Wrap Text
Third Quarter 2014 Production Report & Interim Management Statement
Lonmin Plc (Incorporated in England and Wales)
(Registered in the Republic of South Africa under registration number 1969/000015/10)
JSE code: LON
Issuer Code: LOLMI & ISIN : GB0031192486 ("Lonmin")
REGULATORY RELEASE
25 July 2014
Third Quarter 2014 Production Report & Interim Management Statement
Lonmin Plc (“Lonmin” or “the Company”), today announces its production results for the three months to 30 June 2014
(unaudited) and Interim Management Statement for the period from 1 April 2014 to today’s date. It is important to note that
there was an industrial dispute throughout the period and consequently no meaningful production. The strike ended with a
wage agreement signed on 24 June 2014.
Highlights
Employees returned to work, ramp up to full production at all shafts has started. We are making steady progress
- Good stable attendance with near normal levels of around 90% of our employees
- Compared to FY2013 , wage settlement results in an overall increase of 12.9% in the Company’s labour costs for
FY2014, 8.8% for FY2015 and 8.2% for FY2016
- Special costs of $322 million incurred to date, mainly as a result of idle production during the strike, and security costs.
We expect further special costs associated with the ramp up in quarter four, as operations will not have reached full
capacity
Third quarter production severely impacted by the unprecedented five month strike
- Re-start of the Processing Division in May, enabled achievement of Platinum metal in concentrate of 23,618 ounces, in
June and 36,255 refined Platinum ounces
- Strike impact in mining of around 192,700 Platinum saleable ounces
Nine months performance cumulatively impacted
- Platinum metal in concentrate and sales of 238,735 ounces and 289,414 ounces, down 56.8% and 29.0% respectively
- Strike loss in mining of around 348,400 saleable Platinum ounces
Mining ramp up
- Successfully completed the medicals within three weeks. Ramp up commenced in second week of July
- Immediately available ore reserves and disciplined approach to monitoring and securing the operations during the
strike positions the Company well for re-start of operations
- All shafts are re-starting, to optimise the good team working ethos already established pre the strike and maximise on
safe production output
- We are currently achieving around 30.0% of normal monthly production and we expect to be achieving 80.0% of
normal monthly production by the end of the FY2014 and to be at the normal steady rate of production during Q12015
Funding
- Net cash of nil at 30 June 2014
- Decisive cash conservation measures to minimise cash burn continued into quarter three
- Significant headroom available in our banking facilities to fund the production ramp up, and re-build the stock pipeline
over the coming months
- It is our expectation that we will repay the drawn facilities to the extent of surplus cash in quarter four of FY2014
Guidance for 2014
- Platinum metal in concentrate (MIC) production anticipated to be around 340,000 ounces
- Revising sales guidance to 420,000 saleable Platinum ounces for the year
- Unit cost per PGM ounce year on year increase expected to be in excess of 60.0% including the special costs, as a result
of severely impacted production
- Capex guidance revised down from $210 million to around $100 million for the year
1
Lonmin Chief Executive Ben Magara said: “Ramp up to full production has started and we are making good and steady progress
in terms of our plans to return to full production. We are experiencing stable attendance levels by our employees across all
operations since the end of the strike. Our immediate focus is on ensuring a safe and productive ramp up. I am pleased with the
enthusiasm in our management and all employees to the re-building of our relationships and operational credibility. Our existing
banking facilities are more than adequate to cover the costs of the strike and the ramp up. We are also assessing our medium to
long-term options around improving the productivity and profitability of our business including cost reduction.”
Ramp Up
On 25 June 2014, around 85.0% of Lonmin employees immediately returned to work following the signing of the wage
agreement with the Association of Mineworkers and Construction Union (“AMCU”) on 24 June. The return to work signalled the
end of a five month strike, during which time the vast majority of Lonmin’s Marikana assets were not operational. The initial
focus of the Company has been to ensure a safe resumption of production with the first steps being to carry out medical
examinations and safety inductions on employees. In the four weeks since the end of the strike, all medical examinations have
been performed at Lonmin’s health centres. Whilst the majority of employees passed their medical tests, a higher than normal
failure rate of around 8.0% was noted, resulting mainly from untreated chronic illnesses and nutrition concerns during the strike
period. Most of these employees have regained fitness since they re-started treatment and their wellness improved as a result
of food parcels and nutritional supplements provided by Lonmin. The attendance level has stabilised at around 90.0%.
Whilst careful planning allowed us to secure the integrity of our operations ahead of the strike, safety is a priority in everything
we do and as such since the end of the strike we have adopted a cautious approach and have carried out a full inspection of our
operations and work areas for stability and readiness to operate in order to ensure a safe ramp up as we re-start. This measured
approach, combined with the healthy available ore reserve position which stood at 3.7 million centares at 31 March 2014 should
benefit us in the longer term. Our first normal mine shift pattern and blasting occurred on the second week of July. As of the
date of this announcement, all eleven shafts are back to production. Given the prolonged period of the strike, our ramp up will
take some time. We are currently achieving around 30.0% of normal monthly production and we expect to be achieving 80.0%
of normal monthly production by the end of the FY2014 and to be back at the normal steady rate of production during Q12015.
Four of our concentrators are now in production, with three of these having resumed production in late May for the processing
of stockpile arising from the opencast and contract mined operations. The Number Two furnace has consequently been fully
operational whilst the Number One furnace reheating started in the second week of July. The Base Metals Refinery and the
Precious Metals Refinery have been operating well since late May.
Funding
Our unaudited net cash as at 30 June 2014 was nil, being comprised of gross debt of $586 million drawn under the ZAR and USD
facilities and surplus cash of $586 million. This compares to $71 million cash position we had at the end of 31 March 2014 and
reflects the series of cash conservation measures we instituted during the strike period and the continued reduction in cash
outflows whilst maintaining the integrity of the operations as the strike progressed into quarter three as well as some proceeds
from sales arising from the drawdown of the pipeline. We will however require increased working capital during the ramping up
process. The Company has significant headroom available in its banking facilities to fund the debt levels which will rise as we
fund the production ramp up, and re-build the stock pipeline over the coming months. It is our expectation that we will repay
the drawn facilities to the extent of surplus cash in quarter four.
Customer Relationships
As we have resumed production and metal is processed through the pipeline we are resuming deliveries to our customers. As
we have not yet reached normal production levels we have accordingly not lifted force majeure. However, we remain in contact
with our customers and are grateful for their continued support.
Third Quarter Safety and Production Overview
The rolling 12 month average Lost Time Injury Frequency Rate (LTIFR) for the 12 months to 30 June 2014 improved to 2.76
incidents per million man hours compared to 3.61 at 30 June 2013 and reflects the reduced hours of work as a result of the
strike.
Our operational performance in the third quarter was impacted by the continuation of the AMCU led protected strike action into
this quarter as around 82.0% of Lonmin’s mining employees are members of AMCU. As a result production was mainly limited to
our contractor operated shafts and the opencast. This led to a loss in production on our mining operations including Pandora
and joint venture operations of 3.1 million tonnes of ore containing an estimated 192,700 saleable Platinum ounces.
2
Mining Division
Our Marikana underground mining operations produced 0.2 million tonnes during the third quarter, a decrease of 2.5 million
tonnes or 92.3% on the prior year period as a consequence of the strike.
Production from our Merensky opencast operations was 38.2% lower than the prior year period, at 78,000 tonnes whilst
Pandora (100%) production decreased by 132,000 tonnes, or 89.2% on the prior year period.
Process Division
In anticipation of an imminent end to the strike, we re-started three of our concentrators during May 2014 in order to process
the remaining material in the pipeline and the ore from the producing operations. As a result we milled 0.4 million tonnes during
the quarter, down 2.6 million tonnes on the prior year period or 86.3%. Underground milled head grade of that production
decreased by 11.6% to 4.06 grammes per tonne (5PGE+Au) when compared to 4.60 grammes per tonne in the prior year period
due to ore mix and lower opencast grade. Overall milled head grade of 3.92 grammes per tonne, was impacted by the skewed
ratio of opencast to underground ore and was down 13.6% on the prior year period.
Underground and overall concentrator recoveries for the quarter were also impacted by ore mix. Underground recoveries
decreased by 4.6 percentage points to 82.1% when compared to the prior year period.
Total PGMs and Platinum MIC for the quarter at 43,015 and 23,618 saleable ounces respectively were 87.7% and 87.3% lower
than the prior year period due to the continued shut down of the plant until late May when three concentrators resumed
production.
Total refined production for the third quarter at 36,255 ounces of saleable Platinum was down 67.4% when compared against
the prior year period. Total PGMs produced in the third quarter were 82,515 ounces, a decrease of 63.0% on the prior year
period.
Sales & Pricing
Sales for the third quarter were 25,740 Platinum ounces and 79,691 PGM ounces with Platinum sales being 68.4% lower than
the prior year period. The lower sales were a result of the Process operations being shut down under controlled conditions
during the strike period to mitigate security risks identified as we entered the strike. In anticipation of an end to the strike our
Process operations were re-started in mid-May to process the remaining stocks. The US dollar basket price (excluding by-
product revenue) at $908 per ounce during the quarter was down 7.0% on the prior year period largely due to the mix of metals
sold while the corresponding Rand basket price at R9,535 per ounce, was 3.4% higher than the prior year period on the back of
Rand weakness.
Nine Month Production Overview
Total tonnes mined (100%) during the first nine months of the 2014 financial year were 3.6 million tonnes, a decrease of 5.2
million tonnes from 2013, due to the five month long AMCU led legal strike. During the nine month period, we mined 3.2 million
tonnes from the Marikana underground operations, a decline of 60.0% when compared against the same period in 2013. The
impact of the Section 54 safety stoppages and labour related disruption has been a loss of 268,000 tonnes, compared to 414,000
tonnes in the prior year period, which included an element of ramp up losses occurred in quarter one 2013 arising from the
FY2012 strikes. The strike has been the single most significant event, resulting in a loss of 5.6 million tonnes of ore containing
around 348,000 equivalent saleable Platinum ounces.
Total tonnes milled during the nine months of the 2014 financial year decreased by 56.5% to 3.8 million tonnes when compared
to the prior year period. The total head grade declined by 0.11 grammes per tonne to 4.44 grammes per tonne or 2.5% lower
than the prior year period.
Underground and overall recoveries marginally improved in the nine month period to 87.4% and 87.2% respectively when
compared to 86.8% and 86.7% respectively in the prior year period.
Platinum MIC decreased by 56.8% or 313,780 ounces to 238,735 saleable ounces of Platinum in the nine months under review,
due to lower mined production.
Total refined production in the nine month period was 293,472 Platinum ounces and 625,694 PGM ounces, a decrease of 32.9%
and 25.8% respectively compared to the prior year period.
3
Sales for the nine month period were 29.0% lower at 289,414 ounces of Platinum and 627,104 PGM ounces were down 19.9%
on the comparable prior year period.
The US dollar basket price (excluding by-product revenue) at $988 during the nine months of the 2014 financial year was 12.4%
lower than the prior year period, mainly due to the mix of metals sold during the period and depressed US dollar prices. The
corresponding Rand basket price excluding base metal revenue was 2.2% higher than in the prior year period at R10,340 per
ounce.
Wage Negotiations and Employee Relations
The strike had a huge impact not only on our operations but on our employees, suppliers, service providers and the
communities where we operate. The three year wage agreement hopefully provides for stability and the embedding of
constructive relationships with employees and unions. To date, the strike has cost the Company $322 million as a result of idle
production costs, security costs and forfeited service with contractors and further costs associated with the ramp up will be
incurred in the fourth quarter. The impact on our stakeholders has been equally significant.
Impact of the Wage Agreement
Taking into account the backdating of the agreement to 1 October 2013, the effect of the wage agreement is an overall 12.9%
increase in salaries and wages for fiscal year 2014 or 10.9% on an annualised basis. Going forward, the Company has agreed to
alter the anniversary date of its annual wage increase to 1 July from 1 October in order to align with industry peers. For Year 2
and Year 3 the figures are for calendar 12 months. Fiscal year 2 will be an overall 8.8% increase whilst fiscal year 3 will be an
overall 8.2% increase. All comparisons are on the basis of FY2013 actual figures.
Re-building Relationships
We have worked hard across the five initiatives set for the Company by the Board: employee relations, empowerment, migrant
and local labour, better use of invested capital infrastructure and housing and accommodation. We are pleased that progress
has been made in many areas but there is still much for us to do. We are making concerted efforts to re-build and improve the
relationships we had established with our employees and communities. As part of that process, we are reviewing how we can
work better together. This includes revisiting the work we have been doing around our culture and as part of that we are in the
process of creating Lonmin interest groups. We expect that our work around the Employee Share Ownership Plan, Community
and Bapo transactions, as part of our Black Economic Empowerment equity transaction, will contribute towards better
alignment of all stakeholders and of employees as beneficiaries and economic participants of the success and failure of the
Company.
Whilst we acknowledge that there will always be areas which are within our control where collaboration to help alleviate the
historical social disconnect that has dogged the mining industry are concerned, some issues go beyond the Company’s sole
control and require a joint approach and a structural shift in mind set and framework more widely. The collaborative approach
adopted by the producers during the strike showed that this is possible. We are also pleased to note that our partnership efforts
with government are also gaining traction around the building of housing for Lonmin employees and communities as building on
the land donated by Lonmin in October 2013 has now started. The South African government has contributed R492 million to
this project.
Outlook and Guidance
We expect the production of saleable Platinum metal in concentrate to be around 340,000 ounces for the 2014 financial year
(2013: 751,000 ounces). We expect to achieve Platinum sales for the financial year of around 420,000 ounces from this
production and the partial depletion of pipeline stocks during the third quarter. We expect to re-build the depleted pipeline of
stock in FY2015. We anticipate unit costs per PGM ounce to increase in excess of 60%, including the special costs for the 2014
financial year as a result of the severely impacted production and are revising our capex guidance down to $100 million for the
year. We will provide guidance for the FY2015 with our preliminary results.
- ENDS -
4
ENQUIRIES
Investors / Analysts:
Lonmin
Tanya Chikanza (Head of Investor Relations) +27 11 218 8358 / +44 20 7201 6007
Floyd Sibandze (Investor Relations Manager) +27 11 218 8381
Media:
Cardew Group
James Clark / Emma Crawshaw +44 20 7930 0777
Sue Vey +27 72 644 9777
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Notes to editors
Lonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world's largest
primary producers of PGMs. These metals are essential for many industrial applications, especially catalytic converters for
internal combustion engine emissions, as well as their widespread use in jewellery.
Lonmin's producing assets are situated in the Bushveld Igneous Complex in South Africa, where nearly 80% of known global PGM
resources are found.
The Company creates value for shareholders through mining, refining and marketing PGMs and has a vertically integrated
operational structure - from mine to market. Underpinning the operations is the Shared Services function which provides high
quality levels of support and infrastructure across the operations.
For further information please visit our website: http://www.lonmin.com
5
3 months 3 months 9 months 9 months
to 30 June to 30 June to 30 June to 30 June
2014 2013 2014 2013
Tonnes Marikana1 K3 shaft kt 35 729 806 2,250
mined
K4 shaft kt - - - 4
4B/1B shaft kt 8 458 488 1,356
Karee kt 43 1,187 1,294 3,610
Rowland shaft kt 3 414 556 1,281
Newman shaft kt 2 228 241 704
Hossy shaft kt 18 254 313 745
W1 shaft kt 14 47 68 120
Westerns kt 37 943 1,177 2,850
Saffy shaft kt 48 325 436 851
East 1 shaft kt 15 101 72 300
East 2 shaft kt 57 116 192 298
East 3 shaft kt 5 24 17 71
Easterns kt 126 567 717 1,520
Underground kt 206 2,696 3,188 7,980
Opencast kt 78 127 233 414
Total kt 285 2,823 3,421 8,394
Pandora (100%)2 Underground kt 16 149 172 411
Limpopo3 Underground kt (3) - 6 -
Total Tonnes mined
Lonmin (100%) kt 298 2,971 3,599 8,805
(100%)
% mined from UG2 % 70.7% 74.7% 74.1% 73.7%
reef (100%)
Lonmin Underground &
kt 289 2,886 3,500 8,569
(attributable) Opencast
Ounces
Lonmin exc. Pandora Pt ounces oz 15,435 175,113 214,319 525,606
mined4
Pandora (100%) Pt ounces oz 724 10,813 12,097 29,678
Limpopo Pt ounces oz (104) - 255 -
Lonmin Pt ounces oz 16,055 185,925 226,671 555,283
Lonmin exc. Pandora PGM ounces oz 29,190 328,310 409,746 979,193
Pandora (100%) PGM ounces oz 1,416 20,770 23,782 56,707
Limpopo PGM ounces oz (232) - 572 -
Lonmin PGM ounces oz 30,374 349,080 434,100 1,035,900
Tonnes
Marikana Underground kt 287 2,706 3,269 7,944
milled5
Opencast kt 97 106 306 319
Total kt 383 2,812 3,574 8,263
Pandora6 Underground kt 21 149 172 414
Limpopo Underground kt - - 27 -
Lonmin Platinum Underground kt 307 2,854 3,468 8,358
Head grade7 g/t 4.06 4.60 4.55 4.62
Recovery rate8 % 82.1% 86.6% 87.4% 86.8%
Opencast kt 97 106 305 319
Head grade7 g/t 3.47 2.91 3.22 2.92
Recovery rate8 % 84.2% 85.4% 84.3% 85.4%
Total kt 404 2,961 3,773 8,677
Head grade7 g/t 3.92 4.54 4.44 4.56
Recovery rate8 % 82.5% 86.6% 87.2% 86.7%
6
3 months 3 months 9 months 9 months
to 30 June to 30 June to 30 June to 30 June
2014 2013 2014 2013
Metals in Marikana Platinum oz 21,053 174,598 222,419 519,681
concentrate9
Palladium oz 9,649 80,588 103,085 236,676
Gold oz 923 4,346 5,817 13,165
Rhodium oz 2,295 24,085 31,330 69,592
Ruthenium oz 3,936 35,843 50,969 105,975
Iridium oz 809 8,134 10,480 24,258
Total PGMs oz 38,664 327,593 424,098 969,347
10
Nickel MT 199 944 1,239 2,700
Copper10 MT 121 562 788 1 691
Limpopo Platinum oz - - 1 121 -
Palladium oz - - 974 -
Gold oz - - 93 -
Rhodium oz - - 114 -
Ruthenium oz - - 161 -
Iridium oz - - 44 -
Total PGMs oz - - 2,508 -
10
Nickel MT - - 27 -
Copper10 MT - - 19 -
Pandora Platinum oz 868 10,808 11,857 29,904
Palladium oz 396 5,089 5,599 13,845
Gold oz 3 86 77 229
Rhodium oz 142 1,758 2,009 4,751
Ruthenium oz 234 2,559 3,209 7,097
Iridium oz 40 457 528 1,294
Total PGMs oz 1,685 20,759 23,279 57,119
10
Nickel MT 1 38 21 70
Copper10 MT 1 10 12 29
Concentrate Platinum oz 1,696 1,050 3,338 2,930
purchases Palladium oz 460 312 941 860
Gold oz 6 4 15 10
Rhodium oz 207 127 405 313
Ruthenium oz 212 126 424 323
Iridium oz 85 48 176 127
Total PGMs oz 2,666 1,666 5,300 4,562
10
Nickel MT 1 - 1 1
Copper10 MT - - 1 1
Lonmin Platinum Platinum oz 23,618 186,456 238,735 552,515
Palladium oz 10,504 85,989 110,600 251,381
Gold oz 933 4,436 6,002 13,404
Rhodium oz 2,644 25,970 33,858 74,656
Ruthenium oz 4,382 38,528 54,762 113,394
Iridium oz 934 8,639 11,229 25,679
Total PGMs oz 43,015 350,018 455,185 1,031,029
Nickel10 MT 201 983 1,288 2,772
10
Copper MT 122 573 821 1,721
7
3 months 3 months 9 months 9 months
to 30 June to 30 June to 30 June to 30 June
2014 2013 2014 2013
Refined Lonmin refined Platinum oz 34,319 111,173 290,984 435,893
production metal production
Palladium oz 15,309 50,973 143,592 196,937
Gold oz 1,501 2,546 7,861 11,595
Rhodium oz 6,852 21,727 69,805 57,473
Ruthenium oz 9,724 26,884 71,711 109,070
Iridium oz 8,174 8,928 26,991 21,782
Total PGMs oz 75,879 222,230 610,944 832,749
Toll refined Platinum oz 1,936 - 2,488 1,364
metal production
Palladium oz 513 350 1,523 662
Gold oz 27 15 100 286
Rhodium oz 443 120 1,339 1,837
Ruthenium oz 2,935 - 7,417 5,185
Iridium oz 782 - 1,884 913
Total PGMs oz 6,637 485 14,751 10,247
Total refined PGMs Platinum oz 36,255 111,173 293,472 437,257
Palladium oz 15,822 51,323 145,115 197,599
Gold oz 1,528 2,561 7,961 11,882
Rhodium oz 7,296 21,847 71,144 59,310
Ruthenium oz 12,659 26,884 79,128 114,256
Iridium oz 8,956 8,928 28,874 22,694
Total PGMs oz 82,515 222,715 625,694 842,997
Base metals Nickel 11
MT 218 658 1,530 2,309
11
Copper MT 106 362 871 1,392
Sales Refined metal Sales Platinum oz 25,740 81,382 289,414 407,523
Palladium oz 10,879 49,304 147,452 190,079
Gold oz - 4,200 6,500 12,537
Rhodium oz 19,027 19,048 73,020 52,517
Ruthenium oz 16,471 33,238 83,300 99,655
Iridium oz 7,575 8,827 27,418 20,441
Total PGMs oz 79,691 195,999 627,104 782,752
11
Nickel MT 75 652 1,413 2,339
11
Copper MT - 262 804 1,285
11
Chrome MT - 359,391 505,101 1,010,401
8
3 months 3 months 9 months 9 months
to 30 June to 30 June to 30 June to 30 June
2014 2013 2014 2013
Average Platinum $/oz 1,451 1,450 1,405 1,568
prices
Palladium $/oz 825 716 742 713
Gold $/oz - 1,510 1,510 1,523
Rhodium $/oz 1,083 1,083 1,024 1,155
Ruthenium $/oz 64 77 56 76
Iridium $/oz 575 968 514 989
12
$ basket excl. by-product revenue $/oz 908 976 988 1,127
13
$ basket incl. by-product revenue $/oz 923 1,067 1,039 1,206
12
R basket excl. by-product revenue R/oz 9,535 9,224 10,340 10,113
13
R basket incl. by-product revenue R/oz 9,694 10,033 10,877 10,788
11
Nickel $/MT 14,522 12,042 11,729 13,587
11
Copper $/MT - 6,634 6,890 7,301
11
Chrome $/MT - 22 19 20
Exchange
Average rate for period14 R/$ 10.51 9.44 10.48 9.01
rates
Closing rate R/$ 10.64 9.83 10.64 9.83
Notes:
1 Following the management restructuring in 2013 the mining structure was reconfigured into three divisions and we now report
production on a shaft by shaft basis.
2 Pandora underground tonnes mined represents 100% of the total tonnes mined on the Pandora joint venture of which 42.5% is
attributable to Lonmin.
3 Limpopo underground tonnes mined represents low grade development tonnes mined whilst on care and maintenance.
4 Ounces mined have been calculated at achieved concentrator recoveries and as from 2014 with Lonmin standard downstream
processing recoveries to present produced saleable ounces.
5 Tonnes milled excludes slag milling.
6 Lonmin purchases 100% of the ore produced by the Pandora joint venture for onward processing which is included in downstream
operating statistics.
7 Head grade is the grammes per tonne (5PGE+ Au) value contained in the tonnes milled and fed into the concentrator from the mines
(excludes slag milled).
8 Recovery rate in the concentrators is the total content produced divided by the total content milled (excluding slag).
9 Metals in concentrate include metal derived from slag processing and as from 2014 have been calculated at Lonmin standard
downstream processing recoveries to present produced saleable ounces.
10 Corresponds to contained base metals in concentrate.
11 Nickel is produced and sold as nickel sulphate crystals or solution and the volumes shown correspond to contained metal. Copper is
produced as refined product but typically at LME grade C. Chrome is produced in the form of chromite concentrate and volumes shown
are in the form of chromite.
12 Basket price of PGMs is based on the revenue generated in Rand and Dollar from the actual PGMs (5PGE+ Au) sold in the period
based on the appropriate Rand / Dollar exchange rate applicable for each sales transaction.
13 As per note 12 but including revenue from base metals.
14 Exchange rates are calculated using the market average daily closing rate over the course of the period.
9
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