............. .......How long is this deposit old? We have identified 30 years. But mines similar to this one, in Germany or in Catalonia, are thought to last around 80-100 years. It is not an exaggeration to think so.What have you seen in Mina Muga?-In our fund we apply an eight-point protocol, eight points that a project must have to enter it. The scale of the project; the quality; that standardized mining and processing methods be employed; that it is efficient from the point of view of costs; may he have a long life; that has a safe environment, with extra potential; that has a high safety and environmental standard; and make it profitable.And how old is Mina Muga?–It has good scale and good quality, uses standard methods, has a 100-year life, very good environmental and safety protocols, good environmental management, good governance by Australian market standards, and good margins. It has all the ticks. But there is one thing in which it is unique: most of the potash deposits in Canada are in the middle of nowhere. This one is in the middle of the market. You just have to connect it.Here it has been thought that the delays were going to make the project fail.–We need to change the chip a bit with this. This is a very long-term investment, a hundred years from now. We talk about 10 + 2 to start a project: we usually take about ten, twelve years, in the procedures and investigations, although our record has been seven and a half years. With perspective, those ten years is not that long if we think of 80, 100 years of work.Who is the investor profile?–When we think of an investor, the image of a stock market operator comes to mind, of buyer and seller, sometimes in operations on the same day, depending on how the stock market goes. The mining investor is totally different. They are very long-term investors: large funds, institutions, pension funds... They are the profiles that can afford 10 years of paperwork. Mining investors don't think about how the market will be next week. I insist, it is a different chip from the one here.Do you have the feeling that a project like this is not understood here?–It is difficult for a bank here to leave you all the money you need for something like that. It has a lot to do with the economic culture of the countries, but I wouldn't give much thought to that either. It just happens and it's good.Does potash hold up to all this? Will it continue to be so valued?"We'll never stop needing potash, that's for sure." Whenever fertilizer is needed, potash will be needed. It has no substitute. The world population grows, life expectancy grows, food needs grow. People live longer and get older, like me, and eat more, like me [laughs]. It is a growth industry, we tell you.No alternative? Oil was also essential, and with less and less oil, more things are done.– Potash gives strength and growth to plants. And there is no substitute.Projects of this type have environmental controversy due to their impact, noise, water...–It happens everywhere, but here we have found hardly any reluctance. It has happened to us in developing countries, because there you are making big changes in their lives. We think we have to build trust with our local people. Misgivings come from people who believe that there will be a lot of noise, that the area will turn upside down... but we have to be close to people to change that perception. Most of the people want this type of projects, because they provide work and a future. Another thing is the smaller groups, of a more activist nature, but we also work with them.What does your experience tell you?–The project has good credentials because we apply the same way of acting in all of them.Will the project be a before and after in the region?-Yeah. Because it is very long term. Navarra has universities, a good business fabric, and in this environment we are going to add a new dimension, mining, which has a great capacity to attract. The mining world is looking at us and right now it is looking here
(20min delay)