Operator: Good day, and welcome to the Gold Fields Q3 2011 Results. All participants are in listen-only mode. There will be an opportunity for you to ask questions after today's presentation. Please also note that this conference is being recorded. I would now like to hand the conference over to Willie Jacobsz. Please go ahead, sir.
Willie Jacobsz - IR: Good afternoon, ladies and gentlemen, and thank you very much for joining us for the results teleconference for our quarter three results. Nick Holland is going to give a brief introduction to the results, after which we're going to open it up for questions.
I'll now hand it over to Nick.
Nicholas J Holland - CEO: Thank you very much, Willie. With me today, I've got Paul Schmidt, our Chief Financial Officer. I've also got Zakira Amra, our Head of Investor Relations, Willie, you've already heard from. Then also Michael Fleischer, our General Counsel, is with us today.
Let me briefly highlight some of the key features of the quarterly results, after which we'll be prepared to take any of your questions.
The group delivered a strong performance in quarter three reporting quarterly earnings of $293 million. That's a record quarter for Gold Fields and significantly higher than the $186 million recorded in the previous quarter, the June quarter. Group's attributable production was up 3% to 900,000 ounces for the September quarter. That's in line with guidance supported by the acquisitions in minorities in Ghana and Peru, which we concluded at the end of the previous quarter, and the 900,000 ounces and 3% increase was also achieved despite a five-day wage related industrial action in South Africa at the early part of the quarter.
The international regions within Gold Fields contributed 52% or 472,000 ounces of the Group attributable gold equivalent production and 63% to the Group operating results, and it’s particularly interesting that the international portfolio of Gold Fields has increased over the last three and a half years from 1.3 billion ounces of production to 2 million ounces of production. That production has come in at lower costs than the rest of the Group and has had a positive impact on our overall costs. There was a 14% increase in the realized gold price for the quarter, which resulted in an 11% increase in revenue to $1.6 billion for the quarter.
Our business process reengineering initiatives across the globe continue to deliver, demonstrating sound cost control and improved efficiencies across the Group. Total rand denominated spend for the September quarter in South Africa increased by only 1.8% when compared with the September 2010 quarter. Despite amongst other things increasing electricity tariffs associated with the winter months for high tariffs related particularly in South Africa as well as wage increases over that particular period.
Total cash costs for the Group for the quarter were $851 per ounce compared to $816 announced in the previous quarter and around about a quarter of that increases was driven by higher royalties, which in turn increased because of the higher gold price.