Bruce Bodine: Joel, thanks. As far as other deal structures there, we’ve been contemplating how best it is. One of our challenges is getting for our own shareholders and investors, what is the real value of this investment and making it more transparent. And then obviously, you got to work with the shareholder partners on what deal constructs. They’d be willing to do as well. So ultimately, this was the best one to bring that transparency of value and give us that capital flexibility that we wanted into the future, and kind of is what it is from that perspective. Going back to 13 years ago when we first got into this, I can’t say that I remember all that was said for sure. But from our perspective, one of the big reasons to get into that joint venture was a hedge on risk of some of our permitting issues around our South Fort Meade mine at the time and some of the challenges that we were suffering with that here in North America, and that would allow us kind of a hedge for longer-term idling of that facility due to lack of permits.
I also thought that Ma’aden at the time, would always have some advantaged cost structures with raw materials and co-participating and probably wasn’t a bad idea at the time. So as far as consolidation, I don’t think that was our primary objective, getting into it. And we really don’t think about the this deal as being anti to consolidation is that a as we sit here and think about it today, it really is trying to bring more clarity on the value of our investment in the Kingdom and then allowing us more flexibility in the future for capital redeployment or capital allocation, how we so choose in the future. Clint, I don’t know if there’s anything to add.
Clint Freeland: No, the only thing that I would add is that, obviously, we’ve laid out — some of the things that were on our mind as we thought about this transaction. I think at the same time, our partner was looking to consolidate ownership of the JV for their own purposes. And so, I think as we looked at the structure, I think the relationship is important. I think the partnership is important. I think we both agree to that. But there were some objectives that each of the parties really had in mind. And I think this deal structure achieves that.
Operator: Our next question comes from Chris Parkinson from Wolfe Research. Please go ahead with your question.
Chris Parkinson: Good morning. A few parts to this, but just when we’re taking a step back and looking at forward-looking strip margins, and I understand that a lot has been going on and there’s been volatility and you have to kind of roll through the various items through inventory. But when I look at your ammonia procurement, you should be getting benefits from Faustina, Tampa over the last month-on-month, quarter-on-quarter, obviously, just natural gas, when I look at sulfur, obviously, you should be trending downwards. And then P rock costs, especially in Florida, seem like they’re a little stubborn. But as we progress through the balance of 2024, obviously, some of it should probably subdue our optimism, but it seems like we’re very much moving in the right direction and the prices — top line prices hold essentially where they are even a bit lower, your profitability should be in a very good position as we progress on a quarterly basis.
Could you tell me what I’m missing?
Bruce Bodine: No, Chris, thanks for the question. I think you see it very similarly to as we do. The one thing is it does take some time to recognize that flow through inventory on raw materials. And given the heavy turnaround schedule that we have in the first quarter and in the second quarter as well, that’s probably a little more delayed than maybe traditionally you may see flow through there, but definitely feeling optimistic on when those raw material flow-throughs do help on stripping margin and will somewhat offset some of the seasonal price pressure, to your point, that we typically see in quarter two. So we are — we do see stripping margins throughout the remainder of the year, staying very constructive and strong at kind of decade high numbers.
So, I don’t think you’re missing anything. On the rock side, a little higher in quarter one, we had a turnaround on one of our large draglines that impacted production on the rock side, but that’s transitory. And in the back half of the year and particularly in the second half of the year, rock costs get significantly improved from where they’ve been over the last two quarters.
Operator: Our next question comes from Richard Garchitorena from Wells Fargo. Please go ahead with your question.
Richard Garchitorena: Great. Thanks. Hello, everybody. So I was just wondering if you could talk on the potash market on the 2.2 million to 2.4 million tonnes expected for the second quarter. Is there any way you can break down how much of that is going to be domestic sales versus offshore tonnes? And related to that, on the price guidance, 210 to 250, obviously, that’s largely driven by that. What are your assumptions in terms of potential contracts, whether it’s India first, China for this year in terms of how you think about that through the rest of the year?
Bruce Bodine: Yes. Thanks, Richard. For sure, we’ve got thoughts on that, and it will be in quarter two. I’m going to turn it over to Jenny to get into the details, but a little more of the international export pricing in the mix and then she can talk a little bit about the contract stuff as she’s — and her team are closely watching that and have good thoughts around it. Jenny?
Jenny Wang: Sure. Thanks, Bruce. Richard, to your question on the sales breakdown between domestic market and offshore shipment, our full year percentage is around 45 for domestic market and 65 for offshore. Of course, that changes quarter-over-quarter depending on seasonalities. And also, as you can imagine, it depends on the contract settlement, the major markets like in China and India. Back to your questions on the contract settlement, there has been a lot of report by publications like CRU, Augers, talking about the ongoing negotiation in India. And feel like the contract will be settled very soon. And from the report that we learned that the future in India is really — they are going through some kind of administrative approval process among themselves.
