Ricardo Ramos: Yes. Well, as we have explained, we have most of our contracts today following indexes. So, I mean, it’s very transparent. Everybody can follow those indexes. We have seen that since middle of June this year, some negative trend in the Chinese index and later on, followed by also the outside China indexes. So — but at the same time, we have different lags in the way we adjust our contracts, the way we follow the indexes. So all in all, I hope that we can have a relatively similar price in Q3 compared to Q2.
Joel Jackson: Okay. That’s helpful. So, my last question is, we’re seeing conversion margin start to come down if you look at spodumene price in 3,500 something, plus-minus range. Does that concern you? Do you need spodumene prices go lower? And as spodumene prices go maybe lower, does that impact maybe any of your desires to pick up some spodumene more resources to projects into the parts of the world?
Ricardo Ramos: Well, we have some forecast of supply and demand. So, we do have new supply coming. We need more new supply coming actually to supply the growing demand. And we are, let’s say, considering these aspects in our forecast. So, we do believe that there will be indeed more supply. And this is good. We need it.
Joel Jackson: And you’re not worried about conversion margins now being quite small, considering where spodumene prices are?
Ricardo Ramos: Yes. I wouldn’t — I could not confirm that information, Joel, honestly.
Operator: Our next question will come from Corinne Blanchard with Deutsche Bank.
Corinne Blanchard: I want to go back on the China refinery and the timing of the production. So, this has been delayed by a few months. Could you just walk us through like maybe some of the difficulties that you have been facing then? And then, if there is anything you can share in terms of expectation into 2024 for the cadence and the volume coming from China?
Carlos Díaz: Hello Corinne, this is Carlos Díaz. Yes, we have some delay in China because we have been focusing more in to get the best yield in our conversion plant in China. You know it’s a new process. They’re starting for the lithium sulfate from the Salar de Atacama to [indiscernible] site. But we expect that the commissioning is already done, and we expect to start producing in the coming months and to be full production next year.
Corinne Blanchard: Sorry. I was on mute. So next year, you expect to be at full capacity if everything goes right?
Carlos Díaz: Yes. The idea is to produce in our plant around 25,000 metric tons as lithium hydroxide and probably to do some more tolling with third parties.
Corinne Blanchard: Okay. And then maybe two quick follow-ups. The first one, can you give us an update on Mount Holland? Is it still on track? I think you mentioned 2024 you would be selling some volume — agreement as well. And the other question would be given where the spot price and pricing are falling down again, is there a point where you would maybe consider holding products and selling into the market, or are we not there yet? Thank you.
Carlos Díaz: Yes. Well, our idea is to start — the project Mount Holland has advanced well and according to the priority format and time line. We expect first product from the concentrator plant by the last quarter of this year. So then for the refinery, we expect to start producing middle of ’25, but we expect to start producing at full capacity as soon as we can. And that could be at the end of this year, early next year. So nothing regarding with the price. We just feel confident that we’re going to produce a full capacity as soon as we can.
