In April 2015 Norilsk announced the completion of the sale transaction of its 85% stake in Tati Nickel to BCL Limited. BCL did not reengage the mining contractor at the end of 2015 and we believe, although have been unable to confirm that mining is currently halted. In the accompanying analysis Wood Mackenzie has assumed minimal production from Tati at the beginning of 2016. We expect that mine must have been operating at a significant loss in late 2015 and early 2016 and was vulnerable to closure. We have assumed this occurred in the first half of 2016.