Key Takeaways from the Earnings Call

Mark Bristow, president and CEO of Barrick Gold, recently took the helm during the Q4 2023 Earnings Call to reflect on the company’s journey and highlight the milestones achieved as a result of their committed strategy.

Reflecting on Barrick’s Strategic Journey

Five years after the merger, Barrick Gold has emerged as a prominent force in the mining sector, aiming to become the world’s most valued mining company. Bristow’s articulated passion for growth underscored the company’s focus on Tier 1 assets, culminating in a peerless gold portfolio with substantial potential for further expansion. Notably, Barrick has replaced over 140% of its gold reserves since 2019, maintaining a critical emphasis on grade consistency. Their success with the Twiga joint venture in Tanzania serves as a testament to their partnership approach, a strategy set to replicate in numerous other operations, including Porgera and Reko Diq. This dedication to combining top-tier assets with exemplary talent has positioned Barrick with an industry-leading production profile, reinforced by a resilient balance sheet and sustainable dividend and capital return policy, ticking virtually every box on their report card.

Charting Barrick’s Performance and Sustainability Endeavors

Despite formidable achievements, 2023 presented operational challenges for Barrick, such as commissioning setbacks and pit wall failures, impacting gold production. However, the highlights of the year centered on sustained industry-leading gold and copper reserve replacement, reinforcing Barrick’s distinction from its peers. Notably, the company sustained a robust financial performance, buoyed by the tailwind of record gold prices, fortified by a strong balance sheet reflective of its investment grade rating, providing resilience amidst uncertain times. The fourth quarter’s financial results reflected improved performances in key areas, albeit with the backdrop of operational hurdles and regulatory decision-making, contributing to marginally missed gold guidance.

Financial Numbers and Operational Review

Year on year, Barrick witnessed a 7% increase in operating cash flow and a remarkable 50% growth in free cash flow. Further fueling optimism, adjusted net earnings per share surged by 12%, while the quarterly dividend was maintained at $0.10 per share, aligning with its established policy. Notably, operational review in North America remains a work-in-progress, bolstered by new leadership and ongoing advancements at the Cortez and Fourmile projects. Additionally, Barrick’s sincere focus on safety was underscored as the company persisted in strengthening its safety protocols and educational initiatives, firmly in line with Barrick’s overarching mission of zero harm and sustainable profitability.

NGM’s Ambitious Growth Strategy and Exploration Plans for 2024

NGM’s Path to a Bright Future

A Year of Milestones

Nevada Gold Mines (NGM) is set on a course for operational excellence, emphasized by the successful commissioning of a 100-megawatt solar farm in Nevada, a transition that underscores the company’s commitment to renewable energy. The recent announcement of a near-record fourth-quarter production from Cortez, alongside accelerated developments at Goldrush, further fortifies NGM’s robust foundation. The forward-looking production estimate of 100,000–130,000 ounces by 2024, with projections soaring to approximately 400,000 ounces by 2028, heralds an intriguing future for Cortez.

Operational Advancements

Looking ahead to 2024, NGM is heavily investing in underground development and grade control drilling efforts to ensure a seamless production delivery assurance program for its Tier 1 operations. While these enhancements are expected to impact costs in the near term, NGM remains steadfast in its commitment to upholding operational excellence. The elevation of performance at Turquoise Ridge post its third shaft commissioning is a testament to NGM’s unwavering pursuit of Tier 1 potential. Although costs for the complex saw a temporary increase due to a mix of production elements, including higher-cost stockpile materials, the long-term value foundation of the Nevada Gold Mines complex remains resolute.

Exploration and Future Prospects

NGM’s five-year outlook on reserve replacement stands as a pivotal achievement, affirming the company’s solid foundation. With a renewed focus on greenfields targets, NGM is strategically positioned to capitalize on growth opportunities, backed by promising discoveries like the Robertson project. The expansion of drilling and valuation workstreams at the Fourmile project, signaling the initiation of a pre-feasibility study, underlines NGM’s vision for substantial mineral resource expansion. Furthermore, the company’s foray into North America reflects its proactive approach as it continues to identify specific targets across the U.S., and consolidates its presence in Canada and Alaska.

International Expansion and Performance

NGM’s expansion endeavors extend beyond North America, with notable progress in the Latin America region, along with ventures in Asia and the Pacific. The commendable performance of Veladero in Argentina, exceeding production and cost projections, serves as a testament to NGM’s continuous pursuit of operational excellence. Additionally, the revival of Porgera in Papua New Guinea after years of negotiation with the government bodes well for its imminent resumption of gold production this quarter. The steadfast progress of the Reko Diq copper-gold project in Pakistan toward its first production in 2028 further exemplifies NGM’s global footprint.

Operational Challenges and Resilience

Despite facing setbacks at the Pueblo Viejo expansion project, NGM’s resilient workforce overcame significant challenges to deliver improved performance in Quarter 4. The unyielding commitment to sustainability was evident in successfully managing a once-in-500-year tropical storm, showcasing NGM’s steadfast focus on environmental stewardship. The ongoing project design aimed at sustaining annual production beyond 2040 speaks volumes about NGM’s long-term vision and dedication to operational continuity.

Future Outlook and Commitment to Excellence

The completion of the redesign, manufacturing, and reinstallation of new flotation gearboxes coupled with ongoing efforts to replace the crushed ore stockpile conveyor underscore NGM’s unwavering resilience in the face of adversity. As the company anticipates the ramp-up of operations, NGM remains resolute in its mission to sustain average annual production in excess of 800,000 ounces beyond 2040. The company’s relentless pursuit of operational excellence serves as a beacon of hope for investors, marking NGM’s path to a bright and promising future.

Barrick’s Ambitious Expansion Plans and Sustainable Growth Strategy

After five years of consecutive achievement and against the backdrop of a challenging global economic landscape, Barrick continues to chart a forward-looking course, tirelessly revealing new avenues of expansion. Mark Bristow, Barrick’s CEO, was effusive in his praise of the company’s groundbreaking initiatives, emphasizing the groundbreaking projects in Ecuador, the high-quality portfolio in Peru, and the potential for game-changing discoveries across the globe.

Expanding Global Footprint

From the bustling mines of Africa to the emerging copper frontiers of Saudi Arabia and Egypt, Barrick has fortified its presence in the world’s major gold and copper districts, underlining its ambition to remain a global mining leader. Bristow’s comments on the company’s strategic decision to invest in the expansion of its copper portfolio and the transformative Twiga partnership in Tanzania underscore the steady expansion of Barrick’s global footprint.

Lumwana Super Pit Project: A Game Changer

The luminescent Lumwana Super Pit expansion project in Zambia stands as a testament to Barrick’s commitment to transformative growth. With a projected annual production of 240,000 tonnes per year over a mine life of 30-plus years, the project is poised to elevate Lumwana into one of the world’s major copper mines, marking a monumental milestone in Barrick’s pursuit of sustainable growth.

Renewable Energy and Sustainable Practices

Barrick’s thrust towards sustainability and renewable energy is exemplified in its endeavors to transition several of its mining operations to renewable energy sources. The company’s investment in a 40-megawatt solar farm with an advanced battery energy storage system in Loulo-Gounkoto is a testament to its commitment to sustainable practices. The implementation of a 16-megawatt solar power plant and battery storage system at Kibali, set for commissioning in 2025, underlines Barrick’s unwavering dedication to clean energy.

Organic Growth and Strategic Reserves Replacement

Bristow articulated Barrick’s enviable track record of organically replenishing reserves, underscoring the company’s ability to forecast long-term challenges and address them with precision. With reserves replacement amounting to 140% of the gold mined since 2019, Barrick stands as a beacon of sustainable growth in the mining industry. The company’s steadfast adherence to a long-term, ten-year plan is a reflection of its commitment to charting a course beyond transient market fluctuations, presenting a clear long-term vision to the market.

Fiscal Responsibility and Long-term Vision

Emphasizing the importance of fiscal prudence, Bristow reiterated Barrick’s unwavering balance sheet strength and operating cash flows, underscoring the company’s ability to fund growth initiatives while maintaining an industry-leading credit rating. This steadfast commitment to fiscal prudence is aligned with Barrick’s long-term outlook, which is not bound by the constraints of quarterly measurements, but rather by a profound dedication to long-term value creation.

Reko Diq in Pakistan and Nevada Turnaround Sparks Excitement

Reko Diq in Pakistan and Nevada Turnaround Sparks Excitement

Mark Bristow, the President, and Chief Executive Officer of a leading mining company, provided an in-depth analysis during an interview with Greg Barnes, an analyst from TD Cowen. Barnes inquired about the potential impact of political unrest in Pakistan on the Reko Diq project and the recent developments in Nevada. Bristow offered a detailed response to address Barnes’ concerns and shed light on the company’s ongoing progress in these key regions.

Political Stability and Reko Diq Project

Addressing the potential impact of political changes in Pakistan on the Reko Diq project, Bristow highlighted the company’s commitment to operating within the existing framework. Despite changes in government, the core principles underpinning the project remained unchanged. He emphasized the bipartisan support for the project, expressing confidence in navigating the evolving political landscape.

Bristow provided valuable insights into the intricacies of operating within the Pakistani political climate, emphasizing the resilience and adaptive capabilities of the company. By demonstrating a deep understanding of the regional dynamics, he reassured investors of the company’s steadfast approach to pursuing its objectives amidst political uncertainties in emerging markets.

Revitalization in Nevada

Furthermore, Bristow discussed the significant progress and revitalization efforts in Nevada. He reflected on the challenges faced during the merger of two distinct cultures and the subsequent impact of the COVID-19 pandemic. Through his vivid descriptions of the operational improvements, Bristow conveyed his tangible enthusiasm for the positive developments in Nevada.

He elaborated on the efforts to overcome turnover challenges and the strategic investment in the region. By emphasizing the company’s investment in people and operational enhancements, Bristow instilled confidence in the company’s ability to navigate the complex dynamics of the U.S. mining landscape. His detailed account of the progress in Nevada conveyed a sense of optimism and excitement about the future prospects of the region.

Operational Optimization and Cost Efficiency

Bristow’s discussion of the operational enhancements, including the optimization of autoclaves and process controls, underscored the company’s strategic focus on efficiency and cost management. He offered specific examples and highlighted the expertise and collaborative efforts of the team in addressing operational bottlenecks.

His emphasis on the ongoing process optimization and automation initiatives provided valuable insights into the company’s commitment to leveraging technology for operational enhancements. Bristow’s articulate explanation of the company’s approach to cost management and operational optimization demonstrated a keen strategic vision and a proactive stance on addressing challenges.

Conclusively, Bristow’s comprehensive responses to Barnes’ inquiries highlighted the company’s resilience in navigating through geopolitical uncertainties and its strategic initiatives to drive operational improvements. His candid and insightful commentary provided investors with a nuanced understanding of the company’s approach to risk management and operational excellence, instilling confidence in its long-term prospects.

The Gold Rush: Barrick’s Long-Term Strategy Unveiled

The Financial Landscape

Today, Barrick held a riveting presentation that left analysts on the edge of their seats. The company projected an upward trajectory, not just for the coming quarter, but for the rest of the year. Mark Bristow, the President and Chief Executive Officer, asserted that the organization has largely overcome the challenges posed by mergers and is now primed to focus on efficiencies and delivery.

Cost Forecast and Efficiencies

Analyst, Lawson Winder, expressed his admiration for Barrick’s five-year production and gold cost forecast, particularly the decline in all-in sustaining costs from $1,300 to $1,200 per ounce. He inquired whether Barrick’s goal for the next five years is to shift from $1,300 to $1,200 per ounce. In response, Bristow confirmed the decreasing all-in sustaining costs and emphasized Barrick’s non-high grading grades, projecting nearly flat grades in the next five years.

Driving Factors and Assumptions

Bristow elaborated on the cost drivers for specific mine locations, emphasizing the impact of factors such as low-cost operations, development focus, ramp-up, and structural challenges. Graham Shuttleworth, the Senior Executive Vice President and Chief Financial Officer, explained the key factors driving costs, including energy, labor, and supply chain impacts, with a long-term energy cost projection of $75. He highlighted the progress made in reducing costs in 2023 but noted some lingering inflationary pressure in certain areas. Additionally, Bristow addressed Barrick’s long-term planning price, maintaining it at $1,300 per ounce.

Nevada Gold Mines and Future Projections

Mark Bristow detailed Barrick’s remarkable progress in Nevada, with a budgeted 50% reserve replacement for North America surpassing expectations due to increased drilling efficiency. He expressed confidence in the reliability of the inventory and the ability to replace all the gold mined over the next five years in Nevada. Bristow also underscored the company’s reallocation of capital to greenfield targets due to efficient drilling.

In conclusion, Barrick’s comprehensive, meticulously tailored strategy is set to yield substantial long-term benefits, offering great promise for investors looking to ride the golden wave of the company’s success.

Expanding Horizons: Insights into Strategic Mining Ventures from Company Executives

Mark Bristow Explores Potential High-Grade Discoveries

Mark Bristow, President and Chief Executive Officer of a leading mining company, has revealed exciting prospects about high-grade discoveries in Goldrush. During a recent briefing, Bristow shared the company’s focus on exploring the possibilities of higher-grade ore bodies and addressing the potential value delivery challenges in the Carlin system. In Goldrush, there’s substantially more high-grade ore, in a different form than originally expected. The questions that arise are: how many opportunities for high-grade discoveries exist, and are there potential structural duplications in the Goldrush-Fourmile trend? These are the primary focus areas for the company’s geology team. They seek to expand, with the aim of testing new concepts and discovering structural duplications in Carlin’s gold-mining paradigm.

Exploring Untapped Potential and Joint Venture Opportunities in Nevada

The company’s exploration narrative continues in Nevada, with an expansive approach to leverage untapped potential within the joint venture area. The striking emphasis is on structural duplications, with the company’s geology team aiming to discover new areas three miles beyond existing drill holes. This approach is leading to significant early success, with about 40% of the target already achieved. Additionally, there are promising opportunities beyond the joint venture area in Nevada that the company is actively pursuing.

Challenges and Opportunities in Kibali

Addressing challenges, the company plans to navigate the impact of a pit wall failure in Kibali, positioning the management and control of pit wall stability as paramount. Despite this obstacle, the company is vigilant in monitoring pit walls and has stringent control measures in place for the safety of its personnel. This vigilance exemplifies the company’s unwavering commitment to safety and operational excellence.

Potential of Fourmile and Complementary Mining Ventures

Delving into the potential of Fourmile, Bristow outlined its integration into the 10-year plan, a year ahead of the original timeline. The company aims to demonstrate the deposit’s viability and seeks to optimize access. Exploring possible avenues for future development, Bristow shed light on the consideration of a satellite portal operation. This operation would potentially complement Goldrush’s development, improving logistics and maximizing operational efficiency. The company is exploring various options to determine the best path forward, with a strong focus on strategic alignment and value creation.

Analyzing Resource Base and Growth Expectations

Simon Bottoms, the company’s Mineral Resource Management and Evaluation Executive, provided crucial insights into the existing resource base. With 2.7 million ounces in the current resource base and additional inventory expected to be outlined, the company is poised to support incremental studies for future expansion. The ongoing definition of the resource base is a precursor to the initial pre-feasibility study, and the company anticipates further delineation of the ore body’s growth potential over the next 10 years.

Q&A with Analysts: Developing Clarity on Prospects

Addressing the queries raised by analysts, including Anita Soni from CIBC World Markets and Jackie Przybylowski from BMO Capital Markets, the company’s executives provided comprehensive responses. From addressing the impact of the pit wall failure to discussing the potential inclusion of Fourmile in the 10-year plan, the executives offered clarity and transparency on the company’s strategic direction and operational intricacies.

Nevada Gold Mines Contemplates Unique Drilling Method and Potential Joint Venture

As Nevada Gold Mines continues to evaluate its potential for optimization, a creative drilling approach could yield significant cost savings as the company navigates its plans for future ventures. During a recent discussion, Graham Shuttleworth, Senior Executive Vice President and Chief Financial Officer, highlighted the potential to access a particular area using a distinctive method that may result in savings of $500 million. The company’s long-term strategy involves demonstrating the value of its assets, with part of the global exploration budget allocated for a three-year program to achieve this goal.

Affirming Commitment to Valuable Assets

Mark Bristow, President and Chief Executive Officer, emphasized the company’s commitment to showcasing the viability and pre-feasibility of its assets. Discussions about the possibility of partnering with Newmont to bring critical assets into a joint venture have been ongoing, reflecting the company’s dedication to fortifying its long-term profile and delivering value to its stakeholders.

Insight into Porgera Mine Restart

The discussion also shed light on the restart process for the Porgera mine in Papua New Guinea. Despite operational challenges, the company remains optimistic about the gradual ramp-up, with expectations of increased gold production in the second half of the year. Bristow outlined the progress made in commissioning the plant and the significant steps taken to secure the power supply needed for efficient operations in the mine.

Despite ongoing security issues, the company is actively managing the situation, recognizing the substantial economic impact it has in Papua New Guinea. Bristow underscored the importance of the mine to the country’s economy and the value it delivers.

Cost Reduction Initiatives at Lumwana

A glimpse into Nevada Gold Mines’ cost reduction initiatives at the Lumwana mine revealed a focus on mining efficiencies and the critical role of mining costs in driving expansion. The company anticipates a reduction in costs over the coming years, with a significant step-down projected for 2025 as operational efficiencies are realized.

Emphasizing the scale of the expansion and its impact on mining operations, the discussion provided insights into the company’s plans to increase its annual run rate and optimize its fleet for enhanced efficiency. These efforts align with the overarching objective of cost reduction and operational optimization as part of the company’s strategic vision.

Looking Ahead

As Nevada Gold Mines continues to navigate its operational landscape, the company’s proactive approach to drilling methods, joint ventures, mine restarts, and cost reduction exemplifies its commitment to sustainable growth and value creation. With a focus on optimizing operations and leveraging strategic partnerships, the company is poised to make significant strides in its long-term objectives, while adding substantial value to its portfolio.

The ongoing discussions and initiatives underscore the company’s keen focus on driving operational excellence and financial prudence, signaling a promising trajectory for Nevada Gold Mines in the competitive global mining industry.

Steller Technologies Shines Bright in Investor Call

Setting the Stage for Success

The recent investor call with senior executives Mark Bristow, President and Chief Executive Officer, and Graham Shuttleworth, Senior Executive Vice President, Chief Financial Officer, unveiled an illuminating dialogue about Steller Technologies’ strategies and capital expenditure plans. The discussion, marked by astute investor queries, traversed various critical aspects, amidst an environment of cautious optimism.

Navigating the Capital Expenditure Course

The conversation commenced with Daniel Major from UBS inquiring into the early development spending on Lumwana and Reko Diq, to which Shuttleworth revealed the 2024 capital guidance and emphasized ongoing trade-off studies and potential opex benefits. Bristow added that the figures were likely to witness tidying up by year-end, with Lumwana, in particular, predicted to lead the charge in efficiency gains. He aptly likened the process to running a mega mine development, highlighting the synergistic benefits.

Reserve Assumptions and Strategic Prowess

The transmission then pivoted to Reserve Assumptions, as Daniel Major probed Graham about the steadfast nature of the current gold and copper reserves figures. The management’s strategic acumen shone through as Bristow engaged Major, drawing parallels with historical data and the flexible management of mining opportunities. Shuttleworth also chimed in, elucidating the resource price adjustments and the cautious approach toward sterilizing assets and opportunities. The candid discussion underscored the management’s decision-making dexterity in challenging market conditions.

An Insightful Inquisitive Melange

The investor call, a convivial exchange marked by frankness and business acuity, culminated with a question from Bob Brackett of Bernstein Research. Brackett’s thought-provoking query prompted Bristow to delve into historical facets, retracing the success of past accretionary acquisitions, providing a captivating glimpse into the company’s strategic thinking.

The investor call with Steller Technologies was undeniably a thought-provoking endeavor, with management adhering to a prudent yet forward-thinking approach. The call unveiled a rare glimpse into the strategic fabric of the company, showcasing a blend of historical cues and contemporary market acumen.

How Barrick Gold is Shaping the Future of the Mining Industry

When it comes to the business of gold mining, Barrick Gold Corporation has always been at the forefront of strategic decisions, mergers, and acquisitions. Mark Bristow, the President and Chief Executive Officer, offered valuable insights into the recent developments and future plans for the company during a discussion with analysts and investors. Let’s delve into the details and uncover the impact of Barrick Gold’s strategic moves on the industry.

The Art of Value Creation

Mark Bristow highlighted Barrick’s recent ventures in the global mining arena, emphasizing the company’s vision for long-term value creation. The successful acquisition of Acacia, the Nevada joint venture, and the Randgold-Barrick merger all stood as testaments to the company’s strategic prowess, delivering substantial returns on investment. Bristow described these transactions as “spectacular investments” that have significantly contributed to Barrick’s overall value.

Shrewd Financial Maneuvers

During the discussion, a question was raised regarding the capital required to revitalize the Porgera mine. Senior Executive Vice President and Chief Financial Officer, Graham Shuttleworth, responded with precision, citing an estimated expenditure of approximately $70 million. This transparent disclosure underlines Barrick Gold’s commitment to financial prudence and operational transparency, which are essential traits in the volatile mining industry.

Navigating Operational Challenges

A detailed inquiry was made regarding the Nevada Gold Mine’s Cortez operations, focusing on the factors causing a shift in production projections from 2023 to 2024. Bristow provided a comprehensive explanation, shedding light on the geological challenges encountered at the Crossroads pit. He elaborated on the impact of a fault line on the ore body, resulting in a reduction of high-grade material and subsequent adjustments in production forecasts. This candid depiction of on-ground complexities reflects Barrick’s dedication to addressing operational intricacies with utmost clarity.

Culture of Excellence and Adaptation

One of the essential elements in Barrick Gold’s success story is its relentless focus on human capital. Bristow shared insights into the labor dynamics at Nevada Gold Mines, highlighting the substantial reduction in turnover rate to below 14%. He emphasized the role of rigorous training programs in retaining skilled personnel and fostering a cohesive work environment. Furthermore, Bristow delved into the meticulous efforts undertaken to harmonize organizational cultures post-merger, underscoring the company’s commitment to nurturing a unified and empowered workforce.

As Barrick Gold continues to navigate the dynamic landscape of the mining industry, the company’s strategic acumen and operational resilience stand as guiding beacons for the sector. The convergence of financial prudence, operational transparency, and human capital excellence encapsulates the essence of Barrick’s approach, setting an unparalleled standard for the industry.

Revitalizing The Workforce: Mark Bristow’s Approach to Corporate Transformation

In a recent earnings call, Mark Bristow, the President and CEO of Barrick Gold Corp., detailed his innovative approach to aligning the company’s human capital with its operational objectives. Bristow emphasized the critical role of people in driving sustainable change and highlighted the significant progress made in revamping the organizational culture at Barrick.

A New Direction in Human Capital Management

Bristow underscored the remarkable efficiency and energy of the young workforce at Barrick’s corporate office, expressing confidence in their ability to deliver outstanding results. He pointed out that despite the small number of employees, the team’s productivity far exceeds the output of larger teams from the past. With a focus on realigning people with the core business objectives, Bristow emphasized the need for a workforce that is motivated and engaged, rather than being solely task-oriented.

Bristow’s vision for the company extends beyond the corporate office, as he shared the successful integration of young talent into Barrick’s operations. The deployment of financial analysts to enhance operational efficiencies and the utilization of data platforms for global connectivity are clear indicators of the company’s commitment to leveraging its human capital for sustained success.

Rebuilding Trust and Fostering Inclusivity

Addressing concerns about turnover rates, Bristow candidly acknowledged the historical issue of fear and apprehension within Barrick’s Nevada operations due to a management style that lacked inclusivity. He emphasized the importance of building trust between leadership and the workforce, highlighting his efforts to create a culture of solidarity and teamwork. Bristow’s remarks echoed a deep-seated commitment to an organizational culture that prioritizes the well-being and engagement of its employees.

By actively promoting a collaborative and inclusive environment, Bristow aims to cultivate a winning team where every individual is vested in the company’s success. This approach, he suggested, would facilitate a positive feedback loop where exceptional performance is rewarded, further reinforcing a culture of success and camaraderie.

Redefining Corporate Culture for Sustainable Growth

Bristow’s impassioned discourse offered a rare glimpse into the inner workings of a corporate transformation aimed at revitalizing the workforce. His candid acknowledgment of historical challenges and steadfast commitment to fostering a caring and inclusive environment demonstrated a resolute dedication to effecting meaningful change at Barrick. This strategic emphasis on people-oriented growth has the potential to reshape the company’s culture and propel it towards sustainable success.

As investors and industry observers await further developments, Bristow’s approach to human capital management and its significance in driving operational efficiencies and fostering a culture of inclusivity is poised to become a defining narrative in Barrick’s journey towards sustained growth and excellence.

For those seeking further insights, the full transcript of this conference call and additional analysis is available for reference.

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