The Kimkan and Sutara mine, better known as K&S, is a small mine located in the Jewish Autonomous Region (EAO) of the Russian Far East. The operation is 4 kilometres west of the town of Izvestkovaya, approximately 130 km west by federal highway from the regional capital Birobidzhan, and 300 km west of Khabarovsk, the principal city of the Russian Far East. It is 100% owned by Hong Kong listed IRC. It was scheduled to start production in 2015 but delays in commissioning the processing plant has pushed this back to late 2016. K&S will be a high cost operation and we do not expect it to have positive cash flow under our iron ore price assumptions. Closure of the mine is a real possibility.