Unidentified Analyst: Well, it says like – what – whether it is in the percentage is that you will have – that you actually have seven operations, and then you will reduce to five operations in 2026 and to – between three and five by 2030?
Daniel Dominguez: Well, we are concentrated in units that we – and support of – at least we are concentrating in operations in mines that have more than 10 years of life of mine. All the efforts are to increase the loan of our mines. And the strategy is to concentrate in those type of mines. So in the time, if any of the [indiscernible] doesn’t have that characteristic, in that moment, we will decide to go – to sell – to – not continue working in that mine. But our strategy is to focus on mines that have more than 10 years of life of mine. That is the message.
Unidentified Analyst: Okay. And the revenue mix will still be 50-50 between base metals and precious metals?
Leandro Garcia: We foresee a little change. We were going to be more concentrated in sales coming from copper. It could be around 55%, 60% of our revenue coming from copper in the following year due to the increase in El Brocal well, the support of Cerro Verde and also the decreased production that we expect for Orcopampa and Tambomayo somehow offset, of course, by our new project of San Gabriel in terms of precious metals where we supported by San Gabriel and Yumpag and Uchucchacua.
Operator: And ladies and gentlemen, with that, we will be concluding today’s audio question-and-answer session. I would like to turn the floor back over to management for any offline questions.
Gabriel Salas: Thank you, operator. The first question comes from Lei Munoz from Forte Capital. What is the level of engineering of San Gabriel, detailed engineering at what percentage? And the CapEx for San Gabriel includes the working capital of the ramp-up?
Leandro Garcia: Thank you, Lenny. Renzo can give us more color for that question.
Renzo Macher: Sure. So we are currently at 90% completion of the engineering. At this point, kind of indicates that we have enough engineering to place all the purchase orders and service orders. And the remaining 10% is usually field engineering. So support of changes during the construction. And to the second question, yes, it does include the working capital, everything it needs until we move to commercial construction.
Gabriel Salas: Thanks, Renzo. The second question comes from Tim Lambert from Lumi Sales. What is the time line for the assumption of mining at Tajo Norte?
Juan Carlos Salazar: We are planning to resume operations of the open pit depending on the permits and the time line for getting all the permits done. But our target is to be receiving – stripping by 2026. Production from the open pit of the processing plant by the end of 2026, early 2027.
Gabriel Salas: Thanks, Juan Carlos. The third question comes from Javier de Romania from Nicolas Partners. What guarantees the company have given against the credit lines?
Daniel Dominguez: These credit lines are unsecured. We don’t foresee any guarantees related to these credit lines or any revolving facility that we can obtain for the following years.
Gabriel Salas: Thanks, Daniel. At this time, there are no further questions. I would like to turn the call over to the operator.
Operator: Thank you. At this time, we will close today’s question-and-answer session for both audio and offline questions. And I would like to turn the floor back over to Mr. Garcia for any closing remarks.
Leandro Garcia: Thank you, operator. Before we finish today with our conference call, I will – I would like to thank you all very much for making the time to be with us. I would also like to remind everyone that we are organizing our Investor Day on December 4 in New York, and you are cordially invited. Thank you again. Thank you very much.
Operator: Ladies and gentlemen, that concludes Buenaventura’s Third Quarter 2023 Earnings Results Conference Call. We would like to thank you again for your participation. You may now disconnect your lines.
