Harmony Gold Mining Company Limited

Good day, ladies and gentlemen, and welcome to Harmony Gold results for the financial year ended June 2020. All participants will be in listen-only mode. There will be an opportunity to ask questions when prompted. For the benefit of other participants who have joined via their HDB phone, please ensure that you've given your microphone permission to make yourself audible before accessing the question queue. If you should need assistance during the call, Please signal in operator, operating star, and then zero. Please note that this conference is being recorded. I'd now like to hand the conference over to Mr. Peter Stoenkamp. Please go ahead, sir.

Thank you, Judith, and good morning, everybody. Thanks for joining us here at the Financial and Operating Results for FY20. That's the year ending on the 30th of June, 2020. With me in the team here, I've got Boy Pelo, Frank, and Sheguh. as executive directors, Max, Marianne, and also Herman. So please feel free to ask any questions later. Just in terms of our results, you know, our key features of our results is really a 9% increase in production profit to 7.1, close to 72 billion rand. We had a 3% increase in average, or decrease in average recover grade, 4.45 versus the 5.59 we had in the previous year. and a 9% increase in the revenue to R25.2 billion. The company achieved a better than expected production performance in the fourth quarter of FY20 despite the COVID-19 challenges. And we had a 25% increase in the average gold price received. So that has really been a good tailwind that we had. We continue to make good progress in executing our strategy of producing safe, profitable ounces and increasing our margins. Our drive for safe answers was never more applicable than in the last quarter of the financial year as we faced the challenges of managing and mitigating the risks presented by the COVID-19 pandemic. Despite the impact of the South African lockdown and the phased restart of mining in the country, we are pleased to report higher than anticipated production and substantial delivery against our strategy in the last quarter of the year. We are well positioned to benefit from the anticipated continuing strength of the gold The newly acquired assets will help grow our production, and as conditions improve, ONI has other Tier 1 projects such as Wafi-Golpu and a pipeline of organic projects in South Africa to incorporate into its portfolio. We'll take any questions if you have.

Thank you very much. Ladies and gentlemen, at this time, if you'd like to ask a question, you're welcome to press star and then 1 on the keyboard on your screen. at which time we will hear a confirmation tone. Following this process, we'll place you in the question queue. Once again, for the benefit of all the participants who have joined via the HD web phone, please ensure that you're given a microphone permission to make us affordable before accessing the question queue. If you decide a question has been addressed and you should withdraw your question, you're welcome to press star, then two, and you touch the button to remove yourself from the question queue. Just a reminder, if you don't have asked a question, you're welcome to press star, and then one. The first question comes from Arnold van Kraan of NetBank.