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.

Yes, good morning, Peter and team. Thank you for taking my question. So, Peter, my first question is around flexibility and the operational impact of the lack of flexibility. So where I'm coming from is I see you've had some high grading following the lockdown, which is understandable. You've also had reduced development. My worry is that this lack of flexibility could have a material impact on your output going forward. So the questions around that is, at mid-year, you already had some great issues at Kusasa Letu and Moab, and you had some infrastructure issues at Target. So the questions are, how far did you manage to resolve those issues before the lockdown? And then given that, plus the sort of reduced development how do you see that playing out over the next few years a few few months when will you catch up the development and have you taken the lack of flexibility into account with your with your guidance so i'm just really worried that you know in a couple of quarters from now a lot of these issues could could materially impact uh production so that's my first question maybe let's leave it there and i've got a financial question after that thanks

Thanks, Arnold, and you're 100% correct. When we started back at work, and especially when we had the 50% of our employees back at work, we obviously had to deploy them into our stoping crews. There were areas where we had flexibility issues prior to the lockdown starting, and it's really at Sapong, so we did start some development at Sapong earlier than later. For that reason, Sapong, if you look at their production build-up as far as gold production is concerned, was a little bit slower than the other mines because we had also crews that we had to deploy into development at the time. So, yes, we obviously, you know, when we had the lockdown, we had to make emergency plans, and we had to respond to that at the time, and we've done it in such a way that it could do. Just prior to the lockdown, we actually had very good momentum on all of our operations. Even in Casas Aletu, we had quite a good performance, and we had a stunning performance during the lockdown from Casas Aletu. You know, the grade recovered back to the six grams a tonne, And we will see going forward that, you know, will actually have a very, very good time going forward. So we threw that area that we mined into that terrace reef that we had to redeploy crews to other areas at the time. So as far as flexibility is concerned, we took it in consideration for our guidance that we had at the time. Obviously, it is very difficult to guide. And I want to make it very clear because we don't know what the impact of COVID is going to be going for. Will there be a second wave? Will there be further kind of things happening? We don't know. We take the best possible step at it. At the moment, COVID is really an issue that we've got under control. We've got about 61 people at the moment affected by COVID in the total company. And, you know, so we really got it under control now. But looking at going forward, we obviously had to take where we are at the moment, replan the mines in terms of, you know, what our current situation as far as flexibility is concerned. And in general, I feel comfortable with every mine as far as flexibility is concerned. The one that I'm a little bit worried about is Tsepong, but Tsepong at the moment, like I said, we haven't returned all the crews to Tsepong yet, stoping crews. We will probably build them up in the next month or two to get them right. But the rest of the operations, I think we are fairly okay. And obviously we know what is our critical ends, critical ends that we need to blast, and we focus on them, you know, up to a very high level in our organization to make sure that those things we've got, you know, development control rooms that runs the operations, We've got things in place that really manage the things well. The figures are very visible, very high up in organizations.

Peter, thank you very much for that. Good luck with that. And then just a quick one for Pelo. So you talk about some cost-cutting initiatives, which again is expected. But Pelo, can you just give us a rough overview of where these costs are coming from and where the that can have any impact on productivity going forward?

I think, obviously, if we contextualize that, looking at our costs, 50% is labor. So, I mean, we continue to pay our employees in the initial period of the lockdown. There were some employees that did forego cuts in the latter part of the lockdown. 16% of our cost is electricity. where we did obviously with our energy saving initiative, but these costs were not necessarily that material. Over and above that, there was some force measure that we instilled with some of our supplier contracts. During that period, to ensure enough liquidity, we did draw down a little bit on our facilities, but that was subsequently repaid post-year end. So I'll elaborate that more as more of the cost-saving initiative. Further to that, we did reduce capital spend. I mean, there was cuts on development, so a lot of savings were achieved in that. So in a nutshell, that was pretty much it.

Okay, thank you very much for that. And yeah, just well done under very tough circumstances and And particularly well done on your response to COVID and all the initiatives that you launched on the back of that. I think it's commendable. Thank you. Over to the next one. Cheers.

Thank you. The next question comes from Adrian Hammond of SPG Securities.

Morning, everyone. Yeah, likewise. Well done on a good set of numbers. I don't suppose you have a normalized HEPS for us that you could give us some time, which would be interesting to see. I just want to ask on the derivative loss that you record in the income statement, $1.678 million, what of that was cash?

So Adrian, you know that with our gold forward and sell derivatives, we apply cash flow hedge accounting. So most of those unrealized gains and losses we record in the statement of other comprehensive income. So what you see in that 1678, about $1.4 billion relates to mainly the Forex contracts. And we've got about $235 million of the unrealized losses on the reclassified, or rather the hedges that we discontinued hedge accounting. That was really due to the restructuring. So we do provide quite a detailed note in Note 11 of the financials where you'll be able to see a reconciliation of that as well as of the hedge reserve.

Yeah, so in summary then, that 1678, there's no cash there. It's all unrealized.

No, no, that is realized.

It is realized?

Yes. So the unrealized losses, which is approximately 5.2 billion rand, that sits in other reserves. We apply cash flow hedge accounting on that.

Right. But there's also some realized losses coming through revenue, correct? Correct.

That's correct. That's on the Rangold hedging, so that's $1.4 billion that's included in revenue, which is a loss.

Okay. Thanks. And then just your position on CapEx for next year. I don't think you've given us guidance on that. And with that, what do you expect to spend at Golpu and your position on that asset? And I'd also like to understand a bit more I see you've given a, in terms of your cap allocation framework, you've illustrated an IR of 15%. What's your price assumption for that, please?

I mean, at the moment, our planning assumption is R750,000 a kilogram. Just looking at the CAPEX, we did not guide CAPEX. I think, yeah. So that will be done in October as part of our annual results. Insofar as Gulp is concerned, you'll note that because of the delays in the granting of the SML, a lot of the expenditure is actually being expensed and not capitalized. So that you'll see under exploration expenditure.

Okay, great. Thanks very much.

Thank you. Ladies and gentlemen, just a reminder, if you have a question, you're welcome to press star and then 1. The next question comes from Patrick Myrne of Bank of America.

Hi, good morning, Peter and Boitello and team. Well done on the fourth quarter. First, I'd like to echo Adrian and everybody's points. I just wanted to ask on the unit costs. So, you know, they were up 18% rent per kilogram and, you know, obviously your volumes were down and that, you know, we understand that that plays an impact. Just, i'm not 100 sure why the cost guidance for 21 is then up another six to nine percent off that base because it feels like a a high base right because you know it's up 18 because your volumes are down because of covert um and then the guidance for 21 is 690 to 710 on all in sustaining costs so um maybe just help me understand that is that uh dropping um you know your planned grades is it s common wages uh you know i'm just i would have expected that maybe to be flat year on year you know if you have nine percent nominal inflation but your volumes should go back to 1.3 i would have thought it would it would come down a little bit um thanks

I think, Patrick, our overall increase in production cost was about 8%, if you look at FY20 versus 19, which was largely expected. I mean, it was mainly really the inflationary increases in electricity and labor. So yes, obviously, with the drop in production, then that affected the unit cost. That's at 18%. So I mean, if you look at our cost guidance, again, the increases on labor and electricity as well. So it's more or less in line.

Patrick, maybe just to come in there, one of the things we try to do this year, because if you look at last year's performance, in other facts, prior to COVID, now obviously COVID had its own little plan, but if you look at the planned performance at the time, on volumes and everything else, we were there. We were just not there on the grade. So we, in actual fact, you know, had a very, very hard look in terms of our assumptions that we make in terms of, you know, things like, for instance, you know, dilutions and things like that. So we, Yafu and Bayers and even our team here at an actual level actually went quite to a lot of detail in terms of understanding our grades and make sure we don't over-optimistic in a grade again. And I think we've got a very good plan at the place, at least a very realistic plan. Obviously, there's upside in that, there can be upside in that. And obviously, as If we incorporate in Penang's latter part of the year, we would guide again in the middle of the year what our things will be. But I think one of the things that we don't want to get into the same problem again is to have the incorrect grades in place. And there are some places, not surprises, but there are some areas where we had grades. For Joel, for instance, the first part of that bottom area is a much lower stoping width than we normally have. So we don't have the volumes that we normally have per square meter that we get here. And the grade is not necessarily improving in that thing. So what I'm trying to say, I think we went through a very, very thorough planning process this year and got to those guidance. If one look actually at the cost itself, I think it's a 4% increase, you know, total cost, you know, without the units. Sure. So, yes, it was a very tough thing to guide. I'm telling you, it's not that easy to guide, you know, the impact of COVID or a second wave or, or things like that. We had some COVID-related that we know of that will have an impact, because we only have our final foreign nationals back at work in the 1st of September. So, you know, it took us forever to get them into South Africa. You know, we got them in drips and drabs and things like that, etc., which we, you know, there was actually quite a, you know, I would say if one thing in the COVID thing that didn't work well is actually bringing the foreign nationals back. And it's because we had Home Affairs in there, we had the police in there, we had You know, we had the Department of Labor, Department of Health, and everybody had to put some tie and sprag in the wheel to get people back, and eventually we got them over the line and got them back. And, you know, it took much longer than we expected it to take. But, yes, I think the guidance at the moment, I would say, is probably a fairly conservative guidance, but, you know, we will keep people updated as things change.

Okay, thanks very much. Maybe one more, if I may. Just around your sensitivity of this to the price.

I mean, it's used in, I think, 750 or... I think there's just an interruption, if you wouldn't mind just repeating.

Hi, can you hear me now? We hear you well now. Thanks, Freddie. Sorry. I think you're still using around $7.30 for reserve price, somewhere around there. I'm just wondering if there's any upside to reserves or life of mine.

Sorry, Patrick, your line seems to have been distorted. Are you able to come close to your microphone again and repeat the question?

We've lost Patrick now.

Patrick, your line is still open. You might have unintentionally muted yourself. I think he's got technical problems on that side. Ladies and gentlemen, just a reminder, if you'd like to ask a question, you're welcome to press star and then one. I'm sure Patrick Mann will come back in the queue. Our next question comes from Shannon Moody of UBS.

Morning, everyone. Thanks for taking our questions, and congrats on a strong finish to a tough FY20. A couple of questions from my side. Just in terms of hedging, I mean, you've had a consistent hedging policy for the last few years. What's your thoughts on hedging going forward? I see you have extended your hedges into F22 now. Just, you know, maybe your thoughts on hedging, you know, given the loss that you accrued from hedging in the last year. And then are you also going to increase your hedges given Mpening and Mineway solutions will get integrated in the next couple of weeks? I'll follow up with a few more.

Okay. So our hedging, approved hedging policy is 20% on production and 25% on forex. And we intend to maintain those limits. We have been adding a couple of hedges, which you'll note we presented our hedging position as at the end of June and August. So I think earlier on I did say or mention on an earlier call that given the assets that we do have, we believe that hedging responsibly is a good strategy to lock in healthy margins. So definitely, yes, with the inclusion of imponning, it does present an opportunity at these levels.

But again, only at the 20%, not more than 20% of the production.

Okay, so I can assume that you'll have a similar, like 20% of imponning and mineway solutions will get hedged.

That's correct.

And then, just in terms of integrating imponning and mineway solutions, I know it's still early days, but Like when I do the math, there was some cost reduction that I can calculate when probably about $100 an ounce when you integrated Moab into your operations. Can we expect something similar when we look at opening and mineway solutions? And then the last question I have is just your priorities for cash in the next two years.

Thanks. I'll take the first one. I think, yes, obviously there's opportunities. The one thing that we had, other than we had with Moab, is that we had a conditional competition commission approval. This time around, we had an unconditional competition commission approval. So there's nothing that stops us from restructuring from day one. Obviously, we'll do it in a very responsible way. We will obviously first want to understand precisely what we get. I mean, in the due diligence phase, we've got quite a lot of insights, but You know, we have to be on site and actually, you know, especially the off-mine costs and see how we're going to deal with that, incorporating that into the current harmony cost. So that's obviously an exercise that we will do, and we will guide our way forward in terms of where we are and what we see we can do going forward. I think importantly, there's quite a lot of opportunities from the synergies that we have from, you know, combining surface sources, converting plants into... into trailing street treatment and those kind of things because I think that is a wonderful opportunity that we have in that area. But then, yes, we're confident that we'll be able to drop the cost. We look at the ratios management to employees in Harmony and there there's obviously much more higher level of employees per, more Cowboys and Indians in that ratio. that we normally used to in Harmony. So we'll do all of that work. But yes, we're very excited to go there. We haven't been able to go on site because obviously the COVID things also have an impact. But then secondly, also, you know, I think this time around we've, you know, normally when Venkat was there, he was quite happy for us to start talking to the more people, et cetera. So far, we haven't been able to. I haven't been on site yet. So hopefully we can do it next week. and start talking to the people and getting them over the line. We're very excited about this. It's a very fantastic opportunity for us. And I think the people, knowing that we know now what we've done with Moab, and we can do a similar thing, you know, we'll get those people really, truly harmony supporters going forward, convert them from the previous, you know, like changing a rugby team or something like that, you know. Yeah.

Penang's also right next to Kusafalete. Are there any synergies between the two mines?

I think that is the one thing, and what we want to do is to really see how can we actually integrate the two mines into one and get them into what can be the possible synergies. One of the things is obviously we only need one surface plant, so that in itself makes a thing, but also from a management perspective, should we not make them a one-mine operation and a mega kind of mine with one management team, etc., etc.? ? So there's a lot of things that we can play with, but none of them is concrete at this point in time.

Okay. And then just your priorities for cash for the next two years.

I think definitely given the current gold price environment, it will remain important for us to repay our debt. I mean, also invest in projects with strong returns, but ultimately also to start paying dividends again. I think we created adequate headroom. We were sitting at, you know, $7 billion, which is $4 billion once the acquisition is repaid. So, you know, we're enjoying quite good balance sheet flexibility right now to support growth.

Okay, great. Thanks very much, guys.

Thank you. Ladies and gentlemen, just a final reminder. If you have half a question, you're welcome to press star and then one. Any questions, please place yourself in the question queue. We've been rejoined by Patrick Mann of Bank of America.

Hi, everybody. Sorry about that. I'm not sure where I got cut off. My question was just around reserve price and your sensitivity of your reserves to your gold price assumptions. So is there any upside to your mineral reserves or your life of mine if you increase your gold price planning assumptions? And I think the one that springs to mind is Casas Aleti, which used to have, I think, a 20-plus life, and then that was brought right back down at a higher gold price. Does it make sense to run that mine for longer at lower grades, or is there any NPV accretive decisions you can make around that?

Yeah, Patrick. I mean, we've used the 750,000 rand a kilogram gold price. Actually, we did, I think, our cut-offs at about 630. So we haven't followed the run in the gold price as far as the planning parameters are concerned. For that reason, you haven't seen that our resources and reserves actually grew that much. We've kind of stayed stable, which is given the fact that we had challenges in developing in the latter part of the year. It's actually a good performance in terms of, you know, being able to, you know, keep our reserves on the same level. So, yes, obviously, you know, at the moment, we're actually mining right in the sweet spot of Casas Aleta, for instance. And we're not intent to mine outside of that higher-grade patch. At this point in time, nothing, no development is going out of that. That... kind of pay chute is actually a little bit bigger than we thought originally. So we still have about a four-year life left in Casal de Leto. But, you know, if the gold price is at this very high level four years from now, we may be under pressure to operate the thing. So what we need to do is to find ways of either pairing panels with other kind of things that we want to do, finding different ways of operating to get our cost down to actually still have very big margins at, you know, at any kind of the gold price that we have. And we at the moment actually have started with that work at Casas Aletu, having quite a number of our panels now on paired panels, and that's why we see Casas Aletu performing very, very well compared to what we had previously. So there's other kind of things that we can pull to improve our efficiencies and actually then trying to work at that. But, you know, we're not dropping our planning gold price and things like that, you know, and you know, a short-term decision, it may help for a year or two. I mean, we've seen with Massimong now that we can actually mine another year, quite in these decent profits, which we were a bit of close, but we're not going to have the mine now extending life for another 10 years and put a major amount of capital into the development of that mine that has got a whole body that is of lower grade. Massimong really has got very, very low grade left in itself, so it's not necessarily going to help. So, no, we're not following that, and we have... We very stick to that discipline. Patrick, many years ago, we followed the gold price quite well, and then we had a lot of scars on my back. It's because of that in my life. So I'm not going to repeat the history.

Yeah, makes sense. Thank you. Thanks.

The next question comes from Adrian Hammond of SPG Securities.

Just to follow up, if I may, on the environmental side of things, especially now that you're taking on two assets from Mangler Gold, which comes with obviously issues around surface infrastructure, tailings and water management. Could you just give us any highlights on what your key risks are regarding this and if there's been any changes with regards to provisions for rehabilitation, notably on the AMD side, given that you're now probably going to become the largest producer in the West Wits and Vaux River region?

Adrian, thanks for that. I think it's a good question. Obviously, we're bringing what is in the trust funds, we bring along with us in terms of that. It's a bit of a shortfall, but in a harmonious level, we've got quite a surplus in terms of our environmental trust funds that we currently have. We look at the liability and we look at the funds that we have, and I think we've got a fairly big surplus. So the net of that would be that it will not necessarily affect us in terms of our financial provisions going forward. But, yes, obviously the management of all of that is the important part of that. And I'm very proud to say that, you know, the team that we currently have that actually manage our environmental liability under the leadership of Melanie and I and Mark have done a tremendous job in the last few years. And as a matter of fact, if you look at our presentation, you see how well we've been, you know, viewed by the FTSE for Good indexes and things like that in terms of managing these things down. And she's got very creative ways of, in actual fact, bringing costs down and also find ways in terms of creating opportunities, not only opportunities for entrepreneurship in the area and things like that, but also the rehabilitation of certain areas. So yes, from a financial perspective, we're not really worried about it. Obviously, from a management perspective, we're really looking forward to the challenges to start working on these kind of things and working with them. There's nothing out there that really stands out as a major risk factor. Obviously, the water pumping in the Calderville area, but that we've resolved in terms of what our things would be. But other than that, we're okay.

And just your neighbors there being Sabanyi, the operation, should they shut or reduce pumping, does that have an impact on you and how do you work that relationship?

It will be a very small impact. And first of all, obviously, the flooding of that will take a few years. But then secondly to that, the physical transfer of water cannot be that big. So that's not a major issue for us. We obviously spent an enormous amount of time on this, and we understand it very well.

And is there any chance of taking surface tailings material – and that sounds a bit – extreme, but pumping it through the whole region to your MWS plant?

No, I think there's a better potential in Ashifak converting some of our current plants. I mean, currently we take over, when we take over Mpuneng mine, we will have Savuka plant, we will have the Mpuneng plant and the Casazaleta plant available to us, and most probably only need one plant for surface or for underground sources. So, you know, totally converted into into tailings retreatment facilities. That is obviously the best place to put money in terms of today's business cases. You take an existing plant, convert it into a tailings retreatment plant, and then work from there. So one of the first things we will do when we take over that is to actually do that study. Already we've started what we could do. We already started with that, but at the moment we can actually go on site and drill and all other kind of things. That's one of the first places we will go and look for opportunities.

Thanks. And lastly, uranium. Does that interest you, since you've been inheriting a uranium plant?

We are currently, I think, the only, that's a small business, but he's the only uranium producer in South Africa. So, Nafco, and obviously our Moab Katsong mine. So, yes, the prices have done well, so at least we're making good money. Other than the extra gold that we get out of that, we actually have a break even now on uranium production itself without the benefit of the extra gold that we recovered out of the uranium plant. So, yeah, like I said, you know, Herman can maybe put some more light on it because he's a uranium expert in our midst, but...

Yes, we will obviously look at the new assets in terms of uranium opportunities, but it also depends on the grade. Uranium process improved, but might not be at the levels to make all economical at the moment. But we're well positioned if there isn't any opportunities. And as Peter said, as we get our hands on the assets, we will take a fresh look at everything that is there.

Thank you.

Ladies and gentlemen, just one further final reminder. If you'd like to ask a question, you're welcome to press star and then one. We have a question from Mark Dutton of Oyster Catcher Investments.

Hi, good morning, everyone. If you could just, you put some last slides on the project at the end of the presentation. Just confirm that CAPEX expenditure, is that your portion of the CAPEX, or is that for the total project, the $2.8 billion? And then maybe just an update of if there's been any further progress on it at this stage.

The $2.8 billion was the original feasibility study number. for the total project 100% of the project so just in terms of where we are now obviously I think the last reporting period we did report that in February we had this so called stay of negotiation court order was lifted so you know we can now negotiate again unfortunately most of us were outside of the country because of COVID and so we haven't progressed much but in the meantime a lot of work has been done by the you know, the government, the provincial government and the landowners to consolidate their views. So we are expecting a, you know, soon to have a, you know, kind of a position paper from their side in terms of where they are with negotiations and what they would like to see out of the project. What is nice, what is, you know, positive, thinking that the minister kept on saying, the prime minister kept on saying that this will be done under the old act which is quite good for us. I mean, we're quite happy for that. And so, and that he actually are very keen to actually put that position paper on the table now. And he made a lot of public announcements as far as that's concerned, and he talked about September he would be able to have the part of the, you know, things, have their mandate resolved. So we are keen to restart with the state negotiation team. He's keen to get the thing going. Johannes and them are ready. We have people in country that can continue with the negotiations. So whenever the government is ready, we are ready.

Who is going to lead the negotiations? Is it Newcrest or are you the leader?

I will do it jointly. It's Johannes and Craig. I think they've got an equivalent of Johannes there called Craig Jones. The two of them are really the guys that do the negotiations. And they also have, obviously, teams that support them as far as that's concerned.

Okay, thanks. And then just on your production guidance, I mean, it seems quite conservative if I compare it to this year's kind of COVID-impacted production. I mean, am I correct in that view?

Yeah, I think, again, I think we've, like we explained before, I mean, we had the issue with, I think what we probably took a very good grip of is our grade. The volumes, I think, is very much in line with what we had, and the costs are more or less the same that we said before. So we're really sitting in a situation where we had to look at, you know, managing our grades. So we had a very hard look in terms of our grades, and we think we are realistic as far as that's concerned. Like I said, it's quite difficult to really, you know, predict or guide, you know, the impact of COVID. We looked in terms of what happened in the first quarter. We adjusted for that. We're not sure what's going to happen going forward. At the moment, like I said, we've got everything under control. We've got 61 people currently affected by that, so we don't necessarily have an impact on any of our production. But we still have close to 1,700 people, vulnerable employees that we haven't returned. Those are pregnant ladies, those are people that cannot, that's got comorbidities, high levels of comorbidities and so forth, and older people. So the older people have not returned either, so I mean we do have these kind of things that we have to manage. And then obviously out of that comes Unicell out, the mine Unicell we stopped, well we stopped, didn't plan to mine it this year but we're still finalizing the last part of it. So that's where we, that obviously had an impact on the results. And again, I say we will re-guide, if we put in Puning into that, in the middle of the year, we obviously will increase our guidance quite substantially from where we are now. Thank you so much.

Thank you. Gentlemen, that was the final question. Do you have any closing comments?

Thank you very much. I just want to maybe conclude in saying that despite the impact of the pandemic, the need for collective action has revealed our interdependencies and strengthened our relationship with Harmony's various stakeholders. And I really would like to say that, I mean, this has been probably one of the most rewarding times of my life in mining. You know, when we were on such a good momentum prior to COVID, and then COVID struck us and we had to close the mines. You know, we really thought, how are we going to get out of this? And really collectively, through all the stakeholders, we talk about government, and specifically the government that really, really came to the party, the likes of William and Tash that supported us. And then, of course, you know, the unions, especially on branch levels. We had some fantastic support from branch levels. And, you know, everybody was, it was a new norm for them, and presented areas that they were not sure what to do. But collectively, I think everybody came through this all the best. And it's certainly been one of the most rewarding times of my career in terms of how we got together, sorted this out, managed the crisis well. And I want to thank my team and everybody else for doing that. So it's been a very, very good experience. And we're really off a very good base now to start the future with a good price and a good momentum still on our operations now going forward. So we're looking forward for the new financial year.

Thank you very much. Thank you. Thank you.