The wind industry is a very interesting sector. You are absolutely right that it's appearing everywhere. We need to understand that for wind turbines, the life cycle is anywhere from 15 to 40 years. It depends on the type of wind turbine, whether it's offshore or onshore. From our discussions and working with the wind industry, we see that they have plans and they do have companies internally that are already developing the process for recycling.
The recycling is fairly straightforward. They dismantle it. They want to recycle the blades. They have their own R and D groups that are working on how to recycle those blades and what to do with them. Of course, then it's a question of who pays for all of this. We find that if you look within the structure of the entire wind turbine, you see that one of the components that has the most value is the magnet, where the rare earths are. Of course, they do want to capture that magnet and to use companies like us to go to recycle that magnet and get paid for it, which covers the cost of dismantling.
Of course, for them it's very important as well to reuse the base, because that base gives the roots for the next one they will put in 20 years later. They have an integrated circular economy, but they are missing that key piece of where the magnets will go. If the magnets go into steel recycling, just for the steel value they don't get paid as much. What we are trying to offer goes hand in hand with the steel recycling industry, because for them it's very important to capture the steel, but the steel industry cannot pay what a magnet recycler will pay for that.