’s having on both the environment and on the financial bottom line.

電池儲能係統，BES系統，現在也將有系統地、一點一點地進來。應該在10月底完成，但不是等到10月底我們才開機。它也是一個模組化系統，每個安裝成三分之一塊。因此，我們也會隨時向市場通報這方面的情況。但這張投影片將會是一張有趣的投影片，其意義不僅在於消費模式，還在於它對環境和財務底線的影響。

So in terms of the safety performance and social performance, which includes safety, obviously, once again, we are very grateful that we managed to avoid serious injury and that nobody died in the performance of his or her duties. We’re also very, very thankful that there weren’t any instances of violent crime. Our security is -- from time to time, they are getting shot at by gangs, especially in the Far West Rand. Hopefully, one day we will, as a nation, start taking measures against that and eradicate crime in that area.

因此，就安全績效和社會績效（包括安全）而言，我們再次非常感謝我們成功地避免了嚴重傷害，並且沒有人在履行職責時死亡。我們也非常非常慶幸沒有發生任何暴力犯罪事件。我們的安全措施是──他們時不時會遭到幫派的槍擊，尤其是在遠西蘭德。希望有一天我們作為一個國家能夠開始採取措施打擊這一現象並消除該地區的犯罪。

But for the time being, our stance is one of taking all reasonable measures to protect our staff, but for the fact that they were driving in armored vehicles, this could have been a serious incident. So this is the life of a security officer in the mining industry in South Africa today, dealing with illegal miners and with copper thieves. And they are having to be protected at a level that none of us envisaged a few years ago.

但就目前而言，我們的立場是採取一切合理措施來保護我們的員工，但由於他們駕駛的是裝甲車，這可能是一起嚴重事件。這就是當今南非採礦業安全官員的生活，與非法採礦者和銅竊賊打交道。他們必須得到我們幾年前沒有想到的保護等級。

So quite a bit of money still going into employee training. Women in mining stayed at 24% and HDSA and management, 74%. A lot of clever young people coming through the ranks. So exciting times ahead as we start moving -- redefining the extent and scope of various senior positions and starting to bring some of our young talent into strategic decision making and senior managerial roles.

因此，仍有相當多的資金用於員工培訓。採礦業的女性比例維持在 24%，HDSA 和管理階層的女性比例為 74%。許多聰明的年輕人從隊伍中脫穎而出。當我們開始行動時，激動人心的時刻即將到來——重新定義各種高階職位的程度和範圍，並開始讓我們的一些年輕人進入策略決策和高階管理職位。

So moving on to the next slide, water shortage solutions. This is something that we’ve been talking about now for quite some time and it’s lovely to see how our Broad-Based Livelihoods program is still continuing to grow. It’s a process that’s intuitive, it’s very easy to scale, it grows exponentially. And the interesting part of this, and this is how one brings, let’s call it, the overlapping broader value pursuit into these endeavors, is that finally, this is now also starting to play a role in our operational community interface where an established relationship with a community is assisting in community interface. And I’ll talk a little bit about that in the looking-forward slide on some of the social dynamics that we experienced in the last 6 months.

現在轉到下一張投影片，缺水解決方案。這是我們現在已經討論了很長一段時間的事情，很高興看到我們的廣泛生計計劃仍在繼續發展。這是一個直觀的過程，非常容易擴展，並且呈指數級增長。其中有趣的部分，這就是人們如何將（我們稱之為）重疊的更廣泛的價值追求帶入這些努力中，最後，這現在也開始在我們的營運社群介面中發揮作用，在該介面中，與社區建立的關係正在協助社區介接。我將在前瞻性幻燈片中稍微討論我們在過去 6 個月中經歷的一些社會動態。

And I think finally, we could now demonstrate, with reference to what we see here, how social investment impacts the financial bottom line as well, where in fact, there is a compelling commercial rationale. If your key driver in terms of business is commercial rationale and commercial outcomes, and you’re looking for a reason why you would want to invest in social capital and assist communities becoming increasingly self sustainable and take that first step out of abject poverty and become more independent along some of the programs that would be launching, if you’re wanting to find that argument, here it is.

我認為最後，我們現在可以參考我們在這裡看到的情況來證明社會投資如何影響財務底線，事實上，這是有令人信服的商業理由的。如果您在業務方面的主要驅動力是商業原理和商業成果，並且您正在尋找一個原因，說明為什麼您想要投資社會資本並幫助社區變得越來越自我可持續，並邁出擺脫赤貧和貧困的第一步。

It’s that network that assists you and that facilitates consultation going forward when you need it most, that you’re not just a face showing up and wanting to impress, not really understanding what the social dynamic is for the community that you’re interfacing with.

正是這個網絡可以為您提供幫助，並在您最需要的時候促進諮詢的進行，您不僅僅是一個出現並想要給人留下深刻印象的面孔，而不是真正了解您所在社區的社會動態是什麼。

So on the next slide then, looking-ahead slide. So based on the outcomes of the first six months and particularly the last two months of those six months, we’ve deemed it fit to not adjust our guidance, but to, at the very least, qualify it and say that we seem to be trending even with a recovery towards the end of the year, we seem to be trending towards the lower end of guidance.

那麼在下一張投影片中，展望未來。因此，根據前六個月的結果，特別是這六個月的最後兩個月，我們認為不調整我們的指導是合適的，但至少要對其進行限定，並說我們似乎即使在年底時出現復甦，我們似乎也正趨向指導值的下限。

The sites that were delayed are in the process of ramping up, process of being taken to steady-state and typically it’s between 6 and 12 weeks that it takes to really get all systems to go. But they are running, they are contributing and we’re seeing the effect already as we speak.

被延遲的站點正處於加速過程中，進入穩定狀態的過程中，通常需要 6 到 12 週的時間才能真正讓所有系統正常運作。但他們正在奔跑，他們正在做出貢獻，就在我們說話的時候，我們已經看到了效果。

And as a consequence, we also deem fit to guide our cash operating costs down from what the average cost per kilo were for the six months, down from ZAR814,000 to ZAR800,000. So we expect to be producing at lower than ZAR800,000 per kilo for the remaining 6 months, and then also revised capital investment for the remainder of the year of ZAR3 billion. So we are about halfway through CapEx for the solar. There is about ZAR1 million or ZAR1 billion debt rather in that regard, a big chunk of which is being committed. And then, of course, we’re also hoping to start the Far West with the RTSF anytime soon now.

因此，我們也認為適當將我們的現金營運成本從六個月每公斤的平均成本降低到 814,000 南非蘭特至 800,000 南非蘭特。因此，我們預計剩餘 6 個月的產量將低於每公斤 80 萬蘭特，然後也將今年剩餘時間的資本投資調整為 30 億蘭特。因此，我們的太陽能資本支出已完成一半。在這方面大約有 100 萬南非蘭特或 10 億蘭特的債務，其中很大一部分正在承諾。當然，我們也希望很快就能與 RTSF 一起啟動遠西地區。

At Ergo, looking forward to the commissioning of the solar plant. As I said earlier, construction of the solar plant itself should be done by the end of March, the BES by the end of October. And as and when the system gets linked into the national grid, that 88 kV line is incorporated into the national grid, we will have the full benefit of that, ramping up of those tons I referred to. So 4L3 is the site where a water usage license that we had hoped to secure late in 2022, or at least early in 2023, only came about in January of 2024.

在爾格，期待太陽能發電廠的投產。正如我之前所說，太陽能發電廠本身的建設應在 3 月底之前完成，BES 則應在 10 月底之前完成。當該系統併入國家電網時，即 88 kV 線路併入國家電網時，我們將充分受益，提高我提到的噸數。因此，4L3 是我們原本希望在 2022 年末或至少在 2023 年年初獲得用水許可證的地點，但直到 2024 年 1 月才獲得。

And I’d just reiterate it once again, the fact that this is an exceptionally complex regime that these officials are having to deal with. It’s a regime that’s not necessarily proportionate to the site, it’s not site-specific, or it doesn’t discriminate between sites. It’s a general set of rules that is applied in respective of all sites. And the consequence being that you’ve got to jump through so many different loops, the amount of paperwork that needs to get compiled and submitted in order to get finalization, and every time that there is one little thing wrong, then you basically add six months to the process.

我只想再次重申，這些官員必須應對的是一個異常複雜的政權。這是一種不一定與站點相稱的製度，它不是特定於站點的，或者它不區分站點。它是一組適用於所有網站的通用規則。結果是你必須跳過這麼多不同的循環，需要編譯和提交大量的文書工作才能最終確定，每次出現一點小問題，你基本上都會添加該過程需要六個月的時間。

So we’ve had to up our game fairly significantly in terms of the amount of detail that we submit upfront. Fortunately, the environment has become -- between 2018, when this process started until during the (technical difficulty) of last year, the environment in which we function has definitely also improved.

因此，我們必須在預先提交的詳細資訊數量方面顯著提高我們的遊戲水平。幸運的是，環境已經變得——從2018年這個過程開始到去年（技術困難）期間，我們運作的環境肯定也得到了改善。

In 2018, you wouldn’t get a meeting with an official before submitting an application for a water usage license. The position -- the stance was, submit your license and we will tell you as we go along what you’ve got wrong and what we need in addition to what you submitted, and then you happily fetter along for the next 2, 2.5 years, answering questions and doing it one at a time, adding 6 months every time. That’s changed. That’s definitely changed, without a doubt.

2018 年，在提交用水許可證申請之前，您不會與官員會面。立場 - 立場是，提交您的許可證，我們會在我們進行過程中告訴您您做錯了什麼以及除了您提交的內容之外我們還需要什麼，然後您愉快地繼續接下來的 2、2.5年，回答問題，一次做一個，每次增加6 個月。這已經改變了。毫無疑問，這確實發生了變化。

We saw in our interactions with the department on the RTSF and the Far West Rand that very senior officials are quite prepared to engage with our teams early on, give them a sense of what it is that they expect to see, give them a sense of indication, obviously a non-binding indication of whether we’re on the right track. And all in all, while that hasn’t detracted from the complexity of the process, I think the relationship, the working dynamic is definitely completely different compared to what we saw in 2018.

我們在與 RTSF 和遠西蘭德部門的互動中看到，非常高級的官員已經準備好儘早與我們的團隊接觸，讓他們了解他們期望看到什麼，讓他們了解指示，顯然是一個不具約束力的指示，顯示我們是否走在正確的軌道上。總而言之，雖然這並沒有降低流程的複雜性，但我認為這種關係、工作動態與我們在 2018 年看到的情況肯定完全不同。

And moving on to the next topic of Far West Gold Recoveries, it is as a result of that, because of ongoing and recent conversations with the regulator, that we do believe that we should be able to stick to our time lines, that we should be able to get going on construction anytime soon. Both dam safety is involved as well as the licensing part. Here we’re not applying for a license, we’re applying for an amendment to the license.

繼續討論遠西黃金回收的下一個主題，正是由於最近與監管機構正在進行的對話，我們確實相信我們應該能夠遵守我們的時間表，我們應該能夠很快開始施工。涉及大壩安全以及許可部分。在這裡，我們不是在申請許可證，而是在申請許可證的修訂。

But dam safety really is the catalyst to give us the go ahead to start construction. And we do believe, based on the latest conversation that we’ve had with them, that we’ve ticked all of their boxes, literally boxes that get ticked, amongst other things, plus submit very substantial evidence and material on the construction, the design, the safety parameters, etcetera, etcetera, and that we should get the go ahead there anytime soon, bar anything unexpected.

但大壩安全確實是我們開始建造的催化劑。我們確實相信，根據我們與他們的最新對話，我們已經勾選了他們的所有方框，實際上是勾選了方框，除其他外，還提交了有關施工的非常實質性的證據和材料、設計、安全參數等等，我們應該很快就會開始，除非有任何意外。

In terms of the longer-term, looking ahead, obviously, we don’t want to have another situation like the one that we had in 2023, where we were delayed between 6 and 8 months in the commissioning of sites and then delayed basically from when we really need that site, not delayed from when we initially targeted to have the site online. So it’s obviously important that we take a look into -- that we learn from the experiences of the past and something that is a bit of a concern.

從長遠來看，展望未來，顯然我們不希望再出現像 2023 年那樣的情況，當時我們的站點調試被推遲了 6 到 8 個月，然後基本上就被推遲了。時候開始，而不是從我們最初計劃讓網站上線的時候開始。因此，我們必須進行研究，從過去的經驗以及一些令人擔憂的事情中吸取教訓，這顯然很重要。

And it’s the first time that we’ve really had this to the extent that we did was the social dynamic. Now, you would say, but you just said that you have these wonderful relations with communities and you have -- and you -- and that is a basis for your consultation. That is indeed the fact. I don’t know what the situation would have been, but for the fact that we have these elections, because the stark reality for many of these communities is that they have been let down to the point where they don’t really have anything.

這是我們第一次真正感受到社會動態的程度。現在，你可能會說，但你剛剛說過，你與社區有著良好的關係，而且你——還有你——這是你進行諮詢的基礎。這確實是事實。我不知道情況會怎樣，但事實上我們舉行了這些選舉，因為許多社區面臨的嚴峻現實是，他們已經失望到了他們真正沒有選舉的地步。

They don’t have services, they don’t have jobs, they have very poor healthcare, their schools are a shambles, their infrastructure and logistics are a shambles. There are no trains. So for those lucky enough to have a job, you’ll see a third of your income getting eaten by taxi drivers and so forth and so forth.

他們沒有服務，沒有工作，醫療保健很差，學校一團糟，基礎設施和後勤也一團糟。沒有火車。因此，對於那些有幸找到工作的人來說，你會發現你的收入的三分之一被出租車司機等著吃掉了。

So when they do see any sort of development, when they do see any kind of opportunity for economic involvement, then everybody wants to be involved. And it’s -- I don’t know if it’s sad or what it is that one’s supposed to experience when this happens, but if you have social unrest and people are saying, we will not let you do anything unless you give us a job, so rioting in order to get a job, that’s desperate, that is desperation.

因此，當他們確實看到任何形式的發展，當他們確實看到任何形式的經濟參與機會時，每個人都想參與其中。我不知道發生這種情況時是否感到悲傷或應該經歷什麼，但如果出現社會動盪，人們會說，我們不會讓你做任何事都不給我們一份工作，所以為了得到一份工作而騷亂，那是絕望，那是絕望。

And of course, if you combine that with criminal opportunism, sometimes with very strategic relationships and suddenly so-called community representatives and counselors, for that matter, from time-to-time, they step into the fray and they just make it very hard for you to go ahead, especially when there are representatives involved. And I want to make it very clear that I am not talking about the construction of a pipeline. This has got nothing to do with the licensing.

當然，如果你把它與犯罪機會主義結合起來，有時是非常戰略性的關係，突然間所謂的社區代表和顧問，就此而言，他們時不時地介入衝突，他們只是讓事情變得非常困難以便您繼續前進，尤其是當有代表參與時。我想明確表示，我不是說管道建設。這與許可無關。

There is not even a suggestion of what I am about to say when it comes to the licensing process and that I believe the standards of governance that we are witnessing are beyond reproach. But at this local level and at this community, so-called, representation level, there is always sort of an indication that maybe there is a way that we could solve this problem. This problem can go away, and you have just got to bat through that innings.

在涉及許可過程時，甚至沒有暗示我要說什麼，而且我相信我們正在見證的治理標準是無可非議的。但在這個地方層面和這個社區，即所謂的代表層面，總是有某種跡象表明，也許有一種方法可以解決這個問題。這個問題可能會消失，而你只需要打完那一局。

And ultimately, I think the realization sets in that there is not going to be anything funny here. This thing is going to go its course. There won’t be any departures from corporate governance. So, we need to anticipate those, going forward. We need to engage early on. That means that the makeup of your senior management is now also different. This is not sort of a side issue that somebody can go and deal with from time-to-time. You really have the community engagement by prominent, dynamic members of staff that have gravitas to deal with these situations and to convey our message into these communities.

最終，我認為人們認識到這裡不會有任何有趣的事情。這件事將會順其自然。公司治理不會有任何偏離。因此，我們需要預測這些，並繼續前進。我們需要儘早參與。這意味著你們的高階管理層的組成現在也有所不同。這不是一個可以時不時有人去處理的次要問題。傑出、充滿活力的員工確實參與了社區活動，他們有勇氣處理這些情況並向這些社區傳達我們的訊息。

We will never, for as long as we can, stop investing in our corporate social programs. And we will always invest towards sustainability. We will always invest away from creating a culture of dependence, of creating more dependence, and always towards becoming more and more independent and self sustainable. But it’s a program that’s become sophisticated, complex, and we need to keep a tab on that, so lots to do. We are very pleased that we are positioned the way that we are in terms of volume, throughput, capacity, that’s been restored in terms of where our cost profile is likely to go now, not having to rely as much as we did in the past on these machines.

只要有能力，我們就永遠不會停止對企業社會專案的投資。我們將始終致力於永續發展。我們的投資將始終遠離創造一種依賴文化、創造更多依賴，並始終朝著變得越來越獨立和自我永續發展的方向發展。但這是一個變得複雜的計劃，我們需要密切關注，因此有很多工作要做。我們很高興我們在數量、吞吐量、產能方面的定位已經根據我們的成本狀況現在可能的走向而得到恢復，而不必像以前那樣依賴過去在這些機器上。

We are excited about the impacts that our solar plant is potentially going to have on our production going forward. We have a vision that we are going to be driving with a very specific future date, two years into the future, three years into the future, and we are going to be bringing some of the more senior members of management and experienced members of management to drive that process, at the same time, as I have said earlier, creating some opportunity for upcoming talent. But we want to make sure that we deliver into the next round of major capital projects.

我們對太陽能發電廠未來可能對我們的生產的影響感到興奮。我們有一個願景，我們將在一個非常具體的未來日期推動，未來兩年，未來三年，我們將帶來一些更高級的管理成員和經驗豐富的管理成員推動這一進程，同時，正如我之前所說，為未來的人才創造一些機會。但我們希望確保交付下一輪重大資本項目。

We want to make sure that we build this RTSF and have it up and running when it’s due. We want to increase the plant size of Far West Gold Recoveries of Driefontein 2. We will double the size there, link up their entire infrastructure, commission our solar as and when at Ergo, there is a cluster of dams that need to come online in roughly 3 years from now, that’s going to be up and running. At the same time, we need to increase the size of the Withok tailings dam. We will get that commissioned. So, lots to do.

我們希望確保建置此 RTSF 並在到期時啟動並運行。我們希望擴大 Far West Gold Recoveries of Driefontein 2 的工廠規模。我們將把那裡的規模擴大一倍，連接他們的整個基礎設施，調試我們的太陽能，因為在爾戈，有一群水壩需要在大約三年內上線，這些水壩將會啟動並運行。同時，我們需要擴大Withok尾礦壩的規模。我們將得到委託。所以，有很多事情要做。

And with the platform that we have established now, albeit a little bit behind time in the biggest scheme of things, it’s really not going to make that much of a difference over 5 years or 10 years or 15 years. But with that behind us and with this as a very, very solid platform, it’s go time to make sure that we get those things put in place and that we set ourselves up for the next phase for this business and that we do not leave any value behind if it is preventable.

就我們現在建立的平台而言，儘管在最大的計劃中有點落後，但在 5 年、10 年或 15 年的時間裡，它實際上不會產生太大的影響。但有了這些，有了這個非常非常堅實的平台，現在是時候確保我們把這些事情落實到位，並為這項業務的下一階段做好準備，並且我們會這樣做如果可以預防，就不要留下任何價值。

I think that is the presentation. Yes, that’s everything. So, there will be an opportunity to ask questions, and that will be both myself, Riaan and Jaco, we would be happy to take your questions. Thank you for dialing in and thank you for listening. Riaan, are you guys able to log back on, I just see you, I have been talking. I was a little bit worried now that I was talking to myself.

我認為這就是演示。是的，這就是一切。因此，我、Riaan 和 Jaco 將有機會提問，我們很樂意回答您的問題。感謝您撥通電話並感謝您的收聽。Riaan，你們能重新登入嗎？ 我剛剛看到你們，我一直在說話。我現在有點擔心，因為我在自言自語。

No. All good. And I see there are currently no questions that have been posted.

不。都好。我發現目前還沒有發布任何問題。

Okay. Well, then that must be the quality of the presentation, Riaan. Well done to you and the team. Thank you. Any final comments from either you or from Jaco?

好的。好吧，那麼這一定是演講的質量，Riaan。你和你的團隊做得很好。謝謝。您或 Jaco 有什麼最後的評論嗎？

Sorry, Niel, there is one, if you have a look there, that has just come through.

抱歉，尼爾，有一個，如果你看一下，那是剛剛出現的。

Let’s see. Oh, yes. So, I did say in the letter that we will elaborate on that by the end of financial '24. All I want to say at this stage is just that we are looking and if there is something to report, then it will be around about the end of financial '24, end of July. If there is anything before that, then obviously we will. But we do want to see if we could take this methodology, this intellectual capital that’s been established over time, if we can apply it a little bit wider than what we currently have.

讓我們看看。哦是的。因此，我在信中確實說過，我們將在 24 財政年度結束時詳細說明這一點。現階段我想說的是，我們正在尋找，如果有什麼需要報告的，那麼它將在 24 財年末，也就是 7 月底左右進行。如果在那之前有什麼，那麼顯然我們會的。但我們確實想看看我們是否可以採用這種方法，這種隨著時間的推移而建立的智力資本，是否可以比我們目前擁有的更廣泛地應用它。

That seems to be it. No, there is another one. There is another one. Please share more details about lodging an appeal proceedings by community forum.

看來就是這樣了。不，還有另外一個。還有另外一個。請分享有關透過社區論壇提出上訴程序的更多詳細資訊。

Okay, so basically, look, what that involved was when a license was issued in 2022 to start -- that would enable us to start mining a particular site, there were a number of mostly commercial demands by what we believe was inspired, maybe not by the community, but by an influencer over that community. So, an appeal was lodged which would suspend the license until after the appeal has been heard. The Minister of Water Affairs has the authority to lift the suspension if you could submit compelling reasons.

好吧，基本上，看，這涉及到 2022 年開始頒發許可證時 - 這將使我們能夠開始挖掘特定地點，有許多主要是商業需求，我們認為是受到啟發的，也許不是是由社區決定的，而是由對該社區有影響力的人決定的。因此，提出了上訴，該上訴將暫停許可證，直到上訴得到審理為止。如果您能提出令人信服的理由，水務部長有權解除暫停。

And we have submitted that request, and the Minister did indeed then lift the suspension. So, maybe I could just comment on that. So, water usage license is not -- you don’t just show up and say, I want a license, and they hand it over the table. It’s not like taking out a dog license. But once they have issued it, they have gone through such an extensive process of checking and double checking it that they have confidence in the integrity of that license.

我們已經提交了該請求，部長確實取消了暫停。所以，也許我可以對此發表評論。所以，用水許可證不是——你不只是出現並說，我想要一個許可證，然後他們就把它交給桌子。這不像領取養狗許可證。但是，一旦他們頒發了許可證，他們就會經歷如此廣泛的檢查和雙重檢查過程，以至於他們對該許可證的完整性充滿信心。

So when an appeal is lodged, and unless there are compelling reasons for that license to remain suspended, they would lift the suspension, and this is what we saw here. So very pleased about that.

因此，當提出上訴時，除非有令人信服的理由使該許可證繼續被暫停，否則他們將解除暫停，這就是我們在這裡看到的情況。對此非常高興。

And then in terms of the community concerns that prevented construction of the pipeline. So, there are two sets of concerns. On the one hand, there is the genuine concerns of community members who are pleading for a job, and then there are other concerns which aren’t really concerns, they are really just threats that are dressed like concerns. On the one -- the latter, you get from so-called representatives, and the former you get from community members.

然後就社區的擔憂而言，阻礙了管道的建設。因此，有兩方面的擔憂。一方面，存在著懇求工作的社區成員的真正擔憂，然後還有其他並不是真正的擔憂，它們實際上只是偽裝成擔憂的威脅。一方面，後者是從所謂的代表處獲得的，而前者是從社區成員那裡獲得的。

And what you would have seen, what was done in terms of this pipeline construction is there was a little forum established. In fact, we have got several of these with a solar farm. I think there were about 250 community members who in some way or another participated in the construction, ongoing maintenance, and also, in terms of the cables that were erected, about 250 community members. And obviously, you work to now also with -- going forward, that somebody is going to look after the solar farm. So there is ongoing opportunity in that regard.

你會看到，在管道建設方面所做的事情是建立了一個小論壇。事實上，我們已經有幾個帶有太陽能發電廠的此類設備。我認為大約有 250 名社區成員以某種方式參與了施工和持續維護，就架設的電纜而言，大約有 250 名社區成員。顯然，你現在的工作也是──展望未來，有人會照顧太陽能發電場。因此，這方面存在持續的機會。

But here, the former concern of, please just is there an opportunity for us to earn some sort of an income, there was an initiative established involving earth-moving because this pipeline had to be buried during certain sections of area where it was better to have it as underground. So, that was accommodated. We didn’t accommodate any of the other concerns. The other extortive concerns weren’t accommodated, and then that’s what added time to the whole process.

但在這裡，先前的擔憂是，我們是否有機會賺取某種收入，有一項涉及土方工程的倡議，因為這條管道必須埋在最好的地區的某些部分。所以，就這樣解決了。我們沒有考慮任何其他問題。其他敲詐勒索的問題沒有解決，這就是整個過程增加時間的原因。

So Nick, your question, looks like you are going into debt soon, hopefully not. But obviously, we do envisage taking out some cover in the event that we need to draw down to maintain -- to hit the targets that I think you understand better than most. And we want to see if we can hit those targets. It features prominently in our conversations. So this is how we feel about dividends during periods where there is debt.

所以尼克，你的問題，看起來你很快就會負債累累，希望不會。但顯然，我們確實設想在需要縮減開支以維持的情況下採取一些掩護措施，以實現我認為你們比大多數人更了解的目標。我們想看看是否能夠實現這些目標。它在我們的談話中佔據顯著地位。這就是我們在債務期間對股利的感受。

If we make a loss, we won’t borrow money to pay a dividend. But if we make a profit, if we are generating good cash flows, and if we make a profit, because of the quality of these projects and because of this short time horizon, before we start seeing upside and benefits from there, if we do take a bit of project-associated debt, then that won’t get in the way to develop, if we are at the same time also generating healthy profits and if we are cash positive. We would have been cash positive, but for the fact that we have project strategic capital expenditure. So we do want to maintain this run rate.

如果我們虧損，我們就不會借錢來支付股息。但是，如果我們能夠獲利，如果我們能夠產生良好的現金流，如果我們能夠獲利，因為這些項目的品質和時間跨度很短，那麼在我們開始看到上行空間和從中受益之前，如果我們這樣做的話承擔一些與專案相關的債務，如果我們同時也能產生可觀的利潤並且現金為正，那麼這將不會妨礙發展。如果不是因為我們有專案策略資本支出，我們本來會擁有正面的現金。所以我們確實希望保持這個運行率。

So 17 years, it is a long time, and with every year, it becomes more and more important that you want to maintain that. We would love to be to get to 20 years, but as I have said, if we make operating losses, we won’t borrow money to pay dividend. We got to be -- we got to make profits to pay dividend.

17年是一段很長的時間，隨著時間的推移，你想要保持這一點變得越來越重要。我們希望能堅持到 20 年，但正如我所說，如果我們出現經營虧損，我們就不會借錢來支付股息。我們必須－我們必須賺取利潤來支付股息。

So Juan Lundgren, you are asking, can you give an estimate of cost savings. That’s all we can do at this stage, an estimate. What we would rather do is there are going to be a series of webinars over the next few months. The first one is on March 7. And then we will be discussing the changeover of the five sites that closed or the three clusters that closed and then the new sites that came onboard and how that’s repositioned us. And I will just give you a little bit more detail and color on that.

因此，Juan Lundgren，您要問的是，您能否給出成本節約的估計。這就是我們現階段所能做的一切，也就是估算。我們更願意做的是在接下來的幾個月內舉辦一系列網路研討會。第一個是3月7日。然後我們將討論關閉的五個站點或關閉的三個集群的轉換，然後是新加入的站點，以及這如何重新定位我們。我只會向您提供更多細節和顏色。

There will be a second and third webinar, if the first one is a success, where we really want to go into some detail discussing the effects of the solar plant and how that’s positioning us now with respect to our cost profile, but also how it’s setting us up for the future. So that’s the solar plant. And then we also want to do a deep dive with the RTS or what’s always called Phase 2. It’s a lot of capital that we are going to be spending there, investing there. And the TRS paints the entire picture. So we really also want to get into some detail there.

如果第一個網路研討會取得成功，將會舉行第二次和第三次網路研討會，我們確實想詳細討論太陽能發電廠的影響以及它如何在我們的成本狀況方面定位我們，但是以及它如何為我們的未來做好準備。這就是太陽能發電廠。然後我們也想深入研究 RTS 或通常稱為第二階段的內容。我們將在那裡花費、投資大量資本。TRS 描繪了整個圖景。所以我們真的也想了解一些細節。

So look out, around about, let’s call it June, July for the first and then the second one a few months later. And then we will be in a position to say to you exactly how much. I don’t really want to deal with estimates because at the moment for six hours a day, if you factor out the capital that we have invested, it’s really just the O&M costs associated with a solar plant and that 14 megawatts is what the plant needs. So for six hours, the plant is running off the sun. It’s going to have an impact and a fairly significant one.

因此，請注意，我們將第一次稱為“六月”、“七月”，幾個月後稱為第二次。然後我們就能告訴您具體的金額。我真的不想處理估算，因為目前每天 6 小時，如果考慮到我們投資的資本，實際上只是與太陽能發電廠和 14 兆瓦相關的營運和維護成本是植物所需要的。因此，該植物在六個小時內一直在躲避陽光。這將會產生影響，而且是相當重大的影響。

Once the base is up and running, then there is a very real chance that we pass peak tariffs because we would be able to charge with using both solar and off-peak and then discharge during peak. So it’s a complex cost dynamic and rather than give you estimates, we will rather give you the actual numbers once we have run a few months on full capacity.

一旦基地建成並運行，我們就很有可能通過高峰電價，因為我們將能夠使用太陽能和非高峰充電，然後在高峰期間放電。因此，這是一個複雜的成本動態，我們不會為您提供估算，而是在滿載運行幾個月後為您提供實際數字。

Jaco, are you comfortable with that answer or do you want to add anything to it?

Jaco，您對這個答案感到滿意還是想添加一些內容？

I think it’s a good answer (technical difficulty)

我認為這是一個很好的答案（技術難度）

Salma Khan is asking if a transcript of the session is provided. Not a transcript, but I think it is recorded, so you will be able to listen to it. And then the presentation is on our website.

薩爾瑪汗詢問是否提供會議記錄。不是文字記錄，但我認為它是錄音的，所以你可以聽。然後簡報就會出現在我們的網站上。

So Brendan wants to -- Brendan is asking what do you mean by operational and corporate complexities delaying your plants to diversify at Sibanye? So Brendan, what it basically means is that Chrome and ownership of Chrome in that area is extremely complex. I think there are three different companies that own different percentages of the same ore body. So you mine an ore body, it’s got PGEs in it, and it’s got Chrome in it, and then different companies own different parts of the upside. And exactly how they divide that up, I don’t quite know.

所以布倫丹想——布倫丹問你說，營運和公司的複雜性推遲了你在 Sibanye 工廠的多元化，這是什麼意思？所以布倫丹，這基本上意味著 Chrome 和 Chrome 在該領域的所有權是極其複雜的。我認為有三個不同的公司擁有同一礦體的不同比例。所以你開採一個礦體，裡面含有鉑族元素，裡面含有鉻，然後不同的公司有不同的優勢部分。我不太清楚他們到底是如何分配的。

So it’s very difficult if you are building a project that spans over several kilometers and there are dumps from different sites that originate from different Sibanye subsidiaries, where there are different associations and relationships, both in terms of minorities and also with regards to other companies. It’s very, very difficult to say, well, this is how this piece is going to be divided up. That’s the first instance. And then the second instance, which is closely related, if you are dealing with three or four different sets of minorities and other interest group, what does your corporate structure looks like? What does your corporate structure look like?

因此，如果您正在建立一個跨越數公里的項目，並且有來自不同地點的垃圾場，這些垃圾場來自不同的Sibanye 子公司，這些子公司在少數民族方面和在少數民族方面存在不同的協會和關係，那麼這是非常困難的其他公司。很難說，這就是這部分的分割方式。這是第一個例子。然後是密切相關的第二個例子，如果你正在與三到四個不同的少數群體和其他利益團體打交道，你的公司結構是什麼樣的？您的公司結構是什麼樣的？

So it’s not an imagined complexity. It’s really something that we are trying hard to sort of decipher and land on a solution. But you have got several people around the table, and not everybody is willing to wait and to have the benefit of a long-term relationship. Sometimes, premium upfront also pops up in the conversation. And we are not premium upfront people, not when it comes to waste treatment.

所以這並不是想像中的複雜性。這確實是我們正在努力破解並找到解決方案的事情。但桌子旁有好幾個人，並不是每個人都願意等待並從長期關係中受益。有時，溢價預付也會出現在對話中。而我們並不是預先付費的人，在廢棄物處理方面更是如此。

So I can tell you that both us and Sibanye are working hard and in good faith towards finding a solution for this. And it’s going to get done. There is no doubt it’s going to get done. It’s just when, because this is also a very busy time. And you have got to understand also where projects feature in terms of priorities and so forth. But it’s a good project and it will work, provided that we can sort all of those out and provided we don’t distort the market.

所以我可以告訴你，我們和 Sibanye 都在努力並真誠地尋找解決方案。它將會完成。毫無疑問，它將會完成。正是時候，因為這也是一個非常忙碌的時期。您還必須了解專案在優先順序等方面的特點。但這是一個很好的項目，只要我們能夠解決所有這些問題並且不扭曲市場，它就會發揮作用。

Yes, Juan, I am not going to be able to give you a comment on how savings on costs have been factored in at this stage. Solar has been very little that I can tell you, and trucks also. So we are hoping to sort of see how that pans out and then that will feature more prominently. The only real dynamics that we have considered up until now, really, is the higher tons and the effect that that has on diluting the fixed overhead and the unit costs.

是的，胡安，我無法就現階段如何考慮成本節省發表評論。我可以告訴你，太陽能很少，卡車也是。因此，我們希望看看結果如何，然後它將變得更加突出。到目前為止，我們考慮的唯一真正的動態實際上是更高的噸位及其對稀釋固定管理費用和單位成本的影響。

Nick is asking that CapEx spend target has reduced by nearly 20% in less than six months. Is this an indicator of how the really large CapEx targets you have set will go? I hope not, Nick. I really hope not. I am hoping that -- now that we can spend more time, and if I say more time, at the right level of management, dedicating more of their time towards these things, I am hoping that, that won’t be the case both internally. But then also externally, remember, there has been a massive logistics issue at our harbors and our ports, and a very, very large component part of the equipment that we are sourcing has to come through harbor.

Nick 要求在不到六個月的時間內將資本支出目標減少近 20%。這是否顯示您設定的大型資本支出目標將如何實施？我希望不會，尼克。我真的希望不會。我希望——現在我們可以花更多的時間，如果我說更多的時間，在適當的管理水平上，將更多的時間投入到這些事情上，我希望，情況不會如此兩者都是內部的。但在外部，請記住，我們的港口和港口存在巨大的物流問題，我們採購的設備的很大一部分必須通過港口。

So our management and our engineers have had their hands full to get stuff through harbor. So yes, I am hoping that this is not an indicator, but some of the work that’s going to be happening going forward also, when you talk about construction, you are not waiting for something to come through a harbor in order to move on construction. You move, it’s something that you do physically. You are just going to maintain the rate.

因此，我們的管理層和工程師都忙於將貨物運送到港口。所以，是的，我希望這不是一個指標，而是一些即將發生的工作，當你談論建設時，你不是在等待東西通過港口來建造繼續建設。你移動，這是你身體所做的事情。您只需維持該速率即可。

The supplier of our liner, which is a very, very major item for the construction of the RTSA, that’s a local supplier, not quite sure what the position is with regards to the resins and other components, but I do know that, that supplier is local. But I think a big chunk of the lag in capital spent up until now, considering that the biggest part of our capital spend up until now has been on the solar. A big part of that lag is because of clearing stuff through Durban and East London and Maputo and Walsh Bay. And everybody knows where there is a harbor, then you would be getting something through it, and then on the truck and then to Joburg.

我們的內襯供應商是 RTSA 建設中非常非常重要的項目，它是當地供應商，不太清楚樹脂和其他部件的地位如何，但我確實知道，供應商是本地的。但我認為，考慮到迄今為止我們資本支出的最大部分都花在了太陽能上，到目前為止，資本支出的很大一部分落後。這種滯後的很大一部分原因是透過德班、東倫敦、馬普托和沃爾什灣清理物品。每個人都知道哪裡有港口，然後你可以透過它得到一些東西，然後裝上卡車，然後到達約堡。

Nick, your second question also, at this stage, we are expecting that there should be a reduction, but we will know when we know. It’s very hard to make an absolute prediction on what the absolute reduction in costs are going to be. We can estimate it, but to take a guess, I am just going to have to explain it afterwards why we got it wrong.

尼克，你的第二個問題，在現階段，我們預期應該會減少，但當我們知道的時候我們就會知道。很難對成本的絕對降低量做出絕對預測。我們可以估計它，但為了猜測，我必須事後解釋為什麼我們會出錯。

Riaan, you are going to have to help me on Juan’s question, the next one, to clarify, does it mean your cost estimate does not consider any positive effects from the solar plant? I don’t think we have factored in much in terms of the solar plant. I think it’s really based on volume throughput and the fact that we are back to sort of high volume sites, if I am not mistaken.

Riaan，您必須幫助我回答胡安的下一個問題，澄清一下，這是否意味著您的成本估算沒有考慮太陽能發電廠的任何積極影響？我認為我們在太陽能發電廠方面沒有考慮太多因素。我認為這實際上是基於容量吞吐量以及我們又回到了高容量網站的事實（如果我沒記錯的話）。

That’s right, Niel. And as we commission in now various parts of the solar, it’s very difficult to factor the saving into account. But I do recognize Juan’s comment and we have discussed it and you elaborated on that is that at some point, when everything is set and up and running, we need to provide that detail to the market. That is really important. We are investing significant capital. We believe it’s a very good project, but we haven’t distilled all that detail, which is important and we will at the right time do that. So, we definitely take Juan’s comment seriously. And as you have said, we will set that up and we will provide that detail in due course.

沒錯，尼爾。當我們現在對太陽能的各個部分進行調試時，很難將節省的成本考慮在內。但我確實認可胡安的評論，我們已經對此進行了討論，您詳細闡述了這一點，即在某個時刻，當一切都設置好並運行時，我們需要向市場提供該詳細信息。這真的很重要。我們正在投入大量資金。我們相信這是一個非常好的項目，但我們還沒有提煉出所有細節，這很重要，我們會在適當的時候這樣做。因此，我們絕對認真對待胡安的評論。正如您所說，我們將進行設置，並在適當的時候提供詳細資訊。

Juan, I just wanted to echo that. I mean it’s not that we haven’t done the work, that we are not sensitive to legitimate expectations of our investors. We just want to make sure that when we do give you the numbers, that they are the numbers. And as I have said earlier, I am not quite sure the extent to which, for example, how effective the avoidance of peak spend to be, what the real impact of that is going to be, the extent to which we will be able to start wheeling back into the grid because there is a third-party involved here as well, the extent to which that is facilitated.

胡安，我只是想附和一下。我的意思是，並不是我們沒有完成這項工作，而是我們對投資人的合理期望不敏感。我們只是想確保當我們向您提供數字時，它們就是數字。正如我之前所說，我不太確定避免高峰支出的效果如何，其真正影響是什麼，我們能夠在多大程度上開始回到網格，因為這裡也涉及第三方，這在多大程度上是便利的。

What we do know though is the solar plant is working. When we started that plant that is running at designed capacity, maybe even a little bit better, Jaco, when that first line came onboard, we were hoping for 6 megawatt and I think it was sort of registering just under 7 megawatt. And we now are now pulling 14 megawatt off that system, which is way beyond what it’s capable of delivering. But that is how much we can feed into the project as we speak. So we know it’s working.

但我們所知道的是太陽能發電廠正在運作。當我們啟動以設計容量運行的工廠時，甚至可能更好一點，哈科，當第一條生產線投入使用時，我們希望達到 6 兆瓦，我認為它的記錄略低於 7 兆瓦。現在，我們正在從該系統中獲取 14 兆瓦的電力，這遠遠超出了其所能提供的能力。但這就是我們可以為該項目提供的內容。所以我們知道它正在發揮作用。

We have confidence in the team that’s constructed it, the technology that they are using to monitor its operation. It’s good technology. It goes into very intricate detail to give them proper analysis. So, we are very keen to give you these numbers. But we do want to make sure that we give you the actual numbers. And it will be interesting to do that also in terms of the cash flow statement. Obviously, you have got your balance sheet where the Sun Capital where that plays a role.

我們對建立它的團隊以及他們用來監控其運作的技術充滿信心。這是一項很好的技術。它涉及非常複雜的細節，以便為他們提供適當的分析。因此，我們非常渴望向您提供這些數字。但我們確實想確保向您提供實際數字。在現金流量表方面這樣做也很有趣。顯然，你的資產負債表中太陽資本發揮了作用。

But it will be interesting to see just how much less do we spend on a month-to-month basis now that the Sun is providing most of our power, or half of our power.

但有趣的是，既然太陽提供了我們大部分的電力或一半電力，我們每個月的支出會減少多少。

So I have skipped over one. Are there any regulatory changes that potentially have an impact on the operations? Not that I am aware of. I know that there was talk a while back with regards to provision for rehabilitation, but I think that’s been deferred. So there is nothing that we are factoring at this stage. We are planning to the regulations as they currently are.

所以我跳過了其中一個。是否存在任何可能對營運產生影響的監管變化？據我所知，情況並非如此。我知道不久前有人討論過有關康復的規定，但我認為這已經被推遲了。因此，現階段我們沒有考慮任何因素。我們正在計劃按照目前的規定制定。

Yes. So, Brendan, we are looking at other opportunities where we can leverage existing infrastructure and then also looking further than that into sites that are beyond our existing infrastructure. Not massive, but we are sort of poking around it.

是的。因此，布倫丹，我們正在尋找其他可以利用現有基礎設施的機會，然後進一步研究超出我們現有基礎設施的站點。雖然規模不大，但我們正在探索它。

Yes. Juan, I am really going to try and just in terms of the numbers that we offer really, give you numbers where I don’t run the risk of having to explain afterwards why we got it wrong. So we planned the projects. The project has a very interesting and robust NPV. If you look at the way that the NPV is calculated though, then there is one portion that is attributed to the subsidiary that’s generating the power, and then another portion of the NPV that’s attributed to the company actually using the power based on its savings.

是的。胡安，我真的會嘗試，就我們提供的數字而言，給你數字，我不會冒著事後解釋為什麼我們出錯的風險。所以我們規劃了這些項目。該項目有一個非常有趣且穩健的淨現值。如果您查看 NPV 的計算方式，您會發現一部分 NPV 歸屬於發電子公司，另一部分 NPV 歸屬於實際使用電力的公司電力基於其節省。

So these are calculations based on accepted theory. So to release those numbers will mean that it’s a few months from now we will explain to you why the methodologies that are used for valuation and why the actual numbers, why they differ. So please, if you will indulge us and just be a little bit more patient with us so that we can give you the actual performance numbers.

所以這些是基於公認理論的計算。因此，發布這些數字意味著幾個月後我們將向您解釋為什麼用於估值的方法以及為什麼實際數字以及它們為何不同。因此，請您對我們多一點耐心，以便我們能夠為您提供實際的性能數據。

And then what we will do, and this is the undertaking that I give is that we will take one month. We will take, let’s say, the first month that this thing is fully up and running. And we can do it in two. We could do one before basis up and running to the full potential, and then one after basis up and running to the full potential. Because I know this is important for you to do your calculation.

然後我們將做什麼，這是我給予的承諾，我們將花一個月的時間。比方說，我們將在這件事完全啟動並運行的第一個月內進行。我們可以一分為二。我們可以在基礎啟動並充分發揮潛力之前進行一項，然後在基礎啟動並充分發揮潛力後進行一項。因為我知道這對你進行計算很重要。

We will say, for arguments sake, and I am sort of now creating an implied expectation, but let’s say July. We will take July of 2024 and compare the actual amount spent on electricity with July 2023. And that will be an apples-for-apples calculation. But no balance sheet movements, no provisions, no deferred, anything, just this is the size of the check in July of '23, this is the size of the check in July of '24.

為了爭論起見，我們會說，我現在正在創造一個隱含的期望，但讓我們說七月。我們將以 2024 年 7 月為例，將實際用電量與 2023 年 7 月進行比較。這將是一個以蘋果換蘋果的計算。但沒有資產負債表變動，沒有撥備，沒有遞延，任何東西，這只是 23 年 7 月支票的規模，這是 24 年 7 月支票的規模。

And this is the number of units that we actually consume. And this is the number of units that we consume back then, because there are always these little bit of interruptions as well. So, I do ask you if you could be a little bit patient with us. We ask for your indulgence. Yes. The answer to your second question is, yes. We are scheduling a solar plant webinar, without a doubt.

這是我們實際消耗的單位數。這就是我們當時消耗的單位數量，因為總是存在這些小中斷。所以，我想問你是否可以對我們有點耐心。我們請求您的寬容。是的。你的第二個問題的答案是，是的。毫無疑問，我們正在安排一次太陽能發電廠網路研討會。

Yeah. I will just say that -- sorry, Niel, the one number we mentioned in our integrated report that gives a very high level estimate is ZAR9 a ton saving over the current life of mine, approximately. I mean we need to build out on that. And as you indicated, we will.

是的。我只想說 - 對不起，尼爾，我們在綜合報告中提到的一個數字給出了非常高的估計值，大約是 ZAR9，在我當前的使用壽命內節省了一噸。我的意思是我們需要在此基礎上再接再厲。正如您所指出的，我們會的。

And hopefully, when we do this presentation, we will be explaining that why it’s ZAR10 a ton and not ZAR6 a ton.

希望當我們做這個演示時，我們能夠解釋為什麼一噸是 10 南非蘭特，而不是一噸 6 南非蘭特。

But that is always the challenge.

但這始終是個挑戰。

Yes. But yeah, we will have an extensive webinar on that or a detailed webinar on that. So thank you for indulging us.

是的。但是，是的，我們將就此舉辦一次廣泛的網路研討會或一場詳細的網路研討會。所以謝謝你對我們的包容。

Alright, we seem to have reached the end of the questions. Thank you very much for your patience. Thank you for dialing in. Thank you for your support. Hopefully, next time we come together, we are in a position to give you an account of how we had delivered on the expectations that we create for the forthcoming period. So thank you very much.

好吧，我們的問題似乎已經結束了。非常感謝您的耐心等待。感謝您撥打電話。感謝您的支持。希望下次我們聚在一起時，我們能夠向您介紹我們如何實現我們為即將到來的時期設定的期望。非常感謝。

Thank you, Niel. Thanks everyone.

謝謝你，尼爾。感謝大家。