Don DeMarco: Okay. Thank you. And what we see with the reporting loss line that the cost AISC is a little bit variable versus the guidance ranges and just looking at some of the cornerstone assets like we see Shahuindo and El Penon that are above the ranges on AISC, Jacobina positively near the bottom of the guidance range. So what are some of the factors that are driving the swings at these three mines and would we expect a reversion to sort of midpoint of the guidance range in H2?
Steve Busby: Yes. Thanks, Don, Steve here. Maybe I’ll start with Jacobina. Jacobina is having very, very good success on some of their cost controlled programs. And we have enjoyed some pretty good costs, even cost per ton, unit cost per ton have been looking very good there. We’re a little bit – we’re monitoring very closely the exchange rate of the reis that has an effect there that’s pretty strong. But we did come out pretty good in Q2 and we’re optimistic, I think looking forward at Jacobina. El Penon, there’s quite a bit going on there in terms of rescheduling some of the mine plan. We’ve enjoyed some really good silver production coming out of El Penon, a little bit disappointing gold production during Q2, so we’re kind of readjusting that plan.
We always anticipated a strong second half of the year, or particularly strong Q4 at El Penon. But we have kicked up development rates a bit and some of the activities there have kicked up a bit. So that’s driving some of the cost differentials from what we had before. And I think Cerro Moro, I think that was the other one you were talking about.
Don DeMarco: No it was Shahuindo.
Steve Busby: Shahuindo, yes. At Shahuindo, I would say, right now it’s really – we’re focused on this blending of coarse ore with the fine clayey ores and what that happened, what we’ve decided to do is drop some of the cutoff grade, if you will, of some of the ores to give us better blending rock for the higher grade clay ores. And the effect of that kind of drives a bit of the cost as well, and that’s kind of the noise we’re seeing there.
Michael Steinmann: Yes. But maybe just that in general, really, the general cost driver, a big cost driver when you look at of course sustaining capital one and that varies, as we said before, from month-to-month, that’s a seasonality to that which depends on the weather pattern or on the dry and wet season of different countries we are working in, when we can do certain work and when not. So that’s just given and especially in Peru, that dry season starts and northern hemisphere winter. Byproduct, very important byproduct – timing of sales of that and prices of byproduct as all our costs are net of byproducts, those have a big impact on our cost. And then the last one that Steve alluded to is, is currencies, right? If you –depending how much of local currency payments we have in a certain country and how strong that local currency is, that has a big impact on our cost, positive or negative, depending where it goes.
So those are kind of given impact. And of course, we have to follow our capital schedule, and as I said, byproducts and currencies are out of our control. So just keep in mind when you look at all-in sustaining costs that those are big factors as well that play into it.
Don DeMarco: Okay. We’ll keep modeling the guidance ranges for time being. But final question, just going over to the ILO 169 process, it sounds like an encouraging quarter, I mean, meeting sounds like good progress. They’re asking questions and there seems to be some dialogue there. I’m looking at your website here that you had mentioned, and after phase 2 consultation, there’s this Supreme Court verification. So could you give us an idea of when that phase 2 might conclude, and then what the expected events would be through phase 3?
Michael Steinmann: Yes. I mean, you’re right, lots of activities in the quarter and ongoing. The website from the Ministry of Mines, I think shows something like October, end of October and November for the conclusion of that phase. Look, I don’t know if that’s really the exact timing, but I think that’s what at the moment is on their website, and that’s what the government is probably trying to achieve. And then it will go into the last phase with the court verification. So I don’t have any dates for you exactly. I just encourage everyone to follow that website from the government of Guatemala, from the Ministry of Mines and there will be periodic updates as we’re going on and see how that evolves.
