SINGAPORE, October 2023

Meranti Green Steel announces the formal signing of a Memorandum of Understanding (MOU) with global miner Anglo American for the supply of high-grade iron ore pellets and iron ore lumps. This important event marks the initiation of an innovative collaboration between the two companies to support Meranti's new green steel business in Thailand.

The MOU solidifies strategic cooperation between Meranti Green Steel and Anglo American to advance sustainable and environmentally conscious steel production. The cornerstone of the strategic cooperation is the supply of essential high-grade iron ore pellet and iron ore lump feed, which serve as the primary raw materials for Meranti's cutting-edge Direct Reduced Iron (DRI) operations. The high-quality direct reduced iron subsequently serves as a critical input for Meranti's steel-making processes, and the production of low carbon hot rolled coils.

The collaboration with Anglo American will not only bolster Meranti Green Steel's production capabilities but also bolster its ambition to become a leader in sustainable steel production. Similar to the dynamics in the automotive industry, decarbonization is projected to be a disruptive moment for the global steel industry, with the rise of new companies dedicated to green steel.

Sebastian Langendorf, Chief Executive Officer of Meranti Green Steel, said, "The collaboration with Anglo American is a great opportunity for Meranti. Not only will it give us further access to high-grade iron ore pellets and a certain amount of premium lump, it will also enables us to work together with a world-class partner on responsible shipping and on advanced digital solutions for the reporting of reduced CO2 emissions. We share with Anglo American a strong commitment to decarbonisation, in the pursuit of Meranti's vision to create a world where development and nature can be in balance. We look forward to our cooperation with Anglo American."

Timo Smit, Anglo American's Executive Head of Marketing of Iron Ore, said, "With rapidly rising living standards and growing urbanisation, Southeast Asia is set to be a catalyst for steel demand and a key geography for the roll out of the infrastructure needed for ongoing global socio-economic development."

"High-quality, responsibly produced iron ore from our operations can play an important role in enabling and accelerating the adoption of lower carbon steelmaking technologies, and close collaboration with like-minded industry partners is key to our efforts in this space."

Anglo American is leading global mining company with a portfolio of world-class competitive operations and a broad range of future development options. For more information about Anglo American please visit www.angloamerican.com.

Meranti Green Steel's vision extends beyond this landmark MOU, as the company is actively pursuing additional collaborations with mining companies and commodity traders. These forthcoming partnerships will culminate to form a robust and integrated supply chain, ensuring a consistent supply of high-quality iron ore feed for Meranti's DRI operations.