SMR June 2016 - Cover Story 1

Coverstory

EAGLE MINE, USA

4 | SKILLINGS MINING REVIEW June 2016

www.skillings.net

MAWSON, AUSTRALIA

ZANAGA, REPUBLIC OF THE CONGO

www.skillings.net

June 2016 SKILLINGS MINING REVIEW | 5

ROY HILL, AUSTRALIA

NORTH AMERICAN MARKET (LTU) Company Ore Type Cliffs Natural Resources Inc. Cliffs Natural Resources Inc.

Pellets, FOB Michigan Mines Pellets, FOB Minnesota Upper Lakes Port Source: CLIFFS NATURAL RESOURCES INC.

Per Iron Unit $1.49

$1.08

6 | SKILLINGS MINING REVIEW June 2016

Per Gross Ton at 64% $95.36 $69.12

Per Ton at 64% Reporting Date 12/31/15 12/31/15

www.skillings.net