Ann: ABB and Talga Expand Agreement to Mine Electrification, page-34

Hi Scep

I too think LKAB will manage the mining side of things, don't see a compelling reason why Talga would hand over control or a chunk of equity.

Expect LKAB to run Vittangi stage 1 as an open pit and by 2024 take the operation underground reverse mining the orebodies i.e. starting at the bottom and working back toward the surface to minimise disruption to every day life above ground.

Yes, they will develop the mining plan, supply all the equipment and deliver the ore. Sure, Talga will want to oversee their plan but implementing it will be entirely LKAB's responsibility.

Partnering with Talga presents a great opportunity of LKAB to diversify as a miner:

• they get to be part of ABB's underground mining equipment electrification strategy.
• with Talga they get to use graphene in steel production.
• and an opportunity to develop Talga's cobalt and Vanadium? deposits.
• plus the opportunity for them to become the "best of breed" and greenest sub-contract miner to every mine owner in the arctic.

Why would they want to part own an anode plant they know nothing about anodes but everything about underground mining.

The way I see it, LKAB will handle the mining and deliver the ore to the front door of the refinery/anode plant and get well paid for that without the worry of ownership and learning a new business.

Does that cover the sort of thing you were getting at?