Japan Bank for International Cooperation

And so it just allows that downstream magnet manufacturing to help offset some of those thin margins in the middle.

Um, Japan, um, it has really good midstream magnet capacity and a really broad, broad policy toolkit and very experienced institutions in JOGMEC and JBIC.

Um, so it's got really...

I- it can use subsidies, equity, loans, and it also, under its Economic Security Promotion Act, um, it, it can use, uh, subsidies to help, uh, address OPEX and CapEx.

So that's why equity powers are really important, particularly for this industry.

Um, and so lots of different, um, institutions such as Export Finance Australia, um, uh, there's, its, institutions in the US that also use, um, equity.

Um, and now JBIC can also do subordinate.

So that's Japan's, um, Bank of International Cooperation can actually also do subordinate loans and subordinate equity for overseas projects, um, including potentially critical minerals projects.

And so you asked about institutions over there.

JBIC is world-class.

Yep, absolutely.

Great.