Grange Resources

Joint Venture with Sojitz Corporation for 30% of Southdown Project

June 2007

Azure Capital was appointed as Grange Resources’ financial adviser in January 2006 and advised Grange on a number of matters relating to the development of its Southdown Magnetite Project. In June 2007, after discussions and negotiations with many iron ore and steel sector participants, Grange announced it had entered into a Joint Venture with Sojitz Corporation.

Sojitz is a global Japanese trading company with numerous mineral investments in Australia and around the world, which include the Nibrasco joint venture with CVRD in Brazil.