Global average value-in-use (VIU) adjusted costs are US$42.07/tonne in Q4 2017, up 17% compared to a year ago. The major driver of VIU-adjusted costs over the past year has been the increased price spread between high-grade and low-grade ore and increased penalties for impurities. Australian costs have risen the fastest owing to the high proportion of low-grade ore shipped. While Brazilian cost rises have been muted as improved premiums for Brazil high-grade ore have largely offset sea-freight and other cost increases. The associated Excel download provides mine-by-mine and company VIU adjusted costs. As well as our full China cost curve on a VIU-adjusted basis.