Good morning. Indeed, we exist to promote Africa's trade with the world, and most importantly, touch the lives of the communities in which we operate. I am joined on stage by Fathima Ally. She is my CFO. She will probably be talking a lot more with more than half of yourselves that would be looking to understand numbers a bit more. I am hoping that her job is relatively easier today, no complex accounting and technical issues to explain. Before we proceed, I would like to acknowledge my chairperson, Cheryl Carolus, who has joined us here today. I can see two board members, Deepak and Zimkhitha. Thanks for your support this morning. Most importantly, I would like to thank our investors who have confidence in us to look after your share capital and make sure that we do all risk management and the required return commensurate with those risks. I would like to also welcome the funders who are here today, and some of them have enabled us to deliver what we have, especially on the dividend side. I will explain that a bit more as we proceed. I would like to welcome everyone else here in this venue. I also would like to acknowledge the attendance on online, virtually, and on stream. Welcome, everyone. Thank you for spending time with us and coming here to listen to us. Before I proceed, I actually would like to thank my colleagues because I can see a few faces here. Those are the guys that make my job and Fathima's job easier. They are always there on the trenches and making sure that we deliver what we promise to our investors and the stakeholders. A special welcome to our PBR colleagues. I can see some of them at the back, they are promising me that they are doing some good work for us, I cannot wait to see that being delivered. So to crack on, we believe in working safely. For the first six months of this year, we had no fatality. Our injuries were only seven against nine last year. An improvement, but nevertheless, injuries are not acceptable to us at all. The LTIFR, which is a severity rate that we measure, we use a benchmark of zero point five for every 200,000 hours worked, came in at zero point three six. You will recall last year we ended at about zero point four, the target is zero point five. We have done pretty good well, thanks to the team that continued to ensure that we work safely. We had interesting macroeconomic environment under which we delivered these results, I am not even covering the environmental issues, particularly in Maputo that we faced at the start of this year. I am sure some of you have forgotten about Cyclone Freddy that kept coming and going and coming and going, we wondered who was putting a spell on our facility. On the macroeconomic environment, we are pleased that we are actually focused on the regions that shows some growth and resilience despite the factors that we see at a global level. If you look at Mozambique in particular, where we are concentrated, the economic growth is around four point seven, the inflation actually has dropped to almost a two-year low of five point seven, which is quite pleasing for us because that is where we operate. If you look in South Africa, unfortunately, there are some headwinds that we are currently navigating. We are all aware of the energy issues that we face, the inflation, the high unemployment rate, which is quite structural. That is a challenge that we currently face. As a signatory to South Africa, Grindrod is playing its part in ensuring that we navigate those issues. The economic growth that is currently projected is around 0.3% for the full year. We saw 0.4% for this year. This is very low, and one hopes that some initiatives will be put in place to see an upturn on those. If you look at the SADC, on a broader scale, the growth is projected at around 3%. There is a concern around the cost of capital as a result of the increasing interest rates. The reality is that we have got some interesting projects that we are implementing, including Matola. So we watch that development very carefully. The exciting region for us is East Africa. The growth is around 4.5%, although there is issues around inflation. But this region is expected to be the highest performing this year and well into 2024. So we are very excited by those development. On a global basis where the commodities go into that we move, if you look at India is doing well. They revised their GDP growth to 6.1% from the initial estimate of 5.9%. China is growing at 6.3% in the Q2. It is lower than the 6.9% that was projected. We need to note that in the Q1. the growth was only 4.5%. There are positive signs, but I think there are challenges that are currently structural in that region, and we have seen some incentives that are being put by the government to ensure that they prop the economy. The growth rate is projected at around 5%. Sometimes we miss the days when China used to grow at 7%, 8%, and even 10%. It looks like those days are gone. One particular issue that is coming up in China is youth unemployment, which is at a record 21%. That is for the age group between 16 and 24 years. That is somewhat concerning, but India and China continue to be the dominant importers of our cargo. If you look at the commodity prices, that was in play as we delivered these results. We are actually seeing the softening of the prices, particularly, the coal. We all know that the base was relatively high last year with the geopolitics at play, which was creating some constraints on energy supply, and therefore coal was in demand. Going into this year, the ports in Europe in particular, had excess stock, and the winter was milder than expected. As a result of that, we started to see the drop in coal, but also the gas prices are now easing. As a result, we are starting to see the softening of those prices. We also know that the container rates from a shipping perspective are also slowing down or softening. Some of you will remember the shipping days. It sounds like it is many years ago, but as recent as a year or two years ago, the container rates were relatively high. To this day, they are quite low. For me, the interesting one was the lithium. If you look at the lithium dropping 26% year-over-year. The base is still relatively high if you look at the price growth, which was 337%, 2022 versus 2021. We suspect that's a short-term blip. The demand for this particular cargo, we think is going to be strong and it will remain strong. As I indicated at the beginning of this year, it's one of the commodities that we are focusing on. That's why I said I'm quite pleased to see my PBR colleagues here today. The chrome and ferrochrome remained strong. Maybe on the ferro, not as strong as we would like to see, but they haven't lost the gains that they've had in the past two years. The chrome ore is quite strong, and we are bullish on the chrome side. The rest of the commodities were softer, and the softening was more on a single-digit basis. It's quite pleasing that we still were able to deliver these results on the backdrop of those macroeconomic environment, both from the global economy perspective, regional economic perspective, as well as the pricing. Coming to the chase on the highlights, which I'm sure is what we are all looking for. Maputo, on an operational basis, delivered record volumes, 5.9 million tons. For some of you who understand how far we've been with Maputo, in 2007, the facility was doing 5 million tons overall, including sub-concessions, and you'd have heard last year that we delivered 27 million tons. We did a high-level calculation that works out to around between 9% and 10% compounded annual growth rate every year. That's pleasing performance, but it comes with commitment, investment. Over that period, we invested about ZAR 800 million to upgrade the facility. In the recent five years, we probably have spent around ZAR 200 million on that. It's an exciting stuff to see happening or exciting development to see happening, and it's patience that come with the investment. Also the trust from the Mozambican government on the private sector to play as a key role in ensuring that we deliver on the infrastructure. Come 2043, the government will have a good asset. Some of you may wish to visit that facility. They delivered 30% record volume for the H1 of this year. Our own terminals in Mozambique, I'm covering both, the dry bulk terminal in the main port, as well as Matola across, delivered a growth of 17%, which is quite pleasing for us. Individually, GML delivered 38% growth on last year. Matola delivered 10% growth on last year. That's quite pleasing for us. I will remind you again that on Matola in particular, because of the magnetite cargo that we handle and the equipment structure that we have on the key side, we had Cyclone Freddy. And I really want to single out the team of Matola who had ensured that despite all those challenges, they still delivered 10% growth. So it's really hard work, and I'm privileged to actually have this team. On the financial side, you'll see the strong EBITDA of ZAR 1.1 billion, growth of 16%. I'm not going to say much on that. I don't want to take the shine away from Fathima. What is quite pleasing for me is that we are able to give shareholders the return that they've asked us. To give our target of 15% ROE, we're currently sitting at 19%. So we're quite pleased with that performance, and we commit to continue on that. Core headline earnings growth of 26% to ZAR 563 million compared to the same period last year. Again, very pleasing performance for us. Now a combination of that headline performance growth, strong growth, the large cash holding. Some of you may have rushed through the results and seen the amount of cash that we have. For me, the most important part of it is the funding project that's currently in progress on Matola side, which appears to be very positive. I'd like to push or to put a lead arranger for us under pressure on that, but the signs are positive. You will recall that of the ZAR 1.1 billion cash from the bank, we reserved it. In that number was a ZAR 600 million that was put aside for Matola project development, for any potential equity contribution required. So the progress that the team are making on funding looks promising, and as a result, Fathima convinced me to request the board to double up the dividends. We're quite pleased with that development. If you look at the actual ports and terminals, the actual highlights, I've sort of mentioned, covered all of them. One of the items that you've seen on the video, the big banner, is a 1 million tons for two months in April and May that was achieved by the main port on chrome and ferrochrome. That to me is exciting. What I'd like to see is that 1 million tons being a norm and done at least 10 times a year if we allow two months of maintenance. We have invested on two mobile harbor cranes, again, to increase the quayside capacity for the main port. This is in response to the strong demand for the footprint at the port and also at the sub-concession level for dry bulk cargo movement. If you look at our main terminals, as Grindrod, I've indicated growth of 38% in GML and also 10% in TCM. We are progressing very well on funding for Matola, as I've indicated earlier, and the feasibility study is ongoing, and the design of the key components for the plant are currently ongoing. Without putting the team under pressure, I'm hoping we will start placing orders in Q1 2024. To remind you, the additional capacity that will come from that project is between 4 and 5 million tons of dry bulk, and the facility will be largely magnetite. I've included this slide just to share the trend that we've been running through. You can see the port side, stellar performance. You may be disappointed on the terminal volume side that we remain static. Within that number, we are showing growth where it matters, 38% in GML and 10% in TCM, dollar-based margins. We do have challenges in Richards Bay that we're currently navigating. You will remember that in Q4 2021, our conveyor belt that links our Navitrade facility to the main port was burnt down on the port side, and we are working tirelessly with Transnet, who have committed and have actually started to work on the restoration of that belt. We remain hopeful that either the end of this year or the beginning of Q1 next year, the belt will be up and running. To give you the picture, we are currently moving trucks into the port in order to move our cargo. And the damage to the infrastructure of the port is very saddening. The benefit that comes with the belt, not only is the avoidance of that damage to the port infrastructure, but it's also the efficiency that comes with the belt, which creates a cargo flow of about 1,000 tonnes per hour and improves the loading rate for the vessels. And out of that one is able to hopefully increase the number of vessels that we handle. I am putting pressure to my new CEO of terminals to make it happen. The compounded annual growth rate of 24% using the base of 2020 on the port side is commendable, and 20% on the Grindrod dry bulk terminals. If you zoom in on the logistics, which is essentially, if you look at Grindrod, maybe if I can just explain a little bit. We've got the infrastructure, which are very critical for us strategically. They are barriers to entry, and they give us that competitive edge. We then said, if we want to be able to control the flow of cargo into those facilities, we need to be involved in the logistics value chain. We did that by developing various capability, which sits in the logistics. When you look at logistics, you think of the capability in terms of moving cargo inland into the port, whether through setting up a dry bulk terminal inland or setting up the warehouses inland, or using rail to flow the cargo, which is beneficial, by the way, on ESG perspective, or temporarily using trucks or any activity that enables us to flow the cargo cost effectively and efficiently into our port. We do see customers having an appetite for a holistic solution, and we're quite pleased that we're starting to see an uptake on that. Particularly driven by the alternative solution that we tend to be able to bring on the table in the challenging times that we currently face in our logistics profession. Northern Mozambique performed very well, 15% growth on earnings. That is very pleasing for us. East Africa expansion is progressing. We've invested ZAR 207 million on key equipment, including the landing craft, which is a versatile vessel that lands anywhere without a sophisticated infrastructure. And some of you remember in 2021 when we did an LNG project in northern Mozambique, we had 12 of those on sea. That was an immediate response to the damage to the road infrastructure as a result of rain. So we know what these small things can do in those environments. Agents and clearing, and forwarding business. Actually, these businesses have been increasing over the years nicely. With this integration of the logistics value chain service offering we give to these customers, we're seeing an increase in the uptake. New customers, big customers, I can't mention the names, signing up on contract logistics in our Röhlig-Grindrod joint venture, with Röhlig International. Also seeing a decent increase in port calls for ships agency service offering that we provide to our customers as part of the package. Our newly formed business joint venture with Maersk and Grindrod that we announced last year and implemented at the beginning of this year is progressing very well. I had the benefit of visiting the sites and the employees. I was impressed with the speed at which the integration is happening. As you all know, any merger of operations, people are key in that, and I think the team has done pretty good job to make sure that employees gel. The next step now is investing in those facilities and expand. Remember, the business model for the merger is that ultimately every Maersk box that touches South Africa is handled by this entity. The extent that the dilution down to 49% of the bigger value that will be created makes sense. I hope, we'll start seeing a nice ramp-up on that business going forward. We've got United Container Depots business, which is wholly owned by Grindrod. We have refocused on that business because the other shipping lines are also looking for a service offering. So we are putting that business in place. We've recapitalized it. We've bought new equipment, and we've expanded in Denver facility. In fact, if you go to Denver facility of that 55 sq m facility, you'll be very impressed. I invite you to go and visit our operations there. If you look at our rail business in Sierra Leone, you'll remember that we've got iron ore out of Tonkolili mine into Pepel Port. We run the entire value chain for the customer, literally a pit to port in a true sense of the word. We've moved 10 million tons of iron ore from the restart of that business in February 2021. I say restart because we were in that project in 2012, and when the iron ore price dropped, we moved out. We retained some of the locomotives in-country to show commitment going forward. And when the project was restarted, we were there to deliver the service. We are proud of what we've done there, and it demonstrates the capability that we have within our group, not just on the rolling stock, but on operations, the drivers, the maintenance, the whole combo, if I can borrow from that. The pleasing one for me is the resumption of operations in Zambia. You will recall that in 2012, we made an entry and it didn't end well. With relationship rebuilding through our PBR, I am pleased that in June actually of this year, we started to inject locomotives out of our sister company, PBR, and to this day, we are moving cargo northbound. I'm pleased that we are on the verge of deploying further four locomotives in that operation. There's an exciting development on the rail business. That's a testament to our commitment on rail business as a key enabler for trade in Africa, whether inter-regional or export. The concept of borderless train is close to my heart. This is key to ensuring that we are moving cargo seamlessly, that we are able to support landlocked countries to access the port. It is a difficult concept to execute, of course, because it requires collaboration amongst all the rail players. But the exciting part of it is that we've actually done it in Eswatini. When we designed or when the team came up with the concept of a siding in Eswatini, we realized the constraint on the rail side, and the conversation, with our participation in it between Eswatini Railways and CFM, enabled the flow of trains borderless. In other words, the train just moves. In fact, there, I think it's an excellent concept because they don't even switch the drivers. If it's a CFM train from Mozambique, it runs all the way to the siding, collect the cargo, and move it back. I'm hoping that I'm making a correct statement there from the team. You will also recall that there was a test concept on the chrome, ferrochrome last year with CFM and TFR, really embarked on a chrome train flow through similar concept, except that it changes the crew. That went successfully, and as a result, was expanded to our sub-concession terminals. As it is now, we are running trains borderless, and the support from Transnet is very immense in this regard, and we are very grateful for their engagement between themselves and CFM, and we collaborate in any way possible to make sure that when the train arrives in Matola or in Gama, the turnaround is quite quickly because that's how they create value as rail operators. There's a quite exciting development in the logistics as an enabler to unlock the value in our facilities. Moving on to the non-core. We've got an asset that remains with us in the form of a taxi finance business. That asset, unfortunately, with where the interest rates are, which have been disruptive in the market for some of you who have observed what's been happening in that industry. As a result, the deal that we are working on, since last year, has collapsed. So that deal is off the table as we speak. So we are currently exploring alternative disposal mechanism, and we've got few meetings lined up to work on that, and we'll report when there's something concrete coming through. The big one is the North Coast land. You'll recall that we've got a ZAR 1 billion exposure in our balance sheet in the form of a receivable, which is underpinned or secured by land in Blythedale and Addington, north of KwaZulu-Natal. It's a beautiful land. It's got beautiful coastal area, and if you know any investor interested, I can share the numbers when we're done with the results. It is a challenge to extract the ZAR 1 billion at this stage. The value of the land is quite high, actually. It's a premium land, both from residential development perspective as well as from industrial development perspective. We've got few projects that are currently at play, potentially. One is for a big beer-making company, that will result in some revenue stream coming through. The second one, unrelated to this land is, some of you may have seen it, is a project on Club Med, and there is a buzz on that. As shareholders of that structure, we are watching very carefully the developments. The hope is that with that development, there'll be some catalystic benefit or catalytic benefit of the entire footprint that we currently have. We are very mindful of the excess availability of land, particularly through Tongaat. Some of you are aware of that. The third one is the Sithembile development. We are also a shareholder in that plot of land. It sits at zero in the balance sheet, by the way. That development is quite advanced, and we're working with the core shareholders to see how we exit that. As management, we continue to explore the mechanism around how we extract that ZAR 1 billion. The exciting part that the management have worked on, thanks to Fathima and the team, is that some of you may have indicated the layer of security, against those bonds, and particularly the one that's of interest to us. We were sitting third, and I'm quite pleased that to the extent of about half a billion rand, we now rank first, which means that any proceeds that come out of that property, at least half a billion rand comes to Grindrod. We'll continue to explore other mechanism to make sure that we improve our position on those. If you look at our marine fuel operation, which is our reselling business based in Dubai, it did well. But unfortunately, because it's essentially a reselling business, its profits are impacted by movement in the oil price. So their results were impacted by 40% compared to last year because of the oil price movements. Again, we continue to work with the core shareholders very closely, and I'm hoping that we'll be on the verge of coming with something tangible to present to the shareholders. I would like to preempt the current conversation. Thank you. I will leave it to Fathima to take over. Thanks, Xolani. Good morning, everybody, and a warm welcome from my side. Lots of new faces in the room, which is exciting for us as management, because it's a testament to a lot of interest in our share and the company, and a tribute to all the hard work we've been putting in over the years to really streamline the business and focus on our strategies. Truly a pleasure to deliver the results for the 2023 interim for Grindrod, particularly because we think they're quite strong. In this period, not only have we celebrated positive milestones in the business like we saw through the video and some of the stuff Xolani just touched on, but we've also made very good traction on several of our growth projects that we identified and talked to in previous result presentations. We also continue to reap the benefits of our customer solutions mindset, which we really push hard, and we are relentless at across the businesses. With respect to the financial performance, if I start with the overall presentation, consistent to how we've always presented this, it is done on a segmental basis, which means that the impacts of our joint ventures are all included on a line-by-line basis. I also need to point out that the comparatives for June 2022 have been represented, in line with what we did in December, because with the disposal of Grindrod Bank, the bank was considered a discontinued operation, and we effectively are now reporting and talking to continuing. Revenue from our core operations firmly up at 32%. This translated to a 16% uplift in our trading profit. This is largely due to the exceptional volume performance, particularly in Matola as well as in Maputo terminal. We also saw good growth in our East Africa business as well as our clearing and forwarding and ship agency business. And again, this from new customers as well as diversifying existing offerings and a bit of organic growth coming through and positive outcomes from renegotiated tariffs, and the good work that the teams have done during the course of the period. Our non-core business, some slippage in non-core revenue there coming out of the marine fuels business, like Xolani mentioned, it's linked to the softening of the oil prices. We're glad to see that the losses on the non-core, in the EBITDA or trading profit line are reducing. Again, hugely attributable to the significant downsizing of that private equity portfolio book. Our depreciation charge is up 18%. This is because in 2022, we invested quite strongly in increasing the footprint in Matola, particularly we now hold a back-of-port facility almost as large as our quayside or frontline stockpile capacity areas, and we also increased footprint in the Maputo port as well. Our associate earnings up 85%. This is due to the strong volume growth from the port, in view of the chrome and ferrochrome volumes that we saw on the earlier slides. Overall, net profit or earnings for the group from continuing operations up 47%, and in our core businesses, earnings up to 22%. If we take a closer look at some of the KPIs within the various segments, from a port and terminals perspective, the volume that we saw resulted in a 30% uplift on revenue, 28% uplift in the EBITDA, and of course, a 31% uplift in headline earnings, with this business maintaining strong EBITDA margins and very strong return on equity. Our Grindrod Logistics segment, despite the 12% improvement in revenue, we did see slippage in EBITDA and slippage in headline earnings. We've done detailed analysis, and hopefully, my next slide will give you some perspective on where those are coming from. Bur essentially, it's two factors. The Grindrod Logistics transaction that we embarked on and implemented at the beginning of the year, that joint venture saw our interest in the business go from 100% to essentially 49% of the combined business. The second factor is attributable to the fact that we did see the shipping rates come down, which impacted on the charter earnings that we had close to 67% this period. What you'll see is that, we've included a U.S. dollar-based EBITDA percentage for you this year. Grindrod continues to be a very strong, naturally hedged business, which mitigates us to a very large extent against the significant devaluation of the rand that we've been seeing against the U.S. dollar. With the dollarized foreign operations, our port and terminals business, you can see constitutes 91%, and our logistics business at 42%. Logistics well-placed for that to improve based on where our growth plans are. This slide is really where I wanted to explain the logistics segment. So if we look at normalizing this, in previous results presentations, we talked to certain once-off items. If we continue to adjust those in 2022, as well as for the effects of charters and the effects of the diluted shareholding in Grindrod Logistics, you will see that we actually have a 33% uplift in headline earnings, and a very strong, sustainable base going forward. Our group segment, a bit to explain there. Value-added services, which is essentially Grindrod's initiative that we embarked on last year to help us participate a bit more on the commodity side, with prices being at the highs that they were. We now deem this segment to be part of group. We previously reported it as part of terminals, largely because we have reshuffled responsibility areas, and this predominantly falls under what Xolani chases as opposed to what he holds Kwazi, the CEO of Terminals, responsible for. But we also need to note that in 2022, we saw significant costs come through attributable to withholding taxes for repatriation on Mozambique profits in 2021. We also saw provisioning come through on our share price linked option scheme because of the surge that we saw on the Grindrod share price. Adjusting for those factors, we really compare a normalized overhead base of ZAR 62 million last year to what we have seen this year at ZAR 35 million, which is close to halving that overhead base. A big contributor to that is the interest that we have been able to realize on the ring-fenced cash that we are holding on balance sheet for the projects. Grindrod's balance sheet remains strong. Key themes to highlight or a large factor driving a lot of the movements. In December 2022, the Grindrod Logistics business that we were going to form the JV on, we disclosed all of the assets and all of the liabilities in one line deemed as held for sale. In June 2023, we proportionately include 49% of this business in each of the respective line items. A large factor for the movements is attributable to that. What I also want to point out is certainly within the fixed asset base, we saw investments of close up to ZAR 510 million, in this H1 reporting period. We are seeing a spike in our right of use assets together with lease liabilities. This is a mix of CPI-linked modifications we need to do on some of our leases and concessions. Additionally, we have positive outcome on extending tenure on some of our key footprints. The last thing I really want to point out on the balance sheet is our shareholders' equity has increased. This is mainly attributable to, of course, our profits, but we need to also point out that we booked close to ZAR 519 million of translation gains in view of the USD-based USD operations that I talked about earlier. On net debt reconciliation, and we present this excluding joint ventures. Essentially, as you would see our IFRS balance sheet, we started off the year, at ZAR 182 million of net debt. Very strong cash generation for us in the businesses at ZAR 375 million. We saw proceeds coming out of disposal and realization of assets, ZAR 272 million of that ZAR 356 million relates to the cash that came in on the Grindrod Logistics transaction. Of course, the investments that we made, we saw cash of ZAR 426 million. Well, not cash. We saw investments of ZAR 426 million funded by both cash and debt. Close to 81% of that spend was funded through debt. We closed the period on a net debt of ZAR 241 million. The way we look at our net debt as management, we exclude the ring-fenced cash that we talked about. We look at our operational cash, and if we do that, our net debt for this business sits at ZAR 1.4 billion. Our net debt to EBITDA levels sits at close to one point one at this point in time. But essentially what this means is that Grindrod is well-positioned with a healthy balance sheet and adequate capacity to raise the debt that we'll be needing to raise in terms of our expansion strategy. Leaves us in a good space, in the cycle of the elevated interest rates that we're seeing now. With respect to our net asset value, we closed the period at ZAR 13.33 per share. This is an increase of the ZAR 12.11 that you saw in December. ZAR 10.63 of that is tied up or locked into our core asset base, which at a headline earnings of ZAR 2.09, delivers a return on equity of 19% on our core business. What we're quite pleased about is that the efforts that we've put through to work on the structural issues of our balance sheet are certainly deeming fruit. At a ROIC level, our core business is tracking very nicely above the targets that we set. We track at 15% ROIC on our core, and we target 13.5. To talk you through some of the efforts and some of the outlook for our businesses going through, Xolani's got a couple of specific slides. Thank you. Thanks, Fathima. Good numbers indeed. Key takeaway from that is that it looks like value-added service offering that you'll recall last year. Fathima is asking me to do something on it. I've taken on the challenge, and I'll see what I can deliver on that. I wish she gave it to me when the coal price was sitting at $250 a ton. But for my key takeaway out of that is that indeed we've got war chest to go and chase for the opportunities or the firepower to do that. Not just on the cash, but also the engagements with the banks indicate that we have got a strong balance sheet to actually chase good opportunities. That's what we're working on. I wish those opportunities could come as quickly as possible before we are criticized on sitting on the pile of cash. Now, our business going forward, this is my favorite slide. You'd have seen it last year as a bubble. We got a little bit sophisticated this time, just to show the key cargo types that we are handling. This represents roughly about 22 million tons of dry bulk cargo handled across all our facilities, including our associate port terminals at 100% basis. That's what we touch as Grindrod, 22 million tons in six months. That's, for me, very exciting as I was putting these numbers and this commentary together. The top five of those commodities cover magnetite, manganese, and coal. In fact, three of the top five includes those, and they make up 80% of the volume. So there is a challenge on the coal side for us to make sure that we start actively replacing it with environmentally friendly cargo types that I've mentioned in my presentation at the start of this year. Graphite, lithium, copper, manganese, and the team is working on that. You'll see that I've added container, and that's an excitement that comes with the major transaction that we currently have. For me, it's quite exciting that we'll be touching every Maersk box in our operation. We are working on the medium-term project, there's a particular project that we're working on to unlock graphite project that will come in in the medium term. We are a firm believer in a balanced capital allocation framework. Fathima has said this so many times in the past, and I'd like to echo that as well. In the order of preference, staying in business is key. We've got an infrastructure currently. We've got commitment on the master plan, and it's the right thing to do operationally to be doing your stay-in business. CapEx is what actually generates cash to then decide whether you give that cash to shareholders or you invest in other exciting projects. The second preference is then injecting that cash to capital projects, particularly on growth or significant brownfield projects, similar to what we're currently doing in Matola. Then we have a commitment to a sustainable dividend payout to the shareholders. And the range that we talk about is between three and four on a dividend cover on core headline earnings. We've taken an exception this time around, and I'm hopeful that the shareholders are pleased with that. Then the buyback opportunities, opportunistic buyback, which is a value enhancer in the absence of key projects or in the presence of excess cash. If you look at our performance on that framework, we've generated ZAR 375 million of cash from operations. If you relate it to our earnings, that gives us a healthy cash conversion ratio. We firmly believe that your earnings should be very close to your cash generated from operations, which requires, therefore, to be disciplined on working capital management. We've declared a dividend of 34.4%, double of last year, which works out to about 47% of total headline earnings this year. On the capital growth, in the first six months of this year, we spent ZAR 600 million. ZAR 600 million, which is ZAR 0.6 billion, sounds better. That focuses on the right regions in terms of what we've committed to spend on. East Africa, northern Mozambique, container depot business, enhancing our value proposition. Going forward, we've got project pipeline of sitting at about ZAR 1.9 billion that are close to execution, and it covers container, magnetite, East Africa, rail, terminals, manganese. I'd like to see the rail increasing, so we're going to be working on, hopefully, solid business case with our rail colleagues, to ensure that rail gets a fair share of capital allocation in order for us to unlock the logistics corridors in South Africa and SADC. In conclusion, we are committed to ESG. We've got a key strategic focus on our ESG. They were highlighted in the video. Prosperity for all. If Grindrod prospers in terms of our purpose, which is the second part of our purpose, is to ensure we make a positive impact in our communities. And for us to be able to do that, the company must be sustainable in order to be able to do that. Regenerative environment. We are the users of power. We use water to wash containers. And therefore, our core responsibility is to make sure that structurally on a per ton, on a per container basis, we reduce the usage of natural resources. And wherever possible, we become the net exporter within the communities in which we operate of those natural resources. Social and inclusive development. It talks to our CSI program. Most importantly, it talks to our key CSI initiative along education. We've got a standing policy in our organization where for every ZAR that we spend, 70% of it must go to education. We firmly believe that education can unshackle someone from poverty, and that is our belief that 70% of what we do should go towards that, 20% goes to environment, and 10% is discretionary for my team to go and have fun with the customers. And finally, the good governance aspect of it. We've got all the governance in check, and our ESG committee, which is sponsored and chaired by myself, covers all this. This is what drives us, as Grindrod, in terms of the ESG framework. We remain a fatality-free operation, and strong results talk to ensuring that we're sustainable to be able to execute on this ESG drive or ambition. Our strategy is very simple. It starts with the customer, the business solution. I said yesterday, to our customers that we don't see problems, we see solutions. We don't see challenges, we see opportunities. That's what we are about, and we firmly believe that as Grindrod, we're going to continue to make an impact, across SADC and East Africa and some parts of West Africa, Sierra Leone in particular. We are very committed to get the landlocked countries and give them access to port. If we're not able to do that, then it becomes difficult to realize value. Most importantly, we'd like to see the international trade improving. Those are very ambitious objectives, but in our small way, we firmly believe we can make an impact. Of course, superior returns to shareholders as well as the dividends. Thank you for listening to us this morning. I am told that the next session is Q&A. I'm hoping we're not going to get difficult questions. The order of events is that we're going to start on the floor here, and then we go on to the online questions. Any questions? Thanks, Xolani. It's Rowan Gollop from Cratos Capital. I've got a question around your strategy and maybe the different way you may be thinking about your strategy, given what's happened over the last year in South Africa in particular, where state logistics has essentially fallen apart. The opportunity to, first of all, move tonnage that was on Transnet's facilities is coming your way. Transnet has also opened up some of their facilities to private investment. We've seen that at Durban, and we're seeing this right now in the tendering of the NATCOR line. Has this opened up new opportunities for Grindrod relative to what you've been looking at before? I mean, for many years, you've been one of the few players investing in transport infrastructure in South Africa, the opportunities seem to be growing. Really my question is, in your strategic thinking, what new opportunities are you seeing now, given that sometimes through poor performance, opportunities do arrive. Poor performance, I mean Transnet, not you guys. Okay. Thanks for the question. I'd like to respond to that question from Grindrod perspective. My job strategically is to chase growth projects, in line with the framework we put to the board in November last year. We are very clear there. We're not shy of the infrastructure. We believe the right infrastructure gives you barriers to entry, therefore allows you to not only create value for other stakeholders, but to sustain yourself. What it also does, it allows you to create stickiness with the customer because we see how the customers operate. Coming back to your question, what we are seeing in general in SADC, and it's also growing in the East Africa, is an appetite to invite private players. There is a practical example, of course, which is the Lobito corridor. We are aware that it was awarded at the last year, if I'm not mistaken. That's a line that links DRC on the West Coast, into Angola. That to me is an indication that not only in South Africa, but also in SADC in general, there are opportunities. Of course you don't chase every opportunity that does not align with your strategic framework. Coming back to South Africa, we've seen a few of the opportunities that came up. The TCT is an example in point, which I think came out two years ago. Grindrod was indeed a participant in that, we made the list to the top 10. Unfortunately, our European partner could not stomach the risk that they perceive, not us, despite our best efforts to give them assurance that we are here. We are South Africans. We know how this works. But they had their own framework to test those things against. You've heard of the manganese opportunities in the Eastern Cape. A recent one that's come out, container in Richards Bay. These opportunities will come through, and to the extent that they are relevant and they tick our strategic tick box, if I can call it that, we will put our hands up and request to be given an opportunity. I hope I've answered your question. Thank you. Thank you. You spoke of magnetite, and in your CapEx plan for next year, your major portion seems to be in terms of magnetite. Correct. Please, would you elaborate on that? Thank you for the question. We've got a sub-concession in Matola in Mozambique. We've been under sub-concession since 2007, and we renewed in 2010, if I'm not mistaken. As part of that sub-concession or the master plan or the framework, whichever way you call it, there are broad commitments around the development of the asset. As Grindrod, we have a mandate to fulfill those commitments. In 2016, we did an upgrade on the quay side by installing a new ship loader. Unfortunately, the commodity prices dropped, and therefore we stopped the continuous development of the asset. With the rebound in commodities and the strong demand that seemed to persist despite softening price, we've taken a decision, subject to board approval, I must emphasize that, to commit and spend the money that we committed in terms of the master plan. What the team said is that we don't just replace the same machine with the old machine. Not the old setting in terms of the capacity for the same machine. Rather go for the bigger machines and stand yourself an opportunity to grow your capacity from between 4 and 5 million tonnes. That's what the spend is about. The terminal is largely magnetite, but when coal prices come to where they are, and customers come and request for us to assist, we do allocate the capacity to coal customers as well. I hope I've answered your question. How sustainable do you see your volume growth? Your immediate years look pretty good. How do you see it longer term? Thank you for the question. It's a very good question. To create sustainability in our volume requires us to diversify. As I've indicated earlier, we've identified niche commodities that we want to focus on, and by transitioning into those commodities, I firmly believe that we'll create sustainability for our volumes. The beauty of that is that those cargo types are not necessarily coming from South Africa alone. They also come from the wider SADC region and as far up as East Africa and all the way to the DRC. And for me, that's an exciting part once we crack it correctly. So when we look at our volumes right now in terms of the mix, and that's why this slide is key for me. I've said it last year that the small dots represent opportunities. The KPIs for every of my executives should say: How do we grow this without shrinking the others? That's for me, the forecast. In order to be able to do that, one needs to come up with a unique logistics solution. I mean, it's easy to buy a truck and move cargo, but it's difficult to identify a strategic terminal operation, invest in rolling stock, and create the entire value chain. That's where I think as Grindrod, we can play a significant role in ensuring that we create sustainability for these volumes going forward. I hope I've answered your question. Thank you. Okay, perfect. Two questions from me here. The first one is, under which circumstance can you sustain the solid returns to shareholders that we've just witnessed? The second question on aggressive voting against your remuneration policy by shareholders, what's your position on that, and what sort of feedback can you give to potential investors and current shareholders? Yeah. Thank you for that question. I want to make sure I've got your question correct. Your first question was, how How sustainable- How sustainable our returns are. Come again, sorry. Especially the dividend. The dividend. Okay. Got you. Now I understand your question. Okay. Of course, the dividend is a function of the extent of growth you're driving, the cash position. Because one thing that we need to remember is that what in the old days used to be infrequent exogenous factors is now becoming frequent. I mean, things like COVID. Before you know it, the energy crisis before. Therefore, as management, we've got responsibility to ensure that we maintain adequate liquidity for the business. I've engaged the banks during COVID when I had the uncommitted facility, came COVID, I said, "I'd like to pull that." They said, "No, no, you need to put an application, let's discuss it at the credit committee." I realized that there's no value of uncommitted facility. As a result, as management, we've got a responsibility to ensure that we've got to maintain right liquidity and also the sustainability of our operations in terms of sustained CapEx. If you saw our framework there, that's what drives us. But most importantly, we've come up with a framework on a dividend payout of between three and four dividend payment cover, which we think allows us at least to ensure that through the cycle, we should be able to sustain those dividends. Of course, in good times, we move closer to three, and sometimes we break the three like we've done today. But i n difficult times, in anticipation of that, we may tend to move to four and maybe sometimes to four and a half. In the long run, in the same way you maintain a capital structure, you'd want to be within that range. We believe that that provides a sustainable dividend flow. Of course, the overarching in all of this is your demand for the cargoes that you move. So if you move into a scenario where there is no demand for cargo and circumstances change, then the conversation is different. I hope I've answered that question. The second one, which talks to the unfavorable vote against our remuneration policy and the implementation. As management, I'd prefer not to respond to that question. I think technically it's reserved for the Remuneration Committee. So I would like to respond to it, but I'd prefer that that is left for RemCom, and I'm sure you can link up with secretariat and send the questions that you have. Maybe at a high level, we have embarked on a process to engage shareholders that have voted unfavorably, and we are now in possession of their views. And the Remuneration Committee will then make determination in terms of the way forward in addressing those concerns. Thank you. And you did mention East Africa as a growth region. Can you mention for us which jurisdictions in East Africa you're particularly looking at? And then adjacent to that, you did speak about a focus on providing access to landlocked market. Are there certain jurisdictions within that space that look particularly attractive for you and that you'd focus on going forward? Or are you more driven by the portfolio of commodities, and chasing that rather than jurisdictions? It's a good question. One of the disadvantages of being listed is that you end up saying a lot more than you should and give away your secret sauce. I'll be very careful how I respond to your question. East Africa, in general, is attractive to us. Certainly, with the recent change, if you look at Tanzania, for instance, with the recent change in the administration, which has become pro-business, and that comes with opportunities. I'll stop there. I'm not going to go further in terms of who we're chasing, what we're chasing, which cargo type we're chasing. In terms of providing solutions for the landlocked countries, you are absolutely correct. What is happening, actually, is that those countries have tended to be endowed with the niche cargos that are well in demand at the moment. I'm not going to mention which country, which project, but that's our interest. That's why we are keen on it. The belief in our ability to provide a solution for them is what attracts us to those countries because they require hefty amount of investment in rolling stock, in rail tracks, and the likes. We've got access to port. That is complementary. Thank you. Thanks for the presentation. Three questions, if I may. The first one, while the slide is up, if you look at your commodity exposure, how significantly are you exposed to the commodity price in terms of the rates that you achieve and risk to volumes? Oh, you want me to answer just now? Maybe the question at a time might be easiest. Oh, okay. So this is an interesting one. Our handling rate is based on the service offering we provide to the customer, of course, underpinned by the cost of getting cargo to the port and loaded onto the vessel. That's a primary driver, and the necessary margins to do that because we are in business. Of course, the one thing that you know about logistics costs is that it's a grudge purchase by the customer. So what they're looking for is the efficiency and cost reduction. If one is not able to do that, then any variation in your core commodity price movement, in fact, not just the commodity price movement, the landed cost on destination. If one is not able to manage your logistics portion within that cost base for the customer, then you run the risk of the cargo not moving at all. And therefore, our job is to ensure that we sustain that. To what extent is affected, we do some analysis on key commodities. In fact, there are two drivers for us, particularly in Mozambique. One is the foreign exchange rate because our cost base is in USD. Therefore, if there's a solution that runs through South Africa in rand-based, and the rand weakens, then we are at a disadvantage as a port and a terminal. And therefore, we watch that very closely. Not much we can do about it other than continuously ensuring that we drive our cost down. The second one is, of course, the movement in the actual underlying commodity price. So we tend to work with the customers, and where the customers give us the ability to quote on the entire value chain, there is a scope to actually sustain that because you can have a section of your logistics solution as a loss leader if you know that you make money elsewhere. That tends to be attractive to customers. There are many other innovative solutions that we try to do to make sure that we remain relevant and competitive as a port and terminal. You can't rely on efficiency alone, because if it's efficiency alone, if the other port comes up, it's more efficient, but that same similar inefficiency index, but they are relatively cheap on prices, you will lose the business. That's what the team does on a daily basis. To be clear, the rate is a service-based rate, but it's not profit-shared or linked to the commodity price, or it is? Again, it's one of those innovative things that I'd like to not say much about it because we do have the ability to participate. In some of the deals, what we do is, of course, we work on a cost base, and what you then do is you then say to the customer, "Look, if you know, if the index, let's pick up, RB1 spec, coal coming through our terminal. If it's $100, this is the rate. If it's $90, you give them a particular rate with an understanding. If it costs $120, you then participate. In that scenario, when I come to you, I might be presenting depressed margins in difficult times, and I would ask you for forgiveness in that at least we're generating EBITDA. If there's an upside in the commodity prices, then we make it happen. That's one aspect of it. There is indeed scenarios where with certain customers we do that, but in general, it's based on the service offering. I wouldn't like to expose more of our commercial terms, if you can excuse me on that. The second one is on your infrastructure assets. Yeah. Can you just give us some sense of, you've got a concession period, you've invested. What's the risk that at the end of the concession period, there's a repricing to you, or you lose control of the asset, or is it a secure long-term asset, albeit that it's under concession? I think the principle of a concession is that for me is a good question, it's very important how one responds to this, because in most cases, well, maybe not most cases, in some cases, the government gives you a concession, you take over the asset, and the government expects that you'd have done certain things by the end of the concession. I'm a firm believer that the extension or the lack of extension on the concession is in your hands during the concession. If you don't do what you've committed to the government, don't expect to have this extension. If you do what you've committed to the government and create this good asset for the government, the chances are they will extend. They'll have no reason not to, because you've proved that the commitment you've made, you actually deliver on it. That's my own belief. But as a principle, the concessions expire. They remain government assets. When you get into it, you build a business case that says, by the end of this concession, based on the end of concession terms that get agreed, you hand over the assets. That's how they run, as a principle. As a business person, you then need to say, what is it that I can do to make sure that by the time of the concession expiry, the government doesn't even go out on a tender, they just extend it. In some instances, because of new procurement policies, they have to open up a process to everybody to participate. The days, in the old days of, in some regions are gone. In some regions which are high risk, the extension becomes a no-brainer. That's useful. The last question, if I may. On your breakup of your net asset value, that your donut there, if you can just clarify, the assets at head office, I think it was ZAR 240. As I would understand it, the property is sitting in the ZAR 164. Maybe just to clarify what the ZAR 240 is. A significant portion of that ZAR 240 relates to actual properties that we own as Grindrod for our core businesses and footprint that we operate on. They're held as Group, and then they might be let to the Logistics or the port operation as required. Indeed. That's very useful. Thanks very much, and well done on the results. Thank you. We now go online. Yeah. Hi, don't know if you can hear me. Just got a quick question. It's Wayne here from 361. It's probably a follow-on question, which Charles asked. His first and second question is, to what extent are you exposed to certain kind of commodities, and how dependent upon the commodity price in terms of the margins which you can actually charge? I think I have responded to that question. Our base price is based on the cost of providing a service plus a certain margin. Yes, of course, if the customer feels the pinch, as a result of a drop in price, we will then feel the pinch because it's a grade purchase. To the extent. Commodities vary. We did a high-level exercise on coal, at ZAR 80. Again, it depends how you run it. If your customer is a miner, it's different to a customer who's a trader. If your customer is a trader, then the headroom between your price and what they make as margins is that much less. If it's a mine, it's that much bigger. In addition to that, it depends whether you move on rail or you move on truck. If you move on rail, the rail cost is two-thirds of your truck cost, your customer has got much relief. Our job, and that's what I'm pressing the team on, is to make sure that we coordinate a solution that is rail-based, especially for dry bulk cargo. I'm a firm believer that the cargo type needs to be moved by the right transport modality. You don't move cargo that's supposed to move on truck by rail. It won't make sense, especially if, the end, what they call it, the last mile is significant in that scenario. Whereas on rail, you run all the way to the terminal. So it makes sense then that the dry bulk runs on rail. There's no simple answer. It's driven by to what extent does the customer have the headroom. And also the other aspect of it is what is the ratio of your logistics cost to the overall price. What you find is that the higher the price and the lower the logistics cost, which may be big for us as Grindrod, if you look at it in isolation, the bigger the chances of sustaining that. But the lower the landed price, then it makes your cost of logistics that much significant. Therefore, your customer will always be on your case on it. That's what we live and breathe in order to make sure that we sustain ourselves. I cannot take away the point that if the prices drop significantly, we do get affected. Thank you. We have one caller who has a question. Thank you. Thank you. The question comes from Charl de Villiers of Ashburton. Good day, team. Xolani, Fathima, thanks for the time. A few questions. Starting off, has there been any developments on the NATCOR tender? I know we are well past the initial date of announcement, that's standard for government in terms of not meeting these sorts of deadlines. Have you heard anything on NATCOR? I haven't heard anything, I'm probably the wrong person to answer the question. I'm a participant, I prefer to say less about it and leave it to the right people in Transnet to be the one that talks to this point. Safe to say that we all know that the proposal was out, the bidders responded, Grindrod responded. Thank you. I hope you answered the question. No, that's fine. I just wondered if you had heard anything more. I probably expected as much. No, I haven't. Okay. All right. Then maybe a follow-on on your loco strategy. I know you were refurbishing a bunch of locomotives. Some have been deployed. You mentioned on the call earlier that you've got some of them earmarked for future work in Africa. Can you maybe just give us an overall sense of where you are on the loco refurbishment, and how many of those that are busy being refurbished have already been allocated or earmarked for work, be it in East Africa or Zambia or wherever it might maybe? Okay. We've got a stock of about 60 locomotives. Some of those we use for our own business. I think about we've just signed up a new customer on manganese to run their operation. We've deployed four of those, and we are about to deploy four in Zambia. We've got six in Zimbabwe. We used to deploy PRASA, but that business has stopped for now. In the workshop, we bought five secondhand small locomotives that are suitable to run in Sierra Leone. Two of those are in the workshop, and we're hoping they'll come out in January. Three of those will also seek approval to proceed, or we've made a decision already. I'm not sure. The reason we stagger them is we wanted to respond to demand. We don't want to commit capital when there's no clarity on demand. We're deploying or deployed four into Eswatini. Two of those will be dedicated to our operation, and two of those will be under the watch of ESR. They can deploy them as they see fit. In Mozambique, we've got four locomotives deployed, which they use as they please. There's an opportunity to deploy more, actually, in Mozambique and in Zambia, and I sense now in Zimbabwe, if I'm not mistaken. There are other opportunities that the team is working on. My sense is that we will soon, if not already, run out of locomotives. And the way we operate, we always say, "Generate cash and utilize your existing asset, and then look to invest." The team has been focusing on that. We've got these locomotives, deploy them fully, create a business case for yourself to then approach the board and seek a systematic investment. My end game or our end game or journey is that we now need to get into a phase of systematic purchase of locomotives throughout the coming years, because we firmly believe that there's a growing demand. I hope I've answered your questions. Oh, sorry. On the workshop, we've got two left that will come out in either September or October. Am I right in saying, given, obviously, refurbishing these and almost doing this brownfield, the return on these assets should be a lot better, than obviously going out in future once you've used up all your spare locos that are up for refurbishment, et cetera. Potentially, your future returns will be lower than the returns that you can generate over the next few years with the locos that you've just refurbed and deployed. Is that a fair assumption? Yeah. You're spot on. Actually, it's twofold. One is, those locos are more versatile in where we apply them. It's difficult to take a brand-new asset and run on a line that is not developed. What you've said is, "Let's develop these assets, let's deploy them, let them run, and thereby creating cash, not just for Grindrod, but also for the rail operators in the region." Once you start building that business case, the next step is to form a consortium to start improving the line so that you can start deploying newer locomotives. For us, if the line doesn't run and the business case is about let's build a line, let's inject locomotives, your cost base, because it's all at current cost, becomes huge. If I give you an example, a brand-new locomotive, the standard one that can pull 80 wagons of magnetite, 60 ton per wagon, can cost you $3.5 million. Okay. The ones that we revamp, we'll carry them at our books in about $1.5 million. You can see that there's an advantage in terms of being able to put a solution relatively quickly. Also from the lead time perspective, your new locos will take you about two and a half to three years to deliver. Whereas the revamped one, depending on who you use, it can take a year or one and a half years. There are those dynamics at play, and those parameters that one needs to work with. Thank you. I hope I've answered that question. Yeah. You have. Thanks. That's very helpful. Maybe one last question, which I'm just trying to tease out maybe a little bit more from you, but I understand the sensitivity, around your East Africa, Zambian opportunity. Without going into customer specifics, can you maybe just compare where you would like this business to be from a contribution point of view, be it tons relative to your current Mozambican footprint or South African footprint? Where do you see that opportunity, say, five years hence, given what you know now? Yeah. A combination of equipment investment, rolling stock investment, and potentially business acquisition. I won't measure it by revenue, I'd measure it by the investment size. A minimum of a ZAR 1 billion investment, overall investment or a single acquisition. That would define the impact positively of scaling up in that region. I suppose. The best way I can answer your question. Yeah. Okay. The returns you expect from that? If you just give a return on capital. For the target is 15%. 15%. All right. Correct. Okay Sometimes, my corporate, my M&A guys here, we always argue this. In some instances, we do chase 18% if we feel the risk is high. In general, it's 15% that we chase. Thank you. All right. Thanks very much. Appreciate it. Thank you. I'd like to ask that if there are any other questions, we are available after this session, because I'm sure there may be others that want to leave, but we are available to answer any question between now. Okay. Yes. If I may. Sorry. One question coming. Thank you. Yeah. Getting back to your ROE, you mentioned just now, again, in the context of that discussion on the locos and your project, with your target at 15, and you're currently performing at 19, do you see your 19 sustainable, and will you lift your target, or will you leave your target at 15? So we do two targets. One is ROE, 15% target, and the other one is ROIC, 31.2 be above. 13.5. Yeah. That one is more cost of funding, making sure that you can create economic value. I think 15 is a decent number. We have been looking at it relative to our work of late because of the increased cost of debt. We think interest rates have peaked now, and therefore, there's no particular reason to revise them. As I've said earlier, in some projects where we feel that the risk is too high, we do chase 18%. If we don't get that, we won't take the project. Thank you. There are a couple of questions online. Do you want to take those? Okay. Okay. Wallace from Stain Management asked, "How much of cash is the business currently generating on a look-through basis? The significant amount of operations running through JVs and associates makes it difficult to assess." This is an interesting question. Remember, for JVs and associates, we, as Grindrod, yes, we've got equity share, but our ability to control what happens with cash generated is limited to what we would vote for in conjunction with our JV partners. What we track and what we manage quite rigidly is sticking to the dividend policies that we've agreed upon. If you really wanted an indication on cash generation, if you looked at our EBITDA level currently on a segmental basis at ZAR 1.1 billion, our JVs contribute close to 50% of that. The second question Wallace asked was, "How much of the coal that you export through Matola and Maputo is transported via road? Does this make sense given where the coal prices are?" I can answer the ratio of coal to road, if you want. Typically in Gama, road to rail is about 80/20. Yeah. Roughly. Yeah. In Matola, it's 60/40, roughly. Yeah. At the moment, the run rate is around 50/50, which is not ideal, but we're hoping that we'll start to see the improvement in that ratio. As a result of, uh, and I remember that, sorry, on Matola, that ratio does not only include coal, it also has magnetite in it. Yeah. If I recall. Maybe I might need to work out a coal specific number, unless you have it. I do have it. Okay. On coal, if we looked at both our facilities, Maputo and Matola, on average road, we have 69%. What's quite nice is on magnetite, which is predominantly moved out of Matola, that's where rail really steps up, and we had about 90% of volume that we moved there on rail. Wallace asked a third question. Matt from 36ONE asked a couple of questions. "What do you think graphite volumes in northern Mozambique look like over the next 12 months, given that Syrah has ramped down production?" So remember, as Grindrod, when we entered into this very specific customer solution, the team was smart enough at that point in time to structure that contract in terms of a fixed fee arrangement as well as a variable fee arrangement. The fixed fee we earn regardless of volume that the mine would put through. And our fixed fee at the moment runs at about $1.2 million a month. We earn that regardless of whether production is on or whether production is ceased. The variable rate is where we don't really make a whole lot of headline earnings, and we base that is if we incur it, we recover it. That's the model that we applied on that contract. Any update on the TotalEnergies project in Mozambique? No update. All we can talk about is speculation and what we hear in the market. As Grindrod, we do see some inquiries coming through, nothing of substance has materialized yet. It's a wait-and-see game. Thank you. He's not done. How do you rate the chances of creating a manganese solution through Namibia? Can I choose to skip that question? Okay. Yeah. We'll come back to you on that one, Matt. The last question that he asked, "Should third-party rail open up? What is the strategy initially? Would you look to sign up commodity companies on long-term contracts and then buy in locos, or do you have capacity to start straight away? Without being specific to what Grindrod would do, but typically, if you're going to invest in a rolling stock, there are two components that you require. One is security of the duration of the concession or access, whichever way you call it. Secondly, is an underpin, which should be long-term. At minimum, it must be five years, at minimum, with the hope that you'll renew, because you hardly get customers that give you a 20-year contract. And if it's a concession where the volume is captive, it's there. You just need to move it from road to rail. You then need to believe in your business model to actually capture that for you. That's just a general answer. It's not necessarily what Grindrod would do. Thank you. Thanks for your patience. Thank you.