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Project Description    
 
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Minnesota Steel
Industries, LLC
Part of the Essar Steel
Holdings Limited group
of companies.

Essar
Project Description - Mineral Resource

Minnesota Steel Mineral Resources
Resource Classification Long Tons (Tonnes) MagFe
%		 DTCSI*
%
Total Measured 865,220,352 20.818 1.660
Total Indicated 403,525,196 21.115 1.679
Total Measured + Indicated 1,268,745,548 20.912 1.666
Total Inferred 138,227,852 21.474 1.828
Total Mineral Resources 1,406,973,400 20.968 1.682

20-Year Mine Plan / Ore Reserve Characterization

All reserve and waste numbers shown in Long Tons.
  Pit 6 Pit 5 Combined Pits Reserve %
Proven 77,275,183 102,806,910 180,082,093 77.0
Probable 34,280,818 19,649,091 53,929,909 23.0
Total Reserves 111,556,001 122,456,001 234,012,002  

Total Proven and Probable

 234,012,002  
Waste 39,077,738 40,869,117 79,946,855  
Stripping Ratio 0.350 0.334 0.342  
In Situ MagFe % 21.090 20.660 20.865  
DTCSI* % 1.639 1.615 1.626  
   
•  Resource Reserve Calculations
 

  • Have been conducted following CIM (Canadian Institute of Mining) and SEC (Securities and Exchange Commission) guidelines.

  • The 20-year mine plan is in a bankable state with no additional drilling required. Over 75% is in the proven category, providing the greatest assurance.

  • Stripping ratios are very favorable, providing considerable cost savings in blasting and waste movement.

  

  • Coarse grain structure allows for very low silica (as indicated by the DTCSI*) and the production of high iron pellets, suitable for electric arc furnaces.

  • The total resource has enough ore for more than 100 years of steel production.

  
 

*DTCSI=Davis Tube Concentrate Silica