Colin Rusch: Okay. Great. And then in terms of some of the evolving cathode chemistries, obviously, we’re seeing some activity around Delta LFP, and I’m assuming that the precursor materials are evolving a little bit. Can you talk a little bit about some of the specific adjustments that you’re making around some of the refining processes to meet those cathode needs in a more tangible way as you go through the balance of this year and into next year?
Neal Sheorey: Yes. I’ll start on that. Eric can fill in the gaps. I think — I mean the biggest thing for us at the moment is with the primary products around hydroxide and carbonate is balancing that. So as LFP has become more prevalent. It’s got stronger demand on carbonate and we’ve been a stronger — a larger percentage of our portfolio is carbonate historically. We’ve been building out hydroxide and then balancing those 2 is understanding where those chemistries go. And then long term, it’s going to be about solid state and then how you shift from so much — be more about carbonated hydroxide to about lithium metal. But that’s a longer-term scenario. The carbonate hydroxide is playing out in the assets we’re building now.
Eric Norris: Yes. So Colin, just a little shed more color around that. I would say that we still see a market that is for hydroxide, high nickel is favored outside of China versus in with carbonate and supporting LFP being a very big part of the China market. The innovations that have been coming out of — largely out of China and LFP chemistries for higher energy density and efficiencies as well as the cost profile of that cathode are obviously very increasingly now interesting to the West. And so we expect that. Certainly, our Chile position is in a position of power in which we can supply into that opportunity. We’ll watch that carefully. As Kent talks about — had talked about earlier about pausing the investment here in the U.S. or North America to figure out in this uncertain market direction and develop our own strategy there.
One of those — one of the components of that has to be on the assessment of LFP in the U.S., and that will be will be part of that equation as well.
Operator: Our final question is from Patrick Cunningham at Citi.
Patrick Cunningham: In the past, you’ve talked about the marginal cost of production being $20 [indiscernible] and maybe new projects pushing that curve up over time. Do you still believe that to be the case given we’ve seen relatively tepid supply response at current prices?
Kent Masters: Yes, it changes — it changes over time with volumes in the industry. But most new projects come on are going to be higher on the cost curve and moving that up. So we still think that within a $1 or $2, the accuracy of that. But I think we still believe that fundamentally is about the target of marginal cost today.
Patrick Cunningham: Got it. And then just a quick follow-up. Did price floors play a meaningful impact with price levels in the low teens for a good part of the quarter?
Eric Norris: I’m sorry, your question was — the price floor impact on our realized price for the quarter? Or was that the question?
Patrick Cunningham: Yes, yes. Was there meaningful impact.
Eric Norris: Let’s put it this way. We don’t disclose a lot of our price floors, and they tend to range because often based on age of contracts. At current prices, some of those floors, some are being tested, floors have held. And so we certainly are seeing the floors come into play for some of our business.
Operator: Thank you. That’s all the time we have for questions. I will now pass it back to Kent Masters for closing remarks.
Kent Masters: Okay. Thank you, and thank you all for joining us today. We continue to innovate, adapt and lead the world in transforming essential resources into the critical ingredients for modern living with people and planet in mind. We are focused on continuing to be the partner of choice for our customers and investment of choice for both the present and the future. Thank you for joining us.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
