Q3 2019 Earnings Call
Thank you for standing by assess the conference operator, welcome to the Arrow copper Corp. third quarter financial and operating results conference call.
As a reminder, all participants are in listen only mode and the conference is being recorded after the presentation, there will be an opportunity to ask questions.
To join the question Q you May Press Star then one on your telephone keypad.
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I'd now like to turn the conference over shouldn't no well done executive Chairman of Errol copper. Please go ahead.
Thank you operator, and good morning, everyone.
The news release announcing euros third quarter result is available on our website and on SEDAR.
As our <unk> financial statements and Mdna for three and nine months ended September Thirtyth 2019.
As usual comments made on his call contain forward looking statements. They involve risks and uncertainties concerning the business operations or financial performance of the company.
For a discussion of the risks and factors, which may lead to actual performance being different please refer to our most recent <unk> also on SEDAR.
Unless otherwise noted all amounts discussed on this call or in U.S. dollar us.
With me in the room today.
David Strike Eros co founder Chief Executive and President.
Wayne dry euros, Chief financial Officer.
Like a different about vice president of corporate about it.
It is our aim today to be brief to allow sufficient time for questions.
On a kind of the fact that so busy reporting date for most of you on this call.
Before discussing the operational financial results for the quarter I'd like to where you're at <unk> reiterate our business strategy and its simplicity.
And is comprised of two primary elements.
The one continue to grow copper production at first quartile operating costs.
True reinvesting excess profits from that production.
So unlocking the vast exploration potential the Curacao valley with one of the world's largest active exploration programs.
As evidenced by operating results and increased production guidance for the full year.
Core assets within the Chris I buy they are performing well.
We expect to continue to support this strategy well into the future.
The great advantage of the curious about is that we have optionality.
If metal prices rallied to a new range and we maintain cash costs. That's our target range of around one dollar. The pound then we have the option of boosting production in short order by introducing different sources are material.
I most recent updated and I 43, one to one mine plan to find the capital cost to boost mill throughput back to the name plate capacity. So that is not clear for everyone.
When we will do this and at what mix of sources material is a decision we can make in the future depending on the outlook and depending on future discovery.
Our revised full year production guidance now calls for an incremental 2000 tons of copper compared to our revised guidance to between 40 and 42000 tons of copper for the.
We continue to guide towards the low end about see one cash cost guidance range of around $1 per pound of copper ridge used which is in line with a strategy I've just outlined above.
The next goal, we I think scold me experienced a declining production as a mine transition from the bras vein into the sentence Santo Antonio ore body during the quarter.
The truth is a matter is the reserves officially right out in Q1 of this year at Nx gold, but we continue to mine as we transition to the new ore body.
From San Antonio, we see production levels, increasing through the balance of the well before we are currently forecasting approximately 7500 ounces of gold production that see one costs of approximately $700 per ounce.
Based on the drilling we've conducted to date, we see a multi year mine life from as some of the softer Antonio.
With additional exploration upside, which will further detail prior to the year end.
While the decline over the next gold production weighed on our consolidated financial performance. During the period. This was offset by favorable court ruling in July the allowed the company to recognize a tax credits totaling approximately $22 million. This was related to historical overpayments that will be used to offset future taxes payable.
Having said that I will now pass the call over to David to provide a brief review and update of our operations and away will provide review of the Companys financial performance.
The whole team will be available for questions immediately following the call.
Thank you know.
Our production results for the third quarter were released last night and reflect continued solid underlying operating performance AMC was saying.
During the third quarter, we produced 9674 tons of copper in concentrate.
With 587915 tons milled grading, 1.84% copper and average metallurgical recoveries of 89.2%.
Through the end of the third quarter, we have processed approximately 1.8 million tons of ore.
Grading, 1.86% copper.
Producing 30792 tons of copper.
After average metallurgical recoveries of 19.4%.
This reflects a 70% increasing production from the same nine month period in 2018.
Operating highlights during the period included record quarterly production that for me is where we continue to realize performance gains, resulting in production of 176183 times before grading, 3.84% copper from the mine.
In addition, we achieved a notable increasing tons mined from the <unk> relative to prior periods.
Total 362667 tons, we mined grading, 1.51% copper from Florida.
We expect grades mine for the full yet to be in line without guidance of 3.2% copper females and 1.7% copper focolare not projecting grades process to increase in the fourth quarter over the third quarter, resulting in a full year.
No head grade of approximately 1.95% copper.
This continued performance from our core operations has resulted in improved guidance for 2019, we we now expect between 40 and 42000 tons of copper production, an increase of 2000 tons of copper compared to prior guidance and 4000 tons over our original 2019 guidance.
It's really just in general.
Oh, the quota see one operating costs were one dollar and one penny per pounds of copper produced.
Resulting in total see one I think costs of 99 cents for the first three quarters of 2019.
In line with our guidance for the year.
We are increasing our full year capital expenditure guidance by a modest $6 million.
Reflect additional exploration drilling plan for the fourth quarter.
As well as an increased development cost within alarm and they may as relate to the production increase in 2019.
The increase in exploration expenditures is related to the increase in drilling meets rich.
Let's now focus to be approximately 220000 meters in 2019.
20000 meter increase over what was previously planned primarily related to regional Greenfields exploration.
This is increasing expert excuse me. This increasingly expenditures includes additional ground Geophysical survey work.
Putting additional borehole E.M. surveys, which has proven itself successful and identifying high grade ore bodies to date.
There's no mentioned <unk> Nx gold.
<unk> Nx Gold mine, we produced 4356 ounces of gold, let's see weren't caskets, a $1169 per ounce of gold during the third quarter.
No production during the period was the result of transitioning a mining operations from the bras vein into the new Santo Antonio vein.
That's been mentioned.
Well the best Spain officially ran out of reserves persist and I 43, one or one technical reports.
The first quarter. This year, we were able to continue.
Mining well beyond the same point as we accelerate the development into Santo Antonio.
We benefited from this in second quarter.
With this transitional period, largely behind us this quarter, we expect production and profitability to increase through year end not forecasting approximately 7500 ounces of production in the fourth quarter.
Approximately $700 per ounce see one cash costs.
We will be releasing an updated and like 43, one or one complaint.
Resource and reserve update.
Along with a new mine plan later this year, incorporating Santo Antonio into the mines production profile.
With respect to exploration in the course of Valley, we have maintained a total recap of 27 drill rigs.
Currently 25 operating with an additional two rigs assigned to your in maintenance a process that we'll see the majority of the rigs rotate through during the fourth quarter.
Oh exploration programs have actively shifted focus over the past several weeks from primarily in a near mine targets to regional Greenfield discovery programs.
And essential part about business strategy that quite frankly, we couldn't be more excited about.
We anticipate over 50% of our meters drilled in the fourth quarter. This year will be allocated to regional targets.
Increasing to approximately 65% of old drilling planned for 2020.
Our Greenfield exploration efforts are initially focused within the mass district, we would continue to see compelling evidence supporting our campaign.
If I may ask district exploration focus area. Today now covers a 10 kilometer semi continuous trend of exploration targets and anomalies.
That surround them for mass mine.
Newly discovered Siri M a deposit.
And eight and nine deposits.
And notable extensions along strike to the north and south along the system.
For reference a map of the system.
Can be found in figure one.
About told the 10th press release.
In addition to further delineating the extent to the mineralization within the <unk> broader for me its district.
Near mine exploration continues to focus on areas of immediate value creation, including extensions of the main familiar it's all bodies to depth.
Follow up drilling of the high grade zones within the Syria discovery.
Brett shaded zone of massive sulfide mineralization that remains open.
A majority of the company's increased <unk> Oh, Yeah work is focused on this target area.
And the prolonged district with 10 of the 25 drill rigs operating we continue to press forward with a number of in mind initiatives that have the potential to meaningfully change the production profile of the money.
Particularly with respect to extending high grade production.
These include aggressive reprioritization of drilling within the deepening zone.
Hi, great copper mineralization remains open.
Long strike to the north.
To the south and two depth.
As well as drilling and the MSP South zone, located hi elevations in the mine.
Recent results and these zones I've highlighted high grade mineralization that is yet to be fully done related and our resource and reserve estimates.
Additionally, we continue to drill test to the south.
Oh, the pull our mine and the bought a window. So we're mineralization appears to be shallowing toward surface as we move farther south.
We anticipate providing additional detailed results on each of these programs in the upcoming quarterly exploration update typically released four to six weeks following our financial results.
With that will not pass it over to wane gold provides an overview about financial performance for the quarter.
Thank you David and good morning, all.
The third quarter of 29 team can be summarized by solid financial performance set up core Mcs say operations.
Consolidated basis, the results were impacted by a week quarter at an ex gold as no mentioned.
It's worth pointing out that in prior periods and it's called contributed approximately four cents draw consolidated earnings per share compared to a negative one cents in the current period.
During the quarter the company's sold 10200 tons of copper in concentrate and 4579 ounces of gold for consolidated revenues of $60.6 million.
<unk> sales volumes were a modest 7% lower than the prior period revenue from concentrate sales fell by nearly 16% due to the decline in the copper price.
See one cash costs were a dollar one per pound for the quarter and 99 cents for the nine months ended September Thirtyth 29 team.
Adjusted earnings before interest taxes, depreciation and amortization was $27.3 million for the quarter and $102.9 million for the nine month ended September Thirtyth 29 team.
Cash flow from operations during the quarter and nine months was $29.5 million a $91.9 million respectively.
There's no alluded to the quotas financial result was highlighted by the recognition of an 89.9 million Brazilian real tax credit, which equates to approximately $22 million.
Which will be used to offset future, Texas payable in 20 to 20 and 2021.
The recognition reflects a long running campaign buyout legal and finance teams in Brazil to recoup historic overpayments of value added, Texas prior to 2003.
We are delighted that has resulted in this favorable outcome.
Of the total recovery recognized 15.7 million has been who did not current assets based on the expected timing.
Yes.
Net income for the quarter was $16.3 million or 18 cents per share while adjusted net income was $10.2 million or 11 cents per share.
For the nine month period, net income and adjusted net income per share.
51 cents and 45 cents per share respectively.
The total cash position at quarter end was $23.6 million, including restricted cash.
Overall liquidity position of the company remains robust with Undrawn lines of credit in Brazil, totaling approximately $19 million.
As well as a fair the 14 million of headroom and out corporate revolver.
On that night, I'll hand, the call back over to know for some concluding remarks.
Thank you Wayne.
In summary, our third quarter performance can be summarized as follows.
One strong operating and financial performance, our coal business contributing to increased full year guidance.
Two.
Soft operating and financial performance Nx gold as we transition into a it's a new production areas.
We will provide clarity on the mine plan that makes gold in the near future three multi year after by our teams in Brazil, culminating in the recognition of a historic tax credit approximately $22 million as which has Wayne as pointed out will be used to offset future Texas.
Although it is being said many times before like to recognize the valuable contribution of by operating exploration financial legal teams for their outstanding work, thus far in 2019.
Thank you very much for joining the call we will turn it back to the operator to open the line for questions.
Thank you well now begin the question and answer session to join the question Q You May Press Star then one on your telephone keypad, you'll hear a tone acknowledging your request if you're using a speakerphone. Please pick up the handset before pressing any key.
To withdraw your question. Please press Star then too.
Our first question is from Justin Chen with numerous securities. Please go ahead.
Hi, guys. Thanks, Thanks, very much for hosting the call and congrats another strong quarter. My first question is just looking ahead.
2020.
2020 outlook has provided by the mine plan and perhaps.
<unk>.
If I guess the first one is on the on the Capex for the mill expansion.
Would you expect that to come in or out.
As you stand right now.
And then another one on the or sorting.
Well I.
I started bus both scenarios that it didn't really impact throughput or or recovery or.
Or grade, but do you expect some impact as you commission it in terms of.
If if it works out well.
And then and just on grade profile is while you're right it you're running.
Above that from the from the Undergrads now.
I guess.
How do you see all those three things attracting versus what was in the month.
Jonathan.
Let me just address your second question first the.
The pre concentration plant that we're putting in is a well it fully functional plant, we will be utilizing its a test facility.
For the first six months.
We'll hope to be able to run as annual capacity is 200000 tons a year. So the intent is to run somewhere in the order of 70 200000 tons through the first six months testing various different all types that we can start looking like grade profile.
We have made no commitments.
As of yet to fully installed the system.
While the preliminary test work is interesting.
And then shows great opportunity.
Thank God General view is right now as we're going to take take a wait and see approach on that piece of equipment.
With respect to 43, one or one and the my planned in the 43 one to one.
Yes, that's been discussed numerous times that various places a that we visited post.
The release of the 43, one to one.
A lot of that production profile is based upon exploration success prevailing metal prices and that's no said the options that we have available to us well I can appreciate that arms said doesn't help the analyst on the call with regards to.
We are addressing their models et cetera.
We always coming back to our foundation and our foundation right now is the police car the mass mines.
And as we go into next year, we don't see anything different with respect to changes in production other than the plot and the value that mass mines with regards to future expansions above and beyond the Higgs mill.
That is highly dependent as we said previously with regards to our ongoing exploration work and success in those areas.
[noise] it Justin this is a this is mako just to elaborate while we haven't really.
[noise] formal guidance for a for next year I think it's it's safe to say that a that if you look at our core assets and form S.
I would I would expect that you know production throughput or should be in line with this year and degrade should be higher that's just looking at our core assets.
As Dave said of par for mass, but as I said, we'll be releasing formal guidance for next year a in due course here.
Okay. Thanks, that's it that's quite helpful. Just in terms of upgrades.
Would you consider them similar to Q3 and four.
That is that fair to say or is that perhaps yeah. I think it's premature to start talking about exact grades other than arranged as I said, we'll we'll come out with formal guidance here in January you also see the.
In in the Tech report sort of that that break out we're talking about with respect to core assets and noncore assets.
Okay perfect just just a couple more on that in terms of the just on the Capex for the I guess on Capex for next year.
With the right number to be so look at that and the number the number pretty expansion capex, but otherwise.
That's a that amount is.
This is where you expect.
And in General that's correct.
Okay.
And then on on recoveries in the 43, one on your at 92.1 I I assume there's some contribution from the read Rod mill in there.
Just maybe a bit more granularly if it commissions in Q1 into <unk>.
Rather commissions in Q2.
Would you expect to 3% recovery by by the second half the years that how that number sort of works through.
That's that's correct a expectation as we've said is in the latter part of the second quarter is our expectation with regards to.
The commissioning of that plant a we all saw working on some other initiatives within the plant, particularly in the use of what we called a C. S C.
That helps with some of the hydrophobic or that we tend to get a so it's a combination of both the Higgs mill and our continued work with regards to optimizing the use of the CSC plant.
Okay, Perfect and then just just a couple more fairly.
Sort of operational.
Not really operational but fairly specific questions just on timing for the 43 or whatever.
Can you just give us or should we expect it at the end of the 45 day period or is there any update you can give there as to when you expect to file it.
I think on <unk>.
Right.
You just answer and then I'll continue I think I think that's the best thing to do at is to expected. They ended up 45 day period.
Okay. Thanks, and then just on the on the taxes.
They're VHF so I presume this doesn't affect your your income taxes payable and it will it come out of operating costs I guess that would be my first one in the second one.
The 15.7 million is that the tax adjusted numbers so.
Yes for Wayne.
What would your V H E b on an annual basis.
How much of a cash impact should we expect to task.
So just and yes, the answer to the first your first question, yes, it doesn't affect income taxes will affect a cost to sales.
And to your second question and 15.7, it's just the current portion the actual total credit which is Texas are tested because weve, you'll see it flying through the deferred tax so that the real credit to the company is the $22 million that we talked about all the 89.9 million Bureau.
<unk> and so the.
I take it.
Being a current asset that implies that.
Type 15.7 is likely to be realized.
Yes, correct.
Okay. Thanks.
Just that sorry, I realize there's probably three different ways. So it so we should.
Model, a $15.7 million reduction in operating costs associated.
Yes.
You could go against against a if you're in your if you're writing a model with a standard V.A. Ti cost you would see some benefits flow through the Uh huh to that today in that order of magnitude.
Okay, all right. Thanks, very much guys.
I would love to come next week, so I won't be there but.
Represented but anyway. Thanks, thanks, very much fred's any questions and hosting the call.
I will miss the adjusted.
The next question is from Orest Wowkodaw with Scotia Bank. Please go ahead.
Hi, guys tough follow up there that was a lot of questions on but I'll give it to go.
I'm just curious obviously, the we haven't got the details of the new mine plan.
Yet, but I'm curious whether you think we should rely on the at least the production profile in there for 2020 in terms of the grade profile and out weather.
Whether there's any.
Assumed open pit material that was in.
The the mine plan they came out for 20 or whether it was all underground.
As we said.
There is a small bit of open pit material that we did have there that was an opportunistic.
Open pit that we could look at doing that the highly dependent on metal prices.
I think from a planning perspective, where we stand today, where metal prices are today.
I think it's safe to assume that we will be relying on lar and tomatoes.
A foundational.
And and guided production profile for 2020.
Okay, and then in terms of costs <unk> is there any reason assuming that's the case with for Mel House and pull are being 100% of feed next year should.
Should we expect to your implied that our cost per tonne be relatively flat from weather what we've seen this year.
Hi.
We're still working on our final numbers.
I think there's.
Exchange rate dependent.
Its potential force for some improvement.
Okay don't quotas on that yet yeah horsepower just expand on that I mean, you've seen the last few quarters as weve sort of ramped up production volumes from upper mass ample are particularly this quarter with record production never make us a and very solid performance underground it pull our that those operating metrics on a bureau basis have come down quarter over.
Quarter so.
I think I think it's fair to say that.
Obviously, depending on the throughput rate that we're mining is probably the larger variable bought on absolute basis, those numbers that I should say, the numerator shouldn't change, but well changes the denominator and and we had a really good quarter in in Q3, and you know we we hope to maintain as levels going forward, Yes, I also bear in mind as Wayne just said.
We're gonna have the tax credit coming into those costs as well.
Okay and then just finally for me I mean, you've got 25 rigs going.
I guess to automate that's what's the can you give us a sense of what the annual.
Cost is too for the exploration related to that number of rigs.
The annualized cost a will be going into next year. So what we try and do with exploration, we don't want to try and budgets full year, because we get a little too far ahead of ourselves.
So a budget for next year for for capital for that is 160000 meters through the end of the third quarter at around about a $20 million off capital for that so you can take that and then annualize that ours for the full year, if you Wanna get aggressive with regards to that of.
A lot of a lot about that work in terms of what we do going into the fourth quarter.
On the year basis is merely we don't have a full picture of where we'll be so we tend to rather rather keep things on the nine month basis, but you can annualized at all that so I would imagine round about 25 million is probably a number.
Great. Thanks, guys will see next week.
Thank you ours.
The next question is from Rafael de Souza with C.I.B.C. World markets. Please go ahead.
Hi, Good morning. Thank you for taking my question is most of them have already been answered but.
One on an ex school, so I know the Ditech reports coming up but I was just wondering if you could provide some some color on watch expect for 2020, and some color on silver grades as well for Q4.
I think.
Providing providing some color on what's going to happen in 2020 ahead of the 43, one or one is extremely legally dangerous ground for us to step onto so with all due respect we will hold off doing that until the 43, one or one comes up we we expect that that will give once itself to give you guys plenty.
Have a time to be able to include that into any work that you'll be doing for the new year with regards to silver grades I'll defer to macko on that he's a little closer to.
So that one yeah. It's a good third question a rough L and that's one of the a the objectives for this year in our resource and reserve up to is to isn't included in the model silver.
If you look historically the operation the mine the silver grade ratio has been fairly consistent so we don't actually model a silver as a separate resource and reserve.
Just because the the historic evidence suggests that it is very consistent relationships. So they've said, we won't get into specifics on 2020, you know a ahead of that coming out.
But I would expect that the relationship between gold and silver in that report to be consistent with historic levels.
Just by the nature of the ore body.
Okay. Thank you and then just a quick second second question. So I noticed this quarter. The Capex development line jumped quite a bit I was just wondering if you could provide some some color on that and what you expect.
<unk>.
Yeah, it's a good <unk> another good question or uphill on a calix development side, what are the things that we've talked about sort of consistently on a over the last several quarters is is getting ahead in our development to provide more operational flexibility we continue to do that.
And obviously, we're we've increased guidance by roughly 10% since our original guidance. This year. So that's obviously being reflected in that increase guidance.
We've also continued to deliver on production volumes as I mentioned earlier getting record production from her mouse and really strong production.
Apple are all that all of that a increase in production, obviously has a development costs associated with it so.
If you look at the incremental production, we're getting for those development meters Oh, they both are higher.
I think I think we have to be telephone using terms like significant increase it was a 2 million dollar increase in development cost.
Projected for the fourth quarter, a we as Matt said, we are ahead in development.
No point pulling back on development. If we were I had a and continue to push through in any underground mining scenario anywhere in the well do you talk to any operator the opportunity to continue to get ahead, it's something that you always want to do.
And so from that perspective, we've made that decision there's not a significant.
Additional amounts of $2 million, a a over a 6 million, that's increasing 4 million of which is going to exploration.
Okay. Thank you.
The next question is from Stefan I know with Cormark Securities. Please go ahead.
Thanks, guys, just just sort of thinking sort of more near term 2020, I'm just the mill capacity and then what you have to work with their you know with no sort of open pit feed planned for next year should we sort of think of the the amount of time is getting said to that know from from analysts until our around that sort of 550000 ton level or is there any sort of low hanging fruit knows.
Mines that you can actually pull more or are those sooner than later.
I think I think you can you can look at and the 43 one of one more we'll lay out a little better in terms of that breakdown in terms of production between the two mines I think you'll see.
Reasonably similar production levels to this year.
In terms of throughput it maybe a little bit more.
Here in there.
As we said or if you look at the overall grade.
You can see that grade doesn't it does improve over this year.
Is the best way for us to be able to say and give you guidance with regards to that right now.
In terms of how we look at it and just to be clear stuff out for others on the call.
The production guidance for this year from car is about 1.4 million tons.
And for mass at 650000 tons.
If you look at the annualized rate of Q3 ever math, it's about seven closer to 700000 tons. So obviously, we see that potentially coming off a bit higher if we can maintain that throughput level.
So you're really looking at between two and 2.2 million times, a year or I know its business coming from those two Dusty mine.
Okay got it got it great. Thanks, much guys see next week.
Thank you.
The next question is from Jackie Pres below ski with BMO capital markets. Please go ahead.
Thanks, very much I wanted to just follow up on the question that referee I was asking about annex gold I know with the the transition to the new.
Mining area.
We're going through a bit of a transition there right now and I was just wanted to ask maybe for an update on whether you're thinking on an ex gold has changed in terms of.
Ownership in maintaining ownership and if it still core too and I guess, maybe the same question on boys brands are you guys thinking a lease or larger.
Strategically keeping both of those assets in the fourth long term at this point.
Thanks Jackie.
Good good questions with regards to Nx right now.
And next we are looking at maintaining a in the portfolio.
For the near future.
As as you know they asked some.
CR rate tax issues with regards to effecting a spin out of that asset to our shareholders.
And where we see value creation right now.
As opposed to looking at.
Any potential putting the mine up for sale et cetera, et cetera, we believe that we can extract greater potential.
For the future of that mine in our portfolio right now rather than looking at disposition of the asset.
With regards to Boa, a we absolutely love Boa.
These situation with the bar is a while it has generated.
And I are on the project of close to 35%.
It really just doesn't meet the hurdle rate for rise with regards to looking at moving both forward at this particular time versus the other opportunities that we see in the valley has as you know we are very return focused.
[laughter] team and looking at a allocating $200 million a capital towards developing boa.
Right now this as well as I said, we see an hour headlights with regards to the criticized valley, it's better that bonus.
Sits on the sidelines right now.
So that's where our current thinking is with both both both assets both companies [noise].
Thanks, very much and just a second question if I might you you mentioned in the in the initial part of the called <unk>.
Increasing your exploration budget and part of that's going to include borehole surveys I know we've talked before about this dose in service that youre.
That you're planning to do is that targeting copper or is it targeting nickel or both maybe can you talk a little bit about where we are aiming for.
Uh Huh, Jackie as everybody, we'll see next week, we have a super duper new piece of equipment.
That we bought a as being on site for the last three weeks.
And we're working with that piece of equipment that piece of equipment is very versatile and look for a number of different metals and so we're as we're moving forward here were increasing.
The utilization of that piece of equipment, along with a of the copper EM probes.
I would guess, we'll learn more next week I'm looking forward to the tourist thanks very much.
Thanks Jackie.
This concludes the question and answer session I'll now turn the call back over to management for any closing remarks.
[noise], Thank you really need for being on the cool I asked the questions.
Those of who does if you will see you next week, we'll look forward to thing you if there's any further.
Clarification, you want to have a world was able to take calls to have they discuss any items. That's that you may have a and this finally as thank you all for attending.
This concludes today's conference call you May now disconnect. Your lines. Thank you for participating and have a pleasant pain.
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