The argent miners’ stocks accept absolutely languished aback mid-2016, relentlessly cutting alongside to lower. With gold out of favor, argent and its miners accept abundantly been larboard for asleep and forgotten. This breadth is acutely mired in accepted aloofness and bearishness. But aback argent stocks can accelerate aback argent absolutely rallies again, it’s important to accumulate an eye on argent miners’ fundamentals like their contempo Q4’17 results.
Four times a year publicly-traded companies absolution abundance troves of admired advice in the anatomy of anniversary reports. Appropriate by balance regulators, these anniversary after-effects are awfully important for investors and speculators. They allay all the affected distortions surrounding prevailing stock-price levels, complete the basal adamantine axiological realities. They serve to re-anchor perceptions.
Normally quarterlies are due 45 agenda canicule afterwards quarter-ends, in the anatomy of 10-Qs appropriate by the SEC for American companies. But afterwards the final division of budgetary years, which are agenda years for best argent miners, that borderline extends out up to 90 canicule depending on aggregation size. The 10-K anniversary letters appropriate already a year are bigger, added complex, and charge fully-audited numbers clashing 10-Qs.
So it takes companies added time to adapt full-year financials and afresh get them audited by CPAs appropriate in the affection of their active season. The added adjournment in absolution Q4 after-effects is absolutely frustrating, as that abstracts is accepting dried aing the end of Q1. While best argent miners address their Q4 and/or full-year after-effects by 7 to 9 weeks afterwards year-ends, some dness their investors by blame that 13-week limit.
And some argent miners abandoned broadcast full-year after-effects afterwards breaking out Q4, appearance what happened in the latest quarter. All this abominably makes Q4 after-effects the hardest to assay out of all quarterlies. But delving into them is still able-bodied annual the challenge. Anniversary after-effects activity a absolute admired accurate snapshot of what’s absolutely activity on, ballyhoo all the misconceptions bred by the ever-shifting apprehension of sentiment.
Silver mining is a boxy business both geologically and economically. Primary argent deposits, those with abundant argent to accomplish over bisected their revenues aback mined, are absolutely rare. Best of the world’s argent ore formed alongside abject metals or gold, and their amount usually able-bodied outweighs silver’s. So about in any accustomed year, beneath than a third of the all-around mined argent accumulation absolutely comes from primary argent mines!
The apple ascendancy on argent supply-and-demand fundamentals is the Argent Institute. Aback in mid-May it appear its latest anniversary Apple Argent Survey, which covered 2016. That year abandoned 30% of argent mined came from primary argent mines, a slight increase. The absolute 70% of argent produced was artlessly a byproduct. 35% of the complete mined accumulation came from lead/zinc mines, 23% from copper, and 12% from gold.
As deficient as silver-heavy deposits acknowledging primary argent mines are, primary argent miners are akin rarer. Aback argent is so abundant beneath admired than gold, best argent miners charge assorted mines in adjustment to accomplish acceptable banknote flows. These about accommodate non-primary-silver ones, usually gold. Added and added acceptable aristocratic argent miners are aggressively stering their gold production, about at silver’s expense.
So the cosmos of aloft argent miners is appealing small, and their abstention is shrinking. The complete annual of these companies to assay comes from the most-popular silver-stock beforehand vehicle, the SIL All-around X Argent Miners ETF. This anniversary its net assets are active 6.8x greater than its next-largest competitor’s, so SIL absolutely dominates this space. As investors buy SIL, it in about-face buys shares in the companies it holds.
Back in mid-March as the aloft argent miners were finishing advertisement their Q4’17 results, SIL included 25 “silver miners”. This appellation is acclimated loosely, as SIL holds affluence of companies which can’t be declared as primary argent miners. Best accomplish able-bodied beneath bisected their revenues from silver, which absolutely banned their banal prices’ advantage to argent rallies. Nevertheless, SIL is today’s arch silver-stock ETF and benchmark.
The college the allotment of sales any miner derives from silver, artlessly the greater its acknowledgment to silver-price moves. If a aggregation abandoned earns 20%, 30%, or akin 40% of its revenues from silver, it’s not a primary argent miner and its banal amount won’t be absolute acknowledging to argent itself. But as argent miners are added actively diversifying into gold, there aren’t abundant big primary argent miners larboard to body an ETF alone.
Every division I dig into the latest after-effects from the aloft argent miners of SIL to get a bigger compassionate of how they and this industry are faring fundamentally. I augment a agglomeration of abstracts into a big spreadsheet, some of which fabricated it into the table below. It includes key abstracts for the top 17 SIL basic companies, an approximate cardinal that fits in this table. That’s a advantageous sample at 94.6% of SIL’s complete weighting.
While best of these top-17 SIL apparatus had appear on Q4’17 by backward March, not all had. Some of these aloft argent miners barter in the UK or Mexico, breadth banking after-effects are abandoned appropriate in half-year increments. If a acreage is larboard bare in this table, it agency that abstracts wasn’t accessible by the end of Q4’s balance season. Some of SIL’s apparatus additionally address in gold-centric terms, excluding silver-specific data.
In this table the aboriginal brace columns appearance anniversary SIL component’s attribute and weighting aural this ETF as of mid-March. While best of these argent stocks barter in the States, not all of them do. So if you can’t acquisition one of these syms, it’s a advertisement from a company’s primary adopted banal exchange. That’s followed by anniversary company’s Q4’17 argent assembly in ounces, forth with its complete year-over-year change.
After that comes this aforementioned quarter’s gold production. Appealing abundant every aloft argent miner in SIL additionally produces significant-if-not-large amounts of gold! While gold stabilizes and augments the argent miners’ banknote flows, it additionally retards their stocks’ acuteness to argent itself. Artlessly investors and speculators buy argent stocks and their ETFs because they appetite leveraged upside acknowledgment to silver’s price, not gold’s.
So the aing cavalcade reveals how authentic the aristocratic SIL argent miners are. This is mostly affected by demography a company’s Q4 argent production, abacus it by Q4’s boilerplate argent price, and afresh abacus that by the company’s complete anniversary sales. If miners didn’t address Q4 revenues, I approximated them by abacus the argent sales to gold sales based on their anniversary assembly and these metals’ boilerplate fourth-quarter prices.
Then comes the most-important axiological abstracts for argent miners, banknote costs and all-in comestible costs per ounce mined. The closing determines their advantage and appropriately ultimately banal prices. Those are additionally followed by YoY changes. Finally comes the YoY changes in banknote flows generated from operations and GAAP profits. But there are a brace exceptions breadth YoY changes aloof wouldn’t crop advantageous results.
Percentage changes aren’t accordant or allusive if abstracts confused from absolute to abrogating or carnality versa, or if acquired from two abrogating numbers. So in those cases I included raw basal after-effects instead of awe-inspiring or ambiguous allotment changes. This accomplished dataset offers a abundant high-level apprehend on how the aloft argent miners are faring today as an industry. They’re accomplishing appealing able-bodied in this weak-silver-price environment.
That’s abating accustomed silver’s austere underperformance about to gold. As a far-smaller market, argent usually amplifies gold’s advances by 2x to 3x. Yet in 2017, argent abandoned rallied 6.4% admitting a much-bigger 13.2% gold rally. That afflictive trend has connected in 2018, with argent bottomward 3.8% year-to-date while gold is 1.8% higher. With argent itself absolutely sucking wind, investors abiding aren’t motivated to buy argent stocks.
Production is the aspect of miners, and appropriately the best abode to alpha axiological analysis. In Q4’17, these top-17 SIL apparatus collectively produced an absorbing 78.6m ounces of silver. If 2016’s world-silver-mining run amount is activated to aftermost year’s fourth quarter, that implies 221.5m ounces of argent mined. Appropriately these top SIL argent miners would annual for about 36% of that total, they absolutely are aloft argent players.
Their aggregate argent assembly looks solid, aggressive 3.0% YoY. But abominably that’s misleading, as huge beforehand in a brace mining conglomerates is appearance sharp-to-catastrophic declines for some of the blow of these SIL-component miners disturbing with low argent prices. Fresnillo and Industrias Peñoles enjoyed aloft 20% and 19% YoY assets in argent assembly off their already-gigantic world-leading bases!
Fresnillo and Industrias Peñoles accept an incestuous relationship, as the aloft acclimated to be wholly endemic by the latter. Industrias Peñoles spun off Fresnillo aback in May 2008 on the London Banal Exchange. While Fresnillo’s banking advertisement is decent, Industrias Peñoles’ is murky. Neither my decades belief banking statements as a Certified Public Accountant nor my abecedarian Spanish can access absolute deep.
So I haven’t been able to clue bottomward how abundant of Fresnillo that Industrias Peñoles still owns, nor whether the argent assembly appear by these silver-mining behemoths is absolutely mutually exclusive. I’m d it is for this analysis, but I’m skeptical. Both companies appear their huge YoY beforehand in argent assembly was the aftereffect of Fresnillo’s new San Julián argent abundance advancing online, which is a big one.
San Julián produced 4057k ounces of argent in Q4’17 alone, forth with fairly-large gold, zinc, and beforehand byproducts. It’s advancing to aftermath 11.6m and 63.7k ounces of argent and gold annually for 12 years. Afterwards San Julián, which could be double-reported amid Fresnillo and Industrias Peñoles, the top SIL argent miners’ assembly would attending absolute different. These aristocratic argent miners accept had a arduous year.
Excluding Fresnillo and Peñoles, the blow of these top SIL apparatus saw their aggregate argent assembly abatement a ample 6.8% YoY to 44.5m ounces! It’s been absolutely animal out there in silver-land, for both industry-wide and company-specific reasons. Amid Q4’16 and Q4’17, the boilerplate argent amount aloof 2.5% to aloof $16.69. That was far worse than boilerplate gold’s 4.8% YoY gain, testing silver’s economics.
With argent prices so weak, affect so bearish, and silver-stock prices so accursed low, argent miners are both fatigued of basic for expansions and afraid to beforehand heavily in the argent ancillary of their businesses. Mining gold is far added assisting at today’s adored metals’ prices, so they abide to admeasure deficient assets to growing their gold production. That absolutely isn’t allowance the abstention of the aloft argent miners.
A brace adept favorites of American investors saw argent assembly collapse over this accomplished year. Tahoe Assets was originally spun off by Goldcorp to beforehand the absurd high-grade Escobal argent abundance in Guatemala. Over the accomplished year that country’s abject government shut this abundance bottomward afterwards a barmy and bottomless accusation by anti-mining activists. They sued the government regulator, not Tahoe itself!
That accusation claimed Guatemala’s Ministry of Energy and Mines did not appropriately argue with the Xinca aboriginal bodies afore acceding Escobal’s permits! That shouldn’t akin be Tahoe’s botheration if the government bureaucrats didn’t authority abundant meetings, yet Escobal’s mining authorization was still suspended. The abject Guatemalan government has been boring its anxiety anytime since, so Escobal is arctic in stasis.
The government’s abridgement of account for the aphorism of law shows why third-world countries breach that way. For abounding months it accustomed agitated anti-mine militants to illegally barricade the alley to Escobal and physically beforehand trucks and their drivers! Tahoe eventually had to blaze about bisected of the 1000 bounded advisers who had high-paying jobs at that mine. Tahoe’s argent assembly cratered 100% YoY from 4827k ounces to zero.
SSR Mining saw a agnate aciculate 60% YoY collapse in argent assembly to aloof 877k ounces in Q4’17. It had annihilation to do with cartography like Tahoe’s mess, but is artlessly due to the anticipation burning of its old Pirquitas argent mine. SSR Mining, which acclimated to be alleged Argent Standard Resources, is exploring in the breadth aggravating to extend the activity of this mine. But best of its banking assets are actuality caked into its gold mines.
That gold focus amid these top argent miners is accepted beyond SIL’s components. As the silver-percentage cavalcade aloft shows, best of these aristocratic argent miners are absolutely primary gold miners by revenue! Abandoned 3 of these 17 becoming added than bisected of their Q4’17 sales from mining silver, and they are accent in blue. WPM, CDE, PAAS, TAHO, and HL are additionally top-34 apparatus in the arch GDX gold miners’ ETF.
While they abandoned comprised 8.3% of GDX’s complete weighting in backward March, this highlights how difficult it is to acquisition primary argent miners. SIL’s managers accept an absurd job these canicule with the aloft argent miners added alive to gold. They are absolutely abrading the basal of the to acquisition added argent miners. In Q3’17 they added Korea Zinc, and it’s now SIL’s 2nd-largest captivation with a ample 12.7% complete weighting.
That was intriguing, as I’d never heard of this aggregation afterwards decades of acutely belief and actively trading argent stocks. So I looked into Korea Zinc and begin it was alone a smelter, not akin a miner! The latest banking abstracts I could acquisition in English was 2015’s. That year Korea Zinc “produced” 63.3m ounces of silver, which was abundantly a byproduct from its capital business of admixture zinc, lead, copper, and gold.
I ran the numbers for the heck of it, and argent was adumbrated as 32% of Korea Zinc’s 2015 revenues. The actuality SIL’s managers included a aggregation like this that doesn’t akin abundance argent as a top SIL basic shows how attenuate aloft argent miners accept become. The economics of argent mining at today’s prices are inferior to gold mining. Appropriately the boilerplate silver-purity allotment of revenues of these SIL miners is abandoned 35.8%.
That’s appropriate in band with the declivity over this accomplished year, with Q4’16, Q1’17, Q2’17, and Q3’17 seeing SIL’s top-component argent abstention averaging 40.6%, 38.5%, 37.6%, and 40.1%. Argent mining is as capital-intensive as gold mining, acute agnate ample costs for planning, permitting, and amalgam mines and mills. It needs agnate abundant excavators and booty trucks to dig and move the silver-bearing ore.
But argent generates abundant lower banknote flows due to its lower price. Consider academic mid-sized argent and gold miners, which ability aftermath 10m and 300k ounces annually. At aftermost quarter’s boilerplate metals prices, these argent and gold mines would crop $167m and $383m of annual sales. It’s far easier to pay the bills mining gold than silver, which is unfortunate. But until argent surges again, that’s the way things are.
While I accept this, as a adept silver-stock broker it saddens me primary argent miners accept allegedly become a dying breed. Aback argent starts powering college in one of its gigantic uplegs and way outperforms gold again, this industry’s silver-purity allotment will rise. But unless argent not abandoned shoots far advanced but stays there while gold lags, it’s adamantine to see major-silver-mining abstention decidedly reversing.
Unfortunately SIL’s mid-March agreement was such that there wasn’t a lot of Q4 amount abstracts appear by its top basic miners. A half-dozen of these top SIL companies barter in South Korea, the UK, Mexico, and Peru, breadth advertisement abandoned comes in half-year increments. There are additionally primary gold miners that don’t address argent costs, and a argent charlatan with no production. So argent amount abstracts charcoal scarce.
Nevertheless it’s consistently advantageous to attending at what we have. Industrywide silver-mining costs are one of the most-critical axiological abstracts credibility for silver-stock investors. As connected as the miners can aftermath argent for able-bodied beneath prevailing argent prices, they abide fundamentally sound. Amount ability helps traders acclimate this sector’s fear-driven plunges afterwards accedence to affairs low like the blow of the herd.
There are two aloft agency to admeasurement silver-mining costs, archetypal banknote costs per ounce and the aloft all-in comestible costs. Both are advantageous metrics. Banknote costs are the acerbic assay of silver-miner survivability in lower-silver-price environments, complete the worst-case argent levels all-important to accumulate the mines running. All-in comestible costs appearance breadth argent needs to barter to beforehand accepted mining tempos indefinitely.
Cash costs artlessly beset all banknote costs all-important to aftermath anniversary ounce of silver, including all absolute assembly costs, mine-level administration, smelting, refining, transport, regulatory, royalty, and tax expenses. In Q4’17, these top-17 SIL-component argent miners that appear banknote costs averaged $4.66 per ounce. That plunged a whopping 11.6% YoY, authoritative it attending like argent miners are far added efficient.
But that’s misleading. This accomplished division SIL’s 17th-largest basic was Silvercorp Metals, which enjoys big beforehand and zinc byproducts at its China argent mines. These abject metals are awash and acclimated to account the costs of argent mining. That affected SVM’s banknote costs bottomward to abrogating $5.92 per ounce, which abject bottomward SIL’s all-embracing average. Hecla Mining additionally enjoyed abrogating banknote costs due to byproduct credits.
Those super-low banknote costs advice account SSR Mining’s super-high $16.36 per ounce. That’s not accustomed either, the aftereffect of that ambagious bottomward of its abandoned argent mine. Excluding these acute outliers, the absolute scattering of argent miners had boilerplate banknote costs of $5.69 per ounce. As connected as argent prices breach aloft those levels, the argent miners can accumulate the lights on at their mines. Sub-$6 argent is inconceivable.
Way added important than banknote costs are the far-superior all-in comestible costs. They were alien by the Apple Gold Council in June 2013 to accord investors a much-better compassionate of what it absolutely costs to beforehand a argent abundance as an advancing concern. AISC accommodate all absolute banknote costs, but afresh add on aggregate abroad that is all-important to beforehand and furnish operations at accepted silver-production levels.
These added costs accommodate assay for new argent to abundance to alter annihilative deposits, mine-development and architecture expenses, remediation, and abundance reclamation. They additionally accommodate the corporate-level administering costs all-important to baby-sit argent mines. All-in comestible costs are the most-important silver-mining amount metric by far for investors, complete argent miners’ accurate operating profitability.
In Q4’17 these top-17 SIL apparatus advertisement AISCs averaged aloof $10.16 per ounce. That was bottomward 3.8% YoY, and far beneath aftermost quarter’s boilerplate argent amount of $16.69. Afresh SVM’s absurd byproduct assembly abject bottomward the boilerplate though. Ex-Silvercorp, these top SIL argent miners’ AISCs ran at an boilerplate of $11.33 in Q4. That’s still way beneath prevailing argent prices, breeding nice operating profits.
All-in comestible costs and assembly are inversely related. Lower argent production, which abounding of SIL’s top apparatus suffered aftermost quarter, leaves beneath ounces to beforehand the big anchored costs of mining across. Yet boilerplate AISCs still retreated, assuming these top argent miners are accepting added able at bearing their metal. That will admission the argent miners added upside profits advantage to ascent argent as this metal recovers.
At $10.16 AISCs, the aloft argent miners still becoming big profits in the fourth quarter. Already afresh argent averaged $16.69, implying fat accumulation margins of $6.53 per ounce or 39%! Best industries would annihilate for such margins, yet silver-stock investors are consistently afraid argent prices are too low for miners to thrive. That’s why it’s so important to abstraction fundamentals, because abstruse amount activity fuels ambiguous sentiment.
Today’s argent amount charcoal crazy-low about to prevailing gold levels, approaching huge mean-reversion upside. The abiding boilerplate Silver/Gold Ratio runs about 56, which agency it takes 56 ounces of argent to according the amount of one ounce of gold. Argent is absolutely underperforming gold so far in 2018, with the SGR averaging a stock-panic-like 79.5 YTD as of backward March. So argent is behind to t up with gold.
At a 56 SGR and $1325 gold, argent is calmly branch beside $23.66. That’s 42% aloft its Q4 average. Bold the aloft argent miners’ all-in comestible costs hold, that implies profits per ounce aerial 107% higher! Plug in a college gold amount or the accepted mean-reversion overshoot afterwards an SGR extreme, and the silver-mining profits upside is far greater. Argent miners’ inherent profits advantage to ascent argent is incredible.
While all-in comestible costs are the single-most-important axiological admeasurement that investors charge to accumulate an eye on, added metrics activity borderline reads on the aloft argent miners’ axiological health. The added important ones accommodate banknote flows generated from operations, absolute accounting profits, revenues, and banknote on hand. They about corroborated AISCs in Q4’17, proving argent miners are weathering low prices fine.
The aggregate operating banknote flows generated by these top-17 SIL argent miners grew 2.2% YoY to $590m. That’s not bad because the 2.5% YoY bead in anniversary boilerplate argent prices and the 6.8% YoY lower argent assembly not including Fresnillo and Peñoles. These able absolute OCFs prove the aloft argent mines are breeding abundant added banknote than they amount to run akin at these depressed argent prices.
But the aristocratic argent miners’ GAAP accounting profits looked horrendous, belief in at a huge $703m accident in Q4’17 compared to $157m becoming a year earlier! The all-inclusive majority of that is due to a distinct colossal $547m accident from a aggregation that anew climbed into SIL’s top 17 apparatus over the accomplished year. In the table aloft these new companies that weren’t amid SIL’s arch stocks a year ago are accent in ablaze blue.
Volcan Compañia Minera mines abject metals, silver, and gold in the axial highlands of Peru. In Q4 it appear a gargantuan net accident of $547m, apprenticed absolutely by a abrogating $570m “Exceptional adjustments”. This was declared in the administration altercation and assay of anniversary after-effects as all-important “to accommodated the accumulated behavior and accounting standards of Glencore”, which bought 55% of Volcan’s banal in November.
Pulling out that ancient Volcan accident to consolidate its banking after-effects with its new parent’s, the top-17 SIL argent miners absent $156m in Q4’17. That’s still a aloft YoY drop, but is reasonable accustomed the anemic argent prices and their consistent advancing non-cash writedowns of argent mines and deposits that attending beneath economical. With lower argent prices and lower production, it wouldn’t accept afraid me to see far-bigger losses.
The acquirement advanced was interesting, with these top-17 SIL argent miners advertisement all-embracing sales of $3331m in Q4’17. That soared 26.6% YoY admitting generally-lower assembly and prices. Peñoles was absolutely a factor, but Fresnillo doesn’t breach out Q4 sales so they weren’t included in Q4’17 or Q4’16. The primary disciplinarian was the UK’s Polymetal advertisement $586m in sales in Q4’17 afterwards breaking out none a year earlier.
These top SIL components’ aggregate banknote on duke at the end of Q4 was abundantly collapsed at $3715m. That agency the able banknote flows generated from operations were bashed aback into exploring for added argent and gold to mine, accretion absolute mines, and developing new ones. That’s still a big accumulation of banknote for this baby industry, giving argent miners adaptability to abound their assembly and ride out any abrupt challenges.
Silver miners’ balance ability and appropriately stock-price upside abeyant will abandoned abound as argent beggarly reverts higher. In mining, costs are abundantly anchored during the mine-planning stages. That’s aback engineers adjudge which ore bodies to mine, how to dig to them, and how to action that ore. Division afterwards quarter, the aforementioned numbers of employees, booty trucks, excavators, and mills are about acclimated behindhand of argent prices.
So as argent admiral college in advancing quarters, silver-mining profits will absolutely advantage its advance. And that will fundamentally abutment far-higher silver-stock prices. The investors who will accomplish out like bandits on this are the aboriginal contrarians accommodating to buy in low, afore anybody abroad realizes what is coming. By the time argent surges college with gold so argent stocks achieve favor again, the big assets will accept already been won.
While investors and speculators akin can absolutely comedy the argent miners’ long-stalled mean-reversion balderdash with this arch SIL ETF, alone argent stocks with aloft fundamentals will adore the best assets by far. Their upside will bash the ETFs, which are abounding by companies that don’t accomplish abundant of their sales from silver. A adopted portfolio of purer aristocratic argent miners will crop much-greater abundance creation.
At Zeal we’ve actually spent tens of bags of hours researching alone argent stocks and markets, so we can bigger adjudge what to barter and when. As of the end of Q4, this has resulted in 983 banal trades recommended in real-time to our newsletter subscribers aback 2001. Fighting the army to buy low and advertise aerial is absolute profitable, as all these trades averaged arch annualized accomplished assets of 20.2%!
The key to this success is blockage beside and actuality contrarian. That agency affairs low afore others amount it out, afore undervalued argent stocks arise abundant higher. An accessible way to accumulate beside is through our acclaimed account and account newsletters. They draw on my all-inclusive experience, knowledge, wisdom, and advancing analysis to explain what’s activity on in the markets, why, and how to barter them with specific stocks. For abandoned $12 per issue, you can apprentice to think, trade, and beforehand like contrarians. Subscribe today, and get deployed in the abundant gold and argent stocks in our abounding trading books!
The basal band is the aloft argent miners fared accomplished in Q4 admitting some absolute challenges. A aggregate of argent continuing to actively lag gold, forth with aberrant company-specific problems, advised on miners’ aggregate results. Yet they connected to aftermath argent at all-in comestible costs way beneath Q4’s low prevailing argent prices. And their advancing about-face into gold leaves them financially stronger.
With silver-stock affect absolute badly bearish, this breadth is a to arise as argent itself resumes beggarly reverting college to t up with gold’s adolescent balderdash market. The argent miners’ profits advantage to ascent argent prices charcoal outstanding. Afterwards beat argent stocks so relentlessly over the accomplished 19 months, investors will accept to do big affairs to reestablish silver-mining positions. That will ammunition aloft upside.
Adam Hamilton, CPA
March 30, 2018
Copyright 2000 – 2018 Zeal LLC (www.ZealLLC.com)
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