Ammar Al-Joundi: Yes. Again, we’re very proud of what Macassa has done this year. It was — I’ll be perfectly frank, it was a bit of a tough mine this time last year. It is operating vastly better now and the confidence we have in it is high.
Operator: Your next question comes from Anita Soni from CIBC World Markets. Please go ahead.
Anita Soni: Sorry, I said I had — I was on mute there. I had the same question as Greg, so I’m just going to pass it to the next caller. Thanks.
Ammar Al-Joundi: Thank you, Anita.
Operator: Your next question comes from John Tumazos from John Tumazos Very Independent Research. Please go ahead.
John Tumazos: Thank you. Sort of moving away from the details of today’s press release sort of for the long-term strategy, Ammar, is there a level of depletion that might be too big for annual reserve replacement or threshold you don’t want to go to, 4 million, 5 million, 6 million, 7 million ounces a year? And is there a level of capital spending $2 billion, $3 billion, $4 billion a year, that’s too much? Clearly, you had a couple of issues this quarter, and it’s hard to run a company the more moving pieces, even if they’re all in the same neighborhood in Eastern Canada. And there’s 5 or 10 companies lined up wishing they’re going to sell out to you. And maybe that’s too many projects for you to build at once.
Ammar Al-Joundi: John, you’re absolutely right, I think, on all accounts. So one I think there is a limit that it does become unwieldy, even if they’re all in areas where we are. And you’re right. There’s a lot of companies that are hoping that someone else will buy them out. So one, I would say, yes, you’re right. There is a size that is probably too big at some point and becomes unwieldy. But you know us pretty well. We’ve never cared about size. I say that sincerely. We don’t care on absolute size. We only care on per share metrics. And I think — I hope what we’ve shown today — and this is really what I’m trying to do is this merger that we did with Kirkland and this acquisition of Malartic was not about getting bigger because paying full value for something and just — so that doesn’t create any value per share.
What we are trying to do and I think what we are going to do better than people think, better than people expect, I think we’re really going to over the next few years show that this combination is going to create a lot of value through leveraging our competitive advantage in this part of the world. I mean, you’re 100% right. You don’t want to get too big. And to be perfectly frank, all of our teams are very busy. We talked about — to Emily’s question on cadence, we’re allocating resources to all of these to make them happen, and we’re working flat out. So it’s a good question, and I hope I answered it to your satisfaction.
John Tumazos: So, if we could be numerical, Ammar, for our planning, should we assume that we stay at 4 million or less ounces and the CapEx doesn’t get bigger than $2 billion in a year. And even though you own 10% or 20% of 4 companies and another 14 wish they’re going to sell to you, maybe you need to wait 10 years to worry about building all those mines.
Ammar Al-Joundi: Yes. Yes.
John Tumazos: Thank you. And I’m glad to be a shareholder.
Ammar Al-Joundi: Thank you. We’re glad you are a shareholder.
Operator: Your next question comes from Carey MacRury from Canaccord Genuity, Inc. Please go ahead.
