Carlos De Alba: Thank you very much. Good morning, everyone. So, my question may be similar to the last one, but focusing a little bit on Mariana. You clearly, you took a provision in the fourth quarter, and now you provided us with an updated disbursement path. And, there were news overnight, about the potential restart or the reportedly restart of the negotiations this week. So, I don’t know if you can provide an update there. Clearly, a key concern by the market something that everyone would like to get resolved. I think the companies, the authorities and certainly the people that were impacted. So, an update will be greater. And, my second question is, in light of the increasing CapEx at Serra Sul 120 as well as the invoices value expansion and then the revision on CapEx of the Briquette projects. How can we think about, how should we think about the 2025, maybe 2026 CapEx for the company? Thank you.
Gustavo Pimenta: Hey, Carlos. This is Gustavo. So, Mariana, yes, your question is spot on. We are highly engaged with the counterparties. The mediation process as you probably know, has been ongoing and we engaged more actively, recently in order to find a resolution that works for everybody. We continue to be hopeful that by mid this year, we can reach a negotiated outcome, which we all think it’s the ideal path in this case. So, stay tuned. We’ll keep you updated, but we are certainly engaged looking for ways to find an agreeable solution here for all parties. On the CapEx, we’ve updated. The main one is S11D. It’s over a period of years as we get to commissioning 2026. So, no impact in our guidance for, and our expectations as we have before for the final years. This year, we are still within the $6.5 billion no impact, and we should be able to accommodate those increases in the following years as well.
Operator: Next question from Jon Brandt with HSBC.
Jon Brandt: Hi, good morning. Thanks for taking my questions. I just wanted to clarify on an earlier answer, Eduardo. Just given the Anglo BHP news today, are you sort of unequivocally saying that Vale have no interest in the Anglo assets and that you’re more watching to see what the impact is from a potential deal but Vale have no interest in those assets. Is that correct? And, then I guess my question is really around we sort of discussed some of the rail concessions, some of the permits, the some sort of liabilities, etcetera. I’m just wondering, I think that’s sort of a big part of the reason for Vale’s underperformance relative to peers. And, I’m just wondering, how would you categorize your relationship with the government, right?
I mean, you’ve talked a lot about stability, and wanting sort of a stable environment. This seems to be anything, but so I’m just wondering what you can do or what Vale can do to sort of improve the relationship that you have with the government, so that the market doesn’t have to deal with these sorts of issues? And, then my second question just really quickly is, it looks like on the breakeven costs for copper, they came in well below guidance for 2024. I’m just wondering how much upside risk there is to that guidance number. Is this a seasonal issue? Or has some of the things, Mark, that you’ve put into place, is that really starting to bear fruit? Thank you.
Eduardo Bartolomeo: Thanks, Jon. Well, it’s a question that obviously when you look at Anglo assets, obviously would be interested. What we try to explain in my answer at the beginning is that we have better options inside house to look at and more cheap options because, otherwise, you would go to a bid and, that’s not, doesn’t make any sense for us. So, that’s why I said we are watching with attention, the asset that has interference with our strategies, the Minas-Rio that we just closed with Anglo, and this one is protected. The others, as mentioned we are wait and see to see what’s going to happen. But meanwhile, we are much more interested in accelerating, executing our own endowment. Specifically about the railway concessions, that’s a good question because it’s not a Vale’s issue, right.
It has been done through [Humu] (ph). It has been done through MRIS. It has been with all the other concessions. So, it’s not a Vale specific problem. Obviously, as Spinelli said, we are truly sure that we have a very robust contract, but we’ll take the opportunity to adjust some specifics and make a win-win situation with the government that we believe will help on this problem or on this matter that you mentioned, better and a more stable relationship with the government. That is always good that, by the way we always had. And the second question is to you, right? So quite couple of question goes to Mark. So, Mark.
Marcello Spinelli: I can, we probably lost Mark. I can take it, Jon? So, yes, it was a good first quarter, especially given the strong ramp-up of Salobo, right. Salobo 3, plus also a strong operational performance on Salobo 1 and 2. So, we are not resetting expectations, but what I can say, it’s looking pretty good within the guidance that we had laid out. So, hopefully, through year-end, or the remaining part of the year, we can provide more details around it.
Operator: Next question from Leonardo Correa with BTG Pactual.
Leonardo Correa: Good morning, everyone. I have a couple of questions on my side. Yes. So, the first one, I’m not sure if Mark is back, so feel free.
Mark Cutifani: Yes.
Leonardo Correa: You are, okay. Perfect. Welcome back, Mark. On the just on the base metal story still, right? I mean, they’re very mixed results, very pressured, by in fairness by pressured nickel prices, but you’re having a dual speed situation, where basically copper is performing very well, perhaps above expectations and nickel is performing well below expectations. And, the overall results have been pressured if you take a year of expectations for EBITDA and base metals were are way above what you guys are currently delivering. And, I get the point that, there’s a lot under review, so I don’t want to be unfair. But, and I know that Gustavo and I think in the opening remarks, he said that by June, we’re going have more details.
But, I mean, just thinking of you, I mean, do you see an opportunity to adjust capacities into perhaps put some of Vale’s nickel assets under care and maintenance at this point just given market conditions are unfavorable and the asset are not generating any EBITDA. So, my first question is specifically to nickel, how you see the evolution and how viable certain assets of Vale are in this scenario? The second question, I think there was a question on this, Gustavo, but I think it wasn’t addressed yet. But, if I may, just moving back to the dividend situation and the extraordinary dividend potential for the latter part of this year. With all these questions on additional provisions and outflows, I mean, how are you viewing this? I mean, we’re getting some help from minor prices lately, so we’re back to 120.
