Good day, ladies and gentlemen, and welcome to Anglo American Platinum's investor call. All attendees will be in listen-only mode, to ask questions when prompted. If you need assistance during the call, please signal an operator by pressing star and then zero. Please note that this event is being recorded. I'll now hand the conference over to Theto Maake, Head of Investor Relations at Anglo American Platinum. Please go ahead. Thanks. Thank you, Judith. Good afternoon, ladies and gentlemen. Thank you for joining us on today's investor update call, where we aim to ensure that we can unpack the announcement we released earlier this morning. As Judith mentioned, my name is Theto Maake, Head of Investor Relations at Anglo American Platinum. With me in the room is Craig Miller, our executive, our Chief Executive Officer, as well as our acting Chief Financial Officer, who today actually has the easy job of answering all your questions. I do also have Hilton Ingram on the line, our executive in charge of marketing, who will also fill any gaps where more information is required on marketing. Before we go and open the line for questions, let me first hand over to Craig to briefly highlight a few aspects of the announcement that we had this morning. Over to you, Craig. Thank you, Theto, and good afternoon, everybody. Many of you would have joined the Anglo American plc call earlier today, where Duncan reiterated our commitment to zero harm and how we will work to ensure that each one of our colleagues return home safely every day. I would like to just take this opportunity to express our sincere condolences to the families, friends, and colleagues of the 13 Impala Platinum employees who tragically lost their lives at the terrible incident at Impala Platinum's Rustenburg 11 shaft last week, and wish those, those injured a speedy recovery. Prompted by the seriousness of the incident and our commitment to prioritize safety and zero harm, immediately after the incident, we subjected all our operating sites with a similar people transport mining plant to a detailed and extensive audit. The outcome of this work confirms compliance to our own operating standards and industry regulations. Now, moving on to the objectives for today's call. From a 2023 perspective, I am grateful that we have not had any fatalities at our own operations to date, and we're making good progress in reducing our total recordable injury frequency rate. Despite many external pressures faced in the year, our M&C and refined production are expected to be within guidance at around 3.8 million PGM ounces. We anticipate that cash operating costs will be at the upper end of guidance at ZAR 17,800 per PGM ounce. And lastly, our CapEx for the year is anticipated to be around about ZAR 20.5 billion. This is about ZAR 1.5 billion lower than our previous guidance. So looking ahead to 2024 and the years thereafter, the PGM market prices have weakened materially on the backdrop of various macroeconomic factors and the outlook on battery electric vehicle penetration into the automotive market. We are responding to the current low PGM market price environment, demand uncertainty by implementing a series of measures to protect the long-term sustainability of our business and improve our competitive position, preserving our long-term optionality. We'll do this within the ambit of our value-based and decisive capital allocation framework. Our action plan is to sustain current levels of own mine, high-margin production over the guidance period. We're embedding cost optimization initiatives that will enable a ZAR 5 billion per annum cost saving from our 2023 baseline for that offsetting anticipated inflation. We're reducing our 2024 sustaining capital spend by between 15% and 20% compared to the prior period guidance, and maintaining the spend levels at similar levels for 2025 and 2026. We're focusing on what is critical to the business to ensure the integrity and the reliability of the assets across the value chain. Investing in HME to support the increase in waste mining and tailings infrastructure at Mogalakwena, and we're progressing the Mototolo, Der Brochen and life extension. The above actions should result in an all-in sustaining cost of just below $1,050 per 3 ounce. In addition, we've reviewed our total capital portfolio, with the outcome that will prioritize and progress Mogalakwena surface drilling and twin exploration declines, and the associated studies supporting possible future underground operations at Mogalakwena. The underground operations secure access to higher grade ore and supplement the open pit ore, and if progressed, first ounces could be expected from the end of 2027 into 2028 on and onwards. We've postponed the development of the third concentrator for Mogalakwena until we see a sustainable improvement in market conditions. We will also maintain Amandelbult production at current levels, and therefore not continue with the program to ramp up production, nor debottleneck those concentrators to 7 million tons per annum. And lastly, we noted that we're expecting a reduction in third party volumes over the next few years as respective agreements reach their contractual conclusion. As a result of the volume changes in concentrate flows and optimizing our own concentrate production through the backlog reduction efforts, we will look to streamline our downstream processing footprint. And consequently, we're not ready to proceed with the Anglo Converter Plant, or ACP, debottlenecking project at this stage. We believe that the actions that we are taking will improve our competitive position, enabling us to sustainably remain in the lower half of the cost curve, protecting long-term returns by unlocking value from our core business while preserving our long-term optionality. So thank you. I'll hand you back to Theto and Judith to facilitate the questions and answers. Thank you very much, sir. Ladies and gentlemen, we will now be conducting the question and answer session. If you'd like to ask a question, please press star then one on your telephone keypad or the keypad on your screen. A confirmation tone will indicate that a line is in the question queue. You may press star two to exit the question queue. Just a reminder, if you'd like to ask a question, you're welcome to press star and then one. Our first question comes from Adrian Hammond of SBG Securities. Please go ahead. Yeah, good day, everyone. Thanks, Craig, for the update. I've got three questions. Please, just want to reconcile your CapEx outlook relative to your more conservative approach to, to projects and development. You know, given the spot prices, you obviously are not generating much free cash, if at all. So how do we, how do we reconcile that? Is there a bit of inflation creep in these CapEx numbers, or the CapEx would come down? And then perhaps if you can just remind us of your credit lines. And then secondly, I'm quite interested with your cost reductions next year, the plan around that. Has there been some change in the, the classification between cash costs and CapEx there, perhaps? Just trying to understand how you achieve that with the lower production outlook, so your unit costs will be under pressure from that. But I'll be curious to see where you're pulling costs from. And then thirdly, Mogalakwena has obviously been a very pivotal asset for yourselves. I see, you know, you pushing out the expansion on the concentrator, and who knows when that will be. But I suspect there would be also a bit of confidence updates on the grades, which I haven't seen. Could you perhaps just remind us when you can confirm a detailed reserve upgrade or an update on that, so we can get a confidence around the grade recovery there, please? Thanks. Okay. Thanks. Thanks, Adrian. So let me just take the questions in the order that you've given us. In terms of the CapEx outlook, yeah, look, we have said that we are reducing our sustaining capital by about 15% from what we previously guided for 2024. You will have seen that ZAR 5 billion reduction in our SIB capital, and that's predominantly come through as a result of the work that we've done through our downstream processing and optimizing the capital there. And that's specifically looking at the throughput, and therefore the sequencing of some of the rebuilds, and also some of the investments that we would need to make in SO2 abatement, et cetera, particularly at Mortimer. So we've really optimized the capital in that particular area. As it relates to continuing though, as I've outlined, so some of the capital, we're still anticipating spending around about ZAR 17 billion in sustaining capital next year. And that is driven by the investments that we will make in Mototolo Der Brochen, and then also continuing to invest in some of the HME equipment at Mogalakwena, as we ramp up volumes there, as we previously guided from 19 million tons of ore moved to about 105 next year, and then it increases again up to about 120, 150 thereafter. And so those are some of the key drivers, but once that investment is made, then you'll see the capital come down from there. And then largely it's, you know, then we will continue as we've outlined, really continuing with the exploration work at Mogalakwena, from an underground perspective. And so as you know, that's still very much in the exploration stage. So yes, I mean, I think on the face of it, we have really reviewed the capital, and particularly our SIB capital, but we'll continue to make the investments in Mototolo, and then in Mogalakwena, where that is, where that's required. In terms of the cost reduction program, we have identified and we've had a program underway in terms of realizing that ZAR 5 billion of cost reductions. And that is focused around, first of all, operational efficiency and driving better productivity from equipment that we have. We're also relooking at all of our overheads. And as you, you may be familiar, you know, along with the Anglo American Group, we had a, we implemented an overhead reduction program, so we're starting to realize some of the benefits of that. As a result of, you know, where we find ourselves from a commodity price perspective, we're clearly obviously stopping a number of studies, and exploration work. And so there's savings that come through as a circuit with that. And then finally, just rethinking through a lot of our supply chain contracts and, and those third party contracts, where frankly, it's too expensive for us to continue to operate in the current environment. And that's really what the driver is around that ZAR 5 billion cost reduction. And then finally, just with regards, I can assure you that there's no change in how we're rethinking through unit costs or all-in sustaining costs. They are absolutely on a consistent basis. And then specifically with regards to Mogalakwena, yeah, as you pointed out, we've completed the work around the third concentrator. However, just given the current environment and the outlook, we're not going to progress with the third concentrator at this time. But we will continue to progress the underground. That is still at a pre-feasibility stage. And the drilling results that we've had preliminary from that are really encouraging, and certainly higher grade ore particularly from the Merensky underground. I think we previously said that the grades that we're seeing there are somewhere between 4-6 grams per ton. So sort of, you know, double where you see the open pit today. And clearly, as we analyze the results from that, then we'll start to include that in our reserve and resource statement going forward. But certainly that's, you know, at an early stage. And as we get more clarity and we'll certainly provide all of you with an update around that. That's clear. Thanks, and good job on getting the costs under control. Okay, thanks, Adrian. And sorry, just one last point in terms of credit lines for Sayurie. Yes. So, Adrian, we do have committed facilities of around ZAR 30 billion at the moment, available committed facilities. We haven't utilized any of that. Haven't utilized it, again. So we've got significant liquidity headroom. Thank you. Our next question comes from Shilan Modi of HSBC. Please go ahead. Afternoon, everyone. Thank you for the, for the update today. Just a behavioral question. How, how is staff morale at the various operations, given the announcements you made today, and the work you've been doing over the last few months? Thank you. Yes. Thanks, thanks very much for the, for the question. Look, I think, you know, clearly as, as an organization, you know, there is, there is- we've been pretty focused around ensuring that the business is, competitive and sustainable in the current price environment. And, I have to say that, you know, the teams have really put in a huge amount of effort, to, to really getting us to the, the sort of the reset that we've announced today. And I think there is a great deal of, excuse me, motivation in terms of the, the changes that we need to make. But clearly, obviously, you know, there is, you know, there is uncertainty in terms of how that then transpires as part of our sort of ongoing review, of cost bases and activities, et- cetera. But it's certainly something that we continue to engage our staff on, and bring them along in the journey in terms of how we're setting ourselves up for the future. Perhaps one more, if I may. How are you thinking about your product mix going forward in terms of, you know, your platinum, palladium ratio? Okay. I mean, the sort of ratio and given the fact that our production levels for the foreseeable future will be at sort of current levels, then they'll remain broadly the same. So still predominantly weighted towards platinum, and then got obviously the exposure to Palladium and then Rhodium and some of the other minor metals. Well, thank you very much. Thank you. The next question comes from Chris Nicholson of RMB Morgan Stanley. Please go ahead. Hi, good afternoon, Craig and team. I've just got two questions, please, around just delving a little bit into the volume guidance you've given. At Mogalakwena, if I go back, I think the guidance this time last year was 2.7-2.9 grams a ton, through to 2025, leading to 1 million -1.1 million PGM ounces. You're now kind of in the next three-year iteration, we are still at around 1 million PGM ounces all the way through to the end of 2026. Can I just confirm that would imply that those grades remain around that 2.7-2.9 grams a ton over that time period, that there's nothing different happening on the tonnage? So just understanding the grade volume mix that goes into assumption. And then the second one, just on Amandelbult. So you obviously closed the Merensky concentrator last year, and you're running with the two UG2 concentrators. Just to confirm, I know you're saying volumes of current run rates, but just to confirm, the capacity of those two UG2 concentrators is around 5 million tons per annum. Is that right? What should that give us? Somewhere just short of 700,000 ounces? Thank you. Yes, thanks, Chris, for the question. Yes, so in terms of Mogalakwena volumes, and we anticipated being around about the million mark for the next few years. No real changes to the grade that we articulated last year. I think sort of some of the changes is just really not necessarily seeing some of the benefits coming through from the CPR at this stage. So, that's sort of really been sort of the adjustment. So that's where we're round about a million ounces. In terms of Amandelbult, yes, you're correct. We closed the Merensky plant last year, U1 and U2. The capacity there is at about 5.4 million tons. At current production levels, we're operating at around about between 4.5 and 5. And so that's where that gives you sort of around about the 650,000 ounce mark that we currently have. And that's really driven by the sort of, the, the challenges that we have at the Dishaba, where we've got some, you know, because of the geological conditions that we have in that particular part, of the complex, the sort of the, the development is, is not where we necessarily need it to be. And so our focus for, for 2024 and 2025 is really in the development, completing the vent shafts. And so once that's up and running, then you'll start to see sort of the, the benefits coming through. But that's really outside of this guidance period. Okay, great. Thank you, Craig. Appreciate it. The next question comes from Nkateko Mathonsi of Investec. Please go ahead. Good afternoon, Craig and team. Yeah, thank you for the update. So my question is actually specifically to Mogalakwena, and probably follow up to Chris's question. You had previously guided that mine volumes at Mogalakwena would increase from about 90 million tons per annum to about 114 million tons per annum over the next five years to expose the required 1 million volumes. So if I look at your waste stripping CapEx, it still remains around the ZAR 4 billion level, which means from where I'm standing, it means the majority of that increase is actually expense. And I just want to understand with Mogalakwena, now the volume's likely to move sideways, and then also the maybe a higher expense waste stripping cost. How does the cost within Mogalakwena actually evolve? I'm trying to marry that with the cost-saving initiatives and the ZAR 5 billion that you've actually guided to. So that's my first question. The second question, looking at your volumes, it looks like there's 0 inventory liquidation in the next few years. So I just wanna understand the inventory that was accumulated in the past two years, when will you actually liquidate that? Those are my two questions. Thank you. Okay, thanks, Nkateko. So just with regards to Mogalakwena, yes, we previously indicated that we would increase volumes to around about 150 million tons. As part of some of the work that we've done around the pit optimization. And there's further work ongoing in this particular space, and we don't necessarily ramp up to the 150 million tons. It's, you know, it's likely to sort of cap out at between 130-140 million. And so that's a bit of the adjustment. I think our waste capital is broadly in line with what we've previously guided. So next year, it's around about 5 million, and the year after that, we're down to about between 4.5 and 5, and then around about 5 million. There's not significant changes in that particular space. So, you know, I think we're in line on that one. As it relates then to the inventory, Sayurie, do you wanna answer that one? Sure. Thanks, Craig. So just in terms of our inventory, we had a build-up. We guided last year at about 100,000 PGM ounces, and that was due to the Polokwane rebuild delay. We indicated that we'll release that over the next 2 years, so that of 2023 and 2024. So while we have reduced our concentrate stocks to about normalized levels, we are seeing a build in our furnace matte stocks, and that is also attributable to the increased load curtailment that we've had this year. So that added about another 80,000 ounces to our work-in-progress inventory, but we do expect that that will be released in 2024, largely, and that is again dependent on load curtailment for next year. All right. Thank you. Thank you. Ladies, gentlemen, just a reminder, if you'd like to ask a question, you're welcome to press star and then one to place yourself in the question queue. The next question comes from Catherine Cunningham of JP Morgan. Please go ahead. Hi, guys. Thanks for the presentation. Most of my questions have been answered. Just the last one really is, just if you could give your assessment on the current demand landscape and just some comments on just general PGM market trends, that would be great. Thanks, Catherine. So I'll give you a little bit of my view, and then I'll ask Hilton to fill in on some of the detail. Look, I think generally, I mean, from a demand perspective, you know, just given where we see automotive production for 2023, which is likely to increase around about 8% this year. We're a little bit disappointed around where prices are, but I think that demand is subdued from a PGM perspective because of some of the unwind in inventory levels that some of the car manufacturers and the OEMs have as a result of the build up that they undertook in 2022. I think more broadly speaking, I mean, clearly, obviously, rising interest rates, and the, and sort of the macroeconomic outlook, I think is weighing on sentiment. And as a result, that's impacting sort of price. But I think that from a demand perspective and what are we seeing from customers is still relatively robust. So, you know, clearly we as a business need to operate at current price levels, and how we set ourselves up for it to be sustainable into the future. But I'll ask Hilton just to provide any further color. Yeah, let me come off mute. Hi, thanks for the question, Catherine. I think, you know, in the round, we've actually had a good on automotive demand perspective. Car sales are up quite substantially as some of the backlog has been caught up. And the penetration rates haven't sort of been as high as what people were expecting. So we've seen a 6% uptick in PGM demand in automotives, and we're seeing quite healthy premiums for sponge. I mean, as Craig pointed out, the challenge is Palladium in particular, trades on a narrative. And that narrative at the minute is bearish, as people see battery electric vehicle penetration rates going up. So there's significant short positions in the market, which means that palladium prices, as a result, have suffered. Going forward, we see, you know, demand for light vehicles continuing to increase. But as is pointed out, there's some pressures around the on how the consumers are gonna react to slowing economies and the current higher interest rates. So those demands could range between 0 and 6, and we're currently projecting a 3% sort of increase in demand for vehicles. And we're expecting battery electric vehicle share to get to around 16% next year, which means that our PGM demand expectations from automotive are currently flat. And we continue to see sorry, loadings persisting at current levels. On the industrial side, things have been quite slow as it is to date, but we're starting to see signs of uptick. So, you know, with the improvements of the purchasing management indexes there, we're quite hopeful for an uptick in 2024 from an industrial side. And then, you know, jewelry continues to be a mixed bag, with platinum demand in China under pressure, but doing well in other countries. Awesome. Thank you so much. Our next question comes from René Hochreiter of Noah. Please go ahead. Hi, everybody. Thanks for taking my question. My question is just on the volumes that of POC and toll refining contracts that are not profitable to you at the moment. How many ounces are likely to be looking for a new home? 'Cause I assume if you don't treat them, the sellers of the POC or the toll sellers could actually go to one of your competitors or Impala, for that matter, to be treated. So even though you're down, say, 300,000 ounces, compared to what you were thinking of before, how much of that is actually of the, you know, of POC or recycling or toll refining, that might actually not come out of the market? Yes. So hi, hi, Renee. Look, I think some of the transition that you see in the refined production next year is, you know, we are experiencing some lower POC receipts coming through from some of the operations from some of the third parties. And we're anticipating that to sort of continue into 2024 and beyond. I think some of the key change is in clearly, obviously the change of terms for Kroondal, which moves in from a POC to a toll arrangement. And so we continue to treat that very similar to how we currently treat Sibanye-Stillwater material up until the end of 2026, and that's our toll arrangement. And then also then, the other point is the Marikana is also transferring from a POC arrangement to a toll arrangement, from 2025 onwards. So, and those are... Those are sort of, those are contractual, and, and they'll either come to the end of their contractual life or they just transition from a POC to a toll arrangement. ... Yeah, so the other sort of question I've got is, you mentioned that some of your POC arrangements are not profitable at the moment. So at current basket prices, does that mean that, or what, maybe what proportion of your POC or third party contracts are actually not making money for you? So look, I think, Renée, I mean, at current prices, yeah, we still make a margin on that POC. And clearly, is the margin commensurate with the margin that we make on our own volumes? No. And just given the, you know, the cost inflation that we've seen, particularly in processing and in the capital investment that we need to make in downstream processing, we clearly want to earn a better margin on processing that third party material. Okay, thanks very much. Thanks, Craig. Thank you. The next question comes from Chris Nicholson of RMB Morgan Stanley. Please go ahead. Hi, guys. So yeah, I thought while we have the opportunity, I might just have two follow-ups. The one is just on Mototolo. So the replacement shaft, you said some CapEx has been deferred from this year into next year, or get later. So two things there, just maybe what's the reason? Why is the replacement shaft taking longer? If I remember correctly, I think it was originally scheduled to be at full production in 2025, 2026, so it does look a bit late. So is there any risk that you have a bit of a production at Mototolo, so you can't get the new shaft up, before you get, before the existing volumes start running off? That's one. And then the second one's tricky. I don't know if you'll answer it, but the 50% of South African concentrates, what have you assumed in these numbers happens to that 50% that's at your election? Thanks. Yeah. Thanks, Chris. So yes, look, I think just the rollover of some of the capital at Mototolo into 2024, you know, that just relates largely to some of the equipment, et- cetera, in terms of deliveries and payments of that. So no real impact on the timeline. So the timeline is broadly in line. I think they were tracking about 3-4 months behind schedule. But my expectation is that the team will be able to sort of certainly catch that up. So no material impact in terms of the transition from Borwa to Der Brochen. And our assumption is that we continue to treat 100% of the RPM material in these numbers. Okay. All right, thank you. The next question comes from Chris Sobey of Orbiter Capital. Please go ahead. Hi, all. Thanks for your time. I've just got a quick question regarding the production outlook. Apart from the production that you've already cut now, what would you need to see going forward in order to review the current production cuts and the potential to make more production cuts coming through, or putting through more production cuts? Sure. So, so Chris, thanks, thanks, thanks for the question. I mean, clearly the work that, that we've done now, and that we've outlined today, and we need to sort of execute against, it clearly sort of supports as making... Being a sustainable business and, and moving the assets into the lower half, of, of the cost curve and being, you know, sustainably there. Clearly, I mean, we will continue to evaluate what the market is, and we'll need to make the appropriate responses. But we feel that, you know, the decisions that we've taken and the focus around, capital discipline and the optimization that we have from a cost base, certainly does support, our assets in terms of being positioned in that lower half of the cost curve. We continue to evaluate the market and take particular views, and we'll continue to drive the efficiency and make sure that the business is sustainable into the future. If I can, just a follow-up, please. Just in terms of the safety procedures that have been put in place as well, I mean, given what happened at Impala, can you just comment in terms of any procedures that were put in place on personnel shaft to ensure the safety of the mechanism? Yes. So Chris, so certainly following the incident last year, last week, we did undertake an audit across the company. We have similar systems or similar winder systems to what happened at Impala at our Amandelbult operation. So we undertook a very comprehensive audit and review last week. And following that review, we have seen that we're in compliance with our own standards and procedures, and also with what's required from an OEM perspective and also the regulator. And so you know, there's no additional procedures that we've needed to implement, but clearly we will continue to understand the learnings from the incident, and we'll make the necessary adjustments as and when required. Okay, thank you. Our next question comes from Jandre Pieterse of Visio Fund Management. Please go ahead. Thanks, thanks for your time. Just a market-related question. In terms of destocking, do you think we are nearing an end to that? And where do you see PGM inventories globally at OEMs and elsewhere? Are we at normalized levels, still above normal or below normal? Thanks. Thank you, André. Let me get Hilton to give a view, because he's, you know, he speaks to our customers on a regular basis. Yeah, the interesting inventory question is an interest ing one. The look, with higher interest rates, you're going to see inventories continue to be under pressure, especially at precious metals prices. And, you know, as people buy, they buy on the basis of expectations, you know, not only for their expectations for the future, but also for inventory. You know, we've had two drivers there. There was the buildup of inventory in expectation of supply side shocks, given the Ukraine conflict, and we've seen those draw down in the course of 2023. And then the other sort of inventory-related shock we've had has been the loading of rhodium inventories from the fiberglass industry. Both of those we are tailing off, and so the prospects for those are a lot lower in 2024 than they were to date, but that's not to say that there isn't a risk. [Crosstalk] Yes, that's helpful. Thank you. Sounds like it's nearing an end then, or closer to the end than the beginning. Correct. Thank you. Ladies and gentlemen, just a reminder, if you'd like to ask a question, you're welcome to press star and then one to place yourself in the question queue. Our next question comes from Nkateko Matonzi of Investec. Please go ahead. Thank you. It's a follow-up question, probably even beyond this update, but I wanted to know how you're thinking about the customer prepayment, seeing that the palladium price has pulled back significantly. Are you thinking of even potentially closing it? Thank you. Settling it or closing, settling. Sorry, just repeat that last... What did you say the last sentence? No, I'm saying settling it. Settling. Like, would you think of potentially settling that customer pre-payment at current prices? To take, I mean, I think there's a couple of obviously, you know, benefits from, from the customer pre-payment. You know, we, we truly, we, we value the relationship with the particular customer. You know, it does, the, the prepayment moves up and down in, in, you know, in unison with, with prices. It certainly, you know, it's, it's, it's cash flow, and, and cash that we have available and which we retain offshore and particularly useful for some of our, marketing activities. So no, we're very happy with the, with the prepayment and the benefit that, that's attributed to it. And so have no intention in terms of settling it or, or anything like that. So, I mean, it is just linked to, to volume, and it's linked to obviously the price movement, and so I'm very comfortable with that. You know, when we look at our facilities and what have you, clearly that's not included. So this is an additional cash profile that we have, and as I said, it's used from a marketing perspective and earning interest in dollars today. All right. No problem. Thank you. Thank you. Ladies and gentlemen, just a final reminder, if you'd like to ask a question, you're welcome to press star and then one to place yourself in the question queue. It appears we have no further questions on the lines. I will now hand back to Craig Miller for closing remarks. Thank you. Thanks very much. So just once again, as we close out the call today, just to reiterate our commitment to operating safely and sustainably, we certainly will remain agile and resilient to the current external environment by deploying a wide range of measures to ensure that we can continue to deliver sustainable returns through our cost optimization and value over volume production and our disciplined capital allocations. And those are the key priorities for myself and my management team. Therefore, just before closing, just like to thank you for joining us today. And please contact Teto if you've got any additional questions; she'll be most grateful to answer them. And then finally, just to wish you and your family a safe festive season. Thanks very much. Thank you, sir. Ladies and gentlemen, that concludes today's event. Thank you for joining us, and you can now disconnect your lines.