 My name is Jim Otto, and I'm a mineral resources attorney and economist. We think about mining. We often have pictures of gold or diamonds in our mind, but the margins that you actually earn at the mine are pretty small. Companies will do feasibility studies to determine whether or not there will be adequate profits. If those profits aren't at an acceptable level, the project won't move ahead. So if you get the tax level too high, there'll be no projects. If you get it too low, the government doesn't get its fair share. We had something that economists refer to as the supercycle around 2004 and ended around 2011-2012, and the prices of many commodities, including the mineral commodities, soared. We had extraordinary profits being generated by some projects for a short duration. The governments began revising their tax systems to try to capture those profits. That supercycle was going to end at some point, and it has now. So how do you go about taxing extra when prices are high and taxing less when prices are low? Two examples would be Liberia and Peru. In Liberia, they have a system that's based on rate of return. Rate of return systems tend to be fairly complicated. And in terms of tax administration, you really need good institutional memory within the tax authority from year to year to implement them successfully. In Peru, they have something that's called an additional profits tax. It's easier for tax authorities to understand this type of tax because they're used to implementing the income tax. In designing a good tax system for mining, you need to get the balance right. You have to make sure that the companies are making adequate profits so that they will invest in projects and keep those projects up and running, and that government also receives its fair share. And finally, distribution is a very important element in modern tax policy. Getting that revenue share between the central government and local government is really key to maintaining the social license to operate. Without getting the support of local communities and provincial governments, mines may not go ahead. And without mines opening, everybody loses. You don't obtain that revenue at the national level or at the local level. And if we're looking at development without income, development is very difficult indeed.