Question-and-Answer Session
Operator
(Operator instructions) Our first question is from the line of Ankush Agarwal with JP Morgan. Please go ahead.
Ankush Agarwal – JP Morgan
Good morning Geoff, everybody. I have two questions, first on Morococha, the grades have been declining there quarter over quarter now, is this simply because of the mine planning that was done during high metal prices earlier this year or are there any other reasons? And then the second question is a more broader question, in terms of – in the current extreme market environment and given your relatively stronger balance sheet position, how do you see your role of developing into a possible consolidator in the industry?
Geoff Burns
Okay, thanks Ankush. I think I’ll let Steve handle the first question and I’ll take on your second one when he’s done.
Steve Busby
Yes, regarding the Morococha grades, we’ve had to readjust our mining operation this year away from what we had planned due to a variety of reasons. One, being ground conditions, we encountered some worse ground than we hadn't anticipated in some of the mining areas and also in some areas, we didn’t quite see the grade that we had expected. And as a result, we’ve adjusted and redirected our mine to other areas which did indeed bring us lower grade ores for the year. We do anticipate going back into these higher grade ores. And also with the new addition of Morro Solar, we’re expecting some higher grades from that area as well. So, our future does project a turnaround of those grades going forward.
Geoff Burns
Alright thanks Steve. In terms of being a consolidator, Ankush, clearly there are – a number of other companies have been hurt fairly badly on their share price as well as their business plans have come under great question with lack of liquidity, and we’re very aware of the companies in our sector who are in some difficult situation. And we’re going to continue to look at those very carefully. We are not going to act irrationally or too quickly. I think, it behooves [ph] us to again show some discipline, look for potentially the best pits with Pan American, the best opportunities to deliver value back to Pan American shareholders, and we will be talking to some of those players over the coming months.
Ankush Agarwal – JP Morgan
Okay, thank you very much and good luck.
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