Thank you for standing by, and welcome to the Alumina Limited ESG Presentation 2023. If you'd like to ask a question, please enter your question into the Ask a Question box at the bottom of the webcast at any time. I would now like to hand the conference over to Mr. Mike Ferraro, Chief Executive Officer and Managing Director of Alumina. Please go ahead. Good afternoon, everyone. I am Mike Ferraro, the CEO of Alumina Limited. Before I proceed further, please refer to the disclaimer. Also, please note that all references to dollars refer to US dollars unless otherwise specified. Welcome to the company's 2023 ESG Investor Briefing. I will be presenting today with my colleagues, Thaïs Costa, Katherine Kloeden, and Liping Li. This is an opportunity to provide a focused presentation on current and emerging ESG matters facing Alumina Limited and AWAC that have been of interest to our stakeholders. Today, we will discuss key ESG aspects that affect our operations, including rehabilitation, energy, climate change, water management, residue management, supply chains, and the market. Firstly, I want to share some of our important achievements from 2022 and 2023. In August this year, AWAC conformed with the global industry standard on tailings management and has now voluntarily disclosed information in respect of its global tailings. AWAC's refinery emissions intensity improved 1% in 2022, meeting its 2025 reduction target. In Alumina Limited's 2022 sustainability update, published on the first of September 2023, we have continued to enhance our disclosures and have progressively improved our ESG ratings. Before we discuss specific topics, I would like to give you a brief overview of AWAC's operations. AWAC is a fully integrated aluminum producer from bauxite mining to aluminum smelting. Our main activities are bauxite mining and alumina refining. Alumina is a key input into the aluminum smelting process. This value chain and operations are a large determinant of our ESG focus and initiatives. Each stage in the process will have specific issues of relevance to stakeholders. For example, aluminum smelting uses significant energy for the electrolysis process, but relatively little water. Conversely, the Juruti mine in Brazil uses a modest amount of energy for its mining activities, but requires water for the operation of its wash plant to improve bauxite quality. As an extension of this, Juruti and AWAC's alumina refineries then require impoundments to store tailings and residue. We'll now move on to more specific topics, starting with mining and rehabilitation practices. Alcoa has a history of environmental performance in WA. AWAC has committed to not mining in old-growth forest or gazetted national parks. Alcoa is also a member of ICMM, whose mining principles serve as a best practice framework on sustainable development for the mining and metals industry. Alcoa received a recertification by the Aluminium Stewardship Initiative for its WA operations in January 2023. ASI is the aluminum industry's most comprehensive third-party system to verify responsible production methods, covering a wide range of indicators along the entire value chain in governance, environmental management, and social responsibility. AWAC does, though, recognize that it needs to continue to evolve to keep pace with stakeholder needs and expectations. It has historically operated under a mine plan approval process set up under its WA State Agreement. This includes representatives from a range of government departments. While in our view, this process is robust, EPA impact assessment is now industry standard. In recognition of this, Alcoa has referred its next Huntly Mine region, Holyoake and Myara North, for Part Four EPA assessment, which is subject to a full public environmental review. Alcoa has made a number of commitments aimed at addressing stakeholder needs and expectations during the transition period. It has committed to increased controls to protect drinking water, including increased distances from some key reservoirs and accelerated mine site rehabilitation. It has recently submitted an updated mine and management program for approval, reflecting these and other enhancements. Engaging with relevant government agencies on the mine plan and related approvals is continuing, with Alcoa working towards approval by the end of this year. Mine rehabilitation is a continuous and long-term process. It begins during the early stages of a mine's development and can continue even after mine closure. The focus, though, is to progressively rehabilitate disturbed areas during the mine's operational life. In Western Australia, there's been some confusion in the public domain about the level of rehabilitation that Alcoa has undertaken. Alcoa's definition of rehabilitation has been agreed with the Department of Biodiversity, Conservation, and Attractions... and this approach is consistent with other mining companies in the region. An area meets the definition of rehabilitated after 12-15 months of rehabilitation activities being undertaken. A rehabilitated area is only returned to the state when it is at least 12 years old and mature, and meets the completion criteria agreed with the state government. All Alcoa rehabilitated mine areas have been rehabilitated according to the completion criteria of the day. Prior to 1988, this included planting non-native species. Since 1988, only WA native species, such as jarrah and marri trees, have been returned to our mined areas in line with the agreed objective of returning a self-sustaining jarrah forest ecosystem. Alcoa uses several strategies to optimize rehabilitation efforts. This includes the use of freshly salvaged and re-spread topsoil, which can contribute up to 70% of the plant species richness return to rehabilitated areas, together with the broadcasting of collected seed and the planting of nursery-raised seedlings. In 2022, 509 hectares were rehabilitated. This was 34% more than the total land disturbed during the year. Over the life of our WA mines, over 75% of all land cleared has been rehabilitated. AWAC's Juruti mine is located in an area of high biodiversity value in the heart of the Amazon forest in Brazil. The rainforest and river have great importance to local rural communities, since the majority of the economy is traditionally based on growing of cassava, fishing, livestock farming, and other food gathering from nature. The Juruti mine also plays an important role to the local economy, with the mine employing a large number of local workers from Pará State and Juruti itself. In order to provide social and economic benefits to local communities while helping to restore the environment, AWAC's tree seedling program trains and pays local families to cultivate the seedlings used in our land rehabilitation. AWAC has supported the community in other ways as well, such as sponsoring festivals, training and education programs, financial support for the local hospital, and investments in local infrastructure. AWAC's wildlife rehabilitation center in Juruti also treats any injured animals found in the mine area, including turtles, eagles, and jaguars. The Juruti mining area is among the first places in Brazil to use an innovative nucleation technique to initiate forest recovery. This rehabilitation technique is a natural approach that uses mounds of vegetation with the function of attracting animals, allowing species to colonize a degraded area. Thank you, and I will now hand over to Thaïs Costa to discuss energy and climate change. Thank you, Mike. In 2022, AWAC's energy intensity slightly increased to 75.1 gigajoules per ton of production, comprised of 9.6 gigajoules per ton of alumina and 56.9 gigajoules per ton of aluminum for refineries and smelter respectively. This shows a marginal increase of 2.2% compared to 2021. AWAC's total electricity consumption was 5.6 terawatt-hours, representing a 7% increase compared to 2021. Key factors behind this performance include curtailment and restart of our Portland smelter and operational challenge in Western Australia. The percentage of electricity for renewable sources has continued to grow since 2015. In 2022, renewable sources comprised 41% of AWAC's total electricity use. At Portland, AWAC's largest electricity consumer, 37% of its electricity came from renewables due to grid greening in Victoria. We are pleased that our emissions metrics continue to improve. In 2022, AWAC's refinery average emissions intensity decreased to 0.51 tons of GHG per ton of alumina produced, representing a 1% improvement from 2021. AWAC has reduced its refinery emissions by approximately 6% from a 2015 baseline, exceeding its 2025 target. Our Portland smelter also reduced its emissions intensity, reaching 12.9 tons of GHG per ton of aluminum production, representing a 1.5% improvement from 2021. All of AWAC's alumina refineries continue to be placed in the first quartile for emissions intensity. Excluding AWAC, the global average is 1.26 tons of CO2 per ton of alumina, almost 150% higher than AWAC's emissions intensity. A key factor behind AWAC's refineries' lower emissions intensity is predominant use of natural gas for energy, when a large proportion of the world's alumina production is based on coal. Portland has also shown a significant improvement. Since 2015, Portland has reduced its emissions intensity by 32%, mainly as a result of electricity grid greening in the state of Victoria. Alumina Limited, through AWAC, sets its ambitions to reduce AWAC direct and indirect emissions by 45% by 2030 from a 2010 baseline, in line with IPCC's emissions reduction targets. AWAC's absolute emissions decrease to 8.4 million tonnes of GHG, representing a 47% reduction compared to the 2010 baseline. We expect that further improvement in AWAC's carbon footprint will happen this decade. Avenues through which future improvements may occur include: the Refinery of the Future initiative with potential decarbonization technologies, elimination of the greenhouse gas emissions in smelting process with smelter anodes, and further electricity grid greening. Some of the initiatives are dependent on technology breakthroughs, which require time and investment, and not all may prove up to a commercial scale. The Safeguard Mechanism commenced in July this year. 5 out of 6 of AWAC's Australian facilities are captured under the legislation, which will require facilities to reduce their emissions in line with the hybrid method. The aluminum industry will need to reduce their Scope 1 emissions by an average default decline rate of 4.9% each year from 2023 to 2030. Safeguard facilities receiving favorable treatment as the trade-exposed baseline-adjusted facilities could have the decline rates reduced. Under the hybrid method, emissions reduction will be weighted towards site-specific measures in early years before transitioning to industry average in later years. The scheme expected to have minimal annual impact for AWAC. AWAC's alumina refiners have the lowest emissions intensity in Australia, and hence are all below average. Thank you all, and I will now hand over to Katherine Kloeden to discuss water, residue management, and supply chain. Thank you, Thais. Water is a natural resource with importance to AWAC operations, particularly for ore processing, cooling, dust suppression, and potable uses. All of AWAC's Western Australian mines and refineries are located within water-scarce areas, and water-related issues continue to be a significant ESG risk for our facilities in WA. Our long-term goal is to reduce the intensity of total water use from AWAC-defined water-scarce locations by 5% by 2025, and 10% by 2030, using a 2015 baseline. Although there was an increase from water use in 2022, AWAC reduced total water use intensity by 5.3%, representing 3.59 cubic meters per tonne of alumina produced. The increased use of water in scarce locations is due to lower bauxite quality that influenced the amount of water required to produce alumina. Water reused and recycled in WA represents 78% of total operational use. Additionally, AWAC has been working in collaboration with industry peers in Southwest WA to complete water supply studies. These studies have allowed AWAC to identify future supply impacts and opportunities and will be used to shape future water supply strategies. In the wake of a number of disasters relating to the failing of impoundment facilities, there was a mining industry-led push to improve the safety and governance of tailings facilities. Alcoa, as a member of the ICMM, voluntarily committed to conform with the global industry standard on tailings management. In line with the ICMM's requirements, all of AWAC's extreme and very high consequence impoundments were in conformance with GISTM as at August 2023. Over the next 2 years, Alcoa will pursue conformance for the remaining facilities. A key enabler in reducing the risk of tailings facilities is to dry stack residue after it has been processed through a press filter. Residue is processed through AWAC's Pinjarra and Kwinana press filters. This enables residue cake to be stacked and solar-dried instead of being deposited into residue disposal areas. There are a number of benefits to this technology. It reduces the need to invest in capital-intensive residue storage areas. It is safer as no lift is required to house tailings or residue. It means that water can be reused in a refinery, reducing the reliance on withdrawal of water. Kwinana's press filter was commissioned in 2016, and Pinjarra's was commissioned in 2019. From the chart, you can see that these facilities have been a key factor in reducing bauxite residue land utilization by 15% since 2015, supporting AWAC's 2030 reduction target. The joint venture has a large supply chain and relies on a wide variety of suppliers from different industries, sizes, and ESG maturity to ensure the continuity of its operations. The JV has a commitment to operate in a responsible and ethical manner, which underpins our supply chain governance and the Supplier Sustainability Program. The program involves a three-stage process and aims to screen all suppliers and contractors against ESG risk, including human rights. During 2022, approximately 9,700 of Alcoa's suppliers were screened. More than 1,000 suppliers undertook further due diligence through a digital audit via a third-party provider tool, EcoVadis Ratings. 99% of audited suppliers met the minimum requirement score of 25 out of 100. The focus of the program is to transform our supply chains for the better, and for those approximately 1% of suppliers that fell below the standard, Alcoa has partnered with them to develop an improvement plan. Overall, the average score was 50.9, which is 14% above the global EcoVadis network's benchmark of 44.6. In 2023, AWAC initiated on-site audits for suppliers presenting higher human rights risk. Also this year, Alcoa of Australia released its second modern slavery statement. No incidents of modern slavery were identified in its supply chain. Thank you, and I will hand over to Liping Li to discuss markets. Thank you, Katherine. A key contention that we have held for some time is that we think a green premium will continue to develop for low carbon aluminum and alumina, which is expected to induce and reward producers who have low emissions products. The development of this market is likely to occur firstly in the more liquid aluminum market, particularly for value-added products. Specifically, we have seen a green premium increase to in excess of $40 per ton for electrical conductor rod in Europe, which is a key facilitator of the low carbon transition. Green premiums for alumina remain modest. A key piece of carbon legislation is the Carbon Border Adjustment Mechanism, or CBAM, in Europe. The EU CBAM's purpose is to prevent carbon leakage, complement EU's ETS, and contribute to global decarbonization. Reporting of emissions has already begun by European importers of key materials such as cement, iron and steel, fertilizers, hydrogen, and aluminum. Between 2023 and 2025, a transitional phase is adopted, focused on reporting of emissions data each quarter. From 2026 onwards, a post-transitional phase takes place, requiring CBAM declarations to be submitted annually. It is expected that free allocations will be progressively phased out, and carbon duties will be payable at the EU's emissions trading scheme price. It is likely that a CBAM will lead to greater price discovery and lead to pricing of embedded emissions. However, CBAM charges will initially only be applied to emissions for selected imported products, which does not include alumina. We do not expect any significant impact on AWAC or alumina producers in the near term. Our 2022 sustainability update theme revolved around the metal for the future. Aluminum has always been a futuristic metal, and some of aluminum's diverse applications are on screen. The key physical and chemical properties of aluminum make an important commodity in the transition to a low carbon world. Aluminum is ductile, impermeable, lightweight, and resilient. These properties allow for widespread applications such as electrical transmission, food and beverage packaging, electric vehicles, renewable energy technology, and construction. If we look at the specifics, aluminum is three times lighter than copper, meaning that it can be strung out over longer distances between transmission towers. Aluminum is used in most low carbon energy technologies. For instance, 85% of most solar panel frame metal components are made of aluminum. Aluminum solar panel frames are corrosion resistant and can withstand difficult climates. Aluminum's lightweight properties help to reduce the overall weight of a car. For this reason, the aluminum content in vehicles continues to increase. In 2022, approximately 205 kilograms of aluminum was used in a European car, and this number is expected to increase to 237 kilograms by 2026, and 256 kilograms per vehicle by 2030. Aluminum is a key metal to substitute heavy components required for vehicles, batteries, and electrical engines. Upstream, alumina's use is not restricted to smelting. Non-metallurgical grade alumina has applications in hydrate form for water treatment, and calcined materials used in the manufacturing of ceramics, refractory products, and flame retardants. We continue to see positive demand for aluminum in the decades to come, as we expect it to play an important role in the low-carbon transition. AWAC's five alumina refineries are among the lowest in greenhouse gas emissions intensity globally, all placing in the first quartile for emissions intensity. About 80% of energy used in the refining process originates from natural gas, as opposed to a large proportion of the world's refineries that rely on thermal coal for industrial heat. Alumina Limited and its joint venture partner have net zero ambitions, and continue to work to decarbonize its operations with a focus on research and development and new technology. Thank you, and I will hand over to Mike for concluding remarks. Thank you, Liping. In summary, we continue to believe that aluminum will play an important role in the low-carbon transition. We are buoyant on the outlook for aluminum and alumina, and Alumina Limited's 40% interest in the AWAC joint venture gives shareholders access to these commodities. Increased aluminum intensity will be required for applications such as electric vehicles and electrical transmission. We expect that the green market will continue to develop, firstly in aluminum and then alumina, which will benefit low emissions intensity producers. AWAC's refineries are already in the first quartile of the global emissions intensity curve, with a decarbonization strategy to continue to reduce emissions, and the Portland smelter is now in the second quartile. AWAC continues to focus on ESG standards and practices through all phases of the aluminum value chain. This includes ongoing commitments with local communities and indigenous and land-connected people, biodiversity and rehabilitation, energy efficiency, and greenhouse gas emissions, and much more. I thank you for listening, and I am now joined by Katherine, Thais, Liping, and Nick Wallace-Smith, to answer any questions that you may have. Craig Evans, our General Manager of Strategy and Investor Relations, will facilitate the Q&As. Hi there, everyone. As a reminder, you can enter any questions in the Ask Question box at the bottom of the webcast window. We have some questions sent in advance of the presentation, so I'm going to start there. Mike, I think this one's for you. Can you give an example of how you work with and influence Alcoa on sustainability issues? How do you resolve differences relating to ESG issues at the strategic board level and between your ESG practitioners? We work quite constructively with Alcoa on sustainability issues. There are four formal meetings we have with their team throughout the year, and we discuss a whole range of key issues in the ESG space. It's also a good forum for clarifying questions and additional information we need. Some of the matters get elevated to the highest forum within our joint venture to the Strategic Council, which formally meets twice a year. Examples of where we have influenced Alcoa have been climate change, where we issued an advanced position statement, and also empowerments, where for some time we were emphasizing the need for improvement in practices, which have been taking place in the last two to three years. Thanks, Mike. Nick, here's one for you. A number of contingencies are listed in your net zero statement, such as technology advancements, cost of renewable energy generation. What are you most concerned about, and which are you more confident about? What levers do you have to help make these contingencies materialize? Do you have a backup plan in case any of these contingencies do not materialize? Well, a bit to unpack there. Give it a crack. I think firstly, we're concerned that governments and broader stakeholders don't really understand how difficult it is to decarbonize the aluminum value chain. The-- It'll be a very difficult task, displacing industrial heat generated from fossil fuels and substituting that with electricity. Regularly, members of the Australian Aluminum Council regularly offer public tours, and paying the general public to help improve the education in this space. Alcoa have some really good engineers working on decarbonization projects, but these are complex, and retrofitting technologies such as MVR and electric calcination won't be easy and will require significant R&D. There are other technologies as well that some of our peers are looking at, such as electric boilers. But which I think that would help with digestion, but otherwise, you'd be looking at hydrogen, which would be suitable for calcination. Then there's renewable electricity required for MVR, electric calcination, electric boilers, and hydrogen. They all need renewable electricity. We have a look at the WA grid, it's very small, and there'll be some very, very large industrial facilities south of Perth in a very concentrated area that will all be vying for electrical, sorry, renewable electrons. Ultimately, as Alcoa and Alumina have stated, the solution that we arrive at must be commercial. Thanks, Nick. Another question about renewable energy. Thaïs, do you want to have a go at this one? Is there a guarantee that sufficient renewable energy will be available to support AWAC's refineries' energy transition? Well, the renewable energy required to support decarbonization technology needs to replace approximately 90 million gigajoules that AWAC's refineries consume in WA. There are sufficient renewable energy zones in WA with great wind and solar value to meet WA's net zero emission. We are not committed to what type of renewable energy generation technology deployed, but it needs to be found. Thanks, Thaïs. Nick, here's one back to you. Will Alumina Limited and AWAC set a long-term Scope 3 reduction target? Unfortunately, Alumina would not adopt a Scope 3 reduction target until Alcoa does. The reason behind this is that Scope 3 targets require a profound understanding and coordination of supply chains. Hence, Alumina, as a non-operating partner, can't commit to a target without Alcoa doing so. We're hopeful that this would occur shortly, though, as Alcoa have some ICMM expectations. Thanks, Nick. I think this is another one for you, Nick. Does Alumina use science-based target initiatives, and will it align its business activities to a 1.5-degree pathway? This is a similar one to Scope 3, and Alcoa, as AWAC's operator, is best placed to adopt science-based targets as they understand the assets better than anyone. So we understand, though, that there's evolving expectations around how companies and industries should independently verify the alignment of their decarbonization strategies with science-based targets. Another thing is, though, that science-based targets initiative is also in, currently in progress of developing a methodology for the aluminum sector. It's not available, but it will help. Thanks, Nick. Just a reminder, you can lodge any questions as we go, and we'll try and get through as many as we can. Liping, here's one on the market, it's one we get often: Are you concerned about aluminum recycling and how it'll lead into primary aluminum's market share? Thanks, Craig. First of all, AWAC does not undertake aluminum recycling at the moment, so we're entirely invested in primary aluminum. Obviously, recycled aluminum has a number of advantages over primary aluminum, including it uses about 95% less energy to make compared to primary aluminum, and also, it is infinitely recyclable. However, there are a few constraints for recycled aluminum as well. As we know, aluminum is quite a durable metal, so the availability and timing could be an issue, and also sorting scrap aluminum can be time-consuming and complex. Also, the scrap alloys contain impurities, which means that secondary aluminum or recycled aluminum is not suitable for all applications. Whereas, at the same time, primary aluminum producers produces a constant supply of homogeneous and high-quality aluminum that can be used in any applications. The International Aluminum Institute's forecast, at least 15 million tons of additional primary aluminum is gonna be required, in 2050 as compared to, 2022. To meet the growing demand for aluminum, globally. Thanks, Liping. We've got quite a few questions come through on permits in WA and the impact on future production. Mike, I might hand that one to you. Is that all right? Sure. That we've guided it. We've already previously guided to the market what our production will be on a go-forward basis for this year. And we've also informed the market that there'll be lower grades of bauxite being used until the next mine move to Myara North and Holyoake in WA. So until that move takes place, we expect the guidance to more or less at least for this year and early next year, to continue as it is. So that's unlikely to change. Does that address the question, Craig? Yeah, and there's a follow-up, one along similar lines, Mike, in relation to the Huntly Bauxite Mine and Pinjarra Alumina Refinery environmental review document. So this refers to the EPA process. When does the public comment period open, and when do we expect to lodge the document? So that, I think, also relates to the move to Holyoake, Myara North. Right. And, while this process was started with the EPA by Alcoa in 2020, there's been a series of questions and information requests being made during that time, since then. And Alcoa are currently, based off all of that, working on a revised environmental review document, and we're expecting the public comment period to open early next year. Thanks, Mike. Liping, here's another one on the market. It's on carbon border adjustment. What are your views on carbon leakage, and do you support a carbon border adjustment mechanism in Australia? Would it have an impact on AWAC? Thanks, Craig. A carbon leakage review is underway in Australia, but it's in its early stages, with the terms of reference being established, with a goal to assess carbon leakage risks in Australia. It is important to understand the carbon leakage review acknowledges early on, that carbon leakage does undermine national and international climate action. Whether this leads to a carbon border adjustment mechanism in Australia that is similar to Europe is a long way down the track. We have stated that is our preference, that carbon transition arrangements are universal. As everyone knows, Australia now has changes to the Safeguard Mechanism with reducing baselines. This may add an extra impulse onto facilities. It is important to remember that Australian alumina refineries are relatively clean by global standards. In terms of impact on AWAC, as Australia is a net exporter in bauxite, alumina, and aluminum, for the moment, there's unlikely to be a carbon risk here for AWAC. Thanks, Liping. A question here on Portland, Thais. Will Portland continue to decarbonize? Thanks, Greg. Well, the largest portion of Portland's emissions come from electricity use, so it's Scope 2. Victoria is targeting 50% renewable energy by 2030, so we expect continuing improvement in line with the state's emission target. In terms of Scope 1 emissions, they may contribute as an anode. As we said during the presentation, this will require a step change to technology to create inert anodes that only emit oxygen. Thanks, Thais. Nick, there's a couple of questions on water come through: What initiatives will AWAC use to reduce reliance on freshwater? Thanks, Greg. So I would say that AWAC operates in, well, three distinct regions, really. You've got Juruti, where the Amazon River provides a stable source of water, although sometimes during the year, there's a bit too much water there. Alumar Refinery has access to river systems as well. WA is the region of water scarcity, and this is the area that AWAC needs to be the smartest. The refineries themselves are actually the largest source of water. There are large cooling ponds and residue areas that can capture water. But for the refineries, we need to have fit-for-purpose water sources, so it's about matching the quality that we're withdrawing for the use. Sometimes we can take lower quality water and treat it. We'll need to be smart in this area. Also, recycling a significant amount of water as we presented it earlier, 70-odd%. Yep, that's right. Yep. We reuse the water from our cooling ponds very well, and our RDAs are constantly capturing it, treating it, and reusing it back in the recycling, in the refinery. Thanks, Nick. All right. Nick, I think this is another one for you. I'll read out. What are some of the site-specific decarbonization measures you are implementing at Safeguard facilities to ensure that you keep decarbonizing out to 2030 in line with the 4.9% baseline reduction rate? Yep. Assuming no TEBA. No worries. So, in terms of the refineries, the refineries, as we mentioned in our presentation, they have a little bit of a head start. Our three refineries in Western Australia already have the lowest emissions intensity in Australia out of the six refineries. So while we'll be decreasing by 4.9% in the early years, at site specific, we'll transition to industry average later, and the impact won't be as large. But, but what are we doing? Safeguard changes the economics of a lot of projects, so at the moment they are dusting off a lot of projects and evaluating. We're talking about energy efficiency projects that might help. Of course, we're investing in R&D in the Refinery of the Future project as well, looking at the larger initiatives that can help decarbonize the refinery. ... Nick, I've answered the question. Nick, this might be one for you, but also with Mike, I'll. It's quite a long question, so I'll try and paraphrase as best I can. But effectively, the, the first part of the question is that many of the 2030 targets we've set have already been met or are near being met. Do we intend to reset any of those targets? Yep. So I'd say that we're very pleased that we've met some of those targets. A lot of the reduction in our emissions, though, as we've disclosed, has been from closing or curtailing facilities that have got very high emissions intensity. We are moving into the decade where it's more difficult to decarbonize every unit of production. So we've got our four refineries that use natural gas, and we've got one on coal and fuel oil. In terms of the targets, we'll need to evaluate that. I believe our JV partner may be considering things like that in the future as well. The second part of this question is for you, Mike, I think, if that's okay. Talking about the WA bauxite mining plans again. Talking about some of the concerns that the plans are seeking to address around the Serpentine Dam and deforestation, asking how you separate the two different concerns and what the mining plan is doing to continue without detrimental harm to Perth's water supply and the forests at the same time. Right. So there's proposals to move the mining area to an area beyond the Serpentine Dam. Currently, we've been mining as close as 300 meters to the Serpentine Dam. Its proposal is that it will move away from there, and concessions are being discussed with the government about the distance from the dam. At the same time, there's engineering solutions, which I've seen. I've been to visit WA recently as to the engineering solutions to ensure that if there are periods of heavy rain, the runoff from the mine site is contained in graded, steeped gullies and other infrastructure to ensure that it's released in a systematic way rather than purely allowed to run off. Now, secondly, when it comes to deforestation, the plans do address that as well. Let's note here that our mining lease is quite large and covers a significant part of the Jarrah forest, but only a very small part is subject to forest clearing. At the same time, commitments have been given about increasing the rate of rehabilitation, and the standards continue to improve every decade. So what was acceptable, say, 30 years ago, is no longer acceptable and standards have changed. And the other point to note is that the largest proportion of what we are involved in deforestation is not old growth areas. It's basically parts of the forest that have been previously logged. So we're talking about the regeneration of the forest, which we are logging to clear. And that's what we're focused on, not to deal with old growth forests. So the combination of those factors, we think, particularly with increasing the rate of rehabilitation, really addresses the concerns that have been raised. Thanks, Mike. I I think that answers a few of the questions that have come through, so thanks for that. That's all the questions we've got here, Nick. So I think I'd just like to thank everyone for joining today. Appreciate you coming online. Hopefully, we've answered all your questions. Of course, if any other questions come up as you review the presentation, please feel free to send them through. We'll get back to you as much as we can. But thanks, everyone, for joining. That does conclude our conference for today. Thank you for participating. You may now disconnect.