Good day, ladies and gentlemen, and welcome to the Gold Fields Q3 results. [Operator Instructions] Please also note that this conference is being recorded. I would now like to hand the conference over to Willie Jacobsz. Please go ahead.

Thank you, Dylan. Good day, ladies and gentlemen, and thank you very much for joining us for this third quarter results. We are going to start off with Nick Holland, who will give a few opening remarks. And after that, we will open up the lines for questions. Nick is joined on this call by Paul Schmidt, our Chief Financial Officer; as well as Michael Fleischer, our General Counsel. I now hand over to Nick.

Thank you very much, Willie, and good morning or good afternoon, ladies and gentlemen, depending where you are in the world today. Thank you for joining us today to discuss the Gold Fields' results for the third quarter ended September 2013. I'm pleased to report that despite the gold price being more than $50 an ounce lower this past quarter compared to the previous quarter, our operations were cash-positive again in the September quarter. Gold production was up 10%, at 496,000 ounces, and that's against the previous quarter. Net earnings of $9 million were generated compared to a net loss of $129 million in the previous quarter, which reflects a positive swing of $138 million from last quarter. And as I said earlier, this was despite a gold price that was around $50 per ounce lower in the September quarter than in the previous quarter. The main feature of the quarter was the continuation of our concerted and focused strategy to engineer a sustainable and structural shift in the Group's cost base, a process that started in mid-2012. Underlying the strategy of rebasing the Group's cost structure is a fundamental shift in strategy away from a primary focus on ounces of production to a greater emphasis on generating free cash flow and improving the margin. Our goal is to rebase the Group's all-in costs for 2014 and beyond, to ensure that we can sustain our business in the long term. We have made good progress towards this goal, as is reflected in all of the Group's cost metrics for the September 2013 quarter. Our Group all-in sustaining cost for the September quarter was $1,089 per ounce, which is 23% lower, or $327 an ounce lower than the $1,416 per ounce reported in the June quarter. And as I'm sure you'd…

[Operator Instructions] Our first question comes from David Leffel of Deutsche Bank.

Nick, just one question, I guess, related to the exploration projects that now you're looking to dispose of. Can you maybe share with us what the current book value is and if you intend, I guess, to reassess the valuation as you move them to assets held-for-sale at the end of the financial year?

On the exploration projects, we expensed everything that we spend as we incur it. We only start capitalizing once we've got a reserve and a feasibility study. But if we look at the various projects that we've got, I think Paul has got a reasonable idea of the carrying value in all of this.

Yes. We've got about $130 million on APP and about $40 million on Yanfolila that's related to the acquisition from [indiscernible]. All the other projects have effectively being expensed because they never got past the prefeasibility study. So that's -- total is about $170 million of carrying value that we'll have to assess at yearend.

Okay, excellent. That's very helpful in that regard. Just a second question, I guess, in a different direction. There was announcement, I guess, during the quarter of an investigation by the Securities and Exchange Commission. There is some commentary in your release. I was just wondering if you could add any additional color on whether you do intend to try to engage SEC instead of listen. Should we hear that negotiations are -- will be occurring, I guess?

David, because of the stage of the investigation and being a legal process, we are precluded from making any comments on this at this stage. So if you'd forgive us, we would prefer not to speak to that point.

[Operator Instructions] We have a question from Adrian Hammond of BNP Paribas.

Just wanted to talk a bit more about the operating model at South Deep. Could you give us some more color in how that's panning out so far, compared to the beginning of this year? And with that, talk to us a bit on face time and what's being achieved their?

Adrian, overall, we've taken our average reef tons per month up to round about 160,000 to 170,000 tons a month range. Last year, that figure was somewhere round about 130,000 tons a month. That's certainly the outputs from the operating model. Face time has been improved at this stage by round about 20% from what we have before. But there's still quite a lot of optimization that we can put in place. For example, we've just commissioned man carriers on the underground, which can get people to the workplace a little bit quicker. But more importantly, less fatigued. We don't -- people asked to walk all the way to workplace up and down the ramps, they get fatigued when they've got a long shift ahead of them. So that will help them manage their fatigue, but it will get them a little bit quicker. And we're doing time and motion studies to assess where the blockages are. For example, the meetings in the master room, the preparations and the meeting place before we go to the different stops could be expedited. And that's all part of the process of continuing to optimize where we're going. But those are the benefits so far, about a 20% improvement in the face time, and round about a 25% improvement in reef tons broken and trend.

Just new updates on completion of the new ore pass systems?

Yes. We've got 2 ore passed that are due to be completed before Christmas. And in fact, I was underground last week and went again to see the status of all ore passed, so I think we're making good progress. We've got another one coming in the first quarter of 2014 and another one that should come around about the middle of the year. So I think that's going to make quite a big difference, and will help us to move our tonnage more easily through our infrastructure once it's been broken. So good progress is being achieved on all of that, too.

Our next question comes from John Tumazos of John Tumazos Very Independent Research.

Do you have people and dollar capacity to buy more good properties or things on neighboring assets, good ideas, as other companies retrench? Or should we expect that, for now, that one good transaction is about all you're going to bite off?

John, we always say that M&A is opportunistic, and we continue to look for opportunities. I don't think we'll be doing anything in the remainder of 2013. I'm pretty confident of that. But certainly, into 2014, we'll continue to look for opportunities. We're very selective. We screen everything across the globe on an ongoing basis. We've made some, I think, fairly successful acquisitions over the last decade. But that's because we're patient and we only buy the things that we think we can make a difference to. So we're going to continue looking. And I think if we can sustain the kind of operational performance that we've done in this quarter and the gold price doesn't completely dive on us, then we should be able to continue to sustain our business at these sort of price levels. And hopefully, that will put us in a position where we've got a more financial flexibility to look at things. But obviously, it's an opportunistic approach, and most times, it doesn't fly. But from time to time, it works like this one has. So we continue to look for opportunities, that's all I can tell you.

[Operator Instructions] Gentlemen, it would appear we have no further questions. Do you have any closing comments?

Dylan, I'd just like to thank everyone for dialing in, and great to have the interest on the call. We hope to see some of you who've dialed in today face to face in the not-too-distant future. And we hope you have a wonderful remainder of what is left of 2013. Thank you, once again, for your interest, and goodbye.

Thank you. On behalf of Gold Fields, that concludes this conference. Thank you for joining us. You may now disconnect your lines.