Category Archives: Life Extension

RNSKLDSVIK, Sweden--(BUSINESS WIRE)--BAE Systems has received an order from the Norwegian Army for 20 additional CV90 Infantry Fighting Vehicles to increase the combat power of its existing fleet. The Norwegian Defense Materiel Agency awarded the more than $50 million contract that will increase the Armys fleet to 164 vehicles as part of its effort to grow and modernize in the face of evolving threats.

Norway is one of seven CV90 users and is the latest customer to enhance its fleet of combat-proven CV90s following significant life extension and mid-life upgrade contracts from Switzerland and the Netherlands. The new Norwegian order for 12 engineering and eight multi-carrier CV90 variants is scheduled for delivery in 2023.

We look forward to fielding another 20 modern CV90 combat support vehicles into the Norwegian Army, said Brigadier yvind Johan Kvalvik, Norwegian Defence Materiel Agencys Land Systems Division. These additional vehicles will provide the Norwegian Army with the room for maneuver and combat power that the Army needs to be able to complete its missions using the most modern IFV vehicles in the world.

BAE Systems Hgglunds, the manufacturer of the CV90 based in rnskldsvik, Sweden, will deliver the new vehicles in cooperation with Ritek, an established Norwegian CV90 partner. With Ritek at the center of the local industrial cooperation hub, up to 30 potential Norwegian suppliers will be responsible for upgrading and repairing components, as well as delivering new subsystems and technology solutions as part of future upgrades for the Norwegian CV90 fleet.

We have a strong track record of delivering on time, at cost, and high quality to the Norwegian Army. This follow-up order demonstrates the importance of successful relationships with in-country industry partners like Ritek, said Tommy Gustafsson-Rask, managing director of BAE Systems Hgglunds. As we work to enhance the Norwegian Armys existing fleet of CV90s, deepening our existing relationships with local industry will naturally benefit our end users.

BAE Systems has a successful history of industrial cooperation projects in Norway that have strengthened industry partnerships, transferred technical know-how, and exceeded customer expectations and requirements. During the latest CV90 procurement and upgrade contract, BAE Systems Hgglunds delivered 100 percent offset obligation five years ahead of schedule.

BAE Systems and Ritek look forward to strengthening their relationship through the successful execution of this contract. Our cooperation with the Norwegian Armed Forces and BAE Systems Hgglunds is based on trust and experience between all parties involved. We are very pleased with this new agreement which brings a positive local employment effect for Ritek as we focus on delivering this critical capacity to the Norwegian Army in the form of more combat support vehicles, said Hilmar Olsen, general manager at Ritek. We also expect the project to provide long-term opportunities for several other Norwegian suppliers across the country.

Norway is one of seven European users operating the CV90. The others are Denmark, Estonia, Finland, Switzerland, Sweden and the Netherlands. With close to 1,300 vehicles in service in multiple variants, the vehicle is combat-proven and designed to accommodate future growth to meet evolving missions.

Read more from the original source:

Norwegian Army Adding 20 CV90s to Its Fleet - Business Wire

Last month, Spaceflight Inc. launched 16 payloads on board its Orbital Transfer Vehicle (OTV), Sherpa-FX-1 on a SpaceX rocket to deliver them to a precise orbits, a first in LEO SSO orbit. Soon, a 2nd MEV from Northrop Grumman will latch onto the Intelsat 10-02, solidifying the In-Orbit Servicing Market for Life Extension missions so operators can continue using their assets longer than the planned 15 years lifetime.

These are a few examples of the budding In-Orbit Servicing (IoS) market dynamics taking hold. However, as launch and manufacturing continues to improve in capability, the satellite industry remains torn between investment in replacements, flying them longer in inclined orbit versus improved flexibility once on-orbit. With NSR forecasting over 12,000 satellites to be launched in the next decade, it begs the question, Is there room for in-orbit services, and if so, where?

The inflection point as to the number of satellites reaching end-of-life is likely to increase the demand for IoS services over the next decade, as many customers in GEO need to decide to either replace or extend the life of their satellites. Furthermore, the need for insertion of constellations into their proper orbit is seeing increased interest, as these to go up in record numbers on low cost rideshare to a non-optimized orbit and offer a new breed of players an opportunity to offer last-mile solutions, especially in LEO.

Plus, COVID-19 disruptions generally did not influence this new and emerging space activity. Indeed, many of the missions from players are still scheduled to go ahead in 2021 and many will be first movers in the IoS market.

NSRs In-orbit Servicing & Space Situational Awareness Markets, 4th Edition report forecasts demand for GEO Life Extension mission to grow to 75 by 2030, representing a cumulative market opportunity of $3.2B. This is the single largest revenue generating IoS activity in the next decade. Continued demonstrations through missions such as MEV support the premise of extending revenues through in-orbit services, offering the flexibility for deferring CAPEX and ensuring customer retention through continued service. Indeed, these demonstrations have attracted a positive response and has been a morale-booster to the morethan50 players active in the market.

Over 230 satellites are expected to be serviced during the forecast period, with government & military customers favoring robotics & relocation for both GEO and Non-GEO. Life extension currently leads but, as the market diversifies, we will see more demand for relocation, and robotics over the forecast period.

The IoS value proposition continues to develop, offering operators a CAPEX holiday on satellite reorders, provide customers with precision orbital insertion, and eventually, robotic missions to inspect, assist, and eventually modify assets. Technological advances are helping the IoS servicing market grow, but these efforts are facing bottlenecks with advancements and competition from improving launch and manufacturing services, and lack of clear technical and safe operation standards.

So for IoS services to overcome this hurdle, many players are working with governments to establish standards, and offer competitive prices through diversified services and products. Additionally, IoS providers are working to establish framework for safe operations, developing hardware standards used throughout the value chain. However, the unknown remains whether service providers are open to flexible business cases with drivers like decreasing cost per mission, flexible mission architectures, successful mission guarantee, pivoting from service driven business model, and further expanding it to end-to-end services.

NSR forecasts IoS players will only be able to serve 9% of the addressable market over the next decade, as restraints on the market are expected to be the slow technology development, and the confidence in capabilities with much of the focus concentrating on GEO and government/military customers. As technology and service offering develop, in-orbit services are expected to cater to the market more competitively, growing quickly and resulting in a $6.2 billion cumulative revenue opportunity by 2030.

With the industry moving towards addressing demand of custom services at a competitive price, IoS service providers must find new ways to attract clients. It is becoming vital to diversify the IoS applications offerings and to collaborate on sharing best practices, developing technical and safety standards, and establishing clear expectations of outer-space operations for this market.

However, just like any new market, there remain gaps in the industry, from the technological feasibility and safety standards to the service offerings marketability, while remaining competitive and, ultimately, becoming a cost-and-effort saving part of the value chain.

Article by Hussain Bokhari, NSR Analyst, Gothenburg, Sweden

Link:

NSR Insight: In-Orbit Servicing: Stepping up to the Challenge? SatNews - SatNews Publishers

The Uruguayan forward has impressed since joining the Red Devils on a free transfer last October

Edinson Cavani has revealed he is loving life at Manchester Unitedand is fully integrated into a squad he joined last year.

Thestriker joined the Red Devils on a free transfer last October after leaving Paris Saint-Germain at the end of last season.

At 34, he is heading into the twilight of his career but he has already shown his value to United with some important goals - and is happy with life at Old Trafford.

I get to experience the club at closer quarters, and to share a dressing room with these players, these forwards and these young players, Cavani told the club's official website. I love it and Im excited by it.

United boss Ole Gunnar Solskjaer has spoken of the importance of Cavanis experience in what is an otherwise inexperienced attack.

The Uruguay internationalhas said he will not force his opinions on others, but is happy to offer words of advice if needed.

As someone who is a bit older, there are things that you notice that maybe they, as younger players dont quite see yet, Cavani said. Just normal everyday football things. Im here to give the best I can give of myself and to occasionally offer my opinion on things.

I dont really like to just give out advice. I prefer to support and be there to help. I like to give my best. If someone would like to take something on board as an example, something that Ive done, then yes, by all means.

The forward joinedUnited with the campaign underway, so had no pre-season to adapt to his team-mates and was forced to jump straight into what was a congested calendar.

Solskjaer eased him in with a series of substitute appearances, with his first goal coming from the bench in a 3-1 win at Everton.

It was against Southampton towards the end of November that United fans were shown why the club signed Cavani, as he scored twice in the final 16 minutes to seal a 3-2 win.

He has chipped in with a further four goals - three of which have come in the league as United have put themselves in the title mix.

Cavani signed a one-season deal when joining United last summer, but he has settled in well at the club and talks have begun over an extension.

His assertion that he is loving life at Old Trafford offer hope that he would be happy to take up the extension clause that United have in the deal, and Solskjaer is positive talks will bear fruit.

More:

'I love it and Im excited by it' - Cavani revelling in life at Manchester United - Goal.com

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I know, its not the most popular of subjects. But on the heels of last weeks GreenBiz 21 conference, the annual gathering of corporate sustainability professionals, I cant help but address the elephant in the room. (Or as the World Resources Institute appropriately dubbed it, the latest elephant in the boardroom.)

"We need to do a heck of a lot more than change the ways that we create and consume," said Sherri Mitchell, an environmental and Indigenous rights activist, teacher and founding director of the Land Peace Foundation. "We need to actually change our relationship with consumption."

Mitchells words, and the keynote panel, "All We Can Save: Why We Must Learn from Indigenous Wisdom" on which she sat, have rattled around in my mind all week between breakouts on the nuts and bolts of the corporate sustainability profession. Consumption often remains unspoken or unacknowledged.

To be fair, we are getting increasingly better at the way we make things. Across industries, companies are beginning to prioritize recycled and renewable materials, powering manufacturing with clean energy, and (sometimes) embracing circular design principles of durability, modularity and reparability. The path forward for better products is relatively clear.

Were even getting a bit better at the way we enable sustainable consumption and get the most out of what we already have: Repair, remanufacturing and product life extension; resale and recommerce; sharing and rental are quietly gaining momentum.

But making better products and extending their useful lives wont be enough.

When your entire value system for society is based on notions of commerce and consumption, how do you get away from that?

Mitchell continued, "We have to reevaluate our entire value structure so that consumption is not holding a primary role within the [framework] that were operating under. When your entire value system for society is based on notions of commerce and consumption, how do you get away from that? We commodify ourselves in nearly every aspect of our lives. We need to start looking at changing the ways that we apply value."

The roots of overconsumption culture, values, worldviews, capitalism are some of the most unpopular and uncomfortable topics of conversation at any company. And for good reason: they threaten the fundamental premise of the sustainable business community and its theory of change (see: "Winners Take All" by Anand Giridharadas).

Frankly, corporate audiences dont often take seriously value-driven inquiries about consumption, writing them off as aspirational or totally unrealistic.

Mitchell spoke on stage alongside Tara Houska tribal attorney, land defender, former adviser on Native American affairs to Bernie Sanders and founder of Giniw Collective who stepped indoors from the Line 3 pipeline resistance camp to participate in the conversation. She had some things to say about how many business leaders typically respond to these calls for reflection by indigenous leaders.

"Native people make up 5 percent of the population globally and hold 80 percent of the biodiversity. I think we know something and have some information to share," Houska said. "Weve been around for thousands and thousands of years. Weve learned something in our time here on this planet that we all share. Obviously, those connections and that deep interconnectedness with nature [enabled us to] have 80 percent of the worlds remaining biodiversity."

Despite the virtual format of the event, you could hear a proverbial pin drop.

"So please listen and please do your best to take our words to heart instead of just putting them into some Oh that was inspiring and made me feel good, but back to business. This should be the business. The business of life is critically important to life. We care about life and we want life-givers and life to continue on this earth because we owe it to the next generation to come."

So yes, we need to talk about consumption. But we also need to listen, particularly to Indigenous leaders, on addressing the symptoms of a systemic problem and on reframing the definition of business itself.

I invite you to listen to Mitchell and Houskas entire conversation here.

See more here:

We need to talk about consumption | Greenbiz - GreenBiz

Q4 2020 Gold Fields Ltd Earnings Call Johannesburg Feb 18, 2021 (Thomson StreetEvents) -- Edited Transcript of Gold Fields Ltd earnings conference call or presentation Thursday, February 18, 2021 at 1:00:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Nicholas John Holland Gold Fields Limited - CEO & Executive Director * Paul A. Schmidt Gold Fields Limited - Financial Director, CFO & Executive Director ================================================================================ Conference Call Participants ================================================================================ * Catherine Cunningham JPMorgan Chase & Co, Research Division - Analyst * Jared Hoover Morgan Stanley, Research Division - Equity Analyst * Leroy Mnguni HSBC, Research Division - Analyst of Metals and Mining * Patrick Mann BofA Securities, Research Division - VP & Research Analyst * Shilan Modi UBS Investment Bank, Research Division - Director & Equity Research Analyst ================================================================================ Presentation -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [1] -------------------------------------------------------------------------------- Good afternoon, everybody, or good morning, wherever you might be in the world today, and welcome to the year-end results of Gold Fields for the year ended December 31, 2020. Joining me today are Paul Schmidt, our CFO, as always; and Avishkar Nagaser, our Head of Investor Relations. If you look at the presentation in front of you, you can see a photograph there of Salares Norte. Given the fact that this project is now beginning to advance, we thought it'd be good to give you a snapshot of what it looks like. And we've got a few other photographs we'll show you later in the presentation. And as I'll indicate to you, we're making good progress on this project, and 2021 is going to be a big year for us in terms of advancing this project. Moving on, forward-looking statements. I won't dwell on that. I'll leave that to you. Going on to the highlights on Slide 3. I think it's worth starting with COVID. Like most companies in our space and even in general business, we've all been impacted by COVID to a greater or a lesser extent. In our particular case, I think we've come through relatively unscathed compared to many others and in relation to what might have been. And in fact, only 2 of our operations have had interruptions in production. And it's cost us around about 80,000 ounces over the last year, which is around about 3.5% to 4% of total production. And that's really been at South Deep in South Africa and Cerro Corona in Peru where we experienced shutdowns for a period of weeks, complete shutdowns, and then ramping up gradually over the period thereafter. I must say that the management of the pandemic in the group has focused first and, most importantly, on people, putting our people first. And so we didn't hesitate at any time to stop operations and even go beyond protocols that was set down by the governments in those countries that we're in. We've seen also (inaudible) at the beginning (inaudible) with you a little later, and I think it's one of the big (inaudible) in our business is what is the impact of the pandemic going to be in 2021. We know the impact last year. So it's something we've got to watch carefully. But having been through a year of this now, I think we're more prepared than what we have been in the past. In terms of production, notwithstanding the COVID situation, we were able to increase our production by 2% as against the previous year, going up to 2.236 million ounces for the year under review, which, in comparison to where we might have been, is a hell of a lot better. Mine cash flow, $868 million, almost $900 million of cash after all taxes, after all capital expenditure, all G&A, all site [base] costs and offsite costs that are allocated to those mines. So that's the real bottom line number. And then if you take off expenditure on the Salares Norte project that we kicked off in earnest this year, around about $100 million of true capital, plus some additional predevelopment costs and exploration. Together with interest, the net cash flow from the core business is $631 million. Normalized earnings, up to $879 million, 2.5x the previous year, reflecting that we've been able to deliver the gold price to the bottom line. Our dividend is ZAR 3.20 for this particular half year. And together with the interim dividend, that takes us to a total dividend for the year of ZAR 4.80 a share, which was a payout of around about 30% of our normalized earnings. It's in line with our policy. Our policy is to pay up between 25% and 35% of our normalized earnings. So we're right slap bang in the middle of that particular range. And that's been pretty consistent with the payouts we've been giving over the last 5 years. Salares is tracking well. We're actually ahead of plan. Pure construction activities are up over 15%, and we thought we'd be just under 10% at this point in time. So things are going well. But we have to accept, of course, it's still early days, and there's still a lot of work to be done this year and in 2022. We thought we'd disaggregate the balance sheet for you at the bottom of the slide so you can actually see the net debt, including the capitalized leases. But the figure I like to focus on is not so much the accounting number, but the real actual external debt that we owe to our lenders, which has dropped from $1.33 billion in 2019 to $640 million at the end of 2020. So in essence, we've taken off almost $700 million of our debt over the year. Remember, we've incurred substantial expenditure over the last 4 years to buy and build Gruyere, to do the Damang life extension and, of course, to take Salares to where we are today. So all told, there's over $1 billion of spend to secure the future of Gold Fields that we've incurred. And now we're actually reaping some of the benefits, bringing those projects in, and we're delevering the balance sheet quite quickly. Moving on then to Slide #4. In the back of the COVID situation, this is a slide we showed at the half year as well. So we've updated it for the situation as of just a few days ago. And I think as you've seen, we've tested a lot of people around the globe. In fact, if you look at the 72,000 tests we've done, and these are the real diagnostic tests that you can rely on, the PCR tests as it were. That means we've tested the global workforce, in effect, 4 times, although that's a bit distorted in that we haven't really tested in Australia. We still don't have any active or live cases in Australia remarkably so. Although the state itself has had some, we've not had any, on our minds, across Western Australia. So we've not been deploying PCR testing there. We haven't had to. So the 72,000 tests you see there are all concentrated in Ghana, South America and, of course, South Africa. At this stage, we're sitting with active cases of around about 170. Those are people that are recovering. Fortunately, we only have 5 in hospital, and we're hopeful that they'll be discharged soon. Regrettably, over the year and up to the middle of February, we've lost 10 people to COVID, 8 of those at South Deep. So that's regrettable. And obviously, that's had an impact on people, on their morale, on their state of mind. So we've been focusing quite heavily on mental health, assistance to people who are feeling this is actually a real thing for them, that they know people who've contracted it, they have people in their family who suffered from it. So it's a very important thing for us to do. And while we're on this slide, what I would also say is we're starting now to get to grips with the fact that COVID may be with us for much longer than initially thought. And we need to figure out how do we sustain our business given the fact we're not traveling, given the fact that a lot of people like me are working from home, the fact that we can't get service providers into the various jurisdictions that we operate in. And in addition, of course, the mental health issues and the fact that we may have a lot of people that are impacted by this virus over the next year or so. So we are engaging specific advisers in each region we're in. Every country has got a different profile. Every country has got a different risk, helping us to manage these issues; ensure that our business is sustainable; that our people's health and their mental health, in particular, is looked after; and that we have a proper strategy with regard to the rollout of vaccines, working with industry forums. In South Africa, for example, we're working with the Minerals Council of South Africa as an industry, working out the best way for us to roll this out. And we're doing similar initiatives in Peru with the mine society, the chamber of mines in Ghana and, of course, the mining chamber in Perth as well, which regulates the industry. And we'll be figuring out a strategy over the coming months to try and make sure that our people across the group, the 16,000 people who work for us as well as communities that could be impacted, that we can play a role in helping to vaccinate them. We'll be working on a strategy with governments to work that out. So that's what I can tell you so far about COVID. Our guidance for 2021 has not been factored down for COVID. It's an inherent risk in the business, and we'll have to see how it pans out. If we have to shut down operations, putting our people first or there are mandated shutdowns by government, we'll obviously keep the market informed and make sure that we limit the impact, first and foremost, on people and thereafter, on the sustainability of the business. Moving on to Slide #5. I think if we just summarize the year under review. First of all, if you look at Australia, in the bottom right corner there, you can see it's been a phenomenal year for Australia. 1 million ounces of production plus, that's been bolstered by a full year of Gruyere given the fact that we reached commercial levels of production towards quarter 4 of 2019. So of course, in 2020, we had a full year of production, and you can see the impact of that. We pushed our production up. Gruyere has also a slightly lower cost than the rest of the operations, and that's also helped us as well coming in at all-in costs of $957 per ounce. That's fully loaded costs, folks. That's got everything in there. So there's nothing below the line you have to put back in afterwards. That's the full cost of producing an ounce, including all of the capital expenditure, et cetera. Cash flow from Australia, USD 498 million. Again, that's bottom line cash after everything, after taxes, capital. So great results from Australia. West Africa, the second largest region, producing just under 800,000 ounces of attributable production to the group, with all-in costs of about $1,060 and also making very good cash flow, just over USD 250 million of cash for the year. So a great performance bolstered, of course, by Damang, particularly in the second half of the year, getting into the really good grades in the Tarkwa Phyllite, which is the high-grade part of the ore body we've been looking to get into for some time. We're in that now, and it's showing the benefits of the investment and moving all the waste above that to access that particular ore. If we go to the Americas. Cerro Corona had a tough year, down around about 80,000 ounces or so from the previous year to 206,000 ounces. And it's really all down to COVID. The fact that Peru was particularly hard hit, the fact that it's a remote site in the Andes, a lot of our people come from Lima. So we had to shut down the operation for a period of time. We were running at half capacity for a number of months of the year. And we were forced to mill low-grade stockpiles that we were hoping to build up for the long-term life of mine plan that takes us to 2030. And at the same time, we couldn't mine all of the waste that we're looking to mine to actually accelerate the mining of the pit given that we're going to use the pit for input tailings from 2026 onwards. So that plan has been deferred. We've had to obviously make the best of what we could do, take some of the lower-grade ore that we can expose pretty quickly, take some of the low-grade stockpiles, mine a little bit out of sequence just to keep things moving along. So it's been a tough year for us. It will take us 3 years to recover a lot of the waste that we couldn't mine. There's about 9 million tonnes of waste. We have deployed additional resources in terms of people, equipment and also additional accommodation facilities that are all COVID-friendly so we can start catching up. But the long-term integrity of the ore body and the long-term plan remains intact. Lastly, if we look at South Africa, South Deep, also impacted by COVID. We ended up losing something around 32,000 ounces as a consequence of COVID. And sorry, just going back to Corona. I should have said, we lost about 46,000 ounces because of COVID. So that's the bulk of the decrease, 32,000 ounces at South Deep. And nevertheless, we still made some good money and ended up with cash flow of $34 million for the year. And I think if you look at the momentum that's been built up at South Deep, it was most unfortunate having the COVID interruptions, but pleasing to see they're getting back to the pre-COVID levels gradually, and we're very optimistic about the future going forward. So that's a snapshot. If you look at the group then, 9 mines, 1 project. Of course, that's Salares Norte in Chile. We're in 5 countries, 2.236 million ounces. All-in costs, $1,079, making $868 million from the mines, [USD 631 million] after interest and projects. Moving on to Slide #6. This is a little bit of a look back and a bit of a look forward. I did mention earlier that we've been focusing on our key projects to deliver a long-term sustainable future for the company that will be profitable through the price cycles. Gruyere has come into production, which provides a long-life, low-cost operation with upside. Damang has now come into really good production levels in the second half, and we're starting to see the benefits of the [$315 million] we invested, and we're expecting to have a very good in '21, '22 and '23 where we think that costs of somewhere around about $800 an ounce will mean that these sort of prices today, this mine will generate substantial cash flow. The restructuring we did at South Deep at the end of '18 was very painful but very necessary and helped to reshape and re-base the culture of the operation. We also managed to take over ZAR 1 billion a year out of our cost base. We turned it back to profitability, and we're slowly working on a number of interventions to improve it. Our debt levels were never allowed to really get out of hand. But if we look where we've landed at the end of the year, debt now is at a level where it's almost something we don't have to lose too much sleep over at night. And the portfolio is set up now to do 2 million to 2.5 million ounces a year, somewhere in that range, for the next 10 years, with the upside beyond that. I don't think there's too many gold companies that can stand up with confidence and say that that's what we have on the table for investors at costs, which are more defensive, given the low-cost assets we brought in and, of course, with Salares that will be producing somewhere around about 450,000 ounces a year at all-in cost below $500 per ounce. And we've managed to deliver the gold price to the bottom line. ESG targets, I'm going to talk about how we've integrated those into the business and what we're looking to do going forward. Looking at Salares. It's in construction. The next 18 months are going to be key. We started the pre-strip in early January. And remember, there's around about 50 million to 60 million tonnes of barren waste we've got to move before we can expose the ore body and get into those nice high-grade epithermal veins as part of the system. So we've got to actually get through all of that. And at the same time, we've also started the process plant construction. So now we're into the big year, $500 million of capital, which is around about 60% of the total capital spent on the project. We remain very excited about brownfields opportunities across the portfolio. We're seeing at St Ives, the Invincible complex continues to grow both at depth and laterally. We haven't seen the limits of this ore body yet. At Agnew, we're seeing a transformation in terms of what we're going to do with this asset. You've seen a big increase in its reserves, and you're going to see an increase in its production profile over the next 3 to 5 years as we convert that exploration success to a rising production profile. Cerro Corona, we have potential to go beyond 2030. So we'll be doing some further studies this year to look at the potential for a mini cutback of sorts. We're going to be informed by some additional drilling at depth and getting a good understanding of the potential, more likely to the east of the ore body. On Damang, although we're doing very well on the production, we have to have an eye on the future, and we're doing studies on a further cutback. Bearing in mind, we have a resource of about 6 million ounces at Damang. We have a reserve of 1 million ounces. So that sort of tells you there's opportunities to convert resources. And we're looking at different scenarios whereby, possibly, we have a couple of additional cuts, whereby we de-risk the projects, and also, we manage this over the life of mine. So we'll update you towards the end of the year, but it's likely we'll be adding a few more years to Damang if all goes well in the next 12 months or so. I don't think we need to rush into expensive M&A. A lot of people have asked us. The profile is set up. Salares, I think, is one of the better investments we can make. There's not unlimited capital, of course, in these markets. And with the brownfields exploration opportunities, that is a low-cost addition to mine life at all of our operations and low risk as well because we know those ore bodies. We've also summarized our reserves at the end of the year, fairly hot off the press. And again, we've managed to increase our reserves. And if we look at the reserves outside of South Africa, we're over 20 million ounces of attributable reserves, and that compares well to many companies in the top 10 in the gold industry. So I think we're competing with most of the peer group in our space, and we see further upside. We continue to replace what we mine in Australia and some, and I think that's something that we'll potentially see, particularly in the likes of Agnew and potentially at St Ives going forward. Tarkwa, I'm delighted that we've been able to put back everything that we've mined into our reserves, particularly as this is our largest mine in the group, 500,000 ounces a year of production. So in a way, it's the flagship operation, a very large open pit moving about 90 million tonnes a year. So delighted that we could put back everything into reserves and some. On Slide #8, we're listing here all of the ESG priorities for the coming year. And there are 5 clusters, really. It's about, obviously, safety and health of our workforce as well as impacts on associated communities around us. Our goal is 0 fatalities and no serious injuries. We've got work to do because, unfortunately, we had a fatality in 2020. We lost Abel Magajane at South Deep to an accident, and we also have 13 serious injuries as against 12 and 1 fatality in 2019. So we have work to do on our safety. Vehicle accidents, we want to eliminate. So we're putting in collision avoidance systems across the group. That's vehicle to vehicle, vehicle to person so that we can avoid those kind of fatalities in our industry. And then in the spirit of this whole cleaner, safer vehicles, which is an initiative that we've been driving together with the ICMM, we're also looking to reduce diesel underground. I think the long-term goal is eventually to get diesel out of underground mines. The first step, though, is let's make sure we have the best generation filters to reduce diesel particulates and also improve ventilation practices. But eventually, we want to have -- it's part of a long-term aspiration to move off diesel underground completely, and we're working on that, as you'll see. Also, we don't want to have environmental issues with communities. We're going to make sure that none of the things we do have an impact on those around us. Diversity and inclusion. We're going to be setting some targets on that. Currently, we have around 20% of women in the workforce. So we do want to increase that and provide opportunities for our workforce to match the demographics over time. A shared value is something you know that we've embraced over the last 8 or 9 years. And that's manifested itself in greater host community employment and procurement, particularly in-country procurement, whereby these activities, together with social investment, mean that around about $650 million or so or almost 30% of our spend is concentrated in host communities, making an impact, therefore, where the mines are. Carbon emissions will continue to be a key for us. You know that we've reduced 640 tonnes of carbon based on the ESG presentation I did a couple of months back, and we're going to be setting targets to reduce that further. Renewables is going to have a key role to play in that together with moving off higher carbon type of energy. And we'll be looking at more renewables in Australia. We've concentrated on Agnew. We've done something at Granny Smith. We're now going to be looking at St Ives and also at Gruyere. So I think there's low-hanging fruit for us in those areas in particular. Electric vehicles underground. We are trialing a vehicle underground in Australia. And if that works for us, that may well be the blueprint for us to roll out something bigger across the underground mines in the group. Fresh water, of course, is key, reducing our reliance on fresh water, recycling more often. So -- and doing a lot more through this. We had a good year on this, more work to be done. I think you all know that tailings dams have been topical in the news because of the tragedy in Brazil. We've signed up, obviously, as ICMM members, to the new standard, and we'll be rolling out that standard over the next 3 to 5 years in accordance with the commitments given by both the ICMM on our behalf and directly ourselves. We're doing a gap analysis at the moment, and we would expect to have a good idea as to what we need to do during the course of the middle of 2021. Thank you. Next slide, #9. Cash generation, I mentioned, has been very good. And you can see over here at the bottom, had one of our best years ever on our net cash flow. And you can see our capital expenditure being pretty much in line with what we said, slightly under, in fact, than what we guided at the beginning of the year. And I've given you all of those cash flow numbers. So I won't go through those again, except to say that another $600 million to $700 million taken off the debt. This last year has been fantastic. Moving on to Slide #10. I must just credit Paul and his team here for doing a fantastic job in extending our maturities. We had a $1 billion bond we had to pay off in October, of which, around $600 million was outstanding. And we prefinanced that by putting in 2 new bonds, one out of 24, $500 million, one out of 29 of $500 million. So we're in pretty good shape now in terms of our [tenors], our maturity profile. And with the cash flow we're making, we're in pretty good shape to make sure that there's no near-term liquidity crunch, particularly (inaudible) sitting with $900 million of cash on the balance sheet. Slide #11. On Salares Norte, it's not often that you have virtually all of your engineering completed before you start a project in earnest. And in the number of projects I've been involved in, in Gold Fields over the last 25 years, it's the first time we've been here. Why is that important? The more front-end work you can do, the less the risk at the back end of the project and the risk of scope changes and scope creep because you really understand the detail behind it. So that puts us in a great position, and it de-risks the entire project profile. Construction progress, as I mentioned, is at 15%, slightly ahead of plan. Our camp construction is finished. This is something I've been watching quite carefully because I know from experience that on these remote sites, if you don't have enough beds in the camp, if there's a crunch, you're going to have to pull back activities. Now the nearest town is probably 80 to 90 kilometers away. Copiap, the nearest big city, is 5 hours by road. So we have to have accommodation on site. We've already got over 1,600 beds as we speak. And peak manning on the project looks like it's about 1,400. And so that's a big de-risker again. We spent about $150 million this last year, 2/3 of that was on the project itself. And then, of course, we continue exploring around us. The big focus last year has been on Horizonte. Bearing in mind, the footprint of that is about 4x the size of the combined Brecha Principal and Agua Amarga targets that comprise the current Salares. Some interesting results we're going to continue, but also start looking at some of the other targets around us with a view to making sure that a 10-year mine life is extended at least by the mid life and not later. Construction activities commenced in earnest through diversion channels, bulk earthworks so we can actually start the process of construction. The mining contractor did all the early pioneering works, building ROM pads, creating access roads, that sort of thing. So they could actually get going with the pre-strip, which happened in early January and which we announced. 87% of orders have been placed. What does that mean? It means we've priced 87% of the total project spend. And the only thing we have to worry about really is escalation on those particular items. So we don't see big scope changes given that the detail engineering is virtually done. So that's where we are. The chinchillas, which are these protected little rodents, we've had to suspend our activities, capturing them and looking to rehouse them. The protocols weren't working. We lost 2 chinchillas out of 4, unfortunately. And so we've engaged with the authorities to come up with a new plan so that we can find a sustainable solution for these protected species. Here are some photographs of Salares. The camp in the top left. You can see the overall plant site. Pre-stripping has started at the bottom. So these activities are real. They're happening. And then you can see the footprint of the workshop -- earthworks that we're setting up over there and the foundation that's coming. Resources and reserves. Pleased to say we've increased our attributable reserves -- I'm on Slide #13 now -- to 52.1 million ounces from 51.3 million ounces. A great performance at South Deep, on the back of lower cutoff grades that we've been able to bring some reserves in. Tremendous performance from Australia, putting back way more than we depleted. And Ghana, through Tarkwa, essentially putting back, if you just look at Damang and Tarkwa, putting back what we depleted as well. And Americas, fairly similar. So a really good result for the group. And I think if you look at this picture over the longer term, as to what we've done on Slide 14, I've got the guys to put the sliding because I thought it was quite useful. If you look from the end of 2015 up to the end of 2020, and this was after depletion, we put back something like 5 million ounces after depletion, which is a 9% reserve growth over the 5 years. And the average cost of discovery of these ounces we're putting in is less than $100 an ounce, when M&A at the moment in our space is anything from $200 to $400 an ounce. This is really good business for us, and we're extending ore bodies that are within reach of infrastructure, within easy haulage distance, extension of underground ore bodies, et cetera, ore bodies that we understand. So I think this shows you why we've been excited about organic growth and why we continue to be excited about it going forward into the future. I've talked about this briefly, but I should mention that at Tarkwa, in particular, we've got potential 20 kilometers of a strike extension around the 4-man pits that we're mining. And it looks, based on the structures, these large paleoplacer ore bodies, very consistent ore thickness, very consistent grades, multiple reef packages, stacked conglomerate packages, very similar to what you see in the (inaudible) ore bodies but in an open pit type of scenario. So I'm sure we'll see a lot more from Tarkwa coming forward. I've talked about the Invincible complex in Australia, greater Agnew. Granny Smith, we still have another big zone at depth, which, if it's going to be anything like what we've seen above it, there's probably another 2 million to 2.5 million ounces in situ. Extraction ratio in the past has been around about 60%. So a lot of life extension potential. At Gruyere, we're probably going to be looking at a midyear declaration update because there are some additional reserves. We've been in discussions with our partners, Gold Road, on that. And we're looking at the potential below the pit for underground potential down the road. So we'll be doing a deep drilling program during the course of 2021. Looking briefly at the regions. Australia, as I mentioned, 1 million ounces over the last year. Nice to see the reserves are up at 7.5 million ounces in the bottom line there compared to 6.9 million ounces, that's after depletion. So we're really in great shape. Projects or the expansion of the plant at Agnew, which starts with a replacement of the crusher, and then we'll go into the (inaudible) in 2022. A second decline in Granny Smith to debottleneck the mine, particularly as we get in deeper, so we can maintain 250,000 ounces a year, and then further lateral development at Invincible to capitalize on that project. So that's Australia. If we move to Slide #18. That's Peru. I've covered a lot of this. It was a torrid year for Peru, but the integrity of the long-term plan remains intact. Notwithstanding all of that, they still made over $80 million over the course of the year. So that was a great achievement for them. And we're starting to think about longer-term growth opportunities in Peru. We have a stake in Chicama, which has a solid ad project. It's called in Ancash, further up, and further down, rather, I should say, from Cajamarca. And we're up to 20% now. We're quite excited. A series of Brecha pipes, copper gold -- copper gold potential there, and we'll see how that pans out. They will be doing some more exploration to that. And then we just announced a deal with Regulus on a little area of ground called [Don Jorge] that we own with an idea to see if this is a catalyst for some kind of bigger cooperation in the area. West Africa, it's really all about the performance of Damang that the second half of the year -- as we said it would be in August, the second half has actually come in even better than what we thought it would, given that we're now in the Tarkwa Phyllites, the high-grade ore body that we were looking to get into, and that's made a big difference to us, and that will be the mainstay and the main proportion of our total feed from the different rock types over the next 2 to 3 years. Tarkwa has just been very consistent and steady. And the investment plan at Damang continues to track well against the original approved project. And together with dividends from Asanko, we made almost $300 million from the region. South Deep, again, impacted by COVID, but still managed to marginally increase its production against the previous year. And we're pretty confident that the integrity of our long-term plans to improve this operation remain intact. Many of you have asked me over the last year or 2, what is the long-term profile of South Deep? We've been quite quiet on this one because we've had many targets we've had to take off the table. But I think given 2 years of delivery and consistent production, we're quite confident to say that we think we can increase by 20% to 30% over the coming sort of 4 to 5 years of the 2021 guidance of 289,000 ounces. One of the reasons we're getting more optimistic, if you look at this graph in the bottom right corner, you'll see that our development, productivity has improved over the last couple of years, and our stoping productivity has improved. Now those stoping tonnes are really important because as you increase the proportion of mining from stoping, you get much bigger cuts, you get much bigger tonnes than what you can get in a normal development end. You're opening a whole cavity. And as you improve your performance in those areas of your compliance, as you increase the number of stopes, it has a significant impact on the overall volume reporting to the plant. So more delivery to come from South Deep into the future. Looking at the outlook, lastly. If we go to the last slide, Page 22. As summarized in the book that we published this morning, our attributable production for this year, 2.3 million to 2.35 million ounces. So that's up about 100,000 ounces from the previous year. All-in sustaining costs, a little bit up on the back of some of the activities I've spoken about, some exchange rate fluctuations and things. And then all-in costs, including Salares, if we put that in, somewhere between [$1,310] and [$1,350]. But if you exclude Salares from those all-in costs, then we're somewhere around about $1,100 an ounce. Capital next this year, a big year. Almost $1.2 billion of capital. Of course, $500 million of that comes from Salares Norte. I mentioned the ongoing risks of COVID. In fact, we've got a watch first, and we may need to reassess the production profiles of our group. Salares, I think the key thing is for us to stick to the schedule because by the end of this year, we'll be 70% through the project and continue to embed the productivity improvements and the culture change that we've brought about at South Deep, which will help us to bring about almost a 30% increase in production. That looks high. But bear in mind, had we achieved the original plan, South Deep would have made somewhere around about 245,000 to 250,000 ounces. So against that base, this increase is not that significant. And we want to continue reducing our net debt, de-gearing and maintain our policy. So with that, this is going to be the last set of results that I will be reporting given my retirement coming up at the end of March, and I hope that you'll welcome Chris Griffith into the company from the 1st of April. I think Gold Fields has been very lucky to get Chris to join us. And I'm sure that he'll work together with a strong executive team and all the people in Gold Fields and taking this company to the next level. So I think with that, we'll hand back to questions. Sorry, I've taken a little bit more time maybe than I wanted to, but one gets quite passionate talking about really good numbers, and it's been a good year for Gold Fields. So Irene, we'll hand back to questions. Thank you. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Unidentified Company Representative, [1] -------------------------------------------------------------------------------- Okay. I'm going to take the first question from the webcast, and then we'll go to the conference call. So the -- from the webcast, the question relates to how much emphasis have we put on reducing pollution by harnessing clean technologies and renewable energy during 2020? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [2] -------------------------------------------------------------------------------- Yes. So the renewables, as we've said, have been rolled out at Agnew. We've got a micro grid there. We have a solar project at Granny Smith. The solar project we want to do at South Deep is going to be 40 megs. That's going to be around about 15% to 20% of total baseload. We're encouraged by the process through NERSA, which is the regulating body here. And I'm hopeful that we'll get final approval from NERSA at the end of February. We've been in touch for the Eskom. Because this will be an [Island Mer] project, we just need to do some technical checks to make sure there'll be no impact on the grid. I think they're pretty confident there won't be any issues. And if all goes well, we could be making a final decision, taking this back to the Board during the course of March and getting ready to start constructing this. That will make a big difference to reducing our carbon emissions. I think we sort of said if we did South Deep on the back of what we've done in Australia, we'd take the whole group to over 10% of renewables in terms of energy sources. So that's a big ticket item. I mentioned earlier that at St Ives and Gruyere in Australia, we're also going to be looking at what we learned from Agnew and Granny Smith and rolling out those projects as well. There's a great opportunity for us to harness that as well. We are testing a battery loader underground at St Ives, and we'll see how that pans out. But if that works, it may be that we'll move on to battery electric underground. We're still looking at hydrogen as well. But at this stage, battery electric looks like it might work better for us. And then at Tarkwa, we're going to be looking at a hybrid diesel gas vehicle, which will reduce emissions. It won't completely take the emissions away, but it moves from higher carbon to lower carbon. And so those are some of the main initiatives we're working on, which will have, I think, a step change so that by the end of '21, we can report more progress on these projects. -------------------------------------------------------------------------------- Unidentified Company Representative, [3] -------------------------------------------------------------------------------- Okay. And we have a question from Nkateko at Investec. What is the maximum in terms of steady-state production at the restructured South Deep? It is the circa 377,000 ounces per annum we are guiding for in the next 3 to 4 years? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [4] -------------------------------------------------------------------------------- Look, we wouldn't want to give any cap on what South Deep can do. But because people have been asking us and because we took long-term guidance off the table, what we have said in this presentation and in the book is we believe that we can increase by between 20% and 30% over the next 4 to 5 years of the '21 guidance of 290,000 ounces. So nominally, that might be somewhere between 60,000 and about 90,000 ounces on top of our guidance for 2021. That doesn't mean that's the end. That's what we'd like to try and target in the short to medium term. But the sky is a limit here over time, particularly as we embrace more technology and particularly as we get the heart of the mining into north of Wrench. If we can move away from the scattered mining above, the infrastructure that we largely inherited when we bought this and actually concentrate the mining on the areas Gold Fields developed, which are much easier to mine, haulages better set up, tips are much closer, a lot of direct dumping as well. If we get more of our mining in there, that's going to give us a step change as well. So let's not cap anything. But I think as a minimum, we want to try and achieve that over the next 4 to 5 years. -------------------------------------------------------------------------------- Unidentified Company Representative, [5] -------------------------------------------------------------------------------- Okay. Another one from Investec. The operations (inaudible) associated with COVID of roughly $35 million in 2020, can we expect a similar number in 2021? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [6] -------------------------------------------------------------------------------- I would say -- unless we have significant cuts in production because of mandated shutdowns, I would say no. A lot of these are nonrecurring items. For example, we expanded accommodation facilities at Cerro Corona. We expanded some facilities as well at Salares, as I mentioned earlier. We've had to man step-down areas for people to recover. We've had to put on additional [flex] in Australia because we had to operate the plants with half loadings. We have to bring in additional resources because people were incapacitated. That's an extra cost. So no, I think a lot of it is a one-off. But if things change, sure, I mean, some of those costs are going to come back, and it's indeterminable as to what they might be. -------------------------------------------------------------------------------- Unidentified Company Representative, [7] -------------------------------------------------------------------------------- Okay. Can we take the question from the conference call, please? -------------------------------------------------------------------------------- Operator [8] -------------------------------------------------------------------------------- Our first question from the conference is from Leroy Mnguni of HSBC. -------------------------------------------------------------------------------- Leroy Mnguni, HSBC, Research Division - Analyst of Metals and Mining [9] -------------------------------------------------------------------------------- I'm just trying to get an overall picture of the movement in your reserves. So at a total level, your attributable reserves seems like it only increased about 2%, but you've had significant increases in Australia and at South Deep. Where have they declined? Does that Asanko exclusion account for all of that? Or are there other areas where your reserves have declined? That's my first question. And then my second question is just on Slide 15, where you detail the organic growth opportunities, particularly in Australia. Which of those are more sort of life extension? And which of those are potentially an increase in production? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [10] -------------------------------------------------------------------------------- Okay. Let me go to the back end first. I think all of the stuff that we are looking at in Australia should be seen as life extension. If you look at our process plants, a lot of our process plants other than Granny Smith are operating close to capacity. So there isn't much potential for us to put more through the process plants. And the problem with the Granny Smith is that there's only so much you can get out of the whole given the multiple levels we're mining. So even if we wanted to accelerate, it's unlikely we could put more through the plant. And Granny Smith is a one ore source operation. There's only the wall at the underground mine. There's nothing else. So it's really life extension. Looking at the reserves, Damang has obviously come off. We've had some modeling changes, and we've had depletion. So there's no push back also at Cerro Corona. We haven't added anything there as well. Tarkwa is sort of just about kept level with where it is. So the pluses and minuses give you a net increase of around about 1 million ounces a year. What we'll do is we'll give you -- we'll do a little recon for you, giving you a little breakdown. I'll send it to you after this call. -------------------------------------------------------------------------------- Operator [11] -------------------------------------------------------------------------------- Our next question is from Jared Hoover of RMB Morgan Stanley. -------------------------------------------------------------------------------- Jared Hoover, Morgan Stanley, Research Division - Equity Analyst [12] -------------------------------------------------------------------------------- Just a few questions from my side, please. My thought around Salares Norte. It looks like, as you mentioned, a lot of the detailed engineering work has done, and you've managed to mitigate a lot of the risks that we would find in other projects. But I wondered if you could chat about maybe within the country, I mean, there's been a lot of increases in COVID-19 cases. And globally, logistics are a problem and you guys are fabricating off-site. So in terms of an importation, and therefore, transportation up into the project site, you probably have to go through a few different provinces and cities. Do you foresee any delays in that if they have different sort of COVID-19 protocols? And one more on Salares Norte. Just how big an issue do you see this chinchilla issue? I mean, there have been other global mining projects that have been stalled by an inability to relocate indigenous animals. So if you could just chat through those, please. And then I'll just follow up with one more after that. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [13] -------------------------------------------------------------------------------- Yes. In terms of access roads, as you correctly say, all the fabrication is done off-site. We've plotted all the roads through. We've made sure the roads are possible that can take the big trucks. But another thing we've done as part of our risk mitigation is we've looked at alternative routes to make sure that there are other ways through here. So we're reasonably confident that we can get the stuff to site. If there would be further delays, there's going to be an impact. I think one thing we've said in the book, a generic statement, there's no factoring down of anything this year because of COVID because we can't determine it with any degree of accuracy, whether it will happen, the extent which it happens, how long? So if COVID happens, it's going to have an impact. We've got some flex in the projects in addition to around about $85 million of contingency, we've got in Salares and that $860 million. We've also got some time contingency, around about 5 months of time contingency. That may be needed anyway because things just run late. But if COVID comes through in a big way and there are mandated shutdowns, it's going to affect the project, the degree to which we can't determine at this point in time. So that's the one aspect. The chinchilla, we're operating or we're operating in accordance with a later plan given to us by the authorities. And what we've discovered is that the area that we had these chinchilla in was probably too small given how they roam in their natural habitat. And then actually, that contributed to 2 of them dying, unfortunately. And so we went back to the authorities, and we said, look, we think we need a different plan here compared to the one you told us to follow. And they are open to that. And so we released the other 2 chinchilla. And once we've got a kind of plan approved, we'll start it again. And I just want to mention, there's no big urgency with this. It's not going to impact any activities during the construction. So we've got a year or 2 to fix this. And so what we'd rather do is really look at it, we brought in the experts to understand these species and how they live. And we're working together with the authorities for another plan. There's no indication that this is going to be a problem. We've also made it quite clear to various ESG groups that are interested in this, what we're doing, there's visibility on our plans, and we'll do what's necessary to protect the species. -------------------------------------------------------------------------------- Leroy Mnguni, HSBC, Research Division - Analyst of Metals and Mining [14] -------------------------------------------------------------------------------- Great. And then -- so just 2 more. The other was it looked like there's quite a large working capital build into the second half of the year. Can we expect something similar given Salares Norte going into peak CapEx this year? And then my last question was just around South Deep. I know you've given almost indicative guidance over the next 3 to 4 years and how you see the production building out. But should we be thinking about that as you potentially having more OpEx and CapEx coming through given you've restructured the asset for about 250,000 to 270,000 footprint? Or should we be thinking that you're just going to continue improving your productivity, and that's going to drive a bit of a production bump going forward? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [15] -------------------------------------------------------------------------------- Paul answer the first question, and I'll do the second. Just unmute, Paul. -------------------------------------------------------------------------------- Paul A. Schmidt, Gold Fields Limited - Financial Director, CFO & Executive Director [16] -------------------------------------------------------------------------------- Sorry. On the working capital, I don't think we can expect the numbers you saw this year. We should return to the historical norms. The big reason for this year is because of the changing year into calendar year-end, we had a [fifth] cycle of creditors' payments that came through. We had big [GIP] buildup, despite it being a credit on the cost, it's a negative on the working capital. And also, we had a lot of prepayments at Salares Norte for capital, which will unwind next year. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [17] -------------------------------------------------------------------------------- So in terms of the second question, let's just remember at South Deep that the essential infrastructure of the mine is built. We got the backfill facility on surface. We got the process plant on surface. We've got the twin shaft system, which was built some time ago. Obviously, there's ongoing maintenance for the fixed infrastructure. There's going to be fleet replacements and rebuilds of our trucks and our loaders, et cetera. But I think the main item you're going to see coming through in '21 and beyond is getting back to the new mine development, opening up the deeper part of mine where there's 10 million ounces of reserves waiting for us, and that's really just extending our infrastructure and our cuts down into the north of Wrench area. And you'll see that coming through this year and into the following year. It's actually no different from what we do at, say, Invincible underground in Australia. It's follow-on development, by and large, that we'll be undertaking during the course of this year and the next couple of years to open up the mining fronts so that we can deliver that 20% to 30% increase in production. And from time to time, there's going to be fleet replacements. And our fleet has a typical life of about 6 years or so. So as fleet comes to the end, you have to replace it. But it doesn't come all at once because different parts of the fleet have different life cycle processes. So luckily, it's not all happening at once. Hopefully, that clarifies it for you. -------------------------------------------------------------------------------- Leroy Mnguni, HSBC, Research Division - Analyst of Metals and Mining [18] -------------------------------------------------------------------------------- Yes. Great. So just to sum it up, I guess it's probably more incremental on the OpEx and CapEx. And as you get into the north of Wrench area, hopefully, productivity also picks up with that? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [19] -------------------------------------------------------------------------------- Yes. I mean, I don't see a massive pickup in OpEx other than, obviously, the variable cost components of additional tonnes, which on South Deep, is not that high. And as I said, the new mine development we're going to be doing this year is probably a good yardstick for what we'll see in the years to follow. -------------------------------------------------------------------------------- Operator [20] -------------------------------------------------------------------------------- Our next question is from Patrick Mann of Bank of America. -------------------------------------------------------------------------------- Patrick Mann, BofA Securities, Research Division - VP & Research Analyst [21] -------------------------------------------------------------------------------- I had 2 questions. One was around capital allocation. So obviously, in a big CapEx year for Gold Fields this year, but net debt is -- has come down quite nicely. And if gold prices hang around here, the 25% to 35%, it looks like you'll still build up a fair amount of cash. I mean, how would you think about allocating that capital kind of maybe post this big CapEx here? And then, Nick, maybe one for you. You've been outspoken over the years as a kind of gold industry CEO about the industry not investing enough for replacement and a lot of the M&A being driven by kind of survival needs rather than, I suppose, rational or value-accretive transactions. Maybe do you just want to give us a -- your thoughts on the industry and what the key things investors should look out for in the next kind of 1 to 2 years? Because I think we're going to miss having your views being put out there each time. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [22] -------------------------------------------------------------------------------- Yes. Let me start at the back end, and I'll work back to the front question. As I've said before, and I've given you this presentation, I think, a couple of times over the last 3 years, the industry is not only -- not explored enough over the last 20 years. It's actually been slowly strangling its minds of not only growth capital, but also sustaining capital. And when you see sustaining capital coming down, that's a worry because that normally means you're going to have a near-term production impact. I think you'll find companies are going to use the windfall in the gold price to try and catch up some of the capital they haven't spent. And we've had outside research companies doing a lot of this analysis for us. So it's not just a gut feel. It's based on empirical data that we put together and we update each year and have done so over the last 5 years. I think that leads into the second question about mergers. Mergers, I think, are driven largely by survival. And people try and argue about synergies, and if you look at big bank mergers over time, a lot of the synergies that were promised were never delivered. In fact, if anything, they went the other way as they had to equalize cost between companies with different philosophies on remuneration and having consolidation of suppliers, contractors, et cetera. So I think a lot of it's driven by the fact that companies are running out of road, and they have to do something to make up for that. There's an argument that we're catering to a new category of investor. The index funds that want the big caps to invest in. But I think that's a small part of the answer. And the problem you've got is when you created these big monsters, how do you keep feeding them? How do you keep replacing a 6 million, 7 million-ounce company? It means every year, you've got to be finding roughly 14 million ounces. Because adding half of that, if you're lucky, will convert into a reserve. It's well-known impossible. And so therefore, it's either going to mean the big guys following up the smaller guys or it's going to be big bank mergers so that people can actually keep things going. We've always said we want to be in charge of our own destiny, and we don't want to be beholden to anybody else to figure out our strategy. And therefore, we've been opportunistic on M&A. We've created now a wonderful base of organic growth. We've got Salares. And capital allocation, I think we can see further life extension at Invincible, which will flow through into St Ives. That will mean ongoing spend. And just to bear in mind, we are building new mines all the time. It's in our spend already. Last year, we've actually brought in a new mine called Hamlet North. I don't think you saw it in the past did you? Because as some capital expenditure comes off, other capital comes in, and St Ives is a very dynamic operation. So you didn't see the impact of Hamlet North coming. You didn't see the impact of the additional (inaudible) of the Neptune open pit at St Ives. You didn't see the impact -- significant impact that is of opening up Zone 135, Zone 110, 120 at Granny Smith, but there's significant ventilation. Risers will need to be put in, upfront development, second escape ways. There's a whole bunch of stuff you've got to put in place to get those areas ready to mine. And we've been basically handling that within our bucket of capital expenditure. And so I would say the ones to watch for is are we going to do another Damang, a pushback that is obviously going to be visible capital like the original pushback was. Tarkwa, I think, would just continue to push out the mining boundaries because we're doing a lot of stripping already at Tarkwa. Australia, Gruyere, if we did an expansion of the pit, that will only happen in years to come. It won't happen in the first few years. And in Corona, again, I think it's more a focus there of catching up the waste and doing the study on a potential for the cutback. South Deep, if you look at the capital we're spending this year, that's going to be a pretty good yardstick to what you can look at going forward. Roughly about ZAR 1 billion to ZAR 1.1 billion a year is what you can expect steady state from South Deep with a rising production profile. Hopefully, that answers your question, Patrick. -------------------------------------------------------------------------------- Operator [23] -------------------------------------------------------------------------------- Our next question is from Shilan Modi of UBS. -------------------------------------------------------------------------------- Shilan Modi, UBS Investment Bank, Research Division - Director & Equity Research Analyst [24] -------------------------------------------------------------------------------- A couple of questions on Salares. Previously, you mentioned that you had some sort of FX buffer through hedging in terms of the CapEx. I believe it was 60% hedged in Chilean pesos. Producer currencies have strengthened quite dramatically in the last couple of months. What sort of -- what state is that buffer in? Like does it still exist or is that being eroded? I'm trying to get a gauge for the $860 million CapEx if there's potential risks to that number. And then just in terms of reserves and resources. I mean, you've shown strong growth in reserves and resources over the last couple of years. Maybe just outline the strategy for Australia again and maybe highlight Agnew, in particular, given that it's potentially the shortest life asset you have there. And then maybe can you also explain the same type of philosophy around Damang? Effectively, Agnew and Damang appeared to be the lowest life assets. I'm trying to gauge whether Salares is more replacement or if it's -- if those assets can persist and then actualize Salares' growth. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [25] -------------------------------------------------------------------------------- Paul, do you want to talk about the hedge? -------------------------------------------------------------------------------- Paul A. Schmidt, Gold Fields Limited - Financial Director, CFO & Executive Director [26] -------------------------------------------------------------------------------- Yes. I mean, as you know, we hedged the full peso component. It was just over $500 million worth. We hedged it at CLP 856 to the U.S. dollar, obviously, where the peso is sitting now. One of the most valuable assets on our balance sheet is the mark-to-market of that hedge. And we're just letting it roll in as we are delivering or buying the dollars to convert to the peso. So yes, we had exposures. It has been totally covered by the hedge, and it's proving to be a very lucrative hedge that we put in place. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [27] -------------------------------------------------------------------------------- Okay. So coming back to Agnew. Agnew now has potential on 3 fronts. We've got the Buronga North and Kath area, which continues to be open at depth and also laterally. We have Sheba across at New Holland, which looks the most perspective, but there's a few other targets that are looking good. And the new front is the Redeemer complex with what we call Barren Lands, but there's nothing Barren about Barren Lands. And we're going to be doing a study on an open pit and an underground operation there. So what does all of that mean? It means that Agnew's reserves will continue to grow. We will more than likely double the reserves or at least go up to 1.5 million ounces within the next couple of years, I would think, with the exploration budget that we've allocated. And at the same time, having a tiny plant of only 1.2 million tonne a year doesn't seem to make a sense with what's coming at us. And so we've started with the front end. We're replacing the crusher, which had to be replaced anyway. And so if we're going to replace it, let's upgrade it. It's marginal extra cost to do so. Then we'll start on the grind circuit. There may be a second ball mill that we can bring in a separate line, and then we'll look at the back end after that. And the idea really is to get Agnew up to about 1.7 million, 1.8 million tonne a year, and that will translate at the average grades we're seeing at somewhere around about 270,000 ounces a year. So we would think that we can get reserve life for Agnew at that level for at least 5 years and probably even longer over time. So that's Agnew. And we think that, that will be good capital that we can allocate to. Coming back to Patrick's question, it's not so much about the production profile. It's about what are the returns we can get. Can we get the returns that we've set for ourselves on these assets? It's not going to be about driving ounces for ounces' sake. You've heard me saying for 8 years that, that game is over. It's about actually creating fundamental incremental value for us, whatever the production profile is for the group. Damang, again, it's a function of saying does for the next cutback make returns for us? Is it worth spending the capital to get those extra years of life? And that's the study we're going to be doing over the course of 2021. If we see more of what we're seeing at the moment, I think the chances are very good. Because once we're in the Tarkwa Phyllites, once we're in that ore domain, we're starting to see really good grades coming out. So that gives us a good idea as to what to expect further down. And laying back the walls a little bit further to access that deeper material, it may well be a good project for us, but the numbers have got to stack up for us, and then we'll make the decision. -------------------------------------------------------------------------------- Shilan Modi, UBS Investment Bank, Research Division - Director & Equity Research Analyst [28] -------------------------------------------------------------------------------- Okay. Just a final comment for myself. Nick, thanks for all the debates we've had over the last decade or so. I can count there's a lot. I think we've had quite a few arguments, and I think we're both better for it. But thank you for all the guidance and the bets that we've had over the last long while. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [29] -------------------------------------------------------------------------------- Thank you so much. Appreciate it. -------------------------------------------------------------------------------- Operator [30] -------------------------------------------------------------------------------- Our next question is from (inaudible) of Bloomberg Intelligence. -------------------------------------------------------------------------------- Unidentified Analyst, [31] -------------------------------------------------------------------------------- Just 2 sort of follow-up questions. So one is on Salares Norte. And I apologize if you've probably covered this ground on previous calls. I think, if I'm not mistaken, the water source comes from the aquifers in the surrounding areas. So I mean, has there been any sort of pressure on you to try and supply desalinated water? And I'm just putting that in context of some of the copper mines where the pressure does seem to be ratcheting up. So that's the first question. And then a second simple one. In Australia, what sort of percentage of your costs are in Aussie dollars? The reason for my question is your guidance is predicated on an Aussie dollar of [AUD 0.75], I think it is. So just trying to get a sensitivity in case the Aussie dollar strengthens. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [32] -------------------------------------------------------------------------------- Yes. So one of the things that I was pretty insistent on given where we are in the Andes, 4,700 meters up, that we couldn't start the feasibility study until we had water, and we had permitted water. So we've got an exploration company to actually do the exploration for the water through boreholes. They found the water. We've got more than enough water for the projects with some buffer. And then we got it permitted. And all these questions were asked, we have to do a full catchment study, what's the upstream impact, what's the downstream impact, et cetera. And then we've got to permit it. Only then did we start our feasibility study in earnest. Because no water up there, no projects, no mine. In addition, as we went through the environmental assessment and these submissions to the authorities, we again had to go through the water, even though it was separately permitted. And a lot of the same questions were asked. So there's been real visibility and transparency to the authorities. There's been engagement with communities, other stakeholders. There's no indication at this stage that anyone is concerned about the water we're using. And I must just say, based on the catchment study and analysis we did, there's virtually no impact on the catchment area. We're using not much water at all. It's a very small process plant. It's only 2 million tonne a year process plant because it's very high-grade ore. So we're quite comfortable on that. We've had no pressure. If anything, we've just had support from the government, all the way from the President himself who has written to me indicating his support for the project. We've had the mines minister on site. The communities in the nearby town of Diego de Almagro are very supportive. We've got shared value projects working with them, local employment opportunities, local procurement. Everyone wants this project to go. So no indication. It's been on our risk register. We'll continue to look for other water sources if we need them, but we don't see this as a major risk at this time. The second question, if you just remind me again what it was. -------------------------------------------------------------------------------- Unidentified Analyst, [33] -------------------------------------------------------------------------------- Just your -- what percentage of your costs going in Australian dollars in Australia? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [34] -------------------------------------------------------------------------------- Yes. Paul have a go. -------------------------------------------------------------------------------- Paul A. Schmidt, Gold Fields Limited - Financial Director, CFO & Executive Director [35] -------------------------------------------------------------------------------- Thanks. I'll ask it. The only real exposure we have in Australia to non-Australian dollar-denominated cost is the oil price affecting diesel. Slightly in excess of 95% of their cost are Aussie dollar-based. So no exposure to the U.S. dollar. -------------------------------------------------------------------------------- Operator [36] -------------------------------------------------------------------------------- Our last question is from Catherine Cunningham of JPMorgan. -------------------------------------------------------------------------------- Catherine Cunningham, JPMorgan Chase & Co, Research Division - Analyst [37] -------------------------------------------------------------------------------- So 2 questions for me. The first one is, where geographically are you seeing cost inflation? And what mine inputs are giving you the most concern in this regard? And then linked to this, should we think of any radical changes to cutoff grades across the reserve base or is long-term mine plan basically sticking to stable assumptions in the current higher gold price environment? And then the second one is a little bit philosophical. Basically, the growth pipeline seems to be pretty full. Your shares are pretty cheap. So as you have the (inaudible) spreads, where is the key for a catalyst for the hidden value, in your opinion? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [38] -------------------------------------------------------------------------------- You're breaking up. We can't hear you. I don't know if you can get closer to a microphone, but I couldn't hear. I think got every other word, what you're saying there, sorry. If you can repeat that? -------------------------------------------------------------------------------- Unidentified Analyst, [39] -------------------------------------------------------------------------------- Is this better? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [40] -------------------------------------------------------------------------------- A little bit better. Give us one question at a time. -------------------------------------------------------------------------------- Unidentified Analyst, [41] -------------------------------------------------------------------------------- Okay. So the first question is, where geographically are you seeing cost inflation? And which mine inputs give you the most concern? And then linked to that, should we think about any radical changes to categories across the reserves that base? Or is long-term mine plan still sticking for stable assumptions in the current higher gold price environment? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [42] -------------------------------------------------------------------------------- Yes. So we have struck our reserves at $1,300 U.S. price, and we've used AUD 0.75 in converting for the reserves, and we've used ZAR 650,000 a kilo in South Africa. Those are marginally up on the previous year. So obviously, that will dictate the cutoff grades, along with the cost inputs, that we use in the business. So amongst other factors as well, other technical factors. So that's something we want to stick to. We have been running at $1,200 for the last 2 to 3 years. So we want to try and stick to around $1,300 for a number of reasons. One is gold prices, of course, may come back. We want to give ourselves a little bit of headroom. And the other thing is, once you start relaxing cutoff grades, and I've looked through this in the previous cycle, it's very difficult to reconfigure the operations back to where they should be. So we're going to be quite cautious, particularly as a lot of our operations are plant constrained. There's no reason for us to be dabbling with lower grade. Let's stick to the high-grade stuff. Cost inflation, we're not seeing really a lot of cost inflation. I think more of the cost increases you're seeing for us is mines that are may be getting a bit deeper, mines that are getting further away from the process plant with increased haulage distances, that sort of stuff. But we're not seeing big inflationary increases at this time. I'll just ask Paul if he wants to add to that. -------------------------------------------------------------------------------- Paul A. Schmidt, Gold Fields Limited - Financial Director, CFO & Executive Director [43] -------------------------------------------------------------------------------- No. Nothing much, Nick. Obviously, South Africa, we've got to deal with Eskom increases and wage increases. But fairly benign on the inflationary side, as you say. It's more change in mining type or mining depth. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [44] -------------------------------------------------------------------------------- Okay. Second question? -------------------------------------------------------------------------------- Unidentified Analyst, [45] -------------------------------------------------------------------------------- Okay. So the second one is a little bit more philosophical. So the growth pipeline looks pretty full. Your shares are pretty cheap. So as you hand the (inaudible), where do you see the key sources and catalyst for the hidden value? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [46] -------------------------------------------------------------------------------- Sorry, you just broke up again. Where do we give our share price is cheap? Where do we see the? -------------------------------------------------------------------------------- Unidentified Analyst, [47] -------------------------------------------------------------------------------- Where do you see the key sources of hidden value and the catalyst for unlocking them? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [48] -------------------------------------------------------------------------------- Well, I think it's a function of delivering the guidance we've set out for you today at the cost envelope we've given you. We're fully exposed to the gold price. This year, there's no hedges or anything that capped the gold price. We bought some floors in Australia to give us downside protection, but we're fully exposed to the gold price. And if you look at our cost envelope relative to the spot price today, even though it's come off a bit, there's significant value there. And even though we're going to be building Salares Norte, it looks like we can fund it out of cash flow and keep our debt position pretty tidy if we stick at these sort of price levels. And then the catalyst will be there's rising production this year. We're up another 5%. There's potentially rising production from South Deep. And of course, there's Salares. Salares, if you bring in 450,000 ounces a year at somewhere around about $465 an ounce, I think you can see what additional cash flow that's going to bring in as we ramp up in 2023 on top of the existing base. And the other area of hidden value is our ability to continue to replace reserves and to have a strong profile of 2 million to 2.5 million ounces over 10 years, which isn't necessarily evident in our average reserve life, but it's getting close as we continue to put back more into reserves, as you've seen, than what we're depleting. So those areas, I think, of hidden value that could well be recognized in time. Any other questions? -------------------------------------------------------------------------------- Operator [49] -------------------------------------------------------------------------------- We have no further questions from the conference call. -------------------------------------------------------------------------------- Unidentified Company Representative, [50] -------------------------------------------------------------------------------- Okay. There's 2 last questions on the webcast. From Nina at Goldman Sachs. One, Asanko. Could you elaborate why Galiano Gold expense production declined slightly in 2021? And what's happening with yields? When do you think it will trend back to reserve grade? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [51] -------------------------------------------------------------------------------- At Asanko? -------------------------------------------------------------------------------- Unidentified Company Representative, [52] -------------------------------------------------------------------------------- Yes. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [53] -------------------------------------------------------------------------------- Yes. So look, Galiano are doing a whole remodeling exercise, as they have mentioned in their release during the course of the year. I think what's throwing the mat is the fact that we lost Nkran Cut 2 earlier than what we thought with the wall failure. That meant they had to reconfigure the plan. They had to do another pushback at Akwasiso. They had to accelerate mining in Esaase South and Esaase Main. And in the mix, the grade is what they got. They ran out of the flexibility that ordinarily we would have had if we had Nkran Cut 2. So essentially, you mine what you've got and you get the grade that you get, and that's flown through, obviously, into 2021. And that's one of the reasons they're doing some more infill drilling of the key ore sources. That's one of the other reasons they're pushing their exploration, particularly on Miradani, and some other ore sources looking at potential further pushbacks at Nkran, Nkran Cut 3, Akwasiso, rather, another stage and then see how we put it all together. And hopefully, that will improve the overall grade and the overall yield will get through the plant taken into account, the metrological recoveries that we can expect to get. So I think it's fair to say it's a very dynamic situation at the present time, and there's probably another 6 months of work to be done before we'll have proper line of sight as to what an updated life of mine plan is. But the joint venture partners and ourselves are obviously treating this as priority and working through this as we speak. -------------------------------------------------------------------------------- Unidentified Company Representative, [54] -------------------------------------------------------------------------------- Okay. The second one from Nina on Damang. You've guided for an increase in output of over 20% for 2021. Could you discuss how you plan to achieve this? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [55] -------------------------------------------------------------------------------- Yes. So the increase in production at Damang is all on the back of the grade. As we mentioned when we announced the Damang reinvestment project, we expected the grade to increase as we got into the higher-grade ore domains, which we are now in. And so what you're seeing here is pretty much in line with what we expected to see. So the volume through the process plant is still around about 4.5 million tonnes a year. But on the back of a higher grade, somewhere around about 1.9 or so, 1.85 to 1.9 [grams] a tonne. That's going to give us a really good year of production, not just first year, but also the next 2 years thereafter. So we're seeing what we expected to see based on the detailed feasibility study. -------------------------------------------------------------------------------- Unidentified Company Representative, [56] -------------------------------------------------------------------------------- Okay. A final question from (inaudible) from Investec. How do you think about hedging going forward beyond 2021 given that peak capitals in 2021? Will you look at being fully exposed to the gold price? -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [57] -------------------------------------------------------------------------------- So I'm going to ask Paul to talk about our hedging philosophy because him and I has spent a lot of time on this. And I think we both got very strong views. -------------------------------------------------------------------------------- Paul A. Schmidt, Gold Fields Limited - Financial Director, CFO & Executive Director [58] -------------------------------------------------------------------------------- Yes. I think we are fully exposed to the gold price this year. Our hedging policy is quite simple. It's either to hedge marginal operations or hedge years of heavy capital investment. The reason we put the puts in Australia this year is, as you know, we've got over $500 million additional capital going into Salares. Board was worries what happened if the gold price dropped this year. But as we stand at the moment, there should be no more hedging for the rest of this year or in the future, but that depends again on what happens with projects or marginal operations. But at the moment, no hedging thoughts at the moment going forward. -------------------------------------------------------------------------------- Unidentified Company Representative, [59] -------------------------------------------------------------------------------- Okay. Nick, final comments. -------------------------------------------------------------------------------- Nicholas John Holland, Gold Fields Limited - CEO & Executive Director [60] -------------------------------------------------------------------------------- Well, I just want to thank everyone for dialing in and for the very insightful and penetrating questions. We've had a very exciting 2020. Sadly, we've lost a few people due to COVID. We hope that won't be the case in 2021. And we're hoping that Salares Norte will continue ahead of plan as it is right now and that the rest of the operations continue to perform exceptionally well. But above all, let's do it safely. Let's not forget safety first and the health of our people. So I want to thank everyone. Take care, and we look forward to talking to you some time in the future. Thank you very much for dialing in.

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Edited Transcript of GFIJ.J earnings conference call or presentation 18-Feb-21 1:00pm GMT - Yahoo Finance

If you were offered the chance to be revived after dying someday in the far-off future, would you go for it? Well, it may sound like the far-fetched realms of sci-fi but it is the reality of cryonics. We talk to Max Moore, philosopher, futurist and the current ambassador and president emeritus of Alcor Life Extension Foundation.

Sophie Shevardnadze: Max More, philosopher, futurist, the current Ambassador and President Emeritus of Alcor Life Extension Foundation. Max, it's really great to have you with us today. Welcome.

Max More: Thank you, Sophie. Glad to be here.

SS: Alrighty. So what a topic look, what amazes me about cryopreservation is that it looks more like putting death on halt, rather than simply freezing the dead body. Can you explain how it works?

MM: Yeah, that's actually a good description. The basic idea is, let's make the analogy: if you go back to the 1960s, and you were walking around with some people, and one of them suddenly clutched at the heart and fell over and stopped breathing, and the heart stopped beating, back then we would go and attest the persons death, there's nothing we could do. Today, of course, we jump on and do CPR, defibrillation, those things and resuscitate them. So although we said someone was dead back in 1960, by today's standards, they're not. So in our view, when your body gives out, and the doctor declares youre legally dead, that's not the same as being biologically dead. It really means that given today's technologies and medical techniques, we don't know what else to do for you. So what we say is turn them over to us, we're going to protect the cells against cold, we're going to remove the blood, replace it with essentially a medical-grade antifreeze and then we can, to simplify the process, drop you down to extremely cold temperatures about minus 320 degrees Fahrenheit, minus 196 degrees Celsius. At that temperature, you can wait literally for decades, until hopefully, well one day develop the technology that can repair the cells and revive you in good condition to carry on living.

SS: Well, how much time do cryonics specialists have to complete all cryopreservation procedures after the person is pronounced dead?

MM: Well, there's no real set time, what we do know is the sooner we do it, the better. Obviously, the first stage is very important, because the warmer you are, the faster your body's going to fall apart. So it's very important to cool people just like we do in hospitals right now. We've been doing cold temperature surgeries, especially people with gunshot wounds and other things or brain surgery that actually cool you down about 10 degrees because it slows everything down. For every 10 degrees C drop in temperature, everything slows down 50%. So we're gonna drop you down, not below freezing, by the way, but as quickly as possible using circulating ice in an ice bath, by restarting circulation and respiration, giving first medications, very quickly, we want to bring you down close to freezing. So that can be done in about, I think, our record shows declaration of legal death to arrival at our facility and getting down to about 10 degrees in about 35 minutes. So we can go pretty fast. And then we have to take time to do the surgery to access the vascular system, remove as much water from the body as possible, replace it with this cryoprotectant solution, the medical-grade antifreeze if you like, and that takes a few hours, and everything will slow down a little bit more once we get you down to about minus 90. So really, there isn't a limit. But we know that if we don't reach you even if youre being kept cool if we don't get to you within about 16 to 24 hours, the blood-brain barrier breaks down. And then we probably can't protect the brain, which is not good because it's going to be a lot of damage.

SS: Right. So this procedure that's called vitrification when blood and all body liquids are replaced with some sort of antifreeze, which prevents ice from damaging the cells... When the day arrives to actually bring the cryopreserved person back to life will this antifreeze be replaced with blood again?

MM: Yeah, most likely. Actually, this isn't People think, well How would you do that?, but we do it today actually in certain surgeries and certain experiments, you can remove all the blood from somebody and replace it with a saline-based solution and then put the blood back in. And there's a lot of research going on in that area right now. A lot of people think, how can you possibly take the body below freezing and bring it back and I like to point out, we actually have millions of people walking around today who were cryopreserved they were just embryos at the time. And of course, we also cryopreserve corneas, heart valves, skin cells, many of the tissue types. So the problem is not that we can't reverse it in principle, it's that with large organs like the brain and a whole body, it's very hard. It's not practical today to reverse that, because of the speed you need to rewarm. That doesn't mean it'll be forever impossible. And of course, we're not going to bring someone back until we can fix the ageing problem too, because we don't bring you back as a 90-year-old just to have your body give out again. So it's gonna be a long time to solve these problems and the ageing problem. And of course, it may never happen. We are not guaranteeing this will definitely work, which is better than the alternative, we think.

SS: Alright, so in the sci-fi that I read people who are, like, still living, went into cryochambers to wake up centuries after, not dead people. But do we have a technological and maybe even legal way to freeze people who just want to do it right now? Not people who are dead?

MM: No, not really. Because the procedure that we use would have to stop the heart and it would be considered homicide. So no, we can't do that. The closest we can do, there are certain jurisdictions in the United States, in Canada and other countries like Switzerland, where if youre terminal, which basically means you have two doctors agreeing that you have no more than six months, and it's going to be miserable six months, you can choose when to go, you have to administer the medicine yourself to stop your heart. So that's actually very useful for us, we've done a couple of cases like that, where we can actually schedule the cryopreservation procedure rather than rushing urgently across the country, or across the state to get to the bedside, we can actually be there ready with our equipment. And the person says, I'm going to go next Wednesday at five o'clock, can you be there? And that way, we can start immediately after the doctor's declared legal death. So that's the closest we can come to that at this point.

SS: So cryonics, as I understand it, is built on the idea of betting that future generations will figure out how to revive living organisms after death, something that is so far deemed impossible. So why do you think they will make it happen? Like, what research exists in the science of today that builds up those great expectations?

MM: Well, first of all, it's not really after death, I have to qualify it as after legal death, because in fact, almost everything is still alive. If you think about it, there are people who are legally dead, who donate their organs, you may take the heart, the lungs, the kidneys, and those are still alive, they can be given to other people. So I want to qualify if you're really dead, then you're not going to come back to in the true meaning of the term. But to get to your question, there's a number of lines of evidence. One is the research, you know, things I already mentioned on cryopreserving embryos and skin and various other tissues and reversing that we can do that. Those are single tissue types, which is much easier than organ, which is easier than an organism. So it's really a matter of pushing the boundaries. There's also some successful research, actually, by one of our research partners, who actually licensed their cryoprotectant formula. And they've been able to take a rabbit kidney, which is, you know, a pretty large mass, cryopreserve it, hold it there for months, rewarm it, implanted in the rabbit and it functions. So that's all very promising. And there's a lot of research now underway to enable reversible cryopreservation of human organs because you can imagine right now, if you need a heart or a lung, it's very hard to get one. You have to find a tissue match, you have to fly it across the country on ice. And you may not make it in time. Tens of thousands of people die every year because they can't get an organ. What if you could cryopreserve organs in the hospital and pull them out as needed? So that's the goal. And I think we're probably within five or ten years to be able to do that. So that's some pretty good evidence, we also have other kinds of evidence. In the last 10 years, we've been doing CT scans about patients brains at liquid nitrogen temperature. And until then, we couldn't really tell how well we cryoprotected the cells. Now we can actually look at the scans and we can see how much ice, if any, there is in there. And it's a wide variety. In some cases, it looks fantastic. In others, it's not so good, depending on how long the delay was and the cause of legal death. There are also other kinds of studies. We can do electron microscope studies looking at more deep level, and we can see in certain studies that the neurons and the connections within cells are in fact, intact, in good cases, at least. And so what we know is that we preserve the structure of the brain. And that's, that's where you live, that's where your mind is and your memories are. So really, it's just a matter of how do we reverse that in the future. And that really, you know, obviously, that's speculative, because it's in the future, but we think probably some kind of nano medical devices, nanorobotic devices will go into the cells, with a map of what its supposed to look like and repair tools. Just like we have in our body naturally to make repairs, these will be programmed and be able to clear out the damage, and eventually, hopefully, revive you and bring you back.

SS: Right. Okay, so the whole idea of bringing someone to life after decades or hundreds of years of cryopreservation can really work out in the end only if the brain remains undamaged. And I mean, I've talked to so many neuroscientists, and they all tell me that, you know, despite all the scientific advancements, they still have no idea how our brain actually functions. I mean, how it functions exactly. Do we know how brain tissues behave if it's stored at the measure or a temperature of 196 degrees below zero or 300 degrees below zero?

MM: Yes, we do. What we know is nothing's happening. At that temperature, it's so cold that you go through a phase transition where you become some solid diamond at minus 110 degrees, something like that. And so there was actually zero metabolic activity whatsoever. We know for sure if people have seen the movie Vanilla Sky where Tom Cruise has these lucid dreams. That doesn't happen in reality, there is no metabolic activity, no brain activity. No deterioration, except a little bit of theoretical deterioration cosmic rays zipping through the atmosphere and dislodging molecules occasionally, there's really nothing happening. So we know that's the case. And again, with these scans and other studies, we can see, we can look at the brain tissue, we can do biopsies and actually see that the structure is intact. So I think the neuroscientists you're talking to, are either exaggerating or being a little modest, because we do know a lot about the brain. What we know is that... we know that everything except short-term memories, maybe the last 20 minutes or so, are stored in physical changes in the brain. And we know from these electron microscope studies that we are preserving them at fairly good conditions. So it's just like going back from general anaesthesia, you are not going to remember the last 15 or 20 minutes, but so long as we preserved you well enough and we have the repair tools, you should have everything else still intact. Of course, that's a big IF, most likely in reality, there's going to be some damage for many people, and some loss. And that's just a fact we'd have to deal with.

SS: Okay, so let's presume the technology's there to wake you after this cryo-sleep in hundreds years. Have you thought about what it would be like to wake up to a completely different world? I mean, I'm sure you have.

MM: Yeah, yeah, I have a lot. There are different levels of which you can think about that. We've actually fairly recently formed a group which focuses on exactly that question on the other end of the process. Obviously, it's a long way off but it's important to think about now because frankly, the thing that scares people most about this is that it might work. And they say, Well, I might come back in the future that's radically different that my skills will be obsolete, and I don't know anybody. So we have a group that's actually addressing those issues, very specifically, having you take the memories with you, preserve your relationships, who's going to take care of me on the other end. And its part of Alcors mission, by the way, to actually help to rehabilitate people. It will be like someone coming out of a coma after a long time, you can't just push them out the door, you're going to give them some help. That's that's one level of the answer. I think, on the other hand, you know, I'm something of a futurist, I've studied futures, forecasting methods, I'm studying history. And my view is that the general questions, we have no idea what it'll be like, because we can't forecast that far ahead. It's not possible. What we can see general trends, we can look back at human history, and I know it's not probably to believe this these days, people always complaining about how bad things are, but this is the best time ever in human history. We live longer, we're freer, we have more opportunities than ever. And I think we'll see this trend over time where things do get better. And we have these ups and downs occasionally, but you can't really think of a time in the past where you'd want to live if you're realistic about the way the world was, when we didn't have anesthesia or didn't have antiseptics, when women couldn't vote, where a lot of people were slaves, when we beat people relentlessly, the past was a pretty awful place. So by extension, unless we can really mess things up badly, I would think that the future, if we come back should be a pretty decent place. It's not going to be utopian, but it's a place where Id fully enjoy starting again. And it does take a sense of adventure, no doubt about it. A lot of people are not going to want to do this, even if they're sure itll work because they just don't have that much of a sense of adventure. So it tends to appeal to people who are not worried about having to restart things. Maybe people who have changed countries or made cultural shifts like this.

SS: Would you be ready to do it right now if the technology was in place?

MM: I dont want to do it unless I had to do it because the idea of sitting in a vat of liquid nitrogen unable to control my destiny is not very appealing. I want to control my destiny. So it's a last resort. Something when nothing else is possible. I'm hoping desperately that life extension science will get going faster, it really had very little funding until now. And maybe just maybe if I can live another 40 years, I might start gaining enough time that I won't need to be cryopreserved. But I'm getting kind of pessimistic of a pace of things. So I think unfortunately, likely I will need to be cryopreserved. But no, I don't want to do it. It's just I'd rather not be buried in the ground or incinerated. So this is my backup option.

SS: Talking about the timeframe, you say bringing the person back to life after cryopreservation is not a matter of physics, but technology that one day will be in place. I heard some scientists say this may take hundreds and even thousands of years. What timeframe do you have in mind?

MM: I'm always very cautious in how I answer that because, you know, there are some people who like to say, well, in 30 years we'll have superintelligence, or in 50 years we'll have this. I don't know. I think it's like asking someone in 1900, When will we land on the moon? And how would you answer that? You know, it's possible, because, while its also physics, but it has to do with the life support systems and the engines and the computers which didn't exist. So it's, you know, if I'm pressed, I'll say, I'm guessing, it's probably we won't bring people back for somewhere between 75 and 125 years. And that's as close as I'm going to get to give a specific forecast. And I could be well off.

SS: Well, that's the whole point. Because so far, bringing people back to life from the dead frozen state isn't something that science knows how to do. And nobody who signed up today, as well as nobody who's doing the freezing will naturally live to the day when science figures it out which is already a big IF, right? So there's like nobody really to check on the future. Where's the guarantee Alcor will even exist 100 years down the road and that all the frozen-up bodies won't just disappear somewhere?

MM: Well, that's a good question. I actually just finished writing a two-part article on that for our magazine, looking at what kind of organisations live for 100 years or more. And Alcor is modelled, it was very carefully designed to last for a very long time and we've been around for almost 49 years at this point. We have certain structures in place, we have nonprofit structure, which tends to last longer than for-profit organizations. We have several different boards that, you know, we have one board of directors that just looks after the money that's used to pay for people to be cryopreserved and stay cryopreserved, and eventually to be revived. So there's a lot of levels of protection ... with a lot of details on that. And, you know, we know people who were cryopreserved and there'll be people who know us. So there'll be a direct incentive to bring people back in and they'll have people they want to bring back. You know, for instance, Linda Chamberlain, our co-founder who is working with us now. Her husband is cryopreserved, her mother is cryopreserved, Freds father is cryopreserved. So there's some very direct personal stakes. But some people actually set up trusts and they can get an incentive, we can see if and when it's possible to revive me, you can have X percent of this trust, which is used to give them some money when they come back. So there's kind of a lot of different ways that we can incentivise that.

SS: Here's another thing that's bothering me. Obviously not everyone can afford the procedure because so far, for now, this is something that is only open to affluent people. What makes you think that it won't stay this way, that it won't become the sort of like, I don't know, elite preserving barrier of sorts?

MM: Well, when you say affluent, that's true, depending on how you define it. And I signed up for cryonics when I was a pretty poor grad student. It's something that's afforded by most people in Western societies, let's put it that way, mostly, because very few people just hand us a chunk of cash $80,000 for preserving the brain or $200,000 for the whole body. Most people use life insurance policies. And that's not a very large life insurance policy. So if you have, you know, a reasonable income, you can do that. But yeah, it's not cheap. There are possible ways of making it less expensive as time goes on, if we have economies of scale. One of our directors, Ralph Merkle wrote a piece about cryopreserving everyone, and he really thought through that. For instance, there are certain industrial fluids, that are kept in these massive tanks. And you can imagine, instead of having three or four people in a container, what if you had thousands of them? What would that do to your costs? There are ways of doing that. So hopefully, we can reduce the cost but there's an inevitable cost in what we call the standby and the transport, getting your team to the bedside, that can be expensive together. Then we've got the surgery, there's all these procedures that do cost, and of course, the upkeep, which were gradually reducing in the course of that. So it's never going to be super cheap, I dont think. Not until we have machines that make everything for us if we get that lucky. But it's not as expensive as people think.

SS: Okay, in that case, if it's affordable for everyone, and it's at some point like with cell phones, for instance, freezing yourself to be revived in the future will become commonplace, won't humanity be stuck at some point with like a whole lot of frozen ancestors waiting to be revived? I mean, will there be enough space for us and our children but also our dead?

MM: Yeah, I think there'll be plenty of space. One thing a lot of people don't realise it's kind of odd to me that we're still thinking that population growth is a problem. And actually, as you know, in Russia, your population is not growing. It's not growing anywhere in Eastern Europe. It's stopped growing in a lot of Western European countries. In fact, I think over 40% of the world's populations are now stopping growing and starting to shrink. So in 1969, it was the peak of fertility. Ever since, we've been going down and down and down. And even the UN, which has consistently overestimated population growth, even the UN is projecting into the range that sometimes later in the century, global population will stop growing, many countries will already be shrinking by then, because Japan is shrinking quite drastically now. So the problem in the future will be underpopulation problem, which is actually harder to deal with economically. So I don't think there's any lack of room, there'll be plenty of room as energy gets more abundant, which it does, I think we'll be to afford to do this. So I'm not really worried about that issue.

SS: Okay. You know, this all sounds like a very appealing idea, especially if there's enough space for all of us in the future, and also looking at death as something reversible, and I understand very well why so many fall for it. But on the other hand, isn't dying part of the way things are on this planet? I mean, the circle of life, we're born to live, we die in the end, all living creatures have their lifespan...

MM: Yeah, but why should we accept that? Just because something has been the way for a long time doesn't mean we should accept that. I mean, slavery was considered natural for a long time, pretty much every society did it. It doesn't mean it's necessarily a good thing, right? We died a lot younger in the past. Is it natural to defeat heart disease or cancer or to have an antiseptic, so you don't die of a cut? So it's the nature of human beings to change nature. So I think the inevitability of death, is one of those last barriers, and it does kind of make people uneasy. But really, why should we be forced to die at the time just because nature decides to flip out your heart valve and put something in your brain? Why don't we get to choose that? And the goal isn't to live forever necessarily, we're certainly not offering eternity because that's probably not even physically possible. It's really saying that you should get to choose how long you live, rather than it being an accident of nature. So you may decide at 250 years, 200 years, you have done what you want to do, you've had enough, but I think it'd be nice for it to be your choice and the choice for your loved ones, too.

SS: Yeah, this whole cryo-thing is basically offering people what religion offers a promise of an afterlife?

MM: No, because we're not promising anything. The difference is religion

SS: But the hope is there. You think that there's no death, like, there's something after death: either I come back or there's like this eternity, and it's not like I go and it's finished. Religion does the same thing, like you're saying, Once your body is dead there's something afterwards, so don't worry.

MM: Theres a big difference, Sophie. That's one reason we don't have many people signing up for this, whereas religions have billions of people because they offer certainty and we don't. We emphasize that very strongly that we're not guaranteeing this will work, it depends on a lot of things in general and in your particular case, and that people don't like that lack of uncertainty. Religions offer certainty: you will definitely go to heaven or to hell, or whatever. We don't offer that. You know we don't guarantee what the world will be like, we're not guaranteeing youll go to some kind of heaven place. So it really isn't much like that. And it requires a good understanding of the science and technology behind it. If it was like a religion, or we would made it like a religion, well be a lot more successful as an industry and organisation. But, of course, we don't believe in doing it that way, that would be unethical.

SS: But with all due respect, I mean, religions have existed for centuries, youre just starting to actually operate and you're saying, in the future, some time, it's just a question of time, we will have the answer of how to come back. So, it's still, you know, to me sounds like religion where your promise is based on faith, because, you know, people will freeze themselves those who choose to believing that they'll come back. You don't see that?

MM: No, it's got nothing to do with faith. I don't like the word faith because Im not religious. I'm a rationalist. There's a difference between Again, its like saying somewhere in 1957, we can land on the moon one day. Was it a matter of faith? I don't think so. It's a matter of knowing that physics says, you know, you just have to propel yourself hard enough to get out of the atmosphere, and we know how hard that is; we have no idea how we're going to build rockets that big right now or life support systems, but in principle, it should be possible. And it was. The British Astronomer Royal in 1959 said that space travel was impossible. Well, he looked a bit of a fool 10 years later when we landed on the moon and he should have known better because it was a matter of engineering, not of science. So I don't think it has anything to do with faith. It would be if we were offering certainties, but we do the opposite of that. So I think it would be a disaster to treat it that way because then religions are not very good at questioning themselves, either. Because we're constantly questioning ourselves, we write case reports, we're constantly analysing our procedures and asking how we can do better looking at the research that's going on. So I wouldn't make that comparison at all.

SS: All right, Max. Thanks a lot for this really interesting chat. It's been great talking to you. Good luck with everything.

MM: Thank you. Thanks for having me on

SS: I hope we get to do this in a couple of years and you have some new updates for me.

MM: Yeah, we're doing a lot of research right now. So yeah, we'll have new things to tell you.

SS: Have a great day. Thanks a lot for being with us today.

MM: Thank you. Bye-bye.

Original post:

We should be able to choose when to die cryonics advocate - RT

OTTAWA The Trudeau government is seeking a fourth extension to the court-imposed deadline for expanding access to medical assistance in dying.

Justice Minister David Lametti is asking the court to give the government one more month until March 26 to pass Bill C-7.

The bill is intended to bring the law into compliance with a 2019 Quebec Superior Court ruling that struck down a provision allowing assisted dying only for people nearing the natural ends of their lives.

The bid for yet another extension reflects doubt that the government can get the bill passed by the current deadline next Friday.

On Tuesday, the House of Commons is scheduled to begin debating whether to accept or reject major amendments passed by the Senate.

That debate could drag on for days and whatever the Commons ultimately decides on the amendments, the bill must still go back to the upper house, where senators will have to decide whether to defer to the elected chamber or dig in their heels.

Theoretically, the bill could bounce back and forth between the two parliamentary chambers indefinitely.

The Senate was to resume sitting on Tuesday but that has now been delayed until next Friday, in seeming recognition that C-7 is unlikely to be back in senators' laps before then.

Sen. Marc Gold, the government's representative in the Senate, said the Senate can be recalled earlier if need be. In a statement, Gold said he remains "fully committed to the legislation receiving royal assent expeditiously and in time to meet the court deadline of Feb. 26."

In a joint statement, Lametti and Health Minister Patty Hajdu said they too continue to hope that the bill can receive royal assent by Feb. 26. But they said the government is seeking the one-month extension "as a prudent step" in case Parliament can't meet the deadline.

"Amending Canadas MAID (medical assistance in dying) law has been a lengthy and complex process. After months of review in both the House of Commons and the Senate, we are now at a critical stage," the ministers said.

The bill would expand access to assisted dying to intolerably suffering individuals who are not approaching the natural ends of their lives.

The Senate has passed the bill with five amendments, two of which would expand access well beyond what the government proposed.

One would allow people who fear losing mental capacity to make advance requests for assisted dying. The other would impose an 18-month time limit on the bill's proposed ban on assisted dying for people suffering solely from mental illnesses.

The Conservatives, who were largely opposed to the original bill and dragged out debate on it, have called for extended sitting hours for the Commons, even into the weekend, to allow for thorough debate on the Senate amendments.

"Canada's Conservatives believe any bill that is life-or-death like MAID requires a significant amount of scrutiny," the party's justice critic, Rob Moore, said in a statement.

"The constant scrambling from the Liberals to try and ram this bill through should be alarming to all Canadians."

As the Liberals hold only a minority of seats in the Commons, the government would need the support of at least one opposition party to cut debate short.

It will also need at least one party to support its decision to accept, reject or modify each of the amendments.

This report by The Canadian Press was first published Feb. 19, 2021.

Original post:

Federal government seeks fourth extension to update assisted-dying law - Kamloops This Week

VICTORIA, BC, Feb. 17, 2021 /CNW/ -Through the National Shipbuilding Strategy,the Government of Canada is ensuring the Canadian Coast Guard (CCG) has the vessels it needs to keep Canadian waterways safe and accessible, while generating significant economic benefits to communities across Canada.

Following an open and competitive process, Public Services and Procurement Canada, on behalf of the CCG, has awardeda $17.3-millioncontract to Allied Shipbuilders Limited, in North Vancouver, British Columbia,for vessel life extension (VLE) work on the Canadian Coast Guard Ship (CCGS)Sir Wilfred Grenfell.

The vessel will undergo VLE work, enabling it to take on a broader range of tasks, notably buoy tending and search and rescue. Work will include painting the hull and deck, updating navigation equipment and networks, installing a new cargo hold and hatch, replacing propulsion thrusters, modifying the ballast system and installing new machinery.

This contract was awarded under therepair, refit and maintenance component of the National Shipbuilding Strategy, which provides ongoing opportunities for shipyards and suppliers across Canada. The contract will help create or sustain up to 140 jobs.

Quotes

"The National Shipbuilding Strategy continues to help stimulate the Canadian economy, creating and sustaining marine sector jobs, while maintaining federal fleets. This contract will deliver necessary upgrades to the CCGS Sir Wilfred Grenfell, so the Canadian Coast Guard can continue to carry out its important work on the west coast."

The Honourable Anita Anand Minister of Public Services and Procurement

"The Canadian Coast Guard operates coast to coast to coast performing critical duties from icebreaking to search and rescue missions. It is crucial Coast Guard members have the most effective, modern equipment to meet the intense demands of their job. Under the National Shipbuilding Strategy, we are proud to announce that the life of the CCGS Sir Wilfred Grenfell will be extended, thanks to the skilled work of the Allied Shipbuilders. This contract will create up to 140 good jobs for Canadians and help restore a vital part of our Coast Guard's fleet."

The HonourableBernadette Jordan Minister of Fisheries, Oceans and the Canadian Coast Guard

Quick facts

Associated links

Link to Buy and SellNational Shipbuilding StrategyCCGS Sir Wilfred GrenfellAllied Shipbuilders Limited

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SOURCE Public Services and Procurement Canada

For further information: Cecely Roy, Press Secretary, Office of the Honourable Anita Anand, 343-549-7293, [emailprotected]; Media Relations, Public Services and Procurement Canada, 819-420-5501, [emailprotected]

http://www.tpsgc-pwgsc.gc.ca

Excerpt from:

Government of Canada awards contract for reconfiguration work on Canadian Coast Guard Ship Sir Wilfred Grenfell - Canada NewsWire

Being declared legally dead doesnt mean you have to take a dirt nap, futurist and philosopher Max Moore told RT, explaining how, at least in theory, cryonics offers people a second shot at life.

Moore, president emeritus of Alcor Life Extension Foundation, a leading organization in cryonics, told SophieCo host Sophie Shevardnadze that the definition of dead has changed as scientific and medical advancements progress. As an example, he noted that there are numerous ways to resuscitate people suffering from heart failure that didnt exist 70 years ago. Moore said that Alcor exists to preserve bodies in hope that future technology can revive those who may otherwise be deemed gone forever.

[W]hat we say is turn them over to us, we're going to protect the cells against cold, we're going to remove the blood, replace it with essentially a medical-grade antifreeze, he said. The organization then stores the bodies at about minus 320 degrees Fahrenheit, minus 196 degrees Celsius, preserving them for decades.

Alcor, based in Scottsdale, Arizona, has been freezing bodies for nearly 50 years, boasting 181 patients in total.

According to Moore, major scientific breakthroughs are needed before any of Alcors clients can be revived. For example, he said that it would take a long time to solve issues surrounding ageing, and that there would be no point in bringing someone back as a 90-year-old just to have your body give out again. He acknowledged, however, that there may never be a way to reverse such natural phenomena.

We are not guaranteeing this will definitely work, which is better than the alternative, we think.

He recognized that some may find the idea of being revived in the distant future unsettling and perhaps even worse than death, since they wouldnt know anyone and everything could potentially be foreign to them.

[It] does take a sense of adventure, no doubt about it. A lot of people are not going to want to do this, even if they're sure itll work because they just don't have that much of a sense of adventure, he told Shevardnadze.

Moore said Alcor was researching how it could help revived individuals readjust to their new lives, saying rehabilitation would be a core mission for the organization going forward.

He argued that, unlike many religions, cryonics does not promise life after death, but does open the door to the possibility that one day you could wake up, albeit in a very different world.

Speaking personally, Moore said that he was hoping that scientific advancements would allow him to indefinitely extend his life, but that progress on this frontier has been slow, which likely meant that he would need to undergo the procedure himself when the time comes.

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Time of death? Whenever you decide! Futurist pitches cryopreservation to RT mostly for people with a sense of adventure - RT

The Trudeau government is seeking a fourth extension to the court-imposed deadline for expanding access to medical assistance in dying.

Justice Minister David Lametti is asking the court to give the government one more month until March 26 to pass Bill C-7.

The bill is intended to bring the law into compliance with a 2019 Quebec Superior Court ruling that struck down a provision allowing assisted dying only for people nearing the natural ends of their lives.

The bid for yet another extension reflects doubt that the government can get the bill passed by the current deadline next Friday.

On Tuesday, the House of Commons is scheduled to begin debating whether to accept or reject major amendments passed by the Senate.

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That debate could drag on for days and whatever the Commons ultimately decides on the amendments, the bill must still go back to the upper house, where senators will have to decide whether to defer to the elected chamber or dig in their heels.

Theoretically, the bill could bounce back and forth between the two parliamentary chambers indefinitely.

The Senate was to resume sitting on Tuesday but that has now been delayed until next Friday, in seeming recognition that C-7 is unlikely to be back in senators laps before then.

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Sen. Marc Gold, the governments representative in the Senate, said the Senate can be recalled earlier if need be. In a statement, Gold said he remains fully committed to the legislation receiving royal assent expeditiously and in time to meet the court deadline of Feb. 26.

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In a joint statement, Lametti and Health Minister Patty Hajdu said they too continue to hope that the bill can receive royal assent by Feb. 26. But they said the government is seeking the one-month extension as a prudent step in case Parliament cant meet the deadline.

Amending Canadas MAID (medical assistance in dying) law has been a lengthy and complex process. After months of review in both the House of Commons and the Senate, we are now at a critical stage, the ministers said.

The bill would expand access to assisted dying to intolerably suffering individuals who are not approaching the natural ends of their lives.

The Senate has passed the bill with five amendments, two of which would expand access well beyond what the government proposed.

One would allow people who fear losing mental capacity to make advance requests for assisted dying. The other would impose an 18-month time limit on the bills proposed ban on assisted dying for people suffering solely from mental illnesses.

The Conservatives, who were largely opposed to the original bill and dragged out debate on it, have called for extended sitting hours for the Commons, even into the weekend, to allow for thorough debate on the Senate amendments.

Story continues below advertisement

Canadas Conservatives believe any bill that is life-or-death like MAID requires a significant amount of scrutiny, the partys justice critic, Rob Moore, said in a statement.

The constant scrambling from the Liberals to try and ram this bill through should be alarming to all Canadians.

As the Liberals hold only a minority of seats in the Commons, the government would need the support of at least one opposition party to cut debate short.

It will also need at least one party to support its decision to accept, reject or modify each of the amendments.

2021 The Canadian Press

Read more here:

Feds ask court to grant 4th extension to allow passage of assisted dying bill - Global News