Samarco is a 50:50 Brazilian joint venture between Vale and BHP. The company runs a fully integrated iron ore mining, concentration, transport and pelletising operation. Pellets are shipped to the seaborne export market from the company's port facility at Ponta Ubu in Espírito Santo state. On 5 November 2015, two of Samarco's tailings dams ruptured causing extensive flooding and mudslides which culminated in the death of 19 people. Since then, operations at Samarco have been halted. We expect the project to resume operations in 2020, with its ultimate capacity rate to be reached by 2022. This is dependent upon the project receiving a Corrective Operation Licence (LOC) sometime before 2020 to reinstate its environmental licences.