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Brazilian Domestic Iron Ore Projects

Centaurus’ Domestic Iron & Steel Strategy is based on achieving targeted annual production of at least 2Mt/annum of iron ore grading +66% Fe from the Jambreiro Iron Ore Project by the end of 2013. This product will be sold into the substantial domestic steel industry in Brazil.

The Domestic Strategy is underpinned by the Company’s extensive project portfolio in this region, which comprises 63 prospective iron ore tenements covering an area of 1,014 sq km.

The initial targeted production rate of 2Mtpa will be underpinned by the flagship Jambreiro Project. The Passabem and Itambé projects can be brought into production at a later time to expand the production base into the domestic market.

The Company’s JORC compliant resource inventory across these three projects is 165.5Mt at an average grade of 28.4%.

Centaurus is aiming to become a supplier of choice to the domestic Brazilian steel industry by beneficiating the itabirite ores at its projects to produce a high-quality, consistent final product grading 65-66% Fe.

Itabirites are a major source of iron ore production in Brazil. Itabirite is a metamorphosed iron formation composed of iron oxides with abundant quartz. They typically comprise hematite with a lower run-of-mine (ROM) grade than other sources of hematite.

However, they are extremely well suited to low-cost beneficiation and can be upgraded to 65-66% Fe via simple and inexpensive beneficiation processes.