Good day, ladies and gentlemen, welcome to the Gold Fields announcement of the new Chief Executive Officer. All participants are currently in listen-only mode, and there will be an opportunity for you to ask questions later during the conference. Should you need any assistance during the call, please signal an operator by pressing star and then zero. Note that this call is being recorded. I would now like to turn the conference over to Gold Fields' Chairperson, Ms. Cheryl Carolus. Please go ahead. Thank you very much, Chris. Well, ladies and gentlemen, a very warm welcome to a very happy occasion for us. As you all know that the CEO of Gold Fields, Mr. Nick Holland, is due for retirement this year. The board has conducted a global search in this process. On our behalf, this process was led by the Deputy Chairperson of the board, Rick Menell, with the oversight of our nominations and governance committees. The board has now concluded its search, and we are very pleased to announce that today, we in fact have signed on Chris Griffith as the successor to Mr. Holland. Of course, we're very pleased because Chris is well known to you. His CV is available from Gold Fields, if you require more detail, if you haven't got it. We want to announce that Chris Griffith has signed on and that he will assume his position on the 1st of April 2021. Nick Holland will in fact retire earlier. Nick Holland has really been fully active, participatory, and supportive of the process as we went along. As you know, Nick's term would have ended technically in September of this year. You all know how it goes when you are starting a search and you're ready to appoint and announce, that managing that transition becomes very difficult because of the market-sensitive nature of the information and so on. Chris and Nick have both been very, very keen to do what is necessary to facilitate a smooth transition. Chris will assume his duties on the 1st of April. Nick has agreed to retire six months earlier to facilitate this process, and we're thankful for his whole attitude in this matter. We want to welcome Chris and to say that we are so pleased to have him lead us because Chris is well known to you globally, that you know he's led many successful teams, many successful turnovers, and his attitude in the start that he's had with us has been really great and a real tribute to him. Nick, of course, leaves Gold Fields on a very high note, and it's a real tribute to his leadership that Gold Fields today occupies the prestigious position it does on the global stage. You've all seen how he has systematically built Gold Fields into what it is today. That is a global, highly profitable, and sustainable company that is a leader in mining, a leader in safety, sustainability, governance, and in strategy. On behalf of the board and our 17,000 employees, we really want to thank Nick for his leadership and stewardship that has brought the company to a point where we are all very proud to be associated with it. We want to say that Gold Fields today is a testament to his vision and his leadership. We're also glad because Chris appreciates where Nick has brought Gold Fields. In fact, if truth be told, it is what has made Gold Fields attractive to him, is that it's a well-run, successful company, and that in fact, he relishes the possibility and the challenges of taking Gold Fields to the next level. We're really pleased that someone of the caliber of Chris has put up his hand, and we consider ourselves lucky to have him in the job, in the saddle from the 1st of April. Joining me today on the call, we have Rick Menell, the Deputy Chair. We have Nick Holland. We also have Chris Griffith with us, and we have Paul Schmidt, who's well known to you as our Chief Financial Officer and also an Executive Director on the board of Gold Fields. I want to just ask maybe Rick Menell, who has led this process, this global process on behalf of the board. We want to ask Rick to just give you a brief oversight of the process that we followed. Rick, can I hand over to you? Thanks a lot, Cheryl, and good afternoon, everybody. Good morning. Yeah, I don't have a lot to add to what Cheryl has said except to give some insight into an unusual process. We started the search for a successor to Nick just after the AGM last year in May. This certainly, in my experience, is the very first time I've ever been involved in a comprehensive internal and external search for a Chief Executive of a significant company that was done entirely virtually. We had a lot of help from Spencer Stuart, who provided support both for our internal and external assessments. We looked at a long list. We did want someone who was able to base in South Africa because we remain a South African company with international operations, moving hopefully to being increasingly an international company. At this point, even with that limitation, we had a strong field, and Chris stood out, head and shoulders above on that field. We were able to move through the process and get overwhelming board support for a conclusion in a steady way. Credit to b oth members of the team in Gold Fields, to Nick for his wholehearted collaboration, and Paul, and certainly to our advisors. We've come up with, we think, our best outcome. We're very pleased that Chris is prepared to take on the job, and we look forward to a seamless transition. Nick has obviously undertaken to remain involved as long as we need to give Chris the insights and historical intelligence that he needs to pick up the task and move forward strategically and operationally from the beginning of April. That is the time when we traditionally have started our strategic planning process. Having completed the 2020 year, put out the results, Nick will, if you like, close the chapter, and Chris will pick up the reins and commence the planning process with the team in April, engaging with the board in due course, and we'll move on from there. Okay, let me stop there, Cheryl, and I know Nick and Chris and Paul Schmidt are all on the phone. We have 50 friends or 50 to 60 friends with us. Any questions that you might want to throw at us about the process or where we're going from here, we'd be happy to field at this point. Hand back to you, Cheryl, and Avishkarr will help us with the questions. Thanks very much, Rick. Everybody who is on the line who have joined us, who've put time aside to be with us, please feel welcome to direct any questions you might have about the process or comments at this stage. Of course, we'll also allow an opportunity after this if Nick and Chris would also be available for questions to them. At this stage, any questions for the board? Thank you, ma'am. Ladies and gentlemen, do note that if you wish to ask a question, please press star and then one on your phone. If you wish to remove your question, please press star and then two. Our first question in the queue is from Raj Ray of BMO Capital Markets. Please go ahead. Thank you, Operator. Good afternoon, everyone. Just a quick question. First of all, congrats, Chris, on your appointment. Just a quick question for you as you are taking up the role within Gold Fields. I just wanted to see what you view are various opportunities and challenges for the company. I know it is still early days, but just your initial thoughts. Also, as Cheryl mentioned, Gold Fields has been one of the better performers in the gold space over the last couple of years, but still valuation lags versus some of its senior peers. What do you see are the strategic steps that the company needs to take going forward in terms of narrowing that valuation? Thank you. Raj, sorry, if I can just come in. Thanks for your question. Yeah. I just wanted to see if there was any comments or questions about the process up to here and the process from here. We'll give everybody an opportunity to put questions to Nick and Chris. If you can just hold, I've taken your question down. Oh, sure. Yeah, sure. If there's any more questions on the process up to now or beyond, I'm happy to go straight into giving the floor to Nick and Chris. Yeah, if you can just hold for us, please, Raj. Thank you. The next person on the queue is Adrian Hammond from SBG Securities. Good afternoon. I also have questions for Chris. Can you hold, please? Sure. Sorry, ma'am. Unfortunately, I don't have a method to indicate who has questions regarding the process. Okay. No, I suppose nor do people necessarily have a chance to indicate what it is. Okay, I guess if I can just say if we can then just, I guess, go over and just leave the field open. Let's just open up and facilitate everybody being able to ask whatever they wish if you can't sort it like that. I was hoping to retain some order. You know, chairpersons of boards always feel they have to keep some order and an agenda. Come on, let's just open. Okay. Let's take three questions at a time. We've got Raj, we've got Adrian. Adrian, let's hear your question. Sure. Thanks for giving me the floor first. Although probably Raj should have it. I guess I'm going to echo what Raj asked, but I appreciate one of your larger competitors were also looking for a CEO, and perhaps that was an option for you as well, Chris. I guess the question is, what are the key reasons for taking this job, and where do you think you can add value? Okay. Thanks, Adrian. Raj, sorry. You want to also add yours? Thank you. The next person in the queue is Martin Creamer of Mining Weekly. Sure. Yes, Chris, I'd just like to find out as well, what you propose to do to add value, particularly to our South African asset here, South Deep. This is a mechanized underground mine with plenty of scope, but I think there's possibly value to add there. If you've got any ideas on that, I'd really like them from you. Finally, I can remember the days when Gold Fields was also involved in platinum group metals, which you're very close to. Yeah. This is a precious metals company. I think you might even still have those assets or you sold them, what do you feel about being a precious metals company? There are examples of it out there. Thank you, Martin. Raj, we haven't had your question. Do you want to come in, please? One moment, please. I'm sorry, Raj. Can you just press star one on the system again? Thank you, Raj. You can go ahead. Thank you. Yeah. My question to Chris was more along the same lines that was asked previously. On the opportunities and challenges he sees with the company and also the company operationally and also from a share price performance has done significantly well over the last couple of years. It still lags its senior peers in terms of valuation. What's the strategy in terms of what path does he see forward so as to narrow that valuation gap going forward? Thank you. Thank you. Apologies for kicking you off earlier. Okay. Let's stay with those. Yeah, no worries. Thank you. Let's stay with those three questions. Chris, they're all directed at you. Okay, Cheryl. Thanks very much. Also thanks for Raj, Adrian, Martin, for your questions. Look, I suppose these questions would probably be best posed to me in a year from now. Anyway, let me give it a bash just to what I think. The very first thing is, I'm extremely humbled to be able to follow in Nick's shoes. They clearly are extremely big shoes to fill. Nick has done a fantastic job with the company and in the way that Cheryl describes the way Nick has transformed the company. I'm excited about joining Gold Fields just in the way that the platform is so amazingly poised for further growth, both internally. Without first thinking about anything else outside, I think the Salares Norte project that's been approved. I think the way that the operational performance has improved across all the assets over the last number of years, including the South Deep asset. I think the very first thing I'd say is that I think that Nick has certainly given to me and to the executive team an awesome foundation to build further on. I think clearly, there's always opportunity for improvements at operations, and I clearly wish to do that. I'd like to continue the work that Nick has done on safety and wellness and environment and social and certainly continue on the way that the company has clearly been really well run over the last number of years. I think the first place I'd say is that I think the strategy is really good and what I'd seek to do is to build on that strategy. What in the discussions with the board that I've had is that the board are open to and are really keen to be open to the right value opportunities that come along. That may be, there may be other opportunities out there, or it may be that actually this is the time just to keep our head down and continue to grow with what the company has already in place. There's a great pipeline for further growth. I don't know exactly, Martin, yet what opportunity and how I can add value to South Deep. Already clearly some of that progress is underway. I know it's a little bit of a sort of a slightly wishy-washy answer to say, because I clearly need to understand what's available, what opportunities are available in the group. I need to talk and listen to the people within Gold Fields, listen and talk to the board as to what they think the opportunities are, then add the potential opportunities that may come along and build that on top of the amazing foundation that's already been laid by Nick and the team. If you put those two together, I think we absolutely can continue the safety, the great social and sustainability work, and we can certainly continue to grow the value of the company. Hopefully, Nick is not planning to sell his shares because hopefully we can continue to improve the valuation of the Gold Fields share compared to our competitors and continue growing the company. My focus will continue to be on value, as it has in the previous companies that I've run, I'll continue to do that. I'll continue to focus on the value that we can create for all the stakeholders. Not in particular, but with a very, very clear focus on driving financial and operational value so that the shareholders in this company benefit and continue to benefit, and increasingly more so from this great foundation. I'm going to stop there because I know that I haven't even started and will only start in a couple of months. I am really aware of the great work that Nick and the team have done, and I'll look to build on that. I guess that's the message that I have for you, Raj, and Adrian, and Martin. Thank you. Thank you, Chris. Okay, if we can open up again for three more questions. Thank you. The next person in the queue is Jared Hoover of RMB Morgan Stanley. Please go ahead. Afternoon, team. Thanks for the call. Yeah, let me start off by congratulating you, Chris, on your appointment and to Nick, all the best in your retirement. I think you arguably bowing out of the company, leaving it in a strong position for the future. I think one of the questions I wanted to ask is basically building on Adrian's question. I know, Chris, you've given us some color, and it's very difficult to pinpoint the details of it, given it's still early. You've given us an indication of what motivated you to take this particular role. Was there any particular mandate that you would have wanted from Gold Fields and that Gold Fields provided to you that would have incentivized you to take this role? As I'm sure your availability would have piqued interests locally and both internationally. That was my first question. My second is for you, Nick. Looking back on your history at the company throughout your CFO and CEO tenure, would you be able to describe some of the highlights and the lowlights that you've seen over your tenure? On a prospective basis, where do you see some of the best opportunities for the business as well as some of the greatest risks for the company going forward? I'll leave it there for now. Jared, I'm just thinking that you've given quite a mouthful there. Maybe we should just do one at a time. Okay. If we can just ask Chris and Nick to respond to Jared's questions. Right. Nick, if it's okay, I'll just quickly do mine first. I think the mandate that I wanted from the board was actually the mandate that the board wanted to give me. I think there was a very close alignment with. Really, the only mandate that I requested, and as I said, what the board wanted from me is to say, "We want you to continue driving the existing strategy. At the same time, we want you to be open to opportunities that come along." Actually, Martin, you asked the question about, well, could it be precious metals or anything else? The board were very open to say, "Well, look, evaluate opportunities that come along, but based on very sound value focus." I think that's all that anyone can ask for, because what you don't want to do is go into a job with expectations that, look, I'll grow and I'll merge and I'll do all sorts of things when actually it may not be the right time to do those things. What really attracted me to the company was what Cheryl described up front. The fact that it's actually a very, very sound, well-run company, and the values of the company in all the different things really align with me and what I've tried to do in companies before that. I think this is an alignment of me and the company and the values of the company and the opportunities that may be available now and opportunities that may be available in the future. The Board are really open to be able to look at those opportunities. If there's value out there, either now or sometime in the future, then we'll go for it. Rest assured, I think there is concern that given the sort of gold price where it is, that mining executives are gonna go crazy and chase opportunities that don't have the right value. I think both myself and the Board are very aligned to that and are alive to some of those challenges. Yeah, I'm really looking forward to joining this amazing company in the position that it's in. The mandate from the board is if there's opportunities out there, we'll go for it. In the meantime, there's still lots of work to do with the pipeline that's already in place. Thanks, Cheryl. Thank you, Chris. Nick, do you want to respond to Jared? Yeah, look, it's been an interesting journey over almost 25 years for me in the company. I suppose the platform that's been set up, I think, as Chris has very eloquently pointed out, is poised for us to do more. I guess reflecting back, when Gold Fields was formed at the back end of 1997, we had no production outside of South Africa. It was exclusively a South African gold company. Today, I think having us in the top five or six globally in terms of production and having really changed the profile of the company, I think is one of the things we can look back on and which I think will help Chris to be successful in driving it forward. I think the one thing that we as executives all have sleepless nights about is safety. If I look back at some of the unfortunate safety incidents we've had over the last 20 years or so in Gold Fields, I'm really pleased that we have improved on our safety because one accident is an accident too much. That's obviously something that we all feel as executives personally and Chris will obviously also have felt it in his previous roles at Kumba and at Anglo Plat. I think safety is something that we do worry about and we should worry about, and we're constantly striving to improve it, and I'm sure that Chris will be taking it to another level as well once he gets into the chair. Thanks, Nick. If we can just ask if there are any further questions, please. The next person on is Leroy Mnguni of HSBC. Please go ahead. Hi, Leroy. Good afternoon, guys. Thanks for the opportunity. My question is more for Paul. Often when we see a departure of a CEO, the CFO sort of follows within a year or two. What are your career ambitions? Do you still have a long-term outlook at Gold Fields? That's my first question. The second one is a bit cheeky, but I'll take my chances. Chris, did you also interview with AngloGold Ashanti, and what tipped you towards Gold Fields? Thanks, Leroy. You want me to go first? Yes, I think so. I'm only 53, and if the board still wants me, I'll be around until I reach the same age as Nick did at 63. I have no intention of going anywhere at the moment. Thank you. That's very reassuring, Paul. We thought so, but it's nice to hear it from you in front of witnesses. Thanks, Paul. Chris, you want to respond? Geez, I'm trying to think how to respond to this. Leroy, the way I understand it is that the AGA process hasn't commenced yet, and the way I understand it is commencing now. I've got a little information, but I can't share anything more than that. Thanks, Leroy. No, I didn't interview for that position and neither did anyone else. Well, Thank you. Leroy, to be honest, we also were aware of the fact there were a few people looking for leaders globally, and we knew that the people who were on our radar globally were all highly sought-after people. Quite frankly, we also made sure that we were out of the blocks fast so that we really would have the first bite of the cherry with the best of the teams. We did a race to start our process well ahead of anybody who could be competing for the same skill, pool of global skills. Yeah. Okay. Thank you. That's very helpful. Thanks, Leroy. Anybody else? Thank you. Next person in the queue is Allan Seccombe of BusinessLIVE. Please go ahead. Hello, everyone. Hi, Chris. Hi, Nick. Hi, everyone. Chris, your focus to date in your career has been predominantly South Africa-based, a single country. Having a look at the Gold Fields portfolio, very much an international portfolio, just wondering how your preparation in your career so far has prepared you for this portfolio. Secondly, Rick Menell mentioned more of an international footprint, growing that international footprint. Outside of Salares Norte, is there more on the Gold Fields radar? Lastly, for Nick, a bit of a cheeky one, almost like Leroy's question. Seeing as you're leaving Gold Fields now and sort of almost in your prime, AngloGold's looking for a CEO. Would you be interested? Good one, Allan. Allan, it looks like you almost don't have to finish the question. Finish it, please. Don't be put off by these rude people who are cackling away. No. That's me. Thank you. Just those three. Okay. Thank you very much, Allan. Right, Chris, let's start. Yeah. Hi, Allan. Look, it's one of the things that attracted me to the Gold Fields role is that it is a global company. It will bring something different to the experience that I have in the portfolios of businesses that I've run. I don't think it's correct, Allan, to say that the only thing I've been done is stuck here in South Africa for the last 30 years or so. I mean, the fact is that I was on the executive of Anglo American for, Jesus, too long, for, I don't know, 12 years or so. Just by the international nature of the business in Anglo American and the role that I played in the executive meant that, of course, that contributed to a much greater and global perspective, more than just running businesses in South Africa. At the same time, certainly when I started, Anglo Platinum had exploration resources in China, Russia, Chile, Brazil. No, not Chile, Brazil. The reason we stopped those is not because we only want to focus in South Africa, but because those actually they weren't value creative opportunities, and we just had better value here in South Africa. The fact is, the operations that I had were mostly in SA, but my experience, including the marketing companies of both Kumba and Anglo Platinum, were all international marketing companies. I spent way too much time on a plane to investors all over the world. You're right from a perspective that Gold Fields provides an opportunity for a much greater global footprint, which is something that I seek to learn from the team from, and that attracted me to the company. That is exactly why I wanted to join the company, in addition to many other great things. The fact is that I think I have sufficient international experience to be able to benefit from that learning opportunity, as I've described, Allan. Okay. Sorry, I didn't mean any offense to that question. No, I didn't take any offense. No. Okay, good. Now we just got to hear from Nick whether he's taking the AngloGold job. Nick, we are also listening. We are all listening. Look, first of all, I don't have any specific plans as yet post the end of March. What I can categorically say to you is that joining another major gold company so soon after leaving Gold Fields would be inappropriate. Thanks, Nick. Okay. Allan? Cheryl, perhaps it's just a corollary. When we talk about our international footprint, it's just worth remarking that we actually have continued to work on brownfields opportunities in Australia. Yeah in West Africa. Yeah in Ghana, in Latin America, particularly around Salares Norte, which is in a highly prospective belt. All of those have potential to generate additional resources internally and organically that could broaden our international base apart from any other ventures we might consider. Yeah. Thanks, Rick. I think that is an important thing to just point out. We have a substantial global footprint already, and with ambitions. I think that's what Chris had also alluded to in his earlier comments. Thank you. The next question is from Martin Creamer, which is a follow-up. Yes. Just the three letters, ESG, are blazing across the world at the moment, and I want to know what can be done at South Deep. I see them getting renewable energy, hopefully soon. When you do, and I haven't been under there for a long time, but you sort of try and not breathe in because of diesel fumes. What could be done for the people, for the good of the workers to try and make things healthier? I know there's no water around there, or is there to make hydrogen. You were involved with trying to propel machinery with hydrogen. Maybe you've got ideas for some sort of better environment underground. Martin, is that question addressed at me or to Nick? The question was addressed at you, Chris. Okay. Yeah, Martin, I think there's, again, the comment that I made earlier, that there's a great platform laid by Nick and the team on ESG. Right across the world, there's awesome examples of renewable energy that's being put in place. There is also, the way I understand it, Nick, and you can just confirm that, but the way I understand it is there's also plans for renewable energy generation at South Deep. At the same time, the work that we did at Platinum in introducing catalysts for underground equipment to reduce the diesel particulates and to clean up the air, and the work that we did around hydrogen fuel cells for large mining equipment. Hopefully I can also bring some of that thinking into what potentially could be a contribution to add to the work that's already been done. We'll have to see. I'll have to see what's already been done and how far they are and what the right time is, and is that the right priority. You correctly point out that we've done some very exciting things, and hopefully that's some of the contribution that I can bring to add to the work that's already been done. Thanks, Martin. Thank you. Martin, I can just add to that, Martin, that in fact, this is a big-ticket item for the board and for management at Gold. For the board. In our search, Chris can attest to the fact that it was something that we paid a lot of attention to. In fact, in terms of drafting our own shortlist, people's track record on ESG matters was absolutely critical for us. Even the fact that people who got onto our shortlist were people who had pretty good and compelling records on the ESG matters, because it is so important to us as a company. Thanks, Cheryl. Thank you. The next is Felix Njini of Bloomberg News. Yeah. Hi, Chris, and team. Congratulations on the new job. I just wanted to cycle back to your comments on South Deep. We are aware that Nick Holland and the management, they spent quite a bit of time on trying to find solutions to make South Deep profitable. I just wanted to get a peek of when you've looked at their plans, their past plans, what do you think you would do differently? Is fixing this mine a challenge that you're looking forward to? Maybe probably you would just consider selling it. What do you think you're going to do? Felix, thanks for the question. Look, I certainly haven't been over the plans of South Deep yet. There'll be enough time to get to that point. Look, personally, I'm very encouraged by the work that's been happening at South Deep, obviously just from the sidelines. The work already that had happened in 2019, the great improvements in both safety and the productivity at South Deep, and the fact that it was making money. I certainly haven't seen the results yet, and I guess we'll all get to see those in the very near future when Nick does the results to see whether that trajectory has been maintained. The one thing that in the discussions with the board, I said that I would really like to be able to see and hope that, for example, South Deep hadn't been sold by the time I got there. Whatever help that I could bring as a mining engineer or as an operator that has turned many mines around to be able to build on the work that's already been done, that'll be a great position to be in. Before I can have any voice on and any opinion about whether it should be kept or sold, I would need to see that. Clearly, I'd need to talk to the team. I'd need to talk to Nick and hear his thoughts and talk to Paul and the rest of the management team, and Martin Preece and hear what they think and what the opportunities are and how far they are down this improvement journey. Felix, I can say that whilst I haven't looked over the plans, I've seen the improvements over the last couple of years and I think the Gold Fields team will be proud of that and I'd look to just add and build on what they've done before I can give an opinion about whether I think it should be kept or sold. Thanks, Felix. Thank you. Thanks, Felix. Thank you. Next person is Andrew Snowdowne of Sanlam Investment. Please go ahead. Over to you, Andrew. Hi there. Thanks very much for the opportunity for the call. Congratulations on the appointment. I guess my question is coming in, it's more from an investor perspective. Obviously, your job is there to run the company, not as much about the share price, obviously, beyond creating value. I think a job that you did very well with Anglo Platinum was the extent to which you were highlighting it as very much an industrial metal, PGMs, the benefits of the basket, its underlying industrial drivers. Gold is a different animal, I'm sure you'd all agree with that. At the same time, from an investor perspective, gold has its place in terms of a risk or sort of metal, just as an investment. Now, part of the process at Anglo Platinum, you were very involved in creating a market for the metal under Anglo Platinum Investments metal line. Do you see any scope within the gold sector to improve the attractiveness for a gold company as an investment as such? Do you think there's scope or do you think you can bring something to the table in this regard? Again, apologies if this was addressed right up front in the introduction. I had some connection issues. I was a little bit late joining the call. Chris. I'm just sort of thinking about Andrew's question. Look, Andrew, the work that we did in Anglo Platinum was because we saw the opportunities in what the basket and Anglo Platinum brought. I don't think that that is transferable other than to think about the opportunities that exist in whatever commodity I happen to be busy thinking about. We'll do the same kind of thinking, and I'm sure lots of people have done thinking, and I'm sure lots of people in Gold Fields will be educating me over the course of the next six months or so as to what those opportunities look like. Certainly what I won't be doing is to say, "Oh, I did A, B, and C in Anglo Plat, therefore we should be able to do it in Gold Fields." I'm very aware that it's a different commodity. At the same time, the thinking about looking for opportunities everywhere will be something that I will continue to do. Whether there is something more that can be done to increase the attractiveness of a Gold Fields mining company. The best way to improve attractiveness is to make money for shareholders and to increase the returns. That is not a bad place to start. Again, the work that the Gold Fields team have done, I would look to work with Paul and the rest of the executive team to continue that work. We will continue focusing on value, looking for other opportunities. It may be within the gold sector, it may be outside the gold sector. Wherever those opportunities will be, Andrew, we can give you the assurance that with the board, with the management team, we will continue looking for value opportunities. At the same time, sometimes the best value is to keep your head down and to work with what you've got, because it isn't the right time to do all sorts of weird and wonderful things. Andrew, I guess that's a long way of answering your question, saying that we will continue to look for value wherever it may be. It will just be different to the work that we did at Plat. Thanks, Andrew. Thank you. Could I follow up with a cheeky little one? A few cheeky questions have been asked. Who's being cheeky? Who's being cheeky? Identify. I'm just curious, because you as a person, as an investor, would you hold gold in your portfolio for the long term or gold equity? Again, it does often come across as more of a trading sort of play for many investors. Very difficult to come up with a long-term DCF type value, largely because of life of mine. Have you, prior to now joining, had gold in your own personal portfolio? I'm just curious to get your sense in terms of how you thought of gold as an investment. The answer is, I do own gold as part of my investment. Probably about one year ago, and then probably about six months ago, I increased those gold investments. Thanks very much to Nick and the team, I'm in the green in the Gold Fields shares that I bought. Yeah. I think there's a place for gold, there's a place for precious metals. By the way, there hasn't been too much that have been offering much value outside of the precious metal companies. If you've had them, I've had a bit, and hopefully I can accumulate a bit more. Yeah, I've had gold in my portfolio, Andrew. Thanks for the honest answers and just being so upfront, and again, best of luck in this new role. I wish you all the very best. Thank you. Thanks, Andrew. Thanks, Chris. I believe there is one more question. Yes. It's a question from Adrian Hammond of SBG Securities. Please go ahead. Chris, yes, one more, if I may. Just get your thinking around consolidation. I appreciate operational excellence drives value, but only to some degree. What do you think about value unlocked through synergies, through consolidating within the gold space with some of your peers? Thanks. Thanks, Adrian. Yeah. I think on the line there's many more that have got better insight. I think, Adrian, there's always opportunity and there's always a good way to throw away good money after bad. The gold industry is no different to many other of the mining industry, or many other commodities in the mining industry, where consolidation hasn't turned out well for shareholders. There's opportunities where it has turned out well. As long as the value makes sense to grow and consolidate, then, yeah, then you chase it. If it's not or if it's just for the sake of getting bigger and having more volume, then I think the answer, then it's a bad reason to do that. Many mining companies have made that mistake, and have consolidated and grown for the sake of growing and consolidation and are saying, "I'm bigger than you." It hasn't added value. A lot of time, synergies are spoken with very, very easily. It's not so easy to drive synergies out when you're talking about global companies all over the world. Unless the assets are combined, unless you can cut sort of head office staff, unless you can do many of those things, then the synergy often doesn't work. I'm very aware that the gold industries, over the last few years, have been talking about consolidation and quite a bit has happened in the last while, and some of those actually look like some good deals. If there's good deals out there, I guess the board will be willing to listen to management if there's opportunities. The board will be keeping our feet to the fire to make sure that whatever we do adds value. Again, Adrian, if actually the best thing to do is to keep our head down and to grow organically, grow out of our brownfield projects, grow out of the projects that the team have put into the portfolio, that's also a really good strategy. We'll keep our eyes and ears open, but it's got to be for value, and we've got to be clear that the synergies and the deals to be done have got to make sense for all the shareholders. Yeah. That's how I think about consolidation. There's times when it's good and there's times it's really bad. I appreciate that. Thanks, Chris, and all the best. Thank you very much. Thank you. Cheryl, we have no further questions in the queue. Thank you very much, Chris from Chorus Call. Ladies and gentlemen, let me just say I haven't heard any ladies asking questions. I can just assume there must be some ladies on the call as well. Let me just thank you all for attending and for the interest that you continue to show in this company that we are all so proud of. I can just say it's great to be able to say farewell to a great leader with so much positivity and appreciation. I guess the best time to leave is when people still want you to stay, and while you yourself are not so fed up with them that you can't wait to be rid of them. It's a great time to be saying thank you very much to Nick. We know it can never be the end. We think that Gold Fields stays in your blood. Equally, it's great to say hello to a new leader with a great record, who in fact started his life with a bursary from Gold Fields. It's a great virtuous circle for us, and it proves the point I was making about Nick, that when you leave Gold Fields, you never quite leave Gold Fields. There will always be an umbilical cord. Just to say, it's great to be able to welcome somebody of the stature and enthusiasm of Chris, his vision and his humility, in the whole process from the interviewing when we got him into the search process, has just been outstanding. To just have two men who are able to so affably work in the interest of what they both believe is a great company and to ensure that the transition works out very well has been quite remarkable, and I think fairly unusual. Thank you very much all for attending, and thank you to Nick and Chris for just the way in which you, and I say this as the board, to both of you, the way in which you have carried the interest of this company so impeccably and have conducted yourself with the utmost integrity, and for the benefit of our shareholders. We have no doubt that between the two of you, this transition will continue to work very well. Thank you very much, everybody, for attending today. Of course, through Avi, both Nick and Chris remain available for further interviews over the next couple of days. Thank you very much. Thank you, Chris from Chorus Call. Thank you very much, ma'am. Ladies and gentlemen, that then concludes this conference and you may now disconnect your lines.