Description of QIT MADAGASCAR MINERALS - RIO TINTO

QIT Madagascar Minerals (QMM) owns and operates a mineral sands extraction operation near Fort Dauphin at the southeastern tip of Madagascar. QMM is 80% owned by Rio Tinto and 20% owned by the Government of Madagascar. QMM plans to mine ilmenite and zircon from heavy mineral sands over an area of ​​approximately 6,000 hectares along the coast over the next 40 years.