The average value-in-use (VIU) adjusted iron ore cost for Q2 2020 is US$36.21/dry tonne (62% Fe fines basis, CFR China). This is down a massive 18% compared to the average of US$44.07/dry tonne last quarter. At a country level, the changes compared to last quarter are different. VIU adjusted costs in Brazil have fallen 32% this quarter while Australian costs are down 15%. Chinese value-in-use costs are down a smaller 6%. Total operating costs have been positively impacted by significantly lower diesel fuel prices and weak exchange rates. From a value-in-use perspective, Brazil has benefited from our increase to higher grade (62% Fe vs 65% Fe) premiums although this was partially offset by a lower pellet premium and an increase to our Silica (4%-6.5%) penalty. In Australia, VIU adjusted costs have benefited from a lower discount for ore with grades less than 62% Fe and a reduction in the phosphorous penalty.