So in the meantime, we’ve taken all of those contingencies and risks into consideration in this contract, and it’s still just an outstanding contract, and we’re proud to be partners with Energoatom.
John Tumazos: So if they were to be late paying you for the uranium units, would you consider – would you continue shipping – or how long would you continue shipping? Or would you just roll over to the spot market or a different customer?
Tim Gitzel: Well, John, we don’t play on the spot market. That’s not where our sales go. We’ve been absolutely crystal clear and consistent on that. We do not sell into an oversupplied spot market anytime. So we’re very comfortable with the Ukraine. As I say, we’ve been dealing with them for years. We’ve had other contracts. They’ve always paid not a problem. If they have some issues, we’ll deal with them then. But right now, that is not an issue for us. So as I say, we’re proud to work with Energoatom.
John Tumazos: Thank you.
Tim Gitzel: Thanks, John.
Operator: Our next question comes from Fai Lee of Odlum Brown. Please go ahead.
Fai Lee: Thank you. I think this question is probably for Grant. I’m just wondering if you could comment on where you see the effective tax rate in 2023 and maybe 2024, if these minimum tax rate get past?
Grant Isaac: We’ve been guiding towards an effective tax rate that approaches more statutory rates in Canada, more production from Canada, more sales through Canada is going to result in a statutory rate. But that is an income tax expense. It’s not the same as cash tax because remember, we do have a very large deferred tax asset. So from a cash tax point of view, we do expect to chew through that asset over a period of time. But in general, yes, we do expect to approach more of a statutory rate with some efficiencies capable from our global structure.
Alice Wong: And Fay, I would just point out, too, just keep in mind that the earnings from the equity accounted come in to our earnings on a net tax basis. So that has an impact as well when you think about that.
Fai Lee: Okay. And just to clarify your getting closer. But for 2023, would it be somewhat still similar to 2022 on an effective basis for the income – net cash?
Alice Wong: I’ll have to get back to you on that one, Fai.I don’t have a specific number here in front of us.
Fai Lee: Okay. Thank you.
Tim Gitzel: Thanks, Fai.
Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tim Gitzel for any closing remarks.
Tim Gitzel: Well, thanks very much, operator, and thanks to everybody who joined us on the call today. We appreciate your support. Obviously, exciting – pretty exciting times for Cameco in the future of nuclear power. We’re excited about the fundamentals in the nuclear fuel market. We’re certainly excited about the prospects for our company as we continue to ramp up production to satisfy our long-term supply commitments and invest in opportunities across the fuel cycle. You’ve heard us say this before, I’ll say it again, we’re a responsible commercial supplier with a strong balance sheet, long-lived Tier 1 assets and a proven operating track record and line of sight to return to our Tier 1 cost structure. We at Cameco are well positioned to respond to changing market dynamics and benefit from the long-term growth we see coming, driven by the need for safe, reliable, secure, affordable and carbon-free baseload electricity.
