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North Atlantic Iron Corporation (NAIC)

The North Atlantic Iron Corporation (NAIC) is a development-stage industrial company established to produce high-quality low-cost merchant pig iron (MPI) from traditional and non-traditional raw material sources. It will take advantage of low-cost energy in North America, and process-specific differentiators such as the use of low-grade coal.

Petmin holds 40% of NAIC with an option to acquire a further 9,9% at market rates.

NAIC was initially established in 2010 to develop a vertically-integrated business based on its significant iron sands deposit in Goose Bay, Labrador, in Canada.

In 2013 NAIC decided to forgo vertical integration and buy raw materials on the open market, considering the decline in the price and surfeit of raw material supply.

A clear strategy emerged – to make NAIC a pig iron manufacturing company and become the dominant supplier of merchant pig iron (MPI) to the Western Hemisphere’s electric arc furnace (EAF) steel making industry.

For details of NAIC’s development and prospects please see the 2015 Petmin integrated report and investor presentation dated 7 March 2016