The Valentines Project is the largest productive, industrial and logistic project in Uruguay’s history. It involves the development of a major magnetite mining, processing and exporting facility in Uruguay. Within the 120,000 Ha licence area is an Archaean BIF trend 55km long and 12km wide. The area is approximately 250km from both the coast and the capital Montevideo.

• There is a proven 2.5 billion tonne measured, indicated and inferred JORC resource, with over 260, 000 meters of drilling completed.
• The total potential resource is estimated to be 4 to 5 billion tonnes.
• The product is a premium magnetite concentrate with greater than 68% Fe, less than 2% SiO₂ alumina and low levels of other contaminants.
• A centralised processing facility and associated infrastructure is to produce 18 Mtpa of DR concentrate in Phase I, with an additional 18 Mtpa planned for Phase II.
• A 212 km Concentrate Slurry and Return Water pipelines is to transport the concentrate from the mine to the port.
• The planned mine life is greater than 20 years.
• A Definitive Feasibility Study (DFS) was completed in Q2 2011. First production is planned for 2015.