2008

2007
2007 6.74
3.65 3.92
51.8%
2007 2007 2005

30 70
200 100 2007 11

2007 400
12.4%
2008

85%
2006

2007 82.5 / 2006

9.5 6 /

18.8 /
2007 11
1046.24 /
1 438.07 / 72.03%
2007
BDI 2006 3366 7077 2008
BDI 8000
2007 4 11 20 /
36.6 / 83% 46 /
88.4 / 92% 7 2008

2008

......................................................................1

..................................................................................1
..........................................................................................................1
...................................................................................................................3

........................................................................................8
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........................................................................14
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2008

............................................................................................................32
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................................................................................38
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....................................................................................43
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....................................................................................................47

.............................................................................................49
........................................................................................................49
.........................................................................................................................50

....................................................................................52
.....................................................................................................................52
.................................................................................................................55
LKAB .............................................................................................................................56
CMSB............................................................................................56
..............................................................................................................................................56
............................................................57

.............................................................................................57
..................................................................................................................................................57
.....................................................................................................................59
.....................................................................................................................60

....................................................................................62
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............................................................................65
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....................................................................................................68
.................................................................70

....................................................................................71
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................................................................................75
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2007 ...........................................................................................77

2008

....................................................................79
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................................................................................81
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.........................................................................................................85
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2008

2007 ........................................................................2
2007 ........................................................................3
19962007 ...................................................4
20022007 .........................................................6
...........................................................................8
2005 ........................................................9
...................................................................12
2001-2007 .............................14
2001-2007 ........................................................15
................................................................15
20032007 ............................................16
............................................................................16
....................................................................................17
..............................................................17
2007 500 ................................................................18
2007 ...................................................19
...................................................................20
............................................................................21
..............................................................22
......................................................................23
....................................................................................24

................................................................25
2007 .................................................................26
.........................................................................26
............................................................................27
............................................................................28
2007 ......................................................................28
2007 .................................................................29
........................................................29
2007 .................................................................30
........................................................30
........................................................31
........................................................32
.........................................................................33
.................................................................................33
..............................................................34
2007-2008 ......................................................35

2008

2007-2008 ...........................................36
20062009 ..................................................................39
CVRD ..................................................40
CVRD .............................................................41
43 .....................................................44
44 ....................................47
45 ........................................................49
46 2000-2007 .....................................................50
47 .............................................................52
48 ................................................................53
49 .............................................................53
50 ..................................................54
51 2000-2007 .......................................55
52 ..........................................58
53 ....................................58
54 2002-2007 ................................................59
55 20092010 ...................................61
56 20022008 ..............................................64
57 ........................................................66
59 ........................................................68
60 2007 12 .....................................71
61 2000-2007 CIF................................72
62 2007 ..................................................73
63 1998-2007 .............................................73
64 .....................................................75
65 .............................................................77

12000 GDP .................................................................1
22000-2007 9 ...............................................2
32006~2007 .......................................................4
42006~2007 .......................................................5
52001-2007 ................................................................6
62002~2007 ....................................................7
7 ...................................................................13
82007 111 ....................................14
92000-2007 ......................................................24
102007 1-11 .......................................25
112000 ................................................................35
122000-2007 ..................................................38

2008

13 ............................................................40
141995-2007 ..................................................44
42 .............................44
15 .................................................................45
162000-2007 ......................................57
17 ..............................................................60
18 BFI/BDI...................................62
19 ............................................................................64
20 ..............................................65
212007 ........................67
222007 1-11 .........................71
23 ..........................72

2008

GDP
2007 GDP 11.5%
11.4% 5 10%

2008 08
10%
300000

15.0%

250000

246619

13.0%

209407

12.0%

182321

200000
150000

102398

100000

9.1%

116694

136515
10.1%

11.4%
10.4%

14.0%

11.0%
10.0%

10.7%

9.0%
8.0%

10.0%

7.0%

50000

6.0%

5.0%
2002

2003

2004

2005

2006

2007

1 2000 GDP

2007 137239 GDP 60%

5 2003 27.7%
2006 24.0% 3.7

2008

160000

140000

137239

35.0%
109870

120000
27.7%

100000

26.6%
70477

80000
60000

40.0%

55567

30.0%

88774
26.0%

24.0%

24.8%

43500

25.0%
20.0%

40000
20000

16.9%

15.0%

10.0%
2002

2003

2004

2005

2006

2007

2 2000-2007 9
2007
11 6.9%
11 4.6%

2007 6
6.12% 7.47% 1.35
2007

2007 3 18
2007 5 19
2007 7 21
2007 8 22
2007 9 15
2007 12 20

6.12% 6.39%
6.39% 6.57%
6.57% 6.84%
6.84% 7.02%
7.02% 7.29%
7.29% 7.47%

2007 10 9%
14.50% 5.5 20 2008

2008

2007

1
2
3
4
5
6
7
8
9
10

2007 1 15
2007 2 25
2007 4 16
2007 5 15
2007 6 5
2007 8 15
2007 9 25
2007 10 25
2007 11 26
2007 12 8

9%
9.50%
10%
10.50%
11%
11.50%
12%
12.50%
13%
13.50%

9.50%
10%
10.50%
11%
11.50%
12%
12.50%
13%
13.50%
14.50%

0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
1%

2003 GDP
10%2006
2007 10
6

2007 4.69
4.89 15.19 15.66 2006

6000
7000

2008

19962007

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

10723
11511
11864
12539
13101
15554
17085
20291
25185
33040
40416
46944.67

1.84%
7.35%
3.07%
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6.17%
7.58%
5.22%
8.17%
3.67%
18.00%
19.73%
21.82%
23.20%
28.22%
18.48%
15.66%

10124
10891
11459
12395
12850
15163
18155
22116
27246
34936
41878
48924.08

6
1 116 6
133 17 1 116 6
140 24
9-11 11
132 9 142 8

140
133

130
120

122 123
116

114

110
101

100
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126 128

105

108

128

132 132 132 133131

117 117 118118

117
112 112

93

2006

2007

80
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3 2006~2007

2008

150

140
130
120

129

130

134

133

123

133

134

116

118

122
112

110
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142

140

105

116

121

138
122

132133
127
123

106

97

90

2006

2007

80
1

9 10 11 12

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10 81.3 /
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2007 5.65 20.94%

1

2008

60000

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56461

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29738

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24082
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19218

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2001 2002 2003 2004 2005 2006 2007

5 2001-2007
2007 2006 5
2006
1

2007
2007 11
23076 1168 6.98%
7

20022007

2002
6432
293
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2003
10168
611
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57.37%

2004
15907
1085
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59.23%

2005
21349
1037
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2006
2007.11
25729
23076
1348
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61.22%
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2007 11 61.73%

2008

2000

2002 45.90%2003 87.20%

2006
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2863.07

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1329.07
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2002

27.4%30%
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2246.5

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2003

2004

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2007

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2003 3.12% 2007

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2006 12 2007

2007 9.5
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2000
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4
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2007 11 1

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2005
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13 11
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0.15

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http://gys.ndrc.gov.cn/gtttlh/
2007 5 18 ()

10

2008

2007 593.9
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125 20%
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SiO2 40-50%Ca+Mg/SiO2 1
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11

2008

SP
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CaO/SiO2 0.3 P 0.027% S 0.01%1.2% Cu0.2%-1.0% Co0.013%-0.025%

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12

2008

1
2
3
4
5
6
7
8
9
10
11
12

2469
204
163
202
106
174
107
147
142
121
113
74
47

112.9
32.89
21.2
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2.95
2.74
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0.52
2.07

216.4
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31.13
42.07
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10.1
1.47
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377.27
56.28
68.34
30.53
32.35
29.32
31.18
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593.85
121.47
99.47
72.6
38.56
38.39
35.68
27.26
24.84
23.55
10.96
10.64
10.55

20. 1%

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4. 1%

4. 6%

6. 1%
6. 6%

17. 2%

6. 9%

11. 4%

13

2008

2006 4.04 5.88 2007

4.65 12.4%2007 1-11
63345.31 20.03%
11 5.48% 1 55.94 67395
1.2 6000

8 2007 111

2001-2007

2001

2002

2003

2004

2005

15554
21702

17079
23143

20291
26108

25185
31011

33040
42049

2007
E
40417 46493
58817 67395
2006

14

2008

2007 7 18.5%
1 2007 8
15.9% 2000
50
2001-2007

2001

2002

2003

2004

2005

15554
21702
31617
13644
9231
22875
37.98
%

17079
23143
32405
13984
11149
25133
41.78
%

20291
26108
34926
15072
14812
29884
46.72
%

25185
31011
37818
16320
20809
37129
52.88
%

33040
42049
48285
20837
27246
48083
53.32
%

2006 2007E

40416
46493
58817
67395
62000
83661
26755
36375
32630
39156
59385
75531
54.9%
51.8%

64% 33% 85%

95%
5%

2003

2003
7074
5500
1385
1596
1749
1361
895
1040
821

2004
10281
6097
1989
1647
1777
1501
988
1162
765

2005
15227
9005
2998
2103
1834
1692
1099
1077
864

2006
24952
10137
4026
2768
1683
2877
1328
1645
1002

2007E
29587
10650
5413
3034
1584
4341
1717
1767
990

15

2008

2007 400 2006 12.4%

2003
20032007

2003

2004

2005

2006

50.07

132.94

282

356

2007E

400

23

1000
700
500
400
600
500
700
100
200

600
300
600
200
500
200
300
300
1000

2007 1.9

2007

6.74 8

2008

2008

16

2008

2008 8.8
2007 8000 10% 2008 1
7.8 2007
11.4%2008 8000 3800
6300 2500

2006 5000
3100 1500

2001

2002

2003

1312
330
142
1784

2074
336
175
2585

2400
325
193
2918

2004E

2800
330
400
3530

2005E

3100
330
900
4230

2006E

3170
330
1500
5000

2007E

5000 13%
20

1# 2#
200
200

75
120

120

240

500

100

200

300

1#
120

240

2#
120

300

2000

17

2008

2006 2007
500 2007
2000 2000
991 1000 1000 10
500 2006 21 24

2007 500

>2000

>1000

>800

>500

2847
2351
2260
2020
1778
1382
1286
1227
1156
1098
928
878
865
821
753
737
712
678
657
597
572
561
546
518

18

2008

2007
1000
1.2 8.3
300 -1000 20 50
300 130 50

50%

2007

508.7
2412.7

6712.4
2323.5

874.3
1467.4

1601.1
1228.5

300.1
1068.2

796.5
2021.2

5.54%

59.21%

14.31%

34.00%

7.35%

10.28%

239.6
1068.3

1129.2
1186.4

1876.3
884.8

1651.2
717.3

1780.1
733.4

5.85%

24.83%

55.32%

60.05%

63.32%

2006 12
2010 3000
2007
11.9%4.5%23.4% 26.6%
5035 1885

31%33% 1000 2006

480
960

2006

19

2008

344
5.4

2006
50 1000
30

2006 1597.16
5

40%

2007 874.3 380.1

1467.4
2010 700
360
2010 800 365
2010 1300
200 1500
2400

2006
22

110
48

300
132

300
132

120
53

830
365

2007
1601.1 696.13
400 1096

2010

20

2008

(
)
2.64
2.01

840

0.57
8.0

3002012

280
6002011

300

8001000

13.8 31%35%
10% 55%
2007 1876.3 670 2007
885
2008 500
1300 2100
2008 700~800 1200

2007 1780.1
593.2
2007
200
350 150 500
150 650
200 2010 350
600

60
2007

21

2008

1651.2 605.2

2010
480
390
650
1520
235
185
233
653

2020
480
390
1500
2370
235
185
510
930

2007 717.3

17.1 6.16 2007

650 233
1500 510

2005 422 144

560
900

2007
1129.2 403.3 2007 1186.4
1977.3
2007 500

22

2008

50
700
50
35
70
200
150
300
1500

23

10
150
10
8
30
87
65
130
480

2008

2007 3.92
2006 3 2006
20.25%2007
8.37 6.7

2001
21702
31617
9231
37.98
%

2002
23143
32405
11149
41.78
%

2003
26108
34926
14812
46.72
%

2004
31011
37818
20809
52.88
%

2005
42049
48285
27500
53.71
%

2006
2007
58817 67395
62000 83661
32630 39156
53.9% 51.8%

39156

40000
35000

32630

30000

27246

25000

20800

20000
14812

15000
10000

6997

9230

11146

5000
0

2000

2001

2002

2003

2004

2005

2006

2007

9 2000-2007
8
30%65% 3.6

24

2008

64%2007 3.92
50%

2005

2005

2006

2006

11218
5474
6858
1055
2895

40.76%
19.89%
24.91%
3.83%
10.52%

11568
6925
6784
1132
3359

38.86%
23.26%
22.79%
3.80%
11.28%

2007
2007
E
14387.9
36.75%
9525.8
24.33%
7831.6
20.00%
1266.8
3.24%
5585.6
14.27%

2007 1-11 34903 17.3%1-10

31380.24 16.6% 11989.94
15.44% 7938.19 28.13% 6526.3 5.01%
1055.67 0.87%

4000

3584.5

3561.67
3336.9

35.91%

35.32%
3546
3324.08

40%

3500 31.93%
30%
2976.81
3360.53
2874.48
3000
2762.192690.22
22.72%
24.16%
2928.93
20%
22.32%
2500
18.12%
16.31%
13.02%
2000
10%
1500

0%

1000

-6.36%

500

-10%

-11.22%

-20%
1

10

10 11

2007 1-11

2006 2007
1.1

25

2008

2007
3.75 2006 32630.33 4900
14.9%
CVRD
2.35
60%

2007 2007

2007

36620
22654
48.2%

16796
10246
21.8%

22560
14100
30%E

50%
90%
10%

15

0.95

26

2008

2005
34936
0.95
33040

2006
41878
0.95
40417

2007
49000
0.95
46500

2010
55000
0.95
52250

2006
40000
62000
26462
32500
58962
53.0%

2007
46500
83661
36375
39156
75531
51.8%

2010
52250
95000
43500
43500
87000
50.0%

2010
4.24.5 9.5

27

2008

50%
46%

CVRD

MMTC
CVRD
Samarco

600 /
1000 /
300 /
1400 /

2007 2007 2412.7

65% 3711 2007
65% 4000 360

2007

2412.7

3711

33%

360

65%
4000

2007
1600 2500 5000
1300 52%

28

2008

2007

1600

2500

5035

1300

600E
600

1600
400 2010
2000 3200
2010 4950
2080 1000

10 10 4

20

2007 874.3
380.1 2007 1467.4
2445.7 20% 80%

360
2007 1001.72 440

2004

25

MMTC

29

1200 / 350

300 /
200 /

2008

Samacro

10
25

300 /
500 /
100 /

1700

2007 1228.5 2047.5

696.13 400
1096 1500
2600

2007

1228.5

2047.5

696.13

400

1500

CVRD

CVRD

2004
2008
2004
2012

1000 /
440 /
1130 /

1000 2004
CVRD 2008 CVRD
1570 2009 1130
2010
1800 2700 900
1900

30

2008

1000
2007 1289.0
2148.3

350 /
250 /

2006 600
2007 90%

2009 2023

2007
1068.2 1780.3 160
100 1700

CVRD

2010 1300
2000

20

2007 2021.2
3368.7 336.88 126.57
3000
350

700

31

2008

2010 1350
2000 2010 800
340
200400 12001400

2007 1068.3 1780.5

160 80

2007 1186.4 1825.2

284.65
1100

250

CVRD
- Hierro

250 /
400 /
200 /
330 /

32

2008

USGS
2007 1600 t 790
3700 t 1800

1
2
3
4
5
6
7
8
9
10
11
12
12
13
13
14
15
16
17
18
19
20
21
22
23
24

22430
19815
17400
12554
10000
8300
7600
5300
3460
2700
2200
1700
1700
1000
1000
865
700
630
500
480
240
200
180
110
80
85
5000

Fe
33

2008

()

()

320
300

%
57
35-69

%
91
65

180
580

60-67
50-53

35

67

>60

29

MMTC

206

36-38

51

(IOC)
(QCM)

163

31

94

575

46

50

194

36

17

77
34
20

33
58-68
45-69

95
66
99

20

57-60

BHP
(CVRD)
MBR

LKAB
CVG Ferrominera
Orinoco CA

30%-40%

60%

30.4

61.1

63.2

64.7

31.2

64.3

65.0

51.4

10 20

34

2008

1996 1 10
4 2007 4.8
-
2007 3 0.95 0.90

2006 14.7 12%

6.1% 2.48
2 43%
ABARE 2007 15.9
2006 8% 11700 2008 8% 17.5

18. 00
16. 00

14. 70

14. 00
12. 00
10. 00

9. 60

9. 32

9. 86

2000

2001

2002

10. 74

11. 84

15. 90

13. 16

8. 00
6. 00
4. 00
2. 00
0. 00
2003
2004

2005

2006

2007( E)

11

2000

2007-2008
1

2007-2008

2007
35
186
104
356
35

2008
36
190
107
394

2008

400
61
18
161
610
775
305
308
1887

440
67
19
163
605
772
337
339
1969

ValeCVRDBHP.BRio
tinto AME 2007-2008

2007-2008

ValeCVRD
Rio tinto
BHP.Billiton

2007
306
189
119

2008
329
211
140

2006 3.70 3.48 20

2008
4 2008 3880 2009 1410
2010 2150 2011 1500
CVRD 2008-2009 700 2008 MBR
700 2008 8 Samarco 760 2008 2
MMXMinas-RioSystem 700 MhagServicoseMineracaoS.A 500
LKAB 500 2008 NewMillenniumCapital
1500 2011 FerrexpoPoltava 400
2011 GIIC 400 500
600 2009 7 Sphere
700 JSP 1000
Sohar 700 2010 ChadorMalu
340 2006 Gol-e-Gohar 1000
2008
Grange
350 2010
100 2008

36

2008

300 YPM
120 2008 400 AIH
400

37

2008

180
340 520
55%67.5%
66%

85%

22%
35%2005 2.92 2006
3.2 9.42007
1.22 2006 6% 2007 3.45

345

350

313

300
250

210

211

2000

2001

200

215

255

233

278

150
100
50
0

2002

2003

2004

2005

2006 2007( E)

12

2000-2007

CVRDMBR-
Samitri-SamarcoCVRD
MBR - 50%

38

2008

CVRD
80%
75%
50% 40%

2007 8 6156
25.7% 19.75
45% 661 60.7% 4.3
53%1-8

43% 6% 19.3%
18.4% 14% 13.6%
CVRD
2009
4 CVRD 3.4
CVRD
2009 4.2
20062009

CVRD
MBR
CSN

2006
3.3
2.65
0.38
0.15

2007E
3.6
3.0
0.38
0.15

2008E
3.9
3.3
0.38
0.15

2009E
4.2
3.6
0.38
0.15

30 25

CVRD
CVRD 1942

CVRD
5
0%
MBR - 50%
CVRD

39

2008

80% CVRD

CVRD

5
0%

5
0%

MBR

13

CVRD
CVRD
1.2 2000 CVRD
69 t
CVRD
CVRD

14.41 BRUCUTU
2006 1220
2007 2300 2008
3000

4000 4%
CVRD

1.2
2002 CVRD
CVRD
MBR -

CVRD
2003

2004

2005

2006

CVRD

1.38

1.56

2.34

2.64

CVRD

56.19%

57.67%

80.0%

80.3%

40

2007E

3.00
86.9%

2008

2007 CVRD Carajs 8500 /

1 / BrucutuItabiraFazendo
Fbrica 5000 /
CVRD 2005 2.338 2006 2.644
2007 3 3000
/CVRD 3.3
CVRD 2007

2009 4
CVRD
2006
CVRD
CVRD

MBR

9500
17000
4000

2009

10000
18000
4200
1600
2500
4000
40000

180
340

520

2006 CVRD 46 3000

7 2005
2.34 / 2007 3 /CVRD
50% 400 CVRD 5640
/ 7.1% 4.18

CVRD 2008 7400 Minas

Gerais Itabiritos 700 Tubarao
Tubarao 700
SamarcoCVRD 760 /
2008 2160 /
MBR
MBR 2500 / 6
50%MBR
50.4 64%
10 Casa de Pedra

41

2008

1600 2010 5000

15
CSN
CSN 2006
700-800 2007 1500
3000 Sepetiba
CSN 300 / 2009 2010
580 / Volta Redonda Casade
Pedra CSN 450 /
Casade Pedra Gerdau Aominas
2007 450 /
MMX
MMX MMX
37 2011
3770 / 700 /
MMX 20
t Corumb Amap

MMX
Corumb 2005 12 2007 100
2009 490 /
MMX Amap 650
/2007 Amap
Santana Santana MMX
Minas-Rio 2660 700
/ 2009 2011
20 600km

13 3 2000
50%

15
1200 50%

42

2008

350 400

1.8 / 2010 4 Hope

Downs3000 /Fortescue4500 /Mineralogy4000 /
2600 /

2006
780

56%62%

20
3100
8700 15

2005 2.58 72006

2.75 2007 2.93

43

2008

2. 58

2. 41

2. 5

2. 93

2. 75

2. 13
2

1. 81

1. 68

1. 87

1. 5
1
0. 5
0

2000

2001

2002

2003

2004

2005

2006( E) 2007( E)

14

1995-2007

42

2000

2001

2002

2003

2004

2005

16794
15733

18144
15708

18722
16558

21290
18610

24103
21068

25753
23876

2006
2007
E
27500
29306
26800
27840

43

2002

2003

2004

2005

2006

18722
10700
7100

21290
12000
8200

24103
12900
9500

25753
15700
10500

27500
16000
10750

2007E

29306
16118
11722

55% 40%

44

2008

FMG FMG 2008

4500 2008 2200

2001 BHP Billiton

58 42

20

5
00%
3%
0%

BHP
29
7000 BHP C 45

1873 1962-1997
2000

53%
50%
89%

15

Rio Tinto Ltd.

3 -3.2 Simando
1997 3000 25

45

2008

10
65% 35 2008
Simando 5%
20%

37%
35% 25%

64%

21 5500
6500

100 30 -40
Mesaj 3000
60% 7
800 -1000

4.89
61.75 2008 2200
FMG
FMG Fortescue Metal Group 21
18.5 2008
4500 FMG 3000

Gindalbie
50 7
1000

46

2008

Gibson
Extension Hill 2006 1.2
50 500
250 2010 Extension Hill
1000
Aurox
Aurox 3.03
43 2006 Aurox
51
200
Cape Lambert
Cape Lambert 1500 /
12 60% 500-1500 /
Cape Lambert 2009

40 2010 2.2
2008
2200 2010 2000
2.2
2008 1.05 1.29
2010 1.52
FMG 39
2010
56% 2008
3 4 2010
4.5
44

FMG

2008
11600
5700
1500
2200
12900
4500
700

47

2010
11600
5700
1500
4000
15200
4500
700
1000

2008

Aurox

500
1000
40000

200
1000
45000

FMG
FMG 4000 4500
GindalbieGibson
1000 500 2010

48

2008

134
50%

3000 /

2003

600
2007 3 300 /
7 /2007 4-5 /
2007 4-9 3940
2006 3620 9% 3773
95%
80% 5

2007 9625
55% 85

45

2000

2001

2002

2003

2004

2005

7494.6
3291

7921
3729

8640
4660.2

10550
5480

12060
6265

14550
8092

49

2006
2007(E
)
16000 17500
8800
9625

2008

43.91
%

47.08
%

53.94
%

51.94
%

51.95
%

55.62
%

55.00
%

55.00
%

2006
4200

46 2000-2007
2001

2002

2003

2004

2005

2692
2132
529

2729
2188
550

2881
2432
572

3178
2655
705

3263
2512
912

3808
2609
1064

2000

2006
2007
E
4200
5000
2700
3200
1480
1800

2007 2006 1500

1.75 825

67
7 - 38.6% 2060
66.5%-67% 750 300
/

30
65% 6 1100 /
400

1.55
64.5%-- 400 /

50 -200
1100 -1300

50

2008

19.7 62%63%

51

2008

47

()
()
()

TiO2

()
()
()

6000
16000
40
3200
370
63000
6300
830
10
6.5
300
7000
15
4100

36000
27000
70
400000
1200
70000
22000
2400
23
15
1200
15000
25
8000

230
0.6%

60%

Saldanha Bay 25

2005 4000 2.6%Kumba

Assmang Highveld Kumba
Sishen Thabazimbi 2004
3010 76.6% Sishen 2760 Kumba
69.4% 38%
23% 13% 10% 9%

52

2008

2007
4780

48

2000

2001

2002

2003

2004

2005

3371
2140

3476
2352

3648
2430

3809
2408

3927
2475

3950
2741

2007
E
4150
4780
2900
3250
2006

3500 85%
600 15%

49
2002

2003

2004

2005

3648
2700

3809
2860

3927
2900

400

500

500

3950
3300E

600E

2006E

4150
3500
600

2007E

4780
4100
600

2006 972
2.4
Iscor

66%-68% 2500 80%90% 5 300 500 /

1000 2007
4100 2007 600
2007 4700
2008 2008

53

2008

5500
50

3000

500

2007
3800
300
600
4700

2 Kumba
Kumba 2005
3.7 2005 5.27 Sishen
2006 300 2008 1000
1000 3400 /
5000 / 1600
64% 66%
800-1000
/ 300 900
Thabazimbi
2009 250-300 /
Sishen Saldanha 2900 / 2009 4100
/ 4.4 5.3

2002 3400
( 2.72 ) 1/4
2005 10
8000 11.76
3.3
2500 90
40 66MVA
26.5
2005 10 2007
26.1%

54

2008

2006 11
2
50% Tubatse
5 28
40 12
4500 4~5

3000

40% 30%

2000

51 2000-2007

2000

2001

2002

2003

2004

2005

3593
2651

2793
2198

3090
2564

3332
2713

2826
2245

3013
2730

2006
2007
E
3200
3400
2800
3000

1 Quinto
Quinto 10 2200
Quinto Peppler Lake
67000 /830 / 2011
2.5 28.2% Peppler Lake 11.6
40 /

55

2008

2 Bsaffinland
Bsaffinland Nunavut Mary River 100%
3.9 66.1% 2800 t
65.9%2006 8000m2007
Baffinland 1000

LKAB
LKAB Kiruna Lappmalen
47% 2.59 tLKAB 1.32 Narvik
12
LKAB Narvik
Kiruna Narvik 2008
3000
CMSB
Cia Minera Santa BarbaraCMSB
2006 9 150 250
Japonese 1 Caldera Caldera
60km 5
30 /CMSB 2500
Japonese 55km Punta Alcalde

2007 9 9% 2660.4 2007

3540 2008 4280 2009 4630
2007 210 2008 300 2009
400 2007 1-9 147.7

56

2008

5%2006 8 7.2
90
2006
3.26 7.25 2007 19 28403
14.94% 2007 3.92
13.5%2008 4.1 10.8%
2007 7.8 8.5%2008
8.3 6% 2010
15
2010 9.8
50% 4.9
10. 00
8. 67

9. 00
8. 00

8. 00

7. 36
6. 73

7. 00
6. 00
5. 00

5. 34
4. 99
4. 93
4. 74
4. 54
4. 49

7. 20

7. 80

6. 52

5. 90

5. 82
5. 20

4. 00
3. 00
2. 00
1. 00
0. 00
2000

2001

16

2002

2003

2004

2005

2006

2007( E)

2000-2007

50
2006

57

2008

51
52

2001

2002

2003

2004

2005

9.32
4.54
48.71
%

9.86
4.74
48.05
%

10.74
5.20
48.41
%

11.84
5.90
49.82
%

13.16
6.52
49.55
%

2006
2007
E
14.50
15.29
7.40
7.80
51.03 51.09%
%

2000
2000 14
41 28
2006
3.26 7.25 2007 19
28403 14.94% 2007 3.7
13.5%2008 4.1 10.8%

53

2001

2002

2003

2004

2005

0.92
4.93
18.71
%

1.12
5.34
20.98
%

1.48
5.82
25.47
%

2.08
6.73
30.94
%

2.72
7.36
37.03
%

2006
2007
E
3.26
3.92
7.25
8.67
40.6%
51.8%

15

CVRD
FMG

58

2008

80%

2007 2.69
9% 2008 3.05 13%2006-2007
2400 2.88 2007-2008 2400
3.12
2007 15% 2.83 2008
13% 3.19 2007
1.05 29% 39%
37.1 41% 35%
2006 6
9605 29.6% 43.8%
897 24.8% 17.9%
2007 3 63% 300
/ 7.3 / 63% 50 / 1.2 /
2008
ABARE 2007 9100 8800
2007 31001800 3000
2002-2007

54 2002-2007

2002

2003

2004

2005

16558
17002
4660
2430
2564
1423

18610
18444
5735
2408
2710
1556

21068
20093
6265
2475
2245
1734

23876
22514
8200
2741
2730
1760

59

2007E

26800
26900
26000
28300
8800
9100
2900
3100
3000
3000
1790
1800
2006

2008

2. 24%
3. 75%

13. 39%

33. 50%

3. 63%

11. 00%

32. 50%

17

1000

11000 3100

CVRD

2003
2008
1.29 2010 1.52

60

2008

2.2 2009 3.4

2010 7.2
7000
1500 6.5

15
3.25
2010 15
3.25 4.2
1
2010

55 20092010

CVRD
CVRD

MBR

20092010
11600
5700
1500
4000
15200
10000
14000
4500
2000
2500

22800

15200
34000

72000

61

2008

17
7.2 422006

8000
7000

2007BDI 111311039

7077

6000
5000

4558

4000
33663180

3000

2609

2000
1000

906 715

1980
1592
1608
13991478
135815431354
13141336
12171137
1202
1019
945 1063

19
85

19
86

19
87

19
88

19
89

19
90

19
91

19
92

19
93

19
94

19
95

19
96

19
97

19
98

19
99

20
00

20
01

20
02

20
03

20
04

20
05

20
06

20
07

18

BFI/BDI

2006 7 BDI 3000

4000 12 4000 2007
2007 3 5000 4
6000 2007 10 BDI 11033 1-11 BDI 6710
120% 08 08
BDI 8000
2007 4 20 /
46 / 11
88.4 / 92%
36.6 / 83% 7 2008
2008

2000 2006 4
2.5

62

2008

2.5 2000

2007
BDI

20072010 2010
4.24.5 95%

2007 20.35
4.07 7.76 7.75 1.89
5.64.4 2.092005
6190 3.09 6 1812 1.88
29% 61% 2007
6486 3.81 4.84 2007
111 482 2004
2007
2007

2006
2007

63

2008

19

2010 1.5
2010 9000
2008 7%2009
9%2010 3.8% 2008

56 20022008

2002
2003
2004
2005
2006
2007
2008

25/410
33/540
41/740
48/880
63/1140
47/905
109/2302

224/1420
167/1150
265/1970
305/2330
350/2570
321/2440
531/4475

56/420
19/140
82/630
92/710
116/906
103/827
107/862

20

17 56
10
10000 15 20

64

2008

2007 6.2 3.9

7.514.0
17.27.423.4 21.68.328.4

70 000
60 000

50 000
40 000
30 000
20 000
10 000
-

1990

20

1995

2000

2005

2006

2007

2007
1500 2007
2.3 2007 3.63.7

2007 10 26
26650

65

2008

57

()
26
1
1
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
2
2

()
30
10
20
10
25
20
10
20
25
10
20
30
10
100000
200000
250000
300000
100000
200000

26650
1500
900
1200
800
2800
1000
600
1000
1800
600
1,500
1,500
700
1000
2000
1000
1500
1100
1100

2
1
1

100000
200000
200000

1200
850
1000

-18m
20
-18.5m
2007 25

20
30

2007 10 27

2007
9

20062010 35
30 3 29 24
2.8
20 11 1.7
5
5000

2007 2.65
42.6 3.08 49.5
0.49 7.9% 2.4
1.1 0.34 62.7
28.3
8.9

60

66

2008

2000 2007

8%

43%

49%

21

9%

63%

28%

2007

25%

2007 2.65
42.6

25
20
25
30

58

(DWT)

200,000

300,000

250,000

250,000

300,000

200,000

()

2007
1.2

67

2008

20 10
1 1200 1000
50%
20 1 1000
1200

59

1#
2#
1#
2#

1982
1995
2001
2007

(DWT)
100,000
200,000
200,000
200,000

1985

100,000

()
1
1
1
1
2
2
8

1000
1200
1000
1500
1100
1100
7000

20
25

12.5
3
20
2007 3500

1000

1000

2007 GDP 11.5% 2008 GDP

10.7 GDP 26.0 2007
12.9%2008 2007 12%
2008 5.4
5.05 2007
2008 8.8
4.15 11

68

2008

2008
2.6 1.3 0.4
2 25

2008

25

20 20

20
20

20

20

69

2008

2004

70

2008

2007 11
1500 /11
1046.24 / 1
608.17 / 438.07 / 72.03% 2007 12
2007 1-11

60 2007 12

66%
1410

66%
1460

64%
930

65%
960-980

64%
1430

63%
1400

1100

1046. 24
981. 77

1000
906. 16

900
800

760. 99

700

661. 99

682. 55

701. 98 712. 36

623. 35
608. 17 621. 52

600
500
400
1

22

10

11

2007 1-11

71

2008

1998 2007
82.5 / 2006
9.5 6 /
18.8 /
3
61 2000-2007 CIF

2000
24.92
39.54
27.05
26.09
26.55

2001
24.83
30.36
27.02
26.36
27.11

2002
23.25
26.93
24.74
23.49
24.84

2003
28.04
35.1
37.73
30.07
32.78

2004
42.85
62.35
80.78
61.01
61.09

2005
58
74
78
68
69

/
2006
2007
57.3
71.2
72
91.8
64.3
86.7
64.7
80.1
63.7
82.5

100
90
80

70
60

50
40
30
20
10
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

23

2006 2006

2007 9.5%

72

2008

2007 2007
7
2007 11 88.4 /
2006

15.3 / 11
36.6 /
2008

2008
62 2007

35.02
37.65
44.9
50.71
54.44
45.67
50.85
62.84
72.44
87.83
88.4

07 1
07 2
07 3
07 4
07 5
07 6
07 7
07 8
07 9
07 10
07 11

15.31
15.62
17.75
22.88
21.98
17.32
20.21
23.26
28.7
38.37
36.63

2008

63 1998-2007

1988
1989
1990
1991
1992
1993

1987-12-22
1988-12-14
1990-1-17
1991-1-30
1991-12-17
1992-12-22

Hamersley
Hamersley
CVRD-germany
Hamersley
Hamersley
SNIM-
73

%
-4.00%
13.00%
15.96%
7.93%
-4.90%
-13.47%

2008

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

1994-2-8
1994-12-20
1996-1-25
1997-1-21
1998-1-21
1999-2-16
2000-2-27
2001-3-20
2002-5-29
2003-5-19
2004-1-13
2005-2-22
2006-5-15
2006-12-21

Hamersley
BHPIO
BHPIO
BHPIO
BHPIO
Hamersley
SNIM-
CVRD-
CVRD-TKS
CVRD-Arcelor
CVRD-Arcelor
CVRD-
CVRD-TKS
CVRD-

-9.50%
5.80%
6.00%
1.10%
2.82%
-11.00%
5.42%
4.31%
-2.40%
8.90%
18.62%
71.50%
19.00%
9.50%

2006
5.2 72
2004
2007

74

2008

2007 10 1000 500

24
70%2007
54%

2008

Grange SouthDown
700 Gindalbie Karara 1000
FMG 2500 08
Midwest Koolanooka Weld Range 450
1000-1500 MountGibson ExtensionHill
500 Stemcor SavageRiver 200
2008 17.3 2007
8.8% 1.4

2004 2005

2006

64

MMTC
Midwest
CVRD
75

1000 /
100 /
600 /

2008

MMTC
CVRD

Samacro
CVRD
CVRD

CVRD

FMG
FMG

1000 /
300 /
1400 /
1000 /
1200 /
1000 /
500 /
300 /
200 /
300 /
500 /
100 /
400 /
320 /
330 /
985 /
200 /

250 /
400 /
1.68 (20 )
100 /

2004

SINO 5
90% FMG

Monterrico Metals PLC 4000 Bungalow

50%
SRMI SRMI

2005 2006
1.71.8
50
90
10

76

2008

2007
2007

65

80%
20%

50%
50%

t/a
8400 t/a 2400 t/a
600 t/a
2000 t/a 800 t/a

Koolanooka 1200 t
Koolanooka
Weld Range 1500~2000 t
Weld Range

Australasian
5600
Resources
Balmoral
17.5
South
F.M.G.
F.M.G.

1500-2000
14.5 tFe56 t
60%
2500-4000 t
16

4.47 tFe37-42%

9500

57 1000 t
500 t

2007 Aurox
BallaBalla 300
2007 3 FMG
FMG

2007 9 10
FMG FortescueMetalsGroup9
10
2007 5 FMG 2008
2000

90%
2009 2023

77

2008

2007 10
CVRD CSV)

78

2008

CVRD
2006
CVRD 75%

70%Corus
20%30%

4800

FMG
2008 5
5500 2009 -2010 5500 1 2012 2

CVRD

1/3

1970 2004

60%

83 190 16

79

2008

7
2008
150 12.5%

20012006
2006
7747.51 2001 3.4
2001 18.40% 2006 22.92%

2001 2.28 3.33

2002 1.08
2006 2.7 18.62%
2007 3.71 65%
1.76 24.38% 2.26 3.63

1996 2006 10% 35%

2007
1.88 16.46%
2005 32.29%2006 18.55%
4

80

2008

2003
28%
07 74.64 / 03 2.28 2008

2003
2
10% 15

1990 3.47 2006

81

2008

7.2 17

10

11000

MMTC

82

2008

20152020
1

50% 95%

30 33%37%2005
70 50
2.3 51%
2006
150
200 1.12 60
5.4

83

2008

2007 12
194 /
91 / 47
COA

1015
15
20 30

2003

84

2008

2008
65%

2010

50%
15%

85

2008

86