Beeshoek is located in the Northern Cape province of South Africa. The mine is owned by Assmang, a 50/50 JV between Assore and African Rainbow Minerals, and produces high grade lump and fines products. Beeshoek mainly supplies iron ore to the domestic market in South Africa. Beeshoek supplies 3 Mtpa to Arcelor Mittal under a long term supply agreement but this may change with the wind-down of ArcelorMittal’s steel operations at Saldanha Works and the product potentially finding its way into the seaborne market. Beeshoek started to export a small amount from stockpiles during 2018 and we expect this to continue at around 0.3 Mtpa. C1 cash costs at Beeshoek are forecast to fall 10% in 2019 due to a lower strip ratio and a weaker Rand. Beeshoek is expected to continue to experience cost pressures from rising labour and utility costs in South Africa but it has benefited from the higher than expected average realised prices for iron ore in 2019 as well as higher lump premiums.