The number of active projects in our data set has increased to 85 in 2021 and the estimated value of these projects is now US$91 billion. Iron ore prices have exceeded expectations in 2021, but this has not translated into a significant increase in spending on new projects or capacity expansions plans. Investors are still being cautious, taking the view that iron ore prices will continue to weaken as the year progresses and that existing seaborne supply and the highly probable project pipeline should be sufficient to meet demand for the foreseeable future. Our estimated average capital intensity for 2021 is US$121/tonne, which is in line with last year. While companies have tried to operate on a capital light basis for several years now, we think that operating costs are going to gradually increase and this could flow into capital costs, particularly as producers seek ways to move toward a carbon neutral operating model.