Eduardo De Salles Bartolomeo: Thanks. But apologies for cutting you off earlier. So yes, the $1 billion is mostly due to the ramp-up profile. So it takes time for us to materialize some of those opportunities. But look, I think one of the unique competitiveness of our ETM business and from our perspective that is what attracted these partners and many others that were interested in and be part of this is the fact that ETM or Vale-base Metals is sitting in a tremendous amount of resources, right? And three of the most relevant mineral jurisdictions in the world. So Brazil, with Carajas, you have Canada and then you have Indonesia, right? So we have a tremendous endowment. So I think the key message that we want to convey here is there’s two elements of value unlocking.
There is one which is continued stabilization of the operations that we have, which Mark is working with Deshnee and being very focused on that. And then there’s a second stage, which is how we anticipate the development of that endowment, right? How we bring more projects faster to the market. We see tremendous opportunity to unlock value, a good level of returns, mid-to high double-digit returns, and that’s what we are going to go after. So we don’t need to do any M&A, large M&A, a large transaction to get to that future. I think we can do with their own resources that we currently have.
Operator: Our next question is from Tyler Broda, RBC.
Tyler Broda: Great. Thanks very much, gentlemen. Congratulations on the transaction. My question is on the nickel assets in Canada, I guess, in general, both Voisey’s Bay and Sudbury have kind of underperformed this year. I know from the site visit last year that this is going to be a multiyear process. But I guess, how do you sort of assess what’s gone wrong this year? And then just secondly, with that, I guess, is how does Mark Cutifani’s [ph] presence started to affect that? Like what’s Mark doing in particular in his role? Thanks very much.
Eduardo De Salles Bartolomeo: Okay. Tyler. I’ll let Deshnee go over the first point about Voisey’s Bay, and I don’t agree that it’s not going as planned. I think it is like plan. That’s why exactly we have this gap between the seat for Long Harbour, but anyhow, but Mark — funny is a person that had worked with us. I worked with him when he was still in Incoa that time and when we acquired Vale. I think Mark brings a total alignment in the way we see how to fix a problem, but he has done it and track record. So, he already is with us. We are doing an asset review with top specialists to see exactly how we can accelerate things that are already undergoing and other elements that are — he is going to Chair, the Board, of course.
I will be there together with Pimenta. So, this kind of focus will — as I’ve been saying, help us to accelerate. So, Mark is the right asset, the right guy at the right time, in the right place with the right partners, exactly like our other partners that I’ve mentioned before. And I stash him to go up over Voisey’s Bay because we are very excited with how we can actually go down underground and extract value that — has.
Deshnee Naidoo: Thank you for that, Eduardo and thank you, Tyler. So as you mentioned, the Investor Day that we had. So, in Sudbury, the challenge has been on development and very happy to say that the development that the team is achieving this year is more than double what we’ve achieved last year, and the tons are coming to plan. But as we’ve guided at Vale Day, the challenge we have in February, some of the one-off maintenance activities that we have, including things like the create and cage one-off. So, that’s why you’re seeing the slight decrease, but exactly as Eduardo say, the tons are actually coming to plan and we’re very satisfied with the performance. But as we also guided in Vale Day regarding Voisey’s Bay. Voisey’s Bay and in fact, the entire V&L entity will be in transition for another 18 months or so.
