Trevali Mining Corp. (OTCQX:TREVF) Q4 2014 Results Earnings Conference Call April 1, 2015 10:00 AM ET
Operator
Good morning, ladies and gentlemen, and welcome to the Trevali Mining Corporation 2014 Annual Financial Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session with instructions provided. I would like to remind everyone that this conference call is being recorded.
I would now like to turn the call over to Steve Stakiw, Vice President of Investor Relations and Corporate Communications
Steve Stakiw - VP, IR and Corporate Communications
Thank you, operator. Good morning everyone and welcome to Trevali Mining's 2014 annual financial results conference call. Trevali's financial results were issued yesterday and are available both on our website at www.trevali.com and also on SEDAR.
The corresponding news release was also issued with our financial results to review the main points of our 2014 annual and also our fourth quarter performance particularly operations and productions at our Santander zinc, lead, and silver, mine in Peru.
Our presenter today is Dr. Mark Cruise, Trevali's President and CEO and accompanying Mark for the question and answer period portion of this call is Anna Ladd, Trevali's Chief Financial Officer.
I will now turn the call over to Mark Cruise.
Mark Cruise - President and CEO
Thank you Steve, and good morning everyone to Trevali's 2014 annual financial results conference call as we mark our first day year of commercial production at our Santander Mine in Peru.
We really had a very high level. We had EBITDA of $14.2 million and which resulted income of $12.7 million from mining operations that is our Santander operation in Peru. We did post a net loss of $7 million for the year and some of that partially due to a non recurring sale of our [disposal] [ph] subsidiary earlier on in the year.
Basically Santander operation was 12.7 of expected and that was based on sales revenue of approximately $94.2 million. I'll read you some of the highlights our current working cap position is at $32.5 million. Our end of year 2014 side cash cost were approximately US$0.37 per pound zinc equivalent and that really was based on production of 50.4 million payable pounds of zinc but £23 million of payable lead and 914,000 ounces of payable silver which really was a very modest exceeding guidance for the 2014 year.
We got [indiscernible] commodities through Glencore in the international benchmark terms and really prices realized for the year were US$0.96 per pound for zinc, 95 for lead, and $18.99 per ounce for silver respectively.
Looking little more detailed at Q4, I was pretty pleased with operation performance. Our tonnes mined actually showed a modest increase during the year and certainly quite significantly up between Q3 and Q4 about 16% increase on tonnes mined about 190,000 tonnes versus 165,000 tonnes in Q3.
We also pushed more tonnes through the mill of about 7% and so 185,000 tonnes versus 174,000 tonnes from Q3 to Q4. More importantly our mill recoveries increased as well and the mill is performing exceptionally well and above design and about 88% recovery for both zinc and lead in the Q4 and 80% for silver respectively and we anticipate that continuing throughout 2015.
Our EBITDA for the quarter specifically was $3.3 million resulting in income from operation of $2 million and obviously income was effected by lower commodity prices during the fourth quarter as documented in the news release and particularly obviously lead and silver were slightly weaker as well. So that's kind of where we are.
Looking at the production statistics, you can see there as I stated before a trend of increased tonnes mined were at the year which we are pretty pleased with. And at this point in time Santander operations is a steady pace and also increased tonnes milled going through into Q4 as well. And again Santander at steady state on milling operations as well.
That’s really pretty where we were for the fourth quarter and we continue to maintain our 2015 guidance and outlook for 2015 and broadly speaking will be within final 2014 number.
So that £48 million to £50 million of payable zinc approximately £23 million to £25 million of payable lead and somewhere between 850,000 to 950,000 ounces of payable silver.
And our overall cash cost for 2015 we estimate somewhere in the range of 48 to 50 per tonne range as well. And I should state we do continue to focus on operational improvements at Santander and we feel there is more room for a modest improvement but nonetheless it is something we are focusing on and we’ll continue to focus on into 2015 Q1 and Q2 onwards.
Apart from that obviously the main focus is our Caribou re-starts and we gave a pretty detailed update on that earlier on the weekend of Monday and certainly Caribou commissioning remains on track to kick-off in the second quarter of this year.
So pretty much affectively where we are at this point in time and both myself and Steve are here to answer your questions. So operator we will now open up the call to questions.
Operator
[Operator Instructions] The first question is from Mark Turner from Scotiabank. Please go ahead.
Mark Turner - Scotiabank
Good morning. Thanks for taking my questions guys. I will start with Caribou because that's where I heard majority of the focus is in Santander run pretty well. Just on the items that you talked about in the press release there, what – I guess based on the critical path right now to running first store through the mill there?
Mark Cruise - President and CEO
Yes, Mark here, good morning. A combination of things really - to be honest it's been a pretty hard winter at least, I'm sure you guys are well aware. And really we are waiting for spring to arrive it is starting to melt at the moment which is good but one of the things obviously we are focusing on we don’t want to start up the mill where there is a chance pipes squeezing or what have you. Once your mills up and running steady stake that's not a problem but obviously that's one of the things we are looking at.
And really we have a line to side mill at this point in time and we are just waiting to get ball mills charged and that should happen in the next couple of weeks. So we are pretty much there, within a couple of weeks, so certainly at this point in time we are looking at less April into earliest May to start commissioning and we don’t see any reason why that should not be achievable at this point in time.
We are starting to move in some of those specialists DRA from South Africa. They are going to be on side next week and just really give us some heavy lifting capability so to speak and also we're going to re-start and either mill specialist will also be on side from Mid April onwards.
So that’s kind of broad timing but nothing - everything is in place effectively at this point in time Mark. We are just waiting for a little bit more melt so pipes don't freeze up and it just makes re-start and troubleshooting when you kick off your commissioning as much you can do.
Mark Turner - Scotiabank
Good color. I guess my reads are on the disclosure so I just wasn’t sure if you are waiting to continue to build that the course or I guess the run of mine or mill 60 to 80 or what the actual critical path that was so thanks for that color.
Second question on Caribou, obviously a good progress made in terms of the schedule. Just any more sort of color on the CapEx maybe relative I believe at the end of last quarter and there was roughly 24 million to be spent is that through the quarter what's the current side is it still inline with sort of the PA/previous expectations.
Mark Cruise - President and CEO
Yes, we brought at a very high level, some of who are coming in under the PA about 5% probably closer to 10% and Jan which is nice to see. And effectively we’ve got that $10 million left to go to stock in basically commissioning so that's where we are at the moment.
So effectively we are certainly on schedule and we are currently on track for the PA budget as government –
Mark Turner - Scotiabank
And then just maybe one last question from me before I jump to – the Santander, Q4 operating cost $43 - just over $43 a tonne milled pretty impressive. When you’re talking about additional optimization and sort of looking at further reducing cost there, are you talking like relative to that 43 or I guess 2015 guidance maintain between $48 and $51 per tonne. Are you seeking more relative to that new, what's the – why was '15 production guidance maintained at the range if you’re able to sort of achieve the 43 in Q4?
Mark Cruise - President and CEO
Certainly the 43 in Q4 we are very pleased with that obviously and we did push more tonnes through the mill. One quarter is good, I would like to see another quarter or two in that range before we kind of cemented in there.
So we’re being conservative, we intend to be conservative anyway. And really we’re looking at increasing efficiencies, I think overall what I will be personally be happy with on a steady state one quarters are going to vary but I think 45 to 47 should be achievable and that’s what we’re going to aim for consistently for this quarter.
And after that we will see where we go from there and like I said we did have a good fourth quarter but we were – we did manage to push quite a lot of tonnes through the mill and so we will hopefully that guys on side can continue to maintain that progress.
Mark Turner - Scotiabank
Okay. So the 43 was more on pushing the tonnes as opposed to sort of maybe one-off or some other reason why we’ve been lower in that quarter versus maybe our expectations going forward, so just pushing the tonnes and maintaining those [indiscernible] I guess in the stores.
Mark Cruise - President and CEO
It's exactly what it is, yes, we are getting into kind of basically where the Rosa zone intersects north particularly wide there, so you can mine lot of tonnes in the scheduling as well that certainly helps.
Mark Turner - Scotiabank
Okay, perfect. I'll leave it there, Alan maybe, jump to the back of the queue.
Operator
Thank you. The following question is from Derek Macpherson from M Partners. Please go ahead.
Derek Macpherson - M Partners
Good morning guys. Thanks for having the call. Couple of, just want to follow up a little bit on Caribou and sort of and how things are going there, can you give us I mean you mentioned there is a little bit of capital up to spend there, can you give us an idea how much, what you guys are need in addition to the sort of capital on the build-out as far as working capital goes as well?
Mark Cruise - President and CEO
Anna, I will hand that over to you.
Anna Ladd - CFO
Are you are looking for monthly number expense or burn rate?
Derek Macpherson - M Partners
Obviously there is going to be a bit of a working capital builds going into the - as you wrap up production in Caribou, so kind of looking for those sort of the gross numbers if you will to get steady statement?
Anna Ladd - CFO
Currently we have about $20 millionish in cash and we do monitor working capital in light of kind of our commissioning progress, on commodity prices et cetera. The way our offtake works with Glencore is that we actually didn't get paid 90% of our invoice within a month, so we don’t have the two smelters gap of two to four months, so we are looking at working capital at top and bottom month which is going to be somewhere around $5 million.
Derek Macpherson - M Partners
Okay. And so that is about $20 million incurred in cash, additional $5 million in working capital and then you guys mentioned you about $10 million left to spend and that is as sort of the end of – as of today?
Anna Ladd - CFO
Yes.
Derek Macpherson - M Partners
Okay. All right that was my question. Thank you very much guys.
Operator
Thank you. The following question is from Alex Terentiew from Raymond James. Please go ahead.
Alex Terentiew - Raymond James
Hi guys, most of my questions have been answered just one outstanding here, the $5 million flow through financing that you closed last month, I believe it was cannot be used for development of Caribou or is that really have to be more useful for exploration related type expenditures?
Anna Ladd - CFO
It has to be applied towards a new mine which Caribou did not, so it is equal to what Halfmile or Stratmat acquisition program but not Caribou unless funding new deposit, it is very, very particular the GDP application -
Alex Terentiew - Raymond James
Okay. Okay, that is perfect. Okay, great thank you.
Operator
Thank you. The following question is from Joseph Gallucci from Dundee. Please go ahead.
Joseph Gallucci - Dundee Capital Markets
Thanks. Good morning guys. On Santander now that it has been running for over a year, are you going to look at expanding it to 4000 tonnes per day at some point?
Mark Cruise - President and CEO
Joseph morning, Mark here. Listen it is something we look at it very, very high level but just to be clear it is no confusion I mean 2015 is all about Caribou, so certainly at this point in time management's attention obviously the bulk of it is focused on the Caribou re-start.
So before we even consider anything else, we want to make sure Caribou is fully commissioned and operating according to plan. So certainly absolutely no plans in 2015 and we will be doing approximately a 6000 meter underground drill program and we are just going to be kicking a lot in the next couple of weeks at Santander.
So one of the things that we want to get a bit more color and comfort on is some of those deeper inferred tonnes below the Magistral bodies and also we will continue to chase the newly discovered Rosa and Fatima zones deeper as well.
So let's see how this drill program goes this year underground at Santander and what the guys come up with, just to give us a bit more confidence. We also need to monitor how Caribou commissioning is going and then after that obviously we will see what may make sense.
Joseph Gallucci - Dundee Capital Markets
Okay, great. And on the Caribou side, the Glencore team, are they going to be staying till you guys sort of declare commercial production at Caribou or what's their time line?
Mark Cruise - President and CEO
We will wait and see certainly we will have one of the guys certainly in the first quarter and so I think like I said most of the issues, challenges of commissioning should have been resolved but in anyway we should be well on the past. And so, that’s kind of where we are although we do have to deal 18 for eight months.
So that is there for the entire commissioning period as documented in the PA. And there are 10 basically that could be South African and that’s specialist like I said going to be on size and working with our guys to try and get commission as efficiently and as fast as possible.
Joseph Gallucci - Dundee Capital Markets
Okay. And just a last one or maybe just on a macro side, not Caribou, Century closing in Q3 or Q4 this year is sort of the hot rumor in the market that has been going on but can you give us a bit of color of what other closures you guys are seeing and what you think it will take for the zinc price to start moving in the right direction?
Mark Cruise - President and CEO
Yes. Absolutely I mean I think Century is a bit more in a rumor, I mean metals has been publicly stated obviously in the disclosure but it is closing this year, they are giving guidance in Q3 in 8-K and they stretch it couple of months. They will employ to hit these things do and probably the big surprise which hasn’t been modeled is in the Lisheen mine and Vedanta in Ireland is closing about a year early. And certainly the Wood Mackenzie for modeling and closing in late 2016 and they stated that it is going to be closing in October of this year.
So that's about another about 150,000, 170,000 tonnes coming off. And I think what we are seeing in a macro scale is we are down to about 500 and 10,000 tonnes at the moment. And that's lowest since February, 2010.
And if you look at basically year-to-date zinc it's actually the only base metal that is down, warehouse wise, we are down about 20% on the warehouse, the global warehouses as opposed to copper which is of 40%, nickel which is flat.
And then on top of that you got cancel warrants for about another 25%, 30% of the warehouse stocks. So certainly that would seem to suggest that short-term we are going to see continued declines in the warehousing.
And historically and it is historic, so who knows historically zinc is traditionally run where you kind of breakthrough that kind of 450,000 to 500,000 tonnes at global warehousing number.
And like I said if the trend continues we should hit that sometime during the summer, that should be followed up by Century closure, zinc closure and to say Q3, Q4.
So should that come to pass, yes, certainly we anticipate significantly strengthen zinc prices in the second half of the year versus the first half.
Joseph Gallucci - Dundee Capital Markets
Perfect. That is it from me. Thanks Mark.
Operator
Thank you. The following question is from Stefan Ioannou from Haywood Securities. Please go ahead.
Stefan Ioannou - Haywood Securities
Thanks guys for taking my call. Just back on that sort of rough current cash estimate of $20 million, just to confirm does that include the $5 million just raised in flow through?
Anna Ladd - CFO
No, it does not.
Stefan Ioannou - Haywood Securities
Does not, okay, perfect. And then just - all my other questions have been answered, but just [indiscernible] just on the balance sheet that due to related parties line item, it's been coming down in particular the part, the mine development and operational expenses due to the Glencore, it has been coming down a year but this last quarter in Q4 went up slightly from - I guess from $5.2 million in Q3 to $6.7 million in Q4 that is Canadian dollar figure, should I assume most of that increase is actually just an FX rate thing or is there something else going on there?
Anna Ladd - CFO
FX is different yes.
Stefan Ioannou - Haywood Securities
Okay. And now that is has coming down – came down obviously through the first half of the year quite a bit, should we expect that it is going to stay around call it $5 million run rate going forward?
Anna Ladd - CFO
Yes. We always have to carry a balance at the end of the month. We are always going to have $2 million carrying $7 million to $8 million in next month but cut off rates is equal.
Stefan Ioannou - Haywood Securities
Sure. That makes sense. Thanks very much guys.
Operator
Thank you. The next question is from Nik Rasskazovskiy from Salman Partners. Please go ahead.
Nik Rasskazovskiy - Salman Partners
Thank you and good morning. Thanks for taking my questions. Now with the Caribou restart coming up shortly here, I was just wondering if you could provide some color on how the 10% NTI royalty cost is related?
Anna Ladd - CFO
In terms of – what's your specific question with respect to the NTI.
Nik Rasskazovskiy - Salman Partners
I just tell you that it is 10% of income or not profit, I was just wondering if you could just walk me in little bit more details in how it’s actually calculated?
Anna Ladd - CFO
It is quite detailed and how it is translated or essentially all expenses to bring the mine in production, need to be accounted for and then your revenue on top of that. So, generally speaking that's how that works.
Nik Rasskazovskiy - Salman Partners
Okay and in any acceleration expenses that would be included as well.
Anna Ladd - CFO
Pardon me.
Nik Rasskazovskiy - Salman Partners
Any acceleration expenses although -
Anna Ladd - CFO
All expenses during the mining production, yes.
Nik Rasskazovskiy - Salman Partners
Okay. Thank you.
Operator
Thank you. The following question is from Ian Parkinson from GMP Securities. Please go ahead.
Ian Parkinson - GMP Securities
Hi, good morning guys. Just quick question on the realized price, and if that was earlier in the call, I apologize I missed the first couple of minutes. If you look back the three of the four quarters in 2014, you realized zinc prices $0.03 to $0.04 - are up to $0.03 or $0.04 below the calculated average for the quarter, is that more just lack of timing of shipments or is it more to do with the nature of the commercial agreement that you have.
Anna Ladd - CFO
It is the timing Ian.
Ian Parkinson - GMP Securities
It's just timing?
Anna Ladd - CFO
Yes.
Ian Parkinson - GMP Securities
So nothing more to address, as we ramp up at Caribou, same sort of volatility but anything corporately we might see actually more something smoother I guess and potential to realize something closer to the average.
Anna Ladd - CFO
Yes.
Ian Parkinson - GMP Securities
Okay. And the other thing, just turn back to Santander, on the just local consumable costs related FX and energy, what are we seeing actually at site level. Are things moving in the right direction, are we actually seeing some of the savings being realized?
Mark Cruise - President and CEO
I think at Santander the most prove operations but well - it is what it is, about 70%, 75% of our closure in U.S. dollars and about 25% to 30% are in dollars. So certainly you’re going to see the bump you would expect obviously when Caribou goes in, when all our costs are in Canadian dollars.
We are seeing modest increases obviously in steel prices are down significantly and we capture some of that but lot of the reagents consumables for the mill are all in U.S. So it's not as, yes, anyway it's not as large as you think it might be.
Ian Parkinson - GMP Securities
Okay. And just a last one, Mark on the copper circuit, what does that rank in your priority list for the Caribou ramp-up?
Mark Cruise - President and CEO
I don’t think we gave some color in the Caribou kind of the update and the Copper is - it’s nice to have, it is only buy product to buy product to be honest, and really the main production coming out of Caribou will be zinc and then led, silver, circuits and we are putting the copper in because you spent all your money, mining it, crushing it, grinding it, so anything else you can pull off at the end of your mill there, obviously is accretive.
And so when we start up mill commissioning, as stated we are going to start up the zinc and lead circuits first, troubleshoot then, and then we’ll bring the copper circuit and about two to three month afterwards and when we got all the [indiscernible] or any potential are in note of zinc and lead circuits.
Certainly though by bringing the copper circuit in based on our test work today, would suggest that we should produce cleaner cons, cleaner lead cons because you're pulling copper up and but it also should and boost our precious metal recovery.
We do know both gold and silver do report to the copper con, so it certainly will help kind of the precious metal payable as well.
Ian Parkinson - GMP Securities
Okay. Great, thanks. That’s all I have congrats on a solid quarter.
Operator
Thank you. The following question is from Brad Bloomer from Evergreen Capital. Please go ahead.
Brad Bloomer - Evergreen Capital
Good morning. I have a question with regard to the 12.5% senior secured note that you issued on May of last year. The MD&A states that this must be repaid in installments between the second and fourth anniversaries of the closing date. But if I count from the fourth anniversary of the closing date, it's 2018, May 30, 2018 but the MD&A says that the notes are due on May 30, 2019, what’s the difference there?
Anna Ladd - CFO
You go to note 16 of our financial statements, page 33, it actually details out the exact payments and interest as well that’s probably a little bit more précised.
Brad Bloomer - Evergreen Capital
Note 6 - note what ma'am?
Anna Ladd - CFO
Note 16 of our financial statement point D, senior secured notes page 23.
Brad Bloomer - Evergreen Capital
Okay.
Anna Ladd - CFO
That will probably be very more précised detail for the schedule.
Brad Bloomer - Evergreen Capital
Second question related to these notes is, can they be called if the market conditions should provide you with a source of funding that would make that profitable and advantageous?
Anna Ladd - CFO
Yes, they can be.
Brad Bloomer - Evergreen Capital
Okay. My other question it relates to the trial underground mining that was done at Halfmile in 2012, how much CapEx was put in to doing that?
Mark Cruise - President and CEO
Anna?
Anna Ladd - CFO
It's off top of my head, that was about few years ago, so I’m going - it is somewhere between $15 million and $20 million but that's off at the top of my head, I don’t know precisely.
Brad Bloomer - Evergreen Capital
Okay. And did it in the terms of the revenues generated from the sales of the cons, the zinc cons, the lead, silver cons, and the copper, gold cons, those revenues generated from those sales cover the operating expenses of that trial mining?
Anna Ladd - CFO
We never reached commercial production, no.
Brad Bloomer - Evergreen Capital
No, I noted it. I just wanted to know if the revenues generated covered the expense of doing this trial mining.
Anna Ladd - CFO
No we never reached commercial production, so no.
Brad Bloomer - Evergreen Capital
So how much was the shortfall there?
Anna Ladd - CFO
I couldn't tell you, I could not tell you, maximum data.
Brad Bloomer - Evergreen Capital
Can I contact you to do that?
Anna Ladd - CFO
You may.
Brad Bloomer - Evergreen Capital
Okay. Thank you. That's the end of my questions.
Operator
[Operator Instructions] The following question is from Peter Campbell from Mackie Research Capital. Please go ahead.
Peter Campbell - Mackie Research Capital
Thank you, operator. Good morning everybody. Just a few quick questions here I hope, one is that the zinc grade at Santander for the quarter was 3.65% as compared to the grades you had been like running previously closer to 4.5%, what's the grade expectation for the coming year?
Mark Cruise - President and CEO
Hi Peter, its Mark here, how're you?
Peter Campbell - Mackie Research Capital
Good, good. Thank you.
Mark Cruise - President and CEO
Certainly in the fourth quarter actually it was just stock scheduling, we were just mining at the Fringes in Magistral North. So there was just kind of slightly lower grade and certainly for 2015 the guidance we're expecting is pretty much between 4.2% and 4.4% zinc and between about 1.8% to 2% lead.
So that is probably what we are anticipating, expecting 1.5 to 1.8 ounces per tonne so over there.
Peter Campbell - Mackie Research Capital
Okay. Thank you very much for that clarification because it didn’t seem like there was an explanation for the lower zinc grade?
Mark Cruise - President and CEO
Yes, it is polymetallic, so it will vary, but I think overall on an annual basis that's what we are aiming for and certainly that is what we achieved last year as well.
Peter Campbell - Mackie Research Capital
Okay. Very good. Just was wondering if you could maybe provide me with a bit of an expectation for the ramp up at Caribou, would it be your expectation to be able to hit or declare commercial production prior to the end of like 2015 or would you hope sooner of course?
Mark Cruise - President and CEO
Mark here. Listen at this point in time we are maintaining a conservative approach and so looking at the PEA, we are anticipating that basically 2015 is commissioning year, we declared commercial production in 2016 and now what we’re seeing to-date and certainly underground is going at slightly better than anticipated, ground conditions are better than expected and obviously we have started mining, mining operations underground as well.
I think between Marcellus, South African basically SWAT team we brought in from DRA and some help from our partners Glencore, I personally would like to think we will get it ramped, commissioned a little bit earlier but we just want to wait until we start the mill.
I think once we start the mill much like Santander, we will in fact we will, and we will give monthly updates on how commissioning is going. So I think we will be very well clear whether it’s going to come in line, but until we start up the mill Peter I don’t want to make any guesses because I'm going to be wrong either way.
Peter Campbell - Mackie Research Capital
Well of course no startups are always for that was unexpected problems, but this is an established mill, so hopefully everything will go likewise moving for you.
Mark Cruise - President and CEO
The other thing, I suppose you should iterate is, we do have a lot of operating team former 12 operators. So we do have a very skilled operation team on site which is a huge advantage.
So like I said, I'm hoping and I think it will go a bit smoother than we anticipate but let’s wait and see.
Peter Campbell - Mackie Research Capital
Okay. And my final question is pushing on to Halfmile, Stratmat. You have indicated that we should expect an updated resource estimate for Stratmat. Should we also be expecting like an updated PEA or TSX sometime in 2015?
Mark Cruise - President and CEO
Yes absolutely. So, [indiscernible] working on the Stratmat numbers at the moments and so, kind of, anticipate the updated Stratmat 43-101 resource estimate to be at late April or early May broadly speaking.
And after that double feed into a revised and updated basically economic study that looks at the feasibility for a joint mill to process Halfmile on Stratmat and there is a very dated one from 2010.
I think the nice thing about the updated one is we'll be able to put in hard cost from the district field because we obviously know from our Caribou operation as well. So, certainly that's the plan and so that's will be done, all things been equal obviously, it will be in the second half of 2015.
Peter Campbell - Mackie Research Capital
Okay. Thank you very much. Okay, those were all of my questions. Good operation at the mill at Santander with respect to throughput and recoveries. Things are looking good there.
Mark Cruise - President and CEO
That's great. Thank you.
Peter Campbell - Mackie Research Capital
Thank you. Bye, bye.
Operator
Thank you. There are no further questions registered at this time. I would now like to turn the meeting back over to Mr. Stakiw.
Steve Stakiw - VP, IR and Corporate Communications
Thanks operator. I'd like to thank everyone for participating in our conference call today. As usual, if there are any further or related questions please don’t hesitate to contact us either by phone or by e-mail. Thanks very much everyone.
Operator
Thank you. The conference has now ended. Please disconnect your lines at this time. Thank you for your participation.