Barrick Gold Corporation
Q3 2014 Earnings Call Transcript

Published: 6 Nov 2014

[Operator:]

Welcome to the Randgold Q3 results international investment call. I would now like to turn you over to your host, Dr. Mark Bristow. Please go ahead.

[Dennis Mark Bristow:]

Thank you, operator, and good morning to those in North America, and good afternoon to those in the U.K. and South Africa. As you know, we presented our quarterly results for the third quarter at midday on the London Stock Exchange. And the objective of this presentation is to quickly give a brief update of the -- what we shared with the market at midday and then open it up to the team for questions. I'll just point out that the full transcript is available on our website. So if you want to go back and find out exactly what was discussed in detail, please do that. I'm not intending to repeat verbatim what we shared with the market on -- at lunchtime. But I'll just kick off with -- I think that everyone is acutely aware of the tough times the gold market faces today. And certainly, there's every indication that it's going to get tougher as the industry continues to focus on producing ounces without worrying about whether it's profitable or not. In contrast, I think you'll see from our results this quarter and previous quarters and I'm sure you'll continue to see them going forward, that we're -- have and always set ourselves apart from the rest of the industry. And we remind people that today's results are a product of yesteryear's strategy. And we've -- the thing that really has stood out in good stead is the fact that we're focused on delivering profitable mines that make real returns for all stakeholders at $1,000 an ounce, and we use $1,000 an ounce to run our business, to allocate our capital and to foster [ph] Those opportunities that arise from time to time. And the other part of our business, which is equally important, is the fact that we're not only in this for our shareholders. But while our shareholders, of course, are important, but we believe if you're a miner of natural resources in emerging markets, you have a broader base of stakeholders, and our commitment is to ensure that they also benefit. And so we entrench our sustainability, or what we refer loosely as our license to operate, in all aspects of our business, starting with safety of our workers and then carrying and making sure that those stakeholders also benefit. Over the quarter, we had a mixed bag on safety. Overall, we showed an improvement in our Lost Time Injury Frequency Rate with Gounkoto and Tongon having zero LTIs; Loulo and Morila, 2; and Kibali had 1, but sadly, this concluded a fatality among the Shaft Sinkers employees as we reported during a quarter. Two of our mines had their OHSAS and ISO ratings recertified, which means that all of our established operations are compliant. And with Kibali now entering the operating stage, we will be starting to work towards that goal for Kibali as well. It would be remiss of me if I didn't comment on the Ebola situation. There's a slide in the presentation. And as you would have seen in the press, we've been a big supporter and very outspoken about the Ebola situation in Africa, in general, in West Africa specifically and a critic of the way it's been managed by some of the first-world economies. Ebola is a disease that can be managed. It was neglected early on in the Guinea, Sierra Leone and Liberia countries and it was allowed to get out of hand. The product of that is that everyone thinks that you will visit Africa and you'll get Ebola, and that's not the case. We've seen now that it's an eminently manageable disease. Senegal managed this first important case very efficiently. So did Nigeria, which is quite a complex environment to manage a contagious disease like Ebola. And as you would have seen, we are very involved in managing, along with the national and international authorities, the follow-up and fallout of the little girl that traveled through Mali just recently. We are on the 16th day of that -- after the death of that little girl, and we've now traced down 105 people who were related -- were associated with her travel, not necessarily came in contact with her. And so we've only got a few more days to go before everyone is cleared, and that would then highlight that this is not some stealth disease that you can't see or can't manage. It's a very manageable situation. And we're very comfortable that we can control it, that we can control any potential positive outbreaks and also that it will not affect our operations or put our workers' lives in danger. With that, let's move onto the business, and I would start with just a quick heads-up of our quarter. On balance, the past quarter has been certainly, in my point of view, one of the most rewarding in our history, particularly when one considers how our teams managed to deliver another solid set of results in the face of some quite substantial challenges through this year. Production was up. Costs were down. The Kibali ramp-up made good progress. Loulo-Gounkoto continued to outperform against its guidance. And the recovery measures taken at Tongon produced a substantial performance improvement. All in all, we're exactly on our market guidance for the year-to-date. Special highlights of the quarter was our repayment of revolving credit facility, which means that we're back in the black again, and we've started building cash on a weekly basis and it's a comfortable place to be in this market. During the quarter, we also continued to tighten up on our working capital and constant review of our key commercial relationships and suppliers. And there's an article in this quarter's Randgold Report, which, if you're interested and you've -- it might be worth reading. On the numbers, these are the numbers, which essentially show that we have continued to grow production and reduce total cash costs, and that despite a significantly lower gold price, we remain materially profitable. And I would point you to the 9 months to 9 months comparisons, which really put this delivery in perspective. Turning to the specific operations, starting with our flagship Loulo-Gounkoto complex. Production was slightly down quarter-on-quarter, but absolutely in line with our plan. And on a year-to-date comparison, the complex production was up 22% and ahead of guidance, while total cash costs per ounce decreased by 13%. Overall, Loulo-Gounkoto, as I pointed out, remains on track to beat the 640,000 ounce guidance for the year. Year-to-date figures for the complex show an improvement in the grade, the recovery rate and the cash cost per ounce as well as the big uptick in profit from mining. So if you look -- turn then to Loulo as a standalone basis, the underground has really continued to -- the 2 underground operations continued to deliver record levels of ore production. We've completed the pace that [indiscernible] have started backfilling the stopes. That will have an impact on the amount of development meters as we unlock the secondary stopes for mining. And Gara has completed as well the backfill plant, and we're busy just finalizing above-ground tests, pumping tests and then we're -- in the next week or so, we will start pumping underground. And you'll see as well, unlike many of our peers, we are going to be stepping up our drilling around Yalea, Gara and Gounkoto with the objective of ensuring that we have the orebody potential well-defined and that we can make our long-term underground infrastructural commitment with that knowledge. And as part of that, as you can imagine and we referred to it last quarter, we have a big optimization study ongoing at those 2 underground mines because, as we go deeper, we're going to have to worry about ventilation and even potentially refrigeration. On a results basis, Loulo standalone shows a steady increase in processed tonnes on the back of the underground mines growing ore delivery and a commendable reduction in total cash costs. So these mines are really looking particularly attractive. The big challenge for us is to get the development costs down now and make sure that they can start churning out some cash flow, which is one of our focuses. As already mentioned, part of our long-term planning is testing the potential of the greatest resource at Yalea, and you'll see from this long section where we're planning to drill over the next while and extend the resource potential so that our underground planning -- because we needed probably another 0.5 million ounces to really support the planned infrastructure we have for this particular project. And the same goes with Gara. We've really made a lot of progress with our new exploration team, and it's focused on revisiting some of those controls and saying let's go -- where do we go next to add some more ounces into the deposits? And moving on to the Loulo permit. Again, we've -- as we've done a number of times in the past, we've sort of brushed aside all the models, taken the raw data and used this rainy season period to reprocess and either reinforce some of the targets we have as well as generating new ones. And likewise, when you look at the greater Senegal Malian Shear zone, which stretches from Gounkoto into Sadiola, it certainly proves itself to be one of West Africa's most productive gold belts and which we believe has the potential to grow into a gold region. We dominate that structure. And again, Joe's team has really had a step back, cleaned up the models and let's have -- let's reprocess all the basic data layers and see what it throws up. And again, we will be sharing on our Investor Day with you the -- some detail behind that work. Moving to Gounkoto, which is the other part of the Loulo-Gounkoto complex. During the quarter, we pushed the pits back, ensured access to the ore. And so the strip ratio is slightly higher and we slowed down production. That impacted on costs slightly. But all in all, a very profitable business, so it has paid back its capital and, in fact, it paid another dividend -- we've passed another dividend from Gounkoto last week. This is a section showing the underground project in relation to the open pits. And at this stage, all indicators continue to stack up positively for the underground project. And we're pushing to include some other targets into the Gounkoto reserves. As indicated here, some of them we've known for some time, and there are others that are new targets that have come out of the latest work this last field season. Moving now to Morila. Operation continued to perform steadily as it moves towards closure. With closure in mind, we have started to place some extra emphasis on how we convert the agribusiness feasibility projects into sustainable commercial enterprises. On the numbers, total cash costs were up because the pit pushback hadn't reached the higher grades yet, and the ore feed was diluted by some tailings material we started to feed. But costs -- and that's really what is the driver now of costs -- of low costs. But those costs are scheduled to come down as we start feeding higher grades this quarter. And then once we complete the processing of the pushback ore, we will then revert back to processing stockpile material and tailings. Now to the Côte d’Ivoire in Tongon, where management team has really stepped up to the plate to the point I made last quarter that we really were pleased with the way the management team has taken on the challenge there. And as I've always said, when you start making progress, you can measure it in the numbers and that's certainly the case at Tongon. Also infill drilling at Tongon South orebody is looking like it's going to deliver our first gain in the replacement of reserves and resources after depletion for the mine, and we're progressed and I'll touch on this a little later. On the numbers, there's still a lot to do, of course, at Tongon, but the numbers are already looking much better this quarter. Production, up 22%; recovery, up 6.6%; and profit from mining, up a comforting 64% with costs coming down and grades remaining in line with reserves. This is just to remind you of our timetable to operational efficiency. We've now completed the retrofitting of the new crushers to replace the old ones that failed and along with all the infrastructure associated with those crushers. Those are the green arrows and ticks. And what's left now is the completion of the flotation and expansion. We'll get the first stream up and running at the end of the year and the next one by the end of quarter 1 next year. So Tongon is only one of our operations which enjoys a significant cost advantage of being plugged into the national power grid, and management continues to work closely with our other oriented [ph] partners in the state power utility to get the targeted grid to generate utilization of 98%. And as you can see, we're getting very close to that line. When we do get there, we can get to the $0.10, $0.11 mark on our cost per kilowatt hour. And this is Tongon's new grade model, which shows where the potential additional resource and reserve ounces should come from. We're expecting -- we're indicating about 450,000 additional ounces in the resource model. That's a $1,500 pit, of which we expect about 2/5 to be converted to reserves within the $1,000 reserve pit. And our aim remains to challenge the mine management and exploration team in Côte d'Ivoire to extend Tongon's life to at least 10 years. And we've certainly been busy through the rainy season, plotting out the next round of exploration and modeling the satellites and near-mine targets in the yearly Tongon mining permit. It has long been our belief that Côte d'Ivoire has the potential to host a world-class gold district, and there is prospectivity along with -- certainly supported now by the government's new investor-friendly stance and a better -- much better mining code. We have been driving to increase our footprint in that country, and we now have 12 exploration permits in our own right and with joint ventures and we have another 10 applications pending. On then to Kibali. And as forecast last quarter, there has been a big improvement on the previous quarter's performance as we completed the commissioning and really focused on the ramp-up. It's worth noting that the 59% quarter-on-quarter production increase was achieved in spite of some technical issues, which took one of our mills offline for 9 days in September. Some key numbers are -- and although they're a little shy of our overall targets, all the arrows are heading in the right direction

[Operator:]

[Operator Instructions] Our first question is from Patrick Chidley.

[Patrick T. Chidley:]

Just a couple of questions, and just looking at the chart on production that you've got for next 5 years. You'd be on the 1 million ounce mark, but it looks like you're well beyond that. Would that be closer to 1.2 million ounces for this year?

[Dennis Mark Bristow:]

Yes, we guided -- our view is that we know -- we guided between 1.12 million ounces and 1.2 million ounces, and we're going to be in the upper quartile.

[Patrick T. Chidley:]

Okay. And none of that forecast includes anything from Massawa, is that right?

[Dennis Mark Bristow:]

No, nothing from Massawa and nothing from Gounkoto underground yet because they're not in reserve. We only build our models on reserves, not on soon-to-become reserves.

[Graham P. Shuttleworth:]

And no CapEx, as well.

[Dennis Mark Bristow:]

And it's got -- equally, as there's no CapEx associated with those projects, too.

[Patrick T. Chidley:]

Yes, okay. And that CapEx is coming down to well below $100 million, that's including sustaining CapEx, right?

[Dennis Mark Bristow:]

That's correct. It's all capital. We don't distinguish between the 2. It's an oxymoron.

[Patrick T. Chidley:]

Okay. And looking at Tongon the outlook long term, with the impact of the flotation, what kind of recoveries are you now sort of thinking about for Tongon next year or so?

[Dennis Mark Bristow:]

We've got John Steele, here, Patrick. But I can confirm that contrary to some of the indications from the rest of our team, we're now over 80% at Tongon just by kicking some ass and focusing on operational issues. And that's what we said, if you think back to what we shared with you last quarter, that we can get up to the 80% with just operational focus, and the team has done that. And now it's about how much can we suck out of the new float circuit. And so we have been at full cost, a slower buildup to get to 86% -- John, by the end of the year?

[John Steele:]

100% [indiscernible]...

[Dennis Mark Bristow:]

And then our intention -- We believe that in time, we'll get back up to the 88%. But that's how we're guiding for next year, is we start off at 82% and then slowly step it up as we tackle the project. And we should be at the 86% run rate at the back end the year.

[Patrick T. Chidley:]

Okay. Bearing in mind what the grade profile is, would that lead us to get Tongon above 300,000 ounces a year, again?

[Dennis Mark Bristow:]

Regarding the between -- about 260,000 next year, and then we do get to 300,000 in our plans in 2016, yes.

[Patrick T. Chidley:]

Okay. And then just turning to Massawa quickly, just wanted to get a quick explanation of the -- what you're talking about, with a 100% improvement on grade. Is that relative to the current average grade of the resource? Or is that...

[Dennis Mark Bristow:]

No, we did say -- if you look at the presentation, we actually give you the numbers. What we did is we went back in, and we did a whole lot of bulk samples, just on old pumps. And so we took the total, we had a -- we did a high-grade collection of samples, so we preselected high grades. Their average fire assay was 11 grams. The gold leach well assays were 40 of the same sample. And the gold screen stroke fire assay was 48. If you look at the low grade samples, we got 1.4 grams and we got 1.6 and 1.2 in the alternate[ph]. So and if you look at the total of all the samples we checked, we -- again we were sitting significantly above 100%. That's really just -- and that's all based on the fact that we -- Patrick, when we started really interrogating the borehole core, Joe and myself and the team in June -- and Rod, we really didn't get -- we'd pick up acute, very intense mineralization, the presence of visible gold, and we would get 1 net gram assays. And so we said to the team, why are -- what's the reason for this? And it was frustrating for us at the time that no one had picked it up. And so on the back of that, then you've heard for a while now, Rod and Joe talking about the nugget effect, the very sparky grades that we couldn't really model in Massawa. And so we've been [ph] back down in the mineralogy. We see a lot more of visible gold, and then we've got these very high grade, more refractory phases as well. So we've really unpacked that. And let's see what it comes out. It's worth the money for us. And we've been -- we really spent a lot of time on this project. We've done a complete new economic assessment in the last 2 quarters. John and the team have really been sweating on looking -- we're very happy that we can get the gold out on the pressure oxidation circuit. We've done a lot of test work on that. But what this highlights is that if we've got some parts of the orebody could be up to 60% free gold. And that makes that, the cash flow and the whole economics more attractive, if that's the case. Our job is to now take this back to our pre-feas and test it out and then be ready to put it back in an economic stage later on.

[Patrick T. Chidley:]

Right. So the suggestion is that the high-grade portion of the orebody, the stibnite veins, that could be a lot higher grade than the previous sampling as indicated?

[Dennis Mark Bristow:]

Yes, and we've also got associated with that there's these zones of free gold. And we -- and the focus is really at this stage -- Joe is here, he must comment, but it's the Central Zone and the Northern Zone, and they're slightly different. Joe, do you want to comment?

[Joel Holliday:]

Basically, the coarse gold exists in the Central Zone. So that's where, at the moment, this orientation survey on the assay method has been carried out on just the Central Zone.

[Dennis Mark Bristow:]

That we'll roll that out to the rest of the orebody once we've got our head around it.

[Joel Holliday:]

Yes.

[Patrick T. Chidley:]

Okay. And then 2 to 3 years to get to a point where -- what was that marker? I didn't catch that.

[Dennis Mark Bristow:]

We've indicated to the Senegalese government that we need 2 to 3 years to recut our feasibility. If that -- if the Phase 1 and 2 prove. And so what we'll do is we'll work to a point where we assess that part of the orebody. Then we -- Ryder [ph] has already designed a -- based on their exams, how and what sort of density of drilling we need in the theoretical sense. And then we'll do what we did in Morila. We'll start quite wide and narrow that into whole distances and infill drilling until such time as we plateau.

[Patrick T. Chidley:]

Okay, they're mainly ,then, drilling in the next 2 years or something.

[Dennis Mark Bristow:]

It's all drilling and assay in the next year at least.

[Patrick T. Chidley:]

All right, all right, okay. And then just...

[Dennis Mark Bristow:]

We still got some tests we're going on, have we?

[Unknown Executive:]

Yes. That's mostly flood work.

[Dennis Mark Bristow:]

Mostly flood work.

[Patrick T. Chidley:]

Okay. And then quickly just on Yalea, in particular, those areas that you pointed out are potential conversion areas of quite a significant amount of ounces at depth. So are they resource-to-reserve conversion? Or you mean actual -- just additional resources?

[Dennis Mark Bristow:]

They are inferred-to-indicated. So we right now, we need to -- and what we've done is, Joe, when he's -- on taking over, he's cut back a lot of this, what we would term, process drilling in the greenfield site at some of our drilling budgets. And we're going to do 1 or 2 holes and try to get them done this year on those deep holes. The view amongst the exploration team is we took the -- Yalea and Gara are a product of those 3 deep holes that we forced them to drill quite a few years ago. And really -- what we've really drilled out only to like 800 meters. We've got to go down and confirm and make ourselves happy that it continues before -- otherwise, we're committing capital on vertical development without knowing that the ore body still exists at depth. We've got to do some deep holes first, and then we will infill. So we'll first -- these are all inferred now. We need to just confirm it and then we all have a more -- again, it will be a phased drilling program and eventually end up in the reserve.

[Patrick T. Chidley:]

Okay. But nothing in reserves this year or...

[Dennis Mark Bristow:]

No, no, not down there. But we are still dealing with a reserve conversion on the peripherals of the minerals -- of the reserve model.

[Patrick T. Chidley:]

Okay. Any idea about whether you'll replace reserve this year? Or is it too early to say?

[Dennis Mark Bristow:]

If you look at just very broadly, I don't think I could be wrong -- if we convert 1 million ounces at Gounkoto, then we're in good shape. And we're talking maybe 300,000 ounces. So at least what we've mined, we'll replace at Tongon at this stage, maybe a little bit more. Kibali is probably light, but we put the Gorumbwa stuff in and then we're in good shape. So we've got to be there and thereabouts on reserve replacement. Probably a little shy of the overall ounces, but certainly being able to point to the fact that we're comfortable we can replace it over time.

[Patrick T. Chidley:]

Right, right. Obviously, you're sticking to your $1,000, 20% return formula?

[Dennis Mark Bristow:]

We're only using a $1,000, Patrick.

[Operator:]

Our next question is from Howard Flinker.

[Howard Flinker:]

Is that $16 million or so expense item in the income statement, is that the FX?

[Dennis Mark Bristow:]

Yes. And it's really the fact that our vat that we're slowly clawing back is, in its essence, in Loulo-Gounkoto was in francs CFA, which is effectively in euros. And it was a stronger dollar that impacts on that number.

[Howard Flinker:]

And the second is, I noticed that your tax rate diminished in the third quarter against the third quarter. Was there a reason? Or what was the reason for that? There was obviously reason.

[Graham P. Shuttleworth:]

Howie, it's really just a mix of profitability. We had more profits from Tongon and less from Loulo. And as you know, Tongon fell [ph] on a tax holiday, that's the reason.

[Howard Flinker:]

Okay. And CapEx, do you expect your CapEx to drop notably next year?

[Dennis Mark Bristow:]

Check the graph, Howie.

[Howard Flinker:]

I'm sorry?

[Dennis Mark Bristow:]

I said check out the graph. There's a graph in the presentation.

[Howard Flinker:]

I wasn't watching the presentation.

[Dennis Mark Bristow:]

Anyways, it's the second to last slide, and you'll see the profile there.

[Operator:]

Thank you. We have no further questions at this time. [Operator Instructions] We do have a question from -- sorry, it was withdrawn. You have a question from Bart Jaworski.

[Bart Jaworski:]

Just -- yes, I was wondering about that ForEx, but it was answered. But on Gounkoto, the strip was quite a bit higher than normal this quarter. I guess, what does that represent? And how long can we expect that for?

[Dennis Mark Bristow:]

Bart, we use -- we're nimble when it comes to managing our Loulo-Gounkoto businesses. And we took a bit of more ore out of the pit in the early part of the year. We needed to put the pit back to a proper shape this quarter, with the end of the rains. And we're -- next quarter, you're saying the same. Correct?

[Graham P. Shuttleworth:]

Yes, it will be around the same. Yes.

[Dennis Mark Bristow:]

And life-of-mine strip?

[Graham P. Shuttleworth:]

It obviously comes back down to the tune of...

[Dennis Mark Bristow:]

Yes, back down sort of to 5, 4.5 strip ratio.

[Bart Jaworski:]

For this quarter, next quarter and then back to normal?

[Graham P. Shuttleworth:]

Yes.

[Bart Jaworski:]

Okay. Sounds good, okay. And the Kibali transitional ore issue seems to have been handled effectively, I guess, since the last time you guys were talking about it. Is that the case? Have you guys kind of broke down the problem into its parts and managed each part effectively? And how is that going?

[Dennis Mark Bristow:]

Remember, we've got transitional ore out until 2017. So we've got to be dealing with that. We just got better at it. We -- quarter 2 was -- that's what happens when you commission mines. We ramped up quickly at the end of quarter 2 to 20,000 tonnes. We had this little hiccup with the journal and slipper pad on the one mill, which we had to re-machine, which took it down for 9 days. And then we struggled a bit to get everything back to normal. But we've said, we've been running, and as we've shown you, the grade is up. And as the mine management settles down and get their head around feed strategies, we'll, I'm sure, get -- continue to get better. But the sulfide circuit is running very well.

[Bart Jaworski:]

Okay. Sounds good. And I guess lastly, what's your topic on the exploration side? What's the most exciting thing you're seeing right now?

[Dennis Mark Bristow:]

Joe?

[Joel Holliday:]

It's early days. We've just decimated [ph] the team, dressed them up again, given them a whole new opportunity. And I think if you -- for me, if you look at it, we've expanded our footprints in Ivory Coast, which was what we wanted to do. So they've got lots of inventory to work with. I still think the Senegal Malian Shear Zone has immense potential. I think Massawa has repositioned itself as an exciting project. And the point is that if it doesn't -- our target, if the geo is quite sure that it has the potential to meet 3 million ounces and make a profit at $1,000, we chalk it out to the portfolio. So it's hard to choose one specific one. Once we get to that point of choice, you will know about it because it moves to feasibility.

[Operator:]

Thank you. We have no further questions at this time. We do have a question now from Josh Wolfson.

[Josh Wolfson:]

There was an issue there registering the questions. Two quick ones. For Gounkoto, there was no dividend paid in the second and third quarter. When would you expect to issue that? And would it, I guess, cover that entire period, I guess, for the 3 quarters of the year and the fourth quarter?

[Dennis Mark Bristow:]

We paid $25 million last week.

[Josh Wolfson:]

Okay. So that would cover the majority of the -- yes.

[Dennis Mark Bristow:]

We'll pay another one in January.

[Josh Wolfson:]

And that's $25 million on a 100% basis? Or that's to the government?

[Dennis Mark Bristow:]

Yes. That's -- we got about -- well, we got $5 million of that as leaked to the government.

[Josh Wolfson:]

Okay. And my other question, I'm not sure if it was mentioned, is just related to Kibali. The grades for the quarter were obviously very strong. Any sort of indication on what you're looking at end of this year and into next year?

[Dennis Mark Bristow:]

Yes, if you look at Kibali, our grade was -- we've got 3.6 grams for the average for the year is what we guided maybe, between 3.5 and 3.6 grams. And next year is slightly lower, but more throughput, and then we pick up. We said we hang around the sort of 3.3 ounce for the next couple of years. And then once the underground comes in 2018, that starts picking up.

[Josh Wolfson:]

When should we start to see the underground make some sort of meaningful contribution to the actual production for Kibali?

[Dennis Mark Bristow:]

It's starts to be -- we're going to start feeding some of the ore this year, and it slowly grows. But really, 2018 is the first big -- I've given you these numbers before, Josh, but I'll give them to you again. So underground open cost ore mined, so we get to underground, we should do...

[Graham P. Shuttleworth:]

2018 is when it really...

[Dennis Mark Bristow:]

Yes, 600,000 tonnes net in 2015, and then around 900,000 to 1 million for the next 2 years. Am I right?

[Graham P. Shuttleworth:]

Say, 1 million in 2016, more like 1.5 million in 2017, and then you get into 3 million by 2018.

[Dennis Mark Bristow:]

Yes. Did you get that?

[Josh Wolfson:]

Yes, that's very helpful.

[Operator:]

Thank you. We have no further questions at this time.

[Dennis Mark Bristow:]

All right. Thanks to everyone for your attendance. As always, we're always at the end of an email or telephone, if you want to pick up on anything else as you reflect on the results in this call. Otherwise, we'll see you guys when we move through New York and Toronto in a couple of weeks. And again, thank you for your interest. Cheers.

[Operator:]

Ladies and gentlemen, this does conclude the conference call for today. Thank you for participating and please replace your handsets.