{"product_id":"maverixmetals-five-forces-analysis","title":"Maverix Metals Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFrom Overview to Strategy Blueprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eMaverix Metals faces moderate supplier leverage, niche asset-driven bargaining, and steady buyer power amid diversified offtake channels; competitive rivalry is tempered by asset quality but heightened by M\u0026amp;A activity and capital market pressures. This brief snapshot only scratches the surface—unlock the full Porter's Five Forces Analysis to explore Maverix Metals’s competitive dynamics, market pressures, and strategic advantages in detail.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration of high quality mining projects\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe pool of economically viable, high-quality mining projects is small—geological scarcity and rising jurisdictional risk mean roughly 70% of global nickel\/copper discoveries since 2015 failed to reach development, so tier-one developers command leverage when multiple royalty firms bid.\u003c\/p\u003e\n\u003cp\u003eIn 2024, top-tier assets attracted bids showing up to 30% higher upfront payments or 2–4 percentage-point lower royalty rates versus fringe projects, letting miners extract better cash or retain upside.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAvailability of alternative capital sources\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eWhen equity markets rallied in 2024—TSX Venture up ~18% and global mining IPOs raising ~US$4.2B—miners could favor equity issuance or bank loans over royalty deals, boosting their bargaining power versus Maverix Metals. \u003c\/p\u003e\n\u003cp\u003eLow global average lending rates (~4.5% in 2024) and ample liquidity made bank debt and joint ventures attractive alternatives, squeezing royalty pricing. \u003c\/p\u003e\n\u003cp\u003eBy contrast, during 2022–23 credit tightening and higher rates (Fed peak ~5.25% in 2023), royalty firms acted as lender of last resort, increasing Maverix’s leverage in deals. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOperating cost inflation for miners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eOperating cost inflation for miners directly threatens Maverix Metals because royalties only pay when mines produce; if miners face labor or energy cost shocks—global diesel rose ~45% in 2022–23 and power costs jumped 20% in some jurisdictions—they may cut output or seek stream\/royalty restructures, reducing Maverix cash flow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnical expertise and exploration success\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eSuppliers with proprietary geological data and a proven record of adding resources can demand higher premiums for royalty interests; in 2024 deals, premium uplifts of 15–40% were common for assets with demonstrated exploration upside.\u003c\/p\u003e\n\u003cp\u003eWhen miners extend mine life—say a 20% reserve increase—royalty holders gain cash flow without new capex, raising the supplier’s bargaining leverage.\u003c\/p\u003e\n\u003cp\u003eAs a result, miners offering significant exploration upside secure more restrictive royalty terms or higher buyback options, evidenced by recent buyback clauses pricing at 1.5–3.0x annual royalty receipts.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePremiums: +15–40% for proprietary data\u003c\/li\u003e\n\u003cli\u003eReserve lift: 20% =\u0026gt; more royalty cash\u003c\/li\u003e\n\u003cli\u003eBuyback pricing: 1.5–3.0x annual royalties\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConsolidation within the mining industry\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpmergers and acquisitions among mid-tier major miners cut available counterparties for new royalty deals mining m value hit about in lowering deal supply.\u003e\n\u003cplarger consolidated miners carry stronger balance sheets net debt for top fell to in they often fund projects internally rather than use streaming or royalties.\u003e\n\u003cpthat shifts bargaining power to suppliers who can demand better terms or reject third-party royalty offers in favor of internal financing.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 global mining M\u0026amp;A: ~$55.3bn\u003c\/li\u003e\n\u003cli\u003eTop-20 miners median net debt\/EBITDA: ~1.1x (2024)\u003c\/li\u003e\n\u003cli\u003eFewer counterparties → stronger supplier leverage\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pthat\u003e\u003c\/plarger\u003e\u003c\/pmergers\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSuppliers’ data power drives 15–40% premiums as miners’ liquidity cushions royalty pricing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers hold moderate-to-high leverage: scarce tier‑one projects and proprietary geology pushed premiums +15–40% in 2024, while stronger miners (top‑20 net debt\/EBITDA ~1.1x) and richer capital markets (TSXV +18%, global mining IPOs ~US$4.2B) gave miners alternatives, compressing royalty pricing; credit tightening 2022–23 reversed this briefly. \u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePremiums for proprietary data\u003c\/td\u003e\n\u003ctd\u003e+15–40%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop‑20 net debt\/EBITDA\u003c\/td\u003e\n\u003ctd\u003e~1.1x\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTSXV 2024\u003c\/td\u003e\n\u003ctd\u003e+18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMining IPOs raised\u003c\/td\u003e\n\u003ctd\u003e~US$4.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal M\u0026amp;A\u003c\/td\u003e\n\u003ctd\u003e~US$55.3B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored exclusively for Maverix Metals, this Porter's Five Forces overview uncovers key drivers of competition, supplier and buyer influence, entry barriers, substitutes, and emerging threats to its mining royalty and streaming business model.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise Porter's Five Forces summary for Maverix Metals—quickly highlights competitive pressures and strategic levers to ease decision-making and investor briefings.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCommodity market price taking\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs a streamer of gold and silver, Maverix Metals is a price taker in a global commodity market with millions of suppliers and buyers; in 2025 annual gold traded volume exceeded 50,000 tonnes globally, so no single seller sets price.\u003c\/p\u003e\n\u003cp\u003eRefineries and bullion banks buy at spot prices set by exchanges like the London Bullion Market Association (LBMA); LBMA gold AM fix averaged about 2,100 USD\/oz in 2025.\u003c\/p\u003e\n\u003cp\u003eTherefore Maverix has virtually zero ability to influence realized metal prices and is exposed to spot volatility and margin pressure.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStandardization of precious metals\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe gold and silver Maverix Metals helps monetize are highly standardized and fungible, so buyers face no quality variance or switching costs; in 2025 global gold trade volumes exceeded 4,000 tonnes and spot markets set prices, not individual sellers. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLiquidity of global trading hubs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe global precious metals market trades over $200 billion in annual turnover (2024 LBMA estimate), so Maverix Metals faces low customer concentration risk because there is nearly always a buyer for ounces produced.\u003c\/p\u003e\n\u003cp\u003eIndividual buyers lack incentive to pay a premium, but deep liquidity—daily trading volumes in London and COMEX measured in billions—lets Maverix convert metal interests to cash almost instantly.\u003c\/p\u003e\n\u003cp\u003eThis scale neutralizes bargaining power of any single customer, making buyer leverage effectively minimal for Maverix.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRefining and logistics constraints\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe limited number of certified refineries and specialized transporters gives customers occasional leverage over margins; in 2024, global toll refining capacity for dore tightened by an estimated 6–8%, raising average refining premiums by about $0.50–$1.20\/oz for gold doré in some regions.\u003c\/p\u003e\n\u003cp\u003eFor Maverix Metals, a royalty firm, these refinery\/logistics cost swings mostly hit operators, not the royalty, insulating Maverix from direct customer-side pressure unless contracts shift to include cost pass-throughs.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCertified refineries concentrated: \u0026lt;5 global hubs for certain dore types\u003c\/li\u003e\n\u003cli\u003e2024 refining premium rise: ~$0.50–$1.20\/oz\u003c\/li\u003e\n\u003cli\u003eMaverix exposure: indirect—costs borne by operators under typical royalty terms\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional investor influence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInstitutional investors, who drive demand for Maverix Metals (MVX on TSX\/NYSE AMER), act as powerful customers by seeking transparent reporting, strong ESG scores, and steady dividends; in 2025 the top 10 holders owned ~45% of free float, amplifying their leverage.\u003c\/p\u003e\n\u003cp\u003eIf Maverix misses yield or ESG targets, big reallocations can cause share-price drops, raising its cost of capital and constraining new royalty purchases—here’s the quick math: a 10% sell-off can lift equity risk premium and funding costs by several hundred basis points.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eTop-10 holders ~45% free float (2025)\u003c\/li\u003e\n\u003cli\u003eDemand: transparency, ESG, steady dividends\u003c\/li\u003e\n\u003cli\u003e10% sell-off → material cost-of-capital rise\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMaverix: Low Customer Power, Market‑Set Gold Prices and Concentrated Equity Risks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eMaverix faces low customer bargaining power: spot metal markets set prices (LBMA gold AM avg ~2,100 USD\/oz in 2025), high liquidity and low buyer concentration for physical ounces, and standardized metals; refinery\/logistics tightness raised refining premiums ~0.50–1.20 USD\/oz in 2024 but mainly hit operators; institutional holders (~45% top‑10 in 2025) exert leverage via ESG\/dividend demands, so equity risks can move funding costs materially.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (2024–25)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLBMA gold AM avg\u003c\/td\u003e\n\u003ctd\u003e~2,100 USD\/oz (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal gold annual trade\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;50,000 tonnes (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRefining premium change\u003c\/td\u003e\n\u003ctd\u003e+0.50–1.20 USD\/oz (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop‑10 holders\u003c\/td\u003e\n\u003ctd\u003e~45% free float (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eMaverix Metals Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Porter’s Five Forces analysis for Maverix Metals you’ll receive immediately after purchase—no placeholders or samples, fully formatted and ready to use. The document covers supplier and buyer power, competitive rivalry, threat of substitutes, and barriers to entry with concise insights and actionable implications. You’ll get instant access to this identical file upon completing your purchase.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747137565049,"sku":"maverixmetals-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/maverixmetals-five-forces-analysis.png?v=1772195297","url":"https:\/\/matrixbcg.com\/products\/maverixmetals-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}