Sum, my comments are not intended to be negative toward NOT. It will eventually be a major prize for a major miner. But, I think the comment about growth today being inadequate to support development (today) is self explanatory and obvious. None of us expect that situation to persist forever, but the timing and quantum of world growth is a major and multiple valuation risk for NOT. Two months ago, things were looking pretty good on that front. The U.S. in particular was supporting their real economy at the expense of the USD. Today, that support is under serious attack. Not by me . Politically, demand growth in the U.S. has to eventually be restored and it will. But there is a lot of confusion and political headwinds. Modest recovery followed by a rising rate environment is a lousy scenario for resource stocks generally, but even worse for the specs. So NOT can drift for a long time at prices that look to both of us extremely undervalued, waiting for the big miners to see the growth elements that support billion dollar investment programs. The Chinese are important as part of world demand, but nobody realistically expects to see the Chinese army building a railroad to the RoF. Perhaps I will feel more positive once I see Sudbury back in gear. Obviously VALE feels that if it is not low cost, long term goodwill is unaffordable today.