“One project, one review” is incredibly impactful and powerful. What it says is that we're not going to ask the proponent to face two sets of regulatory gates when there is an equivalency between the two. What the federal government has said is that where there is equivalency between federal regulations and provincial regulations, the federal government will stand back when we have a “one project, one review” agreement and we've worked through it and concluded that there is equivalency.
What does that mean in real life? Back in the late fall of last year, the Ksi Lisims project—the one I referred to earlier, which will be the second-largest private investment in the history of this country—was approved by the Province of British Columbia, I believe at four o'clock Pacific time on a Monday. The federal approval came in at 4:30 the same day. When you are a proponent on a project of tens of billions of dollars, that's worth hundreds of millions of dollars in saved duplication, extended timelines, incremental cost of construction, saved interest on construction and the sheer pain of getting something done. It has been incredibly impactful.
B.C. is the farthest advanced. We saw the same thing on the Red Chris mine, and I think we're going to see it on some other things coming down the pike.
As you correctly pointed out, we made it a priority in our One Canadian Economy Act to try to bring down barriers between the federal government and the provincial governments. This is one of the most impactful ways we can do that.