I know this was a number for €˜22 to €˜24. But there was a considerable increase in that number. And I believe that part of this is explained by these increasing hydroxide capacities. So, my question there is, is this increasing in hydroxide capacity, consider adding that top $700 million you gave serve as a potential CapEx for increasing in value added products. Or if you can talk about if there was any sort of inflation in the CapEx, maybe from Australia, I guess the number I was expecting from Australia was lower. I don’t know if these CapEx and also now includes already the construction of the second phase are part of that. So, my question is just to understand how much of that was inflation? And how much of that was actually new scope, new things added to the CapEx number?
Thank you.
Ricardo Ramos: Regardless, there’s two question, I think. Let me start with the CapEx. And I will give the answer to broadly for the balance of lithium. About the CapEx, you were right, it means we were talking about €˜22 to €˜24. Now we’re talking about €˜23, ’25, its different timeframe. And there are some initiatives. First, we included in our Investor Day, most of what you can call inflation or new costs environment, I think it’s not so relevant in our new estimates, I think new projects and new initiatives are the most important ones in order to affect the total CapEx for the period. First one is it’s what we remember that is nitrates iodine and lithium, most of it’s not only lithium and in nitrate, we’re pushing very hard today.
They developing the seawater project for the production of nitrates and iodine in the first region, we’re putting more efforts than before, because we think is going to be a very good way. First, we will allow us to replace the consumption of continental water. But second, we significantly increase our unit production capacity, because we will have more water available for our production in Victoria in the first region. And as you know iodine is moving in the right direction in terms of healthy demand in terms of pricing, that’s why having more capacity as soon as we can is very important for the company. That’s why this is our project that we increase our investment in the period, and we try to push as much as we can. Second is that we expect to have a new project that is a new nitrate, it’s an ionic project, that is a one color coma, that is going to be ’24, ’25, most of the investment, it means most of it will be ’25, that’s why it’s so important in terms of having an additional capacity of iodine means between both projects, we will have a significant capacity increase in iodine for the market.
That’s something we were looking forward to do it. And we expect increased production capacity and high-quality potassium nitrate, so the nature because at the moment you increase iodine, at the same moment you increase nitrates that’s why having capacity facilities to have high quality potassium and sodium nitrate is very, very important. In lithium, as already mentioned, we have lithium and our new estimate of lithium Mt. Holland on Australia, that is finishing during this year and next year. The total investment in the total project I mean concentration and their refinery. But as I mentioned before, we’re very positive and we’re including significantly some amount of money important amount of money about the expansion, we think we will start at the end of ’24 and mainly during 2025.
