Gudai-Darri (previously Koodaideri) is an under construction greenfield project scheduled to come online early 2022. It will be part of Rio Tinto's wholly owned Hamersley group of operations. In November 2018, Rio Tinto committed A$3.5B to construct the 43Mtpa phase 1. We expect phase 2 will also be approved at an additional capex of A$900M and lift total capacity to 70Mtpa. The lower capex for phase 2 is a result of much of the required infrastructure being in place as part of phase 1. We estimate Gudai-Darri has a total post-tax IRR (for phases 1 and 2 combined) of 45%.