Harmony Gold Mining Company Limited (HMY) 2026 Q2 法說會逐字稿

Right. Good morning, and thank you for joining us for our half year results presentation. It seems like we've managed to just pack enough chairs into the venue. So thank you very much for showing up. I'm Beyers Nel, CEO, and I'm joined by our Financial Director, Boipelo Lekubo. We will cover our results, the Harmony story and most importantly, our strategy and direction for the future.

正確的。早安，感謝各位參加我們半年業績報告會。我們似乎剛好在場地擺放了足夠的椅子。非常感謝各位的到來。我是執行長 Beyers Nel，和我一起的是我們的財務總監 Boipelo Lekubo。我們將介紹我們的表現、Harmony 的發展歷程，以及最重要的，我們未來的策略和方向。

Please do take note of our Safe Harbor statements, and we encourage that you read the cautionary language in full. For complete details on our interim results, you could also refer to our results booklet and our website.

請務必注意我們的「安全港」聲明，我們鼓勵您完整閱讀其中的警示條款。有關我們中期業績的完整詳情，您也可以參考我們的業績手冊和網站。

Mining with purpose means we put people and safety first. We are building a resilient portfolio by investing continuously in our ore bodies and growing deliberately in copper to protect cash flows through the commodity cycle. Gold underpins our stability and cash generation, while copper provides durability and growth. Our strategy is aimed at building enduring long-term value. We are doing this through safe, profitable ounces, quality reserve conversion and disciplined copper scale alongside our sizable gold portfolio.

以人為本的採礦意味著我們將人和安全放在首位。我們透過不斷投資礦體並有意識地增加銅投資，建構了一個具有韌性的投資組合，以在商品週期中保護現金流。黃金支撐著我們的穩定性和現金流，而銅則提供了耐久性和成長潛力。我們的策略旨在創造持久的長期價值。我們透過安全、獲利的黃金產量、高品質的儲量轉換以及嚴格的銅礦規模控制，以及我們龐大的黃金投資組合來實現這一目標。

Our four strategic pillars, namely responsible stewardship, operational excellence, cash certainty and capital allocation guide everything we do. Harmony is a geographically diversified producer with assets in South Africa, Papua New Guinea and Australia. We have consistently delivered for over a decade and continue to upgrade our asset quality. The portfolio is underpinned by approximately 136 million ounces in mineral resources and about 37 million ounces of mineral reserves, providing scale, longevity and optionality.

我們的四大策略支柱，即負責任的管理、卓越的營運、現金保障和資本配置，指導著我們的一切行動。Harmony是一家地理多元化的生產商，在南非、巴布亞紐幾內亞和澳洲均有資產。十多年來，我們始終保持穩定的業績，並持續提升資產品質。該投資組合擁有約 1.36 億盎司的礦產資源和約 3,700 萬盎司的礦產儲量，具備規模、持久性和選擇權。

Gold remains our core, while copper is our strategic growth lever. We plan to bring approximately 100,000 tonnes per annum of copper online from CSA and Eva within the next three to five years to address the Moab Khotsong gap and smooth our cash flows.

黃金仍然是我們的核心資產，而銅是我們的策略成長槓桿。我們計劃在未來三到五年內，從 CSA 和 Eva 礦區每年投產約 10 萬噸銅，以彌補 Moab Khotsong 礦區的缺口，並平穩我們的現金流。

While not yet permitted, Wafi-Golpu is a generational asset that once in production, could move Harmony towards first quartile cost production. Guided by long-life asset optimization and disciplined capital allocation, we prioritize value over volume to build a more profitable and sustainable Harmony over the long term.

雖然目前尚未獲得許可，但 Wafi-Golpu 是一項具有劃時代意義的資產，一旦投入生產，就能使 Harmony 的生產成本降至前四分之一水平。在長期資產優化和嚴格的資本配置指導下，我們優先考慮價值而非數量，以期在長期內打造一個更具盈利性和可持續性的Harmony。

We are not targeting a fixed copper to gold ratio. Our decisions are driven by fundamentals, economic value and reserve strength. The chart on the right presents our current plans a decade from today. By financial year '35, approximately 40% of production may be copper from Eva, CSA and Wafi-Golpu, complementing our South African gold base and enhancing resilience and also margins. Long-term shareholder value is built through consistent delivery across 6 key performance areas that underpin safe, reliable and profitable mining.

我們並未設定固定的銅金比例目標。我們的決策以基本面、經濟價值和儲備實力為依據。右側圖表展示了我們未來十年的規劃。到 35 財年，約 40% 的產量可能來自 Eva、CSA 和 Wafi-Golpu 的銅礦，這將補充我們在南非的黃金基礎，增強韌性和利潤率。透過在 6 個關鍵績效領域持續交付成果來創造長期股東價值，這些領域支撐著安全、可靠和有利可圖的採礦活動。

Everything begins with safety. Our lost time injury frequency rate reached an all-time low of 4.23 and has remained below five for three consecutive quarters now. Operational fundamentals remain firmly intact despite some short-term headwinds. We produced 724,000 ounces of gold for the reporting period, impacted by an industry-wide cyanide shortage and lower plant recoveries in South Africa.

安全是一切的起點。我們的工傷事故發生率降至歷史最低點 4.23，並且已經連續三個季度保持在 5 以下。儘管短期內面臨一些不利因素，但營運基本面依然穩固。報告期內，我們生產了 724,000 盎司黃金，受到整個產業氰化物短缺和南非工廠回收率下降的影響。

Although underground recovered grades decreased by 11% to 5.7 grams per tonne, our face grades mined are in line with our plans and plant recoveries have now also normalized. Hidden Valley's production was affected by a Tectonic-related mill motor failure and gold shipping delays, which impacted the amount of gold sold during the period. Group all-in sustaining costs rose to ZAR1.18 million per kilogram or USD2,115 per ounce on the back of lower volumes and much higher royalties paid.

儘管地下回收品位下降了 11%，至每噸 5.7 克，但我們開採的礦面品位符合我們的計劃，選礦廠的回收率也已恢復正常。Hidden Valley 的生產受到與構造運動相關的磨機馬達故障和黃金運輸延誤的影響，這影響了該時期黃金的銷售量。由於銷量下降和支付的特許權使用費大幅增加，集團全部維持成本上升至每公斤 118 萬南非蘭特或每盎司 2115 美元。

I'm confident that we will remain on track to meet full year production cost and grade guidance. We are generating strong free cash flows, increasing our operating profit by 61%, while basic earnings increased by 24% to ZAR1,563 per share.

我有信心我們能夠按計劃實現全年生產成本和等級目標。我們產生了強勁的自由現金流，營業利潤成長了 61%，基本收益成長了 24%，達到每股 1,563 南非蘭特。

On the back of consistent strong operational and financial results, we have revised our dividend policy to reflect a higher base dividend and additional performance-related payout. This means shareholders could receive up to 50% of net free cash as a dividend. Our interim dividend has more than doubled to ZAR3.4 billion, rewarding our shareholders alongside our growth aspirations.

憑藉持續強勁的營運和財務業績，我們修訂了股息政策，提高了基本股息，並增加了與業績相關的額外派息。這意味著股東最多可以獲得淨自由現金流的 50% 作為股息。我們的中期股息已翻了一番多，達到 34 億蘭特，在滿足我們成長目標的同時，也回饋了我們的股東。

Boipelo will unpack the changes to our dividend policy later in more detail. Gold and copper are both intrinsically important to us, and Harmony is well positioned for growth. CSA is being integrated into our portfolio and Eva Copper is advancing through development as we continue our sustained investment in our other brownfields assets.

Boipelo 稍後將更詳細地解讀我們股利政策的變化。黃金和銅對我們來說都非常重要，Harmony 已做好充分準備迎接成長。CSA 正在整合到我們的投資組合中，Eva Copper 也在推進開發，同時我們繼續對我們其他棕地資產進行持續投資。

Turning to operational performance for the reporting period. Safety remains our foremost operating priority. We are deeply saddened by the loss of our colleague in the second quarter because any loss of life is unacceptable and reinforces the need for continued discipline and vigilance across our operations. We are systematically applying lessons learned and reinforcing safety across the organization. Our remuneration scorecard is now also linked to both leading and lagging safety indicators.

接下來分析報告期間內的營運績效。安全始終是我們最重要的營運原則。我們對第二季度失去一位同事深感悲痛，因為任何生命的逝去都是不可接受的，這也再次強調了我們在營運中持續保持紀律和警覺的必要性。我們正在有系統地應用吸取的經驗教訓，並在整個組織內加強安全措施。我們的薪資評分卡現在也與領先和滯後安全指標掛鉤。

We are making clear progress, delivering a loss of life-free first quarter with all major indicators improving year-on-year. This reflects strong control compliance, effective management and supervisory routines and life-saving behaviors at every operation on every single shift. Our diversified portfolio is delivering strong adjusted free cash flow margins. This mix supports operating leverage, funds growth and underpins disciplined life of mine extensions. Hidden Valley and South African surface operation margins remain excellent at 48% and 42%, respectively.

我們取得了明顯的進展，實現了第一季零死亡人數，所有主要指標均較去年同期改善。這體現了嚴格的管控措施、有效的管理和監督流程以及在每個班次的每個操作中採取的救生行為。我們多元化的投資組合帶來了強勁的調整後自由現金流利潤率。這種組合有助於提高經營槓桿，為成長提供資金，並為礦山壽命的合理延長奠定基礎。Hidden Valley 和南非地面作業利潤率分別維持在 48% 和 42% 的優異水準。

Our South African high-grade underground mines are producing at a solid 37% margin, while margins at the South African optimized underground assets doubled to 22% in the period. Through our derisked and higher-quality portfolio, we are taking advantage of gold price tailwind. All-in sustaining cost margins have expanded year-on-year since financial year 2022, and we are rather at 38% in this reporting period. Our South African high-grade surface assets at Hidden Valley operates at globally competitive all-in sustaining costs.

我們在南非的高品位地下礦場生產利潤率高達 37%，而南非優化地下資產的利潤率在此期間翻了一番，達到 22%。透過我們風險降低、品質更高的投資組合，我們正在利用黃金價格上漲帶來的利多因素。自 2022 財年以來，綜合維持成本利潤率逐年擴大，本報告期間已達 38%。我們在南非隱谷的高品位地面資產的營運成本在全球範圍內都具有競爭力。

The South African optimized underground assets remain higher on the cost curve. While this skews the overall portfolio, these mines are profitable, and we remain focused on optimizing cash flows on these mines for maximum net present value over the life of the mine. The cash we are generating today is enabling us to fund a future in both gold and copper.

南非優化後的地下資產成本仍然較高。雖然這會扭曲整體投資組合，但這些礦山是盈利的，我們將繼續專注於優化這些礦山的現金流，以在礦山的整個生命週期中實現最大的淨現值。我們今天所獲得的現金使我們能夠為未來投資黃金和銅提供資金。

Now to our next growth chapter. Our first rand or dollar goes to safety and sustaining our operations. We then allocate organic projects and advance copper and gold scale only where risk-adjusted returns clear our hurdles. We continue preserving balance sheet strength for disciplined and consistent through-the-cycle dividends. Every initiative competes on risk, margin and cash conversion. While we grow selectively, sequentially and affordably, turning today's gold price tailwind into durable compounding value. Eva is a large greenfields copper gold project in a Tier 1 jurisdiction.

現在，我們將進入下一個發展階段。我們投入的第一蘭特或第一美元都用於安全和維持營運。然後，我們只在風險調整後的回報能夠滿足我們的要求時，才會分配有機專案並推進銅金規模的開發。我們將繼續保持資產負債表的穩健性，以確保在整個經濟週期中派發有紀律、穩定的股息。每項措施都在風險、利潤和現金轉換率方面競爭。我們採取有選擇、有計劃、有成本的方式進行成長，將今天的黃金價格上漲動能轉化為持久的複利價值。Eva 是位於第一級管轄區的大型綠地銅金礦計畫。

Eva aligns with our strategy, lowers our risk profile with substantially -- rather with sustainability embedded in the planning. Capital intensity is affordable and project metrics exceed our cost of capital, ensuring we create value. Based on an estimated copper resource of approximately 2 million tonnes, the asset has the potential for meaningful life of mine extension. A robust three-year feasibility program has significantly derisked the project and delivered a high confidence capital estimate.

Eva 與我們的策略相符，大幅降低了我們的風險狀況—而且永續性已融入規劃之中。資本密集度在可負擔範圍內，專案指標超過我們的資本成本，確保我們創造價值。根據估計的銅資源量約為 200 萬噸，該礦產具有顯著延長礦山壽命的潛力。一項強有力的三年可行性研究計劃大大降低了專案風險，並提供了高置信度的資本估算。

We have a clear road map with full construction now underway. Ramp-up to first production is expected before the end of the 2028 calendar year. Eva is a project with low execution risk and delivers a long-life mine with solid fundamentals. Average grades of 0.4% copper and 0.07 grams per tonne gold underpinned the decision to scale processing capacity to 18 million tonnes per annum.

我們有清晰的路線圖，目前全面建設工作正在進行中。預計在 2028 年底前實現首次量產。Eva專案執行風險低，且礦場壽命長，基本面穩健。銅的平均品位為 0.4%，黃金的平均品位為 0.07 克/噸，這促使人們決定將加工能力擴大到每年 1,800 萬噸。

The mine is planned to produce approximately 65,000 tonnes of copper per annum for the first five years, with average annual production of 60,000 tonnes over the life of the mine. Eva is a scalable mine and has the potential to be a significant producer in our portfolio. The mine plan consolidates 6 deposits and 10 open pits with a low strip ratio of 1.6, supporting solid margins. The mine life of at least 15 years is underpinned by sizable resources and reserves.

該礦計劃在前五年每年生產約 65,000 噸銅，礦山整個生命週期內的平均年產量為 60,000 噸。Eva礦山具有可擴展性，有潛力成為我們投資組合中的重要生產礦山。該礦山計畫整合了 6 個礦床和 10 個露天礦，剝離比低至 1.6，從而保證了良好的利潤率。該礦山至少有15年的開採壽命，這得益於其豐富的資源和儲量。

As stated previously, the total capital is spread over a three-year period and is expected to come in at between USD1.55 billion and USD1.75 billion. This capital is spread over three years and is estimated 20-40-40 split. This equates to a competitive capital intensity of around USD26,000 to USD29,000 per tonne of copper.

如前所述，總資本分三年撥付，預計總額在 15.5 億美元至 17.5 億美元之間。這筆資金分三年撥付，預計以 20-40-40 的比例分配。這意味著每噸銅的資本密集度約為 26,000 美元至 29,000 美元，具有競爭力。

C1 cash costs in the first five years are attractive and expected to be at approximately USD2.07 per pound on base assumptions. While we maintain funding flexibility and protect leverage guardrails during construction, we will rather maintain financial flexibility and protect leverage guardrails during construction. If you'd like -- if you would like to share more in this excitement, there's a 2-minute video on the Eva project on our website and on social media released today.

前五年的 C1 現金成本很有吸引力，根據基本假設，預計約為每磅 2.07 美元。在施工期間，我們將保持資金靈活性並保護槓桿護欄，但我們更願意在施工期間保持財務靈活性並保護槓桿護欄。如果您想——如果您想更多地分享這份激動，我們今天在網站和社交媒體上發布了一段關於 Eva 項目的 2 分鐘影片。

Moving to CSA. This mine provides immediate copper with good life of mine extension potential. CSA is Australia's highest-grade copper mine with a reserve grade of above 3.4% and more than 12 years of reserve life. Integration is progressing well as we embed Harmony's governance, operating standards and disciplined approach to capital and risk management.

遷移到 CSA。該礦可立即提供銅礦，並具有良好的礦山延壽潛力。CSA是澳洲品位最高的銅礦，儲量品位超過3.4%，儲量壽命超過12年。隨著我們將 Harmony 的治理結構、營運標準以及嚴謹的資本和風險管理方法融入公司營運中，整合工作進展順利。

Since taking full ownership towards the end of October last year, we have done the following. We've welcomed the CSA employees and aligned the team to Harmony's culture and values. We've implemented a seven-day safety stoppage to upgrade secondary egress systems in the shafts.

自去年十月底全面接管公司以來，我們已完成以下工作。我們歡迎 CSA 的員工加入，並使團隊與 Harmony 的文化和價值觀保持一致。我們實施了為期七天的安全停工，以升級豎井中的輔助出口系統。

We are establishing the correct geotechnical sequence at the mine and prioritizing decline development and critical ventilation projects. The development of the Upper Merrin mine has been paused, pending further drilling to improve orebody confidence.

我們正在礦場建立正確的地質技術順序，並優先考慮斜坡道開發和關鍵通風項目。由於需要進一步鑽探以提高對礦體的信心，上梅里恩礦的開發工作已經暫停。

An upgrade of the shaft steel work on two levels is currently underway, resulting in a one-month stoppage in quarter three. Roughly ZAR300 million in costs have been removed since acquisition, mainly relating to corporate overheads and financing costs.

目前正在進行兩層豎井鋼結構升級改造，導致第三季停工一個月。自收購以來，已節省約 3 億蘭特的成本，主要與公司管理費用和融資成本有關。

As I said previously, full optimization of this mine is expected to take us around 18 to 24 months. We expect copper production of 17,500 to 18,500 tonnes at a recovered grade of above 3.5% for financial year 2026. This despite the one-month planned stoppage in the shaft. In addition, we plan to spend ZAR1.1 billion in capital at CSA in this financial year. The C1 cash cost at CSA remained low and are expected to be between and USD2.65 and USD2.8 per pound. We continue to harmonize the CSA mine and will provide longer-term guidance in August of this year.

正如我之前所說，該礦的全面優化預計需要 18 到 24 個月的時間。我們預計 2026 財年銅產量將達到 17,500 至 18,500 噸，回收品位高於 3.5%。儘管礦井已按計劃停工一個月。此外，我們計劃在本財政年度向CSA投入11億蘭特的資金。CSA 的 C1 現金成本仍然很低，預計每磅在 2.65 美元到 2.8 美元之間。我們將繼續協調 CSA 礦山，並將於今年 8 月提供更長期的指導意見。

The CSA ore body is exceptional, and recent exploration indicates material growth potential with significant high-grade intercepts already evidenced, as you can see at the bottom of the slide. We are planning an extensive underground and surface drilling program over 24 months to improve geological, geotechnical and metallurgical understanding for mine design, long-term planning and potential expansion.

CSA 礦體非常特殊，最近的勘探表明其具有巨大的成長潛力，並且已經發現了大量的高品位礦段，正如您在幻燈片底部看到的那樣。我們計劃在 24 個月內開展廣泛的地下和地面鑽探計劃，以提高對礦山設計、長期規劃和潛在擴張的地質、岩土和冶金方面的認識。

Harmony is positioning CSA for long-term value, creating -- creation through safe, predictable production and unlocking potential regional synergies as our footprint in Australia grows.

Harmony 正在為 CSA 的長期價值定位，透過安全、可預測的生產創造價值，並在我們在澳洲的業務不斷增長的同時，釋放潛在的區域協同效應。

With that, allow me to hand over to Boipelo to take you through the financials. Thank you.

接下來，請容許我把麥克風交給博伊佩洛，讓他為大家介紹一下財務狀況。謝謝。

Good morning, everyone, and thank you, Beyers. Harmony's fundamentals remain strong with financials reflecting operational excellence and value-accretive growth. Please note the US dollar figures provided in the annexures. The first half of the financial year 2026 benefited from a higher realized gold price, supported by continued operational discipline. .

各位早安，謝謝你，拜爾斯。Harmony的基本面仍然強勁，財務數據反映了其卓越的營運和增值成長。請注意附件中提供的美元金額。2026 財年上半年受益於更高的黃金實際價格，這得益於持續的營運紀律。。

Gold revenue, which includes gold hedges, increased by 20% to ZAR44 billion. We hedge up to 30% of gold production over a rolling 36 months to protect margins and maintain flexibility during elevated CapEx cycles. Our hedging table is also available in the annexures.

黃金收入（包括黃金避險交易）成長 20%，達到 440 億蘭特。我們對 36 個月內高達 30% 的黃金產量進行避險，以保護利潤率並在資本支出週期高企時保持靈活性。我們的對沖表也可在附件中找到。

EBITDA rose 39% to ZAR18 billion and cash generated by operating activities increased by 36% to ZAR14 billion. We have a strong balance sheet and net debt to EBITDA is at 0.18 times, well below our 1 times threshold following the acquisition of MAC. Operating profit increased by 61% to ZAR16 billion and net profit increased by 24% to ZAR10 billion. The variance reflects transitional noncash and acquisition-related items and higher current taxation.

EBITDA成長39%至180億蘭特，經營活動產生的現金成長36%至140億蘭特。我們擁有強勁的資產負債表，淨債務與 EBITDA 比率為 0.18 倍，遠低於收購 MAC 後我們設定的 1 倍門檻。營業利潤成長 61% 至 160 億蘭特，淨利潤成長 24% 至 100 億蘭特。此差異反映了過渡性非現金項目和收購相關項目以及較高的當期稅收。

Key items include: firstly, a realized gold hedge loss of ZAR4.5 billion, which is included in the revenue line above. Below the revenue line, we had a ZAR1 billion silver derivative loss at Hidden Valley, and the ZAR700 million foreign exchange translation gain because of the stronger rand. There was also a positive ZAR1.1 billion impairment reversal at our Tipong North operation, which is in the operating profit line.

關鍵項目包括：首先，已實現的黃金避險損失為 45 億蘭特，已計入上述收入項。在收入線以下，我們在 Hidden Valley 有 10 億蘭特的白銀衍生品損失，以及由於蘭特走強而獲得的 7 億蘭特外匯折算收益。此外，我們在蒂蓬北部的業務也實現了 11 億蘭特的減損衝回，這計入了營業利潤。

Profit before tax was impacted by, firstly, a ZAR1.4 billion in once-off acquisition costs related to the MAC copper acquisition and the majority of which related to stamp-duty payable in Australia. A ZAR900 million noncash fair value adjustment for CSA silver and copper streams and ZAR700 million in borrowing costs.

稅前利潤首先受到與收購 MAC 銅礦相關的 14 億蘭特一次性收購成本的影響，其中大部分與在澳洲應繳納的印花稅有關。對 CSA 白銀和銅流進行 9 億蘭特的非現金公允價值調整，併提 7 億蘭特的借款成本。

Lastly, there was an 86% increase in current taxation, which reduced net profit by ZAR3.6 billion. While these items affected earnings, they do reflect growth profitability, investment and onboarding of long-life value-accretive assets. Harmony's underlying fundamentals remain strong and the increase in operating profit reflects the health of the core business. Our cost base is predictable with more than 90% rand denominated. Total cash costs, excluding CSA rose 10% to ZAR22 billion, in line with plan.

最後，現行稅收增加了 86%，導致淨利潤減少了 36 億蘭特。雖然這些項目影響了收益，但它們確實反映了成長獲利能力、投資以及長期增值資產的引入。Harmony的基本面依然強勁，營業利潤的成長反映了核心業務的健康狀況。我們的成本基礎是可預測的，其中超過 90% 以蘭特計價。不包括 CSA 在內的總現金成本增長 10% 至 220 億蘭特，與計劃一致。

Approximately 55% of group costs are labor-related, and increased about 6%, in line with the 5-year wage agreement we have in place. Electricity and Water represents 24% of our costs and tariff escalations remain regulated. Electricity increased by 14% year-on-year.

集團成本中約 55% 與勞動力相關，並根據我們已實施的 5 年工資協議，增加了約 6%。電力和水費占我們成本的 24%，而且價格上漲仍受到監管。電力價格年增14%。

South African royalties increased by 60% on the back of higher revenue and profitability. Importantly though, inflation remains well under control. Some of the inventory movements are timing related and are expected to reverse in the third quarter. The higher all-in sustaining costs reflects these items and remains within guidance.

由於收入和獲利能力提高，南非的特許權使用費增加了 60%。但重要的是，通貨膨脹仍然得到有效控制。部分庫存變動與時間有關，預計在第三季逆轉。較高的綜合維持成本反映了這些項目，但仍在指導範圍內。

As a rand cost producer, the strong rand has lifted reported US dollar costs. Despite this, we remain below the midrange of our all-in sustaining cost guidance. We remain highly leveraged to the gold price. Every ZAR100,000 per kilogram increase adds roughly ZAR1.5 billion to adjusted free cash flows at the operational level. While this environment provides optionality, we remain focused on those factors, which are in our control to protect margins.

作為蘭特成本的來源，強勢蘭特推高了美元匯率。儘管如此，我們的整體維持成本仍低於預期範圍的中位數。我們與黃金價格的關聯性仍然很高。每公斤價格上漲 10 萬蘭特，營運層面的調整後自由現金流約會增加 15 億蘭特。雖然這種環境提供了選擇餘地，但我們仍然專注於那些我們可以控制的因素，以保護利潤率。

Harmony has significant headroom with around ZAR15 billion or call it USD900 million in cash and undrawn facilities. We're, therefore, in a strong position to fund our growth pipeline. We have the capacity, the flexibility and importantly, the discipline to continue delivering on our strategy.

Harmony 擁有約 150 億蘭特（約 9 億美元）的現金和未提取信貸額度，資金充裕。因此，我們有能力為我們的成長計劃提供資金。我們有能力、有彈性，更重要的是，我們有足夠的自律性來繼續執行我們的策略。

The strength of our balance sheet has been recognized by the 3 key rating agencies where we hold a BB, BA1 and a BB, respectively, in our inaugural public ratings. At current levels and even after paying for the acquisition of the CSA mine, we expect to be back in a net cash position by financial year-end.

我們的資產負債表實力得到了三大評級機構的認可，在我們的首次公開評級中，我們分別獲得了 BB、BA1 和 BB 的評級。按照目前的水平，即使在支付了收購 CSA 礦的費用之後，我們預計到本財年末仍將恢復淨現金狀況。

We are actively assessing our capital structure to maintain an efficient balance sheet that is appropriately matched to both our funding needs and the strength of our cash flow generation. Our updated guidance includes CSA and Eva Copper Capital for this financial year only.

我們正在積極評估我們的資本結構，以維持一個高效的資產負債表，使其與我們的資金需求和現金流量產生能力適當匹配。我們更新後的指引僅涵蓋本財政年度的 CSA 和 Eva Copper Capital。

For FY26, we expect Eva capital of around ZAR5.6 billion and CSA capital of ZAR1.1 billion, bringing total group capital to ZAR18.5 billion. While the increase in total capital is meaningful, it is affordable and necessary to invest in CSA and build one of the largest, most significant new greenfield copper developments in Australia.

預計 2026 財年 Eva 資本約 56 億蘭特，CSA 資本約 11 億蘭特，集團總資本將達到 185 億蘭特。雖然總資本的增加意義重大，但對於投資 CSA 並建造澳洲最大、最重要的全新綠地銅礦開發案之一而言，這是負擔得起的，也是必要的。

We remain confident in our cash flows and our ability to fund all our major projects, and this underpins the revision of our dividend policy. After careful consideration of our capital requirements, capital structure through the cycle, macroeconomic conditions, and current strong cash flow generation, we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation.

我們對自身的現金流和為所有重大項目提供資金的能力仍然充滿信心，這也是我們修訂股利政策的依據。經過仔細考慮我們的資本需求、週期中的資本結構、宏觀經濟狀況以及當前強勁的現金流產生情況，我們很高興地宣布，我們已修訂股息政策，為股東提供更大的收益參與機會。

Harmony has amended its dividend policy to allow for up to 50% of net free cash to be returned to shareholders, subject to the discretion of the Board and net debt to EBITDA levels. The revised policy now includes an improved base dividend, which has been increased from 20% to 30% of net free cash. I must state this is net free cash after all capital, including major capital.

Harmony 修改了其股息政策，允許將高達 50% 的淨自由現金返還給股東，但需經董事會酌情決定，並符合淨債務與 EBITDA 的比率。修訂後的政策現在包括提高基本股息，基本股息已從淨自由現金流的 20% 提高到 30%。我必須說明，這是扣除所有資本（包括主要資本）後的淨自由現金流。

In addition, an upside dividend may be paid based on leverage levels. Where leverage is equal to or above 0.5x and below 1 times only a base dividend of 30% of net free cash flow is payable. As leverage improves, the Board may, at its sole discretion, consider an upside dividend of up to 20% of net free cash.

此外，根據槓桿水平，可能會支付額外的股息。當槓桿率等於或高於 0.5 倍且低於 1 倍時，僅支付淨自由現金流的 30% 的基本股息。隨著槓桿率的改善，董事會可自行決定是否考慮派發最高可達淨自​​由現金流 20% 的額外股利。

In line with our new dividend policy, we are pleased to announce an interim dividend of ZAR5.30 or USD0.32 per share for this reporting period. resulting in a rolling 12-month dividend yield of 2.2%. It represents a total payout of 43% of net free cash and an increase of 23% on over the previous dividend policy. The total dividend payout for this reporting period is a record ZAR3.4 billion or USD204 million.

根據我們新的股息政策，我們很高興地宣布本報告期內派發中期股息，每股5.30南非蘭特或0.32美元，滾動12個月股息收益率為2.2%。此次派息總額佔淨自由現金流的 43%，比先前的股利政策增加了 23%。本報告期間的股利支付總額創下34億蘭特（約2.04億美元）的紀錄。

Beyers, Thanks. Over to you.

拜爾斯，謝謝。接下來該你了。

Thank you, Boipelo. In conclusion, Harmony offers a compelling pathway to growth, resilient, scaled and purpose-led. We reaffirm our annual gold production grade and cost guidance, while gold CapEx guidance is reduced by ZAR1 billion. As shared earlier by Boipelo, our total CapEx guidance for the financial year now includes Eva Copper and CSA. We have maintained our momentum alongside strict mining and capital discipline to create sustainable value. We will continue doing just that in the remainder of the financial year.

謝謝你，Boipelo。總之，Harmony 提供了一條引人注目的成長之路，具有韌性、規模化和目標導向。我們重申年度黃金產量等級和成本預期，同時將黃金資本支出預期減少10億蘭特。正如 Boipelo 之前所分享的，我們本財年的總資本支出指引現在包括 Eva Copper 和 CSA。我們秉持嚴格的採礦和資本紀律，維持發展勢頭，創造永續價值。在本財年剩餘時間內，我們將繼續這樣做。

Again, Safety informs all we do. Strong financial performance is supported by quality ounces and the higher gold price with recoveries having normalized in the third quarter. The upgraded dividend policy reflects confidence in our cash flows, and we are most pleased to reward our shareholders for their ongoing support. Our focus on fundamentals and effective capital allocation turns price cycles into long-term value by delivering consistently.

再次強調，安全是我們一切工作的指導原則。強勁的財務表現得益於優質黃金和較高的金價，第三季黃金回收率已恢復正常。這次提高股利政策反映了我們對現金流的信心，我們非常高興能回報股東們一直以來的支持。我們專注於基本面和有效的資本配置，透過持續獲利，將價格週期轉化為長期價值。

In closing, this slide summarizes the Harmony of today and tomorrow. We are intentionally transitioning into a significant global gold and copper producer. This journey is grounded in mining with purpose ensuring that everything we do creates value for all our stakeholders wherever we operate. On top of our solid gold foundation, we are diversifying and enhancing our portfolio through our various copper assets.

最後，這張投影片總結了今天與明天的和諧。我們正有計劃地轉型成為全球重要的黃金和銅生產商。這項發展歷程以目標為導向的採礦為根基，確保我們無論在何處運營，所做的每一件事都能為所有利害關係人創造價值。在堅實的黃金資產基礎上，我們正​​在透過各種銅礦資產實現投資組合的多元化和增強。

Anchored in our strategic pillars and a capital allocation framework designed for durable returns, we remain unwavering in our pursuit of Zero Harm, operational excellence and long-term value creation. Thank you for choosing to be part of our compelling story.

以我們的策略支柱和旨在實現持久回報的資本配置框架為基礎，我們堅定不移地追求零傷害、卓越營運和長期價值創造。感謝您選擇成為我們精彩故事的一部分。

I'll now hand over to Jared to lead us in the questions.

現在我將把發言權交給賈里德，讓他帶領我們提問。

Can you hear me? Thanks Beyers, thanks everyone. I just want to get this table moved onto the stage, please. All right. You're good. Well, it's wonderful to see a full house today, and hands up in there. Nice time to be in gold. But thanks very much to everyone for joining us and at the JSE for hosting us today. It's our first time we've been here. We normally have it at the hotel next door. So a nice change, and thanks to everyone for joining.

你聽得到我嗎？謝謝拜爾斯，謝謝大家。請把這張桌子搬到舞台上。好的。你很厲害。今天看到座無虛席，而且還有不少人舉手發言，真是太好了。現在正是投資黃金的好時機。非常感謝各位的到來，也感謝約翰尼斯堡證券交易所今天為我們提供場地。這是我們第一次來這裡。我們通常在隔壁的飯店用餐。真是個不錯的改變，感謝大家的參與。

Where can we start? questions? Doug?

我們該從哪裡開始呢？問題？道格？

Thank you. First of all, I'd like to thank Harmony for having a face-to-face presentation. They are not that common these days, and I really appreciate it. It's a different kettle of fish when you actually get to see people deliver the message. So thank you for that, and congratulations on your results. I'm [Stuart Silva] from Element, by the way.

謝謝。首先，我要感謝 Harmony 安排了這次面對面的演示。如今這種東西並不常見，我真的很感激。當你真正看到人們傳遞訊息時，情況就完全不同了。所以非常感謝，也恭喜你取得好成績。順便說一下，我是 Element 公司的 Stuart Silva。

Beyers, you mentioned that you were impacted by the cyanide shortage. Perhaps you could just address whether that is ongoing or if that's a thing of the past. If it's not, how it's being resolved? And you also mentioned lower recoverability was an issue in the year past. If you could just address those two issues, please.

拜爾斯，你提到你受到了氰化物短缺的影響。或許您可以說明一下，這種情況是否仍在發生，還是已經成為過去。如果不是，那是如何解決的？您也提到，去年回收率較低也是一個問題。如果您能解決這兩個問題就太好了。

Please. Yeah, sure. And let me also just return the thank you. I mean it's phenomenal to see a turnout like this at a results presentation. So thank you very much, everyone, for coming. The cyanide was a one-off. I mean we're behind most of it now. It resulted in a force majeure that was issued by our sole cyanide -- liquid cyanide, I should say, liquid cyanide supplier in South Africa during the reporting period. So we're back to normal levels now.

請。當然可以。也請允許我向你表示感謝。我的意思是，在成果發布會上看到這樣的出席人數，真是太驚人了。非常感謝大家的到來。那次氰化物事件是一次性的。我的意思是，我們現在大部分都落後了。這導致了不可抗力事件的發生，該事件由我們在報告期間內唯一的氰化物供應商——應該說是液態氰化物供應商——在南非發布。現在一切都恢復正常了。

But we have realized that we probably have to manage our exposure to a single supplier of liquid cyanide a little bit better going forward. We've had some foresight. We were in the process of constructing a cyanide dissolution plant at Mine Waste Solutions, which is our biggest consumer of cyanide. In fact, Mine Waste Solutions uses more cyanide than the whole of Harmony together.

但我們已經意識到，今後我們可能需要更好地管理我們對單一液態氰化物供應商的依賴程度。我們頗具遠見。我們正在礦山廢棄物處理公司（我們最大的氰化物消費商）建造一座氰化物溶解廠。事實上，礦場廢棄物處理公司使用的氰化物比整個 Harmony 公司加起來還要多。

So we were in the process of building that at the time of the force majeure. We were not complete. We are complete there now. So that allows us to import brickets and then to dissolve brickets to create liquid cyanide. So we'll be looking at doing more of that just to mitigate the risk of potential future disruptions in cyanide supply. So yes, I think it's normalized now, and we are just making sure that we tweak our procurement strategy slightly to have a balance of both.

所以，在發生不可抗力事件時，我們正在進行那項建設工作。我們並不完整。我們那邊的工作已經完成了。這樣我們就可以進口磚塊，然後溶解磚塊來製造液態氰化物。因此，我們將考慮採取更多此類措施，以降低未來氰化物供應可能中斷的風險。所以，是的，我認為現在這種情況已經正常化了，我們只是確保稍微調整一下採購策略，以求兩者之間取得平衡。

On the recoveries, what a gold plant metallurgical process, the metallurgists would tell you, it's a creature of momentum, and it wants consistency. Grade, tonnes flow and then you get good recovery. When you inject volatility or variability into what comes into the plant, you suffer on the recovery side. So what we've got with the cyanide shortage is you keep the retention time a little bit longer, keep a little bit of the tonnes back in the process.

關於回收率，冶金學家會告訴你，金礦冶煉過程是一個講究動量的過程，它需要穩定。品位、噸位流量，然後就能獲得良好的回收率。當你在工廠的原料中註入波動性或可變性時，你會在回收方面遭受損失。所以，對於氰化物短缺的情況，我們採取的措施是延長氰化物的停留時間，讓部分氰化物重新進入生產過程。

And unfortunately, then you don't have optimum recovery. So that was the cyanide part of it. We also, during this period, had two of our high-grade underground reef plants locking up gold. And I mean we're also happy to say that the recoveries have now normalized. I think the most of it is behind us. And in this period now, we'll see what comes out of the plants.

很遺憾，這樣就無法獲得最佳恢復效果。這就是氰化物那部分的情況。在此期間，我們還有兩座高品位地下礦脈廠開採黃金。而且我們也很高興地看到，目前的復甦情況已經恢復正常。我認為大部分事情已經過去了。接下來，我們將觀察這些植物的生長情況。

Questions? Adrian?

問題？阿德里安？

Good morning, Adrian Hammond from SBG Securities. I'd like to discuss the dividend policy in more detail. What happens at leverage above 1x regarding the dividend? And does that account for M&A? And if so, would you not then be prejudicing shareholders?

早安，我是SBG證券的Adrian Hammond。我想更詳細地討論一下股利政策。當槓桿倍數超過 1 倍時，股利會發生什麼變化？那麼這是否涵蓋了併購活動？如果真是這樣，豈不是損害了股東的利益？

Okay. So above 1 times, I mean, ultimately, at the end of the day, it is at the discretion of the Board. So that is that guardrail of net debt to EBITDA being below one. I mean, so at each reporting period, it would be considered. So what we have done now is just increase that base from the 20% to 30%, and that's if net debt-to-EBITDA is below -- between 0.5% and 1%, below 0.5%, it would be considered at the Board's discretion up to that maximum of 50%, which we stated.

好的。所以，超過 1 次之後，我的意思是，最終，歸根結底，這取決於董事會的決定。所以，淨債務與 EBITDA 比率低於 1 的保障措施就此出台。我的意思是，在每個報告期間內，都會考慮這個問題。所以我們現在所做的就是將基準從 20% 提高到 30%，前提是淨債務與 EBITDA 的比率低於 0.5% 到 1% 之間；如果低於 0.5%，董事會可酌情考慮將其提高到我們之前提到的最高 50%。

So let's just speak hypothetically, your forecast certainly assumed gold price is much lower than spot in terms of your leverage outlook? What is the scenario? Is there a scenario that Harmony pays in excess of 50%, let alone at higher gold prices, but even just where spot is today?

假設一下，根據你的槓桿預期，你的預測一定是基於黃金價格遠低於現貨價格的假設吧？具體情況是什麼？Harmony 是否有可能支付超過 50% 的回報，更不用說在更高的金價下，即使只是在今天的現貨價格下？

I'll take it. Thanks, Adrian. Adrian, we cannot sit here today and guide future dividends and what if and what we're going to do into the future. What we do at every interval and it is a six-monthly interval, we engage where we are at that point in time. What is our capital commitments, what is our free cash situation, what is our net debt-to-EBITDA.

我要買它。謝謝你，艾德里安。阿德里安，我們今天不能坐在這裡討論未來的股息、假設情況以及我們將來要做的事情。我們每六個月進行一次評估，評估內容涵蓋我們當時所處的位置。我們的資本承諾是多少？我們的自由現金流狀況如何？我們的淨債務與 EBITDA 比率是多少？

And at that point, we make a determination what is the appropriate consideration in dividend. And I mean there are -- I can assure you robust discussions with our Board who apply their discretion on that at that point in time.

屆時，我們將決定股利的適當計算方式。我的意思是，我可以向你保證，我們會與董事會進行深入的討論，董事會會在那個時候酌情處理此事。

So I don't want us to get ahead of ourselves too much. I think our changed dividend policy signals strong intent on the part of Harmony to share some of the upside that we currently see in the business whilst we keep our balanced approach around capital allocation firm.

所以我不想我們操之過急。我認為，我們改變後的股利政策表明，Harmony 有強烈的意願與大家分享我們目前在業務中看到的成長潛力，同時我們也會保持資本配置方面的平衡策略。

I mean we have digested and are busy digesting the CSA mine, which historically for Harmony, $1 billion check on the October 24. Remember the date, the check went through the bank. Big move. We've got Eva Copper ahead of us, and it's important that we keep all of that in balance. So we'll see where we are in the next period and take it from there.

我的意思是，我們已經消化了 CSA 礦場，並且正在忙於消化它，從歷史上看，Harmony 公司在 10 月 24 日收到了一張價值 10 億美元的支票。記住支票通過銀行的日期。重大舉措。我們前面還有伊娃·庫珀，所以保持所有這些方面的平衡非常重要。所以，我們來看看下一階段的情況如何，然後再做打算。

And lastly, if I may, do you see any synergies with TRD with your existing asset base and resource endowment?

最後，如果可以的話，您認為TRD與您現有的資產基礎和資源禀賦之間是否存在任何協同效應？

I think our first priority is to return the resources and the reserves we have on surface into viable projects. I mean that's where our focus is, to quote an example. We have got 5.7 million ounces in the Free State alone that we can bring to value for shareholders. So we're actually studying that at the moment.

我認為我們的首要任務是將我們地表擁有的資源和儲量轉化為可行的專案。我的意思是，舉個例子來說，這就是我們關注的地方。光是在自由州，我們就擁有 570 萬盎司的黃金儲量，可以為股東創造價值。所以我們目前正在研究這個問題。

I mean we're looking at a free state project and potentially also a best fit project around Penang and related assets in that area. And our focus would be bringing that from an organic perspective to value vis-a-vis being enticed into overpaying in these good times going.

我的意思是，我們正在考慮一個自由州項目，也可能是在檳城及其周邊地區擁有相關資產的最佳項目。我們的重點將從有機角度出發，探討在當前經濟狀況良好的情況下，人們被誘使支付過高價格所帶來的價值。

Any more questions? All right. Do we have any questions on the webcast? Yes, can you please -- can you hear me on the webcast -- on the dial-in?

還有其他問題嗎？好的。關於網路直播，大家有什麼問題嗎？是的，請問您能透過網路直播還是電話撥入聽到我的聲音嗎？

Raj Ray, BMO.

Raj Ray，BMO。

Thank you, Robert. Good morning, Beyer and Boi and team. A couple of questions, if I may. I mean, first up, I mean, good to see the new dividend policy with the base dividend upside. My question relates to CSA and the second one is Merrin. I know, Beyers, you said that you're going to provide a long-term guidance. But if we may get some visibility on -- since you have gotten, what according to you are the main constraints on the mining side?

謝謝你，羅伯特。早安，Beyer、Boi和各位團隊。可以嗎？我想問幾個問題。首先，很高興看到新的股利政策提高了基本股利。我的問題與CSA有關，第二個問題與Merrin有關。我知道，拜爾斯，你說過你會提供長期指引。但是，既然您已經了解了情況，我們能否了解一下—您認為採礦方面的主要限制因素是什麼？

Because as I understand, and that operation has been mine constrained and it's been operating just shy of 1 million tonnes per annum, whereas we're processing capacity of 1.4 million to 1.7 million, if I'm not wrong. And what needs to be done in terms of increasing that capacity, the mine capacity to match the plant capacity?

據我了解，該礦的開採能力一直受到礦山的限制，年產量略低於 100 萬噸，而我們的加工能力為 140 萬至 170 萬噸，如果我沒記錯的話。那麼，為了提高礦場產能以配合工廠產能，需要採取哪些措施呢？

And secondly, with respect to Merrin, as you commented that the development has been paused, can you give us any indication of when you might look to restart that? And what happens to -- if I'm not wrong, the previous owner had signed an agreement, a tolling agreement with Polymetals. Is there a penalty with regards to that, given that you will not be restarting that.

其次，關於 Merrin，正如您所說，開發工作已經暫停，您能否透露一下何時會考慮重新啟動開發？如果我沒記錯的話，前業主曾與 Polymetals 公司簽署過加工協議。鑑於您不會重新開始，這方面會有什麼懲罰嗎？

Thank you, Raj. If I can start with the CSA, perhaps just get the strategic context around why that makes sense and why Harmony is uniquely placed to deliver value at the CSA. CSA is an underground copper mine. It's deep in Australian terms, it's 2,000 meters deep.

謝謝你，拉傑。如果我能從 CSA 入手，或許可以先了解戰略背景，看看為什麼這樣做有意義，以及為什麼 Harmony 具有獨特的優勢，能夠在 CSA 上創造價值。CSA是一個地下銅礦。以澳洲的標準來說，這很深，深達2000公尺。

Our skill set in South Africa where we mine the deepest mines in the world is ideally suited to add value to an underground mine that is technically constrained by underground mining things. So let's talk about the underground mining things that is the constraint. First and foremost, it's the ventilation circuit. The ventilation circuit is constrained.

我們在南非擁有豐富的技能，能夠為受地下採礦技術限制的地下礦場增值，因為我們在南非開採世界上最深的礦場。那我們來談談地下採礦的限制因素。首先，也是最重要的，就是通風迴路。通風迴路受限。

For our nontechnical people here, I always say when we were teenagers, you put a potato at the back of your dad's, tailpipe of his car. The engine can't get rid of the gas. So the engine dies. It doesn't run because the engine can't get the gases to escape. So mine is the same thing. The mine needs to have a return that can draw the hot air through the mine. So it's establishing additional returns on the return side of the mine that is -- that is the main constraint, Raj, at the moment.

對於我們這些不懂科技的人來說，我總是說，當我們還是青少年的時候，你會把一個馬鈴薯放在你爸爸汽車的排氣管後面。引擎無法排出汽油。於是引擎熄火了。它無法啟動，因為引擎無法排出廢氣。我的情況也是一樣。礦井需要有一個回流裝置，可以將熱空氣抽出穿過礦井。所以，目前的主要限制因素是礦山回報方面的額外收益，Raj。

I mean, there was good progress made by the previous owners on that. There's a design. We are making sure from how many skill set that we've got the right solution for the problem firstly, and that the right solution is executed with the necessary urgency and vigilance.

我的意思是，前業主在這方面取得了不錯的進展。這裡有一個設計圖。我們正在確保從眾多技能組合中找到解決問題的正確方案，並以必要的緊迫性和警覺性來執行正確的方案。

Secondly, from an infrastructure perspective is we're sorting out some of the things we are seeing, we've had a short seven-day stoppage on fixing the second escape. Every mine was at the second escape and there were some issues there which we fixed. But those are really short term in nature.

其次，從基礎設施的角度來看，我們正在解決一些問題，例如，我們曾因修復第二個逃逸點而短暫工作七天。所有地雷都位於第二個逃生通道，那裡存在一些問題，我們已經解決了這些問題。但這些都是短期措施。

And as we speak, we, in a 30-day stoppage to fix the shaft, two levels in the shaft steel work mean these are things we do on a continuous basis running all these underground mines and shafts we do. So when beams and steel work in the shaft is rusted and it's unsafe, I mean, one must stop and one must fix it immediately. And that is the thing we do.

就在我們說話的時候，我們正在停工 30 天來修復豎井，豎井鋼結構有兩個層面，這意味著這些都是我們在運作所有這些地下礦井和豎井時持續進行的工作。所以，當豎井中的樑柱和鋼結構生鏽且不安全時，我的意思是，必須立即停止施工並進行修復。這就是我們所做的事情。

Thirdly is flexibility. So Harmony's mantra over the last decade, at least was consistent, predictable production. Now in order to get that one must have first, ore body knowledge. Know where you're going to mine and have confidence in the geology, the grade and the recoverability of the ore that you mine. And I'll come back to Merrin on that point. Secondly, you have to have reliable and well kept and maintained infrastructure to support the mining method.

第三點是靈活性。所以，至少在過去十年裡，Harmony 的宗旨是保持一致、可預測的生產方式。要獲得那種能力，首先必須具備更多的身體知識。要了解你要去開採的地方，並對開採的礦石的地質、品位和可回收性有信心。關於這一點，我稍後會再和梅里恩談。其次，你必須擁有可靠、維護良好的基礎設施來支援採礦方法。

And thirdly, one must have the necessary flexibility. Now because this mine is constrained by ventilation, it doesn't have the requisite flexibility to -- so one can either bog the stopes or do the development or do the capital ventilation project. And what you want to do is set the mine up with enough ventilation so that you can ventilate multiple activities to happen at the same time, create the necessary flexibility so that you can get consistent predictable production.

第三，必須具備必要的彈性。現在，由於礦場受到通風的限制，它沒有足夠的靈活性——所以要么堵塞採場，要么進行開發，要么進行資本通風項目。你需要做的就是為礦井配備足夠的通風設備，以便同時進行多種作業，創造必要的靈活性，從而獲得穩定可預測的生產。

So that's what we say from where we sit now, I mean, it is early days. It's probably going to take us 18 to 24 months in order to get through that process. And set the mine up for long-term value. On the Merrin mine or the uppers, yes, we say it is paused back to the first point. When you want to drive consistent, predictable production, you have to have visibility and confidence on the ore body that you're going to mine.

所以，這就是我們目前的看法，我的意思是，現在還處於早期階段。完成這個過程可能需要18到24個月的時間。並為礦山的長期價值做好準備。在梅里恩礦或上層礦井，是的，我們說它暫停回到了起點。想要實現穩定、可預測的生產，就必須對要開採的礦體有清楚的了解和十足的信心。

So what we've already seen early on was that we need more drilling on the uppers just to make sure that the ore body confidence, both from an ore body perspective, geological perspective and a metallurgical perspective is high enough confidence that the Merrin mine would come into the mine plan. Where we sit today, I mean, we're confident that the Merrin mine is still there. We're confident, Raj, that it will come in. It would probably just be later.

因此，我們很早就看到，我們需要對上部進行更多鑽探，以確保從礦體角度、地質角度和冶金角度來看，礦體的可靠性足夠高，從而使梅里恩礦能夠納入礦山計劃。就我們目前的情況來看，我們確信梅里恩礦仍然存在。拉傑，我們有信心它一定會到貨。可能只是時間晚點而已。

But we will get to that when we've understood that a little bit better and once we've gotten some of these results back. Have I covered all your questions, Raj. Maybe just on the capacity. Yes, the capacity of the processing plant is 1.8 million tonnes. I mean the mine has been talking historically now or recently being targeting about 1 million tonne run rate with a little bit of growth after that.

但等我們對此有了更深入的了解，並且拿到一些結果之後，我們再來討論這個問題。拉傑，你的問題都回答完了嗎？或許只是產能問題。是的，該加工廠的產能為180萬噸。我的意思是，該礦一直以來都以年產量100萬噸左右為目標，之後還會略有成長。

So there's ample capacity in the processing facility. That's not where the problem is. The problem is underground. And just to reiterate, I mean, that is where Harmony is ideally suited to add value. I mean we'll get ourselves in overalls, roll up our sleeves, get underground and get going on the things that are constraining the mine.

所以加工廠的產能很充足。問題不在於此。問題出在地下。我再次重申一下，我的意思是，這正是 Harmony 能夠發揮價值的理想之處。我的意思是，我們會穿上工作服，捲起袖子，下到井下，開始解決那些限制礦井發展的因素。

That's great, Beyers. And just lastly on that Polymetal agreement, the tolling agreement for zinc ore.

太好了，拜爾斯。最後再說一下 Polymetal 的協議，也就是鋅礦石的加工協議。

Yeah, Raj, I would have to ask the team to come back to you on that. I'm not aware of any penalties where I sit here, but let me just put a caveat to that, let's just double check that and confirm that with you and I'll ask the team to reach out to you, Raj.

是的，拉傑，我得問問團隊才能給你答案。我目前還不知道有任何處罰，但我想補充一點，我們再跟你確認一下，我會讓團隊聯絡你，拉傑。

Any more on the line?

有其他人上鉤嗎？

But we have no further questions from the telephone lines.

但我們電話那頭沒有其他問題了。

All right. Great. But a couple of questions -- sorry, Bruce Williamson.

好的。偉大的。但還有幾個問題——抱歉了，布魯斯威廉森。

Hi Bruce Williamson, Integral Asset Management. Just following up on CSA. Just remind me what additional depth below 2,000 are you initially going to target to mine down to? And what sort of average virgin rock temperatures would you experience? And just technically, what are rock conditions expected to be like sort of easy to mine, limited support, et cetera.

您好，Bruce Williamson，Integral Asset Management。跟進一下CSA的情況。請提醒我一下，你們最初計劃在2000英尺以下挖掘多深？那麼，原始岩石的平均溫度會是多少呢？從技術角度來看，預計岩石條件會是什麼樣的？容易開採，支撐有限等等。

Yeah, So early to say. I mean we've hardly got the keys. So very excited. We've got this new mine, this new toy. So a lot of the questions that you're asking me now, Bruce, are questions we're busy with. When we come out with our year-end results, we will give more color on where we think. Initial targets are probably to look at an area of up to 500 meters below the current mine.

是的，現在下結論還為時過早。我的意思是，我們幾乎連鑰匙都沒拿到。太激動了！我們有了這個新礦，這個新玩具。布魯斯，你現在問我的許多問題，正是我們正在努力解決的問題。當我們公佈年終業績時，我們會更詳細地闡述我們的想法。初步目標可能是勘探目前礦井下方 500 公尺範圍內的區域。

That is deep. But if you look at the bottom of that picture, I think there's a good visual on the screen now, you can sort of see where that is. But also to the size of the ore body, the extension of the lobes to the left and the right and obviously, into the screen and in front of the screen, there's also good opportunity there. The mine is hot. I've been underground there a few times.

這很有深度。但如果你看一下那張圖片的底部，我認為現在螢幕上有一個很好的圖像，你可以大致看出它在哪裡。但礦體的大小，礦脈向左右兩側延伸，顯然也延伸到篩網內和篩網前方，這些地方也蘊藏著很好的機會。礦井很熱。我去過那裡的地下幾次。

I mean the ventilation constraint is real, and that is the first and foremost priority to solve that. And as I said, we are busy using all the expertise we have in ventilating the deepest and the hottest mines in the world. We've got all the best brains in the business on making sure that we've got the right solution for the problem and that we're executing the right solution. So when we've got all the color on that, we will come back with more detail on that. It's early days.

我的意思是，通風不足的問題確實存在，解決這個問題是首要任務。正如我所說，我們正忙於運用我們所有的專業知識，為世界上最深、最熱的礦井進行通風。我們匯集了業界最頂尖的人才，確保我們找到解決問題的正確方案，並且執行正確的方案。等我們把所有細節都弄清楚之後，我們會回來提供更多細節。現在下結論還為時過早。

Thanks, Beyers. Bruce, just there's some annexes in the back of the presentation, I think, 56 and 57, which have the drill results and samples that we've taken. To give some more information on that. Arnold,

謝謝你，拜爾斯。Bruce，簡報後面還有一些附件，我想是第 56 和 57 頁，裡面有我們鑽探的結果和樣本。再補充一些相關資訊。阿諾德

Yes, hi, Beyers. Arnold Van Graan from Nedbank. Two questions. So the first one on CSA. In layman's terms, once you've fixed it, what will this be? Will it be comparable to SA optimized or to a up and winning?

是的，你好，拜爾斯。來自萊利銀行的阿諾德·範·格拉恩。兩個問題。所以這是CSA上的第一個。通俗地說，一旦你解決了這個問題，它會變成什麼樣子？它能與 SA 優化後的版本相媲美，還是能與 Up and Winning 版本相媲美？

Thanks, Arnold. Tough question -- from where we sit now, a tough question to ask. But if you look at the cash cost of that asset, I mean, it is a low cash cost. So the margin of production, and that depends on the copper price and depends on the volume and it depends on so many things. But we are -- the position we take at the moment, we are happy with what we bought and what we paid. I mean we're really excited to bring the Harmony skill set to the asset to unlock value.

謝謝你，阿諾德。這是一個棘手的問題——就我們目前所處的位置而言，這是一個很難提出的問題。但如果你看一下這項資產的現金成本，我的意思是，它的現金成本很低。所以生產利潤率取決於銅價、產量以及許多其他因素。但是，就我們目前的立場而言，我們對所購買的商品和所支付的價格感到滿意。我的意思是，我們非常高興能將 Harmony 的技術組合應用到這項資產中，從而釋放其價值。

I mean we haven't found anything there yet post due diligence and post taking the keys that concern us. It might take longer and the ramp-up might be different to what was previously thought, but we're confident that this mine is going to be a great mine in the Harmony stable. It is a phenomenal piece of ore body. We just brushed over that previous slide. If you look at the bottom of that previous slide, just look at the intercepts in terms of percentage copper.

我的意思是，經過盡職調查和拿到鑰匙後，我們還沒有發現任何令我們擔憂的事情。雖然可能需要更長時間，而且產能提升過程可能與之前預想的不同，但我們相信這座礦山將成為 Harmony 旗下的一座偉大的礦山。這是一塊規模驚人的礦體。我們剛才只是簡單回顧了一下上一張投影片。如果你看上一張投影片的底部，只需看一下以銅百分比表示的截距即可。

There are 30 meters at 6, 32 meters at 8, 37 meters at 3.7, which is around the reserve grade, 10 meters at 6, 40 meters at 6.5 -- this is a phenomenal ore body. Now it all starts with the quality of the metal in the ground. So that is a base case we're working with. So we can't wait to bring these good copper grades to value. And that is what Harmony would come and do.

有 30 公尺厚，品位 6；32 公尺厚，品位 8；37 公尺厚，品位 3.7，接近儲量品位；10 公尺厚，品位 6；40 公尺厚，品位 6.5──這是一個非凡的礦體。現在，一切都始於地下金屬的品質。這就是我們目前採用的基本情況。所以我們迫不及待想讓這些優質銅礦發揮價值。這就是和諧女神會來做的事情。

Okay. And then the second one is Golpu, Wafi-Golpu. I mean there's been delays there. So the question is, given the changes to your portfolio, bringing in -- you brought in a lot of optionality, a lot of interim production, how does that change your stance or positioning on Golpu? And maybe just talk us through the delays.

好的。然後第二個是 Golpu，Wafi-Golpu。我的意思是，那方面確實出現了延誤。所以問題是，鑑於您的投資組合發生了變化，引入了很多選擇權，很多中期生產，這會如何改變您對 Golpu 的立場或定位？或許還可以給我們解釋一下延誤的原因。

And then this morning, you mentioned some mediation that could move it forward, which I think is quite important. But I'm assuming this puts you in a stronger position because you -- it's a great long-term asset, but you no longer have to close that near-term gap with Golpu.

今天早上，您提到了一些可以推動此事進展的調解措施，我認為這非常重要。但我認為這會讓你處於更有利的地位，因為——這是一項很好的長期資產，但你不再需要彌補與 Golpu 的短期差距。

Yeah, If I could maybe ask that we just get the life of mine graph on the slides, Jared, to the colleagues that can't see that because it's easiest to answer it there, if it's possible or should I get it on from the clicker side. Arnold, Wafi-Golpu is a generational asset. I mean on a 100% basis, this is going to produce 180,000 tonnes of copper and more than 200,000 ounces of gold as a byproduct on this asset. It is a phenomenal asset. It's a quality ore body.

是的，Jared，我能不能請求一下，把「我的壽命曲線圖」放到幻燈片上，讓那些看不到幻燈片的同事也能看清楚，因為在那裡回答問題最容易，如果可以的話。還是我應該從答題器那邊把它放上去？Arnold，Wafi-Golpu 是世代傳承的資產。我的意思是，從100%的角度來看，該礦產將生產18萬噸銅，並作為副產品生產超過20萬盎司黃金。這是一項非常寶貴的資產。這是一個優質礦體。

On the slide here is 35% of Wafi-Golpu in gold equivalent ounces, if I'm correct, gives you the relative size of 35% of that asset. So where we are today has not changed our focus on getting this mine up the value curve. To get it up the value curve, the very next step is to permit the mine. phenomenal ore body without a permit, and we all understand permits and what's happening in the global mining space around permitting and the lead time to permitting is a big thing.

如果我沒理解錯的話，這張投影片上顯示的是 Wafi-Golpu 的 35%（以黃金盎司計），這可以讓你了解該資產 35% 的相對規模。所以，我們今天所處的情況並沒有改變我們提升這座礦山價值的重點。為了提升其價值，下一步就是取得採礦許可證。沒有許可證就開採如此巨大的礦體，我們都知道許可證的重要性，也了解全球採礦業許可證審批流程以及審核時間的重要性。

The very next step, there's full alignment between ourselves and our JV partners on getting this mine up the value curve is get it permitted. And hence, the discussion we had this morning, and I'll repeat it here for everybody's benefit. This -- yes, so what -- where we are with the permitting, let me go there is we -- the mandating authority or body in Papua New Guinea that negotiate mining leases or mining contracts with operators is what is called the SNT, State Negotiating Team.

下一步，我們和合資夥伴在提升礦場價值方面完全一致，那就是取得開採許可。因此，就有了我們今天早上的討論，為了大家的利益，我在這裡重複一遍。這——是的，那又怎樣——我們現在在許可方面的情況，讓我去那裡看看——在巴布亞新幾內亞，負責與運營商談判採礦租約或採礦合同的授權機構或團體被稱為 SNT，即國家談判小組。

That's the team that is mandated to negotiate mining rights on behalf of the government. We've been engaging the SNT for multiple years now to bring this mine into two things, the SML Special Mining Lease and the mine development contract. That has gone to and fro. I mean I don't have to explain to you. I mean you've been part of those discussions for many a year.

這是政府授權負責談判採礦權的團隊。多年來，我們一直與 SNT 合作，將礦場分為兩部分：SML 特別採礦租約和礦山開發合約。這件事反覆發生了。我的意思是，我沒必要跟你解釋。我的意思是，你參與這些討論已經很多年了。

A recent development, as recent as the latter part of last year, November, thereabouts, the Prime Minister of Papua New Guinea appointed a -- what is called a PRT, Peer Review Team. The peer review team's mandate is to is to look at why the negotiations around Wafi-Golpu has not yielded a favorable outcome. In other words, why is the mine not being built. So we've been engaging with our JV partners -- well, a lot since November with the PR team, and that process is nearing completion.

最近的一項進展，就在去年下半年，大約11月，巴布亞紐幾內亞總理任命了一個－被稱為PRT（同儕審查小組）的機構。同儕審查小組的任務是調查為什麼圍繞 Wafi-Golpu 的談判沒有有利的結果。換句話說，為什麼礦場沒有建成？所以，我們從去年 11 月開始就一直在與我們的合資夥伴進行溝通——嗯，公關團隊也做了很多工作，這個過程即將完成。

So we welcome that as a positive step in terms of -- I'm not always sure mediation is the right word, but it is an intervention that we view as very positive in terms of unlocking the discussions around getting the mine development contract and the SML. So I can't give you a definitive answer on that, but that is where we are. In terms of importance, I mean, this mine is very important to Harmony, simply because of the quality of the ore body.

因此，我們歡迎這項積極舉措——我不太確定「調解」這個詞是否恰當，但就開啟有關獲得礦山開發合約和SML的討論而言，我們認為這是一個非常積極的干預措施。所以我無法給你一個確切的答案，但這就是我們目前的狀況。就重要性而言，我的意思是，這座礦對 Harmony 來說非常重要，原因很簡單，就是礦體的品質。

And Harmony today is better positioned to build this mine that we probably ever have been. So it suits what we want to do ideally. Our base in Australia, our regional base in Australia from where we support the Papua New Guinea operation is getting stronger with CSA and Eva. And we believe we are well positioned to play a key part in the mining industry going forward in Papua New Guinea.

如今，Harmony公司比以往任何時候都更有能力建造這座礦場。所以它非常符合我們的需求。我們在澳洲的基地，以及我們為巴布亞紐幾內亞業務提供支援的澳洲區域基地，正隨著 CSA 和 Eva 的發展而不斷壯大。我們相信，我們已做好充分準備，在未來巴布亞紐幾內亞的採礦業中發揮關鍵作用。

All right. Any more questions? All right, Beyers, Boipelo, I've got a couple here, but I'm going to try and combine it into just one question to stop the repeating. It seems like more CSA questions and Wafi-Golpu questions in a while. Beyers, just on the CSA production, just some indication.

好的。還有其他問題嗎？好的，拜爾斯，博伊佩洛，我這裡有幾個問題，但我會盡量把它們合併成一個問題，以免重複。最近似乎出現了更多 CSA 和 Wafi-Golpu 相關的問題。拜爾斯，僅就CSA的生產情況而言，僅供參考。

Obviously, you've spoken about the optimization process, but just the steady state that we can kind of expect from that mine, just given what was in the press in the past with obviously, the shutdowns and that we're having this month. What do we -- what's our thinking on the CSA production rate once we've got through this optimized period?

顯然，您已經談到了優化過程，但考慮到過去媒體報道的停產事件以及我們本月正在經歷的停產，我們可以對這座礦山的穩定狀態抱有什麼樣的期待呢？經過這段優化期後，我們對 CSA 生產力有什麼想法？

Thank you, Jared. I mean it's -- as we said, when we do come back to the market in August, we hope we'll have more color. I mean the last thing we want to do is call something that is not there. What we've got in front of us is the 17,500 to 18, tonnes for this financial year at higher than 3.5% copper at the stated costs.

謝謝你，賈里德。我的意思是——正如我們所說，當我們八月重返市場時，我們希望能夠有更多色彩。我的意思是，我們最不想做的就是撥打不存在的電話。擺在我們面前的是，本財年銅含量將達到 17,500 至 18,000 噸，以既定價格計算，銅含量將高於 3.5%。

Look, when you're skilled at underground mining and you do go to the mine and you visit the mine, you can not only see you can also feel the constraint at the mine. I mean it's obvious. So clearly, from an optimization perspective, if you can alleviate the constraint and bring the solutions to the ventilation, I mean, that's when the bottlenecks are going to move to other areas.

你看，當你精通地下採礦，並且去礦井參觀時，你不僅能看到，還能感受到礦井的限制。我的意思是，這顯而易見。所以很明顯，從優化的角度來看，如果你能緩解限制並將解決方案引入通風系統，我的意思是，瓶頸就會轉移到其他領域。

And then you move those and then you move those. It's a sequential process of debottlenecking, derisking the mine. I think Harmony has been around for 75 years or so. This is what we do. This is what we've consistently done when we acquired unwanted assets, not to say CSA was an unwanted asset or undercapitalized assets or strategic exit assets, that is the Harmony model. So I -- this will be a phenomenal mine going forward.

然後你再移動那些，然後再移動那些。這是一個循序漸進的過程，旨在消除瓶頸，降低礦山風險。我認為Harmony已經有大約75年的歷史了。這就是我們所做的。這就是我們收購不需要的資產時一直採取的做法，並不是說 CSA 是不受歡迎的資產、資本不足的資產或策略退出資產，這就是 Harmony 的模式。所以，我認為這將是一個前景廣闊的礦場。

First things first is get a good handle on the technical constraints, further develop the correct solutions for those and execute those with discipline. As Raj indicated, I mean, the processing plant has got a 1.8 million tonne throughput capacity. Not to say the underground mine would ever fill the processing plant. But I mean, there's a massive lever on the volume side to pull to ramp that up in volume to bring additional value to the mine.

首先，要充分了解技術限制，進一步製定正確的解決方案，並嚴格執行這些解決方案。正如 Raj 所指出的，我的意思是，該加工廠的吞吐量為 180 萬噸。當然，這並不意味著地下礦井會填滿加工廠。但我的意思是，在產量方面，我們有很大的提升空間，可以提高產量，進而為礦場帶來更多價值。

But we also experienced enough to know that these things on our underground mine don't happen overnight, and they do take time. But we've got a good handle on what needs to be done to deconstrain the mine and the production flow will increase from there.

但我們也有足夠的經驗知道，我們地下礦井中的這些事情不會在一夜之間發生，它們需要時間。但我們已經很好地掌握了需要採取哪些措施來解除礦山的限制，生產流程將會從此增加。

Great. Thanks, Beyers. Just got a question on -- we've really answered the cyanide question. So apologies to anyone that's asking that question again.

偉大的。謝謝你，拜爾斯。剛剛有人問到──我們已經回答了氰化物的問題。所以，如果有人再問這個問題，我深感抱歉。

In terms of Hidden Valley tailings, I know we spoke about it earlier, B, but just some question in terms of the opportunity there for Hidden Valley extension and sort of the constraints that we're facing there from the deposition side of things.

關於隱谷尾礦，我知道我們之前討論過，B，但我想問隱谷擴建的機會，以及我們在沉積方面面臨的一些限制。

Yeah, each mine, as you know, has got its own constraints. Hidden Valley is very different to CSA. The Hidden Valley is tailings deposition constraints. So building terrestrial tailings dams in the mountainous areas of Papua New Guinea, where you've got tectonic events and you've got 3.5 meters or so of rain is a technical challenge. So that is where the ore body is still there.

是的，如你所知，每個礦井都有自己的限制。Hidden Valley 與 CSA 非常不同。隱谷受尾礦沉積限制。因此，在巴布亞紐幾內亞山區建造陸地尾礦壩是一項技術挑戰，因為那裡有構造運動，降雨量約為 3.5 公尺。所以，礦體還在那裡。

There's still legs in the ore body. So at the moment, in this year's guidance, we've guided an 18-month mine life extension, which is an incremental mine life extension, and we could do that by lifting the tailings dam that we've got a little bit and playing -- redirecting certain deposition strategies on lease area.

礦石體裡還有腿。因此，目前在今年的指導意見中，我們建議將礦山壽命延長 18 個月，這是一個漸進式的礦山壽命延長，我們可以透過稍微抬高我們現有的尾礦壩並嘗試——重新調整租賃區域上的某些沉積策略來實現這一點。

The next extension opportunity, which is in study at the moment will be more a large-scale expansion program that would typically be building a new tailings dam, finding a new tailings solution, probably think about where gold -- the plant is sitting in relation to the pits and things like that, that is in study.

目前正在研究的下一個擴建機會將是一個更大規模的擴建計劃，通常會建造一個新的尾礦壩，尋找新的尾礦解決方案，可能還會考慮金礦廠相對於礦坑的位置等等，這些都在研究中。

So we -- Hidden Valley has performed well, continues to perform well. I mean, one of our best performing assets. And it would be great for Harmony if the Hidden Valley gold mine can be extended. So as soon as we've proven that, if we prove that, I mean, we would disclose that to the market. But it would be -- the next extension on Hidden Valley would be more of a large-scale recapitalization, building a new tailings dam type of effort.

所以我們——Hidden Valley 的表現一直很好，並且會繼續保持良好的表現。我的意思是，這是我們表現最好的資產之一。如果隱谷金礦能夠擴建，對哈莫尼鎮來說將是件好事。所以一旦我們證明了這一點，我的意思是，如果我們能證明這一點，我們就會向市場披露。但這將是——隱谷的下一個擴建項目將更像是一項大規模的資本重組，建造一座新的尾礦壩之類的工程。

Thanks, Beyers. I'm also just to try and bundle a few questions together. There's a couple coming through. So in terms of the ventilation constraints and the things that you've mentioned, how much did we know that we actually in the asset when we bought it. And they're not like are there any surprises coming through now, what did we expect when we actually bought CSA?

謝謝你，拜爾斯。我也想把幾個問題集中起來問。有一對夫婦要過來。所以，就通風限制和您提到的那些方面而言，我們在購買這處資產時，究竟對我們所面臨的問題了解多少？他們並沒有說現在有什麼驚喜嗎？我們當初收購 CSA 的時候，又能期待什麼呢？

Thank you, Jared. No, in the main, I mean, we're very happy with what we bought, as I said. I mean, the due diligence findings were basically proven in what we've got up to this point in time. I mean I just want to give again a little bit of color on the due diligence. I mean I was out at the mine myself 3 times during the due diligence process.

謝謝你，賈里德。不，總的來說，我的意思是，正如我所說，我們對所買的東西非常滿意。我的意思是，盡職調查的結果基本上已經從我們目前掌握的資訊中得到了證實。我只是想再補充一些關於盡職調查的細節。我的意思是，在盡職調查過程中，我自己曾經三次到礦場實地考察。

It was perceived to be a long due diligence process, but it was for the right reason. I mean we needed to be sure what we've got there, we could actually wrap our heads around. So no, we're comfortable. As we go, we're opening up things here and there, small little things. I mean, the shaft steel work and things like that. But I mean, show me an underground mine that doesn't have a rusted piece of steel.

雖然盡職調查過程耗時較長，但這是為了追求最佳結果。我的意思是，我們需要確保我們所掌握的東西，是我們真正能夠理解的。所以，不，我們覺得很舒服。隨著時間的推移，我們會逐步開放一些地方，一些小的東西。我的意思是，軸的鋼材加工之類的東西。但我的意思是，你找一個沒有生鏽鋼材的地下礦井看看。

When you've got a rusted piece of steel, you get an overall, get the maintenance people and you fix it and you move on. So these things are more one-off ongoing things that we'll continue to do. I mean we know how to do it. We do it every day on all of our mines. But in the main, I mean, what we've got in the diligence is what we see on the ground.

如果一塊鋼材生鏽了，你就穿上工作服，叫來維修人員，把它修好，然後繼續前進。所以這些都是我們會繼續做的零星的、持續的事情。我的意思是，我們知道該怎麼做。我們在所有礦場每天都這樣做。但總的來說，我的意思是，我們在盡職調查中了解到的情況，與我們在實地看到的情況基本一致。

Great. Thanks, Beyers. I think just last question for you, Boipelo. Just some questions coming through on CapEx. I know we have guided, but just the sustaining CapEx for MAC. And also what are we expecting in terms of our capital levels for the next couple of years with CSA, Eva and Wafi in the pipeline?

偉大的。謝謝你，拜爾斯。博伊佩洛，我想最後一個問題了。關於資本支出，我有一些問題想請教大家。我知道我們已經提供了指導，但只是 MAC 的維持性資本支出。另外，考慮到 CSA、Eva 和 Wafi 的籌備工作，我們預計未來幾年我們的資本水準會如何變化？

Yeah. So we have included in our table, and I think Beyers did touch on it, so did I. What we've guided for MAC is just for the second half of the financial year. We'll provide the further long-term guidance when we come back with our August release. Thanks. That helps a lot. I think it's probably just the one before.

是的。所以我們在表格中已經包含了這一點，而且我認為拜爾斯也提到過，我也提到過。我們對MAC的業績指引僅針對下半年的財年。我們將在八月發布新版本時提供更詳細的長期指導。謝謝。那很有幫助。我覺得可能就是前一個。

Sustaining, it was about 400 in -- Yes.

持續下來，大約是 400 英寸——是的。

So the FY26 revised guidance, so Beyer's touched on it. a South African perspective, that has come down about ZAR1 billion. And then we've added CSA. As you can see, that's the 65. Okay, this is dollars. $65, and then we've got -- thank you. There we go. Yes. So obviously, as I've said, we have not yet guided going forward for MAC. Eva, you are obviously aware what we did said would be between $1.5 million and $1.75 million over the three years. So you can look at it as 20-40-40.

所以，拜耳公司也提到了2026財年修訂後的業績指引。從南非的角度來看，這個數字下降了約10億蘭特。然後我們又加入了CSA。如你所見，那是65。好的，這是美元。 65美元，然後我們還有──謝謝。好了。是的。所以很顯然，正如我所說，我們還沒有對 MAC 的未來發展方向做出指導。伊娃，你顯然知道我們所說的三年內費用將在 150 萬美元到 175 萬美元之間。所以你可以把它看作是 20-40-40。

Great. All right. For those questions that I haven't answered on the webcast. Apologies. There are a couple of really long questions on renewables and things like that, which I won't touch on now. So I will personally get back to you on those. So don't worry, I will answer them, but to everyone that joined us again. Thank you very much for coming today. Thank you. Beyers, Boipelo, thanks for the presentation. And with that, we'll close things off. Thank you.

偉大的。好的。對於那些我在網路直播中沒有回答的問題。抱歉。關於再生能源之類的問題還有幾個很長的問題，我現在就不一一贅述了。我會親自回覆您這些問題。所以別擔心，我會回答他們的問題，也再次感謝所有加入我們的人。非常感謝您今天前來。謝謝。Beyers、Boipelo，謝謝您的介紹。就此結束。謝謝。

Thank you.

謝謝。