Q4 2021 Compania de Minas Buenaventura SAA Earnings Call
[music].
Good day, ladies and gentlemen, welcome to the company are they.
Minas Buenaventura fourth quarter and full year 2021 earnings conference call.
At this time all participants are in a listen only mode.
Please note that today's call is being recorded.
At this time I'd like to introduce your host for today's call. Mr. Gabriel Solace Investor Relations. Mr. <unk> you may begin.
Good morning, everyone and thank you for joining us today to discuss our fourth quarter and full year 2021 results.
Today's discussion will be led by Mr. Leandro Garcia Chief Executive Officer.
Also joining our call today and available for your questions are Mr. Neil Domingues, Chief Financial Officer, Mr. Juan Carlos Ortiz, Vice President of operations, Mr. Aldo myself, Vice president of business development and commercial.
Mr. Alejandro the most that vice president of sustainability Mr. Lorenzo.
Many are Mr. Carlos had a static geology and exploration spend here.
Okay, naive or chairman and Mr.
Director.
This conference call will include forward looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.
Any such statements should be considered in conjunction with cautionary statements within our earnings release and risk factor discussions.
I encourage you to read the full disclosure concerning forward looking statements within the press release, we filed on February .
February 25th Syndeton did too.
In addition, it is important to note that these statements include expectations and assumptions, which will be shared related to the impact of COVID-19 pandemic.
As seen on slide two our forward looking statement also provides information on risk factors, including the effects related to COVID-19 that could affect our financial results.
Particular, there is continued uncertainty about the duration and contemplated impact of COVID-19 pandemic. This means when I endorse results could change at any time and impact of COVID-19 on the company's business results and outlook is a best estimate based upon the information available to the state at.
At this time, let me now turn the call over to Mr. Orlando Chief Executive Officer.
He ended up please go ahead.
Thank you.
And good morning tool and thank you for attending this conference call.
We have started this presentation, we would like to wish you your family and friends. So I will be at this time.
We are pleased to present the results.
And full year 2021, Brooklyn, but yeah, I mean I was wondering Stuart.
We have prepared a powerpoint presentation, which is available.
Sure.
Before we go further please take a moment to review the cautionary statement shown on slide two.
Please consider the disclosure related to the COVID-19.
Moving on to slide three.
Right.
This is Paulo.
Fourth quarter 'twenty, one EBITDA from direct operations reached 62 8 million.
U S dollar as compared to $59 $1 million.
For 2020.
Full year 'twenty one.
From direct operations reached $244 million.
Nine for Greece.
Comfort two compared to $147 4 million for the full year 2012.
Fourth quarter, when you want to read into it as I said companies reached $210 2 million compared to $171 seven.
One 7 million in fourth quarter 2012.
Full year 'twenty one.
I suppose it reached $719 million, a significant increase as compared to 400 million.
For the full year 2020.
Aligned with our company strategy.
The only exploration fourth quarter 21 exploration operating unit increased too.
250 50.
$5 million compared to 12 million.
2012.
Full year 'twenty, one exploration operating unit increased to 56 4 million compared to $28 million last year.
Fourth quarter 2021 capital expenditures were 32.
<unk> 2 million compared to 38 million for the same period in 2020 full year.
2021 capital expenditures reached.
Nine.
$7 million compared to $73 2 million full year 2012.
The full year 2021 capital expenditure, mainly driven by growth.
At San Gabriel.
13.
$9 million sustaining capex of 10.
$10 2 million Enel broke out $19 5 million.
Sales for the full year.
<unk> 21.
67 7 million.
Due to COVID-19 related expenses compared to the 30.
$5 million reported in 2012.
We're now into the plants significant significantly reduce these expenses by <unk>.
Maybe with COVID-19, both of those languages.
Buccinator workflows.
<unk> cash position reached.
$377 million as of December 31, 2000.
21, reflecting.
37 million in dividends received we received from several days.
2021.
Moving on to slide four align with when they went through their commitment.
Well look the world has proposed a dividend payment.
U S 0.07 threep per share.
The company expects.
Our total capex between 100.
Mike.
You can do 190 and 210.
Million dollar during 2022.
The sustaining capex will reach between 90 and $100 million and the growth Capex, mainly driven by San Gabriel will be around.
100 and $100 million.
The company's book before you need to project continue progressing well during the quarter San Gabriel.
<unk> completed a prior consultation processes in both sorry, Rick.
When communities for Edr.
Construction permits expected.
Second quarter of 22, followed by the full funding decision.
Doing well.
Project, which we had close to 30 million.
One says, we'll see but LIBOR.
Life of mine keeps progressing according to Islam.
Alright.
Environmental.
Assessment.
And the data engineering.
The construction firm.
Operations of commercial vain continues with positive results, which will go into it another 30 million ounces of silver to the reserve.
These will allow the company to increase silver production beginning in 2024 on top of Jaguar once they resume celebrations.
Buddha so.
Totally speaking done a courtroom for $300 million and contingent payments of up 200.
100 <unk>.
Tied to future improvements in nickel prices. Additionally, newmont.
Newmont fronts for its ownership interest in the lesser of a joint venture to whenever in theater.
Change for royalties on any future production also contributed to 45 million to cover due to closure costs.
The net proceeds.
And I got to fail in a combination with the dividends received from several noted during the fourth quarter 2021 will allow window into that fully repaid the $275 million of the syndicate loan and partially fund this long awaited product.
This decision is a language when they went through his commitment to deliver rich.
And improve.
When I went through that.
Finish.
ESG materiality assessment as a roadmap to meet sustainability strategy during 2022 we're now in.
Today, we are focusing measuring copy debase such as carbon emissions.
Food.
Humor rights <unk> among others.
Moving on to slide five.
<unk> corporate strategy.
During 2021 with the hope of forward.
Holders, we completed a materiality metrics shown in this presentation.
<unk> enables <unk> to focus on those.
Items.
<unk> is highly material.
Our results and action plan is shown in the next few slides.
Moving on to slide six.
You can find some key indicators regarding our ESG.
For example in the environmental Pilar.
<unk> is committed to a responsible weapon amendment, achieving a 98% of Reis information at our open pit operations and 83%.
Underground operations.
Also in 2021, we have used 74.
Oh renewable energy, primarily from our hydroelectric plant and this year, we will focus on measuring our carbon footprint.
Regarding the social baila as we have always mentioned.
Taking care of our workers scope.
Our top priority and we will continue working on this.
We have achieved a 92.
Since the payment of social communities.
Also we have leverage over $10 million on the effected.
By directly benefit the community develop.
Finally regarding the government's boiler, we will focus on optimizing the.
First one with <unk>.
Which are key value generate.
Moving on to slide seven financial highlights.
Revenues using the fourth quarter were 200.
$53 million.
Which is 7% higher in comparison to the fourth quarter of 2000.
Turning to anyone total revenues increase too.
$101 million compared to 2020, where total revenues were six.
<unk> hundred $77 million.
As we mentioned before our.
EBITDA from operations for 2021 increased to $204 million in comparison to $147 million during 2012.
Also our EBITDA, including us as a company for 2021 right.
$719 million in comparison to $403 million in 2012.
The Capex degree to phase two.
In the fourth quarter of 'twenty, 'twenty, one compared to $88 million in 2020.
2021 Capex.
$91 million.
For increase in comparison.
Great.
As you can have received on the graph shown in this slide we are returning to pre pandemic levels and even achieving good results.
2019.
Moving on to slide eight and.
<unk>.
Our total production.
It'll go pivotal production in the fourth quarter of 2021 last 59000 ounces, which is 15% higher than if we reported on the same quarter of the previous year.
In 2021 total attributable production.
It was 198000 ounces higher than the same period.
2020.
Do the available production for this quarter was two 5 million ounces, which shows a decrease of 27%.
Sure.
Reported in the fourth quarter of 2020.
This is a direct result of business pension operations.
However.
During 2021.
I'll deal with the production was $13 million, 13% higher than for electronics.
Mainly driven by higher production at <unk>.
Okay.
The fourth quarter of 2021.
9000 metric tons of steel, we produced a significant decrease compared to the fourth quarter and 2020 in 2021 zinc production decreased to 41000 medical 6% lower than the same period in 2000.
In the case of Nick equity production was 5000 metric tons in the fourth quarter of 2021.
32% lower in comparison to the fourth quarter of 2020.
In 2021 lead production increased to approximately 21000 metric tons in comparison to the 24, <unk> <unk> and 'twenty.
Finally, our copper attributable production for the fourth quarter of the year was 28000 metric tons during 2021.
The oil production was 102000 metric tons, an 11% increase compared to the same period of 2000.
Moving on to slide 10.
H sustaining costs, our cost applicable to sales.
The all in sustaining go from our direct operations in 2020 increased by 8% to 1400 six U S dollar.
Of course.
The cost applicable to sales for 2021 were as follows.
Our goal.
<unk> hundred six <unk>, which is 10% higher than a year ago.
Sure.
18, 81 U S dollar term loans, which is 3% higher than a year ago for late 1400 $83 per metric ton.
<unk> 26 higher than a year ago for Copa.
<unk> thousand 584 U S dollars per metric ton, which is 28.
Hyatt buyers into a year ago. Finally in the case of zinc cost applicable to sales was 2274 U S dollar per metric ton, which is 18% higher than a year ago.
We mentioned before cost applicable to sales has been impacted by our books MLP.
67.
$7 million of expenses related to COVID-19.
Moving on to slide 11 pipeline right.
Here, we are presenting in one is not sure the equivalent development level for each one of our projects.
Moving on to Slide 12, Sangamo deal, we are glad to announce that we finished the prior consultation.
In both communities on this big construction permits by the end of.
22, followed by the full funding decisions.
We are working with our sample to finish the construction management agreement by the end of first quarter 'twenty.
Moving on to slide 13 P. J, we have completed one.
Two.
Environmental impact assessment workshops in the field and we are meeting one to be filled by the end of the first quarter of 2000.
The cooperation agreements with four out of five communities.
Its final stages.
We finished update report on power plant.
We followed our results.
Moving on to slide 14, our die so right.
<unk> Board approved by a really at this stage.
Finishing finishing.
'twenty, one infill drilling program improvement high grade zone.
Thank you for your attention I will hand, the call back to the operator to open the line for questions. Operator. Please go ahead.
Ladies and gentlemen at this time, we will begin today's question and answer session.
To ask a question you May press Star and then one using a touchtone telephone to withdraw your question you May Press Star two.
You are using a speaker phone, we do ask that you. Please pick up the handset before pressing the keys to ensure the best sound quality.
Once again that is star and then one to ask a question.
We will pause momentarily to assemble the roster.
And our first question today comes from Carlos Alba from Morgan Stanley . Please go ahead with your question.
Good morning, everyone and thank you very much.
A few questions if I may firstly.
Could you comment on the budget flush for exploration on both operating and nonoperating units for 2022, clearly we saw a step up in dosing in the last in the last quarter for sure. So wondering if you can comment for the outlook and the guidance for 2022.
And also given the comment that you made on COVID-19.
<unk> 19 related expenses that increasingly efficiently last year versus 2019 and 20.
How much do you think you can't you can reduce dose in 2022.
And then.
<unk>.
If I may just on the dividend from central that are obviously very nice.
Payment for you guys and for all shareholders.
Why do you see going forward I mean is there.
This current level of dividends from Cerro Verde, something that we can finally see on a recurring basis.
And my last question I'm, sorry to lower U.
All of them.
Can you confirm if the syndicated loan has already been paid.
Just want to make sure that we modeled that properly and if not when do you expect.
That will be paid thank you.
Thank you Carlos for your question I will answer you the the last two questions and they're going to pass.
The microphone.
Juan Carlos.
In the case of already delivered there or not.
Final figure that we are going to receive this year.
In.
<unk>.
The company Freeport as all the.
Yeah.
The desire.
And expect to be more dividends this year in the way that.
And align also.
Gosh.
They are generating every month.
As soon as we know.
We should.
Informed to the market.
And the last question about the syndicate.
The syndicate is known.
In Townsville up today, we are.
Victims.
In Townsville.
In March the first the first days of March.
And that's how we're.
The review of that.
I live in when Carlos Salazar.
What about the budget for exploration.
'twenty two.
Please when governor Bryant.
Thank you Alexander.
It has increased especially for these new projects, we are now drilling, especially the domestic <unk> and we have increased our junior in that area.
So we increased our winning in Paris.
And especially in the in the open pit we at a.
New areas and again, our sector and also we have two additional.
Additionally, some drilling in there in the.
Part of the <unk> beat and so we we increased our our budget in that regard.
And then if you.
I'm sorry.
We have some figures.
Exploration operating area would.
It would be in the order of $50 million to $60 million.
Exploration in non operating sites Greenfield, we arent talking about between 10 and $16 million.
All of these are going through our opex.
<unk>.
Is within the EBITDA that we announce normally.
<unk>.
Other.
Additional piece of information on Carlos is that with these.
Payment of the syndicate loan in March we will be reducing our leverage ratio on we estimate.
Our leverage ratio by the end of the year of around two five times without considering any effect of several of our dividends.
Once again, if you would like to ask a question. Please press star and then one to withdraw your question you May press Star and two.
Yeah.
And our next question comes from Bastian <unk> from Lorraine Val. Please go ahead with your question.
Hey, guys. Thanks for the call.
Yes.
Follow up questions first.
As you said probably will stay in the bank syndicate on on the first day of March have you already received the payment from the sound of Canaccord your stake.
And the second one if you can please repeat that in.
There.
Yeah. The amount that you are expecting to do.
Hey, Beth on drilling on brownfield breaks because I didn't get it right.
Thanks.
Thank you for your question yes.
The first answer for your first question Mike.
<unk> already have.
We have already received all the.
The payment.
Yeah.
The same day that we.
But the partner, but the financing metrics.
In the brownfield.
Daniel.
These durations for.
Within our mining sites are in the order of $50 million to $60 million.
For the Greenfield exploration project.
We're expecting between 10 and $15 million.
Okay.
And if I may one last question.
Maureen.
Beyond that no.
How do you see prices for this year, what are your expectations, especially for foreseeing.
Sure.
I appreciate <unk> metals, right, which is like your base case scenario.
What do you expect.
Do you expect to these prices remain at healthy levels if.
If you can give me more color about that sounds great.
Digital video question. However, we can comment.
LNG prices.
We.
Use.
For our budget.
And maybe then yoga and give us.
Some.
The prices and then maybe idle.
Hum.
And what.
What our.
Seeing gains.
Right.
Prices are.
The following years please.
Anthony on though.
Our our budget, we have been very conservative.
And considered 20 to $5 four.
Or silver.
17 Congress for loans.
And.
$9400 per tonne of copper.
From a financing also $3200 per.
Tom.
Okay.
As a matter here.
And comment on prices for the future.
Four.
For this year.
I really think in precious metal panel geopolitical situations, one is going to happen with visa.
Recently taken place.
It's continuing to escalate trialing that goal on the silver is going to be higher.
Talking about cross sell right now looks almost $10000 per metric ton.
Very good price.
All the analysts are thinking that maybe.
Next to you as a copper price will be a little bit lower because we'll be more production.
There'll be some some prime that is coming ahead.
Maybe it will be a little surplus in the market.
In <unk>.
2020 for 2025.
Priority will be.
Huge deficit in the market.
Copper prices.
Price is going to be up again.
Talking about seeing.
That seemed to start those.
Hi, right now is 3000.
T cell around $50 a metric ton.
The most important.
Please.
And traders.
I was thinking that maybe that <unk> is going to be app.
And probably reached $4000 per metric ton.
Because of the higher.
Energy prices.
Robert.
But.
And.
This will not be maintained in the future probably when I reached 4000, but the next year will be between 3000 to Johnson fan.
And Atlanta.
<unk>, followed the same Duane our social and a very good prices.
2400, right now.
And this is our idea for prices.
Daniel mentioned, we are very conservative.
With the prices.
But we really hope that the prices will maintain at those levels for Florida.
<unk>.
Thanks.
Thank you Adam.
Okay.
Once again, thank you guys.
Once again, if you would like to ask a question. Please press star and then one we do ask that you. Please limit yourselves to a single question. Please note that if you do have a follow up you can rejoin the question queue. Once again that is star and then one to ask a question.
Our next question comes from Tanya <unk> from Scotiabank. Please go ahead with your question.
Hi, yes, good morning.
My question has to do with <unk>.
Would you check one mine.
I just wanted to get an understanding.
What's happening at which a top class.
Your focus is drilling and trying to.
To identify.
And other for 2022.
Wanted to understand sort of your planning on this asset and when we can bring it up and also I wanted to get an update on <unk>.
What's happening there and if you are seeing capex increases because of the inflationary pressures. Thank you.
Hi, Brendan.
For your question.
The first part.
How are you.
Microphone <unk>.
And then.
So to answer the question about.
Regarding nobody I think has been very good.
Thank you Andrew Thank you 10 different equation about visa checkout.
Definitely we will make a follow up to the last time, we have.
This conference call.
<unk>.
Started demobilization of the Contractors' speaking David check on mind, we finished that they will be mutation by November .
And in December we assume development.
And this is really a station, which we do with spacious underground.
This.
Everything is being done we would have endured a resources we've been unfortunate.
We only have one tractor for greeting from them.
The rate of development that we have right now with our outflow assumptions used about 300 meters or more.
We are ramping up and bringing more liquid.
Training our own people from other areas to go underground at we expect to reach about 600 meters per month.
In April to date.
At this pace, we expect to complete a drilling program of about a balanced I think for alcohol 80 kilometers.
A year.
And about 7000 meters of development in there.
The underground mine we are.
Not taking into consideration in this field.
The rehabilitation of old mining town in which we go back for drilling again.
We get Underutilization waited for our exploration program.
Banking group.
First is to we have a new interpretation of the geology of Chunghwa basically.
<unk>.
Characteristics are surfing horizons of the limestone.
That would be the part D access on mute a lot of.
Our bodies with high rate in large volumes.
So the main focus on exploration and development to do.
This exploration is too cheap.
Chase those ore body.
In the China.
The decline that we have seen the eastern side of the mine.
Basically we are doing that at the same time of course, we are reviewing all the all the information that we have been historically for each of the mines.
To boot.
The new ore bodies together to see what are the best opportunities and synergies that we can build up with the all stopes that hutch minus protector and the newer bodies that are pretty much in the range of 300 to 500 meter thrown our exec team.
Mining underground mining facilities, so pretty much.
The idea is.
That alone does in 'twenty, two we get all the information together, we update our mine sequence plan.
And broadly come out with a plan to which your operations.
Alone.
The second half of 2023 or early 2024 with a more competitive given the stable production.
Yeah.
So am I understanding that this mine could come up and to production in the second half of 'twenty three or is it more.
2020 for I guess had a bit of static on the phone.
Yes. This is that the range is in the range, we expect to resume that so it's possible that will be the second half of 2023.
That is depending on the information that we gather with exploration.
Okay. Thank you for that and just on <unk>, if I can just get an update.
I read in the release that you have done your public hearings with the community and that we could start construction as soon as we can.
If we get permission to do so and maybe just talk about the timeline.
Any paddling inflation youre seeing.
For Thunder.
Bryan who will give you.
More color and what kind of evidence.
Sure.
Thanks for the question, we keep advancing the conversation with the community.
And the authorities.
<unk>.
Were still aiming at.
Sustaining our projection that we will start construction after the rainy season that is.
In the first part of the second quarter.
And in regards to your question about increasing capex.
The number that you see in our 400 <unk>, that's 370 to 430 or where it includes some escalation costs because of last year.
So we're confirming that range.
And while escalation cost did you include in that number.
Okay.
Because the number we presented the last year.
And.
What's the number for 2019, and we were consuming into 2020 since we move media and the start of construction as expected.
Yeah.
2019, and 2021 I'm, sorry, we're moving into 2022 slip so theres some escalation on the cost of equipment and such.
Okay I'll come back with my thank you.
And our next question comes from Mauricio Fernandes from Credit Corp. Capital. Please go ahead with your question.
Thank you good morning, everyone and thanks for the presentation I would like to know more about.
<expletive> to copper mountain could elaborate more on that one.
Basically it called my attention that there was a significant following what triggered that.
Okay.
So now I wanted to know I wanted to know why this happened and how should we expect or treated in production at <unk>.
Copper and silver and plenty of time to move on the following quarters.
Thank you Mauricio.
When carload for beef.
Do you view the correct answer.
Sure.
Yes.
Thank you Mauricio for any question.
A comment with the market the Tesla northeast progressive too.
To the south.
By doing so we are moving away from the poly metallic or into the copper or that's the same ore body that we're mining underground. So we are getting closer to the underground mine.
That's the reason during the year 2021, we have lower zinc and lead production compared to the previous year 2020.
And any police and the copper production. So it's kind of more copper from the open pit.
Gradually.
<unk>.
The silver.
Along with these transitions area, it's a very high grade spots that we have.
Uh huh.
Hi, Great feedback Nuggets, we have seen this transition here.
We took advantage of that in our model and our geological model what kind of conservative.
Because.
The weighted to Bluebird.
That's the reason we could beat.
The guidance for silver production at.
Probably this year, we continue mining the same area. So we have signed opportunities too.
Nowhere, where silver production.
Always.
Our ratio of <unk>.
Quarter by quarter, we will see what Theyre also deepak.
A reconciliation that we have from LNG.
It's part of the.
Life of mine that we have seen that repeat there is no big surprise there is no.
Providence front approach.
Okay. Thank you very much.
And our next question is a follow up from Carlos Alba from Morgan Stanley . Please go ahead with your follow up.
Yeah.
Mr. Alba is it possible your phone is on mute, yes, sorry, sorry about that yes. So thank you.
Several points.
Just talking points, if I may.
On the San Gabriel just to confirm so when does when do you expect construction on its construction may start.
And then when do you expect production first metal.
Come on you have to be for us.
If everything goes well.
Yeah.
And the other questions I have you say you can comment on coffee.
19 expenses in 2022.
If there is there is a range of number of a number that you can provide.
And then finally.
What would be the strategy into P. J, you still probably just youre looking at a priority of doing a joint venture there.
And at what stage or at what point do you think that would be more optimal for you too to actually try to find a partner and what would be the earliest that target you're going to start that in your view if everything goes according to plan.
Thank you Carlos for your question Yeah, sorry.
<unk> four <unk> information for 2022.
Budget for this year is.
Between 14.
$14 million $15 million.
That is the budget, we are expecting for COVID-19.
Doug Brooks on revenue.
<unk> or virtual <unk>.
Thanks.
Regarding.
So.
As before.
Well in the second quarter of this year.
Absolutely.
In commercial production for 2025 or three years.
Construction.
Is that is the commercial brokers said, yes in the case of the P. J, we have not made.
A decision already.
But of course there is the.
The same thing.
The group.
Management to Luke.
For a joint venture.
So I don't want to go.
<unk> with us in the developing world in terms of dates maybe rents will then.
<unk>.
Gordon.
That we are managing this.
<unk> original.
Yes.
Each year, we are in.
In our last year of PC related so if everything goes as plan we show.
Starting to.
Construction face on the year 2024.
Second part of the range anymore and it will last three years.
Thank you very much.
And our next question is also a follow up from Tanya <unk> from Scotiabank. Please go ahead with your follow up.
Great. Thank you so I did want to come back to.
non-GAAP it out and just wanted to understand.
Can you provide us.
Shannon.
Tap at all in.
EBITDA numbers.
Wanted to know if you have app.
Thanks Carl.
<unk> costs are going to be at that asset given inflationary pressures. Just wondering what you are projecting for operating costs for San Gabriel and also operating costs by 2022 for the overall company.
Thank you Danielle we then begin with central real please resume.
Yes.
So in operating cost trends in gorilla, and king or all in sustaining costs were wrong.
For $800 per ounce and that's kind of what we're projecting and we have been.
Again, we didn't get your question correctly, the first time.
We have been working over the whole 2021, quoting the mainland bone in the main services that we're going to be hiring.
And we have some.
Some savings in there that that color for the capex increases due to inflation and escalation costs.
So thats why we are maintaining the same range of Capex, Yes, I guess I was wondering what youre seeing in terms of inflationary pressures is it like 10% is it five like what are you seeing in costs and capital.
Yes, I think we are in.
Inflation was 20% in the cost of equipment.
That's what that's what we have been.
But we I mean seen during these quoting process.
Okay.
And then maybe Dan you can give us an update on just overall.
What should we be thinking about cost for 2022.
And you are in your portfolio of assets.
Yes, Tanya thanks for your question.
Our boom.
We can obtain on compounds will be producing.
Cost applicable to sales.
11.
Andrew around indications tumble maillol would be close to $1000 per ounce.
And in the case of Latam.
Close to 1400.
And can you talk of course will not be producing them.
You wouldn't be producing other cost applicable to sale of around 12 to $13 per ounce and broken for copper will be producing.
Between six 5%.
600.
Okay. So 6000 to 6500, Hi, Darko cap.
Yes October .
Okay. That's very helpful. Thank you so much for that and have a great day everyone.
Yes.
Thank you vendor, which upon them.
And ladies and gentlemen that will conclude today's question and answer portion of today's conference call I would like to turn it back over to Mr. Garcia for any closing remarks.
Thank you and thank you for attending this conference.
Before we finish today.
Thank you and over time, maybe the time to be with us.
And have a wonderful day for you and your firm it. Thank you.
Ladies and gentlemen that concludes <unk> fourth quarter and full year 2021 results conference call.
I'd like to thank you again for your participation.
You may now disconnect your lines.