Q3 2024 Barrick Gold Corp Earnings Call
Yes.
It's kind of a stupid question.
Right.
[music].
Speaker Change: Welcome to Barrick's results presentation for the third quarter of 2024.
Following today's presentation, a question and answer session will be conducted if you have a question and are joining via that by telephone. Please press Star then one on your telephone keypad.
We will also be taking questions from dogs in the room.
Speaker Change: As a reminder, this event is being recorded and a replay will be available on barrick's website. Later today November seven 2024.
Speaker Change: I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead Sir.
Mark Bristow: Thank you very much and good morning, and good afternoon, ladies and gentlemen, and in particular, a very warm welcome to all of you who have made the effort to join us.
Mark Bristow: In person here in London.
Mark Bristow: Hey.
Speaker Change: That's the gold price continues to be driven up to record highs.
Speaker Change: It's prudent to reflect on.
Speaker Change: The cyclical nature of markets and the fact that mining in particular.
Speaker Change: He is a long game.
Speaker Change: Bearish, continuing investment continuing investment in its future and its ability to uncover and unlock the value opportunities embedded in its global asset portfolio has positioned us ideally both to capitalize on.
Speaker Change: On the current market fundamentals as well as to continue to thrive throughout the future cycles.
Speaker Change: Which are an evitable.
Speaker Change: Also reinforce how we are building a business that will grow profitably.
Speaker Change: Without the need for mergers or acquisitions.
Speaker Change: And therefore, which has the luxury of.
Speaker Change: US looking at external opportunities.
Speaker Change: For the few that may meet our strict value.
Speaker Change: Investment criteria.
Speaker Change: Okay.
Speaker Change: This is the customary.
Speaker Change: This is a customary cautionary notice regarding forward looking information and for those who want to study. It further it is available on our website.
Speaker Change: As I'm sure you'll all appreciate 2024 has been a challenging year in many ways.
Speaker Change: But we nevertheless continue to make good progress across all fronts as the results for quarter three sharp.
Speaker Change: As you can see the performance arrows point in the right direction.
Speaker Change: And we believe our foundation has been laid for a strong fourth quarter, which should enable us to end the year within our group gold and copper production guidance range.
Speaker Change: Albeit at the lower end of that range.
Speaker Change: Special highlights.
Speaker Change: The higher margins in our gold operations, driven by the higher gold price.
Speaker Change: And cost discipline.
Speaker Change: This is in addition to the ongoing investments in infrastructure in Nevada Gold mines in particular ongoing plant ramp up at our flagship gross project Pablo via her and the progress that we are making with the new generation of value creators now.
Speaker Change: Notably Lamont.
Speaker Change: And record <expletive>.
Speaker Change: Adjusted net earnings per share rose by 33% the quarterly dividend was maintained at 10 cents.
Speaker Change: And we repurchased $95 million of shares through buybacks.
Speaker Change: This is a special snapshot of our operating results gold production was in line with that of the previous quarter, while the increase in cost per ounce was a function of planned maintenance and royalties on the higher gold prices, partially offset by <unk>.
Speaker Change: Disciplined sustaining capital spend to get a stable all in sustaining costs.
Speaker Change: Copper production was up 12%.
Speaker Change: Quarter on quarter and costs were reduced.
Speaker Change: Our operations continue to deliver.
Speaker Change: Robust cash flows generating $1.18 billion for the quarter free cash flow was up 24% year on year too.
Speaker Change: $444 million the highest.
Speaker Change: Since the first quarter of 2021.
Speaker Change: The 33% increase year on year net earnings per share in the 25% increase in adjusted net earnings per share.
Speaker Change: Comps compare favorably to the rise in the realized gold price over the same period.
Speaker Change: Debt net of cash was reduced by 27% quarter on quarter to $500 million, ensuring that our balance sheet retains its sector, leading status and the flexibility.
Speaker Change: Most importantly to fund our future growth projects.
Speaker Change: On the safety front.
Speaker Change: Our journey to zero, which I am personally leading was regrettably impacted by a fatality at Kibali.
Speaker Change: This is rehab reinforced our determination to achieve our goal Oh zera the.
Speaker Change: The fact that we otherwise recorded for lost time injury free months for the first time since the merger and that the injury rates keep coming down are encouraging indicators of progress.
Speaker Change: We remain committed to operational excellence with a continuing focus.
Speaker Change: Embedding a strong safety culture across all our operations.
Speaker Change: Barrick's holistic approach to our business and campuses.
Speaker Change: Managing the many mine closure liabilities, we have accumulated.
Speaker Change: Along the way.
Speaker Change: We are methodically moving to nonoperating tailings storage facilities with the largest liabilities.
Speaker Change: Two safe closure.
Speaker Change: By the end of the year, we will have safely closed seven facilities.
Speaker Change: With five more planned for next year and we are rolling out a plan for the remaining 27.
Speaker Change: It's worth putting this into perspective, because we have already reduced the associated close closure liabilities for barrick by more than $1 billion, which represents a 36% reduction in this liability.
Speaker Change: Barrick sustainable mine closure is a key part of our plan to create long lasting value is.
Speaker Change: As the industry's reclamation costs and liabilities are projected to grow significantly in the coming years, our proactive effort to mitigate closure ish is differentiating back from its peers.
Speaker Change: On the operational side, we start with our North American operational review at Nevada, where a substantial investment in replacing equipment and restoring infrastructure is effectively recapitalizing, the Nevada gold mines conflict.
Speaker Change: For the complex for the next 10 plus years.
Speaker Change: New running plans for all the mines are keeping development ahead of operational stopes.
Speaker Change: Brownfields exploration aims to replace this year around 75% of reserves depleted by mining.
Speaker Change: The second phase of the gold quarry Rusty expansion was exit was successfully completed and both roasters are now operating at full capacity.
Speaker Change: The new gold Rush mine, which was just a concept at the time of the merger is also continuing.
Speaker Change: To ramp up production.
Speaker Change: Barrick's, just existing four mile project.
Speaker Change: Deserves a slide to itself and so I'll talk about that a little later.
Speaker Change: These are the operating results for Nevada has four operating mines, all tracking for a strong fourth quarter and Nevada gold mines aims to achieve its guidance for the albeit as I said in the introduction at the low end.
Speaker Change: It is worth noting that we are able to optimize the combined gold production from Collyn and Cortez.
Speaker Change: By treating the two entities as a complex.
Speaker Change: For example is at times it is possible to increase production with additional high grade refractory ore from Cortez.
Speaker Change: Processed at our newly expanded gold quarry roaster, which in in de facto will replace.
Speaker Change: Feed from the lower grade call in stockpiles.
Speaker Change: At Turquoise ridge the team is targeting a higher production on the back of quarter, three productivity gains and improved drive reliability.
Speaker Change: The back for infrastructure and the autoclave.
Speaker Change: Nevada as I've often said.
Speaker Change: Is barrick's value Foundation.
Speaker Change: And how you can see why.
Speaker Change: Near mine exploration continues to identify and and and and grow a shocking expansion opportunities close to existing infrastructure.
Speaker Change: As well as larger stair pouch with a potential to yield the next generation of tier one discoveries.
Speaker Change: The 14 million ounce greater level project is developing into a major growth driver.
Speaker Change: That could double or treble car.
Speaker Change: Collins reserves, extending its loss well beyond 2045.
Speaker Change: New growth prospects defined in a greater level area will be followed by a by followed up by our aggressive drilling next year.
Speaker Change: And recent drilling at Hansen within the Cortez District.
Speaker Change: As confirmed along strike potential over 1.2 kilometers.
Speaker Change: The well defined heart of Hansen's ore body.
Speaker Change: And deposit model upgrades at turquoise Ridge.
Speaker Change: Have led to the definition of several new mine targets with the potential to add to the 11 years of mine reserves, notably since it was created five years ago, Nevada Gold mines has replaced all the goals that it has mined during that period.
Speaker Change: Our current reserve grades is higher than when we started and largely because we've re cut the gold quarry pit and and left out some of the lower grade reserves.
Speaker Change: Turning now to Barak <unk> hundred percent owned former project.
Speaker Change: We kept as you know we kept it out of the Nevada merger because it was clear at the time that the market didn't recognize.
Speaker Change: Our view of its value.
Speaker Change: Since then.
Speaker Change: Our work on the project has confirmed that it is a world class asset with grades more than double those of gold rush and potentially this project has this value which is bigger than our entire 61.5% holding.
Speaker Change: <unk> in the Nevada gold mines joint venture.
Speaker Change: As you can see here.
Speaker Change: There is potential to significantly increase the extent of the current ore body model.
Speaker Change: We are now drill testing potential access development to the main ore bodies and this is all designed to be able to help us with the scoping work for how we proceed with the pre feasibility study, which is schedule. The scoping work will finish this year.
Speaker Change: And then we'll move towards a feasibility study program starting next year.
Speaker Change: Yeah.
Speaker Change: Leaving North America, and back down to Latin America, and Asia Pacific.
Speaker Change: Over now.
Speaker Change: To this region, where the ramp up of the Pueblo Viejo plant expansion there.
Speaker Change: <unk>, 23% increase in quarterly production and reduced unit costs. While they are there are continued its steady performance.
Speaker Change: That's important is when you look at that because and I'll show you that just now because that's really the driver of value for that part of the world.
Speaker Change: <unk> Rete team also deserves a special mention for revitalizing the long mothballs mine and achieving a 64% quarter on quarter production increase in Q3 in the face of enormous challenges, including nationals as does our natural disasters and on.
Speaker Change: Growing travel conflicts in Papua New Guinea.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Just as a reminder.
Speaker Change: Pablo vehicle, which had an uncertain future.
Speaker Change: At the time of the merger has been completely reinvented and is now on track to sustained gold production at an annual average of more than 800000 ounces to 'twenty 'twenty, four 'twenty 40 and beyond clear.
Speaker Change: Clearly significant improvements in production recovery and costs as you can see here.
Speaker Change: This 2 billion plus project is still a work in progress as we are fine tuning the plant and advancing the new tailings storage facility.
Speaker Change: As we show you every quarter, how you can see a timeline of what's been done and what remains to be done to achieve our target.
Speaker Change: And 80% recovery rate for this year.
Speaker Change: Had the commissioning not being played plagued by a major equipment failures.
Speaker Change: And in particular, the collapse of the new crush crushing conveyor structure, we would have reached that goal much sooner.
Speaker Change: In Latin America, we have also rationalized our historical portfolio what.
Speaker Change: Leo with a focus on quality prospects with tier one potential which is being progressed rapidly by drill testing, we've effectively wipe the slate clean and started a fresh.
Speaker Change: In South America.
Speaker Change: Two large systems, one gold and one copper have been defined in Peru, where drilling permitting is progressing.
Speaker Change: And an excellent set of opportunities are emerging in Ecuador.
Speaker Change: In the Dominican Republic drill ready targets have been defined around Pablo via her and regional Greenfields programs are progressing in the district, whilst in Argentina, our focus remains around valid era.
Speaker Change: Looking for high grade targets and in particular stand out a target right. Now is as is defined as the or T O.
Speaker Change: Trend.
Speaker Change: Over in Pakistan.
Speaker Change: The record date copper gold project, another hidden gem, we uncovered in the Barrick portfolio.
Speaker Change: Is on track for delivery of its feasibility study by the end of this year.
Speaker Change: In the meantime, the project management and construction teams are being recruited.
Speaker Change: Long lead items are being ordered and the infrastructure is being prepared for the transition from the study phase to the execution of the early works.
Speaker Change: When it goes into production and trading 28. This multi generational mine will be one of the largest of its kind in the world and it remains a mystery to me while the market still doesn't recognize the enormous value it will bring to both barrick as well as.
Speaker Change: The Baluchistan.
Speaker Change: And Pakistan economies.
Speaker Change: We move now to the African and Middle East region.
Speaker Change: Which delivered its usual reliable performance.
Speaker Change: Two it was only after the merger that's a potential value of the closed mines in Tanzania, where unlocked.
Speaker Change: The Mauna in Zambia, which hadn't made a profit since its acquisition in 2012 was also recognized as a new value creator.
Speaker Change: They now rank amongst our greatest success stories and largest cash generators of the group.
Speaker Change: In Mali, the Lula Guncotton complex increased production by 5% quarter on quarter, and we expect that full year production will be at the top end of its guidance range.
Speaker Change: You will all be aware that we are engaged with the country's top transitional government about ways of giving the country more of a share of the economic benefits generated by the complex while ensuring its sustainability.
Speaker Change: For more than 30 years, Barrick and before at Randgold have.
Speaker Change: We have had productive partnerships with Somalia, and state, which way that many changes of government, including previous two day to us.
Speaker Change: And a range of differences, which had to be overcome from time to time.
Speaker Change: We are committed partners and we are working hard to produce a mutually acceptable outcome.
Speaker Change: We return now to Kibali.
Speaker Change: Africa's largest gold mine and barrick's leader in renewable energy.
Speaker Change: Two or three hydro power stations.
Speaker Change: Its new solar and battery storage plant designed to complement the hydropower supply will be commissioned next year and when it will end and when it isn't.
Speaker Change: Commissioned it'll increase the renewable component of cobalt is energy requirements from 81% to 85% and in fact six months of the AR.
Speaker Change: The.
Speaker Change: The renewable portion of our power generation will be 100%.
Speaker Change: Despite the lower grades in quarter three Kibali is cost profile is still one of the lowest in the industry.
Speaker Change: And this will improve further with the higher grades and production ramp up.
Speaker Change: <unk> cost for <unk>.
Speaker Change: Therefore.
Speaker Change: And our ongoing quest to uncover new open pit.
Speaker Change: And underground opportunities around them on <unk>.
Speaker Change: <unk> feels exploration work continues to develop the off target area, where drilling is identifying additional mineralized loads further confirming its potential to host a high grade deposits less than four kilometers from the kibali plant as well.
Speaker Change: Returning significant intercepts, along cabal is foundational K C D ore body.
Speaker Change: As I've already pointed out Tanzania has also been a real value contributor to Barrick as well as the Tanzanian government.
Speaker Change: Two minds that went operational at the time of the merger have now been transformed into significant contributors to our bottom line showing what the right people.
Speaker Change: With the Rog strategy can achieve.
Speaker Change: It was yeah that we first formalized a partnership with the government through the establishment of trigger a benefit sharing joint venture, which we have since replicated at progress.
Speaker Change: The Lamar on a copper mine in Zambia is another asset that was first restored to profitability and is now being groomed as a world class operation through its Super pit expansion project.
Speaker Change: Its feasibility study is scheduled for completion by the end of the and it is expected to go into production in 'twenty 'twenty eight the same year as Rick eject, Rick Burdick, achieving our strategic.
Speaker Change: Objective.
Speaker Change: Becoming a significant copper producer.
Speaker Change: [laughter].
Speaker Change: The project was launched.
Speaker Change: With the ground breaking ceremony recently attended by the Zambian President.
Speaker Change: And Meanwhile, there are lots of preparatory activities as listed on this slide.
Speaker Change: As already shared with you Barrick is projecting a 30% growth in the production of gold equivalent ounces ounces from its existing assets as we continued to advance our growth project and unlock the many.
Speaker Change: Other value, adding opportunities still embedded in our portfolio in.
Speaker Change: In addition, very continues to lead the industry in ore body expansion and has more than replaced the reserves at mind over the past five years and is forecasting to substantially grow both its gold reserves.
Speaker Change: And copper reserves again this year.
Speaker Change: Significantly the answers that we have been avid, whereas the same or better grade than the reserves.
Speaker Change: That we mined.
Speaker Change: Since the merger in 2019.
Speaker Change: Because organically Bolton industry, leading balance sheet.
Speaker Change: Through reducing debt by three and a half billion dollars while at the same time investing $11.2 billion in developing long life mine plans and returned more than $5 billion to shareholders.
Speaker Change: Despite the multiple increases in the gold price over this period the global gold demand is again projected to.
Speaker Change: To reach record levels for this year on the back of the return of western investors into the metal via the gold Etfs.
Speaker Change: Gold equities on the other hand continue to underperform the gold price and that is the opportunity for both us.
Speaker Change: And our investors.
Speaker Change: Without a disciplined business approach and solid growth prospects Barracuda stock that offers real upside in both value and returns and as importantly, we have the world class teams to be able to deliver on our ambitions.
Speaker Change: Thank you, ladies and gentlemen for your attention and we will stand by for questions and we've got pretty much the whole team here today.
Speaker Change: Today to be able to support the questions and we'll start here in this room.
Speaker Change: So any questions from the room.
Speaker Change: Yeah.
Speaker Change: Hi, Dan major from UBS.
Speaker Change: Yeah, a couple of questions first one I'm sorry.
Speaker Change: High level, you indicated you'd be tracking towards the lower end of production guidance and in your materials you highlight the spot gold price implies about $25 Delta on the costs. If you think about the outlook into next year and with a focus on MGM and PV in particular.
Speaker Change: Is it fair to assume the exit rate from this year from a production perspective and.
Speaker Change: The cost respective implies some moderate downside to the previous guidance you gave.
Speaker Change: For 2025.
Speaker Change: And if you look at our.
Speaker Change:
Speaker Change: A report out N DNA the the guidance is that.
Speaker Change: PV is still ramping up into next year, and we went through that last quarter was particularly on the recovery side.
Speaker Change: And and the the big.
Speaker Change: Our work stream, we've got going at the moment is the gold quarry pit, which I touched on in the introduction, which as you know we had the big side wall failure on the gold quarry pit and what we've done as we re planning that pet and we don't have a good.
Speaker Change: Our understanding of exactly what their profiles gonna be but what we have done with the team and we have a new team in Nevada, New executive team is that we have.
Speaker Change: Really guided them to leave some of the low grade.
Speaker Change: Material that was always in that plan out and redoing It and my you know our guidance to the operating team in Nevada is we'd rather people focus on.
Speaker Change: Margins and profits long term profitability than Gulf production, but we are we will update.
Speaker Change: The market in some detail.
Speaker Change: At our Investor day presentations on the 22nd of November and we hope to have a.
Speaker Change: Two plans on on that together I think the other drivers and and really that you saw that with PV you get the production up you get the cost out the cost control in Latam is very good I mean, we we got a nice guidance on cost.
Speaker Change: And not on production, but that's our tighter cost control and valid era has done much better it's gonna be above its guidance.
Speaker Change: But that's that really shows you the leverage on on the on the costs in PV, which is one of our low cost producers on the other side Turquoise Ridge now is again.
Speaker Change: Making progress and it has the same dynamic as P V.
Speaker Change: So that.
Speaker Change: Again, turquoise ridge will come.
Speaker Change: In at the bottom of its guidance, maybe a little bit below but that but if you do the math, it's still a significant growth for quarter, four and and so we will see the benefit of that and you'll start to really see I mean, you can see it's already it's a high grade mine you get the production right and we had as well.
Speaker Change: We stopped that in quarter, two and had a really catch up on me.
Speaker Change: On the baffle infrastructure and we've had ongoing challenges are in the stage more.
Speaker Change: Or Clive we've rebuilt the entire CIL circuit.
Speaker Change: It had to do a lot of.
Speaker Change: Backfill investment and we carry that in all of the all in sustaining cost because the production is not increasing so that's our protocol, we don't sort of.
Speaker Change: Try and Blowfish gross capital.
Speaker Change: And you'll see at the end of the day, we had we've had the same conversation and you were around 2011.
Speaker Change: When everyone got confused what cash costs, while I remember that because they've made their own definitions.
Speaker Change: Well at the end of the day, we're very disciplined in the way we define <unk>.
Speaker Change: So that's another driver and then Cortez is also gonna be.
Speaker Change: In fact, it's it's it's looking like it's going to be above its gardens.
Speaker Change: But that's because of what I explained to you Cortez as we ramp up we have access to higher grade refractory ore and a lot of the feed in our plan at the moment is stockpiles out of calling and so we offset that and we are managing that and that's the that is.
Speaker Change: And that's what we said right in the beginning.
Speaker Change: And remember we didn't have the long canyon out of a portfolio then.
Speaker Change: It was prematurely closed given what what.
Speaker Change: What we expected it to be.
Speaker Change: And.
Speaker Change: So we are moving underground, we are moving to more and more refractory ore and that's why the gold quarry expansion was important and that's also sustaining capital.
Speaker Change: Because it's part of their transition to higher grade underground ore. So those are the drivers and kibali as I mentioned.
Speaker Change: Is another hot or it's got a much better grade profile for quarter. Four so that's also going to drive our production.
Speaker Change: Just a follow up on that.
Speaker Change: The subjects of sustaining capex receipts coming down and then an MGM sequentially and quarter on quarter, but could you just walk us through the profile the key projects and then when we look out.
Speaker Change: Out in the next couple of years, what's the delta on the sustaining Capex and MGM as you attack. Some of these issues. When we get are we going to spend a bit of time on our investor day detail because if you look at the Underinvestment in capital both in Barrick and in and in particular at Newmont.
Speaker Change: It was material and we'll show you that prove Roth.
Speaker Change: The driver was Barrick was you know single mindedly focused on paying down this debt. So there's high grading the asset and so when we got there there was no. There was no developed reserves ahead.
Speaker Change: And and and the Newmont assets had effectively and I am sure. If you guys had spoken to some of the newmont people certainly the ones that were there at the time.
Speaker Change: They would have told you that you know they weren't investing in Nevada, and so when we got there the mine plans were 18.
Speaker Change: 12 to 18 months behind that's what we've been catching up.
Speaker Change: And the investments we've made are stable that's a whole more so from retrofitting most of the components of around the autoclave the guija pumps and every all the big valves and now it was and Barrick runs the biggest portfolio of autoclave.
Speaker Change: In the world.
Speaker Change: So you know it we definitely didn't have an autoclave.
Speaker Change: Set up that was best practice.
Speaker Change: And the same with the <unk>.
Speaker Change: Corey Rosa it was ineffective it was high cost.
Speaker Change: And it was we needed to do that and the way we upgraded that was that we.
Speaker Change: We did and to shut down. So we've just finished the second shut down to be able to get it and now it's up and it's a name it's new nameplate.
Speaker Change: And the same with Goldstrike, we had to do some catch up in new new and in Goldstrike, because again, that's a world class ROE said, it's the lowest cost roaster in the gold mining industry, but it you know people had neglected.
Speaker Change: Things like our process controls et cetera, and we've been retrofitting or bringing those back up to speed, we're still busy with that.
Speaker Change: And then it's.
Speaker Change: Mobile fleet, both are open cost to move our fleet.
Speaker Change: And.
Speaker Change: And also underground fleet and so we've done we've got a program is still ongoing and it will you know we are scheduling them out we also schedule ing rebuilds and we have been doing this for the last couple of years as well and and there's some you know there's a number.
Speaker Change: Of I think 71.
Speaker Change: Sure the first sort of tranche of replacement.
Speaker Change: And so those are the drivers there.
Speaker Change: The primary drivers and then the other component.
Speaker Change: Is.
Speaker Change: Is the development and the otherwise catching up to make sure because as we go underground we become mining constrained.
Speaker Change: We are process constrained now, but as we move underground and in the end and the way to keep the flexibility in Nevada is taboo that flexibility underground because the cost of extra roasters, we not there yet where we can.
Speaker Change: Motivate an extra roaster. So so we need the flexibility so that we can set with options. So when the Roche who goes down we have access to higher grade feed.
Speaker Change: Feed so that we can catch up and we will get back into the <unk>.
Speaker Change: Into the forecast and so that's really the focus in those are that's really and then on top of that it's people and you know again.
Speaker Change: You will appreciate I have always invested in people.
Speaker Change: Most.
Speaker Change: The turnover rate.
Speaker Change: The big focus now is automation because of the cost of labor.
Speaker Change: Labor and in the U S.
Speaker Change: I can tell you we got a big focus on that across the board and that's where we will start those particularly on our automated vehicles.
Speaker Change: And then and then and at the same time.
Speaker Change: It's worth pointing out that we've we've beefed up the skill base and in.
Speaker Change: In PV.
Speaker Change: To be able to support this expanded project and we're building the tailings dam, which is which is a plus billion dollar investment on its own.
Speaker Change: And then we've got we've staffed up for.
Speaker Change: La Manana.
Speaker Change: And we largely finished with the staffing up on the leadership of La Manana. The label will still come that we've we're already building those.
Speaker Change: Accommodation units and where we're close to complete on the on the leadership and the Ricky-tick construction team.
Speaker Change: There's a lot of work to do in <unk> as far as trading then the labor and we've got all that in place now and we are training.
Speaker Change: From.
Speaker Change: Junior School to technical training colleges to universities, and then rebuilding and international what we call. It our international student group, which is all baluchistan graduates out of various universities.
Speaker Change: Will will become the leadership in BRCA <expletive> when we.
Speaker Change: When we start the commissioning.
Speaker Change: So a lot of people investment not a foundational investment on building that next foundation and it's on that basis that when we forecast we.
Speaker Change: We will bring the all in sustaining costs down and and right now we've got you know all in sustaining costs, depending on the mine is somewhere between just under a thousand to 11 50.
Speaker Change: And then on top of that in our normal sustaining numbers about $2 $50 an ounce. So I'm talking about per ounce now and we've got another 200 on top of that.
Speaker Change: Which is really rebuilding some of the infrastructure and broad I'm speaking broadly each mine is slightly different.
Speaker Change: Because of it's you know it's overall base cost.
Speaker Change: Medium term to be at about $200 Delta reduction in that.
Speaker Change: Reinsurance crushing that by.
Speaker Change: 27.
Speaker Change: Brooklyn will work it through and and again in our in our Investor Day, We'll we'll unpack that and show you it.
Speaker Change: Thanks, I'll, let someone else up again.
Speaker Change: Hey, Mark Allen stance, BMP pare backs and a few for mine just first one on Capex guidance. It implies quite a big pickup into Q4 spend is that all allocated or have you been maybe a bit more efficient year to date and that could be a bit lighter than what we're seeing.
Speaker Change: Let me ask you. This is data that could be a bit lighter than what we're seeing.
Speaker Change: Let me ask you this.
Speaker Change: Tucson area.
Speaker Change: <unk>.
Speaker Change: It's well as you can tell we were guiding to be within guidance and.
Speaker Change: As always with capital is there are some swings and roundabouts or there's some he is going to be some expenditure in there which is a slightly different to what we would have planned in 2024 and theres going to be some expenditure that was it.
Speaker Change: Our plan in 2024, which will inevitably rollover into 2025, and then invariably that just means we kind of manage that longer term capital profile over the life of those assets.
Speaker Change: Yeah, we comfortable with with that guidance as it stands at the moment and oversee that will reflect in our guidance on us on our all in sustaining process as well, where we've indicated we still believe we'll be within.
Speaker Change: The range that we provided at the start of the year, albeit adjusted for that our higher gold price impact.
Speaker Change: Okay.
Speaker Change: Reserve replacement.
Speaker Change: Elyse. This morning, it notes kind of confidence and a strong replenishment net of depletion, including big contributions from the one in recruiting.
Speaker Change: Looked at the operating assets would it be a similar view youre looking at net increases.
Speaker Change: And maybe which mines are you seeing the best opportunity.
Speaker Change: You're ready for us.
Speaker Change: Yeah.
Speaker Change: Yeah, So as Mark said earlier for North America, where we're currently tracking at about 75% replacement or an application Africa are always looking at a net positive at the moment and then Latam different between the different assets, there's some potential.
Speaker Change: Positive metrics being unlocked PV through the ongoing tests that expansion work.
Speaker Change: Whereas polgar, where we've got some quite significant updates in the mine plans, particularly on the open pit, which will be as we bringing unlocking some of that one game of pushback that we've been talking about for quite some time, we've started that drilling we've been drilling through the course of the year and so the first portions of those open pits.
Speaker Change: We'll be starting to come into our reserves.
Speaker Change: And then just on the on the rig codec and Lamar I know those are big step ups and those are the additions so copper bus and about how many million ounces of gold in recruiting.
Speaker Change: For our account for our account about 14 13 million ounces again will be will be giving a lot more detail at the investor day coming up.
Speaker Change: Okay.
Speaker Change: Just a quick one.
Speaker Change: The environmental rehab divisions, there's an impressive how much the reduction has been there is it all kind of what you would consider best in class now or is there maybe more opportunity to further reduce so that according to the international tailings standards of virtual care.
Speaker Change: Founding member.
Speaker Change: We have a safe closure definition, which is the sign off of our of our facility by independent experts and Barrick has always had a stat you know it is.
Speaker Change: As an industry leader in its oversight of tailings dams at as a independent tailings.
Speaker Change: Board that oversees our tailings.
Speaker Change: Rehab and and our designs and in our continued in compliance of all of all our tailings dams.
Speaker Change: And so and when I got to Barrick.
Speaker Change: Very good.
Speaker Change: People always mess.
Speaker Change: The liabilities you buy when you do M&A no one ever does that work and so.
Speaker Change: We ended up with a significant number of tailing dams, sometimes with.
Speaker Change: Having bought assays that we never ever mind.
Speaker Change: Hum.
Speaker Change: I've got the most expensive hat and the world's called home stack.
Speaker Change: But maybe grantee leaves at the sustainability side can just comment on our philosophy.
Speaker Change: Yes.
Speaker Change: When you talk about being.
Speaker Change: Industry, leading I think we certainly I think the approach we took after the merger was that.
Speaker Change: We weren't going to kick the can down the road in terms of closure, we're gonna proactively manage it and I think you've seen it in the numbers I think.
Speaker Change: One of the biggest focuses for me and the team has been a long term water management.
Speaker Change: We don't believe that in our water treatment in perpetuity as a closure option. So we really looked at those shimada alternatives. We have in terms of passive water treatment or eliminating the need for water treatment. So that we can safely closed as such.
Speaker Change: There's still work to be done, but as you can see we've made a lot of headway in I think it is that proactive management of those closed sites, but then also.
Speaker Change: Concurrent rehabilitation of those operational sites, we've got targets that we've set for each of the sites roll up into a regional level and then group and.
Speaker Change: We review those on a monthly basis, and we're tracking well ahead of those and that's that's a key to reducing our liabilities while we mined.
Speaker Change: And one of the big drivers of our margin is managing that non production cost which is related largely to this we've got.
Speaker Change: Sort of.
Speaker Change: Our bundle called interest.
Speaker Change: And then.
Speaker Change: And we get some interest back on that because we've got our cash position and then and then the closure liabilities and we've brought that down substantially and this year. We will we will take purina to a place where there's a big step down in <unk>.
Speaker Change: Ongoing costs and then we start heading towards closure and the same with our library.
Speaker Change: The Pascua Lama.
Speaker Change: We've brought that cost down because the challenge that I gave the team as we got to engineer the pleasure. So instead of just maintaining the sites, we're going to engineer the pleasure. So we've got a full closure team and so that nonoperating cost component of.
Speaker Change: Of closure teams have is reducing all the time and that that hits the bottom line.
Speaker Change: As we progress and.
Speaker Change: And we will get out of that quite quickly I mean, we've got lots of ALDA damage, but they are not at risk and it's a matter of just closing them properly.
Speaker Change: Thank you.
Speaker Change: Anybody else.
Speaker Change: Shall we move to the.
Speaker Change: People on the call.
Speaker Change: Certainly.
Speaker Change: He joined the question you May Press Star then one on your telephone keypad, you'll hear a tone acknowledging your request if youre using a speakerphone. Please pick up your handset before pressing anarchy.
Speaker Change: Can you try your question. Please press Star then two.
Speaker Change: Our first question is from Lawson Winder with Bank of America Securities. Please go ahead.
Speaker Change: Thanks, very much operator, Hello, Mark and team. Thank you for today's update.
Speaker Change: Can I get an idea from you guys I suspect we'll get some of this at the Investor day, but I thought just maybe an early hint as to what you're thinking about for 2025 Capex Directionally. So 2025 total capex versus 2024, and then any thoughts on.
Speaker Change: Which direction sustaining would be going and growth shepherding.
Speaker Change: So listen I think the as I said, there's a lot of work in progress at the moment, we are we have.
Speaker Change: Some specific projects that materially impact those numbers.
Speaker Change: We've given you some guidance in the MD&A.
Speaker Change: Heads up we gave you guidance last quarter, we need to finish the work and and so the intention is to give you that directional stare at the Investor day and that'll be ahead of our final guidance, which we'll give you a at the corner for meeting.
Speaker Change: So I think I'll stick with that.
Speaker Change: Do you want to say something.
Speaker Change: But grand was going to say something.
Speaker Change: The only thing I would add loans finished.
Speaker Change: As we've guided we've got two big projects.
Speaker Change: Scheduled to start next year, so directionally capex is going to be up but that's gross cat potential.
Speaker Change: That is growth capex.
Speaker Change: Lawson is asking for the sustaining capital.
Speaker Change: And again you know we have the big thing here is is this industry, making real money out of mining its own reserves.
Speaker Change: And and you know that.
Speaker Change: That's where we'd driving barak, that's our absolute focus is and so you know moving and allocating sustaining capital to growth capital is lack of defeats that object.
Speaker Change: Yeah.
Speaker Change: Very fair point and thanks, Thank you for that color both of you.
Speaker Change: I also wanted to touch.
Speaker Change: That's back on the AR reserve and resource update so.
Speaker Change: You discussed four mile.
Speaker Change: You are in the progress of the process of updating the model and looking to revise the current four mile resource estimate.
Speaker Change: From last year.
Speaker Change: And including a disclosure on an updated Pea a that's something we can expect to be complete for the year end 2020 for R&R update this.
Speaker Change: The answer is yes.
Speaker Change: I like short answers. Thank you.
Speaker Change: And then just.
Speaker Change: On the R&R update.
Speaker Change: Is the plan right now to stick with the 1300 dollar per ounce gold price assumption and then how does that.
Speaker Change: Then.
Speaker Change: Correlate with your ultimate budgeting, a gold price assumption for next year.
Speaker Change: Certainly looking at spot pricing versus the 1300 dollar per ounce that is Oh really yawning gap and it would seem that you.
Speaker Change: Yeah that probably need narrow at some point.
Speaker Change: I just want to get your thoughts on that so we are we forecasting around $1400.
Speaker Change: The inflation is.
Speaker Change: Basic inflation CPI over the last three years is substantial in the Twenty's and and mining has been higher.
Speaker Change: And we've and on top of that we've dropped the grade from the the grades that we're bonded and a lot of the Barrick mines. When we took over so we've squeezed that margin and delivered more efficiently and that's the optimum way to manage ore bodies and.
Speaker Change: And so for.
Speaker Change: For us and when you look at it and I'll pass it onto some into two explain briefly but again, we're going to spend a lot of time on.
Speaker Change: This in the Investor day.
Speaker Change: But at 1400, we deal on.
Speaker Change: On all our major.
Speaker Change: Deposits, we can manage it and it delivers real returns.
Speaker Change: Over the whole life of those reserves.
Speaker Change: And that's the way we test it so.
Speaker Change: Imagine confused so we have always stuck to.
Speaker Change: The.
Speaker Change: The reserve a price that delivers our ore bodies are world class ore bodies. If you go higher.
Speaker Change: In all our major ore bodies.
Speaker Change: So, Nevada, PV Kibali Lula Ron Carter.
Speaker Change: Cobra all our big deposits.
Speaker Change: There are.
Speaker Change: We would we would move out of the ore body and you dilute the grade.
Speaker Change: And so you when you do that you dilute the NPV the value of the asset.
Speaker Change: So we manage that.
Speaker Change: And when we run our budgets, we always use the reserve grade.
Speaker Change: And because why hit it highlights the gaps and the issues.
Speaker Change: Whereas if you run if you run our minds at 1900.
Speaker Change: You can see what's good and bad and then we left that.
Speaker Change: Priced commodity price, whether it's gold or copper to closer to the spot for the next year. That's the way we run it and we use consensus on the long term on the valuations. So that's how we manage our but our business. There is a lot more to it and we will end and corpus slot.
Speaker Change: Actually different because.
Speaker Change: Both feasibility studies are being run at $3 and all our minds work at $3.
Speaker Change: In in in a year's time, we might well adjust that because we know that that will still keep the ore bodies intact and it wont push us outside of the ore body and if you do if you follow the strict science.
Speaker Change: And you and your overstates the the gold price.
Speaker Change: What you do is you you need to put in extra capital to be able to deliver the same production profile. So that it is a high level.
Speaker Change: That's just explains where we are I think the rest I'll leave to Simon to take you through in some detail at our Investor day.
Speaker Change: Okay. Thank you very much mark.
Speaker Change: Yes.
Speaker Change: The next question is from Anita Soni with CIBC World markets. Please go ahead.
Speaker Change: Hi, Good morning, Mark and team I. No question was then around at a goldmine.
Speaker Change: Or was there a bit of a dip here on grade and are you still expecting an uptick and then into 2025 on the grade front and specifically wet gas at seemingly Harlan Korlym is down this year.
Speaker Change: Yeah, Anita the certainly turquoise ridge is going to drive grade and in.
Speaker Change: Cortez as well as we ramp up.
Speaker Change: The big the big.
Speaker Change: Sort of variance is what we do with gold quarry open pit and and the other open pits and that's that's the focus of our salmon and the team as we finalize our guidance going forward and again that'll change to you know the overall.
Speaker Change: Feed grade.
Speaker Change: But and that's our focus we want to we want a bold a profitable business and in Nevada, and that's and then and we'll share that with you in <unk>.
Speaker Change: And they.
Speaker Change: In the Investor day. The key is turquoise ridge is a world class happy that it's one of the highest grade deposits in the world and so we need to get that right and getting that right. There's lots of things that brings down the cost in.
Speaker Change: And it.
Speaker Change: And it delivers production growth and la because of the ramp up and Cortez.
Speaker Change: And then we've got the other opportunities that we are.
Speaker Change: That we you know we're looking at.
Speaker Change: Both in the.
Speaker Change: The gold Rush and Bob mentioned Hansen, and the work that we're doing there and that's going to also impact our the flexibility of Cortez.
Speaker Change: And Collyn is that is the one that we really have to spend more time on.
Speaker Change: We've got a crossroads open pit I think clearly understood. We're busy store scheduling the mine plans, but we're not really understand that.
Speaker Change: That deposit and we we've got a big focus on the open pit mines for the for the for the next life of mine update.
Speaker Change: Okay, and then could you just.
Speaker Change: To clarify again to me.
Speaker Change: But you're just trying to listen you're having it requires I assumed it was paced backfill is issue or just back for infrastructure in a I mean.
Speaker Change: To be Frank it rose back for infrastructure process reliability, and some management issues.
Speaker Change: We've fixed the management issues.
Speaker Change: We are pretty much on top of the backhaul.
Speaker Change: And we're close to getting I mean, the reliability of their proceeds employer does now totally different to what it was and I'll give you an example.
Speaker Change: Three years ago.
Speaker Change: We were worried that whether we would lose part of the CIL tanks said warning so thin.
Speaker Change: And and so we've we've now at a position where we no read through that I think we got one more tank trigger.
Speaker Change: I think one more tank to go.
Speaker Change: And we've we've upgraded all the tanks, so and then the Gaia and the and the order claims we got a bit more to do on an upgrading some of the pumps and the sequence.
Speaker Change: But again, I think where we're out of the woods. There. The other final thing is the electrical infrastructure that we've been working on and and again, we've made a lot of progress there and we will you know we're pretty comfortable that we'll be on top of that.
Speaker Change: Our two tobacco this year.
Speaker Change: Alright last question is with respect to at <unk>.
Speaker Change: Inflationary pressures, you're seeing obviously with new March results people are a little focused on costs and I'm just outside of the grade changes, what kind of and what kind of a.
Speaker Change: Headwind and tailwind are you seeing on the cost side going into 'twenty 'twenty five.
Speaker Change: So our job is to manage costs.
Speaker Change: And I'm I'm not sure whether.
Speaker Change: The there's sort of a singly at of.
Speaker Change: Contract cost comes from not from Us.
Speaker Change: In the the cost pressure and labor is there everyone knows it and and and if you're in the United States. We didn't have the luxury of having to offset it.
Speaker Change: With a softer currencies, so we've managed that and and again and.
Speaker Change: The big focuses on efficiency, we still not there.
Speaker Change: As efficient in Nevada, as we are in some of our African mines, but we're getting there.
Speaker Change: And and then its as a top touched on it's about managing down those costs because they they.
Speaker Change: And the way to do that is one more better efficiency, which means.
Speaker Change: More skills better skills invest in skills and the other is automation.
Speaker Change: And.
Speaker Change: And more.
Speaker Change: More machine control.
Speaker Change: Chronic Ah I T sort of top machine control.
Speaker Change: And so you know we are we are.
Speaker Change: Again, we don't know if I find that quite strange at people you know the inflation is real.
Speaker Change: When you look at the average total cash costs of the mining companies.
Speaker Change: And.
Speaker Change: And you know four years ago three years ago, and then you look now.
Speaker Change: That means different most of the time its grade higher grade.
Speaker Change: And then in higher grade means shorter loss unless you find more ounces.
Speaker Change: And so that's our focus and.
Speaker Change: Aye.
Speaker Change: Yeah. The inflation is what we've explained we are managing it and we've adjusted our mine plans to cut you know to use 1400 dollar GUL because we see that said embedded in cost increase after everything we've done.
Speaker Change: And then some of the higher costs.
Speaker Change: And.
Speaker Change: And our all in sustaining cost is not inflation driven it's.
Speaker Change: It's a capital driven its it infrastructure drove it.
Speaker Change: And we will get over that.
Speaker Change: Why are we don't use higher cost for those short years, because we get through it.
Speaker Change: And that's the that's very useful with the gold process of this today.
Speaker Change: Alright, Thanks, that's it for my question.
Speaker Change: The next question is from Tanya J crews connect with Scotiabank. Please go ahead.
Speaker Change: Oh, Thanks, good morning, everyone. Thank you for checking.
Speaker Change: My question.
Speaker Change: And.
Speaker Change: Maybe wanted to come back to capital gain so if I could.
Mark Bristow: Mark you gave us the recovery. Thank you for that looking forward to getting to that higher recovery. When do you think you're being.
Mark Bristow: When do you think you will get to your nameplate capacity now.
Speaker Change: When when when do we look for 14 million tons per annum.
Speaker Change: We have this debate last time Tania, what's your lead.
Speaker Change: Yes.
Speaker Change: So.
Speaker Change: We gotta make a 80% recovery of us this year.
Speaker Change: Are we targeting 85 next year and and the following year will be at the end of the following year at this stage.
Speaker Change: But you know we've we.
Speaker Change: On days and over a couple of days, even today and now we are getting.
Speaker Change: One is that that exceed our nameplate and get up when the recoveries and and that's part of the commissioning you know we've got two Sag mills.
Speaker Change: One single signal, one ball mill and a very complex flotation process and that's what we're able to see managing them.
Speaker Change: And so.
Speaker Change: You know.
Speaker Change: We know the target Gram is real.
Speaker Change: Real 2026 is when we go into above 800000 ounces. That's that's what I. That's the best I can do for guidance there on <unk>.
Speaker Change: 22nd of November, we'll give you a little bit more color.
Speaker Change: Okay and that would be when you're assuming that four 8 million tons.
Speaker Change: No real get whether that'll come out over the part of the 22026 is when we will get to that throughput yes.
Speaker Change: Okay.
Speaker Change: Thank you and then just maybe a higher level question for Nevada Goldmine.
Speaker Change: All of these changes and I appreciate you know he is.
Speaker Change: Getting turquoise ridge back.
Speaker Change: And you're changing mine plans at Carlin.
Speaker Change:
Speaker Change: You've got four mile growing that.
Speaker Change: I'll leave that one out for now I think previous guidance had been.
Speaker Change: That could get on that basis.
Speaker Change: I think one 5 million ounces.
Speaker Change: Yes.
Speaker Change: Good point, Eva or whatever we are for 'twenty 'twenty four long term have you changed your view on more complex tend to lever excluding format.
Speaker Change: Long term no but remember there's these are this is a massive operation.
Speaker Change: It's the biggest gold mining producer in the world by along those bigger than you know.
Speaker Change: It certainly does.
Speaker Change: Third biggest gold producer in the world.
Speaker Change: The way, if you put barrick and newmont aside.
Speaker Change: So.
Speaker Change:
Speaker Change: For for US absolutely long term the.
Speaker Change: The question is how do we get there and then the opportunity is still a mess.
Speaker Change: Because where we're not and we're now on top of our development ahead of the face and now we're starting to look at opportunities that are just touched on southern my presentation, you know which of you know.
Speaker Change: And so the and the bottom line, how which I think people should appreciate is that.
Speaker Change: Both of the two previous owners that if they had continued we wouldn't have Nevada gold mines.
Speaker Change: I mean, that's a fact and and today, we've got a serious.
Speaker Change: The asset and I would point out that neither newmont, all Barrick issued a single share.
Speaker Change: For their holding in this business and and it's certainly a whole lot better than it was and is going to continue to improve both and the big focus for US is cost is getting those cost out.
Speaker Change: No one is Amazon again volume up.
Speaker Change: Sam.
Speaker Change: I just.
Speaker Change: But let me just say to you right there.
Speaker Change: Where we're constrained on our mantra of refractory ore we can process.
Speaker Change: And so the linkage and we told us to the market. The there's another issue about the open cost which is a great flexible add on which is long canyon, but there wasn't the reserves that people thought and there wasn't the reserves that analysts said model muddled.
Speaker Change: And we bought this asset remember based on analyst consensus.
Speaker Change: We didn't do any due diligence if you recall.
Speaker Change: So we are constrained by production.
Speaker Change:
Speaker Change: And the way that we can manage it as I pointed out is how do we manage underground and a more flexible way how do we how are we smart hub because.
Speaker Change: Right now well last year in particular, we we didn't have the flex at less of the flexibility of the open pit. This year, we've got even less flexibility from open pits and in a lot more feed and the the roasters, we've expanded now and that's it.
Speaker Change: That's so when we have a road to go down.
Speaker Change:
Speaker Change: The way to catch up the guide of two guidance is to be able to access higher grade ore and so it should be able to do that we've got to have flexibility was available higher grade or.
Speaker Change: Two to make up the difference that I gave you. An example, you know them.
Speaker Change: Both our logo in Qatar and Kibali are not at that stage, where there is if the the way we maintain our guidance is the flexibility in mining.
Speaker Change: And and we need to get.
Speaker Change: Nevada to that point, and we have a whole lot better as you'll see this quarter fall you'll see some of those.
Speaker Change: Those results.
Speaker Change: Now how when do you when do you think mark you'll get there to where you put all that time and energy together other mines that you got there do you think we're a year away two years away.
Speaker Change: Well I think with private what we've told you. We're two years away on the costs, but we will see the cost starting to come down.
Speaker Change: And the only way we can increase throughput is too.
Speaker Change: Bold another roaster or find some oxide material that we can feed into a.
Speaker Change:
Speaker Change: The leach pads or into the oxide malls, and we've got painting capacity and oxide moles.
Speaker Change: <unk> at this stage, we are transitioning in the in the autoclave, but we've still got capacity there as well.
Speaker Change: Hi.
Speaker Change: Maybe.
Speaker Change: Maybe one other question for you and then I do have one confirmation question.
Speaker Change: Graham just.
Speaker Change: For myself you know.
Speaker Change: Maui and lots of information and press releases on 9000 and the government.
Speaker Change: And while we are on that I thought an agreement had been putting in place you had made a payment and then we have especially saying that you know the government and not renew the contract.
Speaker Change: In fact of where Mike where are we on that.
Speaker Change: Are you referring to the press release the government made and then there was a subsequent press release that we made which was very clear.
Speaker Change: Bad, where we are and and Tania you would understand it's not my intention to debate this issue publicly.
Speaker Change: We are engaged with the.
Speaker Change: Transitional government a valley and.
Speaker Change: We have indicated that we are committed to finding a hawaii.
Speaker Change: Sure.
Speaker Change: The.
Speaker Change: The benefits are.
Speaker Change: As we've done in Tanzania, and Papua New Guinea, and as we do everywhere.
Speaker Change: And we are prepared to give more to the marley and government than than 50% and that's the the negotiation and at the end of the day, we are very clear that you know we.
Speaker Change: We are the major flywheel and the economy of Mali Theres no other.
Speaker Change: Entity that's.
Speaker Change: It makes it a bigger contribution to the treasury at.
Speaker Change: At the same time, we also are mindful that our job is to ensure that the national assets are properly unlocked for the benefit of all stakeholders and and again.
Speaker Change: No.
Speaker Change: Just I'm not having this conversation of Europe partner with our host country. You should have this conversation because otherwise you allow a situation where the costs saw increased abnormally.
Speaker Change: And in all the what the only remedies, we have as miners is to increase the grade.
Speaker Change: And shorten the life of the month and we've been very clear about about that and all our public statements and so.
Speaker Change: And that's our intention and we have absolute key.
Speaker Change: Confidence that we can demonstrate that.
Speaker Change: The the value benefit to two Marlin and his people are are our best on.
Speaker Change: Around the model around the table understanding exactly.
Speaker Change: Waterloo logo and cultural Oclock and we are engaged and we will continue to engage until we work out a plan.
Speaker Change: Because we are definitely.
Speaker Change: They're the right people to do.
Speaker Change: A lever that value for the benefit of Malia as we have done for the past 30 years.
Speaker Change: That's all I can really getting at something on that.
Speaker Change: Maybe my final question for you Graham I guess me confirmed 40% of your cost I can't get labor.
Speaker Change: On the inflation.
Speaker Change: Inflation wage inflation going on globally would it be fabulous in that within that 3% to 5%.
Speaker Change: Wage inflation as we look into 2025.
Speaker Change: Yeah, that's a that's a reasonable range to say we are in obviously in different areas, you've got different pressures, but that's a reasonable range.
Speaker Change: Okay. Thank you so much for taking them.
Speaker Change: Pleasure.
Speaker Change: Mr first or there are no further questions from the conference call integrations back in this room.
Speaker Change: Okay, well. Thank you everyone, it's nice to be back in London Oh.
Speaker Change: I wish you a good Christmas and a happy new year and look forward to catching up we are on a road show to US we'll be meeting some of you again, this evening and and Ah and as I always say for you here in the room and those on the call. We're always available. If you have any questions that you forgot to answer it now.
Speaker Change: If you want to reach out to the team we're always available. So again, thanks for coming and see you all soon.