And the reason for that is we are busy ramping down the open pit, which is near completion right now and ramping up the underground mines. But sticking very disciplinely to our P&P schedule. We then took Long Harbour down for a two-month P&P this past quarter. So, both transitions in terms of the tons as well as the P&B came together to give us what looks like a horrible quarter but I can assure you it is to plan. And just echoing what Eduardo said about Mark, Mark and I have already started working together. We are putting together something that looks like a pathway to value plan. And in addition to what Mark brings from an expertise point of view in terms of helping the management team and myself, we do have the likes of Tony O’Neill and some of the other industry experts helping us with an asset review that we will then use to look at how we can unlock the full potential outside of the current initiatives to fix and get back to the run rates that we need.
Thank you
Operator: Our next question is from Alex Hacking with Citi.
Alex Hacking: Yes. Good morning. Thanks for the call. So, two questions. Firstly, could you maybe give us an update on the outlook for mining taxes in Brazil? And then secondly, could you maybe discuss the role that engine number one will play in in base metals. The fund does have some history of being quite active in its investments. Thank you.
Gustavo Pimenta: Thanks. Alex. So, on mining tax, I think we — mining tax, I think we are following closely all the discussions in Brazil lately. It’s also important to remind — always important to remind that our sector is highly taxed already compared to others when you take the full taxation in consideration. So we are feeling good about where we are heading towards. Of course, everybody like everybody monitoring closely potential impacts, but so far so good. and we’ll continue to monitor that closely. In terms of Engine 1, we’ve met then talked to Chris, James and team over the last several months about this opportunity. And we are highly aligned in terms of the Vale – see long term. And I’m sure he and his team are very excited to join Vale base-metals, and we are thrilled to have them joining.
I think he will be a very important strategic voice to help us drive value in the long term. So we are excited, very aligned long term and looking forward to working with them.
Operator: This concludes today’s question-and-answer session. Mr. Eduardo Bartolomeo, at this time, you may proceed with your closing statements.
Eduardo De Salles Bartolomeo: Okay. I’m just going to echo Gustav’s point in the end. I think we are very confident that the middle of the year that we are with a stronger operational performance in all of our assets. ETM, as we were able to discuss today has a tremendous opportunity ahead the puzzle is done. Now it’s a matter of execution and growth. Very happy to be able to conform with JSTM Vale. It is going to be a reference in the management we started earlier. And of course, we have the obligation with society to be referenced on that and JSTM is a very welcome standard to protect ourselves and society. And lastly, as was discussed during the call as well, there is no doubt about our capital discipline. Everything that we do here is on the way to create value for our shareholders and, of course, for all stakeholders, society, our employees.
And the ones that we think, by the way, that had a hard time to create this transaction that everybody perceived how much value there is in the assets that Vale owns and will extract. As I always say, we are in a marathon, and we are in a kilometer 25 now, and we’re going to get there. And the ones that come together with us, surely, you’re going to benefit from that. And thanks a lot for your attention and see you in the next call.
Operator: Vale’s conference call for today is now concluded. Thank you very much for your participation. You may now disconnect.
