Thank you, and I offer my apologies for not being able to answer you in French.
In regard to your question and also the previous comments from a member of the committee, I've been researching Canadian mining investment, and particularly the economic impact of Canadian mining investment, so I would like to add that when we talk about CSR, corporate social responsibility, for 45 Canadian companies that operate 68 mines in 12 Latin American countries, CSR represents between 0.3% and 0.2% on average of their revenues per year. The most enlightened companies invest up to 1% of their revenues per year.
In comparison, they make between 30% and 40% profit from their revenues and they pay between 10% and 20% of their revenues in taxes. The rest goes to operating costs. When there are issues, protests and complaints in Latin America, yes, they have to do with human rights; yes, they have to do with environmental impacts—as you say, with the Pascua-Lama case, and there are other cases as well—but it's also a matter that people know how to count there, and here as well.
There are several issues that make Canadian investment in extractive industries very much a subject of discussion in Latin America. I think that's why Professor Macdonald and I very much agree on the fact that it's important for Canada to keep negotiating and keep talking with all countries, if Canada wants to ensure that the companies behave well and also are treated fairly in those countries. Negotiating with countries we are very close to and can agree with can sometimes be a bit redundant; it's important to also negotiate with countries that have very different points of view.
Ultimately, what can happen with mining investments, or with other investments that Canada has very strongly made in Latin America, such as in banking, is that the investments can be nationalized. You have to see that the margins of profitability in Canadian mining investments and banking investments in Latin America are totally dependent on regulation. Regulation is political; therefore, you need to speak with the political bosses of those countries.
Thank you.