Hello everyone, thank you for dialing into the MMG Limited 2025 Interim Results Investor Earnings Call. I'm Sherry Shen, the company's Head of Investor Relations. First, let me introduce the MMG leadership team joining this call: Mr. Zhao Jing Ivo, CEO and Executive Director; Mr. Tian Song, CFO; Mr. Wang Nan, Executive General Manager, Operations; Ms. Guan Xiangjun Zhen, Interim Executive General Manager, Commercial and Development; and Mr. Troy Hey, Executive General Manager, Corporate Relations, joining via the English channel. Please note the disclaimer on screen. This presentation will provide a first half year in review, an overview of MMG's financial results, and a strategy and outlook update. Questions will be taken only at the end of the presentation. Please note that this call offers two methods for participating in the Q&A session: via telephone or online text submission. For participants joining via telephone, please press star one on your telephone keypad to ask a question. To cancel your question, please press star two. For participants joining via the online platform, please click the raise hand button in the top right corner of the live session interface to submit your question in text. I will now hand over to Mr. Zhao Jing Ivo. Thank you, Sherry. Welcome everyone. The team and I are delighted to share our 2025 interim results. It's exciting to be here with so many of you, and thank you also to those joining online. Thank you all for your attention and support for MMG. Let's begin the presentation. At MMG, safety is our first value. First of all, in line with the company's tradition of building a strong safety culture, today's presentation will begin with our safety performance. Here, I must emphasize again, safety is the top priority in all of the company's work, whether in daily operations, project challenges, or emergency responses, safety is the primary driver for decision-making. All teams are required to always promote proactive safety behaviors, embed critical controls, and strengthen contractor oversight. Only by building a solid safety foundation can we steadily advance our work. Based on MMG's first half data, the company's total recordable injury frequency per million hours worked was 1.8, and a significant event with energy exchange frequency rate per million hours worked was 0.78, with safety indicators outperforming peer companies. However, we must continue to enhance management, strengthen safety culture, and implement improvement measures to continuously improve safety performance. In the first half of 2025, the company made significant progress in both production operations and financial management, delivering an impressive performance. Our flagship asset, Las Bambas, continues to demonstrate strong momentum. Copper production steadily increased, while unit operating costs significantly decreased. Meanwhile, production at our other two copper mines also grew, and the market tailwinds from rising prices of key metals such as copper, gold, silver, and zinc further drove the company's performance to achieve exponential growth. During the reporting period, the company's net profit after tax reached $566 million, with $340 million attributable to equity shareholders. Total net profit after tax increased by more than 600% compared to the same period last year. At the same time, profitability and cash flow strengthened in tandem. EBITDA reached $1.54 billion, up 98% year on year, while net operating cash flow reached $1,185 million, up 130% year on year. The company's financial health also reached a new milestone, gearing ratio drops from 41% at the end of last year to 33%, marking the lowest level since the acquisition of Las Bambas. These figures reflect the company's comprehensive capabilities in production, market, and financial management, laying a solid foundation for future development. We will continue to move forward steadily, driving sustainable growth for the company and creating long-term value for shareholders and all stakeholders. In terms of specific production performance, our total copper production in the first half of the year reached about 260,000 tons, a significant increase of 64% year on year, marking a remarkable breakthrough in production scale. Total production reached about 110,000 tons, achieving stable operations. From the perspective of rent renewal contribution structure, with the dual benefits of steadily increasing copper production and higher copper prices, copper business has continued to grow in significance. In the first half, copper revenue accounted for 78% of total revenue. I will discuss organic growth of our three copper mines. At Las Bambas, we implemented a dual core model of operational excellence standard plus community development benchmark to systematically unlock the resource potential of this world-class asset. In the first half, through the coordinated mining of Chalco Bamba and Ferrobamba pits and optimized core blending, the mine achieved an average core grade of over 0.9%, laying a solid foundation for achieving the annual copper production target of 400,000 tons. It is worth emphasizing that to fully tap into the resource potential of this world-class mine, we have established a three-dimensional exploration system focusing on deep edge peripheral areas. Currently, we are prioritizing growth-oriented exploration projects in the Ring of Fire region. As exploration work continues to advance, we aim to convert more resources into JORC compliant reserves, thereby effectively increasing the resource and reserve phase. At Khoemacau, the resource reserves are also substantial, with proven resources capable of supporting stable annual output of 130,000 tons of copper. Currently, the feasibility study, design, and preliminary work for this project are progressing well. Our goal is to produce the first concentrate production from the expansion project by no later than 2028. Notably, the company has the mining rights to a mining area of 4,040 sq m in the Kalahari Copper Belt. However, the current exploration area accounts for less than 10% of this total. Preliminary exploration has revealed that the Zone 5 structural belt exhibits characteristics conducive to hosting large-scale, high-grade deposits. This indicates significant potential for future development, with capacity to expand production to an annual output of 200,000 tons. At Kinsevere, the expansion project to achieve an annual output of 80,000 tons of cathode copper has entered a critical phase. The team is systematically advancing work around three quartiles, capacity remote, technical optimization, and power supply stabilities. In June, recovery rates of the sulfide ore concentrator exceeded 75%, and the calcium conversion rates of the roaster reached 88%. To address the issue of power supply instability in the local grid, the project team has begun exploring a dual assurance power solution. This includes the addition of a 12-megawatt diesel generator while systematically conducting analysis for a solar power and BESS project. The goal is to achieve an upgrade in power supply assurance and align it with the capacity expansion strategy as soon as possible. For MMG, investing actively in sustainable development underpins our company's growth. Take Las Bambas as an example. Through the implementation of the Heart of Las Bambas project, we have carried out a series of impactful initiatives. The scholarship program has effectively improved local education levels, the specialized medical campaigns have helped to safeguard the health of community residents, and the agricultural projects have promoted economic diversification within the community. More importantly, initiatives such as the construction of the Cuyotatli Bridge in work for Texas program and our innovative approach to deeply integrating community development into the mine's value chains have not only significantly improved local infrastructure, but also achieved a deeper level of understanding and mutual prosperity between the community and the mine. We firmly believe that these efforts will contribute to strong momentum for the stable operation of the mine, laying a solid foundation for the company's long-term development. Now, I will hand over to Mr. Tian Song, our CFO. Thank you, Ivo. Good morning, investors and analysts. Good morning. Next, I will present the company's financial performance and outlook. In the first half of 2025, thanks to steady production growth at our mines, its effective implementation of cost control strategies, and favorable increases from natural prices, the company's financial performance improved significantly, with key indicators achieving substantial year-on-year growth. Revenue reached $2.8 billion, up 47% year on year. Unit costs at our mines decreased. EBITDA reached $1.5 billion, up 98% year on year. Net profits attributable to shareholders increased to $340 million. In terms of net profit contribution attributable to shareholders from each asset, the largest profit contribution came from the Las Bambas mine. Compared to peer companies, MMG has demonstrated outstanding profitability. In the first half of the year, our EBITDA margin increased to 55%, ranking among the top globally for similar companies. Now, let's take a closer look at the performance of each of our mining assets. The Las Bambas mine demonstrated exceptional production and operational performance. In the first half, the mine's output increased significantly, producing over 210,000 tons of copper contained in copper concentrates. Notably, three key indicators: all processing volume, feed grade, and recovery rates all achieved strong growth. Steady production growth combined with effective cost reduction and efficiency improvement measures reduced cash costs, C1 costs, to nearly $1 per pound of copper, positioned the mine near the first quartile of the global copper cost curve, strengthening our competitive advantage. EBITDA increased by 122% year on year, reaching $1.3 billion. Following the completion of the acquisition in March 2024, Khoemacau continued to increase production in the first half of this year, achieving an EBITDA of $19 million, a year-on-year growth of 167%. In line with MMG's growth plans, Khoemacau will further increase its production capacity to 130,000 tons by 2028. Along with this capacity expansion, the mine's financial metrics are expected to continue to strengthen. In the first half of 2025, Kinsevere achieved an EBITDA of $30 million, a 27% decrease compared to the same period last year. The ramp-up of the expansion project towards 80,000-ton cathode copper annual production continued to progress. During the ramp-up process, the mine's short-term profitability has been under pressure. Production ramp-up was affected by countrywide power supply instability, resulting in relatively high unit production costs for the sulfide ore processing facilities. Currently, backup generators are being installed. The right-hand chart shows that various technical indicators of the expansion project are continuously being optimized. As production increases and unit production costs decrease, the profitability of the Kinsevere mine is expected to gradually improve. Dugald River increased ore processing volumes and maintained a recovery rate of over 90%. Its production reached 84,000 tons, a year-on-year increase of 6%. Due to impacts including inventory movements and ground support costs, operating costs at the mine decreased. Dugald River's EBITDA was $66 million, representing an 18% decrease compared to the same period last year. Our Rosebery mine continued to implement its poly-metallic output strategy, producing 24,000 tons in the first half of the year, while zinc equivalent production totaled 55,000 tons. Revenue from other metals, including gold, silver, lead, and copper, significantly exceeded that from zinc. Thanks to byproduct credits from revenue contributions of other metals, included in zinc's C1 cost, the mine achieved a net zinc C1 cost of $0.32 per pound in the first half of the year. EBITDA for the same period reached $55 million, with diversified metal revenue serving as the core driver of profitability. Leveraging a strong operational performance, the company optimized our financial structure, steadily reducing debt. As of the end of June, the gearing ratio further decreased to 33% from its lowest level at the end of last year, 41%, bringing the gearing structure to its most robust state in over a decade. With the improved profitability of Las Bambas, we completed our first dividend distribution from Las Bambas to MMG and its joint venture partners in the second quarter, marking the realization of investment returns for the mine's joint venture shareholders. Using the dividend funds, MMG injected capital into the Khoemacau joint venture and repaid $500 million in shareholder loans ahead of schedule, reducing overall debt levels. The chart on the right of the slide provides a detailed overview of the company's future debt repayment schedule. With the support of our major shareholder, China Minmetals, MMG can flexibly adjust the scale of shareholder loans based on liquidity conditions and funding needs, further enhancing financial flexibility. With the company's financing structure and current strong operating cash flow, MMG's financial structure is secure and stable, with a safe and manageable debt repayment schedule. In terms of capital allocation, the company's capital expenditure estimation for 2025 has been adjusted to $1.1 billon- $1.25 billion, covering maintenance and inspection investments, development project investments, and capitalized mining expenditures. Here we have listed some of the key expenditure projects. Undertaking reasonable investments to drive long-term value growth is a critical component of the company's development strategy. Additionally, the acquisition of the nickel Brazil asset is progressing and expected to be completed by the end of the year, with initial consideration of $350 million. I would also like to report that MMG's board places great importance on shareholder returns, conducting reviews of dividend matters twice a year. In April this year, the board approved the company's dividend policy. We remain committed to building on an operational excellence to continuously enhance the company's profitability, with financial stability as a priority and focus on maximizing long-term shareholder value. At the same time, our efforts will be directed toward increasing shareholder returns, including addressing any dividend obstacles and paying dividends for the listed company as soon as possible. That concludes my report. I will now hand back to Mr. Zhao. Thank you. MMG's core business will remain firmly focused on copper and other base metals that are critical to a low-carbon future. Currently, the global energy system is undergoing profound and sustained transformation. At the same time, urbanization continues to progress steadily, and electrification is increasingly penetrating and deepening across various sectors, including industry, transportation, and daily life. Against this backdrop, the installed capacity of renewable energy sources such as solar and wind power is expanding rapidly. Energy storage systems have become an indispensable component for ensuring stable energy supply, and the market share of EVs is steadily rising and continuously growing. Given these robust development trends, it is expected that the demand for metals such as copper, zinc, and nickel will remain strong and sustained. This will undoubtedly provide vast opportunities for MMG's future growth. As shown on this global map, we are achieving a strategic presence across the world's major mineralized belts. In terms of our development strategy, the company consistently prioritizes enhancing operational value and maximizing asset growth potential. At the same time, we actively explore diversification opportunities across different regions and commodity sectors to strengthen the company's diversified business portfolio. Regarding production expectations, the company's total copper production this year is projected to reach up to 520,000 tons, while total zinc production is expected to reach up to 240,000 tons. If operating conditions remain stable and unaffected by external factors, Las Bambas is expected to contribute 400,000 tons of copper production this year. Additionally, Kinsevere and Khoemacau will continue to play a significant role in driving the company's copper production growth. In the zinc sector, Dugald River and Rosebery are on a track to achieve their zinc production targets. This year marks the conclusion of China's 14th five-year plan, and we are fully committed to advancing the implementation of MMG's next five-year plan. Notably, we plan to share with investors the five-year development blueprint for the company and each of our mines. I firmly believe that with the collective efforts and unwavering dedication of our colleagues across all departments, 2025 will be a year of abundant achievements for us. On behalf of the Board of Directors, I would like to extend my heartfelt gratitude to all our employees, shareholders, partners, and stakeholders for their trust and support over the years. Thank you all. Thank you, Mr. Zhao and Mr. Tian. The presentation of the company's performance and strategy has concluded. Next, we will move on to the Q&A session. We will use consecutive interpretation for the Q&A session. Please pay attention to the way of raising questions. There are Q&A methods on both the phone and also on the webcast platform. If you want to ask questions, please press star one on the keypad. To cancel, please press star two. Those online, on the top right-hand corner, you can see the raise hand button. Please use it to ask questions. We will first offer the opportunity to those participants on the phone to ask questions. I have already translated the instructions. [Foreign language] Congratulations on the very good results of your company. I have a few questions to ask. The first question is about the cost of Las Bambas mine. In the first half of the year, C1 cost was $1.06, which is actually very different from expectation. In the first quarter, it was $1.26. In the second quarter, it was rather low. Given your full year guidance at $1.40 - $1.60, if there is no road blockage, what are the reasons behind the cost increase for the second half of the year? Thank you. [Foreign language] Thank you very much for your question. Your observation is very accurate. In the first half of the year, cost was $1.06. In fact, we have not changed our full year cost guidance because we would like to leave some room for risk control and prevention in the future. If production volume of Las Bambas remains high, then cash costs will continue to remain low. That's my answer to your question. [Foreign language] My second question is about road blockage at Las Bambas mine. In the first half of the year, actually towards the end, there was some road blockage, and as a result, there was an inventory issue. Right now, have you already cleared all the inventory? For the second half of the year, is there the possibility of road blockage as well? If so, what are some time points that we should pay particular attention to that there might be road blockage? Thank you. [Foreign language] Thank you. I answer your question about road blockage. In the first half of the year, there was indeed some road blockage, which had led to some disruptions and inventory issue. Actually, there were 15 days in which there was road blockage, and on the 15th of July, with the help of the state police, the blockage problems were cleared. In fact, right now, all the road transport did not suffer from any disruption. In the coming few months, we will spend the time to clear our inventory. [Foreign language] Concerning the reasons behind road blockage, it is because the craftsmen and also the artisans in Peru were not happy with the government, and they staged a protest because they were not able to reach an agreement with the government. In the second half of the year, there would still be risk of road blockage. We will continue to monitor the situation because we are also concerned. In the second half of the year, we hope that we could try our best, and more efforts can be made to make sure that there would be a fewer number of days of road blockage. We will try our best to maintain our operational stability. [Foreign language] Let me supplement in relation to road blockage. In fact, if you refer to our Las Bambas mine, all along it has been operating at full capacity. That means it was not disrupted by the road blockage issues. In April next year, there would be presidential election in Peru, we expect that there would be an increase in risk of protest. That's why, as we said earlier, we have to leave some room for some cost expectation or some room for contingencies. [Foreign language] My last question is about your finance cost. I'm happy to see that your debts have decreased and your finance costs are at a level of $1.4. For the second half of the year, what is the outlook of your finance cost, please? Thank you. [Foreign language] For the half-yearly report, our finance cost actually was $168 million. There was a decrease by $33 million because at the same period last year, it was $168 million, now it's $139 million. On actual terms, the actual decrease is actually $75 million. For the whole year, we hope that we are able to lower the finance cost to $320 million. [Foreign language] Thank you. I have no other questions. Thank you. [Foreign language] [Foreign language] Congratulations on your excellent results. I have two questions to ask. The first question is a follow-up question from the question previously asked by Jimmy. Concerning Las Bambas mine, there was potential risk of road blockage. As you said, there is going to be the presidential election in Peru. Last time, in 2022, when there was presidential election in Peru, there was big disruption caused to Las Bambas mine. The mine actually stopped operation for half a year. This time, given the coming Peru presidential election, what do you think will be the potential impact? Do you have any plans to put in place any measures to guard against the problems? My second question is, in the first half of the year, your gearing ratio has come down by quite a lot. This may be due to your debt repayment regarding Khoemacau mine. What is your long-term guidance of your gearing ratio? How much further decrease are you anticipating in terms of your long-term gearing ratio? Thank you. [Foreign language] Okay, let me answer your question in relation to road blockage. In 2022, in May, we experienced a 55-day period of community intrusion or trespassing. As a result, the operation of the mine stopped for that period. This is the biggest problem or incident that we have experienced. We have put in place a number of measures. We have taken a number of actions, and we have actually introduced our community relationship rebuilding strategy. As a result, we were able to rebuild our relationship and also our dialogue with the community to maintain good relationship. Since 2023, there has not been large-scale intrusion or blockade at our Las Bambas mine. That is why we are able to maintain stable production volume. [Foreign language] At the end of 2022, the Peru president, the then Peru president, actually started a political riot. As a result, there was road blockage all over the country, and all the trunk roads were actually blocked and stopped operation for three months, all the way till March 2023. At that time, road transport was seriously affected, but not our production or operation at Las Bambas mine. [Foreign language] We will take active measures to address the problem and face up to the situation at the Las Bambas mine internally. We have done a lot to reinforce community relationships in order to stabilize production. We will also pay attention to roads and connections with suppliers to make sure that we will not suffer from any serious disruption. We hope to see smooth transport, and we also pay attention to potential political changes arising from the coming presidential election. We will make early preparations to make sure that our operations will be stable. Thank you. [Foreign language] In face of our improvement in our results and performance, we have also put in place comprehensive financial management measures. For example, last year, we made early repayment of the debt in relation to Las Bambas. We have also incorporated MMG into the overall capital pool. We have also enhanced our dividend policy and strategy. We increased our capital as Khoemacau. [Foreign language] Given our very satisfactory operating cash flow, the financial management measures that I have outlined have delivered good results as well. Overall speaking, we are able to lower our gearing ratio, our debt balance, and also our financing cost has also improved. [Foreign language] In the first half of the year, actually, for a new cash or new increase to our cash flow, it amounted to $1.185 billion, of which $400 million was CapEx. We used $470 million to repay debts, and there is an increase to cash amounting to $500 million. We did not use all the cash flow to repay debts. We took the opportunity to optimize our balance sheet. Besides, we need to balance a number of different factors in managing our very diversified financial management approach. We take into consideration the market situation, our company's overall value, our development plan, and our profitability in determining our overall optimum debt level. We will consider our overall cash position and also the market situations in making our plan in terms of our overall financial management. [Foreign language] I have no other questions. Thank you. [Foreign language] [Foreign language] Thank you. I have three questions to ask. First of all, concerning the Las Bambas mine, there was an increase in cost. According to your results announcement, that was because of the costs arising from profit sharing mechanism. Can you explain more about this mechanism? How much of the profits will have to be shared with the community and also third party? The second question is, in the first half of the year, there was an increase of $96 million in inventory from low-grade ore increase. What kind of grade are we talking about of that ore, and what is your future approach of handling that? In the second half of the year, will there be some impact to the grade of the processing mine? The third question is about the Kinsevere mine. In the first half of the year, in relation to power supply, there was a new 11 MW diesel generator. After that is put in place, how much decrease can there be in terms of the share of purchase of electricity from the local grid? Thank you. [Foreign language] Okay, let me comment on your first question. Your first question is about profit sharing. It is the Peru government's requirement that all industries will have to contribute or pay a certain amount in form of profit sharing. The rate, the percentage, differs for different industries. For the mining industry, it's 8%. For other industries, it may be 10% or 12%. For some industries, it is quite low at 5%. It is a legal requirement by the government that there is this percentage to be paid for profit sharing. It is like a form of tax. If you are able to make more profit contributions, then you will have to pay more. The benefit is that employees can really benefit. There can be some advantages in terms of employee cohesion. There would also be other benefits, overall speaking, for the economy as well. [Foreign language] Let me supplement in relation to the employee profit sharing. It is actually included in the C1 cash costs. That means it is also shown in the operating cost of our mines. Usually, you will see a growth or increase in the first quarter. [Foreign language] For the Las Bambas mine, the grade of the ore is low to medium. This is related to how we do ore blending and also milling. For all the milled ore, especially when it is at the low to medium grade, basically it will all be digested during the mining cycle. In the second half of the year, we expect that the grade is going to be stable, so there won't be any impact overall to our operation. [Foreign language] Let me answer your question about the Kinsevere mine concerning its power supply. In the first half of the year, there were power supply issues because the power supply from the state grid was not stable. There were incidents of power stoppage and also power disruption. Regarding the 12 MW diesel generator, we are working very hard in relation to procurement of it. When the procurement is done or completed, expected capacity can reach 40%- 45%. However, for our production, we will give priority to the use of power from the state grid because the cost is better. Only when there is suspension or disruption of power supply from the state grid, we will make use of the procured generators to get the 40%- 45% capacity. For that amount of capacity, it would not be triggered or utilized in full. [Foreign language] We have answered the questions. Do you have further questions to ask, Lawrence? [Foreign language] [Foreign language] Thank you very much for your detailed presentation and congratulations on your excellent results. My first question is, in Q1 and also Q2, referring to the cost of Las Bambas mine, it declined actually by around 50% of $1. This is because of deductions in relation to byproducts. Is there any other reason behind this decline, and what is the future outlook of the cost? My second question is in relation to the Khoemacau mine. In the first half of the year, C1 cost came down by more than 15% quarter on quarter. What will be the future outlook of cost at this mine? Thank you. [Foreign language] Let me first answer your first question concerning the cost decline at Las Bambas. It is because our production volume increased, so C1 cost declined. Our team has put in a lot of efforts to lower costs and improve efficiency. We also focused on lowering a number of expenses for the whole year. We were able to cut costs based on the targets that we have set. We have achieved all these according to our plans. I'll defer to my colleague to answer the question on Khoemacau. [Foreign language] In the first half of the year at the Khoemacau mine, cash cost has decreased. This is because, first of all, our operating cost of the mine has been optimized. Secondly, it is because of the sequencing or the order of our production schedule. In terms of our mining operations, there is a timetable and sequencing that we have put in place. In the first half and second half of the year, the schedule is actually balanced. For the whole year, we are not going to change our guidance. [Foreign language] That's all in our answer. Thank you. [Foreign language] I have no further questions. Thank you. [Foreign language] [Foreign language] Congratulations on your excellent results. My question is about CapEx. In the first half of the year, CapEx was $420 million. The whole year guidance is $1.1 billion- $1.25 billion. That means that in the second half of the year, CapEx will have to be doubled. What is the reason behind the increase or the need to increase investment? My second question is, what is the future outlook of your CapEx? [Foreign language] In the first half of the year, capex amounted to $424 million. This is in fact smaller in amount than our original plan or progress and arrangement. In the second half of the year, we believe we will have to catch up, but we may have to also lower the full year progress or guidance a bit. For CapEx, indeed, our company needs reasonable CapEx in order to support our development. In the past few years, if we did not commit enough CapEx, then we won't be able to increase our production at our mines. In the past few years, in fact, we were able to seize the opportunity of high copper price to enhance our overall company's value. If we do not spend or commit enough CapEx, then we would be restricted or limited in terms of our business development. Also, our production plans will also suffer from impact. Right now, it all depends on the actual timing and progress vis-à-vis the schedule. In the first half, it is indeed true that we were lagging behind a bit from the original planned schedule. In the second half, we will expedite our implementation. Regarding the future outlook of CapEx for the coming few years, now we have started our annual plan, but we are not able to give the CapEx plan for the next year at this moment in time. Overall speaking, this year, at the Kinsevere or at the Khoemacau mine, the CapEx for expansion projects has already been completed. Basically, all the CapEx will be mainly related to operation and maintenance. [Foreign language] Let me clarify. At the Kinsevere mine, what I mean is that at the Kinsevere mine, the expansion-related CapEx was already completed. CapEx will be mainly related to operational maintenance. However, for the Khoemacau mine, in the coming three years, we will still be carrying out expansion so that it will reach a capacity of 113,000 tons. By 2028, we hope that our capacity can reach 130,000 tons. Total CapEx would be $900 million, which we will commit and spend in the coming few years according to our plan. [Foreign language] At the Las Bambas mine, because we want to maintain a certain annual production volume, so for CapEx, it will have to stay at a reasonable level. [Foreign language] [Foreign language] [Foreign language] I have three questions to ask. The first question is in relation to M&A and debt repayment. In the past two years, you have done a number of big projects in relation to overseas M&A. In the first half of the year, your cash flow was very strong, so as a result, gearing decreased. In the future, what is your priority of M&A? What is your priority in terms of debt repayment? How do you balance these two? The second question is about the Las Bambas mine. In the past few quarters, ore grades have been on the high side. In relation to Chalcobamba, how long do you think will the grade stay high? The final question is about depreciation. Usually, it is higher in the second half of the year. Do you think this year, in the second half of this year, depreciation will also be higher? Thank you. [Foreign language] [Foreign language] Let me answer your question about the balance between M&A and debt repayments. First of all, we have to consider our company strategy. All along, our company has been a growth style company. Since inception of the company, we have been quite active in M&A. However, if you look at the commodities that we focus on, including copper, zinc, and nickel, in recent periods, we have not identified many good targets for M&A. Even though we may want to carry out M&A, it is not that we are able to do it whenever we want. It depends on whether there are good targets available and whether there are good opportunities. In terms of our funding and capital allocation, we need to see good projects in order for us to invest. Our inclination is that if we see good projects, then we will commit the capital to execute M&A. If there are no good opportunities for M&A, we will focus more on debt repayment as well as enhancing shareholders' return. We will put more focus on enhancing our production and operation. Right now, I cannot really give you a very definite answer as regards to how we strike a balance between M&A and debt repayment because that all depends on whether there are good projects, good targets available. [Foreign language] At the Chalcobamba and Ferrobamba mines of Las Bambas, we are doing corner blending. In fact, for these mines, there are both ores at low grade and high grade. What we need to do is to maximize the value of our mines. For the whole year, we believe that the grade is quite stable. When we are also doing ore blending at the mine, we at the same time carry out exploration at the mines in the peripheral area. In this way, we are able to also digest the ores from both Chalcobamba and Ferrobamba. [Foreign language] Let me take your question about depreciation. You have good understanding of our depreciation policy. In fact, that is also stated in our annual reports. No matter whether you make use of the actual use method or the unit cost accounting method, depreciation is more related to production volume, not timing or time arrangements. In the first half of the year for Las Bambas, production volume increased 69%. However, depreciation expenses increased by less than 10%. I will explain the reasons in the following part of my answer. [Foreign language] When we adopt the linear accounting depreciation method, taking into consideration our company's plans and equipment, that is not related to production volume. If we use the unit production depreciation method, then it is directly related to our production volume. On the basis of MROR, basically the amount of reserve increase is bigger than 2x that of the depreciation amount. The depreciation base has come down. Even though production volume increased, the increase in depreciation and amortization was lower than the increase in production volume. [Foreign language] We have not received further questions, both on the phone or on the online platform. Because of time, we will conclude the Q&A session here. If you have further questions, please feel free to contact the IR team of the company. Thank you.