Michael Steinmann: But just in general, I think we talked quite often about what our cost drivers on our side. So there’s a big difference between our silver segment mines and the gold segment mines because the silver segment mines in many cases come with base metals. So as these are by-product credits, our base metal prices have a big impact to our costs both ways, if they go up or down, it can be a headwind or tailwind for us. And another big impact is exchange rate. So depending on any given country that impact can be quite big because we have a lot of spending in local currency. So we always have to keep that in mind. Of course, we look we look at it and not always at the per ounce base, but per tonne base which is more like a neutral way for us to track the cost. So there we see obviously that variability which is often driven as I said up and down by other factors as well.
Carey MacRury: Maybe just a follow-up to that maybe for Ignacio, last quarter there was a $32 million of fair value adjustments relating to the Yamana transaction like, I’m just wondering are there still fair value adjustments flowing through these numbers this quarter? Or have those pretty much more stock now?
Ignacio Couturier: Yeah. Those were minor PPA adjustments. Just to keep in mind that our initial purchase price allocation that’s just preliminary. We have a year to finalize those numbers. We didn’t see any more changes in Q3. So I’d say stay tuned. As I said, we have a year to finalize those numbers. But I think all those small changes are mostly flushed out in Q2. And yeah, as I said we have a year and we’ll see how those numbers end up when we finalize our analysis on the purchase price.
Carey MacRury: Great. That’s it for me. Thanks guys.
Michael Steinmann: Thank you.
Operator: Your next question comes from the line of Don DeMarco from National Bank Financial. Your line is now open.
Don DeMarco: Thank you, operator. And good morning, Michael and team. We’ll start off with Escobal. We’re seeing some a lot of activity in terms of the meetings here a number of visits, but I think to the mine and other engagements with the Ministry of Mines and so on. Appreciate these details, but can you share what is discussed at these mines, I mean, why would there is a need to go to the mine three times? Are they impressed by the mine? Or what’s the nature of their visit and what are they looking at when they go?
Michael Steinmann: Obviously I mean this is a very open process as we always described and our doors are open to a lot of visitors. And we had those visits by the representatives as well. So, where I see it is very positive. And yes a lot of activity around the consultation and mine visits during this quarter. Maybe Sean do you want to give some more color to that?
Sean McAleer: Yes. The first visits we had in August that was over 40 members of [indiscernible] Parliament came to the mine site. It was the first time a lot of them had — well first in all of them have been to the mine site. So, just a general site tour and overview of what the mining activity is what the operation is visit to the underground mine to the processing plant and the tailings facility. So, obviously, you can imagine that day long tour and then lots of questions around those tours. And then there were two other visits where we talked about water and then another visit which focused on our filtered tailings facility and questions around the design of that facility and some of the aspects of that facility. So — and during the meetings we’re going into some detailed discussions about water quality water quantity.
And so it’s always pretty dynamic meetings and lots of learning and Q&A. So that’s been pretty productive and really good dialogue over the last quarter.
Michael Steinmann: Thanks Sean. As I said look a very positive and open dialogue here which it is of course the way that the consultation has been out so far and we obviously support that way.
Don DeMarco: Thank you for that Michael. And so looking ahead at this consultation the process we have I judge that will — a quarter judge that will weigh on the process and determine if it was carried out to true ILO 169 standards. But what happens beyond that? I mean at that point the consultation would largely be concluded. Is it — will you then be negotiating or having continuing your discussions with the zinc or other members? What happens beyond the decision?
Michael Steinmann: I think the process is outlined in our slides as well on our website. Once the consultation is finalized, the report will be handed over about the consultation to the Supreme Court in Guatemala and the Supreme Court will then determine if everything has been followed in the process. And I would assume in the court ruling that’s afterwards — after that decision can decide to reinstate our mining license.
Ignacio Couturier: That’s pretty accurate. I think yes and I think we’ll get some more color around that over the coming months and coming weeks in the future meetings. So.
Don DeMarco: Okay. Fair enough. And because the court can say the process followed the ILO 169 product, but that doesn’t necessarily mean that the model gets restarted. But anyway we’ll look for color in the coming months but we’re encouraged by this activity that took place this quarter.
Michael Steinmann: Yes. Definitely.
Don DeMarco: So, [indiscernible] ventilation is going to be completed by mid- next year. So what should we be modeling for AISC in the next two or three quarters in the $25 to $30 range or is that kind of in the pipeline?
Steve Busby: Yes, hi Don, Steve here. I’d say we’re going to be trending towards the upper $20. We are seeing some improvements. There has been some work done in reducing dilution. We’re seeing better grades. It’s really a tonnage play right now. We’re trying to get air, pumped into some areas so we can get some higher throughput. And I think we’re going to see some marginal improvements in that. But until that new shaft comes on, I don’t think we’ll see a major change there.
