Mariana is a mining complex owned and operated by Vale with most of its projects located in the namesake city in Minas Gerais state, Brazil. The complex is comprised of three operating mines — Fábrica Nova, Alegria and Fazendão — and three depleted ones — Capanema, Timpopeba and Conta História. Mariana produces a mixture of fines and concentrate products for the domestic and seaborne export markets as well as Vale's pellet plants. Production and sales at Fazendão have ceased after the Samarco dam burst in November 2015. We expect operations at the mine to resume concomitantly with Samarco's restart. As a result, Mariana's overall output rate is slated to grow year-on-year between 2020 and 2023. Mariana has one of the lowest raw ore Fe grades among all Vale's complexes which leads to greater tonnages of raw ore needed per tonne of product. This causes the operation to have comparatively higher processing costs for the company.