Gold Fields Limited (GFI) Earnings Call Transcript & Summary

Good afternoon ladies and gentlemen or good morning or good evening, depending on where you are in the world. Welcome to Gold Fields 2030 ESG Priorities and Targets. With me in the room, I've got our Head of Investor Relations, Avishkar Nagaser and I've also got our Sustainable Development Head, Andrew Parsons, and they're, of course, here to answer all the difficult questions. As always, I draw your attention to our forward-looking statements which now includes some provisions around ESG. So what we plan to discuss today is just, firstly, very briefly where we operate, for those that are not familiar with the company. We have updated and renewed our purpose, vision, values and strategy. We've got a very short summary, put them on a page. I'll share that with you. And then we also very briefly are going to run through our ESG journey to date. But then the majority of the presentation is going to be focused on the 6 key priorities in our ESG charter and our 2030 targets. You can see that we have got 3 priorities under Environment, 3 priorities under Social, and all of that underpinned by strong ethical governance and then finally I'll pull that together in a conclusion. So in the event that you're not familiar with the company, if you look on the green box on the left hand side of the slide, you can see the Gold Fields Group. We have 9 mines, one project, operating in 5 countries across the world and 2020 had attributable production of 2.24 million ounces. I think it's important to stress for today's presentation that we operate in just different jurisdictions as you can see on the map. And the economic, social and political conditions are all different. And so a uniform approach to every country doesn't necessarily work. So we do set Group guidelines and strategies and then in some instances, we adjust those to cater for the different conditions in the different jurisdictions. So part of the work that I've been doing since I arrived at Gold Fields, with the Board and with our senior leadership team, is to review some of the fundamentals of the Group, its vision, the strategy and the values. We started with a purpose, which is new to Gold Fields. And you see that in the center of the slide. And our purpose -- the new purpose statement that we've come up with the Group is creating enduring value beyond mining. What you then see is the fact that we have reflected ESG and sustainability in both our vision and our strategy. So that's now become inculcated in absolutely everything we do in the company. So if you look at our vision at the top of the slide, you can see our vision is to be the preferred gold mining company, delivering sustainable superior value. Also, if you look at the strategy -- the strategy pillar on the right-hand side, so strategy Pillar 2, you can see that, that leg of the strategy talks to building on our leading commitments to ESG. So you can see that both in the purpose, the vision and the strategy, ESG and sustainability have been woven into everything we do in the company. When I joined Gold Fields, I realized that the ESG journey that the company has been on has been underway for quite some time already. In fact, I believe the Gold Fields is amongst the global leading mining companies in many areas. So working from the left-hand side to the right-hand side, that sort of Pillar 1 and 2, that's what we've already done. So if you look, the period from 2009 to 2013, I think we classify that or categorize that period as a period where we was really focused on compliance around building investor ESG confidence and protecting our reputation. Already in that period, 2009 to 2013, Gold Fields developed a vision that was to be the global leader in sustainable gold mining. So already at that time, sustainability became part of the vision of the company. At the same time we became a member of the ICMM, regulatory frameworks were starting to come about, and we set about adhering to those reporting frameworks. And also, we issued our first integrated annual report. In the next period from 2013 to 2020, we would categorize that period around the focus on sustainability, really about protecting our license to operate, strengthening our ESG reputation and managing ESG risks. So you can see under that, it was the social license to operate, energy security, water security, safety and health. And we believe during that time, we mitigated the ESG risks at the same time the ICMM drew up the mining principles and we became a signatory to those mining principles. But going forward, we would describe these next 10 years from 2021 to 2030 as the focus on value delivery. So you can see, I've already spoken to you about our purpose of creating enduring value beyond mining, absolutely sort of, I think, captures the theme of value for the next 10 years. We have come up with a new vision, I've already mentioned, to be the preferred gold mining company, delivering sustainable superior value. We've got 6 priorities that I'm going to take you through for the majority of this presentation around Environment, the 3 priorities being shown in green, 3 priorities under Social shown in that sort of orangey red color, and all of that underpinned by strong ethical governance. So let's start with the E in ESG, our environmental targets. We've come up with a number of science-based targets after analyzing our strategy in great detail. We believe that climate change is one of the most defining challenges of our time. So we're going to start with decarbonization. We have a 2030 target of 50% absolute emission and 30% net emission reductions from a 2016 baseline when we started this journey in both Scope 1 and 2 emissions. We also have a 2050 target of Net Zero. We have a number of initiatives that are sitting underneath this target that I'm going to talk more about in the coming slides, but those initiatives are really focusing on making sure we can deliver that target. Those initiatives are built into the decarbonization and emission reduction. That whole concept is being built into the strategy of the company, into our business planning processes, and to our capital investment programs. We've already done a number of investments, again, which I'm going to share with you in the next few slides, and we will continue to invest in renewables and decreasing our reliance on fossil fuels. Of course, there's still always opportunity in operating efficiencies, and that will also continue to remain some of the focus of the company. You can see the budget to make this happen is not insignificant. We believe that about $1.2 billion over the next 10 years will be required to be invested, which we think Gold Fields funding around about $300 million or about $30 million to $40 million a year will be required from Gold Fields funding, and the rest will be funded from Power Purchase Agreement partners. I think also very important, we believe we've got the project to a stage now where they can all be NPV positive targets -- so also all be NPV positive. So we'll be able to make sure that not only are we investing, but there's also a return on that investment. So I mentioned our emission reduction journey started in 2016. Since 2016 to 2020, the Group has invested over $400 million in completed energy projects; Gold Fields about $100 million, and our Power Purchase Agreement partners over $300 million. We've now achieved a 10% absolute or 5% net Group emission reductions to date, where we, frankly, didn't have any renewables in the mix in 2016. We now have 5% renewables in the Group energy mix. The top row shows the completed projects that we already have in place. We started that journey in 2016. And that's why, because we started there, that becomes, in our view, what the right baseline for the Group is. Firstly, we invested in Granny Smith, a 8-megawatt solar plant, some battery storage. It also coincided with some development around gas and diesel into a microgrid. We already have 7% net emissions reduction for an investment of $28 million, of which the Power Purchase Agreement was $12 million. Our second and, by far, the biggest project in the group to date has been around Agnew with our partner EDL. You can see there, we've invested in 18 megawatt wind, 4 megawatt solar, 13 megawatt battery storage and some gas and diesel. We now have 42% net emission reduction, sometimes up to 60% of any day we have emission reduction. We've invested over $80 million, of which the PPA was $50 million. And then the third big investment that's sort of already been completed was the -- with our partner, Genser in Damang and Tarkwa in Ghana, where we've installed 95 megawatts of electricity gen -- of gas electricity generation to both include energy reliability, but also to improve emission reductions. In Ghana, we have over 39% net emission reduction. There's been an investment of $290 million, of which our Power Purchase Agreement partners have invested $245 million. We have a number of projects that are underway. So that wasn't just a once-off. We have Gruyere with our partner APA. We are, as we speak, finishing off the construction of a 12 megawatt solar plant. The mine was built with a big gas pipeline. And so you can see as a result of the solar plant, which will be completed in the first half of next year, we'll have a 7% net emission reduction for an investment of $20 million. And then at South Deep, you may be aware that we initially announced this project as a 40 megawatt, ZAR 660 million project. We've now, as a result of being able to get more efficient bigger panels of the same size, we've been able to increase the 40 megawatt and today, we announced that, that actually will be a 50 megawatt solar plant that's under construction as we speak. The first panels will already arrive on -- very earlier, first or second week of January. I think they're going to go into the water in this week. So we will be providing a 24% reduction -- well, these solar plants will provide power equivalent to 24% of the mine's electricity, savings of over ZAR 120 million a year, and we will be saving over 100,000 tonnes of carbon into the atmosphere a year. The project will cost us about $45 million and will be complete at the end of next year. As we -- the very final project as we build Salares, one of the things that will be going with the build of that plant is a combination diesel-solar microgrid, solar will be 10 megawatts at a cost of $13 million. So this may sound, well, okay, that's a 30% reduction. But what I need to do is explain the size of the challenge of what a 30% reduction means to Gold Fields. So on the chart that you see, you'll see there's a gold line that shows from 2016, we produced 2.1 million ounces; in 2020, that was 2.2 million ounces. And we have a 25% increase in production to 2.8 million ounces. It comes with a new mine. It comes with a whole range of additional growth projects. And that 25% increase in mine production increases our carbon emissions by 35%. So it's because of the increase in production and because we get deeper, more mature mines that require more energy to be able to get the same output. So I'm going to walk you through this slide because this is like the key slide for us to understand. If we go to the left-hand side of that chart, the vertical bars are the emissions that come from the various regions in which we operate. You can see in 2016, we had 1.69 tonnes of carbon being emitted from the company. And you can see, over a period of time, that has declined to 1.6 million tonnes of carbon. Underneath that chart, you can see there's a -- like a gold colored bar that shows the savings as a result of those projects that I mentioned, Agnew, Granny Smith and Tarkwa and Damang. And you can see that 177 kilo tonnes of CO2 savings a year equates to a 10% absolute reduction or of the starting point of 2016, a 5% net reduction. So for that 4% increase in production, we have actually, instead of going up, we have gone down because of the investments that we've already made. But going from 2021 to 2030, you can see with that increase along that gold bar to get to 2.8 million ounces, if we stay at that level of production, our carbon emissions will grow to 2.4 tonnes of carbon emitted into the atmosphere on an annual basis. So to get from the 1.69 tonnes or, let's say, 1.7 tonnes on an absolute -- on a net reduction of 30%, you can see we have to get an absolute reduction because of the growth of the company of 51%. So that's really where the challenge in the Group lies. To get a net 30%, we've got to get an absolute 50% reduction in carbon emissions. So the question is, well, okay, how are we going to do that, because that is our commitment that we will see a net reduction of 30% by 2030? And we realized that we're only going to be able to do that with a combination of a range of stretch initiatives to make that happen. So to show you what that will look like and when I said we've got science-based targets, this is what sits behind that. So what I'm going to do is take you to the left-hand side of this chart, starting 2016. And really, what you see in the 2 different -- well, actually, the 3 different colors there showing what our emissions profile looks like. So you can see in that sort of aqua green-type color that almost 70% of what we emitted in 2016 came from electricity. So the electricity we source in mostly, for example, in South Africa, that would be from Eskom. And about 30% of the Group's emissions come from diesel and then a little bit of other. I've already mentioned that, that will grow because of our production and because the mines get older and deeper and further, that will grow to 2.4 tonnes of carbon a year. And because of that emissions profile, because of the biggest bar you can see is that green electricity component, that makes sense so that, that's where we'll start. Also, there's many more technologies available like wind and solar to be able to address some of those. So we start there. And we've got a number of projects, for example, South Deep, 45% of the electricity will be -- so that will be a combination of solar that we're building now and also an equivalent-sized wind plant. So that will take us 45% of the South Deep. And so we go across to the right-hand side, a number of our mines have renewables in both wind and solar and storage to be able to make that happen. And then as we go to the right, you see that gray component, and that's about addressing diesel. And in that block, what we are showing in the next 10 years, we will only be replacing about 17% of the diesel. So what we're doing in the area, that #1 has got less emissions for us, but also, that's the area that's much harder with the current technology to be able to abate. You can see we're not pushing the boat out too far in that particular area. And so there are technologies that in the next 10 years, we think that we will be successful in doing that. But it's only about 17% of the company's emissions we'll -- of the diesel emissions, we will seek to abate, and then there's a little bit of efficiencies. And you see, that takes us to 2030 of 1.56 tonnes of carbon. And you can see that's not yet at the 30% reduction of 1185. And therefore, we need more projects and in the sort of goldish box to the top right, we've identified opportunities like taking South Deep with more wind and more solar to 100% green electricity. And we already can target and see a pathway of about 550 kilo tonnes of carbon. Now we don't need quite that much, and it's nice to know you've got a little bit in the bag because it may not turn out exactly the way we anticipate. But that's how the combination of what you see on the chart and what's in that box will give us a 51% reduction to give us a net reduction of 30% by 2030. And so that's how we see we'll get by 2030. But -- so what would the pathway look like to get to Net Zero by 2050? So this is the slide that helps explain that. And you can see it's broken up into sort of 3 big components: 2021 to 2030, 2030 to 2040 and 2040 to 2050. So if I start at the top of that chart and work from left to right, you can see I've already spoken about from 2021 to 2030, we'll be targeting 70% of the energy that we use. And remember, electricity makes up 2/3 of our Scope 1 and 2 emissions. And that will come from solar, wind and battery and some storage. Moving to the right-hand side. In the following 10 years, we need to be by -- 100% of our electricity would need to be green. Coming down to the electrification of diesel equipment, remember, diesel is about 1/3 of our current Scope 1 and 2 emissions. I've already said, in the first 10 years, it will be -- less than 20% will be where we try and eliminate diesel emissions. And that will come from some battery vehicles, some biodiesel, hydrogen fuel cells and the like. Then moving to the right, eventually, we will have to have 100% diesel elimination to be able to take out that 1/3 that is responsible -- responsible for 1/3 of the carbon emissions. Now we realize that, that's going to take out most -- between those 2 components, most of their emissions. But we do realize that we will need some offsets. I mean there's some emissions that at this point in time look like they'll will be hard to abate, for example, emissions from explosives and the like. And we realize that we'll need to start looking at potential offsets like investing in biodiversity offsets, so greening the areas around which we operate or even greening areas that are not close to the areas we operate. There's one additional comment that I'd like to make on the very left-hand side under that sort of pink bar. You can see I made a comment there around the Scope 3 emissions. Scope 3 emissions, we have, alongside the ICMM, agreed that we would have targets for Scope 3 emissions. And just a reminder, Scope 3 emissions are both our supply chain and then the emissions that we cause by giving our product to our customers. And we'll have Scope 3 emissions articulated in our targets by 2023 alongside -- the end of '23 with ICMM. But I think it's also important to remember that for gold, it's actually quite different to many other commodities that have normally got very, very high and sometimes 10x, 50x, 100x more Scope 3 than they do have Scope 1 and 2. In the case of gold, that's actually the opposite. We only have about 20% -- work done by the World Gold Council has shown that about 20% of our Scope 3 emissions -- of our total emissions will be Scope 3 from our supply chain. And only about 1% of our emissions of Scope 3 belong to our customers. If we look at the gray bar underneath that, that shows how decarbonization will form part of the way we integrate into our strategy, into our planning. Right now, we have about 400 kilograms of CO2 for every ounce we produce. At the end of the 10 years, that will be down to under 300 kilograms. And so that will reduce until eventually it gets to zero. Now one of the things that we absolutely have to make as we sustain our production at 2.8 million ounces, if we're going to be buying or investing in new mines, they're going to have to be able to keep pace with that. So it doesn't help that we buy or invest in a mine or develop a mine that has got a carbon footprint much worse than where the Group footprint is at that particular time. Or we'd have to have a way to be able to abate that and can see a pathway to catch up with the rest of the Group. So that's how already we're starting to think about, if there's any acquisition or any development of an operation, how does it fit into that Group pathway. So okay. So there's been a lot of words around decarbonization, but what I wanted to do is show you a very short video of what that looks like in practice. [Presentation]

So turning to our second priority under Environment, and that is tailings management. We have a 2030 target, firstly, to comply with a Global Industry Standard on Tailings Management or GISTM. And secondly, in our effort to reduce or to improve the safety of our tailings dams, we're going to be reducing the number of active upstream tailings facilities from 5 to 3. And you'll recall that it's upstream tailings dams, whilst they can be managed safely and can be operated safely, have the biggest risk. We have also a number of other initiatives that I'm going to talk to you that, in addition to this commitment, are going to be making our tailings dams substantially safer over the course of the next 10 years. If you look at the initiatives on the right-hand side, you can see that in addition to the GISTM compliance, enhancing critical controls and the management of those tailings dams. Also the fourth bullet point down from there, you can see that over time, we're going to be shifting the very liquid, so a lot of water with small amount of tailings, which is what we pump now into our tailings dams, we're going to be moving over time to thickened or paste tailings, dry stack, which is a filtered tailing and also co-disposal. I'm going to talk about that a little bit more on the next slide. That's going to require that journey to reduce the amount of upstream dams and also introducing new technology to use less water and make safer tailings. [ In all likelihood ], it's going to cost about $300 million of capital over the 10 years, of course, there's some time to be able to firm up on those numbers and, of course, try and make -- with the use of technology, try and make those numbers a lot smaller. So this slide is also really important to understand our journey for tailings dam. So I'm going to walk through from the left-hand side to the right. From 2016 to 2020, the top green bar explains what happened in that period, and so just also caution, this is only our active dams. And our decommissioned dams, which we still focus on, which we still monitor, but they -- because they're decommissioned, they have not been shown here. In 2016, we had a total of 8 dams, 5 of those were upstream. I've already mentioned that these upstream dams require much more work to be able to manage the risk. And then we had one centerline, one downstream and one in-pit tailings dam. Over the last 4 years, we have increased 4 -- our tailings dam number, active dams by 4. You can see we haven't -- as per our commitment, and as per internally our aspiration, never again to create another upstream dam, we have not increased the upstream dams, but we have, with the new mine that we've created at Gruyere and then also one new dam at Agnew, one at -- sorry, at Tarkwa and one at Damang, you can see the red boxes have increased from one to 4, and that's -- those 3 dams have become downstream dams, and we have increased one new pit. So this is an old pit that's been mined out where we put tailings into. So that's been the journey over the last 4 years. Now our commitments going forward, from 2020 to 2025, this is the middle green block that I'm talking to. You can see the upstream dams. This is the commitment that we make will go from 5 to 3. At the same time, those 2 dams, they've got to go somewhere. We have now moved those dams from upstream to centerline to downstream dams in that 5-year period. At the same time, we -- for the first time, this is the box on top of 2025, that like browny colored box, that is our first dry stack tailings dam. So this is a dam that we filter all the water out, so we squeeze all the water out. And then we make sure that it's like beach sand. And instead of having to pump this and then to hold it back with some sort of dam wall, we are able to take that dry tailings by mechanical means and go and dump it. And that's the new dam that we're going to be building or the new methodology of tailings stacking at our new project, Salares Norte in Chile. Also, it's one of the driest places on the planet, so making sure we use absolutely the least amount of water possible is commitment to our using less water. Our journey from 2025 to 2030 uses technology largely in this period. I'll start with the bottom blue bars. Although the number of upstream dams don't change, South Deep, if you look at the very top green bar, explains that even in that upstream dam, we are going to be using less water and be using a thickened tailing to be able to put on to South Deep's dam. You see that the red bars go from 6 to 2 and even those good downstream, what we see converting those 4 into the black bar at the top, and that is now we have co-disposals. So dryer tailings, mixed with waste, put into those tailings dams, make for substantially safer tailings. And so that's our journey. That's how we get to our aspiration in the top headline of even safer tailings facilities. Our commitment is to go from 5 to 3 upstream and to use technology to have much safer in-pit, co-disposal filtered tailings for safer tailings facilities. Our final environmental target relates to the management of our water resources. And not only is water an environmental priority, but it also has a stakeholder dimension because in many of the areas we operate, water is a scarce resource that often business and/or mining and communities compete for. So the more water -- or the less water we use, the more sustainable, we believe we become in the communities in which we operate. So we have a 2030 target of having 80% of the water that we use will be recycled or reused water. Secondly, we will have a 45% reduction in freshwater use from our 2018 baseline. You'll see 2018 is slightly different number to the 2016 we used on renewables. And the reason for that is that the ICMM issued in 2017, the water reporting guidelines and the water stewardship position statement. So we aligned all of our reporting in 2018 with ICMM. And since then, that has become our baseline for water reduction. We have a number of initiatives that are set up to make that happen, often working very closely water stewardship and using less water with tailings management that I mentioned in the previous segment. A budget, you can see not significant over that period of -- we anticipate about $20 million. Just to show you some of the performance that we've had over that period since 2018. So on the left-hand side, you see that we have recycled and reused in 2018, that number in the Group was at 65%, already, that was one of the leading recycle and reuse of all mining companies globally. We've increased that to 2020 to over 70%. And you can see, even though we grow our operations by 20% -- by 25% to 2.8 million ounces, we still continue our journey and we'll be recycling over 80% by 2030. I think a much more challenging number, given the growth of the companies, if we look on the right-hand side graph, and you can see from 2018, even though we added a new mining that time, which was Gruyere, we have reduced the amount of water that we use, freshwater that we draw from 14.5 gigaliters down to 10 gigaliters in 2020. And you can see that over the next period of time, we continue to -- even though we grow by 25%, we will be able to continue reducing our water intensity because we grow the volume, and we'll reduce the absolute amount. So we've already saved just over 30%, and we'll continue to save another 15%, even though we're growing them on the mines by another 15% to give an absolute amount over that period of 45% water reduction. And of course, by that, you see that gold line, which doesn't seem so dramatic there. But if you work out, that water intensity line improves dramatically. So turning to our social matters. Here, the focus is on creating value for our stakeholders, which in our circumstance, particularly focused on employees and host communities. The first priority is safety, health, well-being and the environment. And safety has always been a priority for us. It's always been our first value. And that's been -- and as it should be, of course. And therefore, it shouldn't be as a surprise that our target for 2030 is zero fatals, zero serious injuries and zero environmental incidents. If we look at the initiatives on the right-hand side, the top few initiatives talk to leading indicators, so addressing leadership and behaviors. Below that, there's a number of technology implementations for cleaner, safer vehicles, both for safety and health reasons, trialing of zero-emission vehicles, again, health reasons, but also decarbonizing our business, collision avoidance technology. And what's becoming more -- a bigger focus, I guess, is mental well-being or mental health. And so that's a very big focus for the company as one of the initiatives to make sure that we can be safe and everyone goes home safely to their families. So the progress that we've made, if you look at the left-hand side, on fatalities, the Group, in the first period of that graph on the left-hand side, you can see we used to have 2, 3 fatals a year. We have reduced that. But in the last 4 years, we have been unable to mine without a fatality. We've had one fatality in the Group for each of those years. And hence, the target to get to zero fatals. We have, on the left-hand side, you see those big blue bars, that was the number of serious injuries in the Group. And initially, that was only South Deep. As we added the rest of the Group to that because the rest of the group didn't have the same reporting requirements, South Africa did, we have -- we should have seen an increase, but with the focus in the Group over the last many years, we have seen the number of serious injuries reduce. I think very importantly is the red line, which shows that the severity rate of each of those injuries is also massively reducing. And what we see now is many more slips, trips and falls that are causing either twisted ankles or sore backs or that sort of thing that results in serious injuries as opposed to these material unwanted events that could cause fatalities. On the right-hand side, you can see that we have an aspiration to be at zero serious environmental incidents. And actually, over the last 3 years, you can see, we have achieved that, and our aspiration is to maintain that performance of zero serious environmental incidents, certainly -- well, going forward forever. This priority is another critical area that's been at the forefront of what society expects from us, but also it's good for business reasons. And so I mean, the bottom line is we must become more diverse in the composition of our workforces. We have a 2030 target of 30% women representation in Gold Fields. We have a number of initiatives on the right-hand side, which you can see, unconscious bias training, gender recruitment bias to continue the improvements in women representation. But I think the point that I want to make, and I'm going to make it again on the next slide, is that gender diversity is only but a small part of a greater inclusivity and diversity program underway at Gold Fields. So this is the performance over the last number of years. If you look on the left-hand side, you can see, starting from the top, women in workforce. The women in the workforce of Gold Fields has increased from 16% -- from 15% in 2016 to 21%. You can see that underneath that, there's women in leadership, women at Board level, women in core mining roles. All of those, we track and report and hold the regions accountable for. But the point that we want to make is, as you increase the women in the workforce, we've been able to demonstrate that we've been able to keep right across, I guess, the employee chain, we've been able to keep our representation increasing at the same pace. So we think that actually the right proxy for all of those metrics is to measure women in the workforce, and that's why you only see that one target. But of course, we'll continue to report in our annual reports, all the women in all those different categories. The target that we're sharing with you today is to take -- to continue that journey from 21% to 30%. Now that might not sound like such an incredible target, but to give you a sense of actually how important that is, is currently, we have a turnover of about 5% in the Group. If we keep -- if males and females have the same turnover, for us to get from 21% to 30%, we've got to have a 40% recruitment of women for the same turnover of 5%. If the turnover is 12%, which is what it is now, and we continue to lose more women than we do men, as this competition for women is very, very intense, if we have the same turnover, we have to have 50% women in our recruitment pipeline to be able to make the 30% by 2030. You can see in the middle bar -- in the middle column, we've got a number of initiatives that have actually done great work for us to date. The point that I made earlier that I want to reemphasize is on the right-hand side, the top bullet point, where it says that we will continue to focus in a broader focus on inclusivity and diversity on all aspects, including indigenous people in Australia, disability right across the Group, historically-disadvantaged South Africans in South Africa, localization and youth right across the world. So -- and we'll continue to report on that. But for this metric here, we have a number of priorities that we'll be focusing on to make sure we can move our gender representation from 21% to 30% by 2030. Mines, as you know, operate under a license from governments. And as such, we seek to ensure that host governments see the benefit of us operating in their jurisdictions through taxes and royalties, but also through infrastructure investment, job creation, skills development in their work -- in their workforces and in the people of the countries in which we operate. So we have a 2030 target of firstly, 30% of the total value that we create benefits host communities; and secondly, we will have 6 flagship projects in that time, benefiting host communities. Now a flagship project is a kind of thing like a multi stakeholder, a project that is often $10 million or $20 million worth, just our components of investment over a number of years. It's those type of projects. So we've got a good example of a project we're busy with the government of Peru, for example, building water reservoirs for local communities. The big road project that we invested in over a number of years in Ghana is another flagship project example. So the initiatives on the right-hand side, you can see that we think we'll be creating value in our host communities by host community procurement, host community employment in our mines, but also non-job creation -- I'm sorry, non-mining job creation, surrounding our operations, flagship projects I've mentioned and socioeconomic development. On the right-hand side of this graph gives an example of what that looks like. So the journey that we've been on since 2018 to 2020, we've seen both the total value distribution grow as well as the community participation in that value distribution grow. So the size of the pie is increasing -- the whole pie is increasing and the size of the community slice of that pie is increasing. So as we grow the company to 2030, I've already mentioned that growth that we'll see, we believe that the total value distribution growth, so the whole pie, continues to get bigger. And then the slice of the community, their stake continues to grow, and we will at least make 30% of host community -- of the value that we create will be host community value. If you move to the left-hand side pie charts, the 2 smaller ones actually show what that looks like in practice. The top one shows that the red slice is the host community employment wages. There's a slice for socioeconomic development. And then the biggest slice of that pie is community procurement spend. And then the bottom one, you can see how that's distributed across the areas in which we operate. Underpinning both social and governance -- sorry, underpinning both social and environment, sits the Group's governance priorities. Our Board, for example, has been integrally involved with the development of these ESG targets. If we look at the left-hand side schematic, you can show that the focus on governance in Gold Fields is broad ranging. All the way, if we look at those white -- the white dots or the white circles at the top -- I'll start at the top but showing this is now showing the -- how broad the focus on governance is, starting with ethical business practices, anti-bribery and corruption, executive pay, tax transparency, human rights, data protection, stakeholder rights, Board composition and a range of other metrics. On the right-hand side, that sort of pictorial is meant to show that this is led -- that governance is led by the Board and the senior executive of the company. And it's all about setting the right tone from the top. This is my penultimate slide. And this slide showing the sustainability indices that we get measured by, the reporting frameworks that we comply with, and then also the sustainability standards that we report against and adhere to. So if we sort of start at the row on the top that's marked indices, these are the agencies that are rating how well are we doing. And you can see that we're performing very well against the ESG rating agencies and the ESG indices when compared to the global mining and the gold mining peers. MSCI have rated us for the first time this year a A rating. I think the most significant rating that we've received so far is from the Dow Jones Sustainability Index, where we are rated as the third miner globally, so competing against much bigger companies, much deeper pockets, we've been able to certainly punch well above our weight. And then you can see a range of other indices that are measuring us, including, for example, Sustainalytics, ISS, rating us a E1 S1 G1. If we look at the middle row, that's our commitment to transparency and to balance disclosure is illustrated by the fact that we report in terms of all the leading frameworks. So if you look at GRI, because we listed on the New York Stock Exchange and JSE, we report against their frameworks, the task force for climate-related financial disclosures and the like. And as some of these reporting frameworks, now seek to try and consolidate, because it's becoming that every month, we sort of get a new reporting framework, and every reporting framework gets annoyed with you if you're not reporting against their framework. So really at COP it was heartwarming to see that there was an attempt to start aligning some of these reporting frameworks, making it easier for us to demonstrate against the smaller number of frameworks, how are we doing. And then finally, the standards that we comply with, the ICMM's mining principles, we comply with ISO 14001, the environmental standards, the standards on the safety and the standards against emissions. EITI, the transparency initiative, cyanide disclosure and the like. So you can see a very broad commitment to transparency and the work that we're doing is being recognized by the ratings agencies. And so finally, I think this is what I want to leave you with before we move on to questions. We've been committed today, we've committed ourselves to industry-leading science-based targets, which will define our work over the next decade. Just sort of quickly running you through and reminding you of that decarbonization, a 50% absolute emission with 30% net emission reduction from our 2016 baseline, and that encompasses both Scope 1 and 2. And our second target is Net Zero emissions by 2050. Under tailings management, we will comply with the global industry standard on tailings management. We will also reduce the number of active upstream dams from 5 to 3 and then also use technology to continue to improve the safety of those dams. Water stewardship, we have 80% -- a target of 80% water recycled by 2030 and a 45% reduction in freshwater usage from our 2018 baseline. Safety, health and environment, as you would expect us to commit zero fatals, zero serious injuries, zero serious environmental incidents. Gender diversity, almost as a proxy for a number of other women representation issues, 30% total women representation in our company. And then lastly, stakeholder value creation, 30% of the total value that we created benefits host communities and 6 flagship projects that will benefit host communities over the next number of years to 2030. I think if you look at the blue bar underneath that, I think it's also very important to note that we couldn't put targets out for everything that we do. And there's a number of key ESG priorities that are still important to us that we still report on, and we'll still give you that information in our annual reports, human rights, mine closure, supply chain, biodiversity, are just some very important ESG priorities that we will continue to report to you on. And that is underpinned by strong ethical governance. So ladies and gents, thanks. That brings me to the end of our presentation. I'm very happy to take any questions that you may have.

Okay. Should we start with the conference call? Are there any questions?

At this stage, there are no questions.

Okay. Chris, there's one from the webcast. It's from Johan de Kock at Vunani Fund Managers. Is -- are your emissions and water use targets dependent on new technologies or processes that are still unproven on an industrial scale? If any, what percentage is possible without any new technological developments?

So thanks, Johan, for that question. I think what we tried to do is show in that one graph that the majority of our reductions come from electricity offsets. And a lot of those technology exists, so wind and solar. The area of that component, that is still not that proven technology, although there's lots of examples that it is used already, and that's in storage. So to be able to crack the overall quantum that we have described, we can use existing technologies, but it's new technology like bulk storage that I think is going to make that -- the ultimate amount. So I think without -- if we just say today, no new technology will happen in the next 10 years, which is not going to happen, I mean we just see every day, this kind of focus -- this great focus on reducing carbon, is generating new and improved ideas all the time. But if it was not to be, my guess, it would be sort of 40% to 50%, we would be unsuccessful in innovating with exactly today's technology because we wouldn't be able to store all the sun and the wind power that we generate. So we really are giving you all the opportunity to ask us any questions. But of course, if you have any other questions, as always, you can reach out to our Investor Relations team, also to our media team, and we'd be delighted to respond to any questions that may come up over time. Okay, nothing else, Avi?

No, that's it.

Okay. Ladies and gents, well, that brings us to the end of the Gold Fields 2030 ESG Priorities and Targets Presentation. Thank you.