Thank you for standing by, and Welcome to the Alumina Limited Half-Year Results conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Mike Ferraro, Chief Executive Officer. Please go ahead. Good morning, everyone. Welcome to Alumina Limited's results presentation for the 2022 half-year. Before I proceed any further, please note the disclaimer. All references to dollars are US dollars unless otherwise stated. Alumina Limited had a strong first half with a net profit of $168 million, which was 128% higher than the corresponding period in 2021. It reflects the strength of our operations, combined with global supply disruptions, which resulted in an average realized price of $398 per tonne of alumina. Despite cost pressures, our margin strengthened, supported by higher alumina prices. Consistent with our dividend policy of distributing all available cash to our shareholders, we have declared a very healthy dividend for the half of $0.042 per share. While the second half will be challenging due to current high input costs, our medium-term outlook is positive. The demand for aluminum will continue to grow to support global decarbonization, which will result in greater demand for alumina. Before we take you through the financial highlights and market conditions, I would like to say a few words on our ESG performance, which is fundamental to our long-term sustainability. In advance of our sustainability update, we are pleased to present a snapshot of some key metrics. Refining emission intensity for 2021 was roughly flat at 0.516 tons of CO2 per tonne of alumina produced. All of AWAC's refineries are first quartile on the refinery global emissions intensity curve, and AWAC is the lowest CO2 emitter amongst major alumina producers. Emissions should reduce, assuming mechanical vapor recompression is deployed, and there remains the option for a fuel switch at Alumar. The Portland Smelter, as well as other AWAC facilities, continue to benefit from electrical grid greening. AWAC's total greenhouse gas emissions declined to 8.8 million tons from 9.1 million tons in 2021 as a result of reduced production and also due to the Portland Smelter's improved emissions intensity. AWAC now derives 36% of its electricity from renewable generation. Our joint venture has understood the importance of biodiversity and rehabilitation through 60 years of operations, which has entailed mining in the Jarrah and Amazon forests. AWAC's bauxite mines tend to be shallow as the ore body is below relatively thin topsoil and overburden layers. This means that once the ore is mined, we can progressively rehabilitate an area. Before an area is mined, each site is required to conduct an assessment, identify material risks to biodiversity, and implement the Biodiversity Action Plan to manage these risks. Mine rehabilitation is also planned in the early stages of mine development, with the objective to rehabilitate so there is no net biodiversity loss. In 2021, AWAC planted 550,000 native Jarrah forest plants at the Huntley and Willowdale mines. What makes this achievement even more important is that many of the collected seeds require heat, smoke treatment, or propagation using techniques pioneered by AWAC. AWAC is also forecast to increase the number of seedlings planted to 750,000 per annum. In the coming years, commodities such as aluminum will become even more critical in the transition to a lower carbon economy as it is required for solar panels, electric vehicles, and electrical transmission. AWAC's refinery decarbonization strategy involves pursuing mechanical vapor recompression and electric calcination. Ultimately, decarbonization of the aluminum chain itself will require massive amounts of renewable energy. In order to transition, we need policy clarity to support investment and a mutual understanding that technology readiness will not be linear, but rather lumpy. Research and development can take many years, and technology deployment will take time as well. In their recent special report, Manufacturing Australia highlighted a number of priorities for governments to enable and coordinate emission reductions. Of high importance to Alumina Limited is ensuring that Australia has a manufacturing foundation built on low cost, firm, and delivered clean energy. Additionally, co-investment in R&D will help prove and scale breakthrough technologies. An example of this is the federal and Western Australian governments contributing to the R&D of AWAC's MVR and electric calcination technologies. I will now hand over to Galina, who will talk you through the finance section. Thank you, Mike, and good morning all. I will start with the review of AWAC's performance before addressing Alumina Limited's result. In first half, AWAC recorded an EBITDA of $836 million and $439 million of net profit after tax. Excluding significant items, recorded EBITDA and profit after tax were $707 million and $380 million respectively. The significant items are predominantly non-cash and include $121 million positive change in fair value of Portland's energy contract. Despite a slight decrease in alumina production and an increased production cost, the higher average alumina price resulted in strong cash flow from operations of $495 million. The aluminum realized price was also significantly higher than the first half of the last year and positively contributed to the AWAC's result. Let's go through AWAC's operational performance in more details. In the first half of 2022, AWAC produced 6.1 million tons of alumina, 5% less than record production in the first half of the prior year. Except for San Ciprián, all other AWAC refineries were affected by either operational or weather events that led to reduced production rate. At Alumar, production was negatively affected by extremely heavy rainfall, which caused external power outages and operational challenges. Western Australian operations were also affected by operational issues and increased unplanned maintenance. Continued escalation of natural gas prices in Spain prompted the San Ciprián refinery to reduce its production rate in the second half, initially by 15%, and then further to 50%-60% of its 1.6 million tons of annual capacity. Overall, we expect total production in the second half of 2022 to be consistent with the first half. This is as a result of improving operational stability and production rates in Western Australia and in Brazil, offset by production curtailments at San Ciprián refinery. Production disruptions in late 2021, COVID restrictions in China, and the Russia-Ukraine conflict in early 2022 led to a period of elevated alumina prices. This resulted in AWAC average realized price of $398 per ton of alumina, $77 per ton higher than the 2021 average. AWAC cash cost of production averaged $304 per tonne, an increase of $74 per tonne compared to the first half of the previous year. Higher global energy prices accounted for almost half of this cost increase, and more than 70%, including the increase in caustic costs. Reduced production level at the Western Australian and Brazilian refineries also contributed to an increased production cost on per tonne basis. A negative foreign currency movement in Brazilian real was offset by a favorable movement in Australian dollar. The average cost of production peaked at $321 per ton in the second quarter of 2022. With the partial curtailment of San Ciprián refinery and the improved production run rate in Western Australia and Brazil, the average cost of production is expected to improve in the second half of the year. Despite the increased cost of production in the first half, AWAC's margin averaged $94 per ton of alumina, $34 per tonne higher than the first half last year. The margin for AWAC's portfolio, excluding San Ciprián refinery, was around $130 per ton, which is above the ten-year average. Turning our attention to AWAC capital projects. First half capital expenditure in 2022 was higher than 2021 by approximately $50 million, amounting to $110 million. The most significant projects were residue storage and tailings dam projects in Brazil, as well as Juruti Mine move. Second half capital expenditure is expected to be higher than the first half as Juruti Mine move continues to progress and seasonal maintenance projects ramp up. Moving to the full year outlook. Based on operational performance in the first half and the announced reduction in transshipment production, we have revised the full year alumina production guidance down to 12.1-12.2 million tons. Third-party bauxite shipments are forecast to be 3 million tons. This is revised down primarily due to suspension of Juruti bauxite sales to Rusal. Aluminum production is forecast to be 160,000 tons, an increase from prior year as new ports come online, although slightly below our previous guidance. Sustaining CapEx and growth CapEx guidance have been revised down by $35 million, mostly due to the favorable currency movements. AWAC's full year forecast for cash restructuring related items remains stable at around $70 million. Now turning to Alumina Limited results. Alumina Limited recorded a first-half net profit after tax of $168 million. An excellent result, reflecting a 128% improvement on the previous corresponding period. Excluding significant items, net profit after tax was $120 million. Alumina Limited announced a fully franked interim dividend of $0.042 per share to be paid on 15th September. This once again demonstrate the company ability to pay healthy dividends through the cycle. Alumina Limited shareholders have now been benefited from an average dividend yield of 7.3% over the last five years, fully franked. AWAC's strong cash flow generation, combined with Alumina Limited's low level of debt and a positive balance sheet position, enables Alumina to maintain a healthy dividend yield. Thank you, and I will now hand back to Mike to provide you with an overview of the market. Thanks, Galina. The alumina market reflects finely balanced fundamentals, where supply and demand changes are efficiently reflected in spot prices. The Alumina supply-demand balance and the near-term outlook can quickly tighten and result in shortages and price spikes, even in the context of an expected surplus for a year. The general learning from the last four to five years is that those circumstances are increasingly occurring and have quite diverse causes. Consistent with what we have seen over recent years, the first half of 2022 featured a series of global supply disruptions, which created a tight market and price spike, particularly in Q1. Mykolaiv, one of Europe's largest alumina refineries, ceased production in March due to the Russian-Ukrainian conflict. Chinese production was down, caused by COVID restrictions and the Winter Olympics. Australian production and shipments were also lower due to unplanned outages and COVID disruptions. The API reached $533 per ton in March and averaged $396 per ton in the first half. This reversed in the second quarter as the Australian government sanctions impacted the API, which I'll expand on shortly. There were delays in the Jamalco restart and the commissioning of Bintan Phase II. High energy costs triggered production curtailments, particularly in Europe. These events are likely to impact alumina production outside China for the rest of the year. On the demand side, primary aluminum production remained strong during the first half. According to the International Aluminum Institute, global primary aluminum production hit a record run rate in June 2022 at 188,000 tons a day. In the second half, potential curtailments are possible, with higher energy prices in Europe and the U.S. putting pressure on some smelters. At the same time, expansions and announced restarts are expected to come online, particularly in the Americas. All these factors have reduced this year's rest of the world SGA surplus estimate before exports to China from our February estimate of 3 million tonnes to around 1.5 million tonnes. In March 2022, the Australian government banned alumina exports to Russia, creating an instant excess of alumina in the Pacific, which needed to find new customers. China subsequently increased production and started exporting alumina to Russia. However, given the significant high cost of Chinese alumina, it is unlikely material volume will be exported to markets other than Russia. The China production being sold to Russia has resulted in a commensurate increase in rest-of-world available alumina supply. Sanctioning by Australia and some Western producers of exports to Russia has created an additional alumina market. Post the Australian sanctions, the tight underlying balance of the ex-China SGA market persists, with an excess of 1.2 million tonnes, less than 2% of the market. Since the Australian ban, the API has come down to its current level of about $330 per tonne. The Russian-Ukraine conflict has pushed up raw material and energy prices during the first half. The rest of the world refining costs increased by 26%. At current prices, around 25% of the ex-China production would be loss-making based on Q2 costs, placing refineries under economic pressure to curtail production. As Galina has mentioned, AWAC's production costs were impacted by higher energy costs at the San Ciprián refinery, which are now being abated as production will be cut to 50%-60% of capacity this quarter. Our WA refineries benefit from long-term gas contracts, and AWAC's refining assets are less exposed to higher caustic prices due to lower usage per tonne. In China, higher ocean freight rates and uncertainty about Indonesia potentially banning bauxite exports drove imported bauxite prices up substantially. Average Chinese alumina cash cost increased by 9% during the first half to $394 per ton, including VAT. By the end of June, around 10% of Chinese production was estimated to be cash negative and another 45% operating close to breakeven. These higher costs are now supporting alumina prices. As China increasingly relies on imported bauxite for its alumina production, any disruption in bauxite supply, such as the Indonesian ban, is likely to lead to reductions in Chinese alumina production and increased costs. Freight costs in the first half were higher, with Handysize freight from Australia to China reaching up to $67 per ton. We're now seeing freight costs falling, currently sitting at around $37 per ton. This is a positive development as it lifts the import parity price into China, improves the prospects of China importing rest of the world alumina, and supports the API. The current China import parity price is around $340 per ton. In the medium term, as China approaches a 45 million tonnes per annum aluminum production cap, substantial growth in primary aluminum production outside China is expected to meet growing demand. In turn, around 8-12 million tonnes of additional alumina are likely to be needed by 2027. Constraints such as the ability to secure low-cost, good quality bauxite, high capital costs, and the availability of low-cost, reliable green energy are limiting the number of committed alumina growth projects. So far, only 3 million tons of additional alumina production outside China is committed in the next five years. These factors suggest there is a looming deficit of alumina in the rest of the world. To summarize, during the first half of 2022, supply disruptions underpinned high alumina prices. The Australian ban on alumina exports to Russia changed global trade flows and induced a marginal rest of the world excess. The Russia-Ukraine conflict has pushed up energy prices, especially in Europe. Notwithstanding higher production costs, AWAC is still in the first quartile of the global cost curve, thanks to our low-cost, low caustic usage, low-cost bauxite, and long-term gas supply position in Australia. Higher energy prices, possible supply disruptions, bauxite costs, and higher global costs generally, compounded by central bank activities to control inflation, influence the outlook. However, a higher China import parity price, potential curtailments, and cost pressures provide upside risk to the API in the remainder of the year. In the longer term, aluminum has a key role to play in the transition to a low-carbon circular economy. A positive outlook for aluminum supply growth is expected to lead to higher alumina demand, and a supply gap in the medium term outside China would strengthen prices. Thank you for listening. I'll now hand back to the moderator for questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the answer to ask your question. We request participants to limit questions to two per participant. Our first question comes from the line of Rahul Anand with Morgan Stanley. Please go ahead. Hi, Mike Ferraro and Galina Kraeva. Good morning, and thanks for the call. Look, the first question is around your guidance and the 200,000 ton cut. Now, San Ciprián previously used to do about 1.5 million tons per annum. I take it probably goes to circa 1.3. Galina, perhaps help us understand how we should think about costs in the second half versus the first half, obviously, because you also had some Australian disruptions, as you pointed out. How should we think about the whole cost picture going into perhaps the second half and into CY 2023? That's the first one, and I'll come back with a second. Okay. With regards to the cost, first of all, obviously in the second half of the year we'll have a favorable mix of production compared to the first half because San Ciprián will have a lesser share in the portfolio, which will automatically improve the average price of the portfolio. Also Brazil and Western Australia are coming off the issues that they encountered, especially in the second quarter. Brazil had experienced like its 10 years' rainfall in one year, so it was pretty severe and unusual. In Western Australia, there were a number of operational issues, COVID included. With those refineries that are much more cost-effective running at the higher rate and San Ciprián reducing, we will have an improved mix, which will improve our cost compared to the first half. Not necessarily by a hell of a lot, but a few bucks there and there. In terms of what would be the cost drivers, the caustic will continue to be pretty high because of our delay in how it goes through the system. Even though we're seeing the softening in the prices at which we buy, but the release is probably not gonna come until the first quarter of 2023. That's caustic. Energies continue to be very high in Spain, although Spain is better than the rest of Europe, obviously. Our Australian refinery is enjoying pretty much fixed price. Those are the costs and how they're gonna flow through the second half and early in 2023. Thanks, Galina. I guess sounds like circa 5% change perhaps in the second half versus the first half, just owing to that mix changing. Is that fair? Round about. To summarize? Yes. Round about. Okay. Perfect. The second question, perhaps one for you, Mike, in terms of the market. If I go back to the first quarter report that you put out, the chart one of the charts in there had basically pointed to a cost curve. If we run the current spot price on that cost curve, it would indicate that more than 50% of the market at these current prices is underwater in terms of loss-making. Today obviously you flagged circa 25% of ex-China production being loss-making. I just wanted to square the circle and sort of understand how that has changed from the first quarter into your commentary today. Perhaps the second part of that question is, Handysize has come off significantly, as you pointed out, about $30-$35, yet the alumina price sits at around the $330. What has kept some of that Handysize price attaching onto that alumina price 1-1? Thanks. The Handysize price has come off because the supply disruptions have reduced and there's more stability around supply lines and the congestions at various ports, particularly in China, have now lessened. That's fully improved. I think I know that will improve the import parity price, which for a while now is in the negative and is now positive again, so China is able to start buying. Does that answer your question on that one? Yes. I guess what you're trying to say for the Handysize is that there's a lagged impact, and we should see that come through in the second half. Yes, very much so. Okay. The cost curve question, which was the 25% and the 50% loss-making first quarter versus now. Yeah, no, I'll need to come back to you on that one. I'll need to have a look at that and understand the differences. There are differences, but I'll revert back to you on that one. Perfect. Too easy. I'll pass it on. Thanks. Thank you. Our next question comes from Paul Young with Goldman Sachs. Please go ahead. Thanks. Morning, Mike and Galina. Hope you're both well. First question is on the San Ciprián gas situation. Can you, Mike, talk through, you know, the decision, you know, why this hasn't, you know, why the decision was made not to close it? I understand it's, you know, around the union piece and the government piece and the restart of the smelter, but just keen on hearing your views. Also, at the moment, what percentage of gas is spot? I believe it's about 75%. How does that change over the near term, spot versus contract? Right. Okay. On the closure points, I think you've effectively summarized it very briefly, Paul. There are difficulties associated with both the unionized workforce and the government and to close the facility. As you've seen in the past with Alcoa's smelter next door, took them quite a long time to reach an accommodation with all relevant stakeholders at Port Talbot until 2024. At the same time, there are contractual commitments with customers, which are required to be met. We can't really walk away from that. Really what we're seeing then is effectively a progressive reduction in production, which will obviously reduce the amount of gas, total amount of gas that we're using. I can't give you any clear indication as to what other developments may or may not occur in the short to medium term on that front. Paul, in terms of the way to think about the gas and contract. You're absolutely right. At the beginning of the year, at full capacity, we had 75% of the gas being fixed at the spot price and 25% on contract linked to oil till the end of 2022. Naturally, as we decrease the production, we decrease the volume taken at the spot price. Hypothetically, at the 50% run rate, you have 25% linked to oil and 25% on spot. Okay. Thanks, Galina. The next question is around Mike, just the second half outlook and the dividend. I mean, it's a pretty tough backdrop. I mean, your cost is $330, the price is $330. You're making no margin, I think for the first time ever. Your CapEx is stepping up significantly in the second half, probably the biggest skew to the second half I can recall on sustaining CapEx in particular. So I'm just curious around it. Obviously, the cash proceeds or dividend proceeds from the joint venture will be significantly lower in the second half if all things stay the way they are. You know, you could argue there's actually downside risk to the aluminum price, not upside in the second half. So I'm just curious about how you manage this. Are you with respect to the dividend, are you prepared to gear up the balance sheet to maintain a somewhat you know acceptable dividend, if you call it that, to shareholders? Or are you gonna stick to the 100% pass-through? You know, if your cash flow falls, then you know, you'll just have the dividend fall with it. Yeah. No, Paul, at this stage, we're reluctant to gear up to pay higher dividends. That's been our policy quite consistent for some time because, you know, I don't like borrowing and paying out when we don't have the ability to do that. We have the ability to borrow, but it's not good economics, frankly. We'll have to take the rises and the falls as they come. Where we are, you're quite right. There's a lot of uncertainty. I think effectively what we're saying, there's a lot of uncertainty out there. There are the impact of higher costs, which most of them or a number of them don't appear to be subsiding as rapidly as we would like, particularly energy, but we're trying to take actions. The API, because of that level of uncertainty, there's both downside and upside. You know, on the one hand, you've got some smelting production has curtailed over the last year, and we've had a couple of recent announcements out of Norway, some strike actions which will impact that. On the other hand, you've got some expansion projects that are still underway. It really is going to be quite an uncertain period, but probably compounded by ongoing high costs. Okay. Understood. Okay. Thanks, Mike. Thanks, Galina. Thank you. Our next question comes from line of Lyndon Fagan with JP Morgan. Please go ahead. Thanks very much. I guess I was also going to ask about San Ciprián and how the 50%-60% of volume was arrived at as the sort of ongoing run rate. I guess it, you know, based on the fixed costs at an estimate, it looks like it'd be less cash burn sending everyone to Ibiza and paying for a holiday rather than running it at all. I'm trying to understand what that fixed cost base looks like and what the contractual commitments for that volume actually are, and whether you could supply that volume out of any other refinery in the business. I'll answer the commitment. The commitment is essentially for the rest of the year on a scale down basis. There's really limited if no commitments on contractual arrangements for next year. On the point about, you know, putting people on holiday, which, as you know, Lyndon, Alcoa has done that with some of the smelter employees. That may well be an option to be explored, but at the moment, where they're at is that they've been able to reduce production 50%-60% to allow and continue system stability and meet commitments. Whether there are opportunities to reduce that production further in a staged way, we really just have to sit back and wait and see how it unfolds. The only one thing I would add is that San Ciprián produces quite a substantial amount of chemical alumina, and that is not the product that easily replaced because it's quite unique and special, but also higher margin, so it's not that bad. Mike said it absolutely right. The main consideration is the level of reduction versus stability of the plant and meeting the obligation till the end of the year, the contracts that we can't walk away from. In terms of what the costs look like if everybody on paid vacation, that really depends on specifics of the agreements with the government or union. We can't speculate at this stage. Thanks. Of the $600 a ton costs reported with the quarterly Mm-hmm. What portion of that is a fixed cost? We don't break up the costs in that way, Lyndon, so unfortunately, we can't give you any better guidance on that at the moment. Based on your comments looking into next year, there is a scenario of reducing output further if the price doesn't improve or the cost base doesn't show much relief. Is that a fair assessment? We are seeking every possible opportunity, yes. All options are being looked at. Time will tell. You know, because we're not in that position, it's really hard for us to speculate. Okay, great. I guess the other question I had was just on the Aussie assets. The refineries underperformed a little bit in Western Australia in the first half relative to first half of last year. Can you talk about what sort of improvement we should see in the second half of this year and what went on to drive that underperformance? First of all, yes, you're right. The 50/50, the production is lower. Also just to remember that last half was a record-setting half for pretty much every single refinery. We're comparing into very high base. That's first. Secondly, you can easily calculate the improvement in the production because whatever we're losing in San Ciprián, we will get back in Western Australia refineries. As I've mentioned, we expect the same production level as we had in the first half. That's coming mostly out of Brazil and Western Australia. Okay, thanks very much. Thanks, Lyndon. Thank you. Our next question comes from the line of Paul McTaggart with Citig roup. Please go ahead. Morning. You noted the kind of step up in sustaining CapEx for the second half. I mean, it's quite a skew. It's normally a skew, but that's a bigger skew. I wanted to know, A, are we seeing a kind of a material step up into the midterm sustaining CapEx? Like, you kind of drove restructuring related items for 2022. Could you? I mean, I know they're coming off, and maybe if you could give us a sense of what that 2023 number would look like as well, that'd be great. Thank you. Let's start with the sustaining CapEx. We did mention early on that yes, we are looking at the increased level of CapEx for the next sort of three-four years due to the increased level of really the storage upgrades and also some mine moves. We've just gone through the two mine moves in the second one. Those are the reasons for the total CapEx, annual CapEx increase. As far as the allocation between the first half and the second half, we historically see in the second half higher because the first half is a rain season in Brazil, so then not much can be done there. Most of the CapEx in Brazil in particular gets bulked up in the third, fourth quarter. Those are the reasons for the lumpiness of the CapEx. Um... Going forward. Going forward, as I've mentioned, we do expect that level kind of CapEx for the next around three years. In terms of the restructuring related items, it's a very difficult item to predict because it all depends on approvals granted for remediation and what work is planned, but it would be safe to assume at least the same level for the next year. Okay. Thank you. Thanks, Galina. Thank you. Our next question comes from the line of Glyn Lawcock with Barrenjoey. Please go ahead. Good morning, Mike. Maybe just to do a little bit more on San Ciprián, just so I'm clear, you obviously have a contract to buy spot gas. I'm just wondering, is that a volume contract as well? So are you actually having to find and on-sell it, or could you just simply not buy the gas you don't need now that you've reduced San Ciprián? Just trying to understand the legalities around your gas commitment. Thanks. I can't tell it. I know that it's fully flexible on volume. Whether it's you just don't take it or you sell it back, I can't tell you, Glyn. I'm sorry. Okay. At this stage, it doesn't feel like there's any risk to the cost production coming through as you pull it back. Galina, maybe just then, you're prepared to help us understand. Like when you said a few dollars off $304 and you look at the spot price at the moment, is the business as a whole, AWAC making cash at the moment? Yes, we are. We're still like it's a very skinny margin, but we still are positive, yes. enough to cover the AWAC costs of about $20 million a year as well? So far, yes. Okay. Maybe just switching gears then. On the Alcoa second quarter call, they talked about Portland, and I think the CEO described it as fix, close it or sell it. Is there any update you can share with us on the fate of Portland at the moment? Yeah. Portland is still in the group, both within AWAC and the other shareholders, investors. That's the case. Certainly, you know, options have been looked at from time to time, but it's for the time being, it's staying in the group. Okay. Thanks, Mike. Thank you. Our next question comes from the line of Hayden Bairstow with Macquarie. Please go ahead. Hi, morning, Mike and Galina. It's Hayden Bairstow from Macquarie. I believe most of the questions have been asked already. Just one quick one on the market. Wondering if you see anything on the ground from your Chinese customers in terms of behaviors, given that they are going through this power rationing, which has impacted the local refinery and smelters. Thank you. Did you say in China? Yeah. Just wondering if you see anything on the- Yeah. Yeah, on the ground given this recent news. There's two provinces in China in the southwest, if I'm not mistaken, who are required to reduce power consumption. It's affecting all industries so that the energy can be diverted to the residential sector. I believe it's impacting about 1 million tons of alumina and 1 million tons of aluminum per annum at the moment, while these restrictions are in place. Great. Thank you, Mike. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. I now hand back the call to Mr. Ferraro for closing remarks. Thank you everyone for listening this morning. Appreciate your time is busy and appreciate the questions and interest that you've taken. I'm sure we'll speak to some of you very soon. Thank you for attending. Thank you. That does conclude our conference for today. Thank you for your participation. You may now disconnect.