China's been doing this for a long time. I tip my hat to China. It hasn't been silent about it. If you go through its five-year plans, it talks about the fact that it wants to dominate the rare earth industry and the downstream processing related to the rare earth industry, and it's been manipulating prices over that period of time.
I've been saying for over 10 years now that the western world needs to come up with a different pricing mechanism for rare earth minerals outside of China. The unfortunate fact is that China has dominated the whole downstream industry to have over 90% of magnet manufacturing.
The way I see it, in Canada we need to build the whole downstream processing ability, which goes right through to magnet manufacturing, to be able to supply the western world. That's not an easy thing, because you have to grow industries such as the magnet-makers. You talk about Estonia. Get those built here. Get the metal-makers that supply the magnet industry to be built in Canada, and then you have resources like ours that will then have the ability to supply those manufacturers and there will be no need for China. That's where we need to head.
As far as the government is concerned, the issue we have as junior companies—that's what we're called, but I don't see us as junior; we have a really strong management team and board—is money. We need help to get through to do the feasibility study. We'll be able to fund it with the help of the government. We already have a letter of interest from EDC for $250 million U.S. in relation to funding our capital costs, but we need to get through the feasibility study. The feasibility study will cost us between $30 million and $50 million to do because it's a $1.4-billion capital project. We want to do it properly. We're looking for help with the feasibility study costings.