During Q3, iron ore sales were 5.04 million tonnes as compared with 4.78 million tonnes (4.36 million tonnes excluding Orissa) in the corresponding prior quarter. During the nine month period, sales were 10.83 million tonnes as compared with 11.49 million tonnes (10.02 million tonnes excluding Orissa) in the corresponding prior period.

During Q3, iron ore production was 3.33 million tonnes as compared with 4.70 million tonnes (4.29 million tonnes excluding Orissa) in the corresponding prior quarter. Volumes were lower due to the ban on mining in Karnataka and discontinuation of operations at Orissa. During the nine month period, production was 8.84 million tonnes as compared with 13.31 million tonnes (11.90 million tonnes excluding Orissa) in the corresponding prior period.

EBITDA in Q3 was USD 200.5 million as compared with $280.2 million in the corresponding prior quarter mainly on account of higher export duty and lower realization, partially offset by higher volumes. The export duty on iron ore fines and lumps was increased by the Government of India from 5% and 15%, respectively, to 20% on both fines and lumps effective March 2011 and this was recently increased from 20% to 30% with effect from December 30th 2011.