The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brian Morgan - RMB Morgan Stanley (Pty) Ltd. - Analyst
: Hi. Thanks very much for the time, guys. Two questions from my side. Can you give us a little color on ForEx hedging, what's your exposure is for
the second half and what sort of price levels you're at there? And then the second question is on the ZAR4.4 billion cash buffer. Maybe just a bit of
commentary around that, perhaps why ZAR4.4 billion? Why not ZAR4 billion? Why not ZAR3 billion? Why not ZAR5 billion? Could you just flesh
that out for us?
Question: Brian Morgan - RMB Morgan Stanley (Pty) Ltd. - Analyst
: Thanks, Deon. Can I follow up? I don't know if you've spelled this out in the release or not, what's Japanese Reference Price that you assumed in
the ZAR815 million?
Question: Brian Morgan - RMB Morgan Stanley (Pty) Ltd. - Analyst
: That's very good. Thank you, Deon.
Question: Ephrem Ravi - Citigroup Inc - Analyst
: Thank you. You had mentioned that the TFR was operating well in June and July at 50 million tonnes. Are you still seeing that in August? And also
related to that, do you think when the agreement expires in March 2025, what's your orderbook priority in terms of half the TFR, I mean is it rates
or is it penalty clauses or is it reliability?
And secondly, can you give a bit more detail on the realization premium discount you're expecting at Ensham in the second half and into 2025?
Can you repeat also what the royalty credits that you are expecting from Ensham as well and at what point? Thank you.
Question: Ephrem Ravi - Citigroup Inc - Analyst
: Yes, we can.
Question: Ephrem Ravi - Citigroup Inc - Analyst
: Thank you. If I can just ask a very quick follow-up on the Australian volumes. How much of it is typically sold forward, just so that we can get a sense
as to the volumes that have already been committed to with the price?
Question: Ephrem Ravi - Citigroup Inc - Analyst
: Thank you.
Question: Ben Davis - Panmure Liberum Limited - Analyst
: Morning July, Deon. Just a couple of questions from me. I just wonder if we could get a bit more color on these free-on-truck sales that you had in
the second half, the 400,000 tonnes, what we think that they're looking at going forward? And kind of how much additional in terms of cost, are
they roughly in rand and/or dollars per tonne?
And then also a few on Newcastle also. I don't know if it's related, but then the kind of contractual sales obligations that you had to meet. Again,
what sort of color do we expect in the second half? Are those domestic or international? Thanks.
Question: Ben Davis - Panmure Liberum Limited - Analyst
: Perfect. Okay. Great. So those -- the free-on-truck and the contractual sales, those are two separate entities where you aren't trucking to meet
export market obligations [to] premium product?
Question: Ben Davis - Panmure Liberum Limited - Analyst
: All right. Great. That's perfect. Thank you.
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