As part of our strategy to simplify our asset portfolio, we intend to close our fertilizer operations in 2018. In January, Vale Fertilizantes was sold to The Mosaic Company ("Mosaic"), a company with which we now have equity stakes. Through the partnership with Mosaic, Vale strengthens its exposure to the global fertilizer market, particularly in the large, high-growth agricultural regions of North America and Brazil.

We also entered into a quota purchase agreement with Yara International ASA for the sale of its subsidiary Vale Cubatão Fertilizantes Ltda. The subsidiary still holds and operates nitrogen and phosphate assets in Cubatão, Brazil, but the conclusion of the transaction is expected for the second half of 2018.