Harmony Gold Mining Company Ltd (HMY) 2025 Q2 法說會逐字稿

Good morning, everybody. My name is Beyers Nel, and it is a privilege for me to present my first set of results to you in my capacity as CEO. I'm joined today by our Financial Director, Boipelo Lekubo, in presenting the operational financial results for the half year ended December 31, 2024.

大家早安。我的名字是 Beyers Nel，我很榮幸能夠以執行長的身份向大家展示我的第一組成果。今天，我與我們的財務總監 Boipelo Lekubo 一起報告了截至 2024 年 12 月 31 日的半年的營運財務業績。

Please take note of our Safe Harbor statement.

請注意我們的安全港聲明。

Harmony delivered a stellar set of interim results. Our underground recovered grades increased to 6.4 grams per tonne ahead of our full-year guidance. Group production was about 25,000 kilograms or 800,000 ounces for the first half, also ahead of guidance. Our all-in sustaining cost remains well controlled and on track to beat guidance too. In rand terms, all-in sustaining costs was about ZAR972,000 a kilogram or just under USD1,690 per ounce.

Harmony 取得了一系列出色的中期表現。我們的地下回收品位上升至每噸 6.4 克，高於全年預期。集團上半年產量約 25,000 公斤或 800,000 盎司，也高於預期。我們的全部維持成本仍然得到良好的控制，並且有望超過預期。以蘭特計算，總維持成本約為每公斤 972,000 南非蘭特，或略低於每盎司 1,690 美元。

All-in costs for the reporting period, which includes our major capital, was just over ZAR1 million per kilogram or USD1,810 per ounce. And it's because of our relatively low capital intensity that this is not much higher than the all-in sustaining costs.

報告期間內，包括我們的主要資本在內的全部成本略高於每公斤 100 萬南非蘭特或每盎司 1,810 美元。由於我們的資本密集度相對較低，因此這筆成本並不比全部維持成本高出太多。

We generated record interim operating free cash flows of ZAR10.4 billion or USD579 million. The operating free cash flow margin has expanded to 29% as a result of our investment in quality ounces and, of course, the high gold price we received. Our headline earnings per share has grown by 33% to ZAR12.70 per share or USD0.71 per share, and we are delighted to announce a record interim dividend payout of ZAR1.4 billion for the half year.

我們創造了創紀錄的中期經營自由現金流，達到 104 億南非蘭特或 5.79 億美元。由於我們對優質黃金的投資，當然還有我們收到的高金價，經營自由現金流利潤率已擴大至 29%。我們的每股盈餘成長了 33%，達到每股 12.70 南非蘭特或每股 0.71 美元，我們很高興地宣布，上半年的中期股息派發達到了創紀錄的 14 億南非蘭特。

As South Africa's largest gold producer, our goal is to produce safe, profitable ounces, and improving our margins by delivering on our four strategic pillars. Responsible stewardship is at the heart of our actions and is core to our decisions. Operational excellence inspires us to do better and be better every day.

作為南非最大的黃金生產商，我們的目標是透過實現四大戰略支柱來生產安全、有利可圖的黃金並提高利潤率。負責任的管理是我們行動的核心，也是我們決策的核心。卓越的營運激勵我們每天都做得更好、變得更好。

Cash certainty is not only important to our shareholders and stakeholders, but also to us. As such, we manage our costs and focus on improving our efficiencies. For capital allocation to be effective, we take into account human, social, resource, and financial capital, amongst others. Our decisions are made for the long-term benefit of all our stakeholders.

現金確定性不僅對我們的股東和利害關係人很重要，對我們也很重要。因此，我們管理成本並專注於提高效率。為了實現有效的資本配置，我們考慮人力、社會、資源和金融資本等。我們的決策是為了所有利害關係人的長期利益。

To maximize value, we have grouped our assets into four quadrants, each with its own risk profile and specific role in contributing towards our growth strategy. These quadrants are, firstly, our South African high-grade underground assets; our high-margin, low-risk South African surface and tailings retreatment operations; our international copper-gold portfolio; and our South African underground optimized assets. With our specialized mining skills and unique operating model, we believe we are well positioned to unlock further value in our gold and copper assets going forward.

為了實現價值最大化，我們將資產分為四個像限，每個象限都有自己的風險狀況和對我們的成長策略的具體貢獻。這些象限首先是我們南非的高品位地下資產；我們的高利潤、低風險的南非地表和尾礦再處理業務；我們的國際銅金投資組合；以及我們南非的地下優化資產。憑藉我們專業的採礦技能和獨特的營運模式，我們相信我們有能力在未來釋放黃金和銅資產的更多價值。

At Harmony, everything begins with safety. We are embedding a proactive safety culture focused on leading indicators as we continue on our journey to zero harm. Recent events remind us, we must do more with urgency, with unity, and with unwavering resolve to achieve this objective. We are resolute in our determination to ensure that every Harmonite returns home safely every day.

在 Harmony，一切始於安全。在我們繼續追求零傷害的過程中，我們正在植入以領先指標為重點的積極主動的安全文化。最近發生的事件提醒我們，我們必須更加緊迫、團結、堅定不移地採取更多行動來實現這一目標。我們決心堅定不移地確保每位 Harmonite 人每天都能安全回家。

We are intentional about safety and take personal ownership to ensure that our workplaces are safe. The necessary systemic changes have been implemented throughout the company, and we continue to develop safety leadership through our humanistic culture transformation program called Thibakotsi. We're also conducting regular executive visible felt leadership initiatives to reinforce the importance of safety.

我們注重安全，並承擔個人責任，確保我們的工作場所安全。整個公司已經實施了必要的系統性變革，我們繼續透過名為「Thibakotsi」的人文文化轉型計畫培養安全領導力。我們也定期進行高階主管可見的領導舉措，以強調安全的重要性。

Fostering a safe culture remains an ongoing journey for us. We are encouraged by the long-term improvement in our lost time injury frequency rate to 5.52 and a loss of life injury frequency rate of 0.02 in this half. This reinforces our belief that zero loss of life is indeed possible.

培育安全文化對我們來說仍然是一個持續不斷的過程。令我們感到鼓舞的是，今年上半年，我們的誤工傷害頻率長期改善至 5.52，生命傷害頻率降低至 0.02。這更加堅定了我們的信念：零生命損失確實是可能的。

Moving to the operational highlights. Solid mining discipline has resulted in excellent grade control and consistent predictable production. Recovered grades at our South African underground operations increased to 6.4 grams a tonne. This performance has been driven primarily by our high-grade mines in Mponeng and Moab Khotsong. With good momentum and consistent delivery at most of our mines, we are pleased that the total production remains on track to meet the upper end of our full-year guidance.

轉向營運亮點。嚴格的採礦紀律帶來了出色的品位控制和持續可預測的產量。我們在南非地下作業的回收品位增加到每噸 6.4 克。這項業績主要得益於我們位於 Mponeng 和 Moab Khotsong 的高品位礦場。由於我們大多數礦場都保持著良好的發展勢頭和穩定的交付，我們很高興看到總產量仍有望達到我們全年預期的上限。

Cash operating costs are predominantly rand-based and remain well managed. The majority of our costs comprise labor and electricity in South Africa. And a five-year wage deal was signed with our unions last year, while baseload energy supply from Eskom is regulated. As a result, our cost increases are largely fixed and predictable.

現金營運成本主要以蘭特為基礎，並且仍然管理良好。我們的大部分成本包括南非的勞動力和電力。去年，我們與工會簽署了一項五年期工資協議，同時對 Eskom 的基本能源供應進行監管。因此，我們的成本增加基本上是固定的和可預測的。

Total cash operating costs in rand terms increased by 9% in the first half. This increase was in line with plan and mainly due to annual inflationary increases. The unit cost, cash operating cost per kilogram, increased by 14% to about ZAR814,000 a kilogram or about USD1,400 per ounce due to inflation, planned lower production at Hidden Valley and lower production at the South African optimized assets. Royalties increased by 46% due to the higher gold prices, which have improved revenue and also profitability.

上半年以蘭特計算的總現金營運成本增加了 9%。這一增長符合計劃，主要由於年度通貨膨脹率上升。由於通貨膨脹、Hidden Valley 計劃減產以及南非優化資產減產，單位成本（每公斤現金運營成本）上漲 14% 至每公斤約 814,000 南非蘭特或每盎司約 1,400 美元。由於金價上漲，特許權使用費增加了 46%，從而提高了收入和獲利能力。

All-in sustaining costs remained under control, and we are on track to meet full-year guidance. This is mainly due to our embedded cost controls, high recovered grades and byproduct credits we received from uranium and silver production. Our all-in sustaining cost for the first half of the financial year was just over ZAR970,000 a kilogram or about $1,690 per ounce. Our investment in quality ounces has moved us down the global cost curve.

所有維持成本仍在控制之中，我們有望實現全年目標。這主要歸功於我們嵌入的成本控制、高回收品位以及從鈾和銀生產中獲得的副產品信用。我們在本財政年度上半年的全部維持成本略高於每公斤 97 萬南非蘭特，或每盎司約 1,690 美元。我們對品質盎司的投資使我們的全球成本曲線下降。

So Harmony is a transformed company, delivering consistently higher margins. This is a result of disciplined capital allocation and sound cost controls. The Harmony portfolio has changed significantly, having de-risked and is delivering improved profitability.

因此，Harmony 是一家轉型的公司，能夠持續提供更高的利潤率。這是嚴格的資本配置和健全的成本控制的結果。Harmony 的投資組合已發生重大變化，降低了風險並提高了獲利能力。

Our operating free cash flow margins at Hidden Valley have remained exceptional at 50%, and this mine contributed 17% towards group operating free cash flow. Margins at the South African high-grade operations increased to 40% with these two operations now contributing half of group free cash flow generation.

Hidden Valley 的經營自由現金流利潤率一直維持在 50% 的高位，該礦對集團經營自由現金流的貢獻率為 17%。南非高品位業務的利潤率增至 40%，這兩項業務目前貢獻了集團自由現金流的一半。

The South African surface operations continue to perform well with margins doubling to 34% year on year. The margins at our South African optimized portfolio remained flat at 11%. These mines continue to make a valuable contribution to our free cash flow and play a vital role in funding our growth aspirations.

南非地面業務持續表現良好，利潤率較去年同期翻番，達到 34%。我們的南非優化投資組合的利潤率保持在 11% 的水平。這些礦山繼續為我們的自由現金流做出寶貴貢獻，並在資助我們的成長願望方面發揮著至關重要的作用。

We, at Harmony, are on an exciting growth path and have clearly mapped how we will achieve our plans. Maintaining a disciplined and responsible approach to capital allocation is critical in creating long-term value. Not only does this drive growth, but it increases shareholder and stakeholder confidence.

在 Harmony，我們正走在令人興奮的成長道路上，並且已經明確規劃瞭如何實現我們的計劃。保持嚴謹且負責任的資本配置方式對於創造長期價值至關重要。這不僅推動了成長，也增強了股東和利害關係人的信心。

We have a balanced capital allocation framework, focusing on five core areas to ensure alignment with our values and our goals. We will always prioritize safety as we work towards zero harm. This goes hand in hand with productivity enhancements and is in line with our belief that a safe mine is a profitable mine, not the other way around.

我們擁有均衡的資本配置框架，重點在於五個核心領域，以確保與我們的價值觀和目標保持一致。我們將始終把安全放在第一位，努力實現零傷害。這與生產力的提升相輔相成，也符合我們的信念：安全的礦山才是有利可圖的礦山，而不是相反。

We have built a strong balance sheet, which is in a net cash position, and our major capital is directed towards de-risking our portfolio by investing in our higher-grade surface and international assets, all aimed at increasing the quality of our ounces and improving our margins. This is evident in our expansion projects at Mponeng, Moab Khotsong, our South African surface retreatment operations, and Eva Copper.

我們建立了強大的資產負債表，處於淨現金狀況，我們的主要資本用於透過投資更高品位的地面和國際資產來降低投資組合的風險，所有這些都是為了提高我們的盎司品質並提高我們的利潤率。這在我們位於 Mponeng、Moab Khotsong 的擴建項目、南非表面再處理業務以及 Eva Copper 等項目中得到了體現。

Value-accretive M&A is intrinsic to our strategy, and we are actively pursuing opportunities to improve the quality of our portfolio further. We are in a position to pay a consistent dividend in line with our dividend policy, ensuring that we reward our shareholders alongside achieving our growth aspirations. Our approach to capital allocation is reaping the necessary rewards, and we intend maintaining this disciplined approach.

增值型併購是我們策略的內在組成部分，我們正在積極尋求機會進一步提高投資組合的品質。我們能夠根據股息政策支付穩定的股息，確保在實現成長願望的同時回報股東。我們的資本配置方法正在獲得必要的回報，我們打算保持這種嚴謹的方法。

Our aim is to improve the quality and profitability of our portfolio over time, ensuring higher-quality reserve conversions with improved free cash flow generation. This production profile illustrates the evolution of our production mix from where we are today to where we are planning to be in the future. As we mine out our optimized assets, represented by the red section, the quality of our ounces improves. The introduction of near-term copper through our international projects will drive margins higher over time.

我們的目標是隨著時間的推移提高投資組合的品質和獲利能力，確保更高品質的儲備轉換和更好的自由現金流產生。該生產概況說明了我們的生產組合從現在的狀態到未來計劃的狀態的演變。隨著我們挖掘出優化資產（以紅色部分錶示），我們的盎司品質得到了提升。透過我們的國際項目引入近期銅將隨著時間的推移提高利潤率。

These charts illustrate how the production changes -- production mix, rather, changes and how Harmony will become an even more profitable, de-risked and diversified company over time. Harmony has taken the strategic and deliberate decision to invest only in gold and copper. These complementary metals offer countercyclical diversification and provide a natural hedge against volatility. The combination offers a strategic balance between safe haven investment in gold and global demand for copper.

這些圖表說明了生產如何變化——或者說生產組合如何變化，以及 Harmony 如何隨著時間的推移成為一家盈利能力更強、風險更低、業務更加多元化的公司。Harmony 已做出戰略性和深思熟慮的決定，只投資黃金和銅。這些互補金屬提供了逆週期多元化，並提供了對沖波動性的天然對沖。這一組合在黃金的避險投資和全球對銅的需求之間實現了戰略平衡。

They also offer synergies in production, particularly in geological proximity and copper-gold porphyries like Wafi-Golpu. Both these metals have solid fundamentals, driving demand and growth, which tie in well with our project pipeline. By focusing on these two metals, we are creating a focused, efficient, and more profitable harmony with exciting long-term growth prospects.

它們還在生產上發揮協同作用，特別是在地質接近性和像瓦菲-戈爾普 (Wafi-Golpu) 這樣的銅金斑岩方面。這兩種金屬都具有堅實的基本面，推動著需求和成長，與我們的專案管道完美契合。透過專注於這兩種金屬，我們正在創造一種專注、高效、更有利可圖的和諧，並擁有令人興奮的長期成長前景。

As we mine out the optimized assets and bring on quality replacement and growth ounces, we expect the contribution from these marginal assets to decrease to around 9% of production over time. In turn, our international gold-copper, the South African surface source operations will represent a far larger portion of production, offering a lower-risk asset portfolio. This clearly illustrates how we have reengineered the company.

隨著我們開採出優化資產並帶來優質替代和成長盎司，我們預計這些邊際資產的貢獻將隨著時間的推移下降到產量的 9% 左右。反過來，我們的國際金銅、南非地表源業務將佔據更大比例的產量，提供低風險的資產組合。這清楚地表明了我們如何重塑公司。

To ensure we achieve this plan, we are allocating the bulk of our major capital towards these projects that will result in margin expansion. For this financial year, we are investing over ZAR2 billion at our high-grade projects, Moab Khotsong and Mponeng. We have over ZAR1 billion earmarked for our high-grade or high-margin surface operation projects, mainly at Mine Waste Solutions.

為了確保實現這項計劃，我們將把大部分主要資本投入到這些將提高利潤率的項目上。本財政年度，我們將在高品位項目 Moab Khotsong 和 Mponeng 上投資超過 20 億南非蘭特。我們已為高品位或高利潤的地面作業項目撥款超過 10 億南非蘭特，主要集中在礦山廢棄物解決方案領域。

The Hidden Valley mine has been allocated close to ZAR600 million and studies are underway to determine if we can extend the life further by expanding existing tailings storage facilities. This demonstrates our clear intention to improve the quality of our portfolio whilst paying dividends at the same time.

Hidden Valley 礦場已獲得近 6 億南非蘭特的撥款，目前正在研究是否可以透過擴大現有的尾礦儲存設施來進一步延長礦場的使用壽命。這表明我們明確有意提高投資組合的質量，同時支付股息。

The acquisitions of Mponeng, Moab Khotsong and Mine Waste Solutions were transformational for Harmony. This is evident in our overall improved results. We are, therefore, investing in these transformative assets to ensure they continue creating value for years to come.

對 Mponeng、Moab Khotsong 和 Mine Waste Solutions 的收購對 Harmony 來說具有重大變革意義。這從我們整體改善的結果可見一斑。因此，我們正在投資這些變革性資產，以確保它們在未來幾年繼續創造價值。

Phase 1 of Kareerand tailings storage facility expansion at Mine Waste Solutions was delivered on time and on budget. Phase 2 is currently underway, and we expect to have it completed before the end of calendar year 2025. Mine Waste Solutions' steady-state production is over 100,000 ounces over its life per annum. The projects at Moab Khotsong and Mponeng are progressing well and will extend the lives of these mines to at least 20 years.

礦山廢棄物解決方案公司 Kareerand 尾礦儲存設施擴建的第一階段工程已按時按預算完成。第二階段目前正在進行中，我們預計在 2025 年底前完成。Mine Waste Solutions 在其整個生命週期內，穩定產量每年超過 100,000 盎司。摩押霍特松和姆波尼格的計畫進展順利，將使這些礦場的壽命延長至至少 20 年。

These projects have added a combined 5.2 million ounces of gold reserves and will ensure steady-state production at Moab Khotsong of over 200,000 ounces and at Mponeng of over 250,000 ounces per year. Both mines will deliver an average recovered grade of about 9 grams per tonne. These projects demonstrate our commitment to gold mining in South Africa, ensuring that they continue delivering excellent margins at a low all-in sustaining cost for years to come.

這些項目共增加了 520 萬盎司黃金儲量，並將確保 Moab Khotsong 的穩定產量超過 20 萬盎司，Mponeng 的穩定產量超過 25 萬盎司。兩座礦場的平均回收品位約為每噸 9 克。這些項目體現了我們對南非金礦開採的承諾，確保它們在未來幾年繼續以較低的總維持成本提供優異的利潤率。

The feasibility study update at Eva Copper is progressing well. We have completed the technical aspects and are awaiting the final permitting amendments. Eva Copper is now expected to produce between 55,000 and 60,000 tonnes of copper per annum and 14,000 ounces of gold as a byproduct over its 15-year life of mine. Conceptually, this translates to a mine of a similar size to some of our high-grade underground assets.

Eva Copper 的可行性研究更新工作進展順利。我們已經完成了技術方面的事情，正在等待最終的許可修改。目前，Eva Copper 預計在 15 年的礦場開採壽命內每年將生產 55,000 至 60,000 噸銅和 14,000 盎司黃金作為副產品。從概念上講，這意味著礦井的規模與我們的一些高品位地下資產的規模相似。

The all-in sustaining cost is anticipated to be in the middle of the global industry cost curve, and we are targeting first copper in 2029 calendar year, subject to the completion of the study and Board approval. At Wafi-Golpu, negotiations of the special mining lease are ongoing.

預計總維持成本將處於全球產業成本曲線的中間位置，我們的目標是在 2029 年生產第一批銅，但須完成研究並獲得董事會批准。在瓦菲-戈爾普，特殊採礦租約的談判正在進行中。

Our comprehensive project pipeline is well sequenced and manageable. Our timing is deliberate and ensures project capital remains affordable and does not put pressure on the balance sheet or on our capacity to deliver successfully. These projects are catalysts to meaningfully sustain production and expand our margins while driving costs down. We have a clear strategy and a clearly mapped pathway to becoming a global leader in gold and copper mining, producing higher-quality ounces, and delivering higher shareholder returns.

我們的綜合專案流程有序且易於管理。我們的時間表是經過深思熟慮的，以確保專案資本保持在可承受的範圍內，並且不會對資產負債表或我們成功交付的能力造成壓力。這些項目是維持生產、擴大利潤率並降低成本的催化劑。我們擁有清晰的策略和清晰的規劃路徑，致力於成為黃金和銅礦開採領域的全球領導者，生產更高品質的產品，並為股東帶來更高的回報。

Allow me to hand over to my colleague and Financial Director, Boipelo Lekubo, to discuss the financials. Over to you, Boipelo.

請容許我將財務問題交給我的同事兼財務總監 Boipelo Lekubo 來討論。交給你了，博伊佩洛。

Thank you, Beyers, and good morning to everyone. Please note that we report in rand and select US dollar figures are included in the annexures.

謝謝你，Beyers，大家早安。請注意，我們以蘭特為單位進行報告，附件中包含部分美元數字。

Harmony delivered an exceptional financial performance and outstanding earnings growth during this interim reporting period. This was on the back of operational consistency and a higher average gold price received.

在本中期報告期間內，Harmony 實現了卓越的財務表現和出色的獲利成長。這是由於營運的一致性和更高的平均黃金價格。

Group revenue increased by 18% to ZAR37 billion, mainly due to the 23% increase in the rand gold price. Net profit increased by 33% to ZAR7.9 billion while the rolling 12-month EBITDA increased by 28% to over ZAR22 billion. The strong operating free cash flows we continue to generate resulted in our balance sheet shifting further into a net cash position of ZAR7.3 billion. Headline earnings per share increased by 33% to ZAR12.70.

集團營收成長18%，達到370億蘭特，主要由於蘭特金價上漲23%。淨利潤成長 33%，達到 79 億南非蘭特，而 12 個月的滾動 EBITDA 成長 28%，達到 220 多億南非蘭特。我們持續產生的強勁經營自由現金流使我們的資產負債表進一步轉為 73 億南非蘭特的淨現金狀況。每股收益成長 33%，達到 12.70 南非蘭特。

Harmony's investment in quality ounces has resulted in record operating free cash flow generation in this interim period. We've also delivered an impressive threefold expansion in margins since FY22. Total operating free cash flow for the group increased by 46% to ZAR10.4 billion or USD579 million in the first half of this financial year. While the gold price has been a significant tailwind, our ability to deliver to plan, alongside the transformation of our portfolio has enabled us to deliver yet another strong financial performance.

Harmony 對優質盎司的投資使得本中期的經營自由現金流創下了紀錄。自 22 財年以來，我們的利潤率也實現了令人印象深刻的三倍成長。本財年上半年，該集團總經營自由現金流成長 46%，達到 104 億南非蘭特或 5.79 億美元。雖然金價一直是我們的一個重要推動力，但我們按計劃完成任務的能力以及投資組合的轉型使我們再次取得了強勁的財務業績。

High operating margins have boosted our balance sheet, and we're well positioned as we head into the second half of this financial year. This is evidenced in our ability to produce to plan and the average of the higher gold price we received rather. Gold prices have further increased to around ZAR1.7 million a kilogram compared to the average of ZAR1.4 million per kilogram we received during this reporting period. Our planned FY25 total capital intensity remains affordable at around ZAR225,000 a kilogram or $415 an ounce.

高營業利潤率提升了我們的資產負債表，我們在進入本財政年度下半年時已做好了準備。這體現在我們的按計劃生產的能力以及我們收到的較高黃金價格的平均值上。黃金價格已進一步上漲至每公斤 170 萬南非蘭特左右，而本報告期間我們收到的平均價格為每公斤 140 萬南非蘭特。我們計劃的 25 財年總資本密集度仍保持在可負擔的水平，約為每公斤 225,000 南非蘭特或每盎司 415 美元。

We continue to protect and lock in margins through an effective hedging program. We typically hedge between 10% and 30% of production over 36 months as per our [30-20-10] program limits. So please refer to our hedging table in the annexures for more information on that.

我們繼續透過有效的對沖計劃來保護和鎖定利潤。我們通常按照 [30-20-10] 計劃限制，在 36 個月內對 10% 到 30% 的產量進行對沖。因此，請參閱附件中的對沖表以獲取更多資訊。

Our net cash position has increased significantly to ZAR7.3 billion over the past 30 months. EBITDA growth has been excellent, and our 12-month rolling EBITDA is currently at ZAR22 billion. Given our comprehensive project pipeline, which includes the highly anticipated Eva Copper project in Australia, we are strengthening our balance sheet.

過去 30 個月，我們的淨現金狀況大幅增加至 73 億南非蘭特。EBITDA 成長非常出色，我們 12 個月的滾動 EBITDA 目前為 220 億南非蘭特。鑑於我們擁有全面的項目儲備，其中包括備受期待的澳洲 Eva Copper 項目，我們正在加強我們的資產負債表。

We have almost ZAR18 billion or USD1 billion in headroom made up of cash and undrawn facilities. We remain flexible and agile should we need to deploy capital. As it relates to the project that Beyers referred to earlier, we've been able to comfortably fund the various capital demands within the company. As it stands, we're able to fund Eva from our own cash flows and available facilities.

我們擁有近 180 億南非蘭特或 10 億美元的現金和未提取貸款餘額。如果我們需要部署資本，我們會保持靈活性和敏捷性。就 Beyers 之前提到的項目而言，我們已經能夠輕鬆地滿足公司內部的各種資金需求。目前，我們能夠利用自己的現金流量和可用設施為 Eva 提供資金。

Our balanced capital allocation framework, solid cash flows, and balance sheet strength have once again allowed us to pay a dividend. Our dividend policy ensures we're able to reward our shareholders alongside achieving our growth aspirations. We are pleased to declare a record interim dividend of ZAR2.27 or USD0.12 per share.

我們平衡的資本配置框架、穩健的現金流和強勁的資產負債表再次使我們能夠支付股息。我們的股利政策確保我們能夠在實現成長願望的同時回報股東。我們很高興地宣布每股派發創紀錄的中期股息 2.27 南非蘭特或 0.12 美元。

We continue delivering geared year-on-year dividend increases. Total cash returned to shareholders in the first half of FY25 is ZAR1.4 billion, while we've returned over ZAR4 billion to shareholders since FY21. This demonstrates confidence in our plans and our cash flows.

我們將繼續實現股利的逐年增加。25 財年上半年我們向股東返還的現金總額為 14 億南非蘭特，而自 21 財年以來我們已向股東返還了超過 40 億南非蘭特。這表明我們對我們的計劃和現金流充滿信心。

Allow me to hand back to Beyers to conclude. Thank you.

請允許我把發言權交還給 Beyers 來結束演講。謝謝。

Thank you, Boipelo. Harmony has a de-risked and diversified asset portfolio offering near-term copper optionality. We are South Africa's largest gold producer and have close to 75 years of specialized gold mining experience in South Africa. We have been operating in Papua New Guinea for over two decades with a presence in Australia over the same time. We delivered a strong first-half performance and reiterate our full-year guidance.

謝謝你，博伊佩洛。Harmony 擁有去風險、多元化的資產組合，提供短期銅選擇權。我們是南非最大的黃金生產商，在南非擁有近 75 年的專業黃金開採經驗。我們在巴布亞紐幾內亞經營了二十多年，同時在澳洲也開展業務。我們上半年業績表現強勁，並重申全年業績預期。

Harmony continues to generate stellar cash flows, and our balance sheet is robust, flexible, and in a significant net cash position. The gold price has continued to rally, further enhancing our strong financial position. We, however, remain disciplined and responsible with our capital allocation, and we will not deviate from our risk-based approach to decision-making.

Harmony 繼續產生出色的現金流，我們的資產負債表強勁、靈活，並且處於顯著的淨現金狀況。金價持續上漲，進一步增強了我們強勁的財務狀況。然而，我們在資本配置方面仍然保持紀律和負責任，並且我們不會偏離基於風險的決策方法。

Having a balanced approach to capital allocation will enable us to deliver on our growth aspirations and ensures we continue to create real long-term value for our shareholders and our stakeholders. This, to us, is mining with purpose.

採用平衡的資本配置方法將使我們能夠實現成長願望，並確保我們繼續為股東和利害關係人創造真正的長期價值。對我們來說，這就是有目的的挖掘。

Before we take questions, I would like to thank each Harmonite for their dedication and commitment towards ensuring we consistently achieve our goals safely. I would like to thank our Board, shareholders, and stakeholders for their continued support. I thank you.

在我們回答問題之前，我想感謝每位 Harmonite 成員的奉獻和承諾，確保我們始終如一地安全地實現我們的目標。我要感謝董事會、股東和利害關係人的持續支持。我謝謝你。

Jared, we'll now take questions from the audience.

賈里德，我們現在來回答觀眾的問題。

All right. Arnold, we'll start with you.

好的。阿諾德，我們從你開始。

Yes. Good morning, everyone. Arnold Van Graan from Nedbank. Beyers, again, congrats on a stellar set of results. And this sort of adds on to the question and where I'm going with it. So you've been part of the Harmony journey, and you showed the progress over time, where you've transformed the company and doing very, very well.

是的。大家早安。來自萊利銀行的阿諾德·範·格拉恩。貝耶斯再次祝賀我們所取得的一系列優異成績。這就進一步引出了問題以及我要討論的問題。所以，您已經成為 Harmony 旅程的一部分，並且展示了隨著時間的推移所取得的進步，您改變了公司，並且做得非常非常好。

So my question is, what change do you bring to the CEO role, looking at the base, looking at what you have, what do you change? What will you change from a strategic perspective and, I guess, the way the company is run and operated? Thank you.

所以我的問題是，你為 CEO 角色帶來了什麼改變，看看基礎，看看你所擁有的，你會改變什麼？從策略角度來看，您會對公司的營運方式做出哪些改變？謝謝。

Yeah. Thanks, Arnold, tough question. I think the job of any manager, any CEO, is to create value for shareholders. So we, as a management team, have had a breakaway. We've got a scheduled Board bosberaad, where we will map a clear pathway around what we see in the future.

是的。謝謝，阿諾德，這個問題很難回答。我認為任何經理人、任何執行長的職責都是為股東創造價值。因此，作為管理團隊，我們已經脫離了。我們已經安排了董事會會議，我們將在會議中為未來規劃清晰的發展路徑。

I am extremely excited about the future that Harmony holds given the ore bodies we already own. If you think of Harmony today and Harmony in 10 years from today with the ore bodies we already own, if we bring those ore bodies to fruition and we build those mines, as we alluded to, Harmony is going to be an even better company, in my view, than it is today.

考慮到我們已經擁有的礦體，我對 Harmony 的未來感到非常興奮。如果您想想今天的 Harmony 和 10 年後的 Harmony，以及我們已經擁有的礦體，如果我們將這些礦體轉化為成果並建造這些礦山，那麼正如我們所提到的那樣，我認為 Harmony 將會成為比現在更好的公司。

So yes, Harmony is on a high. I've been part of the journey. We've got a phenomenal management team. I think this team have got a can-do attitude, Arnold, and the team has got resilience in the sense that we want to take the company even further from here.

所以，是的，Harmony 處於高位。我參與了這趟旅程。我們擁有一支出色的管理團隊。阿諾德，我認為這支團隊有一種積極進取的態度，而且這支團隊具有韌性，我們希望帶領公司走得更遠。

I guess it is a question of, if it ain't broke, don't try and fix it. So we will be responsible and balanced in the way that we take our decisions forward. We've seen the value that that brought with re-rating the Harmony stock over the last few years around what we have been doing. But we, as managers, are not just here to maintain the status quo, we need to make sure we add value to our stakeholders and our shareholders.

我想這是一個問題，如果它沒有壞，就不要試圖修復它。因此，我們將以負責任和平衡的方式做出決定。我們已經看到了過去幾年對 Harmony 股票進行重新評級所帶來的價值。但身為管理者，我們的任務不僅僅是維持現狀，我們還需要確保為我們的利害關係人和股東創造價值。

Questions? Any questions on the line from Chorus Call perhaps?

問題？您可能對 Chorus Call 的電話有任何疑問？

Adrian Hammond, SBG.

阿德里安·哈蒙德，SBG。

Thank you, operator. Morning, Beyers. I'd like to ask you about shareholder returns. So your dividend policy is quite clear. But as you ramp up the CapEx for Eva, certainly, will detract from dividends. But I see within six months' time, you should have enough cash to fully fund Eva. So how do you think about returning value to shareholders if your dividend policy isn't really aligned? Thanks.

謝謝您，接線生。早安，貝耶斯。我想問您關於股東回報的問題。所以你的股利政策非常明確。但是隨著 Eva 資本支出的增加，股息肯定會減少。但我認為在六個月內，你應該有足夠的現金來全額資助 Eva。那麼，如果您的股利政策不一致，您如何考慮向股東返還價值？謝謝。

Thanks, Adrian. We see value to shareholders as a combination of dividends and also share price appreciation. Yes, indeed, we are gating Eva Copper through our Board later this year. That is a key catalyst for us in terms of taking stock of where we are with the position we are on the balance sheet.

謝謝，阿德里安。我們認為股東價值是股利和股價上漲的結合。是的，我們確實會在今年稍後透過董事會批准 Eva Copper。這對我們來說是一個關鍵的催化劑，讓我們能夠評估我們的資產負債表狀況。

So it's early to comment now. That pathway we have in terms of the Eva project lying ahead, I think, we just want to get through that and then take it from there. Our operations continue to have good momentum, and that will stand us in good state going forward.

所以現在評論還為時過早。我認為，就 Eva 計畫而言，我們只是想走完這條路，然後從那裡繼續前進。我們的營運繼續保持良好勢頭，這將使我們在未來保持良好的狀態。

Okay. So perhaps special dividends down the line?

好的。那麼未來可能會有特別股利嗎？

It's too early to comment on that. We've got a [stated] dividend policy, Adrian, that talk about 20% of net free cash. And we've got Eva Copper coming up, and we first want to get that done.

現在評論這一點還為時過早。阿德里安，我們有一項[既定的]股息政策，其中提到了 20% 的淨自由現金。我們還有伊娃庫柏 (Eva Copper) 的到來，我們首先想完成這件事。

Understood. If I can just follow on then with the profile you gave us in one of your slides certainly talks to a bit of a gap coming through. How should we think about opportunities to fill that gap in terms of M&A? Are you going to pursue assets that are in operation? And we have seen some news flow with Harmony mentioned pursuing certain assets in Australia. So perhaps if you can just give us some understanding of what opportunities you're looking at there? Thanks.

明白了。如果我可以繼續的話，那麼您在其中一張投影片中向我們提供的概況肯定會說明存在一些差距。我們應該如何考慮透過併購來填補這一空白的機會？您會追求正在營運的資產嗎？我們看到一些新聞報導，Harmony 提到要收購澳洲的某些資產。那麼，您能否讓我們了解您正在尋找哪些機會？謝謝。

Indeed, Adrian. Firstly, I mean, what we show on the screen is production. That's not necessarily profit or value or earnings. You did notice that the quality of the assets improve as we get into the valley that we've got in the production profile there. So we're under no severe pressure to do anything at any given time. I mean the quality of the ounces that remain as the optimized assets mine out will ensure that there's a healthy contribution in terms of the profitability of the company.

確實，阿德里安。首先，我的意思是，我們在螢幕上展示的是製作。這不一定是利潤、價值或收益。您確實注意到，隨著我們進入生產概況的低谷，資產品質有所提高。因此，我們在任何時候都不會承受做任何事情的巨大壓力。我的意思是，優化資產開採後剩餘的金礦的品質將確保對公司的獲利能力做出健康的貢獻。

We continue to look at M&A. It is something that we keep an active brief on. I mean, at the moment, gold prices are at record high, and it's important that we find value. And if we don't find value, we don't do anything. So we intend to keep that disciplined capital allocation. I think we saw how good it was for Harmony in the last few years, and that's the approach we want to intend to keep going forward, Adrian.

我們持續關注併購。我們會積極關注此事。我的意思是，目前，黃金價格處於歷史高位，找到價值非常重要。如果我們發現沒有價值，我們就不會做任何事。因此，我們打算保持嚴格的資本配置。我認為我們看到了 Harmony 在過去幾年中取得的成績，這也是我們想要繼續堅持的方法，Adrian。

Any other questions online?

還有其他線上問題嗎？

Rene Hochreiter, NOAH Capital.

雷內‧霍赫賴特 (Rene Hochreiter)，諾亞資本。

Hello, again, Beyers and team. Just following on that value of that dip in production that Adrian was talking about just now. There's two ways of possibly filling it, improving the asset quality of your company. How far beyond 6.4 grams a tonne of recovered grades underground could you push your grades? And secondly, would it be at all possible to move Wafi-Golpu forward by about four or five years to fill that gap?

大家好，Beyers 和他的團隊。這只是 Adrian 剛才談到的產量下降的價值的延續。有兩種可能的方法可以填補這一空缺，提高公司的資產品質。地下回收礦石的品位能達到每噸 6.4 克以上嗎？其次，是否有可能將瓦菲-戈爾普計畫提前四、五年來填補這一空白？

Thank you, Rene. Rene, pushing harder than 6.4 grams a tonne would affect the sustainability of these quality ore bodies. And given our capital allocation decisions on these ore bodies, we are in it for the long term. We want to create maximum value over the life of mine. And to do that, one needs to mine to the average grade of the ore body.

謝謝你，雷內。Rene，如果開採力度超過每噸 6.4 克，就會影響這些優質礦體的可持續性。鑑於我們對這些礦體的資本配置決策，我們將長期持有。我們希望在礦山壽命期間創造最大的價值。為了做到這一點，需要開採至礦體的平均品位。

And in particular, at Mponeng, you don't have that much flexibility. You mine the sequential grid mining method to maintain your mining fronts and keep the seismicity ahead of the faces. So high grading an ore body like Mponeng would have a value destruction in the longer term. So we won't be doing that. We like to mine and optimize the ore body to the average reserve grade.

特別是在姆波尼格 (Mponeng)，你沒有那麼大的彈性。您採用順序網格採礦方法來維護您的採礦前沿並保持採礦面前方的地震活動。因此，從長遠來看，像 Mponeng 這樣高品位的礦體將造成價值損失。所以我們不會這麼做。我們喜歡開採和優化礦體，使其達到平均儲量品位。

Your second question, apologies, Rene, if you'll just repeat that.

您的第二個問題，抱歉，Rene，請您重複一遍。

It's Wafi-Golpu. I know we've been working for it for a long time. But is it in any way possible to push it forward by five years or bring it forward by five years?

這是 Wafi-Golpu。我知道我們為此已經努力了很長時間。但有沒有可能提前五年或提前五年呢？

Yeah, Rene, we wish we could. I mean that's a phenomenal ore body. It is in the process of concluding the permitting of that asset. And just briefly for the audience, what you have is from the day that you actually have the permit in your hand, you've got a maximum of 30 months for FID. So that 30 months is then used to update the feasibility study, sort out your funding options. And that is the three partners, remembering that this is ourselves, Newmont, and PNG as a state through Kumul and the landowner participation.

是的，雷內，我們希望可以。我的意思是那是一個非凡的礦體。目前該資產的許可審批正在進行中。我向觀眾簡單介紹一下，從您實際拿到許可證之日起，您最多有 30 個月的 FID 期限。因此，接下來的 30 個月將用於更新可行性研究，整理您的資金選擇。這就是三個合作夥伴，請記住，這是我們自己、紐蒙特和巴布亞新幾內亞作為一個國家，透過庫木和土地所有者的參與。

So yes, the key date is that permit. From the permit, the maximum of 30, and then into construction. So yeah, we're very excited about that asset, Renee. It's a quality, Tier-1, copper-gold block cave mine. So the quicker we can bring that to value for our shareholders, the better.

是的，關鍵日期就是那張許可證。從許可證上看，最多30個，然後進入施工階段。是的，我們對這項資產感到非常興奮，蕾妮。這是一座優質一級銅金礦洞礦。因此，我們越快為股東帶來價值就越好。

Any more questions?

還有其他問題嗎？

We have no other questions on the conference call.

我們在電話會議上沒有其他問題。

Thanks, Beyers. I think mine is more into the structural review of the Executive Committee. And I mean it's a role that you've previously held of the group COO. And one would check that -- because I don't see that on the structure, does then suggest that that responsibility then gets delegated to the various units or areas or whatever division? And does it also mean that that was a transitional role so that we can be able to ensure that there's a balance in the organization? Thank you.

謝謝，Beyers。我認為我更關注的是執行委員會的結構審查。我的意思是，您之前曾擔任過集團首席營運長。有人會檢查這一點——因為我在結構上沒有看到這一點，這是否意味著該責任被委託給各個單位或地區或任何部門？這是否也意味著這是一個過渡角色，以便我們能夠確保組織的平衡？謝謝。

Felix, thanks for the question. How we respond to that is structure always follows strategy. So it's important for us as an executive team and a management team to clearly embed what we want to do on the strategy and then find the optimum structure to fulfill that strategy.

菲利克斯，謝謝你的提問。我們對此的反應是結構總是遵循策略。因此，對於我們執行團隊和管理團隊來說，明確地將我們想要做的事情融入策略中，然後找到實現策略的最佳結構，這一點很重要。

As to the team, we have got a phenomenal and world-class management team in Harmony. We are proud of who we got. If you look at our photos, we are proud of the diversity we have, the gender diversity, race diversity as well as diversity of thought and intellect. So this team is a phenomenal team.

就團隊而言，Harmony 擁有一支非凡的、世界級的管理團隊。我們為我們所擁有的人感到自豪。如果你看看我們的照片，你會發現我們為我們的多樣性感到自豪，包括性別多樣性、種族多樣性以及思想和智力的多樣性。所以這支球隊是一支非凡的球隊。

I mean the results that this business came up with over the last few years is testimony of not one single person or a CEO or anything like that. It's a collective effort from our whole team.

我的意思是，這家企業過去幾年所取得的成果並不是某個人、某個執行長或類似人物的證明。這是我們整個團隊的共同努力。

We have announced a Deputy CEO with the CEO announcement. So the Group Chief Operating role for now, I don't necessarily see that we would need something like that. Floyd Masemula is the Deputy CEO in charge of the South African business. And depending on how the business grows from here, we will reevaluate that. But it's important that one takes structured decisions after you have clearly defined where the business is going.

我們已宣布任命副執行長並發布執行長公告。因此，就目前的集團首席營運長職位而言，我認為我們不一定需要這樣的職位。Floyd Masemula 是負責南非業務的副執行長。根據業務今後的發展情況，我們將重新評估這一點。但重要的是，在明確定義業務發展方向後，做出結構化的決策。

Are there any more questions online?

還有其他線上問題嗎？

We have a question on the conference call.

我們在電話會議上有一個問題。

Okay. Go ahead.

好的。前進。

Felicity Robson, Bank of America.

費利西蒂·羅布森，美國銀行。

Thank you for taking my question. Grades at Hidden Valley have seen a step down this year compared to last. How can we think of grades for the rest of the year and going into 2026?

感謝您回答我的問題。與去年相比，今年 Hidden Valley 的成績有所下降。我們如何考慮今年剩餘時間和 2026 年的成績？

Thanks, Felicity. Yes, as guided in the previous period, we mined a high-grade part of the ore body called Big Red. We did guide that we will mine through that area, and that grades would normalize to the stated grades and the guided grades. So the grade drop at Hidden Valley was anticipated and guided.

謝謝，費莉西蒂。是的，按照前一期的指導，我們開採了礦體中一個叫做 Big Red 的高品位部分。我們確實指導過我們將在該地區進行開採，並且等級將恢復到規定的等級和指導等級。因此，Hidden Valley 的成績下降是可以預料到的，也是可以預料到的。

So going forward, I mean, we've got the guided grade that is out there for Hidden Valley. So that's a good benchmark to work from, Felicity. And then there's obviously also the reserve grade, which is also part of the deck and the annexures.

所以展望未來，我的意思是，我們已經獲得了針對 Hidden Valley 的指導等級。所以這是一個很好的基準，費莉西蒂。然後顯然還有備用等級，它也是甲板和附件的一部分。

Arnold.

阿諾德。

Yeah, Beyers, a question on Eva. Eva is very important for Harmony. So executing that on time within budget will be transformative. But it is different, right? It's a different jurisdiction. You're very good miners. You've done a lot of projects in South Africa, but I still get a sense this is a different type of mine, in a different jurisdiction.

是的，Beyers，我有一個關於 Eva 的問題。Eva 對 Harmony 來說非常重要。因此，在預算內按時執行這項任務將會帶來改變。但情況有所不同，對嗎？這是不同的司法管轄區。你們是非常優秀的礦工。你們在南非做過很多項目，但我仍然覺得這是一個不同類型的礦山，位於不同的管轄範圍內。

So just give us some comfort around the execution and how you see that and how you see that risk and how you're going to manage that to make sure that in a year from now, two years from now, we're sitting here; Eva has delivered as planned and that there's no major hiccups. Look, it's mining and it's a project. There are those things. But I guess this must be high on your agenda or things that you absolutely have to execute spot on? Thank you.

因此，請讓我們對執行情況感到放心，您如何看待這一點，您如何看待這種風險，以及您將如何管理它，以確保一年後、兩年後，我們還坐在這裡； Eva 已按計劃交付，並且沒有出現重大問題。看，這是採礦，這是一個專案。有那些東西。但我想這肯定是你的首要任務，還是你必須要立即執行的事情？謝謝。

Spot on, Arnold. I mean it is a greenfields project in a, well, not so new jurisdiction. People forget that we've had a presence in Australia for 20 years already, and we included in today's presentation, from where we support the PNG operations. So we've got some fantastic human capital sitting idling in Brisbane supporting one mine in Papua New Guinea.

說得對，阿諾德。我的意思是，這是一個綠地項目，位於一個不太新的管轄區內。人們忘記了我們已經在澳洲駐紮了20年，而且在今天的演講中，我們也介紹了我們為巴布亞紐幾內亞的行動提供支援的情況。因此，我們有一些出色的人力資本在布里斯班閒置，支持巴布亞新幾內亞的一個礦場。

And what one must also maybe keep in mind is a lot of the resources that were involved in the Wafi-Golpu work -- I'm talking about a few years ago when there was momentum in terms of the study and the project work has been allocated to the Eva project study work. So we've got phenomenal human resources in the Brisbane office. These guys are ready to go. I mean, they can't wait to build this mine.

也許還必須記住的是，Wafi-Golpu 工作涉及大量資源——我說的是幾年前，當時研究方面有發展勢頭，專案工作已分配給 Eva 專案研究工作。因此，我們在布里斯班辦事處擁有非凡的人力資源。這些傢伙已經準備好出發了。我的意思是，他們迫不及待地想建造這座礦井。

But you are quite right. I mean, we haven't built a big greenfield mine for some time in Harmony. So it is a different animal. It's a different thing. We are trying to de-risk the project as much as we can in the planning side, on the input side, similar to what we did when we overhauled the production process eight or nine years ago, Arnold, and to capacitate that properly.

但你說得很對。我的意思是，我們已經有一段時間沒有在 Harmony 建造大型綠地礦了。所以它是一種不同的動物。這是另一回事。我們正在嘗試在規劃方面、在投入方面盡可能地降低專案風險，類似於我們八、九年前徹底改革生產流程時所做的那樣，阿諾德，並適當地提高生產能力。

So a lot of work is going in to professionalize our PMO capability, our project management office capability. And we, as a management team, have realized that we've got a little bit of catch-up to play in that space, and that work is happening now. So at the time we get to gate it through the Board, we'll be ready to launch on executing that project.

因此，我們要做大量的工作來使我們的 PMO 能力、專案管理辦公室能力專業化。作為管理團隊，我們已經意識到，我們在這個領域還需要做一些追趕工作，現在這項工作正在進行中。因此，當我們通過董事會批准時，我們將準備啟動該專案的執行。

It is a fairly short-term build, probably about three years. So it will be fairly capital intensive, albeit we're comfortable that our position we are in can fill the capital, but it's probably a three-year capital spend. Pretty vanilla in the sense that it's an open cast mine with a standard flow sheet plant. So it's not something that's on the leading edge of technology that hasn't been done ever before in the world.

這是一個相當短期的建設，大概需要三年左右。因此，這將是相當資本密集的，儘管我們對我們目前的狀況可以填補資本感到滿意，但這可能是三年的資本支出。從某種意義上來說，它很普通，因為它是一個露天礦，並擁有標準流程工廠。所以這並不是世界上前所未有的尖端科技。

So it's a proven flow sheet, proven technology, and we're comfortable that with the work we are doing now, we could give ourselves a good chance to get that right, Arnold. But yes, it is -- I mean, a key KPI of this management team will be executing projects and executing projects well going forward. Particularly, Eva Copper is the first one. Wafi-Golpu, the big prize, later.

所以，這是一個經過驗證的流程圖，經過驗證的技術，我們對現在所做的工作感到滿意，我們可以給自己一個很好的機會來做好這件事，阿諾德。但是是的，我的意思是，這個管理團隊的一個關鍵績效指標是執行項目，並且在未來很好地執行專案。尤其是 Eva Copper 是第一個。後來，大獎就頒給了 Wafi-Golpu。

Beyers, I've just got a question, which has come through online from Wilhelm Hertzog at Rozendal Partners. He just wants to ask, in terms of the special mining lease for Wafi-Golpu, it's been almost two years since the MOU was signed, the framework MOU. Just want to touch on, what are the remaining sticking points? So what is actually holding up the process?

Beyers，我剛剛有一個問題，是 Rozendal Partners 的 Wilhelm Hertzog 在線上提出的。他只是想問一下，關於瓦菲-戈爾普的特殊採礦租約，自簽署諒解備忘錄（框架諒解備忘錄）以來已經過去了將近兩年。我只是想提一下，剩下的癥結是什麼？那麼究竟是什麼阻礙了這項進程呢？

Yeah. Thank you for the question. It's been much longer than two years coming. But how one should think about this, if you look at permitting of greenfield projects in many jurisdictions globally today, you look at 15 to 18 years. I mean that is how long it takes to bring a big new mine into production.

是的。謝謝你的提問。已經過了超過兩年的時間。但是，如果看一下當今全球許多司法管轄區對綠地計畫的許可情況，就會發現需要 15 到 18 年的時間。我的意思是，這就是將大型新礦投入生產所需的時間。

So Wafi-Golpu, I wouldn't say is that much different if you look at it relative to that. Yes, it is frustrating. Yes, we would have wanted to be further down the track. What is holding up the process is getting the -- remember, the state have got an option to exercise up to 30% equity in the project. And it's about splitting the pie in an equitable manner between the parties, the two JV parties and the state -- the state's portion being 20% Kumul, the state-owned mining company, and 10% the landowners.

因此，如果從相對角度來看，Wafi-Golpu 和那兩個地區並沒有太大差異。是的，這很令人沮喪。是的，我們本來希望能走得更遠。阻礙這一進程的是——記住，國家有權選擇行使該項目高達 30% 的股權。其目的是在雙方（合資雙方和國家）之間公平分配利益——國家擁有的礦業公司庫木礦業公司佔 20%，土地所有者佔 10%。

We are saying it is worth the wait. I mean it's a phenomenal asset. It is also -- a mining lease in Papua New Guinea has got 40-year tenure. And in the 40 years, PNG has showed that they do not deviate from the conditions as set out in that permit. So it's a 40-year marriage. You can think of it as getting the prenup, right, in terms of making sure that this relationship between the three parties can bring this mine as good as it could be into fruition for the benefit of not only our shareholders, but obviously, our shareholders and all the stakeholders. I mean, I think that mine would bring meaningful economic change to a country like PNG.

我們說這是值得等待的。我的意思是，這是一筆非凡的資產。此外，巴布亞紐幾內亞的採礦租約期限為 40 年。40 年來，巴布亞紐幾內亞一直表明他們沒有偏離許可證中規定的條件。所以這是一段40年的婚姻。你可以把它想像成一份婚前協議，對吧，是為了確保三方之間的關係能夠讓這座礦山盡可能地好起來，不僅有利於我們的股東，而且顯然也有利於我們的股東和所有利益相關者。我的意思是，我認為我的計劃會為巴布亞新幾內亞這樣的國家帶來有意義的經濟變化。

So all, I would say, is aligned. Ourselves and our JV partners are fully aligned in terms of progressing the permitting process, and it's just getting through the bureaucracy of actually getting everybody over the line.

所以我想說，一切都是一致的。我們和我們的合資夥伴在推進許可流程方面是完全一致的，只是需要透過官僚程序讓每個人都順利通過。

Thank you. Do we have any more questions from the audience? Online, anything?

謝謝。觀眾還有其他問題嗎？在線，有什麼事嗎？

We have no questions on the conference call.

我們在電話會議上沒有任何問題。

All right. Great. I think we can conclude there. So thank you very much for all who joined today. It's been a pleasure. And thank you, Beyers and Boipelo, for presenting today. If you do have any further questions, please reach out to the Harmony Investor Relations team, and we will help you out. Thank you very much. Have a good day.

好的。偉大的。我想我們可以就此得出結論。非常感謝今天參加的所有人。我很榮幸。感謝 Beyers 和 Boipelo 今天的演講。如果您還有任何其他問題，請聯絡 Harmony 投資者關係團隊，我們將為您提供協助。非常感謝。祝你有美好的一天。