Kedia is a small surface mine in the Tiris-Zemmour District of northern Mauritania. The mine is owned and operated by the majority state-owned mining company SNIM. Mining takes place across five pits with grades ranging between 50.0% Fe to 61.0% Fe with a current head grade of 61.0% Fe. The average grade is expected to gradually fall and we expect the strip ratio will continue to rise as mining continues into deeper levels. This will result in an increase in waste mining costs, which once combined with the surface mining cost, will cause the overall mining cost to rise 33% by the end of the mine's life. The Kedia deposit has lasted several decades beyond its originally envisaged life of mine because rising prices enabled SNIM to continue production, increase reserves and mine deeper into previously uneconomic resources. Now that prices have declined there is a risk that the mine may close sooner than we have modelled.