Can you introduce and provide a brief history of Metso in Brazil?

Metso has been in Brazil for over 100 years, and we are celebrating our 105th anniversary in the country this year. We currently have nearly 2,000 employees in Brazil, with 15% being women. Our presence in Brazil is unique as we serve the South American market and other regions. For instance, we have a foundry in Sorocaba that supplies parts globally. This foundry produces main castings, and we also have a crusher factory and a screen factory here. This makes Brazil a significant production hub, ensuring excellent on-time delivery, especially during challenging times like the COVID-19 pandemic. Can you elaborate on Metso's offerings for the Brazilian mining market?

In the Brazilian market, about 60% of our business comes from services, underscoring our service organization's importance. Given our century-long presence in Brazil, we have a substantial installed base that requires continuous support in parts and services. Our broad portfolio covers the entire mining process, from raw ore extraction to port delivery. After our merger with Outotec in 2020, now rebranded as Metso we have combined strengths in dry and wet processing areas, enhancing our capabilities in flotation and filtration. This synergy has positioned us firmly in the market. What have been the main drivers of demand for Metso's services and products in Brazil?

The commodity prices for copper, iron ore and gold are favorable, encouraging companies to expand their production and upgrade equipment. This has resulted in significant growth for us, as evidenced by our recent performance. Additionally, lithium has emerged as a new and promising sector in Brazil, with regions like Minas Gerais developing quickly. The speed at which these areas are obtaining exploration licenses is remarkable. Furthermore, the high demand for commodities like copper driven by global electrification and sustainability efforts continues to be strong. Despite some customers expressing concerns about prices, the overall market remains profitable. There is also considerable interest in rare earth elements in Brazil. Globally, the principal reserves are in China, the USA and Brazil, with Brazil sometimes competing for the second or third position on reserves. While Brazil has significant potential, the challenge lies in developing the necessary processes to expedite production. Metso has the engineering capabilities and products to support this development. We see a promising future in this field and are excited about its opportunities. What are the challenges and obstacles to growth in the Brazilian mining industry?

One of the primary challenges is finding competent professionals. Despite our growth, attracting skilled engineers and professionals remains difficult. Additionally, Brazil's high cost of capital, driven by high interest rates, poses a significant hurdle. This financial burden, combined with issues related to taxation and licensing, complicates project initiation and expansion. These factors must be addressed to facilitate smoother growth and make the industry more competitive and attractive to investors. How does Metso incorporate ESG principles and commitments into services and products?

We are committed to achieving net-zero emissions by 2030, and our customers share similar commitments. Balancing sustainability with profitability is challenging, but we are dedicated to this cause. For example, we offer recycling solutions for our products, although cost considerations often influence customer decisions. Our portfolio includes 'Planet Positive' products designed to use less energy and water, making them more efficient and sustainable. Internally, we are adopting solar panels and hybrid or electric vehicles to reduce our carbon footprint. These efforts reflect our commitment to sustainability while maintaining financial viability. What are Metso's goals and objectives for the next 12 months?

Looking ahead, Brazil has a bright future with substantial growth potential. We have significant copper reserves, strong iron ore and gold positions, and emerging opportunities in lithium and rare earth elements. Additionally, Brazil's infrastructure needs present enormous development opportunities. We still have a vast potential growth on infrastructure area. This area indicates a vast scope for growth and investment in infrastructure, which will drive demand for steel, iron ore and other resources. Our goal is to capitalize on these opportunities while continuing to address the challenges of skilled labor shortages, high capital costs and regulatory hurdles. We are committed to contributing to Brazil's development and leveraging our strengths to achieve sustainable growth.