Now if you turn over or move to Slide #4, this is an analysis of what we achieved. Michael will deal with the detailed financial results. But just to give you an idea, revenue was $214 million, EBITDA of $49 million, and we've moved from a negative cash position to a positive cash position at the end of the year. And it really was a first half, second half story. The EBITDA earned in the first half was significantly less than the EBITDA earned in the second half.

On the business transformation side. We will go into this in detail, in a few pages on, but we have a cost saving target of $100 million by the end of 2021, and we've made an excellent start on this. So far, we are enthusiastic and confident that we're going to get there on the back of results. We have about $25 million already. All the work has been done, the contracts has been fund and that there's nothing more to be done. So of the $100 million that we speak about here, $25 million of that is complete in terms of all the work and contracts and cost cutting. It's not a case of that rolling to and we will earn that during the years as it goes on. And this is work which has been very well done, I would say.

Ghaghoo was placed on care and maintenance, and we had a sale process, which was in the final throes of conclusion. Unfortunately, the buyer's fund is -- fund has fell over at the last minute, and so we have gone back to the drawing board, and Ghaghoo is back on the for sale pile. We have appointed a bank, and we're running a process. We've identified a short list of people, and they are busy now and starting to participate in the due diligence process.

Driving additional value, we now take our large diamonds through Tel Aviv, and a lot of people, diamond traders who are based there, invited them to view the diamonds and then continue on to Antwerp, and the sale concluded there, dealing with other customers. Tel Aviv has a very well-developed network of large diamond customers. Some of whom done travels, Hassidic, Jewish families and others, and we have found that this system works extremely well for us. Just to put some numbers on it, we spent about $75 million in additional costs -- $75,000, sorry, not million, $75,000 in doing this, and it's delivered enhanced revenues of $1.5 million, just in the 2 trials that we have run so far. So we will certainly be doing more of this.

In terms of the working responsibility -- responsibly and social license box, it's been a good year in terms of health and safety, as you can see, as well as the environment. And on the organizational health, we conducted a number of surveys and follow-up, and we are busy implementing, and these are quick wins in terms of getting morale up to where it should be. And of course, it goes without saying that recovering wonderful diamonds also has played its part there.

On the future, we have 2 basic boxes of technologies, which we are evaluating and testing. The first is to see a diamond inside the kimberlite rock and then to get that diamond out of the rock without using mechanical means. In other words, no crushers in the circuit. Johnny will speak a bit more about that, but we've made excellent progress there. And the testing of the crushing prototype has gone very well, that is, we have built a small pilot plant that is down in Letšeng and is busy doing on-site testing. It's completed its work, which we do that in Johannesburg, on the testing there, and that is a proven solution now. It is a very low-volume solution though, and therefore, it's important for us to identify what rocks to put through that process in order to, essentially, liberate the diamond.

As far as the seeing the diamond in rock is concerned, they too have made very pleasing progress and a long way down the road there in respect of arriving at a technology, which we wish to commercialize.

The mining lease renewal prices, we've done all the work. It's a pretty standard form which you need to put in. We will be the third mine renewing its lease in Lesotho, so there's a -- it's a sort of a pathway, which we are following, and we will hopefully report on that at the back end of this year.

Turning to the market, which is the next slide, Page 5. The global economic background in 2017, you're all aware of this but for our purposes, particularly China and the U.S. are important, and we've seen retail demand in India picking up. The commodities markets have all started strengthening, and they're -- in most markets that we operate in, really, an improved macroeconomic outlook. So that is a good basis upon which to be selling diamonds.

In the diamond markets specifically, the hiatus which has occurred in China in the larger goods, the growth in the bottom end in China has always been strong, but at the top end, there was a bit of a pullback over the last few years. I'm pleased to say that, that now seems to be a thing of the past and there is really good demand for the sorts of diamonds which emerge out of Letšeng into the polished. That's doing extremely well. And again, in the U.S., too, things are looking strong.

We have found that the commercial goods at the bottom end of the diamond market remain under pressure. And that's obviously a Ghaghoo issue for us. But at the high end, our goods coming out of Letšeng, the prices are robust, there's a lot of demand, and there's been good turnover. At the Hong Kong Fair, which in the trade show, which ended 10 days ago, that really was positive.

Our market position, we have, as you all know, had a bumper start to the year, probably the best start we've ever had in the history of the business. And this against the 2016, extremely difficult year that we had, and as I said, to labor the point, the first half of 2017 was difficult too.

The other points in that block, it's just really the dollar per carat for 2017 finished up at $1,930 per carat. That was 14% up from the -- on the 2016 number. But if you turn over the page or change your slide to Slide #6, the bar chart there shows you what happened -- what has been happening to prices since, sorry, since December 2016. You will see that the dollar per carat has increased substantially and consistently during this period. And certainly, the first few months, obviously, that continues that trend.

We have a few pictures on this slide, the improved dollar per carat slide. You'll see you that on the top left-hand side, there was a 7.8-carat pink, which sold for $202,000. That's the second best price we've ever achieved. A couple of other nice diamonds, on the right-hand side, $61 million ( sic ) [thousand] $62,000 per carat. That was the highest price we've ever achieved for a white diamond. And that was achieved towards the back end. And then again, another good pink and then the large -- largest recovery.

The next slide, type of other significant Letšeng recovery. You'll see couple of very beautiful diamonds. As you can see, the variations in price, diamonds which look pretty similar. So the bottom left hand picture, the 58-carater, as we said, that really outstanding price. You can see the point, and I'm just going to labor this a little: all-natural surfaces, no breakage, and that's the price which results. We can show you, for example, the diamond on the bottom right-hand side, 104 carater, but subject to lots of breaking, lots of pressure, lots of stress in the diamond, and the net effect of that is a $35,000 per carat versus a $61,000 per carat outcome. So when we talk about diamond breakages, this sort of issue that we are trying to overcome.

The 910-carat Legend, which is the next slide title, we recovered that in the back end of January. It is a really exceptional diamond but, unfortunately, subject to a lot of breakage. And the effect of that was that out of the 910-carat, there was no chance of an iconic polished size emerging. If you contrast this with the 800 carater which was recovered at Karowe, which was an absolutely unblemished stone inside, no damage problems inside the diamond, out of that 800-carater, a huge piece of polished is emerging and hence the price which was achieved. So this sold for $40 million, a good price. The material is absolutely wonderful. And good luck to our customer who bought it, [Stamia] Gem and Partners, one of our biggest customers. It was a very competitive tender. We invited 16 of our clients, our top clients, to come and participate. Four of them formed partnerships. We ended up with, as it turned out, 13 bids. All of them casted around the final sale price, which was the highest price of it.

During 2018, we have so far recovered a whole lot of other diamonds, and of course, we -- when we recovered one yesterday whilst we were busy in our board process that we've announced that today as well.

So I think just looking at the next page or the next slide, Letšeng, 5 out of the Top 10 diamonds recovered this century, I think that really is an important point. It plays to our mine, it shows what we are about, the high-end, the large diamond, the top quality. That's really our business.

So I'd like to hand over to Johnny now, to Johnny Velloza, our Chief Operating Officer, to take over and then he will hand over to Michael, CFO.

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Johnny Velloza, Gem Diamonds Limited - COO & Director [2]

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Clifford, thank you, and good morning, everyone. Starting off with 0 harm as a priority, not just a strapline. We are delighted to report a significant improvements in our safety performance last year. As the slide says, there are no fatalities last year and 1 lost time injury, which is down from 5 in the previous year. There is still work to be done here, and we continue to work with our operational teams to ensure that we continue working safely. We're also delighted that there was 0 major or significant community or environmental incidents last year, which is now a continuation of a 7-year period of the same type of performance.

We've continued with our CSI investments, in line with our strategy. And last year, the significant focus of our efforts were on our flagship dairy project, which is partnership between ourselves and the Mokhotlong community, which is our main labor-sending area for the Letšeng mine. And we've worked with the community to develop a dairy farm project, which is now, just in its 6 months of operation, is already producing 5% of the dairy requirements within Lesotho. A very successful project, which we hope to build on in our future endeavors with the local community.

If we can move on then, please, to the Letšeng operational overview. Clifford has alluded to it, and clearly, we're very excited about the fact that we have seen an improvement in our large diamond recoveries over the last period. This really started in the second half of the year and has continued into 2018. 22% increase in the size fraction of 20 to 60-carat stones. I'm really excited about that because that really is where the value sits at Letšeng. We do extract a huge amount of our value from there.

We continue as always to optimize and review our life of mine plan on an annual basis. This year, we were able to reduce the waste tonnage by some 5 million tonnes, which had a direct cost impact of taking $9 million out of the business. We have reached peak waste now in 2017, and you will see from guidance this year that we're down to 25 million tonnes of waste. And we continue to have a look at optimizing our life of mine plan, and part of our business transformation work is also to have a look at our stopes deepening to see what more we can take out of our waste profile over the years to come.

We also this year installed an XRT -- mobile XRT plant to retreat our recovery tailings, which were generated between the period of 2016 (sic) [2006] to 2015. This material was treated through our plant using X-ray Flowsort technology, and we do know that the XRT technology is far more capable than the old Flowsort technology. So we had a hypothesis that there would be diamonds in that pile. That hypothesis proved to be true with the mobile XRT machine producing some 3,300 carats for us during the course of the year. We're about halfway through the retreatment of the tailings material, and we will continue into 2018 to treat the recovery tailings material generated in the period 2006 to 2015.

We have a continued focus on diamond damage, and following the remarkable discovery of the 910 Lesotho Legend, we did then have a look at our entire flow system and said, "Has the paradigm changed at Letšeng to say we are now capable of producing a 1000-carat-plus diamond?" And now of course, the answer to that question was yes, and we're busy with the feasibility study to say -- to answer the question as to what we need to do to our flowsheet to allow us to look for large diamonds. That work is ongoing, and we will report on the outcomes of that in future presentation.

Majority of the business transformation value is lying in operations, and we'll talk more about that a little bit later. But 76% of these improvements are going to come from our mining and processing at Letšeng.

Just one more point there is, last year, we did have some challenges in terms of plant throughput. The issues of Letšeng were around maintenance issues that emerged during the first half of the year as well as a crack to the scrubber in Plant 2. I can report that, that work is progressing well and we are on track to replace that scrubber in Q2 of 2018.

Our carats recovered were up compared to 2016, primarily on the back of the increased demand to satellite material. 2016, we treated 1.7 million tonnes of satellites, and in 2017, we were at 2.1 million tonnes.

If we can move over to the next slide which talks about the Letšeng resource performance. Just one call-out there is that our grade, MCF, was at 99% for the year. So the resources, performing according to expectations, and we have no concerns there. The table at the bottom outlines our production profile in terms of large diamonds. I've already spoken about the 22% increase in the 20 to 60-carat size fraction. And that has translated into a continued improvement in 2018 with that size fraction currently being up in the region of 30% year-on-year. Clearly, we still got 8 -- excuse me, 10 months to go, but the start to the year has been phenomenal, and there are no indications that we cannot continue producing a decent number of diamonds in the 20 to 60 size fractions over the remainder of the year.

If we can move on to the disruptive technology slide which talks to the technology that we're busy working on. Clifford has outlined some of this. I'll just make a few high-level points.

The first thing is we're working on complementary technology. The first one is to identify the diamonds in the kimberlite, and the second technology is to liberate those diamonds once we have seen them inside the rock. We've done a due diligence on positron emission tomography, or PET, technology. Basically, this technology is an adaptation of medical and nuclear medicine, which allows us to see and isolate the carbon elements inside a rock. We have managed to identify 7.9-carat Letšeng diamond in 117-millimeter-square rock that came out of Letšeng. We know the technology works. The work that we now have to do in 2018 is to focus on getting this technology onto a commercial scale. We need to understand what the cost is going to be. We need to understand what the time line is going to be. What we do know is that the technology does work.

Clifford also mentioned that we have a prototype of the electrical pulse technology on-site. That is the photograph on the right-hand side. This is the machine that we used to break the rocks and thereby liberate the diamonds, not using a mechanical breaking technology but rather using electrical pulse. We know it works because we've tested it in Johannesburg. We are now testing it at altitude and in the Letšeng operating conditions. And so far, the test work is progressing well.

So of course, the question is, why do we want to do this? When we've spoken about reducing and hopefully eliminating diamond damage in the diamond liberation process in the plant but also the significant improvements in mining and associated treatment costs, which will see us using less water, less consumables and, of course, less electricity. So we will continue to update the market as and when results are out from there.

And if we can just quickly talk about Ghaghoo again. Clifford has indicated that Ghaghoo has been challenging from a diamond market perspective. Annual care and maintenance continues at a run-rate of $3 million per year. Last year, we did spend $3.6 million of once-off cost, which includes the impacts of the earthquake, which hit us in April last year. And to just remind you, that was a magnitude 6.8 earthquake, 25 kilometers from the mine, which broke the seal on the water fissure and allowed for a large amount of water to flood the mine.

The final sale of Ghaghoo goods was achieved at an average dollar per carat of $175. Just underlining that there is still value in that operation under the formal sales process, we are selling an asset that has 20 million carats with an in situ value of about $5 billion. And we are working actively with our banking partners to sell that mine, and hopefully, we'd be able to do that during the course of this year.

But from an operational side, that is all from me. I'm going to hand over to Mike to discuss full year 2017.

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Michael Michael, Gem Diamonds Limited - CFO & Director [3]

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Thanks, Johnny, and good morning, everybody.

Moving on to the key performance indicators, just doing a snapshot of the results. You'll see that our revenue is up at $214 million, up from $190 million, and importantly there, and Clifford alluded to it earlier, is the progress we made during the course of the year and that half year we have generated $93 million and $121 million in the second half of the year to get to that $214 million. That's flowed through to pre-exceptional EBITDA of $49 million. Again, albeit down from last year's of $63 million at half year 2017, we were at $13 million and, therefore, generated $36 million in the second half and indicating an improved run-rate going forward.

Flowing through to basic earnings per share on a pre-exceptional basis, we ended the year with $0.066 per share. And importantly, generated $97 million of cash flow from operating activities, up from $71 million in the previous year.

If we just move over to the full financial results and the income statement performance, the $214 million that I referred to mainly comprises of the sale of Letšeng's production at $207 million, from the sale of 107,000 carats at the average price of $1,930, and that is up from $1,695 average per carat in 2016, up 14%.

If you refer to the previous graph where we have a 6-month rolling average, you'll also see that the average price in H1 was $1,779, up to $2,061 in H2, up some $300 performance in H2. The revenue also includes the lost sale, that Johnny referred to, of the Ghaghoo goods of $2.3 million. That was roughly 13,000 carats at $175 a carat.

If we move on to cost of sales of $137 million. It includes the cost for Ghaghoo of about $5 million, which -- where the cost incurred price we're putting the asset onto care and maintenance in March. We recall that we were previously running at about $2.5 million a month on an operational basis, and henceforth, the decision to put onto care and maintenance. But unfortunately, those costs were included in the first quarter. And it also includes to the care and maintenance cost of roughly $2.1 million, which was incurred for the remainder of the year.

However, looking at cost of sales, which is up significantly from last year, it includes a major increase of additional noncash amortization charge of approximately $33 million due to the additional Satellite pipe contribution in the year. We mined and processed 2.1 million tonnes of satellite material versus 1.7 million tonnes in 2016. If you all recall, the Satellite pipe has a highest strip ratio than the Main pipe and, therefore, has got an additional amortization charge.

And further to that, we moved into a new cut on the Satellite pipe, which increased the strip ratio for that particular cut significantly and added additional costs in the current year. I'll talk to the costs -- unit cost in more detail on the next slide.

After taking corporate costs into account of $9.2 million, which is also down 16% year-on-year. We generated the EBITDA of $48.6 million pre-exceptional items. The pre-exceptional items that I referred to relate to, and Johnny alluded to that, it was the once-off costs relating to retrenchment and contract demobilization costs to get the asset onto care and maintenance and the additional dewatering costs due to the crack in the fissure.

As a result, we generated $9.1 million of attributable profits. And based on 138 million shares in issue, we report USD 0.066 profit per share.

Moving on to financial performance on the cost analysis and just talk to the exchange rates. We had a strong exchange rate year-on-year, and the average exchange rate in rand or Lesotho loti, which is linked to the rand, was LSL 13.31 against the LSL 14.70 position in the prior year. And that had a significant impact in our U.S. dollar reported costs.

But concentrating on local currency cost, local inflation in Lesotho from 2016 into 2017 was 6%, but notwithstanding that, our direct cash costs ended up at LSL 149 a tonne against LSL 157 in the previous year. That does include a LSL 3.49 per tonne impact for an insurance recovery we received during the year, which related to the weather disruption we had in 2016. And that would push up the costs on a normalized basis to around LSL 153 a tonne.

The lower cost as well was contributed -- contributing to the low cost was the some of the business transformation processes that we started seeing at the back end of the year together with the impact of the costs paid to the third plant contractor. That contract is paid a percentage of revenue, and during the course of that year, compared to the previous years, the revenue was slightly lower and, therefore, we had a reduction in an impact and costs to us.

Waste costs per tonne increased to LSL 53 a tonne, and that was driven by inflation together with the longer wall distances due to being in a different cut coming through during the year.

Operating costs per tonne treated increased to LSL 265 a tonne, and it includes the additional amortization, which I referred to earlier, of about LSL 68 per tonne.

And then lastly, what I'd like to talk to, on the bottom of the slide, is our focus on corporate costs. And we put a table in there to show the progression we've made over the last 5 or 6 years. And getting our corporate costs down to $9.2 million, under the -- under $10 million for the first time, and the trend, a very positive trend going into the future. And we believe we can maintain this and further improve it going into the future.

On improving cash flows. We ended the year with $48 million, of which $35 million was attributable to the group, and positively, we ended in a $1.4 million net cash position at the end of the year, and that's coming off the back of half year where we were in a net debt position of just under $15 million. So a positive move in our cash position in H2.

We don't -- we haven't proposed a dividend for 2017, and we are looking at building our balance sheet strength as one of our core factors, and obviously, it remains a strategic objective and a drive to return payments to shareholders over due course. However, at this time, no dividend was proposed.

And for the table of the waterfall of our cash movement during the course of the year, just to run through that, we started the year with $31 million. Letšeng generated $123 million. We raised $17 million in funding facilities, $12 million, which was allocated to the workshop under the capital side at Letšeng and $5 million were the revolver credit facility, which we drew down on. We spent $84 million on waste, for the 29.7 million tonnes of waste that was incurred, and that obviously, is one of our major objectives in life of mine planning is to how do we reduce that profile going forward to reduce this investment.

Investment in PPE, mainly related to the workshop, $14 million of that was the workshop facility being built together with approximately $1 million being spent on the tailings storage facility at Letšeng. Corporate costs, I spoke to, of $9 million. Our net investment in Ghaghoo for the year after receipt of $2 million revenue was $8 million, and going forward, we are now onto our run-rate of care and maintenance costs of roughly $3 million. After taking all that into account, we ended the year with $48 million.

Going on to funding. We put a table on the slide there just setting out the different facilities we had. We have a total of $82 million of facilities. We had drawn down $46 million at year-end and have available $36 million. The Ghaghoo facility, which we have previously had, of $25 million was repaid in February when we put the asset on care and maintenance. And we restructured our corporate facilities to facilitate that repayment, and as a result, we've got a longer-term debt repayment over time.

Just looking at our financial position. We've put some key elements of our balance sheet there. We have improved our current ratio, and that's coming off the back of deferring the immediate payment, which was a short-term payment -- now the Ghaghoo facility into a more appropriate structured facility. And that reduced our current liabilities by over $20 million. And as a result, we've improved our liquidity position.

Moving on then to the transformation section. Clifford mentioned earlier on our strategy that we have implemented these prices and we've targeted $100 million by 2021. We have set up the breakdown of the target. You'll see that on the left-hand pie chart there of the different elements that will contribute to the $100 million. That $100 million is split into $42 million from mining operations, $34 million from processing; $4 million from working capital and some in-country overheads and then $20 million on the corporate activity side. This value has been based on real costs, based off the 2017 cost base, and we've applied an average exchange rate of LSL 13 in terms of determining this value.

At the bottom of the graph -- of the slide, you will see how we redetermine the cash flows of that $100 million over the time. We've achieved some of that in 2017 with $20 million anticipated in '18 flowing up to a cumulative position of $100 million by 2021. Thereafter, we've targeted that with the sustainable at $50 million per year going forward. As mentioned earlier as well, we've had implemented some of the initiatives, $25 million to-date. And that includes once-off savings of $4 million and recurring sustainable savings of $21 million, and we will see that over time flowing through -- into the $100 million.

To-date, off that $25 million, we actually have banks, 3 of it, so we've seen that flow into our banking balances, for want of a better word, and although most of it refers to once-off targets, we believe that the overall target now is well embedded and sustainable going forward.

I'm going to just hand over to Johnny to talk to the details of the specific operations and give more color on the elements of the selling.

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Johnny Velloza, Gem Diamonds Limited - COO & Director [4]

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Thanks, Mike. We're on the mining targeting $42 million slide. Really, what I just want to take you through this morning is some of the work that we're doing there. There's $42 million. You can see on the charts, on the right-hand side, when we envisaged that flowing. But some of the work that we're doing, it's really about renegotiating our contract, which we believe will have a reduced unit rate to our operation. We're doing this via a better fleet mix. This better fleet mix sees us having a smaller fleet size. We have a smaller number of class of machines now in the mix. It's a more efficient, fuel-efficient mix that we have. But not only that, we're also having a look at how we run off our shifts, how we change our shifts, how we keep these machines running basically for 24 hours a day. So there is an improvement there, not just on the machinery but also the way in which we run it.

From a pit slopes perspective here is a really big prize. There's an opportunity for us to take our overall slope angle from 64% to 70% -- sorry, 64 degrees to 74 degrees. If we get this right, it will have a significant reduction on the life of mine waste. Clearly, there is risk involved with this, so we're taking it very, very slowly. And at this stage, we've got 2 independent world-recognized experts working with us to ensure that we make the right risk base decision to ensure that we don't put people's lives at risk.

And the third point there is, is some of the improved blasting practices that we're using to reduce costs. I mean, it's the way that we use explosives, it's the type of explosives we use and it's the way that we initiate our blasts. What we're starting to see is we're starting to see those costs come off. And at this stage, our blasting performance is remaining in the same sort of category, so we are not compromising quality but we are getting a better product at the end of the day.

If we can move on to the processing slide, which is the next one, which states that we are targeting a $34 million impact there. There's 2 key issues here. The first one is increasing our plant up time and by increasing plant up time, just to ensure that we actually treat more material. As everybody is aware, we did have a per year from a maintenance availability perspective and we're targeting about a 10% increase in availability over the next 2 years. If we do -- if we are able to do that clearly, we can treat more material. As I've said on more than 1 occasion, we will not compromise the quality of our treatments, so we won't overfeed the plant and we won't choke feed our DMSs. And so this is really just about utilizing latent capacity in the existing infrastructure that we have.

We're also having a look at all the contracts that we have, which include the contracts with Minopex and Alluvial Ventures and of course, we have spoken about earlier today, the deploying of a mobile XRT sorting machine. But also, by way of example, those are all big-ticket items. But we're also targeting throughout the operation, both in mining and in processing, some really small examples, by engaging the front line. And my favorite project that we have is where we have found a way to increase the capability of our plant by 160,000 tonnes following a suggestion that came from our frontline plant operators that said we can bolt in to the -- our DMSs quicker during the course of the maintenance intervention, thereby, giving the plant back to operations faster. And we're targeting a lot of these small little initiatives that have incremental improvement, and so that we can put these marginal gains together to have a significant impact.

We're also doing some work on working capital and overheads, which are targeting $4 million, which is outlined on the next slide. And $1 million of that is once-off and that's really just looking at the working capital that we have tied up in plant space. We've got a lot of money tied up there, and we believe we can put $1 million back into the business by reducing that. It should be noted that the working capital that we're talking about here does not involve any changes to the way that we market and sell our diamonds, and it's really just the operational working capital that we're focusing on.

And the second bullet point on that slide talks about strict spend control procedures. And what we have done is we've put a spend control procedure in place. And what's that basically means is if you want to buy something on our operations or in our corporate office, you actually need approval. And we have a stringent process to go through purchasing anything. And there's intangible benefits that we're not tracking but we are seeing our costs drop as a consequence because people now are realizing that if they actually want to buy something, there better be a very good motivation behind it.

We're also looking at further reduction in our corporate overheads. We still believe that there are opportunities to reduce that, as Mike did say earlier.

I'm going to hand back to Mike to take us through the corporate activities slide.

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Michael Michael, Gem Diamonds Limited - CFO & Director [5]

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Thanks, Johnny. So we're targeting $20 million on corporate activity but just to be clear, what the corporate activities really leads to, on the Ghaghoo side, we are looking at streamlining the care and maintenance costs towards all, potentially eliminating even through a full extent. So this $20 million as a whole doesn't include the sale or the prices associated with Ghaghoo but really the maintenance -- care, maintenance cost around that. It includes then, further to that, selling any redundant stock or any redundant noncore assets at the operation.

We're also focused on some of the other noncore assets. We have sold the aircraft that serviced Ghaghoo in the past. Son that sale has been concluded, we're in receipt of that. And we are looking at 1 or 2 other just investments of assets that we -- don't require our service to operation. Johnny alluded to this, the strict spend control procedures, they're all extended to no -- approved through a central process and it's given us more clarity on some of the decision-making giving rise to the requirement for that expenditure. We've also reduced our corporate footprint. We've halved our process in the U.K. by restructuring our amenities there. We're in the process of subleasing some of the other premises that we're in and restructuring where we are [office bound], so our footprint has significantly decreased. And we've had some significant savings in travel. We've reviewed our process around travel. And as Johnny mentioned, there's also some of those small stuff that starts adding up. So we've been quite aggressive in terms of how we incurred some of those corporate expenditures going forward.

With that then, we lead in to the second last slide, which is the outlook we have for the guidance at -- for 2018. In due course, we will be looking at how the impact of these costs will roll out into the unit costs going forward into the longer term. But we've also put in a slide on the capital forecast for the next 5 years, which Johnny can just make a reference to.

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Johnny Velloza, Gem Diamonds Limited - COO & Director [6]

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Yes. I think as an introduction to this slide, I'd like to just address a question that I have been asked over the last couple of weeks. And that is, with the business transformation process that we are undertaking, are we undercapitalizing the business and are we putting the business at long-term risk. And I think this slide goes to show that, that is not something that we are even contemplating to do. We are looking at disciplined capital allocation, absolutely yes, but we are not going to undercapitalize this business. Stay in business capital line there indicates that we're spending quite a bit of money just to make sure that we are sustainable going to the end of our lease. Our current lease at 2024. We're spending money on the relocation of the mining complex. The core drilling project is progressing well and will be completed this year. And as I mentioned in the operational section, we're looking at the feasibility study for a large diamond recovery plant with potential construction in 2018, '19. And then from a stay in business capital, we are in the process of increasing the capacity of our tailing storage facility, which will take us to the end of 2024 for a coarse residue disposal facility. So there's quite a bit of information behind these capitals, so if you do have any questions, please feel free to ask.

And that's concludes the formal part of this presentation this morning. I'll hand back to Clifford.

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Clifford Thomas Elphick, Gem Diamonds Limited - CEO & Executive Director [7]

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Yes, thank you, Johnny. Just to reiterate then, on this target of $100 million of savings over the next few years, as I've said before, and perhaps just to repeat, we're pretty confident on that number. There's been a huge amount of work gone into breaking this down into its various components and although we've only really begun this towards the back end of 2017, this implementation really starting in October and November, a lot of excellent work has been done, which began in June the concept was -- we got into the concept in March of 2017. By June, we had appointed a team. We started doing all the due diligence of all the opportunities. We broke it down into potentials of size of the prize. And then we went further and appointed our internal team, our business transformation team is headed up by Brandon de Bruin. And he and that team have done excellent work in working with every department in our organization done at the mine, at the bottom end and through every part of the mine. And we have a plan, which was signed off by our board. And as I say that has been implemented from -- sort of starting in October. We've had very good success to-date. And as I say, about $25 million of the $100 million has already been finished, signed off and that has now, just essentially waiting to be harvested as the years roll out. And the balance -- the big opportunities, particularly in the mining and processing are close and we will be talking about that further. Come the half year, you will see progress made along those lines. So it's been a very good exercise and I'd just like to complement that business transformation team on what they've done.

So that brings the end of the formal part of our presentation but we are happy to take questions now. Thank you.

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Questions and Answers

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Operator [1]

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(Operator Instructions) Our first question today comes from the line of Richard Knights of Liberum.

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Richard William Knights, Liberum Capital Limited, Research Division - Head of Mining Research [2]

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I just wanted to follow up on the cost-reduction program, in particular, the processing costs, which is something we hadn't really thought about, the $11 million per annum. Can you be a bit more granular in terms of what sort of percentage increase in plants uptime you're targeting? And what's the difference between what you were doing previously and what you hope to be able to do is?

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Johnny Velloza, Gem Diamonds Limited - COO & Director [3]

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Richard, we're targeting about a 10% uplift. And that's over the sort of next 2 years. And what are we doing differently? We're doing quite a lot differently. We've reviewed on higher maintenance management framework, which looks at the strategies and our maintenance tactics. So we're actually having a look at how long does it take us to change a pump, for argument's sake? And if it's going to take us 3 hours, how can we do it in 2 hours as effectively and still do it safely, so thereby reduce the turnaround time. So that's an example. Other examples are shift handovers. How do we ensure that completing and using the plant for more time so that we don't have any idle time? There's an example. Another example I'll give you, and hopefully it's granular enough for you, is we're putting in and -- we're putting in a system in our plant, which will basically allow us to run POC control on the plants a little bit more so that we can smooth feed into the plants so that we're optimizing the setup of the plant using the latest and greatest technology. So that's -- there's a range of things that we are doing there.

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Richard William Knights, Liberum Capital Limited, Research Division - Head of Mining Research [4]

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Okay. And the timing on that, sorry, I'm just looking at the slide on timing of that in terms of you're not really going to be implementing much of that this year or the impact of that won't be felt much this year but more in 2019, 2020?

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Johnny Velloza, Gem Diamonds Limited - COO & Director [5]

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So that's exactly correct, Richard. And the reason for that is that we are very conservative, we are worried about the condition of the plant maintenances. Maintenance is one of those things that you don't know what you don't know, sadly. So we're spending quite a bit of time just making sure we're getting the basics right. And I don't want to commit to the board an uplift in '18. But we are confident that in '19, we'll start seeing that coming through.

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Operator [6]

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Our next question today comes from the line of Edward Sterck of BMO Capital Markets.

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Edward Christopher Sterck, BMO Capital Markets Equity Research - Analyst [7]

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So a couple of questions for me. This time last year, you gave us some guidance on the stripping tonnes going forward. And it looks like the guidance that you provided this year for 2018 is below that level. Just wanted to kind of tie that in with the total tonnes mined that you provided on Slide 31, which looks like it's a combination, and overall it would suggest that you've reduced your stripping tonnes over the next 5 years. Is that correct? And what does that mean in terms of the steepness of the pit wall? And then my second question is, obviously, a great start to the year in terms of large diamond recovery, is there -- have you been mainly mining the Satellite pipe or the Main Pipe so far this year? And what's the split of Main and Satellite Pipe expected through the rest of 2018 and wonder if you can provide some guidance beyond that, that will be great as well.

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Johnny Velloza, Gem Diamonds Limited - COO & Director [8]

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Yes, okay. So let's deal firstly with the issue of tonnage treated. Yes, we have reduced our waste tonnage. What is reflected on the slide, the capital slide, which is total tonnes mined, yes, correct, is our view going forward in connection with the waste as it stands now prior to the slope steeping. So there's potential upside or should I say, there's potentially an opportunity to further reduce that -- those tonnes mined. The way that we have done this and from the guidance compared to last year to where we are now, and what we've done is we've just had to look at our ramp configurations into the bottom of the Satellite pit in particular, and going into the bottom of the Satellite Pipe, we found a better way to actually configure our ramps, which reduced our waste further. So that was the difference between then and now. Slope angles are the same. Without steeping up to slope angles, we think there's a further opportunity to reduce waste. Does that answer that question for you?

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Edward Christopher Sterck, BMO Capital Markets Equity Research - Analyst [9]

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That does.

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Johnny Velloza, Gem Diamonds Limited - COO & Director [10]

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Okay, lovely, then Satellite contribution. It's important for us to understand that we've -- getting quite a lot of value out of the Main Pipe at the moment. The 19 came out of the Main Pipe material, the 152 that we announced last week came out of Main Pipe material and the 169 that we announced this morning also came out of Main Pipe material. This year, yes, we've started with a fair amount of Satellite but it is in line with our expectations for the remainder of the year, and our guidance is 2 million tonnes of the 6.6 million tonnes, say, is going to come out of Satellite. So that is going to remain the same, which is a -- roughly a 35% to 36% split.

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Edward Christopher Sterck, BMO Capital Markets Equity Research - Analyst [11]

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And if I could just ask 1 follow-up question. The guidance in terms of tonnes processed. Does that include some tonnes being processed by Alluvial Ventures?

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Johnny Velloza, Gem Diamonds Limited - COO & Director [12]

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It is 5.72 million tonnes from Letšeng, through the 2 plants and 1.08 million tonnes from Alluvial Ventures.

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Operator [13]

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Our next question today comes from Martin Potts from finnCap.

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Martin Francis Andrew Potts, finnCap Ltd, Research Division - Mining Research Director [14]

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My question has been partly answered, I think. What I'm really going to say was the large diamonds, the plus-hundreds that have been coming out in particular. Do you think there's been -- is that really mostly geology and where you're actually mining? Or is that the XRT? Or is that just the normal stats of the ore body coming back to you? Just trying to get some sort of feel for where those are going to be coming from going forward.

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Johnny Velloza, Gem Diamonds Limited - COO & Director [15]

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Yes, well, when you find out, please, let me know. I'd be very happy. Now look, I don't want to be flippant about this but the occurrence of the large diamonds is something that is obviously material to our operation. The fact that we're getting this year a significant number out of the Main Pipe is exciting. What's I've been saying to people is that when we had a look at the first 5 large diamonds that came out, one of them out of the Main Pipe was unexpected. It came from an area where historically, we haven't recovered large diamonds. And so it's -- this is the statistical variability of this resource again. But I don't want to underplay the work that's been done by the team. We have looked at the entire operation end-to-end and said, "What do we need to do to ensure that we are, a, not breaking diamonds; b, not losing diamonds through the process control or losing it through a lapse in security?" So a lot of work has been done. And I think that, that's not just reflected in the plus-100 carat diamonds. That's reflected in the 20 to 60 carats improvement, which we've outlined in the presentation as well. And so is it sustainable? I would never say that the large plus-100 carat diamonds are sustainable because the history of Letšeng, which showed that it is variable, but I think we should be focusing more on where the money really gets made, which is the 20 to 60 carats. When we have a look at the sale that we've got on now and if you have a look on our website, you'll see pictures of a magnificent 49 carats and the 60-carat diamond, which we think will achieve top dollar. You look at the magnificent diamonds that Clifford spoke about this year, we are getting $60,000-odd a carat for 50-, 60-carat diamonds, if they are good quality. So I think it's important that we do talk about the large diamonds but we need to understand the entire value chain of this mine.

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Operator [16]

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And our next question today comes from the line of Kieron Hodgson of Panmure Gordon.

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Kieron John Hodgson, Panmure Gordon & Co. plc, Research Division - Commodities and Mining Analyst [17]

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Just a couple of very simple ones, really. Mining lease conversations, obviously, that's been brought forward. Does that mean that the underground studies have commenced or there's a change of pace towards your sort of -- your view towards the underground developments? And also, a final question really is given the cash generation of business 2018, $40 million in the bank the last couple of days, could you give us a sort of sense of how you envisage the capital structure of the business going forward, please?

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Johnny Velloza, Gem Diamonds Limited - COO & Director [18]

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Okay, so I'll take the question on the underground and then Mike can talk about the capital structure. On the -- on bringing the lease forward, Kieron, it's not really about the underground, that's more about just getting some certainty for us, also for our shareholders going into the period where we need to spend a lot of capital on waste stripping and then underground. So the schedule for the underground has not changed. We've brought forward the lease negotiations but we'd always really plan to do it this year because in the beginning of next year, we go through bottlenecks and then we've got to start mining waste that will take us to the end of the lease period and that would -- I think it's prudent for us to have surety on the lease going into that period so we can say to our shareholders, "The huge amount of money we're going to spend on stripping waste is actually going to give you a return." We do plan to start work on the underground towards the back end of this year.

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Kieron John Hodgson, Panmure Gordon & Co. plc, Research Division - Commodities and Mining Analyst [19]

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Okay. And just following on, a quick one from that, is there sort of a time line, the discussions with the government or is that slightly unfair to ask that?

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Clifford Thomas Elphick, Gem Diamonds Limited - CEO & Executive Director [20]

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Yes, I think, Kieron. I think it is unfair because we're not in control of that timeline obviously. But the experience of all the other mines that have renewed their lease is that this is a sort of 6 months -- 6 to 9 months process, which takes place -- it's not the -- there's a pretty formal -- it is a formal process which you have to go through, backwards and forwards. And I don't need think much will change as far as we're concerned on that.

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Michael Michael, Gem Diamonds Limited - CFO & Director [21]

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Kieron, it's Mike here. Just to talk about the capital structure. We obviously concluded the sale here so that we understand our potential available fund. One of the issues we've had in the last [spec] of going through quite a challenging time has been to rebuild our balance sheet strength. And I think we're now in a position where we're starting to get an appropriate level of funding within the structure. And our long term is to return to paying dividends to shareholders in due course. But we do have facilities drawn down at the moment, so we have got some debt. So one of our considerations is to look at restructuring that entirety. One of our facilities are due for renewal -- are for renewal in June this year. And I think as part of that structure and looking at -- and what we put in place there, we will consider whether we restructure our big facilities, taking into account our current cash position.

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Operator [22]

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Our next question today comes from the line of Luke Nelson of JPMorgan.

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Luke Nelson, JP Morgan Chase & Co, Research Division - Research Analyst [23]

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Just back on the cost program targets. Obviously, a material target you've put out there. With $25 million already banked...

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Clifford Thomas Elphick, Gem Diamonds Limited - CEO & Executive Director [24]

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Hey, not banked.

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Luke Nelson, JP Morgan Chase & Co, Research Division - Research Analyst [25]

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Well, close to be identified. You're obviously well on target towards the $100 million. So it would just be good to get more granularity on to what extent or how aggressive you are being in terms of factoring in all those initiatives that you've outlined in the presentation just to give an indication of where the risk and potentially opportunities lie around those targets? And then just following on from that, from our perspective, how do we quantify this from a P&L and cash flow perspective given that a number of those initiatives are sort of utilization efficiency, unit cost improvement?

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Clifford Thomas Elphick, Gem Diamonds Limited - CEO & Executive Director [26]

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Right, thanks, Luke. Look, we've done -- we're pretty confident that the $100 million, we will be able to deliver. You may recall, if we tracked backwards, we started speaking about this at the half-year presentation. We said we'd began -- we set ourselves a target. I think we outperformed on that target and then we raised the target a bit to $15 million, $18 million, et cetera, so we ended up with this figure of $100 million over the 4 years and then $30 million sustaining savings going forward. And that has been -- how shall I say, using a sort of mining terminology, it's been well engineered. And there's a lot of foundation to this number and we are pretty confident. And the $25 million, which is, as I said, not banked but signed contracts, et cetera, and that just plays up, that has given us a lot of confidence. Are we underplaying the $100 million? Can we do more? What we've discovered is that -- I suppose, rather like tunnels, costs have to be continually cut. So -- and I think there are further opportunities which are going to present themselves, but so far we haven't engineered those. We've got what we call a pipeline, which we are refilling with new initiatives or new opportunities, but we would first like to 100% deliver this and show that we can deliver it on target before we start speaking about further opportunities, which may or may not emerge. And then Mike, you should best talk to how this plays out into the P&L.

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Michael Michael, Gem Diamonds Limited - CFO & Director [27]

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Okay, thanks, Clifford. Luke, it's quite varied and it covers a lot of points across our spectrum of operation in terms of the hardware rollout. And I just want to give you some high-level examples of what I'm referring to. So the $100 million expected to the different operational sections, if we look at mining of $42 million, a part of that's going to roll out into unit costs that will -- the majority of that's going to roll out into unit cost savings, and that's split both between mining itself for ore and then mining waste. So from a P&L perspective -- or sorry, from a cost perspective or benefits change, you'll see a reduction in unit cost. But from a P&L perspective, you'll only see it on the ore element. On the waste element, you'll see it coming through in our capitalized investment going forward. So that's how we would be flowing that through. If I just flip over onto processing, the processing savings or benefits we're talking about here, you actually want to see a reduction in unit costs. What we are doing is efficiency in an increasing uptime and what that does for us, an increase of tonnes and the increase carats and, therefore, improved margin. So you'll actually see that coming through in the elements of increased number of production revenue figures that you referred to, so that's how that flows. Some of the other items are once-off transitions and you'll just see that in a cash movement at one time, either at the sale of an asset and therefore, just an increase in available cash, alternatively looking at working capital, you'll just see that as a timing once we implement that, that's a once-off improvement in our cash working capital reduction, working capital improvement in cash position. On the corporate side and on the overhead side, you'll see that as an overall reduction. So the spectrum of this has got huge benefits to us across the organization but different elements and benefits being seen at different places within our operation. So some in cash, some in capital, some in unit cost, some in additional revenue. We'd have to go into more detail and to articulate the fullness of elements of those, but that's a high-level view of the main pillars.

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Luke Nelson, JP Morgan Chase & Co, Research Division - Research Analyst [28]

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No, that's very helpful. And then just changing tact. On unit cost guidance, can you just step through how you arrived at the unit or the operating unit cost of LSL 280 to LSL 290 (inaudible) tonne given step-up year-on-year, particularly around what you're expecting from, say, FX, underlying cost inflation and then also sort of any underlying potential impact from the cost program as well?

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Michael Michael, Gem Diamonds Limited - CFO & Director [29]

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Okay. So the cost program is being implemented or flowed through the -- to a degree, there's probably some efficiencies in the unit cost. And like I said, I mentioned earlier, not all of it flows into unit cost reduction. But in the total operating cost per tonne, which has gone up to, I think, LSL 260 or odd, so the impact really is around twofold. One is from the level of Satellite Pipe we're mining. As mentioned, we're around about the 2 million tonne mark. But importantly, we've transitioned now fully from what we refer to as [cut 4 way], which had a strip ratio of 4.5:1 into sourcing all our Satellite Pipe material from [cash 5 each]. And that's running at a current 10 -- strip ratio of 10:1. So that moves our averages from the previous year of a low of 70s in 2016 to over LSL 150 Maloti a tonne as an amortization charge and that's where the additional cost is coming through. It's really around the contribution of those 3 elements.

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Luke Nelson, JP Morgan Chase & Co, Research Division - Research Analyst [30]

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Okay. That's clear. And then just a final question from me. The FX that is assumed within cost guidance and maybe some sensitivities around that as well?

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Michael Michael, Gem Diamonds Limited - CFO & Director [31]

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So the -- for this transformation, when we initiated that -- and Clifford goes into length at August of last year when we started the implementation. The exchange rate was a lot stronger or weaker from a South African perspective and it was roundabout the $13 and we locked in our business transformation savings based on that $13. And unfortunately, we've seen the exchange rate go up to $13 or close to $14 and we've spent a lot of the figures we're referring to is at $13.75 but we've seen a significant strengthening of the range onto $11.80 as it stands of today. And therefore, the figure that we refer to in dollar terms on the dollar slide for the capital is based on $13.75.

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Luke Nelson, JP Morgan Chase & Co, Research Division - Research Analyst [32]

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Okay. And sorry, just -- and that includes -- $13.75 includes the cost guidance for this year? Just to be clear.

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Michael Michael, Gem Diamonds Limited - CFO & Director [33]

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The cost guidance we've given in maloti too, so it's -- into moving -- yes, that's right.

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Operator [34]

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Our next question today comes from the line of Ian Rossouw of Barclays.

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Ian Rossouw, Barclays Bank PLC, Research Division [35]

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Maybe just to follow up on Luke. Could you maybe just give us a sense of the percentage of your cost in CapEx in sort of local currency just to -- or just help with some sensitivity if we plug in spots what would you expect the impact to be on, on profitability and cash flows? And then maybe just the same for the cost savings. I mean, if you did use spot today, what would that $100 million be by 2021? And then maybe just more conceptually just around these cost savings. I mean, these are -- it's impressive. Obviously, the figures overall and would be looking forward to that, coming through the numbers. Do you think this is enough to offset cost inflation in the business so that we can sort of look forward to pretty stable nominal costs on a unit cost basis over the next few years?

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Michael Michael, Gem Diamonds Limited - CFO & Director [36]

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Yes. Ian, it's Mike here. I'll answer the second question and I'll just give you some input and Johnny will also contribute to some of the comments you made. Yes, I think we are targeting that if we can outperform inflation and keep it flat that is, I think, idealistic for us in terms of an inflationary environment that runs at 5% to 6%. So yes, that is a target and I think that we should see that coming through. Just to give you an indication on level of, I suppose, exposure and expenditure, I mean, some of our sub-elements of costs that are related to the dollar, it runs in with fuel, probably flows within some other plants, consumables and parts, and we're really talking about 15% in total, really is exposed to that type of exchange rate. And where we can go into detail in terms of our contractor rate, where our tires and (inaudible) is also linked to the dollar or to foreign currency, but we would think that 15%, max 20% of our costs, are exposed to that exchange rate.

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Ian Rossouw, Barclays Bank PLC, Research Division [37]

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So would 1 rand movement in -- impact on your expenses or profitability?

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Michael Michael, Gem Diamonds Limited - CFO & Director [38]

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Well, it's quite easy to work, Ian. If we're operating -- in dollar terms if you want to refer that in our cost space might not underlie that fact, but in dollar terms, 1 rand is a lot of LSL 200 million Maloti revenue, which is LSL 200 million Maloti lead cash and in exchange rate of $13 million, $14 million, that's $15 million. Operating at margins that we are, that's probably $10 million on unit cost, in dollar terms. But our the underlying costs, we fluctuate about triple that in terms of impact by exchange rate.

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Operator [39]

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At this moment, we have no further questions registered, so I'll hand the line back to you, gentlemen, for any further remarks.

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Clifford Thomas Elphick, Gem Diamonds Limited - CEO & Executive Director [40]

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Right. Well, thank you, everybody, for participating. If you've got anything else you'd like to know, which you haven't managed to get through the system, just properly e-mail it to any of us and we will come back to you immediately. But once again, thanks a lot and we appreciate your participation.