Koodaideri is an under construction greenfield project scheduled to come online in 2021. It will be part of Rio Tinto's wholly owned Hamersley group of operations. In November 2018, Rio Tinto committed US$2.6B to construct the 43Mtpa phase 1. We expect phase 2 will also be approved at an additional capex of US$700M 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 Koodaideri has a total post-tax IRR (for phases 1 and 2 combined) of 39%.