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Mining explosives and chemicals company AECI, which turned 100 this week, will be unveiling a digital strategy for the mining market during the course of this year.

It is also looking to become greener as it keeps innovation closest to its rapidly internationalising heart.

"We have a legacy of innovation. Even peers refer to us as the 'university of the industry'," AECI CEO Holger Riemensperger told Mining Weekly in an interview at the Johannesburg Stock Exchange (JSE), where the company reiterated its intention to divest from selected non-core assets, keep AECI Mining as its cornerstone, accelerate internationalisation and optimise organic growth. (Also watch attached Creamer Media video).

Deep thought is being given to innovating along environmentally friendlier paths. "I would say we're all eyeing the move to the next explosives, away from ammonium nitrate. That's a big move. There's still a lot of work to be done," Riemensperger disclosed.

As a next-generation explosive technology replacement building block, he said:" At the moment, many would say that hydrogen peroxide will be next", as demand grows for the development of explosives with fewer NOx and CO2 consequences.

"Also, the way that we apply our explosives can contribute to an optimisation in the downstream of mining, which will also reduce the CO2 footprint of the mine," Riemensperger pointed out.

The use of hydrogen peroxide emulsion to reduce emissions associated with blasting has been coming under the spotlight owing to several mining companies committing to net zero well ahead of the 2050 deadline.

In this regard, the need to use green ammonia is also being highlighted. "Green ammonia definitely has a future, but at the moment it is only a few markets that would be willing to pay a premium."

Those are the European and North American market and probably Australia to some degree.

"In the other markets, there is no ask for green ammonia and nobody is willing to pay the premium at the moment, but I think, in the long run, we will move there," Riemensperger forecast.

AECI currently has a 22-country presence on six continents, served by a workforce of more than 7 500 people

Mining Weekly: Going forward, how do you plan to accelerate the further internationalisation?

Riemensperger: We have built a very nice growth momentum outside of South Africa, but also outside of Africa, specifically in Australia, and in Indonesia. Practically every year, we have doubled the revenues. We see this momentum continuing, but we're also targeting other geographies, so it's all about internationalisation in specific geographies.

What growth opportunities do critical minerals and metals present and where?

They do present a very nice opportunity for us and we are eyeing specific markets where you find critical minerals, which is Australia and also Peru, Chile, Brazil, US and Canada. Geographically, those are our target markets, but we're not looking only for specific commodities. In general, we believe we can add value to the mining of all commodities.

Can you expand on the use of hydrogen peroxide?

There are still a lot of questions that need answering. It's highly explosive unstable chemical, so the difficulty of using hydrogen peroxide is in transport. So, how can we stabilise the product from production to application?

What would you estimate is the timeframe on the introduction of hydrogen peroxide?

Personally, I believe it is about ten years out.

Doubling earnings before interest tax depreciation and amortization (Ebitda) of core mining and chemicals units by 2026 is ambitious. How do you intend realising that aspiration?

It is indeed ambitious, but we like ambitions. There are two ways to it. There are basically two goals we are seeking here. Doubling for us means roughly about R3.2-billion on Ebitda, of which about R2-billion is in revenue from organic growth. The track record of Ebitda growth that...

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Namibia's first gigawatt scale green hydrogen project - the $10-billion Hyphen development scheme - this week received a major boost from Germany.

The boost came in the form of the German government presenting a letter of intent to Enertrag, confirming the suitability of the project to be designated as a strategic foreign project.

Hyphen Hydrogen Energy is a Namibian-registered joint venture between Enertrag and Nicholas Holdings.

Strategic foreign project designation renders projects eligible to receive targeted support - a status reserved for high-priority global projects of strategic interest to Germany.

The project is seen as the first step of a large-scale green hydrogen industry in various regions in Namibia to support both economic growth in the Southern African country itself and to assist the world in achieving its decarbonisation goals.

At full scale, Hyphen is expected to produce 350 000 t of green hydrogen and two-million tonnes of green ammonia a year before the end of the decade.

In November 2021, it was awarded preferred-bidder status for the project, which is earmarked for development on 4 000 km2 of land within the Tsau //Khaeb National Park, near Lüderitz.

Hyphen and the Namibian government aim to begin construction in January 2025, with commissioning of the first phase by the end of 2026. Moreover, the Namibian government confirmed in June that it would take up a 24% equity stake in the project, which is targeting yearly production of one-million tonnes of green ammonia by 2027, and then the two-million tonnes by 2029, mostly for export.

This production, which will arise from 7 GW of renewable generation capacity and 3 GW of electrolyser capacity, will help to mitigate against climate change by eliminating five-million to six-million tonnes of carbon dioxide emissions a year.

Interestingly, the total investment over both phases is roughly the equivalent of Namibia's current yearly gross domestic product.

"Germany is supporting the development of a green hydrogen economy in Namibia that is sustainable for the population through hydrogen and Power-to-X cooperation. The Hyphen project is committed to this in a similar way.

"We are therefore prepared to categorise it as a foreign project, under certain conditions, in the strategic interest of the Federal Republic of Germany and thus provide more support than usual through our foreign trade promotion instruments," German Federal Minister for Economic Affairs and Climate Protection Dr Robert Habeck stated in a media release to Engineering News & Mining Weekly.

Habeck and Enertrag CEO Dr Gunar Hering signed the letter of intent this week at the Federal Foreign Office in Berlin, as part of the Berlin Energy Transition Dialogue and present at the signing were Namibia Mines and Energy Minister Tom Alweendo and Namibia green hydrogen commissioner James Mnyupe, who is also economic advisor to the President of Namibia.

Alweendo described the project as "the first building block in realising Namibia's ambitions to incubate a thriving synthetic fuels industry".

"This letter of intent from the German government is a strong signal, which further emboldens our collective efforts to deepen and diversify our trade relations," Alweendo added.

"The Hyphen project not only contributes to the energy transition, but is also an important testimony to international cooperation in the field of building new energy-trade partnerships on the basis of a shared understanding of democracy.

"We are very pleased with the trust that the German government has placed in us with this letter of support," said Enertrag international projects and technology board member Dr Tobias Bischof-Niemz.

"This letter of intent reflects the crucial role projects like ours will play in decarbonising heavy industry in Europe and beyond and the leading role that Germany is playing in driving forward global decarbonisation," Hyphen ...

In this week's episode of Second Take, Mining Weekly Editor Martin Creamer talks about the AECI being on track become a global top 3 player in the industry by 2030; Copper 360's first concentrate from the plant it has just acquired from Nama Copper; and the partnership between the Richards Bay Coal Terminal and Transnet Freight Rail which is being looked on positively.

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The stage is set for AECI to become the third biggest globally in the next six years, AECI Group chairperson Dr Khotso Mokhele told an enthusiastically applauding audience at the Johannesburg Stock Exchange (JSE), where the proudly South African mining explosives trailblazer on Wednesday celebrated 100 years of being in business. (Also watch attached Creamer Media video.)

Having pioneered the explosives industry in South Africa in the late 1800s, AECI currently has a 22-country presence on six continents, served by a workforce of more than 7 500 people, whose collective efforts have shaped the veteran into a global powerhouse, Mokhele pronounced while highlighting the course being charted for the company's next era of innovation.

AECI Mining will remain the cornerstone of the group's growth strategy, with plans to even further expand into key regions such as Asia-Pacific, South America and North America.

"The future is here for us to conquer," Mokhele acclaimed while describing the journey over the last century as being one of constant invention and adaptation in the face of challenges and opportunities.

This led, he said, to the company continually pushing the boundaries of possibility while navigating economic shifts, technological advances as well as evolving social and political landscapes.

On the financial front, AECI has set a high near-term earnings before interest, taxes, depreciation and amortisation (Ebitda) target.

"We'll double Ebitda by 2026," said a confident AECI Group CEO Holger Riemensperger.

AECI celebrated by returning to the JSE where it was listed in 1966, with the ticker symbol AFE unchanged since then.

In the context of the listing being 66 years old in 2026, Riemensperger pledged: "My promise is that we will come back and we will deliver what we have promised."

The company's first registered address was the National Union of Mineworkers building in Johannesburg city centre.

"When I came to the country, I said AECI is not just a company, it's a South African institution. Its roots have already spread around the world, and we want to spread them even further," Riemensperger enthused.

Although official registration took place 100 years ago, AECI's legacy goes back 128 years, throughout which time it has been South Africa's number one and Africa's number one in explosives and chemicals.

"We're now standing in front of the next 100 years and we carry this legacy that brings with it a responsibility to the next generations," Riemensperger philosophised.

STRATEGIC ROADMAP

Speaking of AECI's strategic roadmap setting the stage for the company to become a global top-three player by 2030, Mokhele reiterated the company's recent decision to divest from noncore assets.

This was being done, Mokhele added, to ensure that the company remained agile and focused on its core objectives.

"By leveraging our core strengths and existing capabilities, we are well positioned to unlock new opportunities and drive value for our shareholders and stakeholders.

"Throughout our journey, invention has been the cornerstone of our success. From revolutionary explosives formulations to environment-friendly chemical processes, we have consistently pushed the boundaries of technological advancement, setting new industry standards and revolutionising the mining sector.

"Our commitment to innovation goes beyond just mere business objectives. It is rooted in our deep-seated commitment to safety and sustainability. By providing new solutions and comprehensive safety protocols, we have not only safeguarded the well-being of miners, but also contributed to the sustainable development of the mining industry, enhancing South Africa's reputation as a global mining hub," said Mokhele.

Poet Lebogang Mashile summed up AECI as being "as strong as the spine of South Africa" and an entity that walks in tandem with South Africa's dreams.

MODDERFONTEIN

AECI was registered ...

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Energetic Northern Cape copper mining company Copper 360 this week produced the first concentrate from the plant it has just acquired from Nama Copper, which becomes its second concentrator plant and virtually doubles the Johannesburg Stock Exchange AltX company's production capacity.

Moreover, the Nama Copper plant has exceeded structural integrity and performance expectations, Copper 360 stated in a stock exchange news service announcement.

"We started the plant up last week and yesterday we produced our first concentrate," fast-moving Copper 360 CEO Jan Nelson enthused during a Teams interview. (Also watch attached Creamer Media video.)

Copper 360's current focus is to get the two concentrate plants fully operational on view of the significant cash flow that they will generate.

At this rate, the pure copper play will be producing close to 1 000 t of copper metal in the next two to three months from the three plants now in operation - the copper platemaking solvent extraction and electrowinning (SX/EW) plant, the modular flotation plant one (MFP 1), which will be in production in the next few months, and now MFP 2, which is already producing.

"We've concluded the due diligence on the asset and we've paid the R150-million million of the R200-million that's due and the further R50-million will be funded from three tranches out of future offset on the offtake agreement so, in effect, we've paid the capital that was required. We still need a Section 11 consent but that allows us on a lease basis to run the plant.

"We bought Nama Copper because that gives us a second concentrator plant. This has the capacity to treat 20 000 t of rock at about 1.4% copper, It will produce 230 t of copper metal at between 30% to 40% copper concentrate.

"The commissioning has gone well. We've already produced copper concentrate within the first four to five days of starting up the plant, and we've had very little problem with the plant," Nelson outlined.

A new offtake agreement has been concluded with Fujax UK, an international commodity trading company, which will purchase all the concentrate produced by Nama Copper's MFP 2 on attractive, market-related terms for a period of ten years. Fujax is described as a sort of a sister company to Nama Copper.

"They've negotiated very good commercial terms with us for the copper concentrate. We get almost 85% of the existing copper price. But what's important is that the concentrate is taken up at the mine gate, and we receive almost 90% of the concentrate value within a few days, which is very good for us.

"With the copper price now shooting up to $9 000/t, this is exactly the right time for us to get into production," Nelson noted.

Coming with the deal is a large land area, as well as some 22-million tons of tailings with a copper content of between 0.3% and 0.6% copper.

This resource, which represents between R12-billion to R24-billion in copper metal in the ground at a copper price of $9 000/t and an exchange rate of R19 to the dollar, could result in a significant increase of Copper 360's measured and indicated resource category upon further confirmatory drilling.

MINE COMMISSIONING

Copper 360's Rietberg mine is going into commissioning phase. "We've started the opening of the mine. Our heavy mining equipment is arriving this week, and then we've got some significant drillhole intersections and we're pushing quite hard on that.

"When they're in steady state, the revenue from those two plants is almost R80-million rand a month. That'll be the focus along with getting Rietberg into production safely and on time and producing rock.

"From there on, the next major focus point will be the construction of a solar plant, and we're in discussions about that, to augment our current energy.

"We've just also finished the construction of a generator farm on our operations and where we had about 60% availability as a result of the off-...

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The private-sector's Richards Bay Coal Terminal (RBTC) and the State's Transnet Freight Rail (TFR) has shown that the private sector and State-owned entities can work together very well, Menar MD Vuslat Bayoglu has highlighted in a Zoom interview with Mining Weekly. (Also watch attached Creamer Media video.)

Menar is a private investment company with a portfolio of diversified minerals that includes anthracite, coal and manganese in South Africa, gold in Kyrgyz Republic and nickel in Türkiye,

In alignment with the company's ferrous strategy, Menar last month signed a memorandum of with the government of Gabon to explore for iron-ore and manganese in Gabon.

Also being heightened in Bayoglu's view is the prospect of more exploration investment taking place in South Africa following the appointment by South Africa's Department of Mineral Resources and Energy (DMRE) of a new service provider for its cadastral system.

"If you are a serious investor, and you are waiting for your mining right, the DMRE is very helpful. They are always on the side of the investor to unlock value because they know that they have a duty to support the economy so that jobs are created, and procurement opportunities are given to community businesses.

"A more consistent and reliable DMRE licensing processes will attract investors to the country. South Africa has great potential for exploration. This will help existing companies in South Africa, and companies coming from other parts of the world, to feel more comfortable when applying for prospecting or mining rights," Bayoglu noted.

COAL LINE SECURITY

Pointing out that the partnership between RBCT and TFR began with security services, Bayoglu credited RBCT with having played an important role in helping TFR to minimise security incidents, especially cable theft, which is critical because when cables are stolen, the system comes to a halt.

RBTC's work with TFR to supply batteries and compressors for locomotives is helping with improving locomotive availability, which is Bayoglu identifies as TFR's biggest problem.

"If locomotives need spare parts, and the spare parts are not there, the locomotives remain idled. This issue will be resolved by providing spare parts to TFR. It will assist with locomotives' availability and improve capacity on the coal line," Bayoglu commented.

Collaboration has resulted in TFR moving about one million tons of coal a week, compared with only 700 000 t to 800 000 t a week earlier.

"Another good example of a collaboration between the private sector and TFR is the partnership with Kalagadi Manganese, which opened the rapid loader facility for junior manganese miners.

"We will hopefully start to move the first manganese to Port Elizabeth soon. It is a good initiative and we appreciate what Kalagadi is doing by helping junior manganese miners and unlocking capacity," Bayoglu acclaimed.

Mining Weekly: What is the latest on the advancement of the Gugulethu Colliery project in Mpumalanga and what is the latest on upcoming projects such as Bekezela in Gauteng and Thuso also in Mpumalanga?

Bayoglu: We have been developing Gugulethu for the past two years, and things are going according to plan. We opened the pit, have seven teams working, and have an operational processing plant. We also did the cold commissioning and hot commissioning of the plant. We are targeting steady-state production within the next three months.

The target is to mine 200 000 t monthly and process it to between 110 000 t and 120 000 t of saleable product a month. We employ people from the community; we have already employed 41 young people and trained them as machine operators. When we reach steady state production, we will employ 410 people in total. We are hoping that the first coal that will be exported will be ready in the next two to three weeks.

Bekezela and Thuso are now fully licenced. We are hoping to start developing both ...

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The Glencore-Merafe Chrome Venture is exploring renewable energy projects to mitigate power shortages and power costs, Merafe Resources CEO Zanele Matlala said on Monday, when the Johannesburg Stock Exchange-listed company elevated its dividend declarations for 2023 to a total of R1 050-million, well up on the R625-million of 2022.

In addition, Merafe FD Ditabe Chocho reported a 114% year-on-year upward leap in chrome ore revenue to R2 222-million as well as a 1% year-on-year ferrochrome revenue increase to R6 885-million. (Also watch attached Creamer Media video.)

Through its wholly-owned Merafe Ferrochrome subsidiary, Merafe has a 20.5% participation in the earnings of the Glencore-Merafe Chrome Venture in which Glencore Operations South Africa has a 79.5% participation.

Regarding 2024 venture-level opportunities, Matlala cited the development of green energy solutions as one of them, along with the implementation of the negotiated pricing agreement (NPA) with State power utility Eskom and national energy regulator Nersa.

However, already at an advanced stage of consideration are alternative technologies for producing electricity from off-gas generated as part of ferrochrome production process, as well as a combination of solar and wind projects that include on-site behind-the-meter projects as well as off-site wheeling projects.

Being finalised are commercial structures and associated risk allocation on the renewable energy project negotiations with the first 100 MW off-site solar projects heading for financial close in the first half of this year.

"We've got co-generation at some of our operations but there are new, more efficient technologies and we're pursuing the use of gas as a continuous process enhancement in terms of generating electricity," Glencore Alloys CEO Japie Fullard highlighted in response to Mining Weekly.

"We've already pulled the execution rigger at one of our operations in terms of behind-the-meter, so we've got a very good model already in place," said Fullard.

At the same time, the venture is also are mulling independent power producer (IPP) and power purchase agreement (PPA) options.

"The third initiative is our IPP versus PPA and in that regard, we're very close to signing our first bankable PPA solution. But in the meantime we're also continuously looking at other and more potential solutions out there.

"By doing that, it allows us then to wheel. A PPA is where there's, let say, a plant being built in the Northern Cape and then you wheel it, so it's a virtual wheeling agreement and all those agreements with the authorities are already in place."

While no price differentiation for green ferrochrome and green chrome is currently in sight, the carbon abatement cross-border C-band mechanism is, Fullard said, being pushed quite hard through Europe.

It is through that mechanism that price differentiation is expected and until cross-border tariffs are enforced, price differentiation is seen as unlikely.

Questions are coming through, however, about how the ferrochrome is being produced, and the clear decarbonisation pathway, with set targets, in place is providing the answer.

Using 2019 levels as a base, a 15% reduction of total scope 1,2 and 3 emissions is targeted for 2026, a 25% reduction of total emissions for 2030, a 50% reduction by 2035, and net zero by 2050.

On potential reversion to green hydrogen to process the ferrochrome accompanied by the use of the PGMs now being produced in-house, Fuller said a commercialised green hydrogen example would need to be in place for others to seriously consider such a solution.

"Also, the PGMs area in which we are playing is small compared with the bigger PGM players. We have various offtake agreements, we don't convert our PGM concentrate into metal and we don't see that currently as a focus area. Our clear focus is on solutions that are already workable, which are solar and wind...

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A major new fuel cell thrust in North America is enlivening the outlook for platinum and helping the world advance further along the road to net zero.

Emphasising that the advancement of the hydrogen economy can significantly move the needle against climate change, North American green mobility company Ballard is setting out to invest $160-million - net of government grants - to build a new manufacturing facility that will have the production capacity equivalent of three gigawatts of fuel cells a year.

The proton exchange membrane (PEM) fuel cell products developer and manufacturer is setting out to be able to produce eight-million membrane electrode assemblies (MEAs), eight-million bipolar plates, 20 000 fuel cell stacks, and up to 20 000 fuel cell engines a year.

Future phases are expected to further increase production scaling and capacity expansion with much lower capital requirements.

Expected government grants will support the construction and build-out of the integrated fuel cell production gigafactory of the zero-emission PEM fuel cells that enable the clean and green electrification of mobility in the form of buses, trucks, trains, marine vessels, and stationary power. PEM fuel cells are catalysed by platinum and demand for platinum from stationary fuel cells and electrolysers is set to rise by more than 120%, according to the calculations of the World Platinum Investment Council.

Ballard Power Systems has announced that it has received government notification that its applications for two grants totalling $40-million, which are under a clean hydrogen electrolysis, manufacturing, and recycling programme have been selected and recommended for negotiation of financial awards.

Of the total $40-million worth of government grants, $30-million relates to advanced PEM MEAs and automated stack assembly, and $10-million to a next-generation flexible graphite bipolar plate manufacturing line.

These government grants have been awarded to implement provisions of a legal infrastructure framework, which provides for the award of $750-million for clean hydrogen electrolysis, manufacturing and recycling.

Ballard has also applied for additional funding under other government funding programmes, which is helping to enable cost-competitive solutions at scale.

"With an increasingly constructive policy environment and growing customer interest, it is critical to invest in this innovative manufacturing line," Ballard chief transformation officer Dr Lee Sweetland commented.

"We've been working hard to develop next-generation, automated production processes for MEAs, bipolar plates, and stack assembly to meet expected future market demand, while significantly driving down the cost of fuel cell engines," Sweetland added.

HYDROGEN ECONOMY DISCUSSION

Mining Weekly can report that at this year's Hydrogen Economy Discussion in Johannesburg on April 11, green hydrogen is expected to be shown as an exceptionally far-reaching economic opportunity for platinum, with the potential demand for platinum group metals (PGMs) from PEM electrolysers and fuel cells being highlighted.

Gradually, demand for PGMs from PEM electrolysers and fuel cell electric vehicles is expected to become a meaningful component of global PGMs demand.

POWER OF COLLABORATION

For the benefit of future generations, the people of the world are duty bound to collaborate to establish an holistic approach to decarbonisation, where PGMs and green hydrogen have the potential to play the most holistic role when compared with all other options.

This week on Second Take, Mining Weekly Editor Martin Creamer talks about he South African gold producer that’s going public through a business combination with a US group; Elemental Energy on a major mission to build hydrogen power systems in developing countries; and a new ticket to ride for the flagging mining sector.

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Group wind power generation last year increased by 8% and the Lephalale solar power project is on its way to being operational in the first quarter of next year, Exxaro CE Dr Nombasa Tsengwa highlighted during the company's presentation of double-dividend 2023 results.

The increased wind performance resulted in 727 GWh of high-margin of green electricity being generated into the market at a high earnings before interest tax depreciation and amortisation (Ebitda) margin - and, were it not for a fault that occurred on the distribution network of State-owned power utility Eskom, there would have been 15 GWh more.

The 2023 Ebitda margin or the energy business was 80% for the second consecutive year, emphasising the stability of the renewable energy business.

Additional good news on the climate change mitigation front is that the 68 MW Lephalale solar power project under construction is poised to provide Exxaro's Grootegeluk coal mine with 176 GWh/y of green energy in the first quarter of 2025 - earlier than the operational date reported by Mining Weekly in a previous report.

Regarding wind energy, Exxaro FD Riaan Koppeschaar pointed out that the project financing of R4.3-billion for the Cennergi wind farms - which will be fully settled in 2031 and which have no recourse to the Exxaro balance sheet - are hedged through interest rate swops at an effective interest rate of 12.8%.

Koppeschaar also noted that hedge accounting is also applied to the Lephalale solar project, which ensures limited volatility on the profit-and-loss account.

The empowered coal, energy, and ferrous-linked company declared a final dividend of R10.10 a share, which is roughly R3.4-billion, and drew loud applause when it announced a special dividend of R5.72 a share, which is about R2-billion as well. Exxaro's shareholder distribution has totalled more than R45-billion over five years.

Exxaro reported its second highest Ebitda performance of R13.4-billion for the financial year ended December 31, despite lower coal export prices and reduced domestic and export sales volumes of coal. Coal revenue decreased 18% to R37-million and coal Ebitda decreased by 36%.

"We remain committed to our sustainable growth and impact strategy as we transition towards becoming a more diversified business," Tsengwa said. (Also watch attached Creamer Media video.)

One of Exxaro's strategic priorities is to grow its energy business and become carbon neutral by 2050, while integrating environmental social governance (ESG).

"We continue to benchmark above our peers on global ESG best practice," Tsengwa revealed.

The R1.6-billion Lephalale solar photovoltaic power plant will provide Exxaro with a 27% reduction in Scope 2 emissions, carbon intensity has been reduced by 20% and a memorandum of understanding has been signed with the Council of Geosciences to explore carbon capture usage and storage to mitigate difficult-to-abate carbon emissions.

'WONDERFUL MARKET'

During the media briefing, Exxaro Energy MD Leon Groenewald provided additional insight into the renewables business in response to Mining Weekly's questions.

Regarding the Lephalale solar power, he said: "Our aim is to be operational in the first quarter of next year and it will help us, firstly for us as a business, to make some decent money, but also saving some 27% of Scope 2 emissions, and then making a healthy dent in the Eskom monthly account.

"We think the renewables market is quite healthy currently, both for organic and inorganic opportunities, and we are pursuing both," he said, amid the current request for information (RFI) environment.

"We're building a pipeline to participate in the RFIs that are being issued and we are in the market and awaiting feedback on some of these processes, so we're quite bullish.

"On the merger and acquisition front, we're active in most of data rooms, and the moment you're in a data room, the confidentiali...