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The Pau Branco mine supplies two blast furnaces with iron ore lumps, and currently, charcoal consumption for pig iron production accounts for 47% of the blast furnaces' operational cost. A geometallurgical model is presented to support an economic study considering reserve volumes, product quality, and operational costs based on the metallurgical performance of different iron ore typologies. Sample analysis provides values required in the model. From the model, an alternative production plan is presented with a positive impact of USD 25.6M over the current net present value of the mining/mill system.