Looking further ahead, we continue to make good progress at Simandou. In 2012 we formed the joint venture with Chalco, received the $1.35 billion dollar earn-in and we also are focused on social and environmental impact study. We anticipate further progress once project financing has been put in place, and approvals are granted by the Government of Guinea for work on the ground.

Turning now to the Mongolia and the Oyu Tolgoi copper and gold project. I am very proud of this project and of what our management team in Mongolia has delivered. As you can see this is a truly world-class project. It has the potential to make a material contribution to the growth and prosperity of Mongolia, as well as delivering value for Rio Tinto shareholders.

The project was constructed on budget, over an optimized schedule of 34 months. And it has already achieved key commissioning milestones, including the first concentrate produced in January. It remains on track to ramp up to commercial production in the first half of this year.

The high quality ore body will provide further options for growth. We are continuing to optimize the phase 2 feasibility study, and now expect it to be completed in the first half of 2014.

Our investment of over 6 billion dollars in Mongolia to date is underpinned by the Investment Agreement, signed with the Government of Mongolia in 2009, and which came into effect in 2010.This agreement, as with any other investment agreement, is the foundation of the project, and an essential safeguard for investment in Oyu Tolgoi.

I am concerned by recent political signals within Mongolia calling in to question some aspects of the Investment Agreement. This undermines the partnership that we've built, and the stability on which a project of this size and scale depends. It puts at risk future investment, not only by Rio Tinto, but also by others considering investing in Mongolia and I will be totally supporting the copper team in their finding a solution.

It is important that we continue to work in partnership with the Government of Mongolia, to bring the benefits of OT to all parties. But I am also focused on delivering and protecting value for our shareholders. And this requires proper safeguards against risk, and continued respect for the implementation of the agreement .