Operator: Our next question comes from [Rodrigo Marietta from AFP Integra] (Ph).
Unidentified Analyst: One question. What are the actions you’re actually taking to start San Gabriel in the second half of 2025?
Leandro Garcia: Sorry, Rodrigo, I didn’t heard question as well as I want. Can you repeat it?
Unidentified Analyst: Yes, of course. So we – can you explain more maybe on the actions you are taking to start production of San Gabriel in the second half of 2025, because the construction percentage of the CapEx you already been deploying, I think, 14%. And you changed your guidance. So maybe if you can give a little more on where the action you are doing right now? And if you don’t expect any issues with communities? For example, where the actions with communities, so CapEx could be deployed efficiently or not?
Leandro Garcia: Okay. Thank you. Thank you for your question, Rodrigo. Renzo, maybe you can talk about with you answer.
Renzo Macher: Sure. Sure. Thanks for the question. So this year has been a year where we focused on all the preconstruction services and – so we can receive the main construction teams on site. So by the end of this year, you should have become very much terminated the contractors on the field for the mine work – or we are assigning the S&P contract and the concrete installation on November. So we are going to be focusing on full construction activities during the whole 2024. In parallel, we started our operation readiness group. So we are going to towards – a year from now, we are going to have all the manuals. And we are going to start training our people so we can initiate commissioning to the first quarter or second quarter of 2025.
And in the social aspect, I think we were in good forms with the communities. No major problems in there. We keep working with them. We have like – 30% of our people are from within the region, and so we have a good relationship – contract relationship, work relationship with the communities.
Unidentified Analyst: Okay. And one additional question. Do you have concerns about the El Nino phenomenon for next year? Your communities have told you something? What are your current conversations about that topic?
Leandro Garcia: Thank you, Rodrigo. Yes, this is important issue that we have been discussing changes. April this year, we are working very closely to – with our operations, we are defining all the critical aspects of the – how the mine effect can affect us. And we have a plan to alleviate the – all the damage that can be done by this phenomenon. We are working with our manager of safety. And internally, we are coordinating with all the areas to be prepared for this plan.
Unidentified Analyst: Okay. And as now, do you have an estimation of how much would you spend to alleviate any circumstances due to this phenomenon? Or you’re on – or do you have any estimations nowadays?
Leandro Garcia: Well, we are looking – yes, primarily, we are reviewing our capacity of – to have the stock – the inventories of our concentrates. We are viewing also we are reviewing the alternative routes That the way we have to access our mines. So we are focusing in the two main issues, to – all the inflow of material we need and how we are going to get out with our concentrate. So we are planning which are the routes that we can use to establish how good, how prepared are the alternative routes that routes that we have today and also the capacity of how much stock we will have in our – for our concentrates and how to [indiscernible] we need increase, if any, of all our parts and equipment and material we need to continue the production.
Operator: Our next question comes from [Juan Cruz from Morgan Stanley] (Ph).
Unidentified Analyst: In light of the CapEx and the projects that you have planned for the next few years, can you tell us what is the minimum cash level that you feel comfortable holding, given where we are in the cycle? And also, how are you guys thinking about the bond maturity in 2026? Understanding that there’s still enough time to figure out a plan, but given where we are in the rates environment, how much that cost you now? And what would the potential refinancing costs could be? How are you thinking about that, if you are?
