Evaluating MHAG Brazil’s Mina do Bonito Operation for Noble

MHAG Serviços E Mineração S/A (MHAG) operates the Mina do Bonito iron ore mine in Northern Brazil. MHAG proposes to expand the production capacity of the mine and has entered into discussions with the Noble Group Limited (Noble). Noble commissioned SRK to provide an independent technical review of the current operations at Mina do Bonito and to review and report on the expansion plans proposed by MHAG.

The Mina do Bonito project is located in Rio Grande do Norte province in Northern Brazil. The Mina do Bonito minesite is located approximately 170km west of Natal and 26km from Jucurutu, as shown in the map below.

The Mina do Bonito is an open pit mine, situated on a hillside. The mining operations started on the magnetite body and are currently proceeding onto the itabirite body. The magnetite processing plant is shown in the photo above.

After SRK submitted its technical report on the Mina de Bonito project and Noble reviewed it, on 18 July 2007 Noble announced that it had acquired 30% of MHAG for US$60 million. The Noble press release went on to say “MHAG is becoming a substantial producer of iron ore for export, using Noble through its global network as its marketing agent. Noble has considerable expertise in iron ore, logistics and freight, together with a deep knowledge of emerging markets.”

Contact: info@srk.com.au

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