Leandro Garcia: Well, as I told you, Omar, that news that are appearing in Gestión, it’s currently in evaluation, right? The plan today from the figures that we have is that the CapEx for this year is $300 million. We should have more information in the following meetings with them.
Omar Avellaneda: Okay, perfect. And if I may, one additional question. This $600 million CapEx is not only for just one year. I guess, it could be for a couple of years, three years. It’s not going to be disbursed in one year only, right?
Leandro Garcia: Yeah, it is a kind of — it’s a permit, it’s an IPS (ph). And this IPS is not for one year only.
Omar Avellaneda: Okay. Perfect. Thank you very much. Congratulations on the results.
Leandro Garcia: Thank you, Omar.
Operator: Thank you. 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 Gabriel Salas, Investor Relations Officer, for any webcast questions.
Gabriel Salas: Thank you, operator. The first two questions come from Isabella Pacheco from Bank of America. How do you see net leverage in 2024? What was the main factor contributing to a positive EBITDA in fourth quarter 2023?
Leandro Garcia: So maybe Daniel can help us with that question?
Daniel Dominguez: Yes, Leandro. In terms of the net leverage, we ended this 2023 with 2 times net debt over EBITDA. As we mentioned before, we count with a facility of different — with different banks of $200 million of revolving facilities that we will use when we need the cash to fund San Gabriel in the short term. Probably, we will be using around $150 million from these facilities. And this will — as a consequence of this, the leverage ratio should come up to around 3x, which will be the maximum that we expect by the end of this year. The second question regarding the EBITDA of the fourth quarter, there were basically three factors. One is the sale of Contacto, contributed with around $38 million of — in the EBITDA. The second factor was the stronger production and volume sold from El Brocal and finally the restarting operations at Uchucchacua and Yumpag that contributed with around 2.8 million ounces of silver to our P&L.
Gabriel Salas: Thanks, Daniel. The next question comes from Orlando Barriga from CrediCorp Capital. How much of Yumpag’s costs were classified as CapEx during the fourth quarter 2023?
Leandro Garcia: Daniel?
Daniel Dominguez: Yes. There were $10 million of development costs that were not inputted to the cost of sales because we count with an exploration permit. So the number for the following years to be amortized is $10 million.
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. That concludes the question-and-answer session of today’s conference call. I would like to turn it back over to management for closing remarks.
Leandro Garcia: Thank you, operator. Before we finish today’s conference call, I would like to thank you very much for making the time to join us, and have a — again, you have a great day today. Thank you very much.
Operator: Thank you. Ladies and gentlemen, that concludes Buenaventura’s fourth quarter 2023 earnings results conference call. We would like to thank you again for your participation. You may now disconnect, and have a wonderful day.
