Gold Fields Limited (GFI) Earnings Call Transcript & Summary

All right. Well, good afternoon, everyone. Real pleasure to host you this afternoon, especially our shareholders and our staff and our 23,000 people all over the world. So good afternoon, and thank you for joining us today. I will give a few words about the business. But before I do that, let me introduce the top table as you would call it. We've got Jacque McGill. She is the Chairman of the Set Committee, incoming Lead Independent Director and Chairman of the RemCo coming in. Steve Reid, Chairman of RemCo and the Lead Independent Director that retires after this AGM; Mike Fraser, I'm sure you all know Mike Fraser. And finally, Alex Dall as the CFO. The rest of the Board members are sitting up front, so you're welcome to chat with them afterwards. In terms of the process we follow as we've done historically, questions specific to the resolutions will be dealt with after all the resolutions have been tabled. Voting will remain open on all resolutions during the question session. For participants wishing to ask questions via the webcast, Lumi will facilitate the posing of those questions. And Shannon McCrae is the second person on the right, has agreed to second all proposed motions or resolutions. So I wouldn't have to repeat it after every resolution. It's a real pleasure for me to be here today for our 2024 Annual General Meeting and to have the opportunity to share my reflections with you. As you would have seen in our annual report, we had a phenomenal second half of last year and got close to the revised guidance. And I know I speak on behalf of the entire Board and management team in saying that we firmly believe that a fatality in serious injury free business is possible and remain steadfast in delivering on our safety guarantee and 12 months of fatality-free environment within Gold Fields. That has actually driven the improved safety performance that we delivered in the second half as well. In terms of focusing on our portfolio and the quality of our portfolio, it continued in line with our 3 pillars in our strategy, and we have seen some accretive additions to our portfolio. You would have seen that in the last few months, and we'll talk a bit about that. Following announcement of the Windfall JV in 2023, in '24 -- October '24, we acquired the remainder of the shareholding that we didn't own, especially 100% of Osisko Mining and that consolidated 100% of the Windfall project that we took over from the previous year. And its entire exploration district in the Tier 1 jurisdiction of Quebec, Canada and a jurisdiction that we're very excited about because we've always wanted to get into Canada, as you're probably aware, based on our previous proposed acquisition. In 2025, our focus for windfall is in obtaining the requisite environmental approvals. We're also progressing the engineering work required ahead of the final investment decision, which we're expecting to conclude on in the first quarter of 2026. Construction of the mine in Windfall is expected to take approximately 18 to 24 months with the first production set for 2028. At steady state, Windfall will add 300,000 ounces per annum to Gold Field's production profile at a cost that is materially lower than the group average. We are pleased to have retained also the key members of the Windfall team, while engagements for the execution of an impact and benefits agreement with the Cree First Nation of Waswanipi and the Cree Nation Government are ongoing and the progress well over 2024. My fellow directors and I look forward to traveling to Canada and to Windfall later in the year and to have the opportunity to meet our Canadian team and key stakeholders in Quebec. Earlier this month, we also announced that Gold Fields has ended into a binding transaction to acquire 100% of Gold Road Resources, our JV partner at the Gruyere mine in Australia. We are confident in the strategic logic of this acquisition and see it as a low-risk opportunity to enhance our portfolio through consolidation of ownership of the mine as well as expand our reach. Given that Gruyere is a producing asset, the acquisition provides immediate enhancement to the company's cash flow profile and our full ownership allows flexibility on the operation and the future development of the mine. We see Gold Road's exploration properties that surround Gruyere as an attractive opportunity to leverage on, but ultimately depends on what opportunities that we are going to pursue further in that regard. I previously discussed the work we had undertaken in Ghana to progress the proposed joint venture with AngloGold Ashanti through the combination of the Tarkwa and the Iduapriem mines. You'll see that value created in combining these mines and neighboring assets are compelling. But as you would have seen, at this point in time, we've decided to pause it both as AngloGold and as Gold Fields at this point in time. And remaining in Ghana, we are pleased to report that after extensive engagement and this was also put out in the public profile, we have reached agreement with the Government of Ghana on a constructive way forward with respect to our Damang mine. In spite of this agreement, the government of Ghana will grant Gold Fields a new mining lease for Damang for the next 12 months, which will enable us to continue to process surface stockpiles and safely recommends open pit mining at the smaller satellite pits, ensuring continued employment for all our people at Damang and in time, creating an increase in jobs with the restart of the open pit mining activities. At the same time, over the remainder of this year, we'll progress and finalize the detailed feasibility study. And I think the final point I want to make on Damang is that we've spoken about this in some -- for some time about the options we have been considering for the long-term future of Damang and see this as an opportunity to support the Government of Ghana's objective to meaningfully increase local participation and ownership in the Canadian mining industry. In terms of leadership, we are pleased to welcome 2 new nonexecutive directors to the Board: Shannon McCrae and Zarina Bassa, sitting in front chair. We have previously announced the 2 long-serving members of our Board: Steven Reid sitting upfront and Peter Bacchus sitting upfront here as well. And I want to take this opportunity and above -- behalf of all of us to thank Steve and Peter for the contribution over the year, with Steve serving as Lead Independent Director, actually a Remuneration Committee; and Peter was serving as the Chair of both Risk and our Investment Committees. They've provided great insight and commitment over many years, and as a result of their retirements further changes to the Board committee memberships are being instituted. Several critical leadership changes have also taken place in an executive level. In fact, we've had a refresh of the majority, if not all, of the executive committee, and that started back in 2023. But on 1 January, as you're aware, last year, Mike Fraser was appointed CEO and 1 March 2025. Alex was appointed the permanent CFO. We've also welcomed Mariette Steyn. Mariette is in front here, as our EVP, Peope and Sustainability; and Chris Gratias as our EVP Strategy and Corporate Development. And at this point in time, the Board is very confident that this refreshed and reenergized leadership team will drive the delivery of leading operational, social and financial results. Getting on to environmental and social performance, responsible mining is fundamental to how Gold Fields does business. As such, we integrate environmental and social performance into our strategic, operational and financial decision-making. Guided by our purpose, we invest in the countries we operate in and our host communities, and we are happy and responsible to manage the impact on the environment, and we are committed to the highest ethical standards. In 2024, we progressed disciplined investment in renewable energy, progressing the construction of the renewable project, we're still in progress and building on the success of the microgrid project Agnew and the 50 megawatts Khanyisa solar plant at South Deep. Our stakeholder value distributed increased by 10% to $4.2 billion. And we made progress in each of the 6 priority areas, which are the subject of our 2030 targets. And Jacque will talk more about that as we progress delivery on our purpose of creating enduring mine beyond mining shortly. And turning to the financial and operational performance. After a disappointing first half of 2024, which we revised our guidance a number of times. The performance of mines improved remarkably, as you're aware, during the second half of 2024, delivering production and costs in line with our revised annual guidance. We recognize the importance of upholding our track record of consistent delivery against guidance and are working to rebuild the market's confidence in our ability to deliver safe, reliable and cost-effective operation consistently in 2025 and beyond. Salares Norte, as you're aware, was a particular focus of the Board and management's attention after revising our production forecast a multiple times during 2023. And clearly, the adverse weather conditions experienced in Northern Chile presented the serious challenges for the ramp-up, but we were pleased to see that the plant restart in September produced 45,000 ounces in the fourth quarter, in line with the revised guidance. The Salares Norte team also advanced projects to prepare and process plant to operate through this in very difficult future winters. And we're happy. I mean it's now almost June and so far so good, the mine continues to operate. Looking ahead, I think ultimately, we believe we've presented a compelling long-term investment opportunity for current and future investors. It offers near-term growth alongside a strong pipeline of development and exploration projects that we believe will deliver sustainable returns for this decade and beyond. On behalf of the Board, I would like to thank the almost 23,000 people working across our operations and offices for their commitment and hard work. I would also like to thank our shareholders for your ongoing support, and my fellow directors both those who have been on the Board with me for several years, and those who recently joined for their valuable contributions. In particular, I would like to once again express our deep gratitude to Steve Reid and Peter Bacchus as I mentioned earlier, who will be retiring from this Board effective from today. Once again, your wisdom, expertise and guidance over the last 9 years that you were both part of, the Board is a part of and contributed to the Board having instrument -- being instrumental to the growth and success of Gold Fields, and we are grateful for your unwavering commitment over the years. Thank you. Let us now proceed with the business of the meeting. In terms of the Gold Fields Memorandum of incorporation, in order for a resolution to be tabled at the Annual General Meeting, sufficient people must be in attendance to exercise in aggregate, at least 25% of the voting rights in respect of at least one matter to be decided on and at least 3 or more shareholders must be present and entitled to vote. I am satisfied, Andre, that the requirements for a quorum have been met and I'm therefore pleased to declare this meeting properly constituted. The Chair of the Social Ethics and Transformation Committee, Mrs. Jacque McGill as I mentioned, will present some highlights regarding the matters following within the mandate of the committee in 2024, and that will be followed by tabling and voting on the resolutions. And as I mentioned before, the question specific to any resolutions will be dealt with after all the resolutions have been tabled. The notice convening this meeting has been in your hands and had been published on the company's website for a prescribed period. The notice contains full details of the ordinary and special resolutions to be considered in this meeting. I propose that the notice of the AGM be taken as read. Are there any objections to this procedure? I don't see any objections, so we'll continue on that basis. It is my intention to conduct voting on all the resolutions proposed at this meeting by way of a poll that will be recorded electronically. I nominate Computershare Investor Services sitting at the back, the transfer secretaries to the company to act as scrutineers and count the votes. I propose that in order to expedite the proceedings of this meeting, you complete the voting after the resolution is put to the meeting. You will still be able to send messages or questions and view the webcast while the poll is open. The voting will be counted electronically, where upon I shall announce the voting results of all resolutions put to the meeting. The presentation of the annual financial statements and report of the Social, Ethics and Transformation Committee. Item 4.1 of the presentation, the consolidated audited annual financial statements of the company and its subsidiaries, including the external auditors, the Audit Committees and the directors' report for the year ended 31 December 2024, which has been approved and signed off by the Board and distributed as required are presented here for noting. I'll now hand over to Jacque to present the social event.

Thank you, Chairman. It gives me great pleasure today to provide you with an overview of the Social, Ethics and Transformation Committee's work during 2024 and in the current year-to-date. Creating respectful workplaces is a critical enabler of our safety culture. The Social, Ethics and Transformation Committee has continued to oversee progress in implementing the recommendations of independent Elizabeth Broderick & Co's respectful workplace review conducted in 2023. I'm pleased to report that 90% of the recommendations have now been implemented. Even with the implementation of the recommendations well advanced, we acknowledge that meaningful impact on our people's lived experience may take some time to be felt. We are now turning our attention to embedding the recommendations into our broader infrastructure, standards, culture and safety work streams and ensuring that a respectful workplace efforts focus on areas that deliver the greatest impact on our employees' daily experiences. For our workplaces to be truly inclusive, they must reflect the societies in which we operate. We believe this gives us access to a wider pool of talent, drives productivity, innovation and better decision-making, all of which ultimately contribute to more successful outcomes. We are making good progress in gender diversity with women comprising 5% of our employees and 28% of our leadership level as at the end of 2024. Concurrently, historically disadvantaged South Africans represent 80% of the employees in South Africa and 66% of management at the South Deep Mine as at the end of the year. I appreciate management's efforts to increase participation of these cohorts through its recruitment, development and retention strategies. The committee also oversees the work of implementing Gold Fields strategies, stakeholder strategies and plans. Gold Fields has built strong relationships, our stakeholder-centric approach emphasizes meaningful and transparent engagement and guides how we uphold and respect the human rights of our stakeholders and fairly share the value we create with them. In 2024, we distributed $4.2 billion to stakeholders, up from $3.8 billion in 2023 through wages to our employees, taxes, royalties and dividend payments to governments and payments to our suppliers and contractors. The majority of whom are based in our host countries. A key priority is sustainable value creation for host communities through social investments and host community procurement and employment. 35% of the total value we created in 2024, amounting to $1.27 billion benefited our host communities. We are particularly proud that host communities now make up well over half of our total workforce and that over 40% of our global procurement spend is with host community businesses in alignment with our purpose of creating enduring value beyond mining, we estimate that more than 800,000 people in our host communities have benefited from our host community employment, procurement and investment. The benefits to host governments were also well demonstrated in 2024 with Gold Fields paying $662 million in taxes, royalties and dividends and a significant portion of our procurement spend staying in country. In regards to our 6 2030 ESG targets, this year, our team will be conducting a midpoint review to assess our performance to date and to explore targets for 2035 to align with the group aspirations over the next 10 years. All of the issues I've touched on in these brief remarks are discussed in detail in the company's annual report to stakeholders. This report provides details of our continued engagement with stakeholders as well as the value created and shared with our stakeholders. It also outlines the challenges we face, and I encourage you all to read it. It is appropriate to reaffirm our commitment to sustainability as it provides long-term stability for our business. We want to assure our stakeholders that priorities such as ensuring diversity in our workplace and managing environmental impacts are integrated in our strategic, operational and financial decisions, making the decision-making with the aim of creating long-term value creation for our people, host communities, governments and investors alike. This will be my last AGM as Chair of the Social, Ethics and Transformation Committee as I move to Chair the Remuneration Committee, effective from today. It's been a real privilege to serve in this role, and I would like to extend my sincere gratitude to my fellow directors on the committee for their support, valuable contributions and expertise in helping me oversee the stakeholder work being carried out by Gold Fields. I know that the people of Goldfields, led by our CEO, Mike Fraser and our team are absolutely committed to ensuring that our stakeholders continue to be treated respectfully and participate fairly in the value created by the company. With that, I'd like to hand back to the Chairman.

Thank you, Jacque. I now move to deal with the various resolutions that are proposed at this AGM. Ordinary resolution #1, appointment of auditors. I propose the adoption of ordinary resolution #1 regarding the appointment of PricewaterCoopers as independent external auditors of the company; and Mr. Sizwe Masondo sitting at the back of the room as the designated audit partner. Voting on this resolution is now open. [Voting]

Okay. Let's move on to the next item, which is the election and reelection of directors. Ordinary resolution #2.1 election of Mr. Alex Dall. I have proposed the adoption of ordinary resolution #2.1 regarding the appointment of Mr. Alexander Dall as an Executive Director. Voting is now open. [Voting]

Ordinary resolution #2.2, election of Ms. Z.B Bassa. I propose the adoption of the ordinary resolution #2.2 regarding the appointment of Ms. Zarina Bassa as an Independent Nonexecutive Director. Voting on this resolution is open. [Voting]

We can then move on to ordinary resolution #2.3 election of Ms. S.L. McCrae. I propose the adoption of ordinary resolution #2.3, regarding the appointment of Ms. Shannon McCrae as an Independent Nonexecutive Director. Voting is now open. [Voting]

You are now requested to consider the reelection of those directors retiring from the Board in terms of the company's Memorandum of Incorporation. Ordinary resolution #2.4, reelection of Ms. M.C. Bitar. I propose the adoption of ordinary resolution #2.4 regarding the reelection of Ms. Cristina Bitar as Independent Nonexecutive Director of the company. Voting is open. [Voting]

Ordinary Resolution #2.5 reelection of Ms. Jacque McGill. I propose the adoption of ordinary resolution #2.5 regarding the reelection of Ms. Jacqueline McGill as Independent Nonexecutive Director of the company. Voting is open. [Voting]

Ordinary Resolution #2.6, reelection of Mr. Andani. I propose the adoption of ordinary resolution #2.6 regarding the reelection or Mr. Alhassan Andani as an Independent Nonexecutive Director of the company. Voting on this resolution is now open. [Voting]

Election of Audit Committee members, ordinary resolution #3.1, reelection of Audit Committee member and Chair, Ms. PG Sibiya. I propose the adoption of ordinary resolution #3.1 regarding the reelection of Ms. Philisiwe Sibiya, as a member and Chair of the Audit Committee of the company. Voting is open. [Voting]

Ordinary resolution #3.2, election of Audit Committee member Ms. Z.B. Bassa. I propose the adoption of ordinary resolution #3.2 regarding the election of Ms. Zarina Bassa as a member of the Audit Committee of the company, subject to the approval of ordinary resolution #2.2. And voting on this resolution is open. [Voting]

Ordinary resolution #3.3, reelection of Audit Committee member, Mr. C.A.T. Smith. I propose the adoption of ordinary resolution #3.3, regarding the reelection of Mr. [ Carl Smith ] is a member of the Audit Committee of the company. Voting on this resolution is open. [Voting]

And for the first time, election of Social, Ethics and Transformation Committee members, ordinary resolution #4.1, election of Social, Ethics and Transformation Committee member and Chair Ms. M.C. Bitar. I propose the adoption of ordinary resolution #4.1, regarding the election of Ms. Cristina Bitar as member and Chair of the Social, Ethics and Transformation Committee of the company. Voting on the resolution is open. [Voting]

4.2, the election of Andani as a member of the Social, Ethics and Transformation Committee member. I propose the adoption of ordinary resolution #4.2 regarding the election of Mr. Alhassan Andani as a member of the Social, Ethics and Transformation Committee of the company. Voting is now open. [Voting]

Ordinary resolution 4.3, Election of Social, Ethics and Transformation Committee member, Mr. M.J. Fraser. I propose the adoption of ordinary resolution #4.3 regarding the election of Mr. Michael Fraser as a member of the Social, Ethics and Transformation Committee of the company. Voting is now open. [Voting]

On ordinary resolution #4.4, election of Social, Ethics and Transformation Committee member, Ms. S.L. McCrae. I propose the adoption of ordinary resolution #4.4 regarding the election of Ms. Shannon McCrae as a member of the Social, Ethics and Transformation Committee of the company and voting is open in that regard. [Voting]

And finally, ordinary resolution #4.5, election of Social, Ethics and Transformation Committee member, Mr. C.A.T. Smith. I propose the adoption of ordinary resolution #4.4 regarding the election of Mr. [ Carl Smith ] as a member of the Social, Ethics and Transformation Committee of the company. Voting of that resolution is open. [Voting]

Item #5, remuneration, ordinary resolution #5.1, advisory endorsement of the remuneration policy. I propose the adoption of ordinary resolution #5.1 regarding the approval of the endorsement through a nonbinding advisory vote of the company's remuneration policy. Voting on this resolution is now open. [Voting]

Ordinary resolution #5.2, advisory endorsement of the remuneration -- sorry, that's incorrect. It's the remuneration implementation. I propose the adoption of ordinary resolution #5.2 regarding the approval of the remuneration implementation through -- yes, remuneration implementation of the reporting of the company. Voting on that resolution is open. [Voting]

Ordinary resolution #6, authority to implement all resolutions. I propose the adoption of ordinary resolution authority to implement the resolutions. That what's needed, Andre? The final one. Okay. All right. That's the final voting on that. We'll go into now the special resolutions. Resolution #1 -- special resolution #1, approval for the issuing of equity securities for cash. I propose the adoption of special resolution #1, to authorize the directors by way at the grant of a general authority to issue authorized but unissued shares for cash as and when suitable opportunities arise. The voting on the special resolution is now open. [Voting]

Special Resolution #2, approval for the remuneration of nonexecutive directors. I propose the adoption of special resolution #2, by way of separate resolutions for 2.1 to 2.7 regarding the approval of the remuneration fees payable to nonexecutive directors and that the company may be authorized to remunerate his nonexecutive directors for their services as directors and pay any fees related thereto with specific increases detailed in the table included on Page 9 in the notice of the AGM. And the voting on each of those special resolutions are open. [Voting]

So let me wait for the certain number of resolutions, obviously, that have to be approved individually, and I'll wait a few seconds or minutes if required, so that everyone can vote on the 2.1 to 2.7. Special resolution #3 acquisition of the company's own shares. I propose the adoption of special resolution #3 to grant general authority for the company to repurchase its own share. And special resolution #4 is well approval for the company to grant intergroup financial assistance in terms of Section 44 and 45 with the company's act. I propose the adoption of special resolution #4 to grant intergroup financial assistance in terms of Section 44 and 45 of the Company's Act. As you know, the company's act revisions that include reference to this specific item. Voting on the special resolution is also open. [Voting]

That comes to an end, the votes for the ordinary resolutions and the special resolutions. And the scrutineers in the back will count the votes and come back to us. But in the meantime, you're welcome to pose any questions you may have regarding the 2024 highlights and the activities of the Social, Ethics and Transformation Committee as well as any question you may have regarding the AGM resolutions by making use of the chatbox. So Andre, on this -- from Lumi, you will fill the question that may come up on the sites. Are you there, Andre?

Chair, we do have a few questions on the chat, which I will read out in batches. The first couple of questions is from [indiscernible], who acts on behalf of [indiscernible] Pension Funds. And question number one, despite AI and automation, fatalities still occurred in 2024. How is the Board enforcing its zero harm commitment and crisis response strategies to protect workers and maintain operational integrity. That's the first question.

Should we deal with it one and one?

Can I take them 2 at a time, Chair?

Two at a time, okay.

The second question relates to Board and Director appointments. With 45% of the independent nonexecutive directors nearing their 9-year, 10-year threshold. What is the Board's plan to ensure ongoing independence, skill diversity and fresh oversight.

Okay. So I don't know, Mike, whether you want to take the first.

Thank you very much, Chair. Look, I think an excellent question for us. And certainly, we do not feel comfortable with our performance when we can -- when we have 2 of our colleagues that haven't gone home safe and well during 2024. I can say, however, after those 2 tragic fatal events that we had in the start of 2024, the first one being on the 2nd of January and then on the 23rd of April. We undertook an organization-wide diagnostic using an independent global safety expert consulting firm to really understand and deeply consider what we needed to do differently as an organization to change the safety performance in our business. What I can say is that we learned a lot from that diagnostic. First and foremost, our response involved changing the leadership mindset around safety and driving safe outcomes, ensuring that we prioritize safety over and above production. We have also invested in supporting our assets where we did see key safety risks and supporting them with ongoing support to ensure that we could actually change the course of our risks that we were seeing on site. We have also embarked on a complete safety transformation in our business, starting with our standards, looking at assurance, identifying where our high-priority risks are in the organization and also working with our leaders to implement ongoing and heightened assurance where we have a key concern about our safety performance. As Yunus has shared earlier, what we can pleasingly say, we're seeing the green shoots of that improvement in our safety performance. And -- and I think with the focus and the effort of our team, we're absolutely convinced that we can't create a workplace where we can guarantee that people go home safe and well at the end of every shift. What I can also say is that we are not immune as a member of our industry that we have a really poor track record as an industry on delivering safe outcomes. But I can honestly say that the work that we are doing, we are seeing green shoots of improvement, and we are working very hard to ensure that we create the workplace that we can be proud of, not just in terms of delivering physical safety, but also in psychological safety in the workplace.

Thank you, Mike. In terms of board succession, that process started in the second half of last year and contributed to the appointment of Zarina and Shannon as the initial 2 members to replace retiring directors that, as you know, Steven and Peter, but we're also in the process of appointing further directors over the next few years. So the second half of this year, we would probably end up appointing another 2 directors. And that process will continue on the basis that we have overlapped between the directors appointed as well as those that are retiring. So that is a complete transfer of institutional knowledge that we would like to see. So we, as a Board, are very happy with the succession plan, and it's working well for us.

Thank you, Chair. The next 2 are still from [indiscernible]. He says remuneration policy alignment with ESG. How is RemCo strengthening the link between executive remuneration, so the short-term incentives and the long-term incentives and longer-term ESG goals beyond the current safety metrics. The second one from him is operational challenges at Salares Norte considering the commissioning delays and operational issues at the Salares Norte project, what governance measures are in place to oversee and mitigate any future similar risks?

Okay. Thank you. Let me just get Steve, the Chair of the RemCo to respond to the first one.

Yes. Thanks very much for the question. Safety, obviously, very top of mind for us the whole time, as Mike explained. We have always had safety in the short-term incentive numbers. We have had safety in a general sense, in the long-term incentives as well. What we have done to strengthen them as we've changed the overall remuneration system. We changed from just 4 metrics in the short-term incentive, one of which was safety, the others being production, cost and development. We now have 16 measures. So many of those measures are now ESG measures. So we look at compliance with the GISTM with regard to tailings. We have improvements in safety production. We have social performance, which goes to the discussions that Jacque has raised. So we have increased it quite significantly in the short-term incentives from 20% to 40%. And as I say, it is built into the long-term incentive through gender diversity. We've had that target for some time and decarbonization targets, which are consistent with our climate disclosures. So that's how it's built in with the long-term incentive and they are consistent through our disclosures and long-term projections.

Mike, do you want to respond to Salares Norte?

Yes. Thank you, Chair. Look, I think on Salares Norte, we can honestly admit that 2024 didn't entirely goes according to expectations. But what we were able to demonstrate is that we have a very high-quality mine that has now been built in at Salares Norte. We delivered well into the fourth quarter, and we started 2025 very well. Quite rightly, there are a number of learnings from the building of that project that we need to take into Windfall. We had commissioned an independent review of the project execution to understand the lessons learned and all of those are being delivered into the execution plan for Windfall. So there's certainly the lessons learned will not be lost as we go into Windfall.

And I think in terms of oversight, I think we've got more detailed oversight as we've had now.

Yes. I think just to add to that, the -- clearly, in the way that we've relooked at our operating model as well in our organization, we have the right separation of roles between execution standard setting and assurance as well as greater oversight from the Board through the executive committee into the execution of capital projects.

One question from [indiscernible] Investment Management. In 2019, Gold Fields acknowledged the importance of conducting a more detailed analysis of potential gender pay gaps and committed to addressing this area yet as of 2024, in the integrated report, while there is reference to pay fairness, there is still no disclosure of actual gender pay gap data or pay ratios. Could the Board clarify what progress has been made since that commitment and when stakeholders can expect transparent region-specific disclosure for gender pay gaps.

Again, thanks very much for the question. Very important. It's something that the RemCo has paid a lot of attention to. Apologies for the lack of disclosure, if that was what was said earlier. But what I can tell you is we certainly are collecting data. We have been paying close attention to the amendments to the Companies Act, which is coming and requiring further disclosure, and we're definitely collecting data on all of those components, which we believe is appropriate. In terms of when we -- we have -- we're starting to collect real data. So I'm expecting subject to the new Chair of RemCo, but we can do that with our next disclosure.

Yes. Thank you, Steve.

All written questions online. Just a reminder that you may raise your hand online to ask the question. But for now, I'm going to take questions from the room. So we've got one hand up, please.

I have 1 question and 1 comment. My question is, what is the status with the Chilean rodent at the moment. My comment is, if I can quote the teenagers in my life, a shout out to South Deep. I have been here, many of you know for many years, complaining about the South Deep Trust and the way it was being implemented, which I found to be quite unprofessional and not effective. In the last 2 years, they have appointed more professional people, and it looks very good. And I want to say kudos to Benford's team as well as Martin because I think Martin started the turnaround there. So well done.

Thank you. Well done, Martin. Well done, Benford. I think in terms of the rodent in Chile, I mean, this gets a lot of discussion at the Board and at the subcommittee levels. I'm not sure you want to respond to it.

Yes. I will -- and thank you, [ Glendaline ], and thank you for the comments for the South Deep team. I know they take on board those comments very passionately, and they really appreciate it. Look, on the Chinchillas, again, I just -- I think our team has done amazingly good work on the Chinchillas, and it's been a learning process, not just from our team, but also the regulator in how to address the capture and relocates endangered animal. During 2024, we certainly stood down the process on the capture and relocation during the winter. That was also a period that we worked very closely with the regulator to underline on, in particular, the administrative requirements on how we were sharing information on that capture and relocation program. In October, we recommenced the capture and relocation program in alignment with the PDC. Since October, we have gone through that. We then captured up until the winter period commenced, which is in the beginning of April, we have captured 5 Chinchillas and we have relocated them. And we have also removed 2 rockery areas, 1 in January and 1 in the beginning of April just prior to the closure. At this point in time, we have a very good working relationship with the regulator. But again, I'll just put it out there that it's a process of mutual discovery because we need to learn new things about the behavior of the endangered animals on site. But at this point in time, I think the team working very closely with the regulator are doing a very good job to manage this endangered species on our property.

Any other questions?

No more questions online or on the room, Chair.

That's great. Thank you very much. I would now call on Computershare or Lumi to show up the results of the voting, please. All right. Well, effectively, from what I can see on the screen, all the ordinary resolutions have been carried at 99% or 98%, 93%. So all of those are carried. On the right-hand side, the picture is obviously blocking the special resolutions. Can we just move that around? Here we go. All of the special resolutions have been carried except for item #1. I think that basically covers the voting. So that means that Item #1, which is special resolution #1 has not achieved a minimum 75%. All right. So all the voting have been done and the meeting is now being completed. I think I declare that all ordinary resolutions have been carried, and 1 of the special resolutions have not been passed, but the rest of them have been carried by the requisite majority. So thank you all, and wishing you all well and wherever you're going to in the world, a lot of our directors will fly out this afternoon or tomorrow. And thank you to Lucho sitting at the back there. Lucho, stand up, please. He has been our Executive Vice President in South America, and we thank you for your contribution over the years that you've been with Gold Fields. Today also marks his retirement in the next few weeks, but thank you for your contribution. And thanks to the crowd and all your support as shareholders, stakeholders, we really appreciate it. Thank you so much. Bye-bye.