Thank you for standing by, and welcome to the MMG Limited Annual Results webcast. 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. Jarrod Eastham, Head of Investor Relations. Please go ahead. Good morning, and welcome to MMG's 2023 annual results briefing. Presenting today are MMG Interim CEO, Li Liangang, and CFO, Ross Carroll, together with other ExCo members. The slides for today's presentation are being webcast in both English and Chinese. They can be accessed from the Investor and Media section of the MMG website. I'll shortly hand over to Liangang, who will present an overview of our performance throughout 2023. Then Ross will provide more detail on our financial results and related analysis. To conclude the presentation, Liangang will share insights on our strategy and the outlook for 2024 and beyond. At the end of today's webcast, we'll open the line for questions. For those wishing to ask questions, please ensure you're accessing this presentation via the teleconference details that were included in the invitation for today's session, and not just the webcast. I will now pass over to Li Liangang. Thank you, Jarrod. Good morning to everyone, and welcome to MMG's 2023 annual results briefing. Firstly, I'd like to acknowledge the tragic deaths of two of our mining contractors, Mr. Trevor Davis and Mr. Dylan Langridge at Dugald River in February 2023. The loss has had a profound impact on us all. We remain committed to eliminating injuries and fatalities across MMG. Nothing is more important than ensuring that our people can return home safely to their loved ones. Let's now turn to our safety performance for 2023. Our focus remains on reducing the significant events with energy exchange. The SEEE frequency rose from 0.94 per million hours worked in 2022 to 1.14 in 2023. Although this increase is disappointing, we have been a pleasing downward trend over the last five years. MMG's total recordable injury frequency was 1.97 per million hours worked for the full year of 2023, which is higher than the full year of 2022 result of 1.25. However, we have observed better execution of safety controls across all sites in the fourth quarter of 2023, with a quarterly TRIF of 1.13. The safety performance reminds us that there is still significant room for improvement, particularly in reducing significant potential incidents. We have seen an improvement in our reporting culture, which allows us to learn from the incidents and implement actions that will prevent reoccurrence. Now, let's move on to some of the highlights of our production and financial results. Overall, our sites have delivered strong results with production and cost performance in line with or outperforming our updated guidance. In 2023, we produced more than 347,000 tons of copper and 203,000 tons of zinc. Copper production in 2023 was 14% higher than in 2022, driven by uninterrupted operations at Las Bambas. Revenue increased by 34% to more than $4.3 billion for the period, primarily driven by higher sales volumes from Las Bambas, which more than offset the impact of lower copper and zinc prices. In 2023, MMG recorded a net profit after tax of around $122 million. MMG achieved an increase in net cash flow from operations, totaling around $1.85 billion, representing growth of 122% compared to 2022. Driven by strong cash flows, the company reduced overall net debt levels by around $788 million, reducing the gearing ratio by 5% - 50% at the end of 2023. We will discuss our key development products and growth opportunities later in more detail, but we have made steady progress on the Kinsevere expansion project throughout 2023 and have started early works at Chalcobamba. I will now provide an update on our organizational changes. As you may be aware, Mr. Ross Carroll will retire from his role as the CFO of MMG, with effect from sixth of March 2024, with a transition period until first of July 2024. I would like to take this opportunity to thank Ross for his significant contributions to the company over more than eight years. On behalf of the entire MMG team, I wish Ross much success in his new chapter. Thank you, Ross. Mr. Song Qian has been appointed as the Executive General Manager of Finance, and brings to the business significant executive experience with the China Minmetals Corporation. Welcome, sir. Mr. Nan Wang, former Executive General Manager, Australia and Africa, has commenced his accountabilities in a newly created role of Executive General Manager, Operations, to integrate group operational accountability and excellence. Mr. Jianxian Wei, Executive General Manager at Americas, will remain on ExCo, which reflects the scale and importance MMG presents in the region. Mr. Troy Hey, the Executive General Manager of Corporate Relations, has taken accountability for legal and company secretary alongside his existing accountabilities. I believe these changes simplify and focus accountabilities amongst MMG leadership. I am confident that the new structure will enable our leadership to drive successful outcomes as we work towards our vision of creating a leading international company for a low-carbon future. I will now continue with an update on community engagement at Las Bambas. We have made a number of important steps this year as we look to continue to build partnerships with our host communities. We implemented the Corazón project to ensure that the communities we operate in will benefit from operational success of Las Bambas. At the end of 2023, we reached definitive agreements with Fuerabamba community on outstanding, on, outstanding land, land uses. Our efforts to enhance partnerships with communities and government support have helped ensure stable and consistent logistics for concentrate transportation since March 2023. Discussions with the Huancuire community have advanced with the signing of five contracts with community companies, and these companies have now commenced early works at Chalcobamba. The Las Bambas team is working with the Huancuire community towards an enduring agreement for the development of Chalcobamba deposit. Let's now turn to the progress of the Kinsevere expansion project. The project remains on track and has achieved good progress. The cobalt plant was commissioned and achieved first production of cobalt hydroxide in the fourth quarter of 2023. The construction of the sulfide processing system continued with the majority of the civil work complete. Mechanical and structural installation has also commenced. Moving forward, the focus will be on the ramp-up of the cobalt plant and completing the installation of the key work packages. The project will extend the mine life to at least 2030, 2035, and bring the annual production to approximately 80,000 tons of copper cathode and 4,000-6,000 tons of cobalt in cobalt hydroxide. We expect the first copper cathode from sulfide ore in the second half of 2024 and a full ramp-up in 2025. The combination of higher copper production and co- and cobalt by-product credits is expected to significantly reduce the C1 costs. Now let me proceed with an overview of the acquisition of Khoemacau Mine. As announced in November 2023, MMG entered into a share purchase agreement to acquire the Khoemacau Mine in Botswana. Khoemacau is a scarce, high-grade, low-cost, producing copper asset in the world-class mining jurisdiction of Botswana. Expansion project will deliver production of around 130,000 tons of copper per annum. The expansion is a cost-efficient pathway to achieve production at scale with a low capital intensity. Khoemacau is a long-life asset with a greater than 20-year mine life, based on the Zone 5 group deposit alone, with potential for further increase in scale and life from other known resources. In addition to the mine and existing resources, we are also acquiring an estimated 4,040 square kilometers landholding in the emerging and highly prospective Kalahari Copper Belt. I will now hand over to Ross to take you through our 2022 financial results in detail. Thank you, Liangang, and welcome, everyone. In 2023, our revenue increased by 34% to over $4.3 billion. This was primarily driven by higher sales volumes from Las Bambas, which more than offset the impact of lower copper and zinc prices. The company's total EBITDA of $1.46 billion was 5% lower than 2022. This was due to a decline. This decline was due to lower prices for copper and zinc, lower sales at Kinsevere and Dugald River, and higher consumption of third-party ores at Kinsevere to offset reduced oxide ore mining during the transition to the mining of sulfide ores. Higher sales volumes at Las Bambas contributed positively, but were partly offset by higher costs, which included an inventory reduction expense of nearly $800 million, higher transport costs of nearly $60 million, and higher costs generally relating to higher mine activity as a result of 2023 being a year in which we operated all year, as distinct to 2022. In 2023, MMG recorded a net profit after tax of $122.1 million, including a profit of $9 million attributable to equity holders of the company. MMG achieved net cash flow from operations of $1.85 billion, representing growth of 122% when compared to 2022. This performance is primarily attributable to the cash generated from the sell down of the copper concentrate inventory at Las Bambas, which compared to a build-up in 2022. Lower tax payments for Las Bambas and Kinsevere also were a factor. Driven by strong cash flows, the company reduced its overall net debt levels by $783.6 million, lowering the overall gearing ratio by 5% - 50% at the end of 2023. We'll now take a closer look at the drivers of the EBITDA movement. The waterfall chart shows the key variables that drove the movement in EBITDA when compared to FY 2022. Lower copper and zinc prices provided a negative impact of just over $200 million. Higher sales volumes had a favorable contribution of almost $1.3 billion. Total payable copper and products sold was almost 420,000 tons, representing a 54% increase compared to 2022, primarily driven by uninterrupted operations and transport at Las Bambas since March 2023. We have had an unfavorable impact of operating expenses around $1.13 billion. Total operating expenses increased by 67% in 2023, primarily driven by the costs associated with the drawdown of the LB copper concentrate stockpiles compared to a build-up in 2022. Additionally, operating expenses were impacted by higher costs at Las Bambas, in line with the higher material mines and mill volumes, and an increase in copper concentrate volumes transported. At Kinsevere, we consumed more third-party ores to offset the reduced oxide ore mines. We'll now move on to the debt portfolio. The chart on the left-hand side sets out our updated term debt repayment profile. Although we have some significant debt repayments due on the loan from our major shareholder over the next three years, these will more than likely be reviewed with the major shareholder in order to manage the company's cash position. Repayments due on the Las Bambas project facility will reduce in 2024, before further reducing in 2025 and onwards. Turning to the chart on the right-hand side, it demonstrates the continuous reduction in overall debt levels and gearing ratios over the last five years as a result of the company's efforts to strengthen our balance sheet. We have now positioned ourselves positively for future growth. Also importantly, we maintain strong relationships with our funding partners from China and the rest of the world. Our partners continue to be very supportive and flexible in their approach to funding MMG and to helping us grow. We'll now move on to our capital expenditure outlook. Total capital expenditure for 2023 was $790 million, in line with our guidance, including $269 million spent on the Kinsevere expansion project, $333 million spent at Las Bambas, and capitalized mining costs of around $160 million. Total capital expenditure in 2024 is expected to be between $800 million and $900 million. To break this down, $400 million-$450 million is attributable to Las Bambas, including the expansion of the Las Bambas tailings dam facility, modifications to the Fuerabamba pit infrastructure, and the development of Chalcobamba. Capital expenditure for the Kinsevere Expansion Project is expected to be in the range of $250 million-$300 million. Should MMG successfully complete the acquisition of the Khoemacau asset, our capital expenditure guidance will obviously change. The chart on the right demonstrates that our projects are extremely competitive relative to recent and future copper projects, projects globally. Our brownfield projects, which are KEP, Chalcobamba, and the Khoemacau expansion, will deliver incremental production with a capital intensity of under $10,000 per ton of annual copper equivalent production, while the average of global copper development projects is above $15,000 per tonne of annual production. Our brownfield expansions are an important part of our ambition to grow and represent a cost-efficient way to increase production. Now, moving to the sensitivity analysis. The table on the slide details the sensitivity of the group's earnings to movements in commodity prices and exchange rates. The copper price has the biggest sensitivity, with a 10-cent per pound movement in the price having an impact of around $71 million on an EBIT basis. Movements in the zinc price, the Australian dollar, and the Peruvian soles also have a relatively material impact on an EBIT basis. I will now run through the performance of our four operating sites. Starting with Las Bambas. Las Bambas produced 302,000 tons of copper in 2023, which was 19% higher than 2022, largely due to the uninterrupted operation since March 2023, and record high annual mill throughput, which was a 20% increase when compared to 2022. Copper sales volumes were 69% higher compared to 2022, due to the higher copper production and the continued availability of the heavy haul road since March. Copper concentrate sales of 1.1 million tons marks the second highest level since the commissioning of the mine. Revenue of $3.4 billion was 64% higher than 2022 due to the higher sales volumes for copper, gold, silver, and moly, and higher sales prices for moly. This was partly offset by lower copper prices. The C1 cost of $160 per pound for 2023 were below our guidance range of $165-$175 a pound, although they were higher than this 2022 C1 costs of $153 per pound. The higher unit costs in 2023 were attributable to higher production costs due to significantly higher levels of activity, and the absence of care and, excuse me, of care and maintenance cost exclusions from the period of the shutdown in 2022, partly offset by increased copper production and higher by-product credits from moly, gold, and silver. Now moving to Kinsevere. Kinsevere produced over 44,000 tons of copper cathode, which is a decrease of 11% compared to 2022. The lower cathode production was primarily attributed to a decrease in ore mills' throughput caused by unstable power supply from the national grid, along with lower feed grades. Kinsevere revenue decreased by 16% to $355 million compared to 2022 due to lower copper sales volumes in line with lower production and lower copper prices. Financially, Kinsevere is going through a tough time while we await the completion of the KEP project. C1 costs for 2023 were $329 a pound, higher than the $255 a pound in 2022. Driven by lower production and higher processing costs caused by the high consumption of third-party ores and sulfuric acid. As Li Liangang mentioned, KEP is on track, and we achieved first production of cobalt. We've also commenced mining at Sokoroshe II, a satellite deposit, with ore being transported to Kinsevere for processing. This has reduced our reliance on third-party ore in 2024. I will now move on to our operations in Australia at Dugald River and Rosebery. Dugald River produced 152,000 tons of zinc and zinc concentrate in 2023, which was 12% lower than 2022, as operations were suspended for 34 days after the fatal incident at the mine in February. Zinc metal production was also impacted by lower ore feed grades associated with the mining sequence, partially offset by record high zinc recovery rates of 90%, compared to 89.3% in 2022, driven by ongoing plant optimization. Revenue of $331 million was a decrease of $153 million due to lower zinc prices, a 9% drop in zinc sales volumes, and an 8% drop in lead sales volumes in line with the lower production. These factors were partly offset by higher silver prices. Dugald River zinc C1 costs were $0.93 per pound in 2023, higher than the $0.84 per pound recorded in 2022, but outperforming the revised guidance of $1.05-$1.20 per pound. The higher C1 costs were largely attributable to lower production volumes. And finally, to Rosebery. Rosebery produced 52,000 tons of zinc and zinc concentrate, and 19,000 tons of lead and lead concentrate in 2023. This represented a 1% and 6% increase, respectively, compared to 2022. Ore mined was 4% higher compared to 2022, primarily due to the mining sequence and improved workforce availability, partially offset by the lost production in January as a result of the bushfire incident. Rosebery finished the year strongly, with its highest quarterly production achieved in the fourth quarter of 2023. Revenue decreased by 8% to $240 million due to lower prices for zinc, lead, and copper. This was partially offset by higher zinc sales volumes, higher precious metal prices, and higher precious metal sales volumes. Rosebery C1 costs were $0.26 per pound in 2023, in line with 2022, as higher production expenses were offset by higher by-product credits. I'll now hand you back to Liangang to finish with our strategy and outlook. Thank you. Yeah, thanks, Josh. Let me start with our strategy. Our overall strategy remains unchanged, and this year we took some important steps for realizing our vision to create a leading international mining company, providing the materials essential for the transition to a low-carbon future. Our strategic pathways guide our direction to deliver our strategy. We are focused on maximizing value and competitiveness of our existing assets and the Khoemacau mine, post-completion. We hope to grow the core around the existing regions and commodities, specifically targeting advanced stage copper, zinc, and cobalt assets within our established hubs. We plan to step up into new regions and will consider diversifying into other future-facing commodities, such as nickel and lithium. All our actions are underpinned by a strong commitment to responsible governance and sustainability. Now, let me move on to our overview of asset space and our guidance for 2024. Starting with Las Bambas, we expect copper production for 2024 is expected to be in the range of 280,000 tons-320,000 tons. This is largely in line with 2023, but is subject to the timing of the development of Chalcobamba. We anticipate a slight increase in C1 costs to between $1.60-$1.80 per pound, primarily due to higher mining and processing volumes and lower by-product credits with lower by-product price assumptions. Moving on to Kinsevere, our copper cathode production is estimated to be between 39,000 tons-44,000 tons. This reflects the natural depletion of oxide ore as we transition to sulfide ore mining, partially offset by the increased supply from Sokoroshe II. We expect an important improvement in C1 costs, ranging from $2.80-$3.15 per pound, thanks to cobalt by-product credits and a reduced reliance on high-cost third-party ore. Dugald River, we expect the mine's production to be in the range of 175,000-190,000 tons of zinc in zinc concentrate, reflecting performance supported by stable operations and continuous operational improvement. We also predict a decrease in C1 costs to $0.70-$0.85 per pound, reflecting both increased production and lower anticipated zinc treatment targets. At Rosebery, zinc production is expected to be in the range of 50,000 tons-60,000 tons of zinc in zinc concentrate. While zinc equivalent production to range from 115,000 tons- 130,000 tons. We are also optimistic about our an improvement in C1 costs to be in the range of $0.10 to $0.25 per ton, driven by higher anticipated production levels and lower treatment targets. I will now continue to discuss our growth opportunities. In the near term, we anticipate an increase of between 50,000 and 65,000 tons per annum of copper equivalent production as a result of the Khoemacau acquisition. As mentioned earlier, the Kinsevere Expansion Project will bring the annual production of Kinsevere to approximately 80,000 tons of copper cathode and 4,000-6,000 tons of cobalt in cobalt hydroxide. Excuse me. The Chalcobamba development will return, Las Bambas to be a 350,000-400,000 tons per annum copper producer. Looking ahead to the midterm, the expansion of Khoemacau, is projected to increase its copper equivalent production to a range of 135,000-155,000 tons per annum. These growth opportunities will increase and expect, with, we'll increase our exposure to copper, a metal that is vital to to global decarbonization, as we strive to become a top 10 listed copper producer. In the meantime, we are actively exploring further growth options at all our existing sites and the Izok Corridor to enhance our growth pipeline. We also remain open to the possibility of growth through further access, through further acquisitions. In closing, on behalf of the MMG management team, I want to express my deepest gratitude to our shareholders, host communities, contractors, and the dedicated MMG employees. Your support is the foundation of our success. Thank you for your time today. I will now hand back to the moderator. We'll open the line to 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're on a speakerphone, please pick up the handset to ask your question. The first question comes from Jimmy Fang with Citi. Please go ahead. Hi. Hi, thanks, Mr. Li and Ross, and Jerry for sharing, and thanks, Ross, for, for his, always helpful, explanation. I have a few questions. Firstly, regarding the Chalcobamba, I want to check for the Las Bambas guidance in 2024. In the base case, how many volume contribution from Chalcobamba is expected in 2024? And also, after the ramp-up of Chalcobamba, what's the C1 cost expectation, for Las Bambas project overall? Thanks. This is my first question. All right. Yeah, thanks, Jimmy, and thanks for the kind words. I think with Chalcobamba, it depends on the exact timing, but you're looking at a contribution of around about 50,000 tons of copper metal if we are able to develop it in accordance with our expected timeline. Now, the C1 cost is obviously given guidance for this year, and that's based on the 320,000-ton production rate. But in 2025, and assuming we get access to Chalcobamba shortly, we'd be looking at production of around about 375,000 tons-400,000 tons, and in that case, the C1 cost would reduce to around about $1.30-$1.40 a ton. Now, obviously, we'll give more precise guidance on that early next year, but it'd be in that sort of range. ... Thanks. That's very clear. And my second question, with regarding for the Kinsevere project. I think the Kinsevere project also record net loss in the second half because of the transition. And so if the copper production from surface are expected in the second half of this year, so in this case, do you expect this project to record profit instead of loss starting from the second half of this year, or maybe starting from next year? So what's the expectation of this this project's profit, profitability? Yeah. Yeah, but we currently expect the KEP project to be finished in around October. So in the, yeah, the end of the or start of the fourth quarter, and I think for the, the remainder of 2024, we'd be ramping the project up. So I, I think at best, for this year, Kinsevere be breakeven or perhaps a, a small loss, and it's only really next year that we'd see the full benefits of the project. Hmm. Got it. Got it. Very helpful. And my last question is regarding for the CapEx, capital expenditure for the CapEx. After the ramp up of the Chalcobamba, what's the CapEx expectation for Las Bambas? And also, what's the CapEx expectation, the annual CapEx expectation for Kinsevere project after the finish of the KEP project? Yeah. Yep. Yeah, well, Las Bambas, I think, we would've explained this previously, is very capital intensive and, there's a lot of ongoing capital commitments. So on a, on an average or a general year, you'd still be looking at $400 million-$500 million of sustaining CapEx. You know, just for example, we spend about $80 million-$100 million a year just on the tailings dam alone. And then with Kinsevere, once the project's finished, and it depends on what's going on, it should be sort of anywhere between, you know, probably $20 million-$50 million of ongoing sustaining CapEx. Gotcha. Got it. Okay, thanks. That's very clear and helpful. That's all for my question. Thanks. Thanks, Jimmy. Your next question comes from Chris Xu with Balyasny Asset Management. Please go ahead. Hi. Thank you very much, management team. I've got a couple of questions. So the first question is regarding financing expenses for this year. For 2024, what are we expecting? Sorry, Chris, you mean in terms of interest rates or in, Yeah, the total expense, yeah, for the year. I must- Finances. I'm sorry. I can't answer that number off the top of my head. It'd be sort of up around $800 million. But it's but we can get back to you with some more precise numbers. Yeah. Sure, sure, sure. Got it. Okay. Yeah. And the second question is, so regarding the CapEx, as well as the asset profile, how will those change with the, you know, potential approval of the Khoemacau acquisition? Yeah, well, obviously, I guess with Khoemacau, you know, in round figures, you're talking about a $2 billion acquisition. Now we're sort of in advanced discussions with bringing a partner in, and, you know, looks like at this stage, we'll probably keep a 55% interest, but we'll consolidate the asset into the balance sheet. Initially it will be all debt funded, but then, you know, we'll be looking at different ways over the rest of the year as to how we insert some equity into that. So, but yeah, so initially, we're gonna have an extra $2 billion of consolidated debt, or albeit that 45% of that would be outside equity interests. And then with the CapEx, it won't be overly significant until we start the expansion project, but that'll be in sort of 2027. And, you know, for the expansion project, we'd be looking at about $700 million spent over two years. But, you know, we haven't got the keys to it yet, so until we do that, it's, you know, it's hard for us to give precise numbers. Got it. How about the sustaining CapEx for Khoemacau's current operation? Yeah, it's not really appropriate for us to talk about someone else's business at this stage, Chris. Got it. You know, once you know, Nan gets control of it, we'll obviously, at our next quarterly briefing, give an update on what the effects will be. Got it. Understood. Okay. Well, thank you very much for your help over all the years, and all the best for your future endeavors. Thank you. Thanks a lot, Chris. Your next question comes from Joy Zhang with Goldman Sachs. Please go ahead. Hi, good morning. Thank you for hosting your call. I have two questions. First one is, for the Chalcobamba expansion. I want to ask, once we get approval, how many months do we need for the construction? Yeah, Joy, this is Nan here. Yeah. I just want to give you a brief update. Right now, we, we've already started early work. ... like Li Liangang mentioned, there's five community companies kicked off some of the road construction and then, dewatering dams construction, things like that. It's early preparation for the bulk of mining will ramp up from here until end of Q3. So gradually, as you know, we have to open up the pit and then do the early pre-stripping. You know, obviously, at the same time, we'll work closely with the local community to make sure so the ramp up is going smoothly. But the overall timing is the ramp up is from now until end of Q3. Yeah. Okay. So, the construction of the ramp up is already has started, right? Yeah. Like we mentioned, we started early work, you know, like we have to build a road and then open up the mining front and then do the drainage and some of the dewatering dams. So those work is gonna be done before the proper mining to start. Yeah. Oh, sure. Go ahead. Sorry. Yeah. Joy, here. It's just to mention that we also are working really closely with the mining communities on completing that what I would call a development agreement. And so, the physical aspects are being well planned, and Nan gave you a timeframe that's conditional on us getting an agreement with the community to really start the development. So at the moment, the early works are going well, five community companies alongside us, and a really good and constructive dialogue happening on a you know daily and weekly basis. And we're really hopeful that we'll get to that agreement very soon. Okay. Thank you. And also my second question is, regarding the Rosebery. I saw on the presentation that the mine is actually working on the life extension. So I want to check, so if the annual production rate will be relatively stable for the next three to four years? Can I say that? Yeah, Joy, it's Nan again. Yeah, at this stage, based on the current mine planning, we're still looking at pretty stable for the next couple of years, based on the current resource base. So from the life extension point of view, we're committed to do exploration and then working on our tailings expansion, extension. Yeah, so if we look at the next couple of years, should be pretty stable. Okay. Thank you. Also, I want to ask probably another question regarding Peru's operational environment. So, with a temporary president with coming up or elected, do you see a very big change or improvement of the operational environment comparing to the last president over the past one year? And do you expect this status to continue in probably this year and also before the next election? You're talking about Peru? Is that right, Joy? Yeah, Peru. Yeah, yeah, yeah. Peru, yeah. Yeah, I think we've had a very cooperative relationship with the interim government in Peru, and for about two years now. You've seen that through a very stable 2023 in terms of road access and operational continuity. We've seen a really strong attitude from the Peru government to encourage business growth, investment, and continued investment in the mining sector. It's been a very good period in terms of that. There are still many issues facing the government in terms of low public support and especially around artisanal and small-scale mining and other areas, and the government is working through those with the industry. We've seen a relatively stable period, but one that hasn't been great for economic growth in Peru. I think you'll see, as we approach new elections, a real look forward from the Peruvian government to rebuild its growth agenda, to look at economic contribution and GDP growth. And really, that means creating conditions for a mining industry to start reinvesting in new projects and in growth. And we, I think, are very supportive of the government's efforts to do that, and appreciate it, especially in the assistance in keeping Las Bambas operating. Okay. Thank you so much. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We'll now pause momentarily to allow questions to be registered. Thank you. There are no further questions at this time, and that does conclude our conference for today. Thank you for participating. You may now disconnect.