RNS No 7472a
MINORCO
11th September 1997
MINORCO ANNOUNCES INTERIM RESULTS
THE HALF YEAR IN BRIEF
- Net earnings before exceptionals of US$214
million were 7% higher than in the first half of 1996.
- Operating earnings increased by 19% to US$408 million with a particularly
strong contribution from the base metals segment.
- Collahuasi copper and Cerro Vanguardia gold projects remain on schedule for
commissioning in the second half of 1998.
- Joint venture established with Amcoal to develop an international coal
business. Initial acquisitions in Colombia have considerable potential for
development.
- Interim dividend increased by one US cent to 22 US cents per share.
Highlights for the six months to June 30, 1997
Unaudited 6 months to June 30
US$ millions except per share amounts 1997 1996
Sales 3,078 2,770
Operating earnings 408 342
Earnings before exceptional items,
tax and minority interests 410 362
Net earnings 214 317
Net earnings before exceptional items 214 200
Net earnings per share (US$) 0.95 1.41
Net earnings before exceptional
items per share (US$) 0.95 0.89
Dividends declared per share (US$) 0.22 0.21
Letter to shareholders
Operating earnings for the first half of 1997 increased significantly from
US$342 million to US$408 million. This increase was due primarily to higher
copper and zinc prices which resulted in the earnings of base metals more than
tripling.
The operating performance across the Minorco Group was generally very
satisfactory with costs tightly controlled and major improvements seen at
Morro Velho and Hudson Bay where profit improvement initiatives were
implemented last year. Apart from base metals, commodity prices that affect
Minorco were mixed during the first half of 1997. The industrial minerals
segment benefited from the relatively buoyant UK economy while its operations
in Germany and Spain were affected by the low level of construction activity.
Against the strong increase in operating earnings, investment income was
lower, the tax charge was higher and the share of earnings of minorities has
increased. As a result, Minorco's net earnings before exceptionals,
which reflect underlying business performance, increased by 7% to US$214
million.
As a result of this satisfactory performance, the interim dividend has been
increased by one US cent to 22 US cents per share.
Gold: Minorco's gold operations earned US$19 million versus US$20 million in
the first half of 1996. The average gold price realised of US$360 per ounce
compared with the prior period average of US$396 per ounce. Attributable gold
production of 393,000 ounces was 3% lower than in 1996. The impact of the
lower gold price and slightly lower production was mitigated by unit cost
savings arising principally from higher ore grades, lower strip ratios in the
US open pit mines, and operating efficiencies. Higher grades at the Cresson
heap leach operation enabled production to increase to just over 100,000
ounces in the first half. In Brazil, the restructuring of the Morro Velho
mines continues, which, although reducing production over time, will lower
unit costs and increase profitability.
Base metals: Base metals contributed US$73 million to operating earnings
compared with US$20 million in the first half of 1996. Attributable copper
production increased slightly to 84,000 tonnes with average realised prices of
115 US cents per pound compared with 105 US cents per pound in 1996. Zinc
production of 42,000 tonnes was also marginally higher with an average
realised selling price of 60 US cents per pound, 15% above the first half of
1996. These price increases contributed US$30 million to operating earnings in
the first half. Mantos Blancos in Chile increased its production of copper by
10% to 65,000 tonnes with the balance of the copper production and all zinc
production coming from Hudson Bay in Canada. Good progress was made at Hudson
Bay in improving operating efficiencies and a new collective bargaining
agreement was reached which will allow this process to continue. Although
nickel production in Brazil of 4,600 tonnes was 9% higher, the average
realised price was 9% lower at US$3.17 per pound.
Industrial minerals: The industrial minerals segment contributed US$61 million
to operating earnings - 5% higher than in the first half of 1996. Construction
activity in the UK grew by 5% in the first half reflecting the healthy state
of the UK economy. This has enabled the UK businesses to increase sales
volumes with prices remaining relatively firm. The German operations, while
being less affected by winter weather than in 1996, faced difficult trading
conditions due to public spending restrictions and a depressed German
construction industry. In the Spanish operations, intensive price competition
in a stagnant market continued to depress earnings, although there are some
signs of improvement.
Cleveland Potash's earnings were lower than in the prior period due to reduced
potash export prices, which were partly the result of sterling's strength, and
reduced production arising from adverse geological conditions in the north of
the mine.
Copebras' earnings were well above the prior period. While prices for its
principal product, carbon black, remained under pressure, sales volumes were
maintained and significant unit cost improvements were achieved particularly
in energy with waste gases being used to generate power.
Paper and packaging: The paper and packaging segment contributed US$44 million
to operating earnings compared with US$37 million in the first half of 1996.
Pulp prices in the first half of 1997 were marginally lower than in the
corresponding period in 1996. However, these prices have improved since the
start of the year reflecting more balanced market conditions. The improvement
in earnings was largely due to the strong performance of the Frantschach group
where the implementation of tight cost controls and lower input costs helped
to offset weaker prices. Neusiedler benefited from lower costs and increased
productivity with the optimisation of the PM6 paper machine which was rebuilt
in 1996. At Aylesford Newsprint, sales volumes increased by 23%. However,
earnings were reduced as imports from North America and the strengthening of
sterling put pressure on newsprint prices. These factors were partly offset by
lower waste paper input costs. Aracruz, in which Mondi Minorco Paper (MMP)
acquired an 11.8% interest at the end of 1996, recorded net earnings for the
first six months of 1997 of US$17 million.
Agribusiness: Minorco's agribusiness subsidiary, Terra, contributed US$211
million compared with US$208 million in the first half of 1996. Higher
earnings from distribution and methanol were almost entirely offset by lower
earnings from the nitrogen fertiliser manufacturing business. Methanol
earnings increased significantly benefiting from a 50% increase in the
methanol price which averaged 58 US cents per gallon for the period.
Distribution earnings were significantly higher than in 1996 as a result of
increased planted acres of corn and soybeans along with more favourable
weather during this year's planting season. Earnings fell in the manufacturing
sector where substantial sales volume increases and higher ammonia prices
could only partly offset declines in nitrogen solutions and urea prices and
significant increases in natural gas prices.
Earnings from investments
Earnings from investments decreased from US$58 million to US$49 million.
Earnings growth from Engelhard partly compensated for the loss of income from
investments sold in 1996, which contributed US$21 million in the first half of
last year. Engelhard's net earnings for the first six months increased by 13%
to US$82 million. The Catalysts and Chemical Segment performed strongly, as a
result of demand for auto-emission control catalysts and for a chemical
catalyst for producing ammonia. The Pigments and Additives Segment performed
particularly well in the period, with the first full contribution from
pearlescent pigments producer, The Mearl Corporation, which was acquired in
May 1996.
Developments
- Earlier this year, Minorco, together with its major shareholder Anglo
American, formed a consortium with the Votorantim Group of Brazil and a group
of Japanese companies to acquire a controlling interest in Companhia Vale do
Rio Doce (CVRD) which was being
privatised by the Brazilian Government. This acquisition would have given
Minorco joint control of one of the pre-eminent iron ore producers in the
world. In the event, Minorco and its partners were not prepared to increase
their offer to the required level to win the auction. However, it is
anticipated that the relationships forged with its consortium partners could
lead to further opportunities in the future.
- In July, Minorco and Anglo American Coal Corporation Limited (Amcoal)
formed a 50/50 venture to participate in the international coal business. In
its first investment, the joint venture acquired from Glencore International
AG a 50% interest in the Cerrejon Central open cast coal mine in northern
Colombia. The mine's saleable reserves are estimated at 250 million tonnes of
high quality steam coal with potential for additional reserves at depth. At
the same time, Minorco, Amcoal and Glencore agreed, in principle, to combine
their Cerrejon Central coal property with Rio Tinto's adjoining Oreganal
property. The merged entity will be owned one-third by Minorco/Amcoal,
one-third by Glencore and one-third by Rio Tinto. The combination will enable
the two properties, with a projected annual capacity of 16 million tonnes, to
be developed in an optimal fashion and, in particular, free up an estimated 70
million tonnes of coal in the boundary pillar between them. Subsequently,
under a privatisation programme of the Colombian government, the four partners
successfully bid for the adjoining Cerrejon South property which has estimated
coal resources of 300 million tonnes. Feasibility studies will be initiated to
determine the optimal development programme for these properties which could
eventually lead to production well in excess of that projected for Cerrejon
Central/Oreganal. While these investments will not generate material cash
flows before 2002, they will provide Minorco with quality coal assets in
global terms which have the potential to make a significant contribution to
Minorco's growth.
- Minorco has entered into a number of earn-in arrangements with junior mining
companies which will allow the Group access to prospective exploration
acreage in Australia, Papua New Guinea and the Philippines.
- In the Industrial Minerals Division, Tilcon merged its quarrying activities
in the north of Scotland with those of the Morrison Construction Group plc.
The merged entity, named Caledonian Quarry Products Limited, will operate
across the Highland and Grampian regions of Scotland. This merger is a natural
progression following the recent acquisitions of Tarmac's interests in the
Inverness area and the quarrying and ready-mixed concrete business of the
Elgin-based Robertson Group.
- At the Collahuasi (44% owned) copper project in Chile, the pre-stripping of
the Ujina open pit is around 40% complete. Earthworks are nearly complete and
civil and structural steelworks on the leach/solvent extraction/electrowinning
plant and concentrator are well advanced. Work on the port facility is also
progressing well. The oxide plant remains scheduled for completion in the
second quarter of 1998 and the sulphide plant in the third quarter of 1998.
- At the Cerro Vanguardia (46% owned) gold project in Argentina, mine planning
and engineering of the plant are progressing well. Earthworks are well
advanced and concrete placement is in progress. Completion remains on target
for mid-1998.
- Important progress was made on the Lisheen (62% owned) zinc and lead project
in Ireland and the Loma de Niquel (85% owned) project in Venezuela. At
Lisheen, the mining lease and royalty terms were agreed with the Department of
Transport, Energy and Communications. The mining lease is expected to be
granted in late September, following a public review process. Engineering is
well advanced and preliminary construction has commenced. At Loma de Niquel,
design in all areas of the mine and plant is on schedule and construction will
commence in the fourth quarter of 1997 following receipt of certain fiscal
exonerations. Project finance agreements were signed in August.
- In August, MMP entered into a joint venture with Frantschach to form the
FraMondi Consortium, which acquired for US$158 million a 65% stake in Zaklady
Celulosy I Papieru w Swieciu "Celulosa" S.A. (Swiecie), the largest pulp and
paper company in Poland. Swiecie has annual capacity of 300,000 tonnes of
pulp, 430,000 tonnes of paper, 130 million paper sacks, 75 million m2 of
corrugated sheet and 47 million m2 of corrugated boxes. The MMP/Frantschach
joint venture through the FraMondi Consortium will have a 60% interest in
Swiecie, with the balance held by Polish interests. The Frantschach group made
two smaller acquisitions earlier in the year - a 19% interest in the listed
Russian paper producer, Syktyvkar, which has annual capacity of 300,000 tonnes
of pulp and 400,000 tonnes of paper and the Dunaujvaros uncoated, wood-free
paper machine located in Hungary. The latter will add 80,000 tonnes of
uncoated, wood-free paper capacity.
Liquidity and financial position
Operating cash flow before working capital increased from US$443 million to
US$517 million. Working capital has been maintained at approximately the same
level as at the end of 1996. Capital expenditure during the half year
increased to US$386 million from US$281 million reflecting the activity on
Minorco's major projects. At June 30, 1997, cash and short term investments
amounted to US$1,869 million while loans and short term debt amounted to
US$2,956 million of which US$1,227 million relates principally to Terra and
the paper and packaging companies and is non-recourse to Minorco.
Directorate
In addition to the changes announced in the 1996 annual report, Mr Reuben
Richards retired from the Board in May and Mr Burgess Winter was appointed in
his place. Mr Richards was responsible for overseeing Minorco's operations in
North America over the past 15 years, during which time these interests were
substantially restructured and, in particular, Terra's position transformed.
We would like to express our appreciation of Mr. Richards' significant
contribution to Minorco's development. Mr Winter brings enormous experience in
the mining industry at the highest level. His most recent positions were as
Chief Executive Officer of Magma Copper and latterly Chief Executive Officer
of BHP Copper.
Outlook
The overall position of the world economy remains positive with estimated
growth for the first half of 1997 averaging 5% and inflation remaining
constrained. Industrial production in the OECD countries has grown to 4% from
its flat level at the beginning of last year while growth in the emerging
countries is expected to fall slightly to around 7%. All this provides a
reasonably positive background for industrial commodity prices in the medium
term.
The short term outlook for zinc appears to be particularly bright although
copper prices may experience some volatility depending on the extent to which
the current buoyant demand from developing countries is matched by the
anticipated increase in near term production. The reasonably favourable
conditions in Minorco's important UK industrial minerals business
and in Terra's agribusiness should continue and there are signs that prices in
the paper segment may also improve. Minorco should continue to benefit from
the cost efficiencies achieved in some of its operations over the past year.
Looking to the medium term, the projects that will underpin Minorco's future
growth have made satisfactory progress while the acquisition of the world
class Colombian coal interests and MMP's major expansion into eastern Europe
are particularly exciting developments.
Luxembourg, September 11, 1997
Contact:
Minorco UK Carina Corbett
+44 171 404 2060 Public Affairs Manager
Johannesburg Nick von Schirnding
+27 11 638 9111 Investor Relations Manager
Consolidated statement of earnings 6 months ended Year ended
Unaudited June 30 December 31
US$ millions Note 1997 1996 1996
Sales 2 3,078.4 2,770.0 5,013.7
Operating earnings 2 & 3 408.3 342.1 604.7
Net corporate costs 4 (47.3) (37.7) (68.9)
Share of earnings of
investments accounted
for by the equity method 49.4 57.6 108.2
Earnings before exceptional
items, taxation and minority
interests 410.4 362.0 644.0
Exceptional items - 135.7 (44.3)
Earnings before taxation 410.4 497.7 599.7
Taxation (101.8) (100.6) (127.3)
Earnings after taxation 308.6 397.1 472.4
Earnings attributable to minority
interests in subsidiary companies (95.0) (80.2) (136.7)
Net earnings 213.6 316.9 335.7
Net earnings before
exceptional items 5 213.6 200.0 396.4
Earnings per share (US$):
Net earnings 0.95 1.41 1.50
Net earnings before
exceptional items 0.95 0.89 1.77
Interim dividend
An interim dividend of 22 US cents per share has been declared in respect of
the year to December 31, 1997 payable to shareholders registered in the books
of Minorco at the close of business on September 26, 1997 and to persons
presenting coupon no. 20 detached from bearer share certificates. Shareholders
resident in the United Kingdom who do not elect, by notifying the United
Kingdom transfer agents by October 9, 1997, to receive their dividend in US
dollars will receive their dividend in sterling converted at the rate
applicable on October 14, 1997 less appropriate taxes. Dividend warrants will
be posted from the transfer agents on October 29, 1997. The dividend is
payable subject to conditions which can be inspected at the offices of the
transfer agents.
Consolidated statement of financial position
Unaudited June 30 December 31
US$ millions 1997 1996 1996
Fixed assets:
Intangible assets 242.8 101.5 242.3
Tangible assets 4,199.4 4,029.7 4,047.9
Financial assets 811.3 695.7 757.3
5,253.5 4,826.9 5,047.5
Current assets:
Stocks 799.3 798.4 877.7
Debtors 1,183.7 1,160.7 777.1
Short term investments 1,330.7 1,161.8 1,368.1
Cash and cash equivalents 538.2 471.4 596.6
3,851.9 3,592.3 3,619.5
Short term debt (508.4) (580.8) (571.6)
Current liabilities (1,168.0) (1,076.7) (868.9)
Net current assets 2,175.5 1,934.8 2,179.0
Capital employed 7,429.0 6,761.7 7,226.5
Long term liabilities (2,447.3) (2,207.4) (2,408.2)
Provisions for liabilities
and charges (520.0) (434.2) (518.1)
Minority interests in
subsidiary companies (842.9) (552.6) (778.0)
Shareholders' investment 3,618.8 3,567.5 3,522.2
Capital and reserves:
Subscribed capital 315.8 315.8 315.8
Reserves 1,524.1 1,531.6 1,525.2
Cumulative translation
adjustment (88.5) (56.8) (66.9)
Retained earnings 1,867.4 1,776.9 1,748.1
Shareholders' equity 3,618.8 3,567.5 3,522.2
Consolidated statement of cash flow 6 months ended Year ended
Unaudited June 30 December 31
US$ millions 1997 1996 1996
Cash flow from operating activities
Earnings before exceptional items,
taxation and minority interests 410.4 362.0 644.0
Adjustments for non-cash movements 102.2 89.9 130.9
Adjustments for financial
income and expense 4.1 (8.9) 16.5
Operating cash flow before
re-investment in working capital 516.7 443.0 791.4
Changes in net current asset
components: Stocks 96.3 30.1 (42.9)
Debtors (349.2) (460.6) (14.0)
Creditors 254.0 127.6 (49.2)
Cash generated from operations 517.8 140.1 685.3
Interest paid (84.1) (75.3) (165.5)
Dividends received 13.0 17.8 32.5
Other financial income 74.3 70.3 144.4
Taxes paid (62.8) (60.4) (158.6)
Net cash provided by operating
activities 458.2 92.5 538.1
Cash flow from investing activities
Acquisition of subsidiaries
and joint ventures (40.2) (29.9) (46.9)
Acquisition of financial assets (15.6) (19.1) (38.0)
Capital expenditure on tangible
assets (386.0) (281.4) (674.3)
Proceeds from disposal of
tangible assets 9.9 12.2 66.8
Proceeds from disposal of
financial assets 7.9 560.8 732.5
Net cash (used in)/from
investment activities (424.0) 242.6 40.1
Cash flow from financing activities
Dividends paid to Minorco
shareholders (94.5) (94.7) (141.4)
Dividends paid to minority
shareholders (36.4) (37.2) (85.5)
Long term loans received/(repaid) 62.0 (36.7) 179.1
Short term loans (repaid)/received (16.6) 95.1 58.7
Decrease/(increase) in short
term investments 37.3 (171.0) (380.5)
Share capital issued by subsidiaries
to minority shareholders 2.6 7.5 15.9
Share buy-back by Terra
Industries Inc. (47.0) (77.8) (91.8)
Insurance proceeds received by
Terra Industries Inc. - 13.9 26.7
Net cash used in financing
activities (92.6) (300.9) (418.8)
(Decrease)/increase in cash and
cash equivalents (58.4) 34.2 159.4
Cash and cash equivalents at
beginning of period 596.6 437.2 437.2
Cash and cash equivalents at
end of period 538.2 471.4 596.6
Cash and cash equivalents 538.2 471.4 596.6
Short term investments 1,330.7 1,161.8 1,368.1
Liquid assets 1,868.9 1,633.2 1,964.7
Notes
1. Accounting Standards
The financial statements are prepared in accordance with Luxembourg law and
International Accounting Standards.
2. Sales Operating Earnings
6 months ended Year ended 6 months ended Year ended
By business June 30 December 31 June 30 December 31
segment 1997 1996 1996 1997 1996 1996
Gold 130.6 129.3 279.1 19.3 19.8 34.1
Base metals 399.4 342.7 686.1 73.4 19.6 39.0
Industrial
minerals 500.3 442.1 953.1 60.8 58.1 136.1
Paper and
packaging 428.0 377.6 825.0 44.2 36.6 83.6
Agribusiness* 1,620.1 1,478.3 2,270.4 210.6 208.0 311.9
3,078.4 2,770.0 5,013.7 408.3 342.1 604.7
By geographical
segment
Europe 818.8 736.9 1,576.8 95.6 87.0 197.0
North America 1,863.1 1,723.3 2,754.3 231.8 217.8 336.0
South America 396.5 309.8 682.6 80.9 37.3 71.7
3,078.4 2,770.0 5,013.7 408.3 342.1 604.7
*Because of the seasonal nature of the agribusiness segment and the effects
of weather-related conditions in several of its marketing areas, results of
operations for the half year should not be considered indicative of the
results for a full year.
3. Operating earnings 6 months ended Year ended
June 30 December 31
1997 1996 1996
Sales 3,078.4 2,770.0 5,013.7
Cost of sales (2,376.4) (2,131.0) (3,792.8)
Gross operating earnings 702.0 639.0 1,220.9
Selling, administration and
other expenses (293.7) (296.9) (616.2)
408.3 342.1 604.7
4. Net corporate costs 6 months ended Year ended
June 30 December 31
1997 1996 1996
Interest and other financial income 78.7 83.7 158.7
Foreign currency gains - 1.6 4.6
Dividend income from cost accounted
investments 1.0 3.0 5.1
Interest expense (84.3) (84.1) (178.2)
Net financial (expense)/income (4.6) 4.2 (9.8)
Gains arising from sales of
exploration properties - - 39.8
Corporate costs (21.8) (22.6) (49.5)
Exploration (20.9) (19.3) (49.4)
(47.3) (37.7) (68.9)
5. Net earnings before exceptional items 6 months ended Year ended
June 30 December 31
1997 1996 1996
Net earnings 213.6 316.9 335.7
Adjustment for exceptional items:
Net gains on disposal of investments - (135.7) (235.7)
Restructuring provisions - - 280.0
Exceptional items - (135.7) 44.3
Taxation - 18.8 17.2
Minority interest - - (0.8)
213.6 200.0 396.4
Reconciliation of Terra's operating earnings
6 months ended Year ended
June 30 December 31
1997 1996 1996
Terra's US GAAP operating earnings 204.1 200.1 295.2
Elimination of goodwill amortised
through the earnings statement 9.7 11.0 19.5
Other items (3.2) (3.1) (2.8)
210.6 208.0 311.9
Production statistics
For the six months ended
June 30 Effective Production statistics(1)
Operation interest % 1997 1996
Precious Metals
Gold (troy ounces) Jerritt Canyon 70.0 88,500 106,400
Big Springs 100.0 - 700
Pikes Peak 100.0 101,900 85,900
Morro Velho 100.0 107,300 113,700
Serra Grande 50.0 63,800 62,300
Hudson Bay (2) 100.0 32,000 38,500
393,500 407,500
Silver (troy ounces) Hudson Bay (2) 100.0 366,000 428,000
Mantos Blancos 74.9 661,000 782,000
1,027,000 1,210,000
Base Metals
Copper (tonnes) Hudson Bay(2)(3)100.0 19,300 23,600
Mantos Blancos 74.9 64,800 58,900
84,100 82,500
Zinc (tonnes) Hudson Bay(2)(3)100.0 41,800 40,700
Nickel (tonnes) Codemin 88.1 3,300 3,200
Morro do Niquel 90.6 1,300 1,000
4,600 4,200
Niobium (tonnes) Catalao 70.0 1,200 1,200
Industrial Minerals
Limestone ('000 tonnes) UK 100.0
Spain 100.0 3,892 3,481
Sand and gravel (4) ('000 tonnes)
UK 100.0
Germany 100.0 4,783 4,483
Spain 100.0
Lime products ('000 tonnes)
UK 100.0 458 435
(1) Includes entire output of controlled entities and Group's proportion of
joint ventures where applicable.
(2) By-product - revenues credited to unit cost of principal product.
(3) At Hudson Bay, 16,500 tonnes of copper (1996: 17,200 tonnes) and 5,900
tonnes of zinc (1996: 4,700 tonnes) were processed in addition to that
sourced from its own production. (4) Excludes production used in the
manufacture of ready-mixed concrete.
Production statistics
For the six months ended
June 30 Effective Production statistics(1)
Operation interest % 1997 1996
Industrial Minerals (continued)
Hardstone ('000 tonnes) UK 100.0
Germany 100.0 2,247 2,052
Spain 100.0
Coated stone ('000 tonnes)
UK 100.0 765 682
Ready-mixed concrete ('000 m3)
UK 100.0
Spain 100.0 1,192 1,085
Potash ('000 tonnes) Cleveland Potash100.0 474 515
Salt ('000 tonnes) Cleveland Potash100.0 323 375
Carbon black ('000 tonnes) Copebras 73.0 75 72
Sodium tripolyphosphate
('000 tonnes) Copebras 73.0 30 31
Phosphate fertilisers ('000 tonnes)
Copebras 73.0 279 200
Paper and Packaging (2)
Paper ('000 tonnes) Frantschach 30.0
Neusiedler 44.7 193 163
Sacks (millions) Frantschach 30.0 183 139
Newsprint ('000 tonnes) Aylesford 30.0 85 78
Pulp ('000 tonnes) Pols 41.6 63 53
Agribusiness
Ammonia ('000 tons) Terra 56.8 1,442 1,335
Liquid solutions ('000 tons)
Terra 56.8 1,715 1,416
Methanol (million gallons) Terra 56.8 144 152
(1) Includes entire output of controlled entities and Group's proportion of
joint ventures where applicable.
(2) Held through 60% owned subsidiary, Mondi Minorco Paper S.A.
END
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