Gold Fields Limited (GFI) Earnings Call Transcript & Summary

Good day, ladies and gentlemen, and welcome to the Gold Fields announcement of the new Chief Executive Officer. [Operator Instructions] Also note that this call is being recorded. I would now like to turn the conference over to Gold Fields' Chairperson, Ms. Cheryl Carolus. Please go ahead.

Thank you very much, Chris. Well, ladies and gentlemen, a very warm welcome to a very happy occasion for us. As you all know that the CEO of Gold Fields, Mr. Nick Holland, is due for retirement this year, and the Board has conducted a global search in this process. And on our behalf, this process was led by the Deputy Chair of the Board, Rick Menell, with the oversight of our Nominations and Governance Committee. But the Board has now concluded its search, and we are very pleased to announce that today, we, in fact, have signed on Chris Griffith as the successor to Mr. Holland. And of course, we're very pleased because Chris is well known to you. And his CV is available from Gold Fields if you require more detail, if you haven't got it. We want to announce that Chris Griffith has signed on and that he will assume his position on the 1st of April of 2021. Nick Holland will, in fact, retire earlier. And Nick Holland has really been fully active, participatory and supportive of the process as we went along. And so as you know, Nick's term would have ended technically in September of this year. But you all know how it goes when you are starting a search and you're ready to appoint and announce, that managing that transition becomes very difficult because of the market-sensitive nature of the information and such. And so Chris and Nick have both been very, very keen to do what is necessary to facilitate a smooth transition. So Chris will assume his duties on the 1st of April. Nick has agreed to retire 6 months earlier to facilitate this process, and we're thankful for his whole attitude in this matter. We want to welcome Chris and to say that we are so pleased to have him lead us because Chris is well known to you globally that he's led many successful teams, many successful turnovers, and his attitude in the start that he's had with us has been really great and a real tribute to him. Nick, of course, leaves Gold Fields on a very high note. And it's a real tribute to his leadership that Gold Fields today occupies the prestigious position it does on the global stage. You've all seen how he has systematically built Gold Field into what it is today. And that is a global, highly profitable and sustainable company that is a leader in mining, a leader in safety, sustainability, governance and in strategy. And on behalf of the Board and our 17,000 employees, we really want to thank Nick for his leadership and stewardship that has brought the company to a point where we are all very proud to be associated with it. And we want to say that Gold Fields today is a testament to his vision and his leadership. We're also glad because Chris appreciates what Nick has brought Gold Fields. And in fact, if truth be told, it is what has made Gold Fields attractive to him, is that it's a well-run, successful company, and that, in fact, he relishes the possibility and the challenges of taking Gold Fields to the next level. And we're really pleased that someone of the caliber of Chris has put up his hand and we consider ourselves lucky to have him in the job, in the saddle from the 1st of April. We have, joining me today on the call, we have Rick Menell, the Deputy Chair. We have Nick Holland. We also have Chris Griffith with us. And we have Paul Schmidt, who's well known to you as our Chief Financial Officer and also an executive director on the Board of Gold Fields. And I want to just ask maybe Rick to -- Rick Menell, who have led this process of global -- process of -- on behalf of the Board. We want to ask Rick to just give you brief oversight of the process that we followed. Rick, and can I hand over to you?

Thanks a lot, Carol, and good afternoon, everybody. Good morning. Yes. I don't have a lot to add to what Cheryl has said, except to give some insight into an unusual process. We started the search for a successor to Nick in -- just after the AGM last year in May. And this certainly, in my experience, is the very first time I've ever been involved in a comprehensive internal and external search for a chief executive of a significant company that was done entirely virtually. We had a lot of help from Spencer Stuart, who provided support both for our internal and external assessments. We looked at a long list. We did want someone who was able to base in South Africa because we remain a South African company with international operations, moving hopefully to being increasingly an international company. But at this point, even with that limitation, we had a strong field, and Chris stood out head and shoulders above on that field. And we were able to move through the process and get overwhelming Board support for conclusion in a steady way. And credit to both members of the team in Gold Fields, to Nick for his wholehearted collaboration with Paul and certainly to our advisers. So we've come up with, we think, our best outcome. We're very pleased that Chris has prepared to take on the job, and we look forward to a seamless position. And Nick has obviously undertaken to remain involved as long as we need to give Chris the insights and historical intelligence that he needs to pick up the task and move forward strategically and operationally from the beginning of April. That is the time when we traditionally have started our strategic planning process. So having completed the 2020 year without the results, Nick will, if you like, close a chapter and Chris will pick up the reins and commence the planning process with the team in April, engaging with the Board in due course, and we'll move on from there. Okay. Let me stop there, Cheryl. And I know Nick and Chris and Paul Schmidt are all on the phone. So we have 50 friends or 50 to 60 friends with us. Any questions that you might want to throw at us about the process or where we're going from here, we'd be happy to field at this point. So I hand back to you, Cheryl, and Avishkar will help us with the questions.

Thanks very much, Rick. So everybody who is on the line, who have joined us, have put time aside to be with us, please feel welcome to direct any questions you might have about the process or comments to the stage. And then, of course, we'll also allow an opportunity after this if Nick and Chris would also be available for questions to them. But at this stage, any questions for the Board?

[Operator Instructions] Our first question in the queue is from Raj Ray of BMO Capital Markets.

And first of all, congrats, Chris, on your appointment. Just a quick question for you as you've taken up the role within Gold Fields. So I just wanted to see what do you view are various opportunities and challenges for the company. I know it's still early days, but just your initial thoughts. And also, As Cheryl mentioned, I mean, Gold Fields has been one of the better performers in the gold space over the last couple of years. But still, valuation lags versus some of its senior peers. So what do you see are the steps, strategic steps, that the company needs to take going forward in terms of narrowing that valuation?

Raj, sorry, if I can just come in. Thanks for your question. But I just wanted to see if there was any comments or questions about the process, up to here and the process from here, and then we'll give you -- everybody an opportunity to put questions to Nick and Chris. So if you can just hold, I've taken your question down.

Sure. Yes, sure. Okay.

So there's no question on the process up to now or beyond, then I'm happy to go straight into giving the floor to Nick and Chris. But -- so yes, you can just hold for us, please, right?

Then the next person in the queue is Adrian Hammond from SBG Securities.

I just have questions for Chris. But I...

Can you hold?

Sure.

Sorry, ma'am. Unfortunately, I don't have a method to indicate who has questions regarding the process.

Okay. No, no, no. And I suppose, nor do people necessarily have a chance to indicate what are these. Okay. Then I guess, if it's -- if I can just say, there was -- if we can then just, I guess, just go over and just leave the field open. Let's just open up and facilitate everybody being able to ask whatever they wish if you can't filter it like that. I was hoping to retain some order -- Chairpersons of Board who is still -- they have to keep some order and an agenda. But come on, let's just [indiscernible]. Okay. So we've got -- we've got, let's take 3 questions at a time. So we've got Raj. We've got Adrian. Adrian, let's hear your question.

Sure. Thanks for giving me the floor first, although probably Raj should have it. I mean, I guess, I'm going to echo what Raj asked. But I appreciate one of your larger competitors were also looking for a CEO. And perhaps that was an option for you as well, Chris. So I guess the question is what are the key reasons for taking this job? And where do you think you can add value?

Okay. Thanks, Adrian. Raj, sorry. Do you want to also add yours?

And then the next question in the queue is Martin Creamer of Mining Weekly.

Yes, Chris, I'd just like to find out as well. What do you propose to do to add value, particularly to our South African assets, yes, South Deep? This is a mechanized underground mine with plenty of scope, but I think there's possibly value to add there. If you've got any ideas on that, I'd really like them from you. And finally, I can remember the days when Gold Fields was also involved in Platinum Group Metals, which you're very close to. This is a precious metals company. And I think you might even still have these assets or you sold them, but what do you feel about being a precious metals company? There are examples of it out there.

Thank you, Martin. Raj, we haven't heard your question. Do you want to come in, please?

One moment, please. [Operator Instructions]

So my question to Chris was a more along the same lines that was asked previously. But on the opportunities and challenges he sees with the company. And also, the company operationally and also from a share price performance have done significantly well over the last couple of years, but it still lags its senior peers in terms of valuation. What's the strategy in terms of trying to -- what path does he see forward so as to narrow that valuation gap going forward?

Thank you. Apologies for kicking you off early. Okay. So let's stay with those 3.

Yes. No worries.

Let's stay with those 3 questions. Chris, they all directed at you.

Okay, Cheryl. Thanks very much. And also thanks for Raj, Adrian, Martin for your question. Look, I suppose these questions would probably be best posed to me in a year from now. But anyway, let me give it a bash just to what I think. I mean, the very first thing is, I'm extremely humbled to be able to follow in Nick's shoes. I mean they clearly are extremely big shoes to fill. Nick has done a fantastic job with the company and in the way that Cheryl describes the way Nick has transformed the company. But I'm excited about joining Gold Fields just in the way that the platform is so amazingly poised for further growth, both internally. So without first thinking about anything else outside, I think the Salares Norte project that's been approved. I think the way that the operational performance has improved across all the assets over the last number of years, including the South Deep asset. So I think the very first thing I would say is that I think that Nick has certainly given to me and to the executive team an awesome foundation to build further on. So I think, clearly, there's always opportunity for improvements at operations, and I clearly wish to do that. I'd like to continue the work that Nick has done on safety and wellness and the environment and social and certainly continue on the way that the company has clearly been really well run over the last number of years. So I think the first place I'd say is that I think the strategy is really good. And what I seek to do is to build on that strategy. What -- in the discussions of the Board that I've had is that the Board are open to and are really keen to be open to the right value opportunities that come along and that may be -- there may be other opportunities out there or it may be that actually this is the time just to keep our head down and continue to grow with what the company has already in place. So there's a great pipeline for further growth. I don't know exactly, Martin, yet what opportunity and how it can add value to South Deep, but already, clearly, some of that progress is underway. So note a little bit of a sort of a slightly wishy-washy answer to say because I clearly need to understand what's available, what opportunities are available in the group. I need to talk and listen to the people within Gold Fields, listen and talk to the Board as to what they think the opportunities are and then add the potential opportunities, the potential opportunities that may come along and build that on top of the amazing foundation that's already been laid by Nick and the team. And if you put those 2 together, I think we absolutely can continue the safety, the great social and sustainability work, and we can certainly continue to grow the value of the company. Hopefully, he's not planning to sell his shares because hopefully, we can continue to improve the valuation of the Gold Fields share compared to our competitors and continue growing the company. My focus will continue to be on value, as it has in the previous companies that I've run, and I'll continue to do that. I'll continue to focus on the value that we can create for all the stakeholders and in particular -- or not in particular, but with a very, very clear focus on driving financial and operational value so that the shareholders in this company benefit and continue to benefit and increasingly more so from this great foundation. So I'm going to stop there because I know that I haven't even started and will only start in a couple of months. But I am really aware of the great work that Nick and the team have done. And I'll look to build on that. I guess that's the message that I have for you, Raj and Adrian and Martin.

Thank you. Thank you, Chris. Okay. If we can open up again for 3 more questions.

The next person in the queue is Jared Hoover of RMB Morgan Stanley.

And yes, let me start off by congratulating you, Chris, on your appointment. And to Nick, all the best in your retirement. I think you're arguably bowing out of the company, leaving it in a strong position for the future. So I think one of the questions I wanted to ask is basically building on Adrian's question. I know, Chris, you've given us some color and it's very difficult to put -- to pinpoint the details of it given it's still early. But I mean you've given us an indication of what motivated you to take this particular role. But was there any particular mandate that you would have wanted from Gold Fields and that Gold Fields provided to you that would have incentivized you to take this role, as I'm sure your availability would have piqued interest locally and both internationally? So that was my first question. And my second is for you, Nick. And I mean, just looking back on your history at the company throughout your CFO and CEO tenure, would you be able to describe some of highlights and the low lights of -- that you've seen over your tenure? And on a prospective basis, where do you see some of the best opportunities for the business as well as some of the greatest risks for the company going forward? I'll leave it there for now.

I'm just thinking that you've given quite a mouthful way, so maybe we should just do one at a time. So if we can just ask Chris and Nick to respond to Jared's questions.

Right. Nick, if it's okay, I'll just quickly do mine first. So I think the mandate that I wanted from the Board was actually the mandate that the Board wanted to give me. And so I think there was a very close alignment with -- and really, the only mandate that I requested and as I said, what the Board wanted from me, is to say we want you to continue driving the existing strategy. But at the same time, we want you to be open to opportunities that come along. And actually, Martin, that was -- you asked the question about, well, could it be precious metals or anything else. And the Board was very open to say, well, look, evaluate opportunities that come along, but based on very sound value focus. So -- and I think that's all that anyone can ask for because what you don't want to do is go into a job with expectations that, look, I'll grow and I'll merge and I'll do all sorts of things, when actually there may be -- it may not be the right time to do those things. So what really attracted me to the company was what Cheryl described upfront. The fact that it's actually a very, very sound, well-run company and the values of the company, in all the different fields, really align with me and what I've tried to do in companies before that. So I think this is an alignment of me and the company and the values of the company and the opportunities that may be available now and opportunities that may be available in the future. The Board are really open to be able to look at those opportunities. And if there's value out there, either now or sometime in the future, then we'll go for it. But rest assured, I think there is concern that given the sort of gold price trade is that, that mining executives are going to go crazy and chase opportunities that don't have the right value. And I think both myself and the Board are very aligned to that and are [ aligned ] to some of those challenges. So yes, it's -- I'm really looking forward to joining this amazing company in the position that it's in. And the mandate from the Board is if there's opportunities out there, we'll go for it. But in the meantime, there's still lots of work to do with the pipeline that's already in place. Thanks, Cheryl.

Thank you, Chris. Nick, do you want to respond to Jared?

Yes. Look, it's been an interesting journey over almost 25 years for me in the company. And I suppose, the platform that's been set up, I think as Chris has very eloquently pointed out, is poised for us to do more. And I guess reflecting back when Gold Fields was formed at the back end of 1997, we had no production outside of South Africa. It was exclusively a South African gold company. So today, I think having us in the top 5 or 6 globally in terms of production and having really changed the profile of the company, I think, is one of the things we can look back on and which, I think, will help Chris to be successful in driving it forward. I think the one thing that we, as executives, all have sleepless nights about is safety. And if I look back at some of the unfortunate safety incidents we've had over the last 20 years or so in Gold Fields, I'm really pleased that we have improved on our safety because one accident is an accident too much. So that's obviously something that we all feel as executives personally. And Chris will obviously also have felt it in his previous roles at Kumba and at Anglo Plats (sic) [ Anglo American Platinum ]. I think safety is something that we do worry about, and we should worry about. And we're constantly striving to improve it. And I'm sure that Chris will be taking it to another level as well once he gets into the chair.

Thank you, Nick. If we can just ask if there are any further questions, please?

The next person is Leroy Mnguni of HSBC.

My question is more for Paul. Often when we see a departure of a CEO, the CFO sort of follows within a year or two. What are your career ambitions? Do you still have a long-term outlook at Gold Fields? That's my first question. The second one is a bit cheeky, but I'll take my chances. Chris, did you also interview with AngloGold Ashanti? And what took you towards Gold Fields?

Very good, Louis (sic) [ Leroy ].

Do you want me to go first?

Yes, I think so.

I'm only 53, and if the Board still wants me, I'll be around until I reach the same age as Nick did at 63. So I have no intention of going anywhere at the moment.

Thank you. That's very reassuring, Paul. We thought so, but it's nice to hear it from you in front of witnesses. Thanks, Paul. Chris, you want to respond?

Geez, I'm kind of thinking how to respond to this. Leroy, the way I understand it is that the AGA process hasn't commenced yet. And as the way I understand it is it's commencing now. I've got [indiscernible] information, but I can't share anything more than that. Thanks, Leroy. But no -- so no, I didn't interview for that position, and neither did anyone else.

Well, Leroy, to be honest, we also are aware of the fact there were a few people, [ capable leaders ] globally. And we knew that the people who are on our radar globally were all highly sought-after people. So quite frankly, we also made sure that we were out of the blocks first. So that we really would have the first bite of the cherry with the best of the teams. So we did race to start our process well ahead of anybody who could be competing for the same skill pool of global skills.

Yes. Okay. That's very helpful.

Thanks, Leroy. Anybody else?

The next person in the queue is Allan Seccombe of BusinessLIVE.

Chris, your focus to date in your career has been predominantly South Africa based, so a single country. So having looked at the Gold Fields portfolio, very much an international portfolio, just wondering how your preparation in your career so far has prepared you for this portfolio? Secondly, Rick Menell mentioned more of an international footprint, growing that international footprint. So outside of Salares Norte, is there more on the Gold Fields radar? And then lastly, for Nick. A bit of a cheeky one, almost like Leroy's question. But seeing as you're leaving Gold Fields now and sort of almost in your prime, AngloGold's looking for a CEO. Would you be interested?

Good one, Allan.

Allan, it looks like you almost don't have to finish the question. But finish it, please. Don't be put off by these rude people who are cackling away.

No, no. And that's me. Just those 3.

Okay. Thank you very much, Allan. All right, Chris, let's start.

Yes, Alan. Look -- and it's one of the things that attracted me to the Gold Fields role is that it is a global company. And it will bring something different to the experience that I have in the portfolios of businesses that I've run. But I don't think it's correct, Allan, to say that the only thing I've been done is stuck here in South Africa for the last 30 years or so. I mean, the fact is, that I was on the executive of Anglo American for, geez, too long, for, I don't know, 12 years or so. And just by the international nature of the business in Anglo American and the role that I played in the executive meant that, of course, that contributed to a much greater and global perspective more than just running businesses in South Africa. At the same time, certainly when I started, Anglo Platinum had exploration resources in China, Russia, Chile, Brazil -- not Chile, Brazil. And the reason we stopped those is not because we only want to focus on South Africa, but because those actually weren't -- they weren't value-creative opportunities. And we just had better value here in South Africa. So the fact is, the operations that I had were mostly in SA, but my experience, including the marketing companies of both Kumba and Anglo Platinum or all the international marketing companies, and I spent way too much time on a plane to investors all over the world. So you're right from a perspective that AngloGold -- that Gold Fields provides an opportunity for a much greater global footprint, which is something that I seek to learn from the team from and that attracted me to the company. So that is exactly why I wanted to join the company, in addition to many other great things. But the fact is, that I think I have a sufficient international experience to be able to benefit from that learning opportunity, as I've described, Allan.

Okay. Sorry, I didn't mean any offense to that question. It was just, you know.

No, no, I didn't take any offense. No, no.

And now, we've just got to hear from Nick whether he's taking the AngloGold job.

Nick, we are also listening. We are all listening.

So look, I don't -- first of all, I don't have any specific plans as yet post the end of March. But what I can categorically say to you is that joining another major gold company so soon after leaving Gold Fields would be inappropriate.

Thanks, Nick. Okay. Thanks, Allan.

Cheryl, perhaps it's just a corollary. I mean when we talk about our international footprint, it's just worth remarking that we actually have continued to work on brownfield opportunities in Australia, in West Africa, in Ghana -- in Latin America, particularly around Salares Norte, which is only in a highly prospective belt. And so all of those have potential to generate additional resources that internally and organically that could broaden our international base, apart from any other that we might consider.

Yes. Thanks, Rick. I think that is an important thing to just point out. We have a substantial global footprint already and with ambitions. And I think that's what Chris had also alluded to in his earlier comments.

The next question is from Martin Creamer, which is a follow-up.

Yes. So just the 3 letters, E-S-G, are blazing across the world at the moment. And I want to know what can be done at South Deep. I mean I see them getting renewable energy hopefully soon. But when you do -- and I haven't been under there for a long time, but you sort of try and not breathe in because of diesel fumes. Now what could be done with the -- for the people, for the good of the workers, to try and make things healthier? I know there's no water around there or is there to make hydrogen. But you were involved with trying to propel machinery with hydrogen. Maybe you've got ideas for some sort of better environment underground.

Martin, is that question addressed to me or to Nick?

The question was addressed to you, Chris.

Okay. Yes, Martin. I think as, again, the comment that I made earlier that there's a great platform laid by Nick and the team on ESG and right across the world, there's awesome examples of renewable energy that's being put in place. And there is also, the way I understand it, Nick, and you can just confirm that, but the way I understand it is there's also plans for renewable energy generation at South Deep. But at the same time, the work that we did at Platinum in introducing catalysts for underground equipment to reduce the diesel particulates and to clean up the air, and the work that we did around hydrogen fuel cells for large mining equipment, hopefully, I can also bring some of that thinking into what potentially could be a contribution to add to the work that's already been done. So we'll have to see. I mean, again, I'll have to see what's already been done and how far they are and what the right time is and is that the right priority. But you correctly point out that we've done some very exciting things. And hopefully, that's some of the contribution that I can bring, to add to the work that's already been done. Thanks, Martin.

Martin, I can [indiscernible] that, Martin, that, in fact, this is a big-ticket item for the Board and for management of gold. In fact, for the Board, in our search, Chris can attest to the fact that it was something that we paid a lot of attention to. And in fact, in terms of drafting our own shortlist, people's track record on ESG matters was absolutely critical for us. So even the fact that people got on to our shortlist were people who had pretty good and compelling records on the ESG matters because it is so important to us as a company.

The next is Felix Njini of Bloomberg News.

Chris and team, congratulations on the new job. I just wanted to cycle back to the -- your comments on South Deep. We are aware that Nick Holland and the management, they spend quite a bit of time on trying to find solutions to make South Deep [ more stable ]. I just wanted to get a peek of when you moved in their plant, their past plant, what do you think you would do differently there? And in fixing this mine, a challenge that you're looking forward to or maybe probably you would just consider selling it, what do you think you're going to do there?

Yes, Felix, thanks for the question. Look, I certainly haven't been over the plans of South Deep yet. There will be enough time to get to that point. But personally, I'm very encouraged by the work that's been happening at South Deep obviously just as from the sidelines. So the work already that had happened in 2019, the great improvements in both safety and the productivity at South Deep, and the fact that it was making money, I certainly haven't seen the results yet. And I guess we'll all get to see those in the very near future when Nick does the results to see whether that trajectory has been maintained. But the one thing that, in the discussions with the Board, I said that I would really like to be able to see and hope that, for example, South Deep hasn't been sold by the time I got there because whatever help that I could bring as a mining engineer was -- as an operator that has turned many mines around to be able to build on the work that's already been done, that will be a great position to be in. So before I can have any voice on and any opinion about whether it should be kept or sold, I would need to see that. And clearly, I need to talk to the team. I need to talk to Nick and hear his thoughts and talk to Paul and the rest of the management team and Martin Preece and hear what they think and what the opportunities are and how far they are down this improvement journey. But Felix, I can say that whilst I haven't looked over the plans, I've seen the improvement over the last couple of years, and I think the Gold Fields team will be proud of that and I'd look to just add and build on what they've done before I can give an opinion about whether I think it should be kept or sold. Thanks, Felix.

Our next person is [ Andrew Snowden ] of [indiscernible] Investments.

Chris, congratulations on the appointment. I guess my question is coming in as more from the investor perspective. Obviously, your job is there to run the company, [ not talk about ] the share price obviously beyond creating value. So I think the role -- [ a job account doing well ] with Anglo Platinum was the extent of which you were highlighting is it's very much in [indiscernible], the benefits of the basket, its underlying industrial drivers. Gold is a different animal, and I'm sure you'd all agree with that. But at the same time, from the investor perspective, gold has its place in terms of the risk or sort of metal just as an investment. Now part of the process being at Platinum, you were very involved in creating a market for the metal and the platinum investments in that line. Do you see any scope within the gold sector to improve the attractiveness for a gold company as an investment as such? Do you think there's scope? Do you think you can bring something to the table in this regard? And again, apologies if this was addressed right upfront as an introduction. I had some connection issues so I was a bit later in the call.

Chris, do you want to...

Yes. I'm just sort of thinking about [ Andrew's ] question. Look, [ Andrew ], I mean, the work that we did in Anglo Platinum was because we saw opportunities in what the basket in Anglo Platinum brought. I don't think that, that is transferable other than to think about the opportunities that exist in whatever commodity I happen to be busy thinking about. So we'll do the same kind of thinking, and I'm sure lots of people have done thinking, and I'm sure lots of people in Gold Fields will be educating me over the course of the next 6 months or so as to what those opportunities look like. But certainly, what I won't be doing is to say, oh, I did a, b and c in Anglo Plats, so therefore, we should be able to do it in Gold Fields. I'm very aware that it's a different commodity. But at the same time, the thinking about looking for opportunities everywhere will be something that I will continue to do and whether there's something more that can be done to increase the attractiveness of a gold mining company. The first -- the best way to improve attractiveness is to make money for shareholders and then to increase the returns. So that's not a bad place to start. And the work -- again, the work that the Gold Fields team have done, I would look to work with Paul and the rest of the executive team to continue that work. So we'll continue focusing on value, but then looking for other opportunities. And it may be within the gold sector, it may be outside the gold sector. Wherever those opportunities will be, Andrew, we can give you the assurance that with the Board, with the management team, we'll continue looking for value opportunities. But at the same time, sometimes the best value is to keep your head down and to work with what you've got because it isn't the right time to do all sorts of weird and wonderful things. But [ Andrew ], I guess that's a long way of answering your question saying that we will continue to look for value wherever it may be. It will just be different to the work that we did at Plats. Thanks, [ Andrew ].

Could I follow up with a cheeky little one seeing a few cheeky questions have been asked?

Who's being cheeky? [indiscernible]

I'm just curious, because you as a person, as an investor, would you hold gold in your portfolio for the long term or gold equity? Again, it does often come across as more of a trading sort of play for many investors. Very difficult to come up with a long-term DCF pipe value largely because of life of mine. Have you, prior to now joining, had gold in your own personal portfolio? I'm just curious to get your sense in terms of how you thought of gold as an investment.

So the answer is, yes, I do own gold as part of my investments probably about a year ago. And then probably about 6 months ago, I increased those gold investments. And thanks very much to Nick and the team, I'm in the green in the Gold Fields shares that I bought. So yes, I think there's a place for gold. There's a place for precious metals. And by the way, those are the -- there hasn't been too much that have been offering much value outside of the precious metal companies. So if you add them, I've had a bit, and hopefully, I can accumulate a bit more. But yes, I've had gold in my portfolio, [ Andrew ].

Thanks for the honest answers and yes, and just being so upfront. And again, best of luck in this new role. I wish you all the very best.

Thank you.

Thanks, [ Andrew ], and thanks, Chris. I believe there's one more question.

Yes. It's a question from Adrian Hammond of SBG Securities.

So Chris, yes, one more, if I may. Just get your thinking around consolidation. And I appreciate operational excellence drives value, but only to some degree. So what do you think about value unlocked through synergies through consolidating within the gold space with some of your peers?

Thanks, Adrian.

Yes. I think on the line, there's many more that have got better insights. But I think there's, Adrian, there's always opportunity, and there's always a good way to throw away good money [ off the bat ]. So the gold industry is no different than any other of the mining industry. Many other commodities in the mining industry where consolidation hasn't turned out well for shareholders, but there's opportunities where it has turned out well. So as long as the value makes sense to grow and consolidate, then, yes, then you chase it. But if it's not or if it's just for the sake of getting bigger and having more volume, then I think the answer then it's a bad reason to do that. And many mining companies have made that mistake and have consolidated and grown for the sake of growing in consolidation and are saying, I'm bigger than you, and it hasn't added value. And a lot of time, synergies are spoken with very, very easily, and it's not so easy to drive synergies out when you're talking about global companies all over the world. And unless the assets are combined, unless you can cut sort of head office staff, unless you can do many of those things, then the synergy often doesn't work. So I'm going to -- I'm very aware that the gold industries over the last few years have been talking about consolidation and quite a bit has happened in the last while. And some of those actually look like some good deals. So if there's good deals out there, then I guess the Board will be willing to listen to managements if there's opportunity, but the Board will be keeping our feet to the fire to make sure that whatever we do adds value. And again, Adrian, if actually the best thing to do is to keep our head down and to grow organically, grow out of our brownfields projects, grow out of the projects that the team have put into the portfolio, that's also a really good strategy. So we'll keep our eyes and ears open. But it's got to be for value, and we've got to be clear that the synergies that come with -- and the deals to be done have got to make sense for all the shareholders. Yes, and that's how I think about consolidation. There's times when it's good, and there's times it's really bad.

Cheryl, we have no further questions in the queue.

Thank you very much, Chris from Chorus Call. Ladies and gentlemen, let me just say, I haven't heard any ladies asking questions. I can just assume there must be some ladies on the call as well. But let me just thank you all for your -- for attending and for the interest that you continue to show in this company that we are all so proud of. And I can just say it's great to be able to say farewell to a great leader with so much positivity and appreciation. And I guess the best time to leave is when people still want you to stay and while you yourself are not so fed up with them that you can't wait to be rid of them. And it's a great time to be saying thank you very much to Nick. We know it's never -- it can never be the end. We think that Gold Fields stays in your blood. And equally, it's great to say hello to a new leader with a great record. We, in fact, started this life -- we started [indiscernible] from Gold Fields. So it's a great virtuous circle for us, and it proves the point I was making about Nick, that when you leave Gold Fields, you never quite leave Gold Fields. There will always be an umbilical cord. And just to say, it's great to be able to welcome somebody of the stature and enthusiasm of Chris, his vision and his humility in the whole process, from the interviewing when we got him into the search process, has just been outstanding. And to just have two men who are able to so affably and work in the interest of what they both believe is a great company and to ensure that the transition works out very well has been quite remarkable and, I think, fairly unusual. So thank you very much all for attending. And thank you to Nick and Chris for just the way in which you -- and I say this as a Board, to both of you the way in which you have carried the interest of this company so impeccably and have conducted yourself with the utmost integrity and for the benefit of our shareholders. And we have no doubt that between the two of you, this transition will continue to work very well. So thank you very much, everybody, for attending today. And of course, through Avi, both Nick and Chris remain available for further interviews over the next couple of days. So thank you very much. Thank you, Chris from Chorus Call.

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