Glencore plc

Good morning, good afternoon everyone. Welcome to our 2023 financial results. Joining us today is Gary Nagel, CEO, Stephen Kalman, CFO, Peter Freyberg, our Head of Industrial Assets, and Xavier Wagner, who's going to be replacing Peter when Peter retires next week. I'll hand over to Gary.

Thanks, Martin. Good morning to those in the room. Good morning and good afternoon. Good evening to those dialing in or by the webcast. Appreciate your time and thank you for joining us today for our 2023 results presentation. So we'll follow a similar format to previous years. We'll start with a scorecard on how we've done. And a very, very strong financial year for Glencore. Adjusted EBITDA of over $17 billion. Made up predominantly, obviously given our business structure of our industrial asset business of $13.2 billion. That's the biggest proportion of that coming out of our energy business, in particular our coal business. Coal had a very strong year, clearly lower than the previous year after the extreme highs we saw in 2022, given the geopolitical tensions and the higher energy markets, but still a very strong coal year and a pleasing result for coal. Metal's a little bit weaker, as a result largely from weaker metal prices, particularly in cobalt and cobalt payables, and some weaker nickel and zinc prices. Our marketing, once again, achieving above the top end of our range. As you know, our EBIT range and guidance for marketing is $2.2 to $3.2 billion. So very pleasing results of $3.5 billion above the top end of the range. We've done that a number of years in a row now. And the opportunities have been there in the market for it. We've seen arbitrage opportunities. We've seen high vol. And that's allowed us to capitalize on these opportunities and post very good numbers. The other pleasing aspect about our marketing results this year is it's pretty much a 50-50 split between energy and metals. Metals coming back very strongly. So we're very happy to see all parts of the business contributing very strongly in the marketing business. Net debt at $4.9 billion. Steve will talk a little bit more about that later. And distributions to shareholders during the course of 2023, a little over $10 billion. So we've really paid back our shareholders, given back $6 billion in cash, approximately $6 billion in cash, and $4 billion by way of buybacks during the course of 2023. And then lastly, today we announce our dividend. As you all know, we have a very transparent and open dividend policy. We always pay $1 billion of cash from our marketing business and 25% of our equity-free cash flow out of our industrial business. So this is something that has clear transparency for the market. Much of the street expected this dividend. So it's a $1.6 billion return to shareholders. Now, obviously, in other years, we look at top-ups around our net debt target, but given the EVR transaction, the capital to be spent once we close that transaction by Q3 of this year, and our intention later on to bring net debt down and spin out the business, we are not declaring any top-up, but this is our normal, transparent, and base dividend that we declare. Moving on to our ESG scorecard, on the climate strategy, we continue to keep to our progress and make good progress in terms of our Scope 1, 2, and 3 emissions. As a reminder, we've used 2019 as our base year, and we will run down our coal business as the primary driver in terms of meeting our Scope 1, 2, and 3 emissions. We're the only major mining company that has these strong reduction measures targets for scope 1, 2 and 3 will be 15% down by 2026 and at least 50% down by 2035. And how are we doing that? We're shutting our steam coal mines. We've already shut five and there'll be another seven mines closed, at least seven mines closed in fact by 2035. We're on course, we're on target and we're doing our share for the environment. We will come out with a new climate transition action plan in 2024. As you know, we put this out every three years and we bring it to shareholders. We've had very constructive consultation with our shareholders. Our shareholders have been largely very supportive of the path that we've embarked on. And in March of this year, we'll issue that climate transition action plan. And in terms of our critical minerals, our future-facing minerals and metals, we have huge expansion opportunities, some of it through inorganic growth and some through organic growth. I'll talk a little bit about our copper portfolio a little bit later in the presentation. On the social side, very disappointed to say that we once again have lost four of our colleagues during 2023. It's something that I know is very close to Peter Freyberg's heart and with his retirement, it's something he wanted to ensure that we were down to zero fatalities because Like him, I believe that we can run and will run a zero fatality business and send everybody home safely every day. He's done terrific work in the business. We all have in terms of strong visible leadership driving the fatalities down in our business and our fatality frequency rate now below the average of the RCMM. However, it's still not good enough and we have more work to do to reduce harm in our business. On the governance side, we maintain and we are committed to being a responsible and ethical operator wherever we operate around the world. We have a couple more investigations, which we hope to finalize soon, and we have two independent compliance monitors in the business. It's been a very constructive process with them. We're working very well with them, and we believe we'll be a stronger and better company through the engagement and work with these compliance monitors. uh... a little bit of uh... a school card which uh... new this year school card on on what we've done in terms of the portfolio management's uh... as you know we announced uh... like last year the acquisition of the vr seventy seven percent of the vr uh... for six point nine three billion dollars this is a long life low-cost high-quality uh... based in class uh... coking coal business in a terrific mining geography uh... we very excited to integrate that business into the core And as I said earlier, we expect that transaction to close by Q3 of this year. We also bought out the remainder of MARA, the 56% that we didn't own, to move to 100% ownership in this brownfield copper project. It's a terrific copper project. It is low capital intensity, long life, good grade copper project in Argentina. very near the old Alhambra, very close to the old Alhambra, so the ability to bring this to market when we want to bring it to market is de-risked significantly given the brownfield nature of that business. Our joint venture with Tech in the New Range Copper Nickel project. We had, in fact, established that joint venture in the previous year, but during the course of 2023, we bought out the remainder of the minorities in the Polymet company, which we were the majority shareholder in. So now we've gone to a full 50-50 joint venture where we own 100% of our 50% share in that joint venture. Another brownfield project, and we look forward to working with Tech on developing that as the various approvals come through. And lastly, an acquisition of 30% of Alinorte and 45% of MRN in Brazil. This is one of the world's biggest and one of the world's best alumina refineries. It's low carbon. It's a terrific operation, very efficient operation. We closed that transaction towards the end of last year. We're very happy to partner with Hedro, a world-class organization, and this is a Tier 1 asset that fits very well into our portfolio. On the sale disposal side, as you know, we announced our Viterra-Bungi transaction, $1 billion of cash, $3.1 billion of Bungi stock. Again, that transaction we expect to close sometime around the middle of this year. A value accretive transaction for Glencore, a bigger, better agricultural business created by putting these two excellent companies together. Mopani is an asset that, as you know, we sold to the Zambian government a number of years ago using a vendor finance loan. That was the structure. The government of Zambia has now entered into agreements or about to finalize agreements with a buyer where we will be able to recover a portion of that loan. So we look forward to that cash flow coming back into Glencore. Connie Ambo, as we forecast and foreshadowed you in the course of 2023, we said that come the end of, come Q1 of this year, we would, well, we would work to ensure that we, well, we are committed not to fund ongoing operating losses. Now, we work very closely with the French government. We work very closely with our partners in New Caledonia. Given the state of the nickel market and the significant changes over the last 18 to 24 months, As you know, we've announced the decision to transfer Coniambo into care maintenance, warm care maintenance, from the 1st of March of 2024 for a period of six months. And in that period, we'll investigate the opportunities for a partner to come in and take over our share of Coniambo. But we've kept our commitment to the market, to our shareholders, to our stakeholders, that we will not continue to fund operating losses in that operation. And then lastly, Volcan. Volcan is an asset in Peru, as you know. It's a sale process underway, and we're looking to see a result from that process sometime in the coming months. And with that, I'll turn it over to Steve.

Thanks, Gary. Good morning to those in the room and those that are on the screens and listening through our webcast at the moment as well. I'll spend the next few slides obviously running through our 23 performance. We'll look at balance sheet and capital management as well. Spend a bit of time on the 24 to 26 guidance. A bit more information is being delivered here at the annual results presentation in respect to projections around CapEx and costs of production over the next three years, which otherwise would have come at the time of the investor update in December, which we held it back for this presentation. And we'll of course do our update as we do at regular times during the year and respect our illustrative spot cash flow generation at spot prices and just looking a few EVR snippets that we'd look to introduce there on some sort of pro forma basis as we look forward. So on this slide, Gary's spoken to many of these points. We'll get to more detailed slides later on. But at EBITDA 17.1, quite healthy by historical standards. Not particularly material, but there was sort of towards the sort of accounting adjustments back in the copper business, it was around $200 million. of some non-cash inventory-related adjustments that went through at the EBITDA line as well, obviously not cash flow flowing through. So you could arguably add back that sort of two, and I'll talk a little bit about it, impacted costs and reported results on the copper side. So could have been 17.3 before that number as well. We'll get through the EBITDA waterfalls, the EBITDA slides as well. Net debt at 4.9. That also in context of having paid out, as Gary said, 10.1 billion of Sheldon returns during 2023 and having expended money on CapEx and developing the business. Readily marketable inventories has come down a bit with some of the lower prices as one might expect, but that's working well within the business given the strong marketing performance and the and embedded ROEs within that business as well. Very strong, healthy liquidity levels within this business, $13 billion at the end of December, committed lines. We have increased that in February by signing an additional $3 billion committed one-year facility. So more like 16 as we sort of on a pro forma basis as we look at our liquidity position from that. Well, of course, through the cash flow generation, our ongoing refinance activities, that will allow us to quite comfortably fund EVR and generate the cash that we're doing at the moment with a net debt adjusted EBITDA of just 0.29 and still comfortably in that very low levels on any pro forma basis. If we look at the industrial headline, as I said, there'll be a more detailed waterfall slide which will run through the different variances. Overwhelmingly, it's down to commodity prices during the course of 2023. Quite a bit on the energy side, just given the leverage we have clearly in that business as well, producing around 110 million tonnes. And we saw realized coal prices, some of the main indexes were down roughly 50% period on period. But good cost containment within coal, and we'll see that as we look at some of the cost analysis going forward. Realized prices across cobalt, zinc, and nickel also had their impacts as well. but still a healthy by historical standard and still quite good percentage margins as we look our way through. Within the metal side, quite clearly, it can be a differentiator positively or a headwind at the moment is our cobalt business as well. It is a commodity aligned with nickel and maybe lithium on the battery side that is suffering from oversupply and depressed prices at the moment. So that has heavily impacted some of the copper Africa earnings. We've produced $40,000 40,000 tonnes of cobalt production in 2023. And it's not only the 50% reduction in metal prices, also the payability on the hydroxide that had moved from somewhere in 70s to potentially low 50s during the course of the year. So the actual realisation for us on product out of DOC was more like 65% down as opposed to the metal. or 50%. And of the copper earnings, which we'll see later on within the overall metals business, was down 3.8, 1.8 of that within copper. And the African business was 1.4 of that 1.8, which was our KCC, Katanga Operations, as well as MUMI. And just pure cobalt was around $600 million, $700 million, purely year-on-year respective realizations on that business as well. The other big year-on-year variation within the metals business was in nickel, which was EBITDA flat for the year, having generated around $1.3 billion. And in that 43 was negative $4.55. Just on Connie Amber, Gary's spoken about trying to arrest and reduce the funding and cash consumption, which unfortunately we've been exposed to over the last number of years as we go forward. And as part of illustrative cost and cash flow analysis going forward, we see that nickel business ex-Conny Amber at these prices being roughly a $500 million business. So we'll see a nice pickup. Obviously still a relatively small part of business, but should start turning from quite a material drag in earnings to something that does contribute certainly at the margin while we see how nickel goes more long term. Obviously, energy was the coal story, as we'll see on the next page. In terms of variations, overwhelmingly, you sort of need a magnifying glass to see some of the other bars. If you look at price on the 13.1 as we work our way forward, of that 13.1, 10.3 of that was purely in coal, other than that almost explained all of the coal year-on-year variance. And that's across, particularly in thermal coal, where we've seen Newcastle and APR4s down 52%, 55% as well. On the metal side, which cumulatively was $2.4 billion down in variance, it was pretty much equal contributions from the copper business, but within that it was really cobalt. We were 0.7 down in the copper business, 0.6 was pure cobalt. Copper itself was relatively resilient during 2022 and 23. and should be very supported and healthy going forward. Zinc was 0.7 and 0.9 as well. We've shown some of the realized variations in our production report a few weeks ago. We showed the realized price period on period in zinc was 27%. In nickel, it was actually 28%, notwithstanding that 16% was the metal price movement during the year. And that's the huge discounts that opened up, particularly for the ferro-nickel product out of Konyamba. They were just expanding as their product competes, particularly with the Indonesian products. NPI. So pricing was the main factor. As we look, this is obviously a full year scorecard on volume cost and volume we finished flat for the year. We were actually negative at the half year at minus 1.3. So there was a positive pickup in volume. We had a strong second half performance pretty much across the board. You would have seen that in the production report Quite recently as well. And finishing the year at zero was a little bit was positives in particularly in coal having recovered from some of those weather blockades, other logistical disruptions that we saw in 2022. There was a bit of a pickup in coal volumes and some small and some negatives across the metals business that contributed negative 0.7 on volume. That was 5% lower on copper and cobalt, some in Africa, some in smaller businesses, and nickel pretty much across the board. And we'll see later on in our guidance on nickel in 23 into 24, we'll see a pickup both out of Australian and Canadian business and that anchors a business that at least has some positive contribution at an EBITDA level as well. Cost as well, pleasingly, we have peaked and we've seen the worst of the inflation cycle through the current cycle. At 1.3 cost, 1.1 of that was seen in the first half of the year. And in fact, the 0.2 that's just there notionally now for this period is really just that non-cash copper adjustment that I spoke to earlier. So it was flat on cost, and you'll see some of the cost analysis historically in 23, 24. Cost in all of our businesses has been moving down as a function of inflation having peaked, a function of volume and other efficiencies that we've got within the business. So cost... Zero, that's in local currency, nominal costs as well. We've had some sort of benefit from some of the currency depreciation, particularly within Australia and South Africa as well. Over the full year, some of the cost increases that we have seen, but they were really something that we were tackling earlier in the year. As I said, they've peaked, and in some cases they've even moderated. It was across explosives and freight on the coal side. Of course, in South Africa, we've moved to more trucking, much more expensive within that particular business as well. That does come through the cost line. Reagents and explosives also in the copper business. We've seen labor consumables in the nickel business. And down in South Africa, electricity obviously is a continuous challenge down there in terms of these local costs. We pick some of that out through the RAND depreciation, but that does go through that particular level, and that's particularly alloys business as well. If we then look at quite a busy slide, and Martin Mon's done a good job of consolidating maybe what might have been sort of three or four slides historically, but this gets all the main commodities as a 22 to 23 recap across classic cost-volume profit analysis that we have across copper, zinc, nickel, and coal with some explanations at the bottom across all three of those categories. Production, I think we've covered quite well in the production report. We'll see how 23 obviously rolls into 24 to 26 on the upcoming slides. But in terms of copper finishing at $4 billion with that non-cash, it would have otherwise been $4.2 before some of those year-end adjustments, particularly in the African copper business as well. A big impact was clearly the byproducts, where we went from a 105 cents credit across the business to just 50 cents in 2023, 48 cents increase. Headline you can see before byproduct, 185 went to 220. Take out the 10 cents non-cash, it really was 185 up to 210. That was up about 13% year on year in terms of cost before byproduct. That was the inflationary pressure coming through the business. That's moderated and in many cases is starting to come down as well. As we look forward, spot illustrative for the copper business now is a little bit above 4. We're at 4.1, slightly declining cost structure in 24, held back by lower antimony tons, which impacts our copper business, should then start. working its way down as we get through the next two or three years. On the zinc side, 2022, a tough year in the zinc business, particularly exposed to European power prices and the smelting part of the business. That's been part of the reduction in in costs from the 321 you can see to the 308 during the year. Buy products relatively flat and period on period we were 42 cents a pound in first half, 49 for the first year. Price really reduces quite heavily post-buy product as we go into 2024. We've got the ramp up of JIRM which finished the year ramping up in 2023 reasonably well. We still got a ramp up profile during 2024. We'll look at some of those trends going forward. So at $1 billion of EBITDA for last year, it's the biggest pickup on a spot illustrative to do with costs and volume picking up somewhat. It's looking at sort of a $1.8 billion business as to where we see it at the moment. Nickel having been flat, that's with Connie Amber. We'll look at what it looks like, that business without Connie Amber in 2024, that looks at illustrative. at a 0.5 billion business going forward. And coal, of course, 8 billion with still higher margins as we saw an average Newcastle price during 2022 of 360 in 22. 2023 was 173. We're running spot illustrative at a Newcastle anchor of 122. That's still a very strong business at 4.5 billion of EBITDA, generating a lot of cash because it's really sustaining CapEx and the ongoing managed rundown of that business over the next few decades, if we like. So I think that's an historical context. I think more meaningful will be really looking at that business over the next few years and some of the cash flow generation, all of which is very healthy at the moment. On the marketing part of the business... As Gary said, a strong outturn at 3.5 billion. You can see at bottom right by historical standards, it looks strange relative to the 2022 sort of outlier, maybe a once in a X number of years event. We were happy to take that. It certainly contributed both in the marketing and the industrial to those outsized return, but it shows the leverage and the capability of this business that can out-earn and out-perform during particular periods of of both energy and other commodity shortages and spikes that we may have as well. A good even contribution at 1.7 apiece across both metals and energy, and even between first half and second half was very stable, 1.8 in the first half, finishing at 3.4. Guidance for what it's worth at this stage. It's obviously early in 2024. is sort of 3 billion of EBIT anchored around middle of the range, a normal middle of the range of 2.7. We're still in elevated interest rate environments. Part of our EBIT is capturing interest that's recovered through our transactional terms. So you are recovering that at some sort of additional spread relative to what would be a more normal interest rate environment. So quite comfortable on that 3 billion. Wouldn't be putting less than that in models at the moment as we look to 2024. If we then look at the net debt trajectory, we started the year flat and we had funds from operation, $9.5 billion. That is after, which is part of how funds from operations, it will be your operating cash flow, that's post-interest, post-tax. There was a very material lag on our tax payments in 2023, H123, in respect of the particularly the energy earnings in Australia and Colombia through 2022. Mechanically, you pay provisional taxes. You file your return in Q2 of 2023, and you pay these big catch-ups in respect to the previous year. That was $2.7 billion. It was $1.8 in Australia, $0.9 in Australia. in Colombia. And if you look at page 27 of the financial statements, you'll see the income tax payable line has gone from $4.6 billion, which sort of reflected the fact that we still had to catch up, has gone down to $1.8 billion. There was a reduction of $2.8 billion. So that's just obviously had to be paid, absorbed, and we're very happy to do that. The more tax, the better, clearly within... within earnings, but you have some mismatches and you have some timing. The net capex cash flow at $5.6 billion, Wayne Lyon headlined $6 billion of sort of capital that went onto the balance sheet. There was some proceeds and disposals and a few leases, but net cash was $5.6. We dispersed 0.5 on M&A. All items were Mentioned by Gary, we bought the Eleonora towards the end of last year, around $0.7 billion. We bought out the majority of Mara to take 100% at about $0.5. And we got most of our COBAR proceeds during last year at about $0.8. There is some deferrals that are still going to come through. We had 275 million deferrals. In fact, one of it's already been paid, as Mac did there. capital raise over in Australia in a few weeks' time. So 75, and we've still got different contingency amounts that's still part of that consideration. We released some non-RMI working capital, 2.8 billion for the full year. 2.2 was in H1, 0.6 was in H2. There's still some float within the overall business that that could come back at some point. I would say we're still not quite in neutral. There's still potentially a bias that some of that, even in a normal cycle, should come back within non-RMI working capital. $10.1 billion of distributions and buybacks, finishing the year at $4.9 billion, having done a lot of good business and shareholder-friendly payments during the year as well. What does that mean now with particularly pro forma wise EVR? timing of shelter distributions and what we've done in terms of capital allocation. The distribution policy mechanically has been in place for three or four years now, as Gary went through, is the billion dollars in marketing and the 25% of industry cash flow. That's sacrosanct-based distribution. Take it to the bank. That cash is coming each year. And then there's a consideration around top-ups that we do from time to time, at least twice a year. That equates to 13 cents a share, still a 3%... cash flow yield on the like. Given EVR, and we're comfortable and we think that that's a good piece of business that the company's done in terms of risk-adjusted returns, long-term quality business, and we're always considering Deployment of capital. M&A is one of those. Buybacks is one of those things. This definitely competed for the company's attention last year as we went through our sort of capital allocation. What it clearly does do is put a pause on some more sort of distributions. But long term, we're very comfortable that the shareholders will ultimately be rewarded. through cash returns and long-term longevity and optionality and value creation that exists in the business. But we did start at 4.9. We'll spend the 1.6 pro forma for the 6.9. And we'd announced back in November last year that the business will now be managed towards a the same process of capital allocation, but we've reset the $10 billion down to $5 billion in preparation for the intended demerger within 24 months. That's effectively to say the metals business X coal is a smaller business. It's got a different profile. It's got CapEx profile. It can't necessarily... at the ratings and capital strength that we want, sustain at $10 billion. The coal business of itself is a cash-generating machine, but we've assumed that spin it out debt-free. That can be challenged as to whether it can take on some debt, and we can sort of look at different structures. But in the ordinary course, we said we want to get to $5 billion. What does that require? Once we've taken on those two yellow bars, we've got to reduce debt down 8.4%. As we'll see later on, the business is generating $5.2 billion of free cash flow. That's ex-EVR. EVR, highly cash-generated, will come in at some point. We've just shown illustratively basis text numbers. What a 1 July, both in a volume and on an annualized basis, this would be around $3 billion for our 77%. That, of course, is going to help in some of the deleveraging we've got for Terra. There's a cash element, maybe some working capital. That gives us confidence that deleveraging towards $5 billion will comfortably happen within the 24 months. You're going to put in your own assumptions around prices and cash delivery and the likes, but that sort of prepares the business, if you like, for getting to that 10 and allowing a demerger proposition that we talk about going forward. That will still be pay-to-base distribution. Have some patience. We think the capital allocations make sense. We think we've done some good portfolio management during the business shield, as we'll ultimately be rewarded in spades. In terms of CapEx, We've shown here where we've spent the money in 2023 is $6 billion in terms of capital onto the balance sheet. The cash flow respects after sale of PPE was 5.6, which we saw in the cash flow slide before. We've given different buckets. I think it's quite useful as to where that's being spent across the business, both in commodity and some of the major categories. You can see across processing, across fleets, fixed fleets, mobile fleets, tailings, deferred mining, all the different categories there is back in the appendix of the presentation as well. There's a slide 29, all means peruse it, bedtime reading maybe later on. More useful and more important going forward, what does it mean? 24 to 26, we've got an average 5.7 billion industrial capex. We haven't given year by year because that is a mugs game. within this business as well. The exact timing of cash flow projects, expenses, milestone payments, delivery, and these things, we're very comfortable that that's a good average over 5.7 from an overall long-term business. It doesn't really matter whether it's a six in one year, a 5.4 the other year. We've historically underspent. Sort of there tends to be a more lag in some of that as it potentially sort of moves out. So we said 5.7, very comfortable that that's That's something that's where the business is set up and will support the delivery of production and some growth within the business as well. Separate from that, because we didn't want to contaminate what that base business is, we have earmarked $400 million in aggregate to the key Argentinian growth projects, both in Mara and El Pachon. That's cumulative, both projects over three years. Both is in, I'm not saying it's 50-50, but it's both sort of 100 million plus, at least in each. That just shows quite significant effort that the work and the team is doing to get these projects further up the value chain in terms of exploration, studies, engineering, drilling, community work, some civils, various sites and stuff that they're doing at the moment. It's getting more intense. Senior management will be making a trip down there to also Argentina in the next two weeks. month or so it's quite an exciting proposition gary will talk about some of the copper growth as we as we look forward this is x evr of course we don't own the business going through the various approval process expect by expect by q through the majority of the capex as we look at that three-year period 50 percent uh is in copper uh kalawasi spending quite a bit of money you'd see that through some of the jv partners as they report some of their own uh views of that um there's a processing projects to get it to 185 tonnes per day, ultimately to 210. We'll see Kalawasi starting to increase production through this next three-year period. I'll talk to that as well going forward. There's quite extensive deferred stripping fleet replacements, which is normal part of the business in these very big open-cut operations. Nickel completion of the Onuping depth, that by the end of 26, 27 gets our ex-K&S business back towards the 100,000 tonnes of nickel per year. Coal is just sustaining fleet replacements, mining operation as we go through. Even top right to bottom left, you can see coal is sort of continuing to shrink as a percentage of that overall sort of capital pie. You can see that top right, it sort of goes a little bit through a quartile. It's about 25% and then it keeps reducing as we look at those. In terms of guidance, I think some important slides just to wrap up and then I can... And back over to Gary as well. On the production side, 24, we pre-announced that already at the time of the production report a few weeks ago. Copper-based business is actually slightly growing, and that's before the 27 to 30 trend, as I'll say. We sold cobalt. That's the reason for the 23 to 24. And 25 to 26 is during that period that the mine's Mount Isa copper operation. uh reaches reaches end of life which was also announced uh mount isa produced 69 000 tons of copper in 2023 so that moves out of the system in the 25 26 period you do have some increases particularly khalawasi as i said in 26 and uh and mount isa goes down as we look towards 27 30 that period uh we see katanga particulars having being held back at a 220 thousand tons per year, moving to the 260, 270 thousand. As we get into 27, some of that is land access, some of that is sort of advancements in stripping and ore access that we look in that business. And then clearly 27, 30 is a period when we should hopefully start seeing some of deployments of capital towards some of those longer term, particularly brownfield ultimately, so El Paschon is obviously there as well. Gary will talk a lot about, but the trend is higher in copper where we have that million tons per annum of expansion capability. Cobalt for now has been taken back a little bit in 24 on account of MUMI sort of slowing down some of its potential both in cobalt and in copper. And then 25, 26 that could be brought back, obviously still subject to market conditions, but that's a working assumption that volumes step up again 25, 26. In zinc, you've got a step You've got JIRM in 24 being a positive movement. You've got Antamina having very low zinc variability, particularly in 2024. You'd see it in tech and BHP to the extent that they provide some of that. But just our share is about 50,000 tons of zinc lower, just in 24. It then bounces back, Antamina. So it's very variable, very... volatile, particularly on the zinc grades as it moves through its plan as well, and then gives up some of that again in 26. And zinc in 26, you've also got the Lady Loretta satellite operation at Nan Isa reaching its end of life. All that culminating coal fairly steady through this next three-year period and then starting to move towards its decline with five operations having closed in in this more recent period and you've got at least seven reaching closure times towards the end of the 30s and then meeting our 2035 part of our 50% reduction in complete emissions by 2035. Overall production, even X EVR, relatively flat, you can see in copper equivalent units. EVR, we put in there our 77% of the 25, so it's 20 million tonnes or so. And that adds 16% copper equivalent volume to this business, reasonably material, as we look our way through. What does that cost doing? All of it's heading, finally, in a positive direction, whether it's due to byproducts, whether it's due with inflation. So on the copper side, this year, as I said, we expect 24 would have even been lower, but for Antamina, which you normally contribute. Antamina steps up again in 25. So if we roll that forward, all things being equal, you would have another step down, even with cobalt prices being where they are. Zinc steps down quite materially in 2024 in the post-buy product. That's effectively JIRAM ramping up a lot of that, so you get the denominator impact as you get more units, and additional buy products out of Kazakhstan, Australia, gold, silver, lead as well. Nickel, big rebasing around non-KNS at a $4.89 post-buy product across Canadian and Australian business. At least we can hopefully start taking brackets away from numbers within nickel business, and coal continues to hum along at very good cost structure, 66.8, and a strong margin environment as well across our business. That's obviously ex-EBR as well. And finally, a slide before I hand over to Gary. I think it's probably almost one of the go-to slides as people sort of calibrate this against their own models and thinking. And we obviously have the benefit of sort of real-time access to this information and what our business is doing at any point in time. We've got an updated spot prices. This was end of January. As we see prices today, we would think it's probably slightly higher with a recut. We've seen metals prices in nickel, copper looking okay as well. So we've got $4.1 billion in copper. I've given you costs. I've given you production. It's just mechanically... doing the maths around that. Zinc business, a nice step up given the both volumes in its business as opposed to the byproduct units in Antamina. Nickel XK&S is 0.5. Coal, 4.5 billion at a anchor Newcastle forward 120, which is about where it is at the moment. Other is the oil, the alloys. Hopefully, Alley starts kicking in a little bit as we move forward, having having bought the Alinorta business, this is where it would go, our equity pickup of those businesses going forward. Marketing, that's at a $3 billion EBIT. There's $15 billion interest tax, and CapEx at the 5.7 gets us to 5.2. Within the $4 billion, which is footnoted later on in the presentation, there is a preliminary estimate for K&S care and maintenance costs. So that is in there. Of course, there's some cash that's there to support that business. But we've taken it out of the... the nickel business specifically and put it down into another category. It's still an estimate, still working with the team on what that might be. And then EVR, just basis tech numbers, are 20 million tonnes, or maybe a little bit under 20, with their range of 24 to 26 at their recent costs and a forward price on coke and coal of the 290 at a 92% overall realisation across the portfolio gives you a $3 billion for us, 77%. So that starts looking at what a pro forma business could look like on a 12-month basis. And then, of course, as you flow that $3 billion, yes, we've got to fund $6.9 billion. Yes, there's capex, but it's materially accretive in terms of cash flow as we go forward. So very excited about bringing that into the stable, generating the cash, getting our debt down to where it is, and keeping shareholders happy. So with that, I'll hand back to Gary.