Gustavo Pimenta: Yes. I think you covered well Eduardo. I think the key message for us here is also optionality. I think this transaction creates options that otherwise Vale wouldn’t have to fund the opportunities that will come along. So we are very excited because I think we are — through a series of actions over the last 18 months, I think we are setting this business for success, creating options that otherwise we would not have and a more focused organization, which over time, I think we all believe strongly that it will create significant value for our shareholders.
Carlos De Alba: Thank you, Eduardo and Gustavo. And Gustavo maybe — the second question I have, you could address is the following. So Vale has a dividend policy that is based on EBITDA generation minus sustaining CapEx. But assuming that iron ore prices were to come into some pressure, EBITDA will come down, sustaining CapEx, you may have some space to bring it down, but presumably there is a minimum level that you want to do, so that you maintain the integrity of your operations and assets. So there is a little bit of — little room to maneuver if EBITDA comes down by not as much as your free cash flow generation impacted by the repayments of the Brumadinho, Mariana accident towards the dam characterization. So meaning it is conceivable that your free cash flow yield could be lower than your dividend yield as suggested by your dividend policy.
So how do you see this situation, why would the company do in such scenario? Clearly, the balance sheet is strong, and you could sustain a dividend yield higher than your free cash flow yield by potentially not for too long. So I just wanted to explore how do you see this? And if there is a possibility potentially to change the dividend policy, or maybe I’m just mistaken and the — the payments and the expenses of the marina that are adjusted out on EBITDA and some calculations are not adjusted out with the dividend policy purposes.
Eduardo De Salles Bartolomeo: Yeah. That’s a good question, Carlos. So look, those — I think first thing is those expenses or disbursements are temporary, right? So over a period of time, they will be heavier, and then they will, over time, reduce which will free up cash down the road. In the very immediate term under the scenario frame, I think we will have the ability to even use our balance sheet, and we’ve been doing this, as you’ve noticed. We have a very strong balance sheet, amortizations, debt amortization is very smooth over the years. You’ve seen us doing a lot of liability management in the last two, three years pushing out amortization, which would give us a lot of breathing room for us to accommodate and continue to deliver on our dividend product. So we are — this is very critical for us, and we’ll continue to be very disciplined in terms of delivering on the policy that we have.
Operator: Our next question is from Thiago Lofiego, Bradesco BBI.
Thiago Lofiego: Hi. Good morning, everyone. First question — congratulations on the base-metals deal. And if I may go back to Carlos question, which was in the lines of what makes that are. And I’ll be more specific in my question here, which is, would you consider a next set being a potential sale to a larger strategic shareholder now that you have the valuation kind of like a temp, would you pursue larger steps in terms of bringing in larger partners to validate metal or is an IPO a higher probably scenario, or you’re not thinking about any of those to scenarios and just thinking about the operating turnaround. And then my second question to Medeiros, if I may. Medeiros, could you please talk a little bit about the main initiatives you’re focusing on at the operating side?
What the main upsides are. We understand the licensing bottlenecks, resuming production story. But from your perspective, are there any other major levers that you’re working on to bring production efficiency and operating efficiency? Thank you.
