Mark Bristow
Analyst · UBS. Please go ahead
Thank you very much and -- so we’re controlling this. Welcome, everyone. Good afternoon for those across the Atlantic and good morning for those this side of the Atlantic, and a special outcome to all of you who have given up some of the sunny weather outside to join us personally. Thank you for coming. Appreciate it. I think I felt I should start on a good news story. And that is that -- and I'm sure you all know this, certainly those sitting in the hall here, that we saw the average gold price for the last quarter at an all-time high. And it's interesting, a lot of people are suggesting that the gold price is not performing. It's performing extremely well. And for me, the more interesting part is that some see this as driven by a forecast decline in interest rates. And certainly having recently traveled right around the world, I really believe it's more about a risk on situation as we wrestle with the global economy and de-globalization of the world as a whole, and the fact that China is not -- I don't believe going to get back to where it was, it's certainly going to recover, but not back to where it was. And again, our supply chains and general investment in the economy and upliftment into -- of some of those more challenged economies are going to hurt if we don't stop and invest in it. And so, otherwise, all we're going to do is create a future where the rich continue to get richer and the poor get even poorer. And so, we held a mining summit in Islamabad last weekend. And it was very interesting for me to see the realization from Pakistan that things needed to change. And there were comments about, it's been 70 years of mistakes and this country has everything that it needs to get on top of things, and what it -- it's got the people by far, but it needs to care about them. And I'm drawing from the leadership that spoke at the opening of the mining summit. It needs to focus on development and not just exploitation. And finally, it needs to attract foreign investments. And in fact, the Minister of Petroleum pointed out that their strategy was to turn red tape into a red carpet for investors. And that is very interesting. That's a massive transition. And as you know, that country has got many challenges. And I think we have seen West Africa, what happens when we neglect these developing countries. And we have spoken many times to some of the major economies in the world about West Africa and the importance of staying there and engaging in conversation and working on investment, instead of just lecturing. And again, the elected governments right across that region have failed. And we don't seem to want to do anything about it except lecture. And so there is a big need for the world to relook at how it manages its business. And again, as far as the policy towards mining and metals in the United States goes, it has to reflect on how important it is just to exploit other people's natural resources rather than develop some of its own, and engage in support and build a real mining industry because that's what's required if we are going to have a better world ahead of us. And so I think that -- and there certainly is conversation starting around those topics. And as you know, I've spoken a lot about the importance of partnerships and development across the world, and Barrick is -- hopefully, I will share with you today what we have done and the -- now the real results that are starting to materialize in our policy of driving partnerships with our host countries around the world. And so -- and I'm also going to spend a little time today on focusing in on exploration, because this ongoing debate of you only grow it through M&A. And we have put a lot of effort in the last four years in: One, fixing our assets. And two, building that bench strength in exploration. And we have got some initial pointers now starting to materialize, which we will share with you. And we are super excited about being able to actually support some of these early results with real borehole results by the end of this current quarter. So that's the sort of outline of my messaging I want to get across today. And I would start first with just a quick look at -- before I go further, as usual, presentation is preceded by cautionary statement, as you see on the slide. It's also available on our website should you want to study it in more detail. And then moving on to our KPIs for this past quarter. At the beginning of the year, we guided that our results would be weighted roughly 45/55 in favor of the second half and certainly as you can see the trend is already evident in quarter two. The improvements over quarter one was largely due to the completion of scheduled maintenance on Carlin's processing facilities, which boosted NGM's performance as you see it, we will see in the number, I'll touch on it just now, and the strong contributions from our Tanzanian mines and Kibali in particular. And of course you would've seen too Veladero had a good quarter, better than planned. As always, I'll highlight the key aspects of our operations as I take you through the presentation. And this time as I said to point to the progress we are making on all fronts as far as exploration goes. So looking ahead, despite some equipment challenges relating to PV ramp up, we remain on track to meet our gold and copper production guidance for 2023. And they will -- should drive the costs back down towards guidance. And Nevada is expected to build on last quarter's post maintenance improvement, PV or continue to ramp up throughput as it expands the plant. We have finished the commissioning, but we've got now stuck in the ramp up. And in Zambia, the Lumwana copper mine's new fleet is expected to improve mining productivity and throughput, and we land in better grades in the main pit in the back half of this year. As far as the financial results go, increased production helped by the all-time average quarterly gold price, which I just referred to, delivered a 7% increase in operating cash flow and an increase in adjusted net earnings to $0.19 per share. On the back of this, a quarterly dividend was maintained on a $0.10 per share. And it's important that I point out the fact that we are managing this company for the long-term, and we are not -- we are very diligent about -- we thought carefully about our dividend policy. We are respecting that policy and not disregarding it. We remain the strongest balance sheet in the industry. And as we build back on the back half of this year, we will build up our cash balance again materially. At the beginning of the year, we launched our new safety drive, as you all know, and we call it Journey to Zero. And it went -- I specifically led it across the entire group and it certainly started to produce results. If you look at the lagging indicators, which is not what we're using to manage against, we have the injury frequency rate down 38% quarter-on-quarter. But what's key is for the first time North America region, the whole North American region reported an injury free April. And so that's a key step in our commitment to getting our operations back where we expect them to operate as far as safety goes. And LatAm and the Pacific region also recorded zero lost time injuries for the entire quarter. So those are key, more important than the lagging indicator trend. We've methodically tracked our Journey to Zero. And following a full review, we've developed the new fatal risks and associated standards as shown here along with critical controls of each of the 10 fatal risks. And part of our risk management overview, we also reviewed and updated our field level risk assessment tool that is standard throughout the organization now. And really the big drivers to get every one of us, particularly the leadership, completely embracing this Journey to Zero. Sustainability, as you all know, is central to Barrick's strategies and practices. And it is what secures our crucially important social license to operate. And there were no significant environmental incidents during the quarter and the year-to-date. And our average water use efficiency for quarter two was 82%, and for the half year 83%, and again, beating our 80% target. Also our greenhouse gas emissions were down 5% quarter-on-quarter and 12% against the same period last year. And as you see in this slide, our commitment to biodiversity takes many forms, but was exemplified last quarter by the Barrick led reintroduction of white rhinos to the Garamba National Park in the Northeastern part of the Democratic Republic of Congo. And Garamba National Park we've been supporting since from Randgold days back in 2009. And it's also -- it's a personal goal of mine to see this happen, and it comes with another message, and that is, when we arrived in Kibali, the Moto goldmines back in 2009, the Lord Resistance Army was all over the place. And today, the fact that we can put rhino back in that park means we've really got on top of the security. So it's a massive sort of symbol of what mining can bring to these conflict zones. And having just come back from Pakistan, I'm absolutely convinced that if we do the Reko Diq right, we're going to see the same sort of effects, if not better, more tangible in that part, the part of Balochistan where Reko Diq is going to be built. Another key point -- and I'm not sure all of you are aware of this, but staying with sustainability, also very pleased to announce that we've achieved full conformance with the recently formulated global industry standard on tailings management. And you would've seen an announcement on Friday, with the disclosure of information on our website as per Principle 15 of the standard for our very high and extreme consequence facilities. And I'll just point out that Barrick has long been a leader in the responsible management of tailing storage facilities, and we welcome the additional disclosure, which is part of the new standard. Over now to the operations and we start as usual with North America where we continue to build our value foundation in Nevada Gold Mines, already far more than the sum of the parts that were combined in the merger. And NGM is on the cusp of entering a new growth phase as I hope to show you in some of the exploration slides. The knowledge gained from a better understanding of the orebodies is generating new targets and discoveries as well as new concepts designed to deliver life of mine extensions and potentially the next wave of Tier One assets in one of the world's most prolific gold districts. These are the Nevada Gold Mines' operating results with production as I referred to in the introduction, up 11% quarter-on-quarter. And it remains on-track to deliver on its 2023 production plans. The higher production delivered a meaningful drop in all-in sustaining costs, as you can see from the slide. And we -- this is a trend we expect to continue into the second half of the year. Since creating Nevada Gold Mines, it's worth noting that we have replaced 16.5 million reserve ounces depleted by mining. And as you can see, how we still have a wealth of opportunities, with the potential to be big value drivers, and are confident that exploration will sustain reserve replacement and deliver an inventory that will secure a 15 year planning horizon and beyond, and I will come back to that replacement strategy, because as we had in Randgold, we are now developing a plan to replace our reserves through the advancement from inventory to resources and then to reserves. And in Nevada, we are starting to see that plan as well. There is no better place to start on this slide at the top right. This review then at the Carlin Trend, which is the gift that keeps on giving. We continue to intersect -- and this is quite important, you'll see at the bottom that 23001 intersection, that we continue, these are Carlin top grades. And in our quest to expand Carlin in the greater Leeville complex, and we are continuing to consolidate the ground around this. And we are talking multi, multimillion ounce opportunities. And we are starting to see that definition, and we are expecting to be able to share some of the holes that we have drilled now, but we are still waiting for the verified assets. But the one thing I have always said to many of you is that, when you hit world-class orebodies, you don't have to send the assays, the logs to -- the assay lab to work it out. So we are super excited about this potential. At Cortez, the Barrick owned Fourmile discovery is well on its way to Tier One status. We shared some of these results with you last quarter. These are big numbers. With every intersection now, we are starting to show more opportunity, and the most recent of these discoveries is the Dorothy breccia, which you see referenced in the slide. But these intersections add significant ounces every time we drill a hole, that's where we are in the orebody today. Strong drilling results, staying with Cortez Complex, from Robertson, which show its potential to grow into a multimillion ounce asset. And this is -- it's very important, Robertson. It's still got to be permitted. We are in the process of permitting it, but it's a multimillion ounce oxide deposit. And that's important for Nevada, because we've got capacity in our oxide mills. And you'll remember that Newmont were going to close down their oxide mill even before we did the deal and we've kept them alive. And this is a very key asset. And we're still looking to expand this footprint. It's been a very successful exploration project. And finally, at Turquoise Ridge, we've now opened the main, what we call, Turquoise Ridge underground orebody to the Northwest and the Southeast and -- as you see here. And again, significant intersections and that really -- this is the least developed of all the world class orebodies in the known Nevada operations. And I'd just pause there for a minute and just point out that the greater Leeville area and certainly the extension as you see on the slide, that's a completely parallel world-class target that's running parallel to the Goldstrike Meikle trend, which is what made Carlin so famous. And we are really at a stage of developing a sub parallel target along really key -- one of the key faults, which will parallel that world class trend. That as I said, has made so many mining companies wealthy. Barrick, also, in addition to our Nevada joint venture, continues to expand its North American footprint. And drilling is confirming significant discovery potential across the multiple targets in Nevada, away from Nevada Gold Mines and framework drilling has started on our Pearl String project as well. And ongoing generative work and ground consolidation is progressing across the Western United States. Again, we've got some developing opportunities, which hopefully we'll be able to share with you in -- during the next quarter. And in Canada, mapping and sampling at the Pic project near Hemlo has identified some interesting mineralized structures. Our geologists have also started work on the new Sturgeon Lake project, and we've signed an agreement to earn up to 75% on the Patris project, which is just Northwest along the same trend as Malartic. So again, we're in the right place and we super excited and we try, as you know, to look at opportunities to go through M&A, but our geologists are starting to point to some real opportunities to expand our business here in Canada. Moving then on to Latin America and Asia Pacific region, the team is doing a great job, particularly the exploration team. We are busy rationalizing a large historical land portfolio now, as well as particularly along the Andean trend. And we also are moving to secure new opportunities. We've expanded our footprint in Chile, the Dominican Republic and Peru, where we've made some exciting early stage progress, particularly in Southern Peru at our Austral project. This region also covers Porgera and Papua New Guinea and Reko Diq in Pakistan, where there have been some very positive developments during the quarter, which I'll take you through. So starting with PV commissioning, as I said in the intro of the expanded plant, was impacted by ongoing equipment failures relating to the flotation and mill circuit pumps. And we are working with FLSmidth to address these issues and rectify some design flaws. And I just explain, we've installed the biggest flotation cells ever, or certainly ever biggest that FLSmidth has supplied. And we've had some issues with some of the shafts and the gearboxes and we've had to retro engineer them and they have also rebuilt some new ones and sent them in. So we are busy working with them and it's until we get that settled, we are running all the circuits, but we are going to take some time to ramp it up to full production. We are still expecting a much stronger second half than the first half. And this -- the expansion project we are confident will achieve its full capacity at the end of this quarter, maybe early next quarter. Once completed, the plant inspection and mine life extension have been designed to support an annual production of above 800,000 ounces to way beyond 2040. And this really does make PV a standout Tier One mine and we've got six of those and we've got a couple in the making and we are very clear about how we define Tier One assets. And I -- just to remind you, when we did the merger, PV was -- if we didn't get a solution on the tailings facility, it was going to close in 2021. So we've now got the permits in place and we're good to go as far as the expansion goes. And that's when you try and put a value on that, it's like a very big discovery. This is a 22 million ounce prospect, it's big. As I mentioned, Argentina Veladero exceeded its planned production, which is particularly commendable considering the very difficult operating environment. Argentina's ongoing currency crisis has created strong drilling results from the Morro Escondido target pointed -- point to its potential as a satellite to Veladero. We're busy doing that modeling right now, and exploration is also focused on those other targets immediately around Veladero. I think the team is now fully motivated having achieved some success with Morro Escondido. And again, you would recall we cut back on Veladero, delayed some capital into end of next year. This is a very dynamic year in addition to the currency crisis and election year. It's an election year that's been spread over the whole year. And so, we know now who our governor is in San Juan, but we still got to go through that rock and roll process to get the federal government in place and elect a President. So as I noted again earlier, we are rationalizing our operation portfolio in Latin America and prioritizing our portfolio. So getting our resource triangle, people know me know exactly what means in order. And we continue to secure more ground in that area. This is a quick snapshot of where we are looking and we certainly are excited about the prospects. And we have got a completely new team. It's taken couple of years now to get that team to start really understanding what we want and where to go. And we are now starting to get those results. And then flipping across to Pakistan. The feasibility study at Reko Diq made material progress this last quarter, and is still scheduled for completion by the end of next year, with 2028 targeted for first production of concentrate. Infrastructure development is underway. And the refurbishment, which is a key thing of the -- airstrip has been approved for flights with a weekly charter now going to flight -- to site. And in line with our commitment, as you see in this inset to early benefit sharing with the people of Balochistan, we have already established two primary schools as part of our community investment, as proposed by the newly formed community development committees. So this is something that's in partnership with our communities. And by the way, I personally, along with the senior executive of Barrick, have been to all those communities. And it's worth noting, when you look at the Afghan story and you look at this story and the Baloch people are across in Afghanistan and in Balochistan of Pakistan. And you see the school, and you see that they are more or less 50-50 boys and girls. It's quite an achievement. And I will tell you a little bit about Balochistan, particularly around Reko Diq, there is no economic activity. And so when you give people a chance to earn money, it's amazing what happens. And it's the only place in the world where I've seen more schools than kids. In fact, all the schools are empty. And so why? Because there is such poverty that the children have to work to survive. And so us coming there and supporting the children, giving them square meal, getting them to school is the only way they can get educated. And this is part of a program that we did very well in Kibali, and that is educating the future operators of the mine ahead of the mine. So we have done it. We started with -- it is a multi-generational mine. So we have started with junior school. We have also looked at vocational training of those young teens and then we have gone abroad and looked across the universities for Baloch people who are -- have already finished or about to finish their degrees in -- particularly in engineering, but engineering, some economics and processing. And so the first bunch we've now contracted and they will be moved to our operations around the world and they'll start working with us with intention that they will be the leaders of the operation when we turn it on in a few years' time. So -- and again, that's -- we recommissioned Kibali with local people. So every day most of our workers go home into the villages around the mine. And so the community is, are our workers. And that's our intention in for Reko Diq as well. You would've seen some announcement on Porgera recently. We're at last nearing the end of the long road towards the mine's reopening. And the key one is we've applied for the special mining lease, which is the one that was removed, as you recall, at the end of the last lease period. And for that to -- process to close, we needed to have a number of regulatory procedures. First one is what they call the warden's hearing. That's happened in all the different selected regions. And we've had a security forum led by the key ministers and the Prime Minister himself. And during that forum, the Minister of Mines formally opened the development forum, which is the critical process where everyone has a chance to engage and discuss and share what they want. And it'll ultimately culminate in the -- it might not culminate in a full mutual agreement across every aspect because the negotiating tactics in Papua New Guinea has started 120% and see where you land. But it is a serious engagement and it will -- during this process, the government will get to a point where it'll finalize its own review of our applications for the SML, and then we'll get that awarded. On the back of that, we've started the preparation of the mobile fleet. After all this time, we've had to upgrade some of the tanks -- tankage in the processing facility. We have a new crush on order, and we're getting ready to start up. And our expectation is that we should be able to start and get poured our first bar of gold this year. And every time I say that, people say, don't you have any more granularity on that? And I say, no. But in the fullness of time, we will. And all I can say is that everyone wants the mine started now. So you will see the updates as we get closer to that day. So with that, we move across to Africa and the Middle East. And this, remind you, is by far the most consistent performer in our portfolio. And it's not only a reliable contributor to the bottom line, but also a host to a wealth of gold and copper opportunities. The Loulo-Gounkoto complex delivered its usual strong performance and is on track to achieve its 2023 guidance as it continues to invest in greening its power supply grid, as well as replenishing its reserves and looking for more. And again, this has been a spectacular asset. It would be remiss of me not to point out that Mali is not without its challenges, and I would add it has never been without these challenges. We have been operating there for 26 years, and in that time, Loulo -- we built Loulo-Gounkoto into one of the world's 10 largest gold mining complexes as well as the country's largest taxpayer and employer, certainly largest employer outside government. We've had a constructive relationship with successive governments through some very turbulent times. And in recent weeks, I've personally engaged with the key members of the current leadership about their proposed new mining code. And I'm very optimistic that as in the past, we'll find a mutually acceptable way to keep gold shining for Mali. In West Africa, there's a lot of opportunities, I pointed out. It's a very dynamic place right now, as you would've read in the newspaper with the latest [indiscernible]. But staying with Loulo, we've -- we continue to define wide high grade intersections on the extensions, along the big structures that host the multiple world class assets around and within the Loulo-Gounkoto leases. While also across the border in Senegal, we continue to evaluate the Dalema joint venture in particular and we've got the Bambadji joint venture, and we are continuing to expand our footprint in Eastern Senegal. And in Cote d'Ivoire, we're assessing the Fonondara satellite deposits and other high priority targets. The team has been extremely successful in adding to the life of mine of Tongon. Moving across to the Democratic Republic of Congo and Kibali, again, Kibali overcame its first quarter challenges to deliver substantial improvement, as you can see here in production for quarter two. And it's -- it has its back on -- this has really set it back on course to achieve its full year guidance. And we also are really focusing on our underground development to build additional flexibility and be able to support the new 10-year mine plan. And ongoing exploration really has highlighted to immediately to the West of the KCD main series of deposits, the potential for more of the same. And we're quite excited about this recent development. And in Tanzania, which is a real success story. Our Twiga joint venture with the Tanzanian government is a poster child for my thesis that mining can be the force that makes undeveloped countries investable. And there is no better example than Tanzania. And it's great to see BHP putting its toe in the water in Tanzania on the nickel project. After Barrick took control of North Mara and Bulyanhulu in 2019, it transformed them into operations capable of producing a combined 0.5 million ounces annually; in other words, a Tier One production profile. And we have also shown that we can achieve this, and what you can achieve when a mining company and its host country work together to develop its natural resource endowment. And last quarter, conversion drilling at North Mara replaced all the reserves, depleted from mining and we mined the first ore from the Gena pit and additional opportunities for resource conversion. Buly has got a very long life, nearly -- and well into the 20s. North Mara is just over 10 years. So a big focus there. And it's worth having a look at this slide, and that is, we have three Tier One terrains in our Central and East African holdings. The Kibali lease here are very covered. A new exploration footprint South of Bulyanhulu, and high priority permits along the Gokona corridor, which I've just referred to. And again, Gokona corridor is an exciting opportunity. When we were in Randgold Resources, we were always trying to get our hands on those extensions. And it's taken us a while to secure the permits, because they were lapsed, they lapsed under the Acacia time. And so we've now got them and we are starting to evaluate them. And we are super excited about the opportunity to extend North Mara's life of mine on the back of that. We also have a very significant intersection beneath the Nyabigena pit, as you see here, and it's really got everyone's attention. We're not sure about how it actually fits into the orebodies at the moment, but it's a recently confirmed intersection. Moving across into Zambia. And, in generally, our copper operations, as I pointed out, Lumwana is well set to achieve its guidance for the year. It really is going to have a strong second half. And with the implementation of its owner miner strategy, and the commissioning of the [indiscernible] and commissioning of the new fleet, where we replaced the contractor, which was very expensive. We have already seen a reduction in costs, as you can see here on the slide. And excited about the prospects of Lumwana. Lumwana has the potential based on our preliminary economic assessment to be equivalent to our share of Reko Diq investments. That's how significant it is. So I would point out that at the time of the merger, no one believed in Lumwana. It was a high cost producer making no money, and its subsequent transformation into a potential tier one asset in our copper portfolios, another one of Barrick's big success stories, and we are talking about significant reserve conversion on the back of the feasibility study we are busy with. And the projected expansion on the back of this new Super Pit, as I pointed out, we'll add significantly to its production and take the mine life to be on 2060. And so we are on track to complete that next year. And we've scheduled pre-construction starting in 2025. And our forecast at the moment would bring that expansion from Lumwana ahead of the Reko Diq delivery on its first concentrate. We've got some -- and we'll be detailing this on the back of the final studies on both projects. In Saudi Arabia, Jabal Sayid maintained its consistent production and kept its cost below the guidance ranges and early results from our new property Umm ad Damar are exciting and really it's a start of something I believe that's significant and what's more, it's been the foundation of us growing our relationship with the Kingdom of Saudi Arabia. Before I just touch on -- and the last one is Chile and Zaldívar, which is largely more of the same. I would just point out that really it's Lumwana and Kibali that are key for the second half delivery for AME as a whole. But all the AME operations are on track, on target to meet their guidance. And then two more slides, the one that I referred to right in my introduction, and that is if there's one thing more than any other that sets Barrick apart, and I know it's not snazzy and it doesn't require M&A and all that other stuff. It's been our ability to deliver sustained and significant growth in reserves since the merger. And remember, we were all in the same boat before that in 2019. And we've replaced 125% of the gold that we've mined or the gold equivalent that we've mined, including the copper, since the time we started out on our new venture. And again, we will be sharing with the market our strategy of a three year rolling replacement model, because we do have some very big assets. So you'll see the inventory build and then you'll get a big kick in the resources and then you'll get the conversions. And over three years, we are very comfortable and slowly we will build it into a shorter term cycle. Of course, it goes without saying that the contributions we are going to make to our copper reserves and resources are significant on the back of the work that we are doing, both in Pakistan and also Lumwana in Zambia. We continue our work not only to hunt those world class gold deposits, but also copper, in all the big copper terrains in the world today, apart from Russia. But otherwise we're very knowledgeable about what's going on in the copper -- big copper fields of the world as we are with gold. And again, our view is growth for Barrick going forward is based on asset quality. And I think that's really when you look at our portfolio today, we've got six Tier One -- proper Tier One assets. We've got a whole pile, five world class assets. Porgera is one of them, it's a 500,000-plus ounce going to 800,000, close to 1 million in some years. We share the economics on just about a 50-50 basis with PNG Inc. So it's a significant share of value for Barrick. We've got, of course, Veladero which is no small asset in partnership with Zijin. Right now we are managing the situation politically. We've got Lumwana coming on and that's without -- if we can prove it, which we have no doubt, we will is a definitely a Tier One copper asset and of course Reko Diq once we get through the start and convince everyone this is a real value asset that's right up there with the top five in the world. So, when you look at our portfolio, Tongon is the one that's the least as far as when you look at it, but it's a very good cash producer because it's built so well that our sustaining capital is so small. And you'll see them -- the costs relative to its -- total cash cost, it's all in sustaining costs, so not as high as other mines, and it's just about can we find more? And at the end of the day to close, it'll cost us around $30 million. So it's not a big risk in our portfolio. And so -- and Zaldívar is a partnership as you know with Antofagasta. And then the last asset in our portfolio -- so we don't have a long tail in our portfolio, we sold the tail at every time we did a transaction. And the only one that we have to deal with is Hemlo, and we've got some real plans to do that. We're looking at pushing back that pit again with the higher gold price. And we've done a lot of work and pick the Pic projects just up the road. That's important for us. So I'm actually there for the weekend with the team looking at strategies as far as Hemlo goes. So another differentiator in this sort of whole of M&A is the fact that we have a clear path to increasing our gold equivalent ounces by 25% towards the end of '29. And that is a very significant and a standout point because as you know, many of our peers have been forced into M&A because they just haven't been able to replace the ounces that they've mined. And I would finish ladies and gentlemen with the fact that we certainly celebrate for the first time that on a consensus basis the analysts are showing that Barrick has more value than Newmont. The challenge is we are still at a discount to that valuation. So our focus now that we have got our business clear, we have got our teams in good shape is that, we are going to be working really hard to get us up there, where I certainly come from, and that is a good premium to our underlying value. And we have got some big things to work on. Of course, there is a big delta with Reko Diq. There's another delta with Lumwana. There's another big delta with Porgera as we bring that on. And again, there is a big delta in Nevada Gold Mines. And as we -- not only within the whole joint venture, but when you add in the prospects of, Fourmile, it's a significant asset for us and as I'm sure it is for our partners. So with that, thank you for listening. We will be happy to take questions. We do have some of our team members online and we are going to thank you call first. And Graham, of course, is here and a couple of other executives are in the audience here in Canada. So over to you, operator, to manage -- no, we will take questions here. So we will manage this process going forward.
