Operator: Next question will be by [Kim Young-ha] from Morgan Stanley.
Unidentified Analyst : Thank you very much for giving me the opportunity. I would like to ask a few questions. The first is regarding the Gwangyang lithium business. So with Pilbara, you actually, we see a slight delay in the ore price negotiations. So we have three months before the production. So when will this price negotiations or contract negotiations end with Pilbara? And second, regarding the Argentinian lithium business, I would like to know about the latest updates on the margin as well as price structure. And you mentioned about the mid to long-term actually strategy. So what is the profit level that you’re looking at in the next two to three years? Thank you.
Jeong Ki-Seop: Regarding the Pilbara PPS, the ore price. Actually, initially, we actually agreed on the price structure in 2021. But in 2022 you see that the lithium ore price is going up recently and we’re currently negotiating and the negotiation is underway. So we believe that it will be concluded by mid-August latest, because in the beginning of September, we have to actually agree on the initial product so that we can actually complete the construction and go ahead with the test. So you can say that the negotiations are under its final stage. And when it comes to the margin structure, it may vary depending on the price negotiation outcome, but there is not much change compared to the initial cost structure. So as for the details, we will be able to share it with you once everything is finalized. Thank you.
Operator: Next from Marshall Wace, Sean Jou will ask a question.
Sean Jou : Hi. Thank you. This is Sean from Marshall Wace. I just had a quick question on: First, the precursor self-sufficiency target by 2030. So I understand that there is a JV with CNGR. But I just wanted to understand as a percent of total expected output for cathode, how self-sufficient will you be in terms of kind of precursor? And the second question that I have is in terms of CapEx, the KRW 121 trillion. You guided sort of the split between steel secondary materials and green infra. But I just wanted to understand in terms of the funding profile, how much will come from internal cash flows versus raising of additional debt versus any other potential funding mechanism for this big CapEx plan going forward? Thank you.
Jeong Ki-Seop: Yes. Thank you very much. About precursor, yes, you asked a question about cathode. Mr. Lee Kyung-seop, Head of LiB Materials Business, will give you the answer. And for the second question about the CapEx. Is it going to be internal cash flow, or are we going to borrow some debt or liability, and so on and so forth? Now from POSCO Holdings, Mr. Kim Seung-Jun, Head of Finance team will give you the answer.
Lee Kyung-seop: Yes. For precursor, for now for precursor, by 2030, the plan is to have about 460,000 self-sufficient precursors set, that is about 50%, that is the target. And the reason for that is — for cathode, so we have some external contract for cathode. So we can source some cathode from the outside. And depending on the market conditions, for certain volume, it will be spot purchase so that we meet the demands of the market, which is why the number 460,000 came up. And nickel, as well as other raw materials needed for that, we have secured the raw materials. And for precursors, so we have Gwangyang, about 100,000 tons. And in Gwangyang, we will also complete the construction of the plant by next year. And while you asked the question about self-sufficiency of precursors, but anyways we do have the production technology and capacity to do that. So we will go hand in hand with cathode plant construction, and we plan to expand the capacity going forward.
