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Cargill and Rana Gruber extends partnership

Cargill and Rana Gruber extends partnership until 2030 to continue help customers meet decarbonization targets with high quality products

Mo i Rana, NORWAY, June 10, 2021 – Cargill’s metals business and Rana Gruber, a
leading Norwegian mineral producer, announced today that they have signed a binding
agreement to extend the existing contract between the two companies, currently running
through to 2025, further to 2030, concerning the exclusive off-taking and marketing of Rana
Gruber’s hematite concentrate. This move will allow the two companies to continue help
customers worldwide meet their critical decarbonization targets with high quality iron and ore

Today’s announcement is a testament to the mutual recognition of the values of the strategic
collaboration and excellent working relationship between the two companies. The
strengthened partnership allows the two parties to work collaboratively while giving full play
to each party’s advantages on a number of long-term initiatives to provide value-added
solutions to help the industry navigate the challenges of decarbonization. Rana Gruber’s
hematite concentrate is a high-grade iron ore product that allows steels mills to significantly
reduce the CO2 emission per tonne of steel produced.

“This agreement proves our strong commitment to a long-term approach to iron ore
production. The extension until 2030 validates the quality of our iron ore products, in addition
to providing predictability and a continuation of the strategic valuable partnership with Cargill.
Furthermore, Cargill is a key partner for us realizing the strategic initiative of providing higher
grade ore, lifting the iron ore concentrate from 62 to 65 per cent”, says CEO Gunnar Moe in
Rana Gruber.

Rana Gruber’s total iron ore production capacity amounts to 1.8 million tonne per annum.
Hematite concentrate is the company’s major product, constituting more than 90 per cent of
the production. As a strategic partner, Cargill’s metals business provides to Rana Gruber not
only solutions ranging from technical marketing to cost effective risk management, but more
importantly, its global network and local footprints, unique industry insight along the global
ferrous supply chain. All these enables Rana Gruber to focus on what they do best – their
core business, mining and the R&D to increase its hematite grade from 62 to 65 per cent.

“We are very pleased to extend this important partnership with Rana Gruber, “said Lee Kirk,
Managing Director, Cargill Metals. “As the whole ferrous value chain embarks on the journey
to become greener, both Rana Gruber and Cargill Metals are committed to provide solutions
to help the industry navigate the challenges of decarbonization. The partnership enables both
parties to focus on their respective strengths and collaboratively deliver high quality iron ore
products to enable a greener ferrous industry.”

Thanks to its long-term commitment to decarbonization, Rana Gruber
enjoys a mining operation with 40% lower CO2 emissions than industry average. Rana aims
to achieve carbon neutrality by 2025 (Rana Gruber will cut all CO2 emissions by 2025 –
Rana Gruber).

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