Was there a point during your time working in the resource sector that you thought there was an opportunity for something like this, and that now, however many years later, you're actually working in it? And how have you seen the evolution of the conversation between First Nations and industry and ultimately government?

Certainly, Deirdre.

I think the evolution over this, over this period of time about indigenous participation in projects has evolved from simple consultation at some point in time, and I would say that was an evolution from no consultation and just having activities conducted on, on traditional lands, through to consultation and the development of impact benefits agreements.

And I was very fortunate in my role, in my time with Glencore, but firstly with Falconbridge, then Xstrata, but ultimately with Glencore, to have the opportunity to participate in the renewal of an impact benefits agreement for the Raglan agreement back a number of years ago.

And those impact benefits agreements are extremely important as they, they form the operating agreement between industry and the First Nation, or in this case, in the Raglan agreement, the Inuit partner that was there.

But equity is a very different structure.

It takes two partners and makes them into a single business.

Mm