Serra Azul is a small iron ore complex located in the Quadrilátero Ferrífero (QF) region of Minas Gerais state, Brazil. It is 100% owned by Mineração Morro do Ipê (MMI), a company jointly-owned by Trafigura, Mubadala and a group of investors. In November 2015, MMX started negotiating the sale of some of its mining assets as part of a restructuring plan approved by creditors. A few months later, Trafigura, Mubadala and a group of investors, agreed to acquire MMX's iron ore facilities in the QF. On 28 October 2016, the asset acquisition was officially announced. We expect Serra Azul to sell a mix of fines, concentrate and lump products into the domestic market. Initially, operations will focus on the processing of existing stocks, though we expect these to be minimal.