Yes. It's a very complex and interesting question.
About 75% of the global cobalt mine supply comes from the not-so-Democratic Republic of the Congo and about 60% of that mining production is controlled by Chinese state-owned enterprises. China controls, I think, over 83% of all cobalt refining and 90% of the cobalt chemical supply. This is a result of a proactive active investment strategy. You're dealing with the Chinese government, and it just doesn't operate with the same economic models that we do. With respect to bismuth, of which we have 12% of the global reserves, China controls 80% of the mine supply and 90% of the refining supply.
The challenge has been overproduction, particularly of cobalt by China, driving the price down to a point where it's not economical to be extracting cobalt in many parts of the world. The Democratic Republic of the Congo got wise to that and started putting in export quotas, because China is overproducing and driving the price down to below the cost of production. That enables its industry, which captures all of that metal, to produce electric cars at a discount to the global market. Where it loses on the mineral production, it's gaining on selling back manufactured goods to us—