 Today I have the pleasure speaking with Hubert Vallée from Canadian Metals. How are you? Very good Tracy, thank you. I'm so delighted to meet you because for starters I'd like to congratulate you. You've just joined the executive team of Canadian Metals and they've had quite a coup in bringing you in. Can you tell us a little bit about your background? On my background, basically I'm an electrical engineer. I work more than 30 years in the iron ore and most recently from 2005 I was joining the very first group of Consolidated Thompson and succeed to build Bloom Lake mine site and we sold to Cliff for five billion dollars in 2011. So there you go. You know I always tell our audience to watch the jockeys. So with Canadian Metals you've been putting out a number of news releases and you're aggressively moving forward to completing your PEA. Can you give us an update on this? Okay so the PEA we intend to deliver a PEA by the end of this year. So my understanding is that your PEA will be done later this year? And some of your members of your team have been telling me you're going to jump straight to your bankable feasibility study after the PEA is complete. Is that correct? Yes, that's correct. We could do that because of the technology. The technology is a well proven technology and the risk is very low. That's why we could do that. And I want to get right into that because of your technology. What do you mean by that? But the technology to use to produce ferro silicone is used for more than 100 years. So we don't have to piloting and testing the process. So that's why we could jump directly to the bankable. So for anyone listening right now I'm sure your next question is what is ferro silicone? This is very exciting to us. So can you give me a bit of an overview? Ferro silicone is used mainly to the steel production in the blast furnace. They need that product to deoxidize the iron and to produce a high quality steel. They also use the ferro silicone in the projection of the magnesium and the stainless steel. It's like a little portion compared to the main. This means for the iron is when you use about 3 to 4 kilo per ton, the requirement of the ferro silicone. And it's my understanding that you have one of the best deposits of high grade ferro silicone and quartz in the world. Is that correct? Yeah, that's a very, very good question. The first thing I did when I was told by a contact by a mechanism metal, I had one of my good friends stayed in Matan, which where is the deposit and I call him and he confirmed to me this deposit is a word class, a huge deposit. Because this is the most important thing is the deposit is there and the quality is there and I could confirm to you independently. I verify it. I did my due diligence and this is there. So in addition to this, you have a very tight timeline. Can you talk to me a little bit about the timeline? I mean they've just brought you in in the last couple of months and you've got a track record of getting things done. What are your plans? Our plan is to deliver a peony by the end of the year, deliver a bankable feasibility study depending on the financing but we are quite confident to get the money and deliver these bankable feasibility by the third quarter of the next year, 2016 in parallel running the environmental permitting process, which is the longest period we need to wait. The environmental permitting process will take between 18 to 24 months and we intend to start this process shortly in the next month. I've had the benefit of seeing your infrastructure which is just amazing and how fast you're going to actually be able to do this and it looks to me like your CAPEX and OPEX is quite competitive. Can you tell us about what this is going to cost to get you to production? At this stage, that would be confirmed by the P&E but we expect to have around 175 million CAPEX requirements and actually the sales price of the Ferro silicone is an average of about $2,000. Our production costs anticipated but again that would be confirmed but that would be in the range of $800 to $900 per ton. I've had the benefit of taking a look at many of your marketing materials and it looks to me like you have a very competitive infrastructure towards securing production in addition to your technology. Can you give us a little bit more of an overview on this? On the capital money requirement, we estimate at this moment that this number would be confirmed by the P&E but we estimate it would be around $175 million requirement, Canadian dollars. On the selling price, actually the Ferro silicone is selling an average of about $2,000 per ton and that's the most we can say at the moment. And of course the Chinese control 70% of the world's Ferro silicone supply. Can you give us a little bit of an overview about the rising demand for instance? I mean obviously if you need it in steel, there's going to be a lot of demand for Ferro silicone. So actually the world production of Ferro silicone is around $8 million ton per year. We intend to produce $50 million ton and all the North America import Ferro silicone from China and other countries. So we are quite confident to be able to sell that $50,000 ton which is a very small amount of production to the North American needs. Well thank you so much for joining us today. Thank you.