Samarco is 50:50 Brazilian joint venture between Vale and BHP Billiton. The company runs a fully integrated iron ore mining concentration transport and pelletising operation. Pellets are shipped to export markets from the company's port facility at Ponta Ubu in Espirito Santo state Brazil. On 5 November 2015 two of Samarco's tailings dams ruptured causing extensive flooding and mudslides resulting in an unconfirmed number of fatalities and missing people. The affected dams were Fundao and Santarem located at Samarco's Germamo complex in the district of Mariana. All operations at the Germano unit were suspended and the authorities are still assessing the real causes of the breach. We expect Samarco to resume operations in 2018.