They haven't been explicit on the jobs, but they have been explicit about a head count reduction that would accrue about $300 million of benefit to Glencore shareholders and effectively job loss in Canada.
We think that in the Glencore proposal they put forward to shareholders, they have suggested 4.75 billion dollars' worth of synergies. If you look at the fine print in that, 5,000 of those are likely to be the loss of jobs in Canada at our two head offices, which are in Vancouver and in Toronto. They have a history of reducing workforce at sites as well, so we don't know the proportion that would come from jobs based at our operations, but we are aware that they're very likely to take down and remove the two head offices. There's a big job impact in Canada.
To link it to the critical minerals dialogue, that means you'd lose a lot of talent that needs to stay here to keep developing those critical minerals assets, doing exploration and doing things like recycling.
The other big piece of that is a benefit that they have indicated they would get from paying less tax. Glencore is facing a number of corruption charges for that around the world. That would effectively be moving their tax jurisdiction overseas. For the assets that Teck currently owns, which operate under Canadian values overseas, they would very likely be paying their revenue through to those different offshore entities and then through to the headquarters in Switzerland. Effectively, we think Canada would be losing in the order of between $200 million and $400 million of tax revenue if Glencore were to be successful in its bid.