But, again, all these things come down to what long-term prices are you comfortable with? I'm always intrigued to see what different sort of commodity forecasters use. Often, once they get three or four years out, they use quite low prices. We've published ourselves things at CAD2.50 copper when we do feasibilities and that sort of thing. But realistically, for long-term prices to be CAD2.50 in copper or CAD75 or CAD80 in iron ore, to average that long term, you've got to be significantly below that for large periods of time. That would be CAD2 copper or CAD50 iron ore, that sort of thing.

So we don't think that those sort of long-term prices actually make sense is and probably realistically, you would see CAD3 or CAD3.25 is what it is going to end up, because we've seen so many long periods when the copper price is higher. Likewise, you see in iron ore today, you see CAD155, an awfully high price. We recognize that. But the reality is, it's unlikely to stay down at CAD50, either. So CAD100 average, CAD110, somewhere in there, probably makes more sense.

So the key is to start on your long-term prices, then look at the assets. Are they in a good geopolitical jurisdiction? Are there significant environmental issues? What's the nature of the country, is it a country that's conducive for mining investment? First and foremost is it a long life ore body and at the midpoint of the cost curve or below, and is infrastructure available and workforce and the rest of it? So, we're always looking at these and comparing it to the base case, and so far we haven't obviously executed on any of them. We've carried on with the stay the course strategy. The odds are that's what we will do.

But in the meantime we still look at opportunities. And so, having cash balance there for either stay the course or one of these opportunities makes sense to us. We have increased the dividend, as you've seen. We have bought back a few shares. We will continue to do that going forward.

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Sure. We want to maintain the debt to the level that allows us to maintain our mid-BBB investment grade credit rating. That would be at about the 30% debt to debt plus equity ratio. Debt to EBITDA of 2.5 times or better and interest coverage or EBITDA to interest coverage of 6 times or better. And we're within those guidelines right now.

We would consider moving beyond those a bit if we felt that we could get back down within those targets in a relatively quick period of time. Of course, if we were going to do something, we generally go to the rating agencies ahead of time with what our plans are, how we intend to finance, and ask for an indicative rating, and depending on the results that we get back, we move forward or change things, or decide not to do things. That would be the approach we would take.

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I think you are quite right, though that with change in leadership at some of the large companies, the major ones in the industry, that there will be some reviews of their portfolios and some assets may shake out. In fact, I already referred to that in my earlier comments, that we're already aware of some things that will now be either for sale, or where they're looking for partners that otherwise might not have occurred. So we will be watching that closely.

So that, combined with delays in permitting in Chile and that sort of stuff, means that we're probably looking more closely at acquisition opportunities. But in the end, it's pretty tough to do these things, and the odds are not that high, and it's an odd time in the industry right now, because you can't build anything because you can't get permits, or the market is worried about cost overruns. You can't buy anything, because the market is worried about overpaying. If you're in the mining industry where your assets year after year deplete, that's not really a good formula. So, I think companies to have do something, but it certainly is a very awkward time in the industry from that point of view.