A
map of the Group’s principal assets is set out below. The Company is currently
undertaking resource definition programmes on Marampa and Wadi Sawawin and has
a planned drilling programme at Xiaonanshan to ensure that all of these assets
will have JORC standard resources within the timeframes set out in this
document.
The
Company has an experienced management and technical team. The iron ore assets
are managed by country project directors aided by a technical services team
headed by the Company’s Chief Operating Officer, Luciano Ramos and comprising
of seven people with expertise in geology, metallurgy and mine engineering. The
technical services team is focussed on delivering low-cost, fast track
solutions to production. The iron ore assets are overseen by the Company’s
management team in London, which
focuses
on head office functions including funding, off-take agreements and corporate
development opportunities.
The
ability to develop projects rapidly into efficient producing mines, utilising
its experienced technical and operating team, is an important part of the Group’s
strategy. The Company successfully and rapidly scaled up production at its
Brazilian operations prior to selling those operations to ArcelorMittal for USD810
million in August 2008. during its 16 month period of ownership the Company
invested USD32 million and increased the resource from 268Mt grading 47% Fe to
1.1Bt grading 38% Fe, expanded capacity from 0.5Mtpa to 4Mtpa, completed
construction of a 3.5Mtpa sinter feed plant in less than 9 months and
negotiated both long term offtake agreements and a short-term domestic sales agreement
with Vale. These resource estimates were not prepared in accordance with an
internationally recognised standard, are based on historical data and are
included for information only. The Company’s investments in coal
assets are early stage minority interests and, as such, the assets are managed
by the management teams of the partner companies.
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