A – Maurice Mason: Shall we deal with some of the written questions first, Mark? There’s a few. And then, if anybody else has questions, they can just raise their hand and we can deal with those as they go. The first two questions from regarding earnings. Well, partially, I think Chester’s already answered that in terms of the difference between adjusted earnings and cash earnings in terms of, did we own ? I think Chester’s really dealt with that in terms of adjusting out the non-cash items. The second part of the question is how do you justify the sale of stock for 6x earnings and a relatively expensive cost of equity? Mark, I don’t know if you want to take that one?
Mark Learmonth: Yes. As I’ve said, it was a very modest raise. It was done to test the strength and depth of the London market. It was to make good the treasury that we’d rated late last year to fund strategic acquisitions. It’s going to be fair. We can’t determine the rate at which transactions come along. And ideally, we would’ve certainly done the Motapa deal a bit later that the opportunity presented itself. And we €“ the internal rate of return on the main Bilboes project is substantially higher than €“ it washes its face. So it is not something we would choose to do every day of the week, but we’re comfortable with having done it.
Maurice Mason: Thanks, Mark. Some questions on costs. A question about what percentage are costs expected to increase in 2023? There is a slide 20, which is on our website, which details cost guidance for the online cost and the all-in-sustaining for the group and per asset. So shareholders can look there if they’re looking for cost. Chester, I don’t know if you have any comments on cost increase and what we’re expecting this year on budget. I mean, we have already given guidance, I don’t know if we can say much more than that.
Chester Goodburn: So the cost balance numbers will increase due to the oxides that would add cash to back office. And perhaps skew numbers a bit. But at the Blanket level, we’re looking at a 4% to 10% increase, and we’ve got some savings that are not in there via the solar plant efficiencies.
Mark Learmonth: Yes. So we are seeing a reduction. Just to amplify what Chester’s saying, the benefit of solar isn’t reflected in the online cost. The benefit of solar is reflected in the all-in-sustaining cost for reasons I’ve just explained. But having said that, the solar is displacing what was previously a much elevated use of diesel. And so by displacing diesel, we are going to hopefully see a lower electricity charge of Blanket than we had done previously. Labor, we pay our labor in U.S. dollars. So I think we’d probably see modest inflation in our labor rates. The way the chamber works now is the Chamber of Mines and the sort of the collective bargaining system. I think there are quarterly wage renegotiation. So I don’t expect too much damage there.
Where we are in the same position, I think as all other gold producers is the inflationary effect on imports like steel, explosives and what have you. And then we’ve got to rely on our, quite efficient procurement business based in South Africa to be able to get the best price. So that’s only €“ consumables only reflect a third of our costs. The other third labor, we’ve got hopefully subdued inflation. And then remaining third electricity, we may even see a cost reduction. But in terms of the all-in-sustaining cost, as I just explained, if you strip out the effect of the high cost operations at Motapa oxides, we’re looking for the all-in-sustaining cost to increase from just below a $1000 to approximately $1000 an ounce. That’s excluding, that’s if you strip out the effect of the Bilboes oxide.
So some cost increase, but I don’t think you’d have to get alarmed about.
Maurice Mason: Thanks, Mark.