Gabriel Resources Ltd. ("Gabriel" or the "Company") (TSX:GBU) announces the
publication of its First Quarter Financial Statements and Management's
Discussion and Analysis Report for the period ended March 31, 2014.
Summary of recent events
Capitalised terms used in this summary section are defined in "Further
Information" below.
-- On March 5, 2014, a new coalition Romanian Government was sworn in.
Government approval of the environmental permit is pivotal to the future
progress of the Project and a key factor in this decision is the
recommendation of the TAC. Despite a further TAC meeting in April 2014,
and given the continued political instability in Romania, and recent
ministerial changes, the outlook regarding approval of the environmental
permit remains uncertain at this time.
-- Political activities in Romania are currently focused on the European
Parliamentary elections which take place at the end of May, and the run
up to presidential elections that are to be held in November 2014.
-- Until such time as the Company can initiate additional, meaningful
dialogue with the Government regarding the completion of various
permitting processes of the Project including the EIA, Gabriel cannot
provide any assurances or estimates of the likely time required to
address and resolve matters currently preventing the advancement of the
Project.
-- In light of the repeated delays of the Government to properly address
the assessment and permitting procedures for the Project, a thorough
review of all activities associated with development of the Project has
been undertaken and it was concluded that approximately 80 per cent of
the employment contracts of the affected RMGC employees are to be
terminated during the second quarter of 2014.
-- $31.2 million of cash and cash equivalents was held as at March 31,
2014.
Jonathan Henry, Gabriel's President and Chief Executive Officer, stated:
"Romania has the potential to be a leading gold producer in Europe through the
development of Rosia Montana. Although we still remain fully committed to
constructing and operating a mine at Rosia Montana we have seen no real or
transparent process from the new Government in recent months evidencing a will
to proceed with the Project. The Company has recently had to make almost 400
Romanian employees redundant as a result.
"The Company believes that it has delivered comprehensive and compelling answers
to all technical assessment questions raised on the Project and that the
permitting process for the Project can be successfully completed in the short
term."
Further information and commentary on the operations and results in the first
quarter of 2014, together with events anticipated in the short term, is given
below. The Company has filed its Unaudited Condensed Interim Consolidated
Financial Statements and Management's Discussion & Analysis on SEDAR at
www.sedar.com and each is available for review on the Company's website at
www.gabrielresources.com.
Further Information
Financial Performance
-- The net loss for the first quarter of 2014 was $3.5 million, or $0.01
per share.
Liquidity and Capital Resources
-- Cash and cash equivalents at March 31, 2014 amounted to $31.2 million.
-- During the period ended March 31, 2014, proceeds received by the Company
from the exercise of stock options were nil (Q1 2013: not material).
Excluding the impact of funds received through the exercise of stock
options, tax refunds and realized foreign exchange translation
differences, the Company's average monthly net cash usage during Q1 2014
was $3.6 million (2013 full year average was $3.9 million, 2012: $4.9
million). Aggregate cash usage in Q1 2014 includes a reduction in trade
and other payables of $2.2 million since the end of Q4 2013.
-- In 2014 to date the Company has continued with its underlying cost
containment to preserve capital until such time as the Government moves
ahead with Project permitting. The most significant recent element of
this has been the decision to terminate the employment contracts of
approximately 400 employees at Rosia Montana Gold Corporaton ("RMGC"),
effective Q2 2014. There will be related, one-time severance payments
during the course of 2014 totaling approximately $2.6 million.
Capital Cost
-- Including interest, financing and corporate costs, the Company estimates
the capital required to bring the Project into production and to a
position of positive cash flow is approximately US$1.5 billion.
Political Environment
-- Political activities in Romania are currently focused on the European
Parliamentary elections which take place at the end of May. The outcome
of these elections will be important to assess where the Romanian
public's allegiance to political parties lies in the run up to
presidential elections that are to be held in November 2014.
-- The coalition parties within the Government of Romania ("Government")
separated in late February 2014. The alliance of the Social Democrat
("PSD"), National Liberal ("PNL"), the Conservative Party ("PC") and the
National Union for the Progress of Romania ("UNPR") (together the
"USL"), was led by Social Democrat leader and Prime Minister Victor
Ponta, and held a two-thirds majority in parliament since the
parliamentary elections of December 9, 2012, a position that enabled it
to control both the Chamber of Deputies and the Senate.
-- On February 25, 2014, the PNL adopted a resolution for its withdrawal
from the Government, and also called for the resignation of Prime
Minister Ponta and the legal dissolution of the USL.
-- On March 3, 2014, it was announced that the PSD, PC and the UNPR, had
reached a political agreement of the terms on which the Democratic Union
of Hungarians in Romania ("UDMR"), a political alliance representing the
ethnic Hungarians of Romania, was to join the Government. The new
Government was sworn in on March 5, 2014.
-- Of particular relevance to the Project, UDMR has been allocated the
Ministries of Environment and Culture, positions it most recently held
when in government in 2012, following which it has been in a position of
political opposition for almost two years.
Special Draft Law in respect of the Project
-- In order to achieve certain of the objectives assumed by the then
Government in its strategic agenda for its four year term, the
Government approved and issued a draft law "on certain measures related
to the exploitation of the gold-silver deposits from Ro ia MontanA and
stimulation and facilitation of mining development in Romania" ("Special
Draft Law").
-- On November 11, 2013 the Special Joint Committee of the Senate and of
the Chamber of Deputies ("Special Committee") published its report
("Report"), and voted in favour of a recommendation therein for the
rejection of the Special Draft Law. The Report did not propose
acceptance or rejection of the Project by the Parliament,
notwithstanding that numerous and wide-ranging conclusions and
recommendations were included in the Report.
-- On November 19, 2013 the plenary of the Senate rejected the Special
Draft Law, adopting the Report drawn-up by the Special Committee. No
vote has taken place to date by the Chamber of Deputies, as the
decision-making body of Parliament charged with voting on adoption of
the Special Draft Law, although the Company fully expects it to be
rejected when it is presented.
Impact on the Project
-- The political instability and ministerial changes recently effected,
together with the failed legislative initiatives of late 2013, have
resulted in a lack of transparency in the foreseeable process for
permitting the Project.
-- A number of the recommendations in the Report were presented by the
Special Committee in response to concerns raised by interested parties
during the Special Committee hearings. The Company believes that these
issues have already been addressed extensively by the competent
authorities or institutions charged with assessing the Project, such as
the Technical Assessment Committee of the Environment Ministry ("TAC"),
but remain topics for suggestion that further studies need to be
initiated or permitting delay should ensure, neither of which has been
discussed directly with, or made clear to, the Company at this time.
-- Until such time as the Company can initiate additional, meaningful
dialogue with the relevant ministries of the Government and the TAC
regarding the completion of environmental permitting and any proposals
for further legislative processes through the Romanian Parliament which
may affect the Project, Gabriel cannot provide any assurances or
estimates of the likely time required to address and resolve matters
such as those raised in the Report or as to the impact of recent events
upon the permitting progress of the Project.
-- In light of the repeated delays of the Government to properly address
the assessment and permitting procedures for the Project, a thorough
review of all activities associated with the development of the Project
has been undertaken, with a goal of further reducing expenditures to
ensure the Company remains financially strong, while maintaining, as far
as possible, all existing licenses and permits in good standing.
Following such review and consultation with the local trade union and
concerned authorities regarding retrenchment compensation, it was
concluded that approximately 80 per cent of the employment contracts of
the affected RMGC employees are to be terminated during the second
quarter of 2014.
-- In the immediate future, the Company will continue to pursue a strategy
of engagement with all stakeholders to explain the critical importance
of the Project as part of the sustained economic development for Romania
and the Company's commitment to adhere to the highest standards on
engineering, environmental, cultural and social matters, which will
allow the Project to become a showcase for further investment into
Romania and a sustainable legacy for the Romanian people.
Project Ownership and Royalty Rates
-- On November 1, 2013 the shareholders of RMGC formally approved the
transfer of the entire direct 19.31% shareholding in RMGC from Minvest
to Minvest Rosia Montana ("Minvest RM") a wholly-owned state entity.
-- In December 2013, the Group was required to recapitalize RMGC in order
to comply with Romanian minimum capitalization company law requirements.
The subscription to RMGC share capital by the Company was effected
through a conversion of existing intercompany debt. In January 2014,
following discussions with the Ministry of Economy, the Group agreed to
transfer to Minvest RM, for nil consideration, a proportion of the
shares subscribed to in December 2013, with a face value of $20.4
million, in order to preserve the respective shareholdings in RMGC.
-- As previously reported, on November 14, 2013 the Government issued an
emergency ordinance to provide for a new set of royalties applicable to
mineral resources, including gold at a royalty of 6% of the mining
production value. The ordinance has yet to be debated and voted on by
the Chamber of Deputies, the decisional body which could potentially
modify the applicable royalty rates. Until such time as an addendum to
the exploitation license for the Project ("RM License") is agreed by
RMGC, it is the Company's understanding that the royalty rate of 4%
established in the RM License will continue to apply to the Project.
Environmental Permit
-- During 2013, there were four meetings of the TAC to review of the
Environmental Impact Assessment ("EIA"), with the last meeting held on
July 26, 2013. It was the Company's understanding that, at that meeting,
the TAC had completed all technical review aspects of the EIA process
and was close to being in a position to issue a recommendation on the
issuance of the environmental permit for the Project ("EP"). However,
the subsequent activities of the Special Committee and its Report appear
to have introduced further delay to the TAC process.
-- A further meeting of the TAC was convened on April 2, 2014, primarily as
an opportunity to consider the environmental aspects raised in the
Report. The Company noted its observations at that meeting and
subsequently in writing to the Environment Ministry that all material
environmental issues arising in the Report had previously been
considered, at length, by the TAC. No formal conclusions or follow up
actions were requested at the meeting and the Company now awaits formal
feedback and guidance from the Government, the Ministry of Environment
("MoE") and the TAC as to whether further meetings or documentation will
be requested.
-- Government approval of the EP is pivotal to the future construction and
operational permitting progress of the Project. A key factor in the
Government decision is the recommendation of the TAC, however, in light
of the continued political focus upon the Project as described above,
the TAC process appears to have been stalled and the outlook regarding
approval of the EP or any possible re-submission to Parliament of
legislation related to amending the existing mining law is uncertain at
this time. As a result, the Company remains unable to provide guidance
on the timeframes to a final decision on environmental permitting of the
Project from the TAC, MoE or the Government. The Company remains
confident that it will comply with, and in some aspects exceed, its
obligations under EU and Romanian laws for environmental protection and
guarantees.
Other Permitting
-- Since 2002, when the local council of Ro ia MontanA passed resolutions
approving a zonal urbanism plan designating an industrial zone under the
footprint of the proposed new mine at Ro ia MontanA ("2002 PUZ"), the
Company has updated the design of the proposed mine, reduced the size of
the footprint, expanded the protected zones and incorporated a number of
additional changes to the proposed mine, all arising as a result of
public consultation. Accordingly, in 2006, an amended PUZ for the
industrial development area of the Project was initiated, and such PUZ
was further updated in 2010 ("Industrial Area PUZ"). It is currently
proposed that, subject to the receipt of the relevant approvals, the
Industrial Area PUZ will replace the 2002 PUZ which is due to expire in
July 2014.
-- The Industrial Area PUZ is at an advanced stage, as at March 31, 2014,
RMGC had obtained 19 out of the total number of 23 endorsements
necessary for its approval. However, in April 2014, pursuant to a legal
challenge launched by non-governmental organisations ("NGOs") opposing
the Project, one of the 19 endorsements was cancelled by court order.
The Company, together with the relevant authorities, has submitted an
appeal against this decision. After obtaining all the necessary
endorsements, the final approval for the Industrial Area PUZ will be
required to be given by the local councils of Ro ia MontanA, Abrud and
Bucium. The court order does not affect the current standing of the 2002
PUZ which remains in force and effect.
-- In addition, 10 out of the total of 13 endorsements necessary for the
final approval of the zonal urbanism plan for the Rosia Montana
historical protected area ("Historical Area PUZ") had been obtained at
the end of Q1 2014.
-- Although an extension to the validity of the existing Industrial Area
PUZ has been obtained until July 2014 and a process has been commenced
to obtain certain new PUZs, the final approval of the PUZs follows after
a series of endorsements and approvals from various authorities. There
can be no assurance that the outstanding endorsements will be obtained
in a timely fashion, that additional endorsements and approvals will not
be required or that existing endorsements will not be the subject of
legal challenge in the Romanian courts.
-- While the Company understands there is no formal link between the
receipt of remaining endorsements for the Industrial Area PUZ, the
Historical Area PUZ and the EIA review process, it believes that these
respective remaining endorsements are likely to be obtained on, or
after, the issuance of the EP.
Archaeology and Preservation of Cultural Heritage
-- An archaeological review of the historical mining activity at Ro ia
MontanA is a critical step in the granting of the construction permits
to build the Project. A number of archaeological discharge certificates
are required for various parts of the proposed Project footprint. In
order to obtain such discharge certificates, the Company has conducted
an extensive program of exploratory and preventative archaeology in
order to ensure that valuable historical relics in the area are
uncovered and preserved.
-- In July 2011, the Alba County Directorate for Culture and National
Patrimony issued a new Archaeological Discharge Certificate ("ADC") to
RMGC for the Carnic open-pit, which complemented those it already held
for the Cetate and Jig open-pits. In January 2014, the Suceava Tribunal
admitted a request for the temporary suspension of the ADC for the
Carnic open pit and in April 2014, as noted below, a ruling of the
Suceava Court of Appeal rejected an appeal against the January 2014
decision. The ruling is irrevocable.
-- The Company continues to commit limited resources to preserve the
important archeological areas that it has previously opened and
restored. However, further restoration work has been put on hold until
such time as the Government moves ahead with Project permitting.
Litigation
-- Over the years, certain foreign and domestically-funded non-governmental
organizations ("NGOs") have initiated a multitude of legal challenges
against licenses, permits, authorizations and approvals obtained for the
exploration and development of the Project. While a small number of
these actions over many years have been successful, the vast majority
have been, and continue to be, proved to be without merit in the
Romanian courts.
-- The publicly stated objective of the NGOs in initiating and maintaining
these legal challenges is to use the Romanian court system not only to
delay as much as possible, but ultimately to stop the development of the
Project. Often an action will be taken by the NGOs on a particular issue
in several different regional court jurisdictions, and such legal
objection may be raised in separate cases seeking a suspension or
cancellation of a particular license, permit or approval.
-- Key developments that have occurred in legal proceedings concerning the
Project in the first quarter of 2014 and certain upcoming court hearings
in the second quarter of 2014 are as follows:
-- On 30 January 2014, the Suceava Tribunal admitted a request for the
suspension of the ADC pursuant to an action filed by three NGOs.
RMGC and others submitted an appeal against this decision to the
Suceava Court of Appeal, but this appeal was rejected on April 15,
2014. The decision cannot be appealed further. The effect of the
suspension of the ADC is temporary, pending the irrevocable
conclusion of a separate legal action launched by NGOs seeking the
annulment of the ADC, the next hearing of which is scheduled to be
heard by the Buzau Tribunal on May 20, 2014. An irrevocable decision
on the merits of this case may not be issued for several months and
possibly into 2015.
-- On April 15, 2014, the Covasna Tribunal admitted a request filed by
two NGOs for the annulment of the Strategic Environmental Assessment
("SEA") endorsement, which was issued by the Regional Agency for
Environmental Protection of Sibiu in March 2011 in respect of the
Industrial Area PUZ. The ruling is not irrevocable and is the
subject of an appeal by RMGC and others. The hearing date of the
appeal has yet to be scheduled.
-- On April 16, 2014, the Bacau Tribunal postponed the hearing of a
claim initiated by two NGOs seeking the suspension of the SEA
following the submission by the claimants' lawyers of the decision
of the Covasna Tribunal on April 15, 2014 (see above). The next
hearing of this suspension claim is scheduled for June 18, 2014.
-- The first substantive hearing of a claim by three NGOs seeking the
annulment of the current urbanism certificate, UC-47, is scheduled
to be heard the Bistrita Tribunal on June 5, 2014.
-- As previously reported, on April 1, 2013 the Bucharest Tribunal
rejected an NGO claim which sought the disclosure of certain
documents pertaining to the mining license. On October 2, 2013, the
complainant NGO submitted an appeal against this decision to the
Bucharest Court of Appeal and the next hearing of this appeal has
been scheduled for June 6, 2014.
-- Due to the inherent uncertainties of the judicial process, the Company
is unable to predict the ultimate outcome or impact, if any, with
respect to matters challenged in the Romanian courts. In all
circumstances, the Company and/or RMGC will vigorously maintain its
legal rights and will continue to work with local, county and federal
authorities to ensure the Project receives a fair and timely evaluation
in accordance with Romanian and EU laws. However, there can be no
assurance that any claims will be resolved in favour of the Company,
RMGC or the Project. The implications of a negative court ruling will
only be known once such a decision is issued formally by the relevant
Court and the position of the Government is assessed, and may have a
material adverse effect on the timing and/or outcome of the permitting
process for the Project and the Company's financial condition.
Other Legal Proceedings
-- On November 12, 2013, RMGC initiated a defamation suit against the
former director general of the Romanian Institute of Geology (IGR), Mr.
Stefan Marincea, in response to the completely ungrounded accusations
made by Mr. Marincea before the Special Committee concerning the
falsification of certain maps relating to the Corna Valley basin. The
next hearing date of this case has been scheduled for May 21, 2014.
-- In November 2013, RMGC was informed of an investigation by the Ploiesti
Public Prosecutor's Office ("PPPO") into alleged tax evasion and money
laundering on the part of the principals/key shareholder(s) of a group
of companies including Kadok Interprest LLC ("Kadok Group"). The PPPO
has extended its investigation of the Kadok Group to at least 100 other
companies, including RMGC, that had entered into commercial business
relationships with the Kadok Group. RMGC procured goods from the Kadok
Group during 2012, all of which were received and paid for in full by
RMGC, including related sales tax. RMGC no longer has any business
relationship with Kadok Group. RMGC is continuing to cooperate fully
with the PPPO and to provide evidence to the PPPO of its legitimate
business dealings with the Kadok Group.
Outlook
-- The Company's key objectives in the short term include to:
-- Continue engagement with the new Government;
-- Continue to highlight the key economic, environmental, social and
cultural benefits brought to Romania by the Project in order to
demonstrate the merits of the Project to all stakeholders;
-- Understand and progress to finalization and completion the measures
required to obtain approval of the EP;
-- Continue appropriate stewardship of cash resources; and
-- Maximize shareholder value, while optimizing benefits of the Project
to all stakeholders.
About Gabriel
Gabriel is a Canadian TSX-listed resource company focused on permitting and
developing its world-class Rosia MontanA gold and silver project. The
exploitation license for the Project, the largest undeveloped gold deposit in
Europe, is held exclusively by Rosia MontanA Gold Corporation, a Romanian
company in which Gabriel currently owns an 80.69 percent equity interest, with
the 19.31 percent balance held by Minvest Rosia MontanA S.A., a Romanian
state-owned mining enterprise. Gabriel and RMGC are committed to responsible
mining and sustainable development in the communities in which they operate. The
Project is anticipated to bring over US$24 billion (at US$1,200/oz gold) to
Romania as potential direct and indirect contribution to GDP. The Project will
generate thousands of employment opportunities. Gabriel intends to build a
state-of-the-art mine using best available techniques and implementing the
highest environmental standards whilst preserving local and national cultural
heritage in Romania.
For more information please visit the Company's website at www.gabrielresources.com.
Forward-looking Statements
This press release contains "forward-looking information" (also referred to as
"forward-looking statements") within the meaning of applicable Canadian
securities legislation. Forward-looking statements are provided for the purpose
of providing information about management's current expectations and plans and
allowing investors and others to get a better understanding of Gabriel's
operating environment.
These forward-looking statements may include statements with respect to the
future financial or operating performance of the Company and its subsidiaries,
the perceived merit of properties, exploration results and budgets, mineral
reserves and mineral resources estimates, work programs, capital expenditures,
operating costs, cash flow estimates, production estimates and similar
statements relating to the economic viability of a project, timelines, strategic
plans, including the Company's plans and expectations relating to the Project,
the anticipated outcomes of the application processes for permits, endorsements
and licenses, including but not limited to the ongoing review of the
environmental impact assessment, required for the Project, or other statements
that are not statements of fact.
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, identified by words or phrases
such as "expects", "is expected", "anticipates", "believes", "plans",
"projects", "estimates", "assumes", "intends", "strategy", "goals",
"objectives", "potential", "possible" or variations thereof or stating that
certain actions, events, conditions or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved, or the negative of
any of these terms and similar expressions) are not statements of fact and may
be forward-looking statements.
Forward-looking statements are based upon certain assumptions and other
important factors regarding present and future business strategies and the
environment in which the Company will operate in the future, which could prove
to be significantly incorrect.
Forward-looking statements are inherently subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company and/or its subsidiaries to
be materially different from those expressed or implied by such forward-looking
statements. These risks, uncertainties and other factors include, without
limitation, the political and economic risks of operating in Romania, including
those related to controls, regulations, political or economic developments and
government instability in Romania; uncertainty of estimates of capital costs,
sustaining capital costs, operating costs, production and economic returns;
permitting risks, including the risk that permits and governmental approvals
necessary to develop and operate the Project will not be available on a timely
basis or at all, risks of maintaining the validity and enforceability of
necessary permits and risks of replacing expired/cancelled permits and
approvals; uncertainties relating to the assumptions underlying the Company's
mineral resource and mineral reserve estimates, such as metal pricing,
metallurgy, mineability, marketability and operating and capital costs; risk
related to the acquisition of all necessary surface rights for the development
of the Project, including the risk that the Company may not acquire all such
rights, or acquire such rights at acceptable prices; risks related to the
Company's ability to commence production and generate material revenues or
obtain adequate financing for its planned exploration and development
activities; risks of defective title to mineral property, including the risk of
successful legal challenges to the validity of the Company's exploitation
license; risks related to the Company's ability to finance the development of
the Project through external financing, strategic alliances, or otherwise;
litigation risks, including the uncertainties inherent in current and future
legal challenges relating to the Project;
risks related to the availability of infrastructure, water, energy and other
inputs; uncertainty inherent in litigation including the effects of discovery of
new evidence or advancement of new legal theories, the difficulty of predicting
decisions of judges and the possibility that decisions may be reversed on
appeal; uncertainties relating to prices for energy inputs, labour, material
costs, supplies and services (including, but not limited to, labour, cement,
steel, capital equipment, reagents and fuel); risks related to changes in law
and regulatory requirements, including environmental regulation; risks related
to the subjectivity of estimating mineral resources and mineral reserves and the
reliance on available data and assumptions and judgments used in interpretation
of such data; risks related to currency fluctuations, particularly in the value
of the United States dollar and/or the Canadian dollar relative to each other
and to the Euro and the Romanian leu; risks related to the future market prices
of gold and silver and other mineral and commodity price fluctuations, and
volatility in metal prices; risks related to the need for reclamation activities
on the Company's properties and uncertainty of cost estimates related thereto;
risks associated with maintaining substantial levels of indebtedness, including
potential financial constraints on operations; dependence on cooperation of
state-owned joint venture partner in the development of the Project; risks
related to the loss of key employees and the Company's ability to attract and
retain qualified management and technical personnel; risks related to market
events and volatility of global and local economic climate; taxation, including
change in tax laws and interpretations of tax laws; mining and development
risks, including risks related to infrastructure, accidents, equipment
breakdowns, labour disputes or other unanticipated difficulties with or
interruptions in development, construction or production; risks related to
opposition to the Project from non-governmental organizations or civil society;
share capital dilution and share price volatility; and increased competition in
the mining industry.
Forward-looking information contained herein is made as of the date of this
press release. There can be no assurance that forward-looking information or
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information or statements.
Accordingly, for the reasons set forth above, readers should not place undue
reliance on forward-looking statements. The Company does not undertake to update
any forward-looking statements, except in accordance with applicable securities
laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gabriel Resources Ltd.
Jonathan Henry
President and Chief Executive Officer
Mobile: +44 7798 801783
jh@gabrielresources.com
Gabriel Resources Ltd.
Max Vaughan
Chief Financial Officer
Mobile: +44 7823 885503
max.vaughan@gabrielresources.com
www.gabrielresources.com
Buchanan
Bobby Morse
+44 20 7466 5000
bobbym@buchanan.uk.com
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