Chester Goodburn: Yes. It’s 9% per annum. We pay interest twice a year, and the tenure of the bond is three years. Our availability of options were limited and green bonds as Mark said, we’re not available in country.
Mark Learmonth: Okay. The question regarding mining conferences, I mean, which mining conferences are we planning to attend? And you will notice from the analysis of G&A that the investor relations cost has increased quite substantially. I am trying to find the right numbers, but it’s in it somewhere. And that reflects a return to face-to-face conferencing instead of video conferencing, which is €“ we’ll just make the general point that we have to do these things, but they are very, very expensive and we are trying to be much more selective in terms of which conferences we go to and which ones we pass on, because some frankly are very good and some frankly are less good. Camilla, can you give guidance as to which ones we’re currently planning to do? I just can’t remember offhand.
Camilla Horsfall: In London, Europe, we are probably going to do the London one-to-one in November. I don’t think we’re going to do the Precious Metals Summit in Europe. So at the moment is just the London one-to-one, which is
Mark Learmonth: And then also, and that’s just in Europe and UK, isn’t it? We’re also going to the Denver Gold Show, which we found very good.
Camilla Horsfall: Denver and Beaver Creek as well. And then the one in June.
Mark Learmonth: Yes. I think it’s fair to say that we don’t €“ some of these UK European based events are a little bit anemic compared to the U.S. events. And whilst it’s not particularly expensive for us to get to Europe, the registration fees for these things are quite expensive and you just got to be sort of circumspect about where you spend your money. The CapEx estimate for 2023, we’ve already set out is just over $30 million of which, I think of the memory about $28 million is a Blanket. The bulk of that comprises the first phase of the tailings facility and continued capital development. Then the difference between what the CapEx of Blanket group CapEx will be the capital expenditure on the Bilboes. The grade. Dana, would you want to talk about the grade? The grade apparently coming down €“ the grade expectation to come down.
Dana Roets: Mark, if you look at our measured and indicated resource, which is, what we’ve got high confidence in the grade is not coming down shortly. So I don’t know where this is coming from. And then, if you look at our inferred resource, with the latest update we did, the grade debt come down, but it’s also because of the high gold price and the cutoff trade that came down. So a lot of low grade resources were added, which would skew the picture. So the grade is going to be stable going forward, coming down slightly because of higher gold price, but there’s no serious grade issues that we see.
Mark Learmonth: Yes. And Chester, would you like to address this question of the significance of the impairment of the assets above 750 meters? And we will be closing access to that area and will that have any impact on resources and reserves? Would you like to address that?
Chester Goodburn: Sure. Yes. Commercially, there’s no significance. So it’s a non-cash item. It was areas of capital development above 750 meters. Not in our life or mine plan. We were thinking that, we might be able to explore, but more above 750 meters, that would be a bonus. But being able to justify that, we wrote those areas off, but it has got no effect on value. Just never in the life of mine plan, never in our planned cash flows.
Mark Learmonth: But it is fair to say that we do still intend to go exploring above 750 meters. We’ve just not got round to it because of logistical constraints and that we’ve focused on production also, we’ve had some capacity constraints in terms of the personnel, our exploration personnel. If we do go exploring there, and if we find more material, you’ll find that those impaired assets are being impaired, fair to say. We’ve got a question, I don’t know if you can see the question, Victor, but quite a detailed question about the oxide heat leach process. Victor, are you able to provide more context on that Victor?
Victor Gapare: Thank you, Mark. Dana, you can come in if you want. Basically at Bilboes, we’ve got two crushing plants, one at Isabella and one at McCays. At the end of the day, what we are doing is really mining remnant ore. What we have put in the plan is probably to achieve an all crushing rent of around 40,000 tons per plant basically mining from those two locations. We are expecting production of maybe around 40, 45 kgs per month, basically.
Mark Learmonth: Yes. And the variation in the production is largely because of variation, the anticipated variations in the grade that we’re going to be putting on there. But I think it’s fair to say that there’s €“ one of the questions is what’s the €“ how much material is already on the heap leach that can be leached, but my understanding is that heap leach is pretty much exhausted. It’s been leached so many times. We really mean
Victor Gapare: Actually. Yes. So, Mark, when you look at it, as we mine, we replaced the new ore on top of the old ore, and you continuously leach that ore, so basically that ore has been leached there a lot of times, but you still have remnant gold there, which is probably locked up in maybe some boulders, which when Anglo started the heap leach operations, they didn’t crush the ore. But when we have tried to crush that ore the problem is always that you get, the sense, the fine material, which then results in problems in terms of leaching cycles.
Mark Learmonth: Yes. But I’ve got to say this oxide thing, well, it’s a little bit more than , but I don’t want people to get obsessed about it because the real focus of Bilboes asset, as of Motapa is the larger sulfide project. So the oxide heap leach project at Bilboes will produce, Victor said about 45 kilos a month. So just multiple, about 30 gives you an approximate conversion.
Victor Gapare: Yes. Mark, if I can come in there. We are building up to about 2,000 ounces by the end of the year, and as you said, it mustn’t be seen as a red area. It’s an interim arrangement because we’ve got some oxides that we’ve got to go through anyway to do the sulphides. It’s a sort of an early start of the sulphide project, but it’s also just helping us to cover the cost and cover the cost of the feasibility study until we really start a project.