Q1 2025 First Quantum Minerals Ltd Earnings Call
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Thank you for standing by. This is the conference operator.
Welcome to the First Quantum Minerals from the first quarter.
2025, Brazil's 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 cue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero.
Speaker Change: I would now like to turn the conference over to Bonita Toe, director and less relations. Please go ahead.
Bonita To: Thank you, operator, and thank you everyone for joining us today to discuss our first quarter results. During the call we will be making forward-looking statements, as such I encourage you to read the cautionary notes.
Bonita To: that accompanied this presentation, our MDNA and the related news release.
Bonita To: As a reminder, the presentation is available on our website and that all dollar references are in US dollars unless otherwise noted.
On today's call, our Tristan Pascall, our Chief Executive Officer, Dr. Prima, Dr. Prima,
Speaker Change: Ryan MacWilliam, Archie Financial Officer, and Rudi Badenhorst, Archie Operating Officer.
Speaker Change: And with that, I will turn the call over to Tristan for opening remarks.
Tristan: , , , , , , , , , , , , , ,
Tristan: Thank you, Bonita and thank everybody for joining us today on our first quarter update.
Tristan: It's been an eventful period since our Q1 results. Uncertainty from shifting trade policy has increased concerns about global growth.
Tristan: While there is not a material direct impact on our business from the terrace, and we continue to see strong physical demand for copper in the current market,
Tristan: The potentially weaker outlook for global growth reinforces our focus on lean and safe operations and continuous work to strengthen the balance sheet and drive cost and capital disciplines.
Thank you.
Tristan: Since November 2023, we have taken deliberate and strategic actions to safeguard our business and protect the long-term growth of the company in a potential scenario of a significant [inaudible]
Tristan: This included a $500 million copper prepay agreement in February of last year, and we are pleased to announce with our first quarter results that we have supplemented this agreement with another three-year term for an additional $500 million copper prepay.
Tristan: During the quarter, we also successfully completed an additional US $1 billion note offering that allowed us to retire a portion of our 2027 notes.
Tristan: We also implemented a copper hedging strategy that we have actively seen over a year.
Tristan: Additionally, our meaningful gold production from Kinsanchi and Gelb Gwell McRaeing will also act as a natural hedge in a potential broad downturn
Tristan: Whilst our financial initiatives are important actions in building our resilience, the strength of the company's business has always been with the quality of our assets.
Tristan: This is embedded in the culture of First Quantum, from overseeing construction and expansions right through to lean and safe production.
Tristan: The company has consistently demonstrated our ability to deliver strong results through our consistent track record in operational excellence and continuous improvements, and we remain on track for 2025 for continued safe ported kidney in Zambia.
to which Rudi will cover in his operational review. [inaudible]
Tristan: In Panama, the country made progress on social security reform during the first quarter and passed legislation on March 18th.
Tristan: As well, President Malino made public comments that he will approve the shipment of the copper concentrate and the restart of the power plants.
whilst we continue.
Tristan: with the President's public comments, we engage in constructive arbitration discussions with the government's legal counsel. [inaudible]
Tristan: On April 2nd, the company terminated its ICC arbitration and suspended the FTA arbitration.
Tristan: and we are committed to engaging with the government and the people of Panama on resolution for the
Tristan: In the meantime, the company continues with its public outreach within the country on the benefits of the mine.
Tristan: The mine has always operated in an environmentally and socially responsible manner and has the potential to employ over 5,000 additional Panamanians and create over 40,000 direct and indirect Panamanian jobs.
in Texas royalties and social securities to the country.
Tristan: Since the suspension of operations in November 2023, as ordered by the previous government, the country of Panama has lost over $750 million in accumulated contributions to the government, and $1.5 billion in expenditures with local companies.
The country of Panama and its people
Speaker Change: On to Zambia, whilst the rainy season brought steady rainfall, the reservoir levels at Lake Caribur currently remain relatively low levels and a return to normal hydroelectricity power generation will take time.
Speaker Change: As such, the company continues to proactively manage supplementary power arrangements and has sufficient import arrangements in place until the end of 2026 to cover 60% of the power needs of Bell's Amin operations, including the Consanti S3 expansion.
Speaker Change: With our first quarter results, I am pleased to share that Mr Peter Busy and Ambassador Brian Nichols have been nominated to be appointed at an upcoming annual general meeting in May.
Speaker Change: Mr. Busy brings with him over 25 years in capital markets experience whilst Ambassador Nichols previously served as the United States Assistant Secretary of State for Western Hemisphere Affairs.
Speaker Change: with over 35 years of experience in international relations, crisis management and trade development across Latin America, Africa and Asia.
Speaker Change: I would also like to personally thank Andrew Adams and Joanne Warner who will both be retiring at our GM.
Speaker Change: with that I would love to hand the call over to you to review the operations.
Eddie: Thank you, Tristan, and thank you everybody for joining our call today.
Eddie: As Distan mentioned, we had the seasonal impact of rainy season in Zambia during the footer.
Eddie: and was pleading to see that the mitigation was adopted over the last few years on dewatering and added pumping capacity to the minimal impact on our operations from the weather.
Thank you.
Speaker Change: of Action in Zambia in the first quarter.
Speaker Change: The imported power contracts that we initiated last year allowed some interruptions of both Seminoe operations.
Speaker Change: In addition, given the volatility of the cover price since the end of the quarter, the operational side of the business is focusing on lean and safe cost efficient operations.
Speaker Change: Ken Sanci, we produce 47,000 tons of copper during the first quarter.
Speaker Change: In the fourth quarter, return to normal one in the last year.
Speaker Change: While the gold production along with a strong gold price provided a nice time for us during the quarter
Copa C1 Cash Cost of 1
Speaker Change: Harding the interruption, the deteriorating audio quality is making it challenging to understand the presenters. We are going to pause for a moment to switch doors,
Speaker Change: We will turn the whole music on while we do this.
Speaker Change: Gold Production Conveniently Scoundrel, with a $6,000 outage reduced on the first core jump.
Thank you. Bye bye.
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Speaker Change: Please resume the exam where you left us. Thank you for your patience.
Thank you.
Speaker Change: Gold production continues to be strong with nearly 30,000 ounces produced in the first quarter.
Speaker Change: While the gold production along with a strong gold price provided a nice tailwind for us during the quarter, copper C1 cash cost of $1.34 pounds was 13 cents.
Speaker Change: quarter of a quarter due to level cover production, along with highest auto cost.
Speaker Change: We remain well-tracked for 2025 production guidance of 160 to 190,000 tons of copper and 110,000 ounces of gold.
Speaker Change: There is a scheduled six-week maintenance schedule of the shelter in the current quarter.
Over to Sentinel.
Sentinel: The operation reported 46,000 tons of copper in the first quarter.
Sentinel: During the quarter, monitoring of the ball mulls, I identified early symptoms of fatigue related to wickering or flange bolts on the mull shelves.
Sentinel: This phenomena is appearing in some modes around the world of similar age by the flame manufacturer.
Sentinel: We are working closely with the original equipment manufacturer, as well as specialist engineering disorders to minimize the impact of the maintenance for the fatigue.
Sentinel: We continue to expect Sentinel to achieve its 325 production guidance of 223,000 tonnes.
Sentinel: A four-day full maintenance shutdown of the Sentinel plant is planned in the second quarter of 2025.
Sentinel: followed by tailing thickener upgrades in the second half of 2025.
Sentinel: They will be a continued focus at Sentinel, to increase throughput.
and to drive lean and safe cost-effective operations [inaudible]
Sentinel: Additionally, grades are expected to be higher in the second half of the year, and as such, we expect steady improvement of copper production over the course of the year.
for the first quarter of 2025. [inaudible]
Sentinel: Enterprise produced 4,600 tons of nickel and 25% increase over the previous quarter, due to the ramp up and supply to the plant.
Sentinel: as we might do the difficult front-turn that impacted the front-front last year.
Sentinel: High proportion of transitional or legal cash cost of $4.78 per pound were $16.00 higher than the previous quarter due to higher freight costs.
Sentinel: 125 production guidance remains unchanged at 15 to 25,000 tonnes of nickel.
Sentinel: The four-day full maintenance schedule of the Entred Price Fund is planned in the second quarter of this year.
Sentinel: The focus for 2025 was in an awkward quality and great control through ongoing reverse circulation
Overture Covered Panama
Sentinel: which has been in preservation and safe management since November 2023. [inaudible]
Sentinel: Costs in the first quarter approximately $13 million a month, and expected to remain in this range until formal approval is received for export of copper concentrate.
and the rest out of the panel plant. [inaudible]
Sentinel: Thank you and I will now hand the call over to Ryan to review the financials.
Thank you.
Thank you, Rudi
Sentinel: On the market side, a couple of prices were sold during the quarter, on the back of a tax concentrate market.
Sentinel: Rises have fallen post-quarter end. US tariff announcements have reduced the outlook for global economic growth.
Sentinel: We expect continued volatility ahead, given the uncertainty around trade policy.
Sentinel: But it is pleasing to see the continued strong physical market in China.
Bellamy Price averaged $4.24 per pound during the quarter
Sentinel: This was up 2% from Q4, albeit materially below the US Co-Mex benchmark price due to potential tariffs on proper imports into the US.
Thank you. Bye.
and proceeds.
Quaradocoda, Revenue was down 5% [inaudible]
which resulted in the 17% fall in Iberta.
Sentinel: The reduction in revenue was driven by lower copper and gold sales.
The Q1, Netlast Attribute to the Board to Shareholders was $23 million. $10 million.
Anzacoste
Copper C1 costs were up 16% [inaudible]
Sentinel: $1.95 per pound, driven by Sentinel's low production and stockpile drawdowns, along with high as ambient employee and maintenance costs.
Sentinel: This was partially offset by stronger gold pride product sales from Kinsanchi, which reduced overall C1 cash cost by 7 cents.
Remaining input prices were stable, including Zambian Power Rates.
Sentinel: Onto the balance sheet, where we've remained active in our management of liquidity and debt
Sentinel: We were pleased to complete an opportunistic $1 billion senior unsecured notes offering on the fifth of March.
The timing was driven by both favorable spreads. [inaudible]
and the Hyal Market backdrop at the time. [inaudible]
Sentinel: Proceeds were used to reduce near term materialities by $750 million and enhance liquidity by
Sentinel: This new bond extends our debt maturity profile out to 2033.
Sentinel: with similar terms and a repayment profile to the previous prepayment.
Sentinel: These combined actions increase our short-term liquidity by about $750 million.
Sentinel: We continue to explore other initiatives to strengthen our balance sheet, including a potential minority partnership in our Zaggen business.
Sentinel: Net debt increased in the quarter by $257 million to $5.8 billion.
Sentinel: The increase was managed due to unfavorable working capital movements and capital spent.
Sentinel: These working capital movements were driven by higher trade receivables due to late March shipments and the impact of underlying cup of price fluctuations on our provisionary price sales.
We expect this to unwind through quality.
Sentinel: The equity remains strong at $1.6 billion a quarter end, comprising of $7.43 million in cash and $880 million of undrawn revolver.
Sentinel: We also continue our hedging strategy from last year, with the realised gain of $3 million for the quarter.
Sentinel: Since inception in Q2 2024, the total program gained is $38 million.
Sentinel: More than half of our couple of sales are hatched via collars for the rest of 2025, through to June 2026.
Sentinel: The strategy stabilizes cash flows from a material portion of our production, while we complete S3 and focus on resolution in Panama
Sentinel: So in summary, our financial focus is on ensuring strong cost and capital discipline.
on continuing to extend our debt maturity profile.
I'm maintaining a strong liquidity position.
and on benefiting from the hedge book in place.
Sentinel: All of which are in the solid position to deal with any future volatility.
Thank you, Ryan.
Speaker Change: Before opening the call for Q&A, I would like to provide an update on the progress at the Consenti S3 Expansion Project.
Speaker Change: During the quarter, 20% of major systems at the 25 million ton per annum concentrator began early commissioning in parallel with the completion of construction.
Speaker Change: The majority of the 33 KV distribution network and substations were energized, which allowed for the Sag Mill and Gillis Mill Draught to be commissioned.
Speaker Change: In addition, water was introduced to the salt for the raw water pond and processed water tank. Remaining construction work continues with a focus on completing the remaining piping and electrical scope in particular.
Speaker Change: By the end of the quarter, the project achieved 83% construction completion. Configuration of the plant control system achieved 84% completion and operational readiness, which includes onboarding and training of the workforce reached 75% completion.
Thank you. Thank you.
Speaker Change: We continue to make good progress on the S3 expansion project at Kinsanchi and it remains on budget at 1.25 and well on track for completion by mid-year.
Speaker Change: I would like to reiterate our key priorities for this year.
Speaker Change: Firstly towards resolving the situation in Panama and we look forward to constructive discussions with the government for a resolution of the situation.
Speaker Change: Secondly, along with the actions taken today, we will continue with the proactive management of our balance sheet and liquidity position.
Speaker Change: Thirdly, we will continue our focus on safe and lean productive operational performance.
Speaker Change: and finally, the successful delivery of the Consenti S3 expansion project.
I remain confident in the outlook for the company.
Speaker Change: Our financial actions, along with other initiatives forthcoming, have provided the company with meaningful headroom in our balance sheet and our operations remain steady.
Speaker Change: Bible and Lee. The start-up of the S3 expansion at Consensi is only a few months away and will be a turning point for the company, returning it to a position of free cashflow generation.
Speaker Change: Over the last 18 months, the company has become more efficient and focused and this has prepared us well for any challenge, including those presented to us, like our macroeconomic environment. We will continue to take active proactive leave.
strategically and always with a long-term view. [inaudible]
Speaker Change: Thank you. This brings out prepared remarks to an end. Operator, we can open the call for Q&A.
Thank you.
Speaker Change: We will now begin the analyst question and answer session. Analysts are permitted to ask one question and one follow-up, and they are welcome to return to Q if they have more.
Speaker Change: To join the question queue, you may press stars and one on your telephone keypad. You will hear it on acknowledging your request. If you're using a speaker phone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then two.
Speaker Change: The first question comes from Enrique Marquez, his Goldman Sachs, please go ahead.
Enrique Marquez: Hi, thanks for thanking my question. We've heard that Panama President addressed in the Nation yesterday regarding the mind situation.
Bonita To, Ryan MacWilliam
Speaker Change: and if the mine actually reopens by end of the year, how long should it take to fully ramp up? Thank you.
Speaker Change: Thanks Enrique, thanks for the question, and also thank you to your team for publishing your explanatory notes on the comments by the president of Panama Tuesday.
Speaker Change: We didn't see some misunderstandings of the English translations in some newswire. Those have been corrected, but your note was very helpful time.
Thank you very much.
and the president's wife.
Speaker Change: So, in terms of his statement, President Milino has been consistent in saying that he will address the issue of the mind following social security, and I think those comments should be reinforced that. He did talk about various routes for resolution. At this stage, we think it's too early for us to comment on that, and we certainly welcome the President's comments.
Speaker Change: around that once the suspension of arbitration is in place, he would make a call for the parties to engage in dialogue and certainly we will engage in that dialogue.
But in terms of...
Speaker Change: What the outcome will be, we think it's too early for us to comment on at this point in time. In terms of dates and ramp up, certainly we would be interested in getting the matter resolved as quickly as possible. In terms of ramp up, look to get our view was...
Speaker Change: So it would take six to nine months to get to around 80% of throughput on the process plant, but to get to a hundred million tons of random that last day your optimisation will be fairly involved and take, you know, a further degree of time to get there.
Thank you.
Speaker Change: The next question comes from Orest Wowkodaw. Let's go Shemeck, please go ahead.
Speaker Change: Hi, thanks. Just following up on the previous question, is there any exact timeline at this point where you expect those negotiations to begin on a restart?
Thank you.
Speaker Change: that one suspension of arbitration was in place that he would call for dialogue between the parties. We ready for that dialogue. I think it's important to the country of Panama to the people of Panama that we get on with that. That's it.
Speaker Change: We did put the size and suspend the arbitrations. We consistently repeated that arbitration is not our preferred course of action.
Speaker Change: Come to resolution would be in the best interest for the benefit of the country.
Speaker Change: So, as a follow-up, is there anything left for First Quantum to do in terms of meeting the president's request in order to engage in discussions?
Speaker Change: No, not on our side as far as I'm aware, Orest.
Okay, thank you.
Matthew Murphy: The next question comes from Matthew Murphy with BMO Capital Markets. Please go ahead.
Hi. Yeah, it kind of feels like...
Matthew Murphy: Things are starting to progress on the Panama Front. How does it make you think about the partner and sale options at this point? Is that kind of on hold and you see how Panama hands out over the next few quarters? Or is it still a priority to...
to further improve the balance sheet.
Bonita To: Thanks Matthew. I assume you're talking about the Zambia partnership. Ryan, do you want to take that question?
Sure. Hi, Matt.
The Zambia Partnership is really...
Bonita To: It's really that broader strategic initiative that catalyzed the partner in Raventhorke, that catalyzed the partner with Rio de Janeiro and the fact that Samuel made really positive strides in recent years to reform its mining sector as attracted interest from different parts of the world and we are seeing if that might have entered into a sensible partnership. Thank you very much.
Bonita To: At this stage, while the discussions continue, we still have to go through those and see where they get to, and if at the end of them there's something that makes sense for us, makes sense for Zambia, makes sense for potential partner, and then we'll update on the due course.
Thank you. Thank you. Thank you.
Speaker Change: Okay, and then just as a follow-up, does the gold price make you think about options with your gold exposure to improve the balance sheet?
Yeah, go ahead, Ron.
Speaker Change: Yes, certainly the gold price hitting record highs is provided important.
Thank you.
Speaker Change: And yes, I mean there are a range of financing options available to us. You saw through the course of this quarter, we issued the bond, we've done a cup of prepay, they're options around gold, we've got it's gold prepay, gold streams and other tools in the toolbox and I think whenever you're sitting with...
Speaker Change: High Quality Assets and two strategically important commodities. You're going to have a wide range of options and that's what we've demonstrated and which we expect will continue to be the case going forward and indeed pleasing to see the strong gold price that we've seen in recent months.
Thank you.
Thank you. Have a great day.
Ionis Masoulis: The next question comes from Ioannis Masvoulas with Morgan Stanley . Please go ahead.
Hello, thank you for taking my question.
Looking at the developers in Panama.
Speaker Change: Phil's like things are moving in the right direction but I wanted to ask you now that you have...
Speaker Change: What's your legal records going forward if things do not progress the way you anticipate?
Speaker Change: Hi, Ioannis. Yeah, thank you. So we've been very willing to do that and to take those courses of action to open space for engagement and the suspension of arbitration provides the opportunity.
Speaker Change: and certainly we would be constructed in that process, but in the long term all our legal rights are protected.
Speaker Change: and ultimately there can be reversion back to arbitration. Again, that's not our preferred outcome. We would seek to get to resolution through engagement.
Quickly, thank you.
Speaker Change: The next question comes from Lawson Winder, Bank of America, Security, please go ahead.
Speaker Change: Good morning. Thank you very much, operator. And then hello, Tristan Rudy and Ryan. Thank you for today's update. Wanted to ask about Panama as well. And
Thank you.
Speaker Change: It makes a lot of sense that you've gone ahead and suspended the arbitrations or put one on hold and cancelled the other.
Speaker Change: The other parties involved have not yet done so, and it seems the government of Panama is willing to engage as long as First Quantum is willing to take this step. Is that a fair statement, or is there still an expectation that the government would like to see some of the other arbitration suspended as well?
Speaker Change: We can't speak for the Government of Panama, but my understanding from the President's comments over the course of the week is that they are looking for those other suspensions.
Speaker Change: Certainly from our side, we believe we've done everything to get ready for those, to prepare the grounds for that engagement and certainly we're ready. Thank you very much.
and April for those who came to take place.
Speaker Change: Yeah, your openness to communicate with the government has been I think very helpful.
Speaker Change: I wanted to also just follow up on the power situation in Dambia. So,
Speaker Change: 60% imported. I think is the highest that you guys have ever done historically. [inaudible]
Speaker Change: Is there room to keep moving that up? Should that situation arise? Is there room to keep moving that up?
Speaker Change: Could you maybe also give us some color on where the power is coming from and then how you think about those current options today and how those might potentially increase should that need arise? Bye.
Speaker Change: Thanks Lawson. Rudy, do you want to take that one? Yeah, no problem. Hi Lawson. Thanks for the question.
had the right season in Zambia's lingering somewhat.
Speaker Change: Last week was still out, a million meters of entrance to Norfolk province, so they're in...
Speaker Change: It's lasting a little bit longer. We've seen very, very good RF loads and the northern part of the, the, the Zambisi. Last week, 2009, it gives a second whilst Big Falls is still sitting at about 2002 on it.
Speaker Change: So there's still quite a lot of water that needs to come down over the next month or a bit into Kribe and we look forward to see what that does to the like levels.
Speaker Change: However when we are fully aware that one season is not going to resolve it
Not seizing adults sort of second half of 2020-26. [inaudible]
Thank you.
Speaker Change: Deliberately as a result of that, we've taken the aim of steps to secure power through third party imports, other than Zesco, Zesco is importing as well. All the way through to Q127.
And...
and, principally, that sits at around 60 percent.
Speaker Change: of all of our needs will be then directly imported to third-party providers, and the remainder comes from Zesco.
Speaker Change: The contract that we have in place at the moment for that duration does allow for upside.
Speaker Change: and we are quite comfortable that if there is any need for additional hours that we will be able to secure that without too much of an issue.
Speaker Change: The power of originates mainly as far as our diet imports through those providers from South Africa,
Speaker Change: There's some interconnectors being finalized from Tanzania which opens up really a big power source from Ethiopia coming through into Tanzania and Zambia over the next two years.
Speaker Change: And a lot of that, you know, you're well aware of the fact that we've entered into the arrangement with total energy for 4.30 MW.
Speaker Change: We secured 100 megawatts of solar power to base load of 25 megawatts coming into play in the third quarter of this year, from within country solar and river.
Speaker Change: and we continue to invest into the grid in Zambia, to stabilize.
Voltage,
Speaker Change: and the help of Cisco Protector against fluctuations from interconnected to neighboring countries.
Speaker Change: The next question comes from Myles Alsop at UBS. Please go ahead.
Myles Alsop: Great, thank you. Could you just confirm whether the environmental order has started yet? I presume it hasn't, because I can't see any comments around it, and how long will it take? First question.
Speaker Change: Yeah, thanks Mark, so the status of the environmental audit was that the term of the reference went through public consultation back in February and we understand now those terms of reference are in the process of being finalised the logistics around the appointment of the company, currently of the company involved the auditor, currently sit with the regulator and we're waiting to hear it.
Speaker Change: in terms of the formal notification around who that is and the time before that. In the meantime, we have
Independent Order that came through last month.
Speaker Change: and completed their regular order of the sites on environmental matters.
Speaker Change: Their finding was that cover plan I was 100% compliant on all environmental obligations.
Speaker Change: We've provided that audit publicly on the website is available to see but in the meantime, yes, Myles [inaudible]
and the Water spinach. It's all environmental.
Speaker Change: And then you mentioned earlier around this ball mill issue, potentially sentinel, could you just provide a little bit more?
detail around that and what the scenarios are, will this potentially result in the extended outage or can it be managed within the normal maintenance schedule?
So, ready for the take-down, please?
Thanks a lot.
We'll see you.
The tank relates to the bolts.
Speaker Change: on the shell of the Moll flanges, not the mullet shell. [inaudible]
Speaker Change: Our condition monitoring team picked it up quite early, so intervention is opportune and we're working with the OEMs and other more specialists to understand the core reason for the phenomena.
Speaker Change: For the period that the ball more stands, it's not a complete outage, you know, going forward, we're confident that we'll address the low-bolt issue, and we don't foresee an expendent downtime on it.
on the internet.
Speaker Change: The next question comes from Dalton Baretto, with Cannecord Genoti, please go ahead. Thanks operator, good morning, Tristan and team. Just staying in Panama here, Tristan, I understand that for the FDA arbitration, the suspension isn't sort of a permanent thing and that you have to keep renewing it. Can you tell me how often you have to renew it and what you need to see from the government of Panama to keep renewing it?
Thank you.
Tristan: Yeah, thanks, Dalton. So, we're very happy to put aside the arbitration. Again, it's not our preferred.
Tristan: and we've given the space for that to happen. But yes, both parties would need to mutually agree and go back to keep moving forward and that's up to the parties as we...
Tristan: saying that once all the suspension of arbitration through and place that he would be calling for dialogue between the parties and we look forward to joining that dialogue.
Tristan: Great, thanks, Tristan. And then maybe just as a follow-up, one of the things President Molina was adamant about on Tuesday night was that contract law would not be the pathway forward, just given what's happened. And there may not be a short answer to this, but can you sort of talk about what some of the legal pathways forward could be?
Tristan: Sure, Dalton, thanks. Yes, the President did make those comments and I think he's been consistent in saying, you know, he repeatedly said it.
to a contract law
Tristan: because Law 9 and then Law 4 or 6 have not been successful. They haven't proved to be durable.
So he needs comments. [inaudible]
Tristan: You know, I just point out, you also pointed out the economic impact to the country of the mind closure and many well-paid jobs have been lost particularly for young people. Suppliers have been bad, we affected and it's affected.
Tristan: and the country's economic outlook. We believe the president is looking for a solution that would be durable, which has not been the case with the previous corners.
Tristan: contract law approach, and ultimately we're in complete agreement, we will be focused on a legal solution that is durable and fair for both parties, for parties involved, including the people of Panama. But I think Dalton at the moment is too early to comment on what the potential solutions might look like.
Speaker Change: This concludes the question and answer session. I would like to turn the conference back over to Tristan Pascall for any closing remarks. Please go ahead.
Tristan Pascall: Thanks operator and I'd like to thank everybody for joining the call today for your interest and time and I look forward to speaking to you again and our next update.
Thank you.
Tristan Pascall: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
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