As you can see, these efforts are consistent with our ESG conviction and ambition. Regarding our debt, it currently has an average maturity of 3.9 years and a 5.6% average cost. It is important to mention that as of September 30th, our total cash is sufficient to cover the payment of all obligations maturing in the next four years. Finally, despite the $14 million increase in our cash balance leverage, which is measured by the net debt to adjusted EBITDA ratio, increased from 2.8 to 3.06 times quarter-over-quarter, mainly because of lower adjusted EBITDA in the last 12 months, driven again by the prevailing trend of lower LME prices. Now moving to slide 14. Regarding market fundamentals, it is worth noting that in the third quarter of 2023, LME Zinc price averaged $2,428 per ton, down by 26% from the third quarter of 2022 and by 4% from the second quarter of 2023.
At the same time, LME Copper price average $8,356 per ton, up by 8% from the third quarter of 2022, and down by 1% from the second quarter of 2023. The main reason for the declining LME Zinc prices were speculation related to the global economy, such as potential new hikes in interest rates in the US, slower economic growth, et cetera. But also the acknowledgement that the Chinese economy has not responded as expected to economic stimulus, particularly in the property sector. Looking ahead to the rest of 2023 and the following months, despite the fact that we’re already seeing some Zinc mining production cuts as a result of a current challenging price environment, metal prices are still expected to be negatively impacted by short-term variables, such as monetary policy in Europe and in the US, as well as by the still prevailing uncertainty about the Chinese economy.
In the mid to long term, the fundamental outlook for both Zinc and Copper prices remains positive. Additionally, investment in construction, infrastructure, and the automotive sector will continue to have a positive impact on demand expectations for base metals. On the supplied side, both for Copper and Zinc, we anticipate that we will continue to see challenges to bring new significant production online. Now I will hand over the presentation back to Ignacio for his final remarks.
Ignacio Rosado: Thank you, Jose Carlos. On our last slide, and I would like to close this presentation by mentioning our priorities for the rest of the year. The completion of the Aripuanã ramp-up is our top priority. The focus is to improve recoveries and quality of concentrates while replacing pumps at the flotation circuit to increase capacity. We are advancing on the studies related to the Cerro Pasco Integration Project. We look forward to approve this project in the first quarter of next year. We remain committed to looking for alternatives to optimize costs, CapEx and corporate expense in addition to strengthening our balance sheet. We will continue to accelerate our exploration program, prioritizing the life station of our assets.
We will continue to focus on safety, productivity and ESG public commitments. Looking forward, we are confident in the long-term fundamentals of our industry and our business. Thank you all for attending this presentation. With that, we will be happy to take your questions.
Operator:
Rodrigo Cammarosano : We will start with a question from Alexandra Symeonidi from William Blair and Company. What is the interest rate in this new sustainability-linked RCF?
Jose Carlos: Good morning to everyone. This is Jose Carlos Jose Carlos del Valle. In relation to this question, just to clarify, the interest rate is SOFR, which is the Secured Overnight Financing Rate, plus 1.6% with the possibility of another net point, depending on compliance with the ESG target that has been established for this sustainability-linked facility.
Rodrigo Cammarosano : Thank you, Jose. We have another question from the audience. It’s from Alexandra Symeonidi as well. In terms of leverage, it seems that the leverage has increased in this quarter. Is there a leverage starting for the company, how does the company plan to address this?
