Minorca is a surface mine located in Minnesota's Mesabi Iron Range near Virginia. The mine is owned and operated by ArcelorMittal and produces both fluxed and non-fluxed pellets. Annual production is typically around 2.8Mtpa. Output is typically transferred to one of ArcelorMittal's several blast furnaces, but can also be sold on the open market to customers in the US and Canada. The United Steelworkers union has negotiated a labour agreement allowing a 2% per annum increase in wages, over and above inflation. We have factored this rise in labour rates in our forward-looking C1 cash costs for Minorca.