Las Carmelitas is a coal project located in the Zulia department of Venezuela. The mine's license was approved in 2002 and, under the initial plan, Las Carmelitas should have started in late 2005. However, we do not expect this project to come online before 2025. All mining concessions in Venezuela reverted back to the government's ownership on 1 January 2014 as the latter declined to renew areas in Zulia that had been held by private companies. Previously, Peabody had a 49% interest in the project. Lower strip ratios at the start of the mine and higher productivity levels will result in lower mining costs compared to other mines in Venezuela.