Thank you for the question.
We operate seven mines in Canada and three refineries, including North America's only cobalt refinery.
The opportunity for Canada is that we are a safe, secure, rule-of-law jurisdiction. That's great. We have labour peace. We have infrastructure. We have talent.
However, as a mature industry—some our assets have been around in excess of 100 years—the cost of doing business is quite high. First, we have to look at our rate of return here versus elsewhere. Second, what is the time to get a project not only permitted but complete into market? The third is geopolitics. Once it's built, will you be able to keep and serve markets? I think there are elements of that where Canada could increase its competitiveness, but also elements where Canada is a global leader and globally competitive today.