Minas-Rio is a surface iron ore mine owned and operated by Anglo American located in the northeast corner of the Quadrilátero Ferrífero (QF) region of Minas Gerais state, near the city of Conceição do Mato Dentro. Anglo American purchased 49% of the project from MMX in 2007 and the remaining 51% in 2008. The Minas-Rio deposit is very large, with current run-of-mine (ROM) reserves totalling over 3.3 billion tonnes at 33.5% Fe. The operation produces a sole 67%-Fe pellet feed product which is entirely sold into the seaborne export market. Production at Minas-Rio commenced in 2014 and we expect the mine to achieve its ultimate capacity rate by 2021.