We have seen an increase in the number of active projects and the activity associated with these projects as a direct result of high iron ore prices but we do not think many of these will go ahead. They are either high cost, capital intensive or geographically challenging. In addition, COVID-19 has severely impacted global financial markets and while margins in the iron ore sector are at record levels, investors are cautious. Most new mines will be limited to replacement projects for existing and depleting assets, particularly in Australia. One exception is Simandou in Guinea. With the northern blocks having been awarded to a Chinese led consortium with plans to spend US$14 billion on the mine and infrastructure, Rio Tinto is now re-evaluating the potential development of its southern blocks. While Simandou does not fall into our base case, we can't ignore the potential impact that an additional 180 Mtpa could have on global iron ore supply and the viability of other projects.