M'Haoudat 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. Although costs at M'Haoudat have come down in recent years, they have not reduced as much as at Kedia and Guelb El Rhein primarily due to increasing strip grades and lower grade which has resulted in increasing mining costs. We also expect that higher fuel prices and wage inflation pressures will continue to add to costs pressures in 2018. Production at M'Houdat is expected to remain steady going forward with it's low grade ore primarily used for blending with Guelb's concentrate.