TIDMMCM
RNS Number : 8530J
MC Mining Limited
29 April 2022
ANNOUNCEMENT 29 April 2022
ACTIVITIES REPORT FOR THE QUARTERED 31 MARCH 2022
FOR
MC Mining Limited (" MC Mining" or the "Company") and its
subsidiary companies
HIGHLIGHTS
Operations
-- Health and safety remains a priority and three lost-time
injuries (LTI) were recorded during the quarter (FY2022 Q2: one
LTI);
-- Measures previously implemented to restrict the spread of the
COVID-19 virus at the various group workplaces remain in place.
During the quarter, one employee (FY2022 Q2: three employees) at
the high grade Uitkomst metallurgical and thermal coal mine
(Uitkomst Colliery or Uitkomst) contracted the virus;
-- A COVID-19 vaccination programme previously implemented at
Uitkomst has resulted in 82% of Uitkomst's employees being fully
vaccinated and a vaccine booster programme has begun;
-- Run-of-mine (ROM) coal production at Uitkomst was 7% higher
than the March 2021 quarter at 124,144 tonnes (t) (FY2021 Q3:
115,944t);
-- The Company recorded 71,361t of coal sales during the quarter
(FY2021 Q3: 62,301t), comprising 62,751t (FY2021 Q3: 53,512t) of
high grade metallurgical and thermal coal and 8,610t (FY2021 Q3:
8,789t) of lower grade middlings coal;
-- Revenue per tonne increased to $110/t (FY2021 Q3: $72/t) due
to the much higher API4 coal prices recorded during the
quarter;
-- The Integrated Water Use Licence (IWUL) applications lodged
with the Department of Water & Sanitation (DWS) in Q4 CY2020
for the Uitkomst Colliery and nearby Wykom siding were granted in
April 2022;
-- Limited activities were undertaken at the Company's Makhado
hard coking coal project (Makhado Project or Makhado), Vele
semi-soft coking and thermal coal colliery (Vele Colliery or Vele)
and Greater Soutpansberg Projects (GSP) during the quarter;
Corporate
-- MC Mining entered into a staged R86,036,691 (approximately
$5.7 million) Convertible Advance and Subscription Agreement (the
Agreement) with South African based mining group, Senosi Group
Investment Holdings Proprietary Limited (SGIH) and under the terms
of the Agreement, received R46,036,691 (approximately $3.0 million)
during the quarter;
-- Subsequent to the end of the quarter and in terms of the
Agreement, 38,363,909 ordinary shares were issued to SGIH for
R46,036,691 (approximately $3.0 million), resulting in SGIH owning
19.9% of the Company;
-- The final instalment of ZAR35 million (approximately $2.3
million) for the key Lukin and Salaita properties required for the
Makhado Project was paid during the quarter;
-- The Makhado Project's Bankable Feasibility Study (BFS) was
completed subsequent to the end of the quarter confirming the
project's robust economic fundamentals, it is a key input in the
due diligence process for potential funders;
-- The Industrial Development Corporation of South Africa
Limited (IDC) repayment date for the existing R160 million
(approximately $10.7 million) loan plus accrued interest was
deferred from 31 January 2022 to 30 November 2022;
-- The terminal drawdown date of the additional R245 million
($16.3 million) IDC term loan for the development of Makhado was
extended from 31 January 2022 to 30 November 2022, with the
drawdown remaining subject to the IDC re-affirming its due
diligence;
-- Resignation of long standing non-executive Chairman Bernard
Pryor in March 2022 and the appointment of Mr Nhlanhla Nene as
non-executive director and Chairman in April 2022;
-- Subsequent to the end of the quarter, Sam Randazzo resigned
as director and interim Chief Executive Officer (CEO) and Mr
Godfrey Gomwe was appointed as CEO and Managing Director;
-- The appointment of Matthews Senosi as a director of the Company on 28 April 2022;
-- Available cash and facilities at quarter-end was $3.0 million
($3.2 million at 31 December 2021) and restricted cash was $0.03
million.
COMMENTARY
The completion of the Makhado BFS is a significant milestone and
confirms the project's robust economics. The BFS is based on the
project plan with the lowest capital cost options and results in
Makhado's ROM coal being transported to the Vele Colliery for
processing for the entire life of mine. The forecast hard coking
coal (HCC) and thermal coal prices used in the BFS were sourced
from independent advisors and are considerably lower than current
index prices, reflecting Makhado's significant upside. The BFS is a
key milestone in the funding process and the Company is progressing
several alternative strategies to raise the required funding with a
target date to complete the financing during Q3 CY2022 (for further
details refer announcement made 13 April 2022).
Uitkomst Colliery - Utrecht Coalfields (70% owned)
One LTI recorded during the quarter (FY2022 Q2: one LTI).
The Uitkomst Colliery generated 124,144t of ROM coal during the
quarter, an increase of 7% (Q3 FY2021: 115,944t). Sales of
high-grade peas and duff of 62,751t were recorded (Q3 FY2021:
53,512t). The sales were augmented by the sale of coal carried over
from Q2 FY2022 and the two pre-sale contracts outstanding at the
end of December 2021, which were completed during the quarter. In
addition, the colliery also sold 8,610t of high ash middlings coal
during the quarter (FY2021 Q3: 8,789t). Uitkomst had 8,373t of
high-grade duff and peas coal on hand at the end of the quarter
compared to 10,909t at the beginning of the quarter.
Russia is a significant producer of coal globally and the
invasion of Ukraine resulted in prices of thermal coal attaining
record highs. However, these elevated prices are not being accepted
in the South African domestic coal market and the Company is
assessing alternative coal marketing strategies, including the
potential production of higher quality coal for the international
pulverized coal injection (PCI) market.
Average API4 prices for the three months to 31 March 2022 were
$238/t, being 162% higher than FY2021 Q3, being $91/t but the
composition of Uitkomst's sales mix results in average revenue per
tonne increasing by just 53% to $110/t (FY2021 Q3: $72/t).
Uitkomst's sales include lower value middlings coal as well as
sales under fixed price arrangements. Production costs per saleable
tonne were marginally higher than the comparative period (FY2022
Q3: $74/t vs. FY2021 Q3: $73/t).
Quarter to end-Mar 2022 Quarter to end-Mar 2021 %
Production tonnages
Uitkomst ROM (t) 124,144 115,944 7%
Sales tonnages
High quality duff and peas (t) 62,751 53,512 17%
Middlings sales (t) 8,610 8,789 (2%)
71,361 62,301 15%
Quarter financial metrics
Revenue/t ($) 110 72 53%
Revenue/t (ZAR) 1,677 1,073 56%
Production cost/saleable tonnes ($)^ 74 73 2%
-------------------------------------- ------------------------- ------------------------- ------
^ costs are all South African Rand based
Makhado Hard Coking Coal Project - Soutpansberg Coalfield (67%
owned post Black Economic Empowerment transaction)
The fully permitted Makhado Project recorded no LTIs (FY2022 Q2:
nil) during the quarter.
The IDC, which holds a 6.7% equity interest in Baobab Mining
& Exploration (Pty) Ltd (Baobab), the Company's subsidiary that
owns Makhado, remains committed to the Company's growth. During the
quarter, the IDC agreed to extend the date for repayment of the
existing R160 million (approximately $10.7 million) loan plus
interest as well as to extend the terminal draw down date in
respect of the conditional R245 million (approximately $16.3
million) term loan facility for the development of the Makhado
Project to 30 November 2022. In the event the Company does not
repay the existing loan by the repayment date, the financing
documentation allows for the debt to be converted into equity.
Baobab also completed the acquisition of the Lukin and Salaita
properties, key surface rights for the Makhado Project, with the
balance of the purchase price of R35 million ( approximately $2.3
million) (plus interest) paid during the quarter.
MC Mining's flagship Makhado Project's favourable economics were
confirmed in the BFS completed by Minxcon (Pty) Ltd subsequent to
the end of the quarter. The development of Makhado is expected to
deliver positive returns for shareholders and will position the
Company as South Africa's pre-eminent HCC producer. The project has
an estimated capital cost (including contingencies) of R625 million
(approximately $41.7 million), a peak funding requirement of R727
million (approximately $48.5 million), and is expected to create an
estimated 650 permanent employment positions (including
contractors) when at steady state production. The BFS confirmed
that Makhado has a short construction period of 12 months,
positioning the project to take advantage of the current higher
global coal prices.
Vele Semi-Soft Coking and Thermal Coal Colliery - Limpopo (Tuli)
Coalfield (100% owned)
The Vele Colliery remained on care and maintenance during the
quarter and recorded two LTIs during the period (FY2022 Q2: nil)
when staff members were involved in a traffic accident on a
national road. The Vele processing plant is to be refurbished and
recommissioned as part of the development of the Makhado
Project.
Greater Soutpansberg Project (GSP)- Soutpansberg Coalfield (74%
owned)
GSP recorded no LTIs (FY2022 Q2: nil) during the quarter and no
reportable activities occurred during the period.
SGIH investment
MC Mining entered a staged R86,036,691 ( approximately $5.7
million) funding agreement with SGIH during the quarter, in terms
of which, SGIH invested R46,036,691 ( approximately $3.1 million)
in the Company. In April 2022 following receipt of Reserve Bank
approval, MC Mining issued 38,363,909 new ordinary shares,
resulting in SGIH owning a 19.9% interest in the Company.
SGIH has also conditionally agreed to subscribe for a second
tranche of 33,333,333 new ordinary shares (Second Tranche Shares),
raising the balance of R40,000,000 (approximately $2.7 million),
subject to the receipt of all required approvals prior to 30 June
2022. This will result in SGIH holding an aggregate interest in the
Company's enlarged share capital of approximately 31.71% (assuming
no further shares are issued in the interim). The issue of the
Second Tranche Shares requires the prior approval of Company's
shareholders and a report from an independent expert on whether the
issue of the shares is fair and reasonable to non-associated
shareholders.
Appendix 5B - Quarterly Cash Flow Report
The Company's cash balance as at 31 March 2022 was $3.0 million
with available facilities overdraft facilities fully utilised. The
aggregate amount of payments to related parties and their
associates, as disclosed at item 6.1 of the December quarter
Appendix 5B was $129k, comprising executive director
remuneration.
To meet its working capital requirements, the Group is exploring
and progressing several alternative strategies to raise additional
funding including, but not limited to:
-- the issue of new equity for cash in the Company to current
and new shareholders, of which the MC Mining Group has a
demonstrated history of success;
-- the issue of new equity for cash in subsidiary companies which own the Makhado Project;
-- further debt funding;
-- further contractor BOOT (build, own, operate, transfer) funding arrangements; and
-- the sale of a minority stake in the subsidiary companies holding the Makhado Project.
The Group also has the capacity if necessary to reduce its
operating cost structure in order to minimise its working capital
requirements and defer the timing of any future capital raising.
The conclusion of the debt and equity raise is by its nature an
involved process and is subject to successful negotiations with the
external funders and shareholders. Any equity raise is likely to be
subject to a due diligence process. The Group has a history of
successful capital raisings to meet the Group's funding
requirements.
Godfrey Gomwe
Chief Executive Officer
This announcement has been approved by the Company's Disclosure
Committee.
All figures are in South African rand or United States dollars
unless otherwise stated.
For more information contact:
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
James Harris / James
Dance Nominated Adviser Strand Hanson Limited +44 20 7409 3494
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
James Duncan Financial PR (South Africa) R&A Strategic Communications +27 11 880 3924
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE-listed coal exploration, development
and mining company operating in South Africa. MC Mining's key
projects include the Uitkomst Colliery (metallurgical and thermal
coal), Makhado Project (hard coking coal), Vele Colliery (semi-soft
coking and thermal coal), and the Greater Soutpansberg Projects
(coking and thermal coal).
All figures are denominated in United States dollars unless
otherwise stated. Safety metrics are compared to the preceding
quarter while financial and operational metrics are measured
against the comparable period in the previous financial year. A
copy of this report is available on the Company's website,
www.mcmining.co.za .
Forward-looking statements
This Announcement, including information included or
incorporated by reference in this Announcement, may contain
"forward-looking statements" concerning MC Mining that are subject
to risks and uncertainties. Generally, the words "will", "may",
"should", "continue", "believes", "expects", "intends",
"anticipates" or similar expressions identify forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond MC
Mining's ability to control or estimate precisely, such as future
market conditions, changes in regulatory environment and the
behaviour of other market participants. MC Mining cannot give any
assurance that such forward-looking statements will prove to have
been correct. The reader is cautioned not to place undue reliance
on these forward-looking statements. MC Mining assumes no
obligation and does not undertake any obligation to update or
revise publicly any of the forward-looking statements set out
herein, whether as a result of new information, future events or
otherwise, except to the extent legally required.
Statements of intention
Statements of intention are statements of current intentions
only, which may change as new information becomes available or
circumstances change.
MC Mining has ensured that the mineral resources quoted are
subject to good governance arrangements and internal control. The
Company has engaged external independent consultants to update the
mineral resource in accordance with the JORC Code 2012 and SAMREC
2016. The units of measure in this report are metric, with Tonnes
(t) = 1,000kg. Technical information that requires subsequent
calculations to derive subtotals, totals and weighted averages may
involve a degree of rounding and consequently introduce an error.
Where such errors occur MC Mining does not consider them to be
material.
Tenements held by MC Mining and its Controlled Entities
Project Name Tenement Number Location Interest Change during quarter
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
Chapudi Project* Albert 686 MS Limpopo 74%
Bergwater 712 MS 74%
Remaining Extent and Portion 2 of
Bergwater 697 MS 74%
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of
Bluebell 480 MS 74%
Remaining Extent & Portion 1 of
Bushy Rise 702 MS 74%
Castle Koppies 652 MS 74%
Chapudi 752 MS 74%
Remaining Extent, Portions 1, 3 &
4 of Coniston 699 MS 74%
Driehoek 631 MS 74%
Remaining Extent of Dorps-rivier
696 MS 74%
Enfield 512 MS (consolidation of
Remaining Extent of Enfield 474
MS, Brosdoorn 682 MS & Remaining
Extent of Grootvlei 684 MS) 74%
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS 74%
Grootvlei 684 MS 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining
Extent of Portion 2, Remaining
Extent of Portion 3, Portions 1,
4, 5, 6, 7 & 8 of Kliprivier 692
MS 74%
Remaining Extent of Koodoobult
664 MS 74%
Koschade 657 MS (Was Mapani Kop
656 MS) 74%
Malapchani 659 MS 74%
Mapani Ridge 660 MS 74%
Melrose 469 MS 74%
Middelfontein 683 MS 74%
Mountain View 706 MS 74%
M'tamba Vlei 654 MS 74%
Remaining Extent & Portion 1 of
Pienaar 635 MS 74%
Remaining Extent & Portion 1 of
Prince's Hill 704 MS 74%
Qualipan 655 MS 74%
Queensdale 707 MS 74%
Remaining Extent & Portion 1 of
Ridge End 662 MS 74%
Remaining Extent & Portion 1 of
Rochdale 700 MS 74%
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687 MS 74%
Sandstone Edge 658 MS 74%
Remaining Extent of Portions 2 &
3 of Sterkstroom 689 MS 74%
Sutherland 693 MS 74%
Remaining Extent & Portion 1 of
Varkfontein 671 MS 74%
Remaining Extent, Portion 2,
Remaining Extent of Portion 1 of
Vastval 477 MS 74%
Vleifontein 691 MS 74%
Ptn 3, 4, 5 & 6 of Waterpoort 695
MS 74%
Wildebeesthoek 661 MS 74%
Woodlands 701 MS 74%
---------------------------------- --------------------------------------------- ---------- ----------------------
Kanowna West & Kalbara M27/41 Coolgardie^ Royalty<>
----------------
M27/47 Royalty<>
----------------
M27/59 Royalty<>
M27/72,27/73 Royalty<>
M27/114 Royalty<>
M27/196 Royalty<>
M27/181 6.79%
M27/414,27/415 Royalty<>
P27/1826-1829 Royalty<>
P27/1830-1842 Royalty<>
P27/1887 Royalty<>
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
Abbotshall Royalty ML63/409,410 Norseman^ Royalty
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
Kookynie Royalty ML40/061 Leonora^ Royalty
----------------------------
ML40/135,136 Royalty
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
Makhado Project Fripp 645 MS Limpopo 69%(#)
Lukin 643 MS 69%(#)
Mutamba 668 MS 69%(#)
Salaita 188 MT 69%(#)
Tanga 849 MS 69%(#)
Daru 889 MS 69%(#)
Windhoek 900 MS 69%(#)
Generaal Project* Beck 568 MS Limpopo 74%
Bekaf 650 MS 74%
Remaining Extent & Portion 1 of
Boas 642 MS- 74%
Chase 576 MS 74%
Coen Britz 646 MS 74%
Fanie 578 MS 74%
Portions 1, 2 and Remaining
Extent of Generaal 587 MS 74%
Joffre 584 MS 74%
Juliana 647 MS 74%
Kleinenberg 636 MS 74%
Remaining Extent of Maseri Pan
520 MS 74%
Remaining Extent and Portion 2 of
Mount Stuart 153 MT 100%
Nakab 184 MT 100%
Phantom 640 MS 74%
Riet 182 MT 100%
Rissik 637 MS 100%
Schuitdrift 179 MT 100%
Septimus 156 MT 100%
Solitude 111 MT 74%
Stayt 183 MT 100%
Remaining Extent & Portion 1 of
Terblanche 155 MT 100%
Van Deventer 641 MS 74%
Wildgoose 577 MS 74%
---------------------------------- --------------------------------------------- ---------- ----------------------
Mopane Project* Ancaster 501 MS Limpopo 100%
Banff 502 MS 74%
Bierman 599 MS 74%
Cavan 508 MS 100%
Cohen 591 MS 100%
Remaining Extent, Portions 1 & 2
of Delft 499 MS 74%
Dreyer 526 MS 74%
Remaining Extent of Du Toit 563
MS 74%
Faure 562 MS 74%
Remaining Extent and Portion 1 of
Goosen 530 MS 74%
Hermanus 533 MS 74%
Jutland 536 MS 100%
Krige 495 MS 74%
Mons 557 MS 100%
Remaining Extent of Otto 560 MS
(Now Honeymoon) 74%
Remaining Extent & Portion 1 of
Pretorius 531 MS 74%
Schalk 542 MS 74%
Stubbs 558 MS 100%
Ursa Minor 551 MS 74%
Van Heerden 519 MS 74%
Portions 1, 3, 4, 5, 6, 7, 8, 9,
Remaining Extent of Portion 10,
Portions 13, 14, 15, 16,
17, 18, 19, 20, 21, 22, 23, 24,
26, 27, 29, 30, 35, 36, 37, 38,
39, 40, 41, 44, 45, 46, 48,
49, 50, 51, 52 & 54 of Vera 815
MS 74%
Remaining Extent of Verdun 535 MS 74%
Voorburg 503 MS 100%
Scheveningen 500 MS 74%
Uitkomst Colliery and Portion 3 (of 2) of Kweekspruit
prospects No. 22 KwaZulu-Natal 70%
Portion 8 (of 1) of Kweekspruit
No. 22 70%
Remainder of Portion 1 of
Uitkomst No. 95 70%
Portion 5 (of 2) of Uitkomst No.
95 70%
Remainder Portion1 of Vaalbank
No. 103 70%
Portion 4 (of 1) of Vaalbank No.
103 70%
Portion 5 (of 1) of Vaalbank No.
103 70%
Remainder of Portion 1 of
Rustverwacht No. 151 70%
Remainder of Portion 2 of
Rustverwacht No. 151 70%
Remainder of Portion 3 (of 1) of
Rustverwacht No. 151 70%
Portion 4 (of 1) Rustverwacht
No.151 70%
Portion 5 (of 1) Rustverwacht No.
151 70%
Remainder of Portion 6 (of 1) of
Rustverwacht No. 151 70%
Portion 7 (of 1) of Rustverwacht
No. 151 70%
Portion 8 (of 2) of Rustverwacht
No. 151 70%
Remainder of Portion 9 (of 2) of
Rustverwacht No. 151 70%
Portion 11 (of 6) of Rustverwacht
No. 151 70%
Portion 12 (of 9) of Rustverwacht
No. 151 70%
Portion 13 (of 2) of Rustverwacht
No. 151 70%
Portion 14 (of 2) of Rustverwacht
No. 151 70%
Portion 15 (of 3) of Rustverwacht
No. 151 70%
Portion 16 (of 3) of Rustverwacht
No. 151 70%
Portion 17 (of 2) of Rustverwacht
No. 151 70%
Portion 18 (of 3) of Waterval No.
157 70%
Remainder of Portion 1 of
Klipspruit No. 178 70%
Remainder of Portion 4 of
Klipspruit No. 178 70%
Remainder of Portion 5 of
Klipspruit No. 178 70%
Portion 6 of Klipspruit No. 178 70%
Portion 7 (of 1) of Klipspruit
No. 178 70%
Portion 8 (of 1 )of Klipspruit
No. 178 70%
Portion 9 of Klipspruit No. 178 70%
Remainder of Portion 10 (of 5) of
Klipspruit No. 178 70%
Portion 11 (of 5) of Klipspruit
No. 178 70%
Portion 13 (of 4) of Klipspruit
No. 178 70%
Remainder of Portion 14 of
Klipspruit No. 178 70%
Portion 16 (of 14) of Klipspruit
No. 178 70%
Portion 18 of Klipspruit No. 178 70%
Portion 23 of Klipspruit No. 178 70%
Remainder of Portion 1 of
Jackalsdraai No. 299 70%
Remainder of Jericho B No. 400 70%
Portion 1 of Jericho B No. 400 70%
Portion 2 of Jericho B No. 400 70%
Portion 3 of Jericho B No. 400 70%
Remainder of Jericho C No. 413 70%
Portion 1 of Jericho C No. 413 70%
Remainder of Portion 1 of Jericho
A No. 414 70%
Remainder of Portion 2 (of 1) of
Jericho A No. 414 70%
Portion 3 (of 1) of Jericho A No.
414 70%
Portion 4 (of 1) of Jericho A No.
414 70%
Portion 5 (of 2) of Jericho A No.
414 70%
Portion 6 (of 1) of Jericho A No.
414 70%
Margin No. 420 70%
Portions of Overvlakte 125 MS
Vele Colliery and (Remaining Extent, 3, 4, 5, 6,
prospects 13, 14) Limpopo 100%
Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
---------------------------------- --------------------------------------------- ---------- ----------------------
Certain portions of Unsurveyed
Tshikunda State Land known as Mutale Limpopo 60%
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
* Form part of the Greater Soutpansberg Projects
Tenement located in the Republic of South Africa
^ Tenement located in Australia
(#) MC Mining's interest will reduce to 67% on completion of the
26% Broad Based Black Economic Empowerment (BBBEE) transaction
<> net smelter royalty of 0.5%
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