Sibanye Stillwater Limited (SSW) Earnings Call Transcript & Summary

[Foreign Language] Good morning, ladies and gentlemen. Thank you for taking the time to join us for this virtual launch of the Marikana Renewal Programme. My name is Luvuyo Madasa, and I will be your host. Today's launch marks an important milestone on commitments made during the August 2020 inaugural Marikana Memorial Lecture titled Marikana, Honor, Engage, Create. Last year's inaugural memorial lecture was hosted not only to acknowledge the tragic loss of 44 lives during the events leading up to and on the 16th of August 2012 but to announce a commitment to honor, engage and create beyond our joint legacy of pain and trauma. We must never forget how we, as people, forgot our common humanity and spiraled into anger, violence and tragedy. The tragedy of Marikana is best described by the denoting scenarios as a state of walking apart. The years that have followed since have seen us as citizens, private sector and various levels of government oscillate between a state of walking apart and working behind, where many of us have adopted a state of saying, "Let us wait and see," a mentality that does not move us forward. This morning's virtual launch of the Marikana Renewal Programme marks the beginning of an important shift and invitation to all of us to be intentional about walking together in the community of Marikana and beyond. Today, we recommit to leading with Ubuntu in order to heal, rebuild trust and work together to reimagine an inclusive future in the service to our common humanity. A bit of housekeeping. Our program today has been broken up into prerecorded contributions followed by a live Q&A session. This format is aimed at minimizing technical glitches that may come with varying strengths of signal and connectivity. Our order of video contributions will begin with [indiscernible] Aisha Fundi; Archbishop Thabo Makgoba; and [indiscernible] Neal Froneman, followed by short animated videos capturing some of the work and ground that has been covered since we last convened in August 2012 -- excuse me, 2020. Please feel free to submit your questions during the contribution, so our technical team can organize them for the live Q&A. We will use the engage portion of this program to set a foundation for the many possibilities that continue the work that has begun around creating a better future for all. And with that said, I would like to hand over to a message from [indiscernible] Aisha Fundi.

The renewal to me means, if all of us, we see it as stakeholders, every individual stakeholders, I mean the families, I mean the company, I mean the community, I mean the royal house, I mean the ordinary mine workers, I mean everyone was involved, I mean all the labor movements, any -- all people that were involved during Marikana, if we all come together and acknowledge that whatever happened in Marikana 2012 was wrong and we sit down and want to unite and let us start again -- restart again the process again, sit down amicably and discuss what is the future for all of us. We want -- personally, I want people to see Marikana differently in the future. For example, during the consultation with the new [indiscernible] project, they called us in several meetings, where they wanted us to come in and brainstorm what is it that can be done in future. Because at the end of the day, mining has a life. And when the mining life ends, Marikana still is a community, that we want to change the perception from the people, from the communities, when they see Marikana, they must see Marikana as a rebirth Marikana, something that they must see it as a positive. They have to throw the positive out of Marikana, [Foreign Language] [indiscernible] And during that, personally, we come up with different opinions. I personally told the guys, when we were busy brainstorming, that I believe, because I am an educator by profession, and I believe there's one gift that you can ever give a person is education. If Marikana -- because it is a mining industry, if Marikana will merge into a big education institution, like Marikana, a big academy, the academy that will offer a mining-related causes, the academy that will offer safety, security, agriculture or the mining-related causes, they'll have the mining that is established. And if they establish a big institution as a training center that will be able to teach people and take the people underground, whatever, to teach them practical. Because if you look the whole of South Africa, like North West on its own, we don't have that big institution. We -- when our chiefs need skills, they must go [indiscernible]. So if the Marikana will build that a big academy, it's going to be a much more ever sustainable to the community. So that for me will -- I'll make peace. And also as part of involvement, if we are getting involved, we need the company to involve us. It mustn't just be a consultation now. We should be included all of us and we shall participate fully, all of us. And at the end of the day, somehow it can bring us -- all of us closer. It can bring some kind of reconciliation, which I've been dreaming of. Because when they bring the priests, the pastors, everyone involved, at the end of the day, they will learn to reconcile with each other. And we will learn to reconcile and put that one as a history.

[Foreign Language] Aisha, a true message of the commitment to listening to one another and facilitating a commitment to a journey of working together. And to deliver this morning's keynote address is a recording of Archbishop Makgoba. Handing over to the team.

Good day. My name is Archbishop Thabo Makgoba, and greetings to you all. I'm very pleased to be able to speak to you virtually today. One of the spinoffs of the terrible time of illness and death we are going through has been the rapid growth in the use of electronic communications. Although its use on occasions such as this is a consequence of tragedy, at times like ours, we need to look for even small signs of hope. And the way in which technology has improved our capacity to respond to crisis is one of those signs. The 16th of August 2012 was a day that changed South Africa. The shocking events that took place at the koppie in Marikana lifted a mirror to the country. It challenged us to ask, "Who were we as a country? How did we allow ourselves to get to that point? How could we have allowed conditions to arise which set off such wanton killing?" More specifically, we had to ask, "Were we so unable to speak to each other to find common cause?" But those deaths were inevitable. We must not mince words, that fault lay everywhere. To one degree or another, we were all implicated. The legacy of Marikana is built on the blood of fallen colleagues, who were sacrificed in a battle of ideologies. If we are to honor them, we need to continue to hold up a mirror to ourselves to engage in self-reflection and self-examination and to ask whether we have done everything we can to ensure that such suffering is never inflicted on the working people and communities of this country. Have NGOs, churches and all in the nonprofit sector done all we can? Have mine owners, managers, workers and unions? Are the courts doing all they can to bring justice? Have the government and the police done all they can to prevent a repeat? We also need to use this tragedy as a blueprint for healing and restoration, beginning with bringing closure and dignity to the people of Marikana. While many of us may think we have moved on, we need to recognize that those most intimately and cruelly affected will continue to need their pain acknowledged. They will continue to need help and support to move on with their lives. And to that end, all the partners in the process need genuinely to want to be part of the solution. Marikana continues to challenge all of us to reflect deeply and honestly on our places in South Africa as it is and as we want it to be. That is the key phrase I want you to think about. South Africa as we want it to be, a country where all people live with dignity, in peace and are able to flourish; a country where our differences are spoken about, where we address our challenges together, building side-by-side rather than facing each other in conflict; a country where our collective spirit and focus allows each person to travel their own path but towards a common good. Now 9 years after the incident at Marikana, let us reflect on where we are and where we want to be. Recent court rulings will have again highlighted our differences and our challenge. Our challenge as a people and as a country to find common ground has established a mutual recognition of truth and justice to overcome our differences and to work with common purpose for the common good of all of us. It is time to look across from where we sit at our neighbors, at our friends and at our opponents to reach out and to begin to heal together, to begin the slow and difficult process of finding closure, to recognize each other's pain and to help one another salve that pain. Please reach across the chasms that separate us to begin to build bridges and a South Africa for everyone. Find partners, find them near and far, find people who you agree with and importantly those you disagree with. It will be tough at times. It will involve working through disagreement, trauma and even aggression. But our survival depends on genuinely wanting to be part of the healing and building of our country. And it must be a country where not a single person will suffer again in the way that led to Marikana. We can remember the past, but now we have to build the future. As we approach the 10th anniversary of Marikana next year, we have to offer a new reality, which reimagines the future of Marikana, a community that is united, has found healing and is working at restoring itself and gearing itself up for greater heights. I thank you and God bless you. More importantly, God loves you and so do I.

[Foreign Language] Thabo Makgoba for reinforcing a message of hope by asking important questions of how we all allowed this to happen on our watch. While actions took place in a very specific locality, it is key for us to acknowledge the role we played as bystanders. And with this invitation today, we need to ask ourselves as existing and future partners of renewal, what constructive role we can all play in working together to ensure we never repeat such in Marikana and in any other part of South Africa. And as leader of the institution that has initiated the renewal, I'd like to hand over to a recorded message from Neal.

Good morning, ladies and gentlemen. First of all, I want to express my deep appreciation to His Grace, Archbishop Thabo Makgoba, for his wisdom and guidance. We take to heart the comments he has made today and in particular, the role that we can and should play as a company and as a neighbor in healing and in developing a collaborative way forward. When Sibanye-Stillwater acquired the Marikana operations in June 2019, we understood that an integral part of the assimilation of these operations would be the need to recognize the tragic events in which 44 people died between the 10th and the 16th of August in 2012 and to understand what this meant for the people who were left behind. In many ways, these events represented an inflection point in South Africa and in the mining industry. We know that as a company, we did not even exist at that time. But despite that, we believe that we have an important role to play going forward. At Sibanye-Stillwater, we believe we have been given an opportunity and a responsibility to live up to our purpose of improving lives through responsible mining. This is something we believe in and seek to live by wherever we operate. It's our hope that through delivering tangible and sustainable programs for the benefit of local communities around Marikana, a new legacy of healing and hope will emerge. There are 3 core building blocks for this vision. First, to honor the lives that were lost and to support those for whom the loss was the greatest. We erected a Wall of Remembrance at the main entrance of the Marikana operations as part of acknowledging the victims of the tragedy. We provide ongoing counseling to the widows and their children and have committed to building all the outstanding houses for the widows. So far, we have handed over 7 houses and 8 are at different stages of construction. The delivery of the 15 outstanding houses will be completed by the end of this year. Through the Lonmin memorial fund, Sibanye-Stillwater supported the education of 89 dependents at a total cost of ZAR 3.6 million. 5 of these dependents completed their final year of school in 2020 with 9 at tertiary level. Through the 1608 memorial fund, we continue to support 101 -- 141 beneficiaries through counseling and educational assistance. The trust spent ZAR 6.5 million in educational assistance in 2020 alone. An important part of honoring the lives that were lost is also pursuing justice. And we have committed to do this, and this process is now well underway. The second building block is in engagement. We are part of a community and partners in the creation of a new future. To be able to achieve this, we need to listen as well as speak. We need to collaborate and not impose. And we need to forge a mutually beneficial way forward, knowing that as a company, we are but one role player in the community in which we live and work. Our relationship and engagement with our doorstep communities in South Africa is expected to be greatly enhanced in 2021 with our efforts to rebuild trust and formalize a social and economic compact, largely based on the Zambezi Protocol. The Zambezi Protocol prioritizes mutually respectful relationships, which will help to develop a more trusting relationship among vital stakeholders. We know that we need to build strong foundations for this process to be successful based on inclusive representation and trust. With this in mind, key community stakeholder engagement has begun. We are guided by Reimagine South Africa to ensure a responsible approach for navigating opportunities and challenges from the perspectives of key stakeholders in a meaningful way. They are following what is referred to as the Letsema process, which aims to facilitate conversations to promote walking together. Key to trust building, the Letsema process is iterative in nature, requiring a series of meetings with stakeholders through various phases of engagement. The third building block is our opportunity to create or more specifically to co-create social and economic development. First, by optimally managing our business in a responsible way, and in so doing, creating and sustaining jobs, paying salaries and wages to employees who live and work in the community by paying taxes and royalties, channeling stronger flow of value into the local community through local procurement and creating direct and indirect economic opportunities that will ultimately lead to economic upliftment and social well-being. The first step in being able to do this was ensuring our sustainability of the Marikana operations, which has now been achieved with the operations restored to profitability. Our recently announced commitment to invest ZAR 4 billion in the K4 project, creating 4,400 direct jobs over an extended future, will have a major impact on the local economy and again, very importantly, ensure sustainability. Simply put, being a good neighbor is part of our social and economic compact with the communities. And at the heart of this renewal program is a commitment to invest in and sustain our operations, our people and our communities. Again, we cannot do this alone. Our efforts towards economic restoration and growth require cross-sector collaboration and can only bear fruit through identifying and unlocking opportunities for district-wide economic programs. One of the aspects in this area that is receiving attention is assisting the Bapu nation in identifying and recovering social development funds that were looted. As part of supporting the ESD creation process, I have also set up a CEO fund to incubate new business. I'm under no illusion that the path going forward will be a challenging one and that there will be times that we and other stakeholders will want more from one another and will not always agree on the way forward. But I am confident, too, that we, as South Africans, have the ability to find one another and to develop a new vision for we want to -- of where we want to be and work to achieve that. From Sibanye-Stillwater, we give our commitment towards this renewal process and will frequently and openly report with all our stakeholders in the months and years to come. Letsema, let's walk together. [Audio Gap] accountability and submitting the leadership and the institution of Sibanye to the Letsema process. And with that, we would like to hand over to a prerecord animation that is going to cite some of the work that's been covered on the ground. [Presentation]

Thank you once again to Sibanye and the team for preparing that brief animation and also to Neal for his encouraging message. I'd like to take this opportunity as the Executive Director of Reimagine SA to do a high-level summary of the Letsema process, what it actually entails and the progress that we have made at a very high level, thus far. If I can ask the technical team to just project the infographic, please? Thank you very much. So as you see in the diagram attached, this gives a high-level approach of what we have committed to working with in -- with Sibanye and the community, within the community of Marikana. As spoken to, we, as Reimagine SA, are an institutional rooted in Ubuntu. And we use the principles of Ubuntu to communicate -- excuse me, to connect communities to opportunities for building an equal South Africa, where people are included, self-confident and inspired, one community at a time. The Letsema process has 6 in-depth steps. But as a summary to facilitating walking together, we begin with the step of organizing, which is using the Letsema process to make sure that in the journey of healing, everyone's voice is heard and respected. We engage to talk about the past and find ways to heal, share and build ideas together. We connect to opportunities of community development, welfare and financial security, as highlighted at a high level by Neal. And we are working together to our future reimagining, where we are inspired and work to create by building ideas and opportunities for independent, sustainable and successful business opportunities and employment for all community members. And we're doing this together. Again, to reinforce the idea of walking together, it's about communication, it's about collaboration and it's about co-creation. The importance is inclusion and dignity of all stakeholders, sharing of wisdom and knowledge and expertise, both in the modern sense and predominantly in the traditional sense, and bringing that to the fore in order to build success for each other and make sure that we're building healthy, thriving communities from the bottom-up. Healing in our community is paramount. And this requires respect and inclusion and in our meeting community members to understand each other's needs -- working, excuse me, towards a community-level Indaba, where the intention is to talk, to share, to heal together and find better ways of living and working with the environment, co-creating opportunities for employment and self-employment in many areas that are currently within the mining sector and looking to build thriving alternative economies that will soon work towards living beyond the mining operations. And with that and that high-level summary of the work that we have been doing with Sibanye and along with some of the impacted stakeholders, we'd like to take this opportunity to begin the live Q&A, where we will address as a collective some of the questions that you may have, both about the program itself and some that have come up in the Q&A section.

So with that, I would just need to check the box over here to see if there are any that have already been submitted. A question from [indiscernible]. How will Sibanye-Stillwater ensure that black employees feel that they are -- they matter and are recognized within the business? Neal, are you able to take that on?

Yes, certainly. So we have many, many forums, where we have all our employees engaged and actively share with us, and us with them, concerns. And of course, it's not just about sharing concerns and understanding issues that affect individuals, it's about doing something about it. So we have many, many processes within the company of engagement. Now I want to say that in the past, this has been actually quite difficult because we've always wanted to default meeting face-to-face. And of course, with the company that employs 80,000 people, it takes you a while to get around meeting people in a room face-to-face, even if they're big rooms. What we have found, especially through the COVID process and the need to social distance, that we've been able to use virtual mechanisms much more effectively. So in the last year, the engagement with employees has accelerated substantially. And it's not just a process of more video or virtual interactions, we can actually measure the impact of these engagements through various means. And we can see that these mechanisms are now actually starting to be a lot more effective than they were in the past. So in simple terms, we want to hear from all our employees. We want to share information. We want to co-develop strategy. And I think that employees of Sibanye-Stillwater would acknowledge that through the use of virtual means, we have been able to do that. And of course, we don't see racial divides. We see our employees as a group. And certainly, all employees are important. So Luvuyo, that's really how we do it. On top of that, there are very conscious initiatives of winning the hearts and minds of our employees. We've done it through initiatives such as addressing indebtedness, improving social circumstances and so on. But I'm not going to go into all those details.

Thank you, Neal. And I'd also like to take this opportunity to mention that two members, senior leaders of the Sibanye-Stillwater corporate affairs and stakeholder engagements division, Mr. Themba Nkosi, along with a Ms. Thabisile Phumo, are available to address some of the detailed questions that sit within their portfolio. So I think when there are questions that are relevant to the work that they not only have been doing over time but some of the newer engagements that they have in the pipeline, we'll be able to forward those questions on to them. And I have a question here, speaking to that, from a Mr. [indiscernible]. And his question is alluding to a video that was just shared by [indiscernible] Aisha Fundi. And he speaks to the following, what Mrs. Fundi is saying about alternative, sustainable economic development have been in discussion for mining industry, but there is lack of implementation, aimed to avoid ghost towns beyond mining and reskilling of employees to enable them to be absorbed by other industry beyond mining. The question here is what is Sibanye doing? And are they committed to that end?

And let me pick that up initially, Luvuyo, and then I'd like to ask Themba and Thabisile to add in. I think that, that question is spot on in that there has been a lack in terms of the industry, I think, finding solutions to ongoing sustainability post mining. And we see it very visibly in areas like the [ Welkom ] and the other very good examples. Clearly, one of the best ways, especially in a country that's endowed with very significant resources, is to, first of all, try and lengthen the period of mining. And certainly, talking about the Marikana renewal, talking about the Rustenburg and Marikana areas, they are very, very significant resources, which -- and one example is that the announcement of the K4 project adds another 50 years of life just on 1 project. Now I can assure you that we have, as a country, very significant PGM resources, which are going to be required by the rest of the world in very substantial amounts. And we have significant resources as a country that if we, as partners, and I'm talking here about all the stakeholders, do the right things and nurture these natural resources and ensure proper and fair distribution of value, I can see sustainability from mining well in excess of 100 years and probably even longer. Now of course, we can't just bet on commodity prices. We can't bet on what happens in the 100 years. So of course, there are many initiatives that are looking at setting up other activities that will create sustainability. The one that appeals to us the most, and we've done a lot of work more specifically in the West Wits, is around agriculture. And in fact, there's going to be a pilot site that we believe will be successful. And we're not talking about small-scale farming here, we are really talking about developing industrial-sized agriculture. And of course, that can be rolled out and should be rolled out, if it's successful, in other areas as well. And then within smaller areas, there's the CEO fund that's been established to develop small- and medium-sized businesses. And of course, initially, they will obviously receive support from mining. But these businesses should be developed to obviously be sustainable in their own right. So let me hand over to Themba just to give you more detail on those aspects and with specific examples. Thank you.

Thank you, Neal. And I think you're spot on and you've correctly put it. But I think I want to start by emphasizing the fact that we need to ensure that we are impactful in all our initiatives that we're doing. And for us to be able to do that, it is going to require that we work together with all our stakeholders. I mean this is basically the municipalities, the community leaders, the traditional authorities in areas where we operate to ensure that all of us have a common purpose, which is social development at heart, but certainly ensuring that we create sustainable legacies in the future beyond the life of mine. So what we're doing is we acknowledge that we've got various initiatives. And I've seen that there is a comment talking about agriculture and other skills from Ms. Fundi. And we need to ensure that then we leverage what we have currently, which is our skills of mining but also to add in our training interventions, which include portable skills, are the skills of the future such that we are able to sustain the parallel industries in the mining towns we operate and ensure that when the mining shafts close, because they are finite resources, that those people are able to then find jobs elsewhere in the parallel industries that would have created. And certainly, we also are mindful of the fact that SMEs need to be allowed space to flourish. And some of the initiatives that we're doing include mentorship in terms of using the CEO fund but also using [indiscernible] as a vehicle that then helps to -- gives bridging capital for cash flow that small companies are struggling with but also enable them via the mentorship and coaching programs that we have put in place.

And Luvuyo, maybe I can also add that the Letsema process is exactly the process that we envisage actually helping us as a company answer some of these questions. I think the -- my notes -- my comments in my presentation were very clear. We mustn't assume, we must listen. Of course, we can contribute. But I think the whole renewal initiative is about actually listening and hearing what can be done or what the communities would actually like or suggest. And then of course, we can apply our skills to assisting in developing those things and making sure that they make good sense. So we've just got some ideas. And of course, you can't do everything in series. So we have initiated some of these things. But I think the renewal process is about listening very much to what the stakeholders and the communities also think. And we will do that.

Look, if I may put some last comment, which is going to be very critical on how we're charting a new path. I think a lot has happened within the mining industry and our stakeholders, which has led to all sorts of mistrust. And I think as a starting point in this Letsema process is also hoping that stakeholders will speak openly about where each party has gone wrong and what would it take for us to then undo their wrongs of the past. And I guess this acknowledgment has to happen across the various stakeholders, both the industry taking its acknowledgment part, but also local municipalities coming in as well as local communities where we have actually wasted value over the years by just not trusting each other and destroying certain things that are meant to benefit communities. So I am looking forward to this process being a very intentional process of listening to people but listening with intent to really internalize what is being said and charting a way forward collectively.

And to that point, Themba, I think the point around listening, a question we have here from [ Titus Tlhakanye ] is that as we move along towards this new journey of healing, have the widows been consulted? What about those who were injured? Are all being consulted as well?

Themba, do you want to pick that one up? Or should I do it?

I'll pick it up, Neal. Yes, we've actually gone on multi-stakeholder consultations. In fact, within the first day of us taking the keys at Marikana, we've had various consultations with stakeholders led by the CEO. And actually, last year, when we started the initiative around rebuilding the houses that were not concluded by the AMCU initiative, we then also consulted the widows. We've consulted extended families. We've consulted the traditional leaders. We've also consulted the local community engagement forums. And we've also consulted the DMRE in terms of the various legacy initiatives that Lonmin had initiated but obviously did not complete. So we are clear in our minds that we've actually consulted. But obviously, consultation is an ongoing process because the landscape shifts, and we do have standing consultative forums. When we did the Wall of Remembrance, we have consulted the families as well. And we also know that we have got widows' families in various parts of the world, like in Mozambique, in Lesotho, in the Eastern Cape. And obviously, we're impacted to some extent last year by COVID because we couldn't travel. Hence, we still have quite a backlog on the houses. And those houses, now that we are at COVID level 1, we are able to travel to the various parts of the world, are now being constructed, and we will be concluding all the houses, God willing, by end of June this year such that when we have a commemoration of Marikana come 16th of August, it's a commemoration with the different respects.

Luvuyo, I think it's important for [ Titus ] to actually hear from me that one of the very first engagements that I had on, let's say, the completion of the Marikana deal was actually meeting with the widows and, first of all, introducing myself, committing to the continuation of the trusts and the funds that had been set up by Lonmin but also then understanding the challenges that the widows were having. At that stage, we found that not all the widows had been included. So to [ Titus' ] point, spot-on, we made sure that we embraced all widows. And today, we don't talk about 34, we talk about 44 widows. And we have accelerated the building of houses so that these processes, we can get some form of closure. So I personally have met with the widows, and I think they would all acknowledge that. Thank you, Luvuyo.

Thank you, Neal. And I think as a manner of reintroducing [indiscernible] Aisha Fundi, she is, in fact, one of the women and guardians of the 1608 Trust. And that message and the contributions and thoughts are coming from one of the people that [ Titus ] is speaking to when raising the question about consulting the widows themselves. We do have several questions that are being raised about the types of projects that can be considered and the invitation is for either Themba or [indiscernible] Thabisile to address that. But Neal, you're always welcome to touch on that as well.

Yes, I think Luvuyo, I don't want to hog the floor. Themba and Thabisile are intimately involved. So why don't we give Thabisile a chance to talk about the type of projects as well? [Technical Difficulty]

I don't know if it's just on our side, where it's coming, but as if there's interference. Is it possible or is it just my side that's picking that up? Neal, is she coming across clearly?

I heard the same as you did, Luvuyo. Thabisile, have you perhaps got 2 computers only?

No, I'm alone in this room, so...

Yes. Now you've -- we hear you now.

Thank you so much. So we've got a myriad of projects that we've looked into. And on the back of COVID, in particular, when we launched them -- the program last year was to engage with communities to see how we could support them from their livelihood point of view, given the impact of COVID. And to that extent, we have started, together with the religious leaders, backyard organic gardens, that we're hopeful that we can be able to extend to more households so that we can deal with the reality of hunger that we picked up on the back of COVID. And of course, we've got our current SLP projects. This will be a combination of infrastructure projects as well as income-generating projects that we found as the commitments by Lonmin, and we are continuing to deliver. To the point made earlier, part of this process is to engage with communities, engage with government as part of the district development model to identify alternative economic activities that can ensure that the communities of Marikana and, in fact, the district are able to sustain their livelihoods long after the life of our operations have ended. So we are going to be calling on stakeholders to join us in coming up with those ideas because we don't want to impose ideas. But you want to co-create the reality with them so that when we talk about a renewed Marikana, it is not a Sibanye program but a collaborative effort of all the affected and impacted stakeholders. Thank you.

Thank you, [indiscernible] Thabisile. And I think there's a very important question asked by [indiscernible]. And touching on the speech presented by Neal, where there was mentioned that the Marikana massacre took place before Sibanye came into existence. What lessons would the company take into this chapter and given other legacy issues associated with the mining industry? I'd like to hand it over to the collective.

Yes. Thank you, Luvuyo. And it's again, [ Mr. Kumalo ], it's a very good question. And I think if we listen to the Archbishop, even though we weren't here or we didn't even exist as a company, you would note that we accept our responsibility because we were all bystanders. So that's the first point. I think in terms of legacy issues, I have promoted what we call the Zambezi Protocol. And the Zambezi Protocol was developed by I think -- by looking at what detracts from the investment in the resource sector. And principally, it's a lack of trust. And of course, in South Africa and our legacy issues, we are even more challenged. So one of the aspects that we have been driving, and I've personally been driving it through the council is addressing this issue of trust so that we don't make these same mistakes that we've made in the past. Now one of the issues there is actually acknowledging the past, sincerely apologizing for what happened in the past and making sure that it never ever happens again. So I think we're all very clear on what our legacy issues and establishing a social and economic compact that ensures a fair distribution of value from the natural resources of our country to government, to communities, to shareholders. And management plays that role of trying to find the balance. So we've done a lot of introspection. We understand exactly what is -- what are the legacy issues. And as a very significant new South African company, we've been at the forefront of driving things like closure, improving facilities, reducing TB, addressing HIV in a very, let's say, constructive way, et cetera, et cetera. So we're very familiar with those things. We are a company that talks about the past. And we will never be part of allowing those type of things to happen. And of course, improving trust and letting the Zambezi Protocol, which addresses a process of reestablishing trust and today is one small example of saying, "Listen, we're not walking away from the Marikana disaster. This is a step in renewal. But the very first step is honor. So don't forget, let's engage and then let's create together." So this is, in fact, the Zambezi Protocol playing itself out in terms of rebuilding trust and making sure that the legacy issues are never allowed to happen again. Whether it's a Marikana disaster, whether it's TB, whatever the issue may be, we will never allow those things to happen again. Thank you.

So if I may, I think another thing that we need to take note of in terms of what are the key lessons of the past is we should not let Marikana pain to belong to one stakeholder. So we should avoid getting one stakeholder to monopolize the Marikana pain. It's a collective pain that has affected the country and has actually been seen globally as one thing that divides the mining industry and communities. So I think one key thing going forward that we need to harness is tolerance and ensure that we do humanity better. Because human lives were lost and we need to ensure that we have courageous conversations about what has gone wrong as we co-create the new path. But as we build the future, we should actually never forget to remember as Honorable Madonsela had once said that, "Marikana happened because as humans, we forgot to remember." and We should just keep that in mind as we go forward and co-create this new legacy that we all want. Thank you.

Thank you. And then on the point of having courageous conversations, we do have two questions, one from Jerome Lottering, whom I will also pair with a question from Alex Mitchley over at News24. And this is about incorporation of various different stakeholders. Alex Mitchley speaks to the engagement of unions and do they necessarily support this process. And Jerome Lottering speaks to a humble request of the community of Jackals Kop being part of this process. And I think that can then speak to, do we have any mechanisms of bringing in various stakeholders who now answer this invitation to join this Marikana renewal process and want to participate in walking together?

Yes, absolutely. And I'll go first, Themba, and then I'd like you to specifically pick up on organized labor. Organized labor has been invited to participate. I think it's safe to say at regional and local level, we have very good support and agreement. But Themba, you can expand on your initiatives to, let's say, involve organized labor more. In terms of other stakeholders, absolutely, this is the opportunity to come forward and participate. So Alex, please make sure that you engage with us. There's no ex-stakeholder that should be excluded in this process. Themba, you want to add on to the union and organized labor comments?

Thanks, Neal. We acknowledge the various leaders of the unions as kind of legitimate stakeholders in this process. And we've had various initiatives, particularly to engage with the AMCU national office on this matter. We know that the branches that have been engaged and they're onboard. And unfortunately, the national office hasn't joined today, but we are hopeful that we will persistent in our persuasion to say, "For us to get closure, we need to get all the collective voices to be heard and be part of the co-creation." So we'll continue, Alex, to persuade the AMCU national office to partake in this. Thank you.

Thank you very much. We are aware that there are still questions streaming in. But unfortunately, we are constrained by time. And please be assured that the questions that have been posted will be collected by the technical team and will be dealt with individually through the various different platforms that you have each locked on to. And with that, I would like to take this opportunity to let you know that next, we will be streaming in closing a video of the broad-based livelihoods. And this is then an opportunity for any closing remarks that Neal, Themba or Thabisile may have. And then we'll hand over to the video to essentially usher us out of today's program. Over to you, the Sibanye team.

Thank you, Luvuyo. Today is a small step forward in my view in the change in direction without forgetting about the past, and in fact, absolutely not forgetting about the past. But we will push through the issues that have been raised previously, such as justice, such as institution where it's still appropriate and so on. But today is about renewal. And I think if I can ask everyone just to remember the 3 key words: honor, so we don't forget and we never allow these things to happen again; engage, let's all engage, let's put our differences aside, we are all dependent on each other; and, of course, create. That's the exciting point. We have a clean sheet. We have some ideas. We know there's going to be very many good ideas that come out of the communities or other stakeholder groups. Let's co-create together and let's renew. And I think, as I listen to some of the videos, let's make Marikana different, so different to what the current perception is, I'm there to support them. Thank you.