Gerard Barron

20,000.

Millions of jobs have disappeared.

And it's all because of outsourcing to developing countries.

China is saying, we can do it.

And of course, I know that the current administration are very focused on looking at dumping and have these materials coming back into the country at cheaper prices.

And 232 reviews are underway, I understand.

Because it's another way where you can go and buy market share and end up controlling an entire industry.

Because the incentive price for local production is too low to attract investment into those industries.

Because there are some nickel deposits in America.

They're small.

But they need nickel prices to be 50% higher than where they are to even break even.

We don't have that problem because we're so high grade.

I mentioned before...

Last year, the average grade of copper was 0.6 of 1%.

So this is filled with nickel, copper, cobalt, and manganese.

But if you were to put all of those other metals into copper equivalent, just for value perspective, we're like more than 7% copper equivalent.

So an order of magnitude richer material.

And that obviously has a big impact on the economics.

And so we can withstand...

dumping from certain markets like China.