Yes, agreed. There are many sources of downside risk in a low...

Yes, agreed. There are many sources of downside risk in a low margin operation, although for Ingerbelle at least there is some buffer in there.

Don't get us started on the Glencore JV! Or MMG for that matter. It was the failure of those two avenues that led us down the CMMC route of last resort. Neither was interested back then, although a new price cycle upswing might convince them to take another look.