OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/oceanagold-corp/) reported its financial and operational results for the quarter ended September 30, 2020. Details of the consolidated financial statements and the Management Discussion and Analysis (“MD&A”) are available on the Company’s website at www.oceanagold.com
Highlights
“As mentioned in our corporate update at the end of August, we continue to manage the near-term risks at Haile while working hard to deliver on our commitments and keep our workforce safe. We are focussed on areas in which we can make meaningful improvements, including increased mining and milling rates while continuing to improve recoveries. We are pleased with the long-term trend of higher mining rates despite the impact that COVID-19 has had to staffing levels and the record rainfall experienced this year.”
“In New Zealand, Macraes continues to perform exceptionally well and delivered a quarter-on-quarter production increase as the operation returned to full scale mining post government-imposed COVID-19 shutdowns. Development of Martha Underground at Waihi is on-track with approximately 5,000 metres completed year-to-date including 2,240 metres in the third quarter. We have commenced mining development ore at Martha Underground which will be stockpile ahead of the planned commencement of processing scheduled for the second quarter of 2021.”
“Subsequent to quarter-end, we completed the bought deal offering for net proceeds of $122 million with proceeds to be used to advance our exciting and significant organic growth projects including the Haile Underground, Waihi district development and exploration in the greater Waihi District. The development of our organic growth projects is at the centre of creating value for our shareholders over the long-term.”
Operations
YTD the Company produced 202,521 ounces of gold, including 63,136 ounces of gold in the third quarter. Gold production YTD was 44% lower than the same period in 2019 primarily due to the suspension of operations at Didipio. Quarter-on-quarter gold production increased 8% with stronger production at Macraes, partly offset by lower production at Haile due to COVID-19 related workforce disruptions and record rainfall that reduced mining rates and delayed access to higher grade ore zones.
Consolidated AISC of $1,367 per ounce sold increased 26% YTD due to lower gold sales and increased cash costs. Third quarter consolidated AISC of $1,695 per ounce sold increased 34% quarter-on-quarter, reflecting higher sustaining capital investments related at Macraes and the progressive pre-stripping campaign at Haile. Cash costs YTD were $904 per ounce while third quarter cash costs were $1,015 per ounce, higher than the previous quarter and prior year due to the absence of production from Didipio and increased operating costs as a result of COVID-19-related protocols and restrictions.
Macraes delivered a 25% increase in production quarter-on-quarter following the resumption of full-scale mining operations after the government imposed COVID-19 shutdown in the second quarter. Higher third quarter AISC was expected and reflects increased sustaining capital investments and pre-stripping activities. Full year guidance for Macraes of 140,000 to 150,000 gold ounces at site AISC of $1,100 to $1,150 per ounce sold remains unchanged. The Company expects significantly higher production and lower AISC in the fourth quarter, driven by grade improvements and reductions in sustaining capital spend.
Activities at Waihi focussed on the development of Martha Underground, including the completion of 2,240 metres of underground development during the third quarter and 5,095 metres YTD. Development of Martha Underground remains on-track for first production in the second quarter of 2021, and full year 2020 guidance at Waihi remains unchanged. The Company expects to produce approximately 20,000 gold ounces at AISC of $715 to $765 per ounce sold, of which 7,000 to 8,000 gold ounces are expected to be produced in the fourth quarter with the planned restart of the process plant.
At Haile, health and safety protocols remain in place to protect the wellbeing of the workforce amidst increasing local COVID-19 confirmed cases. The protocols in place have successfully prevented the spread of COVID-19 at site; however, during the third quarter, the operation experienced a significant increase in confirmed COVID-19 cases and self-isolations within the workforce. Confirmed cases increased from two to twenty during the third quarter, and approximately 160 employees and contractors self-isolated during this period. Workforce disruption from COVID-19, combined with record rainfall YTD of approximately 51 inches (the highest in 35 years), impacted mining advance rates and delayed access to higher grade ore zones. As such, third quarter production was adversely impacted resulting in lower production and higher than expected costs.
The Company continues to expect Haile’s fourth quarter to deliver its highest level of gold production for the year as mining progressively advances to higher grade ore zones. That said, the Company notes that the Haile outlook could be adversely impacted by additional challenges related to the COVID-19 pandemic. Currently, the Company expects to deliver the lower-end of full-year production guidance of 135,000 to 175,000 gold ounces at a site AISC of $1,100 and $1,400 per ounce sold.
The Didipio mine remained suspended during the quarter due to ongoing restraints placed on the operations. The Company has maintained Didipio in a state of operational readiness for rapid re-start on the expectation that a resumption of normal operations could be achieved in 2020, either through lifting of restrictions imposed on access, or completion of a renewal of the Financial or Technical Assistance Agreement (“FTAA”). To date, completion of the renewal is outstanding, and subsequent to quarter-end the Company issued the notices for permanent termination of employment to 496 employees (excluding contracted workforce) on temporary lay-off. The termination became effective on October 13, 2020 given the ongoing restrain on operations from the Local Government and anti-mining activists’ road blockade.
Financial
YTD the Company generated $331.9 million in revenue, a decrease from the prior year period mainly due to limited sales from Didipio and reduced sales from Waihi. Quarter-on-quarter revenue increased slightly due to higher sales volume from Macraes and higher average gold priced received, partly offset by lower revenue from Haile due to decreased production.
YTD EBITDA (excluding gain/loss on undesignated hedges and impairment charge) of $68.3 million decreased 60% year on year, primarily reflecting limited sales from Didipio and lower production from New Zealand, partly offset by improved performance from Haile. Quarter-on-quarter EBTIDA was broadly comparable.
The Company recognized a pre-tax impairment charge of $80.0 million in the third quarter in relation to the carrying value of Didipio’s assets. Management identified that there was an indicator of impairment resulting from the permanent layoffs of 496 employees at Didipio which took place on October 13, 2020. The layoffs impacted the expected timeline to resume full operations, increasing estimates from approximately six weeks to 12 months and negatively impacted the asset’s valuation.
Net loss (before unrealised losses on undesignated hedges and impairment charges) was $24.9 million or $(0.04) per share on a fully diluted basis in the third quarter and $67.2 million or $(0.11) per share on a fully diluted basis YTD. The quarter-on-quarter and year-over-year decrease was mainly a function of the lower revenue from reduced sales volumes.
Operating cash flows YTD were $200.4 million, a 27% increase year-over-year, mainly attributable to $155 million received from the presale of 88,000 gold ounces, partly offset by lower operating cash flow from Waihi and Didipio. YTD fully diluted cash flow per share before working capital was $0.11, excluding the impact of the gold presales, and $0.02 for the third quarter, unchanged quarter-on-quarter.
YTD investing cash flows of $163.1 million were 13% lower than the prior year period, primarily due to lower capital spend at Didipio and proceeds from the sale of Gold Standard Venture (‘GSV’) shares, partly offset by higher pre-strip costs and increased spend for growth at Haile and Waihi. Higher quarter-on-quarter investing cash flows of $78.4 million reflect higher capitalised pre-strip and increased growth capital at Haile.
Subsequent to quarter-end, the Company completed a bought deal offering in which 81.6 million common shares were issued at C$2.06 per share for total net proceeds of $122.4 million. The Company has fully drawn down its $200.0 million revolving credit facility, which currently matures on December 31, 2021.
Growth
The Company continues to advance its organic growth pipeline including the Waihi District opportunities, mine life extensions at Macraes and the Haile Underground. During the third quarter, the Company announced results of updated Technical Reports for Haile and Macraes and a Preliminary Economic Assessment of the Waihi District.
The Macraes Technical Report demonstrated a life of mine extension to 2028 with the development of Golden Point Underground and regional open pit opportunities. Development of Golden Point Underground is expected to commence in the fourth quarter of 2020 with first production expected in 2021. At Haile the Company optimised Horseshoe Underground and solidified the operation’s life of mine plan to deliver 2.5 million ounces through to 2033 with completion of the Technical Report.
The Martha Underground is fully permitted and on-track for first production in the second quarter of 2021. The Company is progressing stakeholder engagement and feedback processes in support of permitting which is expected to formally commence in 2020 for the other Waihi District opportunities. The Company continues to drill mainly at Martha Underground and WKP with a focus on resource conversion and expansion.
Conference Call
The Company will also host a conference call / webcast to discuss the results at 8:00 am on Friday October 30, 2020 (Melbourne, Australian Eastern Daylight Time) / 5:00 pm on Thursday October 29, 2020 (Toronto, Eastern Daylight Time).
Webcast Participants
To register, please copy and paste the link below into your browser:
https://produceredition.webcasts.com/starthere.jsp?ei=1378251&tp_key=01f094b41c
Teleconference Participants (required for those who wish to ask questions)
Local (toll free) dial in numbers are:
North America: 1 888 390 0546
Australia: 1 800 076 068
United Kingdom: 0 800 652 2435
Switzerland: 0 800 312 635
All other countries (toll): + 1 416 764 8688
Playback of Webcast
If you are unable to attend the call, a recording will be available for viewing on the Company’s website.
Authorised for release to market by Acting EVP, General Counsel & Company Secretary, Chris Hansen.
For further information please contact:
Investor Relations
Allysa Howell
Tel: +1 720 484 1147
IR@oceanagold.com
Media Relations
Melissa Bowerman
Tel: +61 407 783 270
info@oceanagold.com
www.oceanagold.com | Twitter: @oceanagold
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch
About OceanaGold
OceanaGold is a multinational gold producer committed to the highest standards of technical, environmental and social performance.
For 30 years, we have been contributing to excellence in our industry by delivering sustainable environmental and social outcomes for our communities, and strong returns for our shareholders. Our global exploration, development, and operating experience has created a significant pipeline of organic growth opportunities and a portfolio of established operating assets including Didipio Mine in the Philippines; Macraes and Waihi operations in New Zealand; and Haile Gold Mine in the United States of America.
Cautionary Statement for Public Release
Certain information contained in this public release may be deemed “forward-looking” within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company’s expectations regarding the generation of free cash flow, achievement of guidance, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, the outbreak of an infectious disease, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company’s most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR at www.sedar.com under the Company’s name. There are no assurances the Company can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements and information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES.
Highlights
- Total Recordable Injury Frequency Rate (“TRIFR”) of 2.9 per million hours worked compared to 2.7 per million hours worked at the end of the second quarter of 2020.
- Year-to-date (“YTD”) 2020 consolidated production of 202,521 ounces of gold at All-In Sustaining Costs (“AISC”) of $1,367 per ounce on sales of 214,133 ounces of gold.
- Consolidated third quarter gold production of 63,136 ounces at AISC of $1,695 per ounce on sales of 60,790 ounces of gold.
- YTD revenue of $331.9 million with Earnings before Interest, Depreciation and Amortisation (“EBITDA”) of $68.3 million; third quarter revenue of $97.9 million with EBITDA of $13.5 million.
- YTD net loss of $154.2 million including a net loss of $96.8 million in the third quarter which reflected an impairment charge of $80 million in relation to Didipio.
- Cash balance and total immediately available liquidity of $127.0 million; net debt of $187.0 million as of September 30, 2020.
- Subsequent to quarter-end, the Company completed a bought deal offering in which 81.6 million common shares were issued for total net proceeds of $122.4 million; proceeds will be used to advance the Company’s significant pipeline of organic growth opportunities.
- Advanced Martha Underground development at Waihi with 2,240 metres completed in the third quarter and 5,095 metres YTD; the project remains on-track for first production in the second quarter of 2021.
- Company expects to achieve the low-end of full year 2020 production guidance of 295,000 to 345,000 consolidated ounces at AISC of $1,150 to $1,250 per ounce sold.
“As mentioned in our corporate update at the end of August, we continue to manage the near-term risks at Haile while working hard to deliver on our commitments and keep our workforce safe. We are focussed on areas in which we can make meaningful improvements, including increased mining and milling rates while continuing to improve recoveries. We are pleased with the long-term trend of higher mining rates despite the impact that COVID-19 has had to staffing levels and the record rainfall experienced this year.”
“In New Zealand, Macraes continues to perform exceptionally well and delivered a quarter-on-quarter production increase as the operation returned to full scale mining post government-imposed COVID-19 shutdowns. Development of Martha Underground at Waihi is on-track with approximately 5,000 metres completed year-to-date including 2,240 metres in the third quarter. We have commenced mining development ore at Martha Underground which will be stockpile ahead of the planned commencement of processing scheduled for the second quarter of 2021.”
“Subsequent to quarter-end, we completed the bought deal offering for net proceeds of $122 million with proceeds to be used to advance our exciting and significant organic growth projects including the Haile Underground, Waihi district development and exploration in the greater Waihi District. The development of our organic growth projects is at the centre of creating value for our shareholders over the long-term.”
Operations
YTD the Company produced 202,521 ounces of gold, including 63,136 ounces of gold in the third quarter. Gold production YTD was 44% lower than the same period in 2019 primarily due to the suspension of operations at Didipio. Quarter-on-quarter gold production increased 8% with stronger production at Macraes, partly offset by lower production at Haile due to COVID-19 related workforce disruptions and record rainfall that reduced mining rates and delayed access to higher grade ore zones.
Consolidated AISC of $1,367 per ounce sold increased 26% YTD due to lower gold sales and increased cash costs. Third quarter consolidated AISC of $1,695 per ounce sold increased 34% quarter-on-quarter, reflecting higher sustaining capital investments related at Macraes and the progressive pre-stripping campaign at Haile. Cash costs YTD were $904 per ounce while third quarter cash costs were $1,015 per ounce, higher than the previous quarter and prior year due to the absence of production from Didipio and increased operating costs as a result of COVID-19-related protocols and restrictions.
Macraes delivered a 25% increase in production quarter-on-quarter following the resumption of full-scale mining operations after the government imposed COVID-19 shutdown in the second quarter. Higher third quarter AISC was expected and reflects increased sustaining capital investments and pre-stripping activities. Full year guidance for Macraes of 140,000 to 150,000 gold ounces at site AISC of $1,100 to $1,150 per ounce sold remains unchanged. The Company expects significantly higher production and lower AISC in the fourth quarter, driven by grade improvements and reductions in sustaining capital spend.
Activities at Waihi focussed on the development of Martha Underground, including the completion of 2,240 metres of underground development during the third quarter and 5,095 metres YTD. Development of Martha Underground remains on-track for first production in the second quarter of 2021, and full year 2020 guidance at Waihi remains unchanged. The Company expects to produce approximately 20,000 gold ounces at AISC of $715 to $765 per ounce sold, of which 7,000 to 8,000 gold ounces are expected to be produced in the fourth quarter with the planned restart of the process plant.
At Haile, health and safety protocols remain in place to protect the wellbeing of the workforce amidst increasing local COVID-19 confirmed cases. The protocols in place have successfully prevented the spread of COVID-19 at site; however, during the third quarter, the operation experienced a significant increase in confirmed COVID-19 cases and self-isolations within the workforce. Confirmed cases increased from two to twenty during the third quarter, and approximately 160 employees and contractors self-isolated during this period. Workforce disruption from COVID-19, combined with record rainfall YTD of approximately 51 inches (the highest in 35 years), impacted mining advance rates and delayed access to higher grade ore zones. As such, third quarter production was adversely impacted resulting in lower production and higher than expected costs.
The Company continues to expect Haile’s fourth quarter to deliver its highest level of gold production for the year as mining progressively advances to higher grade ore zones. That said, the Company notes that the Haile outlook could be adversely impacted by additional challenges related to the COVID-19 pandemic. Currently, the Company expects to deliver the lower-end of full-year production guidance of 135,000 to 175,000 gold ounces at a site AISC of $1,100 and $1,400 per ounce sold.
The Didipio mine remained suspended during the quarter due to ongoing restraints placed on the operations. The Company has maintained Didipio in a state of operational readiness for rapid re-start on the expectation that a resumption of normal operations could be achieved in 2020, either through lifting of restrictions imposed on access, or completion of a renewal of the Financial or Technical Assistance Agreement (“FTAA”). To date, completion of the renewal is outstanding, and subsequent to quarter-end the Company issued the notices for permanent termination of employment to 496 employees (excluding contracted workforce) on temporary lay-off. The termination became effective on October 13, 2020 given the ongoing restrain on operations from the Local Government and anti-mining activists’ road blockade.
Financial
YTD the Company generated $331.9 million in revenue, a decrease from the prior year period mainly due to limited sales from Didipio and reduced sales from Waihi. Quarter-on-quarter revenue increased slightly due to higher sales volume from Macraes and higher average gold priced received, partly offset by lower revenue from Haile due to decreased production.
YTD EBITDA (excluding gain/loss on undesignated hedges and impairment charge) of $68.3 million decreased 60% year on year, primarily reflecting limited sales from Didipio and lower production from New Zealand, partly offset by improved performance from Haile. Quarter-on-quarter EBTIDA was broadly comparable.
The Company recognized a pre-tax impairment charge of $80.0 million in the third quarter in relation to the carrying value of Didipio’s assets. Management identified that there was an indicator of impairment resulting from the permanent layoffs of 496 employees at Didipio which took place on October 13, 2020. The layoffs impacted the expected timeline to resume full operations, increasing estimates from approximately six weeks to 12 months and negatively impacted the asset’s valuation.
Net loss (before unrealised losses on undesignated hedges and impairment charges) was $24.9 million or $(0.04) per share on a fully diluted basis in the third quarter and $67.2 million or $(0.11) per share on a fully diluted basis YTD. The quarter-on-quarter and year-over-year decrease was mainly a function of the lower revenue from reduced sales volumes.
Operating cash flows YTD were $200.4 million, a 27% increase year-over-year, mainly attributable to $155 million received from the presale of 88,000 gold ounces, partly offset by lower operating cash flow from Waihi and Didipio. YTD fully diluted cash flow per share before working capital was $0.11, excluding the impact of the gold presales, and $0.02 for the third quarter, unchanged quarter-on-quarter.
YTD investing cash flows of $163.1 million were 13% lower than the prior year period, primarily due to lower capital spend at Didipio and proceeds from the sale of Gold Standard Venture (‘GSV’) shares, partly offset by higher pre-strip costs and increased spend for growth at Haile and Waihi. Higher quarter-on-quarter investing cash flows of $78.4 million reflect higher capitalised pre-strip and increased growth capital at Haile.
Subsequent to quarter-end, the Company completed a bought deal offering in which 81.6 million common shares were issued at C$2.06 per share for total net proceeds of $122.4 million. The Company has fully drawn down its $200.0 million revolving credit facility, which currently matures on December 31, 2021.
Growth
The Company continues to advance its organic growth pipeline including the Waihi District opportunities, mine life extensions at Macraes and the Haile Underground. During the third quarter, the Company announced results of updated Technical Reports for Haile and Macraes and a Preliminary Economic Assessment of the Waihi District.
The Macraes Technical Report demonstrated a life of mine extension to 2028 with the development of Golden Point Underground and regional open pit opportunities. Development of Golden Point Underground is expected to commence in the fourth quarter of 2020 with first production expected in 2021. At Haile the Company optimised Horseshoe Underground and solidified the operation’s life of mine plan to deliver 2.5 million ounces through to 2033 with completion of the Technical Report.
The Martha Underground is fully permitted and on-track for first production in the second quarter of 2021. The Company is progressing stakeholder engagement and feedback processes in support of permitting which is expected to formally commence in 2020 for the other Waihi District opportunities. The Company continues to drill mainly at Martha Underground and WKP with a focus on resource conversion and expansion.
Conference Call
The Company will also host a conference call / webcast to discuss the results at 8:00 am on Friday October 30, 2020 (Melbourne, Australian Eastern Daylight Time) / 5:00 pm on Thursday October 29, 2020 (Toronto, Eastern Daylight Time).
Webcast Participants
To register, please copy and paste the link below into your browser:
https://produceredition.webcasts.com/starthere.jsp?ei=1378251&tp_key=01f094b41c
Teleconference Participants (required for those who wish to ask questions)
Local (toll free) dial in numbers are:
North America: 1 888 390 0546
Australia: 1 800 076 068
United Kingdom: 0 800 652 2435
Switzerland: 0 800 312 635
All other countries (toll): + 1 416 764 8688
Playback of Webcast
If you are unable to attend the call, a recording will be available for viewing on the Company’s website.
Authorised for release to market by Acting EVP, General Counsel & Company Secretary, Chris Hansen.
For further information please contact:
Investor Relations
Allysa Howell
Tel: +1 720 484 1147
IR@oceanagold.com
Media Relations
Melissa Bowerman
Tel: +61 407 783 270
info@oceanagold.com
www.oceanagold.com | Twitter: @oceanagold
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch
About OceanaGold
OceanaGold is a multinational gold producer committed to the highest standards of technical, environmental and social performance.
For 30 years, we have been contributing to excellence in our industry by delivering sustainable environmental and social outcomes for our communities, and strong returns for our shareholders. Our global exploration, development, and operating experience has created a significant pipeline of organic growth opportunities and a portfolio of established operating assets including Didipio Mine in the Philippines; Macraes and Waihi operations in New Zealand; and Haile Gold Mine in the United States of America.
Cautionary Statement for Public Release
Certain information contained in this public release may be deemed “forward-looking” within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company’s expectations regarding the generation of free cash flow, achievement of guidance, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, the outbreak of an infectious disease, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company’s most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR at www.sedar.com under the Company’s name. There are no assurances the Company can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements and information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES.
