We aim at becoming a player with a scale which enables us to serve the international iron ore market. In order for this to occur, we intend to implement our strategy in two phases, so as to maximize our competitive advantage:

• First Phase:

Implement the 1.2 million ton a year Pellet Feed pilot production plant

To conclude a research program in the areas that are the object of research licenses issued by the DNPM.

To concentrate our iron ore supply on Asia.

• Second Phase:

To increase our Pellet Feed production to 12 million tons a year.

To implement our new logistics with improved efficiency and reduced operational costs.

To establish and operate a new bulk terminal in Suape.

To carry on with the soundings, define process routes and confirm new resources so as to increase our production.

Long-term additional projects aimed at adding value a