Harmony Gold Mining Company Ltd (HMY) 2023 Q2 法說會逐字稿

Good morning. My name is Peter Steenkamp, I am the CEO of Harmony. And it's a pleasure to be here today presenting the half year results for the six months ended the 31st of December 2022.

早上好。我叫 Peter Steenkamp，是 Harmony 的首席執行官。很高興今天能夠在這裡展示截至 2022 年 12 月 31 日的六個月的半年業績。

Okay, I'll just -- please take note of our safe harbor statement. I would like to start with a brief introduction about Harmony and where we operate. Harmony is a 1.4 million to 1.5 million ounces specialist gold producer with a growing copper footprint.

好的，我只是——請注意我們的安全港聲明。首先，我想簡要介紹一下 Harmony 以及我們的運營地點。 Harmony 是一家產量為 140 萬至 150 萬盎司的專業黃金生產商，其銅足跡不斷增長。

We are South Africa's largest gold producer by volume with a diversified portfolio of operating assets and projects around South Africa, Papua New Guinea and Australia. These include 9 underground mines, 2 open pit mines and various tailings retreatment operations. Our projects present a substantial opportunity as we continue on our growth journey.

我們是南非產量最大的黃金生產商，在南非、巴布亞新幾內亞和澳大利亞擁有多元化的經營資產和項目組合。其中包括 9 個地下礦山、2 個露天礦山和各種尾礦再處理業務。隨著我們繼續我們的成長之旅，我們的項目提供了巨大的機會。

Various early-stage exploration advanced stage projects of a near term conversion potential, as seen with a tier 1 Wafi-Golpu project and our recent Eva Copper project acquisition in Australia. Harmony has been operating as an emerging market gold mining specialist for over 72 years. We therefore, understand the importance of sustainable mining.

具有近期轉換潛力的各種早期勘探高級階段項目，如 1 級 Wafi-Golpu 項目和我們最近在澳大利亞收購的 Eva Copper 項目。 Harmony 作為新興市場金礦開採專家已運營超過 72 年。因此，我們了解可持續採礦的重要性。

With close to 14 million ounces in reserves Harmony's operating model ensures the minerals we extract are converted into shared value for all our stakeholders. To ensure continued positive returns, we directed capital, major capital towards lower risk and higher-margins assets and projects. We have grouped our operations into 4 business areas which are optimized South African underground portfolio. These mines are optimized for cash generation which will allow Harmony to pursue and fund key projects.

憑藉近 1400 萬盎司的儲量，Harmony 的運營模式確保我們提取的礦物轉化為所有利益相關者的共享價值。為確保持續的正回報，我們將資金、主要資金用於風險較低、利潤率較高的資產和項目。我們將我們的業務分為 4 個業務領域，這些領域優化了南非的地下業務組合。這些礦山針對現金產生進行了優化，這將使 Harmony 能夠追求和資助關鍵項目。

Our high-grade South African underground assets, Moab Khotsong and Mponeng and our high-margin South African surface and surface retreatment operations and the growing international portfolio which includes Hidden Valley and various other copper gold projects in Papua New Guinea and there's the Eva Copper in Australia.

我們在南非的高品位地下資產 Moab Khotsong 和 Mponeng，以及我們在南非的高利潤地表和地表再處理業務，以及不斷增長的國際投資組合，其中包括 Hidden Valley 和巴布亞新幾內亞的其他各種銅金項目，以及位於巴布亞新幾內亞的 Eva 銅礦澳大利亞。

There are 4 strategic pillars of responsible stewardship, operational excellence, cash certainty and effective capital allocation, Harmony will continue to creating shared value for all for years to come.

有責任管理、卓越運營、現金確定性和有效資本配置的 4 個戰略支柱，Harmony 將在未來幾年繼續為所有人創造共享價值。

Harmony has its roots in deep-level South African gold mining. However, our acquisition of Wafi-Golpu project in 2004 introduced copper to the Harmony story. The value of gold is well documented, dating back over 5,000 years as a store of value and form of currency.

Harmony 起源於南非的深層金礦開採。然而，我們在 2004 年收購了 Wafi-Golpu 項目，將銅引入了 Harmony 的故事。黃金的價值有據可查，可追溯到 5,000 多年前作為一種價值儲存手段和貨幣形式。

While gold remains core to Harmony, the transition to a green economy is a tailwind for copper, presenting good opportunities given our portfolio mix. Consumers tend to be metal blind, not always aware of the prevalence of metals, such as copper and gold in production that they use each day. So investing in Harmony is indeed investing in the future.

雖然黃金仍然是 Harmony 的核心，但向綠色經濟的過渡對銅有利，鑑於我們的投資組合組合，它提供了良好的機會。消費者往往是金屬盲人，並不總是意識到他們每天使用的生產中金屬（例如銅和金）的流行。所以投資Harmony就是投資未來。

35% of our mineral reserves is now copper. There are key copper projects, Eva Copper in Australia and Wafi-Golpu in Papua New Guinea. These projects offer countercyclical diversification to our existing gold portfolio and position Harmony as an emerging copper player.

我們 35% 的礦產儲量現在是銅。重點銅礦項目有澳大利亞Eva Copper和巴布亞新幾內亞Wafi-Golpu。這些項目為我們現有的黃金投資組合提供了逆週期多元化，並將 Harmony 定位為新興的銅礦企業。

Only 26% of our reserves is SA underground mining. The remaining 74% of our reserves are split between SA surface gold, PNG copper and gold and Australian copper and gold. This illustrates how we have diversified and [derisk] our portfolio over the last few years.

我們的儲量中只有 26% 是 SA 地下開采的。我們其餘 74% 的儲量分佈在 SA 地表金、巴布亞新幾內亞銅和金以及澳大利亞銅和金中。這說明了我們在過去幾年中如何使我們的投資組合多樣化和[去風險]。

The key highlights for the first half of this financial year include the following. From a safety perspective, we have delivered improvement on both our Lost Time Injury Frequency Rate and our Loss of Life Injury Frequency Rate. Group loss of Lost Time Injury Frequency Rate improved from 5.35 -- improved to 5.38 from the 5.74. The Loss of Life Injury Frequency Rate also improved from to 0.06 from the 0.13 per million hours worked.

本財政年度上半年的主要亮點包括以下內容。從安全的角度來看，我們在損失工時工傷率和生命損失率方面均有所改善。損失工時工傷率的集團損失從 5.35 提高到 5.38，從 5.74 提高到 5.38。生命傷害頻率也從每百萬工作小時 0.13 提高到 0.06。

As we continue to decarbonize the first 30 megawatts of renewable solar energy will come online in the fourth quarter of this financial year. Good underground recovered grades drove production in the first half. And operationally, we have had fantastic performances specifically from Mponeng, Tshepong, Tshepong South, in particular, Joel and Masimong. This helped drive the 33% increase in operating free cash flow from our South African underground operations. We have, therefore, kept our FY '23 production cost and grade guidance unchanged.

隨著我們繼續脫碳，首批 30 兆瓦的可再生太陽能將在本財政年度第四季度上線。良好的地下回收品位推動了上半年的生產。在運營方面，我們的表現非常出色，特別是 Mponeng、Tshepong、Tshepong South，尤其是 Joel 和 Masimong。這有助於推動我們南非地下業務的運營自由現金流量增長 33%。因此，我們保持 23 財年的生產成本和等級指導不變。

Our derivative program continues to ensure cash certainty and currently stands at a net positive value of ZAR 503 million. We have maintained balance sheet flexibility, and I'm pleased to report an 18% increase in headline earnings per share to ZAR 2.93 or $0.17 per share for the reporting period.

我們的衍生品計劃繼續確保現金確定性，目前淨值為 5.03 億南非蘭特。我們保持了資產負債表的靈活性，我很高興地報告報告期內每股總體收益增長 18% 至 2.93 南非蘭特或每股 0.17 美元。

From a capital perspective, the Zaaiplaats deepening project and the Kareerand tailings extension in South Africa are now underway. The conclusion of Eva Copper acquisition was a major milestone for Harmony in our pursuit of near-term copper.

從資本角度看，南非的Zaaiplaats深化項目和Kareerand尾礦擴建項目正在建設中。 Eva Copper 收購的完成是 Harmony 追求近期銅的一個重要里程碑。

Safety is our #1 priority, and we continue to strive towards zero-harm. We believe that zero-harm is indeed possible. And 2016 was a landmark year for Harmony. It marked the beginning of our transformation from a reactive to a proactive safety organization. So Harmony has a risk foresight that proactively identifies the risk to prevent them before they occurred.

安全是我們的第一要務，我們將繼續努力實現零傷害。我們相信零傷害確實是可能的。 2016 年對於 Harmony 來說是具有里程碑意義的一年。它標誌著我們開始從被動的安全組織轉變為主動的安全組織。因此，Harmony 具有風險預見性，可以主動識別風險，防患於未然。

Risk management was identified as a best suited vehicle to drive a proactive safety culture. Now this approach requires us to identify risks, assess the impact and develop golden controls to mitigate those risks. Our focus was on identified leading indicators that could potentially result in significant unwanted events. Digitization and modernization provided us with real time and granular data enabling us to take proactive decisions on risk.

風險管理被確定為最適合推動積極主動的安全文化的工具。現在，這種方法要求我們識別風險、評估影響並製定黃金控制措施來減輕這些風險。我們的重點是確定的領先指標，這些指標可能會導致重大的意外事件。數字化和現代化為我們提供了實時和精細的數據，使我們能夠針對風險做出主動決策。

The implementation of industry-leading best practices has further transformed our workplaces to reduce and emulate the risk. An example of this is the incorporation of the International Council of Mining and Metals, ICMM loss of life provincial guidelines into our risk management strategy. Having established the systems needed to advance the safety strategy, it is critical to ensure that the culture of that safety is embedded throughout Harmony.

行業領先的最佳實踐的實施進一步改變了我們的工作場所，以降低和模擬風險。這方面的一個例子是將國際採礦和金屬理事會、ICMM 省級生命損失指南納入我們的風險管理戰略。建立推進安全戰略所需的系統後，確保安全文化融入整個 Harmony 至關重要。

This is being done through our Thibakotsi humanistic culture transformation programme and the word Thibakotsi means preventing incidents. And through this program, we conduct training and continuously engage our employees through visible felt leadership and safety days.

這是通過我們的 Thibakotsi 人文文化轉型計劃完成的，Thibakotsi 這個詞的意思是預防事件。通過該計劃，我們進行培訓，並通過可見的領導力和安全日持續吸引我們的員工。

Now this proactive approach to safety is yielding positive results. South African operations' LTI rate improved to 5.65 from 5.99. Now this was the fifth consecutive quarter that our LTI rate was below 6, which is quite a milestone for us.

現在，這種主動的安全方法正在產生積極的結果。南非業務的 LTI 率從 5.99 提高到 5.65。現在這是我們的 LTI 率連續第五個季度低於 6，這對我們來說是一個里程碑。

Harmony achieved its second consecutive loss of life-free January. And year-to-date, we are loss of life-free. We are deeply saddened to report that 3 of our colleagues has lost their lives in the mine related incidents in the first half of the financial year. We pay our respect, send our hardline condolences to those families and loved ones. Our ultimate goal is to eliminate loss of life and to share our employees return home to their families each and every day.

Harmony 在 1 月份實現了連續第二次無生命損失。年初至今，我們沒有喪生。我們深感悲痛地報告，我們的 3 名同事在本財政年度上半年的地雷相關事件中喪生。我們向這些家庭和親人表示敬意，並向他們表示強硬的哀悼。我們的最終目標是消除生命損失，並讓我們的員工每天都能回家。

From a health perspective, we continue to monitor and manage occupational health-related illnesses through our well-equipped medical hubs. And we also extend care and support in non-occupational health related illnesses to all our employees. And that also includes things like mental health.

從健康的角度來看，我們繼續通過我們設備齊全的醫療中心監測和管理與職業健康相關的疾病。我們還向所有員工提供非職業健康相關疾病的護理和支持。這還包括諸如心理健康之類的事情。

Now, true sustainability cannot be achieved by simply saying the right things. It has to be translated to actions and results. This is exactly what we do at Harmony. Sustainability is, therefore, embedded in all we do and our culture encourage leadership excellence.

現在，僅僅說正確的話無法實現真正的可持續性。它必須轉化為行動和結果。這正是我們在 Harmony 所做的。因此，可持續發展植根於我們所做的一切，我們的文化鼓勵卓越的領導力。

All aspects of ESG are factored into our decision-making process, ensuring we always conduct ethical and transparent mining practices. This is demonstrated in how we care for our people and our consideration for the natural surroundings and environment.

ESG 的所有方面都被納入我們的決策過程，確保我們始終進行合乎道德和透明的採礦實踐。這體現在我們如何關心我們的員工以及我們對自然環境和環境的考慮。

An integrated risk-based approach to mining means Harmony will always mine responsibly, keeping the interest of all our stakeholders at heart. Our corporate culture promotion encourage diversity throughout Harmony, even inclusion in the Bloomberg Gender Equality Index for the fifth consecutive year. We are measured against key performance indicators linked to ESG performance.

基於風險的綜合採礦方法意味著 Harmony 將始終負責任地採礦，將所有利益相關者的利益放在心上。我們的企業文化推廣鼓勵整個和諧的多樣性，甚至連續第五年被列入彭博社性別平等指數。我們根據與 ESG 績效相關的關鍵績效指標進行衡量。

Our commitment to responsible stewardship has resulted in improvements in our ratings at key external rating agencies. Creating positive change is about doing the right thing every day. This is what we do at Harmony, and that is what we call mining with purpose.

我們對負責任的管理的承諾導致我們在主要外部評級機構的評級有所提高。創造積極的變化就是每天做正確的事。這就是我們在 Harmony 所做的，這就是我們所說的有目的的採礦。

I will now hand over to our Group Chief Operating Officer, Beyers Nel, to discuss the operating performance. Beyers?

我現在將交給我們的集團首席運營官 Beyers Nel 來討論經營業績。拜爾斯？

Thank you, Peter. The interim results were boosted by a strong second quarter performance from most of our operations in Harmony. All production metrics improved from quarter 1 to quarter 2 in the financial year 2023. There are a few quarterly numbers worth noting before I move to the half year figures.

謝謝你，彼得。我們在 Harmony 的大部分業務第二季度的強勁表現推動了中期業績。從 2023 財年的第一季度到第二季度，所有生產指標都有所改善。在我轉向半年數據之前，有幾個季度數據值得注意。

Firstly, there was a 13% increase in the underground recovered grade to 6 gram per tonne from 5.4 grams per tonne. This was mainly driven by our high-grade assets, Moab Khotsong and Mponeng.

首先，地下回收品位從每噸 5.4 克增加到每噸 6 克，增加了 13%。這主要是由我們的高品位資產 Moab Khotsong 和 Mponeng 推動的。

Secondly, we have managed to reduce all-in sustaining costs by 4% in the second quarter despite the various cost pressures. As a result, operating free cash flow increased by 27% quarter-on-quarter.

其次，儘管存在各種成本壓力，但我們在第二季度成功地將全部維持成本降低了 4%。因此，經營自由現金流環比增長 27%。

Year-on-year gold production was down 5%, mainly due to the closure of Bambanani at the end of the financial year 2022. But adjusting for Bambanani's contribution in the comparable period, production was largely flat. Underground recovered grades again, increased by 5% to 5.7 grams per tonne from 5.4 grams per tonne.

黃金產量同比下降 5%，主要是由於 Bambanani 在 2022 財年末關閉。但調整 Bambanani 在可比期間的貢獻後，產量基本持平。地下再次回收品位，從每噸 5.4 克增加 5% 至每噸 5.7 克。

And all-in sustaining costs increased by 11%, mainly due to inflationary increases in consumables, the ongoing project at Target 1 and lower mining grades at Kusasalethu. But despite the increase, we kept the all-in sustaining costs below the annual guide at ZAR 900,000 a kilogram.

總維持成本增加了 11%，這主要是由於消耗品的通貨膨脹增加、Target 1 正在進行的項目以及 Kusasalethu 較低的採礦品位。但儘管有所增加，我們仍將總維持成本保持在每公斤 900,000 南非蘭特的年度指南之下。

Capital expenditure increased by 15% to ZAR 3.6 billion as we progress our major projects, including the Kareerand tailings extension and Zaaiplaats deepening projects. Despite all-in costs, which include major capital expenditure increasing by 13% to ZAR 932,000 a kilogram, we still generated ZAR 1.9 billion in operating free cash flow.

隨著我們推進主要項目（包括 Kareerand 尾礦延伸和 Zaaiplaats 深化項目），資本支出增加了 15% 至 36 億南非蘭特。儘管包括主要資本支出增加 13% 至每公斤 932,000 南非蘭特在內的所有成本，我們仍產生了 19 億南非蘭特的運營自由現金流。

The strong operating free cash flows were driven by our South African underground operations in the first half of this financial year. Our high-grade mines contributed 29% to the total group production and ZAR 1 billion or 54% to the group operating free cash flow.

強勁的經營自由現金流是由我們在本財政年度上半年的南非地下業務推動的。我們的高品位礦山佔集團總產量的 29%，為集團運營自由現金流貢獻了 10 億南非蘭特或 54%。

Our optimized underground portfolio contributed 46% to group production and ZAR 815 million or 42% to group operating free cash flow. As expected in this period, the margins at our South African surface and international operations were low due to capital projects that are underway. These operations however have significant upside potential once we complete the Kareerand extension and the waste stripping at Hidden Valley mine.

我們優化的地下投資組合為集團生產貢獻了 46%，為集團運營自由現金流貢獻了 8.15 億南非蘭特或 42%。正如在此期間預期的那樣，由於正在進行的資本項目，我們在南非地面和國際業務的利潤率很低。然而，一旦我們完成 Kareerand 擴建和 Hidden Valley 礦山的廢料剝離，這些業務將具有巨大的上升潛力。

Moving on to the South African optimized operations. This portfolio generates roughly 46% of our total production and consists largely of our older assets. These underground mines are cash generative and highly leveraged to the rand gold prices. The cash generation of these assets means that they play a critical role in funding our growth aspirations.

繼續進行南非優化操作。該投資組合產生了我們總產量的大約 46%，主要由我們的舊資產組成。這些地下礦山可以產生現金，並且對蘭特金價具有很高的槓桿作用。這些資產產生的現金意味著它們在為我們的增長願望提供資金方面發揮著關鍵作用。

Operating free cash flow increased by 96% to ZAR 815 million, and average recovered grades on these mines increased by 10% in this half. All-in sustaining costs on those increased by 8% to ZAR 914,000 a kilogram, mainly as a result of the ongoing project at Target 1 and the lowest stated grades at Kusasalethu.

經營自由現金流增加了 96%，達到 8.15 億南非蘭特，這些礦山的平均回收品位在今年上半年增加了 10%。這些項目的總維持成本增加了 8%，達到每公斤 914,000 南非蘭特，這主要是由於 Target 1 正在進行的項目和 Kusasalethu 的最低等級。

The disaggregation of Tshepong operations has delivered as we had planned. Both Tshepong North and Tshepong South delivered strong operational performances and positive operating free cash flow.

Tshepong 業務的分解已按我們的計劃交付。 Tshepong North 和 Tshepong South 都實現了強勁的運營業績和積極的運營自由現金流。

Joel is performing very well post the completion of the decline project and margins are beginning to normalize. The Target 1 optimization project has been delayed due to some operational challenges, but is nearing completion. And after moving the infrastructure closer to the mining block at Target, we expect volumes to increase and costs to improve significantly. This project is planned to be completed by the end of the financial year.

喬爾在下降項目完成後表現非常好，利潤率開始正常化。由於一些運營挑戰，Target 1 優化項目已被推遲，但已接近完成。在將基礎設施更靠近 Target 的採礦區塊後，我們預計產量會增加，成本也會顯著降低。該項目計劃在財政年度結束前完成。

At Kusasalethu, recovered grades were impacted by higher-than-planned depletion in the high-grade areas in the previous period. And at current planning parameters, we expect these operations to deliver operating free cash flow margins of approximately 19% over the life of mine.

在 Kusasalethu，恢復的品位受到前一時期高品位地區高於計劃的消耗的影響。根據目前的規劃參數，我們預計這些業務將在礦山的整個生命週期內提供大約 19% 的運營自由現金流利潤率。

Our high-grade assets consist of Mponeng and Moab Khotsong. These 2 large high-grade mines have excellent margins, transforming the Harmony portfolio. We expect these operations to deliver up to a 25% operating free cash flow margin over the life of mine.

我們的高品位資產包括 Mponeng 和 Moab Khotsong。這 2 個大型高品位礦山利潤豐厚，改變了 Harmony 的投資組合。我們預計這些業務將在礦山的整個生命週期內提供高達 25% 的運營自由現金流利潤率。

As planned production was flat year-on-year on these mines, operating free cash flow from these operations increased by 7% to just over ZAR 1 billion. We had a very strong performance from Mponeng with recovered grade, improving by 6% to nearly 8 grams per tonne in the first half. And it's also worth highlighting that second quarter grades at Mponeng increased by 20% to 8.72 grams per tonne, whilst the all-in sustaining costs increased by 7% to ZAR 814,000 a kilogram.

由於這些礦山的計劃產量同比持平，這些業務的經營自由現金流量增加了 7%，達到略高於 10 億南非蘭特。 Mponeng 的恢復品位表現非常強勁，上半年提高了 6%，達到每噸近 8 克。同樣值得強調的是，Mponeng 的第二季度品位增加了 20% 至每噸 8.72 克，而總維持成本增加了 7% 至每公斤 814,000 南非蘭特。

Due to the high grades, these mines continue to offer excellent operating free cash flow margins. At Moab Khotsong, the major Zaaiplaats project development is well underway. This is one of our key projects and extends the life of mine to 22 years. Once completed, Zaaiplaats would further lower the all-in sustaining costs over the life of mine due to the high reserve grades of approximately 9 grams per tonne.

由於品位高，這些礦山繼續提供出色的經營自由現金流利潤率。在 Moab Khotsong，主要的 Zaaiplaats 項目開發正在順利進行。這是我們的重點項目之一，可將礦山的使用壽命延長至 22 年。一旦完成，Zaaiplaats 將進一步降低礦山生命週期的全部維持成本，因為儲量品位高，約為每噸 9 克。

At Mponeng, prefeasibility studies are progressing well to determine whether we can convert the 24 million resource ounces into reserve, and further feasibility studies to mine the Savuka and Tau Tona shaft pillars are also underway.

在 Mponeng，預可行性研究進展順利，以確定我們是否可以將 2400 萬盎司資源轉化為儲量，並且開採 Savuka 和 Tau Tona 豎井支柱的進一步可行性研究也在進行中。

Harmony surface source operations remain high-margin and low-risk assets with strong future cash flows. As planned, operating free cash flow decreased due to the major capital deployed at Mine Waste Solutions for the extension of the Kareerand project.

Harmony 地表資源業務仍然是高利潤和低風險資產，未來現金流強勁。按計劃，由於 Mine Waste Solutions 為擴展 Kareerand 項目部署的主要資本，運營自由現金流有所減少。

In financial year '25, a 1/4 of Mine Waste Solutions production will no longer be subject to the streaming agreement with Franco-Nevada and will be sold at spot gold prices. This will substantially increase revenue from Mine Waste Solutions each year.

在 25 財政年度，Mine Waste Solutions 生產的 1/4 將不再受制於與 Franco-Nevada 的流媒體協議，並將以現貨黃金價格出售。這將大大增加 Mine Waste Solutions 每年的收入。

Surface source production decreased by 12%, mainly due to the depletion of waste rock dumps. And all-in sustaining costs, thus increased by 25% to just over ZAR 800,000 a kilogram, mainly because of inflation increases in the price of reagents.

地表資源產量下降了 12%，主要是由於廢石堆的枯竭。因此，總維持成本增加了 25%，達到每公斤 800,000 南非蘭特，這主要是由於試劑價格上漲導致的。

Combined operating free cash flow margins of our surface, SA surface operations are expected to normalize at approximately 24% over life of mine. In addition, studies to determine the feasibility of extracting over 5 million ounces in mineral resources from old free state tailings dams are progressing well.

我們地面的綜合運營自由現金流利潤率，預計 SA 地面運營將在礦山的整個生命週期內恢復正常，約為 24%。此外，確定從舊自由州尾礦壩中提取超過 500 萬盎司礦產資源的可行性的研究進展順利。

Lastly, let's touch on our international portfolio. Production from Hidden Valley mine increased by 6% to 1,983 kilograms, while all-in sustaining costs increased by 10%. These high all-in sustaining costs resulted in a negative operating free cash flow of ZAR 68 million in the first half of the financial year.

最後，讓我們談談我們的國際投資組合。 Hidden Valley 礦山的產量增加了 6%，達到 1,983 公斤，而總體維持成本增加了 10%。這些高昂的總維持成本導致本財政年度上半年的負運營自由現金流為 6800 萬南非蘭特。

The primary driver behind the high all-in sustaining costs were the ongoing waste stripping as we access the high-grade areas at Big Red and Kaveroi and an increase in diesel consumption as a result of on-site power generation. This was due to the prolonged drought in PNG, which negatively affected hydroelectricity grid supply. We do, however, expect operating free cash flow margin to normalize between 30% to 40% over life of mine.

高總維持成本背後的主要驅動因素是我們進入 Big Red 和 Kaveroi 的高檔區域時正在進行的廢物剝離，以及現場發電導致的柴油消耗量增加。這是由於巴布亞新幾內亞的長期乾旱對水電網供應產生了負面影響。然而，我們確實預計，在礦山的整個生命週期內，運營自由現金流量利潤率將正常化 30% 至 40%。

In line with our growth strategy, we're pleased that we concluded the acquisition of Eva Copper in Australia in December last year. The update of the feasibility study is underway, and we expect to have this completed before the end of the calendar year. We've also made progress on Wafi-Golpu regarding the potential terms of a mining development contract, which is required for a special mining lease.

根據我們的增長戰略，我們很高興去年 12 月完成了對澳大利亞 Eva Copper 的收購。可行性研究的更新正在進行中，我們預計將在日曆年年底前完成。我們還在 Wafi-Golpu 關於採礦開發合同的潛在條款方面取得了進展，這是特殊採礦租約所必需的。

The parties are working to align on a range of fiscal and non-fiscal matters, and active engagement continues towards finalizing the detailed terms of the mining development contract.

雙方正在努力就一系列財政和非財政事項達成一致，並繼續積極參與以最終確定礦業開發合同的詳細條款。

I will now hand over to our Financial Director, Boipelo Lekubo, to discuss the financial performance in the first half of this financial year. Thank you.

我現在將交給我們的財務總監 Boipelo Lekubo 來討論本財政年度上半年的財務業績。謝謝。

Thank you, Beyers and Peter, and good morning to all. Please note that all U.S. dollar figures are included in the annexures.

謝謝 Beyers 和 Peter，大家早上好。請注意，所有美元數字都包含在附件中。

Harmony reported a strong financial performance in the first half of the financial year 2023. Revenue increased by 6% to ZAR 23.3 billion from ZAR 22 billion and headline earnings per share increased by 18% to ZAR 2.93. EBITDA decreased by 12% to ZAR 8.1 billion from ZAR 9.3 billion.

Harmony 公佈了 2023 財年上半年的強勁財務業績。收入從 220 億南非蘭特增長 6% 至 233 億南非蘭特，每股總收益增長 18% 至 2.93 南非蘭特。 EBITDA 從 93 億南非蘭特下降 12% 至 81 億南非蘭特。

Due to the major capital projects, there was a 14% decrease in group operating free cash flow to ZAR 1.9 billion from ZAR 2.3 billion. This was expected as we invest in quality ounces rather and higher margins. However, this figure was boosted by good recovered grades and the higher average gold price received.

由於重大資本項目，集團經營自由現金流從 23 億南非蘭特減少 14% 至 19 億南非蘭特。這是意料之中的，因為我們投資於優質盎司而不是更高的利潤率。然而，這一數字受到良好回收等級和更高平均金價的推動。

The acquisition of Eva Copper, which costs USD 170 million or ZAR 3 billion was funded using available facilities. This resulted in net debt increasing to ZAR 4.7 billion from ZAR 757 million. Net debt to EBITDA is still at comfortable levels below 1x and well within our covenant thresholds.

耗資 1.7 億美元或 30 億南非蘭特收購 Eva Copper 的資金來自現有設施。這導致淨債務從 7.57 億南非蘭特增加到 47 億南非蘭特。 EBITDA 的淨債務仍處於低於 1 倍的舒適水平，並且完全在我們的契約閾值之內。

Net free cash flow declined 73% to ZAR 338 million from ZAR 1.3 billion, mainly as a result of the Bambanani closure, that's Tshepong North restructuring and mergers and acquisition costs attributable to Eva Copper.

淨自由現金流從 13 億南非蘭特下降 73% 至 3.38 億南非蘭特，這主要是由於 Bambanani 關閉，即 Tshepong North 重組和歸屬於 Eva Copper 的併購成本。

Harmony's dividend policy is to pay a return of 20% of net free cash generated to shareholders at the discretion of the Board of Directors. As Harmony invests in margin expansion, life of mine extension and various other growth opportunities, it is prudent to maintain a strong balance sheet and good liquidity. A decision has therefore been taken to not pay an interim dividend for this reporting period.

Harmony 的股息政策是根據董事會的決定向股東支付 20% 的淨自由現金回報。由於 Harmony 投資於利潤率擴張、礦山壽命延長和其他各種增長機會，因此保持穩健的資產負債表和良好的流動性是謹慎的做法。因此，已決定不支付本報告期的中期股息。

Cash operating costs in the first half of the financial year 2023 increased by only 6% to ZAR 17 billion from ZAR 16 billion in the comparable reporting period. This increase is below inflation and importantly, below 8% used in our planning parameters. The closure of Bambanani reduced annual cash operating costs by ZAR 612 million.

2023 財年上半年的現金運營成本僅增長 6%，從可比報告期內的 160 億南非蘭特增至 170 億南非蘭特。這一增長低於通貨膨脹率，重要的是，低於我們規劃參數中使用的 8%。 Bambanani 的關閉使年度現金運營成本減少了 6.12 億南非蘭特。

Total labor costs, which represents 42% of cash operating costs increased by only 3% in this half compared to the comparable reporting period. This was mainly due to a reduction in the number of employees who left Harmony either voluntarily or for medical reasons.

佔現金運營成本 42% 的總勞動力成本與可比報告期相比，本半年僅增長 3%。這主要是由於自願或因醫療原因離開 Harmony 的員工人數減少。

Consumables, which represent 27% of cash operating costs increased by 26%. This increase was driven mainly by diesel at Hidden Valley and other inflationary increases, such as reagents. All other cost increases were in line with our inflationary forecasts.

佔現金運營成本 27% 的消耗品增加了 26%。這一增長主要是由 Hidden Valley 的柴油和試劑等其他通脹增長推動的。所有其他成本增加均符合我們的通脹預測。

Addressing energy security has been an increasingly important focus area for all companies operating in South Africa. Our energy efficiency program has resulted in over ZAR 1.4 billion in cost savings since 2016. We are looking at further optimizations, especially at our newly acquired assets.

解決能源安全問題已成為所有在南非運營的公司日益重視的重點領域。自 2016 年以來，我們的能效計劃已節省了超過 14 億南非蘭特的成本。我們正在尋求進一步優化，尤其是對我們新收購的資產。

We've been able to make use of excess capacity to ensure limited impact on production during load curtailment. This includes rather making use of the large dams for water storage, hoisting during off-peak times and stockpiling. Our renewable energy program is also progressing well.

我們已經能夠利用過剩產能來確保限負荷期間對生產的影響有限。這包括利用大型水壩蓄水、在非高峰時段提升和蓄水。我們的可再生能源計劃也進展順利。

In addition to helping with our decarbonization efforts, these projects will lower electricity costs, alleviate pressure on the grid and lower energy supply risk. We anticipate full commissioning of Phase 1 of 30 megawatts by the end of the financial year. Feasibility studies have been approved with a 137 megawatt Phase 2 project with construction expected to commence soon.

除了幫助我們的脫碳工作外，這些項目還將降低電力成本、減輕電網壓力並降低能源供應風險。我們預計到本財政年度結束時，30 兆瓦的第一階段將全面投入使用。一個 137 兆瓦的二期項目的可行性研究已經獲得批准，預計很快就會開始建設。

The first 100 megawatts will be on balance sheet and largely funded using the ZAR 1.5 billion or USD 88 million green loan and is expected to be completed in September 2024. As with Phase 1, the remaining 37 megawatts will be delivered under power purchase agreement.

前 100 兆瓦將在資產負債表上，主要使用 15 億南非蘭特或 8800 萬美元的綠色貸款提供資金，預計將於 2024 年 9 月完成。與第一階段一樣，其餘 37 兆瓦將根據購電協議交付。

Moving to our balance sheet. The acquisition of Eva Copper has resulted in an increase in net debt to EBITDA from 0.1x to 0.6x. We are very comfortable at these levels and it's important that we utilize our balance sheet to grow and create value in the long term.

轉到我們的資產負債表。收購 Eva Copper 導致淨債務與 EBITDA 之比從 0.1 倍增加到 0.6 倍。我們在這些水平上感到非常自在，重要的是我們要利用我們的資產負債表來長期增長和創造價值。

Since 2018, we've been actively growing our business through value-accretive acquisitions. Net asset value has increased by 23% since 2018 through effective use of capital. Our strategy remains to allocate capital in M&A that will continue benefiting all of our stakeholders. With ZAR 4.5 billion in available headroom through cash and available facilities, our balance sheet remains flexible.

自 2018 年以來，我們一直通過增值收購積極發展我們的業務。通過有效利用資本，資產淨值自2018年以來增長了23%。我們的戰略仍然是在併購中分配資本，這將繼續使我們所有的利益相關者受益。通過現金和可用設施可獲得 45 億南非蘭特的可用淨空，我們的資產負債表保持靈活。

I'll now hand back to Peter to conclude.

我現在將交還給彼得來總結。

Thank you, Boipelo and Beyers. In conclusion, the Harmony story, growth story represents an incredible opportunity for all our stakeholders. As Boipelo mentioned, Harmony create shared value through its clear and effective capital allocation strategy. We have prioritized capital to drive safety and improvements as we aim towards zero-loss of [mine].

謝謝 Boipelo 和 Beyers。總之，和諧故事、成長故事為我們所有的利益相關者提供了一個難得的機會。正如 Boipelo 提到的，Harmony 通過其清晰有效的資本配置策略創造共享價值。我們已將資金優先用於推動安全和改進，因為我們的目標是 [我的] 零損失。

We are investing in organic growth to build a pipeline of projects, which we can take up the value curve. In addition, capital has been redirected towards the high-grade and higher-margin projects. And we have a clear set of investment criteria on which all projects are ranked.

我們正在投資於有機增長，以建立一系列項目，我們可以佔據價值曲線。此外，資金已重新轉向高檔次和利潤率更高的項目。我們有一套明確的投資標準，所有項目都根據這些標准進行排名。

All projects or acquisitions must, first of all, lower our overall risk profile, including ESG risks such as safety and climate change, improve margins by targeting acquisitions with an all-in sustaining cost of less than $1,250 per ounce. And the projects must generate real internal rates of above 15%. And then lastly, improved the production profile of Harmony.

首先，所有項目或收購都必須降低我們的整體風險狀況，包括安全和氣候變化等 ESG 風險，通過以總維持成本低於每盎司 1,250 美元的目標收購來提高利潤率。並且這些項目必須產生 15% 以上的實際內部利率。最後，改進了 Harmony 的生產配置文件。

We have a clear road map to drive margin expansion over the next few years. This slide illustrates a time line of key projects to further help us deliver on our strategy of safe, profitable ounces. This sizable brownfield investment in South Africa and greenfield opportunities internationally will improve margins over time. Our project pipeline dovetails ensuring capital allocation remains affordable and effective.

我們有一個清晰的路線圖來推動未來幾年的利潤率增長。這張幻燈片展示了關鍵項目的時間表，以進一步幫助我們實現安全、有利可圖的盎司戰略。隨著時間的推移，南非的大規模棕地投資和國際上的綠地投資機會將提高利潤率。我們的項目管道相吻合，確保資本分配仍然負擔得起且有效。

So, Harmony is the 1.4 million to 1.5 million ounce specialist gold producer with a growing copper footprint. Our strategic objective is to produce safe, profitable ounces and improve margins through operational excellence and value-accretive acquisitions.

因此，Harmony 是 140 萬至 150 萬盎司的專業黃金生產商，其銅足跡不斷增長。我們的戰略目標是通過卓越運營和增值收購來生產安全、有利可圖的盎司並提高利潤率。

For the remainder of this financial year, the following focus areas are key to meeting these objectives. First of all, continuing our safety initiatives as we aim to zero-harm remains a non-negotiable priority.

在本財政年度的剩餘時間內，以下重點領域是實現這些目標的關鍵。首先，繼續我們的安全舉措，因為我們的目標是零傷害仍然是一個不容談判的優先事項。

We are progressing our renewable energy projects with feasibility studies approved for a 137 megawatt Phase 2 solar project and maintaining the momentum to meet the annual guidance at operations is of critical importance. Completing our projects on time and on budget is a key driver of value creation and we remain focused on the quality project execution.

我們正在推進我們的可再生能源項目，並通過可行性研究批准了一個 137 兆瓦的第二階段太陽能項目，並保持滿足年度運營指導的勢頭至關重要。按時按預算完成我們的項目是創造價值的關鍵驅動力，我們仍然專注於高質量的項目執行。

Delivering positive operational free cash flow through operational excellence will further drive value creation for all our stakeholders.

通過卓越運營提供積極的運營自由現金流將進一步推動我們所有利益相關者的價值創造。

We aim to continue taking Eva Copper and Wafi-Golpu up the value curve, while M&A remains core to our strategy. We are supported by strong partnerships with our stakeholders, and we promote active engagement. By doing what we know best, we remain well in our way to deliver on our annual guidance as we continue to mine with purpose.

我們的目標是繼續提升 Eva Copper 和 Wafi-Golpu 的價值曲線，而併購仍然是我們戰略的核心。我們得到與利益相關者的牢固合作夥伴關係的支持，並且我們促進積極參與。通過做我們最了解的事情，在我們繼續有目的地開采的同時，我們仍然能夠很好地實現我們的年度指導。

Thank you, and we will now take some questions. So [Jared], you will guide us on that. So would you please guide us on the questions?

謝謝，我們現在將回答一些問題。所以 [Jared]，你將指導我們。那麼請您指導我們回答問題好嗎？

Thanks, Peter. I think we'll start with the audience, start with you, Arnold.

謝謝，彼得。我想我們將從觀眾開始，從你開始，阿諾德。

It's Arnold Van Graan from Nedbank. 2 questions, first one goes to Beyers. Beyers, a great variability at Moab, what's driving that? Is that a function of the ore body? Or is it other issues? Can you give us some comfort that the grades will stabilize going forward? And that's both Moab and Mponeng.

我是 Nedbank 的 Arnold Van Graan。 2 個問題，第一個問題交給 Beyers。 Beyers，Moab 的變化很大，是什麼推動了它？那是礦體的功能嗎？還是其他問題？你能告訴我們成績會穩定下來嗎？這就是 Moab 和 Mponeng。

And then second question for Boipelo. I know it's probably tough to give an outlook, but what's your view on a final dividend at year-end, assuming the gold price stays where it is now? Let's work that and makes it easier.

然後是 Boipelo 的第二個問題。我知道可能很難給出前景，但假設金價保持在現在的水平，您對年底的末期股息有何看法？讓我們一起努力，讓它變得更容易。

Yes. Thank you, Arnold, for the question on the grade variability. I think it's spatial in nature. And if I can first speak to Moab Khotsong, I mean we've got the middle mine section, which we're mining there, which is the gold pot. That's the primary driver of the good grade at Moab. So flexibility in the middle mine, good mining practices, clean mining practices and maintaining the correct mining mix in the middle mine is the key driver of good grade management at Moab. And we're fairly comfortable that our Iceberg, which is our flexibility tool is well maintained at Moab.

是的。謝謝你，阿諾德，關於等級可變性的問題。我認為它本質上是空間的。如果我可以先和 Moab Khotsong 談談，我的意思是我們有中間的礦區，我們在那裡開採，這是金罐。這是 Moab 取得好成績的主要驅動因素。因此，中礦的靈活性、良好的採礦實踐、清潔的採礦實踐以及在中礦保持正確的採礦組合是 Moab 良好品位管理的關鍵驅動因素。我們很高興我們的靈活性工具 Iceberg 在 Moab 得到了很好的維護。

In Mponeng, again, I would say, special in nature. We're moving the mining front on the 2 levels, 123, 126, obviously, further out to the east and the west of the mining perimeter. The 123 mining fronts are in the high-grade lobes, the 126 fronts are approaching the high-grade lobe. So from that perspective, we're very confident that as mining progresses the mining fronts, the good grades will be maintained.

在 Mponeng，我要說的是，它具有特殊的性質。我們正在將 123、126 兩層的採礦前沿移動到採礦邊界的東部和西部。 123條開採鋒面位於高檔葉狀體中，126條前緣接近優質葉狀體。因此，從這個角度來看，我們非常有信心，隨著採礦前沿的進展，良好的品位將得到保持。

The other 2 common denominator between the 2 mines is seismic response to mining. So if you've got spatial high-grade areas, it's important to manage the seismic response of mining. So the rated mining, the tempo of mining, not over congesting areas where you've got high grade is key in managing the average mining grade. So yes, seismicity and making sure that the mining volumes, mining mix and flexibility in those key areas at the 2 different mines are maintained at all times. So yes, confident on the grades at those 2 high-grade mines. Thanks, Arnold.

這兩個礦山之間的另外兩個共同點是對採礦的地震反應。因此，如果您擁有空間等級較高的區域，那麼管理採礦的地震響應就很重要。因此，額定採礦、採礦節奏，而不是在擁有高品位的擁擠區域，是管理平均採礦品位的關鍵。因此，是的，地震活動並確保始終保持兩個不同礦山關鍵區域的採礦量、採礦組合和靈活性。所以是的，對這兩個高品位礦山的品位充滿信心。謝謝，阿諾德。

Thanks. On the dividend, I mean our division policy is quite clear. However, it is at the discretion of the Board. We did have free cash generated, and I do foresee that we'll have that in the second half as well. However, if you look with the acquisition of Eva, our net debt-to-EBITDA pushed up to 0.6%. Obviously, we're trying to maintain that below 1%. So, and given the capital requirements for Eva, et cetera, the decision at this stage was not to declare. I can't guide on whether or not a final would be declared.

謝謝。關於股息，我的意思是我們的分紅政策非常明確。但是，這由董事會酌情決定。我們確實產生了自由現金，我確實預見到下半年我們也會有。然而，如果你看一下對 Eva 的收購，我們的淨債務與 EBITDA 之比推升至 0.6%。顯然，我們正在努力將其保持在 1% 以下。因此，考慮到 Eva 等的資本要求，現階段的決定是不申報。我無法指導是否會宣布決賽。

the shareholder, just a micro shareholder. 2 questions for me. One is around for instance, what Peter has presented in terms of the renewable energy programs. And then one would be interested to see how are those comparing, especially, I mean, with the current situation that we're going through in South Africa, how are those comparing in terms of the cost of capital and also that the risk premiums that is asked by investors compared to the other conventional energy sources that we had in the past? And secondly, the impact of them in terms of the working capital?

股東，只是一個小股東。 2個問題給我。例如，其中之一是 Peter 在可再生能源計劃方面的介紹。然後人們會有興趣看看那些比較如何，特別是，我的意思是，與我們在南非正在經歷的當前情況相比，那些在資本成本以及風險溢價方面的比較如何投資者問與我們過去擁有的其他常規能源相比？其次，它們對營運資金的影響？

And the second one is mainly on the operations to say what may be in terms of providing -- or achieving the operational excellence that Beyers you've talked about, how has been the investment by Harmony in terms of ensuring that they use the latest digital technologies to complement the existing operational technologies?

第二個主要是關於運營，說明在提供方面可能是什麼——或者實現你提到的 Beyers 的卓越運營，Harmony 在確保他們使用最新的數字技術方面的投資如何技術來補充現有的操作技術？

You can go first.

你可以先走。

Yes. Thank you for the question. I can take the second part of it with your permission, Peter. So when it comes to deep level conventional mining, I think as a premise, there's no silver bullet in technology necessarily. But we have got a very strong business improvement platform actively operating in Harmony at the moment. And we're looking at more micro-level technologies to progress things like more mechanical excavation of rock, manless boxholing, logistics improvements with the use of technology, people tracking technology, locomotive technologies, et cetera, et cetera. So yes, very active in the technology space. We are, however, making sure that the technology is fit for our application, which I think is very important.

是的。感謝你的提問。彼得，在你允許的情況下，我可以接受它的第二部分。因此，當談到深層次常規採礦時，我認為作為前提，技術上不一定有靈丹妙藥。但我們目前有一個非常強大的業務改進平台，正在 Harmony 中積極運作。我們正在尋找更多的微觀技術來推動諸如更多的岩石機械開挖、無人挖箱、利用技術改進物流、人員跟踪技術、機車技術等等。所以是的，在技術領域非常活躍。然而，我們正在確保該技術適合我們的應用，我認為這非常重要。

Another area of technological advancement is it may be in the modernization of our safety protocols with the Harmony risk management and the miners work note. So what you would have seen on a mine 10 years ago around a paper-based safety system is pretty much now converted into a modernized digital safety system that presents information in as close as possible to shift minus 1 in real time. So you get information in the hands of people to make our employees to make better safety decisions with the use of technology.

技術進步的另一個領域可能是我們的安全協議與 Harmony 風險管理和礦工工作記錄的現代化。因此，您 10 年前在礦山上看到的基於紙質的安全系統現在幾乎已經轉變為現代化的數字安全系統，該系統以盡可能接近的方式實時顯示信息，以實時移動負 1。因此，您將信息掌握在人們手中，讓我們的員工利用技術做出更好的安全決策。

So yes, actively keeping an eye on what is happening in its technological space and to do a business improvement platform, trying to be stay abreast and to implement where we deem appropriate for our conditions at Harmony.

所以，是的，積極關注其技術領域正在發生的事情，並建立一個業務改進平台，努力與時俱進，並在我們認為適合 Harmony 條件的地方實施。

Yes. On the solar, I mean, you can also refer to just in the next, Slide 38. So the first 30 megawatts, that's obviously with the PPA, so off balance sheet. And there, we anticipate to have about approximately ZAR 30 million to ZAR 40 million in electricity cost savings. The second phase, the 137 megawatts will be a combination. We have a ZAR 1.5 billion green loan. And so, 100 would be utilized on balance sheet with that and the remaining 37 with a PPA. And those savings are estimated at around ZAR 395 million, in line with the feasibility study.

是的。在太陽能方面，我的意思是，你也可以參考下一張幻燈片 38。因此，前 30 兆瓦顯然與 PPA 相關，因此不在資產負債表內。在那裡，我們預計將節省大約 3000 萬至 4000 萬南非蘭特的電力成本。二期，137兆瓦將組合。我們有 15 億南非蘭特的綠色貸款。因此，資產負債表上將使用 100 個，其餘 37 個用於 PPA。根據可行性研究，這些節省估計約為 3.95 億南非蘭特。

It's [Lee Roy] from HSBC. My first question is relating to your dividend policy, right? So, some of your peers pay a percentage of earnings, some of them pay free cash flow before growth CapEx. And I understand that you adhere to your policy. But by implication, it shifts your shareholders down the pecking order quite a bit because acquisitions and growth CapEx comes before the dividend. Maybe just your thinking around that and if it is an appropriate policy?

我是匯豐銀行的 [Lee Roy]。我的第一個問題是關於你的股息政策，對吧？因此，您的一些同行支付一定比例的收益，其中一些支付增長資本支出之前的自由現金流。我知道你遵守你的政策。但言下之意，它會大大降低你的股東的優先次序，因為收購和增長資本支出先於股息。也許只是您對此的思考，以及這是否是一項合適的政策？

And then coupled with that, does the dividend matter? So if you were to pay a dividend versus not paid, do you believe that you'd rerate or trade on a higher multiple? And then on Wafi, if there's a change of ownership with your partners and that asset is no longer key to the broader portfolio, would you have the capacity to develop that yourself, both financially and in terms of expertise? Yes, I'll leave it at that for now.

再加上股息重要嗎？因此，如果你要支付股息而不是不支付，你認為你會重新估值或以更高的倍數進行交易嗎？然後在 Wafi 上，如果您的合作夥伴的所有權發生變化並且該資產不再是更廣泛的投資組合的關鍵，您是否有能力在財務和專業知識方面自行開發它？是的，我暫時就到此為止。

I'll start with the dividend. I think our policy is -- it is -- what's the word -- we believe it's substantial. We did benchmark it against what other mining houses are doing. So 20% of free cash, we believe is appropriate. We did indicate that when the Board considers their discretion what they look at, major future CapEx, which, again, I'm giving the argument of Eva net debt-to-EBITDA being below 1%, obviously, the normal company's act requirements.

我將從股息開始。我認為我們的政策是——它是——這個詞是什麼——我們相信它是實質性的。我們確實將其與其他礦業公司的做法進行了對比。所以 20% 的自由現金，我們認為是合適的。我們確實指出，當董事會考慮他們的自由裁量權時，主要的未來資本支出，我再次提出 Eva 淨債務與 EBITDA 低於 1% 的論點，這顯然是正常公司的行為要求。

I was not -- we were sitting here last year, and we declared a dividend and shareholders were up in arms because we didn't generate cash in the last half of that financial year. So we're sitting here again, we're not declaring shareholders are up in arms. I think what I'm trying to say is we obviously have to do what's right for the company. And given what's facing ahead of us, the decision at this time was not to declare a dividend.

我不是——我們去年坐在這裡，我們宣布派發股息，股東們都在武裝起來，因為我們在那個財政年度的後半年沒有產生現金。所以我們又坐在這裡了，我們並不是在宣布股東們武裝起來。我想我想說的是，我們顯然必須做對公司有利的事情。考慮到我們面臨的情況，此時的決定是不宣布派息。

But I think obviously intention is always to -- where we can do to pay a dividend. So we do want to be a dividend payer, a consistent dividend payer, that's the intention. I'll take the discussion on Wafi-Golpu. Yes, obviously, we will take note of the corporate action that is currently between Newmont and Newcrest. There's obviously a very long in my view, quite a -- lot of water need to go into the sea before it actually being finalized. So, what are the legal stance of that? If there's a new owner of Wafi-Golpu portion, 50% currently, and it's up for sale. We have the right of first refusal as Harmony. But I mean, there's such a long period of time still to -- and things happening. I think Wafi-Golpu is a key long-term project for Newcrest. So ever it takes it over or we're going to -- if there's corporate actions, we most likely would like to actually monetize that. So yes, but I mean that is a legal stance. I mean if it's up for sale by a partner, or Newcrest, we have the right of first refusal as Harmony.

但我認為顯然意圖總是——我們可以在哪裡支付紅利。所以我們確實想成為一個股息支付者，一個穩定的股息支付者，這就是我們的意圖。我將在 Wafi-Golpu 上進行討論。是的，顯然，我們會注意到目前 Newmont 和 Newcrest 之間的公司行動。在我看來，這顯然是一個很長的時間，在它真正完成之前需要大量的水進入大海。那麼，它的法律立場是什麼？如果 Wafi-Golpu 部分有新的所有者，目前是 50%，並且可以出售。作為Harmony，我們有優先購買權。但我的意思是，還有很長一段時間 - 事情正在發生。我認為 Wafi-Golpu 是 Newcrest 的一個重要長期項目。因此，無論它接管還是我們打算——如果有公司行為，我們很可能希望真正將其貨幣化。所以是的，但我的意思是這是一種法律立場。我的意思是，如果它由合作夥伴或 Newcrest 出售，我們作為 Harmony 擁有優先購買權。

Just a follow-up. Do you have a sense of what you'd be willing to pay or what it's worth to you?

只是一個跟進。您是否知道您願意支付的費用或它對您的價值？

Pardon, can you just repeat?

對不起，你能重複一遍嗎？

Sorry. Do you have a sense of what you'd be willing to pay for the...

對不起。你知道你願意為……付出什麼嗎？

No idea -- we don't even think -- I mean we don't break ahead of that now. I mean that's still a long way before we get to a point of discussion. And again, like I said, we had the right of first refusal. So it depends on what everybody else is prepared to pay. So are we prepared to pay an equal amount? But I mean that there's a legal stance in terms of where we are. But we not break our heads about that now. So that's...

不知道 - 我們甚至不認為 - 我的意思是我們現在沒有突破。我的意思是在我們到達討論點之前還有很長的路要走。再一次，就像我說的，我們有優先購買權。因此，這取決於其他人準備支付的費用。那麼我們準備好支付同等金額了嗎？但我的意思是，就我們所處的位置而言，存在法律立場。但我們現在不會為此傷腦筋。所以那是...

And then maybe if I could sneak in one more question, please. I understand that load shedding is a challenge for you as well as your peers, but you seem to be managing it a lot better or at least are a lot less vocal about it or load curtailment. Do you have a sense of what you are doing differently? Or could you maybe share some of the measures you have in place to help you sort of deal with that?

然後也許我可以再偷偷問一個問題。我知道減載對您和您的同事來說都是一個挑戰，但您似乎更好地管理了它，或者至少對它或減載不太直言不諱。你知道你在做什麼不同嗎？或者您能否分享一些您已採取的措施來幫助您解決這個問題？

Yes. You can never underplay the impact that load curtailment do have on us. I mean, it do have a massive impact. And we have to constantly be able to maneuver, make plans, people working -- and I take my head off to Beyers and his team, especially the engineering fraternity within Harmony that are able to juggle all the balls in the air and to do things.

是的。您永遠不能低估負荷削減對我們的影響。我的意思是，它確實產生了巨大的影響。而且我們必須不斷地能夠機動、制定計劃、人員工作——我把我的頭轉向拜爾斯和他的團隊，尤其是 Harmony 內的工程兄弟會，他們能夠在空中玩弄所有的球並做事.

I think like anything else in life, you can scream about the external factors that impact you or you can make a conscious decision that you will not allow it to impact on you as I think. Now we do have the luxury in Harmony, and that is we're very fortunate that most of our mines are underground mines and we can play a little bit around with things like, for instance, if we have 6 pumps running at Mponeng pumping water, we can switch 1 or 2 off and pump with 4 the time being and then catch up again when there's no load curtailment to take things up.

我認為就像生活中的其他任何事情一樣，您可以對影響您的外部因素大喊大叫，或者您可以有意識地做出決定，不要讓它像我想的那樣影響您。現在我們確實擁有 Harmony 的奢侈品，我們非常幸運，我們的大部分礦山都是地下礦山，我們可以嘗試一些事情，例如，如果我們有 6 個水泵在 Mponeng 抽水，我們可以暫時關閉 1 或 2 並用 4 抽水，然後在沒有負荷削減時再次趕上來。

I think it's quite difficult if you have an operation that has got a 1 crusher, 1 conveyor belt plant is in line and you have to curtail a cost of, how do you do that? I mean you actually can't switch a part of that off. So we do have a little bit more flexibility. If we have 3 fans running an underground mine, potentially at night, we can switch one of them off, and it will have an impact on conditions underground, but not as big as another and when we switch it on again at a period of time.

我認為，如果您的操作有 1 台破碎機、1 台傳送帶設備，並且您必須削減成本，那將非常困難，您如何做到這一點？我的意思是你實際上不能關閉其中的一部分。所以我們確實有更多的靈活性。如果我們有 3 個風扇運行一個地下礦井，可能在晚上，我們可以關閉其中一個，它會對地下條件產生影響，但不會像另一個那麼大，當我們在一段時間內再次打開它時.

So we can play around with what we've got. So we've managed to get through this set of results without any impact on the results. I mean, we actually got through it, I think, fairly un- if you compare to many of our peers in the market. But it's not to say that it is not difficult. It is very difficult, and it is very time-consuming and obviously, in day-to-day management, we have to deal with that.

所以我們可以玩弄我們已有的東西。所以我們設法在沒有對結果產生任何影響的情況下完成了這組結果。我的意思是，我認為，如果你與市場上的許多同行相比，我們實際上已經度過了難關。但也不是說不難。這非常困難，也非常耗時，顯然，在日常管理中，我們必須處理這個問題。

And so we also like anybody else, are very keen for load curtailment to come to an end to find ways of actually take some pressure of the grids so that we can operate and operate properly. So like anything else, we are in the same boat. But we managed to get through it. And where we are now in a second set, we're still managing it without having too much impact on our operations.

因此，我們也和其他人一樣，非常希望結束限載，以找到真正減輕電網壓力的方法，以便我們能夠正常運行。所以就像其他任何事情一樣，我們在同一條船上。但我們設法度過難關。在我們現在處於第二組的地方，我們仍在對其進行管理，而不會對我們的運營產生太大影響。

But again, I think it's more on the back of that we have the flexibility. We have obviously installed capacity that is built for much bigger mines that we currently operate. So we can -- we have enough pumps on the ground, for instance, but just an example on a mine that we can pump the water out in shorter periods than we're currently creating in the mine. So we do have this little bit of flexibility. But again, it is about, I think, a lot about attitude. You're not allowing to have an excuse or let an external factor impact on your results. I think it's an important attitude to have.

但同樣，我認為這更多是因為我們擁有靈活性。我們顯然已經為我們目前運營的更大的礦山建造了裝機容量。所以我們可以——例如，我們在地面上有足夠的水泵，但這只是一個礦井的例子，我們可以在比我們目前在礦井中創造的更短的時間內將水抽出。所以我們確實有一點點靈活性。但我認為，這在很大程度上與態度有關。您不允許找藉口或讓外部因素影響您的結果。我認為這是一種重要的態度。

It's Mark from Oyster Catcher Investments. Perhaps do you have any time lines for the Eva Copper project feasibility? And then the second question is just a clarity on -- I mean, you said that currently, you are managing with the current load curtailment. Is that -- in this past month, are you still -- is that still the case?

我是 Oyster Catcher Investments 的馬克。也許您對 Eva Copper 項目的可行性有任何時間表？然後第二個問題只是澄清 - 我的意思是，你說目前，你正在管理當前的負載削減。是——在過去的一個月裡，你還是——還是這樣嗎？

I'll get the second one. First, I think we're still managing as much as we -- like I said, a day-to-day constant -- take a massive effort, but we're still managing. So we don't think for this set of results that come in that we will have -- that load curtailment will have a massive impact on the outcome of those results.

我會得到第二個。首先，我認為我們仍在管理——就像我說的，每天都在——付出巨大的努力，但我們仍在管理。因此，我們不認為我們將獲得的這組結果 - 削減負荷將對這些結果的結果產生巨大影響。

On the Eva, I mean, obviously, we just took over, really on the 17th, it was the 17th of December. We paid the money and we actually took office and started doing. So the first step is really to do the feasibility study. That by September, around about that time, we should be finished with that on the feasibility study. We've obviously started with ore reserves and those kind of things and then obviously, that goes into the next phases of the feasibility study.

在 Eva 上，我的意思是，顯然，我們剛剛接手，實際上是在 17 日，那是 12 月 17 日。我們付了錢，實際上就職並開始做事。所以第一步真的是做可行性研究。到 9 月，大約那個時候，我們應該完成可行性研究。我們顯然已經從礦石儲量和這類事情開始，然後很明顯，這進入了可行性研究的下一階段。

We don't think there's any flaw in what we bought. As a matter of fact, I think we believe there could be some upside in that. So at the end of the day, we'll probably -- and it's targeting the end of this calendar year to have in a situation that we can take it to the Board for a decision on, first of all, the of that. And then secondly, obviously, also how we're going to fund it. So if you want to build that.

我們認為我們購買的產品沒有任何缺陷。事實上，我認為我們相信這可能會有一些好處。所以在一天結束時，我們可能會 - 它的目標是在這個日曆年結束時，我們可以將它提交給董事會，首先就此做出決定。其次，很明顯，還有我們將如何為其提供資金。所以如果你想構建它。

So there's obviously a toolbox of different options to fund it. And it is a short mine that's going to be built in 2 years. It's in the copper space. There's a lot of, I would say, interest in -- from to be part of it. So we see that. We don't foresee a problem to find a way of building the mine now if we approve it.

因此，顯然有一個包含不同選項的工具箱來為其提供資金。這是一個將在 2 年內建成的短礦。它在銅空間。有很多，我想說，興趣 - 從成為它的一部分。所以我們看到了。如果我們批准，我們認為現在找到建造礦山的方法不會有問題。

All right. I just want to find out, are there any questions from those who may have dialed in?

好的。我只是想知道，那些可能已經撥入的人有什麼問題嗎？

Yes, we do have questions on the conference call. The first question is from Adrian Hammond of SBG Securities.

是的，我們在電話會議上確實有問題。第一個問題來自 SBG Securities 的 Adrian Hammond。

I just wanted to ask the thinking around the broader strategy for the group, you've described the copper gold producer, what other assets are you looking at? Would you diversify into copper?

我只是想問一下圍繞集團更廣泛戰略的想法，你已經描述了銅金生產商，你還在看什麼其他資產？你會多元化投資銅嗎？

And then just for Boipelo on the options for Eva funding, what are you considering? And can you give us a ballpark CapEx for that project, please?

然後就 Boipelo 而言，關於 Eva 資金的選擇，你在考慮什麼？你能給我們一個大概的項目資本支出嗎？

Adrian, yes, I think obviously, like I said, in 2004, we got involved into copper by default by doing Wafi-Golpu, or our intention to do Wafi-Golpu. So we will be a copper producer, mostly Wafi-Golpu is more a copper producer than a gold producer. So that obviously brought us into copper. Eva is an operation that created an opportunity. We are comfortable with copper.

阿德里安，是的，我認為很明顯，就像我說的，在 2004 年，我們默認通過 Wafi-Golpu 參與銅，或者我們打算做 Wafi-Golpu。所以我們將成為一個銅生產商，主要是 Wafi-Golpu 更像是一個銅生產商而不是黃金生產商。所以這顯然把我們帶入了銅。 Eva 是一項創造機會的行動。我們對銅很滿意。

Other metals, not at this stage, no. We kind of want to stick to gold copper. But I think like anything else in life, like I should say, if you're a race player, you have to take the gap that's in front of you sometimes. And if there is an opportunity, and I don't foresee it in other precious metals or we don't necessarily believe that we will ever be a coal producer or something like that. That will be totally out of our league. But gold copper we're comfortable with. Probably another precious metals will be okay, but we are not looking at anything at this point in time. So please don't start a rumor that we are going into platinum.

其他金屬，現階段還沒有。我們有點想堅持金銅。但我認為就像生活中的其他事情一樣，就像我應該說的那樣，如果你是一名賽車手，你有時必須抓住你面前的差距。如果有機會，我沒有預見到其他貴金屬，或者我們不一定相信我們會成為煤炭生產商或類似的東西。那將完全超出我們的聯盟。但是我們對金銅感到滿意。可能另一種貴金屬沒問題，但我們目前還沒有考慮任何事情。所以請不要散佈謠言說我們將進入白金市場。

But if an opportunity do come to our things, we probably will consider that. But the -- but I mean, we're comfortable with those -- and they are -- in most of the ore bodies that you're going to find going forward, they are actually present in the same ore bodies like both gold copper like we do have with Wafi. And most likely, there will be some more that we will have gold and copper in the same ore body. So yes, we're comfortable with that.

但如果我們的事情真的有機會，我們可能會考慮。但是——但我的意思是，我們對這些很滿意——而且它們是——在你將要找到的大多數礦體中，它們實際上存在於同一個礦體中，就像金銅一樣就像我們對 Wafi 所做的那樣。而且最有可能的是，我們將在同一個礦體中擁有金和銅。所以是的，我們對此感到滿意。

Yes. Just on the eve funding, I mean, we were guided in the due diligence with $600 million thereabout. But obviously, as Peter said, the feasibility is being refined. So that number will be refined. And in terms of options, I mean, it could be a combination of things, Adrian. We just have to see how we can make it work possible bond equity, project finance, et cetera. There's a number, but we'll -- obviously, it will need to be optimal for that and for us.

是的。就在前夕，我的意思是，我們在盡職調查中獲得了大約 6 億美元的指導。但顯然，正如彼得所說，可行性正在完善中。所以這個數字會被細化。就選項而言，我的意思是，這可能是多種因素的結合，阿德里安。我們只需要看看我們如何才能使債券股權、項目融資等成為可能。有一個數字，但我們會 - 顯然，它需要對我們來說是最佳的。

Any other questions on the line?

在線還有其他問題嗎？

Yes. The next question is from Jared Hoover of RMB Morgan Stanley.

是的。下一個問題來自人民幣摩根士丹利的賈里德胡佛。

Got a few questions. Maybe just following up from Adrian's one. Obviously, you have rebranded yourself over the last 12 to 18 months as a copper-gold play. Very recently, you've had an organizational restructure internally. And if I'm not mistaken, I think your business development team does not sit in Australia. So should we be thinking of you as having a much more aggressive push into M&A than maybe you have been historically and potentially with the 20% electricity increase in South Africa, does it also mean that you might have to shorten some of your mine labs and potentially close some of your mines in South Africa in the not-too-distant future? So that's my first question.

有幾個問題。也許只是跟進 Adrian 的問題。顯然，在過去的 12 到 18 個月裡，你已經將自己重新定位為銅金遊戲。最近，您在內部進行了組織重組。如果我沒記錯的話，我認為您的業務開發團隊不在澳大利亞。因此，我們是否應該認為您比以往更積極地推動併購，而南非電力增加 20%，這是否也意味著您可能不得不縮短一些礦山實驗室和可能會在不久的將來關閉您在南非的一些礦山？這是我的第一個問題。

And then my second one is for the first half of the year, you've done about 50% to 52% of your full year production guidance. And the second half typically is seasonally softer, but you've had a good start-up towards Christmas, completely offsetting the load shedding impact and Mponeng is going into good grids. Are there any assets in the portfolio that you foresee having a materially weaker second half? And maybe if you can just talk to specifically your expectations around target and Hidden Valley in the second half of the year?

然後我的第二個是上半年，你已經完成了全年生產指導的 50% 到 52%。下半年通常季節性較軟，但您在聖誕節前有一個良好的開端，完全抵消了減載影響，並且 Mponeng 正在進入良好的電網。您預計下半年會大幅走弱的投資組合中是否有任何資產？也許你能否在下半年具體談談你對目標和隱谷的期望？

And then my last question for Boipelo. I picked up a few headlines that suggested Papua New Guinea is having some FX shortages. Can you just comment on your ability to extract cash from that country? I'll leave it there.

然後是我要問 Boipelo 的最後一個問題。我看到了一些暗示巴布亞新幾內亞出現外匯短缺的頭條新聞。你能評論一下你從那個國家提取現金的能力嗎？我會把它留在那裡。

Okay. Let me quickly -- thanks for the question. Yes, we did have a restructuring. Beyers is now in charge of all operations. That's also obviously in anticipation of having a operating significantly in more than one part of the world. And so, Beyers is now the Group Chief Operating Officer, and we obviously will look at filling up some positions opening up opportunity in South Africa to have, both South African and also a person in Southeast Asia to run it over time.

好的。讓我快點——謝謝你的問題。是的，我們確實進行了重組。 Beyers 現在負責所有運營。這顯然也是在預期在世界多個地區開展重要業務。因此，Beyers 現在是集團首席運營官，我們顯然會考慮填補一些職位，在南非開闢機會，讓南非和東南亞的人隨著時間的推移來管理它。

Yes, our new business team is in Australia. We found that it is probably a little bit better there in terms of operational wise. There's a lot of more action happening in Australia. And from the Brisbane office that we have quite easy to do it. But Johannes is also responsible for the building of the new projects, which will be Eva and Wafi-Golpu when that actually goes starting. So it's not -- it's an operational role and obviously, also an M&A role that we will fulfill there.

是的，我們的新業務團隊在澳大利亞。我們發現它在操作方面可能要好一些。澳大利亞正在採取更多行動。從布里斯班辦事處，我們可以很容易地做到這一點。但 Johannes 還負責新項目的建設，實際開始時將是 Eva 和 Wafi-Golpu。所以它不是 - 它是一個運營角色，顯然，也是我們將在那裡履行的併購角色。

So he's going to have his hands full. He's obviously capacitated with some very good people in terms of project building skills and obviously, also on the M&A side through his team that he's got there. And we will strengthen that also from South Africa and be operating there.

所以他會忙得不可開交。他顯然在項目構建技能方面擁有一些非常優秀的人，而且顯然，在併購方面，他也通過他的團隊做到了這一點。我們還將加強來自南非的業務並在那裡開展業務。

So yes, then if you want to look at in terms of how we look at our planning cycles and where we actually do, we actually every year look at our life of mine plans. We've obviously populate our expectation of costs and those kind of things into that. We then determine what we say cutoffs. And if the cost pressures get to high, the cutoffs get higher, then there's result that actually didn't become un-minable. So we have to constantly find a way of and trying to get our costs down. And like, for instance, electricity or energy increase, high energy increases have impact in terms of determining cutoff. So we cannot forever just absorb higher energy increase. It will have an impact on Harmony, and it will certainly shorten the life of mines of some of the operations.

所以是的，如果你想看看我們如何看待我們的計劃週期以及我們實際在哪裡做，我們實際上每年都會看我的生命計劃。我們顯然已經將我們對成本的期望和那些東西填入其中。然後我們確定我們所說的臨界值。如果成本壓力變高，截止點變高，那麼結果實際上並沒有變得不可開採。因此，我們必須不斷尋找一種方法並努力降低成本。並且，例如，電力或能量增加，高能量增加在確定截止方面具有影響。所以我們不能永遠只吸收更高的能量增加。對Harmony會有影響，肯定會縮短部分作業的地雷壽命。

And so yes, so we are very diligent in terms of making sure that we have the right cutoffs. We are very conservative in our outlook and price. And because I think in the past, Harmony, those of you who remember many years ago, had some scratches on our backs because we obviously follow good prices and believe that, that will be the norm. So we're very conservative in our prices and obviously, we're very conservative in our costs that we put in. So that determine where we develop, what we deliver, what we put into reserves and what we actually put back in resource.

所以是的，所以我們在確保我們有正確的截止點方面非常勤奮。我們對前景和價格非常保守。因為我認為在過去，Harmony，你們中那些記得很多年前的人，在我們的背上有一些划痕，因為我們顯然遵循良好的價格並相信這將成為常態。所以我們在價格上非常保守，顯然，我們在投入的成本上非常保守。所以這決定了我們開發的地方，我們提供的東西，我們投入儲備的東西以及我們實際投入資源的東西。

So at the end of the day, having a very high inflation will have an impact in terms of the life of mine of the mines. But yes, again, to say we are -- we always said that we are active in the Southeast Asia area, which includes Australia and obviously, Papua New Guinea and those parts of the world. And South Africa, but also Continental Africa is still an ambition for us to find the right entry point and the right way of doing that. And we will constantly be looking at that. And being honest, this M&A leg that there is actually in the right space as far as that's concerned.

因此，歸根結底，非常高的通貨膨脹將對礦山的壽命產生影響。但是，是的，再說一遍——我們一直說我們在東南亞地區很活躍，其中包括澳大利亞，顯然還有巴布亞新幾內亞和世界其他地區。南非和非洲大陸仍然是我們尋找正確切入點和正確方法的雄心。我們將不斷關注這一點。老實說，就此而言，這個併購腿實際上是在正確的空間。

Beyers, would you take maybe the whole thing about the Target in Valley and then also the outlook for grades going forward?

Beyers，您是否可以接受有關 Target in Valley 的全部內容以及未來成績的前景？

Sure, Peter. Jared, thanks for the questions. So I'll start with Target 1. As guided previously, we're in the process of completing the recapitalization project. And just briefly, what the recapitalization project entails is to move the crusher, the underground crusher further down the mine closer to the mining block. The idea with that is that you'd have shorter cycle times for your dump trucks, and you would have lower operating costs. At the moment, we've got full dump trucks driving a long road up the decline to get to the old crusher. And obviously, that's hard on your mining vehicles, and obviously, OpEx is expensive.

當然，彼得。賈里德，謝謝你的提問。所以我將從目標 1 開始。如前所述，我們正在完成資本重組項目。簡而言之，資本重組項目需要將破碎機、地下破碎機移動到礦井下方，更靠近採礦區。這樣做的想法是，您的自卸卡車的循環時間會更短，運營成本也會更低。目前，我們有滿載的自卸卡車沿著斜坡行駛很長一段路才能到達舊破碎機。顯然，這對您的採礦車輛來說很難，而且顯然，OpEx 很昂貴。

So Target is a disappointment in terms of the performance we see. But we do know and as guided previously that Target would turn around once the infrastructure is in place. And we've got it that the infrastructure would be completed by our Q4 financial year. So basically, at the end of the middle of the calendar year, we would be completed on that.

因此，就我們所看到的表現而言，Target 令人失望。但我們確實知道並且按照之前的指導，一旦基礎設施到位，Target 就會扭轉局面。我們知道基礎設施將在我們的第四季度財政年度完成。所以基本上，在日曆年年中結束時，我們將完成這項工作。

Hidden Valley, we expect a much better quarter 4 financial and it is a function of spatially where we are in the pit.

Hidden Valley，我們預計第 4 季度的財務狀況會好得多，這取決於我們所處的空間位置。

We were, as discussed earlier today, a little bit slow on the stripping. So especially in the pit, we're a little bit higher up in the pit in terms of where we would have wanted to be. But we do know that we've got the 2 areas, which is Big Red, the one high-grade lobe as well as the Kaveroi area, which is the good grades. And as we get the mining fronts or the benches into those areas, we know we would be good on grade.

正如今天早些時候所討論的，我們在剝離方面有點慢。因此，尤其是在維修區，就我們希望達到的位置而言，我們在維修區的位置要高一些。但我們確實知道我們有 2 個區域，即 Big Red，一個高檔的 lobe 以及 Kaveroi 區域，這是一個很好的等級。當我們將採礦前沿或長凳帶入這些區域時，我們知道我們的等級會很好。

The mill has been performing very well at Hidden Valley. In actual fact, there was record tonnes processed in December months at the mine. So it's not a function of the mill or the hauling. It's actually a function of breaking the right grade and mining it in the pit and getting it through the system. So having said that, we're confident that we'll get into the better mining grades, Hidden Valley would perform better than what we've seen in the last period.

該工廠在 Hidden Valley 的表現非常出色。事實上，該礦在 12 月的幾個月里處理了創紀錄的噸數。所以這不是工廠或運輸的功能。它實際上是一個打破合適的品位並在坑中開採並通過系統獲得的功能。所以話雖如此，我們有信心我們會進入更好的採礦等級，Hidden Valley 的表現會比我們在上一時期看到的更好。

Yes. But we will stick to our guidance. I think it's -- let's just stick to the guidance. We will not change anything as far as that's concerned. And I know we did 53% of our production in the first half, but we always have -- the impact of the Christmas break is normally found in the second half of the year. So we'll stick to the guidance.

是的。但我們會堅持我們的指導。我認為這是 - 讓我們堅持指導。就此而言，我們不會改變任何東西。我知道我們在上半年完成了 53% 的生產，但我們一直都有——聖誕假期的影響通常在下半年出現。所以我們會堅持指導。

Just on bank -- well, PNG, no, we have not experienced any issues in terms of getting money in or out.

就在銀行——好吧，巴布亞新幾內亞，不，我們在進出資金方面沒有遇到任何問題。

Okay. I've just got -- I think we're going to finish up there with the calls. I've just got 2 questions that have come in on the webcast. The first one is from Peter, sir, asking about underground grades, which increased a fair amount, but full year guidance implies a possible decrease in the second half. Were you intentionally high-grading in response to the higher prices? And do you expect the higher grades to remain?

好的。我剛剛 - 我想我們將在那裡完成電話會議。我剛剛在網絡廣播中收到了 2 個問題。第一個來自彼得，先生，詢問地下等級，增加了相當數量，但全年指導意味著下半年可能會減少。您是否有意對更高的價格進行高評級？您是否希望保留更高的成績？

Yes. Thank you, I'll take it. So we stick to our great guidance. In the reporting period, we had exceptionally high grades at Mponeng, higher than the planned grades in actual fact. So, no, no intention to necessarily high grade or anything like that. Again, it's just where we are in the ore body, and we maintain our great range in terms of the guidance.

是的。謝謝你，我會接受的。所以我們堅持我們偉大的指導。報告期內，我們在Mponeng取得了超高的成績，實際高於計劃成績。所以，不，無意一定要高等級或類似的東西。同樣，這正是我們在礦體中的位置，我們在指導方面保持了很大的範圍。

Thanks, Beyers. And then the last question is from a question on the S300 strategy. And just in terms of the implementation of that strategy and what are the limitations and challenges that we've experienced so far? Second question is in terms of face grade versus recovered grade. And is that ratio widening or narrowing?

謝謝，拜爾斯。最後一個問題是關於 S300 策略的問題。就該戰略的實施而言，我們迄今為止遇到的限制和挑戰是什麼？第二個問題是關於表面等級與恢復等級。這個比率是在擴大還是在縮小？

Again, Beyers, thanks for the questions. I'll start with S300. So S300 is the business improvement platform that I've referenced in the questions we had earlier. So what it stands for is S, safe, 300. So we want each of our conventional underground crews to produce 300 square meters per copper month safely. Now we didn't put the S on the back of the 300, we put the S in front because it's safe production, safe S300.

再一次，Beyers，感謝您提出問題。我將從 S300 開始。所以 S300 是我在之前的問題中提到的業務改進平台。所以它代表的是 S，安全，300。所以我們希望我們每個傳統的地下工作人員每月安全地生產 300 平方米的銅。現在我們300後面不放S了，我們把S放前面了，因為是安全生產，安全的S300。

So when we started this off, our crews were doing in the region of about 240 square meters per month as a mean across the SA operations. So it was that shift from 240 to 300. Now where we -- our run rate at the moment is up to 260, 270, so we've got that lost little bit to go. And if you translate it into minus language, it's that extra 1.5 blasts that we're looking for. And how we structured the S300 process is to look at some technology drivers, some people aspects, some technical aspects that relate to a productive environment and to really resource energy around improving the environment in order for people to be successful, whether that be the use of localized hydropower to improve drilling cycles for conventional rock-drill operators or whether it be longer or shorter shift cycles or longer shifts or different operating shift environments.

因此，當我們開始這項工作時，我們的工作人員每月在大約 240 平方米的區域進行工作，作為整個 SA 運營的平均值。所以這是從 240 到 300 的轉變。現在我們 - 我們目前的運行率高達 260、270，所以我們已經失去了一點點。如果你將它翻譯成負語言，那就是我們正在尋找的額外 1.5 爆炸。我們構建 S300 流程的方式是著眼於一些技術驅動因素、一些人的方面、一些與生產環境相關的技術方面，並真正圍繞改善環境資源能量，以便人們獲得成功，無論是使用本地化水力發電以改善傳統鑿岩機操作員的鑽井週期，或者是更長或更短的輪班週期或更長的班次或不同的工作輪班環境。

There's a whole spread of many little projects that we're trying to drive to facilitate the growth to S300. I mean because we are -- is leveraged to the gold price as we are in South Africa, we do know that any productivity improvement is obviously a cheap ounce to produce extra. So a whole effort going around productivity improvement, and we've just coined it S300 to make it tangible.

我們正在努力推動許多小項目的整體傳播，以促進向 S300 的增長。我的意思是因為我們 - 就像我們在南非一樣受到金價的影響，我們知道任何生產力的提高顯然都是廉價的盎司來生產額外的。因此，圍繞提高生產力的全部努力，我們剛剛將其命名為 S300 以使其有形。

Just remind me of the next question, please Jared?

請提醒我下一個問題，Jared？

The face grade versus recovered grade.

表面等級與恢復等級。

Yes. The face grade versus recovered grade, that gap is actually narrowing. And it is narrowing because of good quality mining, which we always proud ourselves on. The COVID period had some drag on that. We didn't have all our people back. But we've got all our crews in now vamping levels or picking up nicely. So we are getting some of our old gold back into the system. So certainly comfortable where the ratio is Phase 2, Phase 3 covered. Those metrics are looking good.

是的。面部等級與恢復等級之間的差距實際上正在縮小。由於我們一直引以為豪的優質採礦，它正在縮小。 COVID 時期對此造成了一些拖累。我們沒有讓所有的人回來。但是我們所有的工作人員現在都處於吸血鬼的水平或恢復得很好。因此，我們正在將一些舊黃金放回系統中。因此，在比率為第 2 階段、第 3 階段的情況下肯定很舒服。這些指標看起來不錯。

Good. I think that concludes this part of the presentation. So there's obviously -- there's a lot of executives around. So if there's any questions, please feel free to ask them. And thank you very much for joining us. I know it's very difficult the load-shedding to get through all the traffic jams to get here. We really appreciate you joining us. And have a safe trip back to wherever you come from. Thank you.

好的。我認為這部分演示文稿到此結束。所以很明顯 - 周圍有很多高管。所以如果有任何問題，請隨時問他們。非常感謝您加入我們。我知道要通過所有的交通擁堵到達這裡是非常困難的。我們非常感謝您加入我們。並安全返回您來自的任何地方。謝謝。