Lebedinsky GOK (LGOK) is the largest iron ore mine in Russia, and is located at Gubkin, about 650km south of Moscow. It is 100% owned by Russian steelmaker Metalloinvest and is the only hot briquetted iron (HBI) producer in Russia. Metalloinvest's new HBI-3 plant at Lebedinsky GOK was launched in July 2017 and is expected to boost the company's HBI production capacity to 4 Mtpa. Despite the high cost to turn the ore into HBI and its currently small demand globally, it is an extremely high margin business and we expect it will continue to be for Metalloinvest. The HBI plant is expected to reach full capacity in 2018.