Adrian Day : Okay. Okay. I appreciate that. And one other question, if I may, also on the impairments. At Lindero, you mentioned the impairment was mostly due to higher costs. I mean, none of us knows what’s going to happen to costs going forward. But assuming the costs stay where they are, does this affect — will this affect either your production, your annual production or maybe even your ultimate production from the mine, in terms of volume?
Luis Ganoza : No. I mean the guidance we have provided already for the year, for 2023 already incorporates our view as to inflation trends in the new year, right? So there is low new information here with respect to what’s already been shared as part of our guidance for 2023, either on production or on costs.
Adrian Day : Okay. Sorry, I didn’t express myself clearly. Do the — will the higher costs make any of the — or uneconomic that you were expecting to be economic? I think our reserves — I think we’re going to update our reserve inventory as we publish every year in the coming weeks. But we do not expect any significant deviation to what you have been seeing in the reserve. If you look at our production for 2022, San Jose delivered 5.7 million, 5.8 million ounces of silver for the full year and 34,000 ounces of gold. If you look at our guidance for 2023, San Jose is delivering again between 34,000, 37,000 ounces of gold and 5.3 million to 5.8 million ounces of silver. If you look at the reserve average grade, the Victoria Vein comes later in the life of a mine, in the remaining life of mine.
So the grade in the reserve, it’s where we provided an average and in the later years, is we have the lower portion of grade that make that average, right? So you see a bit of a decrease in grade and a decrease in production. For 2023, we’re still seeing similar figures in line with what we have in reserves. But certainly, from the impairment perspective, we’ve been investing heavily in exploration for a number of years at the tune of $9 million to $10 million a year. And that exploration investment has not been able to offset the depletion of the mine. We’ve been only marginally successful with the exploration to date and that has weighted on the impairment and also the cost inflation that we see at the asset level has also weighted on that, right?
So it’s a mixture of things there, Adrian.
Operator: We have had a question come in from Dave Kranzler. “What do you expect generally to be the annual sustaining CapEx at Séguéla once it is fully ramped up?”
Jorge Ganoza : David, do you want to tackle that one?
David Whittle : Yes, certainly for the budget that we’ve — guidance we put forward for this year, we have always sustaining costs there in Séguéla between and $1,080 per ounce. Obviously, as the first year of commissioning with 71,000 ounces, we’re obviously expecting the profile to grow beyond there. And with the exploration work that Paul is doing, we would expect the mine plans to be quite dynamic over the next year as well and certainly provide us some growth expectations. So in terms of life of the mine at the moment, we would still be expecting to be below that $1,000 an ounce all in sustaining area.
Luis Ganoza: Maybe just to complement on David’s answer. In terms of an absolute dollar figure, CapEx at Séguéla for the life of mine, right, consistent with the numbers implied in AISC just provided by David should be in the $16 million to $20 million range.
Operator: Okay. We have no further questions in queue. So I will hand it back to Mr. Carlos Baca.
Carlos Baca : Thank you, Ali. If there are no further questions, I would like to thank everyone for listening to today’s earnings call. Have a good day.
Operator: Thank you, ladies and gentlemen. This does conclude today’s call. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation.
