Investor Presentaiton
.
.
PROJECT HISTORY 2
Iron ore projects at all levels are selling for very high prices in Brazil, usually with very
large up front payments
Salinas project was sold to Honbridge (backed by Chinese State owned Xinwen and
Shandong Iron & Steel Group Co (SDIS) for US$430 million in April 2010. (JORC 2.8bn
tonnes @ 20% Fe)
MIBA sold to Steel do Brazil for US$250 million in May 2010. (Estimated 2.5bn tonnes
@ 30% Fe). Resold in November 2010 for US$304 million to Eurasian National
Resources Corp (ENRC)
Bamin Project just north of Rio Pardo at Caetite sold for US$976M to Eurasian
Natural Resources Corp on 21 September 2010 (Reserve of 1.8 billion tonnes grade
of 32%)
Ferrous Resources acquired package of small projects plus exploration ground for
US$600m in 2007 and 2008. Raised US$1.4Bn in private equity. (JORC 4.5bn tonnes
@ 33.5%Fe)
MINAS NORTE MINERACAO LTDA
5View entire presentation