Valterra Platinum Limited (VAL) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the 2025 Annual General Meeting of Anglo American Platinum Limited. I'm pleased that you're able to join us today with in person or online. Those participating online will be able to watch the meeting and ask questions via -- live via their telephone lines. We hope this will facilitate greater shareholder engagement for those who cannot attend in person today. For those in the room, I'd like to [indiscernible]. May I ask you to ensure that your mobile devices are set to silent mode, please. Also, in the event of an emergency, a voice alarm will direct you to evacuate the building, if required. No emergency drill is planned this morning, so if the alarm does sound, please leave via the exit on my right, indicated by the exit sign, as quickly and safely as possible. A safety representatives will be there to guide you further. The notice of the meeting was published to shareholders on 20th March 2025 and the quorum is present, whether in person or virtually. And therefore, declare this meeting duly constituted. Do I have your permission to take the notice of the meeting as read and formally propose the resolution set out in the notice, thank you. [indiscernible] Board members and executives this morning. And I'd like to introduce them before I reflect on the year under review. I think about this and saying shall we go in order by Craig Miller, our CEO, is over here and next to him is Sayurie Naidoo. Suresh Kana, Chairman of the Audit and Risk Committee and our Lead Independent Director; Thevendrie Brewer, Chairman of our RemCo; Dorian Emmett, Chairman of our Safety and Sustainable Development Committee; Hendrik Faul, a newly independent non-Executive Director; Fagmeedah Petersen-Cook, another independent non-Executive Director; and Roger Dixon, another independent non-Executive Director; Lwazi Bam, Chairman of our Social Ethics and Transformation Committee; and Steve Phiri, independent non-Executive director are attending online. Then we have our Executive Committee members here with us. There is Willie Theron, Martin Poggiolini, Virginia Tyobeka, Yvonne Mfolo and Hilton Ingram is on the line. I was told that he ran away, but I can he is see here. Thank you. In 2024, we tragically lost 3 of our colleagues at our managed operations. Our commitment to eliminating fatalities and achieving zero harm in the workplace is our most important priority. Hence we deeply regret these tragic work-related fatalities at Amandelbult Dishaba mine. Our thoughts and prayers remain with the families, friends and colleagues of Tshepiso Mokale, Euzmen Ndlebe and Basanda Langeni, who lost their lives under our care. I'd like to ask all of us to observe a moment of silence to pay our respects to these colleagues and all who lost their lives across the mining industry over the last year. Safety, given that safety underpins everything we do and is our top priority, allow me to begin with our response to what was a very regrettable setback in our recent safety improvements at Anglo American Platinum. We've undertaken a comprehensive systems, standards, procedures and behavioral analysis so that we can really understand what happened. To learn from the incidents and improve our ways of working. We've also prioritized controls in high-risk work and are taking studies to fully understand material risks at each site. Our data analytics and reporting have been bolstered while visible thought and critical control compliance monitoring have been developed and embedded to support proactive evaluation of both leading and lagging indicators in order to enable us to respond quicker and to prevent injury or harm. In short, we are learning from incidents to prevent repeats. And our self-imposed safety stoppages in 2024 are testament to our commitment that safety comes first and thus shared across all our senior management team. We are being innovative in our safety leadership practices and in developing a culture of safety that is driven by KPI-based reward and recognition systems. I'm confident that our relentless focus on safety improvement and safety risk management across both permanent and contracted employees would drive us steadily closer to our goal of zero harm. Operating context. Before going into how we've delivered against our strategic objectives in 2024. Let me address our current operating context. The most important matter the company and Board have dealt with in the last 12 months is the demerger of Anglo American PLC of its majority interest in Anglo American Platinum. The decision by Anglo American to undertake this corporate transaction was in response to the outcome of its strategic review, resulting in its portfolio simplification and focus on copper, premium iron ore and crop nutrients. As Anglo American has articulated, the decision was not in response to the outlook for the PGM market or the quality of the assets in Anglo American Platinum, but an opportunity to realize the full value of this portfolio of assets in their portfolio. With both parties committed to an orderly separating process, we are focused on creating a sustainable and fit for purpose independent company to more effectively generate value for our stakeholders. The demerger provides us a fantastic opportunity to remain the world's leading PGMs miner with one of the largest mineral endowments in the precious metals industry. Will build upon our track record of profitability by leveraging our outstanding asset base with investments to support steady production. We also continue to benefit from a global marketing function that is delivering tailored solutions for our customers to maximize the value from what we mine. Our strong balance sheet and disciplined capital allocation translate into consistent shareholder returns, creating value for all stakeholders. And as I mentioned earlier, we are committed to zero harm while integrating sustainability into everything that we do. Management have also implemented a new target operating model and organizational structure, strengthening technical capabilities and new teams have been built to replace activities previously performed by Anglo American. The new structure with a lean corporate center responsible for strategy and our operations being responsible for execution. This provides greater accountability, clarity of expectations and agility while ensuring that we continue to operate at the highest standards and not compromise on our commitment to our host communities, to governments, to employees, to customers and to shareholders. As part of the demerger, the company has taken the decision to maintain its primary listing on the Johannesburg Stock Exchange and to ensure that a high number -- to ensure that a high number of Anglo American's existing non-South African shareholders will not be prevented from holding or continuing to hold shares on the demerger, the company will have the secondary listing on the London Stock Exchange. The details of this and other important information about the company are set out in the prospectus which was issued on 8th of April and is available on our website. On 30th April, Anglo American PLC shareholders voted in favor of the demerger, and the dividend and also a dividend especially to its shareholders comprising Anglo American Platinum shares. As a result, we are now in the final stages of the demerger. In less than 1 month, the company would trade on both the Johannesburg and London Stock Exchanges. And investors globally will be able to benefit from the way we have organized ourselves for success going forward. We hope to start life as an independent company under the name of Valterra Platinum Limited, so we're counting on your vote today so that we can put a new name to the independent company we are becoming. To support this voting process, I would quickly like to explain what Valterra means. A, Val, this comes from the word value and represents the value we create, not just what we mine. But in the way we work, the opportunities we create and our influence on society. B, terra, in Latin this means earth, fixed to our foundation, our responsibility and our commitment. C, we retain the word Platinum in our name, demonstrating the focus of the organization and drives clear brand distinction and differentiation as one of the world's largest platinum producers. The impact of the Anglo American Group has brought many benefits from technical expertise to global operating practices. But I believe our company has structured its operations, its work and its balance sheet for a bright future. Our single-minded focus on capital allocation for the PGM business will bring positive returns for all our stakeholders. Now that I've spoken about the emergence of Valterra Platinum. I would also like to emphasize that as much as we live in a hugely unpredictable [indiscernible] our long-term confidence in the [indiscernible]. In navigating this complex environment, our focus has been on what we can control. Through decisive and effective interventions to deliver on our production and sustainability commitments, improve our operational effectiveness, increase our cost and capital efficiencies and invest in the PGM market demand. These actions have enabled us to remain cash flow generative across the portfolio without comprising the integrity and reliability of our assets even in this challenging operating environment. So with that, I will now address some of the strategic initiatives and execution thereof throughout the past year. Advanced safety and health. The safety, health and well-being of our employees is and will continue to be of great importance to our business. I've touched on the fatal incidents we had in 2024 and once again reiterate the Board and management team's unwavering commitment to eliminating work-related injuries and deaths at our operations. Our safety and health programs go further than eliminating fatal incidents. In the past year, we have seen reduction in total injuries compared to the prior period. With regards to health, we've also seen a decrease in the workers exposed to inhalable hazards, occupational carcinogens and noise above the occupational exposure limits. We have further made progress in our health initiatives with marked improvements in our HIV and TB prevention programs, pursuing operational excellence, focused on improving productivity, reducing costs and optimizing competitiveness. We delivered on our priorities in 2024 despite the prevailing headwinds associated with the operating context, including an uncertain global macroeconomic outlook, geopolitical tensions, changing South African political landscape, and the demerger from Anglo American, which I've spoken at length to earlier. We have sought to improve the company's competitive position and protect cash flow generation and returns through commodity price cycles. This we achieved through focusing on safe and stable production, focused on value over volume as well as increasing our cost efficiencies and improved productivity levels to ensure all assets in the first half of the PGM cost curve. Given the prevailing macroeconomic environment, there is no doubt in my mind that we have made the correct decision to step up the agility of this business, one that is more capable of adapting to both challenges and to opportunities. The cost-out program delivered ZAR 12 billion in cost and capital savings, significantly exceeding our reduction target, which was ZAR 10 billion. The South African Labor Relations Act Section 189A restructuring that has been completed with approximately 3,400 roles reduced at the end of December 2024, that is completed and done. We have finalized the new process of our contracting companies, resulting in the off-boarding of approximately 400 companies. These measures resulted in a 2024 cash operating unit cost of ZAR 17,540 per PGM ounce, more than offsetting inflation and the 7% decline in production. Our efforts placed all of our assets in the first half of the cost curve. And our performance indeed underscores our readiness for our transition to a standalone company. Our goal was and remains to ensure that Anglo American Platinum is resilient and cash-generative through the cycle. We, therefore, continue to enhance our operating model and maintain the integrity of our assets to transform performance, increase operational resilience and create value. Looking at our production performance during the year. Our own-managed mines production of 2.2 million PGM ounces was at the midpoint of our metal in concentrate production guidance. And our total refined production of 3.9 million PGM ounces was up 3% from 2023 3.8 million ounces due to the lease of work-in-progress inventory and the robust performance of our well-invested processing assets. For this year, our guidance for metal in concentrate production from our own managed mines is between 2.1 million to 2.3 million PGM ounces, and refined production guidance is 3.0 million to 3.4 million PGM ounces. We also resequenced growth investments and prioritized higher-margin production from our own operations through our processing facilities and continue with the twin exploration decline at Sandsloot at Mogalakwena. The Sandsloot underground affords us the opportunity to extract further value from the 80-plus year reserve base at Mogalakwena enabling the company to extract high-grade ore to blend with the open pit ore, thereby potentially increasing PGM ounces and ensuring the leading position on the cost curve, drive PGM demand for long-term success. Speaking of driving demand, well, our core product revenue such as from gold and nickel. While this has been growing in recent years and helps to push on the business against price volatility. PGMs remain at the heart of our business, accounting for up to 95% of our revenue over the last 5 years. From a PGM pricing perspective, we continue to experience pricing pressure leading to a 13% deterioration in the rand basket price for PGMs. While the fundamentals for demand remain solid the timing of the price recovery is unknown. As you know, our metals are present in applications as diverse as catalytic converters, smartphones, wind turbines and health care products. Our approach is to discover, nurture, scale and sustain a diverse set of segments to secure sustainable long-term demand for our metals. The success of this approach is evident in the growing list of potential uses for our metals. We remain optimistic about the outlook for demand in the automotive sector because global trends show auto demand volumes beating consensus forecast. And because the market still overwhelmingly favors internal combustion engines as vehicle sales trend back towards historical levels. In addition, hybrid vehicles, which also use PGMs increased their share in the market. And importantly, battery electric vehicle adoption progresses more slowly than previously expected. To add to the momentum, emission standards continue to tighten, which will likely lead to increased catalytic loading. In short, more PGMs in each ICE or hybrid vehicle produced. On the other hand, both primary and secondary supply are likely to remain constrained as ongoing uncertainty and the lack of investment incentives limit the development of new supply as well as extensions of current life of mines, in order to maintain current industry production levels. Across the board, the prospects for PGM demand in existing applications is good, but we're not a company that takes anything for granted. If we look at the stimulation of new revenue streams and applications to ensure long-term sustainability of the metals we produce, we see significant potential in the hydrogen economy, sustainable aviation, e-fuels, carbon-neutral feedstock and artificial intelligence as well as cloud computing, integrating sustainability in everything we do. Importantly, we went through our strategy and the delivery thereof is integrating sustainability into everything that we do to protect and to create value for all our stakeholders. Focusing on climate and energy challenges, building relationship with our local communities and maintain ethical supply chains. We are pleased with the progress in our decarbonization journey, particularly the finalization of agreements for 460 megawatts of renewable energy supply to power 30% of our energy requirement from 2026 onwards. By investing in renewable energy and enhancing security of supply, we will also position ourselves as a preferred supplier in a carbon-conscious global market. While reduced carbon footprint means lower emissions, it also means that we will have access to cost effective and reliable power supply once the facilities are commissioned. We remain committed to reaching our target of 30% carbon reduction by 2030 and being carbon neutral on Scope 1 and 2 emissions by 2040. We also attend 98% conformance with the global industry standard on tailings management and no Level 4 or 5 environmental [indiscernible]. We achieved certification from the Initiative for Responsible Mining Assurance or IRMA, as we call it, which is the world's most stringent assurance standard. This places our mines ahead of all PGM competitors in Southern Africa. Unki and Mototolo have achieved IRMA 75 certification while Amandelbult and Mogalakwena attained IRMA 50. Moving on to our financial performance during 2024. The realized PGM rand basket price was 13% lower at ZAR 26,695 per PGM ounce sold, due to a declining realized palladium and rhodium metal prices which were 24% and 30% lower, respectively. We have seen a continuation of price fluctuation in the first quarter of 2025 owing to trade war narratives. Despite the decline in the PGM basket prices, we produced an adjusted EBITDA of ZAR 19.8 billion. Our headline earnings were ZAR 8.4 billion or ZAR 52.05 per share. Total capital expenditure for the year was ZAR 18.6 billion at an all-in sustaining cost of USD 986 per 3E ounce sold, well below the target we set ourselves. We ended the year with a net cash position of ZAR 17.6 billion, from which -- in addition to the final dividend declared of ZAR 3 per share, representing 40% of headline earnings, the Board declared an additional cash dividend of ZAR 15.7 billion or ZAR 59 per share. This brought the full year dividend to ZAR 19.1 billion or ZAR 71.75 per share, ZAR 521 million of this was distributed toward employee ownership trusts and to community trust. While the Section 189 restructuring process did result in the loss of jobs, we remain an employer of more than 29,000 people, paying ZAR 17.7 billion in wages and related payments to employees in the last year [indiscernible] on procurement in host communities as well as almost ZAR 1 billion across corporate social investment, social and labor plans and community dividends, as I mentioned earlier. We paid ZAR 3 billion in taxes and royalties in 2024. Altogether, overall, our economic contribution to society in 2024 was ZAR 72 billion. Finally, I wish to address changes made to the Board since the last meeting. As I mentioned earlier, with the demerger of our company into a stand-alone entity expected to be completed at the end of this month. We have restructured the executive leadership into a cohesive unit to optimally manage and lead an independent company. The decision of the Anglo American Board nominees to step down was aimed at fostering greater independence within the Board in anticipation of the demerger. I would like to thank Nolitha Fakude, Themba Mkhwanazi and Matt Daley for their invaluable service to this company during their tenure on the board. The appointments of Dorian Emmett, Hendrik Faul, and Fagmeedah Petersen-Cook as independent nonexecutive directors on 13th February 2025. It shows the appropriate balance of knowledge, skills and experience, diversity and independence on the Board for it to discharge its governance role and responsibilities objectively. In May 2024, Sayurie Naidoo was appointed Chief Financial Officer and Executive Director. She had served in an acting capacity after Craig Miller was appointed Chief Executive Officer in October 2023 and has been with Anglo American for over 15 years, some of that time with me in another organization. As part of our normal ongoing Board review process, we have further reviewed the diversity of our Board, including with reference to expertise, gender and age. And we are already in a process of addressing gaps which we hope to finalize very soon. Once complete, we are confident that our Board will meet the recommendations of [indiscernible] and the LSE regarding diversity. In our -- in 2024, our company Secretary, Elizna Viljoen -- had to practice that pronunciation Viljoen, resigned having received a good offer from another JSE listed entity. After serving as Interim Company Secretary, Fiona Edmundson was appointed as Company Secretary in March of this year. Fiona also leads our legal and compliance teams. We are also looking at the structure and membership of the Board committees. However, given the transition period we're in and the ongoing board recruitment process that I've just talked about, this review process will only be completed following the demerger. I believe the expertise of my fellow directors is a competitive advantage for our company. And I deeply appreciate their diligence in fulfilling their responsibilities. A lot of work has happened in this demerger period, and I'd like to thank you. I also thank our excellent leadership team and all our people for their unwavering commitment to our strategic goals as we [indiscernible] together with the rest of the directors are looking forward to the future, which lies ahead of Valterra Platinum as an independent company, realizing the opportunities before us and ensuring we create enduring value for all our stakeholders. I invite all shareholders to read our annual financial statements under our integrated report as well as the following reports: sustainability, climate change, ore reserves and mineral resources, and governance reports. These are available on our website and will allow you to gain greater insight into this critical journey of our business as we embark on an independent future. I will now move on to the business of this Annual General Meeting. Presentation of Annual Financial Statements. The audited group and company annual financial statements, including the independent auditor's report, the Audit and Risk Committee report and the Director's report for the year ended 31 December 2024 were made available on our website. Furthermore, the Companies Act requires a member of the Social Ethics and Transformation Committee to report on matters within its mandate at the Annual General Meeting. A written report summarizing the matters over which the Social and Ethics Committee presided during the year is included in the governance report. As introduced to you earlier, the chairs of the Audit and Risk Committee, Social Ethics and Transformation Committee and the Remuneration Committee are present to answer any questions you may have. Voting. Voting will be done electronically, the results of which will be automatically tallied and reflected on the screen after all voting has been completed. Procedure for voting. Registered shareholders who have received the requisite ordinary shareholders' user guide and web link from computer to access the voting platform. Voting will take place on a poll on all of the resolutions set out in the Notice of the AGM, which are formally proposed at the beginning of this meeting. Voting will remain open during the duration of the meeting until I declare the voting closed. We will [indiscernible], but prior to the closing of voting. Shareholders may ask questions on the various platforms, telephonically, online or in person. I will start with questions from the telefonic platform, followed by any questions on the Computershare platform. And thereafter, any questions from anyone in the room. [Operator Instructions]. In other instances, we may suggest that we treat the issue being raised as official grievance and progress it through our formal grievance mechanism in an effort to find a resolution. Furthermore, in fairness to the other shareholders present, if you have any specific questions relating to your shareholding, please speak to our company's secretarial team in the refreshment area after the meeting, who will be able to assist you or contact the registrar directly if you are joining us virtually. This will enable us to concentrate on questions regarding the company's performance in the last financial year and the business of this AGM. I will now read out all the resolutions to be voted on. Ordinary Resolution #1. Ordinary resolution #1 deals with the reelection of directors retiring by rotation. Myself, Craig Miller; Lwazi Bam and Thevendrie Brewer retire by rotation and are eligible and willing to stand for reelection. Each director will be voted on separately as [indiscernible] to reelect Norman Mbazima as a director, that is me. 1.2 to reelect Craig Wilson Miller as a director. 1.3 to reelect Lwazi Bam as a director. 1.4 to reelect Thevendrie Brewer as a director, who have been appointed since the previous Annual General Meeting. Each director will be voted on separately as proposed. 2.1, to elect Sayurie Naidoo as the director of the company. 2.2, to elect Dorian Emmett as a director of the company. 2.3, to elect Hendrik Faul as a director of the company. 2.4, to Fagmeedah Petersen-Cook as a director of the company. Ordinary Resolution #3. The election of the Audit and Risk Committee members will also be done by way of separate resolutions. The following resolutions are proposed. 3.1, election of Lwazi Bam, as a member of the committee. 3.2, the election of Thevendrie Brewer as a member of the committee. 3.3, election of Suresh Kana as a member of the committee. Ordinary resolution #4. The election of the Social Ethics and Transformation Committee, will be done by way of separate resolutions. The following resolutions are proposed. 4.1, election of Lwazi Bam as a member of the committee. 4.2, election of Thevendrie Brewer as a member of the committee. 4.3, election of Roger Dixon as a member of the committee. 4.4, election of Norman Mbazima as a member of the committee. Ordinary Resolution #5. Reappointment of Independent External Auditors. It is proposed that PricewaterhouseCoopers be appointed as the independent registered external auditors of the company for the ensuing year until [indiscernible] Mr. Oswald Wentworth is appointed as the designated auditor. Ordinary Resolution #6. General authority to allot and issue authorized but unissued ordinary shares. I now move that the unissued ordinary shares limited to 3% of the issued share capital of the company being placed under the control of the directors until the next AGM to allot and issue at their discretion. I would like to note that the directors have no current plans to make use of this authority, but wish to ensure that by having the facility in place, they will have the flexibility to allow the company to take advantage of business opportunities that may arise aligned with our strategy. Ordinary Resolution #7. Directors' authority to implement special and ordinary resolutions. I propose that authority to implement the resolutions of this meeting be granted to any director of the company. Ordinary Resolution #8. Approval of the Anglo American Platinum share incentive plan. Ordinary Resolution #8 deals with the approval of the Anglo American Platinum share incentive plan in accordance with Schedule 14 of the JSE listing requirements. The share incentive plan replaces the Anglo American Platinum long-term incentive plan and bonus share plan as the main share [indiscernible] as in the notice. It is proposed that 8.1, Anglo American Platinum share incentive plan be approved and adopted. 8.2, the Board be authorized to acquire shares, cause any subsidiary of the company to deliver treasury shares and or issue new shares as needed for the [indiscernible], 8.3 any director be authorized to take all necessary or desirable actions to implement the Anglo American Platinum share incentive plan. Advisory vote. Endorsement of the [indiscernible]. This an advisory vote of a nonbinding nature only. However, the Board will take cognizance of the outcome of the vote when considering the company's remuneration policy, the implementation report and the remuneration [indiscernible], 9.1 and 9.2 is to elicit the view of shareholders on our remuneration policy and our implementation of that policy. Advisory vote 9.1 [indiscernible] true endorsement of the company's remuneration implementation report. Okay. Now I will move to the items of special business. Special resolution #1. Non-Executive Directors remuneration. The proposed remuneration of Non-Executive Directors is detailed in the notice of the meeting. I now move that the company be and is hereby authorized to remunerate its directors for their services as directors in accordance with the fee structure as detailed. The authority shall be valid until the next AGM. Special Resolution #2, authority to provide financial assistance. The second item of special business is a special resolution to grant the company to provide financial assistance in the circumstances contemplated in Sections 44 and/or 45 of the company's act. The purpose of this resolution is to allow the company to provide financial assistance to certain of its subsidiaries, associates and joint ventures as and when required. Special Resolution #3. General authority to repurchase shares. I move that the company or a subsidiary be and is hereby by authorized by way [indiscernible] general authority to acquire ordinary shares issued by the company. I would like to note that the directors currently have no specific intention to repurchase shares [indiscernible] schemes. But the board will, however, continuously review the company's position, having regard to prevailing circumstances and market conditions, in considering whether to affect the provisions of this resolution. Special Resolution # 4. Change of name of the company. I'm going to be really slow on this one. The fourth item of special business is a special resolution to change the name of the company from Anglo American Platinum Limited to Valterra Platinum Limited. The proposed name change aligns with the company's strategic objectives and branding initiatives including the proposed demerger of the company from the broader Anglo American Group. I propose that subject to the passing of Special Resolution #5 and the amendment to the company's MOI becoming effective. The company's name be changed from Anglo American Platinum Limited to Valterra Platinum Limited. Special Resolution #5. Amendment to company's MOI. I move to the 5th and last item which is a special resolution to amend the company's MOI. This is in accordance with Section 16, subsection 1, subsection C, subsection 2 of the Companies Act. The proposed amendments are set out in the notice of this meeting. 5.1 it is proposed that subject to the passing of Resolution 4, the word Anglo American Platinum Limited are hereby substituted by the words Valterra Platinum Limited. And 5.2, certain provisions be deleted of the amended Companies Act and any applicable legislation.

Right. We turn to questions and answers. I would like to pause to see if there are any questions on the proposed resolutions or any other questions. Please could I ask that when asking the question, give your name clearly and indicate whether you are a shareholder, proxy holder or corporate representative. Are there any questions on the telephone line?

[Operator Instructions]. Currently, there are no questions on the phone.

Thank you. Thank you very much. Are there any questions in the Computershare platform.

Yes Mr. Chairman we've got 5 questions from Mr. [ Niko ] from ESG Insight SA. So I'll start with the first one, which is about job losses versus executive and shareholder gains. How does the Board justify the decision to implement mass retrenchments and social -- and cut social investment programs while simultaneously delivering record dividends and maintaining exorbitant executive remuneration? What balance sheet or shareholder engagement considerations inform this capital allocation?

I'm going to look to you to add to the answer, but let me set the scene here. Repeatedly throughout my speech, I've talked about us being a company in transition, we're setting ourselves up for the future. We want to make sure that our structure, our remuneration, our assets, everything that we do is set up so that we can be successful in the future as a stand-alone company. It is always regretful when you have to lose colleagues that you have worked with for many years. But I've always said, it's always necessary to ensure that we can have jobs that are strong, that are decent, that can continue into the future. And the processes that we have followed were designed to do just that. Perhaps you'd like to add, there's a microphone there.

Thank you Chairman, and thank you for the question. I think. Our Chairman has very -- well -- has gone through the articulation of all the work that we've done on repositioning the company as a stand-alone business going forward. And I think with that, ensuring that we have set for ourselves scorecards and the ability to measure performance of strategic delivery going forward and as we have done so in the past. So I can give you the assurance that the Remuneration Committee applies a significant amount of diligence to ensuring that all of these strategic objectives are delivered against, trying and testing KPIs within the business and will ensure that this is implemented going forward as well. I think importantly, when we look at executive remuneration, we ensure that our remuneration is very much in line with industry benchmarks. So we're not in any way, I believe, out of line with what it is the industry is paying executives, who are fulfilling similar roles both in South Africa and across our global peer group. Thank you very much.

Thanks, thanks. Next question?

Okay. Question number 2 relates to executive remuneration versus safety failures. Given [indiscernible] and the rising TRIFR, how does the Board justify the full 100% safety bonus payout? What governance changes will be made to ensure that ESG failures, particularly loss of life are more transparently and materially reflected in executive remuneration going forward.

Thank you. I am going to the Chair of RemCo to comment. But once again, this is something that we've had for many, many years. That our executives are responsible for safety as well as a plethora of other things that they need to do to meet the objectives of this company. But always, when we have fatalities we do reduce the bonuses that executives get. So I just want to emphasize that point that if you read the documentation that we have in the reports, you will have seen a reduction in the amounts of incentives that were paid to executives in recognition of the fatalities that we experienced.

Thank you, Chair. I think you've dealt with the actual -- the question, but I think just to reiterate that safety continues to be a core value of the business, and we take it very seriously. I think in your opening remarks, Chairman, you have dealt with all of the various changes that the business has implemented to deal or to add some additional work around the safety failures that we had and ensuring that we are continuing to promote safe production within our business. And you've correctly pointed out that we had a 20% reduction actually in our incentives for 2024 year to take into account the safety failures that we have, the fatalities.

You said 5 questions. Did you?

Yes.

Okay. Number 3.

Sorry. The questions have just suddenly disappeared.

Perhaps we can take some questions in the room while you sort out.

Okay. While we sort out the remaining 3 questions, let's take some questions in the room. Shall we start with you, sir, here?

Thank you. Is that all?

We didn't do a black box. We did a blue box.

Yes, that's right. I'm not used to this. Good day, everyone. My name is [ Victor Balui ]. I am in a position of 1 ordinary shareholding. That gives me a power to attend and vote. Now if I may be allowed to ask 2 questions or 3 through your Chairperson. I was moved by your opening remarks when you say the company is committed to zero harm. I'm from [ Gopani ]. I'm from Mapela. I'm from [ Mogalakwena ]. Now what do you do with the possible failure of the tailings? Then that a household in [ Molagala ] village is centimeters away from that possible tailings failure. That's number one. Number two, what do you do with the women rights violation that you conducted into the first relocation of the 3 villages, namely [indiscernible]? And now you are embarking on a legal litigations against the remaining of Motocho 8 households who are harmless to you. So after the community attempted to raise consents to you, all the platforms, I think the -- correct me if lies here, even you -- you received the emails from there. Now the share that I'm having sitting here, I don't feel proud of having that. Because my community, we -- right now when we're -- in this house, in this meeting, there is possibility of that tailings to fail. So why don't you release the EMR report? Please. I'm not proud because my people, as I'm standing here, we might lose -- we might wipe Mogalakwena village out.

You hold 2 shares or 1 million shares, you are most welcome to the AGM. Every mine has to have a tailings around the world. The amount of -- we mine grades of 3 grams per ton, so the rest of that has to go somewhere, and this go into tailings dams. And therefore, it's a serious commitment by the company to assure that those tailing dams are maintained to their highest safety standards. And I believe that we've done that and we'll continue to do that. Recently, because of failures of tailings dams in other countries, specifically in Brazil, the industry got together and came up with improvements on the standards that already existed to make sure that as an industry, we do not experience the kind of failures that we saw in Brazil. We, as a Board, in 2024, spent a considerable amount of time going into what are the things that are required to be done. And those things have been done certainly at Mogalakwena. Including spending many, many, many millions, perhaps even hundreds of millions, making sure that they are properly buttressed et cetera, et cetera. This global standard that we are starting aspiring to also includes ensuring like I did hear this morning about what happens if there's something happening in the room, which way do we go out, which way -- who do you look for, where do we -- kind of drills to say, should something happen, how should we react and what do we do. And you have seen those drills. So we will continue to add here to the very highest standards in managing our tailings dams. I would like to refute the issue of post-relocations. Relocations are something that we go to each and every family and say, "We would like to relocate you because of how mine is going up and, et cetera, et cetera, et cetera. Can we agree?" And in each case, to my knowledge, there were agreements signed between the family and the company for that relocation before that relocation. Having said that, moving a family from where they have been for decades to a new place, no matter how nice that place is, is a big thing, and we have to be cognizant that no matter how hard you try, they are going to miss this or miss that, et cetera, et cetera. And they have a continual requirement and continuing commitment to dialoguing with those families and say where things happen. There are times -- as in some of their families you are talking about, where we do not see eye to eye on the final outcome. And we have to find ways and means of resolving those issues in some of the manners that [indiscernible]. But what is the commitment that we have? The commitment that we have is to work to the very highest standards of safety. Zero harm is an ambition that we have. And even it's -- what is zero harm changes? No, for us, started off with zero harm is just to eliminate fatalities. But for 2 years, we did have fatalities, and we need to get back to that. And once we do that, zero harm will say eliminate LTIs. Zero harm will say, eliminate even first aid cases. So zero harm is that ambition that we continue to have and that we are committed to continue to implement, and 2024 was not a good year. Thank you.

Thanks, and greetings. My name is [ Philip Ospolo ]. I'm from Mapela at Mogalakwena complex mine. Chairman, I want to make a follow-up on what [ Mr. Balui ] was sharing with regard to the tailings term. Gentlemen, I wonder if you know -- if you know a village called [ GaMolekana ] in the Mapela area. And secondly, Chairman, I wonder if you know what you rated as Falco Pattinson Project, which you regard it as a preventative measures to the tailings favor. I'm from the Mapela area. And I want to address to you today here that the edge of the tailings dam is about the rock, which was surrounded through the tailings step by the name of Falco Pattinson Project. Chairman, the tailings dam was constructed for the past 26 years ago. The tailings dam is saving your own engineering standards, which you applied for the past -- combined with climate change and global warming that tailings dam is doing to fail. Last year, we experienced the tailings pipeline failure, which failed and you know the river is full of spillage. [indiscernible] last year to go and witness the spillage into the river. Up to date, that spillage is still in the river and was not removed. Now my question is, when are you going to remove that spillage into the river? Secondly, the domestic animals, which consumed water on a daily basis in that river have died. What are you going to do with the cattles, which have died? You have 32 pipelines from the local municipality from [indiscernible] mine. The failed last year, in 1 of the farms called [indiscernible]. More than 17 cattle have died after they have consumed industrial or promoter from [indiscernible] system. And we reported this amongst Board of Directors, yourself. You also received e-mails complaining about the pipeline, tailings failure and Falco Pattinson facility storage, including the failure of the [indiscernible] pipeline. Now let's go to Motocho where some spillages are remaining and there, last year, about 7 houses were demolished by Anglo Platinum and [indiscernible] where they were refused to go to third quarter and also refused to go to [indiscernible] why are you forcefully vandalizing the houses of poor people? So to an extent, you were not satisfied, you took the route of litigation, you are litigating our people at Motocho at runback and land at high court. Why are you doing so? Do you think litigation is the last resort or does your people not having enough capacity at Mogalakwena starting with the GM and corporate, whereby they are unable to engage with poor people at Motocho rather than taking the method of runback High Court. This is a simple question and are you able to engage rather the litigation route. Now before the mine 3 in [indiscernible], our water or our environment was not contaminated, was not degraded. Today, you commissioned to halt water, is sufficient in the Mapela area, which is contimated. It is rich with nitrates and high level of sulphate. When are you going to stop that water to provision a contaminated water to our people in Mapela area.

Thanks. Mr. [ Dolo ], pleased to see you. You remember that we have met for many, many years over the time. And especially the London Anglo American AGMs that we both used to attend. I do admire your tenacity in following issues that affect communities over so many years. I think it's commendable. I would like to say that it's probably not possible to answer specific issues in this AGM, and therefore, it's probably better for us to put a process that deals with this thing. But generally speaking, as I said before, there is a global industry standard on tailings management. And it's very important that the communities understand what is that industry say, what level of safety does it afford? When it says buttressing, why is buttressing being done in this way rather than in this way? What engineers have looked at this buttressing and what have they said about buttressing? How was it designed? What are the engineering prices? And by the way, I wouldn't know them either, but I would need people who can show me their qualifications and experience and have signed off to say this is the way to do this or this is not the way to do this. And if any member of the community is concerned, this is the engineering as a whole or whatever it is. The amount of monitoring, technical equipment that has gone to work up now compared to before, it's just chalk and cheese and shows that we have a way of being able to say, are we doing this to the best possible standards that we could do and what else could we do. I'm sorry to hear about the livestock. Again, most of my youth was spent following livestock and looking after them and so forth. So I have a special heart for livestock. But once again, we have a process to deal with losses that the community has suffered. Which livestock died, when did it die, what did it die of and how? We need to put that together so that we can then go through the process to be 100% sure with each other that we're doing the right thing, and we're seeing those things right to the end. So I've got the staff who will take a note of this so we can deal with it in a proper manner that brings the matter to a solution. I think that our monitoring of water quality of what water is coming from Polokwane and what is the quality of it, et cetera. It's pretty good. What I hear you saying is that what you do want us to find out, that is not as good. So at least we have a base that's says -- also such the water that passes through that goes to the concentrator, what quality was it? And then we can go ahead and say, "Okay, what do we do about it?" The issue of nitrates has been discussed quite a lot in the Board, including who produces nitrates, who puts nitrates, how much nitrates are put in there, et cetera, et cetera. So these are things that I'd like to put into a process so that when we get to the end of specific issues, we can have specific answers too. You will be aware, Mr. [ Dolo ], that I was here in 2007 when that relocation started. When the first trucks and buses came to move people from 1 area to another. I'm also aware that rule of engagement with those communities and with those family for several years before that. And we're not talking about 2007. Today is 2025. So I think to say that we have not engaged with those people would probably not be factual. But as I said earlier on, things change. In a relocation, things like are emotive. Things are personal. Things are lost sometimes. Things are not done properly sometimes. Out of 100 things, there will be a few that will have gone wrong, right? And we will be committed to rectifying those things, but deeper. And we have not stopped engaging even with those people that have gone to the court and was taken to the magistrate. We are still engaging to this date. We are happy to reach settlements out of court. We are not happy to have settlements be done in court. We would rather reach agreements on the things and agree what's happening and how can we do this. As you know, we're talking about a very small number of families compared to the over 1,000 families that we started with. And we have to make sure that there's comparability between what we did to this family versus that family? But I want to give you assurance today that we would much prefer to engage and reach agreement with the family than would go to court. For us, it's the last resort. And even as we're in court, we are open to that kind of discussion taking place. So I will once again instruct my staff to get a hold of you to discuss about specific issues out of this AGM. Thank you.

Thank you very much. [indiscernible], it's very nice to see you.

Yes, sir. I'm coming to you.

Thanks. My name is [ Elijah Mabelo ]. I'm still coming from Mapela. was touched by what Mr. [ Dolo ] has just said regarding relocation. I'm not going to talk about the relocation of Motocho. I'm talking about the relocation of Seritarita high school, which was built by more than 10 villages as early as 1970s. But I'm taking aback to see that Seritarita where it is now, where it is placed, but what surprises me is some of the villages that contributed in the formation of that school has never been consulted. I want to know who in Anglo advanced and make an agreement that Seritarita must be clearly moved from where it is now. I just want to know who in Anglo approached in as far as Seritarita high school is concerned. Thank you.

Sorry, can I have your name again?

[Elijah Mabelo].

[ Elijah Mabelo ].

Yes.

Mr. [ Mabelo ], I will not have a direct answer as to exactly who we consulted. We do have that answer because whenever we do consultation, we have records of what the consultation was, when it happened, who we meet and so on and so forth. So I'll not be able to give you an answer today, we'll take note of that and come back to you. However, I just wanted to set a little bit of background about Seritarita school's relocation. I think it was Mr. [ Baloi ] or is it Mr. [ Dolo ] talked about the other relocations that we have been planning for quite a long time now and still has to happen, but is still in umbrella. And Seritarita school is located there. And the reason for all that relocation is to do with mining and where the ore is and when we would need to mine it, et cetera, et cetera, into the future. And so in line with the relocation of those communities, Seritarita will also be relocated. Now I used the word will also be relocated because the current relocation is supposed to be temporary. It's to make sure that we can do blasting and not affect children, et cetera, et cetera. You will have seen even how it has been built. So there will be further consultation about where Seritarita school is going to end and what it's going to look like in the end. I just want to place that as a context about where we're going. But I'm very interested in the issue that we may have missed some people in our engagements discussing about how to move the school when those people were involved in building that school. And if we have then it's something that we need to acknowledge, rectify and ensure that as we go to the final moves, everybody who needs to be consulted is consulted. Thank you very much.

Thank you very much. My name is William Black, and I'm a private shareholder. I would just like to ask a couple of questions, please, on special resolution #1. If I understand correctly, you will have a London Board and your South African Board. So the first question is, will the Board members in London be different to the Board members in South Africa? Or will there be some sitting on both Boards? And what would be the duties of the London Board members? Are they purely going to be involved with the London Stock Exchange and compliance? Or what other duties might they have? And thirdly, what would happen in the event that there are different requirements in London and South Africa, which would predominate?

A very good question, Mr. Black, but probably premised on a misconception. We are going to have 1 Board, of which I will be Chairman. That Board sits here and will continue to do so. You must remember that we said we will continue our primary listing on the Johannesburg Stock Exchange. And the London listing will be our secondary listing there. So this 1 Board will continue to manage the entire affairs of the company. In recognition of the fact that we do have a secondary listing in London, we will look for perhaps 1 member who is more vest in LSE listing, et cetera, to join, but that member would become a member of this Board. So the issues that you are concerned about should not happen. All the decisions -- all the Board decisions will be made by this one Board. We did an exercise in producing the prospectus. In comparing the listing requirements of the JSE and the listing requirements of the LSE and seeing whether there are any gaps, et cetera, et cetera. I think the biggest thing that came out of there was a pride in our JSE listing and these rules. Because they are comprehensive and they touched on all aspects, et cetera. There are a few things that we talked about, and we will deal with those things in this Board to -- they purely enhance -- the net effect is an increase in how we are going and so forth. I hope that gives you some confidence in where we're going.

Just a follow-up. Sorry, the reason I asked the question was that in the notes, you say we are introducing an international director's fee to attract U.K.-based directors to draw high caliber. [Audio Gap]

I understand. But I hope I have explained, we would like someone to join this Board who has that experience. But given that somebody will have been a member of various Boards on LSE-registered companies and who will be used to that kind of remuneration, et cetera, et cetera. That is what we were alluding to in that writeup. We are certainly not going to have 2 Boards.

Good morning, everyone. I'm [ Dikeledi Lange ] from Mapela. As I was touched by the zero-harm issue and our -- my colleagues here talking about the tailings dams. And again, we were so surprised that Anglo, just 1 of the good days, they just dropped their flying papers to people that they are supposed to run away while they see the best of the dams or any failure of the tailings dams. So i was surprised very much said how are we supposed to while we are having some elderly people, we got some pregnant women, sick people, and then we got disabled people. [Audio Gap] concern that is 1 of the good things we're going to hear about our tailings dams or failed, then how am I going to feel when I found out my child is in danger because of those tailings dams?

Okay. We talked about if something should happen, the siren will go and we'll open that door and we are required to do X, Y and Z. It may well be that we have disabled people in this room and we'll love to say how are we going to treat them. It may well be that we have highly pregnant ladies in this room. We have to say what are we going to do? I think this player was done somewhere in October last year when this exercise was done. This is an exercise that says in the most unlikely event of an issue with the tailings dam, how should we react? We as a company [Audio Gap]. And exactly what you are saying is what this kind of exercise teaches us. You guys, when you're thinking about your strategy of what should happen, you didn't think about people who are perhaps disabled. Now you can go and change your response, your procedures to make sure that you have taken account of people who are babies. You've taken account for people -- and so on and so forth. And you have a record of how many such people are there. So that, again, when you respond, you are responding based on information that you have already got. So that was the purpose of this class and the people of that exercise. It is clear from the reaction that I've seen that we are not yet finished with this thing. We will have to come back again and say, "Guys, this is what the plan looks like. This is what we would like to do." Can we consult some more, and maybe do another drill at a later stage so that people satisfied in their hearts that this is being done for test. This is not being done to make sure the general manager feels [indiscernible] when he wakes up in the morning. And that's the commitment that I would like to leave with you.

Sorry, Chair?

Mr. [ Baloi ]?

I'm unsatisfied initially on most of the questions that you've tried to answer. But I'm not convinced to say that flyer, it was for safety drill. Now let me put this question to you. Let me put this question to you. How will you feel now -- how will you feel now, sitting here in Rosebank having a meeting with us, your mom or your family, they are 50 meters away from the tailing -- 30 meters, not 30 kilometers -- 30 meters usually from here to somewhere in that wall. I don't think you'll feel well. And then on top of that, after 26 years, what triggered the company -- what triggered the company to send out that flyer? That fly automatically triggers panic from the community. They suddenly heard a strange noise on the tailings. This is serious.

No, it's very serious. I accept that. It's a serious matter.

The company is -- we need to create a mutual . So harmonious, harmonious. But you -- why don't you listen? That's why I'm here. I'm here because I'm representing the community. This is the highest place -- this is the last resort where their voices can be heard. And then even now as we speak, they are aware that this AGM we're sitting now, in this venue, we are going to give them report to say, "Hey, your e-mails never felt on this [indiscernible]." They knew about it and that they don't do anything about it. That's why even now we are telling you that we reached the last top of -- top of the roof. Our people will die do something, do something, send independent engineer or remove that tailings from the community. Give Mogalakwena community, they are grades in that, you took 26% of the length of Mogalakwena community. Now the Mogalakwena community, they are forced to encroach on the restricted land nearby where I am [indiscernible]. They are forced to send their livestock on the restricted land where now the conflict will start -- they will start fighting saying "Hey, you community. You left your land to Anglo, now this is our forefathers lands," whom were forcefully removed under the 1915. So let us find a way to mitigate that problem before that tailings wipe out the entire village of Mogalakwena.

Thank you, Mr. [ Baloi ]. I'm very grateful for what you said about. The best outcome is an outcome where we've talked, we've understood each other. We're putting resolutions, and both sides are satisfied with it. I'm paraphrasing what you are saying. So what do I see? I said before that there is a new standard on tailings that was developed by the industry itself as a result of the things that happened in Brazil. That standard is significantly more stringent about things than the standards that we had before. And we were quite proud of the previous standards before that. Okay? That standard was the standard that resulted in this. Because it said in the unlikely event that whatever happened in Brazil happens here. How much do they know about what they should do when they hear this or when that happens? Should we have sirens in the village to warn people that, a, our monitoring equipment has found this or whatever. What do you do when you hear that siren? That was the origins of this thing. What I'm hearing here, however, Mr. [ Baloi ], is that this raised anxiety in people. That wasn't the intention -- was not to raise people's anxiety. And given that anxiety, as I said, we will come back and talk about what this drills were and what they mean and we'll come back and talk about what engineer, as you pointed out, was involved, what write-up has been given about this and we'll hopefully settle this matter, such that my go-go and yours can sleep soundly at night. Thank you.

Chair?

Yes?

In the interest of time, if we go back to the question on the [indiscernible].

Yes, I've forgotten about that. So...

[indiscernible].

Okay. Let's go back to the questions -- the 3 questions? You had, and then I'll come back to you, and then we'll close.

Yes, so thank you. This is for Mr. [ Unkubi ] from ESG Insight. So the third question was on director election diversity targets. He asks that female representation on the Board is 27% and senior management female participation has fallen short of the 33% target. Despite a stated commitment to transformation, no forward-looking targets were disclosed in the governance report. What specific gender and racial diversity targets has the Board adopted for leadership management and technical functions post demerger?

Good question. Very quick answer. I did say in my speech that we have not finished with the composition of the Board and how it will look like. So finished with that, we should be able to comply with the requirements of the JSE and the LSE with regards to diversity and specifically, gender diversity. So we'll be following the precepts of those regulatory authorities to go forward. Number 4?

Okay. Number 4 is on the remuneration policy and implementation. Can the Remuneration Committee provide a clearer rationale, performance metrics and peer benchmarks underpinning the 3x performance award multiplier given to executives? And how will this award be linked to your long-term sustainable performance rather than short-term demerger execution?

I'll ask [ Bihar ], who has done -- overworked and underpaid today. Is that right?

Yes. Thank you very much for that question. Yes. So yes, absolutely, the intention is to provide full disclosure in the 2025 implementation report. The key point being that the award was only made in 2025. And so we did not believe that was necessary to include full disclosure in 2024, but did, in fact, include key highlights around principles, performance metrics, award date, et cetera. But there will be substantial and full disclosure in 2025.

Thank you. Very good. Last one.

Okay. The last one is on climate resilience and water security. Given increasing climate and water stress, specifically in host mining communities like Rustenburg and Mokopane, can the Board provide specific time-bound targets for securing operational resilience against future water disruptions?

That's a good question. So I cannot tell you that on the 26th of February next year, we'll have reached X or Y or Z. The reason I say that is because water is not something that is in your hands. You cannot say how much water we're going to have today, how much what are we going to have tomorrow, et cetera, et cetera. But in the life of this company, the amount of work that has been done on water -- I remember trying to talk about how we can get water that is in [indiscernible] water project and so forth, all those things are things that we are trying to implement. And we have been working on this for over 15 years to make sure that both the mine and the commodity can have adequate water. [Audio Gap]. We should continue to read our reports. Every year, we tell us what progress has been made in the water area. But it's not just progress by an Anglo American Platinum or Valterra Platinum, as to be called, but it's how we bring everybody, the government, the local communities, the national government, et cetera, et cetera. Because to reach a level of a place where we have enough water will require efforts and contribution and buy in by everybody to be able to reach that. Over the last 15 years, that's what things has told us. Thank you. Mr. [ Dolos ]? Finally.

I just want to make 2 follow-ups. One on the tailings failure, including your reference of Brazil incident. We are all aware of what happened in Brazil. We are all aware of what happened in Argentina and the last incident 3-year in South Africa at just 1 mine, which informed Anglo Platinum to now launch an internal investigation around all tailings dam of Anglo Platinum in South Africa. And the only high-risk tailings dam, which was founded on your own funding as the [indiscernible] tailings storage facility. Instead of acting appropriately, you decided to take the route of [indiscernible] and we are not satisfied about the [indiscernible]. People have a -- how do they be destroyed at Johannesburg. Now in [indiscernible] just said, the people -- your houses are 20 meters away from the tailings dam. Now here is the question in terms of MPRDA, Mineral and Petroleum Resources Development Act. How many meters the mine must be away from the villages? 20 meter, 200 meters, 100 meters, 500 meters? It is not within the stipulation of law, MPRDA, then we are urging you to do something. Now the second follow-up. On the exit of Anglo American in this country vis-à-vis, the challenges at the villages which they are leaving behind, we are seeing while they must be careful. They are not the 1 who committed those things in the villages, it is Anglo American. And therefore, we are recommending that Anglo American should not exit this country until those problems have been soft. Because they were created by them, now that they are having a good committee with [indiscernible] in the communities to solve their own mess, which they have created for the people of my [indiscernible] there are problems at Ramela, there are problems at [indiscernible], there are problems at Motocho, there are problems at Mogalakwena, there are problems at [indiscernible], there are problems at Armoede, they are problems at Uty where other people from that have been relocated. There are problems in relation to the development of [indiscernible] mines. So we want to Anglo Platinum before they exit this country to come down there together with Valterra and address their mess there. Thanks.

Let me start with the last one. Anglo American Platinum. It's Board over the years to the current Board will always be committed to dealing with the issues over which it has responsibility whenever those issues arose. So we remain committed to those issues. I will not dare to speak on behalf of Anglo American. I'm sure that you have contacted them, and -- but I will convey your views to them. Let's be very clear once again, what started the review of the tailings dams. It was the development of the Global Industry Standard for Tailings Management, GISTM. The GISTM itself was motivated by things that have happened around the world in [Audio Gap], et cetera, and saying, we, as an industry -- as a global industry, what can we do. So I want to make sure that we are clear on this matter. It was the GISTM that motivated us to start this review. And the GISTM requires us to disclose in our reports, whether we are complying with it and we've been disclosing in our reports on this matter and we are required to continue to do so. And it is those standards that say if these things build like this, what does it look like? What -- how much empowerment do you have, what is a free board -- all sorts of technical things that we are required -- technical and social things that we are required to do, that is the review that was done. And as I said, this review was signed off by external engineers and other experts, and all those things are available for review. But having said that, all those things affect human beings. We have laws and regulations that we must agree with, et cetera, et cetera. So we will continue to come to you and say, "This is the standard. This is how this tailings dam or that tailings dam meets that standard. What else are we missing, what else should we do and why? This is how I'm missing or complying with this regulation. What else should we do.?" But the biggest takeaway that I have from here is that people are anxious. And it is not something that I take lightly that people are anxious. We need to reach a stage where people can sleep soundly at night, knowing that their mine is going to do something to help reduce that level of anxiety, whether that's because we issued the plan before we explain it or whatever it is, that anxiety is something that we have to take into account. Thank you all very much. [Voting]

Okay. I would like to give you all a few minutes to finalize their voting. As I said before, we are supposed to be voting as we wins along. You're seeing the numbers put up on the screen there. I'm pleased to say that we have received very strong support for all the resolutions and especially for the resolution to include the change of name, and I declare all the resolutions current. Valterra Platinum has emerged. That concludes the formal business of this meeting. I would like to take this opportunity to thank shareholders for their attendance and the interests they have shown in the affairs of the company. I now declare this meeting closed. Thank you very much.