Good day, ladies and gentlemen, and welcome to the Harmony Gold Mining Company Ltd. conference on the interim results for the six months ended 31 December, 2016. All participants are currently in listen-only mode and there will be an opportunity for you to ask questions later during the conference. [Operator Instructions] Please also note that this call is being recorded. I would now like to turn the conference over to the CEO, Mr. Peter Steenkamp. Please go ahead sir.

Thank you, Chris. Good day to all of you and thank you for joining us. I should believe there's quite a few people out there that are listening to the results. We’ll go through the results by using the presentation that we made this morning on the webcast. Just take a note of the safe harbor statement that is in the second slide. We will cover the agenda. We will cover the normal type of agenda but also in this presentation we’ve got Johannes van Heerden here from Southeast Asia for us. We’ll talk about Hidden Valley, so if there is any question on Hidden Valley, he will be able to fill in. Our key features for the first half of FY17, I must save it in mind, safe profitable ounces, we believe that safe mines are profitable mines and competitively improve those, our performance will be. One of the biggest things that we’ve had in Harmony when we started was this unplanned stoppages, many of the [indiscernible] stoppages, we’ve done a quite lot of work in terms of improving our safety and then secondly also improving our maintenance on our major infrastructure and for that reason we matter of fact seeing quite a nice uptick in our production. The majority of our mines are exceeding or achieving their plans. Our great management has really been very good. I'm very pleased to say that discipline that we have put in place not to mine below cutoffs is really working for us and grades continues to improve. And then we’ve done quite a lot of work as far as growth is concerned, we’ve concluded Hidden Valley acquisition during this half of the year. We are actually spending some money on exploration and we also have done quite a lot of work…

Thank you, Peter. If we turn to Slide 19, recognitions from the income statement and this is for the first half of the 2017 financial year, this has been second half of the financial year 2016 in US dollars. So if we look at the revenue there, you see the revenue was US$706 million versus US$625 million. And this was a 13% increase over the previous six months. This was because of a 6% more gold sold. Although we produced 8% more gold, we only sold 6% more gold. And also a 7% increase in the gold price. Our production cost went up. What we done is restricted, because we now got 100% of Hidden Valley, so a portion of Hidden Valley was not included in our costs before. So our costs were $517 million versus $424 million the previous six months. This was largely due to the exchange rate. Exchange rate, rand strengthened against the US dollar was 1% and in rand terms we saw 11% increase on the six months and this was largely due to normal salary increases and electricity increases and also because of more production during the December six months than the June six months. If we look at the amortization and depreciation, they increased to $91 million. We are amortizing process a little quicker now because shorten the life of the mine and thus resulting in more amortization. Exploration expenditure went up to $10 million and this is in Papua New Guinea. This is at [indiscernible] where we have two joint rigs. We have a foreign exchange gain of $51 million. This consists of $10 million, which is translation difference on the US line to rand terms because of the strengthening of the rand. It was $42 million of hedging profit from our currency…

Thank you, Frank. Peter Steenkamp. I can also ask Johannes maybe to just talk us through the Hidden Valley project.

Thanks, Peter. So on slide 30, we basically give an update on where we are in terms of the plan. During the quarter, we acquired the Hidden Valley, subjective date of control was 25th of October. And from that period onwards, we mobilized the team and focused on commencing stage 5 by waste stripping. That’s obviously critical. As part of that process, we acquired additional equipment and we also recruited additional people to man that equipment. You will see that the plant basically amounts to treating, during waste stripping and then also treating ore stockpiles and Hamata ore for a period of June. After that, there is going to be a five-month shutdown, which allows us to do some refurbishment on the plant as well as to generate enough ore to feed into the block post startup. And on slide 31, we talk to some of the parameters that we included in the plant. We believe we’ve got a robust plan that’s built on conservative parameters on outcomes that we’ve achieved in the past at the mine. So we’re very comfortable in our ability to deliver to this plant. As Frank has stated, once we’ve completed this pre-strip phase, the mine will be in commercial production from financial year 2019 onwards and generate about 180,000 ounces of gold and approximately 3 million ounces of silver per annum. The mining rate as well as the milling rate is very achievable target and you’ll see all of that part will generate or will allow us to produce an all-in sustaining cost of between $850 to $950 per ounce on average. On slide 32, we basically demonstrate what the stage 5 and 6 cutback looks like. As you see, we’re mining 1.4 million ounces of reserves there, but the opportunity is to increase potentially to also a stage 7 cutback. That would allow us to mine an additional 1.3 million ounces, expand the mine life by a further 5 years. A key part of that study program would be looking at additional storage facilities as well as the drill program to confirm the stage 7 ore body. As part of this expansion or growth opportunities, we’ve also started up a regional exploration program proximate to the mine.

Thank you, Johannes and I will then just continue and just I think we really delivered on our strategy. Our safety is improving. We repaid most of the debt that we set ourselves out to do in the beginning of the year, I’m talking about this calendar year. We had shareholder returns and we have two dividends of 50 South African cents or 4 US cents each in the past 12 months. For the growth opportunities, the Hidden Valley acquisition adds 180,000 ounces from, by financial year 2019 onwards. There is a lot of brownfields exploration that we’re going in the areas, both in South Africa and also in proximate area and the Golpu permitting is progressing well. And we’re still pursuing acquisition assets and we’ve got a team that will work on that most constantly. If you look at the value uplift in Harmony, first, safer and more predictable ounces. We are very glad to say that we’re proud of what we achieved as far as that’s concerned. We will maintain the increase in grade. We are on track to produce in line with the guidance that we set up in the beginning of the financial year. We have robust margins. We’ve got a strong balance sheet, which allows for dividends and we’ve got growth in our portfolios and our share price uplift should continue from there. Thank you very much. We are prepared to take any questions you would like to ask.

Q - A -

Yeah. I think -- first of all, thank you very much for being on this call. We certainly, from Harmony’s perspective, both operations, both in South African and Papua New Guinea, and we have good momentum, we are very proud of [indiscernible] and we leave with our annual guidance of approximately 1.05 million ounces will be achieved at the cash cost of $1,100 per ounce and I think we’ve got a very strong performance of the team. The team is very much keen to do well going forward and maintenance is in good stead as I said before. So, I think we can continue with the strong operational performance. Thank you very much for joining us on the call.

Thank you very much. Ladies and gentlemen, that concludes this conference and you may now disconnect your lines.