October 18, 2005 The company announced the approval of MBR’s Itabiritos Project, which represents a US$ 759 million investment over the next 3 years. The Project comprises a Pelletizing facility, with 7 million annual tons of capacity, a Concentration Plant and an ore pipeline. Through the project MBR will adapt its production structure
for a gradual reduction of its hematitic ores and increase of Itabiritic ores. This will also lead to a reduction in lump ore production and an increase in that of fines over the course of the next 20 years.
During the third quarter 2005, all the units contributed towards the increased rate of production. The performance of the Vargem Grande Complex (Tamanduá, Capitão do Mato and Abóboras mines), stood out over the nine month period, achieving 14% growth, and production of 15.8 million tons.
December 31, 2004 The company was conducting feasibility studies regarding a new concentration plant at the Pico complex, as well as a pelletization unit. In addition studies into the identification and use new reserves were undertaken.
In 2004, the production ramp-up at the Capão Xavier mine was completed and the mine is producing at an annualized rate of over 9 million tons per year.