Mark Bristow - Chief Executive Officer Graham Shuttleworth - Chief Financial Officer and Finance Director

Adrian Hammond - Standard Bank Patrick Chidley - HSBC

Good after ladies and gentlemen. And welcome to the Randgold Q2 Results International Investor Call. My name is Faye and I will be your coordinator for today’s conference. For the duration of the call, you’ll be on listen-only. However at the end, you’ll have the opportunity to the ask questions. [Operator Instructions] I would now hand you over to your host, Mark Bristow, CEO to begin. Thank you.

Thank you, Faye. And good morning and afternoon, ladies and gentlemen. As you know, we could enter our results at the London Stock Exchange Midday weekly up today. And discussing, we’ll catch you up with the brief overview of the – what we said at the presentation. Objectively to give you head block and then let you ask questions. The full reporting of presentation is available on our website as a webcast. So good luck to go back and work through it your fine day. So for those, who are not aware this is quite a big week for us. First of all, that last 20 years ago, we incorporated Rangold Resources and so all this week which is something quite remarkable and its interesting to reflect on the fact that looking back over the past two decades, its almost likely back where we started looking at the stress in the market. But having said that Rangold Result today very supports the concept and our business philosophy of running our business against this strategy and decision quite a few years ago to stay with the long-term goal process over the $1000 an ounce even with that looking a little lot at the moment. Moving on to the first slide, as discussed a quick health and safety check, not only did we were able to present some good operational results along with the financial benefit, but we delivered an improvement in our lost time injury frequency rates with three of our operations having no lost time injuries through the quarter. And likewise a significant improvement in our Malaria incident rate, you look - call that are spread last quarter about us really lifting our focus on that given the experience and of the way, we press the Ebola trick. Next slide, a quick snapshot of the operation and five potential performance for the quarter at a good level and, as you will see all the arrows pointing in the right direction. Highlights for the quarter summarized in the next slide. I think the key take up of this is that, we saw material improvement across operations. Our balance sheet remains strong with no net debt, despite the additional investment that we are making on the – excuse me, move to either minus status of Ebola. And what significant, if you look at every aspect of our business this quarter, we continue to invest in our future with exploration and commensurate results following our, sort of, reinvention of ourselves to go into phase last year this time. We continue to show benefits from our investments and our people and the performance of management and we continue again to deliver against our commitment to building and maintaining our social absence within the countries that we operate. These are the financial numbers pretty much speak for themselves. And again, as I pointed out in the summary slide everything looking towards the right direction. Moving then on to operation then starting with Loulo-Gounkoto, which after a tough third quarter turned at strongly boosting production by 21% pulling back type of cash costs per ounce produced and significantly increasing cost of money. And again, these – that is supported by the numbers in this slide and these improvements are - have been driven by improvements in throughput recoveries and grade. And you will remember that in quarter one, one of the challenges was the dilution that we were suffering in our operations. On a standalone basis, the Loulo underground business did particularly well and really drove the recovery within the complex. And its worth noting that we – key takeout from this is the increase in underground development as we brought and invest in additional development ahead of the move to Enemalta to ensure we have got some additional flexibility to manage their transition. Again strong numbers, as showed in this slide. Nice step-up in throughput at Loulo. And then you would see very clearly from - this is the standalone. So the underground delivery ongoing, are consistent and we are really - are picking up on the recoveries, as I will touch a little - and rewarding drop in the total cash cost which hits the bottom line. Talking about recovery, this slide really highlights the efforts that have been made, and I referred to people earlier on, this whole focus on delivering better performance at Loulo it needs to be put in perspective with the fact that this is a very complex operation with multiple all task being fed into one plot. And we have made really good progress of team as in moving – its – really looking down or up the through chain to where the ore is coming out of the mines and getting a better hand alone its metallurgical characteristics ahead of filling ore into the – plots and that’s thereby are been able to manage the reagents we can and deliver better recoveries. The ore plants where we are going to have deal with plotting our recoveries because they all parts of the layer orebody that are - have inherently lower recovery. But the key challenge for the team is to get the extraction when we have - when we are proceeding all that is capable of delivering plus 90% recovery. Just an update on the underground mining project; good progress, on track. As you can see, this is the roadmap we are all geared up the first pieces of underground equipment are on track there, I mean, on their way. And we are pretty well signed up the whole team led by our own management team and we are well down the road and training and updating our operating system and safety procedures to coincide with the new fleet which is a change from the old Caterpillar fleet to a new Sandvik fleet. And we are comfortable that we are ready for the 1st of November change over. As I have mentioned in the intro exploration continues to be core to our business to spot the stresses from the lower gold price and we’ve made some significant progress to lift the gain and get people back into the fields with a sort of two pronged approach within our mining permits. One, focused, as we shared with you a couple of quarters ago, to replace the ounces we are mining. And that we refer to as brownfield exploration particularly Minan and Côte d’Ivoire is area to mature operation now we chewing up about 600,000 plus ounces a year. And more specifically, if we move to the next slide, the brownfield's work has continued to deliver results. We're very existed about the ability to extend the hard raise zone to the south of Yalea as shown on red box and certainly that exploration drilling we’ve done so far is confirming that all albeit definitely a difference in the fatties or the style of mineralization, but still good grade and what's more important is, each of the section is intersected a significant zone of alternation which is one of the big drive and giving us some protective system if so very much open in that direction. Same as that Gara, and Gara actually we’re a little bit ahead in our progress. We've recently approved another $3.6 million to focusing on the blue box and get some defined resources - key being there is a potential to move a trench – deep trench by a deep trench from the northern part of the orebody which is relatively low rate to the southern part. So a shift the whole center of gravity in the Gara development and Gara is a mine that – it’s a moderate grade albeit easy metallurgy. And it's something that Gara focused on how we manage it in a gold price significantly below $1,000 and it’s a first of our orebody that would stock it shows stress in the continuing gold price environment. Maybe on then to Gounkoto on a standalone basis, a steady performance, very much in line with last quarter slightly better grade and much better cost control and also we benefits of the fuel cost coming through and encouragingly good – significant improvement in the total cash cost and consequently a mass pickup in the profit from mining. On the exploration side, generally just to take out that part of the service that fixes in the Gounkoto Company, we’ve made good progress. We’ve recently included P64 into the mine plan. We are – and we’ve made a big step forward in identifying structures and been able to concern mineralization in the structures underneath the cover, and was successful target so far has been the Minan target, and as you see at the bottom left of the slide. We’ve also started to trace the extension of the P64 Gounkoto structure to the north -- northeast of the 90 plus and afterwards the Randgold border. So lot of things happening, and you can see those in the diagrams the black large you have physical targets that look through the cover and with the success at Minan we’re quite excited about the opportunity to continue to unpack new targets, below the relatively thick cover to obviously to the northeast and west of Gounkoto. Just a quick catch-up on our social license and sustainability efforts Loulo Gounkoto, this quarter we completed the construction of fairly ambitious project at Agri college design to train a 100 farmers at a time over three years and train them in economic farming focused on being able to develop a five-hectare lot. And idea is that we will train them out over three year rotation in the public/private partnership where we - will then - they will get access to the above hit own targeted farms and continue it. The strategy being to lift this sort of subsistence farming to a more economic farming practice and also to facilitate a change at - on an alternate opportunities for the illegal miners which are a big challenge in that part of the world. And we continue to invest in our primary education. We supplied the final school to the last village that falls in - within our category of affected villages around the mine site with last quarter. And as you see in the picture, we continue to invest in upgrading. in mechanization of the farmers in the region. Moving to Morila, there is - focus is now is on completing a closure of the mine and establishing a sustainable agri business there. The slide trick is that we’ve to find a little satellite orebody which is - as you see there in the slide, 2.4 grams and certainly deliver the return of approximately - well, certainly a return that fits our focus that a $1000 announced. It has the potential to beat up the balance sheet by at around $9 million to $10 million and give Morila the strength to be able - to the financial strength to be able to deliver mine closure without seeking additional support from its shareholders that being AngloGold and share to Randgold. The results are expectable as we see in these numbers of Morila, but not sustainable at this level. We're expected to see a slight decline in those numbers in the third quarter and then a fourth - quarter provided, we can clearly permitting in time for Domba. And then we already moved to 100% tailing retreatment. And the business will move into a highly marginal operation with all the challenges that entails. On the whole closure approach or strategy from Morila is to build a agri village on the footprint of demand after rehabilitating the main mining infrastructure. And we are quite far down the road on that and we’ve recently commissioned independent consultant to oversee a document feasibility document which includes our products projects, foreign projects and this has been a joint replacement between government and the mine. And idea is that once that’s standoff it will give Morila a special investment status within the mine the government sort of funded projects and we will get more involved in some governments in processing this initiative. Leaving and Malian popping down to the south to the Cote d'Ivoire, Tongon’s results have been a mixed bag this quarter. On the plus side recovery improved as the new Rougher Flotation Circuit bedded down, however, throughput was impacted by power interruptions from the national grids, as I’ll tell you a little later - and those kinds of interruptions in the competition was that lot of them were surprises. Unscheduled power interruptions was impacted on our throughput and there is a double alley being we were forced to use extra thermal power to supply power to our operations which are ahead of - in that terms. Notwithstanding that still a sold financial results; we expect the cost to come down inline with the improving throughput as we commission the quaternary crushing circuit and crusher circuit and lift out final KPIs of to original design and also as the CIE is high in synergy deals a bit commissioning of a traditional capacity which is currently the focus of their changes. We plan to bring the cost down to sort of the lowest 700. Tongon is a very strong cash producer and - in our portfolio because it really has a low capital cost right from next year and its total cash cost gets very close to all in the sustaining cost going forward. Next slide just a quick representation of the impact of the lower good costs for the month – probably two months and you can see that more than 30% certainly in June was supplied by thermal power station we turned our power station impacting on the power cost by just over 60%. Our debt was down in the costs by lower fuel costs, but nevertheless still put pressure on the costs. On the positive side, as I said in introduction, this drop shows our progress towards our targets, recovery and the team has made a good, very good progress. We are comfortable that we’ve really paid the debt technology down. On the closing of the TSF work at Tongon, it’s - yes, it’s - I recall this is a special place and body its already a warehouse and a well established commercial farming industry and so we have the nice industry of not starting at Gbongogo, but really focusing on the development of integrated cost except in – that way we can enhance the economic process. In general, as I indicated exploration team has been busy this quarter and Loulo team has been particularly active with some good effect concerning multiple that one target in Boundiali Permit and further more some new a very new target in Fapoha North and then a very lower grade that’s quite exciting. First time we have seen this sort of stock with mineralization in our portfolio in Mankono. Looking particularly at Boundiali, you would have – you recall this is a target we had just picked up as we got to the end of the previous quarter and we pointed you to the perfect with subsequently and the changing and put some picture of preliminary boreholes into trends see what the down that exchanges it certainly being confirmed down to about a 130 meters just to drill at a vertical there. And regarding average grade of the standard three of about 60 meters, some of the boreholes as you can see on the slide are particularly interesting. We done some preliminary test work that’s moderately refactoring all sort of upper 70s lower 80s, low better than the Syama ore, but this is I am not saying this is an early stages, quick look what we do whenever we find something that we believe when move into a resource category plus early on. I think the perspective we need to point the market to is, we’ve got another very exciting target Kassere up in the north under extensive 82 kilometer structure which we believe continues on to host the Syama deposits and Southern Mali. And that’s some of the early stage numbers are, very attractive and we’ve got no drilling at Kassere. So is that true, so we’ve got no drilling at Kassere.

There is some model.

That’s all.

The RGN model.

The RGN model.

Different all for customers.

Customer. So we’ve got we’re going back to have a look and the big focus now to get the geophysics running. We’re looking at a big regional geophysical programs to help us put these targets in to prospect of with the realization that we know, up to eight years. I think we’ve cracked the controls and the big challenge now to make sure, we don’t – products are the wrong targets going forward. At Fapoha North, this is a big structure you can see the inflection on the graph, – we expect to talk again late last quarter. We put in of over of a pits to just look through the comer and most of those pits came back with enormous results and some particularly attractive price. And we confirm that mineralization over some 13 kilometers. Key now is once we get out of the range, as we go back, put in the trenching and then are subject to those results plan of evaluating a drilling program to take the advantage to take extension. And Mankono, what – we got a number of big numbers, of big nominees of third-class, we looked at didn’t work. This target really has fair an up a quite an exciting content of a low grade stock work in a what appears to be as I know as of fall and the next challenges to try and put piece together the geometry and get a feel of the potential extent of this resource. Leaving West Africa and moving across the Central Africa and the Kibali Gold mine particularly good performance another one from Kibali. And certainly borrowing in the unforeseen looks to said to exceed it production forecast of 600,000 ounces, underground developments continue to make good progress and plays that process to mention that is we are not back filling steps. And another big event was the sharp fleets sharp bottom on the 22nd of July and 79 days again of schedule if we keep up the pace we will have a positive impact at Kibali's production profile and final costs. Constriction of the part of construction of hydropower station - Ambarau hydropower Station is on schedule and we are expects to the first half from this station at the end of this quarter early next. These are the numbers from Kibali and a very solid trend that as you will be look at whether it's great throughput. And if you look at the six months and six months earlier in the last couple of quarters a good and a solid performance from the team. And Kibali final account is that an efficient lower cost producer and our commitment is to keep it that way. Just looking at our CSO big we as you know many of you are appreciate Kibali is in a very complex position far away from the capital of the country pretty while kind of from the rest of the DRC and we boost massive economic engine there and what that comes all the social demand and challenges. Then and we feel that our team has recently comes the Tripartite agreement with I like to address which is as of community to community and several society along with the local authority and of course demand management. And how we will work together and there are benefit from cooperation and get some rules of engagement and dispute revolution. Also on the agri business front we've got two significant projects on the gold. The one I've been speaking about for a while, large palm oil production project. We've recently completed the feasibility study. It's currently going through review and we're walking it through the government and consultant. Another is a maize pilot farm which we are seen is build on the back of it’s very successful corporate of maize growing project as part of our relocation initiative which last year actually sold some of its produce to the world food program. And our view is if we can get the commitment from the world through food program, encourage the farmers to really grow if that a component - made it at a commercial level. It will be a great injection into that region. On the exploration front, we continue to evaluate the Kassere zone as a Greenfield target. And we recently dilled some geological control holes along the 35 kilometers struck. At the same time within the portfolio on the structure, there are some covers to mainly drill where we’re mining already and we continue to add or convert resources to reserves. Megi which is a project that at evaluation level. And then of course the one we talked about many times before the Gorumbwa target which is currently the projects of completing our rep - engagement that the community social impact engagement and taking some parameters for relocations built at three up postpone to enable buying to take Kassere. Also big focus on as we build our knowledge on the KCD main orebodies, but from the open pit and the underground intersection, we are starting to project some of the deeper orebody backup to surface and pursue and look to see if we can pick them up and we got to certainly put - which is a projection and backup of the some of the lows that we have underground. And we're now looking at the potential, the other combined some of the pits. And also recently we picked up some significant mineralization through the key - of the main ag crop zone. And you will see there is a trench there 22 millions of full revenue that we’re trying to understand at this stage. So the key about this work, it is all brownfields work, and it has potential to impact on our mining flexibility in the short-term. To finish our third operations, we just give you a quick catch up on Massawa. We’ve made some significant progress in defining the potential impact of the infill drilling or the detailed a close space drilling – we’ve done both in the Central Zone and two spot zone in the Northern Zone. And that’s clear from the work in the Central zone that we can add more definition to the ore bodies which result in the higher-grade, lower tonnage which is what we need in these complex ore bodies. And we’re currently busy with test work, but its look like it’s a substantial portion of this ore body, which is a free gold, of course free gold or relatively course free gold along with that refractory component. I think the bigger change this quarter has been our work – ongoing work at Sophia, where we – we’ve got 700,000 ounce resource down to 100 meters at 1.7 gram. But significantly as sort of 600 meters struck of higher grade or around 3 grams, this ore body is free-milling very much like this couple dollar deposits that Sessenge has listed on the same structure. And so we put some deeper holes in – under this high – and we recently got the – completed the holes. We’re waiting for the result, but indication is that we are expecting decent drives of a reasonable risk. So there is the real potential for us to materially impact the potential viability of Massawa. And as a result, we end this quick – heads up was share price comparison and we’ve talked of the fact that we still come up as a leader in the share performance. And I think this is important to put in perspective, because we haven’t had the sort of very significant adjustments downward that is in our share price. So we’re constantly competing with our peers from higher and higher base. And it’s tough to keep outperforming the market when there is such significant adjustment on the downside amongst our competitors. With that, ladies and gentlemen, that pretty well wraps up the summary. We – the real objective of this is just to give you guys - and give the chance to ask questions. And given our 20th anniversary tomorrow we are planning to as a bit of a gathering. We have got some of our senior executives in town around the table. So got brought some projects and evaluations; Joel Holliday on Exploration; John Steele, our Capital Projects Executive and our CFO, and Lois Wark on the Communications. So we should be able to answer just about anything you can throw it up. So with that I will pass it over to questions.

Thank you. [Operator Instructions] And our first question is from the line of Adrian Hammond from Standard Bank. Please go ahead.

I have a couple of questions. I think firstly, just for Graham, considering with oil price rate is at now, what's your thinking on the dividend policy? Can you continue with the progress of dividend policy, or has that something that you may consider it realizing?

Adrian, the best way to answer that question is, just to talk about our sort of cash position in terms of the way we see our modeling. And at current gold prices, and lets called that $1,100 an ounce. By the end of 2016, we have got, by our models, over $200 million in the bank, into 2017 we have got nearly $700 million in the bank at $1,100. So - and so it goes on, we build cash. And then that's huge by the way, a flat dividend. So the short answer to your question is that at current gold prices, the dividend policy is very much maintainable.

Thanks. And then two questions for Mark. Mark, just looking at Massawa, while it looks same, it seemed like just on the Massawa, the target alone, it sounds like a smaller project and Sophia - talk of Sophia now sounds like it need some - need Sophia to fly. Is that - am I reading this correctly and could you just be clear as to what would - what does Massawa need economically to meet your hurdle rate? And then secondly on Tongo, what's the outlook for power supply in that situation that doesn’t look too good at the moment?

I think to answer first thing our focus 3 million ounces 20% returns $1000 up. So Massawa is only battle because for us to get to 20% with better high grade the orebody and we end up with 1.2 million ounces. So Sophia comes along with – it adds more flexibility it's 3 million, it's so much more ways to help to deliver a bigger asset which process our focus. So I think just point out Massawa is one of the largest and certainly viable projects available right now in the Africa, that’s not developed. But we are still waiting as you say and we will continue until it doesn’t meet, we find a way to meet for us to meet our criteria. So we’re making progress and the test we give ourselves is - do the dollars we spend as we spend and add value to these projects. And my answer is absolutely at this stage. And we will come at Tongon. We will make a decision on what we do, right now with the learning value and Sophia gives us real opportunity. On Tongon, I think this is not something that keeps us the way kept not the unlike South African and other African countries the average we spent a lot of money on the infrastructure, the good infrastructure, It attracted already a lot of that private public partnerships to support the expansion and power supply. And at the same time the CIE the government utility has invested in its own improving capacity that whether new harder scheme developed by the Chinese coming online, let’s call it big gas to power project that’s right now being commissioned. But the gas are still a little bit of - and we struggle this quarter and as it booming economy this quarter. There were some maintenance issues and also lower waters in the harder dam. So the challenge for us is that there were – the intensions were good but ended up and thus separating us and we manage this so well in the past, where when we work together we can easily manage hard interruptions without impacting our throughput. When we get surprises that it gets us, but it will pick up this year and it has picked up and as we see everything starting to improve this quarter and we are pretty sure that this capacity will be on stream towards the end of this year and it will continue to grow. So, we are the biggest power consumer other than refinery in Africa so we are a big client of government and the government’s shareholder I must say. It demands us to work with that on the cost.

Thanks.

Thank you and our next question is from the line of Patrick Chidley from HSBC. Please go ahead.

Hello Mark everybody congratulations on 20th anniversary.

Thank you.

Just a couple of questions and just coming back to really your layer, exploration of depths. I wanted just to - if you could maybe explain a little bit more about what the intentions are for the end of the year here in terms of resource conversion and/or developing new resources going to reserves. Is that you would expect to replace reserves and/or upgrade them with these high grade areas or what’s the sort of plan there?

Yes, well the Yalea in - I mean if we could define the conversion numbers we would have told you already. That’s the whole intention of our drilling is to - with the manias in the potential and the potential - we see a potential of around 600,000 ounces in gulf I think that’s Gara. And our conversion rate when we look that’s just been looking at, it’s about 70%. So it’s reasonable to show, to forecast but it is subject to results that around three years of extra life at Gara. Yalea is a very complex orebody rig. So I think you just don’t call a deep hole end of the results back to yet on that southern plants. And the level of alteration is significant. It comforts us that the system is still open. It’s noted that we need – we just Roger highlighted this point in his report last year. And his advice is we got to stop spending the money because this is underground mine. We are getting deeper and we sourced conversion cost money and it takes time because this all repeats. So, we’ve made that the key strategy and we are committed to it. And to give you and Patrick I couldn’t give you numbers yet that's why we’re doing the drilling. But I can tell you that the orebody and the mineralization is confirmed to be open at date. And we are continuing work on that. But I think that you will see that we have whether board approved an extra 3.6 million in Gara because that's on material strategic drive in our mine result particularly in the lower gold environment to be able to reschedule the development of Gara and move one of the declamps to a higher grade so that can prove that up. That’s way we work and we working quite far ahead of in the mine trade but that’s what – that’s what we do into our business to make sure that we don’t think about tomorrow but rather we do.

Yes.

And I’m in the horizon.

Yes I am just thinking about are any of these new areas you are drilling up by the resource really it’s been more attractive than so other areas but third mine plan so I guess the Gara…

Yes it did I mean we can confidently say that currently those but remember we also in for drilling all time because that’s our business we make it our business to try and take away the risk of grade as we mine the orebody and I alluded to it early on one of the big take forward is we made managing these variable orebody is to do some fairly self over but significantly worthwhile metallurgical check work from the blocks that ore when it’s still in the mine so that we ahead of the gain when it gets to the plant as far as we agency concern. And so that we will continue to do that.

That makes sense. Just that you had a lot exploration there is in this quarter lot of sort of more incremental stuff as opposed big coverage that for me to Mankono as I think last time we talked about that that was wasn’t really going very fast and is there big change there and what you thinking about that given the.

Well. So we had two big anomalies into as that we named and priority wise and priority two and the harsh reality is priority two looks the lot better than priory one and that’s where we are. So we it took us to little blow out to get to priority two next to the priority one first but. I think we’ve explained the anomaly in priority one and I think but to some grumbling we all agree that we confirmed the source and the Graham will answer me because I it took me some time to get convinced that we will secret teams and the source. But we don’t say - it’s not, something that we can explain the deep – very hard normally through deflation and lots of core training. But as far as we could - given that the stuck a positive surprise. It’s a first like I’ve said, we’ve seen the size of the scale of stock work in the Boundiali. And I – it’s not the same as the brownfield thing in Ghana in its checking, but it’s the stock work demand.

It’s the demand.

Yes.

And just a quick follow-up on that why did you changes as you’ve done that, is there a long two limbs or something or just across the area?

Well we’ve got the first trench and when you look at the tax rate, its all over the place and it change. So there was - in our concern that it was a cost cutting fabric as you would expect in the stock work and most of the orebody that you find in the bromine are the shares own has it structurally very visible and cleaner supply and you can drill a lot of trenches and this one was difficult to identify. We have some trenches allow this trench, so to get a feel of the actual orientation of the fabric we put our another into testing trenching. Joel you want to add to that? A – Joel Holliday: No, well that – the reliability environment attraction in the trench. So the second trench as well 760 centimeter of the similar growth. I’m not sure we are going to 3.5 kilometer along anomaly Then we could get a number of the trenches which were since taking high grades in core stock growing a period as well. So it’s an interesting target.

And then follow-up programs for this year on that particular project?

I think the thing as you know; we are taking the team up. We have seen the results which is encouraging. We’ve got it’s random rainy season at it’s really a time of reflection as well as transition. And I think the year continuous as we needed left our knowledge - sort of permit care knowledge in Boundiali with some geophysical work as we got very literally. And Joel, you want to answer this. A – Joel Holliday: There are actually doing great into our future over the Tongon targets and then as our belt projects. And then we are planning on applying B10 survey there, towards the end - in the fourth quarter. So that’s the - I am going to pass the ongoing work on the Mankono experiment and also that to Fapoha North anomaly which is an significant bedrock anomalies within and certainly going along anomaly there. The main sort of research is going to be carried on the Boundiali permit between now and in the end of the year.

Okay. Great. Well, thanks very much.

Thanks.

Thank you. [Operator Instructions] And we have a follow-up question from the line of Adrian Hammond, Standard Bank. Please go ahead.

Hi, Mark. Yes, just a follow-up, please. On Kibali, just listened to short bottom being reached ahead of schedule, do you think that the 2018 target for underground soft commissioning could be brought forward?

Particularly right. He has been working on that. A – Joel Holliday: Yes, you have been asking that question overall Adrian. It’s pretty much moved into 2017, whereas I always said to you, there is still left quite a lot to be done with all that – the infrastructure across the chambers and everything. But yes, it moved us about three months forward.

At this stage we haven’t changed our guidance. We got a – billion of work to do. Adrian we got lots of scares in underground development. So far Kibali is working to plan that’s a good thing. We are ahead of it that’s even better. And it has positive implications and when we will show that we can take it – we will adjust our plans accordingly. I think that’s what I can say.

Great. Thanks, guys.

Thank you. And we have no further questions in queue.

Well, thank you everyone and as you know – the team, you know that most of you've got contact details – as well, and due to see from BPA. So if any of you would like to follow-up with any additional questions, you are welcomed to call or email us, contact [Lars] [ph] or Kathy, and set-up follow-up call. Otherwise, we will see most of you in Denver. Good bye or good day.

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