Harmony Gold Mining Company Ltd (HMY) 2024 Q4 法說會逐字稿

Good morning. My name is Peter Steenkamp. I'm the CEO of Harmony, and it's a pleasure to be here today presenting the full year results for the financial year that ended on the 30th of June 2024.

早安.我的名字是彼得‧斯廷坎普。我是 Harmony 的首席執行官，很高興今天在這裡介紹截至 2024 年 6 月 30 日結束的財政年度的全年業績。

Please note of the safe harbor statement and allow me to start with a short update on Harmony and our strategy. Harmony is a gold mining specialist with a growing international copper footprint. We also produce small amounts of silver and uranium, and we have over 74 years of gold mining experience in South Africa, and we have been operating for over two decades in Papua New Guinea.

請注意安全港聲明，並允許我首先簡要介紹 Harmony 和我們的戰略。Harmony 是金礦開採專家，其國際銅礦足跡不斷成長。我們也生產少量的銀和鈾，我們在南非擁有超過 74 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 mineral resources and mineral reserve declaration of close to 137 million ounces and 40 million ounces of gold and gold covenants, respectively, positions Harmony as a significant global mining company. Currently, our diversified portfolio of operating assets include nine underground mines, two open pit mines and a significant tailings and treatment business.

我們申報的礦產資源和礦產儲量分別接近 1.37 億盎司和 4,000 萬盎司黃金和黃金契約，使 Harmony 成為一家重要的全球礦業公司。目前，我們多元化的營運資產組合包括九個地下礦場、兩個露天礦場以及重要的尾礦和處理業務。

Surface retreatment is a great ESG story with the potential for another 100 years of hydro mining across South Africa. And at present, over 90% of our current production comes from South African gold.

地表再處理是一個偉大的 ESG 故事，它有可能為整個南非的水力採礦再發展 100 年。目前，我們90%以上的產量來自南非黃金。

Now based on the current planning parameters, we expect approximate 20% of future production to be copper within the next 10 years. Now copper production will be from our Tier 1 Wafi-Golpu project in Papua New Guinea and the Eva Copper project in Australia. These copper projects will be transformational, moving Harmony further down the global cost curve and diversify into a future phasing metal.

現在，根據目前的規劃參數，我們預計未來 10 年內銅產量將佔未來產量的約 20%。現在，銅生產將來自我們位於巴布亞新幾內亞的一級 Wafi-Golpu 項目和澳大利亞的 Eva Copper 項目。這些銅項目將具有變革性，使 Harmony 進一步降低全球成本曲線，並多元化發展為未來的分階段金屬。

Our excellent FY24 results perfectly demonstrate the benefits and the value we have created for all our stakeholders. This is what we call mining with purpose. Our study is aimed at producing safe, profitable ounces and improving margin through operational excellence and value-accretive acquisitions. All decisions are underpinned by our four strategic pillars namely responsible stewardship, operational excellence, cash certainty and effective capital allocation.

我們出色的 2024 財年業績完美地展現了我們為所有利害關係人創造的效益和價值。這就是我們所說的有目的的採礦。我們的研究旨在生產安全、有利可圖的盎司，並透過卓越營運和增值收購提高利潤率。所有決策均以我們的四大策略支柱為基礎，即負責任的管理、卓越營運、現金確定性和有效的資本配置。

Major capital is being allocated towards the higher-quality assets namely in Moab Khotsong and Mponeng as well as key projects that will lower our risk profile, such as Eva Copper and Wafi-Golpu. This ensures we continue growing our reserves and delivering improved margins and higher profitability, especially at these high-grade assets.

主要資本正在配置到 Moab Khotsong 和 Mponeng 等優質資產，以及 Eva Copper 和 Wafi-Golpu 等可降低我們風險狀況的關鍵項目。這確保了我們繼續增加儲備並提供更高的利潤率和更高的獲利能力，特別是在這些高品位資產方面。

We continue to invest in our optimized asset, or the red quadrant, which you will recall was the old Harmony, and to maintain flexibility and ensure optimal cash generation over the life of the assets. Investing in our existing assets is essential through -- for funding our growth path for the future.

我們繼續投資於我們的最佳化資產，或紅色象限，您會記得它是舊的 Harmony，並保持靈活性並確保在資產的生命週期內實現最佳的現金產生。投資我們現有的資產對於為我們未來的成長道路提供資金至關重要。

Harmony has adopted a proactive approach to safety through the use of leading indicators. Our focus has shifted towards the integration and sustainability of a safety culture, and we are emphasizing the importance of personal ownership of safety in the workplace.

Harmony 透過使用領先指標，採取了積極主動的安全方法。我們的重點已轉向安全文化的整合和永續性，我們強調個人在工作場所擁有安全意識的重要性。

While we have implemented comprehensive systems and controls, it ultimately remains our responsibility as Harmonites to work safely at all times. We have a centralized operational risk management team providing support to all our operations and are using leading indicators to help drive further safety improvements. The digitalization and modernization, we have real-time dashboards to monitor and continue to improve these leading indicators.

雖然我們已經實施了全面的系統和控制，但作為 Harmonites，始終安全工作最終仍然是我們的責任。我們擁有一個集中的營運風險管理團隊，為我們的所有營運提供支持，並使用領先指標來幫助推動進一步的安全改進。數位化和現代化，我們有即時儀表板來監控並持續改進這些領先指標。

We are currently monitoring over 9 million golden control data points. This ensures we prevent significant unwanted events before they occur. And as a company, we have embraced the culture of learning and strive for continuous improvement.

我們目前正在監控超過 900 萬個黃金控制數據點。這可確保我們在重大意外事件發生前防止其發生。作為一家公司，我們擁抱學習文化並努力持續改進。

Our cultural transformation journey has reached about 80% completion to date, and we are progressing this through regular visible [thought] leadership engagements, along with other safety awareness initiatives across the operations.

迄今為止，我們的文化轉型之旅已完成約 80%，我們正在透過定期可見的[思想]領導力參與以及整個營運中的其他安全意識措施來推進這一進程。

We continue to equip our teams through ongoing leadership development and training. I'm confident that we have the correct safety strategy in place and firmly believe that zero loss of life is possible.

我們繼續透過持續的領導力發展和培訓來裝備我們的團隊。我相信我們制定了正確的安全策略，並堅信零生命損失是可能的。

In the past financial year, Harmony delivered an exceptional combined performance across each operations. This achievement was a result of clear strategic intent and successful execution, enabling us to deliver above plan and capitalize on higher gold price.

在上一財年，Harmony 的各項業務綜合表現都非常出色。這項成就是明確的策略意圖和成功執行的結果，使我們能夠實現上述計劃並利用更高的金價。

This results in a record year for the company. We aim to excel at what we do, and I believe that we achieved this goal. As I touched on the previous slide, safety is embedded in our strategy, and the loss time injury frequency rate per million ounces worked for FY24 was at 5.53. This has remained below the six for three consecutive financial years and indicates we are on the right track.

這為公司創造了創紀錄的一年。我們的目標是在我們所做的事情上表現出色，我相信我們已經實現了這個目標。正如我在上一張投影片中提到的，安全已融入我們的策略中，2024 財年每百萬盎司工作的損失時間傷害頻率為 5.53。這一數字已連續三個財政年度保持在 6 以下，表明我們正走在正確的軌道上。

We are delivering on our ESG commitments, evident in our 1.2 billion employee share ownership scheme and our expanded renewable energy program. Gold production increased by 6% to 1.56 million ounces, beating our upward revised guidance. Underground recovered grades also exceeded the guidance, improving by 6% to 6.11 grams per tonne.

我們正在兌現我們的 ESG 承諾，這在我們的 12 億員工持股計畫和擴大的再生能源計畫中得到了體現。黃金產量增加 6% 至 156 萬盎司，超出了我們上調的指引。地下回收品位也超出了指導值，提高了 6%，達到每噸 6.11 克。

Our costs remain under control, with all-in sustaining costs coming in at ZAR901,000 per kilogram, which was well below the guidance. In dollars, all-in sustaining costs decreased by 4% to $1,500 per ounce. And operating free cash flow increased by over 100% to a record ZAR13 billion or USD681 million at a margin of 22%. This was driven by higher recovered grades and strong gold prices. As a result, our balance sheet has strengthened further and is in a net cash position of ZAR2.9 billion or USD159 million.

我們的成本仍處於控制之中，總維持成本為每公斤 901,000 南非蘭特，遠低於指導值。以美元計算，總維持成本下降了 4%，至每盎司 1,500 美元。營運自由現金流成長超過 100%，達到創紀錄的 130 億南非蘭特（6.81 億美元），利潤率為 22%。這是由較高的回收品位和強勁的金價所推動的。因此，我們的資產負債表進一步增強，淨現金部位達到 29 億南非蘭特（1.59 億美元）。

Our headline earnings per share increased by 132% to ZAR0.1852 or USD0.99 per share. In line with our dividend policy, we are paying a full year dividend of ZAR0.94 or USD0.05 per share. This demonstrate confidence in our planning as we aim to reward our shareholders alongside our growth aspirations. Our FD Boipelo Lekubo will unpack the financials in detail a little bit later.

我們的每股整體收益成長了 132%，達到 0.1852 南非蘭特，即每股 0.99 美元。根據我們的股息政策，我們支付每股 0.94 南非蘭特或 0.05 美元的全年股息。這表明我們對我們的規劃充滿信心，因為我們的目標是在實現成長願望的同時回報股東。我們的 FD Boipelo Lekubo 稍後將詳細介紹財務數據。

So responsible stewardship is embedded in our operating model. Our sustainable development strategy aims to reduce risk, while maximizing opportunities, leaving a positive impact through shared value creation. As a result of our actions, we continue to receive positive external recognition for our embedded approach to sustainability and disclosure transparency.

因此，負責任的管理已融入我們的營運模式中。我們的永續發展策略旨在降低風險，同時最大限度地增加機會，透過共享價值創造產生正面影響。由於我們的行動，我們在永續性和揭露透明度方面的嵌入方法繼續獲得外部的積極認可。

We have been included in the FTSE4Good Index for the seventh consecutive year. Our inclusion in the Bloomberg Gender Equality Index for six consecutive years demonstrate that we embrace gender diversity, inclusivity and treat all our employees fairly.

我們連續第七年被納入 FTSE4Good 指數。我們連續六年入選彭博性別平等指數，顯示我們擁護性別多元、包容並公平對待所有員工。

Our best practice, water managed strategy, has once again resulted in a score of A from the CDP. As you can see, mining with purpose is what we are all about.

我們的最佳實踐，即水資源管理策略，再次獲得 CDP 的 A 分。如您所見，有目的地採礦是我們的宗旨。

Now growing our quality ounces is critical long-term success and longevity. We continue to invest in converting resources to reserves, while striking a balance between capital intensity and shareholder returns. Harmony has a globally significant mineral resource and reserve base. We have demonstrated that the reserve conversion is still one of the most cost-effective ways of creating value.

現在，增加我們的優質盎司對於長期成功和長壽至關重要。我們繼續投資將資源轉化為儲備，同時在資本密集度和股東回報之間取得平衡。Harmony擁有全球重要的礦產資源和儲備基地。我們已經證明，儲備金轉換仍然是創造價值的最具成本效益的方式之一。

There is, therefore, a substantial opportunity to continue investing in this exciting gold copper story. Our mineral reserves increased by around 2% on the back of Mponeng extension, and Eva Copper is expected to underpin further resource conversion into -- once the study is complete.

因此，繼續投資這個令人興奮的金銅故事有很大的機會。在 Mponeng 擴建的支持下，我們的礦產儲量增加了約 2%，一旦研究完成，Eva Copper 預計將支持進一步的資源轉換。

Our production profile has been significantly decreased, and further future production will come from a combination of South African surface and underground gold, Papua New Guinea copper and gold and Australian copper.

我們的產量已大幅減少，未來的產量將來自南非地表和地下金、巴布亞紐幾內亞銅和黃金以及澳洲銅的組合。

As we target growth, we will only pursue those opportunities that meet our strict investment criteria and improve the quality of our portfolio. Further expansion would either be through the acquisition of a late-stage project or preferably through the acquisition of a producing asset that immediately be cash flow positive for Harmony.

當我們以成長為目標時，我們只會尋求那些符合我們嚴格的投資標準並提高投資組合品質的機會。進一步的擴張要么透過收購後期項目，要么最好透過收購可立即為 Harmony 帶來正現金流的生產資產。

Any new investment opportunities must, first of all, lower our overall risk profile, improve our margins, deliver meaningful returns, extend our production profile with quality ounces and, of course, remain affordable through the cycle.

任何新的投資機會首先必須降低我們的整體風險狀況，提高我們的利潤率，提供有意義的回報，擴大我們的優質盎司產量，當然，在整個週期中保持可承受的價格。

The acquisition of Mponeng, Moab Khotsong and Mine Waste Solutions were transformational. When we acquired this asset, we had hoped that we would be able to extend the lives of these assets. Now after comprehensive studies, these acquisitions all received approval for extension.

對 Mponeng、Moab Khotsong 和 Mine Waste Solutions 的收購具有變革意義。當我們收購這項資產時，我們希望能夠延長這些資產的使用壽命。目前，經過綜合研究，這些收購案均獲得延期批准。

We are pleased that the first position of the Kareerand extension at Mine Waste Solutions, our mega tailings retreatment operation, will happen in October. This project extends the life of mine of Mine Waste Solutions to 14 years. And encouragingly, the streaming contract concludes towards the end of this calendar year. Once this end, we expect to see a 20% uplift in the gold price received from Mine Waste Solutions.

我們很高興 Kareerand 擴建工程將於 10 月在 Mine Waste Solutions（我們的大型尾礦再處理業務）中首次亮相。該計畫將 Mine Waste Solutions 的礦山壽命延長至 14 年。令人鼓舞的是，串流媒體合約將於今年底結束。一旦結束，我們預計從 Mine Waste Solutions 收到的黃金價格將上漲 20%。

The extension projects at Moab Khotsong and Mponeng are progressing well, and we have extended the lives of these mines to at least 20 years. Decline work at Moab Khotsong and the development of the carbon leader section of Mponeng are underway.

Moab Khotsong和Mponeng的擴建計畫進展順利，我們已將這些礦場的壽命延長到至少20年。Moab Khotsong 的衰退工作和 Mponeng 碳先導區的開發正在進行中。

We have also commenced the rehabilitation of the dug tunnel shaft pillar, which we will be mined through in Mponeng. These projects have added a combined 5.2 million ounces of gold reserves and will ensure a steady state production at each mine of over 200,000 ounces at a recoverable grade of 9 grams a tonne. As a result, these high-grade mines will continue delivering excellent margins at an all-in sustaining cost for many years to come.

我們也開始修復已挖掘的隧道豎井支柱，我們將透過該豎井支柱在 Mponeng 進行採礦。這些項目總共增加了 520 萬盎司黃金儲量，並將確保每個礦場的穩定產量超過 20 萬盎司，可採品位為每噸 9 克。因此，這些高品位礦山將在未來許多年繼續以整體維持成本提供優異的利潤。

The feasibility study update in Eva Copper is also progressing well. Due to its importance, the Eva Copper project has been given a prescribed project status, and the Queensland government has provided AUD20.7 million in conditional for the round funding to help accelerate the project. Early works have commenced, and we are continuing with the resource drilling.

Eva Copper 的可行性研究更新也進展順利。由於其重要性，Eva Copper項目已被授予規定的項目地位，昆士蘭州政府為本輪融資提供了有條件的2070萬澳元，以幫助加快該項目的進程。早期工作已經開始，我們正在繼續進行資源鑽探。

Subject to the feasibility study outcome, Eva Copper is expected to produce between 50,000 and 60,000 tonnes of copper per annum and 14,000 ounces of gold over its 15-year life of mine. The all-in sustaining cost is anticipated to be in the middle of the global cost curve.

根據可行性研究結果，Eva Copper 預計在其 15 年礦山壽命期間每年生產 50,000 至 60,000 噸銅和 14,000 盎司黃金。預計整體維持成本將位於全球成本曲線的中間。

Now at Wafi-Golpu, negotiations between the state negotiation team, Harmony and our JV partner, are ongoing as we work to convert the signed memorandum of understanding into a mining development contract. Capital expenditures necessary for ounce replacement and growth as we maintain and improve the quality of our portfolio. As we invest across all those assets, we expect total capital expenditure for FY25 to increase to ZAR10.8 billion or just under $600 million. Despite this increase, total capital intensity remains low at approximately ZAR250,000 per kilogram or $415 per ounce based on the FY25 production guidance.

現在，在瓦菲-戈爾普，國家談判團隊 Harmony 和我們的合資夥伴之間的談判正在進行，我們正在努力將簽署的諒解備忘錄轉化為採礦開發合約。隨著我們維持和提高投資組合的質量，盎司替代和成長所需的資本支出。隨著我們對所有這些資產進行投資，我們預計 2025 財年的總資本支出將增加至 108 億蘭特或略低於 6 億美元。儘管有所增加，但根據 2025 財年生產指導，總資本強度仍然較低，約為每公斤 250,000 南非蘭特或每盎司 415 美元。

Again, this slide will just be in US dollars. Let me just make sure I don't think I -- yes, I'm on the last slide, Slide 16. Let me break this down per operation. Although Harmony is in a period of higher capital expenditure, we have a balance between growth and flexibility.

同樣，這張投影片僅以美元計價。讓我確保我不認為我——是的，我正在看最後一張投影片，即投影片 16。讓我對每個操作進行分解。儘管 Harmony 正處於資本支出較高的時期，但我們在成長和靈活性之間取得了平衡。

Most of our major capital continues to be allocated to high-grade underground projects such as Moab Khotsong and Mponeng as well as our high margin, low-risk surface retreatment operations.

我們大部分的主要資金繼續分配給 Moab Khotsong 和 Mponeng 等高級地下專案以及高利潤、低風險的地表再處理業務。

Sustaining capital is also increasing mainly as a result of an increase in development meters across the underground mines to maintain flexibility. And you will notice that the increase is mainly at our four optimized underground operations. We're also factoring in inflationary increases in costs, in line with our planning parameters.

持續資本也在增加，主要是由於地下礦山開發計量的增加以保持靈活性。您會注意到，成長主要來自我們的四個優化的地下作業。根據我們的規劃參數，我們也考慮了通貨膨脹導致的成本增加。

We are increasing our spend on information technology as part of our ongoing upgrades. And there's also ongoing management of our tailing storage facilities and remains of utmost importance, while bringing Harmony in line with the global industry standard of tailings management.

作為持續升級的一部分，我們正在增加資訊科技方面的支出。此外，我們也對尾礦儲存設施進行持續管理，這仍然至關重要，同時使 Harmony 符合尾礦管理的全球產業標準。

This is the same slide just in US dollars. So our continuous investment across all our operations will ensure that we not only improve our margins but remain a sustainable 1.4 million ounce producer well into the future. As we mined and optimized assets, represented by the red segment, you will notice that the quality of our ounces improved driving the margins higher over time.

這是同一張投影片，只是以美元計算。因此，我們對所有業務的持續投資將確保我們不僅提高利潤率，而且在未來仍能保持可持續發展的 140 萬盎司生產商的地位。當我們開採和優化資產（以紅色部分為代表）時，您會注意到我們的盎司品質不斷提高，隨著時間的推移，利潤率不斷提高。

Our portfolio also has a long life, but the potential for further life of mine extensions, especially at these higher-grade gold prices. As I mentioned, our international projects introduced a significant copper into the production mix.

我們的投資組合壽命也很長，但礦山擴建的壽命有進一步延長的潛力，特別是在金價較高的情況下。正如我所提到的，我們的國際項目在生產組合中引入了大量的銅。

Beyers Nel, our Group Chief Operating Officer, will now take you through the operational results. So over to you, Beyers.

我們的集團營運長 Beyers Nel 現在將向您介紹營運績效。現在就交給你了，拜爾斯。

Thank you, Peter. The strong results in this reporting period were due to our ongoing investment and commitment to operational excellence. This has underpinned our success and enabled Harmony to take advantage of the high gold prices.

謝謝你，彼得。本報告期間的強勁業績歸功於我們持續的投資和對卓越營運的承諾。這支撐了我們的成功，並使 Harmony 能夠利用高金價的優勢。

However, everything we do starts with safety, and I must emphasize that is not negotiable. A safe mine, we argue, is a profitable mine. Harmony has a healthy organizational culture, which we believe is a true differentiator amongst our peers. Our operational flexibility and predictability in our planning ensure we consistently deliver the tonnes alongside higher quality ounces.

然而，我們所做的一切都是從安全開始的，我必須強調，這是沒有商量餘地的。我們認為，一個安全的礦場就是一個有利可圖的礦場。Harmony 擁有健康的組織文化，我們相信這是我們在同行中真正與眾不同的因素。我們的營運靈活性和規劃的可預測性確保我們始終如一地交付數噸和更高品質的盎司。

We have achieved guidance for the ninth consecutive year now if we factor in the COVID revision. We are continuing to invest in productivity enhancements and infrastructure reliability to reduce stoppages and maintain momentum.

如果考慮到新冠疫情的修訂，我們現在已經連續第九年實現了指引。我們將繼續投資於提高生產力和基礎設施可靠性，以減少停工並保持動力。

Our underground recovered grades have improved remarkably, and productivity enhancements will ensure we deliver the required square meters each month. As Peter said, Mponeng and Moab Khotsong and Hidden Valley outperformed in FY24 on the back of excellent grades. We do, however, expect lower grades at Hidden Valley. While at Doornkop, production will be lower after we revised our plans to ensure safe ounces.

我們的地下回收品位已顯著提高，生產力的提高將確保我們每月交付所需的平方公尺。正如 Peter 所說，Mponeng、Moab Khotsong 和 Hidden Valley 憑藉出色的成績在 2024 財年表現出色。然而，我們確實預期隱谷的成績會較低。在多恩科普，在我們修改計畫以確保安全盎司後，產量將會降低。

Our stable and predictable cost structure has moved us down the global cost curve. Not only have we benefited from having a rand cost base, but the five-year wage agreement ensures fixed labor escalations are predictable. Our power supply from Eskom is also regulated, with further savings expected from our renewable energy program.

我們穩定且可預測的成本結構使我們降低了全球成本曲線。我們不僅受益於蘭特成本基礎，而且五年期工資協議確保固定勞動力升級是可預測的。我們的 Eskom 電力供應也受到監管，預計我們的再生能源計畫將進一步節省開支。

The strong partnerships we have built with our stakeholders ensure we remain the partner of choice, enabling us to continue operating successfully. Our substantial mineral resource base of almost 137 million ounces presents an abundance of opportunities to grow our mineral reserve through internal investment and greenfields projects.

我們與利害關係人建立的牢固合作夥伴關係確保我們仍然是首選合作夥伴，使我們能夠繼續成功運作。我們擁有近 1.37 億盎司的豐富礦產資源基礎，為透過內部投資和綠地計畫增加礦產儲量提供了大量機會。

Earlier, Peter touched on the safety strategy and the work being done to continuously improve our leading indicators. It ever requires a daily commitment, and we are confident that we will ultimately achieve our goal of 0 loss of life. The emphasis on improving our leading indicators has ensured our lagging indicators are trending in the right direction. And we have seen a remarkable improvement in that since 2016 when we started.

早些時候，彼得談到了安全戰略以及為不斷改進我們的領先指標而正在進行的工作。這需要我們每天做出承諾，我們有信心最終實現零生命損失的目標。對改善領先指標的重視確保了我們的落後指標朝著正確的方向發展。自 2016 年開始以來，我們已經看到了顯著的進步。

Although our group lost time injury frequency rate remains below 6 at 5.53 per million hours worked, we have lost the lives of seven of our colleagues during the financial year. And we extend our deepest condolences to the families of our late colleagues. Clearly, more needs to be done and more will be done to ensure each and every employee returns home safely every day.

儘管我們集團的誤工工傷頻率仍低於 6 例，即每百萬工時 5.53 例，但我們在本財政年度已有 7 名同事喪生。我們向已故同事的家屬致以最深切的哀悼。顯然，我們需要做更多的事情，也會做更多的事情來確保每位員工每天都能安全回家。

Through operational excellence and good mining discipline, we have improved recovered grades, delivering consistent production growth. Our investment in Mponeng and Moab Khotsong is the primary driver behind the consistent higher underground grades we are now achieving.

透過卓越的營運和良好的採礦紀律，我們提高了回收品位，實現了產量的持續成長。我們對 Mponeng 和 Moab Khotsong 的投資是我們目前實現的地下等級持續提高的主要推動力。

At Hidden Valley, the recent outperformance was a result of the high-grade big red ore body, which we have now mined through, as planned. Recovered grades at our surface operations have also improved, driven mainly by Mine Waste Solutions.

在隱谷，最近的優異表現是由於高品位大型紅色礦體的結果，我們現在已按計劃開採該礦體。我們地面作業的回收品位也有所改善，這主要是由礦山廢棄物解決方案所推動的。

While 96% of our revenue is from gold, our byproducts play an important role in offsetting some of our costs, 3% of our revenues from silver produced in Hidden Valley and 1% is from uranium mined at Moab Khotsong. Silver production increased by 39% to a record 3.7 million ounces, generating revenue of ZAR1.7 billion. Uranium produced -- production, rather, increased by 13% to 590,000 pounds, generating revenue of just under ZAR900 million.

雖然我們 96% 的收入來自黃金，但我們的副產品在抵消部分成本方面發揮著重要作用，我們 3% 的收入來自隱谷生產的白銀，1% 來自 Moab Khotsong 開採的鈾。白銀產量成長 39%，達到創紀錄的 370 萬盎司，創造收入 17 億南非蘭特。鈾產量增加了 13%，達到 59 萬磅，創造了近 9 億南非蘭特的收入。

Our South African high-grade operations in Mponeng and Moab Khotsong have introduced high-grade quality ounces to the portfolio. Average recovered grades from these mines exceed 9 grams per tonne, with production over 15,000 kilograms at operating free cash flow margin of 32%.

我們在南非 Mponeng 和 Moab Khotsong 的高品質業務已為產品組合引入了高品質盎司。這些礦場的平均回收品位超過每噸 9 克，產量超過 15,000 公斤，營運自由現金流利潤率為 32%。

Both mines delivered an impressive performance in FY24, exceeding their plans across all operational metrics. And as we head into the new financial year, we will focus on major extension projects at these mines. To that end, ZAR2.2 billion has been allocated towards these decline projects for FY25.

兩個礦山在 2024 財年都取得了令人印象深刻的業績，所有營運指標都超出了計劃。當我們進入新的財政年度時，我們將重點放在這些礦山的重大擴建項目。為此，已為 2025 財年的這些衰退項目撥款 22 億南非蘭特。

Harmony's investment in quality ounces has resulted in record operating free cash flow this financial year. We can attribute some of this to the gold price. However, the real driver has been the improvement in margins on the back of our mines achieving their plans.

Harmony 對優質盎司的投資導致本財年營運自由現金流創歷史新高。我們可以將其中部分原因歸因於金價。然而，真正的推動因素是我們礦山實現計畫後利潤率的提高。

Total operating free cash flow for the group increased by 111% to ZAR12.7 billion or USD681 million. Allow me now to touch on each of the quadrants to illustrate our confidence in our cash flows going forward.

集團營運自由現金流總額成長 111%，達到 127 億南非蘭特（即 6.81 億美元）。現在請容許我談談每個象限，以說明我們對未來現金流的信心。

Our South African high-grade operations, namely Mponeng and Moab Khotsong, have introduced high-grade quality ounces to the portfolio. Average recovered grades from these mines exceed 9 grams per tonne, with production over 15,000 kilograms at an operating free cash flow margin of 32%.

我們的南非高級工廠，即 Mponeng 和 Moab Khotsong，已向產品組合中引入了高品質盎司。這些礦場的平均回收品位超過每噸 9 克，產量超過 15,000 公斤，營運自由現金流利潤率為 32%。

Both these mines delivered an impressive performance in financial year '24, exceeding their plans across all metrics. As we head into the new financial year, we will focus on major extension projects at these mines. To this end, ZAR2.2 billion has been allocated towards these decline projects.

這兩個礦山在 24 財年都取得了令人印象深刻的業績，所有指標都超出了計劃。在進入新的財政年度時，我們將重點放在這些礦山的重大擴建項目。為此，已為這些衰退計畫撥款 22 億南非蘭特。

The South African optimized portfolio consists of our seven underground mines and contribute close to 40% of our total production or 19,000 kilograms of gold. While margins are typically lower, these mines still generated ZAR2 billion in operating free cash flow and play a critical role in funding our growth strategy.

南非的優化投資組合由我們的七個地下礦場組成，占我們總產量的近 40%，即 19,000 公斤黃金。雖然利潤率通常較低，但這些礦場仍產生 20 億南非蘭特的營運自由現金流，並在為我們的成長策略提供資金方面發揮關鍵作用。

In order to ensure optimal free cash flow generation over the life of mine, it is necessary to maintain flexibility to achieve our plans and reduce costs. Capital these -- capital expenditure on these operations is therefore predominantly sustaining capital for ongoing development. Our focus remains on ensuring that these mines achieve their planned targets, especially Doornkop and Target 1, with studies underway to potential -- for the potential extension of Tshepong North.

為了確保在礦山生命週期內產生最佳的自由現金流，有必要保持靈活性以實現我們的計劃並降低成本。因此，這些業務的資本支出主要用於維持持續發展的資本。我們的重點仍然是確保這些礦場實現其計劃目標，特別是 Doornkop 和目標 1，並且正在研究潛力 - Tshepong North 的潛在延伸。

Our South African surface operations delivered a phenomenal performance, with production increasing by 21% to around 9,000 kilograms. This now represents 11% of group production with all-in sustaining costs decreased to just over ZAR700,000 a kilogram, illustrating how profitable these operations are at current gold prices. These operations generated ZAR2.6 billion in operating free cash flow at a margin of 25% in FY24.

我們的南非地面作業取得了驚人的業績，產量增加了 21%，達到約 9,000 公斤。目前，這佔集團產量的 11%，整體維持成本已降至每公斤 70 萬南非蘭特，這說明了以當前金價計算這些業務的獲利能力。這些業務在 2024 財年產生了 26 億南非蘭特的營運自由現金流，利潤率為 25%。

As Peter said, we are pleased that the legacy streaming contract comes to an end before the end of this calendar year. Once this ends, we expect the gold price received for gold sales at Mine Waste Solutions to increase by around 20%. This is expected to generate over ZAR900 million in additional cash flow for the group. The extension of the Kareerand tailings storage facility will continue into FY25, and we have around ZAR1.8 billion earmarked for capital expenditure at our surface operations.

正如彼得所說，我們很高興傳統串流合約在今年年底前結束。一旦結束，我們預計 Mine Waste Solutions 的黃金銷售收入金價將上漲 20% 左右。預計這將為集團帶來超過 9 億南非蘭特的額外現金流。Kareerand 尾礦儲存設施的擴建將持續到 2025 財年，我們已指定約 18 億蘭特用於地面營運的資本支出。

Further feasibility studies are underway to determine whether we can create another mega tailings retreatment operation in the Free State where we have 5.7 million ounces in resources in our old tailings dams. We believe there is good potential to remine our old tailings dams in South Africa for possibly another 100 years.

進一步的可行性研究正在進行中，以確定我們是否可以在自由州建立另一個大型尾礦再處理設施，我們的舊尾礦壩擁有 570 萬盎司資源。我們相信，南非舊尾礦壩的重新開採潛力巨大，可能再持續 100 年。

Our international portfolio of which Hidden Valley is currently the only operating mine delivered a standout performance in FY24. Hidden Valley generated over ZAR2 billion in operating free cash flow at a margin of 35%. Production increased by 17% to over 5,100 kilograms. As mentioned earlier, having mined through the big red ore body, grades will be lower in FY25 now that we have commenced with Stage 8 stripping. This is all in line with the mine's life of mine plan.

我們的國際投資組合（其中 Hidden Valley 是目前唯一營運的礦場）在 2024 財年表現出色。Hidden Valley 產生了超過 20 億南非蘭特的經營自由現金流，利潤率為 35%。產量增加 17%，達到 5,100 公斤以上。如前所述，在開採大型紅色礦體後，由於我們已開始第 8 階段剝離，25 財年的品位將會較低。這一切都符合礦山的礦山壽命計劃。

We are busy conducting studies to determine whether the life of mine at Hidden Valley can be extended further. And we are progressing the feasibility study update on Eva Copper and Wafi-Golpu permitting as Peter alluded. This slide is a good summary or comparison of our operational performance across our various business units. This illustrates the Harmony portfolio has changed significantly over the past eight years, having derisked with vastly improved profitability.

我們正忙於進行研究，以確定隱谷礦的壽命是否可以進一步延長。正如彼得所提到的，我們正在推進 Eva Copper 和 Wafi-Golpu 許可的可行性研究更新。這張投影片很好地總結或比較了我們各個業務部門的營運績效。這說明 Harmony 投資組合在過去八年中發生了顯著變化，降低了風險，獲利能力大幅提高。

Boipelo Lekubo, our Financial Director, will now discuss our financial performance for the past financial year. Boipelo, over to you.

我們的財務長 Boipelo Lekubo 現在將討論我們上一財年的財務表現。博佩洛，交給你了。

Thank you, Beyers. Harmony delivered an excellent financial performance and outstanding earnings growth in FY24 on the back of the information shared by Beyers and Peter. Group revenue increased by 25% to ZAR61 billion on the back of the higher production and the excellent gold price. Net profit increased by 78% to ZAR8.7 billion, while the rolling 12-month EBITDA increased by 54% to just under ZAR19 billion.

謝謝你，拜爾斯。在 Beyers 和 Peter 分享的資訊的支持下，Harmony 在 2024 財年實現了出色的財務表現和出色的獲利成長。由於更高的產量和優異的金價，集團收入成長了 25%，達到 610 億南非蘭特。淨利潤成長 78%，達到 87 億南非蘭特，而 12 個月滾動 EBITDA 成長 54%，達到近 190 億南非蘭特。

As mentioned in our trading update, Target North has been impaired by ZAR2.8 billion. Adjusting for this, headline earnings per share increased by 132% to ZAR0.1852. Strong operating free cash flows resulted in our balance sheet shifting further into a net cash position. And as at June 30, 2024, we had a net debt cash position of ZAR2.9 billion.

正如我們在交易更新中提到的，Target North 已遭受 28 億南非蘭特的損害。對此進行調整後，每股整體收益成長了 132%，達到 0.1852 南非蘭特。強勁的營運自由現金流導致我們的資產負債表進一步轉向淨現金狀況。截至 2024 年 6 月 30 日，我們的淨負債現金部位為 29 億南非蘭特。

This is just our financials translated into dollars. Group revenue increased by 18% to $3.3 billion, and headline earnings were up 122% to USD0.99 per share.

這只是我們的財務數據換算成美元。集團營收成長 18%，達到 33 億美元，整體獲利成長 122%，達到每股 0.99 美元。

Harmony has a balanced capital allocation framework, which focuses on five core areas, namely ongoing safety and production optimization, rather, as we aim for 0 loss of life; maintaining a strong balance sheet and a net debt to EBITDA below 1x, which is what we've done; organic and inorganic growth, which improves the quality of our portfolio; and returning capital to shareholders, in line with our dividend policy.

Harmony有一個平衡的資本配置框架，專注於五個核心領域，即持續的安全和生產優化，而不是因為我們的目標是零生命損失；維持強勁的資產負債表和 EBITDA 的淨債務低於 1 倍，而這就是我們所做的；有機和無機成長，提高了我們投資組合的品質；根據我們的股利政策，向股東返還資本。

We have delivered a consistent increase in revenue over the past three years, and headline earnings per share has also increased by over 700% in the past eight years on the back of our acquisitions and investment in quality ounces.

過去三年來，我們的營收持續成長，在過去八年中，得益於我們對優質盎司的收購和投資，每股整體收益也成長了 700% 以上。

Moving on to costs. The majority of our costs remain predictable and manageable. It is split between labor, consumables and electricity. Sustaining capital represents only 10% of our total all-in sustaining costs, as you can see. And we've not seen any major changes in the split year-on-year.

繼續討論成本。我們的大部分成本仍然是可預測和可管理的。它分為勞動力、消耗品和電力。如您所見，維持資本僅占我們總維持成本的 10%。我們並沒有看到同比拆分有任何重大變化。

Going forward, we anticipate cost escalations to remain predictable and in line with planned inflationary increases due to a rand cost base. Cash operating costs, as I've mentioned, remained well under control. In rand per kilogram terms, cost increased only 3% as a result of annual salary escalations, electricity tariff hikes and higher royalties. Byproduct credits from silver and uranium increased by 91%.

展望未來，我們預計成本上漲將保持可預測性，並與蘭特成本基礎導致的計劃通膨增長保持一致。正如我所提到的，現金營運成本仍然得到很好的控制。以每公斤蘭特計算，由於年薪上漲、電費上漲和特許權使用費上漲，成本僅增加了 3%。來自銀和鈾的副產品信用增加了 91%。

In US dollar per ounce terms, cash operating costs decreased by 2% to $1,262 an ounce. The 5% depreciation of the rand against the US dollar helped drive cash operating cost per ounce lower in dollar terms. Based on our FY25 planning parameters, all of our asset groupings have a life of mine margin of over 20%. And just to highlight that this is at a gold price of ZAR1.25 million a kilogram. We spend capital to ensure we remain a profitable 1.4 million to 1.5 million ounce producer well into the future.

以每盎司美元計算，現金營運成本下降 2% 至每盎司 1,262 美元。蘭特兌美元貶值 5% 有助於降低以美元計算的每盎司現金營運成本。根據我們 2025 財年的規劃參數，我們所有資產組的礦場利潤率都超過 20%。需要強調的是，黃金價格為每公斤 125 萬南非蘭特。我們花費資金來確保我們在未來仍能保持盈利 140 萬至 150 萬盎司的生產商的地位。

Capital expenditure remains well sequenced. And at current gold prices, all of our approved projects are comfortably funded through internal cash generation and available facilities. With double-digit margins, we remain well positioned heading into the new financial year. Our FY24 total capital intensity was also low at around ZAR210,000 a kilogram or $350 an ounce.

資本支出仍然井然有序。按照目前的金價，我們所有批准的項目都可以透過內部現金產生和可用設施輕鬆獲得資金。憑藉兩位數的利潤率，我們在進入新財年時仍處於有利地位。我們 2024 財年的總資本密集度也較低，約為每公斤 210,000 南非蘭特或每盎司 350 美元。

As Peter mentioned earlier, capital expenditure will increase in FY25. But capital intensity, however, remains affordable at ZAR250,000 a kilogram or $415 per ounce based on our FY25 production plans. Apologies. I moved too early. We are also protecting margins through an effective hedging program. We typically hedge between 10% and 30% of production over 36 months as per our 30/20/10 amended program limits.

正如 Peter 先前提到的，2025 財年資本支出將會增加。但根據我們 2025 財年的生產計劃，資本密集度仍然可以承受，為每公斤 250,000 南非蘭特或每盎司 415 美元。抱歉。我搬得太早了。我們也透過有效的對沖計劃來保護利潤。根據 2010 年 30 月 20 日修訂的計畫限制，我們通常在 36 個月內對沖 10% 至 30% 的產量。

Harmony has been in a net cash position since the beginning of this calendar year. Through financial discipline, we built a strong balance sheet, which, as mentioned earlier, is now in a sizable net cash position of ZAR2.9 billion. Financial flexibility places Harmony in a strong position to continue on its growth trajectory. This is just the same slide in US dollar terms.

自今年年初以來，Harmony 一直處於淨現金狀況。透過財務紀律，我們建立了強大的資產負債表，如前所述，資產負債表目前擁有 29 億南非蘭特的可觀淨現金部位。財務靈活性使 Harmony 處於繼續其成長軌道的有利地位。以美元計算，這也是同樣的下滑。

With over ZAR12 billion or $600 million in headroom made up of cash and undrawn facilities, our balance sheet remains quite robust. Solid cash flows and balance sheet strength have once again allowed us to pay a dividend, while pursuing our growth aspirations. Our final dividend payment is ZAR0.94 per share or USD0.05 per share.

我們的資產負債表擁有超過 120 億南非蘭特（即 6 億美元）的現金和未提取融資額度，因此仍然相當穩健。穩健的現金流和資產負債表實力再次使我們能夠在追求增長願望的同時支付股息。我們的末期股息支付為每股 0.94 南非蘭特或每股 0.05 美元。

We've delivered a geared year-on-year dividend increase, meaning that our dividend increase exceeded the increase in the gold price. Total cash returned to shareholders in FY24 is close to ZAR1.4 billion. This clearly demonstrates confidence in our plans and our cash flows.

我們已經實現了同比股息成長，這意味著我們的股息成長超過了金價的成長。2024 財年返還給股東的現金總額接近 14 億南非蘭特。這清楚地表明了我們對我們的計劃和現金流的信心。

Allow me to hand back to Peter to conclude.

請容許我把結論交回給彼得。

Thank you, Boipelo, and thank you, Beyers. So in conclusion, let me just get the slides to move, Harmony has followed a conservative approach to planning. We believe this is prudent given the nature and location of our operations. Much of what we achieved in 2024 -- FY24 was due to Mponeng and Hidden Valley far exceeding their plans.

謝謝你，博佩洛，謝謝你，拜爾斯。總之，讓我開始播放投影片吧，Harmony 遵循保守的規劃方法。考慮到我們業務的性質和地點，我們認為這是謹慎的做法。我們在 2024 財年的成就很大程度上歸功於 Mponeng 和 Hidden Valley 遠遠超出了他們的計劃。

As part of the FY25 planning cycle, we have guided in line with our mine plans. As we progress with our risk-assessed life of mine plans, we believe our ore bodies can confidently deliver between 1.4 million and 1.5 million ounces in FY25. Underground recovered grades are expected to be above the 5.8 grams per tonne. And all-in sustaining cost is expected to be between ZAR1.02 million and ZAR1.1 million per kilogram.

作為 25 財年規劃週期的一部分，我們按照礦場計畫進行指導。隨著我們的礦場計畫風險評估壽命的進展，我們相信我們的礦體可以在 2025 財年自信地交付 140 萬至 150 萬盎司的產量。地下回收品位預計將高於每噸 5.8 克。總維持成本預計為每公斤 102 萬蘭特至 110 萬蘭特。

So let's break down the cost guidance. This slide illustrates the drivers behind the higher all-in sustaining cost for FY25. Now these include lower guided production alongside with higher developed capital spend across the underground mines. And we also factored in annual inflation increase of about 8.7%.

那麼讓我們來分解一下成本指引。這張投影片說明了 2025 財年整體維持成本較高背後的驅動因素。現在，這些因素包括指導產量的降低以及地下礦場開發資本支出的增加。我們也考慮了年通膨率約8.7%的增幅。

Using the original FY24 all-in sustaining cost guidance of ZAR975,000 per kilogram as a reference point, this increase is in line with the annual mining cost inflation. The FY24 all-in sustaining cost was much lower than guided due to Mponeng and Hidden Valley exceeding their annual production plans. We believe that the guided all-in sustaining cost is realistic, and we remain confident that Mponeng may well exceed these plans again this coming year.

以原 2024 財年每公斤 975,000 蘭特的維持成本指引為參考點，這一增長與年度採礦成本通膨相符。由於 Mponeng 和 Hidden Valley 超出了年度生產計劃，2024 財政年度的總體維持成本遠低於指導值。我們相信指導性的整體維持成本是現實的，我們仍然相信 Mponeng 來年可能會再次超過這些計劃。

Harmony remains a solid investment and offers a compelling gold-copper story. We have a lower risk profile, and the safety remains our top priority. ESG is embedded in our operational model through a clear sustainable development strategy. We continue developing our skills and have an experienced management team with a strong succession pipeline in place.

Harmony 仍然是一項可靠的投資，並提供了一個引人注目的金銅故事。我們的風險較低，安全仍然是我們的首要任務。ESG 透過明確的永續發展策略融入我們的營運模式。我們不斷發展我們的技能，並擁有經驗豐富的管理團隊和強大的繼任管道。

A search for my successor is well underway, as I will be retiring at the end of this calendar year. Operational excellence means our key operational metrics have improved, and we are maintaining good momentum at all our mines.

尋找我的繼任者的工作正在順利進行，因為我將於今年年底退休。卓越營運意味著我們的關鍵營運指標有所改善，並且我們所有礦場都保持著良好的勢頭。

We continue driving better efficiencies through the various business improvement initiatives, while project execution discipline remains critical given our significant pipeline. Our production profile is long and diversified. And we have a significant gold-copper resource base with excellent reserves conversion potential.

我們繼續透過各種業務改進措施來提高效率，而鑑於我們的管道數量龐大，專案執行紀律仍然至關重要。我們的生產範圍廣泛且多元化。我們擁有重要的金銅資源基礎，具有良好的儲量轉換潛力。

Through our new business team, we have continuously identifying growth opportunities that we can potentially lower our risk and increase our margins. We are hoping to introduce near-term copper through our Eva Copper project and, of course, permit the Tier 1 Wafi-Golpu copper-gold porphyry.

透過我們的新業務團隊，我們不斷發現可以降低風險並增加利潤的成長機會。我們希望透過我們的 Eva Copper 項目引入近期銅，當然，也允許開採 Tier 1 Wafi-Golpu 銅金斑岩礦。

Our balance sheet is strong and flexible. And our capital allocation framework balances our growth aspirations alongside shareholder returns.

我們的資產負債表強勁且靈活。我們的資本配置框架平衡了我們的成長願望和股東回報。

In closing, I would like to -- a special thanks to my team for their dedication and commitments towards achieving our goals. And I really want to make that point that we have a team that we've put together, has been together for a very long period of time, and I've got the utmost respect for the mining team that we have here in Harmony.

最後，我要特別感謝我的團隊為實現我們的目標所做的奉獻和承諾。我真的想指出這一點，我們有一個我們組建的團隊，已經在一起很長一段時間了，我對我們在 Harmony 的採礦團隊表示最大的尊重。

I would also like to thank our unions for their continued support, and some of them are here today We remain grateful to our Board, shareholders and other stakeholders for enabling us to position Harmony as a specialist gold producer with a growing international copper footprint.

我還要感謝我們的工會一直以來的支持，其中一些工會今天也來到了這裡。銅足跡不斷擴大。

I'll now hand over for questions and thank you. Jared, if you can just control it.

現在我將提出問題並謝謝大家。賈里德，如果你能控制它的話。

Any questions?

有疑問嗎？

Bruce Williamson, Integral Asset Management. Could you just share some thoughts on your underground operations where you've had an improvement in grades? Was that just naturally transitioning to higher grade? Or did you plan and target higher-grade areas? Or is that just a bigger focus on cleaner mining, reducing stoping work and avoiding excess waste?

布魯斯威廉森，綜合資產管理。能分享一下您對地下作業的一些想法嗎？這是自然而然地過渡到更高年級嗎？或者您是否計劃並瞄準了更高等級的區域？還是只是更重視清潔採礦、減少停工並避免過多浪費？

No. I think the major driver for that was really acquiring much higher-grade assets in Mponeng and Moab Khotsong. So that in itself was -- I think this was a right decision for Harmony to the invite. And then we're also very grateful that we were able to do that at the time.

不。我認為其主要推動力實際上是收購 Mponeng 和 Moab Khotsong 的更高等級資產。所以這本身就是——我認為 Harmony 接受邀請是一個正確的決定。然後我們也非常感激我們當時能夠做到這一點。

Mponeng, when we bought it was at grades we're not where it is today. But there was always this, we're going to mine. And as you know, sequential grade extraction that we have, you mine from one side to the other side. And we all -- AngloGold Ashanti always told us that we're going to get into very, very good grades, and we managed to get into good grades. And we're going to be there for that period now for quite a number of years. So that's on the back of the actually mining into the higher grades.

Mponeng，當我們購買它時，它的等級不是今天的等級。但總有這樣的事，我們要去我的。如您所知，我們擁有連續等級提取，您可以從一側開採到另一側。我們所有人——AngloGold Ashanti 總是告訴我們，我們將會取得非常非常好的成績，而且我們也成功取得了好成績。我們將在這個時期持續很多年。所以這是在實際挖掘更高等級的基礎上。

Moab has been in the grades that we always had. But I think there's also a massive drive on quality and operational excellence that we try to put in place in all our operations. So we're obviously very strong. Harmony has got a great meeting on every operation every week. We are -- our internal auditor just walked in and she's actually auditing it for us.

摩押一直處於我們一貫的成績。但我認為，我們也努力在所有營運中落實對品質和卓越營運的巨大推動力。所以我們顯然非常強大。Harmony 每週都會就每項操作召開一次精彩的會議。我們的內部稽核員剛走進來，她實際上正在為我們審計。

So she's making sure that we get -- making sure that we actually do it and it is properly recorded. And so we have a very strong grade discipline to get it right. So we don't drop the ball in terms of quality and stuff like that. But we are in -- these new mines that we bought was a game changer for us.

所以她要確保我們做到——確保我們確實做到了並且正確地記錄下來。因此，我們有非常嚴格的成績紀律來確保成績正確。因此，我們不會在品質等方面出現失誤。但我們購買的這些新礦對我們來說改變了遊戲規則。

Leroy Mnguni from HSBC. I've got a few questions, but I'll ask some of them and then just move to the back of the line. So if you look at your FY25 guidance, actually, if we take it a step back in FY24, you beat your initial guidance quite substantially. If you look at your FY25 guidance, is there some optimism that there are certain parts in the portfolio where you're hoping to do a bit better than what you planned? So in other words, is it -- how conservative is that guidance?

來自匯豐銀行的勒羅伊·姆古尼 (Leroy Mnguni)。我有幾個問題，但我會問其中一些，然後就排到隊伍後面。因此，如果你看看 2025 財年的指導，實際上，如果我們在 2024 財年退後一步，你會大大超出最初的指導。如果您查看您的 2025 財年指引，您是否樂觀地認為投資組合中的某些部分您希望做得比您計劃的更好一些？換句話說，這個指導有多保守？

And then what Beyers was saying about the old tailings opportunity in the Free State, 5.7 million ounces, that sounds pretty exciting. I wonder if you can give us just a bit of color. I know the studies are ongoing, but just high level, would you need to build another plant there? How do the grades compare to your current tailings retreatment operations?

然後，Beyers 所說的自由州舊尾礦機會，570 萬盎司，聽起來相當令人興奮。我想知道你能否給我們一點顏色。我知道這些研究正在進行中，但只是高水平，您需要在那裡建造另一座工廠嗎？與您目前的尾礦再處理作業相比，其品位如何？

And then the third question. Your CapEx has increased quite substantially, both for FY25 and even more so for FY '26. If you could please just unpack what the drivers are for the increases in your medium-term CapEx guidance?

然後是第三個問題。您的資本支出在 25 財年和 26 財年均大幅增加。如果可以的話，請解釋中期資本支出指導增加的驅動因素是什麼？

Okay. Thank you, Leroy. So let me start with this. This slide actually explained it quite a lot. Last year, we guided when we started ZAR975,000 per kilogram.

好的。謝謝你，勒羅伊。那麼就讓我從這個開始吧。這張幻燈片實際上解釋了很多。去年，我們的指導價格為每公斤 975,000 南非蘭特。

We managed to get at ZAR901,000. And the big driver for that was obviously better production. So it was higher grade and well over the 6% better than planned in terms of the production.

我們成功獲得了 901,000 南非蘭特。其主要推動力顯然是更好的生產。因此，其品位更高，產量比計劃高出 6% 以上。

Now we don't plan to stop trying to do that, and we think we can. We obviously are -- were very strict in our -- on our planning parameters. We, as Harmony, never been in a thing that we overpromise and underdeliver. We believe that we need to be conservative in our planning, but also be conservative in the sense of being stretched, making sure that people do the right thing.

現在我們不打算停止這樣做，而且我們認為我們可以。顯然，我們對我們的規劃參數非常嚴格。身為 Harmony，我們從來沒有做過承諾太多而兌現不足的事。我們認為，我們需要在規劃中保持保守，但在被拉伸的意義上也需要保守，以確保人們做正確的事。

But then if you put all of that together, you get to this number. And we don't want to guide now where we are in the beginning of the year, then it will be a different number. But having said that, our production at the moment, and Floyd is sitting here, he is our Executive Operating Officer.

但如果你把所有這些加在一起，你就會得到這個數字。我們現在不想指導我們在年初的情況，否則將會是一個不同的數字。但話雖如此，目前我們的生產，佛洛伊德坐在這裡，他是我們的執行營運長。

We are in a very, very good momentum in all our operations. We're doing well. We're doing as well as we did last year so far. And we talked about Doornkop, which we just choked back a bit because we just wanted to make sure that we have enough wasting capacity. We do all the project work and the wasting of that. So that is a constraint. That's a bottleneck in Doornkop.

我們的所有業務都處於非常非常好的勢頭。我們做得很好。到目前為止，我們的表現與去年一樣好。我們談到了 Doornkop，我們只是稍微忍住了，因為我們只是想確保我們有足夠的浪費能力。我們完成了所有的專案工作並浪費了這些工作。所以這是一個限制。這是多恩科普的一個瓶頸。

And we want to make sure that, that is right, that people don't -- that we do all of that safely. So we choke it back a bit for a year. And for the -- until we're going to get the projects done. But that's about 10% of the Doornkop -- 10% to 15% of the Doornkop production that we've choked back.

我們希望確保，這是正確的，人們不會這樣做——我們安全地完成這一切。所以我們把它抑制了一年。直到我們要完成專案為止。但這大約是 Doornkop 產量的 10%——我們已經抑制了 Doornkop 產量的 10% 到 15%。

But other than that, I think we will have cost inflation of about 8%. We are lucky that we have now long-term agreements with our unions. We have -- obviously, the Eskom increases are still hanging in the balance. We are really busy with the first 30 megawatts that we've built. The other EPC contract that has been put together to start with the renewables for the new 100-megawatt plant that we're building. So we are in the process of building that. But that will not come in this financial year.

但除此之外，我認為我們的成本通膨率將達到 8% 左右。我們很幸運，我們現在與工會簽訂了長期協議。顯然，Eskom 的漲價仍懸而未決。我們非常忙於建造首批 30 兆瓦的電站。另一份 EPC 合約已放在一起，從我們正在建造的新 100 兆瓦發電廠的可再生能源開始。所以我們正在建造它。但這不會在本財年實現。

And then, of course, our all-in sustaining CapEx on the back of the better performance, we have to do more development because we have followed a very strict process in terms of understanding to create proper flexibility in the business. We call it iceberg management that we have to increase the production volumes and you have to obviously increase development with that.

當然，在更好的績效的支持下，我們全力維持資本支出，我們必須進行更多的開發，因為我們在理解方面遵循了非常嚴格的流程，以在業務中創造適當的靈活性。我們稱之為冰山管理，我們必須增加產量，並且你必須明顯地增加開發。

And then, of course, the other one is the -- there needs a little bit of work to be done on tailings facilities, we're also doing a lot of work in terms of our IT systems and also the threat of so-called cyber attacks and things like that are real. And we have to work and make sure that we are in the right space.

當然，另一個問題是——尾礦設施需要做一些工作，我們也在 IT 系統以及所謂的威脅方面做了很多工作。我們必須努力確保我們處於正確的位置。

But I think, all in all, being conservative, we will beat our guidance. We're confident in saying that we will beat our guidance, and we will be there. There's no reason at this point in time that we shouldn't be there. There's nothing in the horizon that say we cannot.

但我認為，總而言之，保守一點，我們將超越我們的指導。我們有信心地說，我們將超越我們的指導，我們將實現這一目標。目前我們沒有理由不去那裡。沒有任何事情表明我們不能。

On the Free State, Free State is exciting. It's actually due to this Free State and also West Wits. Free State is, obviously, we've got massive amount of -- we took quite a number of years of resources there that we can convert into reserves. Most likely, it will entail a partial building of a plant, but there's also obviously -- we are retreating in the Free State at the moment. We've got the central plant and the old (inaudible) as we call it the old Harmony plant that has been converted into tailings retreatment.

在自由州，自由州令人興奮。這實際上是由於這個自由州和西威茨。顯然，自由州我們擁有大量的資源，我們在那裡花費了很多年的資源，可以將其轉化為儲備。最有可能的是，這將需要部分建造一座工廠，但也很明顯——我們目前正在自由州撤退。我們有中央工廠和舊的（聽不清楚）工廠，我們稱之為舊 Harmony 工廠，已改建為尾礦再處理廠。

But we believe that we can -- this Mine Waste Solutions, big mega tailings facility retreat is a way to go. The constraint in the Free State will always be water. So it will never be as big as Mine Waste Solutions because of the water constraints that we have here.

但我們相信我們可以——這個礦山廢物解決方案、大型尾礦設施撤退是一條路要走。自由邦的限制因素永遠是水。因此，由於我們這裡的水資源限制，它永遠不會像礦山廢棄物解決方案那麼大。

And so we -- but we're very excited about that. And obviously, the West Wits, equally excited about that. So -- but the feasibility study is underway. So it will be most likely a nice sizable plant and a tailings retreatment, not maybe the size of Mine Waste Solutions, but close to that. So -- but really excited about that.

所以我們——但我們對此感到非常興奮。顯然，West Wits 對此同樣感到興奮。所以——但可行性研究正在進行中。因此，這很可能是一個相當大的工廠和尾礦再處理設施，可能不是礦山廢棄物解決方案的規模，但也接近那個規模。所以——但對此真的很興奮。

The capital slide, Boipelo, can you just see what number is that slide?

首都幻燈片，Boipelo，你能看看那張幻燈片是多少號嗎？

Yes, that is 16.

是的，那就是 16。

16. Let me try and get back to that because it's easier to talk off the slide. I think we can unpack it properly.

16.讓我試著回到這個話題，因為在幻燈片上談論更容易。我想我們可以正確地打開它。

And just, Peter, to add before you unpack '25. Just remember, Leroy, '24, Mponeng deepening was not included there. So there's about ZAR1 billion extra -- yes, from '24 to the '25.

彼得，在你打開 25 年前的包裝之前補充一下。請記住，Leroy，'24，Mponeng 深化不包括在內。因此，從 24 年到 25 年，大約有 10 億南非蘭特的額外收入。

Yes. So that's ZAR1 billion, and we already started now a little bit of early works. But it will -- the full swing will be in -- this isn't this year. That's not a very fast thing. So let me try and get to that. There you are.

是的。這就是 10 億南非蘭特，我們現在已經開始了一些早期工作。但它將會——全面展開——這不是今年。這不是一件很快的事。那麼就讓我試試看吧。你就在那裡。

Yes.

是的。

But let's get to that one. You can see that -- and let's put it in rand per kilogram terms. You see the sustaining CapEx, we talked about the sustaining CapEx. The more development, the [ board ] of that compared to what we've what we delivered on in the previous year. And obviously, you look at it, it was about ZAR4 billion to ZAR5 billion.

但讓我們來談談這一點。你可以看到這一點——讓我們用蘭特每公斤來表示。你看到持續的資本支出，我們談到了持續的資本支出。與我們前一年所交付的相比，[董事會]的發展越多。顯然，你看一下，大約有 40 億蘭特至 50 億蘭特。

But the big jump is really that ZAR1 billion that we're going to spend more on growth capital, and that is the Mponeng extension. It's going to be well as far as Moab Khotsong is concerned. That will be steady state. The same we keep on developing, developing the declines. But then, of course, Mponeng extension will be a big number there. The rest is more or less the same.

但最大的跳躍實際上是我們將在成長資本上投入更多的 10 億南非蘭特，這就是 Mponeng 擴展。對於Moab Khotsong 來說，一切都會好起來的。這將是穩定狀態。同樣，我們繼續發展，發展下降。當然，Mponeng 的擴展將會是一個很大的數字。其餘部分或多或少相同。

They are -- Even their capital is really just the first stripping. Just that's what we plan to do in this year compared to the previous year. But the ZAR10.8 billion, I always say, is a big number. It is -- I've never spent that good amount of money in one year. But we think we've got the plans to do it because, especially on the golden side, and you can see last year, we were managing our projects.

他們──就連他們的資本也確實只是第一次剝離。與去年相比，這就是我們今年計劃要做的事。但我總是說，108 億蘭特是一個很大的數字。是的——我從來沒有在一年內花過那麼多錢。但我們認為我們已經制定了計劃，因為，特別是在黃金方面，你可以看到去年，我們正在管理我們的專案。

It was very well managed, what is set in the guidance and what we in actual fact achieved was very much in line. And I'm very, very pleased with the work. And in Beyers' leadership, but also with Floyd and the way that we, in actual fact, put together our project execution of pocket -- project office capabilities in Harmony at the moment.

它管理得很好，指南中的規定和我們實際取得的成績非常一致。我對這項工作非常非常滿意。在拜爾斯的領導下，還有佛洛伊德，以及我們實際上將我們的專案執行能力整合在一起的方式——目前和諧的專案辦公室能力。

We've done a lot of work to improve our skills in that -- in the part of the projects. And I'm glad to see that our projects actually -- Mine Waste Solutions that we're going to start delivering -- [boring] the 1st in October. (inaudible) to me through a very good project management project that we've put in place and actually building that in time and also in budget. So a great achievement. So it's a big number. So we -- but we are confident that we will be able to do it.

我們做了很多工作來提高我們在這方面的技能——在專案部分。我很高興看到我們的專案實際上——我們將開始交付的礦山廢物解決方案——[無聊] 10 月 1 日。 （聽不清楚）對我來說，透過一個非常好的專案管理項目，我們已經實施了該項目，並在時間和預算內實際建立了該項目。這是一個偉大的成就。所以這是一個很大的數字。所以我們——但我們有信心我們能夠做到這一點。

Adrian?

阿德里安？

Adrian Hammond, SBG Securities. Peter, you've been instrumental on reshaping this company, probably key reason for us rerating. And I'd just like to commend your disclosure, and your guidance has improved substantially for -- especially for sell-side analysts. But your -- a lot of key man risk here, I would say. How long do you intend staying with the company? And do you have -- what is your succession plan?

阿德里安·哈蒙德，SBG 證券公司。彼得，你在重塑這家公司方面發揮了重要作用，這可能是我們重新評級的關鍵原因。我想讚揚您的揭露，您的指導已經大大改善——尤其是對賣方分析師而言。但我想說，這裡有很多關鍵人物的風險。你打算在公司待多久？您的繼任計畫是什麼？

And then secondly, if there's something that's on your to-do list, what's the most important that you'd like to do complete before you leave?

其次，如果您的待辦事項清單上有某件事，您在離開之前最想完成的事情是什麼？

And then for Boipelo, you're sitting on a lot of cash. What are your intentions with that cash? Are you going to be generating some more? I appreciate you got Eva coming up, but you could also increase your liquidity through debt. And how do you think about the capital structure of this company going forward?

然後對於博佩洛來說，你坐擁大量現金。你用這些現金的目的是什麼？您打算再生產一些嗎？我很感激你讓伊娃加入，但你也可以透過債務增加流動性。您如何看待這家公司未來的資本結構？

Okay. Again, yes, my intention is to step down on the 31st of December. So starting the new year as a retirement -- the person in retirement. We are well -- and obviously, it's about four months left to be done. And so the Board will make a decision and actually bring it to the market at the right time. It's well advanced in terms of finding my successor.

好的。再說一次，是的，我的意圖是在 12 月 31 日辭職。因此，以退休的身份開始新的一年——退休的人。我們一切都很好——顯然，還剩大約四個月的時間才能完成。因此，董事會將做出決定，並在正確的時間將其實際推向市場。在尋找我的繼任者方面已經取得了很大進展。

I just want to make the point we have -- this was never a one-man show. It was always a team effort. And I've -- with the team that I've put together, myself and Beyers actually started together in 2016. You will recall at the time, the CEO retired. And his Chief Operating Officer resigned at the same time.

我只是想表明我們的觀點——這從來都不是一場獨角戲。這始終是團隊努力的成果。我和我組成的團隊，我自己和拜爾斯實際上是在 2016 年一起開始的。你會記得當時執行長退休了。他的營運長同時辭職。

So we had to start from scratch as a team. And we've been a strong team together. And obviously, also with all the other executives that we had, Marian has been here for a long time. But Velile joined us later after Frank left. We've been -- Mashego has been with us all the time.

所以我們必須作為一個團隊從頭開始。我們一直是一支強大的團隊。顯然，與我們所有其他高管一樣，瑪麗安已經在這裡工作很長時間了。但弗蘭克離開後，維利爾加入了我們。我們一直——Mashego 一直和我們在一起。

The team is so strong. I've got no problem in my time that this team will take this company to flying heights going forward. As a matter of fact, I think the younger, the better. What's the thing I still want to do before I retire? Wafi-Golpu permit. If I can get that right, then I would say that I've ticked every box that I wanted to tick here. That's the one.

團隊太強大了。在我的時間裡，我毫不懷疑這個團隊將帶領這家公司走向飛翔的高度。事實上，我認為越年輕越好。退休前我還想做的一件事是什麼？瓦菲-戈爾普許可證。如果我能做到這一點，那麼我會說我已經勾選了我想在這裡勾選的每個方塊。就是這個。

And hopefully, we can -- we didn't say a lot about that, but we really want to get over that line, but -- to get that mining development contract signed. And then we can start that massive, massive, exciting project that side of Harmony that will have.

希望我們能夠——我們對此沒有說太多，但我們真的想跨越這條界限，但是——簽署採礦開發合約。然後我們就可以啟動 Harmony 方面將要進行的大規模、大規模、令人興奮的專案。

We are now in a much better position we've ever been to be able to execute that project and to participate in that project. I mean, in 2016, we most likely was like a dream to participate. Now we're in a position to do that. So that's what I would like to get right.

我們現在處於一個比以往更好的位置，能夠執行該專案並參與該專案。我的意思是，在2016年，我們很可能像做夢一樣參加。現在我們有能力做到這一點。這就是我想要做對的事。

And Boipelo, you can maybe take the capital side.

博佩洛（Boipelo），你也許可以選擇首都一方。

Yes, all the cash. Yes, granted, Adrian, we are sitting in a nice position of a ZAR12 billion headroom, that's cash and available facilities. But one should appreciate that we're in a high CapEx phase. As you can -- almost ZAR11 billion, and we've also got Eva Copper looming. Yes, FID should be expected June next year.

是的，全是現金。是的，阿德里安，我們確實處於一個有利的位置，擁有 120 億蘭特的空間，即現金和可用設施。但人們應該意識到我們正處於資本支出較高的階段。盡你所能——近 110 億南非蘭特，而且我們還即將獲得 Eva Copper。是的，最終投資決定預計將於明年 6 月進行。

It's a two-year build. So it's short. The last time we were at the market, CapEx was sitting at $600 million. Obviously, that was a 1.5 years ago. So the world has moved on inflation, et cetera. So you will expect that, that number is bigger.

這是一個為期兩年的建設。所以它很短。上次我們進入市場時，資本支出為 6 億美元。顯然，那是1.5年前的事了。因此，世界已經開始應對通貨膨脹等問題。所以你會期望這個數字更大。

So before we can come to the market and commit on what that capital is, I think it's prudent that we maintain our dividend policy of 20%, which we've done. So it's always a balance when you look at these things, especially in our case. Yes, the gold environment is favorable at the moment, but we have been through tough times. So you always have to maintain that level head around all these things.

因此，在我們進入市場並承諾資本金額之前，我認為謹慎的做法是維持 20% 的股利政策，我們已經這樣做了。因此，當你看待這些事情時，總是要保持平衡，尤其是在我們的例子中。是的，目前黃金環境有利，但我們也經歷過艱難時期。所以你必須始終對所有這些事情保持冷靜的頭腦。

Any more questions. Do you have any online, Jared?

還有什麼問題可以問。賈里德，你有在線的嗎？

Actually, on the Chorus Call, we have coming through there.

事實上，在合唱團呼叫中，我們已經經過那裡。

We have no questions on the line.

我們沒有任何疑問。

Okay. Peter and team, I've just got a question from (inaudible) who's here. Just can you unpack a little bit in terms of the grade evolution over the next two to three years?

好的。彼得和他的團隊，我剛剛收到了來自這裡的人（聽不清楚）的問題。能透露一下未來兩到三年的成績演變嗎？

Yes. What was -- if we will look at the long-term plan for Harmony, we are in good grades now for Mponeng. And the current life of mine before we go to the deepening part of that, which will be in the high grade, will be the same.

是的。如果我們看看 Harmony 的長期計劃，我們現在 Mponeng 的成績很好。在我們進入高級階段的深化部分之前，我目前的生活將是相同的。

Moab, as long as we mine the middle mine, it will be good grades. And obviously, when we are getting into the Saaiplaas project as we get. Then I think the first time it's about two to three years from now, we will be in the Saaiplaas project. It will be good grades again.

摩押，只要開採中礦，就會有好成績。顯然，當我們進入 Saaiplaas 專案時。然後我認為從現在起大約兩到三年後，我們將第一次參與 Saaiplaas 計畫。一定會再取得好成績的。

Then we are actually supposed to mine a high -- low-grade assets, like, for instance, Masimong. Masimong had a two-year life of mine plan since I've started here. And we still have a two-year life of mine. This year, we signed another two-year life of mine. So it is there. But there's going to be a day that we have to call it a day at Masimong. And that is the kind of lower-grade asset that we have.

然後我們實際上應該開採高低品位資產，例如 Masimong。自從我來到這裡以來，馬西蒙就為我制定了兩年的生活計畫。而我們還有兩年的生命。今年，我們又簽下了我的兩年生命。所以它就在那裡。但總有一天我們必須在馬西蒙收工。這就是我們擁有的低等級資產。

The next mine, we've got a three-year life of mine at Kusasalethu. We think it's the possibility to -- at good grades to extend that because we've got some drilling results that's fairly good. Provided that, that creates a sustainable future for us, we can potentially extend that. But that's obviously a much higher grade asset.

下一個礦井，我們在 Kusasalethu 的礦井壽命為三年。我們認為有可能以良好的品味來擴展這一目標，因為我們已經獲得了一些相當不錯的鑽探結果。如果這能為我們創造一個永續的未來，我們就有可能延長這個未來。但這顯然是一種等級較高的資產。

So yes, I'm quite confident that the grades that we have now are going -- we are about 5.8 underground grades will get -- sustain itself for quite a number of years now. And we are developing the higher margins or the higher-grade assets for the long term.

所以，是的，我非常有信心，我們現在的等級 - 我們大約有 5.8 個地下等級 - 能夠維持相當長的時間。我們正在開發更高利潤率或更高等級的長期資產。

Thanks, Peter. Just a question from Rene Hochreiter. I think you've answered the question on Wafi-Golpu already in terms of timing. But perhaps on Target and thoughts on the project that is completed, when we see Target becoming cash flow positive again.

謝謝，彼得。只是雷內·霍赫賴特的問題。我認為您已經在時間方面回答了有關瓦菲-戈爾普的問題。但也許是在塔吉特和對已完成項目的想法上，當我們看到塔吉特的現金流再次變為正數時。

Yes. No, we got that project over the line. And it was a difficult project to execute because of not necessarily the project itself, but because of environmental conditions and other kind of issues that we run in. It is -- Target is a very difficult mine in the sense that the way it was actually set up right from the beginning in the sense of how you ventilate it, how you cool it down.

是的。不，我們已經完成那個專案了。這是一個執行起來很困難的項目，不一定是因為項目本身，而是因為環境條件和我們遇到的其他問題。塔吉特是一個非常困難的礦井，因為它從一開始就實際設置的方式，即如何通風、如何冷卻。

So we had to build [switch] plants and put switch plants on surface, try and get this cooling down and making sure that we get them done. But it's all done now. The crushers are down at the bottom. It's working well. We're driving downhill now to do our crushers, rather than 4 kilometers uphill.

因此，我們必須建造[開關]工廠並將開關工廠放在表面上，嘗試冷卻並確保我們完成它們。但現在一切都完成了。破碎機位於底部。運作良好。我們現在開車下坡去做破碎機，而不是上坡 4 公里。

We are in the process now of creating the flexibility to [solar] drilling to make sure that we get ahead of time, et cetera, et cetera, to make sure that we have the things. But I'm very comfortable that Target will be a great mine going forward, not high grade, but good volumes and a mine that we will mine going forward.

我們現在正在為[太陽能]鑽探創造靈活性，以確保我們提前完成，等等，以確保我們擁有這些東西。但我很高興塔吉特未來將成為一個偉大的礦山，品位不高，但產量良好，也是我們未來將開採的礦山。

And there's obviously a lot of potential to that block, what we call Block 12, which is the old paradise part of the fence. That was many years ago was part of the four different fence. It was part of the AngloGold future, which we're going to get a part of that is part of our infrastructure. We will be able to mine it. But that's still a little bit in the future. But Target can still have -- currently, I think it's a six- or seven-year life, potentially can be a 10-year life going forward.

那個街區（我們稱之為「12 號街區」）顯然有很大的潛力，它是圍欄的舊天堂部分。那是很多年前的四個不同柵欄的一部分。它是 AngloGold 未來的一部分，我們將把它作為我們基礎設施的一部分。我們將能夠開採它。但這仍然是未來的事。但塔吉特仍然可以擁有——目前，我認為它的壽命是六到七年，未來可能是十年。

Thanks, Peter. A question from Lebo Mofokeng, Truffle Asset Management. On uranium, is the FY24 base sustainable? And is there potential to do more from a uranium perspective?

謝謝，彼得。松露資產管理公司 Lebo Mofokeng 提出的問題。就鈾而言，2024 財年的基礎是否可持續？從鈾的角度來看，是否有可能做更多的事情？

Yes. The only uranium plant we've got is the one at Moab. So we use all the sources that we potentially can put through there to get uranium for us. Unfortunately, we don't have uranium plants on any of the other things at the end of the operations.

是的。我們唯一的鈾工廠是位於摩押的工廠。因此，我們利用所有可能的資源來為我們取得鈾。不幸的是，在營運結束時我們沒有任何其他項目的鈾工廠。

Yes, so what we have at the moment is that uranium is also flexible in terms of where you are or what your mine. Normally, it is very highly correlated to the grades. Because of the good grades we're currently mining at Moab, it was good uranium grades. So we -- but certainly, for the next number of years, it will be the same. And as we go into Saaiplaas, we'll be -- there's also uranium associated with that.

是的，所以我們目前所擁有的是，鈾在你的位置或你的礦場上也很靈活。一般來說，它與成績有很高的相關性。由於我們目前在摩押開採的鈾品位很高，因此鈾品位也很高。所以我們——但可以肯定的是，在接下來的幾年裡，情況將會是一樣的。當我們進入薩艾普拉斯時，我們會發現——還有與之相關的鈾。

Uranium became very significant because of the price increase that happened over the last number -- I think we bought Moab, it was $26 -- $23 a pound. Now it's sitting at close to $90.

鈾變得非常重要，因為上一個數字發生了價格上漲——我想我們買了摩押，它是每磅 26 美元到 23 美元。現在價格接近 90 美元。

Thanks, Peter. And the last question from Teleki Teleki at (inaudible) Capital. In terms of new business and expansion opportunities, what are the plans for Harmony in terms of geography? And what projects could we potentially look at, at higher gold prices, internal projects or existing projects?

謝謝，彼得。最後一個問題來自（聽不清楚）Capital 的 Teleki Teleki。在新業務和擴張機會方面，Harmony在地理方面有哪些計畫？在金價較高的情況下，我們可以考慮哪些項目、內部項目或現有項目？

Well, I think this slide actually shows it all. I've got now Slide 18 there, and people looking at that, which shows you that we can potentially be about 1.4 million ounce producer for a long period of time, we've got 2038. And I don't think many mining -- gold mining companies got this profile ahead of them.

嗯，我認為這張幻燈片實際上展示了一切。現在我已經看到了幻燈片 18，人們正在看它，這表明我們有可能在很長一段時間內生產約 140 萬盎司的生產商，我們已經到了 2038 年。我認為沒有多少礦業公司——金礦公司能夠領先他們。

Yes, we have to develop surface. It's a surface project, but we own the ounces, and we can develop them. So it's not that we don't own it. And obviously, it's also on the back of Eva and Wafi-Golpu being built. That's the part at the top there.

是的，我們必須開發表面。這是一個表面項目，但我們擁有盎司，我們可以開發它們。所以這並不是說我們不擁有它。顯然，它也是在 Eva 和 Wafi-Golpu 正在建設的背景下進行的。那是頂部的部分。

So what we're trying to say is that we have enough projects in front of us to be able to sustain Harmony for the current production levels. And obviously, we all -- but we will also be also looking at opportunities that potentially can come our way, like Eva that we've managed to buy. I think it's a fantastic project that came to us at the time. And I think we will be constantly looking for that.

所以我們想說的是，我們面前有足夠的專案能夠維持 Harmony 目前的生產水準。顯然，我們所有人 - 但我們也會尋找可能出現在我們面前的機會，例如我們已經成功購買的伊娃。我認為這是我們當時想到的一個很棒的項目。我認為我們將不斷尋找這一點。

So the business team and Johannes van Heerden in the Brisbane office are constantly looking at opportunities for us to be able to. But I want to emphasis, whatever we buy going forward need to be better quality.

因此，布里斯班辦事處的業務團隊和 Johannes van Heerden 一直在尋找我們可以做到的機會。但我想強調的是，無論我們今後購買什麼，都需要有更好的品質。

Now current average all-in sustaining cost of Harmony for this year is $1,500 an ounce. There's not a lot of assets above $1,500 an ounce available for sale. And if there are, they're obviously usually expensive. So developing our own is probably the right way to go. And for that reason, our project capabilities and delivering projects are so keen for Harmony and -- which I think we are on the right track as far as that's concerned.

目前 Harmony 今年的平均總維持成本為每盎司 1,500 美元。可供出售的價格高於每盎司 1,500 美元的資產並不多。即使有，它們顯然通常也很昂貴。因此，開發我們自己的可能是正確的方法。出於這個原因，我們的專案能力和交付專案非常熱衷於和諧——我認為就這一點而言，我們走在正確的軌道上。

All right. Peter, I think we've done.

好的。彼得，我想我們已經完成了。

Thank you. Thank you a lot for being most likely my last results presentation. I still vividly remember the one at a Board room there, the first one when I joined Harmony in 2016. It was a tough day. It's much better today.

謝謝。非常感謝您很可能是我最後一次結果演示。我仍然清楚記得在那裡的董事會會議室裡的那次會議，那是我 2016 年加入 Harmony 時的第一次會議。這是艱難的一天。今天好多了。