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GDO - Gold One International Limited - March 2012 Quarterly Results
GOLD ONE INTERNATIONAL LIMITED
Registered in Western Australia under the Corporations Act 2001 (Cth)
Registration number ACN: 094 265 746
Registered as an external company in the Republic of South Africa
Registration number: 2009/000032/10
Share code on the ASX/JSE: GDO
ISIN: AU000000GDO5
OTCQX International: GLDZY
("Gold One")
March 2012 Quarterly Results
- 61,625 ounces produced for the March 2012 quarter representing a 85%
increase on the December 2011 quarter principally as a result of the
closure of the Rand Uranium transaction
- US$ 21.17 million operating cashflow
- Cash balance decreased by 34% to US$ 147.61 million primarily due to a US$
137 million tranche payment for the acquisition of Rand Uranium
- Cost reduction initiatives at the Cooke Underground Operations result in
cash operating costs reducing by 6% to US$ 1,513/oz from the 2011 average
- Company balance sheet strengthened through a US$ 75 million unsecured
shareholder loan and a secured Investec facility
- Crystallisation of US$ 55million* value for the Megamine assets through the
sale to Goliath Gold for a consideration settled by way of issue of
ordinary Goliath Gold shares
- Memorandum of understanding entered into with Gold Fields to jointly
investigate the viability of concurrently reprocessing surface tailings
deposits
- Binding agreement entered into with First Uranium to acquire 100% of
Ezulwini Mine for US$ 70 million
- Gold One enters into an agreement to acquire the Modder East down dip
Kimberly Reef extensions for US$ 8.5 million from the liquidators of the
Pamodzi East Rand assets
- Wayne Robinson appointed as Head of South African Operations to bolster
operating expertise and capacity
*As at 30 March 2012
Gold One is pleased to announce the company`s March 2012 quarter results, which
showed the company increasing its total production by 85% to 61,625 ounces. Gold
One`s production now includes the Modder East, Cooke Underground and Randfontein
Surface operations, following the conclusion of the acquisition of 100% of Rand
Uranium (Pty) Limited ("Rand Uranium") on 6 January 2012.
Gold ore volumes across all three operations were negatively affected (group
production down 9% on forecast) by the slower than anticipated start up
following the December festive season holiday. At Modder East, production losses
were compounded due to both protected and unprotected industrial action and
mine-
wide safety stoppages imposed by the South African Department of Mineral
Resources ("DMR").
The group gold revenue for the March 2012 quarter amounted to US$ 86.19 million
from the sale of 60,507 ounces at an implied average price of US$ 1,424/oz.
This comprised 29,656 ounces of gold sold into the spot market at an implied
average price of US$ 1,648/oz and 30,851 ounces delivered into the Rand Uranium
hedge book at an implied average price of US$ 1,209/oz. The Rand Uranium hedge
book at 31 March 2012 totalled 126,073 ounces at an average deliverable price of
US$ 1,338/oz.
Despite not achieving production targets for the quarter and having to deliver
into the Rand Uranium hedge, a profit before tax of approximately US$ 7 million
was achieved. The profit is before accounting for the purchase price allocation
of the Rand Uranium acquisition and the international financial reporting
standards treatment of the Black Economic Empowerment structures.
Gold One`s cash balance reduced by 34% during the quarter, principally as a
result of Gold One paying the first tranche of the Rand Uranium purchase
consideration of US$ 137 million. The company`s cash balance remained robust,
with the company ending the quarter with a cash balance of US$ 147.61 million
(including restricted cash of US$ 31.74 million) compared to a cash balance of
US$ 230.24 million (including restricted cash of US$ 4.40 million) at the end of
the December 2011 quarter. In addition to this, the company ended the quarter
under review with gold receivables amounting to US$ 8.26 million.
In support of our continued growth strategy, Gold One has strengthened its
balance sheet by securing financing through the Investec Bank Limited
("Investec") facility announced on 29 August 2011 as well as through a US$ 75
million unsecured shareholder loan facility granted by Baiyin Precious Metals
Limited ("Baiyin"), a wholly owned subsidiary of Gold One`s strategic majority
shareholder Baiyin Nonferrous Group Co. Limited ("Baiyin Nonferrous"). The
shareholder loan, together with the Investec facility, has allowed Gold One to
settle the outstanding balance of approximately US$ 113 million payable in
respect of its acquisition of Rand Uranium and to have the necessary funding
available to settle the Ezulwini transaction consideration on completion. At
quarter end, Gold One reflected long term debt of US$ 75 million comprising the
Baiyin shareholder loan received in late March 2012.
Operational Highlights
At Modder East, the slower than anticipated start up after the festive season
break, coupled with both industrial action and DMR enforced safety stoppages,
resulted in tonnes treated from underground Black Reef production decreasing
from 156,382 tonnes during the December 2011 quarter to 139,115 tonnes for the
quarter under review. The Black Reef underground recovered grade remained
steady at 6.80 grams per tonne. The lower underground volumes were supplemented
by a significant amount of low grade on-reef development surface tonnage of
35,731 tonnes grading at an average of 0.75 grams per tonne. As a result, the
average recovered grade decreased by 10.7% to 5.54 grams per tonne. The unit
costs at the Modder East Operations increased by 11% to ZAR 938 per tonne
principally as a result of the reduction in tonnes mined. The increased unit
costs, coupled with the lower average grade and an exchange rate movement
quarter on quarter from ZAR 8.12/US$ 1 to ZAR 7.74/US$ 1, resulted in the cash
cost increasing by 46% to US$ 683/oz.
Management is continuing to engage representatives of the majority trade union,
the National Union of Mineworkers ("NUM"), on matters of mutual interest and
more specifically on the involvement of a new trade union seemingly recruiting
NUM members, which is attempting to disrupt the relationship between NUM and
Modder East management through instigation tactics. This is believed to have
been the underlying cause of the March 2012 quarter`s disruptions. Poor safety
performance at Modder East also resulted in the operations` progressive lost-
time injury frequency rate per 200,000 hours worked increasing from 0.54 at the
end of 2011 to 1.39, with two Section 54s being issued by the DMR. The Section
54s resulted in seven production days being lost while the requirements set by
these instructions were being implemented. These shortcomings have since been
addressed by increased short interval controls and participation from all
stakeholders. These initiatives should ensure that operations return to normal
and, as a result, the operations will achieve budgeted production volumes.
Other focus areas including development and quality mining remain, which have
resulted in a further 5% reduction in stoping dilution during the quarter.
Increased on-reef development has sustained flexibility levels with available
reserves supporting a production profile for a period of approximately
seven-and-
a-half months at planned production rates should no further development be
undertaken. In addition, this development is targeting the higher grade areas
being accessed along the shoreline extension. This level of flexibility,
combined with an ongoing commitment to quality production, underpins the
company`s confidence in achieving production guidance at Modder East.
At the Cooke Underground Operations, the quarter was dominated by poor volumes
and lower than planned recovered grades, both mainly as a result of a lack of
mining flexibility. Recovered grades were also affected by excessive in-stope
dilution. Mining flexibility is being addressed by an increase in development.
Focus on development resulted in significantly increased on-reef development
rates, increased off-reef development and increased face availability, all of
which will facilitate increased flexibility levels. Promising exploration
results at the Cooke Underground Operations will also over the medium term
result in increased mining flexibility. It is pleasing to report that at the
Cooke Operations and in line with the planned cost reduction strategy, an 11%
quarter on quarter reduction in unit costs to ZAR 1,137 per tonne has been
achieved. Despite recovered grades having reduced by 6% to 3.00 grams per
tonne, a 6% quarter on quarter reduction in cash costs to US$ 1,513/oz has also
been achieved.
Production at the Randfontein Surface Operation was negatively impacted during
March 2012 as a result of non-performance of a contractor appointed to install
and operate a conveyor based sand transportation and rail loading system, which
was planned to replace the more expensive existing loading and hauling system.
It was eventually decided to terminate this contract and to revert to the
previous arrangement for the remaining life of the Dump 20 sand operation. In
addition, elevated acidity levels in the dump also negatively impacted gold
recovery by some 3% due to varying quantities of a ferrous iron complex that
aggressively consumes and depletes the cyanide in the leach circuit, resulting
in significant reduction in cyanide available for gold dissolution and thus a
reduction in gold recovery. A possible metallurgical solution has been
identified following extensive metallurgical test work and will be tested during
the June 2012 quarter.
A specialist surface mineral resources manager has been appointed and is
evaluating a number of feed opportunities to support the growth strategy of
building a sustainable surface retreatment business that capitalises on the low
risk characteristics of the Randfontein surface asset base. This will further
enhance the company`s surface operation position on the West Rand.
Going forward, Gold One will focus on ensuring that the gold operations return
to planned production levels and designed operational efficiencies. As
announced on 26 April 2012, operational capacity has been further enhanced with
the appointment of Wayne Robinson as Head of the Gold One Group`s South African
Operations. Wayne will provide mining expertise, leadership and guidance to the
group`s operations. Wayne has 25 years of experience in mining and was most
recently Managing Director for Eastern Platinum, where he was responsible for
all of Eastern Platinum`s South African operations and projects.
On the exploration front, drilling at Modder North further confirmed the
presence of well mineralised Main Reef and conceptual economic studies are now
underway. The drilling programme drilling has also been fast-tracked by the
introduction of four permanent drill rigs. At Ventersburg, Gold One has
commenced with the project`s feasibility study, which is expected to be
completed by the March 2013 quarter. Over 5,000 metres of infill drilling was
completed during the quarter to assist in the refinement of Ventersburg`s
geological and grade distribution models. At Tulo, exploration was affected by
abnormally heavy rains, which significantly damaged the project area`s recently
constructed access road. Repairs to the road were completed by the end of March
2012 and drilling is now planned to commence at the end of May 2012. The results
of the previous quarter`s high resolution helicopter-borne geophysical survey
were processed and received at the end of March 2012. The prominent magnetic
lineaments that were noted will be investigated during the June 2012 quarter.
For the Cooke Uranium project, during the March 2012 quarter Gold One reviewed
the definitive feasibility studies completed by Bateman Engineering Limited and
MDM Engineering Group Limited. These studies for the construction of a uranium
plant to process the high grade Cooke Tailings Dam have also examined the
recovery of gold as well as the use of resin-in-pulp as an alternative
processing technology to counter current decantation for uranium recovery. The
company will mandate one of the two companies in June 2012 quarter to update the
well advanced feasibility study, including advancing gold recovery to the same
level of accuracy.
Corporate Highlights
During the March 2012 quarter, Gold One initiated, advanced and concluded
several key acquisitions that had been identified as opportunities for
sustainable company growth as each possesses significant economic streamlining
opportunities. On 6 January 2012 the company concluded the acquisition of 100%
of Rand Uranium for US$ 250 million, only being eight months after the company`s
initial binding offer. Due to the Cooke Operations acquired through this
transaction, Gold One is now ranked as a mid tier producer.
On 24 January, a strategic parternship with Gold Fields Limited (JSE, NYSE,
NASDAQ Dubai: GFI) ("Gold Fields") was announced. Gold One and Gold Fields plan
to investigate the viability of concurrently reprocessing the companies`
combined surface tailings deposits located in the West Rand region of South
Africa`s Witwatersrand Basin. Gold One and Gold Fields` combined surface
tailings deposits will total in excess of 700 million tonnes, representing over
60% of the total tailings material in the region. Economic recovery of gold and
uranium from historical tailings deposits has already been successfully
demonstrated in other districts within the Witwatersrand Gold belt and with Gold
One and Gold Fields` combined technical studies and quality assets, this
partnership presents an exciting prospect for the growth of a formidable surface
retreatment business.
On 2 March 2012, Gold One announced that it had signed a binding letter
agreement with First Uranium Corporation ("First Uranium") to acquire 100% of
the issued shares of, and all shareholders` claims against Ezulwini Mining
Company (Pty) Limited ("Ezulwini"), for a total consideration of US$ 70 million.
This strategic acquisition is also aligned to the business strategy of value
accretive growth and is a key component in the realisation of synergies across
the Cooke underground and Ezulwini operations. The Cooke Operations management
team has extensive knowledge of the Ezulwini operation and, as a result, Gold
One is well placed to realise the inherent value of the consolidation of these
assets. With immediate access to Ezulwini`s uranium and gold processing
facilities, the company can unlock the value of the Cooke and Ezulwini
underground resources and enhance the group`s uranium co-product strategy.
Gold One announced on 20 March that the sale of its Megamine assets to Goliath
Gold Mining Limited (JSE: GGM) ("Goliath Gold") for an acquisition consideration
of ZAR 262,229,868 was unconditional. This consideration was settled by way of
the issue of 104,891,947 Goliath Gold ordinary shares. This resulted in Gold
One crystallising US$ 55 million of value for the Megamine assets, based on the
market capitalisation of Goliath Gold on the closing of the transaction. Gold
One, through a wholly owned subsidiary, has now acquired a controlling interest
of at least 71% in Goliath Gold. As at 30 March 2012, Goliath Gold had a
market capitalisation of over ZAR 598 million (US$ 78 million). On 20 April,
and consequent to the closing of the mandatory offer of Gold One to Goliath Gold
shareholders, Gold One`s shareholding in Goliath Gold increased to 72%.
Gold One President and CEO Neal Froneman comments: "It was disappointing that
after six quarters of delivery we missed our March quarter 2012 production
forecasts. However, we have addressed the underlying issues and are now well
positioned to improving the efficiency and performance of our operations and to
deliver on next quarter`s guidance."
ENDS
Johannesburg
30 April 2012
JSE SPONSOR
Macquarie First South Capital (Pty) Limited
Issued by Gold One International Limited
www.gold1.co.za
Neal Froneman
President and CEO
+27 11 726 1047 (office)
+27 83 628 0226 (mobile)
neal.froneman@gold1.co.za
Grant Stuart
VP Investor Relations
+27 11 726 1047 (office)
+27 82 602 5992 (mobile)
grant.stuart@gold1.co.za
Carol Smith
Investor Relations
+27 11 726 1047 (office)
+27 82 338 2228 (mobile)
carol.smith@gold1.co.za
Derek Besier
Farrington National Sydney
+61 2 9332 4448 (office)
+61 421 768 224 (mobile)
derek.besier@farrington.com.au
About Gold One
Gold One International Limited is a dual listed (ASX/JSE: GDO) mid-tier mining
group with gold operations and gold and uranium prospects across Southern
Africa. Gold One remains focused on developing and mining low technical risk,
high margin precious metal resources in diversified jurisdictions. The
company`s flagship Modder East gold mine, commissioned in 2009, ddistinguishes
itself from most other gold mines in South Africa owing to its shallow nature
(300 to 500 metres below surface) and continues to ramp up production, having
produced 123,179 ounces in 2011.
At the beginning of 2012, the group expanded further with the acquisition of the
Cooke 1,2 and 3 Underground Operations and the Cooke surface assets (Randfontein
Surface Operations) located in the West Rand, 30 kilometers from Johannesburg.
The Cooke underground operations continue to deliver in line with expectations
and are currently the subject of a turnaround intervention. Through Gold One`s
purchase of Rand Uranium (Pty) Limited, the group has also acquired one of the
world`s most advanced uranium projects, which envisages recovering uranium, gold
and sulphur from the Cooke Tailings Dam and underground ores.
The Gold One group is majority-owned by a consortium comprising Baiyin Non-
Ferrous Group Co. Limited, the China-Africa Development Fund, and Long March
Capital Limited, and has an issued share capital of 1,416,315,461 shares.
This news release does not constitute investment advice. Neither this news
release nor the information contained in it constitutes an offer, invitation,
solicitation or recommendation in relation to the purchase or sale of securities
in any jurisdiction.
Forward-Looking Statement
This release includes certain forward-looking statements and forard-looking
information. All statements other than statements of historical fact included in
this release including, without limitation, statements regarding future plans
and objectives of Gold One International Limited are forward-looking statements
(or forward-looking information) that involve various risks, assumptions and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual values, results and future events could differ materially
from those anticipated in such statements. Important factors could cause actual
results to differ materially from Gold One`s expectations. Such factors include,
among others: the actual results of exploration activities; actual results of
reclamation activities; the estimation or realisation of mineral reserves and
resources; the timing and amount of estimated future production; costs of
production; capital expenditures; costs and timing of the development of Modder
East and new deposits; availability of capital required to place Gold One`s
properties into production; the ability to obtain or maintain a listing in South
Africa, Australia, Europe or North America; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future prices of
gold and other commodities; possible variations in ore grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated; accidents;
labour disputes and other risks of the mining industry; delays in obtaining
governmental approvals, permits or financing or in the completion of development
or construction activities, economic and financial market conditions; political
risks; Gold One`s hedging practices; currency fluctuations; title disputes or
claims limitations on insurance coverage. Although Gold One has attempted to
identify important factors that could cause actual results to differ materially,
there may be other factors that cause results not to be as anticipated,
estimated or intended.
Any forward-looking statements in this release speak only at the time of issue.
There can be no assurance that such statements will prove to be accurate as
actual values, results and future events could differ materially from those
anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Gold One does not undertake to update any forward-looking statements
that are included herein, or revise any changes in events, conditions or
circumstances on which any such statement is based, except in accordance with
applicable securities laws and stock exchange listing requirements.
Competent Persons` Statement
The information in this release that relates to exploration results, mineral
resources or ore reserves is based on information compiled by the following
Competent Persons for the purposes of both the 2004 Edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
("JORC Code") and the 2007 Edition of the South African Code for Reporting of
Exploration Results, Mineral Resources and Mineral Reserves ("SAMREC Code").
The overall Competent Person for the Gold One group is Dr Richard Stewart, who
has a doctorate in geology and who is a professional natural scientist
registered with the South African Council for Natural Scientific Professions
("SACNASP"), membership number 400051/04. Dr Stewart is also a member of the
Geological Society of South Africa ("GSSA") and is Senior Vice President:
Business Development for Gold One, with which he is a full-time employee, and
has 12 years` experience relevant to the style of mineralisation and type of
deposit under consideration, and to the activity which he is undertaking, to
qualify as a Competent Person for the purposes of both the JORC Code and the
SAMREC Code.
The Competent Person for the Ventersburg Project is Mr Quartus Meyer, who has a
master`s degree in science (geology) and who is a professional natural scientist
registered with SACNASP, membership number 400063/88. Mr Meyer is Group
Exploration Manager for Gold One, with which he is a full-time employee, and has
25 years` experience relevant to the style of mineralisation and type of deposit
under consideration, and to the activity which he is undertaking, to qualify as
a Competent Person for the purposes of both the JORC Code and the SAMREC Code.
The Competent Person for the Modder East Operations is Mr Evan Cook, who has a
bachelor`s degree in technology (geology) and who is a professional natural
scientist registered with SACNASP, membership number 400162/07. Mr Cook is the
Mineral Resources Manager: Modder East Operations for Gold One, with which he is
a full-time employee, and has 13 years` experience relevant to the style of
mineralisation and type of deposit under consideration, and to the activity
which he is undertaking, to qualify as a Competent Person for the purposes of
both the JORC Code and the SAMREC Code.
The Competent Person for the Cooke Operations is Mr Dave Whittaker, who has an
honour`s degree in science (geology geography) and who is a professional natural
scientist registered with SACNASP, membership number 400053/00. Mr Whittaker is
Mineral Resources Manager: Cooke Underground Operations for Rand Uranium (Pty)
Limited, with which he is a full-time employee and which is wholly owned by Gold
One, and has 30 years` experience relevant to the style of mineralisation and
type of deposit under consideration, and to the activity which he is
undertaking, to qualify as a Competent Person for the purposes of both the JORC
Code and the SAMREC Code.
Dr Stewart and Messrs Meyer, Cook and Whittaker consent to the inclusion in this
release of the matters based on information compiled by themselves, Gold One
employees, Rand Uranium employees and the companies` consultants in the form and
context in which they appear for the purposes of both the JORC Code and the
SAMREC Code
Further information on Gold One`s resource statement is available in the pre-
listing statement of Gold One International Limited issued on 19 December, 2008,
and in the resource statements released in the Gold One 2011 Annual Report,
released on 29 February 2012 on the ASX MAP, JSE SENS and the Gold One website.
The company`s resource statements are also available on the Gold One website.
SAMREC and JORC Terminology
In addition, this release uses the terms `indicated resources` and `inferred
resources` as defined in accordance with the SAMREC Code, prepared by the South
African Mineral Resource Committee (SAMREC), under the auspices of the South
African Institute of Mining and Metallurgy (SAIMM), effective March 2000 or as
amended from time to time and where indicated in accordance with the Canadian
National Instrument 43-101 - Standards for Disclosure for Mineral Projects. The
terms `indicated resources` and `inferred resources` are also defined in the
2004 Edition of the JORC Code, prepared by the Joint Ore Reserves Committee
(JORC) of the Australasian Institute of Mining and Metallurgy (AusIMM), the
Australian Institute of Geoscientists (AIG) and the Minerals Council of
Australia (MCA). (The use of these terms in this release is consistent with the
definitions of both the SAMREC Code and the JORC Code.)
A mineral reserve (or `ore reserve` in the JORC Code) is the economically
mineable part of a measured or indicated resource demonstrated by at least a
preliminary feasibility study. This study must include adequate information on
mining, processing, metallurgical, economic and other relevant factors that
demonstrate at the time of reporting that economic extraction can be justified.
A mineral reserve includes diluting materials and allows for losses that may
occur when the material is mined. A proven mineral reserve (or `proved ore
reserve` in the JORC Code) is the economically mineable part of a measured
resource for which quantity, grade or quality, densities, shape and physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and
economic parameters to support production planning and evaluation of the
economic viability of the deposit. A probable mineral reserve (or `probable ore
reserve` in the JORC Code) is the economically mineable part of an indicated
mineral resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence sufficient
to allow the appropriate application of technical and economic parameters to
support mine planning and evaluation of the economic viability of the deposit.
A mineral resource is a concentration or occurrence of natural, solid, inorganic
or fossilised organic material in or on the earth`s crust in such form and
quantity and of such a grade or quality that it has reasonable prospects for
economic extraction. The location, quantity, grade, geological characteristics
and continuity of a mineral resource are known, estimated or interpreted from
specific geological evidence and knowledge. A measured mineral resource is that
part of a mineral resource for which quantity, grade or quality, densities,
shape and physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic
parameters to support mine planning and evaluation of the economic viability of
the deposit. The estimate is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drillholes that are
spaced closely enough to confirm both geological and grade continuity. An
indicated mineral resource is that part of a mineral resource for which
quantity, grade or quality, densities, shape and physical characteristics can be
estimated with a level of confidence sufficient to allow the appropriate
application of technical and economic parameters to support mine planning and
evaluation of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drillholes that are spaced closely enough for geological and grade
continuity to be reasonably assumed. An inferred mineral resource is that part
of a mineral resource for which quantity and grade or quality can be estimated
on the basis of geological evidence and limited sampling and reasonably assumed,
but not verified, geological and grade continuity. The estimate is based on
limited exploration and sampling gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drillholes. Mineral
resources which are not mineral reserves do not have demonstrated economic
viability. Investors are cautioned not to assume that all or any part of the
mineral deposits in the measured and indicated resource categories will ever be
converted into reserves. In addition, "inferred resources" have a great amount
of uncertainty as to their existence and economic and legal feasibility. It
cannot be assumed that all or any part of an inferred mineral resource will be
ever be upgraded to a higher category. Under South African and Australian rules,
estimates of inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies or economic studies except under conditions noted in the
SAMREC Code and the JORC Code, respectively.
Investors are cautioned not to assume that all or any part of an inferred
resource exists or is economically or legally mineable. Exploration data is
acquired by Gold One and its consultants under strict quality assurance and
quality control protocols.
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Date: 30/04/2012 08:10:11 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
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