IRC is the largest iron ore mining operator in the Russian Far East. Our world-class operations focus on producing high-quality iron ore concentrate, with long-term relationships with customers in China and Russia. IRC is unique in the iron ore market due to its competitive advantages, namely superior geology and direct access to China, the world’s largest iron ore market, through established world-class infrastructure. K&S mine, our flagship 3.2 million tonnes per annum project, produces high quality 65% iron ore concentrate and is ramping up to its full capacity. In the long term, we have the options to boost the Group’s production capacity by adding processing equipment to K&S (“Phase II”), and also by developing other exploration projects.