Our cost reduction program at all of our sites continues to make significant progress. We have identified over $330 million of potential ongoing, annual operating cost savings across the company, of which $300 million have been implemented.

An additional $130 million of one-time cost savings and deferrals have also been identified and implemented.

As a result, our site cash production costs this year are down by approximately $65 million per quarter since the beginning of the program in the fourth quarter of 2012, excluding the effect of labour settlement charges in 2012. We have also reduced our planned spending on exploration by approximately 15% while maintaining our commitments to partners and have reduced our corporate overhead.

We continue to delay the development of some of our internal growth projects and have deferred capital spending. At Quintette, we delayed the final stage of development for the mine and will not start the development until we see a sustained improvement in demand for steelmaking coal. We have also slowed the development of Quebrada Blanca Phase 2 in part as a result of market conditions. We plan to update permits for our existing operations at Quebrada Blanca to reflect the longer mine life before resubmission of the social and environmental impact assessment ("SEIA") for Phase 2. We are also taking action to reduce sustaining capital expenditures.