There are no big cash investments right now, so what we're doing is shutting down less pulp. There's no big capital. We haven't got that kind of big cash infusion, and for a pulp mill you're talking upwards of $800 million. But that's certainly where the investments for modernization are going. Interestingly, we're not just chasing the emerging market, because markets go up and down; we're also finding ways of using those mills for various things. You can use pulp for paper; you can also use it for rayon. We've got quite a few mills now where they're being changed instead of just being ramped up, so when the cotton crops fail, we can produce pulp to replace cotton in the production of fabric. When cotton prices are very low, we'll be using pulp for paper, and these mills can go back and forth, as well as producing bioenergy.
In fact one of our mills now, a northern Ontario mill, Tembec, is producing three-dimensional pulp. Paper is made out of pulp. It's really strong in two dimensions and useless in the third. Well, Tembec is producing three-dimensional pulp, with government support to get from the research to the commercial stage, and we'll be able to use that for car parts and airplane parts. It's completely biodegradable, right out of nature, and the best strength-to-weight ratio you can hope for, because that's what tree fibres are all about.
That's one of the innovations. We used to use the pulp just to make paper, but we are now using it—and Tembec does this as well—to make rayon fabrics and three-dimensional pulp. And for some of that stuff we're extracting the nano-fibres, which are very tiny fibres that have huge strength, and we're using them in additives in building material, to add great strength, or for plasma TV screens.
So it's not just ramping up, because in the old days we used to see an increase in price and we'd just chase it like crazy, build too much capacity, and all go broke. It has taken a long time, but now we're just a bit smarter.