During the year we acquired Dempo Group's iron ore mining assets in Goa. Dempo owns or has the rights to mineable reserves and resources estimated at 70 mt of iron ore in Goa. Dempo's Goa mining assets includes processing plants, barges, jetties, transshippers and loading capacities at Mormugoa port.

The performance of our Iron Ore business in FY 2010 is set out in the table below.

Saleable iron ore produced in FY 2010 was 21.41 mt, a record for Sesa Goa and an increase of 34% over full year production of 15.99 mt in FY 2009. The higher volumes were a result of 3.6 mt contributed by Dempo's operations acquired in June 2009 and increased throughput from Sesa's existing operations.

Production of pig iron was a record 280 kt during FY 2010, 29% higher compared with FY 2009. The pig iron plant will be shut down for planned maintenance next year for approximately 60 days.

Sales
Iron ore shipments during FY 2010 were a record 20.5 mt, of which 82% of sales volume was in the form of fines and the rest in the form of lumps, consistent with the higher production. In Q4 FY 2010, we had the highest ever quarterly shipment of 7.4 mt of iron ore. During FY 2010, a majority of the production was sold in the spot market.

We sell globally with exports to China, Japan, Pakistan and other Asian and European countries. Exports accounted for nearly 94% of total sales with the remainder being sold in the domestic market. China accounted for 84% of our total exports. We sold 279 kt of pig iron in FY 2010, consistent with production volumes.