Serra Sul (also known as S11D) is a major new mining project being developed by Vale in its Northern System. The deposit is one of the largest undeveloped resources of high grade, direct shipping iron ore known in the world and is planned to have an annual production capacity of 90 million tonnes at an estimated capital cost of roughly US$14 billion. The Serra Sul mine will utilise Vale's dry processing technology to produce a single high-grade sinter feed fines product as direct shipping ore for the export market. Production will be shipped from Vale's Ponta da Madeira terminal at Itaqui port, in the state of Maranhão. At full production, we expect S11D to have one of the lowest operating costs among all iron ore mines supplying to the seaborne market.