Thank you, Mr. Chair.
A very interesting phrase was used by Ms. Kuzenko when talking about Vale's use of capital, and that was capital paralysis. I was thinking in particular that you're an international company, so here's a question for you. When it comes to allocating resources around the world—wherever it is, whether Brazil or Toronto—and they sit down and say they're going to spend x number of billions of dollars. How much does regulatory paralysis come into the decisions as far as allocating capital goes? When they go through the process to decide where they're going to put the money for the next mine, where in that process are regulations?