Operator: The next question is from Rafael Barcellos, Banco Santander.
Rafael Barcellos: Good morning. Thanks for taking my question. My first question about the base metals, I mean, firstly, congratulations for the deal. You mentioned that the Vale base metals division is expected to invest around $25 billion to $30 billion the next decade in strategic projects, right? So could you please give us more color on how would you believe that the funding of this investment plan would be? I mean, overall, how are you thinking about the capital allocation strategy for this division. If there is any risk that you could change the dividend policy to have the dividend policy more related to the iron ore division just to understand how are you thinking about that? And the second question, I mean, about the iron ore business.
So Vale finally received the license to operate the total them, which, of course, will improve its ability to produce more pellet feed. So my question is just to understand what can we expect in terms of ramp-up, I mean, we will already see these effects in the third Q or more to the fourth Q ordering that, I mean, I remember that the Bruco II [ph] complex used to produce like 30 million tons before the Brumadinho tragedy and it’s now at a run rate of 20 million tons. So just to understand whether or not the Bruco [ph] complex could return to a run rate of 30 million tons in the short-term, okay? Thank you.
Gustavo Pimenta : Thanks, Rafael. Gustavo here. So on base metals, there will be a ramp up for us to get to the $25 billion to $30 billion of investment in the next decade, right? So I think the deal that we are doing now allows us, as I mentioned a couple of times, to create options for us to fund those growth could be internally generated cash. Their own balance sheet, but could be others, right? Vale could continue to fund its proportional, but we could also access capital markets, either public or private as we just did. So I think we are opening up different alternatives, and we will assess at its due time, right, three to four years from now, if we need to make a large investment, we will assess where the market is and what is best for our shareholders.
So that’s the first one. On Torto, it’s already in operations. So in terms of benefit, it’s about $50 million a month, not in terms of volume, but quality. So it’s already there. In terms of bringing up to 29, the number that you’ve quoted, it will take some time, a couple of years still because there is some work that we need to do in terms of waste disposal, which will require some licenses. So the first stage was really to improve the quality of the 21 million tons, 20 million tons that we currently produce. So we’ll start to see this already in the P&L. The ability to ramp up still requires some license, especially for waste disposal, which we are working on
Operator: The next question is from Rodolfo Angele, Banco JPMorgan.
Rodolfo Angele: Yes, thanks for getting back to me. I had a second question for management. So the question is really about VBM again. The ambition is really enormous, right? We’re talking about tripling copper, doubling nickel. So the question is really, do you have that mapped out? Is this going to be done at the current assets, or is that at this point, a target, a goal for the company, and you’re going to be evaluating greenfields, M&As. And kind of this ties back to my first question because I felt like $1 billion was a bit shy given the ambition. So just wanted to hear your thoughts on that. Thanks again for getting me back on it.
