Operator: Good morning, ladies and gentlemen. Welcome to the First Quantum Minerals Fourth Quarter and Yearend Results Conference Call.
I would now like to turn the meeting over to Mr. Clive Newall, President. Please go ahead, Mr. Newall.
Clive Newall - President and Director: Thanks very much, operator, and thanks to everybody who are joining us today. On the call with me from our finance department, Hannes Meyer, CFO; Juliet Wall, General Manager of Finance; (Emma Cowdrey), Senior Manager of Financial Reporting; and Sharon Loung, Director of Investor Relations.
Following my opening comments, Hannes will give a brief review of the financial results for the quarter, which were published yesterday. Please note there are some slides that accompany this review. They are available on the home page of our website at www.first-quantum.com and can be accessed either on the events section or on the Q4 conference call button under the news section. Following the review of the financials, we'll open the lines to take your questions.
As usual, before we begin I must note that over the course of this conference call, we'll be making several forward-looking statements, and as such, I encourage you to note the risk factors particularly to our company which are detailed in our annual information form, and available on our website at www.first-quantum.com and on www.sedar.com.
Now to begin the review; we reported comparative net earnings of $186.7 million, or $0.39 on a per share basis, for the quarter and $555 million, or $1.17 per share, for the year. These strong results were underpinned by record production at Kansanshi, solid operations at Guelb Moghrein, and new commercial operations at Ravensthorpe and Kevitsa.
As you may recall, we did a lot of work at Kansanshi during most of 2012 to expand the available mining areas in the pits, both near-term operations as well as preparing it for the capacity expansion to 400,000 tonnes of copper production a year. That work combined with the first phase expansion of the oxide circuit were the main contributors to the mine's record performance.
With construction already started on the recently approved sulphide expansion and the completion of the copper smelter slated for commissioning in the second half of 2014, together with the completion of the Phase 2 oxide expansion in Q3, 2013 looks that it will have good results ongoing at Kansanshi.
At Guelb Moghrein, the optimization works done there have yielded very good results. It is particularly pleasing, given there's such a difficult operating environment in desert conditions. Looking forward, Guelb's output should continue to benefit from efforts to expose more ore and consistent steady state operations.
Ravensthorpe's first full year of commercial operations was, of course, resounding success for us. In a nutshell, production in line with plan, unit cost of production below expectations, and even in this low nickel price environment, the mine generated over $82 million of operating cash flow. I think it's fair to say that our first experience of operating in an Arctic winter also turned out well, as the almost 45 visitors that we took up there to the site visit in mid-December can attest.