International Trade committee  It means everything, because Inmet's board of directors made a decision on May 18, after effectively 20 years in studies and investments, to proceed with the investment of $6.2 billion, which, as you will appreciate, is very significant. We made that decision in the absence of an agreement but in anticipation that it would come.

International Trade committee  That's very difficult to do. I mean, I could hypothesize that some companies, in some instances, could take the position that without a bilateral agreement that governs the relationship of the countries, they wouldn't go ahead. We haven't taken that decision, because we are hopeful and have confidence that a bilateral agreement will be developed.

International Trade committee  I can't really take a specific one and say that my company will specifically benefit from that section, because I think many areas of a free trade agreement or bilateral agreement will govern situations that I can't possibly anticipate. If there is a tax conflict, if there is a customs conflict, if there is any type of dispute, those are all opportunities for us to rely on the existence of a bilateral agreement.

International Trade committee  I would think so, yes.

International Trade committee  Yes, of course they do.

International Trade committee  Did you say an injunction case?

International Trade committee  It was an injunction on what?

International Trade committee  I'm not aware of a court case or an injunction that allowed our company.... The only thing I can think of that might be related to the point you're making is the existence of a contract law. We're governed under a contract law called Ley 9 or Law 9 of 1997, which was enacted through the Parliament of Panama in that year, and this law sets out certain terms.

International Trade committee  The deposit is located in the Meso-American biological corridor. That's correct.

International Trade committee  There are definitely concerns that we raise and that we as a mining company concur with. I think it is entirely appropriate and paramount that as a responsible company, we not only concur with those concerns but also raise them ourselves. I listed a few of the IFC performance standards, of which there are eight, which clearly govern how extractive industry mining companies, if they mine in sensitive areas—and there are many around the world—have to govern themselves and to which they must adhere in order to conduct their business.

International Trade committee  No, the environmental regulations, in our experience, are not lower than the environmental standards in Canada, but what is different, in our experience, is standards that companies voluntarily adhere to. They would be very different in Panama from in Canada. In fact, in Canada the extractive industry is a self-regulated industry.

International Trade committee  On the basis that the environmental standards in Panama are similar to what they are in Canada, I would have to understand why there is a penalty in one case and there isn't in the other, but I just don't feel competent to provide the answer, because I'm not aware of the background as to why there is a penalty for the labour part of it.

International Trade committee  I'm sorry. Treated fairly by...?

International Trade committee  My name is Jochen Tilk. I'm a citizen of Canada. I'm the CEO and president of Inmet Mining. I've been with the company for 23 years. We've been involved in Panama for 20 years, essentially since 1990. I've been personally involved in Panama for much of that time, but quite significantly in the last 10 years.

International Trade committee  I don't think we've been treated unfairly, but there certainly have been periods when capacity within the Government of Panama was an issue for which we had to compensate, either by being patient or by supporting a government in building that capacity. There certainly would have been periods of uncertainty over a lack of arrangements, which presented us with a certain risk that companies, to be honest, don't normally like to take.