In terms of just the overall structural changes, VBME continues to ramp up. And that — those ramp-up tonnes will come at a more efficient rate, and that will result in the overall unit cost improvement that we will see from the third quarter of next year onwards. And then some of the other initiatives on productivity, et cetera, in Sudbury would drive this forward. But as Eduardo mentioned in his opening comments on the asset reviews, in fact, Tony and the team are currently in Sudbury, a lot of the work there is whether we can reduce some of the cut-off grades and what the team is initially coming up with is huge opportunities of possibility relooking at this kind of grade that will result in far higher tonnes that together with some of the technology initiatives that Tony wants to put on the table is telling us there’s a lot more value potential unlock within the asset base.
I’ll leave it there and hand over to Pimenta.
Gustavo Pimenta: Thanks, Deshnee, and thanks, Carlos, for your question. Look, we’ve been favoring both over the last couple of years, right, both dividend and share buyback. And we like both. I think both have a role to play in our capital allocation, especially given where stock prices are today. This one, it’s a combination of things. I think, one, as you said, we continue to generate strong cash flow. I mean prices remain constructive, and therefore, cash flow remains strong. But there is also an element of the VBM partnership here, which has more one-off nature. So that is what led us to favor is the cash — the dividend payment of $2 billion. But again, we continue to believe share buyback is a great capital allocation too for us, and that’s the reason why we decided to extend the program for another 150 million shares.
Operator: Our next question is from Caio Ribeiro, Bank of America.
Caio Ribeiro: Yes. So firstly, I just wanted to explore a bit how you see the company’s breakeven EBITDA for iron ore evolving with some of the changes, right, that you’re working at in the company, and also due to some changing industry dynamics ahead as well, right? So with this focus on developing steel mega hubs together with steelmakers, right? And given that under this structure, you will be supplying briquettes and other high-grade agglomerates to certain regions in the world and including the Middle East, possibly in the U.S. as well. Presumably, there will be some shift, right, in your geographical breakdown of shipments, right? Today, it’s largely directed towards China, right? But with this focus on energy transition [indiscernible] and your strong positioning in delivering higher grade ore, I imagine your regional shipment destination could change, right?
And that could perhaps alter your average maritime freight. And a higher maritime freight from Brazil to China has always been a disadvantage versus Australian peers. But with this potential change in the regional shipment destinations, do you see that potentially helping you gain an edge versus other peers, I don’t know a breakeven EBITDA perspective? And then secondly, on the Base Metals division, right, it’s clear that there’s a lot going on there with the 13% stake stay underway, you brought some high-profile names to the Board and manager of the company. You’re carrying an asset review. Yet the short-term results, they show the challenges still exist with maintenance at some assets, the transition to underground operational at Voisey’s Bay.
I just wanted to see if you could give us an indication as to what milestones you’re looking to achieve here over the next 2 years, right? And what signs do you think we should be looking for as clear signals that this turnaround of the asset is being successful?
