Infrastructure availability remains a key risk, though this has been mitigated by certain long-term measures taken. FY19 Group underlying EBITA result delivered in line with revised guidance 1 due to the MAX grounding, whilst continuing to invest in our strategic transformation. While the selected files are being downloaded, we want to draw your attention to the reports on the sustainable development of the company. We have increased in recent years our focus on, and resources dedicated to, the Group compliance programme, including through increasing the number of dedicated compliance professionals, enhancing our compliance policies and procedures and controls and strengthening the Groupâs Raising Concerns programme and investigations function. We continued to take a flexible local approach to transforming our workforcesâ safety and health attitudes and culture. Many developed countries are pledging to stop using fossil fuels (specifically coal) in power generation. Commodity prices are influenced by a number of external factors, including the supply of and demand for commodities, speculative activities by market participants, global political and economic conditions, related industry cycles and production costs in major producing countries. New or improved energy production or technologies can also reduce the demand for some commodities such as coal. Directors’ Report Odin Metals Limited 4 2019 Annual Report to Shareholders Sturgeon Lake Project (100%) The Sturgeon Lake Project is an Earn-in Option Agreement with Glencore Canada Corporation, located 250km NW of the mining town of Thunder Bay, Ontario. Developments - In 2019, the Group wrote down the value of its Colombian coal assets by c.$1.0 billion (see note 6 and 10). It is the Groupâs policy to operate a BBB rating or above balance sheet and to ensure that a minimum level of cash and/or committed funding is available at any given time. The TUIGroup applied IFRS15 and IFRS9 retrospectively from 1 October 2018. Trafigura Locations. We recognise the contribution a healthy community makes towards the robustness of our production processes. These include those risks which would threaten the business model, future performance, reputation, solvency or liquidity of the Group, A reference to a note is a note to the 2019 financial statements, A reference to the sustainability report is our 2019 sustainability report to be published in April 2020, a significant increase in commodity prices resulting in suppliers being unwilling to honour their contractual commitments to sell commodities at pre-agreed prices, a significant reduction in commodity prices resulting in customers being unwilling or unable to honour their contractual commitments to purchase commodities at pre-agreed prices, suppliers subject to prepayment may find themselves unable to honour their contractual obligations due to financial distress or other reasons, the imposition of new regulations, and climate change related policies adverse to our interests in fossil fuels by actual or potential investors, customers and banks, potentially impacting Glencoreâs reputation, access to capital and financial performance, increased costs for energy and for other resources, which may impact the productivity of our assets and associated costs the imposition of levies related to greenhouse gas emissions, increased costs for monitoring and reporting related to our carbon footprint, reduced demand for our fossil fuel products, impacts on the development or maintenance of our assets due to restrictions in operating permits, licences or similar authorisations, losing of coal assets and consequent loss of investment, Government policy: we take an active and constructive role in public policy development of carbon and energy issues and seek to ensure that there is a balanced debate with regard to the ongoing use of fossil fuels, Lobbying activities: we acknowledge IIGCC Investor Expectations on Corporate Climate Lobbying and recognise the importance of ensuring our membership in relevant trade associations does not undermine our support for the Paris Agreement and the Paris Goals, Energy costs: projected price changes within our operating regions may affect our assetsâ operating cost sensitivities. 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