Our estimated average capital intensity for 2019 has risen 30% to US$124 per tonne. While we had forecast a small, gradual increase in capital costs going forward, this jump was larger than anticipated. With several large projects underway and other smaller developers seeking to re-enter the market, the increased competition for labour and materials is driving costs up. But tight supply and strong Chinese demand has resulted in a rising iron ore price which is attracting interest in both new and old projects. Looking forward, we can expect to see some smaller re-starts and expansions successfully commence production but larger greenfield projects with high capital requirements are still likely to find financing difficult.