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Tue Mar 11, 2003
Fourth Quarter Results Conference Call
Operator:
Good morning, ladies and gentlemen. Welcome to the Pan American Silver fourth-quarter financial results conference call. I would now like to turn the meeting over to Mr. Ross Beaty, Chairman and Chief Executive Officer. Please go ahead, Mr. Beaty.
Ross Beaty:
Thank you and good afternoon and good morning, ladies and gentlemen, and welcome to the fourth-quarter and year-end results Pan American Silver conference call. With me in the room here in Vancouver is Tony Hawkshaw, Chief Financial Officer, Rosie Moore, VP-Corporate Relations, and John Wright, President and Chief Operating Officer of the company.
Well, our financial results in print are great I think and I'm going to start this call off right away with a discussion of our Quiruvilca Mine which has caused us lots of heartache in the last couple of years. Its unprofitable performance is due mostly to the collapse in zinc prices that began in late 2000 and continues today. Last year zinc hit an all-time low in real dollar terms at 33 cents per pound. Nearly all world zinc production is uneconomic at this price. Zinc prices are important to us because Quiruvilca has changed over the years from being a dominantly silver mine to a dominantly zinc mine as the veins deepen and become more zinc-rich.
In 2002 as well a lot of the upper high-grade silver veins were depleted and that's why our grades were lower than we had expected. In 2002 silver prices were also quite weak relative to the last 10 to 20 years. In the third quarter, we wrote down Quiruvilca's carrying value and in the fourth quarter we made an assessment of the long-term reclamation obligations and supply inventory and we decided to take the whole hit to put the matter behind us.
We are still unsure of what we will do at Quiruvilca. Excluding water-treatment costs and Lima overhead costs, the mine lost about $100,000 per month last year. Our forecast cash loss in 2003 is about $85,000 a month, though we have done better than that so far this year. Now if we knew metal prices would remain in the cellar for another five years, we would be better to close Quiruvilca today. But if we close the mine there will be serious social difficulties in the community and we will have to start reclaiming the site. Peruvian law does not contemplate temporary closure.
We are also optimistic the metal prices will trend higher this year, and so far they have, both silver and zinc. So for now we are continuing to operate the mine and we hope it will return to profitability as it did in the year 2000. The $27-million accounting writedown and reclamation charge is of course a non-cash charge. We may also see some value in 2003 from our Quiruvilca gold assets, the Tres Cruces and Los Angeles properties being explored by Barrick Gold.
Happily, we are doing well at our two other Peruvian silver operations. At Huaron we have had a lot of success, our 10% expansion started last Fall, is ahead of schedule and resulting in lower costs and improved production already. Our new silver stockpile operation is also doing well and will be a steady contributor to cashflow for the next 10 years.
Moving to Mexico, we have increased our exposure there with the completion of our acquisition of Corner Bay Silver on February 20th, and we are pleased to welcome Corner Bay's shareholders to Pan American. Corner Bay's Alamo Durado property is an excellent fit to our existing assets and we plan to aggressively advance it this year to a construction decision. We are currently doing some drilling to prepare a metallurgical sample for engineering studies on whether to process the silver in a mill or by deep bleach and to review the costs and returns from each process.
We would like to acknowledge and thank Corner Bay's Board of Directors and management for their patience and goodwill as we work to secure a water source for the projected mine and had to twice delay closing of the merger. We also welcome Bill Faust (ph) to Pan American. Bill was Corner Bay's Vice President of Operations and will serve Pan American in that capacity responsible for the advancement of Alamo Durado into production.
At our La Colorada Mine, south of Alamo Durado, things are proceeding very well as well. The small-scale or 200-ton-per-day sulfide operation is operating smoothly and the construction of the new 600-ton-per-day oxide operation is on schedule and budget. When it opens in mid-year it should be our most profitable mine and our purest silver mine with over 90% of its revenue coming from silver.
What really excites me today is our great portfolio of growth projects. Besides Alamo Durado, we also acquired half of Manantial Espejo last year in early 2002 and I fully expect this property to become a high-grade silver and gold mine in a few years. I was down there just last week and was very, very pleased with what I saw. It's a great location, our 2002 exploration results were excellent and we plan to proceed with an underground program this year leading to feasibility study in 2004.
In Bolivia, our San Vicente Mine had a good year producing 1.1 million ounces for the Bolivian company that operates it on a toll-milling basis. In 2003 we hope to continue San Vicente's progress towards a feasibility study into a full-scale mining operation. Finally, the Dukat Mine in Russia began operations in late 2002. We hold 20% of this and we will watch how operations proceed this year.
Now, some of our shareholders have asked why we are so focused on increasing production when metal prices are so weak and my answer to that question is simple: Without production, we are not a real mining company that gives its owners real leverage to prices. Our planned production in 2003 is 10.3 million ounces of silver and we hope to produce 20 million ounces in 2005. We are also bullish on silver and expect prices to trend higher. So any increase in the silver price will translate immediately to our bottom line as we build our production and of course, as well, to the value of our very large capital asset, our silver reserves and resources. 
I also want to remind shareholders of the difference between an operating mine and an exploration project. It is tremendously difficult to delineate financing and construct a mine that will operate successfully. We now are operating four silver projects and we have interest in two other mines. These operations are fully financed. The equity dilution and cash outflow required to build them is behind us. The enormous risks and long-term lead time involved in permitting, financing, construction and start-up are behind us. Our management team is proven and ready for new mine development. These are real achievements which our shareholders should be extremely proud of, we certainly are in management, and they must be contrasted with the hopes of exploration-stage companies that have yet to surmount these real world challenges.
We fully expect our 2003 results to be markedly better than those in 2002. La Colorada will be a big part of this when its expansion is complete in mid-year. So will our Huaron and stockpile operations as well as our reduced losses at Quiruvilca. And we are optimistic that metal prices will be better this year than the prices we used to determine our 2003 budget which were $4.60 silver and 36 cents zinc.
Speaking of silver, we all know silver lagged gold last year, rising only 4% against gold's plus 20% rise. But in recent weeks, silver has outperformed gold and in 2002 had outperformed nearly all base metals, affirming silver's dual role as a precious and industrial metal. On the demand side in 2002 for the first time since 1990 significant silver purchases were made for investment purposes and industrial demand rose about 3%. So we are bullish on silver. Silver supply for mines dropped in 2002 for the first time in years and is likely to be static for the foreseeable future. The weakness in the U.S. dollar should continue and this is also bullish not only for silver but all metal commodities.
Geopolitical uncertainty will continue to provide a solid rationale for investment demand for silver and gold but, most importantly, the large silver stockpile in China is likely to be depleted soon after enormous sales since 1998. From 1999 to 2001 it is estimated that 192 million ounces were sold by China in world markets. In 2002 preliminary estimates are that this drops to about 35 million ounces and that Chinese sales became more price-sensitive. So when these sales dry up we expect the silver price to rise directly. Longer term, enormous potential exists in China for greater silver demand and efforts are active within the Silver Institute to promote this.
Our plans for 2003 are similar to what we achieved in 2002. We look forward to La Colorada entering in production as a large, long-term, low-cost nearly pure silver mine, continued profitable operation at Huaron and the silver stockpiles, restoration of Quiruvilca as a profitable operation assuming higher metal prices, completion of a feasibility study on Alamo Durado and financing and commencement of construction at that mine, further advancement of our Manantial Espejo and San Vicente projects and discovery of new silver deposits in our exploration programs. I believe that Pan American Silver will unassailably become North America's -pre-eminent silver producer and a significant generator of long-term profits. I can hardly wait for the year to unfold. And now on that introductory note I will open the call to questions.
Operator:
Thank you, Sir. We will now take questions from the telephone lines. If you have a question, please press 1 on your telephone keypad. If you're using a speakerphone, please lift the handset and then press 1. If at any time you wish to cancel your question, please press the pound sign. Please press 1 at this time if you have a question. There will be a brief pause while the participants register for their questions. Thank you for your patience. The first question is from George Topping of Sprott Securities. Please go ahead, Sir.
George Topping:
Good day, everyone.
Ross Beaty:
Hello, George.
George Topping:
Hi, Ross. Ross, could you tell me, the Dorado, when do you expect to start construction of it and when would you expect to commission it?
John Wright:
George, it's John. Everything going well, we'll come out of the feasibility late June and then you know, sort of giving it three/four months to get the financing on side. I would like to get it going in the fourth quarter and probably have a 12 to 14-month lead time so it would be the end of 2/04 for operations.
George Topping: Okay. And the same question was on the (inaudible) mine in the fourth quarter, if you could have those at hand for Huaron and Quiruvilca.
Ross Beaty:
I'm sorry, I missed the first part of the question, George.
George Topping:
The mined grids (ph).
Ross Beaty:
George, for the fourth quarter of 2002 at Huaron the average silver grade was 261 grams, the average zinc grade was 4.08%. At Quiruvilca the average silver grade was 176 grams and the average zinc rate was 3.95%. We'll be publishing a lot of detail on this in our annual report.
George Topping:
Perfect. Thanks very much.
Ross Beaty:
Any analyst (inaudible) can always phone Rosie Moore here in Vancouver as well.
George Topping:
Good. Thank you.
Ross Beaty:
Okay, George.
George Topping:
Bye.
Operator:
Thank you, Mr. Topping. Once again, if you have a question at this time, please press 1 on your telephone keypad. Once again, please press 1 at this time if you have a question. The next question is from Haytham Hodaly from Salman Partners. Please go ahead, Sir.
Haytham Hodaly:
Good morning, Ross, Rosie, everybody else there. Just a quick question. Could you just outline what... give us some form of a timeline as to what hurdles you have to overcome in order to get this financing for Alamo Durado?
Ross Beaty:
The hurdles, Haytham, are ordinary hurdles in any project for financing. We have to demonstrate that we have an economic project. We'd like to see silver prices of at least $4.80 an ounce and gold north of 300 or 320 I would say, John.
John Wright:
Yeah.
Ross Beaty:
Ideally, we have a number of banks interested of course in financing some or all of the projects and we have the opportunity to equity finance all or a portion of the projects, and we also have the opportunity to sell assets as an alternative to debt or equity. So for the moment we're leaving our options open on how we finance the mine because we don't actually know the true capital number until the feasibility study is finished or in fact the projected rate of return. We don't know the process we're going to use and that's why we're doing the optimization studies of a mill or a heap (ph) lease.
So watch this space. We should have those numbers at the end of June and we'll be making a call on the process and then therefore the financial cost or the capital cost sometime in the third quarter, and then seeking finance based on that number. The cap-ex, just to give you some ballpark figures, the cap-ex that Corner Bay announced when they completed the feasibility study last June that they had done on a heap lease was around $45 million or so. So you know, it's going to be in that range, probably a little bit higher but not hugely higher. Is that about right, John?
John Wright:
If we go to the mill option it'll be higher but in the order of 10.
Ross Beaty:
$10 million higher than 45, yeah. So in the $45 to $55-million range.
Haytham Hodaly:
Okay. And I guess any further... obviously, you guys made some great strides and leaps towards attaining the water rights. Any further progress since your last new release on that?
John Wright:
It's gone to the operational side in Mexico City and been approved and it's now on the legal side for being papered.
Haytham Hodaly:
Perfect. Okay. Thank you, gentlemen.
Operator:
Thank you, Sir. The next question is from David Morgan of Stone Investment Group. Please go ahead, Sir.
David Morgan:
Good morning, everyone...
Ross Beaty:
Hi, Dave.
David Morgan:
Ross and company. Let me just first of all congratulate everyone on their perseverance. It certainly has not been the easiest for the silver industry, as we all know, and you've done an excellent job of stating your... you know, making great progress toward your mission statement. Ross, I only have one question this morning and I promise to leave you alone. It just comes on the China number that you gave us which makes me extremely happy. How did you verify or did you verify or how did you obtain the number of possibly 30 million ounces for this year and that possibly being the amount remaining that they're willing to sell it?
Ross Beaty:
Yeah, 35 was the number I used today.
David Morgan:
Okay, sorry.
Ross Beaty:
And these numbers really come from a combination of work the Silver Institute is doing in China. The Silver Institute is making a big effort there because we see it as the biggest single factor influencing the silver market today of a negative nature, and to the extent we can influence what goes on in China and improve the dynamics there, of course that will translate to benefits for all silver producers through higher prices.
So between work that we're doing to get into the places that make decisions such as the Peoples Bank of China and work that Goldfields Mineral Services do, which is the consultancy, the pre-eminent consultancy of silver and gold statistics globally based in London that does the annual silver survey for the Silver Institute, they have very good connections in China and they are distilling numbers that come in terms of exports from mainland China into Hong Kong, exports from Hong Kong into India, into Singapore and into Indonesia and other places. They've got a really good overview of the movement of silver in the world and those numbers confirm with their numbers in terms of preliminary estimates for 2002.
The real big question that no one yet knows with certainty, David, and I want to emphasize this because China unfortunately has not been... is not transparent with these numbers, we've been lobbying to make them transparent but so far they have not given us hard data. So everything is kind of anecdotal and gleaned from snippets rather than a certainty of a high-level spokesman at the Peoples Bank. The best guesses though from Goldfields and from our own work in China is that there's maybe 50 million ounces left, in that order. But again, I want to emphasize that's not a hard number. If that is the case and if silver sales continue at the levels that they've been in the last year, that means that that inventory is going to be gone in the next year or so.
Now, I want to emphasize too that China is it seems clearly now.. it may have been circumstantial or not, but after the Silver Institute meeting or trip to China last March, China has become a price-sensitive seller so that they're selling on spikes and they're not selling willy-nilly at low prices. Hence I believe that they tend to sell when silver goes to 480 or 490 and that was a big influence I think in January of this year when silver stuck at that level and did not follow gold, it rammed at 390 as we all know.
At the same time, I don't think they're selling at current levels and that's one of the things that's underpinning silver right now. You don't have that overhang onto the market the way it was say at 480/490. That's I think why silver has actually outperformed gold in the last few weeks and I think you're going to continue to see that great floor at around 450/460 that we've seen right now. At the same time you might see it at higher levels, closer to $5.
Now having said that, you know, the future is uncertain really. Nobody knows if the Chinese will continue to make that type of policy or in fact whether that policy does exist for sure. It just seems to be the case.
Operator:
Mr. Morgan, did you have a further question?
David Morgan:
Well, I told him I'd leave him alone but I have one more. Thank you for an excellent answer. When the Institute made their trip to China, what was the overview -- of course I read the report that you put out and also from the LBMA, Alchemus Magazine -- but do you think there's been a shift as far as their thinking about silver not only in selling during a spike but also what their needs might be in the future?
Ross Beaty:
Well, it's very true that growth of silver demand in China is significant. China is not a major silver consumer, unlike for example India. Historically, the major ethnic group in China didn't like silver, they preferred gold. They left silver to the minority tribes and minority groups of China. What the Chinese see now though is tremendous scope for promotion of the modern types of silver jewellery and silverware in China marketing to the newly-rich Chinese middle class as an alternative to them buying for example platinum jewellery which where China right now is the biggest consumer of platinum jewellery globally.
So if we can move some of that interest in white metal away from platinum into silver, everybody is going to benefit and I think the Chinese government understands that, that they can market their own silver that they produce in excess right now to their own people to avoid their people having to buy South African platinum at very, very high prices, consuming foreign exchange.
So that's one big effort we're making and in fact the Chinese are stimulating that through silver jewellery and silverware fairs and shows in China. There's a big one coming this.. I think it's September in Beijing. It's really huge and we're going to be sending some Italian silversmiths, Mexican, American and Peruvian over to that to demonstrate some of the new styles.
There's also a great scope for Chinese use, increased use of silver industrially and this is what the Chinese are really interested in and they convened a conference last September and another one will be held later on this year to promote industrial applications of silver specifically to Chinese industrial manufacturers. So right now there's about a 30-million-ounce surplus of silver between mine supply of silver in China and Chinese demand. Mine supply is about 50 million ounces, demand is about 20/25 million ounces, growing rapidly. We see that surplus of silver supply converted into a deficit where silver demand is greater than supply, looking out four or five years. We see a lot of scope for that in China, but again it's going to be a multi-year process.
David Morgan:
Thank you. I appreciate it.
Ross Beaty:
Okay, David.
Operator:
Thank you, Mr. Morgan. The next question is from Ralph Wagner of Wagner Investment Management. Please go ahead, Sir.
Ralph Wagner:
Yes, good morning. Just to follow up on that question on the supply, it's been extremely, you know, frustrating the last three or four years. You know, it's like every year something else comes up. We talked about China now for the last, you know, year and a half. But there are other people out there in the past and I guess one item just to mention maybe Berkshire still has 130 million ounces or whatever they bought at the time. And then the prospect of some of the major new mines coming on, you know, like Apex Silver Mine. Any more thoughts on it in terms of how it all will shape out or shake out?
Ross Beaty:
Well, I think I've described already through what we see as the outlook for the next couple of years anyway. We see static supply. We don't see supply going up, we don't see any threat from new mine productions as mentioned. We see static or possibly even a decrease in total world mine supply of silver. On the demand side we see steady growth in demand from every single sector, industrial growth because of silver's new, all kinds of new applications of silver in industrial uses from super conductors to water purification to biocides to all sorts of things, to use as a fuel catalyst. And we've seen growth in jewellery, we see growth in, believe it or not and this is a fact, we still see growth every year in silver used in photography. Last year it went up by 1%. The real growth is capped by digital imaging but the total use of silver is not, and so the use of silver in photography is increasing each year.
So we're bullish on silver. I think the fact that China entered the market in 1999 and has sold about 220 million ounces in the last four years, that's a very negative factor in the sense that that's a new supply that nobody knew about, and it's aboveground and it has served to cap the silver price. You've also had the biggest drop in industrial demand in the year 2000 and 2001 since 1980 when silver hit $50 an ounce. Silver demand simply collapsed in 2000/2001. That was a very, very negative factor and that's what served to drive silver prices down to their all-time lows that we saw early last year and in late 2001 at $4 an ounce. I am much more optimistic looking forward because some of those factors are gone now.
Ralph Wagner:
Ross, any feeling in terms of what the demand could be from both water purification and the pure cell or the pure, you know, the pure cell related activities?
Ross Beaty:
Water purification currently consumes about 10 million ounces of silver a year and that is growing. The demand for fuel cells.. pardon me, catalyst, is completely open because the research into that is just beginning. There's a fuel cell Bill right now in front of Congress that will promote very, very large funding into this area over the next few years. It's a long-term process and so today I can't give you any hard numbers on it.
Ralph Wagner: Okay. The last question on the Berkshire, is that holding still in place or has that come into the market?
Ross Beaty:
I have no information on that whatsoever. As far as we know, Mr. Buffet still owns all of the 130 million ounces he bought in 1997/'98.
Ralph Wagner:
Great. Thank you.
Ross Beaty:
You're welcome.
Operator:
Thank you, Mr. Wagner. Once again, if you have a question at this time please press 1. The next question is from Kelly Freitag, a private investor. Please go ahead, Ma'am.
Kelly Freitag:
It's Mr. Good day, folks. My question is with regards to working capital. I noticed that you reported $2.4 million on the quarter. Now, I know you have been issued a $10-million on completion of the La Colorada Mine. So I guess what I'm getting at is: Is that mine on schedule, on budget I mean? Is it going to go over budget? What kind of cash burn have you got assuming no commodity price changes? And like I know you've got a feasibility study coming up for your new mine, for the Corner Bay Mine that is, and I feel like there's going to be another equity financing soon and if we can go into some timeframe and just about how much that would be.
Ross Beaty: Okay. Tony, do you want to tackle the first one, the working capital issue?
Tony Hawkshaw:
The working capital issue, and I think you had kind of tied it into the completion of the La Colorada Mine. Right now we're comfortable with both our cash position and our working capital position. The sort of expansion project at La Colorada is slightly ahead of schedule and I would say either on or slightly under budget. We don't forecast in our projections any increases in metal prices, however we've got a very detailed comprehensive budget that shows us ending the year at about the same place we are now after funding the expansion at La Colorada, taking care of the feasibility study work at Alamo Dorado and advancing the Manantial Espejo project.
Ross Beaty:
Yeah, scheduled debt payments, general and overhead expenses and exploration costs.
Tony Hawkshaw:
Yes.
Ross Beaty: And that's because we see cashflow from operations. Now, looking at the second question which was how are we going to finance Alamo Dorado, I think I've already answered that we don't know the number we're going to need for that project until mid-year. When we have the number we'll tackle how to finance it. We have all options between equity, debt, selling assets and a combination of those three to raise the funding necessary to build that mine. It's premature to talk about it right now so I'm not going to.
Kelly Freitag:
I was just wondering about your cash burn there as well.
Ross Beaty:
Well, I think what Tony answered is by the end of the year we're going to be roughly where we are right now. So we will have no net cash burn net of our capital expenses, our debt repayments, our overhead costs and our exploration expense.
Kelly Freitag:
Okay. Just one final question. I notice you have 50% of some protection was hedged zinc. Why... could you go into some explanation about how long that's going to be in place?
Ross Beaty:
Tony.
Tony Hawkshaw:
It will be in place until February '04. We're got 300 tons sold in January '04 and 300 tons sold in February '04. The balance will close out relatively evenly over the remainder of this year.
Kelly Freitag:
Okay, thank you.
John Wright:
And just to make that relative, I mean we're producing, you know, plus 3,000 tons a month so in January and February of '04 we're talking about in the order of 10% of the zinc being hedged.
Kelly Freitag: Oh, okay.
John Wright:
And that puts it in perspective.
Kelly Freitag:
Yeah, okay. Thank you.
Ross Beaty:
Having said that, if I can chime in on zinc, it is our desire to hedge our zinc to the extent that we can in order to lock in a metal price that at least gives us a breakeven operation at Quiruvilca. That's been the focus on our zinc hedges right now to hedge our base metal production and really allow our shareholders to take the risk on silver price only.
Kelly Freitag: Okay. Well, thank you very much. I appreciate your time.
Ross Beaty: Okay, thanks for the questions.
Operator:
Thank you, Mr. Freitag. The next question is from Chip Rini of Addison Clark. Please go ahead, Sir.
Chip Rini:
Good morning. At Huaron I saw a total cash cost per ounce as $3.66 for the quarter. Does that include like the cap-ex? I kind of remember you were expensing the cap-ex there.
Ross Beaty:
Yes. Excellent question. Tony... because we have changed that policy from last year.
Tony Hawkshaw :
No, it doesn't include cap-ex. It's, you know, the cost of the operations and the associated taxes.
Ross Beaty:
I'll just maybe jump in, Tony. What Chip is referring to is that last year we stated in our quarterly report I think in the second quarter or third quarter that we were expensing the new development of the satellite zone.
Tony Hawkshaw:
Oh, yes.
Ross Beaty:
And treating it as an expense. What we did, Chip, is we went back into the reserves that we had in that new zone and we realized that we were going to be mining the new zone over what, John, two or three years?
John Wright:
Yeah, we started off with 144,000 tons that we were going in on and we're over a quarter of a million right now at sort of a 5,000 to 6,000-ton-a-month rate. So we're up sort of pushing into three years now on that area that we've developed.
Ross Beaty:
And because of that now we've moved the expense of developing that zone into a capital expense which has been depreciated rather than showing up in the expense statement. Does that make... does that answer your question?
Chip Rini:
I'll actually ask you offline. I'm a little confused. Its' the 366, so it does not include the capital expenditures there. That's what you're saying, right?
Ross Beaty:
That's correct.
Chip Rini:
Okay. And then I guess looking into 2003, where do you sort of see your corporate expense line looking like? I guess G&A and...
Ross Beaty:
2003 will be a little bit higher because we've added a couple of people with the Corner Bay acquisition and we also do intend to beef up our management to some degree this year to allow us to manage our various projects more actively. We have a very thin team and a very lean team in Vancouver. You will have noticed our G&A last year came in at around $1.7 million, $1.6/$1.7 million which is the lowest in the sector by a country mile. It's probably too low. That would be the bottom line. We think that we're pretty stretched right now with our management team on... with the number of projects we've got and we do intend to beef it up a little. That will result in slightly higher G&A costs. We could be... what's your budget this year, Tony?
Tony Hawkshaw:
The budget is 1.6.
Ross Beaty:
The budget for '03 is 1.6 but I think...
John Wright:
That excludes Corner Bay.
Ross Beaty:
Yeah, that excludes Corner Bay. So we'll be probably closer to $2 million.
Chip Rini:
Okay. And your reclamation and exploration costs are also.. they're all included in the cash costs?
Rosie Moore:
No...
Ross Beaty:
On-site, on-site exploration is included. Greenfields type exploration is not included in the cash costs but it does work into the production cost.
Chip Rini:
Okay, great. And then lastly, the debt, the $5 or so million you have in debt, is that all held at the Peruvian subsidiary?
Ross Beaty:
It is, yes.
Chip Rini:
Okay, great. Thanks a lot, guys.
Ross Beaty:
Okay. You're welcome.
Operator:
Thank you, Mr. Rini. Once again, if you have a question at this time please press 1. And at this time, Mr. Beaty, there are no further questions registered. I would like to turn the meeting back over to you, Sir. Please go ahead.
Ross Beaty:
Okay. Thanks, Operator. Well, I think on that note we'll conclude the call and I want to thank all of you for joining us. If you have any further questions, don't hesitate to contact Tony or John or Rosie or me at the office here and... or by e-mail, and again thanks for your interest in the call and good afternoon and good day to you. |
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