TMR: Newcrest released its year-end financials Aug. 18, reporting a statutory loss of $2.2B and an underlying profit of $432 million ($432M). Did this match your expectations? LS: Pretty much. We have seen a shake-up of management there, and I think this will continue. The company has announced it will not shelve its Lihir gold project in Papua New Guinea, neither will it put some of its assets on care and maintenance. Marginal levels of free cash flow have appeared, but there is a lot of work to do over the next 12�24 months before Newcrest restores its credibility.