IRON ORE CFR - Chile 62%

We, hereby state and confirm that we are ready and able to provide the commodity in the quantity, price, terms and conditions as specified below.

COMMODITY Magnetite Iron Ore Fines – Fe Content 62% and Over.

Below Fe 61% Rejection

Quality Specification: (On Dry Basis)

CHEMICAL:

Fe - 62% Rejection below 61%

SiO2 - 5.5% max

Al2O3 - 3% max

S - 0.08% max

P - 0.09% max

Moisture - 4% max

K20 - 0.11%

TIO2 - 0.15%

Sb - <0.02%

AS - <0.01%

SICAL:

Size: 0mm – 10 mm 95%

Origin: CHILE

Quantity:

First Shipment 50,000 MT (+/-10%) followed by 100,000 MT (+/-10%) %) per month. Quantity can be increased depending on Mine Production Capacity but has to be mutually agreed between Seller and Buyer.

Shipment will be by Bulk Charter Vessel.

Contract: 12 (twelve) months period with extend and roll over.

Price: Platt minus 10% Per DMT CFR ASWP at Buyer’s Option

Price based at Fe Content 62% Below Fe 61% rejection. Based on the average Platt daily Iron Ore

Assessment for Iron ore fines 62% Fe CFR ASWP Ports covering 5 pricing days before contract signed date minus 10%/DMT on unit price and plus price adjustment.