First, I think the importance of the critical minerals list was key if you take our example in attracting capital. As soon as Canada, Newfoundland and Quebec put high-grade iron ore on the list of critical minerals, which was welcome because it is essential to decarbonizing the steel industry, we were able to secure a partner, Nippon Steel and Sojitz, to commit to invest $2 billion in Newfoundland and Labrador to be able to develop the Kami project.
Where we still have quite a potential issue is when we talk about the infrastructure side. As a mining company our cost of capital is much more expensive than on the infrastructure side. To give you an example, if I go to see a pension fund company in order to borrow money, if I borrow it as Champion Iron, it's going to cost me a whole lot more than if I borrow it as infrastructure company X. If we're able to separate the infrastructure side and have that financed in a separate way and allow us to focus just the investor dollars on the actual mining side, I think that's one of the paths that will attract more capital into the region for sure.
