Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 157

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 157
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oeirinha waste pile. Vallourec launched two projects aimed at improving the profitability and durability of the Pau Branco mine. Phase 1 was expected to be completed at the end of 2024 with a total investment of approximately €20 million. Phase 2 was scheduled for completion in 2027 and expected to cost between €100 million and €125 million. Vallourec indicated that its management was engaging with the state and national authorities to obtain the required production and environmental permits for this phase of work. The Pau Branco mine concentrates and enriches the mined hematite ore via jigs, spirals and magnetic separators to a +60% Fe hematite product that it supplies to blast furnaces and the pellet plant of Vallourec's affiliates located at Jeceaba in Minas Gerais. The Jeceaba steel mill site is located 120 kilometers south of Belo Horizonte and consists of a premium rolling mill; a steel mill (with a blast furnace and electrical furnace), which supplies steel bars for production at the Jeceaba and Barreiro plants; a pellet unit that produces pellets used by the Jeceaba blast furnaces and the local Brazilian market; and finishing lines. The Barreiro site is an integrated unit that combines production and hot rolling equipment for the tube finishing lines. Beyond supplying Vallourec's own steel-making operation, the mine's iron ore production is also sold to external customers. The Pau Branco mine is classified as an “exploration stage property”, as that term is defined under S-K 1300, because no proven or probable mineral reserves have been determined in accordance with S-K 1300. As a result, and even though the Pau Branco mine has produced iron ore historically and is expected to continue such production, the mine will remain classified as an “exploration stage property”, as that term is defined under S-K 1300, until such time as proven or probable mineral reserves have been determined and disclosed in accordance with S-K 1300. ArcelorMittal cannot guarantee that proven or probable mineral reserves will be determined and disclosed in accordance with S-K 1300 for the Pau Branco mine. Estimates of Iron Ore Mineral Reserves and Mineral Resources For the meanings of certain technical terms used in this annual report, see “Glossary - definitions, terminology and principal subsidiaries”. The estimates of mineral resources and mineral reserves at the Company’s mines and projects and the estimates of the mine life included in this report have been prepared