Good afternoon. Thank you for holding, and welcome to Grupo México's first quarter 2021 earnings conference call. With us this afternoon are all of Grupo México's top executives, who will discuss the first quarter 2021 financial performance of the company, giving you a summary of the latest news and address any questions you might have at the end of the call. Before we begin, I would like to remind you that information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially. The company cautions not to place undue reliance on these forward-looking statements. Grupo México undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. All results are expressed in full US GAAP. The presentation may be followed through our webcast, but if you wish to ask a question during the Q&A session, you will need to do so via phone call by pressing star one. A copy of the slides that the company will be reviewing today is available on the website at grupomexico.com. At this moment, I would like to remind everyone that your lines must be in listen-only mode until the question and answer session. Now we will begin with Ms. Marlene Finny. Hi. Good evening, everybody, and thank you for joining us today for Grupo México's first quarter earnings conference call. Joining me today are the top executives from all of our divisions: mining, transportation, and infrastructure divisions. As Karen was mentioning, for today's call, we will be following the presentation that can be downloaded from our website or by accessing the webcast, whichever you prefer. I would like to start today's call by reinforcing our commitment with our employees and communities and hoping you and your loved ones continue to be healthy. On today's call, we will be following the program detailed on slide number three of our presentation. I will start with Grupo México's main highlights, ESG achievements, scorecard, and financial highlights for the quarter. Unfortunately, today, Mr. Xavier García de Quevedo Topete couldn't be with us, but Leonardo Contreras, AMC Director, will be in and will provide detailed information regarding our mining division, commenting on the industry's economic environment, the division's financials, and its highlights. Followed by Fernando López Guerra, who will dive deep into the financial results and main events of our transportation division. Finally, Francisco Zinser will comment on the relevant events that occurred during the quarter in our infrastructure division. At the end, the line will be open for the questions and answers you might have or any issues you want to address. Today, I'm very pleased to announce that as we maintain the strictest protocols against COVID-19 throughout the pandemic, during the first quarter of the year, all of our divisions have excelled in different ways, from improving our cash costs in the mining division to returning to pre-COVID volumes in our transportation division to winning the designation to build a railway for the Section 5 south of the Tren Maya by our infrastructure division. We have significant achievements by each division. Let's start by analyzing our main ESG achievements in slide number five. We have been included. I think this is very important. As you know, ESG is now at the core of our strategy. It has been for many years, but now we're trying to be more proactive and focusing much more on giving the information and trying to communicate everything that we do because we think this is very important. Even though we do a lot of things, we are trying to communicate it better so you can all have the information you might need to make any decisions. This year, we have been included in the Dow Jones Sustainability Index for the fourth time in a row. As we move toward the adoption of best practices, the company's sustainability and corporate governance development policies have been updated, formalizing our commitments and objectives to encourage sustainability and best practices all over the company. On a more local note, Minera México received three Cascos de Plata, which is an award, a significant award here in Mexico, for its performance in safety and occupational health, awarded by the Mexican Mining Chamber. It's a significant award. Before we continue, it's important to highlight that we have not put the guard down against the COVID-19 pandemic. We continue to follow the strictest protocols in all of our facilities in Mexico, Peru, the U.S., working alongside the authorities in each location and mounting intense communication campaigns to educate our communities about the prevention and hygiene measures recommended by health authorities. Here, I would mention this during our call earlier today in Southern Copper's call, I think it's important to highlight as well that through the vaccination plan, 100% of the Mexico staff in our operations have already been vaccinated. In addition to that, 98% of our staff over the age of 50 in Cananea, and 100% in Acoxpa have been vaccinated. This significant progress protects our staff from becoming infected with COVID-19 and allows them to have peace of mind for themselves and their families. We continue to contribute as we can to the vaccination plan by providing logistics support. We have continued as well with the donation of medical supplies in Mexico and Peru, amounting more than $2.2 million, emphasizing the regions where COVID-19 infections have been increasing, including areas where the company does not have an operational presence, but where the health situation is the worst. In the case of Peru, given the increased demand for medical-grade oxygen from Grupo México and the Ilo Smelter miner contract for a donation of 2,500 tons of liquid oxygen. Aside from that, we have been doing a lot of other things. You can read everything in our press release. That was just a brief comment on what we have been doing. Moving next to slide number six, our scorecard for the quarter shows record-breaking results, as we achieved quarterly sales record, netting $3.43 billion for the quarter, an increase of over 40% versus the first quarter of 2020, driven mainly by higher copper, moly, gold, zinc, and silver prices. To give you an idea, copper prices were 50% higher than during the first quarter of 2020. This is not only because of higher copper prices. We have invested over the past 10 years more than $18 billion, so we have increased our production significantly. Now we are seeing with this good cycle in terms of prices, we have seen the results coming back as well in the other divisions with more growth and new projects. It's very interesting right now. We have also achieved a quarterly EBITDA record of $2.14 billion, an increase of almost 100% versus the same quarter of last year. Our operating income also achieved an outstanding result, reaching $1.7 billion, an increase of over 140% versus the first quarter of 2020, and an EBITDA margin of 52.3%. This compared to last year, is a significant increase as we had during the first quarter of 2020, 43.7% EBITDA margin versus right now 52.3%. It is a significant increase. Our board, committed to transfer and create and generate value to our shareholders, approved a cash dividend per outstanding share of MXN 1.5 per share, a 20% increase versus last quarter, reinforcing our strong dividend program, which translates into a 5.9% dividend yield. That's very significant. During the fourth quarter, we had a 5.5%, and even with higher share prices, we continue and maintain similar dividend yields. That's our intention, and I think it generates value. We were able to reach a copper production of more than 271,000 tons. This is a slight decrease versus the first quarter of 2020, but practically in line with production. That was good as well. To end our record quarterly scorecard, I would like to highlight our 5.5% cash cost improvement versus the same quarter of last year, ending in $0.88 per pound. Moving forward to slide number seven, you can find a summary of our financial highlights, which is there for you to have in hand in case you need it at any point during the presentation. As you can see, the growth that we were mentioning before of the 40%, 140%, and 99%, almost 100% growth in revenues, operating income, and EBITDA, as well as our net income. I think we don't have it there, but we had an improvement as well from a net loss during the first quarter of 2020 to a total net income of roughly $1 billion during this quarter, at least above $1 billion. Moving on to slide number eight, we can see that Grupo México maintains a solid balance sheet with low leverage and a net debt to EBITDA ratio of 0.7 times. Our debt is mainly issued in US dollar, representing that 80% of the total debt, while the remainder is denominated in Mexican pesos. Normally, we have mentioned this before, what we try to do is to match the type of asset that we have with our financing strategy. For example, in the mines, which are long-term assets with 100% revenue in US dollars, we normally issue long-term debt in US dollars. In other cases, for projects, it depends, and that's how we try to do. We match the time and the currency depending on what makes more sense to improve or to have a good capital structure. On this slide, you can also see the dividend paid and the implied dividend yield from 2019 and 2020, and now the MXN 1.5 cash dividend for the quarter approved by our board. That has the MXN 5.9 dividend yield I was mentioning before. As for our debt maturity profile, which is on slide number nine, we continue to have a comfortable maturity schedule with no significant payments until 2035 and a cash flow generation of over $750 million during the quarter to total of $4.8 billion for the end of the quarter. We also saw a 16% reduction of net debt versus last quarter as we continue to pay some of our debt, depending if it makes sense or not, or in time and order. I will pass the call to Leonardo Contreras, who will comment on our mining division's performance. Thank you, Marlene. I hope you and your loved ones continue to be healthy and strong. Let me start with the mining division's operating and financial highlights on slide 11. As Marlene previously mentioned, production was practically flat for the quarter, totaling 271,312 tons, representing a decrease of only 0.5% versus the quarter on 2020. The slight drop in production was due to lower ore grades in our Peruvian operations, while our IMMSA and ASARCO operations helped mitigating this effect. Higher copper and by-product prices propelled our sales during the quarter, which ended the period in a record $2.8 billion, a 56.1% increase when compared to the same period of last year, and 6.5% versus the fourth quarter of 2020. We continue to be the cost leader in the industry worldwide as our net cash cost ended the quarter at $0.88, continuing the downward trend of our net cash cost, this time supported by higher by-product credits. Our cost efficiency focus and higher metal prices led us to an outstanding 158% increase in EBITDA when compared to the same period of last year. Our EBITDA margin, set at 64.6%, is also a quarterly record and an improvement of over 2,500 basis points. The mining division's CapEx ended the quarter at $239 million as we continue to invest in our projects. I would like to continue talking about our projects and their progress on slide 12. In Pilares, the construction of the road for mining trucks between the Pilares pit and the primary crushing plant in La Caridad started a couple months ago, and it is already materially completed. In regards to our Buenavista zinc project, which is expected to be operational by 2023, ended the quarter with the basic engineering completed and an 89% completion rate in the detailed engineering plan. It is important to mention that additional preventive COVID-19 protocols have been implemented to further advance this project. Finally, we confirm that there are suitable copper recovery levels in El Pilar, also expected to be operational in 2023, and the basic engineering has already begun. As you might already know, these projects are not the only ones in our robust pipeline. On slide 13, you can see our upcoming projects and their impact on our production as we set sail to reach 2 million tons of copper produced by 2028. Before concluding the mining division's highlights, I would like to share with you a couple of quick remarks on the current copper market. In the first quarter of the year, the LME copper price increased over 50%, from an average of $2.56 during the same quarter last year to $3.85. Today, we're seeing prices over $4.40 per pound, suggesting a positive outlook for the 2021 copper market. We believe the following factors are influencing the market. The automobile industry's global recovery, which has increased its production 89% in the first quarter of 2021. President Biden's $2 trillion infrastructure package, which will significantly increase the demand for copper as it is a fundamental element of green energy facilities. In addition to that, the low inventory levels of the LME, COMEX and Shanghai and bonded warehouses, and an expected market deficit this year due to a significant recovery in demand, which should be between 3.5% and 5.5%. If you happen to have any follow-up questions, we will be pleased to address them during the Q&A session. I would like to close by reinforcing our full support for communities where we operate and all our collaborators. Now I will let Fernando comment on the transportation division. Thank you, Leonardo, and thank you, everyone, for joining us today. Continuing with the transportation division on slide 15, I would like to talk about our financial highlights for the first quarter of the year. Our sales continued to increase quarter-over-quarter, totaling $593 million, a 9.6% increase versus the last quarter of 2020 as we pull out of the COVID pandemic. When compared to the same quarter last year, we saw a decrease of 2.1%, mainly driven by a decline in industrial, automotive, and cement segments. It is important to consider that during the first almost two and a half months of 2020, we had not suffered any impact of COVID-19 in our operations, making this comparison somehow skewed. Along these lines, our EBITDA totaled $264 million, a 12.8% increase quarter-over-quarter, while our net income increased 21.7%, showing a 6% decrease and a 15.2% decrease respectively, when compared to the same quarter of 2020. Our transportation volume increased 3.3% in net ton kilometers quarter-over-quarter and 2.3% year-over-year. This increase was mainly driven by our energy segment, in which we have seen a recovery in fuel oil exports, LPG, and some new refined products traffic as our liquid terminals have come online. As we move forward to slide 16, you can see our main highlights for the quarter. Volume has returned practically even to pre-COVID levels in most of our segments. Revenue, as seen, we saw a slight decrease of 0.3% in Mexican Pesos versus the same quarter last year, our EBITDA only decreased 3.5% in Mexican Pesos. Also, it is important to highlight that our board approved a MXN 0.30 dividend per share, and we continued with our share repurchase program, buying back 2.4 million shares over the quarter at an average price of MXN 29.73. Continuing with our main variations of our revenue on slide 17, we can see that as I mentioned before, the energy segment showed the highest growth during the quarter, followed by metals in which we saw an increase in volume in raw materials and finished products for Mexican consumption. The other three segments that showed medium growth were minerals, Ag, and intermodal. The minerals segment growth was due to US market share, where we gained and propelled by a solid Florida construction market, which has come back really strong. We had four segments with negative impact in revenue growth, including the chemical, automotive, and cement segment, and industrial as well. This one showed a decline of 11%, mainly due to decrease of rail car exports. We’ve mentioned this before, as railroads are becoming more efficient in everything, we are needing less rail cars to move the same volume. That is mainly the reason. In automotive, the main reason was the shortage that has been talked in many industries worldwide, the shortage of chips for the automotive industry, and basically, that’s our main impact. On slide 18, we show our operating metrics for the first quarter since 2019. Here we can see that our average train speed is practically flat at 38 km per hour. Our dwell time did decrease at 9%, moving up from 24 hours to 26 hours. The addition of these two variables equate to the car velocity in km per day, which dropped by 6%. Our dwell time was impacted mainly due to the weather challenges that we had in Texas, that the US carriers had in Texas with weather conditions. This has been completely corrected by now, and we see the dwell time and car velocity improve. On train length, it has improved by 6%, almost reaching 2,000 meters per train. Gross tons per train improving by 10%, over 6,400 tons per train. This equates to less crew start, and in that order of ideas, less crews to do the exact same thing and move the exact same cargo. Now moving into slide 19, which is our CapEx plan. I will address our main growth and efficiency projects. Our intermodal terminal that we're building outside the port of Manzanillo will be operational by fourth quarter of 2021. This will allow us to receive all the units that lack capacity inside capacity inside the port of Manzanillo, so that we can haul them into mainland. The refined products terminals from one of our main customers are coming online. The Veracruz port terminal is already operational, and it's being unloaded in Puebla on a transfer basis. Within the next month, a month and a half, it will have tanks and be ready to unload unit trains. Full unit trains and the same for Mexico City within a month and a half or two months. The Celaya bypass, we now have full access into Honda, the entire bypass should be done by fourth quarter of 2022. The Monterrey bypass, we should be done between October and November of this year. This will give us great access and faster access into and out of Monterrey, and become very competitive versus over the road and trucks from the port and out of the port into the Port of Altamira. The Chihuahua-Ojinaga Corridor, this is us connecting our Texas Pacifico line into our Mexican rail network, which is a very good project for us, with a lot of potential for refined products, grain, and some consumer products. As you all know, Texas is Mexico's largest trading partner. This should be done by third quarter 2021. In efficiency projects, the Transportation Management Project, which is one of our most important projects right now, we are to be done third quarter of 2021. This project gives us complete visibility into what we currently operate. It's a great upgrade into our operational system. The LNG conversion is to be done, the first phase, by third quarter of 2021. We're already receiving some of the locomotives and some of the tenders, but this is a sequential process and needs to be done by third quarter of 2021. On the Trip Optimizer, we're fully operational on all of our road locomotives, and the union has also agreed to utilize this project, these systems, which allows our crews to practically run on autopilot. This allows us to have the best run possible out there for fuel consumption, and we're witnessing those improvements as well. As for our outlook on 2021, depicted on slide 20, we expect volume growth between 5% and 7%. We reaffirm our expectation of a double-digit revenue growth over the year, boosted by a recovery from COVID-19 and new traffics. This concludes a general overview of our Transportation division. I will now let Francisco Zinser comment on the Infra division. Thank you very much, Fernando, and good afternoon, everyone. Starting with the financial highlights of the Infrastructure Division in slide number 22. Revenues totaled $148 million for this quarter, which represents an 8.3% increase compared to the same quarter of last year, continuing with a positive trend of 8.4% increase quarter-over-quarter. Our EBITDA totaled $60 million for the quarter, which translates into a 25% decrease versus the first quarter of 2020. This was mostly due to a lower exchange gain in our peso-denominated debt due to the appreciation of the Mexican Peso. We also had the reduction of our oil rig tariffs, which were implemented in the third quarter of 2020, and lower traffic levels in our Toll Roads Division. It is relevant to say that in the last few weeks, we have achieved pre-pandemic levels in our toll roads, which we consider a significant milestone, and they continue to recover. Our net income totaled $70 million during the quarter, showing a net positive result after a couple of quarters. As we continue into slide number 23, I'll go over the most relevant events of the division and a brief update on the different projects that we have. Starting with our Energy Generation division, sales totaled $81 million, which is an increase of 47% when compared to the same quarter of last year. It was driven by an upsurge in the price of the molecule of the gas, and this was caused by the polar vortex that affected the state of Texas in the U.S. in February of this year, which created havoc across different industries. Our Perforadora México division, where the oil rigs are, ended the quarter with six oil rigs in operation and an average efficiency of 99.8%, which is an all-time high. Despite this record, unfortunately, as I mentioned before, our sales and EBITDA show a decrease of 32% and 26% respectively versus the same quarter of last year, totaling $38 million and $18 million. This was due, as I mentioned, to an adjustment in the Pemex tariff, as we were looking to assure operation and avoid suspension of any of our platforms, which we have achieved successfully, becoming one of the only companies, if not the only one, to have avoided an extensive suspension. It is also important to mention that we have been able to mitigate the impact of the tariff reduction, which flows all the way down to the income statement bottom line, thanks to a strict cost control plan that we have achieved in the past few quarters. As for the project, here is the most recent update. In our Fenicias Wind Farm, which is located in Nuevo León, we reached a 94% completion rate. We have finished engineering and construction. We have finalized the erection of all 42 wind turbines, which are 4.2 MW each, and 18 out of the 42 wind turbines are already operational. We were able to energize our 60-km transmission line, which interconnects us into the grid, and we have already started our testing period, initiating our first test energy delivery into the grid. In our fuel storage terminals, we continue with progress in order to achieve commercial operation by the fourth quarter of 2022 and the second quarter of 2023. Finally, as Marlene mentioned previously, during this quarter, Grupo México Infraestructura and Acciona, an infrastructure Spanish company, were awarded by FONATUR, which is an agency of the federal government, a contract to complete the executive project, meaning detailed engineering, to build a railway, adapt the highway, and install the electric infrastructure for the Section 5 south of the Maya Train, which is a 60-km project that runs from Playa del Carmen in Quintana Roo to Tulum. I will now let Marlene proceed with her closing remarks. Thank you, Francisco. Thank you, Fernando and Leonardo as well. As a closing remark, I would like to thank everybody for your time and attention and reiterate our commitment with everybody that works with us in the communities as we continue to navigate the pandemic. Now, we will open the line to address any questions you might have or any issues you want to address. Thank you so much. Thank you. Thank you so much. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw the question, press the pound or hash key. Please stand by while we compile the Q&A roster. Our first question comes from Carlos de Alba with Morgan Stanley. Please go ahead. The opportunity. A few questions, if I may. First, Marlene, thank you for now publishing more details on ASARCO production and costs. I'll just bother you with the cash cost before byproducts for ASARCO. If you could provide an update on Aznalcóllar. I didn't see it in the presentation. Maybe I missed it, if you can give us an update, that would be great. In the railway, is it possible for you to elaborate, what is your read on the proposal by certain senators in Mexico to change the timing of the railway concession, I think from 50 years- 20 years-3 0 years or 30 years, if I recall correctly. Finally, on the infrastructure division, I think I heard that the impact of the lower tariffs and negotiated with Pemex will be mitigated by cost reduction. Is this fully mitigated, so no impact on the bottom line or EBITDA as a result of the lower tariffs because the company reduced costs? Thank you very much. Thank you, Carlos. I think I will let Leonardo answer the ASARCO and Aznalcóllar questions, the cash costs and the updates, and then Fernando and Francisco answer the transportation and then the infrastructure questions. Is that okay? Leonardo, you want to comment something on ASARCO and Aznalcóllar? For sure. Thank you for the question, Carlos. First, let me address ASARCO's cash cost before byproducts, $1.94. In regards to Aznalcóllar, earlier this month, we submitted an addendum for our environmental impact license. We expect to have a final approval during the second semester during this year to have it fully permitted. Okay. Regarding the railway, the Senate proposal you mentioned, Carlos, we're highly confident that the law will not be voted as it currently is or even voted at all, as the proposed changes do not reflect what the federal government, the transportation sector, much less users want. It is merely a proposal of a fraction of the Senate. To the point that you arrived of concessions law being lowered from 50 years- 30 years, this would be for new concessions, as we have already been granted a 50 years+ 50 years concession, as you know, and it's on the Mexican Constitution on Article 14 that this cannot be retroactive. We're very confident that, one, there will not be substantial changes, and two, even if there were, this is not meant for us. Finally, Carlos, regarding your question about the Pemex tariffs and the impact on our income statement. Unfortunately, it is not possible to mitigate the full impact of the tariff reductions because, as you know, you need to keep the same service levels, the same staff. Basically, you need to keep the platforms in exactly the same way as if there were no tariff reductions. However, just to give you a flavor, the impact on our quarter on sales was $10 million less in sales. In our EBITDA, it only hit $6. We were able to mitigate about 40% of that impact, which again, taking into account that you need to keep the same service level, I would consider a significant reduction. That makes sense. It was my misunderstanding on what you said before. Thank you very much, gentlemen, and Marlene, I appreciate it. Hopefully, you guys are doing well and your family, too. Thank you. Thank you, Carlos. Our next question comes from Luis Yance with Compass. Please go ahead. Hi, guys. Thanks for taking the questions. Two questions on my side. The first one, it's on the transportation division, but I guess more to the holding level. Given what we've seen in terms of M&A activity or potential M&A activity in the sector, just wondering, what actions are you planning to take to close the valuation gap that you guys have on Grupo México Transportes versus your peers? We see your closest peer at 17 times, 18 times. I guess you're being re-rated a little bit, but you're still far away from that. Just wondering if you could give us some thoughts on what's on the table. Is it on the table to potentially sell the entire company to realize the value or a piece of stake? That's my first question. The second question is on ESG. You mentioned some of the improvements you've been showing on that area, but still on the corporate governance side, we don't see any woman on the board. A lot of companies are going through that same situation. Most of them talk about doing something about it, but it's fading words. Just wondering if we could expect to see a woman being proposed on the next general assembly meeting, or what are your thoughts about how do you get to a more balanced approach in that regard? Thank you. Sure. I will start with the ESG question, and then I will let Fernando talk about GMXT and how we plan to close the valuation gap between what we see in GMXT and the other companies. Regarding the corporate governance in our board and including and changing our board, as of this year, we will not change it. This is all very public. We will approve, and if everybody agrees, that will be approved or not during the shareholders meeting that will take place this Friday, April 30th. We will continue with our board, which has been very good. Everybody is an expert in different things. We have the expert in taxes, and we have very good board members with incredible trajectories. If you look at the trajectories and everything they have done, you can see a little bit of what they have done in our annual report, and we will put that on our website as well, so you can see why we have that board, which is very good. Including and having diversity, I think it is very important. We are working towards that. We are moving towards best practices and trying to improve our corporate governance. Definitely something that we have in mind, something that we're working on. Hopefully we could see something by next year or including somebody else by next year. The good thing is that now you can see there are more people, female and women in important positions in Grupo México, including all the divisions. I think that has the diversity and everything that we are trying to reach, and it will only take a little bit of time to reach that to the board. Thank you. If you want, I'll take it from here, Marlene. On your question about us and the diff of GMXT and the difference versus its peers. Yeah, it's quite clear that it's non-comparable. The fact that they're trading at those levels, 15 times the average of the industry and almost 20 times, and now an offer for 23 times, 24 times from CN. We will continue with our buyback program. This discount is evident. I don't know how. We were reading an article on the Financial Times, and we were pretty surprised when they were talking about the transaction between KCS and CP or CN. They mentioned one word in Mexico. The fact that probably we are known in the Mexican market and we're not that known abroad, so our investor relations teams will also have the task to continue knocking on doors and getting our company known. The gap is enormous, and it's completely nonsense. That's basically where we're continuing to focus. Great. Thanks a lot, Marlene and Fernando, for the answers. Thank you. Our next question comes from Thiago Lofiego with Bradesco. Please go ahead. Guys, if you could discuss a little bit about capital allocation from a general perspective. Free cash flow generation is likely going to be very strong given the high copper prices. Are you considering eventually increasing dividends further or considering a share buyback? Or should we expect M&A activity intensifying maybe in the transportation division, infrastructure division. If you could give us a little bit more color on that general perspective about capital allocation, that would be great. The second question about the Monterrey and Guadalajara fuel storage projects. Just to understand why they're delayed, and if you also could remind us the contribution of each one of those projects to EBITDA going forward. Thank you. Sure, Thiago. Thank you for your question. Regarding capital allocation, as you know, we treat each of our divisions separately as an independent company, they're accountable for their growth and financing needs. That's why we have been able to grow within the three divisions at the same time. That's very interesting for Grupo México, the company, because we are able to grow and to build our projects and to develop our projects as a mining company. At the same time, we are doing projects and everything in transportation, having new businesses and new projects as well in infrastructure. We are very cautious conservative, sorry. We are very conservative in that kind of decisions in terms of capital allocation. With all the cash flow, yes, as you mentioned, we have increased our dividends. This quarter, we increased our dividends from the past quarter at 20%. The past quarter, we increased our dividends as well. We have been constantly increasing our dividends. You can see this at the Southern Copper level as well, because with these higher metal prices, they increased their dividend as well. You can expect that in Grupo México and Southern Copper. Going forward, we will try to continue with this way of deciding and this capital allocation in which each division is accountable for their growth. We will continue with our projects in Mexico. We have, as we already mentioned, three right now in Mexico in the short term, and then we have medium to long-term projects in Mexico as well. We will continue to develop that. We will continue to invest in our project growth and strategic in transportation. In the infrastructure division, we are doing new things such as the storage facilities we're making, is a new business line. The Monterrey and Guadalajara facilities, I will let Francisco give you further details. You have to remember that last year, during the COVID-19, at the beginning of the pandemic, during three or two and a half months or something like that, or even more, construction was declared non-essential activity. We had to postpone some of the construction we were doing and things like that. That affected. Francisco will give you further details. Yes. Thank you, Marlene. Yeah, Marlene, as she was saying, there's two things that impacted the timeline for our fuel storage terminals. First, as she was saying, construction was not declared an essential activity under the pandemic, which delayed for two months. The reason or the biggest reason behind the delay is that, as you probably know, several agencies of the federal government closed for very long periods of time because of the pandemic. Just the Energy Ministry was closed for over 14 months. By closed, I mean that they were not allowing any permit to be submitted, any follow-up. That definitely delayed projects across the sector, and that's the main reason why we have been pushing our commercial operation dates in the past few months. We remain fully committed with this project and a couple of other ones that we are currently analyzing. Aguascalientes was already announced as well, and we're looking into Chihuahua and a few other places where we will continue to increase our presence. As you know, there's also been some noise about the new law that is about to be passed that affects the hydrocarbons industry. We have taken a look at it, and we believe that by the partnership that we have and everything with Valero, which is a strong off-taker, and the way we are structuring this, they have over 3 million barrels already in capacity in Mexico, and that's one of the requirements that they're asking for in the new law. We continue fully committed. It's just that, unfortunately, it was out of our control to continue with some of the key permits. Your second question regarding the contribution to the income statement in our division. By the time they are fully operational, these two terminals, we're expecting sales of about $35 million with an EBITDA contribution of between $21 million and $22 million once they become operational. That's each? Thiago, I think. Each one of them, or that's consolidated? That's the two of them combined. They're roughly about the same size. The two of them, combined, that's the contribution. Okay. Thiago, I forgot to answer your question regarding M&A. We keep a close look at all the opportunities in all of our divisions to see if there's something interesting at a reasonable valuation. That's something that we always have in mind. As of now, we don't have something in particular, but we always keep a close look. Okay. Thank you, Marlene. Thank you, Francisco. Thank you, Thiago. Thank you. Our last question is coming from Amin Vera from Black Wall street Capital. Hi. Good afternoon. Can you hear me? Yes. Thank you. Oh, great. Thank you. I wanted to ask about two things. What are the expected revenues contribution coming from the Maya Train contract? Also, I understand there is a proposal in Peru to increase the taxation or the participation of the government in profits, I believe from 30%- 80%. If this proposal were to be passed, would you have any recourse to try to challenge it? Okay. Francisco will answer the first one. Yeah. Hi, Amin. Regarding your first question of contribution. I'm sorry, there's some echo on the line. If you could mute your microphone. Yeah. Amin, can you mute your line while you are getting the answer, please? Thank you. Regarding your question about the Maya Train contribution to the income statement in the infrastructure division, this is a contract that was awarded for $880 million, taking the current exchange rate between Acciona and us. The partnership that we have with them is a 50/50 partnership. You would have to take that by half. The scope that we have for the project is a 31-month project starting this March, for the construction and the engineering. We could be finishing it by the third quarter of 2023. It really depends on the way that flows into this period of time, really depends on how the federal government allows us to make progress, because they are responsible for a few of the things such as the right of way and environmental permits. I think that a good approximation would be a linear approach starting in September for about 80% of that amount, and the rest is the engineering, which we will be executing in the next couple of months. With average EBITDA margins for the construction industry, which go from between 15%-20%. It's important to mention that our scope is only construction and the engineering, so we will be executing the full amount during this period of time. It is very different from our other projects where we would be operating them for the long term. We expect that the cash flow will be pretty much neutral between what we receive from the federal government and what we spend as we execute the project. I think that answers the question. I think the second part regarding Peru and the increase in participation in profits, I think Raúl, who is based in Peru is going to answer. Yes. Thank you very much, Marlene, and everyone. Hello. Well, what you mentioned, it's a proposal that was indicated at a certain point during the beginning of the second round, the runoff campaign that is going on nowadays in Peru. We have seen in the past that once the president is elected, some of these initial ideas are reviewed or revised, and as a consequence, adjusted or dropped. We don't want to speculate on what will be the company position or the industry position, something like this. It's a proposal until we have a clear definition on who the next president is going to be and what are the proposals. What we have seen in some other elections is that once you have a president elect and this person begins to review information and policies of the mining companies, well, what we have seen is that they change their minds and see that we are a very strong partner for developing Peru. As a consequence, these ideas are living on the side. Thank you. You're welcome. Our next question comes from Alfonso Salazar with Scotiabank. Yes. Thank you. Good afternoon, everyone. I have two follow-up questions. The first one is regarding the railway reform. I just want to know if Grupo Ferroviario or Ferromex were invited to discuss the bill, or did you have any conversations either with the Ministry of Economy? I understand that they had several concerns about the bill, or with the Senate before the commission of the Senate approved the bill. That's the first question. The second one is, you can confirm that you do not expect for the fuel terminals any impact from the hydrocarbon reform, if that is correct. Thank you, Alfonso. Thank you. Regarding the rail reform for GMXT, we have been talking to many senators and to the federal government at different levels and at different entities. That is why we're highly confident that the law will not be voted as it is right now or even voted at all. It is something that, as I mentioned before, it should not impact us as we are protected. Our concession was 50 years+ 50 years, and the retroactive is protected by the Mexican Constitution on Article 14. This might have generated noise, and we're trying to be more clear with them and to make the law more clear. It's still on their court, and it's only a fraction of the Senate. We're trying to explain. It's been back and forth for months, I believe now. We would like it to be even more clear. However, it's not something that's taking sleep away from us right now. Sorry, Francisco. Alfonso, regarding your second question, let me dig a little bit deeper. Basically, the reform has the following impacts. One, they ask for a minimum storage inventory. We, again, do not think this will impact our terminals. As I said before, Valero, which is our partner and our off-taker, has over 3 million barrels, which represents over three days of capacity already in the country. This is new capacity that has been added in the last couple of months and years. This will continue to increase as we build our Monterrey and Guadalajara terminals to over 4 million barrels, which is very significant. We actually consider this to be a competitive advantage against other players in the industry that do not have this storage capacity. That's one. The second one is that they do add some languaging that they might revoke certain permits if they think it's against the national interest, which is not very objective, and of course, is something we're taking a look at. They have since reworded this clause to give a bit more sensitivity to the serious players such as us, that we're here to actually increase the national security by having additional inventory. This goes more against other practices that have been happening lately that are outside the law and that they are trying to prevent, and this is the focus. We've been having conversations with them and confirmed this as well, and that's why they reworded this clause. Finally, another impact is that they have a negativa ficta, which basically means that if you submit a permit and they do not reply in the 90-day period that they have, then you have to do it again. Today, it's an afirmativa ficta. They do not reply if you have it. That will, of course, potentially delay certain processes, but it's not, in our opinion, a material change. Basically, we're taking a look at it. We are continuing to do it. We expect, of course, as we have seen with the energy and the power new law, that there might be some pushback from companies. Again, at the time and with the information that we have, we continue with our plans, and we are very coordinated with our partners. That's very careful. Thank you for the clarifications. Yes. You're welcome. Thank you. Our next question comes from Regina Carrillo with GBM. Hi. Congratulations on the results. I just have one question for Leonardo. I didn't catch the copper price range that you shared earlier for 2021. While also you have any other price expectations that you could share with us going forward, that would be great. Sure, Regina. Give me one moment. For the first quarter of 2021, the price of copper was $3.86 average. I'm sorry, could you repeat your second question? Yeah. If you have any copper price expectations going forward that you could share with us? I mean, what we've seen is the consensus on the different, the Bloomberg consensus and the different, the Wood Mackenzie, the calls. We see an average of $3.80. That's what we've seen from them. That's all I can say. All right. Thank you. You're welcome. Thanks. As a reminder, ladies and gentlemen, to ask a question, simply press star one on your telephone. Our next question is from Federico Galassi with PAAMCO. Please go ahead. Hi. Thank you for taking my question. Just to the answer is, with the change of law of outsourcing in Mexico, do you see any risk in one of the companies of the group? Thank you. The outsourcing law, Federico? That was your question. Yes. sure. That's the question, yeah. We are not expecting. Almost all or practically all of our employees and the people that work with us are part in our operating companies. The outsourcing changes or the new outsourcing law will not have a significant impact or no impact at all. We are going to analyze more into it, but the important thing that we have is that everybody is in our operating company. That's the main thing. Okay, thank you. All right, I'm not showing any further questions in the queue, ma'am. Well, thank you everybody for joining us. Thank you, Leonardo, Fernando, Francisco, and all the team, and Raúl and everybody. If you have any further questions, please let us know. We will try to keep in touch. Thank you for joining us today. Hope you have a good day. Bye. Thank you, everyone. This concludes today's program. You may now disconnect.