Harmony Gold Mining Company Ltd (HMY) 2024 Q2 法說會逐字稿

Good morning or good afternoon wherever you may be across the world. I am Peter Steenkamp, CEO of Harmony. Thank you for joining us virtually today as we present our interim results for the half year ended December 31, 2023, for the current reporting period. Please take note of our Safe Harbor statements.

無論您身在世界各地，早安或下午好。我是 Harmony 執行長 Peter Steenkamp。感謝您今天以虛擬方式加入我們，我們將介紹本報告期間截至 2023 年 12 月 31 日的半年中期業績。請注意我們的安全港聲明。

Let me begin to remind you who we are and what our strategy is. Oman is a specialized gold producer with a growing international copper footprint. We are -- we've also produce small amounts of silver and uranium. We have over 73 years of gold mining experience in South Africa and have been operating for over two decades in Papua New Guinea.

讓我開始提醒您我們是誰以及我們的策略是什麼。阿曼是一個專業的黃金生產國，其國際銅足跡不斷增長。我們也生產了少量的銀和鈾。我們在南非擁有超過 73 年的金礦開採經驗，並在巴布亞紐幾內亞經營了二十多年。

Our strategies aimed at producing safe, profitable ounces and improving margins through operational excellence and value-accretive acquisitions. Our mineral resources and mineral reserves, capitalization 138 million Moz and 39 million Moz, respectively, presents an incredible opportunity to convert quality ounces into shared value for our shareholders and stakeholders.

我們的策略旨在生產安全、獲利的盎司，並透過卓越營運和增值收購提高利潤。我們的礦產資源和礦產儲量分別為 1.38 億莫茲和 3,900 萬莫茲，為我們的股東和利害關係人提供了將優質盎司轉化為共享價值的絕佳機會。

Our gold tailings retreatment business or recycling as you may know, it is the largest globally and is set to grow supporting the circular economy. The tier one Wafi-Golpu project in Papua New Guinea and Eva Copper in Australia (inaudible) sizable copper gold footprint, which will be transformational. Currently, our diversified portfolio of operating assets, including nine underground mines, two open pit mines and a significant tailings retreatment business.

如您所知，我們的金尾礦再處理業務或回收業務是全球最大的，並將持續發展以支持循環經濟。巴布亞新幾內亞的一級 Wafi-Golpu 計畫和澳洲的 Eva Copper（聽不清楚）銅金足跡相當大，這將是變革性的。目前，我們的營運資產多元化，包括九個地下礦場、兩個露天礦場和一個重要的尾礦再處理業務。

Production comes from a four business areas, namely our South African high-grade underground mines. Our South African optimized underground mines, a large and growing surface sources business in South Africa and a growing international copper go through our portfolio, of which Hidden Valley is the only producing mines at this stage.

生產來自四個業務領域，即我們的南非高品位地下礦場。我們的南非優化地下礦場、南非龐大且不斷成長的地表資源業務以及不斷增長的國際銅礦都貫穿我們的投資組合，其中 Hidden Valley 是現階段唯一的生產礦場。

Mining with purpose ensures that our stakeholders share in the benefits of the minerals we extract. In our presentation today, we will provide further insights in how we are creating long-term value shared value for all of us. Over the past few years, we have set ourselves ambitious goals, and I'm proud to say that we've largely achieved in reflecting on the first half of the financial year of 2024, we have delivered significant improvement in safety with our lost-time injury frequency rate improving to up from above seven in 2017, nine of 5.19 per million hours worked in this reporting period.

有目的的採礦可確保我們的利害關係人分享我們提取的礦物的利益。在今天的演講中，我們將提供有關如何為我們所有人創造長期價值共享價值的進一步見解。在過去的幾年裡，我們為自己設定了雄心勃勃的目標，我很自豪地說，我們已經取得了很大的成就，回顧2024 財年上半年，我們在安全方面取得了顯著的進步，我們的損失 -工傷頻率從 2017 年的 7 次以上改善至本報告期每百萬工時 5.19 次中的 9 次。

We maintain the belief that a safe mine is a profitable mine. We have reduced our gearing and built a strong balance sheet, which is down the net cash position of ZAR74 million or USD4 million. Through organic growth and investments we continue to convert our mineral resources to quality mineral reserves, focusing on higher grades and margins.

我們堅信，安全的礦場就是有利可圖的礦場。我們降低了負債比率並建立了強大的資產負債表，淨現金部位減少了 7,400 萬蘭特或 400 萬美元。透過有機成長和投資，我們繼續將礦產資源轉化為優質礦產儲量，並專注於更高的品位和利潤。

This is evident of our comprehensive pipeline of projects in execution. Group all-in sustaining cost improved to ZAR843043 kilogram or USD1,403 per ounce. We achieved higher underground recovered grades at 6.29 grams per tons. Harmony generated a record operating free cash flow of ZAR7.1 billion for $381 million. This equates to a Group operating free cash flow margin of 24%.

這從我們正在執行的全面項目中就可見一斑。集團總維持成本改善至 843,043 公斤南非蘭特或每盎司 1,403 美元。我們實現了更高的地下回收品位，達到每噸 6.29 克。Harmony 創造了創紀錄的營運自由現金流，達到 71 億南非蘭特，價值 3.81 億美元。這相當於集團經營自由現金流利潤率為 24%。

Our acquisitions have transformed Harmony completely having added quality ounces and copper to asset portfolio. We are a new company with a long and exciting future ahead of us. The effective allocation of capital has placed us in a position to return capital to our shareholders, rewarding them for investing in Harmony story, allow me to unpack the operational performance for this reporting period.

我們的收購徹底改變了 Harmony，為資產組合增加了優質盎司和銅。我們是一家新公司，有著漫長而令人興奮的未來。資本的有效配置使我們能夠向股東返還資本，獎勵他們對和諧故事的投資，讓我來解析一下本報告期間的經營業績。

The Stellar results in this reporting period will result of our ongoing investment in operation -- operational excellence. This has enabled us to deliver consistency throughout the gold cycle. We are therefore well-positioned to take advantage of the current high gold price. It may give six reasons why I strongly believe Harmony will continue to deliver.

本報告期間的出色表現將歸功於我們對營運的持續投資—卓越營運。這使我們能夠在整個黃金周期中提供一致性。因此，我們處於有利地位，可以利用目前的高金價。這可能給了我堅信 Harmony 將繼續提供服務的六個原因。

First everything we do starts with safety, which I again want to emphasize is non-negotiable, this is supported by a healthy organizational culture, operational flexibility and predictability in our planning issues that we constantly deliver on the tons alongside higher-grade ounces. Harmony has always controlled what we can with cost being at one key factor with the rand cost base, we have a stable and predictable cost structure.

首先，我們所做的一切都從安全開始，我想再次強調這一點是不容談判的，這是由健康的組織文化、營運靈活性和規劃問題的可預測性所支持的，我們不斷地交付大量的高品位盎司的產品。Harmony 始終控制我們所能控制的成本，而成本是蘭特成本基礎的關鍵因素，我們擁有穩定且可預測的成本結構。

The strong partnerships that we have both with our stakeholders enable us to maintain a social license and continue operating successfully. Our substantial mineral resource based on (inaudible) [140 million] ounces (inaudible) abundance of opportunity to grow our mineral reserves through internal investments. But this look at the numbers supporting these statements.

我們與利害關係人建立的牢固合作夥伴關係使我們能夠保持社會許可並繼續成功運作。我們大量的礦產資源是基於（聽不清楚）[1.4 億]盎司（聽不清楚）透過內部投資增加礦產儲量的豐富機會。但看看支持這些說法的數字。

We are seeing a continued improvement in safety performance. It requires a daily commitment, and we are confident that we will ultimately achieve the zero of the goal of zero loss of life. Our proactive culture of safety and care has resulted in a lost time injury frequency rate trending lower. Group lost time injury frequency rates improved to 5.19 per million hours worked in the first half of this financial year.

我們看到安全績效持續改善。這需要每天的承諾，我們有信心最終實現零生命損失的目標。我們積極主動的安全和護理文化已導致誤工工傷頻率呈下降趨勢。本財年上半年，集團誤工工傷頻率改善至每百萬工時 5.19 起。

Our operational results demonstrate that a safe mine is a productive mine. An incredible amount of work goes into ensuring that our workplaces are made safe. We have continuous safety awareness initiatives to reinforce that safety always comes first, regrettably, four of our colleagues has lost their lives in the mine related incidents since the start of this financial year.

我們的營運結果表明，安全的礦場就是富有成效的礦場。為了確保我們的工作場所安全，我們付出了令人難以置信的大量工作。我們持續進行安全意識活動，以強化安全永遠是第一位的理念，令人遺憾的是，自本財政年度開始以來，我們的四名同事在與礦井相關的事故中喪生。

Each loss of life is a stark reminder that more needs to be done. We mourn the passing of these products and will work tirelessly to ensure that each Harmony returns home safely. Improved planning allows for better flexibility and predictability. This, combined with the acquisition of higher quality assets, resulted in remarkable improvement in recovered grades.

每一次生命的逝去都清楚地提醒我們需要做更多的事。我們對這些產品的逝去表示哀悼，並將不懈努力，確保每一個和諧平安回家。改進的規劃可以提供更好的靈活性和可預測性。再加上收購更高品質的資產，回收品位顯著提高。

Underground recovered grades in this reporting period increased by 11% to the 6.29 grams per ton from the 5.68 grams per ton year on year. This now exceeds the upper end of our full year guidance. This has predominantly been driven by the high-grade underground mines and putting it more control. Consequently, production increased by 14% to [26] tons of gold or 832,000 ounces, and we expect to meet or exceed the upper end of our FY24 production guidance.

本報告期間地下回收品位從去年同期的每噸 5.68 克增加到每噸 6.29 克，增幅為 11%。現在這超出了我們全年指導的上限。這主要是由高品位地下礦場推動的，並對其進行了更多控制。因此，產量增加了 14%，達到 [26] 噸黃金或 832,000 盎司，我們預計將達到或超過我們 2024 財年產量指引的上限。

These charts perfectly illustrate how effective capital allocation has transformed Harmony. We continue to see an improvement in our all-in sustaining cost in both Rand and USD terms. Our Rand all-in sustaining costs improved by 5% to ZAR843,000 a kilogram. However, we delivered a remarkable 12% improvement in USD all-in sustaining costs were just over $1,400 per ounce.

這些圖表完美地說明了有效的資本配置如何改變 Harmony。我們繼續看到以蘭特和美元計算的整體維持成本有所改善。我們的蘭特總維持成本降低了 5%，達到每公斤 843,000 南非蘭特。然而，我們實現了 12% 的顯著改善，美元總維持成本略高於每盎司 1,400 美元。

This considerable shift down in our global all-in sustaining cost curve has been a function of the higher rates, well-managed cost increases and increases in production and prices of silver and uranium at Hidden Valley mine, and (inaudible) operational respectively with over 90% of our input source in South Africa we have been largely protected from the ramp up in global information.

我們的全球整體維持成本曲線出現大幅下降，是由於 Hidden Valley 礦山的費率較高、管理良好的成本上漲以及銀和鈾的產量和價格上漲，以及（聽不清楚）運營情況分別超過我們90%的輸入來源都在南非，我們在很大程度上受到了保護，免受全球資訊激增的影響。

In addition, our labor electricity cost increases are predictable, allowing us to manage our cost effectively deliver as guidance. We had a process African gold producer and are fortunate to sell gold in USD. As a result, our all-in sustaining cost margins are now over ZAR350,000 a kilogram or $600 an ounce improved safety and high-graded translated into higher production this was further supported by a strong rand per kilogram gold price received.

此外，我們的勞動力電力成本增加是可以預測的，使我們能夠有效地管理成本並作為指導。我們有一家非洲黃金生產商，很幸運能夠以美元出售黃金。因此，我們的整體維持成本利潤率現已超過每公斤 350,000 蘭特或每盎司 600 美元，安全性的提高和高品位轉化為更高的產量，每公斤金價強勁的蘭特進一步支撐了這一點。

This allowed for higher margins, driving record operating free cash flows. Total operating free cash flows increased by 265% to ZAR7.1 billion. Our operating free cash flow margins expanded to 24% from the 9%. In USD we generated $381 million in operating free cash flows of 237% year on year. We put this in perspective, we generated more operating free cash flows in rand over the past six months, and we have had a previously full year period.

這帶來了更高的利潤率，推動了創紀錄的營運自由現金流。營運自由現金流總額成長 265%，達到 71 億南非蘭特。我們的營運自由現金流利潤率從 9% 擴大到 24%。以美元計算，我們產生了 3.81 億美元的營運自由現金流，年增 237%。我們正確地看待這一點，在過去六個月中，我們產生了更多以蘭特計算的營運自由現金流，並且我們已經經歷了之前的全年期間。

The majority of our total free fresh operating flow comes from our South African high-grade operations at Hidden Valley in Papua New Guinea. Our South African high-grade underground mines contributed 31% of the total production, but delivered 45% of operating free cash flows at a margin of 34%. Let me remind you that the South African optimized underground assets continue to serve the company well, these mine produced 40% of the total production and generated 90% of Group operating free cash flows at a margin of 11%.

我們的免費生鮮營運總量的大部分來自我們位於巴布亞新幾內亞隱谷的南非高級業務。我們的南非高品位地下礦場貢獻了總產量的 31%，但提供了 45% 的營運自由現金流，利潤率為 34%。讓我提醒您，南非優化的地下資產繼續為公司提供良好服務，這些礦山產量佔總產量的 40%，並產生了集團 90% 的經營自由現金流，利潤率為 11%。

Building in mind that we are investing significant capital to expand our South African surface operations. These assets produce 17% of the group production, generating 11% of the operating free cash flow at a margin of 17%. Hidden Valley produce a 12% of the group production, but contributed 25% to the total operating free cash flows, and a phenomenal 50% margin. Sustainability and ethical mining are integral to operating model at Harmony.

請記住，我們正在投入大量資金來擴大我們在南非的地面業務。這些資產佔集團產量的 17%，產生營運自由現金流的 11%，利潤率為 17%。Hidden Valley 的產量佔集團產量的 12%，但貢獻了總營運自由現金流的 25%，利潤率達到驚人的 50%。永續性和道德採礦是 Harmony 營運模式不可或缺的一部分。

Responsible stewardship is about managing all aspects of ESNG. We support a circular economy through decarbonization, more specifically through energy efficiency renewable energy programs and green energy mix. Effective waste management through waste rock and tailings retreatment we also denied waste rock dumps to our communities for aggregate production people might (inaudible) good those dealerships, prioritizing the recycling and efficient use of scarce or this scarce resource.

負責任的管理是指管理 ESNG 的各個面向。我們透過脫碳，更具體地說是透過能源效率再生能源計畫和綠色能源組合來支持循環經濟。透過廢石和尾礦再處理進行有效的廢棄物管理，我們也拒絕將廢石堆放在我們的社區進行骨材生產，人們可能（聽不清楚）對這些經銷商有利，優先考慮稀缺或這種稀缺資源的回收和有效利用。

And we contributed to the resilience and prosperity of our host communities through beneficiating. This makes Harmony a partner of choice. Winding purposes what we are all about, through sustain abilities, these all embedded in all, we all our decisions that we make. At Harmony we believe in actions over words. As a result, we continue to receive positive external recognition for our efforts in sustainability.

我們透過受益為當地社區的復原力和繁榮做出了貢獻。這使得 Harmony 成為首選合作夥伴。透過維持能力，纏繞的目的是我們的全部意義，這些都嵌入到我們所做的所有決定中。在 Harmony，我們相信行動勝於言語。因此，我們在永續發展方面的努力繼續獲得外部的積極認可。

We have once again been included in the future of good index on inclusion in the Bloomberg Gender-Equality Index for five consecutive years demonstrate with foster gender diversity and inclusivity. We always treat our employees fairly without bias or breaches of any kind. We have received the score A from the CDP for best practice in water management strategy in 2023.

我們連續五年再次被納入彭博性別平等指數的未來良好指數，這表明我們促進了性別多元化和包容性。我們始終公平對待我們的員工，不存在任何形式的偏見或違規行為。我們在 2023 年水資源管理策略最佳實踐方面獲得了 CDP 的 A 分。

And our near term, along with the government action targets have been validated by the science-based target initiative as we aim for net carbon zero by 2045. Because life of mine is finite, we are continually investing in converting outages, resource to reserves while striking a balance between capital intensity and shareholder returns.

我們的近期目標以及政府行動目標已得到基於科學的目標倡議的驗證，我們的目標是到 2045 年實現淨碳零。由於礦場壽命有限，我們持續投資於將停電、資源轉化為儲備，同時在資本密集度和股東回報之間取得平衡。

Harmony presents a substantial opportunity to invest in an exciting gold copper story. Our resource base, which include copper is too big to ignore. We are in the fortunate position that we can deliver on our long-term plans for internal investment as we convert these resources to reserves. Our production profile has been significantly derisked and future production will come from combination of South African surface and underground gold, Papua New Guinea, copper and gold and Australian copper.

Harmony 提供了投資令人興奮的金銅故事的重大機會。我們的資源基礎（包括銅）太大，不容忽視。我們很幸運，當我們將這些資源轉化為儲備時，我們可以實現內部投資的長期計劃。我們的生產狀況已經大大降低了風險，未來的生產將來自南非地表和地下黃金、巴布亞紐幾內亞、銅和黃金以及澳洲銅的組合。

Our quality growth pipeline is aimed at creating long-term value as we tackle projects up, the value curve is embedded in feasibility studies to determine the possibility of safely extending winning and conducting the polar extraction of Tau Tona have been completed. I'm delighted to announce that we have received Board approval and will commence with a life of mine extension project at opening it up in the (inaudible)

我們的品質成長管道旨在在解決專案時創造長期價值，價值曲線嵌入可行性研究中，以確定安全延長勝利的可能性，並已完成 Tau Tona 的極地提取。我很高興地宣布，我們已獲得董事會批准，並將在該項目開業時開始延長礦山壽命項目（聽不清楚）

I will unpack more opening in the next few slides. We don't conducting various exploration drilling activities across all our jurisdictions. The Eva Copper feasibility studies are being updated and negotiations to permit Wafi-Golpu are also continuing. We are making good progress with various projects currently in execution. The Moab Khotsong extension Mine Waste Solutions, tailings extension and Hidden Valley extension are all progressing well and further details are available in the next year.

我將在接下來的幾張投影片中展開更多開場白。我們不會在所有管轄範圍內進行各種勘探鑽探活動。Eva Copper 的可行性研究正在更新，瓦菲-戈爾普許可的談判也持續進行。目前正在執行的多個專案均取得良好進展。Moab Khotsong 擴建計畫 Mine Waste Solutions、尾礦擴建計畫和 Hidden Valley 擴建計畫均進展順利，更多細節將於明年公佈。

Now moving to Mponeng mine extension project. After Mponeng was acquired in 2020, we began a comprehensive update of the feasibility study to determine if we could sustain them (inaudible) life of mine. After a two-year study, we now have an optimized mine design, which ensures we can extend the life of Mponeng, both safely and profitably.

現在轉向 Mponeng 礦山擴建項目。2020 年 Mponeng 被收購後，我們開始全面更新可行性研究，以確定我們是否能夠維持礦場的（聽不清楚）壽命。經過兩年的研究，我們現在有了優化的礦山設計，這確保我們能夠安全且有利地延長 Mponeng 的壽命。

The project meets our investment criteria. Mponeng in incredible mine with an existing world-class infrastructure, it is a mine which exit due both to do excellent orebodies namely the carbon leader and have interest of consecutive RBC or as we call it, produces economic horizons at exceptional rate north of 9 grams a ton.

該項目符合我們的投資標準。Mponeng 位於令人難以置信的礦山，擁有現有的世界一流的基礎設施，該礦山退出的原因是擁有優質礦體，即碳領導者，並且對連續RBC 感興趣，或者正如我們所說，以9克以上的非凡速度產生經濟視野一噸。

This major project will convert over 3 million ounces in mineral reserves, delivering an average steady-state production of 260,000 ounces per annum or 8 tons per annum of gold. Once the project is complete, we are forecasting a cash contribution of about 2.5 billion per annum from this project at a real gold price of ZAR1.1 million a kilogram because of this high-grade the project will have an attractive real all-in sustaining cost of ZAR768,000 a kilogram or $1,290 per ounce based on current assumptions and estimations.

該重大項目將轉化超過 300 萬盎司的礦產儲量，平均穩態產量為每年 26 萬盎司或每年 8 噸黃金。一旦項目完成，我們預計該項目每年將帶來約 25 億現金貢獻，實際黃金價格為每公斤 110 萬南非蘭特，因為該項目的高品位將具有有吸引力的真正的全面維持根據當前假設和估計，成本為每公斤768,000 南非蘭特或每盎司1,290 美元。

The life of mine will be extended from the 7 to 20 years, ensuring opening remains of top-performing asset in our portfolio until at least 2044. Capital expenditure for this project will be manageable and affordable. This project will be self-funded through internal cash flows with a substantial mineral resource of 24 million ounces as another example of how we continue to extend up producing, production profile by converting mineral resources to mineral reserves.

礦場的壽命將從 7 年延長至 20 年，確保我們的投資組合中表現最好的資產至少在 2044 年之前仍然存在。該項目的資本支出將是可控且負擔得起的。該專案將透過內部現金流自籌資金，擁有 2,400 萬盎司的大量礦產資源，這是我們如何透過將礦產資源轉化為礦產儲量來繼續擴大生產規模的另一個例子。

We are produced in our hands, Mponeng will reach through potential and deliver a significant positive social impact. This embodies our Harmony create long-term value for the shareholders and stakeholders. A derisked modular approach will be taken to exit three high-grade blocks cited health would at the forefront of our design methodology and mining practices.

我們是在我們手中生產的，Mponeng 將發揮潛力並產生重大積極的社會影響。這體現了我們為股東和利害關係人創造長期價值的和諧精神。將採取一種無風險的模組化方法來退出三個高品位區塊，健康狀況將處於我們設計方法和採礦實踐的最前沿。

The project will focus on mining the two orebodies lending, namely the VCR and carbon leader. This will ensure we maintain a high level of flexibility. The extension is only about 270 meters deeper, this will target a legal by accessing the Harmony through a ramp system at 120 level and the (inaudible) of the assets through both the West and the eastern side.

該項目將重點開採兩個礦體，即 VCR 和 Carbon Leader。這將確保我們保持高度的靈活性。延伸部分僅深約 270 米，目標是通過 120 層的坡道系統進入 Harmony 並通過西側和東側（聽不清楚）資產。

Lastly, we will also mine the VCR portion of the Tau Tona Shaft piller, which provides additional high-grade ounces. This prefer purely for illustrative purposes and includes both approved plans and projects still in feasibility. I think the reopening extension, Eva Copper and Wafi-Golpu, Harmony can remain a 1.5 million producer well into the future.

最後，我們還將開採 Tau Tona Shaft 樁柱的 VCR 部分，可提供額外的高品位盎司。這純粹是為了說明目的，包括已批准的計劃和仍處於可行性階段的項目。我認為，重新開放後的 Eva Copper 和 Wafi-Golpu、Harmony 在未來很長一段時間內仍可維持 150 萬產量的生產商地位。

Importantly, the opening extension, combined with Moab Khotsong extension, will deliver over 400,000 ounces high quality, low cost ounces per annum for more than two decade. That will ensure strong future cash flows at higher margins. There is significant potential with in our asset base will further value to be unlocked through future mineral resource conversion.

重要的是，開業擴建與 Moab Khotsong 擴建相結合，將在二十多年來每年提供超過 400,000 盎司的高品質、低成本盎司。這將確保未來強勁的現金流和更高的利潤。我們的資產基礎具有巨大潛力，將透過未來礦產資源轉換進一步釋放價值。

Bear in mind that this illustration also excludes any potential future value accretive acquisitions that form part of our strategy. Capital guidance for FY24 remains unchanged. Capital for early works development from funding was provided for in FY24 capital budget. We estimate a 7.9 billion in project capital over the life of the project in real terms.

請記住，此圖還排除了構成我們策略一部分的任何潛在的未來增值收購。2024 財年的資本指引維持不變。2024 財政年度資本預算中為早期作品開發提供了資金。我們估計專案整個生命週期內的專案資本實際價值為 79 億美元。

Capital guidance for FY25 onwards will now including putting extension product project. The Mponeng generated ZAR1.9 billion in operating free cash flow in the reporting period in this particular six months at an annual estimated CapEx of ZAR1 billion or approximately [USD50 million].

2025 財年起的資本指導現在將包括擴展產品項目。Mponeng 在報告期間的六個月內產生了 19 億南非蘭特的經營自由現金流，年度估計資本支出為 10 億南非蘭特或約[5000萬美元]。

This project is therefore affordable and at the low capital intensity. Harmony as a sizable and well sequenced project pipeline. The opposite timing is deliberate and ensures our project capital remains affordable and does not put pressure on our balance sheet. These projects are catalyst for meaningful sustainable production and expand our margins within the driving costs down in the future.

因此，該項目是負擔得起的且資本密集度較低。Harmony 是一個規模龐大且有秩序的專案管道。相反的時機是經過深思熟慮的，可以確保我們的專案資本保持在可承受的範圍內，並且不會給我們的資產負債表帶來壓力。這些項目是有意義的可持續生產的催化劑，並在未來降低成本的過程中擴大我們的利潤。

Now allow me to hand over to my colleague Financial Director, Boipelo Lekubo to run through the financials over to you, Boipelo.

現在請容許我將財務狀況交給我的同事財務總監 Boipelo Lekubo，由 Boipelo 負責處理交給您的財務狀況。

Thank you, Peter. I'm pleased to present our exceptional financial performance for this reporting period. All USD figures and conversions are in the annexes. Group revenue for this financial half year increased by 35% to ZAR31 billion. EBITDA increased by 114% to ZAR17 billion. As a result, headline earnings per share increased by 226% to ZAR956 per share.

謝謝你，彼得。我很高興向您介紹我們在本報告期間內出色的財務表現。所有美元數據和換算均在附件中。本財年半年集團營收成長 35%，達到 310 億南非蘭特。EBITDA 成長 114%，達到 170 億南非蘭特。結果，每股整體獲利成長了 226%，達到每股 956 南非蘭特。

With ZAR9.8 billion in available headroom through cash and undrawn facilities. Our balance sheet is well positioned to execute on our project pipeline and acquisition ambitions. Through operational excellence and consistent production we have healthy margins at current gold prices at ZAR1.2 million per kilogram or $2000 an ounce.

透過現金和未提取的融資，擁有 98 億南非蘭特的可用空間。我們的資產負債表處於有利地位，可以執行我們的專案管道和收購目標。透過卓越的營運和穩定的生產，以目前每公斤 120 萬蘭特或每盎司 2000 美元的黃金價格計算，我們擁有可觀的利潤。

Our all-in cost margin is at 33% this is essentially the margin available after all major capital. Our all-in sustaining cost margin is 42% and our cash operating cost margin is 68%. We are therefore well positioned with good buffers to absorb any adverse movements in the gold price. We have an effective hedging program in place with 20% of our production hedged over 24 months.

我們的總成本利潤率為 33%，基本上是扣除所有主要資本後可用的利潤率。我們的整體維持成本率為 42%，現金營運成本率為 68%。因此，我們處於有利位置，擁有良好的緩衝來吸收金價的任何不利變動。我們制定了有效的對沖計劃，24 個月內對沖了 20% 的產量。

The rand gold hedge book was maintained at 20% or 558,000 ounces at an average forward hedge cover of over ZAR101.256 million a kilogram. Returning cash to shareholders alongside our growth aspirations remains a key priority. Harmony's dividend policy is to pay a return of 20% net free cash generated to shareholders at the discretion of the directors of the Board of Directors.

蘭特黃金對沖帳面維持在 20%，即 558,000 盎司，平均遠期對沖保證金超過每公斤 1,01,256 萬南非蘭特。向股東返還現金以及我們的成長願望仍然是關鍵優先事項。Harmony的股利政策是根據董事會的決定，向股東支付所產生的20%的淨自由現金回報。

The strong operational performance and exceptional net free cash generation resulted in a record interim dividend of [ZAR147 cents] or $0.8 per share declared, which will result in a record payment to shareholders of over ZAR1 billion. This has resulted in a 12 month dividend yield of just over 2%. Cumulatively, we've paid ZAR2.7 billion in dividends since 2016, with ongoing confidence in our plans, controlling what we can such as safety, production and costs, we aim to stay true to our dividend policy.

強勁的營運業績和出色的淨自由現金產生導致創紀錄的中期股息[147蘭特]或每股0.8美元，這將導致向股東支付超過10億蘭特的創紀錄股息。這導致 12 個月股息殖利率略高於 2%。自 2016 年以來，我們已累計支付了 27 億南非蘭特的股息，我們對我們的計劃始終充滿信心，我們力所能及地控制安全、生產和成本等，我們的目標是堅持我們的股息政策。

Thank you, and back to you, Peter.

謝謝你，然後回到你，彼得。

Thank you, Boipelo. So in conclusion, Harmony is a company that delivers sustainable, predictable and flexible operational performance was well managed fixed cost structures. Our guidance for FY24 remains unchanged, and we are confident that we will reach the other end of our production guidance and the lower end of our cost guidance.

謝謝你，博佩洛。總之，Harmony 是一家提供可持續、可預測和靈活營運績效並管理良好的固定成本結構的公司。我們對 2024 財政年度的指導保持不變，我們有信心達到生產指導的另一端和成本指導的下限。

Through our embedded sustainability practices and quality ounces we are a company with a long reserve life or debt exposure to the rand per kilogram gold price continues to provide us with good tailwinds from both the revenue and module perspective. We have two significant international copper projects and complement our existing gold assets. We understand our ore bodies have a strong technical and exploration capabilities, and we are the partner of choice wherever we operate.

透過我們嵌入的可持續發展實踐和優質盎司，我們是一家擁有較長儲備壽命或債務風險的公司，每公斤蘭特黃金價格從收入和模組角度繼續為我們提供良好的推動力。我們擁有兩個重要的國際銅項目，並補充了我們現有的黃金資產。我們知道我們的礦體擁有強大的技術和勘探能力，無論我們在哪裡開展業務，我們都是首選合作夥伴。

As Boipelo mentioned, our flexible and strong balance sheet supports our growth pipeline as a gold mining business with a growing international copper footprint we are passionate about what we do and about transforming our goals in the long term life value for all stakeholders.

正如Boipelo 所提到的，我們靈活而強大的資產負債表支持我們作為金礦企業的成長管道，國際銅足跡不斷增長，我們對我們所做的事情充滿熱情，並致力於改變我們為所有利益相關者提供長期生活價值的目標。

This is mining with purpose. Thank you, and I'll now hand over for questions.

這是有目的的採礦。謝謝大家，我現在開始提問。

Thank you very much.

非常感謝。

Adrian Hammond, SBG.

阿德里安·哈蒙德，SBG。

Peter, thanks for the presentation and well done on a great set of results. Your share by far has been best performer globally over the past year. So I guess the question is, can you sustain this incredible rating of yours? I wanted to reference slide 21 where you foresee a gap in your production profile even with the international projects you have been in the pipeline. So is that something that bothers the team that they wish to follow and do does that mean you're going to do more in M&A? That's the first question.

彼得，感謝您的演講，並且取得了一系列出色的成果。迄今為止，您的股票是過去一年中全球表現最好的股票。所以我想問題是，你能維持這種令人難以置信的評價嗎？我想參考投影片 21，其中您預見到您的製作概況中存在差距，即使您正在籌備的國際項目也是如此。那麼，這是困擾團隊的事情嗎？ 他們希望遵循這一點，並且這樣做是否意味著您將在併購方面做更多事情？這是第一個問題。

Secondly, if we don't have a CapEx number yet on that and perhaps you can enlighten us, but how do you manage to derisk this project going forward? Do you think you're going to need a partner there? It doesn't make sense. And then thirdly, I like to comment in the commentary around uranium, which has become more modest, although material revenue generator for you. But you do say you're going to explore further potential. Can you expand on that please? Thank you.

其次，如果我們還沒有這方面的資本支出數字，也許您可以啟發我們，但您如何設法降低該專案未來的風險？你認為你在那裡需要一個合作夥伴嗎？這沒有道理。第三，我想在有關鈾的評論中發表評論，儘管它為您帶來了物質收入，但它已變得更加溫和。但你確實說過你將探索進一步的潛力。能詳細說明一下嗎？謝謝。

Okay. So let me just get with the first question and actually, so we also we obviously in that state of kind of where we were with the way we wanted to get the mines to the is that the way we will probably go down to about 1.2 million ounces. But one must remember that he's also got much better quality assets at a time. And I think the margins of the portfolio of assets with average time is very good. So it seems that there are some opportunities just to fill that gap.

好的。所以讓我來回答第一個問題，實際上，我們顯然也處於這種狀態，我們想要將礦山開採到的方式是，我們可能會減少到大約 120 萬。但我們必須記住，他同時擁有更優質的資產。我認為平均時間資產組合的利潤率非常好。因此，似乎有一些機會可以填補這一空白。

One is obviously to do more surface sources. But I mean, we are also always looking at what we can do in terms of an acquisition or kind of a merger that potentially can take us over that and take us forward. And obviously, we may do it in an acquisition that needs to be real -- very near term production already in production kind of operations.

一是顯然要多做麵源。但我的意思是，我們也一直在考慮在收購或合併方面可以做些什麼，這可能會讓我們克服這一點並推動我們前進。顯然，我們可能會透過一項需要真實的收購來做到這一點——非常近期的生產已經在生產營運中。

So we have a team that the new business team and the leadership of you want us from here then that reduced a wonderful work. And we currently in Miami, the BMO. and Jonas is here with us and trying to find that while we can do that. So we're always looking at that opportunities that's going to get there.

所以我們有一個團隊，新的業務團隊和你的領導希望我們從這裡開始，然後減少了一個精彩的工作。我們目前在邁阿密，BMO。喬納斯和我們在一起，在我們能做到的同時試圖找到這一點。因此，我們一直在尋找能夠實現這一目標的機會。

The Eva Copper CapEx, we all the Eva the work that we've done thus far and Eva shows that it will be a slightly bigger mine, but a much longer life mine that we currently have a few amendments we want to do in terms of the permits that remember we bought this mine with a full feasibility study and with and fully permitted.

Eva 銅資本支出，我們所有的 Eva 都是我們迄今為止所做的工作，Eva 表明這將是一個稍大的礦場，但壽命更長的礦場，我們目前有一些我們想要做的修改許可證記得我們購買這個礦場時進行了全面的可行性研究，並且得到了充分的許可。

But we want to make a few amendments to that permit and is really on the back of energy mix going to water management on the mine and also the diversion of (inaudible) that now have to be a little bit different than we originally thought it should be. And we hope that these things will be viewed by the Queensland Government as minor.

但我們想對該許可證進行一些修改，並且實際上是在能源組合進入礦井水管理以及（聽不清楚）的轉移的支持下，現在必須與我們最初認為的有所不同。我們希望昆士蘭政府將這些事情視為小事。

If it's minor, they can -- we can most likely take it to the Board of middle of next year, the Eva project and in particular trying to get approval for that. If it's a major, we actually have to go through a bunch of different projects, which is now to get public participation, although nothing of that will be something that I'm basing that will ever stop the project is just going to delay it for a while.

如果問題很小，他們可以——我們很可能會在明年年中將其提交給董事會，即 Eva 項目，特別是試圖獲得批准。如果它是一個專業，我們實際上必須經歷一系列不同的項目，現在這些項目是為了讓公眾參與，儘管我所依據的這些都不會停止該項目，只會推遲它一會兒。

Talking about the CapEx for that then I mean, we would obviously come with a CapEx plan as part of the feasibility study and when we bring it to the market. But most likely it will be a combination of proceeds out of our current facilities and also cash flow from operations and maybe a little bit of a project finance on that (inaudible) EVA will be a kind of a short term (inaudible) short term and immediately after that, we will generate capital cash because of the low strip ratios and everything else that we have there.

談到資本支出，我的意思是，我們顯然會制定一個資本支出計劃，作為可行性研究的一部分，並將其推向市場。但最有可能的是，這將是我們現有設施的收益和營運現金流的結合，也許還有一點專案融資（聽不清楚）EVA 將是一種短期（聽不清楚）短期和在那之後，由於剝離率低以及我們擁有的其他一切，我們將立即產生資本現金。

And on the uranium that's a very interesting question. The Adrian is that there's a few opportunities. Obviously, we get uranium from the (inaudible) that we take through our plants, which is both our ore and also the ore from Kopanang mine that goes through a greater legal clause and most backlog and so on to tell you before the beginning of that, we had to write them by writing facilities.

關於鈾，這是一個非常有趣的問題。阿德里安的觀點是，有一些機會。顯然，我們從我們工廠的（聽不清）中獲取鈾，這既是我們的礦石，也是來自 Kopanang 礦的礦石，它經過了更嚴格的法律條款和大部分積壓等等，在開始之前告訴您，我們必須透過書寫工具來書寫它們。

So but they are obviously either through also retreating of dumps a good uranium operations. Obviously, Shivers is a massive uranium mine that used to operate in that area currently or in business rescue. But yeah, so we haven't got to blend in terms of how to increase uranium, but at the moment is a massive victories in terms of cost because we'd obligated as cost credits in the markets on.

因此，但他們顯然要么通過撤退垃圾場來開展良好的鈾業務。顯然，Shivers 是一座大型鈾礦，目前曾在該地區運營或用於商業救援。但是，是的，所以我們不必在如何增加鈾方面進行混合，但目前在成本方面取得了巨大的勝利，因為我們有義務在市場上承擔成本抵免。

Unfortunately, that's the only uranium have that we have. And as potentially (inaudible) , we have a project team at the moment that's doing a lot of work to see how we can potentially increase it.

不幸的是，這是我們唯一擁有的鈾。作為潛在的（聽不清楚），我們目前有一個專案團隊正在做大量工作，看看我們如何能夠潛在地增加它。

Cool. Do you see the partnerships with the local players there?

涼爽的。您看到與當地參與者的合作關係嗎？

Yeah, potentially we can but may be all is one plant that advance is pretty full at this point in time. We are strategic outdoor and enter the most backlog, those are treating (inaudible)

是的，我們有可能可以，但可能只是一家工廠目前進度已經相當滿了。我們是策略性的戶外，進入積壓最多的，那些正在處理（聽不清楚）

Okay. Understood. Enjoy your time in Miami. Thank you.

好的。明白了。享受您在邁阿密的時光。謝謝。

Thanks.

謝謝。

Thank you very much.

非常感謝。

Arnold Van Graan, Nedbank CIB.

阿諾德·範·格拉恩 (Arnold Van Graan)，萊利銀行 CIB。

Yeah, good morning, Peter, and good afternoon, everyone. Else, first of all well done on the results. It's good to see Harmony crystallizing the value of the gold price yeah so well done and on the back of not just a high price, but also very good operational performance.

是的，早安，彼得，大家下午好。除此之外，首先在結果上做得很好。很高興看到 Harmony 體現了金價的價值，是的，做得很好，不僅有高價格，而且還有非常好的營運表現。

So my question I'm very similar to Adrian's question maybe with a bit more detail, but now trying to get a sense of how sustainable the higher grades are now up and running. I mean, it's phenomenal to see that we would love to see that.

所以我的問題與阿德里安的問題非常相似，也許有更多細節，但現在試圖了解更高等級現在的啟動和運行的可持續性。我的意思是，我們很高興看到這一點，這真是太棒了。

But, are you going to continue mining at these rates for the next year or so. And then I guess the question that goes with that is what's driving these high grades? Is it where you are in those ore bodies as a result of in your operating performance and additional development, can you just give us some comfort that in 6 months or 12 months from now were we are back, we still be seeing similar grades and a lot of big step-down. And yes, that's it for me. Thanks Peter.

但是，你會在未來一年左右繼續以這樣的速度開採嗎？然後我想隨之而來的問題是什麼推動了這些高分？您在這些礦體中所處的位置是由於您的營運績效和額外開發而導致的嗎？ 您能給我們一些安慰嗎？會看到類似的品味和很多大的降級。是的，對我來說就是這樣。謝謝彼得。

Yeah, Arnold, South African grades are quite sustainable and I mean, we are mining now at them from putting is obviously we mined through the lower grade fetish. We now in the high-grade flattish. Remember, that was always the argument when we also for the mine from AngloGold Ashanti that that say the growth is low. Now that's going to be much higher going forward.

是的，阿諾德，南非的等級是相當可持續的，我的意思是，我們現在正在從推桿中挖掘它們，顯然我們是透過較低等級的迷戀來挖掘的。我們現在處於高檔平地。請記住，當我們也支持 AngloGold Ashanti 礦場時，這始終是一個論點，即增長較低。現在這個數字將會更高。

So we yeah, so we are visiting companies today and obviously, mining what is the grade? We strongly always more. You have to have a good grade mix with a middle mine must perform well. Now the middle mine performed very well in last six months and will most likely continue to perform well going forward. But it's always the one that is it's actually quite complex and have some sort of issue always with seismicity and things like that.

所以，是的，所以我們今天正在參觀公司，顯然，挖掘的等級是多少？我們總是變得更堅強。您必須擁有良好的品位組合，中級礦必須表現良好。現在，中礦在過去六個月中表現非常好，並且很可能在未來繼續表現良好。但它實際上是相當複雜的，並且總是存在某種與地震活動等相關的問題。

But I mean, we've we think where we plan to mine is what we're going to get the grace and there's also something very good grades from that's upon self-operation, which is (inaudible) that been mining in, which is was better than we expected. All the other grades were actually according to plan. Although it was high, it was planned that way.

但我的意思是，我們認為我們計劃開採的地方是我們將獲得的恩典，而且在自我運營時也有一些非常好的成績，這是（聽不清楚）一直在開采的，這是比我們預期的要好。所有其他等級實際上都按照計劃進行。雖然很高，但也是這麼計劃的。

The one area we will have a great drop in the latter part of this year will be at Hidden Valley. We are mindful that degrade that we've explained to the market that we're going to hit. We actually lost six months. We were in the grid there will be some of that still coming through in this quarter. And were in, we still have seven purchased all the big grid all yet.

今年下半年我們將有一個大幅下降的地區是隱谷（Hidden Valley）。我們注意到我們已經向市場解釋了我們將要遭遇的降級。我們實際上損失了六個月。我們在網格中，本季仍然會出現一些情況。我們仍然有七個購買了所有大電網。

And but then we'll go into lower grade in the typical 1.1 versus the 1.6 that we currently have. So he knows quite a bit, but still that's 10% of our production, so that will be and going to be really comfortable with the great guidance that we said. We'll beat the upper end of it, and we are in good grades going forward. So it's all in all, but in all, the operations performed well and great, not only (inaudible) obviously was spectacular, but the other or (inaudible) mine that's actually done quite well as far as grade is concerned.

但隨後我們將進入較低等級的典型 1.1 版本，而不是我們目前擁有的 1.6 版本。所以他知道很多，但這仍然是我們產量的 10%，所以他將會對我們所說的偉大指導感到非常滿意。我們將戰勝它的上限，並且我們未來的成績很好。所以總而言之，但總而言之，作業執行得很好而且很棒，不僅（聽不清楚）顯然很壯觀，而且就品位而言，另一個或（聽不清楚）礦場實際上做得相當好。

Thank you, Peter. That's all for me.

謝謝你，彼得。這就是我的全部。

Thanks Arnold.

謝謝阿諾德。

Thank you.

謝謝。

Leroy Mnguni, HSBC.

勒羅伊·姆古尼，匯豐銀行。

Hi, good afternoon. Thanks, Peter. My first question is around your guidance. So you had excellent operational performance in the first half of the year. I understand the seasonality and going into the second half of the year, which is normally a bit weaker. But are you anticipating anything other than normal seasonality that's going to have an adverse impact on your operational performance because keeping your guidance flat or unchanged does sort of suggest that.

嗨，下午好。謝謝，彼得。我的第一個問題是關於您的指導。所以你們上半年的經營業績非常出色。我了解季節性因素並進入下半年，通常情況會稍微弱一些。但是，您是否預計除正常季節性因素之外的任何因素都會對您的營運績效產生不利影響，因為保持指導不變或不變確實表明了這一點。

So if you could please give us a bit of color on that. And then just an update on the turnaround efforts at target and how those are going. Are you still on track to have turn that mine around by the middle of the calendar year. And then my third question is, has the fatality at Mponeng at significant impact on your operational momentum at that mine?

因此，如果可以的話，請給我們一些顏色。然後是 Target 扭虧為盈工作的最新情況以及這些工作的進展。您是否仍有望在年中之前扭轉該礦井的局面？我的第三個問題是，Mponeng 的死亡事件是否對該礦場的營運動能產生重大影響？

Good (inaudible) Yeah the guidance we said that we'll at least get to the upper end and probably beat that. We don't foresee any issues other than seasonality, but I talked about Hidden Valley that you know, that obviously will have lower grades in the fourth quarter and even in this quarter, probably March month will be the normal grades.

好（聽不清楚）是的，我們說過我們至少會達到上限並可能超越它。除了季節性之外，我們沒有預見到任何問題，但我談到了隱谷，你知道，顯然第四季度的成績會較低，即使在本季度，可能三月也會是正常成績。

But yeah, we don't other than seasonality there's nothing that we believe that is our horizon that will really draw production. I mean, everything's going well, but, we always have a slow start up after Christmas is like, wish I can one day say that we can get through Christmas without having issues with the restart up, but there was nothing everything over the Christmas period in terms of restarting the mines and everything else like that was done. Barring what happened at an opening was actually, certainly on plan and et cetera. Target we are glad to say that project is behind us. The crushers are running the top conveyor systems are running everything is down at the bottom of the mine.

但是，是的，除了季節性之外，我們認為沒有什麼可以真正吸引生產。我的意思是，一切都很順利，但是，聖誕節後我們總是有一個緩慢的啟動就像，希望有一天我可以說我們可以度過聖誕節而不會遇到重新啟動的問題，但聖誕節期間什麼都沒有就重啟礦山而言，其他類似的事情都已經完成。除非開幕式上發生的事情實際上肯定是在計劃之中等等。Target 我們很高興地說這個專案已經過去了。破碎機正在運行，頂部傳輸系統正在運行，所有東西都在礦井底部。

We still just completing final parts of the workshops down the so and so we will have a much better target going forward. And we and obviously, now we can have this debate much (technical difficulty) So very happy with that. And then yes, so target will now, we now obviously greater flexibility that we need and everything else because I mean, it was a very difficult project to execute them without anything saying.

我們仍然剛完成研討會的最後部分，所以我們未來會有一個更好的目標。顯然，我們現在可以進行更多的辯論（技術難度），對此感到非常高興。然後是的，所以目標現在會，我們現在顯然需要更大的靈活性以及其他一切，因為我的意思是，不言而喻地執行它們是一個非常困難的項目。

Mponeng we had a quite a senior person in an operation that actually went into a hot area, very experienced person and one capital level and that's the obviously also experiences in terms of the used to be a proto captain. And unfortunately, went into a hot area really shouldn't have actually struck it not to go. And yeah so that had a quite impact on the mine, much more from a moral perspective, (inaudible) culture because I mean, as was quoted a strong individual taste maker on the mine, a very sad incident.

Mponeng，我們在一項行動中擁有一位相當資深的人員，實際上進入了一個熱門領域，非常有經驗的人員和一個資本級別，這顯然也是作為一名原型隊長的經驗。不幸的是，進入一個炎熱的地區真的不應該真的不去。是的，這對礦山產生了相當大的影響，更多的是從道德角度來看，（聽不清）文化，因為我的意思是，正如礦山上一位強烈的個人品味製造者所引用的那樣，這是一個非常悲傷的事件。

Yeah, but I mean other than that, we -- it was actually an area that was not really a production area. It was actually a bumping area that they went into. So yeah, so I think we got through that, but very sad event and obviously always reminding us about, not taking risks, not doing things that we shouldn't be doing. And it's a culture that we want to emphasize in harmony. And but I don't think Mponeng event will have a big impact on opening sales itself yeah.

是的，但我的意思是除此之外，我們——它實際上是一個並不是真正的生產區域的區域。這實際上是他們進入的一個碰撞區域。所以，是的，所以我認為我們已經度過了這件事，但這是非常悲傷的事件，顯然總是提醒我們不要冒險，不要做我們不應該做的事情。我們希望強調和諧的文化。但我認為 Mponeng 活動不會對開幕銷售本身產生重大影響，是的。

Thank you that tells you that maybe just one follow up. Where do you expect the all-in sustaining costs for Target to land, not that you've executed on or that you needed to change there?

謝謝你告訴你也許只有一個後續行動。您預計塔吉特的整體維持成本會落在哪裡，而不是您已經執行或需要改變的地方？

I will come down, I think in the next year, we will absolutely be in a good profit situation that Target and so yeah so I'm looking forward to that, obviously, with the planning process now the cycle planning cycle is well underway. So but yeah, we expect it to come in nice profit situations for Target going forward. So but this year will still be tight because of the flexibility that we know that we still need to have an ore body and that will be a budget creating as we speak.

我會下來，我認為在明年，我們絕對會處於塔吉特良好的利潤狀況，所以是的，所以我很期待這一點，顯然，隨著規劃過程現在周期規劃週期正在順利進行。所以，是的，我們預計塔吉特未來將獲得良好的利潤。因此，今年仍然會緊張，因為我們知道我們仍然需要一個礦體，這將是我們說話時制定的預算，因此具有靈活性。

Perfect. Thanks, Peter.

完美的。謝謝，彼得。

Thank you. Very much. So we have no further questions on the conference call.

謝謝。非常。因此，我們在電話會議上沒有其他問題。

I do have some questions here. Can you hear me? (multiple speakers) Yeah, I think, Peter, it's also just a couple of questions here from a few of the analysts that have questions about just the second half production. I mean, relative to first half. I know you have spoken about the guidance that was unchanged and but I mean, you're really just asking if there's going to be any material change in the second half given that we're tracking north of 55% in terms of our guidance from the first half.

我這裡確實有一些問題。你聽得到我嗎？（多位發言者）是的，我想，彼得，這也只是一些分析師提出的幾個問題，他們對下半年的生產有疑問。我的意思是，相對於上半場。我知道您已經談到了未改變的指導，但我的意思是，您實際上只是在問下半年是否會有任何實質性變化，因為我們的指導值已超過 55%。

Yeah, no. And again, look, that's like you said when we gave it back to Arnold & David, there's nothing that's very different from this year to last year of this of (inaudible) except for Hidden Valley, which will have a lower grade going forward.

是的，不。再說一遍，就像你說的，當我們把它還給阿諾德和大衛時，今年和去年（聽不清楚）沒有什麼不同，除了隱谷，它的等級會降低。

And but the rest of the operations are in the same safety, same areas that they mining and operations actually should continue, but boarding this seasonality that we have with the slow start in January and February, other than that I think we all -- will need to be, we could get (inaudible).

但其餘的作業都處於相同的安全性，相同的區域，他們的採礦和作業實際上應該繼續，但隨著一月和二月緩慢開始的季節性，除此之外，我認為我們所有人都會——需要的話，我們可以得到（聽不清楚）。

Okay. Just other questions from Arnold here in terms of the even CapEx numbers, obviously, we haven't updated the market yet based on the numbers, but maybe just some indication as to how far out could we expect this project to be pushed? I think you did touch on it briefly, Peter?

好的。阿諾德就偶數資本支出數字提出了其他問題，顯然，我們還沒有根據這些數字更新市場，但也許只是一些關於我們預計這個項目能推到多遠的跡象？我想你確實簡單地談過這個問題，彼得？

Yes, as I said, I mean, it all depends if we get these amendments to be minor or major. if it's minor we can most likely start the latter part of this calendar year, start of obviously data probably take it to the Board. In (inaudible) final results, which is more or less August when we take it to the Board for approval and then after that start with early works.

是的，正如我所說，我的意思是，這完全取決於我們是否對這些修正案進行了小的或重大的修改。如果問題很小，我們很可能會在今年下半年開始，顯然數據的開始可能會將其提交給董事會。在（聽不清楚）最終結果中，大約是在八月，我們將其提交給董事會批准，然後開始早期工作。

And so that was -- that will be the target in our best case scenario. Obviously, if we have to go on an amendment of the conditions or the permits that take a little bit longer and you know, we may agree to do some early works earlier, but we just want to make sure that we get that answer first from the Queensland government in terms of theirs amendments to the permits that we would like to introduce.

這就是我們最好的情況下的目標。顯然，如果我們必須繼續修改條件或許可證，這需要更長的時間，你知道，我們可能會同意提前做一些早期工作，但我們只是想確保我們首先得到答案昆士蘭州政府對我們想要引入的許可證的修正案。

Could take some questions here in Johannesburg. I see we've got some putting specific ones that we could direct it bias --

可以在約翰尼斯堡回答一些問題。我看到我們有一些特定的推桿，我們可以引導它的偏差--

Leroy Mnguni.

勒羅伊·姆古尼.

Thank you, Peter. I was just curious, the bonding life extension project, does that trigger any of the resources that deferred consideration payable back to AngloGold attached to them. I know there were certain areas of the mine where if you extended into that area yet to pay like a royalty or a deferred consideration impact, AngloGold Ashanti got that (inaudible)

謝謝你，彼得。我只是很好奇，債券壽命延長專案是否會觸發任何延遲支付給 AngloGold 附加對價的資源。我知道礦山的某些區域，如果您擴展到該區域但尚未支付特許權使用費或遞延對價影響，AngloGold Ashanti 就會得到（聽不清楚）

Yes it is easy so the small amount but ounce. Let's now begin (inaudible)

是的，這很容易，所以量很小，但盎司。我們現在開始（聽不清楚）

Your thoughts in terms of the existing interest charge, I think it's $20 an ounce --

您對現有利息費用的看法，我認為是每盎司 20 美元--

No, yeah but above 250 but a $5 an ounce , something like that for the big for the below infrastructure that will trigger it. It was taken into account also in feasibility study. So yeah we are, that will trigger the below infrastructure, everything below construction will that obviously is the shop, but that will not affect that. But everything below infrastructure will attract that then that deferred payment.

不，是的，但高於 250，但每盎司 5 美元，對於下面的基礎設施來說，類似的情況會觸發它。可行性研究中也考慮到了這一點。所以，是的，我們是，這將觸發下面的基礎設施，建築物下面的所有東西顯然都是商店，但這不會影響這一點。但基礎設施以下的一切都會吸引延期付款。

At the moment, we are also paying because we are doing more than 250,000 ounce per calendar year. We are doing we are paying a royalty of $20 an ounce, everything above 250. So that's also as part of our results in the resourcing.

目前，我們也在付費，因為我們每年的產量超過 250,000 盎司。我們正在支付每盎司 20 美元的特許權使用費，凡是高於 250 美元的。這也是我們資源配置結果的一部分。

It's in the book to the earlier, you can see under the high-grade section 0.1 and 2 under the (inaudible) . It just tells you what the what the different components of that sale agreement were.

是在書本較早的時候，可以看到高等級下的0.1和2節下（聽不清楚）。它只是告訴您該銷售協議的不同組成部分是什麼。

All right. Got it. Thank you all, I'll have a look.

好的。知道了。謝謝大家，我去看看。

[Jared]. And then perhaps we can just take some questions in Johannesburg as it relates to Mponeng specifically and let's perhaps touch on one on that (inaudible) . And if I can ask this question to you it's just about the development of the ramp at 4,000 meters. It is concerning according to it, and I usually you carry development that those steps are behind overstocked areas and distressed areas, how will you handle the stresses with our distressed over stopping?

[賈里德]。然後也許我們可以在約翰內斯堡回答一些與 Mponeng 特別相關的問題，也許讓我們談談一個與此相關的問題（聽不清楚）。如果我可以問你這個問題，那就是關於 4000 公尺坡道的開發。這是令人擔憂的，我通常認為你們的發展是在庫存過剩地區和困難地區的後面，你們將如何應對我們的困難停工帶來的壓力？

Thank you, Marian. And Renee for the questions. So I think come back just a bit more color on the improved mine design for the Mponeng deepening project. It will in fact be three separate sets of infrastructure for three target areas of the orebody, starting at the first one, which is the Carbon Leader early gold, that's, in fact, infrastructure renewal or a ramp that will be created from 120 levels. So that's above levels where we're currently mining. So with well within the capability of your understanding, the rock mass and the stress regime and the seismic response in that area.

謝謝你，瑪麗安。蕾妮回答問題。因此，我認為，請對 Mponeng 深化專案的改進礦山設計多加一些色彩。事實上，這將是針對礦體三個目標區域的三套獨立的基礎設施，從第一套開始，即碳領導者早期金礦，這實際上是基礎設施更新或將從120 個級別創建的坡道。所以這高於我們目前正在開採的水平。因此，在您的理解能力範圍內，該區域的岩體、應力狀態和地震反應。

On the deeper side of the mine it's the two sets of infrastructure towards the east and the west on the VCR horizon. So on the east, it's going to be a two level decline and sink and on the West, it's going to be a three level at spiral ramp on the West. Now it's important to realize it's only about 270 meters that the mine will be made deeper.

在礦井更深處，是 VCR 地平線上東西向的兩組基礎設施。因此，在東邊，這將是一個兩層的下降和下沉，而在西邊，這將是一個三層的螺旋坡道。現在重要的是要認識到，礦井將加深至僅約 270 公尺。

So from the four kilometer base, it's not that we doubling the depth of the mine. So we're quite comfortable that we do understand the support requirements and the rock mass behavior, Renee, at a little bit, we're taking that ramp in the picture on the screen now the green ramp is the ramp that is going to be developed at depth deeper.

所以從四公里的基地來看，並不是我們把礦井的深度加倍。所以我們很放心，我們確實了解支撐要求和岩體行為，Renee，我們正在屏幕上圖片中的斜坡上，現在綠色斜坡就是將要出現的斜坡向更深的深度發展。

Thank you, Brian. --

謝謝你，布萊恩。--

I might add, Renee, is that we do have the kind of support systems now that can we in actual fact, when we do the declines. In any case, we don't do it under distressed areas. So we do have the support of (inaudible) and ex-FX support that. So we also -- obviously one of the biggest concerns was to do we have the capabilities and management of seismicity in the deep-level mines and Mponeng and seismic activity over a 1,000 square meters per, seven square meters mined seismic release rates actually came down because of the configurations we used the Pillar configurators.

我想補充一點，蕾妮，我們現在確實擁有這樣的支持系統，當我們進行拒絕時，我們實際上可以這樣做。無論如何，我們不會在困難地區這樣做。因此，我們確實得到了（聽不清楚）和前外匯公司的支持。因此，顯然我們最關心的問題之一是我們是否有能力和管理深部礦山和 Mponeng 的地震活動，並且每 1,000 平方米、7 平方米的開採地震活動的地震釋放率實際上下降了由於我們使用了Pillar 配置器的配置。

We currently use the leads and lags that we manage the support the systems that we put in the quality of backfill that improved over the years. And then obviously also the steel needs that we currently have in all our working places so we think we've got, you know, we really got the state of the art and the understanding and the know how to do this.

目前，我們使用我們管理的超前和滯後來支持我們多年來改進的回填品質的系統。顯然，我們目前在所有工作場所都有鋼鐵需求，所以我們認為我們已經擁有最先進的技術、理解和知道如何做到這一點。

And that is what we make are specialists in this environment and specifically that. So and we have a very strong track record of seismic management since Harmony took over there even prior to that in other work at AngloGold Ashanti that. And so we are very comfortable that we ticked that box as far as safety is concerned.

這就是我們在這個環境中，特別是在這個環境中所創造的專家。因此，自從 Harmony 接管那裡以來，我們在地震管理方面擁有非常出色的記錄，甚至早於 AngloGold Ashanti 的其他工作。因此，就安全而言，我們很高興我們勾選了該框。

Peter, thank you. And Jarrett again, I'm just going to ask, we pillow we've been asked by Arnold and Karan just to chat a little bit about the stream coming to an end at Mine Waste Solutions and what that would do to the free cash flow. And Wafi-Golpu while we are addressing questions to you are there was a question which has since disappeared, just the IRR that was assumed for the Mponeng extension and specifically also the gold price that was used in finalizing that feasibility study, please?

彼得，謝謝你。賈勒特，我只想問一下，阿諾和卡蘭要求我們聊聊礦場廢棄物解決方案即將結束的流，以及這會對自由現金流產生什麼影響。Wafi-Golpu 在我們向您提出問題時，有一個問題已經消失了，只是 Mponeng 延期所假設的 IRR，特別是用於最終確定可行性研究的黃金價格，好嗎？

Sure Marian, so Mponeng that gold price was ZAR1.1 million a kilogram, the IRR at 17%. Yes, I mentioned it on the first question. Just regards to the stream. I think that adds about its 25,000 ounces that remain, and that will add about 700 million to revenue.

當然，Marian，Mponeng 認為黃金價格為每公斤 110 萬南非蘭特，IRR 為 17%。是的，我在第一個問題中提到過。只是關於流。我認為這會增加約 25,000 盎司的剩餘量，這將增加約 7 億盎司的收入。

Thank you. Thanks, Boipelo. And perhaps just a last question for us here in Johannesburg and then we'll hand over to Miami. Again, that all feels quite multinational and Beyers this question is a tough one, but I'm going to ask you this is from Chris Nicholson at RMB. He wants to know rand per ton costs were up 22%, Chris, but I'm sure you've seen that our all-in sustaining cost is coming down rand per kilogram if you notice that actually moving towards the left of that graph just saying so the rand per tonne costs were up 22% year on year with the South African underground assets, 14%. And as you say, overall, could you comment on this high level of inflation and what do you expect the rand per ton inflation to run at and into 2024?

謝謝。謝謝，博佩洛。也許這只是約翰尼斯堡對我們來說的最後一個問題，然後我們會把問題交給邁阿密。再說一次，這一切都讓人感覺相當跨國，拜爾斯這個問題很難回答，但我想問你，這是來自人民幣的克里斯·尼科爾森(Chris Nicholson)。克里斯，他想知道每噸蘭特的成本上漲了22%，但我相信您已經看到，我們的整體維持成本正在每公斤蘭特下降，如果您注意到實際上正在向該圖的左側移動也就是說，每噸蘭特的成本年增了22%，而南非地下資產則上漲了14%。正如您所說，總體而言，您能否對如此高的通膨水準發表評論？

Thank you for the question, Chris. And so Harmony has always targeted improvement in our grade to help us manage inflation. And so we're Mponeng as the other mine has two inflation. And the key drivers of higher than normal inflation were, in fact, in electricity costs in South Africa, that number increased by 19%, which obviously added to the rand per ton inflation number.

謝謝你的提問，克里斯。因此，Harmony 始終致力於提高我們的成績，以幫助我們管理通貨膨脹。所以我們是 Mponeng，因為另一個礦有兩個通貨膨脹。事實上，通膨高於正常水平的關鍵驅動因素是南非的電力成本，這一數字增加了 19%，這顯然增加了每噸蘭特的通膨數字。

And the other one that was some slightly elevated, although, you know, we believe it's well understood and it's fairly manageable for us on our long-term agreements is our wage numbers. South African wages escalated by 9% over the period. And then the third one, which you made mention in the booklet as well was royalties, which was actually quite a significant increase. So those were the ones that stood out, but I'm going to obviously we are going to be continuous managing our production and a consistent, predictable production as well as improvement in grades to help us manage inflation.

另一個略有提高的數字是我們的薪資數字，儘管我們相信這是很好理解的，而且根據我們的長期協議，這對我們來說是相當容易管理的。南非的工資在此期間上漲了 9%。第三個，你在小冊子中也提到過，是版稅，這實際上是一個相當大的成長。這些都是突出的，但我顯然會持續管理我們的生產，保持一致、可預測的生產以及成績的提高，以幫助我們管理通貨膨脹。

Thank you, Bayers, Jarrett, I will hand over to you and Peter in Miami, should there be any further questions?

謝謝拜爾斯、賈勒特，我將把工作交給邁阿密的你和彼得，還有什麼問題嗎？

John, any further questions --

約翰，還有什麼問題嗎--

(inaudible) nothing on the side. I don't know if there's anything on the line on Chorus Call store that's potentially coming through.

（聽不清楚）旁邊什麼都沒有。我不知道 Chorus Call 商店是否有任何可能會上線的內容。

We have no further questions on the conference calls now.

我們現在對電話會議沒有其他問題了。

(inaudible) And then maybe I could just wrap it up then to better (inaudible) just thank everybody for calling in today is the uptime for actually South Africa to do it in the afternoon, but it's early morning here. This is a wonderful Sunrise yielded over the Atlantic Ocean that we witnessed out of our room, but yeah fantastic to have you guys here looking forward to come back to South Africa in the end of the week. And yeah, thanks again for dialling in. We appreciate that.

（聽不清楚）然後也許我可以更好地結束它（聽不清楚）只是感謝大家今天打電話來，實際上南非的正常運行時間是在下午進行的，但這裡現在是清晨。這是我們在房間裡目睹的大西洋上空的美妙日出，但很高興你們能在這個週末回到南非。是的，再次感謝您撥打電話。我們對此表示讚賞。