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Iron Ore
estimates as at 31 December 2009

Iron Ore Brazil

The Minas Rio project is located in the state of Minas Gerais, Brazil and will include open pit mines and a beneficiation plant producing high grade pellet feed which will be transported, through a slurry pipeline, over 500km to the Port of Açu in the state of Rio de Janeiro. The project will largely be based on the two main deposits of Serra do Sapo and Itapanhoacanga. Two ore types, Friable and Hard Itabirite, have been identified at Serra do Sapo and Itapanhoacanga. Only the Friable Itabirite is being considered for Phase 1 of the project. The planned annual capacity of Phase 1 is 26.5Mtpa of iron ore pellet feed (wet tonnes), for start up during the second half of 2012.

The figures reported represent 100% of the Mineral Resources. Rounding of figures may cause computational discrepancies.

Amapá
Mineral Resources(1)
  Tonnes   Grade
Attributable % Classification   2009 2008   2009 2008
Amapá (OP)(2) 70.0     Mt Mt   %Fe %Fe
Canga   Measured   - -   - -
    Indicated   - -   - -
    Measured and Indicated   - -   - -
    Inferred   17.2 -   54.6 -
Colluvium   Measured   5.6 -   40.9 -
    Indicated   31.0 -   44.0 -
    Measured and Indicated   36.6 -   43.5 -
    Inferred   14.1 -   41.7 -
Friable Itabirite and Hematite   Measured   28.7 -   42.5 -
    Indicated   80.8 -   41.3 -
    Measured and Indicated   109.4 -   41.6 -
    Inferred   29.9 -   41.8 -
Minas Rio Iron Ore Project
Mineral Resources(3)
  Tonnes   Grade
Attributable % Classification   2009 2008   2009 2008
Itapanhoacanga (OP)(4) 100     Mt Mt   %Fe %Fe
Friable Itabirite and Hematite   Measured   25.0 -   42.5 -
    Indicated   219.2 90.0   41.6 39.6
    Measured and Indicated   244.2 90.0   41.7 39.6
    Inferred   74.7 362.0   41.7 38.0
Hard Itabirite   Measured   10.9 -   33.2 -
    Indicated   95.8 -   33.8 -
    Measured and Indicated   106.7 -   33.7 -
    Inferred   43.9 51.0   33.2 33.2
Serra do Sapo (OP)(5) 100           %Fe %Fe
Friable Itabirite and Hematite   Measured   498.1 462.0   38.6 38.1
    Indicated   872.5 565.8   37.0 37.5
    Measured and Indicated   1,370.5 1,027.8   37.6 37.8
    Inferred   192.2 143.9   33.1 34.3
Hard Itabirite   Measured   453.8 -   31.8 -
    Indicated   1,968.3 1,650.5   31.2 31.0
    Measured and Indicated   2,422.1 1,650.5   31.3 31.0
    Inferred   149.4 680.8   30.3 30.3
Serro (OP)(6) 100           %Fe %Fe
Friable Itabirite and Hematite   Measured   - -   - -
    Indicated   9.5 46.0   63.6 33.3
    Measured and Indicated   9.5 46.0   63.6 33.3
    Inferred   74.2 54.0   35.3 28.7
Hard Itabirite   Measured   - -   - -
    Indicated   - 79.0   - 29.5
    Measured and Indicated   - 79.0   - 29.5
    Inferred   308.2 259.0   31.6 30.7

Mining method: OP = Open Pit.
Due to the uncertainty that may be attached to some Inferred Mineral Resources, it cannot be assumed that all or part of an Inferred Mineral Resource will necessarily be upgraded to an Indicated or Measured Resource after continued exploration.

(1)
Amapá - Mineral Resources: The cut-off grade used is 25% Fe. Assays are on a dry basis. Tonnages are reported on a wet basis with an average moisture content of 10 wt% for Colluvium and 8 wt% for Friable Itabirite and Hematite ore.
(2)
Amapá : Includes the Mário Cruz, Martelo, Taboca, Taboca Leste and Vila do Meio areas. The Taboca Leste area comprises the following Inferred Resources: Canga - 1.5Mt @ 42.6% Fe, Colluvium - 10.9Mt @ 41.7% Fe and Friable Itabirite - 23.8Mt @ 41.4% Fe. Friable Itabirite and Hematite includes Friable Itabirite, Altered Friable Itabirite and Friable Hematite.
(3)
Minas Rio Project - Mineral Resources: The cut-off grade used is 25% Fe. Assays are on a dry basis. Tonnages are reported on a wet basis with an average moisture content of 5 wt% for Friable ore. Friable Itabirite and Hematite includes Friable Itabirite, Semi-Compact Itabirite and Friable Hematite.
(4)
Itapanhoacanga: 2008 figures comprise material above 20% Fe cut-off grade. Low grade Mineral Resources (between 20% Fe and 33% Fe) were included in table footnotes in 2008 and are now combined with the previously reported high grade Mineral Resources. Friable Itabirite and Hematite includes Friable Itabirite, Semi-Compact Itabirite, Soft Hematite and Hard Hematite. A portion of the adjacent Quartz-X Mineração Ltd property is included in the 2009 figures (Measured = 0.4Mt @ 43.1% Fe, Indicated = 23.8Mt @ 41.2% Fe, Inferred = 22.4Mt @ 41.0% Fe).
(5)
Serra do Sapo: Friable Itabirite and Hematite includes Friable Itabirite, Semi-Compact Itabirite and Soft Hematite. The Friable Itabirite and Hematite includes an area containing high Alumina content (28.1Mt). Mineração Trindade Ltd properties are included in the 2009 figures (Indicated = 40.3Mt @ 32.1% Fe, Inferred = 3.2Mt @ 31.7% Fe).
(6)
Serro: 2008 figures comprise material above 20% Fe cut-off grade. Low grade Mineral Resources (between 20% Fe and 33% Fe) were included in table footnotes in 2008 and are now combined with the previously reported high grade Mineral Resources. Friable Itabirite and Hematite includes Friable Itabirite, Semi-Compact Itabirite and Hard Hematite (9.5Mt @ 63.6% Fe).

Audits related to the generation of the Mineral Resource statements were carried out by independent consultants during 2009 at the following operations and projects: Amapá, Itapanhoacanga, Serra do Sapo and Serro

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Annual Report 2009