Review of 2013

Sino Iron achieved a significant milestone in 2013, delivering its first shipment of magnetite concentrate to China. On 2 December 2013, barge loaders carried magnetite concentrate product from the new port at Cape Preston to a ship moored offshore, destined for CITIC Pacific’s special steel plant in Jiangsu province. We are now shipping regularly.

Load commissioning for production line one re-started in July after two months of addressing technical and operational issues. The objective going forward is to ensure the smooth operation of the line and increase the rate of production.

Load commissioning of production line two commenced in the latter part of 2013. However, an issue was identified with the line’s gearless motor responsible for driving the grinding mill. A new motor will be installed, and commissioning will begin again soon after.

Magnetite concentrate produced so far is of high quality with 66% iron content and low impurities. As of mid-February 2014, over 766,000 wet metric tonnes (wmt) of concentrate have been produced.

Civil works on lines three to six have begun. CITIC Pacific Mining (CPM) will directly manage the works. Given the experience China Metallurgical Group Corporation (“MCC”) has accumulated through the construction of the first two production lines, key members of the MCC team have been seconded to CPM to assist with the works.

The supporting infrastructure, specifically the power station and desalination plant, is now providing a steady supply of power and water to the entire project. During 2013, we focused on stepping up operational reliability through tests, upgrading software, improvement of operation management and training.

As one of the world’s largest and most complex magnetite mining and processing operations, Sino Iron is building a world-class workforce. This includes providing employees with quality training and development opportunities to progress their careers and benefit the business.

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