Yes, you will have seen in the news that we're fending off a bid from a foreign company—Glencore—that's been unanimously rejected by our board on two occasions.
I'm not sure if people are familiar with Glencore, but they don't have a great track record for a number of reasons. Last year, they paid 1.7 billion dollars' worth of corruption charges; $1.1 billion of that was in the U.S. They're well known as being corporate raiders. They tend to come in and buy assets, which are usually assets that have been pretty well run in the past and have a lot of goodwill about them. In that process, they tend to deplete the ore in that asset, dump the asset and move on, which leaves them with a terrible track record in terms of human rights abuses, labour strikes and certainly environmental stewardship issues.
This is a company that we absolutely do not want to see take over one of Canada's last remaining critical minerals companies. We are Canada's largest diversified miner. We have spent decades developing assets in Canada. We have 85 indigenous agreements. We honour each of those and we're obviously worried that if the Glencore takeover happened, we wouldn't be able to honour those commitments.
On the second part of your question around the recycling piece, I think it's well known that Glencore doesn't spend a lot of money on innovation and technology. Certainly, pursuing something like EV battery recycling at Trail would require significant partnership with the federal government, with local communities and with other smaller recycling companies that are based in that Teck ecosystem. The likelihood that Glencore would partner with them and put up capital to develop this and retrofit the smelter is very low, in our opinion.